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lispprul Malal Industries Limited * Birmingham 
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No. 27.521 

Thursday March 30 1978 


5 ^™^**;. ? LLI>IC Seft,15; BELGIUM FrJS; DENMARK KrJ.S; FRANCE Fr.J.O; GERMANY DM 2 . 0 ; ITALY L. 500 ; NETHERLANDS Fl. 2 . 0 : NORWAY Rr. 3 . 5 : PORTUGAL EwJO; 






gain 8; 



gilts fall 

Rhodesia’s new four - man 
Supreme Executive Council, 
composed of Air. Ian Smith and 
three Mack nationalists, held Us 
first full working session in 
Salisbury yesterday. 

The object was to begin shap- 
ing the multi-racial Cabinet, 
which, under the internal settle- 
ment. is clue to run the country 
during transition to black 
majority rule. 

There were indications, how- 
ever. that the council failed to 
agree on such key portfolios as 
those of Combined Operations. 
Foreign Affairs. Internal Affairs 
and Law and Order. 

From Paris, Mr. Hubert 
Mugabe. Patriotic Front co- 
leader. was quoted as saying in 
an interview to he published 
I here shortly that Mr. Smith 
should he tried as a war criminal 
and shot. 

Meanwhile Sr. Isidore M«d- 
mierca. Cuban Foreign Minister, 
failed to arrive in Dar-es-Salaam 
for a scheduled three-day visit 
to Tanzania. Back and Page 3 

• EQUITIES staged a technical 
rally. The FT 30-share index 
gained S points to 468. L Rises 


led falls in FT-quoted issues by 
nearly 3-1. Budget ‘ optimism 
led to above-average gains in the 
consumer sectors. 

Amoco Cadiz 

After French naval helicopters 
had dropped 12 depth charges 
round the wreck of supertanker 
Amoco Cadiz in an attempt to re- 
lease oil still in its holds, the 
Navy said that the hull appeared 
to have been breached and oil 
was escaping. Page 2 

• GILTS remained sensitive to 
light selling amid worries about 
dearer Interest rales. The FT 
Government Securities index 
eased 0.29 to 74.44. 

• GOLD lost $2} to $1811. 

Somalia asks for 
peace force 

Somalia pledged continued sup- 
port for guerillas fighting for the 
independence of the 0.23 den 
Tran: Ethiopia and demanded a 
neutral peace-keeping force to 
slop “ genocide '* by 1 Cuban 
troops and Ethiopian forces. 

• STERLING fell 10 points at 
$1.8820. Its trade-weighted index 
was 62.8 (62.9). The dollar's 
weighted average widened to 
6.04 (3.79) per cent. 

O WALL STREET closed 2.94 
higher at 761.78. 

£435m. gas plant 


Fleet Street 

Talks between newspaper whole- 
salers and Mr. Bill Keys, general 
secretary of the Society of 
Graphical and Allied Trades, last 
night failed Ui resolve the over- 
time dispute which is preventing 
newspaper distribution in the 
tondon area. A separate dispute, 
vthich has halted production of 
The Times this week, and is pre- 
venting the Guardian printing in 
London. remains unsolved. 
Earlier story. Page 8. 

•V ‘—4 

• MOSSMORRAN £435m. petro- 
chemical complex, based on 
natural gas from the Brent field, 
has been given u go-ahead by the 
Government, which overruled 
protest groups’ objections. Baek 

called fur in the Cambridge 
Economic Policy Review, which 
warns that unemployment in the 
U.K. could rise to more than 
41m. by 1990- Back Page; 
Economic Viewpoint. Page 19 

Plea by Carter 

• POWER WORKERS* secret bal- 
lot is likely to accept a pay offer 
Df 10 per cent, plus £8 for self- 
financing productivity. Back-Page 

President Carter, speaking in 
Caracas. Venezuela, before fly- 
ing to Brazil, called nn rich 
and poor countries to stop 
blaming each other for the world 
economic situation and to co- 
operate more to make the world 
a better place lo live in. Page 4 

Word from Moro 


r tX 

. ■*: ; f y w 

The kidnappers of Sig. Aldo 
Morro. Iasi night issued a five- 
page letter which appeared to 
have been written by the former 
Italian Premier. In it he said he 
was being pul on trial for his 30 
years in politics. 

Board has refused further finan- 
cial aid to the insolvent Hivent 
air pollution company in which 
it has a 26 per cent, slake. 

Page 6 

has overruled a British objection 
to the fixing of an offshore 
boundary in the prospective oil- 
producing region of the South 
Western Approaches. Page 6 

(9 SWAN HUNTER outfitters 
have accepted a common wages 
policy in what is seen as a break- 
through towards securing indus- 
trial peace on Tyneside. Page 8 

Tory promotion 

The Conservative Party is to 
employ Sualchi and Suatchi 
tiarland-L'oiiipnm. Britain’s sixth 
biagest advertising agency, in the 
run-up io the General Election. 
Back Page 

Red Rum better 

0 ROLLS-ROYCE plans to- turn 
the Concorde's engine, . the 
Olympus 593. into a land-based 
electricity generator for use in 
power stations from 1981. Page 7 

is to increase the price of a large 
loaf by 2p to 2SJp on Monday. 
Page 7 

Red Rum. the injury to a. hind 
foot belter, perked up when 
Angela Rippon partnered him in 
a Southport canter. Pages 15 and 

Briefly . - - 

The Royal Ballet performance of 
The Sleeping Beauty was re- 
placed Iasi night by Manon 
because of a National Association 
of Theatrical. Television and 
Kine Employees* pay dispute. 

Sir Slew art Duke-Elder, surgeon 
oculist to King Edward VIII, 
King George VI and the Queen, 
has died. He was SO. 

Lord Selu-yn-Lloyd, former 
Speaker and Tory Cabinet 
Minister, underwent an opera- 
tion in London yesterday. 
Bomssia Miinchen glad bach beat' 
Liverpool 2-1 in the European 
Gup semi-final first leg at Diissel- 

0 POTATO SURPLUS this year 
may be double the estimated 
150.000 lunnos. since consump- 
tion is still only 4 per- cent, 
above last year's record low. 
Page 29 


0 LADBROKE pre-tax profit rose 
by nearly £9in. last year to 
£M.2Sm. Page 20 and Lex 
O .VIRGO has been refused a 
UiS. Federal Court order to 
prevent BOC International from 
further increasing its stake in 
the U.S. gases company until 
their legal tussle is resolved. 
According to BOC. Airco expects 
after-tax income of S5S.83m. next 
year. Bids and Deals. Page 23 
0 LEGAL and General’s pre-tax 
profirs last year rose lo £l7.4m. 
(£l3.9m.). while Pearl Assurance 
achieved £5.6*2m. (£4.72m.). Page 
21 and Lex 



BPMA 54 4- 7 

BSR 92 + 4 

Beccham 640+13 

Boots 217 + 7 

British Homo Stores 181 + fi 

Davy Intnl 21Q + 7 

be La Rue 270 + 12 

Dorada 78 + S 

C5 US .\ 296 + 12 

Home Counties News 68 + 0 
House of Fraser ... 151 + 7 

Kode Intnl 104 + 9 

Lad broke 1S4 + 6 

Lloyds Bank 275 + 7 

Lon. Manchester Ass. 136 + S 

LWT A I2S + 5 

Reed Intnl. ^-U4 + 4 

Rotork J20 + S 

Solicitors* Law ..w.-a 56-.+' 6 
Stone-Platt 105 + 5 


Unilever 506 + 

WheaCsheaf 147 -*■ 

Wol-stenholnie Bronze 185 + 

Shell Transport : 533 + 

London Sumatra ...133 + 

Kloof Gold 449 + 

Messina 82 + 

FALLS ' ■ - 

Treas. 12 pc 19S3 -£J0S{ — 

Treas. 13Jpc 1997 ---£111 - 
S. Shod. 2JpC *85-70 £55 - 

Gfilctt Bros 205 - 

Ocean Transport ... J2S - 
Paterson Zochonis nv ISO — 
Primrose Ind. Hldgs. S4 - 
Royal Worcester ... 105 — 
S and U Stores 9 — 

Pe Beers Dfd.' 345 ■- 

Lydenburg «... 57 — 

Rnsrenburg Plat. ; ... 7S -» 
Stiff onteih 228 - 













5 : 



Leyland’s output 

per man half 

to raise 

that on Continent 



LEYLAND CARS* workers spend more time at the factory but do less work 
than Continental competitors, according to a joint study undertaken by 
management and the trade unions. • 

The confidential report which and inefficiency. Management cent for Renault Simca. and 
finds productivity in U.K. plants is seeking a cut of nearly 1,800 Volkswagen, 
is only between 45 to 65 per jobs, by natural wastage, at Among reasons for the differ- 

cent. of that achieved on the Longbridgo, Birmingham, and ence are: 

Continent, warns that the com- similar exercises are underway 0 More non-productive time is 
pany's competitive position will throughout the company. needed at Leyland to overcome 

continue to deteriorate unless The economies achieved will problems caused by old plant 
there is a quick and dramatic put workers io a position to and machinery’- and breakdowns, 
improvement. earn bonuses under the self-. 0 The time allotted by Leyland 

“Leyland Cars cannot afford financing incentive scheme for particular tasks is invariably 
the luxury of lengthy debate which the company wants to in- exceeded. Factors here are late 
over the unpalatable results con- troduce. Ballot papers go out starting and earlv finishing, 

tained in this report: there has this week for the 100.000 manual material shortages, work-to-rules. 

to be action now by all parties,” workers lo decide whether to and go-slows, 
it says. give the scheme a ' six-month 0 Too many disputes and damag- 

Another disturbing finding is- trial period. ing after-effects at Leyland. 

the wide range of productivity 
between the TJ.K. car factories, 
with some performing 50 to 150 
per cent, better than others. The 
Speke assembly plant, which the 


including delays to new model 

0 Varying and more generous 
time standards set for the per- 
Sbop stewards are recom- formance of Leyland operations, 
company now intends to close, mending rejection, hut the pros- Regarding the varying levels 
was one of the worst performers, pern of an £&a-week bonus may of productivity among British 
The report gains significance be enough to sway the work- factories, the report says that 
from the fact that its findings force in favour. with the same management and 

are supported by the shop ste- Management sees the deal as unions there is no reason why 
wards on the study committee, only the first step. The all plants should not perform 
which was set up under the com- hope is that trade unions -will as well as the best, 
pany's worker . participation negotiate fundamental produc- In many cases such an im- 
machinery. tivity changes as part of a more provement will require a new 

Visits were paid to Renault sophisticated incentive scheme, approach by management super- 
Volkswagen and Simca so that The extent of the Leyland visors, and employees to the 
the stewards could see for them- problem is underlined by figures running of the plant, 
selves how Leyland plants ccm- in the study which show that on “ Although this would still 

pared with the competition. average in a 40-hour week plants leave the Leyland average figure 
The conclusions will lend are productive for only about well below the European level, 
weight to the drive to tackle 45-55 per cent of the time. That such improvement is an essential 
the problem of over-manning compares with levels of 67-75 per first step." the report says. 

Japan considering, moves 
to ease liquidity problem 


TOKYO, March 29. 

MAJOR MOVES to ease the 
liquidity position of Japanese 
banks and trading companies arc 
being considered by tbe Bank of 
Japan and . the Ministry of 
Finance, according to the foreign 
exchange market. 

The plan, which is not con- 
firmed by Japanese officials, 
emerged as the Yen again rose 
steeply against the dollar. 

By the close here, the dollar 
had fallen from Y225.D2 to Y2S2.B 
after touching a new low of 
Y 220.7 during the afternoon. 
(The closing level in London was 

, The Bank of Japan apparently 
refused to intervene, in marked 
contrast to its support of about 
SI bn. on Tuesday. 

The essence of the new scheme, 
dealers believe, is that the Bank 
of Japan would unload perhaps 
$150m. a day from its reserves 
over the next fortnight lo Japan’s 
13 foreign exchange banks, to 

finance a series of large-scale 
repayments on short-term foreign 
currency debts. These borrow- 
ings have risen sharply in recent 

The aim would be partly to 
ease some of the pressure on 
the dollar in Tokyo where even 
Japanese trading companies 
have been reluctant to buy 
dollars to settle debts at the 
present exchange rate. 

Peter Riddell, Economics 
Correspondent, adds : Foreign 
exchange market conditions in 

Europe were generally quieter 
than earlier in the week, after 
Saudi Arabia's reaffirmation of its 
intention to continue using the 
dollar for international trans- 

The dollar closed unchanged 
against tbe Deulscbemark at 
DM2.0275 and slipped frac- 
tionally against the Swiss franc 
to Sw.Frs.l.S7$75. 

Sterling traded quietly for 
most of the day, closing 10 points 

lower in London at SI.8S20. 
though tbe rate slipped lower in 
New York. 

The • trade-weighted index 
eased 0.1 to 62.S. a decline of 5j 
per cent since the end of 

Oar Foreign Staff writes: A 1 
new study on how the rise in ibe \ 
value of the Deutscfaemark js 
affecting West German export 
competitiveness suggests that in 
most key markets, German pro- 
ducts are not at a disadvantage. 

The survey, carried out by the 
IFO Economic institute of 
Munich, does say. however, that 
West German goods may become 
less competitive in countries 
such as the U.S-.- France, Sweden 
and Norway. 

In most other markets, th' 1 * 
position should remain un- 
changed, while they may become 
more competitive than Swiss, 
Britisb and Belgian products. 

Importers review market Page 6 

STEPS TO raise at least £400m. 
of additional equity capital were 
’taken by Leyland yesterday. An 
extraordinary general meeting 
-will be held ou April 14 to 
approve a resolution increasing 
the authorised share capital from 
£150m. to £650m. 

This will be followed by a 
rights issue at not less than 50p 
per share “ which is a good deal 
more than the current market 
value but is the par value and 
the minimum issue price per- 
mitted by law," according to the 
circular sent out by Leyland 
to shareholders. 

It adds that shareholders and 
holders of Convertible Stock 
“ will be given the right to par- 
ticipate in any such issue even 
though in current crcumstances 
they could not be recommended 
to take up their rights, bearing 
in mind that tbe directors do not 
see the likelihood of dividends 
for some years to come. 

“ Those who wish to buy 
further Ordinary shares are 
likely to be able to buy them in 
the market ar materially less 
than tbe minimum issue price." 

The circular also discloses 
that, at February 24 this year. 
Leyland’s. loan capital and long- 
term loans amounted to over 
£271 m. with a further £340m. io 
short-term and bank loans. This 
month the National Enterprise 
Board made £275m. of short-term 
loan ' finance available to 

. The increase In equity has 
been expected for some time and 
has been one of tbe main planks 
of financial reorganisation put 
to the Board, which holds about 
95 per cent, of the existing 
shares, in the latest Leyland plan 
from Mr. Michael Edwardes, 
chairman of Leyland. Tbe Enter- 
prise Board shareholding could 
rise to as much as 99 per cent, 
after the rights issue. The move 
has already been discussed with 
tbe Board and its report on the 
plan, which- includes, model, 
plant and manpower rationalisa- 
tion. is now with ' the 

Last week Mr. Eric Varley, 
Industry Secretary, told the 
Commons that the report fully 
supported the company's plan 
and the Government generally 
endorsed its recommendations, 
although some of the financial 
arrangements were still under 

This refers to the amount and 
timing of any Enterprise Board- 
investment in the equity. ] 
Although the authorised increase 
in capital is £500m. not all need 
be issued. 

Mr. Edwardes said that the 
company will continue its capital 
investment programme through- 
out 1978 “ involving the expendi- 
ture of appropriately large sums 
on the re-equipment, modernisa- 
tion and renewal of production 
facilities and tbe development of 
new models. 

Weizman for 

Cairo in new 

talks bid 


TEL AVIV. March 29. 

Israeli Defence Minister, will 
visit Cairo to-morrow in a bid 
to persuade Egypt to resume 
the direct negotiations broken uff 
in January. 

News of his Cairo mission 
came as Mr. Menahcm Begin, the 
Israeli Prime Minister, was 
attacked in ibe Knesset by Mr. 

Shimon Peres, Leader of the 
Labour Party Opposition, for his 
handling of the peace negotia- 

Mr. Peres accused the Likud 
Government of total lack of 
understanding of the ** historic 
opportunity " presented by Presi- 
dent Sadat's visit to Jerusalem 
last November. 

Earlier the Premier had 
defended tbe hard line that he 
took in talks last week with 
President Carter. His assertion 
that the Israeli Government 

would not in any way amend Mr. Begin attacked, in Knesset 
its “ peace plan * rejected by 
Mr. Sadat late last year, and 

would not he prepared to stiniun State on the West Bank, 
renounce Jewish settlements in something the American Presi- 
Slnai or the West Bank of the dent himself did not want. Mr. 
Jordan looks like making Mr. Begin declared at the start of 
Weizman 's task very difficult. the major foreign policy debate 

Rising tension in the south of * n lhe Knesset. 

Lebanon cast another cloud over The Israeli Premier, under 
his mission. To-day a Swedish heavy fire because o{ his hand- 
soldier of the UN forces was ling of the Egyptian 
killed by a land mine, and negotiations, said he stood by 
Palestinian rockets «ere fired the peace plan presented last 
into Israeli territory. December. He accused Mr. 

Mr. Weizman. who personally barter of withdrawing support 
has developed good relations I® 1, the plan only after the 
with both Cairo and Washington. Egyptians had rejected it. 
will have talks with Gen. Mr. Begin, who laid particular 

Mohammed al Ga massy. Egyptian emphasis on the West Bank in 
War Minister. He may possibly his speech, said the referendum 
see Mr. Sadat also. was unacceptable to Israel. 

Israel hopes that the Egyptians which was not willing to place 
will agree to reactivate the joint her future in jeopardy, 
military and political com- On the crucial issue of Jewish 

mittees established after the visit settlements in Sinai, which was 
to Ismail ia at Christmas by Mr. one factor prompting Mr. Sadat 
Begin. to break off negotiations in 

January. Mr. Begin showed no 

iNOt eonurmed Referring to his Washington 

talks, and the settlements on the 
The visit by Mr. Weizman has occupied West Bank, as well a* 
nut yet been officially confirmed Sinai, ne acknowledged the 
by the Israeli authorities, who thev w f r f. J ' 

remain silent, apparently- at the Defiantly, he asserted: The 
request of the Egyptians. settlements are legal according 

The Defence Minister's mission to »nternalional law. and not an 
is part of the Israeli drive to 10 P eace h “ l „ ratber pjrt 

break the deadlock in the peace ° r .„ifh 

talks after the confrontation last iIr - Peres JRrecd w,th 


week with the Carter Administra- 

Prime Minister that a West Bank 

lion, which accused' Israel of ZHtl* S Z^rnv 

hpinn rpsnnnsihlp fnr thp stnlp- SlJlO. Blit tilt? tOV- 

mate" P b " 11 ernment was wrong in refusing 

Mr Be ,j in said ther P was a ,0 maVc an - v ,errilor ' al conces- 
basis for hope that an on thc West Bank ' he RakL 

menl might be reached on a joint More Middle. East news Page 3 
declaration provided Egypt 
dropped her two demands, for 
total Israeli withdrawal to the 
1967 borders and for eslablish- 

Editorial Comment Page 18 

ment of a Palestinian i Arab Saudi Arabia Survey 
State. * We will negotiate on . . ■ - 

anything else, apart from that." Part II of the Saudi Arabia 
Mr. Carter’s proposal of a West Snrceu. postponed from March 
Bank referendum would inevit- 28. will note nppear on Monday. 
ably lead to creation of a Pale- April 17. 

Lending to industry up slightly 


by the 
of bank 

BANK LENDING- lo UJv. in- 
dustry is still rising at only a 
slow rate although tbe vehicle 
sector and agriculture have 
been increasing their borrow- 
ing significantly. 

This is shown 
quarterly analysis 
advances published 
by the Bank of England, and is 
in line with the sluggish level 
of economic activity. 

Sterling advances to U.K. 
residents rose by £1.16bn. in 
the- three months to mid- 
February. of which £1.12bn. 
was lo ibe private seclor. 

Although it is Impossible to 
make a full seasonal adjust- 
ment, the estimated . impact 
during the period, including 
tbe addistan of interest charges 
at the end of the calendar year, 
might have Increased sterling 
advances lo the private seclor 
by almost £300m. 

This would imply an under- 
lying rise of alionl £8 00m. 
compared with increases of 
£750m. and £lbn. in the pre- 
vious two quarters respectively. 

lVithln lhe lotaL sterling 
advances to manufacturing 
" industry rose by £390nu, or 5 
per ceoL on an unadjusted 
basis, compared with a decline 
or £90m. in the previous 

Borrowing by vehicle com- 
panies increased by £175m^ or 
40 per cent, in the three 
months to mid-February, and 
British Leyland apparently 
a era anted for a sizeable part 
of this rise. 

Bank lending lo engineering 
companies rose by 10 per cent. 
In the period and advances to 
tbe food, drink and tobacco 
sector fell by a tenth, a large 
part or which may hare been 
seasonal. . 

Advances to individuals rose 
by 4 per cent., although lend- 
ing to property companies con- 
tinued to decline — by £6nu or 
0.3 per cent. 

A similar pattern Is shown 
hy a longer-term comparison. 
In the 12 months to mid- 
February, sterling advances to 
manufacturing industry rose 

by £839nu, or 12 per cent. This 
is a couple of points higher 
than the rote of. price inflation 
in the period, implying a small 
rise in the level of real lend- 

Advances to the engineering 
sector rose by 14 per cent, and 
(hose to vehicle companies 
jumped by 40 per cent. 

Other features include a rise 
of 36 ner cent, in lending to 
agriculture, forestry and fish- 
ing, and a 19 per cent, increase 
in advances to individuals. 

Borrowing by property com- 
panies declined by 1222 m., or 
10 per cent. 

Foreign currency advances 
to UJL residents rose by 
£25 Ora. in tbe three months to 
mid-February, after excluding 
the direct effects of exchange 
rale changes. 

Of. this, £140m. went to 
chemicals, and. allied indus- 
tries, including some loans for 
North Sea oil development. 

Bank tables Page 6 
Editorial Comment Page 18 


Enrcpean news 2 

American news 4 

-Overseas news 3 

World trade news 4 

Home news— general .......6*7 

—labour 8 

Technical page 14 

Marketing .v...; 15 

Arts page 1» 

Leader page 18 

U.K. Companies- 20-23 

Mining 22 

Inti. Companies 24-26 

Euromarkets .1 24 

Wall Street : 2 $ 

Foreign Exchanges 2g 

Farming, raw materials ... 29 

U.K. slock market 30 


Economic Viewpoint: 

Britain as a depressed 

.. area 19 

The Portuguese economy ... 2 

Thailand: OU. blamed for 
economic difficulties .... 3 
Tougher trading in the 
groceries price war 18 

Spanish wine growers in 

ferment 29 

Shakespeare on Tyneside ... 16 

APMlnMwttC - 




AnpabHjneau Advts. 


Lex .... _. 


Bosks - 




Business Advts. . 


Men and Matters ... 


Crasssnrd . 



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Share InfenoailM ... 


EJUertalBPicnt Gtride 


Tuto’i Emus 


TV and Rads' .... 

Unit Truss 

Bmte Lerflav Rales 





A. Bode man 23 

Hippos Mast Refer#. 26 

For latest Share .Index 'phone 01-246 3026 


BAT MnL 3 

Gal later a 

Usal and Gsoeral 2D 

Mercantile Ipv. TsL I* 

VerolBs-und-tWesibk. 26 


. V;: > 

In 50 countries throughout five 
continents, Blackwood Hodge are a 
land-mark in the construction industry. 
That’s because we sell and service 
the finest earthmoving equipment 
in over 100 major locations. 


Still the world’s largest distributor of earthmoving equipment 

Financial Times Thursday 

March 30 1&78 


z — "'wmm 1 v 1 i r t 

•••t 1 **■*>. * . ■ ' . ■* /*:■>■« 

Italian police net widens in hunt for Mojo 


SEVENTEEN 7 heavily - armed that Sig. Mom will be liberated, the kidnappers (where known, of 'message to T ,^^J5?2,p ni 
carabinieri, more than half of a “30 per cent, probability" that course), their haunts, associates, newspaper, u 
them carrying sub-machine guns, his kidnappers will be captured, philosophies, most recent purported to come “«» . 

* ’ ” and the location -of .Italian underworld, alias 

cinm ‘Mr H c« -md set a deadline ot * 


from the 

r ~Ts : 


The broken hnll of the giant tanker Amoco Cadis. 

Helicopters bomb Amoco Cadiz 


FRENCH NAVY helicopters 
dropped charges on the wreck of 
tbe oil tanker Amoco Cadiz 
yesterday to break up the hull 
and release the last of the cargo 
of oil. The tanker is already in 
three parts. 

“ It seems to have worked. 
The bombardment appears to 
have breached the hull and oil is 
escaping,” said a French naval 
spokesman. Rough seas had pre- 
vented naval divers from carrying 
out a previous plan of mining the 
tanker from underneath. 

But the heavy seas have helped 
break up the slick heading 
towards the Channel Islands. A 
close watch is being kept on the 
remaining oil by aerial and sea 
reconnaissance after the first 
traces were washed onto the 
shores of Guernsey pushed by 
strong south westerly winds. 

DI. Marc Be cam. Secretary of 
Slate at the Ministry of the 
Interior, and the man responsible 
for tbe clean-up operation on the 

French coast, said new measures 
concerning oil pollution would 
be announced within three 

On leaving a Cabinet meeting 
yesterday, at which he had given 
a report on the clean-up opera- 
tions so far, he said that more 
than 5,000 military and 1,500 
civilians were engaged in a giant 

Around 40 ships were working 
on the oil at sea and 300 pump- 
ing units were sucking the oil 
from the creeks and inlets in 
which it has collected in thick, 
font smelling layers, he said. 

Tbe new measures are expected 
to include a permanent organisa- 
tion to deal with similar disasters 
and a comprehensive programme 
of measures which can oe taken 
in an emergency. 

The Minister has proved 
extremely sensitive to repeated 
criticism in the British and other 
foreign Press about the speed 
with which protective operations 

were started. 

He has maintained that noth- 
ing could be done until tbe 
nature and extent of the spill had 
been assessed. “ The British 
wanted to use dispersants from 
the start but we told them it was 
only possible in places where tbe 
water was more than 50 metres 
deep," said M. Becam. 

. There have been threats from 
fish wholesalers that if disper- 
sants were .used in waters con- 
taining fish, they would stop 
importing the fish. 

Reuter adds from Paris: Shell 
Oil yesterday disclaimed re- 
sponsibility for the pollution 
from the Amoco Cadiz. 

However, the French con- 
sumers' organisation accused 
Shell of direct responsibility in 
the disaster and called on the 
public to boycott Shell products. 
Several -Shell installations in 
France have been damaged by 
bombs since the Amoco Cadiz 
ran aground. 

Little scope for French reflation 


PARIS. March ^9. 

THE EXTENT of the constraints 
—both political and economic — 
on the new French Government’s 
plans for a Parliamentary and 
social “opening up” (as hoped 
for by President 1 Giscard 
d'Estains) are now becoming 

The economic limits, which 
will prevent any significant dose 
of reflation if the President 
intends to give continued priority 
to economic recovery, have been 
underlined by the publication of 
a poor price index for February. 
The price index rose by 0.7 per. 
cent, after averaging 0.4 per cent, 
in the three previous months, 
indicating that the economic 
recovery registered so far is 
fragile— a point the President 
emphasised in his pre-eiectoral 

This means that there is little 
scope for increasing purchasing 
power by, for example, accelerat- 
ing increases in the minimum 
wage or by relaxing the brake 
on wage increases in the way 
the unions hope. It may also 

mean that the Government will 
be unable to meet indostry's full 
demands for relaxation of price 

In addition, evidence of the 
continued fragility of the 
economy will no doubt reinforce 
M. Raymond Barre’s belief that 
a further two years of caution Is 
necessary before - the required 
transformation is achieved. This 
wiii make him ill-disposed to 
remain Prime Minister if he is 
required to break fundamentally 
with his own austerity strategy. 

On the political level, the 
Blmits on his manoeuvrability 
were acknowledged to-day by the 
President when he addressed the 
Cabinet meeting. No doubt with 
yesterday's interview with M. 
Jacques Chirac, the Gaullist 
leader, fresh in his mind. M. 
Giscard d’Estaing made it clear 
that the search for what he calls 
a “ reasonable co-existence “ 
between Government and opposi- 
tion must not prejudice tbe 
essential unity of the Govern- 
ment side. 

M. Francois Mitterrand, the 
Socialist leader, defined tbe 
limits of -such “co-existence" at 
yesterday’s meeting with the 
President when he said it would 
be “illusory" to try to fudge 
the fact that basic differences of 
philosophy divided Government 
and opposition. 

He sought practical expressions 
of the Government's goodwill— 
proportional representation, 
greater opposition influence on 
parliamentary committees, in- 
cluding -some chairmanships, and 
more transparency in political 
financing— which the Gaullists, in 
particular, will not accept. 

The political and economic 
problems overlap. The Gaullists. 
for example, are urging economic 
reflation channelled through in- 
vestment in order to approach 
their aim of a return to full em- 
ployment M. Barre has described 
such pressure for reflation as 
“stupid" and has referred 
sarcastically to the disastrous 
economic results of M. Chirac's 
reflation, as Prime Minister, in 
the autumn of 1975. 

room and storage cranny, as they 
had done earlier, or would do 
later, in every single flat 
It was the fonrteenth day 
since Sig. Aldo Moro, former 
Italian Prime Minister, was kid- 
napped as he drove to Parlia 
menL His 
was gunned 

Parties call for tough measures 


HOME, March 29. 

It 'was, »f 

Brigades terrorist nwMniMt 
which originally claimed r«ptm« 
sibiiiry for the More k« tawDmg. 
and certainly lit* Mate ha*, 
dcaumsmitcd in some celebrated 
cases in the part in ability to 
"liquidate* lb cnrmiw.; 

The .statement to fl- fiesM KHCta 
from the Ifalun undrtWOijd — . 
following a plenary .session qf 

regional' leaders — ciSlffiee that 

the mobsters were actittg. (rata, 
motive* of patriotism- But the 
fact is, and the power readily 
admit to « supporting 
statistics, that this wasaw man. 
hunt for the kidnappers Sig, 
More has redared dramatically 
the level of nrdiiwry crime. 

orove to rarua- . - ■ i. the 

five-man bodyguard A SPECIAL conference of line on law and order as the con- munis ts m no way aueren u«- 
down; four of them regional secretaries of the Italy's stitution permitted. -traditional position of in»- 

tv— esk. 1 . Jf.. a m n mu. *jj a n:_ aij_ m T\Amnitl*4t n.1TTT 3Qu 

The heat is now veil and tmly 


died instantly, the fifth died ruling Christian Democrat party. The. kidnapping of Sig. Aide Christian Democrat party ana 

of the Moro. the pity’s president, has that it did not represent J 

later in hospital. So far, the and the national congress 

police, some 50,000 of whom are Socialist Party, both today re- visibly shaken not only its leader- “■political accord as suen. 

said to have joined the nation- affirmed the need, for tough law ship but also its base, already. - Following the defeat ot 

wide manhunt, supported by mili- and order measures in- the wakq, confused following ~ the recent combined. Left m the rrenen 

tary units, appear to have drawn of the kidnapping of Sig. Aldo agreement which includes the elections, the Socialist loader* 

a total blank. But the painstaking Moro, the former premier. — — u ~~ “ “"•""•a”*" tnL 

house-to-house search goes on in , Sis. Bettino Craxi, the Social 

an ever-widening circle from the 1st leader, told the party congress. Democrat minority -government.. _ 

scene of the crime, and the police held in Turin, that the country Both Sig. Zaccagnini and Sig.' Party* now_ appears in a stronger 
barriers remain up on the main might have to go to the limits Craxi, clearly had an eye in their position within his own facuor^ 
routes out of the city. of what is constitutionally pos- speeches on the May regional torn party and is expected to oe 

Two men from Britain’s sible to combat the rising tide elections. These win represent 'reconfirmed as secretary general 
Special Air Service and an anti- of terrorism. However, he in- the first electoral test of the: on Sunday at the end of the 
terrorist squad from West Ger- dicated that the “extraordinary” country’s mood since the Incan- .congress. 

many are helping the Italian measures which tbe situation elusive June 1976 general elec*; Meanwhile — as police and the 
authorities, as are Interpol dictated could only be adopted tioo. . . ■ army continue their massive but 

agents and computer available on a temporary basis. . It is fairly evident that, local so far unfruitful scorch for Sis- 

to the security forces in a number At the same time, the Christian issues apart, the «wn phas»B in the. Moro — Turin judicial . authorities 
of European countries. The Democrat Secretary General, Sig. May polls will be on law and con finned to-day their intention 
latest print-out from the West Benigno Zaccagnini, told some order and on the entry of the to prosecute the “ Red Brigade ” 
German police computer at Wies- 120 regional party secretaries. Communists into the parlia- trial when the court overruled a 
baden says, according to Rome effectively representing the party mentary majority. move by some defence counsels 

newspapers this morning, that rank and file, that the authorities Sig. Zaccagnini stressed that to allow the accused to conduct 

“there is a good possiiblity" intended to adopt a . 

adopt as strong a the agreement with the Gom- -their own defence. 

on: road burners. personal 
•searches and hmiw-Mwus* 
examinations tin nn uond to the 
activities or the crime syndicates, 
or even those nf -tin* small drug 
pushers. It is ah jmpnmcor per- 
son wlu'i goes chj* in •forae, or 
anv of i he other HaUao cUta, 
these day.- without carrying 
proper official identification 

The police are planning to 
stage a detailed mock-up of the 
March IB kidnapping m try to 
determine precisely how far the 
cutaway van could have tra wiled 
in the -17 minutes which elapsed, 
according to official accounts, 
before police road blocks were 
thrown up around. Rome. This 
exercise should in! able to (ell 
Hie police whether, as they still 
appear to believe, there is a 
reasonable chance that the kid- 
nappers are still within their 

Irish bank 
6|% rise 
in GNP 

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jgjh If the 45 
Miy- Claret 
is rather 


maybe the newRoeola 
is too extravagant. 


Shouldyou have to ask the price? 

Six jailed after 

Greek protest 

By Our Own Correspondent 
PATRAS. March 29. 
THREE students, and three con- 
struction workers were given 
prison terms ranging from 11 to 
32 months to-day in connection 
with incidents here on March 21 
during which 55 people were in- 
jured. A civil court found them 
guilty of insulting the. authori- 
ties and resisting arrest 
The six defendants pleaded 
not guilty and said that the 
clashes occurred when police in- 
tervened to disperse a peaceful 
demonstration by students de- 
manding education reforms at 
the local university. 

DUBLIN, March 29 
acceptance by Ireland’s trade 
unions of a wage restraint deal 
for 1978, confidence in a sus- 
tained economic boom has now 
received a further boost. 
Allied Irish Bank (AIR) has 
forecast that this year’s gross 
national product will increase 
by 6$ per cent, and that 
daring (he five-year period to 
the end of 1982, growth will 
average 5 J. per cent, annually, 
amounting to a 28 per cent, 
growth in .the Irisfr economy. 

During the firebar period, 
the hank also sees fixed invest- 
ment increasing hy 73 per 
cent, while personal consumer 
spending will rise by 24 per 
cent. Imports, however, are 
expected to grow by 75 per 
tent., against a 67 per cent, 
increase in. exports. 

Although the AIB forecast, 
published in its latest 

quarterly, review, is encourag- 
ing in that it sees the growth 
spurt continuing until at least 
1982, a number of its projec- 
tions are more conservative 
than the Government’s targets. 

The forecast sees inflation 
averaging 9£ per cent yearly 
until end-1980, while the 

Government is aiming to 

reduce the 1978 inflation rate 
to 7 per cent, and by 1979-40 
plans to peg Inflation at an 
annual 5 per cent. 

Meanwhile, in stark contrast 
to the overall improvement in 
Ireland’s economic prospects, 
two major disputes now under- 
line the deteriorating : labour 
relations climate. This morn- 

ing there were warnings that 
the Aer Lingus ^clerical 
workers' strike, which, has been 
disrupting operations for over 
a fortnight, could escalate into 
a total closure of Dublin Air- 
port by the week-end. ■ 

In the Post Office engineers’ 
dispute, which has . crippled 
telecommunications for almost 
two months, there Is still no 
sign of an early end to the 

EEC abandons steel price rise 


BRUSSELS. March 29. 

IN THE light of continued weak 
demand, the European Com- 
mission has decided not to go 
ahead with plans to increase 
guidance prices for commonly- 
used steel products by 5 per cent 
from next month. 

Instead, prices will be adjusted 
on a country -by -country basis to 
reflect relative .shifts between 
European exchange rates over 
the past three months. 

This means that they will 
remain unchanged in EEC 
countries belonging to the 
currency snake (West Germany, 
Benelux and Denmark) and will 
rise by per cent in Britain 
and Ireland, by 3.5 per cent, in 
Italy and by 4 per cent In 

.. There will be no change in the 
compulsory minimum internal 

prices fixed at the start of this In view of the current outlook 
year for hot rolled coils, mer- for the steel market during the 
chant bars and concrete next few months, it appears un- 
reinforcing bars. EEC steel com- likely that conditions will be ripe 
ponies are obliged by law to for an additional price increase 
observe min imum prices, bat much before raid-summer at tbe 
compliance with guidance prices earliest. 

Is voluntary, . • ^ • Tbe Commission's own forward 

A Commission spokesman said programme for the steel indus- 
to-day that tbe steel market bad try forecasts that ESC consump- 
ouly recently begun to stabilise tion during the second quarter 
around the guidance price levels will be 2855m. tonnes, slightly 
fixed at the beginning of. this above the level in the fourth 

Growth of 

supply falls 
in Germany 

year, when they were raised by quarter of 1977 but below the 
a it 

5 per cent, and it was feared that quarterly level in the first half 
a farther 5 per cent price incrase of last year, 
could not yet be absorbed.; " ' . It also forecasts that the level 
He added, however, that the of exports will remain extremely 
Commission had not abandoned sluggish at 5flm. tonnes, rem- 
its decision in principle to raise pared with 6.69m. tonnes in tbe 
guidance prices in three stages same quarter of last year. EEC 
by a total of 15 per cent this production is put at 31.85m. 
year, though some slippage ball: tonnes, compared . with 32.4m. 
been introduced into its original tonnes in the second quarter of 
timetable. • - w- 

i The West German widely defined 
money supply (M3) rose by a- 
preliminary seasonally adjusted 
DMl.Sbn. in February, after 
rising by DM5.7bn. in January 
and DM4.0bn. in February, 1977, 
tbe Bundesbank said yesterday, 
Ap-DJ reports from Frankfurt. 

It said the smalt rise in the 
money supply was- partially a 
reaction to the large niige in 
Jauary. but it noted that, even 
excluding seasonal influences, 
the money supply showed a 
sharp decline in growth in the 

Turnout varies in Dutch local elections 


AMSTERDAM, March 29. 

IN THE FIRST test of the Dutch 
political climate since last May’s 
general election, voters went to 
the polls to-day to elect coun- 
cillors for the country’s II 
provinces. Polling booths 
throughout Holland reported 
sharply differing turnouts. 

With the opinion polls fore- 
casting little change in voting 
patterns from the result of the 
general election last year, the 
outcome is expected to depend 
largely on the size of the turn- 
out. A heavy poll traditionally 
helps the Left-wing parties, who 
are now in opposition, while a 

low turnout ..would help, the 
Centre-right coalition of 
Christian ‘ Democrats and 

Reports from the polling 
stations in Amsterdam, Utrecht 
and the province of Zeeland in- 
dicated a heavy turnout Voting 
in The. Hague and Nijmegen was 
tight by. .the time the polling 
booths closed at 7 pm. 

The turnout in the last general 
election was a record 87.5 per 
cent, compared with 74 J5 per 
cent, in the provincial elections 
in 1974. 

The main' interest of to-day’s 

poll is the light* it throws on 
voters' reactions to the three- 
month-old coalition. This was 
sworn In in December, seven 
months after tbe -general elec- 
tion, the result of which appeared 
to support a continuation of the 
previous Centre Left Govern- 

Bid to avert strike in Finland 


HELSINKI, March 29. 

Popular Front coalition cabinet 
has finally produced its plan to 
solve toe deadlock in the 
country's labour market follow^ 
ing tbe 8 per cent devaluation 
of the fin nm ark in February. 

The plan offers a 1 per cent 
cut in interest rates, temporary 
reductions in social security 
ebarges and in turnover tax on 
new investments. 

Tbe employers and unions are 
meeting throughout to-day to 
consider their reply to the 

Government’s offer, which will 
be financed hy a Fm.700m. 
(nearly £100tn.) loan from the 
Bank of Finland. 

The unions have threatened a 
48-hour “warning strike,” start- 
ing at 6 ant, on March 31, unless 
they receive increases in nominal 
wages of around 3 to 4 per cent 
to compensate ;for the cost-of- 
living increases that have 
followed, and will follow, the 
devaluation. -This strike would 
be general, and would halt all 
foreign traffic with Finland. 

While much of the new Govern- 
ment’s policy will be revealed 
in detail only later in the year. 
Parliamentary debate on Hol- 
land’s attitude to the neutron 
bomb has aroused much contro- 
versy. Nearer home, plans for 
a radical restructuring . of the 
shipbuilding and heavy engineer- 
ing industries have aroused 
strong union reactions. Capacity 
reductions at factories and ship- 
yards in Amsterdam, Rotterdam 
and elsewhere may cost up to 
6,000 jobs..' 


Belgian bank rate 

The Belgian Central Bank Board 
decided yesterday to lower from 
Thursday the discount rate tn 
a.oO per rent from fi per cent, 
and to reduce the rate .m 
advances on current account, the 
Lombard rate, also n» 5.50 per 

cent, from 6 per cent., AP-nj 
n Rru 

reports from Brussels. If also 
lowered by half a point the rates 
on - short-term Treasury bills. 

Danish jobless plan 

Provincial government elec- 
tions usually arouse less interest 
than either local authority or 
general elections. But to-day's 
voting -will ultimately influence 
tbe composition of the Upper 
House of Parliament where the 
present Government coalition, 
with 39 of the 75: seats, has a 
small majority. Members of the 
Upper - House are not chosen 
directly by the electorate but are 
voted by the provincial councils. 

Tbe Danish Government plans to 
create more job vacancies fur 
young people by paying workers 
aged over 00 a largo salary for 
retiring early, according to Mr, 
A. end Aukcn, the Labour Minister, 
Reuter reports from Copenhagen, 

Italian workless fall 

The number of Italians out of 
work fell in January to 1.520,000 
from 1,59S,00Q in October, the 
Government statistics institute 
said yesterday, Reuter reports 
irom Rome. This gave an 
unemployment rate of 7.1 . per 
cent™ dawn fro m7.4 per cent, in 



Kreisky for E. Berlin 

On the eve of his three-day 
official visit to East Germany. 
Austrian Chancellor Bruno 
Yesterday that he 
.hte forthcoming talks 
would be "extremely fruitful “ 
DU? regard to economic: co- 
operation and ventures in third 

v£Sa ’ Wnte ® ^ Ul ■ Lendva ' i in 


Too tight a corner for political fights 


BY CONTRAST to the bickering 
and hesitancy which characterised 
the last days of the minority 
Socialist Government which fell 
Last December, Portugal’s 
current governmental alliance of 
Socialists and Christian Demo- 
crats has already taken a much 
more tougbly realistic line on the 
country's economy. Lt has moved 
much closer to meeting the strict 
conditions set by the Inter- 
national Monetary Fund, whose 
negotiating team returned here 
to-day, for a $50 m. standby loan, 
which would pave the way for 
a further $750 m. medium-term 
loan from 14 Western countries. 
As Dr. Victor Constancio, the 
Minister of Finance, sums up the 
situation: “If 1977 was the year 
of politics, 1978 must be the year 
of economics. There ts no longer 
room for ideological or political 

Last year's trade figures put 
into sharp relief the magnitude 
of the problems faced by- Sr. 
Mario Soares’ new Government. 
As a result of a relatively high 
growth rate (6 per cent) during 
1977, the country's trade deficit 
grew sharply, to S2.73biu accord- 
ing to the National Institute of 
Statistics — ■ double the 1974, 
figure. The provisional estimate 
of the 1977 balance of payments 
deficit, is Sl-2bn., and the deficit 
would have been still worse had 
earnings from tourism and 
remittances from Portuguese 
nationals working abroad not 
risen sharply. Meanwhile, 
inflation rose to 29.5 per cent. 

Last January's agreement 
between the Socialists and the 
Christian Democrats outlined a 
stabilisation programme to 
tackle these outstanding prob- 
lems. More concrete plans were 
laid out in the budget for 1978 
and the accompanying economic, 
programme, which toe Cabinet 

would be cut by approximately 
20 per cent, and capital expendi- 
ture by about ten per cent. 

- These measures are Intended 
to cut inflation (currently just 
over 27 per cent at an annual 
rate), to 20 per cent in 1978, 
cut this year’s growth to 3 per 
eent, and reduce the balance of 

NEGOTIATIONS between the 
International Monetary Fund 
and Portuguese experts on a 
550m. loan, and $750 worth of 
credit facilities promised by 14 
Western * ind ustrialis ed 
countries resumed in Usbon 
yesterday surrounded by a 
cloak of secrecy. The IMF dele- 
gation led by Mr. Hans Schmidt 
arrived in Lisbon the previous 

evening, a day earlier than the 
date officially announced by the 
Portuguese Government. 
Although the authorities have 
refused to reveal any details 
until the end of the talks next 
week, they are believed to 
have, already reached agree- 
ment with the Fund on a 
reduction of the current deficit 
to around $900m. 

approved earlier this month. 
These are well tn line With the 
restrictive fiscal and monetary 
policies suggested by the OECD 
in its review of the Portuguese 
economy published at the begin- 
ning of the year. 

Tbe Government plans to In- 
crease ordinary income tax and 
estate duties by ten per cent* 
capital gains tax by 15 per cent, 
and sales taxes by up to 30 per 
cent. Cuts in public spending, 
similar to those proposed- but 
never implemented by the 
Socialist minority governments 
are also planned, according to 
Dr. Constancio. These would 
mean that current expenditure 

payments deficit to approxi- 
mately 5900m. 

Yesterday an IMF team, led 
by Mr. Hans Schmidt, returned to 
Lisbon, four months after being 
unceremoniously rebuffed by the 
minority Socialist government, 
who at the time felt that the 
fund’s demands were too tough. 
Most observers here believe that 
tbe negotiations have entered 
their final phase. Agreement still be reached on the extent 
of the credit squeeze, and also 
oh -the form that the devaluation 
of the Escudo should take. The 
present Government firmly 
believes that another immediate 

sharp devaluation, of the kind 
carried out last year, would 
harm the economy, and particu- 
larly Industry, because of its 
impact on tbe prices of raw 

materials and imported 

In its negotiations with the 
IMF, the Government has 'already 
bridged a number of important 
gaps which until now have im- 
peded any real progress in the 
talks. Dr. Constancio, for 
example, confirmed last week 
that import quotas, which the 
-IMF had argued were against 
international trade rules, would 
gradually be lifted. 

Meanwhile, both the United 
States and West Germany are 
believed to be exerting consider- 
able pressure on the IMF, 
arguing that failure to provide 
support could be disastrous for 
the country’s fragile democracy. 
The 3800m. in loans which would 
come to Portugal as a result of 
agreement with the IMF, would 
to the short term provide balance 
of payments relief, delaying any 
further depletion of the country’s 
gold reserves which last year fell 
from 857 to 741 tons. 

Nevertheless the relief pro- 
vided by an IMF loan would 
only be temporary. Portugal 
has already In the last three 
years borrowed . close to $L4bn. 
from abroad, and its outstanding 
foreign debt stands at 84.3bn. 

Portugal’s economy - to-day 
suffers in large measure - from 
the political upsets that followed 
the revolution, of. 1974, Dr. 

Constancio has however already 
pledged himself to redressing 
the imbalances in the Industrial 
sector, where the private sector 
— which accounts for over SO 
per cent of Portuguese exports 
— feels itself undercapitalised 
and obstructed by State bureau- 
cracy and badly defined labour 
laws. Private investment la 
being coaxed back with Govern- 
ment guarantees of compensation 
for nationalised firms in the 
form of bonds. 

Moreover the banks, in whose 
hands ties the administration of 
“selective credit” in the coming 
months, are at pains to point 
out that there is no longer any 
discrimination in favour of the 
public sector, and that consider- 
ab e areas of private industry 
wlU be ra line for stimulus in 
the near future. In agriculture, 
by applying the agrarian reform 
law, the Government is also put- 

technical progress before 

politics, handing back to their 
original owners some sections of 
Je ontsized and generally 
Inefficient militant collectives or 
cooperatives in the southern 
ran belt of the Alentejo and 
Ribatejo regions. 

Last year bad weather added 
to the desperateness of the 
problems of Portuguese agricul- 
ture. Wheat production fell 70 
peT cent., and the food import 
bUl rose by nearly SO per cent. 
Because of this, .the stabilisation 
of this sector has.become a major 
Priority for tbe present Govern- 
ment, . 

Sr. Mario Soares 

to A bite C hli’J 6 ' al £ ad y beginnim 

*L_ D iI e harq in Portopah- Whlli 

riae s G ° l o e, ? n,onr is holding wag. 
cent ?J naximui » <if 20 pel 

rapidly P C i 0n tiqao ro J ria 

SneariyiH l0>TQL<Ilt ’ 
tn hi , 18 ptip cent, is baulk 

SueLc^I? V . ale » tbe eredi 
steed •induirt 0 ?* an * wdniih 

dope™ on* 

- ,f 



i Um 


Oil ministers’ 
put off 
for month 

BAHRAIN, March 29 

SAUDI ARABIA forced the 
postponement of an oil-exporters' 
meeting due to be held in 
Geneva next week to avoid- a 
clash over the declining dollar, 
informed oil sources said to-day. 

Oil ministers of the Organisa- 
tion of Petroleum-Exporting 
Countries (OPEC) yesterday 
announced that the informal 
meeting scheduled for April 3 
had been postponed by a month. 
A spokesman said only that the 
ministers needed more time to 
study the issues involved. 

The meeting was supposed to 
discuss general policy issues 
which had been crowded out by 
talks on prices at the regular 
half-yearly OPEC conferencs. 

However, these questions were 
expected to be overshadowed by 
concern at the continued drop in 
revenues of OPEC member 
states — which fix oil prices in 
dollars— due to the slide in the 
TJ.S. currency's value. 

Mr. Alt Jaidah. OPEC 
Secretary-General, said earlier 
this month the dollar decline 
represented a total loss to the 
13 OPEC member states of about 
$14bn. a year. 

In a move to bolster confidence 
in the American currency, Saudi 
Arabia yesterday issued a state- 
ment in Washington saying it 
would continue to use the dollar 
in its international transactions. 

The sources said the Saudis 
appeared to be hoping that the 
dollar would recover sufficiently 
by the beginning of May to 
justify shelving the issue. 

Otherwise, they would prob- 
ably try to put off discussion 
until the regular OPEC con- 
ference. which would then be 
only one month away, the 
source! added. 

Sandi Arabia has consistently 
opposed attempts to increase oil 
prices to compensate for the 
dollar's fall. 

Venezuela, Iraq and Kuwait 
among major exporters have said 
they would like to sec the dollar 
price increased to compensate 
for the exchange losses. Reuter 

Palestinian leaders 
meet but make no 
ceasefire promise 


MR. YASSfR ARAFAT, chairman 
of the Palestine. Liberation 
Organisation, to-day held meet- 
ings with other Palestinian com- 
manders in fulfilment of his 
pledge to help facilitate the 
mission of UN forces in southern 

He made the pledge in 
response to an appeal by Dr. 
Kurt Waldheim, UN Secretary- 
General. and at talks here yester- 
day with Major-Gen. Emmanuel 
Erskine, the Ghanaian com- 
mander of the UN force. 

Mr. Arafat did not promise 
that the commandos will stop 
shooting at the Israelis. “The 
struggle against Israel is the 
whole objective of -our move- 
ment,-'* a spokesman explained. 

At the same time it was noted 
that for the first time since the 
Israelis carried out their invasion 
of the south, the guerillas to-day 
issued no comm uniques about 
the fighting. According to eye 
witnesses, exchanges', of fire last 
night between the guerillas 
near Nabatiyeh and Israeli forces 
entrenched at Beaufort Castle 
south of the Litani. River were 

Coming from .the . commander- 
in-chief of the - combined 
Palestinian and - Left-wing 
Lebanese forces, Mr. ; Arafat's 
pledge to Dr. Waldheim should 
commit all the groups under him. 
Whether it will be observed by 
guerillas in the field is a different 

Mr. Arafat is expected to run 
into difficulties with militants in 
the “ Rejectionist Front" led by 
the Popular Front -for the 
Liberation of Palestine (PFLP) 
a Marxist group. 

PFLP leaders have repeatedly 
made it clear they will continue 
the fighting against the Israelis 
until they are driven out of 
southern Lebanon. Certain 
guerilla leaders are convinced the 
Israelis are still planning to 
attack Palestinian positions in 
Nabatiyah and the nearby 
Beaufort Castle. 

About TO French paratroopers 

BEIRUT, March 29. 

arrived here to-day by air to join 
the 420 Frenchmen already 
stationed in the ancient Fort dr 
Tyre. The Frenchmen have not 
yet been able to establish them- 
selves at Kasmiyah Bridge wheb 
commands the entrant to Tyre 
from the north. The guerrillas 
are in control of the bridge. 

On tiie ground, the guerrillas 
continue to have two main 
enclaves under their control: the 
first is in Tyre south of the 
Litani, and the second in 
Nabatiyeh and a number sur- 
rounding villages north of the 

Syria has so far resisted pres- 
sure to order its forces all the 
way to the northern banks of the 
Litani. These forces serve with 
the Arab league peace-keeping 
force which came here 16 months 
ago to end the Lebanese civil 

Syrian troops are currently 
stationed at Zahrani about 20 
miles north .of Tyre, and at 
Jezzin about 12 miles north of 

According ' to diplomatic 
sources, the pressure has come 
from Israel and the U.S., with the 
hope that the guerrillas, having 
been pushed north will be 
brought under direct Syrian 

Syrian officials have repeatedly 
emphasised that they will not 
move the Syrian forces from 
their present positions in 
Lebanon, and will continue to 
provide support and assistance 
to the PLO. 

David Lennon adds from Tel 
Aviv: Tension rose to-day in 
Sooth Lebanon after a UN. 
soldier was killed by a land mine, 
and Palestinian rockets were 
fired into Israel- 

Mr. Ezer weizman, the Defence 
Minister, warned two days ago 
that Israel would have to act if 
the rocket attacks from north of 
the River Litani did not cease 
within 48 hours. No casualties 
and only slight damage was 
reported from, -this morning's , 

ban on 

By Simon Henderson 

ISLAMABAD, March 29. 
THE AXONTH-Iong ban on 
politics in Pakistan due to end 
on March 31 Is to be continued 
Indefinitely. A new martial law 
regulation published to-day said 
simply that the words in Uie 
earlier ban .relating to its lift- 
ing at the end of March were 
to be omitted and deemed 
always to have been omitted. 
No official comment or explana- 
tion came with the announce- 
ment of the extension but 
observers linked it with 
continuing tension between 
supporters of the deposed 
Prime Minister, Mr. Zilflhar 
All Bhutto, and the military 
government of General Zia-ul 

Mr. Bhutto’s appeal against 
conviction and' death sentence 
in a case of political murder 
starts in the supreme court In 
Rawalpindi near here on 
Saturday. Last week General 
Zla said in an interview that 
the appeal process might be 
completed within three or six 
weeks. In finding him guilty . 
the Lahore high court said the 
case against Mr. Bhutto was 
proved to the hilt, and the 
expectation here is that if the 
appeal does not succeed Mr. 
Bhntto will be hanged very 
quickly afterwards. 

There have been protests by 
Bhutto supporters at his death 
sentence but these were in- 
hibited by large scale arrests 
of potential troublemakers. 
Those who have led demon- 
strations or engaged in sabo- 
tage ' have received the 
special punishments introduced 
with the ban. 

This -proposal was welcomed 
by several political groups but 
opposition to it is reported 
from the independent Tehriq I 
Istqial party of Asgfaar Khan 
and the National Democratic 


Renewed hopes 
for talks on 
Anglo-U.S. plan 


troversial interview with an 
African newspaper in Salisbury, 
Id which he repeated an earlier 
assertion that Britain wanted to 
wash its hands, of Rhodesia has 
begun to obscure what might be 
positive achievements from the 
U.S. . UN Ambassador’s recent 
visit to Zambia and Tanzania. It 
is a little too early to tell, but 
there now seems a chance that 
the Malta talks on a Rhodesia 
settlement, based on the Anglo 
American proposals, will recon- 
vene under a formula which 
could brtng all the parties to 
the Rhodesia dispute together. 

Much could depend on re- 
actions to the latest guerilla in- 
cursions by the Patriotic. Front 
into Rhodesia, as well as on the 
talks which President Carter and 
Ambassador Young are expected 
to have this weekend in Lagos 
with the Nigerian head of state. 
General Olusegun Obasanjo and 
the foreign ministers of the 
frontline African states. 


But the formula which has 
been worked out apparently has 
the hacking of the frontline 
states and Patriotic Front 
It seems that the internal 
agreement signed in Salisbury 
ouLMbrch 3 between the three 
black leaders— Bishop Muzorewa. 
Rev. ;Si thole and Chief Chirau — 
and Mr. Smith has acted as a 
catalyst on both the frontline 
states and the Patriotic Front 
They now appear nearer than 
ever before to a united and un- 
equivocal acceptance of. the 
Anglo American proposals, thus 

presenting the Rhodesian Gov- 
ernment with a more formidable 
opposition than hitherto. 

The formula now apparently 
accepted by the PF and the front- 
line states envisages a two stage 
conference. The conditions, are: 
first of all that the talks take 
place on the basis of the Anglo 
American proposals. Secondly, 
that discussion of military issues 
takes place first, involving only 
the British and U.S. governments, 
the PF and Mr. Smith — should he 
attend. But there will be no 
objection to Bishop Muzorewa, 
Rev. SIthole and Chief Chirau 
being at the same place at the 
same time, ready to participate in 
the constitutional session which 
would follow should there be 
agreement on the military 

“Bnt please do not call them 
proximity talks," asked one front- 
line officiaL “ That wrongly sug- 
gests that military and constitu- 
tional issues can be discussed 
simultaneously by all parties, and 
wrongly suggests that we are pre- 
pared to consider the internal 

That this admittedly fragile 
formula has been reached i6 in 
part due to Mr. Young's efforts. 
His first achievement appears to 
be that he has left the frontline 
presidents satisfied that, despite 
early wavering, the UB. is firmly 
committed to the Anglo American 
plan (though deep suspicions 
about Britain’s commitment are 
still held within the frontline 
and other African states). 

Further, although acknowledg- 
ing that Britain retains the legal 
responsibility for Rhodesia and 
that U.S. involvement is at 

.Frontline presidents: Machel, Nyercre and Kaunda. 

Britain's invitation, the impres- 
sion is left behind that America 
is prepared to play a more pro- 
minent role. 

One result is that the com- 
munique from the frontline sum- 
mit which ended here on Sunday 
was far more restrained than it 
would otherwise have been. And 
Mr. Young himself believes that 
there is still a willingness to coo- 
sider political options. 

Another development is Mr. 
Young's claim, borne out by 
frontline sources, that PF sus- 
picion of the proposed UN role 
in Rhodesia has been reduced. 
The significance is that this may 
lead to a PF willingness to drop 
some or all of their opposition to 
such a roie — and which in turn 
could encourage the black in- 
ternal leaders to accept that the 
Anglo-American pledge of free 
elections before independence, 
will not be nullified by the PF' 
military strength. 


However, the obstacles to the 
reconvening of the Malta meet- 
ing, albeit under a different 
formula and perhaps in a 
different place, remain formid- 
able. The chances of ultimate 
success if it were to be held 
remain very slim. On the one 
hand, the Salisbury signatories 
appear committed to their agree- 
ment and. according to one 
member of Mr. Young’s party. 
South Africa is not placing 
pressure on Mr. Smith to accept 
the Anglo-American proposals. 

Neither is it certain that the 
Patriotic Front will listen to the 
urgings of the frontline states 
that they should modify their 
objections to the proposed 
British resident commissioner. 

But the biggest conundrum 
remains in Salisbury. In Lusaka 
last week, Mr. Young outlined 
the benefits of the Anglo 
American plan which includes 
“a billion dollar boost to help 
the economy take off . . . when 
yen think of thaL you wonder 
what kind of insanity prevents 
people from seeing the tremen- 
dous potential that exists 
there.” And talking of the 
stabilising benefits of a UN 
peacekeeping force in Rhodesia 
— which has su far been 
anathema to Mr. Smith— Mr. 
Young said: ”1 cannot see why 
that presents any problems to 

The words have a disconcert- 
ing sense of di* ja rri. In January 
1977. Mr. Ivor Richard, then 
negotiating the Geneva con- 
ference on a British settlement 
plan, had his first session of talks 
with Mr. Smith. He emerged 
quite optimistic. He could not. 
he explained in effect, under- 
stand bow any rational man 
could turn down the plan and 
face the certainly of an intensi- 
fied guerilla war with its dire 
consequences for the whole of 
southern Africa. But in little 
more than 48 hours, Mr. Richard 
had a second round of talks with 
Mr. Smith. The plan was 
rejected and the Geneva con- 
ference finaly collapsed. 

Ghana poll for new government (( 


GHANAIANS who go to the General Ignatius Ac&eampong There is strong opposition to 
polls to-day for a referendum claims to be apxious to bring Union Government within 
on whether or not they want a civilian rule back to the coun- Ghana led by the formidable 
Union Government will find two liy after more than six years politician and former head of 
symbols on the voting papers, with the military in charge; But state General Akwasi Afrifa. He 
A yes vote is represented by a it feels that a Western - style has been allowed to speak his 
handshake: a no vote is depicted multi-party democrat system mind and is convinced Union 
bv three heads facing in various would be Inappropriate for Government would inevitably 
directions Ghana. So the notion of Union lead 1 to dictatorship, making 

Union government has been Government was born. parliament: “ a court of petty, 

described officially '**' * a form If the majority of voters is in bossy % village chiefs— rowdy. 

of representative government of favour of Union Government purposeless and a mere rubber j 
the people, having as its philo- then a constitution will be drawn stamp.” . ' 

sophical foundation the concepts up by the end of October. A General Afnfas opposition I 
of national unity and consen- constituent assembly would be takes particular execption to the; 
sus " In Ghana it means a one appointed, general elections idea that the military and police, 
party system in which the mill- held on June 15, 1979. and a would be entitled to stand as 
tan* has an important part. new government sworn In on members of parliament. Colonel 
The significance of Union July !. 1979. Asante’s answer to that is that 

Government is that it attempts What happens if there is a the military has always been 
to find an African solution to an no vote remains uncertain, either close to, or in. power. 
African problem. Since 3946 Colonel S. M. Asante. the Ghana Officially, it is said that 87 
Ghana has had five different con- High Commissioner in London per cent, or 4.5m. of the people 
stitutions and since indepen- said he believed it would mean eligible to vote have now regis- 
dencc in 1957 there has been “a return to the status quo" tered for the referendum. They 
multi-party single party and which “might be a multi-party are the ones wbn have to decide 
militaiy government. system, or it might be ans^ whether they want the hand- 

The present government of thing.” shake or the three face*. 


Blame laid on oil price 


"The staff identify 
with their company 
and are proud of it” 

Authentic passenger statement 

! : U 'S‘ i A 

■— r' «-.<£• ^ 

AFTER successful initiatives to 
improve relations with Thailand's 
Communist neighbours in Indo- 
china. the four-months-old 
Kriangsak Government is now 
luming to the country's chronic 
economic problems. 

The rupture of the 15-year 
link between the dollar and 
the Thai Baht, combined with 
a stiff new schedule of tariffs on 
** consumer luxuries," is directed 
at what planners consider Thai- 
land's most urgent economic 
problem — its rising oil bill and 
withering foreign exchange 

Hints from the country's eco- 
nomic planners suggest that 
these measures will soon be 
followed up by a comprehensive 
incomes policy to raise industrial 
and agricultural wages as well as 
tough measures to save fuel. 

Dr. Phisit Pakkasem. a direc- 
tor of Thailand's Economic and 
Social Development Board and 
one of the key architects of the 
new policies, lays the blame for 
the current balance of payments 
“crisis" squarely on the 
escalating price of oil. Before 
the “ OPEC shock ” four years 
ago, Thailand's oil bill accounted 
for only 4 per cent, of total 
imports. Last year the figure 
was 23 per cent, at 51-lbn. By 
the end of the decade at current 
-rates of consumption, the cost 
of petroleum is expected to 
account for a third of all 

” There's really not that much 
more we con do on the export 
side. Last year we sold abroad 
almost everything we’ve got 
except my underwear." a leading 
foreign trade official commented. 
Moreover 3976 saw the last of 
over a decade of about 81Bbn. 
in American military aid trans- 
fers. There is thus little pro- 
mise that future capital Inflows 
will offset the growing trade 

With SlBbn. at the end of last 
year. Thailand's foreign reserve 
position was healthy by any. 
standards. But there is alarm 
that the current drain of reserves 
will reduce the country to the 
equivalent of less than two 
months' imports by .the end of 
this year. It is to staunch the 
haemorrhage — perhaps exag- 
gerated by ithe. • contra! bank 
itself— that the government feels* 
it has little choice but to raise 
tariffs against, the broad range 
of middle-class "consumption 

items from Mercedes and air- what the market pressures are. 
conditioners to household appli- It will then bold the baht at a 
ances; footwear, textiles, motor rate to be announced in terms 
parts and other imports with of a basket of currencies. Some 
domestic substitutes have also bankers in Bangkok believe that 
had duties imposed on them of .as a result the dollar rate will 
up to 100 per cent. ■ go to around IS baht 

'Thaic grn bppnlT au'grp that Although this means imports 
thS wold be"£ene toe ““ ^“cheapor. officii, hope 
took hold world- the tariff walls against some con- 
SfSJihiT certainly donot sumption items will prevent re- 
ward xo ^ EvSI? StdtttK' valuation aggravating the trade 

H mute ««- a cm '*11 pvDort-oriented revenue ueflcii» 3xiu rccucc in 
ours is a small, expon-orientea flationary cre dit expansion caused 

— bv borrowing from the central 

bank. Moreover, the lower costs 
The new Thailand Of imported capital goods and 

Government iff focusing 

its attention on the conn- the Bank of Thailand's present 
try’s economic problems, 

Some measures have commercial banks to near 11 per 
been taken, more ^ tr.d^ai mifceu 

expected. f QP rice, sugar and maize are not 

expected to be discouraged by 

■ higher prices following reyalua- 

and open economy. Even with' tion, if so some export taxes can 
these increased tariffs we remain be cut. But the - depressed 
one of the most liberal econo- textile industry will definitely 
mies in the region.” need Government help to remain 

As long as the Bretton Woods competitive abroad. 

agreement held up and most of The local press is already 
Thailand's trade was with, the attacking the new moves for 
U.S., the dollar-baht link was a threatening to aggravate the 
wise policy, preserving domestic current SB per cent, a nn ua l in- 
prico and foreign trade stability, nation rate, and indeed proflt- 
But since 1973 the trade weighted eeriog is uncontrollable. But 
effective exchange rate o£ the when Kriangsak came to power 
baht has declined between 15 and. four months ago he raid he was 
20 per cent, annually as the dollar: going to take this year as-Thai- 
has fallen on foreign exchange land's ■ consensus dictator to 
markets and Thailand's trade force long needed reforros-*- 
patterns have shifted decisively however unpopular — before 
towards Japan and Europe. -national elections scheduled 

This means imported inflation, ea ^Y nex * v. 
more costly debt management for Observers think the measures 
non-doUar loans and a pro- will be in line with Thailand's 
port innately higher trade and traditional economic priorities— 
payments deficit. Nor could. * stable currency. high interj 
policy makers ever totally dispel -national reserves, anua good 
• the fear that the OPEC countries credit rating abroad, Ihe move 
would one day sqll their dollar is also a sign that the_Cabiaefs 
holdings and that the Baht would social iy-mi^ed technocrats have 
tumble in sympathy. - the ear of the country s premier- 

By - quoting the baht's value-cum-supreme commander, out 
from an as yet undisclosed it is the comprehensive energy 
“bundle of currencies" -from Mid incomes policy now being 
among Thailand’s, major trading: thought out that will prove the 
partner* the Bank of Thailand' real test of whether General 
has given itself a powerful in- Kriangsak’s overwhelming power 
strumeht of economic policy- -For- will . ultimately- -be justified in 
three months it will intervene terms of the social' progress he 
to* keep the baht at the -present "himself has promised. Promised 
dollar - : parity -of 20.30 baht. when seizins power four months 
establishing in. the meanwhile -ago.- • - " ; 




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Thursday March 30 137$ 


Carter line 
on Third 





CARACAS, March 29. 
PRESIDENT Jimmy Carter to- 
day declared that industrialised 
and developing nations share the 
responsibility for solving their 
common problems, and for work- 
ing to create u a more just inter- 
national order.” 

Speaking before the 
Venezuelan Congress, Mr. Carter 
warned. "If the responsibility for 
global progress is not shared, 
our efforts will certainly fail.” 

His 20-minute speech, was sand- 
wiched between a heavy round 
of informal talks with President 
Carlos Andres Perez of 
Venezuela. The U.S. President 
arrived here yesterday afternoon 
on the first stop of a seven-day 
official visit which will also take 
him to Brazil, Nigeria, and 

Mr. Carter left Venezuela this 
morning on Air Force One, bound 
for Brazil, after an official visit, 
which lasted 23 hours. 

Mr. Carter told the Venezuelan 
legislators that their country had 
been a leader in seeking to ease 
tensions “ between the advanced 
industrialised nations, which 
have the greatest share of 
influence and material goods, and 
the poor and developing nations. 

Why German exports keep 

President Carter addresses the Venezuelan Congress yesterday In Caracas. Behind him are 
Srs. Goznalo Barrios (left) and Oswaldo Alvarez, chairmen of the Senate and Chamber of 

Deputies respectively. 

which are understandably seek- 
ing a larger and more equitable 

Mr. Carter's positive attitude to 
Third World economic problems 
has won considerable sympathy 
from the Government here. Sr. 
Perez has been a leading spokes- 
man for aspirations of the 
developing nations, and 
Venezuela has earmarked part of 
its oil revenues, about $3bn., for 
aid to poorer countries in the 

In his speech to-day Mr. Carter 
asserted that industrialised 
countries "must provide long- 
term capital and reduce trade 
barriers," while "developing 
countries must assume the obliga- 
tions for a company responsible 
for participation in an evolving 
world economy.” 

He went on to propose five 
initiatives which developed and 
less-developed countries should 
take — increasing capital flows to 
the developing nations; building 
a fairer and more open system of 
world trade; .working to moderate 
disruptive price movements in. 
the world economy; co-operating 

on energy and conservation and 
development; and strengthening 
psychological- capabilities in the 
developing nations. 

He noted that private investors 
and institutions will "continue 
to play the major part in in- 
creasing capital flows, but capital 
supply by public institutions and 
governments is also- critical to 
development.” The President also 
asserted that bilateral U.S. aid 
would continue to be important, 
and said he had asked the U.S. 
Congress to approve a- 28 per 
cent, increase for 1979. In addi- 
tion, he said that bis administra- 
tion is supporting legislation 
"which will allow us to ease the 
terni9 of past American aid loans 
to some of the least developed 

Commenting on the multi- 
lateral trade talks in Geneva, Mr. 
Carter said, "we must all resist 
the temptation to impose new 
restrictions on imports. We most 
all strive to reduce existing 
barriers to trade, both tariffs and 
other measures, while giving 
special consideration and benefits 
to the developing nations,” 

Mr. Carter also said that “dis- 
ruptive price movements' 1 in the 
world economy most be moder- 
ated and the prices of primary 
commodities st^ilised, Regard- 
ing the creation of greater 
technological competence in 
underdeveloped countries, he 
said he was proposing a U.S. 
foundation for technological co- 

In their talks. President Carter 
and Perez discussed a wide 
variety of topics, including 
energy, Africa, the Panama 
Canal treaties, the Middle Bast, 
nuclear non-proliferation, Nica- 
ragua, Belize, and ways to 
restrain arms sales to the 
developing world. 

Earlier to-day, Sr. Perez said 
that he viewed Cuban military 
intervention in Africa " with 
great concern.” This constituted 
his strongest statement to date 
on the intervention. 

The statement was particularly 
striking because his government 
had recently renewed relations 
with Cuba. 

Brazil reconsiders its attitude to U.S. 


THE COMPLEX relationship 
between Brazil and the U.S. goes 
under the microscope this week 
when President Carter pays an 
official visit to Brasilia to-day and 
a private one here to-morrow. 

There is some concern at the 
outcome of Mr. Carter’s talks in 
Brazil. First, the U.S. adminis- 
tration has repeatedly urged 
Brazil to reconsider the 1975 
agreement by which Kraftwerk- 
union of West Germany is to 
equip two nuclear power stations, 
using enriched uranium, in the 
south and near a similar station 
being equipped by Westinghouse, 
supplied with enriched uranium 
under tight U.S. supervision. 
Also, Brazil and Germany are 
eventually to build a uranium- 
enrichment plant here. 

The U.S. is perturbed at the 
prospect of Brazil — which has 

refused to sign the Nuclear Non- 
proliferation Treaty, on the 
grounds that this would tie its 
hands and that it has given 
ample assurances of adherence 
to all international safeguards 
and peaceful use of nuclear 
technology — possessing the means 
to manufacture nuclear weapons 
one day, through international 
co-operation over which the U.S. 
would have no control. 

Brazil has refused to alter the 
terms or timetable of its 1975 
agreement and declared the 
subject closed. However. U.S. 
embassy officials in Brasilia let 
it be known this week that, in 
Washington, there is still hope 
for a Brazilian change of heart. 

The financial weight of the 
U.S., as the major trading 
partner of Brazil, gives it several 
levers in the nuclear debate. 
Brazilian attitudes are changing. 

however, and these levers may 
need reshaping. 

The Vietnam war revealed that 
the U.S. was not the infallible 
security umbrella it was once 
thought to be. The fluctuations 
of the dollar, the long coal strike, 
the pressure by U.S. steel, cloth- 
ing and shoe manufacturers for 
protection against Brazilian im- 
ports, and the eagerness of West 
German, Japanese. French and. 
most recently, Saudi Arabian 
and Iranian enterprises to form 
joint ventures, or to trade, with 
Brazil — have all caused much 
serious re-thinking in important 

This does not mean that Brazil 
is rushing to diminish trade or 
political relations with the U.S, 
bat it reflects an awareness that 
diversification can be healthy. 

Some- Brazilians like to think 

RIO DE JANEIRO, March 29. 

that tiie emerging trading power 
of the country, as the eighth 
largest economy in the West with 
a 1977 GDP of ?164bn^ might 
minimise another burning ques- 
tion — that of respect for human 

Mr. Carter will meet privately 
church and opposition leaders in 
Rio de Janeiro to-morrow after 
the official part of his visit ends. 
The Brazilian Government has 
kept silent about these private 
talks and made no effort to 
hamper them. 

President Ernesto Geise! has 
done much to end the earlier 
violent police excesses which 
occurred under the current mili- 
tary regime, but there Is wide- 
spread concern that official 
hyper-sensitivity to criticism, and 
that fact that this is a Con- 
gressional election .year here, 
could lead to trouble. 

U.S. Steel plans price rises 


U.S. Steel, the industry leader, 
has set in motion what will 
probably prove to be another 
round of steel price increases 
with ad announcement to-day that 
it intends to increase prices of its 

steel products across the board 
by 22 per cent. 

The increase, to take effect on 
Saturday, is the second this year. 
In February, a 5.5 per cent price 
increase was put into effect in 
the industry, this followed a 

Capital spending forecasts 


U.S. multi-national corporations 
are planning lo increase their 
capital- spending in 1978 by 
around 10 per cent, the same as 
last year’s increase, according to 
a survey by the U.S. Commerce 
Department. . 

The latest forecast underlines 
the sharp decline in the growth, 
of capital spending abroad by 
U.S. multi-nationals since the 
1974-75 recession. 

Taking into account the rate of 
inflation and also the decline in 
the purchasing power of the 
dollar because of changes in 
foreign exchange rates, the 
planned increase means that 
capital spending in real terms is 
running at about the same level 
as last year. 

Before the last recession in 
1973 and 1974, foreign subsidiar- 
ies of U.S. corporations were 
increasing their spending by 
around 22 per cenL In 1975 
however, spending plans were cut 

and the increase was only 6 per 
cent, and in 1976 foreign affiliates 
of U.S. companies recorded a 3 
per cent decline in the dollar 
value of their capital spending 
compared with the previous year. 

Last year’s 10 per cenL rise to 
an estimated $28.7bn. was mainly 
invested in Europe which 
accounted for S13.2bn., Canada 
$6bn. and Japan and Australasia 

Compared with earlier fore- 
casts in a June survey, the 
foreign affiliates— companies 

owned 50 per cent or more by 
U.S. corporations — have trimmed 
back the predicted capital ex- 
penditure. At that time, they 
had expected a 12 per cent rise 
in 1978. 

Among the sectors which have 
seen cuts in spending plans have 
been mining and wholesale and 
retail trade. There is evidence 
of some increase in planned ex- 
penditure in the manufacturing 

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previous increase in 1977 and two 
general rises in 1976. 

The news was greeted by the 
Carter Administration’s wage 
and price council with a state- 
ment saying that the increase was 
more than had been expected. 

In explaining the decision, 
U.S. Steel said that the increase 
was needed to cover the cost of 
the new three-year labour con- 
tract in the coal industry. Steel 
companies are among the largest 
owners of coal mines, from 
which they meet their own needs 
for supplies of metallurgical 
coal The strike, and the 39 per 
cenL increase in wages and bene- 
fits which the United Mine 
Workers’ Union (UMW) won, 
have hit the profitability of the 
industry in the first quarter and 
added to production costs. 

. But the Wage and Price Coun- 
cil said that it estimates that 
only a 1 per cent increase in 
steel prices is needed 10 -balance 
the costs of the coal industry 

Steel industry analysts see the 
increase by UJS. Steel as the 
second stage of the rise which 
was announced in December and 
which took effect in February. 
They point to the pattern of two 
increases a year, which has 
tended to be followed in the in- 
dustry, partly, it Is said, because 
the industry is trying to avoid 
the criticism which has been 
made of previous large increases.. 

Mr. David Healey, a steel 
analyst at Drexel Bu rnham 
Lambert, the New York broker- 
age house, estimates that steel 
industry costs are rising by 
about nine per cent, this year 
and, for this reason, price in- 
creases are needed. 

The administration's system of 
trigger prices for curbing 
foreign imports of steel is 
making it easier for the industry 
to raise its prices by diverting 

demand to U.S. mills from 
foreign suppliers. Some analysts 
are expecting the steel industry 
to try to push through another 
rise later in the year. 

Because of the relatively small 
increase which U.S. Steel has 
announced to-day, and the 
stronger -market demand, 
analysts are expecting the U.S. 
Steel rise to he effective in the 
market place.' They also doubt 
whether the Carter Administra- 
tion. in spite of its growing 
worries about the inflation, will 
make any real attempt to thwart 

Bahamas tourism 

The Bahamas, which are 

experiencing one of their -best 
winter seasons, last month 

recorded 110,330 air visitors, the 
highest number in a decade and 
15.6 per cent, more than a year 
ago, the Ministry of Tourism 
announced, Nlckl Kelly writes 

from Nassau: February air and 
sea arrivals totalled 148330 — up 
by 245 per cenL from those of 
February, 1977. There were 

267,890 visitors during the first 
two months, a 149 per cent 
.increase over the corresponding 
period of 1977. 

State team 
in Ankara 
for talks 

By Jurek Martin 

WASHINGTON, March 29. 

A SENIOR team of U-S. State 
Department officials— urgently 
despatched to Turkey for talks 
intended to head off a new 
crisis in U-S.-Tnridsh relation- 
ships — met to-day Mr. Bnlent 
Ecevlt, the Turkish Prime 
Minister in Ankara. 

The UJS. mission, beaded by 
Mr. Warren Christopher, the 
Deputy Secretary of State, will 
stop off on its way back In 
Bonn and London to brief 
European authorities on the 
Turkish talks and also to ex- 
plain why President Carter 
has decided again to defer an 
announcement on whether or 
not the U.S. will start produc- 
tion of the neutron bomb. 

The UR. has been coming 
under Increasing pressure from 
Mr. Ecevit, in recent weeks to 
rescind the 1975 embargo on 
arms sales to Turkey and to 
press for Congressional ratifi- 
cation of the 1976 defence 

Last week, Mr. Ecevlt warned 
that Turkey was on the thres- 
hold of a new decision on the 
future of its participation in 
NATO. It is also feared that 
Turkey may order the closing 
of U.S. military bases on its 

The U.S. has tried until now 
to press home its point 'that. 
Improving relations .with 
Turkey should be conditional 
on progress being made over 
Cyprus. Turkey still objects 
to such linkage, even though 
Mr. Ecevit and Mr. Karamfcnlis, 
the Greek Prime Minister, 
agreed in their recent talks in 
Switzerland on the goals that 
both should pursue in resolving 
the Cypriot impasse. 

The' Carter Administration 
has promised to announce on 
April 6 its position on the un- 
ratified 1976 $lbn. defence ‘ 
agreement with Turkey. This 
Is a tough decision, because 
the Greek lobby on Capitol 
HU1 is powerful, as has been 
witnessed by the 1975 arms 
embargo (subsequently slightly 
relaxed) and fay inaction on 
the 1976 defence pact 

Last week. President Carter 
conferred privately with . i 
! leaders of the Greek forces on . i 
Capitol HilL These and other 
i diplomatic contacts with 
Torkev apparently persuaded 
Mr. Carter to despatch the 
State Department team. 

Munir adds from Ankara; 1 
The U.S. diplomats saw 
the Turkish Prime Minister 1 
and Mr. Gunduz Okctm, the , 
Foreign Minister, 

Hr. Christopher has also, 
conveyed a letter from Presi- j 
; dent Carter to Hr. Eeerft. 
Although strict secrecy is being 
maintained about the talks, it 
Is believed the American pro- 
posals foresee a package re- 
solution of the embargo and 
base problems. 


- 1 

Shipping loan losses for Citi- 
bank, Genera l M ills ahead' in 
third quarter, ITT predicts good 
year — Page 24 


HOW SERIOUSLY has tbe price 
competitiveness of West German 
export goads been affected by 
the rise in tbe value of tbe 
Deutschemark — in particular the 
sharp increase over the past lew 

The IFO economic institute of 
Munich examines the question 
in a report released today and 
reaches what may be, for some, 
surprising conclusions. 

For example, IFO suggests 
that although German goods may 
become less price-competitive on 
the U.5., French, Swedish and 
Norwegian markets because of 
recent currency movements, 
their position ’will be more-or- 
less un ch anged . on most other 
key markets. In fact they may 
actually become more price- 
competitive than Swiss, British 
and Belgian products. 

IFO bases that on two impor- 
tant assumptions. One is that 
the average level of the 
Deutschemark for this year will 
stay roughly as at the start of 
month. Clearly there is no 
certainty of that, despite the 
latest American-German accord to 
uy to help stabilise the dollar. 

The other assumption Is that 
the rise of prices and costs in 
West Germany will again re- 
main well behind that in 
virtually all of its trade rivals. 
Forecasts that inflation here may 
shortly drop to below three per 
cent, suggest that that condition 
will be easily fulfilled. 

The inclusion -of the element 
of international inflation lies at 
the heart of the survey. So far 
much discussion on the impact 
of the rise of the Deutschemark 
has centred simply pn the 
nominal rate. But IFO has tried 
to quantify the movement of 

Dow plans 
to expand 
in Holland 

DOW CHEMICALS is to expand 
its production facilities for 
ethylene amines in Terneuzen, 
Netherlands. . 

The two-stage expansion which' 
will cost in the region of $20m. 
will mean an additional output of 
13,600 tonnes a year and will 
double the existing capacity. The 
first stage of the project is 
scheduled for completion in mid-; 
1980 with the second stage to be 
commissioned a year later. 

Dow Chemical U.SJL also plans 
to expand its ethylene amines 
capacity. This will add 13,600 , 
tonnes a year to the existing 1 
27,000 tonnes a year production 
capability at the Texas division 
plant in Freeport. 

Both projects incorporate 
improved technical features and 
are considered highly competitive 
in energy savings and production 
flexibility. ! 

Ethylene amines are a group; 
of organic Intermediate 1 
chemicals, used in resins, glues, 
paint and water treatment | 

Dow Europe says with the new 
capacity added Dow will be able 
to serve the growing demand 
especially for the higher ethylene 
amines while di minis hing its 
import from the U.S. 

the Deutschemark in real terms, in real terms 

that is taking into account the German goods actuany . 

movement of unit labour costs more P n f^ 0 ”5?ji* t nce to the 
and of consumer prices among the" apparent exiacncc 
West Germany’s key trading cam- contrary OJ 

results „ given iu £*« 

the table shown here. They was the U-S. There. Oonnan 
indicate that between 1969 and goods became less 
1977 tbe external value of the petitive than tte rise 
Deutschemark rose against the aeternal value of thg Pc 

Percents* d****™? a S“ nst 
1969 D-Mark 



Percentage share of - 

D_Mark rat*, in real term* 

On bash of On ban* of 


Great Britain 


Sweden • ■ 








All countries 









.+ 132 



+ 69 



+ 60 


3 2 

+ 46 



' + 35 

1 A 


+ 26 



+ 21 



. & 19 



+ 14 



;.+ 8 



■— 6 


648 - 

+ 59 

currencies of all key trading 
partners by an average 59 per 
cent , 

But the increase was only by 
an average 20 per cent in real 
terms after allowance for the -rise 
in unit labour costs In the other, 
countries, and by an average 
18 per cent, on the basis of the 
rise in consumer prices. 

That average tells less than 
half the story. Taken country 
by country, the chart shows 
several key muting partners 
against which the Deutschemark 

mark implies, thanks, to marked 
American success in holding 
down unit labour costs. 

- One point worth emphasising 
is that most of the states in 
which German export goods 
either Jost least m price- 
competitiveness — or actually 
'gained — were members of, or 
associated with, -the European 
currency " snake " during the 
period reviewed. . 

The most striking example as 
Holland, which alone takes more 
than 10 per cent of German 

BONN. March 29. 

. l3C narts. That in iMlt.mkM 
clear w!iv the wom umnap 

Government . fia, 'SfSJS2tSE 
ticuiarly anxious to *** *5“ *?• 
•• snake as *0* 

when jpproprioiei emerged, 

There is a further. mpirUlt 
point. The pricwmpetitivenrw 
of German export* ij RjJ 
function of tw real movement 
of the Deutsehcniarri agamai the 
miToncv of. . importing 

SESShl * « tet » a®*****?* 

real movement of ite eurmjrira 
of Germany's trading ****[» 
gainst tile currency 

importing slate. - • - 

lFG has made on attempt lo 
draw that into 
eludes that up W 
German fliiod-x became «r* s i»ncr« 
competitive un moat f«rrigu fliar. 
kels not only against the 
domestic products of Hie tfhpor!- 
mg slate but 

imoorts from tiurd countries fun, 
But after 1973 the tread was 

Generally reversed, even in llie 

markets "f muntries ««Jost 

whose currencies the DcuMMi 
mark was rising in real u?rw*. 

IFO does cot attempt lo 
quantify by how much 
of German goods un different 
world markets has been affected 
by the currency-price factor 
aiooo. It points out that other 
consideration*-. * uc?1 «•* quality, 
design and prompt delivery, must 
be considered. 

(All those, of course, are- 
attributes for which West 
German industry is renowned! 

It draws the general conclusion 
that decisive* for Gernuta exports 
now will be not so much the 
currency factor alone but the 
strength of the economic upsw ing 
in tiie main industrial countries. 


OTTAWA. March 29, 

Saudi aid 
for Tunisia 

By James. Buchan 

JEDDAH, March 29. 
SAUDI ARABIA’S agency for 
foreign aid, the Saudi Develop- 
ment Fund has granted a 670m. 
long term loan to Tunisia for 
the part financing of a dam pro- 
ject in Kairouan. 

The loan agreement was 
signed by Sheikh Mohammed! 
Aha Al-KbaO, Saudi Minister of, 
Finance, and Chairman of the 
SDF board and Mr.Mustafa Al- 
Zanouni. the Tunisian Minister 
of Planning. 

The project, at Sidi Saad. is 
expected to cost a total $155m. 
and will provide flood protection 
for Kairouan and water for irri- 
gating the surrounding district. 

The Canadian Agency for In- 
ternationa] Development is par-; 
ticipating jointly with the SDF. j 

The announcement of the loan ! 
follows two days of talks be- 
tween Mr. Hedi Nouira, the 
Tunisian Prime Minister, and 
Crown Prince Fahd. 

Mr. Nouira described the talks 
as “ positive and fruitful " and 
stated that the attitudes of the 
two countries to recent events in 
tbe Middle East were identicaL 

SDF credits to Tunisia now 
total $125m. since Mr. Nouira's 
last visit to Saudi Arabia. 

Loan for Kenya 

By John Worrall 

A CONSORTIUM of commercial 
banks and institutions, led by 
the First National Bank of 
Chicago and including Barclays 
International is helping to 
finance the building, in Nairobi, 
of a £2m. headquarters building 
for the Kenya Tourist Develop- 
ment Corporation, .. 

The KTDC is a parastatal body! 
which is playing a leading role^ 
in developing Kenya’s tourist | 
industry and has investments- of 
£9m. in 105 hotels and lodges . 
throughout the country. 

Jetro circulates 
, shopping lisf 

The Japan Exter nal Trade 
Organisation (JETRO) has pub- 
lished a list of products that 
Japanese companies plan to buy 
and has encouraged UK. com- 
panies to take advantage of 
opportunities, Lome Barling 

. The 120-page list has been sent 
to principal trade associations, 
Chambers of Commerce and 
regional offices of the Bepart- 
m ent of Industry. 

JETRO said the products listed 
were those in which Japanese 
companies were interested, but 
emphasised that suppliers should 

? reduce goods suitable for 
apanese market requirements* 

Korea orders action JteJy wins 

t 1 p $ 80 m. 

on Japanese deficit soviet deal 

SEOUL. March 29. B y David Setter 

PRESIDENT Park Chung-Hee overall trade deficit of 527Sm. MOSCOW. March 29. 

has ordered officials to take for tbe same period.. Korea, FATA, OF TURIN, has signed 
immediate stenc ta reduce South however. 15 currently in surplus two contracts with the Soviet 

'in trade with the United States Union with a total value m 
Korea s widening trade deficit ^ most West European coun- s80m. to supply transportation 
with Japan, following a sharp tries. and automation equipment for 

rise in the deficit during The first Minister Choi said that ho sent lirc factories in the cities of 
two months of this year. letters urging some 40 Japanese Tchimfccnt and Belaya Tscrkuv 

The Commerce and Industry trading companies in Korea to uiui er the contracts, concluded 
Minister, Mr. Choi Kak-Kyu increase their purchases from with the T cc bmashlmport Soviet 
reported at a monthly trade pro- Korea by at least 25 per cent. orcaniHOtton. the 

motion meeting, presided over this year. couinmenl 11 to be delivered lo 

by President Park, that Korean - The Seoul Government has rc- . r . onPs j n 1079 an j jgjtf 
losses in trade with Japan more peatedly asked Japan lo buy KJSiTSn “hi wta 

than doubled during January- more Korean goods so as to help * J* 

February to $442m. from the rectify the trade imbalance 

figure a year ago of 8218m. - ^gainst Korea. Annual Korean ™ pi^t 4t Reiaya i^ikov 

Korean imports from Japan trade losses with Japan have 5’°?® ^ “L*? 1 TainiS i 
during the two months were been well above 5lbn. for the j Ml , .r 0V 5 mb f r s ' 

S747m. up 51 per cent, from a mee several years. rram. contract to feUPPU 

year ago, while exports to Japan -^Kore^iteHes heavily oir Jiipa- automated rubber tjuJJ rooms, 
rose only 10 per cent to $305m. nese supplies of raw materials ‘ Financing of. theJFATA con- 
from a year ago. * and- capital goods mainly for tract will be under the new Italn- 

The two-month loss with- Japim export processing industries. Soviet 8650m. oxpuri credit 
has far exceeded Korea’s AP-DJ \ agreed in November, and the 

\ contract is the first concluded 

- . under that credit, although 

Canadians curb textiles pcnd 

'. In a related contract. Emhurt 

BY VICTOR MACK IE OTTAWA. March 29, Corporation of the U.S. has 

. . signed a $17, Sin. deal with Tech- 

CANADA AND South Korea have estimated that the combined mashimport to supply computer- 
signed a four-year textile quota value for the year would total controlled mill room machinery 
agreement by which Korean about 8150m. for the Belaya Tscrkov Tyre 

shipments of 15 items of apparel The new bilateral agreement, factory. 300 miles South-East of 
as well as yarns and fabrics, will signed last week-end, replaces Moscow, and for another plant 
be subject to Canadian quota Canada’s global quota system at Voronezh, 
restrictions. imposed in 1976. It.provides for # Finstdcr. the Giant Italian 

The agreement follows two annual growth rates in the quota state steel holding company has 
weeks of bargaining in Seoul, of 1 to 10 per cent for such signed an $80m. contract with 
The annual quotas for 1979-SI items as sweaters, shirts and the Moscow authorities to mi p ply 
were fixed at levels above those outer wear and from 6 to 10 per steel tubes to the Soviet Unitui 
of Korean shipments in 1975. cent for other items. Paul Betts reports from Rome. ’ 

A Canadian negotiator declined The Canadian negotiators were The deal forms nart o r 

to disclose the combined tonnage led by Mr. C. D. Arthur. Director- Finaiders five-year aereenient 
or yardage of the .1979 quotas General of 'the Special Import with the Soviet u5on? Mhi3i K 
for reasons of protocol but Policy. , scheduled to run out next year 

The agreement is based on an 

New Jordan home project 

BY RAMI G. KHOURJ . AMMAN, March 29. s . operating company . 

italsider, m exchange lor steel 

SHIN SEUNG CORPORATION, A novel feature of Shin tubes -. 

of South .Korea, has- been Seung’s activity here, which is ... . 7^ 

awarded its second contract to considered an important reason JVluiISter to visit TokvO 
buiJd houses in tbe massive for its success, is that it brings Mr. Alan Willi-ims 
Jordan Valley Development several hundred of its ovEu state tor InduS^ will 
Scheme. _ skilled -workers from South j a p an fromAorUl-7 inHiJS 

This contract is worth $10m., Korea to undertake the work. A prospects for further inveSmern 
and is to bond 1,056 homes. It similar approach is taken by. the Japanese «™ntaT5?*5i 
follows a similar but smaller other South Korean company, UK, He w§l meetVMOHnMrv 
contract won by Shin Seung for Cho Suk. that has also won of International 
ago dan VaUey project two years 

Brazil records $347m. deficit 


LOWER COFFEE sales and an the year in agricultural exports. Aviation has vetoed the nunduuw 
increase in imports resulted ua a Oil imports; which accounted of twn 
$347,501. trade d leficit for Brazil for 35™ Studl fiteSSl aWhfe v*®? 5 t £«Sl 

in the first two months of 1978, imports— $352m- out of $990m.— them an “ 
compared with SlTORm- for the should decrease towards the end £??f Braziftt SL rtS?" 
same period of 1977. of the year, once the Campos Their 

Exports of manufaemred and Basin begins production ofabout entailed ? an ouUiv S 4 
semi-manufactured goods rose by 49,000 barrels a day in May or includin'? 

45 percent in January to 8464m., June. jgggHf 1 t,,.. J* 

while exports of capital goods Imports of capital goods in “*!**“! 

rose by 37 per- cent. It is, in dropped in January by 10 n#»r u-iILh 7?^’ “^PsUtive market 
feet, in those sectors that cent, in value (totalMag $264-Sf) VASP’s^ nlan ^rn k* Bra 5?* 
Brazilian hopes for a 1978 trade and 25 per centu volume iwuLc ?. an ,4°P arehasu, the 
surplus are concentrated, since reflecting the official policy to* “ d acceptable, 

poor coffee, soya and otter hasteo taport ie“ac^«,T ly o£ 

crops are. expected to produce a national manufacture 3 nr incur a series 

loss of some $800m. at the end of Meanwhile the Minisrt-v „r SL°Tr n . 0mi< : frequences which 

the year in agricultural exports. 

Oil imports, which accounted 
for 35 per cent of all February 
imports— 8352m- out of $990m.— 
should decrease towards the end 
of tiie year, once the Campos 
Basin be£ns production of about 
49,000 barrels a day in May or 

Imports of capital goods 
dropped in January by 10 per 
cent, in value (totalling $264m.) 
and 25 per cent in volume, 
reflecting the official policy to 
hasten import replacement by 
national manufacture. 

Meanwhile the Ministry of 


Aviation has vetoed the purchase 
of two Boeing 727-200* by the 
internal airline VASP, terming 
them on “unnecessary expendi- 
ture for Brazil at this time" 

- T h f* j Purchase would have 
entailed an outlay of $37m. 
including . . interest . on 
financing. The Ministry says that 
“ * free- competitive market/’ 
k not the caw of Brazil. 
vasp s plan to purchase, the 
Boeings would be acceptable. 

Here, however, purchases of 
foreign aircraft incur a series 

riL M ? n . 0mi( : frequences which 

the stale wishes to control “ 

Bidders still siwsut d<3in contract result 


THREE GROUPS, combining 
some of the world’s foremost 
electrical equipment companies, 
are awaiting the announcement 
of the successful bidders for 
supply contracts worth SSOOm. 
for the Braolian-Paraguayan 
hydroelectric scheme at Itaipu 
on the Parana river. 

Itaipti Binactonal, the Brazilian- 
Paraguayan enterprise respon- 
sible for the scheme, has tbe 
right to order equipment for 18 
700 megawatt generating units, 
with more than one bidder. 

Tbe first group, led by Brazil's 
Mecanica Pesada (Heavy Mech- 
anics), includes the Brazilian 
Bardella company. Brown Boveri 
of West Germany and Switzer- 

land, Siemens and Voilh of West 
Germany, and Creusot-Loire and 
Socl&e Aistom Atlantique of 

The second group is led bv 
General Electric of Brazil in 
partnership with Dominium 
Engineering Company, of Canada 
and General Electric of Canada 
ft third group, led by 
Westinghouse and Hitachi, in- 
cludes Brazil’s Coemsa (electro- 
mechanical constructions), Italy’s 
GTE (Gruppo Industrie 
^eccanique per Implante 
Estero), and Japan's Toshiba 
and Mitsubishi. 

The long-running dispute 
between BrazH and Argentina 1 
over the Itaipu scheme -continues.. 

RIO DE JANEIRO, March 29. 


SrLJXf Parana ^ 

for some 

Brazil??* JO persuade . .the - 
t0 «*«*««■• the . number 
^ J5?*5F* Phuwefl for Itaipd 
toat Corpus Chrlsti’s power* 

fS«”f ed poteul,:a 

. *»t ngroei maintain- 

rlf ItoipU Is a reality, 

£ hrislt is merely a 

planned, ^ ^ Soiils 

pmum p,ju r 






. n. 

.. . I-'- 


Np Tra 

' “ ‘ • - i L J 

it ’ ' 

' . _ ■ 

1 ; \l\ 

* ‘ 1 1 \ ; - ’ 



-Ms p&! 

^— **•**"•-■ 

•y* > •■ »* ■■■— .'■•-_ «** -- ..,-.| i i 


Financial Tintes Thursday March” 30 '1978 

Lionel 'Bison, 

Group Transport Controller of Debenhams Limited, 
has this to say aboutthe Dodge Commandos: 

*We have over a hundred Dodge Commandos, about 
eighty of which are G08s. I chose thembecause they ; 
were the only 738 ton GVW trucks that met all our 
requirements and could accommodate a 1000 cu. ft body 
without the need for chassis extensions.- . 

‘Since the introduction of Dodge Commandos, our 
operating costs have been reduced considerably Their 
excellent reliability record is confirmed by-the fact that 
time off-road has been reduced beyond all reasonable 

have over 90 operating centres which have to 
work to very tight budgets. Helped by the low 
maintenance costs of the Dodge Commandos, all have 
operated well within their targets. 

c The Dodge Commandos have been good for 

Debenhams: apart from the fact that costs have been Not all operators need to make full use of a 

greatly reduced, the vehzcles smart, modem appearance . truck’s maximum payload. It’s space- sheer volume 
reflects the eompany^ image. And our drivers of carrying capacity-thattheywant&oma 

like mem too. The cabs are well equipped and very non-HGV truck. And the Dodge Commando G08 

comiortable. gives them plenty. 


As with all Dodge Commando rigids, the G08 
offers a choice of wheelbases, driveline combinations 
and chassis options. The G08 wheelbases ranee from 
120 inches to 159 inches. . 

Standard power unit is a Perkins 3.86 litre 

4-cylinder diesel, developing an installed power of 

775 bhp at 2,800 ipm. As an option, there’s the Perkins 
5. 81itre 6-cylinder diesel, with installed power of 
101.7 bhp at 2,800 rpm. Naturally, there’s a choice of 
gearboxes and axle ratios. 

, A . very wide range of bodies can be fitted. The tilt 
aibs can beHi-line or Lo-line,witha variety of features 
that enable you to have a cab that is right for you and 
your drivers. 

All DodgeCommandos are backed by a 
comprehensive warranty package that covers the 
vehicle for 12 months’ unlimited mileage. Full details 

about all Dodge Commandos are 
available from your Dodge 
Truck dealer. 




Financial Times Thinstey March 30 1978: 

importers Enterprise Board 

review ‘disowns’ Hivent 

market as 
yen rises 


Gulf heads 
bid for 

Oil exploration 
boundary claim 
by U.K. reject© 

ALL FURTHER financial aid has Hivent was making substantial unaudited period- from April to ; mw ■ 

been refused by the National losses of £10,000 to £13,000 a October last year. By Oor Energy Correspondent RV , _. v energy eORRBPONDENT 

Enterprise Board to the Hivent month and “without a further The turnover for the year end- y m BY raY DAFTSt, energy cokresponud™ 

air pollution equipment company substantial injection of capital ing last March was £390,000, . BID for eyninration licences AN INTERNATIONAL tribunal is ft good chance ^f finding oil 

of Washington, Tyne and Wear, could not continue." with a net profit of £34,000. The ^ ^ s Approaches h as overrated a British objection or gas dose to or on the median 

m triuch it has a 26 per cent Mr . Gerald Connolly. ** nof . directors fa lo iTSade by 'oStwR to STSiJg oW* line% «» a h dj “S f*£l 

th _ firct , „ . . . them region director of the to Investments— part of boundary in the prospective oil- miles could hare made »sg» 

It is the first fame that the Enterprise Board, said that the the. UA Gulf Oil group producing region of the South cant diffe renc€ 10 Britain s 

failure of Hivent held serious fl™: in conjunction with two U.K, off* Western Approaches. potential reserves. . . * 

BY JOHN LLOYD " !? wliich it has a 26 per cent j^r. Gerald Connolly, the nor- 

It is the first time that the %SZJTS l mTS tSt the 
THE yen's appreciation against Board has put money into a Hg"5 Hi ™ t hdd sSrious 

New bid 
to win 
oil man 

K-STiW SS5&&S la^isavssi *»« 

nlnvmpnt would “ e - pruaacmg region u* 

a 42toi30. They in conjunction with two U.K. off- Western Approaches 

5 ^ — failure The romnanv is the ieMOUB lor ooarua iuiuic 

* e ** OMMMBUI subsequently Eg""-* “ risk “““ 

BritSbi Govemment '"K ‘ Govemmeat _ complained 

market away from Japanese disowned or sold by the Board. 

imports according to Japanese Last March the Board sold for 


“We will now make our in- 

in 1981. 

sewly-formed . bidding 

me DriLiML uuim mur,m me . _ , _ . ■ ' , 

claimed it had been robbed that the original dedstra had 

By Ray Wt*r, . ^ 
Energy. Correspondent 

of about 300 square 

s- 3 = KSSS 'wsre-Jars 

importers and trade officials yes- a £161,000 profit a 2.6 per cent vestigations even more pains- 


a • — -- six month accounts to tne ena — “ r ZrJTLZ- d«rv lino i»ct .Tunp. It was arsueu uiai uk *:«*»•*« m — 

spJte J 11 .?^ ford *?A taking and thorough, h e s aid. of October lari year. Mr. Con- Petroteum Development (SO pa ^^^^'ccntesM by carfoS-pheS had I not made «w poraiion. 


Regis .International for £755,000. 

* The Board said last night that proached by Hiven last autumn, owned 95 per cent, of the equity. ^ expected that blocks in P, e « auuut w »4 “«*« --- - r-r» Offered to an executive willing 

Toyota said in Tokyo yester- _ tQta , oE o.04 non vis injected be said he had every reason to a receiver was called is on the South ^Western Aonroaches kilometres of sea round the of the median line i»|< opo° . full-time appoint- 

day that vehicle exports would ® t ® Hivent iTseDtemteroSfte believe the company’s audited February 26. eight months after Jg, ^ toSEd In SeiSS Channel Islands. going on for almost te Like up u tutum vi 

•> nM Kuhi» .nff ) it tar f flic into myeni in sepiemner on tne - rtt th. , A nnMn« WIU -- r CJUQ . in me so_uu restnred to Th* court’s decision— there is no mem. 

ine ouiy eoncessiun gauicu u j iutcu u> .. i»Linnn tn rtonoil a vear Will DC 

in tte UJK. fa about * >mm SS to ^n’ executive willing 

•‘probably taper Nter, not ^ ™d of “SSSt TiSdJS ™ a«a ^Tbeen restored to fiT«o£ft decisiou-there is no ment. ; 

year,” because of the need ^, d substantial growS^in concile the last nine months of with a £825,000 investment 22? of jSerev^w^nroSbly Britain after complaint that further 3 ppeal-^s important for A pai^ttoe deputy chairman 

ment of Energy -will probably 

by Lord 
an appro- 
this total 

are expected to work their way directors, said they had declared of its case on its strong forward was investing £100,000. Insco are awarded formally, 
through to price rises later in the company insolvent on March order book. The directors had Electronics. Glenrothes, Fife, also 

contain promising geological -Second, it couta sneer me Q jj i ndl u g r v sources yesterday 
structures. outcome of a boundary dispute queatiQneti whether the salary 

The Department of Energy between Britain and Ireland woul( j ena blc the corporation to 
was last night studying the- although the court has said that- compete with the private sector, 

ifti rfiuicinnc /In nof nH£SS3ntV . r 

OH industry sources yesterday 

the year. 

Mr. Yutaka Kawahara, of the 
Japanese trade centre’s research 
department said that the yen's 
appreciation would be most 
severely felt by Japanese 
industries in which quality was 
less important than price. 

23, 1978. Trading ceased forth- promised to give warrants on backed by the Agency, collapsed t __ j __ t ' 
with. the state of the business for the last year. LOIlUOII oase 

Unit Trusts to list brokers 



juuiua THE UNIT TRUST Association But since registration is not do so. sion of the' established Offshore 

British importers of Japanese is listing insurance brokers with likely to be completed in much Members of the Association Technology Conference held in 

clothing, cutlery, toys and whom its members will be less than three years, the list Is are. however, extremely anxious Houston, Texas, 

jewellery, were switching to encouraged to do business. intended to guide members on that the payment of marketing Such an event would empba- 

jewellery. were switching to encouraged to do business. inten 

other supply sources in south- Members, who pay the market- broke 
east Asia and Italy. iag allowance in addition to the 

The appreciation against the 1« per cent, commission per Anam 
pound was 10 per cent over the mitted to financial intermediaries time- 
past six months. on the sales of units, are being , Jhi 

They claim that the finances and 

The marketing allowance was of the industry could not stand particular. 

t nnrfnn ij wo-,* ♦»,* tribunal’s findings. its decisions do not necessarily h 0W ^er. 

b^e Gertogfctt believe that there set a precedent. „ is ^peeled that the adver- 

offshore oil conference and ex- . tisement will call for applies- 

hibrtion. Plans being fonnu- TV. _ T»w» *■**!** wv-wwr5*»o aC km tions from executives with a 

tatod within the Socieg of X^TCSS-JJlIOClCO WlDS dLj.Jill* Proven record of success in in- 
Petroleum Engineers could re- *“• * ’ dustiy or commerce. 

. . . , , The advcrtlscRient will empha- 

e?raagg tanker moonng contract sjyaa sssf .% t z 

tTpyae - advantage, 

h an event would empha- PRESS-MODCO Offshore Ter- design will be undertaken by the ’When the corporation was 
he growing importance of minals has been awarded a other half of the Press-Imodco established two-and-a-nuartcr 
ire exploration and de- £5 -^ m - contract to construct and joint company, Imodco Inc. of years aqo. the Government 
ment in Western Europe i QS t*U a tanker mooring system Los Angeles. attempted to recruit top oilmen 

in the North Sea in ^ P art of the development of from the private sector hut was 

Press-Imodco wins £ 5 . 5 m. 
tanker mooring contract 

S^an ^mt would empha- PRESS-IMODCO Offshore Ter- design will be undertaken by the 

British Petroleum’s Buchan Field 

■ asked to submit to the Assacia- introduced in Sie early 1970s, it. As it is, disapproval of the Much will depend on the sue- til the North Sea. nlqn 

An official of the Japanese tiQn a ^ of ^ insurance ostensibly with a view to com- scale of the commission pay- cess of the first European Off- ^ The unit — a catenary anchor ■ vWllCC pioXl 

largely un-succcssfuL 
As a result. Lord Kearton. 
chairman of the corporation, also 

embassy’s financial section said brokers to whom that allowance pensating insurance brokers for ments made to some Insurance shore Petroleum Conference leg mooring system •— will be . ^ took on the job o£ chief execu 

that the yen’s rise bad been “too KSm ^ L exceotional expense under- brokers is believed to have and Exhibition to he held at used for the transfer of oil from TARMAC, an international com- live. , . . . 

sharp and quick-* for many manu- to establish a SSmla wTung unit trusts played a large part "in the] Earls Court in October. More the production rig to shuttle pany based at Wolveriiampton, It i$ assumed that the deputy 

facturers. The deflationary « £ brokew canable In fact it reflected the hard Department of Trade's decision, than 15,000 representatives of tankers. _ The floating unit will has submitted plans for a new chairman will eventually succeed 

effects of the appreciation would of nrovidine a service sufficiently realities of a situation in which last week, to reject the Assoria- oil-related industries are ex- be fabricated at the William executive headquarters office Lord Kearton os chairman of 
mean a slowing of imports in and impartial to merit an insurance broker who put his tion’s plea for higher manage- pected to attend. UJL manufac- Press Production Systems, block at Tettenhall, a residential what Is one of Britain s fastest 

the long term. payment of the marketing allow- client into a single-premium as- raent charges. hirers and offshore suppliers Howden Yard, Tyneside. The area of Wolverhampton. growing corporations. 

The hie Japanese car imoorters ance surance bond could expect a account for an estimated 40 per • 

any exceptional expense under- 
to establish a taken In selling unit trusts. 


large part 

the Earls Court in October. More the production rig to shuttle pany based at Wolveriiampton, 

the long term. 

The big Japanese car importers ance. surance bond could expect a 

of Datsun and Toyota have not The list is also expected effec- commission of 3} per cenL, 
yet announced revised estimates tively to exclude from payment whereas the same money put 

of sales and prices after the intermediaries other than the into unit trusts wouid produce OlULJvUIUKC 
agreement between the govern- insurance brokers, such as stock- only If per cent, in commission. 

raent and the Japanese Ministry, brokers or clearing banks. It is Even now. relatively few unit p ^ _ 

It is thought likely that they will expected that when the registra- trust groups pay the marketing T/blin#| ff Anri 

seek to keep turnover up while tion of insurance brokers under allowance, but if the insurance IU UllU UvilU 

sales volume remains static or the Insurance Brokers' Registra- broking profession continues to 

declines by discouraging dis- tion Act, 1977, is .completed the mushroom in the way it has |_ _] 

counts and possibly raising Association's list will become done so far this decade, more [)H|OW I* I ITT 

The area of Wolverhampton. 

growing corporations. 


I redundant 

will be coming under pressure to 

below cliff 

cent, of the exhibitors. 

The event is being sponsored 
by the Society of Petroleum En- 
gineers. the Institute of Petro- 
leum. the Institution of Civil 
Engineers, the Institution of 
Electrical Engineers and the 
Institution of Mechanical 

Chemists seek public backing 

Financial Times Reporter 

teeSiS? Enlineers^nd 11 the BRITAIN'S 10,000 retail chemists the Minister to change his mind, an . independent assessment of 
tstitution of Mechanical have been angered by the refusal - The chemists claim that - the their claims, Mr. Epnals has 

iSneJrs. of Mr. David Ennals, Social P* 051 margin allowed for deal- refused the facility to chemists. 

e • c ine with prescriptions docs not The chemists . believe that 

_ — — Services Secretary .to allow their ^ CQS { of replacing Mr. Eonals has picked them out 

Poeft hnntf chum for increased payments for ^X. ks for harsh treatment because they 

V'llbU Ul/UJL dispensing drues to CO to arbitra- IWio Phsimi'icpiitip'il Smlrac nr*« n nmfnwlnn whM r>.innnf 



To the holders of 


Redeemable Floating Rate Deposit Notes due 1980 

UBJLF. Loan of US$25,000,000 
1977/1982 Floating Rates 

Bondholders ot this loan are 
here by Informed that the rate 

A PARTNER in the small City 
stockbroldng firm ot Burge and 
Co.. Mr. Russell Cofin-Jones. 31, 

UUU3L dispensing drugs to go to arbitra- The. Pharmaceutical Services are a profession which cannot 

£ A • tion: . Negotiating Committee, repre- take the sort of sanctions that 

lOr. lOUnSm They are to appeal for sup- senting- the chemists, saj-s that could be enforced by other 

port from customers to back, whereas other \ groups with a employees, 
tourist organisations their two-yearold claim by contractual relationship with the They point to Government for*- 

They point to Government fore- 

appiluble for the six mwrths ln«e<osi 
oerfod ending 25 Ih September 1978 

has Been iXed at 7»%. 

Coupon No. S will be payable as 
from 25th September 1978. at a price 
ol U 5540-69 Interest worked out on 
the oasis at 1861360th for the period 

In accordance with the provision of the above Notes, American 
Express International Banking Corporation, as Fiscal Agent 
has established the rate of interest for the 'semi-annual period 
ending on the 18th September 1978 at 7| per cent Interest 
due at the end of the Interest Period will be available upon 
surrender to any of the Paying Agents of Coupon No. 5. 

American Express International Banking Corporation 
as Fiscal Agent 

starting 23rd March. 1978 to 24th 
September 1978 Indus!**. 

The Fiscal Agent 

The Fiscal Agent _ 

Burge, a senior partner of Barge 
western mining corporation ltd. an( j Co. A number of people 

,iu S ead c j f00t of *** t0 be £250.000 by the launching a leaflet and. poster Health Service, such as doctors casts of a 21 per cent, increase 
° t2v : r«fr ' t on _ Highlands and Islands Develop- campaign, asking customers to and dentists, are able to use a in drug profits this year in 

of BudmaU TrStTone 3 of^ght ment Board. approach their MP3 to persuade review body procedure to obtain support of their claim. 

companies where the Stock Ex- 

change has been investigating ; £* "U 1 ' 

SS-Ysssass Quarterly analysis of hank advances 

The investigation started in . \ 

July at the reques t of Mr. J eremy to UJC resid e nts by banks in the UK. at February 15, 1978; as Table 4 in the Bank of England ''Quarterly Bulletin. 

Sl.% NOTES 1982 

I Redemptloa of US47SO.OOO at the Noted 

f Jrjjag^ that Hr. Coli^ones was among “““ SJg SX t? 

197'”* a result ot which, the under: those interviewed, but said -that clearing hank* 1977 Nov 16 

SoTW Sfii° be^rcpaTabio « ^ did not attach any significance clearing banks 1977 Nov. 16 

have been interviewed concern- 
ing the allegations. ■“ 

LJS522 K>°«on d«nng tern.-, 1377 Nov. 16 

of wWch 



be did not attach any significance i 

. The, undoralfiMd announcus that as 
from April 3. 1978 at Kas-Associatie 
N.V.. Spnhttraat 172 In Amsterdam. 8 . (accompanied By an 
"Affidavit'’) of the CDRS TDK Elae- 
trwiks Co. LW. will be payable with 
DHs. 5.05 par COR iwpr. TOO aba. and 
with Dfto. 60 JO per CDR repr. 1.000 
sbs. Id iv. per record-date 30.11.77; 
aross Yen 7 JO after deduction 
3115% JapanKc tax =• Yen 1 1 2.50 «• 
DHs. 1.06 per CDR repr. 100 lha. and 
Yen, 1.125,-Bfls. 10.80 per CDR 
repr. 1,000 *hs. without an Affidavit 
20% Jap. tan will be deducted 
i Yen 150 = DHs. 1.41 per CDR rvpr. 
1 00 5bv ana Yen T .500 *= DflL 14.10 
per CDR reor. 1.000 *hsO 

After 30.6.78 the dlv. will only be 

ist May. 1978. from which date aii to it in relation to Mr. Colin- 
I'm^stthereonwnic.^- Jones's death. “I don’t suppose 

'Northern Ireland banks 


I there was any connection," he , 
! said. 

The Stock Exchange said; that 

All banks 

interest thereon win cease— Jones’s death. “I don’t suppose Northern Ireland banks 

(incorporated in the Reoubiic oi tf» c 8ams M i i^w^is mmn«! . there was any connection," he 

The aboyementioned Notes with coupon Said. ^ ***** 

NOTICE TO MEMBERS No. « and subsequent coupons attached, T>jp Stock Exrhanep Sai6- f-hat 

NOTICE IS HEREBY GIVEN that the ™ w be lodged for repayment on or . 1 , EACaauge sail tuax . which in sterlino 1 

nlnjtleaj annual ge^ral m«tlno Tm™ •***£? *5* . ln{ l u| nes into Ihe share- 01 Wflia3 m slerUn 8 — 

Lirwted^ win hl'taid ““Sll^hSd tu o,kl5sw2: rigging allegations were com- - 

Of tfto Company at 36 Stockdate s52SS Jj n ?S n .IPY P lete a TCpOft Was ^eing 

Kimberley, on Tuesday. 3ctfi May 1978. 1° -gf iffi i. °£.f£ riraftort 10 Sterling 

at 14b30. for the following business: SLi “J}®?; 

to receive and consider _ tbe annual NY P ?o5i_S. U.SJV.. Soclete General r do MV. Burge Said fhat Mr. Colin* in fnroitrn miT-ronm'oe 

of which in sterling ... 

of Hie Coen p« 
Kimberley, on 
at 14H30. for 

to receive and consider the annual 

ftnancial statements of the Company and Banoue S^V.. rue Royal*. 20, 1000-1 Jones Was planning tO leave the 
of the Gnropfor the rear ended 31st Brussels. Banouo Generate du Luxembourg ^ V”’.* “J 5 

December 1977: 

_ Id me Aldrlngen. Luxembouro. 

to elect, directors In accordance with Swiss Bank Corporation. ParadopUtt 6. 
the provisions erf the articles of assocla- CH-8022 Zurich. 

tion of the Company; N.B. Bonds still to be lodged for repay- 

emed M ta tan mant from previous drawings: — 

paid under deduction of 20 % Jap. 
tax with Dlls. 5,68 per CDR reor. 100 
W lnd DIU, 56.80 per CDR reor. 
1.000 shs., in accordance with the 
Japanese tax regulations. 

Referring to the advertisement In 
this paper. of 14Ui November. 1977 
the undersigned announces that the 
oisginai shares, hum 10 % free dis- 
tribution nave been received. 

, As Ifom Aonl 4- , 97a n*w 

COR TDK Electronics Co.. Ltd., repr. 
■iOO shs.. cum. G sm. and talon 
he at Kas-Assotlabe 

N.V . against delivery ol 1 4 
«* CDRS ropr. 1.000 shs. or 10 dhr. 
am- n“r„4. *S. CORs , repr. TOO shs. ol 
CORs TDK Electronics Co. Ltd. 

After May 19. 197B the couhralent 
of the CDRs. which have not boon 
claimed by. the holders of 4 
will be sold. 

The proceeds, after deduction ol 
expenses, will be held In cash at the 
disposal ol said holders. 

Amsterdam. 22nd March 1978. 

Mr. Burge said that Mr. Colin- 
Jones was planning to leave the 
firm and set up his own business. 


In foreign 

• Total 


. Total 

ta storting 




. 1977 Nov. 16 






1978 Feb. 15 






, 1977 Nov. 16 




. 216 


1978 Feb. 15 






1977 Nov. 16 




• 20 


1978 Feb. 15 






1977 Nov. 16 



■ 11, ui . . 

6*966 - 


1978 Feb. 15 






1977 Nov. 16 



1978 Feb. 15 


- 4441 

1977 Aug./N’v. 
Nov.*77/Feb. , 78 

+ 476 

- 16 


+ 48 





- 63 













in foreign currencies adjusted 

for exchange rate effects! 1877 Aug./NV 

cmed « to Pass, 
cation, the follow- 
fdlnarv resolution: 
be. and they are 
allot and Issue 
of the unissued 

Drawn 1st May. 1976 
Nos. 3126. 3127. 312B. 
Drawn 1st May. 1977 
NOS. 3171, 3172. 4771. 4772. 
5073. S472. 10874. 

.cumuUtiv^secohd Londoru 2B th March. 197B. 
hares of Bve cents » 

aach In the capital of the Company at 
such time or times, to such person or 
persons, company or . companies, and 
upon such terms and conditions, as 
they may determine.” 

_ Registered Office: 

Violence costs 
Ulster jobs 

of wMch 

emanate Metal 



engineering Ship- 



London clearing banks 1977 Nov. 16 

1978 Feb. 15 

Scottish clearing banks 1977 Nov. 16 

Northern Ireland banks! 

A membor entitled to attend and vote 
at the meeting may appoint a proxy to 
attend, speak and vote In hb stead. A 
Proxy need not be a member of the 

Registered office: By Our Belfast Correspondent 

annual gen eral^meet i ng*^! the VIOLENCE in Ulster has cost All banks 

ts&gzr '*' 52 «eS2v. R tHS: province 20.000 jobs accord- 

Aprll. 1978. 

ing to 

a review of industrial 
published in . the 

of which In sterling 

The transfer registers and registers of , T „ . J .,| Br , n fh - „ F IPOUCy pUDllSOed in . tile j 

SSS b Sftta 0 USr t ?£BrM^"il?8. c, £S '-UJBn Cambridge Journal of Economics. Changes: , 

1977 Nov. 16 

1978 Feb. 15 

1977 Nov. 16 

1978 Feb. 15 

1977 Nov. 16 

1978 Feb. 15 

1977 Nov. 16 

1978 Feb. 15 

from 25th May to SOth May 1978. both 
days Inclusive. 

_ Holders of deferred share warrants to 
bearer who desire to attend In parson or 


by proxy or to vote at any general meeting J , m 

of the Company most umply with thc| 3 „? T ?f, i y 1 ° ' r 
regulations ol the Company under which I ° Tlme Assurance Trustees Limited, 
share warrants to bearer are issued. 

; 2. To receive the Report of the Commit- The Study S3VS that if tbft job- 
tee of Management and the Accounts . imnAhi, .r , . n l,j 

lor the year ended 31st December. Creating impetus OE the 1960s had [ 

been kept up, Ulster could; have 
expected between 28,000] and 

VE, 189 Regent Street. 734 OSS7. A la 
Carte or All-In Menu. Three Spectacular i 

By Order of the Board. 


, Group Secretary. 

4. To elect Mem bom to the Committee 32,000 extra Job8 UD to 1976. 

| In fact there w Is almost a 

TLgySXt* S ftendstlll. About a third of the 

Meeting.) loss could be put down to the 

(signed) d. stott. secretary, general economic decline 

S“ Ut * e ^., bnt ^ deartog batits 1977 Nov. 16 

. nT probably was because of the 1978 Feb. 15 

AKI bALLfcKIES tr ^i° les - T . . „ . . . Scottish clearing banks 1977 Nov. 16 

^ — The Irish Republic . had *978 Feb. 35 

MAAS VICTORIAN fairy paintings ■ ttr " ct ^? t**® 8 foreign- Northern Ireland banks 1977 Nov. 16 

s STiw K 1 ^; financed jobs as Ulster. . As an 1978 Feb. 15 

ciinpre st.. New send st.. w.i. independent economy, the an hanks 1977 Nov 16 

n SjcSsr*' republic had been able to offer 1878 Feb.’ 15 

sagar-ssggg: rr better incentives to overseas In- of which in ateiiine 1977 Nov. 16 

in sterling 1977 Aug./N’v. 

Nov. 77 /Feb. 78 

in foreign currencies adjusted 
for exchange rate effectsS 1977 Aue./N'v. 



























‘ 99 

























- 90 

+ 67 

— 3 

'■ _ 




+ 23 

+ 124 

+ 21 

+ 83 

+ 11 


- 3 

+140 . 

+ 4 






dotting factorial 
388 641 

426 656 

49 74 

56 • W • 

23 - 27 

22 39 . 

724 1.529 

Floor Shows 10.45. 12.4S and 1.45 and 
music of Johnny Hawhoowortb & Friends. 

36 Stock dale Street. 

S * r S €t - IfiMlggi W.7. Kimberley 8300. 

THE GREAT BRITISH STRIP ! 40 Holbom Viaduct. 

Show at Midnight and 1 a.m. * EC1P 1AJ. 

Mon^Fri. Closed Saturdays. 01-437 8455 29th March 1978. 


(Signed) D. STOTT. Secretary- 

Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 











- 1440 

- 46 
+ 49 


+ -13 
+ 26 

+ 1 

- 99 
+ 43 

- 39 
+ 8 

+ 1 
+ 5 

1 I 


+ 4 
+ 3 

+ 5 

+ 2s; 

•+ 5 ' 
- » 



PARKIN GALLERY, 11, Motcomb- St.. ■; 
London. S.W.1. 23S 8144. Walter vestors. 

Saves 1B69-1956. A Camden Town 
Painter. Until 9tfi April. , 

AGNEW GALLERIES, 43. Old Bond St., 
Mon.-Frl. 9.30-5 JO. Thors, until 7. 

POX GALLERY. Exhibition ol the paint- 
[lifts w British and European Artiso 
from 1 700-1965. 5-6. Cert: Street. 

London, W. i . Tel. 01-734 2626. 

Wcetcdara io-6. sat. io-i. 

There’s no need to hunt around the West 
End for a suitable venue or viewingtheatre. 

The FT Cinema, here in the City, offers seating 
■in comfortfor 50+ people. Full 16mm film 
projection facilities. National Panasonic colour 

videotape and Philips 15 QIM video cassette 
viewing. Electrosonic36CH slide presentation # 
system. And luxurious private dinmg rooms with 
extensive cateringfadlities. 

Road, Chebca. S.Wj. GLYN MORGAN 
LUtyoends Ovphw Apollo A Maravaa — 

loan allocation 

1978 Feb. 15 

All banks 3977 Nov. 16 

1978 Feb. 15 

of which in sterling 1977 Nov. 16 

19X8 Feb. 15 


in sterling 1977 Aue./N’v. 


in foreign currencies adjusted 
for exchange rate effectsS 1977 AurYISTv. 

Maw ITT/V-it. TO 














Asrtcoiure,. ' 
forestry I 

SsfUng qu 








qinnyisa Ctonstractlon 
131 954 













Of Which 













_ 24«9 





. -.'81;. 




" AM8 


' : W8* 




+ 30 


+ 19 

N0V.77/Feb.7S - 

SC n fi g a - , at. , '?.1i l '? 5 t J i. nl " A '^ ,ll 1S - TUESaAyS annmina mMl to London dearie banks 1377 Nov. 16 

omell galleries. Fine British and the Department of the Environ- Feb. 15 

EBffiL 2 e S. eI "SF. d . e Jf'^. 0 . f Seta* clearing banks 1077 Nov. 16 

40. Altwnurle Street. Piccadilly, w.i. 

in the rules for loan allocations 2578 Feb.’ 15 

for local authority land purchase Northern Ireland bankst 1977 Nov. 16 

under the Community Land Act 

1978 Feb. 15 


included a misstatement of the ad banks 1977 Nov. 16 

Government’s total loan alloca- 1978 Feb. 15 12.684 ■ 7466 £m o 1517 

Uon itt 1978- 79 . of which in sterling 1977 Nov. 16 6*18 egy- 3 ’S lit 3,432 

The Department gave the 2975 Feb. 15 7,366 724 ff? 1,432 

wrong financial year for the Changes: 322 >599 

current loan allocation, and in sterling 1977 Aug./N’v. +311 +25 a. « , „ 

hence a wrong base for , its Nov.77/f*eb.’78 +448 +57 + . +124 

decision that “the resources in foreign currencies adjusted ^ ”-62 

available under the scheme in for exchange rate effects! 1977 Aug./Nv. +275 +20 ' +ioa j. 

1978-79 are roughly double those Nov.TT/Feb.’TS + S3 — 31 ™ + J J — 

for the current year ** "* ® ^ 

In fact the current year alloca- "deluding lending under special schemes for domestic shipbuilding. fThe analysis provided bv n*„k _ y 
tion is £32m. and nB«%ar;the other banks. Chemicals and allied industries are included Indlstinguishably in“ Other mannr^S ^and 
authorities . wtil have a loan trical engineering. Shipbuilding and Vehicles in “Other .engineering and metal coods"- *nri J52~* III|| W i Me 


of waich 
















' 7566 



Public uUUtlcs 

Transport and and national Vocal 
common fcatlMs Soveroment aoveroment 

IU -S > 



Over 400 sets in stock 

All enquiries to: EL J.DOT«;OnsnaMffl^r, 

The Finand^lTB!s& Brackai Hons^IDCamaiStrad; 
London EC4P4BY.Tel: Qt24SS0aGfeit67O. 

Buy whohr from the ma nufa ct u fers 
wtdi roll xfteMalos mvic*. 

whii fan xftnwsaies serai 
01-985 7587/W19 
. Telex 897784 


J.S & 

tion is £32m. and next year; the omer Chemicals and allied industries are included Indlstinguishably in “Other nmnS wland bank* diffora S 

authorities . wtil have a loan trical engineering. Shipbuilding and Vehicles in “Other .engineering and metal goods"- and s Mc ^ man&WnSi 

allocation of £64m., not £l20m. utilities and national government’' SThe figures exclude as far as possible the effect oV ^nnnunlcatibnstf ^ 

as reported earlier. Of advances in foreign currencies* changes in exchange rates on tlid i tjiiTTiVf 



• * i: \ ■'* 

do'' ^ 



i!u« ,u' 

■t! iirtnfi 

:;i! \>i‘ 


Pa) iiiii 



C| )d.' 



■■ *■ i til 




|; :1 n 

• V V I 5 

MM •- •„ ! 

f ; ' ’ : 



40 _ DAMAGE 


t; «»i 

r 0 

Land generator plan 
for Concorde engine 


Fire cost 
but still 


FIRE DAMAGE costs have come 
back from the peak reached 
during the firemen’s strike, 
according to the British insur- 
ance Association. 

Damage costs last month 
amounted to £24.3tn.. compared 
with £41m. in January, £33.8ra. 
in December and £42.701. in 
November — the three months 
affected by the nine-week strike. 

However, the fignre for last 
month is still extremely high — 
almost twice the cost in Fcbruary 
last year when damage was low 
at £I4.1ni. 

The association said that it 
was disappointed at the results. 
Before the firemen’s strike, the 
fire damage figures had given it 
hope that its safety campaign 
was beginning to have some last- 
ing results. 

Now it appeared (hat people 
had been relaxing their fire pre- 
cautions after the return to work 
by the firemen. 

How year 
of drought 

ROLLS-ROYCE has began a 
programme to tarn the Con- 
corde engine, the Olympus 
593, into a land-based elec- 
tricity generator, . for ose in 
power stations from 1981 on- 

The move follows the com- 
pany’s policy of trying to find 
additional applications in 
marine and industrial roles for' 
ail its aero-engines. '*• This has 
already been successful with 
such jet engines as the Avon, 
the RB-211 and earlier -versions 
of the Olympus, and Che Tyne 
add Proteus turbo-prop 

With manufacture of new 
Olympus 593 engines for Con- 
corde now virtually completed, 
the emphasis on this engine fur 
aviation applications will now 

be in the manufacture . of 
spares, and in repairs and 

By turning it over to in- 
dustrial uses, however, the 
engine will be given a con- 
tinued lease of life indefinitely, 
and this will ensure continuity 
of employment at Rolls-Royce's 
Bristol factory. 


The company is confident 
that a big market awaits the 
industrial version of the 593 — 
one of which in its power- 
station form will produce 
■enough electricity to supply all 
the electrical needs of a town 
the size of Weymouth or Ket- 
tering, about 50,000 people. 

Rolls-Royce foresees an 

annual market for about 20 
power-station “ packages " In- 
corporating the Industrial 593, 
worth a boat £2m. each — busi- 
ness worth about £50m. a year. 

It bases this belief on a 
survey or potential world- 
market demand for electrical 
generating equipment beyond 
1980, which shows a big expan- 
sion in requirements, especially 
in countries of the Third 

Rolls-Royce can see the 
market for the engine extend- 
ing later on to take, in the oil 
and gas industry, with the 
Olympus 593 being sold as a 
50-60,000 horsepower engine 
for such -duties as pipeline 
pumping and offshore power 

Wine duty 



By Stuart Alexander 

HOPES that the Treasury may 
have accepted the case for not 
increasing excise duty on wines 
and spirits in the Budget were 
expressed yesterday by Mr. John 
Plowman, chairman of the Wine 
and Spirit Association. 

Mr. Plowman, introducing his 
members’ recommendations to 
Mr. Healey, said that sales of 
wine and spirits would "be hit 
badly by another round of tax 
increases and higher prices 
could lead to a net loss to the 

Even without a duty increase, 
wine prices were likely to rise 
by about 4 per cent- this year. 

The trade should be given six 
weeks to pay the duty on wine 
and spirits taken out of bond, 
instead of having to pay 

Baking group to add 2p 
on price of large loaf 


Manpower shortage 
‘may hit printing’ 

British Airways plans 
faster Far East flights 


AN EXTRA 2p is to be added to 
the price of a large loaf on 
Monday by Associated British 
Foods, one of the three biggesl 
baking groups in Britain. 

This means that its two main 
competitors— Splllers-French and 
Ranks Hovis McDougall — are 
likely to limit their increases to 
the same amount even though 
both groups would prefer larger 

All three companies told the 
Price Commission a month ago 
that they would want to raise 
their prices at the beginning of 

The Commission has now 
apparently decided not to carry 
out a full three-month Investiga- 
tion into the notifications, so the 
companies are free to go ahead 
with their plans. 

The increase, which will take 
the price of a large loaf up to 
28* p. follows a similar rise in 
November. Yesterday. Associated 
British said that it did not expert 
to have to Increase its prices 
again until late in the autumn at 
the eartiesL 

The latest rise is due in part 

to the need to pay the full 
European Economic Community 
levy on flour from the beginning 
of the year. 

It also takes account- of the 
additional costs which will be 
incurred next month when the 
bakers switch over to metric sizes 
for bread. 

• An MP yesterday blamed the 

“sacred cow " of Common Market 
high food prices for the latest 
increase in the cost of a large 
loaf. Mr. Tom Torney. a member 
of Labour's food and agriculture 
committee, is to make a formal 
protest to Mr. John Silltin. 
Agriculture Minister, because be 
claims the EEC is interfering is 
food prices in Britain. 

Brick output down 8m: 


last month, 381m.. was 8m. lower 
than in January and 34m. fewer 
than in February last year, say 
Environment Department statis- 

Deliveries were down to 301m. 
from the January level of 331 iv„ 
and from the February 1977 
figure of 309m. 

Stocks rose last month by 
SOm. to just over lbn.. which 
is 2BSm. more than at end- 

February last year. 

Production seasonally ad- 
justed and allowing for work- 
ing-day variations in the three 
months to end-February was 1 
per cent, lower (ban in the pre- 
vious three months and 3 per 
cent. less than in the same 
period of 1975-77. 

Deliveries were 7 per cent, 
down on the previous quarter, 
but 4 per cent, higher than a 
year before. 


SHORTAGES OF skilled man- 
power. are likely to prevent half 
Britain's printing and bookbind 
ing machinery companies meet- 
ing the average 6 per cent sales 
growth target to 19SG set by the 
industry’s NEDC sector working 
party’, the National Economic 
Development Office says in a 
report published to-day. 

Growth would be achieved only 
by "major breakthroughs in 
new processes and product 

By 1980 the industry would 
need 20 per cent. more . skilled 
workers and 10 per cent, more 
unskilled workers to meet tbe 
NEDC targeL 

These might not he available 
and research and development 
engineers might also be scarce 
These shortages could have 
serious implications In an in- 
dustry where technological 
change is rapid. 

The typemakiog and setting 
equipment sector was one of the 

most prone to attack from tech- 
nically advanced foreign compe- 
ls on. 

This was illustrated last year 
when U.S.. Imports rose by 38 
per cenL in value over 1975. in 
spite of a depressed borne 

The sector was likely to do no 
more than maintain its present 
25.8 per cent, share of the British 
and the import sector of OECD 
countries’ markets. 

The industry’s output in 1980 
was likely to exceed only 
marginally, in real terms, the 
peak of tbe last cycle in .1973. 

Nevertheless, there were good 
growth prospects in Germany, 
the Netherlands, the U.S., 
Sweden and Brazil, where df> 
mand was expected to rise 

Printing and Bookbinding 
Machinery Sector Working Party 
progress report I97S. NEDO 
Rooks. 2 Steel House. II TothfU 
Street. London. SWH 9U. Free. 

offer more and faster services 
on its long-range routes this 
summer because of the introduc- 
tion of more Rolls-Royce RB-211- 
powered Boeing 747 Jumbo jets. 

The airline will have eight of 
these aircraft in its- fleet this 
year, and it says that for the 
inter-continental traveller to the 
Far East and Australia, this will 
mean faster journey times and 
more comfort for passengers. 

The Rolls-powered Jumbos will 
also supplement existing DC-10 
services to Los Angeles, and will 
be introduced on the new 
London-San Francisco service 
starting in early May. 

On the routes to Hong Kong, 
Australia, and New Zealand 
passengers will notice major 
i improvements. With the intro- 
iduction of the Rolls-powered 
! 747s on these routes in April, no 
iHong Kong flights will continue 
| to Australia, and all Australian 
services from Heathrow will be 

routed through Singapore or 

BA is also introducing a new 
service from April 2 between 
London and Stavanger, in 
Norway. Using Trident Two jets, 
flights will be daily, non-stop, 
except for Saturdays. 

More for U.S. 

THE NUMBER of passengers 
using the seven airports owned 
by British Airports Authority 
rose by 4.5 per cent last month 
to reach 2.1m. At Heathrow 
passenger traffic rose 3-5 per cent 
over February last year. 

The growth on European and 
on UJL domestic routes was 
small. Most of tbe February rise 
was due to travel to and from the 

Traffic at Gatwick rose by 2J5 
per cenL to 313.000. At Stansted 
it fell. sharply by 18 per cent to 

Grays: could it happen again? 


WHILE the building societies 
work out tiie details of their 
rescue operation for the Grays 
Building Society in Essex — which 
has closed its doors pending in- 
vestigation of “serious irregu- 
larities” in its accounts— the 
question uppermost in most in- 
vestors minds is: could it happen 

The building societies pride 
themselves on their reputation 
for being as safe as a traditional 
bank and. as with their banking 
counterparts, the major fear 
haunting building society execu- 
tives is a loss of confidence lead- 
ing to a mass withdrawal of 

But it is not just the defensive 
reaction to this nightmare that 
protects the £14bn. deposits made 
last year from fraud and em- 

bezzlement: building society 

activities are also strictly con- 
trolled by law. 

The main legislation protecting 
the investor is the Building 
Societies Act 1982 which vests 
the role of monitoring the socie- 
ties with the Chief Registrar of 
Friendly Societies. 

Under this Act. building 
societies have to provide tbe 
Chief Registrar with an- annual 
return of their independently- 
audited accounts as well as 
information on the operation of 
the building society during the 
financial year in question. 

In addition, the Registrar 
requires financial and manage- 
ment information on a monthly 
basis from all societies although 
this is not required by law. 

The accounts and monthly 

statistics are scrutinised by the 
Registrar's office for any signs 
of discrepancy or irregularity. 
Each year a number of small 
societies who appear to be 
headed for trouble are identified 
by the Registrar's office 

The problem remains for the 
registrar: how to identify cases 
of fraud which, by their very 
nature, will not be revealed in 
the accounts or monthly statis- 
tical information. 

The Grays irregularities were 
believed to have been uncovered 
by the society’s auditors. On 
Friday. March 17. Mr. Harold 
Haggard, chairman and sec- 
retary. was found dead at his 
home in Brentwood. Essex. On 
Saturday. March IS. the ChieF 
Registrar of Friendly Societies 
was notified of the irregularities 

cut use 
of water 

By James McDonald 
AVERAGE daily consumption of 

Changing views 
in Scot’s election 

water per head of population in BY RAY pgRMAN. SCOTTISH CORRESPONDENT 
the ti.K. in 1976. the year of the 

drought, including supplies to READ the local newspapers, strong local organisation, 

industry and domestic usage. ! listen in Scottish radio- -or The Labour Party is putting 

was 399 litres (67* gallons), says i television, or even talk to the two more effort into the campaign 
the Water Data Unit of the I principal candidates in the than it has into any Scottish 
Department of the Environment i Garscadden byelection and you election for a considerable time. 

Consumption per bead in 1975 get tbe impression that the Party workers in unusually large 
was 320 litres a day (70 gallons). Scottish National Parly is defend- numbers have been turning out 
Potable water consumption in ins the seat and that Labour is to do the groundwork in the past 
1976 was 16.6m. cubic metres, mounting an uphill assault to few weeks and no less than five 
5.26m. cubic meties for com- take it. Cabinet Ministers are due to 

mercial and industrial use. and In fact Mr. William Small— speak in the constituency 

11.34m. cubic metres for domes- whose death in January brought The party is determined not to 

ti c use . about the election — had a repeat the mistakes of Go van. 

Mon-potable consumption was majority of more than 7,000 over which fell to the SNP almost by 
605.000 cubic metres daily. his Nationalist rival in October deEault. and knows that the loss 
Potential polable public water 1974. But the first impression is of a seat as safe— at least on 
supplies in 1976 was 20.6m. not wholly erroneous. For the paper— as this one would herald 
cubic metres a day. first time in a byelection, the much more serious losses later. 

“ Water Datu 1976.” Wafer SNP has something substantial The candidate. Mr. Donald 
Dura I 'nil. Rend wg Bridge to defend. Dewar. 40, who was Labour MP 

Hoilsc. Reading, Berta.; £2. Garscadden, an area of pre- ^ or Aberdeen South from 1966-70, 

■ - -■ and post-war council housing has -a strong personal commit- 

Ti 1 estates on the western outskirts pent to bolding — or as he terms 

r JIV of Glasgow, is not at all like it "winning”— the seat 

-A. titiv Govan, which provided the last Mr. Dewar- has based his cam 

1 Scottish byelecuon in 1973 and a P^sn squarely on a de- 

major upset to the Labour Party, fence of the Government’s 
There, with almost no local economic record — and 
x a 13 organisation or support at the particularly Mr. Callaghan's part 

HCCGDTefl start of the campaign, the in the economic recovery— and 

formidable SNP electoral steam- an atatack on the independence 
THE MAJORITY of CBJ roller had a dear ground. policy of the Nationalists, 

members will accept the modified Now things are different. Mr.' Bovey’s approach is. not 
pay policy clauses in Govern- Between the two 1974 General surprisingly, exactly tbe reverse, 
meal con tracts. Sir -■ John Elections the SNP displaced the and the two clash most strongly 
Mcthven. director-general of the Conservative Parly from second over the central issue of unem- 
confederation. said yesterday. place, taking more than 4,000 ployment. 

The clauses, which- oblige con- votes in the process. In the The unemployment rate is at 
trading firms to abide by pay meantime, considerable inroads ! e&st 10 per cent m Garscadden 
guidelines, have been consider- have been made in the Labour and considerably higher in some 
ably snftened. following stren- vote, as evidenced by the last areas and among groups such as 
nous objections (com employers, round of district council elections school leavers and single-parent 
The final form of the conditions. | n May. when tbe Nationalists families, 
already communicated to CB1 swept the board board taking all Several big Factories have 
members, was confirmed yester- six seats in the constituency, closed recently and others have 

What makes Roadline 
Britain’s leading delivery service? 

Hoilsc. Reading, Berta: £2. 

Pay clause 



members will accept the modified 



Jobs aid sought 

Tom k insuns Carpets 

day and the boycott of Govern- - announced lay-offs and redun 

i nmi l contracts has been called _ .. . . „ .. . „ 

off. Consolidated -The Conservative candidate, 

Mr. lain Lawson, 25. manager in 

y , . . Both these gains — from Right a stationery firm, has spread his 

JObS Uld SOUgtlt and Left — have to be defended attack widely, from the Govera- 

Touikinsuns Carpets has and consolidated if Mr. Keith meat’s performance on the 
become the fourth large Kidder- Bovey, 50-year-old lawyer and the economy to local concerns . 
minster carpet company to apply SNP candidate, is to take the seat With a 30 per cent Catholic 
for Government employment aid. He is getting considerable sup- electorate, bis uncompromising 
Application for 500 men in the P°rt from the efficient SNP stimd against the 1967 Abortion 
Asm Inst or weaving division has headquarters staff and busloads Act -Is likely to win him some 
been made involving £10.000 of eager helpers from other con- dissident Labour, and Nationalist 
a week in temporary employment stituencies, but the campaign votes. 

subsidies. While exports are cannot be centrally managed in Three other' candidates are 
buoyant, home demand has the way that some Nationalist standing: Mr. Sammy Barr, a 
failed to meet expectations, and veterans would like. boilermakers* shop steward at 

the Axminster division mainly Just after the campaign the' Scotstoun shipyard, is the 
supplies the UJC. started, when Mr. Bovey s out- Communist candidate, standing. 

spoken views — he is a pacifist he says, to put the Socialist 

y-v . . and chairman of the Campaign alternative to present Right 

Liatapost gTOWS for Nuclear Disarmament in wing Government economic 

International Datapost. the Scotland — seemed to be giving policies; Mrs. Shiona Farrell, 26, 
Post Office's rapid business bis opponents too many easy is standing for the breakaway 
delivery service, is to be extended targets, the party’s national Scottish Labour Party in its first 
to Singapore from -nest Monday, executive appointed Mrs. Margo Parliamentary contest; and Mr. 

The service, essentially for McDonald, senior vice-chairman Peter Porteous is standing for 
business papers and documents, and the victor at the Govan ’by- the Socialist Workers’ Party, 
will be available on a contractual, election, to oversee tbe Garscad- General Ejection: W. Small 
or 44 one-off ’’ basis- Documents den campaign. (Lab.), 19,737 (50.9 per cent.); 

posted in London on Monday. She has checked the candi- K. Bovey (SNP), 12.111 (31.2 per 

Tuesday or Wednesday will be date’s tendency to make un- cent.); J. Corbett (C). 5,004 <12.9 

delivered within 4S hours, but guarded remarks, but her free- per cent:); N Kibby (Lib.), L915 
will take u day longer from the dom of action bas been limited (4J) per cent J. Lab. maj. 7,626 

rest of the UJ\. by the* need not to upset the (19.7 per cent.): 

Clyde centre for idle tankers 

V\fe collect and deliver nationwide 

Our daily Collection and Delivery service is geared 
to moving Britain’s goods cost-effectively. 

We consolidate a variety of goods into continuous 

flows. And pass the 
resulting economies of 
scale on to you. 

•We’ve 75 
depots and over 
6, Q00 vehicles. 

So we’re national. 
And local, too. 

Our service 
is scheduled. * 

It’s reliable, 
fast and efficient. 
What’s more, you 
only pay for what you use. 

We collect and deliver door-to-door. And charge 
one through-rate at the outset. 

You leave everything to Roadline, including the 
supply of the necessary documentation. 

We also have close links with international freight 
forwarders at docks, airports and cargo terminals. 


the Axminster division mainly 
supplies the UJC 

Datapost grows 

You trunk, we deliver 

If you operate your own or contract-hire 
vehicles, full-load trunking is no problem. But part-loads 
can be. Especially uneconomic and time-consuming 
final deliveries. 

Relay Express is 
the answer. 

You trunk to 
a strategically-sited 
Relay centre. Your 
vehicle is turned 
round fast, and we 
take care of the 

we can increase 
efficiency and cost- 

We deliver by land, sea and air 

Roadline operates a fast, economical distribution 
service to and from Ireland, the Channel Islands and 
off-shore islands. 

We’ll get your goods to the terminal on time. And 
breakdown inepming loads quickly for delivery on 
the mainland. 

It’s a natural extension to our nationwide collection 
and delivery network. 

We’ve a complete range of 
ancillary services 

We’ve a Cash on Delivery service to speed your cash 
flow. And low cost insurance cover for high value goods. 

We can warehouse your goods. And distribute 
them daily in accordance with your order picking schedule. 

We can customise our service to suit your exact 
needs. Even if you handle such specialised traffic as 

tobacco or spirits. , — 

We will advise on [ 

labelling and packing. I n 

And just about gggas ^ 'TIL, 

everything else 

concerned with cost- 1 - ^ -i 

effective distribution. S T 7 : I 

Ring Roadline I 1 — i: 

on 01-586 2210, day 

Ir 3 ** 


THE CLYDE has become tbe 
U.K. centre for laying up 
charter-less liquified gas 

Three new French-built vessels 
worth a total of nearly £iQ0m. 
have been laid up on the river, 
where the Clyde Port Autho- 
rity charges appreciably less 
than Norway. 

Two of tbe ships. Nestor and 
Gastor, have been lying in 

Loch Striven since they were 
delivered this year from 
Charters de 1’Atlantique. SL 

Each of 120,000 cubic metres 
capacity and worth more than 
£30 ru they belong, respec- 
tively. to Odyssey Trading 
Company, a subsidiary of 
Ocean Transport and Trading, 
and Zodiac shipping company., 
a subsidiary of the Dutch 
Nedlloyd Group. 

Both .vessels were chartered to 
a Californian utility to carry 
gas.. from Indonesia. -but the 
project has been delayed for 

up to two years. 

The other, redundant tanker is 
the Bibby Lines' Staffordshire, 
a £30m, carrier laid up on the 
Upper Clyde since November. 

With a' carrying capacity of 
75,000. cubic metres, she has 
no . charter, ' 

® roadline 

moving Britain’s goods 

AMemb« Company cl me fteii&nal f might Capoialrt/i 


Financial Times Thursday March 30 19V8- 




Permanent and long term capital 
for the successful private company 

Also a wide range 
of hanking services, including- 
Selective finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 

For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 


Grcbhflm Trust Ltd., Bamngtori Hoo^GrEJliam Struc t, London EC2V7HE 

Eirmmehjm Office Filmutitl Hmw MptAill Street, Birmin gham, R33EW 
Tet 021-236 1277 


A British Company’s Dutch -subsidiary which’ 
has sales of £1.5 million, is looking for new 
opportunities to extend its sales activities. 

The Sales force is well established with Heating 
and Ventilating Specifiers, Distributors and Stockists. 

Adequate funds are available to promote new 
products. There are excellent storage facilities 
near Schipol Airport for Goods, and a limited amount 
of 'Electrical Assembly could be undertaken. 

Management is enthusiastically committed to promote 
British Goods and the current products enjoy a 
high reputation for quality. 

Write Box G-1666, financial Times, 

10. Cannon Street, EG4P 4BY. 


EAST MIDLANDS (Convenient to Al) 

£85.000 purchases the complete plant and equipment of steel fabri- 
cation workshop occupying 3,000 sq. metres approx, included are 
guillotines, press brakes, press foiders, cutting sawing and drilling 
equipment, welders C02 and electrode, grinders, paint spray equip- 
ment. etc. Also included is interest in nine year lease of office, show- 
room. factory and storage accommodation extending to 10.000 sq. 
metres approx, on a six-acre site at a very low rental. Portion 
of the premises used on a short-term basis for storage produces over 
£30.000 gross per annum. Replies from principals only to Managing 
Director, Box G.1675. Financial Times. 10, Cannon Street, EG4P 4BY. 


is interested in a joint venture collaboration in Saudi Arabia with 
companies specialising in building maintenance and repair with par- 
ticular emphasis on air conditioning, plumbing, carpentry, cleaning 
and electrical maintenance. 

Interested parties should write to P.O. Box 2874. Riyadh, Saudi 
Arabia, giving full details of themselves and outline proposals for a 
joint venture. Where applicable meetings can be arranged for 
further discussions. 


Located in Medway Town, specialising In electronic component*. T/O £223,172. 
G.P. £89,157. N.P. £61,091. Freehold Factory 6.500 sq. ft. Price £180,000 
for Freehold. Goodwill. Fitting* & Equipment. 


Freehold Factory. Coastal location, manufacturing Fire Escapes & Balustrades. 
T/O £128.104, G.P. £27.000. Full range of machinery. Price £80.000 for 
Freehold. Goodwill. Plant & Equipment plus s.a.v. (approx. £25,000). 


Oosr to major Airport, with fleet or 23 vehicles. Complementary service*, 
private car hire, coach hire £ garage workshops included. T/O £152.361. 
Price £110.000 for Company Share*. 


32 Baker St- London, W1M 2BU. 01-486 4231 


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

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


Capital 100,000 French francs 
Central Offices. Telex, 
Telephone 3 lines. 

Write to: 

Casel la SPI 7/C 
37100 Verona (Italy) 


in certain sections of the shipping 
industry, sound long-term investment 
opportunities still exut. Old established 
operating subsidiary of malor British 
shipping group can offer one or two 
investment prelects complete with 
management or will manage your 
vessels on world-wide basis with same 
care and thought as entrusted to their 
own fleet. 

Write Box G-1275, Financial Times. 
10. Cannon 5 beet. EC4P 4BY. 

OH established privately owned 
Business Group in London Wall 
wish to diversify their interests, 
bolting miuwgemcnt CMl4 participate 
in equity and profit sharing. Profitable 
established businesses in iwi-tabour- 
inicnsivo areas sought. Cash invest- 
ment of up to £500,000 visualised. 
All replies will be treated in the 
strictest confidence. Plnic write n: 
Box C.1QS7. Financial Times, 

10. Connpn Street, EC4P 4BY, 




— But only when you want it 

irienced and qualified expertise to 
Ip- resolve problems of finance, 
management, administration and per- 
sonnel. We offer regular contact with 
che day-to-day progress of your busi- 
ness to ensure our most effective 
application of ary services our con- 
cern for your company’s future. 

Tel: 01-404 5737 
or write to: 

Cavcndish Commercial Associates, 
8. Cavendbh Place, London, W.l. 


printed with your company’s 
name or Logo. 
Presentation Pocks a speciality 
Factory B-3, T reforest Ind, Estate, 
Pontypridd. MM. Glamorgan. 

Tel! Treforete (044385) 2353/2880 


Capital available to purchase as a 
going conc er n or might lease or buy 
premises 6/7,000 sq. ft. area. 
Managing Director. 

New Road, Nevrhaven. Sussex 
Phone; 07912 7711 


An International Engineering Group has funds and facilities 
available to back the commercial exploitation of New Ferrous 
Engineering Products. 

It is seeking to co-operate with individuals/organisations who 
can demonstrate that they have developed such products to the 
stage where they are ready for profitable production/marketing, 
but who lack the resources to proceed further. 

Please reply, in strictest confidence, to Box G.1973, Financial 
Times. 10. Cannon Street, EG4P 4BY. 

‘The road to financial decision- 
making 9 

Financial Times , 7 3L9.77 

If you'd like to know more about this 
remarkable nevf service, just ask your secretary 
to give us a ring and we'll send you full details. 



20 Market Place 


Middlesex TW88EQ 

Tax-Efficient Investment 

Free Guide to a Vital Subject 

Skilful investment alone is not enough to achieve a substantial 
real improvement in capital or income. Such investment must 
also be fax-efficient. For a FREE GUIDE to this subject and 
for details of a FREE TRIAL offer to The Tax and Insurance 
Letter, the comprehensive, succinct reliable guide for the 
higher-rate tax payer, write to: 

The Tax and Insurance Letter, Dept 1TV 
13 Golden Square, London, W1 
or Phone 01-597 7337 (24 hr. answering service) 


If you want to establish yourself in manufacture or trade: 

— Participation In German companies 
— Co-operations 

— Secring-up of a sales organisation 
— Establishment of subsidiaries 

I can help you work out a project, find the right partner and the 
right team. As Dr.-lng. (machine engineering) with good know- 
ledge of the market and industrial experience I offer you my 
business co-opentrion for a successful start in Germany. 

* Strictest confidence. Please contact me through: 

Herm Gerhard Dalmer, Untemehmensbe rater, 3400 G fitting en, 
Nussanger 42, Germany. Tel: 010 49 551 82166 



R%equipecW conditioned 
PAJSJC. carpels 



Suited to contact 

Write Bax T.4S52. Financial 
Times. 10. Cannon Street, 
EC+P 4BY. 


Company has rapid growth and high profitability. Managing 
Director will continue. A suitable purchaser may appoint two 
directors and draw substantial earned income. £1504X10 required. 
Tel: (0892 ) 27960 


Travel Group with offices In main centres offers sale of 
part equity in return for travel account to produce profitable 
return on your expenditure. 

Write Box G.1674, Financial Times, 10, Cannon Street, 
EC4P 4BY. 


Our Clients are an active subsidiary of a major well known public 
company. They wish ro reduce the burden of their growing 
property workload through air investment in an established 
London-based firm of Surveyors and Estate Agents. Capital is avail- 
able for the acquisition of existing permises, if required. 

Replies In tie strictest confidence to: 

Michael bretherton. Managing Director. 


5. St. James'* Place, London SW1A IMP. Tel: 01-491 4737. 


with capital to invest 
wishes to acquire a 

in the Greater Manchester 
area engaged in conversion 
of corrugated board. 

Existing Management coaid 

Apply in confidence to 
Box G.1676, Financial Times, 
10, Cannon Street, EC4P 4BY. 



Established and 
reputable computer 
correspondence course 
school for sale. 

For further details 
please contact: 
. 01-998 0687 


The majority shareholder is of retiring age and the Company 
which operates in the area of West Wales would be prepared to 
accept offers for the whole of the Issued Capital. Turnover! in 
region of £1 Million per annum. ! 

Apply in Erst instance to : — i 


Chartered Accountants, 87 Tettenhall Road, Wolver ha m pto n. 


International Management and Investor Group is interested; in 
acquiring part or entire Share Capital of company having proVen 
and exportable product line. Product and facilities based on 
advanced or special technology and having' world wide market more 
important chan company size and financial condition. Would con- 
sider supporting existing management with finance and marketing. 
Replies la confidence to Box G160S. Financial Times. 

' 10, Cannon Street, EC4P 4 BY. 




Principals only write Box G.1S78, 

Financial Times, 10, Cannon Street, EC4P 4BY 


A public company which is a major 
force in the toy field ic ncking to 
expand by acquiring > Toy Manufac- 
turing Company or by dw purchase 
of assert relating to the manufacture 

of existing prediKB. 

All replies fn confidence to: 

The Chairman, 

Lumb Mill. Droyisden, 
Manchester M35 7LD. 




30. Gw Road. E.C1. 

01-623 5*34/5/7361. 9036- 


with extensive canons government 
and commercial circle* Sri Lanka li 
Making a three week visit (a chat 
country in late April and is prepared 
to undertake representation on Behalf 
Of third psrcjw on fee or commission 

Telephone Reigate: 40521 or 
Telex 87515 ATTN LEACH 


Established Market Operators 
urgently require new Market 
Sites to expand existing opera- 
tions. Potential site must be of 
a minimum of 8 acres within 60 
miles radius of Greater London 
and to include adequate parking 
facilities. All replies created 
in the strictest confidence. 
Write Box C.161B, Financial Timas, 
10, Cartoon Street. E C4P 4BY 


Family Engineering Company situated 
in the West Midland*. Modem hilly 
equipped freehold factory. Fully 
skilled personnel engaged, on Jigs, 
tools, fixtures and special purpose 
machines, also deskm office. The 
company Is now producing two special 
puroosa machines wMi high sales 
potential. Principals only to our 

Write Box G-1677, Financial times. 
10. Csimon Street. flc*P 4 BY. ■ 


Full Service is our Business 

• Law and Taxation. 

• Mailbox telephone and 
telex services. 

• Translations and secre- 
tarial services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com- 

Full confidence and discretion 

3 me PxireAds, 12604 Geneva 
Tel: 36 05 40. Tefasc 23342 


Are you obtaining the beat price for 
your low-mileage prestige motor-car? 
We urgently require Rolls-Royce. 
Mercedes, DcftnJer, Jaguar. Vanden 
Was. BMW. Panda, 'Ftnvi,. Mmnri, 
Umbourghmi. Jensen Convertible, 
Rover. Triumph and Volvo Car*. 
.Open 7 dan a week. 
Collection anywhere In U.K. Cash or 
tankers* draft available. Telephone as 
lor a Ann price or our buyer will call. 

fcookwood (04867) 4567 


Factory reconditioned and guaranteed 
by IBM. Buy, save up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 
Phone: 01-641 2365 


copywriting .Translation and 
Typesetting for Advertisements, 
Point of sale. Brochures, 
contact: David Mealing 
Pan-Aran Publications Limited 

i ill-439 3303 J 

CONFERENCES, ACMi Re corded. Tran- 
solutions else from clients' tapes In 
Sot,n ^ N«ws Studios, 

_ 01-995 1 661. 

tZO.OOO -£50.000. NO FEES. Palmer, 
Be nin Associates. 402 669 E. 

P IT OF LONDON, prestige address, 
phonos, telex — together under £5 wic. 
From £1 separately. 01-62S 4E54. 
S2ST' _ Boi rdrcjpms. .Show. Clubs, 
Hotels. Restaurants. Design consultancy/ 
Buck ey Barnes Associates Limited. 

SVffigtolT* A " ostet » Urated - 

No capital required. Established over 
30 yen. Clients in £2 countries. Send 

tttiiF ***-**- F - fj °- 

OVER 404100 



reKhed by Rlljfi. The Educational 
AMrcssIiw and Mailing Service. Derby 
KSSSfi RcdhHL Surrey, rhi 3DM. 
MersUiam 2223. 

TOWELS. Seconds, reiects or stock hits 
required. . cash payment. Contact 

ttrisefcaar* st - Loodo °- 


PO LA FLOOR Is a liquid pfcuric that 
quickly forms a hard hygienic surface 
that will cake the oaughost treat- 
ment. It's also unaffecsed by oU and 

most chemicals. 

Send for details to: 
Cievelnt Road, Wolve rhamp ton 
WV2 1BU. Phone: 0902 S3215 



Almost new. including full set 
recommended spares. Minimum 
output power 400 watts at 
10.6 microns. 

For details phone: 
Coming Ltd— Electrosi I Div 
0783-71481 X 137 

GENERATORS 2-3000 KVA new and used 
immediately available. Keen competitive 
SP.qp-.-gSggrc* Ltd. (073522) 3033. 
TCMX 848517. 



■ r v-:- • ' v *-• j 

; 7; \-v v?- • Vi 

.7 .*• .•? il ./ 

THE leadership of Britain’s 
biggest onion, passed yesterday 
to Hr. Moss Evans, 51, as Hr. 
Jade Jones retired after eight 
years as general secretary of 
the Transport and General 
Workers' Union. 

Hr. Jones, pictured with fare- 
well cards from friends and 
colleagues, arrived at Us usual 
starting time of 8 a.m. for his 
last day at Transport House, 

London. One or his final acts 
as. general secret*!? was «® 
write to JHr. Denis Healey, the 

'Chancellor of the Exchequer, 
uritine action on behalf of pen- 
stoners in the forthcoming 
Budge u 

“Of course, I shall miss at? 
tMs but I am looking forward 
to-* more relaxed period, not 
having to make a decision every 
five minutes," said Mr. Jones 
Who, according to an opinion 

poll, was believed ftf “W 

people to b*ve more power 

JhsuT the Prime Minister. 

Britain’s ■ second >»ttw 
onion, the Amalg ama ted Union 
of Engineering Workers, will 
also have a new leader tW* 
year. The hailot for a president 
to replace Hr. Hugh Ranter 
when he retires in octooer 
closed yesterday and the result 
will be known in a month. 

Outfitters accept 
Swan Hunter deal 

yesterday In the prolonged nego- 
tiations aimed at securing indus- 
trial peace in the five Tyneside 
shipyards of Swan Hunter. 

About 1,500 outfitters became 
the first to accept a new com- 
mon wages policy, a decision 
which will help restore confi- 
dence shattered by the inter- 
union row which resulted in the 
loss of a £57 m. order from 

The remaining 7.000 men are 
due to decide at meetings over 
the next week whether to accept 
the agreement, and indications 
last night were that they will. 

The agreement, which will give 
all craftsmen about £83 a week 
and ancillary workers £72 a 
week, has been drawn up during 

six. weeks of talks between shop 

It also allows for increased 
flexibility and recommends set- 
ting up a committee to discuss 
: annual pay claims for all hourly- 
paid workers. - 

If approved by all trades, it 
will be put to a meeting of the 
Central Arbitration Committee 
early next month. 

Shop stewards representing 
the yard's boilermakers, who 
were involved in the dispute 
which led to the Polish order 
being lost are to meet later 
♦bin week to decide on a recom- 
mendation to a meeting of their 
members fixed for Monday. 

“ One shop steward said last 
night: “We slill have quite _ 
bit of work to do. but we appear 
to have arrived at common 
ground at last" 

Engineering apprenticeship 
plan for schools soon 


PLANS FOR children to start workers .from the engineering 
engineering, craft apprenticeships industry. . 

in State schools at the age of U The courses would cover the 
were disclosed by Mrs. Shirley craft apprenticeship requi re- 
Williams, Education Secretary, at ments in such subjects as applied 
the conference of the National mathematics, and supply eleraen- 
Asso oation of Schools Masters tary training In fitting, metal 
and Union of Women Teachers m working, welding and practical 
Harrogate yesterday. aspects of electricity. • 

The scheme, which the Govern- 
ment hopes to begin experi- c , , 

mentally in about a year, is to jtanflfirflS 

revised version of the firet stage •* 

of craft training—which normally SjJJPjSii 

takes six months— spread over rrit d t0 t St 

yearS 01 COmPUl - "5*^ that ” 

S °? Jr? V . . successful* the scheme could be 

This is under di scuss ion by yj e forerunner of a large-scale 
tiie Engineering Industry Train- injection of courses related to 
ing Board, employers’ unions and working life into the largely 
the education services,” Mrs. academic schooling system. 
Williams told the 1,500 delegates. ^ new vocational courses 

She said afterwards that could help to encourage many 
response from the Amalgamated children who although bright 
Union of Engineering Workers were not academically inclined, 
seemed “very favourable to take their school studies 
indeed," provided the training seriously, Mrs. Williams added, 
was given within the school This would be far better than 
system, and not in outside work- at present, when such youngsters 
shops. often waste both their teachers’ 

She was, however, keen, that time, and their own, withoout 
the young trainees should be knowing what their years in the 
brought into contact with classroom are for." 

Civil servants’ leaders 
reject 9 \% pay offer 


LEADERS of 295,000 civil ser- meats, a 91 per cent, increase 
vants yesterday rejected a 9i per on the consolidated rate and 
cent, pay offer, but the Civil and improvements in allowances and 
Public Services Assaci-ition and Increments, 
the Society of Civil and Public The Association, with 190,000 
Servants will have further talks members, seems ready to accept 
on the offer with the Civil Ser- the offer, but argues about the 
vice Department next week. distribution of the added im- 
The six Civil Service unions provements and consolidation, 
presenting a common front on Cancniiriatinn «f lnniJL . ' 

but indications are that the offer JL IhSf S e 

i, Ukely to-be accepted. fte pw guideline' 

Executives of the Society and which leaves little more than oi 
the Association met yesterday per cent to sort out the ranee 
and rejected the offer as it of anomalies built up under the 
stands. Both will have further pay policy, 
talks with the Government and r™., 

meet again next week to decide 105,000 mem- 

on their response. Jg™: 0X1 *e 

^ - , off er and will explore the possl- 

The Government offer, made bilJty of taking the claim to 
to all the unions involved, pro- arbitration when it meetT the 

Bonus poll for Leyland 

THE 120,000 MANUAL workers If the ballot backs tho tr .h 0 ™. 
at Briteh Leyland car plants the 

begin voting tins week-end on be establishment of pay oaritv 
the company's proposed incen- and central pay bargaiSmT y 
tive bonus sdieme. Althnnoh tw. "*• 

The trade union members on i n ordncWp^^nri b ^ en 
the joint negotiating committee introduced d v? e 

have recommended rejection. So Sere £? 
has a meeting of senior shop MoSe^tnw a «? a Sl, s,8I 4 fieant 
stewards from t foe 37 car plants. wiSl^rturfo^2S? at of a 

When tire workers get their SHL5SS^^Si. eiM 
voting papers they will also get ^ g ^ based - 

an agreed statement from Ley- 

land and the unions analysing , 

ISSs. cCemc was p an talfc halt 

of a four -point package or TALKS between union nfflr.i,i- 
rrforn^ which Leyjand workers and employes on a new l 

accepted by a 240-1 majonty in for 700,000 butldina work^wf^™™ 
a ballot in November Since then adjourned yestSd^i \rith no dIS 
agreement on two other aspects fixed for the talksto resume ThS 
^ the proposed reforms has been unions have been SflEfftTS 

cent, on average earnlagaT 


Fleet St. 

By Alan Pika, 

Labour Corrtapondunt 

THE general secretirj- of the 
Society of Graphical and Allied 
Trades, whose members are in- 
volved in action which i* pre- 
venting the distribution of news* 
papers in the London area, met 
employers yesterday in an 
attempt to resolve the dispute. 

The meeting with Mr. Bill 
Keys, who is also chairman of 
the TUC printing industries 
committee, took place after the 
Federation of London Whole- 
salers and Distributors held an 
emergency meeting and appealed 
for TUC arbitration. 

Wholesalers abandoned the 
distribution of national news- 
papers in London yesterday after 
distribution workers refused to 
call off sanctions in a dispute 
aver overtime pay. Magazines 
were distributed normally. 

The wholesalers’ federation 
has approached the Employment 
Department and- Mr. Malcolm 
Field, wholesale group managing 
director of W. H. Smith said 
that they had been told cate- 
gorically that the men’s claim 
exceeded the 10 per cent, guide- 
lines. “ Our offer stands at 
exactly 10 per cent, and we are 
not prepared to- make a wage 
offer which exceeds the Govern- 
ment’s guidelines." 

There were no moves yester- 
day in the separate engineering 
workers’ dispute which has pre- 
vented publication of The Time* 
all this week. London produc- 
tion of The Guardian, which, is 
printed at The Times, also is 
affected hut the paper is being 
produced from Manchester. 

Publication of the Yorkshire 
Evening Press at York was dis- 
rupted for the second successive 
day yesterday because of a dis- 
pute by some members of the 
National Graphical Association 
and the National Socletv . 0 p 
°P®ra tl v® Printers, Graphical 
ana Media Personnel over bonus 

New legislation 
on union duties 
starts in April 

By Our Labour Staff 

THE sections of the 1973 
Lraployment Protection Act 
which entitle employees to time 
off work for trade union activi- 
ties come into force this week- 

A code of practice drawn up 
the Advisory. Conciliation 
ana Arbitration Service to sive 
practical guidance on these 
sections also comes into opera- 

From April 1 an employer 
must permit an employee, who 
j* an official of an. independent 
trade union recognised by the 
employer, reasonable time off to 
out duties concerned with 
industrial relations between the 

his « m Ptoyees. 

aS r x th ® Section 57 of 

me Act be must also be allowed 

® ection W. an employer 
w em Ptoyre who is 

°n. recognised by him. 
reasonable time off. though' not 

tn£*!!«i sr W* ^ 
trade union activities. 

P mn I J rt ^ pl v yee who believes Ws 

Sinnhis. h H S a « Riven hi© 
reasonable time off under the 

SK ° t r - in ^ 

time Jff 57 ; u bim fW'tbe 
nlain t.T' ahIe t0 c<3m ‘ 

plain ^ an indnstriai tr ibunal. 

Coal dispute 
costs £750,000 

aUJ* i 0 Plbtln thb JXm- 

Ss” J **** of south Yortufltire 

coal yesterday 
gearT men who windfii* 

worth ' armarket^SLw 

The ra mws son? home. 

thorJSiH^ pit .the.-Gold- 


The Financial Time 


pi I- i«; 

dial ‘ r;v 



i -is V 

ll IQImPQQ CpnQP rn We would like you 

AJajLL lv^UU O v^-L lO Vr IXy to buy not one, but a 

I T^l 1 considerable number of 

buy a dLLU l arker 
then give it away 80,4^1^ 

0 ] our pens cost rather less 

than their recommended price over the counter, although we admit, they 
are still expensive. 

But then a Parker is a gift that will last a lifetime. 

Which is more than can be said for a desk diary, or the traditional botde 
of Scotch. 

The Parker International below, like all our ball pens will write perfecdy for 
5 miles on a single refill. 

It will not blacken your good name by leaking in a client’s pocket 

Nor is its rolled gold casing likely to tarnish or wear away. No matter 
how many hard days it has at the office. 

Whether you feel it speaks well of yout company is for you to judge. 

But we feel certain it will not follow many company giveaways straight 
into the client’s wastebin. 

If £10 wasn’t quite the figure you had in mind for a business gift, we 
have many pens less expensive than the International, and some considerably 
more so. 

Our Business Gifts Division can show you how each of them can be 
personalised with a company name, a logo or initials. And describe how they 
can be used in an award or incentive scheme. 

They will also send colour photographs of our range, together with a 
price list. 

Ask your 

to telephone John Beckett on 07912 3233 or post him the coupon below 

Business Gifts Division, Dept.12, The Parker Pen Co. Ltd, Newhaven, 
East Sussex, BN9 0AU. Telex 87158 (Parker G). 

Name Position 

Address ^Telephone ‘ i 

r mmoi ■ w m vm 
— BPUB K IHS-fOas Ut aa 
nc nun Hi mi umn imm 




Financial Times Thursday March 3 ° 




35 [Mew Broad Street, London EGSM'INH 
Tel: D1-5SS 35SS orOI-588 3576 ,* 

Telex No.BS7374 


Opportunity to advance to a Board appointment in 12-24 months— 
scope exists to head up * start up ” situations at a later date. 



£11,000- £14,500 

This vacancy calls for candidates, aged 3444. who have acquired a minimum of five years in the instalment credit industry and 
at least two years’ experience in a general management: position or regional management position of a large credit finance office. 
The successful candidate will be responsible for the effective overall control and continued profitability and expansion of the 
credit finance operation utilizing established branch offices encompassing forecasting, budgeting and sound commercial planning 
and the further streamlining of administration control systems. The ability to meet the challenge to carve out an even greater - 
share of this market is important. Initial salary negotiable. £M.QQQ-£i4 1 5Q0 + car. non-contributory pension, free life assurance, 
free family B.U.P.A.. mortgage facility may be negotiable, assistance with removal expenses if necessary. Applications in strict 
confident* under reference GMCF3842/FT to the Managing Director: V 

A responsible and demanding appointment with a high level of exposure to senior management 



Partner-Insurance Brokers-West End 

Aged 28-32 c! 00,000 

Our client, a three-man operation, c) an AC1I of graduate calibre. 

\s looking for a fourth member to join This is a genuine opportunity 1 01 * _ v .. ul ; ve 
their board. Reporting to the chief executive, adventurous -and self motivated > ou S * 
the new role will be one that requires a) strong to realise her/his own potential as P«* 
sales/ marketing skills in the general insurance compact professional team. 1 he rew. ■ 
area including life, b) man management wilt he equal to the very real cnaucns,L. 
arid administrative experience, The benefits are excellent and flexible. 

Mrs. Indira Brown, Ref: 19084; FT ^ .. . ^ .. 

Male or female candidates should telephone in confidence for a Personal Hfitoiy r l l . 

A LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street, WIEbfci- 



Executive Selection Consultants 



£8,000— £1 0,000+ CAR 


This is a new appointment and applications are invited from candidates, aged 25-32. who will have a. numerate degree and/or 
equivalent professional financial qualification. Reporting to the Long-Range Planning Manager and liaising with Corporate 
Headquarter?, the initial responsibilities will cover the development of a long range plan for the Company's European operations 
and to work with Associated Companies in the development of an integrated manufacturing strategy. The successful candidate 
will have previous experience in a company using sophisticated planning procedures and be familiar with programming techniques 
in high-level languages. Essential qualities include die ability to liaise effectively at all levels and seif- motivation. Initial salary 
negotiable £8 ,M0-£ 10.000 + car. free B.U.P.A.. contributory pension and assistance with removal expenses if necessary. Applica- 
tions in strict confidence under reference FPM3843/FT to the Managing Director: 


35 NEW BROAD STREET. LONDON EC2M 1NH - TEL: 01-588 3588 or 01-588 3576 - TELEX: 887374 

TOPS Course 



In collaboration with the Training Services Agency, the 
Manchester Business School is about to start a third new 
enterprise programme for redundant managers with a desire to 
set up and manage new businesses. For the successful 
applicants, it represents an unique opportunity to develop 
entrepreneurial skills, find new business opportunities, and 
make wider contacts in various fields of commerce and industry: 

Two Stage Programme 

The Programme divides into two stages. In the first, 
participants will be assisted to isolate and think through a viable 
business venture. In the second, small groups will work in the 
field to consolidate and progress these ventures and find 
suitable sponsorship. No lon®-term capital funding will be 
available from the Training Services Agency. 

services Agency. 

The Logistics 

The programme will run for eighteen weeks from 1 2th June 
1 978 with a two week break in mid-August The first four 
weeks will be residential, at the Manchester Business School. 

The remaining twelve weeks fieldwork will be spent in locations 
convenient to the projects. Fees and training allowances will be 
paid throughout the course by TOPS. 

The People 

Th^ success of the programme obviously depends cm the 
blend of skills in each project team. Candidates are likely to be 
over 28 and under 50 with a good record of managerial 
experience in production, sales or financial disciplines, 
especially in smaller businesses. 

How To Apply 

Write as soon as possible, with a resume of career to date to: 

Kan Baker, 

Professional and Executive Recruitment, 

Elisabeth House, 16 St Peter’s Square, 

Manchester M2 3DF. 

Closing date for applications 10th April 1978. 

I Manpower 

j Services Commission HOIW 

Services Agency _ 




up to £10,000 

Our client a major firm of .Stockbrokers will shortly be appointing an Oil Analyse. His/ 
her main responsibility will be: — 

^ Analysing companies in the oil industry, the oil service industry and developments 
in the North Sea. 

■jc , Discussing with Clients his/her investment views based on his/her own detailed 

research. ' ’ . „ 

Visiting companies in the industry, and liaising with management at a senior level. 
The ideal candidate would be an Accountant working in the oil industry or possibly an 
Accountant who could acquire the necessary training in our Client's established research 
department. He/she should be articulate with the intellectual ability' to produce research 
material to the high standard expected by our Client. 

The position offers a first class career opportunity with 
a firm which is a leading name in the investment world. ■ 

Please apply: VxCUJCd 

j. r. v. coutts. raori 

7 Wine Office Court, London EC4A 3BY. I-#AC41 A 

01-353 7858, * 1, “"“ 



We are a growing independent and highly successful search and selection' consultancy now in 
our fifth year. Our clients include many British and International companies with whom we have 
made our name through personal and detailed service. We intend to expand, our operations at 
home and overseas steadily and therefore seek additional principals capable of developing our 
Company and selling bur service, who expect » share in the prosperin' it produces. 

If you feel litis interesting but demanding way of life is the career move you should now nuke, 
■write to J. Hamilton IIowatT,. Chairman of the Company, telling him why he should consider 
you as 'a potential colleague. 

ERP International Recruitment Limited, Clemence House, St. Werburgh Street, 
Chester CHx aDY. Telephone 0244 3 x 7886 . Please quote Ref. C.184. 

Offices in London , Chester, Jeddah, Amsterdam, Brussefs,MHan, Paris. . , 




To take charge of total Accounting and Administrative 
Functions. Experience of this industry an advantage, but 
not essential- Salary £7,500 to £8,500. 

Apply with full career details to: — 

The Chief Executive . 

5, Park Walk, London, S.W.10 



South Wales 

negotiable to £9,000 pins car 

As a replacement for the present controller who is being promoted to company 
headquarters we are looking for a graduate accountant to assume responsibility for 
the total accounting and data processing functions at Merthyr Tydfil, South Wales. 
Hoover limited is an acknowledged leader in the domestic appliance industry, 
employs some 5500 people at and is undergoing a multi-minion pound expansion 
programme on the Merthyr site. As a major manufacturing group it employs the 
- most modem production techniques. Listed amongst the highest capital expend- 
iture companies and with large home and overseas commitments, it is continually 
seeking means to. maximise its return on such large investments by even better 
manufacturing techniques and cast effectiveness. '* ~ 

Assestod bya staff of 85 people the successful candidate win control the company’s 
financial and administrative services at factory level and develop techniques and 
systems to maximise operational profitability. 

Applicants, preferably male or female graduates, should be qualified accountants 
in the late 20's to early 40‘s with previous staff management experience and under- 
standing of modem management accounting techniques at operational level in 
modem mass production industry. An ability to work with a senior management 
team at personal and committee levels is essential 

Generous relocation expenses will be paid in appropriate cases. 

Please write in confidence to D. L Wakefield, or telephone him at Merthyr Tydfil 
3221 ext. 709 for supplementary information about the appointment and die 
company. Hoover Limited. Merthyr Tyrffa, South Vitales. ‘ 



4 - 

c. £8,000 + car + profitshare 

Our. client is a world leader in its automotive component field and wishes to recruit a Qualified 
Accountant to assess companies overseas for licensing, possible partnership, joint venture . or 
takeover and to investigate and initiate remedial action as necessary in overseas subsidiary 

Candidates, male or female, in their 30's will have a wide and solid commercial experience, 
ideally with overseas exposure since qualifying and must possess that drive and entrepreneurial 
flair which will mark them out os future senior managers or board members. 

Salary circa £8,000 plus profit share and company car. Up to 50% of time spent overseas. 

Apply in confidence for an application form, quoting ref. Gjc 8 x, to ERP International 
Recruitment Limited, Clemence House, St. Werburgh Street, Chester CHx iDY. 
Telephone 0244 317886 (Ansafoneafler 5.00 ^m). . 

Offices in London, Chester, Jeddah, Amsterdam, Brussels , Milan, Paris', •" 




Central Cheshire 

£7,000 +car 

A medium-sized plastics group, well-established in its traditional markets, has recently acquired 
a major subsidiary. Responsibilities at HQ are being reorganised and this new post has been 
defined. It will embrace all Group administrative functions, including legal, insurance, statutory 
requirements, property matters, pension scheme development, HQ support,' staff recruitment, 
senior executive remuneration appraisal and involvement in future Group plans. 

The position is open to men or. women In their early 30’s with A-.C.I.S. qualification, arid 
preferably a degree, who are already experienced in at least some of these functions at unit or 
corporate level. Relocation assistance will be given where appropriate. 

Apply foranappUcsuionform.quotingrqLP.tid.toERPlntexnatioaalRecruitment Limited, ' 
Clemence House, St. Werburgh Street, Chester CHi aDY. Telephone 0244 3x7886 
(Ansafone after 5.00 pm). 

Offices in London, Chester, Jeddah, Amsterdam, Brussels, Mifan r Paris. 

Chief Accountant/ 



Northern Nigeria 

c. £12,000 

Our client, a privately owned and rapidly expanding 
group of companies with substantial interests in the _ 
construction and related civil engineering industries, is 
creasing a new pose of chief accountant In its main 
operating subsidiary to improve and control the financial 
■' reporting functions. . . 

Reporting to the General Manager, the job will involve 
responsibility for financial control and administration in 
the widest sense. In the first instance, the need will be to 
design and install a satisfactory recording and reporting 
system, which will then be developed to produce monthly 
accounts, cash and profits forecasts. 

The job requires a qualified accountant aged 30-40 with 
the ability to work effectively on his own initiative, who 
has had some experience in the construction industry. 
Experience of working. in a developing country an 
added advantage. 

Salary is negotiable around £12,000 per annum.* 

Location is in Kaduna which offers an attractive -climate 
and good recreational, social and supporting facilities. 

Brief but comprehensive details of career to date should 
be sent to: 

WAYWISE LTD., 33/40 Gay St., BATH BA1 2 NT. 

I Middle East/Africa c. £10,000 

Based in London, one's responsibility will be I he 
development, of this prominent International Bank's 
Eurocurrency portfolio in the Middle East and Africa. 
Senior level Credit/Markeling experience is obviously 
essential; knowledge of the area and or any relevant 
language (s) would clearly be advantageous. 

•: \ • 

Credit Analyst^ £5,500 - £7,500 

For the young banker with a really good Analysis 
training, opportunities 1 with outstanding fur 
career development continue to arise within at least 
two energetically expanding Consortium Banks. 

Accounting Systems 

to £4,500 

Mhjor U.S. Bank seeks 2-3 young bankers to assist 
with , the refining and the integration of accounting 
systems in its London and European branches. You 
should have some experience of computerised accounts 
and at- least part of your A.LB. 

Please telephone either John Chiverton, AJJB. or 
Trevor Williams on 405 771L 

David White Associates Ltd. 

Hampden House, 84, Kingsway, London, W.CL2. 



We wish to recruit an analyst to lead our estab- 
lished Textile Research Operation. The ideal 
candidate will be a graduate, or have a pro- 
fessional qualification, and will have had at least 
three years’ relevant experience, the position 
involves regular contact with, and visits to, textile- 
companies and close liaison with the firm’s institu- 
tional desk. The remuneration and conditions qf 
service will reflect fully the status' of the post. ■ : ^ 

Please reply to: 

G F - Personnel Manager ■ 


9 Moorfields Highwalk 
London EC2Y 9DS 7 


required for . Y 


eLS” 8 8iven J t ° ™ hle within iuiKrossivp * 

organisation providing a complete range at linaitcinlwvtM 

to noa-diacretionary private clients. wunujl .Sdryiw8 : . 

Salary range f6,00O£is,M0 calculated on proEts-retated balk ‘ 

w "! e ^6237, Financial Times, ■ > 

. J-0. C annon Street. EC4P 4BY. - / 1 ~ 


have a well-established branch office at • 


:"?h7o“d^U™bVs?n4 r to7oST Cre i°, f , the s «“* fethanoi 

and aisociie mSntera J " Ulc * xlsU,l 8 '‘ant nf partneaf 

Son^cT *“*»“* 'here la a direct 


Telephone: 01-588 6flM .• \ - 



st rC 




£ . » - : 


(Accepting House) 


up to £7,500 

Our client, a leading accepting- house, will shortly appoint a senior personnel officer. His / 
her main responsibilities will indude: 

★ Recruitment to middle management levd 

★ Maintaining job grading systems 
it Monitoring salary conditions 

★ Employment legislation 

★ Liaising with the Personnel Manager on training and staff development. 

The idea] candidate will be joining a professional personnel team and he or she should 
therefore be well versed in modem personnel methods and techniques and should prefer- 
ably have gained his or her experience with another financial institution. Apart from a 
competitive salary, there are many. attractive fringe benefits attached to this appointment. 
Prospects are good within the organisation. 

Please apply:— Y'tfShASKY" 

J. R. V. Courts, V/CU|CW1 

7, Wine Office Court, 

London EC4A 3BY |J|£U JL 

01-353 1858 M! uwrd 

Treasury Management 

I Central London c.£7,000 

The Rank Organisation is a e&«rse international 
company witn a turnover in excess of £440 mffllon, 
with inporta^ interests in manufacturing, service and I. 
the entertainment Industries. \ 

Foflouring the a p poi n tment of aGtoup Treasurers yegg J 

^c^trapGrt^ to assist the J °* n • 

Group Treasurer in cash management, working capital 
control and foreign exchange management indudina I 
the optimum use of the existing cash resources and the 
forecasting of future requirements both in the UJ^. and 
overseas. < 

The successful candidate will be expected to make an 
immediate contribution to the finance management of 
the Group, be able to adviseand assist Group 
companies on cash management and forekpi exchange, 
become involved in wider aspects of corporate financial 
management and demonstrate an ability to take cn 
increased responsibilities In a relatively short time. 

Chief Executive 

The Water Authority is seeking to fill the post of Chief Executive which 
becomes vacant not later than 30th Juhe 1978, following the retirement 
of the present Chief Executive, Mr. A. Morrison, C.B.E. 

The Authority is the largest of the Regional Water Authorities in 
England and Wales and is responsible for water resources and supply, 
sewerage and sewage disposal, river management land drainage and 
fisheries and water recreation Within a region based geographically on 
the basin of the River Thames. 

The Authority serves a population of about12 million over an area of 
some 5,000 square miles. It hasl2,000terhployees deployed over a 
headquarters unit and nine operating divisions. 

In 1977/78 the total budget was in the order of £322 million, of this £77 
million was for capital purposes and £245 million on revenue 

The man or woman appointed will be the Authority's principal adviser 
on policy. 

Candidates should have a proven record of senior management in a 
large scale organisation. 

Salary will be in the order of £20, 000 per annum and other conditions are 
in keeping with a post of this status. 

Application forms returnable by April 1 9th, 1978 are available with 
further details from The Chairman, Thames Water, New River Head, 
Rosebery Avenue, London EC1R4TP. Telephone 01-837 3300, 

Ext 2024. 

Preferably aged 24-28, the successful canefidates must 
have a good relevant dag.'tfe and/or professional 
qualification togetherwith experience of the money 
markets, foreign exchange and banking, gained 
probably in the City or In the Treasury Department of 
an international company. Experience of the application 
of computer techniques to financial management would 
be an asset The ability to work with and respond to the 
needs of top mangemaai is an essential quamcation 
fcr the position. 

Based in the executive offices In Central Londdti, 
conditions of employment are competitive with those of 
other major industrial groups. 

Please apply in writing gfving full details of relevant 
qualifications and experience to: 


Central Services Personnel Manager, 

The Bank Ozgairfsatian, 

11 Hfll StreetJ-ondon Wl. 



Agency Manager 

financial services 

Save.& Prosper Services Limited has a vacancy in its London 
Branch for a District Agency Manager. The person filling this 
position will be responsible for the sales development of 
established agency connections in Surrey and key centres in 
Berkshire and Hampshire. 

Save & Prosper Services Limited is the company set up by 
Save & Prosper Group to provide information and guidance to 
professional advisers on its wide range of personal financial 

Applicants must be experienced in the fields of investment and 
life assurance planning and be familiar with the agency market. 
This is an important position requiring a high degree of self 
motivation and the ability to communicate at all levels. The job 
offers an attractive salary, incentive bonus, company car and 
excellent employee benefits. 

Applications, which will be treated in strictest confidence, 
should include brief career details and should be submitted in 
writing to I.S.McCallum, London Branch Manager, 

Save & Prosper Services Limited, 4 Great St. Helens, 

London EC3P3EP. 






Thames IX&ter 



Executive Director 

Consumer Goods . Karachi, Pakistan 

Objectives of this affiliate of a weti recognised effeb&ve^ and to lead and motivate the staff 
international consumer goods group are to of afimHy established, yet flexible 

achieve in the short-tom market leadership organisation. Fluency in Englsh required and 
and in the longer term a significant further Urdu desirable. We have the trademarks, the 

increase in market share and profitability. We .. technology arto toe resource 
are looking for a dynamic executive to be . excellent world reputation and are prepared 
responsibtecBrec^totiwChaBTnanvvhocan to offer an attractive compensation package 
assume full and immediate responsibility for to the right incfividuaL 
profit and the achievement of these ambitious (Ref. HI 261 /FT) 

plans. He must therefore have a proven REPL/ES wifi be forwarded direct, 

record of obtaining resute in are unopened and in confidence to the client 

changing and highly competitive consumer unless addressed to our Security Manager 
products environment and a complete listing companies to which they may not 

understanding not only of the marketing of be sent They should include 

packaged goods but also of the financial and comprehensive career details , not refer to 
manufacturing functions. Essential above al previous correspondence with PA and 
is the ability to use an these resources quote the reference on the envelope. 

PA Advertising 

Hyde Park House, Knightsbridge, London SWIX 7LE Td: 01-235 6060 'Wb:W4 

For a well established textile com- 
pany which is currently expanding 
its -facilities to meet the increasing 
demand for its products. 

The finance manager wilt assume 
responsibility for a well organised 
department using computerised accoun- 
ting routines and working to strict 

Applicants, male or female, must be 
qualified accountants with industrial 
experience at senior management level 
covering both financial and management 
accounting. They should be familiar with' 
forecasting and have an up to date 
knowledge of taxation. Expenditure and 
cash flow control a key feature of 
the job. 

Applicants earning less than £7,000 are 
unlikely to have the experience or the 
maturitythatthe job requires. 

Write in confidence," quoting reference 
1937/L, to M. D. O'Mahony, . ' 

□ Peat, Marwick, Mitchell & Co., 
Executive Selection Division, 

1 65 Queen Victoria Street, 
Blackfriars, London, EC4V 3RD. 



Age 23 + 

Salary £6,000 


Company Secretary 

C. London 


Our clients are a substantial sub-group of a leading British Foods Group. As a 
result of a recent reorganisation it has been identified that qualified Chartered 
Secretary, probably aged 30-40, is required at the head office. 

The emphasis of the position will be upon providing full Secretarial and 
Administrative services to the-company and its subsidiaries and to ensure that 
all statutory requirements are fulfilled. A backgromd within a large group 
with experience in all aspects of commercial insurance and legal matters would 
be ideal. 

Contact John P. Sleigh, ACCA on 01-405 3499 
quoting reference JS/26S/CSF. 

Lloyd Management 

725 High Holcorn London WClV 5CA 

Financial Director 


An international group with diversified commercial interests, 
notably in insurance broking, will shortly appoint a young 
qualified accountant for its substantial overseas division. Based 
in London, the position carries the following primary 

■it To review and report upon financial returns received from 
overseas companies. 

★ To prepare quarterly management accounts for the over- 
seas division. 

★ To assist in preparation of annual budgets. 

The appointment offers exposure* to . international business 
within a major organisation without entailing audit duties. No 
travel will be Involved In the short term. Prospects will be 
excellent and the experience gained will by no means limit 
the successful candidate to a career within insurance. 

Please apply 
Nigel Halsey, 

7 Wine Office Court; 
London EC4A 3BY. 
01-353 1858 

Examineyour career 
for the Q. D. factor 

Q. D. stands for Qniet Desperation, the nag- 
ging conviction thatall is not •well... lack 
of job satisfaction ... insufficient progress 
. ._ disharmony. Or all three. 

Our experience in working .With, executive 
and professional people shows that Q.D. can 
be overcome. 

For an assessment (without cost or obli- 
gation) of how we can help you. phone or 
write today for a meeting with, one of our 
Professional Career Advisers. 

A Marketing Career with 
U.S. Bank s Shipping Group 

Our client is a major U.S. bank long established in the City of London. 

Due to expansion in its global Shipping Group, an opportunity has 
arisen for an Assistant, male or female, to join a marketinggroup covering 
Europe and the Middle East. 

in this chal lenging position you will be expected to progress towards 
assuming full marketing responsibilities within 6 months. Aged between 26 
and 29, you should have some familiarity with the shipping industry as well as 
experience as a credit analyst in an international environment,analysing 
multinational corporate credits. It would also be an advantage if you had a 
knowledge of general banking operations and a foreign language. 

You will receive an excellent starting salary in keeping with your 
experience and qualifications. This will be supported by a wide range of ben-' 
efits, normally associated with a first-class Banking Institution. 

Please write in strictest confidence enclosing a full curriculum vitae, 
including present income, together with a recent passport photograph, to: 
I.G.W.CIuett,atthe address below, quoting ref: MC/231/FT. List separately 
any companies to which your application should not be forwarded. All replies 
will be answered. 

Benton & Bowles Recruitment Limited, 
197.Knightsbridge, London 5W7. 

Deputy Financial 

£11,000+ and car 

Roussel Laboratories Is part of a large International group which 
researches, manufactures and markets a wide range of pharmaceutical 
and allied products in the UK and overseas. 

Reporting at Board level to the Company Secretary, the Deputy 
Financial ControDer is responsible for the financial and management 
accounting, treasury and three year planning of the UK company and 
has operational links with subsidiary companies for these same 
functions. He or she will participate‘informuiating UK Group financial 
policy and will be involved in regular contact with the French parent 


essential requiremenL- 

The negotiable salary accompanies excellent conditions of service which 
include a company car. free life, sickness and accident insurance, family 
BUPA membership and a contributory pension scheme. Assistance with 
relocation will be given where necessary. 

Please send full career details to Micbeline Fames, Personnel Manager, 
Roussel Laboratories Limited, Roussel House; Wembley Park, 
Middlesex HA9 ONE. Tel: 01-903 1454. 



"Wysegroup is a newly formed part of a major UK 
based international company. We seek n Finance 
Executive for an tarty appointment to this sub- 
sidiary holding company board, which controls a 
number of operating companies involved in 
manufacture and construction .services. Current 
sales are £2£m. The post, located in the Birming- 
ham area and convenient to .tbt.M6, has a 
broader base than finance alone sod includes an 
important role in sustaining rapid growth 
through internal activity and acquisitions. 

Candidate) must be. professionally qualified, 
with a track record .that wiQ demonstrate energe- 
tic success, coupled with mature judgement. 

Experience of some- of the following vriflbe ait 
advantage: contract evaluation, overseas negoti- 
ations, cost accounting, data processing, taxa- 

Your ament salary is JGkely to be over £10,000 
p-a, at a scciormjmagero ent leveL 
Excellent salary, pension scheme, co mpany car 
and 'free BUPA: membership are the baric 

rewards, phis the sort erf management prospects 
that only a majorgroup such as this can offer. . 

Please reply in* the. strictest confidence to Peter 
Flood, Group Personnel Manager, Wysegroup 
limited, Gtawston, Bedford MK44 3BH. Teh 



Comnftanuln BwcnUrg Evaluation md Career AdwhcMflgat. 
London: 35 Fiteroy Street, W.l. Phone 01-637 2298 
I>tetKieRiKd«BttTi7&00n.rtaoMS»^L80. . 

We are not an Employment Agency. . 

. _ Sunday Answering Service. ■ 


required to take over the running of a medium 
sized engineering company. Must have engin- 
eering background and be familiar with the 
financial aspects of corporate business. All 
applications will he treated in the strictest 

Write Box A.6306, Financial Times, 10, Cannon 
Street, EC4P 4BY. 

Jonathan Wren * Banking Appointments 

The personnel consultancy dealing exclusively with the banking profession 

i We are the leading and longest-established specialists in banking appoint- 
ments. Currently we can offer over 300 vacancies with our merchant, and 
international banking clients, of which a small selection is.mentioned below:- 


(Knowledge French/German) 




{IBM System III) £4 

For further details please contact 

£ 10 , 000 + 
to £7,500 
to £5,200 
to £7,000+ 
c. £8,000 
to £6,500 
£ Negot 
£ Negot. 

£ Negot. 
to £4,300 
c. £3,500 
to £4,000 
£4,500/£ 5,500 
c. £6,000 
to £6,000 


170 Bishopsgate London EC2M 4LX ' 01-6Z3.1266/7/S/9 

The Fairey Engineering 
Holdings Group 

The group has a turnover in excess of £40 million. generated through subsidiaries, some of whom are involved 
in high technology engineering. 

FAIREY ENGINEERING LIMITED of Stodcport is the la rgast of these,, having a turn over of .around £20 million, 
1,700 employees and a broad capability in- high precision mechanical and electrical engineering. Their activities 
include the manufacture of aluminium- and steel fabrications, the modular Medium Girder Bridge with ancillary 
components and other military equipment; they also produce nuclear power station reactor equipment and. 
research reactors. As part of their plans for further expansion and development they seek the following highly 
experienced key executives; 

Marketing Director 

To be responsible to the Managing Director for obtaining and negotiating major home and overseas contracts 
for the equipment described above. The selected candidate is unlikely to be under 35 years old and will have 
substantial experience in the successful location and follow-up of large contracts overseas for capita] goods 
including military equipment. Relevant connections in overseas markets and an ability to identify and exploit 
new product or market opportunities are essential In all, about six months. overseas travel per annum may be 
necessary. (Ref. L/35/3) 

Commercial Director 

This post carries full responsibility far the efficient operation of a department with six sections providing 
contract back-up services, including contract preparation and administration, estimating, buying, tendering, 
financing end legal requirements. Candidates should be over 35 years of age desirably whh degrees or pro- 
fessional qualifications in mechanical engineering or commerce. They must have extensive experience in jhe 
management of large contracts for the manufacture', delivery and installation of heavy capital equipment to both 
home and overseas government departments or armed services. They must be familiar with commercial contract 
preparation, including export, financing, conditions and terms and methods of payment and be able to prove 
their ability to manage successfully a reasonably large commercial department (Ref.L/36/3) ” 

The above positions are open to both men and women. Salaries will be commensurate with the responsibilities 
outiined;fringe benefits will include a car, contributory pension scheme and relocation assistance. 

y. , . • * * 

Please telephone in confidence to M. Lomas or telephone fora personal history form quoting the relevant 
reference number. 

The P-E Consulting Group 

Appointments Division 

l Alber marie Street, London W1X 3FH. Tel: 01-499 1948 

Financial Times Thursday March 




Due to a carefully phased programme of expansion in 
a medium sized city housethere is an unusually 
attractive opportanity for an experienced analyst. 

The appointment will appeal particularly to those; _ 
who have specialised for a minimum of two years, in 
an industry secrof.Wrth this experience and stature 
they will now be tooking ahead in career ^ 

planning and wish' to broaden the nature of their 
work arid expertise. 

the duties will cover many aspects of conventional, 
investmentanalyas, undertaken to-the most exacting 

professional standaids including 
Social ““dy.d^ons^hrnan^emant 

entire inter-relationshipLOf the corporate and 
. financial communities. 

The salary will also indude a profit sharing 
arrangement. IC 

RsoTies should be made in confidence to ur. U-. 
Boware, quoting ref. 690/FT and mentioning any 
firms to which thayshould not fas forwarded. 

Deloitte, Haskins & Sells, Management Consultants. 
P.O. Box 207. 128 Queen VictoriaStreet. London EC4P 4JX. 


Senior Accountant; 


k12 J 000-15,0Q0 + 25°/o tax free gratuity 

A new capita! city has been established at Lilongwe to be In the ' 
centre of this attractive and stable country. 

The Corporation, which is responsible for this spectacular 
development, is also responsible for the raising of finance and 
initially managing many current large capital projects including 
the international hotel and airport. 

The accounting function for this development and project work 
is run by a small team of qualified staff of which this appointment 
is a part. The job requires candidates who can show technical 

competence, and the ability to innovate and educate in a fast 
developing country. 

The renewable three year contract carries an annual salary of 
1 2,000-1 5,000 kwacha.Thereisatsoatax free gratuity of 25% & 
of salary, generous local and terminal leave, free housing, free 
medical aid and educational and other benefits. 

Applications, which will be treated i n strict confidence.should 
contain relevant details of career and salary progression, age, 
education and qualifications. Please write to A. C, Crompton 
quoting ref. 689/FTon both envelope and letter. 


of a Professional Society 

City of London Salary negotiable 

The London Society of Chartered Accountants is the 
largest branch of the Institute' 6T Chartered Accountants In 
England and Wales. In the main autonomous, it provides a 
wide range of activities for its 1 6,000 members. Including a 
very substantial annual programme of courses and social . 
events, an agency for the introduction and placement of 
chartered accountant students with member firms,' a 
magazine, and all the usual services of a professional 
society. . 

The present secretary is moving to the Institute, and the 
Society wishes to appoint a new Secretary. 

The idea I candidate will probably be a chartered accountant 
win be an experienced administrator, and display sound 
judgement, an outgoing personality, planning ability and 
knowledge of operating through committees.' Some 
experience of editing house journals would be desirable. 

This important post, which carries contributory pension 
arrangements, will suit a man or woman in the 40-55 age 
group. / ■ 

P/ease write in confidence, enclosing concise personal and 
career details quoting ref. T861 to J. D. Atcheriey. 


Arthur Young 
Management Services, 

Bolls House, ' 

7 BoDs Buddings, fetter Lane, 
London EC4 A 1NL 

Deloitte, Haskins & Sells r Management Consultants, 
P.O. Box 207, 128 Queen Victoria Street, London EC4P4JX. 


Our client, a member of the Accepting- Houses Committee, seek 
Graduate Chartered Accountants and Commercial Lawyers with 1-2 
years post-graduate experience in the profession. Knowledge of at. 
least one European language would be ah advantage. Only first-rate 
applicants with a good examination record will be considered. 

Please write to: ■ ■ •' f 

Beresford Associates Ltd.; . - . 

• ■ Box A. 6303. -Financial Times, 10, Cannon Street. EC4P -4 BY. 

Grief Accountant 

West End 


Financial Accountant 

The Chief Accountant reports to the Financial Controller 
and is responsible for the Financial and Management Accounting 
functions of this exciting West End Department Store. . 

The position, which offers tremendous scope for job satis- 
faction and career development, demands exceptional qualities 
which include some man management experience, a desire for 
involvement in all aspects of the business and satisfaction from - 
making a positive contribution to profitability and financial control. 
Experience in the use of computers and the development of 

assurance, staff discount, B.CLP.A. sick pay, four weeks holiday and 
a subsidised restaurant. Relocation expenses will be paid where 

Applicants, who must be ambitious qualified accountants 
under 35 years of age seeking to develop their careers, should 

the names of 

position to: 

The Financial Controller, 
Selfridges Ltd., 

400 Oxford Street, 
London W1 A 1AB. 

400 Oxford Street, London, W1A 1 AB. 

Reinsurance co. 

c. £8000 

Due to expansion our client, part of a large public financial group, wishes 
to strengthen its financial management team This is a key appointment for 
an ambitious, qualified accountant, probably aged 28 to 35, with the 
confidence and ability to make an effective contribution to the continuing 
success of the company. 

The successful candidate will take charge of the corporate accounting .. 
function of the company arid will be responsible for all aspects of its 
management. . - 

He/she will be expected to demonstratekeen analytical powers, a degreeof 
vision in improving the computer-based management information systems 
and be responsible for the production of management and-staiuioxy ‘ 
accounts. ' 

Salary is negotiable from £8,000, but salary would -not necessarily bean ~ 

obstacle for the right candidate. In addition, the company offers a generous 
benefits package. Career prospects are good and could lie within the group 
which endompasses several diverse operations. ' 

Please wii te with full .details. These wifi be forwarded direqt to our client. 
List separately any companies to whom your application Should not be sent. 
Ref. B.1S37. '-•• •• - 



A member of MSL Group Internationa! 


London W1 

to £9,000 + car 

'Money makes Money' only so long as the moneyis efficiently managed. Our 
clients, a multinational service group (T/0 £300m), are conscious of this 
requirement and consequently place great emphasis on the role of the treasury 
department They are now strengthening the department by the appointment 
of an Assistant Money Manager who. in addition to working closely with the 
Money Manager in controlling the group's cash resources, will be responsible 
for foreign currency dealing running at the rate of £70m per annum. 
Candidates, male/female, aged 26/ 29. must be suitably qualified and have an 
in-depth knowledge of banking operations including foreign'exchange 
dealing. REF:432/FT. Apply to R.P. CARPENTER FCA, FCMA. ACIS, 

3 De Walden Court 85 New Cavendish Street London, WIM.7R A. ■ 

Tel ; 01 -636 0761- ' 

Selection Consultants 

Metal Packaging Manufacturers Association 

The Mela! Packaging 
Manufacturers Association 
(formerly the British Tin Bax 
Manufacturers Federation) is 
concerned with protecting its 

acting as spokesman for the 
industry and pravidfag a service 
to its members. 

It now wjsh^ to appoint its first 
Director, Wtfo wil be expected to 
make asubstaitial personal 
contribution in shaping the future 
rotetfihe Association. 
or women with a knowledge of 
Trade Association work and an 
understand^ of the need to give 
a finst-dass service to members. 
The ideal candidate might have 

worked in a big organisation but 
his own show” in a more 
selkanteined operation. - 
The compensation package can ' 
beapjiisted to Individual . 
requirements but wiR include a 
salary of £8,000 to £10,000, 
depending on experience, and will 
RepBesvriti be forwarded 
unopened to the Management 
Consultants advising on tins 
appointment Ptease-gjve full 
details ofquaShcaiions and 
experience and adddress your 
letter in ttm Erst instance to: 

JWT Recruitment Lid., (EHR/FT), 

40 Berkalev Square. 

London W1X 6AD.Td:<H-629949G. 



(Shair & Partners (U.K.) Ltd.) 

' Dar AJ-Handauh Consultants. » muld-dlseipHnary 
consultancy whose services indude the preparation of 
engineering and architectural designs, town and regional 
plans and project formulation and evaluation for a wide 
variety af clients in the Middle and often 

the following appointments: 

(1 ) Senior Economic Consultant, 
£7,000 p.a. upwards 

(2) Economic Consultant, 

£5,000 p.a. upwards 

The work will involve, the -preparation of feasibility 
studies for industrial, agricultural and urban projects, 
and the provision of economic forecasts. A good degree 
in Economics or a related subject « required; Applicants 
will be expected to provide evidence of competence in 
the preparation erf reports, and should be willing, to 
travel. Previous consultancy experience is desirable, and 
a knowledge of French dr Arabic would be advantageous. 
The above positions offer attractive working conditions 
and benefits induding_4 .weeks’ annual holiday, company 
pension scheme, free medical insurance, luncheon 
vouchers, and incentive -allowances for overseas visits. 
Applications should be submitted, together with a current 
curriculum vitae and photocopies of written work, before 
30ch April to: 

The Managing Director, 

Dar AI-Handanh Consultants, 

(Shair and Partners (ILK.) Ltd.) 

91, New Cavendish Street; 

London WTM 7F5. 



. . • •> .“ 



A Sales Executive and an Analyst are required 
to join our London-based Japanese Department 
which. — backed by our Tokyo and Hong Kong 
offices-— services a wide range of Institutional 
Clients in both the UJC. and Europe. 

These positions offer an exciting opportunity for 
the right applicants to join an experienced team 
specia li si n g in this increasingly important market. 

Apply with curriculum vitae to: — 

Richard Bradley, 

, JW. L Carr, Sons & Co., * . , . 

Ocean House, 

• ; -10-12 Little Trinity Lane, /./•• 

London EC4P 4LB. J 




to be located in Europe. 

T h. ’i uccessful candidate will h,ve , m i„ imum g. w JjAV: 

s^din’/^wte^ SSSL- 1 — 

The idea! candidate win have a University dc B» 

sJsrra- alaw. ^ -Sfi ( L» V 

Mreer ’ oriencmd 

simulated by unusual demands xae th ° ** 1 *^ 

rmoally expand cheSr raSbifiritt. thC T 0 **** 

Applicants should forward dnniina r \i • • al 

Box A.631Q. Financial Times ift to e a ,^V n «on«*fe»W 'tUfeJ 
times. 10. Cannon Street. SCAPES! 


manager - If 


SLIW <sn*ysr * ***£• 

should be aged benwtt,* as^flSj 0 * A PJ^kantt : ; 

Financial Times' Thursday Marcir 30 197S 


i • • 


Exchange Dealer 

Banque Nationals de Paris Limited are looking for a 
Foreign Exchange Dealer to join the very active dealing 
room at our new offices hi King William Street 

The need is for a talented professional who has at least . 
2 years spot dealing experience as well as the ability to 
make an effective contribution within a close-knit team. 

A knowledge of French would obviously be an advantage 
but is by no means essential. 

A very attractive salary is offered which will fully reflect 
the importance of the position, plus the full range of 
benefits to be expected from a major international bank. 

if you have the necessary experience, then please write 
giving appropriate details of yourcareerto: Mrs P. Keats, 
Recruitiront Offteer, ■■•’■•'ft.. 


Banque Nationale 
de Pbris Limited 


Corporate Finance 

Morgan Grenfell & Co. Limited, one of the leading 
Merchant Banks, is seeking additional junior executives 
to supplement its expanding corporate finance division. 
Early responsibility is given as a member of a team 
handling transactions for both U.K. and overseas 

Successful candidates will have a professional 
qualification in law or accountancy or other relevant 
experience and will preferably have a university 

Age 23 to 26. Salary to £7,500. 

Please reply in strict confidence with full c.v. to:- 
B. J. Pennington, Personnel Director 

PO Box 41 6,8-1 3 King William Street, 
London EC4P 4HS. 

«• • 

• • • 




Heron Homesteads Limited-a rapidly 
growing division of the widely diversified 
Heron Corporation requires a Financial 

His responsibilities will encompass 
all aspects of financial management 
control and administration, together with 
the ongoing development of computer 
based information systems. 

There will be a dose working 
relationship with the Managing 
Director and it is anticipated that 
talented performance in this 

stimulating but demanding environment 
will lead to advancement in file shorter 
term. The situation calls far a thoroughly 
competent, qualified Accountant aged 
30to 40, who has workedin a similar 
position in the private building sector and 
has detailed knowledge of the industry. 

Salary by negotiation, plus car. 
Applications in writing to: 

The Managing Director, 

Heron Homesteads Limited, 
Heron House, 19 Maiylebone RcL, 
London NW1 5JL. 

Heron Homesteads Limited 

This position is open to Male and Female Applicants. 

Morgan Grenfell & Co. Limited 

23 Great Winchester Street 
London EC2P 2AX 



Authorised Capital 7 million Australian Dollars 


Two professional officers are required to work with an exploration team 
on an offshore tenement in Western Australia. A two-year contract is 
available which may be extended. 

The geologist must have experience in well log analysis and reservoir 
evaluation, preferably in Australia, and a total of five to ten years’ industry 

The geophysicist must have a minimum of five years’ seismic data process- 
ing and interpretation experience. 

Salary according to experience and reasonable relocation expenses will 
be paid. Location: Perth, Western Australia. 

All replies to Governing Director, J. S. Kazim 

29 Anderson Road, Forestfield, Perth, Western Australia 
Tel: 453 6059 Telex: AA 93475 OBERON 1 



Golfcarto nfab riek 
Coldenhpvenseweg 122 


Corrugated Card boa hi Manufacturers 
Z. de Zeeuw b.v. is a packaging industry In the 
Netherlands which can be considered one of 
the leading corrugated cardboard producers in 
the E.E.C. 

In this concern corrugated cardboard 
packages are made in every possible shape 
and size, whether die-cut or not, and printed in 
one or more colours. 

Sheets of corrugated cardboard intended for 
further processing are also supplied. 

Corrugated Cardboard Manufacturers 
Z. de Zeeuw b.v. form part of Biihrraann ' 
Tetterod# n.v. in Amsterdam, one of the very 
large international concerns with an annual 
turnover of c. £400 million. 

For the sale of res products in the South of the 
United Kingdom. Corrugated Cardboard 
Manufacturers De Zeeuw wish to contact an 
agent or representative who is at home in the 
packaging branch. 

If you are interested in this position, please 
contact Mr. A. j. H. Cock of Corrugated 
Cardboard Manufacturers Z. de Zeeuw b.v. 
Coldenhovenseweg 122, Eerbeek, Holland. 
Tel.: 0931 B33B-9II. telex: 45356 de zeeuw nf 


Surrey/Sussex border 

to £7,700+ Benefits 

A major division o£ one of the UK's largest industrial manufacturing/ 

marketing groups has positions for two young enthusiastic accountants to 

develop financial and management information aystams at .the Head Office, 

which is 

Experience of computer audit and/or computer systems implementation. : 

essential, together with the personal attributes to achieve flrt*nctel nr 

general management. 

Starting salary will be to £7,7QO pins 

appropriate, generous relocation assistance will be given and there are 

excellent prospects for promotion in the UK and 

Candidates, male ar female, should ayplyto lan Tamisson or 

Joanna Bennett for farther- information and a personal history form 

quoting rah 2118 


Dougkra Lkcmbia* Ancxsdw Lid.. 

410. Strand. London WC2R 0N5. Telephone: 01-8369501 

121 SL Vincent Sheet, Glasgow G2 5HW. Telephone: 041^2263101 

ood lb EdlnbntQb. 


Jonathan Wren • Bank mg Appointments 

The personnel consultancv dealing exclusively with the hanking profession 


A Manager is required to run the New Issues Department of a merchant bank subsidiary. 
Applicants should: 

(a) have had managerial experience of handling Rights, Capitalisations, and Take-overs 
in a busy office of a broker or registrar: 

(b) have worked with computerised office systems: 

(c) have the ability to organise and motivate staff effectively. 

This is a challenging- Job demanding high professional standards. It offers- cons! derraWe 
independence and variety and the opportunity to deal with a wide range of clients- 
Replies will bo forwarded direct to the client, unless addressed to us listing companies 
to which they «ay not bo sentj' 

Please tend details of yotir education, career experience and current salary to: 
KENNETH W, ANDERSON (Director). ‘ 

170 Bishopsqate London EC2M 4LX 01-62 3 1266/7 8 9 

requires an experienced 

Salary, negotiable but not less than £3^00 p.a. L/Vs 50p daily. 
Other excellent benefits include Season Ticket Loan. 

For further details please call ' 

Mrs. G. Moody, 01-589 8133 

c. £9,000 + car 

A Financial Controller (30-40) 
lor International hotel. KR8W- 
ledH Of H & C or instant cash 
receiving industries with rele- 
vant experience and aualrau- 

. on. 

c. £9.000 

Ch tef Ac (30-45) for new 
Ijdimoii latosMiarv OI httyr na- 
tional Co. In Petra-Chefnicali. 
Knowledge of the. above or 
contracting indonries, eisen- 

c. £7,500 

Young, ambitious, recently 
ouanoed ACA tprtt.- with 
degree) to taka charge of ton! 
accountancy function and assist 

mana ne oient in' major decl- 
tlons. Reporting directly 

, _ _ to me 

Board, this Is a unique career 

opportunity within the dtv. 


c £6,500 

Newly or rtunthr qualified 
A.-c to be responsible for all 
tne managerial and financial 
Alfa bTT of mis bank's 

senior management, 


Stephens Selection 

■33 Dow* Strm, Loodott YEIXUBA. 
0MS3 0317 


■—Recruitment r onsi ih .-im*- j 


c £7,000 + Benefits 

25-3d with good appreciation 
Of the European Markets and 
relevant research. , sales or 
managemen t e xper ience Iw 
Investment department of 
mator -mssttMleo- 


24- 32 With at treat 2 veare 
relay a nt experience to 

desk of weO- 



25- 35 with a good track retort 
In Analysis, sales or Invest- 
ment Management? You raav 
be looking for a more now or 
be bitarened In rue market 
generally but youll bo par- 
ticular about the firm and 
position wMcb could bn of 

but d lares, reputable 
and institutions, are 
only Interested to the rigni 
Individual why pm- let us know 
of your expectations? We can 
then keep voo Informed — per- 
sonalty and.. Of course, hi 
absolute conMcitge. 



Stephens Selection 

35 Dover Street, London W1X3RA. ym 

i RccnatmairConaikantsi 


Available ire qualified, student and 
experienced Mewmdflf personnel 
Contact Aks Moore on Of -628 2691 



We are expanding our coffee operations 

and are looking for a fully qualified 

Senior Coffee 

who has a solid background in all 
aspects of the coffee business. The 
successful candidate, aged 28-85. 
could expect, within a short time, 
to take on full responsibility for 
our coffee operations. 

Salary and benefits are negotiable 

based on experience and qualifications. 


•Phone or write to: 

H. P. Josiger. 

Managing Director, 

Volkart Brothers (U.K.). Limited, 
Plantation House, 

5/8. Mincing Lane, 

London EC3M 3LD. 

Tel. 623-9624 


Arising from expansion programme founder ring 
dealing members of the L.M.E. require additional 
experienced Dealer in London plus Client Liaison 
staff in London, Kirkby and Coseley. Excellent 
prospects and exciting careers for knowledgeable 
energetic applicants, - • 

Interviews London or provinces 

Apply; J. L. Cognet 
- Telephone: 01-628 1881 



£15-20,000 Tax Free+overseas benefits 

The Chairman of a rapidly expanding 
Group with substantial financial backing 
and a highly entrepreneurial western style 
of management wishes to appoint a Deputy 
Chief Executive. 

The successful candidate will be wholly 
responsible for the Financial Management 
of the group and will deputise for the Chief 
Executive in negotiations and in the ■ 
Company's General Management. 

You need to be a fully qualified 
Accountant with senior management 
experience in industry or commerce and 
now earning a UK salary of £9-15,000 per 

Please write to Ian Hetherington, 
enclosing a brief career history: 
BDC (International) Ltd.* 

2G Dorset Street, 

London W1M3FU. 

Recruitment consultants 
licensed in the UK 


require experienced 
Authorised Dealer 
to operate in 
Foreign Securities. 

£4.000 and benefits, aged 25-lsli with 
B/E and Federal returns reporttngfl exn. 
Please ring lor app oi nt m ent. D1-2B3 
6022, VPN Employment (Agency). 

25/27 Years 

Circa £5. „*er annum 
Our Principals, much respected 
Lloyd’s Broking House, require a 
Chief Accountant to bead up the 
Accounts Department of one or their 
fast expartdmc Divisions. The ideal 
candid a re should -be qualified to A CCA 
of- ACA level and posses leadership 

qualities. A preference will be given 
: London/ 

to applicant living In rite East 
Essex area.' 

Plena contact In confidence: — 
TREVOR JAMES — Managing Director. 
Insurance Personnel Selection Led.. 

Lloyds Avenue House, 

6. Lloyds Avenue, London ECJN 3ES 
Telephone: 01-481 8111 



solicitors office in Hampstead Village. 
Generous salary lor right applicant. 
Telephone Orel. 435 2271/2. 

YOUNG MAN 125], with 5 years stsx 
market experience, seeks a challengin 
position in business In Hong Kom 
Write Box A.G311. Financial Time 
10, Cannon Street. £C4P 4BY. 


No. 80917 of 1979 

in Ote high count of justice 

Chancery Division Companies Conn. In 
the Ma tter Of I. G. T. COMMERCE 
LIMITED and in the Mailer of The 
Companies Act. 1M& 

Petition for the Winding np of the above- 
named Company by the HU* Conn of 
Justice eras on the 32nd day or March 
1978. presented to the said Court by 
HAMBR05 ..BANK- LIMITED vrttose 
registered office is at 41. Blsbopsgate. 
London, E.C-2, and that die old Petition 
is directed to be beard before the Conn 
ablins at the Royal Conns of Justice. 
Strand. London WCSA 2LL, mi the MUi 
day of April 19TS, and any creditor or 
conn-ibaiory of the said Company desirous 
lo support or oppose the making of an 
Order on the said Petition may appear 
at the time of beating, in person or by 
his counsel, for that purpose: and a copy 
of the Petition wtU be mnu&hed by the 
undersigned to any creditor or contribu- 
tory of the said Company requiring such 
cony oo payment of the reta li ated charge 
for the same. 



Kempson House. 

Camomile Street. 

London SCSA TAN. 

Ref: CJLRAU. Tel: 01-285 24M. 

Solicitors for dw Petitioner 
NOTE.— Any person who intends to 
appear on the hearing of the said Petition 
must serve on, or send by posi to. the 
above-named notice in writing of his 
intention so to do. The notice must state 
the name and address of the person, or. 
if a Arm the name and address of the 
Ann and must be signed by the person 
or Arm. or Ins or ttaslr solicitor itf anv> 
and most be served, or. ir posied. .most 
be sent by post in snAIcieni lime to 
reach the above-named not laier than 
four o'clock in tbe afternoon of tire 
SI st day of Abril 1978. 

No. 00983 of 1979 

_ IN .Hi MATTER of 
Registered Office: 17 Park Place. 

Stevenage. Herts. SGI 1DU. 

to Section 293 ot the Companies Act. 
1948, mat a MEETING of the CREDITORS 
td the above named Comtunv will be 
held n Winchester House. London Wall. 
London EC2 on 27th April 1978 *t 
1 1-.3P g.n* lor the purpose mentioned 
in Section 204 et sea oi the said Act. 

DATED this 14tfi dav rrf Mairh 1970 
A. HllEMAE. Director. 

Chancery Division Companies Court I 
-l be Matter of B LA 1NW00D FREIGH 
SERVICES LIMITED amt in the Matte 
of the Companies Act. IMS. 

Petition for tbe winding np of the above 
named Company by tbe High Court c 
Justice was on the 23od day of- Marc 
1978, presented 10' the said Court b 
registered office is at Hall lugs. Southern 
ram, Halifax Manufacturers of Industry 
Vehicles and Equipment, and that th 
said Petition Is directed to be Mar 
before the Court silting at tire Raya 
Courts or Justice, strand. London WC*. 
!LL, on tbe 24th day of April 1978. an- 
any crediior or contributory of the sol- 
Company desirous to support or oppos 
the making of an Order on the sail 
Petition may appear at the tUlft o 
bearing. In person or by Ins counsel 
for ibat purpose; and a copy of th 
Petition will pe furnished by the ondet 
signed to any crediior ’or contribumr 
of the said Company requiring such ei*|i. 
on payment of tire regulated charge fo 
the same. 

1. Chancery Lane. 

London WC2A lSU. 

Ref: CAT. 

Tel: 01-242 1011. ext. 2S. 

Solicitors for tire Petitioner. 

NOTE —Any person who Intends t 
appear on tbe bearing of [be aald Penuoi 
most serve on. or send by post to. tit- 
above-named notice in writing of hi 
invention so to do. The notice mnsi out' 
the name aod address of tbe person, or 
If a firm the name and address of Lb' 
firm and must be signed by the persoi 
or firm, or his or their fiolicllor'fir any 
and must be served, or. If posted, mus 
be sent by post in sufficient time !■ 
reach the above-named not later lhai 
four o’clock in the afternoon of Ufi 
!Lu day of April 1878. 




- £1 -5SP°. M: 31st March. 1978 

due 30th Juno. 197S. at an jveruoc rat 
of 5 63 64 PA Applications total le 

£6. 8m. Total outstanding £1.300,000. 




Air-conditioned chalets. 18-hole golf course with electric carts, 
six. tennis-courts, fishing, diving, sailing and seven miles of 
beautiful beach. Just relax! Enjoy the superb food, with 
dancing, at the exclusive Club House Bar and cocktail parties 
if you want to make new friends. 

and the price includes: 

* Your flight from Heathrow-Miami 

0 Your transfer and onward flight to Gt. Harbour Cay 

• Two-bed ch alet — demi-penslon 


— The most relaxing and beautiful holiday of your career. 

Phone: 0625 73094 


50,000 people in the United Kingdom suffer from progressive^ 
paralysing MULTIPLE SCLEROSIS — the cause and core oi 
which are stsn unknown— HELP US BRING THEM RELIEI 

We need your donation to enable us to continue our wori 
sufferers and to continue our commitment to “find, the caus« 

Please help— Send a donation today to: 

Rof?m FJU 

The Multiple Sclerosis Society of GJB. sag NX 
4 Tachbroofc Street, 

London SW1 1SJ 

Financial Times Thursday Man* 30 19 ' 8 




Materials measured 
on the move 

spectometer which gives- a com- 
plete mass spectrum, either izx. 
positive or negative ions. The 
specimen is left unaffected for all 
■■ practical purposes, penetration 
- of the surface being only 0.1 

The company says that this is 
the first production equipment of 
this kind to become available, 

It will analyse aU the elements 
in the periodic table, distinguish 
between isotopes and detect 
cracking patterns for organic 
“finger printing." A forensic 
scientist could look at one dust 
f0 5 particle. Analysis takes place in 

; Cyfihder 


Sheffield to 

have new 



MANY INDUSTRIES need to A _ prototype system for particle. Analysis takes place in 

monitor the volume of bulk monitoring the volume of a load one second and samples can be 

materials moving along a con- C ™T changed in three minutes. 

>» * ■ *?*, rn** SB m ATS a More “ «*" 1U7 - 

with the National Coal Board, National Coal Board. It has 
has developed a novel technique been found that even allowing 11 

for making this measurement f or the errors introduced by the IX CITlCTflllCrS 
using high-resolution arrays of presence of large lumps of coal ^ 

solid-state detectors. protruding from the finer „ _ * _ 1 

The system will provide a material, the volume can be flOISC ICVCI 
valuable alternative to current measured to within 5 per cent. 

methods, such as the use of belt by this method without correct- LATEST sound level meter from 
weighers and nucleonic gauges, Lng for voids or spaces between Computer Engineering, the CEL- 
which do not measure volume lumps. Laboratory experiments 1S7, not only measures sound 
directly. The instrument is have shown that accuracies of pressure levels but also stores 
applicable to volume monitoring better than i per cent, can be peak values, 
of such materials as granular obtained with closely packed The instrument incorporates a 
food products, animal foodstuffs, fine materials such as granular peak hold circuit which 
fertilisers and building materials, substances. Sira is now extend- remembers the highest peak 
The instrument uses a light- ing the application of the system reached during any period of use, 
sectioning technique, whereby to many hulk materials. updating itself if the last peak 

the shadow of an illuminated Sira Institute, South Hill, value is exceeded. Meanwhile, 



Three-jwar : 

solenoid valve 

Control arm 




straight edge is thrown on to the Chislehurst, Kent BR7 5EH. 
material passing along a con- 
veyor at an angle of. say. 

45 degrees to the normal. The A nn |«roAo n 
profile of the illuminated /\ ¥13 M VStrS 

material is then viewed from a •/ ** reached is recalled at the touch traditional deetro-meenamcaj units ana move to -stop." Automaae protection » 

different angle and an image of x* - r of a switch. that protection is .achieved without any given since, if the oil presOTreisless jban 

the profile is formed on a matrix TlflV SHOT Particularly suitable for additional equipment either on the control the spring load, the stop control! wlU function 

array of detectors. The array is •' J u r V1 ' measuring impulse noises such Panel or the engine. - When the engine is and the engine cannot be started again tm it 

scanned automatically from top LIKELY to be of interest to as gun fire, pile driving and ham- started, the oil pressure actuates a spring- has enough oil pre^e to move the controls 

to bottom and from side to side, forensic scientists and in single me ring, the instrument will also loaded piston connected to the engine or Hie to. run posmon. The equipment u ia .. 

and thus a two-dimensional cell research in medicine is a appeal to police forces since the decompressor. In operation, a solenoid valve fitted as standard oivseyerai wtne company s 

“ picture " is built up of the pro- spectrometer from Ley bold largest reading obtained cannot I® energised simultaneously with action of ure . ranges. More from Fetter on tu-oad ■wol 

file of the bulk material in tbe Heraeus in which an area only decoy and can be used as - 

conveyor. - one micron in diameter can be evidence with which to confront 

An electronic processor auto- exclusively examined. offenders. For such use a peak a DATA PROCESSING - 

raatically calculates the area A binocular microscope is first inhibit button can be provided ** 

between this profile and the used i 11 conjunction with a to prevent further peaks obscure • *1 1 central processor and a floating- 

bottom of the picture frame and. helium neon spotting laser to ing the result of interest I wU'f Ifl POIIITlTPrOlSl W01*K point array processor and can 

allowing for the area under the select the target area on the Measuring levels wi thin the VJI-IV' A1X V/vr lll l l lVA if UilA perform digital signal processing 

profile of an empty convevor, specimen in the instrument's range 28 dBA to 150 dBA on a - AOTr _ _ .. „ .. . rwr , nravini , at very high speeds. 

produces a value for the in sun- vacuum chamber. 30 dB linear scale, the instru- AFTER years of specialisation m GECV ****£% Droce c Si n e digital signal 

taneous cross-sectional area oF Then, a brief pulse from a high ment meets all the requirements design and manufacture of com- JJ® w?i!nscl Eded 00 " 1 ^ 16 * 3 processing 0 and transform . pro- 
the load. It then calculates the power laser beam vaporises, and of 1EC-179, BS4197 and ANSI puter systems for science, SSoSuSrina system cessXall involve highly compu- 

volume by Integra tine the values partially ionises the one micron S1.4. research, defence projects and SStonS mathematicaloperations 

from successive frame scans, and spot. Ions are withdrawn by an More from the company at industry GEC Computers has ■ nn «mietiired data. These one re- 
displays the volume throughput ion optical system and fed into Wallace Way. Hitchin. Hertford- decided to compete across the JSSod^and d ao3SSp£ SSI tioi^arTused, for instance, in 

in a given time. a sensitive time-of-fiigbt mass shire SG4 OSE (0462 52731). commercial front, a move which ■«»{ Snouic^d fS uS on aro^tiTand radar -signal pro- 

the instrument is used as a 
normal sound level meter — there 
are no separate modes for 
average and peak work. After a 
period of test, the peak that was 
reached is recalled at the touch 
of a switch. 

Particularly suitable for 
measuring impulse noises such 

Patented by Fetter Fewer Generation, an easy- 
to-mai ntain safety, -device will protect diesel, 
engines from low oil pressure when running; 
or inadequate ell level prior to starting. Petter 
says it is much cheaper and more reliable 
than traditional electro-mechanical units and 
that protection is achieved without any 
additional equipment either on the control 
panel or the engine. ■ When the engine is 
started, the oil pressure actuates a spring- 
loaded piston connected to the engine or the 
decompressor. In operation, a solenoid valve 
is energised simultaneously with action of the 

starter motor. As pressure builds up, tbe 
piston moves the control to the engine run- 
ning position, releasing the decompressor. If 
the engine is stopped or a fault occurs, the 
solenoid valve is de-energised and the controls 
move to “stop.* 1 Automatic protection is 
given since, if the oil pressure is less than 
the spring load, the stop control will function 
and (he engine cannot be started again till it 
ftps enough oil pressure to move the controls 
to run position. The equipment is ta Jml . 
fitted as standard on . several of the company s 
ranges. More from Petter on 01-353 956 L 

stream early in i960, a foundry 
to be built at Parkway, Sheffield.' 
will make castings for vices ana 
hand tools, for Record Ridgway 

This -company has .signed u 
£2.4 m. contract with Disa Dansk 
Industri Syndikat A/S of Copen- 
hagen and Walsall, for the con- 
struction of the grey iron 
foundry. It is a turn-key con- 
tract for Disa, starting from a 
green field site. 

The 'building and civil en- 
gineering contract has. been 
awarded to H. Camm and Co,, 
Chesterfield, a subsidiary of the 
. Burnett and Hallamshtre Group. 
The buildings will be of stool 
portal - frame construction with 
external walls and roof in PVC 
coated steel sheet _ 

Heart of the foundry will be 
the moulding . department, 
equipped with -a Dlsamatic 2013 
JWk. ra automatic boxless, high 
pressure moulding machine, 
capable of producing up to. 360 

Maidenhead, Bortfc. 
Fluid Transfer, Control 
find Filtration ' ; 

lubrication SySt wo 
Garaga Equipnwnt 
Combustion Eoginuanflj 

moulds/hr. Additional oqitih- 
SSHm todttdr a OM 
cure setter, automatic rnoula 
Sm-raS- Md a Dtaa/ViM4 «»!. 
inc and shakeout drom enabling 
castine* and sand ti) he cooled 
to a tittle above ambient Itt* 

pe Se Moulding plant will ho 
supplied with synthetic saftd. 
from a 50 tons/hr automatic 
plant The cure shop will we 
the cold bo* prows*. > 

Metal will be supplied * 
6 tons/br melting plant with, 
divided blast, oxyacn enriched 
cupolas, with gas dcaning vquijv 
mem, a totally enclosed scrap and 
charging area, a 5-ton capacity 
gas-fired receiver, and a Di*» 
Pour metal dispensing unit 
Castings will be handled on a 
flow line, including Was* clean- 
ing and fettling, followed by a 
continuous paint dipping and 
drying plant. 


Makes staff lock doors 

GEC in commercial work 

central processor and a floating- 
point array processor and can 
perform digital signal processing 

ONE of the problems in premises 
containing say, several separate 
buildings is that although the 
final site exit door may be duly 
secured at the end of the work- 
ing day, the person responsible 
may forget (or even fail to be 
bothered) to lock some or all 
of the other doors. 

A sequential locking system 
offered by Warshaw makes this 
impossible. The person respon- 
sible for locking up has to start 
with the door assigned as the 
first; this contains the key to 
the', second, which cannot be 
withdrawn until the first is 
locked — and so on till the final 
door which is equipped with a 
“ Controlock.” itself connected 

to a recording unit. This is 
operated by the final sequence 
key and another key assigned 
to the operator: there can be 
five different operators. 

The recording unit, which cap 
be wired back to an office, showa 
who - locked or unlocked the 
Controlock. the time and date of 
this action, and also- whether the 
recording unit has been unlocked 
and opened. 

The whole system Is designed 
to meet the current fire regula- 
tions and all doors can be 
arranged to give rapid emer- 
geney exit by the use of alarmed 
panic locks. 

More from 1. West gate Street. 
London ES 3BR (01-086 6321 h 


This announcement appears as a matter of record only. 
March, 1978 

Bank for Foreign Trade of the U.S.S.R. 

U.S.$ 400,000,000 

Seven Year Loan 

GEC 4000 equipment. A GEC cessing, tomography, spectro- 
4000 version of the total database scopy. seismic data processing, 
management system from vibration analysis, speech 
Cincbm Systems is in the course analysis and processing, com- 
of preparation and an ANSI munications and generalised 
Cobol compiler is scheduled for matrix computation# 
completion later this year. These The new Data General unit- 
facilities are only the beginning an integral high-speed special- 
of tte company's planned reper- purpose floating-point computing 
tone for commercial processing, unit— is capable of performing 
The GEC 4000 transaction a n these operations. For example, 
facility is an enhancement of APA30 computes the fast fourier 
GEC Computers’ established transform (FFT) of a 1024 
OS4000 multi-access software. It ' element complex number array 
is organised so as to allow simul- 200 times faster than a modern 
taneous interactive multi-access scientific minicomputer. 

work, thus allowing software _ . .. . . „ 

development work to be con- , ^ romraumration channe I per- 
ducted as a parallel operation, forraance monitoring, the AP/130 
Background hatch processing ? a ? monitor 

may also be run at the same time, • s li p S^? ose, \,x, 

as mav remote ioh entrv without interfering with data 

Further from GEC Qi'mputers. on the channel; This process 
Elstree Way, .. Borehamwood, P ve ® advance warning of 

Cutting the cost of light 

AT A cost of £250.000 Bass latter’s ability to render colour 
Charrinston is converting the spectrum faithfully, thus obviat- 
Illuminated signs an 8.000 tied InB colour dtaiorlioa-. 
truda and 5.S00 free trade houses A £“ r ‘ £° h f ™” 

from the usual fluorescent tubes verted as it is due for relaiujiing 
to 80 watt mercury fluorescent and because of the ensuing redue- 
lamps. Tbe group anticipates a tion in energy consumption the 
saving of about £150,000 a year exercise should be self-financing 
—£110,000 on energy and £40.000 in that each sign will recover its 
on maintenance. conversion cost within the two 

Bass Charrington specified years. 

Thorn mercury fluorescent More from Bush Sicns, 61, 
(MBF) lamps with Koloriux de Bcaconsficld Road, Brighton, 
luxe phosphor because of - the BN1 4QX. 0273 680197. 


Fracture of materials 

Lead Managed by 

Herts. WD6 1RX. 01-953 2030. 

Compagme Financiere 
de la Deutsche Bank AG 

Lloyds Bank International 


Managed by 

Amsterdam -Rotterdam Bank N.V. 

Bankers Trust International Limited 

MM maker 
has array 

imminent channel .^failure .in 
many cases, : perraktlng ft 
common-carrier ox 1 ---private tine 
user to switch to" an alternative 
communication channel before 
critical information is lost 

I ECLIPSE AP/130 — first 

In signal and vibration 
analysis, tbe AP/130 can per- 
form rapid cross- or auto-correla- 
tions an signal- or vibration 
spectra -ta isolate /Signals 
“buried’* beneath as much as 
array IGOdB ot Boise, or- to determine 

Bank fiir Gemeinwirtschaft Aktiengesellschaft The Bank of Tokyo, Ltd. 

processor, offered by a mini- source of a particular- vibra- 
com puter manufacturer . is ^ on frequency. 

announced by Data General Cor- More from Data General on 01- 

Moscow Narodny Bank Limited 

National Westminster Bank Limited 


has an Eclipse 578 9231. 

SET VP Jn4f argil’s . rpetoilurgy 
division " % ^atudy the ftaeture-. 
’behlvioar of materials, , a new 
laboratory -■is being equipped 
with the latest testing machines 
that will make it one of the most 
advanced in Europe. * 

These^machines give rapacity 
-to measure many .mechanical 
.properties of metals and alloys, ’ 
composite - 1 materials ' \and 
ceramics, which include conven- 
tional tensfle, compression aid 
bend properties, fracture tough- 
ness and impact properties, 
fatigue and creep. 

To 'date the laboratory is 

Vinipped _ with. .. nine servo- 
hydraulic machines. aU of which 
cun be linked directly to a com- 
puter for control, data acquisi- 
tion and display of results. Four 
more are on order. Computeri- 
sation of aU the equipment is in 
hand. . 

The fracture laboratory is 
supported by a physical metal- 
lurgical laboratory equipped 
with a range of: thermal treat- 
ment .furnaces, optical micro- 
scopes and three advanced 
electron microscopes. 

Further details from Building 
329. Harwell. Oxon. OX1 1 ORA. 
0235 24141, ExL, 2978. 

The Royal Bank of Canada 

Societe Generate : 

Co-Managed by 

BankAmerica International Group Banque Europeenne die Credit (BEC) 

Banque Europeenne de Tokyo 

Barclays Bank International Limited 

East -West United Bank 
(Banque Unie Est-OuestS.A.) 

Hypobank International S.A. 

i Internationale Genossenschaftsbank AG 

Midland Bank Limited : 

j The Mitsui Bank, Limited 

The Sanwa Bank, Limited : 

j The Sumitomo Bank, Limited The Taiyo Kobe Bank Ltd. 

The Tokai Bank, Limited Toronto Dominion Bank Wells Fargo Limited 

Provided by 

Compagnie Financiere de la Deutsche Bank AG Lloyds Bank International Limited 

Amsterdam-Rotterdam Bank N.V. Bankers Trust Company 

Bank fur Gemeinwirtschaft Aktiengesellschaft London Branch The Bank of Tokyo, Ltd. 

Moscow Narodny Bank Limited International Westminster Bank Limited The Royal Bank of Canada 
Soci6te Generate Bank of America NT& SA Banque Europeenne de Credit (BEC) 

Banque Europeenne de^ Tokyo Barclays Bank International Limited East-West United Bank 

(Banque Unie Est-Ouest S.A) 

Hypobank International SA. Internationale Genossenschaftsbank AG Midland Bank Limited 

The Mitsui Bank, Limited The Sanwa Bank, Limited The Sumitomo Bank, Limited 

TheTaiyo Kobe Bank Ltd. Toronto Dominion Bank " Wells Fargo Bank, N A., London Branch . 
The Sumrtomo Trust and Banking Company, Limited The Dai-lchi Kangyo Bank, Limited 

The Tokai Bank, Limited The Fuji Bank, Limited ■ Japan International Bank Limited 

The Mitsubishi Bank Limited The Sartama Bank, Ltd. The Mitsubishi Trust and Banking Corporation 
Bank of Scotland - The Bank of Yokohama Limited 

Banque Commerciaie pour 1'EuropeduNord : . Banque Internationale 3 Luxembourg 

(Eurobank) Societe An onyme 

The Long-Term Credit Bank of Japan, limited Midland and International Banks Limited 

Nippon European BankS A* . The Sumitomo Bank of California Tokai Bank Nederland N.V. 

Trade Development Bank, London Branch Union de Banques Arabes et Franchises- U.B A.F. 



occur na 


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Financial 1111165 Thursday March' 30 1978 




The Tories 
pick Saatchi 


FUR THE FIRST time since the 
late 1950s, the Conservative Party 
is to usa the full services ol an 
advertising agency. Saatchi and 
Saatchi Garland Compton. What 
it will spend in the run-up to 
the general election has not 
been decided, though ' in 1974, 
when there were two general 
elections, the Tories spent a 
MEAJLrmonitored £589,400 on 
Press advertising, plus further 
big sums on posters for a total 
approaching £lm. 

Since the MacMillan era. when 
the Tories used Colman Prentis 
and Varlcy, the party has relied 
on advisory committees for 
advertising advice and employed 
agencies only for media buying. 

Now it is reverting to the full- 
seiwice use of an agency, and it 
is indicative of current thinking 
at Tory headquarters that the 
party has plumped not for a 
middle-of-the-road outfit but for 
an agency famed for highly 
distinctive, almost aggressively 
modern, work on behalf of 
clients as diverse as Procter and 
Gamble, Dunlop, British Levland. 
United Biscuits, the Health 
Education Council, Schweppes, 
Gillette and Brutue Jeans, 
though the latter account has 
now decamped. 

A spokesman for the Tory 
Central Office said last night: 
“ We picked Saatchis for their 
established track record and con- 
siderable creative flair.” 

Saatchis was the sixtb-biggest 
U.K. agency last year with' 
reported estimated billings of 
£37.4m n though major account 
gains now coming on stream are 
expected to push the 1978 figure 
to something like £50m. These 
gains included Sainsburys 
i £800.000), British Rail Awayday 
1 £500,0001, P and G's Daz Auto- 

matic (£1.5m.). The COl's Man- 
power Services . Commission 
t£1.6m.l, Black and Decker 
(£lm.) and the Leyland Mini in 
Europe t£lm.). 

The Saatchi and Saatchi Com- 
pany is publicly quoted. Its 
1970-77 profits showed a 2S per 
cent spurt to £l-25m. Saatchi and 
Saatchi Garland Compton, the 
main agency, produced £568,000, 
with £239,000 from Roe Downton 
and £142,000 from the group’s 
provincial operations. 

bright start to *78— it won the 
£700.000 Yellow Pages account 
six weeks ago— continued this 
week when it added on the 
£S50,000 account for Heron 
Motor Group. Current MEAL- 
type billings are now approxi- 
mately £li25m. Heron is among 
the U.K.'s largest vehicle 

• POSSIBLY FOR the first time, 
a property group is. using TV to 
advertise office space for letting. 
MEPC has . booked 30-second 
spots on ATV for five, weeks from 
April 10. The campaign will cost 
around £10.000. 

• COMPANY, National Maga- 

zines’ new monthly, will be 
launched this autumn with a 
projected spend, 1 through 
McCormick Richards, of around 
£400.000. Initial print order: 
300.000. . 

• BILL METSON, Who retires 
to-morrow as secretary of the 
IPA. joins McCann-Eriekson as 
consultant and legal adviser in 
early Mav. 

• BAYER UJC is to spend 

£400.000 on TV and' in women’s 
magazines on the Mafu range of 
household insecticides. The 
market is estimated at £llra. 
(rsp). • - 

How the chimps and Red Rum took to selling 

Chimp strongman: on posters 
for the first time. 

IN BRITAIN, at least, animate 
not only make the news; often 
enough they .are the news. At 
first glance. Red Rum and the 
PG chimps have little in com- 
mon, the great hero of Aintree 
clearly outpointing the chimps 
on looks and charisma though 
probably not so far ahead in 
raw intelligence. But they are 
brothers under the skin when it 
comes to selling, writes Michael 

Whether or not he tilts for 
a fourth Grand National win on 
Saturfoy, Red Rum looks set for 
an active and happy retirement, 
masterminded In part by 
Character Marketing, the West 
Drayton. Middlesex, firm that 
specialises in handling the pro- 
motional interests of stars like 
Kojak, Starsky and Hutch, and 
the Bionic Woman for companies 
like MCA Universal and Para- 

There are two sides to Red 

Rum’s marketing career, both of 
them controlled by Red Rum 
Ltd- the company set up by his 
owner and trainer last April, 
immediately after his third 
Grand National win. 

First, Red Rum likes visiting. 
The horse has opened three pubs 
and an hotel {ail of them named 
after, him), a cricket club and 
numerous fetes, galas and super- 
markets. He has also switched 
on -.the Blackpool illuminations. 
“He loves it." says Red Rum 
Ltd. director Peter Rougier, a 
friend of trainer Ginger McCain. 
“Try keeping him away.'* The 
minimum charge for a personal 
appearance by the champion is 
£500 pins £50-£60 for expenses, 
but it can go higher than that A 
proportion of all . income and 
royalties goes to the Injured 
Jockeys Fund. 

The second string to' the bow of 
Red Rum Ltd. is the large market 
in Red Rum merchandise that 

Red Rum Ltd. has now brought 
fully under its control by 
licensing and copywriting the 
name Red Rum. There are Red 
Rum. jigsaws, badges, tee-shirts, 
keyrings, greetings cards, fine art 
prints, carrier bags, limited 
edition statuettes, sculptures by 
Enzo Plazzafta which sell at up to 
£1.700 or more. Red Rum Royal 
Doulton plates and, arriving in 
September, a Red Rum children's 
story book. 

Mr. Rougier reckons that the 
net profit from these activities 
will reach at least £150,000 — ap- 
proximately the sum the horse 
has won in first and second-place 
prize money on the track — but if 
further plans now under discus-' 
sion ever reach fruition (they in- 
clude a Red Rum film and pro- 
motional tours of the U.S. and 
Australia by the great champion 
himself), even that figure could 
appear insignificant. 

As for the PG chimps, they're 

making they’re own modest 
splash this week. For the first 
time in their 21 years they are 
appearing on posters. From Sat- 
urday they’ll be seen on the 
streets of Scotland, reinforcing 
what Brooke Bond Oxo describes 
as the al ready-successful re- 
launch of PG Tips last autumn. 

One of the chi.mps poses as a 
circus strongman. Another is 
Mr. Shifter, the hod carrier— 
the most famous of the chimp 
characters. And for good meas- 
ure a third will be seen tossing 
a PG Tips caber. Well ... it all 
sells tea. 

According to Brooke Bond the 
company spent approximately 
£lm. on its PG relaunch 
between last September and 
January and will have spent a 
further flm. expressly on the 
chimps between January and 
next September. Total retail 
value of the tea market is cur- 
rently £320m. 

Red Rum: appearances 


The distribution stakes 

be an unglamorous branch of 
human endeavour, but it is a 
costly undertaking and one that 
is coming in for increasing 
attention as manufacturers and 
retailers strive to improve profits 
in the climate of viciously tight 
margins that prevails to-day. 

According to Sir ' Arthur 
Sugden, chief executive officer 
of the Co-operative Wholesale 
Society, the likeliest means by 
which distribution costs will be 
reduced will be for manufac- 
turers and retailers to forge a 
partnership - that allowed manu- 
facturers to deliver in bulk to 
centralised warehouses set up by 
major retailers. As he told the 
Marketing -Society last week, this 

would certainly free more capital tion vehicles could handle 
for manufacturers to concentrate volume increase of about 25 per 
on what they were best at. And cent/ without adding a single 
that, theoretically, was manutic- vehicle, 
taring. Second, manufacturers like 

Proctor and Gamble and Pedigree 

Southern made 
HiDsinn’s industrial 

buSdiigs biggee 

Early television campaigns on Southern Television had successfully 
promoted the Hill Construction Company's agricultural building business. 

Too successfully, perhaps. For their 1976 campaign of 15 and 30-second spots 
on Southern, Hill were keen to promote the Hillspaii industrial buildings which 
now account for two-thirds of their business. The campaign/staged by. 

Lonsdale Osborne, was another undoubted success. Hill were pleased at the 
contacts it gained, and the reputation it made theta More important, they 
were delighted to receive enquiries from an influential band of businessmen - 
those who work in London but live in the South. These men watch their 
television in the South tool 



For further information contact Brian Henry, Marketing & Seles Director, 

Southern Television Limited, Glen House, Stag Place, London SW1E 5 AX. Telephone: 01-834 4404. 

The stakes are certainly high. IT. 

-^ssss d^ribufou -issri s 

would suggest, are no longer seen «ris!S? 0 &^- OP priS S, Uste 

by sophisticated companies SMS? 

“2* “f- Third, and more importantly, it 

was time for manufacturers to 
ft? realise the attractiveness to 
of cost factors, including the re t£n ers 0 f centra] retailer-based 
location and size of both SJSEticm poiS along iSe lines 
suppliers and retailers ware- ^ regiozxal distribution 
houses, stock levels, the size and centi^now jointly controlled by 

SS^“STi 0f .?hSJ^ Pae ^'^'' c ^ send the retail 

ing as well as transport societies that own the UJC’s 

“ On this broader definition it 8,500 Co-op shops (1977 turnover 
has been estimated that in the £2fibn.), 
grocery trade, distribution costs Sales of the societies at present 
account for 16 per cent of total being served by these centres 
sales turnover — about £l-5bn. already accounted -for 40 per cent 
Id 1977. The Little Neddy for the of the Co-op's national food trade. 
Distributive Trades is continually The Co-op had long been aware 
emphasising the importance of of. the inter-relationship between 
examining distribution costs with marketing and distribution and 
a view to saving money. They saw these centres playing an in- 
believe that physical distribution creasingly important role in tbe 
is potentially one of the most movement’s total marketing 
fruitful areas for Miprovement strategy for there were very 
in the industry's performance, significant cost savings to be 
and that manufacturers and achieved, 
retailers have been fighting each “ I.know that we are proud of 

other long enough.” This fight the efficiency of our food distrV- 
said Sir Arthur, was at the pub- button system in the U.K," said 
lie’s expense and, to some degree. Sir Arthur. “ But that should 
at the shareholder's expense. pot stop us from looking still 
IVhat was to be done? For a further ahead. With partnership, 
start it had been estimated that distribution can. provide a banJc- 
Britain's national fleet of more able asset for us all Quod eat 
than 500,000 commercial distribu- demonstrandum." 

Quaker’s hot dog 

.* 0<V 

_ oP® »o 


. o' 

Send far AD EXPO Brochure and Space Order form to: 

AD EXPO 5SI Fifth Annas tow ftcfc, New York 10017 

FIRM i i — — ■ — 


-- wrap? . 

' ' -tttue. 



l / 

A HOT MEAL for dogs? We 
should have seen it coming. On 
Monday, backed fay the hoop-la 
of a £300,000 promotion, includ- 
ing TV, Quaker Oats is launch- 
ing Hungry -Hound, a re-hydrat- 
able, complete dry dogfood, in 
the Granada TV area. 

According to Quaker: “ Hungry 
Hound’s dried raeat/cereal pieces, 
with the- addition of hot water, 
provides a complete, dog meal, 
including vital vitamins, which 
has a succulent, meaty appear- 
ance, a strong beefy aroma and 
significantly cheaper, per 
serving, than. other products cur- 
rently available. There is, too, 
the vital consumer appeal of its 
convenient involvement of the 
owner with the pet — the prepara- 
tion of a hot meal, just as> though 
the dDg were part of the family/ 
Quaker says the launch of 
Hungry Hound will be the U.K.’s 
biggest petfood launch! ever. The 
consumer support includes door- 
to-door sampling of 350,000 do, 
owning households, 5p and lOp- 
off offers and coupons in local 
newspapers. Three TV bursts 
are planned, the first in May. 

The total dogfoods market 
(canned, soft-moist and dry) is 
currently worth, an estimated 
£130m, and it is a growing 
market: up S per cent during 
Jtrly-De'cember last year, attribut- 
able to a rising dog population 
Quaker claims that its research 
and innovation have contributed 
substantially to the growth of 
tbe U.K. petfood market in 
recent years. Managing director 

Byron Felter say's that as a 
direct result of Quaker’s innova- 
tion, retailers how enjoy sales of 
approximately £26m. a year of 
chunked and soft-moist petfoods 
following Quaker's introduction 
in 1965 of Chunky - canned pet- 
foods and, in 1971,' of Chunky 
-Minced Morsels. 

Hungry Hound lias been 
extensively researched and 
developed over three years, and 
kennel and in-home trials have 
shown it to be palatable, 
nourishing and— says Quaker— 
“highly acceptable to dog 
owners.” - 

Suitable for children ? 


Any popular paper 
Any paper 

Jiormande offer* you 
that extra personal 
touch. Ju& phone 
Joseph looser. our 
restaurant manager: 
and ask him to send a 
copy of his menu 
to your home or office. 
This wag you'll be 
familiar with our 
dishes when you arrive 
fordimier. The 
patisserie Jtbrmatidc 
Specialises in La 
Jvbuvtfle Cuisine .die 
totally natu rat Style of 
cooking if tat is 


Whilst die dishes are 
new and exciting Jhe 
atmosphere is good \ oidr 
fashioned catidldighL 
Move, anevrtung to 
remember at London* 

rnoSt exciting 

Mso open Sundxgsl 



The RotLgf»Xofn >*mfc 
m ine Port nun Ho?d 
London. 1UH9FL. 

. 01-486 5844 

SUCCESSFUL television pro- 
grammes with large audiences 
can be as much a product of 
skilful scheduling as an indica- 
tion of true quality. It is much 
the same for the use of research Daily Mirror 
to aid media selling, with good T"* s “ n 
timing often equally as effective “FT*** 
as revolutionary ideas. • Daily Mail 

A prime example of superb 
timing (whether by luck or judg- 
ment) is the Mirror Group 
Newspapers' survey of the read- 
ing habits of children aged 7-17 
years, conducted in September 
but distributed -to advertising 
agencies only in mid-March. 

The survey itself offered little 
true novelty since it largely con- 
firms suspicions on the types of 
daily and Sunday newspapers 
likely to be read by children 
and teenagers. Its major intrin- 
sic value is to give an indication 
of the nature of the transition 
in reading habits from child to 
adult (with, as the table shows, 
interesting differences between 
boys and girls) and to attempt 
to tackle head-on the question 
of whether children really do 
more than scan adult publica- 
tions. In most months this con- 
tent would do little to raise 
much advertising industry com- 

The timing element that lifts 
this survey out of the ordinary 
is not as may have been ex- 
pected, the possible reactions to 
the Annan request for some 
form of ban on television adver- 
tising to children— although this 
may shortly prove highly 
vant — but a sudden fall in the 
quantity of children's ITV view- 

This setback in the appeal of 
ITV to children despite a general 
improvement in other audiences 
is so far particularly a London 
problem affecting viewing on 
week-days before 7 pjn. (the start 
of the Thames peak-time segment 
— one of the most expensive 
periods to purchase television 
advertising in the UJC.). 

The following figures compare 
February I97S with the two pre- 
vious years in terms of 
a count of commercial 
breaks wbere more than 
15 per cent of the London 


Age 7-12 Yean Age 13-17 Yean 



































Source: MCN Survey. September, 1977 

child audience was viewing ITV 
(in the jargon, a JICTAR tele- 
vision rating of over 15). In the 
four weeks ending February 29, 
1976 (week-days before 7 p.m.) 
there were 98 such breaks. In 
the four weeks ending February 
27. 1977, the number had fallen 
to 89 breaks. And in the four 
weeks ending February 26, 1978. 
the total was further reduced to 
37 breaks. (The figures come 
from JIGTAR.) 

While the two previous years 
were quite similar. 1978 recorded 
less than half the number of 
occasions wbere reasonable 
audiences tuned in before peak- 
time. In round terms, advertisers 
to children now have on average 
only two potentially attractive 
advertising breaks per week-day 
compared with five in J976. 

The story does not end there 
because of two complicating 
factors. First the existence of 
reasonable child audiences does 
not necessarily imply availability 
for advertisers of children’s pro- 
ducts. Of the 37 better weekday 

off-pcak breaks in February, no 
fewer than 18 were attributed to 
Crossroads, wbich is naturally 
heavily demanded by tbe full 
range * of advertisers to house- 

Second. Thames Television is 
now implementing a particularly 
cunning piece of rate-card pricing 
called the Carry Through rate 
which can substantially increase 
the price of high-rating off-peak 

Where can the advertiser turn 
when both his audiences and 
media prices suddenly move 
against him in such a dramatic 
manner? There are always many 
alternatives (magazines, comics.' 
cinema and radio i. but it is a 
fortunate day indeed for the 
med»a owner who has his sales 
aranmenls not only prepared 
with the support of new med»a 
research, but also actuallv land- 
ing on agency desks at the 
precise moment when the 
question has begun to be asked. 
The author is media research 
manager at J. Walter Thompson. 


have moved to 

Telephone: 01-836 3862 

As part of our complete Media Service we provide a full 
information facility. This indudes a regular Newsletter — The 
Medium — which evaluates the latest media developments. Contact 
BRIAN PARKER, our Research Manager for details of the facility 
plus a copy of The Medium. 

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Name_ • 







Financial Times 

Thursday March 30 I?i 8 


to confuse 

The Swan of Tyne and Wear 

BY ANTHONY MORETON tVlJ u t. P . »i>iui 

WHEN THE curtain fell on Opera Company in Edinburgh Henry VI, QmoUnuu and its of the audience is inevitably iron out any 1 ™“*** ** !,«diciu‘e from as tar * way « 

Henry V at the Theatre Royal, have existed successfully for a other productions the company tourists for whom a visit to the it moves to J / theatres Swilaiid * <, *‘ l * ! * , „ *L JJr 

Npwrastif inct Saturdav ni»ht lon S time. had 60 actors and actresses and town and the theatre is a must Any number t f i pn»c!il:al amlit-nce fnrni utt 

t nnt nni'u hmnoht to an m,) What will probably determine 40 oE its own production staff, to tell the folks back home in m the country eo and Kuf.i orca tjk'SpUc 

it not only brought to an end whelher Royal Shakespeare For this Newcastle got a pack- Tulsa or Toledo or Tallahassee dissimilar fa ( 5 » t, !. ie ;'i‘ ' h * t„ both hems umwwttty 

the six-week season by the Royal establishes a home in Newcastle age. Not only were there sis or wherever. In Newcastle there the Royal Sho^P^a . ^ ^ ^ considered t»> be more 

Shakespeare Company, it also is finance. A theatre such as productions at the Theatre was appreciation of what the Newcastle? The n mm* i; ml u*d. 

*t u D»«- n T U..« aTm CvrA u-ao fwmnd tn Hft finri TlPfinlA WhD IlUtt l.lJIUl _ , . ... . Jdennr. 


mere is a reiresmng cnange — *u uujc* in London. iiieaire itoyai is now owned by in = pruauenon or oirawwis » second season me nuyai ouakc- r rh _.» will nave to nr 

from, previous episodes of than mere inaccuracy. These ... . __ „ the city. The operating costs Dance of Dcctft. which is going speare has played in the city, the Newcastle Lnitcd mot " na ,j a lM ,i The town has 

paranoia. This time most’ people are the assertions which it is w Just two seasons in Newcastle are mftt by Tyne and Wear, the into repertory at the Warehouse though the university connec- team. iur * 5 i ,„„k to itself aad to 

think that things are going hard to pin down. have had that effect. Artistic- rnunHl near Tower Bridge in what tion must - also have helped Much Of ll' l ‘ credit niu.l S prpu^Ii but 

rather better than the figures One ground for suspicion of ally, they have been a great COunty C0Uneil - milht be (Scribed as London's Th* Sr Mrtdred the to theMs Council. Between ihe KSi'.. iM »" Wjg 

suggest. People with contacts in this kind is the growth of tax success. The company enjoyed a. S? R T 5 ?J! 5 ?? ,ea 88 i-oaQon s ™ RSC “J 1 Vl ?ited city w ure art and London L . xlS t=. for what the company 

.■ompanles hear afrisms acuity evwion or ;wh.t i; becomtag being in the Nor0l md the Guarantees all. Uemiere of TJ SLons the Rival Shatapv.m- llu- 

might be described as London s The RSC first visited the city to the Arts t-«»umil. ecn tk H. - u company 

•off-Eroadway” last year when, it mounted a the Stratford £f. bodJ are 

Nor was this all. Members of four and a-half-week season, seasons -the R.nal bhakeiPiJr oiTi rv hi M- J J w mort g|! 

the ramnnnT viaitwf cfthnnls. the • « Kr,v, 4 o,- wiJFh Often in the P as t iraieiiCQ iiullKLl> til Dl a 

rawer better wan they look, neiwer tne service i nave oougm irom oodles such a$ the Arts £70000 ^ " found Newcastle showed its appre- iV,,™* timtit retimed this mics but also that wimm in® example, na* wren 

ssuStXtt KsSFiSS s-'isr-li! s>' srsa as ss 

possible to prove it Before one because Mr. X spends part of my "tauc talent outside Boardf ^ ^ coimty coun . programme was not what ^ a disproportionate .vnwum 1 ^ heW a j K , ut a third season in 

can even begin, one has to face income on my behalf. We are ^ onaon - _ cilg 0 f Tyne and Wear and company would call a “pop SlTlflllPr timc r no T 973 iml llrayton hopes these 

the two penuanent examples of better off than the figures show. One precedent for sucb a Northumberland. Despite such Dne . ° n average 88 per cent, of and dismanilins syls ' a “ . . j/, iin-iliscil hv thv end of 

Sod's Law in economic statistics, hut nnbodv knows bv how much: mnv> <ira»iv ovtctc - Th. — thp sntc iron, cnM fnV alt npr- ui>.v 4 Ai Cmv. nartinilsr rapport was cswo- nm “*■ * ' 

7 UUUUCU. OUI 11 15 mi OUl I 111 - ui auwwuydJU u^uuiiuie, nrKctif* tilant nutrMn *^'«*'*V ““I . 1 1 " 1 ' . BUM. ., 

possible lo prove it. Before one because Mr. X spends part of my anisIlc talenl outside Board, and the two coimty coun- programme was not what the a disproportionate ■ 

can even begin, one has to face income on my behalf. We are ^o 110011 - "* cils of Tyne and Wear and company would call a “pop” StTIflllAr * imc , ? l ^ s ,? n 

the two penuanent examples of better off than the figures show. One precedent for sucb a Northumberland. Despite such Dne . on average 88 per cent, of and dismantling s*M 

Sods Law in economic statistics, but nobody knows by how much: move already exists.- The large sums no one win come the seats were sold for all per- According to Michael Gray- particular rapport 

The first is that . the more the growth of the black economy English National Opera com- out of the venture in the black, formances. son, the Theatre Royal’s general lisbed with an area, 

emni r ™ent fi f^ r ov?rnni/°whi^ !t^ ^ ^ hte d °" P any P 13 ^ 8 Leeds on a regular All the box money goes to While it could hardly be manager, Newcastle has one When it was sus 

is a precise headSSSt or for U_> basis and it was partly because the Theatre Royal which took claimed that a black market in practical advantage to offer the RSC might cnlertaii 

eligible liabilities— the harder it opera group went to Leeds some £ 89 , 000 . But costs were tickets existed it was certainly RSC: it allows the company to in Britain any numb< 

August. In the autumn the- 

is 3 nrerisp head-count or for * U1U lL waa Because uie lneaire noyai wnicn iodk m»L a practical aavantage lu uuh uie not. imyu . .■ f!f . n1 i Opera Will »e puw»i« 

eliaible liabilities— the harder it Flic^rkH-S^nc ^ opera S 1 * 0131 ? went t0 some ^-O 00 - Bn t costs were tickets existed it was certainly RSC: it allows the company' to in Britain any number o? towns nia *j i,i L . aSL . all this 

is to know what it means. The XAISlUl UUJU& that the Royal Shakespeare much higher tlian for a normal very difficult to obtain them for “play-in" on a smaller stage made overtures. Those * n ®J‘ h ‘ t a .„, ear that Newcastle 

important figures for output. Thetl there 3rc technical went t0 Newcastle. Some time production; it had to employ most performances except indi- before it goes to the Aldwych. Midlands and the South East m ■ latul” This week 

trade, stocks, investment, and distortions which everyone. a 8 ° Manchester made overtures nine spot-light operators for vidua! parts of Henry VI. The London stage is smaller were debarred for commercial is Koval there are 

the like are all inherently including the official statisti- to obtain the Royal Ballet Com- instance. Nor will the Royal The second reaction was more than that at Stratford and so reasons because it was felt that nn Brian Murphy 

inaccurate, plagued with the ejan^ tries to track down. The pany, but these came to nothing. Shakespeare do more than subtle . 1 The cast found that the productions have to be adapted, nothing should be dSne to affect * 001 j . version ©C the 
p «v.« 2 L a in « 1 X industrious Mr. Alan Hors nail. Elsewhere, though not strictly break even, because it has a audience responded to nuances As the Theatre Royal’s stage is the catchment area for either wttni • 1 1 " i;c(irvTe nwf { 

p a p Bur s e and Co- ^inks that a paraUel, both the Welsh very large company to take in the plays in ways which do much The same area as that at Stratford or the Aldwych. popular in 

This * lead* straight to the th ^ J olunie figures for stocks National Opera Company in around. For the performances not always happen at Stratford, the Aldwych, a production In Bristol is thought to have put =» 

second difficulty. b These in- dSorted ^tock^could^ be^unde! ^ Cardiff the Scottish National of Henry V, the three parts of At Stratford a large proportion Newcastle enables the RSC to up stiff competitio n but whereas Newca.Ht- — 

iccurate figures are revised as s t a t e d in volume when profit 
nore fads come to light, and maiEins riS m K . so that 


CC. — These theatres accept certain credit 
cards bv teleotiaiw ar at the baa ottcc. 



- . I.i r"-. j ““j margins are rising, so that 

V* f c t 9 "® ml8t frier| d ( ? nce showed rosls jj ave risen q u1 _ -w-i| j "■"% £^> 1 4 ~* j 

aS reptfrted bj^toatine RCU RllIU IRC6S DDR! fitUCSS 

he average change reported exchange rates, when pric« 
t j u,le ofter i in *be pai d j n sterling may differ 

SSSS test for National to-morrow “ - - 

• Street, has long argued that „„ 

GOSSIP wholesale price indices are com- w,iBU R#ij« 3 gont^fSj« Vie® 5 ' 

r pletely misleading in a recession, PARTICIPATION of Red Burn any heat remaining in his that Jon jo O'Neill has opted to Ton . c ^?aJ-St 7 ^ T tS 5 , &bvSSE*Tonior. 

For this reason the wise when any buyer worth having j Q Saturday’s 136 th running of strained hind heeL ride him in preference to several ana tu«*. ««* ' 7.00 Forte oi o«ttov: 

economist always Mstena alien- gets > discount; and. that may the Granrl NaKonal now deoends Th n na riHio win well-fancied candidates, 

5 vely to hossjd. which may be well be true here. Volume could nF “ ckL a J 5 U < ri who. reportedlv, include : — : ~ ■— 

ilKUiiibHtS .1“ MUtASr L s -.ip™!?!!!, “SSfil . , t < n^SSSuhJL MM,: ™ 

ssb- su"ppS n oi ms 0 »r?o s “ 0 f able 13 ‘ year< “ d ear,y ssSdSUft jun ^™sri pK css a 

omputer moSi* “£ wha? iS SSt" but to™ alffiS . 5 . ,7m MrV ,t„ nmt frrlrmttno K “ s “ and KaJ ' uirXdTorinSfoaf ho^o S » , li‘-rafS?V aas » l SKP? tE^S' IVi 1 !! 

“*? fli” "SSSS , 5 ° JJSff ably confident? Red Rnm “mei C 1 f”'" C „,... ..... Coital tES Kollr P BouSd «K “““ 


COLISEUM. Credit Card*. 01-240 5250. 
ResemaUons 01-036 316 T. 

gww ayaitable da* ot pgrfonnaneg. 
COVENT CARDEN. CC. 240 1066 . 

- In LESLIE BRICUSSE A Oo«i r - M«w. T.( 

•... ANTHONY NEWLEY-S Pie-*. Fri. and ! 


irtn Derek Crlibtli'. „ , STRANO. 01 - 3 ; 
Direct ea BURT SHEVELOVE_. Mit. Thui ^3 t 

■■ BHbbllna Bruce s, one man band E. NO S 

News. "Bruce forsvtli he is ine»hjnalable VfC 

the showis a *ird of Farsrthe Sana. THE VVOI 

D. Em. 1 LAUG 

Q 1 .S 3 B 0 * 4 . 

Otxui'. Mon. 7 0 . Subs- .JO. Ryj RrK* 

Pte-v Fri. and Sat. 7 . 30 . ALL SEATS 6 *. 

STRANO. 01-336 2 bfiO. EjMIHM 
Mat. Thui^. 3 DO. Sal*. S .30 and B-M. 



SSMMt «Sb.JS|. 6903 : ^W-S ROAD THEATRE. 2 S 2 7483 SJ MARTIN'S CC BM i 1443 
COVENT GARDEN PROMS M °" - AJm/KY HORROR SHOW i Mas. Tucv 2 . 4 S. bat. and Fr 

(Until April 1 1 

do-ati as “judgment"’ — in other Price indices naturally do their 

If, as McCain now feels reason- ciemence. 


MARTIN'S. CC EU 1443 Lwt 3 00 
:. Tim J. 4 S. bat. and Fri. S and 9 
26 lh TEAR 


^recasting record inspires little discounting; hut what they u > Saturday s race with Jeff King 

• onfidence in its methods, but inherently cannot do is to reflect , in the saddle, rather than wait- 

: bis is less than fair. The changes in consumer habits as ing for the April 12 running of 

’reasury is rather good at fore- they happen. When housewives »%«#»■**** the Postponed Cheltenham Cold 

asting the private sector — cer- switch their custom from lamb RACING Cup. Red Rum could well have 

: tinly as good as anyone else — to beef, or from one super- exactly 40 opponents. 

• nd only comes unstuck in Fore- market to another, or when they BY DOMINIC WIGAN nreconf Master n honrie 

i asting things it is meant to con- buy only from shops holding *** ZTl?' ® 2 K 

•ol. like public expenditure and sales they are getting an sho rte? than Ras Trade P Red 

; SnnSStan^’b.ner. to ^ P« wtU definitely take hie Run, c;n be beeSd a. 1 H -with 

jr the internal reason that one However, what is one to do chance on Saturday in the Sun- a run through Ladbrokes, 
jndarin cannot publicly confute with such intelligent but un- sponsored £ 50.000 steeplechase. Although both Master H and 
nother Mandarins figures. Any quantifiable suspicions? Only alas This morning. Red Rum has Red Rum are certain of plenty 

irrections made to departmen- echo the public speaker. That's his final pre-Aintree paddle on of support on Saturday, 1 have 

il estimates are kept quiet, a very good question, and I’m the Southport beach in the hope a strong hunch that Rag Trade 

However, the current critics glad you asked it.’. . . that the salt water will take out will wind up market leader-now 



Sat. 7.30 p.m. Maun. Tuc». 7.30 o.ra. 
The Firebird A Sonfi of the Earth. 

and Special Guest Sure 
" Gmaer Rogers WNU The audience I 

« ,W MaiL ! 

TALK or THE TOWN. CC 734 5051 . 
3 . 00 . pin.nn .^Djnt ia^ ^iO^ uper Ri»ue. 

and at 1 1 pm. 


i t»cninas 7 39. 


I Be Nigd Williams 

0 _J n„ m „„„1J svanaoie at IJ-I— a price inai. Walkviusom-Slilzut-Untltletl. sat. Monks- BOOK WITH EASE ON THs "IJ* i VAUDEVILLE daRB CC LW- al B. 

Cup. Red Rum could well have sure ] V virill not be available on hoo,, ■* Fareweii-Airoane-oodios-uiuiuM. exclusive Ty v °. T K 2 J 5 l Jt' ES ' MOTl - INC ] ta 3 i Tuei satv u a*»ci n- 

exactly 40 opponents. Saturdav uu 01-437 *ass DIBah sheridan nuua- gray . _ 

01-43/ &U33 Dinah SHERIDAN Dulaa- GRAY 

— — — - - 1 Eleanor summlrficld James GROUT 




2 . 00 — -Home Brew*** 
2 J 3 Q — Diamond Head 
3 . 03 — Space Project 
3 . 40 — The Donch* 
4 . 15 — Spartan Missile 
4 . 45 — Gaffer** 

ADEL PHI THEATRE. CC. 01-836 7611 . 
Eras. 7 . 30 . Mats. Thun. 3 . 0 . SaL 4 . 0 . 

Ol 1976 , 1977 and 1978 ! 


Sunday People. 


8 . Mala. Thurv- 3 . Sals. 5.0 and 8 . 30 . 

by Edna ruo Filippo 

— :r.: : 

VKTOEIA ^ t % o 0M,34 ,3,7. 

HUMORED YEARS." Sunday Time*. SHE,LA°HAricOC«? 

4 AY FAIR. CC. 629 3036 . • NEW L^l&ICAL 

Mon.. to Fri. 8 . 0 . sat. 5.30 and B. 4 S. Broadway's biggest HIT 

G0Bt> 9” < m A BLOCimoN U oF " E-N ‘ “j 'e*e»F.' from April as. -Opm'i Mai 3 

“‘W ShUfe J*Spear-; ,N ! WAREHOUSE" Danmar~ Tiieatre. - Co»eni 

-A compaysloaaic. fminy. Emu* eloaoMt ! '"g.iigLlT? 

play." Gdik -Hnarious." r.Std. "Wickedly «G *Si?2S-r , ^5r ^SStI 0 ' iMbL^c^ i 
ommiwfl." E. - Spe Bbln diwi." Ob v ?ft^ e s „° E % °« ATH.^ohn 

AFHMAtn ?4 A yccc bmii *ijd ih\c ThaiUDSCW % THE IORCNACCIO STORY 
Tw CMNTl! 6 J^«*ZsHER ?n renortu.ry Ad»n» BY9*- AWwyrh 

WUtKt I IP* IK IT AUVW&V ' All Mill fcl.SB 

■■ Rc ent'-T Agatha with anaiher whn- 
dun frit rut, Again* Christie ■« vtaiK-r-q 
the Wnt trd »« again with another 
ai her tieudimw i* muiUer 

mysWhes." Fell* Backer. Erenuio Naws. 


01.834 1317. 



I V Radio 

5 J 5 Ministerial Broadcast by account. 1 JJ 0 News and Weather 
the RL Hon. David Ennals. for Scotland. 

UP. Northern Ireland— 3 . 53 - 3.55 p.m. 


41.00 ajd. Cartoon Time. UBS Return 

ALBERT. B 36 387 B. Pam Rates. Credit 

KiBAWdHHHHMp^BiPni card bkgs- 836 1071 J 2 irom 9 a-m.- 

6 p.m. Mon.. Tues.. Wed. and Frt. 
poser and pianist Richard Rodney Ben- 7.45 p.m. Thurs. and Sat. 4.30 and a. 

nen. U-50 Dan August. 

HTV Cymro/Wales— .Vs HTV General 

Thurs. and Sat. 4.30 and a. 

f indicates programme in 
black and white. 

BBC 1 

6.40 aun. Open University. 9.45 
iobarb. 0.30 Jackanory. 10.05 
hy Don't You . . .V 10 JO The 

6.00 Nationwide (London 
South East only). 

630 Nationwide. 

6.45 To-morrow's World. 

7.10 Top of the Pops. 

7.40 The Good Life. 

8.10 Wings. 

9.00 News. 

9.25 Cannon. 

10.15 Breakaway Girls. 
11.10 To-iughL 

si/ 5 tc*e J Spears ' WAREHOUSE. Don mar Tncatre. Co»en* 

-A companlmmc. funny, fiercely eloquent ! Sgg*** JSP' lt -Sy t. 

aHat - C4h '■HITurioiyf r.Std. "Wickedly J RSC MMM . IIWR ABrll - 10. SttlMwerd » 

Weather for Northern Ireland. An»uia. sjo Arena, ^oo The six siiShm ST paT-uw "r David jowl 

WHITEHALL. 01-930 

_ ■ Evening* 8.30 Sat 6 AS 

01-930 6592-776S 
it 6.48 and 9.0 

England— 6.00-6.20 p.m. Look ^ ^ Service I Ne S°^ H ^ P ^ E S. PA ^uuc I 

AU 2 JK??- »c' ^ 5 32 - • lira tBjbSft CMMmn 1 ** JUvnwsa preseals MJMl 

East , fNorwich): Look Nord. un 5 S^JSS l J«JBr T WeM Hcad ' 

r Leeds. Manchester, Newcastle); «jm. The Uvins wand. 
Midlands To-day (Birmingham); 

Points West (Bristol); South - ATV 


booking in person or by telephone now NATIONAL THEATRE. 928 ' 225 Z- 

open icr London season of Shakespeare t OLIVIER (open stagel. Ton's. & Tamar 
V n " K U- H tNR .L. V ,‘ 7.30 THE CHERRY' ORCHARD by <Sek- 

Stratford. Bp* Office open 10.00, Mi. to hoy trans by Michael Frayn. 

Sc\ Revue of the Century 

Due to aver vrneim Ing public 0«m«nrt 

season extended. Plus e*lra perfs. on 
Fruiav 6 as and 9 00 from March 31 . 

U 4 H> un. Mr. Maaao. n m Tell Mel son at tne Donmar Theatre opens April 

Stratford. Bp* office oww 10.00 awn. to ho* trans by Michael Frayn. , — - - — 

6 . 0 ° Pan. RSC. new WAREHOUSE sea- LYTTELTON (proscenium stand'. Tbdjy , WINDMILL THEATRE. CC. 437 631 *. 

LYTTELTON (proscenium siaael'. Tbdjy , 
3 {red Or. mat J A 7 . 4 S Tontor. 7 as ■ 

To-day (Southampton); Spotlight U 4 W bjr. puaie Pany. nas Wcslwaj. Why. U 35 Wesnrar. LS PJRL A'enn and , ?; Dh SS’ k f o^ts" fiSnaf " ■ bv po “ or ™ E GUARDSMAN by' Moinar English l 

:>y- from Lapland. 10.55 Lippy n jo Weather /Regional News. 
Ion. 11-00 For Schools. Colleges. : „„ DQr 1 

JB P- m - Pn_ XJSF 1 eSC6Pt 31 

Pebble Mill L« the following times: 

South West (Plymouth). 

BBC 2 

U30 Professor. BalihaMr. L20 p.m. ATV Road Report. iOO women Only, Bltrtl0M fQf-836 68081. 

version by Frank Marcus. 

Neysdesk- 3-20 Berrl's Lot. A 20 The Pipei and Fri-nds. 5.20 crossroads. 6.00 almost free, ass 6124 . umhxd love' l E rre l ns m on “" m . ue 

LllUe Ho^e on Use Praine S 45 Happy SroUand Today. 6 JO Garnock Way. 74 » *Msem only! Wolf Manjkomtz s SAMSON paper by ^npid W«*w! 

Pays. MO ATV Today. 7 J» Let the Ctaippcrficld's Easter Clrctn. 8.0a Bless * W!* y ,l ® p,m ' Many excelleni encao tut, all 3 theatres 

Good Times Roll: Fihlisaivlr idikif Thiv Rnnoi TDK incL Sun. no snow r n. dav of oerf Car uric. Bmiiumm aia 

„ ... .. Good Time® Roll; 'Flfttus-aiylr music This Benw. UL 45 BEriUay Honours— 

6.40 aJn. Open university. __ presemed by Marty Wilde with Wee Isla si. Clair and :he Pegay O'Keefe 

twice Nightly BOD Md 10.00 
OPEN SUNDAYS b.OQ and 8.00 
PAUL RAYMOND presents 
Rlr OFF 

„ . . .MODERN ERA 

Take* to unprccedtond limiis wnar is 

daw of oerf. Cor park. Restaurant 928 .pwinimbro on our Mates." fc*a. News. 

■umpton: 3.53 Regional News f Wale^l 45 -W 0 p.m Baimaby. llM Play SchooKas BBC 1 3.55 ^ SSS: 5 S f SSL“ L « ». 

2033. Credit Crd bkas. 928 3052. 

lr England (except London). 4 /W Crystal Tipps and Alistair. 
15 Play School. 4.20 Winsome T 1 ren Sgf®tjh. 6 . 00-020 

itch. 4 J 5 Jackanoo'. 4.40 Wales To-day. 6 . 45 - 7.10 Heddiw. 
oOby Doo. 5.00 John Craven’s I 1 JB News and Weather for 
wsround. 5.03 Blue Peter. 525 "ales. 

idwig. Scotland— 6 . 00-00 p.m. Report- 

3.40 News. ing Scotland. - 7 . 40 - 8.10 Current 


3.15 pjn. Racing from Am tree. 
4.55 Open University. 

7.00 News on % Headlines. 

7.05 Choices for To-morrow. 

7.30 Newsday. 

8 o )5 Gardeners' World. 

8.30 Living in the Pasr. 


UjU Police .Woman. 11 j 95 Gardening cuunu: “ Tarantula." 


BORDER 1UW ■ um - R cturn io the Planer of the 

CLOD sum. Jungle Ted and the Urey- ,_gj° v j" nl °g .WIMUc. UB 

buiumpoppers. ii-H» Tell Me Why? n « 2 - D0 Women Ontj-. 

Wrttway. nao p.m. Border News. SJS KjfUE h? 

Lassie. AH Lookarmmd Thursday. 7 JJ 8 ^me. 5 ^ fcOO W by 

Mr. and Mrs. 7 J 0 The FI reels of San SIT' nJL„ Ul i «*"%■ J* 

Francisco, UMB Look Whn's TaBanc: 

A Rock Renn 

The Railing Stones’ Story 

928 : 76 16. 1 

You may drink and unokp |n jne 


The Old Vic Youth Theatre. Anvil 10-1 si; WYNDHAM'S. 836 3028 rnvi.t -j.i 
mS£ 2 " 1 £ 2 J*** arcta - 836 T 07 V 2 lrom 9 aSfl? o m 

APOLLO. OT-437 2663- EvjH. 8.00. 
Mats. Thurs. 3.0. 3*1- S and B. 


MfesInsB Persons. 

Prospect at The ow Vic. New Seaton 
gjg Af rl[ M with Tvreifth Niqbt and 
a»mt Joan. Phene box office for details. 

(Actor of the Year. E. 5td-i 
■■ IS SUPERB." N.0.W 

9.00 Table Tennis: Norwich KTdSu fato tn R a rey. ilis « 2 ? “TSL. S" 5 Sf! 

OPEN SPACE. Of. 387 6969. fvgs, a.dJ 
Triple Actions. ORPHEUS. 

Mon -Thurs. B. Fn. 3 Sat. S .15 and 3-30 

M y£ R X.£ u .f NV - ' EvBn,n " News 

Marv ° y i wash -hit Comeov 
supreme comedy cm sex and religion." 
. °2' rv Teteoraph. 


LAUGHTER. Guardian. 

Mol Wud. S.^t^ 3 ^ Tl\ 


T *HiMraaw«" i 

um^iW^&^MbHU^nnwn." Dally 
Mali. Lost Week ent&sn. y 

Union Trophy. VJSSW" ^ Wtai ARTS ™ EA ^' Stoppard 0 ^ 36 21 ^ 

9.30 Men Of Ideas. tI2-« border News Summary. ______ dirty linen Evgs. a Mat. Wad. 3. 

10.15 Late News on 2. . /-UAiwiwcr TYNE TEES TbellS^a^ 1 ! 

10J!5 Mid-week Cinema: "The CHANNEL Go ? d word followed by Saturday at 7.00 and 9.1s. _ kings & clow 

Liberation of L B .Tones " LU pan. Channel Lmwtmme Neva and North East News Headlines. UJH Car- — — •• by ^ w 

Ldoeranon 01 l* o. jones.. ^ ,. s 0n vyin're. UJ8 Channel News roon Time. 1L05 Stdppy. 1XJS WeStvay. ASTORIA theatre. Chairing Cross Road. Succeiifol sJlrtt entcrtair 

wwbS; tS Tte*” 1 JuZ L20 p.m. North iBsiSm and S^rS 1, ’’WSfinT = — *** et 

I ON DON DuHar Man. UL28 Channel Laie News. ^ Women Only. 505 The • s«|£rSy sUSS vSP b"<S' pm °EN , X. i< , i 01-836 8611. 

L”* ' 3-rV/lT UL47 Sounds Silver. UJO TV Movie: 5£ B,1 £ Bnnch. 6JJ0 Northern Life. 7JB ELVIS T VD**?4c K ^"JiSii 

9JJ0 a.m. What’s New in School. "Terror on ibe Beach.” 1245 o.m. News ™i ! S 25t rel *t 7 M Tt| e Bionic Woman. insUni Credit Card Resenranlons 8ft in unvarn r*5m 

11.TO Once Upon a Circus. 11.15 «- * rrcact. gj S' M.c.^r'Sn. Bar lunentime and before or after ahow | New Comedy .by - Ro 

Beany and Cecil Cartoons. 12.00 r,DAMPlAV EpOosue. “ bestHSu^T^ 0 ” ™h“year P'ccAmy-Y. 437 awe. c« 

Charlie's Climbing Tree. JULIO pjn. lt|JAMPIAN rir errn evening standard award i 3 LJ 0 a’« 

DAUGH TE R.-' Guardian. 

jg 1 ” SUPERSTAR YOUNG VIC (near Old V,c.>. «a^636X 

PHOENIX. 01-83(1 I?r " 0! 2!lF.7 ,rt *. * Golldopatern 


0k,n,J ,Dr Royil Shak*- 
S5tjS r> n.SBf l !. PJ "n 5 , award-winning Mae- 
bem. opaninq April 4. mi scan £2 . do 

(heavily booked until May 1SJ7 


Instant Credit Card Reserrotlona Eat In I 


16.45 What FetUei n TO BanJexromvL I otrr fully -licensed Restaurant or BuHei 
12-00 Rich Man. Poor Man. J2 js 5 u. 8ar t VS^SJSJ ftn ‘ sJ,0W 


















S tec Din'’ Stones 15 L 30 Make It ~ , - Si aJ ”- J ruv ™ na - Cartoon ULSTER 

CounL I M News nh^FT Index 7 ^' ^ TeU 1LM, Westway. 11.M a-m. Can™ T^me lua Tell Me ^J™ 10 

luuql ioUil iicWb pius> p L khQca. U Q p.m. fa ram p lan News Head lints. fiPO um«, ii « g M Thurs- 

1J20 Help ! L30 Crown Court. Grampian Toda,-. tjm tik sl^^iuuon ui^ m«l ^ B?« cxcitin 

2.00 After Noon. 2.25 The Crezz. Dollar Uao. , « ReflocUom. 10J» JStic. «ao ffite HoSSTon tte pUIS F WtSK 
3JW Quick on Ihe Draw. 3^0 The Soi>mcan - 11-30 Biretla - (LOT Ubur Televlaloo Nows. 805 Cross- Plnn l1 1 

Sullivans. 4.20 Little House on the r n AV , n , "TC- 7 ‘ w ^L p * rtDers ' — £ =- 

Prairie- 5 15 Mr and Mrs CrKAlNAUA 7J ?. Th f. Djonfc Woman, uas Counter- comedy. 

5 45 NewsL IL* a-m. Sesame 5 ik«i. L 20 P-m- E !SftL r 3?-' 

enn e Ttus is Your Ri*ht with Lord Winsvunley. Day - 1135 * jn - Bedtime. 

BEST - MlSiSJS. l OF“THE“YEAR "a 3 6^ 107*1 “*2** Urd 5 kas - 

EV6N1NG STANDARD AWARD JS"8. 9 1 5 a w^ SiJV. I.® 

CAMBRIDGE. CC D1-836 60SG. Mon. to Evgs^lamSra^Iwarf 1 * 

Thurs. 8-00. Fri.. Sat- S.45. 830. Raval? Award, 

6NIX. 01-836 8611. April is 



A New Comedy .by Royer Rvton 


p ICCAWU.Y. 437 4506. Credit 

ABC 1 8 

636 6861 . 



seo. Pens, all seats 

5 fc vE»fflLl¥ C y£ “S 1RIX cu> : 

Sullivans. 4^0 Little House on the 
Prairie. 5.15 Mr. and Mrs. . 

5.45 News. 

64)0 Thames at 6 . 

£.35 Crossroads. 

7.00 The Bionic Woman. 

8.00 Robin’s Nest 

' 8 JO Armchair Tbrilier. 

9.00 George and Mildred. 

9 JO This Week, 

10.15 News. 

10.45 Mavis. 

11.15 Drive-In. 

nniia'r u »-> 4 'J ,su ‘ r uca ai'nes. ug Bid Bine exciting black 7 afncan musical '"‘£7’ tSZt!Zfi a * Camden plaza T ob ^ — 7~Tr — i — 

S 5 jr-*jnj 2 -- ' flWMh 3 '*“’ 

rni . r . n . roads. bJO Reports. 7.80 Til- Partners. — Pinner and top-price MM 68^5 jnc- EXTRAVAGANZA." S. Times. ™ E DEVIL. PROBABLY (X) 

CjKAINADA 7 -*.‘ n, 8 BJonlc Woman. IDAS Counter- COMEDY. • 01-930 357 B. PRINCE EDWARD CC tFDrm^l^' I-J, _ ^Snp?i°?.K 

LLM a. m- Sesame Sireei. L 2 D D.m. rolnt LLlS Hasan’s HenMw. LL® Wed- Evenlmj 8 . 0 . Thurs. 3 . 0 . Sat. 5 . 30 . 8 . 30 . 0,-437 68 ^.“ W I M Aorl1 5th - 

This is Your Rkht „[,h Lord BM. *** Day. 1215 a.m. Bedtime. JS 22 S& J “"* aT clr ^ T : , , 

**■ 5JD TW ? B Yoaj " RtaM WESTWARD THE HIT COMEDY , H1 IRh!leh ALS — S5S Tottenham Court^Rd." TubcL^filfi *mb' 

(second chaneo U) let Lord Wmsianley’s n wn rfnm a™ 11 11 T»n MURDER AMONG friends PRINCE OF WALES. CC. 01-930 Beat’ ' Bertoiutt.-s 1000 p^ft 1 p.m*' 

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Financial Times Thursday March 30 1978 


Lorenzo Bartolini 


Perhaps to belle its reputatior 
as a hustling commercial centre. 
The Tuscan city of Prato in 
recent sears has sponsored a 
number of bold and fertile 
cultural enterprises. Its TeatTo 
Melaslasio is now one of Italy’s 
most active, imaginative .theatres, 
and in Prato the. producer Luca 
Ronconi has. with local financing, 
set up his controversial but 
^timu luting theatre workshop, 
lhe Metastasio also presents 
recitals and concerts of all kinds, 
and there . are nourishing art 
galleries in the heart of the old 
town. Not far from the Duomo 
(which houses the Donatello- 
Mlchclozzo pulpit), in the hand- 
some 14th century Palazzo 
rretorio, the city has now set 
ap a remarkable .exhibition 
(which continues through May) 
dedicated to a favourite local son, 
the sculptor Lorenzo Bartolini, 
bora at Savugnano di Pratu on 
January 7. J777. 

Of a poor family. Bartolini 
began studying in Florence at 
the age of 12, maintaining him- 
self by working as a stone-cutter 
making decorative objects, such 
as pots and vases, for Florentine 
gardens; he returned to this 
trade, much later during one of 
the difficult moments in his life. 
In 1802 he moved to Paris, 
studied with David, and was 
taken up by Bonaparte circles, 
especially by Elisa Baciocchl, 
who became an important 
patron. After Napoleon's fall, 
Bartolini did not change his 
political allegiance. He visited 
the Emperor on Elba, and re- 
turned to Florence only after 
the Hundred Days and Waterloo, 
in Italy, hjs fellow-citizens re- 
ceived him coldly, but he en- 
joyed a fortunate popularity 
among Florence's large foreign 
colony. Miss Mary Berry, in her 
diary for October 2. 1S19. wrote: 
“Tn the montinc to Bartolini’s 
the sculptor. He makes verv 

good likenesses in bis busts.” 

Like other sculptors of his 
time, Bartolini first made a 
gesso, from which the marbOe 
for marbles') was/were carved. 
He then kept the gesso figures 
in his studio where visitors came 
to see them. Thus the studio 
served as a kind of samples-case 
and museum. After the artist's 
death, the collection underwent 
various vicissitudes, the last and 
worst being the .Florence flood 
of 1966. Now these delicate 
plaster works have been pains- 
takingly restored, and they form 
the core of the present Prato 
show. A visit to the first floor 
of the Palazzo PretoTio is like 
a visit to BartoHni’s studio in 
the San Frediano quarter in the 
1830s or ’40s fhe died in 1850). 

The busts play a major role. 
The organisers of the 'exhibition 
have made an intelligent choice, 
ill usira ting not only. Bartolini ’s 
skill but also Ws range of inter- 
ests and associations. He asked 
permission to do Byron; the poet 
agreed on condition that Barto- 
lini make also a bust of Teresa 
Guiccoli. the last attachment. 
And there the -two lovers are: 
the poet plump of face but still 

comely; Teresa, not convention 
leaftifui. but youthfully 

ally bea 

winsome, ajqu ante. There are 
also busts >jSf the .actor Vestri, 
and of Rossini (the marble is in 
the Metropolitan Opera House in 
New York)., The gesso has a 
livelier. - more direct quality 
than the marble. And sometimes 
the marble — which -was likely to 
go to the. sitter— is more flatter- 
ing. The marble portrait of the 
Duchess of Lucca. Marie Louise, 
now In the Galleria Nation ale In 
Parma' is stately, decorous, cold; 
the gesso, now to: be .seen in 
Prato, is chubby, homelv. the 
course features more explicit. 

Bartolini was divided between 
idealism and realism. Some of 
his la-ger compositions— like the 
kneeljng girl known as La fiditcia 
in Dio (Trust in GodJW-have a 

sentimental . tinge in their high- 
mindedness. Others like the 
elegant group of Lady London- 
derry and her son . combine 
humanity with classic repose 
(the marble is at Wynyard Park, 
the Londonderry home). One 
room in Prato documents a 
famous scandal sparked by 
BartoHni's devotion to realism. 
When, after overcoming political 
hostility, he was . finally 
appointed professor' of sculpture 
in Florence, he shocked some 
contemporaries by using a 
hunchback as a live mode] for 
a figure of Aesop, an exercise 
for his pupils. There were 
furious exchanges in the Floren- 
tine papers, long essays on what 
was Beautiful and therefore 
acceptable in art. This was in 
1S41-42. Five years later. 
Bartolini met the young 
Giuseppe Verdi, and three years 
after that a hunchback got Verdi 
into grave trouble, when he was 
preparing his RiaoWto. in 

If Bartolini is at all familiar 
.to tourists nowadays, it to prob- 
ably because of bis monumental 
work, notably the serene , tombs 
in Santa Croce. Another am- 
bitious monument — to Prince 
Nicholas Demidoff — has- long 
been invisible, behind protective 
boardings on the Lungarno 
Serristdri. Restoration., however, 
is now under way, and the warts 
should soon be again oh view. 
Meanwhile, in the varied, collec- 
tion of Bartolini drawings dis- 
played in Prato numerous 
sketches for the work can be 
seen, there is also a section of 
the show devoted .to photographs 
and studies, of the' big monu- 
ments, including this one: 

The Prato show represents an 
important contribution to the 
rediscovery of Bartolini, in the 
context of a wider rediscovery 
of neglected 19th century Italian 
sculpture. The exemplary cata- 
logue will remain a precious, 
vital document. 

Collegiate Theatre 




■ '"-i ' 

r‘\- ^ 

Bartolinfs “ Baccante,” 1823. The marble is at- Chatsworth 

Whether the simple circum- 
stances of a daughter disappear- 
ing from home disguised ' as a 
boy (in order to pursue secretly 
a. lover who has deserted her) 
was so rare an occurrence in 
early 18th-century family life as 
to be able convincingly to drive 
a father to raving madness- 
demented with fantasies that his 
world is peopled by mythological 
and astrological figures, I frankly 
doubt But that is the basis of 
the . story provided by the 
anonymous librettist of La 
Spinalba. ornero il Vecchio 
Motto ( Spinalba, or the old mad- 
man). which was first performed 
in Lisbon during the carnival of 
1739, revived there in 1965 by the 
Gulbenkian Music Festival, and 
staged in London for the first 
time by Phoenix Opera in the 
Camden Festival on Tuesday 

Needless to say. the plot is 
complicated <fry all the features 
usually associated with travesty 
roles; in her disguise as a boy 
Spinalba Is loved, by her cousin 
Elisa, who in turn is pursued by 
two suitors, one of whom is the 
former beloved of Spinalba. With 
the addition of a pair of comic 
servants, and an alternately 
dominating and tragic step- 
mother of Spinalba, the stage is 
set for a comic opera In the full 
Italian style. • 

But what is such an Italian- 
style piece doing in the Lisbon 
carnival of 1739? The answer is 
that throughout the Iberian 
peninsula in the early decades 
of the 18th century, the Italian 
style spread like wildfire. In 
Spain it co-existed, with native 
zarzuelas; under the influence of 
Philip V Italian composers came 
to Spain and wrote Italian 
operas, sometimes to Spanish 
libretti. In Portugal the .same 
end appears to have been 
achieved by different means: 
though John V did import Italian 
musicians (one of whom. Ales- 
sandro Paghetti, founded an 
opera company in 1735) he also 
sent native Portuguese musicians 
to study in Italy, when thev 
acquired a knowledge of tb* 
fashionable style. 

One such composer was Fran- 
cisco Antonio de Almeida, who 
travelled to Naples and Rome in 
the 1720s. returning to Lisbon 
around 1730. He produced La- 
paziema di Socrate in 1733 and 
Spinalba in 1739. It is said that 
he studied with Alessandro Scar- 
latti, -and that “ it is certain that 
he would have known the work 
of . . . Handel ” (Camden’s pro- 
gramme); these two composers 
are claimed to be the major in- 
fluence on his idiom. But can 
this be sustained? Scarlatti’s 
operas were not performed in 
Naples after 1718, and Handel 
was long since gone to England. 

Qf course their style survived, 
but the operas Almeida would 
have been most closely In- 
fluenced by are those of the next 
generation: Leonardo Leo 

(whose ensembles provide a 
model for Almeida’s second act 
quartet-finale) and Leonardo 
Vinci (whose comic scenes are 
echoed in Almeida's). They both 
worked in Naples: the indirect 
influence of Vivaldi and the 
Bononclnis. who worked in 
Venice, is also felt Unless 
Almeida kept in touch with Italy 

after- he left, he might not have 
known Rergolesi’s buff a works; 
his highly developed sense of 
comedy would be the more 
remarkable if this were so. 

Certainly there is nothing 
distinctively Iberian in Almeida’s 
music. (The rhythmic soaps, and 
quick major-minor alternations 
in some of the arias, which recall 
the. music of the Italian-turned- 
Spaniard Domenico Scarlatti, are 
no more than the familiar 
Lombard devices familiar from 
the arias of Leo and PergoJesi). 

Her Majesty’s 

The Travelling Music Show 

by B. A. YOUNG 

Reviews of biographies, 
memoirs and diaries are 
on Page 27 

Within the Italian context, 
though, Almeida mixes -buff a and 
serid conventions with some 
freedom and considerable wit. 
The priggish suitor Ippolito 
(Geoffrey Pogson, emblazoned in 
truly shocking pinks and 
purples) is given a blustering 
military aria introduction — but 
he then sings a feebly tender 
gavotte. The servant Togno 
(Alan Watt, puckish but -not 
quite as funny as he might be) 
is given to rehearsing snatches of 
the arias sung by his master 
Leandro (Richard Berkeley 
Steple, pleasant of voice hut even 
wetter in character than the part 
suggests). Spinalba (Helen 
WaUcer) has some brilliant, 
denianding arias, while her step- 
mother (Johanna Peters, most 
aih using) has— after all the farce 
qf-tfhfi part— one lovely, warm 
pumper as she consoles her mad 
husband in the last act. 

The -best singing of the evening 
comes from Della Jones as 
Elisa, suitably taunting her 
idiotic pair of suitors with husky, 
welljprojected rebukes, and from 
Kate Flowers as her maid 
Vespina. the latest in the Norma line of pert, sexy, 
brightly-voiced sopranos. Nor- 
man Welsby manages his insanity 
most convincingly; his first aria 
is one of the many whose middle 
section it was a pity to lose in 
the interest of speeding up the 
action. But it must be admitted 
that this absence of most -tin 
capos helped producer Tom 
Hawkes to provide a fast moving, 
funny, evening’s entertainment. 
Rodney Blunter provided an ex 
cellently clear, down-tiwarth 
English translation, and the Park 
Line Music Players performed 
rumbustiously. with enjoyable 
spirit if not much sophistication, 
under the ever-alert baton of 
Michael Lankester. Further per 
forraances today (Thursday) and 

. Arts Council award 
to playwright 

; Playwright Richard O’Keefe 
(33) has-been awarded a £3,000 
Arts Council Theatre Writer’s 
, Bursary, the -maximum award 
under -the Arts Council's New 
Writing Scheme* 

These awards are given to 
writers in order to free them 
for one. year’s work. Richard 
O'Keefe has already started work 
on his full-length stage play, 
provisionally entitled The 

Those uncountable millions 
who live from week to week for 
The Generation Game will have 
an ecstatic time at The Travel- 
ling Music Show, for Bruce 
Forsyth is on stage virtually the 
whole evening. He starts "with 
bis familiar routine of insulting 
the audience, but even Richard 
PiJhrow has not been able to 
reproduce the television trick of 
cutting to a close-up For the self- 
satisfied smack of the lips that 
follows each' insult. But once 
we are all. as it were, friends, 
Mr. Forsyth gives us something 
of a regeneration game. Free 
from the skateboard of weekly 
cliches on which he has to slide 
his way through hie Saturday 
evening stints, he reveals him- 
self as a genuinely comic and 
versatile player. 

There is a notional plot. Mr. 
Forsyth is Fred Limelight, who 
has taken his foundering show 
into the West End In -a last cast 
for success. The company con- 
sists of Fred, his wife Evie 
(Valerie Walsh), his daughter 
Sam (Katie Budd) and his sister- 
in-law Elsie, who is less keen 
than the rest and elopes in time 
to avoid making an appearance. 
There are two more in the com- 
pany. Reg (Derek Griffiths) and 
Kira (Tony Maiden). 

The notional theatre is repre- 
sented by a toy curtain and a 
toy pros arch nestling among the 
Pilbrow’s Benefit of lights, and 
a view of all the props and 
costumes in the wings. (There 
are some miraculously quick 
changes.) The players are sup- 
posed -to be second-rate, partly 
because this is a run-down com- 
pany anyway, partlv because 
they are having difficultv in 
covering up for Elsie. But their 
inefficiency is simulated with 
skill, fun and understanding, 
and gives rise to such unexpected 
scenes as Derek Griffiths, one of 
the funniest comics I know,' 
playing an English schoolgirl. 
“Silly tittle me" humour is hot 
my cup of tea, but I wasn’t often 
as embarrassed as sometimes I. 

I was more often embarrassed 
by the sentimentality of the 
songs of Leslie Bricusse' 'and 
Anthony Newley, who do not 
write the kind of song that I 

Bruce Forsyth 

Leonard Burt 

happen to like. Nearly 40 of 
them are heard — or almost 
beard, for in spite of amplifica- 
tion that even in Row D brought 
the voices from the speakers 
rather than the stage, the 16- 
piece band in the pit easily over- 
came them. There is a good 
deal of thin material in. the 
script loo. I thought it a pity 
that Mr. Griffiths wasn’t given 
something rather better to do; 

but it is clear that the show is 
designed to be a showpiece for 
Mr. Forsyth, who is indeed 
seldom out of sight. 

Since so many people are so 
fond of Mr. Forsyth, there seems 
to me little doubt that The 
Tracelling Music Show could run 
qs long as it likes — long enough, 
perhaps, to get hack for Hillard 
Elkins some of what he lost on 
Kings and Clowns. 

Sadler’s Wells Theatre 

Pilobolus II by CLEME 


For much of Pilobolus Dance 
Theatre's second programme on 
Tuesday night 1 was mentally 
substituting “ Gymnastic for 
“ Dance ” in the company's title. 
The strong muscular activity, tfie 
clogged dynamics, all suggested 
something nearer the dread- 
items that the Olga Korbuts of 
this world scuttle through at 
Olympics time. The opening- 
Ciona evoked, at its beat, the 
experiments of Nikolay Foregger 
and Kasyan Goleizoysky- in 
Moscow -m the 1920s, when 
dancers were impersonating 
machines, or indulging in the 
plastlque extravagances of 
Joseph the Beautiful. 

The succeeding pieces were 

earnestly iigbt-hearted, or just 
earnest. And then fame Shizen, 
a duet for - Moses Pendleton and 
Alison Chase, whose score by 
Riley Lee captures the -sounds 
and procedures of Japanese flute 
music. It is a brilliant piece of 
wood-wind writing, and it in- 
spires and impels the dancers 
in a pas de deux that escapes 
from the gymnasium into the 

Miss Chase and Mr. Pendleton 
are seen singly, bathing and 
purifying themselves, before 
embarking upon an erotic en- 
counter that uses Pilobolus’ 
athletic manner to create very 
sensual sculpture! images- Un- 
like any other piece I have seen 
With this troupe. .S'hivTi in 

have a clear sense of dynamic 
purpose: the movement pro 
gr esses, and so does the emotional 
state created by the two bodies 
It is somewhat self-indulgent a; 
to length, and over-solemn; bui 
it has choreographic shape, and 
it is impressive. 

For anyone interested in dance 
may I suggest that some of tin 
best choreography in London car 
be seen at the Tate Gallery 
where the glorious Blake exiiibi 
tion shows stunning poses, f rdzer 
energy, caught at the most thrill 
ing moment In certain drawing; 
every pose speaks of movement 
Anyone who knows de Valois 
Job will understand how beauti 
fully Dame Ninette freed Blake'; 

tfanr-pc in hoi- hallo* 

Riverside Studios 



TainerJunn is rightly placed Tamerlano there in 1976. The elusion of what he discarded and indeed rather wasted on 

with Gi/tJin Ccsorc and Rodclinda rest of their London week com- virtually reversed his intentions, what was left of his part Fiona 

umnn.i iho nf the nner-ts prises Haydn’s Lo Speziale to- True, most of the arias actually Kimm was a likeable, fiery Irene 

„ A fn.,- n *sht end tomorrow, with sung were complete with taste- and Ian Caddy's firm and 

Jianau wrote in tne i/-us tor Tamerlano repeated on Satur- fully embellished da capos, add focussed bass half- justified the 

Marios Papadopoulos 


son at the King’s Theatre the seats for the audience. A dia- not Handel's Tamerlano and one produce these as semi-comic 
following October. Handel took nicrad shape is marked on the could only accept it as a series asides to the audience. In view 
much trouble over it: with his floor, divided into' smaller of semi-staged excerpts. of Jane Glover’s often expressed 

literary collaborator Hayui he diamonds which can be indM- As such it was well cast with enthusiasm for Handel I wish 1 
wurked from two earlier versions dually lit (very effectively); the Alexander Young re turn ins to could have found something 
of Agostino Piovcne's libretto orchestra is on the left. There sing Bajazet. a role with which special in her conducting, hut it 

1 - u , -“ r — *- — J -*• ' • - • — - -——*■* par for the course 

" springy rhythms 

r i numbers and 

nr the liliretiu is a long-forgotten suited to Tamerlano, which top.^ and though perhaps a alert accompanied recitatives but 
play by Pradon. entitled Tamer ■ needs no special scenic effects, greater weight of tone is Deeded little _ in _ the way of shapely 
June, au iu mort tfe Rajaret — but in confining his props to' a for the part, Mr.. Young’s weight phrasing in the. slow arias. The 
Mi*nitic:intly. for it is the death knife, a cup and hand-chains, of experience compensates: the dry acoustic perhaps exaggerated 
nf (lie captive Turkish emperor producer Patrick Libby carried death scene was as intense as some scrawny tone and untidy 
Ural Torms the stunning climax austerity to unnecessary limits; could be desired. Eiddwen ensemble in the small orchestra, 
of the opera. the opera being sung in Italian, Harrhy’s Asteria was moving. Ultimately an unhappy evening: 

ilivniUaicd by his imprison- some simple indications of situa- her main Act 2 and Act 3 arias Handel’s performing version of 
ment and racked by Tamerlane’s tion would have been helpful to expressively moulded. Counter- ramerlmui is a areat«r i«-nre 
passion for his daughter Asteria, the audience. “ Asteria scende!" tenors Kevin Smith and John 

Eaja/rt is a truly tragic figure, is the startled cry as she steps York Skinner were apt to Tateer- shocking, more forwanWooking 
llamirl’s music, elevating the down from Tamerlane s throne; lane and And ronieus, the former opera than AJusica nei cmasiro 
role far above lhe embittered but there is no throne and steely, the latter nobly toned seem to believe, 
and haughty ranter suggested by Asteria is on terra ftrma through- 

ilic libretto, is a tribute to the out ' — u*ti 

talents «»f the great tenor Boro- The musical disappointments tllzaDetfl nail 
sim. Tor whom the pan was were, alas, rather greater. A few 
written. The nominal hero, cuts are to be expecled in so 
.-Ytlgria’st lover Andronicus (an long an opera (a mere hoot 
aha castrate role), is pallid by shorter than an average 
comparison, though his part is Wagnerian night), but by any 
endowed with two of Handel's measure those in this production, 
nioai noble ami expansive arias, were unacceptable, especially- as 
Asteria herself is powerfully some of them made way for the Marios ‘ Papadopoulos earned welcome relief after the first halt 
drawn, with a vein of tenderness restoration of material specific- , golden opinions with his Eliza- of the recital, which comprised 
that keeps our sympathies cn- ally removed by Handel for both Hair debut four years ago, a lacklustre reading of Mozart's 
paged. Tamerlane, the second sound dramatic reasons. About and one might conclude that his. c_ nat8 jn A vm and an inter- 
calate role, is aptly smug and half of the 1724 performing recital last week showed 

menacing by l urns, and his version was given, the severest him well below his best mmable perjonaartee or the 
rejected fiancee, the determined losses being Bajazet's “A suoi form. His crisp touch at the Schubert Fantasy-Sonata in G. 
princess Irene, is neatly sketched, piedi ” and “Empio. per farti keyboard makes a transparent. No doubt the tempi Papa- 
Tamerhinu has until now re- guerra” (rather like cutting caddid sdund. but in this pro- doponlos chose for Schubert’s 
ceived no modern revival in “ Fuor del mar” and "Tonia la gramme the interpretative in ten- first two movements were 
London, so it ought to have pace ” from Idomeneo ) and all tions it revealed were of the hit- dictaletT'by honest feeling, but 
been a good choice* to begin the five da capo arias for Andro- or-miss variety’. The confident — he did nothing to preserve any 
opera week given at Riverside nicus except for half of “cercq and colour be brought to an early sense of forward movement, and 
Studios by Musica nel Chlostro, -in vano,” transferred . with suite of preludes and dances by the music simply expired. It 
a group of British musicians who Asleria’s “Non ft pi d tempo” Manos Hadzidakis, For a Little was a mistake to cripple the 
since 1974 have presented operas from Act 2 to Act 1. In the final White SfliAeU, were* not opening subject by turning all 
annually at Batignano . in scene the removal of what matched in any other work. •• its semiquavers into bland 
?oMhem Tuscany. (They sa v « Handel performed and the In- The Hadzidakis suite made a quavers, but in any case the 

problems of sustaining this 
discursively lovely work were 
scarcely recognised, let alone 

Papadopoulos displayed some 
conventional virtues in a group 
of familiar Chopin pieces (and 
a. proportion of wrong notes 
which ran well above par). The 
conventional excitements were 
often sabotaged by a curious 
pick of throttling climaxes — as 
if the pianist were suddenlv 
remembering not to nound— and 
hv a degree of rhythmic incon- 
sequence that left the sinews of 
the music slack. He is surelv 
capable of keener concentration 
than ’this.- and it 'would serve his 
communicative ends better than 
naive -sincerity. 

Cust-free, f nunediufe reservations van. now fee made for over 45 ELM hotels in France, 
" French West Indies, French Guyana, Dominica, . 

Egypf» Crcece, Iran, ItalyiandMoroceo by a simple phoneoall lo: - 



- Telex 777 771 



Financial Times Thursday March 30 T9TS 


Telegrams: Flnaniimo, London P54_ Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Thursday March 30 197S 

Begin refuses 
to move 

MR. Menahem Begin, the 
Israeli Premier, received a 
stormy reception from the 
opposition Labour Parly when 
he gave an account yesterday of 
his talks in Washington last 
week with President Jimmy 
Carter of the U.S. That could 
have been expected for very 
good substantive reasons quite 
apart from the rituals of parlia- 
mentary democracy. On Sunday 
Mr. Begin managed to close the 
ranks behind him within the 
Coalition Government. How- 
ever, all the indications are that 
the majority "of the electorate 
arc profoundly dissatisfied with 
the manner in which he has 
Succeeded in antagonising the 
‘U.S. Administration and damag- 
ing Israel's image abroad. After 
*30 years of con diet with the 
Arabs, this beleaguered people 
■understandably sees the ques- 
tions of territory and security 
; as being integrally linked. Yet 
the majority would prefer to 
1 secure a peace agreement than 
insist on the Jewish right to 

• settle anywhere in Biblical 
Palestine and rely on the pro- 
foundly dubious metaphysical 
arguments used to justify the 

i policy. 


Depressingly, Mr. Begin 
Showed no hint of flexibility 
ollowing his trip to Washington 
put rather a hardening of his 
ittitude on the two issues which 
have been mainly responsible 
f or staling the peace initiative 
darted by President Anwar 
iadat of Egypt last November, 
-tad which now threaten to kill 
t stone dead. First, he spelt out 
- nore categorically than ever 
*is Government's rejection of a 
; J.S. proposal that after a period 
. »f years the inhabitants of the 
iccupied West Bank and Gaza 
■ Strip should be allowed to 
-hoose whether they wish to he 
inked as a less than fully 
-.utonomous entity with Israel 
*r Jordan. Secondly, the Israeli 
, ‘remier defended as dogmatic- 
lly as ever the policy of 
leveloping Jewish settlements 
n territory occupied- in 1967 
1 His objection to a plebiscite 

• in the West Bank and in the 
feaza Strip was that it would 
had to the creation of a radical 
Independent Palestinian state 
eopardising the security of 
srael — “which the U.S. itself 
oes not want.” Mr. Carter who 
? known to favour a Palestinian 
ntity linked with Jordan, has 
nly edged a very short way 

towards the maximalist Pales- 
tinian aspirations supported by 
most Arab countries. Mr. Sadat, 
too, has shown great modera- 
tion, since he launched his 
initiative, in implicitly exdud 
log the Palestine Liberation 
Organisation from the discus- 
sions about the framework for a 
Middle East peace settlement, 
despite his pledge at Rabat in 
1974 to recognise the PLO as 
the sole representative of the 
Palestinian people. Mr. Begin 
has at least conceded the prin 
ciple accepted by the world at 
large of Palestinian “self- 
expression," without which 
there can never be an overall 
peace agreement. 

The refusal by the Israeli 
Government to agree to the 
principle of any withdrawal 
from the West Bank and his 
attempt to reinterpret U.N 
Security Council resolution 242 
to exclude the territory has 
been one major obstacle haltin: 
Mr. Sadat's initiative. The other 
has been Mr. Begin's stated de- 
termination to hang on to and 
continue development of Jewish 
settlements in Sinai at all costs 
even if they are situated on land 
eventually returned to Egypt 
It was this insistence which 
soured the Israeli-Egyptian 
dialogue in January as many 
Israelis, if not their Premier 
fully appreciate. Sinai does not 
have the same religious and 
emotive significance as the West 
Bank. Nor would it have the 
same importance for the state's 
security if a peace agreement 
were concluded with Egypt 
Moreover, contrary to what Mr 
Begin says, and as the U.S. 
Administration has stated, the 
Jewish settlements are contrary 
to international law. 

No illusions 

Having stated his funda- 
mentalist position so explicitly. 
Mr. Begin can hardly expect the 
resumption of substantive 
negotiations with Egypt which 
he has called fur nor can he 
have any more illusions about a 
bilateral peace. Sooner or later 
his Government must realise 
that a much greater measure of 
Palestinian autonomy will be 
required if there is to be a last 
ing settlement and that this will 
have to be comprehensive, 
including also Syria. Israel like 
the Arabs, will have to show 
much greater flexibility and 
appreciate that peace must 
necessarily involve significant 
territorial adjustments. 

Slow rise in 
bank credit 

ALTHOUGH THE London clears 
fig banks are much the largest 
ngle sector of the banking 
[eld In respect of advances in 
erling to U.K. residents, they 
:count for only just over half 
ie total — some £15bn., at the 
test count, out of a total of 
|2Sbn. The quarterly analysis of 
1 bank advances published by 
ie Bank of England is there- 
|»re a necessary supplement to 
ie clearers’ own monthly 
rialysis, and throws up such 
itbits as the fact that nearly 
/o-thirds or all the loans made 
l> Japanese banks in this coun- 
ty go to retail distribution, 
•er the 12 months to mid- 
?bruary, the total of sterling 
nk advances rose by just on 
per cent., of which inflation 
one accounted for 9j per cent 
the most recent quarter, 
ten the pace of inflation was 
awing down, the growth of 
nk advances (after allowance 

r seasonal influences) seems 
have increased a little. 

^But the increase was not large 
fld certainly does not suggest 
at business activity is rising 
r ore than slowly. Loans to 
dividual categories of bor- 
ders are not seasonally cor- 
ded, so that one can only 
tess at the real size of quart- 
fly changes. But the sharp drop 
• advances to the food, drink 
*d tobacco industries, for 
ample, appears to contain a 
pee seasonal element and- the 
jailer drop in loans to retail 
*tributors mav have been 
fluenced by the end of the 
iristmas- cum -winter sales 

\ock level 

The largest of the individual 
tegory increases-— that to pro- 
Vsional. scientific and miscel- 
iieous services— is probably to 
[ explained along similar lines, 
liwas large at this time a year 
o, the peak tax-gathering 
hson: and the small firms 
•rich dominate this category 
[e probably less likely than 
:ge firms to have switched 
;o tax certificates. Of the 
ier large increases, that to 
rsonal borrowers may be 
fitly influenced by tax 
man tis but is also probably 
anected with the high level 
house purchase. One suspects 
U the jump in the overdraft 

of the vehicles industry is 
largely due- to British Leyland. 
But the growth of advances to 
the general engineering in- 
dustry and ton a smaller scale) 
to most other branches of 
industry suggests some slight 
revival in demand. 

Apart from the need to in- 
crease advances merely to keep 
up with inflation, however, there 
have been other factors at work 
varying from one firm and one 
industry to another. One is the 
changing level of stocks. Accord- 
ing to official figures, the book 
value of manufacturers' and 
distributors’ stocks rose steeply 
in the first half of last year but 
much more slowly in the third 
and fourth quarters. This slower 
rate of growth was due partly 
to the slackening of inflation, 
partly to a switch from a 
physical increase in stocks 
during the first half of the year 
to actual destocking in the 
second. Another special 1 factor, 
whose impact can only be 
guessed at, is the effect of leads 
and lags In the timing of com- 
mercial payments in relieving 
companies’ cash position and 
reducing their need to call on 
bank facilities. 


A third was the general im- 
provement In the financial posi- 
tion of industry. Although, 
according to the Central Statis- 
tical Office, the rise jn company 
profits seems to have levelled 
out by the end of last year, 
over the year as a whole it was 
very marked. That, together 
with the reduced need to 
finance stocks, led to a consid- 
erable improvement in their 
financial position. In terms of 
financial balance, they were in 
a deficit of nearly £1.4bn. in 
the first half of 1977 but a 
surplus of £400m. in the third 
quarter: the Bank of England 
thinks that the surplus prob- 
ably persisted into the fourth. 
How quickly it disappears and 
industry is farced to turn to 
the banks depends not only on 
the way these variables change 
as home demand picks up, but 
also on the extent to which 
industry sticks to a statement 
of investment intentions which 
seems optimistic in relation to 
other surveys of business 

Tougher trading in the 
grocery price war 

BY ELINOR GOODMAN, Consumer Affairs Correspondent 

M ONDAY morning . . . 

and the director of a 
large food company 
is being asked to eat his own 
rice pudding in the head office 
of one of the largest British 
supermarket groups. Having 
gone there to discuss trading 
terms for the year, he has been 
presented with two bowls of 
creamed rice. 

The supermarket's chief 
buyer has put on a frilly white 
apron for the occasion and is 
anxiously inquiring whether 
the manufacturer can tell the 
difference between the two 
bowls. Sbe herself confesses 
to be having some trouble dis- 
tinguishing the more expensive 
variety sold by him from the 
cheaper kind sold under an- 
other label. The imolication 
is clear: if the man who made 
the more expensive rice pud- 
ding cannot tell the difference 
between it and its more 
humble competitor, wby should 
she pay more for it? 

Meanwhile, in a store be- 
longing to another supermarket 
group, a food company's sales 
representative is painstakingly 
piling cans of pet foods on top 
of each other at the end of an 
aisle. As be is completing his 
castle, the manager comes over 
and says that the tins are in 
the wrong place. The rep duly 
builds bis castle again — three 
feet to the left of the original 
site — and leaves the store an 
hour late for bis next call. 

Scenes like these go on be- 
hind the battle lines of the 
price war among grocers. Any 
food manufacturer would re- 
cognise the identity of the lady 
behind the frilly apron in the 
first scene: she is Miss Daisy 
Hyams. Teseo’s chief buyer and 
one of the most powerful 
people in the grocery business. 
On this particular occasion 
(which may have been embel- 
lished as it passed down the 
grocery grapevine), she went to 
unusual lengths to make her 
point but her motive was the 
same as usual: to get the lowest 
possible price from the manu- 

The second scene could have 
taken place in almost any of 
the branches belonging to the 
big supermarkets. Most large 
grocery manufacturers employ 
squads of sales reps whose job 
it is to ensure that their pro- 
ducts are properly stocked and 
displayed in the shops. The 
salesman often has to be pre- 
pared to treat the managers 
like demi gods, supplicat- 
ing them with promises 
of anything from a free drying 
up cloth to the chance to win 
a free holiday for two in the 
Caribbean plus, of course, any 
special discounts he may be 
allowed to give. 

The supermarkets are not the 
only companies involved in the 
grocery price war. Inevitably, 
their suppliers, the food manu- 
facturers, have become em- 
broiled. The factor that sparked 

off the latest round In the price 
war, namely the low volume of 
food sales, has forced manu- 
racturers to fight harder lor 
sales too. 

The price cuts now plastered 
across practically every super- 
market window in the country 
are the result of negotiations 
between the retailers and their 
suppliers. The manufacturers’ 
contribution is usually smaller 
than that of the supermarket, 
but with price of decisive im- 
portance at the moment some 

manufacturers — most notably 
the smaller ones, and the ones 
without a leading brand in 
their line-up— have come under 
pressure to increase their con- 
tribution to the cuts. 



Deals between shops and 
suppliers are as old as the 
trade itself, but they have be- 
come increasingly sophisticated 
as new forms of retailing have 
been developed and the num- 
ber of buying points in the 
trade have diminished. These 
deals partly explain why, say. 
the same tin of baked beans 
can be selling at, say. 14Jp in 
a discount store and for 19 Ip 
in a privately run grocer cor- 
ner shop which is not affiliated 
to a voluntary group, like Spar 
and VG. 

The negotiations are at. the 
very private heart of the gro- 
cery business. But this privacy 
is now being invaded by the 
Monopolies Commission wbich 
is studving the whole question 
of trade discounts, while the 
Price Commission called for a 
review of the whole system in 
its recent report on Cadbury- 

Of the 5p difference in the 
tin of baked beans, by far 
the larger part is accounted for 
by the different mark-ups made 
by different kinds of shops. A 
small grocer, who buys his 
beans from a small casb-and- 
crarry and has few opportuni- 
ties for increasing his volume, 
may sell baked beans at a mar- 
gin of 20 per cent, or so. A 
discount store, whose whole 
operation is geared to maximis- 
ing sales and minimising costs, 
might be selling them at a mar- 
gin of only 3 per cent, or even 
at cost in the case of a pro- 

But tills is not the whole 
story. Of the 5p difference, Ip 
(or more in the case of a spe- 
cial offer) may represent the 
difference between the price 
paid by a small retailer and 
that paid by the manufacturers’ 
biggest customers. 

Most manufacturers have a 
scale of prices which means that 
the biggest buyers pay perhaps 
6 or 7 par cent less than the 
smallest ones. The small shop- 
keeper may benefit indirectly 
from these bulk buying terms 
in the sense that if he buys his 

goods from a big wholesaler, 
the wholesaler himself will 
have had the advantage of buy- 
ing in bulk. But the wholesaler 
has to make a living too, of 
course, so his margin — albeit 
slim— has to be built into the 
private trader's price structure. 

This sliding scale of terms is 
the starting point of the negoti- 
ations between supermarkets 
and manufacturers. On top of 
this various other deals are 
negotiated to which by and large 
tbe smaller shops are not privy 
unless they are members of 
voluntary groups. “Bonuses" 
will be arranged for special 
promotions aimed at increasing 
sales: the supermarket will 
normally agree to cut its retail 
price in rerum — usually, in 
addition to a cut from the manu- 
facturers. The shops are also 
offered retrospective discounts 
if their sales for the year exceed 
an agreed target, . while most 
supermarket groups charge 
manufacturers “key money” for 
the privilege of being featured 
in their advertising. Credit 
terms are another area for 

Most of the deals struck are 
related to volume in some way. 
Tbe question which the Mono- 
polies Commission is studying is 
to what extent they are related 
to cost savings, and whether 
they should be more strictly 
geared to costs by law, as they 
are in America. In its report on 
Cadbury, the Price Commission 
certainly seemed to favour a 
closer relationship between cost 
savings and discounts. 

The debate boils down to 
whether the big supermarket 
groups should be allowed to use 
their buying muscle to the full 
— and so possibly drive traders 
out of business — or whether 
they should be tamed so as to 
protect the small organisations 
from what they see as “preda- 
tory" competition.' The manufac- 
turers only have so much money 
to give away in discounts, so if 
a powerful supermarket group 
succeeds in screwing an extra 
discount out of a manufacturer, 
some other retailer will presum- 
ably have to pay more for the 
same product That retailer may 
in turn lose customers to the 
supermarket which is undercut- 
ting his prices; and so tbe spiral 
goes on. 

It can, of course, be argued 
that it is more economic for a 
manufacturer to know in 
advance that he is going to sell 
100,000 cases through a parti- 
cular chain rather than waiting 
for the orders to come in piece- 
meal: he can gear up his fac- 
tories accordingly and ensure 
an even flow of production. 

Obviously, there are econo- 
mies to be made if the manu- 
facturers can fill up a lorry and 
deliver the entire contents to 
one store as they can when ser- 
vicing one of trie new kind of 
superstores. But a supermarket 
group that orders in large 
quantities does not necessarily 
accept deliveries in bulk. Most 

Inward Hurl 

Miss Daisy Hyams, one of the most powerful people in Ihe 
business . . . and reputed Inventor of the rice pudding test. 

of the big chains, like Tesco 
and International Stores, have 
smaller branches which are no 
bigger than the neighbouring in- 
dependent stores, and which are 
just as expensive to service 
because they cannot cope with 
big drops. Even so. the big 
groups are often able to buy on 
better terms than the small 
trader just because they are 
ordering in hulk. Under the 
American system, which has its 
critics within the U.S. Depart- 
ment of Justice, quantity dis- 
counts per se are outlawed. 

In theory, British manufac- 
turers may reserve "best 
terms" for retailers who are not 
only buying in really big 
quantities but accepting big 
deliveries too. But in practice, 
only the very strong suppliers, 
like Procter and Gamble and 
Heinz, have much chance of 
making such terms stick. 
Groups like Tesco would be in- 
censed if they discovered they 
were not getting best terms. 



No retailer wants to put a 
manufacturer out of business : 
after all both have the same aim 
of increasing sales in a 
depressed market But there is 
inevitably some friction when it 
comes to who should pay for 
this growth. The Heinzes of this 
world may be able to stand up 

to the big supermarkets be w use 
their brands are in sufficient 
demand from customers ' to 
necessitate their inclusion in npjr 
retail promotion. But it is much 
more difficult for companies 
without brand leaders in their 
ranges to withstand the pres- 
sure. There is enough spare 
capacity in ihe grocery industry 
for the supermarkets nearly 
always to find an alternative 
supplier when it comes to own- 
label products or secondary 

For the moment, it seems to 
be the supermarkets and not the 
manufacturers that have had to 
take the largest cut in margins 
to finance the price war. though 
additional competition has prob- 
ably slowed down any general 
recovery of manufacturing 
profits. Even those grocery 
suppliers which have been able 
to stand out against the in- 
creased pressure from retailers 
are concerned about the long- 
term implications of the price 
war. Some manufacturers to- 
day are prepared to go' to great 
lengths to stop their prices heing 
cut too much in individual 
chains fur fear that other 
retailers will demand the sub- 
sidy necessary to bring their 
prices down to the same leveL 
Others worry that brand loyalty 
— which has often been estab- 
lished at great cost over the- 
years — will be eroded if too 
much emphasis is put on price 
and the grocery market turns 
into a commodity market. 

The one person who 
to have benefited so fw a Sh* 
consumer. In this sitiMttim,; it 
might he uked wh ? there should 
be any support iiiibadc.ibc small 
business lobby tor limiting the 
buying muscle of big 

groups. Even Ihe smaller shop* 
can benefit if they ride on the 
backs of ihe voluntary groups. 

The classic argument against 
predatory competition is that It 
can burn itself out In the 
grocery market, this could even- 
tually mean less choice for tltt 
consumer both in tWBtt Of shops 

and brands. But, at least in the 
retail trade, a further reduction 
of outlets seems likely with or 
without Government interven- 
tion. Despite ail the closures, 
there are probably still loo many 
supermarkets to make economic 
sense. The problem is that they 
are not always in the right 
places from the consumers' 
point of view — particularly for 
the rural consumer. 

Less clear 

The situation in man fartur* 
ing is less clear cut. Certainly, 
there are some sectors, like 
broad, where there is surplus 
capacity and where manufac- 
turers are at the mercy of the 
retail trade—«ee the recent case 
of Spillers getting eased out 
or Tesco. But in other 
sectors it is more likely to be a 
question of production ration- 
alisation. and possibly less in- 
novation. rather than dramatic 

The grocery market prides it- 
self on being one of the last 
bastions of free competition. 
Intervention is almaat automati- 
cally suspect. Even groups like 
Carrefour — which, because it 
operates stores which are large 
enough to swallow up an entire 
lorry load of goods at a time, 
would presumably stand to 
benefit from any legislative move 
to relate discounts to proven 
cost savings — are in doubt 
about the desirability of such 
change. Equally, the bigger 
manufacturers, some of whom 
do very well in the existing 
power game, query whether tqich 
a law could ever work in prac- 

Some of their smaller com- 
petitors. along with the smaller 
retail chains, would welcome 
some additional protection. 
Not surprisingly, groups like 
Tesco. which insist on branch 
delivery and best terms, would 
resist such a change. 

The debating lines are only 
now being drawn up as the 
various trade associations pre- 
pare their submissions for the 
Monopolies Commission. For 
the moment the story seems 
to be one of the stronger setting 
stronger and the weak setting 
weaker on both sides of the 
negotiating table. 


Guru woos 
the generals 

“Developing the economic 
aspect of invincibility for the 
nation” was not what I had 
associated with the Maharishi 
movement and transcendental 
meditation (TM). But after 
crossing London to a conference 
in Crystal Palace on this hardly- 
spiritual concept, I came upon 
further surprises. The 
Maharishi movement is not only 
seeking to add British business- 
men to its ranks but is holding 
specific group meetings for 
Nato leaders. 

Few of our captains of indus- 
try were present at the confer- 
ence. In fact, only three 
businessmen turned up to bear 
the glowing accolades that TM 
bas had from their counterparts 
in the TJ.S, A Brooklyn dairy 
industry owner says that 
“teaching TM is the best invest- 
ment I have made.” A Ten- 
nessee medical company 
chairman claims it has led to 

a dramatic drop in absen- 

Flower power, jingle bells 
and Himalayan hippies have, it 
seems, all been banished. 
Instead, David Saunders, tbe 
young British TM teacher hold- 
ing the conference, told me that 
some major British companies 
are trying it Six of the ten 
directors of one of the top 200 
British companies reportedly 
meditate as do a dozen MPs. 
Saunders says they are all Con- 
servatives or Liberals. Wby no 
Socialists have been attracted 
began to appear when, after 
shots of a waterfall and some 
Albinoni, the Maharishi him- 
self appeared on the colour 
video through a pink candyfloss 
of haze. 

In what is the fourth year of 
his Age of Enlightenment he 
told us: “When due to strikes 
or mischief the tender level of 
awareness, the precious level of 
life is disturbed, creativity does 
not blossom.” 

Saunders thought that British 
companies would soon begin to 

consider TM respectable, though 
the most interested business- 
man present thought that, like 
group dynamics, *it would soon 
be overtaken by some new 
American technique. At this 
point Saunders told us about 
attempts to raise military inter- 
est He said the' movement had 
just held a conference in 
Switzerland for western military 
men, with a few generals 

The Maharishi 's slogan is 
“Invincibility to every nation” 
and Saunders says that Israel, 
the country which had the high- 
est proportion of TM meditators, 
had just assured its borders. 

There was a conference at 
the Maharishi’5 British head- 
quarters at Roydon Hall in 
Kent for the military ten days 
ago. An Air Vice-Marshal was 
among those present, the move- 
ment told me. 

“Anybody's religion is their 
own private concern,” an RAF 
spokesman told me. When I 
mentioned the earlier meeting 
in Switzerland to him. he com- 
mented thought-provokingly: “It 
all sounds a bit like Moral 

Blinding light 

At last we know the factors 
that make one British firm more 
successful than the next. It has 
taken three years diligent re- 
search by the Centre for Inter- 
firm Comparison, a body whose 
joint patrons are the president 
of the CBI and the chairman 
of the British Institute of Man-' 
agement. The Centre, based in 
Bloomsbury Square, produces a 
list of findings (some might say 
truisms), the ’first being that “a 
healthy profit margin is of much 
greater importance than a high 
rate of asset utilisation.” Here 
are some others: 

“Successful firms are more 
aware of product profit margins 
than are less successful firms; 

A well defined production 
policy is more important than 
new machinery; 

Firms spending less on over- 
heads relative to sales did 




better than firms spending 

Stock control and debtor con- 
trol is vital in manufacturing 

I shall quote no more, not 
wishing to steal the thunder of 
the full report, which costs a 
mere £60. Leslie Taylor Harring- 
ton, the centre's director, 
promises further research to 
amplify the discoveries to date 
— the result of collecting per- 
formance data from 240 com- 
panies and interviewing more 
than 100 managements. 

The funds for all this came 
from the tax payer by way of 
the Social Science Research 

In for a penny 

How King Farouk ever came to 
possess an Irish penny designed 
by an Italian sculptor called 
Pubiio Morbiducci we shall 
probably never know. But when 
1 spoke yesterday to Patrick 
Finn, a director of Spinks, the 
London art dealers and medal- 
lists, he had this rare item on 
his desk and was gazing at it 
fondly. Finn bought the coin 
recently in New York from an 
Irish-American collector and 
thinks it might fetch £5,000. 
“But I should only like it to 
go to a good home" says Finn, 

author of the definitive work on 
Irish coins. 

It seems that when . plans 
.were made for an Irish coinage, 
back in tbe 1920s, a committee 
was set up to consider designs. 
Tbe chairman was W. B. Yeats, 
the poet Among the patterns on 
tbe short list was Morbiducd's 
creation, showing a harp on one 
side, and on the other a ben 
sitting on five chicks; but the 
relief was too high and only 
five specimens were made (two 
are still in tbe possession of the 
Irish authorities). 

After the downfall of Farouk 
— an avid collector of rare coins, 
not to mention other objects — 
his Irish penny was sold by 
Sotheby’s at a 1954 Cairo 
auction. Morbiducd's master- 
piece will doubtless win some 
belated publicity this year, the 
fiftieth anniversary of the intro- 
duction of Irish Republic coin- 

Looking at Uri 

Italy may be almost totally 
obsessed at this moment with 
the menace of its urban 
guerrillas and the fate of Sig. 
Aldo Mora. It can be 'forecast, 
however, that fay next week 
many Italians will be heatedly 
discussing parapsychology. So 
will the countless international 
admirers of Uri Geller. As noted 
earlier in this column, Italian 
TV is about to start a major 
series on various claims for pos- 
session of supra-normal powers. 
On Saturday, the first pro- 
gramme will fae devoted entirely 
to Geller. 


Here is a brief interlude for 
self-admiration. Britain now 
leads the world in the export of 
narcissus bulbs, proudly reports 
Edward Bishop," minister of 
state at As. and Fish.. 



Points from ihe Statement by ihe Chairman, Mr. C. J. _ 4 . 
Jamieson, and tbe Import and Recounts for the year to $tst 
January, 197S. 

Gross Revenue 
Ordinary Earnings 
Ordinary Dividends 
Net Assets 

Assets per Ordinary Share 
(assuming full conversion of 
Convertible Debenture) 

— prior charges deducted at 

— prior charges deducted at market 



X -54P 

i.a 5 p 






0.9 s p 

41 Ip 

• Earnings per share rose by 54%. This result is in part 
attributable to improved dividend income - the totals 
both of gross revenue and of interest payable have beer 
reduced bvJoaa repayments. The largest single influent 
has been a high proportion of lixed interest iwets in tte 

• The dividend recommended for the year of r.ajp net ' 
. (equivalent to i.ftpp gross), represents a rise ofu%. 

• Assets rose by 18% ta king prior charges at redemption 
values and by 1 6 rt taking prior charges at market 
values. By comparison the FT Actuaries All-Share ' 
Index rose h* « 1 % and the Standard and Poors 
Composite Index fell by 12. \ “ y . 

• The portfolio was further degcared in Tqv-?, mrticuUrh 
h) wfc* of Uk equities during the summer, with the ' • 
result thatalmosta^mrusE of assets are represented b*- 

awh - UK *ccount&j 
46! . 0 of the total portfolio and US equities for a©*i„: 

• Current market conditions can necessitate a «nid v 

£22??“ ** but ac thc momcm « » fcfctb& 

prospects tor equity mvestmentin the UK are 
unexating and that opportunities in the US A are far 
more encouraging, - - • • 


Financial Times Thursday March 30 1978 



Britain as an incurable depressed area 

THE PRIME Minister is not 
l he only person bitterly disap- 
pointed by tile economic pros- 
pect now before us— slow 
growth, bedevilled by balance of 
payments problems, and high 
unemployment despite financial 
recovery,* and North Sea oil. 
Economists dI several contend- 
ing schools have seen their fore- 
casts confounded, and arc now 
short of new prescriptions. 

One group of economists, 
however, can enjoy at least the 
grim satisfaction of saying "I 
told you so and that is 
exactly what the Cambridge 
Economic Policy Group, the 
team of mainly young econo- 
mists working wider Wynne 
Godley, a former Treasury 
economist and Francis Cripps, 
personal adviser to Mr. Wedg- 
wood Benn. do say in their, 
latest Economic Policy Review, 
pubished to-day. As long ago as 
1972 they forecast that Britain’s 
relative industrial decline 
would push the country into in- 
curable recession in the 1980s: 
and now they repeat that warn- 

Monetarism bas become 
the dominant policy school be- 
cause monetarist warnings of 
inflation and recession follow- 
ing the credit explosion of 1972- 
. 3973 were borne out by events; 
but the New Cambridge School, 
as it is known, despite an 
equally impressive central fore- 
cast, has remained highly un- 
fashionable. It deserves closer 

There seem to be three 
reasons for the neglect of New 
Cambridge. First, their pre- 
scribed remedy for our ills, 
protectionism, is still pro- 
foundly offensive to received 
wisdom: it is hard for any argu- 
ment leading to that conclusion 
(o get a bearing. Secondly. New 
Cambridge was .also identified 
for a time with a second belief 

which has proved . totally 
mistaken — the belief that the 
private sector has a stable 
financial surplus, so that 
changes in the government 
deficit must be reflected in 
equal changes in the balance of 

The most insidious objection 
to New Cambridge, however, is 
to suggest that they have been 
proved right for the wrong 
reasons. Their 1972 'forecasts 
did not foresee the quadrupling 
of oil prices, the shdrp rise in 
food prices, and all the chaos 
which has followed: -any simi- 
larity between our present pros- 
pects and a forecast .made in 
1972 is therefore a pure co- 

Apart from tbe fact. that the 
same criticism applies with 
equal force to monetarist fore- 
casts— and indeed Sir John 
Hicks, a Nobel laureate, has 
argued that the Heath, strategy 
would have worked but for the 
violent worsening of the : terms 
of trade — this charge- ; ; seems 
misdirected against New Cam- 
bridge. The future we now face 
is much more like that forecast 
in 1972 than the recent 1 past has 
been: the consistency of the 
forecast and its grounds are in 
fact rather impressive. 

The idea that nothing impor- 
tant has changed since 1972 
may seem bizarre, but the 
explanatiou is simply. -North 
Sea ail. As Z have pointed out 
before, the foreign exchange 
cost of North Sea oil is .of the 
some order of magnitude as the 
cost of imported oil in the early 
3970s; and allowing for the sub- 
sequent relapse in other com- 
modity prices, we now face 
pretty much the same terms of 
trade which underlay the 1972 

The U.K economy is thus 
back on track: and it is a track 
which still, according to New 


Average real 





earnings after 

Growth of exports of 



tax (1973 = 100) 

goods and services 


Scenario A 








Scenario B 








Scenario C 




Scenario A 

Scenario D 



7 JQ 


- 108 

7.8 • 


Growth of Imports of 





goods and services 





Scenario A 




Scenario B 

Scenario B 








Scenario C 


6 S 






Scenario D 








Growth of GDP 

Scenario C 

Scenario A 




1980 - 




Scenario B 








Scenario C 


1 S 

3 S 





Scenario D 




THE SCENARIOS: (A) Orthodox policies, the maintenance of a high real exchange rate. (B) Devaluation— the real exchange 
rate falling by 4 per cent, a year from now on. (C) Industrial investment — additional investment in manufacturing capacity, 
building up to £2bn a year in 1975 prices, from which half of output produced, either adds to exports or displaces imports. 
(D) Import restrictions — industrial investment as under (C) together with direct restrictions of imports of manufactures so as to 
achieve GPD -growth shown. -- 

Sourer; Cambridge Economic Policy Rcvie* 

Cambridge, seems to condemn 
us to a substantially slower 
growth rate than whatever may 
be achieved by our more indus- 
trially efficient competitors. 
Since world growth has slowed 
down in the interval, the impli- 
cation now is that we will be 
down to virtually zero growth 
by the mid-1980s on conven- 
tional policies and with a 
reasonably stable exchange rate. 

The central insight which has 
always been implied in the Cam- 
bridge model, and has just be- 
gun to dawn again on a demoral- 
ised Whitehall, deserves under- 
lining. It is that a poor industrial 
performance does not just de- 
termine our potential growth 
rate compared with other coun- 
tries. Because we are a small 
and open economy, it also de- 
termines our actual relative 
growth rate. 

This is because even in a de- 

pressed world economy, we can 
only remain competitive through 
a steady real depreciation in 
sterling, which New Cambridge 
puts at about 4 per cent, a year 
once North Sea production 
reaches its peak. The difficulties 
of controlling the consequent 
inflation at home, and of pre- 
venting a controlled deprecia- 
tion of sterling turning into an 
uncontrollable panic, are such 
that this is not a practicable 
policy, though the projections 
suggest that if the risks could 
be handled, it would be quite 

It is interesting to note that 
the Cambridge projections 
illustrate an idealised free float, 
in which the exchange rate 
would adjust smoothly to the 
underlying realities, and the 
domestic economy (through 
tight monetary policy?) would 
accept the consequences rather 

than try to fight them in an 
inflationary way. The Cambridge 
objection to conventional 
policies is not that the numbers 
do not add up, hut that in the 
real world a growth policy for 
an inefficient economy involves 
unacceptable risks. This seems 
dreadfully plausible. 

There is a substantial objec- 
tion to the Cambridge view, but 
it is conjectural ratheT than 
logical. It rests on the assertion 
that although our competitive 
decline is a matter of history, it 
Is altogether too gloomy to pro- 
ject it into the future in the 
Cambridge fashion. 

This is essentially an 
argument about the results of 
world-wide recession. The 
present Cambridge forecast 
rests heavily on the idea that 
we will run into crippling 
balance of payments problems 
because the growth of world 

trade, and thus of our exports, 
will remain slow; but that even 
in this depressed environment, 
our competitive decline will 
pursue its historic downward 
path. This looks dangerously 
like having it both ways. One 
half of the Cambridge brain 
says that growth breeds growth, 
and nothing succeeds like suc- 
cess — indeed, as will be seen, 
that is the central rationale fur 
Import controls. The other half 
feajrs that even with low growth, 
those devilish foreigners will gu 
on improving then* efficiency 
much as they did under fast 

While this is a caricature of 
what is a sophisticated analysis, 
which includes a statistical 
allowance for such cyclical 
factors, I still feel in my 
bones that Cambridge may 
have made inadequate 
allowance for the fact that 

a prolonged recession is likely 
to reduce competing* countries 
to something (ike our own stan- 
dard of performance. Brief re- 
cessions probably do little to 
impede industrial progress, and 
may even be a necessary part 
of it, shaking out surplus labour 
and weak companies; but a pro- 
longed recession is likely to be 
debilitating in a way which past 
statistics cannot reveal. If this 
is so. Britain could expect in a 
depressed world to grow at the 
world growth rate — which is un- 
likely to be very different From 
our own historic growth rate. 
Bad luck on the world, but not 
too bad for us. 

These rather sketchy objec- 
tions are worth airing at length 
because the continuation of our 
competitive decline is abso- 
lutely central to (he New Cam- 
bridge thesis, and because very 
small errors in percentage 
estimates compound into very 
large errors in forecasts which 
go well beyond a decade. It is 
certainly worth registering a 
doubt, and a strong one. 

Essentially, the Cambridge 
team are arguing that Britain 
faces the problems of a declining 
region in an open economy. 
Left to themselves, such regions 
will suffer long periods of rela- 
tive wage decline (which has 
already happened to us) and of 
emigration (the likely result of 
unemployment rising to 4m. or 
so) until some poverty-stricken 
equilibrium is reached and 
growth can re-start (as it has 
notably in the American South, 
but not in West Virginia). 

If it is true then that we are 
condemned in an open world 
to grow* more slowly than 
the ‘ world (and tD doubt 
this one must doubt our 
competitive decline, at least 
in a prolonged recession), 
and if it is also accepted 
that a devaluation strategy is 

too risky, the Cambridge alter- 
native emerges by simple elim- 
ination. Tbe alternative is to 
opt out partially from the open 
economy by limiting the growth 
rate of imports through controls 
rather than through demand 
management or monetary 

The first objection to this is 
political: other countries 

would be bound to retaliate, so 
we w’ould lose in exports what 
we saved in imports, and be no 
better off. The Cambridge 
answer is that a growing U.K. 
economy would be a better mar- 
ket for imports, despite con- 
trols. than an open and 
depressed one, and that our 
trading partners might allow 
this exception if only to stop 
us weeping on their shoulders. 

If judgment can be suspended 
on this issue, would unilateral 
import controls work? The 
Cambridge thesis is essentially 
a variation on a very old theme 
— the virtuous circle, or the 
dash for growth. A sheltered 
home market would encourage 
expansion, expansion would 
beget efficiency, and after a 
period wo could compere on 
equal terms and lower the 

There are obviously very 
severe doubts about whether 
problems as deep-seated as ours 
can be solved so simply, but 
there is one nagging piece of 
evidence to fend off a conclu- 
sive “ No." The recently re- 
discovered British boom of 
1932-3S. the fastest period of 
industrial growth in our history, 
was achieved under protec- 
tionism. It may not have been 
the cause of success, but it cer- 
tainly did not prevent it. It 
was also a boom, incidentally, 
in a depressed world economy. 

Anthony Harris 

Letters to the Editor 

Public sector 

From Mr. F. Law. 

Sir,— It has undoubtedly be- 
:ome a considerable problem for 
Ministers to find people rf 
ibihly ta accept appointments to 
mblic sector hoards. And having 
'ound them there i-> the difficulty 
•f persuading top executive.?. to 
»ccept jobs which not only are 
nadequately paid but which in* 
olve— in every vase — prcssu.cs 
isrdly likely to he ?us ; .iiiu*il by 
xecutives in the private sector. 

refer, of course, to political 
iressures, the media, etc. 

I have appealed to Govern- 
tema— of different persuasions 
-to improve the lot of ti»e?o 
xecutives who, in all cases, are 
edicated to the »:i*ks nrt hand 
Alt gradually must Ret frus- 

One is fully aware of the fact 
bal large increases might create 
riticism from certain sections 
r the community; I am sure tbai 
9i> would only be a verv ;-mall 
linority, and that most of us. us 
»x payers, would not begrudste 
ooplc who arc willing to take 
n these jobs, an adequate 

As a part-time member of one 
T the nationalised industries. 1 
avc a very particular sympathy 
>r our full-time chairmen uni 
xecutives and the magnificent 
ork that they do. 

1 S Ljw 

i. Cadoga n Square. S. IV. Z. 



row the Assistant Genial 

pal and General 
jsuvance Society. - - 
Sir,— Your reporter Adrienne 
leeson makes several valid 
tints (insurance broking sut> 
jy, March 21) about the dircc- 
ms pensions consultants will 
ko after April this year. 
Tidying up the documentation; 
?w schemes to provide tax-free 
sh and permanent health insur- 
icc benefits: the reappraisal of 
vestment methods: pre-retire 
ent counselling — these ana 

ore will certainly occupy cod- 
. Hants as well as insurance 

But 3 must comment on ine 
unt she makes about scheme 
iminislratiun. What evidence 
there that insurance companies 
il not want to take on admini- 
-ation work? This is the job 
• have been in business to per- 
rra ever since the beginning of 
sured pension , schemes. 

Perhaps her comment is a 
Terence to the tiny minority 
schemes where, whether bo- 
use of or in spite of the con- 
llants’ advice, an ovencomnH- 
led structure has been adopted, 
ch schemes can only be 
ministered at considerable ex- 
nsp whoever does the job. 
hemes, however, should be do- 
med for the ease of conununi- 
tion with members and this 
rroalty means a simple benefit 
■ucUnre, economical administra- 
»n. thus leaving the maximum- 
tount of money available to 
ovide pensions. This is. after 
the real objective of an? 
nsion scheme, 
an Firth. 

'mole Court. • 

. Queen Victoria Street, E.C.4. 

Consultants or 

om Mr, ff. Sloan 
Sir. — Adrienne Gleesan’s article 
pension consultants in your 
rvey on insurance broking 
larch 21) unfortunately pez^- 
tuates the misunderstanding 
it exists on ..this- subject, 
durance brokers are. not pen- 
>n consultants. 

Consultants operate on a 
sfesslon&l fee basis. ‘Brokers 

on commission. Therefore it 
would be only the latter who 
would be particularly interested 
in the “great scope for an in- 
crease in the sales of Top Hat 
policies, " Small wonder then, 
that so many companies have 
been confused over the contract- 
ing-in or out choice, with a very 
fine line often being drawn 
between selling by brokers and 
advice by consultants. Also, il 
is nol only "big” or “larger" 
consultants lor brokers?) that 
can specialise or run courses. 

R. K. Sloan. 

Director and regional actuary. 
Martin Paterson Associates, 

9. Albyn Place, Edinburgh. 

The Horn of 

From Major-General R. Mans. 

Sir,— I found Mr. Travers's 
contention (March 22) that 
Russian support for Ethiopia is 
founded on their traditional 
espousal of orthodox minority 
causes against Muslim majorities 
singularly odd, especially when 
viewed against the background of 
the appalling atrocities being 
committed in Ethiopia by the 
so-called "Red Terror” move- 
ment. Not exactly a persuasive 
example of the Christian ethos. 

Tbe truth of the matter is that 
events in the Horn of Africa 
illustrate one of the basic tenets 
of Marxist ideology: “Be pre- 
pared to change course at any 
time. If necessary reaching tem- 
porary compromises." 

The Russians see Ethiopia, 
correctly in my view, as a ranch 
better geo-political centre for 
expansion into central Africa 
than was afforded them by tbeir 
bases In Somalia. They can still 
control the exit from the Bed 
Sea from Aden and Assab and 
are in an ideal strategic position, 
to menace, with their Cuban sur- 
rogate. adjacent countries like 
the Sudan and Kenya. Further- 
more. they must be quietly con- 
fident. that given tbe continuation 
of Western pusillanimity in the 
face of their aggression, Somalia, 
out of sheer desire to survive, 
will be forced back into the 
Soviet camp. In any event they 
arc now well placed to pitch out 
Djibouti whenever they choose to 
do so. 

it. S. N. Mans. 

Kirke Bouse. Swan Road, 
Brockenhurst, Hants. 



From the Managing Director, 
Williams and Glyn’s Leasina Co. 

Sir.— This company believes 
unequt vocally that lessees should 
not capitalise leased assets in 
their balance sheets and has held 
this opinion consistently since 
it started to trade five years ago. 
We consider the proper place 
for Information about a lessees 
commitments is in a comprehen- 
sive note to his accounts. 

Over the years there has been 
a move towards simplifying 
balance sheet presentation by 
putting more and more details 
In notes to the accounts, so that 
now it is impossible to interpret 
them meaningfully without 
referring to those notes. As 
notes form part of the accounts 
l* follows that a note on lease 
commitments will in no way 
diminish disclosure, rather the 
opportunity to report commit- 
ments precisely and without con- 
fusing the unique legal charac- 
teristics of a leasing contract 
will, enhance understanding. 

We are driven to ask: “Who 
wants lessee capitalisation ? ” 
Several of the specialist account- 
ing weekly and monthly maga- 
zines have recently given space 
to the question of accounting for. 
leasing -and reported that there 
is general acceptance of lessee 
capitalisation. This news is sur- 

prising and profoundly disturb- 
ing since vre ace unaware of any 

? roup or body canvassing in 
avour of this treatment with 
the exception of a few profes- 
sional accountants who seem to 
be influenced by standard num- 
ber 13 issued by tbe American 
Financial Accounting Standards 
Board (FASB). Notwithstanding 
the status of FASB in the D.S. 
tbe American view has been 
rejected by tbe European equip- 
ment leasing industry repre- 
sented by 15 national associa- 
tions (covering more than 200 
companies) who have incor- 
porated In their agreed defini- 
tion. of leasing that leased assets 
must appear as assets iu the 
lessors' books. 

Leasing must be recognised as 
a distinct facility and permitted 
an accounting treatment which 
does not distort its unique 

R. M. Munro. 

07, Lombard Street, E.C.3. 

North Sea oil 

From Mr. J. Talbot. 

Sir,— Against the background 
of the Lombard article of March 
21, the Government’s recent 
White Paper and the Conserva- 
tive Party's proposals, a short 
passage from Dr. G. Myddelton’s 
letter (March 22) stands out 
like a beacon. He wrote: 
“ Governments still hope . - . 
that they can go on borrowing 
without ever paying back, just 
as they never had to pay back 
what they borrowed in 1914." 

In the closing months of 1976, 
when this country had to go 
cap-in-hand to the International 
Monetary Fund, the very large 
credit then granted obviously 
took account of our North Sea 
oil asset it was a substantial 
factor in establishing our 

Is "it not time for the poli- 
ticians to show a sense of 
responsibility and stop dreaming 
oF doubtful ways of spending the 
proceeds of the oil which Britain 
has been so lucky as to discover 
off its shores. Should they not 
listen to the “ more cautious 
officials in the Treasury and the 
Bank of England (who) place 
emphasis on repayment of part 
of the country's swollen overseas 
debt" (quoted from the Lom- 
bard article referred to above). 
We are told that the country has 
to- repay debt totalling some 
3201m. between now and 1884. 
Instead of raising new loans to 
repay the old, should we not act 
like any responsible individual 
who has been so fortunate as to 
receive a legacy, and devote it 
primarily towards paying off 

J. E. Talbot. 

Verdley Down. 

Midhurst Road. Femhvrst, 
Uaslemere, Surrey. 

When business improves, information that a certain 
suppliers’ quoted prices are country’s education committee 
measured against the in-house “spends more than £42m. a year 
foundry’s figures, where cost is out of the council's budget of 
customarily equated with price. £67m. H ' 

Indeed some engineering com- To ignore this inbuilt flaw in 
panies do not even keep separate the present system, year in year 
accounts for their foundries, out, in the name of stability or 
Most tied fonndries seem to be settling down seems to imply 
regarded by the executive of their that deficits mounting in per- 
parent companies as a disagree- petuity are irrelevant and that 
able necessity at best They are the arrangement might as well 
not a necessity. Let them leave continue. 

foundry work to the foundrvmen. Globally, the total amount 
Edward Player. collected from domestic rate 

Will son Associates International payers this year hardly covers 

the , annual interest being 
charged on outstanding debts 
We have been told there is 
development of a wjde range of 
services, but we have still not 
heard from any local government 
personality how it is proposed 
to arrest swelling indebtedness 
your without taking “ education off 

II, Priory Row, Coventry. 

Protection for 
the purchaser 

From Mr. A. Roper. 

Sir. — I notice from 
article of March 23 that there the rates.' 
is a move afoot tinder which Peter Ratasari. 
teachers would become con- 90 Necill Avenue. - 
trolled and regulated and subject Hove. Sussex. 

to disciplines for professional 

misconduct. There is also the C qIqc of 

Estate Agents Bill currently A 0ITO1 Sal 65 dl 
before Parliament which is seek- _ . 

ing to control and regulate estate nVTlPriTiarkPtS 
agents and their conduct to a 11 J 

certain extent. There is also From Mr. H. Cole 
talk about the control and Sir,— -Granted that the effects 
regulation of plumbers. Clearly of a superstore or hypermarket 
every effort is being made to selling cut-price petrol extend 
protect the consumer in every beyond the immediate area. I 
possible way and this is, of feel that Sue Cameron and Ray 
course, commendable. Why Dafter (March 25) have exag- 
should people suffer at the hands gerated the impact, 
of unqualified cowboys ? My analysis suggests that the 

If, however, we turn to the current share of the petrol 
one transaction which really is market taken by- such stores is 
of major importance to the con- between 1-3 and 1.5 per cent 
sunier and which involves the More specifically, a study of the 
largest single amount of money position near the Carrefour 
he is ever likely to spend, then hypermarket at Eastleigh 
we find that the reverse is showed, three years after it 
happening. This is the one field opened, that there were 35 petrol 
where there has for many years filling stations in operation, a 
been just the sort of control the net decline of one. 
public deserve and -need and it About one petrol buyer in 11 
is an aspect which is fraught at tbe hypermarket comes simply 
with danger. I refer to house for fuel, without using the store 
purchase and conveyancing itself. But the remainder come 
which is a matter involving from such a wide area that very 
numerous aspects of the law few of them can be regarded as 
where specialist attention is talcing petrol sales away from 
really required- Solicitors are. local stations, 
in fact the specialists who have Almost one-third of the retail 
detailed knowledge of the law sales of the hypermarket are 
after many months of study and made to customers who have 
are trained to do conveyancing travelled for over 20 minutes, 
aod avoid the many legal pit- and ft is recognised that this 
falls. And yet what do we find? results in a very diffuse pattern 
Constant and repetitive exhorta- 0 f impact on other shops. Much 
tions in the media and elsewhere the same is true of the petrol 
for purchasers either to do their sa ies at the hypermarket. The 
own conveyancing or tura to un- main effect is a marginal reduc- 
qnalified and uncontrolled cut- tion j n gales of outlets scattered 
price conveyancing organisations, throughout a large catchment 
It as about time the public area rather than a large impact 
woke up to the fact that the close at hand, 
so-called solicitors’ monopoly is Harvev R. Cole, 
in the public interest. Only 9, Clifton Road. Winchester. 

solicitors are strictly controlled, 

tested for ability, covered by * . 

central negligence insurance and J\ 010IlCX3rV 
are subject to expulsion for t J 

professional misconduct. Here 0 VSll$ITIPflA 
lies the protection for the public ** v “ iaui -BC 
which unenlightened critics are From Mr. H. Irvine-F ortencue. 

The tied 

seeking to whittle away. 
Alan D. Roper. 

Court Chambers, 

3 Victoria Street, 

SL Albans, Herts. 

Front Mr. E. Player. 

Sir.— I could find no direct 
reference in your review (March 
22) of the foundry industry to 
the prime cause of its poor com- 
mercial performance. This is the 
destructive influence on the price 

structure of the “tied" or “in- 
house" foundry- 

Most such foundries are kept 
in operation as an “insurance” 
against the failure of deliveries 
from outside suppliers— a hollow 
pretext since practically none has 
the capacity to keep the 1 parent** 
production process operating at 
more than break-even level, iT 
that In times of recession the 
company with its own foundry 
draws back casting work from 
outside suppliers to keep its own 
facility operating. . at as near 
capacity as possible — leaving the 
suppliers working unprofitable 

The cost of 

Sir. — There are indications 
that monetary markets have 
been distorted so much and for 
so long that a major reassert- 
ment is to be expected. There 
will indeed have to be gold back- 
ing to paper currencies. 

This is virtually the only way 
to create a discipline firm 
enough to prevent Governments 
FromMr.P.RtdazzL printing excessive amounts of 

Sir, — Even before 1974 the j-j ■» 

costs of education were absorb- splendid if we 

ing a very Targe share of local e0ui ^ to gold coins but 

authority income,. but little was 5Urel F we would need pap er 
done by the local government ™ on ?f , as well— backed by 

re-organisers (0 redress the physical gold— for practical 

fundamental imbalance. Perhaps r *|!* ons - 

it was hot sufficiently appreci- . T"® current suggestion that 
ated that true local reform must U.&. monetary authorities 
begin bv coping with growing they sell part of their gold stock 
debt? With the result that is extremely short sighted and 
to-day 3i5bn. our of the m.7bn. “V s1 inevitably ensure the crisis- 
relevant expenditure attracting point mentioned by Dr. Wyddel- 
rate support grant goes on educa- ton (March 22).. Sales of gold 
turn; yet with salary scales sub- may of course .. postpone the 
jeet to control from Whitehall, crisis for a while. 

The area .impact • and over- H. Irvine-Fortescue. 
burden of education expenditure The Old Dairy House. 
on local . government finance is Trenlham Park. 
illustrated, for example, by the Stoke-on-Trent. 


President Carter on tour of 
Latin America and Africa. 

Sr. L Malmlerca, Cuban Foreign 
Minister, on visit to Tanzania. 

Law ' of the Sea Conference 
continues, Geneva. 

Energy Trends publication from 
Department of Energy. 

Final day of National Union of 
Teachers' conference, Blackpool. 

National Association of School- 
masters and Union of Women 
Teachers’ conference continues. 

CBI East Midlands Reoion&l 
Council meets. 

British Frozen Food Federation 
export seminar. World Trade 
Centre, E.l. 

Sir Peter Vanneck. Lord Mayor 
of London, and his Sheriffs attend 

To-day’s Events 

Solicitors' Company dinner. Man- 
sion House, E.C.4. 

English Property Corporation 
(full year). Lucas Industries (half- 
year). Pye Holdings (full year). 
Prudential Assurance Co. 1 Tull 
year). Reekitt and Colman (full 


Aaronson Bros.. Savoy Hotel, 
W.C_ 12. Associated Sprayers. 
Birmingham, 12. Bath and Port- 
land, Bath. 12. Debenture Cor- 
poration, Winchester House, E.C.. 
12. Glass and Metal, Connaught 
Rooms. W.C- 10. Lloyds Bank, 
71, Lombard Street, E.C., 3, New- 

bold and Burton. Leicester, 1020. 
River Plate and General Trust. 
4-t, Bloomsbury Square. W.C, 
11.15. River and Mercantile Trust, 
44. Bloomsbury Square. W.C, 12. 
Thermal Syndicate. Newcastle- 
upon-Tyne, 2.15. Temple Bar In- 
vestments. Electra House. Temple 
Place. W.C, 11. 


Royal Open production of n 
Travaiore, Covent Garden, W.CL2, 
7.30 p.m. 

English National Opera per- 
form Don Giovanni. Coliseum 
Theatre, W.C.2. 7.30 p.m. 


Janina Fialkowska (piano) per- 
forms works by Bach, Chopin, 
Ravel, and Liszt, Queen Elizabeth 
Hall. SJE.l, 7.45 p.m. 

The M&G 

Pension Rind 

For some years now M&G have been 
providing an investment management service for 
the pension funds of companies and public.' 
corporations, as well as charitable foundations. 

We are now extending this facility and 
taking on new. clients for our Pension Fund 
Investment Service. Our independent status, 
wide contacts with stockbrokers and the veiy 
substantial volume of investments under M&G 
management place us in an ideal position to 
provide an investment service of this type. 

For a copy of our new booklet “The M&G 
Pension Fund Investment Service,” or to arrange 
an appointment to discuss the investment 
management of your Company’s pension fund, 
please write to: 

David Morgan, 

M&G Investment Management Ltd., 
Three Quays. Tower Hill, 

London, EC3R 6BQ.Tel: 01-626 4588 






Date Cdrrc- Total 

Ladbroke jumps 58% to a record £24.3 

“ 1 is stepped up to 4.5p (3.5p) net j? 8db ro ft e ** 

with a final of 3.23p. Percy Lane ‘ 2.0S 



Barton and Sons -.. : 2.07 

A. Beckman int. 1.77 

BPM Holdings inL (LS!§ 

Bronx Engineering ...... 1,17 

Dorada 252 

Equity & Law Life 6. ltd 

Home Counties 3.23 

of spending 
payment die. 

May £2 
May 24 
Slay 26 
Slay 26 
June 13 
May 17 

IN LINE with the January esti- 
mate, pre-tax profits of Ladbroke 
Croup jumped by 58 per cent, 
from X1552m. to a record £24 28m. 
for the 12 months to January 3, 

June 1 


tvptnan -,-nwret Lesai and Genera] .3.71; 

£373,000 a^aum Lond0n & Manchester ... 3_gfi 

higher at £S87.69m. 

stood at £11 .12m. against £5£9m. 
On capital increased by lai 

to 2S29p per lOp share. As 

net for 

a 7p (4.568p) 
consent has 


soot) tom 

Tnnurer Sft.wi Sl9 i.w 

Pre-tax profit 24.231 IS 321 

Tax 9.223 6.ST3 

Minorities and pre-acq. ... <91 470 

Available 14.263 7.078 

Dividend 3360 2.167 

The enlarged casino division 
had an excellent year as did holi- 
days. hotels and entertainments 
which increased their profit by 
50 per cent The casinos and re- 
tail betting continue to he the 
major sectors although the con- 
tribution of other divisions in- 
cluding property has now 
reached £5m. 




Company . 



Barton & Sons 



Legal & -General 


Beckman (A.) 



London & Manchester 



BPM Holdings 



Manchester Liners 



Bronx Engineering 



Pearl Assce. 



Crosby House 



Quick (H. fr J.) 



Dorada Holdings 


_ 4' 




Dunlop Malaysian 



Royal Worcester 


Equity & Law 


Siebens Oil 


8 ^ 

Home Counties News. 


3 _ 

Slough Estates 



Ladbroke Group 






Lanr (Percy) 



Wolstenholme Bronze 



After tax of 

£131.000, net profit emerged as .. 

£312.000 compared with £105500 H, 

excluding an extraordinary credit nsl* 

of £4.000 this time and after g; “g J - Qmck " 

charging s8,ooo in . respect . of 421 

Si." Kitts Sugar TCil 

Slough Estates — L32 

Stone-Plat t 133 

Wolstenholme Bronze ... 4.57 





3 2a 






June 26 — 

- additional depreciation arising 

June 7 
May 26 
May 26 
May 12 


May 22 
May 23 

















6 JO 
















.. ^vi/^ 

-Financial Times Thursday March 


to £14.43m. 

, r.m-flm Plait S.IO IjBftf'l jVDdlljftdl I 

ON SALES down from p^wmnw* rwntf »*«■«»• 

to £176.01in., pre-tax prj Ul J *[ cunipei«*i‘ mufkrt hat Sent* 
Stone-Platt Industries vSK £3 a di«aw»mlii»d W- 
£13,6 im. to ID* * Tfu? e j w Jicai. marine And putup 

Sim! against £6.0Sm. coming ro improved fW* 

the first half- “rnflt and the rirrtrk*! 

U3& Pull-year earnings are shouft at * !hc w romt U rw“*». 

..03 35d (3Sp) per =5P stare prt t^* with Safety EWctrtM !*er- 

J5 &3p (20.RP1 after m - ThJ ^ in * f-W M fW 

final d-vidend s l-SSP . net for a jn , he division. 





liuai I 

3.6l358p (3— *>*6p) total- 


cast. Home Counties Newspapers * Equivalent after allowing for scrip issue. 7 On capital increased Tntnest oayabti . 

- hac raruirTurl hnmnnr fur , . ■ , . .... . ... nn:« 1 QTA Pnllt hthlC U* • 

has reported bumper earnings for jj y rights and/or acquisition - issues. 

nears £7m. 

1077 with a sharp advance in the 
first half followed by an equally 
strong second half. Like United 
Newspapers, which reported yes- 
terday a 42 per cent rise in pre- 
tax profits, the buoyant results 
are mainly due to higher advertis- 
ing revenue— up some 20 per 
cent. — coupled with improved pro- 

5 Increased to reduce disparity with final. 

$ Includes O.Q5p for 1976. . 

Sts nrofii 

circumstances, the directors are fit margins. But newspaper sales 

Royal Worcester hit by 
U.S. & Canadian losses 

TO mlnflrtlics — — 
Prat, dividends • 
Earnlntsu for ora. 
Ord, dividends - 
Leavini . 
EXCtUOfii' tops — 
&ttr«-ord. loss ■ 


1 Gain. 







ft.! jS 

3 157 

The tiiuneui Pft?Uton rettmin 

i** satisfactory, member* loM 

In previous war* t« 

is ns was provided far rtnp=x wra 

?■£ upon inventory appreciation and 
*■*" irruin U,K. huddinfi, ?.««uane»i. 

; . .a— n nmVUtfllK 'h.ll’S 


fja In 1977. these provisions . 
w been released as no tmWify Is 
v.i Mnecf ed in the farescMWe future 
Comparatives have been twist w*. 
7 P ;i The dirociors say that the.Com- 

I?* strong osariictVosiTion with ulhjs 
6 - ,#l m -lilt oroJucts. However, they do 

main products 

An analysis of sales and 

-not foresee any su5taint*d upturn 
profits ln v wor id economic activity during 

confident that resulLs for 1978 will »‘ er = only maintained at 1978 aTFRIBLT.ABLE pre-tax profit of have now ^completely dealt with before interest shows: Tevnh? i 3TJt rhe UemanU for wntHle 

exceed those for 1977, the extent leveIs..Tnia, however, did not have j^oval Worcester dropped from this abnormal situation and will machinery — Platt Saco Lo’^oj* machinery ami Mhrinc prupritCN 

of the excess being dependent ® e ?S!L 0,, .HlS. sr «[Lf £L56m. to £lm. for 5l 1977. struck not recur. . «. , £74ni. (£9lLSm.) and continues to be dull, but 0« , d*r^jW' 

upon the successful leasinc or dis- J™®*® fr i*! after abnormal costs this time of The contribution from Welwyn (HO-SSra.): S crass other products UW reasonably 

posal of the two office blocks. “UfJjTJ ’uSliS. «« £684,000 relating to Royal Wm> Electric and its subsidiary Col- (XMflm.) and JCO.oSm. loss (£0.44m. satisfactory. It « therefore too 

c ester Spode in the 1 U.S. and vem was also reduced due_ to a profit; electricnl £S3m. <£2h.8m.) ear j y |p the year to make any firm 
v?2l° tin Canada. Group external sales sharp reduction in sales and pro- £3.S5m. (£3J5m.): marine tlioy add. 

_ ™ advertising revenue has con- higher at £33.1 Sim. against fit espenenced by them in the r® lm /£33m.) and £3J39m. 

But for currency movements, tinued into the current year and _ ■ iiftter part of the year. Royal Wor- x and pump £ 

The prorision for deferred tax AFTER A marginal increase from overseas rental income oE^Ioogh to date mdlttte a sads^ A( the ha^^y staBe . when re- cesier Industrial Ceramics and the ) and £Uim. (£0.73m.l. r 0 X»ccted. 1977 liav J»W » 

■<n o? M relief and USSS '^TeXST i™iS ^ 2* •- ?«ib«ab.= to; S W n Measurement ^ J nmrs My tha , WT7 „ far 

• comment 

EDI9 finished 1977 ahead from £6.06m. latest figures, which show a 

Mr Ml %ehT the chairman to £6.97m. Pfr cent, rise in taxable profit to 

thed l rector- confidcnllv ex- Earnings are shown to be up £h-97nr n satisfied the market and 

SS new TSSriis fKm every from SjSTp 10 4.62p per 25p share the shares rose 2p to llCp. The 
division in 197S Organic growth and the dividend total is lifted largest gains came in the U.K. 
inalt the^uslnesse® "he addition from 2.<r»Pp to the maximum per- industrial rental market which 
of 12 hotels nnd four holiday mirted 3J65p net with a final of accounted for nearly nine tenths 
centres acquired through the 1.5 lap. of the overall improvement in 

purchase of Leisure and General. U.K. rental income increased property income or £2.3m. Here 

the overseas expansion of the from £S.S3m. to £10JS7in. as a average rents increased by 10 per 
casino division through the result or new lettings, reversions cent. Overseas the picture was 
Iron the opening of and rent reviews. The utilities more patchy, with only Australia 

13 the p/e is 5.2. 

Dorada . 
hits peak 

forecast, they 

“Si **At*the halfway stage, when re- cesVer Industrial’ Ceramics' and the gjfjJJj' and’llJlnTtfO.iSm.). T *25!5!? n ^ 
nn?' Jn* porting a lower attributable tax- Strain Measurement Companies of directors M v that 1977 was 1 n .j r , W1 

S& SHU ^SlfSWSSSBSJS- ’»«■ ^ 

they expected the full year figure the chairman adds. 

The directors 

group results for the year as a 

with M12.000. to dftotoKald AtoUj «U throughout the year. SeSre^ion ‘Vw "mSSSEii 

sw? sjssiss ~ safs-si ffpss ss & sa?a sart&fs 

3 ' slsz *a-.«a S 3 S.}b S Sz&Zhz 


Tax took £688.000 (£71L000) to 3 much improved performance in facturins operations at Stone-riatt cent. drop. _ _ 
leave net profit down from the future. Welwyn Electric and Electrical iMcCollI, in Australia j ust how difficult things haw 
£S5ShOO to £312JD00 Stated earn- Colrern should recover well in (Which will be restructured dunne j s evident frpm the com- 

inss ner 25 d share are 52n fw_2ni 1Sr7 S, benefiting from the 1978 as a sales and service opera- party’s pruning of employees: lhe 

new ci«ino>: in th*» nrovlnrec and division also contributed to the managing to buck a listless trend. AN LM PROVED performance from ings per 25p share are 5J2p (1-L2p) 

Cash cade lotteries will provide better results with higher sales. The group's reduced activity in its motor division enabled Dorada and- a final dividend of f * 

considerable additional profiis he Overseas rental income rose the Canadian, Belgian and French Holdings, the vehicle distribution raises the total from 

from r4.03m to 51.33m.. the in- markets has meant that less and engineering group, to finish 6.38S8p, which absorbs m<w^iu — — ----- - ■** — -- --- - 

Of 1977 orofits 54 per cent, crease in sterling terms' being interest is being capitalised. As 1977 with pre-tax profit ahead (£345.000)- . r..^s. .. _ cover the run^two 1 a rest In the marine divi-ion uliic.l 

came from casinos a»ainst 43 per restricted b> the strength of the a result the interest charge, less from £835.000 to a record Sir Ronald Fairfield, the chair- ^ ,sp0sal . %t nu> ha ^ bee S t al,orl . pf |,, “ p4 !*,! n ‘ 

cent in lhe previou«" ear Petting pound against relevant currencies, the capitalised element, has risen £1. 1S2, 000. on turnover up l'3-o per “an, slater that at Royal \Vor- comp any. rh orders. The good nows 3 * 

ShSps improred their profit, hut Expenses Tor the whole year on from £5^m. to £7.1 m. in the cent, to £5l.0Bm. At midway, a tester Spode the iLJl operations sho^d < S?^^iLsf?ctorvrer n v^l rhc - roup ha! * 3vt ^ ny “ft 8 ? 

the proportion fell from 33 per the completed office properties at profit and loss account, on total surplus up 050,000 to £406,000 re^rgan^ed with special recovery vwmpdnrnu araw,nK to improve rnorgms wcrjll .»•* 

cent to 25 per renL Casinos did ShL-fficld and Brussels have been debt little changed from the £T9m. was reported. attention to building a manage- 111 ^“P from the rolre market. well .as on the main Ivxti!.; 

of lhe previous year. At I16p the Hr. Thomas Kehw. tho ch a i»^ • comment A ISiiS’S SSSffStaSfe JK 

better than ex netted and far the charged against profits. 

- ■ lar 





i.43m. rise 
for Home 

*>roup earning with the balance m en-io-ranieware oeai uie iuhl the year-end reduced slightly to sheet . 

arfsLn" from !he eSdneerim» S ?- nd other hlgh vol V me Porcelain sieved in the preinous year the £i33m. f£140m.l. bat this was due from last year, though nc: 
tor ° engoneeriQo, >«. i, nes were re-organised with new ffroup is some £a64,000 below to the order books of the overseas borrowings as a percentage nf 

Stated gross 
.share are 25 

A ^V. al a !u'; improved its 'sales' and^pro'fit £200,000 required for re-organic 
dend of _92p net make.- the above last year. ing Royal Worcester Spode; 

maximum permitted 4^ip t4.13p) in contrast to -the progress unforeseen at the half way stage; 
,, ' , uijde in the UJfv. and Germany For the resL adverse currency 

Sir. Kenny adds that net^currcnt difficu I ties were experienced with movements lightened profits by 
’ mainly in 

the East 


Mr. Thomas Kenny, the chair- #001111116171 

first quarter of this year, their iBti. i9*« shares yield 3 oer cent., around m an that in iQTRtho pnmmnv success of the enlarged company. 

profits were higher. While this ^ 

division is not expected tn shmv tax ... 

the same growth this year, the Prior cr.-uii 

chairman believes there will “be to’ aunoriuJs 

an increase. . Available 

Excluding property and major surplu. on assuis sale 
a l-o nisi tians. the group has a Tn capiui r-.-vree 

capital spending programme of owtdwiSw* nrt ' ,l,pUon 

more lhan £12m. against £10m. To rtvr uuo o;'i,T.-e 
last year. t Dfhr. 

See Lex Interest and other charges on 

projects under construction in the 

SHARE STAKES U.K. have been capitalised in the 

Brownlee — McLeod Russell has amount of £483.000 (£713,0001. . _ . 

purchased a further 37,973 Ord in- Similar expenditure ' overseas, aptph _ ,, u-iif assets improved from £3.2m. to the company’s merchanting sut> around £100^)00 mainly in'the- 1 j £*-$ 

ary shares, thereby increasing amounting to £877.000 lE223m.» VgJjjjl * £285 o<W Horn e Co unuS £ ^ 4m - for ia, ‘- largely refiecung sidiaries in North .America. The second half, while the East Coast .flPQl PVPT* X. I / ^1T1 

holding to 345.975 (11-94 per has also been capitalised. All Newsp aoen a dv anced^ ^ in^ VS (be sale of properties and the U.S. and Canadian companies dock strita in the U.S. which hit t T VI d*Xrn*4mJ. Ill* 

cent.i. Other such expenditure has been sec nnd half and finished i«ir7 with profit Bow - Al the year end. the ended the year with an operating th e Christmas period, lopped off ....... , .... ... . , 

Associated Tooling Industries- charged against revenue. - taxable nrofiis at x^GOOn com com P an >' had substantial undrawn loss of £337.000 caused mainly by another £140.000 in the last six activities contributing make i! impossible (u make a re- 

Shield Trust has acquired a The group has adopted tho nared with £256 000 last time on and slocking facilities and 3s a shortfall in sales aggravated hy months. The new spending r*®- 02 ' - .. - 

further 61.287 Ordinary shares, treatment for deferred taxation urnnver "hpsri'frnm niSL t" business improves some part of the ESst Coast dock strike and demands created by the Spode Uusembourg .activities £937.603 year. 

- ~ * - lurmner The co rrmanv achieved ^ese will be needed, he says. the. weakening dollar in the latter merger have Wt their mark in Compared with 1759.192. pre-tax ^ _ 

part of the year. In addition it the balance sheet, where 
was necessary to 
abnormal costs amounting 

■o'* pamrnps nf-r 25 d eq j Spmeirt t0 J? eet demands and *® ve ** ®° the shares fell Sp companies being expressed at the shareholders' funds have i 
5 9n (137n) and IS On ^« ce , costs ‘ ^ com £ any / s Ger “ ih n JL 0 r a n ■ To ^ som f e* 160 * tf> is stronger sterling exchange rate. creased from 15 to '22 per rent. 
V’ , TV.r P 180 company, Bnrthmann, shortfaU « due to an extra 

oi tax. a nnai aivi- hnnmrpH nia» ...c. snn.onn mnni r A - m 

Percy Lane reaches a 

against £144,607, and liable forecast for the current 

i 71 

an dnrnv hold 13.3 per cent. This recommended in ED19. This has £6'i3m" Tlie company achieved 
further acquisition relates to a resulted in a. lower composite tax a peak profit of £994 5(13 in 1973 
re-allocation within the Roth- charge and an Increase in genera] The directors report that 
schlld Group. reserves in respect of prior years' trading in the current year to 

Wolseley Hughes — Norwich adjustments. The comparable date has been satisfactory. 

- J n *“ r!ince no "^ holds figures for 197(1 have been re- Earnings per 25p share are changed, the name of its non- “TT'-jli *** «-wcac ouumg imci% avuuruun costs. — ;r^'!jT 1 T7.77;».i;T«e.. 

lol.JTS U40S per cent.) Ordinary stated. shown to be nearly trebled from trading "subsidiary. UTF Securi- * ndlp f * ®l h V hare l iire L , ^ 1 - y t0 ¥ 0VCP ' ■• a t*jjSS l ( £436.000 f M? pS *U®un4 70 pw «ulL of Lane's . 

the dividend ties, to VV aE o n Finance Ltd. JiSES? JSLf.US'Z. rJ*¥ ? ha £ ,we tf ^ the m,ssed forecast •?* business is generated from sale*. 

directors believe these write-offs in the short term. {SkwilSF nmSPn'cSZ 

fortably exceed those for 1976. 


JSST Kr“J! iVSTJX. resulted in these 

„ ^ sheet, where net P™ 6ts ot Lan « Croup, the # comment 

write-off cash of £l.Sm. has been reduced S”? 0 ,']:" Pere 3 |1 Dane's pre-tax profits., after 

ting to to £480.000. The. shares yield 9.6 vising BO per cent, in the first 

' per cenL and stand on a P/E of SSSj? 0 ‘iL-TOe *“*• of half, only managed a 17 per cent. 
£“■ a i din S back abnormar costs. -.V.-Sm. m in the mpd six montl.a 


»v »#%- HV1U IJ 

In the absence of unforeseen «.21n tn I2.47p and 

Unaudited group results for 1977 of Legal & General Assurance Society Limited. 

Group Premium Income 
Pensions and life business 
General insurance 

Profit & Loss Account 
Long term profits after tax 
Underwriting loss on general insurance 
Investment and other income 
Associated companies’ profits 


Group operating profit before tax 


Group Operating Profit 
attributable to shareholders 
Shareholders’ dividends ' 

Retained profits ' 








• 109.0 



















. 14.2 



' 7.4 



Earnings per share 

(based on group operating profit) 

Shareholders’ dividends 






** after release from provision for unearned premiums, 
f restated ip view of change of policy on deferred, 
tux accounting. 


We cover the things youcare fog 

A final dividend for 1977 of 3.71p 
per share which includes an 
additional 0.05p for 1976 is 
recommended payable on 2 June 1978C 
With the interim dividend of 2.057p 
andassociated tax credits 
totalling 2.971p, this makes a total 
gross dividend of 8.738p per share. 
Copies of theReport & Accounts 
will be sent to shareholders on 
Thursday, 20 ApriL 

this market turned sour in the 
Fuifyear earnings are given as spc0 °4 sis months— as caravan 
14.4p (lOAp)^r lOp Ihare and manufacturers which had. over- 
the dividend totiti is lifted from estimated demand earlier ui the 
2.94p to the maximum permitted year were left with tarw stocks. 
S_2Sp net with a final of 2.0Sc. Profits from the Luxembourg «ub- 
The directors point :out that 

DESPITE a 3! per cent increase in the resignation of the chair- Lu »«}o«« ooerotions ^bad to SJt S’thefiret*^ Sr 

in turnover from £12.09 ixl to man. Mr. M. J. WUsh. contend with sladrenlng demand, “ {£g * SLAiiJfJT 

«5.9m 1977 taxable profit of Hr. Walab. who hafi Obly boor, t&Tof 

Rotork designer and roanufac- chairman since 1974. left the com- aevamatl0n or doubled during the vear but this 

hto.° iSi V *oS!;S M .'? U SSK, t pany on Tuesdw !3 Uowi S a dis - »IrJLSS«W tto perfomiancea lately S Km" 

snow S littJe cnange at £3.2Zm_ aoroanianl AV»p nnltTO Til# npw _ r r _ ,.mik MW 

Rotork profits static 
at around £3.2m. 

comrared with JM lto adiSd °?^5° l ,cy * ^ ne ^ ** individual operatin? companiea wuh U.K. margins improving 

STXSlv Wl-.h fbrolsn Sir Sf* 1 ^ ,*“!? ^ lef “ '>-nre more than w&factory tn more than two points to 55 per 

ren?? th® M r. J. R. IL KealJey who has been v!ew of the operating conditions cent.— rather than any major in- 
SSi.?S!^ff U Rh P m UQ d ? director since 197a. Mr Keatiey wltb which they had to contend, e^ase in volume. Prospects for 

ap ffl“ 0 n n H 0 n ?? i 9 : roCTtl , e ' s «>« shareholder in it is a sign of the group’s fin- the current half remain dull with 

j M results Crosby; through his private com- BT ,cial strength he reports lhat in the group's three main market*. 

JJ*; P a y N - P- K_ Holdings he controls 1977 it spent nearly £709.000 from caravans, construction and the car 

arL'p C 7JnTn°nrinnip M JSwrt^. r0 nr!ri ^ ust - undw 12 *** cent * ° f 11,6 ft ‘s own cash resources on im- industry slili operating ill a 
^tSSSLS^&J^SX reo cquity - PWta buildings, plant .and depre^ed economic riimatc. Kmr- 

a^MiIi«!lne L Yesterday Mr. Keatiey said that equipment. ever the group hopes lhat orders 

r^mnnn®nf S c ami it would be group policy from now . He teUs members that demand from caravan manufacturers wiR- 

duri?a th? v2 Trading Profit on t0 concentrate on what the »? the U.K. .and Luxembourg con- pick up now that the Easter sell- 
w^?i«Jhtiv y ?hMd Of company is best at— freight for- weak with plants running mg season is underway. Mean- 

hSvy %SJ£SS ltd warding. "I am quite, confident ^ ^ecomparable pcnod.of while the shares at Gip yield 
and^the d^tora coniSiw the ^ we can overcome the pre- 8,4 ? nt " ith u,e dividend 

su h L ! sn; ~, r „ s *». m* sme ■ ta, ” t 43 *** "*•« 

return on sales is creditable for 
an engineering company -trading _ 

in a rather difficolt year. The group were £256.000 but when the 
return on capital employed results were published in October 
remains at a healthy level, he 1977 Mr. Walsh, told shareholders 
adds. that these levels would not be 

Earnings per lOp share -are repeated in l?n. In -the event, 
shown to have risen from l9.1Sp losses for the six months to June 
to 20.33P and the total dividend is were £134.000 which Mr. Walsh 
effectively raised from 2.ll25p to attributed to re-organisation costs 

Wolstenholme Bronze 
20% higher at £1.4m. 

2^7p with a final payment of IJSp resulting from the acquis* ti on of wrrw art , , , 

net . ■ a freight company from the i’KSft. of fl'e Parent company is 

st. . a ireigm company irom me i™ »«ii G I V- , . parent company is 

On prospects. Mr. Fry states Thomas Cook group in January hohne Bronze* s, JShtly above last year's levels, 

that incoming orders from the last yean .subsidiaries have 

likely level of trading. 


Excluding the contribution from 

Kotork's two acquisitions trading 
prolius have more or less marked 
time. But after the interim down- 
turn of a tenth the recovery in 


uiat uiconiuig uruera iruxu ine on na - rmm ert i . ; 

controls and other ■ engineering Crosby House is claiming £1 .18m. to ri4m ^in ’l977 ImlAL-av creasc d sales, 

divisions continue at a reassuring in damages from Thomas Cook on m im from Mrerot While the outlook is not easv 

level although at reducing mar- the grounds that both the assets £645 sis ^ • 10 to predict they expect that with 

gins. By the nature of its business and the trading position of rhe while 1977 was a difficult vear a # fu JJ year ® benefit of the profits 

U is too early in the year to take company purchased from Cook overall it was particularly so for °Penshaw. 197S profits will' 

a view of the marine divisions were substantially lower than the parent company’s traditional ?S ow a s?j£fa«°ry Increase over 

suggested at the -time of the sale, bronze powder operations. De- r- n - , 

mand was poor throughout the n J, (£394.434). 

year, particularly in the Ui?.. the „ ei ? erces . at £67«.8fi5 ■ 

company’s principal export ' S „2' oarn 'n2!‘ por 23p 
m* | • market the directors say. Sb Ttl ? 7, 9 P < 23 - 7 f*'- 

Malaysian However, the . performance of UT , r r ^? al .™-‘' nd »» *m*. 

iL . J c. , th ^ subsidiaries offset the flat lu 4 ' 0SB75n 

Pre-tax profit of Dunlop performance on tho bron/p ^ the 

tbe second half was unexpected Malaysian Industries, an offshoot powder rfde There were also tl 0 ^75p). 

by the market and the shares of Dunlop In temaUonaL advanced increased 6a mi ngs from the 

ciimbed sp to 12pp. Last t year 19.3 per cent, from 241m. 0 f flaky aluminium powders fo? T>w*r _■ b^bss 

was a difficult period for both its ringgits (£5-44ra.) to J8.7m. crated concrete and explosive? T* 1 ** Drofirr - JoSSTt 

artuator and marine divisions, ringgits £BAim.) for 1977, on Overall turnover for ----- L°w?tnh-nl mewne - *7.017 sbS " 

while the company was hit by the sales aheadl2.6 per cenL to 146m. was £9. 17m anbut J&ABm ‘lMt Sf Worc *“ ■■ unm 

strength of sterling % with nearly riitggiL fm^m.). time. Sm ‘ S 

Ml 917 






W? . 


SO per cent, of sales overseas. 

Rotork claims to be increasing 
market share, even -if prices are 
lower. In the U.S. there has been 
a pause in investment while the 
country awaits the administra- 
tion's decisions on energy and 
pollution, which has had a serious 
effect on U.S. sales. Meantime 
the move of the marine division 
to Poole threw up some internal 
problems and profits were well 
short of expectations. Also a 
major U.S. Army contract has 
been held up for several months 
because testing by the Americans 
has not been completed. The 
immediate outlook is not exciting. 
Margins on the actuator side are 
still under pressure and profits 
growth is likely to be modest. The 
yield is only 3 per com, but the 
p-e is not demanding at b£. 

A scrip issue of one-for-five is in the year the groun acquired 5 lvW «iiiis 
■oposed, white -the dividend total Charles Onsnshim.- iriiM * 

Crosby House 


A Boardroom row at the- loss- 
making freight forwarding group, 
Crosby House, which has issued 
writ for Il.lm. against the 
Thomas Cook group, has resulted 

tn which holders of the 

shares, are entitled. 


. . — — - — _ M . V „3ve iwiainre tm , y mc'qic 

new been consolidated r^.sss' ftrun 

D irectors say the current order * p , or jwwnr 4«wnr. 

hftl KVWTVC. ( fates. 

so sliQ 

iuy secretary told me to piay ^ soil A tas r secretary team, as in eveiy successful ' 

could get i^e TGai ^ ’ ^^ft n ^ t obecareIulJy]ma^edi)y;■^ 

£ you an applicant without having 

. * your • - 

r \aV5X 

ttS t r lvesonhavuigthebeEt ' 

3felophcme Bridget OBrien-TWohia. 

JoannaDyson or ElisabelkBeiion onOtSBiffiL . ’ : 

Pearl ii 



“p siioctjjoittteiiHsav fissh 

\ V. 

■■ »„ • 

■ : zy 

Financial Timas Thursday March 30 1978 


Legal & General profits 
show £3.5m. increase 

DESPITE AN increase In the gen- 
eral insurance underwriting loss 
from 13.7m. to £3. 9m. taxable pro- 
lit of Legal and General Assur- 
ance Society rose from £13 .9m. 
U> £IV.4m. in 1977. 

Offsetting this was a DLSm. 
lift in long term profits after tax 
to and in a £2.3m. boost 

lo investment and other income 
to £i5.9m. Expenses were also cut 
from £3:Sm. to £Um. Earnings 
per share are shown at 9.85p 
(S.19p, restated for ED19>. 

Included in the figures are con- 
tributions of £0.8m, (fijjm.) from 
the international reinsurance sub- 
sidiary, Victory Insurance, £1.4m. 
(£l.2m.) from the managed pen- 
sions fund subsidiary and IG.Sm. 
(I05ra.) from the South African 
life subsidiary. 

Total premium income rose 
from £4 89.9m. to £327m. with life 
business contributing £274m-. 
pensions £J20.Sm. and general in- 
surance business £123 ,2m. 

The transfer from long-term 
business came from a total sur- 
plus of £66.4 m. (£39 .lm.) Policy- 
holders’ bonuses have taken 
£52 ,2 m. (£46.5m.) and £6m. 
(£4. 9m.) is carried forward. 

A final dividend of 3.71p net 
per 5p share includes a O.OSp pay- 
ment for 1976, and takes the 
total payment to 5.767p against 
5.1 19p last time. 

The directors say pensions busi- 
ness continued to be affected 'by 
government pay restrictions and 
that there was little scope ■ to 
effect improvements to pension 

There was a slight reduction in 
new ordinary life business pre- 
miums in the UX, but new pre- 
mium income from overseas terri- 
tories, particularly South Africa, 
showed a substantial increase. 

The company successfully 
launched itself into unit linked 
life assurance in October, with 
£4m. already attracted to the 
unit funds. 

The general insurance under- 
writing result was affected by 

poor experience in Western 
Europe and unfavourable foreign 
exchange adjustments of 10.9m., 
compared with -a £1. 7m. favour- 
able adjustment last time. 

There was an overall improve- 
ment in the U.K. despite a de- 
terioration in the motor account 
in the latter pan of the year. 

On pensions, Mr. Ron Peet, 
chief executive, said: “About 70 
per cent of our schemes mea- 
sured by premium Income have 
decided to contract out of the 
State scheme. This is up to our 
best expectations and we look 
forward to seeing the full, im- 
pact of last year’s efforts reflected 
in the current year’s operations.' 




Premium income 



Pensions and lire 

403 -K 


General insurance 



Loos -term profits net .. 
Undonvrltlns loss on 

. s- 2 - 


mmeraa ...... 

• •j.9’ 


Invest. & giber Income 



Assocd. companies 






Profit befam Uoc 






To mine rifles 





Dividends - 






* Alter release of tl.lm. 

provision for unearned prautums. 
stated for ED 19. 

r Re- 

The , company 



distributions. The new rates will 
provide larger bonuses to the 
policies that have been in force 
the IongesT, while for any future 
changes in rates, the actuary can 
manoeuvre to preserve equity. 
Several life companies have re- 
cently moved to this system. 

Terminal bonus rates, paid on 
death or maturity claims, are 
kept at 25 per cent, of attaching 
bonuses for while life and endow- 
ment contracts and at 20 per cent, 
for the new Cashbuilder plan. 

On self-employed pension con- 
tracts, the reversionary bonus is 
Improved from £3.50 per cent, to 
£3.60 per cent of the basic pen- 
sion and attaching bonuses, with 
the terminal bonus, paid on vest- 
ing, maintained at 40 per cent, of 
attaching bonuses. But on the 
HT3 executive pension schemes, 
the terminal rate has been in- 
creased to 25 pea- cent, of attach- 
ing bonuses from 22} per cent. 

See Lex 

Equity & 

announced improved reversionary 
bonus rates for 1977 on with- 
profit contracts, but in general 
the .terminal rates . are un- 

For individual assurance con- 
tracts. the system has been 
changed from a straight com- 
pound basis to a differential 
bonus system, paying a . higher 
rate on attaching bonuses .than 
on the basic sum assured. The 
basic bonus on the sum assured 
is maintained at £3.80 per cent., 
but the rate on attaching bonuses 
is lifted to £4.50 per cent from 
£3-80 per cent previously. 

The effect of this change is to 
provide greater equity - In the 
sharing of profits and. more 
flexibility in dealing with bonus 


NET PROFIT available for 1977 
of Equity and Law Life Assurance 
Society came out higher at 
£1.36m. compared with £l.llm. 
for 1976, and the dividend Ls in- 
creased by the maximum 
allowed from 6.0788p to S.68B7p 
net per 5 p share. 

Gross investment income, less 
management expenses and tax, 
fell from £152,000 to £145,000. 
Before a revaluation of assets net 
profit is shown as £1.5 lm. against 
£1.26m. and there was an in- 
crease. In the market vaue of 
assets of other business fund of 
£205,000 compared with a £14.000 

H & J Quick 
to £0.96m. 

AFTER RISING £93,000 to £450,000 
at midway, a second-half surge 
left pre-tax proGt of H and J 
Quick Group up from £510.836 to 
£958.966 in 1977. 

Turnover for the year jumped 
from £32S7m. to £4L37im, and the 
result is subject to tax of £526,000 
(£269.136) and after interest 
charges of £417,407 (£363.814). 

Earnings per share are shown 
at S.04p against 6-22p on capital 
before thg two-tar-five rights 

A final dividend of 0.85p net per 
op share (D.523P) takes the total 
to 1.85p ( 1.032 p). The company 
is a passenger and commercial 
vehicle dealer. 


nMMiWMMMttiomitutimuMmMtw im mw 

April, 1978 

This advertisement appears 
as a matter of record only. 


The following companies have notified 
dates of Board meetings to Ubc Stock 
Exchange. Snell sneectnu are usually 

held (Or the purpose ot considering 
dividends. Official indications arc not 
available whether dividends concerned 
are interims or finals and the sub- 
divisions shown below are based mainly 
on Iasi year's time-table. 


Interims— LWT. Lucas Industries. R- P. 
Martin- Renans Tin Dredging. Sirdar. 

Finals— APV, Associated Book Pub- 
lishers. Aurora. BBA. Biddle. Brtdon, 
British Mohair Spinners. B rontons 
rMusKlburghi, A. F. Bulpin. TL Cart- 
wright. Dcsonrter Bros.. English Property. 
ErUh. Fothergll) and Harvey. J. Beirut 
' Fenian i. House of Fraser. House of 
Lonjse. F. J. C. LtUcy. Mixconereie. M. 
Mole. Municipal Properties. Prudential 
Assurance. Pye, HecldtT and Column. 
Relyon PBWS. Transatlantic Matter 
Trust. Ward While. Warnt Wriahi and 
Howland, Wilkinson Warburton. Winston 


In terim s 

Peters Stotts ... - Apr. 4 

Rhodesia Cement Apr. 4 



Bank of Scotland Apr. 4 

Black and Edalngtoo ■ . Apr. S 

Boosts and Hawkes Apr. 5 

Dunlop Apr. SO 

Cues! Keen and NetUefoMs ... . Apr. 4 

Jove Investment Apr. 3 

McBride (Robert! (Middleton) . Apr. j 

OIrvx - Apr. 8 

Taylor Woodrow Apr. e 

TeMdv Minerals _ Apr. SI 

Watts Blake Beanie Apr. 4 

Whm Industries Apr. 7 

Bertelsmann International Finance N. V. 

Cura?ao, Netherlands Antilles 

U.S.$ 20,000,000 
814% Bonds of 1978/1985 

unconditionally and irrevocably guaranteed by ‘ 

Bertelsmann Aktiengesellschaft 

Gfitersioh, Federal Republic of Germany 



Deutsche Bank 


Chase Manhattan 

Limit ad 

Atlantic Capital* 


Pearl income and dividend up 

NET PROFIT for 1977 of Peart funds; general branch £0.55iii. cent previously with a maximum 
Assurance Company emerged (£0.57m.) and marine -- aviation of -0 per cent 

For pension business the rever- 
sionary bonus rate is Ufted to 

and transport £0.05m. loss against 

£4.<2m. for 39,6 and the dividend rn im StwrkhnMprs’ investment - 

is stepped up from llJKlttp to and ^ther inrome less SSS *4.85 per cent of the basic pen- 
12.5831 6p net with a 8.73516p final 5J5 me (Sim) slon from MAO P" <*«. on «»- 

per 5p share. dSeS ^iTthi rents’ facts taken out in 1873 or later 

Life branch surplus wa s ahead dn not include the release of and to £5.40 per cent from taoer 

from £40.69m. lo £4S.76m. includ- flKOjOOO from tax provisions made <* nt , for earlier policies. The. 

ing a £S.96m. <£6.61m.) credit jn eartier years and no longer terminal bonus rate is improved 

after tax on part of the un- required. ,0 £ ?-°° P* 1 " <* nt - ° { the basic 

realised appreciation of invest- n . ni , . ari „ nnni , ott annuity plus attaching bonuses 

meats. Policyholders’ bonuses ™ e «>™P an S' has . announced f or each policy year, maximum 

rose from £36.6Im. to £42 .31m. In substantial increases In its sever- 28.5 per cent from £130 per cent, 
the general branch, there was a f ion ® I 2L ® nd b S I UJL ra lf? maximum £23.40 per cent The 

higher underwriting loss of l9 *l^ bath the ordinary and 
£S.04m. (£2.62m.) t but this was off- industrial branches, 
set by increased investment. On ordinary branch assurance 
inflome of £S.59m. {£3.19m.) _ to contracts the rates per £100 sura 
give a similar result at £0.55ra. assured are £3.95 per . cent for 

(£057m.) policies taken out in 1973 or later . . . 

General branch business is w>w and £4.50 per cent for contracts whole life policies the increases 
mainly in the UK., the directors effected earlier, compared, with vary from ml for policies taken 
state, and predominantly in the £3.60 per cent, and £L25 per cent .out ift 3963 or later to £L20 per 
property and motor accounts. The previously. The terminal bonus £1 P^nnuni for contracts issued 
U.K. underwriting losses In these rate on death and maturity claims m I9a2 or earner. For enaow- 
two accounts amounted to £L7m. Ls improved to £1.15 per cent of 
and £l.4m. respectively. the sum assured and attaching 

Transfers lo the profit and loss bonuses for each year in force 
account included, long-term funds before 1975 up to a maximum of 
of £4 .7m. (ISJiSni.) and short-term 23 per cent, compared with 1 per 

supplementary bonus is Ufted to 
10 per cent from 5 per cent 
Improvements in reversionary 
bonus rates in the industrial 
branch vary according to date of 
issue and type of contract. On 

ment assurances the increases 
vary from nil to £250 per £1 pre- 
mium. Terminal bonus rates have 
also been improved. 

See Lex 

London & Manchester rights 

INCREASED investment from 5.I502lSp to 6.4Sllp has been £4.70 per cent, of the sum assured 
a reduction in the approved by the Treasury in the from £4.50 per cent. The company 

General premiumsT 
Investment Income .... 
Croon] branch loss 


income. _ .. . 

general branch insurance loss contest of the issue, 
and higher transfers from policy- 
holders’ funds, net profit of Lon- 
don and Manchester Assurance Mfc premium* Hires 

rose from £3 ,37m. to H.Km. in 

And the company has Tax ... 

announced a £2.1m. one-for-ten -J™ 8 oaUa " 

rights issue to raise . funds for SjJS^“.. 

the expansion of its general industrial* 

branch operations. m*. mu* retirement 

In giving its reasons [or the . gjjjggj : 

issue the Board says that although mdusMaR 

the company is primarily con- Met worn 

earned with life assurance, the pinnomb 
relatively small general branch 
has been expanding at ao 










operates a terminal bonus system 
lira that -automatically allows for 
mm capital appreciation on invest- 
ss.ra merits and applies whenever 
with -pro fit contract becomes 
ik death or maturity claim. -Rever 
23 sionary bonuses on Industrial 
branch contracts have also been 










w L & M, having operated for 50 
' 45 years -as a life company by rein- 
L3D curing its general branch risks 
with Sun Alliance, now intends to 

Vriiwcd: • l-Yorn nnrmai Pjj »3e and become more 

en- annuBi wirtiwK. ’From tenuiuai active in the underwriting of its 

couraging rate in recent rears and bona-^ from invcsiim-nt appreciaiJon. general business. Hence the need 
it Is ihc Intention and determlna- lineiwitt a.flH for i9ifl. .. for fresh capital to enter this 

lion that this branch should play ; The general branch loss was field. The company’s genera! 
a much greater part in the com- cut from £198JOOQ to £74,000. and account consists <rlmost entirely 
parrvV activities in the future. came alter a £62.500. special of Individual and small trader 
Thev sa* the premium income transfer to fund improved risks and has been expanding 
of a general branch must alwavs benefits for the staff pension steadily in recent years. This has 
be supported hy minimum scheme. . ^ been regarded as a profitable 

amounts or caoital. eligible re- Earnings per share are shownsrt source or business until recently 
senes and balances carried for; 12.34p basic (lO.lTp) and LLSTp when a senes of storms and sub- 
ward YFMIe these amounts In Oni9p> fully diluted. . sldence hit U.K. private, insur- 
the companv arc sufficient for the The valuation of the invest- ance accounts severely. L ft M is 
immediate future, thev have de- ments of the long term funds taking a gamble that conditions 
cided that in anticipation or carried out at the end of 1977 will return to normal m this sec- 
future growth it would be prudent disclosed a net appreciation of. tor, but a look at other home 
and timelv to aim at increasing £5f»m. compared with £l»m. for service insurance company 
the capital resources • of the 1976. accounts in recent years will 

company The directors expect that show how adverse underwriting 

TKa iwu® is to be made at 3Mp current year will witness a period can drain shareholders’ profits, 
per 5p store and shareholder of satisfactory growth of both’ However. the share price 

registered at March 30 are premium and Investment income, improved Bp to 136p on the 
eligible. The company has announced announcement of a substantial 

The new stores will rank for higher reversionary bonus rates dividend increase giving a yield 
the final dividend of 3,9647p. and on ordinary with-profits contracts, adjusted for the rights issue of 
the increase in total dividend that rate for 1977 being lifted to 7.4 j»er cent, gross. 


Full credit supply 

Bank of England Minimum 
Lending Rate or 6i per cent, 
(since January «. 1978) 

Discount houses paid up to 6- 
pc. for secured call loans In 
piam, but closing balances were. 

and very substantial Government 
disbursements exceeded revenue 
payments to the Exchequer. 

On the other hand there , was a 

Day-to-day credit was in vtw taken at 3-5per cent. In the inter- f^e net take-up of 

good supply in the London ■ marker . overnight loans TWasnrv hiii 

overnight loans Treasury bills to finance, and a 
cenU and slight rise in the note circulation, 
cent, during Fixed period interest ‘ rates 

money market yesterday, and the „ r 6HJ s per 

authorities absorbed surplus v ner C— 

of W hTiis tQ 1 discount the mornlnS- Rates fell to a low were ^generaily^ easier for the 
J point of- 2 per cent, in the alter-, shorter periods, but longer 

k«„ 'Thio "Cm* point of- 2 per cent, m toe aiier- shorter periods, 

houses and banka. This was nooni ^u t jnceraxed to S-6 per periods rose by about 

cent, at the close. eeut 

probably not enough to take out 
the full surplus however, and 
hanks are expected to bring for- 
ward further surplus balances. 

l-r« Per 

Banka brought 
surplus balances 

forward large 
from Tuesday. 

Rates In the table below 
no minal in some cases. 

Mar. Sa 






k iUym lutUcr..! 
7 itaya *ur , 

i 'Jo\-*' imtice. 

i _ 

Tup nHmUl*... 
Thrw monlbis 
av'xuh>.. N ‘ 
Niftf rntmtlut.. 

Tap vmr-— ■ 


7>a 7 





Local iBitvafiUts and fisiACfe AMKt-4tiMO (Uafs* twUee fli&ers seven days fixed. Lom-tenn local aoUwrUy m ww*se cate 
nwuS vSSTwn m-WPft loorloara^f-lM^rec bl: fln seam Iffi-lfil Per ««. 4> Bark blU «« m lablo are 
ouvIrs rail's for prime mcht. Baylaa rates for foar-mianh bank bills 60 it -fit per renr. .; fotir-motuh trade bins 7} p ercent. _ 
AoproxlButc celttns rates for oaemostlt Tpeastuv bins 32552^1 per cent; iwo-nromi 5i5ifi*5xn2 oer cent: and tbree- montli 
3t-3t^^cr OTrt. Amttttautn *rilta* ratir*ir une-own® • m *‘ 

numtb 67 per cent. One^mondi trade bDb 61 oer «nt.i nvo-mnnOiM per cent, - oad atm tbree-mooA fit pW ce tg? , 

Fhuuice Housa Eom dune* rpubliabed by iW Fftunco Booses AswotatMal 9 per rad. from March 1, 1*78. Cterina-R^ 
Damn Rates tier small turn at seven days* a per coat. Ocarina *»nk Rat** .for .foading Si per cent Treasury 
Avtnn tadiec rats atdttcamt-JUBSZpet Qcni - 


Statement by the Chairman, 
Mr Hume Stewart-Moore 

Trading Results- Year to 31s! December 1977 

Group sales rose by 24°^ reflecting increases in all divisions. Higher doty on 
domestic tobacco sales plus inflation accounted Tor a considerable part of the rise, 
but there was nevertheless an increase in real terms for all our products. Group 
profit before interest rose by 6.0? o and after taxation by 6.2 but there was a 
decline in tobacco profits bodi at home and abroad. In the U.K. there was intense 
pressure on cigareue profit margins, particularly King Size brands. 

1 commented last year on the overall increase in the level of profit contribution 
from our non-tobacco divisions. These businesses have again done well and show 
an overall improvement on their 1976 performance. 

Tobacco - Domestic 

As a consequence of two duty increases in 1977 and of economic conditions 
generally, the total cigarette market in the U.K. fell by some 6.0”J in volume 
terms. Within this declining market, however, GALLAHHR improved both its 
share and sales. There was a further significant increase in the sales of BENSOK 
& HEDGES SPECIAL FILTER which retained leadership of the fastest-growing 
and highly competitive King Size sector. SILK CUT continued to be the leading 
brand in the low-iar sector and achieved both volume and market share gains; 
SILK CUT KING SIZE has now become the largest selling low-tar King Size 
brand. Sales and market share of SOVEREIGN in the small size cigarette sector 
also show ed material improvement. 

Pipe tobacco sales in the U.K. remained virtually static but our pipe tobacco 
brands showed overall improvement in both volume and mar kei 'Share. CONDOR, 
and BENSON & HEDGES MELLOW VIRGINIA both did weUand appreciable 
gains were made by CLAN and HOLLAN D HOUSE. 

The market for British manufactured cigars decreased slightly, but sales of our 
own brands improved by over 2"„, HAMLET and SENATOR in particular 
showing good sales growth. 

Tobacco - Overseas 

In the Netherlands, the domestic cigarette market was distorted by high sales 
or imported German -brands, but NIEMEYER'S volume grew again. 
NIEMEYER. have developed their sales of both pipe and hand rolling tobaccos 
in the importan t We st German market in which they now’ have a significant stake. 

The RITMEESTER cigar business had a difficult year in a domestic market 
which declined, but our GALLAHER business in theJrish Republic had another 
successful year, increasing its market share and sales volume of cigarettes, 
tobaccos and cigars. 

Once again there was further increase In the export sales of GALLAHER 
brands, particularly cigarettes, but ail tobacco product groups did well and we 
shall continue lo develop this encouraging export business. 


During 3977 our cigarette factories had to prepare themselves for the sudden 
change in emphasis due at the end of the year when the duty system would be 
changed. Also, they had the mammoth task of adapting machinery to accom- 
modate the growing King Size market. While this was being accomplished, they 
produced more cigarettes with a smaller labour force than in the previous year. 
This improvement in manning levels was due largely io the acceptance of an 
investment programme in new machinery and is a very satisfactory start; but 
much still remains (O' be accomplished. Our production division realise the 
importance to our future under the new duty system of not only matching our 
domestic competitors but also of facing new competition from E.E.C. countries 
whose manning levels are lower than our own. Only after these savings had been 
proved did w-e announce a self-financing productivity scheme for our home trade 
tobacco business. 

Smoking and Health 

In April 1974 it was announced that Carreras Rotlynan, American Celanesc 
and Gallaher had formed a consortium to study the use of Cytrel according to 
guidelines set by the Independent Scientific Committee under'ihe chairmanship 
of Sir Robert Hunter. In November J976. afier three years of intensive effort by 
scientists from all three companies, we presented our findings to the Hunter 
Committee. On 31st March 1977, the Committee approved ilie use of Cytrel in 
the following words: — 

**Jn the case of ■Cytrel’ the Committee concluded that it had no objection to 
raise on the scientific data submit led”. 

It is now well known that cigarettes containing new materials were rejected 
after only a short trial period by the smoking public. We believe that one of the 
reasons for their rejection was that claims were made- for some cigarettes 
containing the new materials that drew valid criticisms from responsible com- 
mentators. Without reassurance on this matter and with no price advantage, 
smokers found no reason to change from their regular brands. This is an 
unfortunate outcome, for while the new materials have no magical qualities, we 
believe that they haw a useful part to play in the make up of low-iar cigarettes, 
which the health authorities encourage us to market. For this reason we will 
continue to devote a major part of our development effort towards a better 
understanding of how low-tar, together with substitute materials, could be used 
to the advantage of the smoker. 


It seems that the aim of those negotiating what is referred to as the Internal 
Settlement is to transfer power to the majority without total disruption of the 
business life of the country and its capacity to produce the wealth that will be 
vital to the Incoming , ‘government, la the past, our company was aa important 
customer foe Rhodesian tobacco, taking up to one-fifth in value of the crop and 
employing up to J »5QQ men and. women to gradcaad pack tfte tob a cco f brnuft m 
ourhoauefectcries. ■....■ 

For our pare w-e hope that even,' encouragement will be given to the negotiations 
and that as soon as a fair and peaceful settlement has been reached sanctions wfll 
be lifted and we can trade with the new Zimbabwe to our mutual benefit. 

There was a modest overall improvement in profits by our engineering 
companies but ihe year was not one of buoyant demand. Moreover, the 
strengthening of sterling against foreign currencies had an adverse effect on what 
otherwise were quite satisfactory overseas earnings. Our Italian engineering 
subsidiaries achieved improved results in sluggish domestic and depressed 
international markets. 


In the U.K., the DOLLOND & AlTCHfSON GROUP achieved higher profits 
and turnover. Jn Italy, new branch openings brought the total now operating to 
69. This continuing expansion requires new staff rather than redeployment of 
existing staff as previously, and so has an adverse effect on current profits. 
Further expansion by way of 12 more new branches is well under way. In the 
smaller Netherlands business. 2 new branches were added, making a total of 11. 

6 new branches jn the U.K. are now in the process of being opened, but they will, 
of course, take time lo become profitable. 

Prospects for the DOLLOND & AITCH1SON GROUP overall for the current 
year seem likely to be solid rather than spectacular. 

Retailing and Wholesaling 

The FORBUOYS chain of confectionery, tobacco and newsagents shops, 
which now has over 400 branches, again achieved very satisfactory results, whilst 
our wholesaling businesses. WARRINER & MASON and TOBACCO SALES, 
made excellent progress, doubling their profits. Currently, however, trading 
conditions are proving more difficult. 


All our divisions experienced a most difficult year, and the results achieved 
reflect great credit on management and staff alike. It would be invidious to single 
out any one division or location for mention and accordingly I would like to 
express my appreciation of the effort that has been made by all. 

There were a number of Board changes jn 1977. 

I very much regret to record the deaih of Leslie Pritchard on 9th September. 
He had been in poor health since the beginning of the year and resigned on tho 
6th July. His loss, both as a colleague and a friend, is very keenly felt by us all. 

We welcomed Philip Grierson and Peier Miller to the Board on 25th May. 
Both of them have contributed many years as senior managers in the Group. 
The former is responsible for a number of our subsidiary businesses; the latter 
for home tobacco production. 

Our American colleague, Cy Hetsko, resigned on 31st October on his retire- 
ment from business, and we wish him well. Peter Benton relinquished his 
executiveappointment on 30th June, and subsequently resigned from the Board 
on 30th November io become Managing Director — Telecommunications in the 
Post Office Corporation. 

Two of our American colleagues. Bob Plancher and Ed Whit temore, joined 
the Board as non-Execulive directors on 27th October J977 and 1st January J 978 ■ 
respectively. We arc very pleased to have them with us. 


1 have already touched on the increasing share of our profits accounted for by 
the non-tobacco divisions of our Group. 1 would expect to see this trend continue 
over the next few years, although for a long time to come our tobacco business, 
domestic and overseas, will provide a major share of our profits. For the 
immediate future, the increase in the value of sterling will make our engineering 
products more difficult to sell overseas, and the continuation of fierce price 
competition in the domestic cigarette market will reduce the profitability of the 
U.JC cigarette industry. Strict control, especially of production costs, for both 
engineering and tobacco products is therefore essential. It is the responsibflity of 
management to see that everyone in our production units understands that jobs 
depend on efficiency, and to .provide our employees with the machinery and 
incentives to achieve it. 


Group Sales .. 
Profit before Tax 

Ordinary Dividends 
Profit retained .. 
Net Assets 













• 1977 


Tobacco - Domestic 





- Overseas 










Optical and Associated Activities 


27,900 ’ 














In fhe Matter.of 




beech creek railroad company- 










Secondary Debtors 

In Proceedings forth© 
Reorganization of a 

No. 70-347 


No- 70-347-B ■ 

No. 70-347-C 

No. 70-347-D 

No. 70-347-E 

No. 70-347-F 

No. 70-347-G • 

No. 70-347-H 

No. 70*347-1 

No- 70-347-J 


No. 70-347-L 

No. 70-347-M 

Na 70-347-N 

No. 70-347-0 


Penn Central Transponab'on Company (PCTC) and me 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 December 1 7, 1 976, the Trustees of PCTCfiled a proposed plan of 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, 1978. Before the Plan can be put into effect, however, 
certain furtherevents must take place. Thefirstsucheventisthesubmission of the Plan to creditors and stockholders affected by this Plan. 
The Reorganization Court has fixed May 12, 1978, as the date by which creditors and stockholders may vote to accept or reject the Plan 
and has directed that ballots and materials necessary to permit interested persons to vote be mailed promptly. 


A large number of bonds issued by PCTC and the Secondary Debtors, ortheir predecessors, are in bearer or no reregistered form. 
The identities of many of the holders of these bonds are unknown. A list of such bonds is set forth below. If you were a holder of any such 
bearer or non-registered bond as of the close of business on March 17, 1978, you are entitled to vote to accept or reject the Plan. All ballots 
must be mailed to United States Trust Company of New York on or before May 12, 1978 to be valid. In order to receive your ballot and to 
have an opportunity to return the ballot by 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 out the form provided below, and send it to United StetasTrust Company of NewYork 
at U.S. Trust London LtdL, One Moorgate, London EC2R 6JH England, or U.S. Trust Paris, 23 Rue Cambon, 75001 Paris, France, or. 
Financiers U.S.T., S A, 7, Avenue Krleg, 1 208 Geneva, Switzerland. So thalyou will have adequate time to review the voting materials and 
return your balfot(s),'iUs 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 time. 


Boston & Albany Railroad Company N 
4U% Improvement Bonds' 

Carthage & Adirondack Railway Company 
41b First Mortgage Bonds 

Kanawha & Michigan Railway Company 
4% First Mortgage Bonds 

Lake Share and Michigan Southern Railway Company 
3* £b .Gold Mortgage Bonds 

Mohawk & Malone Railway Company 
4% First Mortgage Bonds 

Mohawk & Malone Railway Company 
3 *2% Consolidated Mortgage Bonds 

New Jersey junction Railroad Company 
■ 4% First Mortgage Bonds 

New York & Putnam Railroad Company 
41b First Mortgage Bonds 

New York Central & Hudson River Railroad Company . 
41b Series A Consolidation Mortgage Bonds 

New York Central & Hudson River Railroad Company 
3'zlb Lake Shore Collateral Bonds 

New York Central & Hudson River Railroad Company 
3 *2% Michigan Central Collateral Bonds 

New York Central & Hudson River Railroad Company 
3 *2% Gold Bonds 

New York Central & Hudson River Railroad Company 
4*41 o 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 
4141b Harlem River Division First Mortgage Bonds 
Pennsylvania Railroad Company 
414% Series D General Mortgage Bonds 

Pennsylvania Railroad Company 
4 Vila Series E General Mortgage Bonds 

Pennsylvania Railroad Company 
3*i% Series F General Mortgage Bonds 
Pennsylvania Railroad Company 
3% Series G General Mortgage Bonds 

West Shore Railroad Company 
4% First Mortgage Bonds 

New York Central Railroad Company 
5°b Notes due 1974 

New York Central Railroad Company 
5*4 # i Collateral Trust Bonds due 1980 

New York Central Railroad Company 
Collateral Trust Bonds due 1B80 

New York Central Railroad Company 
61b Collateral Trust Bonds due 1980 

New York Central Railroad Company 
6% Collateral Trust Bonds due 1990 
Penn Central Company 
6!b% Collateral Trust Bonds due 1993 

Cfevefand & Pittsburgh Railroad Company 
3% Series C General & Refunding Mortgage Bonds 

Cleveland, Cincinnati, Chicago & St Lotus Railway Company 
4% Series A General Mortgage Bands 

Cleveland, Cincinnati, Chicago & St Louis Railway Company 
51b Series B General Mortgage Bonds 

Cleveland, Cincinnati, Chicago & St Lou's Railway Company 
4Va% Series E Refunding & Improvement Mortgage Bonds 

■Cleveland, Cincinnati, Chicago & SL Louis Railway Company 
4% St Louis Division Fast Collateral Trust Bonds 

Cleveland, Cincinnati, Chicago & SL Lotus Railway Company 
4% Cincinnati, Wabash & Michigan Division Mortgage Bonds 

Connecting Railway Company 
31<% Series A First Mortgage Bonds 

Pennsylvania, Ohio and Detroit Railroad Company 
25i1© Series E First Refunding Mortgage Bonds 

• Northern Central Railway Company 
5% Series A General & Refunding Mortgage Bonds 

Northern Central Railway Company 
4!4% Series A General & Refunding Mortgage Bonds 

Northern Central Railway Company 
61b First Mortgage Bonds 

Pittsburgh, Youngstown & Ashtabula Railway Company 
4 *2% Series D First General Mortgage Bonds 

Pittsburgh, Youngstown & Ashtabula Railway Company 
5% Series C First General Mortgage Bonds 

Philadelphia, Baltimore & Washington Railroad Company 
4Vz% Series C General Mortgage Bonds 

Philadelphia, Baltimore & Washington Railroad Company 
31b Series E General Mortgage Bonds 

Philadelphia, Baltimore & Washington Railroad Company 
314% Series F General Mortgage Bonds 

Philadelphia, Baltimore & Washington Railroad Company 
5% Series B General Mortgage Bonds 

Pittsburgh, Cincinnati, Chicago & St Louis R.R. Co. 

5% Series A General Mortgage Bonds 

Pittsburgh, Cincinnati. Chicago & St Lou's R.R. Co. 

5% Series B General Mortgage Bonds 

Pittsburgh, Cincinnati. Chicago & St Louis R.R. Co. 

3?a% Series E General Mortgage Bonds 

United New Jersey Railroad & Canal Company 
2441b General Mortgage Bonds 

United New Jersey RaHroad & Canal Company 
.414% General Mortgage Bonds due 1973 

United New Jersey Railroad & Canal Company 
■ 4*2% General Mortgage Bonds due 1979 

United New Jersey Railroad & Canal Company 
31b General Mortgage Bonds. 

New York Bay Railroad Company 
344% Series A First Mortgage Bonds 


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 
.represent, you should advise United StatesTrustCompany of New York on or before April 7, 1978, of the number of beneficial owners for 
whom you hold such bonds or stock. 


Beech Creek Railroad Company 
Cleveland, Cincinnati; Chicago and 
St Louis Railway Company 
Cleveland and Pittsburgh Railroad 

The Delaware Railroad Company 
Erie and Pittsburgh Railroad 

The Northern Central Railway 


common, preferred 

guaranteed 7% 
special .guaranteed 
betterment 4% 




The Philadelphia and Trenton 
Rail Road Company 
Pittsburgh, Fort Wayne & Chicago 
Railway Company 




original guaranteed 7°b 
guaranteed special 7% 

Pittsburgh, Youngstown and Ashtabula 
Railway. Company preferred 

The United New Jersey Ra3road and 
Canal Company common 


Stockholders of Penn Central Company are not entitled to vote on the Plan. For information with respect to the Plan and Its 
approval by the Reorganization Court, it Is suggested that you consult your broker. 

If you are a registered holder (otherthan a broker or nominee) of bonds of PCTC or any of the Secondary Debtors orif you 
are a general creditor or stockholder, you are not required to complete and mail the form befow. 

Robert W. Blanchette, Richard C. Bond, John H.- McArthur, Trustees 
Form fo Request Ballot of the Property of Penn Central Transportation Company, Debtor 

U.S/ Trust London Ltd.’ or U.S. Trust Paris or Financier© U.S-T., S.A. 

One Moorgate, London EC2R 6JH, England 23 Rue Cambon, 75001 Paris, Fiance 7, Avenue Krleg, 1208 Geneva, Switzerland 
‘ Please send ballots) and voting materiato for the Plan of Reorganization for Penn Central Transportation Company, Debtor, 
or any Seebndaiy Debtor,’ to: ... 






Name of Bond 

Interest Rate 

MaturRy Dste • 


(Use extra sheets if necessary): 

Palabora’s mill 


APART FROM the depressed 
price of copper, production prob- 
lems played a major part In last 
year's lower profits of the Rio 
Tinuv-ZiBC group’s Palabora mine 
in South Africa. As already an- 
nounced. earnings fell to RlSm. 
(£10 An.) from R239m. in 2976 
and the dividend total was re- 
duced to 45 cents (273p) from 
70 cents. 

Copper production costs (in- 
do ding depreciation) incr eased 
to an average of R948 (£575) per 
tonne from RS19 in the previous 
year. Mine production rose only 
to 3.06599 tonnes from 93.360 
tonnes despite the completion in 
the first quarter of additional 
facilities designed to raise output 
by 30.000 tonnes in a full year. 

Mr. C. A. Macmillan, the chair- 
man, says In the annual report 
that last year’s production short- 
fall — estimated at . some 6.600 
tonnes of copper — stemmed from 
problems experienced with the 
two new large autogenous mills. 
They were out of action for two 
months last year and there are 
doubts as to whether they can 
continue to operate successfully 
until new revolving shells are 
installed during the first quarter 
of 1979. 

The mills will again be out of 
action during the installation of 
rhe new components and this will 
result in an estimated o reduction 
lofes of a further 5.006 to 6,000 
tonnes during the last two months 
of 1973 and early In 1979. At 
the same time the technical diffi- 
culties have increased costs, these 
having risen by R4I per tonne in 

Mr. Macmillan holds out tittle 
hope of any major improvement 
in copper prices until there is a 
substantial fall in the high level 
of world stocks. So he cannot 
foresee “any prospect of a 
meaningful improvement" in 
Palabora’s results for UTS. 
especially In view of the further 
cost increases which are antici- 
pated; the latest rise in electric 
power prices, for instance, will 
add about R15 per tonne to the 
mine’s copper production costs. 
Palabora rose lOp to 410p yester- 


Throughout the world electri- 
city is becoming a more costly 
item. As already reported the 
South African mines are finding 
power costs a heavy burden and 
Australia's Comaleo aluminium 
group voices a similar complaint 
This is particularly the case in 
Xew Zealand where the revised 
agreement on power for ComaJ- 
co's Bluff smelter will add about 
.YZSlLSm. (1756m.) to power 
costs this year compared with the 
original New Zealand Govern- 
ment demand of NZ82$m. 

Last year Comaleo threatened 
to. close the smelter if the Gov- 
ernment forced through power 
price increases of 600 per cent. 
The company says that the elec- 
tricity increase will place a bur- 
den on the smelter, although re- 
views are provided for at five- 
yearly intervals. The smelter is 50 
per cent owned by Comaleo with 
Sumitomo Chemical and Shown 
Denko each holding 25 per cent 


Southern Malayan Tin Dredging, 
which last year changed its 
domicile to Kuala Lumpur, has 
declared an interim dividend of 
75 cents (17Jp). less Malaysian tax 
at 40 per cent, for the year to 
June 30, 1978. 

In the previous financial year 
Southern Malayan paid two 
interims totalling 105p, but no 

final, and at the- end of last 
December declared a special divi- 
dend of 9a cents, less Malaysian 

The declaration accompanies an 
announcement of net profits for 
the six months to December of 
M$3.0im. (£704.670), slightly 

reduced from the M33.lm. earned 
in the same period of 1976. 

Although the company gained 
from higher prices, production 
was down and taxation took a 
higher percentage of the working 
profits. In the 1976-77 first half 
there was a profit on buffer stock 
transactions which was not 
repeated in the most recent six 

The shares yesterday were un- 
changed at 245p. 

Gold revival 
in the 

Wedge Mining to resume gold 
mining in the Benguet District 
in twO months’ time is part of a 
developing trend in the Philip- 
pines, reports Leo Gonzaga from 
Manila. Atok’s operations have 
been suspended since 1976. when 
the bullion price slumped. 

This news followed last month's 
disclosure of tests by Golden 
River Mining of a new bucket 
dredge snd the subsequent 
derision to start operations in 
April at its . property in south- 
eastern Luzon. The Bureau of 
Mines has reported that 12 other 
companies are planning gold 
projects for the next two to 
three years. 

Among them are Atlas Consoli- 
dated, a major copper producer, 
which has a property at Masbate 
Island in the central Philippines, 
and Omico Mining and Industrial, 
which has a property in the 
Benguet District 

The Bureau of Mines apparently 
estimates local production costs 
at between $150 and $180 an 
ounce. This compares with a 
closing market price yesterday of 
SIS1.125. and forecasts of $200 an 
ounce in the relatively near 

The central bank gold refinery 
has started operations and this 
should save the producers some- 
thing in shipping costs, improve 
their recovery rates and assure 
them of lower refining charges. 


In Malaysia, the Perak State 
Economic Planning Unit said 
there are indications of rich tin 
deposits in part of a 500.000 acres 
area near the Thai border. There 
would be good potential for tin 
extraction when the northern 
part of the state bad been 
mapped geologically, the Unit 
added, without stating when the 
mapping would start. 

★ * ★ 

The Peehiney Ugine Kuhlmann 
subsidiary. Aluminium Peehiney, 
has been asked to study the possi- 
bility of producing aluminium in 
the Indian state of Orissa, where 
there are rich bauxite deposits, 
it was reported from Paris. No 
financial details were given of 
the Indian proposal for a 600.000- 
80Q.Q0Q tonnes a year aluminium 
plant and a 160.000 tonnes a year 
aluminium electrolysis plant. 

* + * 

A number of Israel! banks are 
considering the opening of a gold 
bourse similar to that In Switzer- 
land, our Tel Aviv correspondent 
reports. The move reflects the 
rapid rise in Israeli gold jewellery 
exports to $18m. (£9.6m.) last 
year from $2&m. in. 1975. The 
I98G target Is $80m., which will 
increase gold demand. There 
would be savings on the direct 
import of gold ingots. 

Financial Times Thursday JtoJ* 

Record £36m 
Barton & 

following a 

|«eral “nferina S«up. 


25p share are_ shown to tu 
risen from IMap 'to. 

*n» final dividend K — 
pcrSiare making a net total of 
ihc year iSUWBpl- , 

*:3&i Sin* •“ 

tt per cent, of turnover. Barton 
Ss^ubstantial operations in 

Onadn and South Africa. . 

At halfway, when 
rose from £l.34m. to ilJfMo.. 
Mr C V Roper, chairman, said 
the result was in line with 

SmP ttat 

be u nil feel v to match t he 1£ ™ 
record, which was helped ® 
significant stock profits. 

• comment 

At the naif-way stage Barton did 
not expect to match the is»<* 
record figure but the outcome 
shows profits U per cent, higher 
and the shares rose 4p to oGp. Pan 
of the reason Is that stock profits 
were urea ter than expected, and 
probably amount to about 10.2am. 
ftjr tfte year, against 10. 4m. last 
time. In addition. U.K. trading 
was sufficiently buoyant to 
offset difficult conditions in 
South Africa and Canada where 
profit from steel tube activities 
has dropped from £1~8m. to 
£!.17m. Once again the bright 
spot is the engineering division 
where profits have Jumped __ by 
mote than a third w £\.»m. 
mainly from overseas defence 
contracts (drop forgings for 
tracked vehicles, etc.) while else- 
where. steelwork and fabrication 
Has had some benefit from the 
Coal Board’s development pro- 
gramme A healthy cash flow has 
. reduced net borrowings from Just 
■over £4m. to about £3.5m. Mean- 
while there is little evidence of 
any recovery in the important 
South African and Canadian 
markets but the structural and 

budding rmitww /■HKWj l * 

site wir.T sams Of 

.torn Jffisg 

three and •* half iHfica# ®Mlf the 
p.-c id 4.6 

Bronx fall 
in second 

PRE TAX WOTi jn »>» »«■ 

. _ aD. 1977. U>. Khnt . 



a£ja0* in the first ftllt TjHIWgr 
advanced from 

After la* «rfj E4 ®*‘5? i<2v&£' 
carnimrs w* 

ner I ftp share and tnr aptRWhd- 
total iS efftfcrtvcfy raiswl -IhHJ**. 
1 4*»4p to V572P nel "rth Q Anal of - 
1.1 72 D. 




nn**tax profits of Manchester 
l£m£ a subsidiary of Kurness- 
WUhy. for W7T fell 
adjusted £LDtin- to 
Revenue for 'he period, from '*od- 
sea and air transport and other 
Sn-SIs but excluding _ Inter 
group, rose from tu 

£Q2.3>im. • 

Burnings arc given a* “WP 
(9.773u) per 2up share and tltr 
net dividend total is stepped, up 
from 5 023P li» S.lflUp with -a final 
payment of 4.105p net. 

Exti-nul rcwsura - 

Inwsnuetu idc 

]|U>T, <4 |»V2t»V 
Ship salt’ lo** - - 

Share jvio.-. 

Pre-tax prolll 

Tax ■ — 

Extr-i-ord. du'tili* — 
Bi'taincJ - - -- 



SZ. 1 



.■Vtitr. 1 

1. W 

2. QM 



BPM surges to £1.25m. 
in first six months 

PRE-TAX profits for the half- 
year to end 1977 at BPM Holdings 
more than doubled from £329,000 
to £l-5m. and Sir Michael 
Clapham. the chairman espoets 
second half profits to match those 
of the first. Profits for all 1976-77 
came to £l£6m. 

First half earnings are shown 
at 4.023P (2J5pl per 25p share 
and the interim dividend L* lifted 
from 0.6875p to 0B125p net to 
reduce disparity with the final, 
last year’s final was 2.1<op. 

: Sir Michael rays that the profit 
before tax, though still below the 
1973 level Is a marked improve- 
ment. Tn earn about 17 per eent. 
on the historical cost of the assets 
employed is only just enough for 
health, but it is a positive return 
and one which enables the direc- 
tors to look ahead and plan 
further development. 

On the daily newspaper side, 
while the circulation nf-The Birm- 
ingham Post has been static, that 
of the Evening Mail has fncreased 
satisfactorily, and in both there 
has been a modest Increase In 
advertising. The Sunday Mercury 
has gained in both circulation and 
advertising, and the weekly pap- 
ers oF the West Midlands Press 
and of London and Westminster 
Newspapers hare also contributed 
more to profits. 

The manpower savings of 1976 
and early 1977 have been main- 
tained, and there has been some 
benefit from the stability of the 
price of newsprint Progress in 
computerising the typesetting of 
(tie daily newspapers was delayed 
lor. three months by an inrer- 
union- dispute but has now re-, 

At the end of the period the 
Board felt able to start planning 
the reintroduction of the Satur- 
day edition of The Birmingham 
Post, a long cherished objective. 
An announcement was made in 
February, and its rc-.ippe.irance 
has been warmly welcomed. 

The ABC Weekly Advertiser has 
done rather less well and exhibi- 
tions have not contributed so 
much in the first half year. T. 
Dillon and Cotnnany has maui- 
(ained the steady improvement 
of recent years. 

Oil and 
Gas falls 

For the year to Ociobcr 31, 
1977. Siebens Oil and Gas (U.K.I 
reports pre-tax profits of I75.2S4 
compared with £2S5.3S9. 

Gas sales amounted to 12.5* 23 
from which profit was £558. 
Interest receivable from short- 
term deposits totalled XlWkWS 
(£335.298) and exchange gains 

Profit was struck after interest, 
expenses and auditors’ remunera- 
tion of £9,450 (£3,G31) and costs 
of drilling exploratory wells and 
exploration costs written-off as 
abortive expenditure of £104,057 

Tax took £7.500 (£200,332) and 
extraordinary items £394,043, 
leaving the attributable balance 
at £82.784 (£85,0571. 

BP may aid Garoupa 


PETROBRAS, the Brazilian state 
oil corporation, is considering 
employing British Petroleum to 
help it develop the offshore 
Garoupa Field. 

Production from the field was 
expected to begin at about this 
time. However, technical problems 
have forced Petrobras to review 
production estimates. 

British Petroleum confirmed 
that it had been in discussion 
about providing technical services 
although no agreement had yet 
been signed. Snr. Marcos Neto, 
exploration and production direc- 
tor of Petrobras. is currently in 
the U.K. for discussions with BP. 
He is also visiting North Sea 

The Garoupa Field is being 
exploited through nine wells at a 

cost of $80m. f£42.7m.>. Initial 

oroduction is expected to be 5.000 

barrels a ' day. However, the 

start-up has been plagued by one 
dry well, low gas pressure in 
three other wells, snapped cables, 
rig corrosion, damaged under- 
water chambers and the late 
arrival of the drilling ship Mission 
Explorer. It is unlikely that pn* 
duction wfil now begin before 
early May. 

JThe problems are- leading the 
Brazilian Government and 
Petrobras to adopt a more flexible 
attitude towards -outside technical 
services contracts. Accordine to 
Government spokesman. Brazil is 
n re Da red to negotiate with open 
minds over the possible payment 
in oil for services rendered. How- 
ever, the long-standing Brazilian 
position that “the oil is ours” 
still pertains. 

* . * 

Cattra Indonesia has announced 
that it has begun a $78 m. 
enhanced recovery programme to 
Increase, ultimate oil recovery at 
the Minas oil field in Indonesia. 

Caltex. ioinflv owned by Texaco 
Tnc. and Standard Oil of 
rallfornfa. is the operator for the 
Minas Field and Is also the largest 
oil producer In Indonesia. The 
Minas, in turn, is by far the 
largest oil field in southeast Asia 

and one of the largest La the 

In Jakarta, meanwhile, officials 
of foreign oil companies operating 
in Indonesia said the number of 
seismic exploration crews and 
exploratory drilling rigs at work 
—■two key measures of activity- 
have increased steadily over the 
past year. An official of one 
U.S.-based company said that 12 
seismic crews wgre in the field 
recently, compared with only two 
a year earlier. Active rigs, accord- 
ing to one count, have increased 
to 19 recently as compared with 
12 a year earlier. 

Central Pacific Minerals and 
Southern Pacific Petroleum have 
told the Sydney Stock Exchange 
that they still believed the Rundle 
shale oil .deposits in. Queensland 
to be commercial, based on 
current world . prices for 

The associate companies were 
replying to a Stock Exchange 
Query on the recent rise In 
Central Pacific fnliy paid shares. 

Central Pacific and Southern 
Pacific outlined the technical 
studies on mining and processing 
Rundle shale now under way and 
noted a further study on market- 
ing had begun. Ihe two com- 
panies are now drilling for bulk 
samples to test in the three pro- 
totype retorts and are drilling 
further exploratory holes. They- 
said they will announce progress 
as they go along. 

* * 

Teikokn Oil and Gulf Oil have 
given up an underseas oil hunt 
conducted for more than two 
months near the northern tip of 
Honshu. Japan's main island. 

The two companies had been 
drilling for oil under the Pacific 
Ocean 27 kilometres off 
Hachtnohe. Aomori prefecture, 
since the middle of January! 
There were no signs of oil de- 
posits in the trial wells. 

The companies have scheduled 
another search for oil from early 
next month in the Japan sea off 
KasumL Hyogo prefecture. 



' B 

.»#*' have to 
ask tiie price? 


London EC] £237.281 
Wolverhunpron £.93,594- 


I-ohdon EC3 

London Wl 
London NW2 

London EC I 
London Wi 

London EC4 
London Wl 


-k 1.78 

£559.257 - 31.1.78 
£22,814 30. 478 

™« rat!on b ».y* hm* 

financial yea n ending on the apecSSd d55i ^ ,lK 

Rotaflex (Great Britain) Ltd, 

William Whittingham 
(Holdings) Ltd. 

Mount Charlotte Investments 

Gillett Brothers Discount 
Co Ltd, 

Textured Jersey Ltd. 

Robert Kitchen Taylor & 

Co Ltd, 

The H Goldman Group Ltd. 

Corah Ltd, 

Blagden & Noakes ( Holdings) 


Greenfield Milletts Ltd, 

Federated Land and Building 
Company Ltd. 

Barrow Hepburn Group Ltd. 

w L Pawson & Son Ltd. 

Bridgewater Estates Ltd. Mane 

7 j aper Mm Company Ltd. Bury 






30. .9.77 

31. »07?- 

1. 1 78 


BSR Ltd. 

The Globe & Phoenix Gold 
Mming Co Ltd, 

Brittains Ltd. 

Norvic Securities Ltd. 

' £84590 
31 .07 7 
3L12J7 ' 


London Wl 




Tre usury os required bv 1 SLrS? 



:y v •* v 



"k. ' i i ■ 


^ V. 

Financial Times Thursday Marc* 30 197S 


BOC ‘feels free 
buy more Airco 


BOC Internationa] is now 
poised to take a controlling bold- 
ine in Airco, a U.S. industrial 
Bases company, which is suug- 
£hn£ to maintain its independ- 
ence. At a marathon meeting Of 
the two Boards in London. BOC 
told Airco on March 28 that it 
considered itself free to increase 
its 49 pec cent, holding to no to 
So per cent. 

Airco's response was, according 
to finance director of BOC, Mr. 
Paul Bosonnet, “not very favour- 
able. Airco subsequently tried 
to have a temporary restraining 
order placed on any BOC attempt 
to buy more stock in Airco. but 
the U.S. court?! rejected this. 

In' an agreement reached 
between the two companies last 
December BOC agreed not to 
L raw its Airco holding into the 
49-55 per cent, range without 
compelling reason " and without 
consulting Airco first. The BOC 
directors have since agreed that 

the recent actions of the Airco 
management constitute such a 
compelling reason. These in- 
cluded litigation designed to make 
invalid a tender offer whereby 
BOC recently raised its.. Airco 
holding from 34 per cent, to 
49 per cent., and attempts to find 
another suitor for Airco. The 
legal, wrangling continued and 
could be complicated by any BOC 
move to acquire more stock in 

Last week, “ out of the blue ” 
Airco sent BOC financial forecasts 
which it had prepared for other 
possible bidders. BOC has been 
advised -that if it now intends to 
buy more Airco shares It must 
make these forecasts available to 
.potential potential sellers of .Airco 
stock.. - So the company is going 
to release them, though it has not 
helped prepare them and has not 
evaluated them. 

BOC has not yet decided how 
much extra Airco stock' to buy. 

Morgan Edwards stake 
changing hands 

what price to pay, or how to go 
about it. Last night Mr. Bosonnet 
was not ready to speculate what 
BOC would do with Airco when, 
and if. it technically gains con- 
trol. He explained: “We are not 
arguing about the performance of 
the company and how it is run. 
We are arguing about sharehold- 
ings and .who owns them, and 
who, ultimately, controls thic 


Comet Radiovision has increased 
its level of acceptances in the 
contested bid for Henry Wlgfall 
to - 43.23 per cent^ including 
423,590 shares which - have not 
yet been registered. ■ WigfaXTs 
share price fen by 3p to 2S4p at 
the close of business yesterday. 


Mr. W. A. Gil bey has disposed 
of -his entire holdings of 555,343 
Ordinary shares in EUis and Com- 
pany (Richmond) which has just 
been taken over by Gough 
Brothers. Mr. GiJbey has resigned 
from the Board. 


Two close associates of Mr. 
James Gulliver, former chief 
executive of Oriel Foods and the 
Fine Fare supermarket chain, are 
to take a major stake in. Morgan 
Edwards the wholesale and retail 
grocery concern. 

The deal could provide an ideal 
vehicle for Mr. Gulliver to make 
a return to the li.K. food retail- 
ing sector next year. He has been 
prevented from taking an interest 
in the sector by an agreement 
with RCA which took over Oriel 
Foods for film, in 1074. This 
agreement expires at the end of 
this year. 

Mr. Alistair Grant and Mr. 
David Webster — directors of 
Alpine Holdings of which Mr. 
Gulliver is chairman — together 
with merchant banker^ have 
agreed to take a 294 per cent, 
stake in Morgan Edwards for 
£181.250. The shares are to be 
acquired through a new company 
Avonmiles with Noble Grossart 
providing the bulk of the finance. 

Avonmiics lias an option to 
buy a further 20O,U00 stares in 
Morqau Eduards which would 
, make it the largest shareholder 
uilh a .1B2 per cent, stake. Mr. 
Gulliver has not been involved 
in any way with the deal. 

Initially the company will pay 
£131.250 for 023,000 new shares to 
he issued by Morgan Edwards at 
21 p each— subject to an EGM. A 
further 230,000 shares priced at 
20p each arc to be sold to Avon- 
miles \by the Edwards family 
which currently holds a 52 per 
cent. Make in the group. 

The deal will reduce the 
Edwards family holding to around 
33 per cent, and this will fall to 
25 per cent if Avonmiles exer- 
cises its option to buy further 

Mr. Grant who has a long 
association with Mr. GuBiver, 
both ut Fine Fane and Oriel is 
to become acting chairman of 
Morgan Edwards. 

Morgan Edwards, a founder 
member of the Spar wholesale 
and retail grocetp consortium, 
has run into difficulties in the 
last 18 months and in the six 
months to October. 15,1977 the 
group incurred a pre-tax loss of 
£116,058. In the previous six 
months the loss was £44,496. 

Mr. Grant said yesterday that 
the retail side had made signi- 
cant losses over the period and 
that he anticipated further Josses 
in the second haff of the year. 
“ Shareholders should hot expect 
a return to adequate profitability 
in the very near future but 
Morgan Edwards has certain fun- 
damental strengths which' should 
in due* course produce satisfac- 
tory trading profits." he said. 

The group’s share price was 
suspended <on Tuesday at 32p 
after the price had risen sharply 
from the pre-Easter week-end 
level of 25p- On resumption of 
dealing- yesterday tire shares fell 
to 3lp which gives the group a 
market capitalisation of just over 

The Morgan Edwards Board 
and its advisers are recommend- 
ing shareholders to accept the 


Redland has issued 286,026 1 
shares as the third instalment of 
the consideration for the acquisi- 
tion of H. Lavender and Son, 
which took place in 1976. 


Just under 10 per cent of the 
equity of London Scottish Finance 
Corporation has been placed with 
institutions. The bolding of 
495,665 shares was formerly owned 
by the Drayton Group which' 
made the sole with the approval I 
of the LSFC Board. 

little change 
so far at 

ON TURNOVER down from 
£8.44m. to -£8.01m, for the six 
months to December SI, 1977, pre- 
tax profits of A. Beckman, a con- 
verter and. merchant of fabrics, 
fell slightly to £874^555 compared 
with £883,191. But after tax of 
£459.930 against £468.954 net pro- 
fit emerged at £414,625 compared 
with £414^37 last time. Profit for 
the whole of the 1976-77 year was 
a record £1.97nr. and in the annual 
report the directors said they re- 
mained cautiously optimistic for 
the future. 

The directors now state that 
trading in the textile industry 
continues to be difficult, but they 
are confident that the strength 
of the company places it in a 
good position to take advantage 
of any upturn in consumer de- 

On increased capita) ■ from a 
one-f-or-12 scrip issue stated- earn- 
ings are down at 4.07p (4.4p> per 
lOp stare .and the- interim divi- 
dend is increased from an 
adjusted L0l54p to 1.77p net — 
last year’s equivalent -final was 
2£44p. The directors intend to 
pay the maximum permitted divi- 
dend for the year. 

I Six mombs Tear 

1977 I STB 1978-77 

I I £ 

Turnover &913^S 8,438^91 17.329.961 

PrfL before tax ST-L555 SS3491 1.973 .503 

Corpo. tax 458.930 466.954 1.031 .064 

Met profit 41CKLV 414,257 IBS STS 

Interim djv. ... 180.304 1W.5M 454.165 


Scot CTOS — Scottish Northern 
Investment Trust now holds 
500,000 Ordinary shares (9.53 per 

- Thomson T-Line Caravans — 
J. F. Nash and Partners now own 
100.500 Ordinary shares (6.2 per 

BorelH Tea Holdings— William- 
son Tea Holdings acquired a 
further 7QJ>00 Ordinary shares 
on March 22, and - now holds 
209.817 (75 per cent). 


British Caledonian managing director 

Mr. Alastalr T. Pugh has been 
appointed managing director’ of 
WAYS. -i Since July' KsE- year' be 
has been deputy ohief executive 
to Mr. Adam Thomson, the - air- 
line's chairman, who is also 
chairman and managing director 
of the Caledonian Airways Group. 
In addition, Mr. Pugh -joins the 
Board of Caledonian Airways. His 
previous position' was corporate 
planning director. • 

The airline is now in line with 
other companies . within, .-the 
Caledonian Airways Group. AJ1 
have their own managing -direc- 
tors or chief executives who 
report to Mr. Thomson as group 
managing director. 

Mr. E. Alan Holroyde. senior 
vice-president of tiie WELLS 
FARGO BANK, San Fraqpisco, has 
been appointed bead of the 
Bank's Europe division,. XxHidon- 
Mr. Holroyde succeeds Mr. Henry 
Parish HI, who - wall -continue, as 
mana g ing director of WeUs Fargo 
Ltd. • - - ' 


Mr. A. R. Weston, the com- 
pany's sob c dor, has resigned from 
tiie Board of EVERARDS 
BREWERY due to pressure of 
commitments, but- will continue to 
be available In tris professional 
capacity. Mr. K. O. Steel has 
rejoined, the Board as a non- 
executive . director. ; He was . a 
director . of the company from. 
1968 to . 1975' and was until 
recently chairman of Courage Ltd. 

Mr.. T. J. A Cohn an has- been 
appointed a director of RECK2TT 
AND COLMAN from Aprfi 3. His 
duties mQ be non-executive. Mr. 
Cobnan joined J. and J. Colman 
as a management trainee in 1954 
and he has been a non-executive 
director or that company since 

Mr. R.. WoDertdn wilt, retire as- 
joint ' managing director Of A. P. 
BURT: AND SONS from March St- 

and Sir. David. Baker mU act. as. 
sole managing director- from the 
same date. Mr. Wollerton will 
continue as rfiirirman of the 


Mr. D. J. Wilson has joined the 
partnership of KENT EAST NEW- 
TON AND CO„ stockbrokers. - 

Mr. J. A. McDonnell has been 
appointed, to. the Board of 
BRIDON WIRE- as marketing 
director from April 3. in eucaes- 
fflon to Mr. R. EUdngton, who has 
retired. Mr. McDonnell has been 
commercial director of Darlington 
Wire Mills, another Bruton com- 
pany, since 1967. 


Mr. Colin Knibbs has been 
appointed financial director and a 
member of the Board of JOHN 
TAMS. Mr. Knibbs will continue 
as secretary. 

. . ★ ... 

Mr. Rex' Pontin, previously 
manager of the spues division, 
has joined the Board of EAGLE' 
Bamberg Group. 

* - 

Mr. C. G- G. Wainman has 
retired from the Board, of DRAY- 


-Mr. G- JL Reid has been elected 
chairman of the - NATIONAL 
CONTRACTING for 1978/79. The 
new deputy chairman is Mti P- C. 
Eoafe. Mr. Reid is director of 
finance and .commercial develop- 
ment tor the South of Scotland 
Electricity Board. Mr. Ho are is 
director of mechanical and elec- 
trical engineering tor the Greater 
London Council and represents 
the Institution of Electrical 
Engineers- on the national Inspec- 
tion -board ..of the NICEIC. 

★ . 

Mr. . A. C. Black has been 
appointed actuary and deputy 
general manager of the LONDON 


- Honeysett. -F.LA,- has been made 
planning manager. Both appoint- 
ments are from April 1. 


Fumess-Houlder (insurance), a 
Furness Withy Group company, 
announce that 5Ir. A. C. W. Webb 
has been appointed an assistant 
director of their subsidiary 

The David Brown Pomp opera- 
tion at Pendstone, near Sheffield, 
wiH. in future, be known as the" 
Bingham.- • Pomp Division of 
TRIES,. and Mr. C. 'Lennox 
. becomes general manager. . 

Mr.- Norman Driffield has been 
appointed marketing director of 
(ELECTRICAL). He joins the 
company from GEC Switchgear. . 

- Mr. Russell Shearer -has bedn- 
appointed senior director of 

has appointed Mr. Robert J.- KUn 
as joint deputy chairman and Mr. 
Michael J. Gordon, marketing, 
manager, has been made a direc- 
tor. Mr. T. Harry Peace takes 
over Mr. Kiln’s responsibilities as 
Lloyd's representative on the 


Mr. Victor Raylls is to join the 
3 as managing- director, designate 
of Mo and Domsjo (UJC) and 
Mo do ceR He will become manag- 
ing director of those two com- 
panies and a director of Modo- 
paper on January I, 1979. when 
Mr. Keith Cochrane relinquishes 
his post as managing director and 
takes over as chairman. 


Mr. Tony Robinson-, has been 
appointed to the Board of LRC 
INTERNATIONAL. From April. 1. 
LR Industries and SanitAs Trust 
are- to be integrated into three 

new divisions. The largest 
division will be LRC Products 
with Air. Tony Robinson and Mr. 
Michael Warwick -S mi tb as deputy 
managing directors and Mr. Mark 
Setters, managing director. Sub- 
sidiaries outside LRC Products 
will be grouped together in LRC 
Industrial Holdings under Mr. 
\V arw ick -Smith as managing direc- 
tor. Mr. Robinson has been made 
managing director of the third 
division, LRC Overseas. 


LHUTTED has appointed Mr. Ian 
Mackintosh as deputy managing 
director and head of corporate 
finance and international 


Mr. G. H. Foden and Mr. D. H. K. 
Wilson . have been appointed 
directors Of LOVELL DEVELOP- 
MENTS. ' a member of the 
Y. J. Lovell (Holdings) group. 


Mr. William A. Crago has been 
appointed special director of 
PORATION, and continues as 
general manager, experimental 
and electronics laboratories 


Mr. Norman King has been 
appointed a director of ELEC- 
TROCOMPONENTS from April 3. 
He is managing director of Elec- 
trospares, a member of the group. 

Mr. J. S. Atkinson, deputy chair- 
man of CRANE PACKING, has 


Mr. Michael W. J. Shmrfit, chair- 
man and chief executive of the 
Jefferson Smurfit Group, has been 
co-opted to the main Board of 


Mr. Roy Alien becomes head of 
TCI publie relations on April 1 
on the retirement of Mr. Geoffrey 
Richards. Mr. Allen was pre- 
viously a marketing manager in 
the company’s plastics division. 


7. WA 


employed 25Q000 people rind contributed 


• ;7 



Tobacco Division 


The Division is the free world's largest manufacturer of tobacco 
products -with a turnover of £4,104 million and £348 million. . 
operating profit in 1977. The subsidiary and affiliated . a 

companies operate 1 18 tobacco factories in 51 different " jgs 

countries. Exports from the USA include Kent, Kool, JR/* 
Lucky Strike. Pall Mall and Viceroy; and brands 
exported from the UK include well-known house ■ 

names such, as Benson & Hedges, John Player, . J3TJS31 

State Express and 'Wills. A BAT cigarette '* Jja lagSsL 

is the brand leader in 38 countries. 

Paper Division 

offers a helping hand 

with information on property and land avail- 
ability, with help in claiming government grants 
and other assistance, with advice on various 
regulations, planning matters, sources of funds 
and many other problems. 

Hava a talk wftferThe Industrial Development Group, 

Greater Manchester Council 

County Han. Manchester MGO 3 HP 
Telephone 061-247 3371 

In 1977 the Paper Division's turnover totalled _ 1 

£553 million and operating profits were £53 million, y 

The principal interestis Wiggins Teape, which \ 

makes a variety of Industrial papers and an \ • J 

extensive range of speciality papers such as Idem _ \-jro 

carbonless copying paper, as well as high grade printing 

and writing papers. The company has 18 mills and 

factories in the UK, and 5 more in Belgium, France and 

Eire. Outside Europe, there are mills in Brazil and India, . 

5 factories in. Africa, and a 25% interest in Associated Pulp and 
Paper Mills in Australia. 

The Division also has a 50% interest in Mardon Packaging 
International, Britain’s second largest packaging company, with 
100 factories -mainly in the UK, France, Germany, Canada 
and the USA. 

nd contributed a net 
ince of payments. 

Retail Division 

In the USA. the -Group's interests comprise Gimbel Brothers 
with 38 department stores, Saks Fifth Avenue with 31 
high fashion stores and -The Kohl Corporation with 
* 96 stores, mostly supermarkets. In. Brazil, 

Supermercados Peg-Pa g is a supermarket chain • 
figgV of 38 stores. In Britain, International Stores 
y operates 730 supermarkets andselSservica 
• flk stores, and the Division also .owns Kearley 

m & Tange the grocery wholesalers. Other 

jl retail interests include trade investments in 

•mm Canada and Denmark and fe 25% interest in 

j&SmJ the Horten chain of 5 department stores in 

. Imm West Germany. Retailing tumover in 1977 

was £1,391 millioa and operating profits 
T|| IllgSsgJ were £24 million. 

iBr Cosmetics Division 

The Division comprises the Houses of Yardley, 

I Bar Lenthdric, Moray, Cydax, Juvena, Germaine 

Monteil, Scandia and Tuvache. Their perfumery, 
cosmetics, toiletries, soaps and skin care products 
are sold in 143 countries and manufactured in 3S.- The 
principal establishments are-in the UK, USA, Canada, ■ 
Brazil, Colombia, Venezuela, France,- Cennapy, Spain, 
Switzerland, South Africa, Singapore, Australia and 
New Zealand. Turnover and, operating profits were 
£105 million and £3 ndlUon respectively in 1977. 

and how 

A. Beck 

Interim Results 

for the six months ended 31 st December 1 977 

6 months to 6 months to 
31.12.77 31.12.76 

Turnover £8,013,575 £8.438,891 

Prof it before Taxation £874,555 £883,191 

Earnings per Share £4.07p £4.4p 

(on increased share capital) ~ 

■ Despite difficult trading conditions in the textile 
industry, the Company is happy to report that it 
has maintained its level of profitability. 

■ Interim dividend of 1.77p per share declared 

(1 976 - 1 .62p per share, actual, after adjustment 
for the 1 for 1 2 bonus issue) which together with 
tax credit is equivalent to 2.68p per share (1 976 — 
2.43p per share). 

■ Your director intend, subject to unforeseen 
circumstances, to pay the maximum permitted 
dividend for the year. 

A. Beckman Umfted,112 Great Portland Street, London Wt N 6JB. 1 

Copfes of tfio Interim Report sre avaHabfe from tha Company 
alt the above' address. 

"During 1977, trim over increased by 10% to the record 
figure of £6,212 Tnilllnn- with a pre-fox profit increase of 
11% to £416 milli on. This has been a year of solid 
growth, particularly in the light of the impact of a 
rising pound on our overall results and continuing 
difficult world economic conditions. Net profit attribut- 
able to the shareholders of B-A-T Industries has risen 
by 24% and we have increased dividends by 21.3%. 

After providing for inflation, the amount avail able 
for dividends and to finance real growth rose to £158 
million from £124 million, an increase of 27%. 

Our worldwide tobacco business has had a good 
year. The tobacco industry is still growing and, despite 
increased competition, our business in total grew faster 
than the industry as a whole. 

In retailing, we increased turnover worldwide but, 
despite this, profit declined, largely due to disappoint- 
ing-results from Gimbels and Saks fifth Avenue in the 

USA- , .... 

In the UK, International Stores’ operations im- • 
proved substantially, benefiting from the rationalisa- 
'tion programme ana from the acquisition of F J Wallis. 

The Paper Division had a very satisfactory year, 

increasing turnover by 21% and profit by 56%. In 

partictfiar, Wiggins Teape, the principal part of the 
Division, increased its operating profit by 62%. . 

The Cosmetics business continued to expand its 
sales, though not its profit, which experienced a fall 
from £5 million to £3 million. This is a fiercely com- 

petitive business. I am pleased to be able to report that 
profit is returning to its previous pattern of growth. 

Despite the problems we have encountered, 1977 
was an encouraging year, confirming as it does the 
value of our broad spread of interests. ' 


3976 ( 

Group Profit Summary 

£ millions j 

Turnover .. .. .. ... ... 



OperatingErdSt — .. .. .. 

- 473 

• 430‘ - 

Profit before taxation -- 

416 ‘ 


Net Profit attributable to. 

B - AT Industries 

before inflation retention .. 


170 . 

after inflation retention .. ' 



Dividends ' .. .. .. .. .. 



Earnbogsperozdinary share .• « 

peace — 

62.4 5L2.. 


I expect all four Divisions to Tnarnfenn or increase 
their profits before tax, but I also expect the proportion, 
of Group taxation overall to rise from last year’s lower 
than usual level. ....... 

The final results, expressed in sterling, will depend 
very much on the exchange rates ruling at the end of 
next September. With five months of.the year behind us 
. and exchangejrates at their, current levels, Ihelieve that 
maintenance of last year’s level of profit attributable to 
B-A-T Industries’ Shareholders is as much as we can 
expect and that this will .only be achieved with some 
difficulty. Nevertheless, looking beyond- the immediate 
future, the Tmderlymg growth prospects of the businssa 
remain strong.” - 

• - • - - - - . -Peter Macadam* 

Chairman • 



Tobacco -Retailing - Paper • Cosmetics - Worldwide 

Ojpfes of tftc -B^ort&A^rOaimdtkBtaetof&e Otairnurtssp&xZica ike Arm^GeTterdli^etms are mxrilabl*' 
frwathe Sscretey, Westminster House, 7MB ten*; Landon SWU>' 3 J& - 

Knonciai Times DtunSay I Iareh 



Haw to ° r Citibank expects shipping General Mi 

Canada loan losses to be ‘modest’ Board for further s 

shipyard BT JOHN WYLES NEW YORK, March 29. nominees financial times reporter 

Bv Robert Gibbers LATEST FIGURES from mapor 23 per cent of Citibank’s domes- Manufacturers Hanover Trust rnMIWUuW GENERAL MTT.T.S disclosed yes- ary 26, Gen 

Y nn U.S. banka indicate that the tic real estate portfolio is non- also presents a fairly relaxed *7 uwr uwn L ^ >nefpooocn terday. in its report on third tamed in n 

MONTREAL, March 29 world shipping crisis has not performing. view on the shipping front _ quarter trading, that despite a cent up at 

UPPER Lakes Shipping one of caused any undue problems in the Citicorp, Citibank’s parent According to the. bank's 1977 • NEW YORK, March 29, ti g h tening of profit, margins in share comp! 

Canada’s largest shipping groups, last year in the shape of loan company, defines non-performing annual report, shipping loans — nrrfi^tratcd the last three months, the group the previous 

h-ifipri in Ontario nlus two un- writeoffs or non-performing loans as those where the com- totalled $925m. on December 31 is well on the way to achieving on sales alsc 


NEW YORK, March 29. 

LATEST FIGURES from mapor 23 per cent of Citibank’s domes- Manufacturers Hanover Trust 
U.S. banks indicate that the tic real estate portfolio is nan- also presents a fairly relaxed 
world shipping crisis has not performing. view on the shipping front 

Curtiss lists 

By Our Own Correspondent 
. NEW YORK, March 29. 

based in Ontario plus two un- write-offs or non-performing loans as those where the com- totalled $9 25m. on December 31 
Identified financial groups, have loans. pany's management judges that —about 4.7 per cent of total 

made serious offers to buy Citibank.' the second largest the borrower does not have the loans outstanding— and they 
Hawker-Siddeley Canada's ship- U.S. commercial bank, is believed ability to meet the original con- have “ not presented any slgnifi- 
yard in Halifax, Nova Scotia, to have the largest shipping port- tractual terms of the loans or cant problem for the corpora- 
say Government sources. folio, amounting to S2.lbn. at the where payments of interest and tfon." 

build-up to Kennecott Copper 
Corporation’s annual meeting 
on May- % has continued with 
the publication of a list of 17 
directors which it is seeking 

sav uovenmieni sources. wnu, auiuuuuus iu w.idu. m *»*«.*«% — — .... r __. 

Neeotiations for the sale of end of 1977. Mr. Roy Dickerson, principal are overdue by 90 days The bank wrote. off half a million £of K ea,tfs 

the wi5 reDortedlv take a senior vice-president said or more. dollars of shipping loans in 1977. existing Board, 

she to ei«ht weeks For six vears yesterday that the bank had some Citibank’s shipping portfolio is none in 1976, and only one loan . 

thl V9^ D hac huiit suhmeraihle shipping loan problems, but he about 4.6 per cent of total Joans was non-performing at the end The names of Curfass- 
nij rise fo¥ intern 5! !S ln. s- added that “aggregate losses outstanding and divides up into of December. “Management is Wright’s taun have been filed 

with the obt ana at the 

1 VM rn 100 WO Ha 5 lauKer uj linage in to iay- uouiuuiauun carriers, * per ceuu sibuuiuiui. j 

___ up and the developing surplus for liquefied natural gas petro- several years,” says the bank. solicitations ^eventually goj out 

aid OrtfSfo in drv cargo shipping, Citibank leum gas ships, and 12 per cent Marine Midland’s S39Sm. ship- s stockholders it 

finanwT says that only S3 5m, or less miscellaneous shipping. ping portfolio amounted to 5 "i 11 he found thatfoor of the 

?iJ? B d^ d tavern than 0.75 per cent of total ship- In common with other .New per cent of the bank’s total loans are drawn from Cartiss- 

mentrecentl v* 0 announced 1 a ping loans, are non-performing. York banks with shipping loans and mortgages outstanding at the Wrights BoanLhvo have been 

Wright's Board, two have been 

further news of the progress 

oviviAiinAnil -a iVAuo, «uc uuu-ycrLunniiifi. iu ib uojjxus wild aruuuius ivouo ouu iuvuxagi» uuuumuuig » 

f * For Citibank and many other oustanding. Citibank says that its end of 1977. Some 326m., or 7 Pf e _^\ 0ns ty ^ associated 

r ■ ntA Cm r UT UUU 4 UA dilU UidUV UUiCL UlULtVUUUIk, UJUlAJUn U>» I- CUU U 1 II. UUUHJ Wt « 

SSK-SffSLSSK? f U.S. banks exposure on ship- loans are secured by charter per cent, have been categorised 
me uanaaian armea iDrces. . j s barely significant in com- assignments, owners' guarantees, as nonsficome producing, includ- 

parison with their difficui ties on securities, and the vessels them- ing 317m. in the international chairman 

Martin Marietta Corporation, 
one appears to be a former 

T 1 T Tir psLCiauu wiui uicnt uu act .uiu 

LykeS-L 1 V merger real estate loans for example, selves. 


loan portfolio. 

WASHINGTON. March 29. 

The Boards of LTV Corpora- ; . legal pre 

tion and Lykes Corporation have _ «-■■■ vestment 

SSS Number of problem banks falls ^ 

LTV, AP-DJ reports from Dallas. . viraihai 

Each share of Lykes common will WASHINGTON, March 29. aequisitio] 

common shares and 0.15 share of THE Federal Deposit Insurance chance or better of requiring Meanwhile, profits of the 4,700 ^ i ompany ' 
a new LTV series one participat- Corporation (FD1C) reports FDIC financial assistance. national U.S. hanks rose about n P r 

ing convertible preference stock, that It had 36S banks on its Under “serious problem” 12 per cent to $5.13bn. last year !F°°» * 
Previously the ratio was to be “problem bank list” at the end banks, which threaten to involve after a 7.7 per cent rise in 1976, 
one share of Lykes common for of 1977. down from 379 the year the FDIC in a financial outlay acc0 rding to the Comptroller of 

L25 LTV common shares. LTV before and a peak of 385 in unless there is a drastic change, th J? 

said the new preference stock November, 1975. the agency listed 100 at the end 

will have a S10 a share prefer- Among problem banks there of 1977, up from 91 the year . Mr. John Heimann, the comp- Ior 9nm. 

ence value on liquidation over were 12 in the “ serious problem- earlier, and under “ other prob- troller, said the assets of the 
LTV common. wiH receive divi- potential payoff " category, Jem ” banks, which have serious federally chartered banks TB * ^ 
dends equal to 110 per cent, of down from 24 at the end of 1976, weaknesses but where the FDIC c ii m bed 13 per cent to S796.6bn. JIf 0 " J?* 
any dividends paid on LTV This category includes banks is less vulnerable, the number •„ iavfi £* 1 m Cm 

common; and will be- convertible with advanced, serious problems fisted was 256. down from 264 * o owins a 7A per cent in 19,6> Boland a 
into one share of LTV common, with an estimated 50 per cent at the end of 1976. AP-DJ chairman, 

others are drawn from land 
development, publishing, the 
legal profession and the In- 
vestment world. 

ITT predicts further growth 

All are being proposed as 
supporting Curtiss - Wright’s 
view that Kennecottfs recent 
acquisition. Carborundum 
Company, should be sold, and 
the proceeds distributed 
among among shareholders. 
Curtiss-W right gained the 
right to wage thig imminent 
proxy battle by acquiring 9.9 
per cent, of Kennecott’s stock 

The candidates for the Ken- 
necott Board who are drawn 
from Curtlss-Wrlgbt are Mr. 
Boland Berner, the company’s 
chairman, and Messrs. John 

America and Europe. 

Sharp rise in Brazilian banking business 

Ball, Lloyd Smith and Edward maintaining a strong position in it 

wm’J Europe and intensifying sales mid ' l97S - help,n * lt 10 ex P aod 


RIO D£ JANEIRO. March 29. 

THE Brazilian banking busi- accounts for 30 per cent, of growth is forecast at 26.7. per Government ban on withdrawals 
ness is aood business- the proof deposits. 44 per cent of loans cent. The Government is keeping of accounts open for less than 

hoc ir, t>,» flenrros Frnm 1967 and 38 P e r cent ° f rediscounts a tight rein on monetary expan- ISO days. In one year they 

.i^niL ng .,, and refinancing in the entire sion and banks have no choice increased 152 per cent, in the 

to 1977, the capital ot .Brazil s nat j ona j banking system- It but to discriminate severely in commercial banks (while with 

96 banks (national and foreign- bolds seventh place in foe world their lending. the small savings banks they 

owned) increased by 3,000 per banking stakes (compared with Bankers’ associations have rose by only 49j8 per cent), 
cent, from 341.58m. to SL319bn. twelfth in 1976), with 45 over- been complaining to the central The total of deposit accounts 

seas branches (and nine more bank of liquidity problems, but in commercial and investment 
This increase outdistanced the due tJ> open soon) Deposils in one Aspect they have hanks stood at 5&S2bn. at the 
growth of GDP (650 per centj overseas rose by 11 per cent, in attracted the sort of savings the end of January, 1978. Invest- 
Jf«n‘ aD “* a ‘5S.£ , 1977 from $7.425bn. to SS.335bn. Government-run savings banks ment banks are now so well 

»,caw Was ® 26 ® n -’ m 1977 was In 1977 the Bank of Brazil and building societies would supplied with deposits that they 
S163bn. loaned $19.78m. at home like to bring in. can use them for their clrculat- 

High on the list of achievers (nominal loan growth of 47 per Deposit accounts in tbe com- ing capital without need to 
is the Bank of Brazil (with cent, and, taking inflation into mercial and investment, banks resort to other funds, lending 
private and federal Government account real loan growth of 5.4 rose sharply throughout 1977 at rates of 54-57 per cent, 
shareholdings). This bank now per cent). This year’s loan and are still growing, despite a annually, jn some cases. 

Marietta officials are Mr. efforts in Latin America, the tu S433iu. from S359ui. tht? year 

George Bunker, who retired as East Africa and the Middle East i^!ISSSL»»*2S a i? before, while the Canadian 

the company’s chairman late HT Plans to increase divldends.jjj* operating loss increased to 322m. 

last yearT and Mr. John in keeping with earnings growth creased tt '0 r ldwide reinsurance. fr om Slm . 

Gronow, who also left the com- Jo the future. ‘ ITT said that Eason Oil, Reuter 

pany late last year after serv- • ■ 

fog as a corporate vice- 

pnsitert. EUROBONDS 

Other members of - the 

STSaSS Dollar and sterling sectors weaker 

bank chairman. Mr. Frank RY Kimr»uDsBi 
Ewing, a Washington land BT MARY CAMPBELL 

Doub^eday and Company, and Sg Ei^Snds ^ wa^^he^m S of a^o^t The terms of the Spanish issue 
Jersey investment com- The DMlOOOm. placement for par after having its^oupS^cut ? re! “!“* r j s l e ?^ nianaqer. Out- 

SjJjt" iX.ES 11 ?; 3 ITT-s annual report shows that 

mld-1978, helping it to expand 19rr U S- 0?i;rulmi j income ruse 

Also named are Mr. Thomas come out last night, now 
Rudel, Mr. Francis Baker, Mr. almost certainly been postponed 
Stephen Furbacher, Sr Wll- for a couple of weeks. The 
liam F. Rabaorn, Mr. Novice scheduled BM200m. offering for 
G. Fawcett. Mr. Robert Meyner, Spain is, however, being- an- 
and Mr. Donald LiddelL nounced as planned, and on 

This announcement appears as a matter of record only 

Mexico s Nacional Finanriera. during the offering" period from landing Spanteb stale or stair. 
which had been scheduled to an indicated 7) to 7 per cent. guaranteed issues arc quoted to 

come out last night, has now * JV J” V . . > ield significantly higher 

almost certainly been postponed Jater amounts, usually for shorter 

for a couple of weeks. The S y , ^ f unit of maturities, 
scheduled BM200m. offering for ?, CCOur ! t the City of 

Spain is, however, being - an- G °P enhagen. Tie indicated The Finnish unit of account 
nounced as planned, and on coupon on this issue, for which offering was reportedly over- 
Kredietbank Luxemhourgeoise Is subscribed about 10 times. 


March 1978 


Medium Term Loan 

US $ i 5 o.ooaooo,- 


Managed by 

Banque Europeenne de Credit (BEC) 

Bayerische Vereinsbank 

Co-managed by 

Amsterdam-Rotterdam Bank N. V. Banque Europeenne de Tokyo . DG BANK Deutsche Genossenschaftsbank 

Kredietbank N. V. Sanwa Bank (Underwriters) Limited 

and provided by 

Creditanstalt-Bankverein Banque Europeenne de Credit (BEC) 

Bayerische Vereinsbank International S. A. Amsterdam-Rotterdam Bank N. V. Banque Europeenne de Tokyo 
DG BANK Deutsche Genossenschaftsbank Cayman Islands Branch ‘ Kredietbank N. V. 

The Sanwa Bank Limited The Sumitomo Bank, Limited Bank fur Arbeit und Wirtschaft Aktiengesellschaft 

The Dahtchi Kangyo Bank, Limited The Industrial Bank of Japan, Limited The Nippon Credit Bank, Ltd. 

The Sumitomo Trust and Banking Company, Limited The Toyo Trust and Banking Co., Ltd. 
Zentralsparkasse der Gemeinde Wien Alfgemeine Sparkasse in Unz 
European American Finance (Bermuda) Limited Japan International Bank Limited 

Societe Generate de Banque S. A. 

Agent Bank . . . 




Aicaui Australia 8 Inc 12S3 96 


Aonralla S!pc 1992 

Australian ?.j. tc S. 9ipc -92 9S1 
Barelars Bank «pc *7* 

Bowater 9ipc 1392 .... ... 98 

Can. X. BaQway S2pe I9S6 9S 
Credit National S-pc iaS6._ 97t 

Denmark 8jpc 1381 100 

ECS Bpc 1993 981 

ECS S.'pc 1997 93; 

E!B 8jpc 1992 8S1 

SXtSHfc 19S9 9S 

Ericsson Slpc 1989 SSI 

Esso Spc 19S6 Nor 191* 

Gl Lakes Paper Slpc 1881 99 

Hamersfey 9ipc 1992 100 

HrdrtJ Qurtwc 9pc 1992 ~ 96* 

tO Sipc .1987 97* 

ISE Canada 9>pc 1BS6 nm 

Macmman Blaedel 9pc 1992 • 964 
Master Fercmson oinc VI 83* 

Micfcelin 91 DC 1988 liC* 

Midland lot. Fin. Slue -92 984 

National Coal fid. Spc I9S7 «i 
National Wsnansrr. 9 pc '86 191-2 
Newfoundland 9pc 1999 . 1W4 

Nonas Kom. Bk. 85 bc 1992 97* 

Norptpe 81 pc 1959 9« 

Norsk Hydro 84pc 1992 ... - 96* 

Oslo 9 pc I9SS 101* 

Pons Aanmowes t pc mi 9S1 
,Prav. Quebec 9pc 1993 9«1 

Pror. Saskarch. sape 1986 100 
Reed International 9pc 'S. 92 

RHM 9 pc 1992 984 

Selection tsl 81 pc iinb ... Mi 
Stand Enskilda Spc 1991 .. 991 

SKF SPC 1987 .934 

Sweden iK’dom) Slpc 1987 98 

United Bterorts 9 pc 1988 ... 9Si 
Volvo 80c 1397 March 93* 


Australia 7!pc 19M 96 

Boll Canada TJpc 1997 .. .. 93 

Br. Columbia HytL Tine 'S3 95 

Can. Pae. Slpc 19M .... 99* 

Dow Chemical Bpc 1986 ... 961 

ECS 73 pt* 1132 861 

ECS 84 Pc 1989 831 

EEC 74 dc 1982 97 

EEC 72vc 19M - 931 

SOSO CbwU SHk 1*84 ._ 97 

Cotsverfccn ripe 19S2 98 

Kockmns 80c I9*!3 9S4 

Mldu-llo 8»pc 1953 10D4 

Montreal Urban 82pc.lMl 101* 
New Brunswick Spc 1984 . 97 

New Bruns. Prov. Sloe *83 UBr 
New Zealand 8*pc 1988 . 9S‘ 
Nordic Bit. Bk. 72pc 1984 931 

Norsk Hydro 71 pc 19S2 ... 974 

Norway TJpc 1BS2 96 

Ontario Hydro Spc 19 S7 .. m< 

Sinner &u>c 1992 I00i 

S. or Sul Elec. 81pc 1981 99; 
Sweden OTdom) 75nc 1982 97* 

Swedish State Co. 7 Jbc *82 97) 

Tebnex Slpc 1984 99* 

Tcnneco TJpc 1987 Mar _ 94j 

Vofkswasen 7!pc 19S7 — 94} 


Allied Breweries Ifilpc 'S0 96J 

Cllicorp I9pc 1993 90 

Court a u Ids 9'pc 1969 931 

ECS 9'ipc 1989 971 

E1B 9:0c IBS* MJ 

EIB 9:pc 1991 97 

Finance for lod. S.'pc 1897 974 

Finance for fud Iffoc I9» 97 

Fiwns INpc I 9S7 liw; 

INA I0pc 1998 W 

RnrtiTi‘» loinc 19SS W 

Scars IB!pe 19M - 9fi 

Total Oil 9’pc 18S4 96 


BFCF. Si pc I9W 991 

BNDE 6ipc t9M - 87} 

CFE 62pc 1988 97) 

Denmark ape 1984 1094 

ECS ape 1990 w 

EJB 5iK 1990 .972 

Enratom Slpc 1887 lw 

Enrndnu 5ipc 198S 99} 

Finland Mpc 1986 99 

Foncmarfcs 51 k 1980 — „ 994 

New Zealand 5} pc 1586 ... 100! 

Norccm Koc 19SS 100} 

Norway Cpc 15S3 ......... 1014 

Philippines Slpc 1BS3 97 

Sweden 6 k 1989 1DI£ 

Tauemamobaho friOc 1993 109 
TVO Power C0> 6 k \m... , 99 

Vencattela 6K 1S6S 99 

world Bank 55 k wm m 

Bank -of Tokyo 1984 71S] 6 pc 994 

BFCE 1984 SJk 994 

BNP 18S3 BlMK 991 

8 W Offer 

CCP 1953 Spc • 991 1004 

962 CGUF 1984 7 2 PC 984 99 

9G1 Creditanstalt 1934 7Spc ... 99* 99} 

934 Credit Lyonnais 1982 Spc 99} ]00 

99} DG Bank 1882 7l3iapc ... 981 IN* 

95 GZB 1931 8I16PC. lOOi 1001 

934 Inti- Wdmrmir -gj 7U|£K 991 1M4 

MI Lknrds 1983 TJpc - IBOi - 1904 

98} LTCB 1983 8 k 991 1004 

160( Midland ues 8 k 191 iou 

96 Midland 1987 TUJ6PC 99 994 

904 OKB 1963 7ipc 100 1004 

994 SNCF 1935 8iPC 98* 994 

981 Srd- and ChtnL "84 7Ui6PC 999 1004 

97 Wms. and Glyns *84 8lt6K 90S inu 

Source: White, Weld Securities. 

PRICE INDEX 21.3.78 

DM Bond* . 108.42 

HH. Bonds ft Now* 104.59 
US. S Sort. Bonds 100.32 
Can.-Dollar Bonds 99.42 


21.3.78 28.3.78 AVERAGE YIELD 

DM Bonds 
HFL Bands ft Notes 
U.S. S 5crc. Bands 
Cm. -D ollar Bands 

21.1 78 29*79 

974 American ‘Express <ipc W 81 83 

984 Ashland Bpc 19S8 ... — ... 834 87 

1044 Babcock A Wilcox 6}pc *97 94} 95 

974 Beatrice Foods 4iK 1992 924 94 

904 Beatrice Foods 4|pc 1992 103 101 

1B3 Beechaxn 6ipc 1992 93 96 

994 Borden Spc 1992 99 101 

991 Broadway Bale -tipc 1997 73 sc 

10*4 Carnation 4pc 1887 70 73 

1914 Chevron 5 pc 1988 123 123 

9S* Dart 41 k 1987 77 79 

974 source: Kidder. Peabody Securities. 

Weakly net asset value 
on March 28th, 1 978 

tewTokyo Pacific Holdings N.V. 

. . U.S.' $50.49 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $36.81 

Usted on the Amsterdam Stock Exchange 

Information: Piarson. Heldting ft Pierson N.V.. Heronamcht 2!4. Amstanlwn 

this ANNouHcatzNT AnsAM as a m A-rm or aaeoanaMi.T. 


¥ 15 , 000 , 000,000 


\|t‘ ! 

General Mills well set 
for further record year 


GENERAL MILLS disclosed yes- ary 26, Genwal 1 Mills i has i'wJ Sii foSoaiS 

GENERAL MILLS discioeeaye^ “ -r « Ts «jr which hud iwreaM*a 2H»k* Mtt 

terday, in its report on third tamed 10 °5 aftfa profits by more than-fiO'flW'MW; 

quarter trading, taat despite a eot-np "sSfi in In bath i he secoml quarter atal 

Ughtening of profit, margins in share compared witn & ‘■J*. - . ha[f 0 f the year.- 
the last three months, the group the previous 1 nm S ^Twre wan no further M*i 
is well on the way to achieving on tales also 15 per cent, up.u ur |aIeW mow , in 

anJ u ^ jsj «sa .-gjtarisrs 

earnlnss for fhe UUrd ^”oV i&SWS® 

against 4S cents, the food group product lines wre showing J 0 ®* 1 fiineral ^Jls, with 
reported- The previous third renewed .growth in deliveries, in «mi wi sntwKtlary i»f 

quarter took in %31 jOOO from the food divisions .which ^ still Riwana tufa. 
discontinued operations. This account for around two thirds Cohg c i^uibunnaaUrhapplj thn 
shows a reduction from the 24 of sales and earnings, Todtaged gratrato 
per cenL profits growth reported foods showed a 5 per ceaL rise Du . l f ch .^ R m Ji I _ J1 i sc rf however 
for the second quarter. Sales iff the quarter, and retaU frc^n It was ompfo«lSjA W 
maintained theic rate of in- sea foods and pizza, both f»l , , , h ‘.- been no 

crease with a 17 per cent, rise growing areas, showed sums of 1 f *hS priSSs ta 

to S742.9m. for the third quarter. 15 per cent JjglJEJJLr P ^ 

For the nine months to Fehru- But the best gams were re- the discussions. 

NEW YORK. March 

INTERNATIONAL Telephone The food products division acquired In August, wit! 
and Telegraph Corporation had record earnings in 1977, and $25m. this year in exploration, 
expects that telecommunications should do so again in I9TS, but primarily io Louisiana anu -Ine 
and electronics will produce con- foe European consumer appliance North Sea. ... 

tinning growth during 197$ and business was affected by severe Tbc company said that turn- 
1979. price pressures which are ex- pean lelecomraunicalions equip* 

In its annual report, ITT said peered to continue into 197S. meat sales appeared to improve 
that it expects the engineered The insurance and finance in 1977 after a slowdown lasting 
products division, which has division, which contributed 37 several years, 
doubled earnings since 1975, to per cent, of total 1977 income. New orders booked rose l" per 
show good .growth again this year, increased its earnings by 150 per cenL in the year, but the impact 
based on continued strength in cent, between 1975 and last year, is not expected lo be fully 
motor equipment sales and in- Growth is expected to continue realised in sales and iucuuie 
creased sales of construction- in 197S despite inflationary and until 1978 and 1379. 
related products in both North competitive pressures, ITT said. Sheraton Corporation's profit 

A programme of asset concri- recovery in 1977 was strops and 







the yasdda rauST AND BANKING UWTKD . 


•raE MrraUBWKI TBUST and banking cokponaton 
chug tbdst and banking company, umitko 


THU YASUDA trust and^^ g company> 

B-A.U. (MIDjoi^e EAST) INC. 

: ■■ 


Financial Times Thursday March 30 1978 


Metzler warning on forex cover 



THE cost of foreign exchange 
cover is taking a heavy toll on 
West German export competitive- 
ness in a number of important 
industrial sectors. Forward cover 
is now so expensive mat there are 
fears that some of the federal 
republic's companies will take the 
gamble of operating without it. 

One of the country's leading 
merchant banks to-day warned 
that those tempted to do so would 
be taking “incalculable” risks. 
Coming from B. Metzler seel. 
Sohn and Co., which advises 
many of the country’s leading 
concerns on foreign exchange 
policy, the warning has to be 
taken seriously. 

The warning was issued during 
a review of the bank's foreign 
business which stated that 
foreign exchange advice had 
obviously retained its importance 
during 1977 and the opening 
months of the current year. 
It was pointed out that the cost 
of forward cover was placing a 

Bauer group 
is' wins battle for 
Optyl equity 

By Our Own Correspondent 
VIENNA, March 29 
AFTER protracted negotiations 
and bids submitted by several 
foreign groups the West German 
Heinrich Bauer publishing group 
of Hamburg has succeeded in 
taking over the entire equity of 
Optyl of Zug. Switzerland. 

Optyl. founded by Mr. Wilhelm 
Anger, an Austrian bnsinessman, ; 
ran into serious financial difficul- 
ties a few years ago and was 
bailed out by an international 
consortium of banks. 

Mr. Anger reduced bis holding 
to 60 per cent in the company 
some time ago. 

The banks, however, demanded 
either the sale of the company or 
the provision of new capital as a 
condition for postponing the 
moratorium until June SO this 
year. The Bauer group of Ham- 

heayy additional burden on com- 
panies at a time when export 
business, even at “spot" rates, 
were producing very tittle profit 

Bankhaus Metzler — founded in 
1674 and one of Europe's oldest 
merchant banks— reported yet 
another year of “ satisfactory ” 
profits. However, declared profits 
in 1977 were rather lower than 
in the peak year of 1976, 
primarily because there had 
been Httle “ special* business.” 
said the partners. 

The bank, which is one of the 
most discreet in a sector noted 
for its discretion, does-not reveal 
its profit figure — however, like 
the brake horsepower -of a Rolls- 
Royce, it seems fair to describe 
it as “sufficient." Furthermore, 
when questioned, the partners 
agreed that there had also been 
a substantial appreciation in the 
bank’s assets, which when com- 
bined with the profit figure made 
the year look considerably better. 

Examination of the bank's 
balance sheet gives tittle indica- 

tion of either the . bank's 
influence or the extent of its 
business- Last year it showed a 
relatively small growth rate — 
from DM572 Sm. to- DM586. 6m. 
($290.5m.)— «but there is nothing 
unusual in this, as Ban kh a us 
Metzler rarely follows the trend. 

Much of the bank’s business, 
such as its consultancy, services 
and commissions business, is not 
reflected in the balance sheet. 
Credit volume, however, was tittle 
changed with book credit up 
from DMtS5izp. to DM 188 5m. At 
the same time, advances to other 
financial institutions rose from 
DM298. 9m. to DM336 m. 

It is worthy of note that the 
bank has once again reported 
that it. suffered ho credit losses 
in 1977 and, indeed, there have 
been no credit losses since the 
bank, together with its competi- 
tors in the credit sector, was 
obliged to publish its figures 
seven years ago. 

The bank’s earnings from its 

FRANKFURT, March 29. 

securities business remained at 
about the same level as in 1976. 
There bad been relatively little, 
growth as overseas securities 
played a considerable role in the 
bank's business in this sector end 
clients had been advised to hold 
back because of downward trends 
both in WaH Street and the 
exchange rate of the dollar. 

One of the partners, Herr Karl 
Oskar Koenigs, -who is Presi- 
dent of the Frankfurt Stock 
Exchange, said that even at 
to-day’s prices there was con- 
siderable potential for growth in 
prices of selected German shares- 
Total earnings could be expected 
to reach up to 6 per cent: 

He identified Siemens as being 
particularly interesting. Together 
with mechanical engineering con- 
cerns such as M-AJJ. and Gute- 
hoffnungshuette. Motor industry 
shares, such as Volkswagen, also 
had growth potential as had bank 
and insurance shares. Shanes in 
the large chemical concerns were 
also under-valued, he said. 



LOWER sales on a comparable 
basis are announced by Fried 
Krupp, the West German steel 
and engineering giant which in 
1976 only just managed to scrape 
out of the red. 

Total external turnover in 1977 
was DMI1.17bn. ($5.5bn.) com- 
pared to DM9. 73b a. But on a 
comparable basis — adjusting the 
1976 figures to include the newly 
acquired Stahl werke ' Suedwesi- 
falen group— sales are in fact 
some 2 per cent, lower.- ' 

Krupp, in which the Iranian 
government has a major share- 
holding. is not releasing earnings 
figures at this stage. In 1976 the 
company tamed a . loss of 
DM60.5m- into net profits of 

Total sales for last year break 
down into staelmaking DM4-54bu 
against DM3.QSbn. in 1976, ship- 
building DM930m. against 
DM933 m., plantmakiug DM2.51bn. 
against DM2.55bn. t trading and 
services DM3 -37b n. against 
DM3.28ba., and mechanical 
engineering unchanged at 

On a comparable basis, 
shipbuilding and mechanical 
engineering - were unchanged, 
steelmaking and plantmakiug 
were down 5' and 2 per cent, 
respectively, and trading and 
services rose 3 per cent 

Foreign sales rose as a pro- 
portion of total external sales to 
41 per cent -last year from 38 per 
cent in 1976, due mainly to in- 

creased plantmaking exports and 
higher sales by foreign trading 
companies. Orders received last 
year totalled DMlLSbm, up 17 
per cent but unchanged on a 
comparable basis. 

A substantial fall in orders 
received by the steelmaking and 
trading sectors was offset by an 
increase in the processing 
sectors, particularly mechanical 
engineering which booked far 
more orders. 

On a comparable basis, foreign 
orders fell 12 per cent, in 1977. 
while domestic orders rose 4 per 
cent Orders In hand at the end 
of 1977 were around DMlO.lbn., 
2 per cent higher than a year 

AUK MCUinO. Uu 1TK vci , UVIUAIIUKU . • 

either the sale of the company or • a 11 a l • 

condition ' for postponing the Girozentrale enhances overseas standing 

moratorium until June 30 this 

year. The Bauer group of Ham- BY PAUL LENDVAI VIENNA March 29 

of ^cccssf u 1 ? G e rmarf niStritcd GIROZENTRALE of Vienna, the cent rise in total assets to in edition to four loans floated 

magazines, has agreed lo pay not Central Institute of the Austrian (S7Bbn.), by Austrian institutions. Foreign 

nniv Frs Sflm f or « . „ . j „ . Announcing this to-day at a business represents about 22 per 

the SwFSam no^ioaTeoultv SaVingS Bank and number tw0 m Press conference. Dr. Karl Pale, cent of the total balance sheet 

but it will also take orcr Optyl’s Austrian banking, further con- chairman of the Board and Girozentrale and the savings 
liabilities of some Sw.Frs.45m. to solidated its position at home and director-general, stressed that banks absorbed Sch.7.6bn. worth' 

50m. abroad last year, with a 1*3 per "Jg* “ of hond * sae ® *** 

i business policy. . Girozentrale Dr Pa]e the 

Sal 386 * t0 diS TKSffi ini PM*™ - on earnings- due 
Accentuated t* 'higher Interest rates on money 

»•*■** io certain periods than 
tin an rl^m-PCKU imtiSit-J" those ruling OU the Capital 
Th* a {nternBtimat marIcet - Income from Interest Si rose SelLliani. to Seh-lfibEu 

pVr«dp«lo? ta af Burebo^ » JET'S ™ 

syndicates. Girozentrale was co- JSLJSi 0 ® S^er ^ent^ to 
manager of six Eurobond issues, ggggj by 23 *** cent t0 

Farner ageney 
billings up 

By John Wicks 

ZURICH. March 29. 

TURNOVER of the European 
advertising group Publicfe-Inter- 
marco-Farner rose by 23 per 
cent, last year to the equivalent 
of Sw .Frs. 6 70m. - The group* 
which consists of 22 advertising 
agencies in 14 countries, booked 
its steepest increase in rates in 
Belgium, France. Holland, 

Austria and Switzerland. 

The group, which employs 
1.134 persons, is a Joint venture 
of Dr. Rudolf Farner Holding, of 
Zurich, and Intermarco Apu 
Holding, of Amsterdam. These 
two companies jointly own the 
French limited company Fubllcis 
SA.. whose shares are listed on 
the Paris Stock Exchange. 

US $25,000,000 

Floating Rate London-Dollar Negotiable 
Certificates of Deposits due March 31 st, 1981 - 

The Sanwa Bank, 




In accordance with the provisions of the Certificates, 
notice is hereby given that for the initial six months 
interest period from March 30th, 1 978 to September 
29th. 1 978. the Certificates will carry an Interest Rate 
of 875 % per annum. The relevant interest payment 
date will be September 29th. 1 978. 

Credit Suisse White Weld Limited 
Agent Bank 

KBB lifts 
profits on 

By Charles Batchelor 

AMSTERDAM, March 29. 
cent at the pre-tax level on a 
13 per cent Increase In sales 
are .announced by Royal 
BUenkorf (KBB. the depart- 
ment store group, for the year 
ended January, 1978. 

Turnover last year exceeded 
Fls-2bn~ for the first time . at 
FIsJLOfibn. ($95m.), compared 
with FIs. 1.82b n. and the 
pre-tax result was FIs.35.4m. 
($16.5x0.) against Fl&27J9m. 
Net profits rose 23.5 per c dit- 
to Fl&20m. 

Bijenhorf proposes raising 1 
Its dividend to Fls-5-26 from 
FIs.4.60. This may be taken 
fully in -cash or in the form of 
Fls.L40 cash and 5 per cent, in 
shares. New Ordinary shares 
up to a maximum, of FlsXTSm. 
will betiSsued. 

Total retail spending fn 
Holland last year rose by 
around 3 per cent, largely due 

to increased spending on con- 
sumer durable with .food 
spending, practically un- 
changed. Bijenhorf increased 
ltg dare of the Dutch retail 
sales market from 2.5 per cent 
to 2.6 per cent. 

The company is still await- 
ing a decision from the 
Amsterdam municipal authori- 
ties on its development plans 
fOT the city centre before 
going ahead with considerable 
Investment In Its Amsterdam 
store. . Local authorities else- 
where in Holland are reacting 
“ more- positively " to its plans 
for hypermarkets. 

Talks aimed at expansion 
abroad, particularly in the 
UiL, have not yet led to “posi- 
tive results-” Bijenhorf is 
expanding Its domestic opera- 
tions In the fields of sports 
equipment and do-it-yourself 

Builder plans 

8y Our Own Correspondent 
AMSTERDAM, March 29. 
the privately-owned Dutch con- 
struction company, plans to 
introduce its shares on the 
Amsterdam Stock Exchange 
next mouth. 

Net profit rose 22 per cent 
to Fte.40.lm. In 1977 from 
FIs. 32Jlm. Turnover, on the 
basis of production, rose 3 per 
cent to Fls-l.Olbn, from 
FIs .983m. with overseas opera- 
tions accounting for 71 .per 
cent. (67 per cent the year 
before). The dividend is to be 
Fls.350 . against F1&300. ' 

PUK maintains dividend 
as recovery continues 


PARIS, March 29. 

THE PROCESS of recovery at by almost full capacity use at its increased its profits for 1977 and 
Pechiney Ugioe Kuhlraann, the aluminium plants and good as a result is lifting shareholders 
giant French metals and chemical results from foreign subsidiaries payout 

group, has been confirmed by a this marked a sharp change in Profits of the group have risen 

party net profit last year to 
Frs. 142m.. around $31m. 

But persistent problems in 
steel and a generally uncertain 
outlook led the company to keep 
its proposed dividend down to a 
net Frs -5 a share the same as it 
paid for the two previous years 
after cutting it from Frs5. 

Last year’s profit was. still 
below 1975's Frs.l97m. and less 
than half the Frs^lSm. the com- 
pany earned in 1974. 

The main trouble area were 
the Ugine Aciers steel subsidiary 
where the company announced 
earlier a provisional loss before 
depreciation of FrsJSOm. 

At the end of 1977 the PUK 
group as a whole forecast con- 
solidated profits of abont 
Frs. 420m., about 2* times the 
Frs.152.7m. of 1976. Buoyed up 

disable rous year in 1975, when 
the group went Frs.159.lxo. into 
the red. 

But the group is still far from 
reaching the kind of profit levels 
— Frs. 744m. for the group — 
achieved in the past. 

Details of group consolidated 
results will be presented to share- 
holders in June. Preliminary 
estimates showed a 18 per cent, 
increase in group turnover to 

Investments this year are 
expected to rise to FrsJ.7bn. 
from Frs.l-55bn, Of last years' 
spending figure. Frs-530m. went 
on metals, FrsJJ70zn. on 
chemicals, Frs .4 10m. on light 
industries and Frs. 340m. on over- 
seas activities. 

Major food retailer Casino has 

to Frs.79.9m. and the company 
is increasing the net dividend to 
Frs. 32 a share from Frs. 3 1.95. 

Banqae de l'Union Europeenne 
reports a net profit of Frs.44.46m* 
for 1977 compared to Frs.43.lm. 

The company, which is part of 
the Empain-Schncider group, Is 
increasing its dividend to 
Frs.16.S7 per share from 

* * + 

Le Materiel Telephouique (LM.T) 
now controls 75 per cent, of 
JLignes Telegraphiques et Tele- 
phoniques (LTT) following a 
new agreement. LMTs parent 
company, Thomson-CSF, reports, 
Saudi interests own the balance 
of LMT shares. 

Fiat confirms slight downturn 


FIAT, Italy's largest private 
group, employing more than 
300,000 people, confirmed in 
Turin to-day a net profit last 
year of L63bm, or about S76im, 
compared to a profit of L66.5bn. 
in 1976. Last year's profits 
follow depreciation totalling 
some L180bu. 

The Turin conglomerate's con- 
solidated turnover increased 
last year to L11.450bn. from 
L9,270bn. the previous year. 

After a Board meeting chaired 
by Sig. Giovanni Agnelli, the 
company said it proposed paying 
as last year a dividend of LI 50 

and to distribute to shareholders 
one Fiat privileged share for 
every 100 held. 

Despite persistent difficulties 
in operating conditions, the com-' 
pany said it was able to main- 
tain profitability largely as a 
result of the group's improved 
financial position following the 
celebrated deal with the Libyan 
Arab Foreign Bank and the 
successful consolidation of its 

While car production and sales 
remained practically stationary 
at 1976 levels, there was a 
further Increase in the group’s 

ROME. March 29. 

industrial vehicle activities. At 
the same time, Fiat's steel sector 
was not badly hit by the world 
steel recession, principally be- 
cause of the company's efforts 
to concentrate production in 
special steels. Fiat said to-day. 

The group is now seeking to 
consolidate its presence in the 
European community market 
and hopes to acquire by next 
year a 6 per cent, stake of the 
overall European car business. 

It is also currently in the pro- 
cess of completing its group 
reconstruction programme. 

See Lex 

Bastogi loss up sharply Hermetica 


ROME, March 29. 


BASTOGI, THE Rome-based 
financial company which controls 
the biggest single private share- 
holding in the troubled chemicals 
conglomerate, Montedison, has 
reported losses of more than 
L45bn. (some $47.3m.) last year 
compared to a L7.6bn. loss in 

This sharp increase in the com- 
pany’s losses is principally the 
result of the devaluation of the 
Montedison shares Bastogi holds 
in its portfolio. The Rome 
financial company controls about 
7JS per cent, of Montedison's 
share capital The chemical group 
recently announced losses of 
more than L500bn. last year, and 

proposed a major capital write- 
down with a subsequent capital 
increase operation. 

Bastogi, however, does not plan 
to write down its current capital 
of L132.4bn.. but proposes to 
resort to its reserves to cover last 
year's heavy losses. 

At the same time, Sig. Tullio 
Torch! ani, - Bastogi’s chairman, 
has indicated that he plans to 
step down. He is expected to be 
replaced by Sig. Alberto Grandi, 
appointed deputy chairman at the 
end of last year when he resigned 
as executive deputy chairman of 
Montedison. As chairman of 
Bastogi. Sig- Grand! will return 
on the Montedison board. 

By David Gardner 

BARCELONA. March 29. 
UNIT) AD Hermetica SA., the 
Catalan company which produces 
refrigerator compressors under 
licence from Teeumseh of the 
U.S, has turned in excellent 
figures for 1977. 

Turnover increased 52R per 
cent, last year, to Pts.4.67bn. 
(some 358m. > while the number 
of units sold was up 26.5 per 
cent, a striking performance in 
view of the 12 per cent fall in 
refrigerator sales in Spain last 
year. ' ■ 

With 2m. units sold, Unidad 
Hermetica returned pre - tax 
profits of PtsJ206m. (52,5m.) 

( 7 &i* wsnouiKA&ent «s » flMtfcf of {rcotd OAfy) 

U.S. $30,000,000 


Agua y Energia E!6ctrica 

unconditionally guaranteed by 

The Republic of Argentina 

managed by 


Atlantic International 
Bank Limited 

Canadian American 
Bank S.A. 

Cooperative Centnale Raiffoisen- 
Boerenieenbank B.A. 

(Centrale Rabobank) 

European Arab Bank 
(Brussels) SA. 

Marine Midland Bank 
The Tokai Bank Limited 

»nd provided by 

Atlantic International Bank Limited 
Canadian American Bank SA 
Cooperatiova Centrale Raiffeisen- ^ 

Boerenleenbank BA. 

(Centrale Rabobank) 

The ChuoTrustand. Banking Co. Ltd* 

DG BANK Deutsche Genossanschaftsbarik 
Cayman islands Branch 
European Arab Bank (Brussels) SA. 

Marine Midland Bank 

The Mitsui Trust and Banking Co. Ltd. 

Nippon European Banks A. 

Pierson, Hetdring and Pierson 
(Curasao) N.V. , 

The Saftama Bank Ltd. 

TheTokai Bank Itd« New York Branch 
Yamalchi International (Nederland) N.V. 

: Financial Advisors 

H.B.S. Hnance Corporation 

Turner vns. 

I*:-' 1 Wt* 1 e -1 

n 1 vy p.'i rvii iT>' yy iw iv y r " f i^y i, • i 'i v * i 1 ! 1 ‘t ‘r’r 



L*J <llr*n[»]»F^I«>I 





Financial Times Thursday » jjl 

The Paris 

The Nippon Credit Bank 

i i 
: ( 


I r 

i 1 

i I 

: i 

i • 

l ‘ 

r *i 

•; 1 
I . 

1 i 

opens today so that we can get to know you better 
and so that you can avail yourself more easily of our fund 
of expertise in international banking and our 
traditional efficient service. 

Come on and tap at our dooc 

23 rue de la Paix, 75002 Paris, France Tel: 073-0066 


The Nippon Credit Bank, Ltd. 

13-1Q, Kudan-kna 1-chome, Chiyodwku, Tokyo 102 Tel: 03-263-1111, Telex: J26921. J28788 NCBTOK, Cable: NICREDBANK 

Other dhwh officac London, New York, Los Angeles, Frankfurt, Beirut 
Subsidiaries: Nippon Credit International (HK) Ltd. 

Affiliates and associates: Paris, Zurich, Honolulu, Jakarta, S3o Paulo 

: t 


This announcement appears as a matter of record only. 

March. 1978 

The Nippon Credit Bank, Ltd, 

(Kabushiki Kaisha Nippon Saiken Shinyo Ginko) 
formerly The Nippon Fudosan Bank, Limited 


Floating Rate Notes Due 1983 

Daina Securities Co. Ltd. 

Chase Manhattan Asia Limited 

Citicorp International Group— Asia 

The Development Bank of Singapore Limited 
First Chicago Asia Merchant Bank Limited 
Jardine Fleming & Company Limited 

Kleinwort, Benson (Hong Kong) Limited 
Manufacturers Hanover Asia, Limited 

Nippon Credit International (Hong Kong) Limited 
Singapore Nomura Merchant Banking Limited 
United Chase Merchant Bankers Limited 
Wardley Limited 

Yamaichi International (H.K.) Limited t 

ABN Finance 


Asia Pacific Capital Corporation 


ASI AC- Asian International Acceptances & Capital 

Ayala Finance (H.K.) 

The Bank or Bermuda 

Baring Sanwa 

BT Asia Ltd. 

—A Member or (he Bankers Trust Group— 

Hatnbro Pacific Hill Samuel Pacific 
Limited Limited 

International Credit Alliance, Limited 

Hons Kong 

Kuwait Pacific Finance Company 

Merrill Lynch International (Asia) & Co. 
Morgan Guaranty & Partners 


The Nikko Securities Co., (Asia) Ltd. 

Okasan International (Asia) 


Saitama-Union International (Hong Kong) 

Asian- American Merchant Bank 

BA Asia 


BCCI Finance International 

DBS-Daiwa Securities International 

ig Kong) Indosuez Asia 
Limited Limited 

Kidder, Peabody and Co. Limited Kuhn Loeb Lehman Brothers Asia 

{Hoag Kong Office) 

Kwong On Bank Kyowa Finance (Hong Kong) LTCB Asia Ltd. 

Daiwa Securities (H.K.) 

IBJ Finance 

Bancom International 

B.NJ*. Finance (Hong Kong} Lid. 

First Boston (Asia) 

Inter-Alpha Asia (Singapore) 

Limited Limited 

Mitsubishi International Finance Ltd. 

Morgan Grenfell (Asia) 

New Court Merchant Bankers 

Nippon Hangup Kataunaru (Asia) 

Schraders & Chartered 

Societe Generale, Hong Kong Branch 
Takugjn International (Asia) 


United Overseas Bank Limited, 


Orion Pacific Oversea- Chinese Banking Corporation 

Limited Limited 

Salomon Brothers Asia Sanyo Securities Co* Ltd. 


Singapore International Merchant Bankers 


New Japan Securities International (HJC.) Ltd. 
Nomura International (Hong Kong) Ltd. 

Sun Hung Kai International 


Sumitomo & Hast Asia 


Tokai Asia Tokyo Finance (Asia) Ltd. 


Vickers, da Costa I ntenmtional - 


Yamatane Securities Co„ Ltd. 

Pan Asian Finance ' 

SBC Finance( Asia) Ltd. 

Merchant Bank 

Taiyo Kobe Finance Hongkong 


Trident International Finance 

Wako International (Hong Kong) Ltd. 



Revival in new bond issues 

TOKYO March 29. 


SEVERAL convertible bond meat, superstores have been fiscal year *ndi«S ntonsto^P*”’ 
issues are being planned by actively raising funds in both 1979, the compsuu P » 

Japanese superstores, inside and domestic and overseas capital contends that 


outside" Japan.. According to markets through 

markets through successive The HOF «•-- n|ft . for . 
securities sources, the Ministry issues of convertible bonds and personal nronorlioo uf coNSOUUATEl 1 pr*** 

of Finance (IMF) has given per- new shares by public sub- an abnormally .low- hr i«moire 

mission for an Ito-Yokado con- scriptions. However, since 
vertible bond issue totalling postponement of Jusco and 

S50m. in the U.S. and a Seiyu Dal’ei’s planned domestic con- corrected. iuta&'vrauB prnflt 

stores DM 100m. ftftm.) con- ifertible Issues at the end of last pone its UObo. £^™Sanuary- ; k«»up P ^ 
vertible in the AprtlJtme year, new fund raising has come toue schedule 
quarter. to a halt At that time. Jusco March term 

gy JjRitS Forth 

viyliNfcY. Wett* ». 

for the 

same .from the cnciei venture^.. 

It o-Yoku ao r s issue is to -be Sme^YtSha ^ortii^ii ^Oraeas conwrtible issues »♦ a 

iderwritten by a group headed fn Seivu Stores and Ito-Yokado are. > ujbdui^ 


underwritten oy a group neaued r ~“ F« Sri™ stores and Ito-YORaau arc. . «»hiiucd nprfnmtaaer 

by Nomura Seiuritks id Gold- h^er thc rasult of severe W ] |rt 5T .W* 

man Sachs and Co, and. that of 55“B 5?,?®$?, C £2H SSSta restraints on the Issue i * iMibVil. AS 

and 2f B SSl'riih ” bonds, ind now ; .fW 

Seiyu Stores by Nomura ««u - , . . - 

Westdeutsche Lan deshank. Mean- wou .^. ea ^. abnormally 
while,- another retail chain, e 9 ult J earnings. 

= 10 .l*® 116 a In order to .finance 15 newly Seiyu stores 

Y.5Dn. (S22.5m.) domestic con- opened sales outlets Jusco issued. German market in 
vertible issue is the near future. worth of convertible issues spread its exchange 

Japanese superstores are in 

expanding rapidly. In order ' to 5m. new aumca uj ^uvut, vvuu — — _ . a 

finance enormous capital invest- sorption last . August. In the nominated convert! Die oooa. , 

sha^ b> public subscription. 1 **'* 

Accord inc l‘> informed siturce?. ' «i: the WtffWaeM*. 

Seiyu stores has chosen the nw for iu 1 M jpJT'werc ftrpajmi 
fiennan market in order to {0 il4;clt! »n! 

HO. worm ui wiraiime «»■*« spread its exchange rate nsKs^ 

Sirope last June, then issued The- company had aireadj tssueu i D p 
. new shares by public sub- dollar and Swiss franc-de- , inti* 

rhr haH )*ar.. No 
given uf tta-ahn 

Sharp gains 
at Highlands 
& Lowlands 

By Wong Sutoog 
KUALA LUMPUR, March 29. 
BUOYED by better commodity 
prices and higher output of oil 
palm and cocoa, Highlands and 
Lowlands Berhad, one of the 
biggest plantation companies in 
Malaysia, continued its brisk per- 
formance last year, with the 
group's trading profit rising to 
52.7m. ringgits (SUS22.4.m.). com- 
pared. with 40.36m. ringgits in 

After replanting costs of 3,3m. 
ringgits and taxation of 2L7m. 
ringgits, the group's net profits 
stood. at 27.7m. ringgits (18J9m. 
ringgits in 1976). 

Total sales of the group's pro- 
duce row to 144£m. ringgits 
(SUS6l.3m.) from 112m. ringgits 
in 1976. 

The company is declaring a 25 
per cent dividend, compared 
with 15 per cent the last time. 
With this dividend distribution, 
the group’s retained profits stood 
at 7.4m. ringgits, compared with 
lm. ringgits previously. 

Highlands and Lowlands said 
that its earnings per share based 
on its net profit has risen from 
12.7 cents in 1976 to 18-66 cents 
last December. 

Guthrie Ropel rise 

Guthrie Ropel increased its net 
profit after tax by 61 per cent, 
to 9.33m. Ringgits for 1977 
(SU.S.3.9m.) from 5.8m. Ringgits 
in 1976, writes Wong Sulong 
from Kuala Lumpur. This sharp 
increase was attributed to higher 
prodnetion of rubber and palm 
oil as well as better prices for 
the two commodities daring the 

The company has declared a 
final dividend of 10 per cent 
raising the total for the year to 
15 per cent, compared with 12 
per cent, in 1976. 

Primrose Industrial 
counterbid mooted 


THE PERFORMANCE of shares. - Tongaat also indicated that, 
in Primrose Industrial, one of unless the market “cooled down 
the main South African brick- it might withdraw its hid 

run profit* were ate 
’ affected by heavy expenditure 
involved tn ijmtrhlng iwo :Mt 
• Austral mu television druti 



up interim 

By Our Own CermpOMtaat 

_ _ _ aIl0 _; SYDNEY. March W 

makers, which is currently facing getherTPrimrose bas fallen back; HANIMEX fiorporationr .:U»e 
a cash offer of 130 cents per to. 181-132 cents, . while volume ■ photographic and leisure coeds 
share from Tongaat, a diversified Was only 7,000 shares yesterday. , group, has raised its interim 
sugar producer, has led to 'While this poker game con- j dividend from 3 cents to 3-5 
speculation either that a counter- timies, a group of shareholders ! cents a share despite a 6J» Wt 
bid is being prepared or that fuve complained to their broker jcenL dip in group carniaftnur 
parties favourable to Primrose about dealings in Primrose ahead the December half-year. Profit 

are building up a blocking stake, of the bid announcement. About * * 

With disclosed volume on the three weeks before the bid 
Johannesburg Stock. Exchange' of 286,000 Primrose shares changed 
over 05m. shares since the hands in what. It is argued, was 
Tongaat bid was announced ten . a '‘mopping up” operation, in : rose 72 per cent, 
days ago, the Primrose share which the main buyer was the; directors attributed the 

price at oue time moved as high nominee company of local! setback to u fail in the profit, 
as 160 cents. brokers Max Poliak. ability of the group's electron us 

The candidates at the centre Tongaat meanwhile has under- 1 operations in tile V.S and In ux- 
of the coiinterbid speculation taken to disclose its Primrose ! pnr t sales or electronics products 
are Blue Circle, already en- shareholding in its formal offer j rron] Hung Kong to the US. 
trenched in cement production document and has not dis- European and local operation* 
and with a strong engineering couraged suggestions that 11 j turned in unproved per- 

fel 1 from SA2.6ui. to £A2-4m. 
(some SU.S.2.7mn.>. but the dr&l 
half of. 1976-T7 was a period ^nf 
strong growth ui which eariitSt* 

arm in Hubert Davies, and -acquired shares before the bid. 
Darling and Hodgson, the con- 1 The shareholders main com- 
s traction and civil engineering plaint is not with the building 
arm _ of Union Corporation, up of stakes by the offeror com- 
DarLing and Hodgson is at puny ahead of a bid, but with 
present a major producer of sand the timing. There is no equiva- 
and aggregates and is known to lent in Johannesburg of the City 
have looked in the past at the of London Takeover Code's dis- 
possibility of a Primrose bid. _ couragement of such 
But both companies have when a bid is “reasonably in 
declined to comment on their contemplation " nor of the re- 
present stance. ' qnirement to disclose a holding 

Tongaat, meanwhile, has excess of 10 per cent. • 
punctured some of the market's ' While the princinle of share- 

form since*, and th*-> trend was 
expected to continue in IK’S. 
The directors a’ 1 .^ expect ", the 
photographic marketing opera- 
tions in tho l-.S; and Canada tft 
contribute satisfactory profits. 
Because of the weak coitHiimer 
hnwnvl electronics market. Hanimex 
1 continued to write down and 
[clear slow-moving stock, ant! pro- 
vision was made to reduce the 
inventory values uf certain cal- 
culators, electronic.*, products 
and colour television. Rut the 

Grand Marine 
lifts profits 
and dividend 

By Daniel Nelson 

HONG KONG, March 29. 
GRAND Marine Holdings reports 
48 per cent unaudited con- 
solidated net profit increase for 
1977 and a dividend distribution 
up 19 per cent The results 
reflect a full year's contribution 
from Goodwin Marine and 
industries, acquired in August 
1976. Grand Marine runs bulk 
carriers on time charter to 
Japanese interests. 

Profit for the year to December 
31 was SHK52.4m. (3U_S.ll.3m.) 
against SHK35Jm. previously, 
which represents earnings per 
share of 5HK0-89 on the increased 
capital of 58.71m. shares, an im- 
provement of 21 cents. 

The final dividend will he 29 
cents, making a total of 43 cents 
compared with 41 in 1976. Divi- 
dends are being offered in scrip 
form with a cash alternative. 

Operating profit rose 34 per 
cent to $HK39.6m. and there 
were also exchange profits of 
$HK4L3m. and profits on the sale 
a vessel of §HK55G,000r 
A surplus of $HKS_lm. repre- 
senting the excess of the insur- 
ance recovery over book value 
on the total loss of the “ Grand 
Betelgeuse'* is included in the 
total profit as an extraordinary 

Mr. John Payne, the secretary, 
says the Board expects an in- 
crease in operating profit in 1978 
and that the rate of dividend will 
be at least maint ain ed. 

Harbour Centre 

Continuing . a stream of good 
company results in Hong Kong, 
Harbour Centre Development 
announced a net post-tax profit of 
$HK27_52m. for 1977 (SUS5 Atl). 

21.5 per cent increase over ia?6 
and a similar increase in earn- 
ings per share from SHK1.07 to 
$1333.30, writes Daniel Nelson 
from Hong Kong. 

A final dividend of 93 cents is 
recommended, making a total of 
$HKL30, in comparison with a 
total of $HKL07 in 1976. The 
directors say the current year 
has got off to an encouraging 
start and that results will be at 
least as good as those for 1977. 

enthusiasm for Primrose share* holder equality is enshrined i dirp .. tnrv « ht , v w „ rA lW .n. 
hy declaring that it was not pre* under the local Companies Act ! dent nf renewed nro-reif in tho 

at.R13.9m. against asset value. plementation may not be 
possibly as high as R45m. adequate in the present case. 

Expansion by Israeli bank 

Air Pacific forecasts 
tumronnd to profit 

Air Pacific, Fiji's airline, expects 
to make a 3250,000 profit in the 
March year, after five years of 
trading at a loss, writes Dai 
Hayward from Wellington, New 

Passenger ratios, particularly 
between New Zealand and Suva, 
are increasing, and the company's 
two BAC-lll’s are flying to 

Australia, New Zealand and 
Nauru have just helped finance a 
new $900,000 airport ter minal 
and hangar. 


THE ISRAELI Industrial Deve- 
lopment Bank — the main instru- 
ment for channelling finance to 
industrial projects in develop- 
ment areas, new export plants 
and science-based industries — 
increased its profits in- 1977 by 
22 per cent to I£77.9m. ($46.7m.). 
At the year-end, its balance-sheet 
total was I£llhn. ($660m.), over 
75 per cent up on the previous 
year's totaL 

The bank raised 370m. of loans 
abroad in 1977, in addition to 
selling 350m. of capital notes in 
the UJS.> Its dividend payments 
for 1977 will be unchanged, rang- 
ing from 7J5 per cent linked to 
the dollar to 28J5 per cent for 
unlinked shares. 

The new loans approved by the 
Bank in 1977 (but not necessarily 
implemented in that year) 
dropped by 11 per cent in real 
terms. Bui actual loans, extended 
to industry at L£2_lbn. were 8 
per cent higher in real terms 
compared with the preceding 
year. The Bank expects to grant 
loans totalling I£3-5bn. in 1978. 

Just under three quarters of 

TEL AVIV, March 29 

Further Courage loss 

Courage Breweries lost a further 
SA612.000 (SU.S.701.000) in ihe 
December half-year, taking its 
total losses since operation* 
started almost ten years am to 
more than $A8m.. writes James 
Forth from Sydney. The latest 
result compares with a $A 114,000 
... . . . . ...deficit in the previous Deecmher 

the capital of the Bank is held f half and the directors said it was 
by large institutions, mainly the! entirely duo to a fall m sales 
banks, and 26 per cent hy the I from SA23.5tn. to $A 18.8m. 
Government - 1 (SU.S.21.7m.). 



Business results of the first half-year, ended January 31. 1978, 
as compared with the same period of lost year (parent com- 
pany only). 







Jan. 31, 

Jan. 31, 






Ordinary profit- 


Profit after tax 



Profit per share 

17.35 ven 

figures in million yen unless otherwise specified. 

Copies of this report are available at the office of Rredietbank 
Sj V Lurombourgeoise ^ Luxembourg and at the office of the 



Amsterdam, March 20, 1978. 


- Northern Germa ny’s largest regional bank - 



Volume of Business 
Total Assets 
Volume of Credits 

Bank Group 

DM 8.288 billion DM 9.664 billion 
DM 7.341 billion DM 8.705 billion. 
DM 6.818 billion DM 8.103 billion 
DM 5.142 billion 
Capital and Reserves DM314million 
Dividend to ShareholdersDM 9.- per eachDM 50.- 
, OTdinaiy shape 


links Hamburg and Northern Germany 




Head Offlce: Alter Wall 2tM2,D-2000 EAMBDKSll ■ jphone (04Q) 36S3-1 • 



Princess Winnie 



• .? r , h 

The Food or love: Prlncesse 
hdmonri de PoIIgnac and her 
Salon by Michael de Cossart. 
Hanush Hamilton, £7.50. 243 

Uurins the summer of 1S70. a 
five-year-old American girl, who 
was visiting London with her 
parents for the first time, found 
herself alone In a hotel bedroom 
—she later decided that the hotel 
had been Brown's— heard strange 
noises and watched a film of 
smoke slowly creep beneath the 
door. Then the door was Hung 
open, an extremely tall man 
sprang into the room, caught her 
up. put her on his shoulder and 
rushed downstairs towards the 
street. Her rescuer was named 
Ivan Turgenev; the little girL 
Winnaretta Singer, daughter of 
the millionaire inventor and 
paten lee of that invaluable de- 
vice, the modem sewing-machine. 
She was presently to become 
famous as the Princes se Edmond 
de Polignac — one of the oddest, 
and most imposing figures of 
. the aristocratic world that Marcel 
Proust depicts — who died, soon 
after telling me this story, in 
November. 1943. 

An extraordinary woman, she 
‘ had had a remarkable origin. Her 
father Isaac Singer, the 'Ameri- 
canised offspring of German 
immigrants, had divided his 
• • youth between a small machine- 
shop and the stage, to which he 
hud a keen devotion. He did not 
perfect bis invention and achieve 
enormous wealth until the begin- 
ning of the lS60s, when he left 
New York, sailed for Europe, 
and there met the beautiful 
Parisienne, 30 years younger 
than himself, whom he subse- 


quently married. He had already 
fathered 16 bastard children; 
and Winnaretta, his second legi- 
timate child, was born on Janu- 
ary 8. 3865. 

Before she had reached the 
age of ten, she lost this stimulat- 
ing parent; and her mother, a 
selfish and snobbish woman, 
proceeded to give her hand, and 
the use of tbe Singer millions, to 
a rather doubtful Luxem- 
bourgeois duke. As Vicomtesse 
d'Estenburg and Duchess? de 
Camposelice. she launched out 
into the great world, and nearly 
every week organised a magni- 
ficent musical party at her 
splendid house In Paris. Win- 
naretta seems to have disliked 
her mother; but she shared her 
love of music: and asked what 
treat she would most enjoy on the 
occasion of her fourteenth birth- 
day. she chose a special perform- 
ance of Beethoven's Quartet, 
opus 131. Thereafter music ruled 
her life. Though It was' not her 
only passion — she was always 
passionately attracted Tiy mem- 
bers of her own sex— it was 
probably the strongest. * 

Two unconventional marriages 
followed — unconventional, that is 
to say. because both of them 
remained platonic. The earlier 
failed, since she had never ex- 
plained to her future husband. 
Prince Louis de Scey-Montbe- 
liard. that she -had no intention 
of permitting him the customary 
matrimonial privileges. But his 
successor. Prince Edmond de 
Polignav, a charming, witty, 
highly cultivated man, was him- 
self a paederast; and from the 
earliest days, her biographer 
assures us, they “took an almost 
child-like pleasure in each 

other’s company.” At her musi- 
cal feasts he would occupy an 
arm-chair swaddled round with 
shawls and plaids; just as if he 
bad been travelling by train. 
i “After all, life is a journey,” he 
would quote the Athenian philo- 
sopher Anaxagoras— a phrase 
that Proust later put into the 
mouth of the dying novelist 

In her rflle of patroness, 
Winnaretta de Polignac did un- 
commonly distinguished work. 
Among the composers she 
encouraged, and sometimes sub- 
sidised, were Ravel, Faurfi, 
Manuel de Falla. Debussy. Pou- 
lenc and Stravinsky; and she 
gave solid financial support to 
DiaghileVs Ballet Rtisse; while 
among the artists whose pictures 
she purchased were Edouard 
Manet and Claude Monet. A fine 
record; but she was also known 
to her contemporaries as “the 
High Priestess of tbe Isle of 
Lesbos and the long list of the 
women she loved Includes most 
of the celebrated Sapphists who 
then amused and startled 

Mr. Michael de Cossart's bio- 
graphy, however, is a somewhat 
disappointing book. “Princess 
Winnie ” in her old age was an 
Impressive, monumental figure — 
deeply dignified and nobly 
handsome, with her upright 
carriage, her high-arched nose 
and prominent prognathous 
chin. But Mr. de Cossart's 
portrait, though carefully 
detailed, does not altogether 
come alive: and he devotes far 
too much of his space to names 
— the names of musicians and 
composers and the titles of their 
worts, and, less excusably, cata- 

Mann to Mann 


A portrait of- Winnaretta de Pofi&tac by Felix Barrios— from the 
book reviewed to-day. 

logues of royal or fashionable hint that .she was a disciple 

persons who attended various of Bade, and used occa- 

concerts. At the same time, he sionally. to fustigate her loves, 

is apt to balance uneasily he should have found . some 

between accounts of his heroine's better authority than a “ sensa- 
artistic life and brief but prove- tionalist** piece of 'gossip re- 
cative descriptions of her tailed by the notorious scandal- 
amatory affairs. If he wishes to monger Roger Peyrefitte. 

Local boy makes lovely money „ 

The Man from Lisbon hv Thomas u ,?* s “ cbwwtew me “ who ““rtry, descent from a famous month. First there -is a One interior Dau Is a series 
Gifford Haiuish Hamflfon actuaIly ex, . sted ‘ This be a admiral - So Reis set out to historical novel, Cesar and of Stories difStnt leS 
£4 95 418 pages ' mos \- in Eemous means of com- educate himself and make his Augusta, which like The Man united by the character ^nd 

PJi mcnting on modern history and way in the world, but not exactly from Lisbon is based on real situation of their central observ- 

Cesar and Augusta by Ronald 1110 making of current situations, in that order. He avoided mili- characters- This time the scene ing figure Edward Lands .Lands 
Harwood. Seeker and Warburg. This novel is excellent of its tary service in the Great War is Paris in the 1870s, and the i s a young novelist who is lured 
£4.50. 277 pages kind. Its hero is 'Alves Reis, by going to Angola, and improved characters are basically from by financial need into the crazy 

... .. - — “the man who stole Portugal” his chances there with a care- the world of music. world of film-making Harwood 

°*I 1 ur won^Sec ker^a n d ^Warburg T 54 ^' ^cidentally. made slight fully forged Oxford degree. The c^ r of ^ Utle is C6sat script-writer for films such as the 

win^nSS the way for to* dictatorship of But he was right: he could Franck, then in his middle fifties, excellent One Day In The Life of 

i.i.ou. Li O Salazar. Thomas Gifford has pro- do the job. in sewerage or on little recognised as a composer. loan Denisoerch, has first hand 

The Tree of the Bun by Wilson duced a novel of memorable the railway, that this forged admired as a teacher, and an knowledge of the world he writes 
Harris. Faber and Faber, £4.50. characters, a plot of detail and certificate guaranteed. He did unlikely looking candidate for a of here, cheerfully, satirically and 
94 pages suspense to rival any, and a them by native wit, and persever- great fove-affair. “Augusta" is resignedly, and one suspects he 

— '• stimulating analysis of the. state ence, and hard work. Luckily, Augusta Holmes, a very beautiful has someming in common with 

The Man from Lisbon is not. of early twentieth-century in one sense he was eventually and rather promiscuous young L ^}ds. 

as it may sound, a predictable capitalism. imprisoned, because here lus woman of Irish extraction whose To me, Wilson Harris’s highly 

<pv thriller. It is an example Alves Reis started poor. His seu -education really began, and great ambition it is to become, praised West Indian prose reads 

of a kind uf historical novel stomach rebelled against going here be conceived bis maser not a singer, which she is, but like a prose version of the early 

:iuite in vogue, which goes back into his father’s undertaking seneme. He round i«st the the first great woman composer Dylan Thomas, exploding with 

in mne inside this century only, business; he remembered his Szt°hS 311 ^ Jffyi- f 10 in the world. She conducts a fundamental images of wombs 

The Brothers Mann by Nigel 

Hamilton. Seeker and 

-Warburg, £9.75. 422 pages 

Heinrich Mann was the eldest 
of the family, Thomas the second 
son.- Heinrich was the braver of 
those. two brothers, more fiercely 
progressive', more out of tune 
with. Teutonic culture, and at his 
best tbe more scintillating 
writer. Thomas was cautious, 
ponderous, much more like the 
stereotype of a German pundit, 
gradually feeling his way fto his 
great credit) towards liberal 
positions which were not his by 
nature. For much of their lives 
there was between them 
brotherly rivalry and political 
division. In the first war (Thomas 
passionately was a pro-war 
German nationalist. Heinrich an 
equally passionate Francophile), 
they ceased to be on speaking 
terms, and wrote each other 
inordinately long letters to 
explain -why this was sp. 

Thomas ended hfs life as a 
famous and - much rewarded 
writer, having become a popular 
success in America. Neverthe- 
less, although in the Hitler time 
he had become a refugee there, 
and then an American citizen, he 
found in his deep principaled 
way, that he had to leave. That 
'was because America in the Cold 
War had become too illiberal for 
his conscience. 

- He died in German-speaking 
Switzerland, acclaimed and rich. 
Heinrich died -in California, 
totally neglected and very poor. 
He had never found a public 
in America, and. except in East 
Germany, no one would publish 
his novels in his last few years. 

It is a personal view, but to 
me Thomas seemed then, and 
still see ras, considerably over- 
rated, Heinrich the reverse. 
Buddenbrooks (1901) is a fine 
novel and one of the best ever 
written by a very young man. 
Death m Venice (1913) is a 
haunting novella, and an illustra- 
tion of how Thomas’s heavy sym- 
bolism could work with great 
power. The Atopic Mountain 
(1924> may sustain the claims of 
bis admirers. 

Otherwise I doubt if I. shall 

re-read any of his oeuvre. Dr. 
Faxistus (1947) is too portentous 
by half, and Dr. Serenus ZeU- 
blom about the most fatuous 
spokesman in fiction. Joseph 
and his Brethren (1933-43) is 
spun out beyond almost any 
writer’s creative means, and cer- 
tainly beyond my means at the 
receiving end. 

It has always been something 
of a mystery to me that Thomas 
has been regarded as one of the 
heroes of literary modernism. 
Symbols laid on, .pointed out, 
underlined 7 Even if symbolism 
were a major invention — which 
it isn't — plenty of writers have 
used k more skilfully. I suspect 
the answer to the problem tells 
one something of the nature, and 
of the chief defect of 
modernism itself. Modernism 
was an intensely literary move- 
ment, literary in its technical 

The modernist writers looked 
in the pool of literature, and 
there saw, or thought they saw, 
their own reflections. No writers 
have ever drawn so heavily on 
other literature for their susten- 
ance, and often for their justifi- 
cation. That wag true of the 
greatest modernists — Eliot, 
Valery, MaJIarmt*. Joyce, Pound. 
It was not true of Proust, who 
has sometimes been appropriated 
for the movement. He went to 
secondary sources such as Berg- 
son for bis metaphysics, but that 
is merely a decoration to tbe 
great novel. In his essence. 
Proust looked in the pool of 
literature no more than the 
classical novelists of - the 19th 
century, to -whom he by right 

After his splendid start, 
Thomas Mann did turn, more 
and more, to other literature for 
his creative impulse, as in Doctor 
Fausius and the Joseph books. 
Heinrich didn't. He preserved 
his own savage independent first- 
hand vision. 1 fancy I could re- 
read Man of Straw (1918) with 
much more enthusiasm than I 
could bring to Doctor Faustus. 

1 am being more dismissive 
than is sensible or right. There 
was something heroic about the 
manner in which Thomas 
struggled with his temperament 

and emerged with his concept 
oF the truth intact. He wasn't 
made to be a rebel or a martyr. 
He would have liked to be 
installed as Germany’s leading 
writer of the century, invulner- 
able. listened to with awe. 
Ultimately he received a 
different fame, but that was 
denied him. As men. both be 
and Heinrich, a less complicated 
and tortuous character, deserve 
our deep respect. 

This is a very good joint 
biography by Mr. Hamilton. He 
writes with scrupulous care, 
balanced judgment, and refined 
taste in both human beings and 
literature. One could have done 
with rather more about the 
actual material circumstances of 
the brothers' lives. Most of us 
aren't so much at home in pre- 
1914 Germany as we are in 
France of the same period, or 
England, nr even Tsarist Russia. 

By modern standards. Mr. 
Hamilton has been reticent 
about the brothers' amorous 
lives. Something is revealed 
about Heinrich, who is known 
to have hud a number of love- 
affairs; but it would help to 
interpret some of his art if we 
were given a few bleak fuels. 
That may bo even more true of 
Thomas, who interposed enough 
obfuscation of his own. A bio- 
graphy doesn't need to be over- 
delicatc with major writers. It 
is sometimes desirable that, it 
shouldn't be. 

Mr. Hamilton enlightens us 
pleasantly about the Manns’ 
financial affairs. From Budden- 
brooks. X had imagined their 
father and grandfather to be 
considerably more opulent than 
they actually were. They were 
among the first citizens nf 
Lubeck. they were biirgerlich 
for sure, but that was rather like 
being comfortably off in 19th- 
century Aberdeen. When the 
Manns’ father died, his widow 
and children lived in decent 
middle-class surroundings in 
Munich. There was always 
enough money for travel. It was 
rather like Henry James's family 
but nothing like so privileged 
as. say, Proust's. Tolstoy's. Gals- 
worthy's or, above all, Tur- 

Young wives’ tales 


(excluding school leavers) and unfilled vacancies (000s). All 
seasonally adjusted. 

Ill 11:111" III 91 UL- Lilia L'rimu.t * " v * nil i Wn a. v.-j- _ r whuuuw « 

£ *1* j series of charades to trap Franck and tombs, marriage and resur- 

2 v™ T“ e * than k C 4? a “ owed - into accepting her into his class, reetton, with occasionally a more 


ECONOMIC ACTIVITY— Indices of industrial production maj* printing firm and gained posses- S^^nPa^cLiUl^SaSnf- stand; ^ 

ructurinp output, engineering orders, retail sales volume (1970- a on of millions of genuine sa“n£ Fra nek’s* neurotic wife The Tree Of The Sun is an 
100): retail sales value (1971 =100>: registered unemptoyment Portuguese Kcudos. But he had „ h o demanded th “t he ?Smpose erosive meditation on creation, 

(excluding school leavers) and unfilled vacancies (000s). AU xwde m^tito and misjudged » « BJEE rttSc%S3i S human an * artistic,- focussing on 

seasonally adjusted. H? ’ fabulSST manner hfc did wi** grim and ‘uninsured the fact that the Brazilian 

Indl. SWa- Eng. Retail Retail Unem- “?r£n es” were ^remarkable tenacity; and Augusta’s father. Pointer da Silva started a huge 

prod, output order voL value ployed Vacs. who sold her at fifteen for a Painting the day his wife con- 

L be mused before he could trifl * but whose Presence and ceived their child- This is some- 

,9 “ 11? 107 1 *>115 4 USD na be tried P ^ death an asylum affects her how interwoven with Francis and 

'tffjtr. 103*2 1«3.2 112 103 3 216.4 W30 na. De mea. . . . deeply. Julio, earlier inhabitants of tbe 

K q 1 lr - !!£- Jin? m lJu 234 1 1,418 151 spJriS^Tby tb^ faUurc ?f an The passion of Franck for £ ouse - ^ invalid, wrote 

iSri if«R u>6 104 4 239.4 1/131 15? unrecognised . suicide bid, he Augusta was the deeper for lack ] e ^ ters f n f* them .- 

V5 C,lr ' 1013 1024 113 102.7 234i2 1.433 153 persevered and “launched a of _ expression; .everything tran ? ni J.- ed T . ex ? e, T 

. l, ‘ im’q t09 103 1 236 3 1,433 136 devilish plan to prove my spired to make consummation ence into a book. In this book 

i° V ‘ 1S97 ini'? 99 11HLO ’’dtO 1,428 163 innocence." The long prison unlikely, and continuation iraposr jJjLh 1 *! 3 ™ 11 W !? l ?i. Sei £ e , *S cract 5 

Jr i'o- c 18U 103 - 4 • sentence, prolonged vlngcfully sible, so all tbe pent up emotion with ihem. and the characters of 

, 19,S moil mi n 104.9 214.0 3.419 180 by Salazar, did not dampen the went into Franck's first major £™. DCiSS book, including the 

li,n. I02J) 103.0 J Jg i 87 spirits oF our hero, who spent work, the Piano Quintet, a piece notional man who would have 

•vb. 1 400 196 twenty years musing on his ten of undisguised sensuality. One §>rown if Julia had not miscar- 

»Iarc h . years of struggle and glory, bis of the harshest and most con- ried, and a very different form 

OUTPUT By market sector: consumer goods, investment goods, marriage and his mistress. * and vineing touches in this unusual of Francis’s mistress, one 

intermediate' goods (materials and fuels); engineering output, his own genius. novel is Franck’s obsession with Eleanor Rigby 

metal manufacture, textiles. leather and clothing (1970 = 100); The novel simultaneously his muse, deeper _tban any fee ling And this, like the blurb, is 

































234 2 




























106 JO 







104 ja 










196 1 

housing starts (000s, monthly average). 

Consumer Invst. IntnuL Eng. Metal Textile Hous& 

goods goods g oods output mnfg. etc, starts 

si^'r. 115.8 99.5 106.0 100.5 83.9 104.4 19J 

ndqir. 113.3 5!7A 105.1 99.0 80.a 99.9 22.^ 

rdi|ir. 115.2 9SL2 104.7 99.7 SXfi 100.7 24.4 

Ihtiir. 115.9 97.6 101 2. 99 J. 74A tOO.l 20.« 

; C pi! 113.0 98.0 105.0 99J) 83.0 JOLO 28J 

let. 116.0 98.0 101.0 99.0 7a.O 10LO 24.4 

iov. 115.0 97.0 101.0 99.0 70.0 98.0 21J 

kw 117.0 98.9 102.0 100.0 79.0 10L0 15.S 

mu'* IIC.0 98.0 104.0 99.0 75.0 10L0 17-t 

EXTERNmTtRADE— I ndices of export and import volume 
(1975 = l00i: visible balance; current balance; oil balance; terms 
or trade (1975 = 100); exchange reserves. 

(1970 = 100); The novel simultaneously his muse, deeper than any feeling And this, like the hlurb, is 
celebrates Reis and mocks him, for Augusta. Before' he met her, deceptively simplified. It is the 
Textile House a mordant wit turned on he lacked inspiration: she pro- quality of his prose that eminent 

etc. starts* t * le characters at some point, vided it. and inspiration re- critics admire in Harris, .and it 

Xr is a fascinating and enlighten- mained: “ She had divined the is the quality of his prose that 

log book. spring. She had served her pur- defeats me into utter uncertainty. 

104.4 198 Barely does one find a writer pose." In tbe novel, Augusta -I can admire and rejoice in a 

99.9 22.4 so prolific that he publishes two never forgives him for the use he paragraph but find even tins 

100.7 24.4 book? simultaneously But that makes of her ' for his self- very short novel quite indigest- 

100.1 20.6 is what Ronald Harwood does this preservation. ible. 

10L0 283 : : 

Arnold Bennett: A Last Word by 

Frank Swinnerton. Hamssh 

Hamilton- £4.95, 120 pages 

Here is a Sophoclean perform- 
ance, a book by a man in his 
nineties who remembers the 
early decades of this century as 
if they were yesterday. In par- 
ticular he remembers his great 
friend and mentor Arnold 
Bennett apd the two women in 
Bennett’s "life. Marguerite' fn6e 
Sonlie), the French • woman 
whom Bennett married, then 
failed to divorce after they had 
quarrelled irreconcilably over 
money, and Dorothy Cheston. the 
actress who changed her name by 
deed poll to Dorothy Cheston 
Bennett. Dorothy lived with 
Bennett after the separation 
from Marguerite and bore him a 
daughter. Now that neither of 
these ladies is any longer with 
us Mr. Swinnerton is able to be 
perfectly frank about them. 

Neither emerges in at all an 
attractive light Marguerite was 
extravagant using up Bennett’s 
money not only on her own 
tailor’s bills but also on those of 
her boyfriend Rene le Gros, with I 

Top judge 


Both Sides of Tbe Circle by 
Christmas Humphreys. Allen 
and Unwin, £6.95. 269 pages 

whom she may or may not have 
had an affair. Mr. Swinnerton 
believes that a reconciliation 
between her and Bennett would 
have been possible had either 
been prepared to unbend a little. 
Dorothy on the other hand had 
all the arrogance of a beautiful 
woman who could be wilful -and 
infernally rude to innocuous 
friends of Bennett's like the 
'Swinnertons.. Failure, in the 
theatre soared her and she 
squandered money down that 
bottomless sink, theatrical 

One does, though, after reading 
this short but pithy book have 
some sympathy with both Mar- 
guerite and Dorothy. Bennett's 
routine as a writer which began 
around six in the morning and 
ended around three in the morn- 
ing, with breaks for social life, 
cruises on his yacht (Swinnerton 
was often aboard with him) and 
theatre-going in between, left his 
womenfolk an awful lot uf time 
when ‘they were condemned to 
their own devices: no wonder 

they sought alternative occupa- 
tions outside the marital home. 
When the crisis came and 
Dorothy told him she was preg- 
nant he tried to behave with 
absolute correctness by the stan- 
dards of that time. Mr. Swinner- 
ton quotes a letter he wrote to 
his secretary, Winifred Nerney, 
informing her what was going to 
happen: “ Miss Cheston has been 
received by my prinicpal friends 
exactly as if she were my wife, 
which she ought to be and would 
be as if circumstances permitted, 
but on the other hand we have 
observed all the external conven- 
tions." In 197S such scrupulous- 
ness is oddly touching. 

Tbe book contains one unfor^ 
tunate misprint suggesting that 
Gissing, about whom Mr. Swin- 
nerton wrote the earliest critical 
study, and H. G. Weils, who 
appears briefly here as Bennett’s 
friend, were unacquainted with 
each other. On the contrary they 
were great friends. In all subse- 
quent editions the word “not’* 
on page 14 line eight should be 


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!§ Soft 

I7J r 

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volume volume balance balance balance trade USSbn* 



St qtr. 

1 15.7 



nd qtr. 




rd qtr. 




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- 76 

The Parting Years. Maries 
1963-74, by Cecil Beaton: 
Weidenfeld and Nicolson, 
£5.95; 164 pages 

4 r jan. U2.6 


./•H j 1 FINANCIAL — I 
? gf ffl/ 1 in sterling to il 
.*** LJ i raid: domestic 

inflow: HP. ni 

I,inr1in? rati* f P 

2 ST- ifi } SJ IS ?Sr -5? MM Mis .Cecil Beaton, has an extra- y ^ 

' Hso inf-3 + 55 +198 - 207 10L7 I7:i7 ordinary appreciation of beauty cJF 

!- +s :g ra as 

K- «S* & -».+* - 27S 103.1 2036 srliTvomZ : - 

,!?** ,10(5 1144 -334 -m -236 "I05A 20B7 £****. portrait photographers, - - 

■ K 17R" Iin'fi + 84 +184 -202 104.7 20.7 ftiey have also given a particular , 

cb- 110.6 +8* f flavour to his diaries. Of which 

FIN \NC1 \L— Munev supply MI and sterling M3, bank advances the sixth volume, The Partins 
ia sterling to the private sector (three months’ growth at annual Years, is now published. • . ; l •' 

rater domestic credit expansion (£m.); building societies net The strength of the diaries ... 
inflow- HP. new credit; all seasonally adjusted. Minimum lie in Sir Cecil s professional 

lending rate (end pcriwK 

si qtr. 
nd qtr. 
rd i|ir. 
ih qtr. 











S J» 

5.3 - 















. S.3 












' 590 





















INFL\T|ON— Indices of earnings (Jan. 1976=100), basic 
materials and fuels, wholesale prices of manufactured products 
11970=100); -retail prices and food prices (1974-100); FT 
commodity index (July 1952=100); trade weighted value of 

st qtr. 
nd qtr. 
.rd qtr. 
th qtr. 


'■j 1978 

1 S- an - 
eb - 

f L 







. Foods* eomdty. Strlg.- 









18 L9 
































63 3 














- 279-2 





descriptions of decor, food, 
clothes, gardens and in the vivid - 
MLR pen-portraits of the famous be 
tc has known. The weakness lies 
— — - in the unremitting predictability 
of his point of view. 

101 This raises the question of 

? what* should be expected of a 
7 diarist. Should he be reflector 
7 or creator? In the heyday of 
■6 his career Sir Cecil only needed 
5 to get down half of what filled 
7 his time to make every page glow 
7 with excitement: bi 

' “Greta [Garbo], wearing a - 
61 large grey Fedora, strides 

6| through the park. Tbe afrer- 

~ — noon sky is blue and pink 

asie with apricot clouds— even the 

u £2 hideous sky-scraper buildings 

become pink and verdigris." 

1 01 .April, . 1946. . 

“ The Queen looked ex- 
tremely minute under her 
5 trig, robes and crown, her nose and 

— hands chilled,- and her eyes 

„ _ tired. 1 Yes,* in reply to my 


A | 


Keaton by Hockney 

* N.ot seasonally adjusted. 

with excitement : become less full of his friends, to try -to put a more sober 

.“Greta [Garbo], wearing a ‘Baba [his sister] bad died conclusion on those previous 
large grey Fedora, strides at 4 a-m. . . . Goodbye my most volumes which often read tike a 

through the park. Tbe after- beautiful first, home-made celebration of all things worldly, 

noon sky is blue and pink ntodeL Goodbye to so much In his final entry, he records a 

with apricot clouds — even the of my own life. Goodbye to visit to the Imperial War 

hideous sky-scraper buildings Baba.* Museum to nee -a collection of 

become pink and verdigris.” ‘Chanel is dead.’ photographs that he had taken 

April 1946. ■ Tt is very seldom that I am in round the world during the war. 

^ lie Queen looked ex- London at the weekends, but I There are 30,000 to 40,000 of 

tremely minute under her wanted to get to the Memorial them, documentary records 

robes and crown, her nose and service for Gladys Cooper on mostly, unlike the studio work 

hands chilled,- and her eyes Saturday.- for which he is most famous, 

tired. 'Yes,* in reply to my It is a sad litany only en- In a moving passage Sir Cecil 

question, ‘the crown does get livened by Sir Cedi’s very occa- describes how, looking at them, 

rather heavy ’ Coronation Day, sional lapses into malice. ‘ SO he feels for a while as if he, too, 

1953” ' Evelyn Waugh is in his coffin, is part of this dead past But 

' Now] inevitably, reflections and Died of Snobbery.* The survi- as he steps out into the street. 
Introspection form a large part vors, his subtime friend, Lady the old buoyancy returns. With 
of • the book. Perhaps, too. Diana Cooper or such an old. deliberate emphasis he writes' 
despite David Hockney and Mick trouper as Marlene Dietrich, the concluding words to his saga, 
Ja*gec, the world which Sir Cecil seem slender rocks against tbe ‘Much depended on the future.’ 
still travels with indefatiguable turning tide. ' An extraordinary appreciation 

enthusiasm, has become less ■ This last diary stops in 1974 of beauty and people is clearly 
amicable to -his. portraiture. Pen before- Sir Cecil, himself became based on an extraordinary forti- 
or otherwise. Certainly 'it has ilL Yet ft is still brave of him tude of spirit 

Ladybird Ladybird 
Eric W. Pasold 
Lively blend of business his- 
tory and autobiography by tbe 
creator of Ladybird children's 
wear. His frank, well-docu- 
mented account provides an 
insight into entrepreneurial 
achievement that is probably 
unique. Illustrated. 

Manchester University Press 

Bridgewater: The 
Canal Duke 
Hugh Malet 

Biography of third Duke of 
Bridgewater who met the need 
for reliable bulk transport by 
creating Britain’s first canal 
by his efforts and a national 
network by his example. 

Manchester University Press 

The Classic Slum 
Robert Roberts 
Social history and personal 
reminiscences of Edwardian 
working-class liFe. This suc- 
cessful modern classic explodes 
myth df the “good old days" 
providing a more realistic 
nevertheless fascinating pic- 
ture. Illustrated, May. 
Manchester University Press 


William Seoresby, 

Arctic Scientist 
Tom and Cordelia Stamp 
The many-sided whaler- 
sdentlst, author of Arctic 
Regions, later entered the 
Church. His American and 
Australian travels are vividly 
described in this lively bio- 
graphy. “Thorough and in- 
formative,” Alan ViHiers. 
Caedmon Press £3£0 

Harold TUIa, Whitby. 

E. M. Forster: A Life: 
Volume Two: 1914-1970 
P. N. Furbank 
The highly praised volume 
covering the remaining years 
of the novelist’s life and com- 
pleting a distinguished bio- 

Seeker and Warburg . £7.50 

Louis-Philippe Memoirs 
Translated by 
John Hardman 

Louis-Philippe. the Citizen 
King, describes the stormy 
years of the French Revolu- 
tion. This unique publication 
is of prime historical import- 
ance and is richly illustrated 
with documents of the lime. 
Harcourt Brace 

Jovanorich Ltd. £13.35 

The International Year 
Book and Statesmen’s 
Who’s Who 197S 

Unique work of reference, 
containing comprehensive in- 
formation on the States of the 
world, international -organisa- 
tions, and over 7,000 bio- 
graphies of leading figures in 
world affairs. 

Kelly’s Directories Ltd. £30.00 

Nostradamus, or The 
Future Foretold 
James Laver 

A big <272p) back-to-original 
sources study of the life, times 
and startling prognostications 
of the world's most controver- 
sial mystic and seer by 
acknowledged expert medieval- 
ist James Laver. 

George Mann of Maidstone 


Lives of the Georgian 

Edited by Laurence 
Urdang and Associates 

Volume 3 in a major new- 
dictionary of British biography 
302 significant men and women 
of the period. Bibliographies, 
Iconographies and many 

Osprey £12.50 

r vv 

-1 - ;«f 

Financial Times Thursday March 30 19 <S 



Higher at noon on bargain-hunting $ steadier 

VJ 1 ^ * Tha ITS rinltar loct mumd in trsnsn 



'NEW YORK, March 29. 

«uM Bnllhrfi. ' 

The VJ&, dollar lost ground in transactions. KruweiMnd sisoji tat*: ' 

the early part of yesterday's dosed- at SiSoJ-lSTI up"**. «2a.7o '-Sm a? 4 ! 

foreign exchange market hut re- internationally and Miwajcrra * : 3 A8?jZ?2j ',ra?.«8i) i 

covered some of its losses during over the gold woWDt^dened lo xteuSo | 


THE STOCK MARKET rally car- out-scared losers seven-to-four. leading declines 1SG to 106. Metals AMSTERDAM— Prices closed while Banks, rmaiK^ls and in- ^afternoon. Aginsc ine west 

ried over into its second day Utilities put on 0.07 at 106.02 and and Paper issues posted the largest generally higher led by Akzo and sunmees were all !o*er. Geraorn nwtt n suppw m 

after a four-session losing streak Stocks sained 053 to 287.77. The gains among the sub-groups. Philips in Dutch Internationals MADRID — In a pronounced DWn ware tmprovir« to 

in fairly active trading. Transport Index however was Texasgulf gained 25 1 cents, to although, trading remained quiet rally every sector of the market on Auwwsty, 

The upswing was a bargain- slightly lower. sioj following increased copper In the rest of the market firmer advanced, especially Banks where hut snowed a net joss m ierms 

hunting rally, sparked off by some Sony was the most active issue prices. Dylex added 50 cents to shares with gains over one most shares rose at feast six “ _ “Wr- 

institutional buying of recently unchanged at S7|, followed by S10J on higher earnings. Norenda guilder included Heinekcn. Emtio. points. Gaferias Pre&aes was bw.r rsa^Tgra ^ 

depressed upper-tier stocks and a Pan American, unchanged at 85}. “A" was up 50 cents to 824, but Giessea-de Noord and KNSM. again. overbid, advancing three, aurrsuma previously, 

smailer-than-expected rise in UJ5. Steel, which raised prices Bow Valley at 8261 and Dome Lower issues were led by Bo Is, COPENHAGEN— The market By far the bm gains Of the 

February’s consumer price iDdes. on its steel mill products to cover petroleum at $641 dropped 50 Amfas and FokJeer. Elsevier fell closed higher in moderate deal- day were made by the J a panese 

the cost of the new labour agree- cents Noon volume totalled Fls.65 to FUl 268 and Westland j nss . Banks were unchanged on yen which dosed at Y22ZZ, from 

Closing prices and market ment in the coal industry, eased 1 43S.548 shares against 1540.832 Bank declined by Fls5 to Fls.41S. bailee while Industrials were Y224D, another post-war nign 

ZZ\r * t avaiinhio ' « to S23*. onTuesda^T ■ FRANKFURT - Share prices mixed and Bonds steady. Insur- against the dollar. A steely 

reports were not available southwest Airlines dropped SI} In Montreal the industrial index were tossed in featureless mtces and Shippings all dosed stream Qf dollar sales out of 
for this edition. to $18 -. after the company _£ TsS^ m ra 1? trading. Banks, Chemicals, Electri- higher. Tokyo seemed to prompt tl» de- 

announced the resignation of its JJJLd DRS to 1 10273 an^BnntQ rals “d Motors showed OSLO — Banking issues were cline and with the 

But the market is still con- president. edged un 043 to 24849 little changed although BMW and industrials were mixed m j®F®! u 58«! es 5 

cerned about dollar weakness in IC industries picked up , 25 d £.l T J\2: l moi , nn Daimler each added DM1. Mores vhi!e insurances and Shippings reached Y22I at one point during 

ccnL from S.B6 per cent. mmoMs 

leading declines 188 to 106. Metals AMSTERDAM— Prices dosed while Banks, Finanti* and In- AiMm Agin* the’ Itt 

and Paper issues posted the largest generally higher led by Akm and suraneis we* .all lower. G«mm mark * *gg* J* SnHStast sSo per cent, in 

ment in tbe coal industry, eased 1,438.548 shares against 1,240,832 Bank declined by Pls5 to Fls.41S. balance while Industrials *ere Y2245, another post-war nign 
$1 to S23*. pn Tuesday FRANKFURT — Share prices mixed and Bonds steady. Insur- against the dollar. A steady 

Southwest Airlines dropped SI} In Montreal the industrial index were mixed in duH, featureless ances and Shippings all closed stream of dollar sales out of 

to ftia?. after the compani “ "Kg™ 1 % « u £2nFi2 trading. Banks, Chemicals, Electri- higher. Tokyo seemed to prompt the cfe- 

tlio raciimMinii rtf it. rose U-OO 10 If... lo. rapeTS au „„ A nwwt UMkrt chnupfl « 

announced the resignation of its vaSed 0.ffi O to ltfira andMJajifcs rals an* mt>sf Motors ' showed OSLO — Banking issues were cline and with the Bank ot .Japan 

"Sftt ... 3Sff W *?*«** ““** Sastf-H? fS&Ht&SF&S* easier, _ Industrials -ere . rajsed g* £L&& 

IG Industries picked up 25 

Europe and'japan'specuiarion on cents to SIS-, despite its anticlpa- EH were partially weaker while q^et. “ the day. 

a decline In the Index of Leading t>°° ° f declining first-quarter tSSf^SS^TiZ Mechanical Engineerings were ;t£VV 4— The marker closed Morgan Guaranty's ealeu 

Economic Indicators, publiK^lon earnings. 0 7 nS ^L riS i^ebn^ ^ an L.'tKS £cE ot the doUn* podc woi 

of which has been postponed un- Prices ",®re b £ h * r ™ .$* rid er n££ trial Blue Chips showed m WW&aS 

Economic Indicators, publication earnings. 

of which has been postponed un- . Prices were lusher on 

til to-morrow, could cause some American Stock Exchange, with ‘”“i 0 , pn P s ^ eaQy - W vi S ' ZUWCH — Pr«es dosed steady chanse 
! TO. n„„ -Ton.. the Ames indes up 0.1S. Volume »E™ tor! .' in dull trading, with, small gains 

The Dow Jones Industrial Index overau ra 

weakness later in the day. *SSS2S21 1 S’ IS^inrr , Banks an 

was up 151 at one o'clock at ,J^ na irregular 

760.03 and the NYSE index rose 1977 loss of 826m., fell gift to S26J. ,r ?JS2; 
0.0S to 50.04. Volume came to _ AjrM «“»? l ° 8431- BOC - 
about 10m. shares and winners International increased its hold- Steels U> 
- ings in Airco to so per cent from ros® p rs -' 

TUESDAY'S ACTIVE STOCKS 49 per cent, held previously. jjjjjg. 

Slocks Closing on doute wei 

m.«r, J 3 S ” 3 r a II OTHER MARKETS 

S^ars Roebuck 2sa.rmo at +i — - — — 

Daimler each added DM1. Stores ^iie Insurances and Shippings readied Y221 at one point during 
were partially weaker while were qmet. the day. 

.Mechanical Engineerings were view 4— The marker dosed Morgan Guaranty’s calculation 

mixed. GHH and MAN fell O1I1.50 * of lhe doUaris trade weighted 

each while KHD put. on Dili. BJue Qj^pg glowed little average depreciation, using noon 

ZURICH — Prices dosed steady C hanee rates in New York, widened to 

in dull trading, with small gains , ntmst in 651 per cent against 5.78 per 


were more accentuatea anutug «_ or 

Banks. Union Bank and Credit opened finner. b t 

Snku. nitiuH VniJA ranri VrsSS “W dipped on profit-taking. 


1978 1 I ■_? 


cuicorn tta.noo 

S*ars Roebuck 2S9.1D0 

SDtb-Cemurv Fox 343.000 

Pan American 214.700 

Comparer Sciences.. 190.900 

Hercules Inc. 137.900 

nccWcnfal Per. 139.300 

Electronics M.'Mas. 137.100 
Louisiana Pacific .. 131.300 
Dow Chemical . .. 124.200 

49 per cent, held previously. 


overaU most a^ore were higter S HONG KONG-Loeal interest in PJLgjL ^ 1 ^ IWg L- 

sgsj- ~ Houses «« ssr^Ss-TS 5 stbs S'& fi r- g « - - * * 

Electricals were higher but JSSl tUSNSU a5d %S&JBE£ AJS£V~ CURRENCY RATES 

SflMffS SSS?swr& S ~T*ST 1 

fSSU ‘STLJa kS 5 SS 5 SSL .*TSnR? AS*£ 

d ^s^^“p ri ce, wre saar ! t 

mixed and mainly, higher in quiet MILAN — Stocks fell over a sharply in morning trading with two a i ev el which it u*o*dt*n ...... 1.40082 ; te 

trading. SoGna. Hainaut Sambre. broad front in more active trad- “*e market average rising to r"Tj Tn PU i«^ c Aiairia ncli -■ 10.0027 } it 

rose r rs.43 to FrsAjjfiO and CIT finned in Transports, while some 
Alcatel advanced Frs52 to higher spots in Financials in- 
FrsJ.102, But L’Oreal and Re- eluded Forbo “A" and Oerllkon- 
doute were weak spots. bnehrle Bearer. Insurances closed 


jSSSSf <IB6S+18»S «|MU-»1U 

hntfcrwut.. nlMU lOtmi 

xw*-™ isusssai 

(uni 1 ‘uifUb.. 



foreign exchanges 

— “• "• .UarAet ZMe* ~ 

ICrl'Z: * 3 a^SSjlSSaliSSitS 


apocuu ; ■»"«>P» n KrinMurt.... 
Drawine Onuoi 

__ Kigb w A'ron n* _ 

.Mamb ITS Uanrli ifiJ Milan 





4i Canaria hioh^r Solray. Arbcd and Wagons-Lits ing. Bastogi Finamf aria’s esti- another postwar record. Shares 

+s v,aiidu-i uiguci rose w'hile Hoboken, Cockerffl, mated losses for 1877 and fears related to Government public - M , QSt an ounce ^ u, e 2 50247 

+ » Canadian share pnees remained Socfm and UCB fell. Petrefina over the fail in the value of Its works spending, Ptormaceuticals 'Jg? „ tallton market to S1803- oSSSSSMerl l-lvUo 

j., 1 higher in fairly busy noon trad- and American Petrofina rose, bnt participations,' depressed market and Foodstuffs led the gains, _ Iofiine worst level ^ riwii inuu-.i 5.72938 

-i-ii ing, with the Toronto composite Canadian Petroftna was un- sentiment Pirelli Spa held un- followed by Specula lives. for the day reflecting the steadier *wau «».... i23 3 ^f9 

+1 index UP 0.7 to 1053.4 and advances Changed. changed in lower Industrials JOHANNESBURG— Gold diares .Z-i* rhV* rintJarwhich. was no JjpMewy*"-} % v«S 


H.y.S^L all coauton 

Bises and Falls 

WHAYvon Btt-uoid f snares look of dollar which. was m> KRSiS* &h£m 

drifted easier on the day foltow- d0U bt influenced by Saudi saaeoo 

uig an Initial markdown Jjne I f v ra bia‘s intention to continue (hnxiWikrfne! 5.66515 

. with lower lo unchanged bullion j ^ dollar for international Swt» iiw- J 2.317BO ; _a.M 4aa_ 

0 I i nJiiw ttnno TV-ulmrr I ° . - -• " 

: 0.669113 
i 1.25741 
;• 1.42321 
! 6.97696 
I 2.54653 
I 2.72348 
> 1072.19 
i 6. 63 J SO 
1 100.314 

, 5.78251 
; 2.35425 

in.. i,eiB. i ja :i.«u*-i.w* 

iJS!" ; i ■ s)|5 I0AI ■ 

;; lu B.87.BJ5 i a.S ISM 

iwh » ; 9 »a 

^ iMAlnSni ..) ■ 

4 1S-42S 



lUr. 28; M*r. St Mat. 25 1 indications. Trading was subdued 


Mar. , Mar. ' Mar. Mar. ■ Mar. 1 Mar. -- 
23 27 I 25 : 23 21 . 2J • 

iSiace compitafa 
' Higti ; I/iw 

Mar. Mar. Mar. - Mar. 

23 ! S r I 23 ' 22 I Hlf-h I Lon- 

43 Jff 48.65! 49 Ae!" 43.83 S7JJ7 J 4BJ7 
! ! j 1 (4/1/77) | (6/3/78) 

Ittues tnulsl. ! 1.862 1,847 1.826 

Kiiea _ f 908 . 554 702 

Fain ,| 521 : 799 614 

L'achanue .1 433 494 510 

Xev Biztn — , — — 

Now Lorrm. 1 — I — I — 

Industrial... 758.84: 755 Jl 1 7SB.50 757.54 782A^ THAI 995.75 I 742.12 1051.701 41.22 

„ t ; ! ■ r3.'E-7T) (28/2//B) /U/I/737 (2///32I 

H'meS'nrla'I 88.83! 83.77. 90.04: 89.88< 89.B8 59.92 95 J7 ! 89 

/ ; i ! , : i7i9i ■ (26/1/78) I . 

Transport.^. 207.58; 205.BI 207 Jn| 207J4| 207 JU 209.78: 246.94 j 192.51 1 
„ . ; j i . i (I8iti -(3, >5/781 I 

t til1tf«a ; 103.95 105.72 105.85; IK. 72 106.08 106.G0 1 18.6/ 1 102A4 I 

I | i l j 1 82/2/77); (22/2/78)' 

vull !;'('■ 


Mar. 1 Mar. i 

28 | 27 j 

Mar. : Mar. 

25 ! 22 ' 

ahead of the Budget measures 
and little overseas interest u as 
detected. De Beers gained 3 cents 
to R5.43. 

tinued to rise, with renew 
don activity a main ir 
along with higher London 
Gold and Sugar prices. 


Umilxu -.Yuli! 'iV ui , 

Toi-ku. B»- 41542S i ai/-*U 


; Rdirt «nn arr for fcnvcrUWc framt. 
FumbviM (nnc 5S.M-59.41l. 


! Sl.4M UIM 

Atsttinua. 1448-1350 YisrirtiOa. 

Australia .. 1.M6.* 1.6UI Yinirra .... N.5-27A 

Uraril Sl.36-89.SS ;HdRiuni ... WJU 

i‘iu built... JA 

liiwr .... 48.me5.M2>«na,l».. . 1M.M 

_ - H«nc k'rniK .6.7Ti< JJi’iTow.-i... J9^ J0 5 

ZurST^ Inn T/ 129-133 Fmu v ! B.W8.75 

Kumc ....' 0.515-0.595 firrmanr..' 8. 75-3-30 

1U7.7S-35 Luxewb'i*, 58.20^38 Umt 

1 □.( luiI rial 

172.10! Irina. 171J6 170.71 11W.47 (17/3) 
176.57: 178A1 179.03 178.68' 107 AS (19/1/77) 

Gold and Sugar prices. BHP Amit , itom.. l lU6j«-TJ0lt 2.165-168 i 46.9S.7jJ1 6477862 ! 4^«W5S — = 

gained 10 cents to SA5.74. Banks Zorich J 32.7B3-905. 1.BSIAB8 j4a714-7«) BJ68974 3,b4a^48 , E6.7S-8i» . 

were mixed and Retailers steady. u.s. s in Tortwi' E'j. &^U3.»a-43 c«muimn i-cm-. 

^lOA? IDjEOffTO C3ompM1te|~io52.^ TW5.6' (646-5; 1044.® 1067.4 (lBfl) 
(28/4/42) JOHAIUWBSBOBG I I 5 i 

Hash nr union enanueo wp Anraa 24. 



- j 202.5 201.3. 210.7 (1(2/78) 

— i OT.ft 197.7 214.4 (4/1/7B) 

Ind. dl>. yield % 


Mar. 10 1 Year mpj (approx.) 

S-47 (17/3) i 158.62 ffi/ioj were mixed and Retailers steady. 
7.86 (19/1/77) | 165.60 (2x101 -j n innings. Utah gained 3 cents 

067.4 (ISA) f S8U (26110/ t0 f }3.10, Pancortinenlal 20 cents 

; to JS.V9.T0 and 31131 put on 3 cents 

to SA1.75. 

u » # i i9WBt I 133.4 (24(5) - 

169.1 (22.4) 

NOTES : Oreraeas prices sdowd below 

1 Mar. I Pnr 1977-Tr 1377- 7P exclude 9 nvunm. BeJsian dlxWenda 
' 29 i vioni I Hip 1 1 Lrrw are after wiibholdnm tax. 

U.S. S to Toromo L'M. *5=113.42-43 Canadian ceiHv ,, _ 

Canadian S in Sew York =88.13-88. 15 MHU*. I'.S- S In Milan fc&l(W&2.W 
tftorlhvr h> Milan LW6AM. £06.60, 

- ! niZ 7-32 S.Tfta...'i.S 2 » 5 .L 6502 ;rt«rtoj^l... i «M 

.7E-.85 . - L'.K 

Vainla ' Awifs'Una S.453.50 

2.10-652.W ij^S.'cMitaJ 86.11 96 JM .Y»i|{i*Javta- 


j : Camuitui' ] ! i Uiiieii i 

Mar. ^9 Starling I Dollar !t7A DoUari Guilitcn • 

" 'tt.lWwu 

AjUtraliaCf) 448.63 1 446A5- 479.43 441.19 

(4 90.46 : 89JD2 98.90. 

• i . (iiiiiirrc 


714.714 ! 

Rale given for Arsenti tu <9 a irve rate. 


.! Uoannukli Vhi«u»«lh- - 

7a*-» i n.'i-Dia | *e-* ; 

1 Imtnunair, 

: • . : : 197 

Mar. i Mar. Mar. { Mar. 1 Mar. : Mar. ' . 

28 1 27 ] 25 j 22 f 21 £0 1 High J 

38-525! 07.63; 98.13' 98.54 96.72 99.9S 716.92 , 

lUompoalre 89.50' 89.87j 89.56; 99.47 >9-76. 9QA? (107 JQ i 85.86 | 12S.B5 

Ini dir. rield ^ 

Ini. P/h Karin 
14H1B GrOVl. BoO'l ylflil 

| Mar. 72 ’ 

Marvb lb 

1 Mar. S 

j 6.46 ! 


i 5.55 | 

8.48 ! 8.43 1 8.46 

i 8-15 i 


i 8.20 1 

T 18.98 , 95.52 | 134.64 j 5.52 
3(1(77) - (6/3/76) 1/1 1/1(73 1 (30(6(32) 
1B7.DQ I 86.n0 j 12S.B5 4.40 

[3(1/77/ i6(3/78i '(llil(73i! (1/6(32) 

lYearago (approx.) 

are aner wiinnowmB tax. *Short t«tn ( STa-fij* I 6Ta-7 7-7U. B-5U HU-Zis . : — — — 

j M 4 r ‘[^r» i S ! Si J sS3H sa 15-12 i ?2:?» ® I j ‘Sf j- 8® 

Australia!^) 448.63 ,^Aa ■ 4T9.4744L13 Sweden «e. 362A5 , 36282 fiSSS SEfISSSSS | jH** \ Vj’-f . j |Sji! 

Brlgimn ty) 94.16 83^3- , | 285 yHARilSflB Euro- French deposit rates: tvxlay 8t-» per cent.: acitttdw SM »« wnj.: sc£»4(f* : - rti 

(Denmark- 9b.6fij 96.62 .° SBBP S'S® — — — — — ^ Um,MOOmh ”* Bcr “ n, ‘ : kimaih ^ “ DL ' -■ffiS’S&ita (tt, 1 60.4 j m.i*ap.*gp an*WBSTOS85 th i«7«rs8Hu 

; (20(3/78 (3/2/13) standards and Poors — 10 and Toromo use*. tax free. ■.Francs: toclnd ins per ccm.; fonr ycars Si-81 per era., flve rrara 9 '»-S n per crT "- , Pwi« l-a».,iu 

flf nn.n jnM' 7*».9 781.1 812.7 - Rax 3W-LOOO, lhc lasr named based on 1P75>. :„ llac pXanx. a Share «rffr. sDtv The following nominal rates were ouot^ forUindon dollar c prti6aitM rt' dcpmlt. 1 - 3 ibt dis 

y ; (lo ■2(78 (4il/7Si 7 ExdQdtns bonds. $400 Industrials- 2 nd yield exdnde special payment tlndi- owMnomh 7.00-7.05 per oent.: thrwMnomh 7.15-7J3 Pvr cent,, str-mnnih T.4 j-.-jO Vienna ._. /*r-l0 pind! 

Holland (SS/ 1 77.4! 77A ffi.1 77A L 400 ^ 0 * 15 - 40 UUUlHa. . w Ftoanoa and cated dlv. tr L'nofftdal tradloa u Minority percent: one-year 740-7.10 per not - Zurk-h. — !2i|-llsjj I» 

i Il0i2/I8l3ili78 20 Transport. t(ji Sydney All OnL imUers only. t» Merger pendinB. “Asked. “Rales are nominal calling rates. “ ' ~ ' _ ■■ 

isn»L a %?& p us ia ie ys si “* “* ““ ” bSss 0 

Mr ‘ui? ««! >u. asi. o ssaH^sc- 1 7ft,«^SE ssjh^ 

— * | . i 1)0/2/78.(12/1/7 

amce Complbit n (Denmark” 95.66J 96.62 98-13. 94jM 

-| — , I j (9/1/78) (6<2/7£ 

. Law IriUlCe (tt» 60.4 1 69.7 BLB 47.6 

(6/1/78) (6(2/78) 
69.7 6L8 47.6 

Now Yiwh.-iwr 0.10 v.dte AOfc-./ai’.-OJIMl* 
Mi-utnral .’0.03-0-18 tli/0.20 0.50 v.Uia 

Anva’iiam't po>-|«e /grj.l.'a iv jnn 

Uru«eli>... 10 e. )>m-i*r -50-20 r 11 * 

L'i'ii‘nh^ii. 4 6 *we«jlir Wj- «*•■' ll ** 
FmnViurt : 'I4-1» px. pm l*t. pm 

IiKvii 60- 170 1-. tin :530-S80 r. tin 

Milan !B- 15 lire din 

Gentuuxyig); 700-9 791.1 612.7 - 7B8S 
■ '(10 l , 2/78 (4/1/7S 

Holland (SS)| 77.4 77A 82.1 77A 

AiTrr taai Lona-tmn Eurodollar deposits: two year* 7‘-’i^-sii» per rent.: three years 81*s> did,, uradia 1 5j- 15ft iw •!« 

c toclnd urn wr can.; fonr ycara 81-81 per cent.: five years 9 'i»-S t m pot cent. Parh*. 1-a <v«lu i3-a >i« 

eihsDLv The foUowing nominal rates were onoted for London dollar certificates tt dcpnlt. h'u-LJw'ijij l - 3 nm dis 4l t .6U «.ic*ii» 

mu' r rnHt- owMnonth 7.00-7.05 per cent.: thrasmonth 7.15-ii'3 Per cent,: six -tannin T.4 j-i-jQ Vienna 'iar-lQgii>dla ;jwr-lO rtt. iln 

per cent.: one-year T.flO-7.70 per cent • Xurieh. !2i|.llar. pm oJfl-5J* «*. pm 

• Rates are nominal caUna rates. - - - - - • — * — • - — 

Shun -term rates arc cal) (nr stertln*. ISO. dollars and Canadian dollars, two Sec -month forward dollar Q.IS4.<U: pm. 
davK* nalln- fnr milder* and Swiss franca. liHnonth S®- 

2vj-l.'s l nn 
'50-20.-. rm 
‘Wi-t6i «ireil» 
id. I'Oi 

Asasao i-.di* 
X5il-210 c. .lit 
25-32 uroiim 
1 S j- 15ft i«nli» 
;3-4 ■-. ilia 
'41j-6l| t-icilis 
;par- 10 rto «li» 

Ttolw I01RO fil M « « (WI wraunencoann uec.,nm. (SSI Amsier- 

IW.J tail 60A2. 61^4 gMS SM 6 ^ Iadusaial m L- (SJ) Hang Seiw, 

^ n^.,rs T s , 

^ a ,r <«‘S^X SE z^zr 

16 ) i i ,(22/3/78 (9/1/78) industrial Vl/38. U) Swiss Bank Com- 
ini Unavailable. 



lnv. $ Prem. at S2.60 to f— 99}% (97J%) 
Effective rate (at L8820) 44|% (42J%) 


Abbot* JLalM....— ' 55 f 5BI* 
r Addroewcmpb ...! 175« ! 17Sa 

Aetna Liie& Cua. 35 1 345* 

Air Pmduct*.... n : 36 25Sfi 

• Aircn. A5 I 43 

; Ale* n Aluminium; 351* j 24 ~b 

. Alcw 40l B 59 U 

\ Aileaheny Ludi..; ISU f 1BI| 

| AllecUeny Pdwei 181a I JB5a 

Allleil Cbcmlrel -I 367o l 36i* 

. Allleil Sriwe« : B0*o | 20 

Allis Chal men... j 26 ' 25 13 

AMAX._ ! 35U ; 3A5s 

Amerada Braa....| 24^4 / 24lj 

A (tier. Airline..... I 10lg lOlg 

Amer. Brandi .... 45 U j 441* 

Airier. Broadcast. 1 385* ! 38Se 

J Amer. Can : 351* ; 35 1* 

Amer. I'yanauitd; 24 'a ‘ 2412 

Amer. Elec. Pw.; 235* . 831* 

Amer. Exprew... 323* . 32i* 

Aiiier.HuiueHrnli 283* 27?g 

Amer. Meduwi...; 201* . 2Hs 

Amer. Minora....' 41* '• 41* 
Ame 1 . Am. tia?.. 42l| ' 421* 

Amer. Srantbud..! 36 . 357* 

Auier. akure* 31 32 

Auier. Te<. A Tei.t bis* : 613* 

Ametelc 30/* [ 31U 

AMP 16 : 161* 

AMP 25"b ; 25S* 

C Ampex 13 | 12At 

| Anchor HockiDK- 26^* ! 26 

Anbeoaer Boach-.i 203 4 ; It/r* 

I A r nwo steei 267* i 263* 

l A.S-A fella ! 213* 

3 Amman Oil j 113* | ll's 

f Asarco. .....( 19 i 183* 

f Aib land Oil 283/ | 2B3 4 

, An. hichfiekl | 461® ’ 45J4 

r Auio Date Pro....' 275* : 27 

1 A VC ! Bi* 91« 

I A voo 1 223* : 217* 

f Awn Prodm-U....! 46U 451* 

1 Bull Ga, KIW. 1 ....I 25i 8 251* 

i Bank Arnerua I 2fes* 22 1* 

l Banker* IV .N.V.; 66 ’ 364* 

► Barter Oil - 28 28 

l Baxter'l rave urn .. 1 a6U 36 

£ Besin-.-e FimI j 23o* < 231* 

f BeeumliiL-heiuuii '■ 35 &* 361* 

Belli Honeii 19 1* 19 

l Bend Lx 344* ■ 34 Sg 

J Benuuet loys'B. 3 i 2 t* 

463* 1 46 


Uart Indonnes 

f Auio Date Pro....- 275* : 27 

l A VC ! Bi* 9U 

I A wo 1 223* : 217* 

f Avon Prodia-ta....! 461* 451* 

1 Bun Ga, Kie.i....l 25i s 251* 

i Bank Ament* I 225* 22 U 

l Banker* IV .N.V.; 06 ’ 364* 

► Barter Oil - 28 28 

l Baxter 'I mvpmn..i 06I* 36 

£ Beflin-.-e FimI j 235* . 23 1 2 

f BeeumliiL-heiuuii '■ 355* 361* 

Bell A Hnneu 19 1* 19 

l Bend Lx 343* ■ 345* 

J Bemtuet Cous'U. 3 i 2 t* 
| Bet bieheni steel. 201* ' 205* 

l Black & Decker... 161*1 161* 

f Beeina. .......... 34 14 { 333* 

* Buiae Caaeadw.....* 251* 26i< 

Borden 283* 281* 

I Borg Warner I 27 1* I 275* 

I BraniS Int j 12 I 113* 

i B cancan -A* -I 14i« | 141* 

I Bnato) M.ven~...j 305* \ 305* 

1 Bnt. Pet. ADK..J 14 j* Wfe 

BneknayGlam..; 87*4 273* 

1 Brunawicfa I 14s* 143* 

" Bhcjtuh Ene. I 18ig 183* 

Bndd I 53 327* 

Bulova Wateb bi* 35* 

Biuilngton Mhnj 37 361s 

Uurrougbfi 601* 591* 

Campbell Bouy... a2S* 02 1* 

lamuiian Htcific-. 151* ZbU 

Canal Uandoi|jb..! 105* 9(* 

Carnuiou 1 25i* , 26 

CarrierXGenera.; IIV 4 1 115* 

Carter Hawley...] 16 4 1 I6I4 

CaierplUarTrnct/i 46i+ I 457* 

IBB ; 46 >B 46a* 

Cemne*eCur)«'.-i 375* 375* 

111 * > 111 * 
21* • Bl* 
241* • 235* 
201* ' 195* 
477* : 471* 
14 ' 137* 

381* • 375* 

CalernlUarTniewi 46iy I 457* 

Utt ; 461* 46a* 

CettneseCur) l,l >..| 375* 375* 

I'entni A a. 1 V...I 15?* | l&J* 
Ceitavntebl .......I 21 1 * j 217s 

Cessna .Aircrell..! 311* | 325* 
C'haawManhatlan . 99 287* 

Chemical Bw.XYl 38- I 375* 
Cbaetirgh lAnnt . 22U 215* 

■C iienie ri,v*ieiii.. 31 315* 

Cliii.mi'o Uriilge... 49 U ! 50 

Cbroinalltir 171* I 175* 

l iirv-iier llig 1 11*8 

Cmenuna 2 ! # : BI* 

Cl iii-. Muai-ron...; 241* ■ 23s* 

Citicorp.. 201* • 195* 

Cities Bervli ■*?....[ 477* : 471* 
City (nroUnx— 14- • 137* 

Coca Cola. 3Blg 375* 

Coigt. Palm... — I 20 19*4 

(.Wina Atkmai<..{ 21 2 1*4 

ColumUkGih..^ 281* 28 

Columbia Put-.. 16 s * 16*8 

Com.InsC 04 rf.A 1 r 161* I 6 I 4 
Combustion BukJ 325* 32 

Combustion Bq. J 15 16** 

CmVtb Bd(*w 27jg 271* 
Com’w’tb Oil Kei| 21* §*a 

Comm. Satellite-! 355* 351a 

OnraptltAT'5-leriMX 105* 9 s * 

Count. Life Ins—' 451* 45 1 * 

Count ! 20 19^* 

Con. Bdtsou A.V.; 227* 22?* 

Cuuoi Ftx>i«......l 2n5* 236 * 

Consol A'al. C as J 395* 391a 

Cnnaumer Power 235* Baa* 
Cunllbepiai Grp.; 295* 29** 

ContinviltflJ 'lit-* 267ft 27?a 

Cnntineutal Tete.| 16 s* ; 15 1 * 
Control ft*..— , 25 J* 24?* 
Cooper Indus-— J 44 j 435* 

451* ' -451* 

J'-'lioa Man vi lie... 295* 291* 

Jobnaon Joiinmm 685* 677* 

Jobnnoo ConuoiJ 267 b 27 

JoyManutecturie 335* A35 4 

K.Matt Cory 241* 235* 

kaberAiuciinl'm 295* 291* 

Ka)*er Innwine. 2 u 

ivai^ei Btee- | 23i* 831* 

hJ*x ! 9 91* 

oenne yti._ ; t6 255* 

nerr McGee ! 451* 431* 

■xMiie Waiter-... 30M 891* 

Kimberly Clark.. 415* 41U 

Kopjier-.. 21 2H* 

Km ft 441* 44 la 

*viouer.Co:. <:85* 281 * 

Levi Slinnm j 295* 891* 

IJbbvOw.Fool j 2b7* feb5* 

Ugptt Group 275* 27b* 

Lilly (b’ii) 405* . 401* 

Lilian I mUit-t— ... 161* 165* 

Lockheed Airer'ft 17!* 167* 

lime Star I nd--.. 191* 19 

Lung I -land Lid. 18 s * lhfrg 

Laui*uuM Lund... 215* 21 1 * 

LuhriiOi All* 371* 

Lucky Store- 13 7g 14 

L'iro Y'un/tn'wn 6 I 4 614 

.UrtcMiil&ji 115* 115* 

Macy K. H 39 A 8 I* 

ill r- HaDover 331* 325* 

Mh/jco 3ai* 331* 

Marat bon Oil 411* 41G* 

Man ne M Id land. 531* 131* 

Marshall Field 211* 21 

May L/epr. Merer 23 223* 

MCA o95* 385* 

MnUermott ... 235* - 83 

McLKmucIi Don; 25 s 4 851* 

McGniw Hill 18Gs 185* 

.Uetnurex— 3U* 31(* 

Meiea 46 s * ' 461* 

Merrill Lvocb.... 145* 145* 

Mm Petroieuni.1 335* 327* 

MUM. 1 291* 28U 

Mum M inch Ml *-. 1 445* 441* 

Miin-Corp. ] 625* 612 

ill>TUrtMi> 471* 471* 

-Uuru/uiJ.P 425* 4H* 

Mutorow. —.....! 385 * 385* 

duqJ/vvin 341* ■ 331* 

Aaln-uu 1 474* 1 475* 

A*km Cbcmnal..{ 863* I 26?a 
National Can .] 145* } 141* 

Sai. L)irtll 1 or»_..i 22 1 * 22 

iVbl. Berrice Ind. 13 13 

.National Steel.,.. 295* 295* 

Natomaa 36 36 

NCR. 427* 42/* 

.V eof one /mp 171* 17 

.New Rnniana Ki. 21 s * 217* 

Nea BnulamiTel 341*- 345 * 

Niagara ^Uobawk 14 s * 145* 

.Niagara Share ...^ 9 s * 95* 

N. L. Industries . 161s 163* 

.'VorloUAWeMeni 876* 27 Sb 

North iNacGna... 385* 381* 

N Urn Slates Par 251* SSI* 

Niliwen Airline) 251* fe45* 

Nlbwcet Bam-orp 215* 22 

-Norton iii 1 min .... 181* 181* 

U.vuleniui Petrol fell* 21 s * 

Ojjlivy Mather ... 435 * 434 

Ohio Kdiauo - lb5* 1 HM 

Clin 143* 143* 

Overseas Ship..... 22, [ 221* 

Owens Cdtuiii/t-. 58 584 

Owen* (lliDo/a.-. 20 195* 

Pacific Gaa. z4 241* 

Pad Ocliab Una. 204 20 

Pke.llvr.k Li .-. 1 BI Ss07ft 

PanAm World Air 55* 55* 

Parker HapiuRp- 22 1 * 82 1 * 

Penboily (m. 3 Hi 31 4 

Pen.PwrA U i 217* 2)5, 

Penny J.C 354 345 * 

Primiull 285* it&l* 

Peoples Drui! 8 77 * 

Pni)ilm Gb&..—.. 331* 354 

PepsiCo-.—..... . 26 Ss £5 


Reynolds Metals 
Reynolds K. J... 

Kicfa'aon Merrel 
Knckwyil Inter, 

Kobm A Boas. 

itoya- Dutcb 987* ) 587* 

BTK — 141* 145* 

Kuos Laps.—. ... Ill* 115* 
Ryder Symem.... 16 ! 164 

Safeway Store*... 38 s * j 386* 
St. Joe Mineral:.. 863* | 26 
St. Hem* Paper... 86 255* 

Santa Pel ml*.... 345* 34 

Saui Invest 65* 54 

Saxon lads — bl* 54 

Sefiiita Brewing. 123* 126* 

Scblumbeiger— 66 65<* 

■SCM 155* 157* 

Scott Paper 124 121* 

Seovil Mrg 807* ; 206* 

Scudr* Duar Vest 65* ( 65g 

Sen Container*-. 26 . 
Seagram ..... — .. 83 

Searle (G.D.1 18 4 

Sean UoetmeJc— S3 1* 

SBLKX) 314 

SbeUOU.. 314 

Shell Transport— 385* 
Signal.—.—.— 324 
SlgnodeCorp...— 434 
SlrapLIdCv Pai... 124 

Singer 185* 

Smith If line.—... 57 

SoUtron - — 213 

Southdown - 25 

Southern Cal. E*l. 865* 

Southern Co 167* 

Stho. Nau Ue»-.) 314 
Sou 1 hero Pacifii-.j 32" 
Sdu(harnifai/«nTi 451* 

26 . I 241* 
83 J 23 
12i* I 1*1* 
831ft I 227* 
314 313* 

3X4 311* 

385* 39 

324 323* 

434 39 

124 123* 

185* 184 

57 657* 

213 26* 

25 247a 

265* Zbig 

167* 17 

314 313* 

32* 324 

451* 453* 

SouUuanu- 244 241* 

S’w'l Uansb&re*. 847* 24G* 

Sperry Hutch— 155* - 15 s * 

Sperrv Kami—.. 347* ' 3oI* 

S|iubL ....——. 227* 227* 

?iamlam Braimi. 2ao* 231* 

nM.OilCalllnrnia 391* j 386* 

Stil. UiMn-inna.J 464 461 * 

atd. OH uhii>. 594 584 

5 WUB Chemical- 371* c 63* 

■•Wf'llni! Dnu. 141* 137* 

atudeboKer 494 493 , 

Sun Co 395* 3 B 5 * 

Sumfatnmd — — 454 36 

Syotex 24i* fear* 

feebnicotor 96* SI 2 

Tektronix —. 354 361* 

Teledyoe. 744 734 

Tele*- 41* 45* 

Coneco 305* 304 

L'eaoro Petroleum 85* ■ 84 

Uex mt )- — 865* 26 

Texas/tun — — ... 167* 164 

Texas InBtm— 634 625* 

Cexa* Oil Jt Goa . 30 304 

Texas UtilltlM -. 194 195* 

Time In, 384 384 

Times Mirror-... 244 244 

Timken 44 444 

I'rane 324 324 

('Msunenrs. 14 135| 

rransio. 185* .184 

Frans Union . 357 * 356* 

TnutaWay Int'ra 224 225* 

Trans World Air J 164 !4 Sb 

Traveller*.— j 31 304 

frl Conti Denial J 187ft 187* 

Arab! (itaaa 1‘ 346 -14 

Canon j 480 —8 

Casio- 576 +1 , — .... 

Chloin I 360 +5 20 I E .8 Allied ilot-Tidc. l»tu« 81 

Uai Nippon Prim 1 540 +1 [ 18 1.7 Arapol fcsploratkm 

Fuji Photo..— 1 666 f-7 | 15 1.3 Ampul Petroleum 

Hitachi i 8 M +7 18 8.5 Axw. liiiMmto. 

Honda Mmora — j 699 +9; J® Anoe-Pulp ttiperSU.-.. 
HoiweFood— ... 1^60 +20 3 5 j 1-4 A*mc.Oc«j. Industrie*.— — 

i - i lpk“t L 258 in in i f'f 40*4 Founlation invest— 

LroVokado— .11^70 +30 30 1 1.2 » «c.i _ 

Jaccs : “5 +2 13 j 0.9 Aortlnun 

J-A.L. — .2.780 -«40 i — I — Aunt. Oil A tr**.. 

Hanrai Kieou Pw., 1.130 )~ 1 10 ■ 4.4 Blue Metal Ind • 

Komabiu.— 1 336 ;+7 | 18 | 2.7 boupanville Copper— • 

Kubota.- „/ 895 I+IO' 15 12.5 Hii*jra Hill Propneuiy—i 

KyotoCmunlc ...'3.940 ,-110* 35 , 0.4 Ullswith ; 

MaUusfaiDs Ini... 691 j+2 : 20 I 1.5 Clultim Uoite-l Ikwry— ; 


. Mar. 29 

14 j 2.0 

12 I 1.2 ACllll.e»e«an_ 

25 I ZS. Aorow Australia.—....- 

Aunt. S — 

1 Pnv* | tfor , DisV Vki. 

Kroner , — C Q . ’V 

' • Bonteti UuikM.....' 

7 Q .61 ,+fi.Ol burrenaanl.....— • 

fO.85 : . — Cnriitbank -..j 

12.15 Kunxuw ! 

tl.30 +B.0S Kreitiikaww-.. : 

in tv 1 k 1 . u-j— cr I 

90 -1 '.9,10.0 
52.5—0.5 ! 4 7.6 
106.6 +0.5 11 94 
273.7S-' + 1.25 20 7.4 
104.0—0.5 1 11 ;io.6 

>ut»k HrtLrokTiil 18.768 +8.75; 12 [ 5. 1 

Sm whnml i 8 BJ0 +1.25; 9 ;)0.4 !*■ _ ' r 

tl.36 +051 


t0. 30 -B.D7 


PhefT'+'cir Dlv.'iYM. 
tin* 1 — crus I ?. 
/ — . 

MaUustaira Itai... 691 
Mitsubishi Uaou..! 277 
MitMbtelillhum 141 
Uitaublsbi Cnrp.H 430 

20 ‘ 1.5 Cat I tun Unite- i Brewery—! 
10 : 1.8 C. J. CuLe- — . — ., 

12 4.3 C3K l»li J 

13 j 1.5 Coos! Coldfield A us— 

tl.01 i+6.01 v vii* -^.1 1.40 -*-0.08 0.1318.57 

U.14 j— 0.01 Banco du Uraril.' 2.50 +0.1IT0.17 Ifi.BQ 

16.72 ]+6.ia «mk*. iui.i , .v.- 1 1.18 0.16 15.91 

tO.80 •Mmv.UlnKiraU) | 1.90 + 0.100. 12 fi. 32 

tl.78 f+0.01 Lcijas Amer. OP.. 3JI3 -0.010.20 8.19 

tl^2 ItOJB PeuotwanPP 3.16 i-u.IKO.iO J.16 

72.49 1+0.05 Pirelli U l*. Z.57 -0.030.16 5.23 

(2.32 I+IL02 m.iie a is — n ox 

Mitsui A Co..— .; 340 +22 14 1 2.1 Coruainer(SJj 1 

Mltaukualrt 541 j+19 20 I 1^ i^tinnc Htramlo j 

Mppun Uen»>......1.210 ,-10 15 ; 0.6 U>rta L a Australia I 

Nippon sbiu f «n- 700 -17 12,0^ uuntop RubheriSl) - 

JLi'rior* 790 j— 10 16 . 1.0 K*scOK_ . . : ■ 


:_J iS iSo SiHjisasS rn, *-d 

, *«, 222 + i , l 4 f ?•! 1 

laiierfa Chemical. I 394 +4 15 [ Inie^ Cupper Z] 

12.32 [+0.0S 
ta.IU Crop PK 

167.5 +0.5 

16 1 

ifiu 1 



Z48-2 +0.7 


1 14.5' 







106 1+031 



306 { 1B| 

213 (+03 1 10 I 



Nippon sb iumti— 700 —17 12 

usanMutoi-s— 790 i— 10 16 

ir .1.540 |—30 48 

Klectnc-- 229 ' + 17 12 

“ / 881 +3 30 

J 1.120 -60 20 

11.680 -10 40 

Marine — I 2a4 +4 11, 

LaVeda Chemical. I 394 +4 15 | 

TDK : 1,850 +20 30 ; 

l eipn .—.I 112 — 3 . 10 

ToklolUmie. 531 +2 11 

Lokin bled Puw’i 1.090 +30 8 

to*yo Sanyo 330 —9 12 

LokyoShlliauni... 146 !+5 10 i 

l otay 120 1—2 10 

Iwynta Mniwr— 920 I — 10 20 

Source Nlk&o Secnrlt te a, Tokyo 

18.1U 5 

12-05 j+0.06 

tl^O i 

tl.36 l +0JH 

4.15 -0.250.83 3.54 
6.90 ,*0.1110.20 2.90 

+06 Vaielti -li-y n ' L67 1 + 0.020.13 7 78 

Vol. Cr.170.soi. Share* 73.0m 

+0-02 Source: Bio do Janeiro SE. 







Perkin Kimei_ 18 1* 

Per — — asi* 

rarer 271* 

Ph*ips CodM — 207* 
Philadelphia Kie. 186* 
Philip Monts—.. 68 
Philips Petroi'm 287* 

Plhbary— 361* 

Pitney Bowes—.. 19'z 

Plttstoo 285* 

Plessey Ltd aDK 18 

151* luwn Bed — | 4B»* 

24/8 IL IniCTMUJunaJ. ii'fl 
435* ■ Jim Waiter | 28^ 

PWarniu .{ 251* 

Potomai.' bier— .1 10'* 

PPL 1 1 Musi net.. 255* 
t’ro ter (ramiile.J 706* 
Piih -erve Bled. 225* 

Piiilnuui J 356* 

Pure* .] 17L 

ijiMher Usih . .] 22 

Khiii-i ,\merii*n..| 8 

Kavtli«<in 55ia 

JllU 247* 

U+publte Bleeirt. 4 £36* 

25 U 247* 
131* 15L* 

256* 251* 

706* 751* 

23S* 3Zi* 
256* 203* 

17U 17 

22 22 
8 73* 

35 <a 546* 

247* 241* 

£36* 231* 


SMj Century Eos 







Union ttBiK-nrp.. 
Luton Cartude.... 
Union commerce 
union OtiCaiii... 
Union Pkeific 

Uotrovni ... 

United Ufiroda— 

UB Bancorp. ... 

CS.Gypsuin— .--- 


UB-Bteel — 

(J. TechnokiKtee- 
LTV Industries — 
Virgin la Hwct. — 

Walgreen.— — 
lEanrer-Ccxn mn .. 
IVaroer- Lambert . 

Wei is- Panto— ... 
Western 6uu-ory 
Western N. Amer 
Western Lubwi... 
Westingbse Kieci 

164* I 164* 

Westaycuu ... 24U 

W?jer liaeuad — 331* 

Whirl [ml — 917* 

Wlilie Con. Ind .. j 221* 
Wiliiam Co—.,. 17 >* 
Wlnconiln Elect 274* 

(ana 11 Xu 

lOlkOd NM. Gas.. Iui* 10 

1 os’ pr'y Pipeline 131* 13 

Kaiser Keauuix-es. 141* 14 

Loiutd'i EtnCorp b E 
Lobiaw Com. ■».' .4J90 3.! 

ik-'niiij'n Blued/. l?ij 17 

Massey Perguna lu 1U 

Mclntyre.„...._. felt* 22 

Maura Uorpa...... 337* 33 

bi anuria Mines... 3512 8b 

Norean Jinergy... lbS* 15 

Mho. Tez worn— 27 27 

Numae On & Oa* 241 * 23 

Oakwood I'etr'm. 6 J5 8.: 

Pbdfic Copper 31 11.80 1.1 

PufificPeiroieum s87* 5b 

Pan. Can Pet'm. 35ig 35 

Hstino. fl6 28 

People* Dept. 3.. 3.90 4.0 

PlaroCa- A Uu.J u.&5 U.B 

PlscerUoreiopim SsO 20 

PowerCornirai'ii 117* III 

Pi Le 1219 +121 

Ouebei- btuntenii 1.25 X.3 

Hanger Un X9L b91 

Head Blian ... i. J* Bi 

Uiu Aigum, 271* -27i 

UoyalBb. ui Can. 281* - 28l 

Uoyal Iran J 176* 171 

(fcoptreK'iaurees Si* 6 

ix agra mt 261* 26 

»b4li Canada...... IBS* 151 

taherriUG.Uiae, 4,70 4.4 

Biabem O. U 33 32! 

fiimpBOikun..— .. 4.98 4.8 

Btee< of Canada.. Oil 

Bleep Book Iron. 2.38 2-4 

Cexaeo Csnnui... 40 401 

Toronto DomJlk. 18 l '« 

traosCao PipeLu 14** 14 1 

1‘raun Mount Ulral 9L 9: 

tlut* flU 

L u h-n Una lUXg ZUI 

UuljiLaciw Minen 73* 7: 

Waiker Hfotm.... 331* SV 

Won CiBstTra-. 327* 32' 

Weston Ue* 1 16 1* Xi 

T Bid. 1 ASXtC. ST7WWL 
I new Bode: 


30 ; 0.8 Jennings Industrie*-.—.— 1 

|9 5n JooeaOJaskO.-i — 

« i-r Letiaard Ull — 

is 10 Metals BspLoraHun— — ■ 
10 3.4 * lu 

10 4 2 *‘«npwl' ira 

on i News . 

— 1 Mcfaotaa Intertwclonal 

Iran Ninth Broken HTUngt (M> 

UU March ^-..v 

ttaar ExpiorsMau — 

Pioneer Concrete— 

ttecklu sc CoIid 

Prlrt + or P»: rid. “iiisafe 


'itS >'•"* =» R«- 

tO.68 1— fl 02 4balo American Corpo. — *.90 

t2 0S I Charter Consolidated .-.. 2.S3 

<e'i« I Bast Drlefomein It JO 

♦ L16 Uolii'i K*burs — 1.S7 

tL.ll r+0.01 Kinross - coo 

tO-28 Kloof 7.« 

tO.14 — .. RUEtenburs Platinum l.M 

ti.70 J-riLOfi South Vaa) 7.70 

T2.10 ...... COM Fields SA 19.25 

TO. 85 + 0.02 Union Corporation 4.40 

tJ-08 +0.01 De Beers Deferred 

1 1-68 -0.04 Blyroaruitzlcht 75.S 

to.08 Bast Rand Pw i*J 

t0.18 . + 0 .BI Free State Geduld T27.00 

tl-47 + 0.02 PresMent Brand — IU 0 

t2.60 StHIontein 5.70 

. — fl.74 +0J2 Sl Helena 

tl.70 J+OJM South Vaa) 

t£-i° ■■■-•' COM Fields SA 

J TO. 85 +0.02 Union Corporation 

(tf> tl-05 +0.01 Do Beers Deferred 

1 1-68 -0.04 Blyrooiultxlcht _... 

to.08 Bast Rand Pw 

tO.18 . +0.91 Free State Gednld .. 

Arbed 2,300 +130 — _ 

Ufl[. Hr*. Umh— . 1.402 -4 60 4+ . , , 

uekert “B” 1,795 + 5 112 6.2 >,ool " onm - ! T 

Cemem— . 1J!46 —6 90 IJi r - 

11 350 -16 — _ 

EBB6. 2.350 +10 177 7.5 PARB 

Elect robe< 6.1LKJ *130 7.0 tM) v ■ , -■ 

- Vat..... „ 2.393 -5 170 7.1 Mar 28 Pra ‘ — 

no-bin-... 1.900 >130 6 7 Jtor ' W ■■ ^ [ 

■o'?fs ris 1M n'n Keuw *4...-™;-. 724 -6 

«• m jrfsSSCSJll • i™ 

1.1 is r 1 " — Ut- 5 |iS J 

lliS ti 53STSs=c: III .1“ 

• jfrt.' <* nonlhland Mlmog — 

Lr „ 5 , ltootb (51)—.. — 


gO ^ a Western Mining (bOiienisl. 
112 6 j3 Wool "Orths. ■ .. 

Prirti I -f- Or 
Pra. — 

Keute 724 —6 

Mriuu+OcxrirtV 1 383 ^1 - 
Or li(|ulri_.— 276 , + 2 
Aquitaine—-— 365J. + 4^ 

1-010 i—lO 
90 +10 
.40 +50 
1.466 +35 

884 ^11 

Im. (l/i0)_7 I 692 L-8 
- — ie aioQtaggi-j 1 1.308 '—6 

—10 [204 7.0 G«rre«xir 1 1, 560 

+ 10 140 7.0 mi.*- - 342 

+ SO 2« 6.6 C.I.T. Akaiel.— 1.102 

+ 33 AMO 8.1 me Baocaire 338 

+20 162 6^ O/ab MedfOor 483 

-16 — _ Uredtt Gran FPre 120 

— f S- 7 Uteosot Loire 6L 

— 6 100 7.7 Uunwsz 581 

Fr. Petrolea 116 

&«L Ooddeutalft 186. 


tl-47 +0.02 PrcsMent Brand — 1U0 

T2.60 StHIontein 3.70 

t0.70 -0.0S WcDtom 4.50 

10.19 West Drlefonteln 30^9 

t*.67 -0.02 Western Holdings 1 29.00 

tO-83 +ff.m western Deep nno. 


— ’ 3EC! -.15 

Aaftlp-Amar. Industrial tmq.- 

Barlow Rand 3.43 

CNA Investments fj.20 

or I DivJYUJ. Carrie Finance ., ........... o./c 

- Prs. I 4 De Beers Industrial ts.00 

— [ Edffars Cansoid. lnv tl.70 

I 41*. 0.6 Bdnars Stores tSO.OO 

- [41.1B| 5.6 Ever Ready SA unq. 

I I 16-5i 5.9 Federate volksbcte&glngs . TlJj 

24 [ 6.6 Great Praia ns Stores 1.65 

> 12.75 2.8 Giunllan Assurance (SA) 1.75 

a laiJHl 5.2 Hotetts 2. BO 

— . 37.81 9.3 LTA 1.U0 

3 75 4.8 MeCarilor Rodwar Oja 

27.6 8.1 NedBank 2.2D 

3 58 2 6^ OR Bazaar* tnn. 

■B 12 351 Premier MDltas S.SQ 

7 1L2S 2-7 Pretoria CemenL — 2M 

12 )0.0 proiea HoMUiUB — i.*s 

+43 75 
+ 5 27. 

+ 28 58 
J— 1.5 12 
+ 17 1LS 

12 I9J5 Band Mines Properties „ ti.75 

Price I + or | Diva 
Fra. I — [ “ 1 



JibaGmejiFr. 001.240 
Do. Pl. Certs._ 910 

Do. Reg 660 

ra ! 2.390 

t A40 

8 1.6 
ID 3.0 
22 1.8 
22 2.4 

22 3.3 
16 3.3 

Dumex 581 f— 2 -7JS 1^3 Itembrandt Gronp 

G«u Ooddeniate| 186.0|— 1.5 1 8J5j 4.5 Rage HofaUngs 

1 1 metal SB. 1-0.4 5.25, 9.4 c^^Smiih 

lacquer Borou... 99.9-5.1 -1- smith Sugar ...... .- 

Uinree 160 -1 18,77:10.5 saRpnirnriiio 

LOreat 601 -10 1 2.7 

URNkL+^UU +30 31J&.2.0 £S2L° a “ -Ua ■ al * Mmfc 
Ual«u. PheDi*.. 1,018 +3 39.9- 3.8 

u iet><M 1 n 1,335 +10 32Jiri 2.4 &ecanti6s Rand } 
Mo« UtnneMy— 423.0+1^ la.ff 3.0 (Discount of 31 

Moulinex 184.1 +7.1 3 1 1.6 

Puriha* 183 rf) +2.9 19^10.9 

Pecbiney W.6-4 JO 7.5i‘U8 SPAIN • • 

Perth>TWtri_ 228 +5 7.5| 3.3 w « 

1R Ualmu* FbeDlx.. 1,018 +3 39.9 3.6 

Micbeun “B” 1,333 +10 38A8^ 2.4 

in Uo«UMiAMfty« 423.0 + 1^ 12^3.0 

i-5 Moulinex 184.1 +7.1 3 ( 1.6 

|-r Puri 183.0 +2.9 lOJS IteS 

fl Pecbiney 88,6 -4.0 7,5i'U8 

ft iWri-fatsuri-. 228 +5 7.S 3.3 

Peagoot-Citroen.. 341+9 15] 4.6 

Securities Rand SU.S.0.79 
(Discount of 31-30%) 

1.35 ■. . 

“ K 

M SSaESM** 0 * 

w i+ “ olB “ , ® : ’ SBfesasc “ 

Uo. ft Main 18.100 1+25 65 I 0.7 ILrira-i*. . I 

* ' U ........ 3.560 +100 20 83 Kbooe ftwleor J 

Fr.lOO). .J 1.380 +20 20 I 1.4 at. (JirfAin 


xS *SFS s Per mol 

Asland 39* 

nr c e , Banco BUbao »$ 

m Jg Banco AilaMleq a.OM) 307 

a n Banco Central m 

. Prica (-for; Dw.<Ylr. 
■Kroner — % ! t 

(Fr. UU)... 3.250 +65 

Hsr .2.355 +15 

U^F.EaO 2,160 +20 
a.Plk.lOC,- 277 +2 
(Fr, 260).,. 3,800 + 76 
Uo. Part Certs. 480 +2 
-tatiUL 305 +5 
— JlP.lDUi 363 | + 3 
■iriFjna. aia us 

+20 20 1.4 3i.(Jt rf«in 

+ 65 mBS 5 2.7. Ski* Uocnauo* „ 

+ 15 mBB.B 3.7 3ue/ mf ... 

+2° 17.4 re-emeraulque^.. 

15 5.4 tboMivu Bran-uj 

573 -6 24^ 4 J rJX%V 

@5«l[— 0-1 SSSSteSr SS 

I •!«♦?# HR ft ISS SSS ::::::::: S 


•1 Price . 
Mar. 20 ’ ( & 

: + or ; Dir.'YhL 

; — J a . s 

26 1.7 U<4«ur J 

2| 2.7 — 


10 2.7 

lo f:! +■» 

40 ■ 1 -* Ab A AblKrjU)M 

AuaLm/ IMKrtC 


Atlas QuncoCKiB) 

4*or IDiv. Yiu — 

— I Lra a. Cardo.^ 

1 Cellulose 

_ _ Cffect'lnx ■B'fKSt 

_ _ Brkreoo ■B'fKrtt] 

is? ! i:i 3 jw«ss 5 sa.-iHi s 

IIS.'Tm sill SSiSTw .TiSfi S- 

M7J8 i W B. Hid. Mod)ierrau..t) ... IK 
Banco PopuUr 2 is 

Banco sanmndKr (3501 330 
Banco UrqnlJo (1,000) . 214 

U44eo vtreaya an 

— - Banco Za rmnima ...... sn 

PA.-® i + «■ 1 Dir. : Yu. 

102.8 —0.5 . _ _ , 

410 —10 - _ Krkraon ■B'fKtK] 

UraUfK* dree), 

H + 30u j 8.0 UaiuteMHnhcn- 297tf+l 

32.« , ° : -lU0 L.800j 3i7 Mo OWi Itomstp.] 66.5 + ic 

1S2 — 3 - - 

842 -18 

AGo. 2,180 —10 131 

5i«.; 1.020 bi 

502 -18 - 

- 'eitUvlk A.B. 

- : >.K.F. Kra.». 

130; 6.0 iluuMi bosk il> la.,, 

80; 7.8 Tai+lstik 'B'KtW 

- I UiM(lia|||i,.,„ IMI l 

W. 6 O 1 .-J ‘ 72.51+ 5.0 

raoe ~ I Kr. % Bams A ndalu cla 27| — 

— - ■ „ — — Babcock Wilcox 27 — 

79 -1 5.5 3.1 CIC n 

L60 8 3,1 Draxaflos Jij) +5 

astf —1 5 6.Q ItLOiobanU ...... w . — 

18 —4 6 6.2 E. I. Aragonms ... 5135 + 030 

93 +3 4 4JI Eapuola Zinc 101 - — 

•22 — 3 h 4 3.3 ExuL Sin Ttato 9kJS + 2-5 

^0 A.7> - ’ UU#' "+ 2.7S 

120 +2 10 4.8 FehQBi (1.000) 07.25 — 035 

39 —2 ss$M 4.3 GeL Predadoa - 00 +3 

,39 +4 5 4.5 Gbano Vcbntfm (4M) H3 — 

SB ! 8«H S5!2!* ‘ + 

197*1+ 1 ie 5.4 EBBS****- tl 

30 i+10 .8 6Jt SI{SSl P ?fS 

66.5+2.0 6.5 6.8 SSTteSm.' *2 H 

96 Ua 5.03 2.2 S2S — +* 

n»jr H ii SSa-“^=. r 

ls J *ao I 3'tefoalca ... u +1 

67 l+i'° „ 5 ^ 2 S«“ uoRewsh. ...... . .as. ,.+ 1 

72 at Id ^ BA - * 1030.-. :»■ 9.1S 

2* A.t£ , r-u_. y, Jy U«Mm Etec.-u •-*#- . -+135. 

226 £-2 
•149 —1 
84,5 i + 2.0 
67 '+1 . 

a n -a . 

;■? Stfeicfias- 
“ l 4+ "TiiWvfrtn!? 

+ 0 .W 
+ 030 
. +.4 
+ 2 

- M 
+ S 
+ I 

Financial Times Thursday March 30 1978 



of anthrax 
peters out 

Financial Times Reporter 

THE OUTBREAK of the fatal 
aainul disease .anthrax, which 
has puzzled Government veteri- 
nary officers since the begging 
of the year, appears to have 
petered out. 

There have been only two 
cases verified since March 10. A 
dead cow reported on a farm at 
Holderncss. Humberside last 
week was found to have died of 
the disease. Another case was 
reported- from Devon yesterday. 

. The number of outbreaks 
sjoc®, the turn of the year is 
120, including one in Scotland. 

The Ministry of Agriculture 
has sail not traced the source 
of the disease, but it appears 
likely that the germs responsible 
came to Britain in a consign- 
ment of feed which has now 
been used up. 

At the beginning of the year 
cases of the disease were being 
noufied at the rate of one a dav 
and were focused in the south 
west. Late in January four m 
five cases a day were being re- 

Sugar rise 

By Richard Mooney 

THE RECENT surge in world 
sugar prices continued yesterday 
with the London daily raws price 
gaining another £2 to £103 a 
tonne. On the London futures 
market the August position 
moved up to £113.3 a tonne in 
early dealings but slipped a 
little to close £2.425 higher on 
balance at £112525 a tonne. 

Market sources said the rise 
was mainly due to technical 
factors. Thejie has been little 
fundamental news to affect 
prices either way. The sources 
said it would be difficult to 
assess the importance of any 
such news in view of the large 
potential surplus which is 
dominating the fundamental 

“Bullish” chart projections 
appear to be the main influence 
on priwjs. 

At yesterday’s weekly EEC 
export tender rbates were 
granted on 35.000 tonnes of 
white sugar and 5.Q00 tonnes of 
raw. The rebates were a little 
lower than at the pre-Easter 
tender. Dealers said the tender 
result was broadly in line with 
market expectations and had 
little impact on prices. 

Import purchases of sugar by 
Colombia and Egypt were an- 
nounced yesterday. Colombia i? 
reported to have bought 12.60G 
tonnes of raw sugar relatively 
cheaply at about £100 a tonne. 
Egypt paid about £112 for two 
cargoes of white sugar. 

Consumers shun potatoes 
despite price drop 


ponded disappointingly to the 
lower, prices and- much improved 
quality oF potatoes in the shops 
this season. Consumption 'has 
Improved slightly, but not as 
much as hoped for. 

As a result the national surplus 
at the end of the season might 
be as much as double the Potato 
Marketing Board’s early esti- 
mates of 150.000 tonnes. 

So far this season consumption 
of potatoes is running at the 
annual rate of 194 pounds a head 
of population. This is 4 per cent 
higher than the record low of 
1ST pounds a head registered last 
year in the wake of the drought 
and soaring prices- But it is still 
13 per cent lower than the 223 
pounds a head consumed in the 
last “ normal *• season of 1974-75. 

There are two months to go to 
the end of the potato marketing 
year, and; although the PMB des- 
cribes the condition of remain- 
ing potato stocks as good, con- 
sumption of old potatoes is 
beginning to tail -off as quality 
deteriorates and supplies of the 
earliest “ new ” -potatoes begin 
to tempt shoppers. 

Farmers’ prices for potatoes 
are still bolding 'steady around 

£40-£45 a tonne this week in spite 
of slackening demand. Shop 
prices are also stable at 3p-6p 
a pound. 

Fart of die surplus has already 
been disposed of. By the end of 
last week 78,000 tonnes had been 
sold cheaply as- animal feed. The 
Potato Board, however, had no 
up-to-daTe figures on the tonnage 
taken up by chip, crisp and 
potato powder makers who have 
been offered supplies at prefer 
ential rates. 


The Board estimates that at 
the end of February there were 
1.445m. tonnes of ware potatoes 
remaining on farms in the UJL 
Of this. 1.138m. tonnes were on 
offer to the PMB under its sup- 
port baying programme. At this 
point in the last “normal” year 
stocks on farms were L39m. 

Given these stocks and the 
consumption pattern so far this 
year, the end-of-season surplus 
to be fed to stock or simply 
allowed to rot seems likely to be 
250,000-300,000 tonnes. 

Since the rest of Europe is also 
suffering from Over-production 
this year, export outlets are 
limited.- although 9,000 tonnes 
have been sold abroad. 

Another factor militating 
inst exports is the relatively 
„h price in Britain. The aver- 
age market price last month was 
£43 a tonne — more than double 
prices prevailing elsewhere in 
the Common Market 
ZMP, the government-backed 
market intelligence agency for 
"West Germany, points out that 
the . February price in the 
Federal Republic was £18 a 
tonne. The lowest recorded rate 
was £13.40 in Belgium. 

ZMP also reports that consump- 
tion of potatoes in the EEC fell 
23 per cent from 198 lb a bead 
in 2973-74 to 152 lb in 1976-77. 
The biggest fall — 32.5 per cent. 
— was recorded In France. 

Community production last 
year is estimated at 39m. tonnes 
compared with 29m. during the 
1976 drought. This year, how- 
ever, EEC farmers are expected 
to reduce their plantings because 
of .felling profits and better 
prospects in other arable crops. 

British farmers, for example, 
have already been given broad 
hints from the Ministry of 
Agriculture that it is in tbeir 
best interests to reduce plantings 
of potatoes by 13 per cent this 

U.S. policy change expected 


vice-president, and' Mr. Bob 
Bergland, Agriculture Secretary, 
were expected Jo announce plans 
to increase U.S., .farm prices 

Agriculture Department offi- 
cials said no firm decisions had 
been made on the, precise form 
of changes to existing agriculture 

programmes, but observers 
expected the announcement of 
payments for farmers who took 
extra acreages out of feedgrain 
production in addition to the 
10 per cent voluntary “ set- 
aside ” already provided for, 
reports Reuter. 

Officials said Mr. Bergland 
would also announce the 1978 
soyabean loan- rate. This is 

Brazil soya estimate cut 

BRAZIL’S soyabean crop this 
year has been estimated at be- 
tween 9.2m. and 9.9m. tonnes 
by the foreign trade department 
of the Bank of Brazil (CACEX). 
This compares with 98m. tonnes 
at the last meeting early this 

Mr. Benedicto Moreira, CACEX 
director, said the bank's market- 
ing decisions would be based on 
a crop of 9.2m. tonnes for the 
moment and adjusted later if the 
crop was larger. 

On this basis CACEX calculates 
the marketable erffp "at 8.4m. 
tonnes after allowing 800,000 
tonnes for seed.. Bean exports 

RIO DE JANEIRO. March 29. 

will be set at a theoretical maxi- 
mum of 1.4m. tonnes. 

Mr. Moreira said oil exports 
would not be restarted until the 
supply position became clear. 

Bean exports have not been 
suspended. But these will be sub- 
ject to a quota system for each 
exporter baxed on a limit of 40 
per cent of last year’s export 
performance and will remain 
su bject to prior approval by 
CACEX in Rio. 

Mr. Moreira said crushers’ 
syndicates would present ideas to 
CACEX this Firady about how to 
control meal exports. Meal 
Renter • 

expected to be set at S4J50 a 


A spokesman said there were 
no proposals under active con- 
sideration for raising the target 
prices or loan rates for wheat 
or feedgrains this year. 

He noted that any payments 
for land diverted from feed- 
grain production would cover 
only acreages above the volun- 
tary levels set. in previously 
announced programmes and 
stressed that no programme was 
being considered for wheat 

Under the plan farmers who 
participate in the set-aside pro- 
gramme would be eligible for the 
fixed payments if farther land 
was made idle. The amount of 
the fixed payments was not 
known. Trade sources said the 
plan presumably would work on 
a first come, first served, basis. 

Traders also said tbe plan was 
aimed at spurring greater farmer 
involvement in the feedgrain set 
aside programme. Participation 
has been lagging because grain 
prices have increased recently. . 

A USD A spokesman said 
changes in current programmes 
expected to be announced yes- 
terday could be characterised as 
" fine-tuning ” some provisions of 
farm policy. 

Setback in 



By John Edwards, 

Commodities Editor 
NEWS that Hasten burg, the 
world's biggest platinum pro- 
ducer, intended to raise its 
output to meet increased 
demand, brought a setback in 
the London platinum free 
market yesterday. 

The dollar price was cat -S3 
to $220 an ounce in line with 
the producer price charged by 
Rustenhorg and Impcda. 

’ The sterling price fell £1.70 
to £116.17, patting it below the 
UJv. price of £117-50 announced 
by Johnson JO&tthey with effect 
from today, reflecting the 
rceent fall in the value of 

London free market sotirces 
attributed the decline In 
platinum values to the general 
fell in metal markets, particu- 
larly gold, whieb triggered 
margin calls in New York. 

One dealer said the Rns ten- 
burg announcement of a pro- 
duction Increase had been 
misinterpreted. The way had 
been cleared at the Rnstenbnrg 
mines for an increase in out- 
put when required, bnt he felt 
production costs meant there 
would be no rise until prices 
rose, possibly above $250. 

Zambia copper 
stocks pile up 

By Michael Holman 

LUSAKA, March 29. 
AT LEAST 50,000 tonnes of 
Zambian copper is held up at 
the Tanxanian port of Dar es 
Salaam and a further 10,000 
tonnes is held at tbe 51 per cent 
state-owned mines. Roan Con- 
solidated (RCM) and Ncbanga 
Consolidated (NCCM). v . 

The delays axe being caused 
by a 90,000 tonnes backlog of 
Zambian imports at Dar es 
Salaam, which handles 90 per 
cent, of Zambia’s trade. 

Efforts by the two govern- 
ments to clear the backlog have 
had no effect and shipping 
agents here and in Dar es Salaam 
are pessimistic about prospects 
for an early solution. 

The difficulties have been drag- 
ging on for at least six months, 
causing copper shipments in the 
last quarter of last year to fall 
to 125,000 tonnes, at least 30,000 
tonnes down on average quarterly 

On the London Metal Exchange 
yesterday copper prices fell on 
profit taking after the recent 
surge. Cash wirehars closed 
£9.50 lower at £691.5 a tonne 
reflecting a downtrend in New 
York and lack of consumer 
demand. . 

Other metals WMe also lower 
in line with copper, gold and 


Growers in ferment 

over imports 


THE TRACTORS have been out 
again in Spain. Battalions of 
them blocked highways In 
several parts of the country. In 
the city of Valencia thousands 
of fanners clashed with police 
in demonstrations which closed 

This time, however, the pro- 
testors are viticulturists, and the 
traffic they want to stop Is not 
that of the streets and highways 
hut cut-price wine from the 

In a bid to keep wine prices 
down, using the excuse of a 
likely shortfall in home produc- 
tion, the Spanish Government 
last month ' granted licences for 
the import of 16m. litres of 
Argentinian red wine for mixing 
with local products in such 
regions as Tarragona. Rioja and 

Spanish producers, usually 
placid, have reacted to the con- 
cession with such fury that a 
government assurance was given 
that no further imports would 
be authorised until contracts bad 
been signed with FORPPA (the 
official agency which administers 
a fund to regulate rural produc- 
tion and prices) for the sale of 
all wine on offer by the 
country's co-operatives and pri- 
vate vintners. It looks as 
though some licences already 
issued may be revoked. 

Critics of the imports, the 

first of wbich was landed re- 
cently from a Panamanian ship 
at the port of Valencia and 
sealed by customs to await a 
further ruling, concede that 'an 
amount of 16m. litres is “a drop 
in the bottom of tbe goblet” 
compared with Spain's annual 
output of about 4,000m. litres. 
But volume is not the point — 
as yet. Nor, is the difference 
in price, at less than half a 
peseta a litre. 

Much of the producers' anger 
centres on the damage foreign 
imports could do to the reputa- 
tion of Spain's wine in its tra- 
ditional markets. 


To growers and bottlers who 
are proud enough of tbe country's 
better wines to rank them with 
those of France, tbe thought ol 
blending with Argentine imports 
is anathema. 

Although not significant at the 
moment, the price differential 
could soon become important 
when steep rises in guaranteed 
prices for all farm products lake 
effect. The admission of foreign 
wines is seen as the thin edge 
of a wedge which would damage 
the producers’ power to negotiate 
higher returns for a product 
which they consider to have been 
chronically under-valued. 

Producers remember that v? 
was allowed miu Spain fr 
Morocco and Algeria in 1973 . : 
depressed prices for the n 
three years. 

Although officials have stres 
that the import licences 
strictly temporary, wine-yrow 
fear that the loss of confidence 
their markets through an c’ 
"strictly temporary” policy co 
be prolonged or even permani 

The Spanish Government if 
desnerate to curb inflation, ivh 
at 30 per cent, is running sect 
only to Portugal’s in Euri 
that it will clutch at anyth 
which seems to point in 
direction required. 

But the wine industry an. 
tains that in this rase tbe los: 
revenue occasioned by fore 
imports in bmh the short 
the long term could be 
absurdly disproportionate p 
to pay for a “strictly leinpnra 
and marginal effect an inflal 
Not to mention the waste 
foreign exchange when impi 
of ail kinds are being axed. 

Instead of hastily deciding 
admit foreign wine, say 
producers, the authorities sho . 
have been making it more pr< 
able for them to export. T 
are saying it so loudly that 
Government appears at last tc 

Meat Commission running into red 


THE MEAT and Livestock 
Commission is running into the 
red. Although it is expected to 
balance its books in the current 
financial year which ends on 
Friday. Britain's principal meat 
industry advisory and develop- 
ment agency has forecast that it 
will end the year to March 31, 
1979. with a deficit of £650.000. 

Most of the trouble is blamed 
on inflation and reduced income. 
Tbe Commission's main source of 
income is levies charged on farm 
livestock seDt for slaughter. This 
year it has forecast heavy falls 
in slaughterings of all types of 
animals except sheep. 

The Commission is expected 
to ask for an increase in the 
levies at a meeting with meat 
industry representatives on April 
6. Exploratory meetings earlier 
in the year produced little more 
than complaints that the MLC 

bad a nerve to be asking for 
bigger contributions from a 
depressed livestock industry'. 

Tbe Commission stresses that 
it has pared its spending to the 
minimum. "Substantial cuts 
have been made in the Commis- 
sion's original budget for the 
year ending March 31, 1977, 
Savings are now proposed by 
the livestock, marketing and 
economics departments and in 
support for research.” a state- 
ment says. 

“One example of these is a 
decision not to have major 
exhibits at the main agricultural 
shows in 1978. thus saving 
approximately ISO.OOO” 

Staff vacancies are to be left 
unfilled. The commission's 
administrative staff has been cut 
by 29 since 1969. Charges are 
to be introduced for seme ser- 
vices currently offered free. 
Other charges will be increased. 

On the other hand, the c 
mission points out. the levies 
livestock have not been increa 
for three years. Only in 
case of sheep is this charge at 
permitted maximum. The • 
rent levy on cattle is 7Sp a h 
of which 30p goes for pro 
tional work. The ceiling fixer 
Parliament is 90p. The calf 1. 
is 4p short of its 12p ceiling. 1 
sent for slaughter are char 
22p a head while the pen 
sible maximum is 30p. 

This yeaT. slaughterings 
pigs are forecast to fall 1. 
head and 100,000 fewer ca 
will be sent to the abattoir. 

“The commission understa 
and sympathises with the fir 
cial problems of the indust 
the statement adds. But 
tween 1969 and 1977. it says 5' 
rates of levy have fallen fi 
the equivalent of an aver 
0.11 p a lb of meat to 0.09p. 




July SM.0fr33fi.D0. ’ 
Sept. 2B0.M3n.00, 

, - 2MJHWM.OO. Nov. 238 -00-330. 80. 

"J'Y , or ,. P-I9-, , ,t+or unquoted. Sales; NIL 
Official | — | Unofficial ' — 

n»er HfCT* f G Amalpamaleil Metal Trading reported months CiM, 10. li, 20. Kerb: Standard. 900.00330.00, 

WAij£ iHclAL3 that Jn the moron* Three mouth* wirehars three months 15^24. 30. SQOJM-aaLM, 

COPPER— Euler uu tin* I<nndm> Mutnl traded at 1JW. 8. * 5. 10. 11, tLS. IS. 11. 

Exchange. Forward metal Maned at taj »• ll-U. »• Cathodes, three momb* . 

(■H and cast'll m (707 on trade si-llinc £7DO. kerb: Wirehars. late June (70S, 

before . rallying tu (112. Al tht- level three months f»«j. 9. 8.5. Afternoon: _ . s, £ . 

proffi-takim: ma-ird it* tnaifcet and vttb Wtretark eash UB1.3. three months ««, = 1 

no lead frnin Cemex, which tended eJSter. 0.3,. 6. 3.5. 3. 3.5. 6. • Kerb; Wirehars. r*!*? -- 

the price fell away to close uii tiro Kerb three months 1706. 5.5. 
at (703. Turnover 17.523 (nnnea. 




I * 




p.!M. If-f« 
i — , I'nmlMai | — 

ROBUSTAS moved Usher earls in the 
day bnt trade selling caused values to 
Adi sharply as the morning progressed. 
Dues el Burnham La mber t repons. Early 
weakness la Now York took London to 

706 5. 

JC U ; 

Wirehars 1 

Cash 694.5-5.5 -5.25 

3 mn«ittrv. 709.5-1fl — S j 
Son'm'ni 696.5 —5 

ChStrTT... BB8-.S -5-5 
o mouth*- 699.5-700 -5.75 695.6-6.5-9 
SreU'm'ut 685.5 —5.5 -- 

U.S.jnjt.. — i 61.5-66 

S month*.! 5848-52 8820-35— 25 

Settlem’l .1 5839 (— 4* j — 

TtH— Uttta changed in ruatine trading, fcaudaxdj I . ' 

After a higher wire in the East orer- owh. 15835-7 Ml Jr 5810-5 L_» , „ „„„ „ 

5816-20, 29 STtoST h» ndd-anero^ ShSTSweE 

(j-SCti and C.Sli oo bwlwe agalost set Hem t. 5837 I- 48 — j tug pushed values higher and values 

pteMtaV «l« in the US. despite «me audit. £1 *$1580 I +8 | - ...... Sued COio saFtoraTan theday 

tn-dge M-Uint. In the 4/ternww the price Yuri? _ i ! - mare w. 

-9 75 drifted lower under the Influence of — .... Yeateniay'ii ; 

SK35 £8 “'|™« — tr j *85r 

£ per tonne ! f 

Kenya Grade Three Juoe-Jnhr S1CI.30 1J par cent., average price 66.66p • +0-34' Prices 
owned rob. Sheep up 23L0 per cool, average price stnled. 

Barley: Unnoted. lSLSp <+ifr>. Pigs down LL1 per cent.. 

HGCA — fix-farm spot prices for March average price 0S.fp f+0^i. 

20. Foad barley Hertford £72410. MLC— Forecast rates of U.K. monetary • 

The U.K. monetary coefficient for the compensatory a menu tg for tbe week from 
week hom AnrU 3 is expected to ba April 3 with previous in brackets. Fresh 

or chined beef carcases: 33-17p a kg. 

i3S.IT». Green bacon sides 1241.S9 
tonne 134I-SO). 

per tonne unless otherwise 

Mar. S3. +nr M< ill'll 
1978 . — agu 

nurom d* 


Yerienia) + or ; 
Close ■ — : 



tCpmcrme ' 

copper but rallied on the Kerb to clos LEAD— Barely steady 

!3jOb. Turnover B83 tenues. movements were small. 

601-2 -■ 

kh ce MS. thrpr «**■ from £310 to ISIS in the morning 

asm 33 d rings before profit-taking came to. A low 

months £5^«. 3 j. so. 3j, » .biw unoev M|BI , or ^ ^ was touched m the March . 

POHW ‘Of was touched in the March 1618-159 

ssi AfSre nfwruoon « OMi but tat tdos* on the May 

Kerb was 015. Turnover *J3Si tonnes. July ;iBE8.1678 

noon: Standard, cash (Wife w, three __ — - September— 1 US- 182* 

August Sugar 111.7-U3J 

3, Index Limited 01-251 3466. 

Lament Road, London, SW1D OHS. 

1. Tax-free trading on commodity futures 
3. The commodity futures market for the smaller investor 

A complete commodity 
futures service 

Whether your interest lies in one or in a dozen 
of the commodities traded on the London 
futures market the C.C.S.T. information, 
advisory and brokerage service can be tailored 
to your needs. Up-to-the-minute prices and 
background news are constantly relayed to our 
clients and trading advice given when required. 
For those not wishing to make trading 
decisions themselves we operate a 
comprehensive managed account-service. 

Full details of our range of services can be 
obtained bv contacting Mr. L. J. Clarke on 
01-4S0 6841 or writing to: 

CCSX Commodities lid 

Walsingham House, 35 Seet hi ng Lane, 

London EC3N 4AH. 



Toa can nuk* money in commoflitiei. Tbit j» one 
HUM Why inMicors of 31 different uoAtnea wbKritw 
to our weekly cosunorfltief, metali and cui-rcnciw nrwet. 

Other roiPJB eooM be the detailed chart* or the 
leading indicator* of the specific Interpretation* — J bic 
uni of the reason* why our service pay* for inclf 
over and over ajpun. 

Seed for a Untie fane. 13: eiobt-week trad. C3B: »MW aobeeriptloo, £11D 
1P4-200 BWiopaffate. Laodon BC2M 4PE 



Commercial and Industrial Property 
Residential Property 

Business & investment Opportunities. 

Corporation Loans. Production Capacity. 

Businesses for Sale/Wanted 
Education. Motors. Contracts & Tenders, 

Persona], Gardening 
Hotels and Travel 
Book Publishers 

Premium positions available 
(Minimum idee 40 column cms.) 

£L50. per single column cm. extra 
’ For further details write to: 

Classified Advertisement Manager. 
Financial Times, 10, Cannon Street, EC4P 4BY. 


single . 










14 j 00 






: 10.00 





5 month*. . 








r B &SU.i + Xoretabe--.fiaB.UIS 

C B atB rt K l ‘ January n»M»1 

aurefa ,1230-1290 

—29.0 1 1595-1617 
-09.0 ,1490-1440 
,-MJB '1410 1390 
;-lS-0 ilSBO-1385 
-11 J 1 1326 13H 
+003 \ - 

+J9J 1275 

April 122m-2B.0-l.7G 128.DfrSS.Q0 

June l 7 S 8 .lfr 2 B-B- 8 . 4 S 120 . 00 - 2 S .00 

.Vuxuat 1 125.60-23.4 -3.55 150-20-26.00 

October 11 UMM- 3 .D 0 IllUfr 19.00 

Ureember ... : 114 . 00 . 14 . 5 - 2.00 IlfiJfrM.OO 

February — ' 114 . 8 fr 1 S. 5 -l .75 ! - 

Ap ril HlL5frHfr-l.a — 

Sales: iaTrW) lots, of UW tonnes.. ‘ 


MEAT COMMISSION— Areraec fatstock Aluminium JS80 ‘ C680 

prices ar representative markets on "Free market k-i 0 ,5950-80 £950-60 

March 29. CB — Cattle £7_58j> a kg. Iw Coppereasb W. Ihtri4:691 A — 9.75 f6 14.75 
1+1.481. Il-Kv— Sheep I4jjp a kg. en. 3nn*nrh» rto. do. 41706.55— 9.6 £628.5 

dew 1+8.1 1. GB— Piss 88 8p a kg. Iw CaNiOalborfd £681.5 —9.0 4-604.5 

I +2.81. England and Wales — Cattle up 3 month- iln. do. it'696 — 9.0 X6 18.26 

1X0 per cent., average price S7.7ltp GuM »Iw ui-iS 181.125 — 8.25 M62.S2S I 

i +I.20>. Sheep up 63-7 Per cent., average Urnl Ca«h.... M £309.876 -0.826^288.25 1 

0 n ce 141 -2p «+M». Pigs up S9.7 per iinunth* - £315 J5 -0JBX2B0.25 

cent., average Price 8*lp f+3.0i. Xirkel ; ; — 

Scot lend— Cattle down 6.5 per real.. Free Alarket ufn...;S1.9 

average pnee 85. Hp <*L68>. Sheep up i -2.04. SI.B+J12 

iT7 -‘ , Per cum., average price 138.2p , i 

' 3 4 Dep cenl " *veraeo Ptortnun. trey ««..£! 14.50 1 £114.6 


print- 87. Op i +3.11. 


CDVEifT riffnpu ftffopHnn n t, Pw AUrket £116.7 .“1.75^117.75 

QuU.^,ver(78 | b,>130,35........ t 123_2d 

£ : £ 

. . S09.7B-10 -82S 1 ; 

!— 1-251 515- .5 -£S Sales: 3JHS I3J3S3) too of 6 tonnes. 

—1 | — ■- ...... ICO ImlkaCor prices for Mart* 29: <UJS. 

33 . cents per DOundi. Colombian Mild 

unless suteflv 
_ — Spa ilia 

LONDON DAILY PRICE — Raw sugar -.50 
H93.00 tnOLOOl a lonne df for April-May 

... _ w .. _ Arab leas 293.80 

Morelos: Cash £312. ILa. 12. three nrabtaa 18LQ0 
months (318, 17. IS, IT. 16.3. 17. Kerb: Arabics 
Three months 1316.5. Afternoon' Cash (156.00 
0104. three nunttPa 0X5.75. 134. 15. M.3. ARAB I CAS 

li Kerb: Three months £315. 

ZINC— Lowor with trading roHovring the values to pew bJute for the momh. . . 

trend of other metals, influenced by Drexef Burnham Laruben reports. At peums Mow 
copper and moved by profit- taking, for- the dose the market was as much as Ciarnlkow. 
ward metal IeB trim 2288 to BS6 in the S3. 08 Uster on balance, 
morning and (ram (2® to £283 In tbe PRICES tin order barer, seller, change. 

shipment. VTHKe sugur dal » ortoe was sbamwn) 3 vinH. o«wwh»..-. £5.8173-2a.M6. 172.5 

toed at £108J» 1H04UI0.. Latcs ' 60; Mmoran- l v ^rreu , g2JM | h. , Hr £ 147-53' 

The recent Improved wmhnern on sugar £280.25 -8.29X845 

UM mainiDlnAit Trnrin xnri rominlsRlnn . J*?"*?' V>0'Un a.W4-10. CyprlDt: 2 40- .« mnnll.c l'.9RS S _Sn rSSSK 

<134.00): unwashed W2S maintained. Trade and commissi cm 

5 mouths £283.5 -5.0 £245.25 

5550 £550 

+ 5.0 5600 

to fl, nSr re hi^ n 'tor“ihe a Heiwn° wUx* dSt!: % £IBs 

values to new blidts for the month, aftemoob resuort m ^ces a«Jns re o^aous, Jomble patdL a pound 0.1I-0.H: Pblm Uatajau !S583.> -3.0 K53I 

Italian: Rome Beauty, a pound 0.14. i 

tioaar i 

•RernooD before dosing m the Kerb al business*: .vprfl isojxwo^o. -3J0,~20&5fr - Y ' 


Turnover 8,600 tonnes. 




i+ or. |un 
; — ) Unofficial | — 

»*ref. . 

40.08: June lS8.efrS3.06. -*-7.73. 178^- Cormu. 
_ 78.®: Aug. 169 17030-65 wST. A'oon. ! 

Oct. 13S.0fr5120. +7J0. 13S.M-5540; Dec. 1 

147fr0-47J0. +8.75. 147.00: Feb. llLOfr 
45jfr +X75. untraded: April 136.00-43.00. 

e*terrtaj ,, « Previous 
Close Lire* ^ 


Golden DcUrions 0.114I.M: U£.: Red 
Dell euros 7.88-8.20: Oregon: Newtowns Beads 1 

7 JO : Rmunrian: Red Delidona 5.00-6.00. Lupin Philip tf430<<- —2.5 S415 

Golden Dettrtoos 8.00; S. African: Dunn's tir-yabeau (l .ti.).... S299.9.-— 8.9 >247 
£.4fr6.50. Jonathan 8.00: Danish: Spa nuns 
a pound 0.10: Otltean: Granny Smith ! 

- .. . f. \ r ■ + 1 SP (la. 3 Iay. „.( 1 ff 7 . 4 frO 7 J 0 i 105 . 16 - 4 B. 20 103 . 30 - 05.15 sane trays 13/14 lb 1 . 00 -L 70 : Dutch: Con- Putoiw... £ 77.05 + 1.0 4 . 70.46 

: oooj: i 1 i vs o»l b -l« ^ ™* rwle,L SaJe8 ' 37 <1B, Aug.- -1tt.45.1UD 11D.Dfr10.20 116.30-10.® h nw D.14: Chilean: Aitlou 7.00. Pack- ^•ryvr.'- Fln , r 

« lire: ^6* mmnrn l*--C_ .J115J4-15.Mlli.3fria.J5 11LM-10.M b,tns 7.00: Argentinian- Packluun'B - 1 * 5 il0 ° 

T, jn ^ • RUBBER Il6 fc ^n8J0.18J811S.«-I7JI0l1i.75-lB.rt Triumph T.OO. Plums-S. African: Golden e 

g"”!:— 1 285 , -2 ; ^ „ . . . _ Man h '184.75-95Jwiia.5fr23.40 12BJKW4.0D Kteg/SouaoW a pound 0.4fr0.50. Grape sr- v Vw. itvT 1 ^"” 7 '. 75 -*' xB5 ' 5 

Vrm-ncrt! — : 29 EASIER opening on the London pbyfi- u« r *tyr mlot rej'iec bil oc m u 7 cn-.07 w; c African- Atohonse Lavefiee 3B6 >>->2 HaniM later 

. MonUnc: Cash 12S2J. three months th !S 0, »?« t Aug — ,1 3IL-2580-70 129 .00- 29.251 50- 0C Waltham Cross 5^0. Bananas— Jamaican 


HHE tasar 

£ Inter a ad oari Sasar Asreemem— Indlca- aus*»— Ivory Coast: 0.354.M each. J®! 1 — 5'5 

pSSTS! c,,: “ w ‘“ 0: Ilalr: 2 7o tl C.:..,vn v 

NEW YORK. March 
PRECIOUS METALS etawd lower 
spi-culailiv selling on calming ol I 
In the Middle East. Cupper closed ■ 
weah lone oil trade hedge sellinx «: 
closed steady on n.-nc-wed dumsi bu: 
Coffee finished Iimii-up on chains! hu 
and lishi roaster offtake. Sugar li- 
on rompuier-iype buying. 

Cocoa— May 171.60 iliil.!5<. July i 
1159 551, Supl. 1M 50. Dec. IM 50. M 
lol.M. May 143.50, July 146.50. S: 
I. HR lots. 

Coffee—- C " Conrracf: Not arail.i 

Copper— March HD.0O >60 30i. April • 
■ 5ami'f. May HI .50. July 02.30. S-.-pi. e 
Dim.-. C5.00. Jan 03 50. March 00 jd. I 
G7.50, July 64.50. Sepi. 69.5(1. Due. T 
Jan. 71.50 Sales: 7.000. 

Colton — No. 2: May 57,55-57.65 (57 
July 5S.s5-5B.Sl> 1 39.17*. Ocl 60.50-6 
Due. 6M*o. March 67.45. May exud-c 
July 63.30-63.50. Sales. IjA.OW bates 

•Go«— March 1SC.40 UMOOi. April I 
risa.201. May lsa.-in. June !%i m. 
IS7.70. 0« 190.40. Dec. 1ITLI0. Feb. IB 
April June Aug. 'JDLfiP- 
-07. so. Due. 210.50. Kuh. unquoied. $: 
ihBU Inis. 

t Lard — Chicago loos.' 23.0Q c’t 

New Vort: prime steam 26. jD (25.5u> 

JMatro— May 236-256} rj5o>. July 
123s: 125s: i. Sepi 2S7i 25S. Dec. 25S7-' 
March 2S31-265. May 260'. 

mouths £287. 86. Afterwwi: Cash 2SL5, that i 

ihree mouths £283. 88. 8E5. 85. 64. 81.5, 204 (same) cents a kilo flmyer. 

84, ffl. 63,5, Kerb: Throe months £284. S3. 

- Cents per pound. * On previous 
unofficial close. per picul. 


SQrer was' fixed Up as ware tower 

Xu. 1 -Yesterriay'fcl 

Prevtoqfc I 


BjLS. View 

cJo» f 


for npot delivery In the London baOlou if en «v sti 40,60-49.60* 

marKet yerferday al_2g5Jp.. -U^. CTsu Juae __; <9£fr8D.IO - - 

slowed Caribbean poriJ Tor March 28. U®- . „ ltk , , — 

P"^ »-1S average , NutnlnaJ t UtunwiaL qApriL sMay- 

7.80 (T£S1. Reds I.afrLaO. l*JJWIf Us _ lAfrMO. June. I March -April. uJune. r April- 

EEC IMPORT LEVIES— Effective to-day. Beetrooio— 28 lb 0.S94L90. Sprouts— a June, a March-Hay, a ApriJ-Mar. r May. 
In units of account per IM kilos for sound 0J9-0.10. Tbrnips— 28 lb O.SO. x Per too. 

-eunlvalem* of d» fixing levels were: cn'-^Ttn an denatured and mifrdcniliired suaar^ with Carrots— ■ bag D.M-l.OO. Pnrulps— 2sm 

. b “-“nTS S' ■StS' ^ previous to bracket*,: Vfhhn 21.11 l^friao. Onions-56 lb UfrUI. 

Spot 37.2c. down Me three- mumb n - .. ,, M ,, «*»« w u «iik >»«»«• » »™iki 

IW don-n 3.5c; sx-month 55BJte. down 6U66U0 M-S-MJS a .45 (same,. 

enZr a*™ Tfc ■Joo-ilr. 53Jfr56.68 53.45-54 JHT. 58.SS.53iB 

8“ J r£ Aprslne BUEMLOfr 56.45-56^0 55.SfrS5.00 

Sr ie i m Sd wSl to te S sajfr5t40 58 JfrSfrW 58.40 


383.79 (S324-334C). 


—28 lb 0.43-0.50. Rhubarb— a pound in- 
door 0.22. outdoor 0.18. Cucumbers— n 
tray 12.24s 2.60-3.00. Mushrooms— a pound 
Q.3ML55. Apples— a pound Bromley's 


Oet-Oee 67.7S-57^fr S8JB-58.10. B5.1B-57JB ujhdqn— D on and featureto*. repons 0-1S-8.1S. Cox's Orange Pippins 0.12-0 "i 



troy ax. 

Bullion 4-or 1*31.8. H- or 
Bring I — close j — 
pricing } j 

Sales: S4 f23Si lots of 15 [tames. 
Physical ctestog prices ibascri were: 
Spot 48P (48Ji: May 4S.4P (49 jj; June 
ffijp (48.75 L 

Bncbe Halsey Stun. 

(Peace per Wtoi 


! 289p 

dtnonrbs.. ; 290i« 

Onoodii. 295.4p ,—2.9 — 
dmvlillw. I 308.1|i — 2LT — 

'i—BJ 385.05? -3.1 
L5.I5 337.9p -US, 


old crop barley market regained the lone- 

L»*E— Turnover ' 87_f8i)~)Ols of MJM SSSt 1 " “SiS 

fd£. 90-4. Kerbs: Three moolhs 29B.4. 00. 

?■«' m" 3 * mMtto ^ r o rer S g* “d 'dwW bu y in g. Wheat 

SL8. 58. 8.1. S. Xcrim: Three months 283. 5o«5 points higher and barter 

Grtsuy Wool 

Xestetd'ya-f- or, 
dote I — j 



March ...— . 

m.o-9s.o ; 
223. 4-52 Jl I 
341^-56.0 1 
SS-B-SB^ i 


— i 




July — . 

2SBJMZ.0 ; 
268JMZ.0 f 


Laytons 0.08-0.14. 
fcrencc 0J1-DJC. 
English CL45-0J0, 

Pears— a pound Con- 
Tomalnes— a pound 

Jute export 
to change 

Sales: S <nH> lots of J.500 kilos. 

By Our Own Correspondent 
CALCUTTA. March 29. 

Brims higher, reports acIL 

Sydney creasy <in order buyer. ACCORDING TO financial press 


seller, business, sales) — Micron esauwee: 

BulEV May 340.0. 540.5. rdl; July MS-0. 344.0. 

all: Ori. 349.7, 350.8. 349.5-348 j. 11: 

reports quoting official sources 
the Indian Government has 

COCOA _ , , nil- ua. B4S.T, 350.0. X3.»Wj. ]i: ure ...» 

A lack ur follows broash Crum buyers ... T«j«nlsy's + or ; Yetaefto)--; + or Dec . 3J7A. 357 j, 3S734S7JI. 14: March- decided to continue the subsidy 

ai’ulb Hc« — .lore — SB-.* MIS. T7- u» MIS 

._ New York overutoht. combmed irtth 
an -earing to the spot posnlen hi Lmriun 
to nlmuhtr asgresdre ions fe rtW a nmi 
Oavogti pie dsy. reports Gill and Dsfina. 

jXSwdSVTor ; Bnrinew 

COCOA dun i — Dose 

Jlsj- ; 


Sor. • 

Jan. ■ 





+ 0A 



77.05 JD 
.78.85 J+ JS 
81.45 :+o.« 
83^5 | + 0J5 

379 j-sroj, i. twai sales: » i ms. for another year from April 1 

with important changes. Cash 

MEAT/ VEGETABLES assistance or 10 per cent for 

hessian exports will be dis- 

.Vo. b Cntrt 

SMITH FIELD (peace a pound)— Serfs , . , , _ . , 

Snobti WBed sides 515 to 35: Ulster continued- A formal official noti- 

BUEbwa dnu- Wheal— scooisa ronua ooes 10 Sj: uistrr wmuuutu. n. >wn- n i “uLr- 

vtiiiT — #1B1JU»0 <jm smiL2i25 SOY. s?Jfr«^5. J*fr !^ D fication the report is expected in 

JiATch h—w 8l8i4W5J r MvuffifK .Ssiric ill tat c Wiflrv "iln r 38.0. £n JHrwtjuariBra B4.B to GB-d. . a. fnrn 

Mar UJ43JJ.4EJJ f-47.0 EHSA-SOBS ‘g"* laremaRens SU to 38.0. a OT/IWO, 

mi il-m a xx c mirilmb j:.. "fr* 8 * -■ Mb-. <»<i m at it Cash assista 

SL23. Jan. 83J58S.73. Sales: 322 lots. 


Alar. ffiSiir.’h TUoutii auii - S' es raao" 

858.1 6 '837.55 | 824 .86 ' 87 5.66 
(Base- iuly 1. I9SS = JOOl 


"Star. 2fl SI*r. 28 Mom li itcuj Yesriu-o 

142B.7 ; 1437. 4 13 81.8 ; 1732.9 

(Base; S^oininber is. \«ai"^iw» 

Itow ; liar. 
J<mi- ii 


illir.": ilniuhl "Sr*t 
37 I auo I n- jn 

■'Put .... 368-95 566.43350.45429.99 
Future- 357.63 353.68330-76 420.45 

(AveriiBe 1024-23-28=1001 



llar. [ M^r. U.mtli. Vnse 

t& I Zt ! SOU ‘ -(VI. 

I'D 10 .0 889 .7856. 4 

(Derrmber si. HOT - IWi 

SPIaxInmn— April 222 ju--.' 2UM <i; - i 
JU.y 226 30-227 00 (227.40 >, del. 2P 
2.11.00. Jan. 2W.0fri1i.Itl. April it 
238 JO. July 243 10-243 uO. 

'Sffver— March 33S.36 r54».50i. , 

a^aO rwo.601. May AW 00, July 31 
Sepi. -»j.s6. Dec. 5w»2o. Jnn. di 

March May Js0.:;u. July 38 
Sum. 606 jo. Dec. 619 -W, Jan. 62 

Sales: I3.a00 iota Handy and Har 
spot 3W.54 1 337.30 1. 

Soyabean Oil— May 23.00-27.90 <27 
July 27.40-27.30 1 28.97 1. Alla. 26.40. * 
25.10-25.03, Oil. 33 00-23.10. Dec. 22.23-2 
Jan. 22.15-22.05. March 22.itf-.2200, 

Soyabean Meal - if ay lt#.5fr|: 

<192.8Qi. Jnly IVLafrldl.OO 05*3.70*. 
191.30. Supl. ISO 50-1S1.09. Ocl. 16 
17S.00. Dei-. 1(8.30, Jau. 16S.50. al 

Seyn beans— May 732-720 «740<- July 
738 1746K. A US. 723. Supl. 05fr6s;. . 
Cu. Jau. 623j426L March 63r„ Ma.v < 
_ Suoar— No. W: May S.15-S.16 ^ 
July S.47-S.49 <S.4S», Sup:. a.;.l i.lcl . 
0-37, Jan. S.nn-B.lO. March 9.wi. May 
9A4. JnJy 10.01-10.05. Sales: 4.7S9. 
Tin— 304-310 aaltud i3O3-50S ashed*. 
**wtKutt — i!j, -ju 2-‘®2> »ao:ii, July : 
394 J *3Wii. Sept. 3107-31 IH. Dec. 316J 
March 322-3221. May 336 
WINNIPEG. March >. tt Rye- 
113.70 Old llJJ.jq.. July 112 30 ai 
*111 00 hid*. Del. II LUO. Nov. 109.30. . 

ftOau— May 7S.M i77.uo< Job 76.<a» 
i * 76 ro ashed i. on. 7b. W asked, frc. : 

GRIMSBY PISH— Supply Tata and 

Bound good. Prices a stone at ship's 

July. <-4U SBHUMB3 

Scm!^ 77,1 60A 1NBJL18H 

Orel : W4) r-MJ- IBffi J-M-0 

March ilgOfrfrSU ~HJt 1836.0- 1775 

May.. 17BOJL90J .^3SJ 1M0J-I780 

Cash assis tan ce for woolpa'cit rtt,e umwoeKsoi ire • sucif cod £3.70- £4 . m. 

- ^ codlings (3.00-14 M. large haddock I4^fr 

Lamh: EugUsb small 50.0 id 

m ^ s irtfftas *• ® T fro "i 15 p pr cenL^u^a^oSEs s 

per eesL, if art* mmuoted. Aarft-May ,2 daj . ' .isaph ium«l 10 per cent, and cotton bagging haduocfc i2.aOi3.S0. best HnaU plain* 

°^L« 0 S5T rirt: Ensllsh. 1 less than 100 U>« 38.0 will be divided info two cate- SSS^USiu. « -W. da=fis11 'BWlirin 1 
4 w ftm, tots Of 16 immrs. ,0 "■ ^ ^ Bones for ;foe purpose of the 

£&a0. S41 Lbs 12-30- (2. 73 


SSurtoy— May 1 75 ini. July *• 

SD^O 1 7S.60 asked 1. Oct, 79.70 ashed, 


gFl aaW4. i l — May 244-60 ' 343.50 1, . 

243.00 1242.50 hid>. Ol*I. 242-30 asked, J 

239.00 ashed. D*c. 239J0 bid. 

'SWheai— SCWRS 13J per oral, prr 
twww cil Si. Lawrence m» 'li«. 

AH cents per pound cx-wsreh 
utile sb otherwise staled. *• 2s wr 
ounces— IN ouarv Iota. * Cbicacn t 
ss per UU U»— Dept, of As. prices 
nous day. Prim*- Steam I o.b. .NY ' 
tank cars, i Cunts p*.-r 56 ib bushel 
irarehotwe. 5.090 bushel tots. 
troy ounce for 50 ounce uulu ol 99 9 

c«uls p*r wiBSKDafly wlct itoto 28: lax SS 5^h £ P» rate of 17.5 per cent, for all cate- COTTON. UmmUB ,sp« or stop. I C? ^SSSSSL!^' pw2?“.. 

Ul£f (160.15)..- Indicator nfieflS; March 29; MarrtI ta. CB— CdtUe 08.77p a kg. hr eoriCS OS at D resent- The 7 naund' me,,, S*^ 5 were recorded, leaving the 

lfrday avaage .15454 052^81: 2M AT *** f+t-® % * CK— Sheep UO^p a kg. csl. dew fosesinv wtTi on ,0Tal Iw dto week an far si 92 ions, 

average MfrSfr(l«U7j. Angro Myi wheal- mumtHML EEC whsftr f-jut. GB— Pigs BL2» a kg. Iw l + L4i. Cotton Da£ging will receive 20 Dealings were Ugbt « view of ihe many 

mauta. England and Water - -cattle up 19 J per per cent While The 12 pound tniu stoppages and * pinners were not 

VEGETABLE OILS. '■ £&£££ S gefoni^io percent AsL^LJS^ 

PALM OIL*— Laadau- Ooatoe.-. April cma SouQi African Whitt onquotra, i-OJi. Pig* np l4J per cent, nvrroge '^ le subsidy for Carpetbacking Jnierest was shewn 
S28.06-330JM, May 3M.OS-330-08. June SOffib African Yellow May £7L5J quoted, price 8L.Sp 1+1 j». Suttaad— Cattle up remains at 10 per coni. Russian qualities. 

Iff Turkish and 

Wf obm* «-warehou6e. ]! Xcu- 
uoutraLt In Ss a short ton lor butt 
of 100 sbon ions dvlivi-r<.il l.o.b. - 
aitaiso. Toledo. Si. Louis a nU A! 
- Grata per 60 lb imJieJ in si 
‘ -■c«ub per « «» bushvL Vtetrth 
49 Ib bnshH va-warehofl^. ■; rents 
!b ltushvl py-irarebousc, i.w» bu 
toU ii sc pur iouiu*. 

Financial Times Thursday March 30 197S 


Small buying pushes share index up 8 points to 468.1 ,'r! c “ 

Stores and Foods good— Gilts lower and Gold shares react ~ 5 5 S is Is s 

: . n 1JI I lain l!!S 

Account Dealing Dates count, was noticeable in above- l62p, both ended unaltered Wolstenholme Bronze featured 
Option average gains In the consumer following their results. Prudential, Cheoueals with a rise of 10 to 

*Firsl Declare- Last Account sectors with Stores and Foods which reports to-day, dosed the 185p following the Satisfactory- 

Dealing;,- tlons Dealings Day Particularly prominent. turn harder at IKJp. trading statement. Elsewhere, JCI, 

Mar 13 Mar 30 Mar 31 Apr 11 A * ter lls recent sharp gain, the The major clearing Banks 362p. and Fisons, 340p, edged for- 

\nr *1 Aar' 13 \nr’u A nr *»s Gold Mines index came back 1.3 improved with the general trend, ward 4 and 3 respectively jn a 

WI7 A„'r Anris AT,.- to to 1564 ' n the wake of a fall of Midland gained 7 to 333p as did quiet trade. 

Apr. u Apr . it Apr . is Jiay lu <??, . , „ 

in yesterday's morning trade led s,, ° nuy oe,iru>n - BanK or Scotland were also Leading Stores . came In for 

to a further technical improve- fiilts still frAiihfori Favoured at 2S2p, up 7: the results fresh support on continuing 

meni later which culminated in JfJ ^ ? re due next Tuesday. Discounts, hopes that any tax concessions 

the FT HU-share index ending with currency considerations and however, conbnued to drift lower made in next month's Budget 

its biggest single-day rise for monejr ™ n V nued in sympathy with dull gilts, would stimulate consumer spend- 

ncarly’ three weeks. After a hesi- L P 'T™* - an 

up at 11 a.m. The appearance of emphasised that : selling pressure 
genuine buying then brought in 5| ^ 1 b “ l . tbe repealed un- 
some covering of short positions ^mingness Of buyers to open 
and the combination pushed the * rp! :h coramiUnents undermined 
Index ahead to a rise of seven sentiment. Late In the after- 
points at noon. Little further pro- n °° n - a reily occurred at pie 
gross was made, however, and the shorter end or the market which 
closing level was eight points up finaJ, y influenced the longs, but 
at 488.1. after 4H8.4. Widespread f. he . t0 ] al recovery was small and 
gams in the index constituents limited generally to „. The Bank 
ranged to sixpence and occasion- of England's analysis of bank 
ally more and underlined the thin advances during the period 

stale of the market. 

November of last year to Feb- 


British Funds continued to ease ruary. 15J7S. caused little impact, 

on lack of demand following fur- Corporations followed the main 

ther adverse comment about funds with falls to j. while first 

money supply growth and con- reports of latest guerilla raid into 

nected concern about the likeli- Rhodesia caused dealers to lower 

hood or dearer interest and credit Southern Rhodesian bonds by 

rales to retrain it. Falls to ; in some four points: the 2i-per rent, 

short maturities and to i in the 10(8-70 lost that much to £55. 
longs left the Government Socuri- Revived institutional buying. 

tics index down 0.29 more at reflecting the need to obtain ... _ „ , , . . ' ... 

74.44. This is back lo its level investment currency for the pur- Alexanders, <^Jp, and GUlett ing. G"® 8 *®* !®<* W1 ^ b 

of a month ago since when it has chase of US. securities, discour- f*™ 5 *’ 205p, Jost 10 apiece and a rise of L- to 296p and Bouse of 

been up to 7S.03. aged by any sizeable selling, par- Un,on were i lower at 400 p. Fraser ended to the good at 

Measured by ofiicial markings ticuiarly from arbitrage sources. Selective buying interest was j:.* 1 

or 5,061. business volume im- and the premium rebounded to seen in Contracting and Construe- 

proved on ihe previous day's 99? per cenL for i nu of 2* ti on issues. Taylor 'Woodrow, 37Sp, p “! 

4.233 but was down on the week- points. Yesterdays SE conver- and Marchwiel. 270p, both im- JHii, 

ago level or 3.826 when the equity sion factor was 0.6913 (0.7002). proved 4, while George Wimpey at S K 3 

market was in a reactionary j j o M x* 75p gained 2. Mht eon Crete firmed 254o 

mood. Trade was centred on the LiOUQQII OI Irian. UXIU 3 t0 gg p ^ f ront . 0 f to-day’s £ ews *§* nt to™?*® 8 J2°ES t0 « p 

pniiitv InaHprs: hut sprnnri-linp Trading statements from four nMiimin,.u i.v. tfl a thin market and Time PfO- 

marKet was in a reactionary T xvnrinn &■ Mnn firm 7ap gained 2 . IHix con Crete firmed Newsagent firmed g mowT to 254o 

mood. Trade was centred on the LAlIlllOIl OI lViall- uilU 3 t0 gg„ ^ f ront 0 f to-day’s il ews ?f- 8 J3°5S 10 d p 

equity leaders, but second-line Trading statements from four preliminary figures, and John j *P J ^L n,a 1 « .... * mt ’. rrp T 

stocks also turned better for of the Life companies provided Mowlem rose 2\ to 1281 p. Small fi ,el hi£2S? e ii! > 

choice as seen in the near three- the main interest in Insurances buying in thin markets left Y? noweyer, were weak at »p, 

to-ono majority of rises over falls yesterday. London and Man- Newarthin, I58p, and Watts Blake VL*" t0 co®"!® 111 

in FT-quoted issues: on Tuesday. Chester rose S to 13Bp. after 137p, Beanie, 145p!both 3 to the goctl. J^SiStoKlim^MtiSltS^K 
falls were in a six-to-five majority, in response to the results and InitiaHy easier at 43p, Brown and vaTJS^SiSSS 
A revival of optimism about proposed £2m. rights issue, while Jackson encountered a lively ' *- 

the prospect for increased con- Pearl closed 2 dearer at 240p. trade and eventually closed a a JF e h lriCa r L e ??f I iL£ 0k a not ice - 

si inter confidence after the after 242p. in response to the penny better on balance at 36p. better, GEC nn- 

Budget. which comes within the preliminary figures. Equity and white Milbury and the new moved ■ rB 11 , ° 

next Mock Exchange trading ac- Law. 164p. and Legal and General, up 3 to the common price of 73p. £ 3j8p - Amon “ secondary issues, 

— — — — - — — 1 ^ press comment on me annual re- 


The fallowing uJble shows the percentage change sf which have taken place since December 30. 1977. In the priodpal 
equity sections of the FT Actuaries Share Indices. K also contains the Geld Mines Index. 

Cold Mines F.T 


Insurance Brokers* 

Office Equipment 

Insurance (Life) 

Metal and Metal Forming 

Wines and Spirits 

Toys and Games 

Mechanical Engineering ... 

Mining Finance 

Overseas Traders 

Pharmaceutical Products .. 
Breweries .. . 

Meiers and Distributors ... 


Packaging and Paper 

Capital Coods Group . . . 
Kmaneiiil Group 
Engineering Contractors ... 


iTKliisinal Group 

other Groups 

Situ Shar, tnef-x 

All-Share Index 

+1A8J Newspapers and Publishing - 4.72 

+ 2.75 Consumer Goods (Durablci Croup - 4.7S 

+ L4S Oils — ug 

+ 1-29 Consumer Goods iNon-durablei Group — qjn 

+ BA2 Hire Purchase - «.n 

+ 0.99 Insuranco (Composite) — 5.49 

- SJ1 Banks — 

“ 0J7 Electronics, Radio and TV — 5LS2 

- 0.69 Building Materials — 

- 1JH Merchant Banks - 6.69 

- Stores - 6.70 

- Contracting and Construction — 7-1P 

- J-fn Entertain meet and Catering — 7J2 

- Electricals : - 7.22 

” izZ Chemicals - - 7M 

~ WI7 Household Goods - 7B9 

- 440 fqnI Manufacturing — 8M 

- shipping - 9,75 

“ a -3I Investment Trusts - 9.99 

- 4J4 . pood Retailing : -XL24 

” Discount Houses -14.M 

- Ml 

- 4.67 r Pereeiuace changes based on Tuesday, March 38. 197S 

- 4.71 Indian. 

All i/iese securities having been sold, this announcement appears as a t natter of record only. 


March 10, 1978 

¥ 20,000,000,000 


Guaranteed Yen Bonds Series No,l (1978) 

Guaranteed by The Republic of France 

due 1990 
Coiipon rate: 6 . 6 % 
lssne price: 99.15% 


j The Nikko Securities Co., Ltd. 

The Nomura Securities Co., Ltd. 

Daiwa Securities Co. Ltd. 

Yamaichi Securities Company, Limited 

The Nippon Kangyo Kakumaru Securities Co., Ltd. New Japan Securities Co., Ltd. 
Wako Securities Co., Ltd. Sanyo Securities Co., Ltd. 

Dui-ichi Securities Co., Ltd. 

Okasan Securities Co., Ltd. 
Yamatanc Securities Co., Ltd. 

Koa Securities Co., Ltd. 

Merrill Lynch Securities Company 

Tokyo Branch 

Osakaya Securities Co.,- Ltd. 

Loeb Rhoades Securities Corporation 

Tokyo Branch 

Koa Securities Co., Ltd. Koyanagi Securities Co., Ltd. 

Marusun Securities Co., Ltd, Tokyo Securities Co..,Ltd. Toyo Securities Co., Ltd. 
Yachiyo Securiiies Co., Ltd. The Chiyoda Securities Co,, Ltd, 

Ichiyoshi Securities Co., Ltd. The Kaisei Securities Co., Ltd- 

Maruman Securities Co., Ltd. Meiko Securities Co., Ltd. Mito Securities Co., Ltd. 
The National Securities Co„ Ltd. Nichiei Securities Co^ Ltd. 

The Toko Securities Co., Ltd. Towa Securities Co., Ltd. 

f The Toko Securities Co., Ltd. 


suits prompted renewed firmness 
in Kode, which advanced 9 more 
to 104p. 

Sporadic demand .pushed the 
Engineerings to higher levels. 
John Brown were noteworthy for 
a rise of S to 285p along with 
Hawker, 2Q6p. and Tubes, "76p. 
which put on 0 apiece. Else- 
where, pleasing animal results 
left Rotork S dearer at I20p in a 
limited market, while better-than- 
ex pec ted preliminary figures lifted 
Stone-Platt 5 to 105p. Buyers 
showed Interest in . Davy Inter- 
national, 7 to the good at 21 Rp, 
and Matthew Hall, which advanced 
4 further to 196p. Still reflecting 
satisfaction with the - good half- 
yearly results, Ricardo and Co. 
moved up S further to 132p. Hill 
and Smith came to life with a rise 
of 3 to 49p and Barton and Sons 
responded to the preliminary 
statement and proposed one-for- 


First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings Gon ment 

Mar- 21 Apr. 10 Jun. 22 July 5 
Apr. 11 Apr. 24 July 6 July 19 
Apr. 25 May 9 July 20 Aug. 3 
For rate ijidicatiotxs see end of 
Share Information Service 
Money was given for the call 
of Furness Withy. Cosail. Mills 
and Allen International, 

Dehen hams. Northern Mining, 

five scrip issue with a gain of 4 
to 56p. Aurora firmed 4 to SSp 
awaiting to-day's results, while 
Triplex- put on 2 to 79p. 

Slightly more interest than of 
late developed, in Foods. The I Ip 
bread price increase from next 
Monday brought firmness in.RKM, 
49 ip, and SpOlers. 29?. up a 
penny apiece. Among Super- 
markets. dealings resumed in 
Morgan Edwards at 3lp, compared 
with Tuesday's suspension price of 
32p following the announcement 
that Avonmiles is proposing to 
take a significant stake in the 
company. J. Sainsbury found 
support at lTSp. up 4. and fresh 
speculative demand left Wheat- 
shear 5 dearer at 147p. Elsewhere, 
Tate and Lyle, up 4 at 19Sp, took 
a turn for the better after (he 
recent setback, but B. Matthews 
eased 2 lo 145p awaiting Friday's 
annual results. Renewed buying 
left British- Vending 21 to the 
good at 31p. 

Ladbroke were a good market 
at (S4p, up R, after the pre- 
liminary results and tbe chair- 
man's forecast of new records 
from every division during 1978. 

Beecham good 

An initial mark-up was followed 
by modest investment demand in 
a market short of stock and 
resulted in the miscellaneous 
Industrial leaders closing with 
useful gains. Beecham were 
notable for a rise or 1& to 640p. 
while Unilever were similarly 
betrer at 506p. Boots, largely on 
consumer s pen dim: hopes, gained 
7 to 21 7p and PiDdngton Bros, 
firmed a like amount lo 4S0p. 
Rank Organisation hardened 5 to 
247p as did Glaxo, to 530 p. 
Bo water. lS8p. and Reed Inter- 
national, ll4p. both appreciated 4. 
BOC International ended 2 dearer 
at 6SIpi late news that the group 
intends to increase its stake in 
Aircn from 49 to 55 per cent, had 
ncr effect on sentiment. Elsewhere. 
Solicitors Law ended. 6 higher at 
55p in response to comment on 
the results, while buring in a thin 
market left De La Rue up 12 at 
270p. Renewed speculative sup- 
port on hid ho pec lifted Vinten 
4 1 . to 102n and Thomas Tilling 
closed with a similar improve- 
ment at i* 2 d. 

Fir«t sight of the capital 
proposals ami contemplated risbts 
i«sue saw dealers mark British 
Lev land ud to 27p. but views were 
quickly revised and the price re- 
verted to the overnight level of 
Wo; the 7J per cent. Convertible 
198°-87 stayed at £611. Elsewhere 
in the Motors section. Rolls-Royce 
hardened a penny to S3{p and 
Lucas Industries picked up 2 to 
2fi8p. after 272p. the latter ahpad 
of to-day's interim results. 
Dunlop surrendered much of an 
early gain of 3 to close oniv the 
turn better at Sip and WQmot- 
Breeden were marginally higher 
at B31p on Press comment. 
Distributor* quietened but Dnroda, 
3 up • at 7Sp. responded to the 
encouraging figures and statement 
on prospects. 

Bumper annual profits prompted- 
a gain of 6 to 69p in Home 

Counties Newspapers and BPM 
jumped 7 to 54p in late response 
to better-than-ex pected first-half 
profits. Comment on Tuesday’s 
good results helped United im- 
prove 4 further to 342p, while 
Beun Bros, revived with a similar 
rise to 39p. Elsewhere, Mills and 
Allen succumbed to further profit- 
taking at 180p. down 5. 

Although a firmer tone de- 
veloped. the volume of business 
was little better in Properties. 
Land Securities, 217p, and Stock 
Conversion, 234 p, improved 4 
apiece, while MEPC added 2 to 
I26p. Slough Estates put on 2 
to H6p following the increaised 
profits and the Board's confident 
remarks about current trading. 

Shell improve 

Activity in the Oil market re- 
mained at a .relatively low ebb, 
but as with most other sectors 
the trend was to higher levels. 
Helped by a bear squeeze Shell 
pushed ahead to close ll higher 
at 533p. but British Petroleum 
managed only a modest improve- 
ment of 2 to 772 p. Among the 
North Sea hopefuls. 03 Explora- 
tion put on 6 to 212p and Trf- 
centrol were 4 to the good at 

Modest demand in a market 
short of stock left Investment 
Trusts with small gains through- 
out the list Still reflecting 
domestic market influences. 
Crescent Japan put on 4 more to 
14Sp. Among Capital Issues, New 
Throgmorton gained 5 to 93 p and 
Triplevest 4 to 136p, white City 
and International moved up 3 to 
90p on the interim results. 

Shippings were held back by 
further adverse comment in 
further consideration of its 
decision to reduce its active fleet 
this year. Ocean Transport shed 
3 more to 12Sp. 

Conversely with the general 
mood in Overseas Traders, 
Paterson Zochonls non-voting 
slipped 5 more to ISOp. still 
mirroring the note of caution 
about second-bnlf prospects. 
Lncheape gained 5 to a peak for 
the year of 3S5p and African 
Lakes were similarly dearer at 
305p. while CQ1 and Dnffus .put 
on 3 to 213p. 

Some of the better known Tex- 
tiles improved including Cour- 
laulds. 2 deartv at 117p, and 
Nottingham Man ufaclu ring, which 
attained a fresh high for the 
year of llSp, up 3. 

Intermittent investment sup- 
port caused Bats Ordinary and 
Deferred to make modest head- 
way at 302p and 261p respectively, 
both up 4. 

London selling lowered Prim- 
rose 6 to S4p. after SQp, in South 
African Industrials where Aber- 
com rose 5 to SSp. 

Buying on hopes of a higher 
offer from McLeod Russcl-Slpef 
SA helped London Sumatra put 
on G to 133p among Rubbers 
where Highlands slipped 4 to Sap. 

Golds easier 

After moving ahead tor the 
previous three trading days South 
African Golds turned easier in 
the wake of the S223 decline in 

tiownnwniSc-.-^.. 74.44 74.73 75.2? ,3.44 

ftxal Imerooi ; 77.90 78.14 73.38 78.34 

lirtuicrau Orumw-v....; 468.1 460.1 «W> 402.6 

Until Ml no* ! 156.4 157.7 1S2.S 

Unl.lhv.1u hl : 5.77 6.8* 5.B6 5 O.t 

kaiumcoY-W". l 7.0S 17.32 17.29 17.23 

JtattotrviM’ii..- fl^4. 8.11 8*2 8 15 

UoiliniriiiixHip.i 5.061 4.235 5.-W 5.826 

- ' S1.M «.05 S5 1fi 

Kphtrhire^ ~ . 14 526 

IP J.nk -lit! ¥. It r m X »VI *■? 

V* :* ai- .• r> n 

LaIRU Index 01-296 8026. 

* Hu-i-U 34 P* r li r.t .-.-raiOJl:-'!' *•>;», 
Basic mu iluii. S' * - 
nines 13/S. jj sK Acivilji Ja'j-tii-tf. IS*. 

highs and lows 

■ i-lf? S-1-.i r iVr 

75.56 75.37; 70.7U 
78,23 78-20 70.51 
466.J 4M.6 4372 
141.3' 1419 123.4 

5.79 5. 89 5.27 

17.Q2 17.31 16.47 

fl. 24' 8.10 8. 89 

5.3W 4.098 8.640 

79.56 5 5.96; lll-uS 
18.459 14 a>i6 19.797 

; l> in 

r Nil -<.IS 

ln- 1 . enl 1 •' T> e:-M 


llcll . l-*'" 

rixeil tut.... 81.27 

Onrt Mine-. 

1 >‘.I . 

tifin.iru-i. , 



. V. o.,;. 
lil.t ti l x 1 
:»;ii-i , iiu- . 

•t 111 I ■ •«!»■* . 

.Mai. Mar. 

..-i ; 

1U2.C 158.8 
104.1 142.0 

1U4.S 185.9 
170,8 163 4 
51.9 49.0 

U7.7 XI 3.3. 

the bullion price to $181,125 per 
ounce and the fall in the sveun- 
ties rand as dealers digested ihi* 
details or the South African 

The initial market reaction to 
the budget news was m;Ully 
bearish and share prwes were 
marked down fractionally in the 
late trade with the V.S. coins ng 
in as a small seller. The Gold 
Mines index uavc up 1.3 to l an 4. 

Among heavyweights R-judfon- 
tein moved against tlio genera! 
trend, rising a half-point more 
to £35. West Dricrnntcin ga\e 
up i to £IS| and Vaal Beefs i 
to £13. Medium priced 
were idle with the exception of 
Kloof which put on 12 to 44'.lp, 
while in the marginal stocks 
Loreine fell 5 to Blip. 

Sooth African Financial? were 
quietly easier with De Beers 5 
off at 345p following the ruporlwt 
30 per cent, reduction in the 
supply of rough stones at the 
latest "sight.” Anglo American 
Corporation relinquished 3 lt> 

Pljiimtnii registered substju- 
tial falls following news 

Rasteubur^ had paxM-d its 
interim riivnleiu! and rejHirLed re- 
duced pn.liis. Rlisletlhurj; 
Uropjieil S to 7Sp. LydcnlHirg. 
whicn also umilletl US int'rr:m. 
fell i» to 37p and ftffchoinqafe 
lO-I 2 in 74p. 

The sharp rise m the U K. 
equity nurket enabled Hio Tinto- 
y.ine lo rise .i more l«» lSiSn, after 
Uir.p. and Charier to improve i 
lo 12 5p. after 127p. 

The recent AuAirjUan ** high- 
tlyer ■' Northern .Uiulng opened 
sharply lower at 34p in line with 
oicrmoht Svdney and Melbourne 
markets, buf the ‘hares siibse- 
ciuenily rallied m closo 3 off t»u 
balance at :wp Lunzinc Biotin iu, 
Uil- majority holder in the Athlon, 
joint venture with Northern 
Mining and three other eoaipaities, 
hardened a iwnny more to l75o. 

Khodi'Mans were marked down 
following i he liitesi news from 
the 3lo/ambiquc Rhodesia border. 
Coronation Syndicate dropped Ml 
to Slip and Fittam fell « lo 1W'». 


Tfeo following iKttoltK auolcd in chc 
Share miornucion Sorrier vfliwci* 
attained new Highs and Lows lor 1073. 

NEW HIC.HS (1011 
BANKS >11 
BEERS >6> 




SHOES (11 


OILS 121 


MINES 13) 



Yfeosurv 10*:oc '78 Treasury O'iPC 'OS-?! 
Treasury laUpc '96 

SUi. Rnadnia 2i;0C 

BANKS 11) 

Ali'UliBcTa Qi’elPURl lillU'U CtiHi 
Alien MW.r,* N 3fcil|M 

5, A U ^ >,et 

Brtisii. WjIjUH lirrtluwi LA J 


Criilronnk..'.! L .Mil-- C.tu 


CImLwocO Mam'll HoiwM/ 

I iMIK.' A IMuWrvl 

OILS ill 

Aitui.1 Pi-t.-alruiii 


British Funds — 

Corprs., Dam. ami 
Foreign Bond? ... - 

Indosingls 454 

Financial and Prop. 10k 

Oils U 

PlnnulluK ... U 

Milica 25 

Recent ISSfleS . .. ■ 

Doom Sunt 

tt M 

155 «J» 

12 MS 
-1 » 

2 n 
as S4 
J u 



Capper-NeilL P. and 0. Deferred, 
Grand Metropolitan Warrants. 
KCA International, Ladbroke and 
Warrants, Consolidated Planta- 
tions Warrants, Silvermines, 
SpiDers, City Hotels, Town and 
City Properties and Talbex. No 
puts were reported, but Mills 
and Alien. Internationa! were 
dealt in for the double. A short- 
dated put was transacted in H. 


These radices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


blocks per section. 


1 . ■ 

Wed., March 29. 1978 






Km. Gross 
Earning Div 
Yield** Yield-, 
lUai.i i.WT 
I'orp al 



1* E 


1 Nel > 
Ta. XT, 





Shell Transport... 






.4 17.61 5.75 7.W 

.1 17.29 5.72 835 

.1 17.89 4 02 834 

.9 3533 4.08 931 

.4 1739 7 00 7.88 

3 19.08 6.34 7.22 

.9 19.23 831 6.98 

20D 73 20108 201 36 

18039 18122 18273 

317.94 31132 318 31 

425.66 42612 424 66 

28473 284.44 28434 

160.02 16034 16020 

16089 16153 16161 

201 33 16727 
18171 141 75 
31619 235 IB 
430.02 33LS0 
28422 21646 
15935 15031 
16255 WO 34 

5.11 7.90 133 38 184 a 186 52 185.04 150.04 

-3.81 9.00 n778 21954 22380 Z2090 17137 

7.28 8.20 16830 166 19 16610 16531 15015 

6.63 638 113.91 11427 1M.84 11475 9657 

** , F.P. 

i(4-i ■ r.r. , 

- j c'. h. , 

r.r. j 

£98ia F.P 
•• ! F.P. ! 
*• ; F.P. i 
it JO i K.P. | 

•:ijo 1 n-.i 
« ' ri i 
« ) F.P. , 
; F.P. ■ 
CUdJa! r.r 
t9a 1,^50 
M ’ F.r. ! 

- : v.r. 

E98 E2S ! 

142 tiv lAi'lixiuiai a**. L uv. cum. Pn4_ 

■ "i j llWp! Halle) .- ul XorkobiK 10% Cum. fret- 

lun . OHuiLeuuevay il% Com. Ptef 1 

101 ! OUu'tiniDipJiiii Uck- 10)' I0tt) 

PiSj] IQli.;Oiwt»>' WUIfle> PH 

IOip.lOU4p'J«ik» 1 Catiell 10% Cum. Pro! 

LttjJg, IUji).jli[uiiaiu|Ciuii Sl L'lieiwea 1L-JS db-p? 

UjI»; iw ll*x-esl« Varabie Ute8 

12: ig i U IMhlJiiiisn Water T% I!h 1. Pti. 1*> 

Iw J l» PwirMj.1 IS.) lClleg fly. Ciii.'Lii. UWi-ifa.... 

K4|n 97i, |T*llHf* lUgiCuc. fun. Lu.TBjS 

100,1 ; 0U.«,ranic«Me VnrxiMo bW 

bli*. 4Yla Du. lloii 'i4-5 I 

liap! llo ( ..|Vr. BrnmnWli 8 pnii“ ll,a» Prf j 

i ■ I I KW|.;Wtiili?luHi'«i(i.i Ilia Cum. I*ifi 

SIS' SM«|r«rfc W&IM 11-5 UetL Idbu 


Wed. bay's xd ad], j xd ailj. 

British Government- Mar. change To-day 

i 28 % 

Prioej I| 
id I < £ 

13i3i 4/^; M I h I jBeauiimui Prupertieo. . . .' i 88 +1 

30/3| 13l4j 31 I 29 'C.'U. luilumnam, 89 

r.P. sis', al/sj as 
f .y. 21 a: 31. a 306 
F.P. 17/31 7/4i « 
F.P. 89/3i 10/Sl ao 

|j* iCiyrtaiaic I 33 

aso JUirUami Bank ...» • 386 Ub 

66 ;.l|iil«uT.T - 1 73 t+3 

78 .Watmouah? 1 1 80 : ... . 

. _ 4 Medium 5 years 

5 Coupons 1.1 years 

2.07 A 35 years ■ . .. 

3J4 fi'Kh 5 j cars ... . 

8 Coupons 15 years 

L78 • 25 yean.- 

267 10 Irredeemables ... . - 

5 jears ... 

15 year- 

25 year; 

1027 10.18 10.15 

11.99 1191 13.49 

KJ5 1229 

10 45 | 10.42 j 21.94 

Wed., Sltuvli 39 

index | view 1 38 

■JTiura. , XViit. Tiitn. j Mini. I Krbbi.r Tlnirt. j Tiwr 

llureh j Xldrrij Mmvii ■ Mhk'Ii 1 UnrUi Eimii 1 Bih* 

24 Si 21 I 31 | 17. "‘Ill 

i l- ! ' 1 

Kontiueiaitw Oaie usually last daji lor oualing Irw ot uartm omy, o Knjurvs . «. r-.-./iei I i , . _ I • ) 

(Mid imi pruiwcus Hilnuii' p Assumed aivideiut 21m vitld- a Korccu dimeod- ;-0-yr. Red. Deb. & Loans (15) 81.01 112.17 61.0? | 61.08 1 61.06 61.05 j 61,03! 60.981 61.00 j 

diver OiUKil on previous year's eamnots t DmOemt mm vtetd {used no onwptciiu, |r nvpstm(kn i Tmct Pr»>fe MSI m to i,« wiw 1 •h™! »« • 

or other Official esnmuiuj fur 197B q Gross. 1 Kiguros assumed. ; Cover ullowc. 16 [investment Trust rrera. (IS) 63.79 12.75 36.09 . 36.09 ! 66 J2ft 66.35.. 66,12' 56.17 68.411 

tor conversion or shorw ru>r now raniuiu /or ainneiul ur ranfcina qnlv r«w rwstricMi ,7 iComl and Indl Profa *201 7A m is an « 

dindends i Plaeim; price to public, p; Pence unlrss oitiennw mdlcnixl. Tissued 1 ' , OBI1, ana lnal - "*8I3. t*UJ 74.15 12.40 >4.20 j 74.23 | 74.67 44.49 74,63 \ 74.621 76.35 

to tender, fl Oifored to holders of Ordinary shares a 1 a rights " " Rtenrs l . I > 1 

by iraj/ Ol capuxtoauoa. rr Minimiun tenner oncu 49 Romnwluwrt. -m Issued ♦ Redemption yield. High* and I cm rmani luw dim »d valnmi — - ft,,, ' • « 

In LDflufiCflon with reorsantsatloB merger or tatwoter. il'l liuraducinu. rj isuied issuesT* An* Uic coMUtuontt ™ »aik£a (ram So 

10 farmer Proleronvu hawenj. ■ Altar rm-nr u-ttem (wrultr-iaiilj. • Provisional sirSt. UndMi EM> «YV erieeJJpTto 22v «*u«Wwrs, the Financial Tltw*.. Brxctao Hoa«w- 

«r panly-paW aUauneu leuers. *wiOi warrauu. r m w ‘ 

- Cannon 







VMM 197.7 






























+0J 4.91 
+5-3 *9i 
-0.1 bJOb 
-0-2 6.06 
-0j M* 

-C2 8.32 

+43 131 
+43 131 



~-J 5X2 
-03 538 
-OS 538 








fi . n i nohgjj> 



A.B.N. Bank 64% 

Allied Irish Banks Ltd. 63% 
American Express Bk. 63% 

Amro Bank 63% 

A P Bank Ltd 63% 

Henry Ansbachcr ...... 6}% 

Banco de Bilbao 63% 

Bank of Credit & Cmce. 64% 

Bank of Cyprus 83% 

Bank of N.S.W 6J% 

Basque Beige Ltd 64% 

Banque du Rhone 7 % 

Barclays Bank 6)% 

Barnett Christie Ltd.... 84% 
Bremar Holdings Ltd. 7j% 
Brit. Bank of Mid. East 63% 

1 Brawn Shipley. 64% 

Canada Permanent AFI 64% 
Capitol C & C Fin. LUL S*% 

Cayzer Ltd 7 % 

Cedar Holdings 8 % 

■ Charterhouse JapheL.. 63% 

Choulartons 63% 

C. E. Coates 74% 

Consolidated Credits ... 6*% 

Co-operative Bank • 64% 

Corinthian Securities... 64% 
Credit Lyonnais 6f% 

The Cyprus Popular Bk. 64% 
Duncan Lawtic - .f 8j% 

■ Hill Samuel 5 64% 

C. Hoare & Co t 64% 

Julian S. Hodge 74% 

Hongkong &. Shanghai 64% 
Industrial Bk. of ScoL 64% 

Keyser UUmann 64% 

Knowsley & Co. Ltd. ... 9 % 

Lloyds Bank ' 64% 

London & European ... S % 

London Mercantile. 64% 

Midland Bank 64% 

l Samuel Montagu 64% 

■ Morgan Grenfell 64% 

National Westminster 64% 
Norwich General Trust 64% 
P. S. Refson & Co. ...' 64% 
Rossrainster Accept'cs 6}% 
Ro.val Bk. Canada Trust 64% 
Schlesinger Limited ... 64% 

E. S. Schwab S}% 

Security Trust Co. Ltd. 74% 

Sfaenley Trust 94% 

Standard Chartered ... 04% 

Trade Dev. Bank «J% 

Trustee Savings Bank 64% 
Twentieth Century Bk. 74% 
United Bank of Kuwait 64% 
Whiteaway LaidJaw ... 7 % 

Williams & Glyn’s 64% 

Yorkshire Bank 64% 





1M ( 




Eagil Trust 6J% ‘ 

English Tran SCO nL 8 % ■ Merntt ew et Uw AcrepUnc Houses 

First London Sees....... 64% . s~ 

First Nat Fin. Corpn. S4% * WBtta 

First Nat. Secs. Ltd. «... S % f 7-day toum on onus of £10.000 

1 Antony Gibbs 64% ** IS* «? *• **** 

Greyhound Guaranty... 64% . ZLKL aM *• 
Grindlays Bank .* 64% : ' 

~T f Demand downs 4*>. 

■ Guinness Mahon 64% 5 Rlln ^ j^pum w sterUas *nd. 

‘ Hambrns Bank «... 64% secs. 

tfejrulOMl jm *1jU. Bate files' task. 
W elfa re ImanMe Gol UtOJf 











r mr. 

1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 110L 
c H* de J a s at 21st March, 1978 (Base 100 at 14X77. J 

Clive Fixed Interest Capital 135.42 * 

Clive Fixed Interest Income 122J4 




t Property Growth 74^ 

t Vanbrugh Guaranteed 7.12% 

T Address shown nnUrr Insnronn? and Property Bond Tahir. 

I * lln 8l *! - , s!'5fise i 'i 1 '} 1 "B-'aai §§" : i sr. si ’srai 

RdjnnPBWS- . 
Renown Inc Y50. 


«I £ 




103 UbutiaKiA.kj:} 
68 ' 

157 1+4 I 9.0 

Sri Lanka 

j 125xdJ — I 55 1 151 


=1 a tiffin 

— rile* •tevbr Indicated. prices and net dhUendn are la 
83 peace and ikiwiiiliiiiiiuns arc 25pu Erti mated price/eaminga 
6.4 mioa and cover* are taaedea latest aunal reporu and accemils 
6 l 5 and. where possible, «re updated on half -yearly Unarm. P/E* are 
3 2 raleolatcd on the tads oi art. IMhditK bracketed nmm 
5 j Indlratw 1 * per cnL or use difference if calculated on “nO“ 

5 7 dlauUrtkn. Caen ore baaed on * »— alum" dtatrfbaUan. 
c’n YMdsara baaed on ndddls prices, arc grim, adjusted to ACT of 
jo 34 per cent, and allow for value of declared distributions and 
r ? riJCtda- Secnritiea with dt uumituTl a ua other than aaliaf in 
3 ° qgaled Inclusive o€ the Investment dollar premium. 

4-6 A Sterling detunm nated securities which include investment 
4j dollar pretmtun. 

• Tap" Stock. 

• Highs and um nutted thus haw been adjusted to aHow 
for rights issues far cash. 

t Interim since increased or resnmed. 
t Interim since rod need, passed or deflorred. 
tt Tax-Iree to non-residents on applictflao. 

* Figures or report awaited, 
tt Unlisted security. 

* Frie« at thus of suspension. 

t Indicated dividend alter pending scrip aui’ar rights issues 
cover relates to previous dividend or forecast. 

** Free of Stamp Duty. . 

♦ Mercer bid nr reorganisation in progress. ) 

S Not com para pic. 

+ same interim: reduced final nodor. reduced earnings 

4 Forecast dividend; cover on earnings updated by latest 
imerun statement. 

t Cover allows lor conversion of shares not now ranking for 
dividends or ranking only for restricted dhridend- 
X Cover does not allow for shares which may also rank for 
dividend at a future date. No PIE ratio usually provided, 
y Excluding a final dividend declaration. 

0.7 + Regional price. 

II No par value. 

a Tax tree, b Figures based on prospectus or other official 
estimate, c Cents, d Dividend rate paid or pays hie on part 
cf capital: cover based on dividend on lull capital, 
e Redemption yield, f Flat yield, x Assumed dividend and 
yield, h Assumed dividend and yield alter scrip issue, 
j Payment from capital sources, k Kenya, m Interim higher 
than previous lotaL n Rights issue ponding q Earnings 
based on , preliminary figures, r Australian currency. 

* Dividend and yield exclude a [pedal payment, t Indicated 
dividend: cover relates to previous dividend, F.< E ratio hosed 
on latest annual earnings. a-Foracaat dividend: cover based 
on previous year's earnings, v Tax free up to 30p in the E. 
w Yield allows for currency clause, v Dividend and yield 
based on merger terms, * Dividend and yield Include a 
special payment: Cotvr does not apply to special payment. 

A Net dividend nod yield. B Preference dividend passed oc 
deferred. C Canadian. P Corerand P E ratio exclude profits 
of l>. K- aerospace subsidiaries. E luus price. P Dividend 
and yield based on prospectus or other official estimates for 
1977-78. G Assumed dividend and yield alter pending scrip 
and 'or rights issue, fl Dividend and yield based on 
prospectus or other official estimates lor 1978-77. K Figures 
based on prospectus or other official estimates for 18781 
X Dividend and yield based cm prospectus or other official 
estimates for 197a. Si Dividend and yield based on prospectus 
or other official estimates for 3979. P Dividend and yield 
based on pnowenir or other official estimates for 1977. 

<1 Gross. T Figures assumed. U No significant Corporation 
Tax payable. Z Dividend total to dale. 44 Yield based on 
axamnxion Treasury Bin Rate stays unchanged until maturity 
of stock. 

Abbreviations: rter dividend; u: ex scrip issue: »■ ex righttisxex 
all; d ex capital distribution. . 

“ Recent Issues ” and M Rights ” Page 

This service is available lo every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum far each security 

3-month Call Rates 

Industrials l.c.L ... 23 Tube Invest... 

A. Brew — — fiN ■'Imps'*. , 7 l'mlever_..__. 

A.!'. Cement _ U l.CX. — 2G Hid. Drapery. — . 9 In veres k 7 Vickers. _. 

Babcock ..... 10 KC*A 5 Wool wo nits , 

Bard-jj- Bank. 25 Ladbrofec 17 

Heecbam 38 Legal fc Gen. _ 14 Property 

Bools Drug. 15 Lax Service.... 7 <u> r,-j 

SSTf!^ £ -t3?.?^.r: t g£&Sa=: 
ssssh: i. sa?“ i iszgg™ 

Burton 'A' 13 Lucas ludd— 25 gSop*” 8 "— 

§SSSs= u &L" P 

Dunlop———. Bb S'-E I. _ 20 nils 

Eagle Star. — if NM. WeiC. Bank. 22 ““ 

EJ4.L — IS Do Warrants 10 Brit Penoleam. 

Gen. Accident 17 P&ODfd 10 BunnahOil— . 

Gen. Electric- 18 Plesiej-. — . 4 Ctaaiterhall, 

Glaxo... 40 R.H.S1 5 Shell...—.—. 

Grand Met 9 Rank Ora. \V- IS Ultramar. 

G.UJS. a .V. — IS feed lath 1 A „ 

Guardian— 18 Spill ers .... 4 Mfne* 

G.IL\.— — 22 fcReO— Mn ^. 4 Charter Cons. 

Harter Sidd. 20 Thorn i 22 CowlGoM — 

BomearFraw. 12 Triisi Houses. 15 RioT. Zinc— 

A ejection or Options traded is given on the 
London Stock Exchange Report page 


RnsnfDIiP AKW^rallR PHONE 

■From only £150 per week 

19 Upper Brook Street, London, W1Y.2HS 

' 1 r,!NQ ANYTiMr . ' *’• V*'' " ' \. 

01-629 9232 




J^Sanplv snetea industrial a*** 

constructs SsiK* con ipicss-rs 

Thursday March 30 1978 


Go-ahead for £435m. Disagreement 

on Rhodesia’s 

petrochemical plant 


over-ruled objections from pro- 
test groups and gave the go- 
ahead for a £435m. petro- 
chemical complex to be built at 
Mosmorran. Fife, hased on 
natural gas from the Breut 

The decision was welcomed by 
Shell and Esso who want jointly 
to build a gas separation plant 
and by Esso Chemical, which has 
plans to build an associated 
ethane cracker. 

Esso Chemical will not make a 
final decision until it has weighed 
up the demand for ethylene and 
considered other factors at the 
end of the year. 

Outline planning consent has 
also been given for the land 
around the complex to he used 
by related industries, using pro- 
ducts from the cracker. 

Mr. Bruce Millan, Scottish 
Secretary, delayed his decision 
by almost three months while 
he studied a submission from 

This had expressed fears that 
radio transmissions in the area 

around the Firth of Forth from 
military and commercial sources 
could pose a safety .risk by 
igniting any escaping gas. 

Because of this, Mr. MiUan bas 
made the consent provisional 
and given protestors 38 days to 
make further representations to 

But it is clear from the condi- 
tion imposed on this point that 
final permission to build is 
virtually certain. 

Mr. Millan has accepted the 
advice of the Health and Safety 
Executive that no conclusive 
evidence exists of any radio 
hazard, and that even if a full 
study of the problem showed 
that such a risk was possible, it 
should be resolved by removing 
the source of transmission rather 
than cancelling the project itself. 

More than 50 conditions are 
attached to the consent dealing 
with environmental aspects, 
safety, and pollution. 

These are being studied by the 
developing companies, but many 
were raised before the public 

inquiry last year and have 
already been accepted by the 

Local authorities in Fife 
-welcomed the project as provid- 
ing jobs in an area of high 
unemployment. Little criticism 
has come from Mossmorran 

The plant will receive gas via 
the terminal now under construc- 
tion on the coast at SL Fergus, 
north of Aberdeen. A 130-mile 
pipeline will be built overland 
to Fife, but already, objections 
to the proposed route bave come 
from landowners. 

The matter is now with the 
Energy Department, which will 
have -to decide if a new public 
inquiry is needed. 

Shell and Esso hope to have 
the plant in operation by 1980. 

They have/ already contracted 
to sell methane from the Brent 
Field to the British Gas Corpora- 
tion and to export propane and 
butane to Northern Liquid Fuel 
International of Omaha, on a 
10-year contract that could be 
worth SlOOm. a year. 

new Cabinet 

Power workers expected 
to support pay policy 


of the Government's unilateral 
pay policy is likely to be 
crowned by the outcome of a 
secret ballot of power workers, 
whose pay negotiations threat- 
ened at one stage to undo the 
whole wage strategy. 

' The chief negotiator for the 
industry’s second largest union, 
the General and Municipal 
Workers* Union, which Is parti- 
cularly strong in the power 
stations, predicted last night 
that the pay offer would be 

Mr. Jack Biggin, national 
officer, told a conference or 
50 lay delegates of the union 
yesterday that the pay offer, 10 
per cent, on earnings plus an 

average £6 a week for self- 
financing productivity, was the 
best that could be negotiated. 

He said later that the mood 
of the conference appeared to 
be for acceptance, though no 
recommendation will be 
attached to the ballot papers 
to be posted to the 90,000 
manual workers. 

Some leaders of last 
autumn's unofficial action, 
which blacked out large parts 
of tbe country, were at the 
conference but were given 
short shrift, Mr. Biggin said. 

Some militants have already 
said they think the postal 
ballot, only the second in the 
history of the Industry, will 
show acceptance and bave said 

that they will not contest that 

The ballot, to be conducted 
by the Electoral Reform 
Society, closes on April 25. 
Workers will be asked if they 
accept an offer from the Elec- 
tricity Council which adds 
between 5 and 8 per cent, for 
productivity to the basic 10 per 
ccuL rise. For some workers 
the total package could be 
worth as much as 21 per cent., 
Mr. Biggin said. 

Rejection would mean that 
the executive committees of 
the four unions involved would 
consider whether to call official 
industrial action. This would 
certainly bring confrontation 
with the Government 
Civil . Service pay Page 8 

Steel scrap prices likely to rise 


THE BUYING prices for steel 
scrap— a useful barometer of in- 
dustrial activity — are to be 
raised by the British Steel Cor- 
poration next week by between 
12 per cent, and 18 per cent. 

The higher prices reflect a 
quickening of demand for 
British steel in the home mar- 

The EEC Davignon Plan to 
protect home markets against 
foreign steel imports is now im- 
proving the order books of 
British Steel and private sector 

Prices of most common types 
oF scrap being bougbt by steel- 
works for between £25 and £28 
a tonne will go up by about £3 



SHOWERS, sunny intervals. 
London. S.E.. E.' England, 

Showers early then mainly 
dry. Max. 11-13C (52.55F). 

S.W. England, Wales, Isle of 
Man. N. Ireland 
Sunny periods some scattered 
showers. Max. I2C (54F). 

Lakes, N.W., N.E., Cent. N. 
England, Borders. S.W. Scotland 
Showers, sunny periods. Max. 
10-UC (50-52F). 

Rest of Scotland 
Showers, bright or sunny inter- 
vals. Max. S-10C (46-50F). 

Outlook: Rain but bright inter- 
vals later. 



'C -F 

Amstrdm. n H 32 
Athens F IS 61 
Bahrain C 34 T5 

Barcelona F 16 61 
Beirut C IS SI 

Belfast F 
Belgrade S 
Berlin ' F 
Binnghm. F 
Bristol S 
Brussels S 
Budapest S 
1 B. Aires s 
Cairo S 
Cologne C 
Copnh <ipn. c 
Dublin C 
Edinburgh C 
Frankfurt R 
firwva F 
Glasgow F 
Helsinki R 
H. Konir S 
Jo 'bun: O 

Lisbon P 
London C 
Laxcrtiiwr. C 

9 4S 
19 66 
11 32 
9 -is 
14 57 
17 6ft 
23 S2 
14 5T 

9 46, 

10 so! 

14 57! 
J.4 64' 

7 4o 
2 .IS 
19 6ti; 
22 72 
14 S7j 

11 321 
11 521 

Madrid C 
Manchstr. F 
Melbourne R 
Mexico C 
Montreal C 

•C -F 
lft S3 
10 50 


Moscow C 

Munich S 
Newcastle F 
New Yorfc S 
Oslo R 
Paris C 
Penh S 
Prague S 
Rcykiavlfc X 
Rio do J'o C 


4 39 
17 63 

10 50 
15 50 

5 41 

11 52 
24 74 



Stack luilra 




Tel Aviv 






Xi PI 
17 63 
.11 K7 
9 49 
IS 64 
2i» 67 
•17 63 


Casblnca. c 
Cape Tn. s 
C.orfo S 

pttbmvnllE s 
Faro C 

Florence F 
Funchal F 
Gibraltar f 
G uernsey F 
Innsbruck . S 

Inverness S 
Is. of Man F 
Istanbul H 
C— cloudy. F 

16 61 

22 75 
1ft 55 
10 50 

12 54 
10 50 
17 S3 

23 77 
17 63 

13 » 
16 61. 
16 61 

15 59 

16 61 
9 48 

1* 64 

Jersey F 
Las Pirns. S 
Locarno F 

20 6S 
11 52 

15 64 
17 6ft 

13 59 
lfl 61 
17 63 

16 61 
16 61 
11 52 
17 63 
19 66 
16 61 

14 57 
23 5TJ 
17 63 
13 5a 

—Fair, s — Saner. R— Rain. 

a tonne. Increases of as much, 
as £5 a tonne are expected on 
the prices of the best quality 

Scrap merchants 3re confident 
that they will be offered the 
higher prices, although British 
Steel bas not made any announce- 
ment of its intentions yet. 

There is some excitement in 
the 0.5m. tonnes-a-month scrap 
trade over the price movements. 
They will present the Erst 
general increases in scrap trad- 
ing prices since the spiral into 
deprgsiion two years ago, when 
prices for steel scrap weie 
slashed from £50 a tonne to £25 
a tonne within a few months. 

The scrap trade has been in 
the doldrums ever since. Export 

business has been flow and 
British Steel has cut its scrap 
intake to a small percentage of 
usual levels because of the crisis 
in steel demand. 

Private sector steel companies 
have been active in the market 
with scrap purchases for the past 
few weeks and some firms have 
raised their prices. 

The first new British Steel 
orders at bigher prices are 
expected to be placed in the 
South Yorkshire area, where the 
Corporation's concentration of 
electric furnaces uses 30 per 
cent, of all the scrap bought by 
the Corporation. 

EEC proposal dropped. Page 2 
UJ5. price rise. Page 4 

Big building societies 
ready to help Grays 


THE FIVE biggest building 
societies are believed ready to 
step in to safeguard depositors 
with the Grays Building Society, 
Essex, which bas closed its doors 
after the discovery of M serious 
irregularities ” in its account. 

Tbe move by the big societies 
follows urgent talks at tbe Build- 
ing Societies' Association on 
how to prevent panic with- 
drawals when the society is re- 
opened, probably on Monday, and 
any general loss of confidence 
in the building society move- 

The possibility of a merger 
with a larger society, such as 
tbe Woolwich Equitable in south- 
east London, has not been ruled 
out Woolwich executives are 

carrying nut an investigation of 
Grays' accounts and activities on 
behalf of tbe association. Their 
findings, with details of the 
rescue operation, are expected to 
be announced to-morrow. 

The " irregularities ” in Grays’ 
accounts were brought to the 
attention of the chief registrar 
of friendly societies — the move- 
ment’s watchdog — after the 
recent death of Mr. Harold 
laggard the society's chairman 
and secretary. 

The consortium of societies 
asked to provide backing for 
any rescue operation are believed 
to be the Halifax, Abbey 
National. Leeds Permanent, 
Nationwide and Woolwich Equit- 

Gould it happen again. Page 1 


RHODESIA'S four-man, black- 
dominated executive council 
apparently failed to agree at a 
meeting to-day on the allocation 
of Cabinet portfolios for a new 
multi-racial Government. At the 
same time, combined operations 
j headquarters played dawn reports 
1 of a major guerilla incursion 
across the country's eastern 

The names oE tbe nine white 
and nine black Cabinet Ministers 
_ who will share portfolios were to 
|have been announced this morn- 
i mg, but the executive council 
I meeting broke up after an hour 
| and a half with an agreement to 
‘ meet again to-morrow, 
i It was not clear whether the 
disagreement was .between the 
three black parties or whether it 
reflected efforts . by the white 
Government to ensure that cer- 
tain portfolios were held by 
Chief Chirau’s Zimbabwe United 
People’s Party rather than Mr. 
Sithole's African National 

The key portfolios are presum- 
ably those of combined opera- 
tions. law and order, foreign 
affairs, information and internal 

The economic ministries — 
finance, transport,; agriculture 
— are not thought likely to be 
major bones of contention. 

To-day’s meeting was over- 
shadowed by two events: the 
reports of a major guerilla incur- 
sion into eastern Rhodesia by 
members of Mr. Robert Mugabe’s 
Zanla faction of the Patriotic 
Front and growing concern in 
the capita] that the Carter 
Administration is on the brink 
of denouncing the internal 
settlement agreement as com- 
pletely unacceptable- 

Mr. Ian Smith's ■ Government 

SALISBURY. March 29. 

fears that in his major African 
policy speech in Lagos this week- 
end, President Carter is likely 

to toughen the already unfriendly 

stance adopted by the State 
Department and by Mr. Andrew 
Young. UN Ambassador. 

Rhodesian combined opera- 
tions headquarters, in its first 
communique on last week's 
guerilla incursion into eastern 
Rhodesia just south of the town 
of Unitali, said to-day that initial 
reports had been exaggerated. 
This statement occasioned some 
surprise since military censors 
had . not altered reports on Tues- 
day describing the incursion as 
one of the biggest to bave 
occurred recently. 

But combined operations said 
to-day that reports or a large- 
scale incursion are exaggerated 
and .have “ no substance in fact." 

Earlier Press reports, 
approved by censors, had put 
the number of guerillas at about 
100 . 

“The facts are that a security 
force patrol surprised a number 
of terrorists in a base camp 
south of Umlali. Large quanti- 
ties of arms and ammunition 
abandoned by the terrorist 
group and a number nf leaflets 
were recovered by the security 
forces at the scene. 

“The number of terrorists’ 
surprised in this contact is no 
greater than other groups con- 
tacted and destroyed in past 
actions in this operational area,” 
combined operations said. 

“Routine follow-up operations 
are in progress." the statement 
added. Ever since the New Year, 
the war has been expected to 
intnsify. particularly since March 
3 in reaction against tbe internal 

Renewed hopes. Page 3 


Casino booster 
for Ladbroke 

S. Africa introduces 
tax concessions 


SOUTH AFRICA to-day intro- 
duced significant tax concessions 
for companies and individuals, 
aimed at a limited reflation of 
the country's depressed economy 
and “surmounting those forces 
bent on destruction." 

They were announced by Mr. 
Owen Horwood, Minister oi 
Finance, in his annual budget 
He also introduced new restric- 
tions on holders of securities 
rands — the mechanism through 
which foreign investors buy and 
sell locally listed shares. 

He left unchanged, however, 
the rules for remitting overseas 
the proceeds from the sale of 
direct investment and funds aris- 
ing from normal portfolio trans- 
actions in tbe Republic. 

Mr. Horwood also announced 
a new financial instrument, 
securities rand bonds.' which 
would now be the only bond 
available to securities rand 
holders wishing to transfer 
freely their funds overseas. 

Up till now, securities rand 
purchasers have been able to 
buy a wider range of government 
stocks. The redemption period 
has been five years, whereas the 
new bonds have a minimum, re- 
demption period of seven years. 

The Minister, holding out the. 
prospect of renewed economic 
growth with the tax concessions, 
also announced the introduction 
of an across-the-board sales tax. 


offset by increases in food sub- 
sidies and pensions. While 
spending on housing and educa- 
tion are to be stepped up, the 
country's massive defence 
budget will actually decrease, he 

Mr. Horwood said that his 
policy was one of “growth with 
financial discipline,” and his 
primary aim was to strengthen 
South AFricas economy. To do 
so. he was relying primarily on 
fiscal policy, but the standstill in 
defence spending, and general 
restriction on government spend- 
ing, would allow the impetus for 
economic growth to come from 
the private sector. 

Total Government spending in 
the coming year will be a record 
R9.81bn. (£6.13bn.). an increase 
of 9 per cent, while revenue is 
estimated at R7.67bcu an 
increase of only 6 per cent. 

Principal measures in the 
Budget include the abolition of 
the existing 10 per cent, income- 
tax surcharge, and cutting the 
company tax surcharge by 2.5 
per cent, to 5 per cent. 

A loan levy imposed on com- 
panies is also to be repaid earlier 
than intended — in July this year 
instead of February next year. 
The flat-rate poll tax of R2.50 on 
all African males is also to be 
aholished. and total tax conces- 
sions amount to more than 

Tory advertising plan 


FOR THE FIRST time in 20 
years the Conservative Party 
is to employ the creative 
talents of a major advertising 
agency in its run-up to the 
general election. 

It has chosen Saatehl and 
SaatcfaE Garland-Comp ton, the 
sixth biggest agency, reported 
advertising billings of which 
last year totalled £3 7.4m. 

Saatctu's is renowned for 
stylish, aggressive, highly 
effective campaigns for clients 
including Procter and Gamble, 
Dunlop, United Biscuits, 
Brutus Jeans, British Ley land 
and Rowntree Mackintosh. It 

has produced eye-catching 
work for the Health Education 
Council on smoking and ou 
family planning. 

Since the Macmillan era, 
when the Conservatives em- 
ployed Colman Prentis and 
Varley, the party has used 
advisory committees to recom- 
mend advertising strategies, 
and has relied on agencies only 
to handle buying of media 

The appointment of Saatchi’s 
is thus thought to reflect a 

major change in Tory 


Marketing, Page 15 

Import curbs urged to save jobs 


A WARNING that unemployment 
in the U.K. could rise to 
4,6m. by 1990 unless current 
econumic policies ure changed, 
or mass emigration occurs, comes 
to-day from a group of leading 
Cambridge economists. 

The annual review of the Cam- 
bridge Economic Policy Group, 
headed by Mr. Wynne Godley, 
argues that policies to reverse 
Britain’s industrial decline — 
involving at least a 50 per cent 
increase in manufacturing invest- 
ment for a decade to prevent 
higb unemployment — will not 
work without extensive protection 
by means of import controls or 
other discrimination in favour of 
home industries. 

The group suggests that a 
genuine international solution to 
the problem of differing growth 
rates should involve assistance by 
the relatively successful countries 
to tbe others by budgetary trans- 

fers and other means along the 
lines of U.K. regional policy and 
tbe UJS. Marshall Plan in Europe 
after the last war. 

The review claims that the 
group's warnings over the last 
six years about a growing depres- 
sion with fiat production and 
rising unemployment have been 

The group says it is wrong to 
shift the blame for the U.K.’s 
position on to excessively con- 
tractionary policies abroad. 

“According to our calculations 
the lUG’s trade performance 
looks like being so poor that even 
with a rapid growth of world 
trade it would still be impossible 
to restore full employment with- 
out radically new policies." 

Different approaches are com- 
pared and the group suggests 
that on the basis of orthodox 
policies, aimed at achieving cur- 
rent account surpluses to prevent 

a depreciation of sterling, the 
future rate of growth of Gross 
Domestic Product would probably 
have to be held down to below 
3 per cent, a year up to 1980. 
below 2 per cent, a year in the 
early 1980s -and to zero by the 
end of the X9S0s. 

On this basis, unemployment 
would rise to 1.8m. in 1880, 2.9ra. 
on 1985 and to 4.6m. in 1990. 

A strategy of continuous 
devaluation would hold unem- 
ployment at about its present 
level although it is described as 
impractical because, even with 
strict control of money wages 
it would require a reduction in 
the exchange rate down to SI by 
1985 to 65 cents by 1990. while 
it would involve a massive rise 
in the share of profits in income 
at the expense of wages. 

The group says that import 
restriction would reduce unem- 
ployment to lm. by 1985, and to 

500,000 by 1990. by stimulating 
the rate of growth to 4 per cent 
a year. 

The high rate of output growth 
made possible by import restric- 
tions would make it easier to 
bring down inflation beeause it 
would enable a faster growth of 
real wages to be sustained — 
much more rapidly than under 
orthodox policies by the mid- 

The degree of restriction 
required is estimated at about 
a quarter of total imports of 
manufactured goods by the late 

The review also contains a 
strong attack on the monetarist 
analysis which, it claims, has 
“ fostered the false belief that 
much of the increase in unem- 
ployment bas been voluntary* or 
has been caused by real wages 
being too high." 

Economic viewpoint Page 19 

600 r£M 




1973 74 '74 5 1 »5 6 *767 

,uuk. aatifo wwjggujf ww 

There was a strongly technical ^ 
flavour to yesterday’s strength of r0se 8.0 to 468.1 

equities, ahead of possible new . _ • 

time buying after hours for the 
next account, which covers the 
Budget. Stores led the way, with 
the sector index up 21 per cent 
But gilt-edged continued on their 
nervous tack — the F.T. Govern-, 
meat Securities Index has now 
fallen on six nut of seven trad- 
ing days since tbe last money 
supply figures were published. 

Ladbroke Group 

In achieving the profits fore- 
cast of just over £24m. pre-tax 
made two months ago during 
the Leisure and General take- 
over struggle Ladbroke Group 
has disclosed the hefty contri- 
bution made by the casino inter- 
ests to the overall growth of 
5S per cent, in 19</. Against 
the background of a 50 per been decentralised into sub- 
cent. rise in the drop (cash sifliaries — and the other will be 
changed for chips} in London jere-prescntatiun of the same un- 
casinos, Ladbroke’s profits from helpful figures in the Anglo- 
this activity jumped from some Saxnn style, with categories like 
£6ra. to £13m. The challenge of fixed assets, current assets etc. 
the current year will be to keep the balance sheet, 
up a reasonable overall growth jt se em$ that the planned emi- 
rate given an inevitable slow- soudaiimi nf the Fiat accounts 
down in the dizzy advance by ^ st jn up three years off. and 
casinos — though turnover here ihen the figures will prob- 
sn far in 197S has been some ably llul be audited, at least tor 
10 per cent, ahead of the com- few years. The only 

parable 2977 returns, and the consolidated figure which Fiat is 
group will be able to count on p re p are d to reveal at Ibis stage 
a first time contribution fro® turnover, which is said to have 
the . casino on the jumped bv a quiirler t „ Lire 

Island of Kish in the Persian n Mnbn in 1977i presumably 

L ... reflecting Fiat's share of the 

In fact Ladbroke is optimistic European car market boom, 
about prospects elsewhere _. . ... . . - ... 

especially in hotels, property 1 f'j 11 sa *f 11 S ainc d _•* 
and housebuilding, while the n J ^ 

retail betting division reports a J? dun,,J j !?*/.* V] 

good start to the year despite ^ unipe ,l! * ? „ s *!!?, C VI ? 

the impact of severe weather on ®\ so V f .,r it'i SViu 
the racing fixture list. Including / 

a contribution from L and G the JJ* lt 11 bei .'V a t ' f * r „ l 1 ! 1 

group could be heading fur a ^ a accounts disclosed profits 

furthe/snlid advant ,o klm « Ur. 63bn. for Fiat 

or so in 1978. a gain of over a 

Spa in 1977— should be about the 

quarter, though the improve- ! h * 

ment might not be much more at f* 1 ™ , bul 

than half as much at the earn- capital redemption 

ings per share level. The shares and d^nbutiim scheme, share- 
offer decent value on a yield Hfldere should get 10 per cent, 
of 5.9 per cent, and an historic more than last >' ear * 
p/e of 6.3 tor just over S fully 
taxed) but there could be a Life insurance ' 
degree of nervousness ahead of ...... „ _ 

this summer's report from the exception of sumo 

*»■» c — « 

Pj a + clutch of 1977 results From four 

1 . . life insurance groups was 

Fiat is planning to provide rather encouraging for a sector 
ils shareholders with two sets which has been outperforming 
of accounts for 19 k in a few* the market since hair way- 
weeks’ time. One version will through last year. The figures 
be the usual set of Italian from Equity and Law, although 
statutory accounts — co%-ering positively skeletal, appear to be 
whatever happens not to have ahead of market targets. The 

Pt-qrl, I'm*. Hun beaten expecta- 
tions dcMpilo .mother poor 
showing on general underwrit- 
ing. And the best surprise of 
all comes irom London and 
Manchester, which in order to 
expand in non-hfe business has 
announced a rights issue that 
is mnde.Nt hi Mil? <£!.im.) hut 
significant in impact — it 
enables the dividend to rise by 
a quarter. 

At Legal and General, •un- 
able losses in Western Europe 
have pushed general underwrit- 
ing losses up to i'3.9m. And the 
transfer to profits o:i long-term 
business has fallen to. 12.3 per 
cent, of the total surplus, a 
drop of over I? points in the 
Inst iwu years. The group should 
be the main beneficiary from 
the upturn in new pension huss- 
iie?s expected this year. How- 
ever this will noi show through 
in profits for several years, am! 
ns inflation threatens to creep 
up again L and G -(yielding n ! 
per vent.) along with most of 
the re*d of the sector may find 
it harder to out peri urn* slid re 
prices generally. 

South Africa 

Tin* 197S-79 South African 
budget is morn expansionary, 
than some observers had been' 
expecting and it seems clear 
that with a token 0.3 per cent 
rise m real GDP in 1977, the 
South African Government cs 
anxious u> increase the growth 
rate at all costs. The key 
budget measures involve a re- 
duction in direct taxation and 
an increase in indirect taxation. 
Expenditure is forecast to rise, 
by Si per cent, and revenue by 
fi per cent, and Iht- only slight, 
surprise is the 6 per coni, cut- 
hack in defence spending. 

The authorities have also 
tightened up nn non-resident 
purchases of securities rand. 
Last year, many foreign in- 
vestors. in particular the Swiss, 
were buying government bond? 
on effective redemption yield* 
of up to 26 per cent, using the 
securities rand. After tiu* years 
they were able to redeem those 
securities through the official 
exchange rale. Under (he new 
rules this privilege is now res- 
tricted to just one special issue 
— a d per cent, securities 
bond. This will be nnn-negfl- 
tiable and freely transferable 
only after seven as opposed In 
five years. This should curb 
the sizeable foreign punting 
that took place in South African 
bonds last year and. incident- 
ally. make it slightly harder for. 
foreign companies lu disinvest 
from South Africa. 




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