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No. 27,520 


Wednesday March 29 1978 ***i5 P 






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SUMMARY 


‘GENERAL 


} °0tli Smith 


\ V 


BUSINESS 

Setback 

forces in to 
fresh 


fighting 


equities 
off 0.4 


White and hlack Rhodesian 
security forces were last night 
reported to be fighting an incur- 
sion in the east of the - country 
by a strong force of black 
nationalist guerillas pledged to 
destroy the internal settlement. 460 J, off 0-4. 


• GUTS lost ground as stock 
market sentiment was disturbed 
by the early weakness of ster- 
ling. " The FT Government 
Securities Index fell 0.54 to 
74,73. 


• EQUITIES drifted lower, the 
FT 30-Share 


Index dosing at 


While there were no official 
details of the raid, it was under- 
stood that guerillas loyal to the 
Patriotic Front crossed into 
Rhodesia from Mozambique to- 
wards the end of last week. 


Rhodesian forces, supported by 
air strikes, arc reported to have 
stopped the initial advance and 
lo have scattered many of the 
raiders. 

In Maputo. Mozambique, it was 
claimed - that Patriotic Front 
guerillas had opened a new front 
in the north uf Rhodesia. In 
Nairobi. Kenya, Mr. Andrew 
Young, U.S. special envoy, said 
there was a strong inclination 
among the front-line presidents 
and the Patriotic Front to work 
for a political settlement. 


•-STERLING opened below last 
Thursday's closing rate, but 
recovered to dose at $L8830, up 
95 points. Its trade-weighted 
index was unchanged at 62.9. 
Dollar's trade-weighted depre- 
dation widened to 5.79 per cent 


GOLD rose 94 to $18&375. 


• COCOA prices rose in London 
to the highest level for more 


Cuban talks 


Meanwhile, Sr. lsidoro Peeli. 
Cuban Foreign MinisMcr, is due 
to start a three-day visit to Tan- 
zania Ta-day. Talks are expec- 
ted to include the possibility of 
military assistance to Rhodesian 
guerillas. Earlier Story, Page 5 


‘Irregularities’ at 
Building Society 

The Grays Rmidina SiH’iely *.n 
Essex, with assets of £llin.. did 
not reopen lor business yesterday 
folluwim: the discovery last week 
of "serious irregularities " m 
tile accounts after the death of 
Mr: II P. J-^gartf. chairman and 
secretary, the Building Societies* 
Association suit. Rack page 



than Tour months, the May posi- 
tion gaining £108.5 to £2,092^5 a 
loune. Page 27 


• WALL STREET was up <L86‘ 
at 73407 near the close. Bond . 
market slips. Pagv- £3 


UN in ceasefire 


bid to avert 


Lebanon flare-up 


BY IHSAN HIJAZf, BEIRUT, MARCH 28 


The United- Nations sought desperately, bat apparently in vain, to obtain a 
Palestinian commitment to a ceasefire in the south of Lebanon to-day after 
a major flare-up was threatened. Guerillas and Israeli forces contested control 
of a strategically important bridge crossing the River Litani. 

Iskander. Syrian Minister of 


According to Palestinian com- 
muniques, the Palestine Libera- 
tion Organisation forces fought 
a pitched battle at dawn with 
Israeli troops who. backed by 
armour, sought to drive the 
guerillas from the Khardali 
Bridge, where Swedish troops of 
the UN. I nterim Force 
in Lebanon (UNIFIL) ' tried to 
take up positions on Sunday. 

To-night Mr. Yassir Arafat, 
chairman of the PLO, said that 
the resistance moveme nt wo uld 
co-operate fully with UNOTL to 
bring about Isf&eli withdrawal. 

He did not commit the PLO to 
the ceasefire sought by'Maj.-Gen. 
Emmanuel Erskine. the Ghanaian 
commander of UNIFIL, at a 



hurriedly-arranged meeting. 

the^'^deadlock 6 that "KS ft? 


Information, said that they were 
“ still right where they are." 

Answering a question about 
Syria's attitude to a continued 
struggle' hampering UNIFIL, he 
said: "Syria does not stop any- 
body straggling against Israel.** 

Though' the guerillas claimed 
to have beaten' back the Israelis, 
witnesses said that the outcome 
of the fighting was still uncer- 
tain. Earlier the Palestinians 
improved their positions in 
artillery and machine-gun ex- 
changes with the Israelis, they 
said. 

Casualties were not heavy on 
either side. But it was the 
worst outbreak of fighting since 
Israel announced a unilateral 
ceasefire -a week ago, as Mr, 


jeopardiro the efforts of ** 


£23™ Syria's unwillingness to CO- President Carter, 
mission to restore order is the nwMm hsir-w. 


border zone. 


The Israelis still insist that ** Palestinian * uerill “- 
they will not poll out of the Damascus has rejected 


operate by curbing activity of Tension heightened after an 


ultimatum issued yesterday by 


out _ Mr. Ezer Weizman, Israeli 


areas routh of tbTiat^L oc^- rlST^tSS proposd that 
pied earlier tifas month, until the Syrian forces move up to the !?.. 

Palestinians are subdued. north bank of the Litani and tocke *®! 

The guerillas say that they will take responsibility for security J* ™ would 
not stop shooting until the in the area above it including jjg* 11 . • JJf® I 0 ?® th ®*J 

Israelis have completely the town of Nabatiyah. ™ 

evacuated the region. Denying foreign Press reports n 

The difficulties facing the that Syrian troops were moving 811(1 Synan troops stationed north 
UN force taking np positions up to the Litani, Mr. Ahmed Continued on Back Page 


Giscard 

seeks 

political 

balance 


BY DAVID CURRY 

PARIS. March 28. 


Amoco setback 


Gates and heavy seas forced 
French naval divers lo postpone 
dynamitin',' the wrecked super- 
tanker Amoco Cadiz to release 
its remaining 20.000 ions of oil 
3s first traces were washed ashore 
in the Channel Isles. The EEC 
innounced aid worth S627.000 to 
Bretons hit b> tbc disaster. 

Back Page 


• TOKYO share prices,' which 
liuvp -been rising rapidly in recent 
weeks, have reached a ne.w peak 
Page 25 


Two disputes again cut 
supply of newspapers 


BY ALAN PIKE, LABOUR CORRESPONDENT 


Further rise 
in U.S. prices 


Darter’s tour . 

Pit-sideut Carter arrived in 
•iiraca.-s Venezuela, for a one-day 
,'isit at the start of a seven-day 
ibur-naiion tour uf Latin 
\meriea and Africa which will 
ilso encompass Brazil. Nigeria 
ind Liberia. Page 4 


• U.S. CONSUMER prices rose 
by 0.8 per cent.. seasonally 
adjusted, last month. Although 
the increase is slightly less than 
In January, the U.S. Administra- 
tion is likely to remain under 
pressure to take effective action 
against iofiatian. Back Page 


Lambeth poll 


I he potentially explosive hy- 
•luclion m Lambeth Central, 
A-hich has a 25 per cent, imuii- 
trant population, is to lx? held 
»n April 20 — four days before 
he expiry of the two-nmhlh 
jfilice nan on political inarches 
n the London area. 


■v Retirement at 63 


The Equal Opportunities Com- 
. ni55 ion. which is seeking a 
Mmuiitnient of principle front 
he Government to the introduc- 
uon of a common pension age, 
■ugqests 63 as the age for men 
md women lo retire in Equalis- 
nq the Pension Age. published 
.o-duy. 


• POST OFFICE is to pay back 
a SIQOm. loan from Chase Man- 
hattan Bank more than three 
years early, in line with Govern- 
ment policy of bringing forward 
debt repayments to avoid the 
peak years of the early I9S0& 
Back Page. Editorial comment 
Page 16.' Post Office signs £20m- 
con trad with Great Universal 
Stores .Page 14 

ffi GOVERNMENT'S White Paper 
on industrial democracy — sub- 
ject .of controversy since the 
Bullock Report was published 15 
months ago — is expected to be 
presented to Parliament In the 
nest 4-6 weeks. Back Page 


• STAFF -ASSOCIATION of 
Legal and General Assurance 
Soeiety will contest tlie. findings 
of a union recognition survey by 
ACAS. Page 11 



verdoing it 


• BREAD price is expected to 
rise by at least lip for a large 
loaf on Monday. Page 7 


4 Ministry of Defence plan to 
I 6 -pend crJO.Oou on equipment to 
amplify the parade ground hark 
if drill sergeants was labelled 
is ’■ scandalous-" by. Mr. Neville 
fro Iter. Tory .UP for Tynemouth. 


Briefly ... 

led Bnm, the Grand National 
teru who bruised a hind foul on 
food Frida}, made a “bis im- 
irovement ** after walking in the 
«ca. To-day's racing. Page 14 

fir. Mcrlyn Rees. Home Sucre- 
ary. dew to the US. where he 
s to lead the Anglo-U.S. Parlia- 
wentary group meeting ia 
Washington from April 3 to 4. 


COMPANIES 

• FIRST NATIONAL FINANCE 
Corporation shareholders were 
told that the bulk of the £140m, 
provisions in the latest accounts 
should be regarded as irretriev- 
ably lost. Baek Page 


• PATERSON ZOCHON1S made 
pre-tax profit of .£9.1 Sill. (£S.33m.> 
in the half-year to November 30. 
Page IS 


vord Brs-sbo rough, vice-president 
if the European Parliament, is 
o campaign for the Olympic 
-oniniilliv to admit the EEC to 
Olympiads. 


• HEMERDON MININGS 
internal affairs are likely to be 
unravelled now that a Bermuda 
court has appointed a trustee of 
the shares. Page 8 

• BASF of West Germany has 
reported a 21 per cent drop in 
group pre-tax profit, as a result 
of . currency fluctuations and 
depressed international demand 
for chemicals. Page 24 


DHIEF PRICE CHARGES 

1 Prices in pence unless otherwise 
indicated) 

RISES 

trammer ill.) 120 4- 5 

Srent Chemicals 200 + If - 
frown and Jackson... 49 + 10 
lily floiels W) + 4) 

Irc.wcni Japan ...... 144 + 6. . 

) undo man 50 + 5 - 

-Znulon Plastics 54 + 4 

Snug Shipping ISO + 00 

luleti's Corp litO +■ 5 

* and P Poster 216 + S 

vottlngham Mnftg. ... 135 + 4 . 
juick 111 . and J.) ... 56 + 2* 
ticardo Enjdnecrs. ... 124 + 9 

Stothert arid Pitt ... 154 j+ G . 
liper Oats ............ 525 + 30 

Jnited Newspapers... 338 + 33 
(VaUis Fashion G2 + fi 

■Vhea tsfaraf . MF4 14 

. .. 


YESTERDAY 

WuUtonbolmc Bronze 175 + 10 

Cons. Plants, 126 4- 4 - 

Anglo Amer. Con*-— 297 + S 

IkmgainviUc 101+0 

Conzinc Kiotinto 174 + 6 

Do Beers Dfd 330 + 7 

Northern Mining ... 41 + II 

Pancominental 850 + 25 

Union Corp 285 + 7 

FALLS 

Esehcq. 12Jpe VI... £108] - \ 
Trcas. 151 pc *96 ..JBL20Exd — 1 
BSR SS - 6 

Cater Ryder 285-7 

BlDls Allen JnL ...... IBS - 7 

Ocean Transport ... 131 —.4 
Paterson Zochoms nv 1S5 — 5 
Hnia Viscosa — 46J — €i 
Union Discount 407- — S. 
BP 77 0 - 14 

.41 


SUPPLIES OF national news- 
papers. are seriously disrupted 
again to-day because of continu- 
ing disputes involving delivery 
staff and engineering workers. 

Talks between Times News- 
papers management and 9malga- 
papers management and'Amalga- 
Workers officials failed to resolve 
a dispute involving engineering 
maintenance staff and the paper 
did not appear for the third suc- 
cessive day. The action also is 
preventing London production of 
The Guardian which is printed 
on the same plant- 

In the separate distribution 
workers’ dispute. ■ wholesale 
employers decided last night not 
to attempt lo distribute any news- 
papers in the London area — 
about .15 per cent, of total 
national newspaper production — 
if unofficial action by members 
of the Society of Graphical and 
Allied Trades continued. 

The council of the Newspaper 
Publishers' Association met yes- 
terday to discuss the state of 
industrial relations in Fleet 
Street and agreed to approach 
the- TUC and seek means of mak- 
ing procedures for avoiding and 
resolving disputes work more 
effectively. 

M Somehow this industry has 


slid into x situation where not 
only do agreements not hold but 
procedures for dealing with dis- 
putes don't hold. That cannot 
be to anyone’s advantage," said 
Sir Richard Marsh, chairman of 
the Association, after the jest- 
ing. * : -~ 

Earlier, Mr. Reg Birch, 
engineering union executive 
member, and representatives of 
Times Newspapers’ engineers had 
left the Association s offices with 
the dispute which prevented 
production of this week's Sunday 
Timex and publication of The 
Times since then unresolved. 


PRESIDENT Giscard D'Estaing 
of France to-day embarked on 
the most delicate part of the dis- 
cussions he is having with poli- 
tical, business. and union 
leaders bn the priorities he will 
set - for the new Government 
whi,ch must be named before 
the National Assembly meets a 
week to-day. 

The leaders of all the main 
political parties, including M. 
Francois Mitterrand and M. 
Georges Marchais the Socialist 
and Communist chiefs, will see 
him over the next few days. 

The discussions culminate on 
Thursday evening with talks with 
M. Raymond Barre, tbe Prime 
Minister, whp is expected to 
remain in office for at least six 
months. - 

The President hopes he can 
lessen the traditional divisions 
between Government and Opposi- 
tion and that his own invitation 
to Opposition leaders will mark 
a symbolic and it is hoped 
material first step along the 
road to what he calls “reason- 
able co-existence" between both 
sides. 

He is expected to follew this 
up by including members of the 
moderate Left in the new 
Government, although probably 
no leading Opposition politicians, 
and giving the Cabinet a reform- 
ing mandate coupled with the 
task of pursuing the economic 
recovery while relaxing some of 
the price restraints on industry. 

To-day M. Giscard d'Estaing 
was seeing the two rpen whose 
consent to a policy of political 
detente is essential to . its 
success: M. Jacques Chirac, tbe 
Gaul list leader, and M. Francios 
Mitterrand. 


West German 
business 


fears grow 


BY JONATHAN CARR 


BONN, March 28. 


THE WEST GERMAN business 
climate lias deteriorated and 
industrialists are increasingly 
pessimistic about prospects for 
the next few months. 

This is the main conclusion 
of the latest survey of business 
opinion by the IFO Economic 
Institute of Munich, released 
to-day. 

Its publication follows the 
new assessment of Chancellor 
Helmut Schmidt that the 
countryls target of 3J> per cent, 
real economic growth this year 
may not, after all, be achieved. 

Herr Schmidt cites as (he 
reason, the serious currency no- 
rest since the Government's 
aims for 1978 were set 

According to IFO, this is the 
problem which weighs most 
heavily on industrialists — 
accompanied by concern over 
the greater toughness on the 
part of the unions in this year’s 
wage negotiations, as a strike 


in tiip pace-selling metal- 
working sector goes into its 
third week. 

The i rude figures for 
February just released, do not 
give any clear sign that the 
dollar's fall and the sharp rise 
of the D-Mark are already 
squeezing West Germany's 
export business. 

They show’ a surplus of 
DM2.6 bn. (£6V0m.), against a 
surplus of DML9bn. (£4 96m.) 
in January* and DM2. 7 bn. 
(£7 05m.) in February 1977. 

German trade surpluses in 
the past have been built up in 
spite of a continuously 
strengthening currency. 

Though this was usually off- 
set by a lower rate of inflation 
in West Germany thau in. its 
trading rivals, the IFO survey . 
makes clear that the latest cur- 
rency developments have 
German busioesmen more than 
usually worried. 

Details Page 2 


Renewed pressure 
on pound and $ 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Expected 


Pay guidance 


Engineering- workers consider 
that they were locked out after 
refusing to give assurances of 
normal working on the Sunday 
Times, but the company main- 
tains that they are in breach 
of contract 1 and have dismissed 
themselves.' 


According to tbe company the 
men, who recently received 10 
per cent, pay increases In tine 
with Government . guidelines, 
demanded an increase in 
guaranteed earnings from 
£126.67 to £150 a week before 


they would give assurances of 
normal working or discuss pro- 
ductivity. 

Further talks on tbe dispute 
have not been announced but 
Mr. M. J. Hussey, chief executive 
and managing director of Times 
Newspapers, said that he andi 
Mr. Birch had agreed to reflect 
on the situation. 

In the distributors' dispute, 
officials of the Federation of 
London Wholesale Distributors 
were proposing to tell men when 
they reported for duty last night 
that unless they were prepared 
to work normally the distributors 
would not attempt to handle any 
national newspapers. Supplies 
in the London area were again 
seriously disrupted yesterday 
because of sanctions by the 1,000 
distribution workers in a dispute 
over overtime aspects of a' recent 
pay settlement. 

Earlier yesterday officials of 
the federation went to the 
Employment Department for 
guidance on pay policy. 

The council of tbe Newspaper. 
Publishers' Association agTeed 
yesterday "to seek talks with 
leaders of the 'graphical union 
to discuss possible temporary 
alternative, distribution arrange- 
ments . daring _ the dispute. 


M. Chirac met the President 
this morning, and made no com-| 
ment afterwards. He is firmly 
opposed to any shift towards the 
Left, and bas proposed Instead 
bis own reform programme. 

The Gaullists. who remain the 
largest group in the Assembly, 


have made it clear that they will j 
keep their distance from the new 
Government, and support its 
actions only on a strictly ad hoc 
day-to-day basis. 

They will increasingly want to 
assert their individuality in pre- 
paration. presumably, fur a bid 
for .the presidency, by M. Chirac 
in 10S1. . 

M. Mitterrand was seeing the 
President formally this evening 
for the first time, since the last 
presidential election contest, four 
years ago. Since then be has 
steered', clear of the Elysee to 
demonstrate his own commit- 
ment to the now largely defunct 
Union of the Left. 


\ . 

De Beers cuts sale by a third 


BY PAUL CHEESEWGHT 
THE INTERNATIONAL diamond 


market was _una wares 


yesterday when the De Beers 
Central Selling Organisation, 
Which dominates world trade in 
rough stones, cut by nearly a 
third the number of stones on 
offer at its London sale. At the 
same time, it imposed its pre- 
viously announced 40 per cent, 
price surcharge. 

The volume of stones was 
believed to be down by 30 per 
cenL on the February sale, which 
itself was smaller than January’s. 

, The organisation holds ten 
Loudon sales a year, when, it 
channels rough stones on to the 
market for transmission to the 
cubing and manufacturing 
centres. About 300 clients are 
each offered a package of stones 


which they either accept or 
reject 

The four-day sale, which began 
yesterday. Is the first since De 
Beers warned of a dangerous 
overheating of the market 
because of speculative trading in 
the cutting centres and the build- 
up of stocks, especially in Israel.- 
Rough stones have been changing 
hands at premiums of more than 
50-per cent on the organisation’s 
prices. 

The industry had expected the 
Central Selling Organisation to 
increase the-'flow of stones on to 
the market to dampen specula- 
tion, while levying the surcharge, 
to bridge the gap between- tbe 
organisation's prices and those on 
the free market , * 

The first reaction to the 


reduced volume of stones on 
offer was ' that there are not 
enough total stocks available to 
flash stones out of Israel, where 
they are being' used as a hedge 
against currency instability. 

Within the; industry, it is sug- 
gested that the organisation's 
efforts last year, to maintain a 
buoyant market left the market 
short of . stones. . The normal 
response to an overheated mar- 
ket would be to make more 
diamonds "available. 

However, the De Beers pre- 
liminary income statement for 
last year gave the value of 
diamonds on .hand at R220.7m. 
(£133.7m.)i only R6.7m. less than 
at the end of 1976. 


CONTENTS OF TO-DAY’S ISSUE 


European news 2-3 

American news 4- 

. Overseas news - 5 

World- trade news .6 

-Home news— general ... 7-8-10 
— - labour 11 


Technical page 12 

Management page 13 

Arts page 15 

Leader page 36 

T7JBL Companies ... 18 - 2021-22 
Minins 22 


Inti. Companies - 23-25 

Euromarkets. 23 

Wall Street 26 

Foreign Exchanges 26 

Farming; raw materials ... 27 

liiT. stock market 28 


FEATURES 


Doubt and hope conflict 
for chemicals : 


Rnssjan Navy becomes a 
long-range armada 3 


North Notts.: Where coal 
* bonuses are working ... 17 


Carter’s urban policy: A 
guarded welcome 4 


Chile seeks more foreign 

investment 4 

South African industry’s 

Budget hopes 5 

Small firm successes 13 


Appel n u iwm s 
BMs. soc. Rate* 


Bntartalmtun OpMb 

FT-Actaarl** laden 

. cerdeates ... 


Lax 


10 

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14 

U 

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.32 


L a m bar d 

Men and- Mattcrc _ 
Money Market . — • 
Radas 

Mm la t araatioa — 
-TPHday's Events 
TV am Rad* 

:Uait .Trssm 


IS 

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211 

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29 


wunwr 


INTERIM STATEMENTS 
Lydrabws Plat. 2> 

Rmtaabars PIba.—. U 

ANNUAL STATEMENTS 
h. N iawB a r — . — l* 

- For* latest Share Index 'phone 01-246 8036 


Do fay mtin n aiU e 2X 

Clydesdale Rank ‘ a 

favenafc Crtap ... 2D 

Midland Rank ... ... a 

NUu. Rack. B. Sac. . U 
Union Rtu Swttriod. 29 


* 


THE DOLLAR and sterling 
faced renewed selling pressure 
in foreign exchange markets 
yesterday, though both curren- 
cies recovered during the after- 
noon. 

The dollar closed at a new low- 
against the Japanese Yen while 
the trade-weighted index fur 
sterling touched the level ruling 
before the pound was allowed 
to float freely last October. 

The- nervousness of the dollar 
was reflected in the gold price 
which stayed around $1832 an 
ounce, up S4 throughout tbe-day. 

The dollar, which hqd been 
very weak iu Tokyo on Monday, 
fell by a further Y1J25 early 
yesterday to a low of Y224 before 
recovering lo Y224.95. This com- 
pares with last Thursday's 
London close of Y229.90. 

The market detected some 
central bank intervention, 
though not on as large a scale 
as recently, and the dollar also 
improved after early weakness 
in Europe. 

The dollar fell to Sw.f'rs. 1.8650 
against the Swiss franc, but 
picked up to close at SvfJrs. 
1.S795, compared with last 
Thursday’s close of Sw.Frs. 1.9045. 

While the dollar did little 
more than steady during the 
afternoon, there was a more 
noticeable movement in favour 
of sterling after an initial de- 
cline in the trade-weighted index 


Taa 

1-90 

- Sptt £ 1 

£ AGAINST L/ 


rv 



Jf 



a 


_ | 

| fr*- 











It-7t3 




ZJ 



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SR LIN 

Cbk 

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uto:( 

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62| tmral rite; OflMc .1 Mull*! oiiekkb- 

Dec 871*100 

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so 


1978 


OCT NOV DEC JAN f£B MAR 


from 62.9 to 62.4. following a 
drup of 0.8 on Thursday. 

The index iater recovered, pos- 
sibly with some help from the 
authorities, to close unchanged; 

But this still represents a de- 
cline of nearly 51 per cent, front 
the level reached at the end of 
January, and the pound is back 
lo tbe levels of the end of 1976 
against the stronger Continental 
currencies. 

Dealers were not reading loo 
much into the early weakoess- 
when sterling touched SI .8705 
against the dollar before quickly 
recovering and closing at 81.8830. 
for a rise of 95 points on the day!. 

Japan buys dollars. Page 5 



Sl?«: 


Is this all your staff can look 
forward to if they fall ill? 


Too many companies take the health of 
iheir employees for gran led. 

From ihe employee’ s point or view, this 
lack of concern ollers-Iitile prospect of 
practical help, should he fail ill. 

And from ihe company’s point of view; 
it produces a siiuuiion which threatens . 
overall efficiency. 

Fortunately, there is a 
solution. 

A BUPA health 
insurance scheme, through 
which you and your . 
employees can benefit from 
the sophisticated and 
coraprehensiveresources 
ofthe expanding private 
medical sector. 


BUPA SkiirSchcnicsuin be tailored lo 
suit \ our company's needs and will help * 
boost siu IV morale. 

If you Mould like to know why over 
1 7.000 organisations operate our schemes, 1 
please Itil in ihecouivin or get in touch 
with vour nearest BUPA office. ■ 


l/A GOOD JQ^ 
IVYOU’VE GOT 
|V BUPA 


The British UnnoJ Provident 

Association Limned. 

ihov idem House, Ev>cx Street London. 

WC2R3AX.. 


Name 


Please let me know how my Company can 
profit from forming a BUPA Group. 

< Block Capitals Please) 

Position 


FT/2/78U 


I 


I 


BUPA! 







Kg * SC S K K d frfa 


Financial Times Wednesday March 29 1978 


Mi 


.EUROPEAN' 



Italy parties to hold key 
meetings on poll strategy 


BY PAUL BETTS 

JN THE wake of both tbe kid- 
napping of Sig. Aldo Moro. tbe 
former Premier, and the defeat 
nf the combined Left in the 
French elections, Italy's long- 
ruling Christian Democrat tDCl 
pariy and the Italian Socialist 
Party each face important politi- 
cal meetings tomorrow. The 
meetings are likel yto dictate 
tbe future strategies of tbe two 
pa rties. 

The Christian Democrat Secre- 
tary General. Sig. Benigno 
Zaccasnini, will address a meet- 
ing of Christian democrat reg- 
ional secretaries in Rome which 
will effect vely formulate the 
Party’s polcy for tbe key regional 
elections scheduled In May. 
These elections, involving about 
4m. voters, represent the coun- 
try's first major electoral test 
since the inconclusive General 
Election of June 1976. 

The Christian Democrats, who 
arc in a state of profound shock 
following ihe kidnap of their 
Party President. Sig. Aldo Moro, 
may foci inclined to focus their 
campaign on a hard-line law-and- 
order platform. At the same time, 
the Parly will have rtae difficult 
task of justifying to its support- 
ers the recent unique agreement 
with the Communist Party, which 
has agreed to support Sig. Giulio 
Andreotti's new minority Gov- 
ernment in return for its open 
and explicit inclusion in the 
Parliamentary majority along- 
side the Christian Democrats. 

The architect of this agree- 
mpni was in a large measure Sig. 


Moro, and while the Centre-Right 
victory in the French elections 
has clearly boosted the Italian 
party’s morale, the Moro kidnap- 
ping has opened up a traumatic 
vacuum for the Christian Demo- 
crats at this delicate time. 

Ironically, the French results 
could well strengthen the 


A high-level Italian Communist 
delegation has expressed 
strong support for Italian aid to 
tide Malta over immediate 
economic problems alter 
British military bases In the 
island are closed in a year’s 
time, Godfrey Grima writes 
from Valletta. ‘*1 have no 
doubt an economic accord will 
be reached between the two 
countries within the limits of 
what Italy can afford,” said Dr. 
Gian Carlo Paeitta, who is a 
vice-president of an Italian 
parliamentary foreign affairs 
committee, as well as being a 
prominent member of the Com- 
munis! Party. 


position of the relatively young 
Socialist Party leader, Sig. 
Bettino Craxi, who will simul- 
taneously be opening his deeply 
divided Party’s 41st Congress in 
Turin to-morrow. The Socialist 
leader is known to hold a strong 
anti-Communist position, and has 
strived to maintain the indepen- 
dent status of his Party in the 
face of tbe enormous electoral 
superiority nf the Communists 


ROME, March 28. 

Sig. Craxi took over the leader- 
ship of the Italian Socialists 
after tbe disastrous performance 
of the Party in the June, 1976 
elections, from which it has yet 
to recover ’ fully. From the 
beginning, Sig. Craxi has faced 
pressure both from tbe left of 
his party for some unspecified 
accommodation with the Com- 
munists, and from the right for 
a return to the Centre-Left 
formula of the 1960s Inspired by 
Sig. Moro. 

This choice is expected to 
dominate the Socialist Congress, 
together with the long-term 
*' renewal " of the party. 

An indication of the import- 
ance with which the Italian 
Socialists view the French elec- 
tions was the decision of the 
party to delay its congress until 
after the French vote was known. 
Jn turn, the French result could 
open the way to a possible return 
in the short-terra to the Centre- 
Left commitment, but in the 
longer term to what could be a 
new Left-alternative concept In 
Itaty. 

This will depend a great deal 
on the decisions of the Italian 
Communist Party with the first 
firm indications likely to come 
out at the Communist Congress 
scheduled for next year. Should 
the Italian Communists move 
towards an open if gradual break 
with Moscow and consolidate 
their Social Democratic inclina- 
tions. the new alternative 
formula might become a working 
proposition in Italy at least. 


UN urges 
European 
expansion 

GENEVA, HI 28. 
UNITED NATIONS econom- 
ists have (urged. West European 
governments lo expand their 
economies simultaneously. By 
providing a decisive fiscal 
stimulus mainly through tax 
cuts, to set their economies 
firmly on a road to recovery. 

The UJM.’s Economic Com- 
mission for Europe (£CE) has 
forecast growth In aggregate 
West European gross domestic 
product at 3.4 per cent, this 
Year, up from 2 per «*"*:”* 
1977 but well below the l»io 
rate of 4.5 per cent. lt . fore ‘^ t 
that growth would ho 
stderably slower than ”**“["?* 
to reduce unemployment sud- 
stautially from its current 
historically high level. 

The economists said that the 
view of a narrow path of ex- 
pansion, which can P ro "“ e 
reduced unemployment 
Investment Is reactivated and 
inflation contained, mlgut 
prove to be Illusory. 

Instead, the UN economists 
recommended that strong 
currency countries of Western 
Europe take the lead 1“ P™ - 
viding fiscal stimulus. They 
added that this didn't mean 
that these economies should 
necessarily act as M lo ™" 
motives." Rather. It wbM 
work in the following manner. 
The lead of the strong coun- 
tries would lessen fears that 
weak countries current 
accounts would go into deficit 
allowing them to take up and 
pursue expansionary policies 
rapidly. 

AP-DJ 


IMF team to re-open Lisbon talks 


BY JIMMY BURNS 

A TEAM from the International 
Monetary Fund (IMF) led fay 
Mr. Hans Schmidt arrives here 
to-morrow to resume -negotia- 
tions with .the Portuguese 
authorities over a S50m. standby 
loan on which depends the open- 
ing up of credit facilities worth 
nearly S750m. from 14 Western 
industrialised countries. 

The Portuguese Government 
has already acceded to many of 
tbe economic measures proposed 
by the IMF as an essential step 
towards solving the country's 


of 20 per cent, prices have 
already begun to rtoe. Tran spo rt 
costs are up by 50 per cenL, 
and gas. water and electricity 
have increased by 42 per cent. 
30 per cent, and 50 P* r ? Ent - 
The Government, conscious 
that austerity is beg innin g to 
bite.- hopes to dissuade the IMF 
gramme which 'the Portuguese from insJ =’£ n f °° 
government fee* cootd hav. 

the negotiations between the 
minority Socialist Government 
and the IMF last November. The 


balance of payments deficit of 
$L3bn. 

These measures include tighter 
control of public and private 
spending, a major -squeeze on 
credit, and the raising of interest 
rates. Differences still persist, 
however, about the scope and 
scale of the stabilisation pro- 


serious political consequences if 
pushed too far. . 

Although the Government has 
announced a wage rise ceiling 


LISBON. March 28. 

Bank of Portugal believes that 
an average of 25 per cent. 

increase in credit gauged on a 
mooth-per-month basis is accept- 
able. 

Oh tbe exchange rate side, the 
Portuguese authorities will argue 
against an immediate and sharp 
devaluation of the escudo, and 
for the maintenance of further 
downward adjustments — the 
" crawling peg “—which would 
still achieve -a devaluation- of 
approximately 12 per cent, a 
year. ” 


Gloomy outlook for German capital goods 


BY JONATHAN CARR 

THE WEST German trade 
figures for February — show ing 
a surplus of DMJ2.6bn. (£797m.) 
— do not give 'any. clear Indica- 
tion that the rise of the dollar, 
and the sharp fall of the 
deutsebemark, are already ad- 
versely affecting exports. 

Nonetheless, the latest survey 
of business opinion carried out 
by the CFO economic institute of 
Munich makes clear that recent 
currency developments have 
made West German businessmen 
more than usually worried. 

This is particularly dear In 
the reports from the capital 
goods industry, where export 
prospects were considered in 
February with markedly more 
pessimism than a month earlier. 
The flow of incoming orders 
slowed and orders in hand were 
generally considered too few. 

The engineering sector is 
among those which sees no 


reason to increase production m 
the near future. Much the same 
is true in the capital goods 
sector of the electrical industry. 

In the consumer durables in- 
dustries, fewer companies than 
before Judge their current busi- 
ness situation good. There has 
also been a marked trend to 
pessimism about prospects for 
the next six months, thanks 
rhipfly to A fall in orders. Only 
the car makers report a con- 
tinuation of their long-standing, 
excellent business. 

Much the same, generally 
gloomy. , picture emerges in the 
consumer goods sector, wit h Ih e 
clothing and textile industries 
among those complaining about 
worsening business. A rise . In 
retail trade sales shows itself, on 
closer examination, to be due 
almost exclusively to an above- 
average increase in the food and 
drink sector, a development 
whose cause and implications are 
obscure. 


In contrast to the depression 
in manufacturing industry, 
reports from the ; construction 
sector are fairly optimistic. At 
first sight this seems odd since 
use of capacity was down to an 
average of only 47 per cent in 
February, but this was chiefly 
due to the particularly poor 
.weather. Orders in hand were 
sufficient for 2.7 months’ work 
against 2.1 months* at the same 
time last year.' And for the first 
time in four years, construction 
companies in February were 
proposing to hire more workers. 

At least part of this upswing 
is due to measures taken by the 
Government last year to help 
boost the construction industry 
and which, after a slow start, are 
now working through. However,' 
the gloom in other sectors, 
together with Chancellor Helmut 
Sehmidt’s remark that the 
economic growth target may not 
be achieved, at least raises the 


BONN. March 28. 

question whether further mea- 
sures of economic stimulation 
may not be needed before long. 

The official Government- posi- 
tion is to wait until at least the 
first quarter data 4s available, and 
meanwhile not to breathe a word 
about any new economic boost 
for fear of excessive expectations 

One other factor is worth 
noting. Tbe rise In the dents che- 
marfc also reduces the impact of 
imported inflation. Partly because 
of this, the inflation rate of just 
over S per cent is well below 
that forecast, even despite the 
Impact in January of an increase 
in value added tax. 

A reduction to below 3r per 
cent, sow seems virtually certain 
in coming months. It -is a situation 
in which measures of economic 
stimulation can more easily be 
taken without falling prey to tbe 
charge that they put the country’s 
bard-won price stability in 
jeopardy. 




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Erti renews assault on 
U.K. attitude to EEC 


' BY OUR OWN CORRESPONDENT 


BONN, March 28. 


HERR JOSEF ERTL, the West 
German Farm Minister, has fired 
yet another salvo in his cam- 
paign of criticism of Britain over 
its attitude to the European 
Community. 

In remarks made here. Herr 
Erti made clear he was not 
simply criticising Britain’s go-it- 
alone i'n fisheries policy, but 
what he feels to be a more, 
genera! and deep-seated attitude. 

Britain, he said, had apparently 
failed to familiarise itself with- 
a system which required a 
balanced settlement of interests. 
Britain was not particularly 
reticent where her own interests 
were concerned, but she had to 
get used to giving as well as 
receiving in a Community of 
Nine. 

Herr ErtPs comments are only 
the latest in a series which has 
intensified and become unusually 
nersonal in tone, since tbe 
failure, to agree on a fisheries 
policy for the Nine. In a recent 
article, Herr Erti described him- 
self as “ politically and- person- 
ally deeply disappointed ” by 


aspects of Britain's EEC policy- 
In another, he bluntly noted that 
“tbe British Agriculture Minister 
Si lk in refused the compromise 
accepted by the Eight n becausc 
tbe “ magnanimous concessions ” 
made were not enough for him. 

It is hard to recall when a 
West German Minister last 
carried on sfl public a campaign 
against die EEC policy of-ah ally. 
Tbe . • British, notably through 
their ambassador ' here Sir 
Oliver Wright have not been 
alow to respond. 

The ambassador has been de- 
fending Britain’s fishing and 
other policies in a series of 
speeches and has unearthed some 
surprising statistics about Ibe 
benefits which West German 
farmers derive from tbe Com- 
munity — among them that West 
German hotter exports' to Britain 
have risen by 14,000 per cent, m 
the last five years. ; “ Perhaps 

that is one reason why we re- 
ceive so tittle support for the 
reform of the Common Agricul- 
ture Policy (CAP),” the 
ambassador suggested. 


Sea law conference opens 


BY OUR OWN CORRESPONDENT 


GENEVA, -March 28. 


THE MARATHON UN con- 
ference on the Law of the Sea 
began its critical seveoth session 
here to-day with the Industrial 
and developing nations still 
deeply! divided over how to 
share the sea’s riches. The 
session may be the conference's 
last chance to reach a compre- 
hensive convention ’ and there 
appeared tittle optimism 

Many officials who have fol- 
lowed closely tbe 39 weeks of 
talk since -the. conference started 
in 1973 believe that another 
framework may have to be found 
in which to negotiate an inter- 
national convention governing 
the ase, exploitation and protec- 
tion of the oceans. The issues 
are simply too complex and 
numerous for a conference of 
the present size, it is widely felt. 
There are 3,000 delegates in 
Geneva from more than ISO 
countries. 

Before the seventh session, to 
last seven or eight weeks, is a 


draft text containing 373 articles 
and prepared by the UN secre- 
tariat. All but a snail number 
are open to dispute. 

There are 46 articles concern- 
ing the prevention of marina 
pollution and liability for pollu- 
tion of the kind caused by the 
Amoco Cadiz tanker. • 

But tbe thorniest issue 
involves who should authorise 
the deep-sea mining of such 
minerals as cobait, copper, 
nickel and manganese, and how 
the profits should be shared. 

Mr. Elliot Richardson, the 
bead of the QO-member U.fi. 
delegation, declared at the out 
set that Washington will begin 
issuing such licenses to U.S. min- 
ing companies regardless of the 
outcome of the conference. 

Freedom of passage through; 
over and- under International 
strati ts. for both commercial and 
military vessels and aircraft is 
demanded by the U-S.'and other 
Western countries. This .Is an- 
other disputed issue. 


Soviet warning on SALT 


BY OUR OWN CORRESPONDENT 


MOSCOW, March 25. 


THE SOVIET Union's leading 
expert on the United States said 
today that the time has now -come 
to decide whether there will ever 
be a new Strategic Arms Limita- 
tion Agreement and warned that 
rejection of the pact would pre- 
clude a whole series of future 
disarmament measures. 

Mr. Georgy Arbatov, bead of 
tbe U.S -A. Institute, accused the 
Carter Administration of adopt- 
ing a “policy ofg hesitation" and 
said that because of this "one 
opportunity after another to con- 
clude an agreement 'has been 
lost." 

Reflecting growing Soviet frus- 
tration over the lack of progress 


in the strategic arms limitation 
talks (SALT) Mr. Arbatov called 
on the Carter Administration to 
Publicly campaign for the agree- 
ment . - ,~.T' 

Mr. Arbatov's remarks, which 
came in a signed editorial in the 
Communist Party newspaper 
Pravda, appeared aimed at visit- 
ing TJA Congressmen: — • 

Mr. Arbatov called^n the U.S. 
to bear in mind that a "second 
SALT- agreement woitidJJay'the 
basis for a whole series, of future 
disarmament measures-' whereas 
unfettered weanons development 
over the next 15 to 20 years could 
easily. shatter even the relative 
stability whit* exists to-day. 


U.K. ‘may share Gibraltar bases’ 


BY JOSEPH GARCIA 

BRITAIN HAS not rejected tile 
possibility that in the future 
some military facilities at 
Gibraltar might be used jointly 
with Spain, according to Dr. 

David Owen, the British Foreign 
Secretary, in an interview with 
the Gtbraltar magazine Pano- 
rama. 

Asked If Britain would be 
prepared to demolish tbe frontier AT’^S. 

fence, to which Sr. Adolfo Suarez,- 

the Spanish Prime Minister, drew T am 

attention during his - visit- to 
London last year. Dr. Owen 
replied: u In certain circa in- 
stances we might be prepared to 
consider some change. I am 
anxious to see tbe removal of all 
barriers to , free movement 


GIBRALTAR, March 28. ' 
between Spain- and Gibraltar.” 

Tbe British' Government would 
■MSS? 1 * Spaaisii membership of 
NATO which would be broadly 
-nelpnil over Gibraltar, “ but not 
ga important as membership of 
the European Community," he 
said. Aa "Spain move* Closer to 
Europe it should be possible as 
between partners and friends to 


willing to consider any reason- 
■“ - - p table to ' 


able ■ solution 'accepts 
people of ' Gibraltar." 


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- financial Tinies Wednesday March 29 1978 


H ROHI \\ Ni.V\S 


the RUSSIAN NAVY 


From coastal force to 
long-range armada 






mm 






Pumansli 9 - t=s 


Submarines 

Attack (nuclear propelled! 


USSR 


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BY ROGER BOYES 


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Attack (diesel powered ) 


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i. • ■ : 


The latent available issue or from land, even when far oat to 
the Soviet Instructions foe -Rut- sea. 

inys. makes fascinating reading; The Soviet threat, such as it 
a* rule hooks go. Sailors in is, lies rather in the uncertainiv 
foreign ports, it says, - “should surrounding the development o‘f 
not fraternise with the local certain strategic weapons on the 
population . . . and should at one hand, and the possible uses 
all times conform to the stan- of a long-range force on the 
darns -of . socialist discipline.” other. Both aspects call, for a 
.They 'have to walk: io'1 threes— - cjose examination of Soviet 
apparently to prevent defections naval ambitions as set* out by 
— and be constant models of the Admiral Gorshkov and other 
Communist system. officers. 

Russian sailors presumably ,-lhe core _ of deterrence 
hear these precepts in', mind us joking there is the role of 
they mum the streets oF Luanda. subcianne-launched ballistic 
Conakry. * ur Cienfuegos— *-ull (SLBMs). These, axe the 

ports which extend generous prance policy of the 1 strategic 
facilities , to the Soviet, .navy. . relationship-r-in. the 

Their -presence is a concrete svm- J ai *Son .they are the- residual 
hoi of Soviet naval advancement harcaimng retaliatory force” 
over the past two decades. From. H ‘hich iF necessary could sway 
being an inefficient coastal . . . 


'Soviet Union could go well above 
the limits. 


This possibility, linked with 


s- 


some of the strategies elaborated 
‘I by Admiral Gorshkov, could 
constitute a serious . threat He 
has written of a “first salvo 
a concept," a hit-and-run 'strategy 
. which provides for a co-ordinated 
attack on land-based targets, 
Z. mainly from submarines. As 
described in his latest book. The 
ce Sea Power of the State, the idea 
of would be to destfoy “the miti- 
: tary-economic potential of the 
]e enemy by direct assault on his 
jc crucial industrial- bases." 'While 
,g he never spells It oat, it is clear 
I From Admiral ' Gorshkov's 
„ writings that the “first salvo" 
could best take the form of a 
y pre-emptive strike — departing 

_ from the essentially retaliatory 
role- allotted to submarines by 
Western thinkers on deterrence. 

In many ways the 1 most 
threatening aspect of Admiral 
Gorshkov's overall strategy is not 
Ihe “first salvo J '—-as one U.S. 
analyst put it that is still “ play- 
ing within the generally accepted 
rules" — but rather the develop- 
ment of a long-range force which 
I can pose political . challenges 
i during peacetime. This force can 
i be used as a support to sympa- 
thetic regimes, in the Third 
World and as an explicit symbol 
of Moscow’s interest, in the out- 

■ come of a political dispute. 

Western defence - - planners 
tended until recently rather to 
underestimate the possible role 
of such a blue-water force. The 
modern measure of sea power 
was seen as the aircraft carrier, 
which had played a crucial role 
for the allies in the Korean war. 
in the Suez crisis, the 1958 U.S. 
landing in Lebanon, and in the 
Vietnam war. The Soviet Union 
had only one aircraft carrier in 
the works — dubbed an “anti- 
submarine cruiser" by the Rus- 
sians — and even it had serious 
teething troubles. 

But since the Soviet humilia- 
tion in the Cuban missile crisis 
— a seminal experience in 
modern Soviet naval policy — the 
Russians have been thinking in 
terras of developing a more 
flexible strategy which would 
involve the construction of a 
lung range fleet Soviet scien- 
tists have, according to Western 
intelligence sources, been en- 
gaged for some years' on research 
into the technology* of supply 
ships and refuelling ships at sea 
—an area in which Moscow lags 
behind the U.S. Reeent emi- 
grants from the Soviet Union 
have also told of work done in 
psychological institutes on the 
maintenance of sailors' morale 
during extended periods away 
from home. 

The main emphasis has been 
on the negotiation of bases, 
anchorages and port facilities in 
the Third World. Soviet-piloted 
warplanes have used airfields in 
Iraq, Syria, Libya, Guinea and 
Cuba, offsetting to some extent 
the lack of aircraft carriers. Port 
facilities and offshore anchorages 
—where ships can refuel and 
stock up with provisions — have 
been secured in Angola. Mauri- 
tius. Yemen, and the island of 
Socotra in the Indian Ocean. 
Admiral Gorshkov has written at 
length on the purpose of these 
foreign outposts. Such bases, he 
says, “ vividly demonstrate the 
economic and military power of 
a country beyond its own 
borders.” Soviet ships could be 
used to deter potential enemies 
by the perfection of the equip- 
ment being exhibited, to under- 
mine them, to intimidate them, 
bm also tu support friendly 
» states," he wrote five years ago.’ 

The establishment of bases is 
>f often viewed in the West as a 
it threat in itself, perhaps because 
g of the historic role such bases 
f had in the development of the 
)• British and French fleets last 
k century. But in the age of the 
d aircraft, of potential nuclear war 
0 : and of replenishment at sea. 

_ bases are less central to naval 
s strategy. For the Russians, the 
#. advantages of bases — besides 
>- helping to demarcate spheres of 
i- influence — is that supply lines 
t can be shortened, maintenance 
e facilities can be decentralised. 

Y and that the amount of the nayal 
*• force which can be kept on sta- 
| tion is substantially increased. 

* A standing naval presence — as 

5 represented by the Soviet 
Union's current long range force 

1 — is clearly a different and more 

6 powerful political instrument 
-j than a threatened oresenee. The 

Soviet Union now has the option 
of swift intervention and it 
could reasonnhlv be assumed that 
a U.S. landing ' in Lebanon 
similar to the one. In 1958 Is . 
ruled out by Soviet naval 
development. The naval pres- 
ence ceases to be merely an 
inconvenience and becomes' a 
challenge to the West where the 
superpowers’ spheres, of interest 
are poorly defined in areas such 
as the Mediterranean or Indian 
r Ocean. 

■ Nowhere, for instance, - was 
Admiral Gorshkov’s “ support for 

■ friendly states ” more; apparent 
than in the fighting in Ibe Horn 
of Africa. Moscow’s interest in 
the area is believed to be 
primarily naval-strategic, an 
interest first registered in the 
1980s when Soviet logistic 
support for the North Viet- 
namese . relied heavily ’ on 

. merchant ships that sailed from 
Baltic and Black Sea ports 
through the Suez Canal across 
the Indian Ocean to Haiphong. 
The Horn is, in strategic terms, 
a “choke point" and control of 
the southern gateway to the Red 
Sea could jeopardise the transit 
of Middle Eastern oil supplies to 
the West and Japan. 

. This consideration undoubtedly 
Influenced the negotiation — in 
return for massive Soviet aid — 
of base facilities at Berbers in 
Somalia. Barbara, in. conjunction 
-■ with Moscow's dose links with 
South Yemen and its use-, of the. 
.port of Aden, gave the Russians 
the ability to block the "Bah ' al- 
mandab Strait and allowed their 
own vessels to sail freely in the 


defence force aflcr the Second 

■World War, the Soviet nuvy T bas Tlicf'nni'ant in 

become a long-range armada. a/*3wUIC111 HI . 

asserting Moscow’s interests, all 

pver.thc world. OKS ID ay 

. Tlie man behind this expan- L„ 

sion is Admiral Sergei Goreh- 06 plOD16IU .- 

kov.' Commander-in-Chief of B . . .. . 

Russian. naval force* for the past David Satter 
20 years, and the' acknowledged MOSCOW, Mareh' 28. 

father of 'the modern Soviet ONE. NAVAL incident, still 
navy. “The flag of the Soviet shrouded in mystery over two 


navy flies over ihe oceans of the years alter It happen ed, : shows 
globe.' 1 he says;. a proud but '(hat the Soviet Union may 


legitimate claim. . H have a problem wUh„ dis- 

Evidenee of the newfound ***«*«! sailors. This was the 
Soviet flexibility at sea appears . ^successful attempt on 
almost daily. Soviet ships have November 9, 19 ia, by officers 
ferried Cuban troops and material an “ crew of the torpedo 
to Ethiopia. According to some Storozhevoi to. seize 

reports, a Russian Alligator class “Mi** 11 ! 1 , “Ml defect to Sweden, 
supply ship recently bombarded ' foreshadowed 
Eritrean gueriiias from Massawa. flight of Lieutenant Viktor 
where she was moored. Western Belenko to Japan j n a top 
inieliicence sources have re- sejjet BH&-5 jet m September 
ported an increase of Soviet unlike Mr. Belenko, 

naval — principally submarine— ^ Storozhevoi crew members 
traffic through the Greenland- ® eveT ^eir desttna- 

Iceland-Scotland gap into the t *® n * ^he Storozhevoi was 
Atlantic, V.S. Defence Depart- attacked by pursuing Soviet 
nient estimates show that Soviet and sea units with reported 
naval vessels spend three limes heavy losses and forced, hack 
as raanv ship days in the Indian ,0 _,?° rt : . . „ 

Ocean as do U.S. warships. • . ™ J eadf ? of P e mntin - tf ; 

believed to have been one of 


areas does it come? Soviet power supreme Court at a trial in 


1* tndlUmltar been caries- Mav 1976> according to a 
tured as a thundering giant, rfr highly - reliable Moscow source, 
lentiessly challenging the West A second officer was sentenced 
?,°. nl fei^ owover ' t° ** years in a labour camn 

'h w I J avy * - eff0C i!. y in connection with the mutiny 

tm* junior Soviet sen icc, has to and , bo rKit of tlie ^unmand 

flip riiriilv :i)':nnnt tlio . 


CO It! pole fur funds against the Mas disnersed 
army. Technological and man* ThfSh 


vL,?, 1 i n * The available sources dfs- 

.u Pr r bUn ’ s bav S..^L ft u agree on the fale of Ihe men. 


the *US ^na^v 'nrobabi v’ has* sim i* there * SJOSS 

r ^ TL OU j b !‘ agreement about what bap- 


lar troubles. The Soviet Union’s „;L m i itiirin? ihe mniinv 

ff*?*!".'. 5»5 Soviet ISSffS Jfffir 


•'f, iL a coastline under acknpMle d S ed that a mutiny 

icu diii mg the winter monihs, p| aCP jhe fa(e of the 

h *» .- nLix liuhtltr mpniimcnfihnri ... - .. ... • 


has aNj> tightly circmnscribed Slorozhcvoi’s estimated 300 
its nav.il ambitions. Nevertheless. crPw . members has been a 
the Soviet navy is clearly broad- closely guarded secret. An 
rnmg ns scope of operations ear jjp' r Moscow report, bow- 


and beginning to exercise the ,. vc wbich was 'highly 
l»d it seat muscle of a truly global delailed but from a less 
.J-°* ... „ reliable source, said 82 had 


force. 

I>r. Jusepli Luns. Secrelarj- 
Gcncral of NATO, expressed a 


been condemned to death 
following a three-day trial. 


widely . held view last month- participants in the 

when "he' "Said that Soviet capa- mutiny received prison sen- 
liilinos, were the one accurate tehees of between ten and 15 
measure of Soviet intentions.- -• ypars. Ihe source said. 

The Soviet navi . he mid a Among the explanations for 
British audience, had reached the discontent which must have 


proportions nut strictly needed played a part in motivating the 
fur defence. So the West had to storozhevoi sailors to mutiny 


a«miie thiiT it was intended for 
offensive purposes. Rear Admiral 
Ii. P. Harvey. Di reel or of U.S. 
Naval Intelligence, shares this 


were severe conditions on 
hoard, with no shore leave, no 
fresh produce, bad food and 


.NUVili i mi- 1 ii £ 1 - me. - .niuiL-a iuia rfidmlin. If li*ic «il«n 

view and has little douht that 


ihe Soviet navy is an essentially V- wn 


uir II«41 Ji Id Ain (.mi uiiuii* . r - c _..- 1 ; H(A 

menacing force. The Soviet M°n oMhe Sot let navy .into 
Union, he told a House of Re- a world fleet has -mean i made- 


prosen in lives sut»-cnininitlee had ^uau* social facilities for 


she largest missile and attack sailors, and lengthy separa- 
fnreo in (lie world. tiOu from their families. 


submarine force in the world. r,0H their famines. 

the world's largest force of mis- — 

rile-armed surface combat ves- 
sels. and the world's largest ship- the balance after an exchange or 
building industry. land-based missiles. The Soviet 

But this force sull falls a Union appears, to be advancing 
lung way short of giving Russia so rapidly in, its programme of 
qnvat supremacy. The U.S. still building ballistic missile sub- 
has the advantage over the Soviet marines that it threatens to break 
Union in the crucial areas of re* through the ceiling established 
fuelling ships at sea, with its during Strategic Arms Limitation^ 
.-.ea-borne aircraft capacity, and talks (SALT). - 

anti-submarine -sonar technology. In 19<- the tw'o super powere 
. The concept of naval suprem- agreed to Urait SLBMs ana 
acy in any case could suggest u modern ballistic missile sub- 
misleading approach to assess- marines to the numbers opera- 
lhg the true nature of a possible tional or under construction at 
threat. New aircraft, submarine that date, but both reserved the 
and satellite technology means rrght—freely exercised by 
that sea power which in pre-war Moscow — to replace older types, 
days could only make shallow,. In ' practice this meant that the 
penetration- inland. «m now U.S. could have 710 SLBMs on 44 
strike deep into countries with submarines and the USSR was 
missiles and aircraft. But by the allowed 950 on not more than 62 
same token, naval forces have submarines. It is possible that 
also become vulnerable to attack failing a SALT II agreement the 


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deployment 

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to— 


Baltic Fleet * 


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waAH ^ America .^r-rr": : I Black.Sea Fleet ■ 

Aflcboragesin interniional waters where 1 sliips take ob Fuel and sapplies ■; MediterranMH'smrrirtrM) 


A Port facilities where ships a re refuelled, repaired or replenished. 

•L I ★ Major naval bases and headquarters of Soviet fleets within the U.S.S.R. 


Pacific Fleet 






Mafbie Amphbimis Unit 


Indian Ocean. Soviet support for 
Ethiopia In the recent war on 
tbe Horn brought about the effec- 
tive loss of Berbers, a tangible 
blow to Moscow’s “ choke point *' 
strategy. Nevertheless, Ethiopian 
'ports such as Massawa — and a 
friendly Djibouti — could, in the 
estimation of many naval 
strategists, provide an equally 
good vantage point. 

UB. planners are worried that 
the Indian Ocean will become a 
Soviet “ lake " by default, 
Russian operations expanding to 
fin tbe vacuum left by a diminish- 
ing British and French presence. 
The Mediterranean, by contrast, 
was considered until the late 


1960s to be indisputably an 
American lake. However during 
tbe 1967 Arab-Lsraeli war, a 
steady flow of Soviet ships 
passed through the Dardanelles 
.until there were over 70 Soviet 
naval vessels ia the sea. Although 
Egypt's denunciation of the 
Friendship treaty with Moscow 
denied the Russians a vital 
Mediterranean foothold, they 
have maintained an average of 
3&40 ships in the sea. 

In line with the Gorshkov 
strategy, the Soviet Union 
rapidly reinforced its naval 
presence in the Mediterranean 
during the 1973 Yom Kip pur war. 
Within a few days about 70 sur- 


face ships and 25 submarines 
had entered the sea In the 
Mediterranean. Most Soviet 
ships there are rotated from the 
Black Sea fleet, and the sub- 
marines primarily from' the 


Northern fleet, entering through 
the Straits of GibraltsA*. 

The effectiveness of the Soviet 
navy is seriously qualified both 
by geography and the internal 
political situation. For the Pacific 
fleet, for instance, to fight effec- 
tively iu the Pacific the. northern 
Japanese islands would have to 
be in Soviet hands. The Black 
Sea fleet is bottled up by tbe 
Dardanelles, and tbe Greek 
islands in the Aegean would, in 


tbe estimation of many 
strategists, have to be seized 
before the Russians could win a 
conflict in tbe Mediterranean. To 
fight in the North Sea and 
Atlantic, the Baltic fleet would 
have to open the Danish straits 
to unhampered passage by Soviet 
ships. 

Soviet naval ambitions are 
bounded too by the problem of 
who will eventually replace the 
Brezhnev leadership. ' Soviet 
affairs analysts believe that Mr.' 
Alexei Kosygin, the Soviet 
Premier, has been Admiral 
Gorshkov's political patron in 
the Politburo since Krushchev's 
downfall. Mr. Kosygin’s political 


base is in Leningrad where major 
shipyards are located. It is un- 
certain wbat role a new political 
alignment would assign to the 

navy. 

Should il decide to integrate 
the three services to a greater 
degree— perhaps to cut expense 
— then radical changes could be 
expected in Admiral Gorshkov’s 
new version of gunboat 
diplomacy. Much depends on the 
success of new technology, the 
outcome of co-ordinated inter- 
service exercises, and the overall 
strategic framework dictated by 
a possible new SALT accord and 
tbe evolving U.S.-Soviet relation- 
ship. 


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A' 91—... . e JM 











4 


Financial Times. Wednesday March 29 I9j^ ^ 


AMERICAN NEWS 



Argentina 
strikes oil 
in South 
Atlantic 

ARGENTINA, which produces most 
of its petroleum needs from on* 
• shore wells, announced yesterday 
the . first discovery- of oil on its 
South Atlantic continental shelf. 
AP-DJ reports from Buenos Aires. 

The State oil monopoly, 
Yacimientos Petroliferos Fiscsales. 
(YPF) said that six different 
petroleum and sas deposits were 
found below the seabed in a 
3, OSS metre well in the Gulf of 
San Jorge, 1,850 kilometres south 
of here. The announcement said 
that more testing was needed to 
determine the size of the deposits 
and whether they were . worth 
exploiting. 

Buenos Aires bombs 

Urban guerillas blew .up the two 
main southern commuter rail 
lines into Buenos Aires yesterday 
stranding thousands of morning 
rush-hour travellers. Reuter re- 
pons From Buenos Aires. There 
were no casualties. The blasts 

came within 24 hours of an 
announcement by the ruling 
military junta that left-wing 
guerillas had been decimated 

Peru strike 

More than 3.500 Southern Peru 
Copper Corporation miners and 
smelter workers went on strike 
yesterday, shutting down most 
operations at the Toquepaia 
copper mine and the refinery at 
llo, 430 miles south-east of Lima, 
irom where- AP-DJ reports. 

Mexican corruption 

Tho Mexican Under-Sec rotary for 
Education Sr. Eugenio Mendez 
Docurro. has been cumraitted for 
trial accused of fraud and theft. 
IhL-: brings to three the number 
of prominent figures in the pre- 
vious administration, headed by 
Prc.-ident Luis Echevcrria. now 
jailt-d on corruption charges, our 
Mexico «:iiy correspondent writes. 
Sr. .Mendez has resigned from his 
job at the Education Ministry, and 
repealed his- protestations' ' of 
innocence The charges relate to 

the period when he was Under- 
secretary Tor T ransport and Tcle- 
conimuuicaiion-, under the 
Echevcrria regime which ended 
in !a!e Hire. 

Although the current adminis- 
tration of President Josd Lopez 
Portillo went to the extent oi 
extraditing Sr. Rios from the U.S.,. 
2nd say.- that it is committed to' 

fir'lllin" rrnrinilinn fat. '■ 


Carter travels to 
show U.S. concern 
for Third World 

BY OUR OWN CORRE5PON DENT WASHINGTON, March 28. 

PRESIDENT CARTER left U.S. Ambassador to th? UN, will 
Washington tins morning on a meet -the presidential party in 
four-nation tour of South participate in discus- 

rr r*' ^SsrEw 

Administration officials said, was up his human rights theme in 
designed to demonstrate U.S. South America, Sri Carlos Andres 
determination to strengthen its Perez, the Venezuelan President, 
ties with the TMrd World has 311 exceptional suppor- 
Although essentially symbolic, te n r °f aspect of U.S. policy 
there is evidence that Mr. Carter 0Q South America. The- Brazilian 
wm discuss some hard business has been the^revers^ 

5SL 5 flSTegiiTCkS 

ss? s 5jasa« 

ui d woufd"lU:'e ! iurai ^ S °' *4 reli S ious “3 lay leaders who 
K ‘S“i lk 525 lge ! u t0 asS f rt have been critical of the human 
leadership in Africa to a greater rights record of the regime. - 

v4cit t, ■ a . „ Sr. Perez, has also supported 

rnSSJlSVn ls gene ^ ,Iy ^ US. renegotiation of the 
SESS 18 *? ^ a feace-mendins Panaina Canal treaties. In return 
Go ! e ™' for this, he is expected to press 

^ t PrSnS^v U 2 dly upse ? £ y Mr - Carter t0 a degree on the 
the Presidents human rights overall economic relations be- 
strictures and disapproved of his tween North and South America, 
attempt to prevent the sale to over and beyond the oil connec- 
Brazil of West German nuclear tion. 

technology. The final stop, in Sr. Perez, who has visited 
Liberia, is to be short and Washington twice In the last 
essentially ceremonial. year, is known to 'fdel that the 

Mr. Carter Is taking along a relationship is still too J mucb- of 
full cotene of advisers including a .one-way street and would pre- 
Mr. Cyrus Vance, the Secretary fer greater co-operation and part- 
of State and ' Dr. Zbigniew nership — as well as the dlsburse- 
Brzezmski. the National Security ment of greater U.S. finance for 
Adviser. Mr. Andrew Young, the development purposes. 

NY transport strike ban 

BY JOHN WYLES NEW YORK, March 28. 

NEW YORK State has obtained the effects of the - last such strike 
a temporary injunction to bar in 1906 when a 12-day stoppage 

brought " — 


economic disaster " to 
and its business com- 


a threatened strike rrom 

Saturday morning by bus and - e .® lty ... _ _ 

. ■ , .. . inumty, said Mr. Lefkowilz. 

underground workers which ^ Sapreme Court judg0 

would severely disrupt trans- instructed the union to give 
port in the New York metro- evidence on Thursday morning 
P»M“ area - on why it should not be pro- 

The transport workers' ■ con- hibited from striking. This is 
tract expires on Saturday night m accordance with New York 

and the nature or any settlement State's Taylor Law which can 

will be crucial for negotiations prevent strikes by public 
now under way between New employees. 

^ork City and its 250,000 The transit authority's basic 

municipal employees. A.I though aim is to achieve a settlement 
the City is not the transport which would enable it to main- 
workers' direct employer, the tain the present 50 cents fare for 


fighting corruption, few Mexicans; Metropolitan Transit Authority's bus and underground rides. It 
alwf ‘.ilifS* CW ■ Ihat . rhes c ! sert,ements have traditionally must therefore control its operat- 

?n d«»n un ihenuUl^mtak?™ 1^ J he ^ tte ™ for lhe,aunlcI P a l ins deBcit which is covered b - v 
i- 0 J 'lV most 1 W0 ^ ers contracl - federal operating subsidies and 

Jiion i" that VT 3? m « P r * The transport workers' union assistance from New York City 
S Uggrc'VJhin MU' s;« d p from and State. 

Institutional Rcvolurionarv- Part* Saturday if there was no agree- Since h 


CARTER’S URBAN POLICY PROPOSALS 


Guarded welcome for the initiative 


labour Intensive oita? Uf 


BY JUREK MARTIN, UJ. EDITOR IN WASHINGTON, MARCH 28. 

IN-MANY ways, the jwctionfi to will be working overtime on the Its-artaal wortfcis/a minimum -Slim, 7 a year wuwui rro^«^^‘“nressures in the 

urban ™ .*5? i» &"Er' l i! 

- - - - ' v...ne»ie,-r -waintnn.-meel cftfiSlimtlU! nenaro 111 im- 


policy proposals, unveiled yester- hardly heec a whisper of a sug- 



over 


Atv art. » ;;V gestidn that Mr. Carter has gone wiu raise the size of the budget and- ^ n»i n . nM myi mnsummi: debate in 

day, are as interesting as the back on po***-"-** .amn.ifn.nnie ^sKai. in *k.» ««.-« ito»i nu, 
programme itsel£.._: -- or betrayed 

Everybody knows that the there seems to he an understand- from its present (*««« 
inner cities of the TJ1S. are in a tag that federal resources are S80.6bo.. although only S740tn. in per se, require the authorisation by-step, “ e . ls . 
substantial state of decay. For limited, that inflationary pres- actual new spending is envisaged, of additional federal funding expansion of the outlet neucu 
years, municipal authorities, ' \ , and that the S?.4bn. 

£bu?me££ hive e been^JitS- Thg President’s urban plan is relatively small in scope. Yet, there is a general JJJ J2X bwSsetanr shortfall 

HFUTfi!&? , !!r d BES understanding In tbe UA that federal resources are limited. . ^“^^S^SSS 

money to help them rebuild. - • ™ " . ~ T7 of the Emcrsency Farm Aid Bill, 

Thus, it wbuTd have been logical sures 011 economy are or- Its major component parts and would be run by a tripartite . i0 Bationary impact of the 
for the urban roof to fall In on cumscribing and that at least the include-. directorate from the Departments ■ erfi . wafifi setticmenl and nf 

any President, Republican or President has made a step, or g jj ore than 160 changes in T TBasll ^: T the new sharply higher social 

Democrat who had the temerity ““J - small skeps, man [interest- federal programmes.^ ^ Housing and Urban Development rar ity taxes (which Ooqspcss 

to come up with a scheme which, possuly ngnt direction. (; nvf > rnnign t j s t 0 b e directed • Every new federal programme m wc jj j Q p ar j rescinds, 

after much careful preparation. The programme is a typical t0 buy more goods and services would be subject to an urban some form of new anti-inflation 

allocated appreciably less than Carter concoction, a myriad of from the inoer cities and to con-, impact analysis, to determine .. . currently being worked 

§lbn. in new cash- for the cities micro-proposals, some conirover- centrate more of its sewerage tt". it would . have benefo:^ P and maV well be presented 
In its first year of operation. ^ wany unexceptional, de- and. water resouree development ejects on the cities Those States l||C p^gid^nt returns from 



a guaraea welcome to tne ±*resi- it is not “the moral eautva- f? r Q ew inner city development: assistance prosrauuue wuuiu 7 -- nrt f„n v 

dent's initiative. There have been lent of war" transferred from Companies may also receive an nsplsce the expiring SI bn. -worth sihough it is si ^ ^ - 

the inevitable complain ts* of S eneU to the SS bS“ ,? cCdU *“L*£S SrSntln^W »«■ *25? 

sufficiency from such advocates partnership melange drawing to- chronically , ^employed Additional financing would also possible in the cxecu 


as Verb on Joriai ‘head ifttS glthSr fSerS STd loS ci ^' * ou ' b (lbe tQtal *“■ be provided to a variety of com- than legislative preserve. 

Urban League, and from Mayor ments, the corporate sector, breaks for corporations “m^ numity-based programmes, such Congressional leatk - 
Koch'.. the recently-elected Mayor npicrhhnnrhnnrie mmmimiiv amount to bl.7bn.). as health care centres and the bound_ to protest that the 


are 

Koch;. the recently-elected Mayor neighbour ood^'jmd "community amount to S1.7bn.). as health care' centres and the bound 10 , .^1 m- 

of New. York City. groups. Its underlying principle • The creation of a “ national .U.S. equivalent of “meals on dent is. onoc ' “ JcUedu “•« 

There has been. an ominous is that resources should be tar- development bank," .which would wheels." . . . . mS*i.fSm elections 

silence — partly caused by the geted to those in most need administer as much as Sllbn. in There are certain to be com- ami that , mid 1 _ annClt 

Easter recess — from any number rather than spread in discri mi- loan guarantees to businesses plaints that this programme, coming up. eariy action 

of key Congressmen whose teeth nately around the country. investing in the cities and a modest though its total dollar be guarani ecu. 


Chile searches for increased foreign invest 


CHILE, with great natural re- School kids." 

sources but insufficient capital, so graduates here from the The 
is doing its utmost to attract University nf Chiraetf School nf charted 


BY ROBERT UNDLEY, RECENTLY IN SANTIAGO 

These are 30 or Central Planning Ministry. been at fault A year ago, the key to sustained 'growth 

Chicago School kids “have regime amended the basic legis- in Chile, JagS e J J9 /kU 

J Chile's economic course latioo governing foreign invest- the March amendment of tne 



Institutional Revolutionary Party' oaiurB3 - v “ was no agree- since labour accounts for S2 

in advance of the party co ngress i m _ fe 5 1 1 P n new contract_ ana per cent, of its operating costs, 


in the summer. 


U.S. COMPANY NEWS 

American Motors consolidate 
car production : setback in 
bond market— page 23. 


i yesterday a State Supreme Court any substantial pay settlement 
.judge issued a restraining order would put pressure on the fare 
.to prevent the stoppage. New structure. As a result, the Transit 
{York States Attorney General Authority, like New York City. 
, Louis J. Lefkowitz argued that is seeking productivity and cost- 
i a strike would cause *' irrepar- saving measures to finance pay 
1 ablp harm " to the city and cited rises. 


companies 
invested in the country speak 
highly of the ruling military 
junta's investment policies. One 
investor who praises Chile Is 
Mr. Jack E. Carter, managing 
director of Goodyear de Chile, a 
newly-formed subsidiary of 
Goodyear Tire and Rubber of 
Akron, Ohio. 

There have been frequent 
spasms of political upheaval in 
Latin America since Goodyear 
opened its first plant more than 
40 years ago. But. "the balance 
here." claims Mr. Carter, speak- 
ing at the Goodyear de Chile 
plant 10 miles from Santiago. 
“ has been good." 


CLOSER military co-operation 
between South Africa and 
Argentina, Chile and Uruguay 
is likely after the visit to 
South Africa last week of Gen. 
Robert Rogers, commander of 
the South African - air force, 
writes Hugh O'Shanghnessy. 

Gen. Gustavo Leigh, head of 
the Chilean air force and a 
member of the ruling junta, 
underlined the two countries' 
“common ideals and the chal- 
lenge of common problems 


born out of the lack of under- 
standing of oar reality" at a 
ceremony in Santiago at which 
Gen. Rogers received . a 
Chilean decoration. 

Earlier, during a two-day 


Argentina and hint at increas- 
ing air links. Gen. Rogers was ' 
also received by military 
officials in Uruguay. 

Apart from the publicised 
activities of the South African 


visit to Argentina, Gen. Rogers - general, there is speculation 


conferred with Brig. Agostl, 
the Argentine air force com- 
mander and a member of the 
■Argentine military junta. 
Argentine official sources say 
that South African interest in 
South America is centering on 


that be discussed Cuban mili- 
tary activities in Southern 
Africa, and reports that South 
American countries are pre- 
paring 10 receive while settlers 
displaced from Southern 
Africa by black nationalism. 


Mining complex for $107nt., with 
the likelihood that Exxon will 
invest a further SSOOm. or bHOutn 
to expand La Dispuluda. Exxon’s 
investment, in hard mineral*, w.i.- 
not the kind that will 1 »l- 
rewarded with quick profits— 
withiq three or four years, as in 
the case of a tyre factory. 

Exxon's investment in Chile 
indicates that the company, the 
biggest in tbe world rated by 
assets, believes that iiulitical 
stability in Chile will eontimn- 
for a long time. General Piaocnot 
has promised to phase his regime 
into a civilian Government. Tin-. 
Government would fyavc a fnurib 
power added to the executive, 


Like most of the Chilean firm* country’s economic team, Sr. siderable success in reducing in- profits immediately, and guaran r 

nationalised under the Govern- Sergiu de Castro. Treasury flation— from 1147 per cent, in teeing non-discrim inatory access legislative and judicial branch** 
of Dr. Salvador Allende. from Minister, although now 4S-years- 1973 to 63.5 per cent, last year to the foreign exchange market. — a so-called “security power" 
1970-73. the plant which Good- old. is ser a a.- a " Chicago School — increasing growth and balanc- The logic behind this was put to — giving the armed forces the 
year has just acquired is run- kid," as i* Sr. 'Pablo Baraona. ing the internal accounts. The me succinctly by Sr. Kust: “We last word in any future civilian 
mng at far less than capacity Economy Minister. Sr. Alvaro moment may have arrived for a are a country of great human and Government. Therefore, the 
and with far too many cm- Bardnn, Central Bank President take off in foreign investments, natural resources but very little Communist Parly would remain 
ployees. . and -Sr. Miguel Kast, Assistant If not. President Augusta' capital. So foreign investment is outlawed, something which 

Mr. Carter has zreat faith in Director of the National Plan- Pinochet’s economic team: can; 'the obvious missiDg ingredient.*” generally pleases those who 
what he calls “the Chicago nina Department, the effective hardly be considered to have Foreign investment, clearly the invest in Lafin America. 


r 






©st of our first families are still withus... 



' v ti 


* i < 


■uiimi’ii 


People like Norman, Isabel, Belinda and Banv, 
who moved into one of Washington’s first new 
houses in 1968. Ten years later we’re 
to say they’re still here-having watched the 
town grow up around them. In those days, 
there really wasn’t much to see -the whole 
town seemed like a building site. Wellingtons 
were the order of the day, the Town Centre 
site was just a field, and much of the New 
Town was either still on the drawing board, 
or in a sea of mud. 




So while Norman and Isabel were busy 
bringing up their children, we were busy too 
building new homes for 11,000 other families* 
creating 14,000 jobs in over 150 new 
businesses; building offices; turning pit heaps 
mto parks - and of course, we’ve got a superb 
new shopping centre on that field. 


So Happy Anniversary, 

Norman, Isabel, Belinda and Barry-and thanire 

we couldn’t have done it without you. 


/ashington, Tyne & Wear, NE37 3HS. 

Tel: Washington (0632) 463591 

Telex: 537210 DCWASH G 









Financial Times Wednesday March 29 1978 



* * f ! |jj jy, S.A. ECONOMY WAITS FOR WESTERN UPTURN 




‘ill; 


•; § 

. »■* 


US 


Industry looks for more 
stimulation from budget 



BY QUENTIN PEEL IN JOHANNESBURG 


AN EDITORIAL in a loading 
South African newspaper seemed 
tbis month to plumb the depths 
of economic despair. "Are we 
missing the recovery boat?" it 
demanded. For three years. 
South Africa had deflated and 
depressed its economy, waiting 
for an upturn of the western 
economics to stimulate a return 
to esport-lod growth. Now the 
western recovery seemed to be 
running out of steam, and South 
Africa had yet to feel any bene- 
fit. the writer argued. It is a 
fear which has been voiced in 
recent weeks not only by 
respected economists, but also 
its their own ways by investors 
on the Johannesburg Stock 
Exchange. And by consumers. 

At the end of last year; -most 
commentators thought they saw 
the recession— South Africa’s 
longest and most severe since the 
1930s— bottoming ouL The theme 
was given great play by Govern- 
ment spokesmen. But business 
was more sceptical. Since then 
the stock market has fallen back, 
the latest consumer opinion 
survey shows no sign of a 
renewed propensity to spend, 
and the major monthly, economic 
commentaries conclude that the 
- recovery has failed to consoli- 
date. ' 

The pessimism may have a 
political content, just as the 
optimism did last year:_then the 
country- was in the run-up to a 
general election, now it is await- 
ing the budget. But while those 
on both sides of industry, are 
looking for a real measure of 
stimulation from Senator Owen 
Hnrwnod. the Minister • of 
Finance, when he delivers his 
address of the financial state of 
the nation to-day, some of 
the pessimism undoubtedly 
stems from the fear that there is 
little he can do to cure It. 

Mr. Horwood would; however, 
be justified in feeling irritated 
with all the forebodings. He is 
unlikely to miss the opportunity 
for some (deserved) self-con- 
gratulation. Since his last budget 
there has actually been a pheno- 
menal turn round of some R2fibn. 
(£1.6bn.) in the country’s 
balance of trade— from a deficit 
of Rl.Tbn. in 1976 to a surplus 
of around RSOOrn. He has also 
succeeded in containing Govern- 
ment spending within even his 
own strict limits: by the end 
of February, spending was pro- 
visionally estimated at RTJSbn., 
compared with the 12-montli 
budget target of RS.Tbn.. sug- 
gesting a likely saving during 
the year of between R300ra. and 
R400m. This would mean that 
Government expenditure is only 
some 3 per cent, more than last 
year, in real terms an actual 
' reduction. While revenue is also 
likely to fall seriously short of 
forecasts, because of the low 
level of economic activity, Mr. 
Hurwund has been very success- 
ful with domestic loans— by the 
end uf January having raised 
IWOOm. more than his target of 
R’Jflbn. 

The problem is that the 
, remark able performance, of South 
; African exports has failed to 


stimulate any real growth — esti- 
mated at 1.3 per cent, in 1977 
— while. the control over Govern- 
ment spending has equally failed 
to bring the rate of inflation 
below the 11 per cent, where 
it has stuck for the past year. 
The reasons are not hard lo find. 

In the first place the healthy 
current account surplus has 
been more than offset by a net 
outflow of funds on the capital 
account of the balance, of pay- 
ments. Although there , was a 
marginal net inflow of long-term 
capital over the whole .Of 1977, 
it was far outweighed' by the 
drain of short-term funds. Heavy 
repayments of public debt have 
been one important element in 
the outflow, reducing the coun- 
try's net indebtedness, but the 
largest outflow has been' from the 
private sector, recorded under 
“ Errors and Unrecorded Trans- 
actions," an indication ot the 
political flight of capital. The 
Reserves of gold and foreign ex- 
change actually fell by some 
R98m. during the calendar year. 

Police reinforcements -were 
to-day flown to -Windhoek, the 
capital of Namibia (South 
West Africa) as fears rose of 
inter-tribal violence in - the 
wake of the assassination of 
Chief Clemens Kapuno, leader 
of the fierero tribe who are 
the most prominent black 
opponents of the South West 
Africa People’s Organisation 
(SWAPO). Quentin Peel writes 
from Johannesburg. ■ ■■■ 

The move came amid reports 
from Cape Town that the 
South African Government 
may announce an election date- 
for the territory this week, 
effectively abandoning any 
hope of achieving the Inter- 
na donally-aceeptable solution 
proposed by the five Western 
members of the UN Security 
Council. 

Western diplomats, however, 
are also hoping to present 


PolitiCLl uncertainty, both 
within Siuth Africa and Inter- 
nationally. uas been very signi- 
ficant. It has undoubtedly 
affected business and consumer 
confidence within the country, 
restricting both total effective 
demand and total production 
activity. Indeed Mr. Merton 
Dagut, chief economist for the 
Ned bank group, believes it -had 
a crucial effect just at the 
moment or upturn in the 
economy last September. Aware- 
ness of ' growing international 
pressure for economic sanctions 
against South Africa has, at least 
in the short term, also caused 
domestic investors to hold back. 

Political uncertainty has been 
made worse by the inexorable 
increase of unemployment, as an 
estimated 200,000 black work 
seekers join the jobs market 
each year, while the economy 
stands still. Even unemploy- 
ment among whites, coloureds 
and Asians, traditionally infini- 
tesimal. has increased by 20Q per 
cent, in two years — from 11,000 

their final proposals for a com- 
promise settlement in Namibia 
later this week-^-possibly on 
Thursday — and believe- (hat 
any South African decision, 
win be put off until they have 
done so. The subject of 
Namibia and the assassination 
of Chief Jtapiiuo are expected 
to be the main item on the 
agenda of to-morrow's South 
African Cabinet meeting, 
besides the Budget. 

Meanwhile, SWAPO spokes- 
men have denied responsibility 
for the assassination, blaming 
it on continuing unrest In the 
black township of Katutura, 
where they said 26 workers 
had died in elasbes between 
Hereros and Ovambos in recent 
weeks. Brigadier Victor 
Venter, the police chief in the 
territory, said It was “ logical 
to assume” the assassins had 
been “SWAPO terrorists.” 


r - • •* ns 

: v - " V /•' ■ 


The second factor negating the 
expansion in mining and.agricul* 
lure — the two principal export 
performers — has been inflation 
itself, reducing the real purchas- 
ing power of Incomes and profits. 
The increase of costs in the gold 
mines very largely absorbed the 
price rise over the'.-, year, 
although the continuing rise is 
now likely to yield some notice- 
able benefits. 

A major factor behind the con- 
tinuing level of inflation has 
been the steady increase of 
Slate ■ administered • prices, 
especially for electricity. ‘Steel, 
and transport, with a multiplier 
effect throughout' the economy. 
Wages and real earnings have 
in fact f *ilen behind the rate 
of price it creases, further reduc- 
ing spent mg on consumption. 
But public corporations have had 
to raise their prices -faster than 
costs, partly because they are 
unable to raise international 
finance, and therefore need to 
finance canltal spending from 
revenue. The most recent rail- 
ways budget has been a prime 
example. 


in December, 1975. to 36,000 in 
December. 1977. Black unemploy- 
ment. impossible to gauge 
exactly, is estimated , at between 
1.5m: and 2m. 

Against this gloomy back- 
ground there are some optimistic 
signs. Most important has been 
the increase of the gold price to 
more than S1S0 an ounce. If it 
stays at that level. South Africa’s 
gold sales would total at least 
R3.5bn. for the present year— 
an increase of R700m. over 1977 
and equal to 2 per cent, of GNP. 
Although prospects for base 
minerals are not so bright, the 
market -for platinum diamonds 
and uranium looks good. There 
are signs that the' net outflow of 
short-term capital is slowing 
down, partly due to a slower 
rate of repayment of Government 
debt, and drastic action against 
foreign exchange law-breakers. 
The Traumatic experience of a 
not loss of white migrants last 
year may also be over, although 
it is likely to be many months 
before the sort of immigration 
flows resume to which South 




,Mr. O. P. F. Horwood. South 
African Minister of Finance, 
who presents the budget today. 

Africa has been accustomed. 
Finally, the decline of the doll.ar 
has also fitted in well with official 
policy, bringing about an effec- 
tive depreciation of the rand 
(some 7.6 per cent, io the past 
six mouths) -without the un- 
acceptable political trauma of 
devaluation. 

Mr. Horwood has already pro- 
vided some selective stimulation 
in response to the calls for 
reflation. He announced last 
November a R250m. housing pro- 
gramme for blacks, coloureds 
and Asians, spread over 30 
months, and easing of hire pur- 
chase terms for motor vehicles. 
Now there are growing calls for 
him to run a deficit budget, and 
possibly cut direct taxes, to pro- 
vide further expansion. 

It is argued that without 
foreign capital, th? South African 
economy js incapable of expand- 
ing fast enough to absorb its 
population growth. Whatever the 
political considerations, foreign 
money will not be attracted un- 
less South Africa can show that it 
still has an expanding economy: 
growth must come first, even if 
it is modest. But against that 
reasoning there is a substantial 
school of thought in the country 
arguing for greater self-reliance 
because of the threat of inter- 
national sanctions, and calling 
for growth to be sacrificed to self- 
sufficiency. 

Mr. Horwood and his advisers 
are essentially conservative 
people, proud of the conserva- 
tive record. He is not likely to 
run a big deficit budget, although 
he might provide for some 
modest .shortfall. His plan to 
introduce a new point of sale: 
lax should allow him to reduce 
existing sales taxes and, if be 
wants to. lift the current import 
surcharge, as well as possibly 
giving some relief on direct 
taxes: as such it would he 
regressive. At the same time, 
while there is little prospect of 
slowing the rate of growth of 
defence spending, the advent of 
a new Minister responsible for 
black affairs. could mean that the 
regressive effects will be to some 
extent balanced by increased 
Slate spending in black areas, 
on housing, education, transport, 
and possibly even the long- 
awaited scheme for tbe electrifi- 
cation of the township of Soweto. 
But Mr. Horwood’s. room' for 
manoeuvre, within .the.* con- 
straints of the balance of pay- 
ments, remains small 


Young calls Rhodesia internal E 

settlement a suicide plan j Z 

SALISBURY, March 2S. seo 

MR. ANDREW YOUNG, the U.S. most disastrous to American Administration have been mis- svo 
Ambassador to the UN said in foreign policy would be a civil placed. 

an interview published to-day war in Rhodesia. It would bring There remains concern in the 12J80 
that the Rhodesian internal down the Government in Administration that political 
settlement agreement was a Britain.” he said- . , presumes at work in Britain | 

■*«' suicide plan Tor western interests Mr. Young said tbe majority might weaken the resolve of the) aao 
- which could lead to civil war and rule agreement signed by Mr. British Government to stick to ■ 
bring down the British Govern- Smith and three black national- the Anglo-American plan in tbe I Mn 
motti. 1st leaders — is a suicide plan light of the internal settlement J 

In the interview’ in the U.S. for western interests because it v fa the course of the last | 

' w:ih the black Rhodesian news- opens tbe door - for continued month, Mr. Callaghan, the Prime i -w- 
■; paper the Zimbabwe Times, Mr. conflict that Inevitably would not Minister, and Dr. Owen, the! 1 
■ Young also pointed to a only be in. Rhodesia but would Foreign Secretary, have assured' ** 1 
' . difference of approach on the spill over into Zambia and the U.S. of the British Govern- vty 
issue between Britain and the Botswana. meat's commitment to the joint 

* U.S. “Potentially, it would give approach. i 4* 

“I frankly Ihink that the communists the control of the Mr. Young, with the backing} -a 


n 

1M 

! !l 

T 

r_ 


.««! 

1 

TT J 

M j i 

i-llLl 

-1 



YEN 

AGAINST 
THE DO LLAR. 


Japan buys 
$ 800 m. to 
help dollar 


“I frankly think that the communists the control of the Mr. Young, with the backing) * -» . ' i ii 

British people want to wash their whole middle belt of Africa and hf the Administration and 110111 rlollSIT - 
hands of the Rhodesia issue and we w’ould be able to so along influential Congressmen such as I JIUIU UUilcIl 
a Imust don't care what happens.” with that*” -Senator Dick Clark, has re-| TOKYO March 28 ' 

he said. ‘‘They would like a quick Reuter doubled his efforts to secure a (the BANK OF JAPAN bought 

solution that would turn it over Jurek Martin adds from wider solution to tbe Rhodesian j an estimated SSOOm to-dav to 
to Smith (Prime Minister. Ian Washington: Tbe State Depart- problem that would embrace iheisunport the USL currency which 
Smith) and they w’ould look the mem has from time to time dis- external nationalist groups. ‘slumped to new depths aaainst 
other way. sociated- Itself from the forceful The U.S. remains sceptical ! ven on the Tokyo Joreisn 

“We have said that we cannot language Mr. Young is prone u> that the internal settlement can I exchange market 
du that, and that to have use and bis occasional free last and has made no bones of: Dealers said it' 'was tbe largest 
Rhodesia go through for two interpretation of diplomatic Its fear that abandonment of the (dally intervention since “the 
>ca in even what Angola has gone niceties. But reports of sub- Patriotic Front would leave the central bank bought about 
through, would destroy one of stantial policy differences guerillas few options but toigi^sbn on August 27 1971 
the most beautiful countries. berween tbe UN Ambassador and turn - to Russia and Cuba for ! when the United States took the’ 
“The thing that would be the other members of the Carter assistance. I dollar off the gold standard and 

— - — - — - * — 1 1 — r - — - — 1 — : 1 imposed a 10 per cent surcharge 

*i Ion American imports. 

Arab League Production gets underway ISSSfsS 

talks 1t «< . , . {with Y225.30 at yesterday’s close. 

twuim. J T C M/|A|] fill nPAlAnf The previous low point of Y22535 

CAIRO, March 26. (tl JL0I dvil VJJUI UIUlvVl < was estaolished yesterday. The 

. . - . 0 . D f * - ** i central bank is estimated to 

ILSS BY l_ DANIEL V TEL AVIV. March 36. jtave morc lh™ S4bn. 


Arab League 
talks resume 

CAIRO, March 28. 
AN ARAB League meeting, 
already buyeoned by five mem- 


Production gets underway 
at Israeli oil project 


BY L. DANIEL 


TEL AVIV. March 38. 


dircauy ueycunen uy uiLiu-t > *hj S moo ih IQ suODort EJ <5 

,ber states, resumed here to-day j PRODUCTION STARTED this - It is expected that production j currency This will almost 
t0 J* 0 * 1 «hP breach in thej W(Hfk from offshore wells will be doubled withtii a month | certainly have boosted Japan's; 

Arab world and find a common | at .-gi-Tnr off the eastern coast of a > ve ^ Ro6s into pro- external reserves to anotber 1 

-■ ” T& SSS bi-annual session *. <Mf of Sues which is under fi/JUTS iBSS,™- * ,n ”" “V&J? 

*• of the Arab League Council Israeli controL year. | a ?.' Reuter 

«» «■ ™ me nftilly developed, the field! Levland mOVP 
S PrSidRS Pl «S3Lt5 granted by the Israeli Govern- .j 8 expected to cover about one-, U1UVC 

oLre P iSud?ve.with liae? d 1 ment t0 a “North American” third, of Israel’s .annual oil J C Afrjprt 

Syria. Iraq, Libya, Algeria concern. Neptune, though the requirements of 7.5m. to Sm. ; *** i\iriCSi 
and North Yemen boycotted the actual operation will be largely tonnes a year according to Mr. gy Bernard Simon 

meeting. AH except Iraq are carried out by Israeli personnel. MOB Modai, the Minister of i t QWA wfcror n 

. -f members or the “steadfastness A ccordIn= to the agreement ^ergy- Israel's current 0Utl ^ ; JUHANAEsaUKG, Ylarch 2S. 

- and resistance front " opposed to wi^eomne.^ Hie^aeUGorerer P^Ml^mpoTts is S700m- a year. jLEYLANTi South Africa has 
the Sadat peace overtures. But w -jj get yg ce0 j. Q f the Mr. Modal expressed the hope is .,. ■ 

tlie Palestine Liberation' Orgaxu- TjRjfits. that there will be "commercial co* ! rationalisation walks with Sigma 

sation, anotber member, sent a * operation between Israel and !** >tor . Corporation, the Anglo 

threc-mun delegation. The oil now being extracted -Egypt within the framework of a 1 American .subsidiary which 

In a speech lo the opening from the Aim field at an initial peac*: agreement {assembles Mazda and Chrysler 

session. Mr. Mohammed Tate of 10.000 • barrels a day is {motor vehicles.; 

Ibrahim Kamel, Egyptian pumped to a 55.000-tpfl tanker .Neptune is already considering, s The discussions centre on the 
Foreign Minister, accused mem- being used for off-shore- storage, additional operations in other | nee j foj. Ley land to raisei-the 
bees of the "steadfastness front” From fherer it is transfcrred ^o^pjtrts'of fbe Gulf of Suez since it [local content of some of its new 
of ** hurling accusations as their, tankers which will take it. toeholds a licence extending from ; Rover models, whose. VS engines 
only way of struggle.” Eilat, the southern outlet oFtbe 'Sharm-el-Sheikh to . north of ! have a relatively high proportion 

Reuter Israeli Eilat-Ashdod oil pipellne- 'EL Tar. . . . j of imported components. ■ 


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Fipsujcial Ty»e 5 : W«dBes<iay M«rcti 29 1??- 


WORLD TRADE NEWS 


New Chinese visit as 
Tokyo prepares 
for friendship talks 


Sweden 
gets Kursk 
contract 


Greek-Iraqi oil deal 


by our'o wn .correspondent 


ATHENS. March 28. 


Russia and 
Iran agree 


Kenya pipeline flows 


A I'X.V'VtlA Vi'kJ • I GREECE AND IRAQ will sign a will travel to Baghdad for the : £VI’l_fTO.CJ 1lH A 

kUiiUakL ■ SI 00m. agreement- early next purpose. “ Ujir£la5 I1UC 

f™-! rl -1_ * ASEA, The Swedish heavy . month under which Greece will l [ aq - Professor Angelopoulos g r Sattvr 

lor menaSniD t^lKS electrical engineering group, has purchase Ira. tons of. Iraqi crude Grwk W tobareo ^coilon ° textile? ' MOSCOW. March 

1VA,U ° 1U F received a contract to supply the oil.in exchange for Greek in- el^rieS aSliaS sbS and THE SOVIET UNION and I 

__ complete electrical equipment dustrial and agricultural goods esppcrallv sa-den nrodu&i in. have reached agreement 

BY DOUGLAS RAMSEY TOKYO. March 28. for for a direct reduction slee >d technical services. SeK foftoeoil* const ructiou of the north 

CHINA AND JAPAN have zawa. Director-General of the j German company Lurgi Chemi’o ! , Professor An Sfios Ansel opou- Greek exports to rhe Middle j .^rd or the uew tn 

stepped up their exchange of Economic Planning Agency. lund Huttentechnik In Kursk, in {?5; L . a ° v r cr E 0r of the National East ,n the next five years might ! !? D JJl® a i a ^l p ^! ne a ^S 

. , industrial missions in advance of It will also hold crucial meet- ! the Soviet Union. John Walkerj f e a " k °I ifFXJ 0 t e ? v - er 30 P L ' r ,^ L ‘ 'L n neiS Sr^in^n 

. ■ *hai is expected to be a full- ings with Mr. Satoshi Suraita. I reports from Stockholm. The £5' !£ ra * M> d dle East of Greece s totai export vnlume.. J™" 2E,°3 £7*1 vJ 

<P 9 la Mcuhintmn nAnntiatinnr n- : *L. ci v... i 1 . . ■ ... * . « I OH Ft bfllu Ltl 0 ggrppmrmy U.ll U 2 TR 5 T '.Vnilld . mvulvp - fflPWflTl CUOIC ulCtrCS 01 &» 3 jC*! 


TOKYO. March 28. 


By David Sattvr 
' . ■ foOSCOW. March 27 

THE SOVIET UNION and Iran 
have reached agreement on 
construction of the northern 
third of the uev ,trans- 


KY JOHN WORRAli. NAIROBI. Mirrt 3. 

Kem-,-3 m™ile rtfn* loll pip* 

!^ e “s m 3 iM e «^iorSroS,. ftgn and th. mm**** fro™ 

hay begun full commercial opera- wont 

lion.. It has a capacity ot about Oqe mam object ar-iJv pipe- 


earnings of the order: 

annually. . ; 


scale resumption of negotiations President of the Export-Import i plant is part of a large new steel-: fSfi SLm« «h? 2£ d • F.i. 

Cafter a three-year hiatus j on a Bank of Japan on financing for making complex. ;5S?S?*r Jr n HS e fj2S5 earnm -P of *** 

. peace and friendship treaty when Japanese plant exports. The The vatup- of asfT's share of' 516 ° f Co ^” UnaUon - who of $750m. annually. . 

8b Severa P | ril Japanese missions hank by Japan?s Exlm * 1 means" of producing^iron “re; BOOSt fOf Alb 31113 lllliCS 


West Germany. France, Austria . .Britain, India and Japan. for aviation fuel branches fmm 

and Czechoslovakia, beginning- pencol. the British consultancy, ihq main pipeline » the new 
in 198L . " was .Involved from the outset in Nairobi airport 


ATHENS, March 2S. 


Sunao Sonoda visits Peking tenns and conditions of finance i r n- U Tw * o A 1 *! • !• ¥ 

■. ab Seve?a P ! ril Japanese missions b°ai!k by Jap “' s Exlu, ‘ weans' 'of producin.^iron “re; BOOSf fOF AJb 31113 llllkS j 

' have 'vfsileef * Chfna' 1 /n* 1 recent ' ChiDa ,' wh}ph wpuJd ,ite . 10 kS&lSJtt about ? S$T C.\ BY OUR OWN CORRESPONDENT ‘ ATHENS, March 2& j 
■Avecks and on Tuesday a Chinese r2^i- The end product, sponge iron or j GREEK COMMERCE Minister in- agreements, have since in-t 

mission of 19 high officials ? p ® ,• °5 metallised . pellets, can be i George Panayotopoulos Hew to creased from SSra. in 1973 to 

arrived in Tokyo for trade gLjgJ““{£ ^ ecl)y int0 an “* i to-day to further Greek- «lm. Iasi year. 

’• discussions. SjSmeM on exunn ?2m"Sli ! furna “ ! Albanian trade relations. A new T Greek ■ export. ; to Albania • 

r The mission, led bv Mr. Lin hSott m neNuade * - (protocol to govern trade ex- !ndude cotton, textiles, metalhir- 1 

.-.Hua-Gia of the Shanghai Munici- JJBJ?.,.,?- t E e ^2!I?.i.i a !!Ki££i Chinese minister fnr 'chanaes in 197S will be signed steal products, sanitary ware, 
pal Revolutionary Committee. V* . mJI ? iSI “ t0r ' during his three-day «,v. chemicaJs and pharraacemicals. 

Inrludes several Ch.ne S e._vice. on ' ... ! dlSCUSSIOnS m Bonn Greece and Albuni. renrmed 2S“ 


in 198L 

The new pipeline, known as 
Ijsat 2. is to ran parallel to 
the old. trans-Iranian pipeline 
from the Kangan wells dong 
the Gnlf. It Is expected to have 
an eventual cost of about S3bu. 


Swiss build more abroad 


Tncl udes several ^hinase vice^ « credit_ terras for exports. 


Ministers who will meet Govern- The mission will be followed | "Tr^Hl^rrinf-tor 

ment leaders. It i s the first big next week by a visit by Chinese iff "fiLE-a "1 in wS 

Chinese mission to Japan since steel industry officiate led by Mr. ^ vmit Wwt 

the conclusion of ao eight-year. Chang Clu-Cbuan. Deputy J {J® ."J*" 3 ? Jf ri, J p f S- i 

S20bn. long-term trade agreement General Manager of the China ! P Su 

■ in February aimed at increasing National Metals and Minerals ! from . {*ono. Tschiang will 


Greece and Albania resumed 


. tne „ , s expected to n«ve ■ Wl ™ ZURICH. March 28. 

mister m- agreements, have since in-i an evtmtnal cost of about SSbu. BY JOHN WICKS 

ew to creased from SSra. in 1973 to The northern section of the' SWISS construction concerns rose by some 35.5 per 

Greek- S 21 ™- J ast >ear. l^MOkm. . pipeline will run J^ustry showed a sharp increase cent, over the year • 

A new 7 Greek ■ exports 'to ' Albania; from the city of Qom to the. tji -I is foreign activities last year, however, competition is beconi- 

le ex- ‘delude cotton, textiles, metalhir- 1 Soiirj border and Soiiet accOrdlo* to SBI. a group of ^ na increasingly difficult on out- 

signed si cal product.-;, sanitary ware.' assistance in its construction leading independent building S |fj e markets and the companies 

chemicaJs and pharmaceuticals, will be paid for with deliveries iwmpanies- booked a 8.2 per cent drop in 

sumod an d razor blades. Main of natural gas. | . ‘Although Swiss government new-ordcr volume during 1977. 

ic late * rnm Albania have been. A formal agreement on the 1 estimates reckon with a- further At the end of lasr year, foreign 


imports from Albania have been. 


! -IH rCWUBI. UIIIICU d L inUlYMIUU ..BHWI1I-- “—““U .mus.RiP . r . r v-.„ 

Japanese deliveries or plant and lmpon-Export Corporation. The' ?* ee LP*2r omics Minlster 011 ENERGY DEVELOPMENT 

nm.Inmdni t n nhlnu L r.t„rn PhiriPse haDe to start nponfiatine Lamflsdorff. fc.ivs.nw I UC v Ckwa IWEIl 1 


equipment to China in return Chinesehope tostartBegotiatmg Laro0sdor “- 

for more Chinese oil. steam coal Dii rolled-steel purchases from!_- _ ... 

and coking coal. Japanese mills for the second j oCCOnCl U.b. airline 


■ The Chinese officials will tour half of 1978, and the Japanese; , 

several Japanese industries and industry expects orders to COHMOcrS AirDTIS 


..several Japanese industries and industry expects orders to considers Airuns 
_;meet Mr. Toshin Komnto. Minis- exceed the 2.6m. tonnes ordered I United Airlines is thinking of I 
T.ter fnr International Trade and from Japan's six integrated steel (buying a version of the European j 
• Industry, and Mr. Kiichi Aliya- producers for the first half. j Airbus A300. AP-DJ reports from ; 

: Chicago. The airline has held 1 . 


attracts British companies 


BY MARGARET HUGHES, RECENTLY IN TUNKtA 


Warning on aromatics 


_ BY. KEVIN DONE. CHEMICALS CORRESPONDENT 

IF THE EUROPEAN aromatics dam plant it is investing some 


East German tender i£S‘£SltS ^*M&JSbTJlS£ » 


ssured. Mr. S Far confirmed many is undertaking aTeasibihiv 
i| would be implemented study in co-operation with the 
was now all a question of stale-owned ETAP and STEG 
and Elf-Aquitame. Also j 000> 
is largely why contracts toos-day raenthunoL plant tnvolv- 


Wteiern E Europe oraramatics cut another 50.000 ‘tS lOO.odojnire GK^^ed front-wheel | 'I^ioal for ^ ^ p!^ V die if M 

such as benzene, toluene and tonn e ? a year from European ( drive transTnissions un ^.i be furtJ.er north near the Sfax Misktr -as reserves are esti- JSH u Jt i c , on ' ■ C ? ab “ P ro 3« ct ; worth 503 <* n - s » Bra ' “ d “P* >s Panned. t-«.r 

xj’lene is running ai only about capacity. , licence AP-DJ reports from in(Jus , ria i zonp cosl (jf .. he *' S ™ T d fiOhT^h^ mpfrPs . 5 I ructiD ]? J^ rth Heurtey Indus- mated S2S3ra„ have stiU not been that project. Tunisia ts anxious 

60 per cent, of capacity. Esso is also installing a Sl5m.: Pan* that Citroen expects to win j p ip el j ne j. s estimated ai Dinars Snalfbv ime^tioS| b *ftand a rS V t nt Fran ^ as mam . c , on ' awarded, although there was also for foreign participation "a.- a 

R„t wrrdina nr Vnpman com P uter to improve the plant ! a contract to build a factory in 155m. f£BB.3m.i SJ t a LS* JP ^ « and completion- apparently some, delay in guarantee for platans inclhanul 

But according to Dr. Norman .nniii r.prni»nv nmiinm'! nntv«. ■ -t-\. - . ■ ^ ■ but enough on current cou&ump- scheduled fnr mirt.una tw, - 


Esso Is also installing a S15m.S Paris that Citroen 


involving a total invest-: Abu Dhabi. A decision is now Tunisia is anxious for foreran 
of about S196m., is the. expected during the ftr$t half of participation and investment in 
iatic fertiliser side of the this year. achieving its industrialisation 


But according to Dr. Norman 'could 7h‘ , E^Ge^any produring univer- ^ * rontract js l0 ^ Jut enough on current coosump- scheduled for’ mid-wT TUiSSK n« Ae finSce wiS nXciunWn mSUP 

SfiSSi it™ overa!1 ener ^ «ving S of 5-10 { sal join is the X ^2£E£ Sn2 %&££*'£ SPSJS"!? P hase ' involving a total invest-: A?u Dhabi A declsS. is m Tunisia is “us for foreran 

nrnduSn E ?ncrpas^q “to* 1 W ? tier P e L_ cent - ! worth an estimated ’Dinars SOnt. rSia? S/alSJ “If 01 v of - a 5 0ut - S196m - is the. expected during the first half of participation and investment in 

production increases to 90 per ij^g cost-cutting exercise i*i Invoctmonf- In Malta (f63m 1 Tunisian gas output totalled phosphatic fertiliser side of the this year. achieving its' industrialisation 

cent. Of capacity would fail to being implemented deter-! Investment in IVlalta | 1 companics are under . Jl4iu rabtc metres but output project Among those- competing for pwamme. Mot? than 22 per 

without ’funds me ntaf^han-e^ in minateI >. !" ■I 1 its West Euro- ; ADO^erthrM West German srood to be among lhose b]ddiT , g from Jlmkar is project ed 1 to he The second nitrate fertiUser the' contract are Humphreys and cenL of Us Fifth Plan allocation 

rastl and nrfees 1 h ° pean subsidiaries. jcompames are to open branch for bot]l contTacts . and for the ' lh w-£ r t S« SS hSSi ph49e ' ' a 300,000- Glasgow in partnership with is betas Invested In manufac*. 

costs and prices. Aromatic? are the chemicals ! factories m Malta, bringing the project management contract, the rl ° p ? rat . 0I ): Miskar is scheduled tons-a-year ammonia plant and Hitachi Zosen of Japan. Snam turiua industrles~~DlnBrs 950m.. 

Esso has already shut down used as feedstock for a wide j total of German businesses on fifSt _ ut dut t0 t en d er . for comptetion in 1981 with an a 330.000-tons-a-year ammonium Prpgetti of Italy, Creusot Loire with Dinars 220m. for chemicals, 
indefinitely a J45.000 tonnes a range of produm*- including the; the island to 32, Godfrey Gnraa 1 f 0ur leading eontpnders ,amal n*™ nitrate plant, was put out to of France. Uhde of West Gei^ But although Ihe Germans, 

year benzene plant at Fawley. s>-nthetic fibres dve-stuffsj reports from Malta. They are j for the project management con- m etres rerfna to lAibn. cubic tender more than /year ago. many and Voest. .Alpine - of Italians and. inevitably, the 


near Southampton. At iK Rotter- pharmaceuticals and sotvants. iTricotex, Medwear and Kapunkt. tract are Sorted to be OR 


But thar part of the project has Austria in partnership with Toyo French have been very;. pc(jve in 


Rising French food imports cause deficit 


BY CHRISTOPHER PARKE5 

FRANCE'S food and fai 


FRANCE'S rood and farm spring and early summer traders 

industries last year registered a werestill suffering from the side couniry irs-aon.- war year ■ corn- . j n a two-phase project involving a P nate . rock - v * rtUl ti,e ai,n oj early enough to go ahead ~as -U>" the past ten years or so as picked up’ many contracts in 

balance of trade deficit for the effects of the 1976 drought. pared with less than Frs.3bn. in total investment of about ?590n». increasing export earnings, and planned with the various pro-'jiart of the Government’s plan Tunisia. 

tlm time in lour years. Exporters But in the second half, cereal 13 ir' ^ „ . . . Part of the cost is beins funded impon ^substitution to save jects. The Tunisian Government "for providing employment for The Tunisians nevertheless 

earned a record Frs.fibn. in exportSt for example, were 35 pro ? uc £ .. a ^' hv the World Bank:,partly hv rho forejgn exchange. - is therefore negotiating with *he - more undeveloped; part of remain anxious ta do business 

overseas markets, but imported pe r cent, hicher than in the same f on l “J 1 cocoa included. g]2g ra . i oan which the. Govern- The. Government has already Algeria for supplementary gas the country, where most people with British companies and are 

produce cost Frs.50.obn.— 32 per pa rt or 1976. meat, fruit and vegetables, oils | nient raised last year 'on the earmarked three mam projects from the new pipeline tio fra- live at subsistence level. Some therefore encouraged by the 

cent, more than m 19/6. and fats, fish and animal feed. , Euromarkets (to finance several t0 be based on future gas sup- verse Tunisia carrying Algerian SSOOm. hto already been invested Interest shown by companies 

The value of exports of rood- According tn the French Some 87 per cent, of all . new project?), partly by export plies. They are a phosphate and gas to Sicily. That would be in in establishing Gabes as the In- such as CJB. Davy Powerqas and 

stuffs and farm produce was 12.6 Ministry of Agriculture one of Frances food exports during 1977! credits and oartly by equity. ammonium-based fertiliser com- addition to the gas which Tunisia dustrial centre of the south. Th« Humphreys and Glasgow. Thcv 

per cent, higher than in 19i6. the main causes of the deficit were shipped to other Common The first phase covers installing plev at Gabes, a sponge iron is to receive to lien 7 of transit industries there are mainly would he happier still if British 

thanks largely to a boom in the was the rapid rise in the cost of Market countries, an increase of! drilling platforms. drHllng IS to project and a cement plant: taxes on the pipeline- chemicals and cement. companies went to Tunisia to 

second half of the year. In the imported coffee and cocoa. I per cent !24 wells, building and installing Tunisia’s sixth. As a result all ^the projects. Among other chemical projects manufacture for export markets. 


Technip. IMEG awTTCtot? Wilkins. 3X1 v° m savin «» foreign been delayed because of un- Engineering of Japan. The first Tunisia, helped paiftlv hv 
•CJB. with Davy Powergas and ' ?- v re “ uc,n > fuel oil certainly about the timing of the three contenders are understood Government aid. Britain h.*s 

! Bourco. is also said to be in- '™, p ‘ vf P l “*\ w 111 Portae availability of gas supplies. to be on the shortlist Complc* been virtually a non-atarier. Not 

, teresied in various parts of pine- valuable feedstock ror the mans- According to Mr. Rachid Star, lion is scheduled fnr 1981. one British company has set no 

l line project and CJB again in the tr,a f Projects that .Tunisia is. Minister of Industry, Mines and When completed, the fertiliser manufacturing facilities in 
j treatment plant. anxious to establish. The Energy, the Miskar reserves, plants will form part of Tunisia's Tunisia under the generous 

1 Exploitation of the Miskar field. era Pm*sui there is on funner pro- although proven, may still not largest chemicals complex, at foreign investment laws. S11111- 

I discovered in 1974 by Flf cessing of indigenous raw be substantial enough at this Gabes. This is a n A w industrial larly, apart from Mime public 


; aJJd early summer traders These commodities cost the f Aquitaine, is being undertaken materials, such as oil and phos- si a ge to provide sufficient gas area which has been developed works projects. Britain has not 
still suffering from the side country Frs.abn.- last year com-, j n a two-phase project involving a P hate virIth l, ie aim of early enough to go ahead as.in 'the past ten years or so as picked up njany contracts m 


O 




A 


Assets 


Fixed assds 

... 472 

Subsidiaries 

... 299 

Stocks 

.. 1735 

Current assets ...... 

..1134 

Balance sheet total,.. 

..3640 


MAN. is one of the largest manufac- 
turers of mechanical equipment and 
commercial vehicles in Germany em- 
ploying 62,000 people. Ourtumover 
Was DM 6,330 million including GHH 
STERKRADE and other major subsidh 
aries in 1976/77. Exports account for 
42 per cent of total sales. 




St' 


Equity and liabilities 


5- 


We supply our range of engineering 
products worldwide to over 50 differ- 
ent industries. Our plant and equip- 
ment is mainly used in: 

Prospecting, handling and transporta- 
tion of natural resources, power ge- 
neration, communications, construc- 
tion, transport 




Associated companies, sales offices 
and our after-sales organizatidns are 
established in 31 countries. ■ 


■_;~r 






Share capital and 
reserves... 

Pension fund...... 

Long-term liabilities 

Downpaym'ents 
received 

Other reserves and 


si 


Our licensees benefitfrom our ad- 
, yanced technology. We have granted, 
more than 100 Ecences in recent years, 
■ 'gwing us a sfror^ licensing baJance.r. 


..Apart fromw technical products and? 
services^ we can offer project finance ” 
to suit individual requirements. 




Balance sheet total 


ms 


1Steampc5werstalicn'-2F^ - 
"dock - 2 Dfesef engines for marine pro- 
ptrisorand stationary power plants * ’ " 
4-Artieulated bus ■ 5 Pnnting press • - - 
6 Bulk handring equipment • 7-9 High- 
lignts from our balance sheet 


— ✓ 


1 




■ - . 










Profit and loss account 


Total sales 

4284 

Added value 

1966 

Wages and salaries .... 

1367 

Depreciation 

100’ 

Taxes 

110 

Net profit for the year ... 

60 


MAN.-GHH (Great Britain) Ltd. 
4-5 Grosvena Place 
London SVVIX 7 DG 

Telephone 0441/2355011 

MAM: . 

Maschinenfabrik 




900 Augsburg i / West Genrany 










Si'L 4 




1 , f r 7. t i 

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Financial Times Wednesday March 29 1978 


HOME NEWS 


Proposals to ease 
Secrets Act 
are expected soon 


BY RUPERT CORNWELL, LOBBY STAFF 

THE GOVERNMENT is cxpevled or protected military, security 
in publish i Is lony-awaiicd pro- and foreign policy information. 
pHsal s for chances in the widely- -e,,, i. . • 

«n tui sec! Section 11 of the an > soodmill in W ( estmui- 

Oftirial Secrets Act in Mav Thn p,ers anti-secrecy lobby Tor this 

\n, r n ,',K unamhon 5 ed d.«l^ KniK- 

M, iv of any tiirici.il information « J^ ay .. 0 bru1 S; 

technically an offence. 


ins forward the While Taper and 
\ «rui. o 11,0 nteagre results of the "open 

hVs almost Me per ^^PnHnent" campaign, to which 

pvit-ib]v™°Anhnr!F.i« ted J 1 * ,n " the Prlm * MiBister paid lip ser- 
p\ltnui> laborious passage vice last summer 
through the Whitehall depart- 1 su “ mcr ; 

morns. The effective result is pressing for more sweep- 

that whatever urgency Ministers in S change believe with some- 
show no Bill can pass through wbat bitter cynicism that once 
Parliament before the next n,nre tbe secretive' instincts of 
General Election and a possible civil servants and Ministers have 
change of Government. carried the day. 

The document will slick to Mr. Kenneth Warren, Tory MP 
ideas outlined by Mr. Merlyn for Hastings and chairman of the 
Rees, the Home Secretary, to the all-party Freedom ' of Iuforma- 
Commons more than lf-‘ months tion Campaign, which, claims the 
ago. These propose replacement support of 150 MPs, said last 
of Section lx with an Official In- night that he was “disappointed 
formation Act based on reenni- and very annoyed,” 
menrlalions by the Franks Com- His group wants 'Section II re- 
mittee. pealed in favDur-Of a Freedom 

Mr. Rees then undertook to go of Information Act along Arneri- 
slighlly further than Franks, and can lines making all official infor- 
pxehtde from sanctions various malion available to the public 
categories of economic informa- except that affecting personal pri- 
non and Cabinet committee vacy or security, trade or corn- 
papers. niercia I secrets. 

But it would still be an An all-party Commons motion 
offence to divulge confidential tuning this had more than 70 sig- 
data about individual citizens, natures by last nighL 


Another If p likely 
on loaf next week 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


Councils 9 land cash 
doubled to £120m. 


THE PRICE of bread is expected 
to go up by at least l|p a large 
loaf on Monday’. The Price Com- 
mission apparently, has decided 
not to intervene in the latest 
round of increases proposed by 
the big baking groups. ■ 

The three biggest groups — 
Spillers - French, Associated 
British Foods and Ranks Hovis 
McDougail — submitted plans for 
raising, their prices almost a 
month ago. 

Under price controls, com- 
panies have to give the commis- 
sion 2S days' advance, notice of 
Increases. If during that period 
the commission has not told 


them it wants to carry out a full 
three-month investigation, com- 
panies are free to implement the 
increase. 

Technically, the commission 
still could intervene in at least 
one of the bakers’ notifications 
but the signs are that it will not. 

An investigation in any case, 
would hot prevent a substantial 
price increase taking place im- 
mediately because all the com- 
panies could justify rises under 
the ' profit safeguard provisions 
written into the controls. 

The latest rise, due in part to 
the need to pay the full Euro- 
pean Economic Community levy 


on imported flour from the begin- 
ning of the year. Is expected to 
add at least lip to the cost of a 
loaf costing 26$p. 

The exact size of the increase 
depends bow big an increase 
Associated British Foods decides 
to implement. Although the two 
other big groups almost certainly 
would like a larger increase, com- 
petition will prevent their rais- 
ing prices by more than 
Associated. 

Last November, ail 
groups raised prices by 

loaf and it may be 

Associated will announce an in- 
crease of the same size this week. 


three 
2p a 
that 


Call for forum of ‘oil’ nations 


BY KEYIN DONE. CHEMICALS CORRESPONDENT 


AN international energy forum 
of oil Importing and exporting 
nations should be established 
without delay, according to a 
report sponsored by the Rocke- 
feller Foundation. 

The report says that without 
such an organisation, the even- 
tual tightening of world oil 
supplies could generate un- 
restrained and damaging com- 
petition between governments of 
importing nations trying to 
secure a share of shrinking 
resources. 

Two of the authors. Mr. 
Geoffrey Chandler, a director of 


Shell Petroleum, and Mr. Ian 
Smart, deputy director of the 
Royal Institute of International 
Affairs, say that it is a dangerous 
error to believe that the present 
ample world supply of oil will 
stretch ahead indefinitely. 

“Unless appropriate action is 
initiated now, there, is a real 
prospect of scarcity, sharp price 
rises, and consequently increas- 
ing international friction over 
oil. possible as early as the 1980s; 

“Intelligent and imaginative, 
action — at both international 
and. national, level — is therefore 
required to avert or mitigate a 


future international crisis over 
energy, which could divide the 
industrial world and jeopardise 
developing economies.” 

If a forum of oil-reliant nations 
was not formed, divisions would 
appear in Western Europe be- 
tween the northern countries 
and the energy-poor south, while 
the U.S. role as a growing con- 
sumer and importer of energy 
would become more obtrusive. 

International Energy Supply: 
An Industrial World Perspective; 
.Rockefeller Foundation, 1133, 
Avenue of the Americas, New 
York. N.Y. 10036 . U.S. 


Options 

market 

dealers 9 


U.K. to present 


rate 

decided 


BY CHRISTINE MOIR 


A FIXED rate of commission 
has been decided by the Stock 
Exchange Council for the Lon- 
don traded options market 
which is to slart operating 
shortly. 

A guidance note will be sent 
out to dealers within the next 
few days. 

Hr. Dundas Hamilton, who 
heads the options committee, 
yesterday confirmed that a 
figure had been decided and 
would be announced shortly. 

It would, however, be kept 
under constant review because 
a market in traded options was 
a new activity. 

The impact of turnover 
within this market on the 
whole of Stock Exchange deal- 
ings would be carefully moni- 
tored. 


The decision is thought to 
'Involve consequential rale 
changes to some Stock Ex- 
change rules and these have 
still to be authorised. 


nuclear scheme 


BY DAVID FISHLOCK, SCIENCE EDITOR 


THE IDEA of a nuclear techno- 
logy intrinsically resistant to 
terrorists attempting to hijack 
nuclear materials is being pre- 
sented as an official British 
contribution to a meeting of the 
International Nuclear Fuel Cycle 
Evaluation in Vienna to-day. 

The evaluation is the two-year 
study proposed by President 
Carter at the London summit 
last spring to investigate how. 
to make nuclear technologies 
more resistant to proliferation 
of nuclear weapons. 

Britain will be advancing the 
Civix concept, devised jointly 
by Dr. Walter Marshall, deputy 
chairman of the U.K. Atomic 
Energy Authority, and Dr. 
Chauncey Starr, president of the 


Electric Power Research Insti- 


tute in California. 

Resistant 

It wiil he presented during 
an examination of fast breeder 
reartor fuel cycles, under the 
joint chairmanship of the 
Belgian. Italian and Russian 
Governments. 

About 40 nations taking part 
in the evaluation have been 
advised of the Civex presenta- 
tion by the British Government. 

The two scientists collaborated 
to produce a technology they 
believe could dispel fears that 
criminals, terrorists — even ill- 


intentioned Heads of State- 
might make bombs out of stoic 
plutonium. 

The Civex scheme was fir 
disclosed a month ago, short! 
before the Government pu 
lished the Parker Report on ft 
Windscale inquiry. whlc 
strongly supported plans for 
new British reprocessing plat 
at Windscale. extractor 
plutonium for fast reactor fue 

The key idea behind Civex 
that the plutonium can be mac 
in-trinsically resistant to tbe mo 
determined thief by retaraic 
enough radioactivity to ki 
within about an hour anyon 
who attempted to handle tb 
fuel. 

Dr. Marshall, author of th 
paper to be presented to-day. ; 
emphasising that Civex is ni 
an alternative to the preset 
Purex process, which will fc 
used in the new 1.200-tonn 
reprocessing plant the Govern 
mem plans to build i 
Windscale. 

Tbe first step, as he sees i 
will be to win internatiom 
support for a large-scale demot 
stration of Civex, perhai 
funded through the Internation: 
Energy Agency, before a con 
merclal Civex plant could b 
undertaken, perhaps in th 
1990s. 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


THE GOVERNMENT is 1o 
double the cash available for 
land purchase by local authori- 
ties under the Community Land 
Act to £120tn. next year. 

The Department of the 
Environment announced the 
change jeslerday in a guidance 
nntr that counteracts earlier, 
restrictive notes. 

Under Uie Community Land 
Scheme, introduced in 1978. 
authorities are able to buy land 
and sell or lease it to developers. 
But the authorities need the 


to 


department's permission 
borrow tbe purchase money. 

Cuts in public sector spending 
forced a much slower increase in 
the amount of loan sanctions to 
local authorities than envisaged 
when the Community Land Act 
was first drafted. : The 1976-77 
£32nL allocation rose to £60 m, 
last year. 

Now, the department has 
decided that “the resources 
available for the acquisition of 
land under the scheme in 197S-79 
arc roughly double those for the 
current year.” 


OBITUARY 

Mr. Jack Hindle 


MR. JACK HINDLE. chairman 
.♦nil chief executive of the Scapa 
group, the Blarkhum. Lancashire 
industrial textile manufacturer, 
bus died. 

Mr. Hindle had been chairman 
ftiricc October. 197H, after 10- 
jears ax group managing director. 

His career started with Kindle 
Sun. the family engineering 
business now within the Scapa 
group. 

hi 1P55. he joined the staff of 
Scapa Dryers, the paper machine 
felt vmnpany. founded by Thomas 
Hindle. his father, in 1927. 


He later held appointments as 
director, and later as managing 
director and chairman, of the 
dryer felt division, before 
being appointed managing direc- 
tor of the holding company 
Scapa group, in 1967. *' ■ 

Under hix guidance, - Porntts , 
and Spencer* was brought ' into- 
the group in 196S and over the 
next 10 years. Sea pa's overseas 
developments increased, particu- 
larly in North America. 

Mr. Hindle was married with 
three children and lived In 
Grindleton, Clitheroe. Lancashire. 


DAHAJRs 

NORwnr 


CO N N ECTI ONS 

■MF Jfhatlben 

1/ direct flights/ ■-* 
from the UK 
to Norway 
each 
week 


MANCHESTER 

If you 
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got the details 
ring 01-6801011 



NEWCASTLE 



mmmi 



Gatwick) 

_DAN-MB 

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COMPANY NOTICES 


COMPAGNIE FINANCIERE DE PARIS ET DES PAYS-BAS 

NOTICE TO SHAREHOLDERS 


shji i-h.-'iivri r-t compa«n<p FiruiEicie Paris er PflivP*.! ITii** 
ro allciui tnc Annual Gtiwral Meeting on Thurwiav. 6 tl* April. TWO « P- ra - 
in in v Polcl LI|M.« Booms at 7 Avenue Gabriel. Paris 18 cmn. 


AGENDA 

*. Report el the Board ol Director*, ansi Report of the Auditors: - 

2 . Approval o" :ho accounts lor tnc bnancui roar 1977 and agreement 
ol the OltirteiuJ. 

J. Appointment al Directors; - 
a Appointment ol an Auditor; 

S. Business eoicnw br Article «01 of the Lav* or 24th July. 196G. 

irrespective of the number of share* hold, thareholilm ^m^**.* 8 * ■?* 
Attend the Meeting or to be represented either by a shareholder acnng as proxy 
and attending tnc morning, or by t*»T spouse, 

Ho«wr. only shareholders who have previously tumfcibed P™ot ot tpetr 
shareholding os act out brim will be admitted or allowed Ui be represented, 
a. in the case of registered share*. 


■n <w cue o. rqnms ** ,J2“ 

•it the Company's share retjuuer two clear daw before tae ant- or 
the Meeting: ...... 


In the cose of bearer shares- ‘ . . _ 

EITHER, by lodging the shores two clear day* belorn Wm date of . On 
Meeting at n» counters ol Banttue d* Bwks et «Ht* Pa«*ts». 

■t tne Head OflUe. 3 rue d'Antin. Pari# iS 
at the branches and tub-branches tn Prance and abroad, or 
gt tho . counters -'ol subsidiary books abroad- 
where proxy forme and admission card* will bo available. OR. H- 
tilt Shares an already deposited with a bank or _ sWkWdicer. by 
requesting the depositary to Wock the sa-d shires n adyaoce ot tte 
Meeting and to aemut the others iiuco above accordingly, wo ewr 
dan before tbe date of the Meeting. .— 

. THE BOARD OF DIRECTORS. 


Hottest of "beater ware* >«, h>» United *"i*¥ ohtaltt. JdWM-ot 

r-»y .U the ndtrs of 5.G W*rtnir£A u Ud. Coupon Deportment. St. A I Mas. 
House. Golds mi i it stracC London '(EaP ZDL. -on tfepoWt-M their bearer alter* 
not later ' than g pint.. 4IH AArtl.* 1B78. *••...• .; 

zotft Marrh 1978. 





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Because tbe New Laurel Six gives you meticulous Datsun 
engineering, with the luxury of “soft-touch” doth upholstery 
and thick carpets; the very latest safety techniques and 
features for your protection; crisp up to the minute styling; 
the performance of a smooth and powerful 2-Iitre, 6 cylinder - 
engine; and a fall complement of high luxury equipment 
from fibre optic head and tail lamp monitors to a quartz 
digital clock! 

Datsun engineers are prease people. What they design on paper 
they reproduce exactly in the factory, not accepting any compromise 
for the sake of mass- production. 

And with the New Laurel Six they set out to offerthe best 
car qualities in one impressive 2 litre luxury saloon. Now you can see 
bow well they have succeeded. 

High, quality engineering is immediately apparent when you see 
the superb finish of the New Laurel Six and hear the quiet“clunk T, as 
the doors close. 

The luxurious interior is spacious and supremely comfortable. 

Deeply upholstered seats are scientifically designed to keep yon in 
comfort, ard the appointments are worthy of a carinany times the 
price-Thene are wall-to-wall deep pile carpets, thiddy padded head 
resteaihts&r the frootpassengers and comer head rests for those in 
the rear seat; a push-button radio and auto-reverse stereo cassette 
player to entertain you while you travel; a highly accurate quartz digital 
dock to keep you. on time for business appointments; an ■economy 
indicator to help you drive at optimum engine efficiency; tilt-adjustable 


one that will tell you if a passenger has not dosed a door properly; 
a vanity mirror in the illuminated glove box; a special compartment 
for your favourite cassettes; superb alloy road wheels; and a host of 
other special features which your Datsun Dealer will show you. 

The 2-litre overhead camshaft engine gives the New Laurel Six 
a powerful advantage over most of its competitors because it has 
the smoothness of 6 cylinders instead of the more conventional 
4 cylinder unit 


Engine Max. 

Size Speed 

/litres) (mph) 

Government fuel consumption tests (mpgj 

Constant Constant Town Driving 

56n?Jh 75 mph 

2.0 (manual) 103 

2.0 (automatic) 99 

31.7 23.9 21.2 

28.8 22.1 23 3 


steering far your greater comfort; an array of warning lights, inducting 

. ■ - l^c±qa4^irxZ^SpcaalCarTaz.WiTiiitti ixsiU&nxi-sftiibeiis. 

DATSUNIj JLUAflTHJ.DAIStlN' HOUSE, NEWRQAD, WORTHING, SUSSES.TEL: WORTHKG 68561, 


Should you think that a car like the new Laurel Six is likely to be 
very expensive.you will be pleasantly surprised to leam that it will not 
cost you anything like the £6610 of the Peugeot 604, or even £6499. 
of the BMW. 

The new Laurel Six is priced at just £4101, which 
represents remarkable value for money for such an impressive 
luxury car; a car ideally suited for executive leasing or fleet 
purchase. 

So if you are a private customer, or a Company considering 
the acquisition of a number of executive cars see the new 
Laurel Six saloon, on display at your Datsun dealer now. 

We think youTI find more reasons to want it than any other 
car in its class. 


DATSUN 


4k 










« 


s 


Financial Times Wednesday March 29 1978 


Chrysler 

planning 

deal 

delayed 


HOME NEWS 


Jobs in cotton industry 
cut by 5,000 last year 



BY RHYS DAVID, TEXTILES CORRESPONDENT 


Acetate 
esters 
plant 
for BP 


Trustee chosen 
for Hemerdon 

9 

minin g shares 


' iiu/ o«« i woe* 


| ! Tan&tocj^ 




By Our Midlands Correspondent 


BY PAUL CHEESERIGHT 

THE SUPREME COURT of sit The term dates, from a «n- |;« 


EMPLOYMENT in Britain's cot- the world over likely levels of at a higher level than elsewhere 
ton and allied textile industry is demands for textie products. in the Community. 

; still falling with the total in work Exports of yarn at £5.3m. were A new cause of concern, how- 
declining between last year and down 8 per cent compared with ever, was the arrival in Europe 
; January this year by nearly January 1977 f 17 per cent, in of subsidised wool fabric from 

H~. •«»- S .°"a £“ ET* the ^ ^ ~ 

! — — _. - - ^ a i oca i con,, pectors were more common thao 

the shares in now. oussed 

only company in nearly fourth l = Mi coupld » MjjLud were 10 per ben,, ies. SM »“ ShSh^frSncrlSif^ 

years of the present Labour • with depressed home demand, in volume. Association of Jute Sninners e ; An *»,. email w. mnesten-tin-ohina clay orebody pecting at Hemerdon and at 

administration to have entered -brought about a drop of 900 jobs The bright spot for the and Manufacturers in Dundee. 5 Snnaae° ^reaSc ^emifcaLs seveS^miles from PlymouSi. Paws Mountain, .in Anglesey. 

■ in January- alone in the cotton industry remains sales of worsted «« ,hp Ttpft-iSSl organic .cnenucais.se en tsi j totals S3m- according to h» own 

'and allied sector, based mainly cloth overseas which were up nr i™ "S/ ^£,5 SJ: ^ -. .. . . ; The decision sfaoud lead toan fl mentioned in a senes of 

! in Lancashire. substantiallv in January, more J?5? l _ T he esters, prpduced m a batch ; unravelling of the mternal ggjf messa5C5 dated December 

dost of the money 
Ontario— hence the 


UW 

{HEMERDON MINE] 


... DrAhflUmi 
\jg Garner 

•PtyflislMK 




into 

seems unlikely before May. 

The first agreement, signed 


substantiallv in January more B ' " uu, “ *«mbu«u l me esters, proaucea m a oaten , unravemng oi u»? uuwu “ dated Di 

last March, proved an embarrass- i Total employment in spinning, thw compensatiug for ?'fall in *55£ 1 are J ™* e, J affalrs $6^1970 Most of the 

ment to the company with its i weaving and finishing was 72,79n woollen exports. 5J l S— ! SKUS?£* JSSl4 u *l!? came from Ontario— hei 


Forecast of j HlnnHn nmfiV* fnr in January compared with 76.560 ...... * , . of the investment was geared i to : decorative market, in prlntina 1 vide it with a firm equity base ggL i™ of me Ontario courts 

forecast of aflUMO J 1 ** Jj£; a w ago. Middle East rise winning new markets by rnstal-, inks, leather goods and the, as exploration at the deposit amf^C^Mirities ComttUS3i< 


Production by the industry is 

1 rlnum with fha tuoiohl nf trim 


lations of the latest types of , cosmetics industry. 
Total worsted sales overseas machinery for Jute and synthetic ■ fip Chemicals « 


still 


pushes ahead. 

nre- Hpmerdnn Minin? is 


under- 


and Securities Commission. 
Grubstake certificates, signed 


by -Mr. Richardson, offer one 



last year, 
loss was reported. 

The new agreement 
delayed 
breakdow 

^Falture^f the^company loldve i JSrnmmes a year ago January last year hf»tl l0 «l? r ’ buT 1*1* stream products. affected by the internal difDcul- ^>!ved**and the ntunher of in- 

a quick answer brought accusa- Cloih production fell from Sales of- worsted cloth to the marginallj better than expected. , A major raw material for the ■ ties of the company. vestors thought to he linked 

tions from the unions 0 ihat ; 18.09 ni. metres to 17.77m. metres. Middle East rose in January to An ‘ ncr **** i n 6X1,0,15 was ^ i new plant is acetic arid, of which Lasser. Robson and Rhode is with the company exceeds 1,000. 

Chrysler had gone cool on There are worrying signs that 623.000 square metres compared more welcome. BP is the largest ‘ producer in .Bermudan associate of Dun- But no shares have ever been 

planning agreements • in the more buoyant wool textile with 2S2.000 square metres m the — — — Europe. It is building a new woody of Toronto, previously settled on particular sharehold- 

There was resentment among, sector the export boom of the same month last year. t -i j - j *35ni- pIant for P^uct at; appointed by the Supreme Court e rs_They are held in a Bermuda 

senior executives at the fact that;P ast - vears is tailing off. Woo i„ 1 } saJes ahroad OUl^CiSlY WC6K i. 1 „ . „ ' L of Ontario as trustee for people bank, awaiting allocation by the 

Chrysler stood in isolation as the The past few months have seen froni 2.24m. square metres to ^ . At Carshalton most of Lbe iW ho had advanced money to Supreme Court of Bermuda, 

only signatory of an agreement. 1 some {ailing away in deliveries 1.74m. square metres. . THE GOODYEAR Tyre Company; operations ‘are batch processes promote Hemerdon Mining. which will now be acting on the 

with targets ‘for market share. ; and in January total exports at In spite of the apparent fail in wants to put the 4,000 production ! and together produce about : The Supreme Court of advice of Lasser, Robson and 

output and profits a matter of '£29.Sn]. were £2.7m. less than In overall trade, industry leaders workers at its giant Wolver- i 15,000 tonnes a year of solvents. : Bermuda brought Lasser, Robson Rhode. The grubstake rs have re- 
public knowledge. December, and only £I.lm. ahead see prospects for U.K wool tex- hampton plant on a four-day i plasticisers and other chemical ; an d Rhode into the case after cehred no returns, either in the 

. ■ : of the same month last year. tile producers as better than for week. The company is discussing ■ intermediates. ■ in Toronto last Wednesday form of shares or of dividends. 

Agreement The falling away is con- anv of Its EEC counterparts. with unions the possibility of: • The Department of Industry • between Dunwoody. the Ontario The grubstakers include Mr. 

nianmn* tt t,™ ■ centra ted at the earlier process- Mr. Michael Roberts, chairman shutting down the plant for one! has commissioned a £376.000 Securities Commission and Mr. and-Mrs. Derik Haynes. a British 
“,7-L i in 2 stases and is thought to of the Wool Textile Delegation, day a jweek until the end of ; research programme into expand-; Carl Schwa rzwalder. who became couple who went to live in the 

only days : ing uses for glass-re fnf or ced [ chairman of Hemerdon Mining iu U.S. seven years 


Kinancta! Times on November 
15. 1976. from Mr. KichardMjr 
said that on that day. " the first 
drill hole ever on this sreas 
British orebody " had bem 
started. 

When Mr. Richardson iir.-l 
wrote to the Haynes, there hail 
heon no drilling progranutio ,t; 
Hemerdon deeper than dO fee*. 

Mrs. Haynes said, "periodically 
we would receive an enormous 
envelope containing masses^ nf 
cupic.'j of correspondence." This 
correspondence largely related lo 
negotiations which Mr. Richard- 

snn was having about raisins 
finance for th«- development f<r 
Hemerdon, or about a joint 
venture with a major mining 
house. 

In March 1974. Mr- Riehard-rm 
reponded to queries from Mr. 
Havnes with a letter which 
included the suggestion that 
Hemerdon stock would be .■'Old 
through the London Stuck 
Exchange at S3 a. share. There 
has not tu this date been a 
London share issue. 


i reflect tn part the rise in the claimed at a recent meeting with April. The news comes _ 

Tami-irJ thof^hL° U ^.mn l , e « Dt value of sterling as well as con- a group of MPs Jh.it activity in after Goodyear announced 400 plastics and other composite 
toi switch production oflbe new • 111111011 lacK uE confidence around the U.K. and orders in hand were redundancies at the factory. materials, 
car from Linwood, Scotland, to; ” ’ 


Eyton. Coventry. 

The hope is that agreement on ! 
details of the plan may be 
reached with shop stewards in, 
the next two months, ready for’ 
the official singing by Mr. Erict 


Improvement in paint sales forecast 


ago. 


December 1976. 

Documents 


advanced S1.000 of grubstake 
money to Mr. Richardson in 1972 
and in October, received a grub- 
„ . . _ stake certificate with a covering 

The Ontario Securities Com- lettt * from Mr. Richardson, 
mission is holding 40 shopping The certificate stated at llic 
I bags full of documents relating t0D « This is a minlns gamble” 

to the in tenia] activittes of bl £ was entitled “Hand-Steel 

Hemerdon Mining and Mr. Bill Griibsr^u.” Down the side, a 

Varlev Industry 'Secreiare • . . . . , , Richardson, the chairman until typewritten comment said that 

towards thi end of Wav *’ i P-AINT S.ALES should improve This year would be a fairly a year over the next five years, faster than home marker sales, j be replaced by Mr. Schwarz- g£nd-Sieel had been wound up 
Chrysler has set a more am bi-! slightly during the next two buoyant year For the housing Pamt was expected to maintain Last year, exports increased by ■ walder. - a few years ago but that the 

itous profit target than for last !two years after months of market, in spite of curbs on {Jj , l fr , °“®h^ ll 2 v *r *„ paper * ?5 0nt 30 ^ * enL j n voIume “d „. T ? e c ?f e of ine Hemerdon document was a valid receipt 

but. the gap should narrow. 43 per cent, in value. Mining shares, which has been for the interest in Hemerdon 


They Trading 


BY KEVIN DONE, INDUSTRIAL STAFF 


year for what will prove a ' depressed trading, according to building society lending. 


Sales last year to the motor Costs of raw materials and ; before the Bermuda court for a jmd Parys Mountain. 


. ,, . - . ,, T-- dai« uai icai ku uic uiutui i«iv luaiciiaia kuna. ms uwuiuu. «-vui a 

a survey by Stamland Hall Fi a iires from the Pamtmakers i C{ 3 UStrj . were marginally down energy for the paint industry ! year, centres on the activities of 


crucial year for the U.K. oDera- 

11 The company haa operated or n. i Associate*- Price increases are Association show that the volume 0Q {97B. Although' car" output rose by about 13 per cent, last Mr- Richardson, a veteran Cana- Winner 

fitably for the last two months 1 expected to ease, but profit of sales to the decorative would recover slowly this year. year, but would be substantially 'dian mining prospector and MMU ‘ 

—the first time since the rescue i mar S 1115 should rise sharply. market last year was stagnant, it would remain below the 1972 reduced this year. .original promoter of the com- ' The letter mentioned Hemer- 

The forecasts are based on but price increases pushed up the peak, with imports taking half Profit margins were squeezed pany. over 15 years until De9em- don os “a big winner," which 
expectations of general ecooomic sales value by about 12 per ceoL the home market. from a level of more than 21 i her 1976. would soon be known as the 

growth and analysis of the main Do-it-yourself sales of decorative Industrial paint sales as a per cent, in 1973 to under 10 i The issue involves the returns, world's largest producing tung- 

paint-using industries. paint — about one third of the whole, which last year were '6 percent in 1976. But the study. In the form of shares, which sten, tin. china clay mine. 

After a long recession, new market as against two-thirds for per cent, down on the 1973 peak, suggests that the significant! should be made to Mr. Richard- It was not until the following 

Production before Easter was 1 construction work is expected to the professional trade sector — should show a modest increase recovery begun last year will ! son's grubstakers. year that old shafts, dating back 

running at a record S9 per cent, grow this year and next and, should rise strongly this year of about 3 per cent this year, continue this year. Grubstakers are people who to World War II, were cleared, 

of the target. more importantly for pa'nt and again next year. But slower Exports were expected to slow. The Paint Industry and its are prepared to support witfi so that fresh a ssays could be 

The new car to be introduced ! demand. there should be movement in the subsequent but they were stll-J one of the Markets. 1978S2. Staniland Hall ' cosh the activities of a mining taken. Drilling did not start 

at Ryton is a four-door version increases in maintenance and three years should give an aver- brightest parts of the industry's Associates. 42. Colebrooke Row. prospector in his search for, or until late 1976. 

of the successful Alpine model. ! repair work. age increase of about 4 per cenL performance and would grow London : £33 ' exploitation of, a mineral depo- A telex message sent to the 


deal negotiated with the Govern- j 
ment in December 1975. 

An improvement in output 
and quality at the Linwood fac- 
tory has already been achieved. 


The present management of 
Hemerdon has. however, been 
holdina talks with the Securities 
and Exchange Comini vion in the 
U.S. about uver-the •counter 
trading. 

In the Iasi letter the Hatties 
ever received from the Richard- 
son management of Heuierdoi, 
dated September 27. 1974. Mr. 
Edward Lanier, a director, wrote 
about the finalisation of negotia- 
tions with major mining com- 
panies 

In fait, all Mr. Richardson ’, 
negotiations with rau}nr mining 
compunivi broke down and it 
was not until December last year 
that a joint venture with Ain.tY 
was announced. Aniax had laid 
down tu. terms for a joint venture 
with the Richardson management 
as early as September 1971. 

After September 1974. the 
Haines were given no further 
mfennaiion about Hemerdon ar.d 
knew of development from the 
end of 1976 only through the 
Financial Times. 



This man aims to double his 
company’s sales inl8 months 

Mb aimtogive him all the 
hdpheneeds 


When you’re building up a business, one of your most important 
assets can be a first-class service from your bank. 

You need quick decisions on credit. An efficient day-to-day 
service. A bank that can'handle overseas transactions with a 
minimum of fuss or delay. .And a bank manager who knows your 
business well enough to be able to provide advice 3 support and 
- help when you need it.- 

Coutts & Co offers you al 1 this. 

It’s a bank based on a 285-vcar tradition nf expertise, 
efficiency and highly personal service. A bank that has been 
welcoming corporate customers— and helping them to grow- 
ler generations. 

If you feel that a belter banking sendee could help you 
build upyour business, contact 
John Acheson at Coutts. Because /T w 
that's precisely what he'd like 
to offer you.' 



Corporate sen icebasedon agreat personal tradition 


lhuilolk Street, London SW1Y lHF.Teiephone: 0WJ36 770L 


CONTRACTS AND TENDERS 


CALL FOR TENDER 



EMIRATES & SUDAN INVESTMENT GO. LTD. 

TENDER FOR THE CONSTRUCTION OF 200 WAREHOUSES 

(RED SEA REGION) 

PHASE ONE: 34 WAREHOUSES AT PORT SUDAN 


1. 


2. 


3. 


The Chairman of the Board of Directors, 
Emirates & Sudan Investment Co. Ltd., 
invites Tenders from competent contractors 
for the construction of 34 “ Thirty four '* 
Warehouses complete at Port Sudan (D.R. 
of Sudan) as phase one from the total 
number above. 

The Tender Documents “ in English only ” 
can be obtained from the office of the 
Managing Director of the Emirates & Sudan 
Investment Co. Ltd., 16 Babiker Bedri St., 
P.Q. Box 7036, Khartoum, Telex 524 EMSU 
KM, Telegraphic Address: EMSU Khar- 
toum, during office hours against payment 
of L.S.100 (one hundred Sudanese pounds 
= £145 US$290) non-refuhdable. 

Tenders will be accepted for 4 warehouses 
as a unit and Tenderers should deposit a 
sum of L.S.4000 (Four Thousand Sudanese 
pounds) or its equivalent in other convert- 
ible currencies either by certified cheque 
or a letter of guarantee from a reputable 
bank valid for at least three months after 
the closing date as a preliminary deposit 
in the name of the Managing Director, 
Emirates & Sudan Investment Co. Ltd., for 
each unit. Tenderers for more than one 
unit should multiply their deposit accord- 
ingly. 

Separate offers per unit for lighting and 
fire systems may be added as option/ 

The successful Tenderer/Tenderers shall 
be asked to sign formal contract within two 
weeks after being notified of the acceptance 
in writing and to complete the deposit to 
10% (ten per cent) of the total value of the 
contract either by a certified cheque or a 
letter of guarantee from a reputable bank 
valid, for one year after handing over all 
works. Other forms or guarantee may he 
required for longer period. 

Any other plans for payment that may lead 
to the reduction of the cost could be 
proposed by the tenderers. 

If the contractor fails to sign the contract 
within the specified time, he shall lose his 
right to recover the preliminary deposit. 
The preliminary deposit shall be refunded 
" to the unsuccessful tenderers two weeks 
after the firm award of the contract. 

6. Tenderers shall state clearly the follow- 

ing:— 

a) The names, qualifications, and experi- 
ence of engineers and technicians who 


4. 


5. 


will be responsible for the execution 
of the works. 

b) Examples of similar projects they have 
executed. 

c) A detailed programme specifying the 
progress of the works and the time 
required for the completion of all works 
specified in the tender and shown in the 
drawings, as from the date rf the 
signature of the contract. 

d) A list of equipment and machinery in 
their possession necessary for execution 
of the works. 

7. The supply of all materials, equipment and 
machinery whether local or imported neces- 
sary for the- execution of all works is sulelv 
the responsibility of the Contractor. 

8. Tenders shall be valid for at least three 
months after the closing date mentioned 
in para (12) below. The offer may be based 
on the . detailed alternative or for an 
accepted alternative to be presented in 
detail to the Managing Director. 

9. All information relevant tn the tender 
shall be submitted in English Language. 

10. For imported items. The Emirates & Sudan 
Investment Co. Ltd. will directlv pav all 
insurance, clearance, customs and other 
Port charges. 

U - £2 re l gn '. Cu J rei 2 c v, wiU be P aid directly from 
The Emirates & Sudan Investment Co. Ltd. 
reserves with The National Bank Abu 

12. Tenders should bear the prescribed stamp 
duty and should be addressed in sealed 

tE? r S r- lhe "‘Olds (TENDER 

FOR THE CONSTRUCTION OF W4.RF- 
HOUSES AT PORT SUDAN, 

Manapng Director. Emirates & Sudan 
Investment Co. Ltd. and should le 
dehvered to tiie Tenders Box at the “w 
1? Babiker Bedri 

?£ d n^Sn K S?a ' Sudan - »<« lamr than 
ofJunel97 S an Tlm ° Tl,eSda ? «* 20th 

13. Any tender which does not complv w’th 
win be r^ct a ed Ve ' memU ’ ned let l“"ts 

nomund to accept the lo^^l, “ 


v- 






I f . * 




In a life increasingly dominated 
by schedules, deadlines, traffic jams, 
parking restrictions and general bureau- 
cratic insanity, the Citroen CX brings a 
welcome release from the pressures of 
the day. 

Its seats are as inviting as your 
favourite armchair, hugging as if 
moulded to the very shape of your 
body. Their design gives excellent back 
and leg support. However long the 
journey, driver and passengers are com- 
fortable and arrive relaxed without 
feeling any need to stretch their legs or 
flex their muscles. 

SMOOTH. 

Whatever price you pay for a car 
you will not buy a suspension superior 
to Citroen’s unique hydropneumatic 
system. It keeps the car perfectly level 
however much you load it. The ride in 
a CX remains delightfully smooth all 
the Way home with the hydropneumatic 
suspension absorbing any unexpected 
road shocks. 

A bonus to all this is the comforting 
knowledge that if you had a blowout 
on the motorway Citroeri’s hydropneu- . 
made suspension would automatically 
adjust to maintain directional stability 
and keep the car safely under control. 

Further reassurance is provided 
by Citroen’s VariPower steering. It pre- 
vents wheels being, deflected by road 
surface irregularities and grows pro- 


Illustrated CX 2400 Pallas -witii optional sun roof 

gressively firmer with increasing speed 
so that the driver always remains' in 
complete control. 

At low speeds and for parking,- 
the steering, is fingerlight, and power- 
returns to a straight line position 
immediately the steering wheel is 
released. No other car has a steering 
which can match it. 

QUIET. 

Quietness is yet another feature 
of the CX, due principally to the aero- 
dynamic styling which reduces wind 
noise by allowing the wind to sweep 
over; under and around the can A high 
level of sound insulation makes a fur- 
ther contribution to quieitness in the 
CX by reducing road noise. 

It also bears mentio ning that the 
wind cheating aerodynamic lines of 
the CX result in improved performance 
and reduced fuel consumption with the 
CX Pallas returning a pleasantly sur- 
prising 39mpg at a constant 56mph. A 
further benefit of aerodynamic design 
is demonstrated by the increased 
stability of the car at high speeds. 

As you’d expect, the fittings on 
such a car leave little to be desired. All 
considered, an extremely nice place to 
be. In a sea of chaos, an island of calm. 

CX comfort starts at £4636-71 


for the CX 2000. The range extends up 
to the luxurious, longer wheelbase 
CX Prestige Injection C-matic at 
£8640-45 and offers a choice of en- 
gines (carburettor or fuel injection) and. 
manual or C-matic transmission. All 
CX models have recommended service 
intervals of 10,000 miles and have a 12 
months’ guarantee. The suspension is 
guaranteed for 2 years (max: 65,000 
miles). 

Prices include car tax, VAT and 
inertia reel seat belts but exclude num- 
ber plates. Delivery charge £68-04 
(inc-VAT). Prices are correct at time of 
going to press. 

Please enquire about our Personal 
Export, HJM. Forces and Diplomatic 
schemes and. Preferential Finance 
scheme. Check the Yellow Pages for 
the name and address of your nearest 
dealer. Citroen Cars Ltd., Mill Street, 
Slough SL2 5DE. Telephone: Slough 
23808. 

A selection of the 16 models in the CX range. 

Model. Top speed. Price. 

CX2000 109 mph £4636-71 

CX 2400 Super (5 speed) 112mph £5427*63 

CX 2400 PaUas Injection (C-matic) 112mph £6597*63 
CX 2400 GTi (5 speed. Injection) 1 18mph £6580-08 
CX 2400 Safari Estate 109mph £5575 05 

CX 2400 Fanuliale 109mph £5678*01 

CX Prestige Injection (C-matic) 112mph £8640*45 


CITRO^IACXA WORLD OF COMFORT. 


CITROEN * CX 




4 


. .Financial Times Wednesday March' 2 ft 1 ^ 7 S 


COMPANY NOTICES 


HOME NEWS 




NOTICE 

TO HOLDERS Of 9% DEBENTURES 


1978-1987 OF THE DEAD 5EA 
WORKS LIMITED 


NOTICE IS HEREBY GIVEN that at 
the a rawing hekj an the 28th dev of 
February 1478. under the supervision 
Of the Trustee*. Debenture* 04 Group 8 
were drawn lor redemption on the 31st 


ROTTERDAMSCH BELEGG1NGSC0NS0RTI UM N.V. to^tSr holder* 01 


Rotwa N.v. announct « Final piffidgnd for the year 1077 of 31% hi 
shock Irora the Shane Premium Reserve. 


Ccrdhcaw™ ol this Group ynll be made 
oy the Dawl Sea Works Ltd.. Milner 
presen t a t ion of the Debenture Gertlfi- 
Htew and Interest Coupons No. 12 to 
No. 20. both, numbers Inclusive, to 
bank Leuml Le. Israel BM. P.O. Box 2. 
Tel Aviv, Israel. Repayment to the 


at the cotton of me SharehoMer/Sub-shareholtferi FIs. 5 JO ffta. 0.S2 per Sub. 
shard In cash hem the General Reserve. , , 

When the dividend Is Mien In stock, holdings rtwoiented by Bearer Share 
Warrants with coupons attached cannot be aooreaatcd with holdings of Registered 
Sub-char ca. 


Skateboard injuries 
‘will cost £6m. 
in medical care 9 


Warning from liquidator 
oil Upper Clyde decision 


V NaK *■!.■■■ -Jfi. JL 

-*•• if. ift. r. *- - ... 

BY- OUR GLASGOW CORRESPONDENT 


holders oi Ragbrered certmraies of this 
Group wilt be made bv tha Dead Sea 
Works Ltd. upon receipt bv thorn of the 
Certificate!*) at PJO. Box 212. 
Jerusalem. Israel. 

BANK LEU Ml LE -ISRAEL TRUST 
COMPANY LTD 
as tr us t e e s . 


EXCHANGE CONTROL POSITION 


FINANCIAL TIMES REPORTER 


. The Bank of England Havi ah hi a general oermlssioB for Authorised 
Depositaries to deal with this distribution, on aehai> of beneacial owners who are 
resident In tbe Scheduled Territories Uhe United Kingdom, the Channel Islands, 
the isle of Man. the Reoubik of I re lane and Gibraltar) as follow#: — 


DC BEERS CONSOLIDATED MINES 
-LIMITED 


m On tflo presentation of Coupon No. 78. shares received Dv sharehaklars In 
rtwet of the dividend must ho held b? 'or. If held abroad, to the 
order aFl a United Kingdom Authorised Depositary subject to the same 
conditions as (he underWing hording, if the opoon to rereite cash In lieu 
oi -nock Is exer trend. the amoi.nt received must be treated as a dividend and 
soW to an Authorised Dealer at the current market rate in the- official 
foreign wefunge market. 


NOTICE TO MEMBERS 


f as" HretJKs » ** ««« * «■«* ®ss*ei 


Cash received after 29 Seotemhcr 1978 mav Be treated in the same manner 
as proceeds emanating from a sale of the underlying holding. 


f2) Purchase of Coupon* No. 74 


Su-h mav be purchased for Sterling In the U"<tcd Kingdom or with invest- 
ment currency outside the United Kingdom. Shares ouuired by the purchase 
Of additional coupons— 


ordinary resolution: * 


fa) may In nsweci at United Kingdom residents whose underlying holding >s 
regarded as qualifying lor translcr in completion ol a sale under :hr 
nermlsuo- given m paragraph 37 ol the Notice EX.7. (2nd issue) 
be regarded as so bus Hiving: 


That Tie directors be and they arelu i 

treby authorised to allot and tanol alarnUSt. 


Its* should. In resneci at the United Kingdom residents whose underlying 
hoiking I# held tuDleet to restrictions an disposal, be held subject to 
the same restrictions — the Bank of England would be prepared to con- 
aJdcr aoollcadons. submitted through An inarmed DaoOsitattcs. lor the 
oroceeds of sale of Dortlons relating to shares derived from the 
Coupons purchases with Investment currency, to do regarded as eligible 
for the premum. 


hereby authorised to allot and Homo 
all or any portion of the unissued 
133 071 eight per cent, cumulative 
second preference shares of Rt each 
and IS 210 958 deferred shares of live 
- rents each In the capital of the Com- 
pany at such time or times, to such 
■person or persons; company or com- 
panies. and upon - such terms and 


Tbe society said there bad been and take ont appropriate insur- redundancy payments to such ; rr (pn t Department may have to 


lO Shares acquired by residents of the Scheduled Terri tortus other tinui 
tbe United Kingdom should be held fubtect to the terms of oaragraohs 
57-64. as amended of the Nct.ce E.C 7. (2nd Issue). 


(3) Sale of Coupons No. 74 

la> la respect of United Kingdom resident* 


E.C.7 '2nd issue) Louncms Ng. 7a may b; sold >n tn eUnileo King- 
oom lor Sterl'ne or abroad for Foreign Currency. 


Permission under the Exchange Control Act 1947 Is given lor Coupons 
No. 74 to be solo In He United Kingdom for Sterling or abroad for 


No. 74 to be solo In me United Kingdom for Sterling or abroad for 
Foreign Currency, where Authorised Depositaries are salisOad that the 


underlying holding Is In the beneficial ownership of such residents. 
Paragraph 5B of tho Notice EX-7. i2nd issue) as amended, relers. 


The above permissions relating to residents crt the Scheduled Territories 
other than the United Kingdom are given without preiudice to any requirement* ot 
tint local Exchange Control Authorities. 


INCOME TAX POSITION 


UNITED KINGDOM RESIDENTS 


Whan the dividend la acreoced In stock. I.e. 31%. it is not subject to 
Netherlands Dividend Tax or United Kingdom Income Tax. 


Whan election (9 made to take the dividend In cash. La. FIs. S. 20 per share 
• FIs. 0,52 per Sub-sbarci It Is subject tn Netherlands Dividend Tax and United 
Kingdom Income Tax. bin reiereira should be made to the further information 
alvcn ,n this notice. 


SALE OF COUPONS 


ft has been ruled that a coupon which entities a shareholder to participate 
!P 5 1 * J»tional cash/stock or stock/casb distribution is a “coupon lor foreign 
dvMonds" within tha meaning of Section 159 (I) Income & Corn *ra non Taxes 
ff* 1*1?- ,n * O'™** 05 of the sale or transfer of a coupon, without selling or 

J”?* ell!!? W= undwMnu security are accordingly chargeable to Income tax 
under Section 189 (St fb> Income & Corporation Taxes Act 1970. 


BEARER SHARE WARRANTS 
WITH COUPONS ATTACHED 


Authorteatl. Depositaries In ire United Kingdom mar present coupons to- tile 

Company a Paving Agents. National Westminster Bank Limited. Stock Office 
Sendees. 5th Floor. Drapers Gardens 12 Throgmorton Avenue. London. EC2 on 
business days between the hours of 10 a.m. and 2 p.m. on the following basis: — 


Payable «* h-mn the 6 Aoril 19TB 

Holders accepting .his dividend in stock win receive new shares, free of 
MvmeiL on tha basis of ore new share for each 30 shares held, against Coupon 
No. >a. presentation of which must be In multiples of 30 shares. 


Horners who elect bo take the dividend In cash will receive payment In 

sterlirq >t the siohf burina rate of exchange tiese exchange commission), on 
Amsterdam currant at 2 P.m. on tne day of lodgement. 


Alter -he 29 September 1978 the option ceases and an amount In cash 
based on the value of the shares as at that date wil be made available by the 
Com piny. 


_ Res Id com of SwHttrtand can apply for a partial refund by submitting a form 
R-NL 1 to the EMgenosslsche Stauerwwaltun.. Berne. from whom tins form can 
AKSO DC obttlifcd. 


S Residents ol Icaiv'can have a -full refund bv submitting Form 92 IT. certified 
their local tax Inspectors, to the Inspector of Corporation Tax. Wlbaut Straat. 
4 Amsterdam 


•I "ft*, * r c „ ac<: ? nc -L nl0<, _ b , y , tne hopropriate ccrti#ed forms 

Sf. by resldcm of ALytralla. Austria.. Belgium, Canada. Denmark. Finland. 
TTanre. Tho Federal Reoubl c of Germany. Indonesia f reduction to 20*; only). 

5.7V.7* - &?*”■- L .“»«"br ,n » tho Netherlands Antilles. Norway, 
S£S”£f *■- *^81*. -* lr f V.*—*?- «••■;*"«". Sweden, or the United Stales of America. 

T *» amounting to is*i will be withheld and coupons will 
dp Mid at FIs 4.42 per coupon ifqm warrants tor one share and pro rau, 

r nMunT* rlv eS Jnii ef L? n «..>, , 2l . HI L ha .K P ' T ?' rf 5 ri "fw *ublort to United Kingdom 

^nrome_ r<x jylll br suote T to Netbcrlaivis Dividend Tax at the rare ol 15%. 
r* r toL - wl11 no *. Se '-eoulipj. United Kingdom Income Tax will be deducted 
■ T on me gross ohnnend. 


ruimld ’iE? J£ e *., w ™o, Jt?" Netherlands Dividend Tax is not 

bu S™ *** w| N o* deducted and coupons will be paid at 

0nt L sl,are “ r ° ****• United Kingdom 


ilirm tisfll a« c X94HI T'O urJiTCO Mngflom 

SL Tl ? .r? I 5S.£2 , ¥SiS1j , L 34 °JJ5 e , net p fvldend re-eivO in the United 
Kingdom, except where Inland Revenue Affidavit* are undented with the rriunn.. 


* ™ W* net rrvioeno re-eived In the United 
Kingdom, except where Inland Revenue Affidavits are uresemed with the Coupon* 


Listing form* mav Ba obtained from the Company"* Paving Agents as above. 


SUB-SHARE CERTIFICATES 
IN THE NAME OF 
NATIONAL PROVINCIAL BANK 
(NOMINEES) LIMITED 


Jhoufo b- lodevd wHh National Westminster Bank Limited Stock 
„ Sth R r *, n * ,s . Gwten »- 12 Throgmorton Avenue. London. 

J appropriate claim (Orrri by Authorised Donosharlas only, who 


n- .P *!'” sh ould b- lodevd with National Westminster Bank Limited Stork 
?r—» „ Sth I ^ r, ! D * r5 . G»f*ms, 12 Throgmorton Avenue. London. 

*£■2 Oh the aooroprlate claim form by Authorised Deoositarlas only, who 
Sre*? such payment of the dhridend On the bat* of the certiArates. The 
clalrr* must be Clearly marked to show whether Ihe claimant Is accooting stock 

% r t in]»re I'^ lrman^ c age - on thedalm in 

r»oeet^of cortMcato denomination* must be completed when nock Is being 


fi April* 1 978 re* D-M W "' **• **'■ 28 M *" h » 97 *- the Faynwnt Date 


— ^ Ho Me rs ..w ho accept the dividend fn stack wifi be advised when the new 

{ F ™ r1J 0"a' certiheares will not be 

^ ^ h fractions will be sold and 

net proceeds dlstiibutccf In Unt appropriete portions la cUfmants. 


fo r hg ldc-t cferting to tnka tha dividend In cash (FIs. 0.52i a fixed Sterilna 
S*, C ..lined on the Record Data as a basis lor Daymen, oi 

H?^nilH d fT d e.-. T , ,,ls Ti 1 ' 5* announced short I « roaerher with the amount of the 
dividend In Sterling, the .>mount of 15* 0 and 25*!i Netherlands r» 

K^d ^ J* Nether land* Dividend Tax are re 'erred M ihpw Unhcd 

^ nW nm,lnA “ ,0d « »»'"• 


ssr& »iS» , ?aa ,, artRi wam orKs ~ 


share hoMars’wfio a vc^noT'clalmed thel?*' entttiomenL ** ,0f * ho6 “ ■* 


SHAREHOLDERS IN 
THE REPUBLIC OF IRELAND 


Aoe J e ® *■ *5* RoouBl»e of Ireland may present coupons m tha 

fssrasusse umH «- **sszs?J a H'S 


I Sf , h-* , 'il c tti-NAcntei registered in tha name 0 , ,he Munster and 

tSSSff Namliie a. | l ml>ed Should be lodged with Allied Irish Ba»S* 

Limited. Registrar-* i New Issue Department. 7112 Dame Street. Dublin jT 


29 March 1978. 


INTERNATIONAL UTILITIES 
OVERSEAS CAPITAL CORPORATION 
6?% Guaranteed Bonds 1978 


NOTICE OF FINAL REDEMPTION 


S. G. WARBURG & CO. LTD. advise Bondholders that all 
outstanding bonds of the above named Loan are redeemaole 
at par on 30 Lh April, 197S and that interest will cease to 
accrue on that date. 

Bonds are payable at: — 

S. G. WARBURG & CO. LTD., 

30. Gresham Street, London EC2P2EB, 
or with any of the Agents named on the Bonds. ■ 

S. G. WARBURG & CO.- LTD. 
29th March, 197S. as Principal Paying Agent 


YACHTS FOR SALE 


Beautiful Steel Yacht commissioned 1968 approximately 110 x 22 
x 8 feet, 200 tons, built in France to 100 Al plus at Lloyd'y with 
new certificate dated June 1077. All teakwood planking and 
beautifully fitted out regardless. Four large double cabins two 
full width of yacht, all with shower, bath, fitted carpets and 


a L re "mv appoint * proxy to age of slightly more than one “Hoar for hour spent at the 

S?wy ££} 4? b7 ,0 a mSfbtf“oi i' tiw casualty from the sport every sport, skateboarding is safer than 

day. Most of the accidents in- soccer and rugby, and is prob- 


Trip franvw HHiEtm n~r - mI “J 1 swwi “““ “““ « 

TOmnoi oi metompany wu^bE* eSsaS j volved boys aged around 13. ably ten times safer than bang 


(I) Whtto the unoevlving holding could bs trios (erred In completion 
of « tale under the permission given in ovjgraph 87 of the Notice 


cm Where the unfliwlvlng hobf.ng Is held suBiect to restriction* on 
disposal, permission under the Exchange Control Act 1947 it given 
lor Coupons No 74 to be sold (or Foreign Currency, which should 
be sold to an Authorised Dealer n the current market n:c In the 
official foreign excnanqc market; tho Coupons may not be sold in 
United Kingdom for Sterling. 


SiSIT »- 30th May. 1978. both 

■hctagiw. 

Hoidees ol deferred ■hare warrants to 
bearer who desire to attend In person or 
rere °E-J2 " vote 31 anv M n era' meet- 
Company must comply with the 
regulations of *he Company under which 
snare warrants to bearer are issued 

• - * - By Order- ‘of the Board. 

■F. M. HODGSON. 

J®Stoekd4fo street. Kimb<^?evI eUrr " 
ZBch^Marefi “ “OO. 


Nearly 40 per cent of acd- glidiuE.” 


Trailer 


In respect of residents of the Scheduled Territories other than the 
United Kingdom. 


H. J. HEINZ COMPANY LIMITED 


Road haulage fleet 
total down again 


caravans 


NOTICE IS HEREBY GIVEN that the 

I? *0?, ,W »iS2£f tf re l = r ™r t » 

5.'.“ 1 Redeemable Cumulative prefereno 


‘like 

tinder’ 


Mersey port chief! 
fail in bid to cut ? 
shipowner charges 


BY OUR SHIPPING . CORRESPONDENT 


Inclusive. 

HafesVfc 055 ’ °m S * CrBU "- 

Haves. 

Middlesex. 

22 March 197B. 


Financial Times Reporter 


AN ATTEMPT by the" "Mersey to covet espensps incurred ut 
Dock and Harbour Company to moving cargo, before If sets fn 


8Y ,AN HARGREAW ' TRANSPORT. CORRESPONDENT tlUUVL ; . ‘ ^ ' BY OUR SHIPPING. CORRESPONDENT . .. ' 

'"‘'“jf'A 0 So^raS^hautaS ^ A ‘high proportion of .vehicles Financial Times Reporter : AN ATTEMPT by the" Mersey to cover espensrs incurred in 

H-vgNrfc fleet last year, with a small subjept to check weighing in the ■ ttock and Harbour Company to tnoving carao. before If ^.ets in 

Middlesex. reduction also in the number of North were again found to be BRITAIN S trailer caravani are cut- surcharges and pre-stupraent tbe ships side, relate ri;r<*«*tl.v in 

22 March i97B. operators, according to figures overloaded — 440 out of 1,359 Like tinder boxes, claims a new' charges by shipowners on Xaver* genuine costs. These hjvc not 

toe SESTWOOO company LTft. — from the licensing authorities cases. Automobile Association camping ppol-lndian rontinenl .trades has been re-awessi^ for some limn 

B WWW«S» r ™ _ .ta ** y** to Se end of last lCTel ^ remaiMd ^ maga xine. TT^ Niehtinza!] ?«h port ^ “ 

Notice is hereby given that -the transfer ^Scs^d tte® IM^tliOK ch^ck^VlJ^lL^p^c^s Sore wu a ' wtai^ of the India-Pakistan- Eraer^ncy portsurebarqos.re 

hauliers with Transport Depart- ^“3 in caravan fires than, in Bangladesh ship plug conferences, more controversial, because they 

,ne,UIi S*t ,n lird ^ ment operators* licences fell 'by ^and possibly the M6 ordinary houses, the magazine said that they had promised to relate tn theconferencesaRi>css- 

10 per cent, to 480552. ^ P^ly tbe M6. ^ ^ * suryey of safety In: ^eep the.s^ation under review, ment of productivity in (he port. 


THE SESTtVOOO COMPANY LTD. 
ORDINARY 5HARE5 


Notice Is hereby given ttMt-tb 
book* of the above company 


Empire House. 

St. M art Im-lr -Grand. 
London. EC1A 4DN. 


E. E. SMITH. 

Secretary. 


■r a survey of safety Tn. heep . the. situation under review, ment of productivity m die port, 
nines. - ■ hiit could see no .case for with- Liverpool's surcharg**. • lf» nor 

. drawing the £5 per freight tonne -cent, for inward Ronds and 17.3 


LEGAL NOTICES 


No. a w tun 

In Du* NOTTiyCBAM ' COITSTV CX)UKT 
In iheManer of WTLLIARD PROPERTIES 


l';!™ “d MjkrMttfer of n» 143.127 operators. 
Companies Acr. IDO. 1 mv. 


10 per cent, to 480.552. ‘ J —7. . , — said, after a survey of safety In seep .ine.suuauon unaer review, ment oi prooucnwiy ibtw r«»t. 

This was the second successive The Transport Bill now before hotnft i. - ' hiit could see no .case for with- Liverpool's surcharg*. • If* r»*r 

drop after a 14.6 per cent redne- Parliament gives the authorities . drawing the £5 per freight tonne cent, for inward Ronds and Ii.j 

tion ’the previous year, and is power tn divert lorries suspected In a dnve to cat costs,, manu- pre^shipment charge due from per cent, fur outward, is thfl 

a firm indication of the of as offence five miles to a facturers had avoided using anti-' Saturday. highest imposed by the con- 

pressures facing the Industry, weighing point fire materials. In spite of caravan ' The port and its user* had ferences in the U.K. 

The number of operators hold- More than 15.000 vehicles were ownerS ' willingness to pay more protested because the pre-ship- Although Mersey DockV figures 

ing “O" licences was down over stopped in other road checks and ft, r safety. ment increase proposed by the show a gradual improvement in 

the year by 1.6 per cent, to 2,052 charges resulted, compared conference for Liverpool is con- tons of cargo moved a day. 

128.087. In 1974-75. before the with 1,747 the previous year. me ivauonai uravan uiuniai siderably. higher than for- other monitoring by the -conference 
effects of the economic recession ' A steady increase is also noted yesterday accused the magazine tj.K.: ports. In Glasgow; tho shower , that 'it is stilh-'O'S!* than 

began to register, there were in. the level of complaints abom Trai l. or mlsunderstaniiing ^tety charge will rise to £3.75 and in one third as good ■ afr-jpnrts in 


C N?rrck is^ hererv civen tta» . The trends bear out warnings residential areas. “ Hie time, is about car * TOD 

Pfiition for the winding op^tL abov^ by the haulage industry’s leaders approaching when a thorough death rates. 

nnm-d company by ih» Noitingitsun that companies, which are pre- review of powers over the park- The 10 top-selling caravans in? 

dominantly In the helow-six- ins of such vehicles may be spected by Trail in a South of 


>IL uu, ■ . , •• . tiiLiil Uiu^c niu itac IW wiw auu'Mi uur lull u a* ^uvu- 'in'i *ii 

the parting of goods vehicles in regulations and publishing London, to £1.50 a tonne. • mainland Europe — an: average i,f 

: M'Pki. ic "STfltlSti™ about 'caravan m r n.- ,inn 4 j. .. . _ 


The conferences say. the.higher about 200 tony a day. compared 
charges for Liverpool, intended with 600 tn 700 ton*. 


Ootmty Com wan on «ie sib day of amninsintlv 
Marc* l!W2. prwmefl rn Uw said Conn “OnMnantiy 


! by Nottingham city couNcii!Tof I vehicle bracket, are finding it necessary,' 


the helow-six- lug of such vehicles may be spected by 


in a South of 


by Nottingham ary coiniatTof vehicle bracket, are finding it necessary,” the Northern England survey were made from 
The GnHdhan, ."tornnsham. and tiur om increasinglv difficult to keen authority says. a highly inflammable mixture vt 

b-ioro^c'cL-tVnS^w ri,o 0 igU!L5£!lS pace with ’costs. Concern is also expressed at plywood, fabric, and foam- . V 

county court. Hie County conn House. Figures for other aspects of the high level of failure of heavy Laboratory tests fiy Govern- 


County Court. Hie County Conn House. 


cajc-JSttWiBm. on me the authorities' work are not vehicles in the annual road- ment scientists on a caravan 
ony ^^TcoSu,o^ of P 'S' £8 collated nationally. -but an exami- wqrtUnen test. The Northern flanHI p in the past have tfwvw 


Company desirous ro support or oopor- i nation Of 


Northern area failure rate last year 27.9 per that occupants would need to be 


[ inn making of an Order on the »ud Pen* figures shows some interesting cent, 
i >">" may app«*ar ai the umc of hcsrlriR. 

in person or by his solicitor or counsel. — - — ■ ■■ 

for that purpose: and a copy of the 

Petition will he furnished by rhe under- "IT* • R J A. A. 

fiA&nyas Building industry test 

on payment of the regulated i*aree for O %/ 

the same, 

SHAH PE PRITCHARD & CO„ -m a 1 . • ' 1 

scheme to be reviewed 

R“f- 14HR. Tel: 01-403 PV4. JVUVH1V W A. T M 

Sblicitons for the Petitioner.' . 

NOTE.— ,\nr -Person who intends tn by I AMES McDONALD 
appear on ihe hearing of the.&aid Petition 11 T J A1 y“ ncUAJMAUU ^ ■■ 

Xwe-Sd^ww^^rtSIg '?r S MR. REG FREESON, Minister for nearly 12 years and has 
imemion so to dn. The notice musi m:n for Housing and Construction, issued 500 certificates. 


Budding Industry test 
scheme to be reviewed 


out by. .the fifth .minute if ,th.ey 
were to escape unaided from] 
such constructions. 


Local council staff 
figures fall again - 


FINANCIAL TIMES REPORTER 


Flame points / 


BY JAME5 MCDONALD 


Flj, m p nnintc / THE NUMBER of local authority working for local authorities 

i id me pu , workers has dropped for the under tht? Go»crnment'6 Juh 

The close proximity of caravans aixtit successive quarter, accord- Creation Progrunmc. 

to fiaine points .when on tow ing t0 fi«, res published hv the ^ Between .September and 

aggravated fire ri^s. Cushion and j£ nt MannnXr Srh ! peceraher last year there was a 
other upholstery materials in ~ Ioss - pf *»■*• lut 

caravans burned rapidly under SSP ; i25 pn S 8 kK 1 ^ Environ- an increase- of 58.319 part-time 

rests ■-■-**• ^ •-* mentr Dept and three .assooa emplovres. 

'* Claims h^ U.^vah makers ^-?“g local ^ ^ y^r. {o^Deremhjr 


that they mdt safety regulations 


firm and must be slsned by the person the agrfiment systei 

™J. he - ir w H lcimr r y anyl construction industry, 
and must be wnred. or. If posted, must T7nd»r fh» cvctom a 
be senr by post In mflielein lime to . tne System, a 

reach the above-named not later than ing and testing. Certi 


,r/s s ssmsutm a -7*5«== *••*«» ^ s* sr '*^.55* uisnrstapsr’uss sanws; part - u ” c 

firm and must be sijmed by the p-rson the agTfiment system m the purpose was seen as a spur to institution were untrue, the employees and 913.825 part-time The lareesi ocrci-ni^-r’ fttie 
f J r anr ' construction industry. innovation m the building magazine found- Snch standards staff, an overall fall of 21.608 in the tw'r were tn t hr nolle* 

ff poT°1n ^JWTSJ To Under flu system, after assess- industry, bat in recent ywrs its that existed were basic and not compared with December 1976. f 0 rre ^ere were V per renZ 

rvacb aw* above-named oot later onn ing and testing, certificates are field has been widened to mandatory. However, 10*016 people were fewer police rade** Iasi war 

US * «■ to materi^s, prodn<te include tndmonal pinducte. nracm tiot, either . ‘ 

systems and techniques used m Mr. Freeson bas appointed Mr. were missing on caravans in the • •' 

: ~ ^ C ? nStrU .?° n ^ du5 !!?’ u Philip Bennett, an architect an ^ survey or not ^posted prominently. Fattt/h- 

mim i* «««>.*. The agrdment system has senior partner m T. P. Bennett Motor caravans do norhave safely XiCfYCl'lTlO* A 1 ?* 

PUBLIC NOTICES not been able to develop in this and Son. to head the group. ^ U1UlU1 l-lCO 

— - ■ : ' ■ ■ country as was originally en- which will report in the autumn, inspected had fire extinguishers n u.urm n u « „ 

customs FUND and 1 beUeve that we “Such a stud? will naturally original equipment FINANCIAL TIMES REPORTER 

should now reappraise our ob- embrace the whole question of ,, ..... ■ - , , THF numrrr nf . nr , tor «. nW e - - 

woTjce jectives in this field and con- type approval and its possible Materials which cut fire risks ,_ af Society of Motor Manufacturers 


PUBLIC NOTICES 


CUSTOMS FUNS 


FINANCIAL TIMES REPORTER 


notice is hfrmv given that the sider how they can best be met," 
w" m> ‘Hi* Gen cu l srTOM5 h1 ° Ian »S¥ v rl, *2 Mr. Freeson said in a written 


CO the CUSTOMS • ANNUITY & | Jta 

g £ ol VOLE T3i»e{fIiv ?■** 4*1 Commons reply. 


xype approval aim us possime "‘“r.- , ,*“™ reristerorf last wM>nth «p-,* 1 1 ms — . * “wior Aianuiaciurera 

apptication in this field. In the drastically couJd be introduced last month was] 11,8-5, put private car and small van 

light of Mr. Bennett's report, 1 [or less than £100. Fire-retarding I” ^E at,ons las * "loplh 


CO tte customs • annuity A r reecuu siuu m a wnueu iigni or inr. nenneiL s report, i February last War awnrrtinn w SS. *■ a i «ioji»n 

benevolent fund whj be hem «t Commons reply. fliTfl mv colleagues concerned foam would cost an extra £40, Han^emant rding.to 143 .508. an inrrc.isp "nf 0,452 

?n°-Si on R ^i?. s -^ Y R^ go P ?. ,L Kra The Agrtmem Board, whose ?riS ronrider wbat futnre timber^ased board and sheeting a . th L? ep 2?*“ t °?- Trails P ort * ^ February 1977 figure 

"hb" i-^KprcunS: L St& members are appointed . by the arrangements need to be made further £15, whole treated textiles The fall in registrations was — ■ ■: ■ ' 

oi Rum 37 . Secretary of State for the En- for the Boar dand its work.” -and furnishing foatfi .would, add motorcycles not- ex- 

_ . . w vJ- BRJND. Secretary. U II. y raa cnn uluint C<HI CeeainE 50CC- Thesp ripniHn^-1 18 Ol'm r* ...... 


5 P.m. on THURSDAY 27th APtllL 1978 
I in tha Rectanranc. Room 007. Klno'i 


Cuitonrvi Puna OITiCC 

H.M. C use ‘ins A Excise. 

Kina's Bwm Horse. 

Ma-h Lane. UffidDn BCSR 7H€. 
31st Jarwarv 1978. 


vironment has been operating said Mr. Freeson. 


about £20, . 


f The fall in registrations was 

m amiy j D motorcycles not- ex- 

M25 orders 


APPOINTMENTS 


INTERNATIONAL 
PROPERTY 


* S ON T R f* L . A -1K air e#_ , nc 1 «(I1nu i 000 

linear feeC ^ 4ndt'- Caribfejji brach- 
Iront ana operate a highly successful 
cotiaac rosert occupying less than 
. of property. . The r uling t* right for 
oe»cior-rnmi pi r*i rrr units or con- 


G. C. Brunton is appointed 
chairman of NEDC body 


-Institute ■ of Motorcj-clists* said 

that the fail was due to the .HAVE biren made For 

effects of changes in the law last ^ Waltham Cross to Brentwood 

f"&rt Department fisure^ “ 2 " - 

for private car aod van regisfra- *^ e inp ' of lhe 

_ . tums-last month- were-136.309 an a,Jles strR tclv- of ntetonvav be- 
of S359 over February ***** lhe A10 at Bulkrohor in 

,- R ^' ‘ -e Si ■**" 



i# 11 : 
^ !5t 


THE OFFICIAL liquidator of in the past, !g d C ^^dccUDn^L^ncht^ 

flnnor niuH# ShinhiiildArR fiss DenartmeDt becoming 00 ted- i. 


■ • FINANCIAL TIMES REPORTER Upper Clyde . Shipbuilders has Department becoming J ; lt i5 slll , iqappropri^o in 

given a warning that a recent ordinary creditor of tne company terms .- - - ■ - - 

THE HIGH cost of skateboarding dents reported involved frac- Court of Session decision may’ for the sums concerned, in ms pracu*.. i 


dents couId ^ cttd this Should be made iUegal. More to the court bv himself afi ffi'* m P teyee of a c w0 ^ nd ' u ?, Ministry tu m*t off 
notice re members year, at a cost of £0m. in medical than a third of ail skateboard SnoEraent Ecretarv lo . because of the potential aqairwr the company .4jWs to 

niSh CE . n iLi H S£^i care, the society estimated after accidents might have come from cost to the creditors. 0 ,h er Government deparimcnts. 

b« oi d» Been Consolidated Mines a survey of casualties reported collisions with road users. Redun dan cy Payments Act ’on - M This reallj' takes out of a The *ca*c involves- Co mmiTfial 
« 36 w seven big urban hospitals. ‘ As part of the society's drive p™^% SSTSSwa S H^idator's hands confraeTs in Sstonce at tffr^ 

r.' n, ,'SS: s Tsnarfc^S* JJsurHi i tomis atS^SS Ot *"“‘7 Bf tm- upikt cude muirw -"1 

r«elre and- eonakta- Uig annual financial be Outlawed, Said the SOCiety. It p€Kly Organised Sport, lt urged lh* nonenptinm'a nnllanaA in 1071 ‘It ' Is .3 matter W concern rulatpd fn the rcdlllldjfiov 

SIW^^JSSSrr,«"g«i£F caU=d on local government to mennFectmeis to plongh some «Mcoia^m « coUgpwm IWL ensased i„ tuolvenis . u '™> ™*'“ | "! 

2 e JSH ■ dlrect q ra . |n accortancc start bu tiding 20,000 skateparks of their profits back into training The decision was that the practice, and hardly matches ^ ,u. n * jm.itftjitiim 

^SS. WnAS! £*8Zi£ lmmedistel,. and a^dent^revontion cam- Employment Secretar, BjntUtlod SSuc policy.- , ZTjn . SK 

ilSi 'Jli!5* n,e 4r t i JS wtt, l _2T Safety experts said later that paigns. to withhold £320,000 from : the .. -if the decision were not JiH [h.ne to lawaii v 

ominary resbhuion" ■ on ox »n th society’s figures were Parents should supervise ^ate-^ ^shipbuilder's liquidator as a set? reversed— ^ he is contemplating hoih caws, p . j. . ■ 

“That Hip dirPCtnn bn and Am uv aa n ** i j t i , a£.s_ .l.-ij «0f J. _LC ' « .1 : f 1’isr jHiUIiirN MT.- DlUlUl IlJU 


board” buyiog _ by their chiTdren off againstthe company’s'shareoif appeal— then Vhe ‘Enioloy- L;, t* 
artri tat® nni mnmnriafo intotr- ■ rediindanev navmeatR to such'K™., naiurtmont mav hare to to admit fill lure in n» png y 


wn'n. aw unn ■ nen germs ana <n“vu v. Ml, <m,au uuopiun a w -v.M- — — • — ■ »• M — - — •* ui|iuuauno uvn sniusu uiure nuuiu uiimuim nmi ■>> , . 

.A C rne^t bc^ertij c vote the survey had reported an aver- Safety Council, commented: the employers' share of re*' prise should continue, at least creditors who will not meive 

il rneetmg may wpoint # proxy to age of slightly more than one “Hour for hour spent at the dundancy payments instead of, as m the meantime, while alterna- anything. 

•flfiPi SM2k BM Win In ftla efiarf. A * * ^ at. i* a . — ^y_ ^ a^i. ^ ^ j: _ iL__ “ ” 


Recent figures 


SUgBSSmmi iTaiiM ’’S'*™. Mr. G. C Brunton. managing from April 1. Mr. Prime, who tore in Wales transfers from the 
SSvTiCi"'"* iv? w 2, u,d con »'d'^ Jomi director and chief executive of remains managing director of the Minister of Agriculture, Fisheries 
e« oanaion projected ro vjrid the Thomson Organisation, has Business Publishing Division of and Food to the Secretary of State 

° llt fre * .yggMwi been .appointed chairman of the lhe Financial Times, succeeds for Wales. Mr. Richards will, from 

Princtaj! rtsiMno London 1-14 juS^ National Economic Development Mr. Don Egimgtou i*dio, as that dale, be in charge of the 


AHNANCIALTIMES SURVEY 


wrte « 5 S ! 7i5SS??i ‘rTIS' Committee’s CIVIL ENGINEER- announced in January, is leaving Welsh Office Agriculture Depart- 

lo. tawHjn stVecL EC4P 48Y. ING ECONOMIC DEVELOPMENT Throgmorton Publications after ment within the expanded Welsh 


Ol»n T uc*. -Sal. S.30-S.U. 


maas. Victorian fairy painthugs. Local Government Officers' Asso- 
aiSM l . 0 w.i" e a,i0 "; *- U“"S. Executive 


COMMITTEE, which has been re- nine years as its managing Office, 
constituted for a further two director. Mr. Michael Brett and * • 

■x*""***#***** years. New members, in addition Me. Tony Broke-Smith, editor and Mr. S. W. Murray Threipland. a 
ASST ... | ..... to Mr. Brunton, are: Mr. R. advertisement director, respec- director of F. PRATT ENGINEER- 

AK I Is ALL EL Kit, 9 Aldrcd. chairman,. Taylor Wood- lively, of tbe Invertors Chronicle; ING CORPORATION, is to become 

- row International: Mr. D. H. S. join the Board of the Financial deputy chief executive from 

sloane STREET galleries, i Ml siwne M*=Arthor. managing director. Times Business Publwhii^Divi- April 3. 
i w-’v Modern oainrings. scuipturH Dowsett Engineering Construe- slon, as does Mr. Rohm Pringle. + 

I Sms^whSe' MBM^irigSr^Tia.Tn tj on: Mr. J. H. Oakley, a director, editor of The Banker magazine. Sir Donald Albery bas resign ed- 
j io.qc-s.oo. sat*. io oo-i . 00 . ' George Wimpey and Co..; Mr. J. E. Mr. John Smith, secretary of from the Board of the PICCA- 

1 gilbert parr gallery ’as King * Tcster * regional organiser, Throgmorton Publications, is in DILLY THEATRE. Mr. IL- M. 

Roaa. cte:sM. s.w s. cl yn Morgan General and Municipal Workers' addition appointed secretary to Shields and Mr. R. N. Gilbert have 

w)«"TO?‘-.S^*rSmn'iS ol untH aSSHT Union; Mr. J. Thane, research and the Business Publishing Division been made directors and Mr. 

o*»i t ms. -Sat. 9.30- s.M. statistical officer. National and of the Financial Times. Shields has been ap pointed _chalr- 

maas. Victorian FAIRY paintings. Local Government Officere 1 Asso- * ®an. 

' aSnam y lt.. 1< N«ir bSS'si® w.f.* “ ation : M 1 - *■ Utting, Executive Mr. F. W..Page, chairman and . 

fif Tpropm* yiuSw c — r v "f l Council member, Union of Con- chief executive of British Aero* .Hr. Charles. M. Doscher. senior 

g7»«, M.VYfl.^ ART IN BELiGioN: 1 ^* 1 ”*’ struction, : Allied Trades and space Aircraft Group, has been vice-president. has assumed 

Technicians; and Mr. B. „ B. elected a Fellow of the ROYAL overall executive responsibility for 

Lennon. S.E-: 235 sm wiw Williams, managing director, SOCIETY. Mr. Page is honoured the pharmaceuticals business of 

B#yes 1869-1 930. a Camden Town W.R.N. Contracting. for his work over many years In DOW CHEMICAL EUROPE. Mr. 

* otBr ' u ' 111 1 9U< Agh ‘ - Mr. Peter Moores, chairman of the desig nof aircraft indudinz & V. T. Marshalf. director of pur- 

the Littlewoods Organisation, has the Hurricane, Typhoon, Tempest chasing, has been named director 
been appointed to the Board of Canberra, Lightning, Jaguar and of special investments. Mr. W. s. 
SINGER AND FRfEDLANDER Tornado. Buck, marketing manager for 

cox gallery. Exhibition oi M m t - from April 1. * oiRaoic ch^Is. replaces Mr. 

t?SSi ^TM-VaGs 3 " - lB°cSr n k st?'*** * - Sir Basil Engholm har been Marshall as director of purchasing. 

Lcnson. w.i. ,'t#l 01-734 26*61 Mr. Tom Hooson, who has appointed a governor, and the . * 

_w«ky»i in-a. s»L 10 - 1 . recently relinquished the post of next ch airman , of the BRITISH D A ^ er Ui n , ea ^ y V**™ on the 

j. p. l. fine art. 24. oi*ies si., w.i. director of Camnmnlcations of the film INSTITUTE from May 1278 Board, mciuding 10 years as chair- 

i Conservative Party, will become until the 1981 annual meeting. Sir P 3 ^ s }* Chnstopber Chancellor 

WK«m io^t " ’ executive director of the Basil was Permanent Secretary at 33 a director of 

— - ■' i ■ • osminnirir Dimricuimc< «cen. .i— — .t * MADAXfK TURK Aim's nn 


FIELDBORNE GALLERIES. S3. OufMl- 
9WB, N.W.fl. ART ;fN RELIGION. 


The. Financial Times Survey on 
Communications 
scheduled for publication 
to-day will now appear on 


Paioter. Until 9Ui April. 


FRIDAY MARCH 31 1978 


fOX GALLERY. Exhibition oi the Mint- 
ing* &v Britfifi and Eurooean Artists 
trom 17M-i9G9> -5-6. Cork Sti-ocr. 

Lcndon. W.I. ToL 01-734 262G. 
WcekMys 10-0. SlL 10-1. 


LUMLEY CAZALET Z 4 ."^r^ s , w , PERIODICAL PUBLISHERS ASSO- the Ministry of Agriculture. MADAME TUSSAOT'S on attain 

UOMLEY CAZAVCr. ^4. .DatlC* SL. W.I.ImATtaM t • - U. : J ri J u; inv his 74th MrThrfau Ua . 


400 5Q53. TISSOT — Forty eti 
point* and mozzotlnt*. Until 


Completely airHKmdltioned and heated, Stabilised. Two 12-cylinder |j - pj mdc 
550 h-P- FIAT Diesels givmg good 121 knots cruising speed. Two |j 


65 h-p. Volvo S3 fcW generators. 30 tons feel. 10 tons water. Radar, 
radio telephone, direction finder, auto pilot, echo sounder, electric 
log and speedometer, internal telephones, loud speakers, electric 
davits. Two 8-man rafts. Amphicar carried on deck. Two speod- 


EVE, J.a®. Rca°m SUM. 7U Q557.- A I# 


*diinM.dfcJ: CIATI0N from April 3- Mr. Fisheries and Food until his “2 his 74th birthday. He -joined 

tn 2 i AerH. Hooson takes over the duties of retirement the company in 1061 after a long 

Mr. David Barnett, who is' » career in the newspaper world, 

: 1 " .seriously in. -- Mr. A1«m Richards has been IncludHiR 15 . years 'as senoral 

... * . . appointed by the Agriculture j?. a '] aser . Reuters. j?i r 

The Financial Times, having Ministers as a member of the Christopher was chairman ami 

completed acquisition of the 50 INTERVENTION “BOARD FOR cnlc' executive of llie Boiraier 

# 0557.-A i# percent, of ThroKmorton Publics- AGRICULTURAL PRODUCE from Paper Corporation from-lflfil niy»l 


The Financial Times regrets ‘ 
^ny inconvenience 

to readers 


FINANCIAL TIMFS 

EUROPE S BUSINESS NEWSPAPER 


boats. Expected charter fees In any one year minimum ?1SG,00Q. 
Price 8750.000. Seen Cannes 


Seen Cannes 


‘Si'S lloris f publishers of the weekly April. 1. Tie will succeed Mr. IU0&. besides holding a number or 
3 Fhorita! magazine- Investors Chronicle). Walter Smith, who is - retiring other directorships. He retired 


Join Warden, CAM Marik Aosulfoa. Hut tfc Ugnu, Prmce H- 
ToJepItaoe OU 33 W 20 60 78. 


gargoyle L cndon Yf i Previously owned by LHC Business from the piihlic^emre at theund from the chairtnaMhip of Madame 
^ strip reJ«FL6oR show ' Press, is appointing Mr. John of March. Mr. Richards' appoint- Tnswnd s m IP7I bur remained on 
J*""* ““fiT P 1 ?'™ Prime managing director of ment coincides with th* date rrom the -Rnard as a non-ejvccume 

Mon..r 5 nfci«(d oi-dSF Mas THROGMORTON PUBLICATIONS which responsibility for agncul- directoir. 


The content and nuhliraimn rtairn. ,.r c ‘ . * 

^nanotai T.mv.s w subject Jlh j 

discretion nr Mir KdMn,-. ' ^ ‘ jt 

t A 


w\ 


saiK-ti 


CHE 


►An 




o* 


# . 








financial Times Wednesday March 29 1978 


f. 

lb 


"'fliiik 5 


r *v. 




it in 


* 


* i 


: i 


i \ ■ 

;u 


- i 


fe‘- * 


LABOUR NEWS 


If ' - 



and General staff G run wick 


to contest ACAS finding strike 


BY CHRISTIAN TYLER. LABOUR EDITOR 


THE Association of Scientific. 
Technical and Managerial Staffs 
has been recommended for recog- 
nition for most of -the 4,000 em- 
ployees of Legal and General 
Assurance Society. 

This result of an inquiry by 
the Advisory. Conciliation' and 
Arbitration Service, is to be con- 
tested by the society's staff asso- 
ciation. 

A draft report from ACAS. 
privately circulated to the 
parties, shows that in an SO per 
cenL poll of the employees. 911 
said they were members of the 
Association of Scientific, Tech- 
nical- and Managerial Staffs and 
437 of the staff association. Ashed 
which trade union they would 
like to represent them for 
collective bargaining, LSS4 said 
ASTMS and 773 said the staff 
association. But more than 1,100 


may end 


said they did not want a trade 
union. 

The staff association is to 
contest the findings of the AGAS 
survey, after learning yesterday 
that it .had been given a certifi- 
cate of independence.- Mr. Paul 
Nicholson, of the Confederation 
or Employee Organisations, said 1 
that this made the inquiry 
irrelevant. 

He is also submitting a claim 
for recognition on behalf of 670 
service staff — porters and 
cleaners — among whom, he says, 
the staff association has a 
majority. 

A year ago the staff.associa 
tion went to court . to protest 
about the way the . recognition 
inquiry instigated by.ASTafS. 
was being conducted. :The court 
ruled that not only were other 
bodies entitled to consultation, 
but that ACAS' questionnaires 
should name rival organisations 


even if they had not made an 
application for. recognition. - 

Since then, Mr. Edward 
Fletcher, Labour : MP for 
Darlington; has put up a Private 
Members BHJ, shortly to go for 
third reading, which would' 
reverse the effect of that judg- 
ment. Under it. ACAS would 
not be obliged to consult a union 
that had not -gained a certificate 
of independence. 

Mr. Nicholson yesterday con- 
demned the Fletcher Bill as 


soon 


By Pauline Clark, Labour Staff 


“unnecessary \nd totalitarian," 
and accused ACAS of “a series 


of errors ” which had prejudiced 
its daim' tp impartiality. 

.He hinted that if the company 
refused to entertain a recogntion 
claim for a section of . its 
employees— the service staff— 
the staff association might apply 
to ACAS under Section 21 of the 
Employment Protection Act 


THE 19-month, strike over 
union recognition -at the Grun- 
wick factory in North London 
could be officially ended by 
the anion involved, at its an- 
nual conference next month. 

The death knell of the 
Grunwick affair — the centre of 
a national debate over trade 
onion rights last summer when 
pickets at the factory gates 
clashed =• with police — was 
sounded yesterday by Mr. Jack 
Dromey. a picket leader and 
secretary of the Brent Trades 
Connell in' North London. 

After a Financial Times re- 
port last weekend of how the 
remaining pickets had lost 
hope of regaining their jobs. 


v • • 


Mrs. Williams warns teachers 


on sanctions and incompetence 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


MRS. SHIRLEY WILLIAMS; the 
Education Secretary, accused 
teachers' unions yesterday - of 
acting un professionally, both by 
imposing sanctions over their 
recent pay dispute and by 
sheltering members incompetent 
at their jobs. 

She told the National Union 
of Teachers' conference at Black- 
pool that the Government was 
playing its part in raising 
standards by providing for 11.300 
additional staff, including 3.500 
to permit an increase of ■ in- 
service training. 

But the unions also had a 
responsibility to insist on high 
professional standards from all 
teachers, she said, and there was 
undoubtedly a minority which 
fell short of the mark. 

Later Mrs. Williams made 
clear .that if teachers were to 
have their desired -professional 
self-regulating status the unions 
must “bile the bullet” and see 
that incompetent staff were 
removed from classrooms. 

However, sbe said it would be 


change of school rbecadse they 
disliked the teaching would 
cause administrative- chaos, she 
told a Press conference after ber 
speech. 

While 33 local education 
authorities had been' -ordered 
urgently to submit", new or 
revised schemes for fully corn- 


step up its. campaign, against 
educational cats; -t^duir, 'unem- 
ployment and oversized classes. 


prehensive secondary schooling, 
she did not expect a " hew ware ’* 


of Government legal action 
against resisting councils. 

Though sbe had no doubt that 
some authorities were ' deliber- 
ately delaying in the hope of a 
Conservative . election . . victory, 
sbe felt that Labour's battle to 
establish comprehensive school- 
ing throughout the. country bad 
effectively been won. 

• The NUT rejected "Left-wing 
attempts to ban all teaching in 
oversizedxlasses from September 
1979. - x 

By an' overwhelming majority' 
the 2.000 delegates approved an 
executive policy memorandum to 


• There was evidence that “well- 
organised - groups of political 
agitators” were infiltrating upper 
forms in schools and using less^ 
bright' pupils as potential *%ully' 
boys.* claimed Mr. Stan Jones, 
president of the 100, 000-strong 
National Association of School- 
mas tere-Uniou of Women 
Teachers, at its conference at 
Harrogate. 


“Whether these cadre's come 
from the extreme Right of the 
extreme Left, our schools must 
dmonstrate that their doctrines 
are essentially eviL 
“Perhaps we must find time 
in a crowded curriculum to show 
that the .politics of a Parliamen- 
tary democracy., although, appear- 
ing a little dull 'when' compared 
with the marches and political 
punch-ups, really- are the 'best 
way we can arrange our civic 
affairs.” - 


Mr. Dromey said yesterday 
that the strike would be over 
in six to eight weeks: 

He expected that the nat- 
ional conference _of the 'Asso- 
ciation of Professional, Execu- 
tive. Clerical and Computer 
Staff in the last week of April ' 
would either. set a definite date 
for withdrawal, or announce 
action to get reinstatement for 
the strikers and recognition 
for the union. 

The Grunwick strike com- 
mittee is also planning a 
national conference in Slay in', 
review latest developments in 
the dispute where 57 people 
oat of originally more than 100 
remain on strike. 

It seems likely that a final 
statement on the fate of the 
strike will wait until after- 
wards. 

But Mr. Dromey believes 
that without concerted action 
from the union movement, the 
chances of ; achieving either 
reinstatement or recognition 
objectives, are . “bleak," 

dep 
APEX, 

said the union's executive had 
reaffirmed its support for the 
striking members. 

The union, which has asked 
the Advisory, Conciliation and 
Arbitration. Service .to conduct 
a second. ..ballot ,pn tunou 
recognition .at Grunwick, was 
also said to be seeking to in- 
tensify union action to black 
supplies to the factory- 


Mr. Tudor Thomas, depaty 
general secretary of 


wrong to give parents' power to 
decide what should be taught in 
their children’s schools. 

To allow parents to demand a 


Banks inquiry chairman named 


New pit hit 
winders’ 
stoppage 


BY NICK GARNETTS LABOUR STAFF 

bv Winders’ DR. TOM JOHNSTON, Chairman bureaux de change nr the clear- including Saturday opening. The 

i ***%*%, ^ Scottish Manpower Ser ‘banks could be used as a bank’s staff association- bas 
vices Committee, is to' be the baetdoor method to-bring in agreed to the opening of the 
chairman of the inquiry into lra8er Eeneral bax,k . bmxrs bnreau ' 

THE UXOFFICLAL. STRIKE by staff representation : within the 

skt L °’"r s b ‘T- Labour MPs to Drotest 

Main Colliery, South Yorkshire, Dr : Johnston, a former pro- AJllUVlU. 1YAJ. 1-vJ JfiUlVSl 

the only pit in the Doncaster fessor and head of the economics tt a 

area due to rc-starl working yes- department -at HeriofrrWatt OVAT* I 

terday after the Easter holiday. University has been agreed as V f VA .vavuui v* 

The National Coal Board said chairman by " employers, staff • BY PHILIP BASSETT, -LABOUR STAFF:.; . 

that all other pits in the York- associations and the' National MR, MAX MADDEN; chairman -of prospect of maintaining or even 
shire area due to re-start yester: Union of Bank Employees. Bank the Labour Party Employment expanding employment. 

bclievetl 10 be (Renting !“?..«• **5* Mtifled of Group, who is to lad a delegation He said there was great scope 

nonnallj. decision to-day. of Labour MPs to protest about f °r the alternative products, 

Action l>y winders, who want The inquiry, precipitated by Tet jundancies in Lucas Aerosoace which include new heating 

more under the incentive bonus the withdrawal of the union from Aerospa ^ systems and a kidney machine, 

scheme, bas centred round Don- national negotiating machinery 88111 yesreruay mere was • an Grouting interest was being 
easier. as part of its feud wi til the staff urgent need to . consider an shown overseas, bat it M-as 


The winders are holdiim a Relation* will investigate alternative plan for the company, essential that they should -be 

ine « muera arc .uuiuuic ■* etoff ronrfloontahnTi onrt itv i r ' , i 


postal ballot on whether to call weeks ago Lucas announced developed'- here rather than 


off the strike which will almost l ns at . th ® five its Liverpool aerospace factory abroad. It would be a crime, he 

certainiv affect production at London deartaS banks. .. was to be dosed with the loss grid, .if they were neglected in 

The three sides are due to of L450 jobs. A further cut of Britain, 

meet next month to establish 200 Lucas jobs in Liverpool was Lucas again rejected the alter- 

procedures for the inquiry announced the day after. native proposals last week after 
which, it , is hoped, will follow- 


other pits in the area to-day. 


‘t Ji* no^, wu roiimv Mr. Madden. MP for Sowerby, shop stewards decided - to block 

DormnnilP pllfc wU1 lcad a deputation of SO toe movement of equipment and 

X^UllllUUUC V.UL3 recommendations designed to Labour jfPs next Tuesday to information from one., plant to 

One of the biueert employers in ^bte^tKiti^^ teUOn ° D * “* €t Albert Bo0 ^ Employ- another to stop the Merseyside 

East Kent, the Dormobile com- ™ c ' f00tmS * _ ■ ' ment Secretary^ and Ministers closure. 

panv, at Folkestone, is to ewits . The um 9 n “»d yesterday that from the Department of Industry 

staff of 439 by 55. The company, ** warns National Westminster to protest about the cuts.: ; 

which produces a wide range of sww He said yesterday that the 

vehicles including ambulances 5 ltS Siiaftes alternative products which Lucas 

and caravans, blamed declining buf> Avenue branch. . . workers had been developing 

demand. The union believes that' within the company offered the 


Shipyard men 
discuss 


lr;i ar.r.OvT :s r.=r: appeari oi a rr^sro! record 



Ver&icherungen 


LEASE FINANCING FOR 
IBM 370/158 AND 370/168 
COMPUTERS AND PERIPHERALS. 


-.r;-3r.o(?d and provided 'c-v 

CHEMCO LEASING GmbH. 

Lflrnensifasse 30, Frankfurt, Germany / ■ 


Pa.1 of the Chemco Leasing Group 

subsidiaries of 

CheiuucalBamc, Newark ' 





fall in output 


SHIPYARD workers on Wearside 
held two mass meetings yester- 
day io discuss production prob- 
lems threatening the Sunderland 
yard of Austin and Pickersgiil. 

These were -followed by talks 
involving the company and 
officials of the Boilermakers' 
Amalgamation and the General 
and Municipal Workers Union. 

The meetings, for which the 
5UXJ0 men 'were paid, follow 
inter-nnion disputes which, the 
company ' says, have caused 


substantial drop in production 
since July. 

Earlier this month, Mr. Derek 
Kimber. chief executive, said the 
yard.. which has u-on the Queen's 
Award to Industry three times, 
had lost three lucrative contracts 
and was fighting to. save more 
orders. 


Solar heated 
flats Scheme 


THE SUN'S cays will be used to 
heai 39 Oats to be built by 
Lew* sham Council, south-east 
London. Single glazed steel 
panels filled with water in the 
roofs will act as a weathering 
component to provide solar 
heated water. 


The 34 one-bedroom, flats and 
five Two-bedroom . flats, mainly 
for elderly people, will be near 
Brown bU! Road, Catford. The 
first -phase will use solar energy 
to provide heating and some hoi 
water to ten flats so that Ihe 
amount of fuel needed can be 
gauged. 


U.S. visit 




Mr. Patrick Duffy. Under- 
secretary of State for Defence 
for the -\dvy, is visiting the U.S. 
on April 5.. as the guest of Mr. 
Graham Giylor, Secretary of the 
tfJS. Navy, • 


‘A 


' IN THE UNITED STATES DISTRICT COURT .1 
FOR-THE EASTERN DISTRICT OF PENNSYLVANIA 


In the Matter of 

PENN CENTRAL TRANSPORTATION COMPANY 

Debtor 

THE UNITED NEW JERSEY RAILROAD & CANAL COMPANY 
BEECH CREEK RAILROAD COMPANY 

THE CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY COMPANY 

THE CLEVELAND AND PITTSBURGH RAILROAD COMPANY 

THE CONNECTING RAILWAY COMPANY 

THE DELAWARE RAILROAD COMPANY 

ERIE AND PITTSBURGH RAILROAD COMPANY 

THE MICHIGAN CENTRAL RAILROAD COMPANY 

THE NORTHERN CENTRAL RAILWAY COMPANY 

PENNDEL .COMPANY 

THE PHILADELPHIA, BALTIMORE & WASHINGTON RAILROAD COMPANY - 
THE PHILADELPHIA AND TRENTON RAIL ROAD COMPANY 
THE PITTSBURGH, YOUNGSTOWN & ASHTABULA RAILWAY COMPANY 
PITTSBURGH, FORT WAYNE & CHICAGO RAILWAY COMPANY 
UNION RAILROAD COMPANY OF BALTIMORE, 


In Proceedings for the 
Reorganization oi a 
Railroad 


No. 70-347 
NO..70-347-A 
No. 70-347-B 
No. 7Q-347-C 
No. 70-347-D 
No. 70-347- E 
No. 70-347-F 
No. 7 0-34 7- G 
No. 7 0-347- H 
No. 70-347-1 
No. 70-347-J 
No. 70-347-K 
No. 70-347-L 
No. 70-347-M 
No. 7P-347-N 
No. 70-347-0 


Secondary Debtors 


NOTICE OF APPROVAL OF PLAN OF REORGANIZATION 

Penn Central Transporation Company (PCTC) and trie Secondary Debtors listed above are currently in reorganization under 
Section 77 of the Bankruptcy Act in proceedings before the United States District Court for the Eastern District of Pennsylvania 
(Reorganization Court). On Decemberi7. 1976, the Trustees of PCTCflled a proposed plan oi reorganization for PCTC and separate plans 
for each of the Secondary Debtors. (All of these plans will be referred to in this Notice as the “Plan".) 

The Plan has been approved by the Reorganization Court as of March 17, 197B. Before the Plan can be put into effect, howerer, 
certainfurther events must lake place. The first such event is the submission of the Plan to creditorsand stockholders affected by the Plan. 
The Reorganization Court has fixed. May 12, 1978, as the date by which creditorsand stockholders may vole to accept or reject the Plan 
and has directed that ballots and materials necessaiy lo permit interested persons to vote be mailed promptly. 


$V TO BEARER OR NON-REGISTER ED BONDHOLDERS 

A large number of bonds issued by PCTC and the Secondary Debtors, or their predecessors, are in bearer or non-registered form. 
• The identities of many of the holders of these bonds are unknown. A fist of such bonds is set forth below. If you were a holder of any such 
bearer or n on-registered bond as of the close of business on March 1 7, 1 978 , you a re entitled to vote to ac cept or reject the Plan. Air bail ols 
Oiust be mailed to .United States Trust Company, pf New York on or before May 1 2,1 978 to be valid. In order to receive your ballot and to 
have an opportunity to return the ballot tv May 12, 1978, you should, as promptly as possible, send your name, address, and the name, 
.interest rate and maturity date of the bond(s), or, fill put the form provided below, and send it to United States Trust Company of New York 
at U.S. Trust London.Ltd., One Moorgate, London EG2R 6JH England, orU.S. Trust Paris. 33 Rue Cambon. 75001 Paris, France, or, 
-Knanciere U.S.T n SA,7, Avenue Krieg, 1208 Geneva, Switzerland. So thatyou will have adequate lime to review the voting materials and 
return your ba11ot(s),‘it Is suggested that you make your request no later than two weeks after the publication of this notice. If you supplied 
■ such information to the Trustees of PCTC in 1977, you need not provide such information at this lime. 


BONDS ENTITLED TO VOTE 

Boston & Albany Railroad Company 
4V*% Improvement Bonds 

Carthage & Adirondack Railway Company 
4?o First Mortgage Bonds 

Kanawha & Michigan Railway Company . 

4S* First Mortgage -Bonds 

Lake Shore and Michigan Southern Railway Company 
3 1 2*o Gold Mortgage Bonds 

Mohawk & Malone Railway Company 
4% First Mortgage Bonds 

Mohawk & Malone Railway Company 
3 1 2% Consolidated MortgagerBonds. 

■ , New Jerse^ Junction Railroad Company 
• • 4°v First Mortgage Bonds 

New York & Pulnam Railroad Company 
4°o First Mortgage Bonds . 

New York Central & Hudson River Railroad Company 
4% Series A Consolidation Mortgage Bonds 


flew York Central & Hudson River Railroad Company 
3' 2 0 o Lake Shore CoHateral Bonds 


kjew York Central & Hudson River Raifroad Company 
31-2% Michigan Central Collateral Bonds 

New York Central & Hudson River Railroad Company 
3!4% Gold Bonds 

New York Central & Hudson River Railroad Company 
4!a% Series A Refunding & improvement Mortgage Bonds 

New York Central & Hudson River Railroad Company - 
5®* Series C Refunding & Improvement Mortgage Bonds 

New York, New Haven & Hartford Railroad Company 
. . 4V«% Harlem River Division First Mortgage Bonds 
Pennsylvania Railroad Coripany 
. 41i°i Series D General Mortgage Bonds . 

Pennsylvania Railroad Company 
- _ 4!<°-i Series E General Mortgage Bonds 

Pennsylvania Railroad Company 
3^i°» Senes F General ‘Mortgage Bonds 
Pennsylvania Railroad Company 
; > • 3%- Series G General Mortgage Bonds 

. . ~ • .. West Shore Railroad Company 

4°o First Mortgage Bands 

New York Central Railroad Company 
5®o Notes due 1974 


Cleveland & Pittsburgh Railroad Company 
3 D i Series C General & Refunding Mortgage Bonds 


Cleveland, Cincinnati, Chicago &. St. Louis Railway Company 
4°o Series A General Mortgage Bonds - 

Cleveland, Cincinnati, Chicago & St. Louis Railway Company 
5*0 Series B General Mortgage Bonds 


Cleveland, Cincinnati, Chicago & St. Louis Railway Company 
4 1 .z°o Series E Refunding & Improvement Mortgage Bonds 

Cleveland. Cincinnati, Chicago & St. Louis Railway Company 
4“o SL Louis Division First Collateral Trust Bonds 


Cleveland, Cincinnati,. Chicago & St. Louis Railway Company 
4“ a Cincinnati, Wabash & Michigan Division Mortgage Bonds 


Connecting Railway Company 
3 !b°o Series A First Mortgage Bonds 


Pennsylvania, Ohio and Detroit Railroad Company 
Zi V.q Series E First Refunding Mortgage Bonds 


Northern Central Railway Company 
5% Series A General .& Refunding Mortgage Bonds 


Northern Cerrtraf Railway Company 
412% Series A General & Refunding Mortgage Bonds 


Northern Central Railway Company 
. ' 6% First Mortgage Bonds. ' ' . 


Pittsburgh, Youngstown & Ashtabula Railway Company] . 
41 Series D First General Mortgage Bonds 


Pittsburgh, Youngstown & Ashtabula Railway Company 
5% Series C First General Mortgage Bonds 

Philadelphia, Baltimore & Washinglon Railroad Company 
4! z% Series C General Mortgage Bonds 


Philadelphia, Baltimore & Washington Railroad Company 
3°i Series E General Mortgage Bonds 

Philadelphia, Baltimore & Washinglon Railroad Company 
3 1 2% Series F General Mortgage Bonds 


Philadelphia, Baltimore & Washington Railroad Company 
5°a Series B General Mortgage Bonds 


New York Central Railroad Company 
514% Collateral Trust Bonds due 1980 


' New York Central Railroad Company 
5%% Collateral Trust Bonds due 1980 


New York Central RaUroad Company 
6% CoilateralTrust Bonds due 1960 


New York Central Railroad Company 
6°b Collateral Trust Bonds due 1990 ' 
Penn Central Company 
Collateral Trust Bonds due 1993 


6 *. 2 


Pittsburgh, Cincinnati. Chicago '& Si. Louis R.R. Co. 
5% Series A General Mortgage Bonds 

Pittsburgh] <^dnnati,--CWoago'&-si. Louis R.R. Ckv 
5% Series B General Mortgage Bonds 
Pittsburgh; Cincinnati. Chicago & St. Louis R.R. Co/ 
3* 1 8%' Series E General Mortgage Bonds 

United New Jersey Railroad & Canal Company 
2 x 4°b General Mortgage Bonds 

United New Jersey Railroad S Canal Company 
. 41-2% General Mortgage Bonds due 1973 

United New Jersey Railroad & Canal Company 
4la% General Mortgage Bonds due 1979 

United New Jersey Railroad & Canal Company 
3% General Mortgage Bonds 

New York Bay Railroad Company 
3*4% Senes A First Mortgage Bonds 


JO BROKERS OR NOMINEES 

If you are a broker or nominee holding any bonds of PCTC or any of the Secondary Debtors listed above or stock of any of the 
Secondary Debtors listed below and if you have not recently advised the Trustees of PCTC oF the number of beneficial owners you 
ntPfcsent.you should advise UratedStatesTrustCompany of New York on or before April 7, 1978, of the number of beneficial owners-for 
whom you hold such bonds or stock. ' • 

STOCK OF SECONDARY DEBTORS ENTITLED TO VOTE 


Beech Creek RaHroad Company 
Cleveland, Cincinnati, Chicago and 
St Louis Railway Company 
ClflYBland and Pittsburgh Railroad 
Company 


common 
common, preferred 


The Delaware Railroad Company 
Erie and Pittsburgh Railroad 


guaranteed 7% 
spedaJ guaranteed 
betterment 4% 


common 


The Northern Central Railway 
Company 


7% 


common 


The Philadelphia and Trenton 
Rail Road Company 
Pittsburgh, Fort Wayne & Chicago 
Railway Company 


Pittsburgh, Youngstown and Ashtabula 
Flailway Company preferred 

The United New Jersey Railroad and 
Canal Company common 


common 

preferred 

common, 

original guaranteed 7% 
guaranteed .special 7% 


TO STOCKHOLDERS OF PENN CENTRAL COMPANY 

- Stockholders of Penn Central Company are not entitledto vote on the Plan. For information with respect to the Plan and its 
approval by die Reorganization Court, it is suggested that you consult your broker.. 


TO REGISTERED' SECURITY HOLDERS AND OTHER CREDITORS 
If you are a registered holder (other than a broker or nominee) of bonds of PCTC or any of the Secondary Debtors or if you- 
are a general creditor or stockholder, you are not required to complete and mail the-form below. 

Robert W.- Blanchette, Richard C. Bond. John H. McArthur. Trustees 
Form to Re£ I U8ai1 Ballot • ’ ' • of the Property of Penn Centra! Transportation Company, Debtor 


us. Trust London Ltd. or U.S. Trust Paris or Financiers U.S.T.. S A. 

°r» Moorgate, London EC2R 6JH, England 23 Rue Cambon, 75DD1 Paris, France 7, Avenue Kneg. 1 203 Geneva. Switzerland 

or any Sw^i^ebor ^ ^ V ° 1 ^ 9 materiaJs ^ Pfan of Raorganteation for Penn Central Transportation Company, Debtor, 

Name ~ - J • 


Street. 


(Pteaao Print) 


City-_ 


Name of Bond 


-Zip. 


Interest Rate 


Maturity Data 


‘ . (Use extra sheets if necessary) 



Financial Times Wednesday March 23 ^978 


KITED BY ARTHUR BENNETT AND TED SCHOETERS 


• METALWORKING 

Thorough clean for 
rusty steel 


STEEL, even when dry -blasted 
to a visually clean surface, con- 
tinues to harbour highly damag- 
ing soluble satis. These have the 
effect that paint applied to the 
metal merely hides, for a Time, 
the process of rusting which 
continues under the surfaep. 

; A development bv Kue 
Engineering of Canai Road, 
Bradford — System 91S — over- 
comes this problem and provides 
a true white-metaJ finish which 
will hold for IS to 24 hours even 
in a marine atmosphere. This 
produces an ide3l base for 
Painting, and the equipment is 
being used for cleaning and 
removal of paint and rust from 
ships, storage tanks, bridges and 
other steel structures. 

Rapid development of a self- 
controlled trailer-mounted unit 
was made possible through a 
joint venture agreement 
between the National Research 
Development Corporation 
(NRDC) and Kue Engineering. 
In this particular case NKDC 
supplied two-thirds of the 
development costs and has also 
provided working capital which 
has enabled Kue to manufacture 
System 918 units against orders. 

The method is based on the 
Application of a controlled mix- 
ture of air. sand and water at 
low pressure. It is not only 
very effective but easy and clean 
to use, giving a better environ- 
ment for operators and site 
workers. The water supply 
Contains an inhibitor additive. 


By rhe use of . controlled vari- 
able pressures, the system can 
be used to remove top. coats of 
paint only or ail layers down to 
bare metal. It is possible to 
feather the edges of successive 
coatings to give a smooth transi- 
tion from top coat to bare metal 
—especially userui when dealing 
with isolated patches of corro- 
sion. Particular interest in the 
system has been shown by the 
gas and oil companies. Due to 
the extremely low pressure 

employ el spark danger is kept 
to an absolute minimum. 

National Research Develop- 
ment r.orp.. Klngscate House. 6fi 
Victoria Street. London SW1E 
6SL. 01-828 3400. 


Squeezing 
metal into 
shape 

ROCKWELL International's Los 
Angeles Division has received a 
S6m. contract to build a test 
aircraft structure using , an 
advanced manufacturing process 
developed by the company. 

The contract with the Air 
Force Flight Dynamics Labora- 
tory at Wright- Patterson is for 
the built-up low-cost advanced 
titanium structure ( FLATS) 
programme which will utilise 


■ together 'two Rockwell-developed 
processes — diffusion bonding and 
superplastic forming— in the 
design, fabrication, and testing 
'of a ‘ 1, 000-pound section . uf 
fuselage that could be used on 
an advanced fighter of the 
future. 

BL'.ATS calls for Rockwell to 
build 9 cofnplex structure repre- 
senting the centre fuselage sec- 
tion where the wings attach and 
a portion of the. aft fuselage 
where the engines would be 
mounted. The approximate site 
will be eight feet by ten feet 
by three feet. 

The goal of the programme is 
(o show a cost reduction of 50 per 
cent, and a weight saving of SO 
pur ceni. in comparison tn con- 
ventional tiLamum fabrication 
methods. 

Rockwell engineers believe 
that superplasric- forming with 
concurrent diffusion bonding nf 
titanium aircraft structure is the 
biggest breakthrough in ad- 
vanced metals fabrication this 
decade because it ran lead, 
depending on the type of struc- 
ture. in cost savings of from 50 
to 70 per cent, and weight sav- 
ings of from 30 to 50 per cent, 
compared with the conventional 
methods now used to build 
titanium parts. 

Superplastic forming and dif- 
fusion bonding can be accom- 
plished under the same tempera- 
ture and pressure conditions 
which makes it possible to 
stretch-form and join pieces of 
titanium in a single cost and 
weight savings operation, enabl- 
ing engineers to design far more 
efficient airframe structure 
which can be produced at less 
cost for the advanced aircraft of 
the 1980s and beyond- 


• Bn agreement beticeen the 
Financial Times and ihe BBC, 
information from The Technical 
Page is acaitable f or use bp the 
Corporation's External Services 

os source material Jor its over- 
seas brondensrs. 


the attenuation falls to 1.7db/km. 

Cables of this type have a 
breaking; taafi greater than 100 
kgf for a diameter of just over 
. 2 mm, which enables Installation 
WITH AX eye on the world-wide is displayed on a seven digit t0 qc carr jed oul in lengths of _ n 

telecommunications test equip- panel, level on a separate three several kilometres, la this small 4-||A CYTl£lllP k V* 


• COMMUNICATIONS 

Marconi’s new market 


• COMPUTING 

Machine for 


size the- cable has a -greater 
potential capacity than any other - 
signal guiding medium, the ' 
developers assert. 

STL is at London Road, 
Harlow. Essex. 0279 29531. 


business 



Interference 

finder 


USE OF computers is moving | 

further down the company scale.* , . fftP 

Now a 20-craployec company- provides a schedule nfvork f 

istic Puns, of Telford each machine in we reetore. it 


Small Plastic run. ui isiw— eatn ,. n j- 

Shropshire, which manufactures can also be 
plastic components, such as seals determine - stock 
and pipe fittings for industrial delivery positions at any .ndatu. 

and agricultural machinery, has 


ment . market estimated to lie digit display, 
between £350m. and fSOQra. per The selective level mater is 
annum. Marconi Instruments has tuned in the same way the 
invested £600,000 in the develop- sender and covers the same 
mem of a selective level mcasur- frequencies, 6 kHa to 20 MHz. It 
iog set. measures true rms values 

A secondary reason for the accurately from -121 dBm tn 
venture is believed" In be the -2*5 dBm. shown on c three digit 
increasing inroads into this display, to one dB; fractions or 
markei .made by Siemens and a dB appear on as analogue 
Wandel & Goltennaso, particu- meter. 

iariv in the UK. When circumstances allow the 

Marconi estimates Hie world connection- of sender and receiver ... ■ 

market lor these sets, exien- v,a , 3 pre-programmed ous con- MAJOR ADVANCES tn tracing a System Ten computer _ . 

sivetv used by PTT authorities trol option, simple data entry on and measuring radio frequency jcl j or production \/ ni pp 

in test bulk telephone trans- [ }i e sender keyboard allows con- i™ So whedulinq and control. V UiLC 

mission* paths to be worth L“‘* : 1°L The System Ton comprises 

about £2a m.. and the ti£C com- 
pany aims to capture half of it. 

The equipment is tn two 
cabinets— the TF2356 level oscil- 
lator. which is used to send 
carefully calibrated signals into 
the line", and the TF2357. essen- 
tially a calibrated receiver used 
lu determine what emerges from 
the other end. Both employ 
frequency synthesis giving 5 Hz 
resolution and both arc micro- 
processor-controlled to give 
enhanced versatility. 

The oscillator is tuned by key- 
ing in the frequency on a 


JMI means more 
than metal 

ittltfdi 


. JirildinK nwdoeu * Hear««Sm*= 
Ilurfpo»rr - CW&l ‘3S** enB S 
;:iji fasacPM f . . 
md waa»«d««* 


inicnerence, previously cameo _ nn J ~. ntTn » 

out with extremely expensive *^£ uI, 5* t em Ten 

frequency incrementing on the imported equipment, have been n.---. c u ' raCTurs Q f core store, vvf f]ofQ 

sender will give rise to the same, announced by Decca Communlca- S. clmracters of dl*c storage. Qf 11414 

’the company has Introduced a one 1 line i printer and a video NIPP0N Electric Co. 

iw hand-portable RF interfer- terminal. It will shortly be tn announ ccd in Tokyo that -it no* 

__ . , : in thp rrianaeinff direc- -m nrlviini-eH version 


(0727 59292)- 


Advance in 
cable 

SINGLE FIBRE optical cable 


or a derived incrementing on 
the receiver. 

«« ttSSTSS” » affiTin the matins direo de«Tw<f an idnneedjwWMi 

Albans, Hertfordshire AL* 0JN ceivpr ^ 3002, tor’s office at Small Plastic Parts of a TOlce data input terminal, 

operates within the range 12R premises. In the meantime, the whi ch allows information W v bf- 

KHirto 32L2 MHz.' The equipment company has been making use nr fed , nt0 a computer through^ a 

is being manufactured under, facilities provided by I CL at its microphone, instead of -a. key- 

licence from the British Post customer centre in Birmingham board- 

office to a Home Office specified- to learn to operate a System Ten This- development could Spell 
non and incorporates characteris-. computer and set ud details of sharp competition for Mu and. 

tics which permit the accurate its. 500 or so different products lts u.S. partner in the voice 

measurement of Impulse Inter- on computer files. recognition com pu tor dcvnlop- 

ference and field strength. .' Small Plastic Parts will use went known as the Threshold 
In addition to fiormal ac mains the SAFES computer "system for equipment. 

numerical keypad, but a conven- produced by Alan Cook and John operation, the receiver Is sup-.ftR production control work. The system, nauieU DP-jOO. 
tional rotary control can be used Irren. two engineers from plied with a self-contained bar- when operational, details of identifies up to 12fl sjwkcn. 

where an analogue “feel" is Standard Telecommunication ler >‘ pack, malting it -ideal for. customers' orders and delivery words, and . will be offered to 

needed. Laboratories (STL), gives an ® e ld , u f* In many types or in- dates will be fed into the com- both domestic and uvcfSM*. 

Of particular interest is the attenuation of . 2.Sdb at 0 -ST dust rial environment. Audio out- puter via the video terminal and markets from September Inis 

incremental facility: once a start ..micrometre over 1 km. The put to an internal speaker with th*. files will be automatically year. 

frequency ' and the desired information capacity is over 40 optional headset faculty is pnK pp-dated. The system determines NEC . expects to ' ht able tn 
increment are keyed in. single gigabits per second' rnmniete witli two CDmBS 1 >-.»«« nmrinws 

^ S P tvfo S i rhnf At - ,onger wavelengths the systems, one of which can 

or reduce the frequency so that material dispersion decreases, ra]ne t be general direction of the 
the user can, for example, step passing through zero a; about interference signal. 

through a trunk line baseband i. 27 micrometre. The waveguide The equipment conforms to ir>l* 111 I J 

without frequency re-setiing. The dispersion then imposes a limit British Standard 727 and new KIlTirfl nHlPQ f'lPSITPfi 
rotary knob produces a Hz steps of appraximatelv 400 Gbit/s by EEC/CISPR Publication Stan- ■WUIIU UUltJ VlVAl VU 
or. by spinning -tire control a selection of. an intermediate dards and meets Horne Office PARTICULARLY effective in the tore pans directly from the 

motor is coupled, giving the wavelength: - These two disper- specification DRTI010B. automatic cleaning of com- machine tool. These -tote paps 

effect of a flywheeL Level is set sions can be balanced and the Decca Communications, Cramp- ponents with deep blind hole* then pass along a feed-m 

performance improved even tons Road, Seven oaks, Kent wch ^ pneumatic valve bodies, roller conveyor and are fed 

further so that at 1.1 micrometre TN14 5EA. 0732 50911. * 


. material requirements, produces sell about 300 sets m the next 

comp.ete with two purchase orders on suppliers and three years. 

• PROCESSES 


on the sender on the keyboard, 
with ldB resolution. Frequency 


soon 





continents 





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

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

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

The gasfirie- will cross Algeria, Tunisia, 
the Sicily Channel, Sicily, the Straits of 
Messina and continental Italy up to Minerbio 
(Bologna). 

i 


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

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

The achievement of this project will, 
actuate a strong economical exchange with 
Algeria,' "with consequent advantages for 
both Countries. 

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

SNAM is one of the companies of the 



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

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

Snam 

An ENI Group Company 

b 



is an industrial washer unit into the washing station of th«* 
redesigned specifically for the machine by an automatic index- 
needs of all manufacturers of iog system. . . 

small metal components. A head is clamped to the toie 

Components may range in size pan as it enters the ^ machine, 
■from SBA screws of varying and the pan is then rotated at a 
lengths to any metal component preselected speed about a 
which can be contained in a tote horizontal axi* High prrfisun,. 
pan and which fit the 450mm by jets oF hot filtered determent 
450mm by 200mm (IS inches by thoroughly cleanse botii pan ami 
18 inches by S inches! mouth of contents while dirt. . warf . mi . 
the machine— for instance a °ff ier . matter aie, 

small gearbox easing. allowed tu t:*apc. 

Use of aqueous detercents. On completion of the ry . 
instead of conventional cleaning determined washing cycle the 
and degreasing chemical's, tntc pan is automatical iy tran s 
creates a saFer working environ- (erred to the rinse or second ; 
merit and eliminates many of the wash station, while simullanc - 
problems caused by recent ously the next tote pan enters 
Health and Safety at Work the wash station, 
legislation. Sturlwant Engineering Prn- 

Components are delivered Into ducts, Acre' Street. DoUIoh, Man- 
their conventional Don-perforated Chester. 061 336 3966: ~ 

Welds most plastics 


MACHINERY division of Cnle 
Electronics, an R. H. Cole Group 
company, is marketing the 
Telsonic USP-1 ultrasonic weld- 
ing system which can solve most 
welding, riveting and inserting 
problems involving thermo- 
plastic materials. 

The equipment is built up from 
an ultrasonic generator: a timer 
and machine control system; 
transducer: acoustic transformer; 
horn; and pneumatic press. 

Five solid-state standard 
generators with output power 
ranging from 700 to 2000W are 
available to suit specific require- 
menis. These arc- constant 
current sources with an automatic 
frequency control system. - 


Clamping area is 375 x 3S5 mm 
and throat depth 230 mm. 

In general the weMmg period 
is 0.1 lo 2 seconds- The machm- 
requires an air supply of 6 to in 
bar (So to 140 psil and the horn 
contact is 0 to 2450 S with a o 
to 10 bar air supply. 

The Telsonic is ideal for inspir- 
ing metal parts in pla-trns 
eliminating- expensive injection 
procedure^ around positioned 
metal parts: riveting plastic to 
plastic or plastic to metal; spot 
welding plastic parts; and cutting 
injection moulded parts from 
their gate trees. •• 

Cole Electronics. Jfe- .Church 
Road, Croydon CRO iSu. 01-6S6 
7381. 


Embosser works fast 


AUTOMATIC equipment for 
embossing and encoding plastics 
cards, such as for credit and 
identification cards, name badges 
and security passes, has been 
introduced to Europe by Jac- 
quard Systems. 

The E-150 system is modular, 
enabling users to have a ' self- 
contained unit with keyboard or 
magnetic tape input; or to use it 
as an on-line terminal to a com- 
puter. The self-contained unit 
will emboss up to 300 cards per 
hour. On-line it is capable of 
embossing, tipping and ' mag- 


netically encoding up to' 3.000 
cant? per hour. 

.E-150 on-line to a Jacquard 
JI00 video-computer gives the 
user the ability [ 0 handle em- 
bossing, data and word process- 
ing functions oh the same 
machine. It is desk-top size, 
measuring 13 Jin. high 74 Ud 
long and 2Hin. wide. An optional 
keyboard with a 40-charartcr 
display is connected by cable 
to the embosser. 

Jacquard Systems- operates 
from Bridge Street, High 
Wycombe, Bucks HP11 2EL. High 
Wycombe 41258. .. 


• OFFSHORE INDUSTRIES 

Taking the plunge 


PLANS ARE to go ahead for 
the marketing by Vickers- 
Sllngsby of - an ; advanced sub- 
mersible craft worldwide. 

These submersibles, which 
have plastic pressure hulls made 
from Celiobond glass-reinforced 
polyester resin, supplied by BP 
Chemicals, cost £lm. each and 
were developed by the company 
for. use in the North Sea by 
Vickers Oeeanics. They will 
become available 'from- August 
onwards. 

LR2 was the world's first grp 
submersible and it was followed 
byjthe larger LR3 and LR4 craft 
the latter with a diver entrance 
and exit facility. 

Construction of LR5. last in 
the current series, will shonlv 
begin and it is intended also for 
Vickers Oceaaics at Leitb 
Thereafter, the facility will he 
available for construction of 
these, versatile craft for other 
operators. 

The North Sea marker is put 
at about one of the submersibles 
annually, but there are many 
other areas of the world where 
the? could be applied with 
success to underwater mineral 
and petroleum searches. 

The plastics material used i n 
ine production of all the Vickers 
Slingsby submersibles to date is 
BP’s lsophthalic resin known 
under the designation A27giic 

Iu the meantime, grp buoy, 
ancy tanks made by Hippo 


Chemplant of Horbury Bridge 
Wakefield,' are being used on ih» 
Vickers Seacat remote-conlrollec 
underwater cable and pine bury 
ing submersible developed b’ 
Vickers Oeeanics. 

Tanks supplied by Hippo havt 
been tested to 250 psi and usee 
at depths down to 400 feet. Ai 
the moment, the crnnpariy-is test 
* n St° 600 psi for depths down tc 
1.000 feet. 

Potential competition on th« 
submersible front is' offered 
hockuins of Malmo, - Swedeii 
which is building a military suh 
marine rescue vessel ;i Mr U 
operate down to 900 fee* 
Kockums is working jointly wi| 
Couiex of Marseilles- on the uii 
jrct and has made it-khoum ' ’ 
commercial versions of ths ~ 
vessel are under cunsh 

The submarine will my? 
plastics hull made Frbuv^'s roi 
posite supplied hy. 4Tr«fiqboi 
international and d*wvifn!Sw 
nnmo cl- neons Ap laminate at 
Sias«bbrr rrinfqreed pulvekter. 

The \essel will b tf designed 

iS 9 0 i a » u,,0 »ar«if whii 

is in difficulty and lock uq 
submarine ne»pr- hatch ; 
{mL 1 t ,, C r,,0Ve lKl ° ^ 

vessel wtihnut havioa 
don escape equipment. -■ 
.Commercial versions- wou 
of .^i” ,uni diviriicdepi 
fL 3 ^ 0111 . 1 * 300 and u wor 
!.“S depth of poo feet The loj 
Rapacity would ho three ronnfl 


electrical vwe&cable? 





JiTQ- 


3EmS 


* 

4 

_ ii. 

Z* 













Financial - Times- Wednesday - March’ -29 1978 




J The Management Page 


EDITED BY CHRISTOPHER LORENZ 



> TOP BUSINESSMEN and 
politicians, are now jostling to 
broadcast their concern about 
. . the unfavourable climate for 
small and medium -sized busi- 
nesses. But the Industrial and 
Commercial Finance Corpora- 
- ^ tjon is about to publish evidence 
which suggests that companies 
like those it has backed have 
been doing rather well, in recent 
years. 

Many have strengthened their 
balance sheets considerably: 
pre-tax profits as a percentage 
of total income have generally 
.. . Improved significantly; and 
• ... some large increases in growth 
of total ■ net assets have been 
achieved, says ICFC. It also 
- shows in a new Small Firm 
Survey — its first since 1972— 
that improvements have been 
registered in a whole variety of 
different areas, in some cases 
outstripping, in percentage 
terms, gains achieved by 
publicly quoted companies. 

However, ICFC also acknow- 
ledges the limitations of its 
survey for purposes of com- 
parison largely because of the 
dearth of published information 
on small- and medium-sized 
companies generally, and it 
claims only to point to trends 
rather than to developments 
based on a wealth of statistical 
fact 

It is also probably true that 
the companies in its survey — 
there are 638, about one-third 
of the total number of ICFCs 


small means successful 


investments — are anyway among 
the best performers - in its port- 
folio. This. is. partly, because 
those are the companies which 
had sufficient information avail- 
able — on balance sheets and 
profit and loss accounts — to 
qualify, for inclusion in the 
survey, in contrast to others 
which were weeded out for lack 
of available detail. . 

At the same time, most of the 
data was collected in The 
summer of 1976, which means 
-that only broad indications can 
be given of the current situation 
in the companies concerned. 
Nonetheless, the survey covers 
a nine-year period to 2973-74. 
ait analysis was made of 3,900 
balance sheets and summarised 
trading accounts, some: signi- 
ficant findings have therefore 
been produced. 

Debtors and prepayments oF 
557 companies within : -the 
sample, as a percentage 'of total 
net assets, declined from an 
average of 63.2 per cent, to 60.4 
per cent since the previous 
survey, in 1972. In contrast, 
.the experience of a selection of 
larger publicly - quoted com- 
panies — according to Business 
Monitor M3, Business Finance 
— was a rise from 38.5 per cent, 
to 40.7 per cent No such com- 
parisons can be made with small 


While the politicians argue, about the problems 
facing small firms, a new ICFC survey paints 
a surprisingly rosy picture. By Nicholas Leslie 


to medium-sized private 
companies not backed by .ICFC 
because insufficient data is 
available. 

The publicly-quoted concerns 
make a better showing than 
ICFC’s companies with pre-tax 
profits as -a percentage of total 
income, but gap is narrow- 
ing. The percentage for ICFC 
companies in 1969-70. according 
to the previous survey, was 55.7 
per cent, compared with 64.5 
per cent' for the quoted 
companies. By 1973-74, how- 
ever, tiie.' comparison was 64.3 
per cent and 68.4 -per cent 
respectively. 

Trade credit— traditionally a 
much more important factor in 
the financing of small and 
medium-sized business than 
large ones — has, surprisingly in 
view of economic conditions, 
become slightly less significant 
Representing nearly 60 per cent 


of total assets at the time of 
the previous survey, the latest 
figure for such credit is 53.3 
per cent Quoted companies, on 
the other band, have become 
more reliant on trade credit — 
it Accounted for 43 per cent of 
total assets according to the 
latest figures compared with 
312 per cent, previously. 

A much greater proportion of 
profits is being retained by both 
ICFC-backed and quoted com- 
panies after tax and dividend 
payments, though the propor- 
tion for the former remains 
greater. The level was 28.1 
per cept in 1973-74 for the 
ICFC companies, nearly double 
the previous level of 24.5 per 
cent, while levels for quoted 
companies were 21.1 per cent 
and 10.7 per cent respectively. 

The characteristics of the 
balance sheet structure of the 
ICFC sample are “ largely what 


might be expected of the 
smaller firm,” says the survey. 
The proportion of long-term 
fixed interest borrowing con- 
tinued to fall in the case of 
ICFC companies, while for 
quoted companies it remained 
reasonably stable. But if the 
heavier proportion ' of bank 
borrowings by ICFC companies 
is taken into account they are 
more highly geared ‘ than are 
quoted companies. 

More than 60 per cent of 
companies in its sample are in 
manufacturing industries, thus 
placing emphasis on engineer- 
ing sectors. Those in the distri- 
bution and services category 
accounted for more than one- 
quarter. 

Finance from ICFC tends to 
be needed by customers for 
capital ' investment, generally on 
fixed assets but sometimes for 
acquisition purposes; for work- 


ing capital for expansion; and 
for a small proportion, to fund 
“hard core” bank overdrafts, 
or to help existing shareholders 
to retain control of their com- 
pany, or for financial re -organ- 
isation. 

The ;557 companies included 
in the sample, compared with 
the quoted companies, received 
about £43. 4m. of ICFC finance 
in the nine years to 1973-74 — in 
this period the total advanced 
by ICFC by way of loans and 
share subscriptions was around 
£22 lm. Total initial finance re- 
ceived by ICFC companies, at 
various points was £24.2 m_, an 
average of £43.500 per company. 
More than half of the companies 
had net assets of less than 
£250,000 at the time ofICFC's 
initial investment 

A -breakdown in the growth of 
total net assets shows some 
striking contrasts. In' the 557- 
company sample (these had 
been studied over a four-year 
period) tbe growth rate in the 
three-year period to 1973-74 was 
78.5 per cent, for the upper 
quartile, 40-3 per cent for the 
median and only 25.9 per cent, 
for the lower quartile. But for a 
172-company sample (of ICFC’s 
older investments and where 
information was available for a 
nine-year period), the upper 


quartile growth rate .in tbe 
three-year period was 15L7 per 
cent., the median 90.4 per cent, 
and the lower quartile 36 per 
cent. In determining the growth 
changes. between fixed and other 
assets, any other revaluations 
have not been taken into 
account 

To highlight the profits 
growth of ICFC-backed com- 
panies, tbe survey made com- 
parisons with companies in the 
manufacturing, distribution and 
construction industries, for 
which national estimates are 
available in the Annual Ab- 
stract of Statistics. Companies 
in these categories, in the 
period 1965-66 to 1973-74 re- 
corded a growth rate of S3 per 
cent, while ICFC companies 
achieved substantially higher 
growth of 150 per cent. 

Assessments of profitability 
ratios have been made on a 
very broad basis, simply be- 
cause there was so little data 
available. For example, there 
was no information on costs or 
value added, nor was it possible 
to distinguish between trading, 
or operating profit and other 
income. Then there were diffi- 
culties arising from methods 
of valuing assets and of- calcu- 
lating depreciation and Treat- 
ment of hank borrowing. 

Year-by-year profitability, and 
turnover ratios are given, 'but, 
as tbe report itself points out, 
annual fluctuations, 44 which 
reflect the vagaries of the 


economic climate, are not really 
of such great significance in this 
kind of survey.” However, over 
a -ten-year period, it does emerge 
that net profit before interest 
as a percentage of total net 
assets plus bank borrowings has 
shown an upward trend, a con- 
clusion supported by the fact 
that the figure was 2 IB per 
cent, in the three years to 
1969-70, rising to 15.6 per cent, 
for the following three years to 
1973-74. 

In its own comment on the 
survey, ICFC says that some of 
the results must be treated with 
extreme caution, because of the 
size of tbe sample and the con- 
tinuing lack of certain detailed 
information. “ However,, we 
believe that the survey does 
provide some useful guidance 
for assessing the performance 
of small to medium-sized com* 
panics. The growth rates 
depicted may encourage some 
smaller companies to strive to 
attain a higher level of efficiency 
and profitability.” 

ICFC also comments that “ it 
seems that this particular group 
of small and medium sized con- 
cerns can still stand in com- 
parison with the larger company 
and the majority of our sample 
have held their own during the 
difficult years of the latter part 
of the survey period.” 

Small Firm Survey. I CFG 
Management Series . available 
free from ICFC, 91 Waterloo 
Road, London SE1 SXP. 


THE RUN-UP to the start of 
the new State pension scheme is 
effectively over. Employers opt- 
ing to come out of the eamings- 
related part of the scheme 
should have completed all their 
consultation and documentation 
processes and are. no doubt, now 
awaiting clearance from the 
Occupational Pensions Board — 
the closing date for submitting 
applications to contract-out was 
last Thursday. 

Now employers can concen- 
trate on the administration of 
their schemes and on the invest- 
ment of tiie assets. These two 
matters may well have been 
overlooked among all the prob- 
lems connected with reaching a 
decision. 



PENSIONS v 
and BENEFITS 


Investment is vitally import- 
ant for pension schemes. The 
actuary assumes a long-term 
rate of return in calculating the 
funding rate — the percentage 
of payroll which the employer 
has to pay to secure the .benefits 
in the scheme. If those yields 
are exceeded then the pension 


Putting your money 
to work wisely 


BY ERIC SHORT 


THE NORTHERN ROCK FILE ON DODGY RISKS 

No2. Big Game Hunting 


scheme will acquire a surplus 
which can be used to improve 
benefits, or to cat the cost to the 
employer. But if the investment 
performance falls short of the 
actuary’s forecasts, the em- 
ployer has to make up the dif- 
ference. in order to keep tbe 
fund solvent 

What choices are there for 
the employer in deciding how 
to invest the funds? He can 
leave it all to a life company by 
setting-up an * insured scheme 
where the benefits, are. guaran- 
teed in money terms. Many 
employers use these schemes 








In life's jungle, beastly luck follows many • 
a long shot . ..but you can always piny it safe 
where your money is concerned. 

In Northern Rock it earns good interest 
with security —and is ahvays there when you 
need it 

We have schemes for small savers as 
well as for big investors. Northern Rode is 
everybody’s Building Society. 

Save safe with 

Northern 

Rock 

Authorize d far Investment by Trustees 
\ Aroembor cl the Building Societies Assoc iation 
Assets exceed £400 million. - 

BE A Countrywide Building Society 

Qjkf OffloK NortbemJtock House. P-O. Box No. 2. Goforth. 

Newcastle upon Tyne NE3 -sPL. Telephone 0632 857291 
london Regional Office 17 Conduit Street. London. WTROSX. 
Telephone 01 489 3583. 

&nMdh Officer 37 CasUo Street, Edinburgh, EH2 30M. 
Telephone 033 228 3401, 

J-RANCHES AND AGENTS THRDUG40UT THE UK. 



europcar 

To rent a car in London, 
Bristol, Southampton, 
Manchester, Glasgow, 
Edinburgh, Birmingham, 
Gatwick, Heathrow, 
Brighton. 

01-848 3031 

Or your travel agent 

In the US. it 's Motional Car Renta ! 


solely so that they can pass 
these investments on to some- 
one else. But especially for the 
very largest funds, there is 
ample opportunity for em- 
ployers to do their own invest- 
ment, in conjunction with pro- 
fessional advisers, either in- 
house or externally. 

Only the very largest pension 
schemes can run in-house in- 
vestment (earns and justify the 
.expense. ' J For medium-sized 
schemes, external investment 
advice is necessary if you want 
to* do it yourself, and therefore 
keep all the benefits arising 
from investment. And this is 
one field where the leading life 
companies have made rapid 
strides ( in the past few years, by 
means of schemes using units. 

The principle is quite straight- 
forward. . The pension scheme 
buys units in a fund run by a 
financial institution, just as an 
individual investor buys units 
in a unit trust. The funds are ! 
valued periodically; usually 
once a month. Income accruing 
is usually reinvested, hot with 
some funds it is distributed. 
Thus the value of the fund’s 
assets is simply the value of the’ 
units held. The charges pn the 
fund are fixed — both an initial 
percentage charge on new 
money invested, and an on- 
going percentage charge on the 
value of the fund. 

Some companies offer pension 
schemes a choice of funds in 
which' to invest— -equity, pro- 
perty, fixed-interest, cash an d a 
mixta re of some or all of these; 
others simply offer a. mixed 
fund. 

The financial institution man- 


ages the investments within 
each fund — deciding on what 
assets to hold, when to buy, and 
when to sell, while the pension 
fund has to decide in which 
funds to : invest 

This is possibly tbe most 
important decision to make. 
Pension funds will have a steady 
stream of new money awaiting 
investment for the next 40 
years. The - pension fund 
trustees, who are responsible 
for the investment will con- 
stantly have to decide not only 
how to realign their portfolios, 
but. where to invest tbe mew. 
money. 

They have two choices. They 
can decide for themselves what 
to do, in consultation with the 
fund managers. Or they can give 
the --managers complete discre-- 
tionT-in thh investment of ' the-' 
money, by going for the mixed 
fund. Some life companies take 
the view that all investment 
decisions should be left com- 
pletely to the fund managers. 
Others offer a choice of funds, 
to their' clients, but find that 
90 per cent, give the managers 
diseretioxb 

Legal and General Assurance 
(Pensions ;, Management), the 
largest of the unit fund .mana- 
gers, reported a fortnight ago 


that by tbe end of 1977, the 
equity fund amounted to £29m_ 
and the fixed-interest fund 
£37.601., while the mixed fond 
— which combines the two 
media — amounted to £400 m. 
Most clients were quite content 
to leave it to Legal and 
General's managers. 

A decision by a Board .of 
trustees on whether to give dis- 
cretion to the managers should 
be taken postively and not 
negatively thrust upon ' the 
Board because the life company 
does not offer any other fund. 
The large groups which offer 
such funds— Legal and General, 
Prudential and Standard Life — 
regard regular - meetings with 
clients as essential, and want 
to -discuss investment policy 
and strategy .with elients^Thqn 
the trustees have the' option of 
formulating their own strategy 
in conjunction with advice 
from the managers. The Pruden- 
tial does not offer a mixed fund, 
so their clients have to decide 
on the mix for themselves. 

The other life companies 
which offer only a mixed fund 
— also discuss strategy with 
clients. But there is not much 
theyTcan do if they disagree 
with the fund manager's- policy,} 
except to change him. 1 


BUSINESS PROBLEMS BY OUR LEGAL STAFF 


Bankruptcy 


the articles of association of Ihd 
rbmpany provides that if f mem* 
- ^ ^ _ her of the council falls to all end 

Is it correct that debts of a least 50 per cenL of the meet* 
bankrupt business are settled in fags in a year, he shall be 
the following order. Rates, In* deemed to have resigned. Bov - 
come VAT, wages, holiday over, a council member who did 
pay. NI contributions, uns ecured n °i fulfil this requirement is still 

capital re „tr - £ ^*7™ 

Where do the following come in notice of the appropriate article 
order of priority, a bank over* *>( association. What w« 1 do 
.draft secured on a debenture of about it? 
the assets, and damages awarded 

in relation to the supply of ' °“ 0211 elHier raise t6e matter 
goods'* at the next annual general meet- 

6 , ing (which is not likely to have 

The first six of your heads are any practical effect) or you could 
preferential debts and all rank make an application to the Court 
in priority to unsecured creditors, f or a declaration that the mem- 
but- equally among each • other, ber in question is not a member 
Heads 7 and 8 then, rank second „f t he council and for an injuhe- 
and third respectively. Damages tion restraining him from acting 
are an unsecured' debt, even if or purporting to act as such. This 
there is a judgment for a liqui- lat ter course does of course 
dated sum. The debenture will involve the outlay of money in 
have crystallised and the deben- bringing the proceedings in the 
ture-holder can exercise his High Court, 
remedies under the debenture or 
(on valuing the security) prove * 

as an unsecured- creditor. ' 

*1 No legal responsibility can be 

Council member.™’?' ^ ^e' Financial Times 

for the answers given in these 
An association of which l am a columns. All Inquiries will be 
member which Is formed into a answered by post as soon ds 
company has a council. One of possible. 






For a long time Australia has been slipping in importance 
as a market for our exports. But it still has great potential. 
And it should not be Ignored by British exporters. This 
vital message will be expounded by a team o£ leading 
Australian industrialists who are being specially flown to 
Britain to speak at a series of one-day seminars, sponsored 
Jointly by the Australian British Trade Association and 
tbe British Overseas Trade Board. 

The seminars start in London, on Wednesday April 26 th 
at the Inn on the Park Hotel. Opening this seminar will 
be Mr. '-Edmund Dell, M.P., UJL Secretary of .State for. 
‘.Trade vand the .chair will be taken ©y Sir Frederick Catber- 
wood. Chairman of tbe BOTB. 

F’or details please complete thB form below and return to: 
The . .Australian British Trade Association.- 6th Floor, 
port and .House, 18-20 Lower Regent Street, London, SW1: 
or telephone 02-930 2524.- 


Louden 
ana April 

iGUsun* . 
■4th Hit 


□ 

nimtngfuB j"TV u - ■ ’ 
fffc April . Lj- . 

‘Brtnei- 
> 2nd Mar 

□ l 

,o [ 


. KidiMr tri 

•th'.Mor' . . LJV- 

WafcrifeU-. 

Mar 


- - ..V : 




} 


BLOCK CAPITALS PLEASE. . 












4 


14 

LOMBARD 


A chance to be 
efficient 


Financial Times Wednesdays March ^29 ii ^78 

Solving a problem with just 25p 


every one- of which would pro- rounded Uke some fine, thaliu- The aqnilegia's second virtue la bought as seed ii a named Pka U next Mhy. HUier wy anun u ,lwid easy, flowers, 

BV mi 1 M lnNPQ ' ' SSSifStSSt 1 ? m y mind d°° the exceptional range oE colour in hybrid stain. McKana’s Hybrids you have to wait fto a lltSe effort is unpecttM. 

BY COLIN JONES round to digging it up by mid- rarely positioned for these atone, its five-oetailed towers. You are being one of the best and the yw will have raised 60 or so wnen a muj* 

A POINT often overlooked when This raises two issues If — classic mixture- for familial no doubt, with those longest-known. Do not bother to without much difficulty for • A ff ortf lATI ' ' 

the contents of nest month’s notions fSrchanee be P** 1 ®®*" is toe.fotf of an iris, tong spurs or points, which stand save the seed on your own plants .-_n w , the oddity. It te not too AufiUllOD 

ZffiT&unrsrs SSra sews 

straints imposed by the tax configuration of the computer would only notice It when it was vrtien youmt in eariv^sarin* The ' blliwSr served of water This is easy to assume that they are 

gathering machine itself. As the system will be compatible. A doing something interesting. It to? SSmltt Sr- naturally dying down. Bnt is 

Inland Revenue is now organised. Revenue study team is looking it not a place on which I intend S2?e Sow «S? wall wethS GARDENS TfUDAY S? Tfou early July thc.varo^Hlte likely 

it has no more chance of coping at a U the ■ Ukely starters-frora to spend any money. It is the rffl Lfrom £ UMKUEN3 I U-KJAT follow from ^ do nMwant 

with a tax credit scheme or a tax credits and expenditure- sort of. place ' which all our their tone raain^t ?hev will whilethev are Sll to vanish like some **rly Oriectai 

Meade expenditure-based tax based taxes to the taxing -of gardens have, and as I think I “me Son ? m SJ^ed where ' ' ... BY ROBIN LANE FOX Should pappy. Soak them from avrater- 

tban of teaching its staff to By. short-term soda 1 security bene- have Just settled its fate for Su can oveSok^ttom wE£ - ' ' - L Sed- aromd. You tog can into which- *v»tt fere 

It is already having a hard fits and even. a local (including about 25p 1 pass on the result jSSe,^eir ISSStofi smsou is • ^„,^urSTtl»Swtere they mLd two tahlesptfcrafuls or 

SwaSSs » &“ 5 H£ 3 £s 5 a a»r ss . £.■££ fear - as? 

'« 8 rg£X of tie u.ff&'vaatf ans Three virtues ^ SEEK gSSi £ §*« 

lnacL S Sv inSUS Si E,i where they were never expected, emerge -the Hme-green stigmas. They are hard, black and easily Sey Se to root deeply beside plants for 

growing complexity of tax leaf* amd. on the^Revenue’s Present .Tbe.aquilegia to a thoroughly I have long bought that aM these This central cluster is held handled. From a packet you will paths whose surface cools a batch of yoi^o^comagon. 

latiom the™ ww taxes wtocb thnetaXe. «e deefekm Iruftove charming plant It is a shame leaves should be collected up and together by five inner petals, or waste very few. At this time of roots, or between gaps in paving Begin this 

mvoniinMh ni& me :a > wiswn win nave that its English name, columbine, massed where they would be sepals, which are usually cream year they should be sown in a stones. They will go deeply soon see their value -fa slightb 

Sucei the elf, „„„ “ WlM *> the bindweetf seen. The blooC-rS^ouns shoots or JeHow in.cdo^Ttare are Sn plaeetoa »«lho“ vSeh toZSnJt Md toft WKer l£r- snnleB comers.. Yog eennwer 

ha?tAk» n i. ET f n lf tt £ programme goes so that it is not so familiar any of paeoriies, the bjue-grey young tow flowers so elegant and few. they germinate, prick them out niittiiie will fit into narrow have too many, for the aquliegfa 
MroS tS ZesholfeTe 5 SfSiAsS ^ T™' f°™. *** “ th^lluoVgreeS go. *hleh «e so^perteialty to Jnfther b^»?“eSn to b i this « . friend when root™ deeply dtywHw rfe 

oredtoction rin rnXVaX to Sv SS tJ ? e aquUe ^ a *** special stems of a Day Lily are among bright that they are aeldora putting them out in their perm*- Soodlv told me that she has is above all the ptom to be tucked 

fho A^ C0 ^ e e r “?^ d e i)efS ™“ e * "** 0M ^ <,dllit >-' *• best in , S^dea ia oiomioed in detsOL Seat home in «riy Jnl, or ftere- 3wt bedded til her oqaileglu awe? wherever yoa choose. 

in tax administration almost to major changes in the structure 1 • • ‘ •: .- • • 

the point of pedantry. of income-tax could be made. It ’ ~ 

By far the main reason, how- also means the tax machine • - 

SEiSnSSS SSSS Eddery’s journey to Catterick Post Office wins £ 20 m. order 

tion. But it is still a manual present system is further simpll- . **■ 

system, just as it was in 1944. fied so as to create some snare • • w • j >i i i • - „'l . 

Every item of income, every capacity. 1C Q him WAFlh TQ I/1VUT HNANCIAL TIMES- REPORTER ?. 

allowance, is recorded in some The decision to go ahead will - 4X Hill L ™ Af n. 1-1 1 * 4\ " ‘ 

^^h^^here b are , now i 83lww C tat invoUinz^ outlay arMywhera • THE Post Office has signed a largest private contracts handled line, the National freight Cor* 

men as against Bi.000 ten years between £50m. and £100nu accord- PA ” EDDERY, who achieves trip on his xaee- course debut where he runs in the Shorndiffe contract worth £20m. with Great by the corporation, and repre- poration subsidiary. 

ago and 31,000 20 years ago. This ing to the present guesstimate. most of his successes in the Jere two ^seasons, ago. ^ Stakes. Universal Stores for carrying par- «nts some 75m. Items, These are. mainly In the two 

is why. unless something is done. Computer technology has moved South, opte for Catterick to-day School is given a reasonably con- In tins event, which is con- ^ catalosrues. ' nn last year’s contract with GUS. to three 

the number will soon exceed on since the 1960s: so the in favour of Folkestone, and the ®^ ent vote over last yearis win- fined to second season . . R is understood that of the where the Post Office .is now 

100.000 as Sir William Pile, the Revenue is thinking of- a system hint could be worth takine M<1 course and performers who- before March 5, Covering the 12 months ending . extra items, about 1m. have been more competitive than most other 

Inland Revenue chairman, based upon computers located at p fw w . . . . ' distance scorer,- Pal-- Dan. • .. have not been placed^ first, March 1979, this is one .of the 'min from British Rail and Road- carriers. 


Eddery’s journey to Catterick 
is a hint worth taking 


Post Office wins £ 20 m. order 


HNANCIAL TIMES- REPORTER 


“"OHU #»wicuiUi kmuiuiuu, Udacu upun 1 UU 1 LCU O.V Tv A f-» liTrtUirvm’i. ^ 4 -mV.Ia lAntm* - _ ’ , r 

warned the Public Accounts Com- its 15 new regional centres from Another- jockey: who it Is, «cood .or ftird in any race, 

mittee last week. which information could be f perhaps, surprising to- find, in -v a 2 

summoned un on visual di&olay ^cht^Ttoni^iFp ) travels l.« ,ui,h >» "leading juvenile of 


* i SAUJff *■*» STS her, .^te m <w. 5 

• Overtaken U WbS«uSow manv of the principally to partner Hedge This extremely strong and quick can get the trip, 

fph t i j t, j-,, latter there ought to be!* an on- School for Benya Smith ^“Jko thinking rider who back in 196S However, with his dam Slip- 

The Inland Revenue did once £*7 ™tem Hnkin® ill 770 prtst- Mature .event— the six furlongs was locked in a battle with stream best at seven furlongs to 

try to do something. In the j L ne ggf® m Faverdato Handicap-a race Piggort for the lead in the ^mito ^ Derriim Do his sire 

1860 s it drew up plans to base “gJSe SS* rSucine the? took a year ago on Jack jockeys’ championship when he a miler backersimist be advised 

PA ^2 TJT Ia ^f h comp “25 SS would enttdl reS estate Hardy ' s Wltciiea Broom - drove Gtod Rags home in the to taad wariS”tould SSSd 

ce ^d°«fd and union negotiation problems ^ Gutaes 1 . looks set to take conditions worsen. 

But it had to stop afte. the .. . *« «h » the Whorltan Stakes on Rate. It *riH bp interesting to see if 


PAYE on nine ‘large computer Ser w-ould entaU reri estate Hardy ’ s Wltct «® Broom 
centres dotted round the country. J ^ 5SJS“ _ I ®“ £££* 

But it had to stop after the SjJ ? t nl ?iSSSS S? rISSSTS " 

first had been built at East B “* ** ** ® ' 
Kilbride — where 2.500 taxmen ■ 5£!?h.^.wS2i Sf 1 ?* D APING 

now handle the aiTaixs of 2jm. fLlS? 1 !! KALINb 

Scots. It stopped not because it ® r policy and as «v r>oMINfC WIGAN 

was the wrong kind of computer techno ogy develop fiT WIGAN 

application (which, seen in hind- * wU1 ^ interesting to see how 

sight, it was), hut because the ? e A E*!P t !!F A n*! t . . ft T 

Heath Government arrived on ? 30 dies this one That computers Although the four-i 


me wnoriwn aiakes on Bate. i t will be interesting to see if 
_ _ _ ... _ On his only previous appear* Under Orders can repeat his OPERA & BALLET 

RACING ance, this hay colt bv Boi Lear victory of a year ago — again with coliseum credit «m oi-mq sum. 

ollt 01 degress® was far Carson aboard— in the Aldington E nSi2S ?i1t?q^ - owi* • - , G 

BY DOMINIC WIGAN disgraced in fintohine a 10- Handicap. Tpmght. Fri «q Turn jot j.« Fgrc» 

tooths second to Paul Cole's The On Your Mark six-year- X'mS 1 ‘ Jwm'miiSEK 

Crimson Beau in- a -valuable 10 old, something of a course <*»v « performante. _ Mail. 

Although the four-year-old turlon ® «»» at NCTnuarheL- VjdllM. wp close without mnm cc . M 


ENTERTA1NM ENT GL IDE 


^SWSSSi^ePSSSBiff THEATIttS TKEATRES 

^ssn«j! T i.sj^.rs» B !a nt- 


— * Ingrid rirgmam Mi s.oo m) 9.-JQ • 

wSlDY MILLER PATRICK CARGILL A TONY AN HOLT 

OEREK DORIS FRANCIS «,*?««-- - 

ODOPREY MARC CWCA ^ 

WATERS OF THE MOON by ANTHONY IHAH-tK 

» Ingrid Bcrvman wSiwa tM »»• “ 5MU*B Mia bUji MNm> i 'jJ. *" 

ndtaMM. UllHalltM cMrlgnu,” Ora, uUtr MU) Idtll lw. - Punch. 

Euli "CNohr te*SSb." SIM. “it Phil urn- mh! nm agjffi. ■ b. rn. 
MM. “ Evgv fcl to *A. Mult. L I »3 Li. 


at the question afresh with a Puterised tax machine should be may still represent a ought to open his account here 

view to putting a scheme to S u JS5f ^ • mo T e accurate, more worthwhile bet. without too much difficulty. 

SSS = JTU ttfUBSPSA 

ThPv akn talk a int niwmt w certain to take a tremendous provide a better bet for fore- 

2USS wSThSTS?® ft Sdency H?re woJd be a unowt of beating here if he cast hackers than the clearly 

qoming Lahour Comment to ctonce for taem to show what m9 ^ m Wentwortfa *“*■ 

1974 that tax credits were out), they mean in an important part 5, , m .. aete « l J ° n ' jB0 . r sf. ° y Guy Harwood trains a prom is- 

it now wants Ministers to agree of their oven bailiwick— unless, of *4 ing grey colt for Mr. Jim Joel 

to the existing system being course, one believes that efficient * six-niriong nanaicap at -ta?" in Hehnsley and this three-year* 
computerised before any struo* government and efficient tax dock last spring. old, a dose fifth behind Blinking 

tural changes are made, rather machines are much more The winner of a poorly con* on the July course' last August, 


than the other way round. 


dangerous than inefficient ones. I tested event over the minimum seems the best bet at Folkestone, 


FOLKESTONE 

1.45— r-HeImsrey— 
&I 5 — Sicasanta 

2.45— River Mahwa 
3.15— BUnlgoId 

3.45— Paretos 
4.Z5— AJIes Vile 

CATTERICK 
2.09— Legal Myth 
2J0— Mister Tim 

3.00— Hedge School** 
3.30— Lazerof - 

4.00 — Fair Kitty 
4J0— Rate* 


THE ROYAL BALLET 

ML 7 JO O.m. Manen. 

THE ROYAL OKRA 
Tamar art Mon 7.3 0pm. H trevEM 
Frl 7. Sown Oeath in V*nMc. 


TO “^“aKi'g. gksvft'™ W - 

■« Y ^ U “f Y * na TM, 

traveIlung JSBSPwvn 

with OE«EK GRIfFETHS C.OL 

Directed bv DURT SHtVELOVS SHAW THEAT1 

Cvcnmgs 8J3. mu. Wcd. aM Sat. 3.0. chicken 


Evgv fcl t o SA. MaU. L I ta Li. 
SHAFT ESBURVl a'jS 65S6 

Eves, at 9-0. Mat*. Thun. Ml. IB. 
John AMW* vMJun Dw.«r ■" 

Thai teseneary muiicat _ 

“ LUSCIOUS MUSIC. 0<k2£LING 
COLOUR. 1 ' E. News. 

' by - ARNOLD _ 


FH 7.30wn peatn .n THEATI^ SSi 7«B. 

Iki~, IQ Thor. 3.0- Fli. Sat. 7 JO. OJO.‘ Free* m. pme SA 7-30 . AAL-5EATS £1 ■ 

SADLER^WILUJ WEATRE^^AvJL : M r" - THe ROOtY MORM>R JMOW > STRAND. *• OO. 


BIT t^t-ckvWR and S.n ^ . 


■ Awl I 1. Ehh. a.0. Wed- Sat. UA, 9. 
™ MISS GINGER HAGER* 


and Special Cent Stars 
DONALD O-CONNOft 

TUPATRK and CHARUE 5MITHCKS _ 

TMfcAlKti ’•anaer Ra«er* sweep* tit* awftWKA 

ABfnM, THEATRE. CC. Oi -OM W*.' M Ih* faltaEHw* <Ht Its i^et . . ■ IV* 
E^STsorSuarTtora sVuo. Aft ,« 1 « hect OJ an act . . Dally MaU 
IRFNE * ■ ■ . i ■ *■ ■ v— 


■ IRENE « 

THE BEST MUHCML^ 

OF 407C7T977 and IS7« . J 

— LONDON'S PEST NIGHT OUT.*-. 

ALREADY SEEIsTT av^WML y "J OWE 
MILLION THEATRE tSOEIS. 

CREDIT CARO BOOKINGS 836 TBIT. 


London palladium. CC pi 
•: FROM MAT 2S to- AU1 
-• THE -TWO RONMi; 


V 7B73. 


H E- N EW 

umuin 


t Indicates programmes in 
black and white 

BBC 1 

9.40 non. Roobarb. 9.45 Jack- 
anory. 10.00 Why Don’t You? 
10-25 The Boy from Lapland. 10J59 
Lippy Lion. 12.45 p.m. News. 1.00 
Pebble Mill. 1.45 Mister Men. 
3-33 Regional News tor England 
(except London). 3.55 Play 
School (as BBC -2 11.00 a.ro.). iJtO 
Touche Turtle. 4^5 Jackanory. 
4.40 Screen Test 5.00 John 


Craven’s Newsroimd. SJ.0 Grange 
HUL SJSLndwig. 

5^0 News 

5.55 Nationwide (London and 
South-East only) 

6.20 Nationwide t 
7.00 The Tom and Jerry Show 


10.55 To-night . Court. 2.00 After Noon. 22o MO Granada Ram uo H«»v Dw 

1135 The British Connection? Hadieigh. 320 Paint Along with *■* Kaireny - 32m Gcw ®* BamiUoa rv. 
12.00 a.m. Weather / Regional Nancy. 3.50 The Rolf Harris Show. HTV 


miraculous musical." 


ST. MARTIN W. CC. 836 14*3. to B CO 
Mat. Tu*«; 2M I. SM. & fri. S i B. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST. EVER RUN 
■ 26t* » YEAR 

TALK Or THE TOWN. CC. 71* SMI. 
MO, Dtiwnfl. Dano no. <L30> Sopw Rcvua. 
R AX ZLE DA22LC. . 

.. TAA OE LEU^ 1 MM." 

ritamM < ' r |SvMK.'r /' 730 i»*V4. 

RY NMM William* 

VAUDEVILLE. 836 M». CC E>B*. at 8. 
Mat. TTtaa.-S.4S. Sals. S and 0. 

_ DUiMl SHMIOAM. Dulcle GRAY. 
EtaMidP SUAMMRFIEUt. J.vtk- 4 . GROUT 


News 420 How. 4 j 45 Pop Quest 5.15 

All Regions as BBC-1 except at ® a _tman. 


the following times: — 

Wales — 5.10-5J5 p-m. Bilidow- 


7,10 Max Bygraves — This Is your car. 5-55-&20 Wales To-day. 7.00 


Lunch 

7.40 The Liver Birds 
8J0 Miss Wales 1978 
9.00 News 

9.25 The Hong Kong Best 
955 Spoctsnigfat 


Heddiw. 7 JO In Our Nature. 
7 j 404L10 The Liver Birds. 1L35 
Max Bygraves — This is your 
Lunch. 124)5 The British Conneo 


1*30 . ML News and hum News 


5AS News 

5.00 Thames at 0 
CJ5 Crossroads 

74)0 *17111 is Your life 
7 JO Coronation Street 

8.00 The Streets i 
Francisco 

9.00 Send in the Girls 


xu» mu. Popeve. XUS Tow Can 
Make U. XUO Prtcaira People. U0 p-m. 
Report West HeatfUnes.' U5 Resort 


- — — ~ — — LYRIC ‘THEATRE. CC. 01-43? 3 W 6 . Ivs. a.u B . wl f, ... " li ’ . ' a*" ' m ’’ * 

AUur K«5 36 ai6 3 nSFb t SSt ■ *" • “"“ti&S*' F^OWRIOhy *“* BJ0 ‘ Ha y ' 

ass. 7 - 4 a‘ I&usand* tim^wel'come is. w tA 'newest wHon!?NNr!rt^T 

* M,RACULaJs l0 ^ L ^ S «n. rime*. mm. 

ss Rtg hundred ^ 

S " m 


Waite*. Headlines.' 2X0 Brio Yourttlf.1 ALDWTCH.^W J j«4^^l«5^WJ S’**- 8 . 0 . 


ROYAL SHAKESFBAIW COMPANY. 


9UTVITU. UIHIU UK aptR AKi. ■■"**■—* — j pnhUe 

SJD Crossroads. U 0 Reaon West MS SSSSlmin^nSS 

Report Wales. 6 JD Havoc. 8-00 Rafferty, London *e*son of a sl MiowfYi 

HTV Csrmrn/Waka— As HTV General henry Vw! HENRY VT plays from 
. Service except: 1 R1 -L 2 S pm. Praavdan Stratford- eo s pace open toot »m.w 
a Newyddlon y Drdd. 4J0 CbvedUu'r ^ aP i 

Btedan. IMS Un TTo. MJS Y »« STS^oc 


“A conmtilonmiimw, fierce N eAowmt Free*, from April 7S . Dunt M*v 1. 
MOUSE *«2 WAREHOUSE. Donmar Tneitre. Covent 

^omn April ' lrn,,i,OSl A- News. SpriMndiflfl. «»• Garden, aw 6»oa. Book n<m for new 
by post or — - ■ - ■ ■ — • ■ RSC soaton from April to. Strindberg's 

mr WHOSE UK' I**rr ANYWAY? - TfKSWPVJO’S THE LORCNACCIO STORY 

S ROU . hsftbsS/b ^arate^ 

Story TtOtCt £6-50- Paul Raymond presents me bonsUIW a] 

■ NATION AL^TraATWE ; ‘ ‘ IW8'Z2SZ - ** p ’’Ihroat" ^ 

Dl IvIFR ft w fsi etanol* Tiui>* V Tit 1 lHiiWAl 


F.T. CROSSWORD PUZZLE No. 3,628 


Weather for Wales. MUD D ave Allen 

Scotland— 5 SUM pjv. Report- H4)f The Champions 
ling Scotland. 124)0 News and 1*4» Night Gallery' 
Weather for Scotland. 1325 a.m. Close: Rudi 


DtcUL 

MTV West— US-U0 p.m. Report West 
Headline*. SJKMJO Hcuort West. 


..Northern Ireland— 3 J3-3J5 p-m. *n .. i.nJM. asb ™» Hneaeo. «a me* ana aimas. - . ___ OLIVIER. {omu sum); Toni 7J0 Last 

Northern Ireland News. 5J5-6J0 5J» Crossroads- ADO Scotland Today. AFOU.OW n?H 1 A S io ! * 6 Lit.' s^Sd s'“' Arm tHE STARS 

Scene Around Six. 9J5JJ5 Spot- mpt at the foUow1n e tJmeK “ w^e “ -^SSfesiS: «8 Sbn S^SHS. ° eumr - Toraor ?iD Th “ 

light on Northern Ireland affaire. ANGLIA 

12.00 News and Weather for uao air. cartoon Time. uj» Return cnTTTinrDM 

Northern Ireland. to .tin Planet a i Uk> apos. XJ5 p.ra. uUUI ucnit 41 

. _ . Anglia, News. ZOO Howesanr. 94a Ttw WB mm. What'S Sew. OKI Return na-ssss =^=s-._ - ts:-5svek*-_-“j ■ •_ 

EaghUKl — WSE29 p.m. Look AndyWOUams show. SJ5 Mr. and Hr*, to the Planet of the Apes. UJ0 Winning 

Bast (Norwich): • Look North "otaAMiia. mo luffero. un *» mu. us.bjl s witera ww. arts theatoe. aiw - fmr s lSSTim. “S' ZGSPgSSk 

(Leeds, Mandrester, Newcastle)- ^ BI * Owston. zm Hmsejaro. xso The sauhrois. 5J5 dirty^unw - *1! 3 “5 Wr ” 

MuZa. tT*xr ' Beny Boop. SJ0 Crossroads, an Day - HiurKjos .j vi* «,■■ Sammy tvobv ft»_n_part lu C*r b?j* . Rwtaumnt saa 

Midlands TOHmy^(Binmnmam), A TV hy Day. wn " Tbo Discretion of Doral- toiSrtt ThartSy A 30. Frtdby and _aoS3. Ow«W_card bfco* MS 3QSa. 

Points West (Bristol): South To- «S ajn. SomaflUna DiffenuR. XLM art* Ayres” fplajr bosHt oa *» book of -• smirdir « 7.00: mid fti«. old yic. • au 7eiG. 

day (Southampton): Spotlight Bold as Brain. 1U» Professor Balthazar, the same 'name . by Matthew .Vaughanj. — — — — — .... The oid Vk: Youth Ttwatr*. Acrti io-T5. 

Southwest (Plymouth). '& ZTZZ 

BBC 2 Today. MS - Vnar. tja un. Th* ’Sod^rt^rflowcd by F^dS- W sre^f*’®’ *K 5 - ■Si*^r'^fflv 5 l S 5 

JftAS pf 1 " ^ hart>ar XXJ0 AUL d» UctJY- aiff« °t^ S a^ 3 Ew “' b '°* 


114)0 The ChampionB SCOTTISH 

1100 Night Gallery ■ - Xum ajn. Mr. Magoo. U-« Too Can 

1225 a.m. Close: Rudolph Walker Make R. ius Westwav. us nan. News 
Deads 3 poem and Road Report. 100 Women Only.; 

AH IRA RmHm,, t nn^nn The Praetlco- XX5 Ptoet and Eriends. i 


te l ephone 101-636 eaoflv. ■ 

g. mSTrM 

' LET Ttre^CMOO nW* 5 _ROU. 

The MHna Stowa* Mery 


ANNIE . 

— • A NSW MUSICAL ... 

-- eROADWAvs bksSst: HIT 
p«v*y*. from April ML Oa enl M l. 

WAREHOUSE- Donmar Tneacre. Covert 
Canton. 836 6308. Book now for new 
RSC acaoon from April 10. sirimlbcrg'* 
THE DANCE OF DEATH, JoAn four* 


NATIONAL THEATRE 


• MS12U 


DONALD 


"Think, or .ereuiw 

■VYtCKEDLY FUNNY." Time*. 


SSS^LOE <amaH MMn4i Toot 7 ' 


^ {{pTHE^OU^’Am V m^BTAW Dat *° _5 ¥ « vrt, Olnilibl OUWIC demand 
toSnn acafiFrSSor Tta S*5s , “* d : „«•» ertr* nerti. on 

OrrfSrt. ^ 1 “ *'*“ »«nr Friday 6.45 and 3.00 fr om M a rtn 1' . 

LYTTELTON (praMmlum »Hl : Ton-t. WINDMIU THEATRE. CC. 437 6311. 

THE GUARDS- Twice hi Inti civ a. OO jnd 10. CO 

MAN by Mfllnar SnplUh aerclon by Frank OPEN SUNDAYS B.Qo and' B.OO, 
MJ£SSSl ' PAUL RAYMOND preycM* 


DIRTY LINEN . Manyewwi«w cneav 510 mi 3 ttr 

Wia H.'^SUWNV TVoHf dw of pert. Car park. Restaurant 93.S 
ySSSSS^'-ftarSR\aSr _aos3. CrWt w iw aaa aosa. 
Saturday at 7 . 00 : and old VIC. • tu : 


auront 92.8 You may drink and vnoLc in tfie - 

3 ° sa - ' audHnrTnm. 

a 20 7616. WYNOKAM-S. B3G 3028. Crewt card 


— — — Tite Old Vte Yqjrth.Tboaoe. Acrti io-T5. bkgs- 836 1071|2 from 9 a.m.-: p.m. 

ASTORIA THEATRE. Cfmrinn CrowRoM. CMtKaMUaaiWt Qrele. The Waan- Mon -' Th .^- * B.SO. 

01-734 4261. Nearest Tube: Tottenham ^ ' - - flIC ”/ 


court Road. _ Moo.-iTiws- n.a 
Fndrr and Saturday 6J» and 


MfST-Thurv" a.oo p.m ProspKt at The Old vk. New season 
rtSv 8-00 mm Itas. warts jApri l _2Q wltR TureHM. * 


UJ6 Westway 1U# P.m, Border News. 


lS2 Siiri hRrtar UJd a.m> Jtuuffe l^dSd d» Iw 

3*4® Psresa buitonpoMore. u« Yon caw Make XL a * a j - ™" Bait _** H"* f5? J 4 ”* - 

*» BSSTS Headlines S|L 

s ““. ^i»***" Sffsfixiif&zaiSi 

lio n^Taeka - uao a.™, Cartoou TSnt UJB You 

2*12 ui ojw ilSt.' KM .«■ can Mate IC ujs Whatway. UD imb. 

9.00 Gill My Bluff Lunchtime. XSO Surrtvai 428 .Ulster 

9J0 Play of the Week: 1 For Tea tt^Toww cS^aKio^s.^A aS«w^ f« Ueat ?Sf 8 -,^^ ft, L, DoK 

on Sunday' by David MTu* ctSi sT-Z 

Mercer Beatloa (eumonL MO Rafferty. WW» JfP 

I0JM Arena: Theatre channel- Ua New* VIM News and £S^- Ma * a “ CmDL LU5 * M - 

WESTWARD 

1120-1120 r.lncmlnwn TincallnH HP AMPl A 7VT “Y C3 1. W AIU/ 


ELVIS Saint Joan. Phone bon office for drain. 

instant Crept Clffl RWWWtJom Eat In Opaai n, ■ o— cqen , _ n 

oar tiMv-uceoam Restautwit or Buffet 0909 . Cvjm, 8.0. 


Bor lonctitlme- and before or after snow _ Triple Actions, owwgua. 

— book*** in -advance. PALACE. Credit Card*, t 


BEST MUSICAL Of THE TEAR 
EVENING STANDARD AWARD 


r. VER «.f°S HV * Evening New*. 

Mary O Mallev'i unash-hii Qxntdv . 

_ • „_° NCi A CATHOLIC 
S°l ,fien * 0 .««>»dv_op *ev and religion. " 

"isSHSS® with ■■ 

LAUGHTER. “ Guardian. 


. ■ CAMBRIDGE. CC. D1L83S MM. Mon. to 

tHLSTER Tlrere. B.OO- Fri^jL S^S. 8JO. 

8 -»r Cartroj T^e. SUB Ton exciting black AFftrCA-N musical 
an Uahe IL UJ5 vnanway. UD ml ■■ pulsating musical." Evening News 
unijntmp ■ 3J0 SurrtvaL 428 .Ulster THIRD GREAT YEAR 

ovs HeadUnes. 5.15 Dyn om m i the Das Wnncr top-pffci tMt m«Z 5 Inc. 


FALACgy Crecttt Canto. 0T-437 M34. LAUGHTER.” Gu ardian. 

Mon.-TAur^ ^0- FrU B -*° YOUNG VIC (near Old VIcTica 6 mj“ 

JESUS CHR IST SUPERSTAR Tonight 7.45 TWELFTH NIGHT. Now 

PHOENIX. 01 4X 7431. itST, *®?IJSitS tlllre Coreoenv'* 

ETBS. a. Mat. Wed. 3 SU*. sSd S? T" a XS , '! , "". l,, »-,*iACBETH opening Area 
. . _ FRANK. FINLAY lr> !?**» «- 0 D llwaWN Pooled vnttl 


- _ FRANK. FINLAY l» 

ew S A ^g? T -^ i *LL M - n - 


CINEMAS ... 

A BC1 * * SHAFTESBURY AVE.' «* 
U61, SOB. Pert*. ALL SEATS BKStt 
J- re? J? Tamm Ol AMoS Jjj.' .wC* 


1L30-11AQ Closedown. Rosalind 


Shanks 
Station ' 
Bishop 


GRAMPIAN 


OMTOY. .W-»30 ZS7B PHOENIX. 01-886 8011. AprH 13 SgJV • M. 3 Tha Gondbr* 

so- / "Hm B rooks-ta y lo rT _ Gih (a>. wl. a sun, lo o 5 . 10 . b.io p - 

MOIRA tl SftR e TONY BAfTTON Cffloine GAfiOGiu CAMDEN n* ■-». -™ j * — 

Margaret COURTENAY. OornMRt WALSH THE UNVARN1SHWTRUTH '■frt?r, CN .o^LAZA '°pp. Camden - Town 

THE HIT COMF-Or THRILLER A COmcdr[w^SVcr.«vnON mumwl 5 ..Robert Breuon * 

_ MURDER AMONG FRIENDS OEVII. FRO0ABLY (XI 

NKkmM, armed rodtierr. double bluff 4X7 4S0S- Ciwit card bkgs. *'* il °- so - - . 


a _ a< **!*_. U-80 am. Cartoo inline. UJS Yen Can ■■ Wedonwi. .armed robber, double Wun "SgADlULY. 4X7 4»«. Cmtt card bkg*. 

Sluing MS AML pint TWHX IL® Canuoa jL» atw !, It tc Wnstway. W . 7ft p.m- Gust and murder." Times. a srood deal of rao 10713 .fram 9 «m-I p.m, Evgi. 
limhBih Time. XUS YOU Can Mahn IL UJ8 J. wullL-.Si fun." Evenlnfl News. 8 Sms. *-*S and 8-IS^ Wed. Mat s on. 


Elizabeth ^ IL HooeyWa Btrthdajm. ' 12D Westward 

JESS* ■ yS, & lll a, *ff"5“ N f?f News Headlines- JJ 0 The BnOOlitf ol — 

HeodUnre. Ut WUdllfr Cinema. 525 flje xb*o r of Londoo. 525 A Reason fbr CRITERION. 


fun," Evening News. 


la Search of . . . earthquakes. 0B tmus- ■ 6J» Westward marr. too 
a Wcw * roollL miTertr. 1028 Westward Late News, 

i.Ot Rafferty. 13 00 Refiecthma. 3248 Faith for Life. 


1 1 * 1 — 1 1 1 1 1 l-l 1 - J ■ T/^lVTlrtW ta S® 8 *’* of . . . Earthquakes. M> Living- ■ 620 Westward XHarr. *J» Evemnu* o 

ACROSS 6 Having three side* more .lAJmJUW , ^ NefW *' v " w =« 4 * 

,» ^ GRANADA ^YORKSHIRE ™ 

person ( 6 ) /51 s or the Mohicans. 1U5 Oscar. 12J00 V* Se ®™ 8 arfeeL 120 mb. .hob a. mi oun Oob. 100 wretway: D rury la 

4 Dress-tie knotted for a female _ lr* , /s , Cloppa Castle. 1SL10 jlul StenpiDc y«r RlohL sso Tb* Amaaftig 120 for. Calendar News, sso houso- Ntwit s!oo 

iournalist (8) 8 Toe way W travel— walk? (S) c* n ^ iVan Soun&TTrf RmShf WorU 01 km^ob. unui b rmr Darty. 52 s Mr. and aars. uo Calendar .7? 

in rt ■_ TVc . 1 . 1 . 9 Be present at a race to the hSS 8 rwj°T RW“ I8«i»d dmnca ta tee mart lEmtey Moor and Belnunt editions). 820 A 

10 Cleaner the French beat to lwi news. L29 Help! 1^0 Crown moettma programme). . 525 : croorwds. Rafferty. 1221 a nans. _ 

make quack (9) l4 Sketch part of ship and device . ■ “ 1 — 11 duchess. 

11 Bury fatherless painter (5) which may give it free RADIO 1 247m «>• in short iwno. xuo m Theatre rs). un choral Ereniiong. os Eras, a.oo 

U liln Himrtion fnr 1 si.mra /4) / 1 n> ffliuiLta* ^ MUMw Concert, DUt * 2: Brahma (Si. Story Tima. 5J» PM Rroorta. 5M Ka . 

NO airocuon tor 1 across {*J passage (10) tw smnmmemc huiKiil un Ncwa. LOS Vlrgu Thomsan ud Serendipity, tsjs Weather, unmmint fih 

13 Held back rush to take in 17 Telephone receiver placed on _ a s Raffi g s. j* voei EUsahotn tmyons. sons roetuu (s>. news (vhd Resume wews. i>m wc«l 

ctnek (101 boundary (4-5) SSftiJtSb.y^ra*^ 7?i Biotic Knud of . . . the 6J0 mj music rsi. ~M0 Nova. ?J5 The ou • „ 

510CX (AUJ . s .1 BUTMrt tnOndlns USB PJTL NewtfwaL OnhlcteUe <m record (Si 255 The Cal- Archers. 728 Sar U m EnclU*. Only D S5? utL, 


:n iter ion. cc. <n-93o 3ai«. 

EmiMSt B. sm. 9.30. B.SO Thura. 3.0 
. . LESLIE PHILLIPS 

* ImwcoU* . . , * imR W'" Sun. Time*. 

"HILARIOUSLY FUNNY.” N. of World. 


DRURY LANE. CC. 01-886 8108. Every 
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THERE IS A GA^ in my. garden easily handled once you know it April. Like the leaves on the They are bright, of course, abouts. Otherwise, % you ran waij }?*° d ' j In the red ±ad 
(one, I assure you, among many) I will give the virtues first. Prom aquflegiaa they tend to be because their colours range until June and then tne seen vokom Mtt B -~„j en al Riwlug. 
between the point where an April till mid-May, the aquilegia neglected only because nobody through indigo, rose-pink and out of doors. But by sowing a ywiow coloure, 

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23 Mental lapse upset bare 
allowance (io> 

25 A note starts resounding from, 
.a distance (4) 

27 Fasten learner inside in the 
shade (5) 

28 Left an orchestra on return 
of the French (9) • 

29 Disguise attempt to accept 
underwear (8) 

30 Record holder may have a 
member inside (6} 

DOWN 

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resort on headland (81 

2 Indoctrinate supporter in 
laundry (9) 

3 Allowance for party with the 
French (4) 

5 Gave fellow a note on Danish 
capital (7) 


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Knandal Times Wednesday March 29.1978 

Television 


15 


A very embarrassing Easter 


I * * ■ 





Wist is it, I wonder every 
spring, lhat makes television 
ehoostc Easter as the time to 
mount what looks like a frantir 
parody of itseU. Tor most of the 
year television manages a pretty 
equitable mixture of high, middle 
and lowbrow material, and a 
mixture moreover that covers a 
fair. combination of subjects. 

Then suddenly, round about 
Easter, the set is over-run bv d |s<> 
jockeys Hi dinner jackets or even 
top hats, and programmes called 
T *p®f* a l* " . from departments 
labelled “ light entertainment.” 
These feature “international 
stars ** who are required to 6ing 
and chat in a lingua franca that 
will allow the shows to be broad- 
cast in not one but faaJf a dozen 
countries with the result that 
nothing much above baby talk is 
even attempted. 

More than at any other time of 
the year— even Christmas— tele, 
vision is suddenly determined to 
provide “ family entertainment " 
which, apparently means circuses 
end singing and dancing. The 
odd thing is that so often when 
television sets out deliberately 
to create its own big occasions it 
manages somehow to mess them 

up. 

Initially this seems surprising 
because television is near to its 
very best when, communicating 
the really big occasion to the 
world: a coronation or a moon- 
shot, say. However, there are 
important differences between 
those and the entertainment 
specials: moonshots and corona- 
tions are organised outside the 
control of television, and they 
are transmitted live. 

Television's own occasions are 
usually recorded, presumably 
following exhaustive rehearsal, 
and — by definition— they are con- 
trolled by television itself. The 
result, as often as not, is a stilted 
artificiality which is embarrass 
ing to watch. 

From time to time television 
even contrives to spread this 
embarrassment, like a layer of 
margarine, over other people's 
events. Thus BBC-l's coverage 
of the Boat Race on Saturday 
managed to reduce the occasion 
to the level of a modem soccer 
match.' First we had the usually 


by CHRIS DUNKLEY 


admirable Frank Bough on the 
hard at Putney soliciting 
opinions on the outcome, from 
people who readily admitted lhat 
they knew nothing about rowing: 
another indication of the- over 
enthusiasm with which the 
demotic approach is nowadays 
used by television. 

Then, when Cambridge sank, 
the commentator (Jim Bailton. 
one has to assume, since it cer- 
tainly was not Harry Carpenter 
and there were only the two 
names billed) lost his cool com- 
pletely: 

“ So they’ve gone into the 
dolphin - effect and. Cambridge 
are sinking! Cambridge are 
going down! ” he yelped with 
alarm in bis voice. “There they 
go! - There they go! And now 
it's panne! ” Since viewers could 
dearly see the oarsmen- calmly 
undoing their foot straps and 
behaving in a completely com- 
posed manner this last remark 
presumably described the com- 
mentator's own s-tate of man d. 

‘(In fairness it should be said 
that this was not the 'silliest 
remark In the programme: when 
Carpenter said later to the Cam- 
bridge cox •* It was such a 
tragedy, wasn't W' r the cox 
replied “ Well yes, up- to there 
everything had gone entirely to 
plan" which can only mean “We 
fully intended to be two-lengths 
behind Oxford at .Barnes 
.Bridge.") 7 

Accidental- cringCHmdons ab- 
surdities of that sort are as 
nothing, however, . compared iu 
the deliberately, manufactured 
variety produced by television in 
special programmes sijch as The 
British Academy Awards^ There 
is nothing wrong with' the idea 
of the awards: indeed when they 
publicise the contributions of 
people such as Roy Ston ©house, 
designer of Hard Times^ or Nor- 
man Swallow, documentary pro- 
ducer. they do a particularly 
worthwhile job.- :v> , 

But the production '.of the 
awards ceremony itself (live, not 
recorded) is so often shamefully 
inept as it was again this year. 
Very sensibly the credits omit 
any mention of the person who 
wrote the script far.- poor 


Susannah York and Andrew as a six-year-old, sings in the 
Gardner who had to mouth such piping tones of a six-year-old, 

sc-s* *ss v ”>*»* - ™ 

Wilder. . . .*■ Once, when even seemfi TeSu3t not from beT 
the audience of show business own talent, but.from a series of 
professionals could not bring well-remembered stage school 
themselves to laugh. Gardner lessons. Someone has told her 

"Eno^h {"W™ » er " es a ?« 7“' 

to be wonderful material. . . f° r audience, so she does. 

Sunday's Multi Coloured Swap A1 * the time. Until the viewer’s 
•Shop “Star Awards” on BBC1 face muscles ache in sympathy, 
were so much -better organised Casting her as the slckeoingly 
and produced that one can only affected Violet Elizabeth Bott In 
suggest giving responsibility for , . “ 

next year's BAFTA- Awards to J ^ st William * as . a brilliant 
Stoop Shop producer Rosemary stroke, but putting her into a 
GUI and -her crew, and asking show opposite Lena Zavaroni 
Noel Edmonds to front it .with simply showed her up for what 
the same relaxation and humour she is. 

that he has brought to the The face of light entertain- 
regular Stoop Shop programmes, ^j en j on jtV was ^ved by the 
and tD their own awards cere- 
mony. The irony of the BAFTA 


New York opera 



revivals 


by ANDREW PORTER. 


Awards night is that 


g and a Show which must stand 


televds?on. elebr<te PXCeilenCe “ SScSEfliSTL the 

Amazingly, however. It was not Montreux Festival of light e liter - 
the most -embarrassing pro- tainment. 
gramme of the month. That title Much of tts success can be put 
was won hands-down by London down to a wi^lngiies$ to spend 
We eke nd's Lena and Bonnie, a -money — Jots of money— but even 
programme described on the j^ts of money is very little use 
TV Times as “ an Easter without imagination and origin- 

XTSEiJiL ality. and the show does have 

old Opportunity Knocks dis- a good -deal of both. The Bayeux 
co very L ena. Z avaroni and 13- Tapestry sequence is a genuinely 
year-old Opportunity hngcks dis- ffggjj concept (fresh to me, 

tSSZi S a fnr anyway) which is beauttfuHy 

teamed up for the tiaSt time. revised and unusiKdly well 

_Tn e e m b arrasnnen t flowed choreographed; and where most 
frtHn the contrast, between the British variety show avoid most 

S„ t0 t ,w of the modern electrons tricks 
an innate and mature talent of te i ev fcj on uke the plague, 

4 S?*™-* Tommy Steele And A Show 

power^f her ,0?M “wallSl embra “ s * nd “P lote thCT ali ' 
Helen' Shapiro at a. similar age. It Is exactly "the kind of show 
and her showbiz manner, for all that has been demanded so often 
its broadness of gesture; seems in this column ais a replacement 
to come naturally to her, as it for the old ' vehicles used 
did. for instance, to Judy transport Lulu or, Cilia or Max 
Garland. If Lena did not dress or Shirley. Perhaps Thames TV 
rather older than her years, the might do us the favour of divert- 
premature sexuality she exudes ing some of their record adver- 
(if it is “premature" these Using income into the pxodno- 
days at -14.) might seem almost tion of a few more-tike it. 
worrying. Full face and three- T - + . _ 
quarter face she is remarkably ^ the3 ' dl f 
Drettv too pretty sure of commg out top 

V Bopnie 'is the opposite In ® f M an *‘®? tWl ™ety -league 

almost all respects:, she dresses even , w „ he “ 

* ■ BBC made a. special effort and 


FOr some time, the Met seems concert performance hi costume 
to . have been on a Scribe kick, going on at one end of the huge 
with Lex Y&pres sicUiennes, Le theatre. But not a “concert per- 
ProphMe, and now ha Favorite; fo nuance" such as, at last year’s 
with Adriana Lecour-reur, based Proms, provided so dramatic an 
on a Scribe play; and now with account of. the opera. Here, no 
a revival of L'EIisfr cTAmore. one engaged with anyone else, 
which,- like La sdmtambula and Joan Sutherland, as Anna, sailed 
Un baOo m masefikra, is based Dn pn for her- final scenes In an 
an Italian adaptation of a Scribe immense, glittering dress and 
libretto. The Elisfr revival was with 9 confection of tall ostrich 
notable above all for an exquisite feathers on her head; she 
Adina from Judith Blegen. For seemed to be dressed for a drag 
some -seasons, I have 'found her ball ^ther than - for Don Gio- 
S ns anna - captivating, and her conM " The voice was rather 
Adina Is on the same level: a cloudy, large but not bnlliant 
complete characterisation, alive forward. „ - _ - 

at every moment: true, tender, , Vaxady^s Elvira was de-. 
and sparkling: and beautifully £*** but small-scale. John 
Sqng, wth the grace-notes on- Brecknock (who sang Tamino for 
harried ‘and distinct, the words the company, on tour last year) 
all vivid,' the phrasing in dividuaL omde his Sfet debut as an 
The voice is small, but the notes Ottavio with plenty of character 
are so purely and precisely ,n reedy voice; however, he 
formed that even in the enormous “! d provide _ a -model of now 
spaces Of the Met every one of Mozart * music should be graced, 
them tells; Her "Prendi: per me ^abnel Bacquier was a deft 
set Ubero" gave me,, a thrill of LeporeUo. James Moms is a 
pleasure- keener even J than those promising Giovanni, and his 
provided -bythe young Scott, and «J»« ftTh? ItS 


the young Freni in the role. . . 

dramatic and musical direction 
Nemorwo was Jos$ Carreras, ^ ro j fc 


and- Londoners need no descrip- geau vbo san g Zerlina, 




2 **^*vy* "i* 

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went into co-production, with 
four European companies to 
mount two Srunetime Specials 
over Easter, the- results were 
very ordinary. 

The BBC's failure to progress 
much beyond the . music ball 
format for variety shows is a 
little surprising when one con- 
siders the way ' that they 
developed the half-hour comedy 
series when the need arose 
because of the challenge from 
commercial television. CSieptae. 
Till Death. Dad’s Army. Porridge 
and now Going Straight have, all 
been superb when at their best) 

Perhaps the main reason" for 
inertia in variety is -the know- 
ledge that millions of viewers 
will watch Petuia Clark or 
Charles Aznavour and the others 
□o matter how they are pre-| 
seated. “ Je ne pense pas que-je 
will have any trouble -with that.” 
said Andy Williams, announcing 


HugueUe To u ran- 

u ” "sausif' ** w ;&£,F e Sbir»mi n vsf u? 

sings a^I acts tile part Odddly, land.Bonynge package. Sh e did 
he was awkward and_ ungraceful not have a success. Bonynge 

a “S Plainly has a- view of the work, 

Una fortiva lagrima and ^ a lyrical and ' unemphatic 
® ls !i just deal, drama; but his lack of force and 

J 3erf ? rm SP? es * accent seemed to me to enfeeble 

rotti took oveT.) Bel core and th e piece. 

Dulcamara were veterans. Mario Five new productions are 
Fernando . Corena — scheduled for the 1978-79 

gerated. “SSh cJldweR 1 ^con- stSwel! PeTer P<£^- condmSS Tasqvale (Beverly Sills, Gedda. Hollander (Carol Neblett in her 
ducted, and apart from a sleepy Raymond LlppaJd)!’ The ^ m ^, cond V£ t “L Resc ^ gllo): debl V°, s6 5™.,®?* 

moment- or two (report has it tered Bridle (Teresa Stratas. P 0 ”.. Carlo* (Scotto, Horne. Maag conducting). The last is 

a production ■ by Ponnelle, 

borrowed from San . Francisco; 

nmm _ al] the others will be produced 

spirited" and tender, which * is Jame8 Levine conducting); Dent tion); and Der fliegende by John Dexter, 
what the opera needs’ 



Jos£ Carreras and Judith Blegen 



II trovatore 


Nathaniel Merrill's production 
and Robert O’Heam's ddcor. 18 CoVeitt Garden 
years old, are a little too bright, 
hard,- and pert, better suited to 
an opera buffa than to this touch- 
ing comedy of sentiment Skirts , 

are -too short, heels are too high; 
ballet girls flounce and ballet 
boys prance all over tbe scene. 

But once they clear off, Blegen 
and Carreras reveal the heart c-f 

this, affecting, real-life enactment ■ 

seventh series of Covent area was jammed with as many si, ben mio” and his “Di quella 
Proms, sponsored by the people as fire regulations allow, p j ra •• with equal facility. 

25Sf i V e *T? toe -2? 0 ‘ Midland Bank, opened on Mon- while the rest of the bouse also L* iverl trem en T‘ nation, 

“ «*■ otier day evening with fl trovatore. bulged at the seams. A special ^ eme J! d0US ® vatl0 “ s 

Mfun'e owing to ad industrial dispute, offer -will entitle Pro turners, on f ° r bot ^ an ^ s - thoroughly weil- 
wniv!? 6 J ^ the performance was given with- presentation of a Proms ticket deserved m the former case, less 

JUJL'. dominant out scenery in front of black stub, to seats in the stalls at fully earned in the latter. 

lo&edVvoung lL b « ? e J23ttS" Martin ? Arro A u 5“ fP^ently. 


"by ELIZABETH FORBES 


that It was almost indecent to see f ostun, « ^ nd P?>ps-Jor performances in April and May. in lhe besl of heallh , had certain 

Zp two powerful mature ™J“ c _ e _ *!.3l® B3BK- 2S5f!LSSE^3!h !*. 1 SJS!Rf?r SfK technical 


difficulties with 
s music, but projected 


women q uarreh” iTe— to’ the deaS encampment— were used, while the opportunity of seeing a fully 

The product ion ii **» lighting was adapted to the staged production. The cast for - v wHiinVrv 

old and totally without any d£ circumstances with conspicuous this Trovatore was the same as n d u l R ^ i,!! 8 !, 

tlnctiSn but! founSitaJ su . ccess - For those . familiar that heard at tbe first per- 

exacting and ratiier enjoyable 6 and^STthe^ork f °™, ance °I thc rev] ' a! a fort ' which be sang' with sumptuous 

-fittte taJri 52 ^Sht ago. To judge by reports. lone . Livia Budai. a passionately 


that ' ratroductums would be j seemed to be not a drama but a 
given in English and French in 


Lena Zavaroni and Bonnie Langford 


the SiumtLme Specials. It could 
easily be adopted as a catch- 
phrase by most of British tele- 
vision's variety departments. 

.They should be told, however, 
that vous jolly 'well ought to 
prenez a bit more trouble 
television’s own “ big " occasions 
are not to fall into total dis- 
repute. 


Schauspieihaus, Zurich 


Schiller, Havel, O’Neill 


by B. a;, young 


The playgoers of Zurich will 
be aware of change even before 
they go into the auditorium of 
the Schauspieihaus after its 
year of hibernation, for the new 
Director, Gerhard Klingenberj? 
from the Vienna Burgtheater, 
will not bave his audience^ sum- 
moned by bells. Instead, a brass 
fanfare from Handel’s Firework 
Music, thrice repeated, suggests 
more aptly the quality of what 
they are about to sec. 

- Klingen berg's first season 
covers Schiller, Havel, O’Neill, 
Frisch. Shakespeare and Kleist, 
besides an adaptation of Vol- 
taire's Candide and, in the new 
workshop theatre, a piece with 
the almost familiar name of 
Dusa, Stasi, Lit und Fish, these 
being the Germanised names of 
Pam Gems'* four young women. 
In the course of a week-end I 
was able to see three produc- 
tions. for Zdrich, tike so many 
continental cities, not -only has 
plays an Sundays, It has them 
twice. 

As William Tell is the only 
hero thrown up by Swiss history, 
unless you count Alfred Bern- 
hard Nobel. - Schiller’s melo- 
drama is a sine qua non. Every- 
one knows that Tell shot an 
apple off his son's bead, and the 
scene where he docs so; is the 
brightest in the play, even if 
little Walter Tell is in the wings. 
Tail's reason for- doing this 
risky thing is less well-known: 
m was commanded to do it -by 
tye hated . tyrant Gessler. 
Austrian governor of Scbwyz and 
Vri. Gessler,. played with sadistic 
Style by Peter Brogle, has set 
«P a symbolic hat on a pole to 
represent Hapsburg authority, 
rad little Walter treats this 
mnic object with a lack of 
•espect that might have put his 
■Iders to shame. He .is then 
indiscreet enough to boast to 
Scsslpr that his * Dad is so 
good Swith his crossbow that . . - 
yes, teactiy. . 

Wnner Dtiggelin's . produc- 
tion. bet .amid towering Alpine 
pcakfby Wolfgang Mai., is very 
carnet There is much political 
. discuaion by the peasants, here 
dressd in worn suits of late 
Victo4n cut. The apple^iooting 
and t > assassination of Gessler 
provii the only.reaT action; and" 
Tell ! lots the governor from a 
conce ed hide, so even an actor 
as ro uttic as Matthiak-Hablch 
• can ujjke nothin* romantic of it 
Insta it . is., overlooked by a 
happi redding 'party crossing a 


bridge on .thrir way home. 

Wilhelm TeU. was packed with 
young students who listened as 
raptly. as a young English 
audience at .Henry V. The poli- 
tics of 30m century Czechos* 
lovakia evidently interests them 
less than, those of 14th century 
Switzerland, however, for few of 
them came to Vaclav Havel’s 
delightful one-act pieces Ver- 
nissage and Audienz. (As 
Audience, the latter turns up 
now and then at six pan. at the 
Lyttelton.) 

The plays are implicitly 
rather than ovettly political; 
they don't deal with political 
events but with life in a poli- 
tical set-up. po*h deal with 
conflicts between apparent 
superiors and inferiors; in Ver- 
nissage the - decent honest 
Ferdinand visits some preten- 
tious friends and as mocked for 
working in a brewery, in. 
Audience he is an conference 
with the brewer himself and is 
mocked for adherence to such 
pointless figures as Kohout- 

The aosurd proliferation of his 
friends' possessions (hilariously 
imagined by Rudolf Mai), and 
the excessive devotion of the 
brewer to his own beer keep the 
thought well flavoured with 
laughter. How Peter Ehrlich 
contrives to down so many 
bottles Heaven knows, but he 
does it with style. Ferdinand is 
played by Peter Broglie. (Gessler 
in' TeU). an enchanting actor 
with tbe-wide mouth and wide- 
set eyes of a frog, whose face 
relaxes into a juvenile- naively 
recalling, the Good Soldier 
Svojk. The ' plays, excellently,' 
intimately acted, are directed by 
Rolf Stahl. 

Klingenberg has kept himself 
in reserve until the fourth pro- 
duction oE the season. His 
unexpected choice is Eugene 
O'Neill's Afore. Stately Mansions, 
which in "Gflather Danehl's ver- 
sion becomes A lie KeichtStmer 
de Welt. Unexpected, because, 
the play, planned to be one' of 
a.' cycle of seven, was not wt* 
lisned during O’Neill’s lifetime, 
and what we now have is a much 
edited version of the nine-hour- 
loins.' typescript t&at survived 
him. " . 

-Seeing a familiar -play in a 
, new language gives an oppor- 
tunity to -take a step back., and 
see it :;anew; if . Hamleff. .says 
*Essewi o non essere ■" instead 
o£ “To he or not’ to- be”* . you . 
can^t even take the- yest- of the 


tine for granted. More Stately 
Mansions does indeed come out 
with a touch oF Schuitzler to it, 
though whai it does not offer so 
strppgly in this production is 
tbe feeling of American busi- 
ness expansion " in the 1830s 
which obsesses the hero, Simon 
Harford. 


Simon, from a smart New 
England family, marries Sara 
Melody (daughter of Con Melody 
in an earlier play, A Touch of 
the Poet), wbom Simon's mother 
Deborah disparages as a com- 
mon Irish serving-girl. Deborah 
disparages as a common Irish 
serving-girl. Doborah bas delu-i 
sions of gnradenr; her son 
achieves grandeur without delu- 
sion, putting aside his intellec- 
tual, projects to go into business, 
where . he is soon rich enough 
to buy a railway. Deborah and 
Sara fight over Simon con- 
tinually, but Deborah (a dignified 
-Titania figure in Maria. Becker's 
playing) drifts away into a 
dream-world in her garden 
pavilion, and Sara scoops up her 
husband's wealth with the 
Pinter-like scheme of acting as 
his mistress in tbe office. Chris- 
tiane HSrbiger gives her an apt 


hint of shrillness in the voice: 
perhaps this Sara is a common 
Irish serving-girl at heart 

Matthias Babich (William 
Tell on other nights) .as Simon 
grows richer 'and richer without 
growing perceptibly wiser. 
Klingenberg. taking . the title 
literally (it is a quotation from 
Oliver Wendell' Holmes), sur- 
rounds him with increasing 
luxury. Hie designer J5rg Zim- 
mermann. gives him first a log 
cabin, then the curious Gothic 
pavilion into which . Deborah 
will ultimately disappear, then 
an austere office like -a hotel 
to am. then a' luxurious suite 
where his' desk is overlooked by 
a grandfather clock, then a home 
of marble panels and portraits in 
the manner of Sargent. 

More subtly, the designer 
floods the back walls with 'light 
from what seems to be a cracked 
lens. As both the psychological 
and the commercial, situations 
grow more unstable (and an 
audience of Z&rich gnomes can 
hardly approve of Simon's busi- 
ness methods), the cracks in- 
crease, until by the end they 
are a great spider’s web. 


Purcell Room 


Praetorius Consort 


by NICHOLAS KENYON 


This' versatile quintet of 
smgersfplayers devoted their 
Easter Sunday concert to another 
variation on that well-tried 
Renaissance theme, the popular 
tune 'and its ramifications in 
arrangements, vocal and instru- 
mental versions, divisions and 
other, forms of variations through 
lhe 16th century. 

The programmes hadn't arrived 
from the printers, so s greater 
load, than usual fell on the Pooh- 
Bah. . of the gro up , Clifford 
Armstrong. He doesn’t direct, bat 
he is Lord High Everything 
Else : he devises the -pro- 
grammes, sings' most of the 
numbers in a .light, pleasant 
tenor voice, plays several .wind 
instruments, and introduces lhe 
kerns.. 

What we. really want to hear 
in.- -this " repertoire is Instru- 
mental virtuosity (which is the 
essence of the appeal of varia- 
tion form), and in this context 


the Lord High Executioner of 
the ensemble is their director 
Christopher Ball. He plays a 
variety Of recorders with 
panache and vitality, and quickly 
won the audience over in the 
second half of the concert with 
a brilliant set of variations on 
the nightingale's song by Van 
Eyck. 


But the musical highlight of 

iai 


the evening was provided by the 
least unfamiliar item, _ Swee- 
lindc’s great set of - variations 
on “Mein junge* Lebea hat.ein 
End," which; was played with 
passion by Alan Wilson. How 
easily one superb piece upstages 
a whole, collection of Renais- 
sance miscellanea! As this ex- 
ception proved, the Consort's 
programme was perhaps too un- 
ambitiously • pleasant: there's 
more sub stance to Renaissance 
music that ever-faster- flourishes 
over ever-sunpler harmonic 
sequences. 


bewi to.Otcilo. wi tii Jon Vickers Jjjg e g!j* kjj* Hi? the singers are mostly in . better involved Azucena. occasionally 

better than ever. Ricciarelli sin- vnic* nn« th.-,n .w iW th™ sacrificed tine to emotion. 

model 
Downes. 

The Don Giorormi revival **“■*» for ^ ^ stimulus to the artists concerned. KSIto pJyiut row 1 and ifirato 

under Bonynge was weak. It have been a disappointment Carlo Bergonzi, one of the few haul it in with the sensitivity of a 

Nevertheless, the Promenading tenors able to sing Manrico's "Ah fly-fisherman. 



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FINANCIAL TIMES I Chemicals flltllTe 


nnaadai Tunes Wednesday March 29 1978 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegram: Flcaatlmo r London PSA Telex: 886341/2, 889899 
TdtpboBe: 01-248 SQM 

-Wednesday March 29 1978 


..." CHEMICAL IN 

H>fiB BWE STMEMI- WWlTBEOir PBEBMB YE*B 

I ma a "TH 


— 1 

D.K. GAPAClTV AND OUTPUT 


strewn with 


Another debt “°P e and donbte 




*75 77 *39 


By KEVIN DONE, Chemicals Correspondent ip / lA /TV f \ \ ‘ 90 

fTiHE BRITISH chemical in- According to the latest survey cycle is In decline and there is - TTy/l T\ . / 1 IV^ r ..V*V 

1 W l||r l ll| I dnstry intends to spend by the Chemical Industries little prospect of a sustained re- « T \J / ' -4^ . 4 70 

J X more than £6bn. on expand- Association, company sanctions covery for at leas: 12 months. io - ;\rf ' / 

** ing in the nest three years, for new projects are expected He suggests there has been a , . . . , ,» f * — 1 t 1 i 1 1. L.I wa 

THE ADVANCE renavment of ahroarL was nrfmttu*. ma Manufacturers might be expee- to start falling next year. But fundamental change in economic 2 ° LI ’tJ ' *£1 V to to V ' -n T5 ‘7 7 863 W ^ *757759-91 

foreign debt announced yester- down the exchange rate in the ted to **• exuding optimism, given the time it now takes to conditions compared wsto the ■ 111 

day by the Post Office is small interests of increasing “competi- eager to tackle the new projects, plan and build big chemical cycles of the last 20 years. - ‘ v 

is itself, but it forms part of- a tiveness” or to let it rise in re- But ^ , fact industry is plants, capital expenditure oyer “We not oniy have to ask our- . ' ; ntr actable problems of myriad sub-contra etora, the 

continuing policy for dealing spouse to market pressures and PkS>»d by womes, not only tile next couple of years at Irast selves where we are in too Pharmaceuticals, paint, She ^ QStniC ^ on industry workforce, their . .stewards, 

with the heavy payments falling so regain control over the growth about > margins m the is guaranteed to day at a high economic cycle, but whether the ^ °^ er industrial sectors. u ^ « most officials and committees — ■ ate 

due over the next few years — of Hie domestic money supply short-term, but about tire level because of companies ^y^e, jjj any real sense, exists One of its priority tasks will be imnediment the chemf* working towards' diverse ends, 

the most striking example of and help control inflation. The medium-term future. easting commitments. at aE." to take up the issue o f inv est- ^ Martin He suggests -that tiw .most 

which so far was the decision decision to take the latter course It is afraid that the trading • - The pressures for bigger ex- because me indusay has m rowbr : d «o director-general of neglected area of study m the 

to advance repayment of $lbn. demonstrated to the satisfaction conditions in which it has to T?nvirnnmoniol pend&ure are great If the UK • < * ort of && intentions in «. r*h em jcal Industries Associa- industry is the issue of. ane 
to the International Monetary of the markets that the Chan- operate may have been per- JlOl V 11 UlllUcUUU is it0 ^ j^g,. of ^ ^ recent years. “it is a pm b- organisation and ate manage- 

Fund. There is something over cellor regarded monetary fac- maneqtly changed and that over- moocnroc and gas resources from the At the moment only one must be faced up to. ment How can such disparate 

$20bn. of foreign debt falling tors as important and explains capacities may persist well into mCdbUl Cb North Sea, much depends on ethanetiased cracker is being Jf we ^o on like this the UK. elements be welded together 


Environmental 

measures 


«,« Chemical Industries Associa- mauso-y — «« 

is .to make the most of its ofl recertt ^ ears> recently. “It is a prob- organisation and ate manage- 

and gas resources from the At the moment only one lem ' tfa at must be faced up to. ment How can such disparate 
North Sea, much depends on ethane-based cracker is being if we go on like this the UK. elements be welded togetner 


repayments — though 


that Europe for the- large-scale de- gpi®* 1 . 


more than a year ago by the 


outiook for next year is up to do in order to reach the fast as the rest of manufactur- feedstocks, but also the promise because new feedstock resources ljj5 __ ^ Britain, four gas liquids to Norway and has 

so- uocertonvNo less a body previous investment peak mg industry, they will. to the of^mactive coastal end **** matenalised * Settle U-S. and seven on the landed it with- ■ court action for 


of the maturing debt over a OUUOOit z P r _“*** year is up to do in order to reach the fast as the rest of manufactur- 
longer period of time. *?■ un , cer ^i^ k , ^ ess a body previous investment peak mg industry, they will, in the 

mu,. ^ a , . t« an the OECD has recently re- attained in 3970. But that goal future, be much more tightly 

of ^ f commended that, on inter- should be reached next year, tied .to the general fortunes of 

•of the Bank of England but of national grounds, the U.K when capital expenditure is world trade, 
me ijovmunent can be seen should aim at no more than a expected to rise to some £L4bn. An increasing share of rs gatid 
110113 recent, somewhat moderate payments surplus. And the U.K’s share of EEC expenditure is being devoted to 

* e ^ Market confidence Chemicals investment is also im- enviromnental - 'and safety 

to be made of North Sea oil ^njmence proving, following the steady measures-^ from 5 per cent 

*1 ™*™^™** ' “?» “ . from to_ 1973. With store the imd- 


estuary Britain's faster The debate continues in the. Continent According to Mr. Jim compensation payments. On an- 

flowing rivers and tong coast- petrochemicals sector working Stewart, deputy chairman of other Teesside site, Monsanto's 
line give ft a marked envtom- P**ty, which ' is also trying to ICTB petrochemicals division. £l80m. project is a year late and 
mental advantage over many of a response to the contro- «the problems are certainly not contractors there are the latest 
its comoetitarsr vexsial McKinsey strategy report retting better or easier, to to agree to large extra pay- 

on accelerated investment in handle.” merits — £25 a week — if the 

when an indnstiy p la nnin g pasties materials, such as PVC, H should know. ICTs 500,000 workforce will only work nor* 

fornm. the netTwhfmrlftals _Ii i »e»uuu»u«.w . .. I wlnnte 


issue, about which economists as ^ prv ^!! n _! l e / re - d ®°“® vestment was 12 per cent up wisdom of nhiS OT 
well as politicians are divided, H’ “i ^ the , past last year over 1976(29 pet cent. SSv oue^i^ 

what sort of current account ™ ple o f up in mone ^ te «« at £820m.). ^Sb^SSi 

surplus on the balance of pay- J2U™, ,S g n{ . a And this year it should rise HSUTv 

ments to aim at when the state ^ elshted basket of currencies ano ther 14 per cent in volume C 

of the domestic economy clearly 5?^ ?^ Ute f . zna3 it? ,y r and 31 per 1x1 current 

calls for some stimulus. iifi t? strenfi J 1 of value to £1.07bn. Additional 

currencies like the yen and the umrHntr lu successive wi 

Exchange rate D-mark and not to active inter- over the next years plant , m ? ^ ^ 

™ A venhon by the Treasury, but jAamW a __, irot cumulative capacity 

There ^ is an argument that the Treasury Is probably not d “ ^ to &-2bn. 
without intervention. North Sea displeased by the movement and towra* Chenrleal Industries, p reduction l 

oil will itself produce a lasting has no need to be. - ™e UJC’s largest exporter, ^ B l mat*, a 


must find to finance its expan- 
tt_j a _ j sion plans. Next year, for 

• U naer-raiea instance, planned capital expen- 

- ». diture of £i,4ba. should finally 

COmDleXltV beat the previous peak for the 
“ J volume of investment, reached 
Site difficulties are blamed' on in 1970, when actual expend t- 


which has been inferred in freely last autumn. The imme- vwr i„«ch« a » “12 raeni 13 bUU Dem * P ut 'TZ m r BJ “ late and is umuceiy to ne com- piam m mou « -rZ" 

rerent n diate rUe was for a variety of ?^£j aVe ^? 1 f n So^ S£ year ar ? d new plant, even in the over- aspiration would be to build order to forestall its continen- missioned until around the end four times as much as in 19T0. 

^SnglSaiJon SSs toe S lL s U v in ^ Jour ethylene jtoims by 1985- tal rivals. The company, on the nTW ^ ™st has othttr things, this hW 

v-^° n raise * hart been feared hv enme 197 f' volo “ e °* U -K* m ‘ chemicals and plastics. The based on North Sea ethane — the other hand, are wary of making escalated from an estimated an exolosion in the 

ob — * ** d ^ JJSSoIS 1976 1 mrefce^L wisdom of ^ Approach ii Govermnent yet more expensive additions to t0 nearer £150m. araount of ^Ihe industry 

what couP 1 ^ of months the exchange in^fnn!£ serioudy Questioned in a study Enc Variey, the Industry Sec- the existing large surplus. - raust find to finance its expan- 

suiSu^rn lhaZ rate of sterlin S against a ^ "Z soon to be wx^totied among toe retary, to endome the The only petrodiemicals com- T T«Ja V rofnil s i<> n P lan9 ‘ Next year * for 

m^^to aim at b when tire stote’ weighted basket of currencies dnt^voli^e European community, Idea as ofBcal policy. Ethylene ^ex to date that has been built UnflCr-niteU instance, planned capital expeiu 

S toe domestic JwfnmvH «n h« ^ come down ^ markedly. SdS ^ich wares that ne end can is the most important basic on the edge of the North Sea' _ #J diture of £l,4ba. should finally 

calls for some sW^l nT ™* is due to the strength of ^ ue to P f[ 0 7hJf' AdSttoSl ^ seen to this overcapacity, pettochenacal with wide end soldy because of the discovery . COHHlleXltV boat the previous peak for the 

eaus for some stimulus. currencies like toe yen and toe r_^ n ' ** successive waves, new uses from plastics and textiles of ofl and gas is the Norwegian CUUl|#ACAllJ volume of investment, reached 

Exchange rate D-mark and not to active inter- over f hP npsrr piant in ffihe Eastern Bloc, to detergents, paints and anti- venture at BamWe, 80 miles - SJt difficulties are blamed' on in 1970, when actual expend i- 

_ . vention by the Treasury, but sho „j d amount ^ cumulative capacity increases freeze. south-west of Oslo. 'Dlls mcor- pf pr0 biems ranging ture was only £393 m. 

There is an argument that the Treasury Is probably not T ' , . ' arising from current investment At least two of the crackers porates a gas liquid cracker for lat delivery of equip* The industry maintains that 

Vl ?, thoot intervention. North Sea displeased by the movement and ^ Chemieal Industries, to prcdimtioa boWienecks were to have been directed ethylene plus attendant down- L , h , ngw in design during the current expenditure pro- 
oil will itself produce a lasting has no need to be. . e . UJ \ S l **sest exporter, ^ existing plants, and finally towards exports and could stream plastics plants. To get the ^ construction phase, afasen- gramme provides more than 

surplus that will keep the ex- Active intervention to push wWamung* to invest some the mink-hendded arrival of the have cost up to £300m. each, project off the ground in the teeis „ or productivity, and adequate production .capacity 

change rate so strong as to make down the rate, however, would 10 capital projects Arab ajl p radaiCere ^ a f 0ree As it is, the economic growth first place required considerable fluent stoppages. Mr. Bob for both home demand -and a 

UK. manufacturing industry un- be quite another matter. It ***■ ^ ear varying from major on ^ petrochemical that was foreseen three years Government involvement and simSem's general sustained increase in • exports 

“ mpete - The White \rould have unhappy diplomatic fa*£S2iSS scene, wiU guararteeTso toe fu all but evaporated, and baddng. and dewrly themte m ^ e r of construction for up to and including 1881. Last 

Paper did not seem to take that consequences, at a time when i . nte ™ edia *f s study suggests, a damaging sur- the latest working- party report m the UK could see toe Nor- p^p*. Petroleum's £300m. oU year there was an effective mar- 

argument seriously . but it did most industrialised countries °J W plus of capacity in Western adrait * ^at the proposed con- wegian example as one Britain Mtura i gas Squids gin of caparity of 7^ per cent, 

suggest that the Government have a serious unemployment ^euxs Beecham is into toelate 1980s and structiun timetable could be might be persuaded to follow, t^^nt pi^ at Seal Sands, arnd this could increase to as 

wouto do eveiythmg it could problem and protectionism is in P ^ beyond- Switches from quantity achieved only with, much higher . But Bamble can also teach on Teesside, picks out two other much as 9.2 per' cent by 1981. 

“ ChanE l^ te 11 w ,? Uld Sf? unpr £ a SSSmLS£ t0 q uaUt y ^ ^ tes v m Westcm other lessons which perhaps factors. When project contracts. But' the investment decisions 

TiiS? Pnce-competitive. dictable results which would p wifJin^hac sation in investment will come Europe than those now pro- have more important impli- are first signed the construction necessary to' reach that point 

“g W*®" utia T^ a S 15 n ri? he}ess prob * i ?y. he »?*>■ too late. Jwted. cations for the UK investment-schedules in often widely over- wijl clearly depend on individual 

i5?! ltr0 l ersy 5 rab & owserated m either pvnandino nTinsnif^™.. Many an the chemicals in- The six leading unions in the programme. The startmp of optimistic; and the complexity companies* confidence in. th»» 

l?i ch .i,SS ed h0t ^ J 3 v aut j° mn direction. And it would also ■ ® p s P horus dustry still hopefully await the industry have just formed a toe plants has been badly -held nf the' tadi is' under-rated, future. All the signs are that 

s ^ emed t0 have been have serious repercussions at V ction. _ upturn, but accorifiag -to Mr. Chemical Unions Council repre- up by construction delays on a Most important, he says, the confidence -will be sorely tried 

resolved in favour of precisely home. The gilt-edged market Tbe figur es a re impressive, Maurice Tuck, an economist senting about 300,000 workers UK site which will supply various parties to the job — .the and tested in the montoft to 

toat group in the Cabinet which reacts quickly to the behaviour but toe mdustiys future is still wit ^ overall business in the oil, heavy chemicals, BamWe with feedstock. client, the contractors, toeax come. 

,has got its way over the oil- of sterling, and the Government clouded by uncertainty and some ’ 

White Paper. will need to continue funding of the expenditure could well ^ ^ ^ ^ ^ ^ ^ 

The argument then, when steadily in the coming financial be delayed. L , „ r ^uFMir'Ai <S- raott i CPPuniMfi 

money was pouring in from year. The biggest immediate con- U.K. CHEMICALS: CAPACITIES AND OUTPUT EEC CHEMICALS. CAPITAL SPENDING 

cere is whether the construe- - — ■ - — . — — ' ■ - ~ (U5»S at oirwit P****) ^ 

tion industry can overcome its J975 m6 }977 im im 19M mi* 35 35 3£ aS i S i S 

INamibia talKS -- <%> ■ — «« ^ bs ^ s -. 

^ Export, (%) -15.9 +19.9 +85 +5J) +411- +10JS +8J0 Nrtmhndi 777 894 893 537 500 517 

• _ 1. _1_ Production index (1970—100) ,1U 177^ U» 1354. W 18.3 «_ •^ZSSU 410. 477 440 470 3.0 7# 

in tiie balance u . 

conditions of recent months do « Baud on lang^enn tnmd. . Soom: ChcmUai IndoOrf AnacJnUon Swim Cftemfcof tndmtriei AuacUUon 

THE WEEKEND assasination Africa has gone along with the n °t show an eariy-improvement. 

of Chief Clemens Kapuuo, prob- western power initiative often ■■■■ ■- - < * '" ■ ■ 

ablv the most prominent black t» be more ready ;t» ■■ m. ~ f | 

wyiue make concessions than toe rigid Al||l M l| I I FfiP II 


White Paper. 

The argument then, 
money was pouring in 


from year. 


U.K. CHEMICALS: CAPACITIES AND OUTPUT 


Namibia talks 
in the balance 


Change of output (%) 

Based on 

Home sales (%) 

Exports (%) 

Production index (1970=100) 

Effective margin of 
' Capacity (%) 

* kxd mi lang-mm tnmd. 


1975 

1976 

1977 

1978 

im 

1980 

198T* 

-8 A 

+1&2 

+ZJ 

+3JS 

■+33 

' +5A 

, +4 5 

—54) 

-r5JI 

-04 

+23 

+24) 

+34) 

+73 

-15.9 

+ 19.9 

+8A 

+54) 

+60). 

+104) 

+84) 

116 A 

1Z7JB 

131J 

135A 

140.5 

1483 

155A 

1L8 

6.1 

7J 

8L3 

93 

8.5 

93 


Soarco ; Chemical Indttrtrf AstodaVon \ 


dient, the contractors, their come. 


EEC . CHEMICALS : CAPITAL SPENDING 

(UJS. $ at current prices) 

1978- 1977 197* 1975 1973 1970 

Wert Germany* 3^41 . 2^83 2J7S 2,124 1,771 1,525 

United Kingdom 2,672 1.432 1*145 1*215 613 917 

Italy* 2,037’ 1*994 2 fi*6 2JJ5Z 1*167 928 

France 1,103 963 900 1,166 896 509 

Netherlands 777 894 693 537 500 5T7 

Brigiumand 

tuxemboorg 418. 477 440 .470 . 386 . 236 

KC total 9*507 £,486 7^28 1J 00 5A21 wT 

* Indoda hWMtiuMiC in i mmip J * Abies. 

Swim Cftearlcaf laitutrita Aaoctavon 


leader inside 


African- 


Swapo. But in the last few 


by-election was of intense per- 
sonal Interest to one rising 


controlled Namibia, once again weeks, there are increasingly ivil.ii mm 

highlights the difficulties facing strong suggestions that tbe 

the Western powers as they western initiative is being 

seek non-violent solutions to the abandoned. The Toi“V 

problems of southern Africa, it is highly doubtful whether 1,10 * 

The five western members of Pretoria would decide to go from Bfixton 
the UN Security Council began. a ^eed with an internal solution 

their current attempt to achieve gijnpiy because of Kapuuo’s Yesterday’s news of .the April 20 
a negotiated settlement in assasination — though as the date for the Lambeth Central 
Namibia— or South West Africa most prominent “internal” by-election was of intense per- 

— just a year ago. To-day. as le?der an d President of the sonal t0 one .jslPP 

they prepare to present their ethnically based Democratic I whnpmnminthdW 
final proposals to the South Tunihalle Alliance, he was an Tory : who grew up m the beart 
African Government and to toe 0^10,^ candidate for toe presi- of Labour stronghold. John 
UN-supported Swapo^nationallst dency once the territory's in- Major spent his boyhood in 

organisation, the initiative is at dependence was declared- But Coldharbour Lane, Brixtoh, in 

a highly delicate stage. j n the past few weeks, there a nqilti-occupied and decidedly 

Specifically at issue is whether have been increasingly strident multi-racial house Now an 
the South African government, attacks on Swapo in the govern exeeutira standard Char 

and behind it the party 'which ment owned media, while Swapo execu tire with btardard Char- 

Chief Kapuuo led, can be per- has officially been blamed both tered Bank, the 85-year-old 
suaded that an internationally for the violence in toe African Major is candidate for a safe 
acceptable settlement Is better township in the capital. Conservative seat of Hunting- 

for Namibia itself, and for the Windhoek, as well as for don; but he intends to go back 

whole of southern Africa, than Kapuuo’s assasination — all of ^ mon tb mid campaign for his 
an internal solution similar to which Swapo has denied. ^ ^ ^ . 

that which is currently being Whether or not Swapo is guilty, 1X10,1 

sought to Rhodesia. Even before however, the escalating violence wre oe ° Tew “P- 


MEN AND MAHERS 


m 

Iv 


M Now well have unexploded 
bombs polluting our beachesl" 


ning to be able to tai*le what since toe mid-1960s,, when a 
went on 2,000m. * and 3,000m. former Aston Villa player, Phil 
. years ago- Until recently neither Woosnftm, began to woo toe 
microscopy nor biological know- Americans away from American 
ledge allowed much research of football, preferred — not least 
this early period He told me —by Presidents Ford and Nixon, 
that evolution was not like a Now toe Americans aspire 
dock and did not take place at to host toe 1990 World Cup — 
a fixed rate. For him toe cm- and think Kissinger’s inter- 
rial period was not when the national connections are just 
first bacteria or algae were what are needed to swing toe 
formed, but when organisms be- balance. Kissinger has long been 
gan to reproduce sexually. This a soccer enthusiast : La Opinion 
is when evolution apparently of Buenos Aires reports that he 
began, to speed up. is expected there for this year's 

Gaessner says that he would Weald Gup. It comments -that 
want to see a good photograph even If Kissinger cannot be 
of toe new finds before accept- president of toe U.S., he can 
ing them. But that he had long still be president of the 
been of the opinion that soft- American soccer federation, 
bodied, animals could have ex- Well, he should recognise fast 
isted in the period between footwork when be sees it 
800m. and 2,000m. years ago. He . 

thinks that it will be hard to go .. ■ - - — . 

back to the Archaean period, 1 

prior to 2,500m. years ago, since Q-ii,;- __ 
if there was life it was not - in Ocltiilfi all 



- -Distributors of bearing and power transmission 
” - products; manufacturers of specialist power 
transmission products and quality rubber 
extrusions and mouldings 


Chief Kapuuo’s ^nation, is a f«* and could be used as M^or tells some vivid stories «Of course we would, if we ^ Sere ISslifeitwSnolr in Setting an 
pressure had been building up a pretext for jettisoning about his Coldharbour Lane showed them in practical ways abundance and its traces would 1 

in Namibia itself, and in South toe western proposals. schooldays. One occupant of that ‘we cared." ^ dSroyed! ^TtheT example 

51 TW°are ' WfSre SuDVOTt house he lived in was a cat- heavals in_ the earth’s crust One can learn a lot about toe 

to^fthe’ Kapu?o S^rder, which If Pretoria has taken -^ch a bKrg2arr anotier announced his — * “ DaQn ^ back J? 600m * Tftom Of OUT society by cfecover- 

XwS a month or more of d^*S?S« uJSSl?St! return at »«« ^ waving his — 'years ago, a soft coral-tike crea- ingwho 4s rtretefc ing a national 

apparentiv tribally motivated ^ the western powers can faIse t ^ th »m»nd.the door. I Tracing traCCS in Austr^^ch- 

%£&?*£ 2 ETi ££ - — — *» — ^ ^ gT« 

ment of “internal” elections in the U.S. Ambassador to toe UN opposed to any policy that treats J 1 ® 11 meets the eye. Yesterday Leicester. ^ K5iety TeEt - erday ’ J* 

the territory, which in turn who has been travelling in black People as second-class citizens— I spoke to further palaeontolo- - ™ d ?/ JSS*”® 

would almost certainly herald Africa for toe past week, has such as repatriation, voluntary gists about a weekend report 

not only toe end of toe western not jet given up hope. He is or compulsory. I would not have that woimtike burrows 1^40m. — 3.°“ Sf.J “Sj?L ^L° 

initiative but an escalation in ^id to have won support from an 7 truck with paying people years old had been found in U>- rV s new 8 oaf * 

the low level guerilla war now the frontline African presidents tQ l eave ” But h * says the fore- Western Australia. “I wonder who's Kissinger now" Jlf 

being waged by Swapo from its f or a plan which, contrary to cast * of unemployment for a “ Astounding and of colossal was toe joke around Harvard *- * 5? . ® 

bases in Angola. . toe demands of Swapo. would l° n g time ahead convince him importance if true," Dr.> Roland when their professor moved to f £ tdaS 


abundance and its traces would oVflmn L 
have been destroyed by the up- eAduipic 
heavals in the earth’s crust. One can learn a lot about the 
Dating bade to before 600m. stores of our society by discover- 
years ago, a soft coral tike 'crea- ing who 4s stretc&ing a national 
ture named after Glaessner has holiday beyond its bounds. I was 
been found in Australia, Arch- scarcely surprised, upon tele- 
angel and even our own phoning toe British Field 
Leicester. Sports Society yesterday, to be 

told by an answering machine 
” toat its officials were taking an 

_ j,, w . extra day. off for Easter. Who 

Dr. K S new goaf would want to miss the Hist fox- 


Year ended 31 st December 

External Sales; 

TRADING PROFIT 
Interest Received 
Profrtonsale 
of Govt. Stocks 
PROFIT BEFORETAX 
Tax 

Net Profit . 

Minority Interest 

Extraordinary Items 
ATTRIBUTABLE PROFIT 
Dividends 1 

Retained 

Earnings per share 


1977 

£0QOV 

27,405 

4,226 
. 272 

56 

4,554 

2,367 

2,187 

3 

116 

2,306 

614 

1»692 

15.6 p 


1976- 

EOOO's 

21,089 

3,05T 

80 


3,137 

^631 

1,606 

.(13) 

T493 
301 , 
1*192 

11.1'p 


_ . • ayow South Africa to keep some that immigration should be Goidring of Reading University the State Department But now i*?* 1 

South Africa troops in the disputed north of halted. told me. Hie finds, if confirmed, that he is out of • office! tile <vvtnnTTlgirm ___ 

Wether these fears will be Namibia. It seems certain that Major won a scholarship to a would mean that complex life question is perhaps more apt 5Jn*wttb flu arest nfu? ^ 

realised will depend ul tim ately the issue wiH again be discussed grammar school— which' he left bad “sted perhaps twice as' Since he left Foggy Bottom and 

An tfia Smith African eovem- in Lagos this weekend, when at 16 — anti first became interes- eariy as is at present beiieved. his prayer sessions with Richarf 
ment And here one must make the Foreign Ministers of the ted in polities after talking to Dr - Goldring had worked, on Nixon, Kissingeris activities ■ - 

a very difficult judgement as 'to frfntiine states are due to'meet Marcus Lipton, toe Lambeth prfrCambrtan finds about 650m. have induded advasing Goldman - • 

whether or not South Africa President Carter there. . Central MP, at a jumble sale, years old in the Ediaeara Moun- Sachs, working on his $2m. HOI6 tO Till 
sOJl believes that an inter- it must he hoped that this J t was Lipton’s death which ied north-west of Adelaide memoirs and deveiopmg a tele- ■ 

nationally recognised settlement new effort wiU be enough to per- to the coming poll. “ He told “ d £* J?. ? Sf ' siam ■ NBC - 


nationally recognised settlement new effort will be enough to per- to the coming poll. “ He told ™ ™ on to one w vision senes wtui 

— albeit one that involves a suad South Africa— and Swapo me I should go in for politics ” 801 more surprisin * SS^^secretai^receDtiM^f 

tastic reduction in tbe uum- _ to eKt¥m neJ0tjirti<ms . re^s M«or. - ^ougu I ™ «« t«ol» UP jerteirtay S5?2£ 

£"•“ Ne *° a *“ d Mependeuce for ^ !£*“ tSZ to xttend the meotin* of tte xtfflSLot" , ‘ P ° St 

Namibia would have a major Ad^de. Board of Directors of toe ’ ' ' ' 


s|e Sales increased .;30 0% - 

* Trading Prafrt improved by. 38.2% 

ij: Profitbefore tax increased by., 45.2% 

^ Net assets employed increased by... 40.1 % 

Earnings per share increased by.... . .40.5% 

programmes in relation to trading profit! asrete ■ ■ 
managed and cash flow. A great credit to "Bramrn«*" 
Management and ‘‘Brammer^eople? *° Bramf ^ er . 

Further progress.wi , l be achieved during 1 978 for V " 
wh[ch we have adequate cash resources and° f - • 
anticipates positive cash flow. and r&i 

— i — ^ HEAD, Cheiawtr A 


to attend toe meeting of the still vacant" 
Board of Directors of the . 


sad dvilian supervision during wooW ha ™ a might become a Tory - Would Addaidc. Boaro or ^uirectors of the 

a transfer of power— is In its impact in Southern Africa, not the Conservatives ever have a Glaessner, who is 72, says North American Soccer League, 
own interests. So far. South least in Bhodesia. chance in a place like Brixton? that scientists are at last begin- The league has got under way 


Observer 









•• v 


\ i 




X 


j.- ... 

■ it 


Rnancial . Times Wednesday March 29 1978 


;> <i - 



bonuses work for King Coa 


17 


BY JOHN LLOYD 






“ BY THE time I was 21, 1 was a. 
ting," said Ur. Michael Goldsby, 
t former miner and now general 
7i onager o£ C re swell Colliery 
••k; n North Nn ttirrFhftmchir tf 
\l though not of a mining family, 
us decision to go into the pits 
vas based almost wholly on the 
imount ho could earn at the 
ace. 

“ I was earning £35 a week in 
■he late 1950s. when my mates 
wre earning £7 or £8: I had an 
.uscin A35 and I used to go on 
ouring holidays in Europe; and 
he Coal Board was educating 
ne as a mining engineer. Z 
mould . not have - started as a 
niner if it hadn't been for the 
rig money you could earn if you 
v'ere prepared to work for it” 
He made bis comments a few 
lays ago when discussing the 
uccess of the three-month-old 
liorth Notts, productivity agree- 
aent with the National Coal 
Joard, one of the first area 
cree meats to be signed after a 
diners’ ballot had rejected a 
tarional scheme. Naturally 
hose areas which had voted 
Yes ” in the ballot signed their 
ocal agreements first North 
Jotts. was among them. 

The area was always keen on 
. bonus scheme and resented 
-eing forced to go over to a flat 
ate when the National Power 
joading Agreement was Intro- 
ured in I960, 

The pre-1966 boous system 
tos hardly a system at all: 
ather it was a jumble of old 
fage rates. But it was generally 
rue that, especially in the com- 
aratively rich seams in the 
lid lands, face workers and tun- 
ellers were often very highly 
aid. Lord Robens, chairman 
f the Board throughout the 
960?. used to say that mining 
had an East End and a West 
tod." 


Most Nottingham miners 
agree with Mr. Goldsby. The 
Power Loading Agreement, 
brought in on the assumption 
that extensile mechanisation 
made bonuses for extra physical 
effort redundant. 

The p re-1966 bonus system 
was unpopular throughout the 
Midlands. 

For face workers, it meant 
at best that their wages stood 
still: for some, it meant an 
ictual cut- Since .1966, the face- 
workers* position has dapped 
badly In ' relation ‘ to other 
workers below and above 
ground, and especiaSy to 
workers in other industries. - 


New faces 


Mining managers point to 
several effects flowing from 
this. First, . .though conceding 
that output per manshift 
(OMS) went up initially— from 
53.2 cwts in 2967 to a peak of 
60.8 in 1970 — they say that was 
wholly' due to the effects of 
the completion of mechanisa- 
tion throughout the coalfield. 
By 1970, it stabilised, them .did, 
down to a low, of 56.9 cwts in 
1977. There was ,a serious 
problem with new driveages, 
that Is, the tunnels driven to 
open up new faces, as, the 
tunnellers, previously highly- 
paid men on bonus, dewed 
their rate of work. Thalia turn, 
meant that at times aid faces 
were exhausted before replace- 
ments came on stream. There 
was a persistent shortage of 
young recruits to the industry. 

Thus both management and 
miners were united in their de- 
sire to return to a bonus 'system. 
When the NCB deal was re- 
jected by national ballot last 
November,, the Notts. NUM 
asked the National Executive of 
the union if it could negotiate 


an. area agreement Rather to 
the surprise of everyone, the 
executive agreed. A deal was 
signed by the end of the month. 

."Since then, to the immense 
gratification of Mr. Merrik 
Spanton, the area director, the 
indices have been rising. Janu- 
ary of this year showed an OMS 
of 58.5 cwts, against 55.7 cwts 
in Jamrary -1977 ; -February was 

65.8 cwts against 61-2 cwts in 
February 1977. When OMS is 
based on face workers only, the 
increase is even more dramatic: 
24 1.7. cwts Has February against 
212 in February 1977. The 16£00 
men who work the 15 collieries 
in North' Notts, are now receiv- 
ing around £250,000 a week in 
boons. By the time he doses 
his hooks at . the end of March. 
Mr. Spanton will have recorded 
a gross output of 10.85m. tons, 
up 370,000 tons on the previous 
year. He forecasts an output 
of 11.7m. tons In 1978-79. The 
increase -is rather lower — at 
around 7 per cent — than the 
10 per cent rise in output 
which the NCB had forecast -as 
a result of the productivity 
scheme; buttt .ls a rise. 

Zt is not yet wholly dear if 
the area is breaking even on 
the bonus scheme, though the 
indications are that- it is. The 
area statisticians say that their 
costs rose by around 7} per 
cent. In February, but reckon 
that income went up by 9 per 
cent V . 

However eagerly and care- 
fully these figures are -studied 
at board and area level, it is 
in the collieries that they are 
produced^, where the daily out- 
put is translated into neat 
columns of figures in battered 
ledgers by cost clerks working 
away in Victorian offices. It 
is there that the productivity 
scheme succeeds -or fails, where 
the colliery .manager and the. 
secretary of the union sign a 


piece . of paper guaranteeing 
that if so much work is done, 
so much money will be paid. 

Creswell, the colliery 
managed by- Mr. Goldsby, Is as 
good a testing ground as any 
in North Notts. It is a medium- 
sized pit, with a reasonable 
productivity record. Mr. 
Goldsby claims it is the most 
productive thin-seamed pit in 


everyone gets a different wage, 
they won’t see the union as 
being the only means of raisin g 
it. They can raise it them- 
selves, with extra effort It 
makes calling a national strike 
much more difficult now.” 

But the proof is in the get- 
ting. What do the hooks of 
Creswell colliery sbow? The 
most important element in the 


£10 more, and so on. 

The equation makes good 
sense for the* colliery, too. 
Creswell (unlike many other 
collieries) makes a profit on 
each ton even at the 75 per 
cent. trigger point. And 
because of the very high pro- 
portion of fixed costs (which 
include a substantial element 
for area and national over- 


CRESWELL COLLIERY: PROFITABILITY AND BONUS SCALES 

- - Weekly 


saleable 

per 

Costs 

|3-^e 




- 

(face- 

tons 

ton 

fixed 

variable . 

Bonus 

Total 

Proceeds 

Profit 

worker) 


£ 

£ 

£ 

£ 

■ £ 

£ 

£ . 

£ 

12,120 (75%) 

1.47 

201,779 

29,694 , 

1501 

2323*5 

250,763 

17388 

338 

12£20 

2J>2 

*1 

30,919 

2£58 

235356 

261,108 

-25352 

536 

13,120 

254 


32.144 

4024 

' 238,147 

271,453 

33306 

836 

13^20 

3JD1 

M . 

23369 

5,585 

240333 

281397 

41,064 

1135 

-24,120 

3.46 


24594 . 

6^60 

243333 

292.143 

48310 

1437 

■ 74,620 

3J87 

*• 

35RT9 : 

8326 

245,924 

302,488 

56364 

1737 

15,120 

4JS 

m 

37,044 

9.707 - 

248339 

312333 

64303 

1930 

15,620 

4.61 

re 

3&JL69 

11,082 

251,130 

323,178 

- 71348 

2232 

16,120 

4S4 

re 

39,494 . 

12.467 

253340 

333323 

79,783 

2536 

16,165(100%) 

4.98 

re 

37,604 

12389 

253,972 

334,454 

80,482 

2531 

16,620 

537 


40,719 

13348 

256346 

343368 

87322 

2839 

17,120 

S56 

re 

41,944 

15333 

258,956 

354313 

95357’ 

3133 

17,620 

534 

M 

43.169 ’ 

16,618 

261366 

364388 

102392 

3437 

18,120 

All 

re’ 

44394 

18,004 

264.177 

374,903 

110,726 

3631 

18^20 

636 

' w 

45/19 : 

19399 

266,797 

385348 

118,451 

39.77 

19,120 . 

6j6Q 

re 

46,344 

20384 

269,407 

395393 

126,186 

4231 

19,620 

Soornc 

652 

Crtawcli Colliery. NCB. 

48,069 - 

22,179 

272J127 

405,938 

133311 

45.47 


the country (a thin - seam . is 
three-feet thick, or less). 

Mr. Gold shy’s views on pro- 
ductivity are directly 1 related 
to his own early experiences 
as a face worker. He sees no 
reason why men should work 
at the coal face, or drive new 
tunnels, for only average 
wages: and lie believes that 
considerable differentials be- 
tween face workers, other 
underground workers and sur- 
face workers are justified. 

He, also thinks that the Left 
in the NUM was right on one 
aspect of its campaign against 
the deal, for it will mean the 
weakening of the NUM. ** Once 


productivity scheme is the 
definition of how' much coal 
must be got from a face in a 
given time to constitute 100 
per cent effort Once that 
norm is decided-based in- 
evitably* on past practice— the 
-trigger point for bonus payment, 
is set at: 75 per cent of the 
norm. 

Thus in Creswell 's case, as 
the table shows, the trigger 
point is 12,120 weekly saleable 
tons, based on an agreed 100 
per cent- norm of 16,165 weekly 
saleable tons. That norm wins 
the face workers a bonus of 
£23.5Gp, while another 10 per 
cent effort wins them around 


heads, to which every colliery 
pays a pro rata share) - the 
growth in production means 
that profitability per ton con- 
tinues to rise, though increas- 
ingly slowly, throughout the 
scale. 

Creswell started from a high 
base. The average weekly out- 
put before the bonus scheme 
was around 13,300 tons. Thus, 
by simply putting in the same 
effort as before, C reswell’s 
miners go home richer. But it 
does appear that they have, in 
fact, been working harder. 

First, they have broken all 
their own records. In the first 
week of February, Creswell’s 


miners produced 22,347 tons of 
coaL OMS in that week rose to 
91 cwts for all workers, and 
IE 307.6 cwts for face workers. 
On one of the pit's three faces, 
they dug 9.419 tons of coal.. 

But more impressive, because 
more consistently achieved, has 
been the average output over 
the months in which the bonus 
scheme has been fully opera- 
tional. Average weekly output 
has been around 13,600 tons 
which means that Creswell’s 
face workers are regularly 
taking home between £35 and 
£40 a week extra in their pay 
packets. Other underground 
workers take home between 50 
and 65 per cent, of that, while 
surface workers take 40.- per 
cent 

The strength of Creswell, 
however, graphically demon- 
strates the potential weakness 
of the scheme in other pits. 
Supposing the norm — the 100 
per cent effort — is set roughly 
at the level of a pit’s present 
output: and supposing that, for 
one reason or another, that out- 
put goes down rather than up. 
The miners in such a pit will 
be receiving more money for 
less output and the so-far 
premature cries of " phoney 
productivity deals ” will receive 
at least partial justification. It 
is not happening in North 
Notts: but then, the schemes 
would work there, if anywhere. 


Coal glut 


What of the second great 
danger which, it has been said, 
may confront the NCB — that of 
a coal glut? Fears of such a 
phenomenon have been based 
partly on the deep recession in 
the steel industry (the NCB’s 
second largest customer), partly 
on the assumed disinclination 


of the Central Electricity 
Generating Board — far and 
aw ay the NCB’s biggest 
customer — to burn more coal in 
its power stations. 

The first of these continues 
to worry the NCB: but worries 
about the electricity industry 
have in part been allayed by v 
the recent promise of the CEGB 
to increase its coal bum by 
3m. -4m. tons during the next 
few years. 

North Notts, once again, is 
fortunate in its markets. It 
supplies only marginal amounts 
to steel mills: while over 60 
per cent, of its output goes to 
the power stations in the Trent 
Valley. Cement works and the 
numerous industrial concerns in 
Nottinghamshire take a large 
proportion' of the rest, while 
around 10 per cent, goes to the 
domestic market, and to solid 
fuel manufacturers like Rexco 
and Coalite. There is even a 
tiny export market, through 
Im ruing ham, of a few thousand 
tons a year. 

Thus the overriding concern 
is not that the productivity 
scheme will prove to be run- 
ning at a deficit, nor that the 
markets will not be there. It 
is that production will not he 
continuous: that in spite of the 
scheme, and in spite of the 
huge national investment pro- 
gramme — £350m. in 1977-78 
alone — a prolonged strike could 
destroy the first tentative signs 
of renewed confidence in the 
industry among its customers. 
However, as the figures from the 
dag-cared ledgers of Creswell 
are translated into digits on 
the NCB’s central computer 
over the next few weeks, the 
Board will be sure to translate 
them into a message which says 
that the comer has been turned 
nationally, and the road ahead 
is straight 


Letters to the Editor 


Unacceptable 

risks 


rtm Mr. J; Bucftlond 
Sir,— The rocks of Ushant have 
ow claimed their second major 
ictim. First the Olympic 
■ravery and now the Amoco 
adiz. Leaving aside such quest- 
ions as to what was a fully 


men ship of that size doing in 



hat Ushant Channel, when 
tritisb ships onc-tenth the size 
ould avoid using it; or what 
w crew were doing about 
ggiag emergency steering 
xring the hours while she 
rifled on to the rocks; tho 
bote question of big ship 
ifety is now very much in the 
ien. 

In these modem times when 
ic size of ships can be over 
W.O00 tons, the basic attitude 
their design should be that, 
■e larger, more expensive and 
’phisticatod that ships get, the 
;tler they should be able to 
ok after thibm&elves under all 
Ivcrse circumstances. Unfortu- 
itcly, the reverse is trap. The 
rger and more expensive the 
ips get the less able they are 
look after themselves. 

Few underwriters would be 
ly keen on insuring a Jumbo 
t with one engine. Yet no one 
eras to object to massive 
n-ters with only one engine, 
id the Amoco Cadiz been twin 
:ew she might have been able 
‘ steer her way out of trouble, 
was the usual case of " all 
nds abandon ship — Lloyd's 
derwriters reach for their 
ie books! " 


the lot of the middle manager as 
he now stands in society will 
continue to deteriorate and with 
this deterioration will continue 
the overall industrial deteriora- 
tion of this country, because 
forget not for one moment that 
it is the middle manager who 
forms the backbone to industry 
and it is on his shoulders Which, 
don’t Forget are supported by 
the backbone, that settle the 
problems of the workforce and 
the employers requirement of 
prdfit which we all realise has 
to be attained to pay the shore-, 
holder who In turn provide the; 
finance without which industry 
carmot function. 

John R. Lockwood. 

23 Dimsmore Drive, Salendoie 
Nook, Huddersfield. 


whilst you are resident in the 
U.SA.** Thfe letter goes on to 
inform me that I will have to sell 
same because of this! 

Meanwhile, the correspondence 
with regard to- the - Premium 
Bonds and their sale, which I 
shall not agree to. will continue 
and we shall as the Bank of Eng- 
land, the Bonds and Stock Office, 
and myself continue to illicitly 
contravene US. Postal lottery 
laws! 


The education 
service 


is, however,- equally un- 
it with twin-screw ships to 
e the engine-room divided 


two by a proper watertight 
that 


lKhead so that even if one 
gine is put out of action by 
iusion or fire, the ship can 
11 be got out of trouble. 

As far as 1 am concerned, any 
ip-over 50.000 tons should be 
itt-sevew with the engine-room 
b-gjvided for added' safety, 
.e* underwriters could easily 
FcTee this. Why should the 
stsSlioes of the world have to 
1 * up with these risks of 
isaive pollution when the risks 
fid be greatly reduced? 


From the Chairman, 

Kent County Council 
Education Committee. 

Sir,— -In my letter of March 33 
in reply to Mr. Boland Free- 
man’s suggestions about the 
reorganisation of the education 
service, the sentence appeared— 
“Many of us would agree that 
all the present, metropolitan dis- 
tricts are really strong enough 
to he fuHy effective education 
authorities is present day 
times" This sentence should 
have read — “ Many of us would 
not agree that all the ... 
unfortunately the word “ not ’’ 
was omitted on a. result of a 
error,' 

James. 

Kent County Council 
Education Committee. 

Springfield , Maidstone, Kent 


1 am told that U.K. jails are 
less rigorous than those of the 
U.S. • .Perhaps upon my extra- 
dition .through cortraventioii of 
the lottery laws you can arrange 
for adjacent cells in the names 
of the Bank of England, the 
Director of Savings and myself 
so we may continue our discus- 
sions about my few Premium 
Savings Bonds while under a roof 
at the expense of- Her Majesty’s 
Government 

Graham R. McConnothie, 
c/o Jackel International, 

8 00. North Mitch eU Road , 
Netcburp Par h, 

California 91320 , DJS. J 


A question of 
degree 


Bureaucratic 

bungling 


W the present time there is 
ich talk in shipping circles 
pping 


large-scale scrapping pro- 
invnes to get rid of the world’s 
it- of shipping. Let us hope 
it the most will be made of 
s opportunity. 

t is not a very costly process 
i everyone benefits. The crew 
vc a safer ship: the under- 
iters have less risk; and the 
payers of the world wifi have 
s chanre of footing large 
an-up bills. We will not go 
o the nroblems of wbat it 
ts as regards the number of 
iple who will have to lose 
•ir livelihood— temporarily or 
monently. 

V.- Buckland. 

ncr House, South Mimdharn, 
or Chichester. Sussex. 


Management 

voices 



wn Mr. J. Lockwood ■ 
iir. — Further to the contribu- 
n of W. K. Branagan (March 
to the saga of H Management 
cc$.” let me endeavour at -bis 
;uest to put forward & simple, 
ilanation and Inform . Mr. 
inagan that the name of the 
noils money. It ie the lack 
remuneration paid to man- 
tes ^relative to shop floor that 
‘ .e root'jcause. It Is, the ever 

gulf between the re- 

letotlong of- organised' labour 
tto gulf who-- wants to fight 
- *- a and in^doiag. so 
former backwards 
e Jirbcfsi - ' .. 
til ' the - present ; reign; 61 
■1 labour anarchy ceases. 


From Mr. G. McConnachie 

Sir,— Petty British bureau- 
cratic b anglings now reach new 
giddy heights. 

The saga: 1 have moved to Cali- 
fornia for a period of three or 
more years at the request of my 
company. To obtain Exchange 
Control permission for the move- 
ment of funds can only be done 
through the Bank of England. 
This is a traumatic experience. 
The questions one has to answer 
go into so much detail for what 
in most instances is so little in 
real terms. 

To wit— «the ownership of 
Premium Bonds. Not only is it 
insufficient to inform the Bank 
of England about total personal 
family- holdings acquired over 
many years-r-Ln the hope of 
Ernie's computer operated wheel 
oF fortune selecting ones name 
from the millions registered— 
but regardless of these bonds 
bavi&g been -bought in ones and 
twos over the years the Bank of 
England insists upon knowing 
the number and. details of each! 

Having overcome this hurdle 
and then 'informing the Premium 
Bonds and Stock Office of my 
change of address 1 am told by 
the Director of Savings that “pro- 
vided that permission from the 
Bank of England Is given, it 
will then be $>o«dble for. me to 
make payments to you abroad." 

Luck must now be turning my 
way tad Ernie is at test going 
to say -out in my direction. 

The following paragraph, how- 
ever, front the Director of Sav- 
ings states that “I am sorxy to 
tell you that we have been- nob- 
fled' by the United States Post 
Office Department that U-S. Pos- 
tal lottery laws are contravened 
when their mails are used for 

the transsustiontff any materi^ 
abort Premium Savings Bonds." 
I am then tifid that it has been 
decreed that "it will not be MacK 
tlcal‘ for you- to continue to keep 
your .premium Saving® Bonds 


From Professor A.' Pelter and 
MrrX Last. ■ ' 

Sir,— -Lord Robbins’ article " A 
Question of degree ” (March 18) 
typifies the imprecision of 
thought and expression virtually 
universal in educational debate 
to-day. Lord Robbins proposes 
profound changes to the univer- 
sity system but nowhere does be 
give reasoned arguments to back 
his -.analysis and his proposals. 
Instead' we are laced with 
finitely and emotive language 
(“ evil roots," " perverse develop- 
ments") that may sway a com- 
mittee hat hardly make a sound 
case. - ' 

Tb© realisation that when we 
change educational institutions 
we change young people’s lives 
prospects, : frequently irrever- 
sibly, should pervade aB educa- 
tional debate. -Out of care, if 
not self respect, it is the duty of 
proponents of change to put 
forward xeasonable arguments 
baaed- on established fact to 
convince us all that benefits will 
result*- from their proposed 
changes; When there is no case 
for change^, there is- a case for 
no' Change'. 

- Z^cd Robbins obviously has a 
dear idea of the role of a Uni- 
versity, an idea not every mi e 
shares. He understands its role 
in - pissing on knowledge but 
implicitly denigrates- its other 
function of Inventing and accu- 
mulating new knowledge. Zt is 
-however the dual functions that 
typify a University and that 
benefit both students and society. 
In *a wider context, evidence 
suggests that chemical research 
Jn. -Universities is fundamental 
to 'the- longterm health of the 
British chemical industry. How 
then, does Lord Robbins know 
that research has a “dispropor- 
tionate emphasis in. promotion " 
in. "Universities? And indeed 
how does he define “ proportion- 
ate" in this context? Further- 
more; "how does he assess that 
present-day students are in a 
"state of bemused frustration" 
as. : compared' with their pre- 
decessors? The answer is that 
he does not know and hr merely 
expressing- - hi* opinion and 
zwtMhg else. - 

'On. such flimsy bases. Lord 
Robbias mounts bfs attack on 
“specialist Honours courses," 
which it may be noted give us-all 
crf~’ our doctors <xf medicine and 
mdst of our scientists, engineers, 
and- pharmacists, at a cost per 
capita > far- less titan other 
European countries and the U-S. 
A* regards the width of outlook 
of oar graduates; at 24 when 
most European graduates are 
just. Staking for jobs, our own 
akve been, to ' employment for 


three years. Who then has the 
broader experience? He asks 
for general two-year ' degrees — 
for. what purpose?. And what 
-would happen to those who now 
do Honours degrees? If these 
studies were preceded by 
general courses then in order to 
attain the same standard in a 
specialisation such as a branch 
of engineering, a longer period 
of study would be required. Do 
students want this? And who 
would pay? The lack of atten- 
tion to cost is an astonishing 
defect of the article and though 
perhaps understandable in the 
early 1960’s is irresponsible m 
the late 1970’s. 

if Lord Robbins wants benefi- 
cial change, he and his colleagues 
should persuade universities and 
Government to set up experi- 
mental degrees and projects with 
clearly defined objectives and 
then carefully assess the results 
over a period of years. The re- 
sults might suggest that - the 
changes should be extended or 
they might cause the hypotheses 
on . which they were based to be 
discarded. Such a procedure 
would be taken for granted- in 
any natural science. Progress 
would apparently be slow but 
disasters would be few— a very 
welcome change. 

A. Pelter. 

J. M- Lait. 

University College of- Swansea. . 

Singleton Park. 

Swansea. 


The golden 
handshake 


From the President, 

Association, of Professional 
Scientists and Technologists 

Sir, — Calculation of the tax 
rebate applicable to the kind of 
terminal payment generally 
known as the “ golden hand- 
shake ” is extremely complicated 
and requires consideration of six 
separate Inland Revenue rules, 
all of which are so complex that 
specialist advice is needed if a 
person is to take full advantage 
of tiie principle that, although 
it is his duty to pay tax, he is 
entitled to organise his affairs 
so that his tax /liability is 
minimised. 

There is a widespread belief 
among the lower paid that really 
highly paid people who have 
access to such specialist advice 
use the “ golden handshake M for 
secret tax-dodging purposes, 
while the middle manager who 
receives such a payment often 
feels that he has lost out because 
of lack of such advice. Com- 
panies cannot give advice or lay. 
down hard and fast ' rules 
because the fiction has to be 
maintained that “golden hand- 
shakes" are totally unexpected 
and ex gratia, otherwise they 
attract no tax relief at alL 
' Is it not time that the reality 
of “golden handshakes’’ should 
be recognised and dear and 
simple tax rules with regard to 
them laid down so that justice 
is both done and seen to be done, 
and any manipulations of 
obscure tax rules for tax 
avoidance prevented? A reason- 
able Suggestion might be that 
an amount equal to 2S times a 
person's gross annual salary 
would he exempt from tax hut 
that tax would be paid in the 
normal way on anything above 
this! The figure of 2.5 could be 
altered up or down at each 
Budget 

The simplicity, openness end 
justice of such a rale should 
commend itself not only to 
managerial and professional 
unions like my own but also to 
fbe'-TUC in general. 

M. B. Green/- 
Association of *. 

Professional Scientists 
and Technologists. 

17 ^ Station Road. 

Swattim, Manchester* 

‘ & 


GENERAL: 

President Carter on tour of 
Venezuela,’ Brazil, Nigeria and 
Liberia. .■ 

General and Municipal Workers? 
Union delegates meet on Elec- 
tricity Council pay offer. 

Building workers' pay -talks 
resume- ' 

Mrs. Shirley Williams, Educa- 
tion Secretary, addresses 
National Association of School- 
masters and Union of Women 
Teachers’ conference. Harrogate. 

CBI Scotland Council meets, 
Edinburgh. _ 

National Union- of Teachers’ 
conference continues, Blackpool. 


To-day’s Events 


Wine and Spirit Association 
issues statement on its- Budget 
proposals. 

Closing speeches by counsel due 
to begin in Old Bailey trial of 
three former partners : in stock- 
brokers Chapman and Rowe. 

London Chamber of Commerce 
business forum on Practical 
Agency Problems in the Gulf 
States, Saudi Arabia and Iran, 68, 
Cannon Street, E.CA. 10 a.m. 

Sir Peter Vanneck, Lord Mayor 
of London, attends Barbers’ Com- 
pany Sir Lionel Denny Lecture on 
’The City's Contribution ' to 
Medicine” at the Museum of Lon- 
don, London Wan. E. CA 530 pro. 
OFFICIAL STATISTICS 
_ Unemployment (February, 
final). Employment in production 


industries; and overtime and 
short-time working in menufac- 
ing industries (January). Stop- 
pages of work due* to industrial 
disputes (February). 

COMPANY RESULTS 
Equity and Law Life Assurance 


Society (full year). Ladbroke 

- • 


Group (full . year). Legal and 
General Assurance Society (full 
war). London and Manchester 
Assurance (full year). Pearl 
Assurance Company (full year). 
COMPANY MEETINGS 
General Consolidated Invest- 
ment Trust, 8, Waterloo Place. 
S.W., 3.45. Ringside Investment, 
44, Bloomsbury Square. W.O.. 3. 
Yeoman Investment Trust, S, 
Waterloo Place, S.W., 3. Whitting- 
ton Group, Birmingham, 12. 


OPERA 

English National Opera produc- 
tion of Force of Destiny, Coliseum 
Theatre. W.C3, 7 pm. 

BALLET 

Royal Ballet dance The Sleep- 
ing Beauty, Covent Garden, W.C-2, 
730 pm. 

SPECIAL SERVICE 
St. Michael. Cornhill, E.C3. 
Holy Communion, 1 p.m. 

MUSIC 

John Mee (organ) and Mary 
Mee (Soprano). St Olave, Hart 
Street. E.C3. 1.05 pm. 

Priscilla Stevens (violin). Church 
of the Holy Sepulchre, Holbom 
Viaduct E.C.1, 1.15 pm. 

.Andrew prior (organ). St. 
Bride, Fleet Street, E.C4, 2.15 
p.m. 


1 






/ 

if*. • ' r y ' ft?*: v ii 









Ik ' . ,’» I .v . ■ . % > i'% 







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up offices anywhere in the 
country, the Location of Offices 
Bureau has aMhe facts you need 
to make the tight decision. And 
■the service is free. 




Office rents 
throughout the UK 


Facts on housing 

— T! If you move, you’ll want' 

. to keep the staff who 
move with you happy. 
MULL We can tell you about 
housing availability 
and prices throughout 
the country. 






i 

i 

i 



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available office 
space throughout 
the UK Bents canbe 
from nil (for one to . 
seven years) upwards 




Staff availability 

Wecanfellyou 
where the staff are— 
and where they’re 
not - and howmuch 
they’ll cost you. 



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I you move you could 
make substantial 
savings. We have all 
the facts on the various 
incentives. 




Communications 

We have the latest 





Wherever you are; contact the 
IOB for the best infpmiationonoffice 
location. It won’t cost apenny, and 
could save a lot. 

LOB, 27 Chanceiy Lane, London 
WC2A1NS. Telephone: 01-405 2921. 


facts on communi- 
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air, sea, and tele- . 
rto m-muriic atioriS- 






Settipby Parliament to promote 
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employment throughout the UK. 










Kfiandal Ttaies Wednesday Mardi »-3jB8 

ISSUE NEWS :: 


Paterson Zochonis to lose first half lead 

IPORTING pre-tax profits up no account has' been taken 

>m £8-33 m. to £9.1Sm. for the NIP II I lpilTP movement .in reserves 

If-year to November 30, 1877, fllunLlunliJ would have arisen on tin 

- : WIWAn A( na( «.MnAv no 


REPORTING pre-tax profits up 

from £8-33 m. to £9.1Sm, for the 1110111 lOlITT 

half-year to November 30. 1877, niUnLluniJ 

on sales of £99.03 in, compared 

with £63.a4m„ the directors of ^”L c, * an Tru »f 

Paterson Zochonis and Co. say ^ Trust ?._» % 

that trading conditions generally 

continue to be competitive and Brtttrt Chemicals 

present indications are that City * Inti. 

second-half results are unlikely Clondalkin 

to be much higher than those for Dufay BItumastic 

the first. Profits for all 1970-77 Giddings & U-Fiaser 

came to £18J27m_ 


Hensher (Furniture) 
Kode Inti, 

Pate non Zochonis 
Plantation Holdgs. 
RTcardo & Co. 
Solicitors Law 
United Newspapers 
Woolworth (F. W.) 


American Trust 0,83 

■ ■■ a' ■■ ' ‘a H- B rammer US 

knlT l/\nffl City and IntL Trust ...int 1.5 

IIHII . lr*MII CSC Investment Trust ... 2-5' 

IIUIA 1VUU Unfay BUumastfc 085 

Bowden Group JaL 083 

no account has been taken of the Kode International - 5.05 

movement .in reserves which Paterson Zochonis ...tat 5; 
would have arisen on the con- RtcxnJo Engineers ...rat. 115 

version of net currency assets to Solicitors' Law 2.41 

sterling at the rales ruling on Uaited Newspapers S.OS 


Date - Corre- Total 
C u rrent of spo&ding for 

payment payment dtv. year 
. 083 — ■ 0:68 185 

.. 28 May 19 286 *48 

L 1.5 Apr. 24 18 — 

28' May 16 2.IS 488 

.. 085 May 15 081 L69 

L 083 Mayo • 0.93 [ — - 

, 5.05 — 0.76 i 4.77 

L 5; May 10 0.92 — 


May 19 
Apr. 24 
May 16 
May 15 
Mayo 


Brent Chemicals 
growth and rights 


-May 12 


- . 7.02 UK WTTH MB g*SSl 

•rWinF mkrtn ntkomhCA cfufoi) rocillffL sllQWittj? PHOfitS Cu'ntia U m wisf^_ . 


*2*. Dividends shown pence per share net except where otherwise stated, results, showing P S°^ S^nteSs purchase of SwiSe is 8 major 

Z } b . e ^InL t, 5.“ * Equivalent after allowing for scrip issue, t On capital increased cent, to XMSat, deveioMWnt ta tW* httpecTlo 

by rights and/or acqulsIUon Lssaes. ? Increased- to reduce disparity tatemati^ announce s_the dev wne^ group has recently 


rates' ruling on May 31, 197S. 

The group operates as West 
African merchants. 


with final. 


comment 


First-half earnings are shown 
to be ahead from 2381p to 26.57p .q-, _ . 

per. 10p stare. So as to redow jSL 
ri n,» Kr^i zocnonis industries 


Margins at Paterson Zochonis 
have tumbled from 12 per cent. 
Paterson Pty. entailing an investment of to 98 per cent.' in the first half 
and -- its SALam. Preservene, whose of the current year. Part of this 


Brammer up by £1.53m. 
to a record £4.67m. 


disnarltv with iho final urausmes ana -. us saidul nreservene, wnose qi rne current year, rari oi ims n nnnAfri 4>y1k /m 

interim dividend is stepped uo wholly-owned subsidiary Paterson factory is located in Melbourne, refiects the need to improve com- LO'd JTCvCJrO 314*1) / III* 
from 0824 P to 3 d net In the Zocflorusand Co. (Nigeria) from . Victoria, is engaged in the manu- petitiveness In toilet soaps after 

absence nf evrontinnni mreum 013 P® r rant subsidiaries to 40 per facturing of soap. the launch of Unilever's “Shield” „ . . 

Xfn” the Store exSSm a cent. “sociates. The amount of £19,000 shown .brand, which SU ch a dent ON TROVER ahead by over dmgd for ^ 

final Of 4.7p (6.Q76p) *** Consequent upon Nigerian legis- as the cost for the half-year on ra the market last year; the group M^S^rti^S5^6nE In 

P 1 Ra«»» v»s lati0D - Therm ocooi Engineering the 7J per cent. Preference diVi- has' now pulled back from an 8 S£^ te r£S?r a^d ShneS 

1377 wm ia».r Company is in process of issuing dend is made up of the cost ot per cent, market share after the ff ^ 

Sm woo won to Nigerian nationals such the former 54 per cent, and 0 per launch to a figure nearer .11 per ^ i fi n 7 f 1 :. n fo 1 L!S e J?II t SSSSe? TSSmSkraflTfl 

Krtpma] sales — ss.ic-j 69.* d ui.srr number of Ordinary shares as cent- Preference dividends from cent But margins have mainly being up from £L42m. to £2m. at Branunfir ransmi^izis. w g 

JESS? * raflt 7 -“2 ‘f-S: will result in the reduction of the June 1, 1977, to October 14. 1977, been eroded in Africa, principally halfway. The dir ectors then 

rEEES 30 «; i’25 group's equity interest in the and on the 7| per cent. Preference Nigeria, where-: flat consumer reported that In all respects the 

S eJ n I "'bi; < ;; t.S! i:S =:«s company from 100 per cent, to shares issued in ea:hange there- spending, against a background devtee wh^ the t 

Operaitns ptobi ... 7.NB e.i5n n.nt 60 per cent Of the net profits of for for the period October 14, of a depressed economy, and m- mam tain, its growth and invest- coupLmg device wnere tne j 

Evchanae low, . .. 3* s« Thermocoo! Engineering Company 1977. to November 30. 1977, and creased competition have hit the ™®ut programme. ■ 2.71*5 L ■y 1 7_ u - f ... 

share of awac-s .. 2.127 4.00 f Qr the half-vear to November 30: the comparative amounts of croup. The second-half Per- On increased capital from scrip whue RusseUs Rubber (extras 


SJST aSfislSon of A. SL Crtlg addition the group has rewnu, 
: for £749 000 ' and a two-for-fivo acquired a Iiccncc frotn BASF 
« Shis Issue at20p to help, with Wyandotte Corporation of the 
- S raise around ui W manu agure and . »n 

kmSm Wyandotte spedafisf chemiah fe 

oSg'is the holding company mort European, cwntrlw. inchtd- 
•" f Q r tfc Swale chemical group, tag the U.K- 
; which specialises la heat-s^l N » ot withsurndtag- ti)o generally 
■ ■ coatings, laeque™ /a* mk | r K Weak economic chgditiws ta most 
■ t he packaging mdustjy. Brent ^ 6f the ^, 0 r% the directors 
manufactures and continue to -ht cautiously 
ist ‘‘surfacewunff .nhottf . the group's 

and' for cleaning, treatmcat^pr^Sng afiiity to m»i<MWn consistent 


Investments Income 
Operaitns profit . 
Exchange loss 
Share of atuiaes 
Prettt Mare tax . 

U.K. tax 

Overseas lax 

Assocs. tax 

Total tax 

Net proSt 

Minorities 

Applicable 
7;pc cum. Pr. dlv 
lOpe Cum. El. dtv 

Interim 'Ord - 

Final 


itercst-fre© annual insramaenis ■■ 

f £SS 000. Net assets of Craig «. opera tt us waft 
musty 31, 1978. were apprcxl* 

Sdr 1450,000, while gtoep P^T SSL^” “23- 

v nmfit* last year . totalled M-rrm 


tax profits last year 

S10.000. ‘ - 


'EschfePS* ■*«« 


uun 

2. .27 

4.0M 

W79 

SJS 

l&TlQ 

2.TV4 

2.r4i 

B.031 

979 

1.070 

1.604 

Wt 

1.050 

l.WS 

4.694 . 

4.491 

8.341 

4.4S3 

3<64 

8.737 

713 

130 

137 

4,:r: 

3J34 

&JTT> 

19 

18 

31 

il 

~ 

>- 

474 

14G 

148 

■ — 

— 

961 


included 


conUnned expansion of jtS main 


profits. 


itrr 

W?» 

moo 

. LM 

.. B.M 

13*1 


1.C9 

l« 

n 

.. UM 

UN 

.. ].e» 

131 

XI 

» 

« 

♦43 

67 


uw 

TJ7 

347 

(il 

- 849 

(U8 


Li.ererure — — — costs formance wfll be largely depen- ana nous issues, siaibu eaauxiys umtc^The fifiorefi In- 

minority of the dividends on the 54 per dent on the imminent Nigerian per 20p share are up to lo-Sp full t veii^sco ntri butio n tG««- 

cent and 6 per cent Preference budget, which is expected to be £4?) Is effee- *£tnes) ® mdroloSS^Cor^ ^ 

— -* • “’refer- touch so rirfitlv Paterson tively raised from 3.0933p to 48p Germany and France This hrotei from SavmesHyQrow^«4 v.o^- ^ comment. 

n'dend S'„i s “ "ith a faa] of 2ip. baa. atould enabl. th e compmQ ration, acvllrM on <MM*rUvm a , eMab share price res. 

In view of the prospects. The group /Net profit emerged as £28m. to mai ntain it s Promts Economic recovery aejeened ta JJr^B^JSyto MOP os the mar- 


llp yesterday to 200p os the mar- 


Lewis- 


£4.47m. to £581m. and pre-tax puter peripheral equipment, 
profits advanced .from £603877 to 
£864, 40S after interest of £6,006 • Comment 
compared with £18,185. , r „^ h nf Kn<1 ^ „p n i 


comment 


compareu uun xia.ioo. Much of Kode<s 43 ^ ceflt jump 

Tn October, reporting profits up j n pre-tax profits reflecLs a switch 
from £261,105 to £402.082 for the 0 f emphasis to specialist growth 
first 2S weeks, the directors said markets in the 'computer peri- 
that while demand was satis- pherai field. At Moore Reed, 
factory, profits were being earned which makes rotating electro- 
more evenly throughout the year mechanical and electronic com- 
and the rate of second-half ponents, there has been a shift 
increase was not expected to eaual from the military to the more 
that of the firsL buoyant industrial automation 

After tax of £100893 (£201.220) P ar * ! . et and Profits have increased 


tnual accounts. ' per cent Preference. £30.ooo, apj stand on a prospective p/e “Haora 11 ^, Luue against a uacKgroujta a dividend boosting rtstus mat. 

Subsequent to November 30, 10 per cent. Preference £118.000. of 3.5 and yield 6J per cent^ £116.000 (nfl) and the amount more than tlwee and other fedustrai disruption 5ivnt its broad base in 

The hair-year figures for 1977 1977.: the subsidiary C assorts ■ Overseas profits have been con- covered sevenfold, a rating which attributable .came out at £28 lm. and a half times. . ;;V. aSecting some of its most import- ___■ chemicals, supplied to 

have been adjusted to take Australia Pty. acquired 'the whole verted to sterling at the rates fully allows for a sluggish second compared with £1. 49m. _ - ant UiC. customers — particularly xanco of customers and 

account of the change in status of the share capital of Preservene ruling on November 30. 1977. hut half. •' The group manuraemres .nans- • i j • f), in the second half. tnHturtrie^ has been cushioned 

_ , T , ' . •, , .- pno , Giddings^ - r 

Kode International climbs to £0.86m. Lewis- : . ^Ithe groups ^iMen. Despite tWs j^°tSie ll.kl^ap^c 3^ ^cnis or An- 

' • Net bnfii "" " ijo t f mt _ the Spanish company had made pjj+es which aflccte da number of 

TURNOVER FOR Mi/ of Kode The group manufactures, cash position— and at 95p the The dividend is stepped- up to RxinR^haty CT«ur'.;." 11* — I? wioAf* ».• strong progress. eustomere m the second half— the 

Inteniational expanded ■ from distributes and maintains com- shares are on a p/e of 4.7 while 1387906p (12.62362p> net per 25p AtnftmuMe — 238 i,'«3 fi IilJvl - Under the Tights terms the new str ^v e «t British OVRcn also hit 

iter peripheral equipment the yield of 7.7 per cent, is Share with a final of 8.08698p. * mmmpnf • shares will rank for a propos'd Bren t’s customerii. .Vg.iinst 

. covered more than four times. 1*17 ufre JT . TURNOVER FOR 1977 of Giddinxs fi nal dividend of 2.0lp-,nct for ... , h »«raisltion of SaviBw 

comment . - US SStSSJS.SI U.&SSS wn. . The Treasury has green ite ^ro^^ror^ rullyroruT, 

jeh of Kode’s 43 per cent, jump nj /- 1 • *701 lurpliS" ftti 'b^Smo? hSTaS raachinc t001 manufacturing group. nf S' e an d )Sf^ri5 time) has broadened the product 

pre-tax profits reflects a switch 4- | fl^TTl I 4 ! CP Pn ^ ax ' ,roft . sj74. the^ihaiJs ^umued 5 d to jIod expanded from.£681m. to £7.ffim. grease which fifte an histone 10 in^ude clennmu ami sur- 

emphasis to specialist growth 1 loC t«x 3.n> i.a Excluding the aock P elemwiti andL P roats rose from £577,906 to jl® 1 ? StilE- face treatment cluraticols supoliril 

arkets in the 'computer peri- _ AttribatabUt > r w £810.000 'after depreciation - if to food and drink manufacturers. 

Leral field. At Moore Reed, 0 f T TfJ •comment reflect a^SnSnSS? UnSwnSS £«4.000 (£198.000) and interiWt ; of g" f J^h? ri^riSes ^'Si^ ^te Overseas life has been much 

tlch makes rotating etectro- ftt U tfl. T , ta ^three <&JSaSs vSISS on 2*2800 f£15/)00). ^ per'cSl- ^ harder and prollts declined- 

Bchamcal and electronic com- Higher advertising reienue and ^ distribution side (70 per cent. Tax takes £382,00 (£272/»Q) Thr ^s, dividends for 197S reducing the overseas contribution 

n *nte, there has been a shift -* T newspaper safes explain the 4* per o£ profits) ^ forging ahead with leaving £428800 (£303,000). . . . a re b^^upon the Ssumnt to profits from around a third 10 

im the military to the more (VpwQ-r|5|-np|*Q cent rise in Umted Newspapers p - “ ■ ^ \ n^ divid?Sd wfl b? about 15 per cent. Problems ta 

oyant Industrial automation 1 R V TT oUitUvl O pre-tax. profits. Newspaper sales !*“L France re See tine the pour 

arket and profits have increased X ” increased by some 18 per cenL, Q economic climate and lhc dciolua- 

25 per cent, to £085m. Else- PRE-TAX profits for 1977 of United while advertising revenue rose by I 1|V 4V 1111^11131101131 tion of the Spanish Dvscin were 

lere; at Karr, (more than a fifth Newspapei^ rose from £383m. to about 19 percent with the volume ^ Al J ** AAilCA AAa UVAAfll - ”> *• d'^dend incr«^s to 10 per cent J* 0 " *ES? 0 /S 


the yield of 7.7 per cent, is Share with a final of S.0S698p. 
covered more than four times. j«rrr 


£1.64m. rise 
at Utd. 
Newspapers 


Tuna, vo r 
Inv. moome . 

Pretax profit 
Tax 

Attributable 


comment 


full-year earnings are given as to 23 per cent - t0 Else- PRE-TAX profits for 1977 of United while advertising revenue rose by 

198n (11 5 d> per25n share and the where; at Kam (more than a fifth Newspapers rose from £3 -93m. to about 19 percent with the volume 
dividend i* lifted from 1 468 5n to of P^Bts. compared with 16 per £587m. on turnover up by over or classified and display advdrtis- 

4 7n net on capita? increa-vd bv CBnL ,aBt filne) the upgrading of £8m. to 14883m. and the directors ing rising by 6 and. 5 per cent 

last June’s £0 7m one-fnr-three its Printed circuits to British say. that profits for the first 11 respectively. This trend, which 

rights issue The final payment is Standards level has opened up weeks of 1978 are more than 30 gathered momentum in the latter 


earnmgs nse 


3 05n— TVeasurv permission has valuable new markets, particu- per cenL ahead of the correspond- months of 1977, appears to be con- . „ ., nT ,„ r..L- 

bee^TblSd ^ 35 larly with the Post Office which mg period in 1977. tinumg in the current year wth -Grossrevenue of City and There wMa_rontingent 

. ' JU is installing new electronic At halfway, profit was ahead profits for the first 11 weeks some rose ^["5 t° f « ^ 83v ??2 

The directors state that opening exchanges. Meanwhile, main Ten- from £2.17m. to £285m.. the com- 30 per cent higher. So further £o05888to £538,188 for the half (£9;>i.000) ter capital gaina te? 

orders for 19/8 have shown a 30 ance contracts continue to grow pany achieved a peak of £7.0lm. strong growth 15 on the cards for year. to February 28, 1878 and net which would nave arisen -on the 

per cent increase over last year. and n ow account for a quarter of m 1873. 1378. particularly as advertising earnings emerged higher at realisation of the inwstments and 

and the outlook for the current total profits but this has been Pre-tax profit includes invest- would be further boosted by any £272,712 against £235,931; ad mjn i- foreign currency deposits.-: 

year is encouraging. Future growth offset by disappointing sales of ment income of £502.000 against pick-up in consumer spending this stration expenses cost £31,755' 

will stem from investment in n ew equipment. The balance- £791.000 and net profit attributable year. The shores at 333 p give a (£29.422), interest charges £71,211 


are based u^on theaiwumpt ion to Profits from around at bird ia 
that new dividend controls will be «bout lo pcjvccnt* Problems hx 
in force after July 31 this year— France reflecting the fmur 
and that these will again limit epnomur climate and the devalua- 
dividend increases to 10 per cent. ii° n of the Spanish peseta were 
An SGM to increase the the principal causes of the dodine. 
authorised capital will be held on Meanwhile with many industries 
May 16. The AGM wfll he held still, stagnating tho group may 
slightly later than usual this year, achieve a more modest rate of 
on August 17. growth in the current year. At 

Brent expects to. achieve further 300p p/e is 12.3. 


Yearlings up at 7f % 


existing divisions, as well as by sheet remains strong enough— the came out at £3.41m. (12.3m.) after yield of 6.4 pef cent, and a p/e (£53.812), corporation tax £48,753 
acquisition, they add. 1977 figures should show a net tax £2.17m. (B.63m.). ' of 7. (£87.938), tax credits imputed to 



(£29.422), interest charges £71,211 The coupon rata on this week's Two-year ‘bonds carrying \ 

(£53,812), corporation tax £48,753 DlAorflA linlf batch of one-year local authority coupon rate oFlU per cent issued 

(£87^38), tax credits imputed to JvlCitl UU Uulli i oans w increased from 72 bar ai P* ,r ^ d » e on March 2U. l'JW) 

franked income £123^57 (£S8^S5) . are: N ® rth UVwickshirc Borough 

and dividends on preferred stock fim# lift to per cenL The^bowls council . (£500,000), London 

took £1030 (same). - , .lIIllC U.IL are »wied « par and are due on borough of- Islington (£1.5m.«. ; 

Earnings per 43b ahare are up T , _ _ . •'?£' Aprti % UI7V.. • Shepway : Ubtriet Council 

from 1.75p to 2.0lp.and tho net Front* __ for the are montw -to. This week's issues are: Xondon (£500.000], Welwyn Hatfield Di.st« 
Interim dividend is increased to 19,1 PLJ? 0 *?®’ • S? 5ocough.of )5rent (£300.000L*igh.- rict Council .^£500,0001 and ITorb}- 

Lap (LSp) costing £203.724 En^Deera- (t9rn_ advauwed frora land Regional Council (film.), mere District Council (£300.000). 


franked income £123257 (£SS£S5) , 

and dividends on preferred stock fjirjn IJff 
took £10^00 (same). - ..lUIIC XUl 

Earnings per -25b share are up . __ _ , 

from 1.75p to S.Olp.and tho net Profits - for the 


Profits for the six mont» -to . 


RUSTENBURG PLATINUM HOLDINGS LIMITED 


After allowing for conversion of net per 2op share. Last years I aos vurg n_ ms (net council bridgesblre District Council 
the convertible unsecured loan total was equal to 2.6136p after a I f£S50,000). City of Manchester (£500,000) and London Borough or 
[stock net asset per share is shown three-for-two scrip issue. Profits I (£lm.), Metropohtan Borough of Waltham Forest (£300 000) 

[as 114-2p (109.3p). ' — ,_ * J “ 


( Incorporated, in Ihe Republic of South Africa) 


three-For-two scrip issue, r. . ... . 

as 1142p (109JP). for 1976-77 came to £641,340. Sand we 11 (£L3m.), Strathclyde - * . ' - im 

Regional Council (£750000). Cum- ^ Coun- 

. nock and Doon Valley District a , JS raising £2o0,00D by ri) of 

RESULTS AND ACCOUNTS IN BRIEF Council < 1500 , 000 ), Dartford Dfct- *JSf“3 w J b0 " d dMC nn March 

, rict CouncH (E00JKM). Nuneaton 19S2 » at Par and carrying 

BIRMINGHAM Si DISTRICT INVEST- i£S.49m.). Net current assets £B.4Sm. BormarlT TounH) nWI>wZ.t » COUPOU rale Of 10' percent 

MENT TRUST— Pre-tax income for 1B77 URJM Babllttiesi. Cash balances to- We ?! Maldon Dint ri« Melt U 

xrrrm. (EL»m.>. tax menn. (hj.moi.i. creased hr £0.i5m. la.im. decrease 1 . Yorkshire Passenger Transport « «« *SS, n n in ,s H! c I „ic? nr l » L f3W " 

net profit El.Sm. c£L24m.t. Retamed Meeting. Wood Lane. W., on- AnrU 7 at Executive (£300,000), South Star- hlg ^00,000 by way of four-year 

H3S.IS! ^n-sjasi. Eanik^per i#p«hmre i wg. . fordshirB District Council yanable . rate negotiable bonds 

BROAD STONE - INVESTMENT TRUST I* 77 - safe* -GL56ra_ fLL71m.>. pro-lax proSt of Wigan (I2o0,000), Vale of Glam- " ,r ™ **>“• al 

iffTTrwitld JEI - S73 0“® D9S»i. Tax jbk use), organ Borough CouncH (£350.000). ?® c { L enl - over sis months LIBOR 

i mT iSl rnvSSSS KeVtamefe District Coundi ^ the first six months. 

l£, JS ,l, 2 u,s1(le aflm - (cevlow -re* and (£250,000), Amber Valley District Five-year variable rate neeo* 

SK? £ SSf^g ■SrB£!Ltt*!« "Sn C.nn£ g730,0M>. ADejdsle Dl«- liable S, Si' atwrmd 

•uriii intiin, i. a hmily ■ known. At December *31 mi rict Council (£250,000), ..London maturiQE on March 23 itbCt ur* 


INTERIM REPORT 


Financial results: 

The estimated consolidated financial results 
for the six months to 28th February 1978 (which 
include the results of Atok Platinum Mines 
(Pty.) Limited from 1st September 1977) 
together with comparable figures are set out 
below. 

Half Half Year 

Year Year ended 

- 28J2.78 28-2.77 31.8,77 

ROOO .ROOD ROQO 

Profit from sales of metals 
including dividends from 
the Matthey Rustenburg 

Refiners group 14,500 14,200 28,800 

Deduct: 13,300 12,400 24300 


Provision for renewals 

and replacements 8,700 

Provision for possible 
losses on foreign loans 1^200 

Net inLerest paid 3,400 


Profit before taxation 

Deduct: . 

Taxation and State's share 
of profits 


Profit after taxation 

Deduct: Dividend declared 


Available for transfer to 
reserves 


(1.300) 


declined slightly before rising sharply to 
U.S.$230 per troy ounce at the end of the month. 
On 28th November 1977, Rustenburg increased 
its price of platinum from U.S.f 162 to U.S.$175 
per troy ounce. This was followed by three 
further increases — to U.S.$180 on _ 28th 
December, to U.S.$205 on 24th January and to 
U.S.$220 on 23rd February. 

On 27th March the Free Market price was 
U.S.$223 per troy ounce. 

As a result of the imbalance that arose- 
between supply and demand during this period, 
the rate .of Rustenburg Platinum Mines.’ 
platinum sales was in excess of the new level 
of production. The volume of the sales of 
platinum in the first half of this financial year 
were comparable with the level achieved in the 
first half of 1977. With the price improvement 
gross revenue from sales was somewhat higher 
although losses continued to be incurred on 
most of the platinum supplied for use by the 
automobile industry. 

The negotiations which are being under- 
taken to redress the loss that the Company is 
incurring on sales to the automobile industry 
were referred to in the Chairman's Review Of 
5th December 1977. Negotiations are stiU. 
continuing but it is not possible to say whether 
the outcome will be successful. 


l£, i£5'' , i u,sl(lc U,K - aJ * nL WM-Urn-v ^ ^IIiramr^^cEYLONi'^TEA and (£250,000), Amber Valley District Five-year variable rate neecv 

t i£ggp i^S^itTlor X Coundl (^30,000), AJkSale Dtat- tiaWe-bTnds taSSd at wr Sd 

assets tsBMm. ifztsftn.i. prnuentuj ; Lt ”J don maturing on March 23, 1983 are 

droop held » per own., and London ^•^nt »aersm,s 4 i idr.owi qrated Borough of-Bextey (£Im.). Here- being issued by London Borough 

s ? ^Qi d^^snS' focflaturB Council (nixU- and of Newham (£300.000); aS of 

M _ eer&. ia ^Sw&£^c; m Sntt t^donJBorough of Wandsworth Westminster (nm.) and Western. 

SuTSb. ^ • 1 Tower s&eet. sc. April 13 « noon. ; . (£500, 000). . Isles Island Council (£300.000). 


On-mine capital expenditure for the slx 
months to 28th February 1978, amounted to 
R5.2 million, principally in respect of expendi- 
ture on renewals and replacements. 

As at the 28th February 1978, commitments 
in respect of uncompleted contracts and the 
acquisition of mineral rights amounts to 
approximately R2.2 million. . 


Market review: 

As shareholders were informed on 1st 
November 1977, it was necessary for financial 
reasons to cut back, the rate of production at 
Rustenburg Platinum Mines by between 10% 
and 20%. This decision was taken against the 
background of weak demand and low prices for 
most of the Group’s products. 

The announcement of the cut-back by 
Rustenburg was followed coincidentally by a 
reduction in supplies of platinum and palladium 
from Russia for reasons that are not clear. 
This situation soon gave rise to considerable 
speculative activity in the Free Market and it 
is believed that several end-users decided to 
rebuild their inventories of those metals. 

Between the end of November 1977, and 
the end of January 1978, the Free Market price 
rose from about U.S.$170 to U.S.$220 per troy 
ounce. In the early part of February the price 


Rustenburg’s published price of palladium 
was increased on 3rd February to U.S.$65 per 
troy ounce from U.S.$60 per troy ounce. . A 
further increase, to U.S.?70 per troy ounce, 
was announced on 23rd February 1978. The 
rhodium price was increased on the 24th 
January from U.S.$450 to U.S.$500 per troy 
ounce. - 

The oversupply situation in the nickel 
market continues although there has been -a 
modest increase in the Free Market price since 
December 1977. 

Production: * - 

In view of the fact that sales have continued 
at a. rate in excess of the reduced rate of 
production, the Board has decided that .the 
present rate of production should be modified 
so as to more closely match the expected level 
of sales. 

DIVIDEND 

The increase in the price of platinum 
towards the end of the six months under review 
enabled the Group to achieve a small profit for 
the period. Because of continued business 
uncertainty and the need to strengthen Ihe 
financial position of the Group it has been 
decided to defer the. consideration of dividend 
payments to the year end and the interim 
dividend has therefore been passed. 


Head Office and Registered Office: 
Consolidated Building. 

Comer Fox and Harrison Streets, 
Johannesburg, 2001. 

(P.O. Box 590, Johannesburg. 2000). 

2Stb March, 197S- 


For and on behalf of the Board, 


ALBERT ROBINSON— 
K. W. MAXWELL 
Directors. - 


DEMTSPLY (subsidiary or Dentsply 
International Inc. of D.S.I — Turnover for 
half-year to May 31. 1K7. m3«n. 

i iUT.OQD*. Pre-UX loss OT.MB (loss 
£13.000), after interest £1.35000 i £3000 1 
apd exchange losses £30.000 (nil). - Tar 
£385.900 (£0001. Attributable lass 093^00 
doss £7.iooi afier minorities. Ftsaree 
include results of A. D. International and 
subsidiaries for entire period. Results 
for correSBOttdlag period of 1978 are far 
company alone. Board sates that results 
far year to November 30, 1977. are 
unDkety to show any improvement on 
results for first six moatbs, 

DURBAN RQODEPOORT DEEP (Mem- 
ber of Bartow Rand Gram* Result* lor 
1977 already known. Total tret aaecis 
R7_3m. (R3.7 «zl). Net current arses 
K2.BEm. iR i-Mm » Meeting Jo&amesbnra 
on April SO. 

EAST DAGGAFOHTEIN 
Results for 1977 already known. Net 
current assets R89kOM (RS5D00 liabilities i. 
Meeting. Sobaimesburg. April 37. 

EAST DR1EFONTE1M GOLD MINING 
COMPANY (member of Cold Fields 
Croup). Resrufts (or 1977 already known. 
Fixed assets R163.55m. (R143^9m.) 

current assets RlT2.48m. iROGJOkn.) 
current 11a bib ties R94.79m. <R49.S2ra.>. 
Net working capital Increased by RUflm. 
Meeting, Johannesburg. April 13. 

EAST RAND PROPRIETARY MINES 
(member ot Bartow Rand Group 1 — 
Results for 1977 already known. Mtmnn 
assets RSo-Un. <RS3.5«n.). current assets 
ri 1.33m. (R7.3Sm.l, correnr UabBJties and 
provtsfans W.Un. iRSAlm.). WoridtK 
capUai -increased by RX2 3m . Mee'lng. 
Johacme*iini. April 31. 

ELANDSRAND GOLD MIRING COM- 
PANY— Results already known. -Mining 
assets RSS.SSm. ( R S S.t S m ). Meeting. 
Johanufisbnrg. ■ April 57. 

ELECTRICAL . .AND 
INVESTMENT COMPANY (a subsidiary 
of BET. Croopi— Pre-tax Income tor 1577 
£059,970 (£370.968! and ml oroflt EW7J18 
Iiwisi alter tax £193,832 (flw'.OQSi. 
Earnings 43Sp ,(3Mp) per £1 deferred 
Ordinary share. Dividends absorb 
£04.200 (£349.2001 and Ml IS33J81 > 
is retained. ( 

FINANCE AND INDUSTRIAL TRUST- 
Turnover £88.748 f£UBJ42> Idr six months 
to January si, 1773. sod pre-tax profit 
£43.073 (£47,857). Tax CL5X7 (£34.780). 
Earnings per lOp .share lJKp (LTTpi. The 
property pnrebases at Canterbury and 
Neurai artel have been completed and 
negotiations, are proceeding wirZr farther 
•nvesoneni In the London area. These 
transactions «tH be reflected In not mnai 
tucome over near six months It ta view 
of directors Utat results for remainder of 
year- will enable . a further Increase id 
dfridend to -be considered in July. 

FINDH0RN FINANCE— Turnover, half 
rear to January 31, 1978. £330.129 l £705.777 
year to July 3L 19771. Trading -profit 
IW8436 (£342.036). Bank Interest and hilt 
discounting £17,739 -f!65££> .and interest 
on unsecured loan stuck Of .225 (3E&809). 
Pretax profit £17483 (£78^751, tax £7.788 
i'£o54£9). ■ CotnpartsonB not available as 
this is fits: tmeriin stateoant. indkattans 
are that pre-tax profit for year wUI not 
differ substantially from previous estimate 
of nii^aa. 

FIRST GUERNSEY 
TRUST— DtvkJend tor 1877 3.3p fjpt net. 
Revenue 81-L838 f£t3.44Sl beftne tax 
£3-332 (£3575). Net asset valae per fl 
share lfflp H08p). Free scrip issue, oue- 
faroeven. proposed. 

GEORGE INGHAM AND CO. . (HOLD- 
INGS)— Torndver tor 1777 0,644 £37 

/ojw. 1081 . Loss ensn-rasMUt. Before 
tax charge £13^M (rebel £25.727). Divi- 
dend 0^ap (9.92Jpi, payable Uay 9, 

CRA PROPERTY TRUST ' iLeiSOTe 
Group i— Results for year (o October SL 
1977. already known. Group Sxed assets 
OJfitn. i£5.4m.) and Inresnnems B 12 Sm. 


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t . — - - — - - — — ; — U5rwj«M^ag^^«; 

At the construction site of a North Sea drilling platform in Scotland are four of the Morgan officers who deal with petroleum 
projects. Rom left. Pater WoacIflE. London: Brenton Bradlv. Kuala Lumpur: fttgRu g^ . London; GildasLeoomteduNouy, Paris, 





J | 

# j 

Jn 

petroleum 

oroiects ant 


IS 


Often the most critical phase of kp^oleim project or 
acquisition is the internal consideration it gets before a 
company extends its first feeler. By definition, such 
honsidefation must stay confidential. To be- practical, 
however, it denaahds : expert advicbcrficomplex matters 
like reg^atory ' cbpstiaints, tax and securities restric- 
tions. die best method of funding. Tf the deal is inter- 
national, .the importance of such advice mounts 
geometrically. . - 

This is why major energy companies frequentiy call 
in Morgan Guaranty's petroleum bankers before anyone 
else knows there is a project. 

Morgan bankers are involved in petroleum financing 
afi oyer the world. They can give you experienced coun- 
sel bn local political enviromnents and economic condi- 
tions. And because of their knovs^edge of die industry, 
they can give you important help m evaluating posable 
mvestrnents or acquisitions, _or in financing ypur cbm- 



i acquisitions 
n Guaranty 
alk to anyone 


pany’s entry into new sectors of the energy business. 

Petroleum financing is big business at Morgan. We 
are the lead bank in half of the oil loans in which we are a 
% participant. We can help you quickly pinpoint the best 
1 sources of funds. We can help you structure and present 
your loan proposals, however technical. 

When you want to talk to somebody before you talk 
l to everybody, talk to Morgan Guaranty. Call Peter L. 
Woicke, Vice President, at 01-283-8888. Or write to 
him at Morgan Guaranty, 33 Lombard Street, London 
EC3P3BH. 

Morgan Guaranty Trust Company, 23 Wall Street, New York, \\ Y. 10015 • 
In London; 33 Lombard Street, EC3P 3bh; 31 Berkeley Square, wix 6EA 

• Other Banking Offices: Paris, Brussels, Antwerp, Amsterdam (Bank 
Morgan Labouchere), Frankfurt, Dusseldorf, Munich, Zurich, Milan, Rome, 
Tokyo, Singapore, Hong Kong, Nassau • Representative Offices.- Madrid, 
Beirut, Sydney, Manila, Jakarta, Kuala Lumpur, Slo Paulo, Caracas 

• International Subsidiaries: San Francisco, Houston, Miami, Toronto 
(J.P. Morgan of Canada Limited), Madrid (Morgan Guaranty, S.A.E.) • Incor- 

-v- s a* porated with limited liability in the U.S.A. 


Morgan Guaranty- the corporate bank 


V 














i 


20 


LYDENBURG PLATINUM UMiTED 

(Incorporated in the Republic of South Africa) 

INTERIM REPORT 


The directors announce 
financial, results of the 
30 April 1978. 


the following estimated consolidated 
company for the she months ending 


She months to 
.30 April 

1978 1977 


Net income before 
and after taxation 
Earnings — per share 
Dividends — per share 
— amount ... 


Year 
ended 
31 October 
1977 

(Audited) 


R73.000 

0.51c 

nil 

nil 


R267.00Q 

1.85c 

175c 

R252.00G 


R 408,000 
2.83c 
. 270c 
R389.C00 


NOTE REGARDING INTERIM DIVIDEND 

The attention of shareholders is drawn to the announce* 
ment published by Rustenburg Platinum Holdings Limited and 
in particular to the fact that an interim dividend is not being 
paid by that company for the half-year ending 30th April, 1978. 

As your Company's main source of revenue is in the Form 
of dividends received' from its investment in Rustenburg 
Platinum Holdings Limited, it has been decided not to declare 
an interim dividend for the half-year ending 30th April, 1978. 


28 March 1978. 


On behalf of the board 

A. W. S. Schumann / fj lreete _ 

T. L. de Beer ) Directors 


Head Office 

General Mining Building 

6 Hollard Street 

Johannesburg 2001 

(P.O. Box 61820, Marshalltown 

2107, Transvaal) 


London Office 
Princes House 
95 Gresham Street 
London 
EC2V 7BS. 


Transfer Secretaries 
South Africa 

Union Corporation Limited 
74-78 Marshall Street 
Johannesburg 2001 
?P.O, Box 61357, Marshalltown 
2107, Transvaal) 


United Kingdom 

Charter Consolidated Limited 

Charter House 

Park Street 

Ashford. Kent 

TN24 8EQ 


Woolworth’s changes to 
meet higher demand 


.Financial Times Wednesday March 29 *9*8 

Tax and Belgian losses 
hit Solicitors’ Law 




IN HIS ANNUAL statement Mr. 
S. J. Owen, the chairman .of 
F. W. Woo I worth and Co„ says 
that if rbe forecast upsurge in 
consumer spending in 1978 takes 
place there will be an opportunity 
to see the extent to which 
changes made in the company 
respond. 

He warns, however, 'that the 
High’ Street is presently very 
competitive, pressure on margins 
is intense and looks as thongh it 
will continue for some time. 

Future results will depend, 
therefore, partly on increased 
consumer spending and partly on 
the results from the company’s 
continuing drive for greater 
efficiency and profitability. 

Woolworths has now completed 
the more extensive modernisa- 
tions required in the majority of 
its very old stores and In 197S it 
plans to update over 100 outlets. 

As reported on March 9, pre-tax 
profits rose from. £49.61 m. to 
£46.7Sm. in the year to January 
3L 1918, with £26Jm. <£17.Sm.) 
coming in the final quarter. The 
dividend is lifted from 3.95p to 
4J75p net will a final of 2.95p. 

A statement of source and 
application of funds shows a 
decrease in net borrowings of 
£5.61 m. compared with an increase 
of £6^ 8m. 

Current cost adjusted accounts 
show- Cost of sales adjustment 
£ 13,48m. (£1 7.48m.); additional 

depreciation charge £o£5m. 
f£4.Sm); gearing adjustment 
£4. 6m. (£5. 74m.); and an estimated 
current cost profit before taxation 
of £32. 4m. (£21.59m;). 

Mr. Owen says that apart from 
additional store modernisations, 
there remains scape for other im- 
provements in efficiency of opera- 
tion and the range of merchan- 
dise will be subject to continuous 
review and change. 

Food has been eliminated from 
a further 44 stores and the display 


space used for more profitable Woolwortii/ Shoppers World opera- AFTER A MIDWAY dedans from 
merchandise • tion. £701^86 to £637 ,613, Solleltory 

The furniture department has The group is also expe rim en ting Law Stationery Society improved 
continued to develop, together with a type of mini-hypermarket its profit by 35 per cent* from 
with manufacturers, new lines of -including a Shoppers World outlet £L223,657 to £1,366,597 in 1977. 
self-assembly furniture. With the at King’s Heath. Birmingham. Sales, rose from £17 jzu to £19 .43m. 
anticipated upturn in the eco- Meeting, Connaught Rooms, But the group’s Belgian opara- 


board meetings 


Clondalkin 
looks for 
advance 


tion has became a master, of 
increasing' concern and a £300,000 
provision has been made against 
disposal of its wholesale stationery 
company, J. Frankfort SA, and 
the disposal or •termination of the 
printing division of Oyez SA. 

The losses of Frankfort and the 
printing division, together with 
the stationery division dosed 
early in the year, represent some 
68 per cent of tosses in B e l gi u m 
and France for 1977, the directors 
the say. 


Extract from the statement hy 
the Chairman. Sir Robert Fairbairn, 
on the Report 8e Accounts of the 
Clydesdale Bank Ltd for the 
year to 31st December, 1977! 


nomy, the directors have felt it W.C., on April 21 at 11.45 am. 
right to extend activities in the 
furniture market by introducing, 
in addition to a self-assembly 
range, a full assortment of home 
furniture. The range of audio 
equipment has also been en- 
larged. 

In spite of progress in these 
new areas, the majority of sales 
still come from everyday con- 
sumer goods where an intensive 
price war has developed in the 

High Street Positive steps have ON THE assumption that 

been taken to ensure market economy develops generally in line The losses in Belgium, together' 
shares are maintained. with current projections. Mr. with the introduction of ED19 for 

As part of a rationalisation pro- Christopher Cusack, the chairman the treatment of deferred tax^ 
gramme, the group has disposed of CSondalkin HEUs Group, says have resulted in an increased tax 
of its woo) co store in Kirby from that the company should continue chares of £886,461 (£464,911), and 
which the* company was not to advance during 197S. Pulp these two factors have slashed 
receiving an adequate return on production activity presents a attributable profit from £865,124 
its investment short-term problem, he says, in to £35,943. 

Mr. Owen says that this does view of the current depressed Experience has shown that 
not mean that plans have been price level. However, he feels awing to the difficult market 
altered to increase the number that a stronger demand for paper structure and local purchasing 
of Wool co stores, especially of must result in an upward move- habits it will not be possible In 
the hypermarket type, which have ment of pulp prices which win the short term lor the company, to 
been successful. There are applj- ameliorate the problem of profit- realise successfully its original 
cations awaiting planning per- abality of the company’s pulp mill, plans lor the stationery and 
mission to build su c ^ sto«s in ^ profitg for printing operations, V 

the fringe areas of Maidenhead 2977 j umP ed from £406,729 to But the directors consider the 
and Nottingham and the group is £2.S4m! and the dividend was Oyez and Vander-Oyez SA book 
in preliminary stages of negotia- j ncre ased to 4 0B25p (2_95p). The publishing operations offer good 
tions in a number of other /oca- chairman says that inflation, potential for development, both fi 1 
w recession and a wide variation In general books as well as the legal 

On Shoppers world Catalogue ^ exchange rates for leading publishing field m the long term. 
Stores, he reports that it has currencies were the major Arrangements are now in hand 
proved necessary to take correc- influences affecting group business to secure in London a medium 
tive action and dose two uneco- during the year. term currency loan to cover its 

no nu cal stores. Conversely, the . ■ obligations • in Belgium - and 

directors intend to enlarge this . France, which include the present 

operation in other ways. Having “ recent years j oan _ disposal co mmi tments and 

successfully experimented with a bad the primary obj ectiv es thp major part of the current 

section of a traditional Voolworth of improving qt^ty and service part ot cnmjpt 

store devoted to catalogue retail- Trading in the UK produced in* 

in g, it is intended to convert six parUca ' creasedsales and profits for -the 

more traditional stores to jomt &rly and continue eleventh consecutive year with 

A statement of source and the publishing printing open- 
application of funds shows an 
increase in net liquid funds of 
HS6.555 compared with a decrease 
of £L29m. 


Tbe faltort* cwWMBlca 
Oates or Baud weans* to 
sShinsc. Such mob *re »MBy 
hmM tor BQtpOV of cflfluiCL'TtBS 
offlSal iwucaimra m Wt 
whether dividends concerned 
flnate and the wb- 
OMsiom ahown twtew an tesed ®alnlr 

0B lost year 4 * tawiahle. 

tqjjay 

bfM. A. Beckman. 

n „ii- Barton and Sons, Bronx Baffin* 

wSSSorada no ung. gjg^yjj 

Life Assurance, Home CoantiftS 
topers. Ladbreke. Percy tiaoe, 
i-SL ai Assurance. Wtdoaaod Man- 
Assuranoo. Liners. 

Worcester. 5Soo*J» Estaffts. 

Matt industries. Wotawnfiratotr Siwae 

FUTURE DATES 

Interims— w ia 

Adwcsf ...- 

-geifoss Ma DteCgios * Ijr- ** 

Final*— , 

Am and Lacr -W- 3 


overall steady profits growth in 
the year. - - 

Earnings per 

given at 3.57p (6.7Sp^ awo the wm* 

dend payout is luted from 

SBOl’OIp not to s^avip with a 
2.40 Sop final (2.372iUp). 

tstt on 
■ t * 

TUfTWIVr 

Profit beta* m ir 2 **-*” Iffl W 

t a* .... • “**■***■ mm 

tfii profit - #>?•** 

To minorities 

i;x»r.iord drolls . — W*».WI 

AlinbutsUks MW 

DlThJDUds — - Cii.iM 

T Adjusted for tin 1!L •*«» mdbtk 
Ucs. I InrtTjdrB I'MlISha. fjr 

li-rminattan nr duoinol, riMi. . ■ 



7%l«l 

r«? 

43LHQ 


comment 


iSoctaod Bo* , ’PiibBdie« — • 

& deed Hill Lime Works Mar. Si 

fimnbonM 

Dlddnsoo BflWngan — — — — * 

Unklc Reel ... — 

E.C. Casts 

FIstwr fJamwj — 


Apr. 13 
APT. 13 
Mar. 31 
Mar. 31 
Apr. U 


Matter 

PotncrsUl and Bxrwj — Mar.M 


Vieomans 


Grampian Holdings 

Grccn&ank Industrial ... 
House of Fraser 


AOf. 
Apr. 6 
Apr. 4 
Mar. 33 
Apr. 4 
Apr. 3 

rnKBH »»•«•««: 

TUomsoo OrganisatlOB Mar. SI 

Ward White ■— Mar - 30 


House u, riMt* 

T-jp, Land - — ■ 

Ocean TranspoR and Trad ing — 
Pboentr Assurance 


Solicitors’ Law ju&t managed to 
bring ils full-year profits to the 
level promised At the half-way 
stase. But it tew been herd 
going. Bflgian tosses increased 
by around 30 per cent, to nearly 
£200,000, and ihe sroup has hdd 
to make a below iho lino provision 
of £300,000 against future disposal 
of t/10 stationeiy and printing 
operations. But while the cotry 
into stationery and printing activi- 
ties in Belgium and franco was 
perhaps mistimed, iwWlshUig 
Interests look more promising, )n 
spite of continued small start-up 
losses in France tost year. Mean- 


while; group debt has been rising 
1976' ' *" " 


Wood lAnanr) 12 


tions in particular doing welL 

Oyez Stationeiy is showing a 
positive upward trend and the 
conference and services com- 
panies and the copying division 
Continue to produce good profits. 

For 1978, the directors see a 
continuance of the improving UK 
trend and profitable development 
of the Belgian/French book pub- 
lishing operation, which result in 


from 1976's total of £1 J9ra, push- 
ing up interest charges. The 
group (s planning to convert 
much of that debt two-third* of 
which is short term, into . a 
medium-term Belgian franc loan. 
Although trading in the UJC. has 
been patchy, and the current year 
ia expected to be one of consolida- 
tion. Solicitors' Law. is looking .{Or 
a return to 1075‘s level of taxable 
profit of fl.34m. At 30p, the 
shares yield 12.3 pec cent, and 
stand on a p/e of Ml. The ratfcir 
is supported by the presence -of 
the 40 per cent, bolding of the 
Thomson Organisation. 


Meeting, Dublin on April 14 at 
noon. 


Plantation Holdings outlook 


First half 
downturn at 
Hensher 


GROWTH PROSPECTS of Planta- 
tion Holdings remain reasonable 
but depend on a steady improve- 
ment in the world economy, and 
mare particularly, on a greater 
rate of recovery in the UiC, Mr. 
K. R. Cork, the chairman, says in 
bos statement with the accounts. 




This year's results 

'The profit before taxation amounts to 
£1 4,049,000 which is an increase of £3,240,000 on 
last year's figure and represents an improvement 
of30%:' 

"We benefited from a substantial expansion in 
all areas of our activity. Our Eurocurrency lending 
showed considei?ble growth and the upward 
trend in ourincome from international transactions 
as a proportion of total revenue has been highly 
encouraging'.' 

"The increase in our profits must be considered 
very satisfactory in view of the substantial fall in 
interest rates dunng the year and the general rises In 
practically all our overheads'.' 

Banking developments 

"Development of our new on-line counter 
tormina Is is progressing satisfactorily and we are 
on the point of undertaking a pilot scheme in a 
number of selected Branches. Similarly, we are in 
the course of evaluatingthe operation of our 
AutoBanks, a more advanced form of cash 
dispenser, four of which have been under test for 
some time. The additional services available from 
these machines will be of considerable benefitto 
our custome rs'/ 

Review of 1977 and future trends 

"Interest rates have continued their steady 
decline although even at the present JowleveJs it 
seems industry cannot be persuaded to bo rrowfor 
expansion. Thisconfirmsourexperiencethatthe 
cost of money is notthe majorfactorin reaching a 
decision whetherornotto invest Ratherisitthe 
likelihood of obtaining a worthwhile net return on 
the funds involved." 

"While I am on the subject of interest rates I 
cannot omit a reference to the continuing inequity 
in the treatment of various types of deposit/nO 
deposit-taking institutions all of which are in the 
market for personal savings. Our complaint is 
twofold, namely that our depositors are denied the 
taxation advantages available to depositors with 
the Trustee Savings Banks and the building 
societies and, more recently, we areto be included 
intheiistof organisations which will require to 


contribute to a deposit protection fund designed 
to compensate smalLsaversfrom losing their 
deposits through the failure of a member 
institution.The proposals exclude from this the 
Trustee Savings Banks, at ieastforthe present, the 
building societies, the National Savings Bankand 
National Giro. It is our contention that our 
depositors are no more in need of protection than 
those of these latter named institutions arid that, - - 
furthermore, the cost of the fund vwll be an 
additional burden for us to bearf' • 

The Scottish experience 

"The Scottish scene presents a rather mixed 
picture" 

The traditional economic i ndicators show no. 
cleariyidentifiable evidence of an eartyor 
sustained improvementand of course so much is 
dependent on conditions in those other countries 
withwhich we have strong trading links. 
Nevertheless weare fortunate in having theoiland 
gas developments to provide both a continuing 
source of industry and employment and, of 
growing significance, an underlying strength to 
ourinvestmentpotential. Scotland [swell placed to 
take maximum advantage of these fortuitous 
elements, thereby securing a more stable and 
more enduring prosperity than has been 
experienced in the decade sofer. Adegree of 
containedoptimism,then, may be permitted when- 
considering the prospect before usl' / 


Clydesdale Bank 



Head Office: 

30 St Vincent Place 
Glasgow G12HL 


With turnover ahead from 
0S5 ol to J&21XQ., pre-tax profit 
of Hensher (Furniture Trades) 
dipped from £246,370 to £217,018 
in the six months. to September 
30, 1977. 

Tbe result includes the group’s 
share of Associate company profits 
of £2416 (£26,729), investment in- 
come and interest receivable of 
£28439 (£12.226) and net rents 
receivable of £30,241 (£32,414). 

The result is before tax of 
£113,000 (£128,000), and earnings 
per 20p share are given at 24p 
| (2-op). 

Partial provision has been made 
for tax' on profits of an overseas 
subsidiary, but' the director s say 
further liability would arise if 
these profits were distributed to 
tbe holding company. 

The company does not pay 
interim dividends; last year an 
unchanged lp net final was paid 
on record taxable profit of 
£553,000 (£391,600), 


For 1978 Plantation intends to 
resume its practice of paying an 
Interim dividend in November end 
a final payment in May. Last year 
a single 247S5p interim dividend 
was paid. 

Mr. Cork says that it Is hoped 
a relaxation of the current divi- 
dend restrictions wail allow, divi- 
dends to reflect the earning of 
the company. 

The directors also intend pay- 
ing a special dividend of not less 
than 0.6Qp net. in August subject 
to no material unforeseen 
circumstances. 

Discussions are continuing, on 
tbe feasibility of a reorganisation 
to allow shareholders to obtain a 
direct interest in the company’s 
owning the group’s Malaysian 
assets. Any future move towards 
Msdayrianasation is dearly linked 


to such a reorganisation, directors 
say. 

In the. year to December 31. 1077 
pre-tax profits of Plantation rise 
from £3fi2ra. to £443tn. A current 
cost statement Included with 
accounts shows this reduced to 
£2£9m. (£L34 xcl) after additional 
depredation of £794^000 (£734,000), 
a cost of sales adjustment of 
£588,000 (£559,000) and a gearing 
adjustment of £142,000 (£113,000). 

Mr. Goric says UJC operations 
increased profits 40 per cent, to 
£1.77*0., but that the improve- 
ment was not as great as bad 
been hoped owing to problems 
In the light engineering division. 

Directors point out that they 
believe the £L32m. valuation on its 
Brookiaods Estate is substantially 
below tbe current value of 4he 
estate and rail/. 

During 1977, 243 acres of estates 
were compulsorily acquired by 
government agencies and 70 acres 
were sold privately. The total pro- 
ceeds are expected to. amount to 
not less than 393^808.— - •'•. — -■ 

Hutchison Xtftetotatibnalof'Hoagr- 
Kong owns 37.51' -pet cent. 1 of 
shares and Malaysian Multi- 


purpose ' Co- o p e r ati ve Society 
20.08 per cent. 

Meeting. Guild ball House, EC. on 
April 19 at noon. 


Income growth 
by BET trusts 


Advances in pre-tax income for 
1977 are announced by Birin 1 or. 
hamand District UwcsUuent Trust 
and Electrical - And Industrial 
Investment C&ss^ny, both 
members of the BRT Group. 

Income of Birmingham and 
District increased from £1.8m. to 
12.27m. before tax of io.tiTm. 
(£0.08m,). Earnings per lflp share 
are given as 4.46p (3.3Sp) and fho 
dividend total in lifted from 3p to 
4p, with a 3p final. 

Income of Electrical and Indus- 
trial improved to £0.6fim. against 
DLSTlm. Thx took/tU^ni. (£0.i7m.) 
an*, stated- ■■©aimngs aro 45Sp 
<3Wp>-:pir -£t Deferred share. 
Dividend Is stepped up from 3-iOp 
to 395p. 


Clydesdale Bk. 
looks overseas 
for growth 


In his annual statement. Sir 
Robert Fairbairn, c hair m an of the 
Clydesdale Bank, a subsidiary of 
Midland Bank, says that apart 
from moves to keep pace with 
the expansion in 'the bank’s exist- 
ing business, he recognises that 
a greater proportion of contribu- 
tion of profits will come from 
overseas business. With the pos- 
sibility of a continuing slow rate 
of growth in the demand for 
funds in the UJC, the directors 
look to the growing level of inter- 
national trade and finance to open 
new outlets for services. 

As. opposed to some trends in 
ba nkin g, Clydesdale is continuing 
to expand its branch network 
New branches were opened in 
Edinburgh. Livingston New Town, 
and at MHngavie, during 1977, 
w^th two other offices nearing 
completion at Linlithgow and 
Renfrew. Major projects were 
also completed at West End and 
Harbour Branches in Aberdeen 
reflecting the continued high 
activity of the bank in that area. 
The new Head Office .extension in 
the city centre of Glasgow is ex 
peeled to be completed by the 
end of this year. 

Evaluation of on-line computer 
counter terminals and more 
advanced cash dispensers are at 
present being' undertaken at 
selected branches and equipment 
installed at the bank's new proof 
centre in Edinburgh "have placed 
the bank in- the forefront of de- 
velopments concerned with the 
automation of credit clearing,' 
States Sir Robert. 

As' already reported Pre-tax 
profits- for 1977 rose 30 per cent 
to £X4.05m~ At 1574m. lending to 
customers was up by 23 per cent 
Eurocurrency lending had “con- 
siderable" growth and there was 
a “highly encouraging" upward 
trend in income- from Inter- 
national transactions as a propor- 
tion of total revenue. At Decern 
ber 31, deposits totalled £781x0-, 
a rise of £68m. 

Commenting on the figures Sir 
Robert concluded that the in 
crease in profits must be con- 
sidered “very satisfactory" in 
view of the substantial fall in 
interest rates during the year and 
the general rises in practically all 
overheads. 


American Tst. 
improves 


After aU charges, including tax 
of £80*£46 against £844,504, net 
profit of American Trust Company 
for the year to January 31, 1978, 
improved from £876,178 to 
£1,119.793. 

Staled earnings per 25p share 
rase from L136a So 1.419p and the 
final dividend is 0-85p net for a 
L3ap 4 14p) total . A £34,528 
capitalisation of “B" shares is 
also proposed.' 

At January 31, the net .asset 
value per share was 52.0p eom- 
i pared with 47.5p. 


MONEY MARKET 



Bank of England Minimum 
Lending Rate of 6} per cent 
(since January 6, 1978) 


The authorities gave an excep- 
tionally large amount of assistance 
to relieve a shortage of credit in 
the London money-market yester- 
day. This was probably more 
than enough to take out the full 
shortage, but conditions were 
still fairly tight at the close. 


Tbe Bank of England bought 
an. exceptionally large amount of 
Treasury bills -from the discount 
houses, and a small number of 
local authority bills. Banks are 
expected to bring forward surplus 
balances to-day. 

Banks brought forward' run- 
down balances from Thursday, 
and the market was - also faced 
with a fairly large net take-up of 
Treasury bills to finance,' and a 


rise in tbe note circulation. 

Discount houses paid up to 
6J per cent, for secured call 
loans, and closing balances were 
taken at 53-6 per cent. 

In. the inter-bank market over- 
night loans opened at 6-8J per 
cent., and rose to G3-fij per cent., 
before closing at around 5 per 
cent. 

Rates in the (able 'below are 
nominal in some cases. 


Mar. 28 
lfl78 

dterlina 
Certificate 
of deport* 

Interbank 

Xnal 

Authority 

deports 

Local Aotb. 
nasoUaWe 

bonds - 

FlBmnre 

House 

Deposits 

Company 

Deposits 

Disroum 

market 

deposit 

Trcasuri 
Bills * 

finable 
Bank 
' HiU- 

Vina Trade 

Overnight*.— 

2 days notice.. 
7 days or 

7 days notice.. 

Cbiemojitli 

Two month*— 
Three months, 
jlx mcmthH— 
Vina nioaths_ 
Oneyev— 

;i' 

B6ij 

,bl(h6ig 

ass 

6W.7!* 

7*754 

7(«-B 

6 H-Stt 

6*4-61* 

Sag-Big 

6V68, 

6T 8 -7 

alii4 - 

• fTg^ag 
6?g48g 
6tg-6la 

„ 7-658 
7fia-7lg 
a 10-75. 

fla^Sg 

650- 65, 

65 1- 7 

7-7ig 

7i4»7se 

Wt 

8U 

654 

6^ 

era 

i 

65,-614 

65,-618 

6 

6 

6 

1 1 1 1^?* 1 1 1 

1 1 1 1 rs-atus V 

■Dioin 

6|^-6? 8 

67 9 

7 

7»a 



■- 




■ 


— 


1 


buying, rates for prune paper, SS?WRrtS " 


aM !i ,6 « p?r ccnt -_ A»wvximaie aeUng me for ooe-nraotb bank bma.swsss ^ UKWMmmOi 

Wb <H Bar cent One-tnootti trade bffla M per cent; two-month « Wcent; Sd S “I 


■ Mg « per cent OBMwnitti trade htua 81 per cent; two-mo mh 6$ b^wnL; Sd" ££ ce ^ 1 

. Fina nce Honse Base Rates (published by tbe Finance Houses Associations 7 w? ? KL® 1 "- 

Deport Rates (for small same *t seven dare* notice) s per cent £»■. 'SLrr l x.I R ? n . March l. 1P78. 

Bills! Average tender rates of dtacoont saw? per 


assr B ”B^ -BSVMSV vS^cwS m ^USt 


A 



Yearto 31st December 

1377 

External Sales- U.K. 

-Export 

£'000 

67,053 

3,762 

- 

70815 

Profit before tax 

Profit after tax 

Ordinary Dividends 

Net assets at yearend 

2,159 

1,626 

930 

21,867 


1970 

rooo 

49/328 

2/383 


51/711 


1,557 

1,167 

513 


Yearto 31st December 
Eamingsper Ord/ Stock Unit 
Net basis. 

Nil basis 

Fully diluted basis 
Dividend per Ord. Stock Unit 
Net assets per Ord. Stock Unit 


1977 

« 

10.8 

7,8 

4.8642 

90.3 



a: v. 


\ 

L 



* . . 


»Uf 


f 




VuV. r 

,4 °» fi«i 


Th 


is 


^ ffu 


Paper • Packaging -Stationery • Industrial Estate .lJ 



b 


■ fa,'; 













1 ii S ■ 


”>an if.: „ 

* j\ v Financia l Times Wednesday March 29 1975 

1 I BIDS AND DEAtS 


-v -v 


^ BIDS AND DEAtS ' - | 

~ Wigfall Board still 
holding out 


pays 


£1.3m. for Italvini 




As Comet Radiovision announced 
ut the number of acceptances ot 
s offer for Henry Wlgfnll had 
rept up to 4U8 per cent, t against 
3.7 per cent, before the Easter 
raak). the Wigfall Board sent ail 
a- ah a reh olders Notice or Rev oca- 
on forms to encourage any who 
aS accepted the offer to change 
»ir minds. 

•She forms were accompanied by 
letter in which the Board and 
untly claim that their rejection 
based on sound commercial 

3850115. 

At a. Press conference held 
esterday. the Board also declared 
m the 45 per cent. Board and 
en&Y block was still firmly 
pposed to the offer which was 
ascribed as “ opportunistic.” 
apparently members of two inter* 
ofced families. Heamsbaw and 
%faU, account for all but 1 per 
cot. or. the total. All have 
gnlfied their Intentions to oppose 
«. offer. 

Chairman. Mr. F. C. B. Morel!, 
stitoed to break down the valua- 
oti of the group's rental assets 
etween black and white and 
>faur television contracts, or to 
•parate' out the level of rental 
ftrtracts .related to white goods. 
Wigfall -is the only company to 
tec white goods by way of rent) 
nr. Morell did say that the 
ihje of the white goods con- 
wets within the £25m. total asset 
Due was not materially dif- 
•tent from book value and 
ft- black and white television 
attracts were valued on a con* 
mttve basis. 

In describing the group’s fore* 
Hd of significant profit growth 
f.Moretl said the redundancy 
ngramrae which, has involved 
« group in shedding S50 coi- 
ctors and 200 administrative 
aff is now virtually complete, 
e declined to quantify the cost 
the redundancies which the 
■oup has borne out of normal 
ading profits. 

He also declined to Rive the 


number of television rental con* 
tracts but confirmed that satis* 
factory density had now been 
achieved in the M shops acquired 
18 months -ago from Lloyds.- They 
had now begun to contribute 
fully and were a significant 
element in the- second-halt im* 
provement in profits to £L2m. . 

. MORGAN EDWARDS 
SUSPENDED 
Shares of Morgan Edwards* the 
wholesale and retail grocery , con- 
cern, were suspended at 32p yes- 
terday. The group had requested 
this after. its share price had -risen 
sharply during the monrihg^Irom 
its pre-Easter week-end level of 
25p. 

The group later met with its 
financial advisors. County-Bank, 
which said that z farther state- 
ment would be made , as soon as 
possible. 

One view in the City last- night 
was that two directors of Alpine 
Holdings. Mr. Alistair Grant: and 
Mr. David Webster, werepoiyed to 
take a major share stake in' the 
group. Supporters of -this -view 
believe that a merchant bank. is 
proriding the cash backing Jor the 
deal. ■ 

However, speculation the 

chairman and chief executive' oF 
Alpine, Mr. James .Gulinsr^was 
set to make a bid for the' group 
was dismissed. Mr. Grant and Mr. 
Webster. are former directors of 
Oriel..' .. 

CRYSTALATE 

Crystals te (Holdings). has 

agreed to acquire EIH Electronics* 
a subsidiary of Edinburgh' 
Industrial Holdings, and a ■-free- 
hold factory in which the' 'sub- 
sidiary operates. lor about 
£445,000 cash. - 
The freehold premises account 
for £245.000 of the consideration 
and the other £200.000 depends on 
the audited net tangible assets at 

March 31. 1978. 


EIH Electronics, which manu- 
factures coils, transformers and 
other electro-mechanical com- 
ponents made £100,000 pre-tax 
profit on sales of £1.7m. in tbe 
year to October 31. 1978. But in 
1977 Post Office cutbacks and a 
fire caused losses. 

Negotiations by -Crystalate to 
buy juiotber private company, also 
manufacturing electronic com- 
ponents are “ proceeding. satisfac- 
torily.^ When they are completed 
and: the audited accounts of EIH 
Electronics are available*- Crystal- 
ale will send a circular to share- 
holders giving details of both 
acquisitions. 

COUNTY DAIRIES 

'County -Dairies, which is to be 
purchased by Clifford's Dairies, is 
expected to make substantially 
greater profits In the current year 
than the £384.000 earned in-1978/77. 

Clifford's is awaiting more up to 
date audited accounts and the 
report of the investigating 
accountants. 

THOMAS CORK 

Thomas Cork (Service Merchan- 
disers) Inc., a wholly owned 
subsidiary of the Hart* Mountain 
Corporation of New Jersey. U.S, 
has acquired from Newey Good* 
man the shares of its subsidiary, 
Thomas- Cork (Service: Merchan- 
disers). ‘ 

This 'move is designed to ensure 
the continued growth of Thomas 
Cork ad a service merchandistng 
company proriding a range of 
non-food products to leading 
supermarket groups within the 
U.K. ‘ 

ELLIS (RICHMOND)’ 

The offer fey Gough Brothers for 
Ellis attd Co. • (Richmond) has 
become unconditional. It has been 
accepted in reject of more lhan 
90.3 per cent, of the shares- for 
which the offer -is made, by more 
than 79.8 per cent in number of 
the holders thereof. 


ITALVINI. set up in 1969 and 
how the leading U.K. distributor 
of bottled Jtalian wines is to be 
bought by Booker McConnell, the 
international trading group, for 
£1.3m. . 

Ttalvini's name -is firmly linked 
with that of Signor Gianni 
Castagna, its founder and deputy 
chairman. But much of the 
finance behind Tbe company is 
British and the majority share- 
holder is an Englishman, the 
chairman Mr. David Kingsley, 
who owns 62,000 of the 120,000 
issued shares. 

He will receive, therefore, 
nearly £672,000' from tbe cash 
deal which is .due to be com- 
pleted on April 6 when the new 
tak year begins. 

In the year to June 30, 1977. 
Italvini's turnover rose from 
£3. 5m. to just over £5m. while 
pre-tax profits were up from 
£150,234 to £262.610. . . 

The company was first in tbe 
UJ\. to sell double-litre bottles of 
Italian wine which it launched 
in 1970. To-day, double-litres 
and magnum sizes account for 
between 65 and 70 per cent, of 
the company's trade. 

. However. Signor Castagno. who 
recently moved back to live 
permanently in Tuscany, also has 
been concerned to promote 
better-duality Italian wines. 

, Booker McConnell already has 
drinks interests in the U:K. 
through its - United Rum Mer- 
chants subsidiary— the Lamb's 
Navy Rum business. * ~ • 

KENNEDY SMALE 

Kennedy Smale has acquired 76 
per cent, of the equity of Edward 
Jones (Springs), of Birmingham, 
which manufactures equipment 
for the telecomm uofeatieos And 
radar industries. 

Latest published accounts of 
Edward Jones (a .private com- 
pany) are tor the year ended 
June 30, 1977 and profits before 
tax for that year and net assets 
at book value attributable to the 
shares acquired amount to 
£23,729 and £89,206 respectively. 
Consideration payable is £114,000 


cash which has been satisfied by 
an initial' £106.400 with' the 
balance. due. On September 23. 

CGLOPHONIUM 

EXTENDS 

The offer by Colophonfum Pty. 
for London- Australia to vestment 
has been farther, extended and 
will remain open until April 36. 

BROWN & JACKSON 
EXPANSION • 

Brown and Jackson has pur- 
chased Harris and Benson, which 
are- associated companies having 
common shareholders, for £54&800 
and £217,220 cash respectively. 

Harris is a wholesaler -of 
toiletries- .'and household .goods 
with a turnover of £5m. in 1977. 
Benson is a wholesale toys, fancy 
goods, etc, with a turnover of 
£850.000 In 2977. Both companies 
are based in Leeds. 

Brown and Jackson states that 
tbe acquisitions will give it an 
important and growing source of 
profits outside of the construction 
industry. Further, Harris and 
Benson.. which have both grown 
very rapidly, will be an important 
customer for tbe toiletries manu- 
facturing plant already owned bv 
the company. 

At end 1977 net assets of Harris 
were £485,551 (including deferred 
tax of £223.830) and of Benson 
£124.820 (including deferred tax 
of £6821501. Profits before tax 
for 1977 were £267,582 for Harris 1 
and I5L694 for Benson. 

The . Vendors have warranted 
that the combined pre-tax profits 
will not be less than £250,000 for 
each of tbe year's ending 1978 
and 1979.. • . , - 

SHAKE STAKES 

Pritchard Service? Group: Lon- 
don Trust :Cq, has bought 7DJHH) ‘ 
Ordinary; shares and new bolds 
1.095JK}fl :Qr&inary shares (5.1 per . 
cent.). 

AssanvDooar* HoIdiagR— Long- 
bourne Holdings has purchased a 
further 13,000 Ordinary shares 
and now holds 138.370 Ordinary 
shares (13.08- per cent.). 

Hareros ' Investment Trust:— 
Harrisens and Crosfields are now 
interested in 14.84&387 (78.09 per< 


cent.) shares. 

Malayalam Plantations (Hold* 
togs):— Harrisons and Crosfields 
are now interested in 25.S&L862 
(95—6 per cent) Ordinary shares. 

Federated Land and Building 
Company:— Mr. P.. J. H. Meyer, a 
director, has sold 50,000 shares. 

W. J. Reynolds Holdings:— 
Company has been notified Out 
owing to .a slight miscalculation 
Mr. T. J. Clemence now holds a 
total of 999.980 <25.7 per cent.) 
Ordinary shares and not- 1,003,052 
shares; 

DIXOR 

The unconditional cash offer for 
472.610 Ordinary shares of Dixor 
from Mr. Michael Dinsmore and 
others has now closed and is no 
longer open for acceptance. Tbe 
number of shares for which 
acceptances were ‘received 
amounted to £5.948. 

The purchasers held 638,373 
Ordinary before the offer period 
an dacquired 6,000 daring- the 
period. 

The bidders appear to have 
succeeded, in their aim of only 
obtaining minimal acceptances so 
that the Stock Exchange quota- 
tion. can be retained. 

REDIFFUSION 

Rediffusion has agreed to acquire 
Tates Radio Company, which 
trades in tbe rental and sale of 
television sets and tbe sale of 
domestic appliances and equipment 
in 30 shops in the north-east of 
England. 

The purchase price is expected 
to be about £2704)00, to be settled 
in cash. 

BVT PURCHASE 

British Vending Industries has 
acquired - the goodwill, fired 
assets and stock of the business 
carried oil by Advance (Yepd- 
m aster) fpr £140,000, subject to 
some adjustment in the light of 
the audited accounts for 1978. . 

Pre-tag profits for the year for 
Advance (Vendmaster) were 
£8.829 on sales of £454,000.- 

It is hoped that benefits win 
arise from the integration of this 
business with the- activities of the 
BVI group. 


DTJFAY BITUMASTIC LTD. 

GROUP PRELIMINARY STATEMENT 
The Board of DUFAY BITUMASTIC LTD. announces the. 
following audited results of the Group for the year ended' 
31st December.' 1977. The comparative figures for 1976 bave!- 
been restated to reflect a minor prior year’s adjustment. : 

12 months 12 months- 
to to 

31.12.1977 31.12.1976 

rooo rooo * 

Sales 9,815 9.949 : 


Sales ...... 

profit before interest and taxation 
Interest (net) 

IS months 
to 

31.12.1977 

rooo 

9,815 

754 

133 

Profit ■ before taxation 


601 

Taxation .: 


306 



295 

Less pre-acquisition profit after 



taxation 


— 

Profit after taxation 


295 

Extraordinary item 



Profit after taxation and extra* 



- ordinary item 


295 

Dividend 



Interim 0.7p paid (1976: 0.7p) 

65 


Final O.B895p proposed (1976: 



0S135p) 

91 



— 

136 

Profit retained ' ' 


139 

Earnings per share based on profit 



after taxation shown above 


22p 


75 

— 140 


The Board recommends a final dividend of 0.9S95p per' 
share, making a total for 1977 of 1.68B5p (1.5125p for 2976): 
being tbe maximum permitted under current Treasury; 
restraints. The Board further recommends that, if tbe basic 
rate of Income lax 1978/79 is reduced in tbe Spring Budget, 
the appropriate permitted increase in dividend should be- 
paid. If approved the final dividend will be paid on 15th May; 
1978 to members on the register on 14ih April, 197S. 

The Board recommends a capitalisation issue on the basis* 
of ODe ordinary share for every five ordinary shares held by 
members on the register on 14th April, 1978. Renounccablc 
certificates will be posted to shareholders on 12th May, 1978- 
and dealings in the new shares are expected to commence: 
op 16th May, 1978. Tbe new shares will rank port passu with; , 
tbe existing ordinary shared save that the new shares shall ; 
not rank for any dividend declared in respect of the year 
ended 31st December. 1977. 

' With record skies and profits accruing from the Paints, 
Printing Inks and Resin Manufacturing Divisions the Board 
report lower Group sales and profit due entirely to a world- 
wide collapse in demand for pipeline enamels. 

In the Annual Report the Chairman states that " although, 
the outlook for pipeline enamel is unlikely to provide any 
stimulus in demand during 1978 the other Group Companies 
should perform well and continue to progress.” 

Copies o/ the full report and accounts will be obtainable 
from: The Secretary, Dufay Bttumastic Limited, Darlington 
Hood. ShOdon. Co. Durhopi DL4 2QP. 


record 23% 


Midland Bank-Report 1977 



Rock 










brill' ^ 







rH~nT 




of financial services in an increasing 
number of world markets? 


Mr. ALL dark, TJJ„ FJU.GJL, Chairman 


A 




Pre-tax profit up from £166-4m to £192*8m 

After providing for taxation , minority interests and extraordinary 
items, the net profit attributable to shareholders was £82. 5m. as 
against £71.7m. The improvement in pre-tax profits was achieved in a 
yearof failing interest rates and in a generally depressed economy with . 
only a modest demandfor borrowing in the U.K. 

Treasury consent to15% dividend increase 

’^Total dividends for .1977 will amount to H.75p per share (against 
12.62p in 1976) equivalent, with the associated tax credits, to 22.35p per 
share compared with 19.42p per share for 1976. 

Rights issue raises £964million 

Continued expansion of the Midland Bank and its subsidiaries 
creates the need for a further strengthening of the Bank’s capital base. 
Tterecefit£96.4 million rights issue comes after some US $300 million has 
been raised in the last two and a half years in the eurocurrency market. 

Total advances increase 

1977 saw the Midland increase its share of the banking sector’s 
sterling advances, with manufacturing industry; the traditional base of 
the Bank’s business, showing the greatest gain. Industry, however, 
remained reluctant in 1977 to take up total agreed facilities. The Bank’s 
willingness to provide funds, even at the finest rates, is of little avail 
without a strong underlying demand in the economy and stable; : 
conditions so that customers have the confidence to commit themselves 
; to expansion programmes.. . 

finance for smaller businesses 

:A feature of 1977 has been tbe general recognition of the importance 
of small businesses to the economy as a whole. The Midland is well 
, summs* - placed to assist this-sector. 

NEED 

ELECTRIC POWER? Further expansion overseas 

wiieon cate amnnost - :VThe Bank’s International DiviMdnhas enjoyed a further expansion 

Wilson ^nerattng Sets are amongst JfcfeeigndnT ency lending . 

the Best in tne World - An important factor ihdeveloping this side of the Midland ’-s business 

Surveys, Installation and After Sales Service has been- the addition 3 ! investment in business abroad and continued 

by our own engineers. . . ‘ J 

All ^zesfiwn 5 Kva to200Q Kva. 

Msuaffy from stock in quantify.. — 

F. a WILSON (ENGiNEERlNGlLTD. 

24 Central Trading Estate Stalms, Middlesex England 

- • T*!6phonte Slalnea 50288/52764— '■ J - - 

Tatax: 3331648747448 (Answerback Gansst G| ' } 


The CTeatesl year ofgrowU) ever recorded by - 
Northern Rock was reported by Mr. K. A. Clark. 
Chairman of Northern Rock Building Society, in his 
speech to the Annual General Meeting 28th March, 
3978. 

The Chairman made the following points. 

During 1977, Northern Rock... 

GREW by over 23%, to increase total assets 

to more than £435 miHian. . 

OPENED - over 78JJ00 new investment accounts, 
bringing the total to 345,000 
LENT £79 miUioa to 10.800 home buyers. 

EXTENDED services by opening or inproving 
8 branches and establishing a • 
permanent Scottish Office in 
Edinburgh. 

WELCOMED the members of 4 Building Sociclies, 
which merged \vilb Northern Rock 
during the year. 

Save safe with 

Northern 

Rock 

Aulhnrtffld for Investment bv Trusfecs 
A member of ibe Budding Societies Acsoaaliaa 

IE A Countrywide BuiMing Society 

Chief Office: North*™ RockBcmss, P.O. Box Na 2. Cteforth, 
Newcastle npcra Tyne NE3 4PL. TeJefAone 0632 8S7J91 
BRANCHES AND AGENTS THROUGHOUT THE UK. 

Consult telephone directory for your local breach 


The Rt Hon. Lord Armstrong of Sanderstead , 

Chairman , Midland Bank Limited. 


extension of overseas representation. In 1977, offices were opened in 
Cairo, Madrid and Manila while the Tokyo office is due to be upgraded 
to a full branch in April 1978. ; 


Specialised finance 


Although the overdraft is the traditional form of the Bank’s 
lending, and still remains the most used method of borrowing, constant 
efforts have been made over the years to adapt services to the changing 
needs of customers. In particular, there has been a pronounced move 
‘from short-term lending to specific medium-term finance and, more 
recently, to the provision of equity finance. 

The Nationalisation Debate 

The Bank joined the other London and Scottish banks in sponsoring 
a publicity campaign designed to increase public awareness that the : 
Labour Party had formally adopted plans to nationalise the largest four 
clearing banks. During the campaign over 50,000 members of the public 
accepted the invitation to write in expressing a view on the issue. 

90% were opposed to nationalisation. 

A loyal worldwide staff 

The Group now employs almost 65,000 people around the world and 
it is through their efforts and skill that we have earned a reputation 
which we believe to be second to none. 


■f.g.WilsqN- 


.Rtenvat ran* i 


1977 Group Results in Brief 

- 

£000's 

Profit before taxation f 

1 92,830 

Taxation 

104,915 

Attributable profit (after . 
extraordinary items and - 

minority interests) 

82,470 

Shareholders' dividends 

20,066 

Retained profit 

62,404 


If you would Uke a copy of Lord Armstrongs full Statement and the 
Report for 1977, please write to:- The Secretary, 

Midland Bank Limited , Bead Office ^7 Eoultry, London EC2P2BX. 









i i 



V. 

i T » 






4 




,J22 




■ Tmancial Times Wednesday Mareh 3^1^g , 


DESPITE ITS paints, printing inks 
and resin manufacturing divisions 
achieving record sales and profits 
for 1977, Dufay Bitumastfc reports 
lower pre-tax profits of £60 LOGO 
compared with £709,999 last time, 
due entirely to a world-wide 
collapse In demand for pipeline 
enamels. At halftime, with profits 
down from £377,000 to £308,000, 
the -directors said that second-half 
results should not prove to he less 
than those of the first half. 

Although the outlook for pipe- 
> line, enamels is unlikely to provide 
any stimulus in demand during 
~1B7S the directors say that the 
group's other subsidiaries should 
'perform well and conttinue to 
, progress. 

Stated earnings per lOp share 
are 3.2p (4.Sp) and the dividend is' 
lifted to l.BSPop fl.512op) with a 
net final of 0.9$95p. The directors 
-say that if the 197S/79 tax rate is 
, reduced then the appropriate 
permitted increase in dividend 
.should be paid. Also proposed is 
.a one-for-five scrip issue. 

-'"-Sales of subsidiary ' Dufay 


Titanine rose* from £3^7m. to 
£0.QSm. and pre-tas profits 
advanced from £274.000 to £430,000 
after interest of £94,000 (£82,000). 
Tax took £232,000 against £134.000 
and the amount retained came out 
at £18,000 (£192.000). There was an 
extraordinary credit last time of 
£52,000. The final dividend cost 
£200.000 (nil). Figures for 1076 
have been re-stated. 

13ft 


Siic* 

l Merest 

Pre-tax p refit 

Tax 

Ljssi . 

Extra-era. credit 
Retain*! 


row 

9.913 

139 

601 

SOB 


*137(3 

£000 

S.MS 

30 

70S 

383 


139 


Restated. * Pre-acquisition net profit. 


SHARE STAiCES 

Sly Jo Shoes-— Mr. R. P. Ziff has 
disposed of 69,218 Ordinary shares 
which were previously held as a 
trustee. 

Drake and Scul] Holdings— Mr. 
C, MaJevez. director, disposed of 
100,000 Ordinary shares at 25p. 

London and Strathclyde Trust — 


. Com hill Insurance has acquired 

75.000 Ordinary shares bringing 
total to Um. (9.03 per cent). - 

Crouch Group— Co mhlll Insur- 
ance acquired a further 30,000 
Ordinary shares bringing total 
bolding to 200,000 (5 per cent.). 

- International investment Trust 
Company of Jersey-— Mf- R. M. 
Robinow, director, now holds 

110.000 shares. Of this interest. 
108,230 held by him beneficially 
and 1.750 non-beneficially. Mr. 
J. J. Jtobinew Is beneficially 
interested in 10&25Q shares. 

Moss Bros.— air. S. M. Lotinga 
has acquired 1,136 Ordinary 
shares, and Mr. P. Moss has 

- acquired 44,392. 

Hail Engineering (Holdings) — 
Mr. R. N. C. Hall has acquired 
212,910 Ordinary shares bene- 
ficially. and Mr.- J. Hall has 
acquired 212.910 Ordinary shares 
non-beneficially. 

Pritchard Services Group— 
London Trust has acquired a 
further 70.000 Ordinary shares 
increasing holding to 1,095,000 
Ordinary (5.1 per cent). 


MINING NEWS 


1 


‘Young’ Amax looks to 


the years ahead 


BY KENNETH MARSTON, MINING EDITOR 


WHILE THERE is growing con- investment is S200m. (£109m.) 
cera about the political and and initial output will be 900,000 
economic factors which have rir- tonnes, 
tually halted the new mining in- The Tapira reserves are esti- 
vestxnent which hr _ vital for Qated to total 748m. tonnes: 
meeting the ■ world's future tonnes have already been 


r — V" , . ■ aiuui. tuuuwg u«fb mm wui 

measured. 2S5m. indicated and 


«_4^ 


NOTICE OF REDEMPTION 


To the Holders o£ 


OTIS ELEVATOR INTERNATIONAL 
CAPITAL CORP. 

(now Otis Elevator Company) 

8%% Guaranteed Debentures Due 1985 


NOTICE IS HEREBY OVEN that pursuant to the provisions or the Indenture dated as of May I, 
1970 providing for the above Debentures, said Debentures, aggregating $3,0 004)09 principal amount 
hearing the following serial nnmber> have been selected for redemption on May 1* 1978 (SLfiOOjOOO 
principal amount through operation of the mandatory Sinking Fund and $1,500,000 principal amount 
tlirongb' operation of the optional Sinking Fund), at the redemption price of 100% of the principal 
amount thereof, together with ini crest accrued and unpaid to said date: 


DEBENTURES OF 51,000 EACH 


M-lft 11 TT 2BTI 3543 4676 5850 71*1 8313 

IS 1173 2381 3547 4681 5353 7142 8316 

18 U91 2386 3348 4703 5B5C 7150 8344 

23 1197 2388 3530 4706 3650 7160 3254 

31 1200 2393 3560 4707 5861 7167 3371 

37 1204 2397 3561 4703 5871 7171 3373 

44 1312 2407 3569 4722 5839 7176 8382 

50 1214 2415 3570 4732 5890 7193 S389 

51 1222 2431 3593 4733 5005 7195 8390 

55 1228 2433 3600 4734 3908 7198 8394 

«3 1234 2434 3603 4732 5912 7207 8411 

6R 1236 2437 3612 4762 5923 7315 6414 

«3 1274 2443 3621 4772 5930 7218 8415 

“ J27S 2445 3635 4787 5934 7219 3420 

1285 2468 3629 4789 5638 7220 8422 


9831 . 

9523 

9536 


71 

91 


9564 

9568 

8576 

9B17 

9618 


99 1287 2469 3630 4790 5954 7230 8440 


Z07 


1213 2487 3631 4795 5956 7251 8445 

311 3326 2486 3633 4798 5960 7261 8448 

112 1327 2489 3643 4800 5985 7263 8456 

323 1853 2490 3644 4319*5986 7264 8466 

333 1386 2495 3643 4620 5988 7286 8479 

141 1383 2502 3650 4822 5990 7293 5482 

343 1386- 2506 3891 4837 5801 7309 8484 

363 1388 2509 3861 4340 5994 7318 84S5 

169 1391 2514 3669 4855 5995 7310 «498 

186 1394 2529 3670 4885 6020 7320 8502 

394 1402 2531 3671 4888 6022 7329 8510 

203 1412 2334 2680 4894 6044 7335 8522 

212 1422 2542 3695 4899 6048 7337 S534 

222 1433 2556 3699 4900 6067 7343 8536 

224 1433 2SS7 2706 4904 6072 7345 853? 

347 2435 2559 3712 4 MB 6079 7347 £544 

257 1443 2500 3718 4912 6084 7350 8546 

259 1445 2502 3725 4914 6088 7354 8551 

261 1447 2571 3729 4921 6107 7356 8559 

264 1452 2584 3732 4922 6136 7367 8583 

267 1460 2585 3737 4923 6133 7380 8586 

272 1463 2537 3738 4020 6142 738 L 8592 

270 1473 2563 3738 4031 6144 VJ92 8596 

283 1482 2602 3748 4948 6151 7399 8600 

294 1497 2605 3750 4057 6155 7404 8601 

299 1501 2609 3753 4076 61G9 741 

301 1503 2631 3757 4981 6173 

316 1305 2630-3762 4992 6178 


10694 11926 13107* 14263 15413 10653 17820 19008 

10702 11027 13208 14280 15437 16663 17833 19010 

- 10704 11935 13219 14288 15439 36678 17834 1901 X 

9537 10700 11940 13222 14290 15440 18680 17839 10028 

8545 10711 11949 13235 14292 15444 16683 17842 19038 

9551 10713 11950 13236 14300 15450 16BS5 17843 19045 

9553 10719 11953 12237 14302 15457 10686 17853 10047 

9535 10723 11959 13240 14324 15467 16690 17876 19030 

10737 11993 13244 14325 15470 10097 17878 19062 

10747 12039 13247 14340 15482 16698 17881 19070 

10748 12040 13248 14344 15493 16701 17894 19071 

10771 12043 13266 14348 15513 16704 17920 19081 

10779 12054 13270 14262 15514 10715 17923 19089 

9625 10786 12060 13274 14365 15515 '16746 17932 19090 

9631 10790 12074 13283 14369 15519 16747 17034 19103 

9643 10797 12076 13294 14374 15522 10750 17940 19114 

9652 10809 12080 132B6 14375 15531 16751 17950 19121 

3667 10813 12087 13300 14382 25533 15757 17958 19125 

9668 10322 12089 13303 14388 15543 16763 17960 19138 

9670 10823 12093 13310 14389 15553 16766 17961 19131 

9677 10820 12095 13314 14391 15554 16767 17963 19137 

9678 10827 12096 13317 14392 15555 16778 17967 19139 

9079 10836 12007 13326 14390 15558 16768 17078 19143 

9633 10845 12098 13328 14406 15571 16790 17981 19183 

9685 10848 13109 13341 14410 15377 16801 18002 19168 

10882 12111 13344 14413 15590 16811 18006 19197 

10864 12116 13345 14439 15594 16822 18013 19202 

10672 12124 13361 14430 15612 16824 18024 19208 

10873 12142 13363 14446 15636 16827 18033 19216 

. 10879 12144 13370 14451 15638 18833 18034 1931? 

9756 10881 12164 13377 14455 15848 16841 18037 19222 

9759 10894 12167 13378 14469 15649 16842 18042 19232 

10897 12163 13390 14471 15631 10857 


9697 

9706 

9710 

9731 


8609 98 


T425 8616 
7437 8617 


325 1508 2635 3765 5002 6184 7438 S63I 


9764 

9769 

9772 

6778 

9779 

9780 

9781 
9780 
97W 

ill 

S823 

9847 


18044 IS 


10899 12190 13391 14474 15656 16860 18047 10342 


10910 12210 13394 14491 15658 16 
1091? 12225 13403 14601 15661 It 
10919 12229 13405 14508 15602 ']< 


18050 19252 

18051 19263 
18096 19264 


10930 12232 13409 14518 15670 16885 18060 193G6 


10940 12233 13416 14519 15630 16890 18063 1 9268 


10941 12236 13417 14523 15686 16895 18073 19271 


10052 12251 13428 14525 
,10960- 12252 13443 14520 


» 


16911 18079 10272 
16914 


330 1514 

337 1519 

346 1531 2657 
348 1523 3676 


. 5008 01 ST 7440 3633 

3779 5009 6196 7446 8636 

5018 6197 7450 8638 

5034 6193 7452 8658 




0870 

9877 


353 1533 3680 3791 5026 6209 7455 8080 
357 1531 2688 3808 5027 6212 7462 


10962 12259 13446 14530 15704 16925 18092 19284 
10967 12266 13455 14539 15714 16930 18096 19288 
10068 12270 13466 14549 1571? 

10970 12273 13470 145S2 15718 
10975 12275 13471 14573 15719 
10077 12281 13176 14574 15728 
10983 12291 13479 14577 15743 


14 18103 19296 
18107 19307 
18114 19311 
18135 19313 
6 18137 19320 


9390 10997 12306 13480 14584 15751 16376 18142 19322 


364 1535 2701 3812 5036 6238 7464 8670 

373 1574 2703 3818 5043 6340 7467 8673 

375 1589 2713 3822 5057 6242 7470 8682 

385 1596 2733 3823 5064 6246 7471 8683 

390 1614 2743 3338 5082 6252 7474 £086 

397 1616 2756 3835 5092 6281 7494 8700 

■401 1635 2757 3354 5097 628ft 7495 3707 

407 1639 2769 3659 5JOt 6289 7500 8714 

■409 1643 2773 3860 5103 6294 7505 8722 

414 1644 2779 3380 5107 6299 7511 8727 

418 1646 2785 3896 5108 6312 7518 8729 

426 1648 2786 3807 5116 6321 7523 8733 

482 1849 2793 8898 5119 6327 7520 8740 

433 1653 2800 8901 5128 6330 7533 8744 

451 1854 2810 3904 5132 6333 7535 8750 

457 1662 2813 3915 5142 6348 7538 6767 

462 1680 2814 3919 5143 6353 7539 8769 

464 1681 2820 3931 5155 6356 7570 8770 

465 1 710 “ 

482 1711 2837 3936 5170 6372 7603 8793 

“ 1713 2865 3051 5185 6373 7606 8812 




11005 12314 13467 14594 15757 26087 18150 19333 

11009 12335 13495 14505 15764 16980 18159 10339 

11010 12339 13512 14600 15776 16995 18168 19343 

11013 12341) 13514 14612 15784 16900 18170 19347 


17003 18172 19358 

17004 18173 


0924 11023 12341 13531 14618 15 

9934 11023 12357 13534 14631 15' 

9935 11033 12359 13545 14636 15802 17008 18178 

9939 11012 12364 13548 14652 15807 17000 18184 

9944 1X070 12374 13951 14663 15806 17011 18198 

9946 11075 12376 13555 14665 19810 17020 18197 

9949 31082 12403 33558 14673 ’15814 17022 18200 

9950 11089 12409 13562 14692 15815 17031 1B20S 

9953 11097 12414 13576 14683 15816 17039 18213 19308 

9954 11107 12428 13583 14699 15822 17065 18220 19401 


9961 11108 12431 13596 14701 16825 17059 

9964 31114 12433 13598 34703 15830 17062 

9971 11119 12437 13500 14707 15849 17069 

9992 31126 12440 13600 14715 15857 17071 

9999 11131 12445 13616 14717 15859 17084 

2833 3933 5167 8369 7398 8772 10022 11154 12457 13613 14725 15881 17085 


19410 

19419 

19421 




19431 

10434 


490 1724 2866 3953 5180 6377 76 tO 8813 

492 1728 287D 3059 5191 6364 7613 8816 10053 11160 -12478 13632 

494 1730 2871 3377 5190 6301 7617 8827 10064 11170 12400 13633 

495 3733 2892 3981 5200 6399 7626 8828 10071 

498 1739 2901 3MU 521ft 6413 7629 8836 10073 

511 1744 3903 4009 5216 6425 7632 8848 10077 

51? 1748 2905 4011 5217 8436 7640 8849 10064 

533 1755 2£W 4014 5223 6441 7641 8BB0 10086 


11X56 12467 13625 1474*. 15887 1708* 

11162 12469 13630 14750 13890 1 7092 lK3g 19435 


11167 12473 13631- 14761 .15904 17083 * 18322 . 10440. 




4«Wfc 1 

II 

11 ITT 124 S3 13655 14779 15931 17128 

11138 12493 12664 14786 15033 17154 1 

11208 12504 13666 74e36 I " 

11212 12516 13673 14843 1 


12486 13648 14778* 15921- 17138 18331 

18352 


19458. 

19459 

10464 

m 


339 17*3 2907 HUM 5237 6451 7642 8870 10093 11214 1251* 13676 14844 15971 17185 18377 10480 


rz 546 17*4 290R 4029 5229 6463 7646 


11213 12521 13701 14656 15972 17173 1838? 19500 
11241 12524 13706 14857 15975 17175 18398 IS 


... . .... ... 10094 

559 17S5 2918 41)40 5240 6483 7647 8912 1001*9 

561 1792 2922 4053 5243 6484 7661 6916 10105 11246 12527 13707 14860 15978 17179 18400 

570 37TO 2923 4081 5246 6497 7664 8923 10111 31349 12528 137X4 14861 15984 17183 18401 

^ 590 1800 3932 4082 5349 6521 7665 8937 '10114 11252 1 355* 13736 14862 15966 17193 18421 


19508 

10536 

19546 


591 1803 2933 4063 5256 6526 7868 8933 10134 11261 12576 13728 14880 15095 17196 18433 19549 

606 1814 293* 40G4 5237 6332 7870 8943 10143 11266 12573 13734 14906 15098 17197 18437 19559 

610 1818 2941 4065 5260 6546 7671 8950 10143 11288 12589 13736 14913 16010 17200 18447 19361 

all 1319 2043 4069 5274 6555^7704 *951 1016* 11293.12601 13740 14913 16018 17204 16454 19563 

019 1823 2043 4079 5275 6559 7722 -8961 -10171 11296 12602 13742.14928 16019. 17213 18455 19566 

020 1343 2949 4080 K77 6363 7729 8969 10174 11299 12614 13746 14832 16022:17319 16457 10668 

♦530 1847 2955 4089 6278 . 6567 7740 .8970 1 0175 *11304 12617 13754 14934- 16025 17224 18458 13570 

tv2 1850 2368 4095 53*4 6589 7745 8972 10176 1130? 12622 13762 14937 16040 17234 18464 19573 

636 1655 2972 4100 5290- 6573 7757 8979 1017* 11811 12623 13783 14052 16041 17239 18467 19578 

638 1861 29S9 4107 5297 6581 7769 3981 10181 11316 12635 13767 14959 36042 17255 18475 19580 

«39 1*65 3998 4110 5300 65SG 7782 8988 10182 11333 12657. 33771 34057 16070 37259 18478 10587 

640 1866 3001 4122 5306 8587 7783 9001 10184 31328 12664 33777 14958 16071 17279 1*493 19588 

644 1874 3009 4138 6326 6605 7792 9014 1018& 11329 12872 13787 14959 16072 17239. 18495 19598 

649 1890 3013 4156 5344 6612 7793 9021 10183 11333 12683 13788 14970 36073 17290 1*496 19600 

653 1903 3014 4165 5360 6630 7800 9023 30208 11338 126*7 13791 14974 16075 17300 3 8517 13808 

654 1904 3023 4176 5386 6631 7807 0029 30207 11348 12695 13794 14977 16091 17203 28529 19810 

657 1906 3024 4178 5375 6635 781+ 9031 10224 11350 32698 13798 14985 18103 17305 3*540 19622 

673 1908 3034 4189 5376 6638 7B1S 9042 10241 11353 12639 33803 14990 16108 17308 18543 19624 

674 1914 3037 4192 5MB 6639 7826 9049 10246 11354 13707 13830 14991 16111 17316 28548 1 9625 

665 1915 3048 4200 5396 G644 7832 9054 ICC 82 31355 12710 13835 14B93 16118 17320 18549 10628 

♦WO 1930 3065 4207 5398 6648 7841 9067 3026* 11864 12716 13*50 34996 16120 17322 1*551 19647 

721 1833 3070 4211 54CH) 6BS7 7847 9069 1(1270 31267 12719 13851 33000 16124 17339 38559 19651 

733 1938 3071 4213 5410 6669 7850 9070 10274 11388 32722 13*52 15007 -16129 17354 18574 12655 

736 1049 3080 4215 5413 6694 7877 9074 30292 11360 12724 13857 15011 16148 17358 18580 10062 

745 1964 3084 4=19 5421 6706 7*909 9081 10003. 31372 12743 1385ft 35012 16169 17359 38588 19063 

760 3971 3094 4220 5430 6703 7917 9006 10302 31378 12754 13E62 13014 16171 17360 18504 10068 

765 J.17K 3100 42*3 5431 6713.7923 9093 10309 21392 12755 13064 35028 16373 37373 18COX 39073 
767 1961 3118 4254 5433 6714 7924 011S 10311 31410 127K2 13M7 15030 10174 17377 18603 19673 

771 39*5 3122 4264 5435 6717 702* 9116 1031* 11445 12708 13375 15045 16102 373*0 18619 19886 

779 1969 3129 4271 5442 6722 7934 9126 10320 11437 13770 13678 15049 16201 17381 13624 19691 

31464 12775 13881 15073 16225 173*5 18830 19700 
" 19702 

19702 
10708 

. 17412 18670 10711 

SP2 2005 3170 4292 5470 0772 7957 9141 10356 11513 12*26 13912 15081 10350 17415 10871 10712 

*13 2007 3175 4300 M89 6777 7969 9150 10303 11514 1284ft 13914 15083 16253 17433 18676 19726 

Sift 201* 3178 4308 5492 6797 7960 9131 10366 11519 12*19 13916 1S092 16262 17434 18677 19730 

815 2021 31751 4310 5498 6802 7972 9154 30370 31525 13853 13920 15093 16263 17438 13681 10738 

S17 "022 3181 4314 3501 6603 7902 3164 10380 11528 12337 I393P 15104 16265 17441 18682 19741 

*29 2025 3210 4315 *5504 6805 8003 9177 10381 31539 12363 13940 15109 36368 17453 18683 19743 

£32 2030 3215 4:30 5305 6807 8008 9183 1U384 11546 12878 13944 15116 16273 17459 18698 19754 

f3B 2042 3219 4232 5509 681ft B009 9190 10386 11549 12891 1S94S 15124 10274 17463 1*703 10774 

S40 204* 3222 4-138 551ft 6S1B 8010 9192 10383 11552 128M 13057 15137 16288 17469 18705 19778 

847 2049 322S 4339 5520 6822 8019 9193 10307 11556 12009 13961 1514ft 16291 17476 18713 1078ft 

*50 2052 3235 4341 5332 6H29 8044 0195 10398 31336 12913 1 396ft 15144 16300 1748* 1*720 19792 

*51 206n 3233 4142 5539 6349 8046 9200 1(MOO 11572 12921 13978 151S3 16304 17439 18730 19799 

£54 2067 3241 4368 5540 6857 80C2 9203 10410 11575 12923 13983 15156- 16313 17494 1*737 19803 

£6f*. 2075 3244 4372 5583 6860 8065 9209 10417 11576 12931 1 3989 1515* 1631*. 17497 18739 19304 

*71 2091 *253 4385 MK-R 6875 8067 *232 10419 11377 12939 13992 15160 16330 17430 1874ft 19813 

R78 2096 3255 4401 5601 6879 6070 9239 10427 11533 12948 13933 15164 1 6333 17501 18749 10826 

*81 2101 3260 4402 5609 6895 8060 9257 10432 11594 12949 1399* 15165 16336 17507 18756 19827 

SP2 2102 3263 +426 3813 6896 8087 9262 10443 11614 -12956 14004 1517+ 16349 17511 1*758 19832 

*94 3136 3275 4430 5617 6097 8096 92G3 10445 11617 12058 14007 1517* 16353 17547 18769 19*33 


TBS 1991 3135 4273 5444 6737 7940 9130 10322 

76ft 1992 3154 4278 3445 674+ 7943 9131 1B328 1147ft 127S2 138R0 15076 16227 17386 3*858 

783 1994 :1159 +230 51&4 6747 7946 0135 10332 114SO 12734 13013 15077 16229 17409 18665 

7P4 2000 3165 +286 M5C 6761 7949 9136 10339 n+99 12809 13903 15078 16236 17410 18 

199 2002 3169 +290 5465 6769 7954, 9139 10343 1150+ 12814 13908 35079 1624 


*95 2147 3280- 4433 5622 68PB 8005 9264 10450 11627 12959 14006 151*5 16361 17557 1*781 19834 
2150 3301 +440 5623 6890 BIOS 0271 1045ft 11666 12809 14014 15190 16365 17559 3878S 19836 


922 


92ft 2151 3317 4443 5632 «90t 8125 0276 10455 11079 12967 14017 15192 16367 17560 1878+ 10844 

926 2168 3328 +455 5652 6902 8129 9278 10462 12 084 13038 14020 15200 16384 17576 18802 10853 

923 2163 WKJO 4459 36.74 6925 8131 9S88 JW?t 3X689 12000 14024 15214 16388 17577 18*10 19*54 

949 2170 3341 4464 3536 6926 8133 9296 30405 11682 12094 14027 15218 16391 17625 1*820 10855 

!>SS 2177 3343 4465 5658 6038 8141 9305 10502 31708 12097 14032 35228 16406 17634 183*4 19*67 

976 2131 SS49 4498 5677 «MS 8161 9306 10512 11710 12099 1+037 15046 16407 17635 18835 19871 

977 2137 3352 +507 5679 6944 316+ 9314 10521 1171ft 1301ft 1403ft 15252 1B4Q9 17637 13B33 10387 

0Sti 2191 0355 4509 5052 tS4S 8166 MIS 10527 11715 13017 14055 15257 16423 17643 1*663 13889 

986 22G6 3359 +524 MOO M57 H1T3 0323 10531 11716 13022 14056 15260 16454 17647 1**63 10890 

1002 2311 3362 4533 5682 6959 S189 0327 1053* 11721 1302ft 1407ft 15S63 16462 176+B 18870 10805 

1004 2216 3368 4335 5804 .6366 8101 0320 10564 11727 15029 14077 1*269 16467 17655 1*874 10896 

IMfi 2217 3373 4542 5701 6172 B19K 9343 10563 1172* 13033 14096 15276 16470 17677 18875 19901. 

3.016 2224 3374 4S« 5704 6HSV 8197 9336 1OTW 11729 1303* 241 J ft 15279 16477 17663 1*886 19911 

101ft 222* 3408 454+ 5706 HOTS *202 9357 105*1 11730 115044 14127 132*1 16484 176B8 18897 199IR 

1D24 2231 3413 4550 571ft (j90ft HSU WKBS 1U383 11743 12U55 14184 15285 16488 17697 1*004. 19927 

102»i 2237 3430 455S 5721 7013 8215 tftJST 10596 11756. 13059 1+136 75301. 1643L 1T809 18914 19928 

1C&2 2254 8434 4SAH 5725 7&1B 0375 UKflL 11760 13063 14143 15302 16493 17704 33916 19929 

1049 2236 34S0 4361 S742 7029 8221 9377 1W04 117SS 13071 1415ft 1530ft 10S11 17721 1*026 10943 

1059 2237 345? 4567 &T43 TWO 6224 9390 10607 11772 13073 1*182 1530? 16513 17723 1*928 l»47 

1074 2259 2459 4:170 5746 7045 5234 9403 1660* UnS 13074 14163 15313 JC51B 1T731 1C943 1WM 

10*5 226ft 3463 *4572 5755 7054 6235 9410 10613 11780 33089 34167 15315 16535 17743 189*6 19957 

109S 22*6 3467 4574 57M 706 L 8236 9416 10818 3I7B& 13095 14173 15318 15541 37758 18947 UW59 

3102 2290 ft4i» 4562 5767 7073 8241 0427 10637 1170b 130W5 14175 153 ill l«MK 17737 18956 19073 

110+ 22M 8472 4501 5772 7076 £245 'JAM inft29 11709 13100 34175 153B6 16539 17761 16950 1SB89 

1103 2297 3473 455*3 5779 707* 82M 0437 1063+ 1IS10 13111 141*7 15360 10563 177t.0 1*061 10900 

1150 2307 3475 *601 5789 7TJS4 6239 9*47 10638 11830 13112 14188 1E3C0 1057S 17774 18965 15901 

1151 2311 3491 +H1S 579B 7087 6269 :*4M 1IMM 11341 13114 1410T 1336S 1B570 17778 18972, 


1151 2337 2511 *652 6621 7124 .8205 0477 10670 11001 13147 ,14231 1339+ lb603 17305 18994 


1376 226S 3538 4689 5842 7130 8310 0515 10691. U923 13184' 14260 15408 16638 17822 16007 
Payment will he made upon presentation and surrender of the above Debentures with coupons due 
Jfay’l, 1979. and t-utaequent coupons attached at the wain offices of any of the following: Morgan 
Guaranty Trust Company of New York, 15 Broad Street* New York, New York 10015; 
Morgan Guaranty Trust Company of New York in. Brussels, Frankfurt am Main, London and Paris; 
Banca Vomriller & C. S.p_\. in Milan; Bank Mees & Hope NT in Amsterdam; and Kredietbank 
&A. Luaemhourgeoise in Luxembourg. 

On and after May 1, 1975, interest shall cease to -accrue on the Debentures selected for redemption. 


OTIS ELEVATOR COMPANY 


Dated; March 29,1978 


NOTICE 


The following Debentures previously called for redemption have not as -yet. bean presented for 
payment: 


M- 30 
5+ 
75+ 


1B4B 

1857 

1856 


3870 

1892 

1607 


. DEBENTURES OF *1,000 ’EACH 

2464 . 32GT 3993 5168. 7689 5861 

3261 3276 4083 9351 9835 9878 

3266 3277 4086 7688 9869 98S1 


2Q33S 

10345 

10349 


12712 18356 
1GB6S 19068 
17713 19376 


“ sas-isr-ssrwks: 

SSTiS M ^ The average ratio ^percent 

Sand that win* occur. One of The concentrate will be Pro- 
them is America’s Amax. " ' cessed by Vatap s subsidiary, 

Now living through lean times vaiefertil, which is one. to- start 
in the markets for its copper, zinc operations in November 1979. 
and nickel. Amaz suffered a fall Until then. Valep will place its 
in last year's net earnings (before concentrate with other fertiliser 
extraordinary items) to $119xn. companies in the Sooth. 
(£635m.) from SI50m. in 1976. To 1975, L2ni. tonnes of Ter* 
Matters were worsened by a pro- miser — 64 per cent, of Brazilian 

-SfSn ot "SSAStJaS 

ssBswsswa aitftfJWe 

Bflir&SP- The ValeT^rve, ^ntitio 

enjoyed a strong demand for its other important minerals, 
basic product, molybdenum namely Titanium . (for which 
which is expected to continue as valep is drawing op a separate 
is that for lead and aluminium, project), rare earths, vermiculite 
Demand for the group's oil and and niobium, 
gas is also encouraging but Mr. In fact. Valep's niobium re- 
Pierre Gousseland. the A m ax S erves — estimated at some 113m. 
chairman adds in the tonnes are the second largest in 

port that mcent 1 ves. ' ? the world. The company is now 

a^ssas’sfvss o a »^ ov ^s^ proTaI 

The company's important Mid- 01 a project worth ssm. 

West coal production has been bit 

Mount Newman 
squeezed by 

policy. Mr. Gousseland comments m ^ J 

that while the U-S. administration |T*nn (YH* ClIYF 
urges greater coal production and u t glut, 

usage - it promulgates environ- THE AUSTRALIAN Mount New- 
mental regulations and legislation man Iron ore consortium expects 
that restrict output and consump- its shipments in the 1978 Japanese 
lion and raise production costs, fiscal year, beginning April 1, to 
On balance, this year's prospects total only about S3 per cent, of 
for Amax earnings are nn exciting, contract levels, according to Mr. 
But looking ahead, Mr. Gousseland EJwtn Smith, president of the 
stresses that .as much as 75 per consortium’s export sales repre- 
sent. of the Amax property plant sen ta tire, Amax Iron Ore. 
and equipment is less than five He said that the international 
years old and is thus well-placed surplus of iron ore this year may 
to take advantage of an economic exceed production capacity by 
revival- 50m. tonnes, and that this world 

He also points out that the glut of iron ore may not be over- 
young Henderson molybdenum come until 1985. * 
mine, which will cost more than Mr. Smith added that severe, 
3550m. when - it reaches full competition among suppliers is 
capacity in 1980. would require resulting in ore price reductions of 
more than Slbn. if embarked upon 7 to 10 per cent from the 1977 
to-day. levels, despite increasing produe- 

Amax is a film believer in the Lion costs at all mines, 
future demand for 'natural "Even in Japan, where contracts 
resources and over the past 15 are traditionally considered almost 
years the group has approximately sacred - - - the steel companies 
quadrupled its mineral reserves, are arbitrarily and unilaterally 
Mr. Gousseland says that after suggesting their intention to 
baving invested some S2.Lbn. in ignore quantity purchase obliga- 
thc last five years. Amax expects tions daring 1978.” 
to invest a further S2bn. over the Last year Mount Newman 
next five to six years “ largely to shipped 28.5m. tonnes of ore to its 
expand production, capabilities domestic and international 
where demand Is strong, suctras* markets: ‘Shipments in 1978 will 
In molybdenum and coal as well be limited to no more than 29m. 
as in on and gas -which make a tonnes, despite existing contracts 
steadily increasing contribution to for almost 34m. tonnes, he raid, 
earnings.’’ ; ; Mount Newman has an installed 

production capacity of 49m. tonnes 
DJrt ' rrSlSn n a year. Members of the consortium 

Dl2 orazilian ' are: Amax; CSH: Broken Hill 
» i X. • Proprietary; Selection Trust and 

phosphate mine “«>■- 

THE Valep-Valefertil project. 


complex thus intends *.to increase 
Its output “so as to more closely 
match the expected level of sales.^ 
Last November, at a time of 
weak demand and low prices, 
Rustenburg announced its inten- 
tion to reduced" platinum produc- 
tion by between 10 and 30. per 
cent from the level of-lra. ounces 

E er year. Since then, both Rusten- 
urg and Impala Platinum have 
raised their selling prices from 
$162 to $220 per ounce while the 
free market price has hit a four- 
year peak of over 8235 and was 
$223 yesterday. 

Rustenburg says- that sales of 
platinum -in the first half of the 
current year 10 August 31 were 
comparable with those in the-same 
period of the previous year. 
Higher prices were obtained on 
the latest occasion and gross sales 
revenue improved, but losses con- 
tinued to be incurred on platinum 
supplied to the automobile 
industry. Negotiations regarding] 
the latter contracts are continu- 


ing. 


Pre-tax profits for the past half- 
year amount to R1.3m. (£0.79 xxl) 
compared with RLSm. a year ago; 
but a tax charge appears on the 
latest occasion which leaves 
Rustenburg with a net profit of 
only R400.000. It has been decided 
to omit the interim payment and 
defer consideration of a dividend 
until the end of the financial year. 

For the year to last Augu&t, 
Rustenburg paid an interim of US 
cents but omitted the final divi- 
dend. Lydenburg Platinum, a 
major shareholder, is also passing 
its latest interim dividend. Shares 
of the latter were 66p yesterday 
while those of Rustenburg were 
S6p. 



Interest revived 


in New Zealand 


INTERNATIONAL oil cofflPWig 
which have slowed downorhaltcd 
offshore exploration progremMes 

SnKew Zealand because of a dls 
Krte with the New &MdWd 
Government over financial 

SSStfenis. ma y 

tiated more satisfactory terms. 

The Aquitaine Consortium has 
-aid that the Government’s latest 
tax proposals to the ofl comjwtiw 
Se more acceptable although 
there are still »me areas or con- 
cern Aquitaine hopes torww® 
drilling off New Zealand's West 
Coast towards the end of this 
year. If the project goes 
the Government will co afribuic 
40 oer cent, of the costs in return 
for a 51 per cent stake in any 
oil strike. 

Mr Robert Muldoon, New Zca- 
Ws Prime Minister, has 
Indicated that he hopes the Shep- 
BF Consortium is also dose to 
accepting the Governments con- 
ditions. 

Hunt Petroleum announced a 
few months ago it would with- 
draw completely from oil explora- 
tion off New Zealand because it 
■was unhappy with the conditions 

imposed by the Government. 
However, the company has kept 
communications open and Mr. 
Muldoon believes that a settle- 
ment is possible. 

- The Acquitatae programme was 
origin afly scheduled to start last 
summer but was shelved because 
of the dispute with the Govern- 
ment. . . 

: During the past few weeks there 
has been criticism of the Govern- 
ment's own on-shore drilling 
programme. OD exploration ex- 
perts claim that four wells — all 
proved dry— have heen sunk 
without adequate research. 


Problems mount in Canada 


CANADIAN MINING groups are 
girding themselves for the diffi- 
cult year. This is apparent from 
the flow of annua] reports, 
surveyed by John Soganlch Da 
Toronto. 


With the assumption that the 
worst recession since the 1930s 
would be followed by economic 
recovery apparently dashed, 
Noranda Mines is anticipating, a 
difficult year. Mr. Alfred . Pawls, 
tiie chairman, stated. “The. focus 
will be on consolidation ' and 
retrenchment .” 


aimed at reducing Brazil's 
dependence on the outside world 
for ferilisers, win enter its first 
stage of operation In ^October 


Rustenburg to 
lift output 


BECAUSE of the revival in 


tins year, reportp Dfaiia $mith demand for platinum, which has 


from Rib de Janeiro 


followed a sharp reduction in 


On that date; Vadep (Mineracao Russian supplies. Rustenburg 
Vale do Paramiba) will begin Platinum Mines has been making 
working its phosphate concen- sales of the metal above its 
trate reserves at Tapira. in recently reduced production rate. 
Souther Brazil. The initial The big South African mining' 


This means that exploration 
activities are to . be sharply 
curtailed, operating costs will .be 
controlled "even more closely” 
and capital spending wai * be 
reduced substantially. 

Noranda owns 31 per cent of 
Central Canada Potash, which 
found 1977 pre-tax profits of 
SC25.9m. turned into a net lass 
of SCUm. (£616,400) after tax 
payments to the federal Govern- 
ment and to the Saskatchewan 
Government. 

Underlining the ■ Industry's 
insistence on the necessity of tax 
reform Noranda said, “ Repre- 
sentations to have an excessive 
potash reserve tax have had no 
results to date, hot will continue." 

The rale of the Sy trite potash 
operation in Saskatchewan to the 
provincial Government has left 
Hudson Bay Mining and Smelting, 
tiie Canadian arm of Anglo 
American Corporation of So nth 
Africa, with a search for what 
Mr. Ronald Fraser, the chairman, 
calls “ major new Investments in 
the natural resource area.” 


But. afrer disappointing earn- 
ings last year. Mr. Fraser classifies 
the outlook for the commodities 
. in which Hudbay Is interested— 
base metals mainly— as "discourse- 
ing." The group is laying “ con- 
siderable emphasis on containing 
our negative cash flows.” 

There is a similar feeling at 
McIntyre Mines, which in 1977 
after taking into account its 
equity in F&Jconhridge Nickel and 
Madeleine Mines, had a net loss 
of $C15.4 xxl <£7.3m.V against a net 
profit in 1976 of $C16.2v. 

Mr. R. B. Fulton, the president, 
stated that 1978 would be 
uncertain for companies in the 
metallurgical coal* business. 
"Depressed steel sales and -ample' 
supplies of competing coals hi 
most of the markets available to 
the company will require a strong 
sales effort coupled with very com- 
petitive pricing to maintain past 
sales volumes." 

He added that the penetration 
of some of these markets and' the 
effort, to establish. -the usage of 
Smoky Riter coal* would lead to 
profit margins being- "marginal or 
less:” Coal earnings this year are 
Kkdy to be less than in 1977. 

But with lower capital outlays. 
McIntyre should-, have a positive 
cash flow. At the- same time its 
coal production costs are being 
reduced and its delivery costs are 
equal- or lower than - those of 
competing companies; 


Falconbridge 


stocks climb 




LEPANTO PROFIT 


Net raceme at leparito Con- 
solidated Mining, the copper-gold- 


STOCKS, of unsold- nickel held by 
Canada’s FalconbrWgc at end? 
1977 had climbed to 78.5m. lbs 
from IS^ra. lbs at the beginning 
of the year. Sales of nickel in 
1977 dropped to 7S3m. tbs from 
143.4m. Jbs in 1976, 

This continuing depression .in 
ihe nickel market was reflected 
in the^already reported Falcqp- 
bridge 1977 oonsolki.-Ued loss of 
SCSS^mr (IlSfhn.r. Or !5C65ff:pcr 
share, before an extraordinary 
gain orjCfiOSm. From the sate of 
shares in Aintinex. Consolidated 
earnings In 1976 were SCI4-7m. 


This announcement is neither a n offer to sen nor a solicitation of an offer to buy any of theseaecurities. 

The offering is made only by the Prospectus. 


§150,000,000 


Commercial Credit Company 


$100,000,000 8H% Notes due March 15, 1988 


Price 100% 


$50,000,000 9% Subordinated. Notes due March 15, 1988 


Price 100% 


White, Weld & Co. 

. Incorporated 


Merrill Lynch, Pi erce, F enner & Smith 

Xn cor muted 


Kidder, Peabody & Co. 

Incorporated 


Lehman Brothers Kuhn Loeb 

Xncvrporatod 

Alex. Brown & Soils 


The First Bostoh Corporation Goldman, Sadis & Co. Loeb Rhoades, Homblower & Co. 

Paine, Webber^Jaekson & Curtis Salomon Brothers ' Eache Halsey Stnart Shields BlythJEastman Dillon & Co. 
Dillon, Read & Co. Inc. Prexel B urnham Lambert E.F. Hutton & Company Inc. lazardFreres&C^ 

^SmrgParteBecker Wertheim&Co,Ihc. Bear.Stearl&Co, 
L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone W 

Basle Securities Corporation Enters Securities Corpora^ 

Kleinwt, Benson New Court Securities Corporation 

SoGen-Swiss International Corporation 


ABD Securities Corporation. 


Robert Fleming 

Incorporated 


XzuormniM 


Scandinavian Securities Corporation. 

March 22, 1978' v 


/) 


VrSf0L 


. y 


Mr Walton Kawltog. leader of 
the opposition, hit* *<k*d tfc* 
Public Expenditure Commute* to 
help a full-scsto investigation into 
the Government's on-more dr®* 
ing operations which It h*a W* 
rted out through contrari lo an 
American drilling company 

Over the 1? mwRbsJtho 
four dry holes have cost fbo Nfcyr 
Zealand tax payer about 

t£ Ust week the Ne w Zo aUtaj 
Government registered computes 
with a total capital -ot AlOm. 
(159.6m.) to explwX, oU 
resources, a move forcahwowcd 
in the last budget- _ .. 

Mr. George G^r^ Ette^r 

Minister, named *tne wwpww 

Corporation of_N«w 
a capital of W5m. and Its threo 

^Thcl^are Offshore Mh^g Com- 
pan}', retained to loot after the 
Government's interest, Jn ti» 
Nzui gas project; thn 
Corporation or New Zealand, to 
take over the act.v«ttes of the 
Natural Gas ConjoraNW* A™* 
Petroleum Corporanon ot New 
Zealand ( Exploration Ltd.) to. ex- 
plore for oil offshore. ■ - 

Results from tte 
shore test well drilled by BrifA 
Petroleum nevclopment Bnujl 
have proved the well cannot pro- 
duce commercially, Petrobras, the 
Brazilian aute oil monopoly tos 
said. 

BP Petroleum . Development 
Brazil is prospecting for oil under 
risk contracts with Petrcrbras m 
the Santos Basin off the coast of 
southern Brazil. 

On March 7 Petrobraa an- 
nounced that signs of hydro, 
carbons had been found at 
depth of 4,850 metres in the ten 
welL 


silver producer in the Philippine*, 
more than tripled last 3-ear ro 
reach Pesos 35m. (£3.49m.) against 
Pesos 11m. in 2978. Leo Gonxoga 
reports from Manila. 

Profits from -mining operations 
were 405 per cent, higher, but 
the comparative performance H 
not as robust as it might appear 
because the mines operated for 
a full year in 1977 but only four 
months in, 1976 when huge in- 
ventories .foriaid a suspension. , . 

Lose December the company 
paid a stock dividend, and is 
thinking about resuming rath 
dividends after a break of three 
years. “Tho* brightest prospect 
Is 'the uptrend in the price of 
gold,” the - animal report stated. 


~ I. 11 T<.IW. ... 

- * * i'j..' 

• • . • . <*• J !. - 

■ - ■ 


; gj 


! t 

,!i:nr 

i 

i i\ 

! Aero 


Bsoc 













iff?.-?' • V- 




Financial Times Wednesday March' 29 1978 


23 


INTERNATIONAL financial and com pan 


f . * >{ 

’NORTH AMERICAN NEWS 





AMC to consolidate car production ]V f ore l * y ° ns 

r planned by 

Massey 
Ferguson 


RY JOHN WYLES 


NEW YORK March 28, 


cars a year hut last year it^toed jeep production, since AMC’s some of KentfehVs spare capacity 
Ciiu'ri.-fnVTr Nani* out a little over 130,000 and 2.000 Kenosha engine plant minufac- to an outside manufacturer and 
production at its of its 9.000 Strong labour force tures for both types oF vehicle, also give additional sales volume 
11 ^ave been on indefinite lay-off- which also share tooling costs to its dealer network. 

»' « isgii asra*.^ 

w B * - . . . • , • ^II 8 , ye ' »*ined hy Jeep sales, many could sible “affiliate " but the French 

iiie move should help contain with losses from ear opera- not afford to lose the associated companv has been publicly cool 
3 $scs fjom the company's ailing tions running an an estimated car business. on the idea and many observers 

wssenger car operations • and at $90m. a year. AMC’s future in Since AMC acquired Jeep in would not be surprised if an 
g&sarne. unie increase the earn- the passenger, car market, has 1970, sales have risen fourfold arrangement were eventually 
ngs potential of its Jeep sub- been in doubt for some lime, to 117,000 units last year, and negotiated with a - Japanese 
which is riding high on In the last few days the company 133.000 are expected to- be de- manufacturer. _ . . 

- kite , demand has disclosed that it is seeking Ifvered in 1978. Unofficial esti- Meanwhile. AitC has removed 

pjinc U.S. for utility vehicles Federal Government guarantees mates pm the subsidiary's earn- some immediate pressure on its 
or private use. for $I00m. of loans it needs for in 8 s contribution- at around balance sheet by abandoning 


Setback in bond market 
as inflation fears grows 


'* i 


BY STEWART FLEMING 


NEW YORK. March 2».- ; 


'From 1 the end of the summer futur * “«lel development and $80m. last year which, together plans to build a new plant to 
Ji= of AM(Ts passenger car pro- if this fc not forthcoming the **2 military vehicles, buses and manufacture a \olkswagen 
action « wiH be concentrated m company's leaders may be driven eanlening equipment, is mbl- engine under licence — 


and by 


tra , - h zrssJsi zzteSiS'szFsz amusr 1 iirsHB 

£^ > SV533 » &SF$£g£*«. “ 44 tSSTJSte BrcVSB&f -E2 


9 ti» ViauA ■inmnaH ZZJi ■ n nmnoer nr roreign manuiac- inncu. m ine i«umdoie jiuu-kii 

JSm car. operations lurcrs and the company's hope operations and partially, dc- 

Surin? a S R Imnm without , s that an arrangement could be ferred repayment of a S25m. 

** producing around 400,000 severely damaging toe casts <rf made which would turn over short term loan due this year. 


Sf 


'Conoco says 
coal strike 


Williams fined over payments 


inf in ( 


ijbit earnings 

GNTLXENTAL Oil Co.'s esti- 
IStes of first quarter 1978 net 
tbftt range, from 19 rente to 
5 cents a share, nr from S20m. 
^S30m.. coin pa red with 94 cents 
•share: in 1977. The reduction 
. due to the coal strike, agencies 
»|Jnrt. 

The strike caused a loss from 
ial operations of S55ra. to S60m. 
F-'W7S. compared with a 1977 
rst qu.Trter profit of S26.3m. 
Sfe -company said, however, that 
.^s petroleum,- chemicals and 
incrals operations are-expected 

• show an improvement in earn- 
: 2 -s over the same year ago 

Jfi ,; »riod. 

"’ampbel! Chain bid 
turiebaker-Wnrthington’B - cash 
'lider offer nfS7.50 for Campbell 
bain shares- has been extended 
lufcpril 24,. reports AP-DJ from 
ew York. As of Monday's close 

* business: about 706,000 shares 
->'70.4 per cent, of Campbell 
ha'n stnek. excluding about 
fc230 shares tendered under 
larantee arrangements, had 
*h tendered by the mihl'c and 
111 beaeeepted by Studehaker- 
'nrtbinqton. This will increase 
mdehakeMYnrthinztnn** owner- 
iin of Campbell Chain to about 
P? per cent:' 1 


THE JUSTICE Department's 38- 
mnn*h investigation of foreign 
payments by U.S. companies. has 
baased its .first corporate, vifctim. 

Williams, _ tTie • Tulsa-based 
diversified’ fertiliser grid- energy 
company, pleaded guilty-' •' In 
Federal Court here fo criminal 
charges arising from its payment 
of a S177.000 bribe to a foreign 
Government official. The com- 
pany was fined $21,000 Afor 
criminal violations of wire fraud 
and currency transaction statutes, 
and agreed to pay- a civil penalty 
of §177,000,. an amount .equal to 
the bribe. 

Williams agreed to plead guilty 
to the charges as part of a plea 
bargaining arrangement worked 
out with the Justice Department. 
In exchange, the Government 


agreed- nbf to disclose the identity 
of the foreign Government or 
the foreign officials involved. 

- Justice Department officials 
said . they will not necessarily 
agree in future cases involving 
other U.S. companies to keep 
the identity of the foreign 
country invoked secret. “Under 
the circumstances. It didn't 
appear to us (o be something 
warranted in -the case of Wil- 
liams." a Department • official 
said. 

According to the criminal in- 
formation filed under the plea 
bargaining arrangement, the vio- 
lation began . in March. 1973, 
when Williams telexed a message 
to an agent of the foreign official. 
The following month, according 
to the Court filing, one of the 


WASHINGTON', March 28. 
company’s ..- officers - carried 
$177,000 in cash through ' Ken- 
nedy International Airport in 
New York to the -foreign country 
without filling out required cur- 
rency transaction forms for the 
Treasury Department. Such 
forms must be submitted when 
persons .carry’ more than S5.000 
cash into or out of the country. 

The Justice Department's task 
force investigating. -overseas pay- 
offs by multinational corpora- 
tions is preparing' rases- against 
a dozen or more companies that 
may have violated statutes other 
than U.S. tax laws. The investi- 
gation invoking Williams in- 
cluded a Grand Jury, the SEC 
and special agents of the Cus- 
toms Service. 

AP-DJ 


TORONTO. March 28. 
[HASSEY-FERG1350N the farm 
machinery producer says that 
.because, of reduced demand for 
its produels il has schedoled 
additional layoffs at its Toronto 
and Brantford, Ontario, 
plants. 

At Toronto 500 hourly-paid 
workers will be hud off for the 
last two weeks In April in 
addition to the 723 currently 
on layoff. 

The Toronto plant employs 
1,921 hourly workers. 

In Brantford, 600 workers 
will be laid off at- the 
•implement plant for fonr 
weeks In April in addition to 
100 currently ' on layoff. 
Another . 409 will be laid off 
from the foundry for one week 
in April,' fn addition lo 100 
currently on layoff. 

- The total on layoff for both 
cities will rise from the present 
950 to a peak of 2,400 daring 
rhe last week of April from a 
total workforce of 5^500 hourly 
workers In Canada. All but the 
950 on Indefinite layoff will 
return to work on !Uay 1. 
AP-DJ. ; ' •• 


GROWING CONCERN on Wall 
Street about the inflationary out- 
look. evidence of increasing 
credit demands and continued 
anxiety about the dollar - on 
foreign exchange markets, pro- 
voked a sharp decline in bond 
prices yesterday. Short term in- 
terest rates also showed signs of 
rising. 

The abrupt movement in the 
credit markets follows several 
weeks during which interest 
rates have been in a state of 
equilibrium after an upward 
movement in January when the 
Federal Reserve moved to 
support the' dollar by raising the 
discount rate. 

But last week several factors 
combined to create unease. The 
new Federal Reserve Board 
chairman; Mr. William Miller, 
warned that the Fed might have 
to tighten credit if the forces at 
work currently to increase the 
rale of inflation continue to do 
so. The Fed also revised its 
money supply data, indicating 
that in 1977 and the early pari of 
1978 both the. .narrow Ml 
measure, * which • includes' 


cheeking accounts and currency, 
and the broader M2 measure 
which includes bank deposit 
accounts, rose faster than pre- 
viously reportefl. 

The upward revision of Ihe 
money supply data — Ml growth 
in 1977 was adjusted from 7.4 
per cent, to 7.8 per cent- — will 
reinforce the fears of those who 
argue that last year’s growth 
was spawning new inflationary 
pressures- These anxieties are 
reinforced by the growing sus- 
picion that the Carter adminis- 
tration is uncertain about bow 
to stiffen .its .anti-inflationary 
policy. 

Analysts also suggest that the 
economy is now in the process 
of rebounding from the sluggish 
growth they expect to be 
reported in the first quarter and 
that this trend will intensify 
credit demands. 

On Friday of Iasi week, in tbe 
wake of the revision of the 
money supply data, bond prices 
began to fall, and yesterday 
there were further declines. 

The Federal Reserve inter- 


vened to ease upward pressure 
on the Fed funds rate, which 
confirmed to some traders the 
belief that so far at least the 
authorities have not moved -’lo 
tighten credit from the current 
Fed funds target weekly average 
of around 6$ per cent. 

But corporate bond prices fell 
between 2 and A a point and 
longer dated Treasury securities 
l(K32ads = l«2nfe Short 
dated Treasury issues, which 
have been buoyed up by foreign 
central bank purchases with 
fundi they have taken in support- 
ing the dollar, also declined. 

Bund dealers were reported to 
have taken losses on unsold por- 
tions of some recent issues. The 
$750ra. of securities sold last 
week io raise runds for Canada 
were marked down as much as 
I of a point. The 8 per cent, 
bonds of 1983 fell to 991/2 com- 
pared with an issue price of 
100.20. The S20 per vent, bonds 
nf I9S5. initially sold at 100 fell 
lo around 99i and The 81 honds 
nf 1998. originally -priced at 
99’. fell in 99 


UJS ; affiliates 
lift spending 


Sears plans fewer promotions 


CHICAGO. March 2S. 


Zenith Radio confident of recovery 


tT&Tsned 

nit hern Pacific's common ica- 
an* subsidiary has filed a civil 
iti- 1 trust suit against American 
elephnne and Telegraph for 
‘legedly attempting tn mono- 
nhse telecomm uni cations ser- 
ies, Reuter reports from San 
tpcjscq. The .suit, filfrt _ m 
dera] disiript court in Washing- 
n. DC. seeks treble damages, 
nithcni Pacific said. The com- 
•ny added that damabes since 
»uthern Pacific became an AT 
.rt T romnetitor in 1973 may 
nge as high as’ 5200m. The siut 
-o seeks an order to prevent 
T and T from continuing it* 
aged anti-vompetitire cnniturt 


BY JOHN LEECH 
THE TROUBLED Zenith Radio 
Corporation, which last year lost 
84.7m. compared with a 338.6m. 
profit in 1976. is still trying to 
be optimistic about tbe future. 

In the company's latest annual 
report chairman Mr. John Ne?u 
and president Mr. R. W. Ktack- 
inah, «y they believe there is. 
“ considerable reason " for this. 

They blame last year’s loss on 
chargps associated with cost- 
cutting operations including the 


CHICAGO. March 28. 


decision to transfer part of its 
television manufacturing to 
Mexico and Taiwan. The report 
says the company is now confi- 
dent the cost reductions will 
produce the desired results and. 
tha t there "will be progress in 
reducing what . it regards as 
‘‘unfair trade practices." 

This is thought to refer to the 
U.S. Supreme Court decision to 
hear Zenith's controversial claim 
calling for special duties nn 


Japanese imports to offset "subsi- 
dies” paid- by tbe Japanese 
Government. 

Zenith experts first-quarter 
profits to fall below the 32 cents 
a share level of last year, but 
the report «ftys the February' 
derision to. maintain tlie ,25 cent 
quarterly dividend reflected 
their confidence in the success 
r*r the recovery programme. The 
dividend will be reviewed again 
in May. 


Gamble-Skogmo hopes to reverse slide 


G.\MBLE4KOGMO "expects tr? 
reverse a three-year trend «f 
declining earnings in the fiscal 
year ending next January, says 
Mr. Wayne E. Matschullat. com- 
pany president 
The sharp improvement in 
operations evident: during the 
final three months of fiscal 1978 


i« being extended thus fat in 
the current quarter. Mr Mate- 
rbullat did not predict earnings 
for the current period hut ob- 
served that pmvjded “ Canadian 
currency losses do not kill us. 
well make money." 

In the quarter ended April 30. 
1977. a S2.4m. loss was incurred 
on- sales of S376-6m 


MINNEAPOLIS. March 2S. 

In' the fiscal year ende djanuary 
31. 1976. ihe diversified retailer 
earned S4S2 
Helped by a strong fourth 
quarter. Gamble-Skogmo earned 
89.8m.. equal tn 82.03 a share, in 
ihe year to January, with the 
fourth quarter contributing 
S8— m.. or '51.87 
AP-DJ 


WASHINGTON, March 25. 
MAJORITY - OWNED roreign 
affiliates of X\S. firms plans to 
increase ' capital expenditures 
IP per cent, in 1979 to $31.6bn_ 
the Commerce Department 
reports. 

The increase follows a ID per 
rent, increase last year and is 
widespread among countries 
and Industries and partly 
reflects- expectations for ron- 
' tinned moderate economic 
growth: abroad the Depart- 
ment said. 

Petroleum affiliates plan a 
12 per cent, increase For the 
year to $U.7bn. compared with 
a 17 per cent, increase in 1977. 
The Increase is accounted for 
mainly by exp oration and 
development in the North Sea 
area and in several African 
countries. 

Manufacturing ranrerjis plan 
lo-increasc- expenditures 13 per 
cenL Dr 1978 to M3.7bn„ .com- 
pared with an 11 per cent. 
1977 increase. 

Mining and smelting affili- 
ates plan a 1 per cent, increase 
in spending l his year follow- 
ing a 24 per cent, decrease in 
1977. 

Trade affiliates plan an II 
per rent, decrease Following a 
23 per cenL increase last year. 
ap-pj. . ( ■. . 


SEARS. Roebuck, which last 
week reported unexpected lower 
fourth quarter earnings, is re- 
ducing tbe scope of its price- 
cutting programme. 

The company's future pro- 
motions “ are not going to be as 
frequent, or long, or quite as 
deep." Mr. Jack F. Kineannon, 
senior vice-president, finance, 
states. 

Sears' aggressive price cutting 


was the chief reason given for 
the fourth quarter earnings 
decline. While sales rose 13 per 
cent- to S5bn^ earnings fell 20 
per cent, to 8251. Sm. or 78 cents 
a share, from the year-earlier 
S312.Sm. or 98 cents a share. 
Earnings for the full year ended 
January 31 increased 21 per cent, 
to SS3Sm. or S2-62 a share, from 
$694. lm. or S2.1S a share. 

•Mr. Kineannon said that Sears' 


prire promotions in Januaryi 
mainly on durables and home* 
improvement items, were “too 
deep, loo long, and too fre- 
quent." Larger markdown* cost 
the retailer about 862.5m. in 
pretax operating profit in the 
fourth period 

Mr. Kineannon acknowledged 
that first quarter earnings will 
he under pressure. 

AP-DJ 


EUROBONDS 


Little change in Deutsche-Mark sector 


BY MARY CAMPBELL 


PRICES in tbe D-Mark sector 
were more or less unchanged 
yesterday. ■ Dollar bonds fell 
hack about a quarter of a point 
under tbe impact of the fall in 
the dollar on the foreign ex- 
change markets and the eighth 
of a point rise in Eurodollar 
interest rates. Sterling bonds 
also fell— by as much as half or 
three-quarters of a point in some 
cases. Dealers attributed this to 
the impact of the news of the 
Whitbread issue on an already 
over-satn rated marker. 

American • Express Inter- 


national Banking Corporation is 
raising 840m. via a financing 
subsidiary in the form of a 
floating rate note issue. The 
maturity is five years, unless 
extended at the noteholders’ 
option by a further three years. 


A margin of a quarter of a point 
IR) is 


over inler-bank rates (LIBO 
payable but there is no mini- 
mum rate Lead managers are 
European Banking Company and 
Am ex Bank. 

The terms of the Whitbread 
issue, which is for flam..' not 
£20m. as had been widely 


expected, will include a 10$ per 
cent, coupon for a 12 -year 
maturity (average life 94 years!. 
The bonds will be priced at par 
(100 per cent, of face value). 
As in the case of sterling issues 
for the European Investment 
Bank and Finance for Industry, 
the issue has been underwritten 
by the management group and 
there will be a separate under- 
writing group. The bonds will 
however h? available to the 
market generally via a selling 
group. KJamvart Benson is lead 
manager. 


. , . n 1 1’) 
i * ! t * 


This announcement appears as a matter of record only. 



Jugosiovenski 

Aerotransport 

Guaranteed by 

Beogradska 

Banka 


U.S. $34,000,000 
Medium Term Financing 


Jugosiovenska 
investiciona Banka 


Managed by 

Chemical Bank 


United California Bank 


Prc^d&d by 

Chemical Bank 


United California Bank 




Banque Canadienne Nalionale 

Ne*.v York Agency 

First National BankJn St. Louis 


The Mitsui Bank Limited 

Los Angeles Agency 

Union Bank of Switzerland 

Ne.vYorK Branch 


DresdnerBankAG 

Los Angefes Brandi ■ 

The Mitsubishi Trust and 
Banking Corporation 

New York Branch 

The Roya! Bank and Trust Company 
American Security Bank, N A 


Daiwa Bank Trust Company . 
The Taiyo Kobe Bank, Lirriited- 

.-Ney/Ycrk Branch 


. National Bank of Detroit 
TokaH3ankof California 


and partiaiiy guaranteed by _ / _ 

‘ Export-import Bank of 
• the United States 


Acer.t 





* 


Good Earnings 


The Profit and Loss Account dosed 
with a net profit of Fr. 266 million, 
an increase of Fr. 32 million over 
the preceding year. The contributions 
of the various sectors of operations 
to another very satisfactory earnings 
result varied considerably. Thanks to 
the employment of larger amounts 
of capital, interest earnings, which 
also Include income from bills and 
money market paper, increased by 
Fr. 67 million over 1976 to reach Fr. 


2.8%. Management and personnel 
costs accounted for Fr. 26 million of 
the operating expenses and busi- 
ness and office expenses for Fr. 30 
million. 


Steady Balance Sheet Growth 
In 1977, the total assets displayed a 
gain of Fr. 3.5 billion, or 6.6% to Fr. 
56.1 billion. -Deposits increased by 
Fr, 2 billion to Fr. 4S.9 billion. The 
cautious policy we adopted in regard 
to the acceptance of funds from other 
banks as well as tbe drop in the value 


@ Balance Sheet Figures 

.1976 1977 

m mill S\v. Frs. 

Total Assets 

52651 

56119 

Customer Deposits 

29617 

32014 

Bank Deposits 

17252 

16871 

Loans to Customers 

20920 

23496 

i Loans to Banks 

19770 

21502 1 

! Net Profit 

234 

266 1 

j Capital Resources 
i (Share Capital and Reserves) 

3229 

3 535 | 


604 million despite lower margins. 
Income from dealing in foreign ex- 
change and precious metals came to 
Fr. 338 million, compared to Fr. 142 
million in 1976. Income from securi- 
ties operations, remained on the 
whole at about the same level as in 
1976, although declines were record- 
ed in certain sectors, such 3S stock ex- 
change iradingandunderwri ting. The 
increase in commission income of 
Fr. 39 minion to Fr. 529 million can 
be attributed- mainly to the larger 
letter of credit volume. 

Consistent cost controls also contri- 
buted to the positive overall result 
An increase in. income of 3.6% com- 
pared to a rise in expenses of merely 


of the dollar reduced balances due 
to banks by Fr. 381 million to Fr. 16.9 
billion. Rising by a total of Fr. 2.4 
billion, non-bank deposits again in- 


creased, with medium and longer- 
term funds accounting lor the major 
portion of this hem. Savings and de- 
posit accounts showed an especially 
marked advance of Fr. 1.1 billion, or 
12.3%. The percentage gain was even 
more pronounced in the case of 
medium-term notes, which rose by 
13.81 e. or Fr. 655 million, to Fr. 5.4 
billion. Long-term capital was ob- 
tained by the Bank through two bond 
issues of Fr. 100 million each, thus 
bringing the total amount of UBS 
bond issues outstanding to Fr. 813 
million at the end of the year. 


Strong Capital Resources 

On the assets side of the Balance 
Sheet, total lendings by our Bank 
advanced by Fr. 2.57 billion. Of this 
growth, mortgage loans accounted 
for approximately Fr. 1 billion. Bal- 
ances due from banks increased by 
Fr. 3.7 billion to Fr. 21.5 billion. At 
Fr. 2.6 billion, the securities port- 
folio displayed almost no changeover 
the previous year. The book value of 
permanent participations rose by 
Fr. 72 million and that of Bank pre- 
mises and other real estate holdings 
by Fr. 142 million. After the increase 
in the share capital of Fr. 50 million 
to Fr. LI 00 million, the Bank’s capital 
resources will be approximately Fr. 
3.7 billion. 


■SI 

Tbs 


Union Bank of Switzerland 






24 


" iVtfricc of Redemption 

Rockwell International Corporation 

(former North American Rockwall Oreruu Corporation) 

7»i9o Guar»ntMilNefMduBl97d _ , 

NOTICE IS HEREBY GIVEN that pursuant to the provisions of the Fiscal Agency Agreement 
dated as of May I, 1972 under which the above described Notes were issued. First National Gty 
Bank, (now Citibank, K.A.) as Fiscal Agent, has drawn by Tot, for redemption on May 1. 1978 
through the operation of the sinking fund provided for in the said Fiscal Agency Agreement §2,765,000 
principal amount of Notes of the said issue of the following distinctive numbers: 

COCFON NOTES OT SIAM. PB2M3FAL AMOUNT OUTSTANDING 

M 4 1224 2054 3415 4278 5148 60SQ 7000 7280 8?0S 9720 10455 11273 13033 12800 13518 14300 

19 1233 2064 3418 4284 5140 0037 ' 7013 7993 8011 0723 10483 11277 12034 12803 13530 14210 

28 2238 2074 2410 42*7 3150 8058 7014 7090 0913 972 7 10475 12282 12037 12804 13528 14212 

30 1240 2100 3424 4370 5158 0060 7015 7992 6914 0736 10480 11280 12038 12808 13331 14219 

S3 1244 2108 34S3 428 L 5183 6070 7016 7008 8036 0743 10401 11287 12038 12816 13337 14224 

83 1245 2110 3482 4304 5183 0084 7020 8007 SMB 0734 10502 11238 1 


34- 1253 2118 3441 4385 3184 0091 7037 8011 
42 1057 2124 3452 4388 5202 6100 7043 8018 


. 12821 13341 14229 

834a 0755 10303 11303 120SS 12835 13547' 14229 
8849 9700 10510 11304 12067 12853 13540 14234 


38 1268 2134 3437 4391 5200 0103 7044 8027 8053 3701 10511 11306 12008 12857 13332 14235 

60 1276 Z1S6 34M 4397 5208 6104 7046 8041 &>X 8762 10512 11307 12070 12838 13301 14247 

04 1281 2138 3478 4418 3209 0105 7067 SG43 8964 9704 10531 11310 12071 12804 13068 14202 

65 1282 2141 3493 4481 S315 6110 706S 8044 8908 0780 10323 11313 12072 12870 13571 142S7 

67 1284 2142 8494 4422 5223 6134 222? «>43 *970 9771 10524" 11919 ' 12076 12878 1 3575 1427* 

74 1302 2147 3408 4423 S228 6127 7072 8065 8381 9772 10523 11334 12087 12879 13380 14376 

87 1311 2100 3409 442T 3229 61K 7084 8071 8905 0777 10526 11335 120M .10888 13396 14281 

243 1313 2184 3304 4440 3232 8134 7088 8073 8932 9778 10527 11337 12100 12800 13538 14282 

233 1819 2178 3509 4446 5237 6144 7097 8074 8985 0770 10532 11338 12103 12838 1 " 

“ - — — - 6148 7105 R073 8996 0793 10333 11339 12107 12899 ' 

«»* 8338 9784 10333 11340 12108 13300 

9001 9798 10558 11343 121U 12001 



10550 1135A 12114 12908 13621 24317 

— jjg lagm 138a 143?4 


230 1320 2192 3512 4448 5355 - „ . .... 

237 1323 2105 3528 4433 3004 6134 7112 808S 8338 9784 10333 11340 12108 12900 

258 1323 2107 3525 4464 5286 6155 7113 BOSS 9001 

200 1335 2201, 3527 4483 5267 6158 7125 8105 9002 ... _ 

274 1338 2202 3344 4487 3266 0103 7127 8118 9005 9805 10580 11358 12111 

278 1339 2300 3330 4500 3272 6764 7130 8119 9007 9B07 10563 11336 12123 12806 13823 14325 

3S0 1342 3207 3330 4503 3232 0243 7131 8123 9012 9806 10574 11339 12123 13906 13824 14326 

294 1330 2214 3361 4504 5290 6230 7133 8136' 0013 9803 10378 11363 12120 12312 13827 14327 

304 1352 2217 3563 4508 5291 0255 7138 8139 9029 9614 10377 11368 12127 12914 V 

322 1339 2223 3308 4308 3203 0230 7137 8140 0033 9017 10382 11369 12132 13923 11 

333 1364 2227 3387 45U 5294 6261 7146 8142 9030 9818 10396 11371 12133 12924 1! 

338 1307 2229 3500 4516 5306 0265 7148 8150 9037 0619 10614 11373 12140 12925 13633 14348 

SKI 1268 3231 3991 4 »1 5309 6200 7191 0131 3039 3922 5(7022 11373 12146 13930 33839 24393 

359 1373 2232 3592 4SZ3 5312 6268 7160 8164 9065 9627 10623 11370 13148 12941 13638 14350 

360 1374 2240 3503 4330 


_ 5317 0271 7102 6193 9071 

387- 1388 2242 3594 4331 3320 6274 7183 8212 


9830 10028 11300 12152 13P4S 13gg7 14380 


0082 9042 10833 11382 1213 


14361. 


394 £384 2247 3393 4545 - 3332 8276 7170 8313 9088 SB43 10639 11390 12194 12959 13048 14305 

399 1388 2251 3608 4551 3335 6277 7178 6214 9089 9040 10844 11397 12153 12961 13650 14268 

400 1303 2233 3834 4553 3340 6278 7179 8213 9002 9847 10840 11409 1 2156 12963 13031 14384 

■403 1401 8257 3646 4567 5342 8330 71B7 8220 3003 9348 10647 11410 12159 12878 13853 14385 

400 1413 2275 3647 4558 5345 6281 TZIH B224 909S 9857 1 0648 114(1 12162 12081 13560 14294 

4X8 1414 2270 3053 4363 5853 6282 7206 0250 0090 9858 10649 31415 12164 12088 13801 14305 

277 3658 4M0 


420 1418 


5380 0304 7200 8233 9107 9868 10051 11427 12173 12983 13602 14402 


423 1428 2280 3659 4581 6365 0308 7215 8227 9117 9078 10652 11431 12196 12992 13600 14403 

424 1429 2396 3007 4582 3369 6311 7223 8240 9131 9873 10606 11435 12200 13002 13067 14400 


3388 6325 7227 8241 9144 3074 10072 11448 12211 13003 1 ... . 

- m 33013 J36W 144M 


430 1435 _ 

441 1430 2407 3072 4003 5389 6320 7228 8344 9148 

443 1443 2409 3681 4607 5393 6328 7229 8240 9150 

444 1440 241Q 3683 4609 5390 6337 7246 8287 9192 9801 10702 11454 12221 13030 13871 14423 

458 1447 2411 3684 4836 5400 6338 7248 8278 9100 9885 10708 11455 12232 13032 13078 -14424 


... . ..... 14412 

9675 10674 11450 1221. _ 

9877 10693 11451 1221 3 13023 13670 14415 


461 1455 2414 


5401 6342 7249 8279 9101 8880 10713 114B7 12234 13034 13879 14430 


1464 2559 3699 4641 5418 6345 7239 8282 9165 

464 1465 2505 3702 4642 5424 0347 7257 8284 9172 


9087 10718 11401 12338 13035 13887 14431 
10720 11407 12238 13037 13700 14432 


405 1470 2508 3703 4643 8425 6300 7201 8288 9183 9901 10721 11474 32237 13040 13703 14433 

407 1471 2569 3709 4655 5432 6373 7274 8290 9185 9003 10722 11475 12200 13043 13713 14451 


9711 4662 5435 6380 7285 8398 9193 9908 10730 11479 12271 13047 13729 14433 

9914 10744 11480 12272 1304H 13733 144B7 

9916 10745 11481 12273 13050 13739 14478 


478 1482 237* . . _ 

483 1494 2380 3719 4000 5437 6382 7388 8284 9193 

484 1499 2583 3731 4878 5442 6384 7288 8297 9108 

483 1504 2584 3734 4687 34S2 0388 7291' 8298 9200 

505 1505 2383 3737 4894 5453 0302 7294 8299 9204 

508 1508 2588 3739 4710 5401 6396 7299 8319 9210 

533 IBIS 3589 8740 4720 5403 6330 7300 8330 8211 

328 1324 2593 3748 4731 5453 6409 7305 8325 9214 

534 1520 2598 3751 4725 5464 6410 7308 8391 9215 

539 1528 2603 3758 4726 5469 6484 7320 83S3 9223 

540 1530 2617 3759 4727 3472 6438 7332 8386 3229 

““ 1537 2621 37fSS 4728 3490 0439 7333 8370 9S® .... 

1542 2631 3708 4738 5483 0441 7335 6373 9239 0909 10707 11514 12304 13092 13709 14497 


«rm 


9917 10747 11490 12274 13053 13742 14473 

9918 10748 11500 12277 13055 13749 14483 

9830 10749 11501 12283 13063 13750 14484 

9932 10730 11502 12284 13064 33757 14480 

9933 10731 11503 13287 13070 13758 14487 

9943 107S3 11505 12288 13077 13759 14491 

9944 10755 11508 12289 13080 18761 14493 

9351 1D763 11310 12291 13081 33762 14495 

9984 10765 11318 12294 13064 13760 14496 


550 1556 2833 3770 4737 .7502 8443 7339 8370 9244 

557 1580 2635 3771 4789 5515 6430 7341 8380 9245 

561 1563 2645 3774 4746 5316 6434 7342 B381 9253 

£62 1564 3648 3783 4749 5517 6455 735(2 8383 9257 

564 1366 2flM 3789 4750 5530 6460 7356 03; 

567 1573 2664 37B3 4751 5331 8460 7357 


Si 


9970 10708 11530 12324 13093 1J775 14498 

9983 10783 11535 12320 13104 13792 14500 

9996 10786 11536 12329 13117 13793 14507 

8999 10787 11549 12333 13118 13801 14508 

9200 10014 10800 11550 12353 13120 13802 14309 

9381 10019 10601 11552 12359 13145 13805 14511 


5R8 1601 2609 37P4 4752 55M 6467 7338 8334- 9284 10022 10809 11554 12360 13147 13000 14514 

574 1004 2673 38D1 4754 5947 6473 7359 8395 9288 10024 10810 11555 12363 13148 13808 14521 

387 1605 2674 3302 4762 3530 6477 7364 8305 9290 10020 10823 11556 12300 13150 13811 14522 

389 1807 2678 3813 4763 5531 0485 7366 8388 0282 10034 10824 11337 12369 13152 13813 14532 

618 1613 2079 3814 4705 3500 048S 7-177 8401 9293 10030 10825 11560 12370 13197 13612 14539 

618 1621 2080 3817 4767 5584 84B5 7380 8402 8294 10037 10827 11304 12373 13161 13630 14941 

619 1857 2688 3818 4773 5507 6510 7383 8403 9290 10047 1 0830 11507 13370 13166 13834 1454T 

640 1858 2694 3819 4776 5334 6515 7393 8404 9297 10054 10834 11571 12380 13176 13825 14054 

641 1060 2695 3824 4770 5569 6530 7404 8423 9302 10057 1 0841 11672 12387 13179 13S26 14556 

048 1667 2713 3831 4779 5391 0320 7409 6424 9307 10072 10845 11573 1238a 13181 13828 14350 

664 1670 2724 3832 4780 5597 6537 7410 8429 9322 10073 10847 11579 1 2392 13185 13829 14557 

658 1673 2734 3834 4783 5607 6541 7415 8430 9323 10074 10055 11382 13383 13186 1 3647 14568 

663 1078 2790 3843 4792 9010 KH3 7420 0482 9334 10073 10850 11583 12403 13197 18853 14370 

664 1079 2701 3845 4800 5612 6549 7421 8434 0325 10076 10857 11588 12404 13300 13860 14580 

077 1080 2704 3840 4604 5010 0553 7424 8435 9326 10084 10858 11592 12411 13209 13866 14583 

684 1684 2770 3847 4810 5623 6525 7434 8443 9328 ‘10085 10860 11603 22413 13211 13874 1458S 

686 1683 2771 3851 4811 5626 6338 7439 8454 933S 10089 10861 11606 12417 13212 13883 14591 

087 1693 2772 3808 4813 5641 6359 7449 8456 9336 10090 10865 11607 12420 13218 13887 14602 

689 1707 2775 3869 4824 5645 0363 74B5 8472 9361 10091 10880 11(515 12427 13221 13891 14620 

696 1713 2770 3870 4827 5648 6370 7459 8480 9371 10099 10885 11632 12444 13222 13894 1463a 

698 1720 3780 3873 4831 5059 6375 7460 8483 9373 10102 10894 11640 13445 13228 13897 14636 

TOO 1727 2785 3883 4830 5062 6570 7404 8485 9393 10112 10897 11642 12452 13229 13901 14640 

TOT. 1734 2790 3889 4839 5683 6378 7477 B49<1 9398 10118 10008 11643 13455. 13239 13813 14650 

713 1743 2795 3898 4840 3692 6587 7478 8492 9401 10126 10917 11644 12402 13241 13917 14651 

727 1753 271*7 3906 4841 5699 6601 7481 8483 9402 10130 10918 11045 12400 13242 13919 14061 

728 1763 27»« 3917 4843 5700 6603 7490 8499 9404 10131 10923 11666 12480 132A0 13923 14664 

730 1765 2811 3926 4844 5702 6613 7491 8506 9405 10137 10930 11669 13499 13258 13825 14673 

743 1760 2812 3935 4845 3T08 6614 740B 8514 9406 10148 10933 11670 1 2514.13257 13938 14674 

744 1767 2620 WIT 4846 5715 B823 7496 8317 9407 10150 10934 11077 12524 13256 13943 14673 

750 1775 2828 3940 4847 5710 «*24 7510 8510 0408 10153 10936 11678 12535 13259 13047 14679 


760 1776 2830 3943 4840 5718 6633 7512 8521 9422 10157 10038 11670 12 


13201 


14680 


761 1793 2833 3945 4849 5722 6635 7314 8333 9427 10138 10940 11690 12538 13302 13950 14683 

780 1793 2834 3948 4860 3726 6839 7910 8524 0432 10161 10942 11893 12339 13271 13951 14684 

806 1707 3844 3931 4888 3742 6843 7517 8323 9437 10162 100 SO 11004 12543 13276 13934 1*686 

813 1805 2843 3962 4882 5743 6650 7533 8341 9440 10164 10931 11700 12544 13279 13990 14688 

818 1813 2989 3963 4887 5744 8651 7546 8542 9452 10165 10953 11713 12545 12280 13002 14690 

822 1825 2580 3966 4604 5759 6633 7547 8543 9400 10171 10994 11715 12547 13285 13964 14692 

831 1826 2987 3972 4897 5764 6660 7348 R5S0 9461 1017T 10065 11731 12530 13287 13905 14693 

834 1831 2968 3974 4898 5785 6661 7333 8588 9468 10178 10969 11744 12534 13288 13969 14694 

836 1823 2989 3970 4000 5779 6863 7553 8600 9477 10184 10961 11752 12501 13289 13971 14697 

840 1042 3993 3877 4911 5790 0678 7330 8611 9487 10183 10S85 11769 12367 13293 13981 14898 

842 1853 2993 3982 4914 3798 6679 7580 8633 PSOO 10190 11003 11767 12308 13295 13091 14700 

848 1855 2990 3983 4027 9845 0668 7583 8643 9312 10191 11016 11775 12569 13297 13909 14708 

853 1858 2998 3903 4937 5807 6698 7588 8844 9513 10194 11025 11781 12570 13310 14001 14709 

802 1863 3000 3986 4940 5808 6700 7572 8645 0313 10107 11026 11783 12581 13314 14002 14736 

863 -1866 3127 4002 4942 5810 6713 737* 8660 9316 10198 11032 11784 13388 1331* '14004 14741 

867 1875 3128 WH 4044 5810 6714 7875 8606 0317 10213 11044 11789 12589 13319 14008 14747 

874 1876 3130 4065 4947 5827 6720 7977 8670 9520 10215 11002 11790 12500 13330 14009 14798 

927 1878 3137 4066 4955 3642 6737 7979 8672 0922 10221 11069 11791 12991 13331 14019 14761 

928 1889 3148 4070 4957 9846 673* 7980 8601 9524 10222 11069 11 792 1 2590 13324 ' 14023 14765 

935 1890 .3X55 4073 4901 3848 6739 7581 8683 9320 10337 11072 11794 12610 13334 14023 14713 

048 ■ 3909 3150 4078 4902 9651 6738 7583 8689 9529 10238 11081 11811 12017 13 

046 1907 3157 4077 4069 5653 671K) 7584 8690 P330 10241 11084 11823 12618 1? 

947 1914 3198 4066 4978 9850 0760 7643 8691 9531 10253 11085 11827 12622 12 

043 1920 3162 4090 4979 9868 6703 7649 S6P2 9532 102M 11069 11828 lf“ 

850 1923 3170 4091 4983 ?8T3 0778 7690 8693 0533 10255 11009 11829 IS 

951 1026 3173 4092 4984 5878 0785 7693 8703 9534 10262 11101 11830 12 

1928 3184 4093 4995 5860 6794 7874 8706 9530 10266 11106 11842 " 


7683 8708 9537 1C 


954 1830 3194 4094 49B7 3881 

936 1934 '3195 4100 4938 5882 0807 7687 87U 9943 10284 11110 11855 1 

939 1941 319B 4102 5tlQl 5885 6812 7697 8713 9348 10285 11113 11857 1 

966 1942 3238 4110 5023 6887 6815 7704 6719 9337 10288 U11B 11858 1 

970 1951 3237 4120 5027 5S0D 6021 7705 87» 9570 10298 11131 11866 1 

980 1969 3243 4139 5030 3804 6822 7707 8729 3583 10293 11131 11808 -12064 1 

988 1360 3340 4134 5031 3895 6828 7T08 8737 9585 10304 11133 11891 

9fH 1963 3283 4141 9034 9880 6829 7714 8738 9587 10300 11140 11BP4 

1020 1904 3200 4144 5037 9907 6337 7731 8740 9589 10313 11142 11906 1207; 

1029 1371 3261 4150 9044 5912 6830 7760 8740 P0OO 10314 III 49 11900 1“““ 

1049 1974 3207 4151 9040 5917 0894 7701 8747 P0OB 10316 11150 11925 1 



11108 11843 12649 12354 14091 14908 


3358 14058 14813 
3360 14009 14014 
3370 14007 148.13 


12864 13379 14«W 14839 
12074 13383 14071 14848 
12675 13391 14073 14879 


7 11130 11038 12695 

11160 11933 13098 _ 

11163 11934 12701 13413 



049 1084 3270 4132 5059 3B19 0801 7824 8753 9010 V 

1001 1992 3273 4162 5061 5925 6878 7828 87(58 9614 it 

1003 1097 3274 4163 5082 S92B 6880 7839 8770 PflIB 1C . 

1008 IMS 3375 4166 5068 3933 6883 7868 8771 9633 10330 11180 11930 13703 

1074 2003 3277 4167 3071 3934 6887 7870 8773 9634 10338 11185 1193T 12704 13436 14120 14925 

1079 2003 3278 4108 9077 9938 6891 7871 8770 9036 10330 11201 11944 12709 13434 14127 14KJ1 

1084 2006 3285 4170 9081 5939 6898 7878 8782 9639 10343 11302 11996 12710. 13437 14131 14823 

1090 2008 3387 4171 5086 9941 0899 7B82 6783 9640 10340 11203 11957 12711 13488 14133 14935 

1108 2009 3289 4172 3087 5942 6903 7904 8800 9048 10351 11206 11959 12713 13438 14140 14939 

1106 2010 3290 4174 5089 5947 6904 7908 6803 9656 10366 11207 11960 12732 13447 14147 14940 

1X40 2013 3297 4184 9099 5953 6831 7909 8804 9600 10371 11208 M 964 12723 13453 14100-14941 

1154 2014 3299 4186 5103 5065 693a 7912 8805 9B0B 1(BB0 11211 11972 12734 13498 14161 14947 

1177 2020 3300 4192 3110 5969 6940 7913 8809 9677 10381 11221 11978 12730 13478 14162 14331 

lira 2021 3330 4199 9134 5970 6964 7914 B82S M83 1(088 11223 11981 12734 13401 14163 143M 

1V8T 2023 3348 4204 5128 5978 8970 7921 KOI 0687 10399 13232 11986 12737 13486 14164 14063 

1189 2031 3349 4205 9129 5978 8971 7922 8849 9699 10401 11235 11987 12753 13488. 14169 14960 

11P5 2032 3354 4235 5130 5988 6083 7924 8881 P700 10403 11244 11990 12707 13403 14170 14908 

1197 2033 3358 4236 5130 5900 6380 7928 8878 9704 10404 11255 11992 12781 13502 14172 

1198 3034 3360 4243 3137 9991 8983 7942 8879 9708 10407 1-1257 11993 12760 13504 14197 

1203 3042 3401 4261 5138 8021 SPSS 7947 8887 B710 10424 11253 12013 12774 13505 14201 

1204 2048 3403 4262 5139 KP2 6998 7951 8895 9711 10428 11265 12020 127S3 13510 14203 

1203 2049 3412 4271 5141 SOttl 7004 7953 8PO0 9713 10441 11271 12020 12789 13912 14205 

1210 2093 3414 4276 9148 6047 7009 7901 8909 9719 10448 11272 13027 12790 18515 14200 

The Notes specified above, are to be redeemed for tile said sinking fund at the WCG-Afincf 
Service* of the Fiscal Agent, 111 Wall Street, 2nd Floor, New York, -Now York 10043 
or at the main offices of Citibank in Amsterdam, Frankfurt-' Main. London (Citibank House), Milan 
and Paris or Citibank (Belgium] S-A. or Kredietbank S.A. Ltixembourgeoise. in Luxembourg, as the 
Company's paying agents, and will become due and payable on May 1, 197S at the redemption price of 
100 percent of the principal amount thereof plus accrued interest on said principal amount to such 
date. On and after such date, interest on the said Notes wQl cease to accrue. 

The said Notes should be presented and surrendered at the offices set forth in the preceding para- 
graph on the said date with all interest coupons maturing subsequent to the redemption date. Coupons 
due May 1, 1978 should be detached and presented for payment in the usual manner. 

For ROCKWELL INTERNATIONAL CORPORATION 


March 29, 1973 


By CITIBANK, N.A., 
Fiaeal Agent 


Thomas Tilling Limited 

has acquired 

Clarkson Industries, Inc. 

The undersigned initiated this transaction. 


LoebRhoades 

Homblower 


loeb Rhoades, Ho mb tower & Co. 
1 a wall Street 
New York, NY 10005 


March, 1978 


Financial Times Wednesday Marrh .29 1978 


INTL. FINANCIAL AND COM PA NY N 


Foreign 
investment 
in France 
rises 8% 


BASF results 




Banking 
supervision 
in Germany: 



RY GUY HAWTJN FRANKFURT, March » 

CURRENCY fluctuations and by only 0.8 per cent. from of decline “SffcSi 

■depressed international demand DM20 JSbn.. to DM2I.15bn. various foreign ^ 

i hit BASF's performance in 1.977, fS109in> although the parents shown higher foreign even wig 

I The. concern is the second of turnover declined by 1.7 per cent, losses. 

! West Germany's chemical pants from DM9Ebn. to DMfl.63tan. In Despite tauter L”?*™, 

: tn produce preliminary figures comparison. Hopchst’s world turn- the parent. BASF At*, naa 

: for the year. over dropped by 0.8 per cenT„ turnover fall as a result or tnc 

It, r i Ta i Hoechst which wbt,e the P 3 neats sale# fell back general lowering of *a!w pr 2£j* j is being unti<?rmmed became rf 

iis nvaj noecnsT, w men re. . n ® decline in exports. The th - a hiUtv of Orman banks to 

France's farm and food industries- Ported last week, announced a oj - per rear. and a arrun _.:W «*!«».*" -- - ^ 

rase hv S oer last vear to <* eciine of 12.1 is the German A 
" JL % J? 1 11 Parent concern 1 * pre-tax earnings ™o«*rn 

Frs.298m. (SWcn.). The upswing w did not disclose the decline domestic — , . , 

follows a 21 per cent, drop dur-j m croup grass profits- greatest attrition. Home sales fell prevent the decline ,n 

ing 1976. according to the French' t back hy 2.8 per cent, from which was pnm a nty attnbtrtable 

Ministry of Agriculture 1 today gat'd that group DM4.5Ibn. to DM4.39bn.. while to higher foreign crchaagejo^ 


By Christopher Farkw 
OVERSEAS investment 


FRANKFURT. JKwvh 28 
GERMAN banking 1 wpervishm 


in' 



pre-tax profits fell by 21.1 per overseas turnover declined by 0.8 anH increased personnel costs. 


The criticism -to made 
Tederal banking wpervtory 
. office deputy president Manfred 
! Schneider. Writing im banhh* 


Leading investors were multi*; cent from DM 1.41 bn tn per f rom DM5.29bn. to Capacity utilisation at the t journal, ho wys a ruling which 

national groups Unilever and ; DMl.llhn. (S S40n i. l. while pre-tax DM535hn. year-end was still veH below the ( required the balaoc? Sheet* of 

Nestis which between thpm I P™" 15 of.sASF AG. the parent. BASF commented that as far nrevimis year's level, said Uw j banks and their foreign oubaU 

have accounted for ahnuf a ouar-'SSSSE by ItZJSF ^ frora » tte group was concerned W>rt. Capital investment was 'diaries m be consolidated would 

f ....x.. . DM832m. to DM677nr However, there had been growth only m htill going ahead according t»* j hr a " starting : point tor- tm- 

/ i foreign spending a. a comparison of the two groups the first half of 3977. In Ac.- plan Group capital investment proved supervision. ‘ 

the food business between 1972 ; performances is not strictly fair second half it had been impos* in WT? was 7.4 per cem. up at Surta a. ruling wed "-not con. 

and 1976. Last year the proper- in that Hoechst has a sub- ^ble to reach 1976s comparable mn G6bn.. while the parent’s filet ’* with possible legal train* 
tion climbed to 40 per cent. Manually larger proportion of iis sa j es ] evP ^ jr or the parent con- investment spending advanced linns abroad which are aimed at 
Among the leading British . mvestmeot overseas than BASF. eern things bad been even • j, y jn.S per cpoL to DMS33m. j preventing the _duwt SUfW 

investors was Rank Hovis Sic- 1 In 1975 — a very mad year for worse, with growth notfceaKe " RAFF ts still nnablc to fwo- } visory control nf wnnuiMBW 

Dougati. which spent S46m. in the chemicals industry — this only in the opening quarter- ra!Ct any likely business trenrflfnrei Rb euhMdianes . ^ Mr,- 

the baking and patisserie buai- worked in BASFs favour in that Group earning had been hard for the nitwit year and it looks ! Schneider pointed our that * 
ness. Most spending was directed, profits did not dip so heavily, hit bv unsatisfactory demand for as though demand i> still con- • banking group cnuinMrarr tf 1W 
through its French subsidiary, while its recovery in l«7fi standard plastic* ‘and in tha aider ahly depressed. This ts par- ; foreign business is ion iron grans 
Sofrapain. a company which has' appeared tn be rather faster than refinery sector, said the report, ticuiarlv worrying when one con- a scale in relation tn its dome site 
a 25 per cent share of the indus- ; that of Hoechst. Last year the Domestic business had suffered *ider<; rhai after Che recession ! business in Germany, 
trial bakery goods market in boot seems to have been on the 35 a result nE declining prices 'year of 1975 an upturn was 

other foot. and failing exports. Overseas already identifiable jo the first 

BASF's group sales advanced earnings had sbown lower rates quarter of 1976. 


France. 

During the year Rowntree 
Mackintosh acquired the Lanvin 
chocolate company to add to its 
existing French Interests in the 
Meoier and Tbled companies. 

The chocolate and confec- 
tionery industry was particularly 
vulnerable to foreign buyers, the 
Ministry suggests, because of 


Union bank outstrips sector 


BY PAUL LENDVAl 


VIENNA. March 2S._ 


Banking source* here not* 
that the German authorities 
haw become particularly crm-. 
corned about the growing adiv^" 
tics of hanks* euromarket md* 
ifildiane* in Luxem hours a* they, 
lie beyond the control of the 
German hanking authorities -t 
However, any attempt by the 
German supervisory agencies » 
increase formal control of the 
Luxembourg units may be re- 
sisted strongly hy both the 


national legislation which has j BA WAG. THE Austrian union provisions of the planned bank- sector was almost double that no ._ In _ 

restricted retail and wholesale bank, reports its best year ever ing law. He added that the rapid recorded in the Austrian banking ■ " n ho„rp authnrittos who 

“•*- * — - ! with a 33 per cent, jnmp in total rise in business wns necessary to sector as a whole and 50 perl “‘‘L S S tac fre£ 

asets to an all-time peak of ofTset the consequents of nar- cem. higher than the rate SP * great smre m nanumg tree* 

Sch.40.9bTi. (about S2.7Sbn.>. rowing interest rate differen- attained in 1976. 

Announcing this. Mr. Walter ttals. In accordance with the guide- 

Floe ft L chairman and director- The director-general pointed lines of the rent ral bank. Bawag ‘" er J? jf* JESUS 

general, added that the consult- out that the hanks' credits in restricted personal loan aetivi-i n»»rg banks affilu Jed to Genua* 

dated balance sheets since 1971 1977 increased by 36 per cent, to ties manaepd hy shop stewards 

i had increased 3-6 times. Sch.25bn. Export finance in the factories. An unchanged per cem. i»erman nwneti, 


price increases during a period 
of record cocoa prices. 

British firms are also busy in 
the frozen food sector. The main 
investment last year was the, 
FrsJSm. spent oy Christian 
Salvesen on establishing a new 
company. Between 1973 and 


dom. and by the banks them- 

eelves. 

There are currently 28 Luxnm- 



Tnta? Rr-itich tha I bank's own funds total over last year were up by 22.4 per by thr unions and a minority 

wJJH Sch.l.4bn^ which according to cent, to Sch.8.1bn. The rate of interest is held by the Austrian 
b™year w/s FaWm ^second ! Mr - will be in accord with growth achieved by Bawag in this consumer cooperatives, 
highest among EEC countries. ! 


The Dutch spent Frs.l32ra. f and 
the Swiss Frs.6Sm. 

French food companies were 
also active in overseas industries 
during 1977. investing Frs.244m. 
abroad— 35 per cent, more than 
in 1976. 


Assets growth for Schoeller bank 


BY OUR OWN CORRESPONDENT 

SCHOELLER BANK, the 


VIENNA. March 2R. 


Stat oil- Mobil 


THE STATOK-ttOBIL group hi 
considering plans for Statfjord 
C, the third . platform on ihe 
Anglo- American Statfjorrt Field, 
according to Deputy Oil Minister 
Trygve Tamhur^uen, writes Fay - 
'Gjestnn from. Oslo. 

fore- Savings deposit? were up hy domestic non-hank^ jumped last i He told tije West Noneecisn 

, iM. ar.L i.Lwt il ini.jL 11 per cent, and passed the rear hy 52 per renl. The hank ‘ newspaper. Stravanger AitenbUd. 

The Ministry of Agriculture ; ra0Sl Austrian merchant hankers. gjLjJJjj, limit participated in 53 domestic loan \ that work nn the third -ptatfornr 

re.ports that 90 per cent, of this : reports an IS per cent, increase Credits expanded hy 17 per issues and in 112 international could provide full employment 

investment was : Undertaken by ■ jn consolidated balance-sheet to cent, to Srh.2.Sbn. Due tn credit bond vindicates as asatnat 7S 1 in the Norwegian yards involved, 
four companies Cera hmeot Bon- , . _ 0b . igjy -p, p rmwth restrictions and interest rate in 1976. ' Thr concrete base for 

grain. Perirer and Pernod- bcn-T-on in »ne grown t|aN bptvP p n schillings As usual the family bank has. the field's wad plaTfnrm vra* 

Rjcard. mainly in Brazil, the rate m d-posits was slower than am| foreiCT r „ rrpru -v' rrediS noi revealed any figures for ordered last month from 
U.S. and Spam. : m 1976 aod reached 9 per cent, foreign exchange n-edits to profit*. Norwegian contractors. 


Anic plans reduction in 
capital to cover losses 


ANIC the chemicals subsidiary 
of the state oil group ENL plans 
to reduce its capital by SO per 
cem. to L39.7bn. (some S46J5ra.) 
to cover accumulated losses. 
Anic ended 1977 with losses of 
LISObn. (S21m.) against L108bn. 
in the previous 12 months. 

Losses carried over from 1976,' 
after a previous capital reduction 
to cover part of the deficit, 
totalled L44.6bo., and part of the 
overall losses are being covered 
by reserves of L565bn n leaving a 
net 1977 loss of L168bn. 

The nominal value of ANKTs 
shares will he cut to L100 from 
L500. and the company then pro- 
poses tn restore capital to its cur- 
rent level of L198bn. by issuing 
new share. In 1976. ENT raised 
its shareholding in ANIC to 913 
per cant, from 73 per cent by 
subscribing for most of a L142hn- 
capital increase. 

One third of ANIC’s lasses 


MILAN. March 2R. 

centred on its fibre* activities 
which were affected by high raw 
material prices and high credit 
costs. 

Banco di Napoli loss 

BANCO di Nspoti bas incurred a 
loss of Lirell-5bn. for 1977 
against a net profit of L3.7bn. in 
1976. Reuter reports from 
Naples. Banco di Napoli is one of 
the six directly state-owned 
banks, which have close operat- 
ing links with the regions in 
which they operate. 

It is understood that hank's 
losses derive partly from the 
need to set aside funds for pen- 
sion and severance payments 
for employees and partly from 
the effects of a government de- 
cision last year to consolidate on 
a medium terra basis the short 
term debts of local authorities. 
Reuter 


Slavenburg’s Bank rise 


BY CHARLES BATCHELOR 

SLAVENBURG*5 Bank Reported 
a J5 per cent, tocrease in net 
profit, to FJs.30.lm i(S13.Sm.} in 
1977. from K is. 26.1m. The 
Rottterdam-based bank, in which 
First National Bank or Chicago 
has a 20 per cent, interest, said 
that its balance sheet total rose 
14 per cent, to Fls.7.4bn. (S3.4bn.) 
from FIs.6.5bn. 

H therefore proposes raisin* 
its dividend to Fls.2t) per Fls.100 
nominal share from Fls.19. Share- 
holders may opt to take the divi- 
dend as FIs. Id cash and Fls.5 in 
shares from tbe share premium 
reserve 

Profits per share rose to 
Fls.30.lt from F1 b. 26.17. adjusted 
for those shares issued is pay- 


AMSTERDAM, March 28. 

ment of Ibe previous year’s 
dividend. The share capital rose 
to Fls.9S.8m., from Fi5.94.lm 
The annual report will bp pub- 
lished on April 11. The dividend 
proposals will be put tn tbe 
shareholders' meeting on April 
26. 

Slavenhurg’s 1977 profit is in 
line with the increases recorded 
by Algernon? Bank Nnderland 
and Am^terdam-Rotterdam Bank, 
but lower than lhat of some of 
the other Dutch banks. It reflects 
however, a stronz recovery in 
the second half. At the half-way 
stage the bank reported almost 
unchanged profits, of Fls.l3m.. 
compared with Fls.12.9ra, m the 
corresponding period of 1976. 


Naarden International higher 

BY OUR OWN CORRESPONDENT AMSTERDAM, March 28. 


NAARDEN International, the 
second largest flavours and 
fragrances producer in . the 
world has announced a rise of 
29 per cent- in net profit 1977 to 
Fls.6^m. (53.1 m.) from Fls.5^m. 
In 1976, after the Inclusion of 
Fis,1.5m. of non-recurring items. 

Despite the firmness of the 
guilder against other currencies, 
turnover rose 6 per cent, to 
FIs. 406m. Excluding the effect 
nf changes it) currency parities in 


1977, turnover would have risen 
12 per cent to Fls.427m. 

The company proposes increas- 
ing its dividend to Fls.1.25 in 
cash per FT&.I0 nominal share 
from FJ.l. 

Net profit per share rose to 
Fls.3.(U from Fls.2.36. Th* 
operating profit rose 8 per cent, 
to FlsJ24.ini. from FIs.22.4m- 
Investmenls in 1977 totalled 
Fls.I4.4tn., up from FIs. 10.7m. 


Increased loss from BP France 


A SHARPLY increased loss is 
reported for 1977 by BP France 
which is again not paying a divi- 
dend. Losses last year rose to 
Frs.l32m. (around 82S.5m.) from 
Frs.im, in the previous 12 
months. 

Net operating losses rose to 
Frs.l67m. from" Frs.l0m. The 
rorapany said the poor result re- 
flected prire controls on the 
French market which did not 
allow It to raise prices, by over 
5 per cent, when it was largely 
buying nil from OPEC countries 
that had lifted prices by 10 per 
cent 

Net turnover rose 6.3 fer cent 


PARIS, March 28. 

tn Frs.9.70bn. despite a fall in 
French consumption and some 
cutback on sales of unprofitable 
products in France. Debt grew a 
nel Frs.Sfim. Gash flow and the 
company's own funds only cov- 
ered a third of the company's 
Fr$-284m. investment last year. 

Meanwhile Esso-SAF, a sub- 
sidiary of Exxon Corp. of the 
US. reports on earnings de- 
cline fo FrsJSm. last year from 
Frs.ftSm. in t97fi. a decline of 
more than 4(1 per cent. 

The profits derived exclusively 
from dividends received from the. 
company's exploration subsidiary 


Esso-Repj 


Agencies 


This announcement appears as a matter of record only. 

Daewoo-Trial! Development Co., Ltd. 

Seoul, Korea 



US $30,000,000 

Medium Term Loan 

Guaranteed by 

Korea Exchange Bank 

Managed by 

Goldman Sachs International Corp. 

and 

Security Pacific Bank 

Asian International Acceptances & Capital Limited 
. First International (Pacific) Limited 
First National Bank in Dallas 
National Bank of North America 

Funds provided by 

Asian International Acceptances & Capital Limited 
Bank of Montreal 

BNS International (Hong Kong) Limited 
First International Bancshares Limited 
First National Bank in Dallas 
First Pennsylvania Bank N JL 
Girard Bank 

4, Henry Schroder Wagg & Co. Limited 
Korea Associated Firiance Limited 
The Long-Term Credit Bank of Japan, Limited 
Midland Bank Limited - 

The Mitsubishi Trust and Banking Corporation 
The Mitsui Trust & Banking Co., Ltd, 

MTBC & Schroder Bank S.A. 

National Bank of North America 
Orion Pacific Limited 
Security Pacific Bank 
TheTokai Bank Ltd. 

UBAF Arab American Bank 
UBAN-Arab Japanese Finance Limited 
Union Bank, California 
WMS Capital Corporation Limited 


Agent 

Security Pacific Bank 


March, 1978 


v-irrff. 


% 






\ 




t_-_ . ... 


7 









M't 



Flgaaelar Times Wfcdhesday- MarcR 


IL. FINANCIAL AND COMPANY NEWS 


teSUltS Of TOKYO SHARE INDEX HITS PEAK 

jWy Interest 

lU ( flvIS . . . BY DOUGLAS RAMSEY 

‘iCOtinAirif A WAVE of- speculative pressure 

lkjtfl.MBJlAl.IlI. which began ' yesterday poshed 

• tbc Tokyo Slock - Exchange's 

Daniel NeHbn . . principal share index to its 

ilO.Ni.; -KONG March JS h,g * est ever i evel - breaking the 
- r cn ^ ! earlier record .set in January 

“■ i,nnoim eed a con- j 1973. The- 225-stock Nlkkei-Dow 

wiaieu net post-tax profit of j Jones index ended- Tuesday's 
K lb oRn (SUS4m.» and' a session at YSJ60.34 or-raore than 


IUKTO SHARE INDEX HITS PEAK EaSt Asiatic 

Interest in bonds weakens Malaysia 

BY DOUGLAS RAMSEY . TOKYO, March 28- going public 

A WAVE of- speculative pressure in securities circles that many of rate to IL5 per cent which will • T 

'ft lL '«_ Ban yesterday poshed the investors . who would have mean a new set of lower interest III -111 TIP 

the Tokyo Stock - Exchange's- earlier bid bn those bonds have rates throughout the financial 

principal share index to its instead switched their interest to system by early April. The new By Wong Oolong 


The Finance Ministry has 
warned Japan’s top 12 securi- 
ties- houses against ^excessive 
competition to sell Japanese 


system by early April. The new By Wong -Sulong 

rates will take some of the edge , KUALA LUMPUR, March 28. 

‘domestic investor?™^? time f™ 1 ; E ^n T t^I A J 1C 
when they are flush with Cash (Malaysia) Berhad which Was 
because of continued stuck 'in formed last tHstober to take oyer 
caoita! SDendina. . the Malaysian interests of the 


‘ mifniH or jiH i\ i this | of Y5.359.74 reached on January writes from Tokyo. ■ 
irrsonrs a" iota! distribution 1 24 1973 . , . . . , 

- to u,?- j, 1 s.’taSs ura? .f *5 

wmm a/eam mssm 


been look- Finance on Monday and warned 
{-lot lo-Ji* =per cent. • - - •*- .- — . . 


ues -nouses against -excessive capital spending . tne ■■ au«ysian • interests oi me 

competition to sell Japanese- While the yen's continued Parent Danish company, has 
bonds to non-residents, AP-DJ rise setems to have nulled foreign announced it will go public in 
wntes from Tokyo. • ' Interest in Ja pfuaese stocks this witfa L£? °? er ° f ltel - 

The warning was designed to week out of the doldrums, many £J n gfPts -worth of shares to 
emphasise the Ministry's ban export issues, remain practically .Malaysians. This represents -5 
oa sales to 'foreigners of untouched by the market's P® r • e of: the 

Japanese bonds with remain- overall boom. Instead, market cP m Pany. 
ing maturity periods of less forces seem to have centred' on • ; Tbe company said that 9m. 
than five years and one booth, domestic stocks which are not ringgits of the shares will be 
effective March 16: directly affected by the yen’s reserved for. Malays and Malay. 

rise — for example, real estate, financial institutions. ' while 
' ' " construction, pharmaceuticals another '&3mu ringgits will he for 

-and foods: . its 2,400 employees. It (s' the 


reason far -the slow- "powth t,LI° push aggrwsively sales of the Tokyo stock market which . Market turnover to-day was company’s intention to reslruc- 


fill 


.iear-i iq. ue tnc timlnc ni ■ , - . f wm. snares, wib *«««, 

1 WC..S- expansion in Th;ri-! The^MOF ^pmi d >! ,Tlv< -? t *£ peak eVer ^art UP from 399.7m. shares on Mon- 51 per cent' -will be held by 

■d. the Philippines end «3*- h XF t t-£“ ned - aft of l ,be year - -day. The Tokyo Stock Exchange Malaysians,- inline with Malay- 

Ihneski . bonds . Wlft residilal Investors seem to be encour- index for all issues in the first slan official policy. - * 

yea' - ® 1 °f less aged by the lowering of the section also leaped to a five- EAC Malaysia now owns -two 
* . » -a . n t0 feigners. and it is believed Bank of Japan's official discount year high of Y402.16. rubber estates, a pharmaceutical 

6Q11CCQ lOSS — « — — — — — ■ : company, and distributorships in 

• xt t - — - . Vespa . Scooters. printing 

Mnrray and Roberts progress 

Oar i3wn' Correspondent < ~ BY RICHARD JtOUE CJ. - . _JOHANNSSBUG, March 27. ^ ' 

'•MONK KONG, illarcB 2S. MURRAY ANT) ROBERTS, tdie contracting side are expected to company for Murray and Stewart JVl3i3yHD 

31ISON WHAMPOA 1 subsi- l. raa J n South. African construction decline but the Board indicates and for Roberto Constructions rt i 

ry. Harbour Engineering. ; ap 9 . engineering group that the lower level of prpflts has. spent aver R20B&. on cash -orCWCTlGS 

lured it.* consolidated Iossi w, '° luh rece ° tJ y obtained a eon- ffom contracting will he offset acqulsation of new^ subsidiaries > »■ . 

in &HKl9.35m. in 1976 to ^acv to buiid a : pilot* plant --for by recent di verification.' Hence and on a new joint venture B,r Aiwuuyr iwwiey 

K6.24ni. fSL T .S.1.3m.| in u r **mum enrichment, has re- earnings, uo from 28 CQnts to 31 , . „ ' * SINGAPORE, March 2S_- 

7. Again ihere w no diiri- ported a .slight increase in cents for the half-year; should T , r ijL. r a ^.,? e ^ tm '? < : Fireclay ■ » »at. a van Breweries has an- 

>d. " Profits for the six months "-to at least reach the 64 cents level mfonfecturers of refractory ^ 

* u-Ah I he company was re- December 31. Turnover and pre- of the previous full year. lo ^ d P ro . duc ^' ,^ II lMd « ft ^pr^Is fbr" S?^six 

ftnet! to 1 he Public Works wx profits are - not disclosed af June 30. 1077; m its last full ; year, Son^ to SSeSber to liM^ 

partnieniV tender lists in the^mterim stage, but the- net An unchanged interim divi- Md -? P e f cenl - of Sore SSlT^m (SU S 7 

6u5t. from which, it was profit figure is up from. R6.5m/ den d of 6 cents has been m ?“ 5 ater * ?Sover ro« bv S «nt 

ht*mieit in April, managing 10 R<m. (S7.9raj. and after a declared and the Board sa vs that *? d showed net . gsi4fi^m. tSUSfi 4 mii 

ector Mr. J. A. RichurdsoS ^ viced level Of minority it expects t6 pay not le£ than of Rlm - in last ™ The com%y wh^i incor- 

rtied =.t the hall-way stage interests, attributable earnings last year's. 23.5 cents total put~ year ' porated S sSa?oreMd S m 

l . 0| J ^. r0n ?K ^ R5 - 7 ™- K6.3m. ting the shares, at 245 cents. These will contribute about II associate of the Fraser and Neave 

•c prom well into 1078. , lb t remainiM six on a yield, of 9.6 per cenL cents of earnings to Roberts. The group here, has declared an 

11 ** months stage Months of the financial year. In repent months Murray and Whole group,- with 22.3m. shares interim dividend of 8 per. cent. 

:iM« d oHK — 9in^ and a- earnings from the convenbona}. Roberts, which- is the holding in issue, is capitalised at R55m. on ifs. Ordinary and Management 

w, ” l j !', l! -•• — ' shares against. -7. per cent last 

iQnsidppjd^iQhkclv that the year. However, .'the increase is 

.or the sLVond half _ . • j • - x mainly intended to reduce the 

‘ usn,flcnnt i Sims Dasses interim divnienrl s 


significant ] 


Sims passes interim dividend 


S. Watson ahead J by james forth Sydney, M arch 27. 

) Mdiap lU A hl s nn \V^nn m h^ ' 5- MS -^ ^^SOLTDATED, the ensure a' recovery of the loss in the shiping agency business in 
•uur.ccil -1 oSfj a V,d l diversiflec, J scrii P. mercbant. the second half. Forward ferous .Japan had maintained wund 
? Si ,-rf JhKW 47m h f s 2 imlled - V». dividend scrap sales justified an expect*- -profit contribKs“? * " 

-i-Wi Jot- ?« afrnr incurring -a 5Al.53m. hon thai a dividend Resumption . . ; 

ea y vi !g lSU.S.l.rm,)- loss • in the' could be . anticipated in P six ! ' ' si ... 

!Si. .11 J? December half-year. The result months time, they added. Severe Refharir fnr 

!n, u IJSlJT ^ ««^ , : was » hu-sely caused by a , con- Porentiai losses resulting from * 5evere setoaCK.lor 
tlfr; • Trtiui „"r •»? c” tinued stamp in the export price , the overseas scrap market down- Philmc Tn^ncfvloc * 
r ' n ;;, scrap steel. In the first half- turn were contained by manage- *^ n, “pS IflaUStneS 


shares against.-?, per cent, last 
year. However, ’the increase is 
mainly intended to reduce the 
disparity between interim and 
final payments, and does not 
imply an increased total divi- 
dend this year, MB said. 

Singapore 
steel upsurge 


r« 


KrS-' ^ih. nrpnn,.- ''’'^ December half-year. The result months time, they added. Severe hart f nr By H- F»ie» - j 

Snui ^Sdy caused by a . con- Potential losses resulting from oevere set O ac K I° r SINGAPORE. March 28. 

. .S n V .« 7 t,nu ed slump m the export pnee the overseas scrap market down- Philmc Tnd,.ehn’ 0 c * vationat TRnv anto btofi 

n^^ssaK JSSf ssr.^ SS3S' 

-IMI -.nil tr?£f."r 1.1 l ?.; n h , ;,.P». vo ut for the f uU year was.cur Of the other operations, the from 6.25 cents a share, to 4.?™^ , h i “!?, ” S' 2S!: 5 ’™'' 

, ‘ “ * n ?. ^ VlimiJ, "tw ifro,n 10 cents 10 , 5 cenls - afu?r directors said that the farm cents after a severe setback in ; t0 mS? 

’■ lorv .ni hm ^S-R ] earnings fell 32 per cent, to division had to contend with a 1977. Pre-tax Josse? bf -SA558.0<» ; : 

l %HK™iMi , »i I 6 ’ s SAd.Im. severely reduced market The (SUS635.000), ‘ compare 'i^ u Si{ 

. l.i.. uHKr t Hni.). ^ suns has been plagued by the" harttWStre retail operations were profits of SA6J8m.- in 1976 • cent, bribing the total dividend 

■ g tt »*■ " ^ depressed "export scrap prices for profitable ^ and growing and the After allowing for tax bene-. ****75“^ rorlhe ywr to 16 per 

' Ls linns Kong move ’more, than' IS months, but the" batteries business was- gradually fits and credits, Philips report ceDL dn “ 3 P® 1 " cent *** 

, v .. directors said that the market surmounting “very consider- a net profit for 1977 of. SA2.77m. I m PJ" 

ikiri'' i mim i, i* innnnnwS ' botluuwrtl out in JanuaiN - and that able production problems and (SUS3’m.l. against SA3.S9m.' ^ th^ previous year, the group 

.f^« , KS!!uT!' lh ! WB ha> - since been an *cverc market competition. The tax items com prise i Pf d ! otal tax exempt dividends 


Cl'.rtliiz. rSHKT OHni.). 


SAoMm. 


severely reduced market The (SUSS35.000), 


-• ‘ , v ,. directors said that the market surmounting “very consider- a net profit for 1977 of . SA2.77m. I 

ikin' i mint ), i« 'mnniiii-M ’ bottuiucd out in January an d that able production problems and (SUS3’m.i. against SA3.S9m.' ^ th^ previous 

, . has since been an severe market competition. The tax items com pkeaS-iPf^^ 1 lax 5 s 

V j.V. . I . InT Si. l ° improvement The large investment in the fit of S A 1.9m. on the basis of* ° f ]2 - c ®nt.. 

k ti'lw.ttP.'si ri.mivmv in he Thl? - V >aid th ^ Uio .improve- wniuen> foundation garment tax-effect accoudting. The direc-j- ^ 

IJ.:., y^ 7 i'-VjVjoV,. -,F-, r 1 nient wou,d bc sufficient to group, Formfit -of Australia and tors said they . had . considered : C^CIltrSl- 

' ,i'. It h'iiii-.'n.i. : d lo iWn-; — ^ j»- • 

in !) 1 P nt>ar’ . beyond any reasonable. doubt j,:€lriVQ-tlf>P 


,3'. It t-. mlvmli'd lo'oOm-] 

nv ^Mii'' n o.ra:'X wm; Mohindra all "rhimd ndin SfLffi 

r .. r..n- ... or inlomaunnsl 1 VI 311111 dm 311-1011110 2H1Q rrtwed . B, Our Own Correspondent 

^SfS'orajSi. BY , C. HURTHY BOMBAY March 28 \T^S£ ! KUAt* LUMPUR. Ha rch. 2R 

> will in Mi R. Ivlierwnodj of Industries, which was = CENTRAL SUGARS, one of the 

• i< nirronlly man:i..cr oijAN ALL-ROUND increase in year's record. • It has stopped a ?*^; red r during the year. The: two Malaysian sugar refining 
' Bank's Cily office in ■ production, sales and profits entertaining orders for special e “f CT provision was to .companies — which last year 

■ .1. _ _ p rranep nw» tax hpnofir hut rt i . 


Central Sugars 
advances 


that , such amounts ' would be} - duy auL.t.v 7 

K n?jt ! , d also reviewed a pn .j Blr °“ r ° wn CorrKp.od.ot 
vision of SAZ5m. in the accounts ! KUMA LUMPUR. March. 28. 
of Pyp Industries, which was : CENTRAL SUGARS, one of the 


iSr53 profits October, 1977. after its reaching Mahindra Owen and Mahindra a R aw a n cei on pfant i ported » fiii per cent rise, in 

4 . tt* 1 ! a trough on 1974-75. Sintered Producto-r-havc turned ^ l d ^2222- ! Profits Tor the first half of- its 

j Jjf I - iPPirS ci out aood' results' “i vine" a return income tax. The tax correction .financial year. 

1 di r "‘ e ‘- lrd reS .0 iMam) “ifSr ™ i°L ^ on ^ is - «« P™fil after tap for <(2 

..Daniel ' hw J JSi-a?’ " k.: respectively J« d been hronght to account , months to December: was 3.07m. 

iEl. AVIV. M.irch'28. ! more ‘than 60 per cent, to Despite lower production of SA1.4m. * w * a n 1 0 \ ^ > ls^ ( SUSL3 iil) . 

iRW ‘.n.- <»f Israels lead- . 25.3m, rupees (S3m.i. indicating vehicles in the first quarter of Sales of the group rose 6 per {same period in 8 §76 “ “ ^ 

p. i»'i:rr.-is .>r olectriu.improved margins of operation. 1977-7R (deliveries of . diesel cent, from S A3 19m. to SA339m.i The^ompany is oai-ina a 5 oer 
.’iniui rin'lnf solar instala- B U t 1876-77 profils fell marginally engines were affeded because of (SUS3S6raJ. The .directors said [cent interin/ rtiridal? whiS 
'"v f,l> » individual . short of the peak 28.6m. rupees labour .unrest m a sister- that the results were satisfactory of ±£'two3oS?;«. E ^SS 

'[■'■I'fu: ”SS w ^f .reached in 1972-73. concern^, the company hopes to in the first half, but the iSet j iZ bs 3^^ 

£ A well-diverged company S^ Je *» ^ 

1R^. Th ■ companv iSSts ! with interests in light automotive UHL: . second six months of 1977. ‘old capital. . , . , 

i ispi- L-i-ni increase in -its i vehicles, electronics, steel and ^ ‘ ’ ' . ’ — 

rifSi; III 1 £10.5m. (S6.5UI-). ! machine tools, M and M is a big SELECTED EURODOLLAR BOND PRICES 

-% yroiit be lore tax rose ;bu«nem house affected by the ■ M > v IkiniA1 ,r 1AMi . 

Opcv wnt. 10 UlS.4m. The i Monapohes and Restrictive Trade MID-DAT INDICATIONS 

iu*y will pay a 20 per j Practices Act (MRTFj. «tr*icwtb bu wfe< ‘ ^ wt** 1 mu on, 

. ta?li dividend plus 20; The improvement in sales Is api isn Hi bu 22 SSP ** - JHk u « 

lurti. bonus snares. ’atiribuled mainly to a revival aub w tac i iisr . m: m m^eihx Wpc mt..„ ira m nSS &S ■‘" i — ■•5ft ■ ?25* 

rose by 5S per cent to i in dom3n d for automotive ^ hk'V ft 5SS2S. ?-.%■ *« - * KwcFus:;:.' n ^ 

I.14 i >K4m i and a further vehicles, which are basically of Bairbn B»fft ' 974 ssi xuitnuu i*r - ift Sweto sve isw ..... mu lost 

'•'rjo-nl. increase is fore- uj eep - design. M and M had Bonier £i pc lac 1 * . k s» ST'JP* *2. ’2* 

tot thito ;.car. Of this, ex- a coSabofatSi with American gS.MiSaRffi’i w « 4 IS % Vu St 

Hi** corpomtion. The eon- SSUKSSf“_ .51 iff SSUKR ii- S> ff Si iff 

i» ta'h*- A figure exported 490 vehicles to scs 9 bc ms 984 994 oSTb^iou . " jnr 

,„i \ ! African and Asian countries and ££.{£ - ||t ft *5L mi ^ 3 #9i FLOATING RATE NOTES- - | 

i SggjffiSss.f ■ f g-SSfe"^-' S 3 

re.< -.lid Thai (h- profita- Its steel division, despite the crt. Lak« p^per sw ibsa m ioo ft ft W too* 

y df exports had declined . world-wide slump, handled busi- " . stand. Ensiciida 90c i»i '' sa* ■ im' "tipc' ' ft m> 

a ;re>iill of the Likud [ness of 0.29m. tonnes, an un- {gflSjfSg. Pt lwt “ ft ft «* « ft ift 

■rnpM-n I 's economic policy provement over the previous ise Canada >Vpc ism . . up* im* 2 ft 2£»*ia!S I®*’- 70 * 1 * - M “!* 

- x — ■ r fvowo *>c IVST Much Ki U tail. Wsta.onl' -M'TliVpK _ ft 1ft 

' Llayrtf IMS 71 pc -lOfl MM. 

! FINANCIAL TIMESv^ kw.-s sSisSSi s 

RIl\CKEN HOLSK, 1U. CA.VNON SlKKEl. EC4P 4BY.: ., - Br. citembi. bSl Hpc « ft ft W ,D « 

TeB**: Editorial 8S 634 1/2, 883*37 iVdvertfaemenis: 8*5033 Telegrams: fi runtime, London PS4 Cm. p*c. «pc um ml isos 2! ,2* ; 

-. Telephone: 01-248 8000 ... gw Chemical Swr its* .., Mf v£ wL ^rf r^ ft J22 

For Share index and Business News Summary in London, Birmingham, .Jw ia» k 9t; Wms 1M * 

Liverpool and Manchester. Tel: 246 ROBB. S?3ei«"' ft wwre*. WcW SewrUi**. 

INTERNATIONAL AND BRITISH OFFICES EEC rtpe 49M i. u wi convertibles 

EDWTOR1AL OFFICES kS SSSS te ft ft avS X w 2? 5? 

Amsterdam: RO. Box 1296. Amsterdam-C Blanchesten Queens Queen Street. 3fH*eBn «bc ims . -im !H2 ft S 

Tlrle* 12171 Tel: 240 553 Telex 88SS13 Tel: 06WK4 3381 - ■ «k ift. jS j ft 

Bir&tiighuni; George Hou»e. George Road. Moscow: Sadovo-Saraotecbnaya. 12-24, Apt. JS. imt ioii ,2 «w 1932 M* 952 

TVles 338650 Tel: 021-454 0822 Teles 7000 TCti 294 3748- - . St ft Borden ape is 92 « ' m 

Bodh: Prcunhuus 1 1/104 HeusbaUee 2-10. New York: 75 Rockefeller piaafc N.Y. J0Q19. xordfr Tnv. b*. tX- ifls< asi . ft cUSSSlf 1#W « S 

„ IVIex 8*69542 Tel: 210039 Telex 6^90 Tel: <2l2) 541 4m Xorst Hydro Tint its ... »r* -»i s£ C n2T ' “ - 

Eniicls: 33 Rue Durale. Paris: 36 Roe dn Sentier. 75002. Xonrar t*k i « e M 9C J 2 4 

iflos S3SR3 Tel: 512-9037 Teles 220044 Tel: 238.5743 . ^ ' ^Sw > *?e l Ui| PC IW7 ' ift ibi! EkMtn a“ Uoc \V» . TVt *11 

Caijti: p.o. Box 2040. Rio de Janeiro: Avenlda Pres. Vargas 418-10. t“*ff J£S e ?!? Economic Labs, «pc i«7 57 3 


'marked the . recovery of steels ip acknowledgement of rodnw the tax benefit but It uras ' suspended taking Australian 
[Mahindra and Mahindra MRPT requirements. -Out of the Proaent to maintun J^ugar, and bought cheaper sugar 

(M and M) in the year ended five subsidiary companies, two — . on tiie world msTket-r-has re- 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 


Offer au 

Slacrafflaji Bioedel 9pc 159S Mi 

51; 3*?"^ F «atBon lipc tl aft 

971 MicbeUn 91 pc 19S8 . . .. U31 

9» Jltfflaad Ini. Fin. SUk.'K 9S3 

Wi Xa nonal r«U Bd. 80c 1S87 mi 
*» N*iitraal Wstmustr. 9pr TS imj 
J f; N'nrfVimdLnul 9pc ISS9 ; 191 

w* Norses Kooj. Bfc. V,vc l«a . Ms 

»* XorslDC S'pc 19S9 - 9f 

"I Nora* Hydro 5rK IMS ... 994 

W* Oslo 9PC IMS ... . ipi: 

2? Ports ADtonomK »ur 1991 9 si 

Prov. Quebec Spc 1995 9U 


•J; NVYi-foundiand 9pc 1SS9 .- 
Wj Xorscs Kooj. Bb. «,vc IMS 

,»* XorslDC »'pc ISSfl 

*£!. Norsk -Hydro Sroe IMS ... 

W* Oslo Spc 198S .. 

Ports An to aomes 9pc 1991 
Prov. Quebec 9pc 1995 


Offer . 

97i New Zealand Sine UM . IM 

Mt Ndroom SJpc 1999 IBQi 

183 Konrtt -l^»c : l9S3 

Ml PhlUjurtnes- «pc «S3 97 

,55! E tt-edco «iw 19H Mil 

«-* Tauernimobatui sjoc IMS in 
IBIS TVO Power' Co. fine I9SS._ 9SJ 
*2; Vcocaoela 6pc 19SB .. » 

|7: World Bank Sloe ISM . ... m 


FLOATING RATE NOTES- 


E!? v ' t Z , *i ec P® 1895 MI 174 Bank Of Tokvo 1984 7IS, e nc 991 

»* Prov. Sufallcb SJoc 1998 IMU IBJ HfCE ISM RocT ... . ft 


Reed loternarionaj'suc 19*7 

RHU 9oc 199S 

Selection Tst felae IMP .. 
. Stand- Enskilda 9nc 1991 . 

S SKF Spc 19*7 . 

in?? Sweden iK’domi Sine 1997 


■Ifl: 93S51U 

ltiioJin: & Fitzwilllam Sqanre. 

T«li-V 5414 Tel: 78532 1 
Etiinluirch: 37 George Street. 

TeU-x: 72484 Tel: 021-226 4120 • . 

Frankfurt: lm Snchsenlancr 13. 

U’k’v: 416263 Tel: S5S730 
Ji'hinncNburg: P.O. Box 2128. 

Tf k-x S-6257 Tel: 838-7545 
LLibnit: Praca da Alegria 58-ID, IAA nw X 
IflfX 12533 Tel: 362 508 

Madrid: Ksprandceda 32. Uiddd S. 

Tot 441 6772 

ADYERTBEMENT OFFICES 
Birmingham: George House, George Rood. 

Telex 338850 Tel: 021-454 0922 
Edinburgh: 37 George Street. 

T*le\ 72484 Tel: 031406 4139 
Fraakriirt: Ira Sachsenlagcr 13. 


Telex 666813 Tel: 06WC4 8381 - 
Moscow: Sadovo-Saraotecbnny* . 12-24. Apt. 15. 

Telex TOM TCti 294 3748- 
New York: 75 Rockefeller Pinza. .\.V. 10019. 

Telex 66390 Tel: (2l2) 541 4825 
Paris: 36 Rue do Sentier. 75002. 

Telex 2200*4 Tel: 238.5743 
Rio de Janeiro: Avenlda Pres. Yuati 418-10. 

Teti 253 4848 . ^ 

Rome: Via della Mercede«55. . 

Telex *1032. Tel: 67S 3314 
Stockholm: c/o S^enska Daghladet Ranhuntw 
vkgea 7. Telex 17503 Teh.SB MJS8 '• 

' Tehran: P-O. Box 1I-IS79. - 
Telex 212634 Tel: 682698 V 
Tokvo: Sth Floor. Nihon Kebca! Shhnhim. . . 

- ■- Rnf Ming . .1-9-5 OTeDiachL GUyoda-kd. 

" ‘ ‘Tdex J 37104 Tel: 241 2920 
Washington: 2nd Floor. 1325 E. Street. 

N.1V_ Washington D.C. 2000* 

Telex 44Q225 TCI: (202) 347 8578 


. Tfclrs 162(3 Tel: 554867 
Lrcix Permanent House. 


t4x Permanent House. The Head row. 
Tfl: 0532 4S4969 


Manchester: Queens House. Queens Street. 

Telex 666813 Teti 061-S34 9381 . 

New York: 75 Rockefeller Plaza. N.T. 1001* 
Telex 423635 Tel: (2Uk4» 83W, 

Paris: 36-Rue du Sentier. 75062; . — 

Telex 220044 Tel: 23&S&01 
Tokvo: Kasahara Building. 1-6-10 Uchlknnda. 
Chiyoda-ku. Telex J 27104 Tel: 295 4(^0 


Unlrtd Biscuit* 9 PC 19M . 99 

Volvo Spc 19ST Marrfe tSi 

MOTES 

Anscralla .73 pr 19M -K 

Sen Canada 7;oc US7 . ... ni 
Br. Colombia Byd. ;;pc "85 9ft 
Can. p*c. St pc 1984 . ml 
Dov Chemical Spc 19SS ... Ml 

BCS ?Jpc IBM • 97 

ECS Sisc 19S9 Ut 

EEC 71pc 1M2 97 

EEC ?:pc 1984 U 

Enso Gntzeii Sloe 1SS4 ... 97 

RDurerkn “Spc U83 .... 9% 

Ktcknmi Spc ISS3 Mi 

3fH*cBn ftnc 19S3 ..• ID8 
Hontrcal .Urban 5. pc J8SI 3011 
Xev Bhtnsu-frk Spc 1994 .. «71 

Kin- Brans. . Prov. s:pc.-B 3B0J 
Near Zealand SJpc IfM 9 *a 
N ordic Inv. Bb. 7;pc i9« Ui . 
Xorst Hydro Tipc its; ... #7* 

Norway 7fp= 1983 M 

Ontario Hydro Spc iwrr . ni 

SlDKor Bfttc 19M .. 1M3 

S. of Scat. Eire. **pc MB1 IM 
Sweden iH'doati 7- pc 19M 97} 

Swedish Slate C«. 7;pc V2 971 

Tehne* 9:pr 59S4 MJ 

Tenrecn Tipc :9R7 May _ - 94: 
VoOswaaeir Tipc 2S87 ...... ■ w; 

STBRUNC UNDS 
.UUed Breweries Wipe ■'98 *71 
CJdcocP IPpc USC N£ 

Cmtnaiflda :bt no . - Mi 

ECS ilPC 3989 974 

BIS 92pc USE . 994 

'Em aa« uaa — *ri 

F tnitvy fgr 194. *!|W 19S7 97} 

Ftomce neind. iflpc tsda- *w 

Ffsoos Idipc us: IMl 

CXA ldpc 1*8 sm 

Howact* lOiPc Wd*. MJ 

Scan IUpc 1»S» . 

Tow OP Mac HM Mi 

DH I0ND5. ■ 

BFCE Sne «3K 4 Ml 

aWDEdSpc IMS -97* 


IW BFCE 1 SS 4 BJpc 99 f 

N Mi 

Ml fiCp 1983 Spc MI 

CGMF 1984 7 J pc .... *jj 

IM Crwdiunstalt t*S 4 72 pc ..: 99 } 

M, Credit Lroonaut ISA? Spc . : • 

96 } DC Bank 7993 7 B W pc .. 99 j 

Ml GZB 199 ] SI lit pi 1981 

M lul. Wstoonr "84 7 lire PC SSI 

1 Lloydf IPSS Tipc ']Bff 

LTCB 1988 Spc - Ml 

Midland 1982 Spc J 9 I 

Midland 1987 7 fljapc ... m 

ft OKS 1983 TJpc loT 

tft SNCFlMSSipc 981 

J 2 E? Sid. and Chtrd. ’M 7 Ujspc 99 : 

?2 W&u. and Clyns *84 81 UPC..- 9 ft: 

Source: White WcW SeenrUles. 

97 J 

MI CONVERTIOLES 
“ . American ExoroAS 4 ]pc B 7 - ’91 . 

ft Ashland Spc ifo ni 

,S, Babcock . A Wlfcog 6 ipa '97 .84 

iS 1 Patrice Pood*- 4 *pc 1 W 2 »S 
‘bb Beatrice Foods 4 Inc 3992 - J<M 

“ Bcccham 62 pv 1932 Mf 

ft garden ape 1992 - IS* ' ' 

ft Broadway Kale 4 !oc 1987 » 

Carnation - 4 pc 1397 • 7 S 

ft Cherron 5 pc 1998 .. J 2 I| 

ft Dart i:pv 1987 3 T 

Eastman Kodak Hoc mw . 794 . 
Economic Labs. 4 Ipc 1987 77 

Sr Pbrcsione 5 nc IMS 7 *j 

ft Ford jpe IMS ... 85 . 

General Elcsric 4 }pc 1987 « 

r.IBHte tipc 1927 . 

Gould Spc 1#«7 .199 

Gulf and Wcstpih Spv IMS « 2 i 
-Jlarrlt 3 pc 1992 - , .... • 14 B 

Donera-ell <bc - . 1 SS 8 .", Ml 

■ *L in BJoe ifie - «*' 

• IJCA flpc 1997 mi ' 

M* Indwapo sioe 1893 . 197 | 

Mi ITT 4 Jpf 1987 77 

«W • Jusco SOC 1992 193 

KorUalao 73 dc !«t HKt 

ft J - R«f MeDrmwtl 4 ipc iff UK 
,*? Uarmsbtu ssne use U 7 i 

151 hand 7 -*pc. use • . ~ . m: 

* 1 , J. T*. Moreau «»c 1987 ... M 
*!• Nabisco j*w: MSR - « 

Owns UHnois. 49 Pt.lK 7 . . 1874 
BK J. C. Penney 4 »pc US? . 73 * 


SUBfeCRIPTIONS 

C»r iCh>o btat» ab^ . from newsagent* *n4 bookstalls .swuJdMWe or. «n -reKniaF-^xibaerlpTJoo - ^ 
” rrbm Subscription Department. Financial Times. Lonmin. . ; 


ECS64pc;«M 

ETB 3hK T9M 

Hmam 3hKf'i987 s. 

Eorofima 53nc 1988 

Ftnlaad Sim usfl 

Forgduuk* *fac UM 



Revtan 4Sw 1887 

USr 

-IM 


Henulds VetRlR Spc 1508 

-« 

" M 


mi JRaatfwik Ope 1983 

108 . 

■ lit 

-97i 

as; Swrra H*i®a W87 . . . 

R4 

W 

Wi 

BSl i’s?a«bh 4*K 19*7 .. . . 

7* 

a 

.1*6* 

Ml ' Texaco 41sc 19«s 

77. 

70- 

» 

Sfil TOddlu «nr IMS « . 

119 

m 

w; 

SSi Union Cftrtitrfc 41pr 118!.. 

•21 

m 

JM 

laflr. WarnM- Lambert 4*oc 1M7 

S»i 

m 

HI 

ism Earner Lamhorr tme 19 M 

73i 

774 

» 

Ml Xerox Spc im* •. ■ 

784 ’ 

Wi 

set 

.180 SOmee: XkMer. Peabodr SlcnntlM. * 






NOTICE OF REDEMPTION 
To the Holders of 

Amoco International 
/ Finance Corporation 

8% Guaranteed Sterling Debentures Dtus 1987 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated a« of Mi# T* 
3972 under which the above described Debentures were i«nicd, Morgan Guaranty Trust Company of 
New York, as Trustee, has selected for redemption on May J, 1978, through operation of ihe sinking 
fund: at the. principal amount thereof, £1,000.000 principal amount of said Debentures. The serial 
numbers of the Debentures so selected are as folium*: 


DEBENTURES OF £300 EACH 


Q25 10M 
tn.-nm 
2* 3074 
30 10S1 
37 10BB 
41 109A 
■is.- lies 
47 1114 
49 3117 
55- 1121 
75 1126 
96. 1135 
111 1136 
130 .1138 
13Q 11« 
137. 1753 
164 1166 
175 1169 
167 1104 
IBS -1205 
IBS- ,1307 
196 12IB 
204 iau 
203- 1214 
207. 1223 
214- -1324 
226 1325 
236, 1330 
240 1332 
248 1334 
2&0- 1336 
25£ 1341 
263 1345 
m iibi 
297 1271 
329. 1378 
331-2380 
33* .1312 
346 13*5 
347 : .1338 
351 XfiH 
357 0411 
266 1413 


4505 7453 838* 
-4506 7457 .8732 

4510 74 SB -8748 

4511 7409 8749 
4525 -74BL- 8750 
45=7 7466 .8751 
4539 7467 6752 
4576 7408 8753 
4581 7471 8756 
4551 7472 8758 
4592.7476 8766 
4593 7482 8782 
4835 7544 . 8786 
4901 7547 8795 
4604 7555 879S 
4907 7569 8836 
4906 7572 8844 
4 HID 7573 8848 
4951 7578 8853 
4968 7584 8857 
5058 7585 8858 
5085 7501 8859 

5210 7SS0. .8874 

5211 7594 8875 
5213 7606 8876 
5215 7810 21882 
52*0 7625 8885 
5258 7630 JJ867 
52GS 7638 8892 
5361 7639 8901 
5S63 7654 8904 
3483 76DO 8908 
5404 7662 8917 
5412 7664 8933 
5432 7685 8936 
0105 7877 8946.' 

6107 7682 8948 

6108 7684 8983 ' 
-8188* 7734 8990- 

6189 -7749 8996 
G200 TO -89OT. 
B20Z 77 63 9011 
6203 7766 8012 


1443 £572 3*88 6210 7776 .9032 9673 10270 10951 13325 14289 15776 17520 18275 18881 19S6H 

400 1444 2574 3500 6219 TIE l 9037 9660 10283 1IM54 13431 14291 15183 17521 18259 16880 19371- 

407.1445 2583 3512 ««»« 7787 9040 9S38 10287 10957 13441 14292 1 5794 17528 18=31 18869 19574 

413 1448- 3588 3514 6238 7796 9048 9691 10294 10906 13446 14357 15803 17538 18232 1R870 19580 

414 1453 2599 3530 6239 7804 9053 • 9092*10296 10976 13466 14384 15807 17540 18246 18888 10387 

426 1460 2603 3539 6242 7807 9060 9703 10306 10900 13468 14386 15809 17544 18247 11869 39580-. 


467 1468 2607 3552 8266 7825 -9079 9714 1031 
471 1469 2810 355* 6275 7831 9081 9722 -3092 


1<IR62 13410 34392 . 1561 L 11546 18255 18692 19532 . 

3 0966 13473 14393 15815 17549 18281 18883 19597- - 

vn JW> a «u -W« w/3 imi aim ■ at** uwo. 30M8 '13474 14397 15821 17590 18262 18003 19008 

472 1473 2635 3550 0282- 7835 9083 9729 10937 HMDS 13487 14400 1 5823 17553 38263 18907 19012 *; 

479 1474 284r 3550. 6286- 7847 5*085 9785 10340 30999 13495 14405 15838 17557 16266 18915 19617 

482:150* 1652 3562 8258 1852 SWH 9136 10846 11010 13*99 14542 1583 S 17566 1U2G8 18918 19619 ;• ■ 

485 1309 2671 356C 6359 7858 - 9103 9738 1 0349 11012 13503 ]4 544- 15839 17578 1827S 18029 . 19646 - ■ 

486 1518 2674 3572 8381 7661 9105 9739 10350 11014 -13505 14559. 1 5841 .17590 18292 18930 19655' 

487 1519 2882 3584 082-7867 9106 9744-10354 IIU20 13506 14575 15928 17840 18307 18938 19656 

490' 1520 2684 3593 8373 7869 9107 9735 10362 71023 13507 14584 1SU54 17945 18308 18940 19658 

491 1534 2691 35B8 6315 1815 9118 9764 10364 114127 13521 14588 16059 1164S 18310 18943 19669 * 

493 1559 2094 3800 6381 7885 9128 9765 10365 TUBS 13522 14829 1 8080 17681 18314 18844 19872 

4B5 1560 2700 3604 8383 7887 9130 9786 10375 1 1033 13525 14631 10070-17664 1BS2S 18945 19673 

497 1584 Z705 9514 6384 7895 9134 9774 103 S3 11036 13529 14635 1B074 17687 18327 18950 19688 

516 1567 2717 3523 6394 7896 9150 9778 10395 11039 13537 1*637 16079 17072 18332 18951 19890 

554 1573 2722 30=8. 6385 TOUT »159 9777 10398 11045 13538 14711 16085- 17673 18334 18952.13802 

555 1578 2727 3630 6407 7914 - 9162 9779 10400 11051 13544 14713 18086 17876 18336 18962* 19704 


575 -ISm 2731 3640 6412 7923 9168 9780 104=6 11052 13549 M733 IBOBU 17681 18344 18910 19705 
588*1589 2788 3647.6418 7926 8174 9784 1 043" ■’«*»« ’•«— 

590 1595 
S98 1898 
601:4603 


11056. -13558 .-14735 18106- 17683 18353 18983 1 
11071 13565 14737- 1B5H3 - 176B4- 1B360 18&00 19712 - 

6482- 7938 -9180 9198 10*42 11017 33570 04738 1680* 17083 18310 18893 1*116 :> 

... 9436-7339 9162 9798 10444 ' 31078 13766 -14739 16605 1771? 18371 18999 19718 - 

(KB -1631 2826 3664 6*38 7947 9189 9803^10454 11079 13769 -14744 16607 17718 16*73 19005 .19720 ■■ 

607 1624 2828 3700 6458 T9S2. 9193 9BD5 - 1&457 - 1UMI 13777- 14749 16621 1772L 18374 19007 19734.-.-: 

613 1028 2839 3793 8433 795* 9194 9808 10460-11095 13186* 14752 16822 17723- 1*375 19008 19785 - 

615.1630 2831 37*8 6450 1966 9196. 9800 10464 11006 =3787 14759 16024- 17134 18378 19018 19740.- 

619 1832 2876 3807 6456 8001 91P9 9810 1 0475 11103 13789 14821 17097 17732 18865 19016 20748 


7097 17732 1BS95 19018 1 0748 


623 1635 2877 3830 6457 8003 9202 9811 10477 Hill 13703 14825* 17104 17786 18308 19022 19759 


«SS . 1843 2879 
832 1647 2907 
664 1659 2913 
672 1661 2014 
681 1662 2923 
707 1671 2024 
710 1883 

718 1688 
717 1690 

719 .1 

721 1 
766 1002 
788 1900 
798 1928 . 


3821 8459 8004 9=10 9813 10478 1211B 13811 14B41 17107- 17746 18408 19028 19760' 

7 3831 6461 8012 9222 9815 10488 11120 13816 14847 17113 17751 18428 19037 10778 

3 3839 8484 '8013 - 9227 9824 10492 11122 13820 1*8*9 17132 177 BO 18429 19042 10780 


6464 '8013 - 9237 0824 10492 11122 13820 14849 17132 177 BO 18429 19042 10780 

8014 9237 9827 10517 11129 13821 14050 17133 17761 18433 10045 10782 

8016 9240 9641 10526 11135 3-1822 1*880 17138 17765 18444 19047 19814 

707 1671 2024 3856 8539 8021 9244 9843 10532 31142 13823 14862 17189 17781 18451 19050 19829 

8 3873 6544 8023.9247 9849 10536 11151 13829.14883 17142 17783 18454 10053 10834 

0 3879 65*9 8028 9257 9851 10541 11162 13831 14867 17143 17786 18457 1B059 1 

3883 - 6562 8050 9260 9863 10543 11164. 13833 14868- 17144 17791 18464 39063 1 

3889 6507.8104-9289 9868 10545-14186:13838 14885 171*8- 17706 16467 18063 1 

9 11175 136*0 14887 17176 17797 18475 10066 19850 

S 11182-13853 14889 I71B2 17806 18476 3 8067 l 

l 11184 13854 14890 17183 17823 18479 19069 

. .2 11185 13857 1*891 17186 17826 16481 10079 

700 1958 3028 3917 6758 8150 9287 '9680 10563 11180 13866 14834 17101 17827 18401 19088 19873 

802 1063 3020 3926 6761 8181 0289 0882 18571 11101 13867 14904 1710* 17832 18404 19087 3 * 

808 1081 3030 3933 6776 8212 9290 0889 10575 11195 13869 14006 17198 17839 18498 19092 1 

824 2004 3051 3939 6982 8216 9301 9892 10586 11196 13879 14907 17207 1784* 18499 19009 10902 

881 2008 3052 3944 6984 8223 9302 9897 10588 11207 13886 14910 17208 17854- 18503 19107 19805 


3889:6567.8104-9369 9868 1 

-8110 9272 0870 1 

8873-8124 9213 ,9873 1 
3910 - 6575 8130 9275 9874 1 

7 3911 6586 8147 9270 , 3879 1 


8223 9302 9897 105*8 11207 


851 2034 3065 3969 6980 8227 9315 0909 3 0594 11231 13801 .14932 1721 


832 2044 3067 3978 


13886 14910 17208 1 7854- 18503 19107 19905 
13888 14928 17216 17861 18514 19113 19016 
13891 .14932 17217 17B7V 18516 1 9180 10920 


8230 9333 9923 10597 1 1232 13892 14934 17218 17881- 18521 39140 19934 


854 2048 3089 4079 8991 8253 9335 9927 10599 11235 13396 14040 17221 17893. 18523 19144 10940 

8S7 2049 3074 4(182 7238 8393 0330 9936 10606 113*1 13900 14946 17225 17900 1852* 10147 1 

861' 2075 3078 4084 7247 8204 9348 9952 10813 11=45 -13904 14940 17230 17901 18537 10149 1 
884 2079 3081 4086 . 7246 8295 98*9 9956 20634 1124* ,K»920- H97R: 17233- 17902 18542 J915S 19959 '.' 
895 -2129 3083 4095 7249 8296- 9350 (I9M 10838 11200 13922 2501* 17241- 11904 1*546 1.9119 19954- . 

907 2135 3087 4133 7252 8300 9356 9089 40637 11271 20941 15021 372*3 17007 18547 19184 10965':' 

935 2143 3082 4134:1256 8310 -9380 0970 106*3 11274 13947 15022 11244 '17913 1*554 19185 1095* 

987 .2145 3004 4200 '7277 5335 9370 9980 10646 11282 1394T 15026 1724S 17914 16556 19185 19087#.-' 

951 2245 3100 4209 7393 8344 9372 9983 20656 D 1290 ! 23957 15027 17247 17931 18553 19201 10800 .;'. 

958 2185 3103-. 4210 7402 8340. 9375 99*6 10660 '11295 15»5& 15146 17240 11923 18565 19208 10ML-:-.' 

964 2298 3107 .420. 7404 8352 9391 9990 10665 11296 13059 151*8 17256 17927 18575 19200 19993 •; 

965 2197 SU7 4233 7405 -8304 9306 9091 1066* 11299 13961 15155 1725*. 17930 18586 19215 19996 ' 

972 .2206 Sin- 42*4 7418 '8380 9*00 9092 10868 11300 13974-15158 17250 17933 18587 19241 

001 2=09 321* 4291 7421 8372 9410 .0995 10877 J1320 13988 15236 17280 17940 18590 10244 

938 2213 3221 4359 7430 8974 0414 10008 1061* 11321 13992 1S237 17261 17959 1*582 19*45 

3037 2220 3225 4381 7431 8375 9416 10013 10681 11324 14003 15=43 17*72 17086 18607 10S4* 

1062 22*4 3228 43*4 7434 8370 9423 10014 10701 11326 1*004 15381 17275 17988 18617 19254 

3063 2230 3=87 4365 7441 8386 9426 100J9 10705 11328 14005 15364 17277 17078 18619 19255 

On May 3, 1978. llie Debentures' Je-icnaleci above will become due and payable at 300*^- of the ' 
principal amount thereof lil in. sin-h coin or currency of ihe liiiled Kingdom as -at the lime of.', 
payment shall he Jegal friijer -for ihe payment. of; public' anti private deJns therein called "pounds ;i r 
sterling'’) or tiil .'at : ihe. ejection of ihe liolder-of 'such Delienmre. in nirfi ’coin or I'lifrent'y of the • ‘ ’ 
T ailed Slates of America as ai ihe linie of payment shall lie legal lender for ihe payment of public 
and private debts (herein called *T.S. dollaVt. .Such election to receive the Dollar Kquivalent, as 
defined in the indenture, is irrevocable and may be made only lay ihe pre.-en iui ion and surrender of 
*urh Debenture, together with a.roniptc|t*d Dollar Payment ‘Notice tnb-iumiaTly in ihe form set forth 
on ibr Delienlirre. at ihe efiirc or one of the below listed payin' aa*-nrie«. nol laier than April 19. 3978: 
provided, that, notwilli-iundin^ any such election, the holder of siu-h Debenture will' receive and 
accept, payment in pound* sterling in ihe event that for any rea-tni il »« liol possible -for the Trustee 
to deierinine, in accordance;, with Ihe lerins of the Jndrmme, the Rale .(if Kyiiapige. as defined in the 
Indent Kiel on the applicable- dale for ‘■uch determination or 01 lien* i~e rifecl a sale of pound* sterling. 

Said Debehlures will be paid, 7 upon presentation and sijyrender thereof with- ail coupons apper- 
taining thereto maturing after the redemption dale. at . the option oftlie holder, either at the .-. 
Corporate Tnui Office of Morgan Cuaraniy Trust Company of New York, 15 Broad Street, 
New York, N.' Y’. 30015 or at the main office* of Morgan Guaranty Trust Company of New York ■ 
in Brussel*. Frankfurt am Main. Paris or Zurich, or al the main office* of R often Yon wilier & C. S.p.A. ' ■ 
in Milan' or Rome, or the. main office of Bank Mere & Hope .Y'.V. in Amsterdam or the main office of 
K rediet bank S.A. LuxemliourgeoUe in Luxembourg. Payments will be made til in the ra*e of any 
payment to be made in pounds sterling liy a check drawn on a pounds sterling account, or bf transfer 
10 a pounds sterling account maintained Jiy the payee, with a bank in l^mdon. subject. in each cose 
to any laws 'and regulations applicable thereto, and till in the ra«r of any payment to' be made in 
U.5. dollars a l any agency .outside New York Oily by a check drain n on a l 'JS. "dollar account^ or by ■ 
transfer to a 115. dollar account maintained by ihe payee, with a bank in New York City, subject 
in each ease to any lawn or regulations applicable (hereto. 

Coupons doe May 1,.I978 should he detached and roller! *£ in the usual manner in accordance 
■with and subject io ihe term* and condition* «t forth above for the payment of Debentures. 

From and after May 1, 3978, interest shall cease lo accrue on the Debentures herein designaled for 
redemption. 

. Amoco international 
. FINANCE CORPORATION 1 

Dated: March 29, 1978 



Citibank, N.A. 

is pleased to announce 
the establishment of a 
Representative Office in 

PORTUGAL 


Citibank, N.A., 
Representative Office, . 
Rua CastilHo 75, 
Lisbon, Portugal. 
Telephone-: 42460 
Telex: 16410 


CITIBANK 



KS 3S * • X S • « B afa 


M. 


26 


Financial Times Wednesday March; 29 ..1975 


^I f. SI Kl I I + OVERSEAS MAKKEIS 


+ FOREIGN EXCHANGES 


ft. 


Firmer at noon despite prices fears 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK. March 2S. 


S1 ym:ks ended a ihi cc-staswin i liine £j cents lo 
In-in” sneak. a.« prices moved iradtns Sears eased 
higher aflcr nverccimiri” earlier 
weakness in active tradin'.:. 

There ll hs buy in;: in some u#p- 
ti**r issues which had come under 
'•ellinc pressure due to end-of- 
qunrler purl folio adjustment *. 


Bui actively in Fk. 1.517. Peugeot ahead Fr*.l/. 
S‘ to IK!2J Pocfain and Aquitaine, up Frs.7 lo 
0,1 continued disappointment over Fry.301. Sieels- mostly rased 


Closing prices ami market 
reports were not ai.iilahfc 
for this edition. 


lint week’s report of lower Hrst- 
quartcr earnings. 

Munfnrd. the si a ml out percen- 
tage mover, dropped SJi to ST;. 

Prices were slightly higher on 
i he American Stock Exchange in 
light trading. The Amra index 
up 0 01 at 1 2ft .32. 


OTHER MARKETS 


Rui inflation remains a major 
'•ii n corn, despite to-day’- Liuvcm- 
mem report of a smaller- than- 
r xpecred rise In February 'n Con- 
sumer Price Index. 

The l>nv .Jones Industrial 
Average edccil up ll.O.j to T-14. 1 « 
and the NYSE index advanced 
fi.in io 40.73. Volume approxi- 
mated Hint, shares, with winners 
leading losers. The 
Index ru.-c » I:i lo 2uT.no and 
l'iiinie< edged up n.'Jti to Ui.i.lK!. 
Leading the advance. 1C.11 ro-e 
i mS2:iP'.. Merck gamed s; to 
■*4SJ and Rausch and I.imib v. as 
up <5: to R4ii}. nut a 
pn ->( me improved earnings, 
advanced «. in $43',. 

<»n ilir down-ide Cuniinenial 
f WI fell S' to S27 in heavy trading. 
Thf- company .-aid ir expected 
-liarply lower First-quarter earn- 
in_v due to the coal strike. Inland 
Container Ml M 1 to S2.Y 

Pan Amrriran v. as mosl aclive. 


BASF fell DM1.20 to 031135.50. last Thursday. Initially the 

Earlier it announced pre-tax: market was quiet, but local buy- 

protits fell in 1077 to a provisional ing started the advance later in 

OMiiTTm. against DMS23m. in lilTti the day. followed by some over- 

on sales of DMS.KJhn. against seas orders. However, overseas 

D.Mli.KObn. institutional buyers arc still net 

ZURICH — Price? closed nar- seller? of Hong Kong securities, 
row ly mixed with a slightly firmer TOKYO — Shares prices rose 

bins in one of th-j quietest sessions sharply in very active trading with 

r.r the year. Leading Banks moved buying interest spread over a wide 

AMSTERDAM — Hencwed dollar ELwh^S . fr ° aL Thc T »too Slock BMhMge 

weakness led to lower nriees with a/1<i Credit Suisse. tLsewntre. was up 0.77 at 402.10, the 

the index of -eneral acid in- 'arintions either w ay were limited, highest level reached this year, 

tin index of .eneral and in Neslle advanced Mi-Frs.!#. to Volume reached 460m. shares. 

sv. A rs.3.1S#> but Zurich Insurance shares related to Government 


against the general trend. 
MiehClin *’ B ’ pul oil Frs.43 at 
Frs.lJ2o Bui Crcuxui Loire. 
Jacques Borrl and BSN Gervais 
were weak spot?. 

BRUSSELS — The market wa- 
rn os tly lower. 


Canada mostly up 


dustrial shares at a low for the 
year. Royal IV'vcIi lo.-t Fls/2.20 
.H FIs. 127.5 and Hcins>!Mi shed 
Kl.< 2.8 to FK96.3. Other shares, 
including Unilever and OCE 
Eirin ten lost over one guilder. 
Against the trend, banking shares 
Amro and ABN gamed slichll). 


fast Sw.Frs.3ti io Sv_.Frs.IMri pubIlc worka spending, Pharma- 


L’iiridinn share prices were a 
• hade higher in busier noun _ 

■ r.iding. The Toronto composite although N3IB mu lower. West- announcement ^ cti 
mdex rose 1.4 to 1.047.0 and land put on Fl.s.2,.1 In H-c.421. 
advances topped declines 144 io State loan.- were fairly steady 

IP'. Eight sub-groups rose with with a weaker bias. 

Transport Oil- and Transportation FRANKFURT— Share prices tell 

amid coniinued 


Domestic and Foreign Bonds were ce uticals and Real Estates led the 
quietly steady. gains, followed by Foodstuffs and 

MILAN — Stuirk£ w ihiri Heavy Electricals, Despite thc 
dealings with a complete lack of Yen’s strength, the market rose 
stimulus. AiYIC ea.-ed following an reflecting ample domestic credit 
announcement of 1!l« i losses and following the official discount rate 
ol:ms for reduction of capital. cut on March 16 and a shift , of 
Snia Yhicosa. Montedison and market interest to stocks from 
Basiogi also fell. Fiat closed lower bonds due to lower coupon rates, 
after losing early cams. Uiher 


m quiet trading 
concern about thc dollar and the 
metal workers’ dispute in North 
Wucrueniberg • North Baden. 

up ro 
Daimler 


and Ham born each lost DM3.50 erally. 


po- ring strong gains. 

In Montreal share prices were 
mixed in moderate noon trading 
after a weaker opening. Utilities. 

Ranks and Papers remained frac- Average lo*se<. ranged 

General. Huiially lower bui Industrials and around DM2 although 
the Composite index advanced. 

PARIS — The market rose in thin 
trading following the Easter 
holiday, underpinned by the l- 
point Tall in Banqne de France 
pension rates. Foreign interest 

was noted with thc largest gains between cams oT up to 
posted b.v BCT. Cic Bancairc. pfennig.- and fall?- of up to 
Suez. Carrefnur wh’ch io-e Frx.Jil pfennig- 


Financial and Industrial leader?) 
weakened loo. 

STOCKHOLM — Slock* were 

irregular but Hie index advanced 
slightly. 

COPENHAGEN— Higher gen- 


and G1IH Tell DM4.50. Rosenthal 
and Pegulun went again-t the 
trend, each rising DM). The bond 
market was quiet with public 
auLborilv i.viucs duel ua ting 

20 
13 


Indices 


JOHANNESBURG— Gold shares 
were marked higher in tine with 
bullion indications. Trading' was 
very quiet and overseas interest 
negligible on account or the 
political uncertainty in South- 
West .Africa and Rhodesia. 
Financial Minings were little 
tested but finned where traded 
in line with producers. De Beers 
lost 27 cents to R.5.3S ex-dividend. 
AUSTRALIA — The market was 
veen before The ralxed - "1th attention centring on 
diamond and olJ shale shares. CRA 

rivint . quirihen r™m SHKii-m rose ,ive cents t0 SAZ <« »ls 
r.smg IO SHK13.b0 from &HKUJ0 WMtern Austra ij a diamond pro- 
ject prospects. Northern Mining, 


OSLO — .Mixed wiih Norsk Hydro 
retreating. 

VIENNA — Maintained with Sera* 
peril and Selects higher 

HONG KONG — The market con- 
Linucd the rally 
Faster holiday 


$ recovers 


GOLD MARKET 


\Iiw.3 


Star. S3 


GiliBaTico- 
.a line ounce 1 


The U.5. dollar gained ground dollar's uoderiymg weakne^. The mbs-mv* 

the Krugerrands prpmuun lover the "7 .. 


in 


51B3J30 
E9 7.63 1 1 


foreign Sjchange rr ma?ket Vaster- sold 

flay hut stili finished, well below cent, from P e *". c S*iT; ... 

its closing levels in London last domestic delivery and 320 per A. tern nux g-. 
rfuSd^. 5 Su4 currency MI cen., .yin.t jll per cent, in W6t0. 

to a low point of Y224 id terms of international dealmgs. 
the Japanese yen, hut unproved 


,STT9 179-» v 

1S1B2AO- m 
(£96.197,. “ 

S 179.30 r 

,£98.197. S* 


GUILDER 

-i 


Y2231, before dosing at Y22A33. 
com pared with Y 229.80 before’ the 
holiday week-end. 

The dollar fell to SwJ’rs.l^SaO 
against the Swiss franc, but -rose 
to SwJTs.LSSlO, before closing at 
Sw.Frs.1.8795, compared with 
Sw:Frs.I.904a last Thursday- It 
touched a low point of DM2.0130 
against the D-mark, and finished 
at D3T2.0275. compared with 
DM2.0410. The dollar’s . trade- 
weighted depredation since the 
Washington Currency Agreement, 
as calculated by Morgan Guaranty 
of New York, widened to 5.79 per 
cent, from 5-37 on Good Friday 
and 5.46 per cent- on Thursday. 

Sterling opened at S1.S70Q-L8710, 
and may have received some 
support from the Bank of 

England, as it rose to a high point 

of SI. 8823-1^835. It remained CURRENCY RATES 
around SI. 8820- 1.S830 for most or hr !* WC, , WV V ™ 
the afternoon, before closing- at ' ®P«™J , _ - . 

$] .8825-1.8835. a rise of 9o- points ; 

on the day. ; 

The pound's trade-wc|ghtBd ’ 

index, as calculated by the' Bank of ^ceriiog ■ 

England, was unchanged from i’.s. doii»r i 

Thursday at 62. 9. after standing tbn»UM-— | 
at 62.6 at noon and 62.4 in early 

trading. lianub trane. — 

Gold improved S4 an ounce to LtouUcbera'rkJ z.sobsb 



DCF MOV DEC JAN FEB MAS 


C«iM Coin... . . ft. 

domesticiiix . . .... W-. 

Krueerraad-. SlBSij- I9li4 hI84:aAa6Lv 

S'sior'sin. tSSis-Stlg »54 j 4-56 1 i 

i£205» -30M .tt29U-SOU>fr 
Urd Sjw'r^n- SB8lt-60l* SSB60 £."• 
,(£31-321 ';£5l-gZt ^ 




Gobi Cbm.. ' 

(Interrat'llx: • 

Knisensal.-SlBa^-ia^iFIEM-lSfi =r- 
rCIOO-lOU' <’£08-99: {-- 

iNVSoi'rgB' Sfiij37i« jSSVi-MJi 

i£29~ ¥ ,-305j) i£29i«-30Ul ■-> 

Old Soxr , atl» S58U-60I*. 1 33 3- 60 ■ 

<i£31-Zai ii£5I-32. 

SWEktWt. ... 3296 298 s29aU S9^- 


FOREIGN EXCHANGES 


jBmnL- 


lUdket Kale* 


Mar. SS Raie>- 


Day's 

Spread 


Cb>*i 


Marcb 23 


Match' Zi 


□.650767 

1.83060 

1.36889 

16.0360 

39.0131 


0.668436 

1.25386 

1.41011 

16.3903 

39.7511 


»wY«te_. 613 

Montreal.. B '2.1 1&5-2. 1346 LT530-8.1S<i 
41c 4JM-4JH 1 4.0fi-4-03-j 

6 M.70-6S.6B | 59.JB-M.JS* 

9 HL37-I0.SI I 1B.5D-I0.orjj 

i * 8.U-3.H : aju-5.st<dj 

13 79.19.77.60 ; 78.80- 7/.40g 

8 ’14930- 1B0.3B;1M. 15-150.1 » 

11 Is 1,592- LS06 I 1.605- l.Mh 56 
B ..S.SB-gJSfl 9.37. 96, Of 

812 ■ 8.87-0.74 6.72-8.# 1 & 

8.54-8.85 , 8.6Si«a-fr»-; , “ 
4 ZB -430 < 423-425 . 
27.15-S7.6fl 1 27.45-27. bOj 
L58-3J5 ’ 3.534-3,5**1 


Amsterdam ; 
Kncnela 
Copenhacenl 
Frankfurt.... 

Lisboa 

Madrid.. I 

Jni*n_ ! 

ijsk» 

Paris ! 

Stockholm. 


Toy !c>.. _...\] 3i; 
Vienna..., „ I big 
ZorL-tu.— 1 


N.l’.S.E. ALL COMMON 


Eiaea and Falii 

Ms,-. L7 Mar. 2r Alar. 2L 


I 'Mi 


NEW YORK -DOW JONES 


Al-r. M«r. U-r. 


Rich 


Mai 

Ii 


1971 -7£ sui'je CC’Ti filial n 


*9.66' 43 66 *9.89 50.05 


67.07 

i*. 1-77- 


48.37 

■6 J.i! 


High L*?w HiRb 


li*ue* indeii 1.647 1.826 

«!»##» 554 702 

falii I 799 614 

■ n.hnuar.1 494 510 

.x-w Hiah, • — 

Ve« I — 


1.322 

541 

795 

4B6 

23 

20 


MONTREAL 


I n ■#1|*| ri* . 

H’nwb'i, I* 


756.21 #56 50 757. 54 752.B2 773.82 #56.71 999.75 

.’i.’l 11, 

89 #7 90.0* 69 53 S3.8E 93.92 S9.il S3. 67 

(7 .4# 

1 mi, -I... t... :o6.8i :ar.BB zo# .2* :07.9s 30s. ;s 207.39 s<6.6* 


105.72 105.55 105.72 105.05 106.50 106. IS 


Tr*.(, 


116.6/ 

— *J, 1 7 


M2. 12 

10a 1.70 

41.22 

i2i!.2.'iri 

• 11 1 I.L 

• 2 i.i2 1 

Ba.Sa 

— 


i2U'l;#t. 



19£-j;i 

ZiS.sa 

15.25 

(3,'j 1H-, 

ii Vr3; 

C 1,1'-' 

102.54 

151.32 

10.58 

■’i-'i.ir'l 

' 20 '4 

sa i.4^, 


Alar. 

11 


H W !i 


L>c< 


ticlusimi 

1't.mliintd 


171.09 171.26. 170.79 
I7S.5I 179.01 179.68 


171.04 1B6.47 #1# 
176.94 1B7.95 <13 I 


156.02 Z- lift 
155.60 1J7 10. 


TORONTO t-sijwiw 1045.6 1046-5 1044.3 1043.5 10S7.4 ,H 


951.0 .SS-IOi 


JOHANNESBURG 


18.570 21.290 21 390 24.4 ID 25.560 25.470 ~ 


In-lu-lMC 


102.5 

197.9 


2D 1.5 
197.7 


195.0 

197.3 


ZIS.7 

214.4 


159.4 ,;<i 
159.1 <22*! 


Ha«l» of rndpt edanuen fmrr aikiisi 14. 


In-I ,ii\. T,#-..l 


Alar, ■:* 


?!<«:. 11 


Alar. 10 - Year as;*? ■ apprux. 1 


6.16 


6.06 


6.14 


4 41 


Alai 


P-,i- 


i.v# 

Ilich I*”' 


Alar. 

•a 


Id, ■'.’#; ! ) 1 
Hi-;## L 




STANDARD AND POORS 


lo i-:#fnR- 


!» --o.i-w 





Wi. 

l-ltf 

sinreLeuiyUaL n 

.'Mr. 

Mur. 

Mai. .\l*r. Mar, 

Ma-. 




27 

■la 

21 10 

!7 Bi|;h 

Li* 

Hifb 

I#'W 

97.65 

96.19 

96.34 ?8.72 99.93 

S9.25 110.92 

95.52 

154.84 

5.52 




.1 1 77' 

tc-.’rto 

• II I 75, ■ 

,?■.• t- -1, 

aa. a; 

B9.16 

63.4/ 69.79 90.32 

50.20 1 107.00 


125.95 

4.40 




,5. 1 • 11 1 

i6;c(7'-- 

• 111-73. 

• ! r y.- 


Australia'* • 
Belgium • 

Tla nmar k * * 

France 
Genuauj 
Holland ■■ 


4J*.o2 aic.ir 4 


W.-' 


3i 13 


•*Ai . 

f l-U'llt - #’# 
iH.L JU.44 
1* l 17.1- I 7r 
|i'7.4i J#4.U> 


Spain ■•/' S9.W :c-vl 
Sweden 562. J2 r-r2.:v 
Switzer I’d •’ 233.5 -G-.! 


Il'.'aV c'i.co 
,. 0 1’J. .17 3 7c 
ilr.oc £wni 
— 'St II, 
•£?.. i-.u.c 
i- ' 7i •!«-.' 


M.5 


u 




•l.l isc.c 


'i '# .i 


Ii II, 


,l , . , '”i 
712.: 
>10 c-.’i'i 


,L9il' 


Alai. .:: Alai 1 li If Alar. « V«ar «b«- a| |.i 


IlO. •< ,T. V.l*IO t 


S.46 


5.47 


5.55 


4.18 


In 1. !*.b lutitt 


6.43 


8.46 


10.46 


l* nc i,i#>vi . Hi'ii'l viei'l 


8.1S 


8.16 


8.20 


7.71 


Hong Song 4»c.cl 4oc.ro c«.** 

•*■> 13.1.7k 

Italr ■ ■ •‘I.:* cl.oc u.rl rS“,t 

I ’.7, Cl'i 

Japan >,>• fa— lc 59 # .At fa— lc 2<U. 49 
•2t:3;,3 II, 
Singapore -- 1 . .'-i.,:- l-.-.-u srs.si 
• • <— .' i#f ,<.■>, 


Indlu-s and bov.- d.H- -j’I uaif values 
lm> ,xu'5l NYSE \!i 1'iimmnn — M 
SijudanJ.' and F'uurs — i“ .,nd Toronro 
.:iw-I.wmi. On Iasi naiiii-l losi-d on 1975 
ExcluJInl; botulj. : Industrials 

4#hi in, Is. 4u Uuikuvs 4>i l-'iniui'.v atid 
•2H Trail* pun , S>dr.sy MI ‘3rd 

< • DiIumii se r.i u ii*:. ■ ■ i;i#[K.nbad.-n 
SE 1 t-Ti |-*I Pari- *;oiirs<.' 1941 

( Cunirucrtljjiit Dev., lift., i# , • Araaii-r 
dam. ludustnai IRTii. ■••■Ilan- Svn 
Uank “1 7-S4. * Aldan 2 17:. im Tokyo 
N.-V1 SK 41 fc> <b, Siraii, Times I9w’. 
'#■# > #f, Madrid it .:■■ "J 77— W4I1 

and Ion- fur 1975 mih • Sliu-fajulDi 
Indusinal 1 1 .W. i.-> Bail* Ci#n». 

*,», UnuvailabU-. 


OVERSEAS SHARE INFORMATION 

NEW YORK 


Int. 9 Prcm. at SUM to I— 97J"i OSJ%) 


Effociite rate at (L8S:»0) 42 i% i43i%) 


-«i— -L 


nw» 


ti.1.11. 1^1- 
S"l.ire« t,ar b . 
A#!in« Lii-.'.v '.as- 

\l, I*.. III. I- 

* 

ih.-anAlunimi in, 

M'-.ua 

siii-^nunv I.,, .11 

Miysbenv 
MhM* liyini-el. ' 

A III*. I .. 

'.II. I 'bsimei- .. 

AM AX 

1 mvraila 
Am,.-, . Airline.. . 
Ann*: . Broii-i* . 

Auior. IIi.w.|,ti#I. 

An;»r. Leu. . . 
Am»r. 1 raiiHK.1 ■ 
■Amei. t'c-.-. P-'C. . 

Awior. K-.pi#r»- . 

Awci.H#.,nKPi*"< 

An-.»r. A|>-iM... 

' •>i# , i. Al-#l##i • . 

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I Pai-inc Li-jtilrn^.. 

! IV.l‘Br.4 Ll. 
j Pan A in 'Vci l'l Ah- 
. L’ai W1-1 Haiiuinn. 

PcbIb-Lv Ini 

P.-u.Pw. A. Ll 

I Pen it L -I.L’. ] 

Pelliuotl : 

l*LB.|jte* Limj ! 

: P#-*| !*•• lia# 

. l’«}Ki«> -. 


sa i, 
19., 

20 
i0;, 
5 3a 

22’a 

21 ‘a 
21-, 
34fa 
28i; 


35; 

26 


21. a 
59. V 
19:). 

24., 

20 

21 

5#„ 

21m 

21'# 

21#. 

34', 

281; 

7., 

35!, 

261, 


14,. 
30 1, 
IB 


9 

26 ; 
16>, 
62. * 
5U, 
191, 
38. j 
243g 
44:, 
32#, 
IS-i 
18 v 
55 

227: 

15 

30i< 

18.; 


■ H-j'i'" 

I H- iv 
I.A.I.. 


1 Hav 'lan 
- Hat 


llu^— ’I #1,1. 

I >wv 


26 

t12; 3 

27 

6’, 

>303* 

39 

13l» 

IB’s 

43U 

177* 

30Je 
19 1; 
165, 


26-4 
:12ig 
27 
o', 
31 
59 1 2 
lSi* 
19 
43i; 
17L 
30'.* 
19); 
165, 


, j.. 


K #• — 
- L«„ 
l#-i. 
'1 

‘I.#- 


»l--ti 


ii. '•»». 

l•lt*•L,ne 
liev-jve*. 
t I ml'vr) 

• - • vm. -I*. 

- , •’» !« ..l’l, 
t II- 


’•! - - 


1 /- . 


■ M .Aliiu.... 

'•n bile: cl... 

1. I Lit.’. MU.... 




#-.!• 


I Al. 

I. A lit, 

l 

:•••'• 

• L line, 

• Ot.e, 


eill.'tl F«.-. 


5 J 
26 
22 
1*5 


#! . 


ibi.- 


■Je- 
' I’-l- .1 


.-»• Pell in. 
- 1 M 


1»# A 
10 >9 

13#: 

141, 

8 

3 90 
1754 
lu.> 
22>, 
031^ 

23 *« 
li#: 
27.,-. 
23',- 
5.12 
1.85 


1U3, 

13#, 

14!; 

a: H 

5.05 

17 1; 

lui, 

21 

aS-s 

25 

lain 

26., 

22 

4.85 

1.90 


el 'A. 


] In. 

; l 

* l :>v 

I 1 I.I.JU 1**1 • Ill 


ar i.e... . 


20., 
36 , 
a4i- 
1#S ’S 
40 


#; ? 
2Qi« 
j6:- 
54., 
13 , 
39-, 


.IP IV||...e;:i 
1 * an IVl’nj 


p.— 7. 


e-' t 


49 

45 


o-s 


49 a, 
45!; 


• Inieiecni bnerai 

i IH'I 

lull. KlaLL.nr-.... 

! luu. Harvc»irr .. 
! 1ml. SlinALbrm 
■ tan. 


1a.ll. IWuer 

1 11.. 

l„, l:#ei liter. .. 

IT. 1 cl. A M... 

Iiit-ni 

I- H#H-i . 

II (ni.-Miait'.„R) 
.1 -. Wa.fi* . .. . 


8*1 
238'* 
201 * 
26i r 
58 
21 
14, s 
361* 
?9 
10'- 
28K; 


8 

2391; 

.-Oi; 

86:.j 

38>a 
21 
16 
36 #0 
29:4 

lOtf. 

39W 


' Per Win bimer 

: P.U 

Plliitl 

PU-.f"» Lw;-li!e— .. 
Pliiia'le'rni* Hie. 

Pbi'Ip Morris 

1‘biilpt. t'ctm ’m 

PH“hnrr 

Piuiev Bmmc*.... 

1*111*1. Ml 

Plewa-r Ua Alili 


17 ’n 
373* 
271a 
20 
IBfa 
57i* 
283s 
36sa 
19U 
223, 
181* 


17 i s 
563s 
B7J, 
20ls 
18’.? 
673; 
29 
571* 

19’» 
23 Ji, 

18 


31 

11'- 

Z0'4 


30' 
1 l' 
28 


| 

1 P.HpnllC HI* 

l*Pi, lu-iu*«ne».. 

I l*,.«.-ler i iamfi'e.. 

; Pu'. -crLe bl?-!.. 

• Pu'inian 

Pine’, 

VuakCI lAtL... 
liapl.i ‘men'* 
li*rth”'ii 


24 -a 
15'a 

25n 

75'j 

223, 

25’* 
1 : 

22 


I 17 


K' A 


I K-*P‘|H1I' - 




34,= 

241, 

a»'i 


Zb', 
153s 
36 
76 1 
22#* 
25n 
17 1* 
22>s 
7-’-, 
35>i 
341- 
23 4 


| Luile-l l!r»n.1“... 

' L'S Hmii.'.it... .. 

L *>. i.»v<i»unt 

li.!u.t. 

I L-S.Meel 

■ l . re».-i#m’i. -aie». . 
-LA' l,i*l uil- ie*.... 

A‘ii“ini« b't* 1.. . 
1Vai"ieen. 

. AracTt-v-Lnnluin.. 

AAsruer-Lamwn. 
I "n>l(-'l»n'raini 

A Ven— Ferae 

'Ve-iern Han-eyr 

- tt i-Liru X. Vine- 

_ w.:,lem Ln:-.n 

' n'...,in 1»e Lleel 


*gi« 

i!P 
25.- 
2 6 1 : 
36:* 
2U 
U 1 
20!’ 
0-2!, 
Lb#, 
20', 
25 = ' 
All; 

22 m 

lc 

16>l 


’ 1 


2B<; 
2>.-. 
55 is 
2o 
36 
201 . 
14* - 
19'; 
33? 


1 Ur Vfi | nil 

I’.'tt- • iik. nil'll 
P-: e .. 

Vu'.-'V 
iiaiijer 
l.'ca.i “.’a’l . .. 
«'•• A-S'.'lli... . 

I.-.--. a .Pk. .,1 L 


i!S4<'U 


1 :ut 


301; 
55:, 
1C; 
4.00 
U.B7 
20 
1 1 #.t 
-.12#, 
1.30 
291*. 

9i; 
27 1* 
28', 
171* 


58’} 
45:, 
tl6'a 
4.CKJ 
0.64 
£0 
1 l# a 
12: z 
1.28 
28#, 
9 m 
2738 
L'B!, 
17J« 


m .Cj l ’ tf *j.iun fF 



JDC.-n:i b. 

T'r ‘ 


-* 4 


20:j 

2b 
al -i 
22’, 
lb’i 
lb'; 


Nk .iLana-ta,. 
“I’-i.K.-k Iren 
I , LBIia.M . 

l--r--,,lv l>-.i.i.HL 
I : bum. a 11 PiidLn 
t:a:i* .'l-.nT L»i * 


’ AA’e#.UlV#..’i! . . 

l*. #>l e' hfl«#«»l . 
IV hi. -1 
AVrilte Ll “ 
W’-Hiair • - 
| H’uirlin Kl*fl 


24 , 

22 •% 
21- 
21 1 
17l, 
274, 


25 

25 

2Z 

71*- 

17 : 

?7-: 


U-J.T MlllC- 
1A- ■ Hi-aic. . 

' L-a-l I-’- 

lV„l..n l,-.... . 


8 
26 
ta-2 
4.4a 
32*4 
4.80 
2a Sa 
2.40 
401; 
l'##i 
14’* 
9-s 
iiui, 
lu- 1 


32 ’’ 
52-- 
16 -. 


26 

151? 

4.b0 

3338 

4.8J 

2a>, 

r2.40 

40#, 

17', 

14:* 

91, 

rlU’# 

lU’i 

l’i 

32 1 , 

35', 

I6.1 


fill 


: i«* 
I Nr * 


tmefc. 


which has a ’ per cent, stake in 
the venture, rose eight cents to 
60 cents, with its options gaining 
loo. Oii shale partners Central 
Pacific and Southern Pacific made 
further gains, Central ’ Pacific 
rising 85 cems to SA3.70 and 
Southern Pacific 30 cents to 
■S A 1.50. 

ElseAvhere. BHP lost two cents 
10 $.45.62 among Industrials, while 
The Rank of NSW fell four cents 
to SA5.06 and the National Bank 
gained a cent to $A2.36. Among 
Sugar stocks, CSR ivas steady at 
8.42.44. Avhiie Rundarcrg gained 
two to SA3. 


NOTES ; Overseas ortoes snown below 
>.'x,:lud'- $ pn..mlum. Belgian dividends 
art- aliiT uiihholdina tax. 

8 DM.10 driiom. anless otheru-tse Elated. 
V Pi as. W rtenom. unless otbenrlse stated. 
4. Kr.inn dunom, unJras oibcruioe slated. 
■I* v r-s. juo di-num. jnd Bearer shares 
unless utbi-ru-lse siau^. 7 Yen 50 denom. 
nuli-as uih^rwiso wared. 5 Price at dole 
•if suspension. u Klorlus. b Sdifllinss. 
,■ I’enL-. ./Dividend arter ponding rights 
and nr acnp issue, c P.’r share, t Francs, 
li ilruBB dii. '. h Assumed dindeod alter 
Beno anil or richli issue, fc- .Liter local 
l oxo. in -, tax free. •< I- runes: lacludlos 
' mUi' iJIv. <# Notn. v Share spill, s Div 
and yn.-ld ex-.-ludi.. sp>.’..ui! paymenL t Indi- 
'.aii-d div, 11 ItitifTiL-lkl trading, u Minoru y 
'ii 1 lii ..-rs nnl.L. 'i Me re or pending. * .Vshed. 

Pul *. Traded . Seller. Assumed, 
xr Ex nL-hts. xd Ex dividend. xe Ex 
scrip Issue, xa Ex >JL s Inienm since 
iiiL-reused. 


5 1 83-1 S3 0 in rather nervous condi- Uuwh guilder 2.68394 
tions after opening at the same tYeort^.i B^»| 


level. The metal was seen as high 
as R1S3M84I at one point 
al though most of the days rise >pain peseta.. , — 

could be attributed to Monday’s e-wediBhiow*, 0.66130 
strong rally in New York and tht» favwfiMi-.-: maexg 


2.65345 
2.75294 
033 2B2 
1071.43 
287-643 
6.74891 
99.9525 
0.78334 
2.38459 


* Bat.’s sleep arc for convcrUble frab’.4-J 
Financial franc 3940-3930. 


OTHER. MARKETS 

' Note* F«e' 
AraenunaJ U40-1J4* ■ArHentin»-tS0O-’ , 0j 
.Vuatralla _,J.6582-1 SAuntria ... 26.3-27/ 
BduaL— 51.7MIJ6 'Bclcium-.r 6ft; -Efl. 

Fui!*nd..J 7-83-7JBT :UradL 

Mmeoa 89.680- 70 Canal* 2-12-3. 1*8 


EXCHANGE CROSS-RATES 

Mih- W * 3' rMiirt iwt iXawr Ynrl#i P**}* < Brusaeia Urfbipn lAmst’d'jn . /urieli Iran - IZ9-135 iFmnco__. ! 9.S0-B., 

1 1 ■ ■ • 1 : : l L-.. 1 i,un«i ; 1 I t 


- 2.1223027 


4535^3 

12U6-C0 


Kmnkturl 

Xe'vYork...' tfa. 40-50 — 

Pan* 22b.72-9.28 ' 4.632-444 . 

Uncr4^9.... 31 ^#3-67 . 6.1923 

LunduQ.. ... S.eli-K/, LE81hvo5 I F.72-E 
Anwb'dain.. i .^93-98 ;3.1647.167£' 46.71-78 
Zurich 92.Wi-645. L874^i8 i *039-48 


— ■ ' -—I— k'unit B-S14JL524 (Germany..! 3. 75-1. - 

e.42S-4S ■ 3LSI-S2 1-93^060 107^C^a Loxerab’rF G9 JRftS8.<6 *recw .....' Ob '? 

t5.i56-i6 turreo-sai t46#oo-ie. ibsjso^a 

14.713-747 8.709-729 213^6 4 J5 &nm*Q 

_ . S8J1-47 1 14.64-69 1 16.7B-S5 

52.70-9.60; ' 4-074-004 3-33*-i44 

6 .876- SB l 4JMM74 ! - • U5i384 


P ^39 -951 : 3^23-ffiZ ! fS.48-.63 . — 


r.s. ft m luronto C.X. S= tll3. 14-17 Canadian cents. 

Canadian S in Neve Tort=/88 <-efit>. L’jJ. S In Milan 5ca.7Mo2,90. 
Sierlinp lu JlUan 1,604^-1,603^0. iMarch 27 prices. 


31 alareut-. '4.4345-4.4476 Italy 1590-1x1-5 

M.ZenUui>LL8302-l.S485Jatian. , 4W -4B j! 

Saudi Aral- Lfi-EJ! .VolierUd 4.00-4.1.4 
«U4 W*ko. 4.5305-4.3519 Nortray..!; 9.05 10 ^ 

6. Africa... : L6155-1 ^4 IT Port ugaL. f!-£0 

U.s Spaia!T.... l4S.-l!# Wr 

.. . - SiYlt./' lun il 5,455.. -Jra 

LSI..., .UJS, .. .. . ! 1.87i 3-|ai 

l\6. cems- 88^1-88.24 'VuRuUavia 5S-26-- 


EURQ-CURRENCY INTEREST RATES 


Rate alven for Argentina Is a five ran 


Mar. 28 


Starting 


• Canadian 
Dollar 


DjS. Dollar! 


Uuicl, 

Guilder* 


ttUTU 

franc 


IT. lierzoan 

marv 


f Short tem ... 
7 .la vs nccicej 

Month. 

Three uiodUk.; 
6 Lx month*. 
One year. 


6 '« -6ia 

612-65* 

6ia-71« 

7U-7SS 

75b-8 

77e-83« 


67 8 -7- 

0Tb-7 

7l 8 -7ia 

7J4-75a 

7Sb4S 

74*^1, 


7-7U : 
7-7U 1 
7!a-7l; ■ 
7 i 3 -73, 1 
758-770 1 

73. .a i 


A7 B -aia 

47i^lg 

47g-&l0 

4t,-5i b 

4S0-5I0 

470^10 




r 0 ~vn 
la -5a 




3!g-3>2 ' 
330-Ala 
S30-31J 
3*8-31; 


FORWARD RATES 

. Ouemcmth 


1 Three ttj'.uUl- j 


NewYort. OJJ2-0.12 c. ril9-fl.SB4.pni- MW - , ! 
Montreal - 0JJ54X15 c. db aS^OJS l-.C * 


Amai'dain 1 -. piu-per 
Bn»sel*„. 10 c. pm-par 
Gop'nngn . 4I4.-6I* ore-dia 
Fmnicfurt 'Asg-Sa pT.'-pm ‘ 
L*aboa 70- 180 r, d» 
Madrid ..-'50-15Q e. dla. 
8-15 luedis 


B.'s-lifl#-. 

-25113 pm 

!4l4-3H' pi. J>^1 
-376-6U0 c. ai 
<205-290 tw#i:« 
24-33 hre*ii^ 


Euro-Freoch deposit rales: two-day SI-9 per cent.; seven-day. 8»-9 per cent.: 
onc-montl) 9-9; per cent.; three- month 9-91 per cart.; sts-month «-» per cent.; 

onu-Fesr 10-101 per cent. 

Lone-term Eurodollar deposits: two years TStt-Slifi per cent: three years 81-01 Oslo... SV? 3 , madia 192-1 li media 

per rent.: four years Si“S3 oer amts: five years 8SifiJS7|s per cefii. . I-Zilois -4-5 #•. dis 

The follouing nominal rates were quoted for London dollar certificates of. deposit: stcVhoTmU - 4 oredhr i6ie-7ia o«-dia 

oae-monib 7.02-7.12 per rent.: three-month 7.13-7^5 per cenL; Six-mo nlh 7.40-L50 Vienna -par-10 cm dla 4-14 em d,a 

per rent.: one-year 7.60-7.70 per cent. • Znd -jb aU-lU c . pro. [ 6ij-5ia c. i-v 


* Kates an nominal call ins rates. 

Shon-lcrm rates are can for sierllns. D.5. dollars and Canadian dollars, two 
days' notice for guilders and Swiss francs. 


Six-month forward dollar e.t5-o.«3c ptni 
i:-momb o.CdJEc pm. . 


GERMANY ♦ 


Mar. 2? 


""Prii-e* + wr.Div. >’M. 


I'm. — 


.LbU 

X'.lau,- A er*u#li... 

UM« 

It W 

Ua\er 

Ha>t-i Hv|„« 

Ba\i" A •’re'ii-'.'l’ 
' U«llll.Ne-1.wn.' 

'...•Ilinier.-tmiil, 

• •■>■! i* min ml 

t'aiinlei bei#-* 

U«"U-"« 

Unniau 

lh-ut#a.-lit: Kaiik...' 
L'i L--#'uei llanw. . 
LHcl.erli.’ff /etni. 

l.» III nllglf II ul IU 

Hb(#lu I.I-.’VlI 

Hanwiiei 

HmxIi-I 

H.ie-vti 

ft-itfri 

nail un,! 

Kar-iadl 

Kaulhi.i ! 

Klivkijer Pm I'JU 
K HLi 

Kr ‘faP i 

J unite 

Lcrveifarau 1 j0„. 

Lull ban -a 

'IAN 

llauiin-iuanu 

'I etallce- 

Mum-liciier h'uct. 

Nnhierniaiiii 

Prtu-.“»a L*M 10U. 
lilnfii'A eri.bieti. 

x-hwna 

*KmieR» 

fiw /iicker 

IliV'-^o .\.l# • 

A aria 

A KB A 

1 cr*in»A.AV*»1 Bk! 
A ••Ik-vay’-n 


89.2-1 

485 

223 -1 

138.8— 1.2 

130.8- 1.2 
281 *1 

314 

177 -1 

229 -1.2 

7 /.5 i 1 . 

304.5-3.5, 
271 -1 1 

159.5 +0.5 
304 -1.1 

247.Su! -0.5 - 
144 -1 ; 

195 -4.5 
111.2 -0.B , 


>18 

20 

17 

16 

2U 

20 


1.9 

4.4 

6.1 


TOKYO If 


Mar. 35 


■ •Pne« - +« : Div. Yld. 
Tea . — ‘ S . % 


AUSTRALIA 


• OSLO 


Mar. 28 


Th nr I " 

AwL S . — f 


Mar. 28 


tflea • *t-cr ■.luv. Tlr 
, Kroner , — 1 


AsabiGlaaa 1 

(Jenoo 

La-»io ., 

L’hinon 


- ' Da« Nippon Print. 


3.6 

3.2 


18 4.1 


19 
17 
14 

20 
20 

4 

12 

12 


3.2 

3.2 

4.4 

3.2 


331 

488 

575 

555 

539 

573 

231 

590 


M-l 

43 

-13 


291.0 

-0.5’ 

i9 

3.1 

128.6 

-2 

lb 

— 

4b.4 

-0.1 

4 

4.3 

1*0-2 


10 

4.2 

138 

-2 

9 

3.3 

299.5 

-1.5 

20 

3-3 

211 

-0.5 

20 

4.8 

94 

-0.5 



174.5 

4a 

U 

3.4 

97.2 

+ 0.1 . 

— 


234.5 

-0.5 

16 

3.4 

1.6u3 

+ 2 


1.3 

108.5 

-0.4' 

7 

3.3 

188 

-1.5 

la 

3.12 

166. B 

-1.7' 

14 

4.2 

213 

-3 

10 

■ 2.4, 

515 


18 

1 1.8; 

111.5 

-J 

— 

— 

109.5 

-0.6 

— 

— 

187 

-2 

16 

4.3 

241.5 

—0.5 ' 

2U 

1 4.2 

281.2 

—1.8 , 

lb 

2.8 1 

247.5 



IV 

3.51 

126.9 

— O.fa | 

11 

4.3 

1 14.5 

-0.5' 

14 1 

4.0 1 

103.7 

-2.5 1 

12 

5.7 

306 


18 

2.0 

212.7 

-1.1 

10 

2.4 


Fuji Pt*U>. ; 

Hnaubi — 

Honda Motora™.' 

Houwe Food 1.230 

L. ii#ih 227 

lit# V.jkado 1.240 

Jaetv 683 

I -I.L. -2.820 

t Kansu Lieit. 1^.1,130 

4.0 ' Koroaaui 329 

M KuUua 286 

: K.vwu.’-L eranuic... 4.050 
Maouabira Ln-1... 689 
Mil auOirlu bank.. 


-7 

1-13 

*10 


-40 

*3 


14 
12 
25 
20 1 
19 

15 
12 
18 
35 
12 


2.x: 

1.2 i ACM IL (25 cent)™ 

2.2 i iatjw Australia...^— 
2.8 j Amen MmrlrYljt. Indo* ftl 
1.7 Ampul bsptorarfar 
1.3 1 Ampof PBtrotaimi. 


1.5! 

1^4 

2.6 


I Aasoc. ilineral8_ 


+ 10 

30 ' 

1.2 

-32 

13 

0.2 

—Si6' 

10 ; 

44 

+4 , 

18 : 

2.7 


f*® : Assoc. Palp Phper »1 ' 

1 AsaoaCon. Inifastrin. — _ 
A ust. Foundation lnvwt_- 

A..V.L 1 

Audimco. 


T. I A u>L Oil fiCiuu 
4.4 i ki,„ Lr^.l 


277 

135 


' + 4 

-210 
-18 
-2 
—3 

SliL.ufn.bi Lore... 420 t 1 
lllisui « Lc..™.. 318 -3 
MlisukLubi 522 .-IB 

Nippon Denvj..... 1,220 

Mqjoiibbinpan.. 717 

■Aivan Motors. ! BOO 

Pioneer 11,570 


— 30 
#-27 : 

:+z2 < 

— eo 


; hancu hlectno™: 213 ,-3 


' beki»ui Pretah—. 878 

’iliiftealo......... 1.180 

1.690 

lai«bu Marine.....; 260 
Liked* l betnioai.i 390 

tDK. 11,830 

L«J1n 115 

Lpklo Marine. 529 

ink lo bled PonVl.060 

U'.yo eanyo | 339 

Ic-kyobblbaara i 141 

Torav I 122 

li-TM* Mittor | 930 


17 

;+io 

:-io 


!-r35 
i— 30 
-2 


15 

35- 

20 

10 

12 

13 

14- 

20 

15 
12 

16 
48 
12 
30 
20 : 
40 ; 
ii i 
15 


UouuainrlDQ Copper™™.. 
2JB ; Broken Hill Proprietary™ 
- - 1 BUtfeuLb. 


0.4 i 


1.4 Lartion Unftnri Brewer y™ . 

1.8; L-J.Loiea L.i 

4 #4 USlfriSli....™:.......^™; 

1.5 1 Com. GotdSeld Ana 

2.2 | Lont*wer(Sli.„._™....™J 
1.9 
0^ 

0.8 


16^0 
fO^S 
12.15 
71J88 
10.73 

40.75 
11.10 
41.62 
tasr 
tus 

tO-38 
.tO.37 
11.00 
U.15 
15.60 
.10.80 

11.75 
11JB0 :-0JE2 
12-44 




91 Ui «;9/nn 
53- P-3 » 4‘7 .<Ej 
«.D«S- 0.6! 11 
| 272Jft«, — 

i inaaU 


tfatrenaard-i ™_ ; » 

..... ! Creditbank 106 

■HUI1 • Kotmaa — j 272^ft 20 • 7 

...... bj priirkamea - 104.fi! +0^ 11’ ‘10 . 

i Ncnd(Hjdrokr8Q| 118.1#— l.Zfi* 12 ! 5 * 

v+WH’ fitoretwmnd B5.26j ’ 9-i 10 

•-flJlZ 1 """i . ~ 

! --i BRAZIL 

'Tfljn 

. — . i I Price , + or Div, ‘Ylu 

Mar. £nu — Lru/ . - 

1+0.87 


Loozinc UocIdio.. 


linuain AmliaJia..., 
Dunlop bubbertSU- 


1 -6 ! kulpp Smith 


„ „ . baler smith...™ ‘ 

f-®! HJZ.’ Industries 3 

ip I Uen. Property Trust ™1 

1-2 < Hooker 

1.0.1. AostnUa 


2.2 




jr23 I U 
— IQ | 8 

:-2 ! 12 
Ul >10 
i— 2 ' 10 

t1 \ 20 


:::rj 


1 0 : J*'?**! Iftwaij-...— ! 

S7 ! Loroaid Ufl ™.| 

' 1 Metals bxptoration ,j 

MDI BoMin«a....„..„„^j 


T.8 

3.5 

4.1, 

1.1 


Source Ntkko Secumies. Tokyo 


— i BRUSSELS/ LUXEMBOURG 


AMSTERDAM 


Mai.2« 


Pfi".T» + or Dir. YW. 
Fl». ' _ ! e, -{■ 


Mar. 28 


• Price 
i Fry. 


. Div.' 

+ or; Fra.jYId. 
1 - -N«iS 


LIilh'I (M.Jui 



Alnein Buk'Fi. I'Ml- 
\SIEV ,r,.Un.. . 
Amroreiik -F \J2Ji 

dijenk.irl 

tk.aaAA’w-1'nn 1 .lc. 
Huriirui U-uenrfle 
KivieriKUO)....'' 
KumaN. A’. Hearer' 
Kup’Lom’i'MFI.lOt 
Oisi Upioi-iesiFli' 

Hcioelieu(Fi.'_‘:i... 

e0“ i • 
Humer D.iL’i.IOu.. 
Iv.L-M. iFi.ldiP...: 
Ini AluUer Ir&l.. 
Asai’leo it’i.10'.. 
NaLNe*' lu*..KI.IC; 
■Atf-iLicdUkiKlAC-; 
Ned SFi4Bl,lFI.CDil 

Ll .-e 

A'iui L'mmeren....; 
PHkh"*il ill. All.... 
Pbili(.q , Fi.lOi— . 

K .u».'b Vvn ri.lOC' 
H.tlOl .. . 

1>’)ino#,PJ.rO, ! 

Ifareuio-l'ijAl,.... 

U-'ra.Uuicli’K..l>.' 

T 1 A ill -.jl;- 

■SU-unL’rp-t'i.A'-' 
»•> <!«,•. H-lft.S 
i. in ei-er -F -.i0.. . 

kiual’Vi-.lniiftl 
ll I“.lbin 'rill. Kani, 


Arted 12.170 

Ifa. Urx. Lamb.... !. 406 

. 1 Bekert •*B” 1.790 

99 5 n s 1 ,oi " a a j L.B.Ii. LemenL...|l,262 
°‘ 3 21 a ' e lAekerii ;- 366 

A , 2 Jd f|l K«^™^ r":::*i:ioo 
72°&2 tni aft if i 2-«0 

7a.Bm +0.4 , 23.5 82 I (i-M _ inn^Un, 1,900 


7.1 


81-5 +0.5 | 23 I 5.6' r . pm r. ‘I'ssn 

'snaZoI 1% 1 «^tS;:::;::::::il8o 

274 - 5 To *5 121 I ll ,ntenMD — -1.860 

135 9 lo'fi 'ms i’l Kiwlieuenk fi.410 

135.9 -0.6 32.S 4.2 j U to?*,* Belge^.S?g 


62 

35.1 -0.3 
96.5 -2.8 

24.2 

21 . 1 ' 

126.2-0.8 

37.8 -0.1 

34.8 -2.2 


Vo go I HuMtna '2.400 

14 S’S Fftn-lina 13.825 

1 Oen 6e.aqueJ2.920 
■■Sa- Ben Beicfaue l^SO 

sotina 3.190 

..—'2.430 


,-10 . — I — 

— 14 ‘ 60 L4.3 

r— 10 112162 

90 

,+i9 : - 
r-10 177 

430 

-28 170 
■#-20 1130 
1 + 6 ( 80 

.,L70 

|—15 jl42 

1 '265 

]+60 [305 
S2.ZS? 


My or bhtpprium 

News 

NU-boku IxUernarignal ^ 

North Broken UMlnna iKk- 

Ualtbridqe-. ! 

Uit tfatroh 
L»Uer Bx' 

Ploueer Concrete .J 


10.29! 8.5 
12 ! 5.7 


tB 


-20 


9.6i 

2.9 


ra.il«i blect.™ l 2,530 
I^LB 9Q0 


• 9 6 ,’* ! i Ln MioIii/ini.I.'.’J 700 

iKwi i 22 : 5i9 ^^E^1.3J2 


174 

1 204 | 7.0 

140 7.1 

+ 20 1215 6.7 
+ 10 A2D0< 8.3 
-18 1162 | 6.4 


- ! 60 

-18 .100 


8.6 


7.6 


152.3-1.3' 
131.0 —0.5 ' 

36.5 ' 

24.6.— 0.1 ; 
73.4 +0.9 


A 54- 4.5 
18 6.1 
31 ,11.9 
21 6.5 
16 i — 


SWITZERLAND * 


163.6+0.1 A2.5S 7.8! 
316.0 


Mar. 28 


, + L* UlT. XU. 


ueetdet a Wmu 

U. C. 6lel*h-J..;..™.....^l . 

taurblaul Hlninq ™.J 

Luotb isl|.„ — 

lV'aitona... I 

Western Mln'init ICO i-eni at.] - ...... , 

ffajlwnrtha. ' 11.48 LflJia 


12-30 

12.10 

11.98 
11.30 
tU54 
fU05 
11.88 
11.68 
11.36 
1182 
JO. 70 
12.05 
10.15 

11.17 
11.10 
10-22 
10.14 

11.72 
11.68 
tB.10 
10.83 
11.04- 
>1.72 
10.08 

10.17 
tl.45 

t2.eo ; ...... 

15.73 1 — 

10-19' ™.. 

11.69: | «... 
10.82 i-fljll 
11 JO 


♦flJIf.VsniW- 152 j— 0.050.12 g.t. 

'+0 J15 ; Banco do BnuaU.> 2.40 -0.00 0. 1 7 y.r 

—0.02 -*110# turn r.%™) 1.16 0.16 ji.sl 

1 ...... . HHauMroewaOPf 1J30 J— 0.100.12 '9.&-J 

Amer. OP..( . 2.28 i— OJ)t'0.2O -8.1 *4 

PetrobnM PP j 3.14. 1— O-M.D.IO s.lf 

circuiLrf* .J a.eot.^.-.ja.ie^.iii 

. ... . • SmuaLruz UP-j 4^0 0.23 :5.a5f 

,-OJJfi' L'nip PH i 6.80 I .0-20 2.9a j 

^^4 Vale Km DrwePH 1.65 , +0.05 0.13 ,7.B»! 
'+flJB | VW. Cr 580.7m. Shares 81.2m. 

O-Bl 1 Source: Sto de Janeiro SC- 


,+0 J» 
j-fl-01 


r-OJS 

i 

|-tL02 


I+8-B2 ! JOHANNESBURG 

'+iilai i wines 

j-0.0fl 

,#-051 lAnaln . American Corpu. 

1+flJB | CStarter ConsoUdated 

East Driefootein 

EUok 

Harmony — 

Khiross 
Kioor 

Ruatenbors Platumm 

St. Belmu 

Snath Vaal 7.9a ~o-. 

Gold Fields SA +10AS — « - 

Union Corporation t4.® ~u n 

De Beers Deferred 5.40 xd -n.-’- 

Blyrooroltzichr 

East Hand Ptr- 

Free State Gedaid -. 


+0.02 


President Brand 

Presldeta stem t«.M 

Staromein 333 

West -Driefootein 31.00 

Western RokJtnss fSBLTV 

Western Deep, 1255 


“O.O+'i# 

’’-a.!,; ■ 

’f.l-ril 


PARIS 


Mar. 20: 


Kent 

AtdqoeOacirt’t'ie. 

Air u , 

Aquusine-#-»... 

mu™.. 


Hoopoes-—.. 
ILiAN-.GeiTBfft.-l 
Utrrafour- 

UJ3.B 1 

U.I.T. AJcateL _ 
Ufa Hanoi be... ..J 
Club M mi iter, 
Credit Com Pr’cei 
CrenaotLisbe. 
IXunra 


». Petrolea , 

Gen. OoddentaJe) 

Cthetal.! 

iouqoea Bote<..~.j 

S i if* 1 **--' - 

L'Urai 


Price 
Fre. - 


+ ori Dtv„yid. 
— Pra. 


730 -a 
584 +10 

T76A11+5J 
361.0- + 7.1 
440 1+22 



INDUSTRIALS 

aeci ... .. . 

Anxlo-Axner. Industrial ... j 

Bartow Rand 

CNA Investments '. t 

Currie Finance 

De Beera Industrial - 

Edgar s Consolidated lav. 

Edsars Stares — 2 

Ever . Readj SA - 


+ 003! 


+ 0 13 , 


Federate Volksbrteasmss . f Tt 


130.4+0.1 
127.5 — 2.2 
246.0-1 

135.0 

105.0 - 2.0 
118.4—1.5 

37.6 . 

421.0 2.5 


COPENHAGEN * 


Mm. ; 


l*nre 

Kroner 


.1 M.tn “ Lun kcu ... . 

m’lr 

Lktiir Lu HnnL 

Can Asian -Lo... 
luaiistaiiken—. 

'-•r. llks-ji'-ier .. 

li. I’npir 

Hum el -mink - 

> It: nH.fKrtO' 

N'«i’l hal'd 

i.'iierai+ik....^ ■ 

Hrlisitank 1311«n 

r#n;.L-inst«ufc...._. JIJS<“Ul . .... 
avph. Bemidaen- 370 .+ ia 
su|.«i1oi 1831, + 111 


145 ' 

441i«- 

1261; -l; 

2251, 

1381a +13 
337 - lij 

821; + 1 
1273, Mi - I, 
259 

2641;. -r 1 

85 * la 


14 5.4 1 Aiununuim -1.230 

A50 7.8 UHL. 'A' j 1,640 

19 . 7.7 LibeGeia.vtFr.ltfr 1,215 
07; 4.0; Ua FI. Lert-^. 910 

30 0.7: D- 1 . lass I 663 

A9I-8 7.1 Lie-m ‘IH+-S..™ 2.365 

20 1.2 h.eirttnnati ,1.650 

33 3.8 ■ Fi-iHiui tGeoisei.. 1 670 

H.jn min FrL ert- ..80.750 \ 

l*-. itiiiiani 8.075 

InieniXMl U 3.450 

Julni...ii fFr.UX'i... ,1.360 
Nfc#lie (Kr. Ivaa...:5.185 

. 1 Du. lies _.. 2.340 

■+■ or Div. VI i. : Uurllk.jti U.,F^3U:2.140 
— i 1, 1 FiteiiiSIFih.luj , 275 
wwltu ,Fr.&0,... .'3.725 
I’.i- Fart C#?ns.i 478 
500 


J - 

a ; i.e 1 


I 10 3.0 

-15 l 22,12 
< + 10 < 22 2.4 
l-I . 22 1 3.4 
, + 30 16 > 3.4 

;-s 10 ; 'a:o 

5 • 3.7 
750.580 J 0.7 

33 : Ofl 

! 20 2.9 

— 6 ,20 L6 

i’* 13 a85jl 2.7 

*86.8; 3.7 

+ 5 


11 

15 

12 

12 

13 

12 

8 


7.6 

5.4 : 6dniu1ierL !v KaKii 
B.5 : Sniper Cia , P.lOCj 

5.4 . i»air iFjcOi. J 

9.4 1 dwiw HankiP.lOO) 


350 

805 

565 


-5 
;— 3 
l 


t 


12 ' 8.6 Aurtdj Ina.. — ™|10.373 '—50 
12 I 4.3 ! ; 

12 ■ 4.7 1 1 

11 1*8.4- 
It .6.0 

12 3.3 
12 : 6 . 6 ! 


,<15 

17.4 

■ 15 

S.4 

, 86 

13 

2b 

2.7 

: 9 

1-5 

1 14- 

4J3 

W.b7 

« 

! 10 

2,0 

! 40 

2.2 

1 20 

331 

40: 

1 

13) 


Loarend — <1.665 

Mai. ora Phenix. jl.018 


86 BJK 9.3 
losjjwfiiT 
161 U3 
611 |-2 
-+65 
+ B 

Umbel (a -b’! — ;i.326- 1+45 
■Must behoeaw...' 42L2J— 5.3 
U utilities *“ “ 

Paribas : [ 

Fechlney j 

FenKM-Hrearri #...! 

FeuifeaL-CUroea - 1 

f. k-hmIii --- _ 

Radio reshiu>iue.| 417.0, + 9^ 

Keddote ™L.f 679 « 

Ktione Foulenu_.L '65J)— 0.8 i 9 ,13.8 
he Gol»i i u+-+..l +3 ]U31 02 

skis Kowiauo'™ 1,730*4 -35- 1 39 , 2.1 


Greatetsasna. Stares - - 

’Guardian Aanranca ISA) 

Htdetts 

I»TA 

! McCanliy Jtodwsy 

Ned Bank- ; 

OK Bataan .- 

Premier MiUlng- 

Pretoria Cement 

Protea ’Holdings 

Rdna NOnes Properties ... 
Rembrandt Gronp 

Rmco 

(.Sage Holdings 
SAPP1 


f 




t 




C. G. Smtih Sugar 
Sorer : ' ~ 

SA Breweries 

Tiger Oats and Nat. NUB*. 
Ctdsec ’ 


-*■0.0-7 if- r=*. • 


-o.ns' 
~o w 


9 1 

-0.10 


vn i+B . 
180.1+0.0] 
89.6 —0-4 
225.01 + 2.5 
332 1+12 
156 1+13 


Securities Kand $U.S.O.SO 
(IMseonht of 30.4S%) 


SPAIN V 


March 28 


25^1 6.1 
24. 4.1 


264J) ; +6^l85.6j 9J 


re#eme,->aiqlw 

riHiro-on Hnuaitl. 
Li "iror.. 


732 ' — 5 22.75) BJ1 
180.6; + 2.4 15.15] 8.4 
22.5, + 1.1 — 1 — 


STOCKHOLM 


MILAN 


Mar. 29 


Price 

Lire 


l-t-or.Ulv. -Ylu. 
I — 1 Lire I % 


VIENNA 


Alar. 2* 


Price + or Div. YI#1. 


VL-IIIlIIfUI 

'c l,n- ... ...... 

•■I« 

. 

■ I laitni+r. . 

Al«an+.u 


330 ’ 

260 

574 -1 

101 - I 

184 
240 


10 

Ir9 

48 


AML — 103 —8 

Itaslop! • 420 (—11 

P‘« .1.975 -26 

Do. Prir.. 1.666 (-31 

Fm-Mer 74 ,—S 

luUr+inent ! 10.230 —00 

! - 1 , ' n, ; lrt . cr — ! .I 2 - 7 - 5 -°' 5 ; - - 1 Mw-oii ..™™. , 

— Me.li..»no« 32JSyui I.21K 3.7 J MnUeli UtmiaUj.J 


15ft' 7.8 
luff 9.0 


Mar. 28 


Price 

Krone 


-2 


+ 3 
+3 


AGA Ab 0£ctt»_L. 180 
Alla Laval BtCiSCij 160 

AaSA (Kr.tO — j &5.Chaj 
Atlas CdpcolKiW 120 

BUterod™™,.™.! .. 90 , 
Botare....^ u .-.™ las- H,_ 

CattkL.„..™ 174*aJ— 3 

CeUutoae J 218 

biecr'lns .B’dieol 141 

CrieMon ‘B|{KrijO| 155 

252 


+ Ot 


+4 


Die. 

Kr. 


fiJS 


•10 


10 . 
d&M, 
6 


rw. 

% 


Baseire "B - *... — 

Faitera*™.....™] 111. j+3 

- brvqna.rueei ...J 80.0; +aa 

200; 25} j ECaoiMatnnken.^i ' 


3.1 
-3.1 
6.0 
6.0 
4^4 

3.2 
5.7 
48 
43 
*J7 


298xdj._.u... 


2.9 i XlumnihOT 153 .'—5 

3.4 Ciiveni Prlv...„i 860 -4 

8.4 1 Ptivlli N Lu '2.190 '-10 

— . PlroH' '•re..., -1.030 —10 

S.a »'nia Vi.p^a 1 520 i—27 

5 9 ; . i 


! landvik Aril ' 

i '■Ji.K. ’H’ Ktv.. 1 
150. S.B < ^ kumf Kntlutoa . 
80 78 T»»1»r|k -B’Kra’ 

. — ; ’ ) U'Mehoini .. . . 

' ' { A'iiIto iKr. COi™ 


130 

M-S’+IJS, 

'228 . - 

- 7 4 ‘ 
150'.]+ 3 
82.5 i— 2.0 S 
86.0 i+4.5 [ 
69.6 '..+ 1.5 


a.; 3A 
4(3.6 


18 3.4 
8 [ 6.7 

4.5110.0 
' . 2 . 2 ' 
4 JB | 6.1 
.8 «L3 
5 . 6JJ 




Aalantl 'sJ. 

Banco' ' Bilbao 

Banco Atlantlco (LOOfl) 
Banco Central 
Banco Exterior ....... . 

Banco General 

Banco Granada -.it.KHB 

Banco Htepeno 

Banco Ind. CaL n.OOOi 
B. Ind. Mediterraneo ... 

Banco Popular _ 

Banco 8antandGr 1259) 
Banco Urqudn ( 1 . 000 ). . 

Banco Vtecaya 

Banco Zaragoxano . 

.Bankunloa. 

Banns AndaJndia “ 

Babcock WJlcaa- 

CIC 

D rasados - .-j. . 

mmobanif '. : 

E. I. Araaonesan ™ • 

Eapanola Ziac ^ : 

Exrf. Rw Ttnto 

Press <1.8001 
Penosa <1.0091 .... 

CaL Preclados — - 

Gobjo Velazooes <«0) 

83 dm la ... _ 

Dm wine ro 

Olarra 

Twleiaa fiaBUdu . 

Petrohber 

Petroleos .. . ......... . 

. Sarrio Pa paler* ' 

SnUco 

' Sooefea 

f Tcteftnnca . . 

(Torraa Nnneach . 
rTabacex .. 

! Uajon Elec., 


- -Per cent. •_ 


. + 1 


268 



2U 

.+.6 

156 


2BT 

"+ 4 

165 

+ 3 

U2 


20) 

+12 

324 


278 

- 

206 

+ 2 

289 

— 6 

132 

+ 2 

228 



_ 



2ns - 

— +-S 

74 


58#2ST .- — 

MHH 

_*4 _ 

44 

1 •' 1 

68.15 

. ■ + 4.75 

67 JO 
«1 - 


265 . 


72.75 

+ 230 

7B-5& 

75 

; t$* 

SO- 

• • + a 




ST 

- 39.90 

- -Ufl-:- 

as . 

» ’ 
; 8ft TS 


+I 4 

- fts 


+ > 


f;W'/ 


• •#*»■ 



rr. : y-TT 




8 

» 

N 




*■ iWi 




Financial Times Wednesday ffitarcfi 29 1978 


* < f h 


f t. 


4 


J fj> ! 


■x 

I 


FARMING AND RAW MATERIALS 


lore rice 

reduction 

rged 


ROME, March 28. 
pp rice must be produced tb 
pace with the world's grow- 


U.S. producers spark 
copper market rise 


BY JOHN EDWARDS, COMMODITIES EDITOR 


New buying 
wave boosts 
cocoa price 


By Richard Mooney 
A NEW wave of speculative 


1 ° \ h‘« n r n\) °J ern ™ 1 COPPER PRICES surged again higher by several other develop- Zambia'soon because of trans-i rnnr^f^ alattTe 

_.9 f ant * Agri; ! yesterday on the London Metal merits. These include a strike Port problems, and moves in ihe : , COcoa ® n 


OpMnicni — j *>««j mi ui= uuiiuuii »«i«i lusiio. mrac tuciuuc 3 strike Port problems, and moves in the . , . , 

Organisation urged i Exchange to reach the highest shutting down the Olen refinery U.S. Congress to authorise the; j!j* raark ^ t t0 


J- . " , .iT* 1 “ Mia m liar UI ^mujicap UUppvi pruuucerb. unuig iul 

ace -jw. lh . a J : n»ore than.£80 in the past month. Hoboken wlH not declare force the sale of surplus tin. 

rhind groKi in dem^nd^^ ! L ..' t ^ ate 7 ! f‘. ! '’^ _ rise was triggered ma jeur e on copper price fixings Other metals 


... - r . were over- 

by Duval Mining, a medium-sized for the time being, the Societe shadowed by copper. The rise 
U.S. copper producer, which General des Minerals announced in copper and gold, and the 
raised its domestic selling price last night. SGM also confirmed weaker trend in sterling, brought 
from 60 cents to 65 cents a pound that Zaire copper commitments early rises in all markets, bow- 
at the week-end. would be respected for the time fever. The bullion spot quotation 

In the afternoon one of the being. for silver was raised S-95 d to 

major U.S, producers. Asarco, - . Southern Peru Copper Corpora- 288p an ounce at the morning fix- 
announced --ft was putting its tion has bees hit by a strike ing. but values eased to about 
price up too — from 60 to 64 cents, affecting its Toquepala mine and 286p at the afternoon dose. 

This brought some disappointed Horeflnery. . Tin values opened higher, de«s- 

Uiout Dioner water control i P ro ? Makin * «■? the market There was an unexpectedly p5t e a decline in the Penang 
S the ferini^r cQuld^be I *“2* froni ear,,er h, * h levels., large fall in LME copper stocks market over the holiday and the 
?d awavwhUetli^ short- i n ^ e ^‘ mont Mm3 PR later con- of j.900 tonnes^reduping total stockpile release fears. Prices] 

fell later and cash tin dosed 


the For East, rice Output 
increased only slightly 
-• than population while the 
n hill for grains has 
td. the group said. 

» group stressed that invest- 
s Should go in irrigation and 
•• control rather than on 
Iser and ** miracle" strains 

!P. 


otpiv f v A luiumc inter lUU- y ■••w iwimw icuuvmfi 

ned "miracle ihEJ- ^ h S?s’!5n ne< UL was -. raisi ( , 8 II s P- ric ? I 1 -°i 1 j nss . t ° S" 5 - 225 tonnes. This 


miracle rice I™ 5 j from 61.50 to" W cents. The Teel- is the ninth consecutive weekly onl v £36up at £5^842 5 a toiiiia 

(no ir - ., nA »» n ^ n Tw fflll in ctftnlrn fanm tliA eon!- aF v >_ . i <■ il. 


'.damaged by flooding. 


it 


enezuela to 
30st exports 
^aluminium 


iAD GUAY ANA, March 23. 
EZUELA WILL become a 
r -aluminium exporter this 
when its output' will rise 

30.000 from 4S.000 tonnes 
year, . Mr. . Oscar Martinez, 
of a new aluminium com- 
Venalum said. 

• U.S. and Japan would take 
}0 tonne.<; a year under long- 
supply contracts and 
4iean and Andean countries 
1 take 20.000 tonnes a year, 
compares with exports of 

15.000 tonnes last year. . 


ing is that with uncertainly f aJ l in stocks from the peak of i^ad and zinc followed the 
about the coal strike now W5.300 tonnes reached at the trend in copper. Zinc was given 
resolved, other producers will be ^d °f January. an additional boost by announce- 

anxious to move up their prices Still lurking in the hack- ments from Hoboken and Penna- 
lo more economical levels ground are the influences which reya that they were cutting pro- 
White U.S. price moves pro- helped prices start-nn the upward Auction in line with cut* recently 
vided the main boost yesterday, trend — the strong possibility of a announced by' other European 
the market was also pushed force majeure declaration by smelters. 


Coffee growers ‘on the march’ 


BY" SUE BRANFORD 


SAO PAULO, March 28. 


COFFEE FARMERS from ail will demand to spefek directly to t»riee” which stands at Cruzeiros 
the leading Brazilian producing President Ernesto Geisfel. 1.250 and is used as the basis 

regions are enthusiastically Rarely have tempers risen so for bank loans, and the u pur- 1 
adhering, to _ the “march on .strongly against Sr. CaJazans. chase price,” now at Cruzeiros ■ 
BrasHja " which was launched- who has never been warmly 2.500. which is the price at which i 
just over a week ago in -the- regarded by the farmers. They the institute will buy coffee from [ 
interior of Sao Paulo State. ’* consider him “a bureaucrat** farmers. They want both prices > 
Hundreds oF Farmers intend who was imposed from outside, immediately increased to 


more than 
Values 
response to 
York but 
the “ finHish”. move was taken 
un bv fh<* rom mission houses 
fnoc-phvtfcal one raters) lift- 
inc prices above New 

Vork’s l*vel. Th® Slav notHion 
In London .reached £ 2.1 jn a 
tonne at one time before clos- 
ing nn$£ ns 0 * the dav at 
£2.082.5 a imne, 31 nv cnena h-ic 
now gained neariv £300 a tonne 
in lurt five trading da vs. 

In the absence of anv clear 
fundamental- factors to exnlafn 
the rise some T-nndnn market 
sonrees ' vesterdav sneeested 
that a nessitaistic forecast of 
ihe Ghana reon by General 
Cocoa of the U.S. m#v have *»n- 
COnraged the nnwarij ninve. Rnt 
others . thon eh f the forecast. 
Wh*rb not lflii/7.S Drodncften 
nt 270.000 tonnes or less — the 
lowest to*a< for 19 vears — was 
not a raninr factor in the rise 
Thev said the low level of 
apparent Ghanaian prodnetinn 
was largely due to the smug- 
gling Of brans in to neighhonr- 
ln" “French” territories where 
producer prices were higher 
and that nu>ch of miena’s 
shortfall eonld he exneeted to 
turn up as “ extra ” production 
in the Ivory 'Coast. 


INTERNATIONAL WHEAT AGREEMENT 


U.S. and Europe still 
at loggerheads 


BY GROG SMOSARSf.^ RECENTLY IN GENEVA 


Palm oil may 
overtake 
rubber exports 

By Wong Sulong 

KUALA LUMPUR. March 2S. 


< 3 t\ese interests awn a °Q * *° travel to Brasilia on April 8 Sr. Ca lazau's scoffing jest when Cruzeiros 3,000. 
coni, share in VenaJum. • at V™* of the important he recommended the j farmers ^ Go y erilraenl has re , 
i plant will have an annual j Arena political party convention nol to miss the cathedral and pearly rejected this demand. 

•Itv Of 300.000 tonnes.; : S[ hen . lhe ^ 0lC£ . of General Joao .other tounst attractions during National Monetary Council - . 

nezurlan bauxite reserves ; Bapusra Figumredo as official their ^^vuut to Brasilia, was fat to ^ soon annonnee the 1978-79 1 CURRENT TRENDS indicate 
hpen boosted recently bv. P^sidennal candidate wHJ be the fire. , “ guarantee price,” due to come ■ that palm oil will overtake 

£T!SU Cjmno Calazans. 

Jonncs of ore, Mr. Martinez . pujisjder “a dead weight ” and want to abolish the present dis- . The farmers are also > demand- 

!“unworthv of dialogue.” thfey tinction between the “guarantee -ing an immediate end of tbe 
1 " quote system by which for every 


ST 


wine fever 
its Malta 


Our Own Correspondent 
VALETTA, Biarch 28. 


Surge in London dealing 


BY OUR COMMODITIES STAFF 


two bags exported, one bag of 
coffee has to be sold on the 
domestic market They want a 
return to "free market forces." 
lie farmers could seem im- 
patient here, for last week Sr. 


: MONDAY'S RISE in Snw York ..Id the SffiS«r5ite« tot tbii 

gave . London s coffee futures' a *ded by firmness in the . spot utm .m k-. 


scheme would be dismantled ai 
the end of June with the begin 


mcauiea io expire on Friday. . , -h a »-vp«rins» nf'rti®' un we otner nai 

La Un American “ other milds" "1"* of tte harv8SUQg of . “ e ; exports are expected to reach 


seminar was 

told here. 

Mr. Paul Leong, Malaysia's 
Deputy .Minister of Primary In- 
dustries, said exports of palm 
oil were expected to reach 4m 
tons by 1985. Palm kernel oil 
and meal exports were estimated 
to reach 550,000 tons and 400,000 
tons respectively. Based on 
current prices, revenue from 
these products would be 4.750m. 
ringgits (abfiut fl.OSOm.L 
On the other hand rubber 


SIX WEEKS of talks in Geneva, 
ending just before Easter, failed 
to produce a new International 
Wheat Agreement to replace the 
much-extended 1971 accord. 
Instead tbe old agreement was 
extended for up to one more 
year from June 30. 

M. Jean Parotte. the execu- 
tive secretary of the Inter- 
national Wheat Council, ex- 
plained. with a little embarrass- 
ment, that the delegations 
coming to the conference 1 had 
not made enough preparations. 

But most delegates thought 
the talks had been useful. 
Summing up the conference. Mr. 
Arthur Dunkel. the Swiss chair- 
man, noted that the negotiations 
had made it possible to narrow 
areas of disagreement and 
identify those areas in which 
further efforts would be needed. 
And Mr. Parotte stressed that 
the conference was the first 
occasion in. the past seven years 
on which the basic problems of 
a wheat agreement were seri- 
ously aired. 


Redraft 


On the positive side was the 
conference's decision to appoint 
an interim committee of leading 
importers and exporters to re- 
draft a Text for the agreement by 
July, and to reconvene the nego- 
tiating conference by September 
There were even hopes that if 
the September conference was 
successful, the new agreement 
could come into force at the 
beginning nf next year. 

When delegates converged in 
Geneva in the middle of 
February, it was clear that there 
was going to be a conflict be- 
tween U.S. ideas about the buffer 
stock which was to be central 
to the economic clauses of the 
agreement, and those of the EEC. 
The U.S. favoured a stockpile 
with trigger price levels to con- 
trol buying and selling. The F/EC 


wanted exporters lo agree to a 
maximum selling price in return 
for a guarantee of a minimum 
buying price from the main im- 
porters. . 

The U.S. pointed to past ex- 
perience with such maximum and 
minimum prices, which have in- 
variable been breached, and 
argued that only supply and 
demand could be relied upon to 
rontrol prices. This disagree- 
ment remained unresolved. 

The U.S. advocated a huffer 

stock of about 30in. tonnes nf 
wheat. It hased its calculations 
on the likely variations in pro- 
duction. The EEC aimed for a 
lower fieure. possibly 12m. to 
15m. tonnes, based on the likelv 
variations in trade. This dif- 
ference also remained. 

The questions nf pnres was nol 
discussed at all on a formal 
1 eve-1. Nevertheless there seemed 
to be agreement that the levels 
nr S'230 a tonne reached in 1974- 
1975 would be ton hieh. while the 
recent Inws of ahout S90 a tonne 
would be too low. 

The suhiect of coarse grains 
was another bone nf contention. 
The EEC armird that sunplies nf. 
and demand for. coarse grains 
would affert the situation in the 
wheat market, and should ihere. 
fnre hv covered hv the p-nvi sinus 
of the wheat pact. t*,-» u S 
countered that th« indu^on of 
coarse grains would me.ke the 
accord much more complicated. 
Furthermore, the T T 5. said ihe 
arniment could rensnnahlv he 
oviApdert • tn protein meats. 
e«nncisi|v envn me* 1 the inchi- 
sion nf wh*rh woidd innkc the 
n«"otiatinns virtually unmanage- 
ah 1 *. 

Tlelo "Tiff's u-nrp ontimistic 
init>,4>flc ihn ^nrl r»t ’He talks fhst 
the difficulties could ho nverrome 
in thp near future, hut this could 
have hepn a matter of orofes- 

sirfeai etinuette. 

The EEC was thought to he 


considering a wider gap between 
its fixed maximum and minimum 
prices as a way of moving 
towards the U.S- position. But 
the U.S. delegates were said lo 
be deeply disappointed and irri- 
tated by the EEC’s intransieenre. 

Talks on a new food aid con- 
vention. on the other hand, made 
considerable progress. Aid 
amounting to the equivalent of 
Jfhn. tonnes of grain a vear. as 
proposed by the World Food 
Council in 1974. was generally 
accented. Canada nfT«u-ecl 750 000 
tonnes a year, while the US. 
offered tn increase its contribu- 
tion from it« previous I.R°m. 
mnnps in 4.-*7m. tonnes. The 
U.S was aNn prepared to 
increase its contribution further, 
oning up a« r.tr as fim tonnes, if 
other countries would agree to 
strn up their contributions. 

Rut m spile or the progress, 
it proved impossible tn conclude 
ihe fnod aid agreement. hecau*e 
it was Pnked in the convention 
governing the wheat trade. 


Contorted 


It may lie that the outstand- 
ing question 1 : can be resolved by 
the bilateral and multilateral 
cop i acts expected over the com- 
ing weeks, by the interim com- 
mittee. and by ihe resumed 
negotiating conference in the 
autumn. Cerlainl.v the Sugar 
Agreement took similarly long 
and contorted negotiations. 

But even if nothing more hap- 
pens. the wheat conference has 
already proved that commodity 
agreements arc not necessarily 
undermined by squabbles, un- 
reasonable demands, or lack of 
expertise among ihe producers 
from developing countries. This 
spring the burden of blame for 
the lack nf agreement falls on 
the developed exporters and de- 
veloped importers who have 
failed to settle their differences. 


Antigua re-establishes sugar industry 

PORT OF SPAIN, March 28. 


BY DAVID RENW1CK 


iindifclosfed number nf pig’ rk -, , ,, ronE , st , rt vesterduv ' March position 
s tn Malta have been hit by a *5™ scheduled to expii 

'air swine fever, the Ministrv ! morning and u subsequent flurry. Latin American - 

cncuUure announced. The producers are still officially cr ^ ^ ; 2.25ra. tons bi 1 1985. with revenue 

use is believed to have ^l 111 hl S he J before the c, ose. Thr ^thdniwn from the market as The farmers are also irntated i estimated at 4,400m. ringgits 
en out on farms where pigs ; j!, a iLj? 0S ^u° n P arT of _their strategy to boost by^ the IBC f president’ 

• fed refuse. 
i 


during 


. . secret 

the afternoon before pnces- Bul - m vi ew of the aggres- export deals, under which 
" "• ri JC - * - — policies undertaken foreign buyers receive consider- 


official statement said the 10 51 sive selling - 

ction of refuse by individuals above the pre-Easter level. j,y Brazil and Colombia, the a ^ e discounts, 


Jbeing banned and farmers Dealers said there was~ no. world's two biggest coffee pro- Exporters .in Santos claim that 

■ warned not to bring in i significant fundamental news ducers. the “other milds*' export the institute has been giving 

from other farms. In the ; affecting the market and ban is not thought to have greatly discounts of up to 50 UJS. cents 

ijime intensive checks are ' attributed the rise chiefly lp influenced ..the tone of tbe off the official, price of S2 a 

l made un every pig farm i bullish chart indications. They market. pound. 


Mr. Leortg said because of the 
rapid expansion of palm oil out- 
put there was a need for produc- 
ing countries to co-operate in 
ensuring that palm oil main- 
tained a competitive edge over 
other, oils and fats, as well as 
research into more' end uses for 
:the commodity. 


ANTIGUA is re-establishing its 
sugar industry, abandoned seven 
years ago because of heavy losses. 
Forty acres of cane have already 
been planted .and this should 
increase to 600-800 acres by the 
end of this year. 

Though Antigua will not for 
the foreseeable future be able 
to export sugar to the markets 
presently supplied by other 
Caribbean producers. The revival 
of the industry is expected to 


save the island ahout £lm. in 
foreign exchange now used -to 
import sugar from other sources. 

According to Mr. John St. Luce. 
Agriculture Minister, a report by 
Bookers Agriculmral Advisory 
Services concluded that the 
return of the sugar industry 
would be beneficial to the 
Antiguan economy. 

Renter reports from Kingston 
that sugar cane smut disease, 
first spotted in Jamaica in 1976. 
is expected to spread rapidly this 


year. 

Experts from Ihe Sugar In- 
dustry Research Institute said 
farmers were not complying with 
requests to report the incidence 
or smut in their fields, making it 
difficult to judae the advance of 
the disease locally and nationally. 

Mr. Michael Shaw, institute 
director, warned farmers that 
the disease could "get out of 
hand and threaten the survival 
of the entire sugar industry." 


IMMODITY MARKET REPORTS AND PRICES 

\SE METALS 


PRICE CHANGES 


wtakRcu of sterling and despite the 


. -•- LONDON ARANICAS finned 1 b UsM vxhies dosed ahout steady nt CO Uther. Shonoiitl 3.C5-4.D5: Egyptian: Valencia Prices per lonne unless otherwise 

■T Dr vnlmup with dealer, short coveri ng ihr Old cron barley was a Outer affair anil Lares S.IKI: Moroccan: 2.SO-S.OO. Ortaolauos 


U.S. Markets 


overall OJ1 m lib Penanc pneeTlt then , P *n 1 n7n '_. rt ~ r-ri-rL... i _ volume wia dealor. short covering the Old crop bsrtey was a quiet affair and Utes S.DO: Moroccan: iAiw.w. Ortaniques Rated. 

-»» „„ fh „ iMf io MO foK X.'T plmlca] LEAP ' ° tfte » l ! T ptapHto] - ~ prtncW* fttetw. Dnxel Bomtam Lomhm early gains ot X ppmts were erased in -Jamaican: per boa C 00-6.50. leoipas- _ 

,! ^ ‘ ' " 


look tnru-.rrt metal up from mi? Se^'i'n’m 1 313 ■■+6 . - 

^■"niorninB^Mrwthrte K’rser In tor afternoon fresh hedge S&flgT . - = L^ -l- niofl" ABtJlsiSdSjM." ^ B.M.' ' nnmifiES: WHEAT 

IsSaTfiu TZwZS siX -BiM XINCHdoy gd ^o ad >u l me"w,«6 ^ ’S? 3 ,-« b Y ^ y ' , 't. 0r V ^^ + or — - 


Mar. 28 4- or j Month 
3978 — : aqo 


reports. At toe dose values were M.75- toe afternoon. The niartet closed 30 Italian: lOT. llOs 3.00-1^0: Cypnor' 2.40- 

„ .. . a0uri . c -nil* lcvt-1 aiu-acted heai-v and .. K , • V . ,,7, , : “ S11J7 Waher on ihe day. limber. Xe*,- crops saw «ood short- 3J0: Spanla: 2.B0-3.B0. CrapcfruH— 

ts in Un- IS. toe weoknen of ... — . — -m— tosh—..— 1 31ZA-S -*-B • 310-1 ,*3.75 prices /In order buyer, seller, change, eoverftq* interest and despite hedge sell- Cypriot; 13 feflos 2.50-S.W, 20 kilos !.B0- 

bnsinessi: April ae.OO-WJO. tU 47. to* Bmi «M3 higher, reports Adi. 120: Jaffa- 20 Kilos 3.WJ.TS. Apples- ' 

2fl LOT: Jnnc 173.B0-ra.30. -‘-0.75. 174.00. French: Golden Delicious 20 to 84s 2.30- 

■AKUS* !.M. 72s 2:50-3.70: 40 » 54M.MU G'rwray 

Jumb'e Pack, per pound 0.14. Ratals 

_ Golden Delia ous. Jumble pack, per pound. Aluminium £680 £690 

O.II-O.H: Italian: Borne Beauty, per Free market tdsliSOTD-OT ' ^BSO-SO 


I. 


\floenctui icmftnrni. In thi' 
he price liUNi-ni-d farther 
to ncus of a suite at the Colon 
r tn Belgium. But then-aftor 


■ after- tunhr and forward -jrasl wss totUy C.M. -7^2. 139.08: Feb. 138.0M1M. M'ntb .-Irae — 

fn'r^j £5.540 on to laic kerb. Turnover. 1.4SB -S - 0B - DDlr * de<1: ^prfl 1M.MMAOT. t-S.OO. [ 

. tonnes. nntraded. Sales: lfi <27 loa. i 


Morning: Standard cash (5.9M £3.880. 


89.60 .-t-O.OT, 
B4.00 ;-rU.65 
S6.45 +0.M! 

88. BS >+0.40! 


prior to foiling back to dost at X2S7 on .. . 

. .a w m , hT _ ri«B m csMD tn fiw *«« kerb as proflt-ukm* came hno - 

tfnrimrd a» CtNmx opened tower *73 80 Kerbs-' the raarfi£t - Turnover. 3.258 tonnes.. RUBBFR * 

■yjiected. Forward metal fi-H bark SB. to. .a. W. ra ^im. MorauiB . th^ months JS2. 91. 90 J. IVUUUL1V # \ lW . | 

- but ranted on Uw tote kerb lo ^ “w Sir rm*MV5 ranfla nl •«. 89. *73, SS SB. KertWt Three mtimM OUIBT opening on tor London Jtn - l 

<t mi. Turnover. 27J73 tonne*, 'V- aionuara ^ Tbnc months £28BJ. 90. physical market. Neglected toranghour napnaren wnrst- nnc w n i r» am 

■samairu Metal Trading momed Jhrc- mornttO. W. M. ». ^.0. OT. ^ raj. S7. »J. a. S8JS. Rute: Three toe day. closmg macOre. Lewis and Peat IMPORTNO— Wheat. CWRS No. 1. 131 8.00. 

tlw morning rash win-bars traded a*43 40 UM 32 48 W months £289, B8J, B7. $0. *5. report Shat toe Malaysia 

t. three months £714. 13. 15.b. 14. ' : 2 

I. 74. 13. 14. 14 a. 15. ISA. lit. H.5. ‘ < ' ».m. vf or’ "p.m. t^f m ■ ! »-™- ■+ WJ „'!>-»»■ + w Aprffi. 

Maudes three momhs £705. Kelts: TIN I Offli-ud i — Unofficial — 2 INC | Official ; — I Unofficial — 

tx ihree months £713. IS. li-S. to. ’ 


pound 0-14. Golden Delicious D.11HM4: Goppmadi W.Bare l £701.25. + Z2.0JC617.5 

764)5 I+0.3D UJ. Red DeUclons 7JBM.29: Oregon: 3 monUu .ks do. £715.75+25.0 £63 1.5 I 

78.60 - .45 New owns 7£8i Hungarian: Red Delicious Cvdi Cathode. 46B0.5 '■+ 19.76 £607.5 I 

81.05 +0.40 S. African: Dunn's 8-50-0*0. 3 month* da. do. £705 :+20.75££21.25 1 

B3.50 KOAD Jonfttoan 73W.flO^DanlJto: Spartans per Odd. Trap 01.S 18 5-576; -4.0 SWS.S2S , 


Coffee and 
precious 
metals gain 


pound 0.09-0.10: Chilean: Granny Stmto Usd Cash j£310.5 ; + 3.76£293.25. 

Pears— S. African: Williams Bon J incmLhn £31-5.6 >++3&£29S.5 


was 204 t saniej cents 


No. 1 Yetteedaf'a Pref ip ps , Busmen 
S-S-S. dot* close done 


firriioon: Wirchars thrre months Hirh Grade £ : £ ! £ I £ Caih ™.l £ i £ 

9. tvi IK. '.b. to. 14. 13. 14. 14.5. Caai,.... .j B875-8S 1 + 72 1 5B40-5 '+K 1X84-3 1+8 j 383-4 , * 7 

1. lb. Cathodes three months I7W. j month*. 5875-90 '+7SJI 9845-60+49.5 itrtouihi.. 289.90 j+IBt- 288-9 r*9Ji 

Kerb': Wire bare three months gwnmu'i.. 5B82 ! +74 — ffpaont 1 285 1 + 1 I — 

I, 1-J. Ij j. 13. LL i2.5. U. 12 J. J3. Standard: Prm.WlKi — : - 29 — — — 

I MJ. 15. 15.3. M cfiSSr. 7!™; 5875^0. + 71 68483 ;+» .Ceuta per pound, ton prerJOus “V-- «Sjn1n ttSuSin ab « 

+VT TpTmr^t^ iSSSt-, PJk* 6 * 45 - 8 . +48 ' 6 ctoK. sSM'per SnnL AptvJne.. 43.0MB.10 «.6^WJ9 49.35 


1 nod own nrice k -" oac - N*”* *91-75 Tllhnry U.S. Dark Chretien 0.3*4.40: Italian: Passscrassanc xu-Lel ; ' :..J ~ 

a kilo (barer Northern Spring No. 2 14 p«r ccnL April trays 13/14 lb 1.60-1.70: Datdi: Conference Free lLarket iefrt... 51~9 ’ ! 

* £87.50. May JS1J0, EnuuUpmetn East per pound 0.14: Chilean: Anjou- 7.00. 1 .2.04 1 .-i.iSI.84-.02 1 

CoasL UJS. Bard Winter, ordinary West Pacftbam’s T.09: Argemlman: PacKham's 

Anst. Ian. N. Slh. Wales SW area and Trttnnpb 7.M. Plums— S. African-. GoUen L 11a 

Prime hard unquoted. Ante Mine. Soviet. Ktog-Songold per pound 0.4MJ0. Grapes 


s 


NEW YORK. March 27. 

— ■ COFFEE finished limit-tip ou Commit 

i alon Rome buying prompted by toe 
tightness of toe spot month. Copper 
I dosed Gnu on Camissionm Bouse buy- 
Pfnfi e ' I olio wrap ihe end of toe coal strike. 

1 Eacbe reponed. Precious metals rallied 


EEC ttxk. EEC mffih* VndEEC faq USS *' “ SfM “ ^ 

ah unquoted. Australian wheat unquoted. WaMuan Cross iW: Ouiean: Rubier 33 f I o'i ai| 3 K ^ dDlIj,r dm »* rorcwvd foare of Inflation. 

EEC wheat unquoted. aM. Thomson Seedless 5.a0. Batiwuu— Sugar was steady on speculative bur inn. 


Lfi 


n.m. 

om.-iai 


P- m - . . 
— Unofficial : — 


Moire: U.S./Freneh March £105.88, April Jamaican: per pound 0.15. Melons— +5?* 1 

£103.50, May OOfLjO transhipment East Senegal: Yehow 2.08: Chilean: White 

Coast. Sooth African White naquoted, 5.OT-5jO. Gre«i t ,00-7.00: Cotomblan: W - 6£B - 195 


£ . £ 
art 

.... 70O..5 -21 
.1*.. 714.S-5 -.22 
•«V 700.5 -r 21 
JtS- 

... .. 690.5-1 -511 
pv. 705 6 . -Sli 
rnU 691 1+ 20 
M-* — 1 


1 £ 


wtlm't. 1 S880 >+72 
Strait. E..! *81512 t-7 
New York — • .... 


SILVER 


701-.5 +22 

715.5-6 *25 


LEAD— 1 Cabled ground 
the buoyancy of copper. -Forward metal market yesterday at SSLOp, Ui cent 
opened at £37 and moved up 10 a day-5 eqotraMnu of the fixing ’eveis were: spot 


UON#HjDI«Ui: — •••vt v -UP 

j'l?-re5j 51JkUi:ii Sttooi.lB BI.'sMQJD Sonto AMcm YeOow May £78-50 dumei While 2.50; S. AlBcaa: WbiM 3.M. wotfre^SJ.04»KcHlS |4 V- G3 . S 1 39 48 

Oct-D».- 52-OT-aZ^O 52.5S-62.40 52^0-52.55 Kenya Grade Three Jnne-Jttly 5122.50 Strawberries— Israeli: 0.4a: Californian: zmeeaab tl-P.r“T?-" 

Jon- Mr. 5S.4o-54.l8L 61.70+iiJe. 54J5-s4.H ouoicd foB. 0-S0> Spanish: 0.30-0.40. Letxnccs— Dutch: 

AprJw; 55.4W&M' 55.2M6.4g: H.7HU9 Bartay: UWTOOled ^ 


mere— Pinch: -5 ruonih* £268^ .* 9.25^43.75 

24s 2.60-2 JO: French: 1.49. Pineapples— Producers ............!$550 ; S55U 


Sliver wax fixed MSP an ounce toffbir 55.70-58.90 59.76+5.^' 58J30-6E.S& H GCA— Average ex-farm spot prices for lvotr l - 0 * sti . Onions— oilg I , „ 

mainly reflecting for spot delivery -In tbe London human Ort-D*!; 58J3538.1D &3-Q5-M. 10 58-50-68. ID tbe week to March 2L Other mil I log LiW.SO: Italy: Parma L'oconnt (Phil! iff®?* : 55®2-5 J ■Inly 


Sugar fa-as steady on sot-cul alive burins- 
Cocoa— May 1W.I5 ndO.TOi. July 159.55 
(lM.Sji. Sppi 135.49. Dec. 149.48. March 
145.95. May 144.00. July 142.10. Sales: 
613 lots. 


Coffee—" C Contract: March expired. 
.May 167.00-167.50 r 158.13). Jnly i43JG bid 
1 139^8). Sept. 126.40 bid. Dec. 124.63 bid. 


wheat: K. Midlands CW30. N s East £»-20. Oiuondn*. X681 


.^£601 


690-1 !*tB» 

7Q4J-6A+20f 


60-61.6 


higher at £5.858 owing . tn tha Three months £314. 15. 


- c - - CJC. flUO. Feed wheal:’ S.'zui £SJ jfl,’ ,Jfl - Celery-Spanlsb: 15&.Ma 4^0-5.00. Linked Crodmri...»31E .... S299 

high of £910 before casing in toe after- 540:1c. un 12Jc; tor*C-xnontb 550.3c. UP Soles: 238 itSEl Jots Of 15 tonnes and S. West £83.60 Eastern £S2 .«. e_ Midlands Fstatou— Canary: 3^0: Egyptian: 3^0. Palm aialsjan...... S5BEw + 18.0 8512 

noon to close at I5U on the Lite kerb. 13.4C: Sx-monto 339:3c. up 13.Bc; and 1 iti n 5 tonnes. . rtf an r/i MWIoada £81/40. X East CaaiHowera— French: 24s 5.90. Cncum- _ [. 

Turnover, 4,175 tonnes. 12-month' 5Sl.bc, up “I2^c. ' TBe~ toeiil Physical closing prices Oraycri were: £83.60 N West ££L50. Scorlxnd ' &6.S0 bar*— Dutch 14/168 2^0: Canary: 2-48- j 1 1 

Cash tats . 12 j, 13. throe opened _ a t 28W88 d t539h54ic) and eased Spot 4tSp (48-25<. May «9Jp faamai. u.K. ' Feed barley: S- Bast HUSO’ 2 - M - Seeds 

- ----- - — ‘ T ’ 0 "' June 49-15B 1 samel. s. West £72.40. Eosiam £7l.7l W EiwIWi F ------ — — 

Midlands 171.30. X. East raiB. x.'west Whires/Reds 
£71-50. Scotland 172X0. UJC £7L90. J^»-l-4fl " 


mOTths^SlS, * 1SJ. TtT Kerbs" « 2S54-!88» (5ST-539CJ by toe dose. 

Three months E1S. Afternom; Three ■ ■ ' — 

-Firmer. Porb-artf standard iseul mouths £319. 18.75, IflA, 17. lfl. Kerbs: SJIjVBR 1 aaito,, }-j- orj 


, 120.00. Sales: 730 lots. 

I Copper— March BO.iO <50.20 >. April 61.00 
| 139.401. May 61.40. July K.40. Sept. S3.S0. 
I Dec. 64.60. Jan. 03.30. March 60.30. May 
167.30. July 0620. Sept. 69.30. Dec. tO.SO, 

1 Jan. n^o. Sales: 7.1OT Jots. 


ndex Limited 01-351 3406. Three month Copper 7 13-71 7 f 

jmrat Road, London. SWJO OHS. t: 

. Tax-free tra dins on commodity fn tares 
. - The commodity futures market for the smaller Investor 


CLIVE LNVESTMENTS LIMITED 
:oyjl Exchan qc Ave.. London EC3V 3LU. Tel.: 01-3S3 1101. 
ndex Guide as at 21st March, 197S. (Base 100 at 14.L.77.) 

Clive Fixed Interest Capital 135.43 

Clire Fixed Interest Income '. 133.34 


CORAL INDEX: Close 45S-463 


: INSURANCE BASE RATES 

t Property Growth I«. ■ 7j'®6 

t Vanbrugh Guaranteed Jil2% 

. f Address shorn under insurance and Prourtsy Bund. Table. 



ft SOYBEAN C0MPLEXUPMTE 


S AVAILABLE— WRITE OR PHONE 

JontiCommodity Services Limited. World Trade Centre, 
London £1 9AA. 014S8 $232. ..... 

TART OF THE CONTINENTAL GROUT COHT ANT XSROUr 


Ziebart Licensees Wanted 


Kbarf (G.B.) Lt(U acknowledged marker leader in the U.K. 
Aide rust*prooRng- indunry and the British associate of rhe 
ternationaily famous Ziebart group of coni panles.' seeks more 
:ensees in England, Wales and Scerland. 

Terqjtad motor traders, private individuals and business men 
■tit a minimum £5,500 to- invest immediately should contact 
F. Smith, Ziebart (G.B.) ltd* Ziebart . Home. Dominion 
fay. Worthing. Sussex.; Tel.' Worthing (0903) - 2W171* 
deeted. .licensees will receive sal.ee and' technical training and 
arketing advice and the- benefit of national advertising and 
fblicity campaigns. 


SOYABEA 3 V MEAL 


Enslbh Proton: Potatoes— per 56 ». Copra Philip. 6432*r!+2^l IMIS.M ' Cotton— .Vo. 2: Hay 57 j50o7JS I57JBJ. 

nto»S/R«H 1 .80-1-30. Lettuces— per 12* Bontoeui (L^S.).„. S308.8 ^h- 1S.1B SB44.B i Jul r M.li-3020 i38.40i. Oct. 60.6a. Dee. 
J8-L40. Beetroots— per 56 lb O-SO-l.M. ^ ; 6IJS-61.48. March 62.80. May 83.10-6323. 


10-6323, 
Sales: 5S5.D0Q bales - 


;YBaurdaj:. 4 - or 
! Ckwe •' — 


Done 


Spot... 2fe8p i+8J6 2B6.1Sp+B.4 

3rmwtbs..|S93.15p :+8J B9L.15p+BLB 
6 month*-. rase Jp i + S.2 
I20iotub4.:3iajip 1 + 9-2 


JtoeRoooe 

April 728 J' - Z7-0 + 5^5 r51.0B-Z7JD 

— Jana 1J9J0-2SJ + e.10 I51-00 S8.10 

— j August 123.80- JILQ - 6-50 t5B.4fl.MJM 

October iZL0a-22J> *sjs 124 flo-22 jo 

LMff— Turnover 87 <611 lots of JO.OOO December _ 1 IB.80-IB.7 +2J5 117.DD-1BJM 


Wbeau 


| July OT.45-OT.S3. 

i *Gnlfi— March 1S3.W USO.BDt. . April 

163.20 1 260. Ml. May 154.50. June 183.00. 
August 165.50, Oct. 191-20. Dec. 198.99. 
, Feb 196 60. Apnl 199.60. June 202.60. Aug. 
203.70. Ocl 2DS.50. Dec- 211.90. Feb. mj- 


ounoes. Mondng: Three mootos 3U. February HiOO-igJl T a.W — 

W. 92.9. J3.7. 3.6. SJ^SJ. agfl 715.60 20 -2. ID — 


3.5, O. 3.2. , XnrbE: Three months 293-B 

H. B3A Afternoon: Three mouhs 291.3, 

I. 2. U; 14." ' U. 01. Ll. 1 J. 1* 
L2. Kerbs: Three months 291. U. 


Soles; 196 (97i lots of !B9 lotmes. 


Halting barley: Eastern £77.40, E. Sproms-per pound 0.09-0 JO. Turnip*— . 

. — MWXands £78.40. N- East C7-10. Scotland OCT pound 0.604^0. Carrara— per baa . r ‘ * i , • 

1S4.M. U.K. £81.90. - 0 AO-l.OO. Paratilps-per 26 to 0.80-1.20. “"‘ejBBC. ““—j L n .’ 

Fonrard Prices for detivery to May- Ontora-per 56 to U&-1J0. Swedes- Home Fntarea~.p78.D5 ,+OJ X70.26 

Feed wheat Ki 4.446 tonnes JS4JU. Feed per 28 lb 030. . Rhubarb— per pound In- | • 

barley: 3£59 tonnes £74JB. Jane— Feed door 0.22. outdoor 0.1M.18. ■ Cucumbers Ftencb Ao. oAm £106 +6-6 £100 

wheat K: 1.577 tonnes £55.36. Feed barley: —per tray C-S4s S.D0.- Mushroom*— per „ ■ numwi <«.i w ■ 

1X37 tonnes £75.10. pound O^MXS. Apples— per pound ^. l \ 1 T y gd , l ^ ln e-^ 9 ^- 7B ;♦ 1-7S£8S.7S Sajco. 6.UW lura. 

HCCA— EX-farm spot prices for March BnunJey's OJ2-0.17. Cos's Orange Plpptna ' '5 I York K .»- 

28. Feed wtmai: Gloucester £8130. Feed B.134L21. Laxtons 0.86^.14. Pears— per hngIDh 3IiHlnf>..|£100o !.„ -£94 i L,, prtan: SIfain ffad,?d ,2 « 

barley: Gloucester £73J». pound Contereucc 0.11-0.16. Tomaiae*— Cooua sihlpm«it....i£a. 1B8 :+ 102.0 JC1.B47.5 ■ ,, 

. per pound English 0.4541.50. Future Slay i£2.M2.5:+I08.5i£].677.2 I 

WOOL FUTURES WF W mabcttc . ^--4 f ! .«. i ® 

LONDON — Dull and feaiureltbs. reports IltW ITl A K K r. Cocu™ -.y lndu*... 1 69.3S* ; + D.5 ; 87.1S< 


Xew 

<25.50 


COCOA 


SUGAR 


LONDON DAILY FRICK— Raw sugar Grwue m 
E lOj.Ofl *£83101 a wane elf for Marcb-Apnl ' 


Bachs Hahey Smart. 

• ( Pence per Mlai 

~4ubtraJtiU] jVewteni'yi-f- wj Busmeie 


Producers' backed array fnun toe stripment. msie sogar daily price vu 
market .and renewed ehoncorering pushed fl»d KfiOLOO naw.W*. _ • March 


prices higher to record sains of atoto 
than £154. rep orts GQ1 and Duff da. 1 


The market opened about £1 bisher, ui, 
bat thU was not as high os bad been — im< » i | 

expected- Trade setong had found little wialMn I 

T |Y«nwttay'i> + ort Bustnow buying interest u toe new higher levels Ss'sIsLfl 

COCOA I cS* i — i Dans, and U was only race toe gains hod been wj'S ”-l 

...V_ v«w».. | .. , loot that bertes demona derdooed. There 

JSffir^r'SSiSx i .1 

fiPFfy pfiMpiy 17 i yyr n iii|T I ffpgpf mt . « ■■“•"■•p ■ ■ ■ ■■■■' ■ *" •* , i 

this feetotg dissipated and the market Soles: Mil frame) 1ms of USM kflra. 


Nt>. bCntrit! • ! 

Uarch 2270.&-74.B 1+47.75 2216.0-Zfi.B 

May — 2082JH5J) l+lMA SIlOJBJffltt 


PLANNED 


Done 


|8taJL2fl.D J 1’ 

.bm.a-26.j ; 


Rubber kilo— j 4B-5u 1+0.26! 47.5u 

£101 >3.0 £106 

_ »Voolto pt6<» bilo—1 B7Qp :87 Il < 

wt IVATTW i Nominal, t Unquoted, p April. aMw- '32B.M.. May 544.10. July aKMU 

WINNIPEG commodity exchange June. iMarch-AorU- uJtme. rAtrO- ■ Scut- SOT. DO. Pec. 572.40. Jan. 576 60. 
is seeking to boost trad- June- w Mareb-Uay.- v AprO-May. z May. I Ifareb _j 65._10. JUay 593.60. July &fe.l0. 


SPlat Inom— April 223JM-223.M i2I* Km. 
July 227.30-227.50 <222.00). Oct. 231.50. Jan. 
235 60-225 SO. April 1111.90. July 2U.6D- 
244 10. Sales: 1.339 lots. 

"Silver— March 340.50 (S2B.50i. April 


Don—. ffU7.B4SJJ +76J W16J-WB 

March — .— 1840.5-41.0 U76.26 1B4LB-16 lO 

lUy — luas-o-mj. I+ 75.0 ibotj-itso 


Jmy aia.u-MJ l+iQLS 2fl3&JLi9ao svdney creaxy fin order borer. Son are contracts in inter- 

S«*. IWE.MS.0 Caw 1MUb4U u^boyln* to forwart montoa. aeUer. burine^^raKut.I-Klero. cw^ct: n^ nna1 «,rr P nei« pnri cnTH 


ing through the introduction of xPefl ““ 
a number of new futures con- 
tracts and by malting tbe existing 
markets more viable, Mr. Richard 
Dawson, exchange chairman, 
said. 

In tbe forefront for considera- 


regorts C. Crarnlkow. 


May 3X9.5. 340.1. s4i.o*uui. M; jot, national 
344-5, 345.8. MU-345.0.. 18; Ocl. 24BM. C01nS ' 


currencies and gold 


sales:' 4.423 (4J8S3) lots of 10 tonnes. 
hrtenwtloMl CtCH OnubttlH «U.S- 

cunts per- jtourali— Dally price March 23: • “ ' 

t 60.15 I USM. : Indicator prices March 27: a per tunne 

15-day average- 131.00 tHSJSi; 22-day JUv._. 1 TflS.i& 85.20 104.40- B4.B0 insjO-UM.l 
average 115JS ncjfi). Ai^....!ila.oo 10^1 idaso+sju nu.sj-toaji 


p3 vr— iwte— I B L HI 6 -' * S7 °- “us. Introducing a gold coins cou- 

Praf. ^wMrfaar^ Frartou. . Bwrai 3»JM37.0._ S7: March MS* 363.0. 3C4.8- tract, etirh Is the Krueerratiri. 


& 


Clou 


Clou 


ttu if Vu tttg Mti wES-r*. tract, such as tbe Krugerrand, 
July 389.8. 370.1. ‘ 370.6^78.o? 8 ^ 87 ' fl forai appears likely to come sooner 
soles: 144 lots. than international 


Uct.. 115.50- 15LS6 II2J2S.12J011SLSB-M241 c — 

Dec.. .^iire.S& 17 J*M16JfrI5JB 177.06- IIS Jb 30.5 lo 83 J: Dialer 


currencies 

MCiT/vrrrTinr t-c because a greater amount- of 
JxImIAIj "CueIAdLlj research already has been done, 

SMITMFIELD 'pence a pound)— Beef: Mr. DaWSOn said. 

Meanwhile Mr. C. ' M. Hall, 


COFFEE iiT.l0.2L7i iaJtoisu ^ kru:lr, rtB ®J..o io c. 11 , forequaners SvdMV^ "futures* exchan ee eh ate* 

ROBU5TAS open up to £50 higher Slay. ..;IUi0«fi H4.1il-24.TClBfiJ6.Z4JM ^ **- 6 “ „ a „ C> iUSsrnLrf 

following otrangto u York over toe Aug 1B8JB-2SJS. 127 JHF27J5 12840 Confirmed the g^d 

"l5''wi'wi« S' a ma^r . 2n!S e to I^DuWlSids W0ujd StAt 

TaIe “* Lste “refinery sin* xqr to M.D. ■ wading on April 1$. 

SSJSL ?S toeriSm cracalaiefi braas wtore ngor was £242,40 Lamb: Inftortod froair NZ-PL 45.0 to ReUtCr 

SS* IUIWI a issue fur home trade and 46.0. PM «0 to 43.0. YLs-44-3 :o 4SJ5. - 

f^Sa-^fegTlnd iS3 SS* SSH «yi- ... ^ «,««: Euglito 48.0 to W.8-, g^cb 

C5.J90 htetker on toe day. ctdtn luuu nwwwJ Sugar Asnuiwt — InAJta- . . 

tnrflWtctf-MM: Of tot^creagartn 'Aon- lor.'JffKSQ fi fUJ . ce«S par pound fob and !&. 3MJ? 

syri+n” ^ strand Caribbean pom ft»r March -23. «-»■ 3»430 H> 36.0 to 434,= 128-lflO to 334 

*** IJt SM ”-“T 7 ® "»£!V coMMissiOH — A.CTaie 

COITKB ri/vwrA\T S*kXM at ropreremaUvr marinera in too 

: p r p r ^ r ! - 1 .“®* -COTTON ^ 


Record refined 
copper stocks 


FINANCIAL TIMES 


Mar. 27 Itaor. 85 iMcntth 

Year ago 

957.36 |S36.34 1 S99JB2 

277.72 


(Bose: July L 195S=1H> 
REUTER'S 

liar. ESptoGT Z5 Mwb Year ag> 


1437.4 [14 lfi. 1 . 13843 1788.2 


(Base: Seniember IS. 1931=100) 
DOW JONES 

Mer. J M011U1I YeSi 

•no j eqm 


Dow 

Jonea 


StaST 

Z7 


S3 


■■’pot ....-366.45 560.77351.60428.36 
futnre»;3B 3.68 344^94332^0419^5 
(Average 1924-^-28=1 DO) 


MOODY'S 



Mar 



Moody's \ 37 ! 

„ kfi 

1 ago 

otto. 


bpJo Cranmtvifl 10 J 906 .41 688JB 988-1 

tDecvinber' - si. 16§f=i(l0) 


NEW YORK. March 27. 


Man* 5*46- ffiM 

M*y„„^!l488.14« 

Jute-r -1583-1584 

Soptoai^r-. llOTS- 1559 

XoviHnbf r_tl«h. lfilE 

January lUTMJtfS 

Match .1256-1283 


eSTTOR, UvBryvri— S pot and 


Tg S REFINED COPPER stocks held JTn^t J^„%*tZj *** JgJ 

S SS by U.S,xeflneneB ««e for the SSSS: S . ???? ffl ! 



GRAINS 


up iTSTJar SS ipm MS? 1 ^ CH1MS1IY 

(+B. 41 . Pigs up 14J per cent, average totalled 306.S00 short tons at the - CR,M >* r 

FUTURES— (GAFTM — Th« bri« “■«» <*<L3'- ' eOfJ Of JaDUaTY. 

COVERT CAKOCN .US mriUtg 


SiCK: 3 jfe Vs,TS4> lOtS Of lOOMS. . 

ICO Indicator pricer fOr March 27; (U.S. ‘ LONDDH 
cen.'a per -pound). • Colombian - siltd ' whegi -market aaw fnri&er cosmniex 

Anbkw INN OBOJS8): tmwtohed ■ inspired Ahon-unrensg with value a: one package unless snupdi— imported predue: 

ArabicttL 188JM l«nnel: other-: nJM- stage up 169 ptmna srfth good ex-more - Oroiueo— Sparta: Xavris JJM'OT. Bloods „ 

Arabicas 1S0J0 'U7.M>: Rqbasus lafl-OT httstoesfi fueDtng tor rise. Profit-taken 2.4M.OT SotosUanas IfiM.W: evonot: tons (181^00). 
UE- 3 O 1 - E*Hy average .OfiU^j. tatered toe market m toe aftuuooa and Valerau Laves IS kilos 3-40-5.06; Jaffa; Reuter 


flood 


. Sept. 810.70, Dec. 823.40. Jan. 827 6fc 
Sales 11.00 Iols. Randy and Harmon 
I bullion spot: 537.38 <534.30). 

Soyabean— u ay 739-741 fT14i, July 7(6- 
I ”47 trial. August 7201-731. SeW. 682-6BSL 
1 Nov. EM*. Jan. 830-631. March 680-63 7, 
May 642. ’ 

l!Soyobaaa Meal— May 192-30-WOfl 
(186.40). Jnly 195.50-196 N (189.16). August 
194 M- 104.30. Sept- 182.00. OCL 171.00, 
Dec. 170.00, Jan. 170.50. March 174.00 . 

Soyabean Oil— May 27.30-37.55 (26.87), 
July 26.95-27.00 1 26. 071. August ? 6.20-76.25. 
Sept. 24.90-23.06. Oct. 53.30. Dec. 22.60- 
! 22.50. Jan. SI.15C2JM. March 22.20. May 
- 22.03-22.15. 

Sugar— .Vo II: May S.D6-S.DS iS.Ol). July 
S.3S-S.41 1 9.33). Sept. S.82-8.B4. Ocl. 8.78. 
Jan. 8.70-S 93. March 9JS-8.5S. May 9.74- 
9.75, July 9 97. Sales: 5.035 lot* 

Tm — 301-514 asked - (503-515 asked >. 
—Wheat— Mar 303 f295i. July 303.3044 
i286j i. Sept- 3111. Dec. 319-3184. Match 
3241- May J27. 

WIXMPEG, March 57. tmye— May 
j 114.30 <111.59 ‘ndi. July 111.06 bid >1111.06 
asked i, Oct. IK) 09 bid. Xov. 108.00. Dec. 
103.00 

riOara— May TiSO >79 W>. July 76.yfl 
asked '73.70 1 . Ocl 75.10 asked. Dec. 74.60 
Dam. 

mtariey — May 73 JO >73.49 «. July ts.bo 
I md >#5.401, Oct. 75.10 asked. Dec. 78 96 
notn. 

SSFInxMcd— May 243.50 >335.50'. July 
; 242.40 bid >2S5.50i. Ocl. 230 j0 asked- Nov. 
236 58 bid. Dec. 233.00 bid- 
rr Wbeai — scwhs 13J per cent, protein 
contnm elf St. Lawrence I60.W <158.19 
AU cents per pound ca-warehatK# 
unless otbcnriE+ stated * 5s per troy 
ounces— ion ettnre lots. ♦ Chicago loose 
On 2 r wr 'HO fln— Oeut. of Ab prices pre. 

~ * * . NT bulk 

bushel er- 
M per 

9B.B pey 
Cents per 

troy ounce rrx- warehouse !> New •* r m . 
mb 1 ran train in to a short ion for bulk lotg 


FISH— Suapty 

* ^A^the^m^'time. Commodity | 3^ ^ d S d j 

5 “TO--* ™» - «*» 

m bnshri 


etaft- ' nnrihnn rfc.Vun xu i' ~jL_!I«i7C** “•<«’ ' « »» >■»•"«■> nwarpnou!," »’ Critls pee 

SSsoSSm. d0cflih ;-?r. U. .hushrt e*. warehouse. 1.6 


1 

t- 


tots. ESSC per tonne. 




28 


Financial Times Wednesday Mareh & 


STOCK 



REPORT 


British Funds end with falls to £1 after thin 

Share index eases 0.4 to 460.1— Golds quietly find 


trade 


Account Dealing Dates 

Option 

*Firet Declare- Last Account 
Dealings ttons Dealings Day 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 
Apr. 3 Apr. 13 Apr. 14 Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May ID 

* " Hew lime ” deallass aw take (dace 
Frocn 9 JO juh. tin btnlaen dm earlier- 

Subdued conditions ruled yes* 
terday as the three-week Easter 
Stock Exchange Account entered 
the last four days. Official mark- 
ings fell away to 4,233 compared 
with last Thursday's 5,402 and the 
week-ago 5,273. 

Marked . dullness in British 
Funds featured, opening minor 
losses being extended to a full 
point by the close following small 
selling in an unwilling market. 
Sentiment -was disturbed by yes- 
terday's early weakness in sterling 
against other major currencies, 
and the Government Securities 
index shed 0.54 for a loss of 1.30 
over the last six trading days lo 
74.73. 

. Gold shares made a firm show- 
ing helped by the strength of 
the bullion price — up S4 at 31S3* 
an ounce — but the Gold Mines 
index, at 157.7, added to Iasi 
week's net rise of 7 Ji by only 
0.9 with the currency premium 
an adverse influence. 

•. Equity, shares drifted lower for 
3/tnuch of the day in sympathy with 
-Gilt-edged, but steadied in the 
• 'absence of any sizeable selling. 

' The FT 30-share index was 2.4 
down at the clay's lowest at ' 3 
pun. and made a technical rally 
later to end with a net loss of 
£on!y 0.4 at 460.1. Leading issues 
closed with mixed price changes 
generally limited to twopence, 
but BP. partly on Wail Street 
influences, fell 14 to 770p. 

Elsewhere, isolated features 
emerged on trading statements, 
bath known and pending, jnd on 
Week-end Pre^s recommendations. 
The latter particularly helped 
Motor Distributors which were 
generally a few pence firmer. 

•. Household Goods and Stores both 
put on 1.3 cents in the FT- 
Actuaries series on hopes or 
increased consumer spending 
after the Budget, while Discount 
Houses fell 2.6 per cent, in sym- 
pathy with the fall in Gilts. The 
overall mixed pattern of price 
changes was illustrated by the 
falls.’rises ratio of 6:5 in all FT- 
quoted Industrials, while the All- 
share index was barely moved 
at 204.12. 


being aired about the authori- 
ties' handling of money supply, 
following week-end Press men- 
tion, buyers were reticent, parti- 
cularly in the face of the isolated 
Continental sale. Shorter issues 
experienced a similar sort of day 
and settled with losses ranging 
to 2, while Corporations sus- 
tained modest falls, often of i- 
Snuthern Rhodesian bonds drifted 
slightly easier in idle trading. 

Jn first-time dealings Amal- 
gamated Industrials 10.6 per cent. 
Preference, offered to minority 
Ordinary shareholders on conver- 
sion terms, were quiet and the 
dose was Sljp. 

Arbitrage offerings released by 
activities in both Far Eastern and 

South African Gold shares 
hastened a downdrift in the in- 


I2Sp and Pearl, 238p, all held 
steady. 

Building issues closed quietly 
firmer for choice; however Brown 
and Jackson jumped 10 to 49p m 
a thin market following last Thurs- 
day’s preliminary results. Others 
to improve included March wtel, 
which rose 3 to 266p, and Inter- 
national Timber, 2 up at lJ7p. 
Breedon and Cloud Hill Lime were 
a penny firmer at S2p in. front of 
Friday's preliminary figures but. 
in the absence of developments 
fallowing the approach from Hep- 
worth Ceramic, Johnson-Richards 
Tiles eased 1} to H7p. 

Brent Chemicals closed II 
better at 200p after 204j> on the 
Increased annual profits and a 
dividend-boosting rights issue, 
while Wolstenbolme Bronze rose 



140 


JUL AUG SEP OCT NOV DEC JAW FEB MAR J 


Gilts depressed 

.Sterling’s uneasiness was held 
responsible for a more marked 
reaction in British Funds, Trade 
throughout was light but In the 
existing thin and sensitive condi- 
tions it needed only a small 
values and the longer maturities 
values and hte longer maturities 
closed the day with losses extend- 
ing to a full point Rallies were 
attempted but with fresh doubts 


vestment currency premium 
which, after opening at around 
Thursday’s late rate’ of 99 1 per 
cent., closed a net two points 
lower at 97j per cent. Yesterday’s 
SE conversion factor was 0.7002 
(0.A92S). 

Discounts lower 

Discounts mirrored the down- 
turn in gilts. Seccombe Marshall 
and Campion shed 10 to 2l0p in a 
thin market and Union declined 
S to 407 p, while Cater Ryder gave 
up 7 to 2S5p and losses of 5 were 
seen in Alexanders, 230p. Allen 
Harvey and Ross, 465 p, and 
Gcrrard and Notional, lfiOp 
Jessel Toynbee relinquished 4 to 
68p and King and Sbaxson 3 to 
60p. Merchant Banks made pro- 
gress in places. Brown Shipley 
improving 7 lo 2Q7p and 
Schraders 3 to 370p. The major 
clearing banks were neglected 
and held last Thursday's closing 
levels. 

Narrow mixed price movements 
were the order of the day In 
Insurances. Sun Alliance hard- 
ened 4 to 540p but Guardian 
Royal Exchange cheapened 2 to 
226p. Ahead of trading state- 
ments, due to-day. Legal and 
General, 162 d, Equity and Law, 
184p, London and Manchester, 


10 to 175 p in front of lo-day's 
preliminary figures. Elsewhere, 
Enaion Plastics attracted buyers 
in a thin market and firmed 4 to 
54 p. while Id, in a small trade, 
gained 3 to 358p. 

In Cinemas, Grampian “A" 
firmed 3 lo 37p following Press 
comment. 

Wallis better 

Leading Stores passed a quiet 
session and dosed mixed. Marks 
and Spencer added 2 at 130p and 
House or Fraser were the turn 
dearer at 144p but Motliercare 
softened 2 to 154p. Elsewhere, 
Wallis rose 5 to 62p in a restricted 
market. Still reflecting favourable 
comment. Ladies Pride Outerwear 
hardi-Tii.-d •* f u«»n Vlp 

With the exception of EMI, 
which ended with a small im- 
provement of 2 at 14Sp, the 
Electrical leaders closed without 
alteration. Amonc secondary 
issues. H. Wigfali edged higher to 
240p before settling at 237p for a 
net rise of 2; Comet Radiovision 
claimed last night acceptances 
amounting to 41.16 per cent, in 
its offer for Wigfali. Kode 
responded to the increased divi- 
dend and profits with a rise of 2 
to 65p, *but BSR encountered 
sporadic wiling and gave up 6 to 
8Sp. Allied Insulators hardened a 


penny to 63p following the chair- 
man's encouraging statement. Pye 
Holdings held steady at 95p in 
front of to-day's annual results. 

Inclined easier for most of the 
day, leading Engineerings picked 
up to close with little alteration 
on balance. Elsewhere, Ricardo 
and Co. 'featured with a rise of 9 
to I24p In response to good 
interim results, while the 
encouraging annual statement 
prompted a gain of 2 to 33p in 
Davies and Metcalfe M A." Stothert 
and Pitt, up 6 at 134p, met with 
occasional demand and support 
was also forthcoming for Marton- 
air, 4 better- at 146p. Mctalrax 
were 3 to the good at 46p. Satis- 
factory annual trading statements 
left Chas. Clifford and Laird 
Group up- a peony apiece at the 
common price of S2p. Matthew 
Hall . continued (irmly and 
hardened 2 further to 192p, while 
similar improvements were 
recorded in Bam fords, 44p. -and 
R. Cartwright, Sop. the last-named 
ahead of to-morrow's preliminary 
results. Among the few dull 
spots, Downiebrae eased 2 to 30p 
and Capper Neill 1 j to 59p. 

The Food sector provided some 
of the day's most outstanding 
movements in Morgan Edwards, 
which rose from 25 p to 32p on 
a bout of speculative buying be- 
fore being temporarily suspended 
at the request of the company. 
Buying of a similar nature 
accounted for a rise of 14 to 142p 
in Wfaeatsheaf, while among more 
modest improvements, Batleys of 
York edged up 2 to 52p and 
Associated ■ Biscuit rose similarly 
to 75p. Confectionery issues to 
make some . headway included 
It own tree, 5 dearer at 395o, and 
Bluebird, 3 better at 157p. In 
Hotels. City firmed 41 lo 96p with 
the aid of option demand, but 
Ladbroke, down 3 at-lTSp. were 
looking a little uncertain awaiting 
today's preliminary results. 

Dundoniari up 

Secondary stocks provided u«© 
main packets of interest in miscel- 
laneous industrials. Dundonian 
gained 5 to 50p in response to 
favourable Press comment, while 
H. Crammer improvc-d a similar 
amount to 120p following the 
higher annual earnings. Small 
buying in front of lo-day's pre- 
liminary results left Royal 
Worcester up 3 at 113p, and 
Thomas Witter hardened- 11 to 
40 Ip following a Press mention. 
Wade Potteries moved up 3 to 35p 
and Letraset and Hyson both 
closed 4 higher at 122p and 6Sp 
respectively. Steel! ey, on the 
other hand, cheapened 3 to I67p 
on the chairman's warning that 
on current evidence it seems un- 
likely that the group will achieve 
any significant increase in profit- 
ability until 1979. Profit-taking 
after last Thursday’s speculative 
spurt left Ofrex 3 lower at 109p. 

Dufay Bitmnastfc receded 2 to 
26p in response to the lower 


profits. Of the narrowly mixed 

leaders, Rank Organisation at 
242p, retrieved 4 of last Thurs- 
day’s fall of 12 -which followed a 
London broker’s downgrading, of 
profit projections. 1 - 

Week-end Press comment 
aroused interest in selected Motor 
Distributors among which H. and 
J. Quick, results due to-day, rose 
24 to 5Sp, ami Applqyqrd im- 
proved 2 to 83p. " Similar gains 
were established by Hartwells, 
85p, and H. Perry, J65p, while 
Adams Gibbon put on 4. to 73p 
in a narrow market. Components 
were rarely altered' apart from 
Associated Engineering, down 24 
at 113p. Elsewhere, occasional 
profit-taking caused a slight 
reaction in Rolls-Royce; at.82}p. 

United featured Newspapers 
with a late spuri of 12 to 338p 


1978 Highs 
and Lows 


'Prom today, the changeover 
has been made from 1977-73 
to current year highs and lows 
in fhe FT Share Information 
Service and associated statis- 
tics. 

on bet ter-than -expected annual 
profits and the chairman '^ bullish 
remarks about current .trading. 
Recent North Sea oil favourite 
Thomson, touched ’ 2X5p before 
dosing 3 better at 2l3p; .the- pre- 
liminary results are due on Fri- 
day. Elsewhere, London and Pro- 
vincial Poster put' on 5 to 216p 
following renewed speculative 
support, while Olives Paper Mill 
gained 3 to 31p. Mills and Allen, 
however, cheapened 7 to 185p on 
light profit -taking. 

Properties passed- another quiet 
session and drifted lower. Land 
Securities lost 2 to 213p,. while 
MEPC and English both eased a 
penny to J24p and 371 p respec- 
tively, the preliminary results of 
The last-named are due on Thurs- 
day. Still unsettled by the un- 
expected first-half loss, Centro- 
vineial Estates gave further 
ground and Tha Ordinary cheap- 
ened 2J to 74!p, while the “A” 
gave up 2 to 74p. Elsewhere, 
Slough Estates, down a penny at 
H4p, encountered a sporadic sell- 
ing in front of today's full-year 
figures. 

Oils quietly dnll 

Quietly . dull conditions per- 
sisted throughout in Oils. British 
Petroleum gave up 14 to 770p on 
a combination of US. advices and 
occasional local selling, while 
Shell drifted to close 3 cheaper 
at 522 p. Elsewhere, Siebens 
(U.K.) moved agaiast the trend, 
rising 10 more to 272p‘ on news 
that Amoco is about to rink the 
first exploration weH on North 
Sea Block 9/4. in- which. Siebens 
fUlC.) has an interest. On the 


other hand. Oil Exploration gave 
up 6 to 20Gp and CCP North Sea 
12 to S&Op. . 

. Ocean Transport's disclosure 
that it may have to cut its active 
fleet by up to ton ships and re- 
duce the number of its officers 
fay over 5 per cent, this year 
prompted a reaction of 4 to 331p. 
Elsewhere in Shippings. P and. 0 
Deferred lacked - support - nod 
drifted back 2 to 95p but Graig 
rose 30 to I80p following demand 
in' a restricted market 

Movements worthy of mention 
were hard to find in idle Invest- 
ment Trusts. Reflecting domestic 
influences. Crescent Japan, 144p. 
and Jardlne Japan, l2Qp, improved 
6 and 5 respectively. Tribune 
moved up 9 to G25p on Press 
comment, while Edinburgh Indsfe- 
trial put on 3 to 20p among 
Financials. . 

The cautious nature . of the- 
statement on second-half pros- 
pects outweighed the increases 
first-half profits announced fay 
Paterson Zochronte and both, the 
Ordinary. 195p, and' non-voting, 
185o. shed 5, in Overseas Trader?. 

Courtaulds enjoyed modest in- 
vestment supoort and improved. 
2 to 115n along with Nottingham 
Manufacturing, which moved up 
4 to a peak for the year -of. 115p, 
but many other Textiles recorded 
scattered losses. Reflecting • the 
second -half slowdown, Montfart 
eased the turn to 50p and, on' a 
combination of domestic market 
and investment curre nc y 
influences, Snia Viscosa slipped 
64 to 46ip. 

. Contrasting movements - - in 
South African Industrials In- 
cluded Tiger Oats, up 30 at SSSp 
in a thin market, and Hofetfs 
which rose 5 to 120p, while Gold 
Fields Property were reactionary 
at Tip. down 4. 

Following details of the agreed 
offer from Consolidated Planta- 
tions, 4 better at 126p, dealings 
were resumed yesterday', in 
Gedong Investments at 132p, com- 
pared with the suspension .price 
of 125p. and that level was main- 
tained throughout the day. Hav- 
ing recently formally rejected the 
b'd from McLeod RusseJ/Sipef 
SA, London Sumatra came in - for 
fresh support and rose 4 to. 127p. 

N. Mining advance 

Shares of Northern 
continued to soar yesterday, 
dosing another 11 higher «-4lp. 
Last Tuesday the shares were 9p. 
The company has a 5 per cent 
stake in the Ashton joint venture 
which is prospecting for diamonds 
in the Kimberley region of 
Western Australia; , , 

Contfnc Riot into, which holds 
a 52.6 per .cent. Interest In the 
venture, gained ground to close 
a further 6 better at. 174p while 
the London-registered Tanganyika 
Concessions, which, controls 8,4 
per cent, put on a penny t0l26p. 

The firmer trend In overnight 
domestic markets enabled other 


FMAireui 

,•» . u 1 . 17/ - a 




U 4C« 5 

1S2.5 1413 Ml* 

9 S3 S-79- 
17.23 17.02" 

8.15 03« B.Jtt "ti 


— — tiSPUk|;j 

Government £•' Jd.ti ' 

t’ixf.t Interest.... j s • *L..— «i 

In'luttnriOminMy,.- ' 

u— 

iM D»'. 1'leW ' J-JJ 

kwommSmituin.^ l ’'*“ "■* ajs a . 3 e o.»« avTj &l 

8.11 ^ 9aM . B2 „ 

iMUitiqiNiU>l W .94 85W/M.** uij 

h.j.itr wnnw 1^-- j ... J4.0W INW If “ 

™ , "iT a.sn. N*»fl *d.i- 1 »»■*•' 

ie am. 43M. .» "V,.. --V 

- m ™ H «r «ff. 

Basis too r.o-.T. »“• 

UiDdS 12 9 * SE Acnvdv JUIJf-Dic. «M.. 

HIGHS AND LOWS 

— — siuni i , ii:u;ilWi ,, B 


IT-^a • i HW 1 


JUVk 3MI-1 


78.58 

li.-h ' 

loL— I 81.27 

: tfi-r 

iiut, OnL....: 497.3 

j Wit* 

Unlit 168-6 

; x?:." 


74.05 

77.14 

.hsi 

433.4 

i2.J» 

150-3 

<3 1< . 


411.10 

lil'llJl 



->L>»Siv - 
liiii-Crtjp** 


. 127.4 4»-W . r.Xi-W- *6M-* 

. . <3-l a <5i ( t 

150.4 I 50.S3 ; 

049.2 - 49.4 * IS'&X* 

442.3 •' «.* : ^ | 


49.® i-ao3M 


Australian issues to move ahead. 
The buoyancy of both copper and 
bullion prices prompted persistent 
buying of Bougainville; which 
rose 6 to lOlp. Uraniums also 
attracted support with Pan- 
continental another 25 higher at 
850p. and Peko-1 falls end 5 harder 
at 4S0p. 

Business in South African 
Golds was quite despite the S4 
rise in the bullion' price to 
$183,375 per ounce. Share prices 
opened a shade firmer but tended 
to ease throughout the day owing 
to lack of interest and the decline 
in the investment currency 
premium. 

Nevertheless scattered hrm 
spots enabled the Gold mines 
index to improve Tor tho third 
successive tridi'ng day, raing «.!» 


more to 15».i. Among -tho 1 
weights lluriebee-K . put on 
£11. while Randfoaleftt 
a similar urnount to 
tower priced the nu 

Durban Deep advanced - 14 

25i, tl 

In’ contrast with GbWt 

Alricah Financials r.ained 

follnwinu a good demand fnm.j 
quarters. Anglo American v Cor- 
poration put on 8 to 3®7p and. 
Union Corporation and De Beeri. 
both rose 7 to Ifsip «nd u 19T7-78 
high of 3 :h»p res-pcetively. - - • 

London -haw d Financmis showed 
Gold Fields 2 better at fTSp fel- 
Uiwins the rite »n the :buBlM 
price and Ri« TintONfltw fhe 
amount to the good- irt lidjvyp 
ilccting the recent improvement- in 
bjse ml 1 til I pricLSL - >ir 


NEW. HIGHS AND LOWS FOR 1978 


The following sccuntm aaoecd m ehr 
Share InfomaHan Service vriterdjy 
attained iich Hlohs and Lows for TS7 

NEW HIGHS (36) 

1 AMERICANS (1) . 

Auroa Inc. 

BEERS 11) 

v*ux Brews. 

STORES 161 

Ladles Pride uncrolt Kiloour 

Liberty Martin the Newusent 

Liberty N-'V Wallis 

ELECTRICALS (T) 

Automated Sec. 

ENGINEERING 12) 

Cartvrrtfiht (R.l . Metalrax 
INDUSTRIALS C7) 

James (M.) Inds. Sothcbv P. B. 

Johnson Grn Cleaners Vlnten 
Letraset Wood (A.) 

M.v. Dart 

MOTORS IS> ■ 

Heron Motor Qtitck iH. & J.) . 

Heron Motor lOnc Conv." 

NEWSPAPERS tl) 
utd. NCWSMPtttt 

PAPERS (Si 

L. A P. Paster Obuw & Mather 

More O’FeiTiP 

PROPERTY (1) 

Estates Prop, lev 

SHOES (11 
Turner (W. & t) 

TEXTILES >3? 

Allied Tcxtfk* Netting turn M«n K 

Crescent Japan 


OILS (H 

tndCaro *0 VERSE AS TRADERS ll» ‘ 

S, me Darby , ■ 

KuKm Muar River -s 

MINES ill 

Oe Beers Cerd. . v-.i. , t ;.l 

NKUr UIHS I4) - 

INDUSTRIALS (It : 
FosecoMinseo^i^^^ 

Common Bros. Lyle Shtppino 

LOFS 


RISES AND FALLS r 
YESTERDAY f 

. UpOtfwn 6MH 

Brlilsh Funds • U 

Corpus.. Dom. awl • 

Foreign Booth 2 II 4‘ 

IntfuctrlaJs . 234 2X4 l.Nt- 

Flnaoclal and Prop. MO M 394- 

Olls 7 M 1* 

PlsntaUaes a 4 22 

Mine* . M 24 52 

Recent Uhr . — i..— 9 4 12 


Totals 


«s m Ls»T r 



FINANCIALTIMES CONFERENCE 

BUSINESS and ie EUROPE 
C0I1UNITY DIRECTIVES 

LONDON 

April 10 & II 1978 


The Financial Times’ in conjunction with World Accounting Report, is 
organising a conference, "Business and the European Community 
Directives”, at Grosvenor House London, on April 10 & 11 1978. 

To clarify and assess the European Community’s action on the 
harmonisation of company law and accounts, die Financial Times feels 
that now is the time to call this conference’ because as yet, generally, 
there has been little study of its impact upon the conduct of business in 
Britain and other member states. 

The conference will provide practical guidance on this important and 
complex subject. The list of distinguished speakers and their topics 
will include : 


Chairmen.* 

Mr. Tom Walts, CBE 
Partner, Price Waterhouse & Co. 
Vice-President, Gxoupe d' Etu des 
des experts comptables de la CEE, 
Chairman Designate of the Accounting 
Standards Committee 


The St. Hon. The LordMais of Walbrook, 
GBE, ERD, TD, DL 

Member of the House of Lords' Finance 
Economics and Regional Policy Committee 


EEC COMPANY LAW HARMONISATION 
- THE BRITISH GOVERNMENT VIEW 
Mr. Stanley Clinton Davis, MP 
Parliamentary Under Secretary 
of Slate for Companies, Aviation 
and Shipping 


EUROPEAN AND INTERNATIONAL 
ACCOUNTING STANDARDS - INCLUDING 
THE ROLE OF THE CONTACT GROUP 
Mr. B. dUliexs 
Chief Accountant 
Commission des Operations 
de Bourse, Paris 


THE BANKING AND INSURANCE 

DIRECTIVES 

Mr. HJL Hutton 

Formerly Director of Financial 
Institutions and Taxation 
Commission erf the European 
Communities 


THE PROPOSALS FOR TAX 
HARMONISATION 
Professor J. van Hoorn, Jr 
Managing Director 
International Bureau of Fiscal 
Documentation, Amsterdam 


m 

I 

I 

I 

I 

I 

f 


To The Financial Times Limited, Conference Organisation, 

Bracken House, 10 Cannon Street, London EC4P 4BY. Tel: 01-236 4382. 

Telex 27347 FTCONF G 

Please send me further details of BUSINESS AND THE EUROPEAN COMMUNITY DIRECTIVES 


NAME 


TITLE. 


COMPANY. 
ADDRESS . 


OPTIONS 

DEALING DATES 
First Last Last For 
Deal- Deal- Dedara- Settle- 
tags ings tion ment 
Mar. 21 Apr. 10 Jan. 22 July 5 
Apr. 11 Apr. 24 July 6 July 19 
Apr. 25 May 9 July 20 Aug. 3 
For rate indications see end oj 
Share Information Service 
Stocks to attract money for the 
call included H. and J. Quick, 


TRADED 

Bunn ah Oil, City Hotels, Tri- 
centrol, Ladbroke Warrants, 
Siebens (UJL), Mills and Allen 
International, British Enkalon, 
RCA and United City Merchants. 
No Puts were reported, but 
double options were transacted 
in Ladbroke Warrants and 
Bnrmah OIL A short-dated put 
was arranged- In EL WigfalL 


ACTIVE STOCKS 


No. 


Dcuomina- 

. of 

Closing 

Change 

1978 

1978 

Stock 

tion 

marks price (pi 

on day. 

high 

low 

British Ley land ... 

50p 

9 

22 

— 

26. 

20 

BP 

fl 

9 

770 

-14 

864 

720 

Shell Transport.. 

25p 

9 

522 

- 3 

528 

484 


2ap 

£1 

S 

627 

+ 2 

678 

5S3 

Burmah Oil 

S 

46 

- 1 

57 

44 

Distillers 

50p 

S 

- 176 

- 1 

180 

163 

ra 

£1 

S 

S58 

+ 3 

358 

328 

P and O Deferred 

£1 

S 

95 

— 2 . 

118 

95 

Cresc. Japan Inv. 

50p 

' 7 

144 

+ 6. 

144 

116 

HK & Shang. Bkg. 

SHK250 7 

255 

+ 1 

285 

228 

Midland Bank ... 

£1 

7 

348 

— 

390 

330 

Royal Insurance... 

25p 

7 

3S0 

— 

425 

350 

BATs Deferred ... 

25p 

6 

257 

— 

265 

227 

Grand Metropltn. 

50p 

6 

104 J 

- oj 

109 

87 

GKN 

£1 

6 

275 

- 1 

282 

.264 


RECENT ISSUES 


EQUITIES 


lt»ue 
Hnre 
l» - 


IDS 


2? & 


FJP. IS6/4 


3 ~ 

5 I- 


1978 


Hlgto 


m 


Stock 


118 JSagsHrdxUya. 


Ih 

5-“ 

s 

■ s .s 

sig. 

si 

a g 

a i 

li 

120 


6.75. 

8JJ 



dS 


e.i 


FIXED INTEREST STOCKS 


li O 

if 

S 5 
a 

li 



17B . 

Stock 

■ a* 
S|. 

+ .H- 



Hiab 

Low 

3L 


nail 

pjp. 





914 


2u,2 

34.2 



+ 1 

F.F. 

r. k 

LJOI 

iOOp 

tetiey« of Yoritshire 10% Cam. 


£98Jj 

3(3 

2im 


SOU 

10Ip 



pIp! 

105m 


101 pi ™_ 
lOSu! 

mm 


C100 

11140 

•s 

F.K 
F.e. 
£1 ) 
F.P. 



unit 

WO 

12 

iif 


101430 

-24 
4-4 
+ 4 
—3 

20b 

26A 

M/i* 

12i» 

IM 

LekeMtr Variable IS82 

Ui(I-8uuwra Water 7% Red. l*rf- 1963 

Peart* P*.| lOlaX ftp. Cnv. Ln. 1B959B.... 

1004 
124 
1Q1 ■ 

E9tf^4 

F.r. 



S9-U 

Tametndi- Variable Ufii.......n>wi» 

10O_ 1—4 


£60 

F.V. 

28(4 

14/4 

till? 

«71s 

ll&ji 

Do. 10 JS Red Wti 

ft', Spring 1L5X Prf 


—49 

E9B 

£25 

8/6 

26 la 

264 

Ynrk Hater 11% Deb. 1389 - — 

364 

— 


FT— ACTUARIES SHARE INDICES ? 

- ' "7. 

These indices are the joint compilation ef the Financial Times, the Institute of Actuaries.^ 

and the Faculty of Actnaries 



FIXED INTEREST PRICE INDICES 


“RIGHTS” OFFERS 



c — 

Lmlesi 

Iviue: 

3 - 

Itonur*-. 

Price 

li 

Uaie - 

PI 

•_ 

■ 1 

7U 

F.P. 

18/3 

4/4 

26 

nil 

30/3 

13/4 

lO 

F-F, 

«/« 

31/3 

21 

P4*. 

2u/2 

40/3 

5 SO 

K.F. 

21,2 

31/3 

SO 

P.P. 

17/3 

7/4 

62 

F.P. 

29/3 

10/5 


1978 


Stock 


atgfl] tin* 


90 


3G6 

76 

B0 


7tS I lEeaumoat Proportion.. 
4pm! C. H. liidntrialk^..^ 


Si MwubeslsrLfaiaeea 
iw MbDutd Uflok. 

S6 Mi llxucy 

76 lWumonj^fas_._._ 


UlMIUli 

Price 

Pt' 

+ * 

07 

-7 

S" 

+4' 

28 


S60 

+?" 

70 

+6' 

80 

+2 


RemuKuUoa -I-*" enaPy luz aas tar dexLins trw ix s&unp duty, b Fljares 
based on prospectos estiuate. p Assumea ctrtdend and rltid- . k Forecast dirtteiid.- 
cvyar based op pretlant yen - * eamnss. rOlvUemt and stew based on prospectus 
or piper official Mtiwim lor 1879. q Gross, t Figures assomed. j Cover allows 
for conversion of shares not now ranting for envMeno or ranking only for -restricted 
dividends. 5 Placing price to poBUc- zxt Pence unless oUnrwm tnafcaied. fl Issued 
by loader. I Offered to hoMera of Oramary shares as a " rights-” —Risnts 
by way of mpiuHsation. +t Uinlmnzn tender price. « Reintroduced, id issoed 
lo connection with rewgatdaatKsn merger or take-over. III! Introdneutni. □ Issued 
to fermor Preference holders: ■ Allotment letient tor rallf-paMj. • a Provisional 
or partly-paid aliotmeBt tetters. ★ With warrants. 1 . 


Br 

itish Government 

Tum. 

Mar. 

28 

Day's 

chance 

xd adi. 
To-day 

xU adj. 

197S 
to dalo 

1 

Under 5 years 

10151 

-DJI 

037 

247 

<9 

5-15 years 

120.73 

-0i9 

027 

•207 

3 

Over 15 years 

127.12 

-0.79 

0.91 

324 

4 ■ 

Irredeemables 

14203 

-0JB 

_ 

178 

5 

All stocks. 

UA19 

-059 

035 

257 


FIXED INTEREST 
YIELDS 

Br. thjvt. Av. Gross Red. 


Medium 

Coupons 


J years , 
IS yean.. 
35 yean. , 


5 years 
IS yvors 

'■» years _ 
Hifih 5 years. 

Coupons 15 years 

25 years. 


Tues. 

Thu fir. 

w 

Mur. 

Mac 

■'tWw- - 

U8 

U3 . 


77? 

iW 


10.06 

9.9fc. 

'..-tttt. . 

10 « 

-20.48 r 

£ 1205^- 

967 

m 


11.14 

1102 . 


1132 

1128" 

1248.. 

2018 

iw 

■MW' 

11.41 . 

21 M-: 

129» ; ;: 

1219 

12.89 


10.92 _ 




10 

16 

17 


t Redemption yield. High, and inn near*, tup 
is*®**, a new- 1st tf UK hawVlSS 

SW UrndSB. EC4P«r. 


Toe*.. March 28 

Thorn. 

Vcd. 

March 

z a 

Moil 
3I«b j iliucli 

ai j ai • 

Index I Yield 

»»■ 1 % . 

3. 

61.07 

66.09 

74JO 

1 12.16 

12.67 

1239 

61.08 

S6wDB 

74J28 

1 

61.06 

S6.37 

74.67 

81,03 | 81,04 
56.45 { 56. 12 

74.4s! 74,53 

1 



■rii uii, Wt> 
Matrli j Mar 


60.98- h 61J3O^ 0t 

*6.17 ! fa6.4lf4ai. 
■^■62 j 79.38. : 


*Wkt* 



























Financial Times Wednesday March 29 1978 

■VT 


29 , 


INSURANCE, PROPERTY, 

BONDS 



r life Anannee Co. Ltd. 
poufs ChurcbMuti, EC*. 01-2(80111 


Fiinii 

Art- __ ... 

it Kd 

i\ ice . . .. 
iv.- Fui.it .. 
■tiMe t-*nnd 
v l-’und __ 
■wwfir. - - 
■eJ.'clivo— 

■iTII.-ilJ- 

tnnaccd 

fSZsxz. 

1\1 Sit « . 


S* 

n«s« 

I«9 
&U2 
1289 
119 7 
US 4 
79.5 
1335 
171 b 
1*69 
123b 
1292 


■ed.SiT4.pib 


Frt Ser 4 
f F.( Jmt 
,|( Mare hai 


ua» 
PM 2 


- 

•87 *oa Z 
135.7 — 

126.1 .....J — 
177J +t£fl _ 

JU al = 

W $1 z 

1302 +fl3 _ 

136.1 +0.« — 
333 +0.M — 

1160 +flil — 
1139 


Guardian Royal Exchange 'Norwich V'nlon Insurance Group 

Royal Exchange. E.CJ Ot^SSTlOT POaox4.KorartchKRI3SG KTOSOOQ 


— Property Bonds R682 175. ZJ | — 

Bambro Lire Assurance limited V 

7 Old Pork Lino. London. wi 014900031 


Fixed InL Dtp.. 
Equity.. 


1240 

Property _ 157.4 

Manured Cap pis 

MauBScd Acc 163 1 

OvorHoai. in? 
GIU M«d 1224 

Prn.FfD*p.r*p__ J3.6 

Pen .FLDcpAr-c __ 1463 
gen. Prep, top 


Valuoliotu, normally Tuts, 
iv lifp Assurance Co. LuL 

Blirlrnponb! . W 


vlM Arc... 


1 int \.r _.|U75 


iiwvKilAt . 
Ian Kit \ciu 
Kri Arc. _ 
J»r. Art. ... 
IVu.Fd.Acc. 
! HcnJlrc _ 
■m I wi .\cr. . 
lPuFUAcc. 
co Ace.... __ 
pvAlsAn. 


1170.0 


1131 

991 

1064 

1564 

11991 

1725 

[126.7 

104.7 

0194 

B899 



2062 

Pm. Prop Ace 2553 

Pen. Man. Cap 1995 

Pro. Man. Acc. 254.6 

Fen. Gill EdB. Cep. 1256 
Pm. Util Eds. Ace. : 1311 

01-437 S9G2 Pen.Bj4.Cap 122.4 

Pen. ».H Acc 137.9 

Pen. U A.K Cap .. 1004 

Hen D.A.F. Ace...... 100.7 


13651 

170.0 
1657 
159J 
171.7 

119.1 
1264 
1393 
1542 

210.1 
268.1 
2102 
2680 
1323 
1366 
1286 
1441 


flanac.-d Kund 
•vqiill* Kund 
Property Fund 
Fixed IolPIiivI. . 
Dr-poHI Funit.. . 
Nur I nil. Mot 15 


Z029 

2115 

-i 31 

3141 

3306 

-16 

1235 

1300 

1558 

164 0 

-21 

104 5 

UOO 


1914 



Frnpcitj Pund . _ 


•Property U'nila [1474 

S 'rKpcrtj Serin A.. 963 

is* .Alma Rd.. Rcigatr. Kelxata 40101. MSJKdSeriSi’A:.® 1 


Hearts of Oak Benefit Society 

13 17. Ta rlrtoek Place. WU1H8SM 01-387 S030 ProjiJH' Fun"d i A 

Hearts of Oak [36.1 30J( . .._) — Acriculiural Fund 

. Auric Kund t A' .J 

Hin Samuel Life Assur. Ltd.* dSteSt Sail. 

NLA Twr.. Addiacombe Rd. Croy. 01-8864395 imminent Fund 


Phoenix Assurance Co. Ltd. 

4-5. King Will! Ml St. EC4P4HR 01-6260076 

Wealth Ajk 1107.2 113 

F*> r T9i An .1 693 

RbrPhEqE. (763 74. 

Prop. Equity ft Life Ass. CaV 
l IS. Crawford Street. W1 H 2A5. 01-4860857 

R Silk Prop. Bd . I 1729 
Ik! KquilyBd. 684 

Iw Fa Uev sd Fi! 153 1 

Property Growth Assur. Co. Ltd.9 
L^nn Mnuae. Croydon. CPS ILL' 0I-6S00606 


V Life Assurance Udf 


Manured. ... 1282 
MBd -B-. — 94.9 
■Money Fit.. 103 8 
Equilv Fd-. 982 

FindlnL 96 0 

1‘rop Fit 958 

Mrd.ro n Ki! 98.4 
Ucd.Hrn.-B’ 998 
ktan .. 999 


135.1 
105J 
1093 
1035 

101.2 
100.0 
163.7 
1042 
105-2 


Managed Series C_ 90.1 

Money Units U9.0 

Money Series A._. 963 

FinaflntSer. A 946 

Pns. Mgd Cap U0.7 

Pas. Mgd ACC 1418 

Pns Gut Cap UKb 

Pns.Gtd.Ace. 1093 


154. Bt 
1035 , 

94.9 -6.3[ 

ffl .... , 

iSI - 0 - 11 

1493 
110.2 
1153 


lniestcusnt Fd. (At 

Ksiuily Fund.. 

Equity Fund i A t 

Hinny? Kund 

Money FundtAi. 

Arluonal Fund 

fllli-etfCcd Find... 
Gill-Edged Fd iAa. 
♦Kellre Annuity — 
•I mined. Aunt] — 


— Growth Pratinu & Annuities Ltd. 


— All U’rherAc. L'ls. 


y Life Assurance 

nidge Hoa<l. w.ll 
LFdCpl.nl. (78.6 

Fd St lint .fe 7 99. 

Fd |ll6S 126 

lays Life Assur. Co. Ltd. 

nfordRd.KT 01539 5344 


•All U eat her Cap. 7 


•luv. FA iris 

. Pension Fd L'te - 
. 71255 com PcniFd. ... 


ybond**— ..11165 

10T 3 

- - . 1122 
. 1022 




■ed M43 

97.7 

cnsAecum 969 

dial : 953 

IfFtflyAft- 96.6 

HSl __ 95 8 

IPettf. Ace... 9g.7 
itisl 969 


124.1 

113.0 -05 
11IIJ —0.7 
W7.fi +03 
imi —0.4 
102.9 *QJ 

1020 -0.9 
1084 -10 
1817 -12 

108.0 -1.2 
WX1 +0.1 

1021 +01 


Cm- Pns" Can V| 
Man Penn Fd . 
Man. Pens. Cap. ft. 
Prop Pens. Fd 
Prop PcnsCap.UU 
Bdcc. Sue Pott. 1'!. 
Bdg. Soc. Cap tit.. 


1752 
1739 
7145 
789 3 
150.8 

658 
162 B 
1622 

1371 

1372 
1101 
1255 
1255 
174 6 
1383 


0269 


1322 

1272 

142.1 

1301 

1413 

131.7 

1422 

1310 

1281 

1166 


U33[ 

1273 


If: 


13 


•Current unit value March 16 

Ire Life Assur. Co. LU.V 
nbord St, BC3. 

Horse Mar. l.| 12737 

da Life Assurance Co. 

Ch SL. Potters Bar. Herts. PJiar suae 
■MMnr.l. .. I 558 
7dLFcb.0— | 1658 

on Assurance LtdLf 


Imperial Life Ass. Co. of Canada 
m *7*00111 Iniperisl House. Guildford. " 

01-7439111 Growth F4 Mw . S.J667 74 7[ .... 

Pea* Fd Mar.23 . (643 69« ... , 

„ . Oalt Linked PofUollo 

Manaccd Fuad 9 99.91...., 

FlMdlnl-Fd —..1953 100.ll ... 

SecurvCnp Fd. «5J 1MLS 

Equity Fund [%3 1003] .. 

Irish LUe Assurance Co. LUL 

'KSSSRCkF nmSPB ProvinCUI “fc Assurance Co. Ud. 

MiSwSfFundTllaafi 23611^0 1 222. Buhopsgale. E.C3. 01-247 6BS3 

PropMod. Feb.] 0678 176 S . . — Prw. Managed Pd. [1103 1161/ 

Prop.lM.Gth.. jULl iw fi| J Prm.CMbFtt. 003.9 1895 

* Gilt Fund ZO.— -41243 ' 1308) 

King & Shaxson Ltd. 

Bi Corah HI. Ed 0F823BO3 Frudential Pensions limited^ 

Boad Fd. Bwaut-ULiB lUM-OMl Hoi bom Bare. BC1N2NH. 01405 

Prop. F. Mar. 15 0459 ■ 25. 

oi-fiia 1388 Langham Life Assurance Co. Lfd..- 

I 1 ■— Lan£tknm Ha, Holmbreok Cr.NWi. 01-2038311 RetiMp*. Mntnat 

Langban) ‘A'Plan_K48 673| _„.J — Ketumce Mutual 

•Prop. Bond Q408 1473 _ 

Wlap (SP) Men Fd [73.4 773J — 


Tunbridge Wella, KenL 
Rel. Prop. Beta. | 1922 


ui-«oHa 

-J = 


0003 22371 

I - 


Legal 1 & General (Unit Assur.) Lid. 


Kinfiswood House, 

mcWy.WcmWcyHABONB 018828878 


• S 


rl’nits .. 
rty t ints. . . 977 
■bond Emv. U0.S3 
trmd E+vc . Q2B7 
i Eiw.L'niL 02.77 
It Rond . ..189.9 

.'AOl-uid 1M 

rtv.lccum 02.13 

Arrum. . . .. 1538 


mil* 


*87 4 



Current mine March 

hi Life Assuranee¥ 

. ChapdAsh VTlon 



Do. Accum. 963 

Equity initial 111.7 

Do. Arrum U? fl 

FiirflnltW 1158 

Do. Accum. 1169 


Managed Initial 1138 

Da Accum.— 114.9 

Property Ini Uhl £52 


— Do. Acchm. .- 


Legal a General (Unit Pcmtonaj 
Exempt Cash lniL_ 


KtagxwDod, Tad 

‘ 

10X4 +02 — 
U7.fi -OJ — 
1161 -03 — 
m.i -oj — 
1233 -02 — 
119.8 -0.1 — 
m.o -da — 

S aj — 

u — 


Bothschlld Asset Management 
St SudUunHLane.Loodon.EC4. 01838030 

-N.C. Prop. Dec. 30- pl43 12L4' I — 

Next sub. day March 31. 

Royal Insurance Group 

New Hall Place. Liverpool. 0513274422 

Royal Shield Pd.— 1 132 3 ■ 239 9} . ... | . 


Do. Accum. ... ..I 963 

Exempt Eqty.lniL. 107.7 

Do. Accum. 1085 

Exempt Fixed Inn. H4.7 

Do Accum. 1056 

Exempt Mngd. lniL 1077 

Du.AcctnnT-. 1085 

Exempt Prop. Inn. . Bt 
Do. Accum. 95.9 


2BUv*811 ... 

Sit 

11X2 .. ., 
113.4 .... 
1143 .... 
ll®.5 .... 
1QLI 


Ul-OOi ww 

isrd = . 


ion Horn..' 
tievt. Fd. 
iu+(Tlni J-'d. .[ 


9628 

10188 


(WBS8SU 


ierhouse Magna GfxV 
eqocrt: Sq^ Uxbridge UE8 GNE 


Sam 


►eF-iero 

a Managed 



Legal it General Prop. Fd. Mgr&Iid 
1 1. Queen Victoria SL EG4N4TP 03-3480878 
LAGPjpJ-AMar. J.H85 10X1| _....| — 

Next sub. day April l. 

Life Assur. Co. of Pennsylvania' 
3042 New Bond SLW170RQ. 01-4S883S8 

LACOPUbHs. 11887 1857| I - 


Save & Prosper Group* 

4. Gl.SL Helen’s. Lndn. EC3P SEP 01 564 

Pal lm Fd H2X7 126M . . 

Property Fd. - 1498 1572 +0, 

Gilt Fd — 1219 1284 -0. 

Pepo- ii Fdt 12X8 1283 

ContplVnxFdr-. 1962 2087 

Equity FVnv.Fd .... S11<S 1799 -O.d 

Prep Pens Kd • . . 2093 22X2 +0 Ji 

Gil' Pen* Fd. ..... 94 3 993 -0 3 

Depot. JVn&F6t....|96V 102.0| - .. 

Prices an 'March 38 
tWoddy dealings. 


Schroder Life Gnttpf 
Enterprise House. Parmnonih. 
Equity Mar 21 

Equity 2 Mar. 21. 12068 

Equity 3 Mar 21 .... 


ffiDS 27733 


Fixed tat. 3 Mar 21 1 
Int IT Mar. 21 ... 

Lloyds Bk. Unit Tst. Mngrs. Lid. ?- Ma , r , ^ 

71, Lombard St, EC3. 0149231288 FlxHmr 31 

Exempt 1966 . 10161 4 7.16 BSsSlSraL 

. .... • Money Mar 31.. 

of Westminster Assur. Co. Ltd. •£*** “ fe 

send Iltrasc. fi Whitehorse Rond. **; ^ EC1A 4 *^_. 

luc CK02J.V. 01-8840066 ^3: 2 \ 

Opt5Eqt> JUflr23_ 120.0 1264 . 

Opt. Hy. Mar 1593 1673 . 

Opts Man .Mar 16... 1423 150.1 . 

0pt5 Dept3Ur.l«_ 2203 1267 . 


IWp KMrtd 
ged Fund „ 

fund. ... 

6 Fund 

MnKd-Cajv- 
JJngcl Acc — 
a i .Uuneyrsp. M , 

'Iraq' Are. . 

*iqdityijhp. u .)456 
KsuityAre ^.147.0 
d rarrenHr c( 
net-nil* 

cl Westminster Assur. Soc. Ltd. 
A cue 01-684 0664 

Unit*. 1 114 0 31971 I — 

ul» I nilN . 1 533 55.9| — 

ntcrcia! Union Group 

■Jen’s. 1. 1. ndcrshaR. EC3. 01-3817500 

B.tef:MarE:l 5141 I I — 

muitji lb I 17.18 I .... J — 

edcration Life Insurance Co. 

upixn Lane. WV2A U1E. 



Deposit Mar. 31— 
Propcrtj Mar 37. 

Prow y..1 Mar 21 _. 
BSPn I’p. Mar. 21 _ 
BSPn Are Mar. 21 . 

.Mn Pn Or Mnr.21. __ 
JiinPnAccMar ZJ.J2249 


214.6 


Z06.B 

217.7 


112.9 

nia 


140.4 

1479 

... 

1508 

156 T 


1199 

1262 


1524 

1556 


1288 

1356 

.a«. . 

1271 

1337 


1397 

1478 

\ m \ ml 

106.1 

Hit 


1161 

1222 


1125 

1185 


149.4 

1574 



1472 

154.9 

M1(M 

ua a 

.. ra 

1281 

mmm 

1911 

2012 



(224.9 

2369) 



London Indemnity ft GnL Ins. Co. Ltd. Scottish Widows' Group 

18-20. The Fortuny. Re ad ing 58 3 511. FOBox 802. Edinburgh EH 1S5BU. 0210660000 

STnStST-k: ■ S«i| r ISSRSS-V-^ * 

Fixed Intereat [34.4 366| [ — rev. rash Slar ’.35 _ 

ExXJlTr. Mar-IH- 

The London ft Manchester Ass. Gp.f 3fed.Pen.Mar.20-. 

Tbe Leas. Ffdkextooe. Rent 030397333 



Cap. Growth Fund . 

•Qcempt Flex-Fd-I 
•Exempt Prop. Fd 
•expLlnv. T«L Fd 
Flexible Fund .. 
lav. Treat FUnd — 
Property Fund. ... 


20*3 

127.4 

653 

1368 

1841 


Solar life Assurance Limited 

01-8060471 


Solar Equl rv 6- . 
Solar FxdlnLS 
Solar Cash S — 


S ft G Group* 

Three Quo*. Tower Hill EC32 GBQ 61-636 4588 


I(v Fum' 

[Ml 4 

149 0 


PjMFund , 

U740 

1827 


r-il Fen Fd . 

M3 

727 


: IVn Fund 

208.3 • 


tut Fen Fd 

I960 


<■ tl Pen Fd . 

1761 


■rty Fen F.l . 

1298 



ceted Ip 1\>I 

352.4 



4VraPntaimi“*— 12046 

Pmnr: Pepuia l* _ 116.6 lg3 

01-2420C02 Equity Bond"* 1256 132-8 .— 

Family TEaij-* M8.9 — 

Family 81-88- 166.4 - . 

GUI Bond*” .... .1065 1114 .... 

IntematnL Bond** . B 1 «6».. 

Managed Bd— _ 1242 1305 

Property Bd** . 1466 1562 .. . 

Ex. Yield Pd. Bd.* . fe.« »J 

necoieqrFd.Rd*. 564 614 ... 

Amerlcau Fd. Bd.'. 162 «l .... 

Japan FtLBd*. — 4B.4 . 50.9 


Price* on 'Mar. =2. "Mar. 26 *-Mar. 23. 


Solar FxdinL P.> 
Solar Cash P._„ 
Solar Inti. P — 


rare 

1319 

131.1 

-05 


1099 

lie 7 


„„ 

1501 

itii 

■4IJ 

fcB . 

1184 

1247 

-11 

_ . 

9? 

1BSS 



866 

1027 

-OJ 


1251 

1327 

-05 

... 

M97 

U53 



1499 

1571 

-0.1 



.trim 

1245 

-10 



UJ53 




1027 

-BJ 


hill lapnranc* Co. LUL 

rahill.Et is. 0I-8S864U 

£waft?~Bi r_ -wirrliant Investor Auuraucef 

hril.Mar.a.JSBB Md+i'-fll — . ^Hl|h Sheet, Croydon, 
it & Commerce Inwnn c e Maney^LFdTCi 

i^ist St", London WIR5FE 01-4307081 1 “L V V^*& H F, M 

&\CdFd — U22.D 152.01 1 - 

PiOfL ri liS. 


*der Insurance Co. Ltd. 


Man Pens. 

U TovrorPL. Ed 01-8288031 Equity Peu_ _. 

rap Mar. 7._ .167 7 7441 I — Coav. Dev Pens. — . 

Won fflt. P1 H16 

c Star lusur/Midland Ass. 
eedneedlr SI. ET2. 01^88 12tt NEL PcnSlon8 Ltd. 


r 1275 
IMS 
1033 

1343 

■1593 

lJ7.fi 

I860 


Sun Alliance Fund MangmL Ltd. 
Stm Alliance House. Horsham. 04038*141 

EapJFdlnLMar 8 105430 164.401 . 1 . I — 
InL Bn. March 21. -[ £1210 | | — 

Sam Alliance Linked Life Ins. Ltd. 
Sun Alliance House. Horsham 040304141 

Equity FUnd, .0024 107AI -A5] — 

Fl*eolntereBtFA._ 102® 3074 -Q.B — 

014880171 property FUnd M2 1 1075 . . — 

JoierBJffifooal Fd. - 95.9 10X0-05 — 
DeporttFunri... — .95.6 100.7 . — 

Managed Fund 1D0.7 106J -0.5 — 


“ Sun Life of Canada (UJK.1 Ltd. 




SWIY5BK 

Gl-SOOSHN) 

| 1902 

I - 1 

1328 

I H111 1 


1 1 _ 

2001 

1 — 1 — 


.Suzre>'. 


.Mid-t-nlts .149 3 5111-83 649 

tv ft Law Life Ass. Soc. Ltd.* 

■Jiare Road. Hi rh Wycombe 040433307 

rfd .-.[I860 uis -oil — 

rt'Fd ...1027 naB+02 — 

InlmnlF.. .11097 U6a-0J — 

•muiMt Fd. . ..Ml 103JB +0.1 — 

* ; >d. 11067 Ul3*0^ — 

tral Portfolio Life Ins. C Ltd.* 

■Umornuu ex. Wahhain Cross. WX3U71 

■ItnFuad . .[ 1293 I |- — 

•be C am lal . |4Xb 43.7} | — 

ham Life Ass. Soc. LuL 

w rt Wales Rd. B’mmrth. 0202 MWSS - 3- 


MUton Court. Darkle 

KelexEq.Cai . 

Nelex Eq. Accum. _ [ 
Nelex Money Cap. - U 
Ndpx Uon. JfcS 
KelexGth lneAcc-t 
KdexGthlueCap. j 
Next ml 
NH MxA Fd. CipV-f 
Net Mad. m Ace. - [ 



® 1J Target life Assurance Co. Lid. 
Target Botue, CMchooR^H^V^bgr. 


M=1 - 


Bucks. 

Man. Fund Inc _ 

Mao. Fund Acc- 
Ftnp Fd-Int _ 

Prop. Fd. Act— 

Prop. Fd. law. 

Fixed InL Fd. Jnc. 

Dep Fd. Act Inc_.t97.fi 
Ref. Plan Ac. Pen.. " ' 
ReLKaoC»p PfO_. . 

Rp I PUnManAcc. . (1222 
RPLPUnMmLCap.- " 
Gill Pern. Arr . . .... 


OT7 UJ« 
mio iia5j 

!1B7.2 11351 

#1320 
1030 

SKI 115 JJ 

__ ico y .. 

£9.4 75 a -0: 

S74 627) -0.1 


liSOIl 


arbhtmd . . I9S4 
ouiN Hind . p 00.0 



quij» Fund . □ 09.0 
niFiinri_ .. .11147 
HI Fund . -.00X2 

pty. Fund .. (95 S miroi I — Kurt Krytav.Ptao.n346 

.th & See. ufe As*, soc. Ltd.* fK£S£5rfer:: K 

Junk Bray+Mi-Tbaraes. Belts. TeL 34284 Erlrxlnc. Pii,_ 96.7 

TlcVinanre. | 1X069 I .1 — AmerfcanEi g6 

tank Sen -I 5643 J I — FXrEwsW. 95 0 

tank Srs ,\cr bl62 _ ll*j| ... I - GUI Fds*d Fd^ ... 1021 

. Super Fd. P £7 9693 \ J - Coo. Deportt Fd._.JWJ 


Fkr New CBotf Pra u e it p see under 
UaUncMM Aaaet Nnagont 

NPI Pensions afiuageueat Ltd. 

46GFacerhurrtiSt_EC3P3HH. 01-6334200 Hui Pen. Cm. 
aaqadPiind. — P*X1 347.01 .. * 

Price* March L Next dmdios A-. - Transillf4nuitional ^ Int c. ^ 
New Zealand Ins. Co. (U.KJ Ltd.* 2 Bream Bids*. EC41NV. ui-mss4B7 


129.3) 

120T 

K51 

1365 


- Mrtila«idH«aae.SmiU«ndSS]2JS 07028^ TphptorasLW... 


104 
104.11 

uia . ... 

390 A1 

mos . . 

10731 ..:..J — 


100.3) 


0355 1406 -rX. 

_ Tulip Alancd. Fd 1S69 1125 -1 

109.7 1154 -X 

1123 1182 -I 

1104 124 6] +1. 


Man. BamfFd 

Mon IVn. Fd Cap.. 
Mon. Pen. Fd. .Acc. . 


Trident Life Assurance Co. Ltd.* 
RmslodeHouxc. GIoqrt»>u-r 049236541 


BASE LENDING RATES 


JB.N. Bank 

died Irish Banks Ltd. 
aierican Express Bk. 

Tiro. Bank 

-P Bank Ltd 

enry Anabneher 

inm de Bilbao 

ink of Credit ft Crace. 

ink of Cyprus 

ink of IU.W 

inque Belqc Ltd 

niMtic du Rhone 

ireluys Bank 

tmelt Christie Ltd.... 

'eurjr Holdings Ltd. 
rit. .Bank of Mid. East 

■own Shipley; 

inada Permanent AFI 
initul C ft C Fin. Ltd. 

i>zpr Lid 

?dar Holdings 

larterhoase Japhct... 

loujartons 

E. Coales 

jnsolidated Credits... 

>operative Bank ' 

irinihian Securities... 

•edit Lyonnais 

an Cyprus Popular Bk. 
uncan Lawrie .. H ..,4 SA% 

ipil Trust 

iglish Transeont...... 

-rst London Secs. 

irit Nal. Fin. Corps, 
irst Nat. Secs. Ltd. 

□tony. Gibbs 

rewound Guaranty... 

Bind lays Bank ..t 64 “6 

Jinne&s Mahon 6*% 

amh'ros Bank 


HID Samuel 8 6} 95 

C. Hoare ft Co. 1 t 61% 


71% 
61% 
6i% 
61% 
a % 

6i% 
S % 
6J% 
64% 
61% 
61% 
6*% 
61% 
64% 
61% 


Julian S. Hodge 
Hongkong ft Shanghai 
Industrial Bk. of Scot. 

Keyser UHmann 

Knowsley ft Co. Ltd. ... 

Lloyds Bank 

London ft European ... 
London Mercantile.....'. 

■Midland Bank 

SBmucl Montagu... 1 . 

Morgan Grenfell 

National Westminster 
Norwich General Trust 
P. S. Ttcfson ft Co. ... 
Rossini neter Acceqt’cs 
Royal Bk. Canada Trust ‘61% 
Schlesinger Limited ... 6i% 

E. S. Schwab Sl% 

Security Trust Co. Ltd. 71% 

Shenley Trust 9»% 

Standard Chartered.... 6i% 

Trade Dev. Bank 

Trustee Sairings Bank 61% 
Twentieth Century Bk- 
United Bank of Kuwait 

Whi teaway Lafdlaw ... 
Williams ft Glyn's.«... 

. . ■Yorkshire Bank .......... 

64% 

9 % ■ Mcmhrtr 


7*% 
6i% 
7 % 
64% 
61% 


64% 

84% 

S % 
61% 
«% 


of tiu Aeenulas 
COBUtURK. ' . 

7-d*y deposits SK, 1-mimth dspMita- 
3**. 

T-dm r dcpaslia oa mnu of £|6Ma 
ud trader 3*r. bp to 05, m 3*5 
and om asfiM 4M 
Can deposits over £lJM8 3rl. 

DenuBd deposits «r<*- 
Ra».qj» opplfes u firrifus tod. 
SSC8. . 


Mmaecd, 

CUd. Mad. _ 

Property^ 146 8 

Einilri-. American 

&] nzt. 

nifi EMs«d 


GrawhAefc— : 1294 

Pens. Hnpl- Cap. „ 1130 
Pens. MoEd. Arc™ 1164 
peos.GtdSop.nap.. I DOS 
PensGl&DHxAcc.. 1040 

Pens.nA5.lSp. Ul» 

Pwn. Pty.A etL. 1151 

GrBwtTiT ,p 7 m3' l-ai 
‘UHh value for £100 mmiDm. 


1267 
1597 
154b 
83 l 

107 1 -0 4^ 
146 S 
1325 
127 6 
984 

132.9 

133.9 
237 1 
1197 
1233 
107.0 
U0J 

U84 

1221 .. 

3771 


Tyndall '-Assunncc/Fensfans*- 

I8.fUmraseltmiXBrii4ul 027232211 

3-«a*3Iar. u 

SSJSfffc 

Pwwm Star 18 ... 

IVpomi Mar 18 . _ 

3- cay neo.Mar. id_ 

Oapaslnr iter. i&. 

Mn.Pn 3-WBtar. L_' 

Do Equity Star. 1— 

DO Bond Ster. 1 .. _ 

Do. Prop. Mar. 1 


1212 


1510 

1MH , 

1682 


1038 

| _. [ _ 

UbO 


1434- 

mmmmm. 

646 

mmmmm. 

1614 

.mm... 

2352 

• MX. 

177B 


822 



Taubragh Ufe Assurance 
4HJ Maddox SL. Ido. W1R0LA. 

.11403 


HMimdW.. 
Faced latent Pd.„ 


01 -we 4823 
1473-041 — ' . 
2272 -ft* — 
94J -Q2 — 
1775 -V — 
144 4 ..... — 
223i|+0ij — 


Vanbrugh PcusitHis Limited 

41« BSwldiKSt.Ldn.WlH OLA 01-484823 

we±=w- 

■ a .ioa: 


Cnsrantecd see Tns. Base Kates* table. 


Welfare Innoiance Co. Ltd.* 
|TTjeI>taA FtO^iooe, Sent. " 03»»S83 

97.9 J j — 

r ouer {uuis.' plcaao roter toTMEsadoa 4k 
1 ._ .. 3tap4heitcr Croup. * 


Windsor life Assur. Co. Ltd- V - 
1 Bifih ftreac, Wtndsor. Wladior 68144 

UlaJmt 

FntiocAHd.Gthiai 

neLiBKCrenth 


- u ... 69J 


. ■ 17.0 

|M| 

40.0 


QMS 

.ROM 108.9 



Abbey Cult Tst. Mgrs. Ud. (a) <*> Gartmore Fund- Managers 0 UKg> Perpetnal Unit Trust Stngnst-V fa) 


T-ja, rjuiwu. nn Aylesbury. 
Abbey Co pi toL — 00.9 

Abboy income. (3+ 5 n 

Ablisj Itw.TH. Fd-.cn. b S3, 

AbbepGen Tst ps i 45. 


Allied Hambro Group (aKKW 
Hwnbros Hsc. Hullon, Brentwood. Essex 
01-580 2851 or thum n wo d «OZm211«SB 
Balanced Pttadi 

Allied in —16X2 

Brit. loda. Fund — fco.7 
Crth & Inc. [353 


02005941 6 at. MBIT Axe. EOA 8BP. 

' AM 


i*i Far Bart Troat- 


[240 

25 91 

-01 

497 

- 53^ 


1316 


*0.1 

*9.4 

Jl bet 

♦0 3 

549 

59 i 


fiS.B 

71 H 


1254 

1326 

HMD 

B18 

89 a 

+fll 

26.9 

29 a 

-01 


01 -2833531 48 Hart SL. Henley on Thames 0401X4888 

' D.77 T-petualCp.Gib pfcj 38.71 ..._3 3.74 

is Piccadilly Unit T. Mgn. Ud.* lalflrt 


727 


ElBCL. It tad. Dev. 3X1 

Allied Capital 671 

Hambro Fond 995 

Hambro Acc. Fd.... 1125 
Income FOada 

HightLeldFd 163.9 

Hkib lccome I63J 

AJXEq Inc 1362 

Imenadoori Fund* 

InUToaUomil [233 

See*, of America W7.0 

Pacdic Fund [34.9 

Specialist Fuads 
Smaller Co.’s Fd. ..»T 
2m!FmIr. Co's Fd. „ 195 
Recovery SUs. 133 

Met. Min, & Cdty. .. 371 
OwneaaEaroiag&. 50.® 
Expt. Smlr. Co*..4>t2QX6 


455b 
64.9 
375 
33J 
. 7X1 
1063 
120.4 


— 0J2) 
-02 
-02 
—OX 
- 0.2 
-02 
-02 


5 BO 
5.71 
529 
5XO 


Ertra Income .— — 

W4 

■pgw 

-0.1 

f:- . . 1 1 \ | wryi 





509 

9g_9 

+DJ 

lm. EnuL ftAsAeu. 

157 

tt 1 

+0.5 



3720 

__ ... 


596 

64.B 

+0J 

Technology Fund... 

S6X 

59J 

+03 

AmerieuD Fund — 

zm 

233 

-OX 


3.16 

3X2 

3.48 


684ri +0X1 

67.73 -u.il 
3871 -Oij 


lie An-ncie* 

Inti Exempt Fd — 
iiilDit.Td.LAec 

Gibbs (Aaloiiy) Unit Tst. Mgs. Ltd. 

23. Blamfidd SL/EC2M 7SL 01-r884] 1 1 

lalAG. income' — D?.l 02M «0.1l BAD 

laj A.C. rirtrathtT.. P6 1 3871 -03 490 . . _ . 

csi iaiA.G, Far East's- fe? 22« +o3 a 30 Practical Invest. Co. Ltd.* (yMc) 

556 - DMlmo Tues. TlWcd. 44. BloomsbusrSq. WCTAZKA 01-823 

*>+ <»- .A ■ TVk.UI OW-H—IM— +++ nu« 142791 I 

20x3 
Ltd.* 

01-3478533 


DMlino *Tues. TlWcd. 
Govett Uobn)* 

gj3 77. London WaQ,EC2 


01-5885820 •“** 

.._..| 238 Provincial Life Xnv. Co, 
2ja 222.Biabopsgate.ECJ2. 


356 

4.79 

526 

2X8 

280 


4.49 

4-49 


SB Gresham Bt-. ECSRSDF 

Bar-xta March 1S...I191B 
_ (Accum. Unitsl;--.. ZW 9 
5X6 BTgn. HY S4ar 23 1682 

5-34 i Accum Unltsi 193.4 

578 Eodeav. Mar 28 1678 

5.76 (Accum. Units i;--.. OT3 
539 Grnchmr Mar 28— Sj 
555 lAecnn.l'Mtii— , M.7 
takBnbJIu.sr 684 

Anderson Unit Trust Managers Ltd. lAecum-timui..-— m.9 
150 Ferf church SL EC3W SAA 
Andereon U.T. l |452 


S'hldr Mar. 17 U2J 3 131.H .. 

Do Accunt Unit— jMB-7 156.71.. 

Next deoil at day April 7. Pmliflc uiKi 173.4 7841 +OXI 

Grieve son Management Co. Ltd. High income. P04.7 1122I +02J 

~ 01006 4433 Pradl. Portfolio Mngrs. Ltd.9 (aXbXcl 





aw.9 

217.7 

1762n 

2926 

1745 '■261 
18X1 +SUJ 
an.B 




4* Hol born Bare- EC1N2NH 
Prudential _—UXJ5 


01-4060232 
12501 4 454 


754 QniJter Management Co. Ltd.* 

Ha The SUc. Eachsnae. ECgN 1HP. 010004177 

i4ii^ 532 ^ 

303 


f g Reliance UnH Mgrs. Ltd.* 

m-twi, r- f> ___ i u ReUance Hso-Tunbridro Wells, KL 000223371 

Guardian RosmlEx. Imt Mgrs. Ltd. opporamnyFd — MS 6A7] +03) 521 

48Jbg+IL2| 430 Royal EnfhanCe. EC3P3DN. 010288011 SSsrdeT.(AccJ-W2 4X’g +OXf 5J8 

Anshacher Unit.Mgmt. Co. Ltd. i^o^rdhin^MA 86Aot -oxi 452 *" 

t Noble SX.ECZV7JA. 01-8230370. Henderson Admlmstration(a)u) - Ridgefield Management Ltd. 

Inc. Monthly Fund . [154.0 164-Mf | 93 Premier J.. Admlta, Rayleigh BoJrt . PO 80*410, Bm*H».lUiielcto 081 M8«m 

Brentwood, Essex. - - 0277 "1 7238. Rldgefleld Int- UT.WO 9Z0J 272 

(cjAuxtrslten E72 291] +0XJ 2M Hidarileld Income. |93 0 99fl . — I 

a7. Queen SL London BC4R1BY 01498 9St SS Growth 978 40 M "l 


Extra Income Fd--. 109.0 

High Inc. Fund 39.6 

At Accum. OnltsL— £3.4 
Wj* - W’drwXUtsj S3 4 
Preference Fond— Z5.7 
LAecum. XJulta) — _ 382 

CapHal Fond. 172 

Commodity Fund _ 5X6 

(Accum- Unite) 727 

iimiBPdrwLU.) — 165 

Fln.bPropJ'd. US 

Giant* Fund 385 

(Aecom Unltsi. 445 

Growth Fund 333 

I Accum. Untai— .. 594 

Snrullcr Co 1 * Fd- 260 

Eastern A tail. FiL . 2X1 
(OTt WdrwLUtS.'— . 167 

FWfdKnFd. 73X. 

N. AXDer.iilm.Ftl.. 262 


575) +0X| 
27 


! +»3l 


117.g -o.ll 1055 [C&Iropean 35 0 

«.g .. .7] 9.48 ipfvSZ- 65X 

57ij+0.l| 9.48 u>Flnan.Am.[ 235 

948 r^j High lnroma 5».7 

1250 igilnc. & Assets — JO.® 

1200 u-UnlernaUooal — E7.0 
— (ClNLh American — 33.9 
6B NA Grw» Mar 28. W93 

6 2 OH i Nal 1-23.9 

6 03 w.Wld lter.28 — ns 

3.17 <0Cabnt 73 7 

3X0 Cabot Extra Inc. — p3? . . 

'For tax exempt funds only 

3 09 Bill Samuel Unit Tst. Mgrs.t (at 



373] -03^ 
70.M +0.41 

pj-oxl 

31 <M 
2a +ox 
36 j) —05^ 
2X3 « +3.1 
a « -ox 
763-07 
78H -a.I 
56X3 -OXi 


2J& Rid£etfeld Income. [93 0 99J» . — l 924 

f-S Rothschild Asset MMiagemeiit (g> 

5X2 7Z-0O,G«lchousoK»L. Ayleslrury. O2B809U 
172 K. C BquUy F\n«L-DS7.0 167J8 -II 3J3 

4.43 N.C. EStarXtea.Ttt.h45 10061 -3LM 2.90 
836 N.<1 InCfSc Fund.. hwXA lS9 -63 7.12 

6.49 N.C Inti Fd. (tae.»7E.7 SLS -l3 193 

188 N C. lull Fd. t Acc. ji 6.7 S3 -l‘5j X93 

12S N.C. SmJIr CcpS FVflML8 1509? -0« 478 

Z4s Rothschild ft Lowndes Mgmt. (a) 

452 St Snrtthins Uoe, Ldn.. EC4. 01-688«358 

New I7t Exempt— 10X58 12ZM) | 3.72 

Price on March ]£, Next dealhig April 17. 


01-8288011 


45 Beecb SL.EC2P3UC 

fbi British Trust M7 0 

{BJItuTTOBt W5 

(hj Dollar Trust G7.4 

i bi Capital Trust — g.9. 

Archway LniTTst- MgsI LW-* faXc) SiSSSoSSlf: S’ 

3i7.«tahHoiborn,WCTviNi, mxsnom. BA 

Archway Fund JKJ- KLfij | 682 «bl HlBb Vleld Ttt-.jaxi 

Prices at Mar. lsL.-Muxt-iob. day Mar. 20. Intel.* (atfg) 

Barclayt! rulcornXtd. (a){g)*( C ) SgfStSStt** ^ «.« I 

XlnlcimtHb.2S21tauifonlRd.Err. 01-SM3044 ^ , T , ‘ J 

Unuern America— 129.4 3X6f— o.4i 151 Key Fond Managers Lid. laKgl 

Do. AtUB- A ct <57-8 figa 2X6 23.MilfeSX. EC2VJUE. OI4XM70TQ. 


Rowan Unit Trust Mngt LUL 

CUy^ate Haa.Ftanbori’Sq^ECS. 01-8081088 


mu n« c» BowauAm. Mar. 22. 1615 
157J I -Q2i >3? Hn »^wufW hci c 


30.0 


15^9 .„J 


763 


3SS iM JSSS52Mfflp 

”273 3S rAroumUnfS'^M^ 

527d| -0.2 537 Royal Tst. Can. Fd. Mgrs. Ltd. 
--.4 B.40 54, Jornjyn street, S.WX 00.-8S 

0WM7TM KSfc=dB - .‘*1 evJ 


112 

430 

7.42 

7.42 

3.96 

3.96 


3.91 

7X8 


650 


Prices at Mar. lA-Naxt dealing Mar. SX 


Da Anstlnc.. 


m* 


Da Capital I2-Z- 

Do.ExcmptTw._l_ 1052 
Da Extra Income - 273- 

Do. Financial 56.9 

Do. 300 

Da General. 



Key Energy In. Fd_ 

Key Equity Sc Gen... 
OKey Exempt Fd. _ 
Key Income Fund— 
Key Fixed tat. FtL_ 
Key Small Co's FM- 


Sate ft Prosper Group 
4. Great St Helena. larodou ECBP 2KP 
ntlJiTia *8-73 Qoeen St. Edinburgh EH2 4NX 
^ ^ DeaitattstK 01-36* 8880 or 031^28 7351 

6.ai Save ft Prosper Securities Ltd.* 

|-|9 imrroartmal F un di 

+0, 


663 +0X 

1425 

8X1 ...., 
63.1 +0X 

sax +0.2 


7n fHK 


4xat Kleinwort Benson Unit Managers* Univ. Growth J 

6 55 20.FcnchurebSL.E.ca. 0l«a8000 Xucreafbw Income Fund 

K.H. UnltFd . tac. — J77 9 884u| | 4.77 HiRh-Tleld — - — BL7 


10531 


4.77 ni(h 6uw* Fonda 


Da Growth Ace.. 

Da Income TsL 1775 K. .. 

DaFrf. A'n»-TSt.. tl26.9 232.9) .. .J 450 

Prices at Feb. 38. Neat mb. dev March 31. „ 

DD.eacnrety— —092 ... J 559 *K-B.UiutPyAc 

^^^^£44’ lil L&C Unit Trust Management Ltd.* ««»»■*«" 

jmt.In.Fd.In B — n r| 496 The Stock Echange. EC3.N HIP Ol-fiflb 2800 r ■ ' 

DaAoeUBL STX -o3 4.96 LirFIne Fd -tt29.7 Ulffl .1 7.% 

L&c 1 ml & Gen Fd . |8S.a 90.8[ J 2.42 ^ Equity. 

Baring Brothers ft Co. Ltd.* (aKx) 

88L Leadenhall SL, ECX. 


3XS 
4X6 
2X0 

57.7} -OXJ 6.72 




Stratton Tst 067.8 174 hol | 

Da Accmn. ■ Jnc n yi+gwi 

Next suadey April 12. 


Lawson Sees. Ltd. VfaMc) 

01-6883830 «3 George SXjedtabonth EH23JG. 03 1-3Z8 3811 


3 4 Raw.' Malerlala ~ 34.9 

AfAccum L’altsi — J9.2 

•Growth Fund It2 

Armm OnU i)’. - 6J-3 

Bishopsgate progressive Mgmt. Co.* ticiunwi Warrant, ss.i 

B.plShDPSEata.£.CZ 01-388 H280 © S 

B‘gat«Pr.’*Mar 7. 0615 172.0) _ J 355 

Acc.Ut6.-Mar.7__.0W7 20iS J 3S 

B’gatelac. Mar. M- 057.9 UtB J 187 

(Accum.) Mar. 14._|l74X IBjj .1 157 

Neat mb. day 'Anil 4. "March 4b. 


376! 
42.2 
611) 

66 a .... 

23a 
nil 



854 

850 


Bridge Fund Managers* (atfc) 


mug William SL.ECQI AAR 01-8234831 tAccmm Unltsi- 1^75 ** 


i Accum V'nits} — _ BI_6 

"High Yield )«2 

"CAccnm. Unltsi — |67.B . . ... 

Deal. JtWon. 'Toes, ft Wed. sThurv. “Fri. 

Legal ft General Tyndall Fund* 

1& Cauynge RoaftBristol. - 027233241 

Dis.Mar 13. 


7J7 U “ 

7X7 Sector Fundi 

368 Commodity — 

X90 Fbmwiai Seoi.~— (675 
J H Hlgh-M tatania i Fond* 

1077 Select tateruax 
"la 72 Select Income . 

Scotbits Securities Ltd.* 

ScotbKs p7.a 3971 - 

Scotyleld W5 


2.77 

178 

2.92 

458 

254 

3X9 


240.9) -07] 275 
5451 -OJ | 749 


Bridge Inc.' - 


M74 


Bridge Cap Inc.T— BL7 
Bridge Cap. Actf_ D45 
Bridge Bawaptt - .ra28 
Bridge lad. tact— MX 

Bridge IntLAecT. |155 

Price* March 2b >1 ZL Dealing ; 



702 Neat sub. day April 12 

Ijb Leonine Administration Ltd. 

5.06 2. Dube St. London W1 61 6IP, 01-48H5B91 


_. n Sratshares — 

2jn S«Jt.Er.GthM> tills 2255) J 

“■ SeotE*.Yld.’*__j6Ll 169 jJ ....J 

'Prices at March 22. Next sub. day April 12. 

Schlesinger Trust Mngrs. Ltd. (ANSI 


3.75 

756 

379 

2X6 

755 


■mi nu ftacorporaring Trident TzuSta) 


Britannia Tirnst HaitagemeatfaKg) 1 

3 lAudon Wall Build togs. Loudon Wan. Worthing. Wea Sussra. 
London KC2M SQL . 01-8380478,0473 First (Balned-i 147 9 


LcoDlst - ,)7U 

LeeAretua— +u-,.I75.9 .t-xi-u+i Am. Enompt' 

Lloyds Bk. Unit Tst Mngrs. Ltd.* (ai Am. Growth -.™. 24 4 

BMsa isn (». iv Mn 


Araetfl —— 
Capital Act_ 
Conan A tad. 


Caunoodity. 
DorocHlc 


64.4 

475 

5X1 


Esi 


crept — . 

tro Income. 


ErtroW 

Far Sa*t ■■■ 

Financial Sod „ 
GoldA GeuetaL 


b65 

362 

927 

18-1 

I7X 

B.9 




ImesLTstShxres_M2 


Nat Utah Inc T2.fi 

New lam BA 

Socth American — 243 

Profatrional 157.9 

Property Share* — 132 

Shield 42.9 

Status Change 285 

C nix Energy B93 


WX-fty 532 
50.1-02}' 444 
45fl 
586 
4X7 
791 
973 


54.9 

715 

389 


+07^ 

-04) 


102.6) +0X) 

18-M 
675 
962 
785 
755 
577 
<32 
375N 
785* 

365 
283 
472X 
142d 
46X5 
SOXril 
325 


+LJ 

4o.n 

-Dll 

-oxl 

-ox) 

^oxl 


Da f Accuol] — 64.9 

Second (Cap.).— 477 
Da lAccuial— 59 3 

Third (Income) 77.5 

Do lAccmu.) 1M 0 

Fourth iE*Inc.j.x._|57X 




430 IncoiMplst— __._l3aA 

*■* Inc.lOKWdnri 29A 

IS tatal.Grotrih__ 4ZX 

iS !■" Ti.iWy 22.9 

Market Lenders— .. 274 
•■JJ T9il Yield* Z75 

42 Pnd. i CniTrutt— . 24X 
Property Shares — Hi 

SpcdalSh, Tst 24.4 

_ D.K. Grih. Accum. ZOX 

199 72-80. GalifhouselUL.. \ylcs bury. 0296 9041 UJL Crib. Dl(a___|S2 .... 

441 Equity Accum. ,11442 15X8) — 4 4X7 -Next sub- March 2S. 

2.73 MT ft G Group* ^yKcVz) X Henry Schroder Wggg ft Co. Ltd.* 

!» Three Qoqre. Tower HDI. EOB 09-01835 4588 iro.Cbmpdde,E.C2. _ 01-240 34S4 


512 -0.1, 
63 7 — 05f 
833 

mi 

613 -0.1 
fiao 


Do-iAceum-l [63 3 

Lloyd’s Life fJntt Tst. Mngrs. Ltd. 


(0305988441 



446 

258 

3% 

258 

4.72 

555 

277 


See also Stac^^cbaace^Deidta^s. 


3.46 

J-JJ Amcrii 

CAacuDLUnttSl_ 

Aurtraliulan 

[Accum. MU).., 

Commoday. 

(Accmu. Vnrtsi 67.0 

Ccmponnd Growth. 9*8 
Conversion Growth W 9 
Conversion Tna ... 5B8 

Dividend 118 5 

(Accum. Unitsi—— 205 0 
European *6® 

■Accum. i:nnsi~ — J69 

Extra Vie Id ... 788 

1 Accum. Dml.'i 105 3 


The British Life Office Lid.* (a> 

ReUamc U«e..Timbridge WeUa. KL 0892 SSSrt 
BL British Lde_xW74. ■ 508) -02! 570 
BL Balanced* «37 . . 4fiS ....J 540 

BJ. Dividend- — W1.7 4C4-0J) 8 98 . 

•Price- Mareh JB.Sect dealing day April A SSSrtem 1 "1' bl7 - 

Brown Shipley 'ft Co. Ltd.* '^dSim'^dCTpx 

Mngni; Founders CX. ECS 014008520 (Acriun, Umui — )663_ 

BS L'dlts Mar. 21— HIU 22X3 +07] 4 70 

DalACC-lMar.23— (26X9 27S.7) +L0) 470 

Ocemdc Trust* uim - 

Ftaanctal 1&5 355nf -02 

General 077 M8 -OJ 

Growth Accum. (52a 45 0 -03 

Growth I ncome — 042 363 -OJ 

High I&COSM _Bfi.fi 3Xla -01 

LTVU. M4 193a +0.1 

Index DB 258 ... 

Ovcrteas . . . 176 -0.1 

Performance.-' P^-3 , S6X +0.3 

ivery i*._-tzn.7 2Z0 -0.1 

pl.Feb.lQ B92 616 


General 153 9 

1 Accum. Mm 235 0 

Uiph Income . 95 7 

(Accum. Units) 1558- 

Japan Income 1378 

(Accum. Unltsi — 138 0 

Magnum . - — 1£D 

(Accum L'ldtsi. 225 9 

Midland. _ 154 7 • 

.... (Accum Umtai 250 7 

2S Recovery . — 743 

1 25? (Accum. Urals) 75 J. 
431 Second Gelt 154 3~ 

508 (Accum. Ltaitsi 230 6 

494 Special 1446 - 

(Accum. Units) [151.9 


428 

427 

5.16 

5X6 

958 

396 


Canada Life -trait Tst- Mngrs. Ltd.* spcciaiianl Funds 


Capital Mar, aa. 

« -0JT" 0.91 (AcerenX — __ 
.. .. J 0.91 Income March 31, 
+xa 2.39 fApcomUnltal-- 
+32j'2Jt G eneral Mar. 3- 
+D3 437 lAccom. Unltai 


742 
1132 
172.7 
2514 
775 
- 95.6 


976 , 

1173 +0i 
178.9 +53 
2605 +03 
805 
993 
31C 
33.8 
169X 
mi i 


2.431 
243 
6.B 

643 
3351 

■35l 
■X 1X6 
■■1161 

4X6 
4X91 
548 


SrO Sigh St, Rtttacs Bar, Hens. 
CaaGeoDiaL.— — {355 57 

Do. Gen. Accum — W35 45 

Da Inc. Dtst. B4X 35.' 

Jla Ice. Arana - (435 


P. Bar 31122 Trustee 


[1345 


I Accum units) — .CS7 6 


Capel (James) MngL Ltd.* 


Chariboud Mar 11 , . 

Chardd.Mar.Sl-. .JU93 

(Accum. UnlUi @93 

Pen*. Ex. Mar SB — 


1164 


437 Europe Mar. S3 B2 

4.04 (Accma Unltai— _ B6. 

374 •P’p'Chy March 21 -P64X 
9.44 *Spect Ex. March 7. |2055 

8X4 'Becovmy Mar.7__p«2 

824 'For tax exempt funds only 

Scottish Equitable Fnd. Mgrs. Ltd.* 
836 =8 St. Andrews Eq.. EdUtborsh 031-5980101 

*56 Income Units K8X 5121 -OJJ 524 

2ra Accum. Units — __B3.9 57.4) -UJj 524 

2g DeaHrig day Wednesday. 

4 92 Scbag Unit Tst Managers Ltd.* W 

TO Box 511. Bckltay. Rso, E.CA. 01-83091100 
ES Sebag Capital Fd. ..&■ J33«d -OJ} 3 89 

Scbag Income KM ^7 305* -0J| 856 

L|5 Security Selection Ltd. 

4ro 16-18, Lincoln-* tan Fields. WCS. 01-831 889*0 
410 UnvIGthTa ACC— P?.l 246). — .1 382 

710 Uovl Gth’tatlnc — -I2B3 ZLfi) _...J 352 

4 9, Stewart Unit .Tst. Managers Ltd. (a) 

4L9B 45. Charlotte 5q.. Edinburgh. 0315983871 

IS Stewart Amrien Rod 

Standard Units B7.7 613t \ 168 

Accmu. Units *22 

Withdrawal Untta-|W3 
Stewart Brtttab Capita! Fund 
679 ♦Standard — &»3. 1360J -O^j 362 


171*^21 
130 « -U 


Accum. UnitaT 

807 Snn Alliance Fund MngL Ltd. 

HZ4 0 am StmAlUanceH*a.Rcraham. 040384141 

uoq 18) 60S F— . v_ T kj. xiai. fl ■ _tt3M JM 35368) | 4X7 

MannTJf e Management Ud. vThewtOyFd. p73 935] -0.4) 359 

lOOOId [ Brood surest 1BQ- 01^80010 a. Georges Waj.saevjma se. _ (M3SMI01 Target Tst. Mngrs. Ltd.* (a)|g) 

fffif 823 IS GrowthUwL5 J 395 31. Gresham St. EC2. 

mm* 00 iter-- 15. Non deausg Aprils Mayflower Management Co. Ltd. Target Cpmwodny.W.4 335) +031 

t4/15Gre+hamSt..EC3V7AU. niAWtaaBB . “4-?4l 


Carilbt Unit FA. Mgrs. Ltd.* (aWc) inconm March 2l —0014 
MOborn Reuse. NevnatitJe-iiplm-Tyoe 21165 Genera} March 21 -.(676 


Carbol- 


LDa Aocnm, Unitsl.' 
JJaHigh Yield— 

Po-Airra ii TTfgn — 

N«rt " 



J_. -466 


Jgg Mercury Fund Maitagexs Lid, 


Charterhouse Japhet* 

.. PaurwHter Row. E04. . 

■C J. Internal*] Eo.fi 

Accunt. Units 235 

CJ. lnronio 136 

CJ.Emv Fra S3 

Accum Units 29 8 

CJ py.lm-.Tst 246 

Arman. Cotta ... C76 

Price March 22. Next dealinc 




861 30, Gresham SL,E(X!P2EB. 

861 Mere. Gen. Mar. a>-UA87 
. Acc. Uta. Mar. 28 ... 219 2 
• More. In*. War. 30— 575 
AcuaUb Mar.20. 616 
__ ^1- Mcrc .Ext Feb23 _ 197.7 205.' 

01248 3899 AccumUts. Feb33. BSS 9 245." 

im Midland Bank Group - : 

6 9> Unit Trnsl Managers Ltd.* Ui 
I4Z Courtwood House, Stiver Street. Head 
I™ ■ Sheffield. SI 3RD 
in Commodity A Gen -1587 

go Do. Accum. 166 

Gronth. — 35-5 

Chieftain Trout Managers LtcL*(tMg) So 

30131 Qoeen SX.EC4R1BR- 01-2482832 Do. Accum 269 

American kz 00.40 2190 J 155 taetuae 1«7.9 

tU O W M i — — -MOJ 4SS— OJl 954 

gathmalTri - i USU B 2430 ..71 1C 

Basic Hesrce. Tst. [23 J a.lx fi -rQ.il 4 98 


4 uSSSEi&s: Sis 

715ri -- -1 5J3 *Do. Ace. Units 2712 28X5] +15j 

Tarset Gilt Fund— UB5 1245) -14) 
Target Growth tZ7.r 


014004555 Tareettau.. 


4.92 Do. Rolnv. Units — BS.9 

4.92 Tarset tav. pi 

195 Tareet Pr. Mar. 28— g50X 
2.95 TsLIna- 
459 fetPwt. 


DeahncK 0288 5M1 
' 429 




29.0a 
25.5 +0JJ 
27 J +4U| 
29.7 — , 
1585 -0X1 
306 -OJ) 
162 
192 


4.47 
6.05 
654 
654 
350 

.454 

2X1 

2X1 

356. 

4.48 
852 

1050 

451 


Do. Accum. W5 

InternatioitBl 422 

Da Accum 44.7 

High Yield — — 3® 7 
Da Accum — — - bl7 
Equity Exempt'..— »0 
“ . M5 


Confederation Fun ds Mgt. Ltd.* la) 
so Chancery Lane, "WC2A1 HE 01-242DS8S Do. Armm 

Growth Fund— — -P8.7 4061 J 4.70 

Minster Fond Managers Ltd. 


459 Creme Growth Fd. »P7.9 

Target Tst. Mgrs. (Scotland) (ajft» 
IB-AlholCrcsccntfEdliLS. ■ mi -wh imi ,* 1 

... Target-Eagle.. ,.&3.9 256) -OJJ 151 

Tel: 074270842 Target Thuole. 


560 



256) -OJ) 


580 Extra tacomo Fd -158.8 62<M .... I 1050 
^28 Trades Union Unit Tst. Managers* 

328 10a Wood Street. E.C2. ■ QI-6S880U 

351 TVUT Marl [455 48-M I 357 

6.44 'Transatlantic and Gen. Secs. Co.* • 

6?3 0159 New London Rd. Chelmsford tKM 51(551 


?S Barbican Mar. 23 -.1732 

gu ■ Accum Unltai I11 M 

i « Barb. Euro. Feb. 23819 
272 Buckm. Mar. 23 __ (768 
568 ,A£rum IhiiUi — 


■'Price* at F>b- 24 Next dealliiE Mmh 3L {"SSiSfunf S’. 


3E 1X75 

— Mil 

'Cnmld. Kar.22 519 

jiAccua Units)— __)53 l9 


Cosmopolitan Fond. Managers. 


OIdJoexy.ECS 
Great W tnchetter— 025 
GLWinrh’er O-aeasDRO 


Oi AM4Stn’ WIckT Mar. 23 

-(Accum. Unltsi Bio 

! IVThdcDIv.Har S3- M3 
1 Do. ArfOm 171.4 


Crescent Unit Tst. Hgn. Ltd. (aKg) “LA Unit Trust Mgemnt LUL ‘varvOwth.Mi.=8_efi2 

43telviltaCrea.Ecfinbmb3. 03 1-228 4031 Old Qoeen SlroeI.SWJH Old- 015307333 (Accmn-Unltu -56.7 

28fl“!TiS MLA coita CWX 37.91 .... I 4 49 jV^yMar^B. «« 

^tSEdSf-jSS-- 52 + °i *07 Mntaal Unit Trust Managers* (aXg)..Si“i£S ± 03 

CHta.5tah.Dtat.— TS» U.CopUallAve,Ei5!R7BL’. o. ^xara'WIclcT Mar.=3 £?3 

Mutual See. Plus - (48.0 

Discretionary Unit Fund Managers S 

22 BlomDeUSt.ECS>t7AL. 01-43849W Mutual HIeS VlJl-B 4 . 59 

DSrelocome pwsi 15.01 ......1 557 x , lioDIll ^ Cwranercial 

E. F. Winchester Fund -MngL Ltd. al.st- Ardre»-Sqnare.EdinbttrEh031JBf:ai5i: l 5 POT »£“f u ’. !a ---15?i i . 

.M-raasswati# -bj^j tg ig&’^Rt 

32 — i sm rapt. nu . is fiw.« m3 sm 

I Accum. l. ; mU>_-_ .(M26 1473 ..._1 341 >(7ii 1 ift. Uiiitir__.gj45J 

Entson ft Dudley TsL MngmnL Lid. National Provident lm. Mngrs. Ltd-V cadi-nne Mor 22 — gas 
rat Alitncton St_ SWl nt-«B7SSl 4&GraeechurchSt_EC3P3iIH 


780 

1175 

843 

80.4 

97.9 .... w 
1232 +15) 
I486 +2Xj 

54.7 
58! _ 

53J +Ofl 
67A +LH 

49.4 +D6| 
564 

486 +£d 

59.7 +l3 
721 +1^ 

44.9« 

456 
606 
719 

67.9 

743 

TN-ndall Managers Lid.* 

; 18 Ouynffe Road, Bristol. 

liAerun Unltai.... .11644 
3 n j Exempt Fob. 22. [1086 


553 

533 

337 

4.03 

4.03 

5.93 

S.V 


Eanon Dudley Trt_tfi02 


B6) 


5X0 


N.PJ.Gth l'aT«_.|442 
1 Acruai Untur -~|S32_ 

Sqnitas SeetaLtd.*feH» iSSSTaB^PS ^2 

41 Btf Momtate, EC2 01-3882851 —Price* on.Feh. 23 Scat aealirq: Mmch 30 I. — r-—’ 

PTOSroartxe .[ELI 6351-421 435 'Prices on March 18 Next deuHnc April 6- 

Nalisnal Westminster***! .Do.Aceam, — !!— 1771 


300 tiAcetuo. Units'-.-.. 153 .8 
JM iScoLCop. Mar. 22... 1328 

3M IIAorora. Unlta) 155.4 

3^0 .Scot. Inc. Mar. 22.. 1524 


Bqnlty * low Un. Tr. M.* CaMbXO 

AmerabamHiLHifihWrtWhbe. O404333T7 ’g^beap*^- EtgV 0E1. (H«8 MW». go Aceum____. *9.9 
BqntoRUw 1615 687MI-0J) *63 M.7 m -g| 7.% iSBSSg^^ jM 

Fraxnlington Unit Mgt. Ltd. (a) clSSShtav 0*2 wj IS 

® 5 “ SP ” ,a, ai * " 


luCCT lKlTtt. ., 

iflL GBWUi W- 
DotAcomz 


« 



OFFSHORE AND 
OVERSEAS FUNDS 


li 


Arbuthnet Securities IC.L1 Limited 

P.O. Box 286 SL Helirr, Jersey. OS34 72177 

Ca p. Tst. r Jersey 1 — 112.9 0 123.0) | 3 56 

Next deabuu due April 11 

East Lint] TH iCTi-llulO U00| I 3.41 

Next rob. Marrh 30. 
Australian Selection Fund NT 
Market Opponuniucc. c.-o Irish Yuuna 8c 
Outhwaitc, 127. Ksnt St -Sydney. 

US51 -Shares [J151J5 - J ....J 

Met asset value March 20. 

Bank of America International. SA. 

36 Boulevard Royal, Lsaembourx GJ>. 

W1 din vest Income- Bl-SUUI 1M74) I 666 

Prices a( March 10 N’ ert sub. day day March 22 

Bnk. of Iautn. ft S. America Ltd. 
4048. Quran Victoria SL.EC6 014Q023I3 

Alexander Fond.— ISl'Sfi 15 — J 1 — 

Art asset value Mar. 22 

Basque Bruxelles Lambert 
2. Rue De U Reg race B 1000 Brussels 
Ream Fund LF. n.955 20151 +11 240 

Barclays Unicorn Int. fCh. Is.) Ltd. 
1. Chartas CToss. 5L Heller, Jrsy. 053473741 

Overseas Income -Bfl.7 533) I UXS 

Uni dollar Trust [irsna UTO .... j AfiO- 

* Subject to fee and withhoMins taxes 

Barclays Unicorn lot (L O. Mon) Ltd. 

1 Thomas St_ Douglas. Lo5L- 08244858 


Kerulei Mngt. Jeney Ltd. 

PO Bos 00, St Heller Jerecy. GEuq 0148 8 70901 


3X0 

459 

3.91 


Foaselex [Fr.LCJ 13M-139I 

Kcmllt Int'] £5 B2 653 

Keyaeluv Europe . £3 77 *22 

Japan Gt8 Fund ... SUr^ZJI MN 

Key vein Japan £971 10.67 

Cent Assets t ap. -_ £13163 )— 0.11) 

King & Shaxson Mgr*. 

1 Cbanne Cross. SL Hcbcr. Jersey. (0SSD7S741 
Valley Hse. SL Peter Port. Gravy. ."0*81124700 
1 Thomas Street Douglas. l.O. M. >0834(4898 
Gilt Fund JerscytTpOl U M-8 07] 1125 

Gilt Trust (l.oM.l-ni3 6 Ufi5n -Lll 122S 

Gilt Fnd. Gucrnae.riU0.O5 10X0) I 1160 

imL GovL Sen. Til _ 

First Sterling |18 33 U4U+DJM — 

First Inti ISI8S63 ltt.07l+8a — * _ 

Klein wort Benson Limited ». 

20. Fenchurcb SU ECS 
F.urtnvesL Lux. F. 

Guernsey tac.__.__. 

Do. Accum 

KB Far East Fd. 

KKInll Fund 

KB Japan Fluid 


KB Japan Fluid — .. 
KB. USTGvrth. Fd- 
Sipwi Bermuda — 

*L nifonds . D5D 


SCS956 

SUS1857 

5US2864 

51024 

. SUS636 , 
ha 15 19X0) 


01633 BOM 
351 
464 
464 
1.46 
169 
056 






Unlearn AnsLBcL. <28 

DaAurt-Mia 245 

Da Grtr. Pacific — 56 4 
Do. Imi. tacome-.— 37.9 

Dal of Stan Ttt- 44 7 

Do. Manx Mutual __ |222 


46X) .... 
26.4 
60.7 __ 

486a 

481 

S.9n _.. 


290 

250 

850 

9X0 

L7I 


Blshop^ate Commodity Ser. Ltd. 

P.O. Box 42, Dooctas. LoJkL 

ARUAO Mar'S BTS2UB 

CANRUO^Btar. 8., p.005 , , 

COUNT” Mar 8 K2198 23311 .. .. | 215 

On g) ually usded at *510 ana "£LOOL 


■KB act as London paying agents only. 

Lloyds Bk. (CJ.l ITT Mgn. 

P O. Sox IBS. SL Heher. Jersey, 
to. O'5co*— J49L7 
Next dealing data . 

Lloyds International Mgnmt SLA. - 
7 Rnedn Rhone. P.O. Box 179. UU Genera IX 
Lloyds InLGlhjraJS?3Ma 3S5M — .] 170 
Uoyds taL lacomeV|5F3EJa XLUc) .._. | 650 


0SMZ798X 

UoydaT^O^a-I487 f _ a _5|M^ i - rb .| 2.49 


Bridge Management Ud. 

P.O. Box 500, Grand Cayman. Cayman ta. 

STbashi Mar 1 _ Y18694 | J ~ 

G-P.O. Box 5P8. Hong Kong _ • 

Nippon FrtMar 22-|.n« 89 15571 4 >60 

Bx’Sioek Split. 

Britannia Tst. MngmL (Cl) Ltd. . 

30 BrthSUGL Holier. Jersey. 053478114 

Growth Invest ___.D0X 325 _....[ - 800 

Tnlnl Fd. U&9 725rt +3.5J 160 

Jersey Energy TsL-WSl M6Xra ...J 150 

Uuival. Dir.Tst K54.77 SJ2) | — 

jvpLSTrt.StC-_.IC2.0S 2J6) | 100 

Value March M. Next dealing April 3 

Butterfield Management Col Ltd. 

P.O. Box IBS. Hamilton. Bermuda 

Buttress Equity — P-0fi LM I 1«B 

Buttress tacomc P-00 L93| I 7.46 

Prices at Mar. 13. Next mb. day April 10 

Capital International SLA. 

37 rue Notre- Da me, Luxembourg. 

Capita* InL Fluid—] SUS15.9J 1+052] — 
Charterhouse Japhet 
1. Paternoster Row, EC4. 


08M-S38U M ft G Group 

Three Quays. Tower HUt EC3R fltQ. 01 
AilanUc£x_Mar58_ 

Aurt.Ex.Mar. 

Gold Ex. Mar. 

Island.. 

(Accum 


IcF.v Mar-38- BUffiSl 2.^-0 M| — 1 

X- Mar. 33 STSL71 LH | — 

Jq^sia* ■ 

a l 1 nits 1 I152.7 162 S -0 3| 73.78 # 

Agio. - 

. 01-3888404 

4957I-0J3I 35* 

&J, li 

MB au 


Adiropa 

Adlvcrta. 


01-2482 



Foodak 

Kondis 

Emperor Fund WtiSI 

Hlipua - HfiOO 

Clive Investments (Jersey} Ltd. 

P.O. Box 330, SL Hdter. Jersey- DSt4*!3B1. 

CU ve Gilt Pd. 1C.I.1 . [U.00 10.011 U60 

Clive GUI Fd. |jfy.\tl060 . lB8l| U.OB 

Corn hi 11 Ins. (Gnensey) Ltd. 

PO. Box 157. Si. Peter Port. Guernsey 
Into). Man. Fd P56.fi 170.BI ......J — 

Delta Group 

P.O. Box 30 li Nassau. Bahamas. 

Della In*. Mar. 21 _tSL41 14fl 4 — 

Dent&cher Iave*tment-Trnst 
Postfach SOBS Biehergasse 6-1 0 8000 Frankfort. 

Concentre) [tUDfXO 28.4M-0jgj — 

IhLRentenfonds- IDMUJS 7UjB)+JU0| — 

Dreyfus Intercontinental Inv. Fd. 
PO. Box K3712. Nassau. Ba haras x. 

NAVMar.21.: JSCH2H 1MU | - 

Entson ft Dudley Tst-Mgt-JrsyJJd. 
P.O. Box 73. SL Heller. Jersey. G53420591 

E. DJLC.T. [1136 m.(H-0.7| — 

F. ft C. Mgmt Ltd. Inv. Advisers 

1-2. Lauren co Pnontncy Hill, EC4R0B A 
01-8B3 48B0 

CeoLFd.Mar. 15_) SUS4.45 I | - 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 
P.O. Box 870. llamiltaa. Benmids. 


Samuel Mcmlagn Ldn. Agta. 

114. Old Broad St, ECS. -01 

Apollo Fd. Mar.TD-ISP&M 
Jopfpit Mar. 15— ._hMK9.4J 
llTGrp. Mar. 22 mmJt 
1 1 7 Jersey liar. 8 _.. (£4 57 
UTJrsyO s Mur. IS. ^10JH 

Mnrraj-, Johnstone flnv. Adviser) 

163. Hop* St, Glasgow. CL 041-321 5521 

'Hope SL Fd | SUSJ29 96 1 ._. _| — . 

* Murray Fund I SUS9 60 ..JJ — 

•NAV March IS. . 

Negit SA. 

IOb Boulevard Royal. Isnembourg 
NAV Mar. 17 | SL’SUXfi i ■—} — . 

Negit Ltd. 

Bank of Bermuda Bldgs., Hamilton. BnwU. 
NAV March 17 |£A9D - | J — 

Phoenix International 
P0 Box 77. sl Poter Port. Guernsey. 
IntertDollarFand..[SCSU2 2681....) 

Property Growth Overseas Ltd. 

2fl Irish Town. Gibraltar iGlb'8108 

1 15. Dollar Fund... | SU.S8&27 I { - 

Sterling Fuad- . .| Fl 78(18 I . . I — 

Rothschild Asset Management (C.I.) 

P.OBox 58. St J iilian sCt.Gaornsrer. 048128331 
O.CJSq.FY. FCbJS...|494 
O CJnr.Fd Mar I . . 1493 
O.rJntLFd. filar. 15 855 
n.C5mCoFUFeb28 13L9 


nc.Commodny*... 
O C Dlr.Comdty.t- 
Prira on Mar. 2 


Fidelity Am Ass— 
Fidelity InL Fund. 
FidellorPac. Fd— 
Fidelity Wrid Fd_.. 
Fidelity Star. Fds... 
Series A (TntnU — 
Series B ( Pacific 
Senes D (AmAss-q 


STS2L7B 

S1.i51fl.fi9 

SDS42.84 

SIS12.52 

£3X3 

€7.a 

£14.66 


■ 062 
*852 


-1 


250 

619 


$ I 358 

_is W::l i*i 

Next dealing April 7. ' 

Royal TrnBt fCI> Fd. Mgt. Ltd. 

P O Box 104. Royal Trt. Use., Jersey. 0S34Z7441 
R.T tan.FiL . —.[SLS8K 92M....) 3.M 

R.T. lot*]. (Jre.l Fd. . fe .( 3.11 

Prices at March 15. Next dealing April 14. 

Save ft Prosper International 
Dealing to: " 

77 Broad St_ SL Holier. Jersey . 0534-20901; 

i.'fl DoUar-deaflBitaaled Fundi 

D1 rFXdtaP ‘MarJS |9.4S L0 05) .... 6 W 

inlr mal. Gr-j *51 653) -rii.l — . 

Far Eastern *t -B554 384S-05S —. 

North Amerl can't .0.43 S73J— 0J30 — • 

Scpro*n. ’..|13.14 1457] . ... — 

Sterllnjc-dnomiuated Funds 
( haunel Capilal4_tZ15.7 227 J) _ ... L7t 

Channel LOaudsO. 5*25 150jJ -O.ll 497 

Commod. fiter.Sfl -||l54 USX) I — 

St FXd. Mar 22- ..12218 128.9) | UTS 

Prices on 'March 2& "March 22."*Marcit22. 
Weekly pealing*. 

Schlesinger International Mngt. Ltd. 

4 1. la Motto 5t- St. Heher, Jersey. ,053473888, 


— SAIL 


kl°rkr::~ 

'Far East Fund— ..[958 100.0} . 

"Next sub. day A jail 5. 


80) -I) 
085|-Di» 


Schroder Life Group 

Kn let-prise House, Pnrtenarath. 


First Viking Commodity Trusts 
8,SL G+orge’R SL, Douglas, LolM. ’ 1 

.. .. . _ 

Fleming Japan Fund SJL 
37. roe Notre- Dame. Luxembourg 
FTiug.Mar.21 ] 3US43.68 3 1 — 

Free World Ftmd Ltd. 

BUtlcrfield Bldg., Hamilton. Bermuda. 

NAV Feb. 28 1 SUSU665 ) — ) - 

G.T. Management Ltd. Ldn. Agts. 

Park Hse.. IS Finsbray Cirrus, London EC2. 

Tel: 01^28 8131. TLX: 886100 
G.T. Pacific Fd ..... [ SmzjSrt 1+024) _ 
taCment talernaUanal Ud. 
c/o BE. of Bermuda. FTOol SU Haraltn. Pmda 
Anehor B’ Units _:..N. P SUI I L9J 

Anchor InL Fd..—.nLS3JI 4JlJ | 196 


906 

24IB| — ti_2| 11.46 

MO 



SEquire-, 

£Fiacd Interest—. 

SFised UrteresU — , . _ 

Cfilanaged 1 125.1 

SUuuged J1B8.7 

J. Hemy Schroder Wagg ft Co. lid. 1 

im.CheopadaECX. 01-5884^)0 

Cheap S Mar. 87 _| M56 [-ILfffl Z74 

h.28._| Sl 


TrafaOnrFeb, 


SLIS1075Z 


L Mar.20. ntiJIJ 

?hd 5A1 72 

L Mar. S3 ..lU f&n. 



G.T. Bermuda Ud. 

Bk. of Bermuda. Front SU Hvmltn-, Bmda. 

BeniPacF | syjaj^a i . A jj 0 . 9 ? 


I +0 ( 


1.77 


186 

5J0 


VsiapFd. 

DorliuxFnd. ... - 

Japan Fd. Mar. 23 .. Jtt’ft PI 6441+0 

Scntrj- Assurance International LtiL 
PO. Box 326. Hamilton 5. Bermuda “ 
Managed Fund . . 1USB4U 105) | -J 

Singer ft Friedlander Ldn. Agentg 
20. Cannon Su BM. 01 248 BQ48 

Dckaf raids - - 1DM24W OJM-Oja 666 
TokjoTtL filar. 28.. P SL:S33.a|*i^ 166 

Stronghold Management Limited 

PO. Box 315. SL Ilclirr. Jerso Q534-71 1» 
Commodity Trust ._ 190.43 95191-0241 — 

Sorinvest (Jersey) Ltd. (x) 

PO. BoxSaSL Heller. Jersey. 053473473 
American In A TsL.. IT7J6 751J-D01J 1JS 

Copper Trust K10.92' 11J5|*0 28) — 

Jap. index Tsl |£J0J7 10591*026) — ; 

Sorinvest Trust Managers Ltd. lx> 
48. Alhol SlreeL Douglas, IrtM- 0024 23014 


G.T.SFd I 51(5652 

G.T. Mgt (Asfai Ltd. 

Hutchisoo Hse_ Harcourt Rd_ Hong Kone 

G.T. Asia F SHK771 l«| .-j 

G.T. Bond Fund — f 5USK27 J+fiSfl 

G.T. Management (Jersey) Ltd. 

Royal TtU Hse_ Cotambene, SL Helier. Jersey 

G.T. Asia Sterling.- |£U58 1230) : | 1.61 

Bank of Bermuda (Guernsey) ud. 

31-33. Le Pollci. Gugnsey. 0481-28388 , 

AS^Sfui^fe“WflfiS 1164 

Anchor InJoCTn... )23 3 . 24 9j+0flj| 313 

Gartmore Invest, lid. Ldn. Agts. - 

2. Sl Mary Axe. Loudon, EC3. 01-2833531 

Gartmore Fund Mngt (Fhr East! lid. 

1503 Hutchison Hoc. M» Harcourt Hd. ILKoue _ , 

HK& P«C. v. Ta.“T»!KLffi iffl i zrf TSB Unit Trust Managers (C.I.) Ltd. 

— T BscacHe Rd.. SL Saviour. Jersey. 0S34734P4 

^ ** &5I 5iJ 

fSSSSa!SS53S^S^ ossa mmi Pri ces on Mar Next sub day Apr. ? 
tatonaUcoEi inoTfei ZL3 _...) 114 Tokyo Pacific Holdings N.V. 

Do Grtrolh — P 3 7 57X) — I 5.41 lotted; Manag ement Co. N.V.. Curarso. t 

Hambro Pacific Fund Mgmt. Ltd. N'av per share March 20. SU54R0I " 

2U0. Connaught Cojtra Hon* Kong Tokyo Pacific Hldgs. (Seaboard) N.V. 

FarEMMar. 22 „gjMJ3l VSjjjJ — Intinns Management Co, VV_ Curacao. - 

Japan Fund--. BCSfl» I.WJ+1U91 - NAV per share Mare h 30. 5US3500 \ 

Hambros (Gnerusey) UdJ Tvndali Groan ! 

Hambro Pond Mgrs. (CJ.) Ltd. HfE'SSLtai s. Benaute. 24M» 

P.a BoxBS. Goerarey,, . «■»■»=» Overseas ^2= 3P..JTM 

(Accum. Units. fcflUKUN 1M j 600 


The Silver Trust- 
Richmond Bond 07. 
Do. PlaUmun Bd - 
Do GoIdBd. . 

Do Em. 37'OCBd . 


109.7 

190.7 

111.9 

102.9 
1773 



CJ. Fund 137.1 .lgfcffl _...J 3.98 

IntnL Bond SUS 10439 107^+B^ 8 SO 
taLEquity SUS 9-25 IflS-OJm 2SS 

taL svys. ‘a* sds 1.02 Toa-om bm 

tat Svgs. *B* SUS 2-00 XiS-OJJll 250 

Prices on Mar. 29. Mext dealing Apr. 5. 

Henderson Baring Fond Mgrs. Ltd. 
P.O. Box N47Z3. Nassau. Bahamas 

Japan Fd &6X3 16.831.... ) _ 

Prices 00 Mar. 22. Next dealing dale Mar. SB. 

HULSanmel ft Co. (Guernsey) Ltd. 
LeFobrre Su Peter Port Guernsey. Cl. 

GuernwyTrt |1«7.0 157^ -02[ 351 

Hill Samuel Overseas Fond S-A. 

37, Roe -Noire- Dame. Luxembourr 

(16X5 17.42J-052i - 

International Pacific Xnv. Mngt Ltd. 
PO Box R237. 56. pm St, Sydney. An*. 
Javaliu£qmtyTxL.[SL85 1.9* | — 

JJS.T. Managers (Jersey^ Lift 
PO Box 104. Royal T&L Hse. JertMty0534 27*41 

Jersey ErtmLTrt- D25.0 1335) 1 — 

As u Fed. ZB. Next sub. day Max, aj. 

Jardine Fleming & Co. Ltd. 

48th Floor. Owmaag ht Cent re. Bong Koog 
Jardine Ertn-TsL- 1 5 HK2X0 j69 , — 3L4D 

Jardine J*pn. FdJt*] SHK292.0B 160 

Jardine S.Ea ( SUS12X5 250 

Jardine FIcmtaLT. | 5HK8.94 — 

NAV Mar 15. 'Equivalent SUS835& 
Next sab. Match 31. 
Kemp-Gee Management Jersey lift 
J. Charing Cross. SL Helicr, Jersey. OS34 7374! 
Kemp-Gee Capital. |8fl 0 1661-061 — 

Krmpdcebccnt.lUJ 09 +05) 850 


3-Way Int. filar. 18 . 

2 NewSUSt. Hriifr. Jersey 

TOFSI.kter.23 |£675 

1 Accum sharesi — 00 45 

T.VSOFMar 22 77 0 

1 Accum. Share* 1 - _ 77 0 
Jersej-Fd Mar 22_ 1B9.0 

(Non-J.ACC. Fta.i... 266 i 

Gill FbndMar.22.- 1125 
1 Accum Sharesi _ 14L6 


^xjjj^fEF 

11X1 680 

ms - 

80S — ' 

3W.4 .... 7X1 

.2756 7.10 

1146a 10.47 

1440a) 10.47 

Victory House. Dan (Oat, tele ef Man. 0C24 23K0 

.Managed filar. 16.. .1127.6 1344) | — ' . 

I’tiL IntnL MngmnL (CJ.) Ltd. - . j 
14. Mulcarter Strert, SL Heller, Jcmer. ■ 
l .IB Fund- .[ St/KUJO | [ 825 

Untied Stales Tst. IntL Adv. Co. ■ 

14. Roe Aldnnger. Lusembeurg. ■ 

LS.Trt.Im.Fnd_. | SUS958 HUM) 0.96 
Net asset .March 27 

S. G. Warburg & Co. Lid. 

30l Gresham StraLECS. O1-8004SE8 

CnvJULFdJiarJS-) 5U9M9 l+DIH 
Engy. InL Mar. 27 _ 5US&76 ... 

GrSLSFd. Fcb.28_ SUSdS I ...71 — 

Mer Etrr FdMar 2S ItTSlIXB M29J _... 1 _i 

Warburg Invest. Mngt Jrsy. Ltd.-; 

1. Lhariitc Cross. SL-HHler. Jry.CI 053473741 

CMFLtd FUb. 23 brsujl QM . 

C54T Ird. Feb 23 0252 12.9S) 

MialsTn liar. IS £2148 11.76) 

TMTMarS,. Sl.JSJ* 10 

TMTUd. Mar 9 (Iwa £952| . 

World Wide Growth Management* 

Ida. Boulevard Royal Inxemboars- I 
Worldwide Gtb Kd| SL'SIZ.99 [*D5fi| — 


NOTES 


- I 


Prices do tuM IpcliulF 6 premium, except a-taere Indicated.^, and are in pence unless otlrerwtee 
indicated, \jejds To Unwra to lart colamnl alfow for a]] buyuiR expend a Offer " 


Friend** PrtrodL Unit Tr. Mgra.* 

p^mW.Tktftaac. OS 


t2t - 555] —0.71 2U0ITSB Unit Tnists Cy) 

*H NEL Trust- M a nager s Lid.* UXg) 1 21, Chantry Way, Andra>cr. Haute 

MUtimCoarLDoiUnc. Surrey. 

Nclstar ■ — J595 - _M.11 -I 


■«TTj || || Peo|log *taC afi4 


(0640X130 


014098231 
r+fta 3 jo 


sWteMfehtar^frt jna^ -ox} j^ib! n.9 

For New Cfittft R«d Ignagers JUd. hbi Do. AcnwLL- 59fl 

see Rothschilil Asset Managtt n t nt: itsb S cottish -- 73.7 

Norwich Union Insurance Group (b A ^™ , T7T V 5 

P D. Ben 4. Norwich. XW 3NC. . 0««a20qi' I “ Cr 

Group TSL Fd..™, — (315.7 33SLJid| -Lfl S.42 rymbtaBtrea t .Brif« g . 

HhSJJatcr Growth _I355 


So. Bonn. 

G.T. Wait Managers Ltd.* 

ItiftaBa gflitin B Cai7DP 

■■■ Sfu -iroSJSS la Pearl Trust M a nag ers Ltd. faHgMa) 
mi 1 IilJ SBBIgblWIbontWClVTEB 

KTijk{«a*(i(*_ *. 28U +161 lm' Fd — B j 

*GtTSStam+_ 13*3 MM 400 A£™»UulU-— -P522 

aT.ltaa.FBnd 1093 ■ 116.4 +16 230 taS • • 

&trtatvYdaFa_g3 • 56Jf i-~l 7X11 

fti. ft 'A. Treat (a) (g) ' ' Pelican Units Admhi. Ltd. (gxxi 

— I B.Rj^afehIbL.SRobKwd . . (0277(222300 81 Fomnaln SLStenchfcter * 061088 
— ...r&O A. -- (M3 324) ^-4 *73 PaUcan Units— .1773 OX) -0J) A2S 



raneini c 3831-0X1 431 

oiJrcMuF"* Tnst ftecount ft JHgnit, Ltd. 

MtgtncVtilliaaSLEOgtflAB 01-023 4861 

6J6 tKr-i l%wl,_ft37 J M5J) >__J 4J9 

730 meter Crth. Ffcd.~ £7-? 292rt .1 

S 34 jDo- Accum.—— pfll ■ ’Mfl ■ — I 334. 

“^iWlelcr Growth Fond 

cwnuaasuBcauAB oi-asstosi 

Unto J2T.7 


-OJ 


Sa:d.Hi 


nchid* mil erpenm h Tfidifg price s , c Yield based on offer price- d El&Unaated. « T< “ " 
oppnlnK price h Dtstrihatip n fry o of L‘.K. taxes, p Periodic premium myurence plans, g 
piL-ujitun irunraacc. * Daered price MDcludrs oil mpcDfleo rural aseni's conxm_ 
Oflered price inclades an l oxprmer il boufibt TbTtwjCn manum. i Pre\TOUB day's ' 

Net of lax on realised njplbil ulus unless indicated by*, i Guernsey gross, i Sarond 
4* Yield before Jersey lu. t Ex sDhdhiam. 


BUILDING SOCIETY INTEREST RATES’- 


GREEHWICH 

(OL8S8 82X2) 

91, Greenwlcb Hljh Raid, 
Greenwich SElfi 8NL. 

Deposit Rate 5.75, Share Acconncs 


.Sdbtm. Shares 750, Tom Sham 2 six 
fetal l over Share Aocomua. 


LONDON 60LDHAWK : 

(BAB 8321) X 

15 17, CfalsvncK High Road. * ~ 

Loudon W4 2NG. •? 

Ik- swart Rate 5.75 Share Accounts &BL 
fi 10. Eub'piL Shares 750, Term Shares rot 


HEARTS OF OAK AND ENFIELD 

(tsLmsua — - 

Walford House, 501. Hertford Read, 

BnflcU EN3 5LO 

Deposit Rata 535, Share Account* g.». 
Goh'pn. Shares 7,25. Term Shares 6.73 


rrs.. S.75 l yr. 

MDRNINSTON i 

(uw an) 1 * 

us. Kentish Town Road. - 

Ixindon NWS 55T. +■ 

Depout Rale .5. CD".. Share Acrentnts 

NEWCASTLE PERMANENT 

(0632 610671V .- ; 

Granuer Street, NewcasihMnm-Tiu 


3 yrx. 658 2TTL. 6X5 l yr. 
■With rtf pci tram April I. 


Deposit Rate 5.00. Share Aecounu 5*0, 
sutt’pn. shares 6.5D, Terms Shares ftgo 
S vre.. 658 2 NTS. -*• 


4 * 



JF'^SO 


irJlViiO & R2L t 
32 Baker Street London W 1 
Telephone 01-486 4231 

Nine regional orftces 
Specialists in The sale oi privately 
owned businesses and companies 
' Valuers - Licensed Dealers 


FT SHARE INFORMATION SERVICE 


Financial Times Wednesday March 29 1978 ; * 

HOTELS— Continued | 

njfuw I s «* 1 MB !"- 1 5* |ar|cr!}« 1 


AMERICANS — Continued 


High Ijnr I Stork J 

2b J 20 4 jfiuiin <0 S-’r - ! 

J- 1 * I 26"', Ifniit MnlwSJ | 

18-; 16- t C.m — . 

>b' : I C 04 : I'rt-n QwLSii; —. 


'* <»\ pi«. i m d UTS | 

I l-j (,»>« |ot! lir a High U« i S«A 

25-l-v J SI 20 ! — I 27 C6 I 20 I'V.- i-t .'J !-p 

34 ' U c '; S3 20 — 5 3 « lO I arnJotin, _ . 


BUILDING INDUSTRY— Cont. DRAPERY AND STORES— Cont ENGINEERING— Continued 


^ Pg BEBSS: Vp 
.a % &&&£& nS I :::: SM 


‘.immw k*-* g| 5®;§7 :.| 

| 40 1-1 d-b 3-3 2 j 17.1 1 
. 1 » ( «09 3A 34 132 I 
'liK Tn. 23 2.9 ittlt 


'BRITISH 


-ms m (p^xtz m s 


W II B 5 Ki 2 .l JPI -.i»i a 


I9TS 

HirJi loo 


"Shorts" i Lives up 


so:*: 

101 

iTreasur- 10* -6c 7ES 

Ml'i 

10 56 

m-. e 

04, 

‘E.. " ."k T^...; n 

99*.- 1 

5 02 

SOS'; 

103. 

ifTrea'JT- ;! : ,p+ ~?t: 

1 io4.«|- : 

1104 

Q7 

94V 

fTiei'-ur} .Ipc . 

1 os?.-.: 

5 ID 

07-. 

9> 7 < 

FJeei-lt tV;». "74.79 .. 

■: 97=*!- . 

4 56 

304 it 

103 

Trea^ur* i>Vjk. 7?= 

■ 1031V ■o;-,! 

10 13 

4*V 

°4V 

Electn-.-ijeTO-TS 

9^*i 1- ■. 

364 

103*3 

100' 

Trel cij&w '.XK3 . 

, 101'V : — V 

896 

io:;: 

100>-. T^i'urt 9l.se se; 

. 201!-; 1-4 

9 35 

9i'j 

9? 

[TrM?iir. rUjic TT*> . 

l 94'; — * 

3 70 

q 6 u 

DJ 

run'J:n;a«pc T340= 

: 96 

5 47 

110 V 

107' 

E,M!ieoucr L.pe IS^tS 

108.;-;: 

12 02 

I1W4 

103* 

'Trea.-1-r : iVpe 

104', a- ■; 

ICi 96 

«v 

40V 

[Trei ur. .I'.’pc i3T*-: j .l 

' 91 

3 85 

101V 

»sr. 

Trej.-u.~- SVpc I5?i~ 

lflltfll-,. 

9 65 

*7* 

45-1 

F.-.th .l- ; p. 19RI 

97 i - 

6 49 

lod-v 

9S1 

}£xek.9*^K IS81 

100' 1-..1 

9 50 

87 W 

371; 


87 V 1 13 42 

■*«.;! 

10 - 

!Tr»i « aruMe S!4f ^ 

96 • i! - . 

b 65 

Ill 

107." 

—ii 11‘Vpr 198! X. . 

108-jl-v 

11 71 

94 1. 

45'. 

rr.xi Sijji.-HtWis 

97*; \-\ 

£74 

S6S 

24 

Treiiir- -ip-: . 

36‘iJ-t 

345 

115 f 

111’ 

Trca.-ur. Up.; . 

1131.-V 

12 17 

96 

-45V 

Trei- '• ari^nle St-'W- 

95 Vj . 

6 70 

4,-;. 

art. 

.Ttea.'cr.y^pc'a; . 

S5 

865 

300V 

96-: 

Enhs-jpcise: 

98A-*j 

9 41 

**6*4 

96 ■ 

r.'. !• .y.pr 1985* .. 

96 £.1— 

911 

8$V 

SI 

L*cr.«K E3- 

83 : s|- . 

5 bl 

n;v 

105- 

;ti>. j>u-. ijj-l isstt; 

IDS*;!--; 

110b 



Five to Fifteen Years 


lnm- 

•5V 

iTivo-t- ? .rv 

99 ; 1- j ' 

943 


S$'* 

1 + ui.ii::i. "••f- 

■ 57M-4 

D - 0 

?- 7 * 

93' 

{Ttl-a tr. 5^; 14*'dC 

55” 

911 

87 . 

6:: 

'runi!ir;o!-;< tTvinc 

32 

7 oj 

89', 

Zb 

Tit-i-un 1 ipc 

86" i-'-s ; 

90b 

oi : Z 

6>- 

Trir.-p"'; ipe - ^:: 

65':— 4 

a 66 

75V 

69 

TfOi.-i:r. : pt b>55 . 

69-fll-V 

7 22 

11>V 

108” 

Tl-.v:r; 1 '&■ !W«r^ 


11 9b 

3«*H 

84 V 

T>.tStLib. 4 879n= . 

35'; I -V ' 

9 83 

30b'-» 

100*; 

Trea-nrr 1 1 Vp.- I9i* , 

102 V- !-"• 1 

11 75 

75*, 

67 V 

V unding . v, pc 87 Mir 


£.37 

n:v 

106 

Trea:ur. i;. a pr jrjr 

lO0:-.'-'t 

.2 05 

r -$i 

38V 

Tronur. jitn,' irfc. 

90 V 

ii :o 

113 

SOI'; 

E\r.B IJVpc'9'-' 

103';:-' ■ 

n Sb 


». S. Steel SL . .. WVrf -i 
Wool worths Wj 145 —A 


Conversion factor 0.7 


1 7 #- — mr 

8 k ’ i * 5£ r 
Z5-r- B ® s K5 

|b5-59.i8^ 

7*0-10 3tjgV 

TSM^SiK 

e%d- 77 4»W r 
7 7l 04- T. 


9 69 

332 _ 

1009 


CANADIANS 


Over Fifteen Years 


nix- 

104- 

Tre.v ur 

>-'• r- ^c: 

lObl; 


'12 02 

7l-> 

641 


ds. 1W4: 

bfc 

- 

■ 9;; 

i.-ov 

114 


I'iVif I'vs: 

114': 

- 

12 50 

1 oi’t 

ns?* rrr 

»i.iur 

!4: L f.- 

117 V 


(12 42 

114 V 

10" 

IF' 

•!i IJ 

r- l«*4 

104'; 


112 05 

89 f 

89 

Trea.iu' 

iT\T45 ... 

66 -j 


10 84 

Wb’. 

100* 

rrr, 



102" 

- - 

U9Q 

51 •- 

48 



48.(1 

- . 

1 b Cl 


M'i 

h» 

IL It* 

7. IS?.** 

90V 

- ’ t 

111 53 

1141, 

107 

[Tr 

:> ‘jr. 

rj.'jjk- '*■— 

UDV 


I1C0S 

**l)t. 

81* 

nTca ,:r 

l*Tv rcica: 

32*- 


11091 

111'* 

SCO!' 




120 

-1 

"Jib 

1 V\ 

Ill: 

’F. 

rrs|i. 


113 V 

— . 

ii:i7 

90 


Ih-' 


■; (V-A 

46V lC 


I h 45 

1!3V 

10°- 

|Tre.i- L ~ 

il 

V. 

£ 

111:. 


111 14 

93': 

°i)V 

it. 

lii'dU 

i'ST 

91 1? 

- - 

'llol 

«v 

70 

jTrej-ui 

l'e-T= 

sov 

“ 4 

111 00 


1?'« 10,; Bk-Nbusetoll 12\ - 

30; 30*4 Kell Canaria ISe. - 36^* • 

17 5 c 12 BoaValtetf l7i* - 

11*4 825p tnet-anl. — - 11 - 

18 1#» Can.tap.Bk. SI ... 17 ',1 - 

13*s 955p t ac.PacUicS3 . 111.. 

3T« 3Mt Do ^pc neb £100. 36V - 

19'j lb'- ■ luli««Il Can . lfli ; - 

■*20p 31 5p 1 b iker Sid taw*. 420p + 


11 f. 97c - JO 79 el I ilk? F I C 47 

36V -i 4 4*0 — 10.9 76*. e,2 London Bru-L . 64 - 

iai- -l. S106 - 2 7 90 74 Lcnell'Y.J.' - 78 + 

420p +5 40c — 4.5 55 38 McNeill '^mp 50 

20V +1. S2.06 — 4.7 202 170 Maanet*Sthw_ 177 

12»r -U 69c — 2 6 SOI* 42‘j Mailing ■a-I'enn; 45 

29l> +V SL60 — 2-6 96 85 Manrter*-Kldj- 96 

131**1. Be 4r — ?.127b 224 Uviiiaid 2bfc *■' 
U.*, 51.25 - 5.2 93 73 Harter 7* . 

7130 4$ 80c - 52101 88 Mar-lwlD'IHv . 98 

680 p _ _ _ 81 60 Uay&H**teil... 61 .. 

26 864. — 16 31 18 Ifcar.- Bit. 24 ... 


64 -l' t2.93 3 0 69 7-3 132 106 Vutonaisp U 6 d 1.15 f‘ij*67| 53 Jj g SSSfeS" ff 1 ' *142 I'll 17I fllfff ft?! 2il" 

78 +1 3 £9 59 7 . 6 |i 37 i 80 63 Verwm Fi«h lOp. 80 t 2.79 2 J 53 9 9 64 52 Ufl*ellSjm.lOp 58 T 1 tl« 6.9 17 51 gl £ 175 , Borf-TTA-SSJO £Z1 +k 

§0 .. - J- « ?? 5 -te'Vap.. 40 72.01 38 76 52 m g UtoBB**-, Jff —OR* « « 186 163 . V* 4 l 


sb htm- « is 


5 n 40 ....'. do.99 b-3 3.7] 5^197 U32 ScetiHearjlSfli 133 -11”. di35j 24 9.j 

11 f 3W §7 231 he* fcioc^^ — Z10 ..... t272l ?! 


66 .0 ^ 

530- It 1.-.5 


56 p +2 - 

38V -u $1.08 
19 -'4 $1.46 
17.; -ij 42c 


16 31 18 Wear- Bro 24 ... 

- J8 3d Meltillc f'.A W 40 

2 8 87 73 Me-.-r M'-ni L- 74 

36 90 65 Milbur* .. 70 +5 

25 11 9 MillenSunKip 9 




117-1- . 7 b p _ t 3 D 62 52 Mnc-jirrMe 56 

985 p (-5 103.- - i 50 39 37 Mod Enpneer- 39 


... 2.48 18 9.4 5.8 

,2 13 3 51 S.bl 43 
i i4 8 l 5.0) 10 4| 67 
..Ml 1‘ 12 i 6.4 
. r;» l 16 7? 117 
tdh24 2 61 9.3 63t 


10 10 Prarad 10H ... — — — ■ ji, c**> ushl eieei t-or>si.i ^*>11 1 — — — 

116 101 Purler Chad. »p. 107 J479 36 6.8^ b3 fc $ 57 Br7tSvptaa2!Jp. .6tf J 13.0 5 6 7 6| 

S. ™ rSSsuz S .1 tS. ffHV'Jt, S bg£=:! t* -A"®' > t 

ELECTRICAL AND RADIO & “f ESK T “ SSf u « TS feUSi*&:hS -1 !S r Ju {3 


i? 9 dmasB » 57 S^SjbaaS. 13.0 [ 5 J 7 b! 

?!, S*aK-3 ,5 A °0 75 Bnb^Vka Bla! .. . td2.13l 


_ 5 0 39 37 Mod Engineer* 39 Mh24 2 6 9.3 6 3 L,LajV 

'r, 26 "19 MmAiAi. 82 ... . th? 1^ 3 6 S.® 7.1 li4 of, .d 

’ ir£ ‘ 140 112 . 126 to 5 54, 7 8 70 ^ 

185 138 Ne«arthill£l_ 155 -2 d4 47* Ml 4.4 4.4 Si 

48 79 Nont«tHaH 87 .. Ml’Uj 7 ’I 4.6 f? -i 


H.'BMnme.l ?6 ! ..15.07 I W U M ife M k'Sbp 6 ® 


U|7 !•!« HI 36 30 BwliwaLSp'l ao 


135’: 1221-rThtv ‘St: I 124:- *1-1 1 12 49 1221 


}?>'; 

pi; 

W; 

85*’ 

96V 

90?i 

42'- 

39*4 

sol 


58 + 

51-4 

76'j 

71*i 

37'j 

34V 

37!; 

35'; 

39V 

36V 

:?•; 

25** 


22* 


Indalpil 


BANKS AND HIRE 


72i, [-U J 10 93 1 U01 Wish I I Pri« I - N« |Ctr| 

:2? 18e liN/SW'.. .1223 I .. vtj-S. - 

:«-> 225 AJesander.*l».£i 230 -5 1433 - 

'1159 I _ £120 i90l;|.Al«eiMBeFlIOO £120 »*Z>;°s 25 

36 I- lie OJ' - 535 4e5 !.\%n Haney H.l 463'd -5 30.72 - 


37i. jJr.l. 4rv i 3s:- 1-.* '1159 ! — £120 £90<; .Meeiaeue FI IU0 Q2o . . .. »03 

37!; 55'- V.jrl..^. p'. = ... 36* - IlCOJ 1 - Al cttHaneyiL 465'd -5 30. 

39V 36V ivn. .i? -Tl Ait- 36V<I- J 9 52 j _ \»9 -Jibed fcljl. 168 tul 

28- 2 <;is lif-j. t— .-,>•*« vt 1 2*‘-.-i-.. 1169. — 195 155 \rhnliiMLii . 157 -2 t 6 

ik v 2 *i t-~ 1 22uu'-- 'll 27 - £17S 4 ClJi. Rick toy St 5<5 EU7 ft ^ ^ 

24 :i:- t • 'llbS - 315 B-: Ireland •] 345 d3 

‘ - 1 * - 11 00 f.lb5 £137 r» lOp^CoLi . £156 .... Qll 

21 !5 UkLeumilTl .. 17 .... Oil 

170 160 W,Leuira>VK£\ 170 .... T.3i 

^INTERNATIONAL BANK bis 255 Kali' ^MlaMSl 275 ' " $!■ 

S8 l 64 84 ■ .1 5 88 ! 921 ^ 


^CORPORATION 




95V ’ 96V l l »ra: i:sr *,1, 7f^: 1 93'- 1 . 

<«V 41 Pnaeir.pc^}] 93V I.. 

107 1031. '.It c-.MS ... I 107 
112 II03V I 1 *' c .. . 105 

97V 9J1 4 t,| aol ... i., s.^. . . ' 97:*!. 

95 907* Hen'jf^TMO. .i 92V J 

991, 9F e Litere-Mf-Vp. TP-7S 99*; 1 

1021; 47V . 99V 

24V 28 V U. .!. :»■ ire*: . , 29 -,-j'-. 

190,194 l..-nf. 1 rr r-jv^Tb 95N' 

44. 4 92 : 9AV.0— , 

47V "5 I.'. * if- T*.r. . _ : 97’.; . 


2ei. 241* at-.K . 25'.* 

41V 91i* Mfh : .ivjoi.i. . 93 V 

991; 971; .\.»«CJ Ik'H-jpcTSai ; 99*; 

106V 104 I* ir.'.’.ck I- : ; £ j 136" 106V 


COMMONWEALTH 


ill 86 Pitre HJd>3Jp.. 92 

-— 109 86 DaA'20p 90 

o.l 75 101 87 Ples*y50p — 99 

6.6111 82 70 Pr«MclOp_._ 82 

0 2 5.1 114 90 FNeHlcf».__. 95 


100't 

98*’ 

•5 V 

0:.,, 

83 -4 

5>J 

c i-:v 


96:. 

°2V 

87 V 

bb'- 

•5 

91 

73 

53 

9b 

35 


247 242 llJtntkf] 


. 9 09 I 50 5.1 59 A? 


o3 AlMCoWadWii. 65 *dhl5* 4.4 3tJ 9.7 224 1% Etal Bectsc*- 212 

bO Anchttr'/hem .. 60 ... . td3 75 2 0 9 5 71 97 88 Rediffuritn.„ .. 96 


£ • «*.V /.0 UL « 

2.7 49 45 6.8 V5 2 % 

..„. t4.91 10 7.7 85 33 

T2.7 35 5.0 86 IL & 

t!94 3 9 4.7 8.4 jgr 103 

$3.88 5.0 2.8 10A ^ 


4J5 1.' 

1.6 31 

16.65 12 


ItT.W.i 59 +*; 

■tiiHfeSp'S !” 

FeeksAssoc-lOp 34 

- Orou) 117 -1 

roan Eng's_ 47 .... 


+*; 458 


Diploraalni-. - - 
I\»sm) Paris ]0p 


*45 350 vliroder* £1 - . 370 *5 11.55 <6 «»♦ 

25$ iso ncccembeMCiI. 210 -10 liOe — 6.8 - E 7i ■ 

°2 70 smilliM.Mh 72 -3 »4 55 - 96 - U “? 

427 >78 Stand'.!' Tun £ I 400 U7.59 3.9 6 7 5.2 1\ “2 

£ q V £8V Trade lie* SI JO. 59 V . ... «55c 2.B 5e 6.4 i„ H 

475 400 I. ni.’n Dt>r£l . 407 -8 2L08 - 7«- 7 n “ 

43 32 r P T 41 .... - - -121 3F 


LOANS 427 >78 (stand'.! ' Turt £ I 400 W.5« 3.' 

_ , .. „ . , , . £<*V I £8V Trade Ilf. SIM. 59 V . ... 455c 21 

Public Board and Ind. 475 400 f*. m..n rn^ti . 407 -8 2 los - 

641; 5° I I.n. M; .*j» . : AE3._] . 62 j .. .j 8 20 J 1118 r ■’At.LlAvlVivI J Far-uSi, £,19 ? r — 4S112 

90!.- 63 Ul,.irrn.|. K-V. J 90*. .. 12 06 i 12.40 ^ l"»0 S * T 03 _ 

>;'« 31 l-JkiWtr.-ocB- -~| 32V 9 35 10.97 bl 1 PU “ 3Jii ~ 

115 107 lr K. V « 91-MSS!: 115 I .. 304' 600 

941* j o;u III? -a-thcu: jrapti I 941; I ... . S 83 J 11 50 Hire Puff Hasp, «tc. 

100 | « !l.l'r_-L^-:;-.-"K ..! 100 | ! 7 23| 12 20 nuc iiuvnw.m. 

. , -’ 7: .* 1 31*; |< jtll.* • iM»* l«p| 37 | + 1; |h203| It 

Financial ps [ uv. envr . iw £54 ... Iqi 2*J - 


31 >.4.-k*.t.ap*ll<n» 31 tO 83 « 2 4.1 9 0 134 111 

44 i atalir. 47 .. »2 72 2 4 88 73 392 356 

89 ilbaCQTV'.Ln £92 -*; Q7V 6 ra.O - 60 52 

SO*; lkvffAtvRl 6i £94 . 08% * f89 — 97 83 

:91l, £t)FjVmC9S E95 oS 4 % <f J91 - 293 260 

64 • lalile'.twm. 71 -1 32 78 35 5-9 73 105 66 

hi I P.rr, LI -1 ■ it, 31 


RnuileiiLR lOp 47 .... 1.6 

ScbolevGHi 260 . .. 16.65 

Sony Co '£30 — 570 *3 Q3W 
.Sound Diflsn.5p. 41 t1 1.09 

Telefuspnop.. . 34*d tU7 

Do'A'NTSp — 33 id tL17 


U fM »» ui lAHOWJIttlBIW 

art ;■? 66 63 Don Hid* HR) . 

I S ST £^J £24!j Dorertoji TOI - 


. 3.45 5.0 3.81 8 1 1 
,233 45 4.1 59 
. M426 14 98 10 8 


in 9 IS 20 50 WnkieH«filjp- 7»? 10.71 35 5.9 74 

% ^ 1 95 85ft# ^ - 131 11 j| H 

« u 1 & & sas 1 *: & -v ps “ 11 V 

t. Z'8 $. 38 32 n.«u*Sar;l Iflp 32 ....in 10 10.5 (14 7t 

In I? IS Wj 15V Drstel-Scnll .. 21‘; -V - - - 35 

W 35 Dubf Bltmn lOp 36 -t 169 * T3 * 

H t to 152 133 DnnbreCoa. 10p 138 -4 1x1587 ' 2.6 56 81 


Do'A'NTSp... 
Tele. RentaU. — 

Thom Heel 

TbTpeF.W.lOl*. 
t'nhech 10p ... 1 
Dul Scientific.. 
Ward L 'laid 


42 DradwuanSOp^ SO +5 P2JJ 21 6516.6 
12*; Duple Im jp — 13J;P.. Ja59 \ 32 67 71 

93 puraiSpe. 100 93.71 38 56 52 


Lt3.62 20 
f M6.0 8.0 


.07 3.» 6 61 63 


Sk s s ssssft- s* an is m si - ts i? 

5.3 6.6 S'* inL w£S^ eiUp - 2* "P loitrt W 35 Dutaf Bttmn lOp 36 -t 169 * 73 * 

9.^120 ft? W -zsr w If +9 77 h id 152 133 DaabeeCon. 10p 138 -4 1x15117 26 56 81 

Lffl 6 It V, Sw^ 3 ” 2 ^-- |i +*■ \\ SI 53 42 DnwtoanSOp^ SO +5 P2J3 21 65 16.6 9 S 

ilk ® I t tg | 1 « J? W K^r.l JS 1 1 - fSi II II si h 

H rt :.: :: :iSl 7 |I|ll£ 5 l, ^ H & » S SSS?!?: ■ s 4 *£is ■« 1 i« If 

60 ^ nV/ HH gs‘iS SBSS&iS z::Yi J .2 | g g § — -.‘SI ‘ 12 i£l IS M 

- • ••• 1 1 * X I l«l || J32 2 fi? 1 8 , SSaWf DS l g ---■?? ^ ll S m&dsnr. s II r - 1 

3.211.6 « « I7 If «S7 bill's IS 95 80 Eastern Prod. 50p'. 84 ..... 2^32 2.4 3f4 *:;> 

6 6 63 U inPlkRrSfc; U* ■ o|o 87 nlff-fr^D 225 220 Bh»hfcS8pu 225 .... 410.0 3.8 57 76 fv-A 

34 5.0 ll P. WfeEi 14i 2 ...._ ai.ffi 14 107 kf 


48 35 IWoodiS.W.> 


oil QecL Toot 140 ..... 19 f J H * 
cOsl't Hushes- 192 ..... T670 3.K 5.4 7.2 
WUFdy lDp .21 12 1M B.7 6.0 


9? 6.7 


37 +1 I d3.87 1 24 


103 r 

'■•Km aw Si . . .- 

1C6V 


IDS 

uni Hr-- 7't 

110 

... 13 49 

mo 

In 11m W. . 

1W; 

. 12.61 

79: 

1- n .'.'^-llen . 

82 ro 

tr. 

73 

1*0 nVpcOn Sl-&i 

80'; 

4-V 8 01 

Q£^* 

lie iii-.jL 1 tv- 1 r. f»" . 

99 

... 10 85 

9b 

|i> llprl il- Ln RS. 

99 

1X38 

9£i* 

FV/ 1 L4C-. !. a- In. 

1011; 

11 B7 

67 

He T-jpeirKfl' Sfl-yj... 

70*4 

10.70 

64 

It. r-.pt.- M"- 1*1 1'« .. 

67 fd 

10 32 

76:* 

(.*>■' 9p: \ 31-V - — 

76*; m 

-1 1146 

\74 

fiefiipelJi 9297 

7iu 



31*; 

'"jOl** - i!di* l"p 

37 


62 03 

£35 

'.wKcre+Y.WO 

£54 


Q12°« 

8 

■-•cl it Dai j 10p.. 

8jt 

.... 

— 

95 

i -"p 

99 

^■1 

4395 

3*1 

Lid ScotFitt lup 

39 

..... 

g 1.87 

Q 

Mi '.irraie iHr< lip 

13 




85 

Pnr. Kinancial. . 

93 


4 87 

24 

:>tri; Crertii lOp 

24»r 


htl.3 

ID 1 ’ 

siiria-G'lup 

191; 




79" 


97 

*2 

4.13 | 


188 156 iHke.Wtlrti&p J 160 '-2 f H3.46 1 8.7| 3.3 43 
3RS U7h fl\W1 dD^ ' a rilLV. It A J13 0 


i Ferries U2 -Uj fi 

leEQdgs.20p 72 .....In 
rOeweeWp 26*; I — Jjj 


111 

. 81 

iroup - 244 
:Cm -. £150 
Ball our 59 


.•«*.. r».w 1> oji v.r . s* 

±M 

— . 6.7 22 7.7j 9.1 '■» 


J :i2 (190 W A; Ind £1. 203 120 23 IP 7.3 J « 'SSlitL, 1?? 

: 138 108 -texan Plasm?- 137 rd2 81 5.6 » 1 8 7 K?, 1 . 42 


BEERS. WINES 


FOREIGN BONDS & RAILS 

rs 1 I Price I* wlim.'S! KH 


IRTll 

Hish luiv 


91*; IS Allied Bim .... 90 -1 3.93 1.91 6 b| 1241 

40 *0 Anal I'.-lPr l')p 38 1-2 mO 25 -- 10— ■ 

159 157 Bj.-tltaicL.n-. 156 -2 4.84 3 21 4 7 4 9 

34 19o Roll Arthur 3 ti 22 B ..... W7B 35 3213.6, 

46 3* RelrJ-v.* Blotter;. 43 ._ . — — [ -- 1 — : 


^ LMptneWtDIOp- 116 JF65 4.1 8.5 8.7 34 js EfigOuMOai? TO ! 3.55 £5 6 

ENGlNEEKiNG 94 70 n +2 *2.73 2.8 5.4 a.4 w 123 Espa-anaur*. i« -1 ts.oa 30 t 

MACHINE TOOLS 273 [205 fcKH Q4 j.. 2 .. ^8 lj'S oJlf^rgb j 68 t 

LnnT- 110 3.38 2 9 4.7 1L4 3ft & ^SSSuHgl 29 ~h «’98 4.6 65 jm $%j r ’ m * eWp \f\ 2 25 8 

190 -... h5 2 43 41 7.4 78 72 Bar&siSidpqrC * 75 td3.6 %3 7.4 5.9 to 53 FartarmU.™ 55*; {3.65 3^10 

111 236 3.6 3.112.9 15 12 Barker* D. Wp_ 13 — — — — 34 23 Feeder lOp . 32' ..' tL25 2.7 5 

81 2 28 3.8 4.3 9.4 72 66 BwriA.G.1 JZ.. 72xE h235 <1 45 8.1 151 127 FnmSlJtD 133 IC 67 22 7 

'up — 244 F1Q.Q 4.8 62 6.6 95 70 RamwMUlinE- 70 -2 t<H3J4 17193 4.9 102 37 Fereownlnd. , 91 66.0 1510 

'm. _. £150 £4i; 253 <63 - 157 12« BaswUfGeol — 133 -1 535 33 5.9 rill 38 28 Fe*Ka20lC 33 ®7 103 5 

all our 59 4.40 bL4113 8.4 73 50 BaHeytYorklOp 52. +2 td331 19 96 85 27 25 F'S^rT'" S H23 17 10! 

40 t;282 35 10 7 4 5 76 57 Bejam lOp . 7. 62 .1... tbL45 44) 35 76 & 37 F^^stteW, 48 1 - Z ~ 

ir— 117 .... 15 2 4.4 6 7 4.4 230 182 BibhyiJ.jtl 205 -2 654 * 4.9 * w, 39 nt^ntoT^ 41 Oa354 - 8: 

>*- « ^ 19 ai rr.i. zoo gs is « ft J-J a « ffiiv: S ZZUe 29 I 

113 .'""itdb.O? 35 8.1 55 183 130 Blwhirdd^... if? +3 : ‘ 45 45 6.1 355 lS 128 -2 t436 33 4 

CVP 7 B- - - 4.0 IS • 104 fctt. Sugar 50p._ 112= M.75 63 6.4 2.6 ^ gi £2^ TO 555 17 1 

itw- 27 .... 2.3 0.6 12 9 20 9 33 - 25 auAemTglOp. 28*; oO 47 45 25133 585 485 5TO -5~ Q»t _ V 


25 67 8.9 
3 0 5.'4 '72" 

3.7 3.8 |1&8i 

4.7 4 8 5.9 , 
22 6 9 9.7. ' 


iu£ of renrason ina n seat 15 104) 9.9 

5-9rtll 38 28 FoBmm20p_ 33 tdL27 103 5.8 3.9 

S| 27 25 Findlay 25 tl.73 17 105 84 

3i 75 4a 37 Fine Castle 10p.. 48 - - — 424 

* 44J; 39 ntztritton 41 ...._ 03354 - 85 - 


n . * n L — ' liiniuwi— -,J. ...._ Qz3 54 — )MI| ■ — 

7-3 77 53 48 ftoiioctW, 51 2J6 29 83 ,62 

fg M. 327 n Ft^aityfE.).; 127 +1 #3.4 . 52 43 6.1 

§1 155 128 F«ewMiXMp„ 128 -2 1436 33 45 76 

5 tits 90 81 PoB*HYiIlHjney_ TO ..._ 565 L7 17 9 0 

25135 585 485 FrankfloMuttH- 570 -5 Q30c - 30 -' 


1°' 1« l.-i.-.-u,! ijtUv 19 

43 thtleaaMi'ed I _98 

3»0 ; 5 5 > -vf ifjr. '1 p-. 1 j i < 0 
52 Ab t,reek'pv a.,- . 52 

50 -6 l , j 49» 

A* 40 Mt*,,J ■ . 43 

5’ 42 litic-j -4 V* . 52 

77 70 M«ia!nlt* ; i«.*KyO. TO 

63 3cV Ireland 7-pcd! *:| 87'. 

’I 87'; y.46 . 84 

335 .’t«5 :>' ..) 335 

87 '7 ln.itT. Bui- „ 8b: 

ItiO IsO h-ruA-.I'tn — 150 

7$p 75p "*t. ! 9*.-pt IffiO I 75 

00 96-; Tur*i:VI«'- S96I 

81 Tunnta-p- IHW J PM 61 
94 94 Vru-'i.t.'.-r- i 94 

L >. S a. L».*l ifnc, e .cl ti>lu 


AMERICANS 


m-e ■- 111111. ,, n-u Beirj.v.’ BRnet;. *+3 . . — — — | — 

t ; -!<.ro* f A i«Id I152 13 g Boddingtoa . . 148 -2 3 91 <6 4.1 6 

, . | 7t, bb Renter brew- 74 13 19 19 6 5jl22i 

19 * — J — . ■“ In; 10O p.r-An Mai:i«« 106 3 91 2 2 56*121; 


: 2 3 .’i, fJiMti CINEMAS. THEATRES AND TV $ % SS&fif: 

; 3 92 2 2 56*121' , . 45 39 BamSunlilDr) ... 

.... 1*164 2.7* 5 8[ 9 5- , -2 I i? AiJ^aT. * \ 73 -1 (5 16 j 6 J 87| * 60 51 BanroCou" iWp. 


100 79 Aurora Hid.,. 94 . .. . t5.2 3.9 B.4 4.5 58 48 i^ibuiy Seh'pg,, 51 276 

99 92 Austin iJarne*!. 98 t53 22 8.2 85 « 41 Carr's MUling— 41 -1 263 

163 142 iwi. 144 15.23 29 5.6 83 49 42 Clifford Dai neT. 48 174 

119 107 BahcuCk&W — 113 . . . «.25 3.3 7 0 53 40 33 Do“A"N/V„_ 37 -1 L74 

91* b*; baileyt*.'. H > 7*« -* e 021 0.7 4.6i&7. 93 73 CuDe»20p 85 .....9.51 

10? 8? Baker Ptrtjijp. 93 . 13 91 4.4 6 4 55 92 70 Do "A"2Up — 83 -1 457 

45 39 bamiudiato ... 44 +2 tU6 7.8 63 65 125 110 namshE<m.-.V£l 115 thb.t 


4 3 1:8 50 


* 113 ... fb .45 3.3 /U sa W 33 W.-JAV H -1 3-* /_ 1 0-5 69 53 Gibbons toflw 67*3 

7te -*e 021 0.7 4.6 .55-7. 93 73 CuDens»p.. — 85 .. ..: 4.57 23 7.4 M3 in 160 llo^ 

ajp- 93 13 91 44 6 4 53 92 70 Do."A"3)p — 83 -1 437., U -7.6 14.0 % 92 Ck^Gmod - % 

ip... 44 +2 tUb 7.8 63 bS 125 110 Danish Ear .VEl 115 ...._ thb.03 44 8.0 23 53 % ffiSSn-10nu‘" 52 

** “ 360 * 6.8 * 107 82 86 -3 3.92 65 6.9 2.4 75 58 Sfc J 


3.13 * &4 * I , >{ 

18.99 55 6.7 il r^/l 
3.95 77 . >3 4.6 

r w il 


BanouiSons.. 52 .2-97 3.6U.J 4.8 lfi 12 M*;toUxC.-SpJ 12 --- ~ - - - 610 520 


I STS I 

Higb Inw 1 Stnck 

loVMJt; J*-.*. 

60; fcO*; \Mt r’t 1. jlf ST. 


W - ju .■ . u ujrjHJU'iieu. ^ *- w irr ri 

. 3 " ' J8fl 455 360 MnHandll 435 12 45 2 6 9.- 13 2: 

5 ITenituis) y) sandenun 63 2.39 0.6 5 b 99 0: 

Tl;* x >2 S*.»u*Vv».'J)V- 65*2 -V Ll *- 0 ■. t 10 . 4 

10* 95 Ti<flu':n 102 .. 3 00 * I - > ♦ l . 

105 I « V jut 105 -1 4 02 24 5 8 10 8}* 

96** 82'; Wmiwead’A' — 88 +3 57 2.6 62 94, 

;or :e> vl..u i»i»ii« . 195 .. 5 *2 

J in* : VM 1&2 145 fiw.lwA'I 160 “2 89 3 8| ^ 7*14 81 


DRAPERY AND STORES 


13 Beaufttrd lOp.. .. 48 trt3 03 22 9.6 7J 35 33 Enelaod.J. E.i5p 35 +129 7. 

18 Borer LeonilOp . 20 +0.75 32 5.7 S3 78 67 FiAC 1 70 4*6-0 2 

Lb BevaniD.F.iSp.- 16 .... cL33 2312.6 5.6 13 9* Fteben Vito. - 9*; ....„ O.W 2. 

19 Binniil Qua!-: Is . 61*;-*; 4 46 13 11.0 8.9 74 57 Fitch LcreU 20a. 66 .a... *4.05 1 

18 Enmgtai Mint.. 68 4.42 0.9 98163 26 22 ClJBsGIo»er5pV. 24 L23 2. 

>B RltaniPaUellOp 90 5 b XI 9.4142 50 4b CoMrei Fnocart. 45 Td2.43 2. 

•1 Blacked Hodge. 77 -1 tX86 4 3 5.6 5.7 68 56 HailtVd'sP.ata. 65 e 3D5 - 

IS BlaJwtf 52 *tL98 X9 5.9 13.9 61 ,54 HuhgaieftJ 50p_ 58 }4.06 Z 

11 Bouser ELou-JOp. 24 1.44 « 95 * 252 165 HlUanis 10p__ 200 4.41 6. 

8*; BtsilUxiWmlOp 19V 137 1.9108 <6.01 91 59 ffirtoo(.VUOp_ 70 t2.62 4. 

11 BrahamMillIOp. 36 thX45 3.5 63 53 £34*; £28V KraftS230. £33% MK232 Z 

!9 Brailh«3fte£l _ 144 +1 th>.87 92 43 43 1171; 70 KwikSan*10p_ 78 -2 h221 X 
-I BrawaylOp-.. 32 -1 d0.52 b93 2.4 6.9 37 27 Lennonslip.iOp. ■ 30 d+1.5 Z 

12 B'hntiseDud. lOp 34 t21b 23 9.7 6.9 176 140 Liufeod HWgil 143 -2 H8L53 2. 

6V Rn.-lt'ICnanrel 6V -*; h026 0 9 64 277116 112 Lockwoods U2 3.69 4. 


1 1\ 42 ( 40 Gnome 


, 3.95 73 3-3 46 

^ $2 17133 

...:.. 14.47 4.0 7:0 54 
...... +2.64 29 7.7 52 

-1 3.03. 4.7 6.7 4A 
.-... 3027 47 3010 5 


!PP « i ?-M ( 1-91 9:6f 8.2 


f- 3 2-5 JH ^ 84 HanffnesCp 100 !"HT Qr6+?cf 4.1 43 ga 

BS I Hi /i ^ 124 Ha^nTnat 136 -1 JSr 23 7.0 6 7 

or t n SW £77 Daa^pcCnv8B« £80 .-... Q6&X 84.3 f82 — 

1'n‘tr' S 1 f 1 Hargreaves 20p_ 54 J... +292 23 8*2 86 

5.0 67 76 65 0antelHLi2Op- 66 3£f-: 23 8^9 67 

83 S3 ll aS£*SSS 2 i- 3 P*. IU * B .7 *. 


10 ^ I Z6 Krifv>h Northnjp I 94 


026 0 9 64 .27 71116 I1Z !^oods_ U2 _... 3.69 45 5Dl 67T 76 65 66 Z\. £ 

4 67 19 91 R fil 326 100 Inti+imn, iS c c - Ok Bile'll^?. \ Hnirb i SbfWofi _ 48*a ...... 2. 


't er 1 |4v -rid 

j _ ; t,rtr>* It'ir'i.r- 
t-'.. ■ £«> * - , : £ 

!. ’ 5 S— ■ < 


: i. tarn.-1-E.R'.. 24v -1 SI JOi _ i : BLILDING INI 

3V; Ml l\l>-r V,-A.- 15" ■ . .**)'• - , 1 * | X -n 

i* |9b fl p| \..a.i--!r . . 14.U— 40>- ■ — ; lb AINU 

N-. 11 ": ‘.rr. ' 1 14 .*.; I ♦ i °0,- - ; 1 $ “j j .« ..r -l 


. ‘ >12 >5 j 15j!2J{ 8-1 J7 2b '. jjIitc.; it'p 

1 ■ 5 ! - 1 : x! - I 49 I 35 t>«sriiB. 5 v 


SainshurifJ.I— 169 +1 td5.47 1.0 4.9102 aR, 25 HosartlS' ai, Wt\ 3,0 q? 10 4 

isssr-— g v* « Jf h M # h£& JP 2 gg ^ H * 7 ■ 

SkWiirriHily*. _ . -■■■ 2.79 1715 M? E Hutrttelgh 10p_ 87 -1 TZ.W 63 33 h&-; 


sesmss: jp - 352 ■ a u n g .g m 

TateilCT™ 192-2 13 J 4 24 1 Q .4 4.7 U 74 , §#, M. ~l 

TawnerRotzOp 102 x 1 ...... d 53 l L 5 &6 9.9 268 206 m* 9 m 52 

till 111 •■Pfe»§--a r «i| 

Called Eiscmti- 147 -l" 538 tj 23 5.7 9.0 75 ^ h^U Smlm' M lit 

JS « H « 1 BSSSEl; & 


1« J+14| as 3.4} 7.9j 73, 


43 03 29.6 - “ 
13,7 . XO U.3-; 

53 43 43 
Z8 4.0 135 * 
1^6 12.7 6.8 •" 

£# ?4 9.4 ^ 


21?. J 9 *i z .-4m -! ill :■>- 

?9 Jau«tJohai-3 45*; fd2,<7 23 83f3a.-^ 

12*; 9*> - lane 'M-timB . 12*| +V M05 63f - '• 

224 149 JardmeM. SHK6. 224 +-6’ tQ66r 23 J 3'M24'-"ii 


. 1 2? JardmeM. SHKfi. 224 +-6’ tQ66r ZJ J 3 5 

. • ■ S- S-tSSiar 

HOTELS AND CATERERS j f gKfe £ ± fS, H 

35 iBrartWaUtaSp-j « —-U4 U| 33 37.9 29 23. KetaarfvSffl lt* -29 «5S 2l « 

% +4^2 ll3.9 _ 2.81 65 88 £104* <125 kRfi me Ten in S / 


taVereHoiels 154 ]td 4^6 13 

|Efacare5p 12*;|-V N0J3 bX9 


]._«.[ t2.6f 2.6feii 
—4X95 • l.«U)J 
.[323- 7S5; 


r3.il.' G P- MtaedySsi lOp 29 fl 58 23 83 ' 5 T ^ 

H KenJiawiAtlC 925 .“ . 15.9 lo !*,«£ 

anS'll 70 £5 65 .....382 22 9 0 7* 

4 «l.» 77 UCAHWs— ■ 85 -1 U ]l 




?:r kSiS . | 

ji — ■' 1 t 


i 


63 
340 

11 

58 

64 

74 

200 

*■ 
147 

124 

234 

12 
302 

83 
42 

a&e 
SM 
£106 
9 

118 
40*1 
34 
14 
68 
80 
48 
48 



Irate, fl - . 
tfrcraplOp 


m 


Fwetl LMH rOp 
PrwsitCnn5p 
..U54 Prestige broup 
d 28 Pntiurd 5vy.5p| 34* ? 
; I Hi Prot Laundy 5p I llte 
17fi PuUcuqH.&I .ipl 85 


m 


■s 

34 
46 
271- 
113 
57 

£23 V 
210 

iBdhml'Isrie'.J 26nt 

3 

umOKSerlll £M>; 

8“ 

tVj 

84 
S3 


Kajmer IflOps 


6Bi 2 

TOjnJUl, 1347 
5gtfLr..t246 


:i»: 


971.. 
63^ 
160 

SelicLawIOp J so 


i 1 


i 


sinurfttiJefls'L 




T 

f. 74 
62 23C 

?! ID * 

li 75 

6.9 242 
i50i in 
72 74 

4-S 3 *- 

58 95 

U 58 

1 

96 m 

5 -2 « 

84 14S 

3*6 ^ 

?■?! 
94 
.91 
90 
320 

m 

270 


High Law 

347 1310 
109 
72 
315 
156 

tt 

87 
77 I 
115 1 
■96 I 
118 


I 


I 


W 


Ctan11s.Inc.El 


112 . 

144 

79 I 69 
30 25. 

44 39 


14.86 [ 16l 
hd0.48 25 



£ 




LonPravShpVp 


[i^srr 


FSmws- 



42 
81 

M.fi 

51 152 


5 


Lake v te* Iir- 


gjj-. ji.3J 

33 Id28l| 

! 52 !h277! 

hl51 


161 

6W 2 
37'j 
178 
49 

kallnc !5p[ 188 

104 


Carpets 30 




£U 
18 
260 
13 

*z- » 32 

2or 


3 


23 1.0 

U 14 
675 » , , 

437 LI 6 


,vl 



3.45 0. 

vrt 

24 1 ' 
1166 



”■5 53 41 

"j “ « 


m 


5.58 
13.6 
4.15 10 

25 10 

12 111 


50 

138 <118 
110 955 

91 77 

220 193 
124 116 
170 129 
tih 55 
bi:< 47 
45>i 37> 
96 36 

99 84 

50 44 

130 104 
44 36 

77 70 

f£-i|ilo Ilk 

2S5fin 

sap 

I - I 60 
JO 

P 


Da Cap 





Mm 


94 80i; 

188 163 
735 teOO 


I 


tt 




I has 


fett 


U ErieKl .. . . 
Western Areas HI 
Western IV-epK 



J) nlernaf tonal 


tnuftcter 


■ 1971 

High Low 

21 
2 
7 

13 


DAIWA 

SECURITIES 


MINES— Continued 
CENTRAL AFRICAN 

| Stock | Price | + -"] N« 


| Vld 

CvriGr’i 



NOTES 


fates* ottonlH bdted. price* cut net dhidends are In 
pence and densmliudiaas are SSp. Estimated fricnonuo 
Mine and revert are baaed cat laical annual reports and arcetwls 
anL-wUn passible. are updated on half-pearly ngum. P/Etare 
calculated on I he basis of act distribution; bracketed figures 
Indicate 19 per cent, ar more difference If calculated on -oil" 
dbarlbotion. Cater* an- baaed on ‘maximum" distribution. 
Yield* are based on middle prices, are gross, adjusted to ACT of 
M per cent, and allow for mine of declared distributions and 
rights. -Securities with denrtninaiteas other than sterling are 
quoted, ladutin of the tavesunent dollar premium. 

t Sterling denominated xecuritLea which include mvecBaent 
dollar premium, 
a "Txp" Stock. 

* Hi $hs and Cow* marked thna have been adjusted in allow 
for nata Usues for cash. 

t lnienra since increased or returned. 

1 Interim since reduced, passed or deferred. 

£$ Tax-tree in non-residents on application. 

4 Figures or report awaited. 

W Unfitted security, 
s Price at lime of suspension. 

9 Indicated dividend oiler pending scrip andi’or rights issue: 

cover relates to previous dividend or forecast 
■* Free of Stamp Duty 

♦ Merger bid or reorgmusalion in progress. 

4 Not comparable 

a .Same interim reduced final and/or reduced earning) 
indicated 

# Fofecad dividend: cuvcr on earnings updated t>y Inlest 
inicvim ■uirntnl. 

I ttner allows (or conversion of shares nr* now ranking lor 
dividends or ranking only for rejonctcri dividend 
X Cover does out allow for ■‘hares winch bjjv also rank for 
dividend at a future dale. No P E ratio usually provided. 
¥ Excluding a final dividend declaration. 

+ Regional price, 
it No par value 

a Tax free, b Figure* based on prnvpei-tu.1 or oiber official 
emmnlc c •.'em* d Uiv idend rate paid or payable on port 
of capital, cover biL-cd on dividend on iull capital, 
r Redemption vield. f Flat yield, g f - mi mod dividend and 
yield, h Assumed dividend and yield after M-rip is-Jhe. 
1 Payment from capital k Kenya, m Interim hi; Ever 

than previous total n Rights Isrue pending q Earnings 
based on preliminary figure* r Australian currency. 

* Dlildvnd and yield esc lude a special payment- I Indicated 
dividend cover relates to previous dividend. r,2 ratio based 
on latent annual earning.'', o Forecast dividend- cover based 
on prcuuus year's earnms* v Tax Irco up lo 3up in the t. 
w Yield aUowh ror currency clause, y rnv idend and yield 
based on merger terms, s luvidend and yield include a 
special payment finer, does nc* apply to special payment. 
A Net dividend and yield. B Preference dividend parsed or 
deferred. C Canadian. D Cover and P"E ratio exclude profits 
of U K. aerospace subsidiaries. E Iv-tie price. F EKvidi-nd 
and yield hased on prospectus or oLber oftioul e*dlmat(M lor 
1977-78. C Assumed divideihl and yield after 'lending scrip 
and/or rights issue. H Dividend and yield based on 
prosper I uh or other official cstimales for IPTB-TT K Figures 
based on prospectus or oitacr oliiulat estinulc. Tor 1D7X. 
!H Dividend and yield based on prospectus or alter official 
eutmaier. for IBTB. N Dividend and yield based on pro:. peel us 
nr other official esu males fur 1S7B. P Dividend and yield 
based on prospecun. or Mhcr official mimotcs for JOT7. 

Q tiroM T Figures a-ssumed l' No significant •.'■'■rpoiuiicra 
Tax payable Z Dividend total (o dale 44 Yield based on 
assumption Treasury Bill Raic Oayr unchanged until maturity 
of stock. 

Abbreviation.*- id e\ dividend, ccv scrip ir-sue; rex nchts: u ei 
all; d ex capital distribuvinn. 


“ Recent Issues “ and “ Rights ” Page 2S 


This sen-ice is available lo evert- Company dealt in on 
Stock Exchanges Ihroughout the I'niied Kingdom fora 
fee of £400 per annum for each security 


REGIONAL MARKETS 

HiefonowinB i* a -.election ori-ondon qiiotationsof iham 
previously lirted only in regional markets Pnet-s of Irish 
issuck, mt»i of which am nw officially fitted m London, 
ore as quoted on Ihu Irish cVf-hangc. 


ht-i Erand.Vic 


9 Helena Rl 


, Albany Inv. 20p 23 

■\*h Spinning... 43 

Rcrtarn 14 

J+3 |iii22c( 1.01 b.8| Bdg'wir Est.50p 285 
Hover Croft- 22 
Craig & Roue Cl 430 
Dyson • R. A ■ A . 41 

El!ix& McHdy. 65 
KvanfiFr'klup 57 

Evcred.. — 15. 

Fife Forge ._ .„ 47 

Finlay Pkg.. ip. 19 
Ciraig Ship £!.. 1B0 

HissonsHrew. 80 

I o.M.Srm.11 .. 147 
UolUJos i25p. 250 

Vlhn. Goldmuth 56 
retiree iCH- 129 

FkjI Mills 17 

hhefftcld Bhck 46 


Shefi Kefrshmt.] 51 
Shiloh Spmn 22 

-Simla!] • H'm i_..| 83 


i-onv.P»i-R0 82 £96 

|| .\Jliante Gas... . 65 

fZ Clnndalkin 94 

an I'm ''oncreie Prods.. 125 

“ *“ HciiiiniHIdgs i 42 

|0 - Ini U.rp 180 

?Z Irish Ropes 130 

?9 Jacob .. 60 

25 Sunbrhm^ 32 

ZZ L nidnre 75 


65 

290 -2 

97 -1 
94 +2 


56 

ntp» 

221 

1 271; IDawtBFftar 
! 13i» 

I 50 
421s 
12 


22 
108 
19 117 


74 '44 j 
22 18 1 

WS 1 

18 13 

95 B 
105 


222 

35*1 
21 

,16*2 
119 
58 

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w“ 

-9x 

12 

24 

y ? 

M 

'13 

29 

Tia 

S r: 

no 

‘Unf 

18 

y 
y 

105 


rtf 



i 


Z37\ £30 
90 64 

350 . 285 
Elite 925 
74 , 54 
98 


10 iMits&Spncr 11 
19 I Midland Dank 25 



A 56 C.K.N 22 

2 A 93 HawkerSIdd. 20 I Thom I.l 22 

19910.6 HtwseafEV9aer.|12|Tni4tHousea|l5 

1 5 v-5 A sBlceUon of Options traded Is given on 
Lon d Oo Slock Exchange Report page 


































































































































































TT-- 1 1 for your nest 
M. lllll expansion. 
NewDevefapment 
OppcrtmutfesbaradmiB 
from: 

lanRHdden. 

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Kingston upon Hall G&QmcSL 
77Lawgafc.HnU.HUllHE 
Tetephuoo 0482 223111 



FINANCIALTIMES 


HCND^ON AND GLASS LTO 


.Wednesday March 29 1978 


STSVwrwi racxiWM 


worker u.S. price rises increase 
^* ors anti-inflation pressure 


THE LEX COLUMN 


Flawed charms of 




Paper 


87 ]UR£K MARTIN, US. EDITOR 


WASHINGTON, Mart* 28 * 


soon 


By John Elliott, Industrial Editor 


THE GOVERNMENTS White 
Paper on industrial democracy, 
which has been the subject <>f 
acute controversy since the 
Bullock Report was published 15 
months ago, is expected to be 
presented to Parliament within 
six weeks. 

The Prime Minister has taken 
the decision that there should be 
no- further delays in its publica- 
tion because he has accepted, 
after a series of meetings with 
leaders of the CBI and TUC. 
that tbe Government cannot 
draw up a policy on worker 
directors which will be accept- 
able to both sides of industry. 


AMERICAN consumer prices 
rose by 0.6 per cent, seasonally 
adjusted, in. February.- This is 
less than January's 0.8 per cent 
advance but it Is likely to main- 
tain pressure on the Carter 
: Administration to adopt more 
effective anti-inflationary policies. 

Higher food prices were again 
the principal factor in the 
increase, rising by Id! per cent., 
the same as the previous month. 
Beef was the main culprit, show- 
ing a 4.1 per cent, advance, twice 
the rate of each of the -previous 
three months. 


Tougher 


Equally disturbing was the con- 
tinuing surge in the services 
sector. The cost of medical care 
rose by OB per cent for the 
second consecutive month, while 
actual hospital charges went up 
by even more — L3 per cent 


The combined Impact, of the 
increase in consumer prices and 
higher taxes more than offset 
modest increases in both average 
wages and hours worked to pro- 
duce another decline— of 02 per 
cent — in the real earnings of the 
average American. This statistic 
fell dramatically, by over 3 per 
cent-, in January, largely 
because of the one-off effect of 
the social security tax increase. 

Several key figures in Wash- 
ington have begun to argue 
forcefully for a tougher anti- 
inflationary approach than has 
been adopted so far. Perhaps tbe 
most publicly vocal of these has 
been Mr. G. William Miller, the 
new chairmap of the Federal 
Reserve, who has again warned 
that if no action is taken on in- 
flation interest rates may be 
forced up, with adverse conse- 
quences for the housing sector, 
in particular, and economic ac- 
tivity in general. 


Inside the Administration, Mr, 
Michael BliunenthaJ, the Trea- 
sury Secretary, and Mr. Charles 
Schultze. chairman of the Coun- 
cil of Economic Advisers, have 
been pressing for more action. 

Both have warned of the 
dangers of permitting next year’s 
Budget deficit — projected at over- 
S60bn. — from rising. 

As it stands,- the only formal 
anti-inflation programme on the 
books is that unveiled by 
President Carter in January, 
envisaging a consultative process 
between Government, manage- 
ment and unions. But, what with 
the distractions of energy and 
Panama Canal legislation and 
the coal strike, little attempt has 
been made to iollow through. 


Warning 


A list of more specific ideas 
has been produced by Ur. Barry 
Bosworth, head , of the Council 
on Wage and Price Stability. 


His memorandum to the 1 
President two weeks 3go— leaked i 
to the Press, it is understood, i 
by Mr. Bosworth as a way of 
dramatising his arguments — 
warned of substantial food price 
increases in the pipeline and 
suggested a variety of steps that 
might be taken,- including an 
attack on health care costs (an 
attractive idea in the light of 
the figures out to-day and one 
which the administration has 
sought to tackle before), oppo- 
sition to inflationary farm aid 
bills fa politically sensitive 
subject! and backing for at least 
a partial rollback of the social 
security tax Increases. 

Tbe trouble with tbe latter is 
that Mr. Blumenthal is opposed 
to such a move, even though 
it is gathering strong support 
in Congress. It would be bound 
to have an effect on the S2A5bn. 
tax cut anj reform .package 
which the administration has 
also presented to Congress. 


Wall Street 


$1^ 


A big 
is nudes: 


is promotional eamjaign . , 

ex way in Europe to whet, judex fell 0.4 to 4oU.l arcnJnd s j*.,. cent— renldhardlj 


the appetites of investors for 
U.S. equities— and it seems to 
be producing results. Foreign 
buying was said to be promi- 
nent in tbe recent abortive 
rally which took tile Dow Jones 
Industrial Average up more' 
than 30 points from its tbjao- 
year low of 742 last month. TTJL 
brokers have been touring the 
Scottish institutions, reputedly, 
with same success. And a couple 
of weeks ago the Schlesinger in- 
vestment . management group 
spent some £12,000 on a . Wall- 
Street conference in London. 


U.SL STOCK ftBfflffl 
YIELDS 


The White Paper will suggest 
how gradual -progress could be 
made towards a worker-director 
system and will also propose 
statutory rights on employee 
consultation and the disclosure 
Qf company information. 

In this way it will fail to 
please either the CBI or TUC, 
but may avoid a repetition of the 


major row which accompanied 
the publication of Bullock. 


Weather thwarts French 

/ 

plan to blast tanker 


Post Office 
to repay 
$100m. U.S. 


Risk aversion 

Tbe main points of the. sales, 
message are predictable.. In 
terms of average yields and p/e 


— ■ resist this pressure afloeafbet 

The key question is whetliprill *5 I 

°V BintHHfs-m the l\S. administration will * 

■ HH3JE5T grade BONDS prepared to accept these higher 

L/l I " interest rates and see its hopes 

f or further significant ecu-" 

8 v- X, - nomic growth in 1972 Uivap 

n c QTftrK ft fffiNn pear ouc 
7.: - - decision will have a funUauicn 

TitLIfa impact on the dollar ant 

fi- - ___ * also nn the bond market, vhid 

* rfmuD SsSP J « still not discounting any sus 
--V «a*GE f - tained increase m inflation. 

' S'* in fact one of the feature 

_ of the last few months has beci 
^ V-«— ' the stability of tbe bond mat 

" . i ket compared with the slide ii 

1 i L? share prices. To some extent thi 

1575 1976 1977 tics in with the steadiness r 

short term interest rates dunu 
The bona market does not the past fewm,mh« after lyi 


6: brBUEE YIELD ON STOCKS W 


FINANCIAL TIME5 REPORTER 


Riiriapf THOUSANDS of volunteers yesterday. Mr.. Robert Adley, up and local mayors have been v 

ouugei began cleaning up Brittany’s oil- Conservative MP for Christ- left with the problem of finding g y i D frn u oy d 

There is. however no chance covered beaches yesterday as the church and Lymington, claimed lodgings for the volunteers, 

of any legislation on’ the subject flrsT traces of oil were that the Department of Industry « It ^ ^3 work , But Jf there P0ST OFFICE is to pay 

before the next General Elec- washed ashore in the Channel had delayed for two years the ar _ thousands of ants working a SlOOm. loan from the 

tion. so what appears in the Islands. commercial development of an t0|!ether we will set it done,” Ch*** Manhattan Bank more 

White Paper will provide a But the French authorities’ oil-spill clearance system pro- saic j ^ Becanr. Secretary of State than three years before its due 

framework for what could he P lan to blow open tbe wrecked duced by a company from his at the of the interior. date - 

in eluded in Labour's election Amoco Cadi* to remove the consutuency. About 3,000 soldiers are already The repayment, which will 

manifesto. remaining 20.000 tons of crude Mr. Adley suggested mat the on the clean-up, using save a total of £15.?m. on in- 

However. the Government is ™? s thwarted by bad weather. U K. pumps to suck the oil from tbe terest charges, is within the 

acting on other aspects of Indus- divers were unable to plant for chemical surface. Sixty miles of coastline general government policy of 

trial democracv and employee charges. . V SSS^J!!Si are affected. bringing forward dept repay- 

participation. A Bill was pre- _ , Th ^ maiQ !? A*® Channe J E 2S P ?himipjis h ““ The Euronean roramission ments where *« order 

sented to Parliament last week * slands «a of factured the chemicals. an^n ced^Sterday lhTt it w; S 10 ease the burden in the peak 

for the creation of a Co-opera- 1 he®vy sticks sighted yesterday. ^ovid bouT^MOW f ram i to years of **«« early l«0s. 

“5! aw- *2HL5“S Appeal i* ^ m «« 


loan early 


By John Lloyd 


are affected. 

The European 


Commission 


bringing forward dept repay- 
ments where possible in order 


announced ye^rday t-hat it will 

provide about. £330.000 from its years ° r *** car,y 1980s ' 


ia'sesisssssa: ... 

«“ , «»!. .™- « B “I,;. 1 " " - Ms as T. SSS tfiSSStfA 


ship aiso < due V U) 1 be ' surrounded 1 hyT film of thin oil up will be equipped mainly with Breton economy afier the ilTofto 0 

included in the Budget as a ! within rh* next 48 hours. material donated by the public grounding of Jtiie s Amoco 'Cadre, snmsofSaOm thefiretinOeto- 

result of Ihe UMah'poct ! Trade Department offlcUla on after a radio appeal. •&■»< =»»?>*-» »«' ® 


ber 1981. Interest was fixed at 


will stale that the Government Recriminations awui uic tuc.m-ui — — ner cent It Ls 5 5 oer cent of 

wants -to see developments in behaviour of authorities on both Only organised groups will, be mainly fishermen and those in S Soiatton’s fSTdebt 

the nationalised industries. The sides of the Channel conti nued invited to take part in the clean- the tourist Industry. ™JJ> ratl0n tore, S n fleDl 

Post Office has recently adopted ~ 7 — 

a worker director system and -> Pnnfnrm 

Trade Deoartment to orobe ^ ^ 

This links with the White Paper llilUV 1/V^lU UUVIR jHWV reiterday that the corporation 

o n the structure and financing oE •- is particularly well placed to 

bucket-shop air tickets Z 


the the local authorities. 


livelihood depends on the sea. 


represents 


Conform 


Post Office has recently adopted 
a worker director system and 
schemes are under discussion in 
the steel and other industries. 
This links with the White Paper 
on the structure and financing of 
nationalised -industries which 
the Treasury is due to publish 
next week. 

In the private sector th? 
White Paper will only map out 
a slow movement towards worker 


Post Office officials said 
yesterday that the corporation 
is particularly well placed to 
conform to an early repay- 
ment programme. 

The Post Office was wholly 
self-financing in the past finan- 
cial year, and is so again in the 


a slow movemeat towards worker by MICHAEL DONNE, aerospace correspondent drtj-r -and u . .Rain C Or 

directors and will also embrace the TRADE Department is effects of this trade on airlines, On e of the big questions the p ne * 

the CBIs ideas of companies 1nnk . M ’ intn the Dr oblem of air- the travel trade and passengers; working party will have to A spokesman said that a r«e r 
concluding participation agree- “J 10 h and answer is where the bucket-shops meeting the profitability 

ments with their employees as “ne tickets sold at unautnonse TtDRD, recommend means get their tickets from, and why, targets set by the Government 
one of the stepping stones cut rates — the so-called bucket- e [ t | ier 0 f halting it or eliminat- if the airlines know they are — of 6 per cent for the tele- 
towards employee representation shop system. The working party m g ^ more harmful effects. passing through such, channels, communications 'business, and 
in the boardroom. W iU propose methods of prevent- All sections of the travel trade they continue to honour them. 2 per cent, for the postal bnsi- 

In order to produce as low j 0g this drain on airlines’ have been worried for a long The members of the working nesfr— the corporation was able 
muted an outburst as possible revenues, which is estimated to time about the growth of bucket- party will include: Mr. P. Carey to divert funds to repay the 
from the CBI, the White Paper is ; amount to several millions of shop deals in airline tickets, (Guild of Business Travel loan - 

likely to be impressive on the pounds annually. because the members of bona- Agents); Mr. D. Carr (British Editorial Comment, Page 16 

two points which have been at | chairman of the working fide travel organisations lose sub- Airways and Board of Airline _ 


...uw J. 11c LHJUU UIOIKI UUta UVk - . fhn 

ratios — 6 per cent and 8.5 -te- as yet seem to have taken the upv«uds sur^c tn tte autumi 
spectively on . the DJI-^-shares inflationary dangers very rt ‘ UL . L I ls J 1 '" 

offer better statistical . value seriousl^There are 'still those inflation will not rut -on an. 
than at any time in' the last 0 n Wall Street who argue that JJ* 1 ”**' but atemg»raij ba -’ ls - 
20 years, with the exception of after a temporary spurt the that >‘» eW * of 8 ? ir r a J l 
the final months of the I9T4 annual rate of price increases u,Iirc must re P rt,5cnr rock sol ‘ 
bear market The U.S. institu- w m ease back to 6 per cent. vall,L ’- 
tions are highly liquid and i atcr this year. The bears, for nn 

their aversion to the nsks of their part, do not set their sights laKlu & U P biaLIV 
equities has already been taken much higher than 8 per cent. But recent trends may hat 
to extreme lengths. Last year inB ,.: nn ^sn been deceptive. Tlie final *Aay 

the pension funds only put 25 rla<ih of last year’s rise in money ran 

-5 °! th ™ — — v SSSSP^SSTSfe^S had less to do with dcraan-:;.' - 
into equities. ' ... , h T^emmer>r7fi^l Stance for Funds than with intervontuv-. 

In addition, the argument V. the ec0 nomy enters the b V thc Fcd - ^ slaek ,s 1,ke * " 
runs, the dollar is now “ftmda- ff)ur th year of a cyclical up- (0 be tak<?n in the 
mentally undervalued” against ewine Federal borrowings are months, which could he a moi 

other currencies. Therefore the ^ in ^ as in C _™ budset testinK period for the btm 

currency swings which have rieHeil: is uteiv to be iust over market, 
added to the pain of the bear s 50bn fo _ 1977.78 against So how is the European it 

market for overseas investors <u=ihn' list vear This pattern veslor to respond to the oppo 

oeed no looger act os a deter- r unp « c eden,rt atiSl. .V tunlUw m Wall Street whit; 
rent and could even in due the business cycle and are now being glowingl 

course become a source of if* imnlies a serious Strain on described to him? Those frot'-v: r 
positive encouragement Sa L f L? m1P i; ets hard currency countries show ip ..... j 

there is no reason to stay out Money GNP could well expand b »S tosses on their dollar pnr ’ 
of an economy which is still b n L, r thii? v car folios in local terms will prul 
growing very rapidly by inter- hi h is “ b ^ nd to generate ably still take a jaundiced vie 
national standards. - jg* d emands fnr bn?rowing. of the risks. To the U K. n 

But the crucial omission from Meanwhile thc upper limits on 'estor, who is confronted wll 

this framework h» the rate of the Federal Reserve’s money an uninspiring domestic stoc 
inflation, which has already supply growth targets for the market and a currency whit 
clearly turned upwards. The year ahead are 64 per cent, for bas depreciated against tl 

underlying rate of price in- Ml and 9 per cent for M2. dollar this year, the pictnt. v ; 
creases in the final quarter of looks rather different T1 

1977 was around 6 per cent., up Internet rs*tp<5 bandwagon of the second lir 

From per cent, at the end ■ Uiiere!il stocks — which in many case 

of 1976. According to the new So long as the Fed remains are actually higher than thc 
Fed chief. Mr. William Milter, the only bufwark against in- were a year ago — may still Jia\ 
the depreciation of the dollar flation short term interest rates some way to roll, 
on the foreign exchange market will be squeezed higher. It is But there are no signs tin 
could itself lead to an increase possible to see the Federal the fundamentals have y« 
of 0.75 of a point in inflation Funds Rate, which is currently changed for the belter on Wa 
this year. Wage pressures are hovering at 6J per cent, rising Street Maybe the picture coul 
also causing concern, and what- into the 8-8J per cent range change before the year i$ nu 
ever energy policy ultimately later this year. And although the But those who buy now cool 
emerges can only add further yield curve could be expected still have to sit out an uhcnr 
to price price levels. to flatten under these circum- for table few months. . > . , 


SHARE REGISTRATION 


any worker-director system aviation side of the department conducted by people who are British Travel’ Agents); Mr. C. Continued from rage 1 

should he based on the trade xhe group will have three not authorised airline ticket Gill (Holida'y Which?); Mr. A. J. . 

unions alone and how stepping objectives: — retailers. Locking (Airline -Users’ Com- T • j 

stones can be designed to move FIRST, to determine the’ While the sale of airline tickets mittee): Mr. R. Nicholls (Depart- I .phOflOTI 

towards the parity of represent- artpni ni unanthnrispH (tisrniint- Ksinur anthnriu>il far*» is not ment of Trade): Mr. C. Paice -“V'l/tlflwU 


towards the “ parity of represent- ex tent of unauthorised discount- below tiie authorised, fare is not ment of Trade); Mr. C. Paice 

atJO j j - A. ? ull ®5 k reco . l T‘ ing. the name given to bucket- in itself illegal, it could be a (Civil Aviation Authority): Lady _ ... „_ oKlo t 

mended in the board room with a j, op deals, where airline tickets breach of existing civil aviation Sherman; Mr. V. C. Slight weTe 11X131,16 t0 

equal numbers of people repre^ are so j^ openly at below the regulations for an 'airline to (British Caledonian); Mr. W. R. check them, 

senting shareholders and an thorised fares;. make such- tickets available to B. Wifiglesworth (Department of The Israelis would wait for 48 

epirTloyees. SECOND, it will -analyse the the bucket-shops’. Prices and Consumer Protection), hours before acting. The Pales- 

Th»> White Paper is expected • — -■ ■ •— r tinians are believed to have tried 

to accept “ parity " as an eventual to strengthen their portions in 

IJ'M.ffffiiiasa: Formidable task for First National ' 

lectivc bargaining .alternative to : round Nabativah, about 20 miles 

the Bullock ideas put forward by BY CHRISTINE MOIR west of the bridge, 

some union leaders. - Full ex- - 

larwtoH h-irrminin-? wmilrt inirnlvp i TMOST nf thp fl4fhn nrovisions had nxit been briehL Mr. John tinue at thp same rate this year Israelis Claimed that rockets 


Look what doing it yourself 
is doing to your profits. 


Formidable task for First National 


the Bullock ideas put forward by BY CHRISTINE MOIR west of the bridge, 

some union leaders. - Full ex- - _ ,. , , 

tended bargaining would involve 1 MOST of the £140m. provisions had not been bright, Mr. John tinue at the same rate this year Israelis claimed that rockets 
unions having a right to negotiate j in the latest accounts of the Glyn, the chairman, admitted, we should be able to reduce bred -into northern Israel came 
00 major company decisions. J secondary bank . First National Tbe group’s remaining property significantly onr dependence on fro™ a Positions at Beau* 

The White Paper will propose! Finance Corporation should be portfolio was of lower quality the support group," be said. ton castle, . an old crusaders 
y right to con- i regarded as “irretrievably lost” and there were some sites for FNFC’s loans from the Bank *?? a , 8 f. m 


Only a statutory 


hill outside 


sultalion on such issues although shareholders were told at yester- which there was absolutely no 0 f England lifeboat which was j 0V 

it will also take note of a TUC day’s annual meeting. • demand. ..... set up in the wake of tbe 1973 vauey. 


Nabativah overlooking the entire I 


idea that there should be a joint In spite of Press reports of a Mr. Glyn declined to give a secondary banking crisis are David Lennon reports from Tel 
trade union bodv within a com- major improvement in property forecast for tbe current year ms w - • Aviv: It was reported here that 

* .1 «,Tui.ianaa nr havnrrt “Tho nnmnanv cfill ...... «. 


1 values the company’s experience or beyond. “ The company still 


J*“- -"jg* » g-5: “ .uS D °u p p s poriS e ,“= £ 

JSk.“ ,S u, '^l r up u« suffi S ^ 

Sin-:?., uc_ eroun loans. -Mr. Glvn replied In contrast to reports from 


assigned 


Weather; 


Scotland, Glasgow, Highlands, 
Argyll. N. Ireland 


deficit,” be said. “Some people Jf-P *»■. Mr, Glyn replied ft . 

believe that the task is well that while these were a priority, Beirut tJie railrtary authorities 
nigh impossible , and it is diffi- ^ ? rou P was concentrating on hfere said that un ,^L “^1 
U.K. TO-DAY Scotland, Glasgow, Highlands, CU | t t0 disagree with thi9 view*' phasing out unprofitable parts of of darkness Israeli sabers had 

DRY, but showers spreading from Argyll, N. Ireland Mr. Glyn claimed there was the business and expanding its cleared the approach road to the 

West later. Some sunny intervals. Bright intervals, wintry more hope ^ the company profitable activities. f0 SSilL««- - sma -] 

London. S.E^ Cent S« E^, S.1V, showers. Max. 9C (48F). a year ago. In the final three In the past year liabilities out- a Palestinian unit 

N.W. England, E. Anglia, Cent. N.. NX. England, Borders, months of the last financial year, side ihe support group were re- 2X1 “ e e 
Midlands, Channel Is., Wales Edinburgh. Dundee, Aberdeen for the first time, sales took duced by FiOrtr. and were now _ 

Sunny intervals, some showers. Sunny with wintry showers place at above book value. negligible. The figure for provt- Control 


A . \ 

\ f •• 

1 \ ! 

3 - t 

-m ■ A 

kssd • > \ 

: /f'K. ) 


p'-ftssst i 

•: ' Vp 


S’: 


*■ V ♦ 


> f \ 




Max. 11C (52F). later. Max. 9C (48F). 

Lake District. Isle of Man, S.W. Morav Firth< N>E- n.W. Scotland. 

BUSINESS CENTRES - Orkney, Shetland . . 


IF future realisations con- slons could increase. 


\"da> - • Vday 

Mid-day I iiid-uay 

*r. *k • u c *!• 

Aitutrdm. R 11 - LuscmlirK. V I” S3 

.Vlhifns R 12 54 ?.ra<]rid S H M; 

Bahrain S 2« M .Maiiihsir. K la 55 

itir^Iuna S Hi fil ■ ML-lliourne K 21 70 

Beirut S. IS M. ’-nian . S Jti HI 

Belfast K 10 Sn.Mniiin/al C a ‘41 


“ Bright intervals, occasional 


ind^uay showers. Max. SC (46F). 


Outlook: Sunny intervals and 
showers. 


HOLIDAY RESORTS - 


‘Irregularities’ in Grays 
Building Society accounts 


Bella*:! K in rri.MMiirval i a -ii 

B«tarad« V 12 54 , Wos..-ou- C A K 


Vday 

Uid-duy 


BY DAVID CHUR CHIU 


Once the road was cleared the 
UN troops moved in 10 control 
the bridge, one of three linking 
Israeli-occupied Lebanon with 
the north of the country. 

On. the political front Mr 
Begin sent a letter to President 
Sadat calling on him to renew 
the direct talks between the two 
countries broken off in January. 


mrmuhnj, H 11 m'xowcsbUb C 10 -3) * Uj *R; lcr ** 

BrSol R 10 50 1 Now York S ll K A tom F Zl ,* Las Plm 

VI 34 ! Oslo c 5 41 Bwmu b E n Locarno 

BwUPMl c lli 50 1 Par In K 14 5T Blackoool C 12 54 Majorca 

S M Xlpenh n n 70 Bordcau* S 22 72 Malaga 

ci«ro S =4 Wlftagiw R W 30 Boolosno [■ 12 54 Malta 

R n EiRericJavlfc >' 4 S» Casbtara. V 22 72 Nairobi 

SlSSo S 9 «,Riodc J'oS MB Cok Tn S 26' 79 Naoles 


v| -k; -c *p THE Grays Building Society in Already the association is carry- He said that Mr. Weizman 

f ^ -v i'^ Dimc f 25 7? EsSeX * witb assets of film., did ing out Inquiries into the might go to Cairo this week. 

v E 7a I Locarno s u 57 not reopen for business yester- society’s financial position. One The two-page letter, trans- 

c 12 54 j Majorca s 20 6s day after the Easter holidays, move being considered is a pos- ferred through the U.S. Embassy 

C <in re Uihna « 73 rm. 1 M ..l * tL/. ® _ 1 a — a.. t— i_ 


* ;■? 2llWa resulted from the discovery sible mereer with a larger j In Tel -Aviv, is .In reply to an, 

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F 14 S7 Rome 


S is 61 Dubrovnik S 1.7 59 Nice 


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c ‘J a last week of “serious irregu- building society, • earlier letter Mr. Sadat sent to 

s ia 51 lari ties '* in the accounts after The exact extern of the “irre- Mr. Begin with Mr. Alfred 

s is 6i the death of Mr. Harold Jaggard, gularities " in the -society’s Atherton. UB. Assistant Secre- 

S JS ^ the society's chairman^ and secre- accounts is not yet clear. No tary of State. 

T U £ tary. the Building Societies Asso- firm date has been -given for Officials in Jerusalem said 
? H S ciation said yesterday. restarting business. they exDected “ a positive reply " 

v 26 n The association is discussing Savings of the 7,000 members from the Egyptians and were 


. , Mounting overheads like these can hardly be justified for an 
internal service which only becomes really active once or tore a 

Using NatWSst Registrars, onthe other hand, most certainly can. 
. , . rOf example, one phone call and one payment takes rjirt* nf 

patkin 9 

updated^ai^youha\reraScPacceKtoaKsSsSvrt^^3^ta ; ^ in ® 

be saving your c^ny- M 

giving full deSte.^ J1 ° W ^ askin9 us to send V ou 3 brochure ne ^" 

Telephone the Manager on 0272 - 297144 . 


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It. KunB y- -S TTlToronW 

■lq'buni «'• «• Vienna 

Mohan F 13 S3. Warsaw 

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T— Tliundcr&ianii. u— Uwce. 


society’s members and depositors, any loss of confidence. 


discussions soon. 


JINatWest 

IV Registrars Department