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No. 27,519 


Tuesday March 28 1978 


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NEWS SUMMARY 


HI ik 


iENERAL 


BUSINESS 


Treasury oppose 


Moderate Britain plans to spend 


alack 
leader 
killed in 
Namibia 


seeks 

Japanese 

investment! 



' i' 


mm. :: 




J|j|% 






:hief Clemens Kapnuo, a lead- 
>ig hlack political figure in 
famihia. was shot and killed 
y an assassin in Windhoek yes- 
erday. Police said the chief, 
carter of the Herero tribe, was 
it by several bullets on ‘ bis 
•'ay to a shop he owned in 
Vind bock's Katutnra township. 

Chief Kapuuo was president of 

- he Democratic Turnballe AJli- 
nce. a moderate, multi-racial 
oliiical grouping set up to con- 
est pre-independence . elections 
3 the territory. He was bitterly 
pposed by the South West 
xfrica People's Organisation, the 
lationalists who arc fighting a 
'uorilia war along Namibia's 
lorlhern border. 

There were Fears last night 
hat the killing of the chief 
night lead to fresh violence in 
\atatura between Hereros and 
-iwapo supporters. 

Em pain freed 

rrench police said that a gang 
if about 12 may have been in- 
.-nlved in kidnapping Belgian- 
oo vn industrialist Baron 

Ednuard-Jcau Empain. released 
in Paris on Sunday after a 52- 
day ordeal in which he was kept 
hooded and manacled 4a a bed. 
Alam Cai1 Ini. arrested on Friday 
afier a cun battle, is thought to 
be the gang's leader. Page 2 

Pub bomb charge 

Two men have been charged in 
connection with Saturday night's 
pub bombing in Portadnwn in 
which 14 people were injured. 
Meanwhile, Army and police 
chiefs a retrying to find mu how 
David O'Connell, the former 
IK A chief of staff, breached their 
security net around Londonderry 
to address Sunday’s Easter 
Rising ceremony. 

Wilfred Pickles 

Wilfred Pickles, the actor whose 
Have A Go radio series ran for 
21 years until 1967 died at his 
Brighton home, aged 73. 

Fleet Street hit 

Sir Richard Marsh, chairman of 
the Newspaper Publishers Asso- 
ciation. described disputes in 
Fleet Street as near-fatal 
anarchy.** The Times failed to 
-publish to-day Tor the second 
successive day and, as a result, 
there was no London production 
of The Guardian. A separate dis- 
pute is affecting distribution in 
the London area. Back Page 

Airport delayed 

The Japanese Government has 
had to postpone the opening of 
Tokyo's new Narita airport for at 
least a month -after the control 
tower was severely damaged 
during rioting at the week-end. 
Page 2 

Red Rum hurt 

Red Rum. 6-1 favourite to win 
his fourth Grand National on 
Saturday, has only a 50-50 chance 
o£-~ competing after bruising a 
hind leg in training on Good 
"Friday, said Ginger McCain, bis 
trainer. 

Hess plot foiled 

West German police have foiled 
a: plcrt to free Rudolf Hess, 
-Hiller's former deputy, from 
Berlin’s Sparidau Jail. Five incm- 
k burs or . a Right-wing extremist 
f group,- which operated under the 
“ guise of a shooting club, have 
been arrested and a hunt bos 
been launched for up to 20 
others- 

Briefly... 

- CUve Lloyd has resigned as West 
indies cricket captain in protest 

! at the selectors’ decision to drop 
k Dcryck Murray and Desmond 
I Haynes from the Third Test 
I against Australia. 
f More than 100 passengers 
escaped unhurt when _a train 
jumped the rails near Nuneaton 
Trent Valley station in Warwick- 
shire. 


• ILK. GOVERNMENT will send 
a delegation to Japan this week 
to try to persuade Japanese com- 
panies to invest in Britain. The 
party will be 'led by Mr. Alan 
Williams, Minister of State at 
the Department of Industry. 

The main aim of the visit will 
be to repair damage done when 
Hitachi was forced to drop its 
plan to set up a colour TV factory 
in the ILK. Mr. Williams said 
he would try to reassure, the 
Japanese that there Avas no 
hostility towards their invest- 
ment in the U.K. Back Page 

• BANK OF JAPAN is interven- 
ing less actively in the Tokyo 
foreign exchange market allow- 
ing the dollar to fall yesterday to 
Y225.25. another post-war low 
against the Japanese currency. 
The bank has already bought up 
about S5bn. this year to try tn 
stem the yen's rise. Back . Page 

• WALL STREET was doom 2.43 
at 754.07 at 1 p.m. 

GKN bids for 
deal with 
East Germany 

• GKN is holding talks with East 
Germany on a construction and 
licensing deal for Front-wheel 
drive transmission units.. Peugeot - 
Citroen and another competitor 
are also seeking the .contract. 
Back Page 

• AMERICAN MOTORS is seek- 
ing Federal Government 
Kuranatees for commercial loans 
tola 11 ins SlOOm. to finance* the. 
development of new cars. The 
Government recently agreed to .r 
loan guarantee scheme for the 
steel industry', but such aid tn 
a single company is unusual. 
Page 15 

• BOEING esliamtcs that the 
world market for jet airliners up 
to 1 987 will be worth S74bn. 
<£39bn.) and that passenger 
traffic will grow by more than 
6 per cent, a year. Back Page. 
Japan's three main airlines plan 
to import between 41 and 45 
aircraft in the next two to three 
years. Page 3 

• CABLE AND WIRELESS 
interests in Aden are to be na- 
tionalised from April 1. but the 
company may well be retained 
as . an adviser on installation of 
a satellite-connected telecom- 
munications system. Page 2 

• OFFSHORE group led by 
Amoco and British Gas has 
gained a new stake in a North 
Sea block close to the Beryl and 
Frigs fields. N uni ac-Sei bens, 
which was originally awarded 
the. licence for the block, will 
rfetain a share in the proceeds 
if commercial reserves are 
found. Page 4 

Banks arrange 
finance for 
Brazil project 

• INTERNATIONAL BANKS are 
again prepared to lend money for 
over ten years. Citicorp and 
Morgan Guaranty, together with 
Deutsche Bank, have agreed to 
arrange a $175m. financing for. 
10-12 years for the ltaipu hydro- 
electric project on the Brazij- 
Paraguay border. Back Page 

• DRAFT RULES for a new 
sterling money brokers' associa- 
tion under the aegis of the Bank 
of England arc clase to com- 
pletion. Page 4 

• BANKS may be given the go- 
ahead by the Price Commission 
shortly to raise some of their 
charges to customers. Page 4 

• GROCERY bills are up again 
this month, mainly because of 
dearer meat and dairy products- 
Hie Financial Times grocery 
prices index rose just over 2 per 

■ cent, to 271.66, the biggest 
monthly increase since Decem- 
ber. Page 16 


contingency funds 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

Treasury Ministers are resisting proposals submitted to the Cabinet for 
additional public spending which would commit all of the £750m. 1978-79 
contingency reserve before the start of the financial year.' 


The contingency reserve is a 
specified amount within the total 
of planned public spending to 
cover unforeseen items during 
any financial year. 

The discussion on public 
expenditure will not affect the 
size of the income-tax cuts to 
be disclosed in the April 11 
Budget speech but decisions on 
additional spending are likely to 
be announced at the same time. 

Child benefit 

Main controversial items are 
(he timing of the increase in. 
child benefit, the extent of the 
uprating in social security 
benefits this autumn, and pro- 
posals for additional spending on 
the health service and on con- 
struction. 

The Cabinet is likely to decide 
on these questions next week. 

Several of the spending pro- 
posals would operate from the 
tote summer onwards and thus 
would be in time to have an 
impact on an October election. 

Ministers have, however, 
already approved several smaller 
items involving additional spend- 
ing. including: — 

• Postponement of the rise :n 
school meal charges, due in 
September. 

• Increased subsidy (from EEC 
sources) for school milk fur 
children aged between 7 and 11. 

• Extension of special employ- 
ment measures, as already 
announced. 

• Energy conservation scheme 


to provide incentives for house- 
holders and industry. 

These items together amount 
to more than £200m. in 1878-79 
and the Treasury is determined 
to limit the commitment of the 
contingency reserve at this stage 
to not much more than JESOOm. 

Mr. Joel Barnett. Chief Secre- 
tary to the Treasury, has 
apparently warned his Cabinet 
colleagues that the proposals 
already submitted would commit 
all of the contingency reserve far 
197S-79 and half of the much 
larger reserve for the following 
financial year. 

Treasury Ministers are deter- 
mined to prevent this partly 
because of general uncertainties 
about additional calls later in 
1978-79 but also, more specific- 
ally. because of the probable 
demand for finance for British 
Ley land. British Steel and for 
shipbuilding- 

This limits the room for 
manoeuvre and the Treasury has 
no intention of ri vising the 
overall public spending plans, 
including the reserve, contained 
in the White Paper published in 
January. Hus view has been 
reinforced by a growing feeling 
in Whitehall that underspending 
and shortfall in the next financial 
year could be smaller than 
recently as programme managers 
and finance officers become more 
familiar with cash limits and so 
less cautious. 

The eventual commitment of 
all the contingency reserve 
during the financial year as a 


whole is assumed in existing 
borrowing requirement projec- 
tions. Any further stimulus 
from tax cuts in the Budget 
would be separate, and would 
increase borrowing. 

Exact balance 

The pressure for additional 
expenditure follows a Cabinet 
discussion at Chequers five weeks 
ago when the need for some 
extra spending alongside tax 
cuts was agreed, though there 
has been disagreement about the 
exact balance. 

The unresolved proposal most 
likely to- be approved concerns 
child benefits. Tbere is already 
general agreement oh a rise to 
£4 a week per child from the 
level of '£2.30 which will apply 
from next month. 

Only part of such an increase 
would be required to offset the 
phasing-out of child tax allow- 
ances so there would be a rise 
in the real level of child support 

The . Treasury wants this 
further increase to be delayed 
until April, 1979, while Social 
Service Ministers have pressed 
for a rise in November. 

Several Cabinet members, in- 
cluding the Prime Minister, are 
believed lo be sympathetic, to 
TUC calls for an earlier rise. 

There is understood to be less 
support for a call from Mr. Peter 
Shore, Environment Secretary, 
for aji extra £150m. for construe- 

Continued on Back Page 


Government agreed to 
City watchdog body 


BY MARGARET REID 

THE GOVERNMENT has now 
given its agreement to tbe set- 
ting up of the City's long-planned 
new self-regulatory watchdog 
body, the Council for the Securi- 
ties Industry, which is to oversee 
securities markets. 

Final details of the project, 
including financing, arc about to 
be concluded and an announce- 
ment from tbe Bank of England 
about the establishment of the 
council is likely before the. end 
of this week. 

Having asked in October 1976 
for improved voluntary surveil- 
lance of the City. Mr. Edmund 
Dell. Trade Secretary, hopes it 
will succeed in limiting any risk 
of scandal or malpractice with- 
out statutory powers. Should the 
council prove ineffective, the 
Government would look again at 
tbe whole system of City regu- 
lation. 

Mr. Gordon Richardson. Gov- 
ernor of the Bank of England, 
aimed to conclude arrangements 
for the council by the end of this 
month, when Sir Harold Wilson’s 
committee on financial institu- 
tions begins to consider regula- 
tion of the City. 

The prospect that this time- 
table will be met means that the 
council is likely to be launched 
before Mr. Dell is due to meet 
the Labour back bench econo- 
mic and trade groups on April 
12 . 

More than 50 MPs recently 
signed a motion critical of the 
council put down by Mr. Ian 


Wriggleswortb, Labour HIP. -for 
Teesside Toma by. 

it read: ‘This House would 
have no confidence in a Council 
for the Securities Industry con- 
sisting entirely of representa- 
tives of City institutions with no 
legal powers and no responsi- 
bility for other parts of the 
financial services industry.” 

The projected 19-member 
council is to have three lay 
members representing the “ pub- 
lic interest" as well as rep- 
resentatives Of the Bank of 
England, the Stock Exchange, 
banks, investing institutions, 
accountancy bodies and the Con- 
federation of British Industry. 

The hope is that the Council 
will not lack authority though 
it will be without legal powers. 
It will harness the considerable 
sanctions over quoted companies 
which the Stock Exchange has 
through its listing ' agreement. 
Moreover, participating bodies 
will be asked to accept publicly 
that the council's rulings could 
not be ignored. 

Financing of the council, cost- 
ing perhaps £;m.-£Jra. a year, 
is likely to be by a mixture oF a 
levy on share transactions and 
contributions From the participat- 
ing associations. The levy could 
be as little as 14p on smaller 
share deals rising, possibly, to 
50p-70p for larger transactions. 

The Government is also con- 
tent to sec the launch on April 
21 of London’s new traded share 


options market, to be conducted 
under the Stock Exchange's 
control. 

No formal Government-, con- 
sent is needed for this and 
Ministers take the view that'-the 
Stock Exchange must monitor 
and supervise this market, as it 
does the stock market itself, to 
prevent any abuse. 

The Stock Exchange Council 
is expected to-day to consider 
proposals for commission 
charges in the London options 
market. Tbe charging system 
probably will be a modest fixed 
sum per option contract plus a 
percentage charge of under 3 per 
cent, on the first £5.000 of con- 
sideration,. with a lower rate on 
amounts of option money above 
that. 

Although there will be no Bill 
to amend company law in tbe 
present Parliamentary session, it 
is now hoped in Whitehall that 
a Companies Bill will be intro- 
duced towards the end of this 
year. 

Britain is obliged under its 
Common Market commitments 
to legislate by the end of 1978 
to bring aspects of its company 
law. particularly on company 
names, into line with EEC direc- 
tives. 

Current thinking appears to 
be that the introduction of a 
Bill in November would be 
adequate, although much would 
obviously depend on tbe timing 
and result of a General Election. 


Leyland Cars plans £300m. 
cut in capital spending 


CONTENTS OF TO-DAY’S ISSUE 


Overseas news 3 

World trade news 3 

Home iietwi^-geoenil ... 4 & IB 
— labour 4 


Arts page ££, 

Leader page « 

U.K. companies 14 

International companies ... 15 


Management page 9 Foreign exchanges |5 

Technical page 5 Mining notebook ‘ 5 

FEATURES 

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, . Businessman'i Otars 

L Crossword 

* • Entertainment Guide 

Euromarkets 

Financial Starr 

Heme ttatracts ■■ 
Insuranot •— ■ 


• Jutttntatt — ... 

U Letters 

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II Men and Masters 
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For latest Share Index 'phone, fl 1-246 SD26 


BY OUR INDUSTRIAL STAFF 

LEYLAND CARS hopes to 
achieve a planned cut of nearly 
£300m. in capital spending with- 
out jeopardising its ability to 
compete across the full model 
range. 

Preliminary estimates circulat- 
ing within the company suggest 
that the ambitious investment 
programme for the profitable 
Parts and SU Butec components 
division can be trimmed by more 
than £50m. 

Savings approaching that level 
are also sought to bring Use cost 
of tbe- proposed engineering 
centre well below £IQ0m. 

Considerable economies will 
also flow from the decision by 
Air. Michael Edwardes, the new 
British Leyland chairman, to 
scale down the production and 
sales targets set in the original 
Ryder rescue scheme 

Compared with the Ryder aim 
of a 32 per cent. U.K. market 
share and an annual output of 
about 1 . 2 m. cars, the company 
now envisages only a 25 pe( cenL 
share and production of between 
SOfl.OW) and 800.000 vehicles. 

The failure of the. cars group 


over the past two years to gene- 
rate sufficient profit to make a 
meaningful contribution to future 
investment made a review of 
capital spending urgent. 
eZlforcedSrcap 

In the long-term corporate plan 
.being considered by the Govern- 
ment, management has sought to 
cut the fat from investment pro- 
jects- Spending is to be confined 
to the essential rather than the 
merely desirable. 

A major casualty of the strategy 
is the foundry modernisation and 
expansion programme, the alloca- 
tion for which is thought to have 
been cut from £109m. to £4 6m. 

While Leyland management was 
able to draw broad conclusions 
fairly quick!? on where expendi- 
ture might be cut, the detailed 
programmes are the subject of 
much greater study. 

Throughout the Investment re- 
view. the aim has been to retain 
Leyland as a volume car pro- 
ducer and ensure that the com- 
pany can assemble a full model 
range from the Mini through to 
the Jaguar. 


Minor savings have been 
sougbt on the £250m. project to 
produce a new small car, code- 
named the ADO 88, at Long- 
bridge. Birmingham. 

More significant economies 
are probable on tbe proposed 
□ew middle range car. the LG 20. 
to be built at Cowley. Oxford. 
Plans for a derivative of the 
basic modeL the LC 12, are likely 
to be shelved at least until the 
company can be put on a 
stronger financial basis. 

The review has also made 
possible a slight shift in 
resources away from the volume 
car side towards the successful 
quality models. 

More money will be devoted to 
the award winning Rover 3500 
and towards expanding output of 
the successful Land Rover/ 
Range Rover models. 

The size of the economies 
sougbt in the cars group should 
allow more investment m the 
special products and truck and 
bus companies, . while still 
achieving a £200m. net reduction 
in group -capital investment up 
to 1381. 


French 
to blast 
tanker 
wreck 

By Mark Webster 

BREST, March 27. 

THE WRECK of tbe grounded 
tanker Amoco Cadiz win be 
remaining oil, French antboriti 
blasted open to let out all 
the remaining oil, Frcncb 
authorities announced to-day. 

It is estimated that 20,000 
tons of oil is still inside the 
tanker after 200,000 tons had 
poured out 'and spread along 
the Britanny coastline. 

M. Marc Recam, Secretary 
of State at the Ministry of the 
Interior, said in Ploudenezcau, 
near Brest, to-day that he had 
decided at tbe request of 
Admiral Coulandres. the 
senior naval officer in tbe 
operation, local people and tbe 
mayors concerned to use 
mines to blast the remaining 
oil from the tanker as quickly 
as possible. 

The charges will he taken 
to the wreck as soon as the 
weather improved. Bnt Com- 
mandant Francois GiDot, of 
the French navy, said the 
prospects for good enough 
weather were slim to-day dr 
to-morrow. 

A navy diving team from 
Toulon will plant the mines 
under the hull or the ship, 
which is now in two parts. The 
idea is to get more water into 
the oil tanks and force the oil 
oat of the top. 

Yesterday, the French navy 
opened the hatches on the top 
of tbe ship and already oil is 
pouring out and forming a 
massive slick. 

The ILK. Department of ! 
Trade sent a special reqnest | 
to the French that the blast- ! 
ing should be done in rough ! 
weal her lo minimise the risk 
lo lhe English coastline. 

Earlier French authorities 
had made it clear that they 
did not expect the S30m. 
compensation available to he 
enough for dealing with the 
effects of the Amoco Cadiz oil 
spill. 

M. Christian Gerondeau, 
head of the Civil Safety 
directorate^ suggested that 
Amoco, tbe tanker's owner, 
might be expected to con- 
tribute lo increase the funds 
available through the various 
insurance payments. 

“There is certainly going to 
be a decision about the amount 
or money which is due from 
Amoco and from its insurers- 
Bnt we do think the total will 
exceed S30m^” he said. 

In the Chaunel Islands, 
where a change In wind direc- 
tion had re-awakened fears of 
substantia] beach pollution, 
there was relief that rough seas 
appeared to be breaking up 
small slicks before (hey 
reached the shore. 


Begin calls 
on Sadat to 
renew talks 


BY DAVID LENNON 

MR. MENAHEM BEGIN, the 
Israeli Prime Minister, under 
mounting pressure at home and 
abroad over his handling of the 
invasion of South Lebanon and 
the Middle East peace negotia- 
tions is to appeal to President 
Anwar Sadat of Egypt this week 
to renew talks between the two 
countries broken off in January- 

The Israeli leader will send a 
letter to the Egyptian President 
stressing that the peace plan 
presented to Egypt last Decem- 
ber is only a negotiating posi- 
tion. not the final text of a 
treaty. He will ask President 
Sadat to submit his own peace 
plan. 

■ Mr. Ezer Weizriian. the Israeli 
Defence Minister, may go to 
Cairo soon to renew lhe “mili- 
tary committee " talks with 
General Mohammed Ghani 
Gamassy, Egyptian Minister of 
Defence, according to reports 
from Jerusalem. 

Both the letter to Mr. Sadat 
and Mr. Weizman's possible trip 
are part of Mr. Begin's effort to 
revive the stalled peace nego- 
tiating process, and confound 
sharp U.S. criticism that his 
tough position led to the 
impasse. 


Solidarity 


The Cabient apepared to rally 
around the Premier yesterday, 
in spite of indications from Mr. 
Weizman an dothcr Mi tasters 
that they are not totally happy 
'with Mr. Begin’s stewardship. 

The Cabinet's apparent soli- 
darity was given a major boost 
by the alleged report of a U.S. 
official saying that Mr. Begin 
must be replaced if the peace 
process is to have a change. 

This morning the newspaper 
Davar claimed that the remark 
had been made by President 
Jimmy Carter’s National Security 
Adviser, Mr. Zbigniew Brzezinski, 
in conversation with Mr. Moshe 
Dayan, the Foreign Miinster. It 
claimed that it was the Israeli 
Foreign Ministry which had given 
the report to Israel TV and Radio. 

The Government yesterday re- 
examined its peace plan, but 
after alomst five hours of debate, 
decided that there was no need 
to modify it. according to the 
Cabinet Secretary. He insisted 
that the support for Mr. Begin's 
unyielding position in his Wash- 
ington talks with Mr. Carter Iasi 
week was unanimous. 

“ The Cabinet considers Israel’s 
peace plan a fair basis for nego- 
tiations with the Arab states,” 
the Cahient communique stated. 
It offers a withdrawal from Sinai, 
and local autonomy in the Arabs 
of tbe occupied West Bank and 
Gaza Strip. 

Both Egypt aiid the U.S. have 
already said that unless Israel 
agrees to some withdrawal on 
the West Bank, the plan will 
not be acceptable. Although the 
Cabinet supported Mr. Begin's 
position, the stress on the plan 
as a negotiating position implies 


TEL AVIV, March 27. 

that Trael may now appreciate 
the need to soften its position 
slightly, asu rged by Mr. Carter. 

Before yesterday's Cabinet 
session. Mr. Begin and Mr. 
Weiznian held a private meeting, 
presumably to discuss the 
Defence Minister’s call on Friday 
for a "• National Peace Govern- 
ment ” and his comment that the 
government could have done 
more than it did to resume talks 
with EgypL 

Mr. Weiznian's cull had been 
seen as a thinly veiled challenge 
to the Premier, and he came 
under strong criticism for this 
from within the ruling Coalition. 
No details of the meeting have 
been revealed, but Mr. Weizman. 
not known for hiding his feel- 
ings, appeared very pleased after 
it. 

Opposition 

The Cabinet Settlement Com- 
mittee will meet on Wednesday 
to discuss the continuation of the 
freeze on new settlements in the 
occupied territories imposed on 
the eve of Mr. Begin's trip to 
Washington. 

It is possible that Mr. Weiz- 
man won a promise for a con- 
tinuation of the freeze while he 
goes to Cairo to try to renew the 
peace talks. 

The opposition Labour Party 
has-been intensifying its attacks 
on the Government and will try 
to induce some Coalition mem- 
bers to vote against the Govern- 
ment's elaim that UN Resolution 
242 does not require Israeli 
withdrawal from the West Bank. 

Mr. Shimon Peres, chairman 
of the Labour Party, again reit- 
erated his party’s refusal to join 
a national unity coalition. 

Mr. Abba Eban, former 
Foreign Minister, said that the 
Government had failed in the 
peace talks, antagonised the U.S. 
Administration and failed to win 
the support of public opinion 

He asserted that the Labour 
Party was not in alignment with 
Egypt or the U.S., in an apparent 
attempt to counter Government 
charges that he was unpatriotic 
for saying earlier that the Likud 
Government was falling apart. 

The domestic opposition to Mr. 
Begin's policies which, Washing- 
ton hopes, will Force a change in 
Israel's negotiating position, 
.began to surface lo-day in news- 
papei advertisements. 

“ Begin Must Go." was the 
message of one signed by 14 
“Citizens Who Care." They 
accuse him of making a string of 
mistakes, including “ the 
raiscrahle operation in Lebanon.” 

But tbere is also support in 
another campaign from the 
“ Movement to Stop National 
Suicide." It objects to any more 
compromises, declaring that 
“confrontation with the U.S. is 
preferable lo destruction by the 
Arabs.” 

Editorial Comment Page 12 
Other Middle East news Page 2 


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0 


Empain freed 


BY DAVID WHITE 


PARIS, March 27. 


U.S. miners 
return to work 


CaM for now Rhodesia meeting 


Financial Times Tuesday MarcK 28 1978 % 

RIOTS OVER NEW TOKYO AIRFORT? 


BY MICHAEL HOLMAN 


PAR ES SMJJUI. March 27. 


By Stewart Rtmlng 


FRENCH POLICE are hunting 
to-day for the kidnappers of 
Baron Edouard-Jean Empain, the 
Belgian industrialist who was re- 
leased In Southern Paris last 
night after being held to ransom 
for over two months. 

The 40-year-old Baron, head of 
France's third largest financial 
group, and a personal friend of 
President Glscard D'Estaing, is 
in good health according to the 
police, although - he has been 
roughly treated, and had a 
finwr mutilated. 

Baron Empain was kidnapped 
in his own car on January 23. 
just after leaving his home in 
the aristocratic Avenue Foch in 
Western Paris. He was kept 
prisoner In several locations, 
hooded, bound by bis hand*; and 
feet, given little food and ex- 
posed to the cold, a police spokes- 
man said. 

Negotiations progressed in 
secret and the case was virtually 
neglected as the General Elec- 
tion campaign raged. Police first 
feared that the kidnap was 
politically motivated, but it 
gradually became dear it was 
the work of criminals rather than 
poetical extremists. 

The kidnappers set the Baron 
free, stil] hooded, in the Paris 


suburb of Ivtv at about lo p-ot. 
on Sunday night, giving him a 
10 franc note to travel home. 
The Barou took the underground 
to the Paris Opera, passed un- 
noticed through a store and 
restaurant and telephoned his 
wife. 

The Empain kidnapping 
reached Us climax on Friday 
night, when police ambushed 
members of the gang at a 
ransom pick-up point on a motor- 
way south of Pails. The police 
carried a payment of Fr$.40m- 
( about £4.5m.). A shoot-out left 
one of the gang dead and two 
inspectors injured. None of the 
ransom payment was collected. 


A second member of the pang. 
SI. Alain C&UloI. described by 
police as a known criminal, was 
wounded, captured and interro- 
gated. Police are looking for 
seven or eight others believed to 
be involved. 

It was M. Caillol wbo called 
from police headquarters to the 
remaining members of the gang 
instructinc them to release the 
Baron, according to M. Pierre 
Ottavioli. bead of the Criminal 
Brigade. The police accepted bis 
condition that they would not 
trace the calL 


W. German strike talks 


BY JONATHAN CARR 


BONN, March 27. 


NEGOTIATIONS resume to- 
morrow to try to end a regional 
strike in the West German metal- 
working industry, but chances 
are slim that there can be a 
return to work this week. 

Union and employers-repre- 
sentatives spent 35 hours in 
tough bargaining over the Easter 
holiday period, trying to resolve 
differences over a wage increase 


for this year and over job 
security measures. 

Both sides reported some 
small progress but claimed they 
were still far from accord. Even' 
if agreement could be reached 
relatively quickly in the new 
negotiating round, the result 
would still have to be put to a 
vote by union members before 
the strike could be ended. 


NEW YORK, March 27. 
MOST OF the 160,000 members 
of the United Mineworkers 
Union were reporting for work 
again to-day bringing to an end 
the longest coal strike in the 
union's history. 

Union members voted to ap- 
prove a new contract os Friday 
by a narrow 57 per cent 
majority. The dispute lasted 110 
days and closed down coal mines 
producing half the nation's out- 
put. 

The return to work was not 
total, however. Construction 
workers, who are also UMW i 
members but have a separate 
contract, have still not agreed 
their three-year pact. Some of 
the 10,000 construction staff, 
whose work includes digging 
mine shafts, were reported to 
have set up pickets in scattered 
locations through Appalachia. 
The pickets prevented operations 
resuming at at least seven large 
underground mines. 

Construction worker leaders 
are expecting to agree a new 
contract some time this week. 

While the return to work is 
widespread, and most misers 
will be picking up the $100 
bonus for reporting for duty to- 
day. few In the coal industry 
are confident that the strike will 
have contributed to a much- 
needed improvement in labour 
relations in the coal fields. 

The union leadership is prob- 
ably more deeply divided at the 
end of the dispute than it was 
at the beginning, and divisions 
within the employers group, the 
Bituminous Coal Operators Asso- 
ciation, are just as sharp. 

Many miners are unhappy 
about the terms of the new con- 
tract in spite of the 39 per cent, 
wage and benefit increase it will 
bring. 


THE five African “ front-line ” 
states and the Rhodesian 
Patriotic Front have called on 
the British and U-S. Govern- 
ments to reconvene “in the 
shortest possible time" the 
Malta conference on Rhodesia 
for further discussions based 
on the Anglo-American settle- 
ment’ proposals, .or announce 
that file proposals have been 
“abandoned.” 




Only the Patriotic Front and 
an Anglo-American negotiating 
team took part in the first 
Malta conference two months 
ago. However, a senior front- 
line source Indicated to-day 
that if certain pre-conditions 
were fulfilled* aR parties to the 
Rhodesia dispute, including 
internally-based black leaders, 
would be allowed to attend the 
second of two separate sessions 
at a reconvened conference. 


The source said the first 
session would involve discus- 
sion on military matters 
attended by the British and 
U.S. governments and the 
“ warring parties " — that Is, the 
guerilla-hacked Patriotic Front 
and the Rhodesian Prime 
Minister. Mr. Ian Smith. 

Provided progress was made, 
a constitutional session would 
then follow at ' which all 
interested parties, including the 
internal leaders, amid attend. 
Thus by allowing internal 
leaders to he present, the con- 
ference would be turned into 
“ proximity talks.” 

This appears to be the only 
formula that, would get all the 
parties together at the same 
place, and at the same time- 
even if sot in the same room. 
It could both meet the call by 
the British Foreign Secretary. 


Dr. David Owen, for ah alt- 
party conference but remain 
within the terms set by the’ 
PF co-leader, Mr. Joshua 
Nkomo in Lusaka last week. . 

But it seems unlikely that the 
formula will suit Mr. Smith 
and his fellow signatories to 
Rhodesia’s “internal'" settle- 
ment agreement, who have 
offered no encouragement 
further discussions based 6U 
the Anglo-American plan. 

The ultimatum to Britain and 
the tLS. was contained in a 
communique issued at the end 
of a two-day meeting here 
attended by the Presidents of . 
Tanzania. Zambia, Botswana: 
and Mozambique (President' 
Neto of Angola did not arrive)), . 
together with Mr. Nkomo and 
Mr. Mugabe of the Patriotic 
Front 


BY DOUGLAS RAMSEY 


.. ..V - iji’jS 

TO1WO, Marsh 27. i.ijti * 


Lebanon peace drive problems 


BY IH5AN HIjAZ! 


BEIRUT, March 27/-. 


THE PEACE process in southern 
Lebanon is running into some 
serious difficulties, and the 
Lebanese Government is pro- 
foundly worried, following week- 
end developments. 

Officials in Beirut were par- 
ticularly concerned over state- 
ments made yesterday by Major 
General Avigdor Ben-Gal, the 
commander of Israel’s northern 
front, which suggested that the 
Israelis were going to delay their 
withdrawal from Southern 
Lebanon- 


south.. Even more disturbing for 
the Lebanese, was the General’s 
remark that Israel wanted 
“independence” for - the 
Christians in southern Lebanon. 


General Ben-Gal said the 
Israelis would not pull out until 
they were certain that UJS. forces 
and the Lebanese army were able 
to keep the guerillas out of the 


The Israeli -backed Christian 
militias have been slowing down 
the return of Lebanese refugees 
to their villages south of the 
Litani river. The militias, led by 
Major Saad Haddad, have 
demanded that Shia Moslems In 
the zone must join Christian 
militias in order to keep 
Palestinian guerillas out. 

The Lebanese Government has 
intensified efforts for sending 
Lebanese army units to the 
south to help UN forces there. 
The army command has pub- 


lished names of Lebanese army- 
personnel who, it said, must 
report immediately to . their 
barracks, apparently to prepare 
for duty in the south. 

David Lennon adds from Tel 
Aviv: Mr. Ezer Wiezman, Israeli 
Defence Minister, to-day stated 
plainly that he- would give the 
Palestinian forces only another 
48 hours to stop firing on North- 
ern Israeli villages before taking 
action against them. 

Touring . the northern bonder 
to-day, Mr. Wiezman said be 
hoped the rocket attacks from 
north of the Litani River would 
end soon. He asked the villagers 
who have been under attack for 
two weeks to be patient for -an- 
other 48 hours. :-*■ 


THE JAPANESE Government 
has had to postpone the opening 
of Tokyo’s new International 
airport, Nariuu for at !*■* * 

month following week-end pro- 
tests during which half-a-dozen 
determined radicals evaded 
14,000 riot policemen and 
pillaged the airpotfs control 
tower. An official inquiry into 
the destruction of essential radar 
and ground communications bad 
been opened to-day and the 
inauguration of the airport, due 
on Thursday, has been put off 
while repairs ore made. 

. Narita is a rallying point for 
local fanners and student radicals 
who oppose the 'airport on 
eivironmental grounds and are 
angry at the government's on- 
willingness to bow to local oppo- 
sition. The Sunday attack on 
Marita's control tower is the 
latest iu a long series of violent- 
protests against the airport 
which was completed in 1872 but 
has stood Idle ever since. Riot 
policemen were on duty at the 
airport In anticipation of renewed 
activity by protesters, but they 
failed to detect the attack squad 
which reached the control tower 
via a maze of sewage tunnels 
leading from outside toe-aixport 
grounds. 

The attack coincided with 
several violent clashes at other 


parts of the airport between pro- 
testers and the police. As a 
result no riot policemen were 
guarding the control tower when 
Che squad sprang from a nearby 
manhole, climbed to the top of 
the tower and began to smash 
windows and equipment with 
hammers and steel pipes they 

were carrying. • 

Local farmers and their radical 
student supporters diverted the 
attention of thousands of poliee- 
•■rnen on Sunday morning foy con- 
structing a steel tower at the end 
of the Narita runway. The police . 
under orders to demolish the 
makeshift construction which 
went up overnight, fought with 


HOW TO PUT TOGETHER THE PERFECT 



mrnmm wi imm 



k 


A lot of companies have gone into partnership with Irvine 
Mew Town. And the list is growing all the time. 

So there must be some powerful attractions. 


Maybe it’s accessibility. With two major airports close by. 
And unrivalled shipping facilities. j 


nnvaiieu snipping mcmiies, i 

Maybe it’sthefinancial and administrative assistance you 
ten you move to Irvine. Like possible rent free periods and 


get when you move to Irvine. Like possible rent free periods and 
maximum government grants. 

Or the availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf courses a few minutes away and three m iles of 
lovely sandy beaches right on your doorstep/Irvine is a beautiful 
place to make money. 

As Beecham, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Irvine 
Development Corporation. 

llie team which has helped over a hundred and twenty firms 
base their business in Irvine on something more substantial than 
faithalone. 

If you ’re interested i n the ki nd of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomson. 
He’ll send you the nuts and bolts. IRVINE NEWTOWN?) 


YOU CAN CONTACT MIKE THOMSON AT PERCETQN HOUSE. IRVINE. AYRSHIRE KA11 2AL TELEPHONE: IRVINE [0294J 74100. OR 'PHONE JACK BECKETX OUR LONDON OFFICE DIRECTOR, AT 01-980 2631. 


protesters for several boon, 
Si^tsMonSly, jzoirta. pm- 1 
testers attacked pohw* check- 
points at entrances to Narita air- 
port by crash tea their truck* 
against barbed-wire fences and 
hurling Molotov cocktails at 
parked can and airport 
buildings. - 

More than SO radicals and 
policemen were injured in the 
battles between - attacker* ud 
the police. By Sunday night at 
least US protesters were jailed. 
They included alt members of 
the control tower attack tqtxtd 
who were finally taken prisoner 
after the control tower was bom- 
barded with tear-gas bombs. 

Opponents of • Narita airport 
have warned the authorities that 
they will continue protesting 
against the opening, of the air- 
port. After & - six-year- datay. 
Narita was. scheduled: to opcq 
officially- on Thursday and first 
flights were set for ocxtSunday. 
Now the opening has been -put 
off. and the police fear possible 
new attacks oft fuel tanks at 
Narita. A fortnight ago pro- 
testors buried Molotov cocktails 
at a rail shipment of jet fuel 
being transported to Narita, but 
caused no . damage. Until after 
Narita's opening, . however^ the 
airport authorities have halted 
all farther fuel shipments in 
minimise the .risk of further . 
Incidents. 

The violence at Narita flared 
soon after the airport authorities 
made their peace with, the Inter- 
national Air Transport Associa- 
tion (LATA) which had protested ^ 
vigorously against the high. rale 
of landing tees and other Narita 
airport charges. 1 The new Tokyo 
international airport authorities 
agreed, however, to cut the 
planned rates by roughly 18 per 
cent The ; rates win . still be 
uniformly higher than those at 
the existing Haneda airport 
which are from 38 per cent, to 
60 per cent lower than the fees 
initially planned for Narita. 



U.S. banks refuse to 


cut S. African loans 


BY STEWART FLEMING 


NEW YORK. March 27. 



TWO OF the largest U.S. com- 
mercial banks, J. P. Morgan and 
Manufacturers Hanover, are 
resisting shareholder proposals 
on loans to toe South African 
Government 

In its proxy statement to share- 
holders J. P. Morgan, toe parent 
.company of Morgan Guaranty 
Trust, recommends that they 
vote against a proposal put for- 
ward by the Protestant Episcopal 
Church and other religions 
groups, calling on . toe bank to 
provide fuller information about 
Its .Souto African lending 
policies. 

While condemning toe apar- 
theid system in Sonth Africa, the 
bank's management says, 
* Reftwal to mane loans to viable 
commends] or development pro- 
jects in. Son th Africa, whether or 
not .Government sponsored, could 
put considerable hardship on all 
the people of that country most 
especially those who suffer the 


greatest disadvantages under 
apartheid.” • 


The directors of Manufacturers 
Hanover, responding to a share- 
holder's proposal that the hank 
should join the growing number 
that have decided that South 
Africa is no longer a good risk 
“financially or morally/* recom- 
mend that shareholders vote 
against tbe proposal- They say 
that, the bank takes care to avoid 
actions.' which would support 
either the apartheid policies of 
South Africa or- practices which 
discriminate against its black 
population. 

Earlier in the month, Citicorp, 
which ranks with Morgan and 
Manufacturers Hanover among 
the top five U.S. commercial 
banks operating in South Africa, 
disclosed that it was ending 
loans to the South African 
Government and to government- 
sponsored enterprises. 


Carter flies out for 


major overseas tour 


BY JUREK MARTIN 


PRESIDENT CARTER embarks 
to-morrow on his third major 
overseas trip since assuming 
office. His -week-long journey to 
Venezuela,. Brazil, Nigeria and 
Liberia comes at a time when at 
least some of the domestic 
pressures on him are rather less 
intense than in recent months. - 
He achieved a notable political 
victory when . toe Senate ratified 

fhp firtt PunUfMA — 


WASHINGTON, March 27. 


appear to demand his immediate 
attention. 

• I** 1 , year, Mr. Carter was 

obliged first -to postpone, and 

tnon tn c . : . 


then to prune, his foreign travel 
plans because -of domestic 
requirements. In visiting South 
America and Africa he is fulfil- 
ling a promise which, he was 
compelled to forgo last year. 

Nigeria •• is generally con- 
sidered to be the-most imnortant 


and relief, now that the coal 
miners have .approved a new con- 
tract Unfinished business still 
abounds— for example, in toe 
prominent shape of the 
unresolved Energy Bill, and the 
growing debate over fresh anti- 
inflationary measures. But 
neither of. these issues would 




M r ” —— p-- - *41 /y a/V Ut 

from 30 si 1 ' and a . political point 
of view. The U.S. has tried hard 
during his Presidency to improve 
with . Africa's most 
wealthy nation, and clearly hopes 
to inspire Nigerian leadership in 
many parts of toe 'continent, 
ranriog from toe Horn to 
Rhodesia. 


U.K. move on 
Indian aircraft 


B y Chris Sherwed 


Aden takeover 
of cable system 


NEW DELHI, March 27, 
BRITAIN HAS made a firm offer 
to collaborate with India on the 
manufacture of the Anglo- 
French Jaguar, Mr. James Well- 
beloved,- the junior defence 
mi n ister, said in Madras over 
the week-end, according to the 
Indian news agency Samachar. 

India’s cabinet should already 
have received recommendation 
on the purchase of a deep pene- 
tration strike aircraft from a 
high-level delegation which. 1 
recently returned from Europe. 
The delegation examined the 
ments of deals involving the 
Jaguar, the French Mirage F-I 
and the Swedish Viggen, 

Mr. Wellbeloved is -reported 
to have said ■ that during the 
Indian delegation’s visit he had 
gained the impression that Its 
members would be satisfied with 
the British offer. He also said 
collaboration would be strictly 
on a commercial basis and that 
the British Government would 
offer its good offices for any 
arrangement between toe Indian 
Government and toe British air- 
cralt industry. 

The Minister was ending a six- 
day tour of South India, where 
be visited Hindustan Aero- 
nautics tn Bangalore— the com- 
pany which would eventually 
produce the fighter aircraft 
chosen by toe'. Indian- Govern, 
menu 


By Our Industrial Staff 


GABLE AND Wireless's interests 
m Aden are to be nationalised 
from April 1, but the company 
coold well be retained -to act as 
■"**■** for installation af a 
satellite-connected telecommuni- 
cations system. - 

The left-wing Govenmiefit .of- 
South Y«aei! said yesterday that 
5.y? fa J5 aaJ Yemeni Communica- 
tions- Company win be formed 
to take over .operation of tel*. 

fi? n vf»l c , abl ? Semites.' - It Is 
thought likely that this, body will 
order, a Standard B Earth Station 
system, worth about £lm. 

Cable and Wireless has been, 
negotiating with the Government 
tor a termination of it* canoe* 
sion. for some months. ' - - 

- on compensation . 
tor the loss of assets, probably 
worth wen under Elm, Is undmv 
stood to be close. Aden’s external - 
telecommunications system,; -a 
standard high frequency radio' 

to Cable and Wireless resulting 
from the takeover wni norta. 
significant, although it” Ends •- a ■ ■ 

dati *»S barit to lfe 
turn w the century; 


*/lr irttrtm UMM tel, mill* 


ttwfeMEC' 


More 




















p.k,: 


. i 

•y 



Financial Times Tuesday March 2S 1978 

Soviet Union cuts 
deficit with West 


3 


BY DAVID SATTER 


MOSCOW. March 27. 


THE SUV IET UNION cut the nf Soviet foreign trade in 1977 
r,"r S-,. 1 .!* « !r * de compared to 33 per cent, in 197fi. 

■ind even nnsrerP h I i I,! 1 w ^ i!e trade with Socialist coun- 

- l m 

S3T 1 hy ,he iournaI FBSei *" S3 - TrSdi y “th^Thirt 

, ,, ... World accounted for 13 per cent. 

Rcncrally optimistic of Soviet Trade in 1977 era- 

as,' .n S «Y le l pared with only 11 per cent, in 

deficit in trade with the West 197 ft 
lota lied roubles 1.11 hn. (£S43m.) 


Tokyo to aid purchase 
of European aircraft 


1*77. only M per cent, of the ^Sh^Uie^Wwi & ° wH ! ^“jP 1 *W Uca ? m ' f°Uows aj 

kk, ,b *S 2 !. WMV&sra 

a third of rho massive of 1973 P aris .°°- rra ^ e . . Socialist | the value of the dollar, 

deficit which was roubles 3.6bn. 

Virion I "* ucers * with Allied Chemical, the 

sizeable aurnlusev ' main su PP lier t0 Europe, are 
sizeable . thought to be under-cutting the 

1 domestic fibre makers by as ■ 

I much as 30p per kilo on some j 

present rate of exchange!. The de ®. cit •***> the West Jus been j enabled me^U.S^industnr h ?o 
Soviet Union has been in sur- achieved through a tight hold on* - 
plus with the West during the bard currency purchases this 
last hair of the year by roubles >' ear - The Soviets are known to 
230m. (£1 74.24m. I . be sensitive to adverse commeni 

Total Soviet trade turnover in the West about their growing 
expanded 12 per cent, in 1977 debt which at the end of the 1976 
to roubles fi3.353bn. from roubles was estimated at £8.14bn. 

56.7S5hn. in 1976 hut. typically The Soviets also had heavy , orodue -„ hav _ b ___ ahIe 
in light of the trend of the last debt repayment commitments in Lid prices and make profit over 
few years, trade with the West 1977 and were doubtless reeem ^a^ a^ this is one 
declined sharply in relative chastened by the . disappointing 1 - 

Terms. grain harvest which will neces- 

Soviet trade with the West silate expensive grain purchases 
accounted for only 29.5 per cent, abroad. 


EEC check 
on U.S. 
yarn 
imports 

By Rhys David. 

Textile Correspondent 

h«5°f5S ,™ E pr0dUCPrS : »R«i vu wucw 
have asked the European Com- 1 .*-300 Airbus or the * British 

l l r ow '5, DSI ira :l BAC One-Eleven will be on 

S? from Z g E S C ° f ,ndllSmal *« *»««*>* 

The request, which 'falls! 
j short at this stage of a full anti-| 


BY DOUGLAS RAMSEY 

JAPAN'S three major airlines 
have informed the Ministry of 
Transport that they plan to 
import between 41 and 45 
aeroplanes in the next two to 
three years, but they shed no 
light on whether the European 


countries and the Third World > TT - . . . _ , 

cr-aikuss.r.teTSs.'iss rr a " ded 4A J* n .“i to >' ,,i - T ^ * ***** yarn pr °- i 

Soviet deficit in trade with the ca *?®. 011 ®?’ the Scmet 
West was built un during the - . . - . . • . 

first six months nr the tear as 0v erall. the Soviets bad a made 
the annual deficit reached su X» plus R 3.16bu, - 

rnu hies 1.34hn. (£1.02bn at /lie The r^ucUon in the Soviet 

I 

double its market penetration 
over recent years to between 10 1 
to 20 per cent in some areas. 

Industrial yarn, used in a wide 
variety of applications from tar- 
paulins to tyres, represent one 
of the few areas where European 

to 


Contracts 


. iunhw; 

X \ F r? «..* 
’ \i l iU.. 


major reason for the concern at 
U.S. under-cutting. 

The main impact has so far 
been felt in Germany where 
, there has been a major increase 
j in shipments of US. polyester ; 
1 yarns and in the U.K. where U.S. 

penetration of the nylon yarn ■ 

„ 1 market has increased substan- : 

• A £2.56m. contract to increase company cogema for the repro-l tially. ! 

the output nf a generating cessing of nuclear waste at the 
station m the Sahara to 23 MTV La Hague plant, near Cherbourg 
has been won by Hawker Slddeley at a cost of lbn. Swedish crowns 
Power Engineering of Burton on industry officials said. The con 
the Wolds. Leicestershire. The tract covers the 16Sff‘s and in 
power station at Akjouji in volves the waste from 620 tonnes 
Mauritania supplies electric of uranium, 
power to a remote copper mine # ^ lT .S. Navy said 

and processing plant 100 km from awarded urlon Industries Ingalls 
the coast. shipbuilding division a S796.ini 

• Massey- Ferguson said it had contract to build four destroyers 
signed an agreement with two for Iran. The ships wilL be de 

■ Indian companies for l he nianu- livered between November, 1980 
facto re of Massey's new 245 aT id September, 1981. 
tractor and or Perkins' 45 to 0 Abu Dhabi has extended 
47 horsepower diesel engine. £ 3 m . so f t ] oan to Malta for the 
Financial details of the agree- building of a £4Sm. tranship- 
ment were nm disclosed. ment harbour on the island's 

• Two computer package sales— south coast at Warsaxlokk 
including Ihc worlds most Marsaxlokk harbour will-incor 
advanced departure control porale a new industrial estate 
system — have been made hy an d its facilities will include 
British Airways lo two Far East container, general and bulk cargo 
airlines The deals are worth vessel berths, container parks. 

Sim and include full slafT train- groupage sheds, stores and 
inq and help with establishing workshops, 
the systems on location. • The While Fish Authority 

• Four Japanese steel companies (W'FAl has placed an £85.000 
have signed a contract to export order with Cygnus Marine for 
200.000 tonnes of large-calibre two fisheries re^jarch vessels for 
steel pines to the Soviet Union Saudi Arabia where they will be 
for shipment he tween next month used to develop the Bed Sea and 
and May. Nippon Si eel said. The Gulf coastal fisheries. WFA which 
wist was nol given, hut Nippon is in the third year -of a four-year 
Steel said the* exports follow an fisheries development progranum: 

Export-Import Bank of Japan being carried out in Saudi Anibla 
agreement to give the Soviet under co-operation agreement 
Union Ion ns totalling S230m. 10 with the Saudi Ministry of Agri 
help buy about 700.000 tonnes of cnlture and Water Resources, 

Japanese steel pipes. said the vessels will be proto- 

• Sweden has signed a contract types for future commercial 
with the French Slate-owned fishing boats. 


Airline industry expects now 
expect some hard bargaining 
to begin between the airlines 
and the Japanese Government 
which wants 10 speed up 

imports or foreign aircraft to 
help cut Japan’s trade surplus. 

According to the Ministry, 
the purchase of 41 to 45 aero- 
planes would cost the com- 

panies between $1.5 bn. and 
51-75 bn. but the purchases are 
linked by the airlines lo 

Government concessions on 
import credit terms, and expan- 
sion of domestic and overseas 
routes for Japanese carriers. 

Meantime, the MoT has 

informed negotiators from the 
EEC Commission -that it will 
send a letter to all Japanese 
airlines concerning the sale of 
European aircraft to Japan- 

The letter will explain 
European arguments regarding 
the sale of aircraft to Japan 
and pledge favourable Govern- 
ment credit terms for stepped- 
ap aircraft purchases. The 
letter is seen as the most con- 
crete gesture the Japanese 
Government could offer with- 
out openly trying 10 force the 
hand of airline companies. 

No mention of the MoT 


4 TOKYO, March 27. 

pledge -was written into the 
joint communique signed by 
EEC and - 'Japanese ministers 
on Friday, but the potential 
sale of European aircraft 
weighed hearily on the talks, 
between EEC Vice-President 
Wilhelm Haferkamp . and 
Japan's Minister for externa! 
Economic Affairs. Mr. Nobu- 

•ko Ushiba. 

.The Japanese Government 
bas been slndying ways to 
sped up overseas aircraft pur- 
chases.' notably by offering re- 
duced interest rates on foreign- 
currency loans to buyers. 

Japan Air Lines (JAL). Ail 
Nippon Airways (ANA) and 
Toa -Domestic Airlines (TDA) 
were aSked by MoT a fortnight 
ago for the purchasing plans 
to 1980 in order to let the 
Ministry map out an improved 
import financing system. 

At present, the rale*' of 
hiterest on loans . to * buy 
foreign aircraft is pegged at 
4.75 per cenL and the airlines. 
Insist that to purchase between 
41 and 45 aircraft they will 
need softer terms. ANA- 
moreover, has pegged its pur- 
chasing plans to its demand 
fOT a few international routes 
once Tokyo’s handling capacity 
for international Rights is in- 
creased with the opening pf 
the new Tokyo international 
airport at Narita. 

TDA, meantime, has peti- 
tioned for new domestic trunk 
rentes On which it eonid 
operate wide-bodied jets (now- 
exclusively operated bv JAL 
and ANA). 


World Economic Indicators 


, ; f j 
* r 




TRADE STATISTICS 







Feb. 78 

Jan. 78 

Dee. 77 

Feb. 77 

: - 

U.K. 

£bn. 

Exports 

3.000 

2.625 

2.780 

2.432 

• •. 



Imports 

2.916 

2.9S9 

2356 

2418 




Balance 

-i- 0.784 

-0334 

-f 0.026 

-0.186 

■ - 

. W. Germany DMhn. 

Exports 

21-4 

213 

25.4 

21-0 

- 



Imports 

787 

19.4 

213 

183 


* : 


Balance 

‘-2.7 

1-1.9 

i 43 

■‘-2.7 


japan 

Sbn. 

Exports 

7.260 

5380 

8.449 

5.773 




Imports 

4.930 

5305 

5.774 

4.738 

s — . • . 



Balance 

-t-2330 

-i-Q375 

+ 2.675 

+ 1.035 


c. . 1 France 

FrsJwi. 

Exports 

28.611 

26377 

28366 

25327 

• 

■ * " 


Imports 

28.574 

28.731 

27.056 

27.093 




Balance 

+0JD37 

-1354 

-r 1310 

-1572 

■ - - * - 




Jan. 78 

Dec. 77 

Nov. 77 

Jan.77 

■ t 

U.S. 

Sbn. 

Exports 

10.014 

11.030 

9304 

9599 




Imports 

12393 

13.059 

11386 

11369 

*• 



Balance 

-2379 

-2J29 

— 2.082 

-1.670 

■ 




Nov. 77 

Oct. 77 

Sept. 77 

Nov. 76 


Holland 

Rs-bn. 

Exports 

9.610 

9.161 

9*27 

10349 




Imports 

9346 

9.503 

9303 

8540 




Balance 

-r 0364 

-0342 

-0376 

+ 1309 


Italy 

Urebn. 

Exports 

3,252 

3382 

3,136 

2,981 




Imports 

3366 

3,745 

3348 

3405 




Balrncc 

- 0 Jit 4 

-0.463 

-0312 

—0424 

* - - 

Belgium 

B.FrsJin. 

Exports 

106493 

119338 

123309 

121.911 




Imports 

116.721 

124.097 

121.747 

1T6374 

■i . ; 



Balance 

— 10352 

-4,759 

+ 1-862 

1-5537 



SHIPPING REPORT 

More tanker gloom 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

WEU. OVER one-third nf world and combined earners are 
all tanker tonnage is now out of thereby deduced to account for 
• use. .icenrding to tbe latest 62.6m dwt of Mack capacity. 
p<-n mate from brokers John I. Time lost at ports is also dim 
Jambs of London cull to evaluate, but Jacobs says 

The Jambs estimate, rather that more than twiee the normal 
higher than many, previous four days waiting continues to 
assessments, takes account of be normal. One oil company is 
aeltul l;o-up nf vessels, as well reported as saying that there 
as slow-steaming acceptance hy was a 25 per cent, detenoratjnn 
owners of part cargoes and in waiting periods between vie 
excessive delay tune at ports. first and second halves of last 
According to the broker’s year, 
twice-yearlv World Tanker Fleet The broker's view of future- 
Review, ihcse factors combined prospects is that the VLCC sur- 
al the turn of the year to give pins could well last For another 
an excess of 124m. deadweight seven to ten years, but that 
tons uf tanker ea parity . This obsolescence among smaller 
was on a total tanker Reel of classes of crude and product 
.732m. dwi and a • combined tonnage, will produce pockets of 
carrier Heel of 48m. dwt. demand much earlier. 

Although the Jacobs figures Because of the recent failure 
are now' three, months- out i»r of the UN ageno. IMCO, to 
date, there is no doubt that the accept compulsory' segregated 
position has got worse. H. P. ballast for tankers and a conse- 
P re wry put the volume of quent removal of about 15 per 
tankers in layup at 44m. dwt at cent, of each ship's capacity, 
the end of last month, compared Jacobs foresees the possibility pf 
with the Jacobs figure or 35m. “severe economic and political 
dwf. coo sequences for the capitalist 

The mosi eiusire element in system within the next decade.” 
assessing overcapacity is the unless some other pressure can 
■surplus caused by owners steam- bo brought to bear op the 
Ins their ships at slower and inurkeL 
more economical speeds. In the marker, last week's 

Jacobs has tracked a selection shortened, period of trading pro- 
of VLtlCs owned and operated duceti few fixtures worthy, of 
nn period charter by- oil com- note. Galbraith Wrigbtson com- 
panies to conclude' that average ments, however, that the -rate of 
speed of operation between June scrapping has started To slow 
and December last year was re- down again, mainly because of 
riiiced from a potential top congestion in the breaking 
average of 16 knots to 11.87 yards. In the last few weeks, SI 
knot*— a reduction of 27 per r&nkers totalling 4.25' dwt have 
cent. Slow . steaming tankers been sold for demolition. 


BRAZILIAN SHIPBUILDING 

Yards may face hard times 

BY SUE BRANFORD IN SAO PAULO 

THE BRAZILIAN- government is approved personally by President the plan would guarantee the 
finally recognising that changes Ernesto Geisel, it 'is recom- financing of a further 5m. to 7m. 
will have to come in its mei, ded that “any attempt by tonnes, with the expectation of 
extremely ambitious shipbuilding wh * tev * r ™ eans l r ° increase the steering part of the increased 
Ulk; - h . p present capacity or national ship- production into exports. Now 

programme, which has become y ar{ jg must be discouraged as shipyards are anxiously awaiting 
increasingly incongrous in the long as the world shipping crisis the Government’s decision, 
light of world over-supply. continues." Surprisingly, some of Brazil’s 

For several years Brazil's yards The new attitude does not shipbuilders oppose the very’ 
have been working at full steam, meaD a drastic cutback on idea of a further plan. Paulo 
their books virtually complete, present targets. The government Ferraz. president of Maud, a 
with orders stemming from the is guaranteeing the full com- leading shipyard, commented: 
Second Shipbuilding Plan <1975- pletion of the Second Shipbuild- “This is no time for a further 
79). Under the plan, the govern- ing Plan and is reallocating some expansion programme. Govern- 
ment financed the construction of orders to help the smaller yards, ment help should take another 
5 .3m. tonnes (plus another 1.3m. The two biggest yards. Japanese form." 

tonnes left over from the Ishibras (lshikawajima do Like other shipbuilding coun- 
previous plan) at an estimated Brasil t and Dutch Verolme, have tries. Brazil provides export 
cost of $3.3bn. three years ago. been told U> keep to large- customers with very favourable 
at least half as much again by tonnage ships. terms: interest rale* of 7 per 

now. Some ordurs for small ships cent, and a 10-year repayment 

Although the plan is running have been taken away from period. Moreover, the Govern- 
about two years behind schedule, Ishibras and given to the ment subsidises about a quarter 

560.000 tonnes were built in 1976 Brazilian yards Emaq, Caneco of the final cost of the ships, 
and. after unexpected delays, and Maud. Ishibras is the largest partly because the outlay for the 

493.000 tonnes last year. A good shipyard in Latin America. With shipbuilders is particularly high, 
increase is expected this year. By a production of 262.000 tonnes as they are still paying for new 
1981-82, Brazil's fleet should have last year, it alone was responsible yards and equipment. 

reached 9m. tonnes and its yards for more than half the Brazilian i n the future, ton. costs may- 
should have. a.. capacity of about total. even increase, as shipbuilders 

L2m. tonnes a year, placing the In part, the Govemmenl will be producing more sophisti- 
country among the top shipbuild- orientation may well be a cated vessels and may thus be 
ing nations. response to the lobby from world paying out even more than the 

. What . is new is that the shipbuilders, particularly from quarter of the total value at 
Brazilian authorities have pub- Western Europe, who have been present spent on imported com- 
licly admitted that any additional putting pressure on Brazil to ponents. 

expansion must be. very carefully reduce its expansion targets. Many observers are thus pes- 
reconsidered in view of the What is not yet clear is how the simistic about Brazil's ability to 
difficult world situation, which new position will affect the compete on The world market'. At 
creates serious obstacles in the country’s medium-term goals: present. Brazil’s yards 'are shel- 
way of exports, and of the severe specifically, the Third Shipbuild- tered. with guaranteed outlets 
burden imposed on the national ing Plan, which is to be for their production. Once the 
exchequer by an expensive ship- announced over the next few big expansion phase is over for 
building programme. months. Brazil's fleet of ships, the yards 

-In a- recent document. Previously it was expected that may well face hard limes. 



Sometimes the best time to do 
a day&travellingis overnight. 


\nien you hare an early meeting 
in a dry far from your office, you’ll 
probably have to spend the night away 
from home. 

But you don’t want to spend 

the preceding afternoon away, too. 

• There is a chain of business hotels 
which can help you out of this difficulty. 

They have excelienr bedrooms 
withailreod cons. 

■Afiiendly night porter who will 



bring you refreshments last thing at 
night. And who, first thing will wake 
you with a cup of tea or coffee. • 

What's unusual about these hotels 
i st hat they move during tbe night. 

When you look through the window in 
the morning, you may norrecognise the 
scenery at all. Butlookinyour diary 
and it will tell you exactly where you are. 

In the righrplaceforrhat early • 
appointment. And in good time. 

Inter-City 


jytwgnas 


XI ^ KwfcCAlJ* 

it 

_____ .unmii 

Y 

CDWRJHGH 

iSeuncie 

■msnE 

1*«W * FUW«3 

«S7o«*L . ions 

pggsyi ^ 

LnuiRMAND 

Ihaotupool 

Fbtockton 

'WS 

WSi WAKUflFTON 


eiL16Wu l {W^' 


■ 2/ - — Q— 

nm jymWTCH 

ABBOT 


PDoua' 







Financial Times Tuesday ^Iarrti 2S1978 


HOME NEWS 


LABOUR NEWS 


Report urges 
more promotion 
of Merseyside 


BY RHYS DAVID 


Higher 

bank 

charges 

hint 


Rules for sterling 
brokers ready soon 


BY JAMES BARTHOLOMEW 


AN ACTIVE approach to “sell- were counted— means there arc 
ing" Merseyside as a site for few viable projects which could j 
industrial investment, based on fail to attract backlog. 


i DRAFT RULES for a new sierl- and two committees have Clarification of the assocta* 
i ing money brokers', associations examined the problem and pcs. tion’s relationship with stock- 
under the aegis of the Bank of sibie solutions. Now. at last, the brokers who have money broking 


pyarajo 
fight looms 
on Clydeside 


• LS v 

•OL * v 


J l ‘ r 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


BY MICHAa BLANDEN 


the substantia] assets of the area. Land is more of a problem i TV hanL . . L, 

is recommended in a preliminary within the inner urban area. ££ s , , u bank are in 

report drawn up by PA Manage- though clearance is making sites "J? sanctioned ny the- w 


report due to be published! want to lend money, or those members of the market have money broking turnover will her 


ence of constraints is servin'* to November to develop a pro- areas the cosls of their services ’ try to keep in. toueh with the already. brokers also has to be finally 

hoH bactf ^vestment, though it gramme which will lead to P t£ g/SSE? are *** covered *\ 2 S? m ," te Lj?°* when a baijk The draft rules are believed to agreed. * 

Is accepted that the area now creation of extra jobs before the Recharges. a hav ® wme de R« e of smulamy The method by wibcb the Bank 


Sso haT* b 


power problems - inteUisemly ■ 

with the management. 

- But there is no way we can 
accept either redundancies or 
suspensions." he declared. 

Onr Glasgow Correspomtetit 


- |u surplus of steelwQrkers and writw . The 8tec i UBt ons again - 
atris&qftages in outfitting trades. iactt apa thy from the workers of 


accuioinoaaie most types or -**•■-* w u> • ---- _r ,i.n . 

development Apart from examining possible current accounts. , existing- Foreign Exchange and For .example, where London obtain consent and seif-regula-j between compienon or ScotUshTUu ana Jte iron 

Dealing with skills within the constraints, the team has looked The Commission's report, ex- 1 Currency Deposit Brokers Asm- banks use brokers, they will lion of the market. "’.•irS*!**, r XI v ? n< L st 55 


will appear in the official records snort- and long-term action plans, “e *na ot xms montn, is one ot mission removing oojections g u t since the sterling market “?' vn J 
is usually that of the last job 0ae Preliminary conclusion— ,wo important documents which J™n the money brokers Sara- j s more difEuse than the foreign through 
held. anticipated to some extent in will bring the banks into sharp be*- exchange market, the rules are ^eneiei 

Many people will have been other reports— is that the area foc «s in the next week or two. The need for an association more feeble The £ 


government Poland. ... wards the local Labour MP, Mr. 

' Several hundred men would be jjavid Lambic. Ayrshire Central. 


:x. pjrrhanep markpf rhPTTil^ Vrc agencies. ' Several nunoreu men »««««■ David -uunoic. Ayrsmre unni. 

The need for an association more flexible ^ ^ The difference in approach is affected for about four months, that if the campaign did nnt 


one" time or another 4 ben in tion for available Investment b I points, it wiu set out arguments v " 1 2 Ufl bodies, notably the hanfci* " w ^ uw “ ““7‘~'*Ioiir work force can oe acaievea. iR^ ii|w^«yiiHn 

gS- emplormeo,, tie report -w W-J^ S %Sf B ?} tSSt^SSSST.j!^ « **•?§>« W “ J5S -aw we may provide . alter- employm* about jnjgff. wUl* 


London foreign exchange market- odp wor j. force be achieved. The works npenheartfi furnaces. 

The joint standing committee an( j we n my provide alter- employing about 400 men, will be 
which has formulated the draft «ati vc W ork for those affected by closed won under BSCS accete- 

m 1 «c rmmnrlcOf fitta mnnatf Ik . wi » a« 4 LTacn-i tvl- nmOnmihA 


Hotpoint plans factory in Wales 


building societies distort the sav- 
ings market in their favour 
leading to a misaliocation of 
resources. 


HOTPOINT, the subsidiary of plant within the year. Wllcnn nn mtc 

British Domestic Appliances, is The plant will provide 800 to TT usuu points 

considering sites for a new plant 800 jobs, mainly for rneo. in a Tbe fiscal benefits include 
in North Wales. county which has the highest un- payment of tax at a composite 

«■ company, which has a employment in Wales— 11 per rate lower than the basic tax 
ktandudno Junction, is cent. . rate; a lower rate of corporation 

proposing ot expand production The council is also negotiating tax; exemption from capital 

ot washing machines. It has with a food processing company gains tax on certain investments 
looked at severp 1 sites suggested to take over the Wholesale Co- and the abllltv to offer Save as 
5v .j, !vv>d Council in the operative Society’s former You Earn facilities. 


‘Aggressive’ financial North Sea 


marketing needing 


BY NICHOLAS COLCHESTER 


stake 

for Amoco 


Flexible pay policy 
for teachers 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


begin^consSction cl53 8 P ta-g Corwen - which They** think that the societies IT IS no longer enough for This rough reckoning showed the [ Energy Correspondent Blackpool ^T^awis^'poSnt' 'was swiftly 

8 cons ^£ tl g ? ° r the new closed 10 1&»6, gain by not being subject to pwiden of finance to argue sort of commitment needed, he! ^ GROUP ot offshore companies, yesterday to stay pattern about contradicted bv Dr. Keith Hamr- 

011 , „ v . monetary and credit controls piat funds are available but that told the Committee. 'iod h» imrwn _ nf * rhHh>i rtac ente in livinc standards desnite son. a Tory education siinkP'- 

Selsdon snub for L^vlsnd applying to banks, and will have industrial borrowers are not Small companies provided 30 Iw gained a stake in a North admissions by its executive that man. when he told a sectional 

J- 3UUU 1U1 a further advantage by being f oncoming, says Mr John per cent of British jobs and s£ blwk dk Ur lAirt® £d teSrf M* 10w cent, tnectlns of the conference that 

SJSSPr G t 0 V j ra “ ent 313 for Company’s current plea to have excluded from the planned ®°Kon, ^airmail of the scorn- 20 pet -cent, of the GXP yet they F rigJ? rise would still leave them 25 to greater attention to parent** 

British Leyland should end, the greater freedonr over the vnend- de P° s,t protection fund for raittee responsible fOr the 19d probably accounted for only 0.5 Jr* . . .. 50 Der cent worse off than In wishes would be a central 

Tory Selsdon Group urged yes- ^ fTTifo deposit-taking iftstitutlons. Report on Small Firms. per cent of the industrial invest- a ^ '? about to sink the g_ P er cenL worse ott ,n feature of the next Tory Govern- 

— 1 r__. mg of taxpayers funds. If the -m,* 1 *. ,u. - first pxnloratmn well on the ^ 


THE 246.000-STRONG National their programmes for the com- 

Union of Teadiers decided at its ing General Election. 

annual conference at Blackpool Mr. Jarvis's point was swiftly 


gain by not oeing subject to providers or nnance 10 argue sort of commiiment needed, be ; a group ot offshore corananies. yesterday to stay patient about contradicted by Dr. Keith Itemr- 

Committee. ^ Jied by. Am^co 2d BriSh cS Ste in living standards, dcs^te son, a Tory- •education spnkc- 


,ns of taspayers ; fu „ nd8 


The arguments against the He told the Wilson Committee ment of the financial institutions exploration well on the 


ment*s .policy. 


cides with its publication of a M We therefore urge the «ve and thorough examination m- Bolton told thp Wilson Percentage would be very stgni- de P th 380 feet by the semi- above any incomes guidelines their curriculum are not liked 

T'amphlet, Industry For The Government to assist thte process of the banking system expected committee which is studying ficant *o d would not conBict with submersible ng Sedco 135H. next year, the conference over- b v some parents, then parents 

People. by giving partial guarantees to to provide a major text for the ^ financing of industry that suc ^ institutions’ fiduciary It is understood that no cash whelmingly adopted a pay policy niust have . the right to ask for 

It suggests; “As a first step, investors to help the company Wilson Committee. suppliers of finance— particularly fesponsibili^ ties, be said. is involved in the deal although without hard-and-fast demands on a different school." 

Parliament shou ld resist the raise money on the market” A main theme will he to the 13,000 branches of British Be conceded that the condu- the Numac-Siebens group, which improvements in real earnings- Dr. Hampson added that Con- 

~ hanks — should be - “almost sion of his 1971 report— that originally awarded the u w0uId ^ « totalJy im servatives would encourage local 

” "1 f rt™ tn e u H evangelical” in providing finance Government should leave small L 1C $ BC ?' Wl1 . 1 I 2 ata ' a ILJ!, nR ^f C1 ' slble” for the uuion to achieve authorities to designate some 

I fn^o C ^r and “ urging people to nave a firr os to “get on with it” with-i fied share in the proceeds if a 0 f sta ff- s 1974 Dav comprehenstves as “Magnet” 

_ iU fl «!:«r 8° ” “ business if Britain’s out interference — was no longer commercial reservoir is dis- position \ n the 1979 negotiation! schools, which in addition to 

RANOUE NATION ALE ance®SmDaniM^ R8S ' d assur - unemployment problem is to be covered and dev^oped ^ j im Murphy diairman or the ,helr norroal curriculum would. 

DHn^UC nHIIUriHU „ solved. « l» W now apparent that the . A feature of tiie deal is the ^ salariSconSd d Sp develop specialities designed to 

M HJI nift opSfnn ^r S f!fnri? t ?hm l t !H 3t hr , JI.' He argued for a deliberate bias sector needed a big push from jnyoivement of British National -> 000 delegates * ° attract children with particular 

PARIS petition for funds should be on i n favour of small firms because tbe lenders and from Govern- 011 Corporation. It holds a -wu ueiegaies. 

«nnn«I? » seemed that small companies ment. together with an economic *6 Per_ cent, interest In the J Earlier, Mr. Fred Jarvis, the ^“Foreign languages face such 


BANQUE RATIONALE 
DE PARIS 


announces the 
opening of 


ainnn«-t u,M-h *>, 0 rnvammar.* ■ 11 «««!«* ludl Small LUnjpailies cvuuuiuii; * _ T.. ' * _ — , ' — ^ r nrriJJII Ta«; SUCH 

w!shes rt to 4ve h F^ K Sfi^™J | P rovided ^ obs at a lower ca P itaI cUm ?te and tax provisions that Amoco-Bntlsh Gas group. How- general secretary, called on Ito. a crisis in this country that they 
wisnes to give for specific areas ___* _ n _— ,, nrnniipH nnsitivp Mi-nnrammant ever. the corporation has ShirJev WiHiamSL Secretarv ■ fnr k« 


BANQUE DU GAIRE E? DE 
PARIS SA.E. 


? ecraomic uHStv'Bnf SS! MSt than Iar * e companies. If provided positive encooragemenL corporation has ShirieyWlHiamA Secretary ■ for would be an obvious’ concentre 

to the D fina? user of' funds ^such average British industrial There was alreadv a movement the option to rehnqufah Education and Sdence. to quell tion for magnet school* maths 

as the home owner rather than ^ ob required capital investment In this direction but it was “ still }? would be another, or it might he 

the intermediary Institutions of about £20 - 000 - then Britain's miles below the level we've got t0 deveIo P a0 - ^ to music, the arts or design. 

^ unemployment problem was to pump it up to to solve our co Tf ry ,‘ __ . ^comprehensive secondary “Tn turn each magnet school 


BANQUE DU CAIRE ET DE PARIS SA.E., established jointly by 
BANQUE DU CAIRE et BANQUE NATIONALE DE PARIS, opened 
for business on I5ch January, 1978, at the* following address: 

M, rue El Saray El Kubra 
Garden City 
CAIRO 
P.O. Box 2441 

Telephone: 30 396 and 20 828 
Telegraphic address: BACAIPAR 
Telex: 93722 BACAP UN. 


Stockbrokers 
forecast growth 
in business 


going to cost £40bn. to solve, unemployment problem.” 


By Our Economics Staff 


Chemical producers 
see loophole 


Within schooUug. could be linked, or twinned, with 

0r ^ S'ffiL 1 "" sa ' d Political parties must a neighbouring university or 
in ? ist on not indulge in a “spurious polytechnic, which wouUt act as 
auction” of such educational resource centres and add that 
i^iLrSnp cl oSre ItaSE 9-esS<»« parental choice in «tr a degree of stimulus.- 


A FAIRLY vigorous improve- 
ment in business activity is ex- 
pected during the next six to 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


The Amoco-British Gas group 
comprises: Amoco, as operator 
(26J38 per cent); Gas Council 
(Exploration) (35); BNOC (16): 
North Sea Inc (11.31) and 
Amerada Petroleum Corporation 
(11.31). 


Strike still halts ferries 


BY OUR LABOUR CORRESPONDENT 


TOWNSEND THORESEN ferry between Scotland and Northern' 


broker™ ° Qt Fieldidg CHEMICAL producers are on this in conjunction with tbe ?cS«dSSI f 11 haReff yesterday because of ' 

I Smith confident that_alet^)ut clause in Department of the Environment) Homestead (1155): Dome 2 depute over an assistant it™ !?» S £™„ 


This new establishment, subject to Egyptian law. will engage in 
all banking operations both in Egyptian pounds and Foreign 
currency- It will thus help to develop Franco-Egypcian trade and 
strengthen the economic role of Egypt in the world. BANQUE DU 
CAIRE ET DE PARIS S.A.E. is further proof of the interest of the 
BNP Group in Egypt and the Arab world as a whole, with which 
France has enjoyed excellent commercial links for so many years. 

French visitors to Egypt, or French businessmen dealing with this 
country, will benefit from the association between BANOUE 
NATIONALE DE PARIS and one of the leading banks in Egypt. 
BNP's worldwide network and BANQUE DU CAIRE's first-hand 
local knowledge will be of considerable assistance to individuals 
and industrialists alike. 


Cmith tuuuucui uiai < ici-vui Liamjc in isvyetr 'mem at uie .opvironmeim Homestead < ! 1.23): uorae v* ■» VuImh UrIah c 

BeUU sales are epe«e d « I M f ° r ‘ ^ 

vniump inrrna«n anri innnniino Tho rfiMu>tiua i, inidminj tm. acid effluent discharged into the 


BNP's Delegation Regional^. 4, rue d'Am6rique Latine. Apartement 3. 
2. Garden City. CAIRO, wil) continue its representative role at the 
service of the BNP Group's clientele throughout the world. 


Dfls. 40,000,000.- 

6 l A% bearer guaranteed Notes of 1973 
due 1977/1980 
of 


CONSOLIDATED FOODS 

OVERSEAS FINANCE N.V, 

established in The Netherlands Antilles. 


volume increase and mounting The directive is intended to im- 5. 1 j 

political pressure to avoid a prove tbe standard of effluent ? a ™?Ss bv^Se floS ?«S 

third consecutive year of mas- discharged from titanium d’oxide J!??,!®® pS-SS-i, ^ p ,?L 0 h«S 

sive shonfal). plants by progressively reducing ttus effec tively neutralised. 

The trend of inflation is now pollution from the waste product *n ***« 5low-moving waters of 

about to reverse. Input costs known as M red sludge." ThV? the MediteTraDean, however, the 
have turned up because sterling chemical is a pigment widely effluent cannot disperse and 
has peaked and currency un- “ sed . in Paint* plastics and prim- in* 0 s°' f d red mud. 

certainties are generatiog hedg- ’brinks. The Government, in earlier 

ing activities in dollar com- However, the directive could negotiations with the Comm's- 
modity markets and putting tem- inadvertently give U.K. pro- slon endorsed tbe stance taken 
porary upward pressure on price ducers a competitive edge over by U.K. chemical producers, 
levels. “WFOpean manufacturers. The alternative to depositing 

With an acceleration in labour Particularly the Italians and waste in the sea is to neutralise 
costs from about 7 per cent, to L re, i£ b. . based on the shores of the discharge at the plant but 
about 12 per cent, the trend in tfte Mediterranean. this presents big problems of 

wholesale prices is expected to Throughout the Commission’s disnosing of large amounts of 
turn up within tbe next few deliberations Britain has main- solids on land. This difficulty 
months and -may be accelerating tained that plants based along- is now confronting tbe main 
at the turn of the year. side estuaries do not need Italian producer. Montedison. 

“The year-on-year inflation special measures to ensure that The U.K. Government has six 
rate (Retail Price Index) will their waste does not damage the months to tell the Commission 
probably get down to just undeT marine environment. why it feels domestic producers 

7 per cent, around June and The main producers in the sbould be exeraoted from the 
will be around 9 per cent, by the U.K. — Tioxide (jointly owned by nnllution directive. If success- 
end of the year, ** the company IC! and Lead Industries) and fuL it will then have to report 

T lohi.l, V J .... .1 - 


HYPOBANK 
INTERNATIONAL S. A. 


...continued 
growth inl977 


Balance S he et t ot al 
OLfrs.bflBon) 


! La porte, which have production even.- three years on its pro- 
'.located on the Humber and Tees gre« in reducing ** red slndec" 
I — are notv assembling evidence pollution along British coasts. 


SECOND ANNUAL REDEMPTION 
• INSTALMENT 


(Redemption Group No. 2 
having fallen due on May J, 1977) 


Notes belonging to Redemption Group No. 4 
will be redeemed on and after 


MAY I, 1978 


in accordance with drawing effected on 
March 15, 1978 pursuant to the Terms 
and Conditions. 


Paving Agents-. 

Amsterdam- Rotterdam Bank N-V, 
Algernon Bank Nederland N-V, 

Bank Me« & Hope NV 

Pierson, Heldring & Pierson N.V. 

in Amsterdam 

and 

S&iKjue Generate du Luxembourg S-A. 

£» Luxembourg. 


March 23, 1978 


ZORICH 

AIRPORT 
fcfoyENPicK Hem 
HOLIDAY INN • 


Mason unlikely to visit Dublin 


BY GILES MERRITT 


• The rrUaaranl-hoiel knuwn as ^ 

• "bridge to tbe world", o 

• The lar- 9 
J ccsi hold ai /.uneh Airport. • 
9 ][ is Msiicd h> hundreds of 9 

• guests from all over the world ? 

• every day. Tlte\ meet in the • 
9 Traveller Pub or in our enn- Z 
® genial restaurants. Tliey meet 2 

• over enjoyable M oven pick • 
J food and fine mine, or simply « 

• lor d chat with people up from * 
e Zurich, Switzerland's hugest * 

• town. • 


MR. ROY MASON, the Northern Irish President. 

Ireland Secretary, is now un- Mr. Mason had been eager to 
likely to visit Dublin for talks cover detailed security and 
on Ulster before the April 7 EEC political questions before the two 
Heads of Government summit at Prime Ministers’ Copenhagen 
Copenhagen. coniact. But in the short time 

At the summit. Mr. James remaining it appears that his 
Callaghan and Mr. Jack Lynch, schedule and that of Mr. Michael 
the Irish Premier, are expected O'Kennedy. Ireland's Foreign 
to discuss the recent dcienora- Minister, almost certainly rule 
tion in Anglo-Irish relations. out a meeting in the near future 
The meeting arranged for last In the absence nf the Dublin 
Thursday ‘In Dublin between meeting, tension between the 
Mr. Mason -and members of the Irish and British Governments 
Irish Cabinet was unexpectedly is likely to remain undiminished 
cancelled following the death of at least until after Mr. Callaghan 
Mr. Cearbhall O’Dalaigh. former and Mr. Lynch have met. 


HYPOBANK INTERNATIONAL SA has 
been active in tbe Euromarket since 
•1972. For Its sixth year of activity, the 
bank can again reoat favorable 
developments. The Balance Sheet total 
increased in 1977 bv 28% to Lfre. - 

41 tHHion (US S 1.244 billion). 

Our position »n the Eurocurrency market 
was further strengt^^. Loans - 
short and medium term - rose bv 4236 
and make up7i«- ; of our business 
volume We were also active in the 
securities business 


1975 74 


Net profir was further increased fol- 
lowing excellent results *n ig76 ir . 
amounted to Lfr?. 165 7 million ills s 
S million . 


HfgftBgtitsofthe 
Balance Sheet for 1977 



I Zl RlCII-MftTORT 

;Te:c.V^y7«r ■ 


^s$ufio*L cHua: 

l.. K rcwnalmn- 
Loiu)cn.Td. 7J2 77 SJ.Teicx 27374 


SENA SUGAR ESTATES. LIMITED 
NOTICE TO HOLDERS OF ORDINARY STOCK WARRANTS TO MAKER 
Sen Sugar Straw* L’toited hu ructivtd Hiiermiirgn from Hozvnbique dui 
Duer»o No. *P 8 publithiid chtre on 4rti Horch. 1978. requires die deposit, 
■xitfiin thirty diys from publiadm tit the Decree, in *ny eretfic insirccte 
belonging to the Ho»niblqur- Saw. of all Wtmms to Bcirer of stock or shires 
in companies ot which the head ■ office, cffecci’e management, or principal 
establishment n ntaued In tYomnlinqot. It It uso rated A*s fallow us 
effect ike deposit wnhm the time stipulated renders the Stock or shares in 
queinon Uap>e m b« forfeited to the Gowrnmenc of Moeimbique. as site 
Company’s Sto:l> Warrants to Rearer could pcasiblr be sublet! to this 
'reflation, holder* or such rramnes are ad*i«ed to contacc the Company's 
C«:r at 

ff.O. In 27. PuHwn Parle House. 654 Fulham Road. London. SW*. SRw. 

Telephone 01-7JI d2S* 
i.i o*drr t*j obtain f.jrtSet -niormaS'on. 

N O WI0N4LL Se*”-tl-t. 


Capital was maintained in adequate 
relation to the growth of the Bant 

After a capital increase in 1977. Share- 
holders- Equrtv. including reserves, 
amounts to Lfrs 1.541 million flj$ $ 41 
million; 1 he shares are h«d bv 
BAYERiSCHE HyFOTHEKEN- UND WcCH- 
SEL-EANK. WUNICH 


Assets 

Balances with ban-s 
Advances and Leans 
Sacurities 

Fixed assets and others 


0.rrs.mHiionJ 

15.320 

•I77S3 


For vour copy cf our Annual Report 
please :ontaa us at. 


LlabJHties 

Deposits & current accounts 
Others 

Capital 8 reserves 
Net profit 


38.593 
382 
1.541 
_ 1$6 

jr- m 


?7 bo du Prince Henri, cq 6 qv 457 

_Lu lemlsourg. 1 el.. 4775-1. letac 1570. 


da> 



1 N T E R N A T I Q'N AL S a 

LUXEMBOURG 



OVTi ?V^OC 


%T *fkTTi.k. u MWIIUIIU auu o'VUUCliK Iji 4 . . < v 

T “®. 3 UI 5? c ^ iebe ??t %1C G roup services from Felutowe were Ireland, has prevented any 

mprises. Numac (1L25 per htituj' vMiiiniav haMi,« „r Townsend Thnresen E.i*ti>r » 


i III’ 


V ' L -Sf',s 


iiv ‘ v ht»s 


H 




5 


1* uu\* '■iwiiiiiuiii 

EDITED BY ARTHUR BENNER AND TED SCHOETERS 

^ ^ N * COMMUNICATIONS 

^Checks calls for 
smaller users 


ihlc 


It ill' 


■ paj 
hirv 


"HOUGH relatively 'few com- 
•antes in Britain know as a 
natter or plain fact just how 
nuch it is casting them to run 
heir telephone and other eom- 
imnications side, enough of them 
re concerned to the extent that 
hey are prepared to buy " super- 
iors " which will take an elec- 
ronic eagle eye view of what is 
;oing on in the various depart- 
neats or the company and 
iresent a day-to-day analysis of 
elepbone traffic. 

This applies to the large 
irganisations which have bought 
ind installed 40 TDA systems 
rom InterScan over the past. 18 
nonths to apply to PABXs oF 
ie tween 100 and 16,000 lines, but 
iveraging 400 Lines. The ex- 
jerience of users has been that 
savings in function of total tele- 
ihone charges have run at 16.5 
ier cent, and while, initially, 
hese could have been ascribed 
o the Big Brother syndrome, 
he savings level has held up 
veil beyond the time scale the 
isychologlsts would normally 
iave expected, mainly because 
be system also singled out under- 
>inployed lines. 

Many companies unable to use 
TDA because their own internal 
elepbone systems were too small 
iave come to InterScan to ask 
■rhpther TDA could not be scaled 
lows. And now, the company 


is on the point of launching a 
smaller su pervisor which will 
handle exchanges up to -128 lines 

But because the equipment 
that monitors calls costs, in this 
instance, about £6,750, it .is perti- 
nent to pose the question of 
where the break-even comes. The 
answer is about 70 lines on the 
basis of an installation where 
phone charges are about £20,000 
a year from tbe PO and where 
a monitor would save something 
like 20 per cent of the total bill 
over the first two years eo that 
amortisation could be expected 
over, say, three years. . 

There are many companies 
which fall into this category and 
InterScan has only one serious 
contender. 

Its Telaccouqter micro-com- 
puter controlled logger is con- 
nected directly into the 
switchboard ana detects and 
records activities on extensions, 
exchange lines, private wires, off 
the hooks, on the hooks, dialled 
digits and rings. 

But conversations are not 
recorded, only dates and times 
and tbe information thus, cap- 
tured can be printed hut imme- 
diately or analysed over preset 
periods. T - 

More from InterScan. .TJom- 
muni cations Systems, Slough 
Trading Estate, Slough. '0753 
35523. 


All-purpose paging 

DESIGN AND marketing phllo- 40 seconds of removing the* unit 
sophy behind tbe latest Philips from the rack, 
personal paging system has There are three kinds of con- 
apparent ly been to provide the trol desk, the most advanced of 
prospective customer with such which is microprocessor con- 
a variety of facilities and options trolled so that it can be pro- 
ihat his present and future needs grammed to suit needs precisely - 
cannot fail to be met. It has eight inputs for externa! 

Called the DP6000 this digital contacts which, when actuated 
system can for example, be ca use a number of key people 
operated with a low frequency t0 he paged automatically. A 
loop. vhf. nr uhf transmitting digital display on the panel 
aranzements. All the receivers shows th e S0U rce of the call, 
are narrow band, avoiding inter- ^ external contacts might be 
ferenre from other systems. intruder detection switches, the 

The easily pocketable persmal ^aside push buttons of. a hos- 
umls can be supplied m a num- __ .pmocratureionerated 


unils can be supplied in a num- temperature^operated 

her of forms: to the basic _ re- switches ^ machinery. In each 
ceiver can be added a signal • - 


ceiver can be added a signal the desk’s programming 

lamp -swing visual as well as automatically ensures that the 
audw bleep, a one Visit or appropriate people are paged to 
J'* ' Dd U *‘ deal with that particular prob- 

U mJisace meanings lem - with ***** “ p 

JlVWLM the ,"nele “ ’^« h d “ D « cK «•* be 

Si«£.S TX wiu. , 

bers and similar meanings to the can be £S£ 
digits The addition of the talk- any internal telephone- or inters 
back unit turns the unit into a coin station Suchcalis «n i - 
two-wav radio svstem elude digits and single or tw 

Of great convenience Is a way speech as well as an auto- 
memory: when received, the raatic contact me • ** 

digital* message goes direct to which allows the paged P®f®°° 
store and can be retrieved when to contact his caller by wing a 
needed— there is no need to standard number on the 
renTemhera five-digit number, telephone or MmMln 
This facility functions even Alternatively, of course the 
when the unit is nominally out digital paging function can tell 
of Ve in its storage rack; the paged person which number 
messages can be retrieved within to call. 



• TEXTILES LIB 

Grinding 1 fQ - ~ 
the cards C ons 

ONE OF the basic processes In . _ r 

the textile industry is carding, 0 T“9c 

daring which the rough bundles 
of fibre are teased or straightened — _____ _ 

to form a “ sliver ** which is sub- - - 

sequently spun into yarn. +Vl „ 

The card machine consists of a taking tbe P 
large cylinder “clothed” with a is stated toi 
fabric cover closely studded with **?“-*$ i}?!” 
short wire points. The cylinder wl thm 0.02m 
picks up the bundles of fibre, and Among adi 
the wire points tease the fibres so the grinder 
that they lie in the same direc- ®re levelled 
tion. The cylinder passes under out leaving 1 
either a “ flat " or another « traversed j 
smaller roller also covered with and that trai 
wire points. related to gr 

Because the fibre wears down can reach 2C 
the wire points, these have to be conventional 
periodically sharpened. One of verse and § 
the latest machines to cany out driven by se] 
this maintenance is the Peter Marketing 
Wolters universal grinding unit, Allertex, Loi 
from West Germany. It is Bradford. Wi 
mounted on the card machine, (0274 237 S3) 

• INSTRUMENTS 

Cools a small item 


for 

construction 

01-9951313 


taking tbe place of the flat, and 
is stated to produce a concentric 
and cylindrical accuracy to 
within 0.02mm. 

Among advantages claimed for 
the grindpr are that the wirea 
are levelled and sharpened with- 
out leaving bartis, that the head 
is traversed at an accurate level, 
and that traversing speed is not 
related to grinding speed (which 
can reach 20 metres/sec.) as in 
conventional equipment. Tra- 
verse and grinding wheel are 
driven by separate motors. 

Marketing In tbe U.K. is by 
Allertex, Lower Paradise Street, 
Bradford. West Yorks. BD1 2HP 
(0274 237S3). 


Designed and developed entirely at Heme! Hempstead is this 
new CMC intelligent display terminal which ts to be incor- 
porated into Microdata systems sold in North America. The 
latter organisation, which last December acquired a majority 
shareholding in CMC (Computer Machinery Corporation), 
intends to set up production lines in Britain for Microdata’s 
“ Reality ** compoter-on-a-desk systems. The first delivery of 
the terminal from Hemel Hempstead was made in December 
to High Peaks Borough Council in Buxton. The lines for the 
manufacture of Beatify units could he sp and running in May 
this year, which will be good news for the local authorities 
in Hemel Hempstead where pressure on local trades unions 
and* local authorities tends to fluctuate wildly as companies 
open up and close down. 


• MATERIALS 

Sunlight 

damage 

MONSANTO has broadened its 
ABS plastics range with the 
introduction of a new ultra-violet 
stabilisation system which can be 
incorporated in all Lustran ABS_ 
The company has initially 


introduced - two UV-st^bUised 
grades: Lustra n HR 850L and 
LN 244L. These grades were 
designed especially for auto 
applications and combine tough- 
ness and impact strength with 
good heat resistance. 

' Ultra-violet radiation has three 
principal effects on ABS plastics: 
it. causes discolouration (particu- 
larly bright colours); a whiten- 
ing of black ABS in contact with 
water, moisture, or steam; and 
degradation of impact properties. 

Monsanto, JO, Victoria Street, 
London SW1H ONQ. 01-222 5678. 


PUT on the market by Oxford 
Instruments is a cooling device 
that enables small samples or 
small devices to be reduced to 
a temperature of 70 deg. K with- 
out the inconvenience of the 
normal technique of bathing 
them in liquid gases. 

Tbe head, 250 mm long and 
25 mm diameter, is fed at its 
tip with helium gas under 
pressure; the temperature drop 
is produced by expansion of the 
gas in normal “refrigerator” 
mode. The test piece is screwed 
to the end of the head, good 
metal-to-metal contact being 


required. Tbe bead is fed from 
a compressor over flexible lines. 

Head and test piece would 
normally be in vacuo and the 
pull-down to 7DK then takes 
about ten minutes. In air, the 
drop produced is less. 

Likely applications are In 
solid-state detector design and 
testing, and in spectroscopy 
where long term experiments can 
be carried out using an optical 
vacuum case accessory pack. 

More from the company at 
Qsney Mead, Oxford 0X2 OtDX 
(0865 41456). 


cm 


;Adv 




c 







t 


m 



ts 




Available for outward and return nips when booking your flights. 


• DATA PROCESSINC 

Developer for micros 

MECHANICAL engineering found in research and education, 
department at UMIST has in process control and in the 
developed a software program design and use of inslruraenta- 
enablmg users of PDP-S com- tion. 

puters to stimulate the functions 'phg oa jy prerequisite to the 
nf the Motorola M6S00 micro- use of jj, e pr0 g ra m is that the 
processor. *•«**" -» — ,j «* i**ct as 


procewi-i. PDP-8 should have at least 8K 

The program will be useful to of memory, and paper tape 

any organisation having access j nputt sQ that any microprocessor 
to a PDP-8 which wishes to program under test can be 
develop microprocessor equip- gen^ted on paper tape by 
merit, consider tis possible oppli- cr0 8s-assembleTs already avail- 
rations. or demonstrate and a ^ e on ^ market 
teach microprocessor programm- - . 

ins techniques without immedi- University of Manchester 
ately investing in special-purpose Institute offence and Teoj 
hardware. nnlogy. POB 88, Manchester 

Typical applications would be M60 1QD. 061 236 331L 


B — * I / hardware. “? P ?F. . 

jlfc Mil/ Tvpical applications would be M60 1QD. 061 . 

AN* , 

nNAl-^CWT links with BA 

I * ]al. Die international aviation business of its 



lAL Hit* international aviation business of its subsidiary CFM 
and’ communications technical (Computer Field Maintenance) j 
services group belonging to BA, and LAL is particularly- welt- 
has acquired the majority share- known In this area or commum- 
Ituiding In Computer .World cations. 

Trade (C.WT1. The new arrangements- do not 

1 AL has been bidding for more ^ gcL operation of small 

mmpuier-bascd business ana has business machines which are 
been examinma various meiftoas hardly within the sphere of edm- 
or extending its expertise in com- pe tencc of j A l. BCL thus coif 
puter niainlcnancc. tinues as 'a subsidiary of CWT; 

CWT has wanted to expand its . - _ 

services into computer based lAL, Airadio House, Hayes 
communications systems, esped- Road, Southall, Middlesex, UB2 
ally the third party maintenance 5NJ. 01-574 241 L 

• PROCESSING 

Finishes work quietly 

TO MEET increasing demand for effected quickly and simply. 
f.-<slcr and quieter in a chines. Osro Principal benefits of the un- 
of Hemel Hempstead has com- provement are that the bowl has 
nietcly re-dcsigned its Spiro tron been engineered to accept 
“O” vibratory finisher. The new acoustic cladding as standard, 
model will be on display for the thu s giving the nnit considerable 
first time, simultaneously, at the appeal in factories where noise 
llanover Fair and Machpro 7$, pollution Is a consideration. 
Birmingham. Additionally, by extending Hie 

Spiro tron "O" differs from length of the screen; Osro has 
standard In that the processing increased the separation area -by 
tub is a flat bowl causing parts 30 per cent, thus giving the 
to rise only in the separation equipment a greater range^of 
sequence. It is thus a better components that can be effee- 
choice where a gentle process is tivefy separated from the media 
desired. The “0” machine is s and enabling faster process .cycle 
robust model with built-in for these .components. The flap 
mechanised separation and dls- area has , also been redesigned 
charge of components under having-th^ effect of improving the 
manual or automatic control. It separation time and bringing the 
can operate a range of processes process - cycle for most corn- 
including de-btirring, de-scaling, pones ts to below 10 minutes.' 
rad i using, edge-breaking, deflash- Osro. is at Trubro House, Mark 
rag and polishing and changes In Road. Hemel Hempstead. 0442 
process requirements .. can be 4218L ' r ".. 


a » 0O)g fa 

atop 


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V ® 38 M 41 J2 43 4J 45 46 47 ^48 49 ^50^51^ 


TWA 747 SEAT PLAN 


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d dfflBaaBj mil iiiiiiiii 
Bfifiasse n'asBfiafiflsaaseesas 


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TWA 1011 TRANSATLANTIC TRISTAR SEAT PLAN 


Now you can get all your seat 
assigmnentsin advance. 

This new service is available on a 
TWA transatlantic flights from London t 
on all TWA domestic flights in America 
Just ask your travel agent when 
booking your flights. 

Please remember to say whether 
you want to sit in a smoking or a non- 
smoking section and whether or not you 
want to watch a movie. And also your 







4 

V'. *' 

' ..c g 't&ttm 


eference for aisle or window positions, 
member, if you want to work, there is a 
isiness Zone available onTWA 747s when 
d factors permit 

All we ask is, once you have your 
assignments, please make sure you are 
through the security check and at the 
final departure gate no later than twenty 
minutes before your transatlantic flights 
are due to leave. (10 minutes for US 
domestic flights.) 


TT 771 


TWA carn'es more scheduled passengers across lhe Atlantic than ainrniW airkm. 


No.l 











6 



d Civil Engineering 


Fitting out a store 


£7m. South American Test laboratory accepted 


ipeline project 


A LETTER of intent for a £7m. 
contract for the shore approach 
works of a gas pipeline on either 
side of the Magellan Straits in 
the southern-most tip of South 
America has been received by 
the Land and Marine Engineer- 
ing Organisation, a member of 
the Royal Bos Kalis Westminster 
Group NV. 

The major part of the work 
will be carried out at the 
southern shore approach on the 
island of Tierra Del Fuego 
where a 7 km. pipe trench will 
be dredged by Bos Kalis West- 
minster’s Bag ship Priiis der 
Nederianden — a 10,500-ton trail- 
ing suction dredger with a 
hopper capacity of almost 9,000 
cubic metres — in preparation 
for laying a 24 inch gas line. 

Land and Marine's work barge 
Odin will supplement this opera- 
tion by grab dredging the more 
difficult inshore sections, and 
will also be used as a support 
barge far Land and Marine's 


trenching machine, SL3, which 
will be employed to lower the 
pipe after installation. 

The inshore 2} km. of pipe, 
weighing over 750 tonnes, will 
be pulled from the laybarge 
using two 200 tonne shore based 
winches. This Hill be one of 
the heaviest pulling operations 
undertaken by Land and Marine. 
At the shorter northern 
approach, 800 metres will be 
dredged with a pull length of 
700 metres. 

The dredger has sailed for 
Magellan and is to commence 
pipe trench dredging In mid- 
April, and she will be closely 
followed on. site by work barge 
Odin. The dredger was chosen 
for this contract owing to the 
need to remain at sea for 
periods of up to 35 days and to 
dredge in water depths of up 
to 35 metres. 

Work will commence on site 
very soon and is due for com- 
pletion late in September. 


TAYLOR WOODROW research 
laboratories has become the first 
in the construction Industry to 
be accepted under the British 
Standards Institution’s system 
for the registration of test 
houses. 

Under this scheme, test houses 
which apply for registration are 
visited by an assessment team of 
experts in testing and Quality 
assurance. To achieve registra- 
tion, performance is judged 
against criteria prepared by the 


Quality Assurance Council of the 
BSL 

Two of the three certificates 
of registration granted cover the 
testing to British. Standards of 
a range of materials including 
prestressing and reinforcing: 
steel, concrete, bricks, blocks, 
asphalt, bitumen and sealants. 

Most significant Is the third 
certificate for the Measurement 
of Properties and Specialist 
Skills. This covers special types 
of testing and analysis outside 
the scope of standard BSI testing. 


TAYLOR Woodrow Construction 
(Midlands) has received a £L8m. 
contract from the Littiewoods 
Organisation for the fitting out 
of a new store at the Am dale 
Centre Development, Shndehill, 
Manchester.. 

The store has three floors offer- 


New airport terminal 

BRITISH AIRPORTS Authority lieve congestion- in 
has commissioned architects area which handles 
Scott, Brown rig? and Turner to nasse users a vear 1 
design the - proposed fourth 
passenger terminal which is to nuaa ** 5 J! 

be on the south side of London more * enable tl 
Heathrow Airport handle the further 

The terminal is needed to re- gers likely by the 



store Awards to 

ing a sales area of about 7,500 « j 

square metres. The administra- ll^vrir 
tion area is at second floor level laU T W 
and serviced with lifts -from the 

basement unloading dock. There FOLLOWING its completion of 
are to be seven escalators, three a f^^orey building invoking 
lifts and ten stainases within the 5treet for Leeds Per-i 

four-floor store area. . . tnapent Building Society, Boris 

’■ .Construction has been awaked 
'£kV*m inol > further contract to integrate a 

initial substantial area of the premises 

with the adjoining UDS (Mack- 
lieve congestion- in the central Toes) store. - 
area which bandies about 30m. - Under the contract; which is 
passengers a year. The new ter^valoed at about £450.000, piling 
initial, which may cost £50tn. orris to be carried oat within the 
more, will enable the airport toTtore for a steel frarme to cany- 
handle the further 8m. passen- ;OrisUng floors, prior to dem'oli- 
gers .likely by the 1980s. . . : tios of the party wall. The new 

boflding Will then be fitted -OUt tO 
form an extension to the store. 

. In London. Boris has won the 
^fitting out contract for the -Bank 
■ -of Scotland's overseas depart- 
. meat and international division 
‘St. its recently-completed Broad 
-Street House, Broad Street, E.CL2. 

‘ ~ This contract, which is valued 

• at about £140,000, covers two 
floors of the building, including 
the first floor dealing room, for 
international currency trims* 


tKe sinews 
of industry 

CRENDON 

precast concrete 
. structures 


I CBcNC^N COSCRt T‘z C Cr‘ ll'i 
Thosnc Scj., 

3w-'\s h?^3 '■’58 


Construction's Doncaster works. 
The contract is scheduled for 
completion b y mid-December, 
1978. Crawford and -.RweH 
International is managing, agent 
on behalf of British Industrial 
Plastics: : 

: u.K. Constrtketioaihaa also vm 
a contract from Foster Wheeler 
for the fabrication oT about 21 
miles of carbon steel and stain- 
less steel pipework' for ICrs 
petrochemical complex at Wil- 
ton. Tccside. .Valued at more 
than £400.000- work ia due to 
start in May for completion early 
in 1979. 


Aids the designers 


ANSYS, a finite element analysis 
system developed in the U.S. by 
Swanson Analysis Systems, is 
available in Britain Through SI A. 

It Is a powerful, engineering- 
oriented system suitable for 
structural analysis and heat 
transfer analysis in their most 
complex forms. Both can be 
carried out in one to three, 
dimensions. Coupled thermal- 
fluid flow capability, thermal- 
electric capability and wave 
motion analysis capability are 
included. 

The methods can be applied to 
three-dimensional solids, shells 
and complex pipework and out- 
put is widely varied, according 
to requirements, via Tektronix 
terminals or Calcomp drum 
plotters. More from SLA on 
01-730 4544. 

Hill Price Davison, already 


well known for its Eclipse survey 
package, has added to thifi mini- 
corapnterflased system ability to 
work on road surfaces, surface 
drainage and contouring. 

The consultancy also has done 
the work needed to allow tapes 
from intelligent theodolites such 
as the Wild Heerbrugg TAG X to 
be interpreted and plotted 
directly by computer. 

The group has also negotiated 
arrangements under which a 
series of civil engineering 
structural design programs can 
be offered on tape or disc. Trans- 
lation from one machine to 
another is possible and the 
company would welcome discus- 
sions- with building organisations 
who have developed their Own 
suites in this area. 

More from Hill Price Davison 
on 01-381 3266. 






■ — , > -v 


l _ urn 


An impression of a “ medical pavilion ” 
being built in Abn Dhabi by Bernard 
Sunley and Sons (Middle East) SARL 
for Sheikh Zayed bin Sultan al-Nahyan, 


1 


president of the United Arab Emirates 
and Ruler of Abn Dhabi. Work on this 
22im. project has started. It will be 
fitted out with the most advanced 


medical equipment, which is being 
designed and supplied by Interplan 
Hospital Projects. Architects are 
Building Design Services of Abu Dhabi. 


Pipework 
at chemical 
plants 

UNITED KINGDOM Construction 
and Engineering Company Liver- 
pool, part of the WGI Group, has 
won contracts for work in con- 
nection with chemical plants for 
British Industrial Plastics and 
Imperial Chemical Industries. 

- The largest, valued at £1.4m., 
Is for -the construction of a PVC 
resin plant for BIP at : Newton 
Aydiffe, County Durham. 

This contract calls for the 
erection of about. 700 tons of 
1 plant, vessels and pumps, to- 
gether with the fabrication and 
■erection of about 15 miles of 
pipework in carbon steel, stain- 
less steel and aluminium. Fabri- 
cation will be undertaken at UJL 


The extreme difficulty involved 
in putting a building on the ground is 
largely in someone else’s imagination. 


You’d think that enclosing some 
space decently, for you to work, 
store, sleep or sell in, would be 
quite easy. 

Oddly enough, you're right 
And most real builders would 
agree with you. 

It’s the people in between who 
tend to make things complicated. 
Architects. Engineers. Surveyors 
and planners - the whole involved 
infra-structure of the building 
trade, who usually work 
independently of the people who 
actually build. 


- v v 


They’re there, of course, to do 
a vital job of giving your interests 
professional protection. You can’t 
possibly do without them. 

But it’s where and when you ^ 
can’t do without them that *■ 

matters. And really you need 
these professionals slogging away 
at real problems in the same team 
&z the bricklayers. 

That’s where you’ll find them 
in Lesser Design and Build. 

At Lesser, we integrate 
planning and action. We can clear 
the site while our architects are 


designing . . . put in foundations 
while our engineers are working 
out acoustic finishes ... get in the 
bricks before the colour of the tiles 
in the loo is established. 

• We can slash the pre-contract 
period, and usually take months 
off the time spent actually 
building. Not surprisingly, when 
all the benefits are considered, we 
tend to end up about 10% cheaper. 

Because at Lesser, your project 
is indeed handled by first-class 
engineers and practical 
professionals. But it’s controlled 


on your behalf by a hard-headed 
businessman, whose job it is to 
treat you not as & client - but as 
a customer. 

Now, which would you rather be? 

The buildings shown here are a 
handful of those we’ve built for 
dozens of satisfied customers - 
all equally important, equally 
valuable to us. For detailed case- 
histories. or facts and figures on 
the savings you make with Lesser 
Design & Build, phone Mike 
Barraclough on 01-570 7755. 




Crcjil Hotels Europe 
Headquarters building at Banbury. 


- 

r. -£r if 

j, 

*-r’ 

3M.. 4U 


British Mail Order Corporation 
Reception area at Preston Headquarters of 
this C, i’S company. 



?[«»■■■■» I 

*{*■«■«*! 

Tiiiaiisa 




Fison* Pharmaceuticals 
Head Office at Loughborough. 


F.W. Wool uortb &Co. 
Store at Burn ley. 


... . ■■■ ■- V.. ^ 



Plessey Radar 

Production building, Cowes, Isle of Wight. 


Dunlop 

Social Centre, Coventry. 


Arthur Guinness Son & Co. 

Office building at Park Royal Brewery. 


United Biscuits 

Offices stOstedey, Middlesex. 



Swallow Hotels 

ISO bedroom extension to 

Vaux's Royal Scot Hotel, Edinburgh. 


H. Samuel 

Jewellery store. Liverpool 
(Under construction) 


Lesser Construction Limited, 
The Lesser Building, 
Staines Road, Hounslow TW3 3JB. 

Telephone; 01-570 7755. 


CHOOSE 


TO 


and feel at home 


And at: 

Birmingham (021-705 0113) 
Glaegow(041-221 0124) 
Manchester (021-705 0111) 
Newcastle (0632 612992) - 
Nottingham. (0802 56557) 


DESIGN & BUILD 



Keeping in 
the heat 

TO CUT the loss of heat through 
the floor of its. civic centre to the 
underground car park below, the 
London -Borough of Enfield called 
in Crane Fruehauf Insulation, 
which applied a layer of special 
foam over the whole celling area 
of 85,000 feet, above the garage. 

The company used the same 
formulation of sprayed polyuro- 
tftaue os is applied to refrigerated 
vehicles to keep them cool. In 
this instance, the foam layer was 
.built up to 30mm. and an advant- 
age is its Class 1 surface spread 
of flame rating. More from Crane 
on 01 S4S 0225. 

With the same objective of 
keeping heat in arid cold out, 
Sch legal (U.K.) has extended its 
range of door and window seals 
based on a series of ingenious 
designs Including, vinyl sheathed 
polyurethane foam strip with a 
self adhesive edge and Shark Seal 
draught excluders with an alu- 
nrtaiurn carrier holding a poly- 
propylene pile seal. Schlegel Is at 
Hitehin 81 2812. 


Flammable 
fluid store 

MADE ENTIRELY from steeL 
with a capacity of 56 cubic feet 
(1.6 cubic metres), a transport- 
able security vault for the safe 
Storage of flammable liquids has 
been developed by Portasilo of 
York. 

Called Flamvault, it Is de- 
signed both to meet regulations 
concerning storage of stick 
liquids, and also to prevent 
theft Its main ’ use will be to 
store bottles, canisters, drums, 
and jerrycans— for which there is 
a high rate of theft from garage 
forecourts, construction sites and 
factory premises. Up to 60 gal- 
lons of petroleum products in 
containers can be accommo- 
dated. 

Standing 56 inches and measur- 
ing 36 x 50 inches, the door of 
the unit has a- double locking 
mechanism and security hinges. 
The base is fabricated in the 
form of a sealed tank to contain 
accidental spillages or leakage 
from the containers. 

More from the company at New 
Lane, Huntingdon, York (0904 
21951). 

A better 
crawler 

UPGRADING OF several aspects, 
particularly cab comfort and 
ease of control, has been carried 
out on the 23 ' tonne crawler 
excavator (the 890) made by 
Hymac, a Powell Duffryn 
company. 

All digging functions are 
generated by power-assisted con- 
trols built into -the arm rests. 
Pedals operate' the sfew hold 
brake and the . secondary 
hydraulic service. 

Improved lifting performance 
allows the excavator to handle 
a 0.76 cubic metre (1 cubic yard) 
backet to its maximum 8 metre 
digging depth and 11-3 metre 
outreach. 

More from the maker at 2 
Bath Road, Newbury, Berks. 
(0635 46777). 

IN BRIEF 

e A £575,000 contract to recon- 
struct' and extend the Osea 
sewage treatment works at 
MaldoEL. Essex, has been awarded 
to the engineering division of 
John Laing Constructton by the 
Anglian Water Authority. 

• Mr. Martin Moroney, product 
manager of the aggregates and 
blocks division of E. H. Bradley 
Building Products, is the new 
president of the Concrete Block 

Association. Mr. Brian Horler. 

marketing director of Lytag is 
vice-president 

• Howard Algeemi Construction 
Company, an associate of John 
Howard and Co. International, 
has been awarded a £450,000 con- 
tract by the Office of Military 
Works, Abu Dhabi, for the demo- 
lition and reconstruction of two 
jetties at the naval headquarters. 
9 First edition of Middle East 
Construction Catalogue which 
lists products and .services de- 
signed for the construction indus- 
try in the Middle East has been 
published by New World Pub- 
lishers, Imperial House. Kings- 
way, London, WC2B’6UW. The 
publisher says 4,000 copies of the 
350-page catalogue have been 
sent free to architects, quantity 
surveyors, consulting engineers 
and contractors in the Middle 
East, but copies can still be ob- 
tained price £10 (U.K.) ot $US20 
elsewhere. 

9 TAC Construction Materials 
has announced that it has 
developed a dust suppressant 
treatment for its Sindanvo 
asbestos-cement cut parts and 
msdiined components and will 
apply it from April S. 


PLANT & MACHINERY 
SALES 


Description 

«- - -- • 

1972 pECOlL, FLATTEN and CUT-TO-LENGTH 
. line complete with automatic sheet stacking 
unit and ccnl reservoir. Max. capacity 1525 mm 
wide X 3.25 him gauge x 15 tonne steel coll. 

8 BLOCK (400 ram) IN UNE, NONSUP WIRE 

DRAWING MACHINE in excellent condition 
0/200ft./min viable speed 10 hp per block 
(1968). . 

■24" DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norton '{1972). 

ROTARY SWAGING MACHINE 
by frrmer Norton (1972). 

SLITTING UNE 500 mm k 3 mm x 3 ton capacity. 
TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex. 6-50" wide raxqr blade srtip 
production. • 

MODERN USED ROLLING MILLS, wire rod 
and tube drawing plantr-roll forming machines— 
slitting — flattening and cut-to-length lines— 
cold saws — presses— guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH LINE max. capacity 
1000 mm 1 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 

machine by Farmer Norton 27" — 29^' — 31“ 
diameter drawblocks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. R.M. Max capacity 750 mm x 3 mm. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. x 25 hp. Drawblocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
5fi00Ft./Min. with spoolers by Marshall Richards. 

3 CWT MASSEY FORGING HAMMER 
—pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
I JOG mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 
6-ton capacity lattice fib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING UNE. 10" x 8" rolls x 75 HP 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recoiler. air 

**!!*«, Y ai > b,e Nh* speed 0/750ft./mfn. 
and 0/1500 ft./min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE ( 1973) by 
Thompson and Munroe. 

SCHULER 200 TON HIGH SPEED BLANKING “ 
PRESS. Bed 48" x 40" 200 spn. Double roll 
feed stroke 35 mm excellent condition 
TAYLOR & CH ALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new 
VICKERS 200 TON POWER PRESiBwHO"* 

36". Stroke 8". NEW COND. 

200 TON PRESS BRAKE 8' x T by Sedgewick. 

Air brake, air dutch, light gauge. 

EXCELLENT CONDITION. 

54" Dia. COLD SAW. NOBLE & LUND 
Max. capacity AT x 18". EXCELLENT- 
AUTOMATED TURRET DRILL— HERBERT 
6 *tetion. 2 MX. Plugboard control. Co-ordinate 
table. New 1974. Almost new. 

MACHINING CENTRE. Capacity 5ft. x 4ft, x 
3ft 5 Axes, continuous path SI automatic tool 

$ !!2 ,M6 ' Main 
27 hp. H*d less than one year's use and in 

almost new condition. For sale at one third 
of new price. j 

^RIDLEY (BSA) 6 SPINDLE AUTOMATIC 
«bulft and not used since. Will turn ' j 
and index to maker's limits. 

WICKMAN 31 SINGLE SPINDLE AUTOMATIC. ' 

excellent condition 61 an<i ,963 - 

CINCINNATI CENTRELESS GRINDERS. 

Sites 2 and 3. EXCELLENT. 

44»0 TON NYDRAUUC PROS. Upstroke 
zsvf - 9r * sr. 
heenan froude dynamometer. 

model RFA 13. Test capability: 20A00 ho 
at 45Q rpm. £40,000 aTworta , 

WA NTED 

MODERN USED ROLLING MILLS, wfe rod ~ 
irnU ube dr awing plant-roll forming machines— 
slitting— fanning and cut-to-length lines— 

«ld saws presses— guillotines, etc? ■ 


Telephone 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


0902 42541 /2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Tekx 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414. 
0902' 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
0902 42541/2/3 
Telex 336414 


0902 42S4 1/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

01-928 3131 
Telex. 261771 
01-926 3131 
Telex 261771 
01-928 3131 
Telex 26177 1 . 

01-928 3131 
Telex 241771 
01-928 3131 
Telex. 261.771 1, 

01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928-3131, 
Telex 261771 
- 01-928 3131 
Telex 261771 

01-928 3131 
Teh* 2y77\- 

•elj Burton-bft- 
Trent 75TO33 
Telex: 336108 
i Lea vliu Ycurifi-) 






0W2 4254W4/1 : 
Telex 3364H 






Financial Times' : Tuesday March 2S 1978 


vesents 
from 
,Geore|ia 



Starting May 1, Delta 
.Air Lines introduces 
the first daily non-stop service between 
London’s convenient, uncrowded Gatwick 
Airport and Atlanta, Georgia, the “capital” of 
America’s Southeast, best gateway to all the 
. South. And Delta inaugurates the first through 
jet service between London and New Orleans, 
with no change of plane. 

Delta’s Flight 11 leaves London every day at 
12:10pm and arrives in Atlanta at 4:25pm. After a 
brief stop, it goes on to New Orleans, arriving at 
6:45pm. Coming back, Delta’s Flight 10 leaves 
New Orleans at 2:45pm every day, departs from 
Atlanta at 6:30pm, and arrives in London at 
7:20am. (All times are local times.) 

CJheck in at Victoria Station 

You may check in at the Gatwick check-in 
terminal in Victoria Station, Select your seat and 
check inyour luggage. Theriboaid an express 
train to Gatwick and go directly to Delta’s Flight 
11. There are fast trains every 15 minutes from 
Victoria to Gatwick and the fare is £1.70. 

Enjoy DeltaMedallion Service 
You fly the Atlantic on Delta’s Wide-Ride (TM) 
L-1011 TriStar with “livingroom” cabins 8 feet 
high and 19 feet wide, and all the luxury of a 
£12,800,000 supeijet And you experience all the 


Fly with the Delta professionals 
Your flight crew in the cockpit and cabins are all 
Delta professionals with years of experience. 
They have logged millions of air miles, flown 
eveiy jet in the Delta fleet You can be sure ' 
they’ll go all-out to give you a memorable trip. 

A vir rhifitfS iittfixhiitg 
jnssbuitd. 



Delta ranks among the world’s 
largest airlines 

Actually, Delta flies more passengers than all but 
one other U.S. airline - over 30 million, 
passengers a year. Delta has a fleet of 190 of the 
latest-model jets. They fly to 92 cities, and 
together their routes cover 3^745 miles. 

And Delta is an airline run by 30,000 
professionals, men and women who know their 
jobs and love their work. In addition to the U.S. 
and England.Delta serves Canada, the Bahamas, 
Bermuda* Puerto Rico and South America. 

Delta is honoured to be the first airline to 
provide non-stop service between London and 
Atlanta, through service between London and 
New Orleans. The. Delta professionals look 
forward to serving you. For reservations, call 
Delta at 01-839 3156 or see your friendly 
Travel Agent. ^DE LTn^. 

. The aWne run fry prnfessjrcpa. 



pleasures of DeltaMedallion Service. Superb 
international dining in First Class and Economy 
too. You watch a just-released film or listen to 
Deltafe “Words & Music” programme on your 
private seven-channel stereo. (There’s a £1.50 
-charge for headsets in Economy) 


You can’t purchase a lower scheduled 
fare to Atlanta 
'Em don’t pay a penny more for the convenience 
of flying Delta non-stop to Atlanta. No other 
scheduled airline can take you from here to 
there for less. Fbr example, Delta’s Budget or 
Standby single fare to Atlanta is only £76. 

To take advantage of the Budget Fare simply 
pick up your ticket at least 21 days before the 
week you plan to leave. You’ll receive 
confirmation of your travel time 7-14 days 
before the week of departure. 

Naturally there are special 
restrictions on all discount fares, which 
you can get from Delta or your Travel 
Agent And the number of low-fare seats 
is IimitedjSO.we suggest you book early 

Excellent Delta connections 
. in Atlanta 

Delta flies to 79 cities from Atlanta, with 
more than 260 daily flights around . 
the clock. You have easy Delta-to-Delta 
connections to all the U.S. Southeast, 

Southwest and West Coast. D elta has more Wide- 
Ride supeijets from Atlanta than any other . 
airline. And Deltahas twice as many employees 
to serve you in Atlanta as any other airline. 


London-Atl anta. New Orleans Basic 
Season Return Fares 



_.ThAHairta 

Tb New Orleans 

Basic APEX (Advance 

Purchase Excursion) Pare* 

£214.00 

£279.00 

2245 Day Basic Excursion Earet 

253.50 

31850 

Regular Basic Economy Faret 

39700 

43L00 

Regular First Class Fare 

735.Q0 

796.00 

* Effect ive until June 30. Higher in summer 
’Effective until June M.fllgher in summer: 

Fares and schedules subject to change without notice. 



Atlanta, capital of A mcrica 's booming SouUuwsL 














ihi» 


tll^; 


I 


BUSINESS AND INVESTMENT OPPORTUNITIES 



WHAT ARE MORE 
THAN 80 GERMAN AND 
BRITISH FIRMS 


IN 


NORTH CAROLINA? 


They're doing very well, thank you. 



Because North Carolina offers one of the best economic climates 
in North America. Along with one of the most livable physical climates. 


From April 3 through April 13, to. give you a chance to learn more. 
Governor James B. Hunt and members of. the North Carolina Trade and 
Industrial Investment Delegation will be in the^following cities:. 


Dusseldorf, Germany 
Stuttgart, Germany 
Zurich. Switzerland 
♦London, England 
Birmingham, England 
Manchester, England 


April 3 and 4 
April-’ 5 and 6 
April 6 and 7 
/. April 10 and 11 
.April 12 and 13 
April 13 and 14 


If you're considering a production facility in North America, make an 
appointment to meet the North Carolina delegation by contacting : 


Mr. E. Ray Denny. Director 
State of North Carolina 
56 Berliner Alice 
A Dusseldorf, West Germany 
49/2 1 1-378015 
Telex: (841) 8581846 


Mr. James R. Hinkle. Director 
International Division 
N. C. Department of Commerce 
430 N. Salisbury Street' 

Raleigh, North Carolina 27611 
919/733-7193 Telex: 57-9480 


NORTH HAR0LIM A 


* Delegation members only 


EXPANDING TO NEW SITES 
SAVE YOUR CAPITAL 

We will purchase the site for 
you and -.lease it to you. OR 
we can release cash tied up in 
your property i by purchase of 
your property and rent back. 

B. Settler F.CJV. 

retail property 
INVESTMENTS . LIMITED, 

47, Peter Street, 
Manchester M2 6AU. 

Tel: 061-834 2510. 


MORTGAGE 

REQUIRED 


SMALL GROUP OF 
NORTHERN BASED 
SECONDARY METAL 
COMPANIES FOR SALE 


Turnover In excess of £13m. 
Good freehold- property and 
plant. Revenue and capital tax 
losses available. . Apply with 
expression of interest to Box 
G.1670, Financial Times, 10. 

Cannon Street, EC4P 4BY. 


TOYS 


A public company which It * major 
force in dm my flaW ii tacking to 
•xpand by acquiring a Toy Manufac- 


turing Company or hy dm purchase 
of sums r-» firing to dm manufacture 


of au«s re ftang to 
og existing producti: 


All nptla In confluence to: 

The Chairman, 

SHARNA WARE (MFG-) LTD.. 
Lumb.Mill, Droylsden, 
Manchester M35 7LD. 


Finance 
for Growing 

Companies 


CITY OF BRADFORD M E T R O POL ITAN COUNCIL 


LOCAL LOTTERY 


If you are a shareholder in an established and- 
growing company and you, or your company, 
require between £50,000 and £1,000,000 for any 
purpose, ring David Wills, Charterhouse Development 
. Investing in medium size companies as 
minority shareholders has been our exclusive 
businessforoverfortyyears.Wearepteparedto - - 
invest in both quoted and unquoted companies 
currently making over £50,000 per annum 
pretax profits. 


By a resolution dated 7 March 1978 the Council Hava decided to 
promote weekly lotteries based on the instant win principle, in accordance 
with the Lotteries and Amusements Act 1976. 

The lotteries will be organised by a comm e rcial operator who will 
be rssponsbte foe amongst other things; advice on the form of lotteries; ptintng, 
distribution and sate of tickets: promotion of the lotteries and any draw for 
winning tickets. A guarantee in respect of minimum income to the Council 
from the lotteries wffl be provided try the successful operator 

Those operators who are Interested in entering into an agreement with 
the Council should jn the first instance reply to Mr. J. E. Watson, Chief 
Admmstrativa Officei; Directorate of Finance, B ri t an n ia House. Hafl 
Ings, Brad f ord, BD1 1HX. When replying the operators -should set out 


the extent of their experience in operating lotteries, (naming arty local authority 
with which they have been or are involved) together with their- general proposals 
in respect of the Councils local lotteries Further where operators have, in 
reqnct of the last three months employed any persons in any factory workshop 
or place situated in the UK they must when replying give an assurance in 
writing that to the best of their knowledge and befief. they have iri respect of. 
the persons so employed compfied with the general conditions- of the Fair 
Wages Resolution passed by the House of Commons on the 14 October 1946 
fa- the set period. ' 

Those operator s selected to tender shafl receive the draft tender documents 
as soon as possible after the below-mentioned dosing date. 

The dosing date for the receipt of repfioa to tiiia pubic notice is 
Monday 10 April 1978. 


m CHARTERHOUSE 

Charterho use Development, 1 Paternoster Row, St Pauls, 
London EG4M 7DH. Telephone OL-248 5999. 


When the FT Index Goes 


Down, What Goes Up ? 


CAPITAL LOSSES 


Company with agreed substantial Capital Losses required, 
preferably in investoncfit^ publishing, printing 
or bookselling field. 

Box G.1616. Financial Times, 10, Cannon Street, EC4P 4BY. 


A falling index is not the end o£ the world for the gain- 
conscious investor. Many investment opportunities He outside 
the stock market in such areas as gilts, local authority Bonds, 
money markets, commodities, building societies and bullion. 
These, and other opportunities for the "bearish 1 * investor 
are analysed regularly, expertly and succinctly by The Private 
Investor's Letter. For details of a FREE TRIAL offer, write 1 
or telephone now. 


IBM ELECTRIC 
TYPEWRITERS 


Faerory reconditioned and guaranteed 
by IBM. Buy. uw up co 40 p.c. 
l«nc 3 yuan from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-641 2365 


FOR SALE 

HOTEL IN MALTA Class IB 
Approximately 200 beds 
Asking price US. 2.4 million 

Fnacipait and retained agents wanting 
further Information pi sate write u Bax 
G.1625, Financial Timet, 10, Cannon 
Street, EC4P 4BY, or telephone Ascot 
22684. 


The Private Investor’s Letter, Dept. 1PM 
13 Golden Square, London, W1 

Telephone 01-597 7337 (24 hr. answering service) 


Ziebart Licensees Wanted 


EXPORT FIRM SKATEBOARDS 


requires orders financed for 
customers in Sudan. 
Bank Guarantee available. 


Mr. W. Tyzack 
01-360 4867 


30.000 superb quality polypro- 
pylene skateboards for sale in 
one consignment, eminently 
suitable for beginners and fully 
guaranteed.. Price £6 each f.o.b. 

Telephone St. Albans 67414 


Ziebart (G.B.) Ltd., acknowledged market leader in the U.IC 
yehide rust-proofing industry and the British associate of the 
internationally famous Ziebart group of companies, seeks more 
licensees in England, Wales and Scotland. 

Interested motor traders, private individuals and businessmen 
with a minimum £5,500 to invest immediately should contact 
l_ F. Smith, Ziebart (GJL) Ltd„ Ziebart House, Dominion 
Way, Worthing, Sussex. Tel. Worthing (0903 ) 204171. 
Selected licensees will receive sales and technical training and 
marketing advice and the benefit of national advertising and 
publicity campaigns. 


LIECHTENSTEIN 


Companies formed with 
Professional Management 
Offshore Business Services 
17S Piccadilly. London, W.I. 
Tel: 01-491 4559. 


FINANCE REQUIRED 
I need firemcnl backing. My buxinoci 
(publishing, fecal Hug, order and 
vrMenle in Che leisure field) was 
mrtod 6 years ago with no espial 


and has always been under capitalised, 
i hare wesenienca, avail Sessions 


COMPANIES FORMED 

Expertly, ipeeddy. throughout the 
world Compare our prices 

ENGLAND £69 

ISLE OF MAN ...... £98.44 

GUERNSEY £250 

LIBERIA U.S.S870 

SELECT COMPANT FORMATION 
Tel: Dougtu (0624) 237)8 
I, Athol Street. Douglas, l.o.M. 
Telex; 8U554. 


I hare experience, quail Sessions 
(B.Com.. M.B.A., Dtp.M.Rei.). exper- 
tise and energy. Requirements: 
£35.000 immediately: £50.000 over 
die next 18 months. 

Write Box 6.1605. Financial Timet. 
10, Cannon Street, EC4P 4BY. 


MOSCOW 

Accredited office with experienced German, English, Soviet staff 
(commercial and technical) offers: 

SALES SUPPORT, CONSULTING; ACQUISITION, 
CONTRACT PROCUREMENT 
Costs: £10,000-20,000 p.a. plus commission 
Write Box F.613, Financial Timet, 10, Cannon Street. EC4P 43 Y. 


CONFERENCES. AGMS Recorded. Tran- 
scrlptlons also rrom clients' Uses In 
most languages. Sound News Studios. 
01-995 1 661. 

MORTGAGES FOR EXECUTIVES. 
£20.000-£50.(K)0. NO FEES. Palmer, 
banka Associates. 402 6691 . 

ESTABLISHED skateboard park for sale or 
lease. Excellent profits. Genuine reason 
lor sale. Write Bnx <5.1 677. Financial 
Timas. 10, Cannon Street. £C4P 4 BY. 


LIMITED COMPAHIES LIQUIDATOR 


FORMED BY EXPERTS - 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 


has i London-based curtain manufactur- 
ing business for sale as a going concern. 


30. Gry Road. E.C.I. 
-628 5434/5/7361. 9936. 


Company has good Contacts and con- 
trac n with hotpKais, bob (re »utboriri«i. 

hocois, ck. Preaenc management pre- 
pared- to remain. 

Write Box G.1664, Financial Tines, 
10, Cannon Street, EC4P 40T. 


Mr. W. S. Peacock, having 
reached retirement age, is leav- 
ing the Board Of the GREAT 
UNIVERSAL STORES. Mr. Harold 
Bowman and Mr. Sydney Robin 
have been appointed assistant 
managing directors and Mr. 3. P. 
Adderiey has joined the -.Board. 
Mr. V. Watson, Mr. J. J. Cohen, 
Mr. E, M. Barnes, Ur. R. HL G 
Pttgh and Mr. D. C. Jones have 
been made associate directors. 

★ 

Mr. J. Peter Frost has been 


appointed a director of TUNNEL 
HOLDINGS succeeding Mr. H, EL. 


Drayeott, who has resigned. Both 
are directors of Tbos. W. Ward- 


fay CITIBANK TRUST. He & head.;ffl. the British Association erf 
of the company's personnel divi- CeQiety Management to nil the 
son baaed at Wembley. new seat. „ 

* .. m addition Mr. A. Makowcr, the 

Lord Wnberforce has been National Coal Board's directors 
elected Chancellor o£ the UNI- sdentillc 

VERSITY OF. HULL In succession ^pointed to SMRAB. He joins 
to the late Lord Cohen of Birk«fc-;tSfr Board as one of me NCB 
head. Lord Wllberforc* has beetf i raSresentatrvrs in plan of Mr. it. 
a Lord of Appeal In Ordinary Grainger, who ha* reared, 
since 1964. \ ★ 

*• Mr- Ralph Crooks has been 

Mr. K. F. DIbben . has been, *« pointed production director on 
appointed cha irman of the BOW- ^ Board of BOWTHORPE ESTP, 
COM ELECTRONICS in succession ^- member of the Bcwthorpe- 
to Mr. P, G. F. DIbben, who re- HeBermatra Group, 
mains a director/ * 


Herrick has- been -7wappomt*«. 
chairman. • • 

Mr. AIM Talbot. - manacTnit : 
director of- MERRELL LNTER- 
NATIONAL'S pre**lptton pro- 
ducts division jn.t&e U.K., hoi 
been appointed deputy chairman 

of Richard son-McrrelL • 


Jersey accountant requires 
mortgage of £t2QjQQQ to be 
secured as a first charge on U.K. 

property valued at £ 180 . 000 . 
Interest of 10% per annum pay- 
able in Jersey, net of Jersey tax. 
Please reply to Box G.1669, 
Financial Times, 10, Cannon 
Street, EC4P 4BY. 


KRUGERRANDS 
AND SOVEREIGNS 

Bought and Sold 
m strictest confidence. 
Shaw Cavendish & Co. 
(Bullion Dealers) 
Cavendish House 
Chester 24315 


PLANT AND 
MACHINERY 


GENERATORS 


Over 400 sets in stock 
lkVA-700kVA 


Boy wiedhr from Dm manufacturer] 
with fall after-tales service. 


or in other wjrds 

ARABIC TRANSLATION 

-USO- 

Interpreters, Typesetting, 
Legal, Technical & General 
Contort: ANGLO -ORB AN 
8, PorcJinci Raid, London, W. II. 
Ttdephone: 01-221 7825 
or 01-221 7466. 


with fall after-fate service. 
CLARKE GROUP 
01-985 7581/0019 
_ Telex 897784 


Business and 

investment 

Opportunities 


Every Tuesday and Thursday 


£1 A waste Kir EC2 address or phone 
mcaMBcs, Combined rates t telex under 
m a week. Prett'O* othtre Stock 
Exchange. MeKUW Minder* inter- 
national. 01-628 0898. Tciqx 8811725. 

PATENTEE or Novel Mass-market Electrical 
Connector seeks mpnatacturma and mar- 
k-«in«i arrti'fljnvmt* with crgamsrtion 
geanM to exploit opoortunirv. Write 
bo« G.159T. Financial Times. 10, Cannon 
Street, ECAP 4BV. 


FORK LIFT TRUCKS— Used Models. Ex. 

I celient choke of over 1D0 trucks: leading 
1 makes finislwtl in manufacturers colours. 
Diesel, electric or. gat operated. We alag 
have a selection of electric Pallet Trucks, 
electric Reach Truck* and dectrlc Towm* 
Trucks. LUC Mmt upon raouest. Trade' 
and export cfloulrles welcomed. Large 
reduction on Bulk Purchase*. Del Ivories 
| arranged anvwhero. Blrmlngsam Fork Lift 
I Truck Ltd- Hams Road, Saltier. Birming- 
ham BB 1 DU. Ttl. 021-337 994415 or 
021-328 1705. Telex 3370S2. 


Rate: £16 per single column centimetre. Minimum 
3 centimetres- For further information contact: 
Francis Phillips, Financial Times, 10 Cannon Street; 
EC4P 4BY.TeleX: 885035. 


GENERATORS 2-3000 KVA now and used 
Immedlaccfr available. Keen competitive 
Trim 'B* 6*57 re* Ltd. (075B22) 3033. 


01-248 4782 & 01-248 5161 


Sir MRtt Busby, former mart- 


* tord Tweedsmuir and Mr. 

Mr. Michael R. Griffiths has jomthim Backhouse are retiring 


Following " the death of J»r„ 
j. R, Hliidle. chairman ttf the-- 
SCAPA GROUP. Mr. T. D. Waftef 
resumes the chairmanship for the 
time being. - 

’ - 

McLEAN ROMES SOUTHERN 
has split Its operations into three 
separate companies. Mr. Ron . 
King will remain - as mahaglhs 



ERS. Both companies are part of 
the financial , and insurance group 
headed by Mr. Mike Morphy, who 
was formerly manager for Irish 
life Assurance in Manchester. 

* 

Mr. W. BL Westpfcal is. to be- 
come chairman of the RENTOKIL 
GROUP after the annual meeting 
on April 28. He will succeed Hr. 
P. L. Burgin, who Is retiring from 
that position but will remain on 
the Board- 

* 

Mr. J. E. Phffllps has joined the 
Board of TRADE INDEMNITY 
COMPANY. 

* 

Mr. Keith Hainsworth has been 
appointed managing director -of 
MILLER BUCKLEY DEVELOP- 
MENTS. a subsidiary of Buckley 
Investments Gronp, following the 
resignation of Mr. R. Clempson 
because of his other business 
commitments. Mr. Hainsworth 
was previously a director of Boris 
and Investment and Property 
Holdings. 

+ 

Mr. Dennis Taylor, managing 
director of HEWLETT-PACKARD 
LTD., is to leave the company to 
develop his own business inter- 
ests. Mr. David Baldwin, European 
instrument marketing manager, 
and Mr. Peter Carmichael, general 
manager of the manufacturing 
division at South Queensferry. 
will become joint managing direc- 
tors. - 

. * 

Dr. Raymond C Mil ward has 
been appointed technical director 
of JOYCE-LOEBL. 

■ k 

Mr. E. A. Burton and Sir Brian 


Massey-Greene has been ap- 
pointed directors of COMMON 
WEALTH MINING INVEST- 
MENTS ( AUSTRALIA). Mr. R. I. J. 


takes up his new post next month. a wember of the REDUNDANT 
. * CHURCHES FUND to - fill the 

BL Jacques Appebpans has been vacancy following the retirement 
appointed European represents- pf Dean Walter Hussey. 

thre of COUNTY BANK, based in ^ . - * 

Brussels. - Harrow AND' CO. has made 

„ •— . {Ranges in senior management, 
Mr. S. P. Cooke, Mr. BL M. . ^ from April 3, following the 
Paling and Mr. D. P. Sawle wiD be. ijjftionallaation Of Yarrow fShip- 
jolning the partnership _ of Guilders). Mr. EL Norton con- 
MONTAGU LOEBL STANLEY -Himes as deputy chairman and 
AND CO., stockbrokers, from 'managing director of Yarrow and 
April 17. . Co. He ceases to be deputy- chair- 

* man of Y-ARD but remains a 
Mr. Frank A. Richards has re- director of that concern. Mr. 

tirdd from the Boards of the y, jj_ penny win become deputy 
DICKINSON. ROBINSON GROUP managing director of Yarrow and 
and subsidiaries. • Co and deputy chairman of 

* Y-ARD and wiQ be succeeded as 
Mr. J. R. Archer, Ear) Ferrers .managing director of Y-ARD by 

and Mr. P. C. Paisley have been' DTr. J. Neumann. Mr. L A. D. 
appointed direc tors of the ifann remains finance director of 
CENTRAL TRUSTEE SAVINGS Yarrow and Co. and. has been re- 
RANK. * Mr. R. A. Cart resigns as placed as secretary of that 
a director and general manager company by Mr. W. McMillan, 
on March 31, and will be who is also secretary of Y-ARD. 
succeeded in both positions by Mr. I. Bowes joins the Board of 
Mr. (L D. Burton. Hr. L. W. Corp Y-ARD. 
joins the bank as -deputy general + 

manager on March 28. Mr. D. X Wilson has joined the 

* ‘-partnership of KENT EAST 
The Health and Safety Co mis- NEWTON AND CO., ; stock- 

sion has approved an amendment; brokers, from March 28. 
to the. constitution of the. ^ * 

SAFETY IN MINES RESEARCH Hr . R. D. Boot has been 
ADVISORY BOARD increasing .appointed executive director I new 
from two to three the number of. aircraft) at BRITISH AERO- 
seats on the Board to be filled by SPACE. Warton Division. He was 
nominees of trade unions in the previously executive director and 
coalmining industry. ..chief engineer at Hawker 

This change is designed to enr Stddeley Aviation's Brough fac- 
sure a continuing balance on the toiy in Yorkshire. 

Board between employers' repre- * 

sentativea, .employees' represents- _ The KNITTING LACE AND NET 
fives and independent members. INDUSTRY TRAINING BOARD 
The Commission has alao has been reconstituted for a 
broadened the Interests repre- further three years and Includes 
sented on the Board by the two new members, Mr. G. R. S. 
appointment of Mr. W. Shawcross BeD and Mr. J. C Smith. Mr. G. R. 


with the development of rite 
recently established operaiipn 
senring the Avon area, Mr. Ray 
Whatman has bean ^appointed 
managing director _ ot . McLean 
Homes South East and Mr, Mike 
Tanner will join Mr. Abn Caswri) 
as director of- McLean- Home* 
South West. Also Mr. K H. Ling 
has joined the Board of Tarmac 
Homes Midlands^ ;V 

Mr, J. R. H- Cooper, a managing- 
director of Singer and Fried* 
lander, has been appointed deputy 
chairman of ihc executive com- 
mittee of rhe BRITISH BANKERS 
ASSOCIATION. - ‘ . 

* 

Mr. Cooper succeeds Mr. P. E. 
Leslie, general manager, Barclays 
Bank International who became 
chairman of the executive cmn- . 
mil tee from January 1. 

* 

RPN management services 
has appointed JHr. C - I* F. 
Anderson training, director for 
Scotland, from May 1. 

BEND DC WESTTNGHOUSE has 
made the following director 
appointments: Mr. J. A. Howie, 
previously an associate director . 
has been, elected a full director. 
Additionally, three new . associate 
directors have been appointed: 
Mr. G. Burrfdge, chief engineer; 
Mr. P. M. James., personnel man* 
aper and Mr. A. J. Matthews, chief 
accountant who has- also been 
appointed company secretary. 

Mr. Fred Shaw is tn become 
managing director of CHLORIDE 
LEGG. He succeeds Mr. Wilf 
Whittaker who -retiree r* the end 
of March. 


Agnew, Hr. L. S. Freedman. Mr. 

J. P. Landrigan. Mr. T. F. Lan*. WTr T 11 YT 1 

Hr. A. EL Loxton and Mr. G. J. W/ I/O IllA 

Mortimer have resigned. Mr. J. M. f f UI IU f Ulllv 

McCrary has restened as secre- 

tary and public officer and win be 4 .... 

succeeded by Mr. R. J. Gout. table below gives the latest available 

-* rates of exchange fer the pound against various 

The CITY UNIVERSITY has currencies on March 23. I97S. ’ In some 
appointed Dr. Raoul Franklin, cases rates are nominal. Market rates are the 
Fellow and tutor of Kehle College, average of buying and selling rates except where 
and lecturer in the Department they are shown to be otherwise: 'In some cases 
of Engineering Science at Oxford market rates have been calculated from those of 
University, as Vice-Chancellor. He foreign currencies to which they are tied. 

Exchange in the UJC. and most of the 

Itn.wffi take up his new appoint- 

ment in the au-rnm term. applicable tc any partreular transaction without 
* reference to an authorised dealer. 

Mr. Timothy E. Broadhnrst has Abbreviations: (8) member of the sterling 
been appointed a director of other than Schedule Territories: (k) s 

H. J. SYMONS fAGENOES). * — 


World Value of the Pound 


Scheduled Territory;- (o) official rate: (F> free 
rate; (T) tourist rate; (n.c.). ^non-commercial 
rate; (n-a.) not available;' (A) approximate rate, 
no direct quotation available; (sg) selling rate; 
(be) buying rate; (nonu) nominal; (cxC) 
exchange certificates rate; (P) based on U.S, 
dollar parities and going . sterling dollar rate; 
(Bk) bankers' rate; (Bas) basic rate; (cm) 
commercial rate; (en) convertible rate; (fa) 
.financial rate. 


Sharp fluctuations have been, seen lately 
In the foreign exchange market Rates in the* 
table below are not In all cases dosing rates 
on the dates shown. 


Mr. Raymond Eccles has been | 
appointed resident vice-president 


Flaw and Local Uhit 


Vataoof 
£ Sterling 


HOME CONTRACTS 


Mine order 
for GEC 
division 


Audiaalstan Afithoni 

Album Lok 

Algeria Dinar 

Vnrtorra — 


Fkaau^dLbcal.in^tt 


0mB * n ^ [ DwrUchmaxk T821, 

‘ • j ^•id- , . r4 & Ym«i pJnwjfAWJW*;. 

fiOm. Db(iae ? • . C I.Sfiw W*®— «— Sol «xnA)WB4 

SSSjlw-uJI-.- SbOtpptnw-. Fife pma 1841488 

1.B7S6 : . Zkrty \ (CnHMJB 


Flaw and Local Bait 


Value of fV 
£ Sterling 


OU7U2J . 


l Spanish pose 

Angola Xmnxk. . 

Antigua fS)... BLCariblmutS 


Aigoatuia.- Ar. FtooFnto] 


A VFA . VPXJV/ AnsUmlix (S). Auatrallon f 

_ to « Aurtria...„.. M tirtailllng 

division 

UI T IlJlUll Banulodeah (8 Taka 

Bahrain fSl... Dtnar 

GEC MECHANICAL HANDLING, Balearic la.... Spa. Pctoeta 
Erith, Kent has received a con- Bartmdo “® Bartiadosstt 
bract worth about fim. from - _ 

Cementation Mining for two 

double drum, single dutch ueiuo.. .... bs 

winders, equipped with disc 5“ ia -:-sr Tnaa 
brakes, and designed to operate SShl itapoa 

at a maximum depth of 4,000 feet, BoiiviaapSa 

raising a payload of 5 tonnes. 

Botawana fS). Polo. 

RIRLEC, Walsall, part of the GEC “ 

Group, - has been awarded an Brunei Bnmoi 9 -- 

order worth more -than £180,000 
by Westley Brothers for K —,. , 

additional coreless induction melt- “* 

mg plant at Its Cradley Heath Uumali. Burundi Vnae 

foundry. Two new furnaces are _ 

to be installed, one of 2.6 tonnes Caniero'aEpO.r.A. FTaiw 

capacity, the other of L5 tonnes 

and connected via a changeover * -,. 

switch to a medium frequency ^ Vw do 1 . Capo v itewk, 

dual power supply. Each furnace dayman r-.<Sj Cay. 1 . s 

will be used first to melt copper Cent. AS. Up. _ c. PA. Franc 

and copper alloys, at the rate of ( -' b ^ C yrane 

14 tonnes an hour, on a. high- uhlio OJ’wo 

power cireuit.of 600 kW and then Chim HmmiaN v -- 
be switched to a low power of Oommife...". c. tv*) 

100 kW to maintain the metal at Comoro* rd*. t'-f-A- Fnac 
casting temperature. Congo i h' 1 1 «) .. c j.a.. Prmac 

-l. Corta KW.._, Colon 


Q u&tooMk-^; Quotul 
Guinea Hep— ally 
GuinaxBnaeQ 
GiLvana fK)^. GnjaiuM | 
Haiti... — ... Gourde 
0.737 HondocM Bep twidn 

14S.4SS HongKong (ti) B.R.9 

! ' 747 Hunjzary — -. Fbrfnt . • 

\ (tail HLS6 (S>~ I. Krona . 

IM7 «■ Ind - 

Iran }tial' : " . 

Iraq. Iraq Dinar 
In ah BepikUIrlafa £ 

laneL.^. Santo £ 

Italy-.- Lira : 

inwy Coast-, C-P^. Franc 
Jamaica^)-. Jupatei D ollar 

-Jajiau....?, Yen 

Jordnn fSl Jncdan Dinar 

Karopnohea. KIM 

Kenya (8) Konya Shilling 

Knrte (Ntbi.„ Wan 
Korea (StiblL. Won 
Kuwait (Still. Kuwait Dinar 
Laoa.- M — — Kip Pot EW 
Lebanon Lebaneae £ 

Leantba ^.'African fiknd 

Liberia _^..„ Xiberiaa S ~ 
Ubffe--,,...-, Libyan Dinar 
Llecht’nstn... tiwlaa Fnino 
Luxembomg - Lux Franc 


i.xea.auxi. 

Kroner-'. 


I -WM-& 
[JfAWJOi’.g 

| iMtemJ 


FwtngM Pr». Rtenrto 

Rut Twnnr.,..TlHWW Benton 


\(CnHMjMU 
( |T««»W 


Prtnape l*l«, npa. Escudo 
Pueno-Rteo... tLS. S 


Puerto -Kico... ILS. 8 

Qatar (S)„ Qatar Ryai 

Keunnm 


/ (com) 7S.6B lie de la...... French Franc 

1 1 IT) (w3.Bfl.J8. Khodatta Bhodotoan^ 


im (Wc3.8fl.J8. Khodwb... 
I 486. TO 


16.74185 HniY K.nl, Lh ' • • 

JJJS • Rwtnda Franc 

St- Christo- 

LM ' „ PS" f ^rtbhean 9 

Helena — ht. Helena £ 

LMT S'- fa* 1 * to" »- 8 

«7L St. C.T~\. Pranp 

'tUIIBa B- Caribbean 8 

aitii 038 Sahrador Bl... Colon 
a fiiuiSrt JJarh** (Anti.. UJj. 8 

San Marino... Italian Urn 
Utah S°S , 7*r-' Pwa-Kw-udo. 
178^11 Arabia. Ryal 

818 S' 0 ^enepti L.FA. Pauc 

0 H7 Kupee 

174 7n ne(S) Leone 

b 2mSb i-'i). Ship. pore $ 

f'S bolomon IcOh Aurtralian'6 

3<«6alVBep.... ttoro ahHHiae 

Stlv. Africa. (S\ Hand T 


V (nmfl.49 
llnteVTO.79 

- i 180.69 - 


(P)MB48B7 IsX; -EE* 


INDUSTRIAL IMPREGNATIONS, — CnbanPrao 

part of the CHI Group, has Cfp«“ 1S)-~ oynw£ 
received a £*ra. Post Office coo- (Wxwiorak. Konma 
tract for the supply of specialised - . 

underground communications Denmark.—. Daniah Krone 
components. tijo»ntL...— . Fr. 

JL. DomlnJea(S)_ B. Caribbean 8 

F. UTTLEY AND SON, Hudders- Dotola - B *»- Dominican Jo. 
field, has won an order from Bmurior™- Sucre 


1.65128 
48714 
457U 
(Bk) 61.86 
8.1742 
(T) 88.84 

♦3714 

487*4 
18.1121 
1JI4SS . 
0.7208 


- Psttooa 

Madeira — Jbt^ua'adhcw 
Mala)ti«y Bp." MO lfisa: 
Wn.ta.wf (3) KVhbha . 

Jl a la.vtoa -ft#.. Bingplt r 
Uaidlre 3£al Rupee 
Mali Rp..— Mali Franc 
Walla IB)— Ualteae £ 

Martinique— Local Franc 

0.7208 ' Mauritania-.. Ouguiya 1 
1 1 (com) 10.80 Maoritiua(S). M. Rupee 
■! WCJ21.H) Mexican Peso 

( (T) 18.46 “ Iqoekm — OJA. Franc 

10.491* Monaco. Prenob Franc 


8 £70 - ■ Territories (S) S. A. Kami 
Spton Peseta 

tstssi*-*- 

'««« Burinant S-Qlhti* 

7 36286 ' 

«74ta «. Krona 

0 7*0 ti^txertawl .. Swtea franc 

M4l„ Syria £ 

87 80881 New Tat wan 

11.7^87 IS4. Tan. Shilling 

"rt*9 7 *titol®Wl.— Baht : - 

IWlA IS* ' D I U . 


8.98818 
. IJ 
848518 
487k 
5-88815 
4JM." 
T.flTSB 
T.WT . • 

. 7M6 V • 
6.57 
«7t4 . 
1535 

2J-. . • . 

4.84^10 . j 
■ 4.6640 "[ 
tAULTOSW 
T '1^6005 : 

1.S8005' ; 


w ta 5S° CJ. A. Franc 

974?- Jtma7« Ir.lS.ytVd** 

* Trinidad (B.).Trtn. A Tobapo 

(0)5. 356 1 H) Tunisia TunUtan Dinar 

LiW 5 ii Tu ^*y — Turfcialt Uni - 

HR ^ri«Acr....u.a.6 
urnff E ,toI H — — Auacnilaa £ 


Smith and Calverley, part of the 
Courtaulda woollens aivlsioz). for 


UongoUa — Tugrik 

MonuemK ~ R. Qurfbcan fl 
U'lmcca...,,. Dirham - 
Mozambique. Max. BscadO 


( (0)0.705 

kn 1.86 


Hmw I*-™ Aun. Dollar 
Nepal NepUan Rupee 


Courtaulds woollens aivlsioz). for 8<an^— — - 8«ypttan fl uOio.705 

equipment to up-date and re-equip _ , 'MT1I.I6 | »epu hepalcee Rupee 

its wet finishing department — gtb^optan Bur (P)3.fl825B Nethariudi.. GuUder 

When complete, the scheme will IDolnoa POmo* 14S.42S I N«h.Ani'lea.Antiman Guild 

incorporate two France and Lodge! Falkland I*, f * , . Brtridre 


Incorporate two France and Lodge Falkland Is. I 

fully automatic programme con- esi jnuwraiu. 

trolled Scourmatic machines, auto- Si 0 , 1 ’ KroM 

niatic addition and ingredient r&^ZZ.M&kk* 

preparation, automatic warm franre fronrt Pnno 

water preparation and Improyed Ft. kjjl. Prone 

methods of fabric handling. ? r - Gubn^.. l«»i Franc 
^ Pr. EW tfc.— C.F J*. Emu 

PLESSEY A ,r ""MICS AND COM- Oabon CJJL Praoc 

MUNI CATIONS "las been awarded 9^°!* ®— r>abw1 . 
a contract for the supply of a | Otomait 

high frequency multibeam , 


N. 2mlond (S) NJS. Dal lor 
Nicura^fu*— — CordatM 

N lfier Kp j Franc 

Mjjwix (3).... Notni ' 

Norway ...„ A Nnre. KrOM 


1.8646 
28.41876 
4.01 
8.5688 
141.588 
1-6640 
1.8462 
18.28 
437*4 . 
1.18118 
10.82 


MSi-MSS 1 

Dnqrooy Drucuxy Peso 


UKLA'bEnii*. P.A.)i. Dirham 
TJ JLHA ....^ KoiiMe 
irpw Volta.. cjjL Pnmo 

Vatisut ...... lnltu Lire 

VCllB IU»UU_ BnUw 


1«;42& . 
m. m t 
-.VM.6B236Z7 - , 
8.S6SB ; 
1.68005 
8.62 
8.670 

(A17.8S84B7 

cnruai 

- m* 

58.6625 ; 

:.487»4 
. 1.361 WO . 
4.4304 

.46.76 
1.8785 
1.6M0 ' 

- 14J76. 
U» 

(tom)TO.l7 
llW 19.08 
7.87 
1.84 

mm * ' 


VlBtatn(Nth) Dong 


Cltohn Nulbin- V p. , 


Pakistan — FMt, Rupee 
P»nama..„ — JBtobnt 


rtetimn(Nth) Phstre 
VirglnU.U.S. UjS, Dollar 
Veuera 

Samoa B) SNiunin Til* 


- - -1.801 - - 
j j a-TO 

j fo) 4.W8B1 
im 4.8781(1) 

•j 8.4BW 

r 1-MU 


PhpuoN.G.(8) Kina 


antenna receiving system. The!" That part of the French community m krnca 


T«nua™„.... Kjni 
Jl uporiavia. ... NW T Dinar - 
Zaire Rp — /jure 

ZamhU KutmIhl 


-Sfl.tTT 
1.8448(8 
: 1871* 


system, which Is for the Royal] a From* w«t Africa or French Equatorial Africa. 


^ F0rcei WOrth * ffio^'Creplared the 


nearly £lm. 


The Ouguiya bas replaced the CFa franc, The exchamre 
w« made at a rate of CFA Prs.fl u nn. nni, of the 
Uev currency. 


« ra,fa oil. and iron exports 18 . 897 . 

r !i™ a * ain “ reuhto. 

tt Si! faiSl mnftH (cowroiirt,. 

2 2« * to the dohar. 

• Following 24 oar own, Onataatlm, 


Farmers warn 


of rabies risk 


FLANS to Streamline Customs 
checks on vessels could let 
rabies into Britain, fanners m 
East Sussex and Kent said yester- 
day, They have written to MPs 
asking them tn oppose the plan, 
due to come into effect on April 
L 

The National Farm ere' Union 
said that, from then. Customs 
men would make only cursory 
checks on most vessels as a 
deterrent, with thorough checks 
! on only « few. 


Ill 


Cook Travellers Cheques 

i rie accepted name for money. V\foridwit&, 



< j i 



Itar 

Ear 


Con 




rm 










Financial Times Tuesday March 28 1978 


9 


ih u| !i 



t Page 


EDITED BY CHRISTOPHER LORENZ 



The outsider with 



t 

Courage 


to move into 



politan. Hunters were on the" 
iE NEW chairman of Courage, prowl and Courage presented 
'ih-largest of the U.K. brew- the most likely target The 
g groups, had no connection at group, like the rest of the major 
1 with the industry’ before he brewing businesses, had evolved 
ok over on January 14. Mr. from a series of mergers 
eoffrey Rent began his career between family companies and 
i advertising and marketing many of the senior management 
id since 1958 has been with Positions were held by members 
ihn Player, tobacco manufac- °* the various founding 
Imperial families. They were in no mood 


irers. part of the 

roup, which also owns Courage. t0 cope with an aggressive bid 
He made the switch from John der of the Grand Metropolitan 

layer, where be was chairman tYP e - Imperial offered, the Courage did not have a brand have liked. 


After last Tuesday’s article on Whitbread’s new 
chief, Kenneth Gooding looks at the man who has 
just moved from tobacco manufacturers John 
Player to become the chairman of Courage 


It also involved encouraging 
a much higher level of candour 
in debate. We aimed to get 
people committed and involved 
in the formulation of goals to- 
wards which we were working. 

“It took a long time to com- 
plete the process from the 
Board to the junior manage- 
ment and in the early days the 
System was highly structured 
and highly processed. Gradu- 
ally attitudes changed and it 


One complication cent Mr. Kent says he feels is naw 3 way ^ mana sement 

id managing director, follow- chance of a friendly takeover on of its own, nor the facilities for is that the new brewery is “ a tout* of regret at leaving Uf ® * T John pl *7 er * 
g the departure of Courage's reasonable financial terms. brewing lager. Its interest in costing so much— at least ffiOm. at tUj time of transition.” * 

It has indeed taken imperial Ibis, die most dynamic part of Ironically, in the past, Im- V The accounts recently pub- 
far longer than might reason- the beer market, was confined to perial had the appearance of a showed the taxable pro- 

ably have been expected to make a one-third share in the Harp group hungrily seeking new fits o{ imperial’s tobacco flivi- 

changes at Courage. For. tasw consortium. businesses, into which it could 6ion dovm from £g LTin t0 

although before the merger Of course, the Courage learn inject the surplus funds being £gg. 5 m> and for the first time 


¥\ ¥ ¥ 


For example, at Board 
meetings I attended we never 
took a vote. A kind of con- 
census was reached. It is a style 
I prefer.” 

Mr. Kent says the interaction 

inner- chairman, Mr. Oliver Courage’s image in the City was has been working on the prob- generated by its traditional tobacco profits represented less [h \ ~ h « r „7,n « ’ 

'eel. a good one. all was'not well. lems. In particular, the com- operations, so as to les- ^ aQ ha f { the l0( P a , _ £151m 

Mr. Kent says he has been jj r . Kent sums up- “ Courage JW k pushing ahead with a sen its reliance on those opera- before interest on 
Ming “ like a sponge,” attempt- had been trviDg to make do with desperately-needed. new brewery, 

ig to absorb as much as pos- old production resources con- § oin & up Dear Readij, 8. and has 


ble about the brewing industry fi ne( j i n city cen tres, while mar- dragged forward the operating 
r the shortest possible time. He fe et changes were taking place 6316 fr 0111 1980 W 

;es the move to an entirely an d compounding its problems.’' Then Courage (Eastern), that 
ifferent environment as a for example, the take-home Part of the group which oper 
nallense. ------ • ■ 



. . , . has improved, “and hence the 

£3 „b n int * rest on sales of quality of decision-making." 
n ‘ . ^ _ . Where the change in manage- 

Since the takeover. Courages me nt style really paid dividends 
performance financially has at j 0 ),n Player was in the rela- 
been far from impressive. Last tionaWp8 between managers in 



Geoffrey Kent — the new chairman of Courage. 


,* Hions. But- after the Courage k v* £ ^ ° wh^ch r ?he * nd *? production, encourage people to set high the office are skiing and flying 

enge. "But the same busi- beer market 5ms been developing ales in the important London fXtionwd™ b-flow probtera aty analvsts unanimously b a C oS£ct betS-een ‘ScelSI ^“t^recills that when Mr timely few^rivate p^ot^ °to S' 
^principles and management rapidly, and consumers are and South East area, has begun for all UK ; industn P aj com* a f e 5 d ’ tbe srou P * ay J 0 ™ and production-* conflict for j 0 £| Imperial's aRnuu. ■ 25 nSnL wMeh 

d e mandingtheir beer in cans. . ‘™ panies — including Imperial. productioQ ’ s need for Io ? g pr0 ‘ asked him to think about the entities him to fly on recognised 

idustrj . The details might be Courage did not have enough efficiency and cut costs. Nego- Nof only that, but recently it rose from £3B9m - t0 £416m - duction runs, and marketings move to Courage he pointed out 

ifferent but the principles are canning capacity of its own until tiations are under way with the has had t0 wjth lhe ma j or As the current efforts begin requirement for a rapid switch th at some of , h ‘ manaEe _ 

te same. ’ recently, when an installation unions to lose about 300 hourly- pro blems which have arisen as t0 P 3 ? off- things should im- from one product to another as ment j n the BrouD was in the 

Imperial Group look over went in at the John Smith’s Paid jobs— 15 per cent, of the Britain changes the structures of prove. “' Courage has good pubs, demand changes. Unless you tobacco division and that some 

ourage in the autumn of 1972 brewery in Tadcaster. workforce— mainly in produc- to bacco duty to harmonise with the brands and the potential for handle that conflict with some cross-fertilisation between divi- 

t the nominal cost of £2S6m. Another instance concerns the tion and distribution before the common Market practices, regaining market share once it degree of skill you can get sions WO uid help the group as air routes and controlled air 

t was a tense period in the growth over the last decade of spring. These have hit Imperial cash gots over the production and hardly any interface at all. So a whole Not much had been space throughout the world, 

rewing industry. Walney Mann lager sales, which now account It has not been possible to do flow and also adversely affected distribution problems,” insists it was very pleasing to observe done i n the past and the time Although his career back- 
ad just succumbed in a bitter for a quarter of the beer everything that needs to be done its cigarette market share, which Mr. Kent. a fundamental change of atti- had come to do more of this ground and outside pursuits 

id battle with Grand Metro- market. Until last year as quickly as Courage might once stood at a huge 66 per As a start on the solutions to tude tat John Player), cross-fertilisation. suggest Mr. Kent is an extro- 

------ Courage’s difficulties had been Managers were much more Mr. Kent is 55- He was born vert, at first meeting he appears 

imade before the decision to « in .Cleveleys, Lancashire. After instead to be an austere charac- 



n 


SiU i 


HE CHANCE of a unique third 
uccessive victory in the 
ationn) management champion- 
liip is still alive for Rank 
Zero*, despite the sudden 
liquidation " of three-quarters 
~f the 928 teams which entered 
he 1978 contest in January*. 

” The holding team, led by cost 
.n-cnunluM John Chappell, is 
•np of the 232 sides which have 
usi survived the U.K. contest’s 
Titical first round, if Mr. 
Ihappelfs " paper " company 
igain wins the £1.000 U.K. final 
n July, it will automatically 
mve the prospect of retaining 
he European championship, 
.vhich it won in Germany last 
.’car. 


Managing to survive 
round one of 
the business game 



war-time service with Coastal 
Command in the RAF, he 
worked as an account executive 
at Column. Prentis and Varley. 


ter, serious in approach and 
slow to smile. 

His first weeks 
have been spent 


at Courage 
shaking as 


tors. And while the ICL I move him was taken, the ques- 
administrators will no doubt [ Hon is: Why has Mr. Kent been 
maintain their strict im - 1 transferred? He gives a due 

partiality, this task will not be! in pointing out. that in 1971 ___ _ r _ 

made any easier by the fact [John .Player changed its style ready to accept the attitudes of as sales promotion" manager for many hands as I possibly can.” 
that the 232 survivors indude ! to a more open type of manage- others and a greater under- Mentor and as products He has been asking managers 

six teams from IBM. ment which was not so common standing of other managers’ manager for Johnson and about their part of the business. 

Even so. the trading condi- 1 then. This involved a major problems emerged." Johnson, before joining Imperial their performance and their 

tions in the computer pro- 1 programme of organisational He gives another important in 1958 as advertising manager problems. “So I have been 

gramme— against which the j and managerial changes and as due to his attitudes in general of John Player. In 1964 he was learning about the people and 

learns have to dedde their [they developed Mr. Kent be- when he points out that many appointed to the Board of John about Courage as a company.” 

Policies for pricing, manufac- came leader of the programme, companies in the same indus- Player as marketing director Professional observers of the 
tuning, marketing and so on— “Maybe that experience might tries have employees of similar and brought together a very brewing industry' expect the 

are being made appreciably be helpful to Courage.” background and training. Sn sophisticated team of shake-up at Courage, particu- 

Fvoninp harder ,or the sec0nd rou “ d -; , The new approach at John what sort of group has that marketeers of all disciplines, larly on the management side, 

I mmiM Which than „^ ey were m J he first - ! p ] ayer involved the setting out special element that enables it He became joint assistant could be considerable. All Mr. 

the^ StaldfaJv* SaS- , WeTe a, ™ ng 11115 ° f better guide hues for mana- to gain the upper hand? “I managing director in 1969- Kent will say is: “The fact I 

Iih body sUH ,eft in - mark , you - • °5 rs * Dd drifting relation* believe it is the group which is with special responsibility for have this job indicates that the 

UK. eon waa 001111,36111 frora adimnis-j ships between one manager and prepared the least to accept organisation and manage- (Imperial) chairman expects 

. »hi« -nil ******* headquarters. ”so we ; another .and one function and second-best and compromise, ment development — and was changes of some kind. But what 

Between Rank Xerox and ils |“ade sufficient profit to sunive test ims time sUJina^a cna^e certainly cant be ucused or- another.:. “We tried to en- but is constantly striving for appointed chairman and manag- they will be and how they will 

bird national title, however, lie Inl ° lhe second round indude - ^ p p victimising our fnends at IBM.: courage -more people across all just that extra per cent. I see ing director in January 1975. manifest themselves I can’t say 

t™ .Hrfftim. .nit dMw ih»t But we see no reason why they. I jobs to contribute to the debate. It as part of . my job to His main interests outside yet" 
in aoaiuon. ana to snow mat j jj^ e everybody else, shouldn’t 


from other experienced players, 
many of them also from real- 
life companies of international 
fame. 


the group's 
alone. 

The Manchester 
News and Guardian 
year won 

The 232 whose make-believe contest held for 
consumer - durable businesses losers in the major 


paints division 


our more rounds of computer* foe instance, no fewer than 30 
>ased “ business “ competition teams from ICI, with four from 


Now one telephone number 
puts you in touch with over 
ljOOO venues foryour 
next meeting or function 


MEETING PQDC 


POINT 

01-5673444 

Meeting P^rnt lrnsi l louses Forte Ltd 7b 78 Uxbridge Road London W5 5SL 



the national game is by no now bavP l0 work a bit harder 
means restricted to Bntish for the ir profits ” 
entrants the survivors include The second round of 

a side led by the finance dirw> major competition will' start at, 
tor of a Portuguese manufac- ^ same |inje as .. pIate -.| 

turing company, and a team contest which is open, at an 
From the overseas subsidiary of ent fee of ^ t0 , of ^ 
a Bntish bank, playing from ggg ^ k^^ed out so far. 

_ _ . _ , Like the national champion- 

Therc is another feature of ship, the- subsidiary contest wl! 
the second-round which is eaus- ^ continue to be played by 
mg somewhat w^- smiles in the ^ up lo the finaJ round> ^ en 

games ad^llnlst^an^e head- on jy j- our leanis will be left. 

<, H2T ters 1 h 0l3d °jL The face-to-face final for the 

The administrators come ^ - p | ale » H ill be held in 

mainly frwn ICL which, along on July 14 . It ^11 be 

with the Financial Times and followed at the same venue by 
the Institute of •• Chartered £1,000 championship on 

July 25. The European cham- 
pionship uill then be beld in 
™ the autumn, probably in Stock- 
holro- 


Accountants in England and 
Wales, sponsors the annual 
U.K. championship 
association with the Con- 
federation' of British Indus- 
try and the Institute of Direc- 


Michael Dixon 


April 6th.The start of the 
Earnings Related 


Contributions 


Problem. 


First it was sorting out PAYE problems, 
then VAT reared its head. . 

Now from April 6 ERC makes its entrance, and for many 
accounts departments, this could be the final straw. 

if your company is still making do with manual, 
electro-mechanical or even small memory electronic machines 
you’ll find it practically impossible to cope, particularly 
with contracted out contributions. 

Your accounts department is almost certainly working 
at maximum pressure now and your invoicing and cash flow 
could suffer dramatically If endless hours are to be spent 
on ERC table checking. 

Now is the time to talk to Adler about 
your specific problems and their great range of answers. 

The Adler TA20 or TA1 000 range, from £4,000 
to £35,000, plus one of the most effective software libraries 
in the business, will take over your full accounting and 
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and gi ve you and your accounts department time to 
concentrate on the Important aspects of your business 
-like running it ata profit. 



AIILMt 


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A GREAT RANGE OF ANSWERS 



■ « To Adler Business Systems Ltd., 

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Experience has taught us at Williams & Glyn’s 
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A branch manager who has devoted time to 
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10 

LOMBARD 

Disappointment 
at high noon 

BY GUY DE JONQUIERES 

It will be up to EEC beads footwear. Japan has defused 
of Government, when they meet specific complaints about its car 
in Copenhagen in ten days' time, exports by agreeing bilaterally 
to form their own judgment on with Britain and France to limit 
the value of the trade conces- deliveries to their markets this 
sions which the European Com- year. Only Italy is still agitating 
mission has been able to extract strongly for tough concerted 
from Japan after two weeks* measures against tho Japanese 
intensive negotiations in Tokyo, chiefly because it is concerned 
But sot against the advance about preserving its markets 
billing given to thn talks by the elsewhere in the EEC against 
Commission, which sought to third country import cumpcti 
present them as a kind of High tion- 

Noon for international trade European attention has also 
relations, the results look rather been distracted by the con- 
disappointing. sequences of the decline of the 

From the outset, it was d Qijar. Beyond the destabilising 
apparent that the Commission effect that lhis had on the 
was deliberately setting itself wor | d monetary system, there 
exaggerated objectives, many of are increasing signs that it is 
whleh it did not seriously believe now beginning to give U.S 
that.it could achieve. In public, exports a significant edge while 
officials in Brussels have talked posing a challenge to European 
of the need for a dramatic tuim- exports un the American market, 
round in Japans trade surplus 
with the Community. But in Tf nr ocAlim«) 
private, they are prepared to 111 C3UiVt.ll 
admit that structural economic ... . 

constraints would make It diffi- . MeanwhjJe. of course, the prob- 
cult, if not impossible, for even pp?? 0 , In 5' . remains, 

ihe most cn-opcrative Japanese fr ° m * E< r standpoint. unre- 
Government to produce the Wed i imos respects But it is 
required correction in the .sort *■ 

of time demanded. S 01 * 1 

What the Community would , EEC . efforta 

have liked would have been the ^s beeo dt reeled towards cor- 
kind of detailed list of individual n3 T L , ‘* b ? lanc « of hl, ateral 
concessions wnmc from Japan 

hv President Carter’s snecial ever- . al the next phase of the 
iradc repr. intrtUo . Mr. BntiJn “'"Pi'S" o.ay have to be waged 
Strauss. From its failure to get lerri ' or >'' 

it— despite 'he application or as 1 “ lra raarke,< ' 

much ne?oriatinc muscle as the At presenL the EEC runs a 
Commission could murter — it is substantial surplus on its trade 
fair to conclude that the with most of the non-oil-produc- 
Jananpse regard Ihe conse- i°g developing couniries, many 
quences of a serious fa Hi Tic-nut of which retain strong commer- 
with Washington more seriously c *aJ jinks with their former 
than thn V view EEC threats of colonisers. But ihese links are 
retaliation. inevitably growing weaker with 

They ore almost certainly cn d the EEC would be 

right. The commission i*self is foolish lo rely on them to with- 
nnwertess to put into oflfect the stand -a concerted assault by 
kind of counter measures which Japanese export industries, 
its negotiators have warned Second, Japan itself is facing 
enuld result from continued increased competition from 
Japanese intransigence and it is other Asian countries in seeiors 
doubtful that the F.EC Council in which it was until recently 
of Ministers will decide to do so. predominant— one example be- 
Most European Governments are ins shipbuilding. South Korea's 
far tnn concerned at present exports to the EEC bave boomed 
about the growth of nrotectionl«t in the past few years and its 
tendencies in the U.S. to risk surplus on bilateral trade 
taking really drastic actions reached almost S2hn. last year, 
against Japan which would he compared with a Japanese sur- 
hnund to p*rate serious repercus- Ptos of $5bn. 
sions on the oilier side of the Many European governments 
Atlantic. believe that the best solution to 

n such problems is not to be found 

r r£*iSIJr£SJ in bilateral diplomatic confron- 

tation but through a change in 
Moreover, the immediate pres- the GATT safeguard clause. The 
sores in the economically weaker EEC is already pressing in 
EEC countries for a head-on general far the right to invoke 
confrontation with Japan appear safeguards against individual ex- 
to have abated, at least term porting countries — instead of 
porarily. The crises in the steel against all trading partners as 
and textile industries have been at present— and this demand 
eased by tough import restrie- seems likely to gain added sup- 
tinns at the Community level- port from the failure of the 
This may also be extended to Tokyo talks. 


Financial. Times Tuesday March 28 .1978 


THE, WEEK IN THE COURTS 


Recording law 


Arsenal fail to 
chances in 






Vt JUSTINIAN 

LAWYERS IN practice are dares thatjhe never has had If that is right, why did not THE HINT of rain, a slippery ' “After the interval Arsenal TOP- wa v£5 

essentially executants and not any records ' otfier than those Parliament, when, making in pitch and a high blustery wind firmed to do most of tne ana Sanwich. who aiSetJiHWieb in 
composers. . The nature of the discovered by the recording 1958 the pirating of dramatic made conditions difficult for the big, but the home team, srap ^ ^mi-final, 

law. in its detailed prescription company. and musical works a criminal PjjJJJJ i a] Ha5°Srwattno watch . Not only, is tin* the best 

of rules, does not lend itself . . r OIin j sivetfte offence, say that the performers SJ^^Jmtinued to have most of Arsenal side since the parly 70s. 

occasions however a lawyer may J the P ser ^L pf , writ iStt Shawm hrsdissenting ^ itbough Ssca were- oofc-"^ : 'T fig, * htewd *** 

uncover in -old and disused rule invariably enough tor the shop-. “^t**-*** 1 . played for roost of the roateh tK» CACrFR ' " AUhoush not quite w impreg. 

it to fresh use, he may incfsHti,; Aaf*at th* the language of the section in managed to collect a valuable nable at the back, it possesses 

existing nile to meet * new dotr to perform would involve died . Jit.le Ip. .lb* .Wur dW BY TBEVOR BAItfiY greoler skU^nd^lmWnstion 

and unprecedented situation. was invoked* a «oecialist in 8111 iUicit Processor interpreta- after an entertamms first -half.- . ■ ■ — but against Chelsea they failed lo 

The Court of Appeal's decision industrial 52 Mr tlon " lx 15 not a function of .The first 45 minutes belonged ’ , . V- . . put the ball in the net, in r-plte 

parte Islands Records. H uL f.»giST P !2L...ii.d mp «»rts indirectly to ^stifEen ^ *S£!l : -^th MactonaW rf creating sufficient dear-cut 

although too near the 
for comfort. 


in ex parte islands Records H „p h f nn P couris luarrecuy to stuien ■ , v*' USi “„v* with Macdooaia owy i«« of creatu 

Ud rf - deiTvered jue. before the ££ “he the einew, of e enmiMl Wtute. .nd 

Easter recess, provided just Chancery Division of the High least a con ole of goals and wopll. 1 ^ th rtirf mma’ee rclecation zone far comxort, 

such a rare event. Court to make, orders on shop- Third Tlfl tfv have. had them if it first‘ ?irner and should have established them- 

The recording companies keepers before the issue of "the- 11111(1 parly For the agility of Bonetli - sain u»e <»ni shot, selves again in the First Division, 

which tape record the per- writ and before- they were even Lord Justice Shaw also negat- ffit d v ! E f™ r drii?S; o^L^ESchfennim who wa* ^largely However, it is - intcrwtlo* to 

formances of pop groups have required to appear before the dved the second proposition ? e tS fram R?M Siaole^1^&mDloved. * stopped witlmul reflect that iost wason they wert 

had an exacting time in recent court. ^ ' The order, which caught that where a contravention of Sf with 

years protecting their properly, the bootleggers' unawares, re- the criminal law inflicted special Macdonald being only- just wld^ftoin Langley forced him to go NorUnghaffl^ .f^SriftS yS 

Individuals who attend the per- quired them to disdose all rele- and particular damage on per : Chelsea^ who had Hav operasvfcll length. This ' ya ®J h 5,f^"{ !™"T una hlP to Boend the larcc 

formances or hear them nh vant material, froze all their formers and recording . com- Ina as a sweeper -behincf DnHfeffirChelsea JK} :JJL n a “?eded toimur ove the 

radio are apt to do their own stock of illegal records and pro- panies with whom performers and Wicks and had detailei ,^stle came d defenders Fortunately, their nursery cun 
recordings on rhe nuieL vided that the . nmnrdine com- m n rni>t»f f«r rhP nrii.«hr« Locke to mark Brady wlihout to their hard : pre»e_d defenders . [ nm ^j 


to unearth nrnminng 


on the quiet vided that the recording com- contracted for the exclusive I!-' , ‘ T™' X«^' hv thiB time their omw- tinucs 

From the tape recording panies . could immediately production and reproduction of *eii w5mvery rortm? - £vnsa Meared to have lost some youngsters, but without Wilkins 

hundreds of copies can be made inspect their stock. The device their performances the civil to be still in lie game at half-’ of theirinspiration. they are short nf class in imtl- 

and sold in the form of cassettes proved highly successful. But courts could intervene. No time. '.'- Arsenal, strongly fancied to field, 

and cartridges or gramophone was it legally supportable? doubt there was vested in the 


records. Small shopkeepers oirate - who infrin-cs contracting parties who pro- 
stock them at cut prices much copyr jg h t JJ “ f oui | IV of duced the records certain 

to the fury of the recording ^ ci % b £ach of ri Sbts- But such rights 

companies and the artists who M njnht » .** th , w had had to be capable of ready 

perform, since they ordinarily ma P de fhe’bboflegger gullly onlv recognition and definition. The 

receive royalties on the records of R cri iudses had di ®culty was that such contracts 

legitimately sold. ignored ^ . dlstinc i on ; olbtfr could impose no obligation on 


Boost for underdogs Orient 


Copyright 


BY JAMES FRENCH 

«*'■ ■««*»“-.« «nvone hut ihe contractors A I ORIENT the underdogs who race--" It must be emphasised that ' Surprisingly; after being run 

judges thought it fatal fo the ^ C s S , o ab ey I A^erSl iii the FA Cup se™ Kitchen is half of a great part- nf iheir Pcet for 10 ^.nutes 

case for the rdaJcing of a , ., , I finals on Saturday week, actually- m>r«hin. signed by Mr. George Sheffield Uni ted took the lead 

peremptory ■ order. By a 

The initial difficulty, the majority the Court of Appeal arvxIlOKa nn 

recording companies argue, is now sanctioned the practice. 

™ a <w?nS The - CMB f0r peremptory no right in the authorities to The struggles i« e «.«. — uriem iou R a«. 

are so imangioie, so order is founded on two pro- ask a criminal coun for a search side needed such a psychological selfish Joe Mayo— a supreme 3 f ter 57 minute*. After Brown 

and so ethereal as not to attract positions. The first raises the warrant. And yet that was pre- boost after their 5-1 Saturday trier, tall and awkward, who saved Roffey’s shot. Glark‘s effort 

copyright. Only the actual age-old legal problem: whether cisely what the recording com- thrashing at Stoke, it was also spends his last puff of breath was -pushed out by Franks before 

musical work can be the sub* a statute that creates a criminal panies and the performers a welcome back to Leyton for to win a. crucial deflection. Mayo ran it in. The referee 

ject of copyright. Nevertheless 0 ff enC e also gives the victim sought and obtained from the Orient’s manager, Mr. Jimmy . Arsenal have been playing so insisted on a penally, which 

the making of secret tapes and the right t0 ^ in the civ ji eiviI conrta _ It would odd Bloomfield, paler and slimmer well and have such depth of Kitchen netted with case. 

■«*•« if®. c ! viI courts oould jto^aeh “operation h ° 3Plta * SffitabW "dafuTeyshnold -T*» -'!?!»“'« . ber ° rt 

• mai me law womu oe m a sorry execute rfMcnman nnwprc ihnt — .. . .. - 

and Musical Perfonncrs' Pro- S |:ate if a man committing a the crin 

tection Art. 1958, it is a cr i me could turn round and say possess. Easter.' Peter kitchen’s trio took midfielders are sufficiently under- rA? C j n^thc*' bTust er y D “win t\ am 

a person lhal he was i mn , une from suit Yet the majority of the Court his to 27 this season— not that whelmed to pump some sort of J* ” ‘"L accelerated oas 

Rnowine»y_ w a record or and could cause special damage of Appeal was willing to coun- Arsenal needed a nudge to service to this Quixote-Panzu {* defenders and hick * 

a dramatic or musical work wlth a degree of impunily. The tenance such an anomalous realise that this is a real danger pair, these braves could achieve . lQW sbDt Qast grown, 
without the performers consent ppiice have not the time and position in granting the record- " the impossibl ie. 

Those engaged " In the illicit pgrhans not even the in cl in a- inp comnanies their excentiona! Kitchen is short and chunky Aftci all. tlMsy raw .already * r n r 

«“Si sss ssssf es 3 x/isssrs 

to thereto The S2S 8 are which does little public damage, bootiegging of their property ball control. He is gLd with hU breush in this Cup campaign. quality. But far loo much of 

to their role. The : pirates are leaving it to thn« with private rights. To many lawyers the feet and his head— and if be has Wiih vet another black winger. United's Contribution to this 

the infringers of the copyright interests to take what action decision is more than a mere a weakness it is a tendency to 17-year-old Godfrey sparkling came from tbeir veteran captain 

by reproducing the existing t j, e i aw permits them- Against discovery of a hitherto unused be caught offside. But that for them Orient should have Woodward, whose enthusiasm, 

records: the bootleggers are background of non- part of the law relating to in- surely, is forgiveable. in a man taken a commanding lead in the fitness and accuracy matched his 



recruitment. 

East London’ The other partner is tall, un- 


cross. 

Orient took an overdue lead 


lime. 


first half. 


usual standard. 


those who sell the infringing interventionism by public dustrial property. It is an in-|who scores so frequently. 
c °l > * es - authorities Lord Denning con- vention of the courts presided 

The problem facing the eluded: “So if the law is to be over by that inventive genius, 
recording companies and the obeyed and justice done, the the Master of the Rolls. It may 
performers is how to catch the courts must allow a private in- not survive the scrutiny of the 
culprits. As soon as one small dividual himself to bring an House of Lords, if and when the 
shopkeeper is sued, he disposes action against the offender, issue lands on their lordships" 

of all the infringing material, where his private’-righto and plate. SEASON’S international that England scored against Scot- curious ideas, but the dropping 

passes his stock on to a fellow interests , are specially affected - * Times Law Report, March 21; raa tcbes were not particularly land. Otherwise, the scoring, of Romeu was an incredible 
shopkeeper and promptly de- by the breach. • 1378. memorable but nevertheless his- considering the present-day value blunder, and ironic in view of 


History made on several fronts 


i tory has been made on several of the ur.'- was quite low. 


TV Radio 


t Indicates programmes in 
black and while 

BBC 1 


6.20 Nationwide 

«.5tt Young Musician 
Year 

7.20 The Rockford Files 


ins Scotland. 11-55 News and 
of the Weather for Scotland. except 

Northern Ireland— KMHM 0-25 

a.nu Final Stage; The Benson and 


fronts. 

France was admitted as a full 
member to the exclusive coterie 
of the International Board and 
Michael Gibson set a world 
record of international appear- 


Ali IBA Regions as London Woai Down” stunne Barbara anc __ , . nta , nf « pans 
rent at (hr follawlnc times-— HnJlen - 7JB A Cuttw In the CouwoM* anceS WTUl a I total OI 03 caps, 
cept at me tallowing times. yjj ChaiUe’i Ansels. HJO po.icr J. P. R. Williams shocked 


Walds may, be nearing the end 


RUGBYUNION 


ANGLIA 


woman. 

y.zu me KocK-roro rues a.nu Final Stage: The Benson and u . fl ■ m ’"can<55ir'"Tiin-. imo c ^ CTWn/w , al J?rA B HTV r J ie ”, ral I he had committed a professional 

S^ Wrec BurM 0ne ' Man J5SK SSaSr Foul on Gibson in Dublin to 


HTV Getwra] 


his 

many admirers hy-admittfng that 


BY PETER 


BINS 


t r 


Show 
9.00 News 

955 Pennies from Heaven 
10.45 Ballroom Champions 
11.13 To-night 

11.55 Weather/Regional News 
All Regions as BBC-I except at 


9.10 a.m. For Schools. Colleges. 

9.40 Roobarb. 9.45 Jackanory- 
10 00 Why Don’t You . . .? 10.25 

Boy from Lapland. 10.50 Lippy 
Lion. I2A5 p-m. News. 1.00 
Pebble Mill. 1.45 Ragtime. 2.45 
Songs of Praise from Gloucester 
Cathedral. 3.20 Pobol y Cwm. 2St the following times:— 

Regional iNews for England 
(except 
School (as 

Vt ally Gator. ■» -m uiumuiuij. •».■«•# notes >u-uay. o.TO negirn*. r.iw o fplummith) 
Playhouse. 5.10 John Craven’s Pobol Y Cwm (senodl penned 26. * oulh West < pl - VD10UUl >- 
Newsround. 5.15 Take Hart. 5.35 7.404.10 Young Musician of the 
Ludwig. Year. 11-55 News and Weather for 

5.40 News Wales. 

5.55 Nationwide Scotland— 5.554.20 p.m. Report- 


10J5-11J10 Why Don't You . . .7 to uw puiim ot me .vpea 
3.53-3^5 Northern Ireland News. 52® Witwc. i25 p.m. 


? w cSSd. •jBr.JS? - a S s?s pr ^ ent a **»■ 

5^620 Scene Around Six. 11.55 to W " 5 & 


events at Cardiff. 

Ireland were quite a different 
proposition this year under the 
direction of their new coach Noel 
Murphy. He was a hard but 
clean player and therefore It was 
all the more surprising to 
Slattery so consistently indisci* 
plined. 

Scotland badly missed Gordon 
Brown throughout the w holt- 
season. They were led raUur. 


of an era, but what ap era it eccentrically by Morgan at scrunr 
first" has been, and what a privilege half, whose own performance* 

News and Weather for Northern .* lm ,,TW htv wiwrai service to achieve because it sets a to see such a combination of were fickle, to say the least. 

Ireland im ^SSf 1 MrhnT SetaSc^i BST’uS 1 ? ifiSi W *** Hea<1 disquieting example to other less originality and organisation! Finally. England, still in their 

England 5 83-6.20 n m. Look SSS’ -JS? Q “ ,nw ’ UM STOTTISH ? i ted PjaYe™ who might see They ' achieved greatness rehabilitation period, looked -a 

East (Norwich!: Look North w. Hr.uUo.u-B Pirawuih Justification in the same tactic. because of their colossal confi- better side. They gave France 

Ufl „ , . (Leeds, Manchester. Newcastle); ATV Rock, ms Wes way. jus p^n. New The championship was always dence which verges on arrogance. a sood run and a debatable deck 

T . . Wales— 10.55-11.45 a.m. RlulU- iridlands To-day (Birmingham): UM ■- m - Pw* Party- n* *» Mr - ■“? qoing to be a twn-nation race Wales expect to win when they «ton cost them a draw against 

London). 3.aa Play Coloured Swap-Shop presents its Points West (Bristol!* South To- Proiwsor Bjltbuir. L20 p.m. J-M TTje F^cilcc. S45 Pk w and Hnepda leaving, as one cynic put It, tafc» fipld whpreas other Wales 

s BBC-2 11.00 a.m.). 4.20 Star Award 1078. 5.55-6J0 p.m. ,V c“I« 4 „u 4 ATV N>*wsde^- 3JC Qairt on the Draw. ScmUpd take . ! he ?® ia . wnereas Other 

lor. 4JB Jarkanory. 4.40 Wales To-day. 6.50 Heddiw. 7.10 S?„h Sp0thsht 


ATV Mfwsdesk. 3J6 QaJrt oa the Draw urBsaraaw. s com pa Today 

3sa uonsepartr.' sjl 5 Lavemc and wa wiiat*s vow Problem? uu Scottish England, ocoiianu ana Ireland to countries only hope. 


The omission of Burton after 


BBC 2 


F.T. CROSSWORD PUZZLE No. 3.627 



ACROSS 

1 Method used by Surrey 
branch of family ( 6 1 
4 Firm lias a bird greatly 
occupied (4. 2. 2) 

10 Weird organisation is careful 
(71 

11 Simpler chap from Salisbury? 
(7) 

12 Part or film about the Spanish 
(4) 

13 Important matter for officer 
with children (5, 5) 

15 Ancient city church at home 
lo boy (5) 

16 Girl coming to fishy conclu- 
sion 1 7) 

20 Garment for consumer from 
south-west (7) 


DOWN 

1 Gel ready to ■ fight old- 
fashioned superior (6, 2) 

2 Belief beyond question con- 
secrated neatly (6. 3) 

3 Girl partly defeated Napoleon 
H) 

5 Father turning up tried to be 
given the OK (S) 

6 Don’t exaggerate lack of hil- 
lerness in order at bar (4, 2, 
4) 

7 Load of coal may be well 
within their grasp (5) 

8 Goal for sailor lo understand 
( 8 ) 

9 Goodness of bowler l'm wear- 
ing (2. 3) 


21 Hat giving protection in the 14 nini^cvem ^“4) f0 ° d n * n ' 

24 First-class honours . for ad- 17 Apparatus desired for Hatch 

26 Nothing to part at date of 1® Colour in the main (3-5) 
death (4) IB Punter and newsman ' 

28 Undertaking lo provide open- 
ing on river (7) 

29 Clergy brought to book (7) 

30 Sure 10 be noticed coming 
out (8) 

31 Low sound made by cardinal 
at anchor (6) 


im- 
proved (8) 

22 Herb’s with church saint (6) 

23 Give lessons in West-end to 
everybody <5) 

25 Left and right, he’s doomed 
(5) 

27 Ring for the light-headed (4) 


The solution of last Saturday's .price puzzle will be published 
with names or winners next Saturday. 


11.00 a.m. Play School 
2.15 p.m. Other People’s Child 
ren 

2.30 Having a Baby 

7.00 News oo 2 Headlines 

7.05 On thP Rocks 

7.30 Newsdny 

8.05 The Vei 

9.00 Pobble Mill Showcase 

9.30 The Man Alive Report 
10.20 Poems and Pints 
10.45 Late News on 2 

10.55 The Old Grey Whistle Test 


France once more had their 

shows that Wales did not have fell* 1 teavtto but ^ensuing result nit her- 

an easy time and both England *™iency _ ana» ten oeaviiy. proved , he se | eclors - poinL ^ 

and Ireland ^ave them a fnght. ^Xa^to^a m ^ a,so had ,he Sand sense to 
The widest margin between ^ arc n against waies. appoint the right captain. 

Their selectors have some .Beaumont 

Oxford splashboards decisive 

RESULT 


SMrler. M« XTV Today. TJ» Survival Nurse of ihe Year. 7J$ The Anl 
Special. 8JB Robin's Nest. UJfl GiW»- Williams Show. UH> Robin's Nc«. U-M| 
vllj e . , Late CaJL UJS Rnafa . 

BORDER SOUTHERN 

11.Q0 a.m. j uncle Ted and the Lacey- U-00 »■"»• Return to the Planet of the| 
bmlaopoppers. IIJ5 Plymouth Rock. Ages. U3S Winning with Wilkie 

UJS Westway. tUO p.m. Border News. L* n.fn. Southern News. 2J0 House- 1 

2.00 HouKpany. 3J0 Marcos Welhy P*jjz. MJ WS Btod. 5JB Crossroads ! any two -teams was the 15 OOinls 

MO. 5J5 Indoor Lea cue. Loo Look- MO Day hy Day. 7J0 Emcrsuicy. 8J»l any lW0 LtIUB wa “ ^ 13 pemis 

around Tuesday. 7.00 Six Minion Dollar Robin's Xpsl 1130 Southern News Extra 
Mu. 1.30 Robin's Nest M35 Bareoa. UJ3 Drlve-lp. 1238 sum. The Practice 
tlilO a.m. Border News Summary- TYNE TEES 

PHANTVFI 0-m. The Good Word followed by I 

LnsnittL North East News Head hues . 

..i -1 ?. Sl anjlel Cartoon. XUS PUmouih Rack. 1135 

au ‘ar.SK 3JD ^SSf 1 sU? 1 Westway. L2» pjn. North Earn News 

5J 5J 1 !£, F j*, n r [ ~ and Lookaround. S-28 Tho Odd Couole. 
siones. 8JWR.-i.ort at SU. T.05 Treasme iso A bir Conn try. 535 Nobody's House. 

rhJnnni 7 f5i» 1 *.#p Northern Lire. 7.M mu From THE RESULT of' Saturday’s fallowing the ‘ race in the Cambrtdue wont dmi-n - ♦» 

Rosalind iiedicaL ujs ‘a-m. coSmenuires et uST iit-^EoitoSw? 1 ***' ^ Boaw ' i ?.®i tl ® nt ' fil i e<l Kace would launcbeH, "it was Obvious tliat .stately fashion less than a mite 

ULSTER shli have been a win for ■ Oxtord Cambridge was slowly sinking from home, humiliation and 

mo a.m. Cartom Ttan^xus Pirmoath 2-SPS2!*, 1 2! lhs bewilderment written on the"? 


11^5-11.45 Closedown: 

Shanks reads ‘An Instant Precisions Meieoroioeiques. 

on the Viaduct’ by Jenny GRAMPIAN 

Joseph 


^ “ of on the Corney Reach towards Barnes Faces. tho Vixtb crew lo slnk to 

Vs e - ^I 2 m S 2 SJ 2 !*- »."? JGS: EPEl £■_»£__“! ..s^.-The[ finishing side of Barnes Bridge. Bridge, seeking the limited shel- Boat Race history. (fifoJd 

cruised remorseiy on to win in 


-™— _ nine. -u« Mr. una «rv. ua t7ie uuiddiiik aiuc u* unuica ui iugc. BridflC- SfiCkiM 

I OjVri^]\l way. L2 0 wn» Grampian Nwi- Ecsd- Woody Woodpecker Show 4JS Ulster « l « . _ » *■ .» A houji.,... v%' u 

LUl’l UUIs liiica. ^26 Women Only, aids Cartoon News Headlines. 5.15 Frtenda at Man. Oxford were, incomparably the Middlesex bank. 

9.30 aju. What's New In School. 7„’ rT, ti * I S I S 11 ^ donna. 535 Wtaus mm swer Telovision News, mb Cr«sa- better watermen — as was clear The real damage for Cam- 19 mlnntes. 
I LOO The Man _who Hated *2S2 a!S? ? wI2!L e from the practice start toey made bridge came, as the two crews, 

Laushter. 

Pa per play. 

Srnnes. 12410 

1.00 News plus FT Index. iJ*o ___ GRANADA WESTWARD 


zzs sam 3 Tn tuu !■ amir ' nixui. iuu kl mourn kqcr. lift Wnrvav t ^ ~ . . , . . 

Runaround 4^45 c’S™” i <u L Mp S fcJ 2^° cinema, xua p.m. Gas uoneybim's B»rOidays! ajr,0lint of water they shipped, 

m Rr^u Riin-h 3 8-19 ni * L- R'f'hi 'reth-at of todays UB Westward News Headlines. 339 The rare was one nf the mo' 
te Brady Bunch. programme of advice to viewers'. 535 Friends of Man. 3-58 Music in Camera ine one ine P?. 0, 


- — — (Kp 

„ - - - - . . inlachboi" , d«s to their riesers. arch of Barnes Bridge, moving Boat Race mindits”" wan" thir 

SnS NoL j'S C °s£l 5:SS f"?. i. i S S' I eftectl’ely cu> dow" the s-W from the comparative without - 

Family. 4.20 
Magpie. 5.10 The 
5.45 News 

6.00 Thames at 6 
6-25 Crossroads 

6.50 The Sis Million Dollar Man 

8JW Armchair Thriller 

9.00 Wilde Alliance 
10.00 News 

10.30 A Taste of our Medicine 
II JO Gibbs vi lie 

12.30 tum, Close; Rudolph 

reads a poem 


^ most 
crossroads, uo Granada Reports. *J8 535 tv' FUnistonn. ~ fcJB “wvsrvrani memorable for many years, filled 

■'■I**** J5*rr ,n * B . lr « Croib^ Diary. 735 Treasure Uttut. TJS Chartlfl's with incidents begiQQillg with 

Frank Sinatra and Craue Kelly. tXUQ AjirpLs. UL2S Westward Lair Xl-ws. mo fhe false start bv QxFnrd 

The uqiouchablca- Wosislde McduaL »J< ajn. Faith fhr rne nrsl raise 5lart °y uxiora. 

HTV Ufe - 

UJW a^n, Poueji'. U.S5 Ptymomh 
Bock. 1138 Tho Weltf of Montrose. lLOB a.m. 

L2D ».m. Report Wesi Headlisea. US U0 p-m. Calendar uuu- ■ >■«». — ? •»*«,•. .i UU ..vi, <uuku , _ , . . - - 

Re m n sm e rn H s- i l 4llD0S ' ^ House ‘ 1,0,196 on 016 Priune - 5Ji indoor | time had been lost that the w . orl <! a few seasons ago by 


YORKSHIRE 


Next time round, both crew* 
started early, rowing away he- 


shelter of the Middlesex bank. alnitwi ceJbSnly bave'tunk' 0 ^? 

Hannon’s team ready 


5»« Je umpire had dropped his Mon H FH? -shocked °the mint 
;ndar News, us Lftiu- flag. By ihen. however, so much e " s . racing 

_ - - - -- -- -- —4 Prairie. 5 Jib indoor time hud bePQ lost that tho ^ ® ' seasons 3go by 

party mi The Elc^ne Theatre Show, Leacae. Wfl Calendar lEmtay Moor and ,,™niro «. na iMv » n YL, Winning the Two Thousand 

Walker c*2! siobad Junmr. Beimom cdltionsi. 7.00 tfsn Fran unipire fi6nsip]y decided to lei r«..: n(> < cn,i nnshn hi- 

waiKer 5J3 Crossroads. 6.00 Rcoort Wcot. 6J» Atlantis, UO Robin's NcsL 1U» Pob« the PBCe continue ID View Of Ihe t uumeas M al . w 1 ***« hl ^ 

w-u. — - raptdlv deteriorating weather. l «» n wel forward, and ht S run- 

- . . . . . . ners could repay support ovor 

- Oxford convincingly demon- t h e next few weeks. 


Report Wal«. fjjs "Mloa McTaggarr Woman. 


RACING 

BY DOHINIC WIGAN 


convincingly 

RADIO I 247ni MWdv CWiren pan i: Schybert. RobbUU, *r«wne news fVHFi Rreionai News. I strated their ability to gel away 

(si stereophonic broadcast ?S5?’ Thc Xows - lm Just a Minmr «i. 7.61 ) \ Fast and soon established a lead 

101 a.m. As Itata l JO Noel WorMwMe. 1.JB Midday Concert News. 7J5 The Archers. 73 Time for 

Xdnionds 4. GO Sltnotl Bates. UJ1 Patti X!!?' 7 - 30 R °l' al Uvertjool Philharmonic 

Bnrncii invhidlna Ii.39 p.m. NeH-sbeat. (Su* 1 ? fiC,* oStrln* Quartet fSi. Orchestra (as Radio 3i (S>. 9.35. 

203 Tony Blackburn AM Have li- ? L ^ r . Mua . 1{ ' fSi - ^ "Aialama Kaleidoscooo. 9J9 Wcaiher. 10.80 Thej' ___ _ _ . _ _ „ r 

Tracts Includina jT Neivttrai B ?j£ Fulk 5 »«JbImkif by Bantock World Tord«ht. U30 Nor Now. I'm IT UP DAAT DAAC 1 

^ “ fl%din 2- ^IK Jo" K!fl t£J a & A . * nt OVA I KAvt 


Si U JO- 12.05 un a a Ruti,, -i ‘ wart Boofld (Si. L 05 Now*. 0 .U Home- time. 1135 The Financial WorM Tonight. 

« w vuss UJ0 xew# 

KL^ ** '■ S SfS ffii : BBC Radio London 

Mary Coldniuti. «.«S conwrt part 5 r ^ 06 ru and 94 J VHF 

RADIO 2 LaflOm and VHF ^'riaca'Si. 1 J 0 The Rina and the Book. M0 a.m. as Radio 2 . *.3a Rub Hour. 

- ' — ->b. 930 London Live. 

1233 p.m. Cal] In. 2.83 


BY MICHAEL DONNE 


, f ® w back, . Top Knight)- 

This afternoop at Warwick the showed goad potential. 

East Everlrigh trainer appears ‘U he Is going to make up into 
likely to 6eorc with -both Crystal »« smart performer ‘ cxneeted. 
Miss and SUtherum. Alfsboy should win here with Ihe 

The last-named, a . chestnut m !"* niu to ®f (u«v. I suggest him 
Frankincense colt, whose dam days best bet. 

Scorton Green has already’ pro- « aw a Han Sound, .raltd by 
duced several winners, won onlv “! a;i *J pr Barry Hllla ag superiur to 
once from nine attempts last 2I , aure, J l I^rrler Chanroarae 
But he put up some ._ a .^ winner Smcton Blake. 


season. 


of about one length over Cam- other respectable efforts, notably }?, e r a l0ll « way short of 

«.„h Thd ■« vs — - « ,, W n. ^ ^. ra . U1J . bridge. The Light Blues hung on when finishing a close fourth in hl a ,i iS iL pot ‘v nlul1 Vl hcn svrsimh- 

m^ 7 i 5 S pam\«r e, raOTSf Sh 732 , To^' ?,“S£S T S? fi 2 , , % "‘"'i 3 . 1 'fl aw shotraic. M 3 Home Sun «.u| grimly to their tails though, and a Newmarket seller. - {“I** h 1 0, » e from Sharpen . Your 

Wogan .S. iRLiuding ur^acms^Huiieh^ atu ^' s Scbub,m JfJ’ t Mf , An 7 Saf in j«» w,, iB , S !he race W3S stiU wide °P en as u Slitherum has come through ^ „ p, ^ pt ? n >'?storday. 

iM Pauv for TliuirHi in It) Din fl A .“■ |w JOB. la^Ul.i,. IT -I . .. ‘ TflP HflW.ltl ka»- 


am M -20 Slravltulry's Harnaw w Jsc on 9.00 Now* Estfa. 

8.00 lid. X^ws Minima it. M 2 Ray historic recordings. 10 js Haydn and p fti ]q Town. 


and 8 45 Pause for ThnueHt. U)-W Jhtttns RADIO 4 
vouwf JS.. 1235 p.m. WaanoiKW Walk. 


Late Mam London, izon-oose: as the crews came up to Hammer- the dose season well and is r-«vn!?p»* ? Wa i\, * - 'W* 

434m, 830m, 28Sm and VHF na«uo 2. smith Bridge, Oxford setting a ready to do himself full justice bm£UT w ® f ° r ,the Kosset Carpet; 

4M«ufium wan anor . , „ .. record for the mile. he will take a good deal of beat- k* ww?.?* 1 


12 J 8 Puic Murray's Op*tj House jg. 

including 1.45 Sports Desk. 2 JO napiH , _ — -- — - — ...» - _ . _ . 

Aflpn iS> including 2.44 aqd S .45 Spdrti r 4 *? 5 «-m. Up (0 1 the Hour. X9i tyHFi LOHuOQ SrOAuCBStltl 
Desk. CM Waggoners' Walk. «.« SpOrta Realoiu*! Newa. 7491 News. 7311 Tod« 

Desk. M 7 John Duon JS * Including 5,4! the n«jr fconflnuedl 

Sports -------- 

Folk 
uoocon 


mas a SVW UCHI OI UCai- he t_ 5 . -■- •■■im-i.ihujm 

261m aadll7J VHF I _5K S tandi - 


k. noon ,151 uciudiHs 5.-w lizr. . it: mo »j». ifonuns music, -ua ■>* m ■■■ recoru ai me iwo-miie stage, but Ui the final H 

st^snssis 

.wA-UH3f sa atat." — — - p? g&sarAUs K “I SIS 


1U0 Deter! Island Diaca. OZ55- Weather, 


Graham Ddne'a Srulhun 


RADIO 3 



MS a.m. Weathur. 
overture «s«. MO New 

Concert 1S1. 9 J 0 News. 905 This Week’s Mother. 3 -M News. 3.05 liemapro&g WouUn^t Like It n-ilb Xlcky Horne 
Composer - Handel <S> 10,89 Holidav iSi. CM News. C« Gardeners- QMesUon U.M 

special r. 5 i 18 -io Academy of Um BBC Time. 433 Story Time 5 JJ 0 P 1 I Reports. 2 - 8 * 

Si. 1 U 0 Madeleine Dnng iSi. lino SM SersndjpiU'- *535 Weather, pro- « 5 f. 


developed almost inio r., w u • 1 . , seasor ». toe 

.... Johan.'. k»« w^' 11 To ,ho°e f n " V^tR 


« ^ Warwick . 

2-flO— . 

2-30— Crystal Was** 

S.fiO— -Slitherum . 
3J^hnck»dv«ntu?e ' ‘ - 
W** - 

4JP— Sqv erring V E&cort " 


i . 

C 




Ml to t.,i ■ _ ■ 

' CJ It r c mancial Times Tuesday . March 28 1978 

* I v V festival Hall I 

Ori doi) a. Mahler’s 

K- \ nr_.ii 









Round House 


,? i- i:i ^ r 
t J 


?• - ;$# 


by Ronald Crichton 


r - # - 


The Hunch 

by B. A. YOUNG 


*CM r 


As well as seasonable Baih , 
truckner and Mahler loomed! 
vet . the Easter programmes jdd 


■onth Bank.- ' Abbado and the 
.nndoo Symphony gave Mahler’s 
:>xth twice: I heard the repeat 
■erformance. on Sunday, a lmo st 
xaetty a year after a mentor- 
by K * r ^jaa and the 
ierun Philharmonic at the 1977 
ialaburg Easter FaatkvU. Both 
■xpen cure* were of Intense, 

Memorable quality. Some com* 
iarison Is inevitable. Briefly, 
hough Karajan's was not by anv 
«cans lust & gratuitous exbibi- 
>on of orchestral virtuosity, it 
s the stunning quality of tie 
ter! I ners’ playing, corporate and 
individual, that one now recalls. 

Vith Abbado and the Loh- 
iQuers. though the orchestra was 
n superb form, it was Mahler 
nnisetf with his rages, ‘bitter 
lespair. and moments of 
iianched, drained peacefulness, 
hat^came over with whittsheat 

Part of Abb ado’s strength lies 
n his rhythm — physical, instinc- National Gallery 
ive. One might ascribe this to . 

us pre-eminence as & conductor • 
f Verdi, but Karajan, who f V "vf 

iasnt that elemental command I r \ C± 

*f rhythm, is also remarkable in 111 

• erdi. However strong general mMm . w 

■.mpressions. memorv can be - - 

tanpprously fallible in detail 
ven over the space -of one year. 

’et T < am pretty sure ’that 
ibbados speed in. the. first 

lovement (Iparked Allegro! SixtuPTith-r-Piiti»rv Vunir 


ive. une m 

a «ls pre-eraine 

Kli’rdous o r :.i’ 4 SJ 

^ 1 V/ Ilf- 'erdi. Howe 

'■I'mnraerinne 



IBy 

■Hr < v 

iSI» v 

W - - ^ jsk 


- Mmmw 


■ ■ *S’i 


; T y , ; 

*■ i >" . * 


Why should 1 fight for words are rediscovering Andre Breton'; 
to describe what is presented wonder at the chance encounte: 
by this nine-strong male Dutch of an umbrella on a dissectmi 
company when one of its table. Surrealism lives again, 
members provided them in a There is a lot of music, somi 
prologue? “What we are going 0 f h amplified to the point o: 

to serve you," he says (in discomfort, as the fashion ii 

English), •' is a mixture of flow to-dav. Mostly it occupies thi 
and overflow, presented in such ar tistjc wilderness where yoi 
a way that one can hardly speak wi u find up-class pop music tiki 
of this, that or the. other," and lhe p jn jj pioyd's, though some 
he has hit the nail bang on the times it moves a step higher intc 

the superior meaninglessness o‘ 
Hauser Orkater. apparently contemporary jazz. But the com 
the name of the company as well panv play their various instru 
as its producer and director, ments with some skill. A Gennar 
would never hit a nail on the ^ with the chorus “Weissl 

head. They would eat it, or play d * ich bin wafted me baci 


a tune on it. or make love to n ^ world o£ Blue Angel 
it. for the) studiously avoid The jjuL 0 f course, the singer has tc 
rational. A man picks i up a Bend it up . Tbe g na i e j S a kind 



V 


- 1 , IS 


S £fj' t of toccata for nine drums whicl 
throws it to another: Not for j thought immensely exciting 

•> K,^ ays ^ Connoisseurs of popular music 


jt^k- 'rhes' throw it a dozen wouid it worth going to thi 
times in a i es-it-is, no-it-isn t Kh r nP t*.j s 

conflict, then -stop for no good shtm 3USt ror „ ’ 

reason. No one plavs it, then “ Do really understand one 
or any other time. another?” asks the speaker ol 

When we have- a romantic the prologue, turning to an 
popular song (it. contains the epilogue. “ Doesn't each of uf 
moving couplet. “ Baba bam bi I sail too often by liis own home 
can still smell you. ’Cos I’m made compass?" Hauser Orkatei 
wearing your T-shiri"). it has seems to sail loo often with no 
to be sung by a inan clothed only compass at all. A more polished 
in a G-string who has just been stage technique, a more certain 
giving sculptural poses. The knowledge of how long a given 
piano, on the lid of which a man joke cun be made to last wouid 
in drag plays an absurd seduc- improve the show no end. II 
tion routine with the pianist, never bored me. I was curious to 
is decorated with a stuffed know what was coming next; but 
pheasant. Here we have a clue I was amused less often than 1 
to the company's system; they should have been. 






The Pageantry and Poetry of Veronese 


by DENYS S U T T 0 N, Editor of Apollo 


n-, n «« Sixteenth-century Venice was painting on its own is an excel- one: the mistake in identifying which would have won tbe Church of San Sebastiano are farrlan 

1 VOPP°) . was , a gionous place for -an artist, lent one. It forces the visitor to Alexander that occurred after approval of Corneille or Racine, among the most successful — and wuvbhi Udruen 

loreshkttering UmPin - ■ - [The works produced there in- reflect upon the contribution of the Battle of Iss us. Tne setting, that of some palace, he is known to have been 


'ph*. , ; elude many of the . grandest Veronese; the provision of an . At first- “lanre one is teirmted has allure. Veronese’s gift for arraigned before the Inquisition 

hnnKnhere in .» European paintings, which have X-ray of this large composition t0 internret the oicture a S P no • evoking^ ^atmosphere is shown in in 1575. on account of his large 

won ^ teart s of British provides fresh information about more than a oa^eant Daintine° tlie impressionistic figures on and marvellous Feast in the 


dmiraWv^ cmmLJ ,“ uak ' lone won the hearts of British provides fresh information about m0re *ha Q a aa „e ant naintinp the impressionistic figures on and marvellous Feast in the 
iT^rlnewllhnl!; I connoisseurs. . The Venetian them aster's technique. A com- S? e ,heme woiSd°have ?p pealed the balustrade. House of Leri, now in the 

T* KtJg. be? effect SSbi?? 001, wh,c »“.^ 1 re P Fesent , ed parison between the X-ray and to the h fiwt owners^of th^work. The exquisite quality of the Accademia.m Venice. . 


Manon 


is *srxfjs ffTWsrw'isf p sssssss stw clement crisp 

Pr tt aMd fl cogent from British, writers, clmnge? one'^Herthought w« wS' proha^ly’^hied that S“picture was°p!dnted bi- *™ronologj? he was able tc^paint Manon. returned to the Opera has lengthy passages in which 

2E2S5wJ5 h?* J“« le One distinguished, historian of the addition of flie bors« in the f 0 f?nVof Seir coun^^ SSw Veron^e wShou^ in whatever style suited the House reperatory last week and hf is.a passive observer of 

hon r«nH ted up-tilting Venetian sixteenth-century paint- f ar distance. Veronese knew itTa “SSrit? Stance The KndlSL reSSl! commission and his paintings received a performance which Manon s career; these Dowell 

orm, d R ?ven^the* r^hf nl® f rem J ?2 be . want . ed t0 say ber ° re Ilone would be to d miss some his enjoyment in executing the ? ttle devdopmeat within caught very acutely its theme of fr^ed* 1 5wiM“ !l tte b chmSSr 


ment from tbe Post of Keeper he started work. 

»ot quite enough weight, done at the’ National GalWfcr is . _ ’ 

nth perfect timing. For their marked by an exhibition of one This famous pai 
ersatile. outstanding playing of the most splendid Venetian tbe admiral™ 
JivoiiRhout the symphony, the pictures in the National Gallery ^nd Ruskin ami 


i-ilh "perfect timing. For their! marked bv*an 'mchibltidn'bf one This famous Painting, which a picture with undertones, such monkey and the shield possess bis^ L a bmty 15 to ° convince °us e in of Jennifer Penney who steps Uag? r In lS darfcing he j^tSTsotS 
ersatile. outstanding playing of the most“sS3idW Venetiln tbe adm |r ation i of Goethe « are ^eodsmuted by the intro- f'jrrlcal 1 2**“ term? $ ralimr andforai .?rthS dow J I P» e coach is radiantly of lyric ease, the unerring ri 


SO horns must -have special I— Veronese’s The Family 
n"ntmn. One of this orchestra's ! Darius before Alexander. - 
ed-lettcr days. ■ . 'Mr. Gould discusses the oic 


David Wall was the Lescaut. 
He contrives to show all the 
menace that lurks just beneath 


eo-iettcr days. s -Mr Gould discusses the picture tioo— ricn. sonorous colour, amuiguit> uiai are »ymoo- t ' ^ hannv t i mp as a regular critic 1 become a piece ot marxetaoie menace that lurks just oeneatn 

* I iuli attractircbookletHe also harmonious design and elegant. Heal of tbe subject of the pic- appeal to Rubens; the relation- fSS flesh, and it is a tribute to tbe surface charm of this opporw 

a, t a ou-.v ‘ , InuWteh^in tracts from the spirited handling. Veronese is ture; mistaken identity is a ship with G. P. Tiepolo is hy wntm^ about a masterpiece Penney . s Iovely performance- tunist rogue: it is a portrait in 

At the London Philharmonic : KSS 5 Georoe Harris Brttbh seen iri this picture, as indeed stock-in-trade of drama and evident. How pleasing, in fact. lrQm Ven,ce - which I would judge- the best depth, and the drunken duet 

•oncert on Thursday, Waiter | CouS-GenSl fS r the Lom* in other w>rks - 1S a superlative opera. to be reminded of the continuity V- interpretation I have ever seen (w ith Monica Mason stunning as 


J^tink n wS»? 1P i? 1 B «SSS P ^?f? : under Austrian domination, to t,ons;t h e inlellectiiaT effon that to pay tribute lo Ihe restrained OF all the great Venetian 
Swnd toiSf 1 *"85-35 Clarendon, the Foreign d h t0 a W ^^ « «luptnousness of Venetian masters of. the period. Veronese 

: Secretary, relating to the pur- L°" * 1 h women: the men are as hand- is perhaps the least studied. He 

1 b 2hm! ch:ise of the Parting from the been rt»nsiderable. some as (hey are nchle . We are was bom in \crona. probably in 

i« n it m Mnnii e Pisani family. These reports Veronese is a painter who left in no doubt that the curtain lo28 and died in 1 p 8S. He 

.nfli., 1 - fascinating inform a’^n knew the right way in which to has been Taised on a grand and married the daughter of an 

-hniiithtrn] * r „ n ahotu the history of collect inc in use colour and form to illustrate touching story: in turn, we are obscure artist called Badile. 

WatJfoJ , vS. : Victorian limes and underline a slory. one in which psycho- ennobled by the gorgeousness of under whom he bad studied. 

Pi-mn the role played hv Otto Mundler. logical insight is not absent. The the colours— the crimsons and Once settled in Venice be under- 

• i Eastlake's travelling agent. stoiy which forms the subject greens are superb— and by the took a variety of decorative com- 

■ T 1 ' ■ The of showing this of the picture is an interesting classical restraint of gestures, missions— tbe paintings in the 


which I would judge- the best depth, and the drunken duet 
♦ I interpretation I have ever seen (with Monica Mason stunning as 

This is Denys Sutton's last 1 her give — that through all the his mistress) was a triumph of 
article on fine art as u regu- ■ subsequent vicissitudes. Manon 's balletic humour, 
inr contributor. Hit cornier- 1 character- retains something of a dedicated performance came 
tion with the Financial j this first girlish freshness. from the entire company — Derek 

Times arts page is long and I Pennev's dancing was both Rancher's G-M. merits every 
distinguished; he teas one : freer and richer in emotional praise— and Barry Wordsworth 


of die pillars on tchich it 1 texture than before : the chain did much to enhance ihe drama 
trus built. Fortunately he j of glorious duels with Dowell's of the score. The scene changes 


* „ ■ If I Ki '\lT '■ comparatively early work’ l a\5r Tbe idea . ° r showing .this of the picture is an interesting classical restraint of gestures, missions— tbe paintings in the 

l *M| * V » ii- rejected by its habitually uncei> j I 


irus built. Fortunately he j 0 f glorious duels with Dowell's of the score. The scene changes 
toil! -continue to write the ! des Grieux was exemplarv in remain disillusioning: does no 
occasional article, concen- \ dramatic truth as is technical one. at Covent Garden care that 
trating on the American art ; sweetness. Anthony Dowell was white shirts are clearly visible 
world i no less compelling. Des Grieux during supposed “black outs"? 


u U V 


:ain composer hut, happily ;Col|eeiate 
•estored rp at least limited circu* ! ** 

ation. Bruckner at- 40 was an j 
•vporienced church musician but ] 

-till a premice symphonlsL yet | 

»!*■ early attempts are well ■ 
vorth hearing. j J 

Considering that neither con- ■ 
luctor nor orchestra were pro-, ✓'“'t 

'iously familiar with Ihe score, I 

Haitink's recording was madej VI vJ 
rith the Conrcrtgebouw). ihpj 


ENTERTAINMENT GUIDE 


The Grand Duchess of 
Gerolstein ^ ronald crichton 


C-C. — T4ies» theatres accent certain credit , 
i- cards pi ute^tionr at the boa etllce 


THEATRES 


THEATRES 


THEATRES 


opera & Pallet j Muriel P«r’D* as 

COLISEUM. Credit card, 01-2*0 525#. MURDtR AT 

Reservations 01-836 31S1 

- , ENGLISH NATIONAL OPERA TMfItRF 

Tonight. Thurs. and Sac. 7.30 Don I G £?f n * 

'Giovanni. Tomor. and Frt 7.00 forte l 
of Destiny. 10* Mlconv soats always , 1 IL E. 

available day of penonnance tRIC FLYNN i 


FORTUNE. 836 2238. Evgs. 8 . Thurs. J. ; QUEEN'S THEATRE. CC. 01-734 1166. YOUNG VIC (near Old VlcJ: - 028 6363. 


Sat. 5.00 and 8.00. 

Muriel PaV'gn as MRS. MARPLE .n 
MURDER AT THE VICARAGE 
Third ■ Great Year. 


lerformance was a gallaht> 

ichievement. But there is more 1 Park Lane Opera's contribution Miss Routiedge must not allow was looking for. Mr. Hillman's 

o this sometimes clumsy but : to the Camden Festival is Offen- it to go further even by the enjoyment of his sudden good 

nhust and often lyrical score’ bach’s Grand Duchea* — how long distance of a raised eyebrow, fortune — half complacent, half 

han could reasonably he! ago was the last professional Her gestures are grand and suspicious, is nicely ealculati\ 


•xpected to come across under i production- in Loudon V A sue- wicked and dexterous in the -Meryl Drawer is Wanda, a much- 
nch rircumstances The LPO ; cessful French recording with sabre song. This number, and tried girl with some good- things 


•ARRICK THEATRE 01-836 4601. 

Evas. 8 . 0 . Wed. Mat. 3.0 SaL 5.15. B-.30- 
JlkL MARTIN. JULlA SUTTON 
ERIC FLYNN and ROBIN RAY 

■n the | 

COVENT GARDEN. CC 240 1066 " BRILLIANT MUSICAL 

iGaracncharge ciedlt caids 856 6903.) ENTERTAINMENT. 1 Peoole. 

, COVENT GARDEN PROMS SIDE BV SIDE BV SONuHeIM 

700 Stall* Promenade Places available _ *• Go Inrice. S. Money. Punch. 

1 hour before curtain up El. "GO THREE TIMES." C. Barnes. NYT. 

THE ROYAL OPERA -, : 

Tonight 7.30 o-nvldomcneo. Thurs GLOBE. 01-437 1592. Evgs. 8 . 0 . Mats. 
7J0 o.m. II trovatore-.- Frl. 7.30. p m. Wednesday and Saturday 3.0. 

TU ? e i t 5J2. V S n .‘?i « ^BARRY FOSTER. CLIVE FRANCIS. 

THE ROYAL BALLET _ DONALD GEE. JEREMY IRONS and 


Evening* b.q Sat 5.0 ana 8 30- 
ALEC. GUINNESS 
BEST ACTOR OF THE YEAR 
Variety dub of GB Award 
THE OLD COUNTRY 
A New Play by ALAN BENNETT 
Directed by CLIFFORD WILLIAMS 
BEST PtAY OF THE YEAR 
plav and Players London critics award 


TOnt.- 7.45 THE REAL INSPECTOR 
HOUND with SEASIDE .POSTCARD, 
Now booking Royal SluLespeare Com* 
panv* award-winning MACBETH open- 
ing. April 4. All seat* £2.00 (heavily 
booked until May IS). 


CINEMAS 


„ Wednesoay and Saturday 3.0. 

2. V SF!f?*i ^BARRY FOSTER. CLIVE FRANCIS. 

b - - DONALD GEE. JEREMY IRONS and 

The Sleeping Beauty. SIMON WARD in SIMON GRAY'S Plav 
p.m. Man on. THE REAR COLUMN 

THEATRE, Roiebsry n !' . 9 U *" "An impcrtaai 

i.r j i — * uub Play, D. Exp. A line ploy. Time*. 

nieSui; -■Ahlt k D,r - bv HAROLD ‘PINTER. Last Week. 


RAYMOND REVUEBAR. CC. 01-734 1593. - 
At 7 p.m 9 p.m. 11 p.m. fOpen Sun*.) ABC 16 2, Shaftesbury Are. 856 8861. 
PAUL RAYMOND ore*enis Seo. Perl*. ALL SEATS BXBLE. 

THE FESTIVAL OF Ti. THE 12 TAjSKS OF 'ASTER IX (U). 

EROTICA Wk. and Sun.: 2.30. 5.30. 8.30. 

Fully Air CoMiLontd. You nay J: THE GOODBYE GIRL fAI. Wk. and 

drink and *moke in Hie auditorium. Sun.; 2 . 00 . 5.10. 8.10. 


Tomor. 7.30 p.m The Sleeoiofi 
Sat. 7-30 p.m. Manon. 


mist give the .symphoay again ; Crespiu in the title-role and the the utterly different declaration- to sing. Tbe three sharply-con- si -1 ler-s ~wEtis“ theatre. iteSiw 
indiT Haitink next season, i general popularity of Offenbach, at-one-remove (“Dites-lui" in trasted conspiring comics. John ^bBOLus D«^ 7 ThlSu4: ■'A S hn“ <?ck 


ROUND 2564 Eve*. 8 . ; CAMDEN PLAZA fopp. Camden Town 

I Tu B5*- 485 2443. Robert Brassoni 
HAUSER ORKATER masterpiece THE DEVIL. PROBABLY (X) 

piescni tne London or?nverr of 4.45. 6.50. 9.00. 

THE HUNCH 1 


Dmitri Alesocv played the between them directed attention tbe original) are the two high Gibbs (General Bourn), Emile «r* vreaisuwe.- god. ‘ evbs. 730 : rrzz; ■ — — 

eAn»i(ivali. u!»k 1 In Thic limnnnn' nn niilitarv RTlfi cnnfc Tknc* -n n n'no nnr niun Rolnnutrt » Rapnn Punk I unril TorugM. Thurs. 4 Frl.: C«na Lo« in THEATRE. 0T-437 1 593. Apni 5. 


R0 VA VrS2“^ T «I5^*- 745 ; c ^i5am'cS'urt 3 'Rd 4 : ifffjb 0 ?fS: 


steoc. Note* and Squeak* with 
BERISDVA. GIELGUD. KELLY 


nne in the Andante would have home). Though Cresplns siyle, and timing and from tbe variety Tim Goodchild’s scenery is 

:«*lped the evnresfiirely shaped j ffusto and command of inflection she brings to her . dialogue— pretty and appropriate even if 

•hrases to project more firmly, i in song and speech are a feast Meilhac and Halevy Englishised 0 ne feels some of it has been 

in themselves, tiie title-role in by Christopher Ren-haw (also seen before -r there is no reason 

lit - Observer Oxford ■ Hortense Scbneiuer had (he producer), Geoffrey Dunn why designs for non -spectacular 

JSC UU5 - her ra “ ous tiiuinph does beiDg responsible For the lyrics, operetta should be new or origi- 

Festival of Theatre loot demand a grand opera ^ w merU „ r . ^ SST. V.tem Tausky conducts, oi 


, Evening* 7-SO. Mai. 5ai4. 2.30. DON 
AOCLPHI THEATRE. CC. C1-S3E 7611. , JUAN. A Comedy bv Mol.ere. " I Hum- 


Heralded as “ A • Feast for ; slQ ^ er 


Evgs- 7.30. Mats Thurs. 3.0. Sal* 4 0 
IRENE 

THE K*f MUSICAL 
OF 1976. 1977 and 197B! 

IRENE 

" LONDON'S Bui NIGHT OUT “ 1 

Sunday People. 

ALREADY SEEN BY NEARLY ONE i 
MILLION HAPPY THEAlRtGOtRS. | 
CREDIT CARO BOOKINGS 036 761 I. 


riiaw's production is to have got Wednesday of last week the over- J 


Evenlncu 7 sn Mat 'isk ? to rviai bv N foci Williams 

JUaJP“a C^kJy, J ft - w^!B|. , TS. P 5a fjn Gd n- 

m end in warmly." F. Times. h, »§« fcr? ifiSU. B ° n ' 

HATMarkCT. ,01-930 9B32. E««. 8 . 00 . j ROYALTY. Credit Cart*. 01-405 8004. 
Mat.. Wed 5 . 2 . 30 . 5a». 4.30 and 8 . 0 . Moniay-Thuraday Evening* SOD. Friday 

5 - S0 * ntf . 8 -*S- SaturtSsvs 3.0 *nd 8.0. 
nenEie W£N ?.Ti London's trntirs vwe 
r.nnporv F ?f.S^ ES BILLY DANIELS m 

GODFREY h ARE CUKA BUBBLING BROWN SUGAR 

WfiTFDC nr fur sjapipj _ 8C5t MllWWl (jf 1977 

“ Ingrid T ri^°?hi vugo — * » 8 M— W* M*Wr t**. 

radtase— unassailatue chansma. D. Mail ! SAVOY. 01-636 8885. 

■ Wendy Hiller is superb.” S. Mirror. | Nightly at 6 00. Mat. Wed 2 30. 


B Tottenham Court Rd. Tube]. 636 0310. 
1 . BertoiuKCs 1900 Part 1 tx). Prog*. 

M^'h 5 so 5 : ? OBenS Thur *- 

K. ioo! l VS8? , 8 , ?o nACB {A) - Sefl - Bert *' 

onl ?. ABBA— THE MOVIE (U). ProffS. 
30* 1-90- 3.50. 6.10. 8.30. 

4. Lau 2 tfavs! SPIDERMAN CUJ. 2-25. 

zaFiia Xu. w u,> my l,fb 


CUR 20 N. curzon Street. W.l. 499 3737. 
PARDON MON AFFAIRE (X) (English 
sub-titlesi. " A sparkling New French 


Monday -Thursday Evening* 3 00. Friday ' Comedy. ' Directed with nneun hv Vm 
5.30 and 8.4S. Saturdays 3.0 and 8 . 0 . j rSScS” sSSSvUw. PraSS. « TSo 
London s entirs vote I inot Sur.i. 3.35. S.30. 


01-836 8 BBB. 




ill rim until May R- ll will and- musical comedy. And .into, a ybow. no violent speeding up in the second half 


KING'S ROAD THEATRE. 352 7488. . 

Mdq. to Thur. 9 0, Fij Sat 7 50 9 jq 1 

THE ROCKY HORROR SHOW ' j _ SLEUTH I ? C ?S r . , *S *" a 

NOW IN ITS 5th ROCKING YEAR The World-lamous Thriller Zinriemtrin him JULIA (A). Sep, orwe*. 

THE GREAT ROCK N' ROUL M>'S(CAL. I , , .** ANTHONY SHAFFER l ?'?!, Sit- Feature Dly. 

LONDON PALLADIUM. 01-437 7373. Till' "Seeing the play again is In fact an' 2.45. 6 . 00 . 9.00. All seats bkble. > 

April 1 . Evgs. 9 0 . Wed.. Sat. 6.30, 9.: .... utter-an* total Joy.” Punch. I qdeON. Marble* Arch! era* ?ovtid ! 

MISS GINGER ROGERS ‘ JV wifi run and run again.” S. Tel. I STAR WARS tU)/ Doors OMn dS 1 an 

and sncW Guest Sttr - C*9». £1 to £4. Mats El to £3., JNs ”sn Aii ^iVr “i 1 ^. V& 

SHAFTESBURY. 836 6596. >P> ” 

- fiwgg BnJrt iSrrat 1 11 . lull.. ■ .. jl Ew *.*- ' »’ B -°- h**st. XYiars 5»t 3.0, ODBDN. LHtHMr Sduore Bg T m,r 

at ihTpalSHSS o^TST ta . . John Reardon r and Joan Dleiusi in . CLOSE ENCOUNTERS OF ^mE'THIftO 

one heck of an_act_^'-_Da.lv_Mall. rho. itgSg' moucal “oft ‘UXTl ISP 

ONDON PALLADIUM. CC 01-437 7373. "LUSCIOUS MUSIC. DAZZLING Ute Mrfc. Td« -Sjts. Boors ould 11 15 

FR 0 ¥wt , ^ 5 »^.AliS' 19 CO LOUR.” E. N ews P-m. AH seat* iSSv he bSokSS iiiirt 

■nnv 1 7£? c R0 5!M ,e i..- SHAW theatre. . at . mb ism.!. 10 ® 0 am pn °a- 


Nightly at 8 00. Mat. Wed 2 30. 
Sat. S.00 and 8.00. 


PATRICK CARGILL A TONY ANHOLT 


LEICESTER SQUARE THEATRE {930 5252 
OLIVER REED. 5U5AN GEORGE & nuw 
other Star*. TOMORROW NEVER COMES 
fX’. Sep- WOB*. Mon.-SaL 1.35. 4 JO. 
8.10. Seats bkble. lor 8.10 prog. Mon.. 
Fri. and all progs. Sat. and Sun. except 
late shows. 


. Ill mil uiiiii - - ■ — r- "V.IUIU. a >DUW, UU viuiCUL «»' »*•»»> __ v Unnn Timurn LONDON PALLADIUM DI4H 7J7S Tlli 

,i :aiure -4 professional and good she is— bow many people. I anaebronising of the dialogue, if Acts 2 and 3 are to be played ■■ consider L ydurself JC lucky ro E BE Apr,t ^** 5 - 95 - wed.. s*r. 6 . 30 . 9 . 
; l iifiont nrarhipli ring from Britain I wnmlpr- bad realised how well p n , **,)«. u , a i m ma rsetnim ha without interval. In detail the able to see it again." Daily Mirror miss ginger ro«rs 


ODEON. Hay market. 1930 2730I27T1.) 
jane Fonda. Vjrmu Redgrave in a Fred 
.Zinneminn film JULIA (A). Sep, progs. 
0!v. 2 . so. sasT BAS. FMture ^7. 


indent productions from Britain ! wonder, had realised how well p or this welcome restraint be without interval. In detail the able t o see it again. - pgiiy Mirror 

nd the ContineiU. backed by a ; and stylishly she could use a may be forgiven for relying so Park Lane Music . Players were aldjyych. 836 moa. into. 836 5332 .J^ C HARL.e'™?™v« 

-ill programme ' of guest ■ voice not full by operatic stan* much on D’Oyly Cartesian dance excellent, and the balance com- w,S°l£h.S tl £‘ff5f^£3 1E ^gf* PA ^K..f “Ginger Roger* sweep* me audience 
ooakers, exhibitions and worTi-'dards but capable of making routines and < worst in the first pl«tely refuted the Ininression g°g*'' 1 .g r hJT 'SF mJt “ T*Di.iV mIVi* 

mps. ... '.points musically as well as scene of all) chorus cliches. The sometimes received in the Col- henry v and henry in piar* from ' London palladium, cc oT-aitws 

! verbally in circumstances where ladles of the Park Lane Chorus legiate Theatre that the pit eats &*boo ; wc-, e ^ST wareSouse FR0 The ^o 2S r^nnI^- 19 
Dr Tiili-sn RrumswPtr 'big opera voices, without the are much better than the men, wind tone. Farther performances jff r y n A t n J^ n °p l ?!w rbgatre q pm * io book with ease on the new 
Ur. Julian araunsweg ri ^ ht P^ le are merply ^ the wa y thDUgh uc the ^ improve once, they tp-morrow. Wednesday, and Fri- fSiSStkeSSt.^ or EXCLUS,VE HOTUNC 

Dr. .Julian. Braunswcc. founder; Miss Routiedge looks extremely have got out of too obviously un- oay, March 31. almost free, ass 6224 umiwd lyric ‘theatre, cc' oiUir~ 36 w. 

d London's Festival Ballet, has: handsome in her court costume familiar uniform. ^ *' m * b '-jo!5i pldwrIgI? ,l,d 83D - 


led. aged 80. He founded -the ; with ' the miniature crown _,. vc Priir fh . 

estival Ballet with Alicia : perched on her head like tbe dffih* Dromoted 

Tarkova and Anton Dolm in . photograph or Schneider more {JEfeaSr!™ Dwtaessto KS 

950. He left the company in : outrageously regal than any real 5^ *VmS l nu?5v SriftS dJ 

« JST most' 1 difficult* < Grand Duch ^ ffll t 

■oublinme, happiest period mi The streak of burlesque fc his simple Wanda and is worsted 

11 life " PP 1 strong but firmly controlled-^ in a battle that isn’t tbe kind he 


Jack Hulbert 


muted because he is faithful to Jack Hulbert, who died in 


niw ,!1 


\ 


uhipsnme hanoiest period m i The streak of burlesque is his simple Wanda and is worsted London at tbe week-end at the - ° < xa _ f / >c ^_ a *_ B _ p L r, ‘- : 

ubiesome. happiest period j ^ rnnK bqt eontrnlled^ in a battle that isn't the kind he age of So. was a most attractive £*2L * 8 00 - ! 

— : icnwOTwrana w-JrSftS'-JKPV? «. , 

w rA g r hlATICrC «te Manor* <*■ through a long part of his long »«*t your, uves and 

LEGAL NOTIvES „ , career an illusive quality- which ■■ wicK?DLY DF FUN!S^T?m es . 


Nti OOflflC Of 107* ' 

In ftp HIGH COURT OF JUSTICE 


aionwry Dirtaoa ComBontes Court. In «... " IS SUPriiB.” N^.w 

w tbe xancr* of: through a long part of his long »uj m voue eyes and 

> career an illusive quality which wiatii 

• au.enb\ sfiCLtoTr tROLDixcsj suggested, m spite of a fauitles AR^s'riitATRE. — oi: B3 6 21 si. 

Xo , 0BS62 of mm technique, that be was still an ^DiRT^LTiSln?' 5 

adaij o ufl^JEO undergraduate doing the whole -Hiianoo* . . a.-- sundav tmm. 

No* vUSSS 01 IV 77 _____ thin? fny* fivn Irt hie IdIpp vpsrc M Thuftdiy B.30. Fr^tf^v ino 

^ 0 . W838 or 197F CAR HIRE iBT.Cn>MKIELD BROS.) UHng IDr IUD. ID nLS iaier years Soiurttay 41 TjOd and 9.15. 

Id Hip mull COURT OF JUSTICE - _ UBUTED — and be was Still wonting ASTORIA THEATRE, coanno Cross Road, 

lincvry Division Companu* Coun. Io and In die Matin' of Tbe Comaon ) m earlier this year — he played ni-734 4291. Nearesi Tune: Jd:iwhmiiti 


Igiate Theatre that the pit eats ?o e m p m ^warehouse ,r I co lour. - e. p-m- ah *mS mv‘ hebSokS n '.ii^ 

ind tone. Farther performances « !ai f n l 2' ooiynor nmue o pen * 10 book With ^Seon^the new ' wrru’.'fl^'v 94, ! - 7 ^ -- ^ pr ^ 

sorrow. Wednesday, and Fri- Apr,L or exclusive s* hotline! c ’" ck L"£SK SSSM t.te SSW* 4 S ^ 81 o 8 ni: 

ay, March 31. almost free, ass 6224 . umium lyric‘™eatre. ri'pjiawws &l ( preuf an? mb ' sit. 7 3b. a ll se ats s" Im.'iHI IUf* lAie L Lii-d h S7r? u 

pgg gr ffi “"-mww- - “ -o^siftiBRa TBSfPi 

T -f XT 11 « — —ZT™ and PATRICIA HAYES In wir-lp — ! AGAIN IUI. Sun -Thur. 1 .30. -5.-35. 9.3 e! 

Jack Hulbert ^ c jsssh°a ssv.° t ! 

irough a long part Of his long •VJSn^W SSa ”A comnaX^Tfio^^iY Hoouen. ! maoelEime ‘bell - .JSy^t'oV^ * '*’ 7:a0 ’ U “ 

ISAM? — j: wiejssaggju... .. ^ - t -r- e - wa ,«—- -t ss ssl 

icbniquv. om bv «» mu. u "EMPtMar* i ^ ^fef "‘■Mfc.HasBsfli-jj fete ■ 

nfiprpraHiiafP Hnina rttp u.'hrt p •• Mira rfnnt • #aa 1 ■■ r. LIFE IS IT ANYWAY ? ■ — ■ — — — j Man- -Sat. rnittimuMc 1 n tn -*V -1 vn 


AMBASSADORS. CC. 636 1171 
Tonignj Red. Prevk. e»b» 6-0. Mill. 
Tues. 5.0 Sat. 5-0. 1st Night 29 at 7.0. 

nT THI* GOOD SIONES ROLL 
Thf Honing Stone*' Mfcry 
Good Fridav at b p.m. 


^ R * vue ', a B.n SkS^ 7A , !! n '2°35 n . e s.50r t 9 n 0s! ,D |!2l , S 

SS« c S?‘i , o A ib. 100 - 4 IS - 7;So - u “ 

730 25S4.I a!00. 1.^8.^ 10 iff'. 


S?*f h ?* 5 4rt L Al - f'OBE. 245! 

5.25. 8-05. Laic Show Sat. 10.45. 

,, MORNING FAMILY SHOWS 
Moil -S ot. Continuous 10.30 a.ra. to 2.30 
p.m. Gulthiars Tnveh fill. 10.30, 11,50. 
WUO. All £1.00 t Child And 

PtauiUJ. 


lAhoTA Div»afun ConipAt&ci CotfrL . Io i Cbixtoery Division Cocnpaui^ Court. Jo ^ ^ In & 
.• u.iii-r of M 1 1 1 psteKI. PRODL'C- 1 tbe Maurr of BARRY LYJfB fc ] * f l. >W- 

lii\s LIMITED «ud ft -the Jliuer.U * LTD, and ia Ihe Mailer of Ow Compaft** j NOTICE 


IH\S LIMITED aud in 
hr CamUDlrk Ail. 1WB. 


9 Xmk IS HEREBY GIVES U»i "J? ,Ure ^ ^ b °^ Cy 

PenHan* for ibp wmdftR-L'p of the above- voice and the mobile, long- 


01-734 4291. Nearest Tuoe: tottwiaani ' Theatre Tlcfcet £6.50. 

eSS7v *5? ."i 1 ?- 1 NATI ON AL THEATRE. 928 _2252. ! 

Fndav and Satwaiv G.oo and 8-as ; Oliver tooen staaei- Ton s, and Tomor. ■ 




XuTtCE IS HEREBY IOVEN. mat a I ^uion , 0r ^ w -mdinK-ap of ihe ohorr- jgsHce were, on I bo Hrh dajr of March 
<-Diio<i Ur ih«- vfindirw. np #< tt«ve- ) uwnrt Conjpaw by the High Court of l«m. prrtcmnl io ibo ssM Coart br 
mKj Curajunx by fte HibJi Cwrl of j Jwice was. go Ur- IJUi *UF vl Mari* THE COMIUSSIONERS OF' CUSTOMS 
Ktnv was on ifie ttnJ d#y ot i-etmiory . l9ni tHett-nlPd io ibe said Court by . »\n EXriSE of K-ii”"- b-*"' 

•;s. prt-Brtn.il to »bi “W tioort bT J rilK CtiMJirsSl ONERS OF CUSTOMS 3 ml .Mark Ll». London EC3R7HE. 
OMUND RHSC.NKR.LNT7. of Muoisoa i, AJlD EXCISE of Klim’s Brant Una-, and ihn Ihr M<d Miaww ar<- dax-Ord 
\k-nuc. New Till* NY" HMI2 va A, j jiarkv Lane. Loudnu EC3R “HE. to br heard before the Court shtlne ai 


- A MURDER IS ANNOUNCED 

the NEWEST WHODUNNIT HIT m Aav I F . n ur- *- 

Ov AGATHA CHRISTIE ART GALLERIES 

••Re-enter AgaUu with another who-! 

dunnlt bit. Agatha Chrtate M Stalking , ...... _ ... ■ , 

the West End vet attain with another T ?*‘r A SK5 || .0*y-S*Y. 2. Albemarle 
ol her fiendishly ingenious mm-der ; .Yfr 1 ; 


iium.-K ai Law. and Aal Uu* saftPvllrt<» i lnd , lkl , llM . m« 5 Priflton iv directed to die Roj-al Courts of Jwtuce. Straod. 1M ), V r nr alr |, dime* nc TlnArr 

direcirH lo be hr art befurc tbr Conri betuv the conn i»«mi « the Loudon WdA JLL. on the inn day or «£***"* suca snous S S-untter 

nine ai me Moral Conns of Jtuuco j Moral Coona of, Jnnwv. Sirand. London AarU IKK and any creditor or eont nbp- rOUr Hdl. bometnmg in tne .*117. 


He will be mostly remembered I *■. *£1712$, musical 


ceiienr cheap seats all 3 theatre* 


rand. Ldndoa WCM 3LL.. oo Utc Khh WCJA qo tbe lrih day of -Kuril tory of any of ibr sa^d Consanies and Under the Counter, where Fomedv — *~ 

«y uf -Mail.IWL and, MT crcdilor or | pa. and any creditor or ctanribwwj desinaa to swon or owwo ihe mataas h played 0 UPC Site Miss Cicely I E^noso. 


THIRD GREAT YEAR 
Seat, prides £2.00 and C5 
Dinner and teo-Prlce tear £8. 


r Ml.tJ j 

01-930 2578. 


OLD VIC. 

. The Old Vi 
April 10-15. The 


-gpyr'?— ' ^ g raphic al prints and u.iirtlKS aru* 5,75s 
VICTORIA PALACE. 01-834 1 317. models. 

STRATFORD JOHN5. SHEILA HANCOCK — 

ANNIE WtLDENSTEIN: A RetrdSPecrlve ExhlM- 

__ A NEW MUSICAL tion of Sculpture, including a sertes of 

BROADWAYS BIGGEST HIT itndles Ol " Ret) R jm ” ta Him 

PREV5. FROM APRIL 25. PLA220TTA. WwMIan 1D-S3D. bL 

OPENS MAY 3. undayS 10-12 30 Until fih April. 

f" 0 ^, pony r _ Theatre. Owoar S^f*1Sndon?W.l. ,47 ‘ Nbw 801,11 


The Old Vic Youtn Theatre. 
10-15. The Caucasian Chain Circle. 


« “f AWU 1WB. BB .ar crewH or or i t37s. and any treditor or cnmrionicry desiroiis m support or ww inc maiaas Hp Dlaved DDDOSite Miss Cicelv Ewm>ha so. Thur. so. sjlrjc bso. The Winners imi«s»ob Persons. 

HtirRmiory of ihe *»« Company th^UOW uh- mM Company dcalrons lo support at M Order an any of Ihe hud FrtiUoo* "" «FPV«ie -uiss wceij e MOIRA LfSTOL TONY BRITTON Pr °^5«t ^ The Old Vlc_ 

mippgn or opptt? die makins of u w opposu tbe malanc of 'an Order on fflar appear at the tnw of heanas ft Courtneidge, as she Was then. Maw-* courtpiJpv D-rrivSt ’■'alsh . 


«*r «n ' «»; .«W PMWM wa .aw»ar i Se Hw" Mitow "'w^iTaT ft* p*r*m «r Ui cwMrtjwiifti wreos*: Yei he had’been working on the ' ’ THSjS 5 *T^” * r * Wrto ‘ r An SSw 

H» time bf hrtrtti.Ja perm or by ' ^ gj neazins In oumoo or far bh and a nnr of ibe Pennon win be _.- 2 - __j : n ei_. cinre 1913 - frienem Continuing m re*. Eileen a tic ins as Whitehall. 

* i-oousel. for lhai porpoder and a coor | cmoibI ftTftnl purpow: ■ and a copy fttraUirt by the una-ntaned lo an* «f/e ana in toms Since lSlJ. jmenUbrntij - douwe MuB Saint Joan. Nest pert mS s. s 30. ce 

■ the peiuiott win. be foniwlwd by ihe £ PedUon-wUl be famished by ibe.crefllior or eontnbwory of any of ihe Hisfilmswere as miscellaneous or fBn.*-E«wiliiB NpwSl ““ Phone box ftbet tor data ns. PNitoSand 

ldwwwga .ft any c reditor ' or wninte- underaianed lo any creditor or (OTirtmtonr. «=>Vl r-miMiUM reamriiis raft sow on as Th e Ghost Trout: Jock's die outerionT cc. oi -930 3216 OPM. "fip- ot.-M7.W ft. Erg*. 8.0. . 5« Royye gf 

Zl*A 1 9Xr»2Si 3 TSbSS ^ f0r Cornels, ore E«n.«, ^,^^ 30 : ««. 

T ihe -aa*. . .- .. « Wj«iil «MIr rr«UW oma F. CLOAK. . ComXHft' they Were always “IRft«cMd..J-! E a~«f?S U ». Time*. BM - SaSflSTSS,^ 

”■ ■ c. p. CLOAK. ... Kiiw'iSNu Hmt, ' vehicles for that amiable person- .. hilariously" funE?- n o* won* p KS A ?ATf7* 15? ^ g*™*- gamai ii' 

& SSWHt ■■ imyr whatever the surroundings. ,'io iT E S ISi Iffi "“■SSfiSJ 

t* • Rot;.-^* 0 ^ & into managementijaa his own or ^ "TWESSTW BBSS ,n the eroth:^ 


Phone bor pgice tor da ta ns. 
OPEN SPACE. 01-387 6969 .’ Emh. 
Triple Actions. ORPHEUS. 


Garden. 836 6808. Bool now for new ; ■ -wan, w.i. 

RSC wuon Iroffl Aoril 10 Sh 1 todhrrj i o a m# ■ m ■ ■ wmu « « » * - , c 

JESS ! -g^uRtl, 95 ^ Taw " 

An seat* ri.a o. ^gnew galleries. 43. om send sr.. 

. — Ol-SM 6592-7765. j OF^RItoS PAINTINGS. UntH E 2?ABri? 


Sox Rente vt the Century I F P* GALLIRr. ^ ExhlpltKm ol the mint- 


DEEP THROAT 

Due to overwhelnilng public demand 
Kason ertpoded. ph* extra oerfs. on 
Frldar 6.A5 -and 9.00 from Mareh 31. 


Ret CSL. Trt: 02-909 HQ. 
Softener* for me PiHrionw. 


N’OTE.-ABT' pttMb .who 


^ "ypSf* ija? 8 ' " Lowto^BOR^Hk. ality. whatever t6e surroundings, bavgr wis, cc. oi-bm biob. EverY 6 f sob.^ ^»s « fy fc ig- m«l J 

a. .* _». ~ M _ ■ ■“ “ ** ’ ■ 1 W.rtttf NKnols . 

(Not Suitable for Children) 


CC. 437 6312. 
qp and io.QD. 


Twice Nibtitty B.00 and 10.007 
OPEN SUNDAYS 5JXX and 8 00. 
PAUL RAYMOND preMnft 

.... ... rip ore 



(Not Suitable for children) 

tmwsEgmBi 


THE EROTIC EXPERIENCE OF THE 
M _ MODERN BRA 

“ Takes » unorecednnted limit* what I* 


FIKLDBORNE GALLERIES, 63. Queans- 
eron. N.W.S. ART IN RELIGION. 


Site 1^/'^ rSmT ftiT^ and Clowns hi Clover. He wvsj _ . ««L sensational- year. ' ~ 

a ilno tho ataM and addrott of fin H-«- «ra. ibe »sa e m and. djMrcft ■". ,he **■ author or part-aflthor of several fon^'wui VS' 

■m and nueit 'beMtaed by the pc non firm, gad ntut be aitfted bp tbf Benda stead bp. die grnaL-Dr fina. or ms or _ niimhny nf 0 ■ MSmiBih «,»" ■ ** 3 - M ‘ 

■ firi v wS W (SSnffiwr lif w.flrw. ft- W« pr their SalWwr rtf aayi. ftekr- Soikulor (IT any), and ataa be »»«. Of . i/3SU «SSSS- s 

id muw re sgrvBd, gr, v poued, »t# and mwi "be served, or. if posted, must served, sr. iT posted, man be teat -bt books, tn 1916 he and Dame hat.f-l»fe 

■ Milt by 'post ID uffleteoi lime to w »ni by wm id wJflctow vmrn DMW.RamtMni on* io w«ib Cicely contracted a long and 5 Br 'fu;I^N^i.5r t * TRl production 

act) th* *bovf. turned not later tftin react ■ rtv abare-Damrd. nor taiw than nftDrt -ooi uirr than foar o doc? m hannv -.-.ug. ..K 1 lt }l i *.r j?. ,*hou id 

ur 9-dU fh llr Jtft^gta ot ft* four ■ o'clock to rbr afternoon M the rte afternoon of - the l«i d» of Anril b »PP> mintage. 

h to of Aarit an. , .* . r . 14ft.- *» of Apcii in •• m. - bat. b7.oo. . *^ nHTr 100 


PRINCE OP WALES. CC. 01-930 8681. 
. Monday to Friday ntum 


permissible an oor stoees." Era. News.' 
You may drink And smoke in the ] 
auditorium. i 


HYNDHAN'S. 836 M2B. Credit ran) 


CLUBS 


^HILaSkSFs »S7,B36. 1071?2 tram 9 a™‘ 

HILARIOUS COMEDY MUSICAL, Mon.-Thum. B. Pfl. i, Sat. 5.15 a B.SO. 


HILARIOUS COMEDY MUSICAL," 
— Thn Sun 
I LOVE MY WIPE 
Stammj <to Asm ea 
RICHARD BECK INSALE 
and Iran April 10 
. .. ROBIN A5KYDTH 




■ VERVFUNNY/; Evening Newt. 

M,rv °i£»toy^ Smash-hit Cmoody 

ONCE A CATHOLIC 1 

Supreme comid* on oe* end religion," ' 


Fluor Show*; iDASVla^'s andTSTanf 
music ol Johnny Hawfceswgrth & Friends! 


- Confesuon* ol *• film* fantn) 

CREDIT CARD BOOKINGS 930 0846. 


W,T H 

LAUGHTER, Guardian. 







12 


Financial Times Tuesday March 28 .1973: 


FINANCIAL TIMES 

bracken house, cannon street, London ec4p 4 by 

Telegrams: Finantimo, London FS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


• day Atarch 2'. 1978 


Waiting for 
Mr. Begin 


ONLY Israel’s isolation and 
perplexity in the face of Presi- 
dent Anwar Sadat of Egypt's 
peace initiative can fully ex- 
plain the way in which the 
dearly divided Cabinet rallied 
behind Mr. Menahem Begin at 
its meeting on Sunday. He 
returned from Washington 
having failed to win President 
Jimmy Carter’s support for his 
fundamentalist views about the 
terms of a Middle East peace 
settlement or to overcome the 
U.S. leader's lack of faith in 
his ability to negotiate one. 
Arriving in the wake of Israel’s 
invasion of Lebanon, Mr. BegJn 
has further antagonised the 
U.S. Administration and 
hardened its conviction that he, 
rather than Mr. Sadat, is the 
stumbling block stalling the 
peace initiative. At the same 
time, Mr. Begin has done 
nothing to recover the support 
of U.S. public opinion lost 
because of his rigid stance on 
the question of Jewish settle- 
ments in the occupied territory 
and his re-interpretation of UN 
Security Council resolution 242. 
to exclude the West Bank from 
its provisions. 

Settlements issue 

The possibility of the U.S. 
applying pressure would have 
been one reason for the Cabinet 
solidarity patched up by Mr. 
Begin which, before the Fatah 
raid on March 11 and the 
subsequent invasion of lebanon, 
he acknowledged to be “in a 
mess." The main issue dividing 
it was the question of the 
Jewish settlements — whether 
the programme should be 
pressed ahead at the risk of 
the peace talks and whether the 
Government should Insist in 
negotiations that settlements in 
Sinai should remain in being 
even though they might remain 
in territory eventually returned 
to Egypt's sovereignty as part 
of an overall peace agreement. 
Realising how serious the 
implications were for relations 
with the U.S., Mr. Ezer Web- 
man, Minister of Defence, while 
visiting Washington, ordered a 
halt to work on two settlements 
being started on the West Bank, 
threatening his resignation. Last 
week, In Mr. Begin’s absence. 
Mr. Weizman called for a 
broad-based “ National Peace 
Government” to Include the 
Labour Opposition, in what 
seemed to be a major challenge 
to the incumbent Premier. 

Mr. Carter probably wel- 
comed the dissensions within 
the Israeli Government and 
other manifestations of public 


opposition' to Mr. Begin 
intransigence in putting terri 
tory before peace. Yet one 
factor helping to close ahe 
ranks behind the Israeli Prime 
Minister was said to be the 
remark alleged to have been 
made by a senior U.S. official 
the effect that Mr. Begin would 
have to resign if there was 
be a chance of peace. That 
might have seemed an un 
warranted intrusion into Israel 
interna] affairs but the remark, 
as reported to bave been passed 
on to Mr. Moshe Dayan, Foreign 
Minister, would no doubt reflect 
the thinking of Mr. Carter, 
Meanwhile, the confidence of 
the Israeli electorate in Mr. 
Begin has presumably been 
undermined by his inept con 
duct of foreign policy, especi 
ally his handling oF relations 
with the U.S. on which the 
Jewish State is so heavily 
dependent for support. 

Israel's relations with the U.S 
may be further strained because 
of Israel’s insistence on staying 
in the south of Lebanon until 
it is satisfied that its security 
from Palestinian rockets 
guaranteed. The prospects for 
that depend greatly on Syria 
will or ability to keep the 
guerillas under control and, in 
turn, on Israel's readiness to let 
Syrian troops take up positions 
on River Litani. At present the 
embryonic UN force 
obviously incapable of enfordn, 
a ceasefire and in the last 
analysis its success may rest 
upon whether its contingents 
are prepared or allowed to take 
measures beyond "self-defence. 

Appeal to Mr . Sadat 

While the unity achieved in 
the Israeli Cabinet may prove 
to be short-lived, the one posi 
tive decision emerging from 
the meeting seems equally 
dubious. Mr. Begin is to appeal 
to Mr. Sadat for a resumption 
of direct negotiations. Mr. 
Sadat, however, is unlikely to 
want to continue the dialogue 
unless he receives some indica- 
tion that Mr. Begin is prepared 
to be more flexible about settle- 
ment, to concede the principle 
of withdrawal on the West Bank 
and to contemplate a form of 
Palestinian self - determination 
far greater than envisaged in 
the Israeli peace plan presented 
in December. Clearly, following 
the confrontation in Washing- 
ton, the U.S. can report to Cairo 
no real movement on the ques- 
tions over which .the dialogue 
started by Ur. Sadat's Initiative 
foundered in January. 


Competition and 
prices policy 


THE LATEST voice to call for 
a merger ■ of the Price Com- 
mission and the Monopolies 
Commission is that the Lord 
Cockfield, who was chairman of 
:he Price Commission from its 
nception in 1973 until last 
summer. In an article in the 
■urrent issue of the Three 
?nuks Ret ie tc, he says that his 
experience of administering 
>rice controls points to two 
nain conclusions. One is that, 
vhile price controls may be 
iccessaty at times when drastic 
neasures are required, their 
eal justification is as the other 
talf of a pay and price's policy 
nd controls of that character 
annot last for very long. The 
ther is that there is. never- 
theless. a need of a permanent 
ody to protect the community 
t large in the field of pricing. 

Conflict 

This is because there are 
re as in the economy where 
impetition is effectively 
railed by market domination,, 
rice leadership, parallel pric- 
ig, unwillingness to compete in 
rice, or by what Lord Cockfield 
ascribes as a cost-plus 
entalily in which the instinc- 
ve reaction to cost increases 
to pass them on rather than 
absorb them in greater 
ficiency. 

This line or argument is a 
miliar one, and is frequently 
;ed by Mr. Roy Hattersley, the 
rices Secretary’- It takes prices 
ilicy into the field of com- 
itition policy and brings the 
tivities of sucb a body as Lord 
ickfield describes into conflict 
th those of tbe Monopolies 
immission. The problems this 
n create are already evident 
jm the move of the present 
ice Commission in sucb a 
rection. In its latest quarterly 
■ port, the commission has 
■essed the importance which 
attaches to the degree to 
lick competition is restricted 
deciding whether to investi- 
te the justification for a price 
irease. As Lord Cockfield 
ints out, the more that prices 


policy travels down this path 
the less justification there is for 
having two separate bodies. 

A case can be argued for 
transferring the functions of 
the Price Commission to the 
Monopolies Commission so that 
the latter body would in effect 
have two divisions, one for 
short-term and the other for 
long-term studies of structure 
and performance; and for 
empowering the Office of Fair 
Trading to make references to 
whichever of the two divisions 
seemed appropriate in each 
case. But organisational matters 
such as this are less important 
than the question of the form 
a strengthened competition 
policy should take. 

The classical response would 
be two-fold. First, where com- 
petition is weak, structural 
changes should be encouraged 
so as to widen the scope for 
competition. There are very- 
real practical difficulties in this 
approach as the experience of 
.the anti-trust authorities in the 
U.S. and West Germany as well 
as here has demonstrated. 
Second, competition should be 
increased by tackling abuses of 
market power such as unfair 
pricing or discount policies. 

Limit 

Lord Cockfield may be right 
when he says that in his expert 
euce active and deliberate abuse 
is less of a problem than a 
general attitude of non-competi- 
tiveness. However, the danger 
in this Hoe of reasoning is that 
it can be used to justify scruti- 
nies of efficiency, profits and 
company strategy of the kind 
the Price Commission is now 
conducting. Investigations of 
this nature can be concluded 
only by resorting to value judg- 
ments, which creates unpredict- 
ability and uncertainty. They 
are also so limited in time as to 
be oE little real value or 
alternatively lead to a semi- 
permanent system of surveil- 
lance. which breeds hostility 
towards: the investigators and 
reduces their effectiveness. 



Ten*. Kirk 


Three faces of Merseyside: The Triumph No. 38 works at Speke; London Road, Liverpool; vandalised flats at Klrkby 


The 




By RHYS DAVID, Northern Correspondent 


A SENSE of bewilderment 
has prevailed on Mersey- 
Side over Easter. Noth- 
ing much might have changed 
on the surface, but the area's 
industrial base over the past 
four weeks has seemed to be 
crumbling. With unemployment 
already around 90.000 — 1 2 per 
cent, of tbe labour force — a 
further 6,500 jobs bave been lost 
or are under threat as a result 
of decisions by three major 
employers, British Leyland, 
GEC and Lucas, to close down 
or- cut back their operations. A 
fourth, Unilever, decided only 
last week not to carry out its 
threat to sack 1.200 workers at 
its Birds Eye plant at Kirkby. 

Merseyside is dearly facing 
its biggest post-war crisis. Tbe 
area, and its core of Liverpool 
city in particular, is near the 
top of. the UK list on all the 
standard tests of economic hard- 
ship. As if the high level of un- 
employment — which rises to 
more than 30 per cent, in some 
parts of the inner area — were 
not enough, tbe area as a whole 
contains a very high proportion 
of unemployed young people. In 
January this year there were 
16.500 between the ages of 16 
and 18 who had been un- 
employed for more than six 
weeks. 

The physical environment 
matches the problems of the 
population. Liverpool's water- 
front. with its three famous 
landmarks— the. Cunard, Liver 
and Mersey Docks buildings — 
remains solidly impressive, and 
behind it there has been city 
centre redevelopment bringing 
new office and shopping pre- 
cincts to blend as best they can 
with the other monumental 
public buildings left over from 
the paTfs heyday. But the city 
centre adjoins a broad swathe 
of land in which cleared areas, 
slum properties and housing 
development stand side by side. 
Beyond this He the older private 
and council residential suburbs 
and the bleak newer estates of 
Knowseley, Kirby and Halewood 
which, in defiance of the plan- 
ners’ best intentions, are now 
beginning to reproduce many of 
the economic and social prob-‘ 
lems which were supposed to 
disappear with the slums. 

A grim picture of Liverpool — 
admittedly specifically related to 
the inner urban area — was pro- 
vided in a consultants’ report 
published by the Department of 
tbe Environment at the end of 


last year which pointed to 
physical decay as the most strik- 
ing impression given by the 
inner city, relieved only by 
some of the new council hous- 
ing estates and small areas of 
housing improvement "It is 
evident in the abandoned docks 
and railway sidings, the empty 
warehouses and boarded up 
shops. Decay is seen, too, in 
the neglect of many council 
estates and in the crumbling 
facades, broken-down back lanes 
and derelict houses in the 
terraced streets," the report 
concluded. 

It is ail a far cry from the 
much more buoyant image 
which Liverpool was projecting 
even 10 years ago. ' 

Dream into a 
nightmare 

The question that is bemus- 
ing Merseyside is what went 
wrong to turn the dream into a 
nightmare of unemployment. Is 
there something wrong with the 
raw material— the people of the 
area — to justify the new tag of 
Mer$eyslide or, at the other end 
of the scale, has there been a 
conspiracy by employers who 
have taken their cue from Ley- 
land and decided that . if the 
State car maker can get out, 
they, too, can use the area to 
achieve reductions in overall 
employment totals. 

There are now a myriad ex- 
planations of the Merseyside 
problem, but it is perhaps worth 
pointing out that when set 
against the size of the problem 
Liverpool has had to cope with 
over recent years, tbe record has 
not been all bad. The city has 
had to deal with a bigger prob- 
lem of slum clearance than 
practically any other part of 
the UJK. Indeed, in dealing with 
the appalling housing conditions 
which resulted from the mush- 
room growth of Liverpool based 
on the cotton trade, more than 
half the city's population has 
been moved away since the 
1930s. 

At the same time, the area 
has had to cope with major 
changes in the structure of the 
local economy. Employment in 
the port has dwindled to less 
than half over the past ten 
years from 18.000 jobs to 8,000 
as a result of changes in cargo 
handling methods. In other 
transport fields, including the 


railways, there have been losses 
on a similar scale. 

To offset this, it is estimated 
that regional policy has created 

100.000 jobs in manufacturing 
on Merseyside since the war. 
But the effort has failed to keep 
pace with the rate of job loss— 

80.000 disappeared in Liverpool 
city alone between 1961 and 
1971. Since then, there has 
been an acceleration in the rate 
of loss. 

A further problem for Mer- 
seyside has been that the pro- 
cess of technological change 
which affected the docks In tbe 
1960s is now under way in some 
of its other basic industries. 
One recent example is sugar. 
Tate and Lyle, which operates 
several refineries in tbe Mersey- 
side area, is reducing its labour 
force by around 2,000 as a re- 
sult of the U.K’s switch from 
cane to beet sugar. The com- 
pany is investing in new ven- 
tures. including sugar-based 
chemicals, but there will still be 
a job shortfall. The Port of 
Liverpool, after recovering 
from its financial collapse in 
1971, Is now faced with two 
new problems: it will lose much 
of its bulk oil trade as a re- 
sult of Shell's development of 
new oil handling facilities off 
Anglesey, and if the British 
Steel Corporation abandons iron 
and steelmaking at Shotton, it 
will lose the iron ore trade 
which now passes through 
Birkenhead. 

Companies 

flourish 

At the same time, it is worth 
pointing out that Merseyside 
remains a very substantial 
manufacturing centre. Com- 
panies as successful as Pil king- 
ton Bros, at St. Helens, British 
American Tobacco, Beech am, 
Dunlop, Kodak and Littlewoods 
have been able to flourish. Cad- 
bury Typhoo, which already has 
a plant on the Birkenhead side 
of the Mersey, has also recently 
decided to move its tea-packing 
from Birmingham into the area 
to take advantage of the special 
development area grants 
available. 

But although the Liverpool 
problem needs to be put In 
perspective in this way, it 
nevertheless remains the case 
tnat a number of new industries 
attracted to the area have for 
one reason or another failed to 
take root 


With several of the most 
recent closures coming in the 
wake of strikes, the finger is 
inevitably being pointed at 
Merseyside’s industrial relations. 
But although there have been 
damaging disputes it is difficult, 
on the evidence, to sustain the 
view that the area is inherently 
more strike-prone than many 
other parts of the U.K. Ford, 
despite a recent stoppage, is 
apparently broadly satisfied with 
its experience on Merseyside, 
where Its Halewood factory 
close to Ley land's Speke plant 
is responsible for producing its 
best-selling Escort range. The 
plant is due to receive a share 
of recently -announced major 
investments by the company in 
its British plants. 

Apart from its troubled Birds 
Eye plant at Kirkby, the parent 
company Unilever has more than 
a dozen other major works In 
the area including most of its 
big soaps, fats and detergents 
factories. These are rarely 
involved in disputes. 

Even the Port, which has 
perhaps been mainly responsible 
for tarnishing Merseyside 
workers with the image of mind- 
less militancy, has had a good 
record over recent years. 

According to the county 
authorities, 95 per cent, of all 
companies were not involved in 
any stoppages over a recent 
three-year period. But there is 
plenty of evidence that the 
labour force needs to be 
matched by good management, 
and this is perhaps one reason 
why U.S. companies have in 
general fared better than some 
of their U.K. counterparts. 

In a revealing series of in- 
terviews published by Mersey- 
side County Gouitml and aimed 
specifically at countering the 
poor industrial relations image, 
a number of leading In- 
dustrialists who have plants in 
the area make tbe point that 
labour relations on Merseyside 
is hard work but if tackled in 
the right maimer need not be 
a minefield. There is a legacy 
of strong group solidarity, par- 
tially explained by the docks 
traditions of most families in 
the area. 

There is tittle doubt, too, that 
because of the history of job 
insecurity on Merseyside em- 
ployers are constantly up 
against pressure to over-man. 
They can find it very difficult, 
as did Courtaulds at Skelmers- 


to reduce manning levels 
to the level necessary for 
efficient operation once the 
workforce has been hired. 
Essentially, however, this is a 
management problem which the 

tpeire successful employ ers on 
Matseyside have overcome. 

■ Britain’s 
share 

' Thus while there are same 
specific problems attached to in- 
dustrial relations, it is difficult 
to avoid the conclusion that the 
setbacks which U.K. indusuy as 
awfoole has suffered over re- 
cent-years are equally the cause 
of .Liverpool's difficulties. Most 
new plants attracted to 
the area in the 1960s were buiti 
bn the assumption that world 
trade would continue to expand 
and Britain would at least main- 
tain its share. British Leyland, 
however, is now building fewer 
ears than when it began its ex- 
pansion outside the Midlands in 
the 1960s. Courtaulds’ plant at 
Skelmersdale was similarly de- 
signed to win for Britain a: 
major share of the market for 
bulk fabrics, an objective which 
was never achieved. Thorn, 
which also closed a plant in the 
town, was unable after the 
Initial colour' television boom, 
to compete against Japanese 
tube imports. Redundancies at 
Plesaey and Lucas appear to be 
the result of the loss of markets 
through changes, in technology. 

But although it is possible to 
offer explanations, the fact 
now is that Merseyside has 
acquired an aura of lack of suc- 
cess. and it is this which is 
making it difficult for the area 
“to sell Merseyside.” There Is 
also the problem of the popula- 
tion beginning to lose confidence 
in itseW as a result of tbe con- 
stant buffeting iris receiving 
from closures and chptinued -ex- 
amination of its alleged defects. 
There are the morale-sapping 
effects of unemployment itself. 
In Liverpool, the number of 
men out and about shopping In 
the city centre or .around, the 
estates' is already noticeable 
and there are other more 
sinister side-effects. ’In some 
parts of the city there are now 
high levels of petty crime and 
vandalism. 

Against this complex back- 
ground of economic and -social 
problems there have inevitably 


been calls for further radical 
new government initiatives, 
including the establishment of 
a Merseyside .development 
agency on the lines of the Welsh 
and Scottish agencies, .with a 
large budget and wide-ranging 
powers to promote investment 
in the area. There are indica- 
tions, however, that the Govern- 
ment is reluctant to undertake 
such a move because of the 
pressure that would - arise from 
other areas. Merseyside County 
Council would In any case look 
askance at a new body operating 
within its territory. The Council 
is itself planning to move fur- 
ther into industrial promotion 
by giving its own development 
body, the Merseyside Industrial- 
Development Office, wider 
powers covering land acquisition 
and clearance, as well as attract- 
ing industry, in its new form 
the body, to be known as the 
Merseyside County Economic 
Development Office, will be 
answerable to-' a new County 
economic development commtt-. 
tee And providing the Canser* 
vative-controlled Council agrees, 
it could, like the Scottish and 
Welsh agencies, invest money in 
local enterprises and start new 
businesses. Ihe Council has 
also promoted a BUI In Parlia- 
ment to give it increased deve- 
lopment powers. 

The Department of Industry 
has now received the first 
report of a team of management 
consultants who were asked six 
months ago to come up with 
new ideas for attracting invest- 
ment to the area. In addition, 
the Government has before it a 
report from the National Enter- 
prise Board advocating further 
measures to build on the service 
base and port facilities of Liver- 
pool. 

It remains to be seen how 
effective these various pro* 
grammes can be in the absence 
of same upturn in the economy. 
There is a feeling in the area, 
however, according to Mr. Ray 
O’Brien, the County’s new chief 
executive, that the worst may be 
over and that the days uf being 
buffeted around by economic 
forces are perhaps behind 
Merseyside. 

If this proves not to be the 
case, or if the economy of Mer- 
seyside takes many more knocks, 
the demands from MPs and 
others for direct Government 
intervention in one form or 
another are certain to become 
more strident. 


MEN AND MAHERS 


Paymasters 
feel pain 

Our Prime Minister and First 
Lord of the Treasury, James 
Callaghan, may have allowed 
himself just a sneaking feeling 
of satisfaction this wee-ead at 
seeing the staff of the Interna- 
tional Monetary Fund threat- 
ened a little with the practice 
of what they preach— austerity. 

The campaign to reduce the 
salaries of employees of the 
IMF and the. World Bank was 
begun by the Republicans. 
There were thus audible sighs 
of relief^ when the Democrats 
came in. However, Carter’s 
men too have been crusading 
against those "bankers above 
suspicion” — so much so that 
over tbe week-end 400 Ameri- 
cans working for the Fund 
delivered a letter to Treasury 



" His advice on the dollar is 
that we should find another 
adjective for • Almighty ’ l. 1 * 


ii< TREASURY tra^ 8 In the wurld have just 
*** - been discovered in Western 

Australia. There the Geological 
Survey boys have just come up 
with fossil indications of some 
worm-like creatures dating back 
1,340m. years, at a spot called 
Hopetoun on the southern coast. 

These are one-third older than 
fossil burrows found in Zambia 
four years ago. The new traces 
are bran'ched cylindrical struc- 
tures about one centimetre - In 
diameter and up to one metre 
long. 

I spoke with several palaeon- 
tologists who found it all quite 
reasonable but were reluctant to 
vouchsafe an opinion for publi- 
cation since their work only 
dated back to tbe Cambrian 
period — a mere 600m. years 
ago. . The British expert on 
Australian -trace fossils is Dr. 
Roland Goldring, of Reading 


24,000 supporting floats, which 
.would mutually offset the effect 
of the waves. Ap ideal site, 
•if the Japanese decide to build 
an offshore Narita, is in the Bay 
of Osaka. 

With the seemingly endless 
need to extend Heathrow, and 
the nagging debate about Lon- 
don’s crowded air corridors, per- 
haps we could put our under- 
used steel and shipbuilding 
industries on to building an air- 
port at the end of the Thames 
Estuary. Tbe big problem, of 
course, would be to stop super- 
tankers from blundering Into it 


Drop time 


Secretary Michael Blumenthal embarrassed by the revelation University, who has worked on 
protesting at U.S. efforts to cut that a considerable percentage the finds in Ediacara Mountains 
their pay. of staff travel has been on north-west of Adelaide. Yester- 

Tt a ii a Mt of a Concorde. day he and some students were 

fnr thp mAn whn cnsnd miiAh The U.S. executive director up to their ankles in the 

5 ih^fr time mliina TOuSries at the niF ' Sam Cross - heather of remotest Scotland— 
to introduce wage restrain" It volun , tarjl y accepted a one-third perhaps checking on whether 

bri fiftK fi memoo If g* Q h * ^ ^ if bur ’ 

the IMF actually contemplated «„?' If* anes 

going on strike about pav. . * s : ^ °P e ■ * 

6 5 ® p y the nicest men in the inter- Air and Water 

At one point the senior staff national monetary scene, hut 

thought they had headed off Callaghan himself might just < ^ ie Japanese government seems 

U.S. pressure by bringing in an have remembered that he 611 at . Ma a &out what to do 

external consulting firm — played a sizeable role in the with Its riot-tom. £1.3bn. 
Coopers and Lybrand of London tough negoations leading up to Narita airport. Perhaps it would 
— to compare their (tax-free) the U.K. standby credit of have b een Jitter if they had 


salaries with those in similar December, 1976. 
obs. • 

The Coopers report is secret 
but my informants tell me that 
it 


East Germans can merrily tune 
into the radio and television 
stations of the West but there 
is still only token availability of 
western newspapers and maga- 
zines. Basket Three of the Hel- 
sinki Declaration, notwithstand- 
ing, diploraates are under orders 
not to dump their old news- 
papers in embassy dustbins. In- 
stead. they have to wait for the 
Service Agency, a government 
organisation, to call to collect. 
That cal tends to be one which 
does not come — so the piles 
of papers grow. The diplomats, 
resourceful as ever, have a solu- 
tion. They telephone the Agency 
and say they are about to fill 
the nearest street garbage can 
with forbidden reading. Within 
hours, Honnecker's drivers arc 
at the door. 


put it out to sea in the first 
place. With a splendid sense of 
timing, the Shipbuilders' Asso- 
dation of Japan is about to 

publish a floating airport design. Sinking fpplintf 
It is claimed that offshore air- 1 * 


thought senior staff were WOHIling aWBV 
relatively underpaid and junior, 
and middle staff were probably I remember being taught that porta, making use of the latest 
getting too much. the recorded history of 5teel' technologies, are perfectly 

Not just pay, but also fringe Australia is shorter than that feasible— and also safe (from 
benefits have been under attack, of the sandwich. But now it demonstrators as well as - bad 
The World Bonk's president, seems that Down Under, is weather, perhaps). 

Robert Mcnamara, has made a coming out on top. British The association says it has 
point of travelling economy palaeontologists were telling me produced its scheme in response 
class and last' month the Bank yesterday that they find “per- to the' need to cut pollution and 
sharply reduced first-class air fectly plausible" a week-end noise effects on populations. The 
travel privileges— only to be report that the oldest animal airport would be sustained on 


A notice in a Surrey school gives 
details of swimming lessons for 
junior pupils. It ends with the 
observation that "Learning to 

swim is as easy as ABC’ to 

which has been added In a 
youthful hand: “Whatever that 
is.” 


Observer 



Visit f he 



goes to town’ 
exhibition 

CAVENDISH CONFERENCE CENTRE 

Wednesday 15 March 1578 
•930-173# 

LONDON PRESS CENTRE 
Friday 17 March 1978 
#930-*?3O 

No tickets arc required* 

See for yourself the tremendous opportunities in Northampton >h« m 
save you money, build up your busipeaa wd provide >uu with * ' 

• quality of life. . Z™ ■ 

The Cavendish Conference Centre adjoins. 8= New Cavendish St*** T 
Chc.dquartcm.Of the National Federation of Building tSSSSSSU 
but has m own entrance at =0 Duches, Mem. Km nEEESZFi 
stations aw Oxford Circus and Regents Park. "- •’ 

Centre H in Shoe Lane (between Fleet Strcet akd - 
HolbofnViaduct) but the entrance to the exhibitions from New Street 
Square. Nm underground station, Chancery taSl 

For further details contact - . ■ V" * r 

Northampton Development Corporation - [• 

phone 0604 34734. 


I 





*Jd i .{jut \ 



* 1 ^ r - . 

* 


Financial Times Tuesday March 2S .1978 



Sliil’l'r 

J: . 


GIs: The new poor men of Europe 


,f. '•• 

1- V,. 




BY GUY HAWTIN, Frankfurt Correspondent 

\ grange— may in some casas elected to take their wives and a 

; bcMed hShhl^Sm 5? * TQ " e •**»?** families to Europe with them at * ry-W vr»iitT Tir/iPPlU A MV T 

late f«m wiiuESL ! "SI Ch ? C0 ' they , are m U.S., but they their own expense. For most £T6. A£ffll' W.6EKMAN 1 . 

Io die« R^i»vS^ er i Ca !l ar ® Ur L far choa ^ r t *»w' *»* of them life. Was difficult with ■ ■ . 

v^r*T5sa sfs & w pssr strs &ss llRiilil^S 

:' *Y^Mta53SSS tJ£^ t0 ^ tor ^ r ves - « “ Wm!cSW ^;>M& 

-SfiPte,, °f ’ The piiafct «r the .non- 

" :£ 2 tM 233 SEE- L % 5 -*^ 

morale — perhaps ^enough 6 to 0 9ray ba6efc , G «mwn population. - While a • J2K&P 

cause some concern among .. Thin ®J are no i 80 wsy few may have displayed a - Val yjfT 

America's Nato allies g * he ... command - sponsored certain amount of glee at the rr^ J V ' 

It has been a very "lone time Wbo hav ~. t0 1,ve reverse in America's fortunes, • (> jf 

since the dollar t!m! 1ocb1 economy * These are fauni- the majority appear to have ■■ V.W\*» - 

and a U.S. sergeant wa^hetter Ue5 J?* "“I*" ***? f aet t , he been more than just sympathetic j§£5jt 

off than a respectable gS **S£ s seniority Tales neighbours have been helping t 

bank manager. The U S military whtc * 1 CtttJ *le them_to be trans- the poorer families out with • v v > ; T 4» ^ 

presence has been reasonably Ported free to Europe -and gifts of food. Landlords have :V- ‘ frtt&s&'A 

“low profile" since those heady *?, rece,ve «* of ‘ hvm S lowered rents and, in some 3g2£».®*Tv ~ ! ! It 1*1 

days. One rarelv spp« th ^ allowances Their rents are instances, collections have been ^SffSS^-^!prrT-. tUF ' £ 

familiar green fatigues far away usually Payable in Deutsche taken in order to provide V < W/T 7^7 

from military installations and mar *? “J also have lo financial relief. Vv^ / : .*7 

housing areas. One sees quite JJ 7 for their services^ elec- In Augsburg, .Bavaria, a 

a number of cars bearing Uie tncity, heating and the tele- military chaplain set up a fund 6v^4pfv 

Green American forces registra- Pb° nc that every U.S. soldier to buy a bus to taJce dependants m J, I Afrit*-: f '- / ? 1 x' rT ' 1 

tion plates issued to military who^ lives off base is obliged of military personnel living in /’Jv/W r*j- 1 7 \ c H 

personnel for their private cars. have — in West German out-lying areas to the U.S. * N ffij*.- 

However more often than not currency. The U.S. Army pays army's shopping facilities — ^ 

they are on old jalopies that them a cost of living allowance transport having become too ■••'•**.-••• 

would be hard pressed to pass but it has failed to keep pace expensive for many of them. "Our job is to clear and mark this area so that our 

the West German statutory w *th the fall in the value of Word spread to the citizens of Allies can swoop in and drop their food parcels for 

vehicle test rather than the the dollar. Although they have Augsburg - and • contributions our nearest and dearest!” 

Jong sleek American models of s 0111 ^ cushion... they ate-stSU out from ordinary German citizens i 

yesteryear. of pocket .. c;me flooding in. One man even hardships suffered by junior allowances at “ with depen- 

But although free-spending donated a second-hand Volks- grade servicemen was harmful dants ” rate. But even with the 

American soldiers have not v* j i_»x wagen mini-bus. to morale. On food packages, allowances, life will still be very 

been around for many years, the O&rCICSt Dll Such kindness *“* not S one he said: "I do not feel very difficult for the some 16,000 

dollar at DM2.50 allowed those . •. • unnoticed either by the ordinary proud of the need for that to non-sponsored families living in 

who have to live “ on the The hardest hit are the G.L or bis officers. However, happen.” West Germany. Many of them 

economy " an adequate, if families of non-command spon- it has proved a considerable All over West Germany, receive barely $500 a month — 

frugal, life style. However, with sored personnel. While 'they embarrassment to a military commanders have been bending about DM1 .000 at the present 
the dollar bringing in around may be of fairly senior rank, the whose motto is: * The Army rules to help out the non- exchange rate — and this is 
DM2, many who previously just vast majority are junior enlisted looks after its own.” It is under- sponsored dependents. For scarcely sufficient for a single 
scraped by are now living in men and.NCOs with less than stood that the chap'ain who set instance, some have used student to live on in what is one 
what can fairly he described as two years of service. • Their up the account was carpeted military buses — which should be of the most expensive European 
poverty. numbers appear to have been and told to close down the fund- used strictly for military countries. The “ with depen- 

The fortunate military increasing as Congressional This does not mean that the business — to transport depen- dents ” allowance means that the 

families live in U.S. military pressure on military budgets army commanders are lacking dants to the PX shopping equivalent of a corporal will 

housing areas. These are rela- has forced the Pentagon to in- in sympathy for the “ non- facilities. receive a housing allowance of 

tively unaffected by the financial crease the proportion of men command sponsored ” families’ Furthermore, from the about DM190 a month against 

implications of the dollar's not entitled to command spon- plight General Alexander M. beginning of this month junior the DM135 paid in February, 
decline. They effectively live in sorship in European postings. Haig. Supreme Allied grade non-command sponsored This, however, is less than half 
a dollar economy. Goods in the A large number of married Commander in Europe, said families have been allowed to the average DM400 a .month 
ubiquitous PX — the Post non-sponsored personnel have recently that the financial draw housing and cost of living rent one would expect to pay 


ound 


^ & iff.? 


















"Our job is to dear and 
Allies can swoop in and 


our nearest and dearest ! 


mark this area so that our 
drop their food parcels for 


for an extremely modest flat 
here. To pbt the DM55 increase 
into perspective, it is only a 
little more than one would 
expect to pay far a hamburger 
meal, with all the trimmings, 
for four in one of the better 
Frankfurt or Wiesbaden ham- 
burger joints. 

There .are, however, limita- 
tions to the army's ability to 
look after its own. The situation 
has become so serious that 
commanders have sought 
approval for a nine-month trial 
of a scheme to allow junior 
servicemen’s families to eat in 
army canteen facilities. 

Meanwhile servicemen claim 
that there has been an alarming 
increase in families breaking up 
either temporarily or perman- 
ently as a direct result of 
financial difficulties. One man 
told me: "The pressures are 
just too great. When a man can- 
not -support his family some- 
thing has got to give. Many 
guys are packing their wives 
and kids back to the States — at 
least they can get food stamps 
over there.” 

A factor that exacerbates the 
difficulties of many families who 
live off-base is their isolation 
from both the military com- 
munity and the local German 
community in which they live. 
Distance cuts them off from the 
military, the language barrier 
divides them from the Germans. 


Isolation 


The military commanders are 
well aware of this and many 
have taken steps to combat the 
sense of isolation. In the Frank- 
furt, Wiesbaden and Darmstadt 
areas community meetings have 
been held and, with command 
approval, what amount to 
parallel municipalities have 


been set up. The communities 
have elected ’‘mayors" and 
appointed officers such as “com- 
missioners for housing" and 
“commissioners for public 
works." Their jobs are to liaise 
with both the command and the 
local community within which 
they live in order to solve 
problems as they arise rather 
than leaving them to fester. 

Undoubtedly, such projects 
are valuable. For instance, at 
one sucb meeting I attended, a 
senior NCO. wbo had lived long 
in the locality and spoke good 
German, was able to explain to 
non-sponsored wives that for 
DM1 the excellent local train 
service would deliver them to 
the PX in six minutes. 

Community projects of this 
kind do little, however, to solve 
the G.L's basic need — money. 
One enlisted man told me: 
“What do you think it does to a 
guy manning the border to be 
constantly worrying if his wife 
has got enough money to feed 
the kids. Morale has to suffer." 

A senior sergeant said: 
“ Don’t get the idea that the U.S. 
soldier won't fight. Nothing has 
changed about the American 
fighting man. He may be short 
of money but he is just the same 
as ever he was.” His words were 
echoed by many others, but 
many of them admitted that 
they were going to be leaving 
the military at the end of their 
current tcurs. 

Indeed, there is strong evid- 
ence of an increasing drain from 
the army of the people it can 
least afford to lose — the senior 
non-commissioned officers. For 
them, however, shortage of cash 
is just one of a chain of morale- 
sapping changes that have 
affected America's new all- 


professional army. The with- 
drawal uf the army from 
Vietnam, despite the fact that 
it was not defeated in the field* 
has done little to increase their 
confidence in their support back 
home. Congressional erosion of 
G.I. rights — formerly a model of 
American liberal legislation — . 
has given them every incentive 
not to rc-enlisL 


Educational 

Many sergeants have told me 
that one of the main incentives 
for joining the army was the 
educational benefits offered, one 
of the most important of which 
was university tuition at Gov- 
ernment expense at the end of 
their service. It was probably 
this benefit alone that gave the 
U.S. army one of the most in- 
telligent and articulate bodies 
of NCO's in the world. 

A large number of the senior 
NCO's I have spoken to cited 
Congressional erosion of educa- 
tional benefits as the main 
reason for quitting the military. 
One said: “If I do not leave the 
army at the end of the next tnur 
I will lose my university tuition 
benefit." 

It has become apparent that for 
many U.S. army families a Euro- 
pean posting has become a trial 
by ordeal. There appears to be 
a growing sentiment summed 
up by one military wife who 
said: “ Why she" Id American 
soioters enwe over nerp rn 
deicnd burepc and have their 
wives and children go hungry. 
It is nnnp nf our business what 
happens in Europe." 

The analj'sis may he un- 
sophisticated. The conclusion is 
most certainly false, hut this 
does not alter the vehemence 
of the feelings. 


The road to 
disaster 


tions spoils her case CM arch 21) T 4.L A ia his BBC 2 programme “A a quite disproportionate amount 

by imputing arguments to me JjPIlHrS £11 ITIrV l^illTI IF question of immigration," pro- 0 f time was devoted not to 

which I had not advanced. Far V tested ” for the very reason that immigralion bul t0 the subject 

thing" w-as C wron« wiui theYsK flt forecasts. The Ministry is to price increases when in fact welcome, has only been a move wbit less multiracialists than j n |tead^ ^wha? they 1 ‘woufdfaave o! repatriation. Moreover, Mr. 


snide and superficial comments r drastie than thosc which we sooura su oe aware inai tarn, uie cnainnan. in wnicn ne cian- ““ ***■ 3145 Graham Street. E.C.2. As one of the protesters. I can mora]in . or desirability the 

in vpur Lex column (March 20) the shirp Aunties, as or more has gone down the fled the working of the Comnj is- Thatcher have been ill-conceived. confirm that our letter to ihe r ,'^ y ' Tne 

about auditing standards. As a generally right, especially in the d f ain . to satis ^ WhittalF* Sion's legal and procedural Y our attack, however, on the A nilP^tion flf Director-General of the BBC - round . s on the over- 

rhartered accountant 1 am far metropolitan areas where all the obsessive passmn for secrecy. “vJ'wmi.m. ptoospH thp nr*. SeIect Comnilltee for ils unani- ^ ijUtSllUII UI complaining ahout the pro- m "IL 3 ujjp 
Trorn uncritical of the leadership personal services — including 9’ Stern, ■ Mr. TAilliams exposed the p re- mous re pori was even more imminrntinn gramme expresses the hope that P®" 1 * W0 . uId ^ ave [ejected it, 

m> own Institute has shown, but Education and social services- g 0 * thc Archway Motorway tence by some suppliers that inappropriate. It included IHUMgratlOfi a further programme will be Jad he given them the chance, 

probably front a very different are administered together- The ? a S' ^ approval had been given to an x^bour members, including Mr. „ , „ devoted to race relations. But ar _f awaiting a reply 

viewpoint from your own corre- * cak a ness lies in the 'shire ?:/*« ttwl. Sfcepftenfa HilU Jwrease simply because the BjdweU of , bE Tribune Group> From the General Secretary. we understood that the pro . from the Director-General to our 

spondent. counties where personal services Price Commission had not inter- whom nobody could accuse of -fomt Council /or the Weljare gramme we were invited to take ret i uest f ° r . a meeting to press 

The bard facts of the matter ™ split between the^ nralin! - - !! n€d !° being hardliners on the iskue. °/ Migrants . ^ art in on „ arch 9 was lo be our complaint. 

are that the 60 per cent, public That is whv over 35 district wfiii/me What ha8 happened, it seems to Sir,— Robin Day states (March about immigration. Ian Martin. 

sector is propped upatidmain- CO uncils are now campaigning ■ I rWlPY-l in MPf! u. « e - j s th® 1 they, who are no 20) that some of the participants Our major complaint was that 44 Theobalds Fond, W.C.I. 

lained by the wealth-product ns for th eir educaUon and social 1UUC f k “rSSSlSs USPSSn ffS : 

•Ta^w^SgrSi'S.^Sr pensions HKjTwSSi • \ • 

ptts* a-- m fV n | t^jRSLr^st SSsav* • 

disasters arc relaUvely msigmfi- Where we departed from the Sir,— The continuing corres- “ manvL-ofthese rases " 

cant, but in the public sector. It Herbert Commission proposals Ppndence on index Jinked pen- ^Srlustiflcatton^ for 

is the public sector with its ( f or example, by creatine the sions triggered off by the 

Inefficient monopolies in steel, inner London Education Autho- actuarial valuation of the Post J”Jf h ” , J" ase ’ 1D others 


railways, airway coal, electri- nty- and not transferring Greater Office pension fund reported ^ - t»*^ because the Commission 
city, gas, and its interests in London Council Housing manage- your issue of January 7 has not nJjtlSSteonly what appear 
other areas ike road transport. mem to the boroughs) things dispelled doubts as to methods to b l »he most serious or sfgni- 
Bnttsh Lcyland. shlphuilAinfi. mt badly wrone . e of valuation or the inequily as % ™ ^esT's quTmisleadins 

which is the problem. These Mrs . coker says that there are between public service pen- “ can J La 1 - 5 sub j eeted t0 
vast monopolies and a l lheir no arguments to suggest that toners and the majority of those “ to pretend that 

allied interests have contributed devolving functions would serve who receive pensions from taewiw have been 

more than anything to inflation the public better. 1 do not recall pnvate funds. “aonroved" or "endorsed" by 

and the cojlapse of our economy; anv evidence that supported the . A very important assumption th^cmnmi^sion 

If the position of local authon- 1972 Act's transfer of education for a private fund is that the shou]d raake suppliers 

ties is also considered, the over- an d social services from the old accumulated fund is sufficient ,„ e position in rela- 

all effect is disastrous. county boroughs to the shire £ provide for all accnied bene- KtJ.data, of Price Commis- 

Members of my professional counties, but that aspect of the fits t0 that da,e > so that if the ^ « a D or oval." Professional 

body and the other accountancy ^organisation attracted no wnployer gon out of business. pnrchaS!n ^ staffe will do this as 
bodies hace the distinction of opposition from county council Jhf. se bcnefl ^® are P res ? rv ? d ; a normal part of their cominer- 
being more priyy to the hard ctrcles . in fact the Act rejected ^ must be correct at the- da of sources of 

facts of flnancia [life than most the Maud Commission plan for roicro Iwel of the individual b ut where buying 

other people. They give advice s j ng ] e tier local government employer, but what docs it mean or ^ ard5atjoD5 have no profes- 
to and audit everything from which arose out of extensive at the macro level when all em- 5 ; ona ]| v qualified purchasing 
sole traders right up 10 large public examination of the prob- Payers are considered as a p^pie^they should train existing 
monopoly corporations, and have lem ea rried out by the Commis- ?hole. Js it reasonable to ap p 0 i nt specialists. Prn- 

an intimate knowledge of their s ioners. . assume that all employers will ot _. a PP "L as : n2 slaff pro . 

affairs. Vr'ilbin the membership 1 remain convinced that we f®8*ther? vi&t real benefits to their 

there is, therefore, a real aware- shall have to make some consd- : The next important assumption ^ro^jj^tjons whether they be in 
ness of wbut is wrong. Instead of tutional improvements to local IfiJ of the real rate of vetur®- the public or private sector and 
the hard truth emerstng. bow- government as part of the finan- Jv e Po f l .° i 7 c ^ n a ^ ,ua ^, u , i whether the organisation is large 
ever, members are sidetracked t -j a i reforms which are now cen V b unl?f or small. 

int0 ^considering inflation urcentiy necessary. iP** wn *- 'that does this real Henbers of the Institute of 







t 


f ; Government and spell out the the Inner London Education . reasonable to assume a long term j ndus trv whenever possible, pro- 
1 unpalatable truth. The Issue is Authority 1 was all too well J® al ra,e of f?™ 1 ? Ht 7 vided that quality, delivery and 

, Vf further complicated by the lack aware of the slender element This assumption has a multiplier ite are right These two aim 1 ! 

’ f of proper financial controls and of freedom in our relations with °" contributions requires. are entirely compatible if 

. I knowledge within the Treasury central government, and also the British companies are efficient 

ft - and civil service. The public inherently costly nature of run- ‘“bus and me economy cop- aQd their prices compettttve. 

sector has lo be reduced dru- n tng a big public orgaisation in ' n ns .* r Ln 7 ° I- G. S. Groundwater, 

ncally if we are to survive, let comparison with smaller units. ^“2*° f e , r £55 D t ' f . l f Y «rb House 

alun»r remain a free nation. Private sector education, after fl.*% rea J r ”l! 11 Are Westminster Bridge Hoad. SE1 

My own profession knows this all. operates successfully through L® P *LJ* LiiniS 

but has done nothing about it. very small institutions indeed. Yf _ s P_ r e J ^ bat . ■ — 




i 







Visit < h * 

r ((ia ,Tl ^, 

ocs «» «r 


There are no proper rules or Roland Freeman, 
standard practices for auditing Members' Lobby, 
the public sector. The major County Hall. S-E 1. 
accountancy firms audit the — — — 

public sector monopolies and np, ^ a 
representatives of the major £ ||g ArCJlWdV 
accountancy firms ha%‘e domi- . . * 

naied the Institute of Chartored in AU I TV 
Accountants. Large capital write- *a*n«^s* j 
offs have taken place and From the Press OJj 


si it ute of Cbartored lnnilirV 
Large capital write- J 

taken place and From tlie Press Officer, 
adjustments have Stop the Archway Motorway 


do not deduct too much- from 
individual remuneration and 

company profits? This could K3CG rCiS-tlOIlS 
direct too much money towards o 

investments rather than wealth on J PnlltlPQ 
creating real assets. It can also auu A Uliuv-o 
be argued that this also leads . _ 

towards a lowering of the yield From Mr. J. Guimiess. 
on Investments. s Jr> n | S rare to find you. 

Present practice makes j n a leading article, striking a 
assumntfons as to the future 00le D f actual hysteria; but your 


-i,*n accounting adjustments have atop tne .\rcuway Motorway CIa r ™ 00ie aciua i uul 

| AW been made which reduce assets Plan. ^ b ?th Tor nflaj on and real I rate }eadilis article on iromigrauon 

fV* and depreciation charges and Sir,— Your readers must be return which are probably (jiarch 22) did just this. 




;hiP c " 


interest charges, and multi rubbing their eyes in disbelief incorrect. No one can possibly The fact js that for a genera- 
million pound losses become when they read that William ah f a v« tton the talking classes of ibis 

"profits" in the next year. Rodgers, Transport Minister, has, Msjrltt ig not de country have bamboozled the 

Public sector accounts are often for the second time, abandoned a .method wmea uses current into accepting among 

only available on the pa>ment or an Archway inquiry because he P”ce levels and adapts only for lbem a large population of 

relativelv substantial sums for does not think that his Ministry relative cnanges. leaving any different races, colours and 

printed ’copies. There is no should build such a road through adjustment for inflation to be j n ibe name of a multi- 

rcadily available record of London at all (March 22). .^ ade . a “"“ a {* y wben 1116 artUal racialism held by this articulate jj * . - - , ,,, 

cnniial reconstruction »n the Archway inquiries have been rale is known. minority with the fervour of a a tragedy that. Tip and down business and the arts. Small busmes&retum the COUpon. 

a8f*£Sr jSr w™o mbf 0 ff ?Z« " , ‘f i “ r , ic y erVMr 1 fletecl 10 Shakespeaie’s England, there are ABSAregardssponsorshipas forfurtherdetailsofABSA,its 

TBSjtfri View. a„.r two ^CSi?ff3£S .JSffSSXtSnSaS companies who cannot muchmorethanmerepManthropy. membership and its services. 

or three practical experiences, staff there. The total cost even “id maintain 1 enuity between all the practice was straight deceit: m&Kt ends meCL OUT living theatre . Atoy Of ABSAs member 

no real control whatsoever over to the public parse for the ln pabhc or to minimise the problem and ism dancer of dvini?. comnanies-likeRovalTimilmn. To: Association for Bu^ncssSponsoislup 


Changes in 
the shires 

From the Greater. London 
Council Member jor Finch ley 


characterise as reactionary or 
Fascist those few who drew 
attention to it — Sir Cyril 
Osborne being- the first in res- 


the local authorities. District inquiries alone cannot be less Private employment characterise as reactionary or 

audit represents the "anything than a sum high up in six O : ^ u - Fascist those few who drew 

for a quiet life approach." No figures, as well as many more U27 f t{ l' 1 } oowLKainnui, attention to it — Sir Cyril 
steps are taken tllUil .disasters. hundreds of thousands spent on “rocoL Merseyside. Osborne being- the first in res- 

occur., buying property, etc. If Mr. portable politics. Then, as the 

G. R. James. Rodgers never believed in the . , numbers grew, the emphasis 

2. Laurel Bond, &TVJJ. - scheme all along, he i& guilty of AlllirnVfll /IT switched from claiming there 

— wasting no. or more of public 4 u rs** x/i was no problem to claiming that 

. funds, and should be dismissed nf q- p ricoc . it was too late to do anything 

I IT! instanlly- WULv lDCa about it and the race relations 

o ° W The truth is very different Vrnm industry was set up. 

thp chirp? Mr. Rodgers abandoned the JSJJ JJ. 0£ senior POiRicians. the first 

lllC 91111 15 innuirv because bis inspector e °* Euratastng ana to “ break ranks " on ihic issne 

From the Greater. London ordered the Ministry to disclose and express what people were 

Council Member lor t'inthley full inform at inn on tne sebenv. Sir^-Maby suppliers imply thinking was Enoch Powell; the 
Sir.— Mrs. Elizabeth Coker of inchtdinc .detailed .juaiifientiOQ thal Price Commission approval receni hardening of the Con- 
tbe County Councils' 'Associa- of the traffic and economic bene* or endorsement has been given. servative Party line, though 


make ends meet. Our living theatre . Many of ABSA’s member 

i$ in danger of dying. companies, like Royal Doulton, 

Infect, all the arts in this Midland Bank, Marks and Spencei; 

country- theatre^ mnsic, film, opera. Imperial Tobacco, and Philips 


pertabie politics. Then, as the hteratttte. art and ballet-need 

numbers grew, the emphasis ?f . T 

switched from claiming there mon^r H they are going to survive; 

was no problem to claiming that Butthisis rorfa rharitv 

it was too late to do anything -ouj-iaisisnotaoiaiiiy 

about it and the race relations advertisement. 

^o^Snior 5 pStkSans. the first ABSA-Assoriation for Business 
^SSrti; 'people LTre Sponsorship ofthe Arts -exists to 


Industries, are already testi^ing to 
the benefits of their involvement 
'with a whole spectrum of cultural 
activities. 

Arts sponsorship is one of 
today’s most exciting and worthwhile 


encouragethegrowthofsponsoiship forms ofpromonon.Find out more 
for the m u tual benefit of both now. Whetheryours is alarge or 


( To: Association for Business Sponsoislupl 

of The Arts, 

I 3 Pierrepont Place, Bath BAJ 1TX. 8 

Telephone 02254S3762 j 

j Please send me full details ofABSA. I 

I Name 1 


Address 


1 flh Association for Business 
iPUkSponsorship of the Arts 



/ 


.-frwrvsvro 


Credit Lyonnais 

Negotiable Floating Rate LJ.S. Dollar 
Certificates of Deposit. 
Maturity date 
29 September 1980 



NEWS 


Laird climbs flm. to £9. lib. 




WITH A second half advance in tags may *liH take. pjace under 

taxable earnings from £4.69m. to oruiDn mpetiupc the Stock Exchange Rule 163 (2;. 
£5. 08m. Laird Grasp ended 1977 BUAKU WIEETINW ■ 

with prolit ahead from £S.06m. to n» following companies have mnnfirf ._ '. - ‘ . . 
£9.09m. Sales' by the group. *»««* « Btord mwdngs to the Sto ck a*fi 

.■hid. has interests in metal H““- *5JS! 061118*0 

industries, engineering, motor dindemls. official -jraircations an.- not w 7 -m-m 
components, and shiprepairing, available whether dividends awcvnwd \\f ni«rf Ia 

were marginally up at- £1 19.24m. •**“““2 « "J ““*«* _!,*=*£: TT'ftlllllC ; ' ' 

fnnom ■ suwvn below arc based muttis * T • 

against- iliu.wn. . on Fc>rt unieMjte. . 

After tax e£ £2.32ra. (£2.16m.) • to-day Ol’ACOAif'iC 

earnings, per 2Sp share are liMrim Crtl and (ntL-niaiiooal Treat. U1 Udiivviij 

'SSTiaa™; iSSiT .3 SSi raw 1 " 1 " S0 ““"" rlsT-H-yj prea, of Bcraird 

mum ^pertnllted "*3^7 p° “S. wSTSSST^SiJLSrSS; *«» ff t il £g?SSlm!JR 

wilh a final of 1.477p. A one-faf loternanonaL United X«,s papers. on mar 

ten scrip issue is proposed. . ™ninn dates ^ g? gXKSZ FJSSZ: 

rSo ^eserees^^This - •» nian, says in his annual statement. 

released to reserves. Tnis to- Hrmoon-cuoda Mu. 3t However, be adds that the 

gether with retained profit of Kalamazoo a or. 12 Cheshire-based plastics group is 

£5.4j<n. (£4.48mj increased net Maynards - \or. « j. n t atV 4j , 0 {-1™ advantage of 

assi-K npr -sharp In f«<9 0 Mnrfclow i.V. and J.t Mar. 31 " eu P^CCU tO WW aOvanu^,e oi 

pC *” are 10 North Atlantic Setwiirt Apt. s even a minor upturn m direct 

i wombwcU Fouadrs Aor. 3 consumer demand. Relatively 

Negotiations to determine com- Ya IT® w l - J small improvements in volume 

pensation lor the nationalisation chXS irtcnutwiii .\or 12 and p D rod .“? f hoU ! d J i? ic H ly 

of Scottish Aviation and CammeH Dnooucr Bros. ‘ Mar. 20 be reflected- tit higher profits, he 

Laird Shipbuilders have not yet Empire Stores rarmrenii Apr. 12 says. 

started but-a payment on account **£!»“? Law ^ Asmranra Mar. 29 The start to the current year 

of £0.63m. was received in Febru- Sfu^d' mm \X'x P as bee " dtsappoiMlng. and mar- 

ary 1978, the directors report. crattan Wan-hwa-s ",'.ZZ . ■■ Apr. 4 ket conditions both at home and 
, • Harrison ud Sons .... Apr * internationally continue to be 

Lead industries \pr.'2-i difficult While raw material 

-j j a and Gineral^airanif . Mar » prices have recently stabilised. 

Good start saK-rLSsS 1 * ss2 5*« ■« »»« mdireuon, ,h.t 

Ocean Transport . .. Apr. a they may be moving upwards 

p j Pyp Holdings Mar. 20 once again, and coupled with tills 

Tor r rOVIfleni Tbopwon organisation uan.3t the company is experiencing 

. . ffi^ Warburto^ ::;:;:::: JR*"™*™ i^SSSS: 


In accordance with the provisions of the Certificates 
of Deposit notice is herebv given that for the 
six month interest period .from ZS March 1978 to 
2S September 1978 the Certificates will carry an 
Interest Rate of .7 ; % per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A*, 

London 



This vdyerthemem is issued in compliance with the requirements 
of the Council of The Stock Exchange. It does not constitute' an 
invitation to any person to subscribe for or purchase any Preference 

Shores. 

AMALGAMATED INDUSTRIALS LIMITED 

i Registered in England No. 31 1264) 

ISSUE OF 638.200 10.6 PER CENT CUMULATIVE SECOND 
PREFERENCE-SHARES OF L\ EACH CARRIED OUT BY A SCHEME 
OF ARRANGEMENT PURSUANT TO SECTION 206 OF THE 
COMPANIES ACT IW8. 

The Council of The Stock Exchange has admitted the above 
Preference 5hares to the Official List. Dividends will be payable 
in equal half-yearly instalments an 30th June and 31st December- 
each year. The firsr payment, amounting co 5.30p per share l net 
of related tax credit),' will be made on 30th June 1978. 

Particulars relating to the Preference Shares are available in 
the Statistical Service of Ex tel Statistical Services Limited and 
copies of such particulars may be obtained during normal business 
hours on any weekday (Saturdays and public holidays excepted) 
up to and including 28th April 1978, from: 

Seton Trust Limited. _ Rowe Rudd & Co. Limited. 

20 Copthall Avenue, 63 London Wall, 

London, London. 

EC2R 7HY. EC2M 5UQ. 

28ih March, 1978. 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000-£25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rales for deposits 
received not later than 31.3.78. 

Terms (years) 3 4 5 6 7 8 9 10 

Interest % 91 10 10} 10J 11 11} 11} 11} 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited, 91 Waterloo Road. London SE1 8XP (01-028 7822. 
Ext 177). Cheques payable to “Bank of England, a/c FFI." 
FT l is the holding company for ICFC and FCI. 


Bernard 

Wardje 

prospects 


lions and severe pressure on mar- 
gins, Mr. D. A. Boothman, -chair* 
At» 4 man. says in his annual statement. 
Mu. 3i However, be adds that the 
adi-. 12 Cheshire-based plastics group is 
Mar 31 well placed to take advantage of 
apt.' 3 even a minor upturn in direct 
aw. 3 consumer demand. Relatively 
Aw- 3 small improvements In volume 
,* and product mix should quickly 

Apr. , a f I 1 . 1 . 1 m.. ha 


Good start 
for Provident 
Financial 


So far this year the Provident 
Financial Group is performing 
welt and directors intend to con- 
tinue developing the group in 
traditional and new activities. 
Lord Chelmer. chairman, says in 
his report with accounts. 

Provident on Monday 


M ar. 20 be reflected -in higher profits, he 
Apr. 12 says. 

Mar. 29 The start to the current year 
has been disappointing, and mar- 
4 ket conditions both at home and 
aw' * internationally continue to be 
Apr- 2'i difficult. While raw material 
AJ"-* prices have recently stabilised, 
vu'in there are some indications that 
aw.’ a they may be moving upwards 
Mu. at once again, and coupled with this 
■Man. 31 t he company is experiencing 
■» “ severe ” pressure on margins. 
The generally, anticipated upturn 
in home market demand is. slow 
to come forward and this is parti- 
a|l cularly important to the company 
CJJL because it is geared to high pro- 1 
Auction levels, explains the chair- 
man. 

As announced on- February 14, 
pre-tax profit increased by 36 per 
cent, from £770.000 to £1.036.000 
' in the year to November 27. 1977 '• 



Financial Times Tuesday March 28 1978 

Outlook 
for 


> i!: 

'j 


Frcitdk- MoInuim-M 


Sir Ronald Fairfield, chairman; or Royal Worcester, who Is 
due .’to announce the company's results to-morrow. 


announced its offer for Halifax of Current year 


iu luuic iintHuu aim uiu u fro 1,1 

Caine ctn«4 nrnll cularly important to Lbe company 
ijaiC5 dlftll YY CIA because it is geared to high pro- 
4- A 11* j Auction levels, explains tbeehair- 

Hl Alii 6 G ra 3£ announced on- February 14. . 

InciilofAre pre-tar profit increased by 36 per MJM. HUH J. 

lUMUdlOLb cent, from £770.000 to £1.036.000 

^ _ . in the year to November 27. 1977 ’ i. 

Sales for the first two months on turnover up from £1532,000 SOfIFSk lO 

f Current year at Allied Insula- to £18 633 000 uvlUu l*v/ 


British Aluminium 


ON CURRENT evidence It Metna 
unlikely that Steeney Cerapaay 
will achieve any »*«“«*»> 
" increase in prdfltahihtT until 1976,' 
Ur. - Harry Smith, chairman, 8R» 
'in' his -report with mseonfttft -=-• 

He says the many poUUotl and 
economic uncottaihUfa -affecticg 
the areas in whwh the company, 
operates make h dlKtuil to ten* 
east results for 1878 with any 
accuracy. 

But the directors see. signs of 
an improving trend in tratflhg 
conditions tra* .'»* ■ »»» 
depresaed levels of tho final six, 
months of 1977, However, this 
improvement Is oy. a®, means 
Uniterm. . ■ ’ 

In W77 taxable profit cUwbfd 
from £19.95m. to £23-3m. and Mr. 
Smith says the mensue wait dye. 
to the policy or increasnuractiY*, 
tics ui industrial sectors other 
than steel, both at home and 
overseas. •’ 

.The company Mill continue to 
seek suitable opporrunrtiea fot 
further expansion. "TWa pslicjr 
will. I believe, enable u* to. mate, 
tain a rising trend of profttlbUily 
which will. Jn due course, be- 
further strengthened as st«T 
demand -picks up and- we. are 
able, to achieve the fall .benefits 
of our expertise and 1m extinent" 
be says. 

Last year US.3ro. was invested 
in the business and forward com- 
mitments for 1978 total £182ra. 

An analysis, of turnover and 
profitability fin £m.) shows 
minerals extraetlun and pro* 
cessing contributed £96Ji3 t £79.(Q) 
and ns.63 1X1227 Jr chemicals 

£76.71 t £63.78) and £4-73 (£3.471; 
refractories £40.67 (£33»3) and 
£6.9 t£S.03) ami industrial and 
electrical distribution . £43.38 
<147.9 > and £1.4 (£L6»I. • ' 

A current cost statement with 
accounts 'Shows prertas profit re- 
duced to £16.3m. after 

additional depreciation of £4.7m. 
(£S.7m.T, a £4Jm. <£2.3m.> cost 


Insurance Company, and at the tors are in excess of same period ^t- Booth man sars that follow- . . . ■_ .| inht |_ of sales adjustment and a £lRin. 

AGM shareholders will be asked last year. A record level of sales in ; th ^substantial changes ” of , A JU P m P m taxable eanungs though <£L3tn.) gearing adjuslraCnL 

to alter the Memorandum of Asso- was achieved in February and 1977 w-heo two commercially rr ?“ to £24.OTm. was ..Average priwrereived ditf tag Qft a divisional outlook for 

riation or Provident to allow it present order books are equiva- 0 ?ienLated divTsions were termed achieved by Bntista Aluminium, fte year were suhstanmUyhtfilwr t078j tte . m j ncrs ,| s division ex- 
to carry on insurance business, lent to six months work at this rS L l a subsidiary of Tube Investments, Chan in 1976 following rJ oects difflcult tradimi conditten.-L 


On the year to December 31. ^ of 'JSSSL ^SmSaJ. S r nl *“* “ P «S ?d“tS consl^tton mater- 


climbed from £7^m. to £954m^ On the offer ter Blakey’s he among subsidiary companies was than doubled to flag lm The directors add that there is — : £ - 5 - 

Lord Chelmer says the advance said -that the foundry very much again Duraplex. VPT and EnSmaifim iff directors said a rcasonS probobiUty that de- n ’ an f fo ? J? 78 * 8 ilnJ Lnh 

came in a year of great difficulty complements Allied's own Foun- Hispeed improved over the previ- nrirfdema ndforaltunhitem ferred tax will not become pay- ! !l e Iast ?* aI f of 3 ? ,, 1 * 

for the retailing industry, with dries range of products and offers ous year, but Hardura was less ^othasreS^ed ste?dTte abte and a provision of aSrtjfS the continuing si eel depresson 

which Provident is closely linked, a considerable diverfication of profitable. . ■ ?»?■£: I.SSI5 ^ d; 7 “ - f £?n ^trariterred 10^ ^ re^erv-e a “ d teMBin*- world 

Lord Chelmer says that the ™ rkets - J' < X P™rn ^struck after loan in- N 0 S has SeTSSte ?" 

application of the gearing adjust- oufstand in^^ouhra^ent^o ,ereat educed to £4.65m. (£3^m.). against 1977 profits excepr for ^j^chemicaLs tradin’' division 

ment included in the HySe guide- YFF VFRTON 1 tan? U oreSrai!J bul tn riuded £0.66m. (£0.59m.) tax arising from dividend pay- ho ^-e^ evoects to achieve fuf- 

lines Showed that £2.>i. was «tLYtKiUI> nr o aS share from associates. Tax took ments and comparisons are re- ft** 1 « r ists while the 

needed to be retained in the busi- The listing of Yclverton Invest- W 1 19 ^ ,S ° £2. 33m. <£1.3Sm ) and wmings are staled accordingly. , v, chemiSl manirfactiwinq division 

ness to compensate for inflation, n , ent c t he small investment com- ‘ shown ahead from 106p to 197p There was a net positive cash u ..ii n «t be easy, 

while f2.4m. was actually re- Porllia Inntc A final dividend of .flow of £l252m. for the year, SSe optit^silc 

tamed. deficit of £5,127 after provisions -V>3r»-l^l lOO&S *• -°P. * tetal of 3ap (20p) and at year end. net borrow mgs a j wu j j la Canadian operations, 

Sleeting. Bradford. West York- of £43.000. bte Wen- caneeUed ± - T T O’ £ ' neu Retamed profit ^merged 'as amounted to -38 ^per cent of {gjfe improved earnings are 

shire, on AnrD 12 at noon. a* from ThnrsiiaV- mamUto rjpai. irt 1 \ - IHil* ■ £1 i.64m. ( £9.31 m. 1 . shareholders funds, including the nms m Australia fur- 


Lord Chelmer says that the 
application of the gearing adjust- 
ment included in the Hyde guide- VCf VTDTOIV' 
lines showed that £2.5ri. was * C.1- ▼ 1 

needed to be retained in the busi- ne lislinB o£ Y cIverton Invest- 

ShjlB tD r9 4m Pen ^L e ° n ' n,enl5 ' th ? smaD investment com- 

■ £2,4ni - was actually rc- pa ^ which produced a half-time 
tamed. deficit of £5,127 after provisions 

Meeting. Bradford. West York- of £43.000. has been' cancelled 
shire, on April 12 at noon. as from Thursday 1 ' morning. Deal- 


equivalent to £9 12,807. 


CarIM looks * 

tO U.S- fOr ■ £i ™ m : ,£3 ' 31m -‘- ‘ shareholders runas. inciumng tnc £^^“^’5, Australia fur- 

(lu^tors report that world transfer nf the deferred tax ther j S anticipated. . 

imnrhimmnhf consumption of primary aluminium' provision to reserve. - 

I III (II U Vv 111 till was only 2 per cent, higher than ■ Sales for ID## of Raleigh lo- 
ll seems unlikely that in the 1?™. Differing. levels of eco- Mvfn, another subsidiary of C lln AllionOP 

shon term U.K. share prices will nomic activity In the Western Tube Imcsinients. amounted to oUU r\Ill4lIiL.C 

remrn m their peak levels of 1972 world were reflected m higher con- p07.06m. t£100.17m.i with pre- : 

and 1977. but America, in spite sumption in the U.S. and lower tax profit lower at £aJ46.006 pYpeiltlVP 
of its halance of payments dcficiL consumption in Japan, while Euro- (£7,«3i.00U», tUHi.OTO). • CACLUUIt 

and other problems, offers attrac- Pfan demand was very close to There ^was a UK t» mdi . 

live investment opoorfunities at the level of the previous year. In of n.JOft.OOO (debit J2.M0.0M) j|pf|Cl/)f|C 

present Mr. D. A. Pease, the Ihe U.K1, total consumption was and overseas tax amounted to 4/113 

chairman of Carllor Investment fractionally up on 1976 but im- £S34.ti00 (£189.000) . Comparisons ^ un insurance Group 

Trust, says in his annual P®rtfrs vvef e more acme. are restated in accordance with has mientlj . launched Us Kxeeu- 

statemenL . There h*s. no grow th In total £D 19. ■- ■ . . t tivc Be dp tit Plan designed 'to 1 

In the Iasi analysis, however, the volume and m softie sectors there - After an ‘ cxlraordmary , debn of Qna hi e company directors and 

company does not hold markets was a reduction, but the overaU £438.000 (XS94.000 credit) and JXJuUwS to receive substantial 


AU these securities having been sold, this announcement appears as a matter of record only. 

U.S. $25,000,000 

SUMITOMO HEAVY INDUSTRIES, LTD. 

Guaranteed Floating Rate Notes Due 1983 


Sun Alliance 

executive 

pensions 


but investments in a series of product mix improved. • Export minorities, attributable 


tax-free cash sums on death or 


companies and -well chosen markets became increasingly com- ad'-anred from I5.7p.000 to rotiremenL toccThcr wUh a wide 
equities which sen at historically petrtive over .the year with the £7265.000. giving stated earnings ^L^T f n il,S P " C , r ZnUtUs niu! 




1 low price 'earnings multiples and result that volume was down al- of I34.6p (S4.4p) per share, 
should consistently increase their 

earnings and -dividends in the T - m ' -* « . 

Ingall ahead so far \ 

comments. 


range of relirement benefits, plus 
immediate protection Tor depend- 
ants. 

The basic contract is. a pure 
endowment policy providing a 
guaranteed sum payable at tho 
date of retirement. This will bo 


Unconditionally guaranteed as to payment of principal and interest by 

The Sumitomo Bank, Limited 

Daiwa Europe N.V. „ Sumitomo Finance International ,S. G. Warburg & Co. Ltd. 
Basque Bruxelles Lambert S.A. Banque Nationale de Palis 
The Development Bank of Singapore Limited 
Union Bank of Switzerland ^Securities) Limited 


In 1 Q 77 7 Q tha rilrontni-r , uuie III iruiL'uJvm. 4 win »>h» 

of htiltlina a siibstanttel uroDortion * For the six months to December reported, thc directors said they Increased each year by bonus 
at 2S ln“SSSeJi P S2?JSS S1 - 1977 > la ^ a Industries reports looked forward -to a marked additions. At retirement there Ls 
advprwiv affucw >anitai vnlVox profits £21.000 ahead at improvement in the second half of a whole range, of benefits from 

Net asset vaJuY over SuT v2r wa£ 11 02 ' 000 - Thp net interim dividend the >-ear. • which the executive can choose, to 

uo 4 1 ner cent, and the Dortfolia 13 stepped up from 0.56p to 0.6!p Turnover showed little change use the accumulated cash sum. 
a t year-end- wav' divided** 5R ner and the dir cri° rs anticipate a 10 at' around £Z0m. He can for Instance takepartcash 

cent (48 per cent) V KL securities per cen1, | n 5 rea! * > n the t® 1 * 1 The net single dividend is —up to revenue limits and tha 
and 42 per cenL (33 n^r cenL) paymerit * although they say the ip, whjch compares with ktst year's Tost can be used to secure a pen- 
overseas. * percentage ^improvement in proffts total' of 2 .2p. Earnings per' 20p sion. There is a guaranteed 

As known, tlie proposed merger ra ^ y F°L ir dhare are shown to be up Irom annuity option a.t normal retire- 

of the company wirhT>-neside was 15 - 65 ** l0 23 ' 47 ®' me D nt * . • ' • 

abandoned because of the risk of r t “f “SSSStnS The directors si *te that they Bonus rates will be declared 

a lam. tax assessment ■ Carliofs a ^c n w e fn r 0 rho R^haW rVnm anticipate a farther improvement * ach December 31, and the 
share of the professional and F1 ^® s f .° r in net proGts on the current bonuses added at the followrtjc 

printing costs related to the mer- ^ ®2 d S°nmSi > ear - xb * me •nn"*»aiy. Thefinai 

ger negotiations was some £33.000. StTMof 11 6 -ti? ^^Sofc f ru'nm ' ’ honue addition -will be made at 

equivalent -to 0 : 82p per liiare, ^ "? r mal retirement date: InrtiaUy. 


IB} International 

Limited 


.The Bank of Tokyo (Holland) N.V. 


AlgCmcne Bank Nederland N.V. 
Amhold and S. Bteichroeder, Inc. 


A. E. Ames & Co. 
Limited 

Banca Commerciale Italiana 


Amex Bank 
Limited 

Banca dcICottardo 


Amsterdam-Rotterdam Bank N.V. 


-Banca Nazionale del La voro 


Banco di Roma 


Bank of America International 

Liksutcd 


Bank Julius Baer Internationa] 
Limited 


Bank of Helsinki Ltd. Bank Mces & Hope NV 

Banque de ITndochiue ct de Suez 
Banque de Neuflize, Schlumberger, Mallet 


Banque Continentale du Luxembourg S A. Banque Fnangaisc du Commerce Exterieur 

Banque Interna donate a Luxembourg SA. Banque Loms-Dreyrus B 

Banque de Paris et dcs Pays-B?s Banque de Paris et des Pays-Bas (Suisse) S.A. Banque Populaire Suisse SA 

Luxembourg 

Banque de la Sociclc Financiers Europ£enne Banque de l'Union Europeenne Barclays Bank Imcmational 

Limned 

Bayerische Hypothckcn- und Wechsd-Bank Ba>-crische Landesbank Baveriscbe Vcrc ins bank 


LhL-h h„ S ”‘1,,’ (£42.000) and stated earning* ere 

rMervp 188 debited to capital 056p ( 0 .76p) per 10p share 

"r £ ■l*fen7.^‘±r,' n m C i ,, n d u ' 

iSiliTi; S; : ^ U fa'S Fac.ur, of Funenl fumiihlnsi. . 
revenue improved to £738,885 

(£636,622)— as reported on March nnArofiva 

2. The net torai dividend is V^O-OpGiaIIV6 

raised to 3B5p (3-3pl per 25p T * 

share. Insuranofi 

Liquidity’ at year end showed a 
decline of £6B42 (up £213,790). ' finniicoc 

London and 3fanchester Assur- UtxllUibdb 
ance Co. holds IBfira: Ordinary _ -.. ' _ 

shares. , T? ie . Co-operative Insurance 


Co-operative Insurance 


year. scheme anniversary. The final 

- • bonus addition will be made a't 

ji normal retirement date; Initially, 

TvnPCinP n IQ TIC lhere wiU not be a terminal bonus, 

A JUC31UC fjiaua but one may be introduced In the 

lt , JLU future H suitable investment 

TO inVCSt B10F6 proflts are made, but no c&tonate 

. t't.c* T can ** e n,B< * e in a< * vancc - ♦ 

in U ,0* QlSirKCt . Premiums may be paid entirely 

by the employer, or the member 
AN INCREASE in the proportion may contribute up to 15 per cent, 
of. its investments held in the of salary towards the cost, .get 
U.S. is. planned by Tyneside full tax reiier at top. rate. 
Investment Trust for the coming Premiums may be paid yearly or 
year, Mr. TL. H. ' Dickinson, the. monthly by bankers' order, 
chairman, tells members. There is a growing- demand -by 

The directors believe that the executives for these types dT 


\Ieetln® Newcastle on \oril ■»! Society is keeping its reversionary Ji" S '^ ove 5 n !S eQt K^i l1 take . .-PS? . on because they 

at 1215 ’ " Ap U -1, bonus rates in respect of 1977 un- t0 ™ r ™ c _ t balance of phy- provide high level pensions, but 

ai iz.ia pjn. . . changed from the 1976 rates in ^onis deficit by reducing oil im- because they are a tax-efficient 


Banque Rothschild 
Baring Brothers & Co., 

Limited 


Bayerische Hypothckcn- und Wechsd-Bank Bayerische Landesbank Baveri 

Girotfomlc 

Berliner Handels- und Frankfurter Bank Blj ih Eastman Dillon & Co. Cs 

Internal loiul Limlied 

Chase Manhattan Chemical Bank International Chris liania Bank og Kreditl 

Limited Limited 

Conipagnie dc Banque et dlnvestisscmcnfs Comnagnic Monogasque de Banqi 

^L'niicrv-riiers) Sj\. 

Credit Industrie! et Commercial Credit Lyonnais Credit Suisse White Weld 

Limited 

DBS-Daiwd Securities International Den Danske Provinsbank A/S I> 

Limited 


Bergen Bank 


iman DHJon & Co. Caisse dcs Depots et Consignations » 

uilenM L uni led 

Chris tiania Bank og Ereditkassc Citicorp International Group 


Berliner Bank 

ALlirogesdbctwft 

CentraJe Rabobank 


Compagnic Monogasque de Banque 


County Ban): 
Limited 


nal Group Commerzbank 

AkticrvECScUscbalt 

Credit Commercial de France 


Credilanstalt-Bankvercin 


Den Danske Provinsbank A/S Den norske Crcditbank 


Daiwa Securities (H.K.) 
Limited 


Orion Bank 
tops £10m. 

Taxable' profit of Orion Bank 


DG BANK Dillon, Read Overseas Corporation 

Deutsche OcaoBcasdwltalmfc 

Buromobiliare S.pA. European Arab Bank (Brussels) SA. 


Dominion Securities 

limited 


litbank Deutsche Girozentrale 

— Deutsche Kommunalbank — 

DnsdncrBank Efieaenhank-Warbarg 


AL ricngcicJlscha ft 


Akliengocthchnft 


European Baiting Company First Boston (Europe) First Chicago 

Untiled Limited Limited 

Gefira International Ltd. - GenossenschafilicheZcntralbankAG 


Robert Fleming & Co. Fuji International Fmacco Gefira International Ltd. - GenossenschafilicheZentralbankAG 

l imi ted Limiied - Vieoiu 

Girozentrate imd Bank der ostoTeicbiscfaai Sparkasscn Goldman Sachs International Corp. Groupemcnl des Banquicrs Privds Gcnevois 

AkticnaescUKhad 

HambrosBank Hessische Landesbank Hill Samuel & Co. E. F. Huilon & Co.XV. Isfimio Bancario San Paolo di Torino 

Limited -Girotcmraic- Limited 


HambrosBank Hessische Landesbank Hill Samuel & Co. E.F.F 

Limited -Girfecmrafc- Limited 

Jaidine Fleming & Company Kidder, Peabody International Kjobenhavj 

Limited Limited 

KxedictbankSALuxembonrge<»se Kuhn Loeb Lehman Brothers Asia 


I Kjobechavns Handclsbank Kleinworf, Benson 

Limited 

in Brothers Asia Lazard Brothers & Co., 

Limir.-d 

ers Manufacturers Hanover Merrill Lynt 

1 i n rite d 

Ncderlandsche Middens Lands bank N.V. New Ja 


Lloyds Bank International London & Continental Bankers Manufacturers Hanover Merrill Lynch International & Co. 

Limited Limned Limited 

Samuel Montagu & Co. Morgan Grenfell & Co. Ncderlandsche Middens lands bank N.V. New Japan Securities Europe 

Limiied Limited Limited 

ThcNikko (Luxembourg) S A Nippon European Bank S A The Nippon Kangyo Kakumaru Securities Co. Ltd. Nomura Europe N.V. 


Kiedict bank N.V. 
Lazard Freres cl Cie 


Merrill L>uch International & Co. 


New Japan Securities Europe 

Limited 


both the ordinary branch and the P° rtfl and that Ubis will be re- means of passing assets from the 

A M . V ,!L Ci industrial branch. Thus they stay flvcted later in the year in an company to executives. - Sun 

/VQUIS o6CS« at £4 per cent, of the sum assured improvement m both the- dollar Alliance is the .latest life com- 

. for assurances and £7 per cent, of and stock markets, he says. pany.to launch an executive pen- 

pfintffl pnf the basic benefits for annuities in The. 4 per cent increase- tn the - s,on scheme. But as the company 

the ordinary branch and as £2.50 company’s net asset value, from points out, il is not suitable for 
Mr. H. C. Quitman, the chair- per cent, of the sum assured. I3lp to -137p per 23p. share, when comracting-ouL 
man of Aqttis Securities is "con- However, the company is lifting taking prior charges at par, in 

fident that 1978 should prove a its terminal bonus rales paid on 1077-78 was disappointing in rela- ^ , 

profitable year for the group. . death or maturity claims on or lion to the rise in the U.K. tlTlAn KQnL r 

As reported on February 22 pre- after April 1, 1978. market. It resulted from three V^llvII. UalUV • 

tax profit for 1977 rose from On ordinary branch contracts, factors, namely the high proper- . n . _ 

£334.920 to £418.719- and the divi- the rate increases with the length tion of. assets invested overseas. I OTIC T 1 1 Im 

dend is lifted .to 0.670149p (0.6p) of time the policy has been in where performance was poor in *,11/111, 

net, with a final of 0.445 149 p.. A force varying from 13 per cent, of comparison; the rise in the ster- Taxable omfit nf orinn 

supplementary . payment of the sum. assured after 10. years ling exchange rate; and the rose ftSm ffi« tn 

S“Ve r ? n S <.u J SS,° r bSSS ‘ffi invSSnerns din 

portfolio and other assets had in- msuumum rate Ls lifted to 69.5 per which totalled £953m. (13.74m > or co-manaucd^hiSri 0 ^ 

creased by the year end by some cerit. from 62 per cent. shows, iriperoeSagSi Sl S'i syndfcSS WV 

and that the • Portfolio is Some other industrial lire com- MSB); U.S? 18.6 (22.8); Canada u SMbn^and^Sf^Ioad 0 ^- 
sduated in areas where chntmued panies have increased their rates 4 (6.4); Australia 5 (7J); South oger for 13 Eurobond IssiieS 
grovvth m rental income seems, of 'terminal bonus for 1977 ami Africa 3.7 (3); Europe J.S (2)- totalling S52(im. £,uroi,oncl ,SSI " S 
inevitable. ' the results from the Prudential Japan 3S (4^): and Asia 5.S (5.4)’ M We are confident th-.t wo 

Mr. Quitman says rhsrt although and the Pearl are still awaited. As to the outlook for the continue Vo play an n, niUm ro|2 
bank borrowings dunng the year But the CIS have adopted the current year hi the U.K., aside m Euromarket uSJlnc th* 
were high, interest rates fell to philosophy that terminal bonuses from the better economic pos£ coming ye™.' Our aim Urn o5S»* 
!- ! t? U ?h P m nh a ro a f eP a ab retool' , AP eant t° rtflect . retrospective tion. he points out that indusSl ^ to devclw *Zr EJSZ 

ad ^ jUo " s t0 , reversionary bonus production remains at a low level w *thin these hichlv. cuiQtirtitlvi 
against £^4,101. being increased rates due to previous cautious and unemployment is hieh market." he sawn in ht: 

by a £358.501 (£28.406) transfer valuations. The objective is to ^rproS moreer bctwci.n mSt^iUi mSSiZ * 
of interest charges from work. in give as fair a deal as possible and Tyn c y e ^d^UQ?te%Sto e m OrhJ is “®5J& by f w 

progress .relating to propert.es considered ttotthjs time the Trust has, as known, been S Manhattan Corpora ion? ofifi 

The sale of .he Walton develop- "to the VBar BE 

ment reduced the company^ mature rather , n £? r _ the year : to J “«ary 31. i«*w«"*wr. Royal Sink 


previous cautious and unemployment is high. 


market,” he says .jn Jife stete- 


Nordic Bank SaL Oppcnheim jr. & Cte. Orion Bank Osterreichische Landerbank Oversea-Chinese Banking Corporation 

TjwtitM , Limited Limited 

Fiasco, Hridring & PwrsoriN.V. FostipankK Privatbanken 1 Richardson Securities of Canada (U.K.) Lid. ■ Rothschild Bank AG- 

Aicikubiatb 

m-M. Rothsduld & Sons Salomon Brot hers International Sanyo Securities Co., Ltd, J. Henry Schroder Wagg & Co. 

Limited Limited Limiied 

Singapore Nomura Merchant Biuriang SJcandinaviria Enskilda Banken . Smith Barney, Harris Upham& Co. 


Orion Bank 

Limited 


Gsterreichische Landerbank 


Oversea -Chinese Banking Corporation 

Limited 


Limiied 

Sodfitc Bahcaire Barclays (Suisse) S.A. Sociele Generate 


Smith Barney, Harris Upborn & Co. 

Inwpoated 


Sodete Generate de Banque SA. 


Strauss, Turnbull St Co. 


United Overseas Bank limited, 

Sins* pore 

Warburg Paribas Becker 

Iocaryonied 


Sumitomo"* East Asia Son I 

limited 

ted, Vereins- nnd Wcslbank 

AfctfenBBWllKhal't 


Son Hung Kai International 

limited 


Sveoska Handelsbanken 


Sparbankernas Bank 
Swiss Bank Corporation 

tCheneas) Limited 


reduce bank borrowings, adjusted. 

Auditors, Arthur ■ Voung 
McClelland ~ Moores and Co. say _ 
that no amortisation: has .been RrOWTI Sr- 
provided for the year, Ih respect tt It 6X 

of short leasehold properties Tonlro/tw 
valued dunng the year. Had tlaCKSOIl 
such amortisation been provided . . 


Liquidity at year end was ud X1,03l>n - (-£^9m.), 
£238.610 (down £54.37(1). — 

London and Manchester Assur- - - 1 

ance Company holds 1.43m. 

Ordinary shares, Mrs. V. j 
Newan 0.49m, and Bank of Scot- 
land Nominees (Save and Pros- 


-date-, were 


Wcstdeutsche Landesbank 

Oiioaanrale 


Wako Securities Company 

Limbed 

Wood Goody 

Limited 


M. M. Warburg-Brinckmaxm, Wirtz * Co. 

Yamaichi International (Nederland) N.V. 


pre-tax profit would have been AFTER A £230,000 transfer. from per ) 0.47m. . 
reduced by £14^23 (£18,721) and deferred tax reserves, a toss of 

the basic and tally diluted earn- £95.000 arising from the cessation ROTHSCHILD UNV 
ings per share by Q.06p (0.07p) of business at Brown and Jackson Rothschild * 

and 0.04p (O.tbp) respectively. (Sontheni). net profit of Brown annouSw rh'-n ■Trrtwt 
There was a decrease in working and Jackson, builder and civil veJSbie Ce8 jii!2i^li™’i« f 8 * C01 ?* 
capital at year end of £428.000 engmeering contractor, ter 1077 IlSS/flo », 0an slot , k 

(£205,000). rose from £312.976 to £512 104 S i?” 1 4 L has I *»nfhr 

Meeting; Clarendon- Court. At the interim stage' when a fall The° nonSnai ed dmA» 

Hotel, W, on April. 14 M noon.' from £108.000 to *£51,000 # Jg SFSU 2%. ^ 

l • "y - - - 

r — '• • ■ 4 


Rates of deposits of £1,000 
and .upwards for w/e. 20,78, 


7-dgy FUnd ■ 

Mon. 

Tues. 

Wed. 

Thur. 

.Ktl./Suon . 

3-Monih Fund 

Wed.. . 


% P.a. 

- , 3.875 
6.951' 

.. :.b:u& ; 
AU3- - - 




o* 


'KENT I 


FIXED 










Financial Times Tuesday March 2S 1978 

Pending dividends 
timetable 

••.rpT.tir n . d « a lf^» V i^ n « M,n f ? f ,hc L raore imporlam company dividend 
i.ilci]Knt.\ may be expected in the nest Tew weeks are ••iven'in the 

xcew *whiS fh^rnMn^m’ " th ? se of ,ast year's announcements, 
xcept where the forthcoming Board meetings (indicated thus*) have 

5*uL' 0 SStoJ£ii ,, Si !*S?' 11 ah0l,! ? b £ emphasised that the dividends 
i w declared will not necessarily be at the amounts or rates ner 

TeUininary" »roH| hC ff° ,umn tended r Announcement last year." 
nnoili«menli B ^ USUaly "““W final dividend 


INTERNATIONAL COMPANY NEWS 


MINING NOTEBOOK 


SEC suit threatens 
6 Nationalisation 5 of 
three ITT units 



Akrortf 

Smlihrrs . Mur 12 
tonal. Mi'tJl Mar. 5$ 
VPV ... Mar. .to 

\r Croirni ... Mar. 52 
MWs . Max 10 
Bithuik ntd 

Wilt ox Apr. is 

Bank nr 

irKluiitf . Max fl 

3rtoobi'll AW. 28 

BPJ« .Mar. a» 

BlaiVvrood 

nodn Apr. 1? 

^vmlcr Aor. a 

BICC .Apr. S 

British Homo 

Siam . Map t 
Anxton Estate .Max 9 

SSC int -Anr. :s 

Bun on Cp Mar IS 

Cadbury 

Sctivrnpu . Apr. 6 

Cape Indi Apr. # 

Carpers Int Apr. 12 

llhv Diwoitnt . Apr. 28 
Combined Cos. 

Stores. Mar. 31 
Conad. (•old 

FleMa ..Apr. 5 
Coral LrlKore Mar. 31 
Contain iR.i .Mar 10 
.Him Apr. SI 

nnc Apr. is 


Aimoum-r- 
mrnt last 
rear 

Ini S 
I- rnai 9 is? 

I- Inal *. KMI 
Final 3.7744 
Final 3.41 5S3 


Final Up 
Final 3.219*2 
Int. D.bS7j 

Final MS 
Final S.S 
Final 4J6 

Final 3.1 
Final 0.6517 
Final 1 13|3 

1M. 0.6 

Final 2 M67J 
Final 4.787 
Final 3335 
Final 3.s 

Final 1.5279 

Ini. 2iH)]5 
Final 3 

Sro. un 1J»«7 
Final 4.DOJ9 
Final 3 (U 


*L»tal and Grnl. 

Axil*. 3ia r. 29 
Uordp and 

Polish May 12 
•London Brick Apr. 6 

•Lucas Irtds Mar. 30 

MaUmsan 

. Denny.. Mar ID 
Starks and 

Spencer -Apr; M 
Mftiay ... Apr.- 28 
Miner. Hides. ..Apr. 28 
■Morgan . 

Crucible. . Apr. a 
Morlwrarp ..May 3 
Nail, aad Come). 

. . Bank. .Mav 5 

•ftwan Transpt Anr. 3 
p * O ... May 4 
•Pearl Assce. .. Mar. 3 
Prarabn 

Lonaman.._*Dr. 2B 
Pearson iS i ..-Vcr. 28 
•Prudential 

Avwc. Mir. S4 
•Pve f Bldgs. > ...Jlar.se 

•BMC Apr. 13 

■Recklll and 

Caiman .Mar so 
Rorro .. Apr. 28 
‘Rugby Portland 

Cerneni Apr- 17 
Silngbnn • j.y May 4. 


Anno Roe- 
iprgi last 

. j. ew . . 

Wnpl 

int. l -M 

Final 1.7978 
lot. il£Tr . 


Final 2.48 
Final 0.95 
Flail 1.419 

Sec. Int. U74 
Final 3.414 

inr. IJffl. 

Final XS473 
Final- SJW7C 

Final 7^3183 

Sen. tan. SA18 
Sec. bu. 4.16436 

Final 3.182 
Final 2J / 
Final 2J7 : 

Final 3.SB 
Final Nil. 

Final I.6S- 
Final 3.57 


Dnlia Metal 

Apr 

20 

Final 2 873 

Prep. 

Apr. a 

3 m fis 

dvnlfip 

Anr 


Hna.1 2n 

Eaple Siar 1 m 

Apr. 

20 

Final 2.733 

•Snnlor Ensnu. 

Apr. 11 

Fin. 8J838 Test. 

LSnnire Stores .. 

Apr. 

12 

Klnat l.S 

Si-rck 

May i: 


Ei) ith 

Apr. 

'.*7 

Final 4.7 

Simon Enpns. 

Apr. 35 

Final 4JJ23 

Rntolsb Prop- . 

Mar. 3D 

Final 

•Stanch E slain 

. Mar. 29 

Final- 1^78 

loseco Minsep 

Apr. 

27 

Final 2 4B71 

•fitniih >W. R.i 


Final 8.S83 

Freeman* 'Land. 



Smorfiti «J.) 


Final 4-82173 

S.W.9»„ 

. Mar. 29 

Fnul 3.1211 


.Apr. T) 

Final 1M83S 

Gprrard and 




Sravrlfy lads. 

May 12 

1 01. 4L4 

Hat. Disi-auot 

-Apr. 

2S 

Final 4 .Sir, 

■Slone Plair 

. Alar. 29 

Final 1.33 

Uibbs ix. i 

.Apr. 

13 

Final 1.23123 

■Sun Alliance 

.Aor. o 

Final >MB 

ktlll & DuffU5 .. 

Apr. 

26 

Final 3.12 

Tarmac 

..Apr. 77 

Final 523S 

•ilatp .. . . 

Aor. 

IS 

Ini. 4 

*Ti-ic. Rentals 

Anr. 26 

Final 3.S5 



13 



. M-ir. 31 

Final 321 





Twer Ki'inslpy 

Apr. 26 

Final J.7SF6 

Wari-hnuv.-s 

Art. 

4 

Final 3^67 

Trlremrol 

A Dr. 18 

Final 8 P75 

RuarfJlin Royal 




Trinlevnst 

M'r 111 

Final I MI 


Apr. 

12 

Final 3.2313 

VirVerS 

Apr ^ 

Final 3 *368 

H.iirtpr 




W hi 'bread Inr.. 

May 12 

Final S12S38 

Siddetoy 

Apr. 

IP 

Final 7. 882j 

•Wlbnol- 




Apr- 

3 

llU. 05 


Aar I? 

Finn] 1.73*05 

House of 




•Wnnpev iG.i .. 

.Apr. 27 

Final BjBKUS 


BY STEWART FLEMING 

MR. LYMAN HAMILTON, presi- 
dent of the U.fi. conglomerate. 
International Telephone and 
Telegraph, has raised the issue 
of possible nationalisation of 
three of the company's Euroneuti 
manufacturing subsidiaries if the 
Securities and ’Exchange Com- 
mission publishes details of some 
S9iu. in questionable payments 
made by ITT. 

ITT -says Sat a suit threatened 
by the SEC might prompt foreign 
Governments to_ order the take- 
over or certain assets if the SEC 
identifies a number, of foreign 
countries where it made foreign 
payoffs in alleged violation of 
U.S. securities laws. 

In an affidavit filed in Federal 
Court in Washington, Mr. Hamil- 
ton says that publication by the 
Commission "of those confiden- 
tial details of contributions and 
payments made by the ITT 
system in previous years would 
have a severe - adverse impact 


NEW YORK, March 27. 

upon the corporation and its 
subsidiaries, its present stock- 
holders and those with whom it 
does business." 

Hr. Hamilton says that publi- 
cation would threaten " business 
relationships in foreign 
countries,’* and in addition “ the 
positions of those with whom 
ITT has dealt In foreign govern- 
ments may be prejudiced.” 

ITT did not Identify the sub- 
sidiaries to which Mr. Hamilton 
referred, but the company has 
major manufacturing units in 
West Germany, the U.K-. France, 
Belgiu m an d Spain. 

The ITT submissions are part 
of an attempt by the company to 
obtain a temporary restraining 
order that would bar the SEC 
from publishing the material. In 
a court hearing on Friday, Judge 
George Hart concluded that he 
lacked the power to enjoin the 
Government from filing a com- 
plaint containing the allegations. 
ITT is appealing the ruling. 


Submarine deadline put 
back by Gen. Dynamics 

BY OUR OWN CORRESPONDENT NEW YORK, March 27. 


l-alhiukr 
Lsi tic iJ i 
i.apqrii- 
i aw Land 


Fra srr .to.tr. to 


. ...Mar. 59 
... Apr. 23 
...May 3 
.. Mar. 59 


U>ad Inna Aar. 20 


Final • 75543 
Final 4 fwvrasx 
Final -.'.STSTi 
Final -1 J3MI 
Final 1.317 
Final SCfl 


Vouclul 

Carpel . Mar. 23 Final 4 49 

•Board roeennes Intimated. VRicfal* 
luii* since made. ; Tax hot. 1 Sain 
issue sine* lade from reserve*. 


ICI India equity sale 


BY P, C. MANANTI 

Cl (INDIA), a wholly-owned 
subsidiary of ICI of the li-K-, 
s preparing 10 sell BO per cent. 
>f the equity to Indian nationals 
iy about November. This is 
icing done in compliance with 
ndia’s Foreign Exchange Regu- 
.ation Act. When the share 
•apital is restructured with ICI 
l\K. shedding 4he 60 per cent.. 
ICI India will change its name 
lo Crescent Dyes and Chemicals. 
The face value of the 60 per 


cent, or the equity is Us. 14.4m. 

After the change of name the 
restructured company will sub- 
mit proposals for new projects 
in the country. The ICI group 
in India already includes J com- 
panies making plastics and 
chemicals, synthetic fabrics, 
mining explosives and fertilisers, 
but the latter are in the nature 
of associate concerns in which 
ICI India holds the controlling 
interest. j 


GENERAL DYNAMICS has 
extended by two months its 
deadline for stopping work on 
16 nuclear powered submarines 
for the U.S, Navy. 

This is to allow time for 
further negotiations on the eom- 
nanv*s claim for an additional 
?M4m. to cover alleged cost 
increases caused by design 
changes ordered by the Navy. 
General Dvnamics’ original dead- 
line was April 12. 

The company's recently pub- 
lished results revealed that 
fourth cmarter net income had 
increased l-S per cent, to SC9J2m. 
or 82.73 per share. Sales rose 3 
per cent to STHO.Bra. 

For 1977. profit was up 3.8 per 


cent, to a record 8103.4m., or 
S9.S1 a share, compared with 
899.6m. or $9.11 a share. Sales 
rose from S2.55bn. to S2.9bn. 


Japanese textile cartel 

THE JAPANESE Fair Trade 
Commission has announced that; 
15 Japanese synthetic textile ■ 
manufacturers applied for its 
approval of a plan to form an 
anti-recession cartel, to curb 
production of polyester, nylon i 
and acrylic fibres to 20 to 30 ( 
per cent, below capacity For three 
months from April, Reuter re- 
ports from Tokyo. 


AMC seeks 

federal 

loan 

guarantees 

By John Wyles 

NEW YORK March 27. 
AMERICAN MOTORS is seeking 
! Federal guarantees for $100ra. 
of loans in a move which under- 
lines the company's shortage of 
capital for developing new 
models. 

Negotiations- have been under 
way with the commerce depart- 
ment and other federal agencies 
since last, autumn. AMC wants 
to raise the money in the private 
sector, with the help of Govern- 
ment guarantees, so as to finance 
the planning and construction 
of its passenger cars for the next 
ten years. 

Although the Government has 
recently adopted a loan guaran-i 
tee scheme to help the steel 
industry modernise itself, such 
aid to a single company is highly 
unusual. AMC's request indi- 
cates the weakness of its credit 
rating with, iraditona! lenders 
and the difficulties it is facing 
as a passenger car produced 
The company has a less than 

2 per cent, share of the Aineri- 1 
can market and is seeking some 
kind of link with a foreign 
manufacturer 

Option trading 
in Frankfurt 

FRANKFURT. March 27. 
THE FRANKFURT Bourse is lo 
admit 10 further shares lo 
options trading from April 3, 
bringing the total to 51. 

The latest shares raise the 
number of foreign names from 

3 lo 11. 

The new foreign shares are 
Alcan Aluminium, Chrysler Cor- 
poration, General Motors Cor- 
poration, " IBM Corporation, 
Litton Industries, Sony Corpora- 
tion, Sperry Rand Corporation 
and Xerox Corporation. New 
German shares are Deutsche 
Babcock and Mercedes-Auio- 
mobil-Holding. 

Reuter ' 

More International Company 
News. Pai»rs 19 and 20 


RTZ group hot on the 
diamond trail 


MONEY MARKET 


GOLD 


Market plagued by rumours 


BY LODESTAR 

THREE WEEKS AGO \t was 
revealed here that the Rio Tinto- 
Zinc group's 72.6 per cem.-owned 
offshoot Conziuc Riotinto or 
Australia had progressed far 
enough in its search tor diamonds 
in the Kimberley region of 
Western Australia lo be erecting 
a pilot processing plant. This is 
now officially conDrmcd. It is 
expected to be established about 
mid-year to " treat large samples 
of materia] taken from each 
prospect.” 

These prospects are stated to 
be '* many." Preliminary tests 
indicate some to be diamond- 
bearing. But CRA is still being 
cagey in saying that it is not 
possible to judge from the results 
to date whether diamonds will be 
found in commercial quantities. 
The venture is, however, con- 
sidered to be promising enough 
for another SA6m: (£3. Bra.) to be 
spent on it in 1078 when additional 
pro* peers will be sought. 

Moreover, shareholders are not 
to be kept so much In the dark in 
future. Quarterly progress reports 
are to be issued. It is noiable 
that no mention is made in the 
first of these of the Oombulgurri. 
the aboriginal tribe which has 
caused to much embarrassment to 
De Beers in its parallel search for 
diamonds in this remote region. 
So, as indicated here last week, 
CRA is presumably not encounter- 
ing any similar problem. 

'Hie consortium which CRA 
heads with 52.6 per cent., includes 
AO (Australia) with 27 per cent.. 
Tanganyika Concessions 8.4 per 
cent.. Northern Mining 5 per cent, 
and Belgium's Sibeka 7 per cent. 
There is obviously a long way. to 
go before RTZ can add diamonds 
to its broad mining spectrum. 
But how high speculative hopes 
were running in Australia last 
week was vividly ilustrated by the 
shares of Northern Mining, which 
trebled in price to 30p. 

No Murchison joy 

This small exploration concern 
has hitherto been mostly known 
for its Weld Range iron ore 
prospect in Western Australia. 
But in Februfliy of last year it 
was rapped over the knuckles by 
CRA for being more optimistic 
about the Kimberley diamond 
discoveries than the senior con- 
cern .visa then prepared to be. It 
is probably partly lo prevent a 
recurrence of this sort of " leak ” 
that has prompted CRA to issue 


INSURANCE 


its own quarterly information. 

The last verdict here on the 
shares of South African antimony 
producer Consolidated Murchison 
was in January. It was that the 
quarterly should be awaited 
before buying. The price was 
then 250p. On Thursday it was 
235p. There have been some small 
signs of a picking up in the mar- 
ket for antimony just recently. 

The week-end statement by 
Murchison's chairman .Mr. H. 
Dalton-Brown is hardly likely to 
bring a rush of buying -to the 
share market this morning. He 
said that the international 
economic climate remained un- 
settled. and that sales tonnages 
and prices were unlikely to im- 
prove in 1973. In view of this and 
The necessity to conserve 'the 
company’s financial resources 
(1978 capital expenditure is put 
at Rim.) he deemed it impossible 
to make any dividend forecast. 

What intrigues the bulls of this 
historically volatile share is 
Murchison's stockpile of already 
paid-for antimony concentrates 
and cobbed ore. which built up 
in last year's poor market condi- 
tions from 1.171 tons to 4,653 
tons. So, they argue, the company 
is nicely placed fo boost profils 
sharply as soon as demand for 
antimony really revives. 

Even so, that day has sllH to 
come. And the March quarter, 
due to be reported next month, 
is likely to have been another 
lean one. Buyers thus look to 
have little to lose by waiting for 
it. Unless, that is, the bottom 
really drops out of the shares 
this morning. 

Poseidon poser ' 

It seems incredible that my 
“ whatever happened to " series 
should come round to that one- 
time world-famous company 
Poseidon. But my mention of 
Government Areas and its long 
period of share suspension 
reminded a number of people of 
that other market non-runner 
dealings in which ceased as long 
ago as October, 1978. “ Is it time 
to paper the parlour with them ? " 
was one cry from the heart 

The answer is in the negative, 
though this should not be taken 
as any indication that Poseidon 
shares (once £124 apiece) will 
ever be worth anything. But until 
the official receiver has disposed 
of all the assets it would be best 
to hang on to the relevant bits of 


paper. The half-share in the 
Windarra nickel mine went to 
Shell. This still leaves the Burra, 
copper mine and the stake in the 
Kalgoorlie Lake View gold opera- 
tion lo be realised. 

There is even a suggestion in. 
Australia that Poseidon might 
have some ultimate attractions as 
a “shell" company for tax-loss 
purposes, although I would not 
put too much faith in this possi- 
bility. But while Poseidon is still 
in existence (its annual report was 
issued recently) there must be at 
least a flicker of hope. 

* * * 

Curiouser and curiouser, a re- 
mark that is prompted now- that 
the circular to Vultan Minerals 
shareholders is available over 
here. It details the proposed offer 
for the company's Western 
Australian tin-tantalite leases by 
Greenbushes Tin first outlined 

here a fortnight ago. The meeting 
date in Perth is April 7. So there 
is lit tic time to lodge proxies. 

At least one criticism is 
answered. Greenbushes is not to 
vole its own " substantial” share- 
holding in Vultan. believed in 
amount in some 45 ner cent. But 
it is still impossible 10 judge 
whether the mircha.NO price of 
SA2R0.000 (£169.000) is adeauate. 
A geologist's report by Mr. R. M. 
Thomson, a director of Vultan. is 
much too vague. 

There is also the vital question 
oT where Vullan’s future ties if 
the dent goes through. There is 
seemingly no Question of Lhe 
money and the Grepnhushes share 
pniinn being p'wd on to outside 
shareholder*, instead the cash is 
lo he used “ in areas of active 
nrnpml evnlor.itinn and invest- 
ment." I’.K. sha rphnirfers fear in 
faei that Greenhushes will not 
hn*her loo much about Vultan 
once it ins amuired lhe leases. 

A fear that has been 
heightened bv the lack of any 
reference in the circular to Vul- 
mn's 25 per cent, slake in Its. 
nil and gas s°eker Reynolds 
T)'nnrsified Gornoratinn about 
which the direr ton profess to 
have “little knowledge." a slate, 
ment hardtv iiteli- to foster faith 
in them bv shareholders in the 
l'K it here the hulk of the rest 
of Vulran’o cao ;, al is stMl held- It ' 
looks as though the main hone 
now is that renrespntatroes of this 
mainrifv should themselves en- 
deavour to come up with a 
scheme lo revitalise Vultan’s 
future. Thursday’s share price was 
lflp to lljp. 


recent issues 


EQUITIES 



- tit no Saga Hnhitav* 100 ' 6.16 3.2 8.5 8.1 


FIXED INTEREST STOCKS 



. fi t-‘ 


“ Kish ' U*" 


rtoo • f.p. 

:-Ll ; K.l*. • 
- 1 F.p. 
•• K.l*. 

:mi 9 f.i*. 

F.I*. 
•• *\r. 

rioo f.i*. 

:iou- y.r. 
« • £1 * 


£50 

K.P. 

K.P. 

COB L'25 


100 Aerie. Hurl. Var. liWJ 

• U2 Aui.unawii aion. C«v. Cum. Prof - 

. l«V Hailey* *«t Ynrinh ire 10^ Cum. I'rrt 

AiliOntirnT 114, Cum. Prrt 

' 9di< iii*ni|>um Knj. 10? I(W - 

Wit* (irrenall Wliftlry *1 »'«■ 

* Cal tell 10jb Cum. Prrf._. 

i Utoii-KeHMUgUHia ChelH* Hat WtAii 

U.V l.cuy-wr VanaMe 18S2 • - 1 

. 12 'Miil-Sii»*eii Water 75 Jlfcl. Prf. I9W 

' KM .rmmm tS.i Wl*i I*r.v. Cnc. Iji. L9B5-8b.... 
SUB Slum Inti. Fia.V.V.CJ4(imr. Nine* 1WU-: 

• 97 -rait-e* 11 lei Cut. Vita. lai-IS-Bi- 

1W?4 lauieairie Variable LriRS 

i. 4ii- l*.. UVfcttrti ¥4-b 

- Ilfj.'W. Hniwutrli Sluing ll-dt l*rf — 

: WhUflaaur llt.t 11% CUUl. Pl«I ' 

2=l« .Yi<ri> Water 11*%. Del;. - 


“RIGHTS” OFFERS 


I.MIl 
1*1 I.s 

~ r 

LaIi.i 
Kfplllll-. ; 

IWe 

• : 

70 

F.r. 

15 5 

4.4 

25 

nil 

503 

134 

Id - 

F.I*. 

5-a 

al S 

21 ' 

F.I*. | 

2.1 M 

au a 

3 id . 

► . 1*. 1 

21 2 

al.a 

50 

F.r. 1 

17 3 

7 4. 

t>2 

mi . 

29 5. 

10:5 


■ . la'w . l'm*iii l t j , 

Dmi. • = KrilUllr. ; 1«M> L . , ! Pmn If 

1-. i.s SI Dale . Sto** pi : “ 

j: * ■ a Hisb I* 1 * ■ 


70 F.I*. *3 3 4 -4 sfc 1 7* 1 1 BraunfUir lYc^vrilaa 88 ...... 

26 nil 50 3 W4 Fl’in 4..m V, H. IlxliMrial- - ***" 

IQ ; F.I*. s.a ala 2-,’is U .f^rtalaw 55 * I 

21 ■ F.r. [ 2 . 1-2 au a *91 .*3 ManriieMm- iiatmp** 

34 U , H'. I 21 S al>a R3 ■ aa» Unhand Hank - — ■ — ■”"? 

SO F.C. I 17 5 7 4 £!• ft. MUNirj. ! ,|P ““ 

»2 nil : 39 5 10.-5 linm lOimi’M al numgha »D|im *— 1 


RcmiiK-MHen daw- nsualb last day tor duakni frw ot stamB j StSdSd? 
ba*.Nj .m pruNPLVins ewinuir. a Asswned dividend and t*W- wtcmi . 

hisi-rt ru mi-MnwJ SWi caruiiui*. rOlvUcUl and rieW bated on proswOM 
■ir aiUi.r nm.'lal .-siiniaiva tor I87« « Crms. v Fliuroa ^ 

i.k •-wn-niwi id «han-s nm now rnnktns tor divMrml or ranklns onb lor nM iWed 
<*..lhl. »rf*. ; l*l«nns m-ln- in pliWu-. p: Prtlw mlcM Mhrtnfise 

nv u-nii r .. i»H«-n-d in hnU.-rs of Ordinarr shares as a nrt1»- ” JWOS 

'■> vrii id .-aiiimli-uHiuu :*Mininnmi Irtdrr wriw M Rmwroducrd. rrisnuco 

n. .Nii.iir.iinn mib nrvnuiiiiMUon mrrwr or lakv-ovtrr. loirodULiwn. C 
«.i harm-* iTricrenri- (wM'-rs. ■ Aiiutinpw irtii-ro tor tuliy-oaidi. • ito visional 
■>r par'll pai.l aUnlnu-uT lrlw-ro. ★ Wltli warramf. 


BASE LENDING RATES 


1 BY COUN MILLHAM 

THE THREAT of war, civil un- At the close on Tuesday, it attractive proposition once again, 
rest, or any other disturbance pf was Sl2i lower than the highest th _„ factors nrnhahiv 

the peace usuaUy stimulates the point touched earlier this month, . f 1 act , 0 ^ proba # b j2 

demand Tor gold, hut the oul- a fall of about 6} per cent. entered into calculations on the 
break of hostilities in southern The general improvement by v ^ ue of S0 Jd out the dominant 
Lebanon appeared to have little the dollar.must account for part element has been tears about 
effect on the bullion market. of the decline and most cur- possible gold sales by the U.S. 

If anything, the price of gold rencies were much steadier in Treasury. This would push more 
increased last week as the threat quiet pre-Easter trading last sold on to the market on top 
of an escalation in the fighting week. of the International Monetary 

diminished. Victory by the Government Fund’s monthly auction. 

Perhaps the market has beeome coalition in the French general At the morning fixing on 
too famMiar with the problems of election had a noticeable Influ- Friday °old had recovered to 
the Middle East to show any ence on the foreign exchange S182.1Q but trading was very thin 
significant reaction, or. as seems market The Freneh franc was and w i. en a new rumour hit the 
more likely, there were too many by far the most volatile currency m ar ketthe me^I retreatedonre 
other factors influencing the early in the week but the gold ine retrcalEQ once 

metal for the Israeli Invasion lo market was probably also ' . . . . - , 

have much effect. affected. Indications that the Bank of 

Gold feH S4 an cunce on Mon- As fears of a Left-wing French Japan also plans to sell gold 
day- to S179J-1S0, lost another Government disappeared, the pushed it- down to S179-179J. a 
on Tuesday, then started tD appeal of gold as a refuge fpr fall of ‘84} from the previous 
pick up, rising back above the funds diminished and shares on. Friday, after a very nervous and 
8180 level on Wednesday. the Paris bourse became an volatile week. 


Mar. £3 rpnltintp 

lfift*. .4 


UrarniKht ...... — [ 2 BU — — ' — 63» 545U ' — j — — 

i day* natter. . — . — • Blf-OU — — — — — { — i — 

I dar-nr — I — - — • — . — . — ! — I — 

l iky* mtlcr.. — 1 6-FA f>8-tU — ; Wj 6 6U - - — . — 

Ont-ainM b._.; Gig-CA ! Sk-fik f*»fU 6 - 1 '* 6 i* 6 ' 5S-5k BU 6 Tg 

niimlh*..., 6^4+ | - E U r U 7 — 6 ' 5te-5ii 6 f, tij 

Cbiw iiminbr. esa-t’i G'rr J 61fc-6Sg 7'* — 6 Sfg-5& | 6 ^ • GS« 

ils mmuha....: 6 ~g I &){; 7,^ 7 6 U i U 7% ! — — — [ 67 B 7J® 

Ninr urniiln..i 7A?rt. , Ik 6 U 7** — — | — i — 1 — 

■iiwycur... 7SH-7 A 7^-7T B 77. 8 7J, ?U BU - - ■ — j - - 

Two year*. — i — . Bij-91* — — ' — — I — — *— 


Loral aufbomlf* awl Bnanre booses seven Says* sobre otbers seem dan fisod. Lonf-ierm local authority monganr rarr 
nmuiullr three years lu per kdl: four yean JB» par ccct: fire rears ISi-li per cent. ©Baofc bill rates m table are buying 
rales tor prune paper. Buying rales fur four-month bank bills 67ia per cent : tour-month trade bills 81 per cent. 

Approximate setting rates for one- month Treasury bins SI-523S2 aer cent.: two-month aDio-SSrs: wr cent.: and three-month 
54-421 j 2 per rent. .Approxunaie selllbE rale for oae-manih bank MCs 6 i per cenL: iwo-momh B53Z per cent.: and three-momh 
pi-r cent. Orv- month trade -bills 81 per rent.: iwo-month 8! per cent.: and also three- month. B? per cent. 

Finance Haase Sue Rates ipnbUsbed by Tbo Finance Howes Aesoelailon ■ 7 per cent, from March 1 , 13TV. Clearhw Bank 
Omsk Rates (for smalt sums a( sr-en days* notice 1 3 per cent. Ocarina lank Base Rates for lending 64 per cent. Treasury 
Bills; Average render rates of discount 5.SJ9C per ceaL 


attractive proposition once again. 

All these factors probably 
entered into calculations on the 
value of gold but the dominant 
element has been fears about 
possible gold sales by the U.S. 
Treasury. This wotiid push more 
gold on to the market oo top 
of the Internal iorful Monetary 
Fund's monthly auction. 

At the morning fixing on 
Friday, gold had recovered to 
S182.10 but trading was very thin 
and when a new rumour hit the 
market the metal retreated once 
more. 

Indications that the Bank of 
Japan also plans to sell gold, 
pushed it- down to S179-179J. a 
fall of *84} from the previous 
Friday, after a very nervous and 
volatile week. 


ui 

Hank 'Finelran* 
Bill- * Bill* 4> 


Firemen’s strike aftermath 


BY OUR INSURANCE CORRESPONDENT 


6 6k - 

6 • 5*5-5»a 

6 ; 5S?-5rjf 

6 : SH-SSi 


FOREIGN EXCHANGES 

• ” J Market Hate* 

.Bank " ■ — — — , ** 

Mar. S3 'Hate* Hay** , 

: 4 : Slaved C 1 n* 


A. B N. Bank 6}% 

Allied tnsh Banks Ltd. 6}% 
American Express Bk. 6J% 

Amro Bank 6!% 

A P Bank Ltd BJ% 

Hvnry Ansbacher fii% 

Banco de Bilbao 6{% 

Bank of Credit & Ciuce. 6}% 

Bank of Cyprus 61% 

Bank or N.S.W 6»% 

Banquc Beige Ltd. 6J% 

Baiiquc du Rhone 7 % 

Barclays Bank 6}% 

Barnett Christie Ltd. .. S}% 
Rrem.ir Holdings Lid. 71% 
Brit. Bank of Mid. F.bkI 6\% 

i Brown Shipley 64% 

Canada Permanent API 61% 
Capital C & C Fin. Ltd. 81% 

Cayzer Ltd 7 % 

Cedar Holdings S % 

I Charterhouse Japhet... 6}% 

Choulartonf 6}% 

C. E, Cosies 7i% 

Consolidated Credits.,.' G}% 

Co-operative Bank 64% 

Corinthian Sororities.., 6}% 

Credit Lyonnais ; 64% 

The Cyprus Popular Bk- B}% 

Duncan Lawria ,t 

Eagil Tru« ............... 6J% 

English Tragseont....... $ % 

First London Seefl M ..... -.6}% 

First Nat Fin. Cnrpn. 84% 

First Nat Secs. Ltd. u . S % 

l Antony Gibbs 61% 

Creyhound Guaranty... 61% 
Grindlays Bank t 6}% 

* Guinness Mahon-. Bl% 

* Hambros-.Bank- ......... . .6}%- 


■ Hill Samuel S 6J% 

C. Hoare & Co t 6i% 

Julian S. Hodge "4%* 

Hongkong Si Shanghai 64% 
Industrial Bk. of Scot. 

Keys er Ullmaon 64% 

Knowsley Si Co. Ltd. ... 9 % 

Lloyds Bank 64% 

London & European ... 8 % 

Lnndon Mercantile 6} % 

Midland Bank 64% 

■ Samuel Montagu 64% 

■ Morgan Grenfell 64% 

National WeGraJinster B}% 
Norwich General Trust 64% 
P. S. Refson & Co. ... 64% 
Rossmlnster Accept’cs 64% 
Royal Bk. Canada Trust 64% 
Schlesinger Limited ... 64% 

E. S. Schwab S}% 

SMurlty Trust Co. Ltd. 74% 

Shenley Trust 94% 

Standard Chartered ... 61% 

Trade Dev. Bank 64% 

Trustee Savings Bank 64% 
Twentieth Century Bk. -74% 
United Bank of Kuwait 611 
White* way Laidlaw .7 % 

. WilUams & Glyn’s;..... 6}% 
Yorkshire Bank 

■ Ut^Bben Ot lhe AccepUng Books 
C ontmlttf*. 

• 741* dtWMhs Tin l-momb Uepodis 

«r.. 

t 7-Oay depoiu w. mm. or ne wi 

and ftcr ffl,m fW 

t n«U dPDVStto Wet £1.000 Ki. 

I Dmaiwl dcoMll W- . 

l Rate also afluliee lo Sterling ind- 

- -S ten- - ■ . ‘ 


r««Y«*.„ Bii l.iSMM.notJjrat-BMS 

Munrmv.... I ?.1B D ^ISTDV.KHNI-S.inO 
Ani«tenl»in : '• *.8B 6.1b ’ 

Unumru: ... E ' 69 20 BB.48 M-« 

tWnhaeeD 8 1H.48-1B.U 

Fraohlurt,..: I I. I l.M 6-8S S.M 

LMxm IS 7E 2;Ufe.B 78. SO 76 80 

ilaifnd ' • IS1.7S 1*9.55 149 50 

Milan- ' tUz IJBB-I.E7B1.6M 1.602 

UKii • B 1 10. DU- ID. IS ISO! lb 05 

IVH. BH> ' 8.7 1-».' B i 9.7S4 -16* 

Stia-fcbolm..: • 8,80 8.75 ' -JMJ» 

royW.1 - 31s 437 442 I 4» 455 

Vlanna. ’ 5I S 27.BS-i8.80 : 27.45 27.83 

£urirb„„...i t 3.SB-3.64 ' aJi-B.M 

tRain zivm are for converuble frauca. 
rmanclal tract: 38.35-39-SS. 


i B.7S4--.7b* 

* 

I <30 435 


OTHER MARKETS 

.Xcrte* BaiM 

Argntu. LfiS-lJ* Xrgeatina.TSn-1<00 
Aimnlia .. 1.64-7 I.teza tualria 27i-2ti 

Brazil 30.7151.71 W41i 

Finland — . 7.B3 is - 7.9712 Brazil : 55-40 

lirMn 69-075 7B.J7al. - ana-to.— 2.1V2.15 

H<uii;Kmia 8X4 8.67 Oenmart-. ID.S8-J0 

inn ISO-138 Fmm-v... . a.76-1,80 

Knmui .... 0.522 0-342 ^ivmiany.. 3.80 5.86 

LuxemVrn' S8.4&-69-G0 -G reeve Gb-/2 

5U«V»m— 4.40*4 • 47i<. Italy 1598- 1690 

31. Zmlaml I.55SS 1.8671 Japan 440-4&6 

lfoh.fi Aral b_ ?n E? '.XHheri,D<l 4 ID-420 
aincapurv 4jai(.Nur«aj;— . 10.10-30 
S. Ain* . I.«472- LBoSu Itonugai.... 72-81 

I'..- »t«ln 148^154* 

Umarta— . ^wlu'^nii S.62J.72 

* 81- fjS 1JUS-.B1 

l-.S. venik. S8JOE8.U Vu^llac-fo 56-S7* 

Rare cm tar Arsestaa u a free rate. 


GOLD MARKET 

1 liar. 23 1 


Gold BnlllonJ - ■ 

la Udf ounce),-' 1 

Glow J*r79-17S3« 5180 1803i 

Opening WlblSa-laSig-'S 178- 1762* 

UnrulDii In' .19-182.10 bl7 i.5i 

!(&fcff.l97i . l £P4.063i 


irtBa'nlK’zlilTOSO 

lj.aS3.19-3 


k&B.Wj 
141 79.20 
j(eflS.197> 


,,«>4.063i 

.5179.35 

•£94.519) 


liil-ri VCIll-,.! 
rfi-nie-i>cai>i ' 

KnueniUMl. S184l s -186ls S 188-188 
'Ufiau B9i 4 i 1.98-99. 

3'n Mw'en 'f 4i|iSB)i S5S-07 
jf «*U SOUi 

f »m •fV’TSTi Is 8*0 9 .71, 59S| 

; (C01-a2) (l' 30U-31 l 


..WE ARE now coming to the 
time of year when major insur- 
ance companies publish their 
accounts and reports by their 
chairmen. It will be interesting to 
see if any chairman makes 
detailed comment on the 
estimated cost to his company of 
the firemen's strike which lasted 
from November 13 last year until 
January 16, 

The British Insurance Associa- 
tion's monthly estimates or fire 
damage in Britain provides a 
basis on which we can speculate 
the extra cost to the country, 
and therefore to insurers. 

In the first ten months of last 
year, the association puts total 
direct fire damage, both insured 
and uninsured, at £182.2m.. at 
the rate of £ 1 8.22 m. a monlb — 
something over £4m. a week. 

But in the last two months of. 
last year and during January 
this year, direct fire damage is 
estimated at £117.5m. For nine 
out of the 13 weeks, the firemen 
were on strike. If the other four 
weeks mirrored last year's pat- 
tern, it seems probable that 
those nine weeks of the strike 
cost around £100m. in fire 
damage, instead nr something 
less than the £-K>m. (hey other- 
wise might have done. 

These calculations based on 
estimates are not accurate figures 
but they show tharthe strike may 
have cost arouflff £6Qm extra 
of direct fire damage, of which 
around £37m. is attributable to 
tb£ closing weeks of last year. 

As the total cost for Britain, 
whether insured or not, for last 
year is put at £261.?m^ the fire- 
men's strike might have added 
around 12 per cent, to insurers' 
payout last year — less than feared 
likely when the strike began. 

Moreover, the rating of even 
annually renewable fire insur- 
ance is subject to long-term con- 
siderations and fire insurers are 
reluctant lo act rapidly to tem- 


porary changes in incidence and 
cost of claims (the large up- 
surge was clearly only tem- 
porary). More likely to influence 
the thinking of fire underwriters 
during the summer and their 
calculations is the trend of the 
presently emerging pattern nf 
losses. Arguably, if these in 
real terms Fall back lo the pat- 
tern evinced in the earlier 
months of last year, the market 
may just find it possible to effect 
the reduction in some rates that 
was beginning to be a real possi- 
bility before the firemen went on 
strike. 

Direct fire wastage in Britain 
in 1976 is estimated to he £232m. 
Looking forward from that 
figure at the start of last year 
and allowing for the year’s 
inflation to put 15 per cent, on 
the country's fire damage bill, 
it would have been reasonable 
to expect that the cost of direct 
fire damage last year would run 
out at about £266m. 

But by the end of October, the 
bill was only just over £182m^ 
so there bad been an encourag- 
ing and positive downturn in the 


real cost of fire damage. 

Insurers and the rest of ua 
must wait for at least another 
three months to see whether that 
downturn has continued now that 
lhe firemen have been back at 
work for two months, or whether 
there are signs that, this year, 
the cost of fire damage will again 
increase. 

Policyholders with policies due 
for renewal later in the year are 
asking what effect the strike will 
have on fire rates, and whether 
insurers will find it necessary 
to increase rales when they 
make their customary review of 
fire trading for the preceding 
year, towards the end of the 
summer. I rather tlunk the 
answer is no, because figures 
produced by the Association 
seem to indicate that insurers 
may be able to absorb the cost 
of the firemen's strike without 
any far-reaching rating change. 

- But there is a proviso — that 
policyholders have maintained 
sums insured at levels lo keep 
pace with inflation and so 
adequate to provide adequate 
funds for the claims that have 
arisen. 


LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone number in 
parentheses) 

Barnsley Metro. (0226 203232) 

Reading (0734 592337) 

Redbridge <01-478 3020) 

Southend (0702 49451) 

Thurrock (03T5 5122) 

Thurrock (0375 5122) 

W rekin (0952 505051) 

W rekin (0952 505051) 


Annual 

gross 


Interest Minimum Life of 


interest 

payable 

sqm 

bond 

% 


£ 

Year 

10 

i-year 

250 

4-7 

10 

4-year 

1,000 

5-7 

10 

}-year 

200 

5-7 

»1 

l-year 

250 

3 

10 

i-year 

300 

4 

10} 

3 -year 

300 

5-7 

s 

*-ycar 

500 

n 

10 

yearly 

1,000 

4 


(■■n.1 

ilmerrat'iij 
hnueniBiiJ8lB4 188 
,1*98-991 

S'ww'hb '8545^45854 
30 Ul 

Obi -x)*r'cn>-3*6 60 
'{£31 32) 


J18SI<-187t« 
■ £97J4-984|. i 
*aS-S7 
iL-esaoi 
#s7i, -6BJ* 
i£$01*-all4t 


EXCHANGE CROSS-RATES 


Fuss* . *2931* 2961* S293 296 


rimlihin — 
NeKYurk... 4&9M0.O 


tnnklun ,Naw YutLj 7U1« 

I ' is-caa-W "*3. w£T 


- . 21. 494b 


lforia i StS^DTD 4.€bl6+rai* — 

Drunala..... 1 al.E9T* 6.19 ab 

Umhm.....' * US12M6 - £ 73i 7.S o9.4»P3 - 4.0siC9i 34* 6 = 

\xnuMfcm 1D74H13 -Wills? JZ2& n *JfciO>W. *.12*r-9b . — IWJTiS-iC; 

Zudfh 1 S 3 J, lJ79.9fla 40.ft’-ba- ! 579*».Jfl , a W 3 ? 3jE7ac9SOW 9l7S- 11i4 — 

I’.S, 8 m Tmunbi >~1 12.73 - 16 Ounalian .-nil -• 

Lunin tmi X m Y.itk=8a.B&-5- ,«il .* l'.-v 8 >n XUaaK4.€04^fl. 

.Sin line to Siiiso 


BniHtii l*jnfc>n Amnil'n .. Xurk-h 

. 6.«15 4ZS S.sbO £54 &£-3«47 107.10-20 

i.15 ItS ].£TS>4=> *6.£W2 62L4i>So 

M.ST5-7liJ 3.S06 Sfis 2)3.28- 7E 244.1^U 

- .-9^6-C7 UJhOta ■ 16*63-71 

S9.4OS0 — . 4.0si-C3i 34* 6= 

*470 >W. 4.1Z4r-» . - 114£7 S-tCa 


FORWARD RATES 


New Yi-rb. c*li» 

Miiflin*' .lpar-ll.il) . dla 
Am-l'ilam i r. ptn-lv 
Bim-el-... 5 -. pm-S c. dla 
LVip'iilj-jn . 8-7 i»wli- " 
Pranktort 'lBj.fia yf. pm 

to aim it Tu-lDOb rUi 

Ua.ln-1 ...J50-130 -. dJa 
Milan..... 7.14 utadH 
<i >lu ........ 5 7 tire <1f* 

Pari- :1V244 i%«H» 

Si -khn'ini 2i* 41* lira it|» 
1 ‘l*nn» .... i*i. 10 J 1 U iln 
7.IUVti 2I*-11* r . pn, 


riiree'nvoiin* 

y.lU ri-ni par 
B. 06 -0.15 c. .!(» 
27 b Un . J ra 
15-05 .|*u 
16 18 nit in, 

4Ji-»i| pi. uni 
373-600 Cm dl» 
205 290 c. ,IU 
23^2 Irakli* 
IZj-14-j nrprii* 
64j-6)| i-.ilia 
;fli 6j me <lti 
-4- lx cm ilic 
613-513 k. pm 


Broadstone Investment Trust Limited 

Managed by J. Henry Schroder Wagg & Co. Limited 

The Annual General Meeting will be held at 120 Cheapside, London EC2 on 
Tuesday 25 April 1 978 at 1 2.1 5 p.m. 

The following is a summary of the Report by the Directors 
for the year ended 31 December 1 977. 


EURO-CURRENCY INTEREST RATES* 


siK-momb forward dollar o.l'-o.27t- pm 
IS-oumh DjtUSc pm. 

CURRENCY RATES 

vua . #.6<7t nan 



Total Revenue 

Revenue after taxation and expenses 

Earnings per Ordinary Share 

Ordinary dividends for the year, net per share 

Net asset value per 20p Ordinary Share, 
assuming full conversion of the Loan Stock 


1976 1977 

£1.305.884 £1.455.642 


% 

1977 increase 


£609,327 
4.71 p 
4.50p 

160.5p 


£726,370 
5.43p 
5.1 5p 


11.5% 

19.2% 

15.3% 

14.4% 


188.2p 17.3% 


The dividend increase of 14.4% compares with a rise 
in the Retail Price Index of 1 1 .9% in the year to 
31 December 1977. 

For the five years ended 31 December 1 977 gross 
dividends have been increased by 123%, against a 
112% increase in the Retail Price Index. 

Copies of (he Report and A c counts m available from the Secretaries. 

J. Henry Schroder Wegg & Co. Limited, 48 St Marlin's Lane. London WCZN 4EJ. 







Financial Times Tuesday March 28 1978 


!FT GROCERY PRICES INDEX 


THE 


LAIRD GROUP 


Rise of 2% biggest since December 


BY EUNOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


LIMITED 


Results 1977 

Year to 
■ 31 December 1977 
rooo 

Year to 
31 December 1976 

rooo 

Turnover 

119,241 

110,874 

Profit before Tax 

9,094 

8,061 

Tax 

(2,520) 

(2,158) 

Profit after Tax 

6,574 

5,903 

Extraordinary items 

— 

(402) 

Profit available for 

Ordinary Stockholders 

6,574 

5,501 

Dividends 

(1,1 64) 

(1,042) 

Retained Profit 

5,410 

4,459 

Earnings per Ordinary Stock Unit 

1 5.79p 

1 4.20p 

Net Dividend per Ordinary Stock Unit 

2.937p 

Z63p 

Dividend Cover 

5.4 

5.4 

Net Assets per Ordinary Stock Unit 

1 23.2p 

1 09.5p 


THE COST of the Financial 
Times grocery shopping basket 
rose by just over 2 per cenL in 
March, the last month of its 
existence in its present form. 

The rise, which was the big- 
gest since December and was 
largely due to more expensive 
meat and dairy products, took 
the index up to 271.66. This 
means that grocery prices have 
almost trebled since the present 
index was started -just over seven 
yeans ago. 

During that period the index 
has usually provided a reliable 
advance indicator of movements 
in the food component of the 
official Retail Prices Index. Its 
great advantage over the Govern- 
ment figures has been tbe much 
shorter interval — lees than a 
week— between data collection 
and publication. 

The idea of re-launching the 
FT index now is to retain its 
immediacy while chanatne both 
the sample of -shops and the list 
of items so as to give .a more 
accurate picture of shopping 
habits to-day. 


Decimal 


1. As forecast, a final dividend of !.477p net is 
recommended. This makes a total for the year 
of 2.957p net. the maximum permitted increase 
over the 1 976 dividend of 2.63 p net. In addition, 
a 1 for 10 capitalisation issue is proposed. 


3. Deferred tax of £7. 54m. has been released to 
reserves. This, together with the retained profit 
for 1977, has increased the net assets per 
Ordinary Stock. Unit to I23.2p. 


The Financial* Times started 
monitoring grocery price* on a 
monthly basis- in January 1965. 
The aim then, as now. was to 
monitor the prices of a typical 
chopping basket for a family of 
four on the same day each 
month. 

This monthly series was con- 
tinued until February. I97L 
when decimal currency was 
introduced. During those six 
years, the index rose by 31 per 
cent. — less than a fifth as much 
as it rose over the next seven 
years. 

In 1971. the list of items in 
the 'hopping basket was altered 
to take account of new purchas- 


ing patterns, but the 11 shops 
where prices were checked 
remain virtually the same. 

Since then, tbe pace or change 
in retailing has increased 
dramatically. Types of shops, 
like the very large superstores 
and hypermarkets, which barely 
existed in 1971. are now an 
important element in grocery 
shopping while the share of 
trade taken by the small inde- 
pendent grocer has declined. 

At the same time, food con- 
sumption habits have changed. 
For example people are drink- 
ing more milk than they were 
seven years ago but eating less 
bread. 

New products have also come 
on to the market, though one of 
the surprising things about 
doing an exercise such as 
re-launching the index is finding 
just how conservative tbe 
Britishers are about eating — with 
a few exceptions the big sellers 
to-day are the big sellers oF 
1971. 

More important, wben it comes 
to monitoring the prices of the 
same list of goods regularly, 
pack sizes have changed over the 
years. The introduction of metric 
sizes over the last few years has 
made comparisons very difficult. 


Minify 1871“ TIHJ 


FOOD GROUP INDEX 

250 1 — of the Retail Prices Indue 


* /rO 


ET. GROCERY, 
jZS PRICES INDEX 


FINANCIAL TIMES SHOPPING BASKET 


MARCH, 1978 


Old list 
March 


Checked 


For all these reasons, it has 
been decided to re-base tbe index 
now. This has been done by Mr. 
Peter Shepherd, formally of the 
Retail Outlets Research Unit of 
Manchester Business SchooL He 
has collected the information 
from a wide variety of sources, 
including Government statistics 
and data on brand shares pro- 
duced by market research 
companies. 

The prices will continue to be 


Dairy produce 
Sugar, tea, coffee, soft drinks 
Bread, flour, cereals 
Preserves and dry groceries . 
Sauces and pickles 

Canned goods 
Frozen foods 
Meat, bacon, etc. (fresh) 
Fruit and vegetables 

Non- foods • - 

Total 


... 150.44 
■--.84.52 
9185 
' ■- 28.09 
15.28 

,5130 
V 42-54 
. 18*30 
. . 90.92 
- i 59.63 


~ <0939 

Old Index = 271A6 
New Index f=_' 100 


Old list 
February 

~ 14734 
8437 
9239 
2836 

_ 15.14 __ 

49.78 
4237 
180.47 
8636 
<0.78 - 
788.09 


New list 
March 

“47432^ 
18237 
22331 
. 8436 

_ 

15534 ' 
177.49 
40333 
20031 
_ 180.72 

2,12336 " 


2. The tax charge consists of overseas tax of 
£2.52m. As a result of capital allowances and 
stock relief there is no U.K. Corporation Tax 
charge. - 


4. The negotiations to determine compensation 
for the nationalisation of Scottish Aviation 
and Cammell Laird Shipbuilders have not yet 
started. However, a payment on account of 
£650,000 was received in February 1978. 


To-day’s events 


GENERAL 

Mrs. Shirley Williams, Education 
Secretary, speaks at National 
Union of Teachers’ conference, 
Blackpool. 

National Association of School- 
masters and Union of Women 


Teachers’ conference continues. 
Harrogate. 

COMPANY RESULT 
United Newspapers {full year). 
COMPANY MEETINGS 
See Week's Financial Diary on 
page 18. 


i Advertise menl) . 


ORB’S ECONOMIC JOURNAL 


checked by a group of house- 
wives living in various parts of. 
the country, but the number of 
shops in which the prices are 
monitored has been increased to. 
25. ■ 

The shops have been chosen to 
reflect the mix of stores used by 
consumers to-day in Britain as a 
whole. The old weighting to the-' 
south has been corrected and the . 
distribution of the shops now-; 
reflects more accurately papula-.' 
tion distribution. 

Included in the sample are' alT 
the big supermarket groups, 
together with one hypermarket 
(a store with a sales area of over 

50.000 square feet) and two 
superstores (stores with between 

25.000 and 50,000 square feet of 
selling space)- 

Three branches of different 
co-operative societies are being 
used as well as three of the new 
kind of cut-price discount stores 
and three members of the volun- 
tary wholesale -groups. The re- 
maining shops are privately run 
grocers of varying sizes. 

At the same time the list of 


prices monitored has been up- 
dated. The weightings have been, 
calculated. where possible, 
according to the Government's 
food consumption statistics. 

But because these are ex- 
pressed in terms of commodity 
types — canned pineapple.-offal— 
some small changes hove to be 
made to translate these figures 
into items which are -available on 
the supermarket shelves. As 
before, some noa-fOod grocery 
items, like detergents, have also 
been included on the list.’ ~ ' 


would make whes shopping for 
their family. 

Generally, we- have used 
branded items on the list rather 
than retailors* own brands, hut. 
if the own-brand is ihe only 
product of its kind available; 
then the shopper will obviously 
monitor the price. of that. 

Some of the smaller show 
included in the sample, da. not- 
sell the whole range or Rood. 1 * on 
the list. In this situation, the 
shoppers have- been asked to 
check the prices in another shop, 
of the same kind— a shopper 
using a small corner grocer.- for 
example, will go tn a privately 
run greengrocer to check the 
prices of vegetables. Agam the 
emphasis is on consistency and 
she will have to use the same 
greengrocer each month. 

The FT grocery index hag' 
never been seasonally adjusted, ■ 
So attempt has been nude this 
time to make a full seasKmaT 
adjustment, but becaux? a sud- 
den switch frinn cheap old pota- 
toes to expensive new potatoes 
can lead to an artificial rise in 
the index in the spring, a for- 
mula has 'been devised in phase 
in the more expensive potatoes 
over several months. 

Though it is hoped that rhe 
new index will provide a more 
accurate gauge of movements M 
prices than the -old one. it can- 
not, with a sample of only : 25 
shops, provide a precise figure 
for f rrerage food prices through- 
out the country;- For this reason, 
it would be misleading for in- 
dividual supermarkets to make 
price savings against it 


Changes 


In the past a number of groups 
have used the FT index in (heir 


Problem 


-The idea remains that the 
shoppers should monitor the 
prices of the same goods each 
month in the same shops, and so 
provide a barometer of changes 
in grocery* prices several weeks 
ahead of the Government figures. 

The probtom, of course, is that 
shops sometimes run out of 
stock. Where the shoppers find 
.that the listed- product is . not 
'available, they are asked to use 
their common sense and. make 
the kind of substitution they 


advertising and planning appli- 
cations as a means of demon- 
strating that their prices are 
X per cent, below average. We 
have always pointed out that 
such claims are misleading. 

They will continue to be so in 
spite of the refinements to the 
index because our shoppers may 
have made changes - tothb list— 
which are perfectly acceptable 
for our purposes because they 
are making the same change 
every month and so comparing 
like with like, but which make 
it impossible- -for outsiders to 
make precise comparisons. 

Any company wanting to make 
their own internal comparisons 
with the FTV figures will, of 
course, be welcome to do mu. 
Copies of the new list will be 
available from the Financial 
Times. Inquiries should be made 
to Miss Ingrid' Eden, the Finan- 
cial Times. Bracken House, Can- 
non Street; London, E.C.4. 


March 1978: Vol. 7 No. 3 


Japan faces necessity to 
carry out medium-range 
capital stock adjustm’t 


MP opposes metric law 
for fruit sellers 


TRENDS IN GNP AND SUPPLY-DEMAND GAP RATE 


The current stagnation of 
economic activity has not 
stemmed solely from tem- 
porary and cyclical deterrents 
as was usually the case in the 
past transitions of the 
Japanese economy. U is more 
strongly ascribable to many 
and various factors caused 
directly or indirectly by the oil 
crisis in late 1973. 

Particularly noteworthy is 
the obstinately lingering im- 
pact of the wide supply- 
demand gap that has cropped 
up in the wake of the oil crisis 
on the various economic 
adjustment operations. This 
trend has served to cause a 
continued imbalance in major 
phases of the Japanese 
economy and a protracted 
slump of the Japanese 
economy. 


Supply-demand gap 

The depth and range of the 
impact of the oil crisis on 
different branches of the 
Japanese economy have not 
been uniform. The start of its 
squeeze on them also has not 
been simultaneous. 

In the first place, however, 
close attention should be paid 
to the fact that the supply- 
demand gap has begun to 
widen sharply particularly in 
the wake or the oil crisis. As 
shown in the accompanying 
chart indicating the trend of 
the supply-demand gap rate 
estimated on a GNP basis 
under the Cobb-Douglas 
production function formula, 
the gap. which stood still low 
at 4.9 per cent in fiscal 1973 
(when the oil crisis took place 
in the second half,. widened to 
10.9 per cent in fiscal 1974. 
Continuing to stay high at over 
10 per cent for the fourth 
consecutive year, it is 
estimated to remain at around 
J3 per cent in fiscal 1977 ending 
this month. 

The effect of the. oil crisis, as 
represented by the widening 
supply-demand gap dealt the 
first direct blow to the cor- 
porate sector. Despite the 
sharp upswing of major costs, 
such as personnel and raw 
materials expenses following 
the oil crisis, enterprisers have 
been unable to raise the prices 
of their products in view of the 
broad supply-demand gap. 
Corporate profitability con- 
sequently has deteriorated 
acutely. 

Ihe slump of the corporate 
sector eventually has begun to 
cause stagnation in other 
sectors of the national 
economy. 


Macro-economic gap 
Reference in this connection 


should be made to the trend of 
private plant and equipment 
investments, the branch 
exercising a vital influence on 
the latent growth potential of 
the national economy. 

Private plant and equipment 
investments in real terms on a 
GNP basis continued to decline 
successively for eight quar- 
terly periods Irom the 
January- March quarter of 1974 
immediately after the oil crisis 
and stood in the October- 
December quarter of 1975 at a 
level 27.9 per cent lower than the 
one-time peak in the October- 
Dec ember quarter of 1973. 

Such investments have 
continued sluggish since the 
start of fiscal 1977 ( April i after 
a short-lived and modest 
recovery in fiscal 1976. Many 
and various factors serve to 
account for the protracted 
stagnation of private {riant and 
equipment investments. 

In the period before the oiJ 
crisis, the corporate business 
performance was the 
predominant factor swaying 
the course of private plant and 
equipment investments. 

After the oil crisis, however, 
this factor has been replaced 
by another— the supply-demand 
balance. In other words, the 
high level of the supply- 
demand gap is the most im- 
portant factor responsible for 
the current stagnation of 
private plant and equipment 
investments. The standstill of 
such investments is a natural 
consequence of the oil crisis. 

The stagnation of plant and 
equipment investments 
resultanlly serves to slacken 
the increasing tempo of capital 
stock and eventually the rising 
pace of supply capacity. To 
clarify this point, reference 
may be made to the transitions 
of plant-equipment invest- 
ments, capital stock and 
supply capacity (on GNP 
basis*. 

In the first place, the growth 
of supply capacity has con- 
tinued to decline since the one- 
time peak in around 1970 
before the oil crisis. Prin- 
cipally responsible for Uiis 
trend are above all the 
following three deterrents — l) 
Restriction on resources, in- 
cluding energy sources; 2) 
Environmental restraint; 3) 
Stagnation of technological 
innovation. 

However, one specific point 
is worthy of close attention 
from a short-range standpoint. 
That is, the stagnation or the 
growth tempo of capital stock 
and supply capacity has not 
been so conspicuous as the 
slowdown of ihe increase of 
plant and equipment invest- 

t 


merits since the oil crisis. 

In fact, private plant and 
equipment investments, 
although continuing sluggish 
for months, still have 
remained on the plus side on a 
flow basis. As a result, the 
increasing tempo of capital 
stock and supply capacity has 
not slowed down particularly. 
In other words, adjustment erf 
capital stock has failed to 
make smooth progress. 

It may be said that the 
unexpectedly slow progress of 
capital stock adjustment is 
another cause of the delayed 
exit of the supply-demand gap. 
although the slump of gross 
demand has been partly 
responsible. 

Medium-range approach 

It is considered necessary to 
approach the job of putting an 
end to tbe supply-demand gap 
from the two different sides, 
that is. creation of demand 
from a short-range standpoint 
and adjustment of capital 
stock from a medium -range 
standpoint. 

Under such circumstances, 
the Government should take 
measures for creating demand 
within a short period, including 
tax slashes and additional 
public investments in the fiscal 
phase. 

However, i t a ppea rs that 
excessive stress has been 
placed on the need or creating 
demand wiLhin a short period 
in recent years to the relative 
neglect of the necessity of 
adjusting capital stock under a 
medium -range program. The 
importance of creating 
demand is undeniable. 
However, it is essential to see 
that short-term creation oL 
demand should not serve to 
delay the smooth progress of 
medium-range adjustment of 
capital stock. 

For instance, the current 
stagnation of private plant and 
equipment investments is a 
natural consequence of the oil 
crisis. Hence, the major cause 
of the protraction of the 
present economic stagnancy 
should not be sought in the 
slump of such investments. 

Assuming Dial plant and 
equipment investments as a 
whole are stimulated by or- 
thodox measures, such as tbe 
reduction of taxes on such 
investment outlays, in 
disregard of the foregoing Teel, 
for instance, the existing 
supply-demand gap may be 
temporarily diminished. 
However, it eventually may 
serve to delay necessary ad- 
justment of capital slock in 
some cases and consequently 
further to protract economic 
stagnation. • 


HO ■ In terms of 1970 prices 
In ¥1,000 billion ^ 

100 ■ 


GNP (potential) / 

*. / 

y i. 

/ 


/■: 


GNP (real) 


AN MP launched a nationwide 
campaign yesterday to stop 
planned regulations which, iie 
claimed could eventually land a 
greengrocer with a maximum 
£250 fine for selling apples by 
the pound. 

Mr. Neville Trotter, Conserva- 
tive MP for Tynemouth said he 
would be writing to the Prime 
Minister, and tabling Commons 
questions, urging him to abandon 
plans to force fruit to go metric. 

** If he does not, he will be 
the gooseberry 1001,* he said. 

"The Government is seeking 
Icgis'aUon to make it an offevee, 
punishable by a maximum fine 
of £250 for a shopkeeper who 
dares to . offer certain goods for 


sale in other than metric units. 

“The intention is that from 
the end of this Sear all hardware 
will have to be'.sald in metric; 
units and it will fie an offence to i 
display "or advertise them in j 
imperial, units. Ifrom. next 
February it would apply to carpet 
and textiles.” 

Mr. Trotter added: “The next 
stuge will apply to. meat, 
vegelabeis and fruit, yoii will 
have to buy them in 'grammes 
otherwise your shopkeeper could 
be heavily fined. 

“ This is bureaucracy gone 
mad. with bureaucrats hitting the 
high street. This must be fought 
and defeated at all costs. It is an 
outrilgeous . proposal which 
offends all feelings of liberty.” 


Pardoe calls 
for higher 
food prices 


MR. JOHN PARDOE. the Liberal 
MP. wants Britain's food to cost 
more. “ Only higher food prices 
will make us self-sufficient.” 

In a statement from his North 
Cornwall constituency, he ex- 
plained: “We are made to go 
on with our dependence on 
imported food. Without a strong 
manufacturing industry we shall 
not be able to pay for it. 

**Our food imports cost as 
much as our oil imports cost us 
before North Sea oil was ever 
invented. We produce only half 
of the food we need. 

“ We could produce mure. But 
it requires - an investment in 
agriculture and a willingness to 
pay a higher price for food." 


FY1964 65 66 67 68 69 70 71 72 73 74 75 76 77 

Q ~* i .' TTi i TT i 1 1 1 1 fT? y i 77l tjj j . CJ'uTT) i TT i i T~ _ 


10r Supply-demand gap rate 


NOTICE OF REDEMPTION 


To tiic Holders of 


The Broken Hill Proprietary Company Limited 


10% Debentures Due 1990 
Issued under Indenture dated as of May 1, 1975 


jo;nied inlcre-l to said date, as foilovts: 

. DEBENTURES OF UjS. $TTo6o EACH 


fi 1323 2412 34ML441S 5422 6291 73fri . 8837 10117 U5M 12734 14127 15119 l fit! HR i-vi inn-* 

?5 JS7 S3 3*2 l&f .igS ritaa lawS 


Nata: Supply demand gap raw pp. ttBg aL Sgg ^ Sa LS j !^ 

Potential GNP 

Source National income s»ei 'it its o< Economic Planning Aganty 


Moreover, the effect of the 
program for creating short- 
term demand has begun to 
come into question recently in 
view of various brakes, such as 
the limit to the necessary • 
fiscal outlay from the revenue 
shortage and the decline of the 
propagating effect of public 
investments to spur demand. 

Under such circumstances, it 
has become increasingly •. 
necessary to approach .the 
program for diminishing the • 
supply-demand gap in the 
supply phase by efficiently and 


effectively propelling capita! 
stock adjustment and thereby 
slackening the growth of 
supply capacity. 

Considering that adjustment 
of capital stock intrinsically 
has a phase difficult of making 
smooth progress, at the same 
time, it also is deemed 
necessary for the Government 
to have a medium-range in- 
sight as to its policy programs 
so. that sound progress of ef- 
ficient capital stock ad- 
justment may not be ob- 
structed. 


-woo *a*i too- oaaa iMil 9067 1 U-HH 11B13 13005 14361 lMin Tesnn ,-oi ,d7X£ 

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320 1636 2719 3WJ2 4626 5581 b5ti4 7688 8168 10474 1X301 13111 1444 c 13445 JgSf KJ*?.? 

334 1646 2734 3666 4653 5593 6589 7714 3183 10503 1L926 13121 14488 its®! irfnt 19-01 

353 1660 2729 3669 4658 5641 6631 7780 8189 10520 11948 13207 14534 1 H 3 I K2K ft*™ 

364 1664 2769 3693 4687 5667 0639 7811 9227 10600 11962 13212 14541 wii- 

2* KB £32 S3 SB SB S3 J8S8I \m Us S3g ft|& igfe • igS. *Sg 


The international bank 
ir interests 
at heart. 


863 2153 3197 412S 5197 5379 
905. 2156 3206 4147 5201 6002 7017 
930 2130 3224 4178 5232 6008 '7046 8503 
363 2197 3237 4183 5268 5071 7082 8534 

995 2226 3372 4231 5287 1,079 7121 

1022 2240 3216 4233 53.71 r,084' 

1030 2277 3302 4247 5312 6175 

1063 2288 3331 4244 5337 6147 

1109 2300 3350 4365 5341 0I5n 

1153 2311 3351 4271 .5347 6203 

1160 2340 3366 4282 5364 11221 7238 8743 

1162 2350 3384 4340 5365 KOM 7269 8"”" 

1240 2362 3438 4330 5371 KM2 J * 


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1=07 2395 3458 4385 8380 6267 4565 TOW 10113 11531 gjg ISgg ft® 


□ 


will, all conpons rfp^Uinin^ P* \ IP °“ 
cither la) at the Corporate ^TrnVt 5 date. „ Uie option*? Urt-hoUmr 

15 Broad S.reo,, „ Yo* 1 OOM^ T™' °f NoOT*** 

pl (cable thereto, aL the main offices of Morann Gnarantv Tnmr' 1 l ° nn -’ r I f. W8 or Tegulatiowsp- 

Fmnkfnrt (Main), London, Paris Jd 


W JB We him your interest* at hoaru 

BbJBoAI'ICHt KANOYO BANK 

Lanriee Bnncti: Fifth Flow, P ft O BUfci. 122-138 Lcedmun Street. 

London EC3V 4PA, En0snd Til. <01,-3834B» 

HMdOHio.: $-2.U*njnouehi 1-shoir*. OUyode-ku. Tokyo 100, Jwn Brenehomd 
Awn otw «c New Yor*. Los Anpaln, DumJctort. T«p«, Seoul, S^oore » hpri * t m mt 
Offkaiai; Chicago, Houston, Totoito. Slo Paulo. H**.eo C,»y. Careen, FrenMurt. 

Pirn. Banii. Jakarta, Sydney Sukadfarlo* ■*= QHcago. Amnardani. 2undi, London 
AHttUnd and Asodatod Comoantai at: Bio d B Jdnciro, London. LuacndnirB, Horn) Kona. 
Bangkok. Singapore, Kuala Lumpur. Jakarta, tapiila. Melbourne. Sydney. Non Hebrides. 


redemption. ' ’ ° **** ^ ^ Debentures httda. 


Dated: March 28, 19TB 


THE broken HU i FROPHIETAKT COMP.WYLDnTEO 


notice 

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Financial Times Tuesday March 28 1978 

Recent tastings of young vintages 


* TASTINGS In London to- which 
■nnso who write about wine are 
isually invited are basically for 
rurto buyers, and more often 
nun not of wines recently or 
ilinut Id be shipped. In Iraost 
■asi»s they aro not, therefore, 
iv.-iilnhle on any retail list; for 
he purpose of the tastincs ts to 
tring this about. Accordingly it 
s not often possible here to 
x'cnmmcnd a wine, and then oin- 
K»lnt where it may be bought and 
it what price. However some 
tenoral recommendations may be 
lclpfut to consumers, who can 
hen draw their own codcId- 
Jon*. 

A good example was a tasting 
ield a little time ago by 
jmrenco Hayward, whose retail 
ide is Layton's of 11 Gongh 
^uare, E.C.4. Basically it was 
i tasting of lesser clarets of the 
75, 74 and 73 vintages, all from 
he riebt bank of the .Dordogne 
md Gironde and from the firm 
if A. Moueix of Li bourne, not to 
ie confused with Jean-Pierre 
Joueix. whose business is usually 
n tbe higher flights of St-Erailion 
md Pomerol estates, including 
dagdaleine and Petrus, what 
■merged from this tasting was 
hat there arc some .very attract- 
ive, minor '75s, and some rather 
ough, tannic ones. Those that 
: particularly lilted were Clos- 
ja-Fleur-Pigeac. du Gauze — both 
»t-Emi lions — and Moulinet, 
jelong to M. Moueix himself. 


from PomeroL Retail prices can 
only be guessed at, but on the 
bases of ex-cellars prices quoted 
one might estimate them at about 
£2.50, £3.25 and £4 respectively. 
The 74s did not much appeal to 
ine: mostly very light in colour, 
and either hard and short or 
just rather dull. 

Another tasting of young 
clarets was given by Hunt and 


that tended to mask the fruit 
The 75 was closed up and hard 
as most 75s now are, but no 
doubt will develop well, but the 
76 showed plenty of promise 
with a most attractive flowery 
nose, and well-balanced, fruity 
flavour. Si ran belongs to the 
Miailhe family, also owners of 
Pichnn Lalande, and both the 


WINE 

BY EDMUND PENNING-ROWSELL 


Braithwaite of 42, Monmouth 
Street, W.l., and these . were 
impossible to price even approxi- 
mately. as aU were quoted in 
francs. An inexpensive one, 
however, from a M&doc estate 
that usually makes good wine 
was the 76 La Toux-de-By, a 
fruity daret with plenty of 
backbone. Higher up the scale 
were three vintages of Siran. a 
Labarde crus bourgeois entitled 
to the Margaux appellation, and 
a growth deserving of a higher 
rating if the Bordelais man- 
age ever to compose their differ- 
ences and have a new classifi- 
cation. The 74 was light as ex- 
pected. with an “oak"* flavour 


75 and 76 of that second-growth 
were shown. 

Burgundy tastings here are 
much less common than those 
devoted to bordeaux, partly be- 
cause Cfite d'Or -wines are in 
relatively short supply and sell 
themselves, partly because de- 
mand for them is much smaller 
than for bordeaux; and they are 
expensive too. One annual one. 
nevertheless, is that of Louis 
Latour, certainly the most 
widely respected merchant in 
the C6te d'Or, especialy for his 
white wines, for he is a pro- 
prietor both in Corton Charle- 
magne and in the tiny Chevalier 
MontracheL At his last tasting. 


a few months ago, he showed 
first a selection of 76 whites and 
reds, with the former tasting 
much better at the time than 
the reds, some of which were 
out of condition or rather dumb, 
as is likely to happen with 
samples drawn from the cask. 
One excellent white burgundy 
that Latour usually offers is 
Meursault Blagny, and the 76 
had a fine aroma and a deep, 
fruity flavour, while the 
Puiigny-Montrachet was more 
elegant, and still had a slight, 
rather attractive, petillance. Re- 
tail prices about £5.50 apiece. 
The Corton Charlemagne had a 
big “oaky" Savour, but was 
rather closed up on nose and 
palate. No doubt it will unfold 
in due course; unlikely to cost 
much less than £8 a bottle. Of 
the reds there was an excellent 
Morgon (c.£3.50), while the 
Beaune Vignes Franches (£6) 
had more colour and fruit than 
some; but my favourite was the 
Chambolle-Musigny (£6). a 
fruity wine with plenty of body. 
There were also some 73 and 
72 red burgundies, relatively 
less expensive and, of course, 
more ready to drink. I particu- 
larly enjoyed the Beaune Vignes 
Franches (£5) and the Volnay 
Premier Cru (£5.50). 


iTTiRmi 








p-m 


mm 


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made-to-order banking service 
based on a thorough combination of 
vital factors. Nearly half 
a century of experience. Unlimited 
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H ^MITSUBISHI TRUST 

and Banking Corporation 

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APPOINTMENTS COMPANY NOTICES 


One of the few regular annual 
tastings held each year for trade 
and retail customers is CL W. 
Loeb, of 15. Jermyn Street, W.l. 
They cannoL be excelled for 
fine estate-bottled German 
wines. These, it cannot be 
denied, are now expensive, 
though more on account of the 
high rating- of the deutschmark 
than of excessive costs at source. 
Germany had the rather rare ex- 
perience of producing two ex- 
ceptional vintages In a row: 75 
and 76. The former had prob- 
ably more elegance and balance, 
for the 76s, on which Loeb con- 
centrated this time, were much 
richer, with almost an excess of 
spatlese and upwards qualities, 
and certainly a deficiency at 
lower levels. Of these 76s I 
found the Moselles specially at- 
tractive, notably the Saars and 
Ruwers, for they had more 
acidity. I picked out the Falken- 
steiner Hofberg Spatlese (Fried- 
rich - Wilhelm Gymnasium), 
from a village near the mouth 
of the Saar that only makes 
really fine wines in exceptional 
years. The other Saar that 
appealed to me was Egon 
Muller's .Scharzhofberger Spat- 
lese, while, as usual. Schubert's 
Maxi min Grttnhiuser Spatlese 
from the Ruwer was delicious. 
Of the Rhine wines my choice 
among the less expensive ex- 
amples included the Johannis- 
berger Vogelsang Spatlese 
(Eser,. £3.80) and among the 
rarities, the Kiedricher Sand- 
grub Auslese (Fishcher, £6.57). 

Coming down from such 
heights, were two more recent 
tastings of interest The first* 
was of 77 and 76 Beaujolais 
from the. well-known firm of 
Georges Duboeuf. The ’76s were 
greatly superior to the exces- 
sively light 77s, although .a 
Brouilly Ch. de Nervers and a 
Moiriin-A-Vent had some ■ fruit. 
The 7Bs had more colour, 
flavour, and depth, and my two 
favourites were the Morgon, 
Cuv6e . Descam bes and the- 
Julignas. The prices ranged 
about the £3 mark and the 
agents here are Genevieve Wine 
' Cellars, 167 Caledonian Road, 
N;L 

The second affair was of Hun-' 
earisn wines. Of all tbe Eastern 
European wines, the Hungarians 
are probably-the most individual, 
for they fend to rely on their 
own grapes, such as the Furmint 
.-—a constituent of -the delicious, 
but- ' hf re undep-appreriaTed 
ToTcay— and the Kadarka, the 
basts of Bulls Blood. Ecri 
Bikaver. The 74 of this wine 
is a fine big, dark coloured, 
mouthful of a red wine for those 
u-bo like, as rhe sayine goes, to 
“ chew” their wfne. At around 
£1.75 it.i« excellent value. So 
are the Olasz Reislin*. which is 
nnt the sime as the Rhine Ries- 
ling, but a clean fr«*sb wine, 
and thp Rpcs Olasfc Riesling, a 
firm, medium dry wine of 
character. 


ADVERTISEMENT 

MANAGER 

Required for London Office eMabltahcd 

Group of Overseas Newspaper* with 

re pm enaction an Continent. jExptrl- 
ence in Financial Advertising osseitdal. 
Interesting appointment. 

Write Bax A 6307. Financial Times, 
10. Cannon Street, EC4F 4BY. 


COMMODITY APPOINTMENTS LTD. 
requires Physical and Futures Traders 
Trainees. Accountants and Support Stall 
lor (J.K.. Europe. U.SA. ano Mono Kona. 
Tel. Geamim. S»»«,art ni-«xo T-ynT 


INI ERN ATTQNAL DEPOSITARY 
RECEIPTS ' 

REPRESENTING SHARES PAR VALUE 
NUD COMMON STOCK 
J. P. MORGA N * CO. I NCORPORATED 

A cash distribution el 40.55 ocr Deposi- 
tary Share wit) Be navahle on and alter 
Hie 2141 April. 197B upon Presentation or 
Coupon No. 30 an 

Mora an Guaranty Trust Company oi 
New York. as. Wall Street iCor- 
porate Trust DenanmenU. New 

• York 

35. Avenu nes Arts. Brussata- 

33. Lombard Street. London. 

82. FranKrilklcl. Antwerp, 
at the designated rate, less Applicable 
taxes. 

This distribution Is In respect ol Ibe 
regular quarterly dividend payable on tbe 
common shares P.v. 12.50 j. p. Morgan & 
Company Incorooraipd on rhe lath Aorii. 

»7B . 


PUBLIC NOTICES 


SOUTH EASTERN ELECTRICITY BOARD 
REVISION OF TARIFFS 

Pursuant to Section 37 of the Electricity Act 1917, as emended 
by Section 14 of the Electricity Act J9S7, die Board hereby gives 
notice that it has fixed the following tariffs to come into effect 
on the dates stated hereunder:— - . 

Title of Tariff Effective Date 

1, Domestic Two-Part Tariff \ Effective from the dates of 

2. Domestic White Meter Tariff 1 the first normal meter 


3, Domestic White Meter Economy I readings taken after the 
Six Tariff )3!st March I97B or the 

A. Fin Rate Tariff . I dates on which those read- 

5. Off-Peak Tariff J ings would ordinarily have 

6. Tariffs Five-Forty J been taken. 

' Effective from the date of 
the normal meter reading 
_ „ . nearest to the 1st April 

7. Maximum Demand Tariff 1978 or the date on wh *; eh 

a meter reading would 
ordinarily have been takon. 
Present tariffs corresponding to those set out above shall 
cease to have effect when the new tariffs come into force. Parti- 
culars of the new tariffs may be obtained on application at any or 
the Board's shops or offices. 

The Board has consulted the South Eastern Electricity Consul- 
tative Council and the Electricity Council with regard to the new 
tariffs 

The rates contained in the revised tariffs I to 6 above are as 
shown below: — 

'. Domestic Two-Part Tariff 

Quarterly Charge ... ... £2.63 

- Unit Charge 2.67p 

2. Domestic White Meter Tariff 

Quarterly Charge £3.96 

Unit Charge Day Rate 2.79p 

Unit Charge Night Rate I.I4p 

3. -Domestic White Meter Economy Six Tariff 

Quarterly Charge ... ... £3.96 

Unit Charge Day Rite 2.74p 

Unit Charge Night Rate 0.9p 

4. Fiat Rate Tariff 

Lighting flat rate per unie 7.2p 

Cooking, heating and motive power flat rate 

per unit 3.75p 

(This tariff is no longer available for new supplies.) 

5. ' OfhPeak Tariff 

Annual Charges £3.04 

Rue .‘C Unit-Charge ... ... - I . I4p 

Rate 'D' Unit Charge ... ... ~. 1 J7p 

Rate 'O' Unit Charge IJil5p ^ 

(This tariff is no longer available for new supplies.) 

6. Tariffs Five-Forty 
Fixedi Block Tariff, final 

unit rate ... 235p . With corresponding 

Variable Block Tariff, changes to other 

final unit rate ... ... I.92p 0,m rat “- 

Night Rate (9-hour) U4p 

Night Rate (6-hour) 0.9p 

‘.-In allthe-abave uriffs-thte unte-tates are basod on fuel costs at 

£20 per torme. - 

Consumers taking supply under Agreements or in accordance 
with. the Maximum Demand .Tariff (mostly industrial and large, 
commercial concerns) and Public Lighting T-arms (mostly -focal' 
authorities) will be notified indklduaHy of the - revised charges. • 

. INCREASE OF STANDARD 
DOMESTIC CONNECTION CHARGE 

Whh effect from the. 1st April 1978- the Board is increasing 
the Standard Domestic Connection Charge to £90 per new 
domestic dwelling. 

D. A. GREENL .... 

Secretary. . 


7. Maximum Demand Tariff 


£2.63 

2.67p 

£3.96 
2.79 p 
I.l4p 

£3.96 

2.74p 

0.9p 


£3.04 
U4p 
1 J7p 
J -5 1 5p 


With corresponding 
changes to other 
unit rates. 

... U4p 
0.9 p 


Midland Bank Limited 

Neuce im nceunv 

NOTICE IS HEREBY GIVEN thal Ibe 
one hundn.il and forty-second annual 
^■■noral niceilnc Midland Bank 
LiRlin-d will be Held al The Chartered 
Insurance Instiwtn. 20 Al derm anbury. 
London EC2. an Wednesday, 14 April 
1978, at 11 ajn.. lu receive and con- 
sider ibe Dlreeiarv 1 report and andiicd- 
jcv minis Tor Ibe year ended 31 Decwri- 
hcr 1977 and di-el a re Ibe HfUl divi- 
dend. io appoint Dlreviors in place 
of ibose reiirinc. io appoint lN=- 
Auduors and io authorise the Directors 
to fis the Auduors" ri-niunemloD. 

A member enntled io attend and 
vote at i he mcoUaj; is enutk-d lu 
appoint one or more proxies to attend 
and. on a poU. to vole Instead of him 
nr her. A proxy need not be a 
nii-mbcr af the rompanv. To be valid, 
forms of prow musi n.-acb ibe 
Ri-Klstrar ai Midland Bank Limned, 
Court wood House. Silver Street Head, 
Sheffield SI 3RD. noi less ihan foiry- 
elshi hours before- the time fixed for 
the meeiioK. 

Er order of tbe Board 
D. P. (1. WYATT, Secretary. 
Registered Office: 

Poulinr. 

Lcmdoo EC2P -BX. 

23 March 1B7S. 


APPEALS 

ANCIENT MARINERS now leodln? Out 
distress signals, are cared for by m. 
Please acknowledge wltn a out to: 
General Secretary. D. J. Laffenv, 
J.P.. Roral Alfred Sea larcrs 
Society. Weston Acres.*' Wtmdnian- 
sterne Lane. BanStead. Surrey. 5M7 3HB. 

GOURMET 

BORDEAUX DIRECT-! Free Catalogue 
"Outstanding and Generous. Guardian. 
32 pages mso& and vineyard Illustrations. 
Write Tony Laltnwaltc. Bordeaux Direct. 
Aquitaine House. Farnburn Avenue. 
Slouch, mentioning Financial Times. 

PLANT AND 
MACHINERY 

GENERATORS 

Over 400 sets in stock 
1kVA-700kVA 

Buy wisely from the manufacturer! 
with rati after-sales service. 

| CLARKE GROUP 

01-985 7581/0019 
Telex 897784 


CLASSIFIED 

ADVERTISEMENT 

RATES 



Per 

Smple 

Column 


line 

cm. 


£ 

£ 

Commercial * Industrial — ■ 

— 


Property 

4.50 

14.00 

ResKltiDUal Property 

2.00 

8.00 

Appointments 

oo 

14.00 

Business t Investment . 



Opportunities, Corporation 



Loans, Production 

Capacity. "Businesses 

Por Sale /TV an led 

5.25 

18.00 

Education. Motors 



Couiracis £ Tenders. 

Personal, hardening 

4.23 

13.00 

Horela and Travel 

2.75 

10.00 

Book Publishers 


7.00 


Queen's Gardens, 
Hove, Ease Sussex 
BN3 2LS 
March 1978 


SEEBOARD 

',auw fAZTttr* utciKtrtrr‘ 


Premium position* available 
(Minimum size 40 column cms.) 
El-50 per single column cm. extra 
. Tar further details irrile in: 
Classified Advertisement 
Manager, 

Financial Times,:. 

,10; Cannon Street; £C4P _£BY 


THAMES TELEVISION: COMPANY ON TIE MOVE 


Chairman: "A fourth channel having to 
compete against BBC’s two and ITV's one 
would be fighting a losing battle, which all the 
taxpayer subsidy in the world would not win.” 

— 


it.- 3 






■TSgwrty* 




BhnJf • ‘-.f . • Jt 








I 




** ? ji|i i 1 1 . 







Ip 5 . 

Ijv- • SiH&Sii:. 1 - I 

ii-s-. ! 

i ; - • • • • • 



• ?■ 

■ ! • 


Managing Director: Plans for the coming 
year include the development of more 
comprehensive regional news and current 
affairs programmes, a wider range of sports 
output, and new productions ranging from. 
A/orecaTn&e and Wise to Edward and _ 

Mrs Simpson , the story of the 1936 Abdication. 


Programmes: An illustrated review of the 
year's programmes and awards —including the 
thirdltalia Prize in two years. 


London Looks Forward: "This is the first 
time a television company, Thames Television, 
has become so deeply involved in the 
organisation of a project of such great public 
interest.” 

HRH The Duke of Edinburgh 




* .... . . am x 

• . b . « | 


- v 



















f .. - ’• ,.f . 

k - 




/■*. • ‘I . 


Technology: ^Digital televison . . . live 




coverage of the US Elections would be as clear . ^ 

as racing from Doncaster” , ■, •>.{ 

f /-••v. 




OverseaK.^oreth^(mehuhdreJ^^Sfel:V-^ : t. - / 

now see Thames programmes. And 4 

sales of over £3 million, the resulting profit 

from overseas sales has now topped £1 / 


V v-. li" V'" -Jr 


\r..r •• 

v. yc. 


V' ' Z ■ 



Advertising: "Called 'Enterprise’, the system 
minimises paperwork, improves internal 
administration and offers clients what Thames 
believes is the fastest and most flexible time- 1 
buying service in the world.” 

7HAME5 TELEVISION 1977 | 



Thames Television’s review of the last calendar 
year was published this week. 

Our reason for calling it THAMES 
TELEVISION: COMPANY ON THE MOVE 
will be clear from its contents. 

If you wouldJike a copy, please telephone 
Mrs Alison Danes. 

Thames Television Limited 
306 Euston Road 
London NWl 3BB 
01-3879494 \ 


liL 







—pa 


1S 


YESTERDAY Eouitt and L»w tir>* An urine* 

DIVIDEND & INTEREST PAYMENTS — Home Cdj«lM Newspapers 

Im> Suity* Water BocPf. 4 k. 9«Pf. Udbroke 

4.5k La.e 'Pcrovl 

PalrcnUd Camera and Instrument Cocon. Legal and General Assurance 


London ard Manchester Assurance 

Manchester Uners 

Pearl Assurance 
Quick iH. and J.) 

Rotor ir 

Ro>al Worcester 
Slough Estates 


20 Cents 

Mersey Docks and HxrmwT Dbs V«. 1 
2 ; r i-'spc 

Mountview Estates 0.4 Sp 
Scon i to Liie Assurance Lr.. 3 'iaOc 
TO-DAY 

COMPANY MEETINGS — 

First National Finance. Wlrtcnesier House. Stn-re- Platt Industries 
EC.. 2.30. 

BOARD MEETINGS — 
finals — 

American Truit 
Brammer iH.l 
Brent Chemicals 
Duf.iv Bitumasllc 
Kodc Interrational 
United Newspapers 
Interims — 

Cliv and international Trust 
Ricai-eo Engineers '1927) 

Southern Malayan Tin Dredg.r.g iBertiadl 
DIVIDEND 3. INTEREST PAT MENTS— ■ 


Temple Bar Invests . Eleetn House. Temple 
Place W C.. H. 

BOARD MEETINGS— 

Finals— 

APV 

Aurora Group 
8 BA 
Biddle 

Bru.-itons < Musselburgh l 
Bulgin iA.F.i 
C artwright iR.) 

Deso utter Bros. 

E'gl.sh Properties 
Erl lb 

Hewitt i J .■ i Fenton J 
Lllley iF.J.C.f 
Mivronrre* 

Mole (M.) 


WEEK'S FINANCIAL DIARY 


Arrow Si z pcPf. 1 .925 pe. 
S'nK 


DO. A 1 * 3 ' 


A'cn (EdMrl Balfour 5 pcPt i.7Sk _ ar.Gui GHar-ese Db. ivK 

A; en fW- G.) (TMon) O.Bb. 5KW- 1.T5PC Ornish Home Stores A pc Pi. t.opc. 


Walsimnolme Bronze Powders 

In.erims— 

BPM Holdings 

Beckman iA.> 

DIVIDEND & INTEREST PAYMENTS — 

A S E A :-AHmana Svcr.ska Eiecir>ska Aktie- Municipal Properties 
bciigeti **)* Akhcr Frta Sw.Kr.S Prudential Assurance 

Aiierdaie IS -PcBds. Red. 29 3,78 £5.4226 Pve Holdings 
Amber Valley 1 0 ;pcBdS. Red. 29 3178 Reckln andColman 

£5.4226 Rrlyon PBWS 

Band and Buchan 10'-cSds Red- 29 3 73 Transatlantic Market Trust 
15. '226 Warne Wright and Rowland 

Beniev lOtocBds. Red. 29 3-7B £5.4226 Wilkinson Warfiurton 

Brain yen 10-KBds fc«-d. Z9<:'-78 E5 422G Winston E fta’Cs 

Allied Insh Banks F»s Rate Sub. Notes Bren: IG'.-pcBdl. Red zgrz 7S £5.4226 Jirtorims— 

due 1984 1US36.8S4 Cnarter Cans. Invest. Lh. j:. K LWT Holdings 

A-sccfi British Foaas Ln 3 .'jpc Cars* JCKPcHcs. Red 2D 3T3 £5 4226 • Lucas Industries 

Aylesbury Vale £ apcBds. Red. 4 10176 Cresstnars Trust 1.35b Marlin IR.P.) 

3' NX „ _ . _ . Dartlord 10'tccBds. RcA 29 j 78 £5.4226 Sirdar 

Bath S’-pcBtlt. Red. 24.9 0Q 4-aoc East Cambridgeshire IC'-kMs. Red. DIVIDEND A INTEREST FAYMEMTS — 

Birmingham GMxBds Red. aft 0.78 3'iwc 29 3.72 £a 4225 Ball) and Portland 1 796p 

Bournemouth G'ipcBds. Red. 4 JO 74 3'ispc East Devon i0-tocDds. Red. 29 3176 Bendlx Coron. 57 cents 

Brent E'hkBgH. Rrd. 4 1D7B 3 'i*pc £5 4226 BiabY IH-MBds. Red. 2BI379 5 '..pc 

Cslderdale SiapcSdf. Red. :fi 979 4 >i»k Ellis Amalgam t»:d Props. Ob. I '.PC 
Casllepolnr lOijKBds Red. 23 9.21 5 'kbc Franklin Mini Coron. 7.5 cents 
Chesterfield 6‘iPvBtK. Red. 4 TO 78 3 ibPC Hertsm-cre 10 ;pcBdS. Red. 29178 

Craw lev S'recBdS. Red. 4 ID7B 3 ,w»c £5 4226 

Ealmg aiascBdl. Red 26 979 4* ir.DC Highland TO .PcBdS. Rad 29 Z 78 £5.4226 Nottingham ll'-o'Bds. Red- 2B'3 7® S-adC 

East Lothian 6'spcBds. Red. 4 1078 3':npc Islington ID.acBds. Red. 29 3 >78 £5 4226 Rochlard M’-BCMs. Red. 2B>3'79 5'aSC 

Easom and Ewell ID'iPcBdv Red, 22 9 82 Ringside I 1 ”*- '-7p RCIhrrtiam IViKSdS- Red. 26 -S.^R S'-JJC 

S*roc Loctiber TO acBds. Red. 29:3 7 B £5.4226 Slough 11'rpcBds. Red. 26 3 79 S’aPC 

Gloucestershire 6 tscBds. Red. A 10 76 Mj'T’. i 10 rscBds. Red 29 3 76 £5.4726 Thermal Syndicate S.7p 

i'l-K March esicr lO'ipcSds. Red. 29 3 78 Tower Hajntrts 12?aocBas. Red. 26 180 

Halliburton 35 cents £5 4226 6 >koc 

Her.derson-K enton 1 77B|» __ Mcrim.- 1G-:KBds. Red. 29>3;78 £5.4226 Treasury Ln. 1-5':K I99B 7'iK 

H.lllngdon £".peBds. Reg. 4-1078 3 lUk Mgerjide Trust 3 So - W-st Kent Water S Soc firmly. 5oci Cons 2ndPf. 2.275pfc 

LlanelH 6~>ocBds. Red. 4.’10 78 3 ‘i.dc Ncru> Warwickshire ID'cpeBds. Red. Ord. 1.75PC 2.C»c flmly. 4pcl Pt. l.4oc. Aron Rubber DB. 3i* Siapc 

29 1176 £a.42Z6 3.1S«K «Tmly. 4: : pei pi. 1.57SIK.. 4.02Soc' BPB. Indus*. DD. 3** S'n S'**. Ln. 3iK 

Nuneaton T0 :DcBds. Red. 29-378 £5 4ZZ6 Umly. 5Loti Pt. 2.01 2-Soc. • 4.2«C (imlv Babcock WHeo* Db. 2U 3p« 

Roxburgh TC :ocBdi. Red. 29 370 £5.4226 Oocs Pf. 2.1 o' Baker Perkins 7scPf. 2ASec 

Sir dwell ia'.-ocBds. Red. 29 j 378 £5.4226 York Waterworks Cons. Ord. :4.9ot fmly. Baidw.n Francis 6p<J>t. 2.1 pc 
She d wav ID'.-urBds Red. 29.'3 78 £5.4226 7pc miM 2 45 pc. 3 5pc ifmly. 5ec» BambeiSees G.ZSpcPf. 2.1 87 5 PC 

South siadordshire ID-^kBos. Red. (max. dir- 1 Ord. 1.7SPC. S.ISdc irmly. Bank Bridge , Ln. 4pc - 
£5 4226 4 '-pc> Red PI. 75-7B 1 575PC. 4 2oc S“". k ° , _lL e,J - ,ld . > n L. 3 'i 5PC 

Strathclyde I0::OCBcSs. Red. 29 3.76 ttmly 6pci Red P«. 83-64 Z.loc- Coro 

£5 4226 _ PI. <4.2pC ttnlv An<-> i t oc 

Svltdne 1 as 5-38 HiH- supp dijtbtn. of FRIDAY. MARCH 31 

0 D553Bp c * if. ended 31 i 77 1 COMPANY MEETING5 — 

Taunton 10'-«Bds. Red. 29>3 7e £5 4226 Alexanders HldOs G'asgew 12. 

Vale « Giamcrgan 10':PCB<JS. Red Baring Bros- 68. Leaden hall Street. E.C.. 

29,375 £5 4226 12.30. 

Wandsworth tO^pcSds. Red. 29 3 76 Brunner 
£5.4226 Street. E 


Tlie foHowins is a record of the principal business and financial 
engagements during tbe week. The Board meetings are_ mainly 
for the purpose of considering dividends and official indications are 
not always available whether dividends concerned are interims or 
finals. The sub-divisions ttbuwn below are based mainly on last 
year's timetable. 


InOoxrUI Com. Fin. Cora. Doh- *5* 5*a 

91-941 4-IPC. Data. 2 U 2 hi DC 
lodulirul NHiNNn 6o.PT. 3.1 pc 
initial kiO. Ln. 4pC 
Intcroalional ln«. T»t. Jar-soy 2-5D 
iH(nMM>ul Paint Ln. 4'ipc _ ____ 
Inrernnlonal Timtier dHpeM. 1 .57 5 DC Ln. 

5 pc . 

Invarrok Ln. 3-‘ipe . . _ 

invrstinmt Co. BacPI. 4. 2 pc 

investors Cm. Trust Debs. 1 V TW 


Financial Times Tuesday March 28 1978 

*— W. S'-*'-.FEi- 


2 ASpc. 3.150CP*. 1.575PC 
B1-63 I.925PC 


a.aapcPf. G*> % . CausoiKMi« »**»• 

Gei?"'Skr*"Jnv **** 

Ln. J'i IkOt, n - 


J&ir+a l' 1 
1^' ; • • * 


iii’ 


JMcS (JAhni 1-155P 
jurn (Mxuricoi Ines. SpePf. 
Jarvis tJ I 7pcP1. 2.45pc 
jsrsoy Elect, in. 3 'jjc 
J ohnson Grp. Cleaners Deb. 2 «pc 
Jones Stroud lDpcPf u.6575o 


.7 Sec 


?SSn a 'or t ;:m S . 1 ^n^4pc«.^.9»5Pc W 

Tomfcinxdfl* D, . BgK j&I'T^c! * ' ' 


jV 


Bnsloi Eimint Prt Db. 5 v .pc 

. — British. A.-nerxan Tuucro 5acP*. 1 .75 dc 

Advance LaundHas BpcPf. 2. 8 pc Bnush-Ameriun Tohacca inven. In. 4fipe. 

Aertl.ue Elrcurwi Teoranta Oh 5>d>c _ tn. S 5* *"d 4 '.pc 

Acr«ijutn.ai Gen, instrument 4'jtPl. Briwsh Auta 1st. Ln. 2-apc 
1.-S7SPC.. . _ .. British Car Auction SPCWT I-75PC 


fiicPT 

AII : 4nCC proD. Db. 3 a -~' " ■■■"-* 

Allied Irish Banks Ln, 5pc Br.::sh imjs. ana Gee. Invtst. Tsl Ln. 

Allied Suppliers Ln. 3 pc 

Allnatt LP"dO" Props. Db. O'. 3 1 4>C B m Lind DS £7.315 
Ama o. O-cnlled Prods. Ln. 4 ':pc British Le viand Motor Con. Ln. 3.05PC 

A^4la. IIMUK. 70CPI. 2.45PC. Db. S'.Pt British S»*nT Spec-Attics Db. 5 '»ps 
A rdersons Rubber Ln. 4p < Br.nsb Via Db. Z'jk 

Angto comvnenul Inv F,„. Db. 4), pc. Brock.-Mu* &C.. A-«oc 
A. T ?**. ob - * .9634 pc Broeke tap I Eng. La. 8: ; cc 

ATOuthnat UihanvLn. 2 V 4 pc Brotnernsod IPMeri 5-9KP1. 1.925PC 

ArdNi cotadea 'HOMS ,3.1a Brown (John) Ln. 2’:n 2 **:sbc 

" piev La 2 jk 

D. 4 SC 


K SttMS 4la*Pt. 1.575K. Drt. 31. 3VoC 
KoeiBvnt Hydraulics Qrt. JinPC 

Keiiev iPds. TOpsPf SpC 

Kenning Motor Ln. 4pc 

Kent (G. B.i 5pcFtg.PI.. 3-5 PC 

Kent tGeargej Deb. 3 3 ok. L" *« 

Keystone Inseit. SpePf 1 750C 


Tomkinstjns - - — - 

Toms fd««* ? h ..^ r ' 0t 

tST'* 1 ! ■ p' ,lc -, 4 5D - 

f.SUhpe. b*^P* .vj^ 1 

tSK' SMk' Prmtem 6PCPf 2-1K 

TroSSSPfcro ; Pr-men SpePf 1.7 SBC 
Tntman Ob 5 • ^ , , _. 

Trrni Houses Fprrg Ln. S- i-a* 

Tunc Inv kn - 4K 
Tunnel O®. » *VV .... , 

Tyne plywood 
TyiM.de Inv TIL -D5P 


>d lss.1 


4'jlxPf. 1 


^ :-. n p.. 


I' »*•»■ '■‘LSi^lnv L 7nAt B 2 Mia 

independent 'PfJJ? S nf 

aiSSX'iSSrfiiS *1+ cpp. 




LHC International in SW 
Lake Elliot 4 VncPt. 1.6625PC 
Lake View Inv. Ln Zac __ 

Larca shirr cotton Can. tePI. J.Sft 
Land Seetirlties in*. Tst. Dus. Me > -9-821. 
Zisac <73-03) and 3‘ipc i93-S6l. Lns. 
2 |! m- 3'*. 3 .V- £■• and Sac 


TyatlnH 

«,n. JvsvTiSE- 

Unsafe a'aacW. 1.5«5ps. noi.Pt. i.ipc. / ? v lBf . jjt W?._ VvB* . .. 


jjSiiu: was *w‘-j sf- 

Johnson Matwev. nPjf- *- 
ii-oii v.-oc 7 S- - IVPT - 
LanaikiPTc 6pcRrd. ? --tf? *?? 


Calcutta Electric Supoiv Ccrcn. BdcPT 3pc Argyio s», Dbi. £SJTX7KT efi 0Z8767 al~ZZ ti.7J 
Camden IMcBds. Red- 2413 82 6>:PC |rnwn W. : c 

S5aJ* , Wl J HS _ Bw^aSnhue BpcRcd. 4-iPc 

'rih ^^ , uT!f- 2 g s . rSpe ‘.- 7 J?S W- Nockicvs Brewery 5>pcPf l.925pe 
i ^j 75 E £ ^L„°S' }** Jt S'jpc. Ln. 4 pc a urea Dean 6ITOCP-. 2.JB75IK _ 

^ype Bprtenweec Brewery iFdtsmws] DB. 4' 


Newham 1 3pcBds.Red. 24 3 62 B-.-pc 


Mi'Kav SOCS. 0 78I77D 
Mcd>n# BVPcBds. 4 1073 3 in»c 
Mid-Sussev Water . Dbt. 6'»oe. 7 Joe 
Ncwourv B'mBds Red. 4 10 78 3 i«pc 
Newcastle upon Tyne 9‘:DcBds- Red. 

24.9ISD 4. ‘.DC 

Northamptonshire 6'xDcBds. Red. * 10:7 B 
3'lnOC 

Oldham G'-peBdx. Red. 4'10 78 3 V4K 
Orkney Islands 10'incBdL Rod. 22 9 87 
S-Hpc 

Preston 6'ipeBds. Red 4)1078 S'isnc 
R. table Valiev IQ’iDcBdS Red 23)9-81 
5>tPC 

Romney Trust 1.65o 

St. Edmungsbury 6'.ocBds. Red. 4’ 10 78 


Assoc 
2.55 

Assoc. ...... 

i!X: SSTBSiViM^w.. 

Assae Portend Content -5 ' a ocPi. 1-925PC. c»,«er 0&. J.75 pc 

Awora* SpcPr 2 5 pc 'Static 

Autompt.ve__P.rods- 5pc«. 17 5«. 6 ipc cambr^a^Gml^cs, Ln 2 '.pc 

Cameron I J. W.i ZA. 3>s and 3>xpc 


Unigate 

... , Merchant Ln. but 

Laoorte MMlKl S^Offt. 1 «|pt. 7»SJC United G-s 9 

P». 2.625PC. Obi. 2t IW-Wfc * *»d Unites Glass OJ*- 

United S«f'« “ D 4,ht *«L 

WSSTVSS; S.-SST*- - 4iK 

WMker °°* ICY ^alrie r MricsJ 

Wirt WlDStone 7 dcK. 2-4^ 
Warner 6st. Mld9»- ’’jPf,.* 


, S ' <BC 
Laurence Scott 2p 
Law Land DB. JSK. Lns 3 3 ‘me 
Leo lArrnuri (Hat Rolling Mills) Db. 2* me 
Leeds -*M OlBtncl Dyers and Finishers 


ie£?i Tn».‘ Tat 0»». V«» t .. , 

Lr> » fduiHlrm and ijUgBr 1-4 

Liverpool S'UkRnl * iusi 1 1K 

Irr | vui .f.poted 08-78 i '•« Jbu. 

Lmoon^lna HwitiouD tfwV ,J, !S5L. 

LMdon Ina ptoviih«a| ; Trgst aocW i.rioc 
Lyons i J- 1 7pcw 2 4 5 k. »«»«. S.Bpc 


. i 

l«hi‘ ' 


Leigh 3 mRi* 


Caledonia Invests. 5oc A ard B Ffs. 1.7 5 PC 


Barker Dobsas Ln. Uu 6pe 
Barrow Hepburn 7.75ocPf. 3.8 ? 5 pc 
B arton sons 6oePf, 2.1pc 
Bass Charring tm 4oePt. 1 4«K. 7 PC FI 


Capital and Countea Pros. Db. 3'i aro 

Inge 

Caralo Enfl- 5.95pcPt. 2.97SPC 
Carding Ln. 4 Joe . 

Car!>ot Invest. Tst. 2.85 rc 
C arbon Inds. Ln. 4Vpc 

Carr imp ton vivelU 6;pcPf. 2. 2 7 Sec. Bpc 
Ff. 2. Bpc 


....... B-ppdPr. 4.5 &p< 

Lovunri Paine and Wall-Paeer Ln. 4oc 
Ley's Foundries and Engng 5pcFt. 1.75pc 
LiRdunnes BpePTd. 2.1 pc. do. 3>«pc 
Lloyo >F. H > Ln, 3\-pc 
London *nd Midland Indt. LPL 3«s And 
4 >jK 

London and Montrose Inv. Tsl . SocFf. 
1 7 5 PC 

London and Provincial Poster Group Ln. 
4t|PC 

London City and Westcliffe Props. Ob, 

4<-|xDC 

London County and Midland Tst. Db, 3 Upc 

Larjdan Tit. 4ocPTd. 2f>C 

Long and Hambly 7pcP». 2. 4 5 PC 


ta'sPcPt. sacCorauodiilc Db- » W. - . 

MafliOien- Denny J 2PcPt. Z.1SC 


i ' 


Manweio. orewiT *'f^5 

Merit i vs ijohn* 


552SS K-.d«f , bwc"pt 5, i p fu?s«- w. K5S ,tt 4 J dVh. 2 *5W 

MpirJOClitm 1st. 4 :pCP». I.5-9P4- 5pc«, 

■S AiEEwSV ^ SKA 1 -.bc UWIR- 


SSFuSitS: . _ ypela 

megkS£ -Mr- r. — ~ 


Cavenham aiyscPt. i.STSoe. 6-oc 2.27 Spc. 

7pcPf. 2.45pe. 10p< 


Loop and Hamblv 7pcPl 
Long ton ■ rampart 1.1 p 

Lonsdale universal 7ocPfs. list and 2ndi 


■PC 


Helens 9-;OCBd». Red. 24 9 80 4'. -PC 


Welwyn Hatfield 10 ; pcBdS Red. 29 378 H.T Invs. 
£5 4226 _ 12.30, 


7;-PCP». 2. 62 S DC. 

Pf Sot 

aliBScrbbsT l7ipeT77^7»J Tvs I87^92>. Cawoods Pt. 1.S75pc Lns 2 a 3'* 3U and 
JTJ-TSV 4'« (B7.92I, L«S. 3>» T .. ,_ 

and 3 •"DC ■ C^.^TC^ T^. ^ 

Central and District Props. Db. 3>» and 
Bjjt _S f spC. Ln. Age 

5p 


lS4.^,j.v Db. 
LyntOn Uf 


JU0C 

sasssuss&ttK"“ 

sate 

wiimot-8£i-edcn Deb. 3»aPC 


5PCP1. 

Morrt^Sunoaur FabncS 5F»F*. l-7Cpt 
Nineteen Twenty- E«pM *nv. 1 1V Bbv X 
II 973.90'. 2 H979-3A1 5 anD 3 'un 
Naan Suae* Watar 4 


M. and 6. Cmitnlen Tst. Fund 2.7p 


cattish Cities Inv. Tst Ord and A 2.2Sp West Lancashire 10'jOcBds. Red 29 378 Howard Machinery, loswlen 12.15. 


Scottish United Inrcstors 1.35a CS 4226 

Sonin Bedioidshirr 6‘ipcflds. Red. 410TS West Yorkshire lOi.-ocBds. Red 29 3178 
Suae £5.4226 

Surderland b'.pcBdS. Red 4 T0 78 3-ror wigin !Q'.;PcBdS- Red 29 378 E5 4226 


invest TrusL 20. Fenclllircl. ■&' Wlllc’ 1 

.. 88 Leadenhall Streel. E.C . Icradln 5 'raw _ - -- -= — - - 

NkM “” '«>"■ =■«“■ S357’ D ,i: , 555hj ! ¥Ss-= 

c - Beils) ord IS. W.J SpePf. 1.75PC- 7',-pcPf. Cb*»oe Wares *2 pcMb 2pc 


Centre Hotels 'Cnrorani Dos 3-L and dttpc 


Vvie at Glamorgan 6\ncBds Ped 4 19 78 


pc 


Wr-bsti-rs Putalications O.S36 d 
W igan 6'ipcBds. P-d J :"7B 3 isac 
TO-MORROW 
COMPANY MEETINGS — 


Wircheuer 10'ipcBds. Red. 29 3 78 
£5.4226 

THURSDAY. MARCH 30 
COMPANY MEETINGS — 

Aaronsan eras. Savov Hotel. W.C.. 12. 
Associated Saravers. Birmlnnham. 12. 


General Cons. Inrest. Trust. 8. Waterloo Bith and Pcnland. Baih. 12. 


Bloomsaurv Souare 12. 


Place S.W. 3.45. 

Kmuside inv. 44 
W C 3. 

Yeoman ln»S . 8 Waterloo Place. S.W , 
Whirl, rniinn Rr>uD Rirmlngham 12. 

BOARD MEETINGS 

Finals — 

Barton 

B-oni Engineering 
Dr-rad a 
2 15 


United Guarantee Wlnrhefter House. E 
12. 

Witter (Thomas i. Wlthneil House. 
Chrrley. 12. 

BOARD MEETINGS — 

Fr*l — 

Early iCharles) and Marrion iWitnev) 
Gaskeii iBarua) 

Lyle Staip«l~g 
Matthews rB i 

North British Canadian In*. 


Debenture Corcn.. Winchester House. E.C.. Thomson Organisation 


Glass and Metal Connaught Rooms W.C.. 
10 

Lloyds Bank 71. Lombard Street- E.C.. 3. 
Nywbold and Burton. Leicester. 10.30 
River Plate and General Trust. 44. 
B'aomsbury Scuare. W.C.. 12. 


lut ej -l ui -- 
Brldoort-Gundry 
Mucklow iA.J.i 
P lica 

Wankle Colliery 

DIVIDEND & INTEREST PAYMENT! 
A.A.H 2.75o 


2 625oc Ln. 5><oc 
nr - Bibor Baron Db. JJ|»c 

Black Clawson Intnl Db. 3pc 

Bltckett • Hutton Ln..5sOC 
Blackwood Hodge 7>>ocPf. 2.625PC 
Bodd'norons Brews, bh. 2 dc 

Bimd Street Fabrics Ln. S'ipe 
Boot f Henry! 4 2ocPf. 2.1 pc 
P- o rs Lns. 3 3“«pc 

Border Brews. (Wrexnam) BocPT. 2.1 pc 
Ha Siam be Pros. 5pePI. 1.75PC 
Boulton and Paul Ob. 3. jsk 
B owatnr Con. 9icPCPf, 1.925PC 
Bowaters Newfoundland Pf. 2'*pc 

Bow? home Dh. dn c 
Brady IndS. Db. 5 I ?PC 
l— Braid Grp Db. 3>;PC 

Braithwalte Engineers 7i : pcPf. 2-625 pc 


River and Mercantile Trust. 44. Blooms- Aaronson Bros. 5.2SPCPf. 2.62SPC. A.25PC B-asran 6orPr. 1.5 b: - 

bury Souare W.C.. 11.15. Pt. 2.125PC Bright -John- Ln. 4oc. 

Thermal Syndicate. Newcastle upon Tyne. Aberdeen Tst. 4ocPf. 1.4pc Bristol and West Hotels DO. 3 


NOTICE OF REDEMPTION 


To the Holders of 


Aktidbolaget Svensk Exportkredit 

(Swedish Export Credit Corporation) 


9% Notes Due 1982 

NOTICE IS HEREBY C.IYEN that. purFiiant to th<? proTi«=inns of the Tnrlenlun; dated of of April IS. 1975 providing for. the above Notes. STo^.000 
prinripal amnuit of A3 id Notes lu-arin*: the mmil>er.- set forth lielou- have lieen elected for redemption on April 15. 1978, through operation of the Sink- 
ing Fund, at the redemption price of lUOTu of the prinripal anmimt thereof; together with aernted in(ere<l thereon to said date: 


NOTES OF $1,000 EACH 


7 1109 1949 I860 3785 4139 5G87 6561 7484 645T 

8 1114 1951 2864 3790 4763 5092 6571 7501 8480 


9395 10437 11462 12844 14311 15360 18343 17302 18333 19318 202l9 21053 22094 23151 24059 

9420 10446 11470 12850 14327 15375 16349 17303 18343 19319 20221 2IOTO 22106 23lM 24071 

17 1128 1952 2875 3791 47G7 5694 6577 7504 8481 9423 10450 11474 12651 14331 15381 16357 17320 18350 19331 20226 21068 22113 23171 24076 

28 1127 1957 2877 3798 4772 5698 G579 7515 8494 9427 10451 11505 12653 14333 15383 16362 1 7337 18356 1932K 21096 22117 23174 24079 

38 1130 I960 2878 3805 4780 5700 6586 7518 11 1 ‘" *“•“ 

39 1151 1982 2886 3B07 4792 5704 6503 7532 


8501 
_ 8505 

42 1152 1976 2898 3810 4797 5710 6599 7524 8506 

56 1182 1984 2923 3813 4811 5715 6604 7525 8508 

68 1165 1986 2924 3825 4822 5737 6608 7528 8512 

69 1175 1987 2925 3829 4832 5739 6812 7538 8526 

80 1176 1389 2928 3834 4838 5740 6813 7543 8542 

87 1179 1998 2930 3838 4839 5743 6619 7554 8543 

94 11B1 2008 2933 3850 4859 5767 8641 7562 8547 

309 1189 2015 2937 3852 4887 5777 6864 7579 8558 

312 1191 2018 2945 3855 4878 5783 6667 7580 HSL2 

118 1192 2033 2950 3859 4833 5787 6674 7582 8573 

343 1194 2019 2953 3866 4889 5788 6877 7591 8590 

153 1203 2050 2955 3873 4899 5797 0680 7599 B599 9527 10568 11578 13368 14445 15478 16469 17437 18437 19421 20312 21182 2222B 23274 24150 

165 1207 2052 2908 3874 4902 5804 6683 7604 — 

167 1208 2067 2972 3879 4911 5806 6GA8 


9428 10454 11512 12657 14345 15386 16305 17346 18357 19339 20331 21097 23121 23180 24082 

9436 10462 11515 12672 14349 15387 16371 17348 18370 19357 20234 21099 22123 23181 240B3 

9438 10409 11521 12879 14361 15390 18380 17352 18387 19371 20240 21104 23134 23184 24084 

9439 10495 11523 12C90 14365 15397 16381 17357 18388 19374 30248 21125 22143 23192 24097 

9440 10499 11526 13310 14374 15409 16382 17368 18393 19373 20258 21138 22150 23197 24108 

9458 10500 11527 13313 14385 15414 16398 17379 18397 19382 20263 21141 bvww 23202 24117 

9461 10524 11533 13318 14392 15418 16404 17382 18400 19306 20270 21143 22J67 23293 24120 

9483 10532 11537 13320 14406 15420 16410 17390 18401 19395 20276 21147 22180 23223 24124 

■3496 10534 11544 13334 14407 15448 1G437 17406 1B406 19396 20236 21148 22207 23221 24135 

9503 10542 11548 13343 144 ID 154S0 16438 17407 18417 19406 20299 21152 22215 23228 24140 

9504 10546 11550 13347 14414 15461 16440 17413 18423 19415 20002 21158 22220 23236 24143 

14418 15462 16456 17427 18433 19416 20303 21164 22221 23257 24144 

14436 1547b 16460 17433 18438 19420 20309 21179 22223 23266 24148 


9510 10558 11552 13359 
9526 10580 11575 13362 


169 1 = 15 2077 2974 3884 4914 9815 8694 7809 8612 

170 1228 2083 2978 3885 4917 5818 6704 7612 8813 

175 1229 2089 2984 3886 4924 5819 8714 7617 8617 

176 1239 2090 2985 3892 4927 5834 8715 7623 BlH6 

179 1244 2098 2989 3900 4929 5838 6716 7648 8M7 

191 1259 2UM 3021 3904 4939 5843 6731 7659 8665 

192 1361 2110 3026 3917 4943 5847 6741 7B72 8869 

194 1285 2127 3044 3927 4953 5852 8743 7876 8671 


7604 8604 9523 10572 11580 13371 14470 15486 15470 17438 18455 19439 20328 21194 22239 23275 24104 

7608 8609 9538 10573 11580 13381) 14475 15499 16473 17445 18457 19441 20339 21199 22248 23277 24108 

rfliiO 9R19 Q*;ii lrtr.77 1 1 non 7 *hiCn liiim 1 1 KA DJI voins mail nivi a I nmsl AMm (Mian 4 Rain 


9544 10577 11590 13393 14480 15503 16480 17448 18481 19445 20344 21212 22233 23281 24173 

9585 1 0583 11592 13400 14482 15504 16484 17453 18482 1M4C 20346 21216 22256 23287 24181 

9506 10587 11602 13401 14486 15517 16488 17455 18484 19457 20347 21226 22273 23295 24192 

9576 10595 11610 13420 14495 15521 16493 17462 18500 19458 20351 21254 22279 23298 24194 

9583 10608 U822 13428 14505 15523 16498 17463 1 8502 19462 20354 31157 22387 2331* 24195 

9534 10609 11633 13430 14508 1 5528 16499 17473 18512 19477 21)357 21260 22300 TS3U 24205 

9597 10610 11653 13443 14514 15535 1G513 17494 18518 19504 20370 21263 22301 33320 24222 

9598 10611 11683 13444 14522 15549 16516 17497 18528 19500 20403 21268 3»il2 Sm 8 24323 


209 1268 2128 30S3 3928 4962 5804 6750 7G7B 6673 9611 10019 11668 13446 14530 15551 16524 17499 18529 19321 00413 21273 22310 23333 24220 

215 1288 2132 .1064 3930 4971 5869 6782 7885 8688 9630 10624 11671 13449 145301 15555 16526 17513 18542 19527 20427 21306 22313 23339 24230 

220 1270 2143 3087 3935 4972 5677 6788 7689 8690 9637 10638 11674 13404 14541 15557 1S53S 17522 18575 19520 20421 21307 223 IB 23344 24235 


328 

331 

342 

343 


8782 

8783 
8797 
8821 

35 

:36 


235 1300 2151 3071 3946 4987 5888 6791 7695 8695 

244 1309 2162 3072 3950 4989 58B9 6793 7702 8698 

245 1318 2165 3073 3953 4996 5890 6794 7706 8700 

246 1324 2107 3081 3973 5002 591)2 6305 7710 8702 

258 1326 2170 3085 3987 5005 5906 6809 7711 8709 

262 1332 2173 3087 3989 5006 5908 6312 7717 8710 

270 1333 2176 3008 4103 5009 5916 6813 7722 8716 

271 1336 2187 3117 4107 5014 5319 6827 7732 8721 

275 1350 2198 3121 4115 5021 5925 6840 7736 8725 

291 1351 2199 3128 4120 5035 5928 6844 7744 8730 

.TOO 1366 2212 313D 4129 5030 5937 6847 7740 8733 

3u7 1369 2227 3140 4135 5051 5939 8X54 7750 8747 

321 1372 2230 3141 4137 5061 5942 6866 7788 8751 

1385 2231 3144 4146 5»63 5943 8870 7791 8755 

1391 2235 3147 4151 5067 5958 6880 7794 3771 

1395 22» 3148 4152 5069 50W1 6889 7799 8774 

1399 U259 3157 4157 50R0 S906 8892 7304 8780 

349 1400 2287 MIBU 4100 5084 5960 0902 7811 

352 14U6 2290 3172 4161 5n?l 5974 6917 7812 

354 1411 2293 3IB0 4172 509? 59RI 691R 7R28 

370 1417 2296 3191 4175 51 1« 593C 6921 7843 

380 1420 2309 3202 4194 5122 5994 6925 7844 

385 1421 2315 3204 4200 5124 0011 6942 7B4B 

386 1422 2316 3214 4207 5126 *113 »«52 7805 8847 

337 1437 2325 3217 4219 5136 6015 C»5S 7868 8848 

451 1439 2329 3227 4220 5138 6027 6956 7875 8856 

453 1449 2342 3229 4832 5157 6038 6900 7870 8858 

467 1452 2354 323d 4230 5l5« 6044 6965 7B77 8868 

4BB 1459 2357 3237 4248 5159 6052 0H77 7880 8885 

4Hi) 1461 2359 3242 4249 5170 6057 6978 7889 8889 

500 1465 2368 3245 4256 5176 8004 6U80 7901 8892 

535 1469 2370 3263 4262 5177 0005 6082 7902 889S 

556 1482 2371 3268 4272 5188 6067 6939 7909 8897 

574 1494 2388 3209 4273 5200 6072 6992 7922 8-JIM 

579 1500 2390 3274 4278 5204 «081 7014 7940 8907 

596 1514 2406 3279 4280 5208 6096 7018 7942 8921 

S''? 1517 2410 3300 4281 5211 6007 7019 7961 8930 

son 1518 2411 3307 4298 5215 6102 7022 7974 8931 

6(13 1521 2415 3310 4299 5218 6125 702R 7983 8043 

613 1535 2417 3314 4301 5221) 6128 7038 7984 8947 

614 1543 2419 3319 4303 5228 6131 7039 8008 8949 

61!' 1556 2427 3324 4310 5334 6132 7049 8017 8054 

621 1363 2432 3342 43t3 5248 6138 7068 8019 8962 

625 1564 2433 3305 4314 5281 6142 TuTfi 0025 89» 

641 1566 2436 3361 4315 52R5 6152 7077 8032 8975 

642 1567 24. W *M2 4322 5289 6157 7080 8034 8978 

645 1569 2444 XllH 4334 5290 6163 TORS 8035 8982 

65D 1579 2450 3:iBH 4357 5292 0164 7091 8038 H984 

6.V* 1594 2457 3372 4364 5298 6175 7102 8046 8998 

F-S2 1600 245K 3383 4370 5300 6182 7100 8050 9000 

6*17 mill 2459 :«W4 4380 5302 GIB3 7112 8061 0018 

670 IrllH 2405 3338 4.181 S.W7 6194 7114 8074 9022 

£K6 1620 2471 339:1 4;, S3 Mill 0199 7131 8075 5*024 

TUB 1H21 3460 3394 44,15 5334 6211 7139 8083 9031 


9040 10654 11678 13472 14544 1555? 16550 17539 18584 19530 20433 21308 22320 23345 24349 

3^43 10067 11680 13479 14547 15a® 16654 17541 18588 19531 20437 21309 22327 23347 24254 

«552 106M 115?5 134B4 1454? 15566 18558 17550 18602 19533 20430 2 1317 22331 23349 24255 


9«5« 10077 11700 13488 14581 15509 16563 17566 18617 19543 20443 21322 


9064 10701 11708 13488 14582 15575 16566 17577 18824 19546 20444 21337 

IKTlfl 1 1 7(Vl 10.400 1 4 COT m£0<l THEM < wn «•« sannr w na*r a nnavd H««Mn 


9605 10718 11709 1348S 14593 15582 16568 

9667 10717 11711 13604 14004 15611 16570 

9668 10718 11723 13618 14804 15615 14598 

9678 10719 11743 13422 14008 15619 16602 

96H6 10724 11743 13632 14617 15821 16606 

9«97 10725 11753 130*4 14820 15653 10817 

9701 10734 11784 13848 14429 15658 10625 

9717 10744 11785 13659 14636 15666 18028 

9733 1U748 11787 13664 14852 15071 16634 

9724 10787 11788 13668 14654 15673 16638 

9739 10777 11798 13071 14659 15877 10639 

9740 10778 1JHU5 13875 14660 15682 18641 

9742 10784 11»14 13688 14043 15880 14644 

9739 10784 11818 13708 14064 15691 16K48 

9763 10787 11822 13711 

9775 10792 11844 13715 



14669 15095 16658 
14681 15705 16639 


17978 
17584 
1 
1 
1 

17608 
17009 
17628 
17632 
1 

17. 

17. 

1181 


23353 24268 
23355 24285 


20450 21339 22372 23378 24287 

20461 21341 22374 23384 24289 

20488 21352 22387 23387 24299 

30489 21361 22391 23390 24308 

20*83 21377 22392 23416 24311 



19575 20489 21390 22395 23420 2431B 

19587 20494 21395 22398 3343? 24324 

19589 20495 21400 22404 27443 24341 

19598 20500 21402 22418 32444 24857 

19823 20508 21405 32422 23433 24383 

19637 20522 21414 32427 23457 24388 

19638 20529 21423 22445 23458 24389 

19845 2053* 21424 22401 23481 24390 

18700 19857 20538 21433 23467 23464 24399 

18712 19658 20556 21434 22470 23469 24401 

18728 1966L 2055e 21447 22*71 23473 24+12 


17704 _ 

9770 10800 11845 13710 14090 15717 16660 17707 1 8733 19085 20683 21«i 22479 23480 24419 

9777 10811 11847 13736 14690 15734 16675 17715 1B730 19674 20304 21462 22486 33481 24426 

98U1 10818 11848 13748 14698 I 5735 10680 17721 18739 19675 20387 21474 22488 23488 24432 

9804 10834 11853 137 SO 14702 15746 16695 17725 18743 19079 20309 21*70 22490 23491 2443* 

9813 1 1)641 11856 13754 14710 15748 10098 17729 18759 19082 20380 21479 22505 23503 24437 

!&53 i52.*2 17736 18761 196& » 20532 21*85 22511 23510 2*442 

HRa, lfto~ IlfiRl -IV77R 11?« 1R741 1R717 it-tio uni iwai iikiui -lilac a-ic-i nji.ua 


9841 10880 11871 13785 14736 15798 10731 

9848 10882 11883 13794 14748 15800 10744 

9855 1U920 11092 13803 14762 15807 16752 

9865 10923 11896 13809 14770 15823 10756 

9867 10926 11911 13817 T4773 15826 16759 

9868 10936 11920 13823 14775 15829 18704 


9824 10877 11861 13775 14722 15792 16713 17738 18778 19691 20590 21488 22513 23537 24448 

9B34 10879 118W 13783 14725 15796 10720 17740 18784 19692 20600 21468 22315 23539 24464 

" 17743 10794 19094 20814 21489 22517 23540 24466 

1775* 18799 19696 20618 21493 22520 23551 24467 

17762 16807 19899 20619 21501 22530 23563 2447* 

17768 18809 19712 20620 21501 22534 23566 245CI 

17770 18811 19719 20023 21511 225+* 23367 2450* 

9878 10038 11926 13825 1+780 . 5833 16765 iBS ISll lift S |{& §§|S §§£ tggg 

9884 10942 11930 13828 14792 15841 16774 17804 18825 19749 206*5 21334 .32552 2358? 2452* 

?«83 10943 11947 13835 1480* 15849 16778 17808 18834 18752 20648 21536 22558 23584 34528 

««0fi 10946 U?5y 13837 14805 15850 16787 1781 4 18837 19756 20654 21558 22500 23589 24532 

9889 10971 11965 13839 14820 15852 16800 17819 18840 19763 20636 21569 22565 23593 245+4 

DHU7 1 11982 119U8 13844 14822 15355 16804 17H20 18859 19778 20660 21570 2257* 2359* 24645 

17825 18868 19782 20069 21597 22598 23601 2+550 

17827 18869 19784 20074 21598 22599 23602 24551 

17B56 18870 19794 20683 21802 22807 23610 24559 

17866 18873 19801 2068* 21827 22818 23613 24560 

17880 18885 19803 20685 21828 22829 23614 24507 

17886 18886 19806 2068B 21630 22635 23620 2*571 

17888 18893 19807 20693 21635 22860 23621 24575 

17898 18900 19810 20703 218*3 22670 23827 24378 

17902 18909 19811 20719 210*4 22685 23633 24580 

17917 18921 19822 20720 21650 22692 23639 24583 

22527 17920 18923 19830 20721 21661 22693 “s* 7 24583 

18901 17922 18924 19046 20720 21G64 22098 23G59 24588 


1*930 1 11983 11971 13846 14826 15859 1 

9931 10988 11973 13857 14833 158B4 18820 

9932 1D08T 11074 13880 14834 15878 18823 

0938 11X4*5 11975 13878 14837 15907 16838 

9943 11006 11982 13885 1486* 15916 16847 

9048 1 1UI8 11986 13891 14882 15930 16856 

9952 11030 11993 13892 14890 15941 

9970 11023 12U00 13895 14895 15943 

9977 11025 12202 13896 14897 15953 

99B5 11047 12205 13900 14901 15955 

9987 11050 12227 13906 14902 1’ 


1G&63 
18371 
16886 
If 


9988 11059 12229 13914 14907 15981 

.... .... 9989 11079 12234 13949 14929 15983 16904 1-925 18930 19848 20729 21866 22707 23866 24597 

OH 1625 2484 34lH 44U.1 «38* 0212 7140 8106 9035 10001 11US4 12237 13950 14934 15984 16914 17928 18941 19802 20730 2170* 22712 22672 24598 

712 1630 2434 341*8 4*14 3:143 6213 7150 8107 9039 10012 11690 12241 13951 14953 15986 10927 17936 18955 19863 20730 21706 23732 23687 24599 

726 1633 2504 3424 4419 5347 0213 7153 8108 9049 lrtJlB 11038 12251 13953 14953 15937 10928 17944 18957 19889 207*0 21727 22733 23690 24604 

732 ll»4 1 3308 3420 4433 5.152 6223 7161 B117 9052 10023 11100 12263 13956 14966 15992 10936 17WM 18965 19877 20751 21728 22746 23691 24603 



757 lr.TB 2351 SHOO 44GB 5376 0260 7178 8168 9090 10052 11128 122B8 14 005 15010 1WO0 If 
7R!) 1689 2505 3477 4478 5392 0274 7187 8179 9IM 10061 11141 1228R 14011 15013 J0O51 16 


17995 18990 19922 20801 31766 22810 23723 24049 
13022 18996 19923 21)607 21773 22817 23725 2*604 


913 1704 2012 3537 4517 5411 G302 7219 Bias 9116 10134 11163 12329 14044 150H8 1607* 17038 18053 19043 10978 20834 21819 22839 237*9 24693 

— 170*4 18058 1U051 19979 20836 21824 228*0 23752 2*752 

17049 1 8075 19068 19082 20839 21830 228+3 23768 2*753 

ia)50 18093 19070 3 9990 20842 218*3 22863 23782 2*76* 



._ 23B73 24S09 

381B3 19147 20073 20940 21948 22940 23885 24810 

18198 19159 20088 20943 21955 22347 23880 24817 

18301 19160 20096 20945 21356 22957 23B89 24830 


WB 1800 2C88 3819 4623 5549 R410 7347 5U3S 9233 10268 11284 12*27 14127 15211 10205 17175 

P6B 1819 2C92 3ri'iz 4629 5f.Q3 6416 735* 83*6 02*9 10274 11287 12442 14150 15210 16214 17181 

971 1825 27»5 3041 4033 5554 0418 7303 8347 9256 10285 11303 12*48 14156 15220 16229 17184 

072 1828 2708 3iH4 4 <710 5558 0*19 TlrGfi 835* P258 1 0295 11304 12477 14159 15228 -16230 17186 18205 19162 20098 20950 21958 22374 23894 24837 

iinOS 1829 2722 31149 4 All 55f4 C*30 7367 8355 92fS2 10398 11312 J 2510 14102 15229 16231 17193 13207 19168 20101 209 S3 21963 22308 23897 2+854 

1-109 1837 2727 3656 4644 5500 0447 7375 8358 1*303 11323 12513 14109 15230 1<B35 17197 18210 19170 20107 20954 21973 22M1 23900 24857 

'1010 1839 2738 ■»«+» -ii'-lA COM »*JiW 1S7S MM *T!73 1U3SS 11330 12514 14174 15331 TH243 ITlflR iu-m-j imno im.io ciocc oiooa c-iiv-c tSiwi. - 

.mi: 1841 2741 
*1015 1843 2747 

1021 1048 

1022 1853 
1029 1871 
.1035 18 
1038 18 

1051 1905 .. . . _ 

1033 1900 2805 3720 4719 5647 6511 7432 8414 9337 10SHI 11.195 12578 14257 15233 16,109 17337 



1033 1900 2805 3720 4719 5647 6511 7432 8414 V.«3. lOHHl 11.195 1X5 <8 14257 13233 16.1U9 liSJIT 10270 19261 201R5 21018 22072 23007 21(1111 2*923 

1055 1912 2813 3705 4720 5HSfl 0522 7445 8416 9942 HT1H2 11398 12590 14271 15287 103 18 17246 18*79. 19281 20187 21021 2207+ 23073 2*014 T4927 

.rsnw AA+e ■)-«.■ iTn « £.<(( ilCOu 7 I 10 OIlM Dll? T mill 1 1314 1 1 .1*117 1 1 CIOI 1 1 ll 1TOU 1IMM1 * nnnn .sfkaa.ro aana.i ....am T. _ 3 Z7ZZ1 



On April 15, 1978. the Note* designated almve will Ifeome due and parable in nidi coin or currency of the Uni led Stated »f Amerira a* at the lime of 

. i 19 i i _i j _ r._ .l' i. . t . ..l.l: i _ ■ j. i.« . l -ir.. :ll I . _.rJ .... - i ■ .> , . ■ 


Mjuienl Fhall l-e legal tender for the payment of puMie ami private di-I«ls=. Said Notes will L>e paid, upon prsFniitalion and surrender ihrreuf with all 
Coupons appertaining thereto maturing after llm rc-h-niptiou date, at the option of the holder either fa) aL the efl 


i-orporuie- lrit+t oflice of Morgan 


Guaranty TrUft Company of New York, 15 Brood Street, Neyr York. N.Y, 10015, nr Ibl suhiect in any lajv* or regulations applicable thereto, 
it the main offices of Morgan Guaranty Trust Company of \i?w York in Brussels, Frankfurt /Main. Londo 


. . . London or Paris. aClhe main offire nf Bampie 

^enerale du Luxeniiioiirg. S.A. in Lnxenilwlirg, thpjiead offices of Skandinaviska Enskilda Banken. Post- och Kreilit hanker), PKbanken or Svenska 
dandelsliank^n in Stockholm or the head office of Cola banken in GdteliOrg. Pa>ment at the offices referred to in lb) above will Lie made by check 
drawn on a dollar account, or by transfer to a dollar arrnunt maintained by the payee, With a bank in New York City. 

Coupons due April 15, 1978 should be detached and collected in tbe usual manner. 

On and after April 15. 1978 interest shall cease to accrue on the Notes herein designated for redemption. 

. Following the aforesaid redemption, $14500,000 principal amount of the Notes will remain outstanding. 


jlated: March 9. 1978 


AKTIEB0LAGET SVENSK EXPORTKREDIT 

(Swedish Export Credit Corporation) 


NOTICE 


The following Notes previously called for redemption have not as yet been presented for payment: 



a 


193 296 

,1 195 29J 
*3 200 305 


361 

363 

364 


1069 

1551 

1555 


1560 

2125 

2130 


2131 

2233 

2236 


2238 

2710 

2714 


2715 

2731 

2724 


2735 

2736 

2737 


2743 

2745 

2758 


2766 

2770 

2775 


2781 

2785 

2794 


2799 

2801 

2810 


2811 

2821 

2835 


2828 

2831 

2637 


2949 20323 
294+ 20330 
10040 20418 


Charring ram Industrial A ;pcPf. 1.S7 £k. 
Lns. 3. A and S'. pc 

CMnenioffM Cronus 5.75 pcPT. 2.875DC. 

Db 3':« Lrs. *<i and 8 k 
C bnsty Bros. 5 k«. 1.?Soc 
CJ tirrcliburv Em. Ln. 4 k 
C hurctibury Inv. Db. 3 Uk 
C ity and Commercial Inv. Trust 0.SB5P 
City Often SijPcFt. 1 .92 Sk 
O avlon oewandre Do. 3)»pe 
Olre Discount UT. 4 ><k 

3D < 

Com ben Ln. 3 S,k 

Electrical Mntrs. Ob. 3oe 
Com ley and Pitt Ob. 4Upc 
COT'nero.rf ,5( ewart and Arden, Proov 


M. end C. Special Tst. Fund. 2.3 b- 
MEPC d'aDCFf. 1.57SK. DM. 2 *Vpe. 

Lns. 2>i and 4 k 
M:k. Electric Ln 3 ‘,pc 
M J. HldOS. 7K PI. a 45 k 
M acJRfir’s . Pharmaceutical* S-jocPi. 

1.925k- BdCPt. 2.1 k 
M cCornuodale Db 4 k 

McLeod Russel 4.2 kP>. 2.1 pc. 5pcPt. 
2.5K. 5.9 kPI. 2.95k. 6prP*. 2 )K 


Magnet Southerns 5.2SPCPI. 2 625 k 
M ann Ggerton 7>;KP*. 2.62 Spc. Db. 


3-hpc. In. 4K 
Karler Est*. 4 ijkP). 1.575k 


'Scu. 


Db. 3CiK 
CampArr Db 3 k. Db. 4 J«k 
C onsd. Gold Fields Los. 3v 


and 


“• 3J «« 

'’2.*? K S*tPCPf. 1 92SK. SBCFf. 

Ccunge Ob. Ji :pe Ln 3 55 k 
cK U !t‘ 3 '** r Ln - 3 -K 

tefflssa*ai,. 7, ¥s- 2aspe 


MarL. 

k- -rstialls iHantax) 0.99D 
Marston Thompson and Ever-sued Ln. 3i,oc 
M’rtm The Newsagent SIjbcPT I.92Spc. 

MU, J^kfX 

May Hassell Db. 4 \pc 

Meal Trade Suppliers 3.2p 

Medway Water Bra. j> aPe 1 <jk 4k Spc. 

4’*pe (1978) 2CK. 4K 1996 2 k 
M ercury Secs. Ln -3 IliK 
Metal Indust. SpePI. 1.75 k 
M etropolitan Railway Surplus La nos Db. 
3>a 3lroc 

Meyer (Montague L.) Ln. 3 h ai <k 

Micbelln Tyrg Db. 4 'JK 

Midland Educatlorul S'ckPI. 1.92Sk - 

Montgomerie Ln. )',k 

Mori and 5KPf. 1.75 k. Db S-'aK 

Mucklow (A J.| Db. 3S 3',K 

Mulrtiead Db. 3 *pc 


Wllmot-Breirten Deb. 3UBC TSiXP). >.75p<. I.h5x"i*r 1.425 k * 2k 

oeta. 3K jga rf 

Wrwtiam fe. > NKthern^Anigrican Tsl. Db. I‘« 

!?SlV SK. Red Northero h^and EjKI 5.^ J 

"• fl5 - 87 SA ™RDAY. APRIL 1 »«• 2 « 

‘ DIVIDEND A INTEREST PATMENT5 — Osborn <S.» 5';PCPI 2.75pi 

Falshw F'rKRert K-M 

tlfl^ h Br1wtf n Db B ‘ t ’a 2'. <79- Ml MLfMM a”u./ 3_';k *9-99 I 

to J5? i-« 3 ‘ iL i'. “ IS ESISS 

3 spc 


S> 


American l«7-92> 


AMtoSmcrIcan w S«i"|oro. Dh- 2« 
Arons pre>* 7 I;kPI. 2.625K 


Aigus — ,, -■ 

Aabton Bros. Db. 2«iPC 
ASMC Blscu.t Mnrtrs. Db. W- 
As££: British loads (KH. 2-»P« 


Atlas 'Electric Gen. TM. SKW._I-7SPC 
Australia CCmnwItl*. at) S':« i»‘ 73 » • fl5 - 
Do. 81-8= ^ 


Portsmouth S'jKRrd. J.'-E2 * '-K 

Portsmouth Water 2.1 K U ml* 

Pf 1 Q5K- 3.15K IlmlV 4 ;K* Red Ft. 
76-7d 1 575 k. S.5pc dmlv Sn- ‘ Red. 
PI. OO-Bl 1.75 k. 3 BSk l ,ml « 

Red .PI. 81 -as 1 925PC. 4.02bK tlmiy 

5,'IOCI Red. P*. 94-86 2.Q125PS. 
Porttmoutti Water 4.55 k I'mfv b'-K'Brd. 
PI 82-84 2.S75K. EKRbd.pl. 1991 -PC- 
Detas. |i/ I 1 , 3* 


Queens Moat Houses 5 k P f 1 75uc 


Ransome Hoftmann Pollard TpcPf- 3 a Spc. 
Ransom cs Rawer Deb. Ik 



JK 189-931 


rrveuo Db, 31.0c 

^3?? Organic Chem.cais Gro. 6oe dree of 


.925k. Ota. 


_t4X) 3 k 

grassland <R. A. G.i 0 qc D 
Sgrr-Ho w 71-K PI. 2 625 k 

o«Slh^c Br Si! erv , P b 2lK 

UYbrohams Db 3 >ik. Lns. 3U 
gec’ca 25 kPI. 8.75k 
2tac ,Sh U S iPsPf 1. 
P^r? 0o 2 \.*£ 525 

s,ioe 

Dowty 2 JZ Ip. Ln 

Oriv/oo^Omsoiu. Tu. Ln 3-,K. A 3>«K 

guckham (Alexander) Db 3 i-k 
D unhUI fAlfrefll YVkPT 2 1k 
O unioo Hides. DS. JhK 
Oiiogrt Ln. £oe 

'J. J.) Ln. 3 ‘«k 
f.R.F. Ln. 4K 

Eait Midland All ed Press Db. Jiux 
Eastern Intnl. inv Til Db 4' 4 k'° I 
Eastwood U. B.) Db s“k 
E dger Inv. Db. 3 k 

I D*- 3'« STsk 

El lott Grp. Peterborough Lit. 4 **k 
| 'Is Ereraed 5KPf. 1 7 Sk 
E lion Robbins 6 kP». 2.1k 
E mbankment Tst. Db. 2>m 
Em hart Coro. 4Scts. 


National Star Bnck Tile Ob. 3 \k 
N ational Westminster Bank Ln. 

Negretti Zamora bpcPi. 1.75K 
New 1 nrofl-norton Tst. Ln. 2 k 
N ewall Machine Tool Ob. 3-, SNK 
Ndwinark (Louis) 7-;Ptrt. 2.62SDC. SkPL 
2.BK 

Nururoa SpcH. 2 .Spc 
Nurtti Atlantic Secs Corp. Db. DiK. Ln 
1-JK 

Norm Devon Water Brd. 4 k 1996 2k 
N orth (M. I.) DO. 4K 
Northern Engm. Ingust. Db. 3 'sPil Ln. 
4 »isK 

Nosil Est*. Db. 3NK 

Not ting nam Brick OKPf. 1.75K 

Nova t Jersey) Knit Ln. 3 'ipc 


I’M 

Trust •■atacFfi 


Sob 1.7SK 
Br coford I'.rt* 

- Brttisn AlKb 

-Bntrti f "Evectf? Traction Do. 2 'joc 
B ritish Printing Corp- 4 2K~- 2.1PC. 


Feed intnl Deb. 1 '-roc 
Republic New York 38 cts 
1.675 k. Reynolds iW. J.i 7 *skPI. a 625 k 

Rick man fwnrth and Uvbrmgc vailcv Jfiur 
2 SK (fmlv. 4 pc) Cons Pt < 43C. 4.02h,>C 
<fmly. S-ioO Red P* 32-85 2-01 35.^:. 

4.55k tfm»y 6 >hk> Red Pf M-si 
2 275K 7 OCRed. PI. f978 IW« 4 9 pC 
(fmly 7K» Red Pf 87-88 2 +biH 10 pc 
R i-d.Pt 1 970 5 pc- Db 2 iC.ms , l-«. 

S'i. 3'« 0':pc 

Pownliee Mockintcisll 1 Ireland- DB. 2-Dv 
V. Andrew Tst. Db. 2 pc . .. . 

Scottish Cities Invesl Tst. 5«F f. 1 • jiX 
Scottish Ontario invest. 5pP> 1 Sw 


0. K. Bataars (1329) PI. 3 k. P*. 2> a K 
Oil Assoc. Inv. Tsl. Ln. 3<wx 
Oldham sons Db. J/ipc 

01. ver f George) Footwear 6 kFI. LIk 


^Buimer and Lu " Ul 5pcP» 1.7SPL 
Burton Gro A Ln. 4 4SK 
Cattvns Ltd. 6' t KPI. 2.2 . SK ^ 

Canadian and Foreign inv. Tsl. 5'iKPt 
1.925 k 

Cape Industries Ln. 3 Nk 
C.- oar Inv 1st- SoePf. 1.75 k 

CMnent-Roadstor.c Do. 4 k XB1I ,„ v >»a.i W - — 

Charter Cons. DB. ZUC socurllles is-.ucd tav tne Inicr-Anipr D<*v. 

Chilean 4 :nt 1395 1 i;pc- Do. 19T0 2UK 5 -..p L 79.94 2'*K 

Clerk Son ana M or land 7 kP». 4 9k blebc Gorman 2 212P 

Clarion Oewandre Db. JK Snuinampion bprRrd 1941 3or 

Colne Valles J 1 -, 5 ” '■ 75 ? C g_ c ^ ?" a 5oh.it inv 1«. 5 k PI 1 Tint Ob 1 • 

■ C 7k r_ 9oe 2 ? ^5- 3 -¥£. 1 y2E Sterling Tsl Db. 3 k J'-OC 

Do. 


E moire Stores t Brad! ord • Db. 3*s. 
Eng tsh Intnl. Tsl S'iPcPf. 1 92! 


925K 


4>aK 


Enolish Ch.ru Clan Db. 3N 1 'hPC 
Erskine House Irw. Ln. 2 -,k 

Water 9KFf. 1981 4.5 k Do. 1932 
••Spc 


Eimon Centre Prop. Db. io.2nc 
Eva Indust. Db 3 ><k 
fvjr Ready Db. 2"»K 
Ewart New Northern Ln. ai,k 
E niernal Inv. Tst. Ln. 3’ 3 pc 
F.C. Finance 7KPf. 2.45 pc 
P arrel Brdge 6prPf 2.1 k 
F ine Arf Dev Ln. 3‘,x 
Fine Sumnen Dc-j biers Db. 2 k 
F isoiu Ln. 2 !-„k 
F ilch Lovell 1.27776 b 
J iao inv. Db. Svsc 
F0IM5 1 John) Heto Ln. 3 'nk 
F ormi niter lOptPf. Sk 
F oKboro 2 Sets 

a"s,'f», us « 

Gala Cosmetic Db. 3*K 

General Electro 2p. Ln. Ik <79-84) 

3 3 » 3 : *K 

Gsnerol Electric Overseas Can. Coro Ln 
Z-lrK 

G-neral Scottish Tst. Ln. 2 -*,k 
GS anfleld Law rent e EocPf. 2.8 k 
G lobe inv. Tsl Db. 2pc. Ln. 2'a S'w>c 
Glover Man 6ocPf. Mpc 
Glrnwed Ln. S'ipe 
Grampian IOUpc 19B5 £2^4648 
Grind Metropolitan Ln. 4i< JliK 
Gram (James) 7'iPcPf. 2-62 Soe 
Gi Poniard Ests. Db. 4>wc 

Great Universal Stares Ord. A 3 6OB750. 
Ln. 3-*4K 

Greenharen Sec. Db 3 3 *k Ln. JLpc 
Gresham T*i. Ln. 3 'j 3’, 4k 
G rovebtll 9 bcP». 2.97k 
G uard Bridge Paper Db 3 ',k 
G uardian |n». 7« 4>KPt. 1.575K. Sk 
PI. 1 75K. Db IK 170-801 
Guardian Royai Eectianga Asiur. 7 pcP). 
2.45 k 

Guildhall Prco 6 kPI. 0 60 
Gunn iA.i Ln s'iK 


P.D. Fuel* DO. 2 -*«m 
P almersi<,n luv. 1*1. O.S94p 
Pauls whites 5'aKPi. t.92opc. Db. 3 Sk 
P earson Longman O', PCP! 1.837 ape. 7 k 
P t. 2.4SPC. Ln. 2 3 IK 
Peg*er- h a tier si ey 5-;pcPt. 1 ,92 5 pc. Ln. 

3< a oc 

Pern.n- Elmer Ln. 2 k 
P hoenix Timber 6pi.Pl. 2 . Ik 
P irelli Gen. Laole works Db. 2 b 3 i;k 
PI r mouth 3 >jK 72.82 1J * pc 
Powell OuBryn Db. 3NK 
Pnoe Clarke 7 kPi. 2.dSpc 
P r-est f deni amln) Oru. 1 .26661 Sp. New 
Ord. I 26501 Sp 

Property rildg. inv. Tst. 4'jpcPf. U75 k. 

DO. 2>, 3> 2 K. Ln. 4 >;k 
P roperty Inv. Fin. Ln. 3 k 
provincial Insur. IOpcPi, 3.5p. 25ocPf. 
1,75 b 

Pullman lit. J.) 7 k P r. 4 9 k 

Pve of Cambridge S':kPi 1.925k 

HL.). HIOOS. rpcPl- I4MC 

R.r.D. Grp. Db. 3 ',k 

MQ.-i Rentals Ln. 3 vk 

Ma.,xs NuviS McQuusall Ln. HmK 

R.uUruulu Or b'jpotlg.Uas. )»ol 3UP< 

Ht.ad.cui Intnl. bocPi 4.1 k. Sbou-f. 

4.UI4PPL. LH. 4SK 
Roaiearu National Glass 7 kPi. 2.45k 
R eatiusion LH>. 3 3 k I2ndl 2 -dK 
Reed mini. Do. Jv 3 3*. IO/-92J 3J» 
cro -83) 3S Io3-oai 1 *k 187-923. Ln. 
3-,K 196-20UI) 3>IK 
Reeves (F. J.) Ln. 3 Nk 
R egard On. 3 Sk 
kemwick iQpcPL Sk 
K eumon Props. Db. 4 ,pt 
Riciiarasans westgann Ln. 3 k 
R iver ano Mercantile Tst. Db. 4'*K 
Rcoertson Foots Ota. S'.K 


7PC S.5DC. 4 9K 2-45PC. 2.8K1.4K ESJ* Db Jot 1<.K 

0. 1979 1.4K. 4.025PC 2.01 250C. c tewJr ? am) W>eht 6K P* 2 IBc 

2kPi. : Ik. 4 . 55 2 7 7 Spc Spc 5”"', ;-idiav Red. 77 79 J-k 

1. 4 22 3 SPC. 9pcP». 19.3 4-6pc. Do. j talt Bro4 BpcPf 1 7 5pt 

9B0 4.5PC _ _ _ cirduii Hllev Drummbnfl bKPI Z 1 


Pf. 

1980 a. aw 

Continental Union TU SpcRI. 1.75 k. 
Conversion Ln. 3':K 1 ’,K 

Corporation of London 9‘«nc 4wx. 3 pc 

1 l 'DC 

Courtaulds Knitwear 7i;KPf. 2.625 k 
C raig and Ross 5PCPI. 1 75 k 
C rown Zeller bach Cpn. 47 Sc. 

Cumulus invest. Til Db. 3>i and 3>:pc 
Currys 6 ihk.Pi. 2 27 Spc 
G» iv Mail and Gen. Tsl SkPI. 1.75k 
D algety Db. 2 V 3 and 3GPC 
Davy Inti. 3 63D 


De La Rue^S».-pcPf^ 1 2 25 k 


Stroud Hllev Drummena OkP* • Ipr 
Sunderland and k. bnie^dl water 3 qn 
llmly. 5 K I Cons Ord I 75K 3 -K 

- fmly. Spc) Ord. 1.74 k 1»K 'Imlv. 

4k, Cons.Pt 1.41k. 3 5K I'mlv ■»-» 

Rcd.Pf 84-31 1.75K. 3.95K !»m** 

5'iK' Red.Pf Bi-i>3 l.WbiK. 4 -ec 

(Imlv. fipci Red.Pf. 78-79 2 Ip* 4 JiK 
irmly. 6PC1 Red Pf. 80-as 2 Id* a 55=-- 
itmly. 6':K* RedPl. 82-U4 , ,.5 ** 

Red.Pf. 1981 4 pc- 9 or WCd pf 1930 

Sviiionds Engmoering 7 'jpcPI 2 6:5pc 
Thwaues l Darnel* SkPI. l ■ 6K 
Tomkms tF. HI 0-Jbp , ' 

Treasury Uk 2 >;pc 1975 p* after ’’v* 
9 ‘ik 19B1 J IK 


1 .-i* 


Decca lopcPi- vm 
Drake Scull S.SpcPI. 2.1k 

Dray I on Prem Inv. Deb. IK 

Ea«* A^gl’.Jn^witcrS^K (mil* Sk) Cons. 7 ?.dSl gw.kjonA t.98 lln 
1.75 k. 3.5PC (fmly 5 PC 1 Ord. 1 .7 Sk Trust Umon 4i.pcPt. 15. 6PC 

7PCRed.Pf. 1978 3.Spt. 9pcRcd Pf. 1902 Umo» I nil. 6pcP». -.IK 

l^zpc (A 0 0 0 r CR a C ^ P Oct , » 9 ” K ^Apr. “nd k 5 ' " L 

EaM Cambridge S': S', 4>:K WaWorf *tal.onerv end G.eedM C-rts boc 

East Worts Water 7pc [fmlv JUKI Max- 2.1pc. ,. 

3. bpc. 3 Sk ifmfy 5 pc' 1.75 k. 2.8k Ward iThov W.« l.BIiSd Ln. 3 

(fmly 4pc* (19SS-41J Pf. UK. 3.85 k •Samws-I* Db. Ik 

(fmly 5 1 - pc ' P* 1 925K Whitbread Ln. 2 * and 3 »pc 

Eastbourne Wafer 4.2 k (fmly 6 pc 1 Red Pf Wigan 3 PC 1 jK — 

85-87 2.1K 9k R ed.Pf 4.SPC. 10K wm.usoi* Match 178f,.p 
B~4 Pt «nc Winter m>r tom Str.iqhan and Plan nt b P PT- 

2 1 

v -an Invest EKl S'vK 
WooicomBers 6«H. 2. Inc 

2 62SK 

Xerox CP". 50c 


Red.Pf. 5 k , 
asmark Inc. 46(11 
Eva Inds. 6ncPf 2.1 k 
E xtract Woo' 6ptPf. 2.1 k 
F airtaie Textiles SkPI. 1 75k 
F erranti 3.5KPI 1.75 k 
F irst Chicago 25 Cts 
GEC- Elllnlt Automation Db 
• 1981-861 3GK (1989-94) 


7':n*.P». 


2 '» 3U 


APRIL Avm£nt _ 


DIVIDEND 5. INTEREST 
Stewart ano wight 7 p 


Ruin sch iid Inv. Tst. liotPl. and Cny.pf. 
1.75K. 4.2pcN, 2.1 k. DD. 24 3U. 


a ;jc. Ln. 3'ipc 
ftustou and H annoy Db. 3 4 k 
5 ana U Stores 6 kP). 2.1k 
b.iegaara Inotrv. Inv. Db. 2’cPC 
5avoy Hotel Ln. 4 Gk 
S cape Group Ln. 4 k 
S cot Bouvets Db. 3NK 
5-otcrOT Ltd. 6<:kPi. 2 275W 


Sco.t.sn Agricultural Inds. Lh. 2a 3'ypc 
Inv. 71; 


H4evcantiie 


:Kf*l 


nauiurps Ln. a-:ot 
na-npMn I.-dJJ /'jocPf. 2.625 k 

niin.i.n ISl Ln. iK 

nangers Paints a'^AwPi. 1.92 5 pc 
nar^ reaves Do. S-«c 
Hasiemere Esta. uo. a'ux. Ln. a'ePC 
riazall tGu.nuxi) Ln. Ji, 3 > 3 k 
rienexeps 7Km.'2.4Spc 
Henlys Deb '5 ‘sk. Ln. 4 <*k 
H enstie, (Vurniturei fapcPi. 2.1 pc 
nepwortn ueramic Deo. S2 k 
H uron Corp, Deo. !•: 5 nk 
fteaiair Cons. Prods. Ln. spc 
Mlckson weich 6 kPI. 2.1k 
H iggs Hill Deb 4>*K- Ln. 4 k 
HIM (Philip) Inv. Tst. Deb. 2LK 
Hill 5amuel Warrant 3^a 
1982 3'ipc. Ln. 4 k 
H oltnung 19.1 4^5pcPt. 2.275 k. Ln. 6 k 
H oag Robinson Ln 4 Lk 
H ollas 0.9B3P 

Hollis Bros and ESA 7 kPI. 2.4Sk. Ln. 

4K 

Home Brewery 5 ><kPI. 2.01 2Spc 
Howard Teroro SvtS Deb. 3*iK 
Hoyle (Joseph) son Sac Pi. I.7SK 


.. . Ln. 2',p 
7K Bd». Du 


5cuttish and 
2.625 k 

S-.-.r.sn and Universal Inv Db. 2 'sk 
S cottish Mortgage and Tst. nocPi- 1.4oc. 

4 ;KPl. 1.5/bK. S'aKPf. 1.8375 k 
S caitish Road 5ervnx;s 7pcPf. 2.45 K. Db. 
3 S:*K 

S.cona (.onvenl Garden Prop. Oh 3 'iPc 

Secur.ties Trust of Scotland 4'jpe 1.5 7 Spc 

5.-og wick forbe, Hlags. 6-09 dc 

Sclincuun Ln. *->k 

Ssllrun Invests. 4 '.kPi. 1.576k 

Semar Eng. La. 4. bpc 

Sevalco Db- 5 ’;k 

S..eepbriage Engineering Db. 2'» 3‘* 5 ',k 
S up stone (James' 5 :kPI 1 925K 
Simpson (S I 5ocPf. 1.75 k 
S. HU) Hl a gs. 6 ;KPt. 4.55 k 
6 °‘>„? rou H * 'iPCPf. 1.57SK- B-jkPi. 

2.275k. Ln. 3'a 4'« 5 '-pc 
Scjtcmey 4.2 kP! 2.1k 
S mitn and Walton Ln. 3'aK 
S.mtfi Bros- l.6p 

Smith SL Apbyn (Hldgs.l BkPI. 2.1 p 
_L n. 3 ')k 

*2 623 (Whitworth I 7 ;pcPf. 

Smith (W. H.) 4iy»cPf. 1.S75K. 7 kPI. 
2.45PC- 

South Cornwall Water Bra. 6 k 3k 
S parrow (G. W.) Ln. «i*pc 
Speedwel' Gear Case 6pcPf. 2.1K 
Sphere Inv. Tst. Db. 2 Lk 
S tag Furniture New lOocPI 3.02PC. 

, Pf. 4.23K 

Standard Chartered Bank Ln. 12 \k 
S tive) cy indust. SGKPf. 1.837SPC. 

34| 1 86-91) -3LK (88 J3) 

Stead Simpson Db. 2 '.pc 
S ten house Ln. 3G 3-*aK 
Sterling Ests. Db. 4 k 


10k 


Ln 


Pf. 3K 


1CL -Deb. 2 'jk 
ITT Distributors 3‘ux 4 i^pc 
ImaKO A 37 Cts. B 31 45 CIS. 

Imperial Cent. Gas Ln 3 3'.-K 
Imperial Foodi Deb. 3»npc 
imporial Metal Inds Ln. 4 i.k 
I nehcape Gp. B'-.pcP*. 2.975 k Ln. 2H 

!lr4 S i, 8 >jK 


Sterling fdust. S'aPdstPf. 3.675 k 
- ' » SKPf. 1.75 k 


Stirnpson- Parkins 

Stirling Knitting 0.350 
Stock Conversion inv Tst. 0.99p. Ln. 2'roc 
StocHake Ln. }i,k 
S tone Plait Indust. Db. 3';K 
Sundcrla-id (Joseph) 6 PC PI. 2 Ik 
S ungei Krlan Rubber Est. 7 Sd 
S utton Disk Water 7 k 3.SPC- 4.9or 



Dfls. 60,000,000.- 
bearer guaranteed Notes of 1972 
due 1976/1979 
of 


HOLIDAY INNS OVERSEAS 
CAPITAL CORPORATION 


THIRD ANNUAL REDEMPTION 
’ INSTALMENT 


(Redemption Group Nos. 2 and 4 
having fallen due before) 


Notes belonging to Redemption Group No. 3 
will be redeemed on and after 


MAY 1, 1978 


.in accordance with drawing effected on 
March 15, 1978 pursuant io the Terms 
and Conditions. 


. Paying Agents: 

Aids* erdam-Rotier dam Bank N.V. 
Algemene Bank Nederland N.Y. 

Bank Mees & Hope NY 
Pierson, HeJdring & Pierson N.V. 
in Amsterdam 
and 

Banqne Generate da Luxembourg S.A. 

in Luxembourg. 


if arch 28, 1978 ' 




jrf 

V 



CONTRACTS AND TENDERS 


% 


f 


BemocraDc sod Popular Republic oi Algeria 


Ministry for Industry and Energy 
ENTBEPRISE NATIONALE SONATRAGH 


Marketing Division 

De parte men t Realisation Infrastructure 

international Invitation to Tender No. 3/77 

SONATRACH is launching an international invitation to 
tender for the Engineering Study, the supply of equlpmant. 
the construction and starting into operation in HASSI* 
MESSAOUD, of a residential complex in semi-tradirionaf 
or prefabricated industrial building which will include: 

— Administrative offices 
— Socio-cuftural 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. 

Interested companies may obtain the tender documents 
as from che publication date of the present announcement, 
against a payment of Dinara 200 (two hundred dinars) 
from- 

SONATRACH — Division Commercialisation 

Direction Realisation Infrastructure 

Route des Dunes — Base ALC1P — 

CHERAG (Algiers) Algeria 

Tel. 81.09.69 to 96 

Telex: S2J108 — 52092 — 52093 — 

52.969 — 52.779. 


Tenders, together with the relevant usual references, 
should be sent by registered mail in double sealed 
envelopes to Entreprise Nationale SONATRACH, at the 
above-mentioned address, the inside envelope dearly 
addressed as follows: 


“ A NE PAS OUVRIR — SOUMISSION - A.O.I. no. 3/77 
not later than 31st May. 1978. 


TrS"" remain bound by ^«ir quotations for a renod 
of 120 days. 


Tenders which will not respect rhe above-mentioned 
indications will not be taken into consideration. 


. 4 

J 


j-4 

r; -5- 


.-A 

. '.A- 


■■c 

•^r 


■i 






: — 

V-1 




HELLENIC REPUBLIC 


MINISTRY OF NATIONAL EDUCATION 
AND RELIGION, ATHENS. GREECE 
EDUCATION PROJECTS 
Implementation Directorate Announcement 
REPEAT INTERNATIONAL TENDER FOR THE 
SUPPLY OF EDUCATIONAL EQUIPMENT 
AND SPECIAL FURNITURE 


1- It is hereby announced that a repeat intcmauonal tender 

uM!? ta r ke P .u Ce on (twenty-ninth i of Mav nf the 3 ear 

9(8 for the supply of educational cquipn.eiu and S 
furniture ft»r- U» five higher technical and vocational cduca- 

and" Th - ssalon,W - L “ rl ™- l*™ 

r^moS'teT 1 C0St U f °“ r b “" drtd helm'd. 

““a- 6 v ipor ' " J-3i. ttussssa 

SjSSs rt th ’ Gree ^* Md should they wish to purchase th« 
documents, they are kindly requested to forward a 

SS8^ 

7‘ DefilUdona — Invitation to tender — Conditions of Can. 
tract — General terms of specifications. CoiH 

3. Lists — Bills of quantities. Direclor “ • -• 

E. KABA Y I AN N OPOLtEiQS: 




1— 


t 










»JD> (JA 


Financial Times Tuesday March 28 1978 



Businessmans Diary IS 


•S. Markets 



le 

rrent 

r. 3 — 6 

r. 3—7 

r. 4—6 

r. 4—6 

r. 4—7 

r. JO— 13 

r. 10—14 

r. II — 14 

r. 11—15 

r. 18—21 

r. IS — 22 

r. 20 — 2 S 

r. 24— 2S 

r. 24—28 


U.K. TRADE FAIRS AND EXHIBITIONS 


Doily Mail Ideal Home Exhibition (el. Apr. 1) 
Environmental Pollution Control Equip. Exbn. 

JnU Heating. Ventilating & Air Conditioning Exbn. 
Electro-Optics Exhibition 
Com pule rmarket 78 Exhibition 
Information Handling & Management Exhibition 
International Gas Turbine Exhibition & ConL 
National Printing Machinery Exbn. 

London Fashion Exhibition 

Scottish Building & Public Works Exhibition 

Storage. Handling & Distribution Exhibition 

Antoquip 78 Exhibition 

Metalworking 78 Exhibition 

Int Fire Security Exhibition & Conference 

Subcontracting Industries Exhibition 


Venue 

Olympia 

U.S. Trade Center. W.l 
Nat. Exbn. Centre. B'ham. 
Melropole Centre. Brighton 
Bloomsbury Centre HU.. WC1 
West Centre Hotel, S.W.6 
Wembley Coof. Centre 
Nat. Exbn. Centre, B'ham. 
Earls Court 
Glasgow 
Olympia 

Wembley Conf. Centre 
Nat. Exbn.. Centre, B'ham. 
Olympia 

Nat Exbn. Centre, B'ham. 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


r ' o! — £ pr ' f— lnt * Woodworking Machinery & Wood I mi. Exbn. 
r. 31— Apr. 5... Supplies & Materials for the Furniture Ind. Exbn. 

f- 2 — o International Fashion Week 

r - 3 — 8 Electronic Components Exhibition 

r - f — » Total Transport 78 Exhibition 

r - H — il Plastics & Rubber Technology Exhibition 

r. 11—16 Seoul Trade Fair 

r - Building. Heating. Plumbing & Air Cond. Exbn. 

r - 14 — 33 International Trade Fair 

r. 15 — 24 Swiss Industries Fair 

r. 17—23 International Soring Fair 

F- IS — 21 International Shipcare 78 

r. 29— May 15 . International Paris Trade Fair 


Paris 

Paris 

Munich 

Paris 

Rotterdam 

Tokyo 

Seoul 

Helsinki 

Milan 

Basle 

Zagreb 

Hamburg 

Paris 


BUSINESS AND MANAGEMENT CONFERENCES 

t- 29 London Chamber of Commerce & Industry: 

Practical Agency Problems in the Gulf States, 

. Saudi Arabia and Iran 69, Cannon SL, E.C.4 

r - 30 British Frozen Food Federation Export Seminar World Trade Centre, E.1 

r - 31 Management Training Consultants: Current Trends 

, in Management & Sunervisnry Training Leicester 

r - 31 Apr. 3 ... institute of Personnel Management: The Impact 
of Government on Company Pay Policies & 

Industrial Relations ’ Oxford 

r - 4 European Study Conferences: Fringe Benefits on 

the Shop Floor Hilton Hotel, W.l 

r - j* Hawkins Publishers: Cash and Capital Europa Hotel, WJ 

r - 6 7 Advanced Management Research (AMR): Business 

Strategies in the Middle East Grosvenor House, W.1 

r - 6—7 Brunei University: Identifying Training Needs for 

Managers and Professionals Urbridge 

r - b 1 Institution of Chemical Engineers: Production 

Congress 78 Birmingham 

r - 6 7 Industrial & Commercial Techniques: Developing 

Export Sales Peuta Hotel, S.W.7 

r - 10 — 11 Financial Times' Business and the European 

Community Directives Grosvenor House, W.l 

r - 10— “ Brin lex: Energy Utilisation and Conservation in 

Industry Royal Lancaster Hotel, WJ 

r - 10—14 P-E Consulting Group: Application of Production 

l . & Inventory Control Egham. Surrey 

r. 10—14 Kepner Tregoe: Decision Making for Senior 

0 Management Bour nemo uth 

r. u — l- Anthony Skinner: New Inspection Techniques and 

, . Methods . Caf6 Royal. W.1 

r - 'I" -1 * Seminar Sendees: International Tax Planning Zurich 

r 13 Export Group for the Constructional Industries: 

Management Contracting Overseas Cavendish Conf. Centre, W 

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

Interpreting Accounts to the Non-Fmancial 
Manager . Harrogate 

r. 16 — 20 ...... Retail Consortium: International Conference of 

-- Retailers Grosvenor House Hotel, W 

r. 17—21 Loudon Chamber of Commerce and Industry: 

Understanding the Arab World 69, Cannon SL, E.C.4 

r. IS— 19 British Association for Commercial and Industrial 

Education: Management Development- Leicester 

r- 19 Henley Centre for Forecasting: The Budget Carlton Tower Hotel, S.W.: 

r- 19 - London Chamber or Commerce and Industry' 

Agri-Business in the Middle East & North Africa 69, Cannon SL, E.C.4 

r. 20 McGraw-Hill: Managerial Work— Its Demands and 

Choices Royal Garden Hotel, WB 

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

. —Procedures and Remedies Hilton Hotel. WJ 

v- 21 Leeds University: The New United Kingdom 

Patent Law Leeds 

■r. 23— 2S Inbacon: Improving Industrial Relations Selsdou, Surrey 

r - 26 British Overseas Trade Board: Exporting - to 

Australia *’ : Inn on the Park Hotel, W.l 

r- 27 London Business School: Leases and how to value 

them . “ Sussex Place, W.l 

r. 27—28 Oyoz: Advertising Association Conference The Brighton Centre 


Oxford 

Hilton Hotel, W.l 
Europa Hotel. WJ 

Grosvenor House, W.1 

Uxbridge 

Birmingham 

Peuta Hotel, S.W.7 

Grosvenor House, W.l 

Royal Lancaster Hotel, WJ2 

Egham. Surrey 

Bournemouth 

Care Royal. W.1 
Zurich 

Cavendish Conf. Centre, W.l 


Harrogate 

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

Carlton Tower Hotel, S.W.1 
69, Cannon SL, E.C.4 
Royal Garden Hotel, WB 
Hilton Hotel. WJ 
Leeds 

Selsdon, Surrey 

Inn on the Park Hotel, W.l 


Gold and 
silver up; 


WALL STREET + OVERSEAS MARKETS 


Down early on credit fears 



C0C03 firm BY OUR WALL street CORRESPONDENT 


Sussex Place, W.1 
The Brighton Centre 


New York, taarcb 33. 

AFTER initial weakness Gold rallied to 
erase WASer on speculauro short covering 
pdor to the twbday week-end. Silver 
dosed Usher in sympathy with Gold- 
Cocoa closed firm cm speculative buying 
owing to heavy rains in Brasil. Sugar 
closed higher on technical speculative 
haying and week-end evening up, Bacbe 
reports. 

Cacah-iM.Tt 037.31. July 1MJ3 
(151JSSI. Sept. 158J5. Dec. 1*4.35. March 
UOaS. May 133.10, July 137X0. Sales: 
Ml loo. 

Coffee—" c “ Contract: lurch 190, M 
(177.09). May U7.fi3-la&-49 (156.041, July 
139.m-14.eS0, Sept. 132.00-13X00, Dee. 120.50- 
123 JM, May US.5MJ7.ao. July U 5.50-118.00. 
Sales. 067. 

Copper — March 58 *0 (58 801, April 59.40 
(50.00). May 59-90, Jabr 08.90. Sept. 6100. 
Dec. 63.40. Jan. 63.09, March 64.90. May 
65.09. July 6600. Sept. 67.90. Dec. 09.40. 
Jan. 69.90. ' Sales: 4.900 lots. 

Cotton-No. 2: May 57.0647.10 .(58.32), 
July S8JJ-5S45 (69J7). Oct. 09.10. Dec. 
66.7W0.-78. March 61 J1 -62.05. May 61.45- 
81.65. July 62J8-63.20. Sales. 796.000 bale*. 

-Cold— March 180 60 (180.10). April 

180.30 (189.30). May 182.10. June 1S3.40. 
AUS. 186JM. Oct 188.79. Dee. 191.40. Feh 
194.10. April 197.10, June 200.10. A us. 
jos.io. on 206.10. Dee. 209.19. Feb. 
onqnoied Sales, 8J00 lots. 

tLarf — Chicago loose 24.00 (24 SO). 

New York prime steam 25 JO traded 
126.06 traded). 

metre— May 251-251} (2481). July 235- 
2531 (250/). Sept. 351. Dec. 256-256/. 

March 2631, May 286-286L 
SWa U nam— April 217.70-238. OB (21990): 
July 221.00-222.90 (223 JO): Oct. 224.80-239; 
Jan. 230.15230.30: April 234 40-234.80; July 
238.40-234.es. Sales: 940 lots 
TSIlver— March 329.50 <525 80). April 

*•9 90 (528.30). May 533 50. July 541.20. 
Sepi. 54909. Dec. 561.30. Jan. 583.50. 
March 57180, May SS2J0. July 690.00. 
Sept 509 10, Dec. CIO, Jan. 815JM. 
Sales. 9J00. 

Soyabean Off-May 28.65-26.70 (28.05). 
July 26.05-26.10 (25A71, Aug. 25JU-2S.4S. 
Sept. 24.30-24^4. Oct. 22.70. Dec. 22.00- 
2145. Jan. 21.76. March n.«3. May 31.55. 

Soyabean Meal - May 188.36-15640 
(165.50). July 188.00-189.30 (187401. Aug. 
18840. Sept 178.00, Oct 197-DO. Dec. 
168.00-167.90. Jan. 10640-169.00. March 
172.00. 

Soyabe a ns— May 715-711 (7091): July 
717-719 rnu>: Aug. 707-708; Sepl. 648-619; 
S of. 517-618: Jan. BS-S24: March 631-632: 
May 627-638. 

Sonar— No. 11: May 7.994.02: Jn\j 8J3- 
8J4S Sept. 8JM.S5: Oct 8JS-8.69; Jan. 
fi.7D-Jl.9B: March 9.48: May 9 70: July 9.95 
Sales: 4.437 tom. 

Tin— 503.00-512.00 asked (510.00 naked) 
-Wheat— Mar 294J-3S (28S). July 2961- 
2961 (2961). Sept 3021-303. Dec. 309^309. 
March 3151. May 3161. 

WINNIPEG. March 22. ttRye— May 
ItSOO bid (111.08), July 110.00 asked 
(Same), Oct. 109.10 asked, Sor. 107 SO 
nom.. Dec. 1D5J0 non. 

ttQats-May 78 00 (78.40 bid). July 73.70 
17880 asked). Oct 7-4.70 asked. Dec. 
74.66 nom. 

XXBarier— May 18.40 (73.30 bid), Jnly 

78 40 (78.90 bid), Oct 77 JO asked. Dec. 

79 90 nom. 

SSFlaxseed— May 233 JO (235J9 bid). 
July 235 JO (235J0 asked). OCL 232.90 
asked. Nov. 232J0. Dec. 23U0 nom. 

FWlieat— SCVRS 1SJ per cent protein 
content elf St Lawrence 138.19 (157.91). 

AH cents per pound ex- warehouse 
anlrss otherwise luted. * Ss per troy 
MM 198 ounce loti t Chicago loose 
Is Per 108 lbs— DepL of Ag. prices ore- 
rious day. Prune Steam f o.tt NY bulk 
•aok cars, t Cents per SB lb bnshel ex- 
warehouse. 5.080 bushel lots. ISs per 
troy ounce for- 50 ounce no Us of 09 J per 
"effl. parity delivered NY. *. Cents per 
troy ounce ex-warehouse. II New “ B " 
contract m ts a slum too tor hulk lots 
4 100 short tons delivered fatb. cars 
Chicago. Toledo. St. Louis and Alton 
— Gena per 69 lb ' wtsbei in store 
*t Cems per 24 tb bushel, ts Cents per 
49 ib bushel ex-warehouse. II Cents per 
56 lb bushel ex-warehouse. 1,000 bushel 
tots SC per tonne. 


STOCK PRICES were lower in 
sluggish trading at noon. The 
weakness was attributed to con- 
cern that the Federal Reserve 
might tighten monetary policy 
and to fears that the February 
consumer price index figures, due 
to be released on Tuesday, wfU 
not make good reading. In 
January the new Urban Consumer 
Price Index rose 0.8 per cent. 

The Dow Jones Industrial Index 
was LSI lower at noon at 754.59. 
The New York Stock Exchange 
Index gave up 0.20 to 49.66. 
Declines led advances by more 
than three to two in a volume of 
about Sm. ' shares. Transport, 
Utilities and Stocks also pointed 
lower, although the decline bad 
been reduced compared with mid- 
morning trading. 

IBM lost to $237?, Merck 
fell $1} to $47?, Inland Container 
declined $12 to $162, Ferro 

Closing prices and market 

reports were not available 
for this edition. 


International Systems and Con- 
trols declined $11 to $191. while 
Shenandoah Oil rose $1| to $30 
and Sandance Ofl put on $11 to 
$29. 


surrendered $12 to $3(4, National 
Presto slipped S 14 to $22 and 
Alaska Interstate shed $1 to $20}. 

Cole National, trading after 
hiving off Cole Consumer Products 
Inc, gave up $23 to $10} following 
a delayed opening. 

Superior 03 fell $6 to $259. 
The company late Thursday re- 
ported 1977 earnings of $15.63 per 
share against $12B4 in 1976. 

Fa rah Manufacturing advanced 
$} to $4. The company announced 
receipt of a $J5m. short-term loan. 

Chicago Milwaukee tacked on 
50 cents to $7|. The company 
said the United Transportation 
Union agreed to a cut in manning. 

On the American Stock Ex- 
change, prices were mixed in 
moderate trading. The Amex 
Index slipped 0.06 to 127.95, but 
advances led declines 210 to 194. 
Volume was 1,053,000 shares. 

COMMODITY INDICES 

FINANCIAL TIMES 

XUr. SgTUar. 2z7MirfnlT^o| Y»r ago 

255.34 I 254.26 t 225.51 | 2B3.66 
(Base: July 1. 1952=100) 

REUTER’S 

"Star. asTMarT 2211 nniii ^'oj "Year 

1416.1 1x401.7 15823) ] 1744.4^ 

(Bam: September 18. 1831=100) 

DOW JONES 

Ttoir-|Ur. | ~Mar.~ "Alnnthj Year 

Jno»> 23 I 22 ! a*o 

im ....360.77 368.45 347 64^457.66 

PiiUired 344 . 94 : 355 . 533 zB 75 ( 424.80 
(Average ' 19M-2S-M=1D0 j 

MOODY’S 


ipie Co mmtvl906.4-90a.7i 8 6. CH/62.0 
(December" 31. 1831= 1D0 j 


| OTHER MARKETS 

Canada easier 

1 Canadian stock prices remained 
; easier in light trading, with the 

- Toronto composite index off 1.4 
* at 1,044.9. Nine indices fell an 

the Management Companies and 
1 Real Estate groups posted double- 
; digit declines. Gains among the 
f four rising groups were small. 
1 They included Metals and Mining 

■ ahead 0.4 at 834.3. 

Nu-West “A" at $144 and BM-RT 
( Realtyq at $15 shed I, while BBC 
r Realty ax 8151, Brasean “A” at 
i $16| and National Drug at $9£ 
surrendered 25 cents. 

CP Investments 
I may not 
| maintain profits 

By Our Montreal Correspondent 

MONTREAL March 27. 

: STRENGTH IN oil and gas, 
higher activity in steel, a favour- 
i able real estate outlook and 
1 growing shipments of forest pro- 

■ ducts, in spite of excess pulp, will 
| help Canadian Pacific Invest- 
ments this year- 

“ Difficult adjustments and 
some problems” are expected 
i though after the phasing-out of 
controls, the non-rail investment 

- arm of the Canadian Pacific 

■ group says in its annual report 

“These have to be faced and 
the longer the delay the more 
difficult the problems are likely 
to become.” 

High world inventories of pulp, 
rin c, coking coal and some farm 
products would adversely affect 
1978 operations. Most of the com- 
pany’s subsidiaries would also 
face labour contract negotiations 
beyond the anti-inflation control 
period. 

The company might therefore 
“ be hard pressed to match 1977 
earnings in 1978.” 

Last year the company earned 
SC2 13.2m. (SC3.55 a share) com- 
pared with $C140'2m. ($C2-36) in 
1976. 

Canadian Pacific Investments is 
optimistic about the future, 
though- Diversification would be 
pursued further and several sub- 
sidiaries had completed big 
expansion programmes and would 
gain from future increases in 
demand. 


Multiple Access climbed 35 
cents to $4.20. A private company 
is seeking a minority interest in 
Multiple if control of the com- 
pany is acquired by Baton Broad- 
casting which has offered $6 a 
share for 55 per cent, of Multiple's 
equity. 

Jannoek " B ” gained 75 cents 
to $13}, Central and Eastern Trust 
“A” rose | to 8141 and Harlequin 
added 25 cents to $121. Noon 
volume totalled 86&209 shares 
against 975,938 shares last Thurs- 
day. 

In Montreal the market re- 
mained weaker in quiet noon trad- 
ing. The Banks Index lost more 
than a point while other major 
indices were fractionally lower. 

Asbestos Corp. dropped t to 
$35| while Toronto-Dominlon at 
8171 and Brasean “A” at S16| fell 
2. Bank of Nova Scotia at $192, 
Gulf Oil Canada at 827 and Moore 
Corp. at $332 lost 25 cents while 
Macmillan Bloedel at $172, Norcen 


NEW YORK. March 27. 


Energy at $131, I**co “A” at $162, ' 
Massey -Ferguson at $10 and Royal 
Royal at S2Si slipped 2. Noon 
volume totalled 64.335 shares 
against 179,366 last Thursday. 

TOKYO — Share prices rose 
sharply in aotiee trading, led by 
Government investment-related 
issues and speculative shares. The 
Tokyo Stock ExchaJige index was 
401.39. up 2.33 and v-okune was 
370m. shares. 

Constructions, and Real Estates 
gained substnrkiHy in a rush of 
buying orders from institutional 
investors, reflecting the easier 
credit supplies helped by the 
lower bank rates. 

Some Electricals, including Sony 
and Pioneer Electronic, Cars and 
Cameras advanced. Petroleums 
including Nippon Oil gained as 
well- Toyo Kogyu, Columbia Japan 
and other Speculative were higher, 
while Phamtareuticals and food- 
stuffs were preferred. 


Canadian newsprint 
workers seek rise 


BY ROBERT GIB BENS 

THE CANADIAN Paperworkers' 
Union, which represents around 
30,000 workers in eastern Canada, 
has called for wage increases of 
between 15 and 17 per cenL over 
a two-year contract, plus fringe 
benefit improvements, in pre- 
liminary bargaining with Cana- 
dian International Paper and 
Abitibi Paper-two of the largest 
newsprint producers in the 
country. 

What happens in the negotia- 
tions with these two companies 
will set a pattern for the pulp 
and paper industry in eastern 
Canada, and have a strong 
impact on the price of newsprint, 
other paper products and in- 
directly on lumber. 

The union, which broke off its 
international union ties three 
years ago and whose 40 per cent, 
pay claim in 1975 helped to per- 
suade the federal government 
that price and wage controls 
were necessary, also wants 
improvements in pensions in- 
cluding indexation, parity in 
wages and conditions with the 
West Coast industry (where pay 
is the highest traditionally) by 
1979. 

Current contracts run out 
April 30 and the new contract 
will not be subject to a guide- 
line of 6 per cenL for 1978. 

Including fringe benefits, it is 
believed the total package sought 
by the union would amount to 
an increase of 2&30 per cent 
over two years. 

Both companies sell the 
majority of their newsprint to 


the U.S. However, the increases 
sought would amount to nearly 
50 per cent, more than recent 
wage increases granted by the 
industry in the U.S. 

Quebec 
to raise 
spending 

by 8J% 

By Our Own Correspondent 
MONTREAL, March 27. 
THE PARTI Quebecais Govern- 
ment plans to raise its spending 
by about 8i per cent in 1978-79 
to S12.8bn^ and will put the 
accent on job creation. The 
province’s unemployment rate is 
now about 11 per cent 
However, the Canadian infla- 
tion rate for 1978 is expected 
to be nearly 8 per cenL so the 
Government in effect is holding 
the line tightly. This autumn 
it has to start renegotiating con- 
tracts with nearly 500,000 
workers in the public sector. : 

The Government says it is 
planning to freeze the number 
of Civil' Service jobs. Education 
spending, a large part of the 
Budget, will be up less than 4 
per cent, against 10 per cenL 
last year, because of a declining 
number of students. 




SOCIALIST PEOPLE’S LIBYAN ARAB JAMAHIRIAH 

HOUSING MUNICIPALITY 

ANNOUNCEMENT OF AN INTERNATIONAL TENDER 
FOR THE BUILDING PROJECT OF THE 
AL-MAHARI AL-JADID HOTEL IN TRIPOLI 


The Committee for the Al-Mahari Al-Jadid Hotel building 
project in Tripoli publicly announces its invitation to 
international tenderers, national, general and stock companies, 
as well as international companies having hotel construction 
expertise in building 4 or more star hotels — and this shall be 
in accordance with the following terms: 

1. The general conditions, specifications and drawings 
related to the project shall be obtained from the 
Headquarters of the Committee for the Al-Mahari Al-Jadid 
Hotel at the Housing Municipality in Tripoli for the sum 
of 500 (five hundred) Libyan Dinars only, which shall be 
paid into the public funds at the offices of the Treasury in 
Tripoli. 

2. The tender shall be in two parts: 

a) Construction and machinery 

b) Furnishings and equipment. 

The tender shall be offered for either one or both parts. 

3. The company offering the tender shall send with its tender 
a vitae detailing its previous experience in such works, 
carried out either in the Libyan Jamahiriah or outside it. 

4. The international companies participating in this tender 
must be represented by Public Agencies or Authorities 
from the National Sector or Companies of the Public 
Sector. 

An address at which the tenderer can be contacted shall 
be given and the contents of any correspondence with him 
shall be considered valid. In the event that the tenderer is 
an agent, he shall enclose with bis tender a certified Power 
of Attorney from his Organisation, together .with, a listing 
of the rights and limitations of his agency; the names of 
the persons directly responsible for the execution of the 
terms of the Contract; the payments made and the receipts 
received, and signed by the Company, as well as specimen 
of signatures put to copies of both the Contract and the 
Power of Attorney,' 


5. An official copy of the Company’s Contract of 
Establishment and Articles of Association shall be 
enclosed with the tender. These documents must meet all 
requirements and procedures stipulated by Law and the 
By-Laws. 

6. A tenderer shall, by means of a Declaration to be enclosed 
with the tender, be bound to adhere to the terms of the 
Israeli Boycott, and in the event of violation of the 
Declaration the Committee shall have the right to cancel 
the Contract by sending a registered letter of cancellation. 
The .tenderer shall be without right " to demand 
compensation. 

7. If the tenderer has previously carried out works in the 
Jamahiriah, the tenderer shall produce a certificate of 
taxes due to the Tax Authorities. 

8. An initial ‘deposit of the sum of 100,000 (one hundred 
thousand) Libyan Dinars shall be enclosed with the 
tender. This deposit shall be valid for a period of six 
months from the date of the opening of the envelopes, and 
shall be presented in one of the following forms: 

a) A bank draft certified by one of the banks operating 
in the Jamahiriah 

b) A letter of guarantee issued by one of the banks 
operating in the Jamahiriah — guaranteeing that the 
contractor shall maintain the same prices of his 
tender for a period of six months from the date of 
the opening of the envelopes. 

9. In the event that the chosen tenderer does not sign the 
said Contract within two weeks of the date of his being - 
notified officially of the acceptance of his tender, the 
deposit shall be retained. 

10. Tenders shall be presented to the Committee for the 
Al-Mahari Al-Jadid Hotel at its Headquarters in the 
Housing Municipality in Tripoli on a Tender Form stamped 


by the Municipality and signed by the Chairman of the 
Committee. The tender shall be handed into the 
Committee Treasurer, and a receipt shall be giveD in 
return. The tender shall be in a sealed envelope, sealed 
with red wax, and on it shall be written: Enclosed is the 
Tender for the Al-Mahari Al-Jadid Hotel Project 

11. The final date of acceptance of tenders shall be the 30th 
April 1978 and no tender for whatever reason presented 
thereafter shall be considered. 

12. The tenderers may attend the procedure of the opening of 
the envelopes, which shall be at exactly 11 o'clock on the 
said date. 

13. The accepted tenderer shall, within fifteen days from the 
date following the date of the letter sent to him by 
registered post notifying him of the acceptance of his 
tender, pay a deposit equivalent to 5% (five per cent) of 
the total value of the Works he has been commissioned to 
do. He may also pay the remainder of the provisional 
deposit so that it equals the value of the required final 
payment. The Committee may, by sending a registered 
letter and without need for taking any further steps, cancel 
the Contract and retain the provisional deposit. 

14. Any international company participating in this tender 
must be already registered in the Registry of International 
Contractors at the Housing ^Municipality in the Jamahiriah 
and this shall be observed In ample time before the 
procedure of the opening of the envelopes. 

15. The Committee for the Al-Mahari Al-Jadid Hotel Tender 
shall have the right to either accept or reject any tender 
offered without giving any reasons for taking either 
decision. • 


Signed: The Committee for the Al-Mahari Al-Jadid Hotel 
Tender in Tripoli. 


Financial Times Tuesday March 28 1&78 - {> 


* 



ON KRSKA SIM A RK ETS 


EUROBONDS 


BY MARY CAMPBELL 


Short-term dollar issues welcomed 


THE BASIS for Eurobond mar- 
ket activity was clarified con- 
siderably last week as four major 
new dollar issues started trad- 
ing. For the first time for 
several months the response of 
the secondary market to dollar 
new issues was uncompromis- 
ingly favourable — though only at 
the short end of the market and 

for Inp quality borrowers. 

The two issues which tested 
this response were for Norway 
and Australia. Both were in- 
creased in size. the Norwegian 
is«ue hv S25m. and the Australian 
issue by SaQm. The rnmbined 
total value of these issues was 
S475ni, a substantial amount hy 
anv standards. Yet the bonds 
spom to have been placed out- 
side the selling group, both sank 
to discounts from their offering 
price? in nfter-market trading, 
but nor to the limit nf their sell- 
ing group discount. For issues of 
this where Innse bonds in 
significant quantities are alwavs 
expected in after-market trad- 
ing. this indicates substantial 
demand From investors. 

At the same time, the message 
from investors was equally 
clear at the longer end of the 
market: the ECSC's two tranche 
issue, maturing 15 and 20 years 
hence and the Macmillan 


Bloedel 15-year offer! ns. both 
sank sharply in secondary 
market trading, to prices equiva* 
tent to the selling group discount 
or beyond. 

The reported response to 
Canada's three tranche issue in 
New York, priced oo Tuesday, 
adds 3 further dimension to this 
picture. It seems that significant 
proportions of the two shorter 
term tranches were placed in 
Europe. While the international 
dollar investor turned up his 
nose at the long term tranche, 
there was good demand for this 
in the U S. from institutions like 
insurance companies who favour 
long-term investments to match 
long-term liabilities. 

One message therefore is 
clear: long terra money is not 
forthcoming outside the U.S., but 
bonds of up to five or possibly 
even seven years in maturity can 
be placed. 

What is not clear is whether 
this demand for short maturity 


issues applies only to top quality 
names: some analysts were argu- 
ing last week that the demand 
for the Australian. Norwegian 
and Canadian short term issues 
came particularly from central 
banks and other investors who 
put a premium on quality, and 
that other borrowers would not 
get the same reception even if 
they offered higher yields. 

A further factor which sug- 
gests that issue managers would 
be wise to tread warily in seek- 
ing to capitalise on the success 
of these issues is the deteriorat- 
ing outlook for U.S. interest 
rates. An increasing number of 
analysts are now arguing that 
the second quarter may see 
significant rises in rates — and 
the new chairman of the Federal 
Reserve Board. William Miller, 
has given notice to tbe markets 
to this effect particularly in the 
context of accelerating inflation. 

The D-mark sector was 

depressed last week, not least 


Medium term 
Lons term 


Eu roc tear 

Cede! .... 


BOND TRADE INDEX AND YIELD 

1978 

March 24 March 17 High Low 

99.46 7JB 99.42 7-85 99.81 (15/2) 99-15 06/2) 

93JO 8-37 93.75 838 9343 C2/U 9343 03/1) 


EUROBOND TURNOVER 
(nominal value in 5mO 
U.S. dollar bonds 
last week previous week 
... LB5L0 LOW-1 

Tftl 3 gin i 


Other bonds 

last week previous week 
4934 048.4 

272,7 380.7 


because of developments in the 
primary market. 

The performance of the Elec- 
trobraz issue in the secondary 
market was surprisingly bad 
considering the advantages 
normally accruing to Brazilian 
D-Mark issues from their favour- 
able tax treatment for German 
investors. 

One key to the current situa- 
tion is that there have just been 
too many Issues by Central 
and South . American borrowers 
recently and demand for such 
bonds has been more than 
saturated. The Immediate factor 
was the & per ppnl. indicated 
coupon on the DH200m. issue for 
the United Mexican states. This 
was generally acknowledged to 
he completely out of line with 
market conditions, at least a 

quarter of a point too low. 

Some analysts suggested that 
the terms of this issue had a 
direct effect on the par price set 
far the Elect robraz offering— 
that this would have been a dis- 
count. but for Mexico's 6 per 
cent. 

The effects of the United 
Mexican States' mispricing are 
not yet fully clear. Exactly what 
they will mean for a placement 
for another Mexican borrower, 
National Financiers., scheduled 
for announcement later this 


Borrowers 

"ujTdoluars” 


CURRENT IN TERNATIONAL BOND ISSUE S . 

A ‘T“ MMrity *1 «« C T" <**• L “ d - 


Av. life 
yean 


week was not clear last Thurs- 
day. Also thrown into question 
by current market conditions is 
an issue for Brazil’s Light 
Servisios. which had been 
expected soon. 

The one favourable develop- 
ment last week was that tbe 
issue for Caisse Rationale des 
Telecommunications, which had 
beet) mooted as one of several 
additions for this month, now 
looks very unlikely to materialise 
in March, if at all in the fore- 
seeable Future. 

In the sterling sector, prices 
fell sharply on Thursday after- 
noon amid rumours of another 
impending new issue. Although 
none was announced over the 
week-end, an issue for Whitbread, 
with Kleinwort Benson as lead 
manager, is expected to-night 

In the yen sector, haggling 
over the yield on tbe YlSbn. 
Malaysian issue delayed the sign- 
ing of the agreement originally 

scheduled for last Thursday. The 
point In question was the extent 
to which the cut in interest rates 
in Japan should be fed through 
into the terms of this particular 
issue. It seems that issue 
managers' are trying to take 
advantage of the general fall in 
rates to increase the differentials 
between die yields paid by bor- 
rowers of different quality. 


tECSC 

25 

1993 

11.4? 

tECSC 

25 . 

- 1998 

1L88 

JtSTET 

50 

1985 

5 

ttCosta Rica 

20 . 

1985 

5} 

Jt Banco Union 

25 . 

' 1983 

5 

{MacMillan Bloedel 

50 

1993 

11* 

tttCanada 

250 

’ 1983 

5 

ttt Canada 

250 

: 1985 

7* 

tffCanada 

25* 

1998 

20 

^Australia 

350 

1982 

4 

ttNorjes K om munti bank 




(g'teed Norway) 

75 - 

1998 

13 

D-MARKS 




iEletrobraz 

150 - 

1988 

8 

t**BCOR 

30 • 

1982 

3t 

Mexico 

200- 

1985 

7 


$**Akzo 
t* Thailand 

Rautaruuki (g'teed 

Finland) 

Trondheim 

STERLING 

Gestetner 
SWISS FRANCS 
JOa Vale do Rio Doce 
Europe Resttlmt, Fund 

— N 
Malaysia 

UNITS OF ACCOUNT 
Ind. Bank of Finland 

(g’teed Finland) 

KUWAITI DINARS 


Paribas 

Paribas 

K redie think Lux, Orion 
BNP 

Morgan Stanley Int 
Morgan Stanley lot 
Morgan Stanley 
Morgan Stanley 
Morgan Stanley 
Deutsche 

jmith Barney 
Dmdncr 

Baycrfeche Verolnsbank 
Deutsche Bank 
Reutsche 
Dresdncr . . 

Commerzbank • 

Dresdner 

N. M. Rfthsdind. 
Mor gan Gren f ell 

SBC 

Band del GottanJ© 


Krediet ba nk Lax. 

KHC, Fin. Group of 
Kuwait 


ISona tradi (g’teed BEA) 12 1985/90 T 8 * 100 Kuw ait 

Not jet priced t Rad terms *’ "*»«« T Ro«tin* note 

tt Ref btemi with US. SeaiNde* Bodanfe Commission 1 Purdm*# Mm* 
Note! Yields m calculated on AIBO bails. 


Indices 


NEW YORK -DOW JONES 


Mar. Mar. ' Mar. • Mar. Mar. Mar. 
25 i 22 21 ; 30 17 16 


iinc® ro capital.' it 


1 I j — 1 

In i.i. in*.... 756.60 757.54 762.02 775.B2 768.71 762.82 959.75 742.1! I 1061.70- 41.2! 

I I 1 <3(1/T7) (2&I2/1B) (11/1/73X (2/7/42) 
H'mifB'n !-■ 90.04 B9.98' 89.BO 89.92, 89.72| 89.75, 94.97 09.54 

! l7.U) (26/1/78) 

Trnn-t-in.... 207.89 207.44 207.BS 209.78 207.29 1 205.54! 248.04 199.41 275.88 14.23 

i | iltf/5) 99/5/78) (7/2/69) (8/7/32) 

I'ulilir* 105.65 105.72 106.06 106.60 106.19 186.4S 118.67 102.54 163.42 10.59 

I , '122(2/77) CElZ.'iKiWA-m (28(4/42) 

Tra lin-i n.i! • j ! I 1 

W- t 21.290 21,940 24,410 29.300 28.470 25.4(KH — — j — — 

* h««i, n/ irwipi m^ruien 'nr ansira M 


H.Y.BJS. ALL COMMOH 

I I I 1B77i78 

M*r. Mar. j Mar. Mar. '***« 

23 22 I 21 [ 20 High Low g'**’ 

I ; i | Folia 

49.B#] 49.89! MJIH BOAT. 67.07 49.47 Unc* 

1 | | |«/l/77> (6/3(72) New 

Stew 

MONTREAL TT T~. T~ T 


lndit-trta' 

OimWinpl 


Euue and Falla 

| Mar. 23 Mar. 22 Mar. 21 


lasum trailed 

Risen 

Falls -■■■■■■■■■. 

Unchanved^ ,.1 


614 > 

ion-cod 610 

High ........ ... — | 

Low* — J 


JOUAJf NESBtJRtt 

(i(ikl 

ifiiln-lrlaia 


Mar. .Mar. ] Mar. 

Mar. 

ZS 73. \ 2L 

2 a 

171.28 17DJS !71.ai 

172.17 

1784)5, 178.681 178.84! 178.76) 

1 046*5 1044.5] 1045.6 

10483 

■“‘V r 

2D2.5 201.5] 195.0 

195.1 { 

137.8 187.7] 187.8 

19ELB | 


1,826 1,822 i 1.864 
702 1 541 I 479 

614 i 795 i 939 
610 j 486 ! 446 

— 23 J 39 

_ 20 I 19 


159.02 (25/10) 


I oil. ,1ir. Yield % 


Mar. 17 j Mar. 10 I Mar. 3 ! Tear ago (approx.) 


STANDARD AND POORS 

j 1 i ; i : B7T73 SEteTSmplErik 

I Mar. Mar. I Mar. j Mar. Mar. I liar. ■ — j 1 - - ■ 

) 23 ‘ 22 j 21 J 30 17 j 16 j Sigh Ut w High Low 

1 Industrial J 88. W 98.34 08.72' ”90-93 99.28 98.46- 110.92 90.52 144.64 5.52 

i I - I 3/1/77) (6/3/78) (11/1/73) (30/6/32) 

lUumprore 89.46 98.47 89.79 90.92 90.2d 99.51(107.08 B6.S0 125.05 4.40 

111! i ! (3.-1/T7) 1 16/3/78) (11/1/73) (1/0/32) 


Mar. 22 1 March 16 I Mar. 8 lYearaga (approx.) 


In 1. dir. yield t 

ln ». r b KhIim 

fewi ■ Ifiivt. Hun- 1 vieiil 


; Mar. 1 Prer- 1977-781977-73 
i 23 ioua High ; Low 

Australia TT 44G-S8 : 479.43 . 418 A6 
• ; (3/ 1/7B) (16/2/77 

Belgium (|) 94.12 93.77 99.12 80.43 
^ . i 1(10/1/77(12(1/73 

(Denmark'*' — 86JO; 107.92 I 94.00 

l ' . (9/6) 1(6/2/78) 

France (tt) 58.8! M.B 61A I 43J5 

i (20/3/78 (10/61 

GormanyttJ) 795-2; 194.0, HliJ 712A 

'(17/ 11) ‘(10/3/77 

Holland. (M)' 77.8 77.7 1 93.2 • 75.6 

I (4/5) (g&/9) 

Hong Kong 438-53 435.27 1 438-53 ‘ ite.™ 
(«*) \ £3/5/76) 1 13.1.73 

Italy (13) 61.33 61.68* 73.71 I 54.90 
■0/1/771 (22/12) 

Japan (a) 387.88 399.06* 399.86 360.49 
(10/3/78 (24/11) 

Singapore '281.02 280.97* 282-50 24228 
(6) 1 (22(3, -7a (3/5) 


99 1.0 (26/10) 


133.4 (24/5i 
168.1 <2Z;4i 


Mat.) Pro- :19Ti. 1*1977-7* 
23 vtoun ! Uich '. Low 

Spain ufl - I 8SA1 1 100.00 i tfLcS 
(30/12) |(17.3/7t 

Sweden I«] 3S2A0 36LB8 ! 416.68 ! 2a6.8E 
j 122/3) '124/11) 
Switzerl'di/ 293.1 293.1; 323.1 ; 280 A 

;<14 iZ -7t.i (4,3)77 

Indices and Due dates (all Dane values 
100 eicew NYSE AD Common — so 
Standards and Poors — u and Toronto 
Tuu-l ooo. the Iasi named baaed oo 1975. 
t Excluding bonds. 1 400 Industrials 
9 400 Inds. 40 IJuimeS. 40 Finance ann 
20 Transport, ill Sydney All Ord 
'Hi Belgian SB 31/12/0. Opentugen 
SE 1/1/73. itri Paris' Bourse 1961 
■ til Commerzbank Dec., 1953. ijg. Amsier 
dam. industrial 1978 -t?i Hang Sena 
Bank Sin 'to. <fl|[) Milan 9/1/73. (a> Tokyo 
New SE 4/L68. (b) Snails Times 1986 
ic) Close, (d) Madrid SE 30/12/77— High 
and low for 1978 ante. (?) Stockholm 
Indtwtrtal 1/1/58 ft) Swtar Ran* Cnrn 
tu» Unavailable, (xl Indices (or March 37. 


Apart from North America, 
nearly all overseas stock 
markets remained closed yes- 
terday following: the Easter 
holiday. There was no trading 
in Australia, Austria, Belgium, 
Denmark, France, Finland, 
Hong Kongi Italy, Luxembourg, 
Malaysia, the Netherlands, 
New Zealand, Norway, Swit- 
zerland, Sweden, South Africa 
and West Germany. United 
Kingdom markets also re- 
mained closed. 


NOTES : Overseas prices mown below 
exclude 8 premium. Belgian dividends 
are after wlUiboldinE tax. 

4) DM30 denom. rnile« otherwise stated. 
V Pus.500 denom. unless otherwise stated. 
A Krjoo denote unless otherwise staled. 
♦ FnJOO denom. and Bearer shares 
unless otherwise stated. 5 Yen 50 rfennnn. 
unless otherwise stated. 5 Price at lime 
of suspension, a Florins. b Schillings, 
c Cents. //Dividend after pending rights 
and/or scrip Issue, e Per share. /Francs. 
a Grass, dlv. IV. h Assumed dividend after 
scrip and’or rights issne. fc After local 
taxes, m T'» tax free, n Francs: Including 
Ufillac dlv. v Norn, q Share split, s Dlv. 
and yield exclude special payment, t Indi- 
cated dlv. n Unofficial trading, r Minority 
Solders only, n Merger pending. * Asked. 
- Bid. { Traded. ' i Seller. ; Assumed 
xr Ex rights, xd Ex dividend. xc Ex 
scrip issue, xa Ex aH a Interim since 
Increased. 


Bus company goes public 


HONG KONG 


BY H. F. LEE 

SINGAPORE'S main bus sertice 
operator, Singapore Bus Service 
(1978) Ltd., will soon be offering 
its shares for public subscription. 

A joint announcement by the 
ministries of Communications 
and Finance, whose officials are 
currently managing the com- 
pany, stated that all the assets 
and liabilities of the existing 
Singapore Bus . Service Ltd. 
(SBS Ltd.) will be transferred 
to the newly incorporated Singa- 
pore Bus Service (1978) In ex- 
change for 11m. $S1 par shares 
in the new company. 

A further 20m. new shares in 
SBS (1978) will be offered to the- 
public at par in one and a-half 
months’ time. 

SBS Ltd., which operates tbe 
bulk of regular bus services in 
Singapore is owned by four 
private bus companies in Singa- 
pore which ..were merged into 


SINGAPORE, March 27. | 

SBS Ltd. during the reorganise- 1 
tion of bus operations ini 
Singapore in 1972. 

The Government sent in its 
officials in 1974 to help manage 
tbe company. 

The announcement also stated 
that the Government intends to 
ensure through the bus service 
licensing authority that SBS 
(197S) is managed well enough 
to be able to pay not less than 
7 i per cent, dividend per year 
to shareholders. Last year the 
company reported after-tax pro- 
fits of $S4Jm. fSUSlihn.l. 
against SS2.1m. In the previous 
year. 

An unusual feature of the 
share offer is that members of 
the public will be allowed for the 
first time in Singapore to use 
their compulsory central provi- 
dent fund contributions to pur- 
chase these shares. 

All the shares of SBS (1978) 
will be listed on the Slock Ex- 
change of Singapore. 


firms Konj*S 


»w. SA-Sw.lT 


Govt. Ln*n IMS — J — j 

A raalgft iiwtwl Uttbbvr, 1-63 

tinmen •• I 

Cblmt LtKtH A Power ■ 21.60 i 

City HmhIh. _.. :37.Q0 I 

IVnmoii. ilium Properties.., 21.66 | 
(lim IUr(jiiiir74uoL....j 11.20ld/ 

K. Abu* Navij{UlOD~....... 3,799 j 

Udiu! Ki’«x AtRufl,.,.., 1 €>6,00 j 
Hons Ki*ne KlcetriP 4.95 | 
HousKims KiicImY1mi(i 16.13 ! 
Huns; Kons (‘•uwl in*m — [ 

lions Ki^lpMhuoKhm Itaak.U.BtUmlL 
HonRk«Hin>h»ilKlu*/U"*l/it tS-lU ! 
Hnlrhl-on Wh/unp* 4.50 < 

uiiur. HuilU- secu rules.. t0-60 j 

Janiine Mnihrani-.,. j 13.80 i 

Jardine see# „ MMWaai .i 9.90 I 

I lubber I 3.94 t 

suin' llill1>y,..,i II N««_.i 7.30 : 
3<4iilin. hir. Prop-...^..., 0.40 | 

3»>uili*r* T<u.il to ... | — .1 

>«ire Itacllie A ■ 6.50 I 

text lie Allta on I — I 

rca.tttei.Virp li( Hims turns! — [ 

WhMteuh M »rden > 2.26 

Whcelock Maritime j 15.36 , 

Wduiir Industrial .-.-....I 2.123 I 
U'ynror 1 _ • 


Vol. Cr. I-T! 3ni. Sharp* 55m. r' 
Source: Rni tfe Janeiro SE. 


OVERSEAS SHARE INFORMATION 


Inv. $ Prem. at $2.60 to £— 994% (981%) 
Effective rate at (L8735) 43|% (44|%) 


NEW YORK 


Mar. 1 Mar. 
S3 . 22 


Man Mar. 
23 22 


Mir. | Mir. 
25 i 22 


Ai/birt). IaI>v 

A>l'Iresmeni|il 

Aeln*. LiteiCW 

All 

Am- 

A intn Aluminium 

Alum i 

Ailechcny Lihll..! 
AUPi;(ien.v PteiiMi 
AiliwtOwmi'.-al.. 

AilieA 51'*r»— • 

.4 III- CIlAllUClB...! 

A M A X 

Arneiniio 

Aiii<f. Airline..... | 

Aini'i. Brniiil- 

A mer. Uti*ili»i.j 

AniL'i. lull 

Ante', i.'inmnii'i; 
Amei. Klc. I'm*.; 

Amei. K\|wev..„! 

AniM.Hmnel'nil' 
Ann-r. Alr.lli'H 
Amer. 3Ll"n> ....! 
Ann-t. '»(. li»'..! 
Amer. MnlUlaiit..; 

A Mini. M* iii-a j 

Amei. Tel. A Tei. | 

A 'iielck 

AUK : 

AMI*. ; 

A'tiim j 

Ain-lmi Hi vhili--, 
Anhi'u—.i U"v. , li..' 

A I'liu-i' Meet ! 

A.-. A • 

Aviniei* (it) | 

A -A ten I 

AxliMn-i I'u j 

Aii.Uii-hneiii 

A ill" Ltaln 1V>. | 

A VC 

Av I 

Ai'iu Pn»lib'iH....| 

tail Ui* h‘ei- 1 .... 

tank Amen -n 

Baukera Tr ,N.\. 

burner Uu 

bailer rn.Mkk.. 

Kmirl.v Kwi 

bvclunDi 'hcuBiiii 

Bell A 

tan-lix i 

tan^irel L'i«n« ■U.' 
tatbicbem Meel .1 
bln fe A Decker...' 
BoeiiiB 

biuie Imaiile..... 
lion leu ' 

Dvrs Warner...... 

bmfllff InL. 1 

Hrnocnn -A 1 ; 

Bristol Myers..... I 
BrlL PPL ADR...' 
Brock way O tass.. I 
Bruuvncb I 

Bucyrira Brie 1 

Uiuld 

Buiovs Wald) ....I 
Bunlnjiioo Nthaj 

Burrounbs I 

Cnmphell Soap...' 
CnitaiiwiD Paci He. I 
Caul UuHkKpta.J 

CAnudion | 

Carrier A Genera. 
Curler Ha w ipy, „ 
CaterpK arTract, 

CBS 

CeuinM Cwin—i 
Centra- A *»■ »'■ ■ ■ , 
Uerumiewl .— .-I 
C«r“U Air-rail ..[ 
Cb&seMuilniuii | 
Cbeml *iM8.67l 
CbenebrRb I’oivl . 
Cbtow rfy-lem. 
Chi.nuv BrliliLe,., 

CbnimaKoi' 

Lbn'-ier j 

Cinerama 

Ci 11 . 4 . Milarmn — I 

Linenrp. 

Cities Servine.... 
City J nee-tine ... 1 

Co.-s Con. ; 

Colei PaJi".. 

Uoliu- AUraum..; 

CoiumMa (ins ; 

Culumblit Ph't .... 
Cum. ln-.Co.ul A ui' 
Com rui*i hm Kntr.: 
ComboatiuD Eq..J 
C'm'n'th EIImiIU 
Uxn'w'lb CD Jtei : 
Cninui. Snlei'ilc. 1 

tlimrnii n r 1 4 '••ni'H 1 • 

Cmm. Life Inn... 

Lunrn 

Uu. lil isimhN . 1 

Uonso- fovt* | 

Conxii Kit. Gv- 
tiooaumer Huwcr 
CoadnenMi Gn<.' 
Conrinentm l/il» 
U.inllnenrii> Tele,' 
Conlrnl Dal* 

Couper l&dua. ' 


COTUltU; 463* 

. CPC Infn'lioua I 457® 

Crane 28 

Cn>4terKai.„ 25l a 

Crvm-nZeilerbDi-li 3 H 4 
i.'animin- Ensinr 35 
CurcWnubi j 176g 

Dans 20l- 

Itari InitiiNtrlea.. 371a 

Deere 24 jb 

Del Miinre. 23 lj 

Deltmui 77 b 

Dentsply Infer... 17 5g 
Detroll bjlimm... 16 
DtaniufiH^bamrb 23Ag 

Du-'Uiphrme Ill; 

Dnsiiai Equip..... 384i 
Disnev iw B ii|.... a 2 ta 

■ lAtvirr Ci'i-pn 385a 

Ui.w Client leal... k4le 

Draw IcBSa 

Dresser 09U 

Du l''Mir lulls 

U.imn Industries 16 U 

tiiiie Pu-tier 18 la 

tasiAinmei 7ie 

tiiHl msn Knlah. 42 1 « 
bui-jn 34 U 

b’.O. ill 21 i« 

pi I*sm> Nat. tills Ibis 

E»» kB/g 

BmerMin Bleitni- 
huien AirPr’Uflir 37 Sr 
b'inbirt 30 Is 

I3..11. 1 27® 

linxeiiMiri 23 

tan Lurk 275 b 

Ethyl 

r.xami 453a 

r'mr Iiihi Csniers Is71s 
/eit. DmjK.oi.itp* MU 
rlmiinie Tire.— 137s 
.•si. Ami, IbMhni, 2 bJe 

/ lexi Van 1BU 

KiiuiKme bl 

^iiiriiia Power. — 3u4a 
/IIU* 43 As 

P.3LC 20&s 

Kiml Motor..—... 44 S 0 

(-'un-roost Uck — 175 b 

/iahuro._ 33 >4 

r rank tin Mint.... '•’■'X 
r’reeirm Miners J IB’a 

r'ruebauf 26 Ir 

Faquainda^ I 105s 

DJVJ llta 

UanneU 37 

ueii. Amer. lot... 9 J* 

U.A.T.A 231? 

lien. Calue M"j 

Hen- Dynamics... 4Us 
Gen.Eiectncs.^.. 465, 

General, l ixxia- 275, 

General AIIIIm 273e 

Genornl Motunu.. 60Sg 
lien. Pub.Uttl>.. 20 la 

lien. slfjnHJ 245p 

lien 1 Tel. Elect— 293j 
i Jen. Tyre.....—. SS 
Ctenesco 6*2 
Georgia Pacific... 241 3 
tietty Oti 160 

Uilietie .1 27 ig 

U«jdriihFJ , ..._. 19 

nooilyearTiK. 16Bg 

Uouki... 861 * 

limt WJ{... — . 26 'a 
Ul. Allan PmTo 81j 
(J n.North iron... 244 

ureyluHimi : 13 

Dull A Wtaiern— ■ 125$ 

Uull Oti— 1 25 Tg 

UailiHirton....— ; 666 b 
tUnod Minins—.- 57 
UaruiBthieser...' 15 

liims Lorpn ■ 43 Sg 

demz R.J c5 

Heutneiu .. . ...... 1 2S^e 

Hrwlrtl Ph-Juinil 62ij 
Hiili'tay Inns— ..> 15lj 

Humeenkc ..... 335; | 

Hi 1 mi well— I 46 is 

Hiwver ..... 13 ! 

HmpCcrp Amer. 26i- 
HuusiiKiNai.ua 24"? 
Huui(PU-\] Cbm USs 
Huiroo It J’./. — 1158 
I.C. ln>iiHirieii... 22 Sb 

IN A 39 

luaetaH 507g 

Inbind bteel.... ... 36i a 1 

losilulk....— if t3>s I 

lniereoni Knenol 8 

IBM 1 23Si a 

lull. Flavours.... ■( <0 >h 
I nti. Harvester...] 267a 1 
inti. Mini Cheun sBIb | 
mu. Muiniorvtii..i mi 

men w 

ran. Paper. 365s 

IPU - *9U 

im i/nHfier. j idjb 

I tit. Id. A Tel.... j 29U 

liiveni..— I'd 1 

[film B«l ! 301a j 

ID internal I ikmI. 1 1 *a 1 
Jim Walter — — [ 26 \ 


Johns Manvllle-.. 
Jubn«an John Km I 
Johnson Control.! 
JovUunutectur'i- 

IvAUut Corp 

kaiserAiuniini'm 
limber Imlustrle* 

KaiMn Steel 

Ki») 

Eennoou.— 

Kerr McGee 

MiMe Waller 

Klmbem Clark.. 
Kot'pers.......^... 

Erart 

hiofter Co...,,... 
L«n Stiaius— 
UiibvUw.9odri...j 

Ijsrcii Croup— 

Lill> (Kill 

Ulliill linhi'l.._. 
Ls«.'kbee,( Aiicr'll 
lame star Ill'll-.... 
Isms 1-unA Ud. 
liim-Mnt Lauil... 

Lnbri 

Uicty Slum- 

L' L>*» Y’uiik' <T» ci 

MacMillan 

.'lacy K. H 

.'Ilf- Ham-rer^... 

.'la pen 

Mitral hon On 

'Ismie Mhtiamt. 
Msra bn 1 1 Field ... 

May Dept . *itt»re- 

■tlCA 

Mi'l/nDMi 

Jicteniiieli Dfrtlt 
Ui-tintw Hm„_. 
Uemurea 

Merck 

Memii Lynch.... 
Ma»» Pnroieum. 
MUM. 


Morgan J. P— _| 

MuUnotA. 

Murphy Oil „.l 

■Sabi-cn „..J 

.Valeo Cbemical..! 
National Caib.....| 

Sal. UtajJlen...^ 
Vu. Senrii-e In.lJ 
Natiunai Slerl....| 
Voliimaa ........... 

NCII ; 

Neptune Imp 

Non tab; land El. 
New England Tel 
Niagara Mohawk 

Niassro Share 

N. L. lodiuttlte . 

NurtotkAWceteri 
North Nat. Gu.. 
Nthn aiMet Pwr 
Nibweal Alrlineet 
NUiweai banrarpl 
Norton aunoa ....[ 
Ut.-i.ient a- Petrol 
Ojplvy Mat her— I 

Ohio Edison j 

Oiin | 

Uveneas5htp n ... 
O wens Corning ... 
Uwena Illlnote... 

CaclUc (iaa 

Pan be Lighting - 

Pac. P«r. A Li 

Pan Am World Air 
Parker Hannifin. 
Peabaly l nt. 
Pen^w.&Lt..^..) 
PennvJ.O..— ...1 

Pen until _...! 

Peopln Drug 1 

Peoples Gw 

PepsiCo | 


Perkin Elmer..... 

Pet 

Ptimj ..... 

P beips Dodge—. 
Philadelphia K'e. 
Pbmp Siorns.... 
Philips Petroi'it' 
PI 1 atxj ry 

Pitney Umrea— 

(*UtBUiD._ ! 

Plemey U& ADbi 


Poi»rniii_...^..... 
Pouiimu.' Klee— 
PIT., lu.iiisiriet^ 
Pro ter Cs ruble.. 

Puli ^ree h'leri.. 

Pun Man 

Pur*-* ........ 

UtMhci Ctate— .. 
Utjj r Ameri'KTi.. 

liiirfhctin m .,,1 

MCA 

tapabltc sleel...4 


Mar. I Mar. 
23 23 


! UenOD — 38lg : 39 
! Keynolda Meta is. I 981: ! 287g 

i UcynoKts K. J ; 673« I 57 

I Kich'ann Merreli. 23 Tb | 235; 
Mick well Inter... 3159 ; 315fl 
Uofam ft Hano— .1 aOJ^ j 305^ 


Koyai Dutch ...... 

Koa» Luks 

Byxier sywem_.. 
mreway Storea... 
St. Joe Uraemia. 
St. Keels Paper... 
Santa Fe Inda.... 

3xui Invest 

Saxon Inds 

'X'bitii Urevrini;. 

3whiumbeicer„.. 

SCSI™ 

X«u Ka)ier 

Jerirli Mrs-— ... • 
Dtndr* Dijoq Veal 

Ses Containers... 

Seaxtsin 

Soane <G.D.) 

dear* RnehucU._. 

3EUCU 

Shell tJII : 

Shell Tran- port... 

Signal ..... 

SlipusleCoiTi 

auupdi'lty Pal... 

Slnser 

Smlib Kline 

Sul ft ion 

Soiuhiiown 

Stailheni Cal. Bit. 

Sunlherri (Jo 

Stbn. Nat. Kiv> ... 
> mi hem Pai-ifi. . 
Southern Kail saj 

Soul blaa>l„. _.....[ 
a'w'l UansbarrsJ 
Sperry Hutch.... J 
operry Uonii— _. 
Squib... 

'Manila 10 Unuvl* 
SH. Oil Cal I lorn la 
Sbl. Oil lad tana. . 

atd. Oh Ohio. 

stnuO Cheoncal.. 
Merlins: Drue—. 

Stwiebaker. 

dun Ui — 

SundHrand 

Sym ex... 

iWhiucolor 

rektronlx 

TeJedvne- 

Te(ex_.._ 

i'eneco— — .. 

1'eaoco Pettoleam 

rerav 

Texoatinil — 
rexaa ltutm,, m . 
Texas UU k Goa . 
rexqs Utilities ... 

Time Ini- 

Times Mirror 

Timken 

Trane. 

Innamertee^.... 
fronrco. , 

rrana Union 

Tran - wav Int'rni 
Item worm Air. 

fnvieiliera 

iri Contlnentei .. 

L.K.W. J 

:0thC«)Wry Fox 

UAL 

LAKGO — . 

Ulil 

COP 

uni lever 

Cniiever NV_.._. 
Coion tanoorfL,. 
Union Coriiide,,,. 
union Commerce) 
uqIod Ui> Caiil...j 

Union PauficH..^) 

Uni royal — . 

United Brands—.. 
US Uani'orp^.. 

US. Gvpsum 

US. Sbne„ 

ca.Sreei — 

U. Tedimnairies.. 
C'V lndiutries— 
Virginia 4— 
Wiigraem...— . 
Warner Uunmn, 
Wamen-Lunhen. 
W*ate-.'1an'ment 
"'e> is-Faran 
Wertern Ban -tin 
Western N. Amei 
Western Union... 
W«stin«hae Eled 

Westnvoou I 

W’eyer haeucei ... 

Whirlpool 

White Con.Ind... 

William Co 

Wincotuln Sleet | 


59 1 SB ig 

14i 4 I 14i t 

117 8 .{ Hi* 

155 4 16 La 

38ia 381 b 

261& 267g 

2658 Z6>s 

34 Ig 54!g 

63« 55b 

htg 519 

12&e 12 

65<« 66 

lfi&a 156g 

1254 125b 

20*4 

6*4 63| 


5£ 

Xerox... — 

Zapata 

Zenith Had 10 ( 

VjS . TrwH l*l. i 
US.Trw»4|V6/7t'] 
UA SO Day bill*.! 


lBSfl 185fl 
27g 03 4 

423s 42Se 
lets iei| 
14 137g 

194U tS4i4 

taiT B t 82 - 
6 . 243 I aiaj 


CANADA 


AbiLibi Paper.....) SZU 12. 

Vgnico bat;‘e...... 1 55g . b 

A Maui Aluminium: 27lg 27‘ 

A goinn Meqi ...... 18 17 

laheMoa— j 36 35: 

tank ul Muntrca 1 I864 IB' 

tank Aiks citin' W4 19i 

taau. 1 Nesnunva..' 67g 6 

de» leiepliune— I 54 53: 

do w Valley Ind- -| h65fl 26: 

UP Camilla 147g 14 

draenn 165g 16l 

Hnn.-o t3.i» 13.1i 

iXinn Prvrer 365« 3& 

c»mflo Mine-..,.'. 13A» 13! 

<.«tiiuia Uemeni.. 9>« Bi 

Caiuvia NWLan-' lull It: 

Gan Impbiiktom 26 1* 26! 

tanaita Innusi IBlg (19 

Can. Pacifli- 17ta ' 17. 

itan. Pib'llk' lev I8J4 fl8 

Gan. ouper Dli &6 &3I 

Carling O'Keefe 5.79 3.7 

Garalar Aal'onoi'. 8*4 6: 

GlUeHaln 18Tg IB' 

Comlni-n.. 241g 24! 

Cons tat hunt 297g 26! 

Consumer Iras.-. 17 16: 

■Jfweha UewHirro 614 b' 

VHiain Kieh...._. fdii 9! 

Daon Derimt 7i+ 7! 

omiiiui kiiiCT.,.. 65 66: 

DomeMtaea. 74tg 74 

Dome Petroleum tStg 62: 

Dominion HrHt*el i!i4i 

Uomtar. ........ 155g 151 

Unpaou 12 la 12! 

Paicon'Re Nickel. I7lg 171 

reed Motor Ctan- 737g 73' 

Uenitor _...,..( 261# 26: 

Omni FeJ,wbnKe : tl25a 12: 
Uuir Oil Canada..' 27 27! 

Unirkeroiid. Can.. 6I4 b! 

Um linger ...1 31 30 

Hume Oli -A’ | 591g 38! 

Uudwm Bay Unc 161? Ini 

Hudson day_. 19 19: 

U.idBOn Oil ft Gut 43ts 43 

1^.0. .1 17ls 17! 

I muio 30 Tb 30i 

Imperial Oil 1 19ie 19 

1nao..-..«,.. „.i 16*4 16: 

liiila. 1U3* ICl 

I aland Nat. Gma.. IO4 10! 

l M, pPy Pipe Line 133a 13 ! 

KaMT UeooojTtSJ- 14la 14! 

taunn't yin Corp big 8 

Lob la a Com. ‘8.’ 3.05 3.8 

Hc'mm*n diosdi. 17i« 171 

Maaaqy Kamisoo lut> Id 

Mclmyn 21 221 

Moore Corpn 33*4 335 

Noranda Miaou.. 2319 831 

Norceo £nn^,. lbSg 161 

.ilhn. Tpit'cum..., 271 

•Sumac Oil ft liar 2Zfie 22 

(Jaaaroud PetPm. 439 4.® 

rttcihe Copper M 1.90 1-9 

Pm -ilk Petroleum! dBSg 381 

Pan. Can Pefm. 39)4 35 

rtunu..,^ 1I6I9 tl6i 

People, Depi.bJ 4AIU S-.9l 

Puce Ca. x Ui . j U.b4 U^l 

PuwserUeveiopml i.0 20 

PirawCorporat'n 1138 11*1 

t'-i.u 127s 13 

Quebec SiuraeoA 1.26 1>2( 

UwtfBr Oli...^.... i&it 281; 

Iteul Hha nr ........ 9(4 y ft 

Itio A iKom. ........ 273s 27ft 

ilutrsiUk. 01 Can . 28 14 2&lf 

Itovai Trust „j 174® 17C 

i.«|ititlt , <oan«| Big 8C 

•esKranu! 26 255| 

.-boll Canada. 15ij 13ft 

ibarrlti U.lline, 4.bO 4.M 

iiehena U. U j 33Jfl 33<f 

simpaoiu 4.80 4.71 

itcai 01 Conada.,1 23 L 

Steep Kouk Iron^ t8.40 2.B( 

Texaco Cetuvta... 40^ 41 

inrooto Uum.Pk.' 17ft) 17 T| 

1 raqsltan PipoLni 147g 147| 

l'rao« Mount Ui t 9ta B'i 
I rbo tlOU HOC 

union Uh left* lull 

Cid.Slawe Mine* "(Sfi 7 

Wn k« Hinim.... 32^4 32ft 

iVmi C<«u>i Ini'. 32*4 3Vft 

w«im. 16U 16ft 

t Bid. t Aimed 1 Traded. 

I New Koch. 


GERMANY ♦ 


AiftaBz Verawh-.' 

BMW 

BASF 1 

Haver. — — ! 

tava Hypo • 

Bayer Verehuhh; 
Citalm.Neit.wrr>; 
Commeretank.-.. 

Cumibrummi ; 

Uaimier Beor— 

Dejpwsa 

Demo)> 

Ueutaehe tank_ 
Uirdner tank.—. 
UyekerboIT Zeml.- 
(incehoflnuna — .' 
Hapo/e Lloyd.— . I 

Harpener j 

H.;echst ' 

H.jerch—„___; 

Uuneo — ■ 

Kail un it Saiz — — ! 

Karatadt — —-1 

Kauibot — I 

hifochner Dm 100 J 
ivHD • 

Kruppt -....I 

Uiwenbmu 100 .1 

Culthanra 
MAN 

ll.nm-mi nn 

UeiallKe, 

Uuncbener Buck- 

Neckennonn 

I'rettaOK DU 100. 

rflieinWMJilect. 

x-faennj! 

rirmen* 

Sud Z ticker... 
ilijn»en A_Q - 

Viirtx- 

>KlU 

Verelni>*'V»t Bk 
iVflkniaglii..-.- 


AMSTERDAM 


Abold [FI. 20) 

Vkro(Fl^0) 

■Ugfem Bnii(Fi.lOO 
AMHV 1FI.U9.-_ 
Aiurotank (FljaO) 
dijenkort_.„___ 
ikwaWept'mlK.10 
d urhrm XeWiTOd e 
Kiwvter(FLzO).... 
KnniaN.V. Dearer 
BuroC'OmTatFI.10 
Uitt UroaadeafFIO 
Heineken iFi jb).. 

HatftoTens (Fi^O- 

Hunter D.(Fi.liXT) 
K.U1L (>' 1.100) „ 
Ini MnllenliO).-. 
N aaiden (FtiGf)_. 


I TOKYO ^ 


’ AUSTRALIA 


PrtM# |+ or Div. -Yhl. 

Den- 1 - % % 

90.2: + US j - i“IT 
485 i+l !,18 I 1.9 
224 :-0.B I 20 ■ 4.4 
140 (+0.9 I 17 1 6.1 
140 i + 0.6 16 | - 
280 — 2 I 20 ; 3.6 
314. |~0.5 j ao I 3.2 
176 -5 

231 ' + 1 I 18 : 3.9 
76.9 +0.3 1 — 1 - 

307.5 +1 19 ; 3.1 

272 j- 2 ! 17 • d.l 
159 1 + 1.2 I 14 ! 4.4 
30Q.6 +0.6 | 20 3.2 

248m. , 20 I 4.0 

145 -1.5 J 4 I 1.4 
199.5: + 1.5 1 12 ! 3.0 
112 ! + l 12 j 5.4 
291.5+3.5 49 ; 3.2 

130.6+0.3 16 — 

46.3 +0.3 4 i 4.3 

120.2 — OS 10 4.2 
140 I— 4.5 9 3.2 

301 '+0.5 20 3.3 

211.5 +3.5 a0 4.7 

94.5+0.9 - - 

176.5 + 1.5 12 3.4 

97.1 - 1 - 

234 , + 0.5 16 ! 3.4 

1.900 aj IS 

108.9 +1.8 7 3.3 

189.5+2.5; 12 3.2 
168J. + 1 14 4.2 

216 1+2 I 10 2.4 

515 ' 18 l.b 

1 12.5; — 1.2 ; - - 

109 - - 

189 +0.2 16 4.3 
242 r-1.6 Zu 4.2 

283 L 16 2^ 

247.5—2 17 3.9 

127.5+1 11 4.3 

1/5 1—2 14 4.0 

1CB.2+1.1 12 5.7 

306 I 18 2.9 

213.8 +1 10 | 2.3 


'Price* i -ft- ox 1 
Yen — ! 


rt or 

Aunt. % : — 


HPrfce ] + cr [DU. i TtVt, 

I Kroner — 'r 1 | 


AaabiHlaaa 321 

Canon 478 
Co»u>..._....—... 680 

Chinan 398 

Dai Nippon Print 523 

Fuji PImio 969 

Hitachi j 221 

Honda Motor/*. 563 
Hob* Food..—. 1,180 
U. Iroh J 224 

lie Yokndo 1,210 

Jooca. 730 

J.AJ- — ..2.820 

Kanrai KtecL Pw. 1,150 
Homotau 321 

Kabaa. I 281 

KyoUr+’oramlc-.iS^SO 

Matauahlta irul I 671 

Mitsubishi tank J 279 
Miianblahl Heavy) 138 
Milan btafal Uorp._ 419 

Milam ft Co ] 315 

UitBukoab] 501 

Nippon Denan 1 1^250 


Sanyo Electrte._, 217 
iefcl»uL Prefab.,. B65 

■Jtnael'lD 1,170 

Sony 1.720 

raiaho Marine. 250 

lakeriaCbeniloai. 355 

I'DK 1.840 

iei jm 117 

t'ckio Marine 506 

lokio hlect Pow'r 1.170 

icwyo Sanyo 338 

Tokyo Shibau re, .. 140 

Torav- 124 

Inyrvn Motor. 915 


+ 2 14 2.4 

—4 12 1.6 

-7 26 2-2 

-9 20 8.3 

18 1.7 

-i 18 1.4 

+ 2 | 12 2.7 

-4 18 1.6 

-20 35 1.5 

+ 5 12 ! 2.7 

1-10 30 I 1.2 

+32 i 13 '0.9 

.10 4^3 
1+4 | 16 i 2.B 

‘ [ 15 | 2.7 

-20 35 ; 0.6 

+4 I 20 1.5 

! 10 1.8 

-4 12 4.3 

+ 2 13 1.6 

-1 14 2.2 

+4 20 2.0 

15 0.7 

+ 17 12 ID 

—1 16 1.3 

+ 10 48 I 1.5 

+ 3 12 I 3.2 

+ 5 30 1.7 

+ 30 30 1 0.9 

+ 10 40 1.5 

-1 11 [ 2 D 

+ 6 15 1 2.1 

30 [ 0.8 

H3 10 I 4.3 

-2 11 1.1 

-10 8 4.3 

+ 3 12 1.8 

+ 3 10 3.6 

1-2 10 4.0 

1—5 20 1.3 


P. — — ~l 

la. 

81) 


Source NOdto Securities. Tokyo 


BRUSSELS/LUXEMBOURG 


Mar. 23 Price + or Fra. 

Fra. — Net 


Div.l 
Fra. lYId. 


N aaidea (Fi J0)_. 
NattStat ina.(Fi.]0| 
Net UrolBkiFusa 
>«i Uidbfc(FLfiCnj 

iJee (FI.ED) 

Von Ommaten—. 
taftboed (Fi-20)... 

Phibp* CFI.IC9 

KjndefaVertFl.lbO 
Ibj*6S»(FlJa. 

KoUneo(F]hq). 

Burento (PihQL— 
UuyoLDutcfafFiJO 

SiavnnbntK 

S tevin Grp(Fi iO) 
Tooyo PhcJEkta-S 
Unilever (Ft ^0)_ 
Vlkinft’HeB.lotfSj 
Weetton'da. taua 


Price + or Dlv VI . 

~ * 

100.ff-0.rT *21 3.6 

23.0 —0.2 - - 

346.0 +U.6 IA23J oJb 
79.0—0.4 A»44 5.6 

72.2nL. U.b 6.U 

81+1 US 5.7 

102.6 —1.6 70 6.8 
6B.2— 0.6 26 7.7 

274 +2 121 1.6 

136.fi +0.5 32.6. 4.2 

62 - 94.1) 6.6 

35.4- .8 22 6.1 
99 -3 [ — 1.0 14 3.6 

24J& + 0.1 jl i.26| 0.6 
Bl.lr— J.2 12 5.7 
127.0- +0.5 j - - , 
37.9+0.11 lu 9.5; 
37.0f + 2JS 1U 2.7 
108.4+0.5 46J, 4.3; 
64.0U-0.7 21 7.6 

167.8. -0.2 At as 

153.6 +OJ9 A34| 4.4 

18 6.1 

35.5!-0£ 31 11.8 
24.7+U.3 21 0.4 

72.5 +0.3 16 — 

163.6 —OJB ASLK 7^ 

llfa.ff— 0.6 - - 

130.3 +0.1 14 5.4 
129.7-1.3 A30 7.7 

247.0,. 19 t.1 

135.0T-2.8 27* 4.U ' 
toi.oj 30 0.7 

119.9. +0.4 Adi.* 7.0 

37.6 —OJB 80 1.3 
418.6—1.0 32 3.6 


Arbed 2.180 

Oq. One. f*m h 1,420 

taken "IT 1.800 

C.BJL Cement 1.252 

Cock eiii 347 

BUNS 2,350 

U*ectrobe> .......... 6,100 

KobrlqueNo*. 2.425 

J.H. luno-Bm— . 1,880 

Ueveert 1,264 

Hoboken |2.1S0 

Intercom — 1.866 

bowl ietuuU„„. (6,410 
La Morale Bd.ps_ 5,540 

Pan Holding 2.400 

Peoroflna 3.820 

xt Gen tanque, 2.940 
.-m Ben taiglque 1,980 

aoflna 3.170 

itNvay — 2,420 

TraeUon BlerL 2,549 

UCH J 900 

Un Min. (1/10)... J 700 
viellie Mootagne^.330 


,-20 I - - 

60 4.2 

+ 20 112 6.2 
90 7.1 


177 7.6 
430 7.0 
170 7.1 
130 6 9 
80 6.7 
170 7.8 
142 7.6 
265 3.8 
306 5.6 
-92.26 3.4 
174 4.6 
.. 204 6.9 
140 7.1 

215 6.8 
A5M 8.3 
162 6.4 

60 8.6 
100 7.6 


ACM 1 1.(26 cant) — i 

Arrow Australia. 

Anted Mnt-TMg. tort ok 81 
\mpol Hxphwa n o n ..-.— 
Am poi PeCKrienm— — .... 

Assoc. Minerals— —■ 

AteOc.Pulp PapotSl 

Awoc-Coa. Industries. — ■ 
A not. Fou»lst)on Invest— 

AJSJ .i— 

Aurtura-o — 

•Vast. Oil fc Gas — 

Him Metal ind — 

Bougainville Copper..——j 
Broken Hill Projpnetaiy— .j 

BH tauth. 

Carlton United Brewery— I 

C. J.Coita 1 

CSU tSli 

Cons. Goldfield Am— — I 
Container (91)———' 

Corodnc Riott n TO. 

Cos Cain Australia. — —— 
0 umop Itubbesigli— — 

BBCOU. 

Bides Bmltb— - 

BJC. Industries,^— 

Den. Prop e rty Tr ust 
Hamenley, 

Houher. 

UU.I. Australia —. 

Inlets Cupper.,.,— | 
leonlogi lodustxlee— I 

f ooea (David) ^ 

Uennatd Oil— — 

Uteele RxpKnatton— ,. 

M IM Holdings J 

Uvcr tanpiwtum [ 

Nii-iudas internaiiumil,.,. 
.'lurch Broken ETiHnfts (DO 
Dak brii l^e..— .. .. 

Du aearch — 

Otter Kxutornthm. 

Pioneer Con rete 

tteukltt ft OX man—. — 
tL 0. sleigh——. 
south lam I Mining,,,— „ 

rooth (nil — 

Wt 1 too*——. 

Western Mining i&Oneua). 
Wool wort ha 


Pta-e + or Dte^Yld: 
Mar. 23 Fra. — Frs. | j 


Bergen Ban*—...; 90 V INMF 

tarrageard,— 66.0. +0.8 [ 4 T5: 
Credit bunk »IH,U.| IO6.W1 + I.O j It 

ta>mr» 1 272.M-3.76l 20 

hrol/tkiwMii— 104 it 

.Von4 Rydn*r.80 180 ;+l i 12 


It ; 9JL 
20 ; VA 


Strwflhrand 


104 : ; u JO.*- 

180 i+l } 12 1 0-1 
85.25! +0.35 1 . 9 10.6’ • 


tl.94 

+41.05 

ti.as 

-0.05 

ti .35 


tl.05 

-0.01 

11.86 

-O.BS 

T1.68 


tl.33 

r+O.DZ 

11.88 

-ILK 

tO. 69 

-O.IM 

12.00 


tO. 15 


11.17 


11.05 

+0.05 

20.23 


10.14 

+0.01 

11.72 


11.70 

+11.02 

12.10 

-0.06 

to.es 

+0.02 

11.04 

-0.01 

11.72 

-0.0! 

10.08 


10.15 

-0.02 

11.46 

+0.02 

t2.60 


10.73 

-0.01 

10.19 


11.89 


tO. S3 

-0.05 

tl.20 


11.50 

+0.02 


SWITZERLAND 


COPENHAGEN * 

~~ I Price 4 * w Div. 

Mar. 22 iKronei — % 

An ier»tankeo,,J 148 j 11 

■i'lin'dr V.m.j 44112'—.: lb 

Iftidske Bonk — .1 lZ&idj + I^ 13 

tail Aaiati -Co... 223^ 12 

i-'Lnanabankm—.j 138 J— 3 Id 
For. Hycs crier -.1 3351^' + Ha 13 

For. PSpir ! QU3 1 — 8 

Handeisbanh I27lcn 12 

J.N'Lh‘nH.ihLr37): 359 | + 3 12 

.Kotd K» pel .] 253111+318 12 

UlletHbrik | 84>b! + 2 — 

Prtvatbank j ISligaU 11 

Provtnstana 13819M 11 l 

tapb. Bteaxtsen. a69J+;— 14 12 J 

supafos— „.l 161 12 


VIENNA 

rtK* f«l OitJXa 

Mm. £3 * — *• } 

Jr wli tin« f.i 350 lu 2.9 

Hwiinooeei— ..... 260 ; — 5 ti 3.4 

TOMwta 573 48 8.4 

... 100 1—1 — 

’Iryt Daimlfit .... 184 [ n 3.8 

Veil MaglterU.... 2*0 ! 1« 5,9 


Price. I + or Div.iVld. 

^ I ~ % % 


Aluminium 1 230 +10 8 1,6 

BBC -A' 1.640 -10 1U aO 

llba Gdgy(Fr.KX) 1 200 -10 d2 1.8 

Da Pt. Cert*™ 900 +5 22 2.4 

Do. tag. — 654 —1 22 n.5 

Credit Miiese 3,536 -10 18 3.4 

Klcctrowatl 1.848 —5 lu 3.u 

Fiichei (Qeorge).. 670 +10 3 5.7 

Hon men PtCert-. 80,000 + 290 350 Q 7 
Do. ^Imaii)...,. 8,075 +75 db Q 7 
Inierioori B — ..,.,3,450 —25 2U 2 9 
J el awn (Fr.lOO)... 1 385 ......... 20 t S 

Neatte (Fr. IM... 3.170 + 30 vbj 2.7 

Hag, 3 340 «fi.s 3.7 

‘Jenikud 2.135 +15 /lb 170 

PlreUiSIP(P.lUil 273 16 54 

-mjvIoz (Fr.SSU)... 3.723 +26 26 lg 

Da Part Certhi 482 —3 26 2.1 

A-hiailierCteMOC, 305 +5 9 Id 

dtuzer Cle (F.I03) 355 +1 14 3 'q 

?vtsnn iFJbO). , 806 —6 B.&7 1 4 3 

•swI^tankiF.HM 364 —1 10 28 

ewiss (HcJ'^60), 4 450 -SO 40 22 

Union tank.—., 3,110 20 3 2 

durtt-h ins 10,425 40 l.g 


Hente 

AiriqueOuc+JV.* 
Air Uquid— ~_. 

Aqulwlue — 

UlO — 

taURnen. 

B. SJQ. 

'Jarrmoar 

C. OJf 

C.I.T. Alcatel., 

Cie Bancatre— ~ 

Club Uedltec 

Credit Com FVi-e 
CTeuaot Loire,.,. 
Pinnae . . 

Fr. Petrolea— — 
Gen. Oodddnhtie 
1 “etal — . 

laequw Borol 

l ihm » 

L'Oreal 

upland 

.vlalraot Phenix, 

Umbel in ‘iB" 

Meet Heoneasy... 

Moulinex 

PHrttMS 

Peuhlney,.,.,— 
Pernod- Uicanl .,. 
^ugeot-Utroen.. 
Pi >C lain 

itadio Technique. 

ilchnite 

1 i bone Ptanen. 

'U fioheln— 
tiu> Kta.ienni — 

liter 

leemcnniqiie. 

1 Ui m on Urnn n . 
U-iiiur,. ' 

STOCKHOLM 


732.0I+22 

574 +8 

270.1—1.0 
653.9 -O.l 
418 -10 
878 +1 
420 + 15 
1.486 -39 
329.8, — 1.2 
1.072 -28 
322 -5 

405 -5 

133 

72.01-9.5 
670 + 16 

115.0- 0.3 
186.G —0.8 

B8.05l-2.4S 
109.& + 12.1 

158.0- 0.8 
613 +3 

1.520 —10 
1.010 —17 
1.280 +7 

424.B +3.5 
J75 +2 

179.5!— .1.5 
90.0} +2 
220.6—9.5 

320.0- 4 

143 +8 

407.5+1.5 
679 +8 

66 —1.5 
142 -1 ' 
1.695 id; +16 
267.8+8.5 
737 +7 

178. 1>. -1.9 
81.4 - 0.6 


J 4i* 0.6 

121.15 6.6 
I 16-S( 6.1 , 
1 24 | 6.7 

w.ro 2.3 

31^5! 6.8' 
37.8: 9.3 , 
75 j 4.9 

27.6 8.3 
ifi82 5.31 

12 ! 3.7 
11.25} 2.8 1 

■ 13 j 9.8 

13 16.7 

1 7.6 1-3 
|14.10jl2.5 
[ 4.3 

I6.2S; 8.7 

lfl.77!l0.6 
1B.97; 2.6 
31.95' Z.l 
39.9 4.0 
32.65' 2.5 
12.ff 3.0 

,« a 1/7 

19.95 11.1 

7.5; 6.6 
7.5} 3.3 
15 4.S 

kTsI 6^3 

24 4.1 

B 12.2 
11.65 9.0 
39 0.3 

35.6 10.0 
22.75 2.9 
<5.15 8.4 


BRAZIL 

~ 4^ |BT¥. | TEC. 

Mar. 27 . Crux ! — iL'rus* % 

V.wit/I : — „j 1.35 iZZT.'fliia '8» ; 

Banco do BnteU., 1 2.48 i-O.120.17 U.wr 1 

.»mv Itau VN i — i _ " 

taiKo Miaeira OP{ 1.90 !— O.OM.12 
Uijas Amer. OP.J 3.27 Ua.aiV.20 

PctrobraaPF 1 3.17 I— 0.200.10 .3.1S- 

Ptrri liOP.^. 2.60 [ + O.t ZD. 18 HLIS& 

*xu* Unu OP—J 4.40 +0.110.23 Si£ 

Unjp PB — | 6.80 [—0-020.20 .7.94' 

Vale RtoDnpyPI 'i 1.60 OJltffl.13 H.ln' 
v oL Cr. lae.-im. Shares 5.tou 
Source; Rk> de Janeiro SB. 


JOHANNESBURG 

MINES 

March 23 Hand 

Anglo American Co ran. _ 4 .S 5 

East Drlc/ontcin JXM 

Elsbnrs .. . j .96 

Hvtnony 5 3D 

Kinross 6.0ft 

Kloof 7.30 

Rustenburg Platinum __ im 

St. Helens hjo 

Sautbvaal pjo 

Gold Fields A ujo 

Union Conwrathni 4.68 

De Beers Deferred 5^5 

Borroornltidcht 5.35 

Bust Rand Pty. ... 5,35 

Pree State Caduld 27j» 

President Brand U.jO 

President Stem ... isje 

Ihlfontelii 3-35 

Wclfcom In 

Wen Drieftmteln !*— " m.w 

Western Deep t;V^ 

INDUSTRIALS - 

ABCI 

AngJo-Ainer. Indmtrial ... 8.00 

Barlow Rand s .39 

CNA Investment* tl.15 

Currie Finance +0A2 

D* Beers Industrial 8 J 0 

Edgars Consolidated Inv. II SS 

Edgars Stums *29 OD 

EverRrndy SA lr i~.u a 

Federate Voir itwtcssrtngs . US 

Greaiermans Stores 1 , 7(1 

Guardian Assurance iSAJ 1.75 

Huletts 2 BA 

LTA ' — '■ 

llcCarihy Rodwoy - 0.62 

OK Baaaanc i« 

Pramier MlUne ts .75 

Pretoria Cement t3J8 

Raud Ninos Prope rti es ... 1 . 7 s 

Rembrandt Group Llj 

RCICO • gi| 

Saw Holdlnss i^s 

SAPPI j an 

sa " Srollh SaK2T 

iSA Breweries US 


Hand 

. X. 

+wr-* 

4.85 


JXM 

+0J8- 

3-00 

-'*rSB= . 

650 

-03# •; *_ 

6-00 


7.30 

+0.M 

1.U 

‘ “5 

1-L50 

+ft39- '• 

7J0 


19 JH 


4.68 

40.8s;' 

IBS 

-OJSJ 

5.53 


5.30 

4BSI'i 

S74» 

-myi.' ' 

18.50 

+®35^ - 

12 JO 


3 S3 

155 

+o.o»;? 

Sfl.W 


40JSli‘ 

\ - 

.-.'a 

MS 

-Wf>‘ 

8.00 


399 



+M3-^ 1 


!^Nciri 


all 


US 

,oa Kaa * *««• 

Unlsee — ^ 


SPAIN V 

March si per end. 

Aftland m 

Bancu Bilbao *' jift 

S*? A»awifo u,«n. as§ 

ttnneo Centra] JM 

Baneo Rnwinr Ml ' 

Hsiicn General 2U ' 

Unnco Craiinda tlfim ' 1 » ‘ 

eawo Hispano 201 . 

Banrn (nd. t v„ rl. 000 ) 152 
\\ ,tHJ Mrcllirrraneo . SC * 
Bancu Popular . ... - iw 
naneo Santander ( 35 » US : 


MILAN 


.IAIC. 

taHtxei .... 

Fl-tt 

Do, 1/rir.,. 
Piosider , IHH 
itMlcement , 
ililniler 
Vtedtotance 
.Ucitttfidisnn , 
Diiretn Priv 
Pii+nrft Co. 
PlrftHI $ in., 
into V|»cmx 


Pra* +• or 

Ure — 

i 108 +4 
. 431 +a 
.1,999 +20 
. 1.699 +31 
77 -0.2J 
. 10.310+10 
- 123 +1.5 

. 33.500 +Z9C 
. 140 +2 

. 844.6 

. 2,300 +20 
. 1.030 + 10 
. 647 —3 


Div- ;Ti.T 

TIT 

7.5 

-\ 8 - B 
2ixJ 1.9 

'.ami 3.7 


l ! LI 5-a 
ao! 6.9 


\UA An (Ki JO.. 

\ la Livh- B(KraC 

V5BA(Kr,lj01 

.Vria« Cu|k.u(KrSh 

Biller ui 

Hof ora, 

Cantu 

Celliiiiwn .... .... 

dio'i'iiix 

h'ncsaon *B'(Kt5(j 


Bsseite 

Inuga, ureei ,,.{ 

ntOi|ii|«lwiikeu,J 

il-ualKHi .... ........ 

'In U h Untasfti,. 

'HUIvik A.W 

'•K.K -U' Kra,, 
'i««n 1 fenoliildn,. 
tiiiimi. 'g’KrbC 

(iiehnlin 

Vnlvo (Ki. 


Prirt f „r| 

Kmno , I 

lircr- 

182 | "j; 

63.0ui.xnc 
117 —a 
87 +3 
125 1—4 
177x4-2 
214 I+l 

141 

138 ’’j 


Ttv.Vhl. 
Kr - ' % 

6.9 : 3.1 
6 3.0 


raiiwniKir iw< Ml 

PS» Krauuu iljntu 2U 


23a i+l 

108 

49.3 

2964 — l 
i25 1 + 6 
M +4 
aae L_a 
74+2 
147 Ui 
84.3 [ 

6 * 5 i + a 'OI 

28.0 ), p.s , 


•* 4.61 
, 3.2 1 
10 5.61 
10 4.8 
■'5.25 4.3 
5 . 4.4 

9 i 35 

J I S ’ 7 

16! 

c « i 6 - 5 

6.5 10.3 

5 -05 z.a 

4.5 1 a. t 

B l 5.4 

5 i 5.9 

5 ' B.ui 


■ ■ - _ MU1JU UJ 

JitPen Vtrara . ... 
Uaih-u Sarowaaftn 
Bsntiuninn ..... 
Banns Andslueia .. 
nabcodi WHeot „ 

Inmobanif 


JM - ' * * 

?»-- — - 

UD > - '• 

■231 . ■ - • 

•w- ---i- 
■ r 

IM 


MMnals Zum .tel- “ •• 

RW Thus 

J-ixss ii.oaoi ■ 57 

l-ronsa H.uoO) - 

Ual. Prnctafloi 1 £ ri + JL;-" , 

ItvcntuiTg u' •• 'mI.' : 

'^rro ... 

RMiHdui ... -M ; 

iVirfliHHir — sra. - 

Sarnn I'anateia 'I™ ^ . ' 


tflUi 

’ ’"'HI Blue. 


>jui 


• >«h li^uM. : v - . • 







a,- 




Financial Times Tue sday March 28 1978 

INSURANCE, PROPERTY, 

BONDS 


21 


AUTHORISED UNIT TRUSTS 


*e>' Ltff .\sumcn Co. Ltd. 

St. r>ur» Churchyard. £C4 013*8 Mil 


a«v Fund . . . us.a 35 j 

»ity Ac?.. . . an n? 

wtyKd . Ml* mj 

»r**rty Act . . Mt if? I 

'Mltrl'uiHl .. I)* 881 

nvcttlMc Fuad . U8« IM* 

Mint Fund . .119.7 litl 

-V* iVnpcnj .. UI2 177 i 

no. SeW-cUie.. N| jjj 

X5.Srctin|y .1332 MOJ 

. u.Msnagori IMS 178,5 

W.r{[ully . .142.4 1454 

. rap Fil.Srr 4 123 5 13D0 

u Fil sir 4 . 128 4 135 2 

2“H* W !ht 4 51 3 HO 

»« 1- d S*v 4 1110 1158 

coo Kd set 4 I war mo 

w> ,l March 31 viluollnis anrtnallv 

taV Life Anunoce Co. Lid. 

•ijrt Burlington Si.. W 1. 01-437 . r «&> 

lUlly Fd. Acw .Q7BB 
acUlat.Arc.. _ 1375 
-d.MMcyra.Ac.. 113.1 
-tLMsn PdAcm. W 1 
■OP.FJ Arc _ 104 4 
pelm.AR.. .. 15*4 


™ SKr-saysr- 


~ Property Rond* . UUJ 1752] . | _ 

~ Hambro Life Assurance Limited ¥ 
"Old Par* Low. London, wi 0l-4M0ail 


Tuei. 


lie- Pen. Fd Arc. 199.1 
wl Pm. AM .. 1715 
lMon.Pwj.Aec.. 126.7 
Aln.PnFd.4re_ IB4.7 

p Pen-Arc. 119.0 

letnvJ‘tin^4cc. 189.9 


378.4 -oq 

144 7 -of 

219.0 +B2I 


2042 

UU 

1*4.* To3 

1353 +Oll 
U02 +£jf 

5MjTo5 


Fined lat Hep. 

Kqiiity 

Property 
Managed r'-ap 
Managed Ace. 
nrmNn. . .. 
Gift Edited . 

PW1.F Ll*cp lip. 

IN-n.KI.rVp Act . - 

Pm.Ptnu Cap 

Pen. Prop A11 

IN* Man «'-ap 
I’m. Man Arc 
Pn.liillWc Cap.. 
Fra. i.|li Edg Arc.. 
Pen . K.S Cap 
Pcr.KS. Acr. . . 

7Vn.n_NF.Cap .. 
Pen. DAK. Ace 


7124.0 

w 

032.5 
0*3 1 
0139 
022.4 
(1266 
jM63 

B5J 

299fc 

1254.6 

J25A 

(ULl 

0W9 


1306 *0.1] 

110 8 —2.51 

XA5.7 -rOll 

1M.5 +0.5] 

171.7 *IT 
1398 +1.' 
-0.41 

1540 
210.1 
2681 
2102 
268.0 
UZ3 
13U 
128.6 
MU 


1D0.4 
1007 

Hearts of Oak Benefit Society 

li-17.TfliintockFUce.lv 
Haul# of Oak. . .1362 


Managed Fund 

hquityFUnri 
Prapen> Fund 
H\ed InL Fund . 
prpoxt Fund 
Nor. Lon. Mar 13. 


204 J 

224. 

3156 

332. 

1235 

130 

1578 

166 

1045 

UO 


080322200 


— Phoenix Asivuce Co. Ltd. 

— ~ S - William Sl, SC4P4HR. 01-8369878 1 /lilted Capital. “T.’liM 


Wraith An 
JSbY.Fb.4s* 
UbY Pta.Eq 


v::K 3 I f 


Abbey Unit Tct. Mgra. Ltd. (a) iz) 

:2 flu Ciuehnnc Rd A< icibur> 02« MM I 

Abbey Capitol U0.4 *2 W -031 406 

Abbey Income.. .pbN 143-0)1 568 

Ahhey Inv T*t Kd B1J US -Oil 4S7 

■Abbey Gen T*i |cj 1 459] _0 4( 401 

Allied Hambro Group laKRiT 

Hamhnn Hfl* . Huttur- Hrnumwi Li+tx 
01-588 2851 or Brrnlwood -<C77. -JI2C5D 
Balanced Fluid* 

Allied Ul. . . 

Brit. lade. Fund. _ 

Orth. & Inc 

Bret. & Ind Dev. 


Hambro Fund _. .N45 
Hambro act. Fd. IUZ7 


Garuaore Fund Managers V laiigi Perpetual I'nii Trust Mngml.V <a> 


2. St. «ary Axe. BOA a Er. 
fxlAitwrieanTst [Ml 
■BrhirhTrt. (Arc I J9 7 
Commodity <ta hit 1315 
iiiFarBan.Trart-. 29.1 
Utah Income Tst . . 
Income Fund. - . 66 8 
In* Agenda, ... 12 52 
InU Exempt Kd . B23 
-/'lntl. Tit. f Acc - .. St7 0 


UI-2K43531 4AHatl St . Hcnlej. on Thasiei. 

0 77 P- p+tuxlGnGth . 063 JS 71 


S3 5 

-■-w 

V 11 

328 

WL4 


354 

3Ud 

—0 2 

OH 

591 


9J2 

n* 

•*04 

727 

1331 

-0 01 

3 89 

894 

-0 3 

6J3 

2911 


187 


003 

M6 


ta-17. Tavistock Place. WC1B 0SM ~ 01387 S020 pJJgJIrty KSfr /fr- 


Prop. Equity & Lift- Ass. Co.¥ 

IIP Crawford Street. WW 2 VS. 01-4860057 1 
R_bdk Prop. Bd. ...I 172.9 

Oo. Equity Bd. .1 684 

Do TV. May. Bd Fd| 153 1 

Property Growth Amur. Co. LbLV 
LmoHooml Croydon, CR91LU 01-8800608 

175.2 


KVlifd. . 

RUShS" 

EV Fixed IM. .96.0 

EVProp Kd 950 

EVMrfPM T± 984 
tA Mad Pwl-B' 99.8 
MpUn. 99.9 


♦Property t- alia . 7147. 4 
— ftupe»tTS?rio«A..W«3 

BS? Hlr?3= {assss^.r 


DEV Life Assurance Ltd-¥ 
ta Um. Alma Rd. 


38L| 1 — Agrj C ulIurolFu nd 

HID Samuel Life Amut. Ltd.? 

- VLA Tw t. Addiarombo Rd_ Croy. 014B843S9 


109.3 *0 jJ 

108.0 
1037 
104J 
1037 


a;. 

Money Sene* A *3 

edlnLSer.A 


Pi*_ 

Pna. 


- -- ... 94A 

Cap. _. BS J 

Acc 1418 

raa.Gtd.rap. 184.6 

PaaGtd.Acc 1093 


15431 


1637] —Oil — 
967 -OJf 
957 -03 
1253 
101.4 
993 
142.9 
1493 
1103 
1151 


Snpwwtb. 

Equity Fuad— . 
Equity Fuad (A).. . 

Money rand 

Money PnndrAl 

Aituartal Fttnd_ _ 

~ fiJ Fund 

^‘H-Eaired Fd. CV'_ 
♦Rrtlre AannlB 1 .. 
♦Xnuaed. Ann’ty _ 


raw Life Assurance 
.'xheidfieitoad. W.12 
MIcFd.CplaL.mt 

Mk.FdSLl.’nt pi 7 

Htoni Mgd. Fd.. 11*3 120 


Mill 

xltys Life Assur. Co. Ltd. 


Imperial Life Ass. Co. of Canada 
01<4S9LL1 I ™PrriaJ Ho«»e, Guildford 
^ 111 Growth Fd liar. 23(687 

Pans Fd Mar. 33.. )643 692tf -OjJ - 

,, . Call Dnked Portfolfl 

IfiaBWsr'rBH 1 ffiS" 9 

BwrtwdRd.E.7. 014VM5564 SESSTSftffi-fe 

Irish Life Assurance Co. Ltd. 

11. Fituhuty Square. Ed 

a !i&& 

ra^-afodCihi^Eil mb. 


Ac. GVJ126.9 

• All Weather Cap 
„ 9Inv Fd. L’ta..^7..: 
mm Pennon Fd Dls. 

saHi’^ar-JaNSt-a 

Man.Penm.Fd_.... 



Matt. Pena. Cm. dl| 

Prop Pen* Fd II 

PropJVna.cap.Uta. 
rant 5oe Pen. LtJ 
Bda See. Cap- Ut 1 


173.9 

7143 

7093 

1503 

653 

1610 

1624 

1373 

1372 

1102 

126.4 

126.4 

1743 

1325 


Kro^g^U. TWfM * awmWro U*. 


1272 
142.1 
1307 
1413 
1317 

1422 

1310 
1281 
1186 



1 Fund* 

I High Yield Fd . . 
HI eh Income _ .. . 
AH.Eq.lnc... 

Imoodml Fuad* 

InternaUaaal . .. . 
Secsof America^ . 
Pacific Fund . .. _ 
SpeeUfat Fuad* 
Smaller Cd.-j Fd .. 
2nd Smir. Co'a Fd . 

RccororSlb 

Met. Mfc. t Cdty. _ 
Octznat Eaxnlnai. 
Expt Stair. Cv't 



Extra I dm n» 

I'm Small (.'o'-, m . _ 

L Capiul rand— 

Int Ern*. * Aweb, (45.2 
PW\-*leFnnd.. .-1349 

Gibbs (Antony) toil Tsi. Mgs. Lid. Accunilir Fund 9 
aSloahnlda.BCaMTNT. 01-6B84I11 


O4PU6808 
I 374 


Piccadilly Unit T. .Hers. Lld.V lai<b> 
SIS "'arturte UiO. SaaEorwlon W»H Eir 4380001 


iai.Ullncwnr---.-P91 *1 91 

■•lAilGronUitt- E* 3*4 

(HA G. nrtu)> B09 22.4] 

Desltox *Tuw ttWod. 


583 

230 

221 


326a 
’ 43 2c 
54.0 
483 
372a 
-63.5 
593 +B3l 
253 
234 


■WU! 

tD.1 

-OS 


950 
3 IB 
311 

l» 

£S 

248 
2 JO 


Govetl fJohuW ' 

77. Icmdbn Wall. E-C 2 
KUdr.Uar.lT . - -I124 3 

Do Aoeum Vajv — JW8 7 . 

Next deallne day April 7 

Grieveson Management Co. Ltd. 


I3J American Fuad 

030 Practical Invest. Co. Lld.V lyMcl 

44. Bloomsbury Sq. Wf LA2RA 0I-4S88B8 

Practical MarofaS. 0343 142.7^ ... . I 649 

01.HB5830 Acemn - U,,,a P*” ... I 449 

ui a 1 238 Provincial life Inv. Co. Ud-V 
U6.7|^ | 238 2S2.Blabop4eate.EC2. 01-2(789*3 

Prolific Until 173 3 7851-0 3 359 

llieb Income - _|U4b 112.oj .... ( 7 76 


MGrcaham St_ EC2P 2DS 

Baryta. March 15 - j09J 8 

• AcnstLlTalla).— 207.9 
B7xn.HYMar.33.. 1682 
(Accnm. Uniats. - 1?3.4 
Ekidoav.3lar.su — 165 0 
LAcctDn.Uaitu.M- - U 04 
Grnrbstr.Mar.2l_- 79-9 
I Accnm. PnHai 03 

Ln 6Bt*li aiar JS Hi 4 

Anderson Unit Trust Managers Ltd. CAecunt-L’nlui.- :_[70 9 
ISBFenebarcb Sr. EC3W BAA 
Andewon UT. ..... |452 48«... | 4.|8 


a=.i si 


01-4050323 

rcmnwuu — II II J 125 0) — 0 3| 454 

J-JJ Quflter Management CO. Ltd¥ 

The Stic Exclunse.lS72NUir. 01600*1 

in Quadrant Geo. Fd. .IlOlb 18A 

3, 0B quadrant I nca»e._ [1173 123.1 

3® Reliance Unit Mgr*. Ltd.v 

xr_ t . . . RolloDce Use. TnobndceWelU 6LL 0802 5ES71 

«3R3i Guardian RoyaXEx. L mt Mgra. Ltd opportunity ra. 1*03 64.4) j 5.73 

Bojal Exchange, EC3P3DN. 0IB288011 SefioidcT iAcc.)_P9.I 4L«-0^ 589 

Assbacber l. 'nit Mant. Co. Ltd 8*5^-051 4 61 SokfoTOcT Inr 4iH- 

1 Noble 5t_zc2V7jA 01«3«37«. HendoTOn Attain isIraricmUHW Ridgefield Management Lid. 

Inc. MootUyFund p54Q 164 M I 93 Premier T.T. Adndn. Hay lei cb Rood. TO Bos 418 Bonk Hse.Manchstr 081 228 89=1 


200.91 

n<* 

1789 
83.71 

7 ^^-a 


01-8064433 Prudl. Portfolio Mngrs. LldV (a Mb Kc; 


JJ* Holborn Bar*. EC1M2NH 


559 


Arbutbnot Securities Ltd (aiic) 
I 37. Queen St. London EO(B 1BY 


'Brentwood. Esao* 
OtlAtutralUtn. 
Cap Growth Ijk 


4fAjccum.L.rriUi_ .. 
iS>z% WdxwLL.lv 

Preference Fund- 


GotnmodityFNnid. 
'* .luutsi 


Gianu Fund _.. . 
(AcenBLUnitsi- 


0 l 7 "Si Pres i BCi *i Life Assontnce Co- Lid 
"Vl. — SH. Bl*hop*gate, E.C2. Ul 3(78533 1 


Initial 

«y Penn Acc. _. 

(nltlftl 

* -Current ui 


King & ShaxBon Ltd 
SCornbilLZCa 

Band FUL Exempt -0125 

Next deallpE date Ac 
Gout. Soc. Bd. ___Zpa.a 


.GtitiwmZl.;, 


1091 

uao 

-03T 

596 

429 

-*0-2 

533 

577 

-02 

533 

57.7 

-02 

257 

27.71 



41.ll 

- _. 

iTTfl 

183 



55.7 



785 



5QJ 


p ifl 

18( 


I'tfl 


^oj 



-03 

‘rtfl 

34i 

+81 

B3 J 

423 

-81 

G59 

2^0 


I'jKV 

7^ On 



TJi* 



78.1 



a4 



1855 

9.48 

931 

958 

12.08 

1200 

MO 
60S 
6 03 
331 
338 
330 
338 


(27.0 

375 

S74 


S Fijao.frm; ’ O.B 
High Income — . g* 

!5SS^iS5i~ £> 

on* Nat p.7 

WWW.Blar.l7 ... 78.7 

iu Cabot - 733 

Cabot Extra lac _ .(533 


2891 

403 

485a 

382 

693 

256 

595 

“bS 

363 
130.8 
253 
756 
766 
56 On 


-For ta* avempt fundi only 


2.72 

924 


338 Hill Samuel Unit 1st. Mgrs.t (al 


0277217238 Ridseileld InL UT.1BU 9ZJM . .. 

1 267 RJdSetteld Income. |93 0 99.ol . ... 

3« Rothschild Asset Management (g> 

580 7240. GMcItouacRdL. Aylesbury 08MSM1 
3-74 .V f aultj Kund...I15SD 168 01 -1 

4.40 s r. BinJIaj-TAlMl 1D2M -03 

8» N r.iDComeFuaflJM36 152H -LI 

6.47 N .c. mu. Fi. ilae.*P64 aiij -o.s 
n.c. i*u ya. ( te.ki m3 -ua 

133 n.c. SmQr Cay* Kd)l425 1517] -0 jj 

24? Rothschild & Lowndes Mgml. <a> 

956 sc.SwliMiuLane.Uin EC* ot«2fl*X« 

2” New-rt Exempt. ..K115 0 122M - J 3 72 
yjM Prise on March in Next deal mg April V 

Rowan Unit Trust .ling! Lid. 


321 

285 

1% 

1.92 

46? 


439 

173 

173 

231 

100 


*6 Beech SUECXPSUC 


0MB3U3S Prudential Pensions limited# 


value Mar. 15. 
fblve Life Assur. Co. LldV 

onbardSuECL 01-8231388 Ijin ghatn Life Aasurahce Co. Ltd 




■k Horse Mar. 1.) 127J7 \ ... ,| _ 

;iada Life Assurance Co. 

High SL. rotters Bar. Herts. PBar 51122 


<.Fd.Mar.l_ .. 
Ul FctLFeb. 8. . 


55 B 
U5.B 


Laaxham Hs. Hbltabrook Dr. NW« 
I Ingham 'A' Plan „ 164.0 67. 

♦Prop. Bond nab.B 147. 

WUqi iSP] Kan Fd[73.4 


ounsu 




Holborn Bare, EC1K2KH. 

gsMsestBa 

Prop. F. Mur.J 
Reliance Mutual ' 

Tu n bridge Weil J, Kent 
Bel Prop.Bds.~--l 1922 


1472 

»5 

674 


01-4051 


089332271 

i--l - 


inm Assurance Ltdp 
tnaptc Wy_ tremble?' HA90NB 

itr Units .10636 

tirly l’nlt*_. -977 
UyBtmd'Exec. 00 87 
« Hood'Eaec. . 0287 
BdEseciUnll. 02.76 
Mil Bond... . M99 
Uj' Accnm. ^ .. 164 

wrty Accnm. Q2.ll 

d.Vccum 1538 

Equity M7.7 

Property- Ul 2 

Uaa aged M.7 

a&T-as 

Eq. Pans. Ace.. 88 9 
’rpPcna Are.. 1033 
MSdL Pen* Acc 963 


Dr p. Pena Arc. 96.6 
GlirPcosArc.912 

5SLF 378 

3S1F.2 260 


nwl 

109 3 
1D1.W 

II 


1 ~ Legal & General (Unit Assur.) Ltd 

Kingstrood House, KUuswood, 

01-9028878 y. , W 80K>J 

Do. Accnm. 962 

Equity Initial .... 1118 

Do Acciuu 112.9 

Fixed lalttal 1168 

So. Accnm 117.1 

Managed initial... U3.9 


kOJW _ 

»W^T| " 

U 50 
UU 


JH 4 ” 


+D3l 


*aa 


*o:y 


— Do. Accnm. [1150 


Property IniUal . . . 
Do. Accudl. 




Current value March 22 
4tal Life Assarancef 
KPnHoMc. Chapel Art Wfon 080238511 


legal * General lUntt Patsb^T 

Exempt Ca*hliuL_ haj HOiVfUJ . . .1 _ 

Excmpi Eqty. IniL- 107.7 
. Do. Accnm. _ 1085 
- Exempt Fixed Init 104 7 
DnAccum. - .. 105* 

Exempt Ifagd Init 107.7 

Do. Accnm. 1085 

Exempt Prop Init . 95.4 
Do ,lccum 195-9 



Rothschild ASMC Mnwipiiwim i 
St. Swi fhma I jmim, TjhiHmi Wi 01-880098 

NC.Prop Dee »_{X1A1 12141 ..J _ 

Next cub. day Match 31. 

Royal Insurance Grasp 

No* Hall Place. Liverpool. 061 2274422 

Hopei Shield Fd —{1325 139L9I . I — 


ib) British Thui — 

■ CUiiVt Trust — 

GO Dollar Trust. . 
rR Capital Trust — g«.0 

Archway Unit Tst. Mgs. LtdV (aNc) 

3J7, ffigh BoQwrn. VC1V7N1. 01-8318233. ftS 

Archway Fluid .. _J7*7 816( . . j 6.02 tMHlgbTfaW1»L-|2t0 

Prices at Mar. U Next sub. day Mar. 28. 

Barclays Unicorn Ltd (ahg)V(c) 

Unicorn HOl 292 RoahBXt Rd.E7. 01^45544 
Unicom America— 

Do.Aust.Acc. 

Do.Aust.Xne. . 

Do. Capital—.. ..___ 

Dm Exempt Tst. 

Do. Extra Income . 

Do. Financial 

DO. 300. ... 

Do. General _Q9A 

Do. Growth Acc B*3 

So. Income 1bL.._ [775 
'^la Ptf. A"ns. TR. .. tl26.< 

Prices at Feb. 28 

Do- Recovery 093 

Do. Trostee Fund— OOBJ 

D<\ WTdwidn TranK*.7 
IT l-l It. yVI Tnr- K9 9 

tUAnm U3 


7621 -1 II 

M- 


332 

*50 

7.42 

742 

396 

196 



m ™„ n City-Gate Hie.. Finsbury 6q . EC3. rn-006 1«W 
in ns !ri RowuoAm. Mar.22.H15 6801 -0 it 

KmcanHs. Mar21 151 5 1595] . .1 

ra3 loi 217 Howanlfr. Mar.33. 521 S55j -8* 

Sn ni ?'yx fAccontTunittl SL5 

JE Rwn.Mro.Var.32,.695 

^OJ 7J2 lAcctntt Unit!) {m.I 

529; -o3 5^ Royal Tst. Can. Fd Mgr*. Ltd 
30.01 -0-H IA0 s^j^nyn Street. S.W I. 01-829 8=52 

InteLV (aHg) Capital Fd U3.4 66.94 1 3.91 

IS.aurUUipberStroet.E.Cl m B477243 dJu?e mJ a 7 ! 3 * 

Intel, hr*. Fuad.. — H7 3 935] l 660 rtiau dealing Kar 31. 

Dm Key Fund Managers Lid. (2 He l Savc * **”WPW Group 

136' 2S,3UB(Sc_EC2V8JE. Qj-OOBTIHO 

Wh feyEnergylmFd-Mi 731] -05] |55 (§&ir^31 

6.81 Save & Prosper Securities Ltd* 

.!2 iMcrasttonal Fuads 
7K Csttttal _ 



Kay income Fond.- 765 
Key Fixed InLlTd - 592 
K*F Small oroPdRU 


*63] -M 
6293 

88 « -04] 


LTU .. 

L'nlv Growth 


Save & Prosper GroupP 
4. CL Si. Helen's. Lndn_ BOP 3EP. 01-554 1 

BaLlnv.Fd -.{12X7 12851 

Property Fd.*.. .- I486 . 1575 

Gib Fd mt rwts . 

Deposit Fdr m« 1741 

Oomprans.Fd.t~— 1982 ' 2887 

EquitvPensJFd 1705 1805 

PropJVnsJFd.* 1986 2093 

Gilt Pena Fd 945 99.1 

DepoaJVns_Fdt — .(96.9 U25] - 

Prices on imcb 14 
tWsekb- dealings. 


01-554 888 

J = 
|e 


Baring Brothers & Co. Ltd? (agx) 

SB, Leadenhal! S3, 01^882830 


42« Klein wort Benson Unit Managers^ 

655 20. FenchnrchSt,'E.C-3. 01^338000 Inereosinj: laetnac Fond 

K_B. Unit Fd. Inc,- J77 9 84 44 ...J 877 Hlgb-Ylold 153.8 

6KJB.UnitPd6c. .i973 ‘ ^ 

535 
152 

SI -[1297- TJ gfjg* .... :ya7 

Lawson S era. Ltd tffaWci »2 


333 

42S 

209 


U5^ . j 4.77 Blgh lasan- Ftmb 

L * C Unit Trust Management LtdV Htehtawn -..jgj 

The stock Hchaitge. EC2S IMP 01-588 2880 Jncom *' ^ 

VAC Inc. Fd ,-0297 13351 -23 796 

I6C Inti Ot Geo Fd.HBJ) 90Jfl -191 


575] — 0.2f 673 




ss 


Stratum Tst. 

Do. Accnm. 

Next 


i Sta :;:J 

day April it 


J5J CRevr. Materials 

Accnm. Cnltft.— 


44.8) -oy 454 


a 


•Growth Fuqd__ 

Blshopsgate Progressive MgmL Co.y 
8Btabopagate.EC2. 01-8888280 9*7- ' 

B'g»tePr.-»Mar ?..{1SL5 X72 j0{ ... | 355 


ItromLKd 

•uwkerlnv Fd. 


9628 

10158 


nterhtmse Magna Gp¥ 
hequaa Sq, Uxbndga VW INE 


fc.3£S“ 

hsc. Managed- 
hse EanUy.— 

mBId.Soc. 

aa Managed — 


Hit 


1246 

1536 


Legal & General Prop. Fd Mgri LU 

1 1. t^ieen Victoria St~ ETAN 4TP 01-M8MS8 Schroder life GrOUnV 

life Assur. Co. of Pennsylvania Equips Uwlir-JiSH ' Sail if 
Ml 81 3M2 Nbw Band St-, wnoxtQ 0X838886 


AcscUtx. r *Mar. 1 D90.7 

Bfate InL Mar. 14. 057.4 
1 Accnm.) Mar. K-~p743 
Nea sob. day -April M- 



itAwann Units). 
*" HI Kh Yield. 


Aeenm. Unbsi- 


34.9 

376 


737 

992 

4221 

-xil 

737 

562 

6X1 

-02 

368 

6X3 

66.6 

+13 

368 

3S.7 

3jj 


X86 

209 

22.4 


080 

2X6 

23_2 


880 

492 



18.72 

678 

7U 

+0X 

1872 



291 

4M 

202 

334 


has. 


070327735 


I^apt-Biu ~:goo 7 - 1057] - ...r- 



r of Westadnster Annur. Co. Ltd 
{RHd House. 8 WhUahorsc Road. 

-dofiCKOCJA. 01-8841 

1 Prop. Fiuh 1-._B7 I 
.used Fuad 164 9 

SaihcrH 

jvrand Iw.t 

S-ltayd. Cap . 
slbifd-Aec. . 

1 Money Cap. _ 

‘. Money Acc. _ 17.* 

JilfcSf . 

ad currently c osod to new InreUt 
Jrotl'nhs™ | UU i 

' of Westminster Assur. Soc. Ltd 
phone 01RH 0664 

Unit* (1140 1X9.7] ... | — 

■ertylnitu — fco.3 55.91 1 - 

one ret ai Unlnt Group 
rieo'f . 1. l ; nri r rshsR. ECU. 012837500 Property Fund 

utAct'LMar3S] ttg 1*8.73 - 

tanulirina — 1 17.H l*-02tj - 

federation Life Inuuvtce Co. 
banccry Lane. WC2A 1HE 01-2420282 

mal Pen, Fd— }*93 727] 

.2085 

mi 


Lkyds Bk. Unit Tst. Mngrs: Ltd-- : 
TLLombani SL.EC3. 01-dBiaB 

EKHapt— —|*6 1U6] 7.96 

Lloyds life Assurance 

20. OKI cm St, EGA 4 MX 
Btt.CWj.Mar.23_™ _L205S _ 

0pt5 Prop M«r 33- 1227 1293 

OpL3Eqtj,-3l*r33— 1206 12S4 

OpLHyJIar. 18 159 1 U73 

OptSMsa JKar.U — M25 1503 

OpU Dopt5Ur.l« ..0203 126.7 


it 


K4S Gilt Mar. SI 1524 

KASSc.Uar.21 1285 

Mnjtd. Fix. SOu-. 21 1278 

Mbgd.31tar.21 139.7 

Money Mar. 21. 086.1 

WaacyaMar.il. 1163 

Deposit Star. 21- 1125 

Propert y Kar. 7 UM 

Property 3 Mar. 7 1473 

BSPft.Cn Mar. 7_ UU 

KSPn.Acc.lUr.7_ 1283 

Mn.Pn.Cp. Star. 7._ 19X3 2013] 

Mn.Pn.ActL Mar. 7. 2229 236.9] 


147.9] MM 

IM 
147.nl 

15248 

154.9H 


' Legal Sc General Tyndall Fund* 

Bri dge F und Man a ge r*V(aXc) w wt-n rt»u>i . ^ ^ 

King WilBalo £t_ EC4H SAB 01-8284931 CAceS-UnitiJ 1*75 7x3 ....J 538 . Bf-Gth'*.- |33A5 


Bridge Inc* 475 

Bridge Cap-lncf— JX7 
Bridpo SpTaS.T .. K5 

Bridge EMnpLT—. 128 
Bridge UfiLlneT— 143 
Bridge Inti. Ace.t~.P5J 


5X11 
Si 
36J 

137 

353 ..... 

16J 


7m Next: sub. day April 12 

3 ^ Leonine Administration Ltd 






l 79 




— 1 Mom March a fc 22. Dealing *Tues, Wed. 


Mrt dilM Fond* 

Select Intern at. — 12255 
Select lflcorao — .{5X9 

Scot bits Securities LtdV 
Scot bits 

56^| -Oil 350 

, „ ZBJ» _..j 216 

ScmEx.YUy6-.~pU 16954 .. 4 765 
‘Prices at March 22. Next sub. day April 12. 

Ui Ud. MM 

IS jg SIfer-r- Bt is SSssasK™' 

Am. Exempt*. 


Britannia Trust Managrmcnt(aKg) 

3 T Jimtan Wan BotldlagS, tjtpHm Wall. 

London EC2M SQL 

.Assets 


Lloyds Bk. Unit Tst. Mngrs. Ltdf (a) Am.3roHf___— 
Hegistxartb Dapi~ Gmingdo-Sea. Extanjx H1ch Y1d_*^48 

Worthing, West So me 1 0I4C31288 


(03061 OfiMt 


— 1 Capital Acc.. 


_ ... Scottish Widows' Gnmp 

Lmdon Indemnity AGnL Ins. Co. Ltd l foboi 802 Edinburgh EHU5BU. (OT-ossflooo: 

1830. The Forbary. Reading 58351 1 UjV-Mr.Seriesl g?3 99j 

Monty Manager.— p0-« 3271+03} — ■ Sv.ay.ftetes2_.. O B 

StjOleaiWc 065 28.01 _ Itw.ci* Mjr.a 969 

Fixed Interest^... - Wi 36.6] . J — Ex.ltt.Tr.llar.15_ D35 

-4 - Med- Pen. Mar. 30 -S48 7S20| -0: 

The London Sc Manchester Asa. Cp.| 

The Leaa, Folkestone. KenL 000337333 Solar Life Assurance United 



Comm tc Ind — 

_ _ 

DonsttiCw , 

E^a?ncamo_~ 

Far East— 

Financial Secs — . 
Gold ta General .. 

Growth 

Inc. 6 Gtwth — 

Inti Growth 

InvestTsLSbarea _ 

Mtarrals 

TSatHUhlnc 

New Issue- . 

North Am er ican — 
Professional 


Con Growth Fund. 
OEcempt FlmcJa. 


Inv. Trust Fund 


2083 

+21 

1274 

+0.5 

858 

+0J 

136.8 

+10 

304.1 

+0.4 

1203 

+0.9 

796 



107 CheapsUe. XXSV 8DU. 
Solan- Managed fi — D25.7 
Solar Property S — Unit 

Solar Equity*? -.11502 

Solar Fad fitt. S ^195 

Solar Cash S 

Solar IntlS. 


ittrFund. .... 
weed Fuad. - 
aalFen.FdL 
ly Pen. Fund . 
1 Ini ran. FdJ 
«*d fee. Fd . 
«trPm Frt . 
Meted In. PoL 


176.1 

129.0 

3R.4 


M&G Groaptf 
Throe Quays, Tower 7BD EC3B 
rare, ranrioo"*-- ... 0046 

Con v. Deposit*- — 1U6 

Equity Bond"" 1256 

™w®f7»0S“-— J5J-9 
ForaUyflldS*- 1*64 
GJUBond*** — — Mt3 
lrUwnatnl. good**. 183 
Maaged Bd*** — M52 

sssAtkp 

JammFtLBdF *M J . __ 

Mom 00 "Mar. la **Mar. S3. —Mar. 2X 

Merchant Investors Assurance* 


MoonrMrtt.Fd. -. 
Mw. Inv. Man JAl 
3br.lv Ply. Fd. . 
Equity Bond 

Prop. Ten*. 

Man. Pens.— - •— 
Equity Pena. 

Coov.Dcp ran*.. 
Mon. MkL Peas..... 


NEL Pioudans Ltd 
jrUtwi Cburt Dorking. Surrey 


1275 

-QJ 

1448 


1033 

—84 

3489 

+«J 

5*0 

-86 

.1346 

-0.1 

1341 

+06 

1593 

-It 

1376 

+0J 

I860 



thin In sa ranee Co. Ltd 
ttuUU.ECB. 01-8=85110 

al Feb. 15- — 11135 — I — | - 

iec.Feb.15. .M6J. - J - I - 

lb.Fd.Feh. 20. [1590 167j| . ...| — 

Ut & Commerce Insurance 

legent St. London W1R 5FE. 01-4387081 SS^itefSiT “ 

Hngd-Fd 11228 1320] J - 

aider Insurance Co. Ud 

ilaBaise.TswerPX.Era BV OS6 8031 
•TOP MW 7. |67 7 74^ | - 

v Star Insur/KHdlAnd Ass. 
eadneedlf SL. ECS. 01-888 1212 

■Mid. t'nlu -J49J ■ 51 J( -0.4] 487 

ity & Law Life Ass. Soc. UdV 

riiotnBwad. High Wycombe 040*33377 XelrxEq Cap I76.D 89 

..DM2 111 « -0.71 _ Nwla Eq. Acran ..{2043 

...|l02b 107 « . J - — ’ “ 

1 106 116.3 -o.« ~ 

. L0 - U73.1J -1 - 

1105 9 11X4|-0 5| - 

ml Portfolio Life Ins- C. UdV 

rtbolomwCl. Waltham Cross. WX3IP7I 
■UuFQnd .. ..I 129 J J [ - 

1U0 Capital.. .|41* <S7| 1 — 

ham Life. Asa. Soc. Ltd. 
tee flf Wains Rrl . B'narattt OK 43.835 
ash Fired. — 1954 100.- 



Solar Managed P__ 1256 
Solar Property P.__ 1MJ 

Solar Equity P. 1506 

Solar KxdJnt.P — U93 

. SoJarCashP M3 

Solar IntLP 947 


m 


016080(71] 
1324-061 - 
1X5.7 +02 — 
1522 -13 - 
1256 -0J - 

10SJ5 — 

1021 -0.2 — 
2322 -03 — 
1152 +03 — 
157.1 -U — 
3255 -82 — 

1853 - 

1821 -02 — 


Unto E&exgy. 


(645 

693 

-03 

472 

M 5 

+02 


54.9 

7X4 

-0.4 

U 


393 

-03 


i»1 

+82 

J 4 *® 

4L0ri 

+83 

I7X 

183a 

+03 

632 

W.9 

—06 

■82 

94.1 

-72 

732 

785 

+X4 

703 


-0.4 

I-; *■ 

576 


483 

OJ 


343 

37-Qri 

+27 


783a 

-02 

mTh 

360 

-0.1 

■'fJB 


-02 


473.4 

—23 


143b 



<Hu2m 

-04 


JOJlR 

+81 





01-838 OfTHXMGB First (Babied.) M.0 

Do CArcnmA_ *5.0 

« 43 SoeoodiCapJ— gJ 
on Do.tArCTun.1_— ._ 596 

5 s> Third rlncome) ». 776 

435 Do. (AccunO: |lM6 




Fourth (Exlnc.1 1572 


Do (Accnm.). 


63.3 


516 -031 
696 —06 
5U —03 
63.1 -DJ 
SM -05 
11X1 -06 
6X4 .. .. 
641 -41 


Exempt Mkt. Ldrs.*i242 
Extra Inc-TsL P8.0 


JJJ IscooteDW. — — 138.4 
52 lot lira Wdnri. — 29.6 

5a Intnl. Growth — 426 

J” Inv. Tat. Units. Z26 

f Market Leaders 276 

“3? -Nil Yield* 273 


JS Lloyd’s Lite Cnit Tst Mngrs. Ltd 


Z-53 PretfcCTrrrast- 243 
'■■■ Property Shares— 25.7 

Special Sit. Tst 24.4 

ILK. Grth. Accnm. 202 



46V _ 

363 77-80. Gatehouse WL, Aylesbury 0BH5M1 ul G ctdDiM. ..__BA2 

469 Equity Accnm PA4J2 15Ut . _..| 437 *Ne*t sab. Mareb 22. 

’273 MAG Group* lyXcXx) J. Hemy Schroder Wogg St Co. Ltd* 

Smee Quays. Totter HUXJ5C3B BBQ. ms» 4388 U0 l C3MMPBidc,£.C3.. _ _ „ OI^MOSCM 


San AfiJUmcc Fund MragmL Ltd 

Sun Alliance Boose. Horsham. 04038*141 1 

8BBa»y° , aun j = 

Sim Alliance linked Life. Ins. Ltd 

Sun Alliance Uonae. Horaham 04038(141 


The British Life- Office Ltd* (a) 
Reliance Hie_Tt»biid*e Walla. XL 088222271 

BL British Llfb Mu 5f* -03J 368 

BXBelanced* W.7 44B ... J 560 

BLDTridcmf* m3 *4.7] _....| U8 

'Prices March 22. latest rirailng day Match Z9. 


Brown Shipley & Co. Ltd* 
Mngn; Foundere Ct_BC2 
BS Units Man 21 __ {204.4 Z20M — J 

Da(AcclMar.21_P&0.9 ZWJ] ___] 
Oceanic Tmti cbj 

^1.7 

U 


J-S‘ See also Stack 

J-™ American 

( Accnm . Unlm 

Australasian—— 

rAcetts. Units) 

Commodity — 

CAecum. Units) 

Compound G rowth . 194.8 
Conversion Grawtld496 
CcnserstOT Inc. _-p5.7 
Dbndend ]307 


267 

695 

266 

471 

363 

276 



Dealings. Capital March 21 _ 


X06 'Accum.1- 
166 toromc M arch 2 1- 
ZM Wcom Units] __ 
2M General Mar. 22— 

432 CAccum. Units). — 


0141001320 (Acctub. UnlU>_, 
220-5 _..J 464 -fiSE* 1 
1 464 


fAdoum-Unitt i »53 

SlCctSTunllij J67 

Extra Yield — 78.9 

(Accnm. linita) — - 1856 

Far Eastern »L7 

(Accnm. Units)— 45.7 
Fund of Inv. TsU— 55 .0 
6.0 
154.7 


General. 



EauiR-Fnnd 1028 

nxedftitmstFd._ U27 
PropcrWFnod-. — . 1823 
International Fd. _ 96.7 

DeporitFnmL- - BA 

XUnagedFuntt.— 11015 


Son life of Ca&adit (UJCJ Ltd 

22.4.CeckswSuSW1Y5BK 01«0S480| 

MajrieXLGrth. ] mz 

MspleLf. Stated. . I 1328 

aapptoix Erty. . . . 1203 

POTtO-raTra..... 2002 |+0J 


Growth Accnm. 

Growth Income — _E 

mi 


Indcx. 


— I Overseas. 


P etforma nee- _E 

' [ro 2 6X61 . - i ASA 

Canada Life Unit Tst Mngrs. Ltd* 


3SJri 


181 

- « 

43.3 



.... 



1* Am 


381 


17.5 



, tfln 

P>9 1 


61*1 

- -1 


(Accnm. Units)—— 063 
High Income—.— »6_ 

(Accnm. Units) 1566 

Japan Income—— 066 
J26 'Arcum Units) — -1366 
535 itagnmn _______ _ tSLD 

533 (Accum Unit!) 2267 

969 MkOaiid 1536 

3-7* (Accnm. Units) — - HU 

S SSSPd=5crS5 

«4S Second Gen. -fl546 


567 cAoemn. Units) g3tt9 


U1-P3UOW 

a= 


1 Units' 

Specialised Ftands 

P. Bur 51122 Trostee 

459 (Accum Units) — 
469 Chari bond Star. ZX - 
766 Cbartfd. Mar. Zl_ 

766 (Accnm. Unite)— 
Pons. Ex. Mar. 30 


nuityFund I [100 0 
lit Fund - -B147 
ill Fund . noi2 _ 

Wr Fund . |955 380. 

rth Sc See. Life Ass. Soc. LtdV 
lank Brar.nn- Thames. Berk* 



Nd ex Money cap. . £5 2 613-1.3 — 

Neles Mon- Aee-»2 6*3 -ia — 
Vele* Gth Inc Acc.. 1*7 0 49.4J -*-27] — 

NdMGUHncCspJ466 «.Bt +2*1 — 
Sen sub day March 3 

nr New Chart Property xr amkr 
RathschiU Asm* Management 

NM Pensfons Msnsgement Ltd 
4aCc4rechui'CbSl_RC3P3HK 0IAZ5-CMO 

■nsrafe-iis. «zz$iJi c 


Target life Assurance Co. Lid. 
toll Tgg Hhare. 

Stan-riind lac- _. (97.7 W3.4J -*3J] - 

M«c_ Ftnirt Aee. _ 112.0 1185 ^03 - 

Prop Fd inc 1672 1136 

Kop. FU-Atx: 1320 

PfopiFd. bn-.—— lUh 

Fund InL Fd. lac. 1093 1133 -07] 

Dtp.Fd Ace. Inc... 97.6 1833 +0.U - 

ReTPlaa Ae.Pen. M3 76! -oJ - 

ReLPIanCauFnn— 576 621 -53 - 

KeU’lanMan.Aec.- 1222 1293 103 - 

ReLPlanMan.Cnp. . 1136 1203 -r03 — 

Gttra. Acc. ___ 137.4 1453 . 

Gilt Pec-Cap. 012 1383 . 


20 High St. Pottero Bar. Berts 

Can. Gen Dirt. B56 37J 

Do. Gen. Accum W36 434 

Do-Inc.DiS 4 

Do. Inc. Accnm. - 

Capri (James) Mngt_ lid* Manulife Management Ltd. 

100 Old Breed*. KSeiBQ 0Wi f*J™ ^GrergrtWhy.l S *SS W 5141 JST^S Tar « et TsL «» 

5141*0.6] 3.95 3j > G rBS ) ia j n si_EC2. 



(942 

976 


248 

11)1 

117J 

..... 

248 

1726 


—J 

6.93 

25X2 

2603 

— 

891 


MJ 


335 

.ti* 

99J 



335 

292 

31_0 


XU 

918 

yijR 


XU 

1681 

' 3M3 



4X6 

2858 

711 1 


4X9 

1672 

17ZJK 

.. M1 

5.48 


568 


375 -PH-CIgM ffchg 
966 "Sport Ex- March ' 

122 -RecmwMar.7- 

&22 "For lax exempt funds only 

ig Scottish Equitable Fnd Mgr*. LtdV 
255 28 SL Andrews Sq_ Edinburgh 031-6588101 

®~® Income UniU M82 513] .._.J 568 

274 Accum. Units __ — ^46 S3 “ 

2.W Dealing day Wednesday- 

4.93 Sebag Unit Tst Managers Ltd* fa) 

J-g PO Box 51 1, Bcklhry. K.C.4. 01-2383000 

Security Selection Ltd 

im 13-10, Lincoln's Inn Field*, WC2. 01-831 OBSCU 

409 UnrlGtbTrt Acc gl 2461 _..J 362 

727 Until Gth Tst Inc _P03 Zlij J 362 

m Stewart Unit Tst. Managers Ltd fa) 
divS 48wChari«teSq_ Edinburgh. (Bl-J3B32ffl 
5-S Stewart American Fuad 

am Standard Uniu 07.7 6161+121 160 

Accnm. Units (622 66T 

Withdrawal Unite _K7J 50- 
__ Stewart Brirish Capital Fori 

f-77 * standard P26.4 136,91 __J 3M 

Accnm. Units (M4S 136.9] .. 4 360 


834 Son Alliance Fond Hngt. Ltd 

HS Sun Alliance H*e_Hnrtbam. 040364141 

S:B 


Capital 




Prices on Mar 15. Newt dealing April 5 Mayflower Management Co. Ltd Target commodity 

M'18 Gresham St_ K2V7AU Oi-dOBBOOS I 

Inceme.Mareha-tlOXd 10664 J 8-H oSIS^Sfea: 

• 523 *DU ACC. Units 


Carliol Unit Fd Mgrs. Ltd* (aKcl 

ttllbiim Hoose. NewcasUo-aj7<m-T)T>e 81 mb GassraJ March 21 — )676 7XU( 



tic Finance 

UBkScrt 

:uk 5ci . 
.Super Pd. 


Cop. Deposit Pd. — 1953 


Tnmrinternational Life Ins. Co. Ltd 

New Zealand Ins. Co. ICJK_) Ltd* : Bream Bldgs. EC4LW. oiaom-jf? | 

Maitland Hotwe* SouthradSSI 2JS 07028280 

H4J: BPS® led 



M. I a«W I . I - Amccicwn Fd. B.6 M8.H +2« 

SBm?* Miai- Trideal Life Assurance Ce. Ltd* 

t. — ( J.7.WJ 1 ■ • J — 


Mm. Pen. rd. Cap. . 
Man. Pen. M Act .. 



Carliol . 

Do.Aoram.UxaU J 

Do High Yield 

Do. Accnm Units _ 

Next 

Charterhouse JaphetV 
1. Paternoster Bow. EC4 * 

CJ.Intenmll 046 ZtM . _. 

Accnm. Units- 2X8 2D 

CJ. Income — - — 336 ».•■ .... 

CJ- Euro. Ptn 256 276= ._ 

Accum. Units 296 316a 

CJ.rd.Iov.TB ... 246 242 

Acrtalt . Units „ — ( 276 .294 


466 


put 

573 

365 

2036 

2783 


Mercury Fund Managers Ltd 


Target Gill Ptotd — tUDJl 


861 20. Gresham St. BCZP2BB. _ 0J6TXK553 TarSSfl. 1 


B.U 


Price StaTOb 22. 


: ii-y 


Starch 


4.93 Do. Reinr. Units. -1 

4-93 Target Inv— 

163 Target Pr. Mm. 22„ 

163 TgLinc. 1 ... 

469 TrtProt. &47 

«69 Oeomo Growth Pd-W.9 


Dealings: 02885041 


il 


276 

iS 2 


|SJ +031 
fi25 -51 
-39J +55 
2113 
2805 

2Mta —01) 
256 -03 

27.7 . „ 

29.7 

13U 

30.7 ..... 
163 ..... 
1M .... 


463 
4.47 
598 
666 
666 
360 

464 
212 
211 
364 
448 
839 


461 


MereGen. liar. 32 -P629 

Acc.Uta.Mar.SS._gjU 
More. XnL Mac. 22_[57.9 
Accm-Uta Hot. 22 _H2.1 
moaewmo Mero-Ext Fcb33 ._ 097.7 
61-2483800 AccaBLTJtii PehwSi^M. 1 ! 

uo Midland Bank Group Target Tst Mgrs. (Scotland) Wflri 

6.98 Unit Trust Managers Ltd* ta) ia au»i Crescent. Ed. a a. au-229882is 

ifl Courtwood House. Silver Street. Head. TargK Eagle 048 25.4+03] 160 

361 5hrtH«W,6I3BD. Tel: 0743 78842 Targol TWjSc . . ^95 . 42^ +0j| _564 

»66 7ig*o3 

fi ■ *■-« 


Do. Accum. 


Chieftain Trust Managers LtdTfaMg) S S+jS”” " ~ 

30 .a Queen St_EC4R 1BB_ 014482833 Do. Accum. 266 

ss+ui in fiass-E:— K 

tSZF^. 6 246) rf.TJ i« International 426 

Besm Resree^nElHU SM? .. J 560 

Confederation Funds MgL Ltd* te) — B«n 

50C2tBaeeQ-Xmie.WC3AlRE 01 atSOCSZ Do. Accum. _ 1948 uuw 4 a.oo n — m, 

Growth Fund P8.7 «06J . __1 470 *Prices at Feb. 28. Nest dealing March 3L gff5nuS£» ' ~ Ml 

r™d tbmrm. Minster Fund ktenagers Ltd ' g2£yR£S *2 

3a ram Street, loadeoSWix8El-Oi-xiS8333. SI 

Caxmopetfa.Gth.Pd (16.9 1 43] —4 60S SS^rrtTaa:™S2 H6| .”1 65 m£S5^mS?mZ SI 

Crescent Cnit Tst. Mgrs. Ltd (aXg> ^ Unit Trust MgcmnL Ltd vaa^KMwZL «4 

4MaM0e&es_Ediiiht»h3. 081^2384831 Old Qoeen Street. SW1H ftKJ. 01-8307333. r Accnm. Units) .P5 l7 

vm -«|*» V** •*“ W* -I * M vSn^-wMm'Si: 

55? Muta * UBit Mtaagers* (aXg) 

V M 464 12CaptheIIAwuBC2R7BU. 01^004803 1 

Mutual Sec. Phi*. — (483 5X« -0.2} 692 £5f 

IRscrefionaxy Unit Fund Managers iMfe.Tfer'B* ^oi] Vrr 

39^ 7n 869 Tyndall Blnnagers Ltd* 
N'aflonal and Commercial is. carnage Read. BrtmoL 

E. F. Winchester. Fund Mngc Ltd 3U&. Andrew Square. Edinburgh 03l ^eaisi 

OMJOWW.BC2 0l.0DBaS7 ijrtwMOT.lS — .0442 1496} . 4 6-» ci^^- S_:Znn* 

Great WtaetaDSwr^nrn J*jH .. .1 LM ^SlMarlS^ DOTA mi 1 Uniu) 164.4 

GLWmch-er O’sea^llO 3R} - f 560 jg| "d lS S»4 

Emu Sc Dudley Tst. Mngaut. Ltd National Provident Inv. Mngrs. Ltd* Q mynfl e.Mar.gi— C6 
30. ArUnKtoo St. S.W.1 01-4M7391 4&GracechurebSL.BC3PaHB 01 -€234300 tSfjgS^w S at" ' mg 

EoMmDudlcrT9L.|6a7 4541 ....4 5X0 N-PJ- Gth.L"aT» _ |«J3 4711 . .. I 360 fAccum. Uettst 2536 

CAccem. Unluy — BM 54 lM — ..] 360 ScotjCap.3tar.2Z_n326 

Eqt ritan Sec s. UdVIahtf ^ ! 1 IS **"**- 

-U Blabopsiate. &C3 0M88383I -Prison Frt fiXM aSSSg Web V. 

Progress i ve (426 63 71-061 463 'Pnoes im March 13. Nrxl dretf&i:AprtlT 

National WestiulascarVfa) 


+03] - 


FINANCIAL TIMES STOCK INDICES 


- 

Mar. . 
3 ! 

"Mar. : 

sa ; 

Mar. • Mar. 1 M* 

21 1 20 } 17 

erninrai a»v 

7627: 

79.4<»: 

75J6; 

79.37, 75.69; 

ri Inter ml 

79.98; 

782)4 

7823 

7820' 782C 

tstrui Orrtinnrr..- 

460.5 1 

463.6 

468.5 

458.6! 4572 

1 Mine* 

156. e 

163.5 

1412> 

1412; . 1482 

Uiv. Yiou 

5.B&I 

6.85 

9.79 1 

6.89! 3.91 

lings T'ht%Uu<ii ). 1720 

1723* 

17.Q8, 

17.31 172£ 

Hallo iiwtll'tl 

8.12 

8.16 

8.84 

8.ia _ 8.07 

-tog* mar kwi 

6.462 

6.836! 

5273 1 

4.098, 4.959 

«ty um+i» EH.. - ■ 

_ 1 

88.19 

79.66 

9526 6522 


liar. 1 6 year 
lb } 4 g. 

76.02 B 9 


78.38 

68.56 

468.5] 

481.4 

155.5] 

154.5 

5.90! 

5.31 

17.36! 

16.80 

8.oa! 

825 

4.834 

5.959 

5B.01> 

95.86 


ity tanmuw i.hwi.. - j MW 18.58914.07 6_1 1 


13 a.tn. 462.5. 11 aju. -U1.4. Noon 458... 

: PJUL 4W3 3 pjn. 1896. 

Latest index 81*246 1026. 
•Based or 52 per rent, corooratlou tax. 
Basis ;m Govi. Sera. li-iD'Ca. Fixed InL i®M. 
t» U 9 53. SE AtH vlty Jobr-Dcc. 1943. ICorrccirO 

HIGHS AND LOWS 


18.»MI 14,4BS> 
1 pjn. 4803. 


laass 


•NU=9.0T. 

Ind. Ord- D7/35. Gold 


S.E. ACTIVITY 


ldl« lr 


-Sin e l •■nujuatKHt 


Htgn • Ut* 


High 


Uro 


] Star. 

23 


Mar. 

Z2 


!. MSV» . 

ru.rto 

ixrilj 

6U.4C 
l*i Li 

IS/.h .t 49. lb 
m<Ljei ] Uvliioi 

-flab> 
Uiit-req;®-.. 
io>ii*ines — 

sl tuU... 

S1.B7 
<8 1, id) 

UX49 

iXll 

131X4 ! OUJJO 
|rt!ailLMin| (4.1.79) 

3p«4«lire M . 

lota-r 


9492 

1148) 

667,6 

liZh 

9492 i 49.4 

(ia.tb/nj. (toiMD) 

Ullt*K-l«»1 ... 
to-in-trlw- „. 

I Mina- . 

174.9 

ilb>l0l 

09.1 

(lA 

44 ta j 43.0 ‘ 

C2mrt>> J ,'>.UV7ll 

STZ'lZz 


, 188.3 ■ 
1 "XBX.4 I 
51.7 
W.3 

- 184.7 ! 
186J3 J 
. 50.4- 
lldB] 


188.8 

X87.7 

03.6 

133.8 

184.8 
lSO.fi 

49.6 
113.fi 


FINANCIAL TIMES STOCK IN DICES 

3lnr. lAXem 

j OKU 


M*r. 

as • 


31 nr. 
88 


Mat. 

SI 


Marl | 'lar. 

SO 17 ! 16 


almi Group...... 19B.17 ; 199J4; IB 1.83 :UM8, 196.78 16733 

ibarre . -.7 280.40; 000.83; £0 1,161 217.66 216.88 216.60; 190.62' 

Yirt.1 pe ! 5-66! 5.63 5.73; 6 7d| S-74i S.70 

ttettuiiMt i 7^6;. 7J» V 7.92 7.801 7.98| . 753- 841 

. ' 204.48! R0fi.0Cr 208.03 202 Jil 301.77; 801-45' 175.78 


Chirrs. . 


1466 

786 

Fund- 10X5 
- 138.7 

■ Bd j ." 125 .1 

inoal_'jl_I Hij 
rm»o. MtjlCmZ ^6 

: : :r mxo . . 

•Cash value tor C10O premium. 


Tyndall Assurnnce/FienrionsV 
18 CanyngnBnad. Bristol. tratBSil 


BauIndsBeure. Gkmcener 
1119.7 
pOLI 


049038341 





960 Extra Income F8._pB0 <2aat -*-0.2| 1A50 

Trades Uxdou Unit TsL Managers* 

826 108 Wood Street. EC6 01^2880)1 

331 TULTMw.1 1456 481n| — 4 5J7 


644 Transatlantic and Gen- Secs. Co.* 
&44 si <09 xe* Louden Bd. ctmlmriordtattaiBB 


Barbican Star. 33-.I782 

“SaRfcaB 4 


844 

lAccum-Ooltsi. 


B u ctan . Mjg 23 — -jgj 


Mar. 14— 
ltac. IK.... 
Isr. 14-.. ... 

vneu&rr.Mar.lK. 
MaraB-WMar-l- 
Po-g^ffgMar 1 _ 

Do. Prop Mart 1 


1212 

15X0 

tig 

M.6 

16L4 

23X2 

J77.8 


Vnnhragb Life Assurance 
*1-41 Maddm SL. Ldn. W1R HA 
Manacad-Pri. .. 


DI-M0WC3 



^Sew:-j 
SS?S5‘ 

Ysabrngh P wwlmn United 
*l*43WaddoxSt,Uta.WlRS2A 014»4S=lj 


+x| 




.« ( Acettm. Uidtei 
B-™ Wick Dvr Mar. 


22,BtsanfIeldSt_EC0C7AL. 0I-8384W5 mSI) 



|W-A| 

ky.ea 

583 
■70.W 
44.wfl 


337 

AflS 

463 

689 

609 

667 

447 

537 

337 

2.96 

294 

3-73 

3.73 

864 

652 

632 

5.42 

642 

895 

895 


Dteclnfiome- 


_ 1X481 15801 4 537 


520 Scot. Inc. Man 33 
_j Wall 

Capital Growth 

Equity A La. Tr. M.* (aXbKO _!!— g— ^ SiiSffi^tb- 

AtraahamBd-HlttWreaabe «KWB »» 

Equity A Law. _«L* HM -OS 442 SSStoT^ ^ MA *«* 

Fiuscu]. . 30 

Framlingtan Unit Mgt. Ltd fa) Growth inv _ ^ ma 

67.Xrelm*Y«rd.EC4B5D^ - Mag SSSSSSnTa 

4-R UnhcaalFd^di-ZtSU 



S|j-w) |f ra?5SSS^ I1, ’“' 



n««8<{ 621 

823 -CJ 431 
383 -02 1024 
42.1 ^02 IBB 
17J ...... 436 

ZU .. — 436 
627 -02 834 

29.9 -03 433 

30.9 *81 525 


OFFSHORE AND 
OVERSEAS FUNDS 


Aibclhnsl Securltfra ir.I.i Limited 
P.O Br>» XiM. S'. Heller. Jem-. 0.13472^7 

Cap. Tst <3enrv/. JU9.0 123.K I 336 

Nrrt dealtnc dole Aon I II 
EatLAIniLTst-rji 11030 IUIU I 3 41 

Next wib. March X 
Australian Selection Fund W 
UutA OtreortunittB*. v.o Ini. V.iune 6 
'■Hithwwjte, 127. Kent SL 


Keyselex 3Utgt. Jersey Ud 
PO Bot9X.Sc Holier Jersey. &1I1 01-936 TBTtn 
Pen selex IrrUQ L4«t | 310 

Ke)OBic\ lni'1 - (£5 W 65H ..._J 4J9 


Kevraies Europe . lo 


-Old s 41 


Japan Gth. Fund- L IL'SHJI DN)^025t - 
KejwelK-- Japan C9.71 104a — . 

'.eiit Assets Cap. £131.50 } . .. J .... 


SL. Sydriri' 

L'SSl Share? . _Hl'jUS - [ . 

Net assn i-alue March IS 


.1 - 


Sag St Shaxson Mgrs. 
an np 
e* H* 


Bank of America International S-A. 

35 Boulevard Boyal. Luxomboarg CD. 

WldinveUIncmna .RUSUIII lrijq .. | 666 
Prices at Marc b 10. Next oub. day dav March 22. 

Buk. of Ludn. Sc S. America Ltd 

*MR Queen Victoria S1_EC4 *)l P30313 

.Alexander Pond- .IJT5615 _ I ..J — 

Net asset value 31a? 22 

Basque Bruxelles Lambert 

2 An De la Bqnn B 1D0H Bruuoli 

Renta Fund LF 1X954 2014) -1[ 819 

Barclays Unicorn InL fCh. Is.) Ltd , 

l. Chuing Crass. SLBcher.lisy. . 059479741 

•LoifoadsiDM'- 


TT4* 

Valley Hie. Si. Peter PV+r. llrnjy. iMSt) 247H4 


GilL Trust ■ I .Ol M. 1 [114.7 117 

Gilt md Gucresm1£1805 10201 
lull Govt. Sec* T«f 
Flirt Slerbng. ..117 04 17 91; 

Fi ret InU . 15183 4] 183.84] 

KJeinwort Benson limited 

38 Fenehurvh Sr_ EC3 


iO»4i48M 
' 1100 
1100 
UN 


Eurtnvart. Lux. F 


KB Fir East Fd_ 

KBIntL Fund 

KB Japan Pood. _ 


OvAtSMU Income - B0.7 5131 -021 1038 

Unioollar Trust — PUSU21 IBJj] . I 4.M* 
"Subjert to fee and withholding taxes 

Barclays Unicorn InL (I. O. .Man) Ltd 
I Thomas St. Douglas. I. o21 08244850 


lJiucom An8L Ext 

Do. Aa oL Mln 

Uo.Crtr. Pacific 

Do. intL Income 


128 

461 

-10 

M3 

26,4, 

+0.4 

56.4 

687 


J7.4 

40 But 


44.7 

48.1 

-04 

222 

23 W 



X9B 

230 

850 

9.10 

170 


Do. Manx Mutual 

Bistaopsgatg Commodity Ser. Lid. 

PO.Box42.DooEtaa.ln_M. 062+ 23811 

AfUIAC* Mar .6 . .|H'SBD0 J7KI .. I — 
L-.\NRUO-*MAr.6-Ul005 1«3 . ...J - 

COUNT*** Mar. 6 ._^1» . ...I 215 

Oririnnliy issued si *S20 and **fl na 
Bridge Masagemrat Lid. 

PO Box 508 Grand Cayman. 1. ami an Is 

.Vbasbillar. I .1 114 694 f. . | — 

ij P.O Bov 380. Hong Kone 
Nippon Fd Mar S2.B34 89 15 571 .. .J 080 

ELt-Slock Spill 

Britannia TsL IHngnrt. it'll Ltd. 

30 Baths:. SI Holier. Jersey. 033*^114 


014(23 flora 

1 3 49 
464 
464 

.. i srs9J6 r . j 1 46 
SXS1D37 IN 

SUS2SU 1 . . 8 56 

51824 I . . .! 

SUS4JS -a DM ] 84 

...llirt 1928] ..) 8 85 

KB act as London paytug agettu 00 U 

Lloyds Bk. (C.I.1 U/T Mgra. 

P A Box JB5. SL Huber. Jersey 0534 TTMtl 
Xto)-ds TSt. Ci'i«as...j4f 7 52 M | 2 *9 

Nest dealing data April 17 

Lloyds International Mgmnt. S.A. 
7Rnedu Rhone. Pu Bov 179.1211 Genera It 
Lloyds Tamil). FdJ Smut ttSMj .. [ 179 

- - meTls 


MB 


630 


Growth inioi _ 
Intnl. Fd. 


3251-82 
77 4a -86 
1461b -L8 

-fcl'S4 77 582 -BUS 

Unri-*LSTA. 5tg- K2» 216 -IK 


SOI 

ersey raexgy T*i. (135.1 
.'nh-»l. Dir. T*t 


Value March 33 


4.00 

1.00 
X50 

Too 


Lloyds Int inromeTlsiBSM 
M Sc G Group 
Three Ganji. Toaer Hill EOR 6BQ. 01 406 <T<« 
AUsnUcEx.Mar21.ISl'Sl« ' * 

Aim Jit Mar — Jjl'Sl72 
Gold Ex. Mar 22 

Inland 

■.Accum Units' 

Samuel Montagu Ldn. A&s. 

114. rjldBroudSL.tr 2 D1-.W8M64 

Apollo Pd. Mar. 15. |8F07O MW , .] 3 7B 
- JO Ui 1 125 
UU 2 2]4 

iti . 



Nit 1 dealuiR Barra 28 
Butterfield Management Co. Ltd 
P.O. Box IBS. Hamilton, Bermuda 
Buttress Equity ...1206 L99| ...I 198 

Buttress Income.- . RBO 193| . .(-746 

Price* at Mar. 13 Next sub day April 10 

Capital International SA. 

17 roe Notre- Dame. Luxembourg, 
apital Int Fnnd_l 5TSU91 J. — I — 
Cbarterfaotxse Japhet 
1. Paternoster Row. ECH 


PISMJCm 
5.64 

6X3 


Adrropa. IDIDOJ* 

Adi verba MMJB 

FomUk. D 10130 

Pondls MQB18 

Emperor Fund _ IUS25* __ . 

H1spana_ ..fiTSail *5C| .... 1 197 

Clive Investments (Jersey) Ltd 
P. D Box 320. SL Helicr. Jcraey 05M27tol 

nireGiilFd.1CL1.DOOO 10281] . 11X00 

Clive GiitFd Glfijrj (Z8B0 BLOl] 1 2X80 

ComhiD Ins. (Guernsey) Ltd 
PO. Bat 157. ft Peter Port. Gaernae? 

IntnL Man. Fd. D56J) 1780] | — 

Delta Group 

P O Bex 3012 Nassau Bahama* 

Delia Inv. 31ar 21 15141 148)>3B71 — 

Deutscher Investment-Trust 
Ptwfaeb 388S Biebergasxe 8 10 8000 FranWUrL 

Con centra IHMH2I nSX . . J — 

InLBeaienfoiufa.-InMMJJ 70 L<mH - 0 JLOf — 

Dreyfus Intercontinental Inv. Fd 
P.O. Box NJTUL Xs+san, tbiumu. 

NAV Mar. 31 |HS12i6 1346)^-0.061 — 

Emsfin St Dudley TrtJUfetJrsy.Ltd 
P.D.BoxTXSLBriier. Jersey 053430581 

BDJ.CT._- -.PUS 12X7] -J - 

& C. MgxnL Ltd. Inv. Advisers 

Ij ^La nj^raPounUtayHULBCtBOBA. 
CenLF8Mar.ia—| SCS4A5 
Fidelity MgmL Sc Res. (Bda.) Ltd. 


Fidelity Am. Ass-_ 
Pldrlity Int. Fund „ 

Fldeliqr Pac. Fd. 

Fidelity Wrld Fd . _ 
Fldolliy Star. Fds._ 

Series AGntoU 

Series B (PaeineX— 
Series D (AmuAssjl 


SUS 21 71 


SUS1867 


SUS4L48 


SUS1245 


£321 


£6JH 


04*6 



Jartfi-rt Mar IS WEI « 

1 17 (Jrp. Mar B. ...BtSUH 
117 Jersey Mar 8 .tt4 57 
H7JnyU43lar 13. [00 80 

Mnrrat*. Johnstone (Inv. Adviser) 

168 Hope Si , Glasgow CS. IM1-S1553X 

-Hope St Fd . I St"S29 96 I . I - • 

'Murray F^ind . I 5US9.68 | j — 

•NAV March li 

Neglt S-A. * 

Ida Boulevard Royal, Luxembourg 
NAV Mar. 17 — .1 5USUJ6 . ... .f — 

Negjt Ltd 

Bank 0 1 Bermuda nidgi, Hamilton. Srnsda. 
NAV March 17 . Ra« - |ri)21t — 

Phoenix International 
W Box 77. sc Peter Port. Gum«n 
Inler- Dollar Fund. BL'SZS 2481-DO'.. — 

Property Growth Overseas Ltd. 

=0 Irish Town. Gibraltar .dbmoe 

IS Dollar Fund _l 1158827 I . I - 

Sterling Fund . | CltaBO |. j 

Rothschild Asset Management (C.I.1 
P O Bo* 33, Si JnliansCL Guernsey. OW1S03I 

O C.Eq.FT. Fob 38.. M9 4 525] I 2 58 

O C.Inc.Fct Mar.l ._ D49J 1583 . 6M 
Q.CJntl-Fd. Mar.\5W&5 90B . ..t — 

O.C ^stCoPrt FcbSOfDLS Mil .. . 4 3 28 

OC. Commodity* _ IE22 129.9a# . . J ' 4 97 
0.r. Dlr.ComdTy.t...jS2SJfi 26.751 ... 4 — 
Price 00 Mar. 2l. Next dealing April 7. 

Royal Trust (CD Fd Mgt. Ltd 
P Q Box 104. Royal TsL Use. Jersey. 0534 27441 

fLT.lWXFd m-SUS 9221 ] 3 00 

RT.Inrt.jCT.)F4.B5 W | J2t 

Prices ol March 1A. Next dealing April 14. 

Save & Prosper International 

Dealing nr. 

37 Broad SL SL Belief. Jersey 0534-20901 

l‘& Dallarideaaniinatad Funds _ 
WrFxrfInr‘Mar.2319 45 10.05?.. 697 

78 38'mI V Z 

47 ^3ra .... — 


Intern at Gr.*S 

Far Eastern -t 

North American *i 

Sepro**$ 

SterUng-deaomhiatrd Fnads 1 

Hi an nd Capital* _.t2I5.7 227JI -23 176 

Channel Islands*-. 0425 150.1 9^ 4 96- 

Commodjty Mnr±L 5l5.9 1222 -27] - 

StFxrt If.MarJ2 J12XB 1289| -Itf | U 7* 

Prices on *Mar. 3. “March 8 “-March 22. 
^Weekly Dealings. 

Schlesfnger Internationa] Hngt. Ltd 
4L La Mntte SL St. Holier, Jcraey. 053473588 


SJtlX 

&A.OX. 

GiltFd-- 


.jpri 


First \Hdng Commodity Trusts 

8 St. Goorge's SL Dooglas. LoJU 

0834 4882 Ldn. Agt aDim bar 8 Co. Ltd_ 

58. Pan Man. London SWI75JB Ol-OSO^BST 


811 

% 

105 
1025 -0.01^ 
300 0 


■lutLFi Jersey. — BOO 
lntnLFd.Lrmbrg._n75 

'F8r East Fluid ]95-0 

•Vest sob. day April 5. 

Schroder Life Group 
Enterprise House. Fortaaontb. 


895 

4A5 

1X36 

X50 

380 


070527733 




210 

X2 


FaL Vlk.Cm.TiL_B6.6 3851 
FSLVUIbL0p.Tst_|i2H 88W] 

Fleming Japan Fund SA 

37, roe Notre Dame. Luxembourg 

Fling. Mar. 21 ] SUS4X68 | 1 — 

Free World Fond Ltd 
Butterfield B l d g. H a m il t on. Bermuda 

NAV Feb. 28 1 5U5166.65 | .| — - 

G.T. Management Ltd Ldn. Agts. 
Park Hse. 16 Finabiny Circus, London ECSL 
Tck 01-838 813L TLX: 888100 

G.T. Pacide Fd. .— SUSUL26 f I - 

meal International Ltd. 
c.*o Bk. of Bermuda. Front SL, Hsmltn. £mdn. 

Anchor *B‘ Unita — Bcafll II] fl5 

Anchor In t-Fti PUSU8 4ilj I X96 

G.T. Boninda Ltd 

Bk. of Bermuda, Front St_ Handtn_ Bmda 

BrorePacF. [ SUS4&57rf j-B.411 0.99 

G.T.SFd 1 SUS848 I .. ..J 123 


International Funds 

tEquity poll 1158 

SEqnltjr U43 121 .fl 

EFuceilIntrTTst__ 140.9 Ifii 

SFUed Interest 103L3 Ttf.I 

^Managed 125.1 133| 

managed 1087 U55j 


J. Henry Schroder Wagg A Co. Ltd 

12Q.Cbeepside.EC2. 01568 4000 

272 


Cheap S Star. 22 10.60 -(US 

Trafalgar Feb. 2B._ STSW7J2 „ 
Asian Fd. Mar. 28 _ IT5QM MB... 

Dari ini: Fnd SALTS' 283 +0.01 

Japan Fd. Mar 0 IUS5JZ 623 


349 

Sin 

0J6 


G.T. MgL (Asia] lid. 

Hotebisan Hse. Harcoim Hd, Bong Kong 

G.T. Asia F. [JHKJ.71 USI-!-flM 186 

G.T. Bond Fund — 1^^221)1+5^ 5J0 
G.T. M a n ag emw it fjersay) Ltd 
Rural Tst. Hse. Colomberid SL HeHar. Jersey 
G.T. Asia Sterllnc— (0X58 1230] riU<^ li3 

Bank of Bcnneda (Geenaqr) Ltd 
3101 Le Pallet, Gaenuey. 

Berry PacGtrig. — pW.OO 246j«3+2l6l X22 
Anchor Gilt Edge -@871 UTH.TiTl 1188 
.Vnchav InJ«y .Tst. _ (23.8 286] . I 3X7 

Gartntore Invest. Ltd. Ldn. Agts. 

2 SL Jtaiy Aset London, M3. 01-2833531 

Gartmme Fund MogL fFar East) Ltd 
1503 Hotebisan Hse. 10 Harcauri Rd. HXmul 
HKAPnc. U. Tit....BHKZ35 USB. I 298 


241 


Japan Fd. f 

N. American TsL 
InU- Bon d Fund . - 
Gartawre Investment MagL Ltd 
P.O. Bax 32 DauglBAjaU. 

International Inc. _ 12X1 2251 

Do. Growth. (53 7 . 57.l] 

Hambro Pacific Fond Ugmt. Ltd. 
49118 Con nan glit Centre. Hoag Kong 
Tar East Mar-52 — .pHSttll 2m... .1 - 
Japan Ftrad KC5631 66ij | - 

Hambros fGnensey) Ltd/ 

Hambro Fund Mgrs. (C.L) Ltd 
P.O Box88,GBernsaj- 

CXFnnd -0371 . _ , _ 

intnl- Bond SUS 10409 107 Jlj . . I 850 

Int Equlrj- SL-S 10.01 HUM . _ 250 

InL Sega. -A 1 SUS I.B1 LM . .. .1 858 

InL Stas- 'S' Sl'SLOl UM . .( 258 

Prices on Mar. 22 Next dealing Mar. IS 

Henderson Baring Fund Mgrs. Ltd. 
P.O. Bex N4723. Nassau. Bahamas 

Japan Fd. U813 . 16.83] - 

Prices oc Mar. 22 Next dealing date -Mar. 29. 

RUI -Samuel A Co. (Guernsey) Ltd. 

8 LoFebvre St- Peter Port Gaenaer, CJ. 
Guernsey Tsi — . — _ [1472 157J]-0.9] 351 

Hill Samuel Overseas Fond S-A. 

37, Roe Kane-Dsune. Lmeeobottrg. 

[16.77 17A41-0.MI - 

International Pacific inv. Mogt. Ltd 
PO Box R237, 58 Pitt SL Sjdney. Autf. 
JaroUn Equity TsL. ISX8S 3.941-0(01 — 
J.E.T. Managers (Jersey) Ltd. 


Sentry Assn ranee International Ltd. 
PA). Box 326. Handhou 5. Bermuda 
Managed Fuad — ffTSM! U75J - 
Singer & Friedlaader Ldn. Agents 
20, Cannon S(_ EC4 01-2480846 

Dekafonds 1WC590 »4«riU01 644 

Tokyo TsL Feb. to-f SUSAN | J 200 

Stronghold Management Limited 

P.O. Bax 31 5. St. HeUer. Jersey. 0534-71400 

Commodity Trust _|I781 9243] | — 

Surlnvest (Jersey) Ltd (x) 

P.O Box SB. SL HeUer. Jersey 033473873 
American lnd.Tbt._|£757 T^-HM X33 

Copper TrnS l£U65 10571 +0JM — 

Jap. Index To. — _15 bJ 3 1053j+OJ3| — 

Surlnvest Trust Managers Ltd (xi 
48. Alba! Street. Douglas. 1-o.H. 08Z4 23014 
The SI IverTnw —11064 108.7] — 

Richmond Bond 07. 1W.9 2C0 9^ +0.51 10 09 

Do. Platinum Bd. _ 109.5 U3M +3.ffl — - 

Do. Gold Bd. 280.9 l»M -21)\ _ 

Dol Rrl 07.O2Bd. . ._ [1775 lHjj +5X] U65 

TSB Unit Trust Manager* (C.L) Lid. 
Bagatelle Rd . St. Saviour, Jersey. 053473404 

fc2# Gueraseyrand -ZjSIS 3li 7.." | 4rt 

, Pricea on Mar 23. Neat rob. day Mar. to. 

1X4 Tokyo Pacific Holdings N.V. 

Intlmi* Maasgemenl Co. N.V. Curocan 
NAV per share March 3), 5US480T 
Tokyo Pacific Hldgs. (Seaboard) N.V. 
lotlods Management Co. N V.. Curacao 
NAV per share March 20. SUS3800 - 
Tyndall Group 

P.O. Bex US8 Hamilton 5. Bermuda. MttW 

600 


600- 


M8 ?' a K2? Oversea* Mar. 22 _ JiniM 

5 " fAcaim. Umis' 

3- Way Im. Mar ia_ 

mn $ 9 ? 

fAectnn. Shares). _ _ 

TAS0F Mar. 22. . _. 

(Accum. Sharcai 
Jftw Fd- Mar 22_ ... 
iNoe-J. Are. V'tai —1260.0 
Gilt Fund Mar 22 . H126 
t Accum. Sharcsi _fl4X6 
Victory House. Douglas. Isle of Mss. 0884 2S82S 
Managed Mar. 16- [127.6 134-4. -I — 

Utd IntnL MngmnL iCJ.) Ltd 
34. Mnlraater Street. Si Helier. Jursey. 

L’.IJL Fund . SCSI 00 J. { 825 

United States Tst. Inti. Adv. Co. 

14, Rne AJdrlnger, Luxembourg. 

US TsLInr.Fpd .[ SUS9.62 1-882] 0 96 



Net asset March 22 
S. G. Warburg & Co. Ltd 


PO Box 104, Royal Trt. Hsu. Jctacy0534 27*41 30. Gresham Street EC2 


Jersey Extml TR—Q25J 15X01.. 1 — 
As il Feb. 28 Nest mb. day Mar. SL 
Jardine Fleming A Co. Ltd 
4Ah Floor, Conuaaght Centre. Bong Roeg 
Jardine Estn. TO. .[ 5HK2M .69 I .... I 140 
Jardine J-pn. Fd.*- SHK29208 I ... . Lftffl 

Jardine S l£aJ 1 SUS122S I | 258 

JartUneFwm.lntj.1 SHE894 1 . . I — 
NAV Mar. IS. -Equivalent SUSOXto. 
Next sub. March 3L 
KenpGce Management Jersey Ltd 
L Charing Cross, Sl HeUer, Jereep. 0534 73741 
Kemp-Gee Capital .|84.6 STJ| " 


014004585 
*0011 


Kemp-Goe Income .|U3 


850 


Cnv.B«LFdMarJ22 . SUS947 , 
Enxy.lnt.Mar.22 J SUS3S73 I-O02] - 

cnht5Fd.rab.2a_l sus&i J . Tfr _ 

Merrar.FdMartt2.jjC5MJ3 10211+0841 - 
Warburg Invest. MngL Jray. Ltd. 
l.Charing Cross. SL Hellm-, Jsr- Ct 050473741 
CM F Ltd. Feb. 23 — BVSUJ7 UW I _ 
CMTLtd Feb.3__tai« 12. W .1 _ 
MtalsT(L3tar.l8 pldB 1X70 .[ — 

TMTMar.a BUS9JC 9« .._. | — 

TMTLttLMarO — (£928 £954 ... . 1 — 

World Wide Growth Management^ 

10b. Boulevard RoyaL Loxembourg. 
Worldwide Gth Fdl SUSJ2 91 1*01111 — 


NOTES 


Price* do u« Include S prend am exc+Pl where ■ ImHcated +. and are in pence onlen otherwise 
imhemed Vtald* ■» Othown in Iasi eolomni afiow for all buyiM expense* a Offered prices 
Delude all expowre. h Today's prices* e Held based on offer price, d EsUamted. t Tivdny * 
opening pneo. h DtetnbuUrofreeof t K. taxes, p Periodic premium Insurance plans, s Single 
Insarapce a Offered paw include* afl expenses except agent's cpemlsslon. 
I»1ce includes aU expenses U bouU tbroui;h manajjers. z Previous diqr* price, 
■x on reallsnd capital gains unless imfiemed by fi. 9 uur — 

♦ Yield before J error tax. - “ 


premium i n-atrance 
Offered prl 
Net of tax 1 


cuteirG-*;!. cWcsergrtw* 0 Suspended.' 
x. e Ex^ubdinnim. 



Ins. Base Rates* table 


fftlhre ltu imi i w Co. Utt* 

TlieLeM, Folkestone, Kent 050357333 

iSer to TieireutaD U 
cr Group. 

Windsor Life Assur. Co. Ltd. 


83.91 -Oil 


588 

7JB 

728 

273 

223 


MotwratalterFd, _- 
For mber luiMte. pi' 


1 High Street, Windsor 
Ufa Inv. Flau_— |66J 
Future Aj*«Mvs) 
ratnrftAssdCUUhi 


ReL A»«L Feu* 

(T«t la*. Growt, 




Wiodia^SUf; 

W*I 


3 rf3l“e'3 Sra SpodalSita . 

J™Jxgr^ Bm* ^3ClS| t» UnhuSSTwidJ-^BS 257 TSB Unit Trusts (j) 

" 853 NRL Trust Managers LULy taKg) 2 X Cbanuy Way, Andorec. Hants. qOMCBUBt 

133 MHum Court. Dor ldn*. Surrey 

m^d.- PT^u-i. Tr. a oxy iaSBans.-gi IS g 3 

. Norwich Union Insurance Group (h) 

■ is iiS' n*rTi-» r . . “ 

27 XI -iS at* Frim* Hse. Fund— 05 7.0 
324-s.zI 757 wieierGrih.rad.-B7 7 

362] —ail S24 Do. Accum _]322 

(Accum Ufillsi- — 46.B — 5J4 . — . . ■ 

• Pdlean UhiB A^a. Ltd. CgK*> KincwiUuun slews oar 01-8&49M 

■OSn.xnOM 8l Fountain st.ManjhartCT- 081,^38 5W3 inewneUnit* ») 7921 ._ I jj* 

52*1 -021 *75 peltean Unite.— ~1?T8; 1351-401 5J0 .trmim.Unltt ]j2l . 53fl „..;4 ]R 


lfiLQlOVUiFA. . 
DBidtem—ro 


GJ. Unit Managers LtA* 
IS. rtnsbBtTCtasZC2B7DD 

C7.Cn.Ise -{784 

Dol Me. — J 

G.T.lnc-Fd.L’e- 

GT.C.S.6GRI __ 

G-T.Jhpan8Gen_.bS38 2*7. 

-|1343 140. 

G.T. lurt Fuad __ 
CiFottrYfoFd— 

VG. A A. Trust (a) ig) 
S-TUsIrtfibRii Brentwood 
G.*A u ]505 



fS PeertGTWthFd 
a S Accum Uniu 


J 230 


raarllne-f . ~- 





CLIVE INVEST3UEKTS LIMITED 
Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at 21st March, 1878 (Base 100 at U.1.77.) 

Clive Fixed Interest Capita] 135.42 

Clive Fixed Interest Income 122 434 


CORAL INDEX: Close 458-463 


INSURANCE RASE RATES 

t Property Growth 74% 

t Vanbrugh Guaranteed 6-87% 

* Address shown under Insurance utd Propert y Bond Table 


LG. Index Limited 01-351 3466. Three months Zifle 28L6-28L9 
29 Lamont Road, London, swiO OHS- 

1. Tax-free trading op commodity futures 
— Th g commodity futures market for the smaller investor 






FOR YOUR COMPANY- 

CASH FOR 
EXPANSION 


Contact- B. D. Kay 

INTERNATIONAL FACTORS LTD 

Circus House* Now England Road. 
Brighton BNJ 46 X Td: (0273) 68700 
Birmingham. CanUfH Leeds. 

London. Manchester. 



ft share Information service 


Financial Times Tuesday March 281978 

HOTELS— Continued 


AMERICANS— Continued 


**BRITISH FUNDS 


Attn* 

Due 


Stock 


Price 

£ 


Last 

X 


Yield 

Iffl. I Red. 


14J 

26M 

9M 

17M 

26 M 

1 M 
15H 
. 3M 
L4M 
15J 
•15J 
2SM 
15J 
15F 
LA 
123 
4F 
suf 

"I7M 

23M 

15J 

15F 

16M 

15J 

51 

22M 

5JU 


“Shorts ” (Lives op to Five Years) 

HJulTreasury lOhoc' TBS— 

26S Each. 5pc TfrTStt 

9S Treasure - 

17S rteasray3pc «tt. 

26S Electric -U<pc Tift _i. 

IN Treasury 10ia)c72rf_ 

15N Hectric 3bpc "7&-T9 

3S Treasniy9pclMttt_ 

UN Treasury JftjpcTOtt 

15D Treasury Sjpe— *L_ 


IjSDFnjHfingatoTWOBJ 96% 
25 N Ettbeqnerl&c 
15Ja fresnry lPaDC IKI&HMIm 
15A Treasury Sipc IffiBBL 
10 Treasury 5&OT#. 

1 2D Exch.ffl<i>cu)ai^^H 
4A Each-flijpc 1981 
2LA Greta. 3pc 1881.-^1 
1TN Treas.vanaWeRlj}„ 
23NExcb-12J^effi01tt___ 

15Ja Treas^pc-aW2tt_H 
15A Treasure 3pe'82fcB 
I16S Treasury I ; 


15D Treas-YariaNe 
5Ju Treasury P*pcT 
22StKb.MKl582 
5J Errh.Ifl.pc 1383*. 

21F2LA Exeb3pc'S3 

•17M ns Treanny 12pc 1883#- 


BJftjlOJS 
172 5.02 
3L1 1103 
U 310 
17 2 415 
HI 1010 
lOK 3.63 


883 

412 

3.70 

5.46 


251 
lQJt) 

811 

, 8.21 . 
Wit 12.95 
91210.89 

9.1 3.84 
232 9.60 

[2912 IS 
, 161 3.42 
HID 6.51 
13710 11.64 
9J2 8.69 
91 348 
721219 
811 617 
U 2 819 
132 915 
- 906 

161 3.60 

8211.01 


18J 

15J 

10J 

1M 

26J 

U 

ISA 

15J 

15J 

10J 

&A 

22J 

31F 

25F 


141 

15M 

23M 

1M 

22F 

17M 

25Ju 

1M 

2 Ua 

15M 

ISM 

3M 

15M 

LA 

22J 

21F 

1M 

1M 

30M 

1SJ 

IBM 

14J 

5A 

10M 

3BJ 


IF 

U 

1A 

SA 


Five to Fifteen Years 

1 &Ju [Treasury 9>«pc *83 
ISJa Funding T 
lOJu Treasury 
IN FundingO 1 ; 

28Ja 

Uu Transport 3pc7WB 

150 Treastny 5pc *8688 

15Ja Treasury 13pe 1990tt_ 

15D Treasury 9 * 87 9fttt — 

107a Treanny Uiipc IS91...- 
50 Funding sCpcTfl-BltJ- 
22Ja Treasury l3£pe '92ft_ 

21A Treasure lDpclSB~ 

25.A[EictL ly^pc iD- 

Over Fifteen Years 


99^a 

TTTk 

9.45 

87% 

917 

634 

95ii 

5.12 


85\ 

26! 


B7h 

20 J 2 


65^8 

693*m 

2533 

93 

4.60 

7.14 

112 tg 

9.12 

1187 

B&Sr 

811 

979 


5 li 

71 « 

6 ?% m 

li 

827 

109 

1617 

1195 

91% 

16) 

1L09 

104% 

193 

1185 


14Ju Treasury 12 1 ; 

15S Funding* 

23N Treasury _ 

IS Treasure I4^c-94tt_ 

22 AE*ctal 2 WiSM 

17N Treasury SpcTU# _ 

25Ja Treasury lSc-BL 

IN Gos3pcVQfl5. 

21i F.Trh ICP 4 JJC 1B85* 

15N Treasury IStoc'ffitt— 
15S Treasury SncwWtt— 
3N Treasury 15Lpc'96tt_ 
15N Exchequer l&pc Dte 
10 RedaqnimSpc 198888. 
221a Treasury 13'*pc’97tt.. 
21A Exchequer JoQpc 1187 
IS Treastny 8 VpelSSftt_ 

IN Treasury BW; *958811 
SOS Treas. 15> 

ISJa Treasury 

IflN Treasury li 

HJu Fuufins3>3x'900t— 
50 Treasury" 

IDS Treasury 
28Ja[Treasury 


105V 

87 

103V 


112V 

& 

69 

1254*1 
871? 
- nig 
401 


73 


Undated 


5JaAJu.O. [Consols 


1A 


35F 


IF. 


Cousob4pc- 


1AL. 

ID War Loan Ihjrtt 

10 Cure. 3*2PC ol Aft_ 

SO Treasury 3pc 66 Ait 


10)Treasnry2 


35V 

a 

25M 

2214 a! 

2112 a! 


8.12 1X93 
62 9.02 

17.10 mo 
2311212 
1611L95 
1110 10.74 
19J21L80 
269 b20 

- 1143 
1010 1197 

6210.85 
27.9 12.44 
10.10 12.07 
Z32 638 
161212.04 
16111.49 
231 111 J9 
265 10.18 
ZL21234 
912 11.09 

- 1152 
812 8.79 

131010 
L2 10.48 
2012 lOH 


2812 1150 
2611 993 
212 9 45 
11 1162 
131111 
232 1161 


5.69 

5.99 

6.74 

577 

5.92 

7.77 

559 

792 

852 

6.12 

716 

9.29 

9.18 

6.94 

9.15 

915 

910 

712 

733 

959 

9.18 

7.09 

9.68 

743 

9.40 

9.53 

965 

708 

9.67 


977 

8.42 

9.64 

9.29 

10.04 

8.05 

929 

1149 

1056 

EM 

9.99 

1174 

1142 

1176 


11.80 

1019 

1193 

1198 

1186 

1116 


1175 

8.95 

1165 

1186 

11.23 

1214 

1192 

8.88 

11.89 
11.63 
1125 
10.93 
12.09 
1130 
•n M 
10.04 
10.99 
10.74 

10.89 


^INTERNATIONAL BANK 

15A.(9pc Stock 77-82 | 84 | 61] 5.88 [ 

^CORPORATION LOANS 


921 


lAjKrm*harn 


25 N 1 GIC 121* 



10F 10A 
ISMy 

22M 22N 

LAp 1 
J5M 15N 
1JAJ.O. 

10F 

LA. 10, 

28F28AUI 
ISM IS! 

15J 15Ji 
ju lira 
ioj ioj| 

1MJ5J). . 

15M 15SjMkktr. 9«pc 1980. 
lOMr. lOSjNewattle' “ 
15M lSNjWarncklSj' 


;|LCC0pc 76-79 . 
Do 5^pc 77-81.. 
DcriA’Pc'ffi^-. 
Do^jpcaWT- 
IXitflScWflO- 
Do.3pc'20AfL 


SVpc78»- 
Ss'Kiseo — 


9Bia 

31 

939 

93*4 

MU 

831 

107 

2531 

1L68 

* 

IOJ 
1930 
74 ID 

1141 

9.49 

946 

99^2 

V 

5.81 

100 

1/ 11 

10.04 

1 

u 

101 

13 

301 

1242 

651 

9.71 

618 

90V 

lift 

630 

82M 

1517 

6.16 

75 

75*4 

Vi 

1 . 48 
932 

. 25*2 

12 

1201 

93^ 

Vu 

540 

99l 2 

102 

933 

IO 6 I 2 

1430 

1L73 


9.76 

10.02 

1018 

1029 


1050 

693 

1015 

817 

679 

950 

9l94 

1058 

671 

9.45 

9.63 


COMMONWEALTH & AFRICAN LOANS 


1A 

1J 

1A 

11J 

28F 

15J 

1M 

1A 

15J 


1J 

30J 

1M 

30J 

•IOJ 

30A 


10 **AuBL5jpcTS-78 

1J "Da5«jpc7780 

10 "DaSjpc *81-82 

1 ID **N24pc 1878-78 

28A"Do.fce78«l 

ISD **Dol7%k‘8388 

IN StLAlncaffjpcTML 
10 Sth.RbodSjpcl&'iT}.. 
15J 


99d 


5 ? 

60 

93 



7.09 

9.00 

10.15 

7.92 

911 

70.08 

1252 


1J A| 
31D 
IS 
31D 
31D 
310 


LOANS 

Public Board and Ind. 

AjJTtMr.$>c5M9 — 


lWjpettW 

**MeLWtr.3pc-B* 

USXC.8pel982 

Do. without Warrants^ 
LTtramar 7 pc 75- 78 


62 

90l a 

32V 

115 

94i 2 

100 


Financial 


30J 

15M 

207 


30J 
15N 
_ . 20D 

31 Mr 30 S 
31 My 30N 
1IJ 11J 
I1J 11J 
II J lU, 


3IMr 30Sj: 
31MT30S 
28F 3 LA 


"FFlUpcVL 
DaMpcT9_ 
Itoldpe 

ICFCSa 
Da 
Dali 


Da 


UPC L 

uV 


Deb. *8882. 

81-84 

UnaLaW-* 

'nsln-FS— 

Cns.Ln.’PO- 


30 Je 31 DlDaTVpc.ADeb.'SMl. 


Pa TVpcA D6 *9l-&4_ 

■pc'A'TR.Ol 

Tpcln. *92-97 


106V 

110 

214V 

*%£ 

99 

99 

101V 

70V 

67d 


112 820 
1411 12.06 
L2 915 
1411 8.04 
3U2 9.83 
310 723 


3012 1218 
17JS13.49 


7in 
, 132 
3110 
31 
3.1 
31 
1411 
112 
132 
161 


3261 

667 

-613 

111.85 

1138 

1157 

10.70 

10.32 

1132 

1177 


1118 

12.40 

20.97 

6.00 

1154 

1220 


10.28 
1120 
1132 
1100 
n ?n 
1110 


1150 

1190 

32.00 

1185 

11.90 

3220 


FOREIGN BONDS & RAILS 


Iniemt 

Due 


U 

U 

1 J 

1 U 

IF 

l.A 


May 1 
30J 31D| 


IDfGemanY 
IN 

Vo] 


IOJ 

1M 

1.1 

30-1 

IA 

30.1 


IOJ 

IS 

ID 

31D 

IO 

31D 


May I 


1FMAN. 


Suck 

ArdofaKasta Rt)-._ 

Pa5pcPref 

piteanMUed — 


iireekTpc.Ass — 1 
Do6nc3Stab AM..J 
[■oApcVrxed.Ass... 

TiUD 6 .lM.Vs 

Iceland £3 jpcTB88 
Ireland T|jpe *81-83 

DoWtficilOfl 

japampc'lOAis-. 

Dnfipc *83-86 

PeruAsi3pc 

S.G.LPjclS80 — 
Turin 9pc IS91.. 


ISA 150fTunnffrpci984._ 


L'nwttaySjpc.. 


Price 

£ 

19 

33 

98 

370 

52 

49uJ 

43 

52 

70 

87V 

84i z 

335 

86 V 

150 

75 

5%V 

DM31 

94 


L*.S. S & DM pnees exclude 


last 

Dtv* 

Bed. 

to 


Yield 

871 



Hill 

B— 

■ 

3J 

3 ■ 

1309 

1 15 

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555 

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11.80 

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10.96 


11.61 

11.90 

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3 

203 

3-1 

6*2 

867 

23 

f 

933 

1 /. 1 E 

6*2 

1135 

1 ft 

312 

4.80 

nv. 

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AMERICANS 


DKidrab 

Paid 

Apr. Oct| 

September 

HaJiLSe.De.! 

J-AJA. 

April 

December' 
J'aFtMa.An. 
Ur Ju. 6 D. 
D.UrJn.SPJ 
MJtS.D. 
SoApJy.O. 
F5Iy.Au 5.* 
ApJy.OJo. 
MrJuSeDc 
J.ApJy.O. 
F.Mv-AilN. 
FMy.AuN. 
MrJtSJ). 
MtJilSJ). 
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My.AQ.NF. 
MrAuN.F. 
F.MyAlLN. 
MaJu-SoDe. 


Mjr-ANJb 
MrJe6JJ. 
ApJy.OJa. 
MJn.6D. 
F.MJA.N. , 
J_A .1.0) 
JITJU.SD. 


'y.OJa. 


Sock 

ASA 

AUF5®.Coire.W_ 

AmaxSi 

American 
Amer. Medic. 
lAsarcoinc 


If 


[Baker b^Togi^. 


Barnes ( 


. S5. 

teeik Steel 
pren* S F«.elBi, 
.fflnmsnekCwpnl 
(towr^B CorpS 

O.C.ft ‘ 

CatapB 

jOjase MutoSUla- 
■hSl— . 
ChryslerSov— — 

CitkgtpSl 

Citylnr 5L25 — 

DoCm.Prf.B51_ 

CoIgate-P.Sl 

ColnSs-Sl 

Coat, minds S10L- 

CrciL Oil fi 


k*njrenZelLB_ — 

iCutler-HananeSS. 

[Eatoo Crp SOSO — 
Esmark— 

|Eswna_ 


J.ApJy.O [Firestone ThelL— 
First OncagD— 


Dir. I \YU 
&BH | Cvrj Gr's 

27 
f 

3.6 
3.1 
11 
L7 

U 
16 
4.B 

3.6 
25 
35 
12 
3.8. 
40 
2 B 
55i 
3.1 

6.7 

3.9 
5.4 
6.0 
3.6 
29 
4.0! 
36l 
451 

3.1 

4.9 
4.9; 

5.2 
6.01 
4.01 


10331 80C 


159 5«6 



7J 5175 

-v- 

3032 5140 

— 

22 30c 

■re- 

13 40c 

.M 

313 64c 


23ft 90c 


63 5228 

__ 

62 51 00 


163 40c 


E'lJHEa 


2932 SLOG 


277 S240 


2912 S2J0 



UJ SL80 



261 52.20 



28ft 94c 



6 ft 51.00 



2B32 5106 



3032 5L00 

-re. 

303: 52 


19J SLOO 

__ 

13ft 52.75 



261 SL32 

— 

62 SL40 



2ft 5190 


23ft 51.40 


21 5225 

— 

63 n. 8 « 

— 

5.11 S3ft0 



3ft 5130 

■ 

6 S %e 

— 


Dtsldnfc 

Paid 

J. An.Jr.Oj 
MrJe.S.D, 
MtJilSD 
Apr. Oct 
MrJu.SJ). 
MrJu.S.D. 
HJSD 
Mr Je Sep Dc. 
MrJu.S.D. 
SJTXJil 
M rJe.S.D 
F.MjAuN. 
ApJuOJa 
lo_A; 


Gen. Elects 
GUie0e5!.-.__ 
HouejMellSl S0 l_ 

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LBXCora.a__ 

lnsenoU-BS2 

InSysraiiTosSl 
1 1 * InternationalB 

Kaiser .A13i 

;ManL Ban. CSS7 30 
* . .Morgan fJPi 15515 
N. F. My AiuNorton Sunn be SL 


!B2 

MJilS.D. 

JilOcJ.A. 

J.AJ.O. 
F.MvAuN. 
S.DJHrJu. 
MtJilS.D. 
Mr Je.S.D. 
MrJeiDec 
Atr.N.FMy. 
MaJu.Se.Det 


FA 3iy An Nmnbsoecu 


June Dec. 
J. Ap. Jy. 0. 
MrJe.S.D. 
MrJu.S.D. 


MarJnSpDc 

MrJe.S.D. 


OJoApJy. 


Suck 

FInorCwp.S%...__ 

Ford Motor SI, 

GATX. 


0»ras-m.ai25_ 


SQ2S 

g .Csp.S_ 
S5 

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=*.iSL 

n 

10) 

bpem Hand 3030. 

[raw int si v 


Do lfl*«LaStk.9I-K 
[resort) PLCS50.lPjJ 

fexaco55JS 

mmelnc. 


Ja^Ju.0. fTransanjerira ft._. 


rtMTeeh.SUS5.._ 
Km Sleet $1 


MrJe.S.D. WoctworUaSJj, 
ApJy.OJ. Xerox Corp. Si.. 


Xomeslnc. 10c 

Zapata Cap. 25c_ 


135»a 

690p 
2 OVd 


19%xd 
14Vrt 
32Vu! 
465 p 
1274H1 


Lari 

4 


Dre. I [YTd 
Gnu [Cn-|Gr*B 

26 

5 - 4 , 
7.81 
35 
4.2 
3.1 
42 
3.1 
45 
0.8 








315250 




— 

nii ii 




Ir-'I'l 


asn 52 




1 25c 






1 frrJOM 


rt3Tl 


J 76c 






a i5c 









j| 1|3 

— 

abate 

“ 

1 60c 

B _ 

3 5112 







— 

s? 

_ 

51.90 


80c 



__ 

3 53 50 


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— 




— 


Oct. AnnI Crouch ID. -SOIL- 
May Ort Crouch r3nap _ 
5.8[ Apr. Oct Douglas Robt S. 
April Oct|ff»rcin£GJL50p 

Mar. Sept Ecou lOp 

Feb. Oct nik&Eierard 

Not. May Frith. 

Dec. JuneFPAConsl'n._ 
Dec. June Falretough Dms. 

Jan. July Feb. Intl'lOp 

Jan- July Du*A‘lOp 

Nor. May Fed. Lanfe Bid 
— FtalaiiJotail' 
Mar. Sept FnuscbPir . 
OctobCT FresrisrGBilOn 
Jan. July French Kw — 
,4[Jan. July Galliford Br. 5p. 

GibbsD'drAlOp 
July Feb. deew.'SJ.ilfip 
July Oct GlossopW &J. 


3.5 

26 

3.6 
28 

18 

2.4 

2 

3.9 

4.9 
175 


S.E. List Premium 44V (based on 8USL881S per £q 

Conversion factor 0.6928 fB.6912) 


CANADIANS 


Drridends 

Paid 


Ma-SJ-D. 
P.My-AU-N. 
AJy.OJa. , 
May Nori 
Oct 

FJIyAuN. 
July Janj 
July Jan.' 
j-ApJy.o. 
ApJy.OJa. 
FJMyAuN. 
Apr. Oct 


SMck 

lBtIfcmtrealS 2 

Bk. Nova Scotia SI.. 
[Bell Canada 25c. _ 

Bow Valleytl 

Brascanl .. 

CanJmp.Bk.S2 

Can Pacific 55 


MrJaSJ). 
JaiLAgJ.O. 
FJIyA.N. 
, MrJe.S.D. 
June Dec. 


, Da4pcDeb.£300. 

(GuHOUCmifl 

Hawker SA Can| . 
Bollinger SS__„ 
[Hndsra'sBayH 


Jan. J ulylBuAROU G. SZV— 


hm pprial Oil H 
unco 


SluLNAGasSl 

Place Gas SI 

June 

MJe.S.D. [Royal 

SeDeMrJu I Seagram Ca CS1 — 

FJHyAuN. [Tor.Dom.Bk. Sl_ 

JJVpJy.O. (Tram. Can Plpe3Sjc 
S.E. List Premium 44V*- (based on $2.1176 per £) 


t 

Last 

to 

Dir. 

Grass 

Cw 

Tld 

Gris 

12.1 

Z5-U 

51.06 


40 


?9 17 

92c 

_ 

3' 


143 

54ft 



SA 

17*4 

99 

10c 



0* 

11\ 

6! 

51.00 


4.2 

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3* 

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4.C 

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18*4 

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71 

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75 

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_ 

76 

13 

28 2 

86 4r 



31 

Ills 

10ft 

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5.2 

710p 

1ft 

80c 



53 

680p 

?4 11 






26 

li 

86.4c 

— 

L6 


__ 



__ 



6 1C 

5108 



2.8 

19V 

18) 

5146 


3.6 

17,1 

aft 

92c 



75 


31 

76c 

— 

3.C 

990p 

2430 

lOJc 

— 

4.9 


BANKS AND HIRE PURCHASE 


Drvttm* 

Paid 


Jan. 

A 


JuWANZSAl 

July MexandmD.El 
Aug. Alnmene FLUO 
Alien Harvey £1- 


Jan. 


Stock 


& 

Oct Apr. 

Dec. June Allied Irish- 

Jan. July ArtmthnolLCL. 
I July Nov. Bank Amer Sue. 

July Jan. Bt lid and £1 

Mar. Sept DalOpcConv._ 

May Aug. Bt Leona H3 

Aug. Feb. BkXennri(UK)£l 
Nov. July B6N5.W.SA2— 
Nov. May BankScodandQ 
A. J. O. Ja Bankers N.Y4W. 
Apr.Oct BardayiEl— _ 
Nov. July BnwnShipJeylLj 
Jan. July Cater teticr£l._ 
May N ov. dree Ite'nt 20p_ 
fib. Sept Com*lAns.(Sffi! 
May Com-ztolAQU. 
March C*hgn.Hb6KrlOO 
July Oct Cormthian 10p __ 
May Cred. France F75 

Jan. Apr. Danes (G.R 1 

DncdeSrakUEO. 
F.CRnance 


|F1ntNaL10p_ 
L7S81 


Da Writs. 
September Fraser Ans. 10p_ 

Jime Dee. Gerard Natal 

May Nov. Glbbi (A 
Mar. Aug.GiHeUBro3.a_ 
March Goode Eft lfcy5p 

Nov. April Grimflays — 

April Oct GoinnessPeat— 
Dee. July Hambros 
Dec. July Hill Sanae! 

Da Warrants™ 

Sept Mar. 

June Nov. Jessel Toynbee- 
June Nov. Joseph (Leo) Q _ 
Feb. Ang. KeyserUllmnn 
June Dec. Klng69caa0p. 
May Nov. KlearaortRL— 

Aug. Apr. UoydsU — 

Jan. SeptHansoaFbL20p. 
Sept Mercury Secs — 

Sept Apr. Midland £1 

June Da7V%8M3_ 
June Dec Dai»i')fc93T38_ 
Jan. July Minster Assets— 
June Dec. NaLBLAiotSAl. 
Jan. July Nat Com. Grp — 

Aug. Mar. Nri. West 0 

May Nov. SchroderaEl- — 
Jan. July SeccombeHC£l. 

Nov. June Smith St Aub 

Jan. Aug.Stand'dChartfl. 
June Trade Dev. SL50. 

Sept Mar. Union Disc£l 

— UDlT 

A. Jy. 0. Wells FmgoS5_ 
Nov. June Wtntrnst20p — 


Price 

223 

235 

£120 

470s! 

168 

155 

£16V 

345 

£156 

17 

170 

440 

275 

£27V 

330 

200 

9! 

i9am 


£20 
, 67 , 

2V 

12^ 

107 

210 

178 

89 

475 

254 

72 

160 

43 

63 

98 

9* 

118 

348 

£^2 

59 

203 

71 

268 

365 

220 

£ 

& 

41 

£19% 

63 



y76<g3Q0 

S3 

1411 ti7 jj 
17 JO 

1133 

115 

1133 

574 ■■ 

■45 q»«94 

1UD ■■■ 


87610.03 
1700 C8J7 
3J0 200 
2 U 15 18 

Ja 

an| 14.32 


19J h059cl 
3LHJ MB 1 
an tB .01 
27.6 0J2 
M.H 1339 
3JC 432 
271 9.09 
301 1279 
25J3.39 
301 14.75 

isa&M 

1411 t3.55 
14 J1 IQH^ 
1212 263 
133 1149 
19.9 1L55 
28J1 1206 
3111 14.55 
1212 H759 
3L5 M5c 
30J ZL08 

28J2QSU2 
132 3.03 


jrn, 
Cvr|Gr’s| PfE 

3.6] - 
9.a - 

?| “ 

6.0j - 

9.3 — 

31 

591 — 
f6.4 
3 Jl - 
6.6 151 
41 _ 
51 £7 


25 


51 


26 


72 


5.0 

15 

2^0 

220 

21 

a 

42 

♦ 


ay Mod. Engineen. 

July MonkiAj 

July MrrwlemlfL. 

June Newarth" 

July Nonces 
Feb.Nbtt.Erid: _ _ 
Oct OnncDers. IDp_ 
July RirkerTiinber-. 

'Jan. 3^s Pochms- . . _ 
Mar. Sept naTriranfiRK— 

J June Dec. H.M.C 

Uan. OcL Redland 

jOct May [k'ch'ds. Wall lop 


July 

Dec. 

te 

Pan. 

[June 

Dec. 


5.6 


7.7 


322 


Hire Purchase, etc. 


FeB. Aug. Cattle's IHdgs’ KM 
May O B'cre Fr.lOoT 
Credit Data 
Jan. Uojds^ei 
June LoiS* 

HoOTsate Mar. 

Oct Mar. Pros Financial- 
Jan. Nov. Strig. Credit Wp. 

— Sbrela iG.) lOp 

April [Wagon Flnaoce,. 




* w 

39 

13 

93 

24s 

*1“ 


3.1j b203 
15mQ12% 


32 


♦3.95 


3LUjgl87 


4.87 

btl3 

4.13~ 


17| 8-4110 7 


2* 


a mqi 
a 


6.6 


83 

16.6) 

ion 


BEERS, WINES AND SPIRITS 


Sept Mar. 
Feb. Sept 
Jan. July 
Dee. June 


May 

Jan. 

Aug. 

Jan. 


Dec 

July 

Feb.! 

Juffl 


lBord«Mers— 
Brown (Matthew* 
Buckley s Brew.. 


April AugjBolmereHJ'.j. 


August 
Feb. Aug. 
Apr. Oct 
Feb. Oet| 
Oct 
Oct Dec. 


July 

Feb 

Feb 

Feb 


Nov. 

Aug. 

Aug. 

Aug 
Jan. 

Jan. 

Aug. 

April Nov. 
June Jan 


Jan. 

May 
Oct 
Mar. 

Jan. 

Jan. 

Dec. Jul 


U 


Allied Brews. _ 
AanLDUtPrWpJ 
BassCbaFftoa.. 
Bell .Arthur 50p_ 
Bdbareo Brevery 


Burtmrewod 

City Lon DM — 
ClarktMatttiewi. 
Dlsrtllers 
rcUifiRicbB'd'tyJ 
klordoniUr 
[Gough Bn» 
jGreeiHli Whili^ 
HlrwoeKnig. 

Ju]y|WiJ' d 

Feii {rid Sistfta 5 !!I 

MacaIhii.Gieu_ 

MeriandO 

Samteman 


June 
Aug.jScoa&New2l)p. 
Apr 
Au 
Ju 



Junewolv. Dudley 

timing Breri'A* 


91 

40 

158 

228 

43 

150 

74 

106 

43 

150 

142 

60 

124m 

177 

S? 2 

20 

46 

109s 

227 

175 

144 

87 

128 

300 

435 

63 

66 

102 

104 

Spa 

190 

162 


161 3.93 
301 m025 
228 484 
3LM b4.7B 
3174 — 
I4H 3.91 
2811 +329 
121 3.92 
121 1L64 
132 U6.6 
&( 320 
1U 24 
132 1521 
32 634 
51 9102 
376 - 
I7JC b28 
11 262 
361 16.53 

31 7JJ2 
3121 29 
2821 t2.03 
121 3.55 
1721 4.62 
121 1245 
3120 234 
272 t31 
311 3.00 

32 4 02 
14.11 13.57 
,121 5.74 
2&U 1289 


1.9i 641125 
10 — 
4.7 10.0 
32 13.6 


|lf2 
121 
95 
22 
8.7 
15.4 
7.2 
27 


9.41123 


111 ) 

127 

I 

215 

132 

149.0 

105 

* 


5.910.7 


9.5 

112 

15.0 


BUILDING INDUSTRY— Cont. 


Krideads [ 
Paid 


SuA 


Prire 


Nov. JulyjCal'nder CJf 19o J 

Jan. Jnl^tarriJobni 

June Jan.JCaRBE — 

May Nov.jCeaestBradstoce. 
Mar. Septk'ocsbaiGp. 10p_ 

Nor. JoIrjcostauiR 

Sept Apr.[Countrjiiile5p_ 
May * Oct. Crossiej BIbe- 


Feb. Aug G*oi Cooper2Dp 
Mar. SepLHAT.Gm.Klp_ 

Feb. Aug HamMn J lOp 

Feb. Sept HeJical Ear 
Jan. July Hemfsa. ‘.V lOp 
Jan. July SendersoaiJ w i J 
Jan. June tauten SI llfc- 
Jan. July Dalncrom.-.. 

H?ywd Wm.50p_ 

Dec. June Higgsi Hill 

Jan. JuJylBorerisgbaaL^ 
Jan. July Do Hes-Vtg. — 
Mar. Sept Howard Shut 1C%> 

Apr. Dec. LD.C20B 

Nov. May IbstocbJohnsen. 

Apr. Oct lot Timber 

Jan. July J B. Holding 5p, 
J.CEjG 


Apr. 

Oct 

Nov. 

Jan. 

Jan. 

Jan. 

Jan. 

Aug 

:d pT * 

Nov. 


Nov. 

July 

July 

May 


April Sept IanisiJ.i_: 

Apr. Sept Jennings 5A0 50. 
Feb. Aug latmso&fadianfe 
July Dec. Jones Edred 10p 
May. Nov. KentiUP.ilOn- 
Dec. July Lafarge SAF100 
Nov. June Laing'Johnt“A' 
Jan. Aug lalbamU.ifl — 

Jan. LawreocelW.i 

Aug. Dec. Leech(Wm.i20p. 
Apr. Sept Lf?LaDdPain£_ 

Nov. June LuWfJ.C 

Jan. July London Erick 

Apr. Nov. LcreelKTJ.t 

July Nov. McNeill Group _ 
Feb. Aug Magnet &SUms_ 
Jan. JaneMailjQson-DenQy 
Nov. JuneMandcisiRld^i.. 

Dec. Apr.Mirefawid. 

Aug Mar. Marie?.. 

Mar. Oct MarshaJlsfdfxi, 
Feb. Aug May k Hassell-. 

Mar. Aug Hears Bros 

Jan. July Melville B. 6 W._ 
Feb. Sept 
Oct FebJ 

NovlJEUerfStacllOp. 


Apr,[Macorecrete — . 


Dec. RoheitsAdlanL 
Jnly Rnwlimcm 10pt , 


Nov.tRxscoGrou 
iRmiemi' 


jS 
o!tL._ 

JuJyjSabah 


Id. _ 
P Cement 


10pj 

Oct May Sharpe ft Fisher. 
Dec. June Smart U.)10p___ 
Oct May Southern Con. 5p 
July ScreeierslOp — 
Nov. Tarmac 50p_. 


[Tariar Woodrow 
fTubcry 


Feb. 

& 

Dec. 


Oct _ 

Oct TubaryCrgll— 
Oct Travis ft Arnold. 
Aug 

AugfL’BHGroatL — 
Feb. Vedto” " 
Oct V 
Oct WaidHWgS-Mp 
July WareiiKion. 

Nov. Watt* 

July WethrickErods. 
Jane Wettem Bros 



22 

44 
46 

131 

28 

260 

37 

a 

91 m 

73 

87ri 

205d 

58 
80 
78 

24 
71 

§ 

45 
27 
14 

44 
32 

5 ^ li 

45 
54 
80 
35 
57 

23 

59 

140 

54 

tVMt 

75 

31 

69 

62 

25 
115 
145 
115 

55 

25 : 
176m 
100 
118>e 

141a 

45 

£25^ 

127 

113 

98 

77 

60 
67 

65 

77 
50 

178 

45 

96 

263 

78 
98 
61 

24 
40 

74 

66 
9 

56 
39 
82 

126 

157 

87 

225 

52 

108 

145 

« 

18# 

113 

141 
85 
% 

82 

39 

33 
7612 

143 
32i 2 
44 
48 
8 
32 
134 
374 
238 

141 
235 

68i 2 

26 
160 

39 
52 

142 

34 
56 

44 

45 
27 

Ti 



11.22 
hd091 
3.63 
4.94 
11 47 
13.46 
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419 
,394 

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B3fdh3U 
13-3 110 38 
257 t3% 

132 5JJ3 
17 1C 4.87 
UU 1.14 
1711 2.49 , 
Ml W159 
1U1 M1.S9 
19.9 12.03 
474 - 
175 _ 
i? d3 54 

an «L5 

133 3.07 
177 L82 
1 212 18« 
17.18 t3.49 
301 528 
m IL95 
3J1 442/4 
193 *2.1)3 

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2811 7 54 
3110 gl29 
1212 Q7‘i 

m - 

17 JO t3.12 
'3L10 11.89 
2UC 1189 
301 1L56 
13.2 d8.9E 
310 614 
DJ 1629 
1411 m0 97 
277 *151 
113 18.60 
33KJ2£ 
272+hli 
27i 0.92 
Jim 206 
57 CUTS’: 
310 T286 , 
1212 fb6.72 
,1411 63 
1411 538 
27 2 33 
u2-5 

3iid 


69» 
7.9 
HI. 
I|10J|J7.7 
6.6 71 
5 310.4 

5.4 52 
.. 7.7 49 
i|l0.7 4.1 

9.714.3 

9.5 95 
7.2)1£L9 

- * 
110 5 8 8 

|l21 7.7 
68(129 



DRAPERY AND STORES-Cont 


Mar. Pec.-Gl L'cr.ens! — I 296 
Mar. Dec. De *A lto - 286 

Aug Apr.kire.MiEesa?.* 46m 
Jaa. CKticatty'Ftrn.-^-- 27 
Jan. OcL‘ .J 2b 

Sept !Hek»L«.ICp 


June DetJitaiScLr.-Fil, 
Feb. Oct ae£d£rsctS.2lF-j 
May Nor LHeuruicff A '.Cp 
— Riepsartr. J !to~ 
Apr. Oct iHose Cure? Tup 
Dec July HmwoiRnie:- 
Nor. JuneHouserfLcwe- 
_ ljswt!M15p_ 
[Lac:& Prate 20p 

Lw Cooper 

Libers 

, So 'ic. '.s=:orl 
UacnflK.tf?— 


*289 
301 1832 
1431 1234 
33fl 1231 
Z7i 3.4 
163 d249 
132 td5-24 
31 127 B 
30J 178 
1411 248 
31 14.18 
31 t4J5 
12.4 *dl.l7] 
« 129 
33£ Wh24 
31 th339 
3131 tt5 
95 d4.47 
ail(|432 


111 3 


« 5.44 
33 t3.88 
1411 <14.61 
142 0.63 
1731 g5.77 

zau . 

M.l 1d43 
1431 t3.96 
12L M223I 
,3111 fLOl 
1731 207 
3131 J337 
27J £25 
17 11 L48 
19 5 237 , 
3131 dhLBl 
2 i< 


88 16.9 
311 1839 
330 f3.46 
1212 19.9 
1411 4J6 
31L48 



bftS 5.8 4.1 

13 110 

33 «6 9.9 
3.a 95 43 
0.71 1LB 17.4 

ft 66 6 
2.W a3 6.4 
1L7 27 43 
19l t 27 
25) 7A 63 

6.1] £l 118 
L8 9.7 8.9 
18 7.0122 
33 7.7 3ft 

4.6 3.4 9ft 
26 9.0 63 
21103 73 
ft 10.0 ft 

ft 83 ft 
43 57 63 
3 jO 6.8 7.4 

3.9 7.7 (371 

25 6.9 9.0 
33 33 5.4 
33 36127 
127 2.0 63 
3.4 48 6.8 
28 8.1 6.7 
4.0 6.9 4.1 
0.4 1L2 iK2: 
28 9.4 5.8 
35 8.6 43 
5.0112 62 
12 i 6.4 

1.6 7 9117 
93 63 
5 9 7.1 
7.8 7.0 
43 4.4 
7.2 4.6 
7ft 45 
7ft<2SJ: 
7 ft 5.7 
4.C 20 
77 3.9 
53 

7.7 75 
43 9 7 
73r9ftt 
63 73 
431 4.2 


5.4 
9.U 
4| 

35 

Tii 

03 

28 

3.4 
17 
33 
29 

16 

25 

li 

1.6 

0.9 

4ft 


0.5 93124.9 

ilo 

mi 
Mi 


Jan. 

(Jan. 

Feb. 

Apr. 

Oct 

Feb. 

Dec. 

May 

May 

June 

May. 

Jan. 




Oct Apr 
Jan. July 
May Xov. 

May Not. 

Sept Apr. 

Nov. Apr. 

_ l Upp/ p ^Qql 

Jan. Julj^Mars&cperice.’ 
Feb. Julyjlla^icNewt 
Jan. July pfemie*'! - — 
^carirJiiOi 
Feb. July Mid EdscatS 

Jaa. July Morris 

Jnly Jan. MahercarelOp- 
July Feb. NSSNcw! ifip_ 
June Dec. OweiOwsi — 
Jan. J ulyjPa^dLre : Bi Wp_ 

tWL' 

Jan. Apr. [Peters Stores lOp 
- P [Polly Pec's Wp._ 
Feb. Sept.lPre«y..tlffedi- 
Dec JuneffliEarTeC.3p_ 
Mar. Sept 
Star. On. . 

Dec. JumReadicntSp — 
Apr. Dec.Beed Austn A'- 
Apr. SeptifiirixinJlSriiei- 

"S5.V- 

Siores iZg> 
S’JJtLPg) 
tHi'.V 



Feb. Julyftcath X. 3 -.V 3Ap 
May Nov. Stanley AG. 5p_ 
Sept Apr. Slants Dtsct IDp. 

Oct Apr. StembersKIp 

July Sonne 2tip— — 
July Tbne Prods. iOp, 
July CDS Group 


DetjUpum© ‘A’ ' 

llav Vontona 20 d 

Ju& I'enraiFarb Wp-| 
May Wades“A M 20p_ 

Nov. Walker Jasi 

Nov. Da XV. 

Jan. Wallis lOp 
Nov. Waring tGUioir. 

June Wearwellap 

Jan. Sept Wharf Mill 10pt> 
May Nov. WdknaiWarotnJ 
Apr. Oct [Wool worth. 


16 

155 
70 
21 
58 

107 

149 

60 

18 

55 

117 

E20l 2 

£2Qia 

55 

74 

Mb 
148 ' 
242 
315 
11 
88 
42 

156 
109 

70 
20 

38 

39 
9 

85 

15*2 

83 

71 

3 

26 
16 
245 
24 
10 
166 
113 
145 
15 
23 
117 
90 
28 
116 id 
80 

40 
81 
SO 
57 
89 
19 
22 
65 

65> 2 m 



Feta 

Jan. 

Jan. 


lS5t]May 


dLS5 
23 
19.9jTd3.29| 
” 1434 ' 

td3.92 
674 - 
273 232 , 
17iffiThL65| 
17.10 129.75 
DI0 129 75 
272 3.49 
27ft UtdLSrt 
, 574 - 
31 li 3.86 
3.1 bi 
Ull 14ft6 
873 
3J 1424 
1431437 , 
1411 th266 
31 212 
2S4 126 
1312 1LD7 

9 025 
dLOO 

1285 


17 M 063 


m 

[14311 

I1Z41 

270 

30| 
1^1 1 
112121 

1 273 

is! 

B.W 

3 U 


thO 58j 
13.03 
1L44 
126 
*U9 


I7ftl 

bl.22 

hL98 
td5J 
4 06 
d0ft7 
LZ7 
1L52 
4.87 
228 

5 A 

1201 

6232 

gf 


63-23 

1.44 

4.57 

438 


S 4.0X7ft 
4.1 5.8 
2313ft 


, 73 83 
[15.3 9.9 
. , 2.6 163 
5 « 3-0 9.9 
3.9) 5.7 7ft 

ii 


d 

126 

21 

3-i 

3.7| 

O.ffl 


u 

« 

4.4j 


3.9 30ft 
183 
53123 
6ft (3.7) 
1ft 9.0 
6511ft 

7.0 68 

5.0 81 
1(37, 


4,7] lift 
7.7[ 4.8 

7^ll§ 

*ts 


64150 
2 « 8 8 
8ft|13.0 
12 4j 
6.7 
5.3) 

7.9 
4.4 
4.4 
67j 

^lBft 
10ft 
6.4 
lift 


9.9 

10.6 

9.7 


ELECTRICAL AND RADIO 


I June Dec.[AJLH«2nrcir_ 
Apr. Octi Allied IcsuiaUirs 



January [AndsaFiMttytOp. 
Nov. May A<flo*tedSec.lOp 
July Jan-BKC” 

Apr. Nov. BSR) 

Oct MarBettft . . 
Jan. June Bowthorpe lPp_ 

Jun Nov. Bracks Bp 

May Nov. Bulan tVSp — 
Apr. Sept Cabiefgnnaa — 
June Campbell Ishred. 

Jnly Dec. ChkirideGrp. — 
July Dec. Coast E. Sen. 5p_ 
April Nov.CrrfniTEicIIt- 

Apr. Oct Cnnten Wp 

Dec. May Dale Elect Mp— 
Apr. Dec Deco.. 

Apr. Dec. Da*A' 

Feb. July DerritronlOp — 
Sept Apr. Dewturst'A'IISJ 
May Dec. 

Oct June Dreanftend Uta. 
pan. July DubtUer^i 
July Jan. EMISOn _ 

Aug Feb. Do^cOjnv.21 
Feta Oct Sed’camps lito. 

— neetromcMacfL 
Mar. Aug. Elec. Ratals 1 to 
August |EMrgvSats.lOp-| 


5.6 

II 

5 i 106 
22(103 JJ 

63 28 9.0 
221L6 5.9 
12 3.7 5.7 
28 5.9 64 
11 9.4 114.4| _ 

^ fil p ^"ii^lF^eiia^ftOp 

V 

Mar. OctGXC. 

January Highland EL 2Dpi 
Oct Apr. Jones Stroud 

Jua Kodeim. 

Oct Laare n ce Scott - 


CHEMICALS, PLASTICS 


Llan. 

Oct 


MayjAKZO. 


May Albright Wilson. 
July Dec. [Alginare lads.. _ 
Jan. JuneoUida Pack 10p_ 
_ Apr. Sept AITdCottoWlOp, 
ca Jnly Nov. AudwrChem. __ 

- July Nov. Bayer AG. DM50. 
Oct Apr. Bladen Noakea. 
Nov. July Brent Chens lOp 
Mar. Sept Brit BemollOp. 
Feb. Aug. BritTarftd.li . 
Jan. July Burrell 5p— — . 
Jan. July Cariess CivellOpJ 

Jan. May CalaJin 

Dec. Judc C5baG , gy7WLo 
Mar. Sept DaMCineiM 
Mar. Sept Da8»«%Cire8»95 
Feb. Aug Coalite Chon.—. 
Jan. July Coales BrM 
' Da'A'NV 


July 

Sept June Cora tHorac«5p. 
JuneCroai' “ 


[Jan. 


uan. 

uan. 


[Jan. 

May 


(Apr. 


alt*. lOp 


!y Farm Feed 

July Fifonatl 

. Nov. Halstead fj.l lOp. 
Aug. Feb. Hksn Wekh50p. 
[June Dec. HoechstDM50 — 
[June Dec. DofbtOVasla. 
pan. July Imp. Cbm. £1 — 
Feb. Aug DaSWltl — 

iFeh. Aug lnt. Paint 

(July Nov. Lfl[wrTe[flds.50g_ 
Nov. Mar. Norsk. H^r80_, 

Feb. July PlysulOp. 

Apr. Sept Hansom wm. 10p 

Nov. Reatokl lOp 

Nov. Revertex 

Nov. Scot Ag Ind £1 
Feta Nov. Stewart Plastics. 
[May Oct TtasaxEsda 
[Apr. Ocl WanflefBer.l .. 
[Nov. Ma^ Wolstrenholme — 


Verts Cham. 



an- 
Mar. 

Apr. 

Jan. 

Jag 
[Jan. 

Apr. 

July 
Mar. 
[Jan. 

May 
Dec. 

Apr. 

Apr. 

July 
Apr. 

Apr. 

Feb. Aui 
Jan. J 

JatL 


Oct Lee Rang 

July Mi Electric — 
July Mmrbead — — 
July Newman Inis — 
Oct Nesmark Idris 
Jan. NonnandQ.20p. 
Sept PaihrQnwtac J 
July Petbcwffldr 
Dee. Ptribpsftn. 

May Ptolrpsln.FL10. 
Oct PifwHkfe. 

Oct Da'A’Xfp 
lanjfteswra^. 


Ncv.lPressae 
oct: . 

RacalEJertncs- 
lediifiniaD 

GRHtp 
Nov. ScbdeslOT — 
July Feb. Sony CaY5Q — 
October Sound DttbnSp. 
Apr. N ov. rdehisian 5p — 
Apr. Nov. Da’A'NV 5p — 
Dec. June Tele. Rentals 
Mar. Oct TtomSed 
Apr. Dec. Th'rpeF.W. lOpi 
Apr. Oct UrntMhK^.. — 
Oct Apr. Utd. Scientific— 

Feb. Oct Ward & Gold 

[Jan. Aug WeOro HWs. 3p_ 
Mar. Oct Westinghouse — 
December Wbltwonh Ej.5p 


January 


OctWhlesakFtg^J 


96 
62 
30 
S9 

104 

94m 

50 

54 

70 

23 

59ij 

130 

97 
107 

25 

23 

133 

415m 

405m 

17**2 

V 

39 

Jt 

£97 

329 

17 

114 

12 

143 

208 

74 

99 

248 

21 


33015.07 
27.2 433 
2831 d23 
301 032 
3130 16.71 
133 4.77 
301 12.74 
173C 1L48 
331 g3.36 
1730 tlftl 
273 t3J 
27.6 268 
2U1 14.67 
2U1 bd234 
303 ♦1L33 
31 1151 

3130 *272 
133 fl0.7 
133 110.7 
2 011 10.66 
30.1 0.83 
330 LOB 
22J 123 
33 0.99 

MU 9ft4 , 

^iW| : 

12D 15.0 
163 03 

3131 13.89 
173C 


4ft4 

fs:J 

)d235 

JIW 

163 5.0 
301 16.02 
33 1259 

H* 1 

2&31Q%% 

1212 1M 


2.91 8.0j 6ft 
2.41031147? 


Mm 



[Wig&UfH.) 


ENGINEERING 
MACHINE TOOLS 


£5.7 


2ft 10/ 
6.9 1L* 

MOO 

Uf. 

SftfSftt 

12 SS 

27 9.6 
3.7 7ft 
5.7 13ft 
33 lift 

6.6 63 
3ft 49 
6ft 5.4 
63 6.7 

5.7 9ft 
8.7(127) 


CINEMAS, THEATRES AND TV 


Feb. 

Mar. 


, 0ct 
Jan. June! 
[Nov. Apr. 

May _ Octl 


July] Anglia TV “A* 


Jan. 

Dcc. 


Oct Apr^f 
Jan. Jul}' 


As. Trie. ’’A"— 
Gmnpun.'A' lDp 
Green Group lOp 
HVrd Wy’dODp- 
HTVN 
LWTA 


July RsHLTVPreLEU 
" Scott. TV“A n 10p 
TrartTV'A'Kp. 

- Lister TV“.4"_^ 

Dec. JunetWesTwanlTV10p_| 


74 

272 

438 

* 

108 

30J 

h655 

bZ3 

34 

310 

12.0 

23 

65* 

301 

Q4ft3 

25 

22i z 

TV. 




125 

19.9 

196.6 

25 

123 



639 

25 

73 

3.1 

6.04 

19.6 

72 

52 

1730 

13ft 

s? 

55 

2ft 

57 

1411 

3.93 

26 

25 

ail 

L65 

L7| 



DRAPERY AND STORES 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


June Nov 
July 
June Oct 
Feb. Oct 
Ocl. May 
Oct Mm 
Feb Aug] 
February 


May 

July 

Jap. 

K. 


Dec 

Sept 1 

Dec. 

Aug 


May Oct 
Mar. Aug 
Aug Oct| 
Apr. Nov 
Ooc. Apr, 

May Nov, 
Jan. 

Dec 
Aug 
Oct 


AtndeenCcosL 
AberihawCan... 
Allied Plant Wn. 
(ArantafieSirnkt- 
{APCeniertEl_ 

dgelt 
Bamba w n........ 

BanrattDw-.lOp. 
iBeechwoodlQp. 

Bento ato 

[Beunxd M. 10p_ 
Ben Bros. 20p_ 
BlodJcys2Dp_ 
Blundeil teds— 
BreedonLime-. 
BritDredgli^-; 
Brawn Jten. am 

July 

May BryanlHldB. 

aatBouttoaCL. 


Jan 

Apr, 


Jan. JtueiCRob^y'A'Up.. 


86 

154 
15 

63 
233 
122 
218 

32 

14 

43 

47 

108 

24ia 

19 

55 

67 

68 

64 
SI 
27 
39 

51 

52 

155 
180 

22 


3.10 14.18 
14.11 t6.14 
, 132 th0.7 
77ft 4.26 
54 18.49, 
22J +12-26' 

W 

3130 d055 
1212*1169 
1212 t29 
331 18.06 
21 L83 
875 10.75 
5.9 hL62 
301 dL7 
3.10 13.46 
303 289 
311 H4.45 
1176 $03 
124 10 
1232 $203 
3110 t226 
1212 td2b 
13ft did 15 
1431 152 


3ft 7.4J 5.7 
3.7 6.0 6.8 
63 73 4ft 
L2103HUil 
24 5ft 115 
22 28 24.9 
4 ft 4J 6.8 
14 111 9.8 
U {14ft 
3.7 6.5 
31 94 
2511.6 
2.o|lL3 
6.0 
4.41 4ft 
5.4 3ft 
3.lf 7.7 
68 
83 


U- 

4 

6.0 871 
63 10.Z 
25 6.0 
8 ft 5.1 
10ft 6ft 


Mar.' Aug 
Apr. Oo. 
Jan. June 
Jan. June 
June Jan. 
Aug. Feb. 
[June Sept 
May Sept 
" Sept 


Feb. 

Jan. 

Dec. 

Uan. 

Apr. 

Oct 

Oct 

May 


Sept 
June! 
u 
Ju 
Oc 
Apr. 
Apr 
Not J 


[June Dec. 
Oct Apr. 
Nov. Jul; 
[Jan. Ju 
Apr. Oct 
May Nov 
June Sept 
July Jan. 
Jon, July 
Jure, Nov. 
Mar. Ori. 
June Nov 
Nov. June 
May Ocl 
J an. July 
Jan. July 
Uan. July 
May Oct 
Mar. Sept. 
Jan. July 
June Dec. 
Apr. Oct 


lAlliedBetta] lOp 



lAudiotrrerac 
Bata's Sts. I 
iBeaaietJfA*-^ 
jBentellslQp— 
|BUju6Cofl.20 
BoardcanSO . 
BoiloDTertSp— 
iBrancer*. 

[&it Bone Sirs. 
Brtwm(N'l3fe— 
[Button GmaOp. 

Do VNVSJp- 
Cajacm*A'20p_. 
figta tSllto— 

□until 

EbcWa 

[Cope Sports lOp. 

Dress 5p_ 
rtrartz’A’ 
ICunys. 


CHstonagiclOp^ 
Debeihams — 
Dewhirst UJp 
Disons Photo lOp 
Qlis&Gold5p.. 
Empire Stores-^ 
EremteiSDp — , 
FajrdaleT«L5p 

Do*A'5p, 

IFuseAitDen-Sp 
Oct [Ford iITtni) lOp. 
Formatter 10p_ 

FasterBne 

Frwmans[Lon»_ 
[Getter iAJj20p„ 


202 

34ri 

36 

35 

33 
23s 
96 
29 
17 
12 
11 
50 

17B 

31 

110 

104 

34 ni 
43 

168 

78 

86 

101} 

68m 

177 

19 

105 
60 

145 

20 
144 

17 

13 

17 

43b 

33m 

125 

85 

268 

33 


27.2dt7.92 
13fttdL95! 
1431138 
1413 L3B 
244 t3ft 
161 hdD57 
23ft h210 
254 l.oa 
9ft 1.04 
3.1 0.98 

am 062 

12.4 13.86 
1431 15.71 
31 d2.55 
Si 15 

132 1ft 

133 t2.04 
3130 L96 

39.9 337 
3U£ 1294 
28Jl]dg0.4S 


876 
133 1338 
25.4 4.12 
23i tt).46 
1411 ft.2 2 
310f£L74 
103 t3.1B 
1731 1L73 

28U 106 
2811 L06 
1212 51.81 
113 153 
3.1 td3 78; 
14J1 2.59 
3L12 15 4 
Z7J p2ft7 


» l7J 


5.91 9.0 


H 

7.1 (701 
4 4 9.4 
, 2ft 6.9 
*133 12ft 
5.1 114 
- 18.0 
8.9 58 
9.4 5 5 
, 6ft 10.1 
[116 « 
46 54 
4.6 11.0 


April 


Oct June AP.V.SOp— 

Apr. Sept Acrow 

Apr. Sept Da 'A'.. 


. Nov. Adwea Group _ 
June Dec. Alcan 9pcCnv._ 
Nov. Feb. .Mien it) Balfour 

Ocl Apr. Allen W.G 

Jan. July AmaL Power 

Feb. Aug. Andni S*djPe_ 

May Oct AnglaSwiss 

Oct May AsfiALacy 

Assftrifeh 13jp, 
Jan. July Assoc. Tooling _ 
Oct Apr. Astra IndL lip _ 
Nov. July Aurora Hlds. — 
Mar. Sept Austin (James)-. 

Jan. Apr. Arens 

Nov. May brock iW 

April Bailey (Cat 

Feb. June Balar Perk. 5Bp_ 
April BamfiFrfsak 
May Nov. BamoOuK}.. 
Nov. * May Barton & Sans _ 
Apr. Sept. Beaufort lDp_ 
January BeraeriLeoujlfip- 
Feb. Oct BeramDF.tSp.. 
Jan. June Birmid Qua least. 
Jan.' July Btzmghm. Mint— 
Aug Feb. Blum Pallet lOp 
June Dec. BUckWd Hodge. 
October B l aLe ys,. 

Apr. SejS. Son«rEB . 
Dec. Bouton wmlOp. 
Sept BrahamMilllDp. 
Jan. (Si ErritfcwaileEl— 

Jan. July Erasway lOp 

Jan. July Blouse Dud. lOp 
April BrigoiOmpnel- 
— BnrisbNortiux^i 
Jan. Aug. Bnt Steam 20p_ 
June Jan. BtocWnum, 

Maj' Nov. awn's CaaS. - 
Nov. May Brain Eng Kip— 

BroolteTool 

Nov. Sept.Brathert'dP50p_ 
Apr. Aue. Brown&Tawse- 
Apr. Sept Brawn John £1 — 

Sept Mar. Bultoush3)p- 

11 ay Dee. Bunsss Prod 

Feb. Aug Butterfield Hw.. 
June Feb.CaBfcrdEagifij- 
Jan. June Capper- Nall lop 

June Camo Eng 

3Ia> 'irtvrishiR.IOa.. 


35 83 

061Z9 

2.9 73 

3.9 8.4 
2ft 8ft 

2.9 5ft 
7.0 


u 


ENGINEERING— Continued 


DnMead* 

Md 

June Dec., 
Apr. Ort| 


Stock 


. . imi 

Jtdy EDidtiBl . _ . 
June Eng CardGoth, 
Aug Svatfldnttnes— 
Ocl Expanded IfetaL' 
June Dec.FanntxiS.MU_ 
Aug May FinBderLireSOB 
Mar. Oct Firth iOOttp—' 
Apr. Fltadrire2t)p_ 
Feta Aug FoBtesfflon/vSp 

Dec. Jane Franaslnos. 

Jan. JiutecSHmiiL 
Nov. JuneGanop' 

Jan. Aug 

June Dec i 

July Feb. Gtrtfl.7ffto.-S. 
Apr. Sept Grah'mWoodajp 


GiasftesKlOOB 
Greenback IOpU 


May 


May Oct 

Nov. June Green’s Econ_ 

May Jan. &K.N.EL 

Aug Jan.HabilftreHagM 
Nov. June HadenCfcmer-J 
Apr. Oct Hall Big 9^1 — 
Feb. July Ball Mattta*. . 
Mar. Sept HaHiteSP pu ^J 
Apr. Seat 

Jan. July 

Hawker Sid.: 

Oct Apr. Hill i Smith 
June Dec. Hopknaonsato., 
Nov. Mar. Howard Marfiy—] 
May Oct Bowden Graup- 
Jasu Mg'HmRSoRrijpSp 


ULL 


July Uan.[Jeaks& _ _ 
Jan. Jane Jofamoi&Fbm. 
Dec. June Jones Group lDp. 
May Oet tones 9rijm>ai- 
Joae Nov. Laird Group.—. 
Oct Apr. L*eiEHwt_J 
May Lane (Percy)" 
Feb. LcelAr “ 

July Ley’s Fi 
Dec. Linread 
Aug. Uort(F£.' 

July lacker (T)Sp — I 

July Da'A'Sp 

Mar. Sept L/Jndon&jtkflu 
Apr. Nov. KLBoldiuEi — 
January Bangantonne- 
Jau. June Maremairl” 
Jane Jan [Mraytote 
Oct Apr. 

Oct Apr.l 

Apr. JutypSaadlads.5pJ 
Septeitiberra^ 

Mar. SeptL 

Nov. JiUyfMoleOOap — 


Apr. • Oct 1 
June. Nov. 
May ■Nov.l 
Sept Feb 
July Jan. 
Jan. Aug. 



Newman 

Feb. Norton (W.EjSp, 

OiboraiSi 1 

Pegler-HaffiriejJ 


Jan. June! 

Apr. Aug Pratt (FI 
Sept Mar.Priett 
July Dec. Procerll' 

June Dec. RJC.F. 

Dec. Apr. RatneEngg 

July Jan.R3LP 

May Nov. R'nsanssSm.El 
Ratclltte 

pidHiffa i 


Nov. Mara 


b(OB.1_. 


Oct Apr. Record Bidgway. 
Apr. Oct irdmnH'iisiltip 

Aug Feb. RenoldO 

June Nov. Rktards of Ldc. 
Fteta- Aug SkkbsWett.i8p_j 
Oct May Robinson mna.) 
Nov. June Rotork.., 

July Jag Suderm 
Mar. Oct SariQeG. . 

Nov. June Senior Engg 

Feb. Aug Serek _ 

Oct Apr. ShaiespteJ.5p_i 
[Jan. July&av Fraud* 28p~j 
’Jan. Angr " 

l-Tnn. June] Simon 
Aug JanJ600 _ 

NrCpss*- 

Mar.KpeocerClt 


Nov. 

Oct 

Jul 

Jag 




Jan. Aug 
May Oct 

June 
Nov. 


IW.AIJ0. 

sl Sfc~! 

JariJDtdWii^^ 

Jan. June VkfceraQ 

Apr. Oct Victor Prodntfj. 

Mar. OctlWaBnnl 

JufejWaniaSu^h 

, June WaneWnetil0p_ 

Sept Mar. WYmckSg.2flp 
pan. Apr. Weeks Assoc }Dp 

Nov. Mot WeL" Group 

Jan. Sept WeHnnnEngB™ 

wesaantL. 


FetaH 


Dec. Aug WesfnErans2Dp_ 

Jan. June Whence ' 

Jan. Aug WbewayWtsa5p 
— W hllRbo nseH^). 
pan. July Williams (WH 1 — 
Jan. WlnBiJaraes— 
Ma^ WoKEtectTools 


uoly Jan. 
^Apr. Nov. 
'Apr. Aug 
Oct v Apr. 
October 



-ftfce 

,66^ 

M0 

94 

78 

88 

3» 

8 

25 

. 73 

56 

72 

87 

uS 


fl 


Die 

Ml 


NO 

54- 

S3 

92 

98 

190 

aw 

1M 

2ffi 

a* 

31 

59 

27 


3130 1408 
31 15.69 
16J 14.8 
1212 t2.66 
1212 t4.8 
3JC 3.68 
- b7.S9 
20ft 
228 M03 

aSrrilMl 
14.11 It3ft7 
»11 T3J7 
1730 5.7 
3-1 b0.97 
22ft 7.53 
U *L52 
1232 +L96 
676 — 
3UlltdhL5Z| 
,1710 430 r 7 
1411 fl536 
161 dZJ) 
331 7.91 
19.1 4.43 
1212 16.44 

SJSfai 

M 1372 
132 d239 

59 3.65 

U3£ 

132 dD.91 
1232 bL16 
1411 #4-69 


ICwlfirfstWE 

99 as 

3.9 Si 5.6. 
23 9.7 


u 


0.9 

2.7 

3ft 

3ft 

2.0 


3L10 *2ft7 
1411 3ftL 
17JQ 1298 
11 L45 
112 4J 
1411 d20 
2011 14.82 
28.11 tO.78 
ail 1G.78 
1232 44.76 
13ft 13-92 
[28.U Lf 
Mil 534 
[1431 4.95 
27 ft 0.4 
133 L13 

132 d0.99 
. 88 11 
1212 1L42 

9ft 037 
330 7.15 
(14.11 4.16 
191 1294 
17.M M638| 
3130 t!64 
2232 ■ 

1232 !_ 
1212 £7.681 
U73 - 
177 14.791 
212 AM , 
. 13ft b528| 
1411 1 ' 
2811 t2.7 

133 0.87 
1212 3ft4 

133 8.54 

a 

4.5 

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[28.11 1838 

bn i«i 

1411 437 
, 19.9 338 , 

w m 

13 ft dl.46| 


6.9 
83 
9.1 

7.9 
4 IOJ 
ii 7.0 
13 10311ft 

2312.8 52 
2.4 5.1 (9ftl 

Z8 431Z8 
Z9 8.9 5.7 
24 8.5 6.4 
4 8.7 4 
L713JI 6.9 
4 7.0 • 

2.8 5.111 
3.0 6.3 80 

3.0 8.7 5.0 
LB 1L0 13ft 
□5J 2ft 10ft 

5.7 7ft 25 

3.7 8.6 4.7 
0310.91195) 
LC 9.4 OS.* 1 

3.9 4.0 9.8 
2ft 8ft 7ft 
5ft 5ft 5.6 

8.1 28 6.7 
21115(53) 
L9 5.913ft 

to 5ft 

IVXVa 

L9 9ft 
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— 9.2 4 
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33 B.0 
83 

9.4 
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FOOD, GROCERIES, ETC. 


Jnly}Alpine S(fl D10p_j 336 
JnneUSBiscuit- “ 


Apr. 


SegtftAa.Brtt.Ftta! 




22 

32 , 
23 1261 
lft 10^ 
0.9 9, SI 




Daijes— 

Oct Asslftsbencs 
Feb. Sept AvanaGnnq>5p.[ 

SS* 1 

[Apr. OcgBarrCAll 
June Dec, BarrowM _ 

Oct April BriamlOp 

May SepttetoUJa 

■fisbcsraStar 
Da“A"NA'g_ 
Apr. OcttgtnfhmlCcrg-! 
Sept Mar. Brit Sugar a»_, 
Mardi Not. Bit Verfg lOp- 
Jan. June Brooke Bond— 
Dec. June CadburySrii’ps- 
June Jan. CarrismQltag — 
May Oct Cbfrard Dames. 
May Oct Da‘A"N/V 
Dec. Zflay CullenB 20p_ 
Dec. May Da* A” top. _ 
May Da n is h Ben. ‘AP. 
Feb. Dec. BKtwoodUB)5pJ 
8dWdaL»CJ5i 
Jan. JuneEndandp.E.) 
Jan. OctPJlC 


5.9[(38fti 


L9 
25 
ZOlOft^ 
4.6 63 



May i. 

May Clifford fdfl£t 

Aug Feb Coten(Al20p 

Aag Feb. OBtem } 

June Dec Concentric 10p _ 
Feb. Sept CootW SheC.3p_i 
Feb. July T . ' 

Mar. Sept Cooper Tatalfl. 
Mar. Aug ConKrcmftDOp- 
Feb. CroniteGraop— 

Fe6. July Crown House 

June Dec. Cummins 76W-. 
Sept Apr. DanksGoKrfao. 
Jan. July Damn! h lire. 5p. 
Oct Apr. D»fcM«.'An(S» 

Apr. OctBaiylnL 

February’ DeaunlOp.- 

Jaa Jone Delta Mete! 

May Dec. Dennis J.H 10p- 
Mar. July Derneud 50p - 
OcL May Desontter — - 
Dec. July DowniehraetOp-l 


[1112 |332| 

IM^3! 

, 33 1231 
2831 13.99 
1IT76 - 
33 t4.98 
, BJ 3.62 
12831 239 , 
1321dL55 
33’ ILO 
303 g0.9 
272 3.19 
163 2.42 
, 33 h303 
iMg Q3?*^ 

|2833 tO S 
133 L32 
132 19.9 , 

. 33 dlftl O-tilDLl 
1411 4ft6 
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163 59021 
thft.l® 



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1210.S3 
lfti 9.5 


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AW; Sept FW«r(A05p — 
Mar. Sept FttriiLoreliato- 
Nov. Apr. OsssQireerSp,. 
Feb. Aug GoMreiFoucard. 
August Hailew'rf s P JDp. 
Dec. July ffirirgreekJ.KtaJ 
Feta &a.ffilS5l0 

Jan. July Hutton (A.) 

UTJ&S.D. SnrftSISO 

Det KwlkSavelOp— 

Lraaocs Gp.l0p. 
Iinfcod _ 

December [toekwoods_ 

jorefl(GF). 

May Jan.IefffWnL)3te 

Dec. July lstnsO.13 

Oct MayMattbmfB) 

Apr. Nov. MeatTradeSup.. 
June Feta tells tAJ. 

Mar. Aug Moron EktalOp 
Hot. itens-arr.ilto. 
Aug Apr. Northern Faoto. 
Oct Apr.NurdinPk.lflp, 
Dec. JunePanto(R)10n^_ 
Jan. June PurtFtanslOp- 

PykefWJ.ilOp- 

RakusenGrpftOp 

mitt. 

July Roheitsm Foods 
June RowtttreelL50p. 
June SangbmytJJ^— 

. ber “ 

Feta Ju: 

Oct AprJSqnttTriH'a 
Apr. Sept Stocks Ji 
Oct Apr. Tate* 

Sept April Taverarte.ap 
Mar. Sept Ta*w5p 

Apr. Oct Unipte. 

Jon. June United B«mta_ 
Aug Mar. Watson Phlp.lto 
Dee. July - ’ 


[1232fFftft , 
2831 th273 

133 30 
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[3U0 fdX6 
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301 h4J5 
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MU 276 
33 263 
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2831 457 
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7.7 75 
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7.6 103 
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5ft 6.7 


. 79 
55[t6.4> 
2.9J1Q.6 
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HOTELS AND CATERERS 


September 
July , 
Dec. JuljH 
Deg Juh. 
Dee. June 


AddaJnt top_. 
BoreliJ.iFl too . 
Brent Walter 5i>. 
Gly Hotels 3to__ 

DeVereHoteb . 

^Icure5p_ 


£16 

2? 

911, 

15a 

12J« 


- 

- N0J3ibl.9j 3.9^20.9 


JM 9.8 as 

b24j 3517.9 


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Apr. octp;™!Mrt»ta- 
Har. Sept. nai^cLv Wifi 
_ KH^aal.&ntc25 

Mw Ocl Udbmkcfflp- - 
MLCtudfltteWP 
Apr. Dee. Myddlrtan50p_ 

« jsasa& 

July Fnncr of Kates- 

i® ssesas': 

May SOTt^ril-lCkv.- 
Apt. Oct SakBrftroMOp. 
Sept. Mar Sraft»5±“P- 

Apr. Od. Trust UFore^. 
Feta Oct. RmfrUota vlfti 

Jan. AugRberirt siOp— 



INDUSTRIALS 
(MisceD 



May 

Ji3y 


Apr. Oct AAR ■ 

Jan. June AGBtosenrch -.il 
Oct Apr. AmasmBiKlflM 
Mar. OetMtafUilH 
Dee. May Abrash«Irfrop 
Feta Oct AWta tods. 0>- 
Dec. July MHedtoj&Sg- 

Juty Dec. Alpine HMj&5p. 
Aug Feb. Anal todastta - 
Oct May AmaUirtMi»li-| 
jan. June Ioj. .4»i4s|rt^ri 
July Dec. AienJKitAiltfe- 
Sept FetaAnoc LetsureSa. 
Apr, Sept Ass. Spartri l0p- 
Apr. Nov. AnttusF Ltyjig 
July Jan. Awn Rubber!' 

St SgHffl= 

Apr. Oct BOCimnL 

I May Nov. BTR. — 

[Dee. Jn^r BattdiWBL)£Ll 

& 

July BaxrtW AT. Aj 
■ ■ Dec. Bamw Hepte* 
[Aug Mar. BathiPretiata 
Dec. May BeatJonCtart^ 
|Feta aub. Bcwtom—.^.- 
Jan. July BeBalrCos- 10p~|| 
■May Bentima — 

Sept Apr. Bcnrioreb 

I Det xng BOTickT(BB».- 
Oct May Bettobrtl-^H 
Oct ' May BiikBcHW| 

Oct May aiforcared 
Jan. July BiHom (,!.)■ 

I Det Oct Black Arrow 

fitefisssstaH 

■not. Bodyrotclnril-I 
[May Ort 
Jan. Jiriy Booker McC50uri 
Nov. June Bsoser&Hawtal 
Mny Nov. BoouHemyiajp. 

Jan. July Boots. | 

FeMyAuNv BorE-WXSStSOl 

July Nov. BoiraterCl — I 
Jan. Aug .Braby Leslie U)p 
Jan. Aug Bradrlmta—-.. 
OCt May BnnacriHJap -[ 

Nov. May ■ 

Jan. July Bridpon-G30p^ j 
Feta Sept BB&EA-.-.— I 
■Aug. tettCieeT C'tfJ 
Britftteeicwfflt.l 

Jan. June 

May Nov. British Vita — - 
May Oct Brittains- .^m 
Nov. May 211. Prop 5 A2- 
Jan. July SrookSLBrlOp. 
Nov. June Broofo Wat 20p- 
I December BromBw Kent 
Oct Mar. BruaMnsiMiw). 

Feta Not. Burro Dean 

[Apr. Dec. BurcdcneSp — ■ 
May Nov. Btuv Auk'll WpJ 
Nov. MayBtuylla5eo17&>( 
June Feb. dSlnrfls- K)p-H 
Mot. Not. 

■■■g DaHHHl 

May Nov. CamrK20p 

Dec. May Cran ing fW.t — 
Jan. May CapeBM^H 
| Feta June CajdanPiuLlto. 
Mar. Sept Caravans tot 2Dp 
Jan. June Cmtonlods. — 

Fob. Aug Cawoods 

■iitaaber Criesttanlod-Sp 
Jan. JutyCamlUEgl^i. I 
Dot July CnLSteowd.Sp- 
Sept Nov. CearewayS^.. ■ 
[Det July Ctaunberiaintip. 
Jan. Aug OtaahlMPtLtei* 
May^Nov 

[Apr. Oct Cbritee-T-lOp^J 
Nov. May QmsriesbgaM 

Dec. Aug Cbubb2to 

Feta June CLutetdesMtoa 
June Det CdetR.Kt_. 


1 13 au si 

»1 K34 

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I 273 

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|l>37927a 

ran 12.16 

| 381 1S.19 
3D1 1131 
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3UD 19.14 


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2732.45 


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2.1 7167ft 
14 5328,2 

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172 


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Oct 

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Jan. 


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479 
462 
14 98 
13 42 
L65 

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17 11 6[ 

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16 10 
12 3 5.- 
6.2 1 
66 7.7 
63 52 
8.5 4ft 
50 65 
3.4 82 
95 66 
2.4158 

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23] 80 73 
2 U 8 5 4.9 
aiia.t 1V6 
4 rt 5.5)104 

2.4{ R5j 47 
42 94 63 
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9.7 12.0 
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July DvxJQvtnWehbak).] 
MrJe^D. Craft. Grp- 31— 
Apr. July CflntSWtotlflpLj 
June Feb. OopeAUmmSp-l 
Nov. HayCcpyttaUk 
Apr. Nov. Coral Lris.1 
Jan. Jut? Cosalc.. 

May Det 

Mar. Oct CWadrGrtJi 

July Jan. deanLl.)! 

pr. Nov. CrastNIchct Iflp- 
ov. JulyiCrottre House n.| 
Jan- " " 

IS. July Danes it . 

Det July DwttmiJBB.) — [ 
Dee. Aug DeLaRur— 
Aug 
Nov. 

Sept DifflnKidSUlOp 
[Jan. June Dinkte Heel 3p„ 
Apr. SepLDtptanims. — 
Oct Feta DomraPatlDp. 
Jan. July DonHMp. 
MaJuSeDe Dover Corp. I 
jan. May Down Surgl. HW 
DrateftScidi._l 
May Oct I ■ 

Nov. Apt.DuBbeeCom.10pl 
June Feta DuDdoman3to_[ 
Jan. Duple lnL5p — J 

Aug Apr. Durmpt— 

— Dwi Group] 
Feta Aug Dykes UJ — 
Apr. Oct tNromJ.&Jj — | 

Apt Oet Da ‘A’ 

OdL May EC Cases lflj 
. Det Eastern Prod-! . . . 
LApr. Nov.HharlBJs.50p.. 
lApril Nov. EfttefJ * 
May JaaEtoro] 

Jan. July HectlDtaSa. 
July Jan. EUitttFb'ro. Wp. 
Jan. June ffiaon A Robbias. 
Jan. JuneQswtolTpato 
Mar. Dec. EmhaitCorp Si- 
Dec. Sept Empress Sen 10p_ 
February Engf “ 

July Annl EngChiraClays 
Mar. Nov. Ebpennzal3^i. 

Aug Jaa Euro Femes. 

Mar. Sept Erode ffldgs.20p 
Feb. AUg Ewar George lfip 

Jaa JuLExtel 

Oct June FaUbairBUwson. 
jan. June Feedexiop 

Aug Jaa Fenner (J.tt) 

Jaa. July Ferguson Ind.— 
Jan. Sept Fen&nanajp— 

Nov. FindtayiAJL* 

First Cattle lOp. 

June Dec. Rtwilton 

July JaaFtodloC.ftW.. 

Nov. June FbEattyiE.) 

Det July FosecoMinsep— 

Feta Nov. French Thoa. !0p 
Ort. Apr. Friedland Ds 
July JaaGft.(Hdgsi^ 

Apr. Sept Gestetner'A' , 

Nov. May Gibbons Dudto-1 
Nov- June Gibbons m . [ 

Det MayGievesGrom^, 

J90- Aug Gthspnr lOp - 

. A Pnl_ Glass i Meaj )0pJ 
Oct Gtaxo50p 1 
October GnoiaeFb 
. Nov. Goldman! 

Jan. July Gammelfl 

Nov. May Grampian udgL. 
Apr. Oct Gramria'A'-Tl 
April Oct GripperrodslOp 
Oct June GrmebetlGp. Sp. 
Jan. Aug Hiltereaogaifln. 

Feb. Aug EalmalOp. 

Nov. July BaaBltmel3»a.. 
get Apr. gantB«Cp&. 
Feb. Ju^r Hanson Treat ... 

Mar. sm. DaflgeCtu&n 

Jan. Aug HamsfPhjafel 
May Nov. Sams I Sheldon. 
July Feb. BartinstTvpHm. 

- Hawtin^ 

June Hv ttoraam 10p 
_ Jaa. Hays Wharf £1-! 
Nov. HepworthCnnt. 
June Hestair 

g SfiBaaSS: 

Feb- bept Hollis Bros— 

p. assa^" 11 

SS: 




i 


. Th6&4 

[2831 +h5.45 
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133 345 
141 113 
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serial 

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310 M587 
, 3i FJia 
1212 0.59 
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136 Jd335l 
132 t3 6 
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191 $10.0 
til .02 


_Jttp 

« t ii ltehtstncsg ... 

Cent Graft 
May Nov. njtali lads. lOp. 
_ Aug IhUMlSenim.. 
Rm- June Inter-Cuj3to_„ 
lYc. iBtacsuIobrti..., . 


Mar. 

Jpe 

Nov. June JantlnoM J 
Ape. Det Jcmique . 

•. [oharo»6Brei»«3 
Apr JctuiNonanra.. .! 






June fountaniT 

Apr. Der fKmnpdj Sm lOp 


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330 3.99 
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V- Jli 

n- M 

D. Jufa 
t Mar. 
t Apr. 
•e. Ju 
pt J 
wT M 
l Apr. 
w. July 
. A'. JUE 
August 

t Ju 

»r. 

•ft. 

w. May 

W- 

a. 

?h. 
au - Apr. 


FtarbaMp. 


A Sterlin g deno minated secnritleg which tnefade investment 
dollar premium. 

* “Tap" Stock 

* Highs and Law* marked :hun bars beau adjusted to aBoir 
(hr rights iscais lor cash 

t Interim since Increased or resumed, 
r Interim since reduced, pornod or deferred. 
it Tax-free to non- readcnM on application. 

> * FlKnna. or report awaited, 
j tt Unlisted eecnrtn- 

* Price at time of suspension. 

T Indicated dividend after pending scrip sud/or rigbtxtsum 
ewer relates to previous dividend or forecast 
1 ■" Free of Stamp Dutv. 
r ♦ Merger bid or reorcao nation la pro g re ss . 

• f Not comparable 

* Same Interim reduced final eador reduced earnings 
indicated. 

$ Forecast dividend: cover on earnings updated by latest 
interim statement 

I Cover allows for conversion of shares nee now ranking for 
dividends or ranking only for restricted dividend. 

A Cover does not allow for shares which may also rank be 
dividend at a future date No P"E ratio usually prov i de d . 
V Excluding a final dividend declaration. 

* Regional price. 

II No par value 

, a Tax tree. h Figures based Bn prospectus or other official 
■ estimate c Cents, d Dividend rate paid or payable on port 
1 of capital: cover based on dividend on foil capital, 
e Redemption yield. I Flat yield, g Assumed dividend and 

? Hd. b Assumed dividend and yield after scrip Issue. 

Payment from capital sources k Kenya, m interim higher 
than previous total n Rights issue pending q Earning* 
based on preUnunary figures. r Australian currency, 
s Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend. PiB, ratio based 
on latest annual earnings n Forecast dividend: row baaed 
on previous year's earning* r Tax free up to 30p In the £. 
w Yield allows for nurnity rlau.se. y Dividend and yield 
based on Merger terms t Dividend and wield Include a 
special payment- Cover dors not apply to special payment. 
A Net dividend and yield B Preference dividend passed or 
deferred. C Canadian O Cover and P'E ratio exclude profits 
of UK aerospace subsidiaries E Issue price. F Dividend 
and yield based on prmpecius or other official estimates for 
1077- 7R ti Assumed dividend and yield after pending scrip 
and/or rights issue H Dividend and yield based on 
prospectus or edher official estimates for 1078-77. K Figures 
used on. prospectus or "tbor official estimates for urn. 
M Dividend and yield based on prospectus or other official 
estimates Cor 10TB. V Dividend and yield based on prospectus 
or tuber official estimate* for JB79. p Dividend and yield 
based on prospect uk or Other official estimates for 1077 
Q Gross t Figures assumed C So significant Corporation 
Tax payable Z Dividend total to date ft Yield based on 
assumption Treasury BiU Rare stays mrhujtnd until maturity 
ol stock. 

Abbreviations dm dividend. <tex veripiraue rn nnhts: an 
all; «* ex capital distribution. 


“ Recent Issues “ and " Rights ” Page 


Hus service is available La every Company dealt m oa 
Stock Exchanges throughout the V tilted Kingdom tar a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following l*aftrlecuon of London quotations of sharea 
previously listed only in regional market* Prices of Irish 
Issue*, most of which are not officially listed In London, 
are as quoted on the Irish exchange. 

. f 


Albany lev. SOp 23 

Ash Spinning .. 43 

Bert Bin 14 

Bdfmr Est 50p 285 

CloverCreft 22 

Craig A Rose £1 41® 

Dyson (H AJA. 41 

Ellis* McHdy 65 

Evans FCk-lOp 57 . . 

Eicrcd 15V .. 

Fife Foote. 47 

Finlay Pfcg-5o- M 

GraigShip. £1- 150 . . 

Sissons Brew— 80 .. .. 

I.O.K. Scul £1 147 -3 

i2Sp„ 250 .... 
kfcndtb 56 . . 

rewreiit. H.I.. 120 


Shell Kefrshmt | 51 
Shiloh Spin n..J 22 
SlndalliWm.>._} 83 


IRISH 

Conv 9-1 •80,83.1 £«>, 


Alliance Ges _ 65 -5 

Arnett . . 202 -*12 

ratTolIipj i .... 08 

riondalldii- ... 02 +3 

Concrete Prods.. 225 -2 
Helton (Htdgs) 49 .... 

Ins Corp isO .... 

Irish Ropes. ... 130 . ... 

Jacob 60 

Sunbeam. 32 +2 

T.M.G 290 

Lnidare 75 


























































































































































































24 


•■'to 

n 


n 

M 


M 


M 


M 

M 


M; 



BRJTAIN'S^ 
BEST SELLING 
OVERHEAD" 
OARAGE DOORS 


FINANCIAL TIMES 


WMtlind CnjinMn Lai " 
RO.BwNo.5, ■ . 
Yeovil, Somerset, -•■‘.-.r 
BA20 2YA'- ' 

Tel Yeovi' .0935). 5200 


Tuesday March 28 1978 


Top quality 
ventilation ^ 

Vent-Axia 

the fug fighter 


Bank lets 

dollar 

fall 

against 
the yen 


U.K. mission to seek 
Japanese investment 


BY ANTHONY MORETON. REGIONAL AFFAIRS EDITOR 


‘Anarchy’ 
claim 


THE LEX COLUMN 


U.S. commercial 


with the I 


BY DOUGLAS RAMSEY 


[THE GOVERNMENT is to send Hitachi's forced withdrawal to have discussions 
:i m iss.iii n to -lapan this week to caused considerable resentment group in Japan. ■ 

.won pnieniial investors and in Japan, where companies find He will also be seems. 

' attract Japanese companies to it difficult to differentiate be- MITI — the Ministry of Trade and 
■ Britain- II will be lead by Mr. tween industrial and Govern- Industry — Sony. Mitsubishi. Mil-i 
Alan Williams. Minister of" State mem. attitudes. Mr. William* aui. the Bank of Tokvn and other | 
at the Department of Industry, said: “There was more of a hanks, some trading houses and, 
(With him will be four officials reaction to Ihe Hitachi with- ihe Keidanran. the Japanese; 
j from the department, including diawal than if a European firm i.-quivateni of the Confederation 
I Miss Anne Mueller, ihe deputy had been squeezed out. 


angers 

AUEW 


paper boom 


By Alan Pike, Labour 
C o rr ej pondent 


crvcmve^i 1 '' V‘ •' I * ,ri ‘ h v “*■ , | secret a rv responsible for regional 
SENSITIVE to claims that 


h.i^ brought up nearly >’5hn. on 
the Tokyo foreign exchange 
market since early January to 
rmerse Ihe yen’s .•limb, the Bank 
nf Japan i* intervenins less 
aeiivelv and letting the dollar 
fall to Y 225.25. another pun -wal- 
low again«l the yen. on lu-day’s 
market. 


The party leave® London on 
Friday and will spend a week in 
Tokyo and Osaka. On the way 
hack >l aiII stop 


hack ii a ill stop at Hons Ixon-j. that t ji t . re 1S n o hostility tows 


the ClOOni. power station deal 
with which iJEC i< involved. 

The main aim of the deleja- 
tinn is io repair ihe damage done 


“Japanese firms feel very 
much at the moment that Britain 
is against them. This i® not the 
case. The major purpose of my 
visit is to reassure the Japanese 
towards 
and 

(hat their firms are as welcome 
as those from any other country. 


The bank intervened to ihe j when Hitachi was forced lo 
lune of $300m. on the market ; w ,thd raw its plan to set up a 
in-dav bul did not manage lo J cnlour television plant at Wash- 
prevent the yen from rising to 


Persuaded 

“There are 11 Japanese con- 



ahou. $650ii, .. oful for the fir., „ US ed Hitachi to poll J 


time the slx-nionlh forward ralpjoui 


of British Industry. 

Mr. Williams intends in lake 
ihe opportunity of a lunch with 
the British Chamber of Trade 
in Tokyo to make a major 
speech on the vliuiaie for 
Japanese investment in Britain. 

Mr. Williams' visit coincides 
with growing fears in Japan that 
Europe will turn protectionist 1 
unless it invests more abroad. | 
if companies are ;<> invest; 
abroad "then I want <o ensure 
lhaf we in Britain get a bigi 
share of the action " j 

Tlic present deputation is the 
latest of a series that have flown 
out from Britain. Last November 
Mr. John Morris, Secretary for 
Wales, headed a party that in- 
cluded Sir Charles Viliiers. 
chairman of the British Steel 


for dollars sunk below the Y200; P is known that one other wou, “ ,,ave empl0 - ed , rHIU 10 3 Y U Corporation, and soon after Mr. 

barrier 10 Y2 18.3. ; leading Japanese appliance com- p ' ople , m an area desperately williams returns, the Welsh 

With the banks intervention i pany i® now looking for a base short ot w0rk Development Corporation is to 

la.xt Friday iput at 8150m. i and . in Europe. Two sites on the Con- In Ihe hope that Hitachi might send a man out to Tokyo. Wales 

an estimated S4.5hn. soaked up tineni have been considered hut stilt be persuaded to think again already has four Japanese pro- 
by the bank in January. -no duciwiin has heen taken. about Britain. Mr. Williams is duclion plants. 


February’, and the first 20 days: 
of March, the .-tailing action on : 
to-day’s market has brought the} 
total of proceeds from the. 
bank's defence of the dollar to j 
about S5hn. 

The Nihon Keizai Shiinbun. 
moreover, estimates intervention 
in earlier months at 81 5bn. in 
October. S“.3bn. in November, 
and $1.25bn. in December. 


Agreement 


The American dollar has been 
falling fast on the Tokyo ex- 
change market and speculators 


GKN and East Germans 
in talks on licensing deal 


BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 


GKX. Britain's biggest engineer- units to both the local industry front-wheel drive universal joint! 


PRINT union representatives 
and national newspaper indus- 
try management will meet to- 
day to discuss what Sir Riehard 
Marsh, chairman of the News- 
paper Publishers' Association 
has called ■* near-total anarchy 
in Fleet Street.'' 

The Times Tailed lo pnblish 
for ihe second successive day 
to-day because of an engineer- 
in ^workers' dispute which also 
prevented publication of this 
week's Sunday Times. The 
Guardian, which is printed on 
the same presses, also lost its 
London production. 

In the London area, news- 
paper distribution continues to 
be disrupted by a separate 
unofficial dispute Involving 
members of the Society of 
Graphical and Allied Trades 
employed by wholesalers. 

Sir Richard, discussing labour 
relations In Fleet Street in 


80rShrr [I 

US. Commercial] 
L Paper “ ll 


60t — • 


AMOUNT 

OUTSTANDING 



could develop into a fully 
fledged commercial paper 
market — bypassing the banking 
system. This quickly fizzled 
out, however, -following the 
collapse of a few secondary 
banks and since then the Bank 
of England has frowned on the 
development of another inter- 
company market 

Conceivably, if the U.K. 
authorities imposed rigid con- 
trols on bank lending a local 
commercial paper market might 
one day emerge, but as this 
could well weaken the authori- 
ties’ grip over credit creation 
it would probably meet with 
official disapproval. In addition. 


union leaders appeared in most 
cases to have lost control of 
their members. 

He said unions should expel 
members who did not conform 
with the industry's agreed 
disputes procedures. 


Derision 


Sir Richard, referring to the 
•' brutality of irresponsible 


in» group, is holding talks with and Czechoslovakia. This is in technology in which GKN is an ! jeopardising thousands of jobs. 


seem bent on narrowing the gap the East German authorities line with co-operation agree- acknowledged world leader, 

between the Japanese yen and about a construction and liven- men Is which provide for an gucb pro( j uct£ developed bv 

Europe's strongest currencies as sing deal for front-wheel drive integrated approach in the Hard-. Spicer suh®idian are 
against the dollar. The latent . transmission units. region so that production capa- licensed ‘ from the company in 

surge carried the Japanese cur- 1 Tenders have now been city is not unnecessarily dupli- , nanv parti; 0 f world and 

reney several points from it? entered for the contract, which cated. recently led In a large new con- 

Friday closing rate of Yen228.2 Peugeot-Ciiroen. the French car CKX's previous involvement tract in the U.S. 

to the dollar and bring* the cur- , company, and another, unnamed j n Eastern Europe rm been eon- 


rency’s appreciation sime the competitor are also seeking. A fined to plant construction and |; P^?eo«-GitrMen. i 
3P71 Smithsonian agreement to .decision is expected within 4 development projects fur the T!,:../ 

36.7 per ,-enr. Imon.h. fnrsind and foundry industries. ^ Jvnnri™ nr 

The stronger yen. hnwevev. ha.* The negotiation.*! indicate the , =■ experience of 


houeu-r. is 
formidable 
of its own 
the same 

lost buying pm»or against the new and fast or pace at which Comoicx technology. __ r __ 

German and Swi«s currencies East European countries have Citroen al-o has some experi-j paratory work on The Sunday 

sin-o the Smithsonian agreement, begun to develop their motor The proposed East German ence of working in the region.! Times. 

The Don i schema rk has risen in . industries. deal, however, would probahly he having recently concluded an 

vaiim by about 58 per The plant m East Germany 1-, a more complex agreement both agreement t« design a totally 

a gainsi the Hollar and thr- Swiss expected to supply transaxle to build a plant and licence the new car for the Rumanians. 

Fran** by a hour 102 tier cent. 


The Bank of Japan intervened 
caution*!}- in the Tokyo marker, 
on Friday and again to-day. and! 
market analysis «ay the Govern- 
ment has given up hope of hold- 
ing the von at a level not con- 
sonant whh market pressure*. ; 

Tin Friday, the Government ■ 
bought up 3150m. on rh market 
when spot turnover was rela-, 
lively narrow at 8477m in 
to-day’s market, the bank is 
understood to have linked up 
?3Wm.. 
approci 


Boeing estimates jet airliner 
market at £39bn. to 1987 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


but turnover was also ■ BOEING, the world's biggest jet is now offering the world's air- with the major engine manufac- 
'iablv higher a l 8850m. ; manufacturei. estimates that the lines a new “ family " of aircraft, turers. including Rolls-Royce. 

! global market for jet airliners These include (he 757. a twin- winch is hoping to win orders fer 

Curb Tokyo’s 


! lip lo 1987 is likely in be- worth engined. short-haul aircraft versions of its RB-211 engine in | Shortages 
S74bn. (about i'39bn.). sealing aboui 150 passengers, for ail of the new Boeing family of 


British banks do uot know 
how lucky they are sometimes. 

Although the current combina- 
tion of weak loan demand and 
tow interest rates is putting 
pressure on their profitability, 
competition for new business is 
at least confined within the 
hanking system. By contrast, 
over in America the big banks 
are finding that many of their 
traditional customers are by- 
passing them and borrowing 
directly from the fast-growing 
commercial paper market. 

In the first ten mouths of last 
year, for example, business loan 
demand at the 10 major New 

York banks grew at an annual . utUKMli U1 

rate of just 1.5 per cent- where- large finance companies, ithat issuer of commercial paper 
as the amount of outstanding place their commercial paper WQuld nonnall y have to main- 

cummerciaJ paper grew by directly with investors. This . back-up line of credit 

around 20 per cent. Admittedly, type of borrower, and there are b k in order to insure 

the experience of the big New probably only around .75 of Dayment on raat uritv. 

relations in Meet Street in a l York banks was worae * an them, accounts for just over 60 _ 

radio interview, said that trade avera S e but even so over the per cent, of the outstanding com- T.flird Group 

union leaders an Beared in most I l asf t * VMr the amount of out- mercial paper. Since they do Laird Grouo's preliminarv 

standing commerciaj paper has not use brokers to place their l are £i m . higher 

grown twice as fast as business paper they need to issue at & jJJ w hich is no mean 

loan demand at all the conuner- a lai . ge amount to justify the achie vement given that the steel 

c,al bank ^- expense of maintaining their- ^ 6e accoun ts for nearly 

. own marketing departments. a of g roup sales, only 

Lompetltion According to the Federal raade a nom inal contribution 

In the early part of the Resent it is not economical to f or t he second year running, 
decade the U5. commercial P lace P a P* r directly unless the and the shiprepairins side 
paper market was expanding average monthly volume of out- swung back into the red * ith 

power? Mid Sat vEFZFZL Sightly more slowly ihu bimk standing paper exceeds $100m. lo^es of over fO 5m. 

point in concluding agreements lending generally, but over the At the end of 1976 the average Turnover in the second halt 

with union leaders which last few years it has taken off.' amount outstanding per actually fell slightly and the 

members on the shop floor Since 1974 it has grown by well borrower, was in fact $850m. group has dearly been conecn- 

treated with derision. over a third, while banks' The smaller corporate trating on improving its profila- 

ln dust rial action was endan- commercial and industrial lend- borrowers rely on a network of bility rather than its sale* 

ins is less than 10 per cent ten or so dealers to place their volume. On the steel side rite 

higher. To-day, there is around commercial paper and although labour force was allowed to Fall 

$67 bn. of commercial paper the total amount raised is by around 15 per cent, and a 

outstanding, equivalent to smaller, the number of com- shar P drop in scrap metal prices 

roughly a third of all U.S. panies that have access to this eas€ d raw material costs. There 

banks' business loans, and the part of the market is consider- yn f a raargma * , . ncPcaSe In s f < s 

growth rate shows little sign ably larger. The Federal Reserve vo ! uni€ b “ l improvement in 
of slackening. reckons that more than 650 com- JTf 

By any standard the U-S. panies currently sell or H!“ n U ! ey wer< : i?* 0 
commercial paper market is guarantee paper in the dealer lS J?n* \hl 

now an important alternative marke L Of these, just under t P h ? b J f b Jf, 

source of short term finance for half are industrial companies *L u K ?t leST aSd 

large corporate borrowers and and around a quarter are pub- SL 12, .{j 'imnrnrf thi* 

Ul. com"eS SutVf™ “ l“ I t al8ne “ 1974 ,hm ’ is 

naoer rate .of around 7 Der , £ , s Plenty of scope for recovery. 

ctnl it is not S to see l0W “ $5QnL , Meanwh ^ e ’ Fortunately, Laird Group'.? 
cent., it not difficult to .see avera ge amount outstanding at motor component business ha? 

Most commercial paper carries **** eHd .of .l 97 6 amounted to continued to Perform strongly 

an initial maturit>‘ of 60 days or p M M °™K , and P. rob - 

tp-« and only the top qimHty British initiatives ab^contnbuting around £om 

rowers have access to the Given the success of the U.S. do^StunT* in ^the* European 
market. Consequently, investors, commercial paper market there m otor indnstry this year liirrl 

such as insurance companies have . been-, occasional half- SSi te Se to easily ton 

and corporate treasurers, treat hearted, attempts to establish £ 1 ^ However the a roup i- 

commercial paper as a relatively a similar: market in the UJC. stil j ’heavily dependent on 

meeting arranged lo try to I° w risk, highly liquid invest- over the the past. few years.; In cyclical industries, and although 

solve the problem and cam- ment— similar to treasury bills the run-up to the fringe bank- its bid for Charringtons proved 

meats tike those from Sir or certificates of deposit ing crisis in the early. 19?0s a flop, it remains intent on 

The market splits into two a thriving market in . inter- broadening its earnings base by 

parts. The largest section con- company deposits developed and acquisition. Meanwhile at 81 p 

sists of borrowers, typically the for a time it. looked as if this the shares yield 5.5 per cent. 


gering some of the best news- 
papers in the world and was 


Talks on The Times dispute 
with officials of the Amal- 
gamated Union of Engineering 
Workers have been arranged 
for this morning and the coun 
oil of the NPA is also likely 
to meeL 
The Times management says 
the dispute arose on Saturday 
night when the engineering 
workers refused to give assur 
ances that they would com- 
plete maintenance and pre 


The company, which says 
that it has lost 2,755.000 copies 
or various publications in the 
last six months because of un 
official AUEW action, then told 
the men that they were con- 
sidered to have dismissed them 
sell es. 

Mr. Reg Birch, AUEW' ex ecu 
five member who will repre- 
sent the union at to-day’s 
talks on The Times dispute, 
said last night: “ We have a 


Richard before the meeting 
takes place do not help.” 


\ Of (his inial. ahnul S41bn. ranges uf up lo 1.500 nautical J*ts. 


imports to 
Europe- 


which i 


Mr. John Osborne, father of 
The Times AUEW chapel 
(office union section), claimed 


j lover ElMbn.i will be for aircraft miles: the 767-100. a twin-engined Another 
; required to meet the estimated aircraft seating ISO passengers. Boeing is 
! growth in world airline traffic, for ranges of about 2.000 nautical modernised v 

and about S’iOhn. (nearly Elfihn.i miles; and the 7fi72iuj. a twin- highly-suevessful 707 jetliner, 

will he for aircraft in replace ensined 200-sealer for the same which would use four of the new 

HR DAVID OWEN Foreign existing ageing jels. The halanee range. Fiench-b S CFM-56 jet engines. 

Secretary is bem- ur o ed tu press of ah '- ,u t S3bn. (aboui £1.5bn 1 Beyond thes e. Boeing has Boeing believes this cnuld re- 

ThP Common Market Commission will he for jet freighter aircraft, plans for a u7 "Triple Seven " vitalise the 707 production line, 

2 J., Boeing estimates that the three-engined jet. also for 200 with sales well into the 19S0s. 

EEC countries "as a matter of volume of world airline P h»- > hul All the'C new uiudcU would be 

urgency." senaer traffic will rise between °< -‘bout —< 0o nautical miles. 

Mr- Douglas ffnyle. Labour MP 6 and 7 l per cent, a year up to „ „ 

for Netson and Colne, said action 1W87. 0UCC6SS1UI 

should be taken in the face or Most nf the expected demand Boeing 1- also considering ihe 
the latest " intransigent refusal will fall in the medium-range development of .1 long-range 

hy Japan to offer immediate and category of aircraft, where version nf the "Triple Seven.” 

meaningful concessions to reduce Boeing, foresees sale< of_ al.nut w -hich would also be ihree- 

Tokyo's future trade surplus with 8h2bn. with sales of ?I3bn. in engined aircraft, capable c.f Production of the shnrl-haul s 

the EEC. f hc short-range category, and carrying 200 ua«senger» over Bo t -mg 727 would also continue! 

Mr. Hoyle's demand follows of s 2-tbn. in the Jnng-rangc distances of 4.500 nautical miles. Inn ihe new 757 would be likely ' , » „ - 

talks in Tokyo which ended with _ market. a> well as S2hn. for Boeing is now discussing the?e to -upplemeni. and eventuallv I C-OtltinUUd il'Oin r^Bg6 1 

EEC negotiators leaving Japan , freighters. plans with major airlines in ‘he perhaps replace, the successful, 

apparently almost empty-handed ' To meet these markets. Boeing U.S. and elsewhere, as well as 727 medium-range jet 


new model 

considering lf a ' that his members had been 
ersiun of the! jockeri ouL He said they had 
been asked to do extra work on 
a 72-page paper and could not 
because of staff shortages. 

*' If we had been allowed to 
stay wc would have worked as 
best we could,” he said. 

More than 6.5m. copies of 
national newspapers have now 
been lost because of the dis- 
pute over overtime puyments 
by London wholesalers’ em- 
ployees. The men are taking 
selective action each night 
against one or more titles. 



in addition to continued sales of 
tile already highly-successful 
Boeing 747 Jumbo jet. for which 
there s»iv designs to cope with 
up tn 750 passengers and more, 
compared with the present 400- 
scater 747*. 


Liberal MPs pressed to seek tax cuts 


BY RICHARD EVANS, LOBBY EDITOR 

PRESSURE IS building up in the planned last ’.reek, will now he inducing a Payroll lax by m- 
Libenl Part^ for its 13 MPs to announced in the week before creasing employers National ln- 
pre>s‘ ahead’ with demands for the Budget. suranve cmribuiions by lj per 

massive cuts in direct taxation it is already well known 1 hat vent. 

that seem certain to be rejected the party is demanding a massive The ke> ( ,„ e< |j lin *.j| i- ie h „ lv 
by Mr. Denis Healey. Chancellor cut in the <iandard rate of in- far >1r Healey will be prepared 
of the Exchequer, in his Budget come lax m about -5 per ceni. | (a ^, 0 to satisfy the- Liberals, and 
on April 11. as well as reductions ai both ih( , , n< j|cation-. are ihar he wi!! 

,Tlw »»« «uji »»»«. if -01 m.n.y, Mr fal1 s '" n,! *** ih,,rl 

the premature end ot the L b-Lali H|fSl|e js prepared ltf pun , p , n io The Cabinei 15 u.tally opposed 
pact, a senes of hruin.ing clasnes h ec onomv. these would bu to a sharp increase in National 
during the committee stage of the financed by 'consolidatin'- - 


Contingency 
fund plan 
J opposed 


crenie social spending rathei 

than culling taxes still further., . . -j 

t non in 19iS-79 to provide an 
The Liberals will therefore be j immediate boost to the economy. 


U.K. TO-DAY 

RAIN IN most areas. Showers 
most frequent in western Scot- 
land and Northern Ireland. 
London. S.E. and Cent. S. Eng- 
land, East .Anglia, Midlands 
Cloudy with outbreaks of rain. 
Max. 12C (54F). 

Channel Islands. S.W. England. 
S. Wales 

Cloudy, with outbreaks of rain. 
Max. 11C (52F). 

E., N.E. and CcnL N. England 
Dry. bright or sunny spells. 
Max. 11C (52F). 

N. Wales, N.W. England, Lakes 
Showers and sunny intervals. 
Max. 9C (4SF). 

Isle of Man, S.W. and N.W. Scot- 
land, Cent. Highlands, N. Ireland 
Showers, wintry over hills 
Max. 8C (46F). 

Borders. N.E. Scotland, Orkney, 
Shetland 

Sunny intervals, showers. Max, 
S-SC (43-46F). 

Outlook: Sunny intervals and 
showers. 



by 


BUSINESS CENTRES 


faced Ad h ihe d: lemma of sett- 1 an d around i'SOm. in 1979-80. 

Other Ministers are 


iing [nr less than ihey have pub- 

’ 1 1 : 1 demand'.-d nr t ’ 

-.■rvativc demand.i in r greater ' recent 


support given to con- 


v:ilnp Insurance contribuiioris becau.se 


of money available. 

Higher child benefits and 
ir party regard'.- the Budget postponement of higher schc 
:i*i a v uz »•’. 1 si T ■/. it - mt*al charges — both in 



tliai there will be mi scrapping 
oT ihe pact that is - keeping Mr. 
Callaghan's minority admimstra 
lion in office, and that there wi! 
be no need for llie Prime Mims 
lor to call an unwelcome early 
General Election io the summer 
The beiier is That Mr. Callaghan 
will keep the option at the end 


Banks start long loans again 


health sen-ice — £5Um. in 1P7S- 
and a growth of 3 per cent, a 
year in real terms thereafte 
This compares with the growth , 


BY MARY CAMPBELL 


posed 

Paper. 


in the January 


INTERNATIONAL BANKS have themselves to a formal syndi- is better *nd the i me rest rates; The Treasury 
»I mis session 01 caiun.. an ciei ,hu» ihm- .ire again ort- 


Amsidm. 

V'dar 
mid-dan 
*C "F 
Dr 9 48 

Lmcmb's 

V’dar 
mid-day 
°C *K 
R 7 45 

Ailu.-iw 

C 

13 

33 

Madnd 

S 

IS 

64 

Bahrain 

c 

33 

77 

Manclmr. 

F 

11 

32 

Barcelona 

S 

17 

ei 

Melbourne 

C 

IS 

64 

BvirQl 

F 

17 

<43 

; Milan 

s 

13 

52 

Belfast 

l- 

9 

49 1 Montreal 

R 


36 

Belsrade 

C 

9 

49. Moscow 

c 

4 

39 

Berlin 

F 

9 

49 

; 31 ucucfi 

R 

3 

37 

Brmehm 

F 

12 

54 

) Newcastle 

S 

M 

32 

Bnutol 

C 

11 

32 

.New Turk 

R 

10 

49 

BnissvU 

R 

11 

32 

Oslo 

S 

l 

.14 

Bndaoest 

S 

10 

30 

Pans 

R 

12 

54 

8. Aires 

S 

"K| 

72 

1 Penh 

F 

23 

77 

Cairo 

s 

21 

7!: 

1 Pratuc 

C 

S 

46 

Lanliff 

F 

11 

S2j RerWavik 

F 

1 

34 

Chlt.-ino 

c 

S 

47; 

. Rio de J o 

S 

31 

S9 

Coloow 

R 

7 

45 

: Rome 

S 

15 

39 

Copnha^n 

C 

H 

43 1 Singapore 

S 

30 

86 

Dublm 

F 

9 

45 Stockholm 

F 

5 

41 

EdJntioryJ? 

F 

to 

H Srraabrc. 

R 

7 

45 

Frankfurt 

R 

3 

41 

Srdouy 

P 


72 

(■vik'ta 

R 

3 

41 

Tehran 

S 

17 

62 


R 

9 

-18 

Tel Aviv 

F 

17 

43 

U5 

Helsinki 

SI 

I 

34 

Totoo 

C 

19 

H. Kuna 

S 

21 

69 

Toronto 

C 

Q 

32 

JoTiun: 

c 

34 

75 

Vienna 

c 

9 

as. 

Lisbon 

F 

17 

63 

Warsaw 

c 

6 

43, 

London 

R 

14 

37 

Zurich 

SI 

3 

37 j 


t7on in October, or uf taking 
massive gamble of retaiaiag :< 
majority in Parliament and sol- 
diering on into 1979 if the econo- . 

mic indicators are favourable. f orf '.L, af1li Mot * ai l ’. an 

together with a leudinc German uernun 


HOLIDAY RESORTS 


formal synui- is better ^nd ;hc interest rates; The Treasury is reluctant to 

decided that ibey are again pre- caiedjoan for as long as Ihis v.as :s oelter and tiie niere-t rates re-open the debate about 

pared to lend money for more in 19i4. before the strain of re- neing charged wy ;hc banks are . medium-term plans until the,, la ^,„ 
than 10 years. cycling petro-dollars and tne mg.-ier _ normal annual public spending 

Two leading U.S banks. Citi- international money market in ej»rly 19, 4. bank- were niak- . review in the summer, and the | Biarritz 

following closure or the mg ll year iyans m less than .Cabinet has not yet been per- 

_ Herstatt bank caused sovereign risk Brazilian borrow- suaded «>f the case for extra 

80 far the Goverimem and the ha^b ’ Deutsche have jointly banks 10 cut back their inter- er a a: iiiar.-;u< ,n er mier-bank health service spending in 1978- 1 casahTn-'a. s 10 «jN»irobi 
Liberals seem increasingly set un a^re^'d Ln a rr’n"e a SlTSin. national lending sharply. rate* 0. under 1 r „- ' c 

■ ® i “ h «' UI ? C Dve !' l ' K ' K ucl sci (£97111.1 financing for the The current loan is com- ?*| n: = j"® - in f tl ^-' u V‘- v u, ‘ - , J Dubrovn* c 11 cIihcmi 

and the final round nf talks uc- ST-wSim. it uiuu h' riro-electric nletely guaranteed by Brazil M - ,, an -Mil hi.- 1. per The discussion on the up- 1 taro s m 73.npqri u 


S H j7;is>anbul 
S 31 70 1 Jewer 
C M 37! Locarno 
s ID 30 1 Majorca 
C 13 33i MaLaPa 
B s -W: Malta 



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Companies with 5-50 employees I ] 

Companies with over SO employees Q 


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<0 The Flnaudw Times Lw.. Sis