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i Worldwide Construction 
Management 

Telephone: 01-422 34SS i ■-&£? 
\ Telex: 922810 _ 


Bovis 


LONGINE! 


No. 27,522 


Friday March 31 1978 


WNTIHENTAL MLLIHG miCSS: AUSTRIA Sch.15; ^S ; DENMARK Kr.3.5, FRANCE FrJ.O; GERM A NT DH2J; ITALT L.MO; . NETHERLANDS 


% Worlds 
Most 
Honoured 
7 Watch. 


F1.ZJ{ NORWAY Kf.I.t; PORTUGAL beJB; SPAIN PtM.40; SWEDEN kr.335; SWITZERLAND FoJUJj EIRE ISp 


news summar 


BUSINESS 


Mti= =-— City launches new 

)r()!\ (i Nkomo Fears of securities body to 


f £ AGAINST 
301— THE DOLLAR 


guerillas 

abduct 

children 


interest 
rate rise 
hit gilts 


BY MARGARET REID 


■ &■ 




Slack nationalist guerillas loyal 
.0 Mr. Joshua Nkomo, co-leader 
)f the Patriotic Front, abducted 
120 black Rhodesian school- 
children and 12 teachers and 
took (hem over the border to 
Botswana. 

Last night Botswana said that 
184 of the children had asked to 
■eturn to Rhodesia and traosport 
flrouW be arranged. The 
‘Cinainder had opted to stay. 

The children who are boys and 
girls, aged between 13 and 20, 
.vere escorted at gunpoint from 
Tegwani mission school, the 
Methodist Church in Rhodesia 
said. 

In Salisbury, the four-man 
Supreme Executive Council met 
3gain without naming the 
planned IS-man Ministerial 
Council. The Rev. N. Si thole, a 
member of the four-man team is 
a former pupil of the mission 
school. Page 4 

Barre may head 
hew Government 

President discard d'Estaing. who 
received M. Raymond Barre, 
Prime Minister, last night, has 
summoned a meeting of his out- 
going Cabinet for to-day. 
M: Barre is expected to be asked 
to lead the new Government 
which is likely to be formed 
early next week. Page 3 

Tanker depth 
charged again . 

French naval helicopters depth- 
cb arced the wrecked super- 
tanker. Amoco Cadiz, for the 
wound successive day in the 
hope of draining any remaining 
oil. Six British ships patrolled 
south of. Guernsey as oil patches 
.ippmwched the Channrl Islands. 

MPs on the air 

l.ivi* radio braidcasting of 
Parliament is to begin on 
Mnnriu>. Tiie chief attractions 
at the outset will be Prime 
Minutcr’s Question Time twice 
weekly and Chancellor Denis 
Healey’s Budget un April 12. 
Back Page 

Soccer arrests 

After seeing their team beaten 
in rhe European Cup semi-final, 
first leg, rampaging Liverpool 
fans looted a cross-Channel 
terry duty-free shop , and 
stripped a motorway shop at 
Gillingham. Kent. Up to last 
nigh I there had been 23 arrests. 

Cricket bar 

The West indies Cricket Board 
of Control has banned all players 
■‘ ,r contracted to Kerry Packer's 
<ri World Scries Cricket from taking 
k part in further matches during 
Australia's tour of the Caribbean. 

Aid for Gypsies 

Gypsies in Britain and Ireland 
are to get help from a £40.000 
' research and education project 
on Gyps\ life under an EEC 
£420,000 anti-poverty programme. 

‘Briefly--. 

. The Quern and other members 
.' «l i ht* Royal Family arc to get 
t pay rises, the Treasury’ said. 

| Mr. James Callaghan, Prime 
I Minister, arrived back in London 
I alter spending a week in 
t Washington. 

a Twelve passengers were injured 
e in a rail accident on Southern 
I Region's Waterloo to Busing- 
f -hike line. 

I Olga K or hill, 22, the Soviet 
Olympic gymnast, has retired 
from the sporl. il was reported in 
Moscow. 

Mr. liavid Duke. Ku Klux Klan 
Irader. who hits hecn served with 
a deportation order, left Britain 
v esterday of his own free will. 


• GILTS were affected by 
growing concern about a pos- 
sible rise in short term interest 
rates and recorded losses ex- 


A new voluntary system for the regulation of London's securities markets was I 
launched yesterday under the aegis of the Bank of England. The new body, ! 
to be known as the Council for the Securities Industry, is to be headed, asi 
expected, by Mr. Patrick Neill. I 


- F.T. GOVERNMENT 
»- SECURITIES INDEX 


rtlfP * ' esitra.iy nut limn Iitv win. 

ff Two miurrs were crushed lo 
I il/i*’ - « f- death at Lady Windsor colliery, 
*■ * j , | Vnysyliwl. Glamorgan, 

m. Jh C* Time Heyerdahl, the Norwegian 
explorer. arrived al Djibouti 
^ if a boat (I his rood boat .Tigris, four 

*" months after leaving the 

Euphrates estuary. 


? _ h977| I n378| I 1 
OCT NOV DEC JAN FEB MAR 

tending toj. The Government 
Securities index fell for tbe 
fourth successive trading day', 
closing 0.39 lower at 74.05. 

• EQUITIES were subdued by 
interest rates fears: Urn FT 
30-share Index closed 0.4 lower 
at 467.7. 

• GOLD fell $1* to 41701 in 
nervous trading. 

• STERLING Fell 2.0$ cents 
to SL8615. Its trade-weighted 
index was 612 (02.8). • . The 
dollar’s weighted average nar- 
rowed to 6.03 (6.04). 

• WALL STREET closed 2.16 
lower at 759.62. 

• US. MONEY supply: Ml 

S340.7bn. (53384bu.):. M2 

SS2L2bn. (SSlSJbn.); commercial 
and industrial loans at 'major 
banks up 3251m. (down 3225m. 1: 
Fed funds 6.82 (6.77) percent.; 
90-119 day coimncr cip! j 

unchanged at 6.75 per cent . ■ 

Leyland regains 
market lead 

• LE YUAN D has ‘ regained 
leadership of tbe U.K. market 
from Ford with more than 28 per 
cent, of sales this month. It bad 
21 per cent, at tfu? beginning of 
the year. Back Page 

• THE U.S. and West Germany 
have started detailed prepara- 
tions for the Western Economic 
Summit Conference in Bonn in 
mid-July. Relations between the 
two have improved markedly. 
Back Page. The value of U.S. 
trade with the Soviet Union fell 
27 per cent, last year. Page 6 

• GAS from tbe North Sea might 
be used to generate etectricity. 
Page 8. Norway has reduced its 
estimates of oil production and 
revenue. Page 1 B r itish esti- 
mates, Page 27 

• MR. MAURICE HODGSON 
takes . : over the chairmanship of 
IC1 to-morrow. Tbe company’s 
annual report shows the chair- 
man's- salary was £95,000 last 
year. Mr. Hodgson said his take- 
home pay would be about £25J»0, 
while a comparable job in the 
U.S. would give £250,000. Page 15 

.• ASLEF, the train drivers' 
union, has been told by an 
inquiry panel to sort out its 
grievances within British Rail’s 
existing procedures. Page 10 

• PRESIDENT CARTER and the 
president of United States Steel 
clashed publicly over the 2 per 
cent, rise in steel prices which 
the company announced on Wed- 
nesday. Page 32 

• INDIA has called on foreign 
companies producing “ low ” techr 
oology drugs to reduce their 
equity holdings in local subsi- 
diaries to 40 per cent Page 33 

COMPANIES 

• LUCAS Industries pre-tax 
profit fell to £27.61tn. (£34 .67m.) 
in the half year to January 31, 
197S. reflecting tbe effects of its 
toolroom strike. Page 28 and Lex 

• HOUSE OF FRASER raised 
pre-tax profit 30/S per cent, to 
a record £3BJ2oi- in the year to 
January 28, 1978. Page 28 and 
Lex 


Mr. Neill, who is 51, is. the :/ -W 
Warden of All Souls College, 

Oxford, and chairman-designate ]£&&£ 
of the Press Council. 

The securities council is the 
outcome of an attempt by the 
City .to fend off live possibility of 
a legally-based supervisory 
authority on the U.S. model. 
Eighteen months ago the Govern- 
ment issued a call for an improved 
system of voluntary supervision. 

Maintenance oi the highest 
ethical standards in conducting 
business in the securities indus- 
try is the first of a number of 
objectives of the 2Q-member 
body listed ' by the Bank of 
England yesterday. 

The council, .whose launching 
has been blessed, by Ministers, 
will be backed by the various 
City associations, as well as the 31 
Confederation of British Indus- 
try. in spite of protests by some muc h 
Labour MPs at its lack of legal with \ 
powers. the cc 







m 



A levy of BOp on deals of over 
j £5.000 in U.K. stocks and shares 
I is to provide the bulk of the 
j £600,000 annual cost of the 
1 council, including the City Take- 
over Panel, which will continue 


Terry Kirk 

MR. PATRICK NEILL 

much as at present, but perhaps 
with wider duties as an arm of 
the council 

The various City bodies will 
make some contribution to the 
cost and the Bank of England 
will stand ready to make up any 
shortfall in the financing. 

Lord Shawcross, the former 


Attorney-General who is 76 and! 
has been chairman of the panel 
throughout its nine-year life, is 
to remain in that role and will 
be. a member of tbe new council 
ex-officio. 

Heavier duties will fall on Sir 
Alexander Johnston, 72, the one- 
time chairman of the Board of 
Inland Revenue, who is deputy 
chairman of the panel. He will 
also take on the job of deputy 
chairman of the new council and 
so will provide an important link 
between the two bodies. 

Much remains to be defined 
about the exact method of opera' 
tion of the council, which is ex- 
pected to meet at least once a 
quarter, and the way in which 
complaints or problems would 
come to it. 

Matters within its ambit are 
likely to include cases of alleged 
insider trading and objectionable 
share deals by directors of com- 
panies, at least until the Govern- 
ment brings forward its intended 
legislation relating to these 
matters. 

Supervision of the securities 
Continued on Back Page 

Editorial Comment, Page IS 


Weizman mission fails 
to revive peace talks 


BY OUR FOREIGN STAFF 

PRESIDENT Anwar Sadat of 
Egypt and Mr. Ezer Weizman. the 
Israeli Defence Minister, yesterday 
failed »n agree on terms for 
.1 iinn nf the peace oeqotia- 
'„jns which u»-.c broken off in 
January- 

After' two hours nf talks, an 
Egyptian official said: “ The stale- 
mate in the situation continues 
until Israel changes her position 
and progress is achieved." 

Until Israel shifted its stance, 
the military and political commit- 
tees, set up after Mr. Sadat’s 
! peace initiative and mission to 
Jerusalem last November, would 
not resume their work. 

Continued deadlock seemed a 
foregone conclusion after the 
l Israeli Government’s decision 
not to alter the peace plan which 
it presented just before Christ- 
mas — particularly on the ques- 
tion of Palestinian self-determin- 
ation — or to agree to abandon 
Israeli settlements in occupied 
Arab territories. 

Mr. Menaheui Begin, the 
Prime Minister had hoped that 


proposals submitted by him to 
President Carter last week would 
open the way for a resumption 
of direct contacts and a mutu- 
ally ' acceptable declaration of 
principles Optimism, however, 
rested only on the emphasis 
placed on Israel’s willingness to 
allow Palestinians — though not 
the Palestine Liberation Organi- 
sation — to participate in talks 
about the future of the West 
Bank and fo .keep in abeyance 
for five years the question of 
sovereignty over tbe terirlory. 

Mr. Sadat, in public, is still 
adamant that the Israelis should 
withdraw from all Arab terri- 
tories occupied in 1967 and tbai 
Jewish settlements on them 
should be dismantled, especially 
those in Sinai. 

In Israel, the view was that 
Mr. Weizman ’s trip to Cairo 
was an exploratory one. It was 
emphasised by the fact that his 
visit was officially treated in a 
very low key — ms trip was not 
confirmed until lunch time after 
he had departed. 

The Egyptian Government is 


believed to have wanted the 
visit kept secret but It was 
reported by Israeli newspapers 
earlier this week. 

‘ Mr /V-’ffep"?;?'** accompanied 
by Fry*.: 7 Ji .on Barak, the 
Government's chief legal adviser, 
which suggested that the ques- 
tion of Jewish settlements would 
be a matter of priority. The talks 
were also attended by General 
Mohammed AbdeJ-Gbani Gamassi, ; 
Egyptian Minister of War- 
In the continued absence of 
Jordan and Syria from the 
negotiating process, it was 
believed lhat the Israeli Defence 
Minister might have been prob- 
Lng tbe possibility of a pact 
falling short of a full peace 
agreement — involving further 
demilitarisation.' of Sinai, an 
extension of the U.N. buffer zone ; 
and a large-scale Israeli with- 
drawal — though not to the inter- 
nationally recognised boundary 
or the pre-June 1967 ceasefire 
line between the two states. 

More Middle East news Page 4 
Troubles build up for Sadat 
Page 18 


■— STERUM 

I-—" I r 


| - J Tratfc-umqhiril n kxUm Stltomnl 
62 | tmal nl«( ipM 2 D rilw CMremr 

JlSTT.^-r— |B7», , 

OCT NOV DEC Jflil FEB MflB _ 

Pound 

falls 

sharply 

By Peter Riddell, Economics 
Correspondent 

STERLING fell sharply yester- 
day in face -of heavy and 
persistent selling in the after- 
noon. The trade - weighted 
index closed at its lowest 
level sinee August 
Tbe pound dedtned by 2.05 
cents during the day to 
51.8615, (he lowest closing 
level since mid-December, after 
touching a low or SL85871. It 
improved a little in New York 
later to close at 8L8657J. 

The trade-weighted index 
declined by 0.6 to 62.2, below 
the level when the pound was 
allowed to float freely in 
October. This compares with 
63.9 a week ago and represents 
a decline of 6} per cenL since 
the peak at tbe end of January. 

Dealers said there was no 
significant attempt by tbe 
authorities to half the decline 
which they attributed partly 
to increased concern about the 
UJK.’s current account pros- 
pects later this year, while 
the pessimistic assessment or 
the medium-term out too k front 
rhe Cambridge economic policy 
group may have influenced 
sentiment. 

Tbe decline in sterling In 
the last few days may have 
been affected as much by 
market reaction to the stabili- 
sation or the dollar against (be 
stronger European currencies 
and also the removal or 
immediate fears about the 
French franc after the recent 
elections. Consequently, opera- 
tors who had built up sterling 
positions to hedge against the 
dollar may be. switching out 
now. 

The sizeable decline In the 
trade-weighted - Index in the 
last two months is a mixed 
blessing for the authorities. 
On tbe one hand, the Tall eases 
some of the growing concent 
earlier this year In industry 
and in Whitehall about the 
erosion of the competitive 
position of UJL goods. Sterling 
is. for example, lower against 
the West German mark than at 
the worst period of autumn 
1976. 

However, the fall in sterling 
also means that the 10-month 
decline iu tbe cost of indus- 
try’s raw materials is now 
almost certainly over 


BP to invest 
a record 
£1.25bn. 

BY RAY DAFTER, ENERGY CORRESPONDENT 


BRITISH PETROLEUM expects 
to invest a record £]Jl5bn. this 
year. 57 per cent, more than 
last year. About half the money 
will be spent in the U.K., 
particularly on offshore explora- 
tion and production. 

The investment programme, 
outlined yesterday by Sir David 
Steel, chairman of BP, means 
that the company is returning to 
the record levels of expenditure 
during 1976 when the develop- 
ment of Ihc Trans-Alaskan pipe- 
line and the big Forties Field in 
the North Sea accounted for the 
bulk of the £lbn. spent. 

About £500m. is earmarked for 
oil an d gas exploration and pro- 
duction this year. The annual 
report confirms that BP is 
planning to spend £1.25bn. over 
the next few years on the 
development of the Magnus Field 
in the North Sea. 

However, capital allowances 
for the Magnus development can 
be claimed against the Forties 
Field tax bill. 

Sir David said that about 
£200m. would be invested at a 
number of the company's 
refineries. Although the in- 
dustry had been hit by serious 
refining over-capacity in Europe 
— a problem, he said, which bad 
to be tackled by both govern- 
ments and companies — there 
was a need for more facilities 
to make high grade oil products. 

It was important to prepare 
refineries for the day when oil 
would be scarcer and more ex- 
pensive and reserved primarily 
for chemical manufacturing and 
transport needs 

Of the remaining planned in- 
vestment, about £200m. would 
go into the group’s marketing 
operations and a further 
E200m on expanding chemical 
activities. 


New image 


Although BP would be chan- 
nelling more funds into its 
growing coal business, the group 
had no plans for major diver- 
sification outside its existing 
sphere of operations. N 

However. I he . company is 
planning to change .a tides, 
of association to reflet’ its glow- 
ing international imam' Share- 
holders will he asked at the 
annual meeting on May 4 to 
endorse a move aimed at lifting 
a ban on non-British directors 
of the company. 

“We feel il is discrinunaiory 
to say a director of ibis com- 
pany must be British.” said Sir 
David. “We are international 
and it is right that wc should 
be seen as such " 

While there was no " imme- 
diate intention ** of appointing 
foreign directors, il was recog- 
nised that at some future dale 
a Board member from outside 
the U.K. miahi provide valuable 


help and experience. 

The proposed changes — which 
would also end a ban on Board 
meetings being held outside 
England — would pave the way 
for tbe day when tbe U.S. oil 
group, Sobio. became a subsi- 
diary of BP. ff is possible that 
a Sobio director will eventually 
Join the BP Board. 

BP‘s slake in Sohin crows as 
the flow of oil through the Trans- 
Alaskan pipeline builds up. By 
this summer the volume should 
reach 1.2m. barrels a day. siving 
BP a 51 per cent, interest in the 
U.S company. Sohm would be 
consolidated into BP’s accounts, 
although it would continue as a 
U.S.-managed company. 

BP Chemicals investment. 
Page 7 

Men and Mailers. Page 18 

North Sea Oil problems, 
Page 27 

Annual report. Page 30 
Lex. Back Page 

Sir David also confirmed that 
BP had been involved in infor- 
mal and unofficial talks about 
the State of Alaska’s possible 
involvement in the pipeline sys- 
tem. The group has a 15.84 per 
cent, interest in the pipeline 
with Sohin holding a further 
33.34 per cent, stake. 

Mr. Robert Adam, a managing 
•director, said that the possibility 
of a State involvement in the 
pipeline had heen known about 
since 1970. BP had always heen 
interested in such a proposal. 
However, any proposal must 
come initially from the State of 
Alaska. 

There were now more hopeful 
signs that a t ran* U.S. pipeline 
would be completed to cany 
Alaskan crude from the West 
Coast, Mr. Adam added. 

In the meantime, Sohio and 
BP had taken steps to carry 
much of the oil to the East Coast 
via the Panama Canal. “One 
doesn’t envisage oil being left 
in tbe ground." althougn it was 
recognised that the West Coast 
alone could not absorb all of 
the Alaskan out out. 

In the U.K., Sir David aairt that 
BP wax now spending £4m. a 
year merely on providing the 
Government » ilh information 
about its business operations, 
taxation liabilities and North Sea 
plans 

“ It is an onus on our people 
who have to produce bits of 
paper but who are never quite 
certain why these bits of pa per 
are needed.” 


£ in New York 


Ilmrli.tO ! PtCTHMi* 




1 iii . .111 It C.C'.’ ni-.O.Ui pr 0.CG ili--0.iv. ,i.-j 
3m«iiili- C>.iX-i-0.(£ ili> 0.07-0.01 A i - 

12 ui.-suli- Ct.80-0.Ab . 11 * 0.600.40 di* 


Zambia cuts sales of copper 


| BY MICHAEL HOLMAN 

' ZAMBIA, the world's second- 
i largest copper exporter, an- 
nounced to-day that it had been 
forced to cut all sales negotiated 
for 7978 by 75 per cent., starting 
1 with deliveries for May. Deliver- 
ies under long-term contracts to 
Western Europe (including 
I Britain), Japan, India and China 
| will be affected. 

In announcing the force 
msjeure declaration, the 
country’s metal-marketing cor- 
poration (Meraaco) blamed “pro- 
duction and transport con- 
straints” which would take 
.“qulic some time to overcome." 

Land-locked Zambia’s trans- 
port _ difficulties have been 
^worsening over the past six 
months aggravated by the 
closure of previous export routes 
via Angola and earlier via 
Rhodesia. Officials at the Tanzan- 
ian port of Dar-es-Salaara 
estimated that at least 50.000 
tonnes of Zambian copper are 
held up there, while a further 


10.000 tonnes are believed to be 
stockpiled at the mines. 

The problem is caused by a 
90, 000-tonne backlog of Zambian 
imports at Dar, which now 
handles nine-tenths of Zambia’s 
trade. The backlog is due to in- 
adequate handling facilities, a 
shortage' of wagons on the Tan- 
zania Zambian Railway, and a 
scarcity of trucks on tbe road 
link between tbe two countries. 
Tbe position is further aggra- 
vated by a slow turn-round of 
wagons once they reach Zambia. 

Production difficulties include 
a shortage, and high turnover, of 
skilled expatriate workers. About 

4.000 are working on the copper 
belt, between 500 and 1,000 short 
of requirements. In addition, the 
country's foreign exchange and 
transport problems have led to a 
shortage of spares and equip- 
ment. 

John Edwards, Commodities 
Editor, writes: Copper prices 
jumped sharply on the London 
Metal Exchange on the news that 


LUSAKA, March 30. 

Zambia was going to declare 
force majeure, even though it had 
been anticipated for some time. 
But values eased in later trading 
when the cut was announced at 
15 per cenG, starting from May. 
since the market had been fore- 
casting a reduction of al least 20 
per cent. 

Based on last year's reduced 
Zambian output of 650,000 tonnes 
— the lowest level for ten years 
—the 15 per cent cut in sales is 
equal lo 97,300 tonnes a year or 
just over 8,100 tonnes a month. 
This compares with world stocks 
of copper estimated to exceed 
2m. tonnes, with nearly 600.000 
tonnes in the London Metal 
Exchange warehouses in Europe. 

There is thus no shortage of 
copper supplies. But prices have 
risen by nearly £100 a tonne to 
more than £700 a tonne in the 
past month In anticipation of 
production and sales cuts by pro- 
ducers suffering heavy losses at 
present market price levels. 

Details Page 39 




Mr Square Footage's 
industrial services 


CONTENTS OF TO-DAY'S ISSUE 


CHIEF PRICE CHANCES YESTERDAY 


l Prices in pence unless otherwise 
indicated) 

RISES 

Bcri-ford (S. and W.) 222 + fi 

Biddle Hides 84 + 0 

Gill and Duffiis 222 + 9 

Gough Copper 86 + 4 

Hinton <A.l 74i -*■ 4* 

Li! ley IF. J. C.V .7—. 72 + 5 

Lucas Intis 273 +. 7 

Marchwiel 27G + 6 

Pye Holdings 300 + 5 

ReckKt and Colinan 423- + til 

S and U SKWs 

Sulhcby Parke Berne t 243 + fi 
Stanley (A. G.) ...... 123 + 10 

Western Motor 93 + 5 

Royal Dutch ..£461 + U 

Bcrjumal . 230 + 5. 

Cons. Gold Fid. AusL zso -f 5 
Conzinc • Riotinto - IRS -+ 13‘ 
Mftl Hldgs. 163 + 13 


Messina 66 + 4 

Xnrthcale Exolnr. ... 310 + 25 

BTZ 200 + 7 

Suncei Bcsi — 163 + 9 

Union Cri> 284 + 4 

FALLS 

Trees. 12pc 19SS . ; jat»7J - I 
Excheq. lSJpc , 9fi:..£1123 - i 

Aurora Hides 94 -.4 

DBA 47-3 

Bridon ,9? “ 10 

House or Fraser 14a - B 

House of Lerosc ... 57 — 4 
Martin fR. P.) . . W - « ■ 

Primrose Ind. Hldgs.- 7S — 6 

Rotark - - H 3 ” * 

UDT 40. - 3 

Wagon Finance 91 “ 6 

Durban Deep 232 — 12 

Grooti’iei “ 7? 

Northern Mining . ...• SO — S 
Ventersport • 190 - 19 


European neves 2-3 

American news 5 

. Overseas news 4 

World trade news 6 

. Home news — general 7-0 

— labour 10 


Trouble brewing op for Mr. 

Begin -18 

North Sea oil: Problems 

beneath the surface 27 

Greece: Karamanlis and his 
opposition - 2 


Technical page 11 

Management page 15 

Arts page -... 17 

Leader page IS 

LX Companies ...m 28-31 

Mining 31 

FEATURES 

Tunisian economy: Sudden 

chill 4 

Austrian exports 6 

Urban decay: “ Reversing 


Inti. Companies 32-33 

Euromarkets 32 

Wall Street 38 

Foreign Exchanges 38 

Farming, raw materials ... 39 

UJL stock .market 40 


Around Britain: Mid-Wales 16 
New Zealand airline merger 33 
F.T. SURVEY 


engines of exodus H 12 Communications 19-26 


Appointments 14 

AppoMinetts Astrts. U 

BusfMSSft* Tw SaW » 

Crsaword - 1* 

a me ru foment Guide It 

- Feed Prices » 

FT- Actuaries Indices C-O 

Letters . 2* 

' Lex « 

Lombard ....... U 


Men and Matters ... 

Hooey Martel 

Property ._ 

Racine ... 

Share laMmtatfon ■- 

ToAqr’t Gmb 

TV ml Radio ..... 

Uaii Trusts — 

Weather .... 

Base LouUna Rates 


V ANNUAL STATEMENTS 

» AC Cars 31 

APV MUsa. » 

n Annie Am. Ind. ... I 

Bridon 3d 

Co ratrill Insurance .. 51 

O Class Metal Hldas. 

« Cnndtan Bank . ... M 

KewfeoM X Burton 3D 

4 F rodent] ol Asorr. ... 24 


SandftaJWstro. Gotd ID 

Rcddts and Caiman 28 

Union Cpa. IT 

U.S. Dab. Can 33 

INTERIM STATEMENT 
Sirdar - 32 

PROSPECTUS 
Cadck (Myj Verted 33 


For latest Shore Index 'phone 01-246 8026 


Sale, letting, purchase 
and valuation of 
factories and warehouses 


Kn ight Frank & Rut ley 

^ 20 Hanover Square London W1R 0AH 
tKi Telephone 01-629 8171 Telex 265384 





financial Times Friday March 


■ f 

311978 f <>; 


NOTICE OF DRAW AND REDEMPTION 


•• 


IES TELECOMMUNICATIONS ET 


(So. F. T. E.) 

Societe Anonyme-Luxembourg 

USS DEBENTURE LOAN WITH A COUPON 
OF IM 1970/1985 


(Guaranteed by STET) 


So.F.T.E. having already acquired under the Terms of the Loan. 1.650 bonds of a face value of SI 000 each on the 
market, of the eighth redemption instalment due on May 1. 1978. Banco di Roma, in its capacity as Paying Agent 
has drawn iocs on the issuer’s behalf in accordance with the Sinking Fund Scheme for the remaining 1 ,650 bonds 
necessary to cover the enure redemption instalment. 

The draw was on March 8. 1978, in the presence oF a solicitor and representatives from the Issuing Company and 
the Guarantor. 

BONDS DRAWN FOR REDEMPTION MAY 1, 1978 


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BONDS DRAWN NO. 1«S9 

The bonds indicated above for redemption will expire and -be made payable as from May I. 1978. in US dollars 
For the entire nominal capital plus interests accrued up to that date. They must be presented for redemption 
with all coupons expiring after May 1. 1978, at the following Institutes: 

—BANCO Dt ROMA 

—MANUFACTURERS HANOVER TRUST COMPANY 
— S. G. WARBURG & CO. LIMITED 
— BANQUE INTERNATIONALE A LUXEMBOURG 

BANCO DI ROMA 

Paying Agent 

Rome. 9 March. 1978. 


Atail of two cities 


> 


March 31 1978 marks the 20th 
Anniversary of Austrian Airlines 
service between Vienna and London. 
Atail of two cities which has proved a 
well-loved story over the years. 

Today we service both Salzburg and 
Vienna with last and frequent {lights. 
More than that- we have an unrivalled 
reputation lor reliable service. 


Our tale is not of the biggest jets, 
the fastest jets, the longest routes, the 
largest fleets, but of gelling our 
priorities right-serving you. 

V AUSTRIAN AIRLINES 

' At home in beautiful Austria 

50/51 Conduit Street, London WlRONr. 01-459 0741. 

5S Royal Exchange, Manchester M2 7DA. 061-352 2967. 


EUROPEAN NEWS 



KARAMANLIS AND HIS OPPOSITION 


The problems at home 


BY OUR ATHENS CORRESPONDENT 


WITH A first step having been 
made towards detente between 
Greece and Turkey, Mr, Constan- 
tine Karamanlis, the Greek 
Prime Minister, has turned his 
attention to pressing problems at 
home. In its 40 months Is 
power, his New Democracy party 
has lost much of us lustre, 
largely because of its apparent 
inability to deal effectively with 
social. administrative and 
economic problems. In last 
November’s election, its share of 
the vote fell from 54 to 42 per 
cent., and the number of its 
seats in the 300-member house 
from 21B to 172. 

Political analysis are agreed 
that the string towards Mr. 
Andreas Papandrenu's Panhel- 
lenic Socialist Movement (Pasok) 
whose share of the vote doubled, 
to 25 per cent, making it the 
main opposition party, reflected 
more a desire for change than 
a growing support for socialist 
policies as such. 

With municipal elections 
scheduled for next October, the 
71-year-old Premier is anxious to 
reorganise bis own party to stop 
opposition parties once more 
dominating local government. 

In the last 'municipal elections, 
in March, 1973, most of the seats 
in the 264 municipalities and 
5,776 local communities were 
won by candidates known for 
their allegiance to parties 
opposed to the Government. 
Pasok and the Communists (who 
won 9 per cent of the votes in 
the general election) are now 
discussing the possibility of 
presenting common candidates 
throughout the country to enable 
them to capture most of the seats. 

Having realised that the New 
Democracy Party needs new and 
modern methods if it is to com- 
pete with the seemingly amply 
financed door-to-door canvassing 
used by Pasok and the Com- 
munists, Mr. Karamanlis has 
asked several young members of 
his parliamentary group to re- 
organise the party and to suggesl 
dynamic campaigning methods 
Many of these members are in 
their thirties or early forties and 
have studied abroad, and their 
aggressive electoral campaigns 
put them at the top of the list 
of those elected to parliamenL 

Mr. Karamanlis recently stated 
that his party covers the political 
spectrum from the conservative 
right to the progressive centre. 
This claim was inspired by indi- 
cations that the Union of the 
Democratic Centre (Edyk), 
which traditionally has repre- 
sented the middle-of-the-road 
centre, is disintegrating. 

Edyk became the main opposi- 
tion party after the elections of 
November 1974, the first to be 
held after the end of military 
dictatorship. But because. of its 
Failure to establish a clear ideo- 
logical position and because its 
policies on many major issues 


differed very little from those 
of the Karamanlis administra- 
tion, m the last election us share 
of the rate fell from 20 per cent, 
to 12 per cent Moreover the 
party is rent by an internal 
power struggle. 

There are now persistent 
reports that Mr. Karamanlis 
plans to reshuffle his Cabinet 
early this summer to take in 
dissatisfied members of Edyk, in- 
eluding Mr. Athanassios Canello* 
poulos. the former head of Edyk, 
and also Mr. Ioanms-Pesmazoglu. 
an able economist and former 
Minister of Finance, who 
resigned frrim Edyk yesterday. 

Mr. Andreas Papandrcou. 
whose father, the late George 
Papandrcou, defeated Mr. Kara- 
maniis for the premiership in 
1963, has repeatedly claimed that 
his party is now on -the road to 

Having realised that his 
party needs new and 
modern methods if it is to 
compete with the seem- 
ingly amply financed 
door-to-door canvassing 
used by the main oppo- 
sition parties, Mr. 
Karamanlis has asked 
several yonng members 
of Ms parliamentary 
gronp to reorganise the 
party and to suggest 
dynamic campaigning 
methods. 

doing the same. How well Mr. 
Karamanlis can resist remains to- 
be seen. His “ opening " to tile 
centre, and his Administration's 
ill-defined social and economic 
policies, including heavy State 
intervention in economic 
matters, have lost him ground 
on the right The newly formed 
Nation Front party, providing a 
home for royalists and 
sympathisers of the fallen junta, 
sliced about 7 per cent off his 
share of the vote. 

On the other band, Mr. Kara- 
manlis’ firm statement that 
Greece belongs to the West has 
already lost him support to the 
opposition, whose slogan “ a 
Greece for ‘the Greeks " touches 
sensitive chords with voters. 
According to election analysts, 
farmers, traditionallv right-wing 
in Greece, voted heavily for 
Pasok in the electinn. after an 
active Pasok campaign telling 
them of the aliened disadvantages 
of joining the EEC. and promis- 
ing increased pensions and other 
financial attractions. 

.There are those who believe 
that Pasok is likely to farther . 
use the issue of EEC membership 
to carry popular favour. The 


possibility that Pasok may ask 
for a referendum on the issue K 
not excluded; to counter fhis 
prospect, the Government h® 
embarked on a campaign to 
convince Greeks of the advant- 
ages of joining the Community. 

Mr. Papandrcou has accused 
the government of failing W 
implement a consistent and com- 
prehensive policy of economic 
development, of being unable to 
put a proper five-year programme 
into effect, and of dealing wup 
social problems in an impromptu 
manner 

The fact is that the govern- 
ment has fared relatively well 
despite heavy defence expendi- 
ture i because of thr disputes 
with neighbouring Turkey 1 which 
continues to take about a quarter 
of the annual state b» J wl -J* 
tba farce years from 19i» to 1977. 
the average nntial increase GXP 
has been 5.3 per cent. In 197S, 
GNP is expected to grow about 

5 per cent- in real terms. Agricul- 
tural output (which tell 3 per 
cent, last year and 2 per cent in 
1976) is expected to rise by about 

6 per cent, this year. 

- The service sector, which 
accounts for 50 per cent, of GNP, 
is expected to grow by more than 
5 per cent Industrial output is 
expected to rise by some 5 per 
cent, compared with a mere 1.3 
per cent last year, and a 10.6 per 
cent rise in 1976. The contribu- 
tion of exports to the growth of 
GNP will be small as a result of 
inadequate foreign demand for 
Greek products. 

Considering the five-fold in- 
crease of oil prices, high defence 
expenditure, the unfavourable 
international economic environ- 
ment and the fact that economic 
growth in Greece has been much 
faster than in Western countries, 
balance of payments develop- 
ments have also been satisfactory. 
In 1977, the slight increase of 
the current account deficit (to 
$L253m.) was easily financed by 
an inflow of private capital, par- 
ticularly from Greeks abroad; 
and by shipping and tourist 
income. There also was a sub- 
stantial increase of * foreign ex- 
change reserves. 

.'Inflation remains a problem. 
The consumer price index rose 
by 13.3 per cent in 1976, by 12.2 
per cent, in 1977, and the 
Government will be hard pat to 
hold it to this year's 10 per cent 
target. 

■ Another problem is business 
hesitation about expanding pro- 
ductive investment. Foreign in- 
vestors have adopted a wait-and- 
see attitude, and since the 
restoration of parliamentary rule 
In July. 1974 have invested only 
$120ra. in Greece. There has 
been almost no foreign invest- 
ment this year. 

. To stimulate investments the 
.GoCTnroent recently announced 
•new* incentives, based on a 
system of direct cash grants to 



prime Minister Karamanlis 


finance fixed investment The 
grants will in* repaid free of 
Interest t« the Stale m annual 
installments in accordance with 
the norma! rati* ot rapit.il depre- 
ciation. 

On the social iron, there is 
some unrpfcl arnonc farmers, 
workers and slatterns. Despite a 
22 per tt*n I . increase in mini- 
mum wages anti silanes grame-i 
for lHtts strikes arc on the in- 
crease. The Government has 
already accused LeR-wwg 
extremists of instisltinj; recent 
Incidents In Pairs* where 55 
people, including 22 policemen, 
were injured in a demonstration 
hr students demanding reforms 
at the local university. 

In reply to a series of ex- 
plosions of home-made bombs, 
whose targets have included 
American property as well as 
bookshops selling Soviet litera- 
ture and a cinema showing a 
Russian film, the Government fa.n 
tabled anti-terrorism legislation 
in Parliament. The opposition 
claims that the proposed law, 
which provides far the death 
penalty in cruses of tcrrori«?n m 
which a person is killed, is 
really meant to curb civil liber- 
ties and muzzle opponents of 
the Government, by giving it 
exceptional powers. 


■ .v 






*J*** r W* '■ 
ir;- 



Socialist leader Papandrcou 


Robert Graham reports from Madrid on modem Spain’s first works council elections, 
and Our Foreign Staff (below) assesses labour relations in a key northern region. 

Communist union victor in factory elections 




WITH THE majority of the 
elections for trade onion works 
councils now complete, the 
Communist controlled Con- 
federation of Workers' Com- 
missions (CCOO) and the 
Socialist-orientated General 
Workers’ Union (UGT) have 
emerged wilh three quarters 
of the members. Of these two 
dominant unions, despite con- 
flicting overall statistics, the 
CCOO appears the clear victor. 

These elections are the first 
since the unions were legalised 
last April, although in some 
larger factories temporary 
elections were held for the 
purpose of negotiating 1978. 
wage agreements. 

The elections were initiated 
in January and have now 
covered 3.4m. workers. The 
active workforce in Spain Is 
approximately 8m* bnt union 
sources estimate that the elec- 
tions will only cover some 4m. 
since the remainder are either 
excluded because they are 
members of the administration 
or the armed forces, onem- 

THE Government of Sr. Adolfo 
Suarez has been strikingly 
successful in maintaining the 22 
per cent, guideline set for wage 
increases In Spain this year. In 
the key north-eastern industrial 
province of Catalonia, in particu- 
lar, there have been notably few 
problems in maintaining the 
guideline. Labour unrest among 
Asturian miners and metal 
workers In Asturias. Madrid, and 
the Basque country, is now 
growing. But the Catalan labour 
force remains remarkably 
quiescent. 

Following last year's major 
strives, this bag caused wide- 
spread surprise. It has done so 
all the more because the con- 
troversial “ retroactive ” clause 
in the so-called Moncloa pacts — 
the agreement laying down the 
22 per cent guideline — has 
affected Barcelona province, the 
hub of Catalan industry, with 
particular severity. The clause 
provided for the ceiling also to 
apply to wage deals on which 
negotiations had begun before it 
was signed. 

Indeed, such industrial action 
as there has been recently in 
Catalonia has. in practically no 
cases, been against the Moncloa 
guideline. There have however 
heen some disputes— notably at 
the Siemens factory— about the 
interpretation of the accord, par- 
ticularly since .January 24, when 
the government ruled that 
increases in employees social 
security payments would count 
as part of the allowed 22 per 
cent 

Another major cause of dis- 
putes bas been refusal by some 
employers to grant a “labour 
amnesty.” readmitting workers 
! sacked for political reasons or , 


ployed In companies employing 
under six people, or agricul- 
tural workers. 

According to figures com- 
piled by the Ministry of 
Labour up to March 25, the 
CCOO has gained 35 per cent, 
of total council seats and the 
UGT 22 per cent Less com- 
plete and differing figures com- 
piled by the news agency EFE 
show the CCOO with 37 per 
cent, and UGT 31 per cent. The 
two unions themselves provide 
a further set of conflicting 
figures. 

Sr. Nicolas Redondo, UGT 
secretary-general, told the 
Financial Times that he still 
believed that the majority of 
candidates elected so far 
belonged to his union. 

A CCOO spokesman told the 
FT It was prepared to accept 
the Ministry of Labour results 
but pointed out that in many 
factories which employed 
fewer than 250 people (this 
involves the majority of the 
country’s workforce) CCOO 


members had been elected hat 
not on a CCOO ticket. 

On this basis, the CCOO 
estimated it held 40-45 per 
cent of the total council seats. 

Despite these discrepancies, 
there is a dear trend: a pre- 
dominance of CCOO and UGT 
with, the former emerging as 
the most significant anion force 
in Spain. 

The impression gained from 
the UGT is that it has been 
disappointed by its inability to 
obtain more candidates. Hopes 
bad been based upon the 
onion's association with the 
Socialist Party and the latter’s 
showing in last June’s general 
election. 

Most- observers believe that 
the better organisation and 
strong record of activity of the 
CCOO daring the Franco re- 
gime. when unions were illegal, - 
enabled it to emerge the victor. 

The Ministry of Labour 
figures understate the real 
strength of the CCOO showing. 
In Madrid and Barcelona, 


Welcome quiet on 
the Catalan front 


trade union activity. This has 
caused disputes recently at 
Hisp an e-Olivetti the typewriter 
company, and motor manufac- 
turers Enasa-Pegaso. 

The relative quiescense of the 
Catalan labour force is largely 

A police sergeant was seriously 
wounded in the north-western 
town of pontevedra yesterday 
In a gn alight with two youths 
believed to be members of an 
extreme left-wing guerilla 
group, police sources told 
Reuter. They said the youths 
were travelling in a stolen car 
and were stopped after a chase. 
One of the youths was injured. 
Both u-ere captured by police 
who said later that they had 
discovered propaganda in the 
car belonging to the Grapo 
anti-Faseist gronp. 

due to the strong backing given 
to the Moncloa accord? by the 
PSUC, the Catalan Communist 
party, and also to the strong 
hold it bas on the union move- 
ment and working class in the 
area. The Spanish Communist 
and Socialist Parties at national 
level both were parties to th e 
Moncloa accords. 

In the recent works council 
elections, the Communist-backed 
Workers Commissions secured 
about four rimes as many dele- 
gates as the Socialist-backed 


General Workers Union. In 
addition, the Workers Commis- 
sions supporters tend to be 
seasoned trade unionists, where 
the General Workers Union 
delegates tend to be recent 
recruits. 

Also providing some disincen- 
tive to wage claims above the 
guideline is the provision in tho 
Moncloa accords whereby in any 
factory where wages rise by more 
than 22 per cent, management 
is entitled to cot the workforce 
by 5 per cent But apart from this, 
there has been scarcely any 
revision of the Francoist employ- 
ment laws which make it ex- 
tremely difficult to shed labour. 
Such revision was blocked by the' 
Communist and Socialist parties 
— apprehensive about the mass 
redundancies they thought might 
result— in return for supporting 
the 22 per cent guideline- 

In consequence, though Cata- 
lonia's hard-pressed industry is 
faring much better than had 
been widely exnected on the 
wages front, it is suffering 
severely from the actue difficulty 
nf adjusting marmme levels set 
in the boom years before 1975 to 
the current crisis conditions. 

These conditions continue to 
worsen. A recent survey by the 
Barcelona Chamber of Com- 
merce shows unprecedentiy thin 
o rde r books, guaranteeing a 
notional 1.S months work on 
average, investment still f&Iltap. 


MADRID, March 30. 

where the greatest proportion 
of the Industrial workforce l* 
concentrated, the Communist- 
controlled union obtained an 
average of almost 42 per cent, 
of the rote. 

In the province of Vizcaya, 
the main industrial area of tho 
Basque country and thr other 
region of industrial signifi- 
cance, the CCOO and UGT 
vote was eroded by local issues. 
The Basque Nationalist Union, 
ETA won H per cent of the 
vote. Throughout the country, 
tile remaining vote has mainly 
been accounted for by indepen- 
dent candidates. 

A' large number of small 
companies -still has to hold 
elections. But this is unlikely 
to ■ alter the general picture. 
Voting, too, has to take place 
in the country's largest 
employers, the stale railway 
company. Renfe, and the tele- 
phone company. Telefonica. 
The delay here has been 
caused by the workers prefer- 
ring first to negotiate their 
1978 wage agreement 

and internal demand showing no 
signs of picking up. 

Particularly hard hit is the 
highly fragmented textile sector, 
currently operating at about 50 
per cent, of capacity- with about 
400 firms having gone bankrupt 
in the past two years. The 
sector is both technologically 
antiquated and excessively frag- 
mented: and employers complain 
that they need more freedom to 
shed labour to make possible a 
fundamental restructuring. 



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EUROPEAN NEWS 


Bonn welcomes effect of Authenticity 

x t ot , ■ * of Moro 

U .». accord on markets letter 


Barre expected to remain Premier 


BY {ONATHAN CARA 

SENIOR West -German Govern- 
ment officials believe (that this 
month's accord with the U.S. on 
steps to help stabilise the dollar 
is fulfilling its objective and 
that there Is ^ fair chance of 
relative calm in coming months 
on the exchange markets. 

This assessment is in large 
measure shared by the Bundes- 
bank. It reflects strong West 
German sa tisfaction at America's 
readiness to act more positively 
to support its currency and to 
attack the basic problems under- 
lying the dollar's fall. 

In an interview, State Secre- 
tary Manifed Lahiratein of the 
Finance Ministry stressed Chat 
the sums involved an the new 
accord fineiutting a doubling of 
lie federal reserve swap arrange- 
ment with the Bundesbank) were 
not in themselves the key factor. 
.Had they been, no new accord 
would have been needed since 


the gums already agreed between 
the -two countries in January 
had not been used up.' 

Tbe essence of the issue was 
political, Herr Lalmstein said — 
a readiness to enlarge the scope 
of possible action dearly to 
show you cared about the pro- 
blem and were prepared to deal 
with it This was why the 
German side was .so positive 
about the role of the U.S. 

Herr Lahzutein, who was the 
-German official chiefly involved 
in preparing the agreement, de- 
clined to comment tm rumours 
that as a further step the U.S. 
might now be ready to sell gold. 

But he did describe sugges- 
tions that the U.S. might sell 
foreign-den ominated bonds as 
“not a practical issue for the time 
being." There was Widespread 
speculation thta such action was 
in the offing before the March 
accord was announced. The 


Hope in IG-Metal dispute 


BY ADRIAN DICKS 

A GLIMMER of light in the 
south-west German engineering 
industry dispute appeared this 
afternoon, after both union and 
employers' leaders admitted that 
their continuing negotiations had 
produced “ somewhat more move- 
ment." 

Details of what development 
had caused this distinct — if still 
cautious — change of tune were 
not known. Observers following 
the Stuttgart negotiations be- 
tween the two sides were re- 
luctant to assume that the end 
of the dispute was yet in sighl. 

Hnwever. there was reported to 
have been some progress in the 
most difficult area of discussion 
in this year's wage negotiations 
in the North Wuerttemberg— 
North Baden region. This is the 
demand of the engineering in- 
dustry union, IG-Metall. for 
guarantees of job security and of 


BONN. March 30. 
job classification that would pre- 
vent men in skilled- -occupations 
from being put backlato lower 
wage categories as a result of 
technological change. . 

To-day, IG-Metall. called 
several more enjpneexing works 
in North Wuerttemberjg — North 
Baden out on strike, bringing 
the total of its 'members now 
directly involved to about 90,000. 
Some 246,000 workers, including 
many non-unibb members, are 
locked out by the employers 

There was further -criticism of 
I he lock-out tactic to-day when 
the Deutsche - Gewerkschafts- 
bttnd (DGB), the' equivalent of 
the TUC, organised protest rallies 
in Stuttgart and other towns, 
while thousands of lawsuits 
against the employers! use of the 
lockout have now been' brought 
by individual workers in the 
labour courts. 


Bonn. March 30. 

absence there of any direct 
reference to it was one factor 
contributing to the depressed 
market reaction. 

Herr- Lahnstein said the Ger- 
mans had- analysed the U.S. case 
on the bonds issue and “we 
think they had some very valid | 
arguments against it. Even with- 
out such action, the breathing 
space created by the accord may 
be quite an extended one. I 
am relatively optimistic.'' 

He stressed that the . accord 
was both an economic and '■ a 
monetary one^althougb the sec- 
tions covering energy policy and 
trade had passed in large 
measure unnoticed. The object 
was to counter disorderly ex- 
change market conditions while 
the underlying economic condi- 
tions worked through and 
planned policy measures (such 
as energy saving) could be im- 
plemented. 

He believed that in the U.S. 
the urgency of an effective 
energy programme and an anti- 
inflationary policy was felt more 
generally even than six months 
ago. 

In common with other German 
Government officials he was 
quick to- contradict the thesis 
that an attack on inflation in toe 
U.S. might itself involve lower 
economic growth and reduced 
export prospects for. America's 
trading JP a rtners. “On the con? 
trary, it is only a stability- 
orientated policy which is able 
to create growth if we talk in 
real, not nominal, terms." 

Finally, Herr Lahnstein noted 
that earlier public manifestations 
of disagreement between . West 
Germany and the U.S. on econo- 
mic and monetary policy had 
largely vanished. This was due 
not just to 'political caution but 
to “ objective factors. Everyone 
understands better than -before 
that we face a complicated situa- 
tion which cannot be solved just 
by pressing .a button — on one 
side or toe other.** 


Brezhnev urges boost in energy output 


BY DAVID SATTER 

MR. LEONID BREZHNEV, the 
Soviet President, to-day visited 
Tyumen, centre of the rich West 
Siberian oil and cas region, and 
stressed to party leaders the 
necessity of increasing energy 
production from the region 
and using effectively existing 
reserves. 

. , The Soviet news agency Tass 
reported that Mr. Brezhnev, who 
was accompanied hy the Defence 
Minister. Mr. Dmitri Ustinov, 
■ issued a number of specific direc- 
tions? to executives pointing out 


that West Siberian development 
was an important part of the 
1976-SO five-year plan.... 

Tass gave no indication what 
those instructions were but Mr. 
Brezhnev's trip to Tyumen, which 
immediately followed a visit by 
Mr. Aleksei Kosygin, thePrcmeir. 
may reflect Soviet concern about 
energy production in. West 
Siberia— the anticipated source 
of half the country's oil by 1980. 

Soviet officials told a js*rty of 
visiting Western Joumflats in 
January that the giant Samottor 


MOSCOW. March 30. | 

oil fields in the Tyumen region J 
have now reached peak produc-l 
lion of 150m. tonnes. This was! 
sooner than expected. Soviet oil j 
production as a whole in 1977 : 
failed to. meet its target. j 

The Russians have stressed] 
repeatedly that they are confi-i 
dent that the country has vast 
oil reserves .and new wells will 
be put into operation as old ones 
expire, but the operational prob- 
lems involved in exploiting these 
resources have lent a note, of 
uncertainty to these assurances. ( 


doubted 

By Paul Betts . 

ROME. March 30. 
WHILE POLICE handwntlng 
experts were to-day checking the 
authenticity of a letter pur- 
portedly written by the kid- 
napped former Premier . Sig. 
Aldo Morn, the authorities and 
his colleagues in the Christian 
Democrat Party were highly 
dubious that Sig. Moro wrote It' 
voluntarily. 

■ However, if the - handwriting 
does turn out to be genuine, it 
is a reasonable indication that 
the party president, who was kid- 
napped two weeks ago by ter- 
rorists claiming to belong to the 
Red Brigades' urban guerilla 
movement is still alive. 

There was considerable specu- 
lation to-day about the circum- 
stances under which such a 
letter would be written, with the 
prevailing view suggesting that 
Sig. Moro was either heavily 
drugged or .under the threat of 
immediate execution. 

.Photocopies 1 of the five-page 
letter were found late last night 
in. various major Italian cities, 
including Rome, Milan, Turin and 
Genoa, together with a so-called 
“third communique" from the 
Red Brigades. 

-Tfl the letter, addressed to Sig. 
Frencesco Cassiga, toe Interior 
Minister. Sig. Moro says he is 
under the “ complete " control 
of the terrorists and risks being 
forced to talk in “ a dangerous 
and unsavoury way.” He also 
also says that he is looked upon 
as a “political prisoner” and is 
undergoing trial to establish his 
political responsibilities as head 
of the Christian Democrat Party. 

Although no direct requests 
are contained in the letter, there 
is a tentative appeal to the 
Vatican to intervene 

Four years ago, when the 
Genoa magistrate, - Sig. Mario 
Sossl. was kidnapped and u tried " 
by the Red Brigades, a letter 
from the magistrate addressed 
during his captivity to the 
Italian head of state set out the 
terms imposed by toe terrorist 
group for his release. They in- 
volved- freeing Red Brigades 
members in jail. Sig. Sossi was 
subsequently released and has 
since said that he was forced to 
write the letter. 

Meanwhile, no established 
political party support has 
emerged for a suggestion by the 
Turin daily newspaper, La 
Stampa, that Sig. Giovanni Leone, 
the Italian President, should 
resign and be replaced auto- 
matically by Sig. Moro. 

However, toe veteran Republi- 
can Party leader, Sig._ Ugo la 
Malfa. called to-day for the 
immediate resignation of .Sig. 
Leone, whom he- claimed was 
inadequate for his task J 


BY ROBERT MAUTHNER - 

-THE NEW French Government 
is expected to be formed early 
next week, following the exten- 
sive consultations which Presi- 
dent Giscard d'Estaing has had 
over the past few days with 
political, trade union and em- 
ployers' leaders. ; 

Though there has been no 
official announcement an the 
subject, political commentators 
are confidently predicting that 
M. Raymond Barre. the Prime 
Minister, win be asked to lead 
the new administration. The 
Premier is expected to ‘present 
toe . formal resignation of his out- 
going government at an extra- 
ordinary Cabinet meeting to- 
morrow and his own reappoint- 
ment may be announced 
immediately afterwards, or on 
Monday. 

In line with his policy of 
establishing more normal rela- 
tions between the Government 
and the opposition. President 
Giscard. to-day had talks lasting 
an hour with M. Georges Mar- 
ebais, the Communist leader, 
and also received the leader of 
toe Communist-led CGT union, 
M/'Georges Seguy. 

M. Marchais. who was smiling 


broadly as be emerged from the 
Elysee Palace, did not, however, 
give tbe impression that there 
had been a great meeting of 
mmds with the President. Read- 
ing from a text which had been 
prepared before bis discussions 


cent. In- Frs.2,400 C£277» ' per 
month, while — the -Communist 
leader also demanded a return 
to proportional representation in 
parliamentary ' and other 
elections. 

M. Marchais tank advantage of 


The French ‘ navy yesterday 
again depth-charged the 
crippled -oil tanker Amoco 
Cadiz to speed the flow of oil 
from the broken hull, our 
foreign staff writes. Tbe 
charges were dropped from 
helicopters and a navy spokes- 
man said (he operation bad 

with the President. -as M. Fran- 
cois Mitterrand, toe Socialist 
leader; bad done two days ago, 
M. Marchais said that he had 
merely accepted M. Giscard 
d*Estaing's invitation in order 
to explain his party's demands. 

Predictably, these demands 
have not changed since the Left’s 
defeat at the general election on 
March 19. Both M. Marchais and 
M. Segui insisted that - the 
national minimum wage should 
be raised immediately by 37 per 


proved “ most effective.” 
Latest estimates were that up 
to T4JMI0 tons of oii were, still 
on board the tanker yesterday. 

. Meanwhile, clcan-up opera- 
tions on th'c French beaches 
continued with thousands of 
volunteers working alongside 
the military. 

the occasion to stress tbe Com- 
munist Party's continued support 
of- the union of the Left, the 
battered alliance with the 
Socialists which, now the election 
is over, stands little chance of 
being resuscitated in anything 
like its old form. 

M. Segui whose union, with 
2.4m. members is the largest in 
the country, called for toe im- 
mediate opening of negotiations 
on wages, social security benefits 
and working conditions, between 


PARIS. March 30 ! J 

the Government, trade unioq9 
-and* employers' organisation^. 
Though he did not openly 
threaten strike action iT life 
CGTs demands were not satis- 
fied. M. Segui warned that his 
union would not accept ait? 
delays once the new government 
was formed. ’ 

Meanwhile. The Gan I list Party, 
which prides itself on its internal 
unity, has bectushaken by a dis- 
pute over the .presidency of the 
National Assembly, for which 
there arc now^three Gaul list can- 
didates.' M. ^Jacques Chabai- 
Delmas, a former Prime Minister, 
who is : running for the Speakarfs 
job against the present inedrp- 
bent. M. Edgar Faure. has 
accused the Gaullist leader. M. 
Jacques Chirac, of double- 
dealing. , 

In a letter to Gaullist Nembpfts 
of Parliament. M. Chaban-Delmis 
claimed that M. Chirac had firlt 
of all supported his candidature 
but had subsequently changed 
his position and: had incited tire 
party's central Committee to book 
M. Faure at a meeting which ST. 
Chaban-Dclmas had been unabje 
to attend. ' ‘ 


Citibank opens office in Lisbon 


BY jIMMY BURNS 

CITIBANK, the second largest 
U.S. bank, has opened a repre- 
sentative office in Lisbon, the 
first foreign bank to do so since 
the revolution on April 25.' 1974. 

Negotiations between Citibank 
and toe .Portuguese Government 
on setting up tbe office began last 
year following the promulgation 
in October 1976 of a decree law 
regulating the activities of 
foreign financial institutions in 
Portugal. 

By the terms of the present 
constitution. Citibank will not be 
allowed banking operations of 


any kind, or to render any 
service considered as a banking 
activity. However, because of 
the decree law it will have 
greater freedom to promote the 
financing of industrial projects, 
and imports and exports, and also 
collaborate more closely wilh 
Portuguese banks. These were 
all nationalised after the 
revolution. 

The establishment of Citi- 
bank's representative office here 
is seen as reflecting toe grow- 
ing confidnce among inter- 
national financial circles over 


LISBON. March 30. j 

Portgual's capacity for econo- 
mic recovery. Citibank officials 
have confirmed that they are 
prepared to provide long-term 
loans to stimulate certain indus- 
trial projects yet to be decided. 

Other foreign banks have also 
applied to toe Bank of Portugal 
to set up representative offices 
in Lisbou. These include three 
more U.S. banks, among whorai 
is believed to be the Chase Mnn-i 
hattan Bank. Their applications- 
are still awaiting formal 
authorisation from the Minislrv 
of Finance. I 


Norwegians again reduce oil estimates 


BY FAY G JESTER 

THE NORWEGIAN Government 
has again substantially reduced 
Its estimates of oil production 
and- revenue over the next few 
years, partly because of increas- 
ing official scepticism about 
operating companies' forecasts. 

The revised economic pro- 
gramme for 1978-81, due to be 
published shortly, will put the 
total growth value of -petroleum 
production on Norway's conti- 
nental shelf, during the four 
years, at only NKr.119.5bn. 
(£12bn.). This compares with a 
forecast of NKr.l42bn. made 
only a year ago. when the 
four-year programme was first 
published. 


State revenues from oil activi- 
ties this year are now foreseen 
at only NKr.6bn., compared with 
the original estimates of 
NKr.I0.5bn. 

Mr. Rjartmar Gjarde, the Oil 
and Energy Minister, says that 
the new figures take account of 
two factors: the hold-ups and 
problems that have plagued 
development of Norwegian fields 
so far, and the fact that the 
Government is relying on the 
forecasts of its own experts 
rather than those of the operat- 
ing companies, since toe latter 
have tended in the past to be 
over-optimistic. 

Before 1975; the Government 


OSLO, March.. 30. 

based its projections exclusively 
on oil-company forecasts. Mr. 
Gjerde told the Oslo newspaper 
Aftenposten. From that year, it 
began making use of the 
theoretical figure half-way 
between the commercial fore- 
casts and those of the stale oil 
directorate. The former proved 
consistently over-optimistic, how- 
ever. and since July 1977 official 
calculations have been based 
exclusively on toe directorate's 
figures. 

In addition to this revision of 
forecasting methods, he said, 
last year saw several serious 
delays to production and devel- 
opment. . - 


Dutch poll win| 
for Christian 
Democrats 

By Charles Batchelor * 

AMSTERDAM. March 30 . 1 
THE CHRISTIAN Democrats, the 
senior partner in Holland's two- 
party ruling coalition, emerged 
us the clear winner in yesterday^ 
provincial elections- If the result 
I were to be transJated into par- 
liamentary seats, the Christian 
Democrats would outstrip Labour 
as toe largest single party. 1 
In fact, the provincial elec- 
tions will strengthen the centrist 
Christian Democrats' position. to 
the administrations of the coun- 
try's 11 provinces. The impact 
of today's vote will also show 
through in toe Upper House of 
Parliament in 1980. 

Members of the Upper House 
are nominated not by the 
electorate directly but by tije 
provincial councils. About haif 
of toe 75 Upper House seats a& 
open for. re-election in 19S0. ■ 

The Christian Democrats toefle 
35 per cent, of the votes, com- 
pared wilh 32 per cent, in last 
year's general election and $1 
per cent, in the provincial elec- 
tions of 1974. The Liberals saw 
their vote fall. to 17 per cenj. 
from IS and 19 per cent, in ilfe 
two previous polls. Labour in- 
creased its share of the vote to 
33.9 per cent, from 33.8 per cent, 
last year and from 29 per cent, 
in 1974. ; . \ 


The discoveries of Africa 



The Egyptian Queen Halshepsut ds~ 
patches an expedition to Punt, the land ctf 
iresnse(pfobaaysoi^dC^Guafdtfi^. 



Phoenicians sent otfi. by Pharaoh Necho II 
presumably circumnavigate the entire confr- 
nertfromeasttosbufotowesL 



Hanra of Carthage sails along the west 
coast reaching tbe CamenounMountains, 



Ibn Battuta, a native of Tangier; traverses the 
western Sahara as Jar as the Niger and 
Timbuktu. - 



James Bruce explores Ethiopia. Nuba and 
the upper reaches rttheHueNile; he sdenfife- 
ally determines the location of thesources near 
Geesti 



Mungo Park's first expedition from the •' 
Gambia to ihe Niger. He demonstrates that tha ; 
Niger flows eastward. 





David Livingstone goesframCapeTbwnby 
way of the upper Zambezi totuandaOn toe 
way from Luanda to Que&nane tn1855 he 
dscaweisiteVidflnaFalte. 

^ : 



1858-63 

Burton and Speke dscover Lake 
Tanganyika. Speke Lake Victoria Exploring 
with Grant in 1860-63 Speke tracks the 
sources of the WbdpNfla .- 



1865-7 

Friedrich Gerhard Ftottfs traverses North 
Africa from Tripofi by wayof Bomu and the 
- BenuetoLagps. 



Gustav Nachfigall reaches the Saharan 
Tfoesti l-Sghiands. He vists the region of Lake 
Chad and returns via Vfedai, DarftA and the 
[sBetotheMedtaraneaa 



1873-5 

Vemey Cameron crosses Equatorial Africa 
for the first time from east to west He travels 
from Zanzibar via Tabora to Lake Tanganyika, 
dscoveringtheLukuga,hereachestheAtJar*c 
atBenguela. 



Waiter Mrttelhofzer takes off from Zurich on 
his 77-day flight through AfricaHe covers it in 
24 hops from Alexandria toCapelbwa- 




Swissair sets out for the Equator, arriving 
via Douala at Libreville in 1 976 it joins Oran 
with Geneva and Zurich. 


So, as you see, Swissair flies 44 
times a week to 1 8 African cities: . 

But in addition. Swissairflrias more 
and more .passengers eafcft year 
from-' Africa’- tcT 69 other:cifie$ the 
world over 

That's Africa’s discovery oi 
Swissair. ' 

Vbur travel agent or Swissaftwill be 
glad to give you all .further informa- 
tion; For i nsfahceo'rithe besfeonnee- 
'lions via Switzerland. ^ 

T 




Financial Times Friday March 31 10/S 


-BOND DRAWING 


GRANGES AB 9%%U;S;l>oHar Bonds 1985 

S. G. WARBURG fi GO. LTD., announce that the redemption instalment of U $.$1,250,000 
due 1st May, 1978 has been met by purchases in the market to the nominal value of U.S.S370.000 
and by a drawing of bonds to the nominal value of U.S.S86O.O0O. 

The distinctive numbers ot the bonds, drawn in the presence of a Notary Public, are as 


follows: 

6 

27 

48 

59 

90 

112 

132 

155 

175 

. 198 

217 

229 

260 

25” 

301 

223 

344 

365 

367 “ 

407 

429 • 

. 449 

472 

4 9Z 

513 

535 

556 

576 

598 

619 

640 

661 

681 

604 

. E25 

.. 847 

- - 563 

889 

909 

932 

952 

• 974 

995 

1116 

7126 

' 1158 

1179 

1199 

1222 

1242 

1264 

1284 

1306 

1327 

1343 

U69 

• 1397 

1512 

1534 - 

•1555 

■ 1575 

1597 

161S 

1639 

1660 

ies2 

1703 

1724 

1744 

1767 

1787 

1809 

1330 

1050 

1372 

1S92 

1914 

1935 

.1956 ’ 

' 1977 

1999 

2019 

2041 

206 2 

2084 

2104 

2125 

2147 

2167 

2189 

2210 

2231 

2253 

2230 

2304 

2326 

2346 

2368 

2389 

2410 

2430 

2453 

24 7o 

2494 

2516 

2535 

2558 

2578 

2601 

2621 

2642 

2864 

2655 

2/05 

2727 

2743 

2770 

' 2790 

2810 

2833 

2853 

2875 

2396 

3917 

2933 

2959 

2961 

3002 

3022 

3045 

3065 

3037 

3107 

2123 

3150 

3170 

3192 

3213 

3234 

3255 

3277 

32S7 

3319 

3339 

3362 

3382 

3403 

3425 

3445 

3467 

3487 

3509 

5530 

3575 

,3595 

3613 

3638 

3660 

368 T 

3702 

3722 

3756 

3779 

3300 

5822 

3842 

3864 

3885 

3907 

3927 

' 3948 

3970 

3991 

4011 

4034 

4054 

4075 

4096 

• 4117 

4139 

4159 

4131 

4202 

4223 

4244 

4266 

4287 

4308. 

4328 

. 4351 

4371 

4391 

4414 

4434 

4456 

44/6 

4498 

4519 

4540 

4561 

4583 

4603 

4525 

4648 

4658 

4688 

4708 

4731 . 

. 4751 

4775 

4795 

4317 

4838 

4868 

4888 

4910 

4930 

4952 

4973 

4994 

5014 

5036 

5064 

5054 

5106 

5127 

5148 

5169 

5191 

5211 

5233 

5254 

5276 

5296 

5316 

5339 

• 5359 

5381 

5402 

5423 ' 

5444 

5465 

5466 

5508 

5528 

5551 

5577 

5592 

5613 

5634 

5656 

5676 

5597 

5719. 

5740 

5761 

5783 

5603 

5825 

5845 

5666 

5863 

5909 

5931 

5951 

5972 

5993 

6015. 

6036 

6057 

6077 

6100 

6120 

6142 

6262 

6283 

. 6304 

6325 

6347 

6367 

6388 

6410 

6431 

6451 

6473 

6494 

6517 

6559 

6581 

6602 

6623 

6844 

6666 

6689 

6709 

6730 

6752 

6773 

6794 

6816 

6836 

6858 

6378 

6201 

6921 

6942 

6964 

6985 

7006 

7026 

7048 

7069 

7090 

. 7110 

7133 

7153 

7255 

7276 

7297 

7318 

7339 

7351 

7351 . 

7402 

7424 

7605 

7526 

7547 

7568 

7590 

• 7610 

7632 

7653 

7913 

7933 

7956 

7976 

7996 

8019 

8039 

8060 

806 T 

8103 

8124 

8145 ' 

8195. . 

__ 8216 . 

_ .8238 

8390 

8411 . 

8432 

8453 

8473 

8496 

8516 

853 7 

8559 

8580 

8600 

8622 

8643 

8713 

8744 

8972 - 

8992 

9013 

9135 

9155 

9176 

9197 

9219 

9240 

9261 

9281 

9304 

9324 

9346 

9367 

9388 

2409 

9430- 

9452 

9472 

9493 

9515 

9536 

9556 

9578 

9599 

9621 

9641 

9662 

9684 

9705 

9726 

9748 

9774 

9794 

9816 

9837 

9858 

9879 

9901 

9921 

9943. 

9963 

9986 

10006 

10027 

10049 

10069 

10091 

10111 

10133 

10154 

10175 

10196 

10218 

10238 

10260 

10281 

10303 

10323 

10344 

10366 

70386 

1040 7 

10429 

10450 

10471 

10492 

10513 

10535 

10555 

10577 

10598 

10619 

10640 

10662 

10683 

10703 

10724 

10746 

10767 

10787 

10810 

10830 

10852 

10372 

10894 

10915 

10936 

10957 

10379 

.10999 

11020 

11042 

11063 

11084 

11104 

11127 

11147 

11169 

11190 

11211 

11232 

11253 

11274 

11296 

11316 

11337 

11359 

11379 

11401 

11422 

11444 

11464 • 

11485 

11507 

11528 

11549 

11571 

115*11 

11613 

11833 

11654 

11676 

11696 

11719' 

11739 

■11760 

11781 

11803 

11824 

11845 

11865 

11888 

11908 

11929 

11951 

11971 

11993 

12013 

12036 

12056 

12077 

12099 

12120 

12140 

12162 

12183 ’ 

12205 

12225 

12245 

12268 

12288 

12310 

12331 ’ 

12352 

'12373 ' 

12394 

12416 

12437 

12457 

12480 

12500 

12522 

12542 

12563 

12585 

12605 

12626 

12648 

12669 

12690 

12712 

12732 

12754 

12774 

12797 

12817 

12838 

12860 

12850 

12902 

12922 

12944 

12965 

12986 

13006 

13029 . 

13049 

13071 

13092 

12113 

13134 

13155 

13177 

13197 

13218 

13240 

13261 

13282 

13303 

13324 

13348 

13368 

13391 

13411 

13432 

13453 

13475 

13496 

13516 

13537 

13559 

13580 

13801 

13623 

13643 

13665 

13685 

13708 

1372B 

13749 

13771 

13791 

13812 

13833 

13855 

13876 

13897 

13917 

13940 

13960 

13982 

14003 

14024 

14045 

14066 

14088 

14108 

14129 

14151 

14172 

14192 

14214 

14235 

14257 

14277 

14298 

14320 

14341 

14362 

14384 

14404 

14425 

14446 

14408 

14489 

14509 

14532 

14552 

14574 

14594 

14616 

14637 

14658 

14678 

14702 

14722 

14743 

14765 

14765 

14807 

14827 

14850 

14870 

14891 

14913 

, 14934 

14955 

14976 

14997 

15019 

15039 

15060 

15082 

15102 

15124 

15145 

15167 

15187 

15208 

15230 

• 15251 

15271 

15294 

15314 

15336 

15356 

15377 

15399 

15419 

15441 

15462 

15483 

15504 

15526 

15547 

15568 

15588 

15611 

15631 

15651 

15674 

15694 

15716 

15736 

15758' 

15779 

15800 

15821 

15843 

15663 

15885 

15906 

15928 

15948 

15968 

’ 15991 

16011 

16033 

16054 

16075. 

16096 

16117 

16138 

16160 

16180 

16203 

16223 

-16244 16265_, _ 

16286... 

.16308' 

16328 

16349 . 

16371 — 

-16392-.- 

16413 

16435 

16455 

16477 

16497 

16520 

16540 

16561 

16583 

16603 

16624 

16645 

16667 

16688 

16709 

16729 

16752 

16772 

16794 

16815 

16836 

16857 

16878 

16900 

16920 

16941 

16963 

16984 

17G04 

17026 

.17047 

17069 

17089 

17110 

17132 

.17153 

17174 

17196 

17216 

17237 

17258 

17280 

17301 

17321 

17344 

17364 . 

17386 

17406 

17428 

17449 

17470 

17490 

17513 

17533 

17554 

17576 

17596 

17618 

17638 

17661 

17681 

17702 

17724 

17745 

17768 

17787 

17803 

17829 

17850 

17870 

17893 

17913 

17935. 

17956 

17977 

17998 

18019 

18041 

18062 

18082 

18105 

13125 

18146 

18167. 

10188 

18210 

18230 

18252 

18273 

13294 

18315 

18337 

18357 

18379 

18399 

18422 

18442 

18462 

18485 

18505 

18527 

18547 

18569 

18590 

18611 

18632 

18654 

18674 

18696 

18717 

18739 

18759 

18779 - 

18802 

18822 

18843 

18865 

18886 

1B907 

18928 

18949 

18971 

18991 

19013 

19034 

19055 

19Q76 

19097 

19119 

19139 

19160 

19182 

19203 

19223 • 

19246 

19266 

19288 

19308 

19330 

19351 

19372 

19393 

19414 

19435 

19456 

19478 

19499 

19520 

19540 

19563 

19583 

19605 

19626 

19647 

19668 

19688 

19710 

19731 

19752 

19773 

19795 

19815 

19837 

19858 

19880 

19900 

19921 

19943 

19964 

19985 


On 1st May. 1978 there will become due and payable upon each bond, drawn tor redemption, 
the principal amount thereof. Together with accrued interest to said -date aftHe office ot:- 

S. G. WARBURG & CO. LTD., 

30 Gresham Street. London EC2P 2EB 
or one of the other paying agents named on the bonds. 

Interest will cease to accrue on the bon H s called for redemplion on and after 1st May. 1978 
and bonds so presented tor payment must have attached all coupons maturing alter that date. 

U.S.S16.250 000 nominal amount of bonds will remain outstanding after 1st May. 1978. 

The following bonds drawn for redemption on dates stated below have not as yet been 
presented tor payment. 

1st May. 1976 

No's: 4258 : 5170 : 5246 : 6810 


1st May, 1977 

No's: 2827 : 3009 : 2024 : 3056 : 4240 

J316 : 4772 : 5061 : 5076 : 6716 

7571 : 16427 

30 Gresham Street, London EC2P 2EB. 


42B6 : 4301 
6823 : 6899 

31st March. 1978 


FINANCIAL TIMES 

BRACKEN HOliSE, XU. CANNON h-iUtbT, XA>NUON tUP 4BY 

Telex: Editorial 886341/2, 883897 Advertisements: 885033 Telegrams: Floantimo, London PS4 

Telephone: 01-248 8000 

For Share Index and Easiness News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES ' 

Am g lord am: F.». Box 1296, Amsterdani-G 
Telex 12171 Tel: 240 535 
Rirmingfiaai: Genrjfe Grer-ge Road. 

Teles 338650 Tel: 02M54 0322 
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Telex 8869542 Tel: 210039 
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Tel: 93831(1 

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Totex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-226 4120 
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Telex S-S257 Tel: 83K-7545 
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Telex 66390 Tel: (212) 541 4625 
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Tel: 253 4H48 

Rome: Via della Mtrrcedc 53. 

Telex 61032 Tel: 678 3314 
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Building. 1-8-5 Otemae&L Chiyoda-ku. 

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N.W.. Washington D.C. 20004 
• Telex 44(1225 Tel: (20 21 347 8676 

Manchester: Queens House. Queens Slreet. 

Telex 666813 Tel: 061-834 9381 
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\ .. ■ — Crum Siib*»* , rif»li«n Rrttartm*«t. Einarrlal Times. London. 


OVERSEAS NEWS 



Tunisia’s j West presents its Namibia plan 

economy i BY QUENTIN PEEL 

1 I ^ : AMBASSADORS OF the five the miiitarj- prewnrn MSnuth would only if tjcy 

catohes a testers member States of the Africa io the territory The pro- were stationed in the far south- 

Wd.l'V-JLAV-kJ £1 SeeuTiiv Council to-day pre* pn«als call for a reduction pf The whole question Ot NaiTUtna 

.. .. - : sen ted their final proposal for South African troops over a- was discussed at lensth hy tne 

Civrlrlon “ cuaslitutsonal bcttiement in period of throe month* to 1.500. South African cabinet un 'V™' 

oUuUClI Namibia (South West Africa) to stationed in two bases m the nesdpy. However. Mr. BOUia 

Mr. F F. " Pik “ Bntfta. the north a/ file country — Grant- said to-day after ms WMmnute 

a L!|] Suufh African Korracn Minister, fontesn and Ishivcllc — but uut- meeting* with the western etivoyn 

Cfllll While the ;»mpu.*»a:» remain s;< j c . the operational area. Snuth that the south African response 

confidential. :t is understand that Africa is understood to be insist* would depend nn reactions of 

By Frauds Ghilfis, recently in they arc* very close lo the original - in „ (}n a minimum of 4.000 men. “the South West African leuder* 

Tunhia p!a:i put forward by the Western rt f^wbotn 1.400 would be opera- involved "—which usually moans 

TV'x-tcia-c niinrr al " prcxiiaity talrfs in tjflnal and , hey wuuW main those other than Swapo leadere. 

TL-NISi AS BALANCE of w- New Sark t a<=i month «tn brth ^ mL . hoses actually alone includinc the DTA. the all-whtre 

menta. ha* been steadily worsen. Mr. Bolna aad tn*- leaders of the tfjp Namitua-Ancuta border National' Party - . and probably the 

ing over- ;ho past 12 mnnihs. Tne Sou!h \Ys***i Africa Peopu»s u. N »h-i» the retell *ina Namibia National Fnmt. a 

trade deficit which reached Oraanitalicn t Swapo i, rhe US' • ^. oops , n terriinrv middle-of-the-road natiohalist 

S83am. last year is forecast to backed national movement in 1 00,1 “"“P* In inc rr 3 

rise tu S935m in 1978. the terrilor*. Dsafoma&ic sources 

Tunisia's main exports crude m Cape Towc said they merely a THIRD tribal homeland in 

Oil. phosphates and dlivr nil had curtained -various cianfica- South Africa has set out on , 

a bad year in 1977. Phosphate tions.” the path to Independence Angola * 

exports picked up somewhat in The ran; e has come amid wide- under the country's separate y 

volume but hardly in price: ihe spread fears that the South development plans with the ■ 

decline in the umf price of olive African Cinvernraent was ready proposal bv Chief Patrick , ’ v Rhpdesw ^5 

oil was sharp while the nrnduc- to prc.vs ahead with elections in Mpbephu. Chief Minister of NamUMa i N , -’3 

tion of crude oil aulTered from the territory without involving Vends, to hold talks with Mr „ , . § 

various technical difticuliies. Sv.apo. which is fi^hunc; a suer- John Yorster. the Sooth , S 

Then last Tniv iho EF.C 'ilia w*ar in the north *>f the African Prime Minister, on the , /[HBffiUMi, * 

announced a reduction in the JfJTitor?'. The assassination of issue, our Johannesburg corre- s fX _. 

quota of textiles which Tunisia Chief Clemens kapuun. leader rtf spondent writes • , s»«xitandl 

would be allowed to export to. ?he conservative and pro-Suuth Chief Mphephu. tabled a ■ , 

Europe. This move caught the African Democratic Turnhalle motion m the Yenda legisla- -y” yfeS 

Tunisian authorities hv surprise : Alliance i DTA ). on Monday was live assembly on Tuesday ask- ftepubUc t * 

and although difFerencPS between nresented bv Snuth African ing rbe South African flovevn- |» o( 

the parties were resolved, after sources as reason :o press ahead ment to granr the homeland— h flfrica 

difficult negotiations: last Decern- with a solution excluding Swapo. population 45IL000 and divided 

her. the episode highlighted the which has been accused of the into three areas on the borders ; 

vulnerability of lndustr-’ devel- ■ killing here. of South Africa, Rhodesia and 

oped in the country since 19721 The key issue at slake remains Mozambique — independence, f --— j ~ " ,l 3 

on the basis of oR-shore funds.! 

The vast majority of jobs created [ _L — 

have been in the textile* sector. 

Another major foreign income 1 ™ -- m 1 *■ j M 

^SST'SSs. Rhodesian pupils abducted I 

year for the second year run- i 

ning. BY TONY HAWKINS SALISFLUY. March 30. 

*1.1? tiSli C F,« r vL75 t iiSL'inilIiIS»' NATIONALIST GUERILLAS questioned by officials. "As far Vkomo's array home built up in! 

stoma 1*™ . ta , .»•; 

Tunisia s eennomic take-nff mav aoductod 4-0 o.ack >ehuni- r j,j as « nine white mom hers uf the school | 

prove premature. The has, c children and 12 teachers and *» A church nffiiiai tn Rh{«ies;» staff hart been left behind at the ; 

? SSSS dnnnt' make iSrt Sad taken the * nver the bordor m,n had said that the children— both mission but the headmaster of. 
nf nrnL nnSLft Pmrfnrr Bniswana. b„y d and girls aged between 13 the «ch<mi. where the Kev. 

fi d iri The Botswana Government an- and 20 years— were ahduclcd «in Ndahaninm _ Sithnle was edu- ■ 


! BY QUENTIN PEEL 

i AMBASSADORS OF the five 
Western member States nf the 
UN Security Council to-day pre* 
; rented their finai pmposais for 
r. cond’.iluisonal Mttientcnt in 
Namibia (South U‘est Africai to 
Mr. F F. “Pik“ Bntha. the 
Strath African Foreign Minister. 

Wbi'c (he 7 »mpu.sa:» remain 
confidentiai. :t b understand Uut 
they arc* very close to the original 
p!a:i put forward by the Western 
five al M proximity talks" in 
New York iast month with both 
Mr. Botha aad the leaders of the 
Soulh Wee! Africa People’s 
Organitaiicp tSwjpoi, rhe L"\. 
backed nat;ogj^: , st ntovemen; :n 
the territory . DinSomatic sources 
in Cape Town said they merely 
coniained -various ciar.fica- 
tions.” 

The mote has come amid wide- 
spread fears that the Snuth 
African Government was ready 
to press ahead with elections m 
the territory without involving 
Sv.apo. which is fighting a sucr- 
' iila war in the north »f the 
territory. The assassination of 
Chief Clemens Kapuun, leader nf 
.The conservative and pro-South 
' African Democratic Turnhalle 
: Alliance (DTA>. on Monday was 
oresecied by Sooth African 
sources as reason ;o press ahead 
: with a solution excluding Swapo. 
which has been accused of the 
• killiny here. 

I The key issue at slake remains 


the military presence of Snuth 
Afnca id the territory. The pro- 
posals call for a reduction Qf 
South African troops over a- 
period of throe month* to l.5fl»). 
stationed in two bases, in the 
north at file country — Uroot- 
fontc.n and Ishivclle — but uut- 
ssde the operational area. Snuth 
Africa i* understood to be insist- 
ing «ra a minimum of 4.000 men. 
of whom 1.400 would be opera- 
tional. and lhey wuuid main 

‘ipme Cigbl has^i actually along 
the Namibia-Angulu border 
Suapn ha> said that 1 he retention 
r.f l son troops m the terrimry 

A THIRD tribal homeland in 
ykrath Africa has set out on 
the path to independence 
under the country's separate 
development plans with the 
proposal bv Chief Patrick 
Mpbepbu. Chief Minister of 
Vends, to hold talks with Mr. 
John Y'orster. the South 
African Prime Minister, on the 
issue, our Johannesburg corre- 
spondent writes. 

Chief niphephu, tabled a 
motion in the Yenda legisla- 
tive assembly on Tuesday ask- 
ing rbe South African Govern- 
ment to granr the homeland- 
population 450.000 and divided 
Into three areas on the borders 
of South Africa. Rhodesia and 
Mozambique — independence. 


would only be acceptable if they 
were stationed in the far south. 

The whole question of Namibia 
was discussed ot length hy tne- 
Souih African rabinH on Wed- 
nesday However. Mr. Botha 
said to-dav after his 90-raimite 
meeting with the western envoy* 
that the south African -response 
would depend nn reactions of 
“the South West African leuder* 
involved ''—which usually moans 
those other them Swapo leaders, 
including the DTA. the all-while 
National' Tarty. :utd probably the 
Namibia National Front, a 
middle-of-the-road nationalist 


. . i umota 

.Angola \ _ - _ 

r ” ’ v Rh ° desw li 


Namibia 


- 1 Botswana Y 


/!56M 


i , ■' - ■ laEsyssu 

J Swaziland v.'*' 

^LOMthei^ 
Republic *' v t * 

South Africa 


JOil ANN ESBl'UG, March 3d 
alliance 

The western cumpromt^e pro- 
pcLsnlv uuduuhtcdly do nut meet 
all the Ob lections either al South 
Africa ur of Swapo. Rul Mr 
William Bawdier, the l»S* 
hassadur tn Cape Town, <at»l 
after lo-tby's ineetmc. "Vi* b»s^ 
we can reach .igreemoni soon 
Sir Pavut Sent!, the British am- 
bawulor. s:n«l " »v all feci the 
matter is quite urgent." 

Smith Africa ah-o wusu eleir 
proposals fur j ceastfllr** betwi’en 
ils. rorce.s .*»nd fhr Sivapn 
guerillas, hut :t is i:nders>i»K»it 
that the western propr.^jjH 
wunld leave this tu he settled 
hy the South Afrtcan-appienh-i 
adinmistraror general m WtruS- 
hook. Judge Marthuius Sfcvn. 
and the tinned Nations sne;". •! 

represent jf i vc envisaged by their 
plans They have also left n:t 
clarified (hi* exact relJiiww-hm 
between the two men. whu would 
he exporled to run Ihe ti'minrv 
jmnfty m preparation f at open 

elvL'ti'ons. 

The issue ,»f Wat us Bay. lh** 
enelave whirh South Afr:.*» 
in -l sis f»n ft*: uiiing. .mrt 
wants tn be banded owl if: ,*n-. 
M'tticruent deal, is al>n thou-ihr 
to have been left uut of til** final 
prupos.ils The western power; 
rccHiinsr-i* Smith Africa’s juridical 
rich! to The enclave, annexed by 
Great Britain in 1S7S. 


Rhodesian pupils abducted 


BY TONY HAWKINS SALISBURY. March 30. 

' NATIONALIST GUERILLAS questioned by officials. “As far Nkomo’s array home built up :n ! 

witness loyal to Mr. Joshua Nkomo have ^ *« «“ establish they were Zjmbw and Angoja 

abduriod 420 b^ack , c hooi- eiconed io the border by some The Chmoh cunfirmcti that a.l , 
off mxv aoaiicioo 4_o a.ack >cnLo ( .. n , ne u -j,i t0 mcnibcrs of the school 


rneronsoH hv fi rw ronl npr "^hc Botswana Government an- ana iU years — were rti*uui:»v« »II« .......... ..... --- „ . .... 

, m e S B “” annum ^ M-tnut n r nounced lo-mahl that 3S4 of the Wednesday night alnna with 12 cated. had also been abducted TUK\D. Mjrt.i al). 

mae.ir-irhi?iir*. - ^. schnolcbildren Who crossed the black teachers from Tccwani The executive council ol the 

fiSnprrpnt mini nv and Pne r-i- I -order had asked to return tu mission school about 10 miles transit ion ai Government me: JAPANS disparate tratlv .inuui 
hv fi ^ ner re m no w fnhs Rhodesia. Transport would be from the Botswana border in again i.i-djy but there was still miivciiteni weiii on its annual 

in’ fliT.-tiKicd for them to do so to- 5 oiith-wi*st Rhodesia. no annii-.micuu-ni ahnu; the allu- spring w.is« nffriisiU' lu-daj with 

morrow. The remainder had The Rbmtehian Government cation nf Cabinet portfolio-.. j Mines uf tame Milk*.*? bj i",i- 
proJiarf than ewor hifnp A .inrt 0P ,e d lo remain in Bo T j-.v3na. said that an official anproach had It is ur,cl"i-tnnd dial the fopir plniees nf varum? i.mvrrmit n! 
; h p ! n , t or iiinn- ind,.v wb nh ' Ur Phil Steen k amp. Secretary been made to ihe Botswana was hul e\er i discussed to-day . mrpuratinns. Lunril-uuw fiu M-t- 
; ion in I97n h .ri nniv lu the Botswana Cabinet, said Government for their release. On and instead The council conccn- 1 ing hi public cmplojivs a 
reaeheri 143 9 at fhfipnH Of nr in- thai the children had been Taken past evidence they were expected tralcd nn what is cunsMemd The prelude to j (urural M-rie- .if 

her 1977 1 to Francistown :n North-East tn he taken lo Lusaka U» i»e key wmi«— iiiea«nrm in Mwure 4 strike? in ntlirr *n-(ur» jn.uuwl 

• Botswana where they had been trained as guerillas for Mr. ceasefire and end ihe war. fur April in support demand- Tor 

That is the official ficure. the j pay rises which avrram* about 

real one is higher. e«nedaBv. ■ 12 per cent. Ihe board. It: 

where some foodsTuff.; and 1 1977, the weighted average uf all 

lecnmm nrta non are concerned i* T 1» ¥ l pas rises was 9.4 per eer.l. 

SlS^iSi PLO fears new Israeli attack ijnsMsa 

3S ShSy^ldTl^Nor 1 by IHSAN HIJAZl BEIRUT. March 30. | ^uniefcittX 15 

if nn?v b , e nitIL t o h rt hi h I fn!! ! WHILE EFFORTS continued to- on the River Litani. which con- He said the Syrian auf hurltles ; gJJ tfl Sisc^^roup "union-' 
tho fiSf TO mnmhl ^ 10 slabiiis * lhe ceasefire in trols ihe approaches Vo the hur- have provided special facilities : Sllbyo Xhl , i.r-anisalion (with 
c ? n , f «£ ur L nB th ® ^ fir ^u .u mnnfh . c southern Lebanon, the Pales- bour from lhe north. Lol Jean for supplies. He gave no furl her, 47m members! has nffirsaltv 
nf 1977 compared with Ihe eaui- ! t lnf an guerillas were reported Salvan. commander of Hie con- details. ■ Copied waw sund!irds 

valent period nf 197U. a fienrejm \» strengthening their posi- tingent, told reporters that he The siale-controlled media m 1 ** demanding ** a nnnitmint uf 13 
oi in ner cenL . is . ccriainiv t inns in the Tyre and Nabativah was resorting to diplomatic Damu?eu* has vigorously refuted: pi , r wn |. (, ut ;icl . L .ptino th.il “th.’ 
nearer tne mitn. ___ regions in anticipation of what mearw to. achieve, that ohieetiw? Iraqi icharges that .Syria. _jva* « 1WCP increasr demand - should 

“Some of Tunisia s pcnnnmir Pal n slinian sources described vs A PLU spokesman has con- hloekifig the passage of mi hiur\ . neV|?r hp | M .; mv ^ pi* r ceor . eu-.i 
ornbiem 1 : arc no( of its ou-n m:«k-j a possible new Israeli onslaughl firmed lhai Arab assistance is supplies m the guerillas in: m industrial iiram-he-, special tv 
me. The collapse in the sale I A cr>m nji,ntque from the *tiH arriving via Syrian territory southern Lebanon. ! hard h:i o.v !hc rcv-s:.*n ’* 

rast ?h'ree vears° and” 5u* slump f ! ai,cs,ine Liberation Organisa- __ m pf it | i In racl. according to a virv**-. 

h? the sale' jfoiive oil are con^ ,,on . sa,d v ,s raelt Troops were Upmp GllTTPr^ ; »«y the newspaper Xihmi Keicai 

H tinned ^ o-r.Me F^tor-;. Some i £ Tn ^raeh'd^trover^S O till Cl ^ StlUdUV 'jhirahun uf :'.HS compa.u.-j. which 

wiflrs fi-'inc VP« BY l. DANIEL TEL AVIV. March 3Q. . face pav rise demand. Hus 


Japanese 
unions 
begin wage 
offensive 

By Dougin Ramey 

TOKYO. March all. 


PLO fears new Israeli attack 


BY IHSAN HIJAZl 


BEIRUT. March 30. 


j pay rises which average about 
• 1 'J per cent. .icniM ihr bnard. It: 
1 1977. the weighted avi-r.igc »»f all 
■ paj rise:* was 9.4 per cent, 
j E:np!oyeiw seem relatively nn- 
i rutiled ahmil ihis year’s uftensivi* 

•Since iiiasl of ihe unions' 
j demands already undercut the 15 


Begin suffers setback 


I j I In fact, according rn ,< virvev 

Si 51 PM ; by the newspaper \ihn» Keirai 

Shiiuiiun uf :JHS compami*. which 
TEL AVIV. March 30- , face pav rise d«m.n«l< Hus 
•spring lhe average is i.»r 117 


triors ?r° veil na-'wii.. ht d ff .. e Dnr . t as , * ni „ ht BY L. DANIEL 1 bL AV . March 30- ,i«ce l*av rist a«.nian«i. tn.s 

Iqrlv cri'ir Oil .pnr» pho^. • 1 “- ntpn 0,1 ,ne pnrI las ' num : spring the average is t<*r 117 

nhoric acid. But overall, ihe' Guerilla commanders have UNDER heavy Hack from the experienetr whatsoever of public ; per cent. and. in some imliisiries 
*tre« nur on cprto.r, ceciors h’s cnafirnied »he> have received Opposition, public opinion and or party life In Mr. Regjn's j ii is reported In be much lev 
handed manv hostages to For-' ,,nl * rs ,n st0 P shelling from even supporters or bis own ruling thinking his main nualificntinns | The independent 1-ederatioR of 
tune. " 15 j fixed positions and tn carry on Likud block. Mr. Menahem Begin, for the office of titular Head of: Iron and Steel Workers Union* 

Th« ma'inr Htim nf =,,rh a nrifi : ins,pari wilh rear ' ailianl anfi mt- Israeli Prime Minister, has Slate were i hat hr is an observant j (Tekknroreni, which IwhiSually 
m rio* if th» IK • jnf, ' run operations acainst suffered also a heavy set-back in Jew and of Sephardic, or oriental, has set the tone for wage settle- 
SLJlJL ch-aiav ,SMen ,roo P s soulb of U»« Rlver hLi nomination of an unknown origin unents in Japan, reeently decided 

rq?n°imrfpr thp'ji.iihnriK' Of thp L,tani ’ figure as the Government’s Mr. Begin apparently was bank to demand an average 9.x per 

'uru unnpr rne auinnrny nr ine . . ... , nn *h„ r»At rha. hie dAun.ii. ..-, in.,..,... s„ 


I endorsed 


orivate Tim Wan hanks the * ehanon ' n Tyre tn establish a Chavet. who not only has nn Coalition Government. - 
rtninn Tn»**rna»inn*«»" 4* Ri’«n**ps 'post nn lne Kasmlyah brirtRe popular image but also no Israeli Cabinet, Page 18 
in its renori for 1976. published j 

Few changes in new Syrian Cabinet 

underlined bv no Jpss than thpj 
Ranque Cent rale in its iaiest. 
ron’nnAiure monihlv buJipjin 
Tunisia it notes, renlimios ro 


DAMASCUS, March 30. 

A NEW SYRIAN Government their posts: Mr. Abdol-Halim Minister of Higher Education. 


• Meanwhile, the dollar 
recovered after dropping again b» 
Its record post-war low level of 
Y'JJO “II on the Tokyo lorrun 
exchange market on Thuredav 
Dealers warned, lunvevci. that 
thev saw the recover » as a 
“ parsing phcnmnenim ’’ and they 
though: The ten wuuid miuu con- 
tinue it.H recent rise 


tXn ffirnZZ™* oro- nutenr„= M^G^eVal DoputTPrilile Mini,t,r Kudjl. a Mini^of'cuiu.rn 3K I 

^tarSTdSS^SlSS. Abdel-Rahm«i. Khlei ^ U Sl'i w M1,lister 0, l 

S Hafez Wa* ^ »«. % TokVO' airpOrt ^ 

economic la issez fa ire. Much of second seven-year terra last One newcomer ivas Mr Zu heir met. iir Moiummed AM 

the growth nf recent years has month. ?7r. Halahi was pre- Masharka. membf of the m2 000111112 U013V /' 

heen accounted fnf hy th? v.nusly shaker of the Paople’a rasianal leadership of t'.e nUin S J’h 5!” 

leslile indi.snj'. hmldinc. and Council [Parlianteml. Ba'ath Party. He her.mte Mle,° Ku .vrid” (MmSer nf s"Lt2 . TUKV0 - 

tourism — ■ .ff** 1 '- The three deputy premiers in sler or Education in place of Dr. at the Prime Minister's OBice) j AN 5 S F Government 

which (o build lhe counto s | the outgoing cabinet retained Shaker Al-Fahham. who “became Reuter' • has decided to defer until around 

economic future. . : - ' I next Tuesday Us decision on The 


BY WONG SULONG 


KUALA LUMPUR. March 30. 


ripening ot Tokyo’s new inter- 
national uirpurl, a Government 
spokesman said . lo-night. 

The Cabinet previously was 
expected io set n new opening 
date for the airport to-morrow 

On Tuesday, the Government 
was forced to postpone indvfi- 


economir future. .j — -. — -w ' ; - j next Tuesday us decision on The 

The foundations fur growth. in', ^ . opening ot ToUyn’s new inter- 

the energy and hydrncarhons i national uirpurl, a Government 

sector were laid in the 19fif)s. • 1 j A ' » . . spokesman said lu-night. 

.Malaysian reluctance to invest 

(he south of the i-ountry for . ^tp for the airport to-morrow 

!h? a ?ari eight ^eaV^no rnajo? BY WONG SULONG KUALA LUMPUR. March 30. On Tuc^iay. the Government 

industrial projpet particularly FACED WITH continual slug- Economic growth would be tion. Chinese investors are mr- Uhli v t „ ! 2, OSl r P ?2? e l - nd ‘'t 
one which would launch a gishness In the international heavily dependent on an expan- ticularly worrie dtfiat the Govern^ of v tl 2 P 1 ? 1 ?*! 

growth centre outside Tunis or economy, and the reluctance of sion of domestic demand, which, m en t woulcTuso the con too veraS' taSSUhS- 2 m sch ^ du,ed . < ?f 

the centra] Sahel coastal region local investors to invest, the in turn, would depend greatly on Industrial' CMrdination Act ?■! c< 1 in P. ,n ' in ^ “ 

has been comteired. let alone Malaysian economy is ejected a strong improvement in the cnnmol iheir £tS Slid ^f'ora'hv^ ^rSdfeaTnSt'’" 5 
implemented. to decline marginally this year, business dimale in the country, them to ™ke Malay partners I Rri^r pr0t ^ tQrs on Sunda >- 

Manufacturing industry and hut would still grow at a Expressing its concern over Despite vigorous efforts, the— 

tourism face an uncertain moderate rate of between o.a the shortfall in private Invest- Government does not appear to ' ' ■ ■ ■ 

future. In the first case, musi • and • per cent., the Malaysian ments during the pasi two years, have erased this fear totallv TF 1 FP HHMC QcniDiTVii 
of the investment especially I BanK sa, “ to-day- the bank said that private invest- among Chines* businesMlien, al- ciw» m 1 wm 11 

that which- is attracted from! Thl -^ compared with a real menls for the years IBTfi-Sn thaueh a meeilng la««r we»*k. of ciecironic privacy System — 

abroad on a tax free- basis, is ! ffr«wtn rute of i per rent last would have to rise significantly Dr. M-ihathir (h*’ Denulv Prime Virtually tap-proof.*. TeplaCflS 

cnnrenlrated in lexiiles. for!.''’ 3 *’ ‘? nri ^ impressive 11 per above the annual IO per coni Minister and 7 on Chinese husi- yOUf existing phone. - 

export. . 1 cent, in I9ifi. tarcct outlined in the Third noaempn had cleared some of the r* — — . 

Putting mgeihPr household ^ PuMhhoA M^aywan Plan . dm.hr.s J \ 


TELEPHONE SECURITY!! 

Electronic privacy system — 
virtually tap-proof:, replaces 
your existing phone. . 


eleclrica! goods is another sector 


(o-day. thp Gen:ral Bank said 


The Central Rank- addi^l ihnt 


little to tram people i H skills for P'™‘ 
the future industrialised countries. 

Tourism is another example of — - — 

the short cut winch does noi | 

seriously contribute to develop- ATtArntY 
ment. The growth in hotels and [ vJfilYVlIflifi 
number of visitors was speciacu- 

l |Q?R Un I l J ,' dS " bul ' n , BY OUR OWN CORRESPONDENT 

1978 and 1B77 receipts from this • 

sector were. dnwn. :v nKDF.R to comb 


because of a fear of new legisla- growth in cunstruetton. * 


Government takes oyer land in Nigeria 


LAGOS. March 30. 


sector were. dnwn. I>- ORDER to combat land 19 stales or at any one time. Having considered the report 

Prevoolins people from lcav-‘ apeci il.d ion in Nigeria the He said lhat apart from bring n f t ^ e lhe Fedora! 

me the land is a iinnmnn pmb- federal Government has prnmul- a disinrentive tu rtevolupmeni. t; 0V(lrnmtfnt decided there was 
l«*m to all rlevelnpmv nramric . i|MlMri di<crre which «n. ,hc h,, - v,nc "P ,,r lanri bv " " . . . V. . 

but rhe absence of any .i«nrul- ; 7 r a 'r.. f J -rtl Wnd in Ihe^ouni r v !' ,lorh and tho wn*M|iien! f 1 '" ; ! h nC ^ J or str,lMu . ral change in 
i,.r,i nni .c j : troi ru .in i.mo in me counirv _ .. nrf . K „ he an d use system to hr no 


• Detects radio frQqwn&y trsns- 
mitteis 

• Detects harmonica “hugs" 

• Cancels otter existing "bogs" 
-• OfsiHay* Hhfi voltage 

• Turns on recorder when phono 
is m use or being tampered 

with 

• Lins secure feature (or addi- 
tional protection 

• Portable, easy to operate 


lural policy is m*j i,‘,u s draw- j !„.»,? hJnd"nf s"ato and l S in lj * nrt va, " L ‘ s was 0,1 ^ uf th *’ ,a " d ** l,ys<pm ^ hrtn ^ ronawo, easy !u operate 
back. Shortage uf hi hnur nn thcl^Viarnmimir ° 3n<1 **“ mam «»««*-• of social and ah " ul , eWBimilc and social „ . 

land is a ennstani wmtv and sn ^ “ pcnnnnitc inequality in the l*”insfnrnialion. m0«®| 

is the shorlase of water. Yer Irt broadcast here iasr m«ht country. ‘ Under the rofunns nniv state DEB SYSTEMS LTD.’ ' " 

more and mure water- now has Lieiitenam General Olusecun The Federal Government last guvormuents and lueal authori- PO. fkwi&w 

lo he channelled m the coastal Ohasanjn. lne Head of Stale, year set up a panel to study ties can now assign i»r lease un- New Yoric. n* I6ui7 

areas. Self-suffinencv in fund. i said lhat no individual would be various land tenure systems m developed land.'’ Farmers and <?l?) 840-H3^9 T ei L- 
an .nm nf the Iasi Plan r. far : allowed to ihmd indefinitely more the rnuniry and find .ways nf rural rtwellopi will continue »n ^ 

from achieved and I he cfMl is re- than half a hectrire of . un- remnvmc constraints to ereniimic u<r i.mri r,,, - t<,ncnit,ir..i 

reedm.a 3S the popular, 00 wn- ' dereicped potential bmlrtinc development and naiionHl pro. t«ral -.ind residemla! nuraoses SJ» v "T^- -‘ u 

Uhucs to grow qui-.kly. Hand in any one of lhe country s gress posed hy scarce land. without any hindrance.’ 


Model Q-9 

DeB SYSTEMS LTD.’ ■ • 

P 0. Bo* i Ml 
New Yoric. Nv 10U17 

8404349 T^- asaff 




*-U A 


r 


I Vcoud +1+SK JVM04t 


SlftlJ 41 \Q!^ m N-Ti- 


<i*ta 


rr.7.: 





Financial Times Friday March 31 197S 


AMERICAN NEWS 


Carter to outline inflation 
policy after his return 


BY JUREK MARTIN, US. EDITOR 


ACTIONS BY the Carter Adminis- 
tration over the last 24 hours on 
farm price supports, the latest 
round of steel price Increases 
and the planned pay rise for 
federal employees illustrate the 
general direction the Govern- 
ment’s anti-inflation policies are 

likely to take. 

President Carter said at his 
news conference in Brasilia this 
morning that new announcements 
on inflation would be made after 
his return from his foreign 
travels next week. Speaking in' 
Chicago this morning. Vice-Presi- 
dent Walter Mondale confirmed 
ihr general assumption that wage 
and price controls are not a live 
option at this stage. The Adminis- 
tration will probably engage in a 
series of small actions, combined 
with some tougher talking to the 


private sector. 

This is essentially the approach 
recommended by Mr. Barry Bos- 
worth. head of the Council on 
Wage and Price Stability, whose 
emergence as the most vocal 
advocate of ami-inflationary 
policies masks the fact that his 
actual policy-making role is less 
great than several of his 
Administration colleagues. Never- 
theless. Mr. Bosworth's advice, 
at least m principle, appears to 
have been taken over the follow- 
ing items. 

• The Administration’s farm 
income plan was unveiled late 
yesterday. This is designed to 
head oft what are considered to 
be highly inflationary proposals 
already passed by the Senate 
along much more expanded lines 
and was accompanied by the 


Economic index unchanged 

BY OUR OWN CORRESPONDENT WASHINGTON. March 30. 


THE U.S. Index of leading 
economic indicators was un- 
changed in February from the 
previous month. However, re- 
vised figures issued by the 
Commerce Department to-day 
showed that the sharp decline in 
tfanuary. brought on by bad 
weather and the coal strike, was 
less precipitous than had been 
thought, with the index falling 
1 3 per cent, as against the 
original estimate of 1.9 per cent. 

Last year, a similar sharp fie- 
ri l ne. caused by climatic factors, 
in January had been reversed 
in February. Therefore, no 
change in the index, which points 


to future economic activity, may 
be seen as further evidence of 
the more modest rate of growth. 

This comes as no particular 
surprise: mast private and pub- 
lic forecasts predict that in the 
first quarter of the year Gross 
National Product will only in- 
crease by 3-4 per -cent at an 
annual rate. 

However, improvement there- 
after is anticipated. In a speech 
due to be given later. Jr-day in 
Indianopolis. Mr. - Charles 
Schultze. chairman of the 
President’s Council of Economic 
Advisers, forecast a “snapback" 
of the economy in the second 
quarter. 


WASHINGTON. March 30. 

explicit warning that the Presi- 
dent would veto any Bill that 
incorporated any of the -Senate's 
more contentious provisions. 

The Administration's plan 
would boost farm incomes by 
$3-4bn. a year by making addi- 
tional payments to corn and 
cotton growers who let extra land 
lie fallow this year and by boost- 
ing support payments for wheat 
and soyabeans. 

But both Mr. Bob. BerglandL 
the Agriculture Secretary, and 
Vice-President Walter Mondale, 
argued that this amounted to no 
more than fine tuning of existing 
practice and would not add to 
consumer food costs. 

Mr. Bosworth’s leaked memor- 
andum to the President on 
inflation bad recommended oppo- 
sition to excessive farm aid hills. 
But the Administration, bargain- 
ing for critical support for the 
Panama Canal treaties, had 
adopted an ambivalent attitude 
towards a key amendment to the 
Farm Bill offered by Senator 
Talmadge of Georgia. 

It is now hoping that the House 
of Representatives, strengthened 
by the threat of a Presidential 
veto, will undo much of the 
Senate legislation. 

• In addition. Administration 
officials have formally notified 
union leaders that the pay 
increase for federal employees 
scheduled to take effect in Octo- 
ber will be held to no more than 
5.5 per cent 

• Mr. Carter himself criticised 
yesterday’s 22 per cent, steel 
price increase announced by U.S 
Steel to cover the costs of the 
latest miners* pay settlement 


Peru and banks discuss new loan 


TH E PERUV1 AN Government 
hus announced that representa- 
tives uf six foreign hanks held a 
meeting on Monday with Presi- 
dent Francisco Morales Ber- 
mudez to discuss the national 
balance of payments problems. 

Reliable sources said that the 
bankers representing U.S., West 
den n an. British and Japanese 
banks offered Peru a loan of 
S'JiSPm. But the sources said that 
the banks made such a loan con- 
ditional to an authorisation by 
the International Monetary 
Fund (IMF) of a stand-by loan to 
Peru. The IMF is demanding 
from Peru, according to the 
sources. drastic austerity 
measures, including a reduction 
of Government expenditures, in 
order to grant the stand-by loan. 

The banks which participated 


in the meeting were Manufac- 
turers Hanover, Citibank. Wells 
Fargo. Dresdner Bank. Bank of 
Nova Scotia and Bank of Tokyo. 
These belong to an International 
co-ordinating committee of the 
commercial creditors of Peru, 
chaired by . Manufacturers 
Hanover. 

The Government also said that 
a senior official delegation, 
headed by the chairman or the 
joint chiefs of staff. General 
Pedro Richter, flew to Moscow 
yesterday to negotiate with the 
Soviet Union for a re-structur- 
ing of the Peruvian debt to the 
USSR. Gen. Richter said that 
Peru is facing a " very tight " 
schedule of repayments of 
foreign debt between now and 
19S0. He said that similar 
actions are being taken"*' with 


LIMA. March 30. 

other creditor countries. 

Meanwhile, in New York 
Manufacturers Hanover con- 
firmed that the meeting bad 
taken place on Monday in Lima. 
Negotiations have been under 
way since mid-February, the 
bank said. 

Manufacturers Hanover said 
that the Peruvian authorities 
had announced their intentions 
of introducing additional 
economic stabilisation measures 
which they expect to ensure 
Peruvian elinhjlity to draw 
under its stand-by agreement 
with the IMF which was signed 
in November. The banks con- 
sider that eligibility to be one 
pre-requisite for the granting of 
any new commercial loan to help 
the national balance of pay- 
ments. . AP-DJ 



All signs point to June elections in Canada 


ALL tbet Signs in Canada now 
point to a June general election 
with the dissolution of parlia- 
ment expected in mid-April. 
Many members of parliament 
including some Cabinet mini- 
sters have left the country for 
an Easter break in to build up 
their strength in anticipation of 
a rigourous campaign this 
spring. 

Parliament is in recess and 
Is due to resume sitting on 
April 3. Two weeks later the 
BSPs expect to be plunged into 
a campaign with Mr. Pierre 
Tmdeau, the Prime Minister, 
seeking re-election of his Liberal 
government 

A factor that may change the 
Prime Minister's mind and make 
him delay calling a Spring elec- 
tion is the decline of the Cana- 
dian dollar. It tumbled to a new 
low on New York money 
markets this week as commercial 
demands for U.S. dollars put the 
currency under heavy pressure. 

At the close of iradin gin the 
inter-bank wholesale market on 
Monday the dollar was changing 
hands at 88.38 U.S. cents, down 
nearly a third of a cent from 
last week's close of 88.68. It saw 
the Canadian dollar's lowest 
level since May 1933. 

With the House in recess, final 
approval of legislation to permit 
construction of the SlObn Alaska 
highway natural gas pipeline in 
northern Canada has been 
delayed. The Government had 


hoped to have it passed before 
the Easter recess. The legisla- 
tion will also establish a single 
federal monitoring agency to 
oversee construction of the huge 
gas pipeline. 


BY VICTOR MAQUE IN OTTAWA 

solved, tbe bill would have to be 
reintroduced into the Commons 
sometimes next autumn. This 
would create problems for the 
pipeline consortium. It might 
be- reluctant to make further 


the senate just before the recess, 
the government proposals would 
tighten tbe rules for directors 
and officers of bankrupt 
corporations. 

The bill will make directors of 


TRUDEAU’S PROBLEMS 


The Canadian Dollar 



SON D J F M 


Liberal ups g downs 


55 Ir 


FiFmcrri -- polls 



1968 T2 '« '77 78 


Jobs & Payments 


UgMP UCTBI Ttt* 
KMEMTMEW MOTHS 
poniuTwi.HFefecn 

*M. 



«*j?iwri 

Hum -cs4-8b* 


The passage of the legislation 
was delayed in the Commons by 
prolonged debate. There is worry 
that a general election might be 
called before the bill is passed 
through the Senate, but Liberal 
MPs doubt that Mr. Trudeau 
would call the election if the bill 
had not been passed by mid- 
April. If parliament was dis- 


financial commitments until the 
project had beeD approved by 
parliament 

Other, key legislation to be 
debated by parliament when it 
returns after Easter is a revision 
of federal bankruptcy laws. They 
would give additional rights to 
wage earner of companies which 
go bankrupt Introduced into 


a bankrupt corporation person- 
ally liable for unpaid wages and 
contributions owed to employees. 
Mr. Trudeau, if he follows what 
appears to be the Liberals* elec- 
tion plan and calls a spring vote, 
would be gambling that the 
Canadian economy would show 
an upturn this summer before 
the voters went to the polls. The 


conference Board in Canada said 
this week that considerable im- 
provement in Canada's trade 
balance is expected this year and 
should provide tbe basic stimulus 
for tbe economy in 197S. 

Despite the weakness of tbe 
1977 fourth quarter performance 
the outlook for the overall eco- 
nomic activity on a quarterly 
basis In 1978 remains as it was 
in December, one of moderate 
growth, said the Conference 
Board. However, the recent 
performance of the economy does 
reveal a continued reluctance on 
the part of Canadian business- 
men to spend. This is consistent 
both with the current siase of 
the business cycle and recent 
surveys of business intentions. 
Real GNP Is currently forecast 
by the Board to increase by 4.5 
per cent, in 1978 following growth 
at a seasonally adjusted annual 
rale of 32 per cent, in the fourth 
quarter of 1977. 

Canada's trade balance im- 
proved significantly during the 
fourth quarter of last year and 
The Conference Board expects 
this sector to be an important 
source of strength throughout 
1978. The continuing recovery 
in the U.S. economy this year, 
together with tbe improvement 
in Canada's competitive position 
in foreign markets after the 
earlier depreciation of the Cana- 
dian dollar, should result in 
rapid export growth again in 
1978. said the Board. 


New York finances better 
than expected, says report 


A NEW REPORT paints a some- 
what brighter picture of New 
York city’s financial condition in 
the coming year than had pre- 
viously been predicted. . 

The report, by the New York 
state Special Deputy Comp- 
troller. Mr. Sidney Schwartz, 
says that the city budget is in 
better shape than predicted by 
City Hall, and it suggests the 
city will need to do less short- 
term borrowing than expected. 
The report covers fiscal year 
1979, starting on July 1. 

Mr. Schwartz estimates that 
the city's fiscal year 1979 budget 
deficit at S345m_ rather than the 
S457ra. figure used by the city 
and in • somewhat higher 
Treasury Department estimates. 

Mr. Schwartz's prediction of a 
S345m. deficit, like the city's 
higher figure, provides no 
money for a wage increase for 
the 225.000 city workers who are 
holding contract talks with the 
city. 


NEW YORK, March 30. 

Turning to the city's short- 
term cash needs, Mr. Schwartz 
predicts New York will need to 
borrow just 8700m. compared 
with eity estimates of $lbn. to 
$1.2bn. 

Meanwhile in Washington. 
Senator . William Proxmire 
released figures which, he said, 
show that New York city banks 
can do much more to help solve 
the city’s financial problems. 

Senator Proxmire. chairman of 
the Senate Banking Committee 
and a critic of further federal aid 
to New York. 6ays that, while 
the city was receiving U.S. help, 
the six largest New York banks 
were reducing their holdings of 
city-related securities. 

According to Sen. Proxmire. 
the holdings by the six banks of 
these securities equalled 0.72 per 
cent, of their assets on Septem- 
ber 30. 1977. down from 022 per 
cent, cent in September 1975. 
before the current seasonal loan 
programme began. 

AP-DJ • 


President goes 
gently on human 
rights in Brazil 

By Diana Smith 
RIO DE JANEIRO, March 30. 
PRESIDENT CARTER, on his 
official visit to Brazil, which 
ended at noon to-cay, has treated 
the question of human rights 
delicately. He has gone on a 
private visit to Rio de Janeiro 
— to hear what he called “ the 
other voice of Brazil **■ — before 
flylnjr to Nigeria to-morrow 
morning. 

Compared with the blnnt 
stand he took In the early days 
of his Administration, inspiring 
Brazil (o break off its military 
cooperation agreement with the 
L.S-, Mr. Carter's words have 
fallen as balm on . official 
Brazilian ears. 

To-morrow morning. Mr. 
Carter will cram private talks 
with six church and civil 
leaders into less than an honr 
In Bio de Janeiro. There is 
dismay here at the brevity of 
the meetings which, to some 
observers, appear more sym- 
bolic than effective. 


Quebec-Labrador iron ore 
strike spreads further 


BY ROBERT G1BBENS 

MORE THAN 10,000 members of 
the United Steelworkers are 
now idle in the main Canadian 
Iron-ore producing centre, the 
Quebeo-Labrador trough, 800 
miles north-east of Montreal, and 
at the two shipping ports at Sept 
lies and Port Cartier on the St. 
Lawrence. 

Strikes by the USW and at 
Iron Ore Company of Canada, 
the largest producer, have shut 
mines, concentrators, pelletising 
plants and shipping facilities for 
a week, and go-slows by union 
members have brought a suspen- 
sion of operations at mines, con- 
centrators and shipping facilities 
of Quebec Cartier Mining Com- 
pany. 

Both iron ore railways from 
northern mines to shipping ports 
have been halted and only 
Wabush Mines continues ship- 
ping pellets from its stock-pile. 
The peleltising plant of Sidbec- 
Normines— jointly owned by 
Sidbec. the Government-con- 
trolled Quebec steel producer. 


MONTREAL. March 29. 
the British Steel Corporation and 
U.S. Steel — was halted last night 
by the USW. 

This means that the estimated 
annual mine production capacity 
in the region of nearly 60m. tons 
in the form of concentrates has 
been put out of action. The 
issues are health and safety and, 
in the case of Iron Ore of Canada, 
contracting out or maintenance 
tasks. Wages have not yet been 
brought up as an issue. Con- 
tracts expiring before April 30 
are suhject to an official limit 
of a 6 per cent, increase this 
year. The control is to expire 
at the end of the year. Talks 
between the union, IOC and a 
Government mediator were due 
to start to-day. 

UB. COMPANY NEWS 

Ford underpins indnstry con- 
fidence. NBC outlook, 
Canadian dn Pont warning — 
Page 32 




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Financial Times Friday March 31 1978 


world tra de n ews 


U.S. business with Soviet 


Union shows 27% drop 


> BY DAVID SAT7ER 


MOSCOW, March 30. 


THE.-VALUE of U.S.-5oviet trade 
dropped-signifieantiy in 1077 com- 
pared with 1076. but increased 
Soviet demand for U.S. agricul- 
tural products is expected to 
push it .back up in 197S. 

Figures released by the U.S. 
Embassy show that U.S.-Soviet 
•trade last year had a value of 
U.S.Sl,S57ni_ 27 per cent less 

than the value of trade in 1976, 
which reached a record U.S.S 
2,527m. 

U.S. exports to the Soviet 
Union declined 30 per cent, to 
U.S.5t623m. in 1977 from U.S.S 
2.306m. in 1976 hut U.S. imports 
from the Soviet Union increased 
six per cent- to U.S.S234 ttj. in 
1977 from U.S.S221m. in 1976. 

Most of the decline in U.S.- 


Soviet trade in. 1977 was due to 
slackened Soviet demand for U.S. 
agricultural' products in 1976 
after a good Soviet harvest. The 
value of U.S. agricultural exports 
declined ■ by approximately- U.S41 
500m. in 1977 compared to 1975, 
accounting for almost three 
quarters of the overall decline in 
exports. 

U.S. commercial sources, how- 
ever. believe that 197S will be a 
very good year for agricultural 
exports as the Soviets seek to 
make up for the 17m. tonnes 
shortfall in the 1977 grain 
harvest by buying grain abroad. 

The Soviets purchased approxi- 
mately 12m. tonnes of American 
grain in 1975-1976 and only 6m. 
tonnes in . 1976-77 but may 
purchase up to 15m. tonnes in 


1977-78, according to a U.S. 
Agriculture Department estimate. 
The Soviets have already ordered 
12.5m. fannes, of which 6m. 
tonnes have been shinned. 

U.S. non-agricultural exports 
also declined in 1977 from the 
levels reached in 1976 but in 
that area, too. there is some 
optimism about 1978. The value 
of non -agricultural U.S. exports 
to tbe Soviet Union was approxi- 
mately U.S.$630ra. in 1977 com- 
pared to U.S58l9m. in 1976 but 
Soviet orders for oil and gas 
equipment have reached between 
SU.S.flOm. and SU.S70m. in the 
past three months alone. 

The Soviets are apparently 
committed to modernising their 
gas and oil extraction methods, 
which may predispose them to- 
wards the U.S. market 


Coca-Cola 
may build 
in Mid-East 


AUSTRIA’S EXPORTS 


Kreisky fights for eastern market 


iiuk. BRUNO KREISKY. the estimates that a nuiuing roionn. huusbij, 
a ! Austrian Chancellor, arrived happens. Austria's eastern trade Union and Czechoslovakia are other Jr nrnW i» n 

- yesterday in East Germany, .his by 1980 might be Sch.3bn. in the the most important markets. The about the PJ^pret or ,rn n 

nnint i* hnwvver. that last year dependence on fuel ann power 


BY PAUL LENDVA1 IN VIENNA 

if nothing __ Poland. Hungary, the Soviet and third nuclcarpowcr plant. 


COCA-COLA, as part oi its effort! DR. 
to be removed from the Arab' 

boycott list, is planning two con- , j cjic ua, , u iw. umiwu... ■»., -*j «• -o— . — *-■ - — ■ — — - — . w.-. , --- — - , 

struetion projects in Egypt and: second important mission within red. point is, however, that last year depenuem n ,.. 

Saudi Arabia, AP-DJ reports from | two months in an attempt to give The current rounds of talks Austria had an exeessively large * ! H porTs frQni 
Atlanta. la much-needed push to Austria's with the East bloc Governments deficit of Sch.3.Sbn. in trade with . . An-drim evnor!<> 

soft-drink concern may i trade with East Europe. and State-run companies musj ^Soviet Lnlon^^ to^olandlnsT year drepped bv 


The 


undertake a joint venture with; Last month the Chancellor be seen against that background. The study quoted earner to roiano m. i . r p ? urth 
Saudi Arabia to build a canning { visited Moscow. Although he For Austria, a pacemaker in in- reckens that in two years the 1L ■ P« cent. ® tQ 

plant costing $10m. to S15m. It : conducted political talks with dustrial-technieal co-operation shortfall may rise w at : leas* expansion is cti a y 
ri l Ji ??PP»y.the plant; President Leonid Brezhnev, tee with tee^_ East ..white__main wu" wrious strains on 

balance of payments. 


with soft-drink concentrate.’ i visit, like bis East Berlin trip. Western powers were dragging lading industrialists, beaded by ., ihn „ ftr ,i<vmenr«: 

The company also plans to 'was primarily motivated by their feet, eastern trade, rela- Mr. Rudolf Salllnger President Austria* balance f • 

' - lively, is still more important of th e Federal ^ambor or the scope for cJrtcmUn^ m- 

‘ in... d.._ «... FAniutmu will visit Moscow next nnrtnnt new vrCUtifc to lh«* 


build a $4m. soft-drink conceit-, economic considerations. .a au»« mwe ..«c -■ v~ t - - Tr . . . — - : • 

trate plant in Alexandria, Egypt: Meanwhile there was a_ flurry than for any West European >Jjmg ESSScm "Entries has hccome 

j itiirino T\+ «nn. limilHiH Vl«l MfllPr IhlS 


Carter curbs CB radio imports 


BY JOHN WYLES 


NEW YORK, March 30. 


PRESIDENT CARTER has de- 
cided to increase substantially 
tariff protection for U.S. manu- 
facturers of citizens' band radios 
following Japanese sales pene- 
tration which has captured ‘a 
little over 90 per cent of the 
American market. 

A Presidential order will be 
Issued in the next two weeks 
which will raise immediately the 
existing 6 oer cent, tariff on 
imported CB radios to 21 per 
cent. After one year the im- 
port duty will he reduced to 18 
per cent, and will fall to IS per 
cent in the third year. After 
tbree years the tariff will revert 
to R per cent. 

The new tariffs were given a 
mixed reception by U.S. pro- 
ducers many of whom had hoped 


for more substantial protection 
over a longer period. However, 
tbe White House apparently took 
the view that the higher duties 
selected, coupled with the appre- 
ciation of the yen against the dol- 
lar. would improve the U.S. 
manufacturers coraoetitive posi- 
tion and enable them to reduce 
their inflated stocks. 

According to trade negotiator 
Mr. Robert Strauss, the Japa- 
nese had seized about 91 per 
cent of the American market 
Official figures indicate that im- 
ports of CB radios reached a 
peak of 15.3m. in 1976 which 
was substantially more than the 
total number of sets sold that 
year. A small proportion of 
the estimated S.lm. sets sold in 
the U.S. last year were of 
American make. 

Well over 28m. sets are 


thought to be in use, many in- 
stalled in cars and trucks. The 
CB craze has made it more diffi- 
cult for police forces to operate 
their radar speed traps and in 
some parts of the country the 
radios have grossly interfered 
with television reception. 

The International Trade Com- 
mission found earlier this year 
that Imports were damaging 
domestic producers, but the six- 
man ITC panel was evenly split 
as to what remedy should be 
recommended. 

One group urged import 
duties starting at 36 per cent, 
and then scaled down in subse- 
quent years. The other three 
men rejected trade restrictions 
and proposed aid to domestic 
manufacturers under the 
Government's trade adjustment 
assistance programme. ' 


Romania pact close 


AN AGREEMENT worth £2 00m. 
for building British BAC One- 
Eleven airliners in Romania is 
close to completion, according to 
British Minister of State for 
Industry Gerald Kaufman, 
Reuter reports from Vienna. He 
hoped negotiations would be com- 
pleted before Romanian Presi- 
dent Nicolae Ceausescu visits 
Britain in June. Basic agreement 
on licence-building was reached 
last Mav. 

Tbe first aircraft will be built 
in England and assembled in 
Rumania. 'Later complete aircraft 
will be built in Romania some 
for export to Third World 
countries. 


Greek deficit of $648m. 


BY OUR OWN CORRESPONDENT 


ATHENS. March 30. 


GREECE HAD a trade deficit of 
S648m. in the first two months 
of this year, according to figures 
from the Bank of Greece. That 
was a 23 per cent, increase over 
January-February. 1977. 

Imports increased by 11 per 
cent, to 31.072m., while exports 
were down 3.4 per cent at 3424m. 

The trade deficit was largely 
covered by a 15 per cent, in- 
crease in Invisible earnings 
which totalled S473m:, mainly 
from shipping, which rose 11 
per cent at 8174m.; tourism, at 
SSOm. (up 27 per cent); and 


at 


frnra emigrants’ remittances 
S131m. (up 13 per cent.). 

Invisible payments in January- 
February totalled 3159m.. leav- 
ing a deficit on current account 
of S334m., an increase of 47 per 
cent, over the first two months 
Of 1977. 


! Both projects are subject to the j of high-level visits from Eastern country except Finland. ~ nt vm e irtier this 

j company's removal from the bov-' Europe to Vienna. This month Despite the contraction of pro- £**•*{ , or dls ^ M *?,:? un 5fLn*-' TJ.cfr^ nneneda JtoOin 

I cott list. alone the Hungarian Minister of poruonal stakes since the second Kreisky*® rewgrot. During monte Austrm opened a i 

I Sam Ayoub. President of Coca- -Trade, the Czechoslovak Finance half of 1975. the Comecon coun- bis trip «o East Berlin. Dr. iredit line ^ bnnme u K 

; Cola Middle East, a new croup , Minister and, just before Easter, tries were last year a market for . an * HS™, *5* itunMrv * 

farmed to develop the company’s ■ the Polish Foreign Minister 14.5 pcr cent. of the exports total discuss jomt project in * SXIEa samt-thim* 

[business in Arab countries, said [visited the Austrian capital with an d provided S.S per cent, of in- “Whets. of B " 'l—w ^ ,!? "o 

1 he expects Arab countries to; economic cooperation dominating ports. In 1975 the proportional SpecificatiJ- jbi twb^ntrira of a special tasL. aewun tint, o 

I vote or, Coke-5 bid to get off the the talks. shares were 17.1 per cent and will be involved in jomt vealurK far Jur te Ja b d ,l,c 

list “by tec end of April or tee. Dr. Kreisky and bis ministers J0.2 per rent, respectively. If m Greece. Es>pt. •"«* ** AuSrian banks whuffi 

beginning of May." He said Saudi .arc concerned about the stanna- one adds Yugoslavia. East Primarily »n ,'? at! \Vr^ ESLtfne* « late* figures! 

Arabia and Egypt had agreed to;tion in Austria's once flourishing Europe’s share is just below 20 struchon. Although Austro- ac ”"^ iDK e 1 fi " ures * 

Spport die eomknir j trade with the EasL Last year p, r Snt. of the afflTOtaw «■ Polish coa.perat.on invnlns the nraeded Sch. ^J5h„ _ 

[Austrian sales to tbe Comecon ports. motor industry, the mam AHhoui.n econoinic experts 

Wnftrfwnrlr AtnnriQ nn countries were up only by 1.7 Although the market situation emphasis has so far been on estimate that Austria s share nf 
J" 00a S? ?? L . p per cent, well below the 6.4 per varies Trern country to country, energy. . the , ^ Kurogcan markets 

The British woodworking;^ recorded in aggregate Austrian exporters are faced Poland is exporting 100-156 MW (excluding the Soviet l mon» 
industry increased exports last I exports, 
year from £29,659,000 in 1976 to! w ore ; 


___ r . More important, the surplus ^ 

£45,990,000, figures frera tile ; Austria’s favour has been shrink 


everywhere with import restic- of electricity to Austria. From during the first three quarters 
s In tions and intensified competition 1983 It will be increased to at of 19n rose from ».6 per cent, 
ink- by Western exporters. It is also least 400 MW. to S.l per cent., they take a 


Although the Austrian Minister pessimistic view of the short- 


British Woodworking Federation , jug rapidly, from Sch.5.7bn. becoming more difficult to keep 

show. ~ * — — 

50 per 

against a background of a dedin- [ j^ st ye^ *A *sVud\- compiled by nese corn petitore' East European Atatxo-Poiish 

mg home market, with fewer 'trade experts of ’the Austrian insistence on compensation deals might postpone ny «wwei >cu ..c.-vl ui» ,-5«. »■ u «.- 

houses being built. Institute for Economic Research is a further bis obstacle. years the erection of a second of their engineering imports. 


show. The increase; more than j fabout^^sm )“"fn Tots 'Io with tee' crcdit terms offered of Trede." Dr. Josef Starlbachcr. term prospects because most 
cent, has been achieved | SctL3.4bn. in 1976 and Sch.2.7bn. by West German. U.S. and Japa- publicly speculated that a second Comecon eounti 


power 


countries will hare to 
contract increase grain purchases in the 


Engines for Uganda 

The Uganda Government has 
signed an agreement with a 
French bank, the Socidtf 
Generate, and a French engin- 
eering companv to supply six 
locomotives to Uganda Raiiwavs, 
AP-DJ reports from Nairobi. 
The accord is valued at S9ni. and 
the locomotives, to be delivered 
hv next year, will be for main- 
line use with cargo and passenger 
trains. 


World Bank 


aid increase 


WASHINGTON. March 30. 


Japan-E. Europe 
credit in doubt 


film, sbioyard order 

HUGH Smith, of Glasgow, has 
won a £lm. order for heavy ship- 
vard machine tools from Herbert 
Morris, the Loughborough-based 
crane manufacturers; as part of 
a S25m. package negotiated with 
Korea Shipbuilding and Engi- 
neering. The order includes a 
1,500-tnnne roll press; a 1,5 00- 
tonne flanging pressf a 700-tonne 
frame bender and two 250-tonne 
pin-type horizontal presses. 


BS 748 order 

The Government of Trinidad 
and Tobago has exercised its 
option and placed an order with 
British Aerospace for a third 
HS 748 for Trinidad and Tobago 
Air Service. 


Saudi hospital, deal 

Turner International Industries, 
a subsidiary of Turner Construc- 
tion, has been awarded a con- 
struction management contract to 
expand the power plant for the! 
King Faisal Medical City, a i 
raed’cal complex being built in! 
Saudi Arabia, AP-DJ reports 
from' New York. 1 


THE WORLD BANK’S lending! 
activities to support tee creation ; 
of small-scale enterprises in de- 
veloping nations will be ui-|TEN LEADING Japanese trad- 
“ reas ?^ tea bout 3300m. a year . j n g companies will have to decide 

’la™ VpKl.l study, the agency i “'ey can agree to a pro- 

said this would be a six-fold in- i posal from four East European 
crease over the amount currently 1 countries for a simple extension 
available for that purpose. ! 0 f private Japanese credit lines 

tnii”. *° e 7; re t lo -r™ w ^J5? 

Asia. Latin America and Africa I Ministry of I nternational Trade 
create more jobs outside of j and Industry said here, 
agriculture for their growing : Some .trading houses are 


TOKYO. March 30. 


: opposed to simple extension of 


labour forces. 

increasingly fT^TSSZ i' «■ <*-« «« S1 ^ 

the farm to urban areas even j supplied in recent years, of 
though there are not enougb jobs, which more than half remains 
for l be people who are already ! unused because of a delay in 

' h ^e World Bank study said the j lh ° 

“conventional pattern” of in-; for l ^ ey are intended, it 

dustrialisation requires heavy said. 

investment — $ 15,000 or more for ; The credit lines are $450 m. for 
each new job in modern Western [ Poland, of which 48 per cent, had 
industrial nations. ‘"Iliis is far i been used as of early March, 
in excess of the capital resources j S330m. for Romania. 44 per cent 
available to poor countries.” used. $200 m. for Yugoslavia, 37 
AP-DJ 1 per cent used, and $280m. for 


Bulgaria. 12.S per cent. used, it 
said. 

Last-minute efforts to reduce 
the unused portions of tbe credit 
lines by slopping up business 
talks have not been very success- 
ful. the Ministry said. 

Id addition, Hungary has a 
credit line, expiring in March 
1979 of which only 2B per cent 
had been used as of early March, 
it said. 

Busim'ss negotiations for 
Japanese exports of machinery 
and equipment for some East 
European projects have met 
with difficulties because of East 
European demands for Japanese 
counterpurchases of their pro- 
ducts and better payment terms 
specified for tbe credit line* 

If the credit lines are not 
extended, new credit lines may 
be negotiated, but that would 
involve further difficulties, the 
Ministry said. 

Reuter’ 


Sheraton for 
Amman 


By Rami G. Khouri 


SHERATON CORPORATION, 
the American hotel company, 
jhas signed a 25-yrar agreement 
to manage a new 200-nmm. five- 
star bote] in Amman. The new 
Sheraton Palace Hotel is being 
built by rhe Sawaiha Brothers 
tourist hotels company, owners 
of the Grand Palace Hotel, for 
320m. 

At 22 stories, with an all- 
season rooftop swimming pool, 
the new hotel will be Amman's 
tallest building. 

Sheraton wit! provide an alt- 
international staff tn Man 
operations when the hotel Is 
completed in June next year 
and will gradually tram 
Jordanian staff to take over. 

There is no management fee 
but Sheratun gets u straight 
percentage of net profits. More 
than half the financing is being 
raised by a loan in Jordanian 
dinars being syndicated among 
Jordanian, Arab and inter- 
national banks operating m 
Amman. Citibank is putting the 
loan together. 


We saw the 


and brou 


hem 


'■KW 


The Whitbread Trophy Round-the-World- 
Yacht Race is a test of endurance. For the 
crews and their equipment alike. 

In some of the most hazardous conditions you 
can meet at sea, you need to know you can 
trust yourequipmtent, and theservice. 

Which is why 10 of the 15 entrants chose Lucas 
Marine equipment.* 

And why they relied on Lucas Service for both 
their pre-pack check and their free service, 
electrical and f uei injection equipment checks 
at Cape Town, Auckland and Rio. 

So when we congratulate the winners, we’re 
congratulating ourselves too. 

After all, we saw them ail around the world. 
And broughtthem safely home. 




•Or 


\ 




'Lucas equipment on board includes alternators, 
starter motors, batteries, control boards, cable 
signalling lamps, meters and diesel fuel injection 
systems, all the equipment being fully protected for 
marine applications. Contact usat Frimley Road, 
Camberley. Surrey. Phone {0276) 63252. 












8£3 


<2 




:#• 


<5 


<2 




Lucas 





S' 



:\ 






L 





;i.s> 




vrn 


£z +• 

(t " *$ 

-■' -A 




Financial Times Friday March 31 1978 




BP Chemicals will 
spend £200m. 
despite profit fall 


Profit safeguards 



BONO DRAWING 


essential— CBI 


BY KEYIN DONE, CHEMICALS CORRESPONDENT 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


CITY OF TURIN 
U.S.$ 9% Bonds 1991 


I THE GOVERNMENT has been 


PROFITABILITY ol British 
Petroleum's chemicals opera- 
tions fell last year, hut the 
group as pressing ahead with a 
rapidly growing capital expendi- 
ture programme this year. 

Pre-tax profits from Its world- 
wide chemicals operations 
dropped from £4Si>m. in 297K 
in £1S.9m. last year, but the fall 
in U.K activities was even more 
pronounced. 

Profits in the U.K. were down 
from Ififlra. in 1976 to £ 1 1.3 m. 
last year. and the volume of 
home and export sales fell by 
3 per 'cent. 

Faced with strong competition 
and only slow growth in the UJ\.. 
the group put more emphasis on 
export sales and pushed up the 
volume by 4 per cent, over the 
year. 

Sales value was up by 10 per 
cent, bx-ause of higher prices, 
hut this failed to keep pace with 
Ihe movement in costs, which 
rose by. 16 'per cent. 

The group's ■ overall sales 
volume — taking in ihe activities 
nf associated companies in six 
other countries — was slightly up 
by 2.1 per cent, to 2.6ra. tonnes 
with a turnover of £661m. 

Important markets for the com- 
pany were hit last year by- the 
serious depression in the Euro- 
pean synthetic fibres industry, 
and .aromatics production has 
suffered from Ihe impact of U.S. 
exnnrts based on low cost 
energy. . . 


However, capital expenditure — 
chiefly on projects already in 
progress — will rise- sharply this 
year to about £ 200 m. worldwide, 
compared with £ 112 m. last year. 
U.K. capital expenditure will be 
up from £65m. last year to about 
£130m. this year. 

The bigger schemes are aimed 
at enhancing existing areas of BP. 
Chemicals business - 

In partnership with 1CI it is 1 
building a £l50m. ethylene plant 
at Wilton on Teesside, which is : 
due for completion at the end : 
of the year — 12 months behind' 
schedule. 


urged to - resist pressure from 
MPsUo abolish the profit safe- 
guards written into price 
controls. 

The Confederation of British' 
Industry said that the safeguards 
were essential to industry and 
could not be said to have in- 
hibited the Price Commission’s 
effectiveness. It was “ nonsense " 
to describe them as loopholes, as 
some Labour MPs had done. 

Mr. Ronald Utiger, chairman of 
the confederation's prices com- 
mittee, said that most commis- 
sion' members had shown them- 
selves to be “ reasonable ” and 
had exercised their powers 
responsibly. 

But the legislation gave the 
commission wide discretionary 
powers and it was essential that 
industry should be given 
guaranteed protection against 
abuse of these, powers. . 


Park West 


for sale 


Pressure, has been building up 
in recent months among some 
MPs for tightening up of the 
safeguards. 

The - safeguards restrict the 
commission’s powers to recom- 
mend a freeze in prices if doing 
so would reduce a company’s 
profits beyond a certain point. 

When Allied Breweries was 
allowed to raise Its prices by 2p 
a .pint though it was being in- 
vestigated by the commission. 
Labour and Liberal MPs 
demanded a tightening of the 
safeguards. 

Mr. Roy Hatlersley, the. Prices 
Secretary, said that he was keep- 
ing the situation under review. 

He was asking the commis- 
sion to inform him of any 
examples where it was being 
inhibited by operation of the 
safeguards. 

The CBI is worried that Mr. 


Hattersley will try to get the 
changes through the Commons 
this summer when be lays the 
orders .which will be needed 
when profit margin controls 
expire in July.. 

Mr. Utiger said yesterday that 
he was “ alarmed ™ by . the 
commission's recent recommen- 
dation that the Ever Ready bat- 
tery company should be forced 
to curb - its proposed price in- 
creases to 2 per cenL 

The commission had praised 
the company's efficiency but re- 
commended that its prices 
should, be restricted to a level 
which would yield a rate of 
return of only 10} per cedL on 
a current accounting basis. 

The dear implication of this, 
he said, was that even an effi- 
cient company should not be 
allowed to earn more than 10} 
per cent • 


S. G. WARBURG & CO. LTD., announce that Bonds for the nominal amount of U.S. £500,000 
have been drawn in the presence of a Notary Public, for the redemption instalment due 1st May, 1978. 

The numbers of the Bonds so drawn are as follows: 


By John Brennan .Property 1 

Correspondent 

PEACHEY Property Corporation 
has received 150 inquiries. 
“ several of which are; serious." 
front potential buyers' of its Park 
West residential Week near 
Marble Arch, London!,- says Mr. 
John Brown, managing .director. 

Park West held by Peachey on 
a 120-year leasehold from the 
Church Commissioners, enuid 
earn about £2ra. a year in short ! 
lottine income, says Alisons. 
Peachey’s selling, amiifs.- The 
hi nek is likely to sell for between 
£10m.-£12ra. 


Traded option could cost £15 


BY MARGARET REID 


THE SYSTEM of commission 
charges envisaged for deals in 
London's traded share options 
market, which opens on April 21, 
includes a . provision that there 
should be a minimum charge of 
£15 unless the value of the trans- 
action is Jess than £20. 

The scale of charges worked 
out, subject to final approval by 


the council of the Stock 
Exchange under whose control 
the market win operate, includes 
a fixed -charge of £2.75 for each 
option contract, plus a further 
sum based on the value of pie 
contract . 

The 'additional amount is to 
be 2} per cent, on the option 
money involved up to £5,000, 1} 


per cent, on any amounts above 
£5.000 up to £10.000 and 1 per 
cent, on the excess beyond 
£ 10 . 000 . 

Although the minimum charge 
normally will be £15 for any 
option contract, a broker, if tbe 
total consideration is less than 
£20. may charge the basic option 
contract fee of £2.75 only. 


Boost tree planting, report urges 


.124 
306 
490 
689 
8B4 
1102 
1320 
1530 
1715 
1904 
2155 
2371 
2591 
2796 
3000 
3216 
3403 
3680 
3923 
4127 
4425 
4631 
4914 
5124 
5341 
5514 
5694 
5895 
6067 
5336 
6560 
6882 
7142 
7306 
7471 
. 7635 
7801 
7965 
8130 
8294 
8460 
8624 
8789 
8953 
9119 
9283 
9447 
9612 
9776 
9942 


On 1st May, 1978, there will become due and payable upon each Bond drawn for redemption, 
the principal amount thereof, together with accrued interest to said date at the office of:— 


S. G. WARBURG & CO. LTD.. 

30, Gresham Street, London, EC2P 2EB., 


BY MAX WILKINSON 


FURTHER EFFORTS to In- 
crease the supply or bome-grown 
timber and waste paper for 
rec> ding are proposed in' a 
report published lo-day ;by the 
National Economic -Development 
Council Sector Working Party on 
Paper and Board. 

The report says that 15 per 
rrnl. of the industry's wood pulp 
requirements are home grown, 
compared with a long term 
target of 25 per cent. 

However, the present rate of 
planting is not thought to be 
sufficient to attain the target 
before the year 2000. The work- 
ing party is concerned about the 
effects of fiscal legislation which 
has led to a drop in the planting 
rate in the private sector. 

The working parly wants 
closer co-operation between 
timber growers and users and it 


wants Government " policies 
aimed to encouraged private 
planting. 

It says tbe aim should be the 
establishment of 2.5m. hectares 
of productive woods and forests 
by the year 2000. 

Efforts should also be made to 
improve the collection of waste 
paper, mainly from households, 
to- match the expected 500,000 
tonnes increase of consumption 
(25 per cent.) between 1976 and 
the early 19S0s. 

"It is estimated that by I960, 
assuming the continuance of 
present trends, there could be a 
shortfall of certain grades, par- 
ticularly of mixed wastes unless 
increases in recovejy rates 
currently being planned are 
achieved. 

“Since most pre-consumer 
waste is already collected, this 


means increasing the collection 
of post-consumer waste by volun- 
tary groups', merchants and local 
authorities.’* 

Total purchases from local 
authorities dropped 4o per cent, 
between the first half of 1970 
and the second half of 1976. 

“The reasons for this decline 
include tbe cyclical nature of 
demand, the absence of any 
stabilising influence other than 
the mills’ limited ability to hold 
stocks, restructuring . of English 
local authorities in 1974. and 
current financial constraints on 
local authorities." 

The paper industry regards 
local authorities as an important 
source of mixed waste and would 
like to see. more -joint schemes 
between authorities and private 
merchants, including mills. 

’ Schemes for improving waste 


paper collection should qualify 
for Government aid, says the 
report, and - the industry should 
press forward with a-plan for an 
excess stock scheme to even out 
the cycles of demand. 

In a general review of the 
industry, the working party says 
that U.K. consumption of paper 
and board ■ rose *t an annual 
rate of 2.7 per cent, between 1963 
and 1974 from 5.6m. tonnes to 
Sm. tonnes, but dropped to 6m. 
tonnes in 1975. rising again to 
7m. tonnes last year. 

In the decade up to 1974. U.K. 
production rose by 0.6 per cent, 
a year, less than a quarter of the 
rate of Increase in consumption. 
By 1974 output was 4.6m. tonnes, 
which dropped to 3.6m. tonnes in 
1975 and rose again to 4.1m. 
tonnes last year. 

• The proportion of U_K. con- 


sumption which was imported 
rose from 29 per cent, in 1963 to 
44 per. cent in 1975. 


' The increase in import pene- 
tration. has. however, been 
dominated by the .reduction of 
UJL. capacity in newsprint in 
the face of competition from 
large integrated mills in Scan- 
dinavia and Canada. 


or with one of the other paying agents named on the Bonds. 

Interest will cease to accrue on the Bonds called for redemption on and after 1st May, 1978 and 
Bonds so presented for payment must have attached all coupons maturing after that date. 

U.S .$6,500,000 nominal Bonds wit! remain outstanding after 1st May, 1978. 

The following Bonds drawn for redemption on dates slated below have not yet been presented 
for payment. 


1st May. 1972 
Nos: 2768 ; 6968 


1st May, 1973 

Nos: 317 : 2777 : 3717 : 4197 : 8837 


Production of tissues has in- 
creased by 27 per cent, in the 
last decade and in this sector. 
ILK. manufacturers are esti- 
mated- to have over 90 per cent, j 
of the home market. 


1st May. 1974 
Nos: 318 : 2778 


1st May. 1977 

Nos: 316 : 346 : 1902 : 2619 : 4236 


Productions in other parts of 
the Industry has shown a de- 
cline since 1970 ranging from 
16 per- cent, in printings and 
writings. 17.5 per cent, in board 
to 0.4 per cent, in corrugated 
case materials. 


30 Gresham Street, London, EC2P 2EB. 


31st March, 1978 





















V 





mm 


mm. 


is®-: 
































' Financial Times Friday March SI 1978 



HOME NEWS 


Roadline makes 
£2m. turn-round 
to show profit 


Sea gas m 
offshore el 

BY RAY D AFTER, ENERGY CORRESPONDBNT 


may provide 


Engineering shows 
marginal growth 


BY CHRISTOPHER DUNN ■ 

-ROADLINE U.K., the National 
-Freight Corporation's parcel 
'delivery arm. made a £2m. re- 
covery 1 into profit last year. Mr 
-Arthur Smith, managing director 
-said -in London yesterday. 

•Trading profits this year 
•should expand by nearly SO per 
cent, be forecast after detailing 
investment- plans worth over 
£13m. for the next two years. 
Most of the money will be spent 
with British -Leyland. 

Recovery had been based on a 
successful drive into ' the com- 
mercial parcel delivery -business 
and away from the more costly 
person-to-person end of the mar- 
ket A management shake-up, 
plus phased redundancies had 
also helped. - 

...Trading profits for the. year 
.ended December 31 were £900.000 
compared with losses the pre- 
'.vious yeaT of £l.lm. All parts 
of the company, which has 75 
.branches throughout the country, 
showed an improvement, apart 
' from Scotland, where there were 
losses. 

" The upturn at pre-dividend 
level was also £2m.. following 
higher pension charges of 


£300.000: redundancy costs; and 
£300.000 of interest charges. 

Sales at Roadline, formerly 
British Road Services Parcels, 
rose Just over 7 per cent, to 
£46.6m. 

The company should make 
£1.6zn. at trading level Mr. Smith 
forecast for this year, as Road- 
line expanded its High Street 
-delivery business to -big retailers 
such as British Home Stores. The 
mail-order delivery side should 
also expand, along with cigar- 
ettes, wines and spirits freight- 
age. 

The value of goods carried 
increased last year by more than 
17 per cent* although volume 
sales had fallen. This was part 
of a deliberate policy to diver- 
sify out of law-value single- 
consignment business. 

. The labour force was cut by 
6 per cent. to about 8.000 last 
year, while head office charges 
fell by 10 per cent. 

New vehicles and better hand- 
ling equipment accounted for the 
bulk of the £13m. capital expen- 
diture programme, fftm. of wh*ch 
would be placed with British 
Leyland. 


NORTH- SEA natural gas may be 
collected in -the future through 
new pipelines and floating 
liquefaction plants according to 
reports to be considered by 
Energy Department officials. 

It is also possible -that some of 
the gas will be converted offshore 
into methanol — a basic petro- 
chemical— or used to generate 
electricity which could, be trans- 
mitted to shore by undersea 
cables. 

Studies into these schemes are 
being completed and it Is likely 
that within the next 12 months 
the Government will sanction at 
least the start of a new collection 
system. 

This could involve : the con- 
struction of spur pipelines linked 
to the main Brent or Frigg gas 
trunk lines. Initial estimates 
suggest that these new links, 
tapping gas from reservoirs in 
the central and northern parts of 
the North Sea, could cost about 
£2 50m. 

Gas Gathering -Pipelines 
(North Sea), a consultative com- 


pany set up by the Government 
with private and State-owned 
interests. Is due to submit Its 
final report next week to Mr. 
Anthony Wedgwood Berm, 
Energy Secretary. 

It is though: that while the 
company has accepted the need 
for the construction of compara- 
tively short sections of pipelines, 
it still has not been convinced 
that a big new gas gathering 
system— possibly costing £5bn.— 
is justified economically. - 

Within the offshore industry it 
is felt that oil companies would 
have to find at least one big gas 
field to justify the construction 
of- a trunk line which could form 
the backbone of a -£5bn. collec- 
tion system. 

Although the discovery of such 
a field is possible, it is thought 
that for the time being the 
Government will defer a decision 
on a big pipeline network and 
look instead at some of the other 
gas collection systems. 

David Brown-Vosper (Offshore) 
has been commissioned by the 


Energy Department's offshore > 
supplies office to study the possi-; 
bility of using floating liquefac-i 
tion plants. j 

This report is to be submitted j 
within the next day or two.; 
However, it appears that Brown- j 
Vosper believes that the use ofj 
these offshore plants would be) 
technically and economically > 
viable and a safe solution to the; 
handling of pockets of gas. , 

The idea likely to be put to [ 
the offshore supplies office is that; 
a series of units should be con- 
structed. They could then be 
moved from one block to another 
as gas reserves are exhausted. 
The plants might be incor- 
porated in semi-submersible ves-i 
sets, equipped with large con- 1 
crete storage tanks. 

A small unit capable of hand- 
ling 40m. cubic feet of gas a day 
might cost about £50xn. while a 
plant capable of handling 400m. 
cubic feet a day could cost about 
£400m. 


Selective retirement backed 


BY ERIC SHORT 


Mrs. Thatcher hits Builders 
at State control demand 

.. ... ... .... tax cuts 


by JAMES McDonald 

OUTPUT by the engineering 
industry in 1977 was only 
marginally higher than in 1976, 
with a slight decrease in produc- 
tion by each of the three main 
sectors in the fourth quarter. 

The index for all engineering 
Industries last year, at 103.9 
{1970=1001. compared with 103.6 
for 1976. 

For 1977 as a whole output of 
the mechanical engineering in- 
dustries was 2 per cent, lower 
than in the previous year. In the 
relatively small instrument 
engineering sector, however, out- 
put rose by 2.5 per cent, and in 
the electrical engineering indus- 
tries it went up 3 per cent. 

Within mechanical engineer- 
ing. the main exceptions to the 
gradual decline -in output were 
of pumps, valves, compressors 
and fluid power equipment, 
industrial engines, office 
machinery, and the combined 
group of weighing machinery 
and portable power tools. 

All these Industries showed 
some further increase in the 
fourth quarter of last year, 
together with production of 
agricultural, textile, mining and 
other non-electrical machinery, 
which made some recovery From 
o**r'nusly falling or subdued 
trends. 

The electrical engineering, ex- 
perience in 1977 was mixed. 


Zaire 

living 

costs 

highest 


according to figures by the PACT6 

Department of Industry in Its V'ViJtvJ 

journal Tradoand -Industry- Thrj 
growth of 3 per cent, over 1976 _ # - 

was entirely in the high-tech- . 
oology electronics Industries. illy 1 1 I 
Electronic components, com- o 

outers and electronic capital 

goods showed marked increases FINANCIAL TIMES REPORTER 
in output, of 11. 15 and 10 per 

cent respectively. The precise JTIIE MOST expensive country in 
rates -of growth. aide difficult to { the world for a British expatriate 
measure accurately in constant- < t* Zaire, it was claimed yesterday. 
pri« terms because of continu-j Employment Conditions 

ously developing technology. . Ahmads 'which collects data on 
Electrical mac hin ery. The vnres i Lw an> j uvjng conditions abroad 
and cables industry, and electric } or BP lC1 ; shell and 0 ?hcr 
parts for vehicles showed similar estimaics lhat it is 

smaller increases- .Output of toe 4 05 times more c*l*enstve for a 
Telecommunications equipment Brifi6h expatriate t0 . live jn 
industry declined appreciably, by 2airc than , n - he u.K. 

18 £f. en If manv sections of Other comparisons with U.K. 
•eleetriral engineerinK^lackeocd Hvtag a* present exchange 

increase as between the third and J® league with living c 
fourth quarters appeared only for ! to* J^T.h. level and Japan 
electronic components, records at umrs. 
and tapes, and electronic capital Cheapest is Mexico, where 

goods. living costs- are only B4 per cent. 

Figures for the computed* in- of costs in the U.K. The index 
dustry changed markedly during is based on British consumption 
the final two motnhs.. and the patterns 
fourth-quarter index, at 188.8, . - - — 

was 30.6 paints below the. exrepr 

tionallv high third-quarter figure \ 1 

of 219.4. However, the fourth- . V|f Qfpr)f|5|f*ff 
quarter figure .was still 12 per iJAalCUUai U 
cent, higher than the- overage for • - 

1976. . ■ nlnn 


BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


Tornado variant 


THE DEPARTMENT of Employ, medium tprm. but would not be STATE CONTROL and high concern of politicians, but it was! 

-ment favou re selective early cos t-pfFective relative tc selective levels of public expenditure came another thing to say that this! rro P* lT y ‘-orresponuen* 
retirement schemes such as the schemes. ‘ in for criticism yesterday from could aways be most efficiently i the CONSTRUCTION industry 

mh tchomm ac a hotter Tho TT/inai-tm on* *V>* if-* nu— u.. » 1 I i _ , _ . , muiwuj 


retirement schemes such as the schemes. 


job release schemes as a better The Department forecasts that Mrs. Margaret Thatcher, leader and humanely performed by the 1 1 iooWnz for Budget increasSl 

method of reducing unemploy- there could be an immediate re- of the Opposition, in an address State. £ hnfldfnv 

V - general d y ction of ?°° l000 * ** ° uraber on Christianity and politics at SL - Do not be tempted to idea- jf 2m serious!?* shSTSf iuS' 

switch to 60 as the retiring age of unemployed and when in- Lawrence Jewry Church in the tify virtue with collectivism. I “L 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Skateboard 
parks plan 
is attacked 

Financial Times Reporter 

PLANS FOR U.K. skateboard 
manufacturers to help to finance 
the construction of safety parks 
were attacked by the industry 
yesterday. 


for men. The latest Department dustry bad fully adjusted to the city of London, 
of Employment Gazette, says that change, then unemployment Mrs. Thatchi 
a general reduction in retirement could be 600.000 lower. But the fundamentalist 
aged would have the greatest im- net cost would amount to more' philosophy. The 
pact on unemployment over the than £lbn. a year. and suffering m 


and condemns “the costly: PRODUCTION has started of ling. With aerial refuelling, its' Manufacturers also criticised 



Anglo American 


report by the Joint Economic from the British Aerospace air- at distances of up to 100- naurteaM;^,"^ to help to 

Advisory Panel of the building! field at Warton, Lancashire. This miles, while its Sky flash, missiles thft construction of 20 000 

industry, which represents the version of the Tornado will come WUTbe able to engage^ targets. at jS? L t eoarks throughout the coun- 
main construction organisations into service in the early 1980s. distances of up to 23 miles at j* j, lsil urfitt( | a h an on 
in the professional, building and ! The variant is one of two both high and low levels. Miort-ln-strecfsandirwwl*. 

contracting and materials supply - versions of the Tornado under The variant Tornado te.:de-l" 1 ' , _ .... . 

industries. i development, the other being the toed to provide Ioog-rangc air j A, levy nfflfifl a ^“‘eboard 

The consultative committee | inte-dicter strike version, defence over a large area. 
palls for epcouragemenr nf : ndus- i Already, several basic Tornado Wpeciallvover the North Allan . RoSPA larficl. «„***?._ Jl ti ‘ 
trial huild'ntr. bv tax concessions, i aircraft are flying, as part of the tic and North Sea, It will be i Manufacturers Federation e. i- 


(incorporated in the Republic of South Africa) 


Extracts from the review by the Chairman Mr. G. W. H. Relly 

Amic's 1977 earnings were affected by tbe are being extended to cover more In assessing econoo 

continuing decline in the performance sophisticated drilling techniques, both on year ahead, one mu: 

of the South African economy. However, surface and underground, as well as the' primary sectors 

in view of the excellent results from the ■ supervisory skills. In line ‘with the provide -the same ii 

group's major subsidiaries,. Boart Inter- resultant improvements in productivity, - - last year; Hopes for 

national Limited (Boart) and Scaw Metals . . the eamings.of black drillers have tripled in export earnings ar 


a recent surveys show »ha: indus-is09 aircraft will be built, of Ughtninc and Phantom fighters cost £5flOm. 

IBB ff || I a trialists are iennrant of the I w h'ch 166 will be variants. wtne long-range air defence of • police in London have called 

" ■ " “ " contribution modern buildings. Of the S09 aircraft in the total B n\ain. on children to mark their skate- 

may make to industrial produc- prooramme, 385 will be for the While the RAF . is preparing hoards With a secret sign to curb 

tion. Trj u ' RAF fincluding all the variants). » accept the Jraf'^raado Of rising thefts. 

Michael Dixon, Education 324 for the German air force the basic IDS version into 

... .. _ .. Correspondent, writes; The Con- 1 an fi navy, and 100 for the ^adron service next year (She : , ■ ■ . 

. W. H. Relly struction Industry Training | Italian air force. The overall i/C'SJJ OR Hill Ik II II Dl A 

In assessing economic prospects for the ^ ra^onl^mSre*^^^ £?££ SSSing to? ffSsAH 5iw SAUDI ARABIA 

e ^ pr^iary °sTCtors St are k not ,1C nkelv tll 7 1 o employers to safeguard supplies I lopment and production. h 1*7 aeuar^ and Harri^Sc! -. CLEARING AGENTS 

UIl Of skilled workers during the 1 .Some performance details of ”***!*£» • v 


last year; Hopes for a continued increase j 


the supersonic 


Tornado 


mbnt aircraft, for service 
it 1990. •• 


Limited (Scaw) and tbe-ImfHroved income - - -since 1974." At Highveld Steel consider- 


from the . corporation's -portfolio of- - 
investments," the final dividend was " 
increased although the group’s net equity - 
earnings decreased for the first time in 
seven years. This decrease was attribut- 
able to the sharp decline which took place 
in the markets for timber and related 
products. Since the year-end. discuss ons 
have taken place which should result in 
an improvement in the fortunes of these 
industries and I will elaborate on this 
aspect later in my review. 

The group’s net equity earnings fell by 

5.5 per cent to R40 .59 million, compared 

with earnings of R42.95 million in tbe 
previous year. Earnings per’ share 
decreased by 5..6 per cent from 160 cents 
in 1976 to 151.1 cents. The number of 
shares, in issue increased marginally 
following - the issue of 16500 shares in 
terms of the corporation's share incentive 
scheme. ; " 

Amic’s own income from its investment 
portfolio increased by R1.36 million, or 
16 per cent over the previous year, to 
R9.S2 million. 

Amic paid an unchanged interim divi- 
dend of 22 cents per share. The final 
dividend was increased by 5 cents -to -48 • 
.cents, resulting in a total dividend for 
the year of 70 cents per share covered 
2.2 times, compared with tbe 1976 
dividend of 65 cents, which was covered 

2.5 times. 

The market value of the group's listed 
nvestments rose by R9.07 million at 
December 31 1977 to R65.15 million 
-eflecting a 29 per cent appreciation over 
!3onk value of R50.32 million. Since the 
/ear end, however, market values have 
leclined. and at March 15 1978. they 
irtond at R62.90 million. Unlisted invest- 
ments have been valued by the directors 
nt R53.31 m'illion at December 31 1977 
'mm oa red with last year's figure of R53.5S 
.nillion. 

'Labour 

1 In my 1974 review I commented on 
>he enduring need to improve labour 
-rodurtivity in view of the escalating 
ost pressures evident in secondary 
lidustry and also on the need to improve 
rie utilisation of our manpower resources 

E rough the establishment of training 
ntres, and t° develop motivation, skill 
nd ability through the delegation of 
1 1 creasing responsibilities. Although there 
still much to be achieved. lam pleased 
•> report that considerable progress is 
iparent. This is evident not only within 
ie Anglo American Corporation Group 
,‘jt also in many major companies in the 
industrial sector and in the attitude of 
pe government itself. Tbe appointment 
\f the government of the' Wiehabn 
bmmission of Inquiry into labour 1 eg ' s- 
;<tion is to be welcomed and it Is to be 
>ped that its findings will reveal the 
■ied for an intensification of current 
^grammes. 

There has been considerable progress • 
Jithin the Amic group. A number of 
■'mpanies'have adopted the Paterson job 
acting plan, with the ultimate aim of 
hieving a unified wage structure. At 
jaw Metals the black training pro- ' 

1 ammo has been extended and developed 
| meet all the requirements of an in- 
impany training centre as laid down by 
[e Department of Education and Train* 

- Instruction is given by fulltime 
'lining instructors in 20 different 
bcesses and about 3000 black 
iployees received instruction in 19 u. 
e Boart group also operates two fnlly- 
uipped training centres one . of which 
6 trained ovfcr 100 blacks in the opera- 
in of surface drilling rigs. This has 
?ved very successful and these courses 


able improvements in productivity have 
been achieved; ' Output measured in tons - 
■ of steel per man year has increa.red 
by some 155 per cent from 54.1 in 1969 
to 137.7 in 1977 and gro^s sales have 
increased tix times from R5 000 ner man 
•year in 19S9 to R30-9OO in 1977. The 
new plate mill, commissioned in August 
1977, Is staffed mainly by black operators 
who received intensive training and who 
bave produced excellent results. Technical 
training of white, coloured and black 
. workers is well ' advanced at Sigma, 
particularly in the fields of motor 
assembly, quality control and main- 
tenance of vehicles, and in some areas, 
as a result of selected training 
programmes, productivity has improved 
by 66 per cent in. the past year. In the. 
timber sector, the Safi group has estab- 
lished a manpower services technical 
. training school in the'Eastern Transvaal 
> and an approved in-company training 
scheme has been operating since 1975. 


FEATURES OF THE CONSOLIDATED FINANCIAL STATEMENTS 


cut .down 
nmners,'’ 


“ from* 


BY OUR CHEMICALS CORRESPONDENT 


Capital and. reserves 

Listed investments 

Book value 

Market value 


Unlisted investments 

Book value 47315 

Directors’ valuation 53 314 

ther assets, net 214225 

qulty earnings* — 40 592 

per share* 15L1 cents 


in export earnings are- diminishing along _ h I ' The studies are grouped- under 

with general expectations that' Economic whar-ts called ASl^tOS^-an 'SIr 

■growth in tile major industrial nations JJS craft employees 1. to rire. fw-l building l t t h Li, a ^bip tn JitiS ^ 13 That ' iets- out ’ what 
will be disappointing. However the rate S* fi S, SJR b ™ hn i!i^ The. RAF wants the new -aircraft 

of decline in manufacturing output in f™ n, -J 2 ? *7*' ,1^ .« nn^ ann From TO da - Origlnally.the UJK. a«ro- 

Soutb. Africa showed signs of levelling ~L r,se 40110 10 1979 to about dtst anre* 1 up to 400 ntiles ' space industry submitted more 

off towards the end of 1977. and there 1 lts base wlt hout air-to-air refuel- t ^an 30 possible designs to the 

seems to be some consensus that the : . ? RAF. but- these -have now been 

recession may at last have bottomed out. cut .down to three u front* 

It is likely that there will be a small ^AViMn AAitifinnir n'nners, 1 * 

■upturn in eonsumer spending in 1978 . Hi I CFO X IOFIDS COIlipaliy ■ 

based partly on an increased use of 1 v 

credit stemming from improved con- i._ TT C *MA««lrA4- 

sumer confidence and partly on tbe need FO GfllCl FJ Til 2 iKCl • 

to replace durable and semi-durable items 

after a long postponement of .such B y OUR CHEMICALS CORRESPONDENT 
purchases. This should result ln a more - 

broadly-based growth in manufacturing INTEROX, the peroxygen chemi- Hydrogen peroxide Is used as 
output - Capacity utilisation is generally cal company jointly owned by a bleach in the paper and textile 
low, and, if output is expanded, this will Laporle and Solvay of Belgium, industries, and sodium per- 
- provide -scope for -a reduction -in unit is to make its first entry into the caitionate is used in detergent 
costs, although it also means that fixed lucrative U.S. market powders. The turnover of Interox 

investment spending is .likely to remain The parent companies in 1976 was £1 00m. The company 
weak. - .announced yesterday the’ forma* has plants in five continents, but 

However, it would seem that only a tion of Interox America, which a major weakness has been its 
moderate advance in economic activity as a fi re t step is to invest several lack of a presence in the U^S. 

— — ■ ■ — ■ -i — — ■ ' million dollars in constructing The plants wifi adjoin the com- 

rED FINANCIAL STATEMENTS plants" at Denr Park, plex of Snltex Polymer Corpnra- 

lfl77 1976 lfl7S Houston, Texas. The investment tion. The Solvav US. subsidiary, 

R nnn's nnnn's ■Rnnn's Is. thought to be In the. region of Aoart f-nm its 50. per. cent, share 

S warn* 53 nnL t0 S10ra ln Interox. Solvay also has a 

-ooowj One plant will be for the pro- 24.9 Der cent direct stake in 

' ductidta of hydrogen peroxide, Lanorte. 

50 324 50719 47 877 with a capacity of some 40.000 The two companies farmed 

65 152 56 080 56 152 tonnes a year, and a second plant Interox in 1970 to establish a 

will produce substantial tonnages major presence in tbe world 
of sodium percarbdnate. league of peroxygen companies. 


- CLEARING AGENTS 
' & FORWARDERS IN. 
:. DAMMAM 


Reliable- and Efficient 

AL-GHITA TRADING & 
IMPORT ESTABLISHMENT 

Tel: DAMMAM 22198 


1977 
ROOO’S 
311 864 


1976 
ROOO’S 
288 895 


1975 
ROOO’S 
263 072 


I 


of food* 

beuErages- 

Equipment 


Other assets, net 

Equity earnings* 


'Dividends .. 
per share 


Number of sha res in issue ■ 26861947 26845447 26 460 639 

* Excludes surplus on realisation of Investments, amounts written off fixed assets, toaiw and imitated 
Investments. less recoveries, sad currency surpluses or deficits. 


IS 804 
70 cents 


45 892 
53 578 

192 284 
42 949 
160.0 cents' 

. 17 370 
. 65 cents 


23 314 
.33 939 

191881 
"40918 
154.6 cents 

.16 672 
63 cents 


Commercial property 
is making recovery 



26 460 639 


Tbe scheme not only provides training 
In various 'technical fields, but also covers 
psychological and job aptitude testing. 
In addition, a two-and-a-half year forestry 
training course has been introduced to 
train blacks to tbe level of forestry fore- 
man while other employees are being 
specifically trained in the use of industrial 
relations techniques. 

Future outlook 

Although the penetration of upper 
levels of job categories by black 
employees becomes difficult in reces- 
sionary times, it is encouraging to note 
the advances that bave" been made; at 
the same time the present over-supply 
of labour enables employers to obtain 
and to select carefully the calibre of 
employee required. The establishment of 
training centres and the changing attitude 
of government towards the progress of 
blacks tn Industry is gradually leading 
to far-reacbing changes in the structure 
of labour in South Africa. It is essential 
that this process should continue, despite 
the difficulties of the recesTton. and that 
•it should result in a steadily improving 
use of labour resources and skills. 
Throughout this period tbe co-operation 
and help of the white trade unions will 
- become . Increasingly Important. It is 
pleasing in note that in many areas 
former .hard-line attitudes have eased 
considerably and have been replaced by 
an awareness of tbe need to recognise 
that the -fullest use of black labour could 
result in rising living standards for all 
sectors of the population. 


■ 04 ■ a Commercial property invest- a report by Save, the cohserva- 

26861947 26845447 20 460 639 raent was outperformed by both tion group. 

on fixed assets, team «ui unlisted equities andgilts between March Lesg kids’ Stuff ' 

° r K rttit 1974 and the end of last year. • 

k » after-®ffects of the pro- their own clothes in January and 

can pe expected. Inadequate demand will perty crash have now worn off. less on clothes for children than 
inhibiting factor. Undef such Commercial property has again they did a year ago, -the Textile 

replacement opportunities! which are medium, according to the latest Dock mn.Qp nm 

being broadened with tbe emphasis given Analysis of Commercial Property - t K-_ ftBri _ 0 . c T /,nri n r 

to the Buy-South African canprignThe Values, produced by The Econo-. . 

Kiss ^•^‘siisis.sir.sjs; h u s^ri P ? j ll-|F f i 

if suss ~ 7 Z ££ 

that the findings of the government's HattOO facelift / 

recently appointed commissions of inquiry . _ ‘ ^ . ; ... Valuers 5 ill airman ~ 

into labour matters should lead to the .'Hatton Garden, centre of the ^ 

speedy implementation of . positive Jewellery trade In London, ib to ■ f- Clifford Tippett, chairman 
proposals. F be gtven a facelift— including a °f Abbeyvtew Property Company, 


FOOD — BEVERAGES — MACHINES 
EOUlPMENT—'T^CHNOLdGY / 
ORGANIZINtr METHODS 


• The most rapresenlaiiva IrtamaBorrf 
market tn Greece 

• Mari then SOd-exHtaoR; both from Greece ' 
and 25 tomgn co u n l rwB wjl t» presenL . 

• Mora 0um.t2.000 quwtflad mntora win be . 
axpected (reo\al over' me Wand. 


April 14-19 
Thessaloniki 
Greece 


Bccftange Ideas and MEomadan 
SEE. COMPARE, NEGOTIATE, ESTABLISH 
CONTACTS, Be MORE EFFECTIVE. 


MarawBon. HEUJEXPO 

T h es e a t en fl d mtemcbofwl Fak SA. 

Phone 031/271.623 (IS UtWSl, 
ThossatonAJ Graeco, telox 4T 291 


.. The 14th annual general meeting of Anglo American Indnsirial Corporation Limited uHU be held m 

Johannesburg on Wednesday May 17th, 1978. 

Copies of this renew with the annual report are ob taineble from die London office of the Company at 
40 Holbom Viaduct, EC1P 1AJ. or from the transfer secretaries, Charter Consolidated Limited, . 

. . p.O. Box 102, Charter House; Park Street, Ashford, Kent TN24 8EQ. 


marker In Ws^Tlt Is ffpJSS „ “ 

that the findings of the government's HattOO facelift / 

recently appointed commissions of inquiry . _ ‘ ^ . ; ... VallieTS 5 ill airman - 

into labour matters should lead to the . Ha«on Gartien, centre of the ^ 

speedy implementation of positive Jewetiery trade In London, is to ■ »■ f- Clifford Tippett, chairman 

proposals. F be given a facelift— including a of Abbeyvtew Property Company, 

. .. . - • - - partial ban on - traffic — under was appointed chairman of the 

■ e ? c / ,e ” f . economic growth p i ans being considired by Incorporated Society of Valuers 

envisaged for 1978 is clearly on (.going to Camden CounciL - and Auctioneers yesterday, 

alleviate significantly the country's most c , . 

ureent problem— namely, the large pool Ck nnc nffrnnf at”1fint SCTieme 

of unemployed blacks which is steadily dUlum The National Union of 

increasing as new work-seekers enter the The shop fronts of many lead- Students wants courses for 16 
market. A further easing 0 f restrictive jug British chain stores, to 19-year-olds Introduced as part 

measures would, of course, he of assist- including Boots. British Home of a plan to extend university 

■nee.- hut such moves will continue to be stores and the Co-op. ar ecritie- education to voung workers and 
constrained largely -by the balance of jsed for their poor design in the unemployed, 
payments situation. Even though the 

outlook for gold is favourable, a resumed ; : 

net inflow of foreign capital 'is critical A a • 

to our economic prospects, and the un- A CfAM 111 Q11PT1AT1 

certainties underlying this consideration ilijlUII laLCl 111 <111 Vlll/jJ / 
need no further emphasis, n is to be 

hoped, however, that maKimuin' use will THE LAST factory-built Aston Poet Laureate, Alfred Austin, 
be made of any respite we may receive Martin team racing Mr ^ for The Project DP 215 was the 
from such quarters to redress the funda- <pjj C project dp 215 will Hill*Lucien Blanchi car in 

mental problems facing the nation, and to J T“ l the 1963 Le Mans race. It was 

provide an environment in which growth u f der ha “ mer al a reported to be the first car to 

prospects can reflect once again the Sottieby s auction of veteran, ^0^ 300 kpb on the Mulsanne 
enormous natural advantages of the vintage and special interest tars straight. Other racing cars are 
country. next month 3™**® expected to included in the auction along 

. . .. . . fetch about £20,000. wfrh RnI! s .P n vr« n fine annin* 



”■7 A'CLT jMTER NAT! ONA L' INC. 

IS PLEASED TO ANNOUNCE 
THE FORMATION OF NEW OPERATING UNITS! 


ACL! SOYA COMPANY 

■A DIVISION OF ACU- INTERNATIONAL INC, 

. ACLI SOYA EXPORT CORPORATION (DISC) 
. AC U SOYA COMPANY, LfD. 


reicn aDout t^u,uw. with Rnlls-Royces. a fire engine 

• Also for sale .Is- a 1927 Austin and a London taxi. 

Windsor which has had just one Among the- Rolls-Royces is a 
woman owner since 1923. - She 1915 Silver Ghost Cabriolet de 
was given it as a birthday present Viile. which was once owned by 
and called it Alfred- after the tbe Maharaja of Kalsia. 


NEW YOR£ - ... 

110 WALL STREET 

NEW YORK. -N. y.- 10005 - 

.TELEPWONEi iaijl 74iM67p ' 

RICHARDSON B. SMITH, - 
PRESIDENT 

GEORGE *1 WORTHINGTON. 
Vice PRESIDENT . -. 


.LONDON - 

» MINCING LANE ' 

LONDON EC 3R 7DN. ENGLAND 
YeyEPNONE; 633-3131 . 

HURLEY M. TOOK. 

MANACINC DlAECTOA 





1 





Nl: 


nV. . 

► 1 * i 


<-,n 




HOME NEWS 


British Airways 
to use Gatwick 
for Zurich run 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Electricity demand 
less than expected 


BRITISH AIRWAYS plans next 
Monday to start its first inter- 
national scheduled services from 
.Gatwick Airport with flights to 
Zurich using One-Eleven jets. 

While the airline has operated 
for many years with Its British 
Airtours holiday charter subsi-. 
diary from Gatwick. it has 
hitherto resisted a move to that 
airport with scheduled Inter- 
nationa] services, preferring to 
concentrate on Heathrow. 

But increasing congestion at 
Heathrow and growing competi- 
tion from other airlines using 
Gatwick, has obliged it to make 
the move. British . Airways 
intends to keep the bulk of its 
operations at Heathrow, but will 
probably increase its Gatwick 


operations as passenger demand 
builds up. 

With a-IlOOm. modernisation 
scheme, now completed at Gat- 
wick. designed to boost the air- 
port's capacity from the present 
6ra. to 16 hl passengers a year, 
it is comparatively un congested 
and is regarded by many 
travellers as a more pleasant 
place, at which to begin and end 
a journey. 

The Department' of Trade is 
actively campaigning to encour- 
age more foreign airlines to use 
Gatwick, and both the new ser- 
vices to the U.S. by Braniff Inter- 
national and Delta Air Lines, are 
being based on -Gatwick instead 
of Heathrow. 


BY ROY HODSON 

GROWTH in electricity 
demand is falling short of 
targets because of sluggish 
Industrial production and 
almost static domestic, demand. 

The . Central Electricity 
Generating. Board for England 
and Wales expects only a 2 per 
cent Increase in eletriaty 
usage during the financial year 
1977-78. A rise of at least 3 pex 
cent, had been predicted. 

„ Bat the Board hopes to break 
even in spite of the lower saigs. 

Last year it made a profit of 
£ 129.8m. after paying Interest 
charges— -an Increase of £71m, 
on the previous year. 

If demand fails to improve, 
the Board may have to seek 
higher wholesale prices from 


area boards, to avoid running 
into deficit - 

It cannot give any hope in 
the short term of containing 
electricity prices by more effi- 
cient production. 

The next major power station 
to come into production — the 
3^00 MW Isle of Grain station 
—is oil fired. 

At present, oil for power 
stations is 10 per cent, dearer 
than equivalent coal supplies. 
The next cost breakthrough for 
electricity generation will be 
in the early 1980s when 
advanced gas-cooled reactors 
are brought into production. 

The South of Scotland Elec- 
tricity Board yesterday .an- 


nounced price Increases of 10 
per cent on domestic bills and 
9.4 per cent, for industrial 
supplies. The Board will boost 
revenue- by £28m. and expects 
to break even during 1978-79. 

The Prices Commission is 
still Investigating the Increased 
charges and will report on 
Jane 12. 

• Repairs to the Homterston 
B nuclear power station, where 
a sea-water leakage put one of 
the two generators out of 
action, have cost the SSEB 
£5nu, the chairman, Mr. Roy 
Berridge, said yesterday. Dearer 
fossil fuels to maintain output 
while repairs are. carried out 
will cost up to £10m. in the 
coming year. 


Society’s International 
loss may drops stamps 

ffinnnnn in 40 stores 

dwUUlFjVUV by our consumer affairs correspondent 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


Climax in landing 
systems battle 


Mild weather cuts fuel use 


BY RAY DAFTER, ENERGY CORRESPONDENT 


THE BATTLE between the UX 
and the UJ>. to provide a new 
landing system for aircraft for 
the next 20 yean or more comes 
to a head at a meeting starting 
in Montreal next Tuesday. ; 

The All-Weather Operations 
Division of the International 
Civil Aviation Organisation — the 
aviation technical agency of the 
UN — will be considering the 
rival systems over a period of 
more than two weeks, until 
April 21. and by that time is ex- 
pected to decide between them. 

At stake will be orders worth 
more than £lbn. world-wide 
over the next ten to 20 years for 
the winning system. Under the 
Organisation's rules, no single 
manufacturer will have a mono- 
poly of the winning system, 
either U.K. or U.S., and all the 
manufacturers involved will 
have the right to make and sell 
whichever system is chosen. 

Nonetheless, the makers of 
the winning system will have a 
head-start over their rivals in 
world markets. 

The overall requirement is for 
what is called a Microwave 


Landing System (MLS), a 
method of .bringing .greater 
numbers of aircraft in to land in 
all-weather conditions, than is at 
present possible with existing 
Instrument Landing Systems. 

To meet the Organisation's 
requirements, the. British have 
developed what is called-Doppler 
MLS. while the U.S. has deve- 
loped what it calls Time-Refer- 
ence Scanning Beam. (TRSB) 
MLS. J 

The rival systems have been 
and still are being tested at 
various major airports, but 
enough data has been produced 
on their respective merits to 
enable the organisation to go 
ahead with its meeting. 

The U.K. system is developed 
by Plessey, with the kid of the 
Civil Aviation Authority, and it 
has been given the fqU support 
of the Government The U.K. 
believes that Doppler . is the 
safest of the two systems. 

The U.S. system is developed 
by a number of Companies, in- 
cluding Bendix, Texas ' Instru- 
ments and Hardline Corpor- 
ation. 


MILD WEATHER in November- 
January resulted in a 2 per cent 
drop in total energy consump- 
tion, according to Government 
statistics published- yesterday. 

Compared with the corres- 
ponding period a year ago,' there 
was a 9.5 per cent. drop, in coal 
consumption. This was offset 
partly by a 2 A per cent, rise in 
oil deliveries and smaller in- 
creases in consumption of 
natural gas * and nuclear elec- 
tricity. 

The Government’s Energy 


Trends report says that seasonal 
adjustments after correction for 
temperature effects and total 
energy consumption was run- 
ning at about 0.5 per cent, 
higher than the previous year. 

Total coal production from 
December-February was 1.5 per 
cent, higher ' than the corres- 
ponding period of 1967-77. The 
increase of nearly 500,000 tons 
in opencast production more 
than compensated for the 200.000 
tons decline in output from deep 
mines. 


Overall productivity at 
National Coal Board mines, as 
measured by output per man 
shift, rose to 46 cwts. in Febru- 
ary, 1.9 per cent, higher than 
in the corresponding month last 
year. 

Total gas sent out in Decem- 
ber-February was 5.5 per cent 
higher than in 1976-77 with the 
greater pari of the increase in 
February. Electricity supplied 
from November-January was 3.8 
per cent, lower than a year 1 
previously. j 


By David Churchill 

LOSSES incurred by the Grays 
Building Society could be 
greater than those uncovered in 
the last building society crisis 
two years ago. 

The exact extent of the 
financial irregularities uncovered 
in Grays’ accounts ■after -the 
death of Mr. Harold Haggard, 
the society's chairman, are due 
to be disclosed to-day by the 
Building Societies Association. 

The irregularities could be 
’greater than the £600.000 dis- 
covered by the WakefieVJ Build- 
ing Society in 1976. Grays’ assets 
of £llm. are under half those 
that were held by the Wakefield 
at the time its losses were 
uncovered. 

Details of the Grays' losses 
have been passed to the Build- 
ing Societies Association by a 
team . of executives from the 
Woolwich Equitable,, who have 
been Investigating the society's 
activities. 

The size of the losses at 
Grays came as a surprise to the 
building societies movement 

The five biggest societies arc 
believed ready to provide finan- 
cial support to Grays pending a 
long-term decision on its future. 
This rescue operation means 
that no depositor will lose any 
savings. 


GREEN SHIELD trading stamps 
are to be dropped by Inter- 
nationa! Stores, the BAT Indus- 
tries supermarket chain, in 
another 40 of its 720 stores, 
i The shops, all in the South of 
I England, are to he converted to 
[the new kind of cut-price Fricc- 
I rile formula which International 
| has been using in some of its 
; smaller stores in the North for 
] three years. 

j Instead of giving stamps in 
these stores, BAT is concentrat- 
ing on offering the lowest pos- 
sible prices — the company claims 
they are 5 per cent, lower than 
in a traditional supermarket — on 
a limited range of meebandise. 

To make money on trading at 
these very reduced margins, the 
stores need to show a big 
increase in volume, and BAT 
said yesterday that it was hop- 
ing that (he conversions would 
lead to at least 35 per rent, in- 
crease in sales. 

j International took over the 
I Price rite group in 1973. but the 
[shops now trading under the 
! Pricerite name bear little 
resemblance to the old storeB. 

The new stores, similar to those 
run by Fine Fare under the 
Shoppers Paradise name, stock 
only a narrow range of goods — 
500 to 600 lines-— and operate on 
very low gross matins. Costs 
are reduced to a minimum. 

The company now has abont 


40 of these Pricerite stores trad- 
ing in the North of England, 
none of them giving trading 
stamps. It has now decided to 
expand the operation into the 
South of England, where dis- 
count trading is icss developed. 

In all, 50 new Pricerites are to 
be opened. 

VW, Audi 

extend 

warranty 

Financial Times Reporter 

VOLKSWAGEN AND AUDI ara 
to introduce insurance to extend 
the warranty on major comptv 
inenls after the initial 12 months. 
For payment of £39 for one year, 
or £65 for two, all cars sold by 
VW and Audi dealers will be 
covered. 

Used cars will need to have 
run less than 50,000 miles. The 
scheme will also apply to other 
makes sold by VW and Audi 
dealers. It is being run by Auto 
Union Finance, jointly owned by 
Volkswagen GB and Lloyds and 
Scottish. 

Cover for VW commercials will 
cost £49 for one year and £75 
for two. 



Lorry drivers 5 hours 
White Paper soon 


to get up and go to. 


id go, 

urope 


BY LYNTON MdJUN 

MOVES TO harmonise British 
law’ on commercial drivers' 
■operating hours with EEC rules 
were announced yesterday by 
•the Transport Department. 

A White Paper will be laid 
before Parliament before the 
summer recess when union and 
transport industry’ comments 
on a consultative document 
have been reviewed. 

Tbo move follows the intro- 
duction to Britain on January 
26 of EEC rules on drivers' 
hours and records. The rules 
are contained in EEC regula- 
tion 543/89- which applied to 
U.K. drivers on international 
journeys from April 1, 1973. 

They have since been modi- 
fied is Brussels so that their 
more restrictive provisions 
could be phased into Britain's 
internal transport ■ legislation 
over a three-year transitional 
period. 

At the end of the period, on 
Januaiy 1. 1981. the EEC rules 


will apply In full on all. journeys 
within Britain. ■ J 

The EEC rules do.oot invalidate 
all the provisions of the Trans- 
port Act 1968 which also governs 
commercial drivers in Britain. 
But the EEC rules, as now 
partially in force and as envis- 
aged for 1981, do override the 
domestic code on driving time. 

The 19-page consultative docu- 
ment sets out which of the 196S 
provisions still apply. The 
Government hope's its proposals 
will enable drivers to make use 
of the greater flexibility of the 
EEC rules compared with the 
1968 Act 

One of the main changes pro- 
posed cosaerns the maximum 
permissible neriod of continuous 
driving. EEC rules call for a 
minimum 'break of SO minutes 
after five hours to be reduced in 
due course to four hours, and 
provide for shorter • breaks 
instead 1 at more frequent 
interval;. 


We fly to more international destina-/ 
rions in Europe from our home base than any ; 
other European airline flies from theirs. 

And with good reason. 

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


thatmany ofhis European eompetitors have 
been slowto exploit 

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

Today; flying to more than just the 
obvious places gives you a distinct edge. 


• Because while your competitors are 

sitting around waiting for connections, 
you can already be getting down to business, 
having flown directly to your destination. 

"When you travel to Europe, fly the 
flag and feel at home. 



SLASS& 



Profits reach 
New Record level 

An extract from Mr. A. Bowman's Review 
The Group broke through the one-million 
pound profits barrier for the first time in its 
history and achieved profits before taxation of 
£1 ,052,009, an increase of 29% despite a 
minimal contribution from the engineering 
division as a result of the downturn in the 
Construction Industry, 

Financial Results 


Year to 31st October 
Turnover ^ 

Profit before Tax 
Dividend 

Earnings per Share 
Balance Sheet Value 
per Share 


1977 1976 

£5,930,107 £5.137.417 

C1,0S*,003 £81<205 

30.25% 27.50% 

14L2p 1 3.2p 


COMPANY ANNOUNCEMENT 

AN6L0 AMERICAN CORPORATION (7711171173 

OF S0UTR AFRICA LIMITED LhULhLlLzzl 

(Incorporated in the Republic of South Africa! 

PRIVATE PLACING OF PREFERENCE SHARES 
Agreement has been reached for the Co rp oration to make a 
private placing on or about the 1st July 1978 with certain local 
institutions of R40 million !0l per cent redeemable cumulative 
preference shares, which wilt carry no conversion rights. The issue 
will have an average life of approximately eight years. 

The proceeds of the issue will be used to finance ongoing 
commitments of the. Corporation. 

A general meeting of members of the Corporation will be 
called to consider the necessary resolutions for the issue oF. the 
preference shares by the directors and a circular giving jhe notice 
of the meeting and full details will be sent- to members in due 
course. 

London Office: 

40 Hoiborn Viaduct 
EC1P IAJ 

Johannesburg 
March 31st. 1978 



Iberia 23 European destinations from Madrid. 


fcataJbottfcocilBoidTrartnarBr-iTnfaMrt. 


airways 

Well take more care of you 





-TO- . 


LABOUR NEWS 


Financial Times. Friday March 31' 1978 


told to seek 
settlement 


Water workers vote Number of stri 
2-1 for 10% rise fell last month 


fir NICK GARNETT, LABOUR STAFF 


ASLEF, the tra'rn drivers' union, 
which threatened a series of one’ 
day strikes in a pay dispute, has 
been told by an Independent in- 
quiry panel : to sort out its 
grievances within British Rail's 
existing negotiating procedures. 

The panel, under . Lord 
McCarthy, chairman of the Rail- 
way Staff National Tribunal, the 
highest tier in the railways nego- 
tiating structure, but sitting as 
an independent advisor, said 
ASLEFs grievances should be 
given priority. 

If agreement cannot be 
reached at the Railway Staff 
Joint Council, the lowest of. the 
three negotiating tiers for major 
issues,' It sbonld be' handled by 
the Railway Staff National 
Council and, if necessary, by the 
Railway. Staff National Tribunal. 

ASLEF, which 1 is seeking 
similar ** commission " payments 
for all footptatmen to those nego- 
tiated for 1,600 National Union 
of Railwaymen pay. train guards, 
bad the option of taking the issue 


through The industry’s negotiat- 
ing structure, as the pane) now 
suggests, long before discussions 
broke down and the strikes were 
threatened at the end of Febru- 
ary. 

By bringing the issue to a bead, 
however. ASLEF managed to 
bring into public view what it 
believed to be a “sectional” pay 
deal that ran counter to the in- 
dustry's 1874 pay restructuring 
exercise. 

It also provided ASLEF with 
an extra bargaining lever in this 
year's pay and productivity talks, 
which - involve staff shedding 
throughout the industry. 

The panel — the setting-up of 
wbicb led to ASLEF rescinding 
its strike notice — says the claim 
should be heard by the joint 
council- not more than ten days 
after it has been tabled by 
ASLEF. 

The panel’s report, welcomed 
yesterday by the British Railways 
Board, says British Rail should 


be prepared to give its decision ; 
ob the claim at the initial Joint; 
council meeting. 

The Transport Salaried Staffs; 
Association (TSSA) which wel- 
comed the report, will discuss the , 
position next week. The NUR; 
executive is meeting to-day, 

O Mr.. Toni Jenkins, general sec- 
retary of TSSA. said yesterday, 
that although there was an urgent : 
need For a much closer working 
relationship between the three; 
rail unions, bis union was in na ! 
position to amalgamate with the 1 
other two: • 

The NUR has submitted an; 
amalgamation plan envisaging a; 
joint executive made up of 50 
per cent NUR members with a: 
quarter from bath T5SA and' 
ASLEF, together with a joint; 
annual conference with half the 
delegates coming from the NUR. ! 

Mr. Jenkins said he was pre- 
pared to consider establishing a, 
joint trade union committee ofi 
national officers and executive i 
committee members. ! 


BY OUR LABOUR STAFF 

MEMBERS of the Genera! and 
Municipal Workers Union in the 
water industry have accepted a 
pay offer within Government 
guidelines. 

The 20,000 workers, the largest 
group in the industry’s 33,000 
workforce, voted 2—1 by postal 
ballot in favour of the manage- 
ment's offer. 

All manual workers in the 
industry have now accepted the 
deal following acceptance by 
members or the Transport and 
General Workers Union apd the 
National Union of Public 
Employees. 

. The - deal, back-dated to 
December, will give increases of 
£5 to £7 a week on current 
average earnings of £35 to £7L 


Shift allowances and sick pay 
have also been improved, and! 
the wage structure will now he 
reviewed. The three unions, 
which bad been seeking > Bre- 
men's- type forward commitment, ■ 
are also hoping to extend and. 
improve existing bonus pay- 
ments. 

The rail unions, and manual' 
workers in the electricity in- 
dustry, are the only groups in 
the public sector with real 
industrial strength who have 
still to settle during this wage 
round. 

There hare already been indi- 
cations that power workers will 
eventually accept their pay offer 
of 10 per cent together with a 
productivity deal worth 5 to 8 
per cent. 


BY PHIUP BASSETT, LABOUR STAFF 


Townsend Thoresen 
dispute settled 


THE NUMBER of strikes fell 
last month, with 137 stoppages 
beginning, involving about 42,300 
workers. A total of 537.000 work- 
ings days were last the lowest 
monthly total since July last 
year. 

A further 39,100 workers were 
involved in 94 stoppages which 
were eonunued from January, 
trading to the loss or 342.000 
of the total numher of lost work- 
ing days, according to figures to 
the Department of 7 Employment 
Gazette. 

The number of working days 
lost' through strikes 'in the first 
two months of the year was 
TTS.noo up on the same period 
last year. 

The number nf strikes was 
down by 48 on January's total nf 
185. and the number nf workers 
involved in stoppages was down 
by 34,000. Last year's strike 
figure showed an upward trend, a 
marked reversal of the falls of 
the pneviouF two years. 

Pay was the principal cause of 


nearly two-thirds of at* the 
strikes last month, with 12.K0Q 
workers directly involved in 
stoppage* about wage rates, earn- 
ing levels, extra wages and fringe 
benefits. 

Dismissal and disciplinary 
measures, causing 13-8 per cent, 
of the stoppages, and working 
conditions and wjwtvWwl cann- 
ing 10 J2 per cent, nf stoppages. 
Were the nnlv two problems of 
any major significance except 
pay. . 


Dirty jobs 


Thf department lists thw 
prominent stoppages during the 
month: a grading dispute by I2f> 
progress chasers at Rotlft-Royre 
In the West Midlands, when SOT 
process workers were laid off; 
the occupation over a still- 
tinresolvrd pay parity claim hy 
300 storekeepers ai GEO Tele- 
communications in . Coventry; 
and a “dirty jobs’* strike at 
Ehbw Vale steelworks, which 


caused 3.000 work«* to be laid 

• An estimated tidal of l.747,tiW 
employees > in manufacturing 
industries, 33.6 |WT cent or the 
total number, worked overturn.- 
in the. week ended January 14. 
197S. An average of S-4 hours 
overtime was worked per 
employee, giving _ a seasonally 
adjusted total of HMEwi. hours. 

In I be same week, the 
estimatrd number on .short time 
in these industries was 48.990. or 
about 0 9 J»er Cent, of «H 
employees, each losing 18 hours 
nn a v trier. 

• The total number of rn'fpSc.irea 
tn employment in January in 
industries covered by the index 
nf industrial production was 
9.008.000. a fait of 4S.U0G from the 
previous month's ft cure 

The seasonally adjusted figure. 
Iiowrvrf. j-o.se by fiJWl) compared 
with lh-ci-mlw-r 1977. to fl.llt.0fln. 
still lower than the seasonal! c 
adjustfri peak of 9,163,000 in 
June last year 


Basnett urges TUG 
link to aid jobless 


FINANCIAL TIMES REPORTER 

THE GOVERNMENT and the 
TUC should get together to 
tackle unemployment Mr. David 
Basnett general secretary of the 
General and Municipal Workers' 
Union, said yesterday'. He pre- 
dicted that unions would not 
accept a . further rigid . wages 
policy. ‘ 

Mr. Basnett told a meeting of 
the union’s Scottish regional 
council that the union movement 
had a responsibility to do some- 
thing. • about unemployment 
rather than, leave It all to the 
Government 

He called . on the Chancellor 
tb ose his resources, both now 
and in 'his. deployment - of North 
Sea. revenues, to promote jobs. 
Mr. Basnett suggested expanding 


public service employment, 
training subsidies and spending 
on young workers. Substantial 
capital investment also was 
needed. 

Unions should concentrate on 
eliminating overtime and reduc- 
ing the working week. At the 
moment the Government’s pay 
policy was inhibiting this, making 
overtime a ludicrously- cheap 
option for the employer and a 
necessity for workers. 

Unions had taken a grave res- 
ponsibility on their shoulders In 
accepting wage restraint over the 
past two years but they were now 
left with problems of wage struc- 
ture, differentials and technologi- 
cal change in indnstry. 


Humber dock 
deadlock 

THE STRIKE of 30 supervisors 
at the Immmgham-basPd Hum- 
ber Graving Dock and Engineer- 
ing Company; which has caused 
more than 700 men to be laid 
off, is near the end of its fifth 
week with no sign of a settle- 
ment 

Discussions by the employers; 
and the technical and super- 
visory section of the engineering 
union, which represents the 
supervisors, have ended io dead- 
lock. 

The dispute has stopped all 
I maintenance work at two oil 
refineries with wbicb the com- 
jpany has contracts. 

1 It started over the dismissal 
j of three supervisors, who. the 
company says, were absent with- 
l put leave. The other supervisors 
; went on strike. with a 
; reinstatement demand which 
I the company has refused. 


BY OUR LABOUR STAFF 

THE UNOFFICIAL seamen's 
strike that disrupted Townsend 
Thoresen ferry services to Hol- 
land and Ulster over Easter has 
been called off and sailings re- 
sumed early yesterday. 

The men. mainly based at 
Felixstowe, Suffolk, were pro- 
testing at the sacking of an 
assistant steward after he was 
convicted of a drugs offence. 

After a meeting in London on 
Wednesday between management. 
National Union of Seamen offi- 
cials and the striking seamen's 
port committee, the men agreed 
to drop their claim for reinstate- 
ment of the steward and resume 
work 

They also agreed that other 
issues involved in the dispute — 
such as payments and manning 
levels— could be discussed after 
a return to normal working. 

Townsend Thoresen agreed 
that there would be no loss of 
tabs for seamen involved in the 
dispute. 

The 13-day-dld strike disrupted 
holiday sailings from Felixstowe 
to Rotterdam and Zeebrugge as 


well at Townsend Tbores en's 
Service between Cairo Ryan, in 
Scotland and Larne tn Northern 
Ireland. 

The strikers were given seven 
days* notice for .starting their 
industrial action and their union 
urged them to go back to work. 


Steel workers j Output higher, but 
create plan j “ . . _ 

to save jobs i mine is to close 


Port slacker 

TOURIST TRAFFIC through thef 
port of Dover last month was 
down on the corresponding 
period fast year— passengers by 
2.61 per cent, and cars -by 6.24 
per cent. Last year was excep- 
tional because of industrial 
problems at Rotterdam. 

Pitmen killed 

TWO HIXEWORKERS were 
crashed to . death at the Lady 
Windsor Colliery at Ynysbwl; 
Sooth Wales, yesterday. Surface 
fitters, they were working 
beneath a tram lift 


The Randfotttdn 
Estates Gold 
Mming Company, 

Wit-, SviMsitecI 



Western Areas 

Gold Milling 

Company 

limited 


; WORKERS AT British Steel. 

‘ Bllston, Staffs _ will meet to-day 
, to consider ways to save their 
jobs. Shop stewards have com- 
piled a plan for alternative pro- 
duction which, they say. will 
; keep the plant economic well 
; into the 1980-s. 

The plan was drawn up after 
: British Steel in Sheffield gave a 
; warning that the works coild 
| he closed because of the Indus- 
try's general recession. 

I The 2.400-strong workforce 
l -will be asked to approve the 
■ nlan ar a meeting to-day. It has 
1 been compiled with manneement 
jCOTwnt over the past six 
months. 

Details are being kept secret 
'but it is understood that the 
j scheme involves -the' imrnduc* 
jttnn of. an electric arc furnace. 
. There are also proposals for a 
witch in production to supply 
•mailer sppcisiiei steel orders in 
the eWst Midlands. 

Mr. Dennis Turner, action 
committee chairman, said yester- 
day. “We will he giving the 
workforce a brecis of the plan 
and askine for approval. This : 
is a solution to keep us in 
work.” 


BY JOHN LLOYD 

ArtBOITTH WALES colliery wilt 
ctase within two years, in spite 
of a temporary reprieve and 
greatly increased production. 

Deep Duffryn ColUcry at 
Mountain Ash Mid-Glamorgan- 
shire, made a 140.000 profit la.st 
month after showing average 
monthly losses of more than 
£100.000. 

-Output per manshift rose l'rnm 
23 cwt in January to 33 cwts in 
February. This is still far be- 
low thr natinna] average uf 44 
cwl- hut it was hoped that the 
iRcxeasc. which . followed intro- 
duction nf the bonus scheme, 
would cuaranter the pit's future 
Ufa. for some time. 

However, the South Vales 
region of the National- Coal 
Board and the National Union of 


Mineworkers have agreed that 
Deep Duffryn will not have a 
Ufc of more than IS months. 

The South Vales NCB said 
yesterday that the decision woa 
taken because reserve would not 
justify working after IS mnnih?. 

• Miners at Batldcsley Colliery 
in Warwickshire arc strikin' 
over poor performance of co.il 
face machinery, which they claim 
affects their incentive payments. 

The depute began last wool; 
when JrtO men nn the night shift 
came tn the surface complainin': 
that machinery taking coal to the 
surface kepi breaking down. 

Management offered an assess- 
ment of the machinery hut the 
men refused tn return to work 
after the Easier break. 


- ■ -V - 

• 


• , . MembervrftHe'- , 

Johannesburg Carrsolickited Investment •• -' •' 
Group of Companies.. 

Incorporated in the Republic of South Africa. 


Highlights from the 1977 Chairmen’s Reviews 


Belfast private 
! hospital row ■ 

ULSTER oflteiaia of tho Con- 
federation of Health Service 
Employees have' asked the Irish 
Congress of Trade Unions to 
black the construction of a 
private hospital in Belfast. They 
say it would provide ‘favourable 
treatment for those' who could 
afford' it, and would deprive the 
National Health Service of pro- 
fessional staff. 


Plan to log sea progress 
! after loss of boat 

BY OUR ABERDEEN CORRESPONDENT 

i SCOTTISH fishermen and coast* It was announced- yesterday m 
! guards will meet tu-inorrow week Murdecn that inshore' bo.it 
i to^kiiscuss methods fur position skippers whn fish the more fits* 
, reporting «t sea after the loss tant North Sea grounds off 
:la» month of the seine net boat way will meet coastguards in the 
.JSBteig&rise. ■ chief inshore l»oat. fishing purt 

: -The Fraserburgh boat was lost of Peterhead to discuss report- 
with her. right-man crew 80 miles hack methods including the call 
;ea*t of Shetland, hut the alarm few special wavebands, 
was not raised for five days after The Scottish Herring Pro- 
• her last known radio contact, dueers* Association and Scottish 
J The two main fishermen's White Fish Producer^' Assocu- 
lorgaflisattons covering herring ttun. covering 450 boats in the 
.and white fish catchers In north* north-easi, have written to the 
1'cast Scotland have since asked Trade Department, Post Office 
i for the introduction of a special telecommunications and the 
waveband allowing boats to make Home Office asking for eon* 
1 24-hour position weeks. sidoration of a 24-hour waveband. 


* Profit for the; year amounted to R47 435 000 and dividends to 
shareholders totalled R18947 000 (350 cents!. Capital expendi- 
ture of R110 756 000 was financed largely by long term consumer 
loans and bridging finance totalling U-5.S103 800 000. 

sfc Underground operations wen: expanded to include both Gookc 
No. 2 sliafi. and the -S.D. 32 -.shaft: at Kandfonteih Section. .Tlic 
Millsite uranium plant was commissioned and the new integrated 
gold and uranium Cooke Plant is- currently being ajmmi&sionfed . 
well ahead of schedule. • 

* Ore broken at (sookc Xa .3 shaft and 5-D. 32 shaft, surplus to the . 
capacity of the Millsite plants, is being stockpiled on surface to 
provide a reserve of available ore when Coofcc Plant commences 
milling in mid- 1978. 

si: Dewatering of the Randfontein Section has proceeded apace and 
the water level is how close to 21 level. 950 metres below surface. 
The re-establishmcnt and re-cquipping of each level and ofstope 
faces is proceeding as planned. Stop in 2 operations commenced in 
iuid-1977. ’ 

sk A significant decrease in the overall gold recovery grade is 
inevitable when additional low . grade ore from die Randfbntein 
Section and Gxike No. 2 shaft, is treated. Total production of gold 
wi 1 1. however, be greater as a resu It oftlie increased .through put and 
uranium revenue will compensate ibr any effect on revenue of the- 
lower average gold recovery grade. ‘ . ' - 

# Once Cooke Plant is on stream consideration will be given to 
further underground expansion and a decision to proceed with the. 
sinking of Cooke No. 3 shaft is anticipated in the latter part of 197S.- 

# An agreement Jias been entered into with the Johannesburg 
Consolidated Investment Company. Limited whereby Ran dfontein. 
has a 50 tl b participation iu prospecting for. and if economically 
feasible, the mining of.uranium in. the I woo basin of the Cape • 
Province and Orange Free Slate. 

Johannesburg Bernard Smith, 

30th March. 197S Chairman: 


♦ Profit for the year was R140110Q0 and capital' expenditure 
Amounted to R6 688 OOO. Dividends totalling R5 240 000 (13 
cents) were paid to stockholders. 

♦ Production was disrupted by a major underground fire and -an 
estimated production loss of 228000 tons milled was incurred. 
Fire fighting expenses amounted to R99SOOO aud an insurance 
settlement of R3 108 000 in respect of the loss of profits .clajin was - 
'receivrxL' 

3k Progress towards the planned position of the S.Y. 3 sub- vertical 
shaft continued to be hampered by the intersection of water-bearing 
fissures. However now strategies were implemented and better 
progress is now being made. 

4; One of the primary objectives of the mine remains the attain- 
ment ofa production level of 370 000 ions per month. It is intended 
to stockpile broken ore on surface in times of surplus underground 
labopr in coder to provide a reserve- to be drawn upon when circum- 
stances so require. ■ ■■ . 

* .Within the financial constraints imposed on the mine by the 
extensive capital expenditure programme necessary to develop and 
exploit the southern section of its lease area, the Board intends to 
examine the possible exploitation of all accessible reef horizons for 
uranium. . ; 

* Exploratory underground drilling from existing levels continued 
..and uranium values show ap encouraging consistency, parti- 
cularly on the . E9EC horizon. Development towards the area, 
delineated by drilling as being the most favourable has commenced 
on 48 and 50 levels in order to confirm borehole results. ~ 
^‘Feasibility studies are continuing to establish whether uranium 
production is viable. . 

P. A. von WielHglu 
Chairman 

Tlie Board of Directors ofEKbmg Gold Mining Company limited draws 
stockholders' attention to the highlights of the Review by the Chairman 
of Western Areas Gold Mining Company Limited. 



an 


jjii 


m 


fm 




Raudfontem Estates 


1131 
' 15.46 
E 2153 
R 4154 
X.S.S 14 o' 


The annul 
Harrison 
Dsbnrg C 


• . 944 
16.95 
R18.ll 
R39.02 
r.5.5123 


SOEVIARTOF OPERATIONS 


Year Ending 31st December. 

Tons milled 000 s 
Recovcrv’ - grams per ion. 
Cost - per ton milled 
Profit - per ton milled 
Average price per ounce 


Western Areas 


3579 

6,00 

R21,^B 

R 4.30 

r^^i47 


3-585 
6.37 
R 17.22 
R457 
U5.S120 


Mining Cumpjiiiy 


Note: Copies of the lull Chair me ns Reviews and Annual 
.RqpMMts of each Company mil be sem p<jsi-frce an upplicatigu 
by letter or telephone to 

the London See an uric 
Baraato. Brothers Limited.. 

99 Bishop* 1 slate. London £C2M 3XE. 
TcI.Nw(Ol') 588-7011. 


Name 


Address 


E arlier this year 5 Merrill Lynch International & Co- : 
was admitted tomembership on the-European ' 
Options Exchange, and today we are pleased, to 
announce that Merrill Lynch International offices • ' : *' 
around the world stand ready to accept orders for .. 
European Options Exchange transactions when trading: • 
commences next Wednesday in Amsterdam; 

Merrill Lyndh T s Dutch affiliate, Merrill L\nch N.V, ? 
has also been admitted as a Clearing Member and a Floor . 
Broker (as well as a Public Order Member), and its . 
clearing office in Amsterdam at Dam 27 is now open for 
business. Financial institutions interested in availing, 
themselves of these clearing services should get in touch 
with Geoffrey Stanley in Amsterdam (Tel. 20-26^4888). 

Merrill Lynch has been a leading participant in the ' ; 
American options markets, and the experience and 
expertise gained there will now be available rhrough our 
worldwide communications network at anynf the 
Merrill Lynch International offices noted below. 

There is little time to lose if you want to start dealing . 
when the Exchange opens. 

j- Merrill Lync& 

W? InteraatlonalfiiCa 

Branches and subsidiaries und affiliates in: Abu Anjstttdam, Aihixra. 

Barcelona, Bahrain , B russeh, £ucno* Aires, C ann&, Caracu.s,.D ulnu, Diiyc Wnrt\ 
Frankfurt, Geneva. Hamburp* Hcsap Kona, KuVi'art, London, Lvignw,; M*3nd, 
Manfia. Milan, .Momevjdeo, Panama Ory Paris, Rnnw* Rottcwkim. Sac^P^idn. 

Seoul, Singapore. Sydney, uur*u Tbkjdj - Vienna. Zuncb. Ii-int uiiuurcin Tehran - 
Iran Financial Services Ca • ' 


.a-!* :- 

1 


o* 






■i****- 1 ® 





![ ikt lech 


Financial Times Friday March 31 1978 



EDITED BY ARTHUR 8ENHETTAN0 TEA SCHOETERS 


• SERVICES 


• ENERGY 


Searching for power at lower cost 


IV/iinin fyvM L, BECAUSE 50 much interest now power for the pump would he 

lYliniS IOr DUSineS^ 11 Q£V attaches to the use of ever? pos- around 560 W and it is up to 

* UJ V sible meaos or gelling heat from potential users to take a view nf 

PLANNING TO tap a growing will be developing its own the environment, or not losing future fuel cost increases before 
mini-computer market in the program packages for the Level heat to the environment, many deciding whether or not to go 
East Midlands is Parr Computer 6 mi nis covering the standard people arc trying to work out for a recuperative energy source 
Services which has fust simpil conlm crcial applications — the true economics of applying which he will amortise over, say: 

_ f^nntnM u „ . accounting. ledgers, invoicing, available methods of power three years without taking into 

I “ H0 “!r en slDck control. The first systems saving. . account possible power cosls 

taKe between ten and 14 of that are planned to be available One of these is the application running at a 12 per rent, actual 
8 * jCvel 6 mini- around May this year. of a heat pump — basically a per annum rise. 

Pn» U a year sale to Parr will be relying heavily refrigerator in reverse which The equipment considered is 
w 1 ” 0 )”' 7 „ 0n its years of experience in uses the outside of a house as air to water, but the company 

equipment Manufac- the computer bureau business, the refrigerated space and the can provide water to water units 
H«Vi>,,. COn - ct .1 open-ended, as well as the local nature of inside as the radiator area where which boost the efficiency of solar 
out rarr expects the systems to the services it offers, in attract- " unwanted "heat is dissipated — panel water heaters. 

h R^ t K,, £3M b (K ^ ~ l DS *»Mlme-u*er customers for that can provide to indoors The com pan v has succeeded in 

mb!.* c ■ is “ aw - parr Com- Level 6. something like 21 times the Mnv incin B a number of organi- 

Em hiJS ‘2“*. man3Rer ' Mor e details from Honeywell energy input to the pumpmens 0 f the efficacy of the 

has disclosed that his company on Ql-568 9191. mechanism. designs it is promoting and the 

A great deal of work has been Building Research Establishment 

U T/" I / I -m going on in this area and a has two of its pumps under test, 

lv rlarQ nSICP nlon number of important announce- while Ole Energy Technical 

WtlaU Lllitll ment? are expected. But there Support Unit and the Electricity 

Df THE next few months, a teen- trical Enoineers and Derwent * s ? on ? e I1 c . onfus ' on as *® " bat Council are - considering their 

nology database service which Publications and, obviously, cover lation is supposed to be US e. Additionally the Leicester 

will draw heavily on U.K. sources an enormous bibliographic range d To^sunnort Antral heatine » an ? 4 PI l'mouth Polytechnics have 
and preseot major attractions for ob initio The service will enell To support central heating is units under study, 
advanced industrial countries, sharp competition for others' now ^ ot w * ter Corbridge’s Danish partners, 

including Japan, will be launched becoming available sudt as that ! c a ?* er -■PP ,,C *' Metro, have and 6kW 

by Info-Line for on-line access, recently offered in Britain hv u 0Tl " ^ or kndge Services, backed (input! models under test and it 

Last year the latter oreimsa- GSkKd " Britajn by a large Danish organisation i s understood that the Poly- 
don selected CRC rnforSftioo The CRC network has local r’ h,ch haS . acc f ss t0 - ulajor tecbl “? whic £ £ as I*** carrying 
Systems, which describes itself dial-up to 13 multiplexing centres Government - * esl , 5 P715 es * ‘ .’j °“ l th,R y, ' OTk has indicated that 
as the largest indeoendent ser- in th*iiK J offering equipment which -would the pumps passed their tests with 
"etoSsSri Europe maJOr d " S * "“'"S.* 1 H *»«•»» Spins colour^-more Betiib vriU 

database access svstem ami mr , , . throughout- the year, fed to a become available m April. 

has iust announced nlan* tn °! 1116 280-litre insulated tank for. say. These units correspond to i 

$£, 2 plUS VAT ' C ° nsura ' Jti '’” <* heat-in-heuse output of «kW and 

the i°h- - machines which have stood it in — - ; ' ----- 

The existing Untvac 1100/10 is good stead for so many vein 
to be upgraded to a twin- is in progress. The Quotel' por- * ELECTRONICS 
processor 1100/12, with a con- tion of the service should be 

sriderably expanded core memory, np and running next month. But A 1 ■ J. 

and disc capacity raised from 500 the remainder of the SCAN sup- J\ PPAfprQfPC TTPP7P— flTV 
to a massive 7,000 Megabytes, port facilities is likely to take C1XV>3 llVU/iL' J 

wS“cSJ , i! 1 bJ e in S n Se/tSTJ°n UOO/lj’T/t Il’yTSSe'uSw 5F AT , C U 0N ™ L ”" ils >* °l •» »PP>ied to 

into service u Edwards High Vacuum, improve the product and unnecessarily 

£l4m ItTJlfl tafSaSSL’i*! STl ii “iff, d " 10 v lh * the reliability and speed with lrng drying times the result of 

npvt ijn vmU lELSfit SSZiJPf i , ast which substances can be freeze- applying less - heat than is 

fmm ™ aT Vk* f mformation. drietL They can cut drying time theoretically possible in order 

e t ^. a 5S5J u "!: i°? versil ! n for some common products by to ensure .against spoilage 
- ™ k f 418 drums to ra0 re than half, and replace the through thawing, are eliminated^ 

estimated to be worth £2J2m., current technology machines traditional method's nf dptprmin- The unit ic cimnio in An an : 

-Kassret-r-. - is - 


- - V - ,7 UCldiih ] 

has disclosed that his company on 01-568 9191. 

U.K. data base plan 


X r ■ * 

nu * * si*- 


t l ti;f 


i \ ] ! i .. tj -. 

iv - Km 


15kW respertively. which is 
enough to provide rentral heating 
and hot water for most domestic 
premises. Certainly in the case of 
the smaller unit, it i s expected 
that total installation costs would 
come under the magic £1.000 
mark. Possibly the larger one 
could, provided a somewhat 
smaller tank was used. 

Further from the companv on 
043 471 3000. 

Meanwhile, the solar energy 
lobby has not heen idle. It is 
sufficiently aware of the real 
problems to call a conference on 
them. And most pressing among 
these is that of storing solar 
beat accumulated during the day 
— and in the winter — so that it 
can be used to advantage at 
DigbL 

A one-day technical meeting is 
being called. by the Solar Energy 
Society on May 5 at the Royal 
Institution in London to con- 
sider specifically “Storage in 
Solar Energy Systems.** 

The Society is aware that 
slorage in the form - nf chemical 
energy . -or large volujnos of 
water held at high temperature 
or in. large batteries is expensive 
and says that development of 
cheap and efficient energy 
storage is essential if the ’use 
of solar energy is to become 
widespread. 

. In that, it is somewhat at 


INSTRUMENTS 


variance with the experience oF 
the pioneering companies in the 
U.K. which have analysed 
returns from users to determine 
just how much saving could be 
achieved over a year through the 
use of simple solar panels to 
boost domestic hot water. 
Harvester Solar Systems, of 
Knutsford in Cheshire, is one 
of these. It offered a reduction 
of £200 per notional £900 instal- 
lation to those users who were 
prepared to keep a day-to-day 
record of all their activities and 
their use nf hot water over a 
period of a year — and some of 
the results are most interesting. 

From sun power to wind power 
is only a itep— and . the wind 
lobby seems to be having some- 
thing of a breakthrough since 
wind generators are to be used 
to provide power to essential 
position-fixing equipment when 
the vast Ninian Central oil 
production platform is towed out 
in April on the 400 mile voyage 
to a base in the North Sea. 

Five 24voli tVinco windmill 
energy sources with outputs of 
200 Walts, feeding either 12 volt 
or 24 volt battery packs have 
been ordered from the Natural 
Energy Centre in Kingston. 
Surrey. Three of these will be 
sited along the west coast of 
Scotland and two in Shetland, 
requiring simple 12 foot steel 


towers as the land bases an d very 
little else,, since the packaged 
electronics takes its power from 
the batteries, to provide the 
navigational fixes required to 
keep the valuable piece of civil 
engineering on course. 

Few people in Britain can 
afford to buy a disused water 
mill. Many may have a stream 
nr river not mo far from their 
property, h is possible to derive 
a large amount nf energy in the 
form of pumping power from an 
improvement on the Archi- 
medean screw developed in New 
Zealand and capable of provid- 
ing appreciable amounti of 
power from a fall of only one 
foot provided the volume is right. 

Natural Energy of Hamilton. 
Bermuda are the promoters with 
a U.K. foothold at Fox leys Farm. 
Maidenhead. Berks. 

Claimed is a performance 
equivalent to 1.000 gallons per 
hour to a height nf 10 feet and 
100 gallons/hr to a height of 300 
feet from equipment weighing 
only 100 kilos. 

It is proposed that H .!. God- 
win of Quenincton. Glos. will 
make the pump and E. H. 
Bradley of Swindon will pro- 
duce the casing from T ilk ins- 
ton's Cemfil. 

Quantity production at 100 
per week is proposed for de- 
liveries to start in Ocohcr this 
year. 


KGEL LTD 

Kennedy Tower. . 
St. Chads Queens way, 
Birmingham B4 6 EL 


Sensitive temperature recorder 


u rtuuires URL to set up Ute an mat easy. romnlex «mhstaTirP!i • • „„„ 

Info-Line databases on the It Is expected that the com- The Edwards resistivitv con- ^ industrial freeze dryer, 
former’s computers and to pro- plete transfer will take to almost troller determines the lowest ♦uJ W0 inl .° 

vide a '■emote access facility to the end of next year to achieve eutectic point of a substance f the tbe P r ° ducl and resistance is 
Info -Line customers. and. of course, must ber carried temperature at which it com- sen “d by means of a bridge net- 

To date, the databases available out so that users are unaware of pietelv solidifies) by monitoring wor . k S y ? em * „ A in tbe 

represent as much as 8,000 Mega- the switch so far as possible. ft* res i stan ce which varies with c ? ntroU ®£ . automatically ener- 
bytes of information. They com- CRC Information Systems. S3 ij* physical state. The principle § Ises and de-energises the freeze 
prise those of The Chemical Clerkenwell Road. London. EC1R re lies on the fact that there is a do'er hMters as appropriate. 
Society, The Institution of Eleo- 5 HP. 01-242 0747; sudden change in resistivity at a ^ n product resistance deviates 


Cleaning components 


Fast assembly of hoards 


- OTtectlcpato: ! • ^ from a Prwet lereL 

a Donprccrc Accuracy and- reliability of ^ an^isurance. -a tempera- 

• PROCESSES this method, which overcomes ^ coupled m senes 

. the difficulty of determining the with the instrument prevents the 

rinnYlinn AATVimAVIAtltc exact temperature at which a product from over-heating when 
t JPaninfT POTflTliSlIPni S substance solidifies, enables the all ice has sublimed— at which 

VUUIJivUVll t'O temperature of a product to be point 'voduct resistance would 

maintained exactly at optimnm apDroach infinity. 

ONE OF-, the latest centrifugal ceramic tubes instead of meial during freeze drying: that Is. iust Further data from Edwards 

blast-cleaning machines devised blades and one of the great ad- below the eutectic poibt; Thus High Vacuum. Manor- -Royal, 

by Yacu-Blast is now being used vantages is that while the com- the maximum possible, amount Crawley, West Sussex, 

to increase output and cut metal plete plant is smaller in sizg 

finishing costs at the Chard, than ils predecessor it is never- *. . . 

Somerset, works of Spacedecks. theless more efficient and. makes ncrnvtihlir AT hAOTrio 

2m svrtem s nd* 1 one^of U ^c l0 S**wZrt** capital expend]- ^ 3^C|IlUiy QI DOrt S 

ronniroinenuSf therleaniSi luro 0n p,ant of , thu has THE latest automatic com- eight tiers of 10 bins per tier- 
IfrnThi e Ini “fJS! been preatly reduced as, have ponent location work-station for rotates and moves up and down 

« maintenance costs. In addition, printed circuit board assembly to present the; correct com- 

Sititi rte P &n 2,»5S2SI ?£ ou, P ut ha * risen considq^ably offered by John Parfin. the ponent ■ • - 

SI! POnenl * an? and il was found that -in-: one camera head projecting The -com- . The board is held in position 
up io iour ieei tong. 71-hour period of operatioh ;38 ponent insertion 3 positions on to by magnetic clamps, easily posi- 

.At the Chard faciory it .was tons of components ..■'were the board is linked. to a cqm- tiooed on a steel base to suit 

found that the very long blast handled. ponent- dispensing carousel 'so -any size of board normally 

track of the latest type of Scalo- The fully enclosed plant, now that any ermponent can fce encountered, 

malic machine produced the past the running-in slage. is called up in any order. There If desired the projector can 

required finish and this was equipped with a mono-rail con- is no need to follow a fixed be incremented automatically 

achieved with a plant which veyor and is installed as part semience. for paced production, allowing 

used only four of the special of an in-line process which This means that several hoard the manager to indicate, hv pre- 
Vacu-BJast Tubular wheels starts with degreasing followed assemblies can be undertaken coding on each frame of film, an 

(which are used to propel the by abrasive blasting and ending with just one kitting of the com- apuropriate insertion time, 

abrasive) instead of the eight with painting and striving. ponent trays and variants of the Film can be exposed and 

traditional abrasive - flnging Vacu-Blast, wblr'> has its head- same board can be more easily coded at the same time on a 

paddle wheels each with a quarters at Woi ,'snn House, manufactured. machine offered by the company 

number of fiat blades held Ajax Avenue. ' Slouch. Berks.. The new system, LS100. has an (blanked off sprocket holes are 

between two faceplates. SU 4DJ (Slough 2651 1) is a overhead projector (like, a photo uwi for coding) nr Earfitt will 


QUARTZ digital thermometers 
wiih a range from -80 to 250 
degrees C. have been built by 
Hewlett-Packard for use in pre- 
cision laboratory, industrial and 
process control applications. 

More rugged and easier to use 
than standard grade platinum 
thermometers, HP. Model 2804A 
quartz thermometers have a 
useable - resolution of 0.0001 

de^ees- C. Stability, repeat- 
ability, and accuracy are better. 

With two probe inputs and 
very high resolution, the 2804A 

• METALWORKING 


excels for differential measure- 
ments. 

Since quartz sensors convert 
temperature into frequency 
rather than changes in resis- 
tance or voltage, as in some 
other thermometers, the 2804A 
is relatively free from noise 
pickup problems. Long cables, 
ground loops and proximity to 
electrical noise sources do not 
affect this instrument. 

Using a seven -digit readout 
the unit requires no bridge 
balancing and there is no need 
for the user to refer to voltage 
or resistance versus temperature 


tables nr curves,. or for external 
equipment such as a reference 
junction. 

The display can het set to show 
measurements with a resolution 
of either 0.01. 0.001 or 0.0001 
degree C. Readout can be 
switched (o degrees F. by chang- 
ing an internal switch. 

Absolute accuracy is ±0.040 
degree from -50 to 150 degrees 
C., and ±0.075 degrees from =S0 
to 250 degrees C. 

Hewlett-Packard. King Street 
Lane, Winnersh. Wokingham, 
Berks. RG11 5AR. Wokingham 
784774. 


• SAFETY 

Protecting 
the head 

TOUGH, while synthetic polyster 
fabric hoods to cover head and 
shoulders have been introduced 
to protect workers engaged in 
paint • spraying, handling of 
powders operating in dust laden 
atmospheres. 

Starchcm Hoods have an 
elasticated face aperature ad- 
justable to allow either full face 
expusurn ni cover the entire 
face except for the eyes and 
allow the use of a face mask 
with the hood. Comfortable to 
wear and sufficiently large tn 
allow one size lo meet all re- 
quirements they could hr 
expected to give brief period of 
protection against accidental 
splashes of liquids if disposed of 
immediatrlv afterwards. 

More from Slarcheni- 27a 
Pendeford Airport, Wolves 
hampinn \W9 5HA. Wolver- 
hampton 7S2899. 

• HEATING 

Modular 


boiler 


Simple control for grinders 


DESIGNED hyLumsden Machine 
Company for its multi-pass 
grinders is an abrading contact 
device which will ensure that 
depth of eut is controlled con- 
sistently and automatically to 
tolerances down to 0.001 in 
(B.025 mm). 

Essence of the device is a pair 
of copper-clad laminate strips. 
one positioned 0.005 in fO.13 mm > 
higher than the other, mounted 


on the convex surface of a rigid 
block which ties in the descend- 
ing path of (fie grinding head. 
The unit is mounted on a rigid 
stainless steel pillar which is 
fixed to the edge of the grinding 
table and can be precisely- 
adjusted for height with the aid 
of sliding clamps and a height 
gauge. 

As soon as the grinding effect 
on the. curved surface of the first 


strip breaks the copper path, 
the descent rate of the head is 
switched from coarse to fine for 
the removal of the last 0 005 in 
of metal. Severance of the 
second strip stops the head feed 
and triggers a feed re-setting 
sequence ready for the next 
work-piece. 

More from Hawks Road, Gates- 
head, Tyne and Wear. (0632 
783838.) 


PUT on the market by Larch 
Technology is a modular gas 
fired boiler. Modecon. Prime 
features claimed for this Brituft 
boiler are a constantly high (85 
per cent.) efficiency even at part 
load, low noise, minimum floor 
area and simple flue require- 
ments. 

Modecon 's almost silent run- 
ning. small size and weight, 
equip it for the central heating 
and supplying of hot .water R>r 
hospitals, schools, hotels, office 
blocks, supermarkets, etc. Its 
economy of floor space .makes it 
suitable for rooftop as well as 
conventional areas. 

The basic heat exchange 
module has a heat output of 
tfikW (170.000 Btu/hr.) and the 
exhaust gas is discharged from 
a single flue. Standard cabinets 
take from one to six modules 
(300kW) and special cabinets are 
available to accommodate boilers 
of up to 600kW (12 modules). 

Further information from the 
company at 18. Mannings Heath 
Road. Parkstonc, Poole. Dorset, 
BH12 4NQ. Tel. 0202 730327. 


Cfilffi Taking the dust away 


i . - rt 

T' . •>** 

■•vt’k nil* 

; 1 v- 

• -T — *— _ 

t i f /Uv* 


Coatings made to order 


Removes the grease 


Tho Scalomatic’s wheel has member of the BTR Group. enlarger .bead) ih rowing' images undertake the task from custo- 

from a 3amm film cassette Which mers artwork, 
can accommodate 150. images. The company maintains that 
HTralrnwwrr 4\**\ flurif onmir For a given hoard the opetator for an expenditure in the £1,500 

Jl iilVlIlw Iflc UUM d W A.Y uses a pedal to sequence the region, work throughput in- 

& •* frames and insert the wire leRS creases of 50 to 80 . per cent, are 

AN AIR humidifying unit has in? air nozzles to produce yery of jj,e comnonents as projected, readily obtainable in comparison 
been added to the range of clean fine mist Which is then blown out As- each frame comes uo. a with manual methods, 
air control equipment offered by by a recirculating fan. - • It is carousel to the rear containing More on 0258 54564. 

Dalesman Scientific Company, directional and by angling the 

Pcndlebtiry. Manchester. M27 atomising nozzles higher . 

2FH (061-794 8724).- . humidity levels can be obtained TYlOrfo rvrrlOT* 

The Mistflow 20 has an output in specific areas within large ^.UitLillcLO 111 it lit LU Ul UCl 

of 20 lb per hour of fine mist, buildings. • : ° 

promising no resultant dripping The atomising nozzles are fitted OFFERED by Evaporated Thin tion of reflected energy is impor- 
or wettinc and could humidify with water filters to prevent Fn ras< part of Kcndaii Hyde tant in transmission components 
around 5(1.000 cubic feet of air blockage, and air drawn into the Associates of Farnborough while in mirrors as little as 
per hour under normal working humidifier by the recirculating (Hants) is a service for the possible must be absorbed. The 
conditions. fan also passes an air filter with application of single and multi- anti-reflection coatings can be 

The unit operates on the cold the result that dust particles are j aver r hj n films to optical com- centred at any wavelength from 
water atomising principle, utiiis- continually removed. porwnts of all kinds. 400 to 1060 nm. and can be 

Functions offered are metallic “tuned" to suit the laser 
-w-w , i v or dieiectic mirrors, beam split- frequency 

t|lP O r f*P k 51 ^iP k - 'ters. • anti-reflection, radio fre- The company has also recently 

XVLIUUTViJ Ulv gl VtUW • queney interference shielding developed a broad-band reflect- 

TWO FULLY enclosed degress- per hour and it is fed by a roller and various optical filters. The in g coating suitable tor dye laser 

W machines with inner ompo- mMhlni! . the liodn- ?SS VmSdU Le? Maui'S *!■*“• **»!"* ’V'" 5 ' 

nents made from stainless steel ^ ^ designed for the indi- using electron beam high vacuum reflectivity of 99 per cent, over 

are being marketed by Uddo- vidu Jj c i e aning of items such as techniques, able to withstand 30 the spectrum 460 io 750 nm. 
holm. rings and discs with complete gigawatt pulsed power levels at More from Solartron Road. 

One of the machines, the Auto- separation lo prevent surface over 99 per cent, efficiency. Farnborough Industrial Estate, 
mat. is a two-stage degreaser de- damage. Additional modules can .Clearly, at laser levels. reduc- Hants GL14 iQL (02a- 40—).^ 
signed to handle baskets of com- be added to the machine for dry- 

ponents. The baskets are rotated ing, cooling or rust prevention • 

during washing, usually in boil- processes. A variety of cleaning |\/l AQC11T1TIO' l*S)rlllT TIOI^P 

ing trichlnroeihylenc, and again agents 'can he used. iTlVtloUI UI/IvjW' 

during the drying cycle. Details of these machines can 

This machine will deal with he obtained from Uddeholm at PUT ON the market by Eddy* interference with P“ ,s ® f® 1 ” 
between 15 and 20 baskets (each Crown Works Ruhcry. Binning- stone Radio (a GEC Marconi from l kHz down to iso.ated 
carrying up to 150 kg or parts) ham B45 9 AG (021-453 6161). company) is radio noise pulses ■ can be m 5 a5 “rf d 

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MARCH ISSUE 

The March issue features two major 
articles on the Erwin Untermeyer 
collection in the Metropolitan 
Museum; one covers 18th century 
English furniture and the other 
discusses Renaissance sculpture. 

The theme of sculpture continues 
with articles on Italian sculpture, a 
new portrait of Rupert of the Rhine by 
Dieussart (compared with Bernini's 
bust of Charles I) and the oeuvre of _ 
Thomas Woolner, a pre-Raphaelite 
sculptor. 

Another article covers drawings for 
the Royal Pavilion in Brighton and 
there is a very important article on 
the development of taste in AFRICAN 
ART. 

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THE PROBLEM OF INNER URBAN DECAY 


Financial' Times Friday March 31 1978 

BY DAVID CHURCHILL 


6 


Reversing the engines of exodus’ 


"THE ENGINES of exodus have legislation, give local authorities j •. ; 1 . V. • ■ , r •• ' .. j 

been reversed" Thar phrase, the power to provide financial :< ;V V " f • 

alluding to the policies of a and other aid to industry, par- ?.’• : s£\£C- \ \ . ■ . ' \ 

generation aimed at dispersing ticularly hut not exclusively in i } 

jobs and people away from the the inner ernes. Success in x ^ l. . 1 - Jg. . . ■' 

over-crowded and decaying helping industry in areas such j : - ■"* 

urban areas, i? a favourite of as Lambeth or Liverpool could - ^ ■^daagjMyB '• • V' 

Mr. Peter Shore's since he molt eventually have a -far greater j : - '{■' J 

on the job of Environment significance in the long term for ■*:; « ;■ . 7 ~ 

Secretary two years ago. the businessman in Dover or r 'W- -i : : jM 

During that time he has Doncaster. Success in one area 
effectively put the brakes on the will, it is argued, lead to 
highly successful Location of greater local authority involve- 
Offices Bureau in reiiting com- ment throughout the country, 
panies away from London and Yet choosinc the cities to act 
virtually sounded the death- a * a catalvst was based on poli- 
knell to Future expansion of tical and 'pragmatic reasons as 
the New Towns. much as any other. The cities 

Yet his strategy has not just are traditional Labour strong- 
been a negative one. In place holds and it is the sheer scale 
of the "engines of exodus'* Mr. of the crisis facing the cities in 
Shore has attempted a double the 1970s that has concerned 
policy. In the immediate future Mr. Shore. He is. incidentally, 
he Is setting great store by the the first Environment Secretary 
Government’s Inner ■ Urban for 20 years to represent an 
Areas Bill, which has just com- inner London constituency fac- 
pleted its committee s»aze in ins the problems of decline 
the Commons, to provide a (Tower Hamlets. Stepney and 
regeneration of the inner cities. Poplar). 

Tn the longer term, however. “The symptoms of decay and 
Mr.. Shore Is hoping that his dereliction are only too appar- 
stay at the Department's offices enI - be points out. *’ Economic 
in Marsha m Street West- dechne has been followed by 

minster, will mark the begin- intensified social problems, 
ning of a new attitude among unemployment dereliction, 
civil servants and local auth- population imbalance, and van- 
orities towards helping ipdus- dalism. The communities in- 
try. He believes that the wived have to live in a depres- 
immenie power of local gov- physical environment and. 
eminent — the largest ursanisa- !n _\” me sf®* 5 - racial tension.*’ 
tinn in the country — must he The the Government 

harnessed to help nvprrome the has devised Tor regenerating 
problem « of the businesman at the inner cities is two-fold, 
a local level. First the concept of ** partner- 
ship areas "* has been introduced Term K»rk 

vvji v 1 , j as a means of identifying those Decay in the cities: part of Liverpool (left) and London’s Dockland with Mr. Peter Shore. Environment Secretary, 

YV nDicfl£HIi0G local authorities most in need superimposed in the foreground. 

_ , , of special attention. The seven . 

. Local authorities, he arsues. partnerships (between local three-year programme for gramme is concentrated on 22 other local authorities in need able to give grants towards 

have a vital part to play m authorities and central govern- action to start in the 1978-80 specific locai authorities, other of aid for urban renewal. The rents to help companies taking 

the Hovemment's industrial ment)' are in Birmingham. Liv- financial year. The existing authorities with urban problems Bill will empower local on leases not owned by the local 

■stratesv. But first rhev mint er pnol. Manchester. Saiford, urban programme's allocation can still receive help. In authorities to make loans at authority. And interest free 

overcome their trad : tinnal Lambeth, the docklands of Lon- of £30m. a year is to be in- 1978/79 some £10m. has been commercial rates for land pur- loans for up to two years will 

reluctance to involve themselves dnn. Newcastle and Gateshead, creased to £12om. a year, with allocated for -helping these chase as well as construction be available for bringing inner 

in industrial matters as whole- an d ihe adjacent London bor- the bulk of aid gqing to the authorities. and modification of buildings city sites back into use. 

hearterily as they are respond oughs of Hackney and Islington, partnership areas and some The second plank in the and installation of services, of Mr. Shore accepts that “ few 

ibie for schools, roads, and A f urt f,er 15 local authorities *30“- earmarked for the 13 policy for the inner cities is the up to 90 per cent, of the vaiue large-scale employment projects 
social services. Local authnri- ar j* alg0 earmarke<i as beine other local authorities. powers being made available in of the land and buildings. . will be attracted to inner cities 

ties, however, and even some f or special help al- In addition, the partnerships the Inner Urban Areas Bill. This power is aimed at enabl- by the exercise of the Bill’s 

of Mr. Shore s eivi servants at nn t justifying full part- u e already spending the £100m. Although section 137 of the ing local authorities to assist powers.” Instead, he is pinning 

the Department of Environment. ners hip treatment. These are extra investment in capital pro- 1972 Local Government Act and industrialists to acquire and his hopes on the medium and 
still have tn be convinced that \orth Tyneside, South Tyne- 3 e ris announced last year by some other local Acts give local develop land where other small sized companies being 

•“J" J] ad . . tn^lvemem in S j de Sunderland. Middles- the Chancellor as a boost for' authorities a few limited powers sources of finance are not avail- lured back to the inner cities, 

industry is the right path to b rough. Bolton. Oldham, the the construction industry. And to help industry, the current able. Critics of the Bill, including 

foUow - Wirral. Bradford, Hull. Shef- the partnership areas in Lon- Bifcl is the first blanket legisla- In addition, the Bill will Mr. Michael Heseltine, the Con- 

Hencs the importance of the field. Wolverhampton, Leicester, don . Birmingham, Islington and tion giving such powers. establish Industrial Improve- servative Opposition spokesman 

Inner Urban Areas Bill. Mr. Nottingham, Leeds, and Ham- Hackney will in future take It covers those "designated ment Areas where local author- on the environment, argue that 

Shore sees th ! s legislation as mersmitlr. precedence over the Assisted districts ’’ yet to be defined by ities can give grants or loans for it will have little practical effect 

the catalyst to spark off a The seven partnership areas Areas when Industrial Develop- the Government, although these environmental improvements or 44 Its impact on- all except a 
change in attitudes within the and 15 local authorities also mem Certificate bids for new will include the partnership to convert buildings to provide negligible number of companies 

town halls. The Bill will, for deemed in need of special help projects are allocated. areas and 15 special-help local new jobs. In specific partnership will be nil,” says Mr. Heseltine. 

the first time through general are currently drawing up a Although the new urban pro- authorities as well as some areas, locai authorities will be Yet Mr. Shore remains con- 



vinced that tbe Bill will be 
effective when considered in 
conjunction with the “ main 
thrust of ■zovernnicnt assistance 
for. housing, educatiun, roads, 
and so on *’ 

But it is also in the Bill's 
wider context— acting as a 
catalyst m changing local 
authority attitudes towards local 
industry — that Mr. Shore is 
looking For success. He believes 
that in the past local authorities 
have been less alert to the prob- 
lems of the businessman and 
have given a much lower 
priority to the needs of industry 
and employment in their, areas. 


Circular 


ship areas ** has been introduced Term km* 

, i as a means nf identifying those Decay In the cities: part of Liverpool (left) and London’s Dockland with Mr. Peter Shore. Environment Secretary, 
:SIT0fl local authorities most in need superimposed in the foreground. 

^ of special attention. The seven . 

es. he arsues. partnerships (between local three-year programme for gramme is concentrated on 22 other local authorities in need able to give grants towards 

rt tn play m authorities and central govern- action to start in the 1978-80 specific local authorities, other of aid for urban renewal. The rents to help companies taking 

t's industrial ment)' are in Birmingham. Liv- financial year. The existing authorities with urban problems Bill will empower local on leases not owned by the local 

irst rhev mn-f .m nn i \ e.ir , iirhon n rnor^ m m allnnotinn Kin fitill rnwrn holn Tn authorities Tn mate Inarts af anti-inritv Anri interest free 


Formal advice to local authori- 
ties on how to help industry has 
been given by the Government 
in a recent circular. But Mr. 
Shore is well aware that such 
advice is easy to give; the im- 
portance is how local authorities 
respond. 

The circular argues that in- 
dustrial success depends greatly 
on confidence, stability, and the 
facility to adapt production to 
changing demand. ” Local 
authorities can do a great deal to 
create the right atmosphere for 
growth by showing an awareness 
and understanding of the needs 
of industrv and a willingness to 
help,” it says. “Keeping in- 
dustrialists informed of dei elop- 
ing policies and providing them 
with opportunities for feeding in 
their own views is obviously 
important. Many authorities 
haw already recognised the 
advantages for them and for 
industry of having effective and 
regular means of communication 
at both member and officer 
levels." 

Moreover, it reminds local 
authorities of the importance to 
industrial companies of a quick 
and constructive response to in- 
quiries and suggests a named 
official nr coordinating unit who 
would he easily accessible for 
industrial matters. "Such a 
focal pmnt should be respon- 
sible for providing a link with 
local employers; acting as a 
readily available source of in- 
formation: coordinating the 
authority's own information on 
the local industrial position with 
Governments departments and 
other bodies: guiding industry 
through local authority pro- 
cedures: explaining exactly 
what help the authority can or 


cannot provide: and suggettm 
alternative sources Of as'is 
a net*.” 

Specifically, local authority 
are asked to give priority 
industry for planning reques 
and to consider proposi 
schemes “flexibly.” The Drpa 
moot of Environment h 
recently speeded up its part 
the planning process. 
authorities an? also asked 
release land for mdusti 
development where possible t 
tn give priority to hems 
employees of companies mov 
into the area. 

Yet Mr. Shore's approach 
been heavily criticised. Sr 
uf the most pungent commt 
have come from the Lab 
Party itself. 11 The objective 
creating confidence for inv 
ment are unrealistic w 
industry in general is alrc 
running at SO per cent, or 
than full capacity through 
of demand," argurs a Lai 
Party document. And it pc 
out that “ it b crucial that n 
is offered tn local author 
than advice alone."' 

But for Mr. Shore, prob 
the biggest question mark 
the strategy is how much 
change attitudes both w 
his own department and a 
local authorities before, 
eventually leaves Environn 
either for another Cabinet 
or the Opposition benches, 
policies for both the i 
cities and for greater inv 
ment by local government 
industry have owed a great 
to his personal interest 
energy. Whether they 
survive his departure rerr 
to be seen. ' 

Eventually, however, 
to] ism may proride at 
some of the answers. A m»: 
of local authorities are for 
their own partnerships 
local companies in an an 
to provide jobs. For exam] 
private company, Westmi 
Bunting, his been eneou 
to create an industrial 
For small factories on t 
vacated by AEZ m Woolwi 

And the Greater Lo' 
Council is currently r 
private consultants, Be* 
Wilcox, to create a " i 
force " between the privatiy-t 
public sectors able to eon , 
the private sector’s flair \ 
ability to decide and act qo 
with the social responsl 
and accountability of p 
bodies. 



CONTRACTS AND TENDERS 


CALL FOR TENDER 



EMIRATES & SUDAN INVESTMENT GO. LTD. 

TENDER FOR THE CONSTRUCTION OF 200 WAREHOUSES 

(RED SEA REGION) 

PHASE ONE: 34 WAREHOUSES AT PORT SUDAN 


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

2. The Tender Documents " in English only ” 
can be obtained from the office of the 
Managing Director of the Emirates & Sudan 
Investment Co. Ltd.. 16 Babiker Bedri St., 
P.O. Box 7036. Khartoum. Telex 524 EMSU 
KM. Telegraphic Address: EMSU Khar- 
toum. during office hours against payment 
of L.S.100 fone hundred Sudanese pounds 
= £145 USS290) non-refundable. 

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

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

4. The successful Tenderer/Temlerers shall 
be asked to sign formal contract within two 
weeks after being notified of the acceptance 
in writing and to complete the deposit to 
10^ (ten ner cent) of the total value of the 
contract either by a certified cheque or a 
letter nf guarantee from a renutable bank 
valid for one year after handing over all 
works. Other forms of guarantee may be 
7'equired for longer period. 

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

If the contractor fails to sign the contract 
within the specified time, he shall lo.se his 
right to recover the preliminary deposit. 

5. The preliminary deposit shall bo refunded 
to the unsuccessful tenderers two weeks 
after the firm award or the contract. 

fi. Tenderers shall state clearly the follow- 
ing: — 

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


will be responsible for the execution 
of the works. 

b) Examples of similar projects they have 
executed. 

c> A derailed programme specifying the 
progress of the works and the timp 
required for the completion of all works 
specified in the tender and shown in 
the drawings, as from the date of the 
signature of the contract. 

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

7. The supply of all materials, equipment and 
machinery whether local or imported npces- 
sary for the execution of all works is solely 

. the responsibility of the Contractor. 

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

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

10. For imDorted items. The Emirates & Sudan" 
Investment Co. Ltd. will directly pay all 
insurance, clearance, customs and other 
Port charges. 

11. Foreign Currency will be paid directly from 
The Emirates & Sudan Investment Co. Ltd. 
reserves with The National Bank Abu 
Dhabi. 

12. Tenders should bear the prescribed stamp 
duty and should be addressed in sealed 
envelopes bearing the words (TENDER 
FOR THE CONSTRUCTION OF WARE- 
HOUSES AT PORT' SUDAN), to The 
Managing Director. Emirates & Sudan 
Investment Co. Ltd. and should be 
delivered to The Tenders Box at the Com- 
pany’s- Head Office. 16 Babiker Bedri St., 
3rd Floor. Khartoum. Sudan, not later than 
12.00 Noon Sudan Time Tuesday the 20th 
of -June 197S. 

13. Any tender which does not comply with 
anv of the above-mentioned requirements 
will be rejected. 

14. The Chairmjin nf the Board nf Directors, 
Emirates & Sudan Investment Co. Ltd., is 
not bound to accept the lowest or any other 
tender. 


AFINANOALUMES SURVEY 

WORLD BANKING 

PART I MAY 22, PART II MAY 30 1978 

The Financial Times annual Survey on World Banking will be published in two parts — 
Part I on Monday May 22 and Part II on Tuesday May 30. The proposed editorial content 
is set out below. 

Part I FRANCE SPAIN 


Part I FRANCE SPAIN 

INTRODUCTION The world economic and WEST GERMANY PORTUGAL 

financial scene. World-wide recovery from ITALY • AUSTRALIA 

recession remains sluggish, despite growth in NETHERLANDS NEW ZEALAND 

the U S. BELGIUM/LUXEMBOURG CANADA 

INTERNATIONAL MONETARY ARRANGE- DENMARK SINGAPORE 

MENTS The International Monetary Fund IR ELA ND HONG KONG 

calls for more rapid economic expansion; the SWITZERLAND FINLAND 

role of the Fund and central bank arrangements AUSTRIA TURKEY 

in providing support for countries with balance NORWAY/SWEDEN 
of payments problems. 

OIL FUNDS Outlook for the oil price against -n. U . , _ 

the background of the decline in the dollar: the POXJiVU The sharp revival of confidence 

impact of the growing import demand of the tn sterling, coupled with the weakness of the 

_ it .. ■ . r nnllar hac -nr/*CPntr»rl nrnh am, *Uy> Tf XT 


Part II 


oil-producing countries. 


dollar, has presented problems for the U.K. 


INTERNATIONAL RANKING Further growth Government. 

in international activities against the back- THE DOLLAR Sustained pressure on the U.S. 
ground of generally depressed home demand in currency against the background of the growing 
the industrialised economies. U.S. balance of payments deficit. 

INTEREST RATES Sharp declines in many EUROMARKETS Further expansion of activity 
European , countries., particularly Britain, in both the medium-term credit market ani 
reflecting in part the weakness of the dollar. Eurobond issues. 

GOLD The market price has risen sharply to DDnil? _ t-% > 

its highest levels for nearly three years as PROJECT FINANCE Development of inter- 
demar.d has revived. ‘ national bankmg to meet the needs of large- 

EUROPEAN INTEGRATION The idea of sCale Project finance. 

monetary union has been revived by Mr. Roy NON - OPEC DEVELOPING COUNTRIES 
Jenkins. Reliance on a recovery of commodity prices as 

BANKING REGULATIONS Important steps .the industrialised countries expand; balance of 
have been taken within the European. Com- payments problems and concern over possible 
munity towards the harmonisation of banking defaults on their debts. 

controls; new legislation expected in the U.K. DEVELOPMENT FINANCE The role ulaved hv 
THE CITY OF LONDON The City has held on private banks and the official alen^fes in 
to its position as a leading international banking overcoming the difficulties of the less developed 
centre, but there are signs of increasing com- countries. 


FOMlGN°HANKS C IN London The inter- finanri?i S c °™P etiti . 6n feIt 

national banking community continues to find markti^anri^nffchnr-^hSiri 0611 ^^. * r0al new 

» S a “ 35 3 e ' entre f ° r “ e Econo« 


MULTINATIONAL BANKING Consldenale m the followin S countries; 
changes have taken place in the consortium U.S. (home) SOU 


banking business. U.S. (abroad) 

EXPORT FINANCE Important moves in Britain JAPAN (home) 
to reduce reliance on sterling and continued JAPAN (abroad) 
international concern over the issue of com- COMECON 
petition in export finance. YUGOSLAVIA 

The remaining articles will review economic ISRAEL .■ • 
and industrial developments in the countries GREECE 
listed, with particular reference to the banking ARAB WORLD I 

and financial sectors: ARAB WORLD II 


YUGOSLAVIA 


SOUTHERN AFRICA 
BLACK AFRICA 
IRAN 

THE CARIBBEAN 
INDIA 
PAKISTAN 
SRI LANKA 
LATIN AMERICA . 
CHINA 

SOUTH KOREA 


For further details on the editorial content and advertising rates contact: 
Adrian Seeker (European Dept.) or Micheal Prideaux (Financial Dept.) 
or Helen I^ees (Overseas Dept.) 

Financial Times. Bracken House, 10 Cannon Street, London EC4P4BY. 

Tel: 01-248 8000. 

FINANCIALTIMJES 

EUROPE'S BUSINESS NEWSPAPER 

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should be aged between 35 and 45 and have 
some experience in personnel work, preferably 
in the computer industry. Minimum salary £6.503 
(plus supplements) together with the osnal fringe 
benefits associated with the banking industry. 
Applications together with fall cv. to; 

Box A 6305, Financial Times 
10 Cannon Street, EC4P 4EY 


commodity ajppointmcnts ltd. 
rcaulre Traders in Grains. Pratcim. 
Com, Coffee. Sugar. Metals, out. Also 
Trainees inc Assmann tor UK, 
Europe. U.S.A. and 'Hans (Tons- Tel: 
Stewart. 01-439 1701.. 


Gnluo 


PERSONAL 


URGENT 

THE MARIE CURIE MEMORIAL 
FOUNDATION Is pro too nary grateful 
tb Hum kind lr lends who have to 
am nude interest tree touts enabling 
. us to commits (on our two new homes 
earing for ever TOO seriously III 
oatmts. . However, mere leans, pro* 
•Who a wonderful dMdwrf In the 
relic/ of human suffering, are urgently 
needed tg finance the- outstanding 
uoital cost . mounting lo £J« million. 
Will you please help? Repayment 
guaranteed at 6. 12. or 24 months, 
or on 7 dm cad. Octant from the 
Secretary. 124. Sloane street. London 
SW1 flBP. Tel 01-7M OISE- 
TN DEED IT 15 


ART GALLERIES 


LtfMLEY CAZALET. 2s. Bans St. W.I. 
499 50SB. TISSOT — Forty etchings. dry. 
points and ncaiiina. Until 21 April. 


MASS. VICTORIAN FAIRY PAINTINGS. 
Weekdays 10-5. Sola. lOrl at 15a. 
Clifford St, New So m3 Si, W.t. 


NCLDBOftNC GALLERIES. «■ OmTO- 
grove. N Wi. ART IN RELIGION. 


PARKIN GALLERY. IT. MoKOtnB »., 
London. S.W.l. 255 9i**- Walter 
Bam 1869-1956 A Camden Town 
Painter. Until 9th Aon! 


AGKEW GAUXRfES. 43. OM Bond SL. 
w!r 6» 617t THREE CENTURIES 
CF BRITISH PAINTINGS. Until 28 April 
Mon.-Frl. 9.M.5J0. Than, until 7. 


FOX GALLERY. ExMOiticn of the ojUB- 
ins» tw Rritfch and Eurngemi A rtist s 
from 1700-1965. _S-€.Coek RKM. 
London ■ W-1 . Td. 01-734 2626. 

Weekdays 104. Sat. 10-1 


i B1LIERT PARR -GALLERY. 285. ■ilH't 
! RSSdTctaSSF SW3 GLVw .MORGAN 
I LillyoendS OrpheiK Apollo a 1*3. 
j palntlimt avd flpjwiow jntll Aonl "5. 
I Oocn Tva.-S*.. 0 JO- 5.30. 


APPOINTMENTS 


Lilly Industries executive 
post for John Whitehorn 


UUY 

as 

tW5 . . 

general of the CBI since 1966. 

Lilly Industries Is a subsrdiaiy ol 
Eli LOiy and Co. of the U.S, 

* 

Mr, Vi. C. Harris, a director 

SwT-raSm 

been appointed a director of 
SAVE AND PROSPER GROUP _ 

fbltouioR the retirement of Lord gp^lntt-dTr the d£ir o7 derma- Ig 
Hp L%h>- VC. .:,C_ mmweem* 0 f t-V 



mission . . 

Mr. K, S. Toxtdfiir Ji*i* »« 
Mr. John Burge becomes appointed a prim-inril cxtvuj 
manacinc director of the with J. AND A. ** KivriHU 
SANKEY GROUP from tomorrow stockbrokers, from lo-ninrrow. 




jlf.'.V Vi Houston li.it h< 
„ appointed chairman of 

Dr. Bona MacKla ha, been giiiTCr „ G r , “! ,' 1 ' ' 


Dc Lisle. VC 

Sir. G. D. W. King will be join- 
ins the partnership 
E. B. SAVORY MTLLN AND CO, 
stockbrokers, on May 2. 

★ 

Mr. Tony Blackburn, contracts 
manager of KLOCKNER PENTA- 


tology in the UNIVERSITY 
GLASGOW. She will be the first 


retirement »»f Mr. 


who has 


K L 
beer 


tiUAWiUW. one wiu ue me nrsi nn^utent Ur Ss»u* 

S woman to .hold an established ^mams n imn-rwrunle dire. 
0 ch »^ « ' hc University and takes . amen* divi. K 

up the post on April I, succeed- ‘ ° 1 . 


up - the post 

ins the late Professor John A. 
Milne. 


Mr. Clifford Tippett has b* 
installed as president of 
SOCIETY 


manager of klqcnnek rani a- INCORPORATED SOCIETY 

PLAST, has been appointed sales Mfc P- ' v . HadfleM has been v . lL f, E RS ANT> ArCTJOXEE 

director. Ho , 5 chairman of Abbot 


* . EVGERSOLL-RAND INTER- KL^S 1 

Lord Churchill has been NATIONAL and continues as 
appointed a director of the chairman and managinq director 
LOCAL AUTHORITIES' MUTUAL of Ingerso 11-Rand Company in the 
INVESTMENT TRUST from April UJC 
I in succession to Mr. J. R. Green. * 


Air Marshal Sir Edward Chill 
who retired from ihp Huard 
IBM UNITED KINGDOM KF. 


COMPANY NOTICES 


Finance Director 

FAR EAST 

for the main board of a highly successful international 
company with: _a_very large tnmoyer derived &om 
many sources. • : 

✓ 

• success in a main board appointment in a major 
international company is the prime requirement Evidence 
of business achievement should include the appraisal and 
negotiation of acquisitions. 

• terms are for discussion. Remuneration is unlikely 
to be less than the equivalent of £4.5,000 together 
with exceptionafiygei^ousfeigebqiefits. 

v ; "v •“ / Writem'cbmplete oonfidcnce 
' to K. R. C. Slater as adviser to- the company. 

TYZACK & PARTNERS LTD 

IO HALLAM STREET LONDON WIN 6DJ 

12 CHARLOTTE SQUARE ^ EDINBURGH EH2 4ON 





HOTELS AND LICENCED 

PREMISES 


Hotel for Sale or Lease! 

AT WHALE POINT, NORTH ELEUTHERA 



The site is approximately eight acres for CJub development, plus two acres for 
recreation and over four hundred feet of beautiful .sandy beach. There is an 
unparalleled view from' all 360 degrees; either of the blue Atlantic, the cliffs. 
Harbour Island or emerald-green Bottom Harbour. - 

Forty Hotel Rooms in - two-storey buildings, plus magnificent Club House. All 
rooms are individually air-conditioned. Rooms are very spacious, 18’ x 13' 8", plus 
dressing room and complete bathrooms. ' AH' rooms are cpmpletely and attractively 
furnished. 

FOR MORE INFORMATION 
Tel.: (809) 323-5555 : 

Write: P.O.Box N-756, Nassau, Bahamas 


UNION CORPORATION LIMITED 

(Inoormna t ed in the Republic of South Africa) 

NOTICE OF ANNUAL GENERAL MEETING 

Natiz* (5 In-rrfjv o/rett that the genera l mte tlng td J* 

Union Conwratfoli Limited m»lll Be held w O r 

Union Corporation Building. 74-78 Marahan Street. Jo twanCTh urg. oo WMnesruv 
26th April 1978. at -11.00 *.n». for the to Mowing . wwr n ■ ■ 

11 To receive end- consider the enmul Anancul stafemeus tor- toe «er 
ended 31st DoceinOcr 1977. q, 

■ 2} To elect director* in accordance with the CoroeratMO's arucie* m 
association. ' * 

NOTES - . 

1J A rfwmber entitled to attend 

or more proxies to attend, sneak awl. «i i polL to vote to hB 
The eroxv need not be a member of the! Ctoom^tlMLFarjwal orw 
-must be returned -to Hie Johannesbun Mtee or the London bwdW 
of Che Corporation at le»t <a rty r' -iht toBTS W^re w 

tor Ifw irtffetfM, Tht tramfer books ffBWBt of inpmfccrt will M 

closed from 2 o3i to 26th April 1978 both Cfirya Mnrtt. Hold ers ot si»»re 
warrants to bew»r desirous ol attendin* to Pe r s on or By. pro ^'- %,-g? 
voting at the mcetfng. must comoly with tta ralcvut Bows™® 

share warrants to bearer, oartfculars of which an obtainable from me 
Johannesbum oAce or the office ol t he Lon don secretarie s or from the 
office ol the Corporation's Continental agents as advertised. 

2) A statement ol all jervlee eontrsets .* ^r c ?S!S.il?w iD ? 

are employed by It or by any ol its sotokllanja other than eomrat« 
exntrt^i or determinable by the Corporation wl.hln one v ear wlt hont 
payment of compensation will be avallawo tor Insoecttan by i combers at 
the Corooratton'i registered ofbee donitg normal business hours on any 
week day (Saturdays excluded) until the couctoslon ol CM annual general 

Bv order ol the Board. 

P. HURST. Secretary. 

Union' Corpora tfon Butldhtg. 

74-78 Marshall Street. 

Johnnesburg 2001.-' 
loth March 1 97a. 

NOTICE OF GENERAL MEETING 

A general meeting o ( members ol Union Corpo ration Um | ted_wlB_ ho.jejd 
In the hoard room on the ground floor of UntonCorpomilon iolld ifig. 74- 78 
Mar-hall Street. Johamwsbnro. immediately after *"?“•!, ■fTS? 1 lllCg t - 1 ! 1 ^ 
m embers to be held at 11 a-m- on Wadnesday. Z6tb April 197B. to considw 
and. II deemed M to pass, with or without modification, the following nwolu- 
Uons as special resolutions: 

1) That article 53 ol the Corporation's articles of association he amended 
by the substitution ot the tallowing -oangraoh tor the ousting 

“fb^the^totoT'o? all' non-distrlbutablp and dlstrlbetable reserves ol 
the Company ■ and Its subsidiaries. Including share premium, 
together -with the outside sharottoiders" Interests In the capital 
and the total of all noiwdlstrlbutaMe and distributable reserves 
of the Company's' subsidiaries.' 1 

23 That article 98 Of the Corporation's articles of association bo deleted 
and the following article substituted thercton 

•*98 A resolution In writing signed bv all the directors who are 
present Ip the Republic ol Sooth Africa on the date of the 
resolution in question, being not lest than are sufficient to torm 
a qoormn. shall be as vaito and effectual as « It had been 
passed at a meeting of directors Mr called and consvtyree. 
a no mav consist ol several documents In like torm each signed 
by one or more of the directors: provided that where a otrtetar 
Is not so present but has an alternate who is to present, then 
each resolution shall be signed by such alternate.'* 

REASONS FOR AND EFFECT OF THE SPECIAL RESOLUTIONS 
Article 53 

Paragraph mi ol the present article spetiflejlty' ociodes the amounts 
attributable to outside shareholders m subsidiaries from being taken Into 
account In .determining the Corporation's aggregate borrowing oowers. This 
limitation coolff have a*-, inhibiting e fleet on the borrowing pow e rs of the 
•sebakHarv co mpani es aegubed as'a rnspjt of . the .^yntsatron ol 
Industrial Interests Hi 1978. The directors accwdlptfr bettave Was- t hy article 
should ba amended to. remora Hus limitation and . the eBect of the araemtontmt, 
based upon the audited consolidated balance sheet of the Corporation as at 
31 St' December 1977 ' l« to fnerapio ypo group's ratal bomwlog. caoacity frxjm 
R240.I73.DQ0 to* R346.602.000. Opportunity has also been taken to Wing 
the wording or paragraph >b) into line with the accognting leraimotogy 
Introduced n a result ol xhe South African 'Companies Act ol 1973. 

K fhe present article provide* that a resolution In writing 'stooed by ill 
the directors, who may at the time be resident in Johannesburg, being not test 
than are sufficient to torm • quorum. Is as valid as II R had been oassml at 
a formal board meeting, ft often happens that directors are tewporyHy a bsent 
from Sooth Africa, although theta place ol residence U stilt Johannesburg. 
The effect o< the amendment, which Is designed lo cover possible admlwl strat l»e 
difficulties, rf to require that such resolutions need onW be signed by directors 
actual present In South Africa on the rare o* toe resolution m question. 

The proristans ol note rt J applicable to the annual general meeting also 
apply to toe general meeting- 

By Order ol the Board. 

P. HURST. Secretary. 

Union Corporation Building. 

74-76 Marshall Street. 


Johannesburg 2001. 
30lh March 1B76. 


Copies of the full report and accounts can be obtained tram 

London Secretaries. Liovds Bank International fHsnceJ 

Princes House. Limned. 

95 Gresham Street. 41 Boulevard des Caoudnes. 

London EC2V 7BS- - 75061 Parts .02. 

Credit Suisse. BP 7807. 

Psrodcplatc. Banaue de I lmJochine et de See*. 

6021 Zurich. 36 boulevard Haimmana. 

Swiss Bank Corpor a tion. 73161 Parts Be. 

1 AeschenvorstacIL ' BP 7160B. 

4002 Basle. 


m- copemhmUN count r auihorit^ icca.i 
6'aK 196811380 UA 10 . 000,000 

On March 20. 1971. Bonds tor me amount of UA 1,223.000 have been 
drawn tor ren emotion In the presence ol a Notary Public. 

The Bonds will be reimbursed coupon mi. II and toftowlng a t tac hed on 
and alter Mar 24. '97B.. 

TT« drawn detreniures art those NOT- VET PREVIOUSLY REDEEMED. 
Included In .b« range beginning at: - 

101T np to 3157 Tncl. 

' Amount subioct to redem ftan- JA 1.300.000. 

Amount bought in the market- UA 77.000. 

Amount una mortised: UA 4.600.000. - 
Oinstamf ip drawn Bonds: 

SB to 62 -inef. . 

B382 and- 5383 
5434 and 3435 
5460 to 5465 Ind. 

5521 and 5522 
.3666 to S87J IncL 
5931 

5942 and 3943 
■8997 . 

G23S and 6236 
6315 ' 

6428 

6676 lo 6680 Hid. 

9743 to 9746 Ind. 


10 and 11 
5306 to 5313 inch 
S410 
{Mr 
3488 
5581 
EB99 

5339 tand 5940 
5959 and 5960 
6213 to 6221 Inch 
6302 to 8304 Ind. 
6355 

8534 and 6553 
6766 


. 142 

S391 to 5394 ind. 
5459 and 5440 
5480 
5573 

5895 and 5896 
5935 and 5936 
5951 
61 OB 

6287 to 6290 Ind. 
6349 

6490 and 6491 
6711 to 671 6 ind. 
10000 


Luxembourg. March 31. 1978. 


THE TRUSTEE 
KREDICTBANK 
S_A_ Luembourgeoise 


1 kent — Canterbury 

I Dover 16 milet. London 56 milet. 

A FULLY MODERNISED HOTEL 
with potential for expansion on large site 
excellent position, with access from A2- 
>9 Bedrooms. 9 Bathrooms. 2 Shower rooms. 2 Lounges, 
foom. Breakfast room. Modern Kkchen and 2 Utility 
Fire Cercilicarw. Central Heading. 

Detached Owners' Cottage with iwwiming pool. 
Planning Permission for use as Hurting Home and far 


TV room. Dining 
rooms. Car Park. 


Residential Redevdppmcnt. 

ABOUT 1J ACRES 
Offers invited 




U.hcidiIIi unite; 4 y. «i, inargsiett ivtn 


FOR SALE 16th century FreehouSe. 
situated In Suffolk Village. p ar t 
thatched and slate reef, Restaurant, 
kitchens, cellar, large lounge bar. 
Aram. 1st floor. Garage, large garden, 
hard tennis court. Tel. Holland Dann 
Haag. 850763. Bacton 234. Benfleet 
3456. 


CLUBS 


EVE, 189 Regent Street. 734 05S7, A la 
Carte' or All-In Menu. Three Spectacular 
Floor Shows 10.45. 12.45 and 1,45 and 
music ol Johnny Hawkeiworth A Friends. 


REPUBLIC. OF COSTA RICA 
S% Sterling Funding Bonds 1933 
Assented -Bonds ' 

NOTICE IS HEREBY GIVEN that »Jt 
outstanding Bondi of the above Loan 
have been called for Redemption at 
par (£174% > on th* lac January, 
W7B from which data »K' inceresi 
thereon will cease. 

The Bonds may now be presented 
for payment through an Authorised 
Depositary in London with- Himbroa 
Bank Limited. Stock Office Counter. 
41 BUhepegace. London. E.C.2 from 
whom luting fomi may be obtained. 
Bonds cannot be accepcW .through the 
post. 

Coupons due -1« January. I97B 
should be de cached and conrwrd in 

che usual manner. 

London ' 

21st March, 197*. 


GOLD' FIELDS CROUP 
NOTICE RE CLOSING OF REGISTER 
OF MEMBERS 

YOGELSTRUISBULT METAL ’ 
HOLDINGS UNITED 

(Incorporated in tii* Reouollc 
__ ol South Africa} 

NOTICE 15 HEREBY GIVEN that 
the REGISTER OF MEMBERS will be 
CLOSED from 14 April to 20 Anrll, 
197B, both day* inclusive, tor the 
nurpose 01 the Annual General 
Meeting. 

By Order ot the Board. 

C- E. WENNER. 

• London Secretary, 
London Office: 

49. Moorwtc. 

London ECZR 6BO. 

30 March. 1578. 


GARGOYLE. 69 Doan Street. London, w.i. 
NEW. STRIPTEASE FLOORS HOW 
THE GREAT BRITISH STRIP 
Show at Midnight and 1 a m. 
Moa.-Frt. cioaed Saturdays. 01-437 64SS 


NOTICE OF MEETING 
TIMS ASSURANCE SOCIETY 
Registered Office: 

45. Queens Road, Oldham. Lana. 
ANNUAL GENERAL MEETING Of the 

above Society will be held at the Regis- 

tered Office at 12 noon em Tuesday, 18th 
Aflrll. 1978. 

- AGENDA 

1. To eomrm tike v anointment of R. F. 
Schofleld as Chairman ol the Society. 

2. To receive the Report of the Commit- 

tee ot Management and the Account* 
tof the rear ended 3 in December. 
1977. 

X. Tp apnolnt a Director ra the Board 
of Time Auuranco Trustees Limited. 

4. To elect Members to the Committee 
Ol Management. (Nomination* must be 

sent ln writing to the Registered Office 

?' th *- 5atlp *y “ .be received there at 

least two nays before the date ot the 

Mcwng « 

(Signed} D. STOTT, Secretary. 


- TDK ELECTRONICS CO, LTD. 
(CDRs) * 

'The undersigned announces chat che 
Annual Report ended- November 30ch. 
1977 of TDK Electronic* Co.. Ltd. 
wHI be a<rai r able in Amsterdam at:' 

PIERSON, HELDRING & 
PIERSON N.V. 

and fqreber at: 

ALGEMENE BANK 
NEDERLAND N.V, 
AWSTERDAM-ROTTERDAM 
BANK N.V. 

BANK MEES & HOPE N.V., 
KAS -ASSOC | AT IE N.V. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam 

March 2Brh. 1978. 


THE CONVERTIBLE BOND FUND N.V. 

(Incorporated with limited liability In the 
Netherlands Antilles! 


Shareholder* J» the Fund are adh-Md Mat 
payment of tht> Bnal distribution of 
USS0.22 per share has been aoaroved 
and will be made against presentation of 
Couoon No. 19 on and alter Friday. 
31st March. 1978. at the offices of the 
Paying Agents Citibank N A.. New York. 
Amsterdam. Beirut. Brussels. Frankfurt 
London. Milan and Paris and Banaoe 
Internationale * Luxembourg S.A.. Luxem- 
bourg. 

Dividend warrants are Ming despatched 
by post to holders or registered shares. 

By Order .of the Board 

of Management. 

Curias. 

31st March. 1978. 


THE GRESHAM STREET 
DOLLAR FUND FLY. 
(Incorporated with limited liability ta the 
Nat norlands Antilles) 


Shareholder* Iff Che Fund are advised that 

garment of a distribution of US$0. is oer 

share In reapeet of the business year ended 

31st December. 1377 has been eoproveff. 

Dividend warrant* are being despatched 

bv post to holders of registered shares. 

By Order of the Board 

of Management. 

Curacao. 

31st March. 1979. 


Mr. A. S. 


* 

Watts 


has h 


PRIVACY 

AGAINST ILLEGAL 
EAVESDROPPERS. 


it Mr. Ncrille Kirby has become ,ast i T:, [* „ lS JS.-JJ 3 '- 1 ’. 

Mr. Christopher H- Randax has chairman nr the HEALTH FOODS rompnny hd% Jjf" ™ ‘ ** 
been appointed to the Wd of XMUFACTURERS ASSOCLV- Ojwjw^ cw«rti«f for 
CHESHAM A5IALGAMATI0NS T*0N. He is managing director of last Ij ytars. 

AND INVESTMENTS. Appleford. ^ Mr D c B pj, WnJStlin 

Mr RrrfSbvM«t. 9 ndMrFrri Air Chief Marshal Sir DavM been appAmTc«J ilnputy chain 
SiddalMrfve^tiretf « -I Brother. :„ul Comp, 

of the Stock Rtrhnnpn and from m -Chief. R.YF Strike Command *s 

their aswiate membership with Pronwted to the substanl|t-e rank ^ ^ ■ rjvTER"' RYDFR 

nTARiTnv cpAi nmrRinrJt: of Air Chief Marshal. Sir David nireemr nr l-a i«!.h «*l , i n 
S^ODWA W^mSSSSt hasjtcld the ac,in 5 rank of Air O .. and Jr ■ n a f dim 
Mr. Siddall continues with the Marshal for 12 months, and at ^CVI^R ”«J GIfTW “* N JUd 

firm in an advisory capacity. Mr. the rank is now confirmed. from tomorrow. 

David W. Yauograan, who is •- „ . _ 

re^nonsdhlp for thp firm’s FGSGsrcb Tho SccrctflO^ for Socwl Scr* 
dratmmL and rtc<!3 * has «PP°«nt*d Mbs .A- G. appointed a deputy chairm.in 

Mr GnAam FafiEZ Hanley to be a member of the BR1DON and omimues rest 

nS INDUSTRIAL INJURIES ADVTS- si hie lor oversea-: investn: 

folio ORY COUNCIL from tomorrow, policy. Mr. J. E. liarn«t*n . 

a.isoriate meSn; of the^ock "P lacc ‘ Mr * D - 

DimmoS Charlton 8631 The Secretary for the Environ- Mr.^R EILInjrton and Mr. 

* meat has appointed .Mr. John C Hutchinson have retired fi 

», Tbmb1 „ b!h,i«j. Wfmpenny to the NOISE ADVTS- the Board. 

fflSdSwri 0R * COLTS’CIL. Mr. VVimpenny ★ 

LYLE (f^MOEE GROUP from * 

April 1. On that date Mr. R. BL at Bntlsh Aero^ice. ° r , WiiTOH I. 

Mair-Simpson becomes company Mr . c E . n 0l(WM Has Joined aireetor ^ “ d "" 
secretary to replace Mr. T. P. the Board of ALFRED BLACK- d,rector - ^ 

^L G] Jn «V h c ■ K**«*«Wr 

To-day’s Events 

p nu i|. r iiirpniAn U.K. He has been with r.ri; 

Mr. Allan VVUliaras, Minister of ‘ * Myers since lOfil and bet 

State, industry, leaves London at ^ Sprre tarv for the Environ- the U.K oporaiion • 

ww , miSsi S n ,*° , Ja Pf? ment has apjiointed Mr. Peter vice - pneswlcnt .if 

at tempt i tot to stimulate invest* Ounican as chairman or the Bristol-Myers Products Divi» 
ment in Bntain NATIONAL BUILDING AGENCY m New York. 

Austnan Chancellor Bruno un fn npn’mbpr 31 lOSfl He sue- * 

Kreisky on official visit to East ceeds Lord Goodman. Mr. Mnk Kearney has b 

G ^S l r an J‘ _ • * • appointed chief executive 

cm Economic Situation Com- ^ p_ T . w , Mollett has been A and 0 MARKETING SEYIC 

appointed to the Board or J. He was previously with 
Opposition Sr spc^J^f fS «-™NS AND CO. H. join* Iron. Alliance Brown sroup. 
and Drink Industries Council 
lunch. Hotel Imcr-ContinentaL 
W.I. 

Law of the Sea Conference 
continues, Geneva. 

Institute of Personnel Manage- 
ment conference on The Impact 
of Government on Company Pay 
Policies and Industrial Relations, 
at Oxford Centre for Manage- 
ment Studies. Speakers, include 
Lord . . McCarthy, Fellow, of 
Nuffield Corfeoy* and chairman of j 
the Railway Staff Tribunal: who 
also chain the conference; Mr 
J. M. Hoed, general secretary. 

Amalgamated Union of En«rinpec 
infif Workers; Mr. R. Af Hopple, 
chairman. Industrial ; Tribunals 
f England and W.iIp*); and Pro 
fesw J. C. Wood..’ chairman. 

Central Arbitration Committee. 

Forestry Commission annual 
report. 

Final day of National Arineia- 
finn of Rchnnlmasters and Union 
nf Women Teachers’ conference. 

Harrogate. 

COMPANY RESULT 
Thomson Organisation (full 
vear\. 

CO^fPANY .MEETINGS 
Alexanders Hold in cs. Glaseow 
12. Raring Bre*.. 8S. Tieadenhall 
Street. E.C.. 12.30. Brunner In 
vestment Tru"t. 20. Fenrhurrh 
Street, EC, 12 45 FT Invest 
m®nts. S8, T4»adenhall Street 
E.C„ 12.30. Howard Machinery 
Iruavirh. 12.15. United Guarantee 
Wrnrhe rtn r Hon"*. EC., 12 
Wittar (Thninas). Wlthnell House 
nr rhorley, 12. 

OPERA 

Rnval Or*«ra nrudnrtton of 
Heath in Venice, Co vent Garden 
W r. 2 . 7.30 P m. 

English NeHnnet Opera per 
form Foree nf IVvriny, Coliseum 
Theatre, W.C.2. 7 p.m. 

MUSIC 

London Philharmonic Orchpn 
tra, conductor Elcrar Howarth, 
soloists Martin Parry (flute) 

RoEer Winfield . (oboe) and Roger 
Woodward f piano),, in pro 
gramme of ijgetti (San Fran 
cisco Polyphonv. and Double 
Concerto for Flute and Oboel 
■iszt (Piano Concerto No. 2 In 
A); and Ban-oJ,- (Concerto for 
Orchestra). Royal Festival Hall. 

S E.I. 8 p.m. 

SPORT 

Squash: British .open, cham- 
pionships. Wembley. 


Fraud Squad 
detectives . 
commended 

TWO City of London Fraud 
Squad detectives have been com- 
mended by the Commissioner, 
Mr. Peter Marshall, tor their part 
in creacking a £257,000 fraud 
case. 

Det.-Insp. Patrick Connolly and 
Det.-Insp. Alan Elms conducted 
three-year inquiry into the 
activities of two men alleged to 
have obtained fees from business- 
men an false promises of belns 
able to obtain large sums from 
Arabs., 

One man was jailed for five 
years and the other given a 
suspended sentence of two years. 


Farming study 
for engineers 

FIFTEEN industrial scholar- 
ships in agricultural engineer- 
ing have been created by the 
Department of Industry at the 
National College of Agricultural 
Engineering for the 197S-79 
academic year. 

Suitably qualified engineers 
and managers will be able to 
undertake postgraduate training 
in preparation for entry- to tbe 
agricultural engineering sector 
ol manufacturing industry. 



Portable detectors aflow you 
to be aware of & locate elec- 
tronic "bugs' ' and insure 
privacy 

DON'T LET YOUR 
CONVERSATIONS 
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GREAT FOR OFFICE AND 
CONFERENCE ROOMS 
$395. each 
DEB SYSTEMS LTD. 

P.0. Box.IWO 

New York. NY 10017. ' 

(212) 840-8349 Tetec 238330 


-ADYERTISEMEKT- 
DIR ECTOR 
THE BANK OF 
NOVA SCOTIA 



Sir Denis Mountain, fit. 

At a recent meeting of ihe Bnan 
of Directors of The Bank of Nov; 
Scotia, Sir Denis Mountain. Rt 
of London, England, was electee 
a Director of the Rank. Sir Deni* 
is Chairman and Manacinc Direc- 
tor. Eagle Star Insurance Com- 
pany Limited and a Director of 
a. number of other companies. 


COMPANY NOTICES 



9.15 n.m. 

. 10.15 >-m. 


JOHANNESBURG CONSOLIDATED INVESTMENT 
COMP ANY, LIMITED GROUP 

ANNUAL- GENERAL MEETINGS OF GROUP COMPANIES AND 
CLOSING OF TRANSFER REGISTERS 

Thn : Anftml .Gantrot Moetingt of tlw undar-memloncd. campanil* will be Wd 
In the Baerd (loom, ConMhdMH Building. Corner Fox and Harruan Streets, 
Johannesburg, on Wednesday. 26di April. 1978 at the times listed below. The 
OTTwIer books and registen of members will be dosed from 20th to 26th April. 
1978, both days Inclusive .. 

Name of ' Company Tima or MmUm 

(eodr Incorporated in the Republic of Sooth Africa) mooting 

Western Areas Gold -Mining Co. Ltd. 

Elsburg Gold Mining Co. Ltd. 

The Rind fpnceln' Estates Gold M Wring Company, 

Wkwxteruand. 'limited- 11.15 «.m. 

In r25f^L r, flff* ,n 8 | . any member of the company concerned Is 

enootoi *. *0 ™ 03 *PMk end to voce in hrs stead. A 

proxy neetf not be a member of the company. 

HoWeri o^ star* warntno to bearer dcslroua of a trend ins Hi person or by 
proxy or ot vaMnrat dm meeting and at any adjournment thereof ' m nooirrd 
as comply jn* dm _ regoiaeiom of the company relnong on tiure warrants 
Copies of the regulwons ir« available on sp^hadoa to che JolunnethupD 
of tbe company at the address green betaw pr » Sc XTl" 
SecrMames, Barnons Brotfien limited. 99 Biahoptiwe,^ JXE?^ 

10HANNESBURG GONSOUDATED^ INVBTNDENT OOWPANY. LIMITED. 

Heod Officer and fatfitered Offices: Hr . B t . Se 5!?i C ^ f l 

CcmsoUdKed BvNdlne, P* r « R> APflown 

Corner of Fox and Harrieon Streets, 

JOHANNESBURG. 2001 

fP.O. Bex 5*0. Jotanirasburg, 2000) 

30ik Month, f978 



FNTH NAZI ON ALE PER 
L'ENERGiA ELETTRICA 
(EMJE1.) 

' n% 1971/86 

ECU 60.000,000 Loin 

Bands for. the amount of ECU 
5.500,000 have been drawn on 
March 8. 1978 in tho presence of a 
Notary • Public- for redemption on 
May Tot. 1978. 

The drown debentures are those. 
NOT YET PREVIOUSLY. REDEEMED, 
•nduded Hi the range beginning pq 

13.015 up w 21,589 ind. 

They ..art redeemable, coupon due 
May 1st. 1979 and to Wowing attached 
as tram Hay }x. 1978. 

ECU 43.500.000 
Amount unwnordwd: 

' The Fiscal A pent: 
KREDIETP'r' . 
-S A. Inxembour g eoiee , 

Luxembourg. 

March 31. 1978. 


BUSINESSES 
FOR SALE 


LIGHT ENGINEERING 
BUSINESS ' 

SSrM^.ri col y " pa *«•» iwetitlon 
machined component a Situated In 

flWMIMCMaM. turnover 
“80,0130 Per annum. Modern Iona 
Industrial SnrniE^ 
ggS l, ijS.nr jrad twoawiii tor sale at 
ySsOOQi rn & rock 'Ss wurkwin-oraBreu, 
gw ret. 5C or LCQ, Grlmtay 

la PI !|SipV W*«*. Btatnin^nm 
2WQ. TtiCPlWrr number 021-230 
o23C, 




CARAVAN CHALET 

Apartments. Flats, „„ „ 

-*1*9 JWrttUflta. Frank |. Ray, 

bOUto. 65. Babbrnombr Rhp, flahU*- 


' PARKS HOLIDAY. 
. or purchase. 



! — ggnta- Torpay. Pnono Tonauav S07S-6. 
1 . PJMLIC House nitrated In 

. tne tentre -or a meior East Coa«t Ho»- 
-ftJl R r*S2l *«0«nmo.14- 

tion. Tor never in excess of 4120.000 
per annum. E*coUent 52 weeks per 
M ti gnt . trad , pg, t he rremucs hare been 
mrtemiwrty renoralmi ra a rm Mod 
standard. Rental U.Eoo per annum. 
EfT- torttar details write JSox G.1672. 

EC4P S 4BY Tm “* 10 ‘ C * nno " S"* 


. • L- ~ 




'*k 


!( .it 1 












Financial Times Friday March 31 1978 


15 


The Management Page 


EDITED BY CHRISTOPHER LORENZ 


Maurice hodgson is taking 

over the chairmanship of 
Imperial Chemical Industries, 
the U.K.'s largest industrial 
group, in troubled times. His 
predecessor. Sir Rowland 
Wright, who officially retires 
from the ICI Board to-morrow, 
has already virtually written 
off 197S. He does not see any 
major improvement In world 
market conditions for the next 
12 months, and for an industry 
whose fortunes are suddenly 
becoming much more tightly 
tied to the general progress in 
.world trade, that suggests 
serious problems ahead. 

It ■'is not a prospect unique 
to TCL Around the world the 
giant chemical multinational 
companies have been reportin g 
falling profitability and stagnat- 
ing sales. Hoechst AG, the West 
German parent concern of the 
world's biggest chemical com- 
pany, saw profits fall 12.1 per 
cent, last year with sales down 
2 per cent. Montedison, the 
perennially troubled Italian 
chemicals conglomerate, leads 
the list of tihe industry's loss- 
nrakere with a deficit in 1977 
pf well over £300m. Even 
Dow. Chemical of the U.S„ 
for many years fortune's 
favourite child, saw Its net 
earnings fall some 8 per cent 
in‘ 1977. 

ICI bucked the trend longer 
than most, thanks to its wide 
geographical spread and diversi- 
fied productions. Bat by the 
end of 1977 its profits had been 
cut back by 10.5 per cent to 
some £4S3 ul, and most analysts 
are predicting a further drop 
this year, perhaps to the £430 in. 
mark. It has won back the 
blue riband of being Britain’s 
biggest exporter— £936m. last 
year— but that is small Comfort 
to Maurice Hodgson as he looks 
lhead. 

“If we are to keep up our 
investment programme to get to' 
our strategic objectives we will 
have to improve profitability,” 
he states plainly. For the time 
being he is confident that ICI 
can bridge the gap because of 
its enviably strong financial 
position, enhanced two months 
ago by its second ventiire into 
the UiL debenture market to 


ICI — seeking the right chemistry 



Kevin Done looks at how ICI is 
coping with the world recession 
and the role of its new chairman 


raise 3175m. In recent years 
Ks liquidity ' has improved 
beyond recognition. ICI to-day 
is a different company from the 
one that in the mid-1960s was 
forced to stop construction of 
some major plants in mid- 
stream because it was running 
short of cash. 

It is a lesson Maurice Hodgson 
is unlikely to forget- In 1966 
he was drafted from the petro- 
chemicals division on Teesside 
to Id's headquarters at Mill- 
bank, to take-over the newly- 
created post of general manager 
— company planning; From here 
he was instrumental in giving 
Id its first effective system for 
capital budgeting, -arid he is well 
aware of the disastrous conse- 
quences of relaxing the present 
tight central control of new 
projects. By raising money 
when the opportunity arose, 
rather than when necessity 
demanded it ICI has since 
provided itseH with a cushion 
against short-term falls in 
profitability. But as the new 
chairman points .- out: “ This 
cannot last indefinitely.” 

Growth in demand for 
chemicals has turned down, 
partly because of < general slow 
growth in the world economy, 
but also, says Hodgson, because 


the rate at which chemical pro- 
ducts can be substituted for 
natural substances is now level- 
ling off. The high penetration 
reached in fibres, for instance, 
does not leave much room for 
future expansion. Price in- 
creases for many products are 
no doubt 'justified, but “it 
would be unwise to rely on 
getting prices up. There is a 
great need for this, but the 
climate is not easy.” 

So what is the path left for 
Id? With its stated strategy 
of going for greater shares of 
the West European and U.S. 
markets acquisitions are clearly 
a possibility. It certainly has 
the financial strength to make 
such a move, but the company’s 
new chairman is unwilling to 
commit himself on this point 
For the time being Hodgson 
will only make clear his con- 
viction that the main option to 
go for Is a dramatic reduction 
in costs. He has set as priority 
in his first months as chairman 
to improve efficiency, par- 
ticularly in the use of energy 
and raw materials; Last year 
some 58 per cent of the group's 
sales income of £4.6bn. was 
spent on raw materials and 
purchased services. 

. .Company studies show that 


Hodgson chooses his new role 


THE CHAIRMAN of Id Is 
not a chief executive, says 
Maurice Hodgson, who takes 
over the Job to-morrow. “ We 
haven't had one of those for 
a long time; the business is 
complex. 

“The chairman is the man 
who organises the work of the 
board and tries to achieve the 
consensus view on major 
issues. He must judge care- 
fully when it has been 
reached, because consensus is 
not the same as unanimity.” 

Much of the skill lies in 
the delegation of the work- 
load. not only of the c h air m a n , 
but also of the entire board, to 
make the best use of the 
considerable management re- 
sources available in the com- 
pany. 

His predecessor,', Sir Row- 
land Wright, a former per- 
sonnel director, took the 
opportunity of the chairman- 
ship to become personally 
acquainted with many of the 
more far-flong parts of the ICI 
era piro, and became deeply 
Involved fn the debate sparked 
off by the Bullock Report on 
industrial democracy. 

icrs externa! and internal 
relations can easily swallow 
up the chairman's time, but 


new 



Hodgson is determined to find 
the hours to remain directly 
involved in the running of the 
business. His expertise fn 
recent years has been 
developed in the. fields of 
investment and finance and he 
is too closely engaged to give 
them np completely. 

With a capital, expenditure 
programme of £7Q0n>. this 
year and more-in 1979, the 
importance of th&ijptmnd- 
rules established by Mie 
chairman in bSs'earlq 
mug r ole teuTbe easil 
dated.* 

ledge . of this vltat* 
group affairs brings a unique 
experience to the top of the 
company. 

He plays down, however, 
the degree of influence that 
a chair man can bring to bear. 
“Corporate Strategy operates 
over a longer time-span than 
the stay of one dial naan. The 
investment programme has to 
look over a five-year period. 
It is net written in tablets of 
stone, hut it does not change 
radically over that period.” 

In contrast to this picture 
of apparent cautions develop- 
ment the legend' is also grow- 
ing .that ICI has appointed a. 
gabbier as its latest chairman. 


OUR FACTORY 
LEASES LEAVE 
YOU FREE TO 

MOVE. 

The lease of a factory that you have outgrown can fie 

something of a rniUstoiie. 

Tliat's one problem that yon won t have on your shoulders 

in Millon Keynes. . . _ * 

If you move from one of our factories to another oi our 
factories, you can hand the original lease back to us. 

This means you can afford to pick a factory that: s just teg 

enough for vour immediate needs. _ , . 

We can offer you a choice from 500 to 2o. 000 square feetv 
all readv and waiting to move into. At very competitive rates. 

Were now* building factories up to 50.000 square feet And 
wc have serviced leasehold sites available if you prefer to build 
your own. . , _ , .. 

So if you need more room m the fbture, you can nave it 

We have a workforce ready to work, too. And a wide range 
of housing to rent or buy. 

We also enjoy a perfect business position. 

Milton Keynes ris right on the 'Ml, the A5, and the mam. 
line from London to Birmingham. /*-*** 

I We're almost exactly midway, *.» _ 

between the two.) 

Our factory leases 
leave you free to move, in 
every sense. 





MILTON KEYNES 


FTwould l&e to knowmnre. Please send me details. 

| Name — Positions 

| Company^ — — 

j Address 


AFU50 


1 : : — -j^ -1 

r L w-rif\;C rAak,rt ’C£ MHCNt£WCS CFVr;ljD^t^ T CC >1 ^C 1 ^Cf'i 
VirOtON I0WERMJCN Mtu7aX.ItUBQB 


As a description of Maurice 
Hodgson’s private life it is 
true to a degree, bnt it hardly 
reflects folly the increasingly 
dominant role he has played 
in ICFs affairs over the last 
36 years. 

His public ambition might 
be to make ICI a greater force 
on the continent and In the 
UiL,' and to make it more 
productive and efficient, bnt 
bis private goal is. to own a 
racehorse. Unlike the doubts 
that bin sarroimd corporate 
objectives, - this aim -at least 
could well be achieved. .by 
next year. 

He enjoys raring as a social 
scene and it is a fertile source 
of anecdotes for the grow- 
ing number of functions 
that come with the job of 
chairman of IGL And it is to 
metaphors of the gambler 
that he turns to describe the 
extraordinary trials he has 
undergone to save his eye- 
sight-ordeals which he de- 
scribes with a self-effacing 
humour which belies his 
courage ami determination. 

From the age of about 40 
his eyesight began to 
deteriorate, and it became 
obvious that he would have to 
undergo a corneal graft on 
both eyes. In bis own words, 
the first one was a disaster. 
“ I then had to play double or 
quits with the second eye.” It 
was successful, but the opera- 
tion revealed that there was 
also a cataract. The gamble 
had to be faced up to again 
and repeated. Mercifully the 
gamble paid off. 

To cope with the years 
when he was unable to real, 
in the conventional -sense, 
Hodgson assembled an array 
of aids, whieh pay tribute to 
both his imagination and 
determination. One of these 
was to have documents 
recorded for him, bnt because 
listening to tapes was too 
time-consuming a process, -be 
trained himself to listen to 
the tapes at 2\ times the 
normal speed. He used an 
. electronic device to un- 
scramble -the tapes and stop 
them sounding like Donald 
Dock. 


ICTs record of efficiently using 
raw materials can already bear 
comparison with many of its 
European .competitors, such as 
BASF, Akzo, Hoechst and 
Montedison. But it is still fall- 
ing some way behind the U.S. 
majors, Du Pont, Monsanto and 
Dow. Hand in band with 
reducing energy and feedstock 
costs must come the more-skill- 
ful running of plants. 

. In the face of large surplus 
overcapacity, particularly in 
base petrochemicals and 
plastics, companies are in- 
creasingly choosing to shut 
down less economic plants in 
one part of Europe, in order to 
run others at full capacity. In 
other cases temporary shut- 
downs for maintenance work 
have been indefinitely pro- 
longed, a tactic already used by 
ICI at one of its ethylene plants 
at Wilton. .. 

, But Hddgson’s approach is 
more fundamental. In seeking to 
gain an edge over competitors 
in both quality and efficiency he 
is pinning high hopes on im- 
proved technology providing an- 
other avenue towards reducing 
costs. Clearly many advances 
can come from ICFs own re- 
search and development efforts, 
in which £150m. was invested 
Jast year, £46m. of this going 
overseas. “But I have no inhibi- 
tions about buying technology 
outside,” he says’. “No company 
of the size of ICI rim develop 
the best technology in every 
area.” 

The philosophy is already at 
work. The. new 120,000 tonnes a 
year polypropylene plant that 
ICI is building at Rozeriburg, 
Holland, is using a unique pro- 
cess developed by BASF, the 
West German chemical company. 
Compared with existing plants 
tiie new gas-phase process is said 
to represent capital cost sav- 
ings of at least 20 per cent 

ICI, which pioneered another 
major plastic, polyethylene, 
will. In the future, have to 
follow carefully the progress 
made by Union Carbide in this 
field. The UJ5. company claims 
to have made a significant pro- 
cess advance, which will halve 


capital costs and cut energy 
needs to a quarter of current 
levels. Union Carbide has 
announced plans for installing — 
by .. 1982 — 430,000 tonnes of 
extra low density polyethylene 
capacity using the new process. 

ICI chairmen are in the habit 
of pointing out that a change of 
personnel at the top rarely 
ushers in a new era. The 
emphasis is rather on continuity, 
and.. certainly the importance 
placed on improving technology 
to conserve feedstocks and 
energy is not new. From 1971 
to 1977 the average amount of 
energy used by ICI plants in 
the. UJL fell by 18 per cent 
By last year this effort was 
representing a saving of some" 
£40m. a year. 

Maurice Hodgson’s first 
priority is. dearly to improve 
substantially op this record, but 
dose .behind he is also conscious 
of the gap in labour produc- 
tivity that exists between ICI 
and its biggest rivals on the 
continent and in the U.S. 

Wages and salaries take about 
27 per cent of sales income, a 
fact that belies the common 
belief that ICI operations are 
not labour intensive. The image 
is understandably fostered by 
modern petrochemicals opera- 
tions; £150m. can be invested in 
a new ethylene plant and the 
number of ICI jobs created is 
minimal. But such a picture 
tends to omit highly labour- 
intensive activities such as the 
packaging of pharmaceuticals at 
Macclesfield, the manufacture of 
detonators at Ardeer or of paint 
at Slough. 



Freddie Muntficld 
Maurice Hodgson: looking for a consensus 


" Productivity must be im- 
proved," says Hodgson, “but I 
wish we could find a new word; 
people are fed up with hearing 
it.” Understandably it is a 
sensitive issue with the trade 
unions. They see a big capital 
expenditure programme rolling' 
forward—- £491m. last year' and 
£700 m. this year — but the net 
result is a reduction in the 
numbers employed by Id, down 
5,000 (4,000 of those in the 
UJC) last year to 154,000 world- 
wide. Since 1973 many of the 
jobs have disappeared from the 
loss-making fibres division,, 
where ICI has been trying to 
reduce the workforce by 30 per 
cent, while going for an increase 
of 30 per cent in production. 

In snch a ruthless process, 
what place do ICFs social 
obligations command, as the 
country's largest industrial com- 
pany? Hodgson is unequivocal. 
“The numbers employed 
generally in manufacturing . 
industry are in decline. The 


question is how they will 
decline. If we go for job pre- 
servation the numbers in manu- 
facturing will still decline, but 
we will become uncompetitive 
and whole factories will have to 
close. 

" If we improve productivity, 
the numbers will still - go down, 
but it will be in a way that 
generates more wealth and 
creates work in other sectors. 
Some 40,000 jobs in engineering 
and construction arc created~by 
the present capital expenditure 
programme.” 

In terms of sales per em- 
ployee, ICTs productivity is 
improving, and it was 
boosted by last year's sale of 
its 63 per cent stake in Imperial 
Metal Industries. But company 
studies show it still lagging well 
behind U.S. rivals, such as Dow, 
Du Pont, Hercules, and Mon- 
santo. It compares more favour- 
ably with continental rivals, but 
is behind the big three of the 
West German industry. It is a 
delicate equation to balance. In 


an analysis made last year 
by the authoritative journal. 
Chemical insight, ZCI moved 
up to third place in the world 
chemicals league on a general 
rating of quality of perform- 
ance. One of the factors taken 
Into account was that it had 
the lowest wages bill of all the 
chemical majors, a ready-made 
bargaining point for unions 
under pressure to improve 
productivity. 

, The unions are also sensitive 
about another vitally important 
strand of ICI corporate strategy, 
its determination to become a 
major force in U.S. and con- 
tinental European markets. ICI 
is convinced that such an aim 
can only be achieved by a far 
greater degree of local manu- 
facture. Exporting from the 
U.K. is not enough. Hodgson 
is adamant that Id's business 
outside the . U.K. will grow 
faster than domestic sales. The 
UX represents 7 per cent, of 
the world chemical market, 
while the U.S. and Western 
Europe each account for about 
30 per cent. 

This month the ICI main 
board has sanctioned the 
second half of a £ 2 30m. parallel 
investment in chlorine and re- 
lated products at Wilton, on 
Teesside and at Wilhelmshaver 
in northern Germany. The pro 
jects are closely related and an 
part of the company's strategy 
for ronsolidateng its manufac 
turing position in northorr 
Europe around the North Se: 
basin. 

It is a long-term act of faitl 
iu the European market. Los 
year Id made a trading los 
on the continent of £3m. oi 
sales of £730m., but with th 
present investment programm 
it must look forward to at leaf 
the early 1980s before it ca 
measure the strategy's succes: 
By then it will have drastical! 
changed the company’s outiool 
Hodgson says, “ The old distim 
tion of looking at the manufai 
turing divisions, as the U.K 
and continental Western Europ 
as an export area, is becomin 
inappropriate. There is r 
longer any territorial divisio 
with a Channel in between.” 



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16 

LOMBARD 


Financial Times Friday Marwi 


Opening up the 
Spanish market 


Jobs-but not just for the boys 


BY ROBIN REEVES, Welsh Correspondent 

THE DEVELOPMENT Board causing growing economic costs oddity or not. the 30 ■ board expansion. The Board usually 
for Rural Wales (DBRW) arising from the need to main- members drawn from all walks can offer a two-year rent tree 
nnpn ., lt _ Hnnrs fnr business tain essential services and of life in the region, plus the period, in some circumstances 

P£OG tS ffti* f nutAf ftMfl fauiar email nwcutirp staff hare eJwtrftino i»n ,Tn five VP2TL 




__ f'BHUA m h , iam essential services anu oi hib tu - 

BY ROBERT GRAHAM opened its doors .or b ss arnenities for f ewcr an( j fewer small executive staff have stretching up to five years. 

THE ADMISSION of foreign task, the tendency is to delay as exactly a year as °’ At the - people. plunged into the task of _\t the same time the Board 

banks to the Spanish baukiDg long as possible. it seemed a curious government j„ creating the DBRW. the regenerating the area and its ^ facilitating the development 

system is not a topic which Also in practical terms the creation overlapping in many Government chose to pull to- many small ’ communities of new enterprises by building 

arouses much public interest. bankeR sought t 0 soften the ways ^ worfe of recently gettaer the efforts of a variety with tremendous enthusiasm. In a of sma u -starter 

Nor, one suspects does it impact or aanumng theioreign founded Welsh Development of bodies which had sprung up the short space of 12 months faerories - of 5(K ) square feet, 

greatly trouble the sleep of the tanks * JKPHf Agency. There were indeed over the veers in tackle th.s the effort h. s already produced They are 

Prime Minister and his . entantt what ™“d may DeraUed 1 pum ^ u, It me welsh problem and actually reduced seme remarkable successes. j"Se t Qanyouewtshin3 lo 

HFJf',"" * f as TdJni Se well S to^ke“ Mntlnders Labour Party machine was the number nf nominated bodies Of the 36 .factories which the ^^"“nufacturing 




ami"*!? 


how but clearly the Govern- able number The original pro- the boys. In fairness, however, organisation absorbed the Mid- 16 have oeen let already and . 

merit feels it ha* more urgent the founding of the board was Wales Industrial Development another 13 have been provision- i W di P fiows 

things to worry about. The eqmvafent^^p^eU deposit;_ as a genuine political response to Association, a body mainly ally allocated pending the com- bu .^ d ho “^; hi jlL 

necessary legislation was pro- ™f]las jKgJJf 4 Tb&evon™ a problem which has exercised financed by Iqca! authorities. pfeUon of negotiations. This J"® ,te ^ 

mised by the New Year e d febJve^ei generaUons of Welshmen - the which since 1937. with very compares with a rate of letting **£££[ 

~ «£ srr o£ tne we,s11 k*s sr = SSSKaS 

£w j&miwsk azraasc-?*— ■- 


s* — 

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an effective &***** 4# 

Cardigan Bay. «»* m»;Hi tm 
oi focal pMi and gjur j _ 
The op|H»rtuniuw l«r w a at * 
um industries amnwf ytt . 
acrn.nl tun.* and furealflf . > aocfc 

as loud packing and 
umber by-pr*ta?w* 
being examined. A mawjp-of 
the Mid-Wales smivwtif WttgTI 
disciverwl a market treffhttfc, 
3 vest, much of wMch *t* 
tilled by craft- and in akMt ga« 

liucecl elsewhere. Thj iylgjj. 
■art nself the task .-M . 
winning back the 
nf this lucrative gif 1 * ****■;-*£ 
em-ouraiyiu: producer*, aiwjff. 
prj!iM>nns the export « **** 
in Wales souvenirs M .ww 


f- r d vEtoSSi lDwer P°P u,alion t£hday ttan at facturers. tempted 

First test demands of ils own banking jjje turn of the centniy. even Board’s aggressive i 

a uni ttai community and the conditions though the population of campaign, are comin: 

Yet the question of bow and that the international banks England and Wales overall has headquarters at Newto 

when Spain will choose to open WDU id [ik^ to see which, as gone up by over 40 per cent . M|n ui/AI ee rate of 100 a month 

the doors of its banking system important creditors, are not 5 i nce then. The drift of the IVlIM-nMtco result that the Board 

to foreign competition is atA : a without clout ^s^ijemma is younger ani j often the more able meagre resources, had been t t ' hink of raoidlv 

3 Vn^whfch sn'fe ** ma:Q CaUfie * the y ‘ peopie -from the countryside to very slowly tempting light in- ^^dvar^ 3m 
is 'willing to live up to its pro- ■*■ -c i | A J the towns, combined with the dustry to the area; The Mid- The number & j 0 f. 

raise in the Post-Franco era of Llie-DlOOCl rundown of the agricultural Wales Development Corpora- jn MCh jnstaace bas 


rundown of the agricultural Wales Development Corpora- 


^ — " . — ; — grants to improve soaai tuira- an unsecurcu w \\ nv«“ jxara. 

campaign, are comm? into its structure ^ ^ a support for to ger going. This w a P°^ d parrlv depend on the cw«r*B 

the tmmtM effort. A total of enjoyed by the Highlandsand V* . ^ buf Dr, 

rate of 100 a month with the 157 have been made in Islands Development &»rd * refrvWg * 

resu.t that the B(»rd is havin,, the first . year towa i*ds sports, where he began hix niduhtr *» ^ ^ it is *m * *t . .. 

“to think of rapidly building i c isu re ^ cultural facilities development career. , mailer of «etttnR rtW* 

[ more advance units. wmch might oUierwise not have KeiTindigerwus hMWf lia “> 

' The number of jobs created b^n Prided have sprung up so far to take m 

in each instance has not been ^ is afale t0 offer advantage nf (bc . vStmcnl The "ears <4 rtMWt 

. ^rge. but the fact is that a loan fac Ui t ies itself and offered by the b ^ rd - nJUt of M1*W*N* 

factory employing only a couple t0 sort out for potential majonty oi customers w i ««* 1 ^ ... ^ t i, hixYtaif 

_ of dozen people in an area like customers the complicated have been light manufacturing, J a , VHM at itWfr 


• removing its traditional restnc- . . . . ... labour force is, of course, a uon, which was essentially , b t ^ fact ^ that a it ™i f Tnd offered bv tlie board. The vestment. ln p i H ?7 n S 

live and Isolationist approach to Of course foreign banks will world-wide phenomenon. But it charged with expanding New- f ‘ ■ ■ , , certain loan facilities itself and off rad to date mer the plight of 

. the international financial and stimulate competition. Yet, as jg QOne ^ less demoralising town: the Development Com- t0 ^ 0Ut u i0T ^ immM contrast starkly with Hia Ytoff 

i business community. tbe more sensible realise, this f those that remain and mission, and the Council for of do2e ” people in an area like customers the complicated have been . thc of ^jid.Wale? a> ewedOrttST 

The foreign bankers have competition u Jhe 0^^“^ "ousTs speciai concern in SSufndSrti in S Areas ^d-Wales ' can make z ntal con- array °f graots and loans avail- co = . ££ drig^aM 

■ . long eyed Spam as the last the market economy towjuiu . ^ rcOSIRAl in the reman tnbution towards underpinning abie f rom the Government and Midland and *omn . buI ^ 

rt?K“ SbJ? re “«S-£^of“S CC -Kn=? g £ '^Tmethins • or m aU mn other «». . 1. hu mad . ‘ SK “ » ««S. 

roanii fectu re rs six and ei-’ht Besides competition already Welsh language and culture. of a hybrid statutory board with , . . . special point of trying to give * Wales’s own native tirinu of the problems til urbu 

. !SSi back . r Some W) foreign exists from outside. Four foreign Cultural and social damage a budget of £6m. a year. The Boards ^nnnn resources 1 Studies have been living. Given the great uitrtTIW 

f banks have submitted aoplica- banks are operatine and several apa rt, a government sponsored charged with promoting the range from 1^00 to 50,000 interested manufacturers [ wnicn re»urc«. ou^sibili- art«i*ed by the hoanl in ltaAsJ 

linn^ and a sond proportion have others hafve minonty interest^ report on the problem in the economic development and ira- square feet, at rents varying seems to have been ^ and fresh water year of effort, perhaps bo 


already established represent- More importantly the foreign L 1960 po^gd out Tha t proving the social infrastructure from 60p to 70p a square foot, ant ingredient in its success, it ues »r marine ' - r ri ^ ht 

rives* offices to prepare the banks predominate .n a key area 5 ™iS? b in mSmE* was ST tte Sid-Wales^eSom But .All have room alongside for Dr. Iain Ske wis, the Scottish fish farming, the restoration of rl.ht. 
ground. of business — tore ign loans— ^ ^ ^ ^ — ^ ^ 

The Spanish bankers are a -.rcouD ting for over 70 per cent. _ m m riirmTAIftlllCIIT l THEATRES 

Mac s Chariot for Gillette I E " TE 5J,?Ii MENT > tasB 

preferred to duck the issue. The least understood principle ATAIgV vj V/UIUlvi mm. J fill IDF 


Mac’s Chariot for Gillette 


THEATRES 


£!ff-. 53 a 2 W -. 


GUIDE 


what would seem the inevitable. b3V e hoeun to expand overseas. j£t aSut ft. m STSE ^eroooVs inexpSv £>r to fear f^m 

Majonty reaction anion, especially in London and New „i#i, -../.v, nrn «a n win. ie h.niiv in alter Pninnft another bav 


• bankers, highly conservative by York, there has been very little 
r . training, has been one of fear — acceptance by the Roaniards of a 
1 -a fear that the sophisticated tech- quid pro quo. This is a point 
1 -niques of the large multi- the German banks have made 
. national banks will synhon off a strongly. Tliere must be a limit 
^ lucrative slice or business. Put to the activities of Spanish banks 
less po'itely the Spanish hanking abroad if they continue to be 
; community has been (he most restrictive at home. By tbe 
i cosseted and best protected in same token, apologists of foreign 


RACING 

BY DOMINIC WIGAN 


ship and found bore. a , da£<rut tictoty in the Rose- cc _ .him'kw m ’& ® 

poor bet compared with most of bery Stakes. evda by telephone or at tbe box omcc. BR ’ J ^ E _ F „ < ?5?.TI? 

Britain's other sports. This The handsome Derring-Do colt 

afternoon’s inexplicably poor may have most to fear from OPERA & ballet rwAvcn-iNG “ u g ( ^,. aHOW 

held is hardly Ukaly to alter Roland Cardens anoteer bw cCLmwg^ag. ^.o-.-aao sasa. Dj re .5 , 0 ’o.°Sf K "sHa. e iLLO.s 
that view. sou of that sire. Derring-Do has English national opera w 5^?J; n f c h.e!5s "KtucE fonsvTH 

In a tricky two-mile event con- already produced one 2,000 cS 2 t K , ,% u S N OF CI ?ORSVTH£ t sAOA . s *o!txr. 

fined to five-year-olds and up- Guineas winner in High Top. and wrd. r.oo innetts. iw balcony seats a kind of fobs . 

wards which had not won a another of his progeny. Hunter- ,|W * YS ayalut>t * °* p * f,om ’* ncg — «i »«« 

chase before January 1. 1977. combe, might have won if the covent garden, cc. 2 ao ioee. 


"** * { PATRICK A roNVANNfilT 

r» MAJESTVS. CC 01-830 HW I wor'IW^MI Ihn'.'rT 

tattWI B.UO ixut^ _Wrt vu. 3-00 m ANIWlNV SHRUtR 

BRUht POR?TTN l . E_.|-o rU* eUin )» HCt M 


• ScclM IM P**» eoem >s .- net M 
Utter enp |MN io* Pwnb. 

- It m:I 1 rat *«Mt run ao*tn *■*. 

Event nps Cl to C4 m*i» t: «b 81- 


amnrtn |1 . .■ T .. . _J XT-.., dUU JUhl dUUUl LUC UIU3L Slit- U1CIUUVU3 ywi 111 aj “*»v — — — nLil Ar.fTltni I tVCWlipS LI ID w •• — — — 

f“°E Z espfC^Ibjn London and New cessflri wlth proveQ ^ field ^ hardly Ukely to alter Boland Gardens, another bay coustuMjC^t c*r« ot-ago sasa. otr«a«%> ^t^shevllove ; 

York, thi n has een ve^ little nPrs as ,ts one-day cricket series, that view. son of that sire. Derring-Do has enSushTJatlonal opera , SASa" IN E C ne^^IrucT^ forsvth * H *'c»MCKbN"abup wine^WSSv SW “ 

fear EccvDtcincp by th^ Span.ards of a i n n trirkv two-milp pvpnt con- alrMdv nroducpd oqc 2-000 Tort *ohi & Tan. 7 . do Fotm d ctotkrv^i inixhaustabli tmc show is j £*v w*ua 

d *«j- is . poift teS i SS ™ S^«K^hwW»S sstva jaa. 7 -%.“!wsrsa ° t,r i ^tsh&rsnrt^xrr. 


the Irish pair Mac’s Chariot and ground had been up fast 
Kathgorman seem likely to prove 
superior to Another Dolly and ‘ AlNTHEE 
Indian Scholar. I expect Mac's 2.00 — Hunter’s Joy 


- r , .. : . . — _ ^ _ ; _ — uiuiiiu kiviiuuu. i cadcli hide d 

Europe, and quite naturally most banks in Spam haye pointed out ^H] be disappointed with to- Chariot to come throuch on 

have resented the id^a that that I? Spanish banks can prosper ^ay’s four-runner turn-out for lumping skill wh>ch will be «een 

comfortable under - the - table abroad without disturbing local Aintree's £5.000 Gillette Trophy to sreat advantage over these 
cartels and old-boy agroements interests (which they have done), chase. ’ stiff fences, 

shnn'rt be brushed aside in a free then 1 he same should apply to Two or three years back the At to-day's other meeting. Tees- 

scramn'e or husm-ss There- Spam if it is to consider it«elf company’s promotional experts siri«*. it will come as a shock if 

fore, like the man who knows he to possess a modern international looked closely at the benefits to Camden Town cannot draw atten- 


hns to perform an unpleasant financial system 


[be gained front sport sponsor- tion to his Guineas claims witb 


AlNTHEE 
2. Of) — Hunter’s Joy 
2.30 — Royal Boxer** 
3.05 — Mac’s Chariot 
3.40 — Western Rose* 
4.15— Or.llo 
4.43— Funny Baby 

TEESSIDE 

2.45 — Camden Town*** 


(Girdenchara: credit card* 836 69031 
CO VENT GARDEN PROMS 
(Until Avrtl 1) 


■aSVStS JMfas. o.-as. :w. t*«*n •:» 

ROCKV HORROR SHOW M«t TBWV 34)0. SMA 5 IO *rt*l I.»| 

NOW IN I fa jlh KOLRlNb UAH NO MX MA It— 

THE GREAT R JOt 'N' ROLL MUMCAL. WE'KC RRIFI6H 

LONDON VaLLAuIUM. 01-437 7373. IHt THE WORLD'S GREATEST 

a£J«T f.tTtu W«L sat 6.30. 9. LAUCM1&R MAHER 


700 soils mc« «v«HAbie ^ palladium. nr*, w 

1 hour brfore curtain op £1. April 1. *’ LAUUraitu iwanlr 

THE ROYAL OPERA , MISS <yNGERRO«Ba ^7 

Tonight A Wed. 7.30 p.m. Death In •»“ ' ST. MARTIN'S. CC- 834 »♦*' 1*» 43f- 

Venice. Man. 7 JO n.m. II Trowtor*. DONALD O CONwaa 2. AS. Sat aim rri J AM 1 


THE ROYAL BALLET e*Hl CHARUE gdllHERS 

Tom or. 7.30 p.m Maaon. Toes- A ' a W llMira 2?*?? ill* 

Thur. 7.30 p.m. Tire Plrcblrd and Soup at the Pal lad- um Off Its feut : • • ■ ■* * ! 
at tbe Earth. one her* w an act . . .- Dailv Ma 


AGATHA CHRISTIES 
THE MOUSETRAP 
WORLD'S LONGLST.CVER RUN 
YEAR. 



FRIDAY. MARCH 31. 197? 10 

t Indicates programme In jq 

black and while. 

BBC 1 A 

6.40 a.m. Open University. 950 the 


i bong for Europe. (Leeds. Manchester. Newcastle); in Schryn Frogmn. aeo s arrival htv west— as htv General service ■■ 

9.00 News. Midlands To-day (Birmingham)' 5p€dal - 14» Probe Spedal. nxa Friday except: L2O-U0 p.m. Report West Head- THEATRES 

9.25 Life at Slake Points West (Bristol)' ° South “ Fraamem of Pear." siarrtaB lines. USA33 Report West. rr 

10 ..S TMteb. "f^on and (Sa^m^’spom^ * ML SCOTTISH «««&«. flflVS l. 

m >e Sou. h-East only). South-West (Plymouth). 10.15- ATV iajs ILm - Mr. m*zoo. ults Break- the b^^musical 

Regional News. 10.45 East (Norwich) Newscue: y. — u™*- »* Eectrtc Theatre snow. 11ns <x 1976. 1977 and istbi 

10.46 The Late Film* No Wav UirllatiHt /Rirminriinmi t nnb t® in. AiKUng Today. 29 J0 Radio Tbe Roger Whi tak er Show. n.K Wes:- IRENE 

TbTrMt u Rentata BSUA Championships. 1U0 way. 3^ NewTand RbM: R epS - LONDON'S BEST NIGHT OUT.** 

SLi5!i— , L " 1, starnng £ ear ; N «Tth fLeeds) Let the Puale Party. ILBWMMy. XL5V Pro- i?i lk^Bonp mo FWdajT MarnSe- .,» FAnv &2& 9 .WtwLi nrar 

All Steiger.^ People Talk; North-East (New- fc«sor Balthazar. UO rjil ATI" News- "»Tieto «S Dan." sxarrtac Ralph tuEuoii S happy 8V THEATREGOERS^ 

All Regions as EB Cl except at castle) Watch This Space; North- If! 15 *- *-® Indoor League. 2JS Movie Richardson. 348 Beni's Lot. sis Pi pet credit cariboo kings ase 7sn! 

he followinsr times;— West (Manchester) Watchwords "1^ Brlamd Kajidatar." end FHewls. SJd Crowroadv 400 Scot- 


THEATRES 


SADLER’S WELLS THEATRE. RoMOerr LONDON PALLADIUM. CC. OJ-437 7373. TOWN. CC ?U Mil 

Aw . E.C.1 837 1672. Last 2 peris. FROM MAY2S to AUG 19. | T £qq Olnin* incS# S3 a SiYtr ftnM 

PILOBOLUS Dance Theatre “ a Hit . . . THE TM RONNIES , °- uu ‘ (Tad: L*D ami 

if* i rmn tittle." Gdn. Eves. 7.30. BOOK WITH EASE ON THE NEW { 

Tonight' C Iona t.o« in Faunal rialkvnCom I EXCLUSIVE TWO RONNIES’ HOTLINE , laaoe f! tlfcrt -fefu. 

Sh.za-'fUntit ed. Tomor.i Monkshood's 01-437 20SS. I ; **“■ 

Farewel fAlmane OceHusUMiMed. — * — — — 

LYRIC THEATRE. CC. 01-137 36 B6. EM. THEATRE UMTAIWj. 7» 2154. 

B. Mats. Tnjrs. 3. Sals. 5.0 and H 30 iJToeH 

JOAN PLOWRIGHT 

COLIN BLAKELY | ■* NWft Willie (M 

and PATRICIA HAYES in - 

F ILUMEN A VAUDEVILLE, ft 36 99BS CC. till *J 9. 

bv Eduardo FlUaoo mm. Tuei Z 4S San 1 an.i ft 

Directed bv FRANCO 2EFF WELL I Dinah SHERIDAN. OnUn^MAV. 

-TOTAL TRIUMPH, ’’ D . Mirror. Eietnor SUMMPnFiE UIIMm LMIlt 


A DELPHI THEATRE. CC. 01-636 7611. 
tigs. 730. Mats Thur*. 3.0. sat. 4.0. 
IRENE 

THE BEsT MUSICAL 
of 1976. 1977 and 1978 1 
IRENE 

- LONDON’S BEST NIGHT OUT." 
Sunday PecoJe. 

ALREADY SEEN BY NEARLY ONE 


VAUDEVILLE, ftjft 9988 CC. l«ll *t 9. 
Met. Tue* 2 49 San f, en.i ft. 
Dinah SHERIDAN. DoUie GRAY. 


1 AN EVENT TO TREASURE.” O. Mirror 
1 MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS." Sunday Y-mes. 


U.W «.UL wpeu wiuversuy. me fouowins times:— w es * (ManrhestPrl WatrhwnrHc- MaWs < ?: TV Briaand of Kaidahar.” ud Friends. SJo Crossreads. 6J» Scot- 

-?■?! - W?les-1^_5-2JW PJD. TradwL South (Southampton) The Young LS Sv' tSS**' umS ^"-5^ K WSLW 


MAY FAIR- 


„ Eleanor SUMMFRFif LD lartae GROUT 

D. Mirror jl MURDtR n jiwwnmrrn 

C FOR A THE Nt W?S " WHoS^riT^ T 
» T-mev by AGATHA CmrisTK 

— ’ Rr-eirtrr Aeetna »,:tn *Ajr*r »*ne- 

629 3036. B,, ■ . Agatna DWKt :* 


Pparnre Film: I L 


l 4r. Berm. 353 Regional News for Scotland— 155-6-20 pjn. Report- 

* . ngland lexcept London). 3^5 ing Scotland. 10.15 Public Account, 
f ‘lay School. 4.20 Dorothy. 4 25 10.45-1046 News for Scotland. 

\ ackanory. 4.40 The aangers. Northern Ireland— 3.53-3.55 p.m. 

< .55 Crackerjack. 555 Ludwig. Northern Ireland News. 5^5^20 
{Jews. Scene Around Six. 10.15 Gilbert 

oJ5 Nationwide (London and O’SiilItam at the Grosvenor Hall. 
Souih-Ea-O only). 10.45-10^6 News for Northern 

• : .650 Nationwide. Ireland. 

' 6.40 Soort'wiri". England— 555-650 pan. Look 

• 7.00 The Goodies. East (Norwich): Look North 

j : F.T. CROSSWORD PUZZLE No. 3.630 


BBC 2 


9JS ua. RaJas and Ban-Vlor CPdon 
9.n The riue CTuh. ltlS BreaMirn-. 


SOUTHFRN 

9-35 a.m. SEitr? “ Mararhnn." 


vr«i' 


, Mon. to Frl. B.0. sit. S.30 and BAS. ! *5* ^eM tiU» vet again win 4Mllt>*T 

Better Sex. 7m ALBERT. 836 3S7B. Party RMm. CmdR 4 H b A S5cJ t »n”of‘ 

Froniftn. U» «m bkga. 336 1071-2 from 9 Am.-l f A M N r lTn 1 1 — 

Ways aad Means. S a! J S’m *52?^. 1 }S“ Sa T'*2j|i *1 ' ■ *8y simm /’snean V'CTOriapalacl !l!, ‘ 

B Feature Film: f&sfS K «i J ow5l Z W?SL& 


5W« 


7M News on 2. Headlines. ,,rr ' MO Loekargnnd Friday. 7j» cu-Vik 
7.05 Tndoors Outdoors -J*? 1 ** 1 Spend raj* 

7 TO Vnu^i,, Sprlwnnr! 3 LOO Lam Krim; 

ivewsaay. Five card start." Varrim pern >f,rfr 

8 10 Heads and Tales. and Rnbm Mltchum. ILdO ajn. Border 

8.25 The Money Programme: K«« Sommanr. 

Going for a Burton? The CHANNEL 

revolutionary change in 1JU pjn. Channel Lmichflmp Jfcws and 


.an. 6 pan. Mon.. Tttes- W «*. .nd.ftn.4 J Smlf. | V! CTO* I A PALACE. 

^ ’- A k 

MIRACULOUS MUSICAL.- Fin. Time,. ,. r . ?y , E ; I BROAVi^^r MIT 

HUS *",ih BOY HUDU a -to JOAN TURNER. MERMAID.' 248 7656. Restaurant 2a6 • Frm from April JL. Dorm Mr* I. 

sg — Vck. , 3 . s.c ,. J2 i m N "'.v^fi!v ?KT, c Aca *' MED; *s« 2 Kjpjl, , w "aa*: 

njrnr smkespeare^compai^v 33 ’ 1 «*®*i rrt • ar -4 4,1 5.1 S. Until, n« dance OF DEATH. J«>n Forrt'g 

rvl-s ?F3L 15 «MH"> *Wi' H J*lll KWS 7IS PITY SHE'S A WMbflC. P*iH 

M7 £^5m |3S0.Cc-»hincd AniMrrhe.tr. ^^^^THE LMENaACC.O froiv 

- « ^amf^NR vf*SS?TS5 & WW*. 5T. MARK3 GOSPEL. I . “ '"aI. 5STR m/’ Ai3 ’ Wn - 


tl.39 BflnJ-- \r«T 1-55 Rel«T Peru 235 FrldaF Maance: "The U» RamP-r ,5 >YAl SHa'celpeare cowpavy i A'lr fn ' S»g- Umii 

^ ^^Vo«^"c'cJSIid 4 d.S^iliiri5 

./ *■«««. B-ttI s Let. 505 The Pn»c- Lor. 505 Weekr-rf. 500 Crowuaita. 6TO leg in person cr or teleehcoe new open t ;cv« £6 50. '- cuwnca 

"T,-** 0 ^o^fcaro-.nrt Friday. 7J» Lu- \oo Day Ry D*r i channels 6 II. ST. 42. « ^ toM hum ol 5nak««care\ | A |«c McCa-ee’s 61. MARK'S GOSPEL. 

W ^JKT. 8JXJ Sqrvlval So^riil. Z1L3D •*« A ga. CndM Omi'i P»c- rniinnrtt HENRY V_ amj_ HENRY Vt p!ayi from A on I 16-73 and •fc.’TM Sun. until Mnv 


W-30 and «•. ^.oa Seine Sonin E as: rOwnnrla *****? V to^CftK« N ooen 10 f? rl L Sop. njW Mw : y^. 71*,-., nf 

7JB Oh No: tfs SeN-nt FrOftEttr. LOO WW it the Don mar Theatre open* j n , Paul Raymond prewnt, hr ShuUqW 

Snrvn-al So-na!. 10JB A Southern Report. 2.° c f&4°ai us &a't nan -* r p °* : : national tmeatdv "aa*iJS£ f - r ■“* 

10 J5 Souttacrn SrtT Ertra. 1U6 "The * 01-836 6808. NATIONAL THEATIBt. 929 yl-.. DEEP THROAT 

Fross." flarriOE Ray MilTaod. — ’ 2 tw" cherry 1 

TVTVE TEES ^STon™ e w oW Man*““, SAiSaON : ?55^ ARD ^ ChcM " ,r lra,,i ^ Mkh "‘ VTIN O M I LL T M« T -V^T,T 

The Good, Word foUowed hy S e . D |K 1 ^o Sow Fn. • ^ I ^V. 1 ,prow^ruum . o rvc ^ I A .I^, , t*_,Ni9htly 8.00 * TO *0.00 

Korit East New Headlmes. TJB Ustlmt .' J* Sun No ”' QW . fn J L*L r ZT* M J n J ^ OREN SUNDAYS 6.00 »ro a 00 

Beamy. 9A5 The Addams Family. HUS AMBASSADORS. CC. 636 1171. Fra" E "° N “ 1 VPri “ w &v t *»UL RAYMOND n- CM . nn 

BrrakUmu. ID.® The Bectrir Theatre a.o. Man. Tbm. 3.0. Sat- 5.0. coTTESLOE t«n»ll auditoriu m* Ton* * | THE EROTIC IX PERI INC E Of TMi 

Show. XL85 The Boser WhttuRer Show. ur ™r A coo? Smurs sou Tonw ' 8 lOV * ‘■*TT«S ON BLUE! MODERN ERA E ° - 

1U5 Westway. L2D P-m. ITorth East! LI y (l ™| ol ^ D c t |I25^ e |J?? U ' i f Ape* by. Amq'd WrNcer : " Tjbw to imprKMentn t.m*, wur.vi' ' 

.Yews and LoofcaromxL US Betty Boop.j Tbe Rolling Stone, Sicky i "&*»** « «>“ r ' k* New? 

tZJIO Film MaUaee: "The Day Will i APOLLO. 01.437 2663. Evening, 8.00. 2033°* ^editcard^blra*, R fa6 3M2* 2 * ■ V m '** 

Pawn." JJO Beryl's Lot. 505 Mr. and! Ma*. Than. * .00. Sat. ,5.00 ana a.00. I » 033 ' c,ed ' t CMr « 111 3 ° 5 - ; l aud.ter.um _ __ 


ir 'Wftnntr JU» Lain xmhr KiSm: 10. L>. C4 ard 64 only*. *J0 Out ot Town. Eoo pai. use, new WAREHOUSE ■ J-rna\ 
Five Card Murt." siarrlnt Pe’n >T,rfn 700 0*| No! Ifs SeN-yn Fnutrttr. 8J0 Mason at the Domna, Theatre ooen» : 11 7 ®° ' 
rd Rnorrr Mltcmnn. 12A0 ajn. Border Snrviral So-na!. 1BJB A Sootb-ni Rupert. T0 .April. Bock new in person, by post. ~ ~ ; 


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men’s clothing tastes. Whan 
9.60 Pot Black T8. TZ 0 * 

9J9 Hinge and Bracket l* L? 

10.15 Horizon. jsST' 

I1JS Portrait. Late N 

12.05 ajn. Late News on 2. ?■" . 

12.10 Closedown; Rosalind FYcacl1 
Shanks reads “The Ruined 
Maid" by Thomas Hardy. 3845 

LONDOIV » « 


10J5 Soutfarm News Extr*. 1U5 "The 
Frogs." narrioE Hay Mfllaod. 

TYNE TEES 


or Criephone 01-836 6808. 


' NATIONAL THEATRE. 


Shanks reads “The Ruined GRAMPIAN 

Maid" by Thomas Hardy. J^® 5 n-s Seiwm FrogsKt a m sarrimi Special. 

I nivnniv ?tTS' Khow ixsa S.-wrt«lrae. UJW The Friday Stuht 

LUllljull PjP _WMTUlce r Fnm ' ** PrnrteocY and the Pill." sumne 

,.SJ0 aJ n. The London Nobod, “* D ‘ M 

Knows, f 10.15 The SainL 11.05' " Revolt at Fort Laramie." 150 Rervl's _ rr , , 

To the Wild Country. 11.SS Ra-ny SJS Dytumm-thc Dy Wnari^r. ULS ltK , 

anrl r*wTl ♦««« to nn V_l_ fcU» Cranrrtan Tort a v. 7.30 nv Jim. ujs ijh. Sreaktlme. 1135 Weriway. 


Whan On Where. 5.15 Cre»nv-lch. Tl« 935 a Sn, The Good Word followed hy JL D ff?!, 1 ' AM M„ Jf 8 p m ' 1 Lyttelton ; proscenium «tagc* Ton't , 

"TTr - f” *?"* » ! ;»x North East News Headlines. »J9 Lasrins Sun tt ?.^ ,aw ... rn .‘ £* 5 K \*nor 3 * 7 E ^, I I HE V ^* RQ ? V ' 

7J0 Oh I No' It’s SeFnrn F^fiRRilt. 1-80 Beamy. 9A5 The Addams Family. JftI5 AMBASSADORS. CC. 836 1171. FrT-7 MareiU^ EnoliHi “erMw bv 
Survival Soeaal. name! Jjte BreakUme. ID.® The Qecirie Theatre Iw 3 0- Tiles. 3.0. Sat- 5.0. coTTESLOE i«m,ll auditorium' Ton'* A 

Law Wlrlt Pemnn. IflJB Show. 1135 The Hoa-r WUttaker Show. ._ «•*“* Tomer. 8 tOvE letters on BLUE 

lAle Xlrt* Movie: " Tbe Pfrorrc of Lady HJ3 Westway. L20 PJtt. North East The Roinne °stoI«^ e s l J?? U ’ > PAPER by. Arno'd Wesker 

X/' 1235 Am. News and Weather to Yews aod LooLaronnd. U5 Betty Boop. Rot1lng ston ” Storr 


,,,. [ MAN br Motnar. EnoliMi version bv 
858 - 1 l 7 l- Fru-k Marcus. I 


2033. Credit card bkos. 928 3052. ; . _ auditorium. 

: 1 I ' CtSiT 'tar« 

BID VIC 92ft 7616.. KS' ,W !'^ 9 4."1. -2 BJ«L 

Y’-e Old vtc Yo»th Theatre. Apr.l 10-15. i Mon.-lnurt a j, mi ■. j - mna HJO 
TM> Cjiv-ral-n -halk Clrrt*. the W'hlM-s- xrcov 8 *fO*MpU5lY RICH. 

•'Irralno Perse-s. ^ Ewn-nv News. • 

"■ ixihvi m* TNi OM vy. mew t«y»* J Mary o Mailer s smaivnn Comet 
«-»rts April »C w*th T WNfBt Nlg*-t pad ., . ONCE A CATHOLIC 
salat Jaap. Phone box offtre tor ottalls. J supreme comedy on It, and rMIPton.* 

I Oartr Telegrapti. 

— ~ — — ! MAKrS Yay stIAKC WITH 


DONALD SIN DEN 
f Ac ter of the Year. E- StcLi 
” IS SUPERB.” N.o.W. 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY." Times. 


ARTS THEATRE. 01 

TOM STOPPARD'S 
DIRTY LINEN 


SMm'tiu I ***rts April »C w*th TWNfBt Ntg*-t pod 
07-056 | Salat Jaaq. Phone box offlre for e -tails. I 


and -Cecil Cartoon 12 (M .. , Gr ? nJ ^ an Tl »av. 7.30 TV Jim. J0J5 a^n. Breaktime. JU5 Wefttwey. "Hilarious . . see R." Sunday Times -„ CM „„„ ... ao „ . n i LAUGHTER 

5n«k ,1,11 _ « Uf.UU J500g «ncL«d Show. 8.03 Survival Snflcfal ijo pan. Umctidme. tlS5 Friday Monday to Thurso ir 8.30 Friday and V** SPA**- 8969. eygs. 8.0. [ Guarrt-a n. 

r_ 0 ?^ T l2 - 10 p-™' Stepping Stones. Reflections. roHnwed hy road and sfTtlaeS: "The Day OTII Dawn." 3-50 Sat urea, at 7.00 and 9.15. | «p'* Actions, orphb s. 'young VIC <neji Did VU’ 92B 6363. 

12.30 Look Who S Talking. LOO MJS Points North. 1U5 Beryl's Lol 4-13 Ulster News Headlines. ABTOftlA THEATRE. Charing Cross Road 1 1 Z SjJ L. 7 '*. 6 1 2 vtLf TH NfCKT. Now 

News. L20 Help! IJ30 Money- ^ Colla&nrators. 505 The Fllmstones. too Ulster Tele- ot . 734 4291. Nearest Tube ^rienh am •' ACE. Credit Carp^ 01,437 6834.1 g>a^sj»* r* ^P 1 * 1 ' 

Oo-Roun,. IJH Ber-i's tat. ,is GRANADA ™S s »”£, piS ST^ot, “ SSB, ’-TteKIB liPfiS: "“-ilS&liSi.Sf SMH.H •■“! 

TT'o Ctalvrun ITpnmHn tarclmt . _ _ “VS . 


FptiayM.-.Hnoe: “The Lffe And « lw Ibbh Street 10JZ5 Under n’Tseiwyir fSo. 12D anvival 
Timp fW Hrmlu drtarrvc *» .tie The Table You Most Go. 11 1ft darner- -w, — *SLVIr 


Time Of Grizzly Adams.” 
Snacker. 4-45 Magpie. 
Bafman. 

5.45 News. 

6.03 Thames af 6. 

6~"5 Crossroads. 

7.00 Doctor in Charge. 
7 -30 Mixed Bless'ngs. 

8.00 Hawaii Five-O. 

9-00 People Like Us. 

T0.00 News. 

10.--0 Police 5. 

10.40 Survival Special. 

11.40 How to s f ay Alive. 


a ie Tkp Table Yon Must Ga 11 ^ darner- — Instant Credit Card Reserv»tlon». Ent In _ 

4-15 h”ni t^rSui TTQC SpecJaL 20.19 Two at 10J0. VUS Sports- our fully-Ucmtsetf Rests Brant or B offer PHOENIX. 01*85fi 5611. April 13 

S.15 cast- 1U5 Friday Film: Colsmbo. Bar lunchtlma and mm or alter show TIM BROOK E-Taylor 

“ Cartoon. US P-m- This Is Year RlshL wj; g W, Bedtime. — bookauJe In atfvanca. GRAEME garden 6861.' sm, i^rit' ”ALL"VaATi*BU«ta' 

1SS Cartoon. UK) Untamed Frontier. 6CST musical of the year .the unvarnished truth ” tin u task* ot 

225 Friday Matinee: Stella Stevens to WESTWARD EVENING STANDARD AWARD A New Comedy by Royce Ryton Wk_ A si. zl’ s.fo. <U 

" Unda." J3 Beryl’s Lot. 5 JO This 9Jfl *.m. West C o ina r y Job Finder. 9J0 Cambridge, cc ouv mm M»n "m * X. ^'RL (A). Wfc- and 

lft Yotir Right i second chance to see Lord SMppy. 10-00 Cartoon time. 1X15 Break- Thors. B.QO. Fri.. Sat. S^^’SJO.’ WCCADiLLY. 437 4506. Credit card Dkgs. 5 2.00. 5..0, b.i q 

Wlnstanley’e programme i. 5X5 Cross- rime. 10.40 The Electric Theatre Show. IPl tombi *?'’■* ,r °™ 6 B - m - 8»9a. 8. CAMDEN Plata Tir 

ronds. Crn^da ^oori,. ^ The Ro«r WWtt»ker Show. UJ 5 \ sect 5 com rai 5 of'thE year 3 ' 00 ’ Tubw^ aas 2443 *" 


until May 13) 

CINEMAS* * 

2 SHAFTESBURY AVf. 8» 
Fert*. ALL SEATS UCHt. 


OT. 73# Oh No: It’s Setwyri FrntdR. Westway. 1 9 * pjn. Gns Hoaeyt m n's 
8 T) Survival SpecUI. 18J0 Heoorts Evtra Birth d its. L2b Westward Yew* Headlines. 
tUAO Great Films of the Century: " The 5J5 Greenwich, tbe People's Heritage. 


’ PULSATING MUSICAL." Evening News. 

THIRD GREAT YEAR. 

Dinner and top-priee seat £J?-2S Inc. 


_ 8EST COMEDY OF THE YEAR 
Evg. Standard Award and SWET Award 1 
Royal Shatevpcare Company In 1 
PRIVATES ON PARAOS 


Grapes or Wrath. ” starring Henry Fonda, too Westward Diary and Sports Desk, comedy. 01-930 257S ... . i g.Pjtor .WRbois 

I¥ Ti / vim nh Vnt fr'K S^hrm Froedtt. L0D EwbIijs 8. Q, Th urS. 3.0. SaL 5. 3D. 6.30 Suitable for Children) 

HTV ?'°° ,°», “* w*5a“iS!S!Ii rliS MCH*A LISTER TONY BEITTAN ."HUGELY ENTERTAINING 

S'jrvtvaJ SoeciaL MJB Westward Ure Margaret Courtenay. Decmot walsh - “ 


News. 1335 Late with Danton. 10-53 
Theatre Wow, 1L05 Hooer TURiktr Late Night Movie: “ The Divorce of Lady 


THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 


EXTRAVAGANZA." S. Times, 


I THE DEVIL PROBABLY fX} 

I 4-45. 6 .SO. 9.00 

j Must end April 5tn. 

I HfiSlLJ' . ?■ ) '.4| OvfJri si. (Opa. 
1 IP*? 1 * 8 !" CAart Ha Tube): a as Q 3 to. 
1. BertPhicciH tmd Part V rm Proos. 
H; 1 s r , 5- 1 S. 6.1 5. Late Show 11.15 p.m 
■ 2: Finn Weeks' THE hiding KAO 


Pantomime part of the 

{ Overdue blockhead in high French holy man in Gates- All 
! spirits (7) head (5, 4) excej 

l ’ut out by a graduate before ® Charts brought to book by 
fjake off (7) „ ma ,? f 5 > wo 

f U-rl. 1url„ 5 *ont,nre t,k, S 6 ffi * “ S, 


SSbH" “ HeniT gs^tSTs^uisr ans r *“ ’-i iix&JsrT&flN&til 

Ss : , WaJ)<er san^ur 'ssraLKsrvs « *». tssst 

All IBA E r Rpoort West. 635 .Report wales. 6JI UL2S Hie Undersea Ad ventures of Captain *«Hjg _ .WK, « £$*”*/* 2 ' 3 «- KBlT.iV LatTUoJ TEUvS: 


Captain Nemo. 5L20 Crossroads. 


YORKSHIRE 

9 JO un. Last of the Stone Age Men. 


All IBA iwirwra «« t««j Rewm West. fclS, Report wales. 6JI UL2S The Undersea Adventures of Captain 

1 rh a flrtJ 5, h 4 LnlM h L h except at 0,6 following times:— L^tola^l^P^jSSr^N^t IM - HILARIOUSLY HJiIny." N .cK- W orld MILA R IOU5_COM|DY MUSICAL." c J^SSn C mw AFpAtM’\x1 S ieigiSi 

5 Charts brought to book by AfVfSf I A Special. UU5 Report Extra. 1L65 The Betty Bov. t2J0 Friday Film Matinee: i love my wife - a ui,’® 

errnno mara fit _ rii’ULUl Late Film: "The WUUIonalress" srarrtng “The Day Will Dawn." 338 Beryl's Lot. DRURY LANE. CC. 01-836 8VO8. Every Starring >to April B) Coirwjy Directed wiM. u^*«iru»Yyn« 

birong man (O) 9J0 aitu Cartoon Time. 930 '• Suw- Pcicr Sellers and Sophia Unn SJS Calenda? Sport. 630 Catondar Nf5ht 8.00. irtaBnce Wed. and Sat. 3.00 RICHARD bECI&nsalb Ronert." SuidK^ EwfSa, VJSSi « IJO 

6 He's on the wagon carrying «w to UW ^aioon." UJO Wimtmjt With HTV Cymra/Wai^is Cenerol TiLey^ Mm and Belmont 730 " a rare dmnjSnD^iM(l!!« laMiUMnn *£&Jiff n J£Slr& — Sm y a 38 - " 

sailor to English composer Fita 5 uTtoJitP f?*7lEf J . exe ^S t: ^H ! ?’ :L2S Penawtipu Thr Knuton Factor. 830 Survival Special. stunner." Sumta^Tlmes. __ 'Q * " ConRraHoni at " aim fans! Leicester SOU are theatre fSiDUBZi 

(9) - Times ^ yjttK. „ <U5 ^ 15 Cj,maD 18J0 The Majesty of Renrr Moore. 1130 — — — — CREDIT CARD BOOKINGS 930 0846. OH VE if n rVb SUmTn cncS^s ’^l 

■> p_ ot u _____ i n_T.__T.__ igi Ire* of iaiinty Af i J i rns . US Haziyy CutamlL WMJS Y DrtSd. TO y-i,V <W *• Fi«r ihc Love of Ada." >Dmxu Wilfred D ^CHESS. 83B M^S. Moo. to Thuri — — - jwnv tomoukqw niyvk 

/ Cist makes man weleijme (5) om. A&mt Anglia, im oh No; omi ook. Pickles. ET95 00 6Hi n ci5xifTTA^ and 9 00 qub ^n , s theatac* cc 01-734 nefi. Kn H \n u »**p*j***sri*? i 

14 si? ss* bre-eas. ^ sgB-T - aw* ss. k - Z Tel ~ ' ■ sstfoa 

16 ‘southern S p>°S n ^“S'rS^xSTdil “ a ISM&tt 

town 0 j m m mS! ?£*!!,“«* i? 1 iB J %5-5SiSSffl’, ■ tt “-SS! 


ANGUA 


1 Impeccable ... a rnauer." Sun. Times 
In SEXTET 

■' HILARIOUSLY FUNNY.™ N. 0* World 


i are of r.vu thousand wiLb 
j ... (5) 

i . . diink lhai gels money 
i ui of fish (4. 5) 

Jeep breathing aspired to by 

f roung boy in shorts (4, 5) 

■ . mountain looks vertical to 
;iIJors (5> 

i ;lauey a baker has lo raise 


sailor to English composer £!*£ Fita 

>“» - Times of Cr 


Monday to Friday at b p.m. I 

Sat. 5.50 ana 8.45. Mar. Thur. 3.00. I 
• HILARIOUS COMEDY MUSICAL." 

— Tun Sun. 

I LOVE MY WIFE 
Starring -to April B) 

RICHARD HECK1N3AL* 
and from April to 
. ROBIN ASKWITH 

°* " ftlm —"»1 ! 


town (9) Barnett Incladine 1230 p.m. Vewstx'nL ?, or ^ on Wmself and 7J5 The Ardtrrs. 7^0 Pk* or thu Week 

17 p. " ' L fc mn „fh to „„ 230 Tony Blackburn. A* DareLcc 5l 5 ar"S slc /s, - 1 5* Jnrnuc Idea is.. <Si. 800 Thr Spinners i5.. 830 Any 

It Prompt this month to go over Travis mclodtos SJO Newsbeai 730 Svd Homeward Bound. ttJK News. ft. 18 Quesums: S35 Letter From .Unonea. 

one entrance (3) Lawrence and IIls Orchestra »S. .joins ?°^r ard ySjT 1 , ignnnundi. V»M 9 JO Kaleidoscope. 039 Vvaibcr. 10.00 

IS Create friction over a fiddle Radio s». lao John Peel .s.. moS o!t Un f- JSLiS ,c £25 p ^ |r ™ 

_r ajti. As Radio 2. S an Bndsv <Si. 13 1035 Hy Delight with Chris Bar!a« LLOO 

with sound track of drum ,, ue , J I tu science and the Guu oi Four ITalk hs A Busk At Bedtime. 1135 The Finanmal 


I iauev a baker has to raise one entrance (U) Lawrence and llu Orchestra .Si .Joins ib-» IJO Kaimoxope. eji Weauier 10.00 no onr snouia 

;« 18 5S5 BW-JK.*- M ^ ~ £&’«’ IS SSSM SS.S5LBt.“SS w&ftsr** 

umber ot r'etuSsf" 0 " oSS» Jff-.taitii SSL’*' ™"™' SSga Ut J ^ 1 

'fulch cvtnhnl- nvtlrpc hltich ® Soldiers finally missing West 1H2. UXO VTIUi Radio l. 12JB-12JB ajn. g^F in^f lh Mnhoio^'atid^"^^ ddp o j. a1 t« j Muriel Pavrpw as MRS °MARPLE In 

* f elsh symbol makes blush’ End as a whv of life (7) wuh Radio 2. and iis R«de> figC Radio London murder AT THE vicarage 

’■I 8 . conlinue intermi nably 22 KeeoinE name secret of D*r»ifi *7 !.5Mm and WF s,6 " Uas ““ crt ‘ S1, ^ -^"owi jin- 20Bm and 94.9 vhf eat — 

^■limber of part Of staircase J«Wo*“We part Of machine \ K a .P N “ s Summary WE Ray uU£ ed Nc«! ,r Sri 9.4"uiiby. ttndon' 4 i?vc? U3 iL!j ow i r n Er *j I LL Q MVRti^ L ji?u a^KI ^" 030 

\ limbcr 0t parl 0t SIaircaj >« (5) Moore trlih Thr Early Show i*.. iKtad- R’^rt Sons on record .ITT., Tour. 12.0) p.m. (ill Iil 2JB 206 Show- ERIC i^YNN and ROBlN^RAY 

h *■> 23 Talent for making blonde out- iiK 6J5 Pause for Thoimhl. 732 Terrr 3 VHF only— fijn-T.ao xni. and caw. 4.03 Homi- Run. 630 Londuii in the 


Evga 8.00 MM. Wad. and SaL at 3 00 A No* Wav to alanrchmitt 1 °P* om j Hjymjfkct. <930 2730-2771) 

ANATJONALTHeatre production i PUv in * Pa vers London erltlc s award, j 2^5. R.00. 9.00.' lUttrtJTJT* $£*.' 

amiiuntiy wim ... no one ihcnjio : “ ‘ — — - — — . ! Prua comm 1 1 43 p^n>. tmtnro If .00. 


6) 

■limber of part of staircase 
;■) 

l jade objection about one 
;udent (5) 

limp any about to reach corn- 
'd state of course (4, 5) 
rd directors plank down in 
■e mud (4-5 1 

i anting after the manner of 
; aiannes (5» 

reader of infection to 
eculator is an objeci of 
ir (7 > 

stival on point or ^oing 
enlal (7) 

DOWN 

.. reign currency was abend. 
i -n collapsed IT » 

-eati m-*!*** e rom fni:l do-Jt 

£es io start dinner (5. 4) 
ilk into V»eai.vuJ rackel 


H *gw H obtpn (grama). Instant! RAYMOND RE YU CHAR- ee. nt.Txa no. j 4,1 WEtt bOMwUc. 

g ^ "■ A ‘ 7 ^ w aa SSTTanHii 

FORTUNE. M6 2238 Evgv 8. ThUrs. a. ™ E jSSS^ 1 - °* ! KIND (AL^HSiv^oteT DN? T &J*S 

.. . . _5»L 5.00 4Tid 6.00. Fully Air Conditioned You mi, I ?*'T n UD.0O not Sun I, 1.05, 4.15. ySK 

Mu mur^a?toe S v.ca A AgI ,n _ dr,nk ,JnB ■" JRwiw. 0 "to Ii-^2 

■ -- ROUND HOUSE. 267 2S&4 E»nv nnn 1 — _ 

iAKRICK THEATRE. 01-836 4601.! HAUSER OR KATE R I PSII’S* Maro'e Arch. 723 2011-2. MAN 

E*9* 8.0. Wed. Mat 3.0. Sat. 5-tS. 8.30: »r«cnt the London Bfwtuere or V*KS itll. Doarg open 41 v 1.30. 439. 

JILL MARTIN. JULIA 5UTT&N _■„■■■■■ ■■ THE HUNCH L*to mow Frl. A Lai. is.a® mil- 


strip Ipft f5) VV'wzau i S', tnciudliut 837 Rannp Bulletin S .45-7.38 pjn. Open Uulvi-riny 

ri„„ ' , E , and B.55 Pans-; fnr Tliom^it 11.0 Jimmy 

*4 Nej gin usm, oarometcr oi vmuu >S'.. 123s p.m. w a mpmer s ' wuik RADIO 4 

Kril.IITinV Tri PII77I F M- 3 ®. Mureny's Opnn «5’ m- «■ . 


SOLUTION' T* PUZZLE 
No. 3.629 


anaaHSB b^heebb 

a .m# n 

aaaaa^G^EEnBSEi 
aHESQC2!a& fiaSEQG 

12m 

EDS EG 

HaEQEia^mraEanBc 

vftoH 


L'lurthic us spurn. D'-sk 2J6 n.mil 434m, 330m. 285m and VHF 

Ulan IS. Inc luri lor US and 331 Sport 6 *J5 Am. Xws. 637 Kamitoa Today. Lo n dOn BrOadCaStiilff 

P.«d- and Rar;n- from Ainlre* . 430 ’• W To Tin- Hnnr. 632 ’ VI I F i 

nr.DctMKTi walk. 445 Snurl> DcsL 4.47 H"^»nal ,\ -fv ,J0 Xw. 7311 Todav. -01 m anti ti« J V Hr 

Jo’tu nnnn IS. 1 1 1 1 - 1 1 1 H i n p. 5.45 Snnrta Drsh 7 - 5S Tn Tt "’ ,,onr irntomiinli 732 S.00 a.m. Monilns Music. 6X0 AM: 

6.45 Snnris Desk. 7.82 S rrt Ijunniv and ,VHF ’ R*.’Ki«nal Knwft. 8.W Xewa. 830 non-stup iwwft. iran>l. spnrt rervirt in. 
Illn (ir-he-Ta iS>. 8.02 l^-nn Vnn-ig mil- Tnd^y mcludJne m 1 ,: h-o.llln.-t wiihn. (ormannn 10X3 Brian Hares. 1X0 o.m. 


Sports Desk. 63S Good Fishirw. 7X0 
Look. Slog. Liston. 7.30 In Town >as 
.11 Ot a.m... 830 BlarV LandoniT< 10X0 
Traci: Rucord. 12X0- Dose: As Radio 2. 


J? ^VTC SSr'TSr SS?: BroMostinc 

Dfsk 4.47 l*”-ional 7X0 \pi- s 730 Todav. 261m ana 9 1-3 


JILL MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY , 
in ihc 1 

_ "■ RILLULNT MUSICAL 
ENTERTAINMENT." Pcoolc. 

SIDE BY SIDE BY SONDHEIM 
. ' Co twice " S. MOrlcy. Flinch. 

CO THREE TIMES." C. Barnet. NYT. 

GLOBE. 61-437 IS92. Evg». B.0. Mats 
WrthMpay and Saturday 3.00. 
“ARKY FOSTER. CLIVE FRANCIS 
,D3N AL . D gee JEREMY IRONS and ■ 
SIMON WARD in SIMON GRAY'S Flay 


WAB«' .WtBL a™"' 72i 8TAR 

P°°rtL IRI die 1.30. 439, 

nfl?. H?. V s _V.9 W . * sri- i*JW mij- 


^ N 8 ST ^^v^- c ™lv“ b ; 1 ii SS! 1 ' Ail * W! ’ hkhir ,Kwt i!to p * ff - 

RAIN DANCE -T" ; — 


t# Meir 2. Riba low. 


FSINCI CHARLES. Lrtc. Sn ^ * S7 a1 «t. 
ROYAL COURT TMM, Tel. 01-738 17*5 tfTa 'SS' JiH' J lnt Snn‘ f >.1Q. §.«. 

ttbWdBASrUT. wfe- WSS.^ *-** 


iALb cEE jeremV iSSSeTSd um " wu T - 1 Rtrike* again V ui . 'W.*JSFV7£ 

-.t 1 1 1- ! 1 - _ Time Out. "An important tv ®* 8 A" 8 a - ao - i ?n N WS. ..' ul1 * T !!' ,W ft M. 7 13. 

Flay D Ere " A hne glav." Time I GLASS ENEMY 1 Fr ‘ * MS 640. inan * 

Dr bv HAROLD FINTER. LaK WcvL. ■ — ^ ‘ - - - 


Flay " D Ere " A hne glav.” Times I CLASS ENEMY 

Dr bv HAROLD FINTER. LaK WcrL • ®» Nigel Willis rat 

- KunplMi now nlay. ” f. Timm. 

GLOBE THEATRE. 01-437 IS92. Aprils j blazes Kiln lit* and Ion«." Gdb. 
*’ AUL AOp'NGION. JULIA mckenzie' __ ipi? jlvl Theauc Upstairs 

BENJAMIN WHITrOW m »nv7I~ — 1 —— 

ALAN AYCKBOURN’S no Com pa. .. lTY i Crcdti Cards 01-40S 8C 


La-.o 11X2 Brian JlRnh-r - i-h Th, M T, ' , l »» -* I v> A* ALAN AYCKBOURN’S no Com«, 

Jxir Storr iZXO-ft2X5n.nl r v T‘ R . T TV Capital Radio TEN times table t0 ” T 

M.W 12.0? p.m. inn Ajirt ft ours 1 ta , . «- B ,- u .- 

, icfn, liiArwn Jt- VHF I2.7t ftfv XlitsM' *K- T1234 « . «K r p*n _ I?4HiaiKI 5W-« ft Hr HAYMARKET. 01-910 QBS; Erei 8.00. 

RADIO 3 'IWm. Meren A ft Mr ur4mn>c n^ivs vhf •■■V— m i .i-.riim ail-1 b.m ajb. Gratotir Dnwf Breahfaw Mat. Weds 233 Sjh 4 3o and a.oo 
£ Medium Wave ouhr KR. R.-i.nral Vo-v LOO Th- V.’orW .V Mirtorl AftWfl »S’. 12.00 muav® E Hinta N 

t*35 a.m. Wv-vhcr ™D TBS n, »- Tt- ftreh.-r*. l.« F«-n. Hm- l\«t! -S'. 3X0 »JTi. nntrrSran DEREK DORIS UR rnANC^ 

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Artists’' Beeital tS.i. 1230 pjn. Cardiff Cbartorw Mitchell and ftValier de la Mare, national tSl. Mirror. 


■SWA 3 ‘ *’ *' C!«ia- 

LONDON’S NFWrplt^CCReiH W|NI 

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ZS0 Sa:s a 3D and 6.00 BILLY DANIELS in j M 00 ‘^11 . ^ “J 1 *' * ft . .Wl am to J.JI 

ID BERGMAN BUBBLING BROWN ftUCAR f}*»y«R'S TRAVn* Hll 

VENDY HILLER ■«* Musical ot 1077 *?Lz? _ ” *2 .IF * 1 10 ' All Mfftal 

DORJS FRANCES _**«\*it accested MaJo. credit earns. __ 

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Financial Times Friday March .31 1978 

Coftesioe ; ' ' 

Lark Rise 

by B. A. YOUNG 

In Lark Rise, Keith Dewhurst 
hns assembled a golden treasury 
of detail from the first book of 
Flora Thompson's beautiful 
trilogy and assembled his 
material in chronological order 
to outline the events of a day. 

True, the seasons tend to flue* 
tuate as the day goes by. but this 
is as ft should be, for the object 
is to present a complete picture 
of life at the little North Oxford- 
shire hamlet we are moving in. 

"'We,*' because we are all. 
audience and . players, involved 
Together on the stage. The floor 
of the Cottesloe has been cleared: 
there is a cornfield at one end 
and the inside ■ of the Timms’ 
cottage at the other, and the 
action is set at or between these 
two ends. . Jerry Parish's cart- 
load of fish and fruit may 
suddenly nudge you in the back; 
or Laura (Flora Thompson's alter 
ego) chase her brother Edmund 
helter-skelter through the crowd; 
or a space clear for a line of 
reapers cutting the corn with a 
military drill of their scythes, the 
time kept by a singer on the 
fiank. or for a bunch of villagers 
playing a country game in which 
they will involve some of the 
audience. 

There are, alas, grave dis- 
advantages in such a scheme. Dn 
Wednesday, when the audience 
were fresh they hurried across 
the floor to assemble at the site 
for each new scene, forming an 
opaque barrier for those at the 
back; when they were tired-rand 

they have to stand, without an . •- . 

interval, for more than two hours 

— they sat down on the floor like political cdpitar than can - be Master. Trice, Twister* the "half- 
tbose wet' young people at the extracted from Mrs: -Thompson, wii. Major S barman* the reluct- 
Proms. ‘(Where are the thews Jt is good to .-remember that ant pauper! Algy- the mystery 
of yesteryear?) 1 can see what people were- happy in- such man, Queeme Macey and. her 
values there are in it for the times, with no more to amuse bees, and lie rest— are' tellingly 
directors. Bill Bryden and them than a visit .from the played in something- that must 
Sebastian Grahaiii-Jones; but cheapjack or the fishmonger, be much like-'' the North Oxford 
there is ground to be cleared nursery games for . old and voice so painstakingly described 
yet. young together, gossip in the by Flora -Thompson. And in a 

All the same, the calm and eottages and songs in- the pub. corner, but piercingly, amplified, 
contented atmosphere of the book Mrsr Thompson's - paginal, the are the nine musicians of the 
is genuinely achieved, at any rate child 'Laura, is prettily played Albion Band, who.hkve an ua- 
for those that have the good by Caroline. Embling. her common knack of making folk 
fortune to know the books. It is mother, by Mary Miller, her music— I mean real -folk music, 
to the credit of the company that little brother by....- Laurence not Nashville— sound genuine 
they maintain this atmosphere, Hardlman. whose .excessively on their electronic battery of 
and do not use the poverty of the tidy clothes are a tribute to the instruments. • They also -provide 
village, whose commonhmd had Timms . household, a splendid folk-dancer, 

been enclosed by landlords with- Twoscbre more villagers — the There are seats in the circles 

in the memory of its oldest m- farm bailiff with -Tus.'- cry of for those without .the staying- 
habitants, to make any more “Hi, men! Ho, men!", old power to go -to the promenade. 

Ambassadors . . 



yHwy Miller and . James Grant 


AMeu Mbwixsi 


Cinema 


Emotional Truths 


1 5"> 

‘T« - 

: V- .v 


by NIGEL ANDREWS 


nv«r«-PM, , 5t(iriM characters rio with the food be- ent actresses. One (Angela roists by calling this particular Professor of Psvchologv a large. 

A1 No Csrriua bate Cinema fore consuming it!), and Hideo Molina) is earthy and impetuous: branch the Revolutionary Army mysterious sack carried around 

Ulno Jtos colour photography gives a the other (Carole Bouquetl is of the Infant Jesus: and those (we never discover what it con- 
That Obscure Object of rlpe - sensual sheen to the early poised and calculating. The puzzled by the lust-scene erup- tains l by sundry characters 

of Desire (X 1 ) Academy 3 s * en ® s a burnished, device is brilliant. It makes the tion on to the soundtrack of the during the film. * The film is 

Take It Like A Man. Ma’am’ el ££J ac 1 the ast j ». mans crazed love seem a folly love duet between Siegtmmd and puzzling, funny, ingenious, pro- 

?k® n ! ora ] lf?PS made by almost independent of the Sieglinde (from Wagner’s U’nl- yoking: and the more you dis- 

want to go 


T(-> A r. , . 7, - ‘ — mucpruucui ujc oKguiJue liroin Wagners IV III- iumuu. anu me mo 

1UA oshiinia in the film may bp too specific object (as sexual Jove tnnie) might remember that that cover, the more vou 
swift high and far for many often is), and It teases the too was the prelude to the birth on looking. 


Of all the cant words employed J2j£- of sexual more^ i^e a “ dient ? a . lon - ™th «he suspense of a dubious Messiab-Siegfncd 
by film publicists in this country Lmnlv Lvs fii of wondenng whether the girl is the Aiyan, At the ICA there is a winsome 

to promote works of catchpenny MLikip *Sh,„ a Mbemmg villamess or merely Bunuel has nn rime for Women's Lib comedy from 

initiation, perhaps the most acJnd nnnn naninmnnii a . .... _ Messiahs or heroes; and even Denmark called Take ft Like a 

hypocritical is ." adult, 
is seldom anything 
adult about the 
described: -.films 

rifles like The Fruit lx Rijyj or thing we should forbid between Bunuel" 

The Lustful Vicar or New Black consenting adults, up to and in- tprrnrUm i* the 
Einmanueilc 103. and portraying eluding the taking of life? That w ,s ine 

Both 



that the credo of harnessed and unhirrassed by say it- with such witless, - village- 
Ttaat. **“ •»*»»»* is the same as the society. Bunuel's anarchy is ball attempts at satire. It is 
human sexuality with ‘much' the word“ 0 “ r ransentine'" "is' vital. S’ 6 * 1 ! 0 a[ . sexual provocation, anarchy with a human face And eignificantt hat the film was 

same guilty. conspiratorial OshSna reoudSlM the word 30111 P rom:ise a Utopia after a also with a comic one. The film made by a group (“The Fed 

prurience as schoolboys telling Murderer when aoniied to his time ®f pain and trial, both 1S pocked with surreal throw- Sisters Collective ") -and not by 

Hirrv “if th.ir thn a ways a la Discreet diarm of ihe an individual. The first thing 


dirty stories in the dormitory, heroine ~ precisely "because her predicate their cruelties on the ™ ?H nn i e 

So expunge from your mind " victim "■ was willing. Ai No principle "Pap now, live later.” £fnrf t ,0 !!j 'Jjfj 1 

ST7^Sdo™^th B ta f ,1 ^om Ul tt Bunucl sp00fs tart femperSm" ifferoice, ta° a 

fimtSy aSLu film about ““ “ fanaticism of modern-day ter- who introduce himself a, a commoo idoolosy is Ihe.r sense 

this country has seen arrives this die. Not surprisingly, the film 
week anct is called Ai No Corrida, has ruffled a few feathers at 
It is adult because director recent festivals— ; at Cannes and 
Nagisa O&huna' has taken the BwMn in 1976- in London last 
time-honoured Japanese tradition - veai \ Those who enter O^bima a 
of erotic art — a tradition that WDr 'd must abandon diffidence, 
accepted sexuality as a human scepticism and received morality: 
activity no more shameful, and f? r *’ s ’, s # the w 2. r1 ,^ of 

sms o7V« M'randS.. 8 - — 

and^ttagic confiSt with ^the° new ob^c^/^bfert * 0 * dSit-J^ 

ThiTtnie^nrident on^hh-h^rhe an °t her d n “ier front thc of 

fihS K/?n m^toS v°e/a°c?S 

ra r ai emotiS^S^S 

impenalism and dictatorship M powerful as Oshima's. Many 
were abeut to darken Japanese crJt f seera t0 ^5^- that the 
society, and when on a more mm ls ** not onc of Bunuel's 

best." I' assure von otherwise. - It 

S'? “ a ? S ?ir" lh T er !r .° f ^ is the most ingenious allegory 
Right, now of the Left— was 0 f - human - wrong-headed ness 
aP °ut to begin its work of B unue i -has given us since 
sacrificing individual happiness Viridiann. It is also the first film 
to the “happiness of the greatest 1 have seen to spy a link between 
number." political terrorism and sexual 

Oshima’s film is a hymn to the provocation; to show that these 
former. His heroine is modelled activities are hut two sides of 
on a Japanese geisha girl who ihg same pathological coin, both 
was arrested and put on trial in perveise exercises in emotional 
1936 for having murdered and blackmail. 

castrated her lover. Her' story An elderly Frenchman 
was that she did it with his com- {Fernando Rey), resident in 
plicity; in the throes of‘ a sexual Spain, is boarding the train from 
love from which , there was no Seville to Paris. His departure 
turning hack and to which (with has been precipitated partly by c«c*iual Hall 

his consent) death was the only a sudden outbreak of terrorist Festival nail 

consummation. Tn Oshima’s film, atrocities in the town, partly by 
the sado-masochistic elements of the emotional discomposure of 
the relationship are clear from a broken love affgir. He tells 

the beginning, and the girl the story of the latter (in flash- 

fwfaose name. not im- back) to a group of sympathetic 



ETko Matsu da in “ Ai No Corrida ■ 


Messiaen 


by DOMINIC GILL 


suggestively, is SadaV constantly fellow^traveliers on the train. The . , . .. .. „„„ . . , ,, „„„ _ Vl 

threatens the man with punish- young woman he loved, formerly _ On Wednesdaynight the BBC life, spanning nearly half a cen-the very capable, rather straight- 
ment if or when he should ever a serving girl in bis home, had Symphony Orchestra under Serge tury. . . . lared soioisr, not terriWj* cor 

T At tVi p, rTrvrvrl -CtKripkC D rvl 1 5 ? 5 SW Mf S JSJSj X’S" 

JL 6 I 1116 vjOOQ 0 IOH 6 S IvOll ri- z s.“ -«>•.-»> «> 

iscenes presei 
and explicitly 

^ffiia*&“l==5=rrt ?!« "“ft* a topu perform 

starts to look at the film simply seemed that she was deliberately ness. We could agree with Hugh ance of exotiques wit 

as a Sim: as a raw. powerful and hurting and flouting him (as Wood's warm but mildly cautious ^n«e «u W Yvonne Loriod as piano soloi: 

study in emotion- yben he discovered her harbour- assessment in our programme- -7 _ bard, brilliant sequenc* 


by STUART ALEXANDER 


You cannot beat the real thing 
and the real Mick Jagger was 
such a spectacular example of 
strutting aggression and arrogant 
bravado that however close a 
singer may come to reproducing 
thc raw urgency of, his voice he 
would, need to be a brilliant and 
very athletic mimic to copy the 
stage delivery. 

Louis Sclwyn makes a brave 
attempt in the latest attempt by 
theatre impresarios to cash in 
mi a known group of fans left 
Mranded by their idols, but too 
often hi* simulation falls over 
the edge into parody. 

Let thc Guori .Slones Roll was 
originally produced at the Edin- 
burgh Fringe Festival in 1977 
and thc atmosphere of makeshift 
has lived on. Somewhere there 
is a core of sincerity trying to 
break through but thc script is 
50 trite and the metaphysical so 
meandering that it is difficult to 
(ell when the longue is meant to 
lie in the cheek and when it is 
not. x 

As a rock revue it is saved by 
the hit songs of the Stones but 
the whole show lacks drive -and 
momentum, becoming disjointed 
and sketchy. The comedy relief, 
which has little or muiuly 
nothing to do with thc developing 
career of ihe group, is welcome 
but also serves to show up more 
starkly the very thin story line 
contrived by author Rayner 
Burton. 

He concentrates on the group's 
drug problems and their part in 
the death of Brian Jones, capably 
played by David Gretton who 
comes over even better as an 
American stand-up comic in a 
.scene which continues to-. -bo 
funny even though it .is also 
meant to ridicule thc criticisms 
of the older “generation." 

But the attempt to bring back 
Brian Jones- in seraphic robcS 




very Japanese siuay m emotion-. “*7 - ... — amT r.-ivp) cnir-orf with 

-ritual. Ai No Corrida means mg a boy friend in her room), note of Messiaen as the most and mtol spiced vmn ----- ymaiy cornu rea and snape» 

-jrridc of Low. and there is sometimes that she was being distinguished composer now Z |a s .„ V™ each facet diamond-cut; and 

something, like a bullfight in the cruel gnly to be kind (as when working m Europe; or, like S workmanlike account of one « 

way the man and the girl alter she tearfully assured him that Fred Goldbeck. see MessiaOn as ^ Messiaen’s masterpieces of tt 

natelv tease, caress and gore she was only"* testing’ his love), the man “who made the avant J middle, 1960s. Et crpecto resu 

each other; and in the way that Finally a reconciliation nf sorts garde palatable to the world’s ^1 ^ a rectionem mortuorum — its fort 

the moment of supreme passion was achieved; but there was still Puccini - lovers" (do mean and presence (“destined for va 

and contact between the two be- time for tragedy to interevene. achievement). But as a saluta- J spaces . . . churches, cathedral 

| comes also the moment of death. This story-withln-a-story of an tion it was effective, well-planned 1*25° J? c an d even in the open air ar 

| The language of sexuality in- old man’s infatuation is given an and well-played: an orchestral ™L .’ ™ i, . on high mountains") drluti 

forms the whole film (even an inspired Bunuel i an twist by the retrospective of fnur works aomire: ana wmen Messiaen on j y the familiar surroun 
I eating scene is given a whim- fact that the girf is played, in chosen from widely-spaced admirers merely find so hard to j ngSi busy as ever with officio 

Isical piquancy by what the alternating scenes; by two differ- periods of the composer's artistic stomach. Felicity Palmer was attendants, of the Festival Hall 




Chichester 
Cathedral 
Festivities 

Local authorities which did not 
do enough to support arts fes- 
tivals were criticised yesterday 
by Mr. Kenneth Robinson, 
chairman pf the Arts Council. 

“ So many local authorities 
(leave the greater part of the 
i financing to the energies of tbe 
| organiser in raising money from 
business sponsors, generous in- 
dividuals and the Arts Council." 
he said. 

Mr. Robinson was speaking at 
a Press reception to lauocb the 
Chichester 903 Festivities which 
will centre on Chichester Cathe- 
dral from July S to July 22. 

The Cftichester Festivities 
began in 1975 to mark the 900th 
anniversary of the Cathedral, 
temd the perecentage or income 
achieved through the box 
office in the last three years is 
higher than that of any other 
major arts festival in England, 
with one exception. 

Mr. Richard Gregson-Williams, 
the festival director, is keen to 
exploit the acoustics of the 


Louis Selwyn as Hick jagger 

I VAJiiVlL “* 

while the. rest or thc group band and the only star- among Lane. And even if theyare dls*; cathedral, and envisages uie 
performs a dream-sequeuco ballet them was Jagger. unpointed with -the lack cf : festival acquiring a reputation 

falls down badly. The attempted addition of pap decibels and lights, or find tbe | for the presentation oF large scale 

Living legends have become culture produces a -dialogue on ambassadorial setting too incon-r choral and orchestral works, 
rather devalued of late as pub- a. par with thc worst interviews gruously middle-class for a rock) This attiinde is reflected in the 
liciiy machines have run out of with embarrassed football they may at least console ! opening concert in which the 


superlatives, but- us the play players. , - , themselves bv rushing home to 

itself says so forcibly, the Stones No doubt some of the faithful , and _ rendc - 

nover wanted to be legends or will make the. pilgrimage 10 this the rerord player and a render 
anything other than a good rock little theatre off St. Martin’s mg of tbe real thing. 

Radio City 

Leon Russell by frank lipsius 


trumpeters oF the Royal Military 
School of 31u5ie. Knell er Hall 
appear with the Royal Philhar- 
monic Orchestra under Sir 
Charles Groves, in two -fully- 
slaged performances of Britten's 
opera Noyes Fludde and in a 
performance of Beethoven’s 
• “ Choral ” Symphony with the 
! Monteverdi Choir and Orchestra 
> conducted by John Eliot 
: Gardiner. ... 

. . .. „ .. _ „ ,, . Other highlights include thc 

Now York's famous movie his familiar repertoire with his. Using Radio City Music Hall ,5^ British appearance of the 
hnusc, 6.no0-seat Radio City wife Mary sharing the stage at. for rock music concerts is no Berlin Philharmonic Wind OrioL 
Music' Hall is living out its last her own piano, Russell was not- mor e nor less venal than turn- 1 concerts by the Academy of St. 
days as a rock music venue ably successful .when he slowed , sJjle] homes |n| - anius^ : Mar: in-i»thfr^elds. the London 
before a scheduled final closing the tempo of the rongs to let the =L ^ Thou eh the hall was ' Symphony Orchestra conducted 
in \nril The beatuiful art deco hall carry his plaintive voice, ment parks. Ttiougn me nan was by Eduardo Mata, and an unusual 
hall the larccst cinema in the But ho insisted on quickening designed for the medium .^ collaboration between Imrat 
world would 8 never be mistaken most of the songs, as though . greatest commercial popularity , tsitar and surbahar) and 

for the Rainbow Theatre in North excitement can be generated by of its time— tiie movies—it has ■ Christopher Hogwood (virginals). 

&STthe ?ouSfi c rowds two people on stage shouting an elegance that; enhanced the.r, 

“"‘IsSs mss a 

■ Bamopr hw it ttat R=bio! 

cenium arch and projected 00 e " 

the walls and wiling. The lobby - 

J^threMtorcv^Vtew of* SSI 3 oi) P on "Mighty Clouds dosing- was' meant to prompt , liaddo House, near Methlick. 

of Joy" but ofliemise comple- public support for the theatre, ; Aberdeenshire, through sponsor- 
rnented him 31 best and usually now. Ions Past financial viability. ; sh - ip from BP Petroieum 
SS hall SS^SwpuM him. making So- con trove rsj-clouds the br^'^elopment. _ 

thi. best entertauunent tnc n *be huge Stage seem only maiv sunrises, as New \ork Gift’.. The two oratonos— Tiie King- 
can offer. ' C ihaiiv smaller. suffering 'financial^ --strains of tisdemt and The Apostles — will be 

Good as Leon Russell is — and Unfor Innately it • swamped own, deddes whether ter kick in • performed on May 13 and 14 by 
stylish as he. appears compared thcm bolhi Bej nB batiied in some money to keep open^ttie|the Hsddo House Choral and 
to most pop music performers— sunrises' and brass requires “Showplaoe of tbe- Nation." . Operatic Society, accompanied 
he was much overshadowed by more shownnanKhip than sitting even for the likes of man stars by a 60-strong Baddo House Con- 
the hall in bis recent week-end in front of a piano playing, .old who at least keep the lights ren Orchestra, and six soloists 
appearance there. Going through music with a new beat] ; burning and the amps blaring, jin the leading parts. • 


BP sponsor music 
at Haddo House 

Two of the most famous. 


UNION CORPORATION LTD. 


\ 


(Incorporated in the Republic of South Africa) 



The Chairman, Mr. E. Pavitt, reports to shareholders 


With the depressed South African economy showing 
few signs of an upturn during 1 977. the group 
industrial interests did well to earn improved profits 
which more tha n compensated for fa Ms in dividends 
received from our mining investments. In the 
circumstances the consolidated net profit of 
R37.7 million (62 cents per share) represents a 
satisfactory outcome when compared with that of 
R33.3 million (55 cents per share) for 197 6. 

GOLD AND URANIUM 

In spite of the restriction of pay increases to 5-6 per 
cent, working costs continued to risB at almost 
double the rate of the consumer price index, due 
mainly to the influx of largely untrained black labour, 
coupled with high labour turnover, the introduction 
of the eleven-shift fortnight and disproportionately 
high increases in certain key costs. 

The gold market continues to strengthen. Fabrication 
demand and sales of coins exceeded the supply of 
newly mined metal for the second year in succession. 
The speculative and investment buying associated 
with the weakness of the dollar has however 
brought a degree of instability into the market and 
some reaction may occur later in the year. 

After a prolonged and costly exploration programme 
we are sufficiently encouraged with the results 
obtained to be in the final stages of evaluating a 
potential uranium/gold mine in the Orange Free 
State, south of St. Helena GdlilMines. If a decision is 
made to bring the project into production a very 
substantial cash investment will be required. 

PLATINUM 

For most of 1977, platinum wastraded below producer 
price and only towards the —■»■■ ■■»»»» 

end of the year were there £ 

signs of a revival. 

Impala Platinum was able to 
maintain its planned 
production rate of 700,000 
ozs.-of platinum a year. 


Income after taxation : 33.3 
Dividends 2L6 


Net Assets 


INDUSTRIAL . 

O ur industrial interests are predominantly in the 
paper, packaging and engineering fields where 
market conditions were uniformly depressed and 
opportunities for increasing turnover or raising prices 
were limited. Improved profits were therefore 
possible only as a result of rationalisation, containing 
costs and improving efficiency and productivity, in 
these circumstances, it is a credit to all the group's 
industrial interests that earnings overall were up 
13 per cent, on 1976 figures. 

Prospects for-1 978 must beseen againstthe - 
continuation of poor economic conditions and a 
number of major uncertainties. Despite this, I 
believe that the strong enterprising management 
teams heading our industrial subsidiaries will make 
the most of opportunities and will take fuM advantage 
of any improvement in the South African economy. 

OUTLOOK 

Loan financing plays a major role in the three new 
mining ventures with which we are currently 
involved and in respect of two of these we have had 
to provide substantial guarantees. This is becoming 
a standard pattern in modern mining finance and 
until there is some general revival in the world 
demand for metals and minerals, the existence of 
such commitments inhibits further new projects or 
the expansion of existing ones. 

South Africa's abundance of natural resources and 
possession of technical and entre-preneurial skills, 
enable us to make the economic progress needed to 
continue to improve the standards of the whole 
population. 

To make the most of its opportunities, given the 
special problems of its diversity of races and cultures. 

South Africa will require a 

considerable degree of 
courage and imagination ; • 
also thB understanding and 
enlightened self-interest of 
the world business 
community. 


Rands Million 
-1976 1977 


37,7 

23.2 


4T3.3 481:7 


■TW laf J 


Copies of the Annua I Report may be obtained from the London Secretaries. 

Union Corporation (U.K.) Ltd.. 35 Gresham Street. London. EC2V 7BS. f Quoting Ref. U C.). 


t 


Financial Times Friday March SI 1978 


FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET, LONDON UUP 4BY 
Telegrams: Plnantimp. London PS*. • Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Friday March 31 1978 


i- ^ V' TT TV \ 'Jf EKER WEIZMAN, drawal had b*m nude, as was 

. *•— * J\/| jfche Israeli ■ Defence, the demand .that Israel should 

' 9 -m JLY A Minister, went to Cario retain; the three airbases It has 

^«|| y-| B yesterday on what was .a huilt *o -the desert 

(III ilfi B desperate last minute bid to Most of the problems 

JiA vl AHA save not only President Anwar surrounding the return of Sinai, 

Sadat's peace initiative, but also however, do appear to be sor- 
The Department of Trade the Foreign fcanks in London ttes ‘ Government of Mr. mountable-oven the question 
agreed 18 months ago that and from Licensed Dealers — Menachem Begin. of the settlements; It was the 

statutory regulation of the and the exercise sanctions The J° ume y hears all the hall- fea F. tha ‘ “ r - Begin might be 
security markets by some body jn3t outsidcrs who helon g tn marks of the Begin Govern- tQ 1 

similar to the L.S. Securities of ^ associations ments method of operation: it ^ ™ 

and Exchange Commission was obviousIy presents special diffi- vv ‘ as *w*Wy prepared, based on 

not necessary and that a more hope rather than careful plan- 1 , S6aron * t0 ?*?* 

effective system of self-regula- . . niag, and the long-term political ? ^ land devel “ praant work 111 

tion would be acceptable. It . A similarly wide issue is ^quences were given less Sinai ; . e J en « the Government 
has now, therefore, given its implicit m the i question, for bought than the possible short- w taikrng of withdrawal. 

SKT* V SW3 SSSSrSTSSTS “f “ ent ct • 

SSVS S-St “«? £?■ Slap m the 


The little war that went 
very wrong for Begin 



BY DAVID LENNON, Tel Aviv Correspondent 


/ I&V.J- v -v .> 


England, in consultation with 


various City associations, which that there is at present no great | nd w ? aie Pres SfJ t 

involve the establishment of a public concern about their 

Council for the Securities In- operation, apart perhaps from J* e Government s f oreign 


face 


VlVUULU 1U1 U1C OCLUUUC9 nr — * — * ■ ■ • . .1 v li 

i dustrv The authoritv of this the question of insider dealings policy, the Israeli Prune r . . . . . . , . 

! Council sprini from tE which is one day to be d2t Minister and bis cabinet have toe 

, voluntary recognition by the with by legislation. But con- manned to display almost *n- “JJJ^tMface, tne 

| bodies represented on it that cere could flare up aga’n at any credible ineptitude on a number a „d “aS llrael“ 

“its recommendations, although time. The presence on Coun- of other issues. As a result. hp ^ doubt the' Govern- 
without legal or binding force, cil of only three lay members. Mr. Begin is under challenge 2J G 

i could not in practice be and those appointed by the from within iris cabinet, is being • s . 

' ignored." Governor of the Bank, seems to castigated by a revived opposi- The real stumbling block to 

| Yesterday's statement about underrate the public interest in- tion. and is facing growing p I° gr ?f s )' ras ' ™ e 

the chairmanship, financing and volved, especially since there public demonstrations callina West *3“ ™ e *asu e 
i operation of the Council, leaves will be no machinery for for his replacement Palestinians. Israel has refused 

; a number of questions still un- aggrieved individuals to make - - fts . .. ^ ckbinet 1° ^ "“S u West 

I answered. The framing of codes their complaints heard. The serious that Mr Benin's ^ nd most -j* t 

of conduct and the drafting of general public, moreover, will “gJJJ P^d to offer residents there 

recommendations about UJv. probably not distinguish easily ^^endmentSthe Knesret "*! a f °™ #f J 1 T 0Cl1 

and EEC legislation will be in between financial misbehaviour “! gJStTft S w«*SSS under continued Israel! military 

the hands of a Markets Commit- in general and the particular S5d toe Prtae !^ ramty -. ™ at V"* PaIes - 

tee, while the Take-over Panel Kinds with which alone the new MinSer To dSniss an iSJ aspirations for a home- 

will continue to operate and en- watchdog will he concerned. ^ Plater ^thoot 

force the code relating specific- ~ whole cabinet havine to resign. ^ a, “ tlTUans llY ^g outsiae tne 

ally to take-over practice. But Self-dlSCiphne • as is th? taw at pr^fnt territory controlled by IsraeL 

it appears that the Takeover None of this is to suggest that n Q<ri „. c When the- peace negotiation 



•V - r 

•• •: -V' 


Hr. Begin with President Carter in Washington last week : Israelis are worried about the 

loss of American support. 


to the public In Israel, are the 
reports of tens of thousands of 
refugees fleeing northwards 
deeper into I«cbanon. and the 
destruction wrought In many 
villages of south Lebanon has 
shocked many people. 

It Is dear that the Govern- 
ment did not give enoush 
thought to what »v«uld happen 
once it invaded south 

Lebanon. No real consideration 
appears to have been paid to 
how to withdraw, and wlm 
would fill the vacuum once the 
Hraoh troops had gone. The 
Government does not seem tn 
have taken account of the pos- 
sibility of 3 t?.X. force moving 
m. In effect Mr. Begin ha* 
brought about a situation which 
no ouo in Israel is happy about. 

High point of 
popularity 

It was Mr. Begins first war 
as Prime Minister, ami a dirty 
linle war n turned ou' to be. 
Mr-. Golda Meir was fcirced to 
resign as Prime Minister after 
the Government's mishandling 
of the 1973 war. Last year the 
Labour Party paid the delayed 
price for that war and for ihe 
squabbling between numbers 
in Mr. Yitzhak Rabin's Labour 
Government From a higli point 
ot popularity only a few months 
ago. Mr. Be .no now appi.*ars ro 


ally to take-over practice But Self-dlSCipbne • th? taw at SSL? ^ territnry ^ntroHed by IsraeL Moshe Vvan% the Foreign candidate and thus opened the 0 f the glory: if he fails, it will ** ***** (J ^" 

it appears that the Take-over None of rh is is to suggest that Wr v fn + MHonc When the- peace negotiation Minister; the paper sticks to it way fora Labour Party man lo be easy to place a large decree 1 

Panel, which is the model for the principle of self-regulation tow foMlS stalemate, the story, despite denials from the become the next president The 0 f the blame onto Mr. Wcirman. a "" ^ ... iym ^ H M 

the new and larger operation, i s n nt desirable in itself if it P | * ,n - ne P |ins ™ Americans stepped m-to try to Foreign Ministry- ,. a „ hB11 . api „ j u .. . Sending Mr. Wcizman to 

may be given a wider role in be nSeto work Statatoiy a “ b i ne ? bridge the saps between the Mr Begin sabed a temporary S Jt J ! ^ undermining hisstanding m Cairo was the gamble of a dc* 

| investigating alleged breaches regulation of the markets is in- ,f IS aotyetclear which ^ ^ des _ Despite two rounds resD j te the pressures t ^ at ° f p “ b ^ c fa ' l f ur . If the Prime pL . ra t e nian. striving it* rescue 

• of the various codes to he drawn herently slow, clumsy and — ^ridW^BUt -° f shttttle diploiIlaC3r **“ buUding up around hhn. Mr. J^e score card is even Mr. ^mister to . a deterioratmj: situation. U 

[up by the CSI and recommend- because of both the administTa- get ” d JJ- ® ut ncd at U.S. Assistant Secretary of weirmanV tati for a new Gov- Veizman won a victory when he Defence Minister. h e can also Iu be fully to send a 

| mg appropriate actionl live and the legal costs involved CG .^ ta111 tba ^_ a hnuse cIeam " g state. Mr. Alfred Atherton, and ernment was neutralised and forced a halt tQ settlement in accuse him of letting the attack xnmistcr on Mich a mission 

Lav members ^enJve. Se s^nlTp of a his own ' weakened visits' to Washington by both tSSfC tSan ^ occupied territories after on Lebanon get out of hand. * Ilen lsrae , , s Coring nothing 

; La * mcmDers body like the SEC is a last p t . , President Sadat and Mr. Begin, Wholly loyal. He ^ aiso threatcnin g. t0 resign. Now his Public elation caused bv the new. But Mr. Begin b»-l.eu*s 


—expensive. The setting-up of a Dnsition 
body like the SEC is a last P „ ' 


It is not clear, however, and resort, and admission of failure Mr - Bain’s popularity has no progress has been made. abandoned by those ministers D PP° nents have claimed their revenge for the terrorist attack that the only logical explanation 
'probably can i nly become clear and is to be avoided if that is bPen slipping steadily. The It was Israel’s refusal to wbo bad been expected to back win b - v torpedoing his call for on a bu< nurth uf Tel Aviv fur Mr. Sadat '.s vi.Mt tu 

:in practice, when the CSI will a t all possible: the very fact most recent public opinion poll badge from the original peace him. But the rifts within the a National Peace Government, almost three weeks ago has Jerusalem m November was 

^initiate investigations of its own that a Labour Government came showed that 59 per rent of p j ail which l* d fhe confron- Cabinet have not been healed. Neither side is prepared to faded. People are beginning to that the Egyptian leader despor- 

j.and when it will decide that to this conclusion after two T<n 7 plis thought that he was tati on in Washington last week jjr. Weizman. still has fairly give way. and it will be up to question the entire concept, as ately needed peace, at virtu* 


w anu iblk ol uigency wim wnica me " u; . . — . . — , , ~ ~ aeience. ,hnnt support, ana appears to oe me strategic aim was iu destroy me Tc __-i „. 5n h _.._ 

that the abUity of associations CSI has been set up and the Mr . Begra s choice^ an almost ^ prime Minister. returned l,7ShJ2K5 beM^S ooe Minister whom. -President mUitary. .power of the Palestine 

diwiplme 'recalcitrant mem- secrecy in which the prelimin- from Washington to a political Israel shou W be moS Sadat is really happy to talk to. Liberation Organisation The JJJL ’Ste an 5iV'«n«Sr5 

r« >s also variable. Not all ary consultations were held are for the Presidency. crisis which threatened to 52^^“ S, for “° c ? «rsr Failed heeansed the buffer JSli ^ new round Tf 

Uie associations concerned with not altogether encouraging. The Amone the welter of comment topple him within days: The “® « ? « 7nnp rinpv nnt nmriri# in 


he associations concerned with not altogether encouraging. The Amone the welter of comment topple him within days* The JT, ' “ j y “i4 ‘ {/ Mr ‘ 

'ecurity markets have yet new body deserves to flourish, ahnut Israel's reaction to Presi- public was worried about the " «° ppos ®“ 3 

igreed to participate in the We hope it will, as its mode of dent Sadat's peace initiative, it loss of American support, and a Beg £ * “J™ 

dork of the CSI — it is proposed operation becomes clearer than was the Labour Party. lea ^»*r. Mr. Mr. Weizman had called for a y ? ano ’ * rew . ocner 
:o invite representatives from it is at present. Shimon Peres, who n'nWednes- “national peace government,’: a m siers - 

day pointed tn the key problem: clear, challenge to Mr. Begin to The Liberal Party also has 

. tiie Government has failed to modify his position or resign, another fight with Mr. Begin. 


Chances of 
success * 


Hrnr ftlllfd hrran^rl thp b.|fFrr v ,„ or> . in any „, 10ll „f 
zone does not provide an effec- fi s j It i n n even less probable Item . 
tlve answer tri InncwnEP shell- j, already , S . *•*. 

mg nr rocket attacks of Israeli ■ * ■ ■ - . '-ip# 

terrltority. 'The second failed hd J 3 S ^ brcak 

because ihe com-entional frontal deadlock in ihe peace nego- if 


Mil 

V0| 

irVf Jt 



day pointed tn the key problem: clear, challenge to Mr. Begin to The Liberal Party also has v ‘ . _ artark cave thp Palestinian tiations. then Mr. Begin will 

. tiie Government has failed to modify his position or resign, another fight with Mr. Besin. B ^ ca , us ® _ ? fi«h»ers time tr. retreat ahead come under increasing pressure 

IT j9 g* understand the historic onoor- But a carefully timed leak He refused to bade its candidate of the advaneina rolumn to step down. The pressure will i 

d TIOOTlflirOC g/fVlt* timity presented by President about an American official call- for the mainly ceremonial post rather than Mr. Dayan to Cairo . ■ ‘ . come not only from the Garter ' 

;j. I B v V/fll 0 0 V ^ / y 1 H P I Sadat's visit to Jerusalem on ing for Mr. Begin to be replaced of president Instead Mr. Begin to try to revive the direct nego- Instead of having dcstroygn Administration and the West tn 

r November 19. The Israeli peace rallied the Cabinet and the produced an unknown scientist tiationv His calculation was xom- the power of the PLO. Israel genera i bu j from within Israel. 4 

I oten offers withdrawal from ihe country behind the Prime called Dr. Yitzhak ChaveL The plex He knew that the defence has to negotiate indirectly with j be Israelis are tired of wars 

m ^ VT !i«T bulk of Sinai, but Israel insists Minister. All felt it their duty total lack of enthusiasm shown . rusTe ^ had the *** to*™? of J? r : Yasser Arafat for a Pales- and ranst w m find it hanJ to 

imfi II Oil VI TV that the Jewish settlements birlt to show that Israel was m f or Mr. Begin’s candidate forced forgive * n,an who bas thrnvrn 

1 JA T J on occluded Egyptian territory banana - republic whose leader hi wh i Ch m a l K At ? VlT *1 ^ e ^ n ° n has brought aw the be ^ t cbance n f peace 

F * . «/ since 1967 must rematn even ruled by grace and favour of I ZjlTS? » th f S e C ! c ntre 1 atage * whirti Israel has ever been 

lEXT WEEK employees in thought that the system should the territory is ^tnreed the VS The Davar newspaper TfinTster ^ Mr Be^n ^ . erem^t SSSed *** * ^ offered ' Fow want to nXrcnt . 

ritish Leyland's car factories be improved, not abandoned i to Egypt This issue. was raised claims that the story was Pnme Minister. But Mr. Begin u Mr. Weizman succeeds, ernment wanted. any further into a state of 

ill be voting on whether tn the possibility of including some onl y after the offer of with- planted by the -aides of Mr. still refused to back the Liberal then Mr Begin can claim much What is even more worrying siege. 

iprnve the introduction, on a incentive element should be , • - - ; - - - - f r r Ir r - - m 

K-mnnth trial basis, of incen- kept under review. 

aggll ssSr men km MflnERS 

tveen management and unions basically sound but miinted om ■ 

national level in February, that / roup bonus schemes. RoferV ' M =f gers are all a good foot shorter newspaper pages vary in size 

Ll». .PPWi to on «.«„ Ptaot o ; V™?*..- . IfYLUP 1 U,e,r IT*”.?*™-. r ? T0UCh * 




EN AND MAnERS 


ftfsss: SSiis “ *>•.*>*#>* , 

tamse of over-manning and in- t . typip^iy these sc h«m e «. ^ otar >' International remains a 

ba3tion of male ^usivenesa 

L^n-iTpmpnT ihlf amounting to about 15 per cent. but. in these days of 'equal 

lions ^ productivity in British ° f tota L pay ' on top of the rtghts ^ -**» not be about 
’• and FlecF planti is well raeasured da y rale - ^ production tf> Aanee? The Question was 


i mm 


!nw the levels achieved raised ****** ** a re P° rt MY “ nnpenna| 00 Tne w f pf,one ; - "‘V. 

• com Da cable Continental t*‘ a ti Jra H>- the report stated. . rhor fh« the Carter circus is rnld."and f™if p s . annual reP ,rt - 

Itnrinr P Th?™^;T,fT?? bn !3 tal “incentives cannot be paid from 1-05 APS® 165 11,31 tte 8^7 • - beware nf loose talk in vnur GP0 Jumped the gu 

tM forcibly in iJ cTntS raereIy t0 reach the a ^ reed s tan- Duarte suburb’s branch of toe • B&ggfk rooms unless these have b*en delivered 2.000 copies t. 

licv Review Staff reoort on dard and **“ standird s agreed Rotary Club is to appeal to the j&sfSL . JgggL S checked for hugs. “If th*s is holders - including a 
1 mninr industry nublishpd must be s0und ones . reflecting California Superior Court against fy grijn ^faliwii Jps goodwill, what is »he alterna- ^rprisea stockbrnh 
(IKS: i« has SeenhiThn^ed reasonab ^ aUainable Us expulsion from toe tree?’’ one Brazilian asked. gj* « Uy 

I in in a study recently under- These two conditions are Rotary Club. ttHEME BALLOT n. rt M 

■» by Lcyland mani,eme» t d™^ of th, h ^, ^ expul »„„ for ac Mpt - Z 

j, unions. The question is importance. There is a danger - m g three women as members. |U n fn nnn hAnp —that it delivers ton fas 

4t can be done about it and. that incentive schemes will be when J masked John Jackson. WOta-POn Dene Whatcould^Dlainti 

n Jh ibUt, ° n wiTat Sim s ho y U M a Tr^Deriv Secretai T of RoCary ^ter- . t * So now we know why we found zealousness? Nothing • 

l,i!«o? e ^ ed - frnra ^ re_m ' -poardM! a P ^ n ?f. r _f b ,f national in Britain, about this. * New productivity has been the surface area if the new surely with the presence 
taction of incentive pay- worse s SFto he “ id that exp«^ra J» d hit by the time deciding pound note was only 81.9 per BP Board nf Mr Torn J 

ps- vidTi thTr?v!™ been ** branch had - * Yes ’or* No’!” cent of toe old one. whereas General Secretary of r ht 

I [cejvork rates ' mSt'i 10 per^nt guideltoS broken * e ■- • ^he masters of the Treasury of Post Office Workers. 

!■ ., -Q-. w . , „ ■ rtf thp constitution — though he added claimed it was 83.5 per cent. 

jitil 19 1 1 most of toe Mid- Th® settiru of toe ! stondards on tbat ^ breach had -been the the. next CouncU of Legislation. Apparently toe size as well as 

fe car factories operated a * ^ admission' of women had some- FetoJnists will not be pleased the value, alas, is a variable— 

<1 OF piecework HI which pay b *»d wiU reqiu re careful pre- ^ t0 do ^ ^ extreme to hear that that is not due until and toe Bank of England say DoWP tO earth 
reJated d.rectly to ind i- Even if these 1 coif measure ^ by m Rotary J98 o. that t0 some extent it will slay , Ccsr.li 

ifel -effort. But the system dittoes are met, it would be moVemen t ■ that way A breathtaking t< 

If been allowed to fall into Quite wrong to suppose that the __ . e ^ . . . advance is about to hit 

i y: not only was the negotia- re-introduction of incentives, on As . a . vohitaiy. non-profit Several clearing banks have a2r i ra t fure; f armers Qi 

I- of- new piecework rates a a group rather than an in- organisation. Rotary is exempt y ravG | xj QS been complaining to the Bank measure hliw , hpir g 

jee of endless arguments and dividual basis, will transform ffomthe provisions of the 1 TdYCl that cashpoiqt payout machines growjns morp arcuraIe 


gers are all a good foot shorter newspaper pages vary in size." 
than their American visitors. Tn Touche. . 
any case, the Brazilians asked. • - 

who are the inhabitants of 

Washington and New York to Hpiivpn/ 

criticise US on this point? txpre&b delivery 

But the least delicate touch An embarrassed BP Board yes - 
is., perhaps that relating 10 terday had to n ban non its 
security. Do not say anything Plauneti embargo until to-day 
confidential on the telephone. on ap ^ Press coverage of toe 
toe Carter cirrus is rnld."and s . annu ®i report. The 
beware nf loose talk in your GPO jumped the gun and 
rooms unless these have h*»en de j*vered 2.000 copies to share- 
checked for hugs. “If this is holders - including a number 
goodwill, what is the alterna- surprised stockbrokers — 


V:- . 



PRQpucnvrnr 
SCHEME BALLOT 


“ Now productivity has been 
hit by the time deciding 
- ‘Yes’ Jbr ‘No’!" 


Nota non bene 



_ -The exception 
T that could prove 
to be your rula 


tive?" one Brazilian asked. aheaf1 ot lhe carefully planned 

March 3L release date.- So now 
.. — - .... th*» Post Office could bp receiv- 

ing an unprecedented' complaint 

Nota non bene del , i r ers «? fa ^ e 

What could explain this over 
So now we know why we found zealousness? Nothing -to - dii. 
toe surface area if toe new surely with the presence on th** 
pound note was only 81.9 per BP Board of Mr Tom Jackson, 
cent, nf toe old one. whereas General Secretary of the Union 
the masters of the Treasury of Post Office Workers, 
claimed it was 83.5 per cent. 


I ' 







THE 


that to some extent it will stay 
that way. A breathtaking technical 

„ advance is about to hit British 

Several clcann, banlw have atjrjmKurp; farmers can nnw 
b«n compI.rn.nB *0 the Bonk mMsure h ,„. Ih( . ir sn|5s K 
th.t cutapotnt payouroachmes 5rwins mor(> arcur3Te(y lhan 


Sent disputes, but there the performance of Leyland's Bntish Sex Discrimination Act There must have, been some bave been eau ^ e tn H'ccup by bj , lhe agp^jjj niethori of look- 

j«s anomalies between dif- car factories; but they should of l97 »- Jackson told -me that beart searching amdhg toe the -new note. But the result nf ing oirBr the f ence Drawing on 

Pit groups of workers, he helpful as one element in a women had been formally entourage of President Carter unofficial talks between toe Bank New Zealand expertise. Tho Milk 

I’fh Leyland decided to wider programme for raising excluded from the Rotary move- before they set out on' their and uie banks has been that the Marketing Board’s special Low 

I . . . .a:.:. moot nnna -i, laact 1QM Ijct , j ■ KshIK .1Ti» fnlnn rm tn r- par nn _ _ . _ r . 


lift to* measured day work, efficiency. ment since at least 1922. Last four-nation goodwill tour this banks are going to try to clear up c^o.sr Productivity Services uni? 

h Ford and Vaurfiall had J ea 5 , ? otary,s Gnuncil nf wec k. The booklet they were 0,6 problems at their end. pooled its brain power with thp 

: operating for many years. ^ mnieresieu Legislation meeting in San issued an the countries ' they A spokesman of toe Bank of Grassland Research Institute 

the preparation for the Such a programme must Francisco h*(i overwhelmingly would be visiting makes it seem England tells me toil they will and Fisnns nf Nnrto Wyke to 

idiictldn of the new system obviously include spending on re 3 erted three motions to allow ^at they would be dicing with be putting same 80Um. new produce the . . Grassmetcr. 

[inadequate: foremen and new plant and machinery, but women to join. disease or death every time they notes in circulation in the 12 This revolutionary device con- 

supervisors were not pro- the weaknesses of the industry Jackson, who had been there, sip water or milk, munch an months from the recent "launch s j^ s 0 f a .. bor j Zfm tal plate 
trained to administer it: have less to do with the volume assured me that toe women in apple or crunch a lettuce leaf, date” or February 9 He hopes wb j cb s ij des up and down a 

the price that had to he of new investment than with its the audience had cheered at the The booklet gives the most Ibe - V wtu . not havc Ui be folded vertical rod through its centre.” 

w secure acceptance of the productivity, and this is true of defeat of these motions. It had graphic accounts of jife in 80 much ay lhe P l,bl c and ,hua Some complicated instructions 

arrangements, particularly the economy generally. Those been a “high level of debate. Brazil, where Carter was yes- wil1 lasl ,on ^ er than the ten then fnliow: “The font nr the 

anninc scales, was exces- commentators. like the Depart- without acrimony. ” he told me. terday. and unfortunately fell monlhi5 wh,cb pld nules rod is placed on the ground and 
Productivity fell as a mem of Applied Economics ai with toe clinching argument inro local hands. The Brazilians ^erased. the plate is held up hv rhe grass 

f of the change. Cambridge, who call for a mas- apparently being that women were none too pleased with what When I asked about the 3mm beneath." All you have to do is 

en the "Ryder Comnjirlee sive increase in new industrial had their own comparable organ- thev read. It was not just stan- size variations in the new notes “make about 3o random read- 

I; at toe problem in 1975 investment seem remarkably isations. Soroptimfsts, Altrusa darils of food hygiene which reported by the banks, the incs in a paddock and calculate 

felt that the enmpanv unmlerested in the poor use we International, ZoniS and the were attacked but also the safety spokesman told me that toler- an average senre For thai area 

S mwte time **rn work out are making of our existing in- Association of Business and- of life. anceg in the new notes were no "f gra^s " What dn you say tn 

j aftte-stanrtarrts nf pro- vestznenL That is the central Professional Women’s - Clubs Rio de Janiero was portrayed different -to those in rhe old that. Farmer Giles? 

! h^yrformance as a basis problem which British Ley] and. were among those he listed. a s a city swarming with fabid ones. He added: “Precise size 

■Tlging the potential For in- British Steel and pia^y others And when could Rotaiy reenn- doss and muggers. The last is not. material to con troll ns - flho&n'iO'V 

fug productivity " Thev must nrprenme. sider its position? Not before Doint mav be true hnf TJin nuie- foroerv and tn anv ease rfnn‘1 t/i>uCi l/tZi 



•■ng productivity.” They must overcome. 


sider its position? Not before point may be true but Rio mug- forgery and in any case don't 


Quality in anage (rfebange. | , 







Financial Times Fridav March 31 1978 

FINANCIAL TIMES SURVEY 

Friday March 31 1978 


COMMUNICATIONS 

Communications 78, an international exposition covering communications equipment and systems, will be held at the National Exhibition Centre, Birmingham, on April 4-7, 

New developments in communications networks and computer technology are providing great 
opportunities for both manufacturers and public telephone authorities. But unless extra 
demand for services can be created a large number of jobs in the industry will be lost. 


THE -REVOLUTIONARY effect 
which computers are beginning 
tn have on communications net- 
works are probably equalled hy 
the less generally understood 
impact' of communications on 
computer technology itself. 

Both trends are. indeed, 
intimately related, and Ihe so 
called convergence ” of com- 
puter and communications tech- 
nology is boginning to be 
reflected in the structure and 
organisation of manufacturing 
companies. 

A very obvious symptom is 
the highly successful move hy 
International Business Machines 
into ihe market for Private 
Branch Exchances fPABXsi. 
when it renoem'sed and ex- 
plivtrd the fact that the V-pv fo 
future ipi*>nhone switehmg 
pwiPing will be computer 
control. 


S’dfls 


At the same time, telecom- 
munications manufacturers are 
finding that the development of 
programming skills is one nf 
the most vital requirements for 
tlWr fit’ ore. Indeed the ossenro 
of switching networks now being 
dcvelnped is a hierarchy or 
programs of Byzantine com- 
plexity. 

The programs con I mil me a 
medium si'erf exchange network 
mav consist of some 200.000 to 
.inn 000 separate instructions. 
S'nee these instructions can. in 
many svstntiK interact with each 
other in uoforseen ways, the 
.skill needed in the initial dwsn 
is of a very liiqh order indeed. 
Kvon routine maintenance will 
uvTcasinelv require engineers 

with complex programming 
t software* skills. 


Furthermore, the manufac- 
ture of telephone ■- switching 
equipment is beginning to 
appe'ar much mure like the mak- 
ing ‘ of computers. :&s- the ■ old 
electro-mechanical . components 
are replaced by semi-conductor 
processors and memories. And 
because of the complexity of 
SPG exchanges, computers are 
needed at all stages -of produc- 
tion to help with design, 
quality control and testing. 

The converse trend has heen 
for comxnuni cation s / links to 
create ever-increasing networks 

of computers. One. cnnseniienre 
has been for the. idea of vast 
central cnmmiters.-fo give way 
In more flexible concepts of 
■•distributed intelligence.'' A 
large number of. regional or 
local mini-computers can he 
connected by high speed data 
links to provide computing 
power at the- place where it is 
needed, for example in branch 
offices of depots of a-.-companv. 
Thp lnr-al computers:. can deal 
with all the immediate trans- 
actions without reference to 
“ headquarters.” -Hourly or 
daily totals can. then- be trans- 
mitted to update the central 
files. Any particularly difficult 
task can be referred to the main 
computer via the data link. 

Distributed networks can 
therefore be a much closer 
analogy to decentralised com- 
oany structures than a mono- 
lilhte . eenlral data processor, 
which can have the effect of 
removing information, and 
therefore responsibilities, from 
a company's outer divisions. 

The concept of distributed in- 
tclligence followed necessarily 
rrorn greatly improved pertor- 
manee and lowered ens! of 


«mall computers but it would 
not have heen possible withn.t 
the provision of a high qualily 
communications - network 

capable of ' carrying the' very 
rapid stream of signals gen- 
erated by computers. These 
links arc generally leased per- 
manently by organisations to 
connect their various offices. In 


.or computer language! Where 
ibe quality of the lines is ade- 
quate. it is possible therefore, 
that data and coded speech 
could use The same paths. 

The whole, future of data com- 
munications in Europe 'is nnw 
under ' study by the Eurodata 
Foundation representing 16 
telephone authorities. 


niques tn allow channels to carry 
a greater density -of traffic and 
to improve quality by excluding 
unwanted noise " from the 
signals. High quality is par- 
ticularly important for digital 
transmission which consists of 
a series of Morse Code-like 
bleeps. Unwanted noise may 
obscure some of the bleeps and 


transmission between towers, 
like the Post Office tower in 
London, and most recently by 
waveguide. A waveguide is a 
hollow tube about the same 
diameter as a car exhaust buried 
in the ground. 

Microwaves squirted down the 
tubes can carry about 500,000 
simultaneous conversations com- 


Two prongs to the 


Ing Pwt Office ducts. Third, 
they are made from glass, which 
is an abundant and intrinsically 
cheap material (although the 
costs of achieving the excep- 
tional purity is high). But per- 
haps the most important feature 
is that optical fibre is immune 
from electrical interference and 
stray voltages. Consequently it 
is very suitable for carrying 
data and the direct digital trans- 
mission of ordinary speech. 


revolution 


By Max Wilkinson 


Waveguide and other forms 
or microwave transmission are 
likely to be restricted to trunk 
routes where high traffic 
volumes can justify the large 
installation costs and make use 
of the capacity of the system. 

Initially, optical fibres will also Rpfjiipprl 
be used between large ex- “CUULCU 
changes. They will he particu- 
larly suitable for connecting 
digital exchanges because of 
their use of digital transmission 
methods. 


a modified domestic television 
set to be combined with the 
telephone service so that it can 
display information from a cen- 
tral Post Office computer. 

Initially, this system will 
transmit data at the compara- 
tively slow rate imposed by the 
restrictions of the present tele- 
phone lines. It is not difficult, 
however, to envisage demand 
for faster transmission speeds 
as subscribers begin to add 
small computing systems to 
their receivers. Developments 
of the system to handle still 
photographs or. later, moving 
pictures would also require im- 
proved transmission capabilities. 


the longer term, however, there 
is likely to he an increasing de- 
mand for a public switching net- 
work for data transmission 
similar to the ordinary tele- 
phone network. When this 
happens, computers will be 
able tn dial up other computers, 
automatically if necessary, and 
exchange specified parts of the 
information stored in them. 
This is another example of the 
likely convergence between 
telecommunii-alions and daia 
processing, because the trans- 
mission nf ordinary speech is 
itself increasingly using digital 


The Foundation awarded a 
£lm. development contract this 
month to the U.K. software 
company Logica for a study nf 
ll.c growth and pattern of future 
data communications up to 1987. 
The smdy is due to be, com- 
pleted by mid 1979. and it will 
have tn deal among other Things, 
with the complex issue of how 
to make data networks com- 
patible. so that computers can 
talk to each other across national 
boundaries. 

A key factor in all these 
developments will he the im- 
provement nf transmission tech- 


thus completely wipe out parts 
of the message. 

Traditionally, high density 
traffic'; has been carried on co- 
axial cable similar to the cable 
which carries a TV signal from 
the aerial to the receiver. 

Coaxial cable pow has two 
main rivals. They are transmis- 
sion By microwaves and optical 
fibre. Microwaves are very high 
frequency radio waves which 
carry telephone conversations as 
if they were broadcast radio. 
They can be used in three main 
ways:' over inter-Continental 
satellite links, by line of sight 


pared with about 16,000 for a 
bundle of co-axial cables. 

Optical fibre, on the other 
band, uses a completely differ- 
ent principle. A small laser 
light source or a light emitting 
diode (similar to those used in 
calculators) provide a pulsing 
signal. The pulses are carried 
by a hair-thin glass fibre. 
Optical fibre has several advant- 
ages. First, its capacity of 
about 2.000 simultaneous calls 
per pair of fibres. Secondly, the 
small size of the fibres and tbei.r 
flexibility mean that they can 
easily be accommodated in exist- 


Eventually, however, it is 
possible that optical fibre costs 
will be reduced enough to be 
competitive for routes which at 
present have quite low traffic 
densities. 

Some enthusiasts even pre- 
dict that optical fibres could 
eventually be used to connect 
individual subscribers tn the 
network. Clearly, this could 
only be justified by greatly in- 
creased usage of the lines. 
Piped television or the use of 
viewphones could provide a 
demand for more high capacity 
cable, but perhaps in the long 
term it will come from The 
increase of data communica- 
tions. The Post Office’s View- 
data system which starts in 
public service next year points 
the way. This system enables 


All these new development 1 
will bring grave problems tr 
manufacturers, who will find tin 
labour required to produce pre 
vious levels of communication- 
capacity is reduced. 

A waveguide, once installs 
could, for example, almas 
obviate the need for any net 
cable for many years aheac 
Computerised exchanges will rt 
quire perhaps only a tenth c 
the manufacturing labour fore 
compared with the older electr* 
mechanical systems, for a 
equivalent number of switches. 

The great challenge ahead fc 
manufacturers and public fel« 
phone authorities alike, is ther 
fore to anticipate these prol 
lems and to promote demand fc 
new sen-ices and wider use < 
the system. Otherwise eomputi 
technology will be seen as 1 
dark menace threatening jol 
and the stability of the indust! 
rather than as a tool for expa 
sion. 


i. ■ 


'>7 


Plessey: an important word 

in communications 


Electronic communications. By land line or radio. Carrying 
speech or data; telex; picture telegraphy 

Plessey systems and equipment play essential roles in all 
areas of communication: in-public systems, in business and 
industry, in defence, in the UK and around the world 

Plessey serves public communication systems as one of 
the world’s major telephone manufacturers, with exchange and 
transmission equipment in use in many countries. Plessey 
telex cxclianges, backed by sophisticated test equipment, 
provide a vital link in international traffic And Plessey is one 
of the principal contractors for the Post Office’s new System X 
development a totally new concept in electronic communication. 

Hessey supplies commerce and industry with the most 
advanced private communications equipment including the 
new PDX all-electronic digital telephone exchange, direct 
speech for fast internal communication and other aids to 
efficient business operations. "With the help of Plessey, .modem 


business can equip itself with a comprehensive speech and . 
data communications network. 

Plessey plays a significant role in defence as a major _ 

contractor for vitaT communication networks and other systems 
relied upon by Britain, NATO and many friendly nations. An 
example is Project Ptarmigan, where Plessey is the Prime 
Contractor and design authority for this digital trunk 
communications system due to go into service with the Army : 
and the Royal Air Force in the early 80's. 

Plessey provides research development, production, 
after-sales support and offers its customers a 
cajiabilitv and co-oj)eration second to none. 

See Plessey at Communications '78, on Stands 4260 and 4360 









- ' ■ . » vr ' t r "=y w fr " W| 




Financial Times Friday March 31 1978 

COMMUNICATIONS II 




*±S. 









IIP*' 


We can help you reach it. 


Many companies aim for peak efficiency. 

Few achieve it. 

And why? 

Because they look at the components of 
their business individually. 

Ignoring the glue that holds them to- 
gether. In a word, communications. 

And, Increasingly, good communications 
mean, good telecommunications. Because 
telecommunications save you costly legwork, 
heavy travel expenses, empty desks. 


Good telecommunications help you get ' 
the most out of your staff, and give your 
customers the best possible service. 

With good telecommunications you can 
go places without leaving your desk. 

With one exception. 

We believe you should send a senior m/m 
to see our stand (No 4450 in Hall 4) at 
Communications '78 at the National 
. Exhibition Centre in Birmingham, 
from April 4th-7th. 


Post OfficeTelecommunications 



I 


31 


Sew services from Reuters 
bmbine information from three 
jparate data banks on one screen. 


j Reuters now offers two new and greatly 
tended services to the financial community on a 
}\v specially designed terminal 

i * ! i 

;ie new Reuter Monitor 1 
Jmunodities Service 

i/ On a single desk-top unit traders can now have 
fider range ot up-to-the-minute information ou 
hires, physicals prices and contributed data, pi* - ‘ 
j option otThe Renter Monitor Coinmodi 
s News and Tlie’Reutcr Monitor Moncv 
tes Services. 



new Reuter Monitor 
pities Service- ^ 

; This is another multi-function 
nice providing live quotations from 
t worlds major stock and option exchanges', and 
trket-maker contributed information. 

. Users also have the option of taking Reuter 
initor Bonds, Money Rates, Commodities or 
iters News Retrieval Services, all oft. one screen. 

e new Reuter Monitor Terminal 

This new terminal has a keyboard designed for 
plirity of use. It incorporates 8 basic modes.The 
: displays information in a flexible way, permitting 
d transition ixom one format to anothcnTlie 
different l 




are becoming less distinct, the interchange of 
constantly updated information. is more important 
than ever before. This is what the new Reuter 
Monitor' Terminal is designed to supply 

. For details, please contact Mr S. Herman 
at Reuters. 


ftfl • 


WVlflW 


r« i if ki r*i i Ki •isi y,i-{w 1 1 * i 


I ^ q h i] 


Telephones ring 
the changes 


IX THE next two to three years already have a foothold in the 
mu«r telephone authorities country will almost certainly 
throughout the world will have hid in competition with Erics- 
madc the important step, from sun. Siemens and American 
the traditional electro- companies, 
mechanical exchanges to a new -A similar sized contract fur 
system of computer control. about 200.00 lines is expected 
’ In the developed countries <■> S« In open lender In ;he 
this change has involved huge l-nited Arab Emirates this . 
investments of typically around A torch h?ht between most nf 

£100m. for researchnnd develop- the * or - I l s ' naj °r ™ ^ 

mem inlo competins systems. for thl » *??<- system tan bt 

All the largest telephone ex |^J'' aI] , ia < i 'jniHncli can he 
authorities mcudins .he giant , ed in several other parts 

o . s lit' .'Si of the world in ihe next year 
British. French. German .nd Colombia is expected to 

Japanese Post Ogives » rc snme 2JO.OOO lines, on 
nutted to their own systems J* d< , rlsion m ,i he made 
developed by ihcir own nianu- Thnr . _ f , h .- e 

facturers ihorch in France a ^ nt ; acl in Argentina for abmd 

m NieTechnology Id^Ericsson of 

Sweden alongside to. » h m m has iaMiltd 

F about half the network, but 

puter control.^ Ericsson, which also has a 

In most ox the rest of the 6U ij S tdiarv m the country, is ex- 
world, the authorities will have pecled t0 pQt up a slrong fi „ ht 
to make a choice between the j- or acceptance of Us own 
relatively few systems currently sj - stem 

available for export. The main ^he v enezua i ari s are also ex- 
competitors ar e the AMS system pecled in the induslry t0 be 
developed by Ericsson if making thcir decislon in 
Sweden, the ESS range of e.\- j 975 . 79 . i„ that country, 
changes from U estem Electric E ricisi , n has installed more 
the subsidiary of AT and T. the lhan hal f lhe prcsijn t system 
SP1 from Xarthem Electric of d a manufacturing sub- 
Canada and EAX from American . there. 

GTE. the DEX system from ^ award of most of these 
1*P“* Metaconta from ITT. the comracts Wlll depend on a 
EVVS system from Siemens of 0 f political commercial 

FrCnP 5 and technical considerations. 

El H f and Authorities naturally want the 

the PRX^stem developed from ljest availaI)le astern at the 
private branch exchanges bj cheapest possible price, but in 
Philips of Holland. many countries the provision of 

None of the British companies j 0 hs ^ 0 f almost equal impor- 
making telephone exchanges j ance> so that companies with 
will have a system on Ine local manufacturing plants may 
market until at least 19S3. a be p referred, 
year after the first of the British rt , s ccrfam however, that 
Post Office s System X exchanges jj,e struggle to gain a share of 
2 re commissioned. these markets over the next few 

years will be extremely keen. 
Vital because the companies which 

t iiai g ain accep t a nce of their own 

The British will therefore be SPC system will be able to look 
too late to compete in the vital forward to very substantial 
first round of tenders as authori- follow-on business over the next 
ties throughout the world make 10 to 15 years, and they may be 
their first choice of system. able to exclude competitors 
Several major contracts have completely from tendering for 
already been awarded. Perhaps subsequent orders. The main 
the most important from a tech- reason for this is that all SPC 
nological point of view in 1977 systems are immensely roihpli*- 
wasthe decision bv the Austra- cated compared with tha electro-^ 
fian authorities. i» choose mechanical exchanges which 
Ericsson’s AXE system in pre* they supersede. For example, 
Terence to ITTs Metaconta. the manuals describing a tradi- 
The choice was narrowed down tional Crossbar exchange can be 
from a wide range of tenders contained, in between four and 
to these two companies, partly, right files which can easily be 
no doubt, because thev were stored in each exchange for 
both suppliers of electro-, reference and maintenance pur- 
mechanical exchange equipment poses. Moreover, the exchanges 
with factories in the country, made by different mahufac- 
The Australian contract was not wi ^ dissimilar, 

seen as important partly because s0 t “ at 11 ** P QS S l hIe for mam- 
of the large size of the. eventual tenanee^ engineers to understand 
order (about SSOOm.l but also more than one - brand, 
because of the very detailed 
technical assessment which the 
Australians made of the dif- A 

ferent systems on the market. J\ 1^ ^ - 

Subsequently, an even bigger / % I I I ■ 
contract in Saudi Arabia was X JL A X LJ 
won jointly by Ericsson aRd 

Philips with Bell (Canada) as SAFETY AT sea and in the ; 
managers of the network. This air will depend increasingly on 
was worth a total of S3bn. communication with earth- 
Ericsson was successful again orbm ^ 1 ,^, Thew costly 1 

in Brazil, where it already has . . , , 

a strong foothold, but lost to { lems space hardware are no 
SiemenJin the PbUippines and the ^elusive province of 

did not tender against ITT. railitar T establishments as ship- 
which won a large order for ™ ners and airl t in “. Passengers 
Metaconta in Korea. and governments demand ever- 

Several laree contracts are S realer navigational accuracy 

Ea 0 st U ^ C n^rXre e Gra d fs 

expensive programmes with 

struggling against great environ- f , h 

mental difficulties, the American s P‘ n ^ ff for the man in the 
Bell International is said to &LreeL 

have 600 consultants studying He has already become 
the problem. It is generally familiar with transatlantic tele- 
expected that GTE will obtain phone conversations beamed 
a further firm order for about upwards to a “stationary” satel- 
500.000 lines in the near future lite orbiting at the same angular 
in addition to the 108,000 lines speed as the earth and beamed . 
in Its present contract. How- downwards again suitably ampli- ; 
ever, the Iranians are expected fied to sound as though the 1 
to require about 3m. lines in speaker were in the room next 1 
lhe next five years and a new door. 

contract could be open to the There is a host of satellites ; 
world's bidders late next year, ferrying messages across the < 
In Iraq tenders are expected sky. But more important than i 
this year for a 100,000 to 200.000 simple messages for the ship or 
lines of computer controlled or aircraft captain is the existence 
Stored Program Control (SPC) of advanced aids in space which 
exchanges. French and can pin-point positions on the 1 
Japanese companies, which surface of the globe to within 


The documentation for an 
SPC system, nn the other hand, 
runs to perhaps 200 separate 
tiles, which can scarcely be 
stored' in each exchange, lei 
alone learned, understood and 
updated by engineers. 

The complexity arises front 
the fact that SPC systems have 
replaced the electro-mechanical 
means of routing calls with 
computer programs. These pro- 
grams do not only route calls, 
however. They are used for 
routine operations and main- 
tenance and rault-finding. the 
charging nf calls and a host of 
uiher inter-related tasks. 

.\s Mr. Kjell Sandberg, an 
Ericsson engineer, put it: “The 
complexities are so great that 
trying. to understand any single 
part of it will make you faint.” 
Between 2UU.0U0 and 4UO.OOO 
separate computer instructions 
are needed to program each 
exchange. 

Practicable 

To make the systems practic- 
able, *. large number of engi- 
neers’ aids have to be built in, 
which are themselves computer- 
controlled. The AXE sty-stem, 
for example, has nu fewer than 
50 separate programs which are 
designed to make the engineers' 
task in handling the system 
easier. 

Ericsson has also pioneered 
its • well known “ modular 
system ” designed to ensure 
that an engineer working nn one 
part of the system cannot 
rewrite a programme in such a 
way that a will accidentally 
alter lhe working nf another 
part of tin- system. This possi- 
bility : was- one of the major dis- 
advantages of earlier genera- 
tions of SPG systems, including 
Ericsson's. An accumulation of 
accidental ehanjes to the pro- 
grammes could eventually cause 
the system to become unman- 
ageable. and re-ordering of the 
program me > . could then be a 
very expensive and skilled busi- 
ness. 

. Against these complexities, a 
telephone authority can set the 
very much greater flexibility of 
anjSPC a^stem. greater. ease of 
installation . and economies , 0 ]? 
maintenance. Since chsmpes uT 
ah SPC network can be made tiy* 
instructions from a computer 
terminal rather than by engi- 
neers with soldering irons, a 
large reduction in operating 
staff is also possible. 

Ou the of her hand, the skills 
required to keep lhe system 
running are of a comparatively 
high order, and indude con- 
siderable programming exper- 
tise. For this reason it is 


unlikely ihar any but the largest 
countries will want tliun* than 
one or at mnrf two separate 
systems in its network, and 
authorities will place a high 
premium on cost* nf mainten- 
ance. . 

That is why the current round 
of tendering is so vitally smpor- 
tartl io Ihe world’s manufac- 
turers. For the same reason, the 
British Post (Wire's «ltfwn*« 
developing a Stored program 
control system has put the two 
British manufacturers. GEO and 
Plenary at a crippling disadvan- 
tage which may continue for 
many years even after System 
X Ciunes on to Lhe world 
market Many countries w:l! 
have already made their i-liun-e 
hefun* then. The position of 
Standard Telephones and 
Gables. ITTs U.K. subsidiary. :s 
smnewht more equivocal t‘n 
the one hand. i( had given its 
full backing to lhe development 
of System X ta necessity if it 
wishes to secure a pari of the 
U.K.’s future market). 

On the other hand, it could 
stilt have access tn the 
Metaconta .system or its replace- 
ment. if it finds eventually that 
System X fails tu realise the 
exporting hopo.s whu-h art- now 
being pinned on it. 

It 15 clear that tn d« well in 
exports. System X will have tn 
provide features which are sub- 
stantially belter than those of 
the established competition une 
sudi feature is the fully digital 
switch, which uses cmniputer 
tecimnlugy for the actual switch- 
ing of conversations. Many SPG 
systems still use si-tn:- 
mechanical switches controlled 
by a computer. However, the 
polenua] advantage tu System 
X uf being designed in a fully 
digital manner has probably 
been overstated. 

Digital 

American systems, and the 
French Ell) exchanges are 
already fully digital . while 
Ericsson ’s .\XE s,vstem has a 
digital optuui which is. now in 
service ui Sweden anil is on 
order for several different part* 
of the world. 

. It is mo». fikefy lfiat System . 
X will be Judged by lty.case of . 
handling by. field engineers, by 
its sua-css in reducing the 
daunting complexities- of pro- 
granuuing tn easily .manageable 
modules, and by its flexibility in 
working alongside old fashioned 
exchanges whicli will continue 
to exist in most telephone net- 
works until- well into the next 
century. 

Max Wilkinson 


A host of satellites 


an accuracy or al least 50 metres By taking several “readings” of 
— and a good deal less than that the transmitted signals, the ro- 
with advanced receiving equip- .culver can be used to give its 
in?nt - operator an even more accurate 

The earliest navigation idea of where the satellite is at 
satellites launched by the U.S. any given moment, 
in the Transit series had one The greater the number »f 
object in life — to- enable Polaris orbits from which the receiver 
submarine captains to know pre- takes information, the greater 
cisely where they were so their the accuracy with which the 
missiles could be launched position of the satellite and the 
accurately.' The system was receiver can be determined. But 
made available for commercial many “cheap** receivers, cost- 
use In 1966, six years after the ing less than £10,000. do not 
first Transit Was lofted on high, have the capability of giving 
As well as the satellites’ use in readings to an accuracy or a 
communication, they have been few metres. For some applica- 
used for aiding in geological and tiorus this may not be a concern, 
oceanographic research. But where the job is that of 

In simple terms their main locating a drilling rig on an 
function is to transmit radio ocean oil-field, the expense 
signals on very high frequency simply cannot be spared if 
and ultra high frequency wave- accuracies down to a few metres 
bands. The signals are trans- arc essential, 
mitted continuously, with data The Transit ncrwnrk is now 
on the time of transmission, IS years old. Many of the 
giving ground stations, ships or original satellites may have only 
aircraft data on the satellite's a few years of useful life left, 
precise orbital location. hut earlier this year contracts 

Complex ground-based satel- were placed by the U.S. Admini- 
lite navigation signal receivers stratum for an Improved version, 
with computer memories store called the Nuva satellite, which 
data as satellites pass overhead, may see the system through to 

CONTINUED ON NEXT PAGE 


The world of comiminkotions has never 

been the same since the computer 


Ip? 


Scicon ^ 

A member of the BP Group 


Computers are no longer constrained 
to a centralised data processing /ole • 
but with Hie advent of the mini and 
micro have broachod horizons in lhe 
communications held that ten years- 
ago could not have been imagined. 

Scican is in ihe fare! rant of this 
technology with practical experience of 
implementing projects worldwide 
using ine latest techniques and 
developing others which are unique to 
Sc icon. 

Some of the services and products 
that Scicon can offer are; 

Microprocessor based terminals - 
development of terminals lor special 
applications eg ARQ terminals for the 
error-free transmission of computer 
data by HF radio. 

Message switching - small and large 
systems based onOECPDPIt 
minicomputers. Telex Interface. 


Network inlerfnclng/front ending - 
dedicaled POP ft based 
communications processors front 
ending IBM or other computers . 

Communications consultancy- 
consultancy in computer selection, 
system analysis, feasibility studios, 
project management etc. 

Turnkey communicntkxn systems. 

Come and see the Scicon stand ab 
Communications 78 
4-7th April 

National Exhibition Centra, 
Birmingham. 

Scientific Control Systems Limited, 
Sandereon House, 

49-5T Berners Street, 

London, Great Britain, 

W1P4AQ. ' 

Telephone; 01-580 5509 Telex: 24293 





1 

mg 



K , H I 

1 













if >’m(. 




rpjffPg* 




$ 


Financial Times Friday March 31 1978 


COMMUNICATIONS III 


Authorities exert their influence 


PUBLIC telephone authorities which are almost a mirror image nationally reputable a com- 
worldwide have two major of. their -own — i-e-, they are puny as Ericsson for its equip- 
characterislics which are in comparatively ' weak domestic- raent — indeed, the Swedish PTT 
contradiction to each other but ally, but Wrongly organised on manufactures much of it on its 
which taken together act as the an international or trans- own account — has meant that 
major determinants in the held continental basis. the company has had to regard 

of telecommunications— and, in- The symmetry is not quite as the world as its market. (It 
deed communications in its neat as all that. Yet it is the would, in any case.- have been 
widest sense. case that the ! major telecom- forced to do so sooner or laiter 

These are that public tele- inimication manufacturers are by the relative -smallness of the 
phone authorities— known as large multi-national companies domestic market.) 

PTTs. the standard, abbreviation which are very often (but by- no __ „ , 

for postal, telegraph and tele- means always) dependent on Thus Sweden sPTT, together 

phone authorities — have an the good offices of their domestic 'J rllh sm f , sue ’ ' 

overwelniingly dominant posi- PTTs for.their bread and butter, duced a telecommumcations 
tion nationally — that is, within but which possess great flexi- compan r’ which is immensely 
their own borders— and almost bility in production techniques oggresove in foreign markets 
no power internationally, be- and in marketing because of especlally . j n devewping 
cause they cannot themselves their multi-national bases. countries (where the largest 

organise, or have any powerful It is worth testing- this very ar ? now to . . f oand - ) : 

umbrella organisation which basic “contradiction matrix" Naturally this combination of 
can organise, across’ national against real examples to see how Pohcy and geography has only 
boundaries. well it functions a$ a description “produced .the preconditions 

Naturally, this characteristic of what is happening in tele- success * or . sox ?f °* P 1 *?’ 
is shared with almost all public communications both nationally Th . e company itself, ana the 
institutions: almost by deflni- and internationally. -= °‘ lts en g! neer s and other 

tion, since these institutions are Take first an extreme case: workers, has done the rest 

created to do a national job Sweden. Sweden is. extreme (or ft has resulted in a company 

under the control or sponsor- at least very flnusual) both which has sales of more than 80 
ship of the State. However, it is because its PTT follows a unre per cent, overseas (1976), more 
worth stressing the point in this than usually rigorous policy of than 20 per cent better than 
rontext partly because of the buying internationally and ITT of the U.S., which was also 
immense purchasing power of because this relatively small —though for different reasons — 
the PTTs, partly because of fhe country contains one of the forced into the overseas market, 
effect they have on the tech- world's major telecommunica- and around 15 per cent better 
nology of communications and Lions companies. L. Mi Ericsson, than the Dutch ' company 
on when that technology can in terms of telephone penetra- philips, which also has a small 
come on stream, and partly tion. Sweden, is -second only to home base (though Philips is 
because of the important posi- the U.S. Almost three out Of -significantly ' larger and pr’ob- 
tinn (though it. is likely to he a four Swedes (by population not ably has a closer relationship' 
latent one) domestic politics by household ) -have ; a phone of with its PTT). 
inevitably play in any latch their own: -in the capital. Stock- lmpenit , ve t0 achieve 

institution. holm, there are* around 3.2 

Most of all. however, it is phones pgr person— ah index of 
worth stressing tfie point th® efficiency of. the Swedish 
hecause the PTTs confront com- PTT no doubt. But- its policy of 
pa hies possessing characteristics not depending on: even so inter- 


sales overseas, together with 
the added fact (which often sits 
uncomfortably, with the first) 
that Sweden has among the 
highest labour costs in the 
world, has meant that Ericsson 
has concentrated stroRgly on 
high technology, and high 
quality, banking on the possi- 
bility that PTTs will often pay 
higher prices for the latest 
technology. So far the formula 
has worked well. 

Within the last six ■ months 
L. M. Ericsson has won a major 
contract in Australia, and has 
been part of the consortium 
(with Philips) which won- the 
gigantic Saudi contract 


Thus it presents an almost 
too -classic case of the general 
point made earlier— a company 
which is weak domestically and 
strong internationally, forced in 
pari to be so by the policy of 
its own all-powerful (domestic- 
ally) PTT. To test the proposi- 
tion further, we might take a 
not altogether contra case, that 
of Britain, and examine it at 
somewhat greater length. 

The British Post Office, the 
first institution of its kind in 
the world, has an ail but com- 
plete monopoly on telecom- 
munications. Its standards are 
widely agreed to be among the 


highest in the world, and- with 
a yearly budget for telecom- 
munications development of 
around £lbn., or £3m. a day, 
it can keep three manufacturers 
fairly busy (the three being 
Plessey, GEC and STC. the 
British - based subsidiary of 
ITT). '.I 

Most equipment manufactured 
by these companies has to be 
approved at each step of its 
development . by Post Office 
engineers. While some equip- 
ment — notably any private 
automatic branch exchanges 
(PABXs) with over 100 lines — 
can be sold direct to a customer, 
even then it must be exhaust- 
ively examined and approved 
by the Post Office before being 
put into service, and it must be 
maintained by Post Office 
engineers. ■ 

There are ' a number of 
additional characteristics 

inherent in British Post Office 
practice which should be noted 
in this context. First, it can pro- 
vide its manufacturers .with a 
comparatively large home base, 
and one which has been and 
still is, very sophisticated. Much 
European . and U:S. trunk 
routing for example, is .done via 
Britain. Secondly, its pride in its 
traditions, and its insistence on 
high - quality custom - built, 
equipment, has meant that it has 
bad little (until recently) 
regard for .how" its' purchasing. 


(and thus the companies’ manu- 
facturing) policy would affect 
overseas sales. Thirdly, it tried 
to go “electronic" in the 1960s. 
failed, and is only now near to 
making another attempt — some 
time behind many European 
PTTs and many years behind 
the U.S.. 

In sum. then. Britain, has a 
highly monopolistic PTT insis- 
tent on high quality custom- 
.built equipment which operates 
a network still either semi- 
electronic or electro-mechanical. 
For allthree of the companies 
which supply the corporation 
with its equipment it is the 
major customer by far. That 
means that their telecommuni- 
cations output will.be dominated 
by the Post Office’s requirements 
which are for new semi-elec- 
tronic- exchanges and for 
replacement of electro- 
mechanical equipment Thus 
to get Post Office contracts, that 
is what Plessey, GEC and STG 
must make. 

Demanding 

They are not, of course, doing 
so at a loss. But it does mean 
that at a time when export 
markets are demanding fully 
electronic exchanges, the British 
companies can only offer the 
TXE4, or the.Pentex as it is 
-known overseas, which is not 
fully electronic in the sense 
commonly used. • • 


There has been, a recent ex- 
ample of how this state of 
of affairs is working against the 
U.K. companies. Entitle], the 
PTT .for the United- Arab 
Emirates, announced last month 
its plans for investment over 
the next five years. One .of the 
major elements in these ; is the 
decision to switch from the 
Plessey made Pentex exchanges 
to a fully electronic system; the 
contract for the electronic ex- 
changes is currently out; to ten- 
der. For Plessey it means that 
a small but nevertheless impor- 
tant market has almost certainly 
drastically contracted. ’ 

Again, -the Saudi contract last 
year showed* that the .British 
companies — Plessey, BICC and 
Cable and Wireless- were all in- 
volved— could only climb aboard 
major international contracts on 
the coat-tails of much larger 
companies. In this case the 
Plessey TXE2 exchanges were 
to be used as rural exchanges, 
while the Western (which led 
the consortium) ESS exchanges 
would provide the bulk of the 
switching in the cities. . 

The new Post Office manage- 
ment seems prepared to hustle 
along the development of Sys- 
tem X as the new fully elec- 
tronic all-British system is 
presently known — and to allow 
its suppliers to cut comers pre- 
viously thought uncuttable. But 
on the most optimistic esti- 


mates there will not be com- 
mercial production of System 
X before 19B2-S3. by which 
time further developments in 
the Ericsson AXE, the Philips 
PRX or the ITT Metaconta ex- 
changes (to mention only the 
most competitive on the Euro- 
pean scene) may have out- 
stripped the new U.K. tech- 
nology. 

Haying made, a pessimistic 
reading of the situation, how- 
ever, it is necessary to add that 
while the particular relation- 
ship between the Post Office and 
its three suppliers has helped 
•“ produce " a comparatively un- 
competitive telecommunications 
industry, the entire burden of 
the blame cannot be laid simply 
at the door of the corporation. 
The companies were and are 
free lo turn down Post Office 
contracts in favour of export- 
oriented telecommunications 
manufacture — though naturally', 
and especially now, the com- 
petition is ferocious and the 
risks immense. 

" Yet in opting for security the 
U.K companies may have rele- 
gated themselves to a more or 
less permanent second league 
position in world tables, and 
may have made it possible that 
one at least of them will be 
forced out of telecommunica- 
tions equipment manufacture in 
the near future. 


John Lloyd 


i V-. ■ 


Your new 

telephone extension. 


A Mult italic * Pagephonc ’ being used by a British 
Airways passenger service assistant at Manchester 

Airport. 


Satellites 


CONTINUED FROM PREVIOUS PAGE I 


the end of the century. . 

By then, however, a new and 
vastly improved navigation and 
position information system is 
likely to b® in operation. Called 
Navsiar, this also has its origins 
in military strategy, for one aim 
i»r the U.S. Air Force and U.S. 
Navy, sponsors of the p.r‘»- 
gramme. is to create a satellite 
based navigation system capable 
of providing any moving ship, 
aircraft, cruise missile or even 
vehicle of its position on a con- 
tinuous basis. 

The complete system is un- 
likely to be fully operational 
before the mid-1980s, but there 
arc certain to be commercial 
applications, as the military 
authorities respond to a •genuine 
need fur highly accurate naviga- 
tion in shipping larres and in' 
the air. The military potential 
„r the system will be safe- 
guarded through the use of 
signals which will be coded and 
proof from interference from 
jamming. The public will have 
access to a simpler signal. 

In the more conventional 
world of radar, there has been 
intensive study over recent 
years of the potential for acci- 
dents in the world’s busiest 
shipping lane, the English 
Channel- Here, a mass of 
research has been earned our 
by the British and French 
Governments. 

The object has been to re- 
duce the risks of major 
vullisiuns. Britain's National 
Maritime Institute is working 
along two main lines. It has 
already studied historic radar 

information and . documented 
data relating to casualties and 
navigational incidents. Now it 
plans to continue research of 
traffic flow in the Channel, 
using time lapse radar film and 
periodic traffic surveys^- with 
ship identification. In June last 
year this included, a full-scale 
Channel survey in conjunction 
with the Institute de Recherche 
des Transports. 

This French body has 
carried out research into ways 
in which ships can be identified 
at night, using low-level 

cameras • and .. .. shore-based 

searchlights. One novel solu- 


tion may involve the automatic ( 
data processing of photographs, 
of a radar display, 'although it; 
is by no means certain that 
these could be interpreted in- 
stantly for identification 
purposes. 

Much of this work followed 
the the Anglo-French publication 
In February. 1974, of a report 
describing the Service d’lnfor- 
maiion et de Surveillance de la 
Navigation en Blanche and the 
Channel Navigation Information 
Service. The report gave pro- 
posals for. the development of 
radar surveillance aud infor- 
mation services for Channel 
shipping. _ 

For the shipowner these 
reports and the continuing 
studies on improving safety* In 
the Channel have already had 
important implications- On the 
English coast expansion and im- 
provement of the radar instal- 
lations following the Anglo- 
French Safely of Navigation 
Group report of 1974 was com- 
pleted on August 18. 1976. wheii 
two new 20 kilowatt radars, one 
at Diingeness and the other -at 
St. Margaret's Bay. replaced the 
small experimental- radar pre- 
viously used. . 

A continuous photographic 
record of the radar displays Is 
maintained by the National' 
Maritime Institute. 

In France the Service d’lnfor- 
mation et de Surveillance de la 
Navigation en Manche has 
extended its operations centre 
and' installed a form of com; 
p liter-aided data processing. 
This provides a synthetic display 
of radar input. A computer 
allows automatic detection and 
tracking of radar echoes from 
vessels contravening the traffic 
separation scheme operated in 
the Channel. 

In addition, a very high fre- 
quency (VHF) direction finder 
has been installed. This 
enables ships using, their VHF 
ship-to-shore radios Tor conver- 
sations to be identified with the 
Corresponding echoes on the 
radar display. It is Jikely to be 
of great value where a ship in 
difficulties is unsure of its 
position.. 

LyntQU McLain 


WE HAVE A SYSTEM THAT CAN TURN AN ORDINARY PHONE 
INTO A COMPUTER TERMINAL. 

TRANSMIT INFORMATION THROUGH A TV MONITOR SCREEN, 
ACT AS A TIME CLOCK AND SECURITY GUARD, 

DIAL NOTTINGHAM IN ONE TAR NEW YORK IN ANOTHER, 
REROUTE CALLS, 

INTERRUPT CONVERSATIONS WITHOUT EAVESDROPPING, 
CALL BACK ENGAGED NUMBERS FOR YOU, 

DIAL THIRD PARTIES INTO THE CONVERSATION, 

AND IS SUCCESSFULLY OPERATING IN BRITAIN RIGHT NOW. 
LOOK INTO IT. 




• '■ v . 





Financial Times Friday March 31 19 







Giving a call may seem child's play... 

Due! But only a limited number of companies in the world can design, 
manufacture and set up complete communications systems.;. 


Do you know that as soon as you dial your correspondent's num- 
ber a whole series of operations takes place to route your call. 
It involves the most sophisticated electronic techniques in the 
fields of telephone exchanges, cable transmission, microwave 
links, satellite communication earth stations and other systems. 
THQMSON-CSF, the French leader in professional electronics 


L\ 


THQMSON-CSF 

23. RUE DE COURCELLES / B.P. 96-08 
--75352PARJS CEDEX087 FRANCE / TtL >(1) 256 52.52- 


- 1 


Indian Telephone Industries 
(JTf) has taken rapid strides to 
bring contemporary technology 
in telecommunications. It is one 
of the very few factories in the 
world manufactring A- to Z in 
telecommunications — ranging 
from Telephone Instruments. 
Strowger and Crossbar 
exchanges. Electronic Telephone 
Exchanges, Microwave, UHF, 
VHF systems. Coaxial cable 
systems, VFT, Satellite Earth 
Station equipment and a host 
of Telemetry and Telecontrol 
Systems. 


With nearly 30 years of service 
to the telecommunication 
world, ITI has today grown 
into a mammoth industrial 
complex having nine factory 
units and employing over 
24,000 workers- 

IT! has developed a powerful 
R & D organisation of the 
finest teams of engineers 
and managers capable of 
undertaking production of 
sophisticated reliable 


telecommunication_equipment . 
meeting international standards. 

ITI has rendered consultancy 
and executed turnkey 
installation jobs in .many 
countries of the world, and. has 
supplied telecom equipment to 
nearly 40 countries including 
UK, Australia, East Africa, 
Jordan, Saudi Arabia, Oman, 
Nepal, Sri Lanka, United Arab 
Emirates and Suriname. 


Telecommunications 

Equipment 

Contemporary with the 

State of the Art 











Communication is our business 




^am-JTi-31 


INDIAN 

TELEPHONE 

INDUSTRIES 

LIMITED 

BANGALORE 560 016 
INDIA 



COMMUNICATIONS IV 


Strains on the 
manufacturers 


and a specialist company in the transmission field, together with 
LMT- Le Materiel Telephonique, Societe Fran^aise des Telepho- 
nes Ericsson and LTT - Lignes Telegraphiques et Telephoniques, 
constitute an international conglomerate capable of supplying 
complete networks and of meeting all advanced communica- 
tions requirements. 


ITT’S BELGIAN subsidiary. Bel! 
— a confusing name, Mich 
nothing to do Kith American 
Bell — has its major manufac- 
turing base at Gcel, near Ant- 
werp. TTie factory is ultra- 
modern, long and low, covering 
a large expanse of ground. In 
the reception area the Meta- 
coma 10c, ITTs new fully elec- 
tronic exchange, is displayed, 
together with some rather more 
venerable equipment. 

The surprise is that, once in- 
side the factory proper, on the 
busy workfloor, the exhibition 
in reception is to some extent 
paralleled. The Geel factory 
manufactures three types of 
switching equipment, represent- 
ing three different stages of 
technological advance: two 
kinds of electro-mechanical 
'switches, and one electronic 
(the Hetaconta). The produc- 
tion of the electro-mechanical 
switchgear takes up much more 
space and requires much more 
labour than the electronic 
equipment. Xt is much larger 
and its production can be much 
less fully automated. Yet the 
company is obliged to cany on, 
producing it far into the future 
if it is to meet present con- 
tracts and win new ones. 

This state of affairs is one 
with which most major telecom- 
munication manufacturers are 
familiar, although' the ITT plant 
in the above example shows it 
in a particularly graphic form. 
It is that while developments in 
switching technology have been 
leaping ahead over the past 
decade, the investment in pre- 
vious technologies — electro- 
mechanical, in the main, with 
some semi-electronic — has been 
so vast, and will cost so much 
to replace, that the replacement 
market in these technologies 
will continue to take much of 
the output of the manufacturers 
for years ahead. 

The dimensions of the prob- 
lem go beyond what most other 
manufacturers must cope with. 
An automobile company, for 
example, must it is true, con- 
tinue to supply spares for ranges 
of cars long since out of produc- 
tion: but these spares are .a 
'minor and sharply decreasing 
part of the company output. 
They are also unlikely to be 
fundamentally different from 
the components for its present 
ranges of models. But telecom- 
munications companies must 
often give over the bulk of their 
production to old technologies, 
while at the same time tooling 
up for the production nf 
advanced equipment for which 
there may not yet be much 
demand. In development terms 
they must face both ways at 
once, forward and back. Nature 
ally, this places a considerable 
strain upon their capital require- 
ments at any given juncture, 
and gives a particularly sharp 
edge to the competition in new 
markets. 


Swedish company T,. M. Erics- 
son. American GTE, then 
Japanese manufacturers, Hitachi 
and NEC. 

The British company GEC is 
next in rank, then Dutch 
Philips, Northern Electric, the 
British Plessey, the French 
Thomson-CSF, the German AEG 
and the French CGE. 

These companies have been 
listed in. order of size .nf turn- 
over: but it should be noted 
that many uf them, have inter- 
ests outside teleeommunica- 
lioas, sumo of them with their 
major interests elsewhere — as 
GEC and Hitachi, for example. 
Those whose major or total out- 
put is in telecommunications — 
the two U.S. companies and 
L. M. Ericsson, for example, and 
to a lesser extent Philips — 
naturally have a great deal to 
gain and lose from the vagaries 
of the world market: they also 
tend to be tbe major innovators 
and the leaders in technique 
and technology. 

The two U.S. companies 
present interesting cases, both 
because they arc so large and 
because they are strongly con- 
trasting. For reasons discussed 
elsewhere in this Survey, Beil 
and Western Electric have 
between them a virtual 
monopoly on the supply and 
manufacture of telecommunica- 
tions equipment of all kinds in 
the massive U.S. market. 
Western is now the largest 
manufacturer of its type in the 
world, with more of Its ESS 
electronic exchanges in opera- 
tion than all the electronic 
exchanges of its competitors put 
together. Until recently, 
Western Electric had no exlra- 
U.S. presence for the excellent 
reason that it did not need one. 

ITT. however, was barred 
from tbe market by the Bell 
monopoly: It thus went else- 
where for its markets, notably 
(at first) Latin America, then 
Europe, and now, increasingly, 
the developing countries of 
Africa and the Middle East and 
Far East. Over 60 per cent, of 
ITTs total manufacturing turn- 
over is abroad, and that includes 
most of its. telecommunications 
manufacture. Thus one rftant 


has grown large in domestic 
operations, the other in foreign 
operations. That state of 
affairs, however, seems likely t»> 
change. 

Most nf the other manu- 
facturers dn not provide such 
extremes. With the exception 
-of Ericsson (discussed else- 
where), the companies operate 
both in a home base and abroad, 
with the domestic environment 
traditionally providing the basic 
turnover and the export marker 
the adventure. 

This strategy has entailed the 
companies forming exceedingly 
dose links with their own PTTs, 
frequently acting as R and I) 
annexes for these authorities, ur 
having the authorities do the 
same" for them. It has also 
meant that rhe PTTs ordering 
policies determined to a con- 
siderable degree what the com- 
panies could offer in the export 
markets, a Held in which the 
authority ran he more or less 
helpful. 


Joint 


Philips, for example, recently 
made a jmnt announcement 
with the Dutch PTT on the in- 
stallation of the 500.000th SPC 
(stored programme control) 
telephone line in the Dutch 
telephone network. The an- 
nouncement was made the occa- 
sion of an internatiunaJ Press 
conference. To U.K.-conditioned 
ways of thinking, it was puzzl- 
ing that the Dutch authorities 
should have shared the an- 
nouncement with Philips: the 
British Post Office tends .to 
keep. Hs manufacturers rather 
severely, in the background. But 
neit her th e Dutch company m»r 
the PTT saw anything in the 
least unusual in using the line's 
installation as a boost for 
Philips’ SPC system — the PRX 
— . in exceptionally tough 
markets. 

To . balance this, it should be 
noted that both the British Gov- 
ernment and the British' Post 
Office w ere involved in trying to 
woo the Saudi contract — un- 
successfully. as it turned out — 
to the Anglo-American consor- 


tium which had been formed fb 
bid for it. Even traditionally 
s'.anrt-off'.sh authorities, like l ho 
British and the Ormans, have 
..(tiered the market, impelled by 
the knowledge that it they dn 
not. rheir own suppliers’ via- 
bilily may be threatened. 

The future fur tin* companies 
looks, if not bleak. then uncer- 
tain. All th«* larger ones are 
faced with this fact, that while 
they now haw -rearer capacity 
than ever before — be can sc iff 
cliv new technology— and thus 
must win orders at a higher 
rate than before, sf lhcy are b» 
maintain even current levels of 
employment, they are facing 
domestic markets which are 
often quite near to saturation or 
where further growth at _ the 
present high rates is limited. 
They are thus ait forced to com- 
pote in markets where there 
are no domestic suppliers, and 
these markets are becoming 
very rough indeed. 

What this will moan will vary 
enormously from company to 
company. For Western and ITT. 
there is no doubt that it will 
mean a series of mammoth en- 
counters over similarly mam- 
moth contracts, with much 
entertaining mudslingin^ on 
both sides fading wholly In dis- 
guise the desperate nature uf 
the battle. For large diver - 1 lied 
companies like Siemens and 
GEC. it may mean a relative rie- 
cti&e in the importance of their 
telecommunications businesses. 
For companies wholly or largely 
depeftgent on telecommunica- 
tion!! manufacture — L. M. Erics- 
son. Plessey, Thonisnn-CSK— the 
future can only hold an un- 
ceasing effort to offer more 
sophisticated equipment and 
facilities than their competitors. 
For the emerging Japanese com- 
panies. like NEC, present prac- 
tice seems to point to low-cost 
operations in developing coun- 
tries. Tile common factor is 
that all will need their wits 
about them and that, while at 
any given juncture the winner 
may take all; all cannot be win- 
ners. Tile grisly book on which 
will he the losers is already 
open. 

John Llovd 


Improving the 


service 


Crossbar 


The technology of telecom- 
munications has been electro- 
mechanical for decades, based 
on the Strowger (or step-by 
step) or crossbar switch. There 
was, however, a gradual evolu- 
tion away from distributed con- 
trol (as in the Strowger system) 
towards common control even 
before the advent of electronic 
processors. Their widespread 
availability completed and 
accelerated the trend, and 
meant in addition that the 
number of facilities which 
could be offered to the customer 
greatly increased. The harness- 
ing of the computer to the ex- 
change meant that switching 
decisions were made centrally, 
much faster: and that much 
greater attention had to be paid 
to -software— the writings of 
programmes— than ever before. 

One of the major effects of 
this development, both for the 
manufacturers and for their 
major customers, the PTTs, is 
that fewer engineers can 
both make and maintain ex- 
changes. The' harsher con- 
sequences of that effect have 
not been fell generally, in part 
because the new technology is 
at an early stage of introduction, 
in part because growth in the 
telecommunications market stii! 
compensates for it. But it will 
pot remain so for long. 

This, then, is the working en- 
vironment of the manufacturers. 
They are of course under con- 
stant pressure to modernise and 
to innovate, both to offer better 
equipment to their customers 
and to save on labour costs. But 
because they work in such a 
public environment— most sup- 
ply • Government, or quasi- 
Government agencies — their 
derisions cannot merely be 
market ones. 

What, then, are the major 
companies which chose to re- 
main (or are allowed to remain) 
in this difficult market? First, 
in importance and size, are the 
two American companies. West- 
ern Electric (a subsidiary of 
AT and T-> and ITT. the 
archetypal (or unique, depend- 
ing on how you view u > multi- 
national; then comes the Ger- 
man company Siemens, the 


ENT A very recent report on 
“Convergence" by the Butler 
Cox Foundation of London, it 
was pointed out that if a num- 
ber of large European com- 
panies were to band together 
and buy and operate a com- 
munications satellite to link 50 
of their offices and sites in 
various countries, they could do 
themselves a power of good. 

Based on current charges for 
a satellite and its launcher, and 
pessimistic assumptions about 
the extent to which the message 
carrying capacity of the "space 
exchange" would be used, the 
operators would profit hand- 
somely. 

Butler Cox predicts a vast 
reduction in communications 
charges. An example is a call 
from Britain- to Germany where 
the basic unit of charge is three 
pence. This buys a user five 
seconds. For the same ■ price, 
the satellite user would get 300 
seconds of time or 60 tunes as 
much. In the reverse direction, 
since German charges are much 
higher, the satellite would show 
an even greater advantage. 

Of course, this is reducing the 
problem to its simplest 
elemehts. not that a group of 
companies would not be able to 
put up the £5in. or so required, 
but the public telephone autho- 
rities of the various countries 
involved would be most unlikely 
to grant permission. At the 
same time, there would have to 
be standby capacity in the form 
of a dormant satellite and 
through existing landlincs for 
the times (rare) when satellite 
transmissions suffer problems. 

Nevertheless, it appears that 
too many companies take com- 
munications costs for granted 
though these are frequently 
much higher than computing 
charges. When close scrutiny 
ox what it costs a company to 
keep in constant touch with Its 
branches and overseas opera- 
tions becomes a matter of 
routine there may he a great 
deal more pressure on PTTs 
generally to provide services at 
the lowest possible cost. 

This, then, is one of the major 
considerations that telecom- 
munications authorities must 
have in inind at all times as they 
investigate methods of improv- 
ing internal and external ser- 
vices. Many of the European 


systems suffered severely from during the Second World War 
wartime and post-war stiingen- contributed greatly to the under- 
cies and a number, including standing of the problems of this 
the British one, developed some difficult technology, but in the 
extremely ingenious ways of absence of suitable electronic 
getting a quart into a pint pot. components the work went into 
In other words, by using a abeyance from 1959 to 1962. 
technique called PCM. or Another reason for the hold was 
pulsed code modulation, it was that a coast to coast carrier in 
found possible to carry several the U.S. of the size then thought 
conversations .simultaneously feasible would have greatly 
where, only one "was ; carried exceeded the growth pattern of 
before. - This is done b.v the Bell system, 
sampling the analogue sound .But" because of the -unprece* 
pattern at high speeds and dented expansion of traffic in 
using the values found to des- America the ideas ' were'' react i- 
eribe a particular outgoing .vat'ed and a. joint project set up 
pattern as a scries of .peaks' to build an experimental line, 
rather than a continuous wave. This took advantage of the latest 
Y ' | - • * • high power devices from the 

interleave ■ electronic component engineers 

' i ' ", and over 14 km. of "test line was 

This makes it possible to get H p ( 0 s haw the ability of 
interleave the signals from miilhnetric waves in a helical 
several conversations, decoding system to carry any -form iff 
them at the end of the PGAI communications with, an error 
line. With a sufficiently high rate in the digits transmitted of 
sampling rate- it; is possible to i e ^ than one in ton million, 
gu much further than telephony Th‘ e aim was a long-line 
and provide, as AT ana T system able to support 475.000 
demonstrated in the laboratory twu-way voice circuits or the 

over ten years ago, TV channels equivalent m other media. More 

k S h ta transmiS4!10n at significant still is the fact that 

nigh speeds. the cost per system-mile is e\- 

In the autunui of 19«6, the pected to work nut at less than 
Post Office decided to take the other competing systems far a 
plunsP“—3fl e r investigations fully loaded network, 
lasting some 18 months— and. Matters have not stood still in 

order from GEC Telecomm uni- Britain and about IS months ago 
cations and from STG seven (he p 03t Office disclosed plans 
systems based on this technique for the installation or a 132 km. 
each capable of carrying 1.6S0 numeric two-inch helical 
telephone calls simultaneously, waveguide system between 
or a TV signal, on standard Bristol and Reading. BICC 
4.4 mm. coaxial cable. This would make the equipment and 
was the first step towards link- lh0 £Sm . projec , would be up 
inq all-clectronic exchances to and working by with the 
be set up all over Britain by ability to carry as many as 
the late 49S0s. 500.000 simultaneous calls. 

Signals from 56 PCM equip- In this area. BICC apparently 
menu of 30 channels each are ha« a lead over U.S. ami Japan 
combined into a stream running since it has been operating a 
at 120m. tiny signals (binary full scale production plant for 
digits— nr a form of morse code) some time. But it will nut take 
per second. long for its competitors to move 

Development work on this from the pilot stage if good bu»> 
methnd of transmission started ness is offered, 
over 30 years ago in Britain at The effort on waveguides was 
about the same time that Bell spurred partly by the fact that 
Laboratories started to look at microwave radio systems fade 
i he possibilities of guiding considerably over' the free 
microwaves through long pipes space paths they travel through 
as a form of earner. in carrying digital traffic. They 

* British radar successes have Hi^h .immunity to distor- 

CONTINUED ON NEXT PAGE 




►23V 


IS* 


-'•ft'-,'* 1 



Financial Times Friday’ March 31 197S 


23 


COMMUNICATIONS V 


5 -> 


i 


1A 


* % 


Competitive world markets 


W I \ 


V 



\BOUND the time when ITT be heavy on the taJes of nights 
vas becoming aware that it was spent in the hush while 
tniikely to secure the contract creatures unnamed and un- 
or the extension to the Saudi known dug up the newly-laid 
vrabian telephone system— at cable; At around the same time 
-bn. the biggest deal of its as it was losing the Sandi deal, 
.ind in the world — but long ITT won a smaller contract — 
icfore ITT was willing t6 pub- worth a few hundred million 
icly concede defeat, a senior dollars— in South Korea, which 
xecutjve of ITT (Europe) was would involve ddgging up much 
sked by a journalist how im- of the central area o&Seoul. No- 
’O riant the deal was. and what one had much idea of bow to 
amage it would indict on the work out the cost of doing so, 
orporation if it were lost an exercise which would in- 

99 * 
"ct“” 0 uI C “oTco™ £ 55 S® 11 ® Korean property law. 

f ITT, protested that it was So whjyj:hen, are the com- 
lmost certainly in the bag and parlies cutting each other's 


hat the opposition was running throats to get into the un- 







'v'lye^iorieS.-. per WO 


v -v ?■■:■ 





cared. However, to answer the charted territories of the de- 
uestion, the Questioner should veloping countries' markets? 
ear in mind that while deals Quite simply because the mar- 
:ke the Saudi one were terribly kets of the advanced countries 
•nportant, the markets of the are either strongly . protected It 

eveloped world were actually for their domestic suppliers 
tuch more lucrative. And a gains t foreign competition 

urther, he added, the kind of fU-5., Japan, U.K., France, Ger- tively low growth, while teed a massive market for deal with. The ' customer — 
markets in which contracts many) or tpo small to offer countries like Brazil, Mexico, Western’s products, one which especially the PTTs of the de- 

fere being won now — Saudi much of a market anyway, and the USSR are obviously has meant that this, the largest velopsng .-world:— will find them- 

j-abia being a good case in After your own backyard, the striving to catch up. Less telecommunications company in selves even more assiduously 

oint— were so fraught with dif- developing world is about the obviously, France shows rapidly the world, has ignored, the rest courted than before, 

culties that vast, turnkey con- only place to go. accelerating growth — an index of that world while it very The major targets of these 

racts like the one under dis- . . necessary' to net of large ^ amoimts laid profitably served Bell. companies are the Middle and 

"“JET J?± ea ^ te ™St someidea bf the IS? of the *?i d ! *** *!!!??. But even vast markets have Fhr East {especially the former, 

WT rX £*11 Sirtet place and oftts worth “ eD L. f °5 telecomunications their limits. Nearly 80 per cent, because -the oil-rich 'countries' 

■orth. While they had to be ^ are S0 L ie *hj n _ Tike 400m. inv ® stni . ent 10 attempt to 0 f Americans have a telephone tend to order the most techno- 

U J SUf u i” f°^? er i°*i! ie ^ P v, the telephone sets in the' world moderni8e and - extend the 0 f their own, and Californians logically advanced equipment 

rder book full and the labour “g*™* " £ country's comparatively meffi- have more than one each (in- irrespective of cost); Latin 

n,vn,n, ~' nrt w,tB over haIf ” them 10 tte cient system. For the most part, d Udta g th e newly-boms). The America, especially .Brazil; 

however, it is the developing nation’s capital, Washington, Africa; and to a much lesser 

countries which are growing, h*s 1.5 telephones per person, extent, the Soviet Union and 

, — oAf,— rpuj- rpnr - q « nfs the developed countries where leaving Bell, in' the well-known Communist Europe. Sir William 

•hich you were working would * _ ■ than £380hn growt ^ tends t0 be slowing but uncomfortable position of Barlow, chairman of the Post 

ot leave you with a raw deal. 1) dowlt icecream vendor to Eskimos. Office, said in the recent inter- 

r_„ rn»T> jMttimatArt in i qtv • There is, of course, a well- view that ihe 1980s would be 

IX * * 1977 1 d Growing developed campaign Which con- the decade of telecommumca- 

l h f " • VJAVlTiUg . . tinues in the American media tions expansion in the Third 

aming aooui rne aeai. -as acompBny j n g (harts show It is the lure of these grow- aijned at persuading the world's World; It' may be that the ex- 

ccurale enough about the rest. ^ mar xet’s growth. ' The ing markets in the Third World richest people to have tele- pansion has already begun, 

lomestic European ana Amen- dominant u.S. shows over S per which has led companies to phones in rooms previously As for the domestic markets, 

an (and Japanese) markets are cent> gro^ti in the 10 years be- join the very savage game of free of them: but that, too. has those which still have plenty of 
? i V?f. l3 J ?eS in , W0 ^T tween 1966 and 1975, but the telecommunications exporting— limits. Western has been growth left in them (as in the 
nd still offer very large pick- evidence is that that growth is that lure, coupled with the fact forced in recent years to look U.K.) seem unlikely to be 
kjs. For example, while the slowing. Japan has overall lower that domestic markets are east, north and south as well opened up to the free, flow of 
2i;n. Saudi contract was a once- g,- ow th. but increasing, while beginning to show that they are- as west in its search for profit- competition in the near future 
ir-all deal overfire years, the the rest of the world has higher finite. Nowhere is this more able markets. Indeed, if it — if anything, the tendencies 
rirish Post Office spends the grow th (from a much smaller the case than in America. does not find some new fron- are protectionist. The bitter 
ime amount of money in two base), accelerating quite fast. A mPr iM. has tradition* Hv rters rather quickly, it may winds of competition overseas, 
EJ" of 1 * ™ *™ ES lJr2£«S »TT™. b«in » of ,«nin. which wo ta« ^ ^ 

•newal. mt0 clearer Perspective, Show- which monopolises city and Its wholly unwelcome (to the nead ^Swaaiiilv like it 

ins both growth and the static inter-city telephony, leaving other manufacturers) entry on J.® S hati- 

Agam. it is quite right to say position at the beginning of some 1,600 independent com- to the world stage has meant „ fj! n . ^.-p ' 

ut foreign markets offer end* 1976. One can readily see that panies to pick up the 10 per cent, that ITT, which had always re- a „ 

•ss scope for hazards: any the bulk of those countries with or so of work which remains, carded the world as its oyster „rti-kpiv ^ ,.Jf 

ithenng of telecommand ca* high telephone penetration — Bell, umbilically tied to its bed, has a major new corapeti- tJJ.' A whal : “ d V or l he 
nm engineers from multi- Switzerland, Denmark, Canada, fellow AT&T subsidiary tor, v.Vile the o-her comnan-es 15,0 T T * 

ztional companies will tend to U.K. — tend to haje compara- Western Electric, has guaran- have another American giant to J-L. 


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^ SOUTH' AFRICA ik 

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TifftKEY • a- 






Cl Average number of fines 
'• per year 1966 -7S 

M tAenber of ^ fines in 1975 




: 'vEj^aiPU.: t ■ 

: t 1-1 -* . L *■■■ ti= I - .• r~X a »■ LJ 1 1 

. Si) \3& : -'-TO' 0" >■.: 'O .'g '4 ‘6- S to 12 14 • ‘ 


SOUKL-MUtfS MOUSTNBCS 


Service 


CONTINUED FROM PREVIOUS PAGE 


tion or degradation. Microwave 
installations proliferated as they 
did in cities because of the 
extreme expense of installing 
cables and maintaining them in 
and under crowded city streets. 
But, now, if one looks at a 
microwave area transmission 
map of a city like New York it 
appears that saturation has been 
reached. 

For inter-continental opera- 
tions. nothing has caught the 
imagination of the man in the 
street more than communica- 
tions satellites, simply because 
these have made it possible for 
him to see. on his own home TV, 
events such as the Mexico City 
Olympics or the first moon land- 
ing, as they took place. And 
this could not have been 
achieved by any other means. 

To say that space satellites 
will supersede undersea cables 
is wrong since the growth of 
international communications 
traffic is such that both systems 
are needed. At the same time 


there is a limit to the satellites 
it is possible to have operating 
simultaneously over the 
equator, while they do not solve 
all transmission problems. 
Latterly strategic questions 
have crept into the background 
of the argument, particularly 
since the Soviet satellite crash 
in Canada. 

Meanwhile the satellites are 
operating in the overcrowded 
bands below 10GHz and are not 
likely to start using those over 
14.5 GHz til! the 19S0s. with 
Europe investigating 10.9S/14.5 
bands for its own satellite 
system. 

In the last two years or so, 
confidence in the future of tele- 
communications systems that 
harness the potentially enor- 
mous message carrying capacity 
of laser beams has grown with 
the availability of improved 
small lasers to produce the 
modulated beams— again a spin- 
off from advances in electronic 
circuit technology. 


High copper prices have also 
spurred work on the {glass con- 
ductors which have demanded a 
very considerable and ongoing 
effort on the part of developers 
such as Coming and now Pilk- 
ington, to produce a thin glass 
rod in which the characteristics 
of the glass change as one moves 
from the core to the skin so that 
any light tends to be reflected 
back to the centre. 

As many as 30 countries are 
building experimental systems 
with a world light cable market 
put at £10Qm. by 3980. rising 
to over E500m. a year by the 
mid-1980s. 

An experimental system carry- 
ing 2,000 telephone conversa- 
tions is installed between 
Ritchin and Stevenage in 
ordinary post Office ducts using 
7mm cable from STC. Belgium 
will have such a link in service 
as pan of its ordinary network 
by October this year. 

Ted Schoeters 


CAPABILITY: 


* ; ■ 



In ihe world as a whole, there are fewer than 10 tele- 
phones per hundred population. 

This compares with 50 or 60 telephones per hundred 
population in many industrialized countries. 

The provision of basic telephone service is thus a very 
real nee.d in many parts of the world. 

Concurrently with this need, the technology of tele- 
communications is changing and becoming more so- 
phisticated. 

With the transition from electromechanical systems 
to electronic systems, telecommunications administra- 



Krii>snn’-i AXE public feli-phone exchnnee switching system has been approved and selected hy 
telephonc .-niminiMrnfions in Australia. Denmark, Finland, France, Kuwait-, The Netherlands, 
Panama. Saudi Arabia. Spain. Sweden and )iip»lavia. 

tions now have access to systems offering moTe and bet- 
ter facilities than ever before. As a result, new demands 
and new markets are opening up even in industrialized 
countries where the need for basic telephone service has 
already been largely met. 

On the one hand, the new sophisticated technology 
offers tremendous advantages to both administrations 
and subscribers. 

On the other hand are the huge investments involved 
and the pressures to keep costs at a minimum. There is 
also the fact that for developed countries existing 
•equipment defines the technical, operational and finan- 
cial environment into which new equipment is intro- 
duced. 

For most administrations, however, the advantages 
of the new technology are such that the main dilemma is 
not whether to introduce it, but how to gain the fullest 
possible freedom to plan and control its rate of introduc- 
tion and penetration into their networks. 

S vstem capabilit y ■ 

Full awareness and understanding of the dilemmas and 
problems of administrations is a prime requirement for 

manufacturers. ' " ■ . • 

Only then it is possible to market the right systems at 
the right time to pve administrations the planning flex- 
ibility they need* 


Ericsson's unique AXE switching system and the 
new DIAVOX family of telephone instruments and sys- 
tems are two products developed in full awareness and 
anticipation of administrations' needs. 

Among its many advantages, for example. AXE of- 
fers a choice of analogue or digital switches. It thus not 
only provides administrations with unequalled freedom 
in planning for maximum network economy, but also 
provides “future proofing'’. 

In the new DIAVOX family, the modular design ap- 
proach not only ensures. minimization of total cost, but 
also makes provision for the addition of future technical 
developments. 

“Su persvstem ” capabilit y ■ 

With the transition in telecommunications technology, 
new skills have to be built up. 

Long-term commitments on the part of suppliers, 
always important, have become even more vital. Partic- 
ularly in countries still at a comparatively early stage in 
the build-up of their telecommunications systems. 

The transfer of technology, knowhow and skills has 
become as important as part of long-term customer rela- 
tionships as the selling of the hardware itself. Local 
manufacturing also becomes an important considera- 
tion. 

This means interworking with customers not only at 
the system level, but at the “supersystem” level as well. 

It means the willingness and capacity to take part in 
network planning, system interwork, operation and 
maintenance procedures, staff planning, economic 
analysis and administrative procedures and. not infre- 
quently where long-term capital may be tied up for ex- 
tended periods of time, participation in investment 
planning. 


\ties designed to meet or anticipate the growing needs of 
pustomers around the world. 

, Not least important, it means keeping to delivery’ 
schedules. 

Doing it the hard wa y 

At Ericsson, we’ve developed our system and “supersys- 
tem'' capabilities the hard way. 

No diversification. 

No conglomeration. 

But a lot of hard work and attention to detail special- 
izing in what we know best ... the telecommunications 
business. 

As a result, we are today one of the world's major 
telecommunications manufacturing groups with more^ 
than 70,000 people worldwide, some 70 factories in 15 
countries, operations in more than 100 countries and 
annual sales in 1977 exceeding 880 million pounds. 

We're also one of the few - very' few - organizations 
with the aernss-the-bnard capacity, knowhow and expe- 
rience tn design, manufacture and install complete tele- 
communications and telecom munications-related 
packages virtually anywhere in the world. 




ARM Iran&U exchange. Mollison International Switching Centre. London. 

The ARM first stage of the Thames International Switching Centre. London, is scheduled to go into 
service this year, with the AKE system second stage scheduled to go into service in 1979. A signifi- 
cant part of the equipment for these exchanges was manufactured in Thorn -Erics son's plant at 
Scunthorpe, South Humberside. 

For details, write to: Thom-Ericsson Telecommuni- 
cations Ltd., Horsham, Sussex* RH13 5QF or group 
world headquarters, Telefozi AB LM Ericsson, S-126 25 
Stockholm, Sweden. 


DIAVOX— DBA more than a new telephone. It is a 

complete new app r o a ch tn telephone*. More than 400,000 
have been mined by Saadi Arabia along with AXE switching 
system! 

It means installing and commissioning support and 
planning support for future development. 

It means comprehensive training capabilities, com- 
plete documentation, and in general readily available 
technical support. 

It iBMn» advanced research and development facili- 



The Ericsson Group 

Partners in teleeommunieatioru progress worldwide 






Communications of the first kind. 


Every copy of Electronics Weekly is a 
close encounter with two worlds -the 
. Telecommunications and the electronics 
industry. 

A quality subscription newspaper, 
Electronics Weekly is specifically 
designed to provide you with a full 
briefing on even/ factor important to senior 
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Competitor activities . . . prices . . . new 
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Electronics Weekly reports in depth on all 
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Electronics Weekly not only essential 
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For a specimen copy, and information on 
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Roger Woolnough or Brian Moloney on 
01 -261 8000. Or write to them at the 
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Electronics Waeldy 

communicates the facts 


FaaClwtf V. '?£ Eirviri: >i; F;»si ltd. 

0«Bas Swi.fird L-r/w SSI SLU 
Aui-itr-L-; c‘ IrL r.i;j 


Saudi Arabia 

makes telecommunications 
history 


The Government of the Kingdom of 
Saudi Arabia recently awarded the 
Philips -Ericsson -Bell Canada Con- 
sortium a contract for, what is be- 
lieved to be. the largest telecommu- 
nications project in history. 


(of which 13 will be containerised) as 
well as all PCM equipment for the 
junction routes in the multi-exchange 
areas. Bell Canada will be respon- 
sible for system operation and main- 
tenance for a period of five years. 


Within a period of three years the 
present automatic telephone network 
will be increased' in capacity by 
476 OOO lines, and extended through- 
out the kingdom. 


Philips, who share equal responsi- 
bility with Ericsson for equipment 
supply and installation, will deliver 56 
stored-program controlled PFIX 
switching systems for local exchanges 


The logistics of this turnkey project, 
which has a total value of over U.S.S3 
billion, are prodigious. During con- 
struction more than 1000 employees 
and their families will be accommo- 
dated in model villages built specially 
for the project. No less than 200,000 
cubic metres of materials and equip- 
ment must be transported to Saudi 
Arabia and distributed to work sites 
throughout the kingdom. And to pro- 
vide a direct means of communica- 
tion between the various sites, a 
private radio network .must be esta- 
blished. 


A 




A 


I Other joint responsibilities 
I -of the Consortium include the 
| training of up to800 local PTT 
| staff on the operational, main- 

I tenance and servicing as* 

■r pects of the computerised 
network.This will be carried out 
^ in specially equipped schools 
and repair centres. 


LtaofS w Si 


An important part of the Govern- 
ment’s second five-year plan, whose 
aims include diversification, indu- 
strialisation and the rapid devel- 
opment of education and social ser- 
vices, this ambitious project will firmly 
establish the Kingdom of Saudi Arabia 
at the forefront of modern telephone 
communications. 


P hilips Telecom munications 
Hilversum. Netherlands - 


Philips 

Telecommunications 



PHILIPS 


Financial Times Friday March 31 1978 

COMMUNICATIONS VI 



m 


WITH CLOSE in 2S.WU civil 
aerodromes throughout the 
world (including die Soviet 
Union), and with over 620m. 
passengers a year being earned 
nn scheduled air services, tt is 
clear ihat aeronautical com- 
munications is not only une of 
the vital, btu also one of the 
biggest, aspects nf the com- 
munications industry worldwide. 

It is also one of the most 
complex, for it involves nnl 
tinly the problem of voice com- 
munication between the ground 
and the many thousands of civil 
aircraft of all sizes in the air 
around the globe at any one 
lime, but also the constant 
transfer of information to and 
from those aircraft concerning 
their current positions, their 
flight paths, and their immedi- 
ate intentions. 

The one factor governing all 
civil aviation commonications is 
that of safety. By ensuring 
that not only the pilots, but also 
the air traffic controllers on the 
ground, know exactly where any 
given aircraft is at any moment 
in time, and where it is going, 
she primary requirement for 
aviation safety can be estab- 
lished. Thereafter, by a pro- 
cess of continuous monitoring, 
it is possible to continue to 
guarantee that safety at least 
lo within reasonable limits. 

For this reason, after the pro- 
vision nf aircraft and airports 
themselves, the biggest single 
volume nf money that is spent 
in worldwide civil aviation is 
spent on communications of all 
kinds— in the provision of radar 
■ to help air traffic controllers 
pinpoint the position of aircraft 
in the sky. of ground-based 
radio navigation aids such as 
beacons en rmre to enable 
pilots virtually to p:vk . their 
way through the sky. and of 
instrument Landing systems tu 
enable them to arrive over the 
runway thresholds secure in the 
knowledge that they are not 
going to find other aircraft in 
the way 

The li*t of specialist require- 
ments for aeronautical com- 
munications is endless. It 
includes the provision of air- 
craft-tn-aircraft and aircraft-tu- 
around voice communications, 
both en route and in the increas- 
ingly congested areas around 
the approaches to major inter- 


national airports. It includes 
also the prevision of: an insian- 
taucuus international telecom- 
munications network between 
virtually every major airline 
throughout the world, enabling 
an airline office m London tu 
confirm immediately the availa- 
bility of a seal on an aircraft, 
say. leaving Melbourne for Hong 
Kong in a month’s time. 

It is difficult to fix with pre- 
cision the amount of money that 
is spent annually on providing 
ail these aspects of aviation 
communications, but it is not 
likely to be less than £lbn.. and 
this figure is increasing steadily, 
both as a result of inflation and 
the growth of civil aviation 
itself. With an average annual 
growth rate in passenger traffic 
of not less than 8 per cent, fore- 
cast through to (he mid-1980s, 
the demand for communications 
equipment of all kinds is bound 
to continue to expand. 


Traffic 


This has given rise to a prob- 
lem that is causing some con- 
cern to the world’s aviation 
authorities — especially those 
with smaller budgets to spend 
un this area. This is that the 
continuing increases in traffic 
arc approaching the point where 
many States can no longer afford 
the Jarge sums required either 
to introduce the new facilities 
necessary, or to maintain at an 
adequate level those facilities 
they already have, so as to 
ensure die necessary high stan- 
dards of safety. 

This, in turn, is placing a 
considerable burden on the 
financial resources of the Inter- 
national Civil Aviation Organist- 
lion (the aviation technic ll 
agency of the United Nations), 
to ensure that worldwide a 
uniform standard of communica- 
tions and hence also safety is 
maintained, and it is likelythat 
some of the more highly* 
developed aeronautical States in 
future will have to subscribe 
more cash than at present to 
ensure that those standards are 
maintained. For example, an 
airliner leaving the compara- 
tively highly-developed 1 aero- 
nautical communications area nf 
North America and 'Western 
Europe is entitled to expect that 
on approaching an area such as 


the Middle East. South-East 
Asia; or Africa, the same .stan- 
dards of coiumunivaliidu capa- 
bility will prevail— that the navi- 
gational aids in terms of radars 
and radio emnmunioai ions will 
at least he adequate lo ensure 
a. safe arrival at the planned 

destination airport. 

Id 'order to achieve this, the 
ICAO itself regularly preiluecs 
what is called an “ Air Nav i~a- 
tion Plan*’ for each of nine 
major aviation regions of the 
world, which sets out vvlv«t it 
considers to be The minimum 
ne cessa ry requirements for safe 
and orderly air navigation 
within the region cnucmied. 
The requirements take th«- form 
of . • - recommend a! ions — I In- 
ICAO is not in any position to 
instruct — and the nveraM aim is 
to. - ensure that individual 
States, in financing «n»i imple- 
menting their own civil aviation 
development plans. adopt 
systems (hat will dovetail with 
those of adjoining Stales in the 
same region, and with these in 
regions adjoining ii. Each nf 
these - Air Navigation Plans 
contains recommendations fui 
the. installation uf radars, instru- 
ment landing systems, vo-ce 
communications and other 
systems sufficient to enah 1 ** civil 
aviation to be continued without 
unnecessary disruption. Each 
Plan is regularly updated, both 
Ui the licht of the progress made 
' by Individual countries in meet- 
ing the earlier su-;csied 
develop men is. as well as in the 
light nf improved techiwqiw* 
emtrcmg from I he ■ manufac- 
turers nf the various typ*»s of 
equipuu-nt. 

Olie or the biggest problems, 
of course, lies m the different 
rates of implementation or these. 
Plans. It is not uncommon 
within auy given region to iinrt 
one Stale ahead of anmin-r in 
introducing. • say. In^nma-id 
Land ilia Sysl eras, and even 
within any given St vte a 
marked difference can ofvn In- 
found in the standards or cqiro- 
ment lielwccn one airport and 
another. 

The enverniiis farter is. uf 
course, money, and there is go 
way in wHti-h the If. Art “Van 
force any State to spend more 
than it chooses nr can afford 
on the provision of navigation 
and other aids for greater 


aviation safety. rcsu’d lb? 
evitahiy is that !« *nhm parts 
„l i he world the rate uf pru^reis 
id (niprermg aviafien n>mmwnj- 
viitions is much slower than fa 
ui Iters, jnd that there are some 
r ports which organisations 
vacli .is the International 
Federation of Air Line Pilots' 
Associations regard us sub- 
standard to tile point of briili 
hazardous. The worst of the© 
ratios the IF ALFA -Black 
stur" This i* more Than just 
.i publicity tarlor— in ih»- emm- 
trios trumwiieil the individual 

local pilots' associations - are 

d bfe Jo bring cmiMderablc pres? 
sures on their m»v eminent s to 
bring the standards of a given 
airport up to an areupiahle 
international level. 


Direct 


International 


Probably the biggpsf single 
new development in avuliun 
innumiHicatieus — interpret mg 
ihi- to include the pr»vmun of 
navigation mformaiicn as well 
as direct voice cmninunicatioos 
— hes ill the impending intro- 
duction of Microwave Landing 
Systems (ML&i tor the IWOs 
and beyond. In ds MWplftt 
terms, this menus* the provision 
of a new type of »r.d that mil 
.supplement and eventually - re- 
place the current Instrument 
Uinduig System whereby an 
airliner in flight can l*c guided 
from I lie ground down lo a safe 
landing in all weather rundi- 
iiuns by night as well a» hy day. 
The current types of ILS that 
are available are restricted in 
the number of aircraft they can 
cope with ai any one time, and 
the fum- 1 ion uf the proposed 
new MLS is to nnTea.se the 
volume of traffic that can he 
act-munii -dated with safey in the 
final stages, or Hie approach :o 
landing so that runway utilisa- 
tion can be -increased. Af pre- 
sent. the All-Weather Opera- 
tions Panel of the ICAO is 
studying two broad types or MLS 
—i he British- proposed Doppler 
system, and the U.S -proposed 
Time Reference Scanning Beam 
•system Each side tends t*i 
argue that its own development 
is the be*t tur the iuture, sad 
tiie ICAO panel will have a 
difficult task m choosing be- 
tween thorn this spring. 

The struggle between the 
rival systems has been intense, 


networks 


and smnetimes even acri- 
monious, and is not yet uver. 
with comparative irnh of bath 
Mill in progress at various major 
airports throughout the world. 
It can be — and is — argued that 
at a time when many air- 
ports throughout the world 
still do not even have present- 
day types of Instrument Land- 
ing Systems, it is almost 


FORECASTS AND surveys are 
useful in indicating a trend and 
most industrialists would absorb 
several of them, add their own 
private information plus a large 
grain of salt, and then take 
action. 

But so far as terminal use is 
concerned, there can be no 
doubt about the explosive 
growth rate, since in two short 
years the predicted figure for 
Europe by 1985 has about 
trebled to 2m. nf which 400,000 
are in the U.K. This Pactel 
figure shows, as Holman Hunt 
pointed out recently, that ter- 
minals will become as common 
as telephones and not solely 
because of their use with com- 
puters by any means. 

This predicted growth in ter- 
minal populations presupposes 
a parallel growth in interna- 
tional networks such as Euro- 
net. which at the start of 1979 
will be available to provide 
access across Europe to vast 
amounts of information in 
various scientific centres. It 
will also allow major- intercon- 
nections between high street 
shops and local hank networks 
so that customers can pay. for 
their weekly shopping by mag- 
netic card. Tt takes into account 
the growth of Swift— ihe inter- 
national banking transfer net- 
work — and of the many trans- 
atlantic services from bureaux 
and databanks in America. 


with a guiding head code. It 
is already estimated that if 
private users could use such 
services in Europe for messages 
rather than their being limited 
to conversations with a databank 
computer, communications rates 
one-tenth of th^ise of telex would 


Philips are proud to help set the pace battleground 


But in that country, at the 
present time, battle lines are 
being drawn on two fronts and 
the strategics to he used, and 
Ihe outcome of what could he 
fierce warfare, will undoubtedly 
affect Europe. 

The first battleground is In 
data transmission with a three- 
cornered fight promised be- 
tween the existing packet- 
switched networks typified by 
Telenet the entrenched mifht 
of. AT and T which holds 80 
per cent, of public telephone 
traffic, and Satellite Business 
Systems backed by IBM. 

Pat Uet-swit china. invented in 
Britain at the NPL by Davies, 
is a means of transferring large 
amounts of data across available 
lines at high speeds, keeping 
line traffic close tn optimum. 
The “packets" axe messages 


rcs:>*t. 

SBS is proposing to provide, 
by 1983. a service covering 48 
of the American states operating 
through one or two satellites in 
geostationary- orbit above the 
equator in the South Atlantic 
and 375 ground stations. This 
service will provide total com- 
munications — data, voice; fac- 
simile and video, it may. for 
instance, be used between a 
r.umber oE. computer sites serv- 
ing a large multinational group 
to give a quantum jump im- 
provement in information 
handling. 

Existing satellite service pro- 
viders such as RCA have made 
a number or protests and the 
Federal Communications Com- 
mission has intervened to place 
a number nt trammels nn SBS 
(IBM) but there spems to be 
no doubt that experimental 
transmissions will go ahead a> 
and when IBM decides and that 
the programme will progress tn 
the set timescale, which includes 
an experiment to be up and 
working in a year or so. 

AT and T did not believe in 
packet switching when it first 
appeared on the scene but is 
now planning its own super 
packet service. Bell Data Net- 


Arthur D. Little and Charles P. 
Lecht of . . Advanced Computer 
Techniques, predicted at the 
DataComm conference in early 
March that the two giants would 
have a major clash, but that U.S. 
legislators did not --.realise Us 
significance? 

By 1983 close on 90 per cent, 
of .all computers installed will 
hdve some form of communica- 
tion facility. If SBS creamed off 
all or a good part of this traffic 
for its satellites, AT and T 
would stand to lose vast sums 
in terms of line plant outmoded 
or under employed — as much 
as S20bn. one speaker Mid. •• It 
should be remembered that IBM 
CONTINUED ON 
NEXT PAGE 


academic to even begin to con- 
sider which type of system 
should replace them for the rest 
of this century. But the counter- 
argument is that it \s» never too 
early to start thinking abmit 
methods nf Improving aviation 
safety through better navi- 
gational and landing aids, 
especially at a time of expand- 
ing aircraft traffic, and while if 
is accepted that with MLS 
(whichever system is chosen) 
will become increasingly avail- 
able through the 19S0s. there 
will continue to be side-by-side 
a continued demand fur ILS 
especially at smaller airports 
which do not have the volume 
of. traffic to justify MLS. ' 


Michael Donne 


Aerospace Correspondent 


Microprocessor 
controlled 
dot matrix 

teleprinters 


work (BDN) which will be 

launched next year and provide I 


launched next year and provide 
several levels or service between 
message transit times of 0.2 
seconds and four hours. The 
shortest times are equivalent to 
Telenet and Datapac (Canada) 
as well as Euronct (Europe). 
The longer times . indicate 
storage and this is exactly what 
BDN proposes to do— but also 
to process some nE the data 
being transmitted m ways other 
than simply reading the head 
code to achieve the proper rout- 
ing of the message. And there's 
the rub! 

Theoretically IBM should not 
become involved in common 
earner work. Neither should 
" Ma ’ become involved in 
computing, is it surprising 
therefore that analysts, includ- 
ing Frederic G. Withlngioq of 


Transtel teleprinters are made to help you meet the 
most exacting telecommunications requirements. 
Quiet, reliable and moderately priced, Transtel 
microprocessor-controlled dot matrix teleprinters are 
the direct result of years of experience meeting the 
needs of customers worldwide. 


All our teleprinters, from the B315 ASR in the AHR 
Receive-only printers offer multi-copy print: speeds 
f r °m.5Q fiauds (Telex) to 225 Bauds: Polar, Neutral 
or interfaces; minimum mechanical parts, •' 


a l®° n ^ er * a typewriter keyboard 

SSSLSft sh0Uld ' ou wbh t0 i] ° away; with 
perforated tape, a unique word-processing memory 
to prepare and edit your messages. v * 


Transtel Communications Limited, 

Mill Street SloughSL2 5DD Berks.', England 
Telephone: Slough 26955 Telex: 849384* 








* * j 


i : i 

• fc 


L 






financial Times Friday March 31 1978 

COMMUNICATIONS VII 








maintain telecommunications 
systems-woridwide. 


International 


CONTINUED FROM PREVIOUS PAGE 


ha? a developed computerised 
PABX thiil has been launched 
in Europe but not the U.S. 

AT and T not waiting for 
It" goose to he cooked and is 
*,« Diking on what analysts have 
£ called the ACS. or advanced 
communications system, that 
would do much of the work on 
data tran>iniitcd over a network 
that is now done in the main 
computer or its communications 
processor. 

This is a fascinating subject 
hut speculation on the outcome 
is complicated by the U.S. 
Government's anti-trust action 
against IBM and barely veiled 
• threats of similar action against 
J AT and T. 

What of Britain, where packet 
switching was conceived? It may 
be a grossly unfair thing to 
reveal, but in my files on data 
transmission studies there is a 
document produced at the Post 
Office's behest and containing 
the results of investigations 
into demands from the U.K. 
computing fraternity for a data 
network separate from the pub- 
life telephone network printed 
back to front— and that is not 
lateral tbinkingi. 

PO resisted demands for this 
network, diliied with packet 
switching, dallied with store 
and forward solutions, and 
allowed France to progress so 
quickly with its own Transpac 
network that when the choice 
V was made of the system for 
u Europe, neither ' of the U.K 
w solutions was selected. Logics 
of the UJv. and SEMS of 


France, working with Philips, 
were outright winners about a 
year ago in the bid to set up 
Euronet, principally because 
their proposed system was de- 
signed on the basis of Trans- 
pac, with ability to become a 
public service. 

The Leasco/Fcrranti proposal 
was based on the EPSS (experi- 
mental packet-switched system) 
set up primarily around British 
Steel's requirements with PO 
blessing. A third contestant in- 
cluded Plessey 

Significant is the fact that 
Transpac/ Euronet conforms 
with X25. a " translator " or 
interface which allows outside 
users access to a switched net- 
work adopted as standard by 
CC1TT. the European telecom- 
munications standards body. 
EPSS did not conform at the. 
appropriate time. Also. IBM has 
offered an adaptor which allows 
its equipment operating under 
the company's preferred tele- 
communications regime to com- 
municate with Transpac 
systems. The inference is clear. 

Euronet charges have 
recently been fixed by the PO 
and there has been some sur- 
prise that they are not distance- 
dependent and will not be, even 
when the network becomes 
public. There is a volume charge 
and a weighting for duration. 

Lugica and its partners have 
just won the coveted Eurodara 
study of the future of com- 
munications systems in Europe 
The two year study may require 
an expenditure of about £lm. 


But since the requirement is a 
forecast till 19S7 meeting the 
call for a unification of tite 
whole European system starting 
in 1990. the sum is not exag- 
gerated 

Logics 's Philip Hughes sees 
no real problem in using a 
European satellite system as a 
■means of expanding traffic 
capacities within the area. 

The real problem could arise 
if SBS extended its services to 
Europe and absorbed lucrative 
traffic before European-con- 
trolled systems were ready. 
IBM will soon use satellite links 
between the US. and Europe as 
a matter of routine. ■ 

Opinions vary as to how many 
will use Euronet from Britain. 
Transpac leaders have no 
qualms. They forecast 1.500 
links in tbe first year of service 
(-1979) rising to 120,000 in 
France by 1985. This clearly 
refers to packet switching used 
preferentially as a means of 
channelling data. 

Transpac also suggests some- 
thing the P.O. may not like— e 
guarantee of line quality and 
data accuracy carrying a penalty 
to. be paid to users if the 
guarantee is not met. 

Meanwhile, overshadowing all 
the foregoing is the question of 
national frontiers which is SO 
acute that it has led a former 
official of the White House 
Office of Telecommunications to 
say that many of the countries 
resisting or blocking the export 
of information from U.S. data 
banks are not concerned with 


competition in a literal sense. 

- They are resisting what they 
call electronic colonisation . . . 
they do not want their lives to 
be Americanised, Anglicised or 
Sovietised . . ." 

Behind this somewhat emo- 
tional outburst lies the cold fact 
Thar most European countries 
have shown themselves to be 
more concerned with tbe rights 
of the individual to data privacy 
than America has. so far. largely 
because of the latter’s putting 
free enterprise before every- 
thing. 

Bui Canada has already made 
it clear that it has strong 
objections to the amount of 
information on industry and 
commerce Sowing into and out 
of U.S. databanks And, one 
could ask, why stop at industry 
and commerce ? 

The US authorities have a few 
more months in which to make 
clear what their attitude will be 
to the control of trans-national 
data and whether U.S. databank 
operations will be required to 
respect privacy laws applied in 
other countries, even when the 
latter happen to be “pocket 
handkerchief sized." 

It is already difficult in Britain 
to converse with a computer 
which persists in sending wrong 
bills or unwanted literature. 
How much more difficult is it 
going to be to get wrong or 
illegal information held in a 
databank in Florida corrected or 
deleted ? • 

Ted Schoeters 


Ask yourself whose 
2-way radioYOU would put 
your money on 


All 2-way radio in usem Britain in 1978-not just 
Pye, all other makes tocHi&built to satisfy a 
minimum specification set by the Post Office. But 
minimum specification may not be up to your 
standard. 

So how do you choose whose? 

lust read on. crossing out wrong answers 
asyougo. 

Wh ose choice of 2-way radio would you 

respect most? 

Tbp People’s/top burincsa’s/lony drivere’/cab 
drivers'/ messenger boys’/politirians: 

{Depends who you look up to, of course. But Pye 
2-way radio is the choice of people uiho make a 
living heading states, Unmchingshrps. running 
industries, winning battles, carrying cash and 
heaving hay.) 

How kmg would you expect your 2-way 

radio to last? 

4 years/7 years/10 years/over 10 years. 

(Both question and answer are academic Pye 
design 2-way radio for performance retiability-and 
durability is an inevitable by-product, sit ice there 
is no question of built-in obsolescence. But, at 
Pye, the advance of technology is irresistible Long 
before 1988, you mil almost certainly wish to 
switch to take advantage of it -however much life 
your 1978 Pye 2-uny radio has left in it.) 


- What type of vehicle wotdd you wish toequip? 

Chieftain tank/bulldozer/farra tractor/truck/ 

Mini /limousine. 

{Oh. go on, say "tank"! If your 2-zvay radio is 
rugged enough for that (and Pye's equipment is), 
it 'll take anything AndPyeBearers-zaiichare 
simply weatherised versions of our famous 
Olympic sets- have served faultlessly at -ItPCana 
+«PC which tsj 1-KT.F. So. even if you propose 
armoured manoeuvres in Greenland or the 
Sahara, whatever the vehicle, Pye fits-) 

Assumingyouhad2-wayrafioiiow.how 

■would you fed about a masave service 

organisation behind ft? 
Impressed/glad/safe/reassured/worried. 

(pye, whose service organisation is the only 
nia$sweone,poinioutthat,ifitaxmiesyou,you 1 re 
probably also frightened by hospitals. Service back- 
up, inPye’sview, isvitaL There are 250.000 2rway 
radios in the U.K. 180,000 of them are serviced by 
500 Pye engineers with 250 Pyeuehides in 24 Pye 
locations— which also do installations of 2-way 
radio. So everything’s near, which naans quicker, 
which means cheaper.) 

What should you do aboutan aerial site far 

your 2-way radio system? 

Clear someground/reinforce a roof/biry a hill/ 
duplicate the PO. Tower/ask your wife/ chicken out 
( Don’t do the last Any problem is probably easily 

soloed. Years agp, Pye— recognisi] ig the potential 
value of Britain 's old Roman beacons— arranged 
transmitter/ receiving sites accordingly, blow Pye's 
own facilities serve legions of Pye customers, 
none of whom have had to worry about frequency 
allocation, planningpenrdssion, signal coverage 
area and paper work. That' sour job.) 

VJe could go on. Butyou get the idea If 2-way radio 
is an inevitable acquisition sooner orJaier, with Pye 
it may as well be sooner Because awhale system— 
rnduain g aerial and transmitter r-couki cost you 
considerably less than. say. one more secretary. We 
go into all the details of costs in this new booklet 

Get your free " 
copy now! 

Simply cut out this 
advertisement, 
write your name 
and address here: 


and send it to the address bdow. 


36/FT/29I3 


BetterstiD.write us atetter.or telephone . 

Terry Hopkins on CAMBRIDGE (0223) 61222 

Pye Tdecommunications Ltd 

St Andrews Road Cambridge CB4 1DW 


1LETEXT. WHICH here 
Jans both broadcast and inter- 
tive varieties, both Ceefax, 
■aele and Viewdata, plus their 
each, German and other 
uivalents, presents at this 
ry early stage of its develop- 
?nt a number of commercially 
teresting questions to 
uipment suppliers and in- 
rmation suppliers alike. Many 
ganisations (of which the 
nancial Times in partnership 
th Exchange Telegraph is one. 
rough a new joint subsidiary 
lied Fintel Limited) are bet- 
ig real money, in tbe form of 
•ople and prototypes, that tele- 
xt will take off somehow, 
me where. But how fast, for 
bat uses, is still intensely 
•bated. 

The questions cut across the 
iectrum from pure technology 
social habits. Only when 
iewdata enters first its market 
ial and subsequently its public 
■rviee, in June this year and 
muary 1979 respectively (God 
id the Post Office willing), will 
/idence begin to accumulate 
mut the likely answers. Mean- 
bile. the number of organisa- 
6ns taking at least a defensive 
iterest in Viewdata (over 100 
ave already signed up as in- 
i rotation suppliers) bears im- 
ressive witness to the 
tat tenge, or threat, expected to 
s posed by the new medium. 

1 — Is teletext intrinsically a 
ig thing, or not? Is it the next 
evolution after colour TV: as 
ig as the invention of printing 
self?. Or is it just another 
rather expensive) toy? 

2— Will teletext be accepted 
y the broad consumer/domestic 
larket, and if so. in which 
ariety? Or will the business 
ser be the first to bite? In 
ther words, are we talking of 
he millions, perhaps with a 
yw expenditure per person/ 
erminal: or the thousands. 
,itb perhaps a high expenditure 
er person /terminal? 

a— Will Ceefax and Oracle, con- 
rolled by the - broadcasting 
rgamsations. remain a limited 
err ice of a few hundred pages 
ach. sitting, as it were, at the 
•largiii of teletext development 
or which Viewdata, with its 

heoreticolly unlimited capacity, 
liovidcs the great bulk? In 
»ther words, will Ccerax and 
)raele just be a "trailer” for 
he general idea of (eldest, of 
ising the TV set as a domestic 
md office terminal, with Vicw- 
'ata as the main attraction? Or, 
m the contrary, will people 
■csent running up telephone 
nils (Viewdata being a system 
'or connecting the TV set to 
.he Post Office computers via 
he telephone) and make View- 
lata a Bop, paving the way, one 
Jay at least for a big expansion 
in tiie broadcast teletext ser- 
vices, perhaps un dedicated TV 
channels? 

4 — What will all this do to 
iemand fur TV sets, in parlicu- 
ar. TV sets with the necessary 
teletext decoders? British 
manufacturers are held by 
many people In. he slow to 
recognise tin* potential market 
fur adapted TV sets: such critics 


believe that shortage of sets, 
rather than lack of public 
enthusiasm, may be the major 
constraint on Viewdata and 
general teletext usage* in the 
early years. If true, will that, 
yet again, open the door to the 
Japanese? 

5 — Is Viewdata itself; as a 
technical system, resilient 
enough? Are the telephone lines 
free enough of interference: 
does the system “crash” too 
often: do the sets “go on the 
blink" too often: is telephone 
dialling reliable enough — to 
proride an easy-to-use general 
public service? 

6 — Is the indexing of 
material on Viewdata — a com- 
plex tree structure in which, 
some fear, the average, person 
will get lost in the wood — a 
deterrent to broad, public 
acceptance? 

7 — And will peop'e pay for 
information when the: charge 
for it is displayed (as it will he 
on Viewdata) in front of their' 
eyes? Or will it be. J'ust the 
business user, accustomed to 
paying for information already 
as a commercial tool, who 
accepts this as part of life? 

8 — What will the role of 
advertising be on teletext 
systems? Indeed, what is the 
definition of advertising ip this 
new context? As far as . View- 
data is concerned, all the.infor- 
mation proriders (to use the 
jargon) will be paying the Post 
Office to put information- on the 
Post Office computer (or, in due 
course and at a cost on the com- 
puters as they begin In dot the 
country), and the big corpora- 
tion that for example, pays to 
put an advertisement in the Fin- 
ancial Times, could on Viewdata 
just as easily “rent? space 
itself to display its message. 
Whether there will be grounds 
for surcharging such corpora- 
tions for appearing, not on their 
own but within and alongside 
of the Information provided by 
another party, like a profes- 
sional publisher, remainsTto be 
seen. 

% § 

Advertising 

9— Also on advertising, the 
question uf whether ■ there 
should be a code to govern 
whatever is defined as advertis- 
ing on Viewdata, and if so who 
should administer it, is under 
discussion. Given the ease with 
which material can be deleted 
or amended (virtually instan- 
taneously) and the sheer 
volume of material that may be 
on the system, it could be im- 
possible to keep track of it in 
the way that ITV does, by 
formal vetting before showing. 

10 — Will teletext be left In 
the hands of its present organ- 
isers? Or will it one day be 
hived off,, perhaps as a unified 
but separate service? 

11 — AVill people read text at 
all on a (slightly flickering) TV 
screen? 

The future of teletext, as of 
the idea' of the domestic all- 
purpose video-terminal and the 
general business terminal, 


bristles with these and a host 
of other questions, although an 
encouraging feature is the opti- 
mism with which, by and large, 
a wide variety of people are 
tackling these questions. There 
are, however, those who regard 
the whole teletext phenomenon 
as yet' another example of Great 
Britain being sidetracked into 
some idiosyncratic development 
by its engineers, when the rest 
of the world is treading a differ- 
ent path. 

Viewdata has of course been 
sold, as a system, abroad, not- 
ably to Germany, and teletext 
as a general phenomenon seems 
certain of some application in 
all countries with TV networks. 
The question raised by some is, 
however, whether the main 
thrust of database development 
in this country (since Viewdata 
is essentially a database, held 
on Post Office computers, for 
limited or general access) 
should be directed at this sys- 
tem: or whether it is once again 
the U.S. which points to the 
proper path to take. 

There, partly because of cer- 
tain anti-trust rulings affecting 
the telephone system, there is 
no direct equivalent to View- 
data. But there ha? been a sub- 
stantial development of the data- 
base market, in which some 
companies specialise in the cre- 
ation and origination of an elec- 
tronic database (for example the 
New York Times Information 
Bank), while others (for ex- 
ample Lockheed) specialise in 
their distribution. 

These American databases 
(some bibliographic, in that 
they index and abstract journals 
and other publications in speci- 
fied fields: some economic, in 
that they store financial and 
economic information; some 
business; some legal: some 
general) are now extending 
their sales and marketing to 
Europe. In general, the ten- 
dency is for a distributor to 
cany as many separate data- 
bases as possible, to maximise 
revenues, and for a given ter- 
minal to be able to “tune in” 
to many different distribution 
networks. This tendency has 
however a long way to go yet. 
and many systems ( for example, 
the American Lexis system, a 
legal database) still operate 
with dedicated terminals. 

But the important thing is 
that there is a fast rate of 
commercial growth predicted 
for this type of electronic in- 
formation system, which will 
benefit at least those that 
already hold information in 
some electronic form (for 
example. For computer type- 
setting): for those that do not, 
it must be admitted, the econ- 
omics of this type of business 
are more complicated. With the 
development of Euronet as a 
European “data highway” to 
be the equivalent of such U.S. 
data highways at Telenet and 
Tymnet, the business of shunt- 
ing information around Europe, 
indeed round the world, for 
eventual reading on some 
common, all - purpose terminal. 


comes one step nearer. - But 
what connection, if any, there 
will be between the TV set- 
terminal ’ and tbe general pur- 
pose Video Display Terminal, 
and indeed between the sets of 
information available to them, 
remains to be seen. 

But it is undoubtedly the 
business world which is feeling 
(or at least evaluating) the 
impact of these new systems at 
present. This is true both in 
market-making areas, where 
VDT-based systems supply 
rapid price information and may 
indeed provide the actual 
market-place for transactions in 
stocks or commodities (see, for 
example, the development of 
the Reuters Monitor or its new 
challenger in Europe, the AP- 
Dow Telerate system): and in 
the area of corporate informa- 
tion, where large companies 
with substantial needs for, and 
staffs to cope with, information 
of all kinds pertaining to the 
company, its customers and its 
market place, have been in the 
forefront in evaluating or 
indeed sponsoring the develop- 
ment of electronic databases 

Ambiguity 

For at the heart Of the un- 
lovely vocabulary spawned by 
modern electronic information 
systems — words and phrases 
like “ information systems," 
“data and database,” store and 
forward," 44 input and access " — 
lies the deep ambiguity about 
(he meaning of the word “com- 
munications" itself. It can sig- 
nify both the vehicle for trans- 
mitting the information — the 
line, even the train — and the 
information so transmitted and 
the meaningfuloess. or other- 
wise, of that information to the 
person who gets it. 

At its best, however, modem 
technology is trying to provide 
the answer to tbe dilemma that 
it has itself posed. Having been 
responsible, in part at least, for 
the massive information explo- 
sion from which the Western 
world, and particularly the 
business and scientific world, is 
'suffering, it can now provide the 
selective search techniques and 
highly tailored information 
services that can, in principle, 
enhance the effectiveness of the 
individual businessman or pro- 
fessional while freeing him 
from intellectual indigestion. 
Here, if aiywhere, lies the 
social and commercial rationale 
for the development of data 
base services, of which teletext 
in its Viewdata form is at the 
moment the prime U.K 
example. 

In answer to that elegant 
poser *' Where is the wisdom we 
have lost in knowledge? Where 
is the knowledge we have lost 
in information? Where is the 
information we have lost in the 
filing cabinet? ”, electronic stor- 
age and search may provide not 
indeed tbe wisdom but certainly 
the information and possibly the 
knowledge. 

Rex Winsbury 


Teletext being 
put to the test 


0:0 r -i i q bo r b ro a n i $a Ly 
nVqqe ; i j; itrbr/eci to i iie&i 

no mnttej: hq*.y 

>? cv? orrivv. .e.y.ali ihevipa v ji 
.• Wccan plan. Joskin . 
nameebariti'iiis'aU.e; * r ' 
onipiole tefecohkituj'! teal fori 
v&tem for you.BbU idephbrr 

-lex. t.o te cj ra phy. i Ale v is i. 
aO ~ using tniSifc service 0; " 
nva.le <:ei • — v : ta 

V%;B can 'operate, diiimagd' a nil • 
v sl e:n.- traihJ^chriicr&'n.ii; engi nee 
nd operators •, 


With ovai a century of 
experience and our-liasop. 
v/itb 7e:e co . •_ r. : cab or s 

Acr.r.uK? «*auons . c\:r up-io- 
! he- • n i’i ; tie fex partis-; U v elend 
r:i rojicna-ond 
. i i.e tt.o s. • cr.iL- or .a r v=sati or«s . 
oil r »;apoiiie5. uiriin;:'-* ar.c 
aviation autrion : : bo r.>< 
ar.-d .>b:ppmn th* '•/ern'i over. 


So. ;i yo»; ;>e! you d like tit- >rc- inferinstiori. . 
v. ii’. not do a ktr’t voon-olf. 

Contact Uo. 


Always a step ahead of todays communications 

Hc-aci office: N'ereo r v Ho'ia-e. The-ohzUk Ro-vd. 

London WC?X BRX I'd: Oi-242 44ji Telex: 2 M& 


Financial Times Friday March 31 1978 ' 


COMMUNICATIONS VIII 


How many directories do you use? 
Probably not enough 

but have you evertried 
producing one? 

Those who have will tell you of the headaches 
involved-constant proofing and checking,. . 
misplaced corrections, bad paste-up, last minute : 
aiterations-all to be repeated at the next 
publication date. 

However good news. 

the revolution in typesetting sequential data 
has arrived.The Information Services division "r. 

of Broun Knight & Truscott has installed ' 
what we believe is the most comprehensive ' 
and sophisticated computer aided - • . 

photocomposition system operated by any..' \ "... 
commercial printer in the UJK.- 

Our customers in the directory publishing business 
welcome the revolution and the security of the 
system is enormously beneficial for our customers 
- with sensitive financial work. Even if yoii. do not 
fit into any of these categories you-may still have 
experienced the problems of updating information, 
prior to printing and if this is the case you 
should contact- 

III 


Advances with mobile radio 


ONE OF the more encouraging 
success stories in the U.K. tele- 
communications industry gen- 
erally rather dismal perform- 
ance over the last few years has 
been the development of 


sifund. A >cr**nd ricvrtiipnvitf 


nun iuuw tan uv , , , 

rapidlv — many times a communications channels cnuM 

■ m ' . . i ak . anaftAA I n7nmi 


uut jutuuj UJ ... : . *•*- OlglHU transmission imu uit- hnri* an trlvnil- Oil .infMamntmK 

Plessey and Marconi Space and addition using sophisticated rapid morse code-like bleeps. furt her advantage that it could tcraniqw ««*w nave ^an anvan .if ttw IWfc* 

Defence Systems (theGEC sub- electronically controlled Once the voice is changed into ml easily be delected. To an tage in wil intimnu meat ions na h r \\ |afl , r , in! . demand 

sidfary) produced the world’s weapons, the need for rapid and digital code it is possible to ordinary receiver, the transmit transnii^lnn for mobile radio sets lias been 

first really modern family of secure communications is even further scramble rhe signal with siuns funded only like a low Certainly ,d»«,iTai transit i. on * 1|J% anrf ,« !S 

frontline portable radio sets. more paramount. Furthermore 3 variety of encryption tech- hlw probably indi&tinsuUhable funvalt lliat hv’ihe jwr a»»* 

-Its designers had to solve, in the speecT of a modem battle piques. from background noise. rV t' S.*u. set, could 

a sophisticated modern context, makes it impracUcable lo expect f„ni»arv Pxanip3e 5L' k'” 1 ,, ,n m the l 7 K. Thu 

the problems first encountered soldiers in the field to decode P t in h«. fnlinwwl mam point is Mat. ■ n t i P ‘ , 

by the Russian army during its messages. They must be able to 1T,ulll FV advances tend to be followed digital transmission sounds only , s based on t.w •u. , «.riaiAe 

ill-fated attempt to invade speak directly to their com- ■ One possible method, for ex- ra ^ d .j;" ^ u^ic-h^ron' • Uw hi** to the nwiinafy estimate ijf a ' ' 

Prussia, in J914. Then, the manders as the ill-fated Russians ' ample, is tn multiply two very and \ ie ri |!;^ O \ 0 ^ n ^“|! m C0 ?' ear - 11 [S n }“ ch 1l * Ss l,kf J- v T growth, bul r P * ■ 

Russian -advance was too rapid did in 1914. Modern radios large prime numbers and use W5, \ cd in Interfere with a coiwcntional increase •»» ,!lt "■*. * 

to allow .the inefficient tele- solve this problem by making their product as the key to the ““J ‘ - broadcast. Furthermore. UiAital mobile r.olus 


Information Services division 


Dow gate Works. Douglas Road. 
Tonbridge. KentTN9 2TS 


T i .-r.g-nbfef 
k cfll.H 
7 ^ BfOV.ri •Cniijhl 


1 w , wTi zjr^ SfOv.riH.nii: 

Tef: Tonbridge (0732) 357216 Telex: 95573 s^cou 


Today you can market 
Internationally, 
by providing free ^ 
International 
telephone links -^mS 
for your client 
connected toil mm 


send out a jamming beam be coded in sm-h a way that each ti.vn «.f fn-qnern-ies may there- 

disrupt the communication. receiver would hear only the f are have an important bearing 

- for these reasuns. the channel destined for itself. ( >n the extern to which the 

Clansman system, which has .la the field of military radio, appetite for private and hu^jnest 
■ ■ i'w -# been the basis fur a booming the spin-off from developing the radio L-oiiiinunn-aloMi- are 

' 1 ^ -v I jtm. La y-v export performance by the U.K. most advanced systems is of a allowed [« develop 

H I m |T| I 1 r ~‘* r—“ / 1 firms which developed it. will different sort. Many dev^elnpui!! A nmw fmum has jlreadv 

I V j I V j I / I 1 y 7 I f Vv | £ V^ V /yl kj itself be superseded. Most nations, while recognising the developed in the sale of VHK 

advanced countries are now vital importance of good radio n.'ii-way railiox for yachtsmen 
starting to develop a new links, do not require the soph is* which are increasingly being 
generation of mobile military tication which is being deve* swq Ail essential equipment in 
it • radios which will be immune loped f««r the American or to-day’s congested waters Int- 

/\ TT /\ , “f from present counter measures. European arena. Racal, part iiMi- proved hatferj- lechmtlpgy and 

I ■ 1 1 I I I ~ I I I I I I j The system most generally larly. has built its phenomenal the universal msi.-iH.itmn of 

\*S JLJL A JL favoured at present is .success on supplying this n , arine motors, even in sailing 

^*7 •- frequency hopping " hy which market with products* which it yavlus have cnmkiiU'il with a 

5SKM& fldCJ SttSSLrtSTi ^ STMTS T.-SttggM M,T5JtSS3: SJS& 

SbidT STSS “»C r S 8 d , m ”T t SS-t /tSSLSB „ d L„ 2 Milestone 

changed in years but an antique while the much-maligned small “ pacbets.” each between However, the next milestone ThoIV f s addition a »r-. w . 

^hot-r 0 "” 1 ^ ° W fs tr own y box for P ° Sl ° ffiCe canDOt en * irely a hundredth and a thousandth in military radio development is ing'lohbv in favour n! the aH««c.«- 

howine in its own box for escape blame for the wrong P*°> lor ■nwtns n f"^ p,1 P® r 0 f a second long, dcpendinc on altngelher more ambitious. 1» min ni nti'en^ band frvattraciev 

r, k a r,h a, ^ e n »£ aambm and p °° r < > uaiit >- ?!>• Tw™ ... <*. ^pi.i Pnm i >.>• ^ r n ; s v"v yr,vj c ™;.»?.r an d 

55^p S.« n . ections - toe main problem is eluded by a coded signal tn the the I'.S. Department of n«feiiee Lbhvists. The fall m price of 


•ir% XT’ • 1 - -O rpi T "1 nLAnriUUa WILL sen you a wnicn - resun JUST . Decause tne oi ouaiuws uuL-umcm> 

nfOWn IxinJTnf’ l\ I itfi I telephone from £47 to £425 — not straightforward process of re- office to another or 

’ v,v ai uovduu ajiu j ust one of conven tional ceiviug and recording a message companies. Facsimil 


ICICUI1U1IC UUIU ■ iu UUI ak! aicu uutu aiu iitutca) mi uwvv tv vi w ‘"vvm . , . F . . . . rri 

Just one OF the conventional ceiviug and recording a message companies. Facsimile trans- jj]* *\ i 5 J ,nlinuo ' ■ ^ ,TO IVIMocf rkn A °f nid ‘? S '‘i J' 

handsets which have little' in some way breaks down. mission is a well-esiabhshed is dividrd inlu MlleStOne 1 

changed in i years but an antique while the much-maligned «.?\Tn?rh?id ^all - packets.” each between However, the next milestone Tll0P0 ls .,dditi.>n a gr-. 

^hoN' 011 ”^ ° W !s tr own y box ^or P ° St ° ffiCe canDOt en * irely a hundredth and a thousandth in military radio development i> ing'lohbv in favour ni the albu, 

howine in its own box for escape blame for the wrong P*J> lor “"“"j* "f, ' 2f r of a second long, depi*niling on altogether more ambitious. 1» ruin ut cinvn^ band frcatietu-i 
?° U , h al ? ne ,i.i* V p^ e n«w aambm and poor ‘> ualit >- “9- h™ ?!!• Tw™ E^h packet i* con- cepfrcs nn the develop, pent hy K/KSK 

SSr «ni It » JKSSL21 £ rfuded ™ dad si « naI lhe fta VX Department ..r h „ hh> ,.,.. The Ml ,n pr.ee. 


■ •/ J 


Expand your 

international 

ma rkets.... 


r » ^ i 

:ii 



For further details Telephone (01) 723 1092 or see us on 

STAND 4102 Communications 78 

at the National Exhibition centra Birmingham. 4tb-7tb April 


Development Engineers 

HF and Satellite Communications 


International Marine Radio Co. Ltd., part of Standard Telephones 
and Cables Ltd., is the leader in the field of maritime HF communica~ 
lions and is now advancing into the satellite era. 

Here is an important opportunity to Join an expanding team engaged 
in the design and development of HF and satellite communications 
equipment for the marine field. The work requires familiarity with 
modern solid state technology in one or more of the following areas: 

Small signal linear circuit design 
TTL/ECL digital techniques 
Micro processor software and hardware design 
HF receiver and transmitter design • 

The positions offer first class career opportunities for both male 
and female engineers qualified to degree/HNC standard and- with 
two-five years experience. There are also several openings for newly 
qualified graduates to obtain invaluable experience at an early stage 
in their careers. 

Please write witn brief career details or telephone Jonathan Smith, 
International Marine Radio Co. Ltd., PeaH Road. Croydon CR9 3AX. 
Tel: 01-684 9771. 


hie hnnri . — . 2-S lHai an enviny mini Miimuicn *■*> imivwmiiuu wfii.-ft 

While "such uhanec mav «;eem A n “ mber of b >8 companies as eas>- to operate as an office unlikely to pick up a small burst 19S4. and which the l\S. at lea>.t arpv;irs n , w i n tailing off. 
an unnecessary luxurv toman! now have effec tlve computer- photocopying machine and 0 f transmission lasting loss than would like see a standard Thep| , aaJ j n> !hl , Uimting fjclur 
a harassed businessman they controlled switchboards with a capable of sendin? a documeni a hundredth nr a second- on any throughout Xatn. Tenders for h h lh . ^, n -i.>ti..n of she 

are tel ^ becoSSe"in ; ^ w ide range of answering ser- at speed. A target of two nnc waveband, and even if the the first development contrail whirl, Suited v.-hco 

bol for the status-conscious vices - faciiilies for dictation, minutes transmission .or a fool- signal were detected, it would are now bein« assessed fnitn ,ii' CH railms could »»• 

Sea, rive This atUtide reSs ra ethods to call up messages on *cap document is regarded as a hc very difficult to follow four competitors: ITT. and three m a 

the toherem paradox of the television screens, procedures reasonable speed. through its rapid changes of Anglo-Amorh-ati c.msnrtia Thcy jn . ;| Su tn ^ ilr „ f 

telephone. It is probably the t0 allocate priority to cerlain Most machines are infrequency without enormous are Racal with Ri .A Plossi-y piVwtri » , ro!n ,„!mufactur. is 
single most important piece of caIls - and automaUc re-rouUng specialised use over private lines computing power. Moreover. iF with i. rh-Sylvania and Marcnm anJ pulcnUu , . :rL , ups „f MW . 

equipment in the business codes - between company branches. But an enemy tried tn jam lhe with Cincinnati .Electronics, {here is no im«ued:ai»> sign tint 

world, yet instead of looking Such systems are invaluable . prospect of a public visual, he would have to spray This lender is ror a slow hup w ,jj ^ allowed in the UK. 
at ways to improve its effective- in preventing the incoming facsimile network has become a a barrage of noise on in the system in which fri*quencu’S » ■ «■ 

ness many executives can only caller from feeling abandoned, possibility with agreement airwaves which would inevitably change several hundred times a iM -”‘ 

consider its statu* value.. as so often happens with con- between the manufacturers and ' " 

The telephone service within venlional switchboards. The pro- the national telecommunications- • - - — ■ T “" r - - - • ,n -. 1 • '• w 

most organisations is inevitably vision of such facilities is nut authorities aver an acceptable 

given a low priority. It is con-, exoroitanty expensive for the international method of work- . 

sidered as one of those activities large organisation because the ing. 

that are ripe for economies by necessary data processing, which One of the main drawbacks to 
the cheese-paring mentality of is what these activities entail, such machines and the more 

many office managers. Yet it can be incorporated in computer traditional teleprinter has been 

(is only common sense— and systems introduced for other their bulk and noise, which has /jr j 

backed up by numerous statis- purposes. resulted in their location in a // j \\ — — . j— n 

tics— to consider how much a little imagination can alsu remote room. Their usefulness 1 j \ ^ 

potential business is lost by a make the telephone into an in- is inevitably diminished by the 1 ^ . j c # jf 

poor telephone system. More- valuable aid without investing need to have information B jT f 

over, that is without including j n complicated and expensive received an the machine — — J4 MjLrw 

the soured industrial relations apparatus. The robot telephone delivered by internal THORN m.C & y A 

and multiplied clerical casts answering device is one such messengers. Vital comniunica- a world \ 1 1 

development that has been tions flashed across the world nf difference -* \ / I 

exploited, as one its many uses, at the speed of light could take \V 9 „ // I— — i i-J LJ 

; for streamlining industrial rela- several hours to make the final V 

tions and aiding recruitment short journey to Lhe .correct 

desk. 

I Status But two major recent develop- J "'.J 

ruents have made teleprinters 
■HI One manufacturer claims that into machines that can. operate 

H telephones have achieved a new in a normal office. One is the 

^ H M status Tor employees in British Random Access Memory lo 

■■fl Oxygen by astute management, replace perforated tape during 
I%mq . ^Tj . A t any time during the day or message preparation: the other 

VI lO H ™ night an employee can pick up is the microprocessor replacing 

■ b his telephone and, by dialling an most of the mechanical parts 

. _ . . internal extension,- listen to a uf the rest of the teleprinter, 

ra I etepnones house journal giving details of The random access memory 


T 

THORN 

a world 
of difference 


house journal giving details of The random access memory 
company activities. The service store was developed for com- 1 
was introduced to help prevent puter use. It is controlled by 
individuals feeling they were a microprocessor containing a 


■ cut off from each other. 


suitable programme. It forms ! 




QTp Changing theface 
O 1 of communications world wide 


DIRECT SYSTEMS LIMITED 

Telephone equipment for Bankers, Brokers, Dealers, Travel Asents, Airlines and all 
organisations requiring instant connection to direct or exchange lines. 

Approved and working in many parts of the world. Every installation tailored to meet 
the customer’s particular requirements. 

Modern design using plug-in printed circuit boards, solid state devices and reed relays,-, 
careful manufacture and thorough testing ensure reliable service at competitive prices. 

Modular constniction allows rapid delivery. Pre-cabling with plugs and sockets enable 
quick installation and ease of subsequent rearrangement or movement 

For Further details contact: 

DIRECT SYSTEMS LIMITED 
lSla Long Lane. London SE1 4PN, Ensland 
Telephone: 01-403 0610 


A similar system has been the basis of a message store 
established by the British Steel that can he edited, separated 
Corporation but with some re- from any number of messages. 
finemenL That service includes and transmitted. For nearly all 
the regular telephone answering teleprinter applications a store 
system by which workers can of S.000 characters is sufficient, 
ask questions of the manage- This represents about 120 lines 
ment. They need not identify of print — Far longer than the 
themselves,, and their questions average telex message, 
are answered during the follow- The machine has no moving 
ing day’s recorded information, parts, comprising 'only the ran- - 
Other technologies for filling d.;v* access memory store itself 
the limited amount of telecom- (a few “chips" on a printed 
muni cations space in most offices circuit board) and the micro- 
are also moving from laboratory processor. Again, this is chip- 
success to commercial applies- sized and also controls the 
tion. One of the most important various other Functions of the 
developments is .the advent of teleprinter, such as speed, 
electronic mail, ur the transmis- system application and character 
Sion overnight of letters and definition. A handful of keys 
documents from one microfilm controls all the editing and 
file* to another at a distant printing control keys necessary, 
location. ■ Each character as it is keyed 

Other new types, of external is allocated an address within 
telecommunications services In- the random access - memory. ,A 
elude the facsimile transmission '* pointer" moves along the 

■ ' ■■■! addresses inserting the code for 

lhe characters as they are keyed 
f ril l |T\ ,,n ^ c - v * 5nard - Insertion of 

II I r I I additional characters (imprac- 

LX JLli-Lr , *. cal on paper tape except by 

making a second tape) is simple; 
Airlines and all press the insert key with the 

pointer standing at the correct 
. - p’ace and type in the necessary 

tailored to meet characters. 

With the lack of mechanical 
parts in an electronic tele 
and reed relay’s, - . printer, the lop speed available 

mpetitive prices. ' s considerably increased. An 

operator, given a typewriter 
d sockets enable keyboard with the same touch 

as an electric model, will bp 
able to type at up to 100 word? 
a minute, one and a half times 
is fast as a telex. But this figure 
- is an average, whereas operators 

can exceed perhaps 200 words 
per minute rale for a short 
period. 

’ David Churchill 


PARTNERS IN PROGRESS 


Thorn 

ERICSSON 

TELECOMMUNICATIONS LTD 


Stand 4230 


v- 


fiw 


i 


- . «•*(«*». 






Financial Times Friday March 31 1978 

N. Sea oil: 
beneath 



problems 
surface 


HE Department of Energy will 
lortly announce plans for a 
ew round of oil exploration 
cences. At the same time it 
»ay well award a special pack- 
re of drilling concessions -to 
le state-owned British National 
il Corporation. 

Activity on these new blocks 
n? help to answer some troub- 
ng questions, such as how 
tuch oil and gas remains to 
e found . in British offshore 
reas so far unexplored and 
cnee, how long the country can 
ope to remain self-sufficient in 
nergy. The answers, however 
wtchy, will be crucial to both 
nergy and economic policies. 
The rapid build-up of North 
ea production is leading to 
task the oil industry’s concern 
bout its ability to maintain 
utput in the second half of the 
980s. Anyone counselling 
aution runs the risk of being 
ailed a kill-joy. After' all, the 
aily output of the North Sea 

> now about lm. barrels a day 
-half way to oil self-sufficiency. 
Ifithin two years the U.K. will 
e completely self-sufficient, 
anking among the world's top 
in oil producers. 

But a warning has been 
junded by, among others. Mr. 
onv Kirkby. general manager 
f British Petroleum's explore- 
on and production department, 
le points out that peak produc- 
on from the 20 or so fields 
nw on stream or und et deve- 
>nment will be reached in 
tree years’ time. This maxi- 
■um rate, although more than 
m men UK demand, 
ill not last for long. Ten 
ears from now output from 
■?e«e fields could have declined 
j -Miit half of their neak rate. 
The drop In production, if not 
nrrected, will come at an 
specially bad time since, if 
irecasts prove to be correct, 
will coincide with a world- 
idc shortage of oil supplies 
id, almost inevitably, much 
igher crude oil prices. 
However, U.K. self-sufficiency 
lay be maintained, providing 
»at over the next few years oil 
unpanies can be encouraged 

> exploit many more fields, 
ere there are some more wor- 
■ing factors. Companies com- 
iain that it is now taking 
■nger to obtain Government 
jproval for field development 
rhemes. There Is uncertainty. 
iout future depletion policies. 


BY RAY D AFTER, Energy Correspondent 

Companies still have qualms Shetland Basin. By 1981 the in- 
about working increasingly d us try could be sinking 64 per 
closely with BNOC But, above cent, of its wells in new explora- 
all, it Ls becoming increasingly tion areas, not covered so far by 
difficult to justify commercial oil groups. These areas may be 
development when costs are in the far north, in the Faroe 
going higher and newly found Basin to the north west of Shet- 
reservoirs are becoming smaller, land, or in the English Channel 

It is generally accepted that and Western Approaches. What 
the industry is already exploit- seems certain is that none of 
ing the largest, most obvious these areas will prove to be as 
and structurally the simplest productive as the northern and 
Helds in British waters. What is central areas of the North Sea. 
far from certain is the number Take the southern North Sea 
of reservoirs and size of re- basin containing the gas fields: 
coverable reserves yet to be these reservoirs have already 
identified. British Petroleum, yielded over one-third of their 
one of the most experienced proven gas deposits to the 
companies in the North Sea, extent that for some time now 
Ut would say Britain has been virtually self- 
rea fistic) view. It puts ultimate sufficient in natural gas supplies, 
recoverable reserves at some M r . Fowle forecasts that there 
22bn. barrels or around 3bn. will be only limited drilling 
♦Lists' means - according activity in this region. The gas 

™ \* That nearly half of the accumulations thought to remain 

British oil resources are con- are likely to be small and 
talned in fields . already on require extensive — and expen- 
stream or under development sive— appraisal drilling. 

Poecimictin central North Sea con- 

17 cyMlIUMit VICW tains some of the most attractive 

What is more. BP believes and Profitable fields, among 
thaTSotL 20 fieMs? *.? m Britisb PetroleumVForties 

whose existence is known, con- l 

tain about 5bn. barrels. On this 
basis the industry has located fPil 

between two thirds and- three f?. d lb *J* ar f ei Sht oilfields in 
quarters of all the oil there is th, « region either on stream or 
to bo found. The Department of 

Eneigy, now being advised °l 0,1 

exteusively by BNOC, takes a ^kes to hol ® s has been 
less pessimistic view. It « ^ ,0 ^ c the K be 5 n 4 ? only ' n ^ 
sticking by previous estimates N * rtb Sea but in the world, 
that ultimate recoverable re- . “ ls tfeit within the onshore 
serves could be between 3hn. industry that several more 
and 4.5bn. tonnes, or between moderately-sized fields will be 
22bn. and 33bn. barrel's. identified in this central area, 

. Only a further extensive ex- although a number of these 
pi oration programme will verify rould be associated with major 
or refute these figures. So far Seulogical faulting- and could 
most of the wells have been thus be difficult to evaluate, 
drilled in the North Sea. But as BNOC expects at least 40 wells 
offshore licence concessions be- t0 he drilled in the central 
come more widely spread so rogion this year, 
operators are being tempted Nine proven. commercial fields 

into new exploration areas. The have so far been located in the 
West Shetland Basin has been northern North Sea region, 
receiving greater attention from These include some of the 
the industry in the past .year, biggest reservoirs off Britain's 
partly thanss to a couple of shores including Brent, Ninian 
promising discoveries. ' and, the largest of them all, 

Mr. Dick Fowle, British Statfjord, which straddles the 
National Oil - Corporation’s Britisb-Norwegian median line, 
director of exploration, told a Indeed, the main prospective 
conference of oil equipment area in this region follows the 
suppliers and service companies median line northwards. Here 
earlier this month that daring again the drilling success rate 
the next few years over 10 per has been extremely high when 
cent, of all offshore wells would set against worldwide explora- 
probably be drilled in the West tion activity — a ratio of one 


good hole in three was achieved 
between 1970 and 1976. There 
are thought to be a few. 
relatively small' fields to be dis- 
covered. As they may well be 
associated with complex rock 
faulting they could require a 
good deal of evaluation drilling 
and. perhaps, special develop- 
ment techniques. Even so, it is 
forecast that 30 wells could be 
drilled in this area during 1978L 

This brings us to the Con- 
tinental Shelf area to the north- 
west of the U.K., described by 
Mr. Fowle as one of the most 
exciting exploration regions 
developing offshore. " Sufficient 
potential exists for a drilling - 
programme that could last for 
several years even without the 
stimulus of a major discovery," 
he says. This region, at least 
immediately west of the Shetland 
Islands, is being examined much 
more closely now that the pre- 
sence of hydrocarbons has been 
confirmed. Of the 25 wells so 
far drilled in the West Shetland 
basin, three have contained oil, 
one has found gas condensate, 
and seven have given oil shows. 
The most promising reservoir 
located' so .far seems to be in 
BP's block 206/8. 

Nevertheless, within BNOC it 
is thought that about 30 per 
cent, of the north-western area 
as a whole must be. considered 
as prospective. On the plus side . 
any oil found will be reasonably 
close to the Shetland and Ork- 
ney islands where provision has 
already been made for an ex- 
tension of oil terminal facilities. 
To exploit much of this area, 
however, the oil industry would 
probably have to employ some 
novel production . techniques. 
Only a small percentage of the 
prospective areas outside the 
currently licensed blocks are in 
water depths of. less than 
1.000 feet. One third of the 
prosoective acreage is tn water 
deofhs of up to 2.000 feet while 
the remaining area lies beneath 
.«**«* 4,000 feet to 5,000 -feet 

deep. 

To extract oil at these depths 
the companies would almost 
certainly abandon fixed platform 
systems in favour of a new tech- 
nology. such as floating plat- 
forms tethered to the seabed or 
dynamically-positioned drill- 
ships. 

Moving south and back into 
more moderate water depths 



British. Gas Corporation is cur- 
rently evaluating a sizeable gas 
field (theMorecambe discovery) 
In the Irish Sea and it to 
believed that further gas pros- 
pects remain to be tested' in the 
area. : s But the. region on this 
lower western -side of Britain 
thought io have the. greatest 
potential is in the Western 
Approaches. The map clearly 
shows that there could be a 
number of sizeable pockets of 
hydrocarbon-bearin'! rock in the 
approaches to the English 
Channel. At least three of these 
prospective areas straddle the 
B-iti-h-French - median line 
which exnlains why each 
country made such a fu«s over 
th** rt'’fini!i<m nf th«c hnundary. 

Most, of the ingredients For 
successful;, exploration, -.are 

i ■ » lifiiSi i i’i i in mi <i 


present in the area. Source 
rocks capable of producing 
hydrocarbons are known to be 
present in Jurassic, Cretaceous, 
and' older geological formations. 
Seismic ’ tests have indicated 
that structural capable -of trap- 
ping oil or -gas also appear to 
exist What is not known is' 
whether there is any oil or gas 
to be found. Only a full-scale 
drilling programme will pro- 
vide the answers. The industry 
is to take its first tentative steps 
into this area this summer, fol- 
lowing the recent award of the 
initial batch of westerly drilling 
licences. 

Those concessions were 
offered under the fifth round of 
licences in 1976. It was by far 
the smallest round presented by 
the Government: only 71 blocks 


were offered and 20 were not 
taken up by the industry. 

The Department of Energy 
has indicated that the next 
round will also be a small one. 
It feels that, this "little but 
often” system 'of licence alloca- 
tion provides.. the Government 
with a means of regulating the 
pace of offshore activity. But 
there to a : .danger here. Com- 
panies could easily fall behind 
the pace required if they are 
to' help the country remain oil 
self-sufficient in the late 1980s' 
and early 1990s. 

Offshore operators are also 
calling for stable government 
policies relating to regulations 
on the: -development of -fields 
already identified. They argue 
that possible ... changes ■ in 
depletion — - Controls'; -and, v field 


development authorisation could 
delay the exploitation of a 
number of economically- 
marginal discoveries. 

Offshore operators have 
sounded such warnings almost 
since the day when the first oil 
field was discovered. The uncer- 
tainties and frustrations have 
not prevented them from 
becoming fully committed to 
what is still one of the brightest 
offshore exploration areas in 
the world. Where things have 
changed, however, is that the 
Government's move towards 
greater control over oil explora- 
tion and production is 
coinciding with the realisation 
that thp best prospects are 
,a»r"adv beine exploited. What 
remains to be found will be 
very much a second he-n. 


Letters to the Editor 




efficiently and responsively by views on any point, either she of the terms of roference 

the " 

Mr. 
agree 

pared to accept 

and unsatisfactory situation of fa«h 5 oned sense, not thai of the the bucket bhops >n-\eaa or in- : 
the larger non-metropolitan present Liberal Party*. Shp is ng .. e slu P'“ llJt:s of ^ 



Changes, in 
the shires 

4 row* the LcndcV, 

i’s?r.— X Ir?B oland^FVeeman. in cities merely for ihe sake of not, however, a purist, ami lack* j’JJA regulations. 

S tellers of M-ireh 15 and 28 stability. T the k>'nd of characterise of one: WF Jenkins. 

' not a Lone voice in advocating Many of us do not place such hut how many pnlitirians or. in- ^ |a f ad ’ 

mie necessary changes in the a premium on stability and deed, Pcop*e. are ^ ^ ^ 

174 reorganisation of local would give a much higher Whai she wll do when she 
ivcrnmeilt, although he has -w Priority to achieving a local acts into power H. of cnnrre a 
ir tin! v d revoked corrcsnon- Government system with which mystery tn all of us. including 1 iUlcLltU 

‘me from a count v reS peop'c can readily identify and Mrs. Thatcher, for it jeoends on 

uni or view (Mrs. ‘Coker on which can ready serve their the future situation of which we WFCCliCrS ’ ■ 

" oi mcw on needs, i do not believe that are all isnorenl. WICVM1,1 

people in such cities as Leicester C-viI * ;er va^.JhiU njti pnati- From jj r g Ashmen. 


"OmNtdioawide Coital Bond pays 6’^ 
and a regular monthly inctane? 


arch 21 and 

Therr'Vs a great deal of sup- wll i*" ever "get 'an’ustomei ‘for clans can wiijn them^iw vjlh Sir.— .r u *: in ton (March 2S) 
irt for Mr Freeman's case for example, to applying to county jj ghl> detail*. d c - Kency quotes Lord Denning as "assert- 
i-h.'ince in' the shires." par- ball for school bus passes or Plans 

^iSntSSS: W.S. 


Iiullir Soulhampton. and' Stoke the and the most 

1 Tivni (all uilh popu lotion* I™ IL* ,™ 


Clip-board 


' over n * ,l OO 000 and one 1 at least, mepl and where the 1974 cplIJraO' 

. - n r r 00 -?™. 3 !?".. 0 ".*:' ai reorganisation blurred the edges » culu C* 


'Vl chairman^ cd^thc executive of such local identities and intro- From the Agency Manager, 
mncil Of the County Council’s dueed two-tier and concurrenr standard Life Assuratitx Co. 
s'oeiation. one would perhaps functions with county councils, it sir,— The Men and Matters of 


ing that the law would be in a 
sorry stale if a man committing 
a crime could turn round and say 
that he was immune from suit 
and could cause special damage 
with a degree of impunity.'* 

Right first time! In my'septua- 
genraian old age t have bad 
helplessly (albeit profanely) to 
watch a procession of smirking 
gentlemen parade across mv TV 

nation «»...« - . . - screen while they inform me 

Mrs* Coker to spring r “ bas patently proved unsatisrais M arc h 21 reports that Mr. Trevor that they ca nniake much money 
■' (ipfpnce nf a system which »ory tn eterted members, to local Deaves of Berkeley Walbrook had for themselves by cutting off my 
ansferred io counts 1 councils gnvenunent nlTiccrs. hot. mast implied that his dip-board sales electricity, gas, coal, bread, mail 
•nor functions or local govern- impnrtnntlv of ail. to ihe citizens activities could result in business newspapers, buses, trains, refuse 
ont Mich as education and whnin.il was meant to **rve_ being placed with Standard Life collection, hospital and 'fire 
dal services in all hut the Mr Freeman is right. Thp ] correct the record by. telling services and much else. They 
Hinmnlitan ureas, and it can sooner som** ennst*iiit»onal j^ u lilaX j can i raC e no agent or can, in fact, make more money 
erefnre unly b.* considered as changes tu ilie present iocj*» ours by the name of Berkeley for themselves by this method 
inficmmiioTi with faint praise eovemment svstem arc made the Walbrook and further that my than by doing the actual work 
label* it " in many ways h°t*«»r Company wuuid nui accept which is under dispute. 

ni-iPk-iblv successful.'' M'rtvu'l riffin. business from an> agent if we They are only too correct! The 

7^i «■ Oiwnt knew it had been secured dirpci iy proof? Were it not so the roar of 

■hreatened 

In many ways it has been — 

mark ably less than .successful nr^lA*>1-»rk»v*a 
all parts of the country but | £16011 OI12 
trticulurly in the larger cities, 

.rrounded by shire counties. 

.ch as Leicester. So much so 

at the Prime Minister has now . security 

ticialiv instituted a depart- ci r _Thi» device described in Sbblic. 

r U nS'S , ..ss Si-fisa u* 

2? ZZrJLV ’SSSSSj^S* h “ bcen a ’ ai " blc '"■nSSJUaT”- k 

stnrt and county councils, and y y Q „ can ronl from the Post. 3- George Strtvr. Edmbunflh- 

,c ran n^y ,b .?* f” ' -Office a dial meter that shou-s 

iker wrote her Utter hecat st th|1 numJ:M , r 0 f unit*! heing used 
•r asocial ion feels thrc.iienv« ^ pal , pror0e ds. It also 

■ its possible findings. records the cumulative total of 

The duplication and waste in i unMS -ph, ls W i can monitor any 

irodticrirtry which tne c8 „ anrt r beck vour phone bit! 

organisation enacnoercci is R , Jt ,b,, rf , . nrf . snugs. The Po«* From the Manuring. Director. 
gend.iry and Mrs rnkcr dearij, ( -^ rp , ^b ;trc( v- n 50 rental ner Quantum Science r _ , h - 

ems m acknowledge this hJ iv ,. ir|pr rnT the m ,., e r and it docs Sir, — For the past 15 years I ' t^TT' Wwrfnnfp 

r dSMimplinn that an> remrn ^ cnarant**e that it is as have been a regular air traveller 

■ aii-nunwse ...hoonri^i rr.roi^n cun. Camerton, Avon. 


meter 


to members. 


as a result of clip-board selling, striking pickets would never 
It is essential ihal life again he beard in the land— only 
assurance should be sold hones! Iy lbe roar of industrial machinery, 
and openly and no professional Moreover, had our position 
intermediary nr insurance com- been reversed, and had I in- 
pany need feel ashamed (by coznmoded these gentlemen in a 
disguising the fact! of selling similar way, they could prosecute 
essential protection or future me pronto. I. unionless, have no 
of the legal redress! I have no 1906 
law which gives me exemption 
from legal accountability for 
such damage to my country and 
my fellow citizens. 

Common sense screeches to 
high Heaven that a courageous 
start must be made on tbe 
alteration of existing laws on this 
matter. Unless w.ork-dodging is 
made less profitable than work 
(currently it is a trade in itself) 
once-michty England will con- 
tinue still to be dragged at the 
heels of the protected wreckers. 


Full price 
air racket 


s 

; I' 


the more sensible a'l-punw^ a rcn*»ir Th** meter nn which earning substantial foreign cur- 
cal authority system v; ‘' 1 >' n the hi 1 ij* based. More important, rency for this country, i regard 
evaded in all fhe larger cities mPlPr Bec . ms m be invWMe the purchase of an air-lint* lickel 
•fore rporgamsatipn would oe Jf> !P ,, n:i „ ers w j w are n0 t paying as a contract to be honoured like 
a further cosily upheaval T b P bjir any other. 1 do not fail rn turn 

I feci quite nurc that in the F rt ^ npi « 
ng run it would be more foiut. 


The water 
rate 


*• * •. 


up; change my route capriciously 
or do any of the tilings tbe air- 
lines claim cause extra cost in From Ihe Press Officer. 
handling business travellers. North (Vest Water Authority. 

Uni si recently 1 have bcen pay- Sir.— Mr. R. A, Morris (March 

ing more for air ticket* than U3) has got his facts wrong and 
hnUd ay -makers have been paying consequently his conclusions are 
for complete holidays where they invalid The water bill, to 
are spending foreign currency, which he refers, this year in- 
not earning it. eludes the - sewerage charge 

Recently 1 discovered Ihe so- formerly collected with the 
called bucket shops and was do- ceneral rate. This charge was 
vs that lh« Assort a linn nf " Sir,— In reviewing (March 23' lighted t« find thai not only explained in the leaflet sent out 
strict Councils has not asked fngether two books, nne about could they produce me a saving with the bilto. For the record 
r education to be transferred Mrs. Thatcher Mr. Rex W : n«l*uri‘ of 20 to 30 per cent,, hut the his total charge for water and 
dhmrt councils, it is the a .<ks: "What is the Thatcher poll* . staff know more about reporting sewerage services this year is 
lanlmous view nf all the tir.il philosophy? “ Would that times, airport bus routes, etc.. 4^ per cent, more than last year 
ectrd members in Leicester she kept it secret. I can assure than I do. This is in marked con- Poter Gregory, 
bn are most closely concerned Mr. Wnrihuqr that if anyone of trast to my experience with the \’nrth West Water Authority. ■ 
ilh this service, tint it could his standing cares to write to “ regular ” travel agents. Dmrwm Stmkey, 

i administered far . more her asking her to danfy her -From your report (March 29) IVarrmdton. Gt. So-rfeefl, 


onomicjl (a«^ well as far more i, arnI( . B n -rf nP . 
annum VP. io local needs) and sincfruort. ciu'sli"* 1 

?rh.ii»> this is why th*» only „ 

•siHueat thai Mrs. GnUer puts 

rivar*.! for reVlnmg ihe present nntinCT^riPV 
l- atisfaclnry system is t that 
me of the county council*' staff ' _ 

at inns arc opposed to pOltllCS 


soc i 
-.ince. 


While i* is true, a* Mr*. I’oker fartm Mr. f). I'nlftr* 



It pa>^ to decide Nationwide 

Nafejnwide Capital Bonds guarantee extrainterest and a regular monthly income 



85* 


You cm in vert from £500-£15,000 (up co 


GROSS 


n; ...... 

, . _ , I Hi S hHt>Ihom,L<»looU , aV« 

or 2,3 or 4 years. Toe two year Bom of/era f ircveencioMackoioefa-e 
h^cxtramtcreRt above Share Accounr rate, | iobelxwe»ttdiaN»tioo»t<Jc«»b»<fic«t4. 


300 (t 

£30,000 ina}omcacootn)l) for fixed forms j 


■85 s 


GROSS 


• Bj-k rizr (itnrnr 1 jv poul ■: W. 

►« Mur4m(«lMr4 inmu 
prcuiJucOnJlMnSliBeAuajnlMc. 


the three and four year Bonds offer 1* 
extra interest. The Share Account rare 
mav fluctuate but the extra interest is 
guaranteed for t he full period. Your 
interest wi either be compounded half- 
yearly, paid half-yearly by warrant or 
transterredevery month toy our bank. 
Nationwide Capita] Bonds offer you 
an excellent rerum with complete 
wcuritv. There are now over Ji3 
Nationwide branches- you'll 
find the address of your local 
branch in Yellow Rages or 
just post the coupon. 


I 1. Ina^-tear Capital Boad □ 4-IniNKlMi»vbShmAce0inc □ 
J 2-1 ob 3-year C^pnal Bend □ bttCTCTtcobtcotnonuntied □ 

I 3 .Iaa+ 7 «arCipjralBood □ orptfdptcodpfjnoeand 
I Dmnbcruchiw □ 


AUnn 



Catrin] Bond hmttn be pan! Memi of each memlt. □ 






ST 1 


Nationwide 

The fiuilding Society of a lifetime 





n 


Financial Times Friday March 31 197? 



DIVIDENDS ANNOUNCED 

Date Corre- Total 


Strike cuts Lucas to £27.6m. at half time 


REFLECTING THE effects of its 
lengthy U-K- toolroom strike, pre- 
tax profits of Lucas Industries fell 
from £S4.67m. to £27.6Im. m the 
half year to January 31, 1978. The 


£Um. 

Turnover for the period rose 


from the UJC. factories. 

Despite this, and other areas of 


supply European vehicle and 


to advance. 


market are making good progress. 

. The current firm demand is ex- 
pected to be maintained and 
directors say no effort will be 
spared to recover further the 
ground lost in the 'first half. 

Earnings per £1 share 'are 
shown to have declined from 
17.14p to 13.7Sp. 

The interim dividend is lifted 
from 2_l22p to 2.334p net Last 


INDEX TO C0MPAIY BIGHUGHtS 



Company 

Page 

Col. Company 

Page 

Col. 

APV Holdings 

30 

• 4 House of Lerose 

30 

_8 

Aurora Holdings 

28 

2 LWT Holdings 

28 

■4* 

BBA Group 

_28_ 

1 Lucas Inds. 

_28_ 

1 

British Petroleum 

30 

6 Mixcon crete 

29 

4 

Bridon .. 

3t 

4 Mole (M.) 

29 

2 

British Mohair 

Bruntons (M’burgh) 

28 

28 

4 Pye .Holdings 

28 

r 

Bulgin (A. F.) 

28 . 

8 Reckitt & Colman 

29 

i 

Desoutter Bros. 

30 

3. Relyon (P. B. W. 5 .) 

29 

3 

English Property 

30 

3 Sirdar 

29 

4 

Erith & Co. 

28 

7 Transatlantic Market . 

30 

3 

FothergiU & Harvey 

28 

1 Ward White 

28 

8 

House of Fraser 

28 

7 Warm Wright Rowland 

28 

3 


APV .. 3.71 

Assoc. Book Publishers 

■ 1 a . • 2 nd jot- 2.52 

half time ss?".— « « 

lAKUA UU1V gidd]e 4.88 

Bridon Sec. InL 3E4 

Brit.' Mohair - 2 

Tools 'SSLHS 1 - Oxley should add Bruntons (Mnsselbnrgh) 
some £200,000; The shares, bow- 2nd int. 3U2 

ever, slipped 4p yesterday to 94p nmgi w 0.76 


Current of sponding for 
payment payment dlv, year 
. 3.71 May 19 352* 3.71* 


House of Fraser up 
31% to £36m. 


May 26 


May 26 
May 24 
May 12 


G.44J ■ _ fl . the tot.il for iSw* year « 

2.16 WITH A n» from J net i« i r p? *h»h> Ofilia 


2.16 WITH a TO HOT 34SM ggp net »**=■•: 

538 EXABm. in the. bnaj quaner. J V T H . uous .y. 
6.11 House of Fraser, a department *w**»*i *■ 

9. ait nnurator. expanded P"' ^ t a 


p/e of 4.L 


LWT 

expands 

midyear 


Desontier Brothers 32T 

English Property 1.03 

Eritfr and Co - 3.64 

FotherjriH & Harvey 3.96 

J. Hewitt 1.03 


May 19 


state operator, expanded its* P*V 
tax profit by 305 per cent to a 
record £3P£m. for the j-i J® 

JanEu-v 2S - 137S * Pnmpared tiirti 
£27.6Sm. for 197M7. Sn.ej 
eluding VAT, were up 14.6 per 

TfifKSKk 


556 leave net Profit ahead from 


Ward 
White 
up £ 1.84m. 


House of Fraser 
House-’ ol Lerose 
FJC Lilley 


June 26 
June 2 


mi ay ear jsffi 

REPORTING TAXABLE earnings R.P. Martin int 


the half year td January* 22, 197S, M. Mole and Son 0.41 


.Int. 

2.13 

May 15 

2.12 

’ 

.int 

3.56 

April 10 

2,84 fc 

— - 


liu 

_ 

l.GS 

2.7 

■int. 

9.44 

April 5 

Q.4 

— 

.inL 

•J 

April 28 

2.5 

— 


132 

May 1 

L72 

3.10 


0.41 

_ 

QJ3S 

0.41 


5.1 

— 

4^6 

5.1 


0.92 flS. 4 ®m. to £lM»m. However. «"s *** . 

457 a result °f a chance in accounting prj.\taX profit »*f Ward WM 
354 policy during the yojr^stocix which has intensii 

15 appreciation relief was _ reduced inanufaclur:iig -anil nhnlra 

852 to fO.Tfim. UTJSlm.). E»vms an . nf f llo twrar. anti electric 
8.19* adjusted surplus after ta* ot ^ !nL . c u a nur:il enginerrinir. mo 
2.44 JEI*21m. (120. 7 am.). 


ateoutiunp 
14.32P (11 
and after 


456 - final dividend of S.0776p steps up 0 f ujV yt-ar’s trading wi 


* be regarded as, in part, excep- Prudential Assurance ... 45 

1 tionaL Pye Holdings 2.24 

-* The substantial increase in pro- Reckitt & Colnran 2nd inL 5.95 


Record 
£2.5m. at 


Warns Wright Rowland 28 3 company is committed during the Renong Tin inL 1.3‘ 

full year was not fully reflected Sirdar ^ in t. 156 

In the first six months, they ex- Transatlantic Market Tsl II _ 

. • . . ... , ninm Viscose Development ... 1.6i 

maintains a. strong position m all pi 2P’ . tlia !n , DMn , 0nt dm While L7f 


po5luon m ^ ‘Turnover for the independent Ward While 

excellent Revision contractor vvas 3S per Jana Wright 1527 jimei i.m s.mt *.ir excess .capital allowances -*■“ ’ Total lummrrr uem-r.iiiM cu 

They .say 1977 saw exceueni ^nt. ^gher at £20.12m. (£1453m-) Wilkinson Wartnulon ... 3 j 1 May 30 2.9 5.11 4.5_ other items. . . . side ihe U K. in 1977 renresenU* 

progress m its expansion policy, and i s currently running at a level Winston Estaies 0.S6 Julyl 0.73 1 5i 1.1a This change of policy hashish- • . , „r !lie n r „ flp \ mt, 

with;- a successful rights issue in gatisfartorily above that of last Dividends shown pence per share net except where otherwise stated, lighted the low effective * :,st wlc? Parncuiarlv 
June; In September the acquis- * Equivalent after allowing for scrip issue. rOn capital djarge in 1977. but it has also 52n,‘-ihution< were mailt 1 by grnu 

tion of Coltness Group; in J ^ ne . interim dividend is increased by rights and/or acquisition issues. tFor IS months, released £12.76r.i. from deferred \\ i**teru Ucrmau 

December the acquisition of Uf}ed 3 555p 35 share , 429p annualised. S Australian cents throughout. , tak. rcp.resenUnR. stock, apprwa- Sn,tnnH and the Irish Rrpirtiie 

Lerche Machine Tools and Wm. ngains t 2 ^ 43 75p equivalent after - 11 ■ ■■ - flon rellrf provided In earlier 


cent, higher at £20.12 m. <£UL53m.) Wilkinson Wartnulon 


42 

May 25 

3.75 

6.65 

6.D1 

2.34 

May 26 

2.9 

3.57 

23 

5.95 

July 3 

5.34 

10^1 

9.59 

2.6 

Junes 

2.33* 

4.1 

8.07* 

3.3 

MayS 

1.5 

_ 

5 

12G 

May is 

Z.15 

— 

2.8 

11 

April 28 

34.42 

11 

34.42 

1.67 

Junel 

1.4S 

2.83 

2.53 

L7f 

June 14 

1.5 

2.7t 

2 

lJ 2 t 

June 1 

1.09 

2.641 

2.17 

3J1 

May 30 

2.9 

5.11 

4.5 

0 .S 6 

July l 

0.73 

1.27 

1.15 


the total to the maximum per- . j ncn , ;isv m ‘internal mu. ■ I act 
mitred 4.7B694p i45Cj!«p) net. viItes botii through sales by su 
• As the directors are sailed s iduirh<s uneratm-: abroad and 1 
that the book value of stock »»l| „ vmirts f rnill t h«> t.K 


Aurora 


year a B.098p final was paid on nt Oxley and Co.; In December the a g^p A gn a i of 35440 

record taxable profits of £7758m. repayment pf debenture and wa spaid last time from a fufi 

The interim dividend will absorb lnK ^ general and precision unsecured i oan stocks and- the year surplus of £5.G2m. 

r.-> in V 0rnnw>r was 3 r»«ird in . c .fc._ a** 1 !" 1 ** 


Provisions for subsidiary 
hit Pye Holdings 


& Tssrasjr'hr’sas sasg ■ r ' sh Rr! " ,bip 

Kohler ^ ,a f imds? d ^ 11 “ Itasic full years earn mgs pit 2 ? 


share on capital Jncrv.-isvi! by la 


ajaSTtSMiLi: engneer.was a record ABlm. . ta 5 X^ 1 , m**** ^ ^ J^rOVISIUIlS lUl SU US 1 UIH 

Half-year Tear 1 A 77 against £^ 39 m. m the making interests to Scottish Brick •comment 

1 S. to armuaU^d prS^wS -ELUhib ‘ hoSJSS^bv eraup LWT has" taken advantage of Its tKrp LTfllflinCrC 

1 ?^ "Sg Turnover for the 1 ? was borrowings by £ 600 , 000 . HUlliUlgS bapital and reserves of the group ^ ‘Kouid "hasic tox ‘ralol 

Traffliwr aumto ... 30 J 4 3 Si» rea S 1 . 14 im agsinst mj 8 m. for tte •comment ST^teri^Svidend per ATTRIBUTABLE profit for 1977 turnover. 1978 seems to have of £i 74 .i] 7 m. Sd tired the dividend for I he vk 

- 1% £ 4 -ffl Sf°^t a ? c d !%n£Ln Growth in practically all itodivi- Sk tSTsiS hlS reSflte sS? Pye Holdings fell to UUl started better than last year, but . . . See Lex EnC* c&iEJ «- make »i 

Proa UX ... zrja mmi 7 i!as J^oWWfSoS OOO^nd fSWQOOI fiions contri buted to the 19 per port this rise, with profits up 37 c 2 “^I 5 d _ f V»? I hf B 7 S,iiari«n 9 5 ESSIfil S- ji *h'* .rear of 4 .«» 3 p grov, : 

Tax .. 14 JS is. si 39.62 and ceJlL ^ pre . tas profits at per cent The improvement is adjusted after i he elimination of matched l^es budget. The shares Cli/\t 4 ^nll forecast 

Net profit 13 J 3 ifl.sa 37.88 and beto*" tax °f ± 90 &Q 00 Aurora Holdings last year. As in nTainivdu* to a rale card hi- amounts attributable to the dosed op higher at l(H)p. I S 1 1 

To minorities ... ojo os 7 p.M (£ 658.000 and £ 719 . 00 ). ISd Yea S Sr engineering divi- 2 SS ia ^ ^ activities sold during 1977 . The UttU _ - « 

Attributable IBM 3 &T 2 UndUuted earnings per share Son—Oie speciallty of the^Shef- SSnbe/ wWch ^bas hd^d S include M-Ogtm agarnst . ■ . ' j_ f? i T^lll 0^111 

See Lex are shown at 22 Jlp ( 31 . 77 p and field-based group — proved to be boost advertising revenue by ^ 3531 ^ attributable profits of the T)>«| 4- lV/TnflQir ' -Jll ■^ 11^1111 X/UJ 15 III 

_ . 20 .ip) on capital increased by a the bright apot witft the machine "gS 37 JST Sri of Py l of Dkllm IVlUndlT ^ 11111 . , 

T 7 rk 4 -li av««ti 11 onc-for-four rights issue and tool and fastener divisions mak- an increase in national TV ^* 9 ®® ^ r ? m ! 5 e P *™ 01 F°SE ^52 - O FDQ^nAC 

W Athftrml1 acquisition issues. Diluted earn- good profits. Metals, gave a SfertSSfiwrtw of ° Sout 31 fW** - *** a 058 ° iSaM0 of TlDot ' & ( O lCdLIlCIS 

ings are given at 2058 d ( 29.71 p creditable performance too. How- over t he camp neriod ^ tune. /I I TIP /1 |\ %Xr V^Vre 

dividend per 2 Sp <rf«i« SSrid^ehere * 3 "£“SjEdT f 1 dim SJlneTaiSn'^ L.Sc £llU. 

ta , j S 9 L«WjS tfssrs sa M Ssa iZ L 41m * .... a» 


The shareholders' funds were “JJi Xw,j ;* Sue ^j imvn 

53?^ “SL-.S2SS *S 


this' figure has therefore in- .A' “ Th di^dend 

creased to £ 161 . 42m.. which com- “J ^ 7 nrfWSh 

pares with the present total share ■«** directors bi" 

ntnit-.! and rpcirvxc nf »hp r-mlin «*nJl Ot l.i_P . * . bi.i 


Tax .. 14JS IS. 61 39.62 

Net profit 13.23 18.68 37.88 

To minorities . ... 02M 0S7 0.94 

Attributable 12.93 16J» 36.72 

See Lex 


will he changi‘U m make a lor 
for the year of 4.IR , 3p gro*.*, ; 
forecast 


FothergiU 
& Harvey 


mwsswms gw-hja afgy ss s-js tm rs&£ K'SSisr ^ ^ — « » rora ^ ,o ^ 

anvey^d yMeed from «.«<!» slterrflb b^ince data pwmente ““gj,. ^,, e ?f eC SJ ™rreSt mg time, profitsof at least 16.5m. “?2* ^e^tranidinatv .At heilwey profit.*?, down X.TSte 


ON TC RAWER of XS1.70m. 4 - I VY 1 

against £ 20 .sm, last time, uxablc dvJLUKs 

SS2. °L^n2?i7fT P i5&i£ PRE-TAX PROFIT of A. F. Bulg) 


Bulgin 

reaches 

£lm. 


halfway profit was down niwfd llm. fnr ^iV y, 2 r v,^ 
csnr.nnn m naanrm »mi a Jo»m.ir> •*!. 197S, after £0-4 jo 


tomover of £12.04m. against a^ualised 1976 the nay-out was ^ s^fi^t in^^S flS Meanwhfle. witi, interest «n at ^St of aSta tattolta 
TKtakesiSMra f£R 70 i rrarfit tha contributions expected from its »ieir current low level, there is d j rect ors state that irrecularitres 7“”"; r 

SSP Sh s °- 97 to t ttfgSZStSJSffvS 5SSSS uT^h“romp d an”s SSrPcMm * 

HSSi! iftWK sss as ssswtr ^'ssw*: rS 

tnta| 1 ^«%i 1 mSimnT^ ‘?* s t ° t ! a Ul,e £94 ^ 000 °effatiated Group, which . only contributed ore on a prospective p/e of fi. 4 . provision of £ 1 . 7 m. which the 
Susif ^iGTnf^nef ^3”*? s T C |f lh,: u lhreo months P™Bts to the 1977 Assuming a 25 per cent, m- directors beUeve should be JJ ™. 1 

fiiai Blp) " eL 1th a . Ti ?S J My . orde *' books show a figures, is expected to make about crease in the dividend total, the adequate to cover the full Ap ?£* f 
3.9613P final. significant increase ami the -group £lm. profit while Lerche Machine yield is D.4 per cent. deficienev. ™J“_. 


against The directors say the lower pro- P»J«* 

fit refleers the continuing low would be better than for fh 


BBA slows in second half to finish lower at £7m. 


MAINLY OWING 'to a 44.5 per Capital spending in 1977 .was 


-i.il - .e. » , i, w »»«*!» up anu anq uie dividend is increased 

ISr L L B BA c , 2 S, £< , by searine wa * maintained at 40 per from 0.924p to 1.032p, costing 

£48S.ii4 to £7m. For 1977. Sales cent. Authorised capital expendi- £23.220 (£20,790). After tax of 
by the company, wmich has in- ture for the current year amounts £in.oi 3 ag ains t £123,036, net 
tercsts in the manufacture of to fS-Sfim. . - profit came out at £102,900 

friction materials, conveyor belt- The group benefited by a Thm i • OUL .. 
mg and asbestos textiles, were up change m the method of account- ■ 

65 per cent from £99.1m. to ing for deferred tax t<r take - - -7 
1103.8m. advantages of stock appreciation Tl_ _ 1 _ P 'f 

Direct exports were held at relief and allowances on capital KPQ K X, I .4lTI. 
£ 12 . 7 m. and represented 26 per spending. Comparatives have been A VWa 
cent, qf sales by the UJk, com- amended. ' . \.\7 

P Th? expected increase by Tex- ^ comment 3.1 W ! 3ril© 

tar GmbH. . in the latter part of • COmmeni 
-the year did not occur to the de- For the second successive year. 


gree anticipated bu t the U.K. BBA’s principal overseas coni- - 


companies' contributions rose by panies have proved the stumbling ■* ' * “ 0 *“"^ .. .. were better than’ expected pretax statement of .T^ets and under- 
over 30 per cenL, the directors block in the group's growth path. fa turnover up from £J 6.04ra. proDt of Brualoos fMnsseiburgb), statement of liabiJiries as well as 

report. Last year, overseas profits fell t0 £2Q.07m. for 1977 Warne, the steel products group, fell from certain transactinns made thi- 

^ h . r J I , r S e pront - ]?««SS en ^ «“*- more ° ff - Wright and Rowland reports a £2537,064 to £1,723535 in 1977. year which Pye claims were nor 

better, at £3.12m agrunst £2-09ni. settins the 30 per cent, increase ris e in taxable profits from Turnover rose from £10.09m. to valid and which hart the effect of 

Earnings per ^p share for tne in U.K. earnings. The offending £ijjfim. to a record £L42m. after £105m. decreasing net assets, 

year were 954 p (956p) and there companies were the West German wi R 4 m apainxt £0 3 fim at rHe * .. _. . . . , 

is a second interim dividend of subsidiary, Teltar, which failed to thei5 sSd 1976 a. lh » re -^ ,a ! a £400 - 000 Cha I R ^ T h „ e b n^ — br 2S3Sl 

1.5S55p net lifting the total to provide the expected profits after |hS^ e iuu‘ veaTreSlts should st ^ k ? r , ofit * i atwl P? riod acau,st . S r i.. H “ n> f, h r^' 

7 TOin n t5S7ni losing an imnortant' MenwiM *r a ^ “ e , u results snouia a stock loss of £59,330 was shown, man of Cabinet, and Mr. Alfred 

z^S»p fi.tsa7p). msi^ ^nmpo^t Mercedes sh ow an improvement m 1976. The director* ak« nAintof.V^ o..* viehnls managing director, alles- 


ies have proved the stumbling 


Peak £1.4m, 
at Warne 
Wright 


Bruntons 
drops to 

£1.74m. 


provision of £1.7m. 

which 

the 

directors believe 

should 

be 

adequate to cover 
deficiency. 

the 

(all 

i«rr 

•I47fi 

pye of Cambridge: 

MM 

moo 

Tarnnver 


IWJ37 

Tradlns proar 

wjs» 

1B.457 

Loan inn'rrsi 

970 

IIW7 

Bank intriTC. etc 

S3 

1L333 

Profit before tax — 

16.R54 

1.1 .KG 


7M2 

6JI3 

Sm profl: 

SJW 

K.322 

F-ttraord. d<rbit 

3.744 

•27* 

To Brtnorlaes . . ........ — 

447 

447 


in 

113 

Lravinx - 

Pye Raidings: 

4,we 

6£32 


3 

ns 

Allrf (ratable 

4.«3 

6.197 

Transfer* 

S.W4 

— 

AonronnalMf ..... 

1J4I5 

-•w 

ArailalUc 

7.WJ 

S 20! 

Interim d-.r-.dend 

m 

— 

Prtrenwd final 

1.13! 

1 424 

Retains t? 

fiim 

1.779 

* Adjust--*!. • Inrliidins 

IwsnKr- In- 

romo. -• Ctvd::. » loss. ' 

i-'nwn rmlaL'-- 

m-nt and esrbarsi* omfirs reserves. 

. To Bloc's rr-olaretnea: rw-r». 



nun tcnuiiiK iu u«|iiuie juu wuniu U4I riiL-uuiiKiii, u|in.iiii y — ■ • / 

it would appear that their croup trend, and directors are looking for further growth in grou 
nrosnects for 1978 are encourac- to this contiuinc in I97S. profits. . 


ist time. lures electronic and electrien 

The final dividend of 3.G4009p components. 


Reckitt & Colman 1977 



The irrecularirips af Cabinet 
ALTHOUGH second-half results Industrie* involve an aUeccd over. 


)Jock In the group's growth path. 


:. Unaudited 

Sales rose 15% to £557 million 
Profit before tax rose 12.6% to £57.91 million 
Earnings per share rose 16.9% to 53.30p 
UK export sales rose 30.8% to £35.5 million 


25S34p 12.1557p). 


. w ^ Bern cantracT mdScaiSura of ", ““Pavement m ism. The directors also point out that Nichols, manasins director, alles- 
The directors expect better re- ^ UJS.. which was hit bv r the mcreastKi capUa! from, last the record 1976 result benefited ing the theft of £47.000 cash from 
lilts from the nrinelnal overseas . u-s., wmea was Juc.oy me years one-for-two rights issue * i . 


suits from the principal overseas year's one-for-two rights issue from « nridnal th^ mm 

S? ^"lSs^jr^ie^ray 5 !?^^ regained the valuable Mercedes’ ta^b?* down^ from F jjfa5$°^£ Premium of £116,171 while ho The men have been remanded 
Sriy foV^emS^maSf^y co^ && iSidThe dlridend ' b Bft2 prem,Dm rece, ^ d Jast year ‘ on baiJ of 160 000 «*■ 

sidered forecast for the year. ^ 2-64p l?.1704p) net with a final As announced in October, a ^ ^ . 

Friction material sales increased rematowi anrohlS? «Sf u seedrid interim dividend of 3.9191 p • Comment 

but sales of belting were down: rJFf J or . the fn l m < 3 - 5 ^ fl P> P er M £1 share l*f*s the After adjnslins for- the disposal 

These, together with sales hr “ft “ “°^ *>■ artAhi 

oreraeas companies ■ totalled operationT^well contou?’ ^ £ WMS"! SKffif 4 ““ ^ p,fr,3S prnfiL ^ are - M 

17 ? m - . . register satisfactory Droeress. The vmo kSi? . H? £584 - e4 ° («01572>. quarter up with turnover showing 


?“■ ITl . ul t ^ , register satisfactory progress. The tlm EDl9 basis The ernunii. * M ' y *- ow imuwmi. quarter up with turnover showing 

Sha J t E. feI J l p t0 47p yes«vday for fastener mS’iiMirer ^ iSoo At hd*™* when pre-tax profit a gain of lit per cent. The com- 
ake good progress YVJtfl botn a vield of R nor pent •» n/A . . ureiv_ drop AA«,m ^i*A>n n l Ae t\t\n nanv nfAnarpc if q nrrnvvnfQ on 


Llovds Eurofinance N.V. 


Copies of the Accounts of 
Lloyds Eurofinance N.V. at 
30th September 1977 are now 
available from: 


J. Hewitt falls 
to £213,913 


The Secretary, 

Lloyds Bank International 
Limited, 

40-60 Queen Victoria Street, 
London EC4P 4EL. 


.Hat Morph, i am 


-.l. ... -**«*« *«=« iu *ip yesieraay ior fastener manufacturer drno ai nairway, wnen pre-tax profit » s«n wi in iwi toil iucv,,..- 

SiM anTnrnfiuKr * toth a f 3 1 e i d of 8 P er cent * P/e foS- and engineer^ ' Was down from n.146.000 to P»ny prepares its accounts on 

sales and profits higher. of 45. urBcr ™ emeer - 1W7 ^ £799.000, .the directors said that in the replacement cost convention. 

, • - I £ the first two months, of the second so a more appropriate comparison 

J TT . . , p n 3 ?'2S’S ^ half there hfld been no further may be of profits available for 

• Hewitt falls ■ SeiSwr^^r^t ":z; 'aw ta earetags. which were run- distribution which have jumped 

. ^ WT 11 * Pretax pram i m . i p ubusb B lP6 at. the average of the first six by over 40 per cent to £7.Sm. Burt 

to J?'7 ; | Q1 2 Tax — 276,044 128.803 months. Second half results were this is after taking credit for 

lJ Ket^. p rofit l. I5iu<7 UM.S35 exjjecred to be in line with first- written back reserves of £3m.. 

Pre-tax profit of J. Hewitt and ' 'stmto iS half earnhlgs -‘ which are no longer considered 

Son (Fenton), a domestic and in- Retained ; 869438 972244 The directors now say that necessary for the preservation of 

dustriai refractories manufac- although 1976 benefited by £29,530 t 1 ?® business after the audio-visual 

turtir^ fell from £250.409 to r*n a VlTAT'T from capital' gains . and interest disposaL 

£213.913 for 1977 after £66,000 at DlWlvUl l relief grant, the current year The 1977 figures reflect volume 

halfway, compared with £98,000. ffllVT A INPUTS benefited in this way by £101,924. growth hi the UJC. of around 4 

The directors said then that the After tax of £813,587 per cenL,. but a decline of perhaps 

lower trend of profits was ex- A MEETING of creditors of (£1,185539), net profit is £1,151525 11 per cent. In foreign markets, 
pected to continue for the. rest Draycott Containers Services, has (£910 288). Earnings per share are On the other hand. Pye says ex- 
of the year. been called at the offices of W. H. shown at 1459p (H58p). ports held up at 29 per cent. D r 


dustriai refractories manufac- 
turtirjt fell from £250.409 to nn a VrATT 

£213.913 for 1977 after £66,000 at UHAIwI I 
halfway, compared with £98,000. fniVTAlNFRC 
The directors said then that the LUiiiAUiEAij 



1977 
£ million 

1976 
£ million 

Sales to customers 

557.00 

484.25 

Trading profit 

62.47 

54.97 

Interest payable less other income 

4.56 

3.54 

Profit before tax 

57.91 

51.43 

Tax on profit (see below) - 

21.87 

20.75 

Profit after tax 

36.04 

30.6S 

Attributable to minority interests 

3.19 

2.78 


32.85 

27.90 

Preference dividends . 

0.16 

0.16 

Earnings attributable to ordinary Shareholders 

32.69 

27.74 

Exchange differences (1977.1oss, 1976 profit) 

(5.40) 

4.95 

Extraordinary items 


0.97 

Profit attributable to ordinary shareholders 

27.29 

33.66 

Ordinary dividends (see below) 

6j51 

5.87 

Added to reserves . 

4 

20.78 

27.79 

Earnings per share 

53.^1 

45.6p 


No provision has been made for deferred tax except where a liability is expected in 
the roreseeabte future. This represents a change in accounting policy and the 1970 
comparative figures above have been restated. If the previous policy had been followed in 
1977, the tas on profit would have been £Z6.68m (1976£24.4lm). 


7MTT73 :WriV- 




^Chnrehill’’ Ships Decanter 
**Star of Edinburgh.” Goblet 


aa 






are 

qiKily glass supplieii. 


ComimeDt oo Results 

The improved sales and profit have been achiev-ed in one of the most 
difficult international trading years in the past two decades. Significant 
contributions to this improved profit were made by UK exports and by our 
performance in areas outside the EEC. 

The board is confident that Reckitt & Col man’s wide spread of business, 
by product and geographic area, will continue to enable the company to 
prosper u* today's world markets and to benefit rapidly from any upturn in 
world trading. ‘ 






Wi 


M Our name, Crown House, is one rarely associatedwith. 

Wj - glassware-Yiefcour Group includes Britain's most 
m wide-spread table glass suppliers, with factories and 

if warehouses in four locations in the United Kingdom. 

p Far better known in the glass world is tlie name of our 

I glassware division, Dema Glass, through the manufacturing 

f of fullleadcrystal branded as "Thos.Webb” and ‘‘Edinburgh” 

f andtheworld-widedistributionof over 100 million machine 
made glasses each year. 

Dema Glass did well for Crown House and for Britain last year, 

■ by kereasmg their exports to over half their output. 

To find out-more about the achievements of Dema Glass and the 
rest of our group, contact our Chairman, Patrick Edge-Partington 
. at 2 Lygon-Place, London S W1W OJT. 

Telephone 01-730 9287. 

&>' 'Crown House Co 

^urnaynof see us, but we're ftiera 


Ordinary Dividends 

A second inierim dividend of 5.95478p per share has been declared and 
will be paid on .ird July, 197.8. This makes, with the first interim paid in 
January 1978, a total of 10.61478p per share, the maximum permitted by 
existing legislation. 

_ ,PP? 0 t Pj 1115 fi 1 ® board is at least to maintain the value in real terms 
of dividends paid to shareholders. Provided dividend restraint ends and 
payment can be made during 1978, the board will declare a third interim 
dividend of at least 2.88522p per share, which would make a total for 1977 of 
at least 13.5p pet share. Such a third interim would cost £ 1.77m plus 
Advance Corporation Tax of £0.9 1m, for which no provision has been m-tHq 
AnnoaT Report 

1 978 C ° PiCS ° f ^ Report ^ be posted to shareholders on 2nd May 


The Annual General Meeting 

. Will be held on Thursday, 25th May 1 978 at the Connaught Rooms, 

5 Great Queen Street, W C- at 10. 15 am for 1 1.00 am. A presentation will bo 
made of the company’s contribution to Export Year. 


Reckitt &Colman 

. wfc «■ . « * 


. . , . Box 26, Burlington Lane. London \V4 2RW." 

Pnnapal product groups; Food and wine, household and toiletry. 

pharmaceutical, industrial and leisure! 




,?J : 

5* 


k 



Financial Tiptoes Friday March 31 1978 



and Colman 
£58m. and confident 


at Mixconcrete 
reaches 
£1.2m. 


: PRE-TAX profits of Mix concrete 

FTER RISING Troon £26, 7m. to (£1 69.79m.) and £28-33m. share are shown at 3 73p fully (Holdings) recovered from a half- 
!7.45ra. in the- first half, pre-tax (£25.?4m.); pharmaceutical diluted aod 4.54p basic.' lime downturn from £459.000. to 

•ofits of ReeBtt and Colman JE63.42m. (£45.D9m.) and ' £».l2m. Directors say 1978 has started *150,000 to finish the 1977 year 

iished 1977 ah&ad from £51.43m. (£7.42m.): and other £78.5?m. satisfactorily and that they believe J4 8 * ahead at £1 - 2m - compared 

I £5 1.91m. oq sales of £5 57m. (£S4.14m.) and £5.5Sm. (£3.43m.> the effect of the diversification wllh £1.18m. last time. Turnover 

impared with £484.25 m. Profits ... nolicies of recent vears should was unchanged at £26. 6m. 

■e struck before exchange losses ac ?Sd fn fthTSS SnSbutJ tfSSup 535 At interim stage the direc- 
: £5.4 m. agapst sains of £4.95m. “MS thteySr* ptomammy tQrs nid ^ aIlhou h short-term 

'««. j u jS-sii the S decadS g “ fiS and final dividend of prospects for the construction 

ssss Ltfs* T£.$z s ^ ‘ 0J75p ’ *- pro - ssrera: ssrsrss 

15.6 p) per *50p share. A second jSltStal fftaSSL Jf?ddF- Tit ™*es hand tools, trailers ■* same marked red uc 


r comoatpd with last yearis total SSI? 1 expenditure “ d stock industry 

fD.58573#. • 

the aim* nt Ttoolrirt- anrf Following 


One of ihe aims of Reckitt and ' 

olman is at least to maintain the ??« 


change in ac- 
_.r deferred tax. 

5m“ * 7™“^ TdMM £U - sa “ : has been released to re- 
dd t^sharehedders. Dirilend « J- ““g been used to write 

mitatich has been In force since do ^?. . 

>68 - aod the maximum per- --?* borrowing increased _by 


as*™*™ HSs 

and the dividend is increased to 
S.1944p (2.86p) with a final of 
1.9155p net. 

Pre-tax profit was struck after 
interest of £232.059 (£217,992). 
Tax for the year took £653,568 
(£599,059) and £255,890 (£332435) 
was retained. 

First half 
jump by 
Sirdar 


videos compared with those Jg* SlUj^SS JSSK 
lid Jt 1968, the Board estimates t ajj edqv erth e use ofthe groups 


Reylon 
at peak 

£1.29m. 

An. ass 

udi for 1979. would be about 50 £T* JJwifKs and ^ climbed from £L15m. to a 

n-.cenL. compared with the 10 SjJg flSMSnTSSf^ ^ peak £L20BJ - in 1977 ' 

nycem. increase contained in the au f mg ,, C “"5 B . .f ear - ■ . . The profit of the divan, mat- 
's and second interim dividends A* acquisitions >01 busi- tress, etc. maker was after, de- 

ready declared. nesses, capital expenditure on de- preciation of £95,692 (£83.717) 

It is intended, therefore. If I5j D jl nient amounted to anc j subject to tax of £687,022 REPORTING a jump in pre-tax 

tawed by law, to pay a third °fJ ri Vfic £ J£'“ n ?_ * I*«01,473). At halfway profit was profits from £507.000 to £886,000 

l Brim of not less than 2.8S522P £588,000 (£502.000). for the 28 weeks to January 14. 

r share, making total dividends “ f n8 ^, r lte ?l-.^ , ***, fl , nt r P , Earnings per share are given 1978 on turnover of £1 0.11m. com- 
r 1977 of not less than ULfip ^ at 9-**P wmJSired with b^p and Pared with £8-2lm.. the directors 

riharo.A third interim dhn- SJJJJSJJ 1 JL ^ larlvfa 1978 the 6031 dividend per 25p share of Sirdar, the knitting and rug 

nd of 2.88522P per share would mnJti.J ls 2.5954p against an adjusted wool manufacturing group, say 

st £l-77m. plus ACT of £0.91 m.. ®"d the company is : now _“ ov '"j> 243p last toe. The total divi- that the high level of sales is 

V rl *“Si. pi 3P5 ,0n has " ot been Sfll^ d sSJ?tSn dSeloi dend I s wP^ni iS7p. Adjusted being maintained and Ihe im- 

,de m ^ 1977 account * SS« S&SZSSiXSS- scriS isSk to ^-sss 

half. Profits for all 1976-77 came 


On. £m_ (leant improvements in produc- »- uao *P. 

:rn»! Mic a ~ 5S7.» 484M tion facilities in other parts of 

*""* p"®* s^ 47 « jg the world. 

5L<b In common with all consumer 
31-75 goods industries the group ex- 
perienced a decline of consumer 
ois buying power in real terms, as a 
tins result of inflation. Fierce com pe- 
ow tition for a static trade , had an 
s&t* adverse effect on U.K. business. 

J|7 

27.79 in Europe price controls and 
la pret-Moa nifc tar deferred tax com net! live pressures intensified 

rawiiUe ntfon. Onmoarative Wares aLL^-I encaurap 1 ASSOCIATE com- Turnover 

aat«l. If Uie prevhnu bollcy bad been Amenc fe re sults showed encourac- p an y contributions of £11000 com- Tradlns profit 
+*• '** on ^ *>«» mg progress m the light of lack £1 o”oto, Step” fit 

of Associated Boob Publishers rax 


imprest payable 
M lufMe tax 

* 1 : 

I- proflT 

minorities 

derraee dtvidendB 
tflBHEe tOSSPS . ... 
mqnJ. credits ... 
rfbntable to Ord. . 

1 dividends ■ 

reserves 


4«« 

57.91 

21.S7 

sa-oe 

SJ9 

OJS 

S.40 

27^ 

6.91 

20.79 


Associated 
Book ahead 
to £2.6m. 


to £l-14m. on sales of £1 6.44m. 

First half earnings are shown 
to be ahead from 64p to lip 
per 2op share pre-tax and from 
5.7p to S.9p after tax The interim 
dividend is lifted from l.l5p to 
146p net costing £94430 

(£85.763). Last year's total was 

2.79U23d. 

3 weeks Year 
1577-78 137S-77 197S-77 

moo rax mt 

10.113 &3M Iff. <35 

1.083 736 1.550 


See Lex 


ff^n. rrM.4«m.t. t Profit. of' husiiiew ronfidenra and fiat pro« : « ii? 1436 

-A geographical analysis of sates trading conditions. The new ur, w ■»„ 1 « U ^t jS ^ nS 

d prc-tB profit. *«IIX cr M t,v* leisure field coutiuued to ™ fnn lirno,^™ a a “ 

£1 27.1flm. (£11 1.59m.) develop well. toZ a-Wlnrt WsTm tx *c im 

A«otr \ y ° WtivisioD made for def erred u tt 

Alter tax of £1^6 m. (£1.1 7m.) uniM there n reasonable pro babili ty of 
and minority interests of £242.000 purmem in foreseeable future. 
(£250,000), attributable profit Although trading in Europe 
comes out at £Lllm. (£869.000). continues to be difficult, the 
At halftime profit was ahead from further improvement in the per- 
£379,000 to £591.000, and a satis- fonmaoce of Hayfield Textiles, an 
factory full-year advance wax increase in UJC turnover of 30 
anticipated. per cent, and better margins 

Earnings per 20p share are have contributed to the best 
shown at S0.4p (23Bp), and a half-year so far achieved bv thp 
second interim* dividend of 23l8p group, say the directors. 

On turnover of £1.48m., against net takes the total to a maximum 
£12m.. taxable profit of H. Mole permitted 4.0l8p (S.6349). Tn tbe 


.. nr^tt'c 

d E9 59m. (f9 3"m.) after deduct- 
> exnf»rts of £35 5m. (£27.I4m.) 
d I5.0^m. (£4flm.): rest of 

mne £91. 9m. (£7B.79m.) and 
97m. ‘(17.64m.): North America 
>9 96m. (ni4.15m.) and £10 5m. 

326m.); Australasia and Asia 
'095m. (£99B6m.) and £1-1 .37m. 

!2.S4m.); Africa £51.1410. 
fS.Ofim.) and HO 37m. (£7.94m.» 
d Latin America £46.8Bro. 
t$.8m.) and £7.47m. (£6.42m.). 
rporate interest and expenses 
-■oirb ELGGm. (Ei.Mm.). 

•ond and wine contributed and Son m«e from 
11 76m. (£215 23m.) to sales and £104.435 in 1977. 

S.54m. (£15.SSm.) to nrofits; There is no corporation 
isehold and toiletry £1 9325m. liability and earnings per 


M. Mole 
progresses 
to £0.1m. 


r 


> 

A 

ipi 

if 

< 


J 


APV 

HOLDINGS 

LIMITED 


29 


_ . ".S 
■rji 


The upward trend 
continues 


X>PEWiTlQtoS.z Process engineers, pldnt 
man ufacturers/f arbricators and . 
steef founders, 

PRODUCTS : Heat exchangers, evaporators, 
dryers, pumps; refrigeration and other 
specialised processing equipment. 

MARKETS r bafrY' food, brewery, 
cherriicai; and marine 

induces. : ■. 


CROUP: 60 operating subsidiaries 
in 20^countries... ' . 


BMPtOVEES : 1 2,9O0of wHbrn 
5^50 overseas, : 



-. 68 69 7Q ; 71. • 72 73 74 75 76 77 


1977 

£'000 


1976 

£'000 


.ORDERS RECEIVED: 

£23£mi!lion In 1977v 


Sales 

.Profit before tax. 
Earrings per share 
Ordinary dividends 


213,400 £137,400 
.16,646 12,607 

27.1 Ip . 25.1 3p 

5.7071 p 5.1 608p 


APV Holdings Limited, P.O. Box No. 4, Crawley, West Sussex, RH10 2QB. 


£61,612 to event of a change in the ACT 
rate tne amount of linnaid 
tax dividend will be adjusted accord- 
20p ingly. 


The Prudential Assurance Company 

Limited 

The unaudited results for the Prudential Group of Companies 
for 7977 are set out below with comparative figures 
for earlier years . 

The Directors have declared a final dividend of 4.1 98p per share payable on 25 May 
next. This, together with the interim dividend of 2.450p per share declared in 
September last amounts to 6.648p. Adding an imputed tax credit at the rate of 
34/66ths, the equivalent gross amount is 1 0.073p per share, and compares with 
9.1 58p per share for 1 976. 


Surplus 
Policyholders' bonus 


1977 

1976 

1975 

7974 

Cm 

Cm 

£m 

Em 

236.4 

210.0 

186.8 

135.8 

220.5 

196.4 

174.8 

127.8 



To Profit and Loss Account 

15.9 

13.6 

1Z0 

8.0 

Non-iiie . 

Premium Income 

358.4 

321.9 

233.9 

190.8 


Underwriting loss 

(9.5) 

(10.2) 

(3.3) 

(4-7) 


Investment income 

23.4 

21.5 

15.7 

11.5 



13.9 

11.3 

7.4 

6.8 


1 -anon 

36 

5.0 

4.1 

1.6 


I'Lirtfit and Loss Account 

10.3 

63 

3.3 

5.2 

Profit and 

Life 

15.9 

13.6 

12.0 

8.0 

Loss 

Non-life 

10.3 

6.3 

3.3 

5.2 

Account: 

Other netii., me 

5.7 

4.5 

2.7 

2.9 


Profit for the v-,. 
Retained profits' 
Dividend cost 


31.9 


24,4 


18.0 


16.1 


Equivalent gross dividend per share 


12.1 

19.8 


8.0 

184 


3.2 

14.8 


4.6 

11.5 


10.073p 9.1 58p 8.326p 7.711 p 


non and have not therefore been given ) 

ieen reduced by the improvement in the sterling 


(Earrings, pet share are not appropriate for Me assume 

The growth of income and profits in 1977 t, 
exchange rate. 

There was a continued improvement in the stirpluStom life business which enabled policyholders’ 
bonuses to be increased and a large? tiansfer to Protn\nd Loss Accountto be m3de. 

I, e - non ‘*^ e y n derwriting loss showed a small teductioq in total after providing for a refund of some 
E3.jm to policyholders in Canada ihjaccordartH'-wirtvtlVjequirementB of the A mi- Inflation Board. 
Some worsening occurred in the Coripany'syqderwntingrbsiJlts in the United kingdom. There was 
continuing adverse experience in th« domestic property 'eccbunt and a small lass on the motor 
account. Commercial property and pecu niarvlo^s accounts and Ibng term general business continued 
profitable. Overall the results showed Ktije chahgfe. 

Overseas the Company's results in Cai%da remained good. Australia continued to show improved 
profitability and L'Escaut produced bettor results. Underwriting experience in New Zealand and 
Holland and in our South African subsidiary was disappointing. 

Although the underwriting results of The Mercantile and General were similar to last year the transfer 
to Profit and Loss Account showed a significant improvement. . ; 

The Shareholders Funds of the Group wore increased : by some C30mduripg ijj}77 by the acquisition 
shares of The Standard Trust Limited. The Group solvency margin at 31 December 1977 was 
53%. . i 

8 onuses on the Company’s participating IHe and annuity business have bc|p declared as follows:— 
Ordinary Branch Assurances (United Itingdom) \ 

(a) Reversionary bonus: £4.40% (£4.20%) 

'b) Terminal bonus for policies issued in 1976 (1975) or earlier, payable . 
maturity in the twelve months commencing 1 April 1 978. (Examples show n 

£31.00 
£47.00* 

£83.60 
£118.60 
. £140.00 


Grindlays Holdings Limited 

51% of tbe shares of Grindlays Bank Limited are held by Grindlays Holdings which is quoted on The Stock Exchange, London. 



A name you can bank on 
around the world 


In his statement to the shareholders 
Mr. N. J. Robson, the Chairman, says: 


In 1977 there has been continued progress 
in expanding the international business and 
strengthening it in a number of important 
ways both in London and overseas.” 


Much has been achieved in 1977 and 
it is right to continue to be confident 
about the outlook for this group 
with its wide spread of business.” 


claims by death or 
low.) 


Year of issue 
1958 
1963 
1958 
1948 
1938 
1928 

Industrial Branch Assurances 

(a) Reversionary bonus: £2.80% (£2.60%) 

(b) Terminal bonus for policies issued in 1976 (1975) or earlier payable on claims by death or 
maturity in the twalve months commencing 1 April 1978. (Examples shown below.) 


(£12.40) 

(£27.80) 

(£43.80) 

(£72.70) 

(£96.10) 

(£117.40) 


(£9.20) 

(£23.70) 

(£38.70) 

(£ 66 . 20 ) 

(£87.60) 

(£106.60) 


t 


Year of issue % 

1968 £14.10 

1963 ■ £28.40 - 

1958 £43.00 

1948 £73.90 

1938 £104.90 

1928 £126.00 

Group Pensions Business (United Kingdom) 

The rate of annual bonus under deferred annuity contracts has been increased to £7.00% compound 
( C6.50%) and tinder cash accumulation contracts to £4.90% compound (£4.40%)- 
Othar Business 

The rates of bonus on United Kingdom personal retirement annuity plans have been, mci eased and 
increases have been made in some bonus rates for overseas business. 







I rv. _ 

i • • ••• V i -vr ,- 


Prudential 


: .A .v.r . 3 :*^.: 

! I# k *" . . L /'.*< 


The prudential Assurance Co. Ltd. 142 Hof bom Bars. London EC1N 2NH. 


f-k : v' : :-0- V 

•-•v £. 


u; 


+ 'v * ** < - •* 


■ . , ■ . ■, 7 a . ; 





ow 


r inaau<» 


Prudential climbs £7.5m. 
to £31.9m. net 


APV up £4m. 
to £16.65m. 


BP proposes to allow 
foreign directors 


production and 1200m. each op say. *** e ™d*oncrariil7 Vto’l.tr 

refining, marketing and petro- £U.Mbn. net jates '^awv U K The Tr.ins A-iA* 


Its underwriting problems sorted being consolidated from August pArlimnc 
out The U.K. results deteriorated II 1977 when it became a J. CU (ICw 
on the domestic property and subsidiary. 

motor account while experience Included in pre-tax profits was infn^inr. 
in New Zealand. Holland and a loss of £L13m. for 1977 com- IFlLci I IT1 

Cniith Afpfnn nine MfiAe T wna nt 1 Mi a « 


yesieruay. ... j Vorth and >0Wn sinmrt ' pron.vm witch a 

The company is also to open its ^ ^ add £M3m.: s{a i»*« } w*. dr^Kjyr;!. T) 

Board room to foreign directors America «*" 1 ■ ^ . f . in rnilv retfiuvf l hr i 

for the first Time. At Ita annua -'oarage “^f r optional £)"™ 5 of rri.rfr ! 
meeting on Hay 4. members will and W 53 , es n V-*' hren 


WITH THE overall underwriting moderate improvements in the , ra .,h dun Swm the N't 

£3 SfflSS “iSeh-S: BOARD MEETINGS **** *”“• rate s “ ,el on. turnover of «k for m m« a. k the ntur *«* tkm w»*SSS7 5 t* J*-. J"? 

ness ahead af £10.3 m. against nw foOowlns cfimwmcs haw notified § COmmCIlt compared with £137.4m. last spending programme. At I96p Prtrolecio expects to WO dividcmK by s«»n«* -* 41 !* t " r k . . 

sxam. the after-tax profit of »» oTbSS * V 8H 7 oummeni time. pre . m prqfiu of A.P.V. (up 4p> the shares yield 4.5 per capital investments of about W77 B rquivaion! 

Prudent^ Aismvmce Co. for 1977 £rci»nae. Sac* raceunss are usually At face value the £7'm. improve- Holdings rose h> over £4m. from cent, and stand on a p/e of iS. £L2ahn. of which about £500m. cent. Tw p thr director- she at! *•*{! ‘ * 1 

advanced by £7-5m. to a record SjSLJSf 'feLJKSi me " t 111 t fae PrudeDtiaTs after-tax £12 Sim. to a6-«5ra. after £7.67 m. a rating which fu«y recognises would be spent on ecploration and to «.S.isp pe ■ D f ami toe 1 ® Lhe w “‘-» 

S3 nT SSt to £3L9m. looks good, with against £5.44m. at halfway. The last year's improvement production and 1200m. each a* W. J7„ lp< oUiiil? xf»i»4 

The growth of income and non-life profits up £4m. and the full years figure was affected by refining, marketing and petro- fUTObn.ners. c.K The T p - , >« 1 * A-jA-i 

earnings was reduced by the im- •“*“«» shown bokm an basal' mataJy shareholders portion of long- the Hall-Tbennotank group being Tv Th 1% Jf j ■ chemicals. Just under half of The pntfit ot 11 . rest "* system 1 AviMiSa 

provement in the sterUn" ” *■« "“** unastabie. term profits up £23m. But the consolidated for a full year, com- W M A/| QfTlTl total wou,d ** snent . in the UI b and ilii** ml »P w«:« n 

exchange rate, the directors today market was disappointed with pared with three months in 1076. XV* J. a till Sir David SteeJ, the chairman, said Europe W.rowt.ui nu i tflPn * «a« cm- .wfanw » 

comment - b* ”*” Wp« «Mir. A. j. amck- the results. The Eru; has not got and Bell Bryant in Australia, _ yesterday. Middiu oa. - jnjJ ^ 0H th yinnirt * problem when j 

The underwriting loss was ^ CoIIieo '- *ts underwriting problems sorted being consolidated from August rA/111AOC The company is also to open Its and “rrinim artd £M3ifi.: statii*n uas- Tl 

shown after providing for a « HnalB d Bta, “^ ^ Erection and out The UJC results deteriorated U 1977 when it became a J. CltULw Board room to foreign directors America ««»»-*■ «> E f i7l H f nr!1 jj T ihp , 

refund of wme S^to policy- on ^ domestic Property and subsidiary. for the first time. At the annua Aurtrala^ia and f n inSSullMal SSn! .'t crurfr xj. { 

holders in Canada in acconiance SuSaSS SSnSfcaS^sSSl ™ ot ^ ^ fp ? ienc S ^“ded in pre-tax profits was meeting on Hay 4. members will and £9Jm. and ^ wles be- „„ m p ‘tvaiinn been 

with anti-infiation requirements, trie snippfas. a a-iaahows. North ' n New Zealand, Holland and a loss of £L13m. for 1977 com- ITl t 0 ri 1 T 1 be asked to approve the scrapping ISXhn- ird . «j7bn. and The on.;;n:;l d^i^n t 

Some worsening occurred in the ® rWsh Jhiwaaem. Patfema South Afnca was poor. Inrcst- pared with a £0An. gain in con- of Article of Association SI which tween areas oiw ^ bj , Aaw »,« xhn 

underwriting results in the UJu %uSXaw5k£F*‘ TbomSon ^reanisatinn. meat income showed very Lule verting overseas companies’ earn- PRE-TAX profit for the six months requires that a director must be A* a resu n gi represent- im« u maiore^ 

they report ™ growth in 1977 if thecomributiim ings to sterling at t&Tyear end. to December 31. 1977 at IL P. British. _ Gmvnimcm of JtorK J^n j; u». mi 

A final dividend of 4J.98p net lat-nma- U ™ RE DATES £ T om Standard Trust acquisi- Basic earnings per 50p share Hartia and Company, a foreign Sir David said that the posd- ing I*- n^lmrkholdCrii m- ir.'.Vr- 1 KriHhMie" 

per op share lifts the total to iwm h» « 5?“ SL 11 ? 1 ^ a ^ J . ls e!£dud . ed - are shown as 27.11p (25.13p) and exchange and currency broker, bility of foreign representation on the numm. r ■ m -ior l hjo.OOU ‘4 j nwu 

6.64Sp (fi.oip;. ?lLb- May 4 The Pru has a high proportion 24_4Sp (2i23p) fully diluted on was only marginally increased the Board was being considered by .O.OflU ' » ^ J lds a| . H , r ■» 

Continued improvement in the JUjcrthaw ' ™g_Brm ia Qumd . of mvestments overseas and the capital increased by a one-for-ope from '£377^28 10 £359333, inciud- but there were no definite plans The uovcronicni ■ ■ 0l - S»ee Lex 

surplus from life business Cemcm — * *!! A strength of sterling held back scrip issue and ihe dividend is ing a higher share from associates for appointments. cent, intere.si anu 

enable policyholders’ bonuses to BSSaBfl Homaa5irth aS3 S mcome Swwth. The non-life raised from an adjusted o.XWBp of £08,725 against £55.031. He *iid: “ We feci it is England -0 per ■ (l!||s<ls __ 

be increased to £2Z03m. CornMned Entf^s tores Amfl s improvement owed much to a to 5.70713p net with a final of The directors state that discriminatory to say that a dircc- Because oiperM* distillation I lAWTlnirk 

f£196.4m.) and a transfer to the 2”? tHoraee) April ie non-reCumng m rebate to the 3.706p. although prospects for the second tor of this company must be of rfuppine ana cruo‘ - w [|t J.yU t* III. Ml 2 

profit and loss account of £15.9 m. J^ a ^L Trtteniat!fmal « r T insuran ^ subsidiary Mercan- Provision has been made for a half appear . to be slightly British. We are international and capacity the rompanj - ^ ln 

(£13 .6m.). 85S?aSSt) “ aSS 1 * **** and P e ? ora i : otherwise this full tax charge of £S.66m. improved, they have considered it is right wc should be seen to don ll » , ’ mptiihs’ nod UaIICD 

There was continuing adverse company ha d un derwriting results f£&26nU including deferred tax it prudent to pay a reduced be such.” KoTicrdnm, fjr JJ® ' 1 B nf , ts M r iXUUSS! ' 

experience in the domestic pro- similar to lfl/6, again a further of £4.53xn. ( tax is a higher proper- interim dividend of 2p <2.5p) net. Other changes being proposed to lay up jndcuniuij ^ u - n i IlM .^ 

perty account and a small loss -r^ tqtt «« disappointment since a marked tion of profits than usual due to from lower stated earnings cl under the special resolution would largest lankem. *»*• . * f 

on the motor account. Co miner- °f^.T- 1 . T !f ld a> T, < i r *™P ro vement v.^g expected. The unrelieved losses in some over- 2.4n I3.7p> per 5p share. also end a ban on Board meetings have imposed suosto - . I ,Arf|SP 

clal property and pecuniary loss 21^^. 311(1 lndu5TriaI bracch share price fell 2p to‘360p on seas companies. For all the previous year, pay- being held outside England. Tn on tho group s kuWPt* . in XJV* vriJVf 

accounts and long-term general -T e ” a ^ ts » Swing a yield of &3 Liquidity of the group has ments totalled 5^4p from *684,411 addition if also seeks to suspend and the directors are ■ VFTKR l'NNfi from 

business remained profitable. b ^?5 h <*«. improved over the yea? the taxable profit. the voting rights of a share If sidt-nng what i'Si'.wo .it the Hr.st btitTr 

Overall the results showed little ir^nrov^ ro directors state and the group taas First-half profit was subject to there is default in giving informa- can take to cu ^“ i ‘.Cviir the nroiil of Uouw of Lefiw« 

change, the directors say. £440Mr^^?of?he T\ j j funds available to finance capital tax of £259.629 (£185,623) and an tion as to the beneficial owner-. As in the preuou-.. c.. ino PCM p ; , -dirt ion* f w 

Overseas the company’s results I IPCAllffor expenditure in. 197S of rome extraordinary debit of £45.S3S. ship when requested. group was RWbb In in, - or «* *iw h w 

in Canada were good. Australia JL/CMJUllCl BAm. compared with a £U7,0S5 credit. Another proposal is for the level more h.-ilfthe ^s p rortm p 

«S55* to .show improved S .£&****** <>L ** fnrnp' to ^ ?[ ^ currently feed tion of North rway ,t wav w 


See Lex 


Downtun 
at House 
Lerose 


UK^DpI 14 IVfc ItIC IG 1 SI UlUifc ■ " I ‘I III 

Order intake for the group to _ . of directors! fees currently fixed tion of North f® “ , " W S| “* 

1977 amounted to £237m. although • Comment at £1,000 per annum to be raised 1D7S North bca p nnluc i umi wi 1 1 

the trend was slightiy lower m Shares of R. P. Martin feU Sp to a masnnum £S.OOO. W p-t 

the second half and orders in to 54p vesterdav on news of the For 1977 net s* 1 ®* an d other is expected t« ne s«m- w 1 •- 
hand increased by £24m. to £150m. reduced' mierim dividend. The „ rea ? hed „ ^122fibn. cent. The v± 


197S Norm aca |ir»n h _ te pr(1 »jf would rxreetf tfe 

S'ShSkS 1 vFhe^ES 40 i»r level before fiirrcm .v aibutt 
*PK« Clinic fill ticveloi*- but rxclmlil!.! Sh** drdttrllo 


accounts and long-term general ^ a yield of fi3 Liquidity of the group hgs ments totalled 5^4p from £684,411 addition II also seeks to suspend and the dirvetor^are V ' .rj*; K kjsINC from |3j4 

business remained profitable. S, ^ *** cenL improved over ihe yea? the taxable profiL the voting rights of a share If sidt-nng what i'ui'.wn .it the Hr.st 

OveraU the results showed little iriSnrov^Tn directors state and the group faas First-half profit was subject to there is default in giving informa- can take to curual «»jn«. 1 - - ■ ojJ{ uf 0|1||W , of 

change, the directors say. £440 M^S?of?he T\ a a funds availaW * to finance capital tax of £259.629 (£185,623) and an tion as to the beneficial owner-. As in the .if i«irr Sr w» mail* pnnfwtloiw f w 

Overseas the company’s results ^ I IPCAllffor expenditure in. 197S of rome extraordinary debit of £45.S3S, ship when requested. group was RWbb «" i,, h Hie ^nrpht-i down 

In Canada were good. Australia JL/CMJUllCl fS.6m. compared with a £U7 f «5 credit. Another proposal is for the level more than half the Uh > PWl*J J" 1 {i) £1 011n . 

continued to show improved , Order intake Sot the group to ^ . of directors’ fees currently fixed tion of North Sea erode od-IJ iI * 1 hJ> rw3V Jt w ai 

profitability and L’Escaut pro- Sm? PmfllOrC 3977 amounted to £237ra. Stbough • Comment at £1,000 per annum to be raised 1D7S North Sea ihjr prn*ir would 

duced better results. Under- UrOlllCrS the trend was slightiy lower m Shares of R. P. Martin fell Sp 1 VJ B 2S? n ™ “'T' 4 ,k- l? crca ^l^ d 40 ?r levJl brfcm- Liirrcu. v adjuq 

writing in New Zealand and n £ mntrsiet ior o ner ihe second half and orders in to 54p veflonfay on news of the 1977 net sales and other is expected t ■ hut cxctiittsn ' the dedttrfkfl 

HoUand and in the South .African fflS5?^i9i£Sr E S? 0 emL hand increased by £24m. to £150m. redUredmSS? d?v5eSd. Th? “ c °me reached £I226bn. cent. The LJ^S^ f “i ^ fare«in etduS , 

subsidiary was disappointing. (£27^0) 1958 £47 tuvr* cent lDCrG^ISB ^ r rth some exceptions the group’s reason for the cut does not lie (^O-ubn.) and pre-tax income meni of the Kbftics Field r. ' , rr<xiil) tuv 

Although the underwriting re- ffgfS}’ S 1UV ' 1 Va ‘ 3l/ factories and foundries are w£u in the indtol profitTu-fiS is {"proved to £2.lflbn (£L7Sbn.) m Mrgc revenun. which ■» *» ■ E*le wa» ii«*B <Em U- 

suits of the Mercantile and (£72.70)' 193S— £L1S.60 per cent. ^ UNE with half-time predfc- loaded and if orders this year slightly up. but in the miserable ??F vie ( ? t ‘ r » ** reported on Hlarch inq .split between 3h r j p^,,, 

General were similar to last year, /cog in\* an rl 1928— £140 per cent. pre-tax profit of Desoutter ir® maintained near last year's time Martin has had setting up 3*» of lor tax, minorities and an ment by way of tax and ■ t-j,., tumroiiRd In ru 

the transfer to the profit and loss imrlo) 1328 ~ n4 ° ^ ^ Brokers (Holding) jumped from level an increase in profit for an operation iS\\?w York. “ Ex- in - l ±'? adju^mrntV SeSSs U 

account riiowed significant On individual pension plans, the to , £3i>7 m. in 3977, on 1978 is expected. penses were incurred both in the -SSII? “nately <0^-0 mcr yu:iT ‘:-- prorenrt-nl in siorfing in « 

improvement, -i .-m, u I,.?,.. ...u i. m turnover of £37m. against £13.46ni. The group is eogaged in attempt to team up with local , l®* following U.K. re-orga-- The governments ta’C J* Gulldi-r 

Shareholders' funds were in- -—.-.j *vg last time. development, manufacture, sale money brokers P. J. Walsh and, 5««Rim I ? C, r*uf SUFIUm wo nsurw nre designed to pro- Tnr ^ ^ j 

creased by some £30m. during 40 ner LS , M dway, when profit was up and installation of specialised after that had failed, in setting £^5^ C ™i2 ) ;,J h f„ n 9^ til 1 ' vide a high cash flow to the pro- ^ ^ nfSm 

1977 by the acquisition of the termSS^ boni^ ratefa £rom f0 - 86m - to £L87nx, a sub- processing, heat transfer, up Martin's own subsidiary. More- Jr”. STO 1 JtS *} 0 22j02p duccr in the early years. This front i!...n Mjam 

shares of the Standard Trust and ^ the stamial fuff-year improvement refrigeration and air-conditioning over, much of the expense was ( ™ ,-rnrrf has enabled the group > to . acreler- *» J.- shaw at 

the group’s solvency margin at ™E™* was predicted. equipmenL not offsettable for tax purposes. , “SjHHlff'Sf ate its repayments of the bank ,4 -.1 ar 

year end 1977 was 53 per cent. "vir' Th® ro«>rd result for the pre- 3W7 1976 Martin will be doing well to start “j* l P ^JS'rtwS" toan” rnLscd for the development .Tr»amN* 14^. p * 

J S S from oUM per eeS^^iS 3" T™„r nu« J!& SSS JSrtSld SS^»5 Jrw'TaSS. Silas'- « W Sp «hnli Skn'ltaM? 

^ BSffa. revSoe^- ^"kTSiotmer ehairmeo. SStiSSi=:: >uS aS Sg?2 ? W& f S«S mA* ■* . M k’ToV «i yf® 

Profit 3L9 WLa h^ imarm:^ ' some ™ 197 ^ ,s | TCr ^ e f ° r Dofcrrai 4.523 !UU U<S d UP rS»s ^ UC development of further oil and » 

S£afi”':::::::::::::r^ 8S « bo^l ^L 1 ^n^SSS. wl lE'm3*\X ar»t“j=z:: BMiIIa ( ^ oun InsSS. ***&£* other energy supplies . RST 1 "SS 1 ! 

Other net income s.7 4 3 , business but many rates have creases will nrohfbit anv similar To “i'wttlMi — sss i« JdIQQIG future capital spending w as esti- The projected development of p|5?J 4Na p ^ j; *m i 

JSSEg."^* been left unchanged. SSSLS1 ^SP B sLSLJ II ™5 EanamL. debit m kx mated at £L42bn. (£1^7bn.) in- the Magnus Field in the North UWei unxm i 

i-ara-JU “ to the indicia! branch, the 58?“ of tun,OTer T fif ^ fn SSSt* S“v ^ ^ SZ 


TcSSL ^ **™ on „and attaching TKSfitoll for the 
im ms honuses £or eachyear in force. mecharriSl engineer. 


j»i7 J9JK .iiariin wan oe doing wcu to siart :*7 - — 

3977 1976 nonuses ior eaca year m lorce, eisi on mechanical emHnPPr ‘in- £006 £000 breaking wpn »hi« war Th s aMe income IS reauceo to JCtt-im. VicIH The balance ■' l»«*« Oilmen 

^ ... & & ssr.srjs ssf jasst §k ~Mravs *%. ». arateSM BSi«s-at-a- s s z’Sssr.SA ^srs ^ “ 

aaraunur af s ~ ,sA-l=sS= Sff of asvsas: — ij s ss sswissassj ^ “ s g? «aas •i5S£iL, u ss 


UndCTwrltlnH laiS 9 j 

Investment income — ~ 23.4 

Taxt . — 3.6 

Profit - SL9 

Ufe 33S 

Non-life M-3 

Other net Income S.7 

Retained profit — 12.1 

Dividends 19-S 

t On non-life business. 


3^ difficulties. 

4.525 2^3 


The better than anticipated in- company has increased its bonus Earnings per 25p share are Available 

vestment income on the long-term rates for the first time in several given at 19.38p against 13.38P last 2 rdL . t, ‘J 3 ’ 

funds, together with a slowing in years. The reversionary bonus time and the final dividend of HetaIJKd 

the rate of increase in expenses rate is lifted to £250 per cent, of 3_27p takes the total for the year t ^ 

resulted in higher rates of rever- the sum assured from £2.60 per f0 552p on capital increased by 

si on ary and terminal bonuses cent, and there have been a scrip j ssue compared with an • Comment 


7.405 6477 

1.594 i.ms 

3 <11 j,s-q 

tGreda. 


Biddle 
drops to 
£0.77m. 


PRINCIPALLY 


[jreciauon oiia an aaoiuoniu n . m i ~„,i j:tsi nine. iw iiwirnwn, 

£101m. for gearing. tor „ K RftJl and hl ., ^ fl . 

At year end, working capital F°. w,h ’ ’ * .f-.r tor ^ ^ind wuivwl duidt-mls fot.illifig fl 

was UP £B5m. (£3S3^m.) with toply costly aeaneh for and urr 

liquid resources up 1499m. development of further oil and » 

(down £1 18.6m.). Authorised other energy supplies. nire 

future capital spending was esti- The projected development of | ra "" ^ im , 

mated at £L42bn. (£1^7bn.) in- the Magnus Field in the North Prom M«>-e un — uum i. 

eluding £320 m. (£420m.) for Sea at a cost ut present estimated Tjx - 

which contracts have been placed, at fl4!5bn. is one such invest- i'*i& JSJJ 

The company is setting aside mC nt. Sir David roniroenK rkjIITj " ;m i:i 

£30.5 m. within its reserves to pay The expected improvement in * 
a special dividend when dividend 

restrictions are remox-ed. This - - — - 

follows an unsuccessful applies- 


adjusted 5p last time. ft.ii of the merger with extended national lift dispute. 

Including preference payments th ~ r^fri-’eration -roun Hall- taxable profit of Biddle Holdings, 
°i ,vlD ^nnro<a tallTs'b ?ev5?rt ? ngnulaclurer and ImuUterof 

absorb £543,503 (£465.020). in th _ f?™roc from AP\-. hearing and airconditioning 


BANK RETURN 


BRIDON 

Bridan Limited Warmsworth Hall. Doncaster. South Yorkshire DN4 9JX, England 

Preliminary Statonentfor 1977 


I WwInmUv I Ini-. (44 rn 
Unr.29 1 IX«. (-4 
|_ 197B fnrwocfc 

banking depabtsient 


Year ended 
31st December 


Turnover including 5hare of Sales of 
Associated Companies 275J31 

Analysis of Profit 

Group Profit before Interest including 
Share of Profits of Associated Companies 
United Kingdom 

Principal Products 4£31 

Engineering 1,546 

Associated Companies 1,991 


Overseas 

North. Central and South America ... 

' Africa 

Europe 

Asia, Australasia and the Pacific ...... 


Group Profit before Interest ....... 

Interest Payable 


243.914 


absorb £543,503 (£465.020). jn the latest figuros from APV. heating and air-conditioning _ | u«r.29 ‘ Dm.i-4 

Hall-Thermotank has chipped in ^ p P n e "* j* 1 ^ 4ft * ?****£ 

Tvnnrn^lnr.^/. over £S0m. or the latest turnover fr ° m £339 ' 6 ® to £76i,400 for 1977. BANKING DEPARTMENT 
JL rHIlS3.tl3.ntlC figure of £213.4nL, against a three- small nse from £431,000 to - 

Tk /r * j rn , month contribution or around £444,000 at mid-term. Full year UABiLrrtEa USSW J _ 

Market Trust £i5m - in ^ yszr ° f ^ mer s er - lurnoTer ..n^ h, ° ber at £iL44m - puhStD^it"'-! a5S^- 

1 IfllAtl AltlijL Jts contribution to APV’s profits agxmst £10.16m. 6per»iD^os»w_Wtei*o^ooi — 

n.ri rn 1 Awn has been £3^9m^ net of loan stock The directors state .that they Banker. MU7i,«7+llb.4£S.«a 
LUl lO XU. 14m. costs compared with £182,00a are encouraged by the increase in He*™ * OtheH I 

Pre-tax profit of Transatlantic With 70 per cent, of turnover orders already received this year ^ 

Market Trust plunged from overseas, currency movements the LJv. companies and look ;2^72.433 jo»‘ + RUSS.fiJ? 

£488514 to £137,795 in the March have worked against the group, forward to a satisfactory year. , J 

9, 1978, year. The result is subject And a £500,000 loss in Hall- Yearly earnings are given at gAgg* ’ M 

to Jerseytox of £27^59 compared Themrotank’s Middle East npera- 9Jp UO^P) per 2op share. The ^ 1^' 

with £99,785 last time. lions plus problems on a H-T air- total dividend is raised to the ^ J gS2^9(L36i'— O9 ,«b ,062 

Directors say the decline in the conditioning contract in South maximum permitted • 6£763p Pmni*c*.Kqnip’r! i 

amount available for distribution Africa have not helped. Other- (5.9«74p) net, with a final of i«u*erSee* — [ 173£E4.145+ 34,nis 
was primarily owing to the re- wise APV has been supported in 4L6763p net. An additional balance, — -j 

duced rate of interest received on the UJC. by steady Ordering from if any, will be paid with the next -j 

sterling deposits, which are re- the brewing industiy. to spite of interim dividend, to bring the jC.S72.49jj04 ; +wi.6S,R97 

qtured as collateral for the dollar taking on £80m. worth of extra 1977 total to 7.0S53p gross. > ■ r — - — 

loans financing investment In turnover the balance sheet has After tax of £4Q2£72 (£308^57) ISSCE pepaktmext 

the U.S. remained relatively steady: net and Preference dividend £2,443 L I ABILIT IES"! £ 2 

The dividend is cut from S4.42p cadi has risen from £22Sm. to (same), attributable profit 
net per lp share to UP- £5.7nL, so the group will have no dropped from £428.988 to £362,685. Note. ImuhL.... .' 8.100,000.000 +100.000x00 

la Cirenbulon.;B^)SS.68BA47.+KM.9au».t 
_ In Bank'g Oei>tJ 13^13,1&3,— M»^S3 

English Property tops £9m. stS=iW™ 

AT 1 ■ AT Other Security .1 »C.7®^90i-!48^O.7M 


■3.iawx»,oool •*. mo.ooo.ooo 


NEW BOLD & BURTOI 

HOLDINGS LIMITED 

Manufacturers nf Ladies* Fkwhrear 


Turnover 

Net Profit before Tax 
Net Profit after Tax 

Dividends 

Earnings per share 
Capital Employed ... 


1977 

1976 

19 

moo 

moa 

ro 

8.378 

will) 

3.4 

468 

303 

n 

% 

263 

264 

3 

84 

75 


Wp 

S.JSp 

4.: 

1.599 

1,420 

1.21 


Profit before Taxation 


Profit and Loss Account 
Group Trading Profit .. 
Interest Payable ........... 


English Property tops £9m. 

AFTER A transfer of interest opments of 18.7m., and the vain- the value of properties held for 
charges of £2015m. compared ation deficit, offset only partially or in the coarse of development, 
with £26.03m. previously to by additions to properties of and these are carried in the 
development properties, pre-tax £46.78m. accounts at £190nu less H9m. for 

revenue of English Property Cor- sir Denis says that if exchange projected diminution in value, 
po rati on rose 24 per cent, from rates had remained unchanged Last year £lQm. was deducted for 
£9 - 3m - m tte October the net assets of the company diminution. 

’ il 7m^ 77, ye ^’’ - “ would be £7.8m. higher. During the year certain of the 

DPT^f °inrn,? ( > pr ^r In «*>* ye» r . the group’s office group's long term borrowings 

^ \ C ^!r*»r?5 huiiding programme in Belgium were redeemed at a discount 

Seating orofits^lei' losses^ S ynM “mP 1616 * 1 at a cost of some owing to the effect that high in- 
nftS, e £68rn - although the directors be- terest rates had upon their capital 

SlSsm^Si) SFsSSS ^ * ey teve . a P° ssib,e curref « 

intSir S ^ luE some £33m. below this This released properties which 


Sr.Ucnt points from (he Statement by Mr. V. K fforfn 

the CkuinnuR: 

•• Profir for 1877 improved by 55 per cent, over i- 
turmiwr up by 32 per cent. This, in »plte of the mav 
mum increase ln dividend permitted, means that ih 
dividend cover is more than 3 times. 

• Throughout the year strong order hmk imsitions w er 
maintained by all companies and thv forward 0011-0 
for orders is equally good. 

* The assets per share, based on book values, arc 
shown as Sip, and the profit on capital employed A-., 
has now risen to. 29J%. Your company’s sharo.s or k-isis 
than twice covered by net assets and the 1rad/ 1h V h 
is very sound. All of us look forward to 

greatest confidence. / 


i^^t charges v. — figure were of a value in excess of the If 

A revaluation nf nrnwrtiM Auditors Stoy Hayward and Co. security' requirements. These can 
at open market values waTunder^ *l ave toialified the accounts on now be utilised for further finance 
falSfto 3£ “tter.and directors say that that is now available at more £* 
in a £1 l 3*Z defidt o^boSk £ e B ^f s fl* s h raarke ‘ ^ ons advantageous interest rates, both 

value, leaving a total valuation of n? S* and currenc y. Sir I f 

£472 04m permit a reliable reappraisal of Denis says. 

The valuation of North Ameri- uI ti ma te valae o£ P° rt * T? 1 * 1 contracted and authorised 
can properties showed a surplus l0 ^ ^ hf .r ltn7P that ^ ? pita J current 

over the previous 1972 valuation, ^ beuevethat because of year is £70^2m. (£34.<4m.). Last 

but owing principally to political ^e umquc ^aijty and location year properties, mainly in the 

uncertatoties in the Prorince of ♦'£ orth £32 ^‘ werc ^ ,d and 

Quebec, there was a fall on the con f derabJy it ' excess of the cur- for the current year sales are 
review carried out by directors r ?? t f£ d so J^ ve “ ot co , n " expected to be about £20m. 

in 1976 for the 1975 accounts. 5S5S 0 n K toi , ?IS l 2lSfi5 mak ® if s 3< lL per ^ cenL °' vned sub_ 

This accounts for much of the pr ^y i 51011 for ^ny shortfall. si diary, Tnzec Corporation yester- 

drop in the net assets of the T* 1 ® properties held by North day reported first quarter profits 

group. Sir Denis Moun tain, chair- American trading subsidiaries of C$6. 6m. before depreciation 

man, says. were not revalued during the and tax against C$4.Sm. in rhe T 

Overall, the value of properties year, but directors believe these three monrhs to January 31, 1978. in a nttie 

°'d by the group ended 1977 at Properties (hotels, retirement English Property’s earnings per than seven; 


Share of Profits of Associated Companies 


Profit before Taxation 
Taxation .................. 


Net Loss of Subsidiaries attributable to 
Outside Shareholders 


Extraordinary Items 
(after £1.804 million tax) 


Profit after Taxation and Extraordinary 
Items attributable to Bridon Limited ... 

Dividends — Ordinary Shares 
interim 2Jp per share 

(1976 2.1 p per share) . — .......... 

Second Interim of 3B43p per share 
( 1976 3.95p per share and third interim 
0.0607p per share) 


Preference and Preferred 
Ordinary Dividends .-,v.v*....< 

Deficit taken to the Group and Associated 

Companies Reserves (1976 Surplus). ...- 


Earnings per Share 

(before Extraordinary Items— Basic ... . 10.52p 78.63p 

— Diluted — 17j)0p 

Results 

Deterioration of markets and currency trends during the second 
half of 1977 produced disappointing results. Resulting from a 
thorough review of ail operations, the decision has been taken 
to concentrate production in certain sections at home and abroad 
into fewer units, the cost of which has been provided in 1977 
under Extraordinary Items. Due to recent modernisation pro- 
grammes there will still be ample capacity. 

Prospects 

Present forecasts show a Profit before Taxation for 1978 similar 
to 1977 and the tax charge should be nearer normal due to the 
anticipated elimination of unrelieved overseas losses. The 
benefits of concentration will be significant in 1979. 

Dividends 

The Board recommend a second interim dividend' on the ordinary 
shares of 3.843 pence per share, payable on 24th May. 1978. 
which together with the first interim of 2J pence per share 
already paid represents the same rate of dividend as for. 1976 
taking into account Advance Corporation Tax, 


Achancetoe: 
thebest source 

from the 1 New 


pore 
f news 


"<d by the group ended 1977 at properties (hotels, retirement English Property’s earnings per than seven ye 

£70 1.79m. against 1841.1m. previ- lodges and .nursing homes and 50p share are shown at 2£p North Sea Oil 

ously, with exchange translation mobile homes) are worth not less (2.9p). A final dividend of l.Oap . 

fluctuations of £139.1 7m. dis- than the cost figure included in net leaves the total unchanged at orowaeaoimi 

posals and reclassifications the accounts of £5S.S9m. 2Ap. oil shore expic 

£26. 3m., provisions against devel- Directors have also reviewed See Lex production, a] 


Reports to Meetings 

Lloyds chief defends loans to Chile 


Sir Jeremy Horse, chairing the Answering 


representative ing of Thermal Syndicate that! 


North Sea oil u|au|try has 

grown enonncmslyfbo thin ~®^r 

offshore exploration and 
production, and mfincillary onshore 
developments. * 

It is an iodnstry that li ves with fasfc-moving 
expansion, politic^and proj ects which stretch 
mod emteenn 0 low to itsf limits. Decisions 
involving mfllionsof pounds arise almost 
every day and calif or constant access to a wide 
range of up-to-date, accurate information. 

This is what the North Sea Letter & 


AGM of Lloyds Bank for the first from the National Union of Bank order intake at the* beginning of European Offshore News (NSL) provides 
s 3 ”* yesterday that l oans to Employees _ who asked aboiit plans the year was slow but im proring. p r0< j Uce( j hy th<^ F iT^Tv»ig^ Timp s T.imito ri, 


Chile or any other country did not for rationalisa 1 ion of branches. Sir In addition, trading in the first - .llv 111560 7 . Tt 131 iimesi^imiWG, work. A his til 

imply approval of the ruling Jeremy said that Lloyds was in a half has been further principally JNtiLlS an exclusive Wfetiy review Of Oil and gas ■ struckitlich. 
regime. better position than the other by the low level of world trade f p 

In a long measured reolv to cleannn banks. Having had and bv nrnhien« nutidde the ? /j 

three questioners about the loans, J® 88 « the wav oE mergers where group’s control, and results for I * w m i i ■ — 

Sir Jeremy said that the bank’s branches overlapped and less ex- the period will be down. * Tn- ^ 

general poticy was to lend to any- P““»on mto small branebes in the However, the majority of the FmanriaTrSnesT imftM ^ SfR^Tft 

one who it considered credit- SJfnes, Lloyds was already problems associated with the early i innanr iall imes Limi ted. / v» ** 

worthy. Only occasionally would a sU S m 1 5L. others. p art of ^ year ^yg J ve p. j Bra^t-igJoj^e. 10 Cunnon Street, v. 

loan be refused because. of the ^ there » ■«* hjof ? 0 m e and the outiSk Letter. I Londot^C4P2BY. 

soaal or moral harm it might do. ? nJy ri |k0 tranches and eleven «_ y p Burton the chairman t ™ . ... .M- ■tVO 

the decision was in the hands of b ™ bes w ^ re ^upgraded com- flf Newbo ^ «d Bxnrton ^tThe I me for a four-month trial subscription H 

the local manager. Parol w °f ll - v downgraded. had no t0 a^end his 1 to the weeWy North Sea Letter ut £35 in the UK (.£45 

s £ J eie, Sh b ?r ed lirt tTthS l p > i^n ,, - 0t lS Sid" W'nxte assessment of the | overseas inclining airmafl postage). ^ The overseas rate is payable 

“ we have 110 sSSSTnuSnatiS: at mureritexchangeratesmaiiy currency fre^ 

as promoting Bntish export^ tion plan/- g ut examination to the y oun ff regardless of I . 

“case by case •• was having to be an£ l strength of the J M Cheqne enclosed (Cheque payable to Financial Timre T.imitor! (NHT.)) 

lSSf I D a ^ a ? (l u atogpr0 ‘ lt t0 «Bh and would probably have « rou P s order ^oks is a direct I V " 

for Lloyds Bank itself. to get tougher. reflection of success in this field. * I I Piesse invoice me 

He said that Amnesty Inter- At the meeting of Bath »nri Mr. H. Ramwell has been I 1 — 1 


OTHpactmto on all sectors of North- 
West Europe’s continental 
Everj- week NSL gathers all the 
gt relevant infonnation, interprets it^setsit 
in perspective, and provides a continuous 
wel)-referenced record. 

This is compressed into a concise dozen or 
rapre pages that are essential reading for 
anyone involved in this dynamic industry. . 

.Ail for around £2 a week. So why not try the 
four-month test. Complete and return the 
coupon below and begin a four-month 

s Ascription, now. 

^Exploring for accurate information is rather 
like exploring for oil: painstaking, expensive 
work. This time, we think you’ll find you've 




A 


shares of 3.843 pence per share, payable on 24th May, 1978 ? e W *?■** Am ^5 sty "i er * A t the meeting of Bath and . x,r - Ramwell baa been 

which together with the first interim of 23 pence per share iSh' “ooKiw SrimeS^ES Group Sir Kenneth Selby *VWd » a director oF Corner- 

alrcadv olid reore sents the same rate of dividend as for 1976 v oppressive regimes, about the chairman, forecast improved croft . the Coventry-based en- 

■ hai , r of them leFt WJn 2 half profits for the current vear, pmeennu croup, following a poll 

taking into account Advance Corporation Tax. nsbL Uoyds Bank _ bad some although he d!d not expect an shareholders at the croup’s 

exposure in a majority of these advance of the magnitude of the AGM. The companv said that Mr. 

iain«nf1iM « u „ countries. No approval was last two years. 1 Ramwell had been 'opposed by n 

UHlIJUIMworldwlde in Wire, wire rops, fibre implied by these loans. Sir Jeremy He stressed that the company's small group of shareholders and 

cordage and related plastics and engineering products S - , 1 J qoestion was taken contract in Iran is profitable and that it believed that If the main 

ona „ u fl-,1 seriously and he hoped that the wJl remain so, and mentioned that body shareholders had known of 

essential lor developing energy and other natural ■ countries _ would move towards the Iranian debt to the company the “last minute” move a much 

resources and for the construction, engineering, greater civil liberties. Chile had has been reduced substantially, greater proxy vote would have 

. nirt -.K r , r . -.ni-i made some encouraging moves m and variation of prices payments been recorded in hi«s favour Mr 

transportation a nd distribution ind ustries. this direction recently, alihoush are nmv being received. Ramwell is to act i a consulUzU 

not fay enough, he said. Members were told at the meet- to the group. 




essential for developing energy and other natural 
resources and for the construction, engineering, 
transportation and distribution industries. 


BLOCK CAPITALS 
Noma 


Nalareof Buam^s 


Textron 


« ■ ■ - — - r 1 

| Registered in London. No. *227550 j 










% 



s 


Financial Times Friday March 31 1978 

BIDS AND DEALS “ 


□ 


Howden to buy rest 
of Howden Parsons 


BY ANDREW TAYLOR 


JUSES? JSLJPWZ ?® a ^ nts , of . D ? r for that year Mr. Stoner who originally held 


wed engineering concern. Is ex- have been adopted. 

Jcted to announce to-day that It H 

is exercised its option to buy 
ie remaining 40 per cent, of the 
owden Parsons turbine gen- 

■ator business in Canada, that it 
iea not already own. 

Northern Engineering In- • o* 

«tries — the power engineer- 111 Nin22.HO 

S group created by the merger kJIU b a P UI c 

h ’ Reyrolle Parsons and Clarke By Kevin Dona, Chemicals 
i if.- ha t , " ian “ » se« its slake m Correspondent 

U| |.ie Canadian company to How- JT , 

The Beecham Group is 


Beecham to 
invest £3m. 


a 25.04 per cent stake in Anston 
which went public in 1972 bid 
around £1.8m. (at 76p a share) 
for the remaining equity he did 
not own. The offer was declared 
unconditional yesterday with 
CAH having received acceptances 
representing 97.78 per cent, of the 
Issued share capitaL 
The bid which valued the com 
party at around £2Am. was 
prompted after some of Mr. 
Stoner's co-directors of Anston 


Uj|i:ie Canadian company to How- 

“ in, which specialises in the rseecnanj. Group I* con- had expressed a wish to retire 

f.anufacture of afar, gas and ftuSd vT 5 *,,;?* arid sell their stakes in the com- 

■A Handling equipment. The price ISi £3 ? L f i 2Tn - Sln 6 a - pany. Mr. Stoner will become 

<:us not been disclosed but is cS£S,,J2£ II ? r *', Investment in chief executive of CAH. The bulk 
! might to be tn excess of £5m. smgap ore , t° double Its produc- of the finance for the deal was 

{ i.» The option to buy the NET stake iSrirfuE., ^ there for synthetic provided by Am ex Bank. 

-Sj'rose at the time of the merger rUrii.!. •*. . _ .. . The offer will remain open for 

st September and negotiations ™ I 83 * *5 ar ha * acceptance until further notice, 

ith Howden have been continu- number of overseas 

*. Since then. h « BELHAVEN 

Earlier this year Howden phSc^itiSl/^SS SSSS BREWERY 
■tvealed that the Canadian com- in Ireland. At an EGM yesterday, share 

any has run into problems in A year ago it bought the Cal- holders in Belhaven Brewery 
ie first half as a result of re- gon consumer products business r ’ roa d approved the Issue of 
lasing of completion dates from Merck in the U.S for gome AOO.OOO Ordinary shares to the 
ithin the Canadian power £4Bm. Since then It has taken T * ank of Bermuda, which is plac- 
ation construction programme an 80 per cent share in the small the shares with institutional 
id a weak Canadian dollar. French pharmaceutical company. lnve, t°rs. 

At the interim stage Howden’s Sob' 0 , and earlier this month it A (?? I U meeting, Com mon- 
te-tax profits, reflecting the announced plans to lake over the w eakh Development Fmance Com- 
anadian difficulties, were virtu- No _T th American animal health {?*"■ 

ly static at £1.56m. The group aTld veterinary business of Rohm its remaining option on 848.000 
len forecast that fuli year profit? and Haas, the US. chemical com- new shares In Belhaven. which 
odd teta Ita P>"y- C«r mm. £Mra. ; . . “ » ">"* tm ” 

ear’s £4.05m. . I" th* UJC Beecham is spend- tho -t, aro 

Inc some £4 2m over the next FoUowtiig tne atwivo snsre 

The deal would appear to leave three vear« on new sharmnrm^ issues, the total issued share cani- 
gap In NEl’s Canadian opera- S JS che^T ^SedS?e *■! of BeThawn become *.573.000 
ons with the group now repre- piantTln Scotland and routhcre ' h * T **- Holdings of major share- 
anted in that country solely by its Enrrland holders are- now as follows: 

trblne generator maintenance Th e Simraoore enunsion wilt J - Lyons and Co.. 16 per cent.: 

ibsi diary Parsons Canada. How- bring Be^iS’s to tauivSmSir Commonwealth Development Fin- 
ver. the group is shortly ex- on the island since 1972 to some *,"<£; 64 c n " renL: a'V ^ 

ected to announce plans to 82m. Singapore daQars, raising £ arri *v 5B . rent.: Allied 

. *pand its Canadian ■ interests production to 400 tonnes of peni- Breweries holds ■ an option to 
irough this subsidiary. ciilin a year. acquire 7.2 per cent of the Issued 

It has already announced plans The new plant, which should equity ‘ 

or a major rationalisation of its be completed by mid-1979 will SHIPSTONE /NORTHN 
verseas operations while In the meet increased demand from £orvr*c ' ' 

UC. the group is currently Japan and Sauth-Erct.Asia. Some , . , 

waived In several merger nego- 9S per cent. of production is ex- institutional investors are p re- 
lation® — following its acquisition ported to about 30 countries. pared to buy up to 1m. Ordinary 

f International Combustion Hold- Beerham has also, recently con- shares — around 23 P* r cent, of 

ass at the beginning of this year, duded a contract m sell 1m. Sinca- ‘he equity— in James Shipstone 
Yesterday it was announced pore dollars . worth of medical ■ utd S""*- th** Not tingham bawd 
hat the Monopolies Commission products to China and has been brewers which is currently con- 
~vill not be asked to investigate ask«d to send more delegations testing a takeover bid by Northern 
• -JEI's proposed ‘ merger with to Peking. Foods. 


U 


Valdwin and Francis, a privately- 
wtied motor control and switch- 
;ear company . which primarily 
crvices the mining industry, 
‘he group has declined to reveal 


In its latest defence document 

Shipstone say sthat the institu- 

ICFC INVESTS IN tionnl investors, induding its 

FOOD MERGER financial advisers Klemwort 

C H. Dempster and Co. Benson, would purchase the 

he terms — which have been Liverpool-based food and pro- shares for not tess than^ 300n, 
creed— preferring to wait for the dsions broker, is merging with en "l^ a ^i^I h i 0 ^ 
lubiicntian of B&F’s forthcoming Thirstypak, soft drinks manufac- worth S03*p on last night s closing 
nnual results. However. NEI has turers. of Blackburn, Lancs. A m 

aid that total price will be less new’ parent company, Dempster Shipstone a public but unquoted 
han 10 per cent, of its own net Hnldinps^ is being formed in ex- ' 0 ™P? n 7 2SJSS 
<5?spts ploit the combined specialist w ”b* d . be concluded in accordance 

Meanwhile, talks are still pro- potential of the businesses. 
rrrssfng with Babcock and Wilcox The combined' organisation will “ ! th rff suke 

rith th e aim to merge the two be looking to extend the range jSd he abhi te ^o so sSin- 
roup's hmlermakinc interests. 0 f .Dempster's branded products Jhareholdero would still retain 
Inst details are understood to and enlarge the scope of Thirsty- final Svidend fo? the veS 

eeking to take a 7u to *a per The deal has been accomplished thaf Northern Food'c 

com^r raCd BahC0Ck oSSLlSS Sn¥fnt“n tt.t ™ onJel* ™uw 

.hapman company. offer even 2sn * > a share wtix 

NEI arc al«o now poised to take I"™?”® totally without foundation, 
tens ' towards compulsory pur. J n C cora . p ^L , _ "Shipstone also announced that 
base of ihe few remaining shores £an as a subscript on j, a|1 now con cluded a formal 

n Internatioml Combustion Hold- 14 9 ner cen? Nation of Its properties which 

ngs that it does not already own. U 9 L had increased the group's net 

of the equity. assets per share to 519p. 

__ _ TTT In addition Shipstone reported 

UOUI.IUIN ABERDEEN FRESS thRt lts nre-tax profits for tiie 

Doth ton and Co. has acquired The Pergamon Press offer for y® ar Hncemher 31, 1977 in- 

frmn R.TJ:. Industries and Sola- the |oa n stock of Aberdeen ^ n *' ]pd to £2.tr2, ra. compared with 
ila.s {Holdings) the minority in- University Press has been ,n 1B7B - 

(crest r»f 21 per .cent, of Doulton accepted in respect of £55.476 Northern Foods bid currently 

mass Industries (Holdings) for nominal stock (98.2 per cent): Y?; , ' ps Shipstone at almost 

C.Rm. cash. IX1T carries on busi- The offer has now expired. £l3im. 
toss as class merchants, glaziers r aHCK" Twtat avcta 

tnd processors. ^ •mct’otvi dot otaji-c 55 cv MALAYSIA 

- The attributable net profit of ANSTON HOLDIINOS The Scheme of Arrangement 

.Mil for 1977 was £2.R2m.. an in- Mr. Raymond Stoner has made between Gadek Malaysia 

'rca'0 of 50 per cent., and the succeeded in his bid to gain and certain shareholders has 
proportion applicable to the control of Anston Holdings, the been sanctioned and has become 

< mmoritv interest was £592, OfiO. Brighton-bared flats and offices effective. 

. Depending on the profit group of whirh he is managing Dealings in the new shares and 
* achieved by DOT in 197S, an addi- direclor, through his privately stock of Gadek (Malaysia) Berhad 
"t ilJlonal nurch.isc consideration of owned company Clerk's Acre issued pursuant to the Scheme 
J *up to £300,000 may be paid after (Hassocks) Ltd. will commence to-day. 

BOC takes control of Airco 

- BOC International yesterday an- 55 per cent, limit agreed with the of BOCs desire to raise its share- 
iiiminreri the purchase for $37m. Airco Board last December. BOC- holding to up to 55 per cent 

. *— projections, which stretch 

, are based on an] 
economic growth of 

.......... per annum and an 

from' its previous"" level of 49 per In the meantime Its majority Inflation rate averaging 6 per cent, 
cent and it " completed BOCs position will mean changes on the per annum. BOC urges Airco 
purchases of Airco at the present Airco Board. These wfl) be an- shareholders to “consider care- 
r. mp « ' nounced before the Airco annual fully the frailties of forecasting of 

■_.... .. .... meeting on May 4. this kind." It stresses that it did 

The British company paid 5-m jjqq yesterday released profit not participate in the preparation 
per Airco share. jMis compared f nnfras t a prepared by Airco. The of the forecasts and has not tried 
with $43 tender offer with which projections were released .because to evaluate them, 
it increased its holding in January uuw ■...■mmi.iiT 

tn 49 per rent, and which it at ^ ^ 

one stacc hoped to extend to ibts - iotb is» imi 

cover all outstanding Airco sah-v „ — — i.ouun l.iil.aw 1J4TJSS l,44t2CT 

ch^roc Income before tarea iM.tn 1MJ83 12H.177 1SSJ03 

SnareS ‘ Taxes .. «S33 SS.IS0 Sa.3HT 

With its holding almost at the Income after taxes ... M.KB . 58 jC8 70JO7 93496 


Bridon falls 
to £11.61m. 


31 


Advance 
at F. J. C. 
Lflley 


DETERIORATION of markets and p/e of around 9.0 while the yield 
currency trends during the second is almost 10 per cent, 
half of 1977 produced dis- 
appointing results at Bridon, the 
directors state, in reporting a fall 
in taxable profits for the full year 
from £l8.28in. to £11.6lm. Turn- 
over, including share of sales of 
associated companies was ahead 
from 1243. 9m. to £275. lm. 

At halfway, profit showed an 
advance from £8JB2m. to £8. 76m. 
but the directors said it seemed 
likely that profits for the full year 
would show a decline from 1976 PRE-TAX profit of F. J. C Lflley, 
figures. And they said It may the civil engineering group, rose 
well be into 1978 before they see by 23.4 per cent for the year to 
a recovery which they had been January 31, 197S, from £2. 52m. to 
expecting. a record £3.1 Lm. on turnover of 

Earnings per 25p share before £54.8m. against £34 .5m. . The 
extraordinary items are shown as directors say that the profit was 
10.52p riR.63p) and the dividend achieved after making provision 
is increased slightly to 6.14Sp for possible losses on the group’s 
(6.lti>7p) with a second interim of venture contract in Hong Kong. 
3.843p. Negotiations to cover this situs- 

A divisional analysis of profit tion are being conducted, they 
before interest and including add. 

share of profits of associated com- profit at halfway was ahead 
panies . of £Tf73m. (£21 71m.) fr0Tn fi.OSm. to £1.37m. and the 

shows. In the UK., principal pro- directors said that the company’s 
duels SUBBL CMnu) ; engineer- rate, of progress should be main- 
imr £1.5om. f£0^7m.): associated 

companies £V99ra. (£3. 07m.) and “ . , . . . , _ 

overeeas- North, Central and On capital increased by last 
Smi*h America £1.14m. fI3m.): June's rights issue stated earnings 
AfHra £4.57m ^£3.99m.): Eurone are 10-88p per 25p share, com- 
Fn.fWm. f£1.32m.) and Alia, pared with 8.75p and the dividend 
Australasia and the Pacific is raised from 130034p to 2-5p net 
OTPt m. f£n.83m.). with a Z^p final, as forecast 

The directors vay that result-- The group’s other work both at 
ing from a thorough review of all home and overseas has prospered 
operations the decision ha* been in spite of the persistence of diffi- 
taken tn concentrate production cult market conditions in the 
in certain sections at home and industry, the directors state. - 
abroad into fewer units, ihe enst Q ^ basis of contracts 

r„ f ’sp'jsjsf 

£3 0*hn. for 1977. Due to recent 5“ w 
modernisation programmes there 
^ ■«" be «=P»«ltT. th«r 

aaa - 1977-78 U7S.T7 

Present forecasts show a similar _ " .fSS. 

fuH. year's profit for 1979. they M"** ^ 

say. and fhp tax charge should he L6TB 

nearer normal due to the antid-- interest 8 in 

nati*d elimination of unrelieved Pn>m bef«« tax mix 

overseas losses. The benefits of ■ ■■;:■ 

conc-ntratinn will be significant SwumS* L «rr jm 

In 1979. they add. The group " 

manufarture.i wire, wire rope, m - Amman f 
fibre and plastfr nroducts and has • comment, 
engineering activities. Difficult ground conditions in 

ihm fmo Hong Kong, not allowed for in the 

■nmwvrr inm iMt tender price, has meant that civil 

Tradtnu profit b.ms isi"» engineer F. J. C Lflley has had 

imprest payable — *.iu *■*** to make a provision, albeit undis- 

str»n* of relates — — closed, for possible losses on its 

6 JU» hSi Mass Transit Railway Corporation 
9.4M contract. Although this -£50m. 

® contract is a joint venture, m- 
9.490 volving two. o tiler parties, the 
i!nni share price could be pegged until 
2.043 -the renegotiation terms of the 
u contract are known. The Hong 
Kong contract has two more years 
A spokesman for Bridon de- Jornr »jrtlitj« group's 

dined yesterday to give further w,< nSSSJ!. ‘fin S JFhS 

details of the rationalisation pro- apwe. Overseas turnover has 
gramme. However, it is under- r,Een from over £4m. to near 
stood that there win be further flam, accounting for around a 
redundancies on ton of those half of the total improvement in 
already announced. These might- turnover. This growth has been 
not nicessarilv be in the UJKL, as mainly, achieved in the United 
Bridon has manufacturing coni- Arab Emirates. Meanwhile in the 
panies elsewhere in the world, the UJK. UHey has been holding its 
□rincinai ones being in Belgium, own In the depressed Vocal autho- 
Canada. Mexico, New Zealand, rity market, while the group's 
South Africa and the U.S. involvement in the petrochemical 

-markets has provided an earnings 
O Comment boost. .In the balance sheet the 

hear 60 per cent increase in turn- 
R S- s r M C ? er ” luoMed.by the group', 

half nrnfitc ja»nt CTe * sia * !; « w « rs ®®s committments, 
the shares tumbling to close lOp 
1977-78 low of 99p. 



Union Corpn- has found 
a uranium mine 


BY KENNETH MAR 5 TON, MINING EDITOR 


THE REPORT in this column lasT 
July that South Africa'" Union 
Corporation group, now controlled 
by General Mining, was close to 
proving a new gold mine on the 
farm PaJmietkuil to the south of 
the group's Sl Helena mine in the 
Orange Free State is now con- 
firmed in the Union . Corporation 
annua) report. 

However, tbe emphasis on the 
discovery is put on its uranium 
potential. Mr. E. Pavitt, chairman 
of Union Corporation, says that 
after a prolonged and costly 
exploration programme " we are 
now sufficiently encouraged with 
the results obtained to be in the 
final stages of evaluating a 
potential uranium-gold mine in 
the Orange Free State. - 


JOHANNESBURG,, 
T rans vaal 




INE Orange 




v. -1 •WelkBiT? 

NUUETWIl-frV^^^ 
Theuntssen* cvshdhzb 
J Free • 

/ m ■■ 

/ BLOEMFONTEIN 
I. LESOTHO./ 

\ State / 



8 Hot, M 0 


He thus feels that a further 
decline in the supply of newly 
mined gold — South African pro- 
duction in 1077 wa-; the lowest for 
16 years — will extend into the 
longer term with a consequent 
upward pressure on the gold 
price. 

But he points out that the 
speculative and investment buy- 
ing of gold, associated with the 
weakness of the U.S. dollar, has 
brought a degree of instability 
into the gold market and that 
some price reaction may well 
occur lalcr this year. 

Further views on gold came 
yesterday from Mr. Herbert Hart- 
mann of West Germany’s Tlegnssa 
group. He, too, reckons that the 


«*rt>-»ax prafit 

Tax ....... 

No! profit 


4.811 

TO 


'VTtnorities Ions ... 

Wraimt debit - ..... ■ 3.(84 

AnrfintabH> — 2.400 

interim dhrtrtend ..... 1J5M 

Srcond fnterim 

Prrferenco dteWemti ...... 13 


Lbsn to reserves ... 
t Profit 


734 ' t07S 


needs. 


covered over four times. 


J* 4 T - 





■a,.,™ . tot- to im« nr oon — — — Plant expenditure rose 

down at 3 iy i fits iou 01 ™p- f___ m j j n cqqv*. 

Competition and continued low JP 7 " -l h _ 

demihd for wire ropes eroded SftjRf £JL5““H; TS 
price levels to the extent that 
margins during that period were ^ 

four and a half points lower at p/e of 6 ■ ^ • and y,e,d -*- 4 ^ ceDL> 
two per cent. The problem Is 
widespread, with UJC profits 
showing a one-third downturn 
and an overseas shortfall of a 
fifth. There were some bright 
spots however — the U.K. en- 
gineering division ■ boosted its 
contribution by 77 per cent to 
almost a tenth of total pre- 
interest profits (mainly through 
buoyant exports of rolling mill 
equipment) while a blitz on 
manufacturing costs and over- 
heads In South Africa boosted 
the African share by 15 per cent 
to almost 30 per cent of total 
profits. Meanwhile, Bridon 
closing a number of factories 
around the world, bat, at present 
levels of demand, this wfl] still 
leave surplus capacity of around 
25 per cent This, of course, will 
prove useful when the upturn 
eventually comes, but until then 
margins will continue to be 
squeezed. The shares are on a 


L th a» ir a decision is can be found ,f the terms are f,r,ce nf ‘ he melal should con- 

marie tn brine th» nroiect to r, S ht - 11 *■ also Possible that tlic tinue to be firm over the long 

^■nriurtinn “ a S vrw nihStantial Anglo American Corporation term. He said in Frankfurt that 

» group, which has also been a further fall in ihe U.S. dollar 
teTDrinli 'thi rantinn 1 with exploring in the Palmietkuil area, rofe tngethpr with a correspond- 
2Ki n :.5. ». imerestea in form or i^. o, sou can- 

not be ruled ouL 

~~ However, he pointed out that 

Corporation has a potential new <£42ra.) Unisel gold mines in ihe the P?^ ib ,jjl*y gold sales by 
mine. OJF.S.. where Union Corporation l^c U.S. Treasury continues to 

It would thus appear that its is partnered with London's Selec- influence the market and hold the 

go-ahead awaits the securing of tion Trust, is due to start trial mcial from reaching a price of 

satisfactory uranium export con- sloping operations in the first S2 p 0 per ounce. He added that 
tracts and the provision of quarter or 1979 and reach full there are no definite signs that 

finance. While Australia's production in November of that the U.S. Treasury intends to 

potential uranium producers still year. an y ® u eh sales although it 

await permission to start up. the ERGO is now commissioning ,l kepp * a ' vatch 

South African newcomer should and next .rear Anglo's Elands- nc marKCL 
have no difficulty in obtaining rand and Gold Fields’ Dcelkrall Mr. Hartmann added that in- 

uranium contracts in the current gold mines will also start up. Mr. dusrrin] demand for gold is not 

seller's market for the nuclear Pavitt says, however, that gold expected to case even if the price 
material. production from these new ven- continues to edge up, while pro- 

Obfainirg finance for new .South lures is unlikely to make up for duction should remain steady 
African ventures these days is the overall shortfall in output with soles from the Soviet Union 
not so easy but, as the recent arising from the working out of. being probably little changed 

Enst Rand Gold and Uranium older mines and the closure of from the annual average of 300 

(ERGO) launch has shown, money marginal producers. to 350 tonnes. 

Hemerdon exploration widens 

ENGLISH CHINA • CLAYS, the Plymouth. The ECC land is on World War 1 1 metallurgical prob 
UK’s leading china clay produc- the opposite side of the Ball from Jems were never sohed. 

er. has agreed to allow explorat- Plymouth. ECC already has ex- A h h u 

tion and possible mining on its tensive quarrying activities at ^ ^ • interest in thTore 

land, adjacent to Memerdon Ball, nearby Lee Moors. bod £ fee“ bv ram 

outside Plymouth. The extension of the geographl- pletir.g a work programme at th 

The . tunBSten-tin-ehina day M ] ^gpe of Ihe Amax-Hemerdon deposit, 
deposit at Hemerdon Ball is the Mining exploration suggests that 
subject of exploration work being the size of the deposit could be 

undertaken by Amax Exploration bigger than first thought. A M a • 

(UK) as part of a joint venture The first two phases of exnlor- /\IU6riC3Il 

with Hemerdon Mining and ation has increase the previous ~ 

Smelting of Bermuda, which owns known reserves “several times —o io/vr- 
the mineral rights. over,” Mr. SchwarwaJder said. His IdlStS CHSI1 

A link between ECC, Amax and lack of precision is related to the 
Hemerdon was announced y ester- talks he is having with Securities AS PART of its continuing inves 
day by Mr. Carl Schwarzwalder, Exchange Commission in the U.S. programme. South Africa 

the Hemerdon chairman, at the for over-the-counter trading of Anglo American Corporate 

same time as Amax elected to Hemerdon Mining shares. Rroup is seeking funds of R65n 

press ahead with the Hemerdon nrevimis known <X30m.) through the private plac- 

Bail exploration programme and we re defined by British wStab! mem of Preference shares there 
move into a third phase involving Corporation in 1936-37 as 5.8m. The parent company is raisin 
5ronn **P endlture of S1.5m. s f, ort tons _ assaying 3.6 lhs of R40m. and its 48 per cent, direct! 
(f«uu.640). wolfram and 1.02 lbs of tin per owned Antgold, the gold inves 

“ r * SxJiwarwalder said titat ton . mem company, is raising R25r 

r?H SS d v^irere^® to 1 e 2fSSI Jp* n ^ xt of exploration The Preference shares for bot 

Ball joint venturers to explore will involve o.OflO metres of dia- companies carrv an interest ra 
on its land, and if the results monA cor e drilling to about BOO 0 f 10 5 per cem 
were posiuve to bring a mine to fecL and will lead to a trialled - ^ Xmo 0 i d ' ui] , have . 
production^ ECCwoold - have ex- feasibility, study coxtmg.?2m. to yei s and ti 


AIONF.Y MARKKf 


Adequate credit supply 


Bank or England Minimum banks bringing over full balances night loans opened at 53-6 per 
Lending Rate of 6) per cent and a slight fall in the note, ecru, and with initial predictions 
(since Jamurv 6. 1978) circulation, the authorities sold of a large surplus, fell to 5-31 
Preliminary indications a small amount of Treasury bills per cent. With events proving 
pointed towards a substantial direct to the discount, houses to the contrary rates tended to 
surplus of day to day credit in which by no means eliminated see-saw peaking at around 6-61 
yesterday’s London money mar- the surplus which should appear per cent, before settling to 5i-8 
“-ket. but with a late swing, to-day. per cent, by the dose, 

revenue payments to the Ex- Discount houses paid around Longer term interest rates 
chequer slightly outwoighled 5} per cent, for secured call loans lent towards a sllghtley firmer 
Government disbursements, a at rhe start, and rates 'fell to tendency mainly on fears over 
reversal of earlier predictions. 4| per cent, before dosing any- the current weaker trend of 
The market was also faced with where between 5 per cent, and sterling. 

a substantial net take up of 6 per cent. - Rates in the. table below are 

Treasury bills However with In the interbank market over- nominal In some cases. 


Mur. LB 
IB7- 


rilCfllOB 

I'rnihwr 

ri dqiwH' 


Lrt.ni )L»« Aiith 
AaUtmity j nM-nttahte 
. bniH« 


Di-miu III 
2 iI»V' t»nlJe«...l 

7 iinv« .it I 

7 itny. in>( ice..! 
Uiii- mum 
Tm.> rrhinlh-...! 
rnrin mntKti'.f 
mi mrtn«h^...i 
Xmr innnih*..j 
i >iii* vot ...... ..I 

T»" i'«r I 


t*U 

• i* •"* 

71. 7ri, 
ill « S* 
6 rii 


66 


av c 
oA-M 
«**- M 

rS4 

7 U-'<*« 
ih U 
8 8*4 


a i i-oic 

6»4 

OU-PO* 

4-1* -Mi 
7i B -7U 

8 8U 
9U 


6h 

6S. *U 
7-c >8 

7 V* 83, 

8 >« 7% 

81j 8 


Kunnn 


Un THIDI 


hllcibie 


Hou*e 

Company 


T IfBITTT 

Bank 

FWTnwn 

nepturit* 

Iteprwlti, 

te|iiwlf 

HtlUfl. 

BlH-4* 

Bill* * 

“ 

81* 

«<-6. 

. - 

- 

- 

■ evil* 


51* 55, 

““ 


“ 

8V7 

S3 t 

5»B-8 

STgSfi 

f K" 

«4 

7 

7*2* 

7 

. 8-8IJ 

e -eg 

o* 

7 

— 

- 

•*- 

7 

71* 

8-8U 

— 

‘ — 

— 

— 


8A-8A 

— 

— 

— 

— 




' 



— - 


Loral auhPriura and ftaawv booses rim tens’ »»«« other* seven days’ fixed. Lma-reno local aomnriry nwrteajw raw 
nominally Itirrr yean IM-lDt- per ernt,, four scam W-Ui ptf bcih.: five rears li-ut ptt cent O Butt trill rate* hr table are 
bimtu rateB (or^onmc aancr, Butins rate* for (our-mnarh bank bUts per cent; tonr-m ontb- trade bills tt per can. 

Annroxunaje arilins raws tor onc-nwnth Trewary hiltt s» t*5ag j>er ceiiL: roymontli H- per ceai.; and ihroe-monili 
per cent. Approximate kIIMS rale ter one-momh bank W!l* » per cent,; iwo-oramh fls» per cart.: and Uuro- 
month Br*«s-4*ii per cart. Qae-njanih trade Mila H per cent.: twihmonfli 81 po - cent; and also three-monih 81 per cent. 

Flew* Ho*M **M ^RaS*rSi*l»d hr the- Ftsinee Hodms Amodadon) 7 per cent, from Marcb 1 . IBIS. Omrin Baric 
Ptpnli Rales (tor mum umi at aeren days’ nonce) 3 per cent. Clearins Baak Ratas toe lendlns 64 oar cart. Treasury BWs= 
Awib (aider rates of discount &JXB per cent. 



CARS LTD. 


Points from tie 
Chairmen ’j Statement 

I am pleased to report 
modest improvement in Com- 
pany profits for tbe year ended 
30th September. 1977. 

Much of the increase in turn- 
over relates to our acquisition 
of Uni power Vehicles Limited, 
manufacturers of firefighting 
chassis type vehicles. 

The need to retain profits for 
working capital requirements is 
important. Your Directors will 
recommend a final dividend of 
Q.6p per share, together with the 
interim of 0.35p making a total 
of 0.95p per share (1976— 
0.95p>. 

Production capacity is being 
utilised on tbe final Invalid Car 
contracts. Supplies of spares for 
Invalid Cars should continue for 
a number of years. 

Progress bas been .made with 
the production tooling for our 
ME 3000 car and the first car 
produced was well received at 
the Brussels Motor Show. Our 
intention is to market the car 
in the U.K_ and Europe but the 
mericaa market is our real 
bjective. 

We have acquired 70% of Fein 


£120,000 

period 


for their 15 

ending 30th 


The nest two or three years 


half could be severely affected 
by the winding down of the 
Invalid Car contracts coupled 
with the introduction of the 
ME 3000 which will give the 
norma! production problems 
associated w4tirany new product 


elusive; rights of Brat refusal to'wm. Ir will be completed by 
any china clay or aggregate pro- i&Ro, An„lo American >»>ue will ha’ 

duction from its land and would Trenching, geophysics and metal- av ® ra £ e *“e °* PU?ht years. A 

receive a royalty on any metallic lurgical testing will be undertaken “V e - * n " es .J*® C°mg to Sou 

production. . in the next phase. It has been African, institutions. The placn 

Tbe area of land ' involved is recognised In the industry for w " * a *' e P lace around July l. 
some 30 acres and is to the north some time that the composition of In London yesterday Ang 
east of Hemerdon Ball, a gently the Hemerdon deposit is complex. American shares were 29’ i ai 

rising . hill which . overlooks When the mine was worked in tho^e of Amgoid were £164. 


Comhill Insurance Group 

Planned Growth and Increased Profit 


RESULTS 

7977 

1976 

Premium Income 

£000 

£000 

Fire and accident 

72,582 

61,339 

Marine and aviation 

3,859 

4,244 

Life 

7,716 

8,544 

Profits 

Underwriting results : 

Fire and accident 

681 

943 

Marine and aviation 

(300) 

(725) 

Investment income 

7,247 

5,647 

Shareholders' life profits 

. 75 

— 

Non-insurance company results 

46 

72 

Profit before taxation 

7,749 

5,937 

Taxation 

3,350 

2,875 

Profit after taxation 

3,899 

3,062 


Pramrum Income (Nontlh) 


££&5S3m 


E52-213m 





£7&441nr 


iKi 

1 m 


Profit before taxation 


l- 


E7-74 9m 

Ml 


£5 937m 


'1 1: 


^ I 


£3 -506m 




£3-544m 


i 




m 



■Mi 


m 


1973 


t3» 


1975 


1976 


1977 


1973 


19W 


1975 


1976 


1977 


1977 was another year of controlled expansion for the Group 
with non -life premium income rising to over £76 million and 
pr ofit 30 % higher than 1976. 

UNITED KINGDOM The motor, liability, and engineering 
accounts all produced a satisfactonr underwriting surplus. - 
However, 1977 was a difficult year for the property’ account and, 
in particular, for the household section which was the major 
area of loss. The firemens' strike aggravated the problems of 
this account and may also have a noticeable bearing on 1976. 
OVERSEAS The overall underwriting result improved 
considerably over 1976 but. nevertheless, there wasasmall loss. 
Sterling's strength in relation to overseas currencies, and in 
particular the Canadian doll ar,_ limited growth when expressed 
in Sterling terms . Overseas business written in London produced 
a verygood underwriting result. 

I AND AVIATION Market over-capacity, steeply 


rising marine repair costs and a number of airline fosses 
c ontri buted to a significant loss on this account. 

LIFE Further substantial growth was achieved on regular 
premium income business. In 1977 Comhill's life division 


declared its first reversionary bonus on Vi th -profits 1 policies 
and made its first contribution to Group profit. 

FINANCIAL 

Investment income rose by 28° i to £7.24 million. Shareholders* 
funds at balance sheet values at the year end amounted to 
£22.060 million . The solvency ratio, based an market values, 
remains strong at 57%. 

OUTLOOK The differences in the results from the various 
territories demonstrates the importance of a wide geographical 
spread of business. The expansion of overseas activities will 
continue in 1978 to improve further the balance between the 
Group s interests in the United Kingdom and the rest of the 
world. _ 

With inflation at a mare tolerable level, better underwrit-mp 
margins ana more stable economic conditions can. he foreseen. 
Comhill plans further expansion and looks forward to 1978 and 
the years beyond with confidence. 


the 



Comhill 

Insurance Group 


Aswaberoffiia33ifim» TflHng Cheap. 







Financial ' Times Friday March 31 187 ^ 



r- 

*• • 


NORTH AMERICAN NEWS 


Ford underpins industry confidence 


BY JOHN WYLES 

RENEWED CONFIDENCE in 
Uic U.S. auto industry that a 
sales recovery will offset recent 
months of decline in the market 
is highlighted by the Ford 
Motor Company's annual report. 

The company reaffirms its 
belief that 1/78 auto sales, at 
"about lint..'' will be only 
slightly lower than last year's 
11.19m. Moreover. Ford expects 
record truck sales this year of 
3-8m. compared with the new 
peak set in 197? of 3.675m. 

Ford's expectations for the 
passenger ear market are look- 
ing a lot more credible follow- 
ing figures which suggest that 
consumers responded to dealers' 
sales contests in March in suffi- 
cient numbers lo slow down the 


Court to rule 
next week on 
Curtiss-Wright 

SALT LAKE C1TV. Mareh 30. 
JUDGE David Winter of the 
Third District Court said to-day 
that he would definitely rule on 
whether Curtiss-Wright Corpora- 
tion will bo prevented from 
staging a prosy battle for control 
of Konnecott Copper Corporation 
by noon on Monday. 

The State of Utah requested 
the temporary restraining order 
(which was issued on March 21 1, 
and also sought a preliminary 
injunction against Curtiss- 
Wright accusing the company of- 

violating a Utah law by failing 
to notify the State 20 days in 
advance of a major stock pur- 
chase. Curtiss-Wright bought 6.9 
per cent, of Kennecott’s shares in 
the 60 days prior to March 21. to 
bring its total holding lo 9.9 per 
cent., which made it the largest 
single shareholder in KennecotL 
the country's largest copper 
producer. 

Acting assistant attorney 
general Keith Taylor, whose law- 
firm represents Kennecott. 
accused Curtiss-Wright of statu- 
tory fraud, and said it was trying 
to emasculate Utah's largest 
asset. Kennecott is Utah's 
largest civilian employer and 
taxpayer. 

Curtiss - Wright attorney 
Thomas Quinn said Judge 
Winder's temporary restraining 
order was a blatant attempt to 
protect entrenched management 
af KennecotL He also said the 
order gives Kennecott an unfair 
advantage in preparing for the 
annual meeting in May. 

AP-DJ 


declining sales trend of the pre- 
vious three months. During a 10- 
day period in the middle of the 
month, sales ran at a seasonally 
adjusted annual rate of a shade 
over 12m.. which means that total 
monthly sales • may match or 
not fait far short of last March’s 
performance. 

The three members of Fords 
Office of the Chief Executive, 
Mr. Henry Ford 2. chairman. Mr. 
Philip Caldwell, vice-chairman, 
and Mr. Lee lacocca. president, 
say in the companies annual 
report that the U.S. economy 
should continue its recovery 
from the 1974-73 recession al- 
though the rate of economic 
growth will decline somewhat 
toward the end of tbe year. 

The three executives hint that 
they expect some relief from 
Japanese import competition 


this year. They’ point out that 
Ford's record sales and earnings 
last year were achieved in the 
teeth of sharp rivalry from 
Japanese imports which 
accounted for about two-thirds 
of imported car sales last year. 

“One of the reasons for the 
strength of Japanese car sales 
in the U.S. market is the price 
advantage resulting primarily 
from the substantial disparity 
between Japanese and U.S. wage 
rates. The company's price 
position in relation to Japanese 
imports improved in late 1977 
with the upward revaluation of 
the yen. which led Japanese 
manufacturers to raise prices of 
cars exported to the UJS." 

With the dollar having 
dropped several points against 
the yen since these lines were 
written both Ford and General 


NEW YORK. March 30. 

Motors have recently felt able' 
to announce modest -price in- 
creases on their small cars. The 
currency pressure on the Japa- 
nese producers is best high- 
lighted by the Honda Accord - 
which was launched in June 
1976— at 83,999 and, following a 
price increase in January, now 
sells for nearly 21 per cent, 
more. 

A leading auto industry 
analyst. Mr. David Hcaly of 
Drexel Burnham Lambert, esti- 
mates to-day that import sales in 
the ILS. will drop from last 
year's 82.08m. (18.3 per cent, of 
the market) to $i.9m. and that 
total U.S. car sales' for tbe year 
will be 10.85m. Mr. Healy also 
predicts that Chrysler Corpora- 
tion. which made a fourth quar- 
ter loss in 1977. will he in the 
red for the whole of 197S. 


Carter attacks steel price rise 


BY STEWART FLEMING 

PRESIDENT CARTER and the 
president of America's largest 
steel company, United States 
Steel, clashed publicly to-day 
over the 2 per cent, increase in 
sieel prices which the company 
announced yesterday. 

Mr. David Roderick. U.S. 
Steel's president declared in 
Chicago that the company would 
resist 'any attempt by the federal 
sovernment to Force it to roll 
hack the price increase. Within 
a matter of hours, vice-president 
Waiter Man dale announced that 
hofh he and the President hoped 
that U.S. Steel would reconsider 
and reduce the size of the 
increase. Earlier in the day. the 
President had himself termed the 
310.50 a ton increase excessive. 

The president's stance on the 
U.S. Steel increase has surprised 
some steel analysts, who thought 


that so small an increase would 
not attract opposition from the 
Administration, in spite of its 
growing sensitivity to the infla- 
tion issue. 

The steel price dispute has 
been further complicated by a 
statement to-day From the third 
largest company. National Steel, 
to the effect that it is not follow- 
ing U.S. Steel’s lead and will only 
raise prices by around 85 JH) a 
ton, or close to the 1 per cent, 
increase which . the administra- 
tion's Council on Wage and 
Price Stability said yesterday 
was fair. 

The competitive impact oT the 
National Steel move is hard to 
predict however. Whatever the 
published list price, steel com- 
panies engage in a variety of dis- 
counting procedures for their 
customers, and there are varying 


NEW YORK, March 30. 

additional costs , for services, in- 
cluding finishing the steel. 

Underlining the rationale for 
the increase to-day, Mr. Roderick 
said that current demand for 
most products produced -by UJ5. 
Steel has increased substantially 
compared with the second half 
of 1977. He said that he believed 
the company had turned the 
comer from its pro jeered loss 
for the first quarter of 197S. He 
predicted that the companv 
would be profitable in the second 
quarter, and that there ■vould be 
a continued improvement in the 
second half. Last year. U.S. Steel 
incurred losses on its steel- 
making operations, although 
overall the company, which has 
a variety of other businesses 
Including chemicals, was profit- 
able. 


Canadian 
Du Pont 
warns on 
earnings 

By Robert Gibberu - 

MONTREAL. March 36. 
DU PONT Canada"-, eamtntt 
and return on investment this 
year will remain at “ unsatis- 
factory levels ”. A much 
stronger Canadian economy is 
needed before the company 
ran effectively use its sew ex- 
panded capacity in fibres, 
plastics and Sims, plastic pro- 
ducts, packaging and chemicals, 
says president Mr. F. S. 
McCarthy. 

The company is somr 75 per 
cenL owned by Dn Pont of the 
UA and has nearly completed 
a SCSOOzn. expansion pro- 
gramme begun in 1972. It is a 
major equity partner in the 
Petrosar petrochemical com- 
plex at Sarnia. Ontario. Part 
of its expansion has been fin- 
anced by the parent company. 

Dn Pom Canada secs some 
pointers towards recovery In 
Canada, including the effects 
of the discount dollar, higher 
consumer spending encouraged 
by recent tax breaks, and 
generally renewed business 
confidence. 

Goodrich purchase 

B. F. Goodrich has agreed in 
principle to acquire Conti- 
nental Conveyor and Equip- 
ment in a transaction valued at 
ahont $61 m- reports .VF-DJ 
from Akron. Under the agree- 
ment. each bolder or Conti- 
nental Conveyor's common 
shares will bate tbe option to 
recoit e the equivalent of $40 
in Goodrich Common or Pre- 
ferred stock or to receive $40 
in cash for each Continental 
share provided the total cash , 
consideration does not exceed 
49 per cent, of (he total con- | 
side ration in the exchange. j 


Mineral growth boost 
Agip sales and profits 


BY PAUL BETTS 

AGIP, the main oil operating 
company of the State hydro- 
carbons group. Enlc Nazionalc 
Idroearbun (END. to-day re- 
ported increased profits or 
L56.4hn. fsomc S66m.) last year 
compared with L2J!i»n. m UWJL 
Gruuu turnover increased by 19 
per cent, tn LT.OOSbn. (SShn.) on 
a year-on-year basis. 

The sizeable increase in pro- 
Site is chiefly due lo the com- 
pany's mineral activities, whose 
turnover recorded a mnjojr up- 
turn last year, and to generally 
lower coir increases compared 
with the previous year, according 
to Agip. 

The Agin Board proposes to 
use some L3S.5hn. of last year's 
profit in cover. previous balance- 
sheet losses, a further L2J>hn. 
Tor reserves, and lo distribute 
the remaining LI5bn. as .divi- 
dend. 

A "ip's overall crude produc- 


tion totalled Dai year U.*gj- 
tons, practically the same as the 
previous year, while tin* com- 
pany's domestic natural JW* 

Snfa Vlscosa's main loss area 
In 1977 was fibres, faith naU* 
rising 7 P « eiml. In volume 
but only 4 per cent In i»u* 
Attend o report from Milan, 
Debt servicing costs of Lire 
Who. (SinitaU were a major 
factor In a net I tut Tor the year 
of jure 47.lbn™ or Nome SSoiu. 


ductlon dropped by 13 per cent, 
to G.Sbu. cubic me ires. This was 
largely ihc result of a decline in 
market demand and the com- 
pany's current policy to conserve 
domes! ic natural "as resources. 

Holy's total enemy require, 
meats last year annwinretl (<■ 


HOME. March 3ft 

l.Dhii. inn * 5 nf «sl cqmvaloqw 
ropri^entnig a I.- ^ lo- 

uver the previous year Thi& 
rime rcitivls the drop m oil ce» 
xuuiplU ‘11 iii Italy lusL War, 

^The mnp.my. which currents 
hie a presence in cmjntri«j£' 

has pursued it*- intense 
i ipcr.it was and 1 ms continued 1$ 
research aclststic* in the kbi. 
Q'Uin sortin'. Aiilp dlilip l hip 
it's uranium field <tt 
Northern Italy wiT* start ptbdqfc 
i .12 some' 1511 litas :» ynw i> from; 
1979 

'The Hoard alw reported tf$ 
fc emns-uit of j 

controlled subsidiary, A$j> 
Pet roll Sea, which trt!l cram, 
together the company'* refinery 
■ituI dttlri'.m»iut! artaifies Kfe 

Uianwrio , BaWawjcri. >Jg. 
uuoejjptM tlirt-eloe uf Asip, hfe. 
iu'eii :ip;*ni:»ti*i1 chairman of thg 
new -.nh'idiary. 


Borel Belgique capital rise 


NBC slide fails to slow RCA ABC S50m. sale 


BY OUR OWN CORRESPONDENT 


NATIONAL . Broadcasting Com- 
pany. firmly lodged in third place 
in the U.S. television network 
rating*, is expected to drop 
behind Hertz this year as tbe 
RCA Corporation's chief profit 
source. 

This was' confirmed to-day hy 
Mr. Edgar Griffiths's RCA's 
president, whose disenchantment 
with NBC's performance 
prompted him to send a tremor 
througb the television industry 


in January by recruiting the 
American Broadcasting Cor- 
poration's top programmer with 
the “Midas touch,” Mr. Fred 
Silverman. 

Mr. Silverman is largely 
credited with taking ABC from 
number three to number one in 
rhe ratings battle in just over 
two years and RCA is hoeing he 
will perform the same feat for 
NBC when he takes over as the 
network's president and chief 
executive in June. 


NEW YORK, March 30. 

RCA earned a record $247nt. or 
S3.23 a share in 1977, but XBCs 
profit share dropped from 35.1 
per cenL to 32.4 per cent Mr. 
Griffiths forecast a very strong 
record first quarter earnings, for 
RCA as a whale, but warned that 
there had been an “appreciable” 
decline in NBCs earnings. 

The third ranking network 
traditionally works fo much 
tighter margins because it can- 
not command the- advertising 
rates of its rivals. 


THE 

UNITED STATES 
DEBENTURE 
CORPORATION 
LIMBED 

Year Ended 31st January; 1978. 
Extracts from the Directors' Report. 

The Accounts 

The Accounts for the year ended 31 si January, 1978 are the first 
annual accounts following the merger with The London Scottish 
American Trust Limited and they combine the results of both 
companies loi the year ended 31 si January, 1 973. 

The corresponding figures for the vear ended 31 si January, 1 977 
have been restated for ease of comparison as [hough the merger 
had taken place at the beginning of that financial year. 

Dividends and Income 

The after-tax revenue available far Ordinary Stockholders rose by 
1 5.7 per cent, to £2.525 millions. As a result of this improvement, 
your Board are pleased to recommend that the total net dividend 
per stock unit for the year be increased by 1 5 per cent, to 3.52p 
(1977: 3.06p). This rise compares with an increase of 9.9 per 
cent, in the United Kingdom inllation rate as measured by the 
Retail Price Index, ft is also gratifying rhat this rate of dividend has 
boen possible against a background of continuing 10 per cent, 
dividend restrain! in (he United Kingdom, it is interesting to note 
that over the last five years, your dividend rises totalled 84.3 per 
cent, compared with a G4.2 per cenLrise in the notional dividend 
on the Financial Times AJI Share Index. Going back as far as 25 
years. the dividehd after taxes at the standard rate received by a 
holder of 1 00 Ordinary Shares increased by 743 per cent. 

We earnestly hope that rhe Government will remove dividend 
restraint and that stockholders will once again receive a full 
reward for their investment in British companies. To restrain ihe 
rate of dividend that a company may pay is to meddle with a 
tun da mental principle whereby stockholders are fairly 
remunerated for the use of their capital and rewarded for the risks 
involved. To continue dividend restraint is to continue to reduce 
the real income at pension funds, charitable organisations and 
many private investors who have no other source of income. 

Net Assets 

The percentage of your Company's total assets invested in the 
United kingdom rose to 66.8 per com. f 1 977 : 57.5 per cent.) 
whilst the percentage in The United States of America decreased 
to 28.5 par cent. (1977: 35.7 per cent.). This fall in the American 
content occurred not because of a policy on our part to reduce it, 
but simply because of the disappointing performance of the 
Amencan stock market relative to that of the United Kingdom. 
Indeed, whilst the Financial Times All Share Index increased by 
22.5 per, cent., the Standard and Poor's Composite Index, as . 
adjusted for movements in the investment currency premium and 
the exchange rate. Felt bv 22.6 per cent. On the same basis, the 
Toronto Composite index fen by 1 8.4 par cent. Compared with 
these movements, the value of your Company's United Kingdom 
portfolio increased by 17.8 per cent., and the North American 
portfolio fell by 20.3 per cent. 

The pound sterling exchange rate against the American dollar 
surged bv 1 3.9 per cent. However, this strength in the pound, 
whilst nationally most acceptable, reduced the profitability of 
8ri;ish companies involved in exporting or operating overseas. 

For this principal reason, the shares of such companies tended to 
under- perform rhe Financial Times All 5hare Index. Since it IS our 
long-term policy to hold an above-average proportion of this type 
of company, it therefore lollows that our United Kingdom 
portfolio was similarly affected. • 

■ We are glad that the British Government has at last removed the 
investment dollar premium surrender penalty. This will make for a 
more flexible management of your overseas investments, and writ 
mean that changes within the portfolio will be considerably 
cheeper to effect. 


Coal strike hits Ashland 


ASHLAND OIL anticipates “ sig- 
nificantly lower earnings " in the 
second quarter ending to-morrow 
than a year ago because of a 
sharp drop in oil refining and 
marketing profits and problems 
created by the coal strike, accord- 
ing to -Mr. Orin E. Atkins, chair- 
man. 

In the 1977 fiscal second 
quarter, Ashland earned S28m. 

Mr. Atkins said settlement of 
the coal strike, an improvement 


NEW ORLEANS, March 30. 

in the weather and a trend 
towards improved earnings from 
chemicals and oil and gas ex- 
ploration should allow .Ashland 
to M recover some of the around 
lost during the first two 
quarters." 

However, the chairman did not 
predict whether earnings for the 
fiscal year will equal the Slfitoi.. 
or S5.6Q a share on revenue of 
Sa.OSbn. reported for the prin*- 
year. AP-DJ 


Pittston expects first quarter loss 


PITTSTON, reflecting the close- 
down of • its coaJ . .operations, 
because of the coal strike, 
estimates that it will have a loss 
in the first quarter ending 
to-morrow compared with net 
income of -S23m., or 61 cents a 
share, in the year earlier quarter, 
according to Mr. Walter Lahey, 
director of corporate relations. 

Mr. Lahey said that sales 
would be sharply down in the 
first quarter from the S403.5m. 
in the 1977 first quarter because 
the company's coal division has 


PHILADELPHIA. March 30. 

been closed down for the last 
three .months. 

Net income for the full 197S 
year will not match the S71.3ra. 
or S1.90 a share in 1977. The 
1977 net. income included a 
S3. 9m. special charge relating to 
settlement of claims resulting 
from the flood of a company dam 
in 1972. It also included a special 
charge of $5m. relating to the 
Government's, anti - trust case 
against Brink's, which is 85 per 
cent, owned by Pittston. 

AP-DJ 


American Broadcasting Com- 
panies is negotiating with Plitt 
Theaters for the sale af all or 
ABCs cinema operations for 
aboct in cash and notes 
reports AP-DJ from New York. 
At the rrrd or I9 m ABU 
operated 91 single-screen, 79 
twin-screen and three triple- 
.screen cinemas, ghlng a total 
of 258 screens In 1! southern 
states. Plitt operates about 
140 cinemas in the mid-west 
and mountain and western 
slates. Most of the Plitt 
theatres were purchased from 
ABC In 1974. 

Lockheed cautious 

Lockheed Corporation's projec- 
tions indicate earnings from 
operations in 1978 “ will be 
helow those of 1977" when it 
earned S55m. or £3.71 -a share, 
AP-DJ reports from Rnrbank. 
Recently ' Lockheed has said 
that earnings for hath 1978 and 
tf)T9 would he “fairly compar- 
able * with 19*7. In the annual 
report Lockheed did not 
specify hew large an earnings 
decline it expects this year. 

Firestone Tire 

Firestone Tire and Robber said 
a Federal District Judge 
granted an extension of a 
temporary restraining order 
that prevents the National 
Highway Safety Administration 
from releasing a survey on 
original equipment steel-betted 
radial tires critical of a Fire- 
stone line, reports AP-DJ from 
Cleveland. 

Babcock merger 

Following the special meet- 
ing yesterday Babcock and 
Wilcox president 3Tr. George 
ZIpf affirmed his intention to 

.stay on as president, reports 
AP-DJ from New York. 

Babcock will retain Its name 
and a separate corporate 
identity following the merger 
into J. Ray McDermott. 


BY OUR FINANCIAL STAFF 

IACQUES Burel International is 
injecting fresh funds into its 
Belgian subsidiary. . Thu move 
will allow the later. Jacques 
Bure l Belgique, to increase its 
capital and complete a pro- 
gramme of financial restructur- 
ing. 

. Buret Belgique will raise its 
capital hy BFrsJHWm.— around 
?8.5ni.— to BFrs.423.9m. Some 
BFrs.lS4ui. will be subscribed 
bv Barel International in cash, 
with the balance in the form of 
j non-repayahle loan. The extra 
capital will allow the Belgian 
company to carry out a restruc- 
turing plan decided on several 
months ago. 

Under the plan Bnrcl has 
agreed with AC Restaurants BV. 
a subsidiary of the Dutch Ahold 
group. In sell some time this year 
its motel and ten restaurants and 
grills on five motorway conces- 


sions m Belgium. Tl*i* Mini 

involved has ye: to In* «iifiCloM‘fl 

Borel Intcrriatinnnl will aho 
sell pans nf three of its four 
hotels in Belgium. Th«< will 

leave ihc group free tn ' wiv- 

centrate on its profit J-iIy 

restaurant activities :lir»»ngii 
mass catering «n !»n>pit.»i* j«« 
schools .tiid in catering fur large 
companies." 

At tin- end id last December 
the financial!)- troubled Bore! 
Interna luma I fnn-caM that »s 
operating performance in 19* « 
would result in n loss of more 
than Frs.9Uni.'as!aiiist a deficit nf 
FnU£!.5m. in !*»?«. At the time it 
was expected that the qroup 
would eventual Iv move luck into 
profits s-onietinie in 1979. 

Borel International lost some- 
thing like B.Frs.5Qm. un Us 
Belgian operations m 1976 and a 


heavier loss was expected fitr 
1977. 

* * * 

PARENT company net profits of 
Rhone-l’milcnr. thr fifth latgfrt 
chemical group in the world. 
emerge al KrvSJ.Sm fS3Nhli.) 
compared lo Krs.I2n.ltn Last 
month the company reported that 
profile in 1977 for the . croup ns 
a whole would he roughly 
unrhanct'd. 

The parent company results 
are after tnx and adjusting for 
two major financial items. The 
first is the nel pn»n in Rhonr i 
Poulenc arising from the salt 
i for KrsL’SShn.* nf the slwrelwld 
tng in St. Ives l^lmratory and 
secondly, write-offs tntalhnii 
Frs.49Pni. at Hhnne-Pmilem 
Textiles. 

Tnt.il dividend bv the no fen 
company is being held at KrsD.s 
share. 


SEC may sue Beatrice Foods 


Main Features 

1978 

1977 

Gross Revenue 

£4,604,895 

£4.150.534 

Per Ordinary 25p Slock Unit:— 

■Earnings— Basic 

3.77p 

3.37 p 

Earnings— Fully diluted 

3.74p 

3J9p 

Dividend 

3.52p 

3.06p 

Net Assets 

£77.684,414 

£78,879,422 

Net Asset Value per 

Ordinary 25 p Stock Unit >— 

• 


Basic 

IQG^p 

1 05. dp 

Fully diluted 

105.7p 

104.5P 


The Annual General Meeting will be held on 3rd May, 1978 
in London. 


BEATRICE FOODS indicated 
that the nearly 524m. in question- 
able transactions is disclosed last 
year could produce a lawsuit by 
the Securities and Exchange Com- 
mission (SEC1 

The ChLcagQ concern said in a 
stock registration statement filed 
with the SEC. that i+ has been 
holding discusions with the Com- 
mission's enforcement division on 
the findings of an SEC staff in- 
vestigation of Beatrice. The in- 
vestigation, began in June, 1976, 
covered “one or more" of the 
maters described by the company 


STRAIGHTS 

Alcan Australia Sint 19S9 
AMEV SPC 1987 . ... 

Australia SiDc IKC! 

Australian M. ft S. Sipc '92 
Barclays Bank SI pc 1392 
Bowaier 91 pc 1999 
Can. X. .Railway S?nr 1956 
Cn.'ihl Manorial Sipc l®S« 

Denmark Sjpc I9S4 

ECS 9nc 1M3 

ECS 3;po IBB7 

EIB Sipr 1992 

EMI 9{pc 19S9 

Ericsson utpc ids) 

Esso Spc 1986 MOV. ... 
fil. I.aJu.-$ Paper Sine 1934 
Uamtrsky Sipe ISK ■■ . 
tfrdrn Qnubcc Hoc 1592 ... 

ret Sipc 1K57 

ISE Canada 9»pc 19W 

Macmillan Btocdd Spc 1W2 
llassej Ferguson 9{pc '91 

MldinliD 91 pc IKS 

Midland Int. Pin. Sloe "92 
National Coal Bd Spc 1937 
National Wsmuutr. 9 k *83 
Newfoundland 9pc 1983 . 
NorXcs Rom. Bk. Sipt- 18ft! 

%'orplpe Sipc 13S9 

Norsk Hydro 8}pc 1992 ... 

Oslo Spc IKS ■ - 

Pons Autonomy Spc 1891 
PTor. Quebec 9 pc 1995 
Prov. Saflfcatch. Sipc 19B8 
Reed Uirroanoiu] Spc '37 

RHM 9pr 1992 

Spk-crion Tsi. Sipc 1989 ... 
Sit and- Enskllda Spc 1891... 

SKF 8BC 19J7 .. ■ 

Sweden (R*dmn> Slue Tfctf 
Untied Biscuits 9pc 19S9 .. 
Volvo Sdc 1987 March . • - 

NOTES 

Australia Tipc UW 

BeO Canada 7ipc 19S7 


in its questionable payments 
report of March, 1977. 

“An injunction proceeding '* is 
one of the possible actions the 
SEC might take. Beatrice said io 
its latest filing. The SEC has 
previously obtained more than 
40 Federal Court injunctions 
against companies accused of 
making questionable payments. 
Such orders, usually accepted by 
the defendant companies In 
settlement oF an SEC suit, bar 
violations, of reporting and other 
provisions of Federal 
Securities Law. The orders often 


WASHINGTON. March 30. 

require internal measures hy the 
companies to prevent recurrence 
of questionable payments. 

In its 1977 disclosure. Beatrice 
said it gave customers in 15 
Stales questionable discounts 
totalling S20.3m. during a period 
from March 1, 1971, through 
October 31, 1976- The company 
also said it overbilled foreign 
customers about S3 3m. in tbat 
same period. The overbillings 
may have been requested by 
Beatrice customers to avoid local 
currency or tax laws, the com- 
pany Indicated. AP-DJ 


EUROBONDS 

Sharp falls 
in sterling 
issues 

By Mary Campbell 

THE dollar sector picked up 
somewhat yesterday, while 
D-Mark bonds were significantly 
better, dealers said. The main 
feature of the day. however, was 
the very sharp fall in the prices 
of sterling bonds for the third 
day running, as sterlinq itself 
fell on the foreign exchange 
markets. 

One new tissue * has-. »en 
announced in . the dollar sector, 
533m. for IC Industries. In the 
D-Mark sector, the Spanish issue 
has been formally announced on 
•he expected terms. Due mil 
to-morrow .are a DMlOOm. ijsiie 
For the Asian Development Bank 
rad a DM200 m. issue for Light 
Services. It is still possible that 
the Nacional Financiers place- 
ment inny be launched before the 
wpok-end. , . 

The sterling bonds have now 
fallen anything up io two points | 
since the launching of the; 
Gestetner offering, and dealers 
are inevitably questioning the 
level of demand for the two 
issues currently on offer for 
Gestetner and Whitbread. 

The terms of tbe 1C Industries 
offering will include a seven-year 
final maturity (bullet) and an 
indicated coupon of 9 per cent. 
Merrill Lynch is lead manager, 
and there is a special bracket 
comprising Abu Dhabi Invest- 
ment Co., Kuwait Inleroatioruil 
Investment Company and UBAr . 

A pricing of par is expected un 
the Rautaruukki DM50m. 5} per 
cent issue. 

As far as D-Mark secondary 
market prices are concerned, 
dealers reported that the im- 
provement was concentrated on 
the better quality names, with 
little if any improvement tn tbe 
so-called exotic issues which have 
heen Hie biggest problem 
recently. 

Eletrohraz has signed aerce- 
ments fot a YlObn. private place- 
ment on tbe Tokyo foreign bond 
market. The 12-year bonds will 
pay interest at 7.8 per cent, with 
‘he price set at par. Bank of 
To*-' vo is lead manager.- 

Tbe Yen hond calendar for 
April is now dearer. In addition 
to the fnnr scheduled public 
issues (Y15bn. for ATwntina, 
Y'25bn. for Norwav. Y35-40hn. 
for Sweden and YlS-20tm. Tor the 
Spanish Railways), four private 
placements are also expected. 
These would h*' for Yurahank. 
Trinidad and Tobago, Thailand 
and Chile. 


VMF-Stork losses mount 


BY CHARLES BATCHELOR 

VMF-STORK, the troubled Dutch 
engineering group, reports _a 
sharply increased loss for 19 j i 
and expects to stay in the red 
in the current year. 

The company, which has been 
! offered Fls.235m. of Government 
I aid as pari of a restructuring 
| of Holland's heavy engineering 
i and shipbuilding industries, made 
! a total loss of Fls.lS2.9m. lS61uU 
I last year 

1 This ■' comprises a FIs.59.om. 
after-flax operating loss and a 
: further FIs.73.6m. in restructur- 
ing costs. In 1976 the company, 
which is the largest engineering 
group in Holland, made a 
Fls.LLSm. loss. 

The 'main reason for the poor 
performance is the continuing 
recession, in the capital goods 
I Industry. This bad the strongest 
impact on VMF-Srork’s diesel 
engine division, Stork-Werkspoor 
i Diesel, which depends to a great 
: extent on the shipbuilding sector. 
It also affected its Brbnswerk 
K.A.B. subsidiary which makes 


AMSTERDAM. March :l«. 

boilers and pel ruche m leal eque; 
mont and Stork- Vi-lseu m th 
light processing division. T2; 
total losses of these three con 
panics was greater than the gruu 
overall loss. 

The (iovernment plans to t;»V 
a 4S per cent, stake in a ne 
company to be formed from VMJ 
Stork’s diesel engine divisto 
The Government's offer of suj 
port includes an interest-frt 
loan of FIs. 155m, The rontlnuip 
depressed slate Df the marker fc 
capital goods means VMF-Stor 
will moke a further loss in 197S 

Talks between the union 
management and the Governmet 
on the plan for the rcstnictunr 
of the engineering and shi 
building industries continue no: 
week. The Government h: 
offered nearly Fts.lbn. in aid hi 
the uninns claim there will be 
loss of 6.000 jobs. 

VMF-Stork is expected to Ct 
back capacity in its light pr< 
cessing, boiler making, industri; 
equipment and foundry division. 1 


COMPANY ANNOUNCEMENT 

ANGLO AMERICAN GOLD (TTMTnfpD 

INVESTMENT COMPANV LIMITED IbLlLbLllzZl 

"l (incorporated in the RepubTic of South Africe) 

PRIVATE PLACING OF PREFERENCE SHARES 

Agreement has been reached For the company to make a 
private placing on or about 1st July 1978 with certain local institu- 
tions of R25 million 10- per cent redeemable cumulative prefer- ! 
enre' shares, which will carry no conversion rights. The issue will 
have an average life of approximately four years. 

The proceeds of the issue will be used to reduce short-term . 
borrowings of the company and to finance new investment 
commitments. 

A general meeting of members of the company will be called • 
to unsider-the necessary resolutions for the Issue of the prefer- 
ence shares- by the directors and a circular giving the notice of 
the . meeting and fait details will be sent to members in due course. 

London Office: 

. 40 Hoi born Viaduct 
ECIP. IAJ 

Johannesburg 
March 3lst. 1978 


SIRDAR 

INTERIM RES ULTS ( unaudited ) 


~S Week* 
ended I4tk 
Hanuary 1978 


28 Weeks 

ended 14 th 
January ID 77 


Tear ended 
JOth June 
197T 


Turnover 


£10,113,000 £$,214,000 £16,435,000 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Bid Otter 


m 


Bid 

Otter 


Std 

OITer 

971 

fir. Colombia Hyd 7i pc '83 

Bj 

95; 

DM iSOHDS 




Can. Pair. Wdc 1984 

Mi 

1IW= 

BKCE jjpc UK* 

19(15 

mu 

911 

□oti- Chemical Spc I98e ... 

«»s- 

07. 

ENDE dlpc lOid 

97^ 

«<•» 


ECS Jlpc 1982 

•Mi 

971 

CFE 63pc 103S 

<174 

9S4 

1001 

ECS Sipc .. 

93J 

V7, 

Dcmnarft sipc i?W ...... 

1W) 

tin 


EEC 75pe 1W3 

Pi 


ECS ape 19M 

fN 

PSJ 


BBC Tiirc IBM 

9*: 

Mj 

eib atpc raw - 


ns* 


Enao CiUlonil OJpc 1DS4 

97 

&S 

EuralKo 5;pr 19$7 - 

!W 

tMi 

9S1 

Cotavcrkcn 71 pc 1982 . 

Pfi 

pr; 

EormUna si.pc tfta — 

:<>»} 

10t 


Kncknms Spc 19S3 

SSi 

P9 

rinland Sipc 1986 

W 

' MJ 


Uidu-lln S' PC IBS! . . 

091 

tool 

Fa remarks 1009 

9f»t 

ton 

991 

Montreal Urban Sloe I9j| 

10] J 

IK 

S'i-w Zealand a! pc 19SA .. 

Id-i 1 

lifH 


Ww BnuwwlrK Spc 1994 

Ft 

sr: 

rtoreem j'.Dc l!W .. • ■ 

1«»K 

ml* 

0TJ 

Wow Sruns. Prov. Sipc 'S3 

HWi 

ini 

Norway 4Ipc IM 

luti 

IK 


iNetv Zealand Sipc 18SH 


98 

Pbilippjm b<D.' I8»j 

67 

97: 



93S 

96 

Sweden Ope HOT 

I'M 

IK) 


,\ursl> Hydro "tpi- IBS’ .. 

97s 

9St 

Tanemauiobahii S>pc 1983 

IiJt 

iuo; 

0C1 

Norway 7 [pc I9K . . 

80 

an: 

TVO Power Co. bDt: l9Sd .. 

» 

fa-. 


nntaria Hydro Spc 1M7 .. 

Wi 

97r 

Vi.ncawla opr 

98 

Mi 


Slnrrer 8; pc 10S3 

ibo; 

nit; 

World Bank j'pc i9» ... 

.994 

IiWi 


-S. Of Scor. Eire- woe 1MI 
Sweden iK'domi 7*pc 16?2 
Sirodlgb Snip Cn. 7: pc ’$3 

Tvlnm 9JBu 1994 

TtinKO 7ipt- 191)7 Jtay 
Vnltsuawn 7 :dc 1987 .... 

STERLING BONDS 
Allied Brwonc* Ifltec 'W 
Cliluorp 10pc 1993 
cannaulds fljpc UB9 .. .. 

ECS 9|pc 1989 

EIB Bjpc 19S8 

EIB Sipc 1»3 

FBuntre fnr-Ind. 9ipe 1997 
Finance for Inti • Idpc 1M9 

Finns IWpc 1987 

TC A IP DC 1888 

Rowmrcc IBipc 1988 

Scars UK DC 1988 . 

Total Oil 9 *dc 1984 


FLOATINC RATE NDTE5 
Hank of Tokyo 1994 7 1 5 it, DC 

RFCE IfW SJpp 91s 

BNP 91 is DC Mi 

CCK IttJ spc M: 

CCMF 1SS4 73dc M- 

CrodltBBSUh 1984 Tipc .. 9M 
Crodir Lyonnais 1383 ape. . as; 

DC Batik 1083 TUitPc .. KK 
UZB uni Hll6»c._ . - . IW 
Iml. wamnstr ’8* "liicpe 99 1 

Lloyds 1SS3 7ipc MM 

LTCB 1883 SW 991 

Midland 13S2 Spc MU 

Midland 15S7 7 Uwdc ....- 

OKB 1963 >j pc I« 

SNOF 19R3 SiDC — Kl 

S:d. and Chlul *34 7U»PC W 
Wmy. amt Glyns *S4 Hmpc 69> 
Source: White. Weld Secant ie*. 


CONVERTIBLES 
Amencan lison-ss *ioe '«• 

Ashland Spc 1SN9 ... 

Rabeocfc ft Wikwr «|h. V7 
RiMirlce Foods 4iuc UR 
trice Foods 4 Idc 1993 
Beccbam 6:pc 19B2 

Rordcn 3pc 1SS2 

Rraailu'av Rale 4!pc 1987 
Camaluin 4pc- HOT 

Clicvraii .idc 19SS «... 

Dan AZf*. I9H7 
Kaktinaii Kodak -Hoc SDNfl 
Kcommic Labs. 4 Ipc 1987 

Klfcstoni.' 3 dc 19Ss 

Void Spc IKS .. 
tlrtipral ElottrH- 4ipc IWT 
nillrtte 4ipc WW . « 

CIqiiIU Spc 1957 

Citir and Wcsicrn Spc loss 

Harris Spc 1993 

tloncywvP Upc Jpai, 

ici sine lass 

ISA fipc 1997 

Im-bcjpc' B.'pc 1893 

ITT 4flw IIKT 

.titMU npe 1992 

hamatsu 7Uw ifibd 
t. Ray SIcDi.-rtnatr 4Jpc "Bf 
MatnKtait.i 6:pc 1998 
MIImii T'.pc l«n . . . 

J P. Mur : ljn line UK7 ... 
Nabisco 5;pc 

Owns 1111m 4.-; 4}pc 11W7 . 

J r Pcniu>j> J'nc IBM I 

Revlon 4:p<.- 1987 

Reynolds Metals Spc Ufces 

SjDdMk Bjpc 1BSN 

Sperry Hand 4ioe 1887 . ... 
Squibb 4| pc 1987 

Texaco 4)pc 

Toshiba 6 >dc 1892 

iTUou Carbide «dc 1982 .. 
Warner Lambert 44 pc EOT 
Warner Lambert Hoc i*W 
Xerox Soc 1S#8 . . . 

Source:. KJUdcr. Pcabodr 


Trading profit . 1,065,000 . 726,000 

Interest; 179,000 '219,000 

Profit before tax SS6.000 • 507,000 

Taxation 170,000 45,000 

(U.K. roxSTn? _______ _____ 

716,000 . 462,000 

Extraor^narv items 22,000 20,000 


1.550,000.- 

414,000 

1,136,000' 

97.000. 

1,039,000 

41,000 


i?7i ias; 

924 Wi 

S05 Hi 

n't 

tt> SB 

becnntim. 


Net profit after ta x £738,0 00 £482.000 £1 ,08a000 : 

Earnings per share - ' 

pre-tax 31- Op 6.3p I4.1p - 

Earnings per share 

aftertax • 8.9p 5.7p 32.9p 

Div idends per share lJ26p. l.lop 2.79923p 

CHATRRIAN’S STATEMENT ! - “ 

Results for the 28 weeks to 14th January 1978 show- 
profits before tax increased by almost 75% on the 
corresponding period of lost year. 

Although trading’ iia Europe continues to bo 
difficult, the further improvement in the performance 
of Hayfield Textiles; an increase in the U.K. turnover of 
t he group of 30% and better margins have contributed 
to the best half-year results so far achieved by the group. 

The high level of sales is being maintained and tho 
improvement in the profit is expected to continue ■ 
through the second half of this financial year. 

SIRDAB LIMITED 

P-O. Box 31, Alveriharpe, Wakefield, WF29ND, Yorkshire , 




Financial Times Friday- Mareh 31 1978 




international financial and company news 


J. 

i\ 


Precious metals the one 
bright spot for Degussa 


BY GUY HAWT1N 

"HE RISE in the price of pre- 
lous metals has lifted Degussa's 
ii mover by 13 per cent during 
he first five months of the cur- 
ent business year which ends in 
eptember. 

However, this is just about the 
□ly source of satisfaction that 
ne Frankfurt-based metals and 
hem i cals concern can draw from 
ts current business performance. 
Vo rid demand for its chemicals 
■roduets remains slack. whOe 
nargins have been pared by the 
dwn wards course of the dollar 
Herr Gcrt Becker, who sue- 
ceded Herr Paul Ungerer as 
hief executive at the end of last 
Yah said that without a 30 oer 
ent. increase in precious metals 
ales, overall turnover for the 
•pining five months would have 
alien hy 2 per cent against 
twi parable period of 1976/77. In 
he chemicals sector sales fell 5.5 
ier cent' 

From January 1977 to late 


March this year. Degussa's sales 
price for gold has risen by 15' 
per cent and that of silver by 
4i per cent. Platinum has gone 
up by 17 per cent, while pal- 
ladium has risen by 74 per cent 
At the same time the U.S. dollar 
has declined by 14 per cent. — 
from DM2415 to just over DM2. 

But despite the increase in the 
price of precious metals, earn- 
ings this year were under the 
previous year’s levels, said Herr 
Becker. At this point,, no short- 
term improvement could be fore- 
seen. he added. 

Looking back at last year’s 
business performance ; in the 
chemicals sector, sales were 
enhanced by special factors 
which, it seems, are not expec- 
ted this year. Exports, excluding 
tile precious metals side, had 
declined in the first five months, 
not least as a result of- the fall 
in the value of die dollar. 


FRANKFURT. March SO. 

Degussa’s consolidated world 
turnover in 1978/77 rose by 5.4 
per cent, from DM4.37bn. to 
DM4.61bn. ($2.3bn.). World 

chemicals sales were up 10.1 per 
cent, to DM2.24 bn.. while in the 
metals sector turnover rose by 
1.2 per cent to DM5L36bu. 

Net profits in 1976-77 declined 
from DM41.5m. to DM36tn. Dr. 
Hans-Juergen Baumann said this 
was In large part a direct result 
of West German corporation tax 
reform, which also meant that the 
dividends bad .to be earned “at 
-home” rather than through 
foreign-based operations if the 
concern was to avoid paying 
double tax . on its profits. 

As previously announced the 
dividend is DM8.50 per DM50 
nominal share-- -compared with 
DM9 for 1975-76. The actual 
return to shareholders la 
DM13.28 per share. 


V 


Convertible from Commerzbank 


BY OUR OWN CORRESPONDENT 


iODESTLY lower profits after 
ax and proposals for an issue 
if convertible bonds by way of 
■ights were unveiled to-day by 
Commerzbank, the third largest 
rf- Germany’s joint stock banks. 
‘ A dividend of DM8.50 per 
hare, against DM9 per share is 
-ecommended. Shareholders who 
>av German taxes will receive 
3M13J2S. The dividend payout 
mounted 'to DM 109. 4m .—about 
he same «um as for 1976; Again 
orae DM50m. was allocated to 


reserves bringing the parent 
bank's own resources . up to 
DM2.078bn., about $4^bn. 

Banking groun net profits in 
1977 totalled DM212.7m..' against 
the previous year's DM225. 2m. 
Out of this some DMl02m. was 
allocated to reserves, bringing 
tbe group’s own resources uo to 
DM2.2Shn. 

The bank is seeking to: increase 
its authorised canital byDMl5flm. 
to DM2*-*m. and also seeking ap- 
proval for a convertible loan of 


FRANKFORT, March 30. 

DM250m. to be offered to share- 
holders on a one to three basis. 
The loan will be convertible into 
the bank's shares on a one to 
four basis. 

Approval is also being sought 
for the bank’s Luxembourg sub- 
si diary, Commerzbank Interna- 
tiona] SA. to go ahead with a 
DMIOOra. option loan. This will 
be a Deutsche Mark foreign loan 
with a tax free coupon. No sub- 
scriptions rights for shareholders 
are foreseen. 


MEDIUM TERM CREDITS 


Rise in activity in Gulf area 


. . BY MARY CAMPBELL 

N A week which has generally 
>een qu:et, the main interest has 
'ocused on the Gulf area. A 
nandate to arrange a two 
rknche loan for Qatar has now 
jeen awarded to a group of four 
>anks. London bankers also 
■eport that Gulf International 
3ank will be lead manager for a 
>80m. loan for the Bahrain 
Vational Oil Company, though it 
s not yet clear whether the 
nandate has been formally 
ssued- 

A decision on a mandate for 
he United Arab Shipping Cora- 
lany’s SlOOm. loan is now 
expected imminently, and it 


seems that the terms will be 
more favourable to the -borrower 
than had hitherto been expected. 

The Qatar loan will be in two 
parts.- The butte of the" total — 
SlOOm. — ‘ is destined for the 
Qatar Steel Comprny and Ls a 
follow up financing '.o last year’s 
Euromarket loan. - - The 
remainder, which is expected to 
be in the region of 83taL. is for 
the Qatar Fertiliser Company. A 
particular interesting feature of 
the latter tranche is that it will 
be made in Qatar riyals. 

The mandate to arrange the 
financing has been awarded 


jointly and equally to Abu Dhabi 
Investment Company, Chase Man- 
hattan Ltd., Gulf International 
Bank and Qatar National Bank. 
The terms of the loan, wall In- 
clude a ten-year maturity (with 
five. years’ grace before repay- 
ments start), and a margin over 
inter-bank rates of 1 per cent, 
for the first four years and | for 
the past six. 

The terms of the Bahrain Oil 
Company’s S60m. loan are ex- 
pected to include a seven-year 
final maturity, wd-th the margin 
sol at 8 per cent, for the first 
three years and } per cent, for 
tbe (fest four. 


Hungary to 
invest in 
the West 


Arbed to spend heavily 


LUXEMBOURG. March 30. 
PHF. Hungarian authorities have \ 
established a holding company in ' 
Luxembourg for the purpose of j 
icquirmg major interests ini 
.Vesiem European companies. 1 
The holding company, Glnb-i 
nvest S.A.. was entered on the; 
Luxembourg trade register on 
Harrh 7 It is capitalised at 
>30.000 and owned by . Interag, 
..he Hungarian state trading 
jrg.misation. 

According to the entry in the J 
,’egister, Globinvest is "to seek: 
Merest in Luxembourg and! 
orerjn enterprises.’’ 

Globinvest is said here in be* 
nteresred in acquiring s taken of, 
nore than 25 per cent, in Euro- 
jean companies through stock ; 
n creases, outright purchases of; 
;jncks or other transactions 
Small and medium-sized com-i 
i.in'i’s m mamtfacturisng or . 
rad'ng of machinery, telecom-: 
liunications. electronics and : 
mparatus would be the chief ; 
.irget s For such acquisitions by| 
.llnbinvesr. it is '.hnusht. ■ 

Inters c. through the Luxem-: 

inure company, would try to . 
•son access tn ihe produrts and : 
erbnologx nf the companies in 
v-hieh it will hold interests, and [ 
bus contribute in a West-East ' 
r.msfer nf technology. 1 

The Hungarians arc also trying • 
o rrcatr a permanent market for : 
Mine of their exports, especially ! 
nrnti fact urrd products. by) 
nouns nf lone-term sales con- 1 
raets with Globinvest affiliates. I 
\P-D.T 


PLANS to spend something like 
8500m. on a five-year programme 
of streamlining and modernisa- 
tion .have been unveiled by 
Arbed, the Luxembourg steel 
group which is currently at the 
centre of a major restructuring 
of the steel Industry in Ger- 
many’s Saarland. 

The programme, aimed at 
returning Arbed; to profit, is not 
finalised yet. but an outline has 
been presented to Luxembourg 
government officials and trade 
union representatives. 

Essentially. Arbed wants to 
cut out wra-profitable instal- 
lations and emphasise pro- 
duction lines that promise to 
bring in better earnings. The 
company lost L.Frs.4.5bn. m 
1977. 

Despite these .heavy losses 
Arbed has been able to lake con- 
trol over virtually the entire steel 
industry in the neighbouring 
West German Saarland state. The 
aim of the takeover is to 
restructure the ailing Saarland 
steel industry*, which has capacity 
of about 5m tons of crude steel 
annually. 

Arbed is also in the process of 
taking control over Metallur- 
gique et Mimerc de Rodange- 
A tin us. a steel maker with pro- 
duction facilities in Belgium and 
Luxembourg and annual crude 
steel capacity of near lm. metric 
ions. Arbed confirmed reports 
that the company is in contact 
with three steel-making' com 


■ LUXEMBOURG. March 30. 
aimed at co-ordinating produc- 
tion. emphasising viable installa- 
tions and closing obsolete 
facilities. Talks are in an early 
slage. Arbed does “not plan to 
take a financial interest in tbe 
Charleroi steel-makers.” 


PAPETERIES de Belgique, 
Belgium's major papermaker. 
reports a net profit of 
B.Fra.30.1m. for 1977 up from 
BJTs^.6m. in 1976. A net 
dividend of B.Frs.35 per share is 
proposed against B.Frs.30. 

Societe Generate de Belgique, 
the major Belgian holding com- 
pany. and West Germany's paper 
company Feldrauehle AG, of the 
Flick Group, bold major 
interests in Papeteries de 
Belgique. Tbe proposed dividend) 
for 1977 is exclusively based on < 
eanuncs. contrary to 1975 and j 
1976 when small profits bad to: 
be augmented to allow dividend j 
payments. AP-Dow Jones < 


panies in the Belgian area 
around Charleroi on a ; "co- 
operation” agreement. 

Such co-operation would be 


French - owned petroleum 1 
products group. Total Holdings; 
f Australia), lifted profit from! 
SAl.Sm. to SA5.08m. (SU.S-5.8m.) 
in 1877. writes James Forth from j 
Sydney. The directors said the] 
improvement resulted partly J 
from higher sales, aided by < 
easier supply conditions than I 
applied in recent years. ‘ They i 
added that 1977 was generally! 
free of major product shortages! 
and periods of industrial unrest 
The company was also able to j 
process a greater proportion of- 
local crude oil in 1977. ! 


Goodrich to 
cut stake in 
Yokohama 
Rubber 

By Dougin Ramsey 

TOKYO, March 30. 
JAPAN’S number two tyre 
maker, Yokohama Robber, con- 
firmed at Us annual meeting 
this afternoon that its top 
shareholder, B. F. Goodrich ol 
the ILS-, will begin by the 
summer to phase down its 33.6 
per cent, stake in the company, 
which recorded a net loss 
equivalent to about 815m. last 
year. 

Tbe meeting was ' given 
details of the company’s losses 
in 1977. Sales were up 5.3 per' 
cent to Y148bn. (some 8665m;) 
but the company suffered 
“regular" losses. of Y2.7bn. 
(up Y461m. on 1978), pri- 
marily as a result of continued 
M depressed prices ” in the 
Japanese market for rubber 
products. On top of Its regular 
losses, the company also posted 
"special” losses of Y3bn. on 
the recall of defective tyres, 
and of a further YfiOOm. or so 
on disposal of property and in 
other areas. 

To cover the tyre-quality 
losses, Yokohama Rubber hived 
off assets or withdrew from 
special provisions inside the 
company a total of Y2J)bn. Of 
this. Y511m. came from the 
sale of securities. By contrast, 
such sales had been' marginal 
in 1976, despite Yokohama 
Rubber’s already-high level of 
losses at that time. 

As a result, Yokohama 
Rubber was able to reduce its 
net losses for the term from 
what would- otherwise have 
been more than a Y6bn. loss 
(without tiie special sales and 
transfers on non-ooerating 
account) to Y3Jhu. — an 
Increase of viMHSm. on the 
comnanv’s n«*l loss in 1976. 

Yokohama’s financial pHeht 
is apoarentlv contiouincr hi the 
first half of 1078. acconttng to 
sources Inside the eonnwov. 
and makes for a erev Wkdroy 
to Hforts by 3. F. Go*y»ri««l» tp 
: rearrange its shareholding. 
For now. the American eom- 
psnv fins said that It wit! 
eradijsi*" obese down 1*s stake 
ft~»*n 33.6 per cent, to 19.7 per 
cent. 

The reason for the reshuffle 
appears to be B. F, Goodrich^ 
desire to deconsolidate Its 
Japanese subsidiary at a time 
when its losses are mounting. 
By reducing Its stake below 
under 20 per cent., B. F. Good- 
rich would not need to disclose 
as part of its U.S. consolidated 
results its share of Yokohama 
Rubber’s losses. 

Negotiations for transfer- 
ring the first 4 per cent 
tranche of B. F. Goodrich’s 
shares are already underway 
with Yokohama Robber’s lead- 
ing .banks, notably Dai -I chi 
Kangyo Bank (DKB). It .has 
been udtly.. agreed that the 
first tranche will be taken up 
by DKB. the Industrial Dank 
of Japan. Asahi Insurance and 
other major shareholders, 
rather than hy resorting to 
outside partners. 

But some confusion; has 
resulted from DKB’s role since 
it already has a 4.4 per cent, 
stake in the company and* 
under Japanese law. most keep 
its stake to 5 per cenL or less. 
Therefore, although DKB is 
primarily responsible for over- 
seeing Yokohama Rubber’s 
fiances, it cannot take a major 
portion of B. F. Goodrich's 
shareholding without a special 
exemption from the Ministry 
of Finance. 

Although the matter will not 
cause major problems for the 
initial transfer of 4 per cent, 
of stock (much of which can 
go to feUmv members of the 
loosely-knit Furokawa Indus- 
trial group, to which Yoko- 
hama Rubber belongs), the 
bank’s ceiling may force the 
company to turn to new share- 
holders for help In absorbing 
the nearly 14 per cent of 
Yokohama Rubber’s shares 
which the American company 
wants to give up. 


Sekistd Prefab Homes’ after 
tax profit rose from Y&45bn. 
to Y&54bn. (SSJlml) La the year 
ended January 31 last, reports 
Renter from Osaka. Sales 
totalled Y26L5bn. (8117m.) 
against Y237_8bn. previously. 
An unchanged dividend of Y15 
is declared. 


Foreign drug companies 
face call to Indianise 


BY OUR OWN CORRESPONDENT 


THE INDIAN government has 
rejected a recommendation to 
nationalise foreign drug com- 
panies operating in India. It bas. 
however, called on those com- 
panies making 44 low ” tech- 
nology items to reduce their 
equity holdings to 40 per cent- 
thus bringing them in effect 
within the scape of the Foreign 
Exchange Regulations Act that 
defines the framework of most 
foreign investments. 

Exempted from tbe new 
rulings announced by Mr. H. N. 
Bahuguna, Minister for Petrol- 
eum and Chemicals, will be 
companies manufacturing what 
are considered as “high" tech- 
nology drugs. They will be able 
to maintain a maximum equity 
holdings of 74 per cent. 

Of the 45 foreign drug com- 
panies operating in. India. 13 are 
British (including .Glaxo 'and 
Boots) and 18 American. In 


1976-77 they accounted for 42 
per cent, of the manufacture of 
bulk drugs and formulation 
when total production was 
valued at Rs.8L500m. (Sibn.) 

At a Press conference Mr. 
Bahuguna said the operations of 
drug companies had been 
crippled by ' the recommenda- 
tions of the Haxhi Committee in 
1975 because of the fear 
amongst multinationals that 
they could be nationalised. With 
the uncertainty now over, he 
expected multinationals. to 
rerive full production. 

Foreign drug companies were 
expressing concern to-day, how- 
ever, at tbe requirement in the 
new regulations under which 
they would have to sell 66 per 
cent of the equity they have 
divested to government institu- 
tions. Some describe it as a 
thinly veiled attempt to ensure 
government control over the 
industry. 


NEW DELHI. March 30. 

The new policy envisages no 
further expansion in capacity by 
forego companies making house- 
hold medicines, a freeze in the 
price of 100 bulk drugs and tbe 
abolition of brand names on five 
— still unnamed — drugs. Mr. 
Bahuguna also declared ' that 
foreign firms with a turnover of 
more than 56.25m. a year would 
be required to invest 20 per- cent 
of their capital outlay on new 
research and development 
facilities. 

The government is to set up 
a committee to identify those 
companies employing “ high " 
technology though the criteria 
it will employ are still unclear 

The new regulations Follow 
skirmishes the Janata govern- 
ment has had over foreign equity 
holdings with IBM Coca Cola. 
The cumulative effect is likely 
to discourage the flow of new 
foreign investment 


Walker share Issues plan 


BY JAMES FORTH 

AUSTRALIA’S largest meat 
group, J. F- Walker plans share 
issues to institutions and share- 
holders following a sharp lift in 
profit for. the December half-year. 

At the same time the flour and 
baking group Allied Mills has 
agreed to sell its 25 per cent, 
stake in Walker to the New 
Zealand group Waitald NZ 
Refrigerating. Hie deal is sub- 
ject to approval by Australia's 
Foreign Investment Review 
Board and the relevant New 
Zealand authorities. 

The proposed sale which is 
amicable will realise about 
SA4m. ($4: 6m.) for Allied Mills. 
Walker directors said that they 
believed the acquisition by 
Waitald would bring, substantial 
materia] advantages -to tbe com- 
pany. PThese would include 
access to Waitakt’s widespread 
export marketing organisation 
and its highly developed tech- 
niques is lamb processing and 
sheepskin treatment. 

WaitaM is one of New 
Zealand's largest companies with 
shareholders’ funds of SNZ80m. 
It owns sine major meatworks 
and has many other diversified 
activities. 

Walker boosted profit for the 


December half-year -by 57 per 
cent, from SAl.lrn. to $A1.76m. 
on a SO per cent, lift in sales to 
SA75.3m. 

- The directors said that cattle 
numbers processed at the com- 
pany's meatworks increased by 
22 per cent, an there was a 
marked improvement in sales, 
primarily for the domestic mar- 
ket 

For the current half year U 
appeared that cattle slaughtering 
io Queensland and New South 
Wales would remain heavy and 
volumes should be maintained at 
all works. 

The directors said they were 
concerned at prices being 
obtained «C or beef on many inter- 
national markets. ' 

While there had been a major 
increase in rates for beef sold 
to the U.S„ large quantities were 
being . sold— often to countries 
well able to affprd higher prices 
— at rates down to 50 per cent, 
of those for the U.S. The average 
export price still resulted in 
“ deplorahlv low " incomes from 
many specialist beef producers, 
particularly those marketing 
export type cattle. A further 


Offshore fund launched 


SYDNEY, March 30. 

concerted effort was needed by 
Government and industry to 
reduce low-priced selling to some 
countries 

The interim dividend is raised 
from 8 cents to 3.25 cents. How- 
ever. the Board has forecast that 
the annual rate will be held at 
last year’s 6.5 cents on capital 
increased by new share issues. 

It is proposed to make a 
private issue of 1.45 million 
shares at 95 cents each to 
selected institution investors. 
This will he followed bv a one- 
for-six rights issue at 70 cents. 
The issues will raise a total nf 
SA3.3m 

BHP closure 

Broken Hill Pty (BHP> is to 
close -its ' Whyalia shipyards at 
the end of July when work on 
the last vessei to be built there 
is completed, Reuter reports 
from Adelaide. The yard is 
presently building a BHP coal 
earner. 

BHP says it is trying to place 
.as many of the 700 workforce at 
the yards as possible in jobs at 
the BHP Whyalla steelworks. 
Whvalla is the last remaining 
yard in Australia building large 
vessels, the company noted. 


Hongkong- 
Land pays 
record 
dividend 

By Daniel Nelson 

HONG KONG. March 30. 

HONG KONG LAND, which 
dominates the colony's select 
central district but has been 
steadily diversifying overseas, 
has boosted its post-tax net 
profits for 1977 by 14 per cent., 
and is recommending a record 
dividend. The company - also 
anticipates higher profits and 
dividends for 1978. with 
developments planned and 
under construction ensuring 
“ strong future earnings 
growth." 

The profit figure was SHK229_Sm. 
(5UB.49.9m.) for the year to 
December 31. up from 
SHK201.7m. in 1976. Earnings 
per share also increased 14 
per cent., from 42 to 48 cents, 
in line with an average annual 
compound growth rate of 15t 
per cent between 1972 and 
1976 

As a result of the continued im- 
provement in group earnings, 
a record dividend is recom- 
mended. A final of 26 cents, 
raising the total from 33 tu 38 
cents a share. This represents 
a 15.2 per cent dividend in- 
crease, with the payment 
covered 1.26 times. Dividends 
increased II per cent, annually 
between 1972 and 1976. 

The directors state that the 
group's financial resources are 
soundly based and sufficient to 
meet current requirements, 
and have been supplemented 
by a SHK300m. international 
bond issue during the year. 
The bonds were issued in 
bearer form by the company's 
wholly-owned subsidiary in 
Bermuda, Hongkong ’Land 
International. 

On recent major developments, 
Hong Kong Land reports that 
Gloucester Tower, tbe new 45- 
storey commercial building in 
central district, is now under 
construction and will add 
600.000 square feet of lettable 
soace by mid-1980 The group's 
SHK600m. townshiD In Pokfu- 
lam is already 65 per cent, 
sold, and the first phase, con- 
sisting of 1.992 flats, should 
be - ready for occupation by 
mid-1978. 

The 14 per cent, profit rise fulfils 
expectations of some analysts’ 
who forecast that profits will 
increase by about 15 per cent 
a year with a considerable 
jump in 1980-82. when profits 
could be in tbe SHK400m. 
range. 


BY ANTHONY ROWLEY 

AN OFFSHORE investment fund, 
Asia . Capital Fund, . has been 
launched.- here by an . influential^ 
group of. Japanese and local in- 
stitutionsvK) -channel substantial 
funds from Singapore into Japa- 
nese securities and Asiadoltar 
bonds. 

The inclusion of the State-run 
Post Office Savings Bank among 
the principal shareholders of the 
closed-end fund is seen as a move 
to deploy part of the substantial 
surpluses built up by tbe bank 
in investments outside of Singa- 
pore. ’ • 

In an attempt- to damp down 
the almost embarrassingly large 
flow of public funds into the 
POSB, the Singapore Finance 
Minister. Mr, Hon Sui Sen, last 
week announced he was consider- 
ing ending the tax-free status, on 
deoosits with the POSB, which 
yield 5 per cent interest and 
which, it is alleged, are being 


SINGAPORE, March 30. 

used as a source of tax avoidance 
by wealthy investors. . 

• - Another problem for the POSB 
is finding uses for its funds and 
the launching of the Asia Capital 
.Fund* C which- Js incorporated in 
thp Cayman. Islands, is sfeen as 
one way round this. The fund 
will be "floated. -to investors in 
Singapore and elsewhere." 
statement said. 

Other shareholders In the 
venture are Daiwa Securities 
company of Japan, the semi- 
State Development Bank of 
Singapore, DBS-Daiwa Securities 
International, a merchant bank, 
and United Overseas Bank, one 
of the “big-four” Sinsapore 
banks. These and the POSB are 
also shareholders in another com- 
pany, Daiwa and Partners Asia 
Capital Management Company, 
which will manage the Asia 
Capita] Fund. 


Strong gain at China Provident 

BY OUR OWN CORRESPONDENT HONG KONG, March 30. 


HUTCHISON Whampoa subsi- 
diary, China Provident, increased 
its consolidated profit for 1977 
by 178 per cent to SHK50.6m. 
($U.S.llin.). after minority 
interests and tax, from $HK18£m. 
in 1976. This is some SHKIOm. 
more than the forecast at the 
half-way stage, when net profit 
was 51 per cent, up at SHK6-5m. 

The total available for distribu- 
tion is $HK48Am. and the final 
dividend will be 35 cents making 
a total of 60 cents, an increase 
of 72 per cent over 1976. 

Cargo handling earnings appear 
to have made a larger contribu- 
tion. but the main profit boost is 
apparently from property 


interests — valued in the Hutchi- 
son- Whampoa Dock merger docu- 
ment at $HK4CBm. — particularly 
a commercial-residential develop- 
ment with 1,582 flats, all of which 
have been sold 

* * * 

End-1977 cash and short term 
investments totalling §A27.3m. 
together with SA22.1m. to be 
raised on tbe final two calk due 
April and September on its con- 
tributing shares will be sufficient 
to satisfy Woodside Petroleum’s 
1978 expenditure requirements, 
reports Reuter from Melbourne. 

After the calls Woodside will 
-have a paid capital of SA240m. 
50-cent par shares. 


NEW ZEALAND AIRLINES MERGER 


A success story with a future 


-MORROW. New Zealand is 
eduled to merge its two state- 
nod airlines, the international 
; carrier. Air New Zealand, 
l the internal airline National 
■ways Corporation. 

•his politically inspired move 
encountered opposition 
ecially from those associated 
h the internal service, but the 
linet decided an the merger 
ich will save about SNZIOni. 
ough the operation of joint 
vices. 

'he merger will help Air New 
[land fight increased competl- 
i. through the arrival of new 
lines and the introduction, of 
ap fares in the Pacific region, 
kir New Zealand has never 
c since it began operating in 
0. under the name of Tasman 
pirc Airways, recorded a loss; 
.a*i year h made a record 
£1 1.67m. (SI 1.9m.) net profit 
mre than double the SNZSfiin. 
i up the previous year.’ This 
■If w«ii a jump from $N24.3ra. 
1974-75. The airline's con- 
ned success story has been 
: to two main factors — aggres- 

* marketing particularly in its 
i area ol Ihe South West 
tSc, and service to customers, 
.ast year was a year of records 
the airline, toul revenue at 
Z207.Sm- .{up 26 per cent.). 


broke the SNZiOOm. barrier for 
the first time. Seat occupancy 
was 63.3 per cent, and cargo ton- 
nage went up from 93m. tonne 
kilometers to 110m. tonne kilo- 
meters. 

There was also a big jump in 
the profit margin If represents 
6.1 cents profit in each dollar of 
revenue, compared with 337 
cents the previous year. 

While some of the additional 
passenger revenue was the result 
of higher fares, it was mainly 
generated by traffic. The airline 
is now carrying more passengers 
over significantly longer 
distances. 

Air New Zealand believes in 
getting the maximum possible 
use from its aircraft. Through- 
out the year, the average daily 
flying time of each aircraft is 
twelve hours 24 mimilcs. Durins 
(he peak months, this climbed to 
fourteen hours, achieved^ despite 
the fact that five aircraft had ex- 
tended lay-offs for alterations to 

the .seating. . , 

Because of its isolation front" 
the rest of the world's air routes, 
particularly m its early days. Air 
New Zealand had to develop its 
own engineering and catering 
facilities- These are now not only 
a valuable asset. bn» are being 
marketed to other airlines and 


BY DAI HAYWARD IN WELLINGTON 

Provide a useful contribution to operation and is likely to become 
the overall profits. more so with the . increasing 

The Airline’s engineering divi- number of international carriers 
sfon not only has a high reputa- now' landing at Auckland. Last 
tion but many lucrative contracts year the engineering and cater- 


The merger of the Slate-owned Air New Zealand and National 
Airways Corporation, to bring the international and domestic 
earners together, is scheduled for to-morrow, with a new to 
effecting long-term savings of fiNZlOm. a year, writes Dal 
Hayward from Wellington. The move has, however, encoun- 
tered opposition. Pilots of National Airways yesterday sought 
an injunction in Wellington Supreme Court in an attempt to 
foil the merger. There is concent on the part of the 286 pilots 
over their career structure. Leader of the opposition Labour 
Party, Wallace Rowling, also called on the Government to 
defer the merger, at least until the Parliamentary session 
opens on May 10 — accusing the Government of proceeding in 
the face of an adverse report by an official committee. Tbe 

merger. h& said, was being carried through without Parlia- 
mentary approval and was almost certainly Illegal. 


to service other airlines, particu- 
larly in Asia and Ihe Pacific. 

Among the Company's regular 
contracts arc those to maintain 
Malaysian Airlines DC-lO’s. It 
has also done work for India Air- 
lines and or General Electric 
engines 

Catering, too. is a profitable 


ing contracts earned $NZB.6m. — 
most of it in overseas funds. The 
airline is an extremely valuable 
contributor to New Zealand's 
overseas earnings. Last year 63 
per cent, of its total revenue was 
in foreign exchange. 

Passenger traffic during the 
year received a boost from Air 


New Zealand’s arrangement with 
British Airways which enables 
both airlines to offer a daffy ser- 
vice in the same DC 10 aircraft 
from Auckland to London. Air 
New Zealand crews operate the 
aircraft to Los Angeles where it 
ls taken over by British Airways 
crews for the remainder of the 
journey. This attracted consider- 
able passenger business from 
family groups. 

The U.K. and Europe provided 
8 per cent of its total passenger 
revenue. The biggest proportion 
of passengers— 39 per cent — 
originated from within New 
Zealand, with Australia provid- 
ing 25 per cent, and North 
America 21 per cent. Tbe Pacific 
Islands, Japan and the Orient 
provided 7 per cent 

Last year the company bor- 
rowed $NZ165m. to meet current 
needs, particularly the acquisi- 
tion of new DC-10 aircraft. The 
biggest worry facing Air New 
Zealand as it goes into the 
merger with National Airways 
Corporation is the pressure to 
introduce cut-price fares in the 
pacific 'region from new and 
existing operators. 

Air New Zealand has already 


Introduced cuts of up to 50 per 
cent, in fares between New 
Zealand and the U.S. This act 
has led to renewed demands in 
Australia for cheaper air fares 
to North America because even 
after paying the irans Tasman 
airfare Anstralians can now 
travel cheaper to the UB. from 
New Zealand than they can from 
their own country. 

Some of the newer airlines 
such as Air Pacific, owned by 
the Fiji Government, are also 
pushing for a bigger share of the 
traffic in and out of New Zealand. 

However, Air New Zealand 
holds a stake in Air Pacific and 
in several other small Pacific 
airlines, including Cook Island 
Airways and Polynesian Airlines, 
so passengers wooed to these will 
not altogether be lost 

When the small population of 
New Zealand, the short hauls 
and the isolated communities it 
serves, is compared tn more 
heavily inhabited countries, 
NAC's record is a good one. 

It has not gone unnoticed by 
Australian Aviation commenta- 
tors that NAC’e fare structure 
is lowec over all distances -than 
that of the major Australian 
airlines. 



v ~ - 

6% bearer notes 1973 -T - 
due 1977/1980 
of 

BankMees & Hope nv 


SECOND ANNUAL REDEMPTION 
INSTALMENT 

(Redemption Group No. 3 having fallen due 
before) 

As provided in the Terms and Conditions of 
the above mentioned notes Redemption 
Group No. 2, amounting to DGs. 10,000.000.- 
has been drawn for redemption on March 21, 
1978 and consequently the note bearing con- 
secutive number 2 and all notes bearing a 
consecutive number winch is 4 or a multiple 
of 4 higher than 2 are payable on 

May 1, 1978 

at 

Sank Mees & Hope NV 
(Central Paying Agent) 

in Amsterdam 

Bank Mees & Hope NV 
in Hamburg 

Banqne Generate du Luxembourg S.A- 

in Luxemburg 

and 

Nene Bank A.G. 


in Zurich 


March 31, 1978 


This advertisement Is Issued in compliance with the 
requirements of the Council of The Stock Exchange. It is 
nofan invitation to any person to subscribe for or purchase 
any securities of Gadek (Malaysia) Berhad. 

GADEK (MALAYSIA) BERHAD 

Share Capita! 

Authorised Issued and fully paid 

M$3,500,000 In Shares of MSI each M $2, 866^529 

Loan Capital 
10 percent. First Mortgage 

Debenture Stock 1983/88 MS2£10,929 

The Council of The Stock Exchange has admitted all the 
above 2,868,529 issued Shares of MSI each and all the 
above Debenture Stock of Gadek (Malaysia) Berhad to the 
Official List. Particulars relating lo Gadek (Malaysia) Berhad 
are available in the statistical service of Extel Statistical 
Services Limited and copies of such particulars may be 
obtained during usual business hours on any weekday 
(Saturdays excepted) up to and Including 14th April, 1978, 
from:- deZoeteft Sevan, 

25 Finsbury Circus, 

.. - London, EC2W7EE. 

and at The Stock Exchange. 


Financial Tiroes Friday March 31 19# 8 A 


The Property Market 


BY' JOHN. BRENNAN 


Cool reaction to CLA changes 


FEW-ctaeers greeted this week’s 
relaxation of Government con- 
trols over local authority land 
purchase under the Community 
Land Act. 

The Act’s many critics in the 
property «carket see the changes 
as minor adjustments to a basic- 
ally unworkable scheme. And its 
supporters complain that in- 
sufficient finance is still prevent- 
ing the “positive planning” 
aspects of the legislation from 
showing through. 

Under the community land 
scheme local authorities are able 
to buy land and sell or lease it 
to private developers. -But- the 
authorities need. Department of 
the Environment permission to 
borrow the purchase money for 
land acquisition. Now, lower 
interest rates and the up-swing 
in the demand for development . 
land has enabled the DoE to ' 
rescind earlier, restrictive guid- 
ance notes to the authorities on 
the operation of tbe scheme. 

. The key changes announced 
this week counter earlier guid-' 
ance restricting loan sanctions to 
land where the acquisition costs 
c.ould reasonably be expected to 
tie recouped within two or three 
years. The DoE will now look 
favourably upon loan applica- 
tions for land “where the net 
annual cash flow line shows a 
positive figure within a reason- 
able period of time.” 

: In certain cases authorities 
will be allowed to buy land that 
shows, “much longer break-even 
dates, or even continuing losses 
provided that they can be offset 
by other, more profitable cases.” 
And for the first time authorities 


are -invited to submit proposals 
for schemes, “even where the 
financial profiles are pessimistic,” 
if they can put a case that “ wider 
economic or social benefits out- 
weigh the costs.” The DoE will 
look particularly kindly on such 


potentially loss' making pur- 
chases in the inner city develop- 
ment areas. 

The DoE also promises discus- 
sions with the authorities to re- 
instate the roiling land purchase 
programmes, and block loan 



allocations that were considered 
when the CLA was first framed. 

'Hie DoE has not. however, 
altered Us budget for loan sanc- 
tions. which 'was slashed in the 
1H7S public sector spending cuts. 
The hudnet aKnwti in 

197177. £32m. in 1077 7? and a 
projected £B4m. m 187S-7S rising 
to E83m. in .197W50 and v EUEm. 
in the foNowine two years. 

The DoE relaxations have not 
shaken Mr. Hugh Rossi's commit- 
ment to abolish the -CLA “ at the 
earliest available opportunity." 
The Conservative Party's spokes- 
man on huilding and land sees 
the scheme as “ one of this Gov- 
ernment's major embarass merits. 
It was heralded by Anthony 
Cross land as the Government’s 
single mnst socialist measure 
and by John Silkin as a total 
solution to the land problem. But 
It has fallen Rat on its face." 

Mr. Rossi sees basic, irresolv- 
able Raws in the scheme. 


He argue; That local 
authorities, “by their very com- 
position and nature do not possess 
the entrepreneurial skills neces- 
sary -to identify land ripe for 
development. And be feels that 
the CLA. combined with, ’’ penal 
levels of Development Land Tax 
has discouraged private in-, 
div-iduals from bringing fanrard 
land for development and has 
created a severe land famine 
which the house building organic 
sations view with great concern.” 

Mr. Rossi's opposition is 
echoed by the. British Property 
Federation, which has also called 
for the abolition of the CLA. 


AsM4.n1 AsfcBood 

Mr. Hugh Rossi, Conservative Party spokesman on building 
and land : “ The community land scheme has proved to be 
■one of this Government's major embarrassments ...” " 


The Federation believes that 
tbe relaxations may, " give a spur 
to joint local auOiority and pri- 
vate developments." But it still 
“deplores", anything that 
makes it easier for the local 
authorities to compulsorily 
purchase development land.” And 
the Federation does not believe 
that, “ it is necessary -for land to 
pass through the bands of the 
authorities m order to be 
developed." 

'The Royal Town 'Planning In- 
stitute sees the move from short 
term financial considerations in 


land purchase as a, “ vindication 
of planners professional con- 
cern," and . as a marked 
strentrthemng of. the positive 
planning cicmeabi in the scheme. 

The Institute reels that the 
udder scope for loan sanctions 
will help to overcome the proto 
!em of authorities which, until 
now, have not taken up even the 
meagre budget allowed for by 
the DoE. And it ** heartily 
welcomes ” the prospect of roll- 
ing programmes of land purchase 
which. ’by doing away with in- 
dividual loan investigations 
would save considerable time and 
manpower. 

But the Institute, which -nas a 
working parry now studying the 
scheme, feels strong!) that the 
overall DoE loan allocation is 
“clearly inadequate." 

Clifford Dan. chairman of the 
Royal Institution of Chartered 
Surveyors working party on the 
CLA. is unmoved by Utc new 
DoE guidance. 

“Any removal of constraints, " 
he says, “is of obvious import- 
ance to the locai authorities. Bnt 
(hey will in no way meet (he 
fundamental problems of the 
scheme . - ■ what is needed is a 
thorough review of the total 
legislation. . . 

Mr. Dan’s working party, 
which reported earlier this 
month, considered a wide range 
of possible amendments to the 
CLA to overcome its current 
operational inadequacies. - But 
the working party came down m 
favour of the Act’s repeal and 
a tranrfer of its pr>itive plan- 
ning role to normal planning 
powers and taxation. 


In Brief . , . 


A PRE-LETTING on a new 
Birmingham office development 
at over £5 a square foot? Im- 
possible? Well. accountants 
Coopers and Lybrand are 
believed to be deep in discussion 
with Scottish Equitable Life 
Assurance on just such a pre- 
texting on tV life office's 30.000 
square foot scheme in tbe heart 


of the city's professional area 
by Rack bams Stores on Temple 
Row. 

Shipway, Dohle and Earle 
Scottish Equitable's advisers are 
keeping quiet about the possible 
tenant but confirm that p re- 
letting negotiations around that 
rent are underway. The block 
should be completed in mid- 
1979 when the insurer will take 
a small office suite Tor itself, and 
scneratcly market a 4,500 square 
foot ground floor banking ha 11- 

Tent pie Row is, however, the 
exception that proves the 
general rule in Birmingham, 
where Bernard Thorpe and 
Partners calculate that there is 
still 900.000 sq. feet of modern 
office spare standing empty in 
the rentre and a further 

590.000 sq. feet 'in Edgbaston, 
an overhang that keeps prime 
rents in the £2.50 to £3 a sq. foot 
range. 

Low prime rents have all but 
killed the market far secondary 
space in (he ciiy. and this 
ailing market will be further 
hit with the completion later 
this year of the Property 
Services Agency’s £7.5m. ex-, 
tension Id its Five Ways eentre.' 
The new building will drain 
850 civil service jobs from older 
property around the city. 

Birmingham nnw represents 
the largest remaining area of 
void spare in MEPC's portfolio 
— with 26.400 sq. feet at 
Attwnod House in New Street, 

113.000 sq. feet left in its Broad- 
way scheme and 54.000 sq. feet 
left in Mcirnpolitnn House. In 
a drive to fill this space MEPG 
is in break new- ground with a 
marketing campaign on Tele- 
vision and local commercial 
radio. The commercials, runn- 
ing for five weeks from early 
April, arc aimed at the real 
decision makers in potential 
tenant companies, the secre- 
taries. 



-A" 


j — TTTT - * 


Prion- House. Orpington. K to he the new headquarter* 
building or the combined Harris Carpets/Queensway Discount 

Warehouses sreup. Harris « ‘liJ 1 ? 

taken a 25-year lease on Fine Buildings sq. f(. block ^ 

£5.65 a sq. ft. HUZ. Welch and Co. represented Fine, Thj 
move releases Queensway’s 13. *60 sq. ft. ollices at Norfwk 
Towers. Norwich, which agents are offering at I. a sq- fL 


week with the £224,000 purchase 
of Macress's (a BP subsidiary) 
warehouse on the South Brad- 
ford Trading Estate. Albany* 
new Property Bond Kunu. 
advised by Knight Frank, and 
R Utley and Warburg Investment 
Management, gai an 115 per 
cent yield on the purchase a 
discount price reflecting tow 
reversionary prosper! s on high- 
rented space. Albany, which has 
UJL-managed funds nf £5m.. (3 
to expand (he Properly Bond 
with a bias towards i'im. and 
£*m. units. Sounds familiar. 


SAVE, the conservation group, 
won’t approve nf Tesco's new 


ALBANY Life Assurance, a sub- 
sidiary of the fiLOOOm. American 
General Insurance Group, made 
its first foray into property this 


superstore at N'easdnn, to judge 
by its *' scourge of Britain's 
High Streets" views on store 
architecture In Building Refur- 
bishment magazine this week. 
But Tesro, which beat 50 others 


to 1 he in infract for a store on 
British Rails 46-acre site by 
Wembley Stadium, will no dmttrt 
survive Hie criticism- 
Te«cu, j Jwscd hv Janies 

and 0*» licai Asda by a slifort 
head m the leader rare. And 
English Properly Corpora lifts, 
funded, it is believed, by Legal 
and General Assurance. Mitefgw 
thi> devnjopment 

harking ti* U».mI developers Kyle 
Stewart in the jCO.iHW-square-feet 
warelmu-ing complex and Atari* 
lorr> park and road freight depot 
planned for the r*-*.: of the site, 
Nick Irvine. El'C’n drve'upment 
expert, hem an alternative 
scheme prnpn-ipd by Bernard 
Sun Icy and the French BWup 
Gamnor. 





rrnperty Deals appears on 
Page 36 


INDUSTRIAL AND BUSINESS PROPERTY 


AVAILABLE NOW 


BRIGHTON (Have) 


New Warehouse Units 
from 9,000 sq. ft. 

TO LET — Available late 1978 


ERDINGTON 


Last remaining Warehouse/Factory Unit 
15,500 sq. ft. 

Site for further development 
10/40,000 sq. ft- TO LET 


GLOUCESTER 


n 


o 


in 


Northampton is on the Ml, halfway between London and 
Birmingham and is directly served from junctions 15 and 16. 
50% of the UK industrial output is within J 00 miles radius. 
It has the following outstanding selection of offices, factories 
and sites. 






Factory/Warehouse 
9770 sq. ft. 

She Area 76 acre TO LET 


HORNCHURCH, Essex 


OFFICE BUILDINGS 
Immediately available 
in town centre- 


Modern Single Storey Warehouse ■ 
9,000 sq. ft. “TO LET 


JUNCTION ONE, M.1 


New Warehouse/Offices 
19,000 sq. ft. TO LET 


Greyfriars House 

200 000 sqft of offices above the new bos station 

Belgrave House 

. 73 0Q0 sq.ft forming part of Grosvenor Centre 
Anglia House 

30 000 sqft in prime position 

Other properties from 500 sq ft to 10 000 sq ft 


KINGS CROSS 


Modern Single Storey Warehouse 

with Offices 

14,160 sq. ft. TO LET 


LEWES, Sussex 


New Factory/Warehouse Units 
3.850-38.000 sq. ft. TO BE LET 


OFFICE SITES Town centre site of 3.5 acres 

Immediately available For up to 300 000 sq ft {or can be sub-divided to a minimum 

in town centre, district centre of 100 000 sq ft) 
and campus locations Town cen<T£ ^ 

One for 40 000 sq ft One for 50 000 sq ft 


To let 

London S.E.1... 3,900-28,000 sq.ft. 

Bridge of Don 7,350 sq.ft. 

Bedford units from 5,000 sq.ft. 

Norwich units from 3,800 sq.ft. 

Sreat Yarmouth units from 3,700 sq.ft. 

Btetchley units from 3,600 sq.ft. 

Lowestoft ..units from 3,250 sq.ft. 

Chelmsford 3,100 sq.ft. 

Droitwich, Worcs^.units from 2,000 sq.ft, 


LUTON 


60,000 sq. ft. Factory 

incl. 20.000 sq. ft. Offices TO LET 


King&Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 8854 85 
Manchester, Leeds and Brussels 


District centre sites 

For up to 100 000 sq ft at Weston Fa veil Centre 
Campus sites 

73 acres available at Moulton Park 




v 

JO 

JXlr 


FOR SALE 


Freehold 60,000 Sq. Ft. 
Office Building, EC2 

AIR-CONDITIONING CAR PARKING 

Vacant Possession 1980 or possibly earlier 


Principals Only 

Write Box T.4854, Financial Times, io Cannon Street, 
EC4P 4BY. 








f .: Jfmm 

* 


— 

• ~.v 

s ■*!:" i*: ■ ?*/• • ‘ „■ : • ‘ .u-Jbrr 

3 i V*— - . :v‘ • ‘ 



r- J* 









Clients' requirements 

S.W. London ... 50,000 sq.ft, or 3 acre site 

N.E. London 10,000-20, 000 sq.ft 

Plymouth 6,000 sq.ft. 



There is a wide range 
of houses to rent or buy. 
Northampton has all ■ 
the facilities of an 
established town. 


For further information write or phone 
L Austin-Crowe BSc FRICS, Chief Estate Surveyor, 
Northampton Development Corporation, 

2-3 Market Square, Northampton NN1 2EN. 

0604 34734 


LONDON 


SW1. 


Offices 
Office sites 
Factories 


miimm 


AN AIR-CONDITIONED OFFICE 
BUILDING OF APPROX. 22,000 SdFT 


lelephone: 

0733-68931 


TO LET 


Ext 326 

Chief Estates Suivnyor 

Peterborough 
Development* 
Corporation . 

PO Box 3 Peterborough PEI lUj 


Apply to Box No.T4850 


Financial Timos; 

10 Cannon Street, EC4P 4 BY. 


PRELIMINARY ANNOUNCEMENT 


Upon (nstructions.j’nmi the Principals of 

SWANCLEAN SERVICES 


ROSANS AUCTIONS 


(Croydon Auction Rooms) 


announce an Important sale bn the premises of 
SWAN LAUNDRY (NORWICH) LIMITED 
Heigham Street, Norwich, Norfolk 

or ;■■■.■ 

Power Laundry and Dry-Cleaning Plant-, and Machinery and 
Related Equipment. Canteen and Office Furniture 


- THURSDAY, APRIL 20th. 1978 
Sale commences 11.30 a.rn. 


NEW BROAD ST. 

LONDON E.C.2. 


Further details from Auctioneers*. 

144/150 London Road. Croydon. Surrey. Tel: Qt-ifflS 1123/4/S 


Superb 

Banking Hall/Offices 
2,500 SQ. FT. 


TO LET 


Appfii Jnint Agents: 



Hilliei* Parker 

May ibniileii 


39 King Street, London EC2V SBA. 01 -006 3851. 


Thomas and Atkins 


fi2 Cannon Strew. London EC4N 6AE. ni-236 6122. 


OFFICE DEVELOPMENT SITE 

28,000 Sq. Ft. 


GROSS 

SOUTH HARROW 


★ Outline consent obtained for the erection of an office 
budding, of 25.000 *q. ft. with parking for 50 cars and 
- provision of* service, road. 


+ Detailed consent applied fer * N 0 ufer restriction 



Willowcross & Co* 

Chartered So rve^cv 


5/6, Staple Inn. 
LkHbom. 
lo/Kfon 
VVC1V 7QL’ 

Tel 01 242 4X11 





Industrial r M 
Property | 9 


Ivfilton Keynes. 

Factory/WarehouseUnits 
To Let pins land available for 
development 5/100,000 sq. ft 

Maidenhead Berks. 
Factory/Warehouse ToLet 
11-26,000 sq.ft - 

Near Northampton. 

Factory ToLet 52,500 sq.ft 

Southend, Essex. 

Factory To Let 17,000 sq.ft 


at the touch of a button. 

Oneofthe JIWCOMPUTON services 

Aylesford,Kent 


Factory/W arehouse Buildings For Sale. 
17/29/37,000 sq.ft 

Bootie f Merseyside. 
Factory/Warehouse To Let 
108,000 sq. ft on 6 acres. 

BristolAvon. 

Warehouse + Offices ToLet 10,000 sq.ft 




MODERN OFFICES TO LET 

' TWO INSTRUCTIONS FROM BARCLAYS BANK 


CITY HOUSE, SOUTHWARK ST. S.E.1 

6,800 SQ. FT. 

ENTIRE SECOND FLOOR 


. tiTr 

L«MU J K> 


n A 


Chartered Surveyors 

Industrial Dept, 

33 King Street London EC2V SEE. 
Tel: 01-606 4060. Telex: 885557. 


☆ FULL CENTRAL HEATING 

☆ 2 AUTOMATIC PASSENGER 
LIFTS 

☆ FULLY CARPETED 
■A DOUBLE GLAZING 


☆ SPACIOUS RECEPTION AREA 

A KITCHEN 

A RECREATION ROOM 

A IMPRESSIVE GROUND FLOOR 
ENTRANCE HALL 


AN IDEAL LOCATION . . . 

BEDFORD 

London 50 miles • Between Ml and A 1 



TABARD HOUSE, SOUTHWARK ST. S.E.l 

8,500 SQ. FT. 


Chailey House, overlooking River Ouse, Bedford. 
16,200 sq, ft prestige offices. (Connells) 


Nam House. Bromham Road, Bedford. ^ 

7,230 sq. ft offices close to town Gehtre. 

Open-plan layout (Kffroy). 

«JL 

3 H 




AUTOMATIC PASSENGER 
LIFT 

FULL CENTRAL HEATING 
CONFERENCE ROOM 
CAR PARKING 


☆ DOUBLE GLAZING - 

☆ 2 KITCHENS 

☆ RECREATION ROOM 

i? FLUORESCENT LIGHTING 



0ms Industrial Estate. Recently-built 
factory/office premises. 32.000sq. ft 
(Designed, built and financed by 
Hunting Gate Developments Ltd.). 


For particulars of these properties and most medium and large business premises 
aval lab I e i n North Bed fo rdsh ire apply to D. J. PHIPPS , CHIEF ESTATES SURVEYOR, j 

NORTH BEDFORDSHIRE BOROUGH COUNCIL, • 

TOWN HALL, BEDFORD 1 
TELEPHONE BEDFORD (0234) 67422 \ 


hMiTufiu 


OFFICE BUILDING 

APPROX. 

32,000 sq. ft. 

CLOSE 

HOLBORN (KIliBSWAY) 

CENTRAL UNE STATION 
■ TO LET 


BERNARD THORPE 


1 Buckingham Palace Ri, SWI. 
01-834 6890 




A itsiorauoa by HaMonere Estates LtcL. 
Till in coz^oncuon with Tix Refuge Assurance Co- 


14 flew Bridge St. EC4 


The First Building Available On The 
Historic Bridewell Site. 

A Superb Office Building Of 
6,400 sq. ft. Approx. 


For Further Details Apply Sole Agent* 


PILCHER 
HERSHMAN 

A T-Jt EV --I: 


Tok 01-486 5296 




& A ’ ; ' I 

r , -”^WEVBRIDGE,klR^tY 









Hastings 

LAMP AVAILABLE NOWI 


FOR OFFICE - INDUSTRY - HOUSING 
RING ANYTIME (0424) 428306 


Ask ior BILL COBB (Hastings Borough Council) 


AUCTION REMINDER 
UXBRIDGE 
SHOP/SHOWROOMS 
3,800 SQ. FT. 
Frona»— -52 h 
C." Park— 4.&50 14 *t 
ORien (let I— •! .855 iq tf. 
FREEHOLD 
FOR SAL* BT AUCTION 
■■».s »-««i 


PZ\F~ !R BEDFORD ; 


8,250 sq.ft, of Prime, 
Air-Conditioned Office Space 
on one floor 

Chestertons Chartered Surveyors 

SjR\ 4Cy»D ■ 

75 Grosvenor Street, London, *\VTX OJB 
01-499 0404 Telex 8812560 

and in the City of London - Kensington 
Hvde Park - Little Venice ■ Chelsea 


Harold Williams 
Bennett & Partners 


EXCELLENT SINGLE STOREY 
FACTORY 

16,500 sq. ft. 
WILLOW LANE, MITCHAM 
TO BE LET OR LEASE FOR SALE 



,>V", ■ -; V . 

%A. -■ • 


Warehouses 



Units of 50,000 to 300,000 sq.ft. 


Headroom up to 40ft 
Substantial open 
storage and car parking. 


FULLER 

PEISER 



3 factories/warehouses 


UNITA 
10,720 sq ft 


apply fa /pint so/e agents 


UNIT B 
18,730 sq ft 

TOLET 

or freehold available 


UNIT C 
24,810 sq ft 


The Iradm, WJ. 
01-579 9212 


96RhV L.mc.Croytion 

Ancaivkw.'.'r^. *.:n 



01-6863141 

Chartered Surveyors Property Consultants 


MICHAEL KALMAR S Co 
Bridge House Oueen Victoria Street 
London EC4V4EX Tei:0l-236 6871 


King 8 - Co /K 

Chartered Surveyors. . 

1 Snow Hill, London EC1 Tel : 01 >236 3000 


Small office suites 
To let 

6 or 12 months 


DONALDSONS BfMBIHM 


70 Jermyn Street 
London SW1Y6PE 
01-9301090 


2,800 sq.ft. 

>14,000 sq.ft.: 

Offices 

Headquarter offices' 

To let 

• For sals 


GOLBERS GREEN ROAR 

Shop to let 
£9,250 p.a. 


















36 




A magnifi 
of43,000sq.ft air-conditioned offices 


A Development by the 
Church Commissioners for England 


CONDOR 

HOUSE 


St Pauls Churchyard, 
London EC4 


k Prestige location * Impressive Entrance Hall 
# Full double glazing * Carpeted throughout 



65/68 Leadenhall St. 
London EC3 

Prestige Office Accommodation 

up to 12,550 sq.ft. 

ToLet 

apply joint sole agents 


allsop & co 


6 Poultry, London EC2R SET. Telephone: 01-248 1451 


SINCLAIR mm 

Char tE red Surveyors 

9/10 Fencburch Street London EC3M 3BE 01-623 6644 Telex 28556 

HW (M QtUa nm Dm Imi Ibrln Into WIX IAH 


PROPERTY DEALS 



; A ‘safety net’ 

: for Fleming 

1 JOHN Newman of The Fleming 

• Properi Unit Trust has rigged up 
an interesting safety net for the 
Trust's EU5ra. speculative ware- 

I house development in Croydon. 

Fleming has become funding 
‘partner to Godfrey Bradman's 
London Mercantile Holdings on 

• Mercantile's 6.7 acre, former ICL 
:site at Thornton Road. Croydon. 
■, Mercantile paid £L25m, for the 
; freehold site last autumn, and 
i the developer, advised oy Lam- 
ibert Smith and Partners, plan 

• to build 161,400 square feet of 
1 industrial and warehouse space 
\ over the nest IS months- 

Fleming's financing deal in* 
1 eludes a guarantee from the 
: developer to pay the Trust 0 per 
cent interest on development 
•finance relating to any building 
. standing empty a year after com* 
.pterion. In this way the Trust 
neither gets its expected S per 
, cent net return on the warehous- 
ing, or 9 per cent, from tfercao- 
' tile on finance provided for 
empty space. 

This variation of a temporary 
; lease-back to the developer pro- 
vides additional security for the 
j financing institution. But in this 
; case, with a shortage of well 
i located modern industrial space 

■ in Croydon. Fleming is unlikelv 
1 to have to fail back on the void 
' arrangements. 

Around a third of the Croydon 
; space has already been provision- 
ally pre-let at more than the 
: initial asking rent of £2.15 a 
[ square foot. Fleming and 

• Mercantile share equally any 
1 benefit from lettings made at 
-more than this base rent. 

The Croydon scheme is Flem- 
■ings largest single investment 
i in the first quarter of 1978, and 
i brings the total value of the 
: Trust to £S9m. Mr. Newman 
. Teds that the current portfolio 
spread of just under 40 per cent 
I in offices, 17.4 per cent in shops, 
j 38.7 per cent industrial and 4 per 
1 cent, agricultural land is a satis- 

■ factory balance for the time 
i being, although he expects prob- 
j lems in maintaining the propor- 
tion of shop properties next year. 

[ Mr. Newman echoes the recent 
‘comments of Cecil Baker, chair- 
; man of the £200m. Property 
‘ Unit Trusts Group, who feels that 
! property yields are now “ his- 
i torically low.*' But The Fleming 
i director is less concerned Than 
1 Mr. Baber about M overheating 
i m the property market.'* 

“We still have piles of pro- 
1 positions coming across my desk," 
says Mr. Newman, although, 
“much of it is rubbish." He feels 
l that even in this seller's mar- 
ket there is still scope to invest 
. the £25m. or so that flows into 
Fleming's Trust each year, “yield- 
are very low. and propertv is his- 

■ torically' expensive. But the 
potential for growth, even at 

■ these levels is still good." 

The £21m. Merchant Investors' 
Property Fund takes the same 
line. In the March edition of its 
Investors' Bulletin MI comments 
;that “We would agree there is 
ja danger that some buyers who 
(are chasing after the strictly 
•limited supply of new prime in- 


vestments . - - may fonget to do 
their arithmetic and invest at 
yields which can only be justified 
bv rental growth of an optimis- 
tically high order “ But the funa 
sees “no shortage of oppor- 
tunities for attractive property 
investments." It buys "prime" in 
terms of location, but bu>s well 
above published ‘low 1 yields by 
taking on space where refurbish- 
mentK, lease restructuring, 
marriage value of cnmhininp 
interests and so forth, give an 
added profit potential. 1 



Financial Times Friday March 31 19T8 

KENSINGTON 
LONDON W-8. 
HEADQUARTERS 

OFFICE 
BUILDING 

approx. 28,000 SQ.FT. 

FREEHOLD 
FOR SALE 

OR MIGHT LET 

Apply Sole Agent*- 



Hillier Piarker 

Ml»y J* RpmilPM 


77 Gmsirnor Strrrt, London \WA -HT. 
Telephone. OUK-’S "fifib 

and cur pt LDiKlnn. Patw. 






/ 


84 & So Borough High Street SEl 

1 

roL 

.El 

r 


Computer group Honeywell •{ 
IS. has taken the remaining 
19.418 sq. ft. of Land Securi- 
ties’ 30,000 sq. fL redevelop- 
ment at 74-78, Finsbury’ 
Pavement. E.CJ3. Land 
Securities* subsidiary. City of 
London Real Property, bad 
been asking just over £11 a 
sq. ft. for the air-conditioned 
block. Knight. Frank and 
Rntley advised the developer, 
and Tony Charnock acted for 
Honeywell, which will move 
into the lower four floors 
below the other recently 
signed tenants, accountants 
Thompson McLintock. 


HUME Properly Investments, a 
private investment trust has sold, 
its 2.000 year head leasehold j 
(from the City Corporation) on; 
Matheson House, EC3. to National ; 
Employers Life Assurance fori 
dim. The Life Office gets an! 
initial yield of just 4.2 per cent. { 
on the 17,000 square foot [ 
Minnries block. But a 35 year, 
underlease to a Jardinc Matheson , 
subsidiary, Matlicson and Co., ; 
comes up for its first seven- • 
yearly rent review next year, and • 
current rents of £5.16 a square: 
foot show their December 1972, 
vintage. Hume was advised by- 
Richard Ellis. Hamptons acted 
for National Mutual. 

JB 


another development by 

TIIE GRAYLAAV GROUP 



EdwinHill&Partners 

i -47 Southwark B» idge Ro'adSEl 01 40 “ 9 v 44 


A genuine demand from 
Investors who have registered 
with me continues unabated. 
Owners of wund Freehold Commercial 
Inucsmcna let to tingle Tenants on 
F.R. & I. Lrwe*. within price bracket 
£50.000 n £500.000. 

Weorc Contact.-— 

JACK MENDOZA FJS.VJl.. 

100. Bbtdbincton Road, How. 
(0271 712705) 



Richard Ellis 


TRAINING 

MANCHESTER 

ESTABLISHMENT 

Sedgley Park 
College of Education 
Prestwich, Manchester 

An opportunity to acquire training facilities for 600 students 
with on-site residential facilities for 190. set in a site area of 
1 1.4 acres/4.61 hectares. 

Manchester City centre three miles/5 kilometres. M62 motorway 
access point No. 17, \\ miles/2.5 kilometres. 



«**■ WHEELER WOOD & REDMOND 

Chartered Surveyors and Estate Agents 

jassssmc! 


26 King Street 
Manchester M2 SAY 
Tel: 061-834 1337/8 



REGENT STREET, W.1 


fOff) 


NEW OFFICE ACCOMMODATION 

7,800 sq. ft. 

ONLY £6.60 per sq. ft. 

New Lease, C/H, Lift, Prestige Entrance Hall 
Ground Floor Showroom & Basement 
Also Available in Same Building 


SOLE AGENTS 


Davis&Co 


62, Berners St. London W.1. P 4DX 
Telephone 01.6371061 


I WALKERS? 
I WALTON 
IHANSONff] 



Oumrcd Snrmran 
NOTTINGHAM! 

ByanJ Lwm 
Tol. 54272 

HELTON MOWBRAY} 
27 Market Place 
Tel- 57555 

MANSFIELD: 

45 Stotkwell Gate 
Tel. 35427 


WIDNES 

SINGLE STOREY FACTORY 

FLOOR AREA 70.000 SQUARE FEET 
SITE AREA 4 2 ACRES 
CENTRAL HEATING SPRINKIERED 
VACANT POSSESSION 
FREEHOLD FOR SALE 


WANTED 


Land, for 

industrial 

and commercial 

development 

within 

30 miles 

London 


FRANK DURRANT, 
WESTMORE & REEVES 

Chartered Surveyors 
46 Cannon Street 
London EC4N 6JP 

Tel: 01-248 1851 


.ft" 

• r i 

,: k 



INTERNATIONAL PROPERTY 


FOR SALE BY TENDER 

READING 

70/71 & 72 BROAD STREET 

£ TWO FIRST CLA55 SHOPS 
S NATIONAL MULTIPLE TENANTS 
Si LONG LEASEHOLD 

HIGHLY REVERSIONARY 

doting dat« J2 noon, Thartdar, 27 April. 1778. Ref; j.S, 


Leavers 




I CONTROL 4.75 ACRES 

including 1.000 lineal feet of finest Caribbean beachlrong and 
operate a highly successful cottage resort occupying less than 1 of 
property. The riming is ri-^hc for development oF more units or 
condominiums and would consider joint venture with investor or 
contractor. Expansion projected to yield 2Q"i pa. Safely pi in one 
month's free vacation in Caribbean for each participant. Principal 
visiting London 1-14 June for discussions with interested parties. 

Write Box T.4855. 

Financial Times. 10. Cannon Street, EC4P 4BY 


Clwyd 

at the peak of 
Welsh potential 

With its large. tnoW- 
skilled workforce, proxim- 
ity to major markets wd 
nations IMernat tonal com* 

muni cal ions networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene .The 
news in Clwyd is about 
sales, not strikes - and 
it's a great place to lire, 
too 

Talk to us about the 
low-cost sites and factories 

plUS extensive financial aid 

available to incoming in- 
dustries - well make yon 
a deal you can't refuse. 
Cnntact Wayne S. Morgan, 
County Industrial Officer. 
Clwyd County Council, 
Shire Hall, Mold (tel. Mold 
2I2TJ for free colour" 
brochure 





f 


. Li, 


o 








r, Vf r. j • 
r&jttfr:, 
'“-•If's ‘ - 




Financial Times Friday March SI 1978 


ax, 


< M 


f * 


'*! 


li 


I'f 

din 


^1 




£ s. «. 


iiiii 


* * ? irJ 


i \ 


""i.b 

Ml' 


FREEHOLD 

SHEFFIELD 

. Close M.1 Motorway 
Modem Single Storey 

FACTORY 

In- 2 bays 

12,470 sq. ft. 

Cranage. C.H. Good loading 
P.P. for additional building 

. SITE 1 .7 acres 
FOR SALE - 


i NVARDSYMMONS 


Tel: 061-832 8494 


/SIS Hoy a I Exchange. Manchester M2 7 EM. 
3 at London & Nottingham. 


£ I 




I. ASSIGNED 
CA\A\!=RC 
RGPIER7Y 


rf\l. IOjODu! 3 'frr— - 
j**ss ir^-JOnDDO) 
>B-ecil3p20a 3 



SHOPS AND OFFICES 


f'' .T, 

V iS 


MODERN SELF ... 
cqntainez> OFFICE 

4qn4HHp^ - 

0%TRAL HEATING : 
PARKING’' . . 
:--CLOSEr < TO city 
* 9820 SQUARE FEET . 
ONLY £1.79 p.sJ. 

NO PREMIUM ' 



Ji. 


n- 

p 


u 


t 


FREEHOLD OFFICE 
BUILDING FOR SALE 
City Location 
13.000 sq. ft. 'approx. 
Principals Only. 

Write Box T.4S53, 
Financial Times, 

0, Cannon Street, EC4P 4BY 




VCKFRIARS. 3.000-18.000 mi. ft. 
ntire floors in mwi r m oilier build* ro . 
ilt Central heating. Car park. Air 
ondi.tMwa com outer room. further 




■-*■■** »*.: 



onditMMwa computer room. further 
cttils (ram Clareorooke. 01-B39 6342. 
r D E. & J. Lew. 01-930 1070 


WANTED 


\u 



OFFICES WANTED 

by Internationa] Co. 

25/35,000 sq. fL approx. 

20 Mile Radius of Slough 
Parking Facilities Essential 
Write Box T.4851, 

Financial Times, 

.0, Cannon Street, EC4P 4BY 


. — SQ.; Ft. once accommodation 
i-»oulee«|. In modem, block.-Motr be: In 
W.w.fc -*B3 iiwaheor -orekl. • WHte 
‘Box T.4043. Financial Time*. io. 
r Sneer. EC4P ibv. -• 


OFF OXFORD STREET 

SHOP and BASEMENT 

> Lease for sajfe 

Offers around £15.000- .for 2\ 
years unexpired at £6^50 p.a. 
Fixtures and Fittings included. 
, • Apply Sole Agent*: - L ' ■ 
Winkworth & Co." 

48 Curzon St.. London, 'YV.1. 

- • Tel. 01-499 3121^ 


REFURBISHED OFFICE SUtTEjtW.V. to 
be let. 950 sq. ft. SeTf4ontained. 
lire. G.H- carpets, etc. (ME A. H.) 
Herring Son * Daw. 01-734-8155. 

PICCADILLY. Super bo Ace aflte to be 

let. 3.100 so. ft. Lilt. C.H« carpels, 
kKchen. etc. CRrf.: AJ.C.) Herring 
Son & Daw. 01-734 1155... 

FINSBURY CIRCUS. E.CJZ. SevemJ attrac- 
tive office suites recently redecorated 
and recarpeted available ta let In an 
imposing building. Telephone lor 
-further inforamtlon. Stephen etching, 
on 01-930 7321. or Dariff- Kerry, on 
D1-24B 7954. 


OFFICE PARTITIONING 
AND CEILINGS 


PARTITIONS' 


ABLE. O- 
51. Stamford 


Ol-S 'I 5252- 


PERMANENT 'DEMOUNT- 

Peterson Ltd- ShOPftuers. 
rd Hul. London,':' N.1B. 


BUILDING LAND 
AND SITES 


NORTH WUT KENT between the M20. 
M25 and MU. motorway*. London 25 
mile*. Kents Ports 50 mites. . For Sale 
Freehold site us to 4 acres with valid 


planning ocrmisslon lor V inset. yard 
annecuon 


and timber mill In connection with 
forestry clearance work and manufacture 
and sale of timber and timber, products, 
tree*, shrubs, etc. Details from Prail. 
Champion A Prail. Chartered Surveyors. 
76 Spltal 5* reft. Darfford. Kent. 


FACTORIES AND 
WAREHOUSES 


PLYMOUTH. DEVON — city Centra. On 
the Instruction* Of the Uouhiator 15.900 
square feet substantial Modern Premises 


lor Retail or Warehouse Use. tong law 
nd ‘Son 


for sal*. Particular* WOoHand ‘Son a 
Manlco. Chartered l u ntVgg. K'nierturv 
Mow. Plymouth PL1 2DQ. Tel: 0752 
69292. 


MAJOR 

HOTEL SITE 

THE ROCKS 


SYDNEY, AUSTRALIA 

AVAILABLE FOR LEASE 


The Authority Is offering a large vacant site adjacent to 
Circular Quay with unparalleled views over 5ydney Harbour 
for redevelopment as a major hotel of international standard. 
Those individuals or groups interested in securing leasing and 
redevelopment rights over 'the site and who have not already 
signified that interest might care to do so by writing to 
The Secretary, C/- P.O. Box N408, Grosvenor Street, Sydney, 
2000 Australia, by no later than Friday, 7 April, 1978. 

« Telephone: Sydney (02) 241-3462 


SYDNEY COVE REDEVELOPMENT AUTHORITY 


FACTORIES AND 
WAREHOUSES 


MODERN 

LIGHT INDUSTRIAL- 
PREMISES 


BLAYDON 
TYNE & WEAR 

79,000 sqe ft. 


production and 3,900 sq. ft. 
offices all set In freehold site 
of 6 acres approx. Suitable for 
clothing trade or warehousing. 

R.V. £19,500. 


FREEHOLD FOR SALE 

Joint Agent 


STOREY' SONS 'ft PARKER 
Higtum House. New Bridge Screes 
Newractfe upon Tyne. NEI 8AU 
TMr 0632 26291 


and 


CL F. SINGLETON ft CO. 

Lloyds Bank BuMing 
S3 Kina's Street. Manchester 
Tel: 061-832 8271 


FACTORIES/ 

WAREHOUSES 




Tottenham, N.17. 

3.000 sq. ft. 
Clerkenwell RdL, EC1 

From 2.300 sq. ft. 
Thurrock, Essex 
From 13.000 sq. ft. 
Bedford 

From 8,500 sq. ft. 
Potters Bar 

43.000 sq. ft.. 


PEPPER ANGLES 
& YARWOOD t$st 


.6.C;wlo's Place London WIV 6LL 

Te! 01-499-6066 


LINCOLN quo sq. »t. lu-wUu so. >L "*«- 


B « with retail planning permission 

excellent opportunity for a cash and 


carry organisation to purchase a fully 


fitted single-storey building Including 
* g. lighting... offices _and toll* 


heating, lighting, offices and toilets- 
Replies to Mr. R HOUR'S 299 5<rjhff-ltl 

Road. Perry Barr. Birmingham B20 3DD- 


FOR SALE OR . TO _L£T Lijjht Indus l_r ml 


Premises. Beetle*. Suffolk. Appro* 8.250 


sq. ft. of oroductlon space, office*. 
‘ anufa 


Storage. , e«. .Ideal aa manufacturing or 


distribution depot. Labour easily avail- 
able Car parking. Rqnt £5.200 pa. — 
lease terms by arrangement— or around 

530.000 for quick sale of freehold For 


.^.Jtirther detalls-urochure. apply to_ Mrs. 


Sbrimpton. CreiKv’s Ltd.. Castlr- 
mead. Hertford SGI 4 1LH. Tel: Hertford 
54949 


FDR INVESTMENT 


BURY ST. EDMUNDS 
CENTRAL FREEHOLD 
SHOP INVESTMENT 

Lot at low rent of £780 pa. 

WITH VALUABLE 
REVERSION ON 1/1/1982 
to estimated back rent of 
£5,650 p-a. 


Price £62,500 
Freehold 


H. C. WOLTON AND SON, 
Chartered Surveyors, 

6- Whiting Street, 

Bury 5t. Edmunds. 

Tel: (0284) 61336 


CHRISTCHURCH — DORSET 
Attractive Freehold Shop/Offlce 
Investment producing 
£25,000 pJL exclusive 

25 yiar toll repairing and insuring 
leases: 5 year reviews.' Entire pro- 
perty recently converted/ ref arbnhcd 
completed to high standard throughout. 
Large car park- Prominent High Screes, 
trading -position. Planning permission 
lot Further 2 shops with offices enter. 
Oder* on £245.000: Sole Agents. 
BULLOCK ft LSI, 

4 Wide Lane, Chmtthurch- 
Telt (02015) 5187 or 6137. 


RIPLEV DERBYSHIRE freehold Investment 
Town Centre modem parade of Shoe* & 


Discount Warehouse In _ prime 'trading 


G slfion producing £5.800 P.a. on F.R.I. 

ears. For Sale freehold. For further 
details apply Neales of Nottingham. 30 


Brtdlesnlth Gate. Nottingham. Tel: 
0602 5351 1. 

LINCOLNSHIRE — Prime agricultural invest- 
ment. 422 acres let on loll repairing 
lease. For sate by tender dcsing data 
17th April 1978. Apply Stratton & 
Hol^orow. cnart?red Surv?yors Chartered 
Land Aatnts. Lemon V'llas. Truro. Corn, 
wall Tel- Truro 4846.8. 

FREEHOLD INVESTMENT PROPERTY for 
sale We« Kensington Commercial 
Investment Two Leases on lull reoa'rina 
and insuring terms: recently agreed 
rentals amounting to a total of £23 600. 
Prke £236.000 Subject to contract. 
Fareb router Ellis ft Cor— -01 -353 9344. 


THE ANNOUNCEMENT A1TEAI5 AS A MATTER OF RECORD ONLY 




JORDANIAN SYRIAN LAND TRANSPORT COMPANY 


Public Joint Venture 


US $ 12,000,000 


Medium Term Loan 

GUARANTEED EYs 


THE HASHEMITE KINGDOM OF JORDAN 


THE SYRIAN ARAB REPUBUC 


MANAGED BY: 

FRAB BANK INTERNATIONAL . 

UNION DE BANQUES ARABES ET FRANQAISES - UBAF. 

COMANAGED 8 Y ( 


Arab African Bank (Cairo) 

European Arab Bank (Brussels^ 

PROVIDED BY : 

- 


Arab African Bank (Cairo) 


European Arab Bank (Brussels) SA 

Frab Ba nk 1 nternational 

Midland Bank Limited 


Security Pacific Bank 
Union de Banques Arabes et Francaises - U.BAF. (Bahrain Branch) 
Al Saudi Banque 

Banque Arabe et Internationale d‘lnvestissement(BAUJ 
Gulf Internationa! Bank BS.C. 


AGENT i 


FRAB BANK INTERNATIONAL 


New Issue 
March 31. 1978 


This advertisement appears 
as a matter of record only. 


COMMONWEALTH OF AUSTRALIA 


U.S.$ 350,000,000 

8% U.S. Dollar Bearer Notes of 1978/1982 


Deutsche Bank 

AkMnnetetacheft 


Credit Suisse White Weld 


WANTED 


EX PUBLIC CO. CHAIRMAN IMS £150.000 

-Timily trust fund' for res>d<*ntul urowfrty 

' investment* luge or Mifl. Immediate 

dr-i*'ons. T. Pa theory. 258. High 
Rord S.W.16 769 2065. 




; >S . • -.1 ,y<-- --dr. 

wmiM 











VJ me 





gut 


INTERNATIONAL PROPERTY 


MONDAY JUNE 5 1978 



The Financial Times proposes to publish a survey on International Property on 
Monday June 5 1978. The main headings of the provisional editorial synopsis are set 
out below. 


( 


'V 


INTRODUCTION Property dealers around the world have been polishing up real 
estate’s recently tarnished image as the most secure of long-term investments. The 
dealers have been forced to redouble their normal propaganda efforts because of the 
evident gap between promise and performance in world property investment markets 
over the past four years. 


f 

r 


THE MARKETS: 

EUROPE: FRANCE □ WEST GERMANY □ THE NETHERLANDS □ BELGIUM □ ITALY 
IRELAND □ SCANDINAVIA □ EASTERN EUROPE □ SPAIN 
NORTH AMERICA: THE UNITED STATES □ CANADA □ SOUTH AMERICA: BRAZIL 
AFRICA: REPUBLIC OF SOUTH AFRICA □ NIGERIA 
. AUSTRALIA 

FAR EAST: HONG KONG Q SINGAPORE Q JAPAN 
MIDDLE EAST: EGYPT □ IRAN Q UNITED ARAB EMIRATES 


For farther details on the editorial content and advertising rates please contact 

. Terry Druce . 

Financial Times, Bracken House, 10 Cannon Street, London EC4P 4BY 
' Tel: 01*248 8000 Ext 7196 


FINANCIALTEVtES 

EUROPE’S BUSINESS NEWSPAPER 


Tbe content and publication dates of Surveys in the Financial Times are subject to change, at .the discretion .... 
' of the Editor. 


Swiss Bank Corporation (Overseas) 

UmaM 


Union Bank of Switzerland (Securities) 

tvuqulri 




■ Amsterdam- Rotterdam Bank N.V. 


Banque Nationaie.de Paris 


' Tho'Banfcof Bermuda 
Umnad 


Commerzbank 

AMan u is u techrfi 

Hill Samuel & Co. 

Unwed 

Morgan Grenfell & Co. 


' Banque Arabe et Inte m atToriaTo 
d'lnvestissemeiTt (BAM.) 

Drasdner Bank 
AMangeseascheft 


'Banque de ParisetdesBays-Bas 
First Boston (Europe) 


Kidder, Peabody International 

United 


Manufacturers Hanover 
Unaed 


morgar 

Lnumo 


Salomon Brothers International 
UaM 


Morgan Stanley International 
S.G. Warburg & Co. Ltd. 


Orion Bank 

Unod 


Wood Gundy Limited 


Abu Dhabi Inv estment Company 
A. E. Ames & Co. 

Limed • 

Arab Financial Consultants 
Company SA.K. 

Banca del Gottardo 


Alahli Bank of Kuwait (K.S.C.) 


Amex Bancom 
Limbed 


Algdmene Bank Nederland N.V. 
Andresans Bank A/S 


Am hold and S. Bleichroeder, Inc. 


Banca Commerciale itaiiana 


Banca Nationale del Lavoro 


Bank of America International 

Lmiead 


Bank Julius Baer International 

Limtod 


Bank fur Gameinwfrtschaft 

AttengereU'ctwit 


Bank Leu International Ltd. 
Banque Bruxelles Lambert S JK. 
Banque de t'lndochine et de Suez 


Bank Mees & Hope NV 
Banque Franpaise du Commerce Extfiriour 
. Banque Internationale A Luxembourg SA, 


Banque Populaire Suisse S.A. 

Luxembourg 

Banque Worms 


BanquB Rothschild 


Bank Gurtzwillar, Kurz, Bungener 
( Over seas) 

The Bank of Tokyo (Holland) N.V. 

Banque G&nirals du Luxembourg SA. 
Banque de Neuflize. Schlumberger, 
Mallet . _ 4 ; 

Banque de i'Union Europtenne 


Baring Brothers & Co., 
Limited 


Bayer ische Hypotheken- und 
Wechsel-Bank 


Bayerische Landasbank 
Girozentrale 


H. Albert de Bary & Co. N.V. 
Bayerische Vereinsbank. 


Job. Beranberg, Gossler & Co. 


Bergen Bank 


Berliner Handels- und Frankfurter Bank 
Cazenove&Co. 


Christiania Bank og Kmsdrtkasse 


Caisse des D6p6ts at Consignations 

Chose Manhattan 
Limited 

Citicorp International Group 


Berliner Bank 
Afctignggs glhc tWt 

James Cape! & Co. 

Chemical Bank International 
Lanod 

County Bank 


Credit Commercial de Franca 
Credit Lyonnais 
Daiwa Europe N.V. 


Cr6dit Industriel d’AIsacs et de Lorraine 
Credit du Nord 


Den Dansfce Bank 

aiB71 Aknn»toVjti 


Crftdit Industrie! et Commercial 
Cradrtansta It- Bankverein 
Delbrdck & Co. 


Dautacha Girozantrale 
.—.Deutsche Kommunalbank — 

Dillon, Read Overseas Corporation 


Diswaay & Associ£s In te rn a tional S.C.S. 


■ DG Bank 

Deutsche Genogens d i riBhaifc 


Dominion Securrtie 
Limited 


Drexel Burnham Lambert 
Incorpom a d 


Effects rtbank-Warbu rg 
Akttenamibdqrr 


E u romob II lar e S .pJV. - 
Compegme Eunxwa IfBwmohflqre - 


Euro- Pacific Finance Corporation 
LaiMed 


Europ ean 
Unaed 


Banking Company 


First Chicago 
Limited 


Robert Homing & Co. 
LbMMdl 


Gafina International 
Limed 


GreanshMds 
tac o pm ate d . 


Hessische Landasbank 
- Girozentrale - 

In te rnationale Genossenschaftsbank AG 


Girozentrale und Bank 

der Beterrelchischen Sperkassen 

AkuengaaSschsh 

Groupament des Banquiers P rives 
Genavois 

E. F. Hutton & Co. N.V. 


Goldman Sachs International Corp. 


' Ham bras Bank 
IdiMBd 


Industriebank von Japan (Deutschland) 

ni , | ,|i, ..I 


KJainwort, Benson 
Umand 


Istituto Bancario San Paolo di Torino 
Krediatbank N.V. 


Kjdbenhavns Handelsbank . 
Krediatbank S.A. Luxem bou rgeo iso 


Kuhn L'oeb Lehman Brothers 
International 

Kuwait International In ves t men t Co. aAk. 


Kuwait Financial Centra SAK. 


Lazard Brothers & Co„ 

Limited 


Kuwait Foreign Trading Contracting & 
In ves tment Co. (SAIL) 

Lazard Freres et Cie 


Lloyds Barik International 
United 


McLeod, Young, W«r International 
UmOed 


Marina Midland Ltd. 


Merck, Ffncfc& Co. 


Samuel Montagu & Co. 
Unaed 


Merrill Lynch International & Co. 
National Bank of Abu Dhabi 


Nesbitt. Thomson 

Unaed 


The Nikko Securities Co.. (Europe) Ltd. 


B. Metder seel. Sohn & Co. 
The National Commercial Bank 
(Saudi Arabia) 

R. Nivison & Co. 


Nomura Europe N.V. 

SaL Oppenhelm jr. & Cia. 


Norddeutsche Landesbank 
Girozantrale 

Ord Minnatt Ltd. 


Den norske Credrtbank 


Piersdn. Hetdring & Pierson N.V. 

Privatbanken 


PKbanken 
Renouf & Co. 


Paine. Webber, Jackson & Curtis 
Securities 

Limited 

Potter Partners 
Rothschild Bank AG 


N, M. Rothschild & Sons 
Um*id 


J. Henry Schroder Wagg & Co. 

Untied 


Singer & Friedlander 


Smith Barney. Harris Uphdm & Go. 

InCOipgMtd . 


Skandlrraviska Ertskilda Bankea 
SoeiAts G&teraie 


Schroder, Mu nchrriayer, H angst & Co. 

N.V. Slavenburg's Bank 

Soci6t6 Generate de Banque SA. • 


SocMtA SftquanalM de Banque 
Trinket® Burkhardt 


Strauss. Turnbull & Co. 
UBS-DB Corporation 


Varoins- und Westbank 


J. Vontobel St Co. 


Svanska Handelsbanken 

Verband Schweizerischer . 

Kantonaibanken 

M. M. Warburg- Brinckmann,WTrtz SeGo. 


Wardtey. 


Westfalenbank 

aMngasdftiWt 


J. B. Were & Son 

Williams. Giyn & Co. 


Westdeutscha Landesbank 
Girozentrale 


Yama ichi International (Europe) 
linind 

















38 


Financial' Times Friday March 31 _ 19755 


WALL STREET + OVERSEAS MARKETS 


Profit-taking pushes index down 2 


+ FOREIGN 



BY OUR WALL STREET CORRESPONDENT 


PRICES DRIFTED lower In 
moderate trading on Walt Street 
to-day, erasing some of the gains 
of the past two sessions. 

At the close the Dow Jones In- 
dustrial Average was down 2. is 
at 758.62, while the NYSE All 
Common Stocks index showed a 
loss of 12 cents at 34fi.<)5. 

Volume felt to 20.46m. shares 
from yesterday's 25 45m.. with 
declining issues outnumbering 
advancing ones 754 to 563. 

The decline was prompted in 
part by profit-taking and in part 
by fears of higher interest rates 
amfd mounting concern over the 
recent prowl h of the nation's 
. money supply. 

Airco was among the leading 
actives, falling S3-; to 5403. EQC 
International, utoich yesterday 
said it was set lo increase its 
interest in Airco to 55 per cent., 
announced to-day that it nmv 
owned 6,641.500 shares— about 34 
per cen.L of Airco's outstanding 
stock. 

US. Steel, also active, was 
steady at S 2 -"; — the company 

THURSDAYS ACTIVE STOCKS 

Chance 


Sear# Roelracfc ..... 

Stocks 

traded 

3N00B 

Closing 

price 

**22 

nn 

day 

Aireo Inc 

?3+.7to 

■so : 


Rnwan Cnruponles 

2 «.aao 

121 


Metromedia 

1T0.TM 



Chaw Manhattan .. 

143.900 

291 

-i 

Texas Utilities 

133.1)00 

20 


Sycur Inc 

130.700 

20 : 

— 

;oih Century- Fox 

123.708 

2s; 

-* 

Amer. TeL and Tel 

122.200 

SI £ 

-i 

loco. Ltd 

1*2.008 

16! 



defended it? Sionn. a ton price 
increase which drew Government 
criticism when announced yester- 
day. 

National Steel, which raised 
prices SjjO a ton, picked up $-1 
to $2.8:. Wheeling Pittsburgh 
Steel, which raised prices in fine 
wi-ii UP. Steel yesterday, was 
steady at Sfljj. 

Among bright spots. Combined 
Cammanicatinns rose $1 to S3ft{ 
—it recently called off merger 
discussions with an unidentified 
company. 

On the AMERICAN SE prices 
dipped in light trading. The 
Ames index fell 0 0& to I2SS6, 
while volume amounted to 2.B9m, 
shares (3.70m.). 


OTHER MARKETS 

Gains in Canada 

Prices moved up in busier trad- 
ins on Canadian Stock Markets 
yesterdoy. The Toronto stock 
exchange index rose 1.9 to a 1978 
'■ hish n of 1.Q5S.3, while the Mon- 
treal composite index advanced 
0.33 to 130.57. 

Metal issues showed some good 
gains, the sector index jumping 
15.3 to SS0.9. 

PARIS — Higher, following 
through Wednesday's buying and 
underpinned by the stability of 
the franc and the £-point cut in 
overnight money to Sj per cent. 


The largest gains were posted 
by 'Radiotecnique, up Frs.27 to 
445, Moet, Frs.17 ahead at 440. 
BSN. FrsJfl higher at 434, Rouges, 
up Frs.21 at 635, Priniemps 
Schneider and BUT. 

Rhone -Poulenc gained Prs.3.9 to 
71.0 on speculation that it might 
pay a higher dividend for 19<<. 

Losses were rare but included 
Foclatn, PUK and Raffinage. 

BRUSSELS— Mostly higher in 
moderate trading. 

Cobepa, Ctabecq. AC.EC. Socfm 
and Mosnnc rose, while FN fell 
BFrs.30 to 2.3G5 and UCB 
B.Fr&20 to S64. Comeira and 
Tcssendcrloo also lost. 

Petrofina was unchanged. 

AMSTERDAM — Firmer follow- 
ing Christian Democrat gains in 
the Dutch provincial elections, a 
steady dollar and firmer Wall 

Street. 

Royal Dutch, up Fls.1.30 to 
FIs.129.10, led the gains in Inter- 
nationals. with only Hoogovens 
lower against the trend, dipping 
30 cents to Fls.24. 

Ahold gained FIs .2 to FIs. 102 
ahead of its annual report. 

■ GERMANY — Prices showed 
little movement in quiet trading. 

Commerzbank fell 30 pfennigs 
to DM.229.90 on disappointment 
over the slight 50 pfenning rise 
in the dividend to DM.9 and a 
fall in grou p net profit. 

SWITZERLAND — Quietly steady 
with new incentive lacking. Lead- 
ing Banks were little changed, 
while In narrowly irregular 


Financials, Etektrowatt eased 
Sw.Fre.J3 io 1,523, while In let-food 
“ B,” Landis Registered ' and 
Oerlikon-Buchrlc dosed higher. 

JelmoU showed little reaction 
to ii* intended purchase of a 
majority stake in Union Ilandeis- 
gcsellschaft, of Basle, gaining 
Sw.Frs.5 To 1.385. Alusutsse eased 
Sw.Frs.m to 1.240 on its' co- 
operation deal with Zaire on 
the instruction of an aluminium 
mil! there. 

MILAN — Mixed in very thin 
trading. Fiat eased LI4 to 1.945. 
following the announcement or an 
unchanged dividend and distribu- 
tion of shares. 

Snia Vlcosa rose L9 to 511 fin 
spite of news of a heavy deGcit 
in 1977) on a reduction in recent 
selling pressure. 

OSLO— Closing prices showed 
no dear trend. 

VIENNA— Wei l-xnai n tained. 

COPENHAGEN— Irregular, but 
with stocks lending higher. 

MADRID — The recent recovery 
continued with a rise of L4I m 
the general index lo 9157. Turn- 
over, however, remained very low. 
The improved trend in a thin 
market owes more to tbe with- 
drawal of sellers than to any 
noticeable buying pressure. Both 
Gaterias Preclad os and Union y 
el Fenix continued to attract de- 
mand. and Banks remained 
strong. 

JOHANNESBURG— Golds drifted 
lower on general lack of interest, 
after an initial markdown in line 


Indices 


NEW YORK -DOW JONES 


fl.Y.SJB. ALL U0XM0N 


Mur. ' Mar. 1 Mar. ; Mar. 
30 | 29 I 28 ! 87 


1975 '-Since rnmpilat'n 


48.35 BB.B'J 48.86- 4Sj 


1978 


Rises and Falls 

I Mar. 30 U«r. 29 Mar. S3 


Hifth < I«iv 


I U«r. ■ 

; M * r - ! 

! liar, i Mar. 

liar. 

, Mar. - — ! 


\ 30 | 

1 ® ! 

ffi ! 27 

! 23 

> 22 j High [ Low | Hiftb ! 

Low 


6* 57.80 
t5/li 


4SJS7 

16,3) 


i*suw ira.lcrt^_ 

Kure 

FaJ 

l nch*»i _•<?/. 

New Uiuhs......... 

New Uiv* 


1.848 

S93 


1.866 

861 


UB62 

908 


Ml T 494 ; 4 S3 


MONTREAL 


Inlmtrtai...! 7B8.6S 711.70 7S0.B4 759-21 756.50 757.54 017.74 

1 • l i . : (3d) 


742.12 I 1051.701 

ia/s> 


41.2! 


Mar. , Mar. Mar. . Mar. ! 


1978 


30 


29 ! 23 


27 


B'meH'n fn“| 

88.72; 89-691 88.84.' 89.77- 8DJM 83.88 90.86 i 
. , • ifl, Li ; 

83-64 ! 

1 


l26jl) ! 

1 

Tn»n*pnrt....j 

287.20 207.75 207.68' 206.81 207 .88 287.54 215.77 i 

[9r.4) , 

278.88 | 13.25 

! : i3'li j 

19(1 i . 

Cl lit Si • f8i7;5H) 

lititinu 

106.72; 106.08 105.85 105.72 105.65 105.72 110.98 1 

102.84 

163.42 1 1 D.5d 


! 1 : i i (3*1) : 

tja&) 

(20,4/69) - (28/4(42) 

rm-izatf stiff 1 f 

HT* t ; 20,460 25.400 21,600; 18,870 21.280' 11.850: - 


_ 1 „ 

1 

* Min* nr innea iOiiiijini rroro floral M. 




IrflurtriBi 

CnoiHoeil 


TORONTO 


Hiftfa 

Lew 

174.68 

C3.it ; 

[62-90 

tI6.-2i 

180.54 

(5(li i 

170.62 

ijO.'Ii 

• 1056.5 i3u;5i 1 

998-2 

iso-r. 


jOHAKNESBOHtf 

, t 

i 






(JoM 

} 100.5 

206.1 

205.4 •• — 

218.7 

fl.2i 

135.0 

(21 5i 

In-tu-inaif 

1 202.7. 

198.6 

1S7.8 | _ 

214.4 

l4.lt 

■94.5 

<15 '3i 




Mar. 24 

' Mar. 17 [ 

Mar. 10 ; 

Year ajjo CapproxA 



6.16 

6.06 • 

6.14 

\ 

4.41 

STANDARD AND POORS 


I Mar. i liar, i Mar. 
| 30 j 29 1 28 


I97b 

tiuire Loinpilat'n 


i 27 !' 

23 22 

Hiftb ; 

La>w I Ulfih | Low 

I In liutn*-* 

fUompiwitf' 1 

88.24 98.49! 98.85' 97.63 
i»l' 

1 89.4i; 89.64- 89.50 09JI7 

1 1 : ' 

98.19 98.34 

89.36 83.47 

103.22 | 

o li • 

93.82 
'3/l;| | 

95.52 i 134.84 1 i_52 
(6/3 1 ' < 11 /1/W <80/6 
8B.ril ( 125.85 1 4.40 
iSfoi '.ilL/l/TAi: ilpb/oSi 


t 

Mar. 29 

J Mar. 22 

! March 15 

; Yrer afto (appm^.j 

In 1. die. violri l 

5.46 

i 5.46 

! 5.47 


4.47 

la, I. P.'K Kano j 

8.48 

1 8-48 

! 8.43 


10.27 

Lana Govt. Boml .vie+l ( 

8.25 

! 8.15 | 

8.16 

1 

7.74 


Mar. Pro- . lute 
30 ' viiw Hfc>ti 


lair 


; Mar. ; Prvr- . 1978 , 1978 
| 50 1 Ions - Histi !>'« 


Australia^) 4&1A4 
Belgium U» 04.40 
(Denmark”, — , 
France «tt4‘ 61.* , 
Germany) O 729 A 
Holland (fcij 77.0 
HongEon^ 444.08 
Italy «L'ii 60.63 
Japan in) *06.78 
Singapore , 284.S 

(Ai i 


448.69 

94.16 

35-65 

60.4 
790.9 

77.4 
446.41 

BO-82 

«ft.ua 

282.02 


479 .ai 
fill 
9«.B2 
ClO-2. . 
96.13 
■Mil: i 
bLfl 
i rtlnAi 
E12.? 
«U«2l 
E2.I 
il0/2i 
444.08 
i '30/3 1 
63.56 
.6-3) 
406.78 
•50.3 1 
23*^5 
i iSO-oj 


441.19 

il)3i 

9U.‘i 
1 12 1» 
94 .IfJ 
.6/2 
47.6 
|3|Z) 

7 «£Jl 
I*/U 

n.o 

(30io i 
383.44 
Il3il) 
55.45 
< 10/11 
364.04 
.4/li 
262JJ0 
(9,’L 


Spain off 91^7 6046 93.9G; :l*e 
! .10,11 . (I7--1 

Sweden W" S«) J» . 3SL65 362^3 32 c . 74 
<2?.3j ‘ iJ'li 

SwiUerl'dl.'' 296.1 295J> 323.7 2M0.* 

; .'14 21 : 10. J. 


Indices and base dales < ail base values 
100 i-xtept NYSE All Common — -W 
Standards and Poors — 10 and Toronto 
■Too-i. ooo. Uk last named based on i975i 

• Excluding bonds. 1 400 Industrials 
9 46o I mis.. 40 Utilities. 40 ttnance ana 
3) Transport iM Sydney All Ord 

• i Belgian SE 31 '12- 63. f— ' Copenhagen 

SE 1.173. mi Pans Bourse 1961 
»;:* Commerzbank Dec.. 1053. <131 vtnsier 
dam. Industrial 1970. <?'» flans Swis 

Bant 31. 7 '64. h : :|i Milan 2/1 73 (o> Tokyo 
N-w SE M '89. 'b) Straits Tunes I960 

(cl Close. td> Madrid SE 30/ 12-77— hl«h 
and km- for 1978 only in Stockholm 
Industrial 1/1/38. l/l Swiss Bank Carp 
(m Unavailable. 


OVERSEAS SHARE INFORMATION 

NEW YORK 


!hv. S Prem. at $2.60 to f— 1M°S (S9?"&) 
Effective rate (at 1.8615) 46% (44i%) 


Stock 

Abbots Lab» 

Addrenugiaph .... 
Aetna Life ACim*! 

An 

AlWl j 

AluanAluminium, 
Al.i« 

Allegheny Lmli..: 
Allegheny Poweil 
Allied Chemical.. 

Allied Sbure* 

Mli- Chaimen... 

AMAX I 

Amerada Dm...! 

Amer. Ainine.....| 
Anier- Brand* ....I 
Amer. Uroadout.] 

Aioef. Can 

Amer. Cjanatntrij 
Amer. Kloo. PUw.. 
Amer. Express ...] 
Amer. HnrnePtndj 
Amer. Medic*'... : 
Amer. Uotura.... 
Amei. Nat. Gas_.' 
\inei. shaii'tard..: 

Amer. stau-es. 

Amor.TeLATci.. 

AmeLek 

AMP- 

AM P 

Ampex j 

Ancbor Hock mg. 
Anhenser Buscb.. 

Aituto Steel 

A.S.A 

Aamm OiL..._ 

Amico. 

Aib Land Oil— 

AU.Hldlfiehl . 

Auto Data Pro — | 

A VC ] 

Ami ■ 

! Avon Products.... 
Hall Gas Kietf — ; 
1 Bank. America.... .' 
Bankers Tr .S.Y.! 

Barber Oil i 

Baxter Itavenul 

.Beatrice Find 

UeetooDii Lenwn, 

Bell A 

iBendix 

Bcnguet I'nni -B.- 
Molblchem tfteel .. 
jBbu.'k t Decker...; 

{Uaelng 1 

' Boise Cascade 1 

I Bonlcn •; 

tei*. Warner i 

i SraalH lnl_ | 

i Brascan ‘A* - 

itrtatol Mjers | 

• Brit. PW. ADR.... 

JiWtsifGhm..! 

I Srunavrlck 1 

: kKJTiiaErie | 

j Judd ‘ 

; to \an Wau*... .. 
■ teuxitngtoo Ailin' 

1 Bamxigbe 1 

Campbell Soup... 
'Jarwdian Pacific. 
■Janai Kaodolpb..: 

Taras ti on 

■>rrier*Cicnc«. 
arter Hawley.. .• 
rat«Vil'nrTn!Bt< 

BS 

'BianeseComL..: 
intrai * S. «...] 
>rtalnteed ....... 

!e*na Aiirraft.. 
-haseMitiihaican 
:bamk»i 11k. NY 
Tmsebrgh Pond . 

’ Lewie Sy*tem.. 
iliidago Bridge...' 
itiroinaikiT...™^ 

hnilBT... 

U> era roe .. 

la*. illlaiTon.-i 

Itifiorp— 

itlee SerrJco....! 

, tty Inverting../ 

oca I'jjm 

dgt Palm 

' olm' Altman. .j 

I -dnmbta Gu_... 

I oiumbla Piet 

InkCtuoiAni 
uatlon Ena- 
puation Eq... 
v'th fitiaon 

ar’th Oil Re-, 
a. Satellite^ 
utertj'-umie 
t. life fn*.. 

EdloLio N.i' 
il FooHb...... 

il Nat. Gas 
imer Powei! 
nenuu*GrpJ 
nentnl Oil..! 
ncntMi Tele. 
fti this..... 

•j Indus. ....i 


Mm. 

50 

55*3 

17Sp i 
35M | 
25Tb 1 
40S 4 . 

as* • 

40 • 

1S>4 
1BU • 
367 S « 
2Q>i | 
25 t b 

35 

25 | 
10* ' 
4612 ; 
39V, j 
36V, ! 
24 7g : 

23* - 
32<4 : 
kflis ' 
21* 
4* 
42* • 
36* , 
30 <g 

61li 

30* 

16* 

36? a 

124, 

26 
20* 

27 
Bl * 

11 

19* 

28* 

46 

27* ; 

Bln 
22* 
467, 
25* 
22* 
35is 
28* 
361b 
23 Tg 

36 
18* 
34 

27b . 
21/4, 
151b 

34 
25 U 
28* 
27* 
11* I 

14 lg 1 
29?a i 
14* 

28 

14* , 
18U 

35 | 

- SSa ' 
SB* 

594 I 

52 ■ 

15 j 

10J( I 

26i, [ 

11*0 i 
16>a i 

47 ; 
46* 
377 3 
137g 
20 Ir • 
3i* ; 
29* - 
38* 
221 S 
501, . 
49* 
18U . 
11* | 

2* 
23 >4 ' 
20 

47* I 

14 

377a ' 
19* 
ii*4 : 
28 j 
163, I 

16 t B : 
331* l 
14* ; 
27 'a 

2* | 
8£Jt I 
10 <4 i 
4fit a 1 

20 * ; 

23 

23*4 

40 

25* 

29* 

26* 

15 la i 
24-* , 
44* | 


Mar. 

59 

5BV, 

17* 

35* 

26 

441, 

25V, 

40Ir 

181, 

18* 

37 

20 * 

86* 

35* 

25* 

10 * 

454, 

38* 

36!g 

24* 

23* 

32* 

28<2 

215 B 

41b 

42>, 

361, 

31 

61* 

31 

16* 

26 

13 

Z5S, 

20* 

27 
3112 

ll'« 
20Ir 
285, 
46* 
281 a 
9 

22 * 
46* 
25 >a 
227# 
35* 

28 ■ a 
36* 
23* 
36 
187# 
34i» 

3 

20 * 

157b 

34* 

251, 

28* 

277 B 

12 

14* 

301, 

14* 

273, 

14* 

18* 

33 

5* 

3678 

60 V, 
32>: 
151, 
10 * 
255, 
llig 
16 14 
46* 
46* 
57* 
lb* 
20 l s 
31 
291, 
381# 
22* 
31 
49* 
17* 
11 * 

a* 
24* 
20 
AS 
141* 
38* 
1«t 8 
11-8 
26* 
16T„ 
161a 
33 
14* 
27 Is 
2la 
355, 
10 * 
45 * 
20* 
■43 
25* 
395 4 
83* 

as7s 

27 

16* 

25 

44* 


Stock 


Mur, I Mar. 
50 • 23 


OrauiuGianw..; 
CPU InPn'tiooa: 1 

Diane I 

Uro-kerNal- j 

L.inwuZeiieil<B/ L. 
Duntmin- Knutm 
viut-WnsIit 

Uann 

Dart Indurtnea- 

Deere 

Dei llonte ... 

De'timn..... 

Dent.-pH 1 Inrei., 
lletroil Kllae... 
Diamond nbamr k 

Dicuplime. | 

V>Wlta- Equip.-. 
Dianev iWiltj_. 

Dui-pr Corpn | 

DiiwL'bemica!... 

Dm vo 

Dresner..: 

Du Pont ..... 

I )ymn ludiulries 
l»:ie Picber..... 

List An tinea......] 

Eastman Kodak..; 
Kali n 

K. G. A I 

Ei Pa*i Nat. Ciuk 

Eltra ; 

Linens n Electro : 
Kmen'AlrFr'Igtii 

Embari j 

K.M.1 1 

KnueUurd ! 

UsDiarb— ! 

Eibvl „...! 

ULMin 1 

Piun - 111 Id Camera' 
Pet. Ueia.Jftore*-' 
firestone Tire....' 
rsu Nat. Boston.; 

Piexi V >□...._ 

FlUi taut e I 

Florida Power ‘ 

Fluor. i 

F.1LC 

Kuril Motor— — 
Kofemust Met... ■ 

Foxbane.. 

Fmnkilu Mini • 

PneeiRft Mlnera I 
rnietuiul 1 

Faqua Indr..... J 

U.A.F. ......1 

(inuKtL j 

uen. Amer. Ini...' 

l.i.A-T.A • 

lien. t4bie 

Den. Lb,-naitncs...i 

Uen.Kieclrlcs , 

General biuda....) 
Ucnem MMio_.. ' 
General llotora... 
Den. Pul'. L'lil....' 

lien. Signal ' 

oMil Tel. Ktert...J 
Den. lyre 1 

iiL-neso' j 

Georgia Pain ilc... I 

(retty Oil..—... 


47 

45* 

28* 

2 b* 

31* 

nSV, 

17* 

22 l s 
08 * 
25* 
2 a* 

B 

18* 
lo* 
23* 
Ink, 
39i S 
52 * 
59* 
23* 
28 
38* 
lU21g 
17 
19* 
7i 8 

42* 

34* 


47* 
45* 
28* 
26* 
: 31 * 

36 
17 7g 

22 * 

59* 

25* 

2d* 

8* 

' 18* 
lo* 
237 8 
: 13* 
• 39 
I 32* 
39* 
23* 
28 
39 

1017a 

i 16* 

IB* 
i 7J, 
42* 
. 36 


201 , > 
141fi ! 
49 is • 
511, 

37 s, : 
3u>s ; 

2 * ; 
as), ; 

27* . 
19 ! 

447, ! 
49* ; 
34* 

14* 1 
2b* I 
187a I 

227, 
29* 
52* I 

21 | 
45* I 
17* , 
33 ; 

,4 1 1 
19* | 
26 ■ 
103, i. 


11 * 
36* 
»* 
24* 
14* 
44* 
47* 
1 28* 
27* 
613, 
20 
24* 

29* 
24* 
7* 
i 24 

1 139* 


Gillette • 

<iwdrii-ii P.F„.„. 
innlyearTIre.... 

liuuMl „.j 

unit W.H I 

lit. Allan /"arTcaj 
un,\iinli Iron..., 

lire, licuuil | 

* nit A Wedeni—i 

Gull On 

Ha I Haul on ! 

dauna MlnUU!—.' 
Hirnm-fateger....! 
Hams Lorpn.,,,.,1 
dduz 

Heutilem .. 

Hewien Pai-latriil 

U«IiiIbv Inin ] 

Humeelake 

Uniitri well.. .' 

Himrr ...... 

Hiap Corv Amer. ; 
Hiairtun Nat. Im ' 
Hunt tPli.Ai thin. 

Hulli ill 1 LJ-'.i ] 

■ I.C. Initiislrie* 

' IN A 1 

Ingewil Kanil_.' 

Inlamt Steel... - 

liutb-o. 

{ nf cream Knerg,: 

IBM.' 

I11U. Fla toot* \ 

I nil. HarveMet-.j 

Inti. 11 tn £ i.'beni 

Inti. Mull if (arts., 1 
IlKO 

Inti. Paper 1 

IPO 

Ini ReetiGer- 

Inu TeL A Tel....* 

Liivenr i 

Imi'n Beei 

1L Imamer ww. 
Jim Waller—^...! 


27* 

197g 

17 

267, 

as* 

8* 

34* 

13* 

13 

29* 

5iJ* 

i&* 

141, 

47* 

3b* 

26* 

63* t 
16* ; 
33^, 
44* | 
13 

27T g - 
245j ; 
il* 

12i, I 

20J, j 
39 ! 

516a • 

36* . 
13* 


20 7g 

147f 
29 la 

31* 

37* 

3U* 

27 8 

235, 

27* 

19 

45* 

30* 

d4J, 

14* 

2b* 

19 

42* 

29* 

327s 

20 7b 
45* 
17* 
33 
7% 
19* 
46* 
105, 

I 11* 

I 36* 

- 9S8 
I 24i, 

: 147# 
j 44* 
I 47* 
| 28* 
47* 
617, 
20* 
24* 
1 294, 

i 

■ 24* 
160J, 

1 27* 
: iB6a 
17 

' 267a 
25* 
: a* 

243o 

13* 

• 13* 

• 25* 
; 37* 

36* 
! 14fa 
j 47* 
I 35* 
I 25* 


Jobtv- Manvtlie../ 
Johnnie, Jofan-oni 
Lihn-on Oonlrv . 
Jiivlinnulactiir*- 

K.siart Out | 

luu-erAniruinrm' 
Kai-er Industrie 
Kai-ei Steel ..... 

K*\- 

Kenneisitt 

hot MlG 

aUl/le Wa-ter I 

Kimliem Clark..! 

K(ippor> i 

LCmfl 

■vurser Co^. 

Levi Snauj* 

LiUn'Ov.Fnnii..,; 

laggeti (iieup,.,! 

Lilly (Ell). j 

Luton ludij-i . 

U<sfc heed Alrer'iC 
Luoeonir lnd»....: 
Lung I’Wnd Ltd.; 

L wlfiann taind...i 

Lobri'Ol ' 

Lucky Store, [ 

L'ke» Y'uugri'on’ 

AlacM 11 inn • 

Macj LL H ! 

Utr- Hanover.....) 

Ms[«ii 1 

Maralbtin (Hi : 

Marine Midland' 
Marshal' Field ...[ 

May Dept. >tor» 1 

MCA 

McDermott. : 

McDonnell £k<ug 
JleUraw Hlll^.„. 

Memucex • 

Mnck I 

Memli Lynch.... 1 
Mea Petroleum. 

MGM 

UinnMmgAMti;. 

.Mobil L'orp 

Uon»»nui..._ | 

Morgan J. P. 

Mutonjla 1 

Murpb.t Oil | 

Xaln-cu .............j 

iVilni f'liemkaL.i 
Nstiouai Can t 


8 

237* 

el 
26* 
38* 
41* 
16* 
. 37* 
28* 
lu* 
28* 
I 

32* 
1 17 3 
28* 


63* 

16* 

■if 

13 
27T g 
25* 
| 114, 
I 12* 
; 21 * 

i 39* 

■ 51* 
; 36i, 
| 13* 

I 8 

■ 238* 
' 20 * 
1 26* 

38 

! 21*a 
' 16S, 
38 
*8* 

. 10 * 

: 28fg 
1 

33* 

■ II* 
j 28 7 a 


Stork 


Mm. i‘ Mar. 
30 | 29 


Sat. VJi-tlllt 

Nat. Servli-e Ind-i 

National -Stow I 

iValuniBj> 

Mill 

Neptune lmp„...l 
New England E 1.1 
New EnglamiToJ 
Niagara Mohawk 1 
Niagara Share ....j 
>. L. Judusrria* .( 
NortolkAlVesiernl 
North Mai. £#•...< 
Nthn stum P»t. 
Nth went Alriinevj 
NthwertHani-iat,- 
N'Jttoo Sin ion ....! 
•.» smlenia. Petroii 
•Jgilvy Mother .. ; 

Uhio Krflar.iu M 

Dun ...1 


Oren«sSiiip 1M . I 

lArwjBL'ofuiuc.. r 
Owen* lllinoia....' 

PaClbc fils. : 

1 * 1*111 lie lagbtiug, J 
l*e. I'wr.A Lt,...; 
Pat, Am World All j 
Parker UaruiUm.l 

Pen&odj Im 1 

l'nl.IV.4 Ll 

PennvJ.U I 

lV/mumll t 

Proplex Drcc j 

Petytlw 

Pep«ia>.„ ! 


29* ( 
68* | 
264, . 
33* ; 

i 

29 
1* 

23* 

8* 

1,5* 

45* 

307b 

41Gb 

21* 

44Bg 

,9* 

29* 

47* 

28* | 
4U* 
16* 
157, | 
19* I 
19* 
21* 
37* , 

14* 1 
6 , ; 
11* I 

381# ; 
a2* 1 
5n* . 
419, I 
13** 
20* ! 

22* 

40* 

234, 

254, 

187, 

30 * 
483, 
14* 
32* 
fc9* 
44* 
613, 
465, 
427, 

39* 
3»* 
«*8* 1 
26* j 
IB* | 

22 * , 
1338 !. 
29* i 

a S3, . 

43* I 
163, J 
21* 
34* 
147# I 

16* I 

275, I 
38* I 
245, I 
255a ! 
22 
183, 
21* 
45* 

io* ! 

14* | 

an, : 
58* 
20* 1 
wt* 

20 
21 

67, ! 
B2T, | 
81* ! 

ka I 

35* 
283, 1 

35* j 
86* : 


297, 

083, 

261, 

n3ae 

237 a 

296, 

4 

23* 
84, 
257b 
45* 
30* 
414, 
21 ' 
44S, 
29* 
293, 
275, 

28 
40* 
16* 
17 
19* 
le la 

213, 

38 

14* 

63, 

11* 

49* 

323, 

53* 

417, 

137, 

20* 

22* 

40*- 

&3aa 

253, 

183, 

31 

483, 

14* 

a3* 

297 b 

44* 

62 

47 
427, 
39* 
35* 

48 
263, 
153# 

22* 

13* 

293, 

a5* 

43* 

167, 

213, 

34* 

14r# 

93, 

16* 

27* 

38* 

25* 

255# 

22 

18* 

21 

45* 

16* 

14 

22 
585, 
20* 
£‘ ♦ 
20* 
kl* 
„!>*« 
23 
213, 
217, 
353, 
287, 
8 

35* 

263a 


t’erkln Klme«...... 

Pet.................... 

I'lLrtsl 

Hicps IJivlgt 

rli mule idila K>. 

Plnliti Mmi1» * 

Philip* I'etni'm] 

Piirtiury 

Pitney Bowen. 

PiUrtrai ; 

PipHer Ud ADUl 


I'ot# min .j 

Piitnnuu: Elea 
PPii lii'liMtrm ' 
Pro-tor G<mtife. j 
Pub Wrvi' Ele-l..! 

Pullman 

i‘urex_„. 
ijiaker Uaui^.... 
Kapil Ameri-an. 

Itavthpon 

MCA 

KepnWif Sleel.^J 


18* i’ 
463, ; 
b 77, ; 
22 
IBS, 
58* 1 
285# : 
a6* : 
20 

413, I 
177 , f 

25f B I 
1&* 
25* 
745, 
2253 i 
26 
173, 
217, 

as, 

46* J 
24* 

33 7| , 


718* 

373, 

28 

217# 

181, 

581, 

28* 

37 

20 

223, 

18* 

25* 

15* 

251, 

747 B 

22a# 

25* 

17* 

22 

8* 

353, 

243, 

235# 


•«Uirli 


Mm. 

30 


Mm. • 
29 


Kevkffl 1 

UeynuMa Menus 
Keynmda If. J_.. 
MMi’ano Merrel .; 
Itivkwoll lnier...| 
Koiirn* 1 


Kuyn. Hatch „....! 

iri’h : 

Biles Lora J 

K.vdei- .«ijweni...j 
raieway Storen... 
41. Jue Mmerair.l 
-I. HfeCiv I is per...! 
^anta Fe inita.^.i 

Invert ; 

■auwn I lift,. i 

x-hdi* Brewing J 
icbiumbeigei ....J 

'CM .1 

Papei 

’s.vivii Mrg ! 

*u»lr* Dura Ve»i. 

■ifti Urmtaiuera.. 1 

n agr» m 

stwric (dJJ.i 

■’ear* H<«liiek._.: 

ihUCt) 

Shell Oil | 

Shell Ttau. -port... I 
Signal 

bi jr node Cor p_ | 

slmpll-Uv Put...' 

Singer 1 

Smith Kline | 

Sotitnm • 

southdown : 

AmthernOal. Kd.j 

Soul hem- Co. j 

Slhu. Nat. Ke*... I 
Smitbern lAu-ifi .. 
Southern Kailway | 

TOntbliuiil .* 

i'w't UnnshamJ 
ipem Hutch.....! 

Kami- 1 

4|iiIL... ] 

vlaibUiri, Uramifi 

■Hd.l'lilCal item 1*1 
atd.UlI In. liana.. I 
rnd. Oil ohm. • 


39 
28 
563, 
23 
313, 

325, 

59* = 
147, 
115, 
16 
385, 
265, 
26* 
343, 1 
5* j 
6* • 
11 * ; 

b63g • 
167# ■ 
123, , 
21* 
e* I 

257# : 
227, 1 

ia* 1 

*25# • 
a 23, • 
41* 

40 

325# ■ 
o3* 
13* 
19 ! 

07* 

2* I 

25* 1 
25* 
167# ! 

31 I 

413, 1 
454, | 

23 ! 

25* • 
153, | 
043, I 
287, j 
a.- a# 

487# I 
A 53, . 
60 j 


’Uun Cliemical.^ 

iBTj 

-twlin-j Drui; ra ..i 

IS?# : 

rtn< lei riser. 

so* | 

urn c *•....„ ^..1 

39 V# | 


35 1 

i.iniei ...... j 

24 ! 


9* 

I'eklnmlx [ 

34* 

C+lca...^ 

4* ! 


1'eneuo. „.| 50* 


1'esoro Petroienml 

lexa. o 

Texiuignil .; 

riruu Inatm. • 

re»» till J£ fjral J 
lent Uiihth* ...! 

lime ln»- 

Tinwe Mirror „.. 
lupkea. 

fnne .1.. ' 

I'lanau leruw- ..- . .| 

truism - l 

Prana Uniun 

l>»n m> Int'ro j 
Iran* iviin.i a,,.- 
travelers ......... j 

lf( UwdiuuibBi .J 

l. | 

MihCcntnn Fiw! 

t A I- 1 

i-AKGO : 

uui .... ; 

tfil'evei N V ! 

l moo iiamutv.. • 
Lukin LariiUte.... 
Lnlon VainiiULTre' 
■-.niuiiOl Cain... 
tin ion Pact fir. ; 

Lnlrovai [ 

Lmied Bnnitb....| 

LS bmhuqi. 1 

LS.Gvt ■Hum. 

L'S. Sbne —i 

ts.'Mcei,.^ 

L, Iccbnoia«ie«..j 
L V liuliutnes^..; 
Virginia Kiwi.... I 

W ilgreen.. ....[ 

"’■vmiwCumm n.^ 
'Virner-Lunleri.; 

iVeUvFargp 

IVntem Dan nn ! 
Wwfem Ni.Amm' 
Western Union.... 
W.wtin'ihw Hlrift. 

Weyerb#ou«t/r..~‘ 

Wninuo.,...: 

Wliiripnnl ! ‘ 

White Liin.lml . I 

William t'« I 

W I noons in Elect j 


87s 

261# 

IB* 

65* 

40 

20 

485, 

25 

44* 

43* 

147, 
16* 
457# 
227, 
IS 3, 
31* 
19 

■i45g 

,8* 

',4 

Bis* 
20* 
471# : 
a4* : 
141# 
39* 
7* , 
^85# , 
433, , 

7* I 
7* ! 
28 1 
23 1 

*<■ * ; 
as* ; 

45 7 C 

195, : 
1-4* ' 
L97# ! 
53 s„ 

k6 

a2 7 5 ; 
ZB* 
lfci# 
163, , 

24b# 
B2o# : 
21* 
as* ; 

177, 
■27* 1 


39 

281, 

56* 

243# 

313, 

32* 

59* 

143, 

11* 

16 

485, 

26* 

£6* 

3M# 

5* 

U* 

663# 

153, 

13 

207, 

63, 

257# 

23 

1** 

B25, 

32* 

31* 

39* 

33 

353, 

13 
187, 
563, 

„ 3a " 

25* 

2b* 

167# 

411# 

32 
453, 

23* 

25 
155, 
347g 
23 
255# 

39 
*57# 
60* 
J7* 
13* 
501, 
593, 
35* 
B4* 

9* 

343, 

743, 

4* 

304# 

9 

2b * 
17* 
b47# 

40 
20 
48* 
20* 
44* 

33 

14* 

19* 

46 

22* 

16 

31* 

18* 

3 i, 
<8* 
k2* 
B3* 
4^3# 
20*. 
37* 

*4* 

14* 

39* 

7 

49* 

14* 

7* 

7 

S 8 - 

223, 

26* 

253, 

36 

2U 

14 

20* 

43* 

273, 

21* 

26 
427# 
22 
16* 
163, 

24* 

227# 

217# 

as* 

17* 

273, 


stuck 


. Mur. Mar. 

: so 23 




w rl y ■ 

Iww 

4»l aia 

'.mi nb Kadw ' 

L.S.Trras** la-i 

L/^J.UO Day bill-.. 


Mr* 

2i, 

42* 

17 
14* 
t9A ■ 

tax* sal* 
6.39,*; 6J7; 


183, 

2* 

42* 

17* 
1459 
194 r ‘. 


CANADA 


MU Ild Paper 

AauKTi E»c:e 

AicaiiA'uminmui 
\ Liimn pLeei ...... 

Vshri-inp 

ilaiiknt Monirea , 
iiauk Nun cmiaj 
■kune Kemitro.. 
den leiephune.. | 
liuw Valiev Ind .■ 

up Canaita..... ■...., 

dm* on 

•inn 11 ; 

utinn Kmn ... 

. n rm/vi Mine 

uau-vrn Cement.. 
.Vuioila L \ WLaik , 
Can Ira, Bolt Cum 
■JanailH Jnun>, _ 1 

Can. PuJh. I 

Dsn. lApitj Id, . j 
Din. Super 01 ...j 
Darling U’Keeie .| 
Da>«hir AaltMt* | 

■Jb/efiain i 

JumitKO j 

Com Bathurst.... I 
Dnmamer Uaa....; 
CiMeka HeMflirret, 
<n>tHiii Hich....^ ( 

Dnan Dev In it 

ifeinsuu lUliier.... 

iTume Mines. 

Doan? Peiroieun., 
Do ram loo Uridgii 

Lkimiar— 

Dupoar..,- 

ra.urm'ae Nii-ke. I 
’•ml lint'# Curt.., 

I.nustar ....... , 

Miaul lBl.WknHM 
Dull On Cannda^l 
li twker »« 1 . Can., 

H"iin«er 1 

rilime On - A'_....: 
Hitdaua bay Mac I 
Him l»oa Hsy...„...; 
Hialaan Oi> i Ga>. 
I.A.C 1 

iDlurCO I 

Imperial Oil..—..] 
Inco • 

Inda , 

inland Nbi.Cm.,] 
lus'|it’yn(«Line 

iV'ilser Hew Ju reek.' 

laiurm't MnCor,,, 
U^Jiaw Cuai. 
Mc'min'n tiioeit .| 

Massey tergniun! 

dclulyre...” | 

M-wre COiiai [ 

■Viraiii* Uiihs...! 
Niiix-eu Energj-.,.; 
Alim, fewiijni.... 

Nuuiai- Oli V l«n— 

iJafcwuud PMr'm ; 
L J *i'ibc Lo(ija>i M { 

i‘«i ifirPetro'rtiin: 
iNn. Can Pet’niJ 

1 '■lino 

i'#upl*» l*pL S.J 
I'mvIJi 1 t»i „> 
rmcerllrveiopini] 
•ViwerCnq 

I’ll v ... 

*uelieu Slurs; wm| 

1 Causer Oi. 

ihsul Shaw 1 

Kin Aigom ' 

ihiyaiUb.ui C#» 

iliitai lnidi Iia , I l 

■> -eptie K'-raimer, 

-e«t>ram>.- ... 

<Ue» Ca n a d a. 

iliemlt li.Minei 

4ietKnx U.ti 

iiintnoar u .. | 

rtt»i of Csnada.i 
sleep Bc» k Iron 4 

lessen I ana- la. ..I 

lomatn Dum.Hv J 

I ransCsui PipcLu' 
l'rans Mm mi U> ki 

Irian- ; 

Union Isas | 

UhlJSIsone Mines' 
W» ker Hican,.... 
Win, Onan Trai.. 
Weetrai lieu, ,.....! 


12 * | 12 * 


kB;, 
18 
a7 
19 
In * 

6i, 

54* 

k6* 

15* 

16* 

tl.,3 

i6i# 

13* 

ki# 

I 7# 
«5# 

tl9 

1.* 

183# 

i6i, 

4.90 

9 

19* 

253, 

263b 

167, 

iS* 

,5* 

t4* 

v5 

las# 1 
U* 
183, 
773* | 

26* | 
118* | 
irt* | 
b ! 
rSO* 
49 ! 

16* I 
18 7b ; 
443# 
li* 
31* 
19* 
183# 

II 
lu* 
137, 
141, 

b* 

4 05 
I 81 , 

1 10 

•c2 

43* 

k4* 

1-Sb 

a7 

k4* 

5* 

1.85 


283, 

18 

. ffl4* 

; 19 

193# 

7 

• £4* 

• 26* 

; 15* 
16 

14.25 

467# 

14 

hi, 

IlS, 
263, 
119 
. l'l* 
• 18* 
; t63* 
4.85 
. 67# 

| 19* 
25* 
263# 

' 

63# 

97# 

7* 

673, 

16* 

643, 

243, 

16* 

123# 

18* 

73* 


cB 
4bs# 
116* 
44)j 
u.94 i 
7i0* i 
12*-] 
123, 
1.25 
30* 

A? 

28* 

17a# 

8 . 
253, j 

165, 
4.75 
32* I 
4 85 1 

S il3 i 

2.36 
40* 1 
18* 
143, 
93# 
till* 
lu* 
73# 
327# 
43 
lb* 


2b* 

12* 

27* 

b* 

303, 

39* 

Isl, 

187# 

44 

175# 

41 

19* 

173# 

1.7# 

10* 

13,, 

147# 

8* 

4.95 
18 
U* 
22 
45* 
Js4* 
la3, 

27 
k4*a 

5.25 
1.70 

;9* 

*so«a 

17 

з. 90 

и. b& 
80* 
IS* 

U 2 * 

1.26 
29* 

9* 

28 
283, 
171# 

71 8 

28* 

las# 

4.8/ 

31* 

4.96 
2 oi, 
2.37 
40 
18* 
147# 

9* 

no* 

ILS# 

73# 

43* 

327s- 

163# 


XElT YORK. March 30. 


with lower bullion indication's. 

In irrvsular Financial Minings. 
De Beers' lost 3 cent* to R5.40. 

Copper shares m>c after 
Zambia’s declaration of /orce 
niaicurr. Industrials tinned fol- 
lowing the BudsiuL wiih msiitu 
tiona! bu>in^ avrovs fhe board. 

HONG KONG — Eafier in fairly 
quiet trading, on profi Making and 
fears of a rise in local interest 
rales after a otuetin? during the 
day of the Exchange Banks' 'Vsso- 
eiaiinn. Volume (mailed 
SHJx32JiSm. fSHK76J2m.l 

Hone Koiu; Land fell 13 cents 
lo SHK'7.10. after rwuirs. Hong 
Kons Bunk 10 lo SHKIj.-tU. 
Jardhie Malheson 30 to SHK1350. 
Wheelock 3 tu SHK2 JJ0 and China 
Light 30 to SHK2L.5U. 

Swire Pacific moved 5 ahead to 
5HK6-35. 

TOfW'O — Share prices rose in 

heavy trading to a post-war hiuh 

for the third consecutive day. 

The advance was led by "Bine 
Chips.” Vehicles, Electricals and 
Department Stores. 

The market average sained 
10.51 to a record 5,411.28 with 
volume at 530m. shares. . The 
Tokyo stock exchange index 
rose 1.69 to a 197S ” high ” of 
406.78. 

• The partial dollar recovery on 
the Tokyo foreign exchange mar- 
ket laier stimulated export- 
one mated shares. including 
Matsushita Electric and Indus- 
trial. Pioneer Electronics. Victor 
Japan an d Toyo Rogyo. 

AUSTRALIA — Firmer on re- 
newed institutional activity and 
an upsurge in overseas sales. 

RHP rose 4 cents to SA5.-76. 
Bank of NSW 2 to $A3.10 and ANZ 
Bank 3 to S.\2.65. 

Sugar stocks improved on tbe 
ovemighf London sagnr price rise. 
Bundaberg gained 5 cents to 
SA3.05, Pioneer 4 to SAI.Oo and 
CSR 7 to S.VL56. 

Retailers were slightly easier 
while elsewhere. EZ Industries 
gained 9 cents to $A1.S2. 

Amongr Minings. Thiess put on 
3 cents to SAUK), but Panconti- 
nental eased 16 to SA9.80. Con- 
solidated Gold Fields advanced 18 
cents to SA2.5CL 


f Blit r Askril. f rradad. 
' 8 New stock. 


NOTES : Ov-rvis pnns nows oaiqu 
esriuthf S pnmiam. Bt/ician dh^dends 
in/ alw unthhulilins tax 
♦ DM30 tfenotn anirss uihrrwise stem) 
V t*ras 50C difloai. unless oUterarue suiM 
4b Hr. 100 denom. unk-ss o:lmi» rtaitrt 
4> Frs.380 drfloni and Bearer G&aros 
unless otherwise stall'd. •• V.-n 30 denuro 
unless niburtv-tse saied 5 Price ar now 
of suspension u Florins h.SchUhncs 
Onus a Dividend after pend ms nchm 
and -or senp Uwe c Per vharr « Franca 
•i Grout div ’.j it Assumed dividend aficr 
serin and'or nnh;s tssur fc .Mlur lotai 
faxes nf, ux free a Franrs- mckidmi. 

div p Nnm a Share sn’n « Du 
md yield excIiKj L speria: naym- nr. r ludi 
aied div u Unofficial rraitm# r Minoru v 
mMers only, u Merger p-rndus. ■Ashed 
Bid 1 Traded ■ Seller .* Assumed 
tr Ex nchu xd Ex dividecd. xi- Fjc 
scrip issue, xa Ex #1L • I ole rim since 

ibcreaiwd 

GERMANY ♦ 


Sterling falls 


GOLD MARKET 


STERLING LOST grnuml in the 
foreign exchange market yester- 
day. on fears about a continuing 
deierioratlon in the L" K. economy 
following the pessimistic annual 
review of the Cambridge Economic 
Policy Group. The sugsesuon that 
unemployment may rise sharply 
in the future and that the trade 
performance of Britain will be 
very poor. led lo selling pressure 
on tiie pound, but this was prob- 
ably not met by any .intervention 
by the Bank nf England. 

Sterling opened ni $1-S7 S<M.k» 90. 
and touched SIN8WI. the highKt 
level of the day. befnre falling io 
51.X750 at lunch. Follow inu Ihe 
opening »f the New York market 
the pound fell to a low point of 
$1JSS0-1.8393. but improved 
dightly on laic natural demand to 
dose at 3l.SfilO-l.SG2U. a rail of 
2.05 cents on the day. and the 
lowest closing level since mid- 
December last year. 

The pound's trade-weighted 
index, as calculated by the Bank 
of England, fell to 62.2 from 62.8. 
the lowest closing level since the 
end of August last year, after 
standing at 62.5 at noon and tn 
early trading. 

Forward sterling was quite firm 
under the circumstances, although 
the longer periods were rather 
weaker. 

The U.S. dollar showed mixed 
changes against major currencies, 
rising slightly to Su-.Frs.l^SlO in 
terms of the Swiss franc, from 
Sw.frs.I.S7R71, but easing lo DM 
2.04571 against the D-mark, from 
0:112.0275. The Japanese yen was 
steady at around Y222.50 Tor 
most of the day. The dollar's 
index, on Bank of England figures, 
rose to SO from SSJJ. 

Gold fell SLi to S17SWSQ in 


EXCHANGE CROSS-RATES 


nervous trading, with ,ur ^\ cr 
described ns moderately jcli'C- 
The kruserrand's premium over 
its gord content was 3.13 per cent, 
for domestic and inicroatitmal 

delivery, compared wiili o.us pt. 
cent and 3.10 per rent respev- 
tively on Wednesday. 


l«,n.f tint 

i'uZ"" 1 " "»S2* 185* 

‘ • 7 - 7'1- UO>, 1I8S1...IM* 

s, 

Uirm'iBVt .r^tfSk 

tii-il • ••■li. . : 



■ i 9ft )0U 
A'wwn !!■!• S.4*| ?b 

< -1.1 


V99* UU4) 

i,4i,.W': I'iSS* Jy*: 

s;7 :5iV, "SB* bC ", 
l'JI* -S3* 1 


IIU'.l • 

txsxj. 

\'« rair'Rsi, V.4-J =«’ J 

.ihl >1? 4 w . M9-I 

v-. 1 Ix^ v* . 295' i *2®^ W? ‘ 


foreign exchanges 


Mar. .w 


IlsrtH Kb'**) 

■ llnuk — 

Kuf.-i 1»a, ’• 


CURRENCY RATES 


Memo): 

t.!i,.ll>l.ll< — 

uutiliaii 

AiL-crra vh ... 
Ue*lan tran 
Huiih kr.iliu. 
Uevtu liriu'rk 
DlIT.-h UUiial.-l 
FredL-h Iran--. 
liniBin ■ II a ... 
Japuian- vifl. 
Ntitway kn>np 
Mp»m |«»<Cn.. 
s>wertl«hkronr 
nw Iran* .... 


' Special 

Orawin-; 
Righ'* 
Man-li 30 

0.65909 

X.23515 

1.39990 

18.0761 

39.0178 

6.88770 

2.50978 

2.68408 

5.70754 

1054.49 

274.199 

6.64125 

98.8437 

5.67023 

2.33316 


curopcan 

Uiii a. 

A -*wiir 

' '.Marvii A1 

0.669850 

l 25541 

1.43298 

18.5732 

39.6585 

6.99896 

2.55064 

2.72755 

5.79965 

1071.48 

279.138 

6.65690 

100.463 

S.762Z2 

2.56838 


Ai-w li-rh... 

Miinlrmi. . 

Aipi-J.T.lBni 

(In,— .* 

< ■■(IHIlluiI'P'l 

I'liniimn . 

I. n!»'!l. 

Uialn.1 

Milan 

II, ', 

160- 

Mi- klll.Ini .. 

r-.'ikt* 

Vixnna i 

/.nn li i 


b* 

n 

4* 

4* 

:« 

5 

13 

) 

II* 

b 


!.-»« i - : W « 
Ij.lttia-. 

4.CJS 4 03 
’ hi. 30 h. 3 X 
Id.3? iu 43 
1 78 .>.'2 
« o «; ? 

149 Tr ‘.49 51 
i.ws (.►el 
V .« 3 ■i* 

ifi/ 4* 

S.51 7 r-5 
J 10 4-0 , 

i « J.iiS 


1 s4i« 
2.1^90 3 lWJ 

4 oi-, 4.00 ■ 
53 £3 il* 
IB tu: lol.'i 
!.«: 1 

a 7q is io 

:lj si» lit* 
1.533. 1.S07* 
-.87 S.K 
ilfi - .5/» 

- ’A S.lf 
4I3[. 415a 

.ms :l 

5 49; 3. '0; 


•. Kah-s t:l*rn ar4- rnr i-iWi’risNif Irann. 
I‘ iu jik i.i 1 irjnr 


Mar. 30 .Franknirt \en l.nk inn» • Bnu—cl- ' Lonilnu Murt Fin ’ 2iin>-li 


CaiaM.V=>l 4i.03.44.es. S.43 4fl 
- ■ 21.73 76 A. I’M Ui» 

»-27 I - .1A6188N-J 

31.3b fit I l\E2 fS ! - 

l^HICiU Q.pifl s?i • rB.fJ57b 

4rei-l‘*fain.. 1 fl.1Xl.9b ilTOJ I73.‘! -7 01 t» 1 i-tl9S 1ft Jb i!rt!*074S 
Zurtrii .. ... aZ&iUXltr. I JiiM 8K7 ■ W.540-91/H tx*®* OaMM 


Krnnkinn — 
NvnYork j 49.334" 

Parti ! 2WJ3 7S 

Bnwrts. Il.:2v7 

' 3.76j 1 


i.7o7 797 93.. i 1 *1' 
UPcOWRc 46 C7 U {; 
. i.W2 Pb-2 . ill'. 4 i 4# 
i9.C6 "1 U.-".?! 

4.1^; V4^ 


llli.lC <ii 

'•'uiri- : .It! 

16.11 77 
3.40; .-iv 
lU3,-t..p; 


I .r«. S in I'.**. *-iIliS3-33» omnium .x-iif-. 

Uanoilan S iu New Turk =««.» £: JT7 •. i b «« Milan 2a5.il i«i. 
Sutliui! :n Milan I J93.0CI - 1 ,305aX!. 


OTHER MARKETS 

I A.flk-i Kali 1 : 

\ twill lun J 1«S 4i3» 1r^tHi*tm..l3W.M0f' 
Aiirtralut .. I 6123 1.6456 Xurtiia . . 76.9-173 
hr.i*»l. .. S0.97M.9i ili-xmii-. . 56. -afl 
I* ill utn. 1 ... I 77M 7 KMU Urt.-si. »•« 
In r—-r . bB.iy i0 0ir. diM>:n. ; 2 113.U 

Il.auK.-iu; S.i'1 Bjji 1 , Lhaiinn#..: H' 5 II 1 
Iran ... 129 153 »«n f .. ;»ji| 

KiiAHit . 1 0.512-0.3^2 '.urUrtri 

liitM-itiit'iv 38 05 jb.75 •■'w' .. M 

4.3900 4.4030 llci .. I^3U It 41 
N. /cnfaini-l #123 1.5416 li|rtn. 

'-iii.il Aral- Nrllir'f.tn- 4.06 4.1! 

■ ASSft 4.300% At •"•■‘I • ■‘■iB W t 

>. uri.-it . 1 6135 l b3C9 C.'iMiga >‘4 

| .i j ‘-roll'. ,;t, 5 

UtoJa it.'' n» 3.4» J 'A 
,'j.l I >. . I «R 1 K4 

l .S. ifiu-i W.20 3H..S Tit»—a*'a i'j -*6, 

Mate ElVvit lor .\r~>utina in a I rot- rat#. 


EURO-CURRENCY INTEREST RATES 


Mar. 50 


k niiaiiMfi 

bteriiiiK ; lhiiiar 


: .S. Dollar. 


Lhitcll 

! ini rili'ii* 


tlttlH* 

Imiv 


M . tirnnml 
mark 


- FORWARD RATES 


CUrort icrm . . 
i iIavi nut mr. 
UuDth... | 

nirotr iiiiinthn.' 
mi nbUilln*. ... 
Dm- .imr. 


5*-8 

6* -7 

6i h -7 

7,;.'7-:i 

7*31, 

B.i«S 


7 8 

7i,-i5# 
.7.1 liX 
7* 8* 
7*.#.b* 
8,:.*;:. 


7-7* 
7-i* 
7* VS, 
738 73# 
7s n 77# 
73, 8 


97, St# 
4., 5* 
4*5 >5 
4 76-5 * 
4.8-51# 
4*-5* 


* ta 
■V "3 


*•1 

1* 130 


3* 5* 
3 3# -3* 
3; r J^rr 
AL 4, * 


Earo-Fnmcb deposn rairfi: two-day S1-# iwr rent.: wvliihIuS' s-91 Wt 6HI.; 
mK-montli si-9 per crnL: thni-nioiuh 9-91 per rent.: sue monib 9jt-0«i6 P*'r rent : 
one-rear lO3|6-10>ib P*/r rent. 

Lon 4- tr mi Eurodollar deposits - t*ij yearn SWi jk-r renL; UttW years Si-Si pt»r 
cent : (our years Si-'U p>.t rent.: five roars S|-SS per rent. 

Ttb.- rolhKtbuc nominal rate# were qnm<sl (nr London dollar rertifivatca of di-pnail: 
mu-moiith T.W-T.lO.tPT ci.-m.: ihivc-nonih TJfi-r.27 nor twin.: six-moitth r.43-r.55 per 
cent.: ono-yi-ar T.T0-7JM per ccm. 

* Bales are nominal calllu: ram 

Shon-tmn raiuc art- ran for sterllniL 
days' nor Ice for vtnMcrs and Swiss francs. 


I*ni< mnntli ' I’tnr iin.H!<» 


j Of .hi -fl.tlu- 
H. 17 0.27 i* 
3 3 .1.. 

ifi 25 . 1 *i> 

15 17 .n- it- 
4* >1, vl. l !, »i 

j 30 iBj r. , ii- 

li. > Jldi.i'i* 
Ji ^ 3 .rent* 
14\ 16’, .Mr till 
i 4 i ■•«• 

4S t 6', nif »1;i 
I tOi* IU |.i i tin 
r in Sir, i*. 


0.03* ■■ | 'in -B/'-.ili 

0. U5O.15 tie 

1 ■ 

10 . {MU |rt 

4 6 •irf il. 

'1* l; ]#. {mi 
6 j 17u ■ . ifn 
10 8 J . . ill* 

8 15 tp .ft* 

01, 73, .-IP .III 

1 a . tii- 

l'« 3* tirili- 

| in' lli jimllt 

SJ i# I.V .tan 


UJS. dollars and Canadian dollars, two 


Nfit \iifc. 

.MtHlt iw 
Vin-t Mam 

Hnint-i- . 

i'f|>'uiicn ■ 

Fnuiittint 

III -In Ml . . , 

lUln-l... 

MUnii . . 

Otlii .. 



*4 .-kli-t'ini 
Virtiiia . .. 

/.nn.'h 

Sivnunth laruanl dnlLtr it:urt.2<k- tun: 
13 nmnih o.iU-nwir uui. 


Mvi 30 


Prvo- 4- ch Usv. Y 
Dm. — * 


VKu 1. 

k 'lanz Yrrucb... 

itAIW 

ii vsF 

i*>« 

raicM Hj-po. 

itajw 'rrcm«Wi 
.'•lMlni.NitM.nrfr 
OnmnKret/ank.^.. 
.■rm.Gurami^.„. 
Uaim«riSw 

UegUM*.. 

liomac .......... 

ueuirche Hank 

uitMtner bank.... 
Hi rkerbiilt Zemi . 
liuiebuCnunr — — 

rl#|Hii Lmil ' 

I tir;«°er.— 

rtr«h-t 

.-Lie-cb 

Mnnpn.„ 

•vnil und rat!*™.' 
Kipwir ............. 

aLsiiiliol .1....™.. 

kluckner Dm ICC. 

KHD j. 

Ivtuyu. ™^™.< 

Limlp. ' 

Lunentmo ICXj. ■ 

Lull bnn>n — ! 

dAS 

iLurae-mann,—. 

derai*e- 

dunebencr Kupt. 

jieckermann : 

1-icu.tv DM ICC. 
iCiioinWert.B'Kt.' 
xdngrmjj 


Suui duck er.. ....... 

ihyd^n A.G 

larva. 

» EBA 

i'ereiarAWe>t fcki 
Voikmaea. * 


89.X 

480 —5 • 

224.5 tO.S 

138.0 — U.B - 
I39i! *0.5 

282.0 — 1.5 . 

315 

177 

22931 -0J 

76^ -0.3 

304.5 —o.S 
268 -8 

159.0 -f 0.3 ‘ 

304- 3 -0 3 
2463nl —0.6 - 

140.0- 0.5 

196.0— 0.5 
HI.5 + LO 
28SJ-0.5 

129.2 + 0.2- 
46.1 -Oi 

120 

138 —1 
303 +4 . 

211.5 4-1 . 

93i -0.5 

173.5 -2 • 
97.2....™.. 

234.5 : 

1.502 : 

107.2-0.5 

189.5 

166.4 *0.2 

213 

511 -4 ; 
11041 ^0.3 
110 n.o.5 

187.3 —0.2 

239 

278.5 -3.7 
248 -0J 

126.3 -0.6 

174.5 

105.8 ■— OJ! 

305- —1 
212.7 -0.3 


.18 

2-J 

17 

16 

2D 

20 


1.9 

4.4 

6.2 

3 6 


18 . 3.9 


19 
17 
14 
2J 

20 
4 
12 
12 
i» 
16 

4 

10 

9 

20 

20 


3.1 

3.2 
4.4 

3.3 


3.3 


U ! 3.4 


L3 


16 

ev. 

i 

U 

14 

10 

LB 


16 4.3 


16 

17 
11 
14 
12 

18 
10 


AMSTERDAM 


Mai 30 


» - -- - 

| TOKYO 1 


•Prices ! + cu 

Div. YM. 

Mat A) 

\en : — 

* i 

I 

1-rihi Ola-*. ....... 

340 -5 

i4 : 

2.0 

Caimn 

481 ; + i 

12 ; 

1.2 


577 .+ 1 

2b . 

2.2 

..binim !.... 


W 


« **• >ippnn J*nm 

^ \+* 

.18 

1 *i 


. 672 f ■ 

243 r + 5 

: 

12 

1.3 

2.5 


1 607 + 8 • 

IB 

1.5 


1.370 < + 20 

35 

1.4 


230 -2 

12 

2.6 

it» Vnkadu 

1.300 +30 

30 

1.1 


: 653 -35 

13 

1.0 

I.A.L. 

,2.7c0 —80 


_ 

kmioi Kieri. Pw 

,1.140 +10 

10 

4.4 

K'-nut-u 

1 337 !+l 

18 ' 2.7 


292 3 

IS 

8.6 

I n.v>4>rtL«raniu'.. 

3,910 :_30 

35 

0.4 

! Ualguehnii lin.. 

711 1+20 

20 

1.4 

I Mitsui uriii tank. 

280 - + 3 

10 . 

1.4 

| MuauliisliiHeavif 145 +4 

12 

4.1 

Uili,ul>l-hi I. i+i ■. 

42H ~5 

15 

1.5 


331 -S 

14 ! 

2.1 


540 j— 1 

20 

1.8 

AlL-tWlI DniBn 

1.230 1 + 20 

15 

0.6 

Aipurti shinpan.J 687 .—13 

12 ' 

0.8 

Mesaii Minor.... 

793 ( + 3 

16 ; 

1.0 

I’m led — 

ii.eoo [+60- 

48 , 

1.5 

iajiyn Llerinc.. 

843 |+14 

12 , 

2.5 

7+kiNii Prefah— 

' 846 f — 35 
.1.190 <+3U 

30 ! 
20 

1.7 

0.8 

■Nrfl> 

1.670 .-10 

40 

1.2 

lamb» Mai me— 

j. 2 SO |-4 

11 

2.2 

lakeils Cbemurt 

1 399 | + 5 

15 ' 

1.9 


;1,9l0 1+50 

30 . 

0.8 

•VIJIU 

'i 114 i-2 

10 

4.4 

ink hi Marine.. .. 

I 525 j-6 

11 

1.0 

inkle hirer Pow 

,1.100 .+ 10 

8 

3.6 

j 1'iavii ranvti .... 

I 328 ;— 2 

12 

l.b 

; ■nbruablinura. 

! i4a i+2 

10 

3.4 


1 122 1 + 2 

10 , 


■ K<ynts M ntre.... 

923 +5 

20 

1.1 

Source N 1X3.0 Seamnea, Tokyo 


- . 

BRUSSELS/LUXEMBOURG 



i 

Div.' 

' 

Mar. 30 

i Price +or 

Fra- iYM. 


J Pra. — 

Net 



YurtKi-ietUDOUwn '......il-JO ' nittlllkt-CU 104.0. . ... 11 10.ll. 

_...! '40.78’ l *f^r|?i'f/. Ifvriitifcf.ri ! 189.0 -< -t.S • 1 

\Mtt-. Minrratt tO. 75 1 V... (' *!«)*<••• ami™ BSISS ■ 1.35' 9'40.5 

VmiK/. I’rtlj, l’a|wr SI [ tl-08 ,-8.02* 


"Price 

FIs.. 


Hhor , Div. Tw. 

- I % i a. 


Ahuid tFl.2D)„ I 

AkzolFlJQl. — 

A; gem BnktFi.lOCi 

AMEV iFI.Wl ; 

Ainroriuk lri^0)i 
luJenKmi.™. ....... I 

•uka Wert ’mO-.K.-/ 
lurfarmTeuettKle 1 

.-:im/v ier I Ki_*U). ; 

KnniaN.V.Uearef: 
bkiro l-ooi TblFi . Id! 
•>irt HnxaufertFU; 
rietnekenlF 
1 lexiunme tP* J20* ' 
i Lull *t U.iF'.LC'i 
w.L-lL (F.JUOl.... 

mi lluiieriiUCl. ■ 

.Naan ten IF .IOJ... 1 
.VatN ci Irm.tKi.lu 
\»l IredUklPlit' 
\ed MtdhkiFi J*;| 

a-efFI^O) ■ 

t'an Oimneren.^/ 
Fakboed cFusOi...! 

I'blUpe IFI.IC^. 1 

mnacb VerlF '.K6j 

dubreriKUM 

KulInrofFI^Cn.™. 

Kureuio (Fi JBi 

ituraiUiKCblF J3C\ 

»a venture 

rtcvin GrpfF^Cj 1 
lracyo 
i nuem f 
vibitu>u«i.lni<51 
•VriihuVia hut 


102 : + 2 

23.0 -0.7 

348 +1 

80.2 Hr 0.7 
73-8BI +1.1 

81.5 +0J! 
10SJ— 0J1 

64.6— 0.2 

272 +4 

137^+0.5 

62 -... 

35.1—0.1. 
100-0 + 1.7 

24.0-0.3 

21.5 

126.5+0.3 

38.3'+ O.S 

36.0 ■*- 0J5 
108 J +1.3 

54.8+0.6 

187 JS> 

152.0'— 0.3 
1 31.0—0.3 

36.4+0.4 

25.21 + 0.2 

72.3-0.3 
159.5m +0.5 
117^ +0.3 

130.9; 

129.11+1.3 
245 -1 

135.7-0.2 

106.0* 

118.9 +0.2 

37.6— 0.6 
417-3-0.7 


7.7 
1 1.6 


|.21 j 3.5 

IA23.5 6.8 
:A*44I 5.5 
! 233- 6.1 
23 I 5.7 
70 ) 6.6 
25 
;iai 

i 32^ 4.2 

.! 94 si 5.6 
22 ! 6X1 
1 14 : 3.5 
10.26. 8.5 
12 1 6.6 

i 18-9.4 
. 10 , 8.8 
146^ 4J 
1 81 : 7.6 
.! 22 [ B.9 
| A 34' 4.5 
ia ; 6.i 
31 11.5 
21 : 8.4 
16 ; — 
,\ZBS 8.0 

M i Ia 

a 50: 7.7 
19 . 7.8 
9?i 4.0 1 
30 . 0.7 1 
AaLB 7.0' 
20 1.3 
33 ' 3.8 


Arted 12^300 

■iq. Ur. Lamb — (1.404 

detail “H" 1.7S0 

C.U.RL C«n*tit._[1.250 

lAxrkeni 350 

KUBto. - 2,560 

Bieecrobe* 6,110 

Fnbrinue Nat. {2-365 

'.1. Inno-Bni..„Jl,885 

Jevaprt 1.264 

ritiUiken .......... ..'2. 150 

I nterciun [1.860 

nraKtHionk „_...;6,41U 
la Hm'wle Beige.. B, 64 J 

Pan Hm.llns ..2,370 

FHnifina 3.b60 

Kn- Den Banqnp..|2.905 
Mr ben He:einueil l B95 

—fim, 13.240 

n vat 12.485 

i ractUi Kwt-t — '2,340 

LCH J 864 

Lo Min. (1,10).™.] 690 
Vieilie Mnnteane'1.306 




fe 


+ 2 
16 
+4 


+ !0 
\-ZO 
£-13 


|-30' 

few 


+ 5 

+5u' 

k-10 

-20 

!— 2 


60 : 4.3 
112 | 6.3 
90 I 7.2 

,177 7^5 
|430 7.U 
170 7.2 
130 6 9 
80 6.7 
170 7.9 
142 i 7.e 
|26S i 3.8 
(303 ‘ " _ 
51.261 
174 
204 
140 
215 
A 200; 

162 


60 

!100 


3.5 

3.4 

4.5 
7.0 

7.0 

6.6 

8.1 
6J 

8^7 

7.7 


SWITZERLAND • 


Mar. 30 


Price !+oi 
Pra. { _ 


’EhvJY’ii 

i i * 


-io 


+ 10 
-5 


COPENHAGEN. * 


Mar. JO 


. Price : + ■» 1 
Krtmei — i 


Div. \'l •. 
4 - f 


Amitrnljankei]™.. 
.aiim'tir W. i, m .. 

Dinske IkuU 

Kart Aslidl.'Cu..., 

iMOrtanken 

rnr. ByjHjertw ... 

rut. Pajiir... ... 

HapderaUmk 
-.•.>'! Ii nH.*ki>.'.| 

S'»tl K>ih<. , l„ 1 '. 1 

DlieUUrik..._.„„ 

! J nvatbank— 

Fronusbuik__ 
aofib. Uerenitteu i 
au(«rua 


145 

441* 

126* ; 

223* 

138 ; 

338 • i 

85* +1* | 
12?*m • 

256*' + * ; 
84 .-l*: 
iii*m + * > 

I38*m 

373*+* I 
184*.+ ! 


A umimuro ! 1.243 

dBC -A‘^ _...; 1.680 

Jita beiftilFr.fiUil.2B0 
■Da l’l. Cert-... 9u& 

Da Keu J 660 

t relit 2.390 

fe.,ertrrra#tt ,1,625 j— 18 

Fi*riiei (G#.wj»e). 66U i 

Hull man Ft Cert- 80.750 [-26CH550 

55 
20 


Du. {Sum. I) >8.050 

liitcriuoi 11 t3.8aQ 

Jet mull (Fr.IO®... 1.389 
NwrietFr. MJi.. . 3.280 

IM. Heft 12,360 

■H/tillivu U.iF^k 2,185 
1*11*111 Si Pt^WP 275 


1-50 
+ 1001 


i 1.6 
j 3.0 

i 1.8 

1 2.4 
i 3.3 
■ 3.1 
; 3.u 
'3.8 
; 0.7 

i 0.7 

I n r. 


11 7.6 
15 • 3.4 

12 9.5 
12 5.4 
15 ,9.4 
12 ! 3.5 

8 9.4 

12 i 8.6 

12 j 4.2 

11 8.5 
U I 8.0 

12 : 3.2 
12 ! 6.5 


Sanittn (Fr.2s0i.. 

Do. l*art L'prts. 
m. Iiuvlipictanui 
rai<«sr Ut# (K.tCOij 
'•wtcMili IF.A 0 O 1 . 
mwi-h Hank-l F.IOL 1 * 


■mutIw iHe.F,&O|,.l4,500 


Lilhrt H#nk ..J 


3.800 

480 

306 

555 

807 

371 


3.195 


/.nrr l> Ins J 10.300 


2.7 

+5 I 20 1 1.4 
+30 a0S.i 2.6 
[+6 *08. U 1 3,6 

i+25 if IS 117.4 
1-2 1 15 ; 5.4 

! 1 26 | 1.7 

j 2b i 2.7 

9 I l.b 

+ 2 14 { 3.9 

-3 8.57 4.3 

! + 2 10 0.7 

‘-ICO 40 
+ 5 20 

-100 40 


2.2 

3.1 

1.9 


MILAN 


VIENNA 


Mar. W 

i Pnee 
i 5 


Div.YUt. 
% , % 

v-adllanria-t...... 

f 350 

• • 

10 : 2.9 

Kerinvioeei 

; 260 


r9 ! 3.4 

nj+cw 

j 578 

+ 2 

48 < 8.3 

icrnpeilt 

1 99 

- 1 

' M- 

Mey'r Dalmiei ... 

I 184 

1 ........ 

a7 A.8 

%eli Uacim.il ... 

241 

+ 1 

14 5j6 


Mai. £0 

Priee i 4. oi 
Ur+ ) - 

Div. Y. i. 
Lir I j 

-UltV- 

103 +0.6 


<Um«Ki ............. 

412 +2 

m 1 — 

PM 

1.945 1-14 

ISO: 7.7 

Da Prir 

1,660 [— u.S 

150 9.1 


Fimlilvr 
LnK+mtMic „... 
lialahter 
UMlkntMncn .... 
Momeillriifi ._ 

uthettl I*nv .. 
. Pirelli A Co. .. 

, Piirtli hna 

j +nja Vl wm 


10.120 -40 | 20U: 2.0 
123 . + 1 1 - i 
32,3001 - V 
135 
.843 

2.160 !— 20 


-lOai.SOL-i 3.7 

ifl - i 


1.015 ’-5 
511 i+B 


j 130j 6,0 
80 7.8 


AUSTRALIA 


Mur. 30 


• OSLO 


+ ”t 

Anrt. S — 


U M 1 1. ffl3 itMIM 10.53 +0.OS | 

Vfro» Aiintra «... tO.85 

ti’Me.fWltii-Tp*. In.fu- »!■ f2.19 *9.04; 

; 11.30.. . 



i Priii! 

+ «T fill . 

Hi. 

Ml. M> 

Krone: 

“ 'i 

•3 

ra/rwu Ittnh.... 

7 9l~ 

7'f 9 

9.9 


. RMtiriamk 

N<> tlllV- 

ItltMlIlk*— Oil . 


107.0 -0& 11 9.3 
272 50—1.25. 20 **7.> 
104.0 . , ... 1 1 JO.k-. 




Vi***?. l*ni|. IViiwr Si.. 

Vtst-.Cm. laiurtrMM. 

\H»1, Fiuin.lntnwi Inve-l.... 

V.N.l 

Vmlimti. j 

Anrt. On A IJ«- 1 

Blue Uhh IikI 

U.KipainriHeC 

ilitriieuHili Hnn+uwarv 

bHSuulh 

t-ariiun L'nitAl.HiiMtrn... ■ 

J.Cuie* : 

tali (61: ; 

C,mt. Gn*i field 

*.Va»a iner iNh 1 

• nnriiit; Ifl,* info. ; 

tVirtaili Anrtra la 

Uudiimi HnW+rlS I )„_ 

KSCUk 


knhv Smith 

KJS. lutlurtrira. 


lien. Property Tran—. — . 

HniuerBlei 

Hunittn. 


l.C.l. Au»rnKla — 

1 nier- C«TPet - — .... 

letiniOftii I nil nn nr *_ — .r 

liuwa IDavfclj I 

U-nnnhi OK _! 

Mciflli Kxpkinith>n._._. ..I 

MIM HohUoftM. 

U\ ex Ciiqiorii nn... ' 

.Ne*L_ 

si -biKoa internatiraul 

■T «Tb Broken H’ling* («> I 

Oakbrktee i 

Dn icuvb I 

Dua tSxptomUitu. 1 

rioaea Uuu-riu 

KecfciU 4 Col man 

U. U. ilelftb 

rouUtlaibi M inlnft„ 

luoih (81) _..._ 

Walton#- 

Western Aiming (bO-anuM-. 
wnoliwmhit. J 


tl.Q8 
11.63 
10.82 
11.35 
;CU38 
rOJo 
11.00 
tl.13 
15.76 
tO. 79 
fl.78 
11.85 
12.66 
12.50 
f2.13 
12.07 
tl.JO 
11.39 
ti.ua 
tl.90 
11.82 
11.39 
11.85 

10.67 
12.06 
10.15 
11.18 
fl.lO 

raaa 

TO. 14 
ll 80 
Tl-65 
12.12 
tO .86 
M.u 8 
f 1-66 
tO.CW 
tO. 18 
tl.BO 
t2.M 
t0.70 
10.19 

11.67 
t0.82 
*1.18. 
tl.49 


,-9.02 • 

'BRAZIL 

-0.01 • 

■- _.... ; t|.|. 50 


I'rifv 


l» v |\uv 


- 0.01 

.rti.ua 

1 - 0.01 

,+U.U2 

+0.U3 

+0.07 

1+0.18 

+0.0d 

•+0.0S 

i+o+’i 

t-Q.Oi 

+0.02 

1+0.09 


;-o.oi 

j _.... 
'+ 0.02 
1-0.0 1 


+0.06 

-0.05 

+ 0.02 

+0.UI 

49.0! 

.-02 


+0.05 


1-0.01 

;-0.02 

+0.1.1 


PARIS 


Mar. 30 


Priue 

Fra. 


+ ur ! DivA’Id 
“ .'Mi 'Etors 


\ 

UlIHV .1" UriUIio. 

l.i.v lia.i i | 
iti i.! Vlnn-ralM 
.#•.«» Vui.T. HI*. 1 

VltlHM.ll IM* > 

*imii|i| a . . 

MHI.lt> *■,(.- Up ...j 
i I|I|> i*h 

ini.' !:■• Iwi'i; 


L40 1 4.12 8.57 

2.52 u05J.17v.75 

1.13 .... 9.l6iJ.Bl 
1.85 ' -0.064.12 6.49 
3. IB -U.OSJ.ttJ 6.Z9 
4.15 ,— D.Olii.li, 3.17 
c.53 - .M3.16i6.32 
4.12 -0.010.23 +38 
b.95 '*at»-|IJiL ‘:i.l 
1.64 -O.D5J.13 JJ.93 


452 

635 

434 

1.598 


Koutr 40. m «...... 

VlrHuc0.i'i*rt' i 

In LiaMitL,._.., 

\guitnioe.j_-^ 

•DC 

i/tHutiiro .i 

■uOi. Uerv«#... 

-WTWour 

-OJL 

V -I.r. Ah -at el. ... 

Cie ban 

Club U«tiiei 

Cnxlii Unn IV t 
CnraK* Lntre.„_. 

UumRt 

Fr. Petrol re. 

Ow- Uontnitivj 

i metal 

I aequo- Hotel..,, 



L'Orow _ 

trtRtoori '1.650 

lul'Ons Pbcffitx..il.035 

ilicbeiin •■B" 11,356 

*}'« Henmviv... 440 
duu'inex 
Paribas 

HKfalury ....! 

■’ernm-Ktrerd 
f 'vufteuirO mx>n . .1 

I'nctam... | 

itartli* ThcbRlqw'.; 

HiMraite. 

ifbuoo I', ailen- ...i 
n. Unhun....^....! 

iki- Hna^iqtioi ...,i 


708.5'- 15 4*> 0.6 

389.9 + 6.9 jSl.lK 6.4 

283.9 +6^ ; IQ# 5.6 
373.0 +6.0 I 24 ■' U.4 


+7 il2.jri 2.b 
+21 IdLSOi 5.0 
+ 19 07^! 8.7 

+ bB ; 75 I 4.8 


Vol. Cr.12S.lin. Share-. 57 Om. 
Snurcv; Km dr J Jitriro SR. 


JOHANNESBURG 

MINES 

Murvb SO 

AruUn .toit/rican Corpn. 
charier CnuxalldatL'il ... 
Kast Dru.fonii'ln 

Glsbur- 

Hjmiuuy — ... ^ 

Kinross 

Kloof 

KiutentHini piaunum .. 

St. Ilek'du 

Soutbvaal 

Cold Fh/lds SA 

Union CorporaiKKi 

Dr Brers Dvfvrrvd .... 

Blyvooruuak-bl 

East Road Ply. 

Pnrstdt-m Brand 

President Steya 

StUfontcin 

WcU who. • 

West Driefometn 

Western Deep 

IHOUSTRIAL5 

AECT ' 

AnKlO'Amcr. Iu Just rial ... 

Barlow, Rand 

CN-\ lovcsnncms .......... 

Currlo Finance 

De Bears Industrial 

. Edgars CaraoUdated lor 

EdKars Stores 

Ever Ready SA .... 

Fcderalr VolkstHdes+lnaB 
Gruatcrtuans Si ores 
Guard tan Assurance ISA) 

Huletts 

LTA 

McCarthy Rodway 

Med Bank 
•JK Bazaars 


349^ + 7.5 1 
i,ioo -2 

Pnrterla Cement 

Protea HokUntu 


443 •+ 5 | 12 I 3.& 

48B.9 +6.9 <11.26 2.7 
115,2;— 4.8.i 12 10.4 
63.1^+1.61 12 19.0 
595 1 + 14 [7.6 I 1.0 
119 j + 3 14.10! 12.4 

186.0* 8.«j 4.6 

57.4. + 1.5 1 E026; 9.1 
98.9' - 1.0 - ! - 

163 1+3 jlMTIOJ 
:+2 1 15.97; 2.7 
1 + 35 !d1.S5 1.9 
■ + X7 l 493 3.9 
1-52.55 2.4 
12,6' 2.9 
3 : 1.5 i 


603 


r 21 
... !+ 17 

189.01+4.9 
186.0; + 3 
83.0- - 2.6 

830.5 *2.5 
348 +7 

161.0; -1.5 
445 +27 
580 +7 
71.0+3.9 
147.5; +2.0 
1.7401- 10 


49 i 2.1 
,25.6 94 
».ISi 2.S 

‘ 22.95,+ 1.2&J --j .« 

STOCKHOLM 


’*'» 270 !+5 

le>em#, 1 uuqoe.... 739 +» 

l *111-4111 Unuhit. 187.8+1.9 


Rand Mines Properties 

Rembrandt Group 

Rctco 

Saxe llolditunt 

sap pi 

C. g. Smllb Suxar 

Snrec 

SA Crrwerkis . ; 

Tiger Oats and Nail. MIg. 
UlUsec 


Securities Rand SU&6.79 
(Discount .or 



13.55,10.7! 

7.5 8.0 i SPAIN 


¥ 

7.5i a.j > ManUi 33 

15 4.3 VMafri 

- - I Banns Bilbao 

25.5; 5.7 lluvo AllantlCQ C 1.068) 

24 4.1 , Batten CititriU 

9 ! 12.7 1 Haneo Esi, rlw 
1 14-65 9.2 ! «*ncn General 


Mm. 30 


I + *'r I DlV. Yki. 
Krone I _ ] Kr. ' i 



AimKi ju.„ 178 —1 
x.islriw#. mKrari 155 I- 4 I 
iKr.hft..... 82 .fid l +0.6 ! 
UUwCuirufKr'Vt 116 

HiHrni.1 

Hidura„. tl ,_ 



CeiltilMM 

Me i’ll ix ■li*(K2t 
nricMnn ‘U'tKrot 

nuelie M U”, ) 

Fnu+raiK .] 

' Iran^er, {In/el u 

l UiMri-ilinnken .. i 296x1 - - 1 
Utrahmi ... liw „i 
'1" U h Dmuiio, • 

■•tvlvib A.U I 

*.K.P. *0* Kre.J 
Miami thniLihta.. ! 
hm.huL -H'Krrr 

*: Mtimim ' 

MwIKi.Mi 1 



!U {it | 

116 !-l 

52 .5. -8.8 - I - 

J96XI-.1 } 16,5.4 

ISO ! I 8 > 6.2 

67.0; +0.5 6.5 t 9.7 

226 i 5.03 1 2.2 

7a >1.5 4.5 I 6.9 
145 >4 ■ ! 8 ' 5.6 

83.5 - 1.0 { 5 <5.1 

64.5 2.5 v - ' - 

72.5 1 ' 6 | 8.3 


Per c«S. 

, UR 
MS . 
297 
90S 
Tn 
2a 

156 
215 

m - 

IN 

213 
SB 
ZM 
2N 
2H 
U2 
221 
2*- 
BB 
W 


+ 2 
+ » 
+ T 

+ 5 

+ 6 
+ 1 
+ 1 

it 

+ 4 


Hant-Q Grouada OJNBI 
RaiKit Hi-marm 
Banco Inti Cat. n.ttfi) 

H IM. UiituerrancKf .. 
flaw© Puputar 
Hawn Santander ciai 
, JtllhV I'NWfifl (Z.flMI , 

t Itiuhi) Vlrrnyfe 

iLinia KaragozaDQ ...... 

llinktlnian .' 

Botitn AiKialacIa 

Katuth-H Wilcox 

CMC _ 

DraftAdos JIB.' . +'5 

tnnwruffif * 

K i. uraitnnwaa SJ.1S + »* 

Bspaml# 4 nw -lift - 

Ktpt Hl« THKfl « «-a .+ fg 

1'rexa il.Wdi 7QJQ . + LI* 

l e«0« - W5 

Gal PrvriadtM M v *■ * . . 

ilntpq Vdxzore-r 14001 US 

Hid rot* ; 7135 

IberdOera n V • +-93* 

Ofctrra . ... ...„ n + * 

Pwelera# Reunldas 52 ■ ♦ £ 

p.+roJUkT 12* ' - < 

Pvtroieoa m +5 

Sarr* Padalera ' 48 '.- ^ 3 

Swucr N3#“- — . 

So«efl«t — . 120 • — 

TrS-tamea . * 4ft > 4- *• - 

r.«ra» Uw/onr-fi »•.. .* 

Ttdwvrx - Ua--+"W* 

I'ratKi Elec. tt ' ♦ Vl* 


sis 
.- 1 ^ 


& 

A 


J 




' Financial Times Friday March 31 197S 



Stocks may 
halt nickel 
recovery 

By Our Commodities Editor 
JRPJiUS STOCKS, and new 
■odiictlon capacity this year, 
ill keep aickel prices from 
covering until 1980. according 
a lone-term forecast prepared 
Chase Econometric Asso- 
ates, a subsidiary of the Chase i 
anhatian Bank. 

It predicts that there will be 
ily a modest improvement in 
ckel prices this year to no 
glter than $2.30 a pound. 

The report claims that new 
'oductiou capacity coming on 
ream -will continue to keep 
. ocks high and prices low. 
listing cutbacks by Canadian 
td New Caledonian producers 
■e simply too small. 

The outlook could change 
"astically if the dominant pro- 
icers decided to continue pro- 
icing at the current high 
aerating rates to discourage 
?w entrants into the nickel in- 
jstry. the report warns. 

Under those conditions surplus 
ocks would not fall until the 
ld-19S0s and prices might even 
11. New and marginal nickel- 
-oducing projects would dry up 
lickly, restricting 'supply to 
>0000 tonnes a vear by the mid- 
« 0 s, a shortfall of 100.000 
nnes .under demand. This 
Quid bring another round of 
ortages and materials §ubstitu- 
ans, the report added. 1 

A shortage of tin supplies is ' 
so forecast. The report com- 1 
ents that the age of low-cost 
alaysian tin is .past, and T 

alaysia will be lucky simply tn If TOPIYI 

current output into the B J I £s 1 9 If 

M-iflSOs with the tndustrv ^ altoi 

■ilnc^d to working lower-grade 
ronsits. 

The U.S. General Services u.S. FARMERS have greeted the 
dministrarion. with its 204.000- Carter Administration's agricul- 
•nne tin stocknile. will have to ture policy changes as V step In 
?cnmp a maior sunply source *F the right direction but they say 
massive price Increase for tin the moves do not go far enough. 
: to lie averred »n the short- Mr. John Curry, National Com 
m, the report claim 1 !. Growers' Association president 

said the plan to pay farmers to 
take an extra 10 per cent of 
their feedgrain acreage out of 
production might lead to an 8m. 
or lOm.-acre reduction In plant- 
ings, but the least productive 
land would be made. idle. 




U.S. farm plans ‘not enough 9 


Indian tea 
exports 
reduced 

NEW TWT m Mar-v Theoretically, eight to 10m. 

vnid-c tea acrcs out of Production could 

\ DIAS TEA exports in the ro ^ uce the crop by. 500m. 

ent » J J?”?* 2S bushels to an estimated 5.7bn. 

IS or 6bn bushcls - “ 1 « b,ed : 

nmesfic markets, the official “Without this programme the 
amarhar news agency reported Government would have received 
ere. negligible, participation in the 

This quantity, valued ntRs.5bn set-aside. With it, they might 
£330ra.). compares with exports be on target" he said, 
f M&n kilos, worth Rs2.9bn., in ‘"This is a strong step in the 
B7R-77. right direction, but not enough. 

* The report notes ' that inter- 1 think this is only the first step, 
atinnal prices for tea increased The second one will be a compro- 
narply during 1977 because of mise with the Senate on higher 
iw production in some countries target and loan prices." Mr. 
uch as Sri Lanka ‘and a sharp Curry added, 
ocline In world coffee supplies. An official of the. American 
Uniter Soyabean Association < said 


growers could “ live with ” the 
54.50-a -bushel soyabean loan rate 
in view of recent price increases 
in the market. 

An official of the National 
Association of Wheat Growers 
said his group would continue 
to pursue a $4 a bushel target 
price for Wheat a 83 loan rate, 
and payments for farmers divert- 
ing land from wheat production. 

Mr Bob Bergland. U.S. Agri- 
culture Secretary, said a $3.40 
to $3.50 wheat target price 
might he acceptable, but he ruled 
out higher loan rates. - 

Also, fanners who elected to 
graze wheat already planted 
instead of harvesting the cron 
will receive a payment of 50 
cents a bushel nr the target price 
for 40 per cent of the planted 
acreage, whichever was larger. 

“ We need higher target prices 
lo get comoliance with the 20 
per cent, wheat set-aside pro- 
gramme and put 11m. acres out 
Of nrodnctiop ” he said. 

Mr. Derral Schroder, a leader 
of the American Agriculture 
Strike Movement said the 
Administration's actions “mean 
absolutely nothing for the 
farmer." 


CHICAGO. March 30. 

Brokers and market experts 
attempting to assess the impact 
of the changes came up with 
mixed interpretations. Most un- 
certainly centred on details of 
how much farmers would actually 
be paid for setting aside addi- 
tional feedgrain acreage. 

One trader said the $4.50 a 
bushel soyabean loan rate was 
not a major market factor at 
present but it could become in- 1 
crearingmgly important 

Sen. George McGovern (Dem, 
South Dakota) called the policy 1 
changes “ little more than a token 
response to the serious problems 
that beset American agricultural 
producers." 

He said an added proposal to 
pay feed grain producers for 
making idle more than the 
mandatory 10 per cent of their 
land “ will serve only to 
infuriate wheat producers who 
must now set aside 20 per cent, 
of hte land and receive no pay- 
ment at all." 

Sen. Henry Talmadge (Dem.. 
Georgia) said the new Adminis- 
tration farm plan “does not go 
nearly far enough " to give 
fanners the help they need. 
Reuter 


Upturn in 

cocoa 

market 

By Richard Mooney 
A LATE buying flurry boosted 
prices sharply on the London 
cocoa futures market yester- 
- day, wiping out an early falL 
The shake-out which wiped 
nearly £50 off the May position 
on Wednesday continued In 
' the morning when May cocoa 
registered another £40 permis- 
sible limit Tall. 

The price slipped to £1,995 
at one time but its failure to 
. pass through a major " chart 
support point " at £1,990 
triggered a dramatic turn- 
round in market lone and by 
the close May cocoa was quoted 
at £2,063,5 a tonne, np £18.5 
on balance. 

Dealers said the market's 
late strength reflected a con- 
tinued lack of producer selling 
and a derision by Russia to 
“fix" prices on a significant 
number of Import contracts at 
present levels. 

This allowed the exporting 
merchants to buy on the 
futures market against earlier 
“ hedging " sales. The upward 
move was also encouraged by 
s catte red UX manufacturer 
buying and the weakness of 
sterling. 

A further marginal “bullish" 
influence was a Department of 
Trade announcement that U.K. 
cocoa bean imports rose 
steeply in February. The 
month’s total was 11,326 tonnes 
compared with 6,127 tn Janu- 
ary and 6,061 In February 1977. 
February Imports included 
5.263 tonnes from Ghana and 
4,250 from Nigeria. 

Israeli fruit 
export earnings 
boosted 

TEL AVIV. March 30: 
ISRAEL’S EXPORTS of fresh 
agricultural produce, other than 
citrus, are expected to bring in 
$140m. during the current export 
season which started in October. 

This would represent an in- 
crease of 37 per cent on the 
1976-77 agricultural year, accord- 
ing to Mr. Moshe Shavit, director 
of “Agrexco." 

Agrexco, which handles all ex- 
ports of fresh agricultural pro- 
duce other than citrus, has 
drawn up a five-year plan which 
aims at doubling the quantities 
shipped to 360.000 tonnes a year 
so as to reach sales totalling 
S250m. by 1982-83— more than 
the present income from exports 
of citrus. 

It intends to invest nearly 
SJOm. in the necessary Infra- 
structure, mainly storage and 
handling facilities at Ben Gurion 
Airport and at Ashdof port, so 
as to permit the trebling of air- 
borne cargoes to 1,000 tonnes 
daily. 


U.K. AGRICULTURE 


Slowing the drift 
from the land 

BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


LORD KALDOR and John 
Pardoe, Liberal MP for North 
Cornwall, among others, have 
been floating the idea that one 
solution to persistent urban un- 
employment would be to induce 
the return of a million or so 
workers to the land. 

If only, the argument runs. 
Britain employed about 10 per 
cent.' of the population in rural 
work — the average in the EEC — 
instead of less than 3 per cent., 
unemployment would he bound 
to fall. 

Unfortunately, this solution 
has little supporting evidence 
On the Continent, despite rural 
populations of between S and 
23 per cent. -urban unemploy- 
ment is not far from the British 
level. 

The fall in the British farm 
labour force has been spectacu- 
lar. Since 1940 numbers em- 
ployed both Full-time and part- 
time have, fallen from just less 
than lm. to 375,000. In addition, 
a much smaller proportion of 
fanners has also packed up. 

This has resulted in British 
farming becoming the most 
efficient In the Community in 
terms of output per unit of 
labour. In terms of productivity 
per acre and 'unit of livestock 
there is little difference, except 
that caused by land and climatic 
conditions. 

In the Community the num- 
I bers of those occupied in farming 
has roughly halved over the 
same period. But this figure 
would include a very much 
larger proportion of self- 
employed peasants and small 
fanners from the marginal areas 
who took advantage of the 
economic boom of the 1950s and 
1960s to go into industry. 

Since the ending of the boom, 
this rural exodus has largely 
ceased. Most of the our fellow 
EEC member countries seem to 
be attempting to contain the 


drift from the land with policies 
designed to restrict the enlarge- 
ment of farms beyond the family 
size, and generally making it 
easier for farmers to survive on 
a much smaller acreage than in 
Britain. 

There seems lo be little pros- 
pect of increasing paid employ- 
ment in British farming. The 
main productive section of the 
industry^the larger- farm — is 
geared to increasing mechanisa- 
tion and stock handling systems 
designed to maximise output per 
man and basically reduce overall 
labour employed. 

This development of British 
farming stems from the 
Enclosure -Acts whieh increased 
farm size. In Europe, policies 
have always tended towards the 
maintenance of a large rural 
population. So anv attempt lo 
reverse the British system would 
be flouting not only conventional 
economics, but two centuries of 
progress. 

That being said, and in contra- 
diction to those who have been 
lambasting Lord Kaldor and bis 
supporters, there are signs that 
the decline in employment could 
well be checked. Even that those 
“ occupied " in farming, a subtle 
distinction, could well be on the 
increase. 

Some practical farmers are 
finding that the costs of mechani- 
sation and building systems are 
now so high that it is often 
cheaper to keep going wfth old 
equipment and employ labour 
instead. 

The Milk Marketing Board's 
low cost production (LCP) unit 
has recently produced a study of 
farm investment which showed 
that high investment and high 
borrowing coupled with intensifi- 
cation of stocking and reducing 
labour, instead of showing more 
profit and greater productivity, 
produced the reverse effect 
Farmers with lower investment, 
but higher wage costs actually 


made more profits. 

In ray own small way I have 
come to the same conclusion. I 
have a 100-sow pig-fauening 
unit comfortably run by two 
men. The buildings are obsolete 
and labour intensive. To save 
employing the second man, that 
is a labour cost of about £3.000 
a year, I could put in a modem 
unit which would cost accord- 
ing to the experts, anything 
between £50,000 to £100,000. But 
this, at the cheapest level, 
would cost an annual £10.000 in 
interest and depreciation. So 
saving the employment of a man 
would cost me £7,000 a year 
with no discernible advantage. 

This is a gross over-simplifica- 
tion, of course. But many 
farmers I know are thinking this 
way. Particularly now that the 
inflationary profits which arable 
farmers and most others have 
enjoyed since 1971, have been 
matched by the inflationary 
costs that have not been slow 
in catching up. 

There is another point which 
those who are in favour of in- 
vesting in very large-scale pig 
and poultry units would 'do well 
to ponder. For a number of 
reasons, political and social, 
these are discouraged in some 
EEC countries, where the 
governments do not see any vir- 
tue in wiping out small 
operators. 

Apart from this, there is 
another even more cogent fac- 
tor. Because of the high cost 
of feed and labour— and the 
lack of intervention support for 
both pig and poultry products 
in the EEC— production is 
firmly in the hands of the 
family unit. 

It is likely to remain that 
way, because the family unit 
can best absorb and survive bad 
times. This trend towards 
family units I believe, is what 
will happen in Britain too. But 
it will be a very slow process. 


Danish threat to Blue Whiting 


BY COLIN NARBOROUGH 

BLUE WHITING, a fish re- 
garded by Britain as a prospec- 
tive species for human consump- 
tion, could prove highly suitable 
for fishmeal production, accord- 
ing to a Danish study. 

Since the introduction of wide- 
spread restrictions in its tradi- 
tional North Sea fishing grounds, 
Denmark has been searching for 
new species as raw materials for 
its large fish-based meal, oil and 


fodder industry. 

Data from test catches last 
year, processed by the South Jut- 
land University Centre in co- 
operation with the Fisheries 
Museum here, - show that the 
average fishing vessel was well 
capable of catching blue whiting 
in excess of the 108 tons daily 
minimum set by research pro- 
ject leaders as necessary for 
viable economic operation. 


ESBJERG, March 30. 

Our Commodities Staff writes* 
British fishing representatives 
expressed “ grave concern " at 
the interest shown by the Danes 
in the European blue whiting 
stock. A British Fishing Federa- 
tion spokesman said yesterday 
that the Danes’ “ excessively 
large " industrial fishing fleet was 
held largely responsible for en- 
dangering the survival of several 
major European fis hstocks. 


COMMODITY MARKET REPORTS AND PRICES 

nice MCTi I C fluil In the morning Urn* months win?- with forward mural finally £5.880 oo the TPSwwSyV j 

ISAot. 1*1 JL A /-LJI ban traded at £727, SS. 2ft, 2BLS. 58. 28. taw kert. TJototct 1.153 IOiujct. ) Cm • +or Bmtn» 

«7. 58. 53. 28. 25.5. 55. Cathode*: Cash Mornlna: Standard cash fSRSO. 75. ■ — Dace 

CO ppeh— H igher aJihnuKh substantially £ 7 ge. 5 . Kerbs: Wtrebara three months three months £5.870, SO. SS, SO. 75. 78, 65. !£ per tonne I 

rlo» the days best levels on U»c Uwdim ^ * 5 . Afternoon: Wire- *9, 75. 80. SS. 80. Kerbs: Standard three 1 — 

Exchange. After opewnj! al EU» ^ Thrw monte 1758. 21. TO 6 , 20. 18. months £5.8R0. Afternoon: Standard ihree jjatdi 11465 1470 ,.SU . 1552-1457 

JLSf See'S, r al ™ 18. 18.5. 18. Kerbs: Wlrr&ail three months months £5.900. £5.695. 90. S5 BO. 7S, TO. 1458 1454 -C 8-0 ! 1480-1440 

“...SS 3 J a 0 i2S!I «•. 18.5. 18. 1T.5. IS. 1B5. 19. Standard three months £5879. 88 . j u ,V 1573 1375 +4S.B 1597 1358 


PRICE CHANGES 


U.S. Markets 


Urea faUm-ma initial news of lorn- 
1 abjure b> Zambia. Those levels 


TIH— Gained w o u nd. -The weakness of 


September... 1526-1330 
.November... 1504-1510 


-68.0 1 1480-1440 
+05.0 1597 1558 
+02.5 1 1348-1520 


(traded proffl-tskinn. however. with the *wraw. beer covertna and buying against m copper hoi traded narrowly i n tnd« ;Sr53£ ;»«»kuu 

nev off to £753 on the rooming kerb, MW phprteal business took torward man- *ner the b«d rnmoM. +£i 

n 1 hr afternoon details of the force dart metal np to £3.885 hi the mannas: Forward metal started m£3l6-£31B and 127H -K>J} | — ■ 

oak-are prompted a heavy fall to £715 rows before hedge seUiim pared the price narved (n a lush of the day at 023-5 la ! 

rfiwr the weakness of srriJn* enabled marrinany In me afterntat )t w " 1 the p re- market. Aftennnta the price sales- 3.607 1 3 .568 1 lots of 5 trainee, 

ho price to rally 10 £718 on the late ahead to £5.800 aa slcrUnc lota farther between CEO and EE3. dostiiE on TZV,, * c- ^ “ * 

erh. Turnover. 16.675 tonnes. mund hot prolU-lahms earned a re- Kerb at £321. Toruover $350 tonnei. AWA IHCAS Wit , , < V U ff , L ..f? 1 ' 

Amalgamated Metal Trading reported action to £5^70 before values hardened Mornlns: Three months r jftB . 23. 33 A Whggas. faita dto break through 


Limit-up 
cocoa; ease 
by coffee 


'oppkb! •' ui - H-nf |t+u' ] H" nr L" P*™- !*+ 0P 2 * Ari+nnM-' 

. t PPKR n_ ; Unofflriii { — Tf!7 OfTfrUJ | — IHnoffk-ial — 21" 73 

I JC i~£~; £ flT ffirit Grade £ j-JC J c I £ f»J. 2*. 

Firebars ! I ( 5870 .$ +M .6 6865-70 + 65 j a-m. 

W. 710-1 ;+15.B 7953-4.5 i+12A A nrmthiJ58BO.96k57.5j 5875 90.+ 55 LEAD Offid 

mimlht..: 7C5-.B .+15.3 718.5 9 +15.5 BMUmiY.) 8876 , + 38 — ). — — ~- 

eti I'm'iit, 711 +15.5 — | Standard. II J -- , i 

athodea- I | l Ual, ...... 3 S870-5 [+5S.6; 5866.70+56 Gub. Jli-5- 

•a-h- 700.5-1 +15.5 696-H 1+13 3month». : 5875-80, + 38 | 6870-5 (+55 JmonUm.. 522-.fi 

month".. 7156-6 +16 708.5-9.6 + 15 Sen'em't.t 5873 ; + « | — } Spn'im'nt 32t 

tili-m'nl. 701 +15.5 - J Stmn- E.. 331510 -> IB ■ • — j. — U-ASpor. - 

— 61.5-65 t Seer York 1 — 1 ‘ — 1 . ~ 


Drexd Burova, Lambert reports, 
a *&JS% K ti® I Alto nnehamted to 

Ou'ri&n ' ^ K * rb: m0WhS PRICES tin order buyer, seller, change. 

-J.s, „ business': April 2Sfl.0O-or.5O, +2.73. — : 

1 *-m. (+ or| pjn. |+ or June 178.75-W.00. -2.12. 1SI-M-TO56; Aug. 

. LEAD Official — J Unofficial. — 168.066939. -LM, 170.00: Oct. 1 5S. 90-58^5. 


February — ;11BJ0-1BJ + I.*5 
April '1 UL5B- 1 7 J +0.25 J_ — 

Sales;. 318 tl5S> lota of 100 tonnes. 


NEW YORK. March 30. 


Standard) ! i £ | £ £ 

fMli_ ... J 5870-3 +56.5; 5866-70+55 C*ah- - 113A-3 t+8 318-7 

1 : * a " r: on . f □ i coqn «e ... u J xo 4 l c .. aa 1 an 


ttl 701 +15.5 — 

*A.. 6 iul.. — 61.5- 


with forward mnal finally 15M0 00 the X-«erdav V i selling was countered by commercial dew (-1.7): C.B^— Pigs «t.lp per kg hr Prices oer tonne unless otherwise 

taie kerb. TumoVcr l.in tonnes. ] cX ; + or flodn* The market opened .st UmU (+3.11. Enpland j«d ro*»-Caitta stated. 

Mornlna: Standard cash £&SEO. 75. COFFEE ! _ rh™ down basis June and Augon, the move- average price «9.1»p < +2J3t; Sheep . . ■»- • • . 

three months £5.870, so. SS, so. 75. 78. 35. !£ tonne mem being carried over frtmj the Kerb, average price I4l.8p t-3.1 >;«g average Mar. 30 +or Xlraith 5 IVYllT 11TB 

71, 75. BO. 85. 80. Kerbs: Suadatd three ! sources said. price 83-lp (+3.1>. Semtand-Canle WW ■ - wT III" 11 (I 

months £S.8W. Afteranoa: Standard three 1 1465- 1470 +51^ ; 1532-1457 k» '. tinr^ r pombm np 20.0 per cent., average price . Jr 

momhs £5.900. £5.896. 90. S5. B0. 7S. TO ! muu -SsS ! 1«-1440 rw*. — uSST 878411 numbers • l« ! 

Kerbs: standard three months £5.870. M. " 1372 1373 +4B.0 1397 1358 1 I j ^nnv cem.. average price UOAy (-M.fl(. ■ PAPAQ • AnCA 

^ September... 1526- 16M +02.5 :1348-13M Lcperumno! 1 COVE HT CARO EM iprtcwi ta_ sterb ng Xslata 1 CUvUila CddC 

‘November ^ ... 1S04-B10 +1M-1H»1UB April '1^6^20^3.75 121.00-20.00 per package unJen mated). »"P«ted Alumimom t£680 \£BBO _ * 

Sim- ^ Jannaiy ,1286-1300 +12.0 1 - ;121.50-21-5-4.B 126-BO-2B.OO Free nwrket Crn-llSSBOBII 1 IS96Q-60 L WT 

saircm&wrt s=j]ggffli^agBsss K?-ttesiiata by coffee 

ssi « ,svir s 

'ia it S^Di^^nhamljmhetiwrTO sies:. SIB tl58) lou o( IOO lotmes. gW«JS +6^5291^ s55S 

a Afiemooo' T^ee S 5 dose va,ne * ^ mtehanged to M 3 ^ 3 ^ ftppma- XfcfcgJ : 1 | - eased slltOnlj- on Cotnml^on House Mil 

*gsarar a?us: sugar i ss-s?~js ■ssr-t-ss * ss 

r35, busmess.: April 780-0607^0, +2.73. ’ north, fumble pm*. .per potmd 0.14 * , attracted speculative mSKcovK* 

] a-m. (+or| p.». ( + or jnse 178.75-TOqo. -2.12. 18I-W-7BJ0: Aug. LONDON DAILY PRICE — Raw sugar Golden Delfttous, hmible pack, per pound (H_ ri -J L , .. - Coffee eased on a tack of roaster Interest 

. LEAD Official Unofftnal. — lGROO^LaS. -L80. 170.00: OcL 138.8IM8J5. £183 H (same: a tonne df Tot April-May B ^SKJ2P‘ ‘Ifl*? 4 I p^Ml?rkS y fill?'! I+O B !f lltK was lower on mixed selling am 

i J ; +8*3. 160 09-58 -5-. Dec. 145JHM6S0. —LOO. shipmem. Whitt sagar daily price was •-«. OtiMe" Pdldous ^11-0-M: US+ VnelUam™-. £117-5 +°.8 £118.75 ^ , 0M Uquldfltio|li 

! :ii^ , & «« a^'S'SH 

® & j- 5 Sfc^ruara ar. gga TJJs » tsej&jvnjfa ^ *“ ““ 

uj8.S[»w. _ — _ J r ™.» » I9fi,t3 1 unwaged c ? ndl,Jo 5 s - 5endmem dunged later and Chilean: Granny Sralih 7.60-8-00. Pears— Won rmin22.Wlb.cit S 147-53 SI 59-46 .Canoe—” C" Contract: May 170.0 

ZINC— Movad ahead drains the pre- Arabics WLW net .00): Other mild ,h ® r a * el reared aUUie loo growid. S . African: WlIUamH Bon Chretien CIO- Zlnt-nuh £308 ,+7.76^246.75 [tOJah Mir 15LM (UOJ8), Sept 140.61? 

market when forward metal rose from Aratacas 179.67 (179.741: Robasus 15t50 * Jlled ^ weaker SterUng, C_ Ckarnikow 8 «q ; riallan: Passacraa&ane Trayv 13/1* lb i montha £290.7S+7.25'£846.76 JjJ-J®- „ Dec -, M I 5i- 0l ^ 1 r 7 - ia 

£S8S-£2fl0 to £293-06 foUmmg the tagher llSLSOi. Daily average 1G7.09 (167.821. rBDarts - 1.60-1.78: Dutch: Conference per pound Proritu+r* (5550 [. ^550 125.75. July 12 LOO- 122. TO bk 


SUGAR 


3J0 : SpanU: 2.60-3-M. Grapefruit-. Lmd'Kij: ^ B s , +B Easauma. 

BTS, gBUWUBi'US h-tassa^i* 

Smith, jumble pack, per pound 6.14, 


J “ itl! 


BUSINESSES FOR SALE 


£620 

+ 11.0'£601 

- .8895 

—77.0 8545 


■ - • — » ■ &8S-ESKI to £293- £596 foUmrmg the higher t!3L30i. Daily average 167.09 (167.821. LBM.TO Dutch: Couforeace per _ potmd P rod o, -ere (3550 _|S550 “? y J~- 75 ’ Jul> ' 12L0M22.B0 tta 

G Index Umlled 01 JS1 Three mono, Copper JWiJStS Jgffi 5 , "-^“Sf r «S m3 ^ ur i n „ „ .. SaS.'rg fiU- , ran , ^ «• 

3 Lam on ( Road, London, &WIJ 0HS. . around £2B0. ctosina on the Kerb At that GRAINS (wA CW 5 ! ptan *-^ African: Golden KtagySOngoa nSSSat H* — Iti'fl-ftni Jutw 6LM. Jnhr 62 . 10 . Sept. 63.V 

1. Tax-free tradins on commodity futures lev tl. Turnover :S50 iwmes. C Dom per pound thwwM-Jam^can: 11*1 +T, -°:S23 Dec. W.59. Jan. 63.00. March 66JW. Ma 

^7.-* ;"- ,L . Uornma: Three months £292. 91, 96. LONDON FUTURES (GAFTA1— There j I»er pound 8.150.16. Metaus— Chilean: ffig “Vin'IISS 67.00. July 68JJ0, Sept. 68 . 00 . Dec. 78.3 

— The ctHnimidllj futures market for toe smaller tnvester Kprh . Tiwee ait a. so. «. was particular interest in ota, crop barley ' r 1 While 5.80 Green too: s. African: WhHo PfcJni Malayan S572« —77.0,8545 JajL n.OB. Sales: 6^00. 

■ ' Afternrum: Three months £SS0, I, 96J. Where strong pfcrstaU demand for spot fpbrianne 3.00. Avocados — Israeli: Hass 18/24S 32»- I Cotton— No. 3: May 56-95-57.15 i57J3 

— — — — ... ■— ■ TO Kerb: Three months £298. TO. caraed May barley to trade np to 85 slay.... 10B^W)B.B&lD7.4W17.Bfl IBS. 00-06.70 3 70: Kenya: Fume IUUji X5WJB: I July S8.78-58.75 !».?:>. Oct. TODMO.I 

t - ^ — t . - f — points hifilre before awe&stve profit- lltafiO-1l.7D , il2jlS-1!.6fl 15.00-lDiQ S. African: Poerte 4^UM-50. Sinwbernu „ n . Dec. BD.TS^ojSS. March KL10. May 62 k 

BUSINESSES FOR SALE . use A f-- v£2 u rt- igz/zgj gTc^Si^? Sfr^iagiafeawua&gg 8& SS-*fe*^ **■ Sid * 

===== = == === ===== = = == = = ^ J^-saaaasa^RHB ^ £r- BKC ! I «2Sr« s < s , -a a 

Aw: lM^aOJ»HO.-«»0.7tfia8.75-27JO 0 ^ ; ‘SS^S^cita^ «■». Dec . m Feb. lTO« 'Ap, 

H I I graent-.-l 287.5 +4.5 — closed tartly arady. Sales: L73« f 2 ,so> tots o7 30 tonnes. issues -iW5 :; Pvtaw^ m?i„ r ? +0te£7Q ‘ 8B Psb R '--iL?o M 's 3 ?^ 

Ill PC gel wV O I 1 Pnm^wtH — : 1 29 I New crop bartes found good hedge selling Tate and Lyle n-rednery price for Canary: 3.80: Egyptian: 3-65. CaulL +V+uch A' tv'S-Lci'S 104 5 IjSIDO lfl SOfl’ _DS-D ’ F " 1L " 0 ' S lr 

W HU ff .cmu « 3 - anand. tOn Merinos «H day, AcD reports. granulated fouls white sugar was £242.40 fbmvr*- French: 24s 5J0: Jersey: 5.5ft- w Sr i ! 

uaidflciAl close till oer mmi “ — ■ ■ (same) a ramie for borne trade and 5.W. Cmumbor* — Dutch: 14/1 65 2J90-3.50; y M 1 KeditnHnr- ; £sfl B 5 w 4 -t fi Vrk 2 ^ » loose I-5-5C 

rDCrUAI n WHEAT KARLEV nea.oo isanwi for export. Canarr: S.B0-3TO Tomnmw-Cana rr. Xo 2 B^i lVt^ - V ■ Ifcw -Ve* pmn* aeam 27^5 trad 

r KHELllVlLLi QIIVFR YwtenhyV + or Xattvdayt + nr imereaUanal Sogw Asreemeu-lnllca- atih Kn-lWi llillinuJciobv i”ZTi«4 “»4atae-Mav 25 UC 5 i» i=su» Jam 2 a 

MLVOl M-oth- - , Clooe ; - tnr prices (U.S. cents per pound fob and Pn ^!!2r P ?L_^S: U*** Mnpm«il.... t £2.110 , +4.0 £V7B5 ^ Jl S1.HE 


CORNWALL 

FREEHOLD 
ICE CREAM FACTORY 


140.73. Dec. 127.00-127.73 bid. Marc 
126.88. May 722.75. July 12 LOO- 122. 80 hk 
Sales: 783 lots. 

Copper — April 60.58 (80.60). May 61.] 
isi.lfl), June 6 use. Jnhr 62.10, Sept. 63.t( 
Dec. 84.30. Jan. 65.00. .March 66 X 0 , Ma 
67.00. July 68 . 00 , Sept. 68 . 00 . Dec. 70.51 
Jan. 71.00. Sales: &200. 

CBUMt-No. 2 : May 56-95-57.15 157.55 
Jolv S8.78-58.75 1 58.72). OcL OO.OMO-l 
Dec. 80.75-60 -R?, March 62.10. May 62.6 


435400 bales. 

*Gofd— AprO IS0.70 (179.38), May 181 
risa.sm. June 182.90, Aw. 185.40, Oc 
189.00, Dee. 190.70. Feb. 183.40, Apr 
196.30k June 199.20. Ana. 282 Jfl. Oc 
20320. Dec. 2DS20. Feb. 31L20. Sale 
10.508 Iota. 

tLard — Chicago loose 25.75 1 25-51 


SILVER 


. chrae' i — tnr prices (ttS. cents per pound rob and w 5SSLtr r ? 1 ” m Ckxci>hipn»it.7..|£a.llO ii'4.0 "^1.789 

M-F I 90 DO +0.® 77.B0 +0^6 7.58 17.60). S?3Sb& .7 £1.453 1-6.0 £1,462.5 WM") 

S ! *p t - ° 4 - !sa * 0M 7S - 60 *- ■» CoKon-A ' J « te *- 6B - S5c, l+°- 2 672r ^5“ 

Nov. t ■ 37.15 +OJK Bi^O — 02S Hnhher kilo 48.75p +0.75 47.5p Jan. 230.70 

■Tf - 10 WOOL FUTURES «« -~3g“ 

and Jftjnmuh 5TL0c. down 8 . 4 c. The Bnslness done? Wlieait-MayM.49-88.90. *■ 8.1041.14. Cacranben— Per tray. 1K24» Wi«oluip+64« fciio... 27Qp , i271p 1 ’53hSS- 

metal. opened at 2S4.3-28&3P iSBWKci S4J5TOSS. Nov. S7 ^87.15, Jaa. LONDON — Dull and featureless, reports 9 3ML80. Mushrooms—Pm* potmd 0.45-0.50. NomlnaL t Unouoted. a April. (May- (535.90), J 


$\ l P**gi h *2***» + 1 - 6 ^S 6 - 25 New York prime steam 272S trad 
No2 Hard VTlcter] ; | ; i27.M>. 

Eu«ltab MillingJElOOif JXM Maize— May 2511-251! i251*K July 25: 


FOR SALE AS A GOING CONCERN 

Apply; P.O. Box No. I. 

High Wycombe. Bucks. (Ref. DEB) 

Tel; STD (0494) 21234 


tMatae— May 2511-2511 i251i>. July 25: 
' 232! i2521i, Sept. 233, Dec. 2541-2: 

& March 2BS. May 283. 

5 5 Platinum— April 218-29-218.78 1219.8 


2^T7V cSvTSZCSSEZiM 67 Tc j* m-gHT 


r.SIhrer— April S31.M (322.40). May 5M 


LEGAL NOTICES 


J 3ILVHH 

Bullion [+■ or 

L.M.E. L 


fixtaw — 

clan 

irnj- ox. 

pricing | 

! 


counsel fur that purpose: and a copy nr 
tbe PetftxjD wtu be furnished by the 


Spot 282.25p < 


TO20. Jan. S345-TO75. Sales: 230 lntt. Australian 

j IMPORTED— W Mat: CWRS No. L 13* Greasy Wool 

r. M b Li. <w aer cem.. April-May £S8J5 saber Tilbury. 

clan I U.SL Dark N nrtfiei u Spring No. 2. 14 per 

cent.. April 131.75, May £88 JO, June March 

! £88.00 trambtanKni East Coast. Mae.— ...... 

1 Main: L'^/Frencb spot noiSM. April Jujy. 


'W mn*D vrtll DC WtOttWu 07 tOd iLj+nik. ’ | 4R? AAn L? flh! Mfl ,ojl rnart Sptltfa AlfiCU WtUlC nuflUulfd. Dgi miiha r 

Nos. 020. 821, 824 of IfSP tmdcrelgiKd in any creditor or Main- 7 I sll - 57 p T Vb 29 °- is P ? Z4i AlriSs £TOS0MOtS ' 

m the HIGH COURT OF JUSTICE betary of any of the said Companies iSM** “ ! — ^St Grade towjS»^ *mSo 

rhancery Diviww companies Conn. In remnrtat such copy on payment of the 'Zmwtli*., 50S.4|, —BJ 1 - ^ May„ 


?ert«nry»4- or) 
Close 1 — 

Busmen 

Done 

TOfoTOJ i 


MJJJ-2S.D : 

— 

&.B4U ( 

— 

SIA-TOfl i - 

2312.0 

26.8-18.9 j } 

— 

S6 -0-42.0 . 1 


56.6-4SJ3 ; 

— 


S NomlnaL x ummottd. a April. ■ May- (535.90), June 538.10, July :542JB. Sc 

t 1 *?: 18 - Jaae - »M««*-ApriL. a June. o April- 330.10. Dec. 562 -M. Jaa. 588.40, Mai 
croc-B Ora TO* Flt» Ujll J fft Wf June, to March-May. pAnrO-Uay. r May. 574.88, May 583211). July . 591. 70. St 


i IMPORT) LIMITED. C. K. C, 
PLASTERING LIMITED, DAVID WOL- 
MAKK LIMITED and U) the MaUer nt 
the Ccmnanirs Act, 1948. 

NOTICE IS HEREBY GIVEN, that 
Pettttraiv fnft the Wmding up of the abovr- 


a K. CLOAK. 

Rise's Beam Howe, 

39-*l Mark Lane. 

London. EOR ?HS. 
Solicitor for the Fwliwner* 


8.8841.14. Pears— Per pound Cotderence 
8.1141.16. Tomatses— Per pound Emdlsb 
0.43-0.50. 


Colombian 
sugar export 
plans 


•.fMiKTTT mviwra i-ompanies uonn. in renureu suen copy on payracm u uu autani fob. t .ti- teie « ■ i ysvar f-*X III III 

O 1 ' KD«»BU 1 « rettulatrt cfoitwlortlK- .w». 'tHB-Turaw injlDteTd"^ ’tateTonwri. . , oTlJM kil^. 3U & ai CA|fVl L 

ilUnlKT) LIM ITED, L K- C, - CL K, GlDAK, otinrpt. Uamint: Tin m mnii thc oc? T HCTA Rt farm sod prices fnr March a “” 5, ** u '“I ““ KUOS. i 

PLASTKRINn LIMITED. DAVID WOL- XiSfi't Btmm Some, $ 7 . 5 , 74, 7 . 7 . 7 J. SS. SL2. Kerb : 1 30. FM wheat: South Lincoln £800. SYDUKY C RE ASY 4 In order hurer. T)|£] TIC 

MAKK LIMITED and in the MaUer of 3M1 Mark Lane -Swre ^ inomhs^ wa, TOX ATieraSm VdidUtt BUt Feed S South seller, foulneas. sales)— Mho-Mi cautraa: 

W NOTicn ,a, rs A HKRrav nvrv .hw miimre.r. ' ntrve n,0D,ha »>* S®- 4 - **•*■ ®- »-X Ltacata Wttafaire £74^. Other May NAJUIUMJ. a i^? r NEW YORK. March 30. 

WjtICB is iie.Rt.BV given, that Solicitor for the mliwwri ns* son W.4. 86 . 2 . MA Kerb: Three mHTInn wheat: South Uncohi 8850. Uta, HS544J5, 18: Oct. 350.9. 3S8.3. nuni x m a vc _ 

Pettimn 1 ; fnftibe WraUinfi op of the above- XOTE — Any Dttwb wlio intends to m 8 B.S, U, 9 * n. tJJL. monetary coefficient [or the ml; Dec. KU. 337.8. 358 JJ- 337.0. Cl; COLOMBIA PLANS tO Sell a 

named C o m panies by (be Htsh Conn of appear on Utt bearing of the said Petition ww* fttim April 3 it " !■*«■< to he Marrii 383.0, 363-5. 303.9- 363. fl. 17; Mav minimum of one cargo (10-12,000 

lustier were, on the Stub daj 1 of Marti) mmi serve on. or send by post to, the Vnr/1 a unchanged- 3*7-5. 387JL ml; Jnly 370.3. 371.0. 37L0- _* 

1 W>>. nr+wnird 10 the said Conn by the above-named noticr in irnting of lus 376JL 5- Total sales: 84 lot*. tonnes) Of raw sugar per mOnlQ 

K"JSo”«i o :SbS[re?S-TS ,£ RUBBER S?™r i t,r p ° rt 

Mara Lane. London. Ecsr THE, and that if a firm the Mim- and address of tbe tiSS^aS^ uuouhged an tbe VFGPTA RT F HII <2 80JW0 tonnes under the Inter- 

thn «M .Petition, are directed to be »m> and roust be signed by the .person ““ **** VttytlABLt. OLLS national Sugar Agreement is 


NEW YORK. March 30. 
COLOMBIA PLANS to sell a 


named C o m panies by (be High Court of appear on the bearing of the said Petitions 
Jnstice were, on the Stub day of Marti) must serve on. or send by post to, the 
18ft). presented 10 the utd Conn by the above-named notice in writing of his 
COMMISSIONERS OF CUSTOMS AND nuenuon so to do. The notice must sate 


FINANCIAL TIMES 

Mar. 30~l3nur. 29~ Month a^ot Xearaoo 

235.28 1237.52 327^88 276.45~ 

(Base: July L 1962=100) 

REUTER’S 

Mar. 30 Mar. 89 Momb o«oj Year ago 

1455^ 1 1428. 7 I 13883 { 1731B 
(Base: September' 18. 1931=100) 


DOW JONES 


SJmt. I 21 red 
■ 29 aoo 


hoard before I he Court Sitting *1 tbe or firm, or bis or their solicitor 'tf any) 

"Wat courts of Justice, Strand. London, and. most be served, or. U. pasted, most _• r , 1 

WC 2 A ILL, an the 34ih day of April X9TO be scut by soti in snCBdcni time td cocoa j 

and any creditor or contributory of any reach the above-named not later than ■■ — 

of (he said Companies deslroua to support fonr o'clock to the afternoon of the Ao.*C'«itr'l- 

or oppose the making of an Older on Hat day of April is TO J*meb J 


Uan. GIU mod Duff us reports. 


physical marker. Steady ihrongbam the 


' .Xntwiayv; nFoTpaSi ire ' aw. ctosi ny on a mm ante. | Le »rt»_ant i ldmdon palm oiL—ctosinK: April exhausted, world sugar market 


1 — ! Dcoe 


Pear repon _ that tbe MatayMa Wdown 3^.88-330410. May 300. 00330.00. June sources said here. 
nrte was 2M (same) cents a kilo (barer. 300 . 00 - 330 .oo, joiy 3 a 8 .Ofo 3 sa. 8 e. Ang. 1 — .i— l 


Dnw : illr. 
Jrme» I 50 


■vpM ...563.42 363^51355^4426.43 
Futureai3S2 .87i3 55.10tZ 3 3 -3 5)4 12.70 
(Average ~ 1924-25-38=180) 


INVEST IN 50*000 BETTER TOMORROWS! 

50,000 people ia the United Kingdom suiter from . progressively 
paralysing MULTIPLE SCLEROSIS— the cause and cure of 
which arc still unknown— HELP US BRING THEM BELIEF 
AND HOPE. 

We need your donation to enable us to continue our -work 
for the CARE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. 

Please help— Send a donation today to: . 

Room F.l. 

Tbe Multiple Sclerosis Society of CUB. -and NX 
4 Taehhrook Street, : ■ 

Loudon SMI IS! 


Match t19ljfc22B.0 j +2IL5 222445090 f [ T 

May—. 'gUaj.tdJ 1+18.0 HOT .8- 1535 No. 1 Prerimu I 

Jnly. [I981.fo2fo9 '+S0.5 2MMLB-1924 R^S. . doaa i efcae ! 

dopt w.- t l8#SJH9.a '+45.D . - 

llec— JlBSSJJ-SSJl (+45.0 190QJJ-T3U 1 . ! 

Uiucb» l 79WJLS(U) 1+97.5 1798JLS8JI ‘ 1 

May. :»»JL1&0 1+87,5 1BU.B-D40 May 49J0-48J5 4aSfo4R5B 

4S.40M55 41.15-50JM 


3ef.0d-33fl.oo. sent. iso. 0O-33o.eo. Oct Industry sources in Bogota con- 
298jn-3Zfl-89, Nov. 2So.Dfo3i3.M. Dec. firmed this morning that Colora- 
288 .efoai 8 sb. sales; nil bia has resumed export sales 

following its withdrawal from 

MEAT/VEGETABLES 


MOODY'S 
Mar. Alar, ij 
30 28 


dpia ComnuyM 


I8a6ja;s45.8 

1=100) 


680.38. Dec. 81250, Jan. 917JU. Sal 
10.000 lots. Handy and Harman s 
532.70 (53250). 

Soyabeans— May 67I-67S (701), July ■ 
679 asked 1 709 1 , Aug. 670-671, SepL < 
Nov. 604-606, Jan. fill. March 618, 5 
624. 

Soyabe an Meal — May 171.00-1+ 
(179.28). JUly 175.00-174^0 (181.301. A 
175 j0-173.60, SepL Ifi8.00.i70.0fl tad. < 
166.00. Dec. 168.00-165.50. Jan. 1» 
166.50 bid. March 170.00. 

Soyabean Oil— May 25.85 asked (2D. 
July 2Z33S5JS asked <28j5f, Aug. -■ 
2155. SepL 23.60. OCL 22J5, Dec. 2: 
Jan. 21.60. March 2 iJS. 21 . 6 O bid. I 
2L45. 

Sonar— No. 11 : May 7.01 (7JH. Job') 
S-Zi 18 — li. SepL 6.49. Oct. 8.62. Jan. ' 
9.15 asked. March BJ7-0 3S. May 9.5S- 
July 9.70-9.88 hid. Sales: 4.519 lots. 

Tin — 5. 00-5. 08 asked '5.0+5.10 ask« 

“Wheat— May 303004 i 292i>. July 
305 i3951 1 . sept. 310. Dee. 3184, M 
323-323). May 335. 

WINNIPEG. March 38. riRye— 

I ms bid (llLGO asked). July 1 
(109.80 bull, OcL 1 07 JO bid, Nov. 1 
bid. Dec. (tree bid. 

-1 trials — May 78.60 bid (79.30). July 
bid <77.08 asked 1 . OcL 75.78 bid. 
74.40 asked. 

riBartey— May 60.90 hid (88.40), 
80.76 ( 80 . 10 , 1 . OcL 7950 hkL Dec. 
lifted. 

tIFlaxsead— M ay 236.00 bid (23(U» 
July *35.00 bid 1235.80 todi, OcL *. 
bid. Nov. 230.50. Dec. 232,00 oum. 

^TWhcai— SCWRS 13J per cent, pi 


Uareh ,79W*BCU> t+17.5 1 serious ctod - damage from I 1 «*«?■ 

May : 1810 J- 16.0 f+I7.S lITOfoPflO “ S^.TNPIELD tpeure per ponud^ecri drought 'JBT&'Z?-. 

Stick 6.100 (4^841 lots Of 18 tomes. 58-8fo5U» MLaWB^D S1.05Bfl.7B S«mw^ , lT1 t ™ eanW ^ ie ’ me ^‘ rTlTTON *?r'wt»4 < iv 

Hrtenmtlemi Oku Orpaataettoa <UJ5. 0«TS£ 52.-&52JO 51J0-52.8& M-bfo£f05 54 0^^1: Efre^inSBanQ^TOOm chjant C* Czarnikow announced tUl lUlY 

cum. per potmd I — Dally Price March 2*t Jan- Mr.. B4.C0-M.lft SSSOMM M^5-SJ^0 S 1 ! J^renuanw Ssjto^. it had bought 14,000 long tons Of , _______ ^S5S 

s u fv-sire ,o s r ^rs£ ass asssssss-asss bow,im inUSjS ar-jr-ss? 

■W. mTam» >. mSEm »-* — - •-* ^tober Bhlp^nt to ^ u^ m J* ^ i?T2. 

r/t r r r t- — . __a,. trn „ 1 . T , 11 - . *^ ea ^ * s on prfctt'ff “ e orders were pot through, chleJuv In vtous day. Prime Steam f.oJb. HY 

COFFEE Sales; SS '841 lots of IS wanes. ■ m *?„ ttm"- Company gave DO details of the Middle Eastern and Sooth American tank cars, j Cents per 56 lb busbe 

•_ Pbnaeal efoonx mm tbnycri wr: premium eWen over the New grawtlw. S pinners ware not prepared to warehouse, 5.000 bushel lota. !Js 

ROBUSTAS opened higher once tnare.^aft ,«j|; jiar «.ftfo '48-4;; Jims £2 Vnrfc nttmluir If NinfraM fnr fht* w*cipale their needs to any great extern, troy ouw* (Or aB ounce units of 99. 

foU relendos trade idling anxmd the M+. ,Mn. to TOO. Unnuned frozen: ® PL 43^ YDTK ni-iD&er 11 contract tor tile cem. purity delivered NY. S Cent: 

Mghs canned % sharp decline, and tbe . _ to 464. PH *5.6 to *44. duty paid cif U.S. sugar. * troy mine** ex warehouse. :| New 

.»» SOYABEAiV MEAL Pert: EobUUJ. under ISO HU TOO U) Earfier, New York trade conmcijn s* a Short ion lor bull 

Dnwl Btunltna Lambert reports. Scat* 4 g,jL 1(4-120 ths 3S.B to (Lf, 120-1BI lbs „e son of 100 short Ions delivered f.o.b. 

lerod Uqutdadon In the spot March Dost- soyabean meal futures dared steady bw «q m, jtj SOurCCs BRid ft premium Ox. 0- 25 GRIMSBY FISH— Supply fair, demand Chicago. Toledo. Si. Lottie and ■ 

thm caused ft to approach emnnet tow* brotalar at £*Jft per tBBBft dam from , ^ cents per lb Over October 1978 pood. Prices M sfop's eWo (unproresreai -Cents per 69 lb bushel in 

and dnw over £90 lower on tbe day. the prrri&os bight fo the near* to BJS meat oiiftMlssioii— Averaae fanEsdt fir E q 5 March 1979 DPr W®®* 5 ® heir «“• X44ifof458: eominns ttCcni* per 24 lb bushel, if Cent 

At a generally stewly doK y«Jbj+ were gp tn the lnre mite . Tuivuver totallnl price* at tepteaamathra markets on ““"IS £3JWn£4J0: torse haddock £tfifo£*R0. m n> bushel ex-wardwnsc. ' {5'eem 

about mtchanaed on tbe day to other fas lota incha M ag. 46 kerbs. Renter reports.' March TO: GTOr-Catlta. BB.T3P per kg Iw naa Been paid. mud tarn £3JO-X4.ao. small £2.5843.00; beat 56 lb bushel ex-warehotaen.BOS I 

positions. Deaton said early stdgtam and outsider t-flflt); UJtv-Shw 140-Bp per kg at Reuter small ntalce £3Jfo£On sattbe £2^fo£2J(L lota. H 9C per totme. 



TTVff-fflTim 


7 


40 


Financial Times Friday March 31 19*8 



EXCHANGE REPORT 


Markets subdued by talk of a rise in interest rates 

Share index 0.4 off at 467.7— Gilt-edged give ground 


Account Dealing Dates but losses here were usually W. ' EL Smith A cheapened 4 to Among Foods, Morgan Edwards Allen gave up a further 3 to 177p following the declaration of force 

Option restricted to I. 160p and Combined English were firmed 3 to 34p following further among Paper, Printings. msycuro on copper supplies by 

‘First Declare- Last Account Against a background of con- a penny lower at 79p; the latter's consideration or the proposed deal Properties had an easier Zambia prompted a spate of ony- 
D eatings tions Dealings Day tinning sterling weakness, the annual figures are due on Monday, whereby a significant share stake tendency on lack of interest, ins interest for base-motal shares 

Mar. 13 Alar. 30 Mar 31 Apr. 11 investment currency premium Elsewhere, House of Lerose gave will be Changing hands. Wheat- English Property failed to yesterday. 

Apr 3 Aw 13 Ad/ 14 Apr 25 11111116 fur tber upward progress, up 4 to 57p in reaction to the sheaf responded afresh to specula- respond to increased annual Australians were particularly 

Aor 17 Anr 27 Anr 28 Mav 10 taftflarttonal demand, still basic- disappointing results but S. & U. tive buying rising 3 more to 350p, revenue, and shaded a penny to boosant with prices moving 

' . ’ p ' ‘ “ ally, representing investment in at 12fp, retrieved half of Wednes- and Amos Hinton, in a thin trade, 37p. Land Securities, 214p, and ' utrondv In the wake Of the 

•"Mew Ihne" toJlBrn iwcr talw Btaec ITS Cflrairi 1 i«*= fan nt T u-hi«h ctommfld A..- a- WPW i*.»~ «« * —j o aoeau snrooMj m Uie W«UK IMC 


,\n easier MEPC, i24p, gare up 3 and 2 j n overnight domestic 


of a generally one-way business from adverse comment concerning tendency developed in Super- respectively, while Cenrrovlncfal the 'rise **in"* the invest- 

A lengthy list of company u-hieh culminated with the rote its finance subsidiary. Specula- markets where J. Sainshury feU Estates, 73p, still reflecting poor men . currency nm mium and some 
trading statements enlivened in- up 4 £ points at very near the tive demand prompted a gain of 5 to lBSp and Kwik Save Discount first-half figures, eased a similar arbitral* huvim* 

ISMSt in an nfhani-ica eiiMubH h.,i <■> lftl na > MM , in IrtO . in * r u 4 > n » — T _ m . i nmmin , fnJmn nM .1 0 UU " « WIUo.C MUJUIJ ,- 


terest in an otherwise subdued day’s best at 101 per cent. Yester- 10 to 123p in A. G- Stanley, while gave up 2 to 77p. In contrast, amount. Elsewhere, trading news 

Time Products added 4 at 125p Associated Dairies, 235p, and J. left Winston Estates closed at 34p 


day in stock markets. Growing day's SE conversion factor was Time Products added 4 at 125p Associated Dairies, 235p, and J. left W’inston Estates closed at 34p MM Holdings were outstanding 

concern about-the possibility of 0.6862 (0.6913}. and Home Charm 3 to HOp. Free- Bibby. 210 p, finned 6 and 4 following satisfactory results. w itb a 13 improvement to a 1977 

an upward movement in short- ’ mans attracted buyers ahead of respectively, but other leading Oils lacked a set direction is high of I83p, while Corine Rio- 

term interest rates had an un- Hire Purchases dull Monday’s results and rose 4 to issues dosed with little alteration, continued light trading. Currency tinto rose a similar amount to 

S'* tiling effect on underlying sen- Reflectin ' 1 increasing concern 274 P- Grattan Warehouses, re- influences helped to keep British jgSp witb fentiment also in- 

timent. British Funds were about ^ Bosslbliity of a rise in subs due on Tuesday, hardened a Recldtt & Colman UP Petroleum on an even keel and fiucnccd by diamond exploration 

particularly affected and recorded interest and credit rates. Hire Penny to 128p. In Shoes, Ward * ^ v * r the dose vas 4 bene,. ar 776p, hopej! WcaMni Mining put on 3 

losses extending to J. The Govern- Purchases turned flat Wagon White touched Tflp in response A lengthy list of company an- while investment dollar considera- xo I07p and Cons. Gold Fields 

ment Securities index cave ground p: nance f^j g tn mu and F. C to the doubled annual earnings nouncements enlivened interest tions took Royal Dutch up 1J to Australia hardened 5 more to 

for the fourth consecutive trading Finance relinquished 5 to 68 p in a before closing a net 2 dearer at in otherwise lacklustre miscollane- £46j. Conversely, Shell cased 3 23Gp for a two-day gain of 22. 

ri-iy. closing with a fall of 0.39 t hin market, while UDT shed 3 to 74p. ous Industrials. Reckitt and Col- in disinterested conditions to 

at 7403. 40 p after 39p as did Lloyds and Electricals were described as man stood out with a gain of ID 530p after Wednesday's bear Uraniums were equally firm. 


Leadin'? Equities ran out of Scottish to Sfip. Elsewhere, the mixed with GEC S lower at 251p to 423p, after 425p, in response squeeze and Ultramar slipped 2 Peko-Wallscnd. a firm market of 
steam , nFter Wednesday's useful major clearing banks dosed with lo 2211 p. . late, added 20 to a high of 305p 

imnrnvement. which was based modest improvements after a thin Ar the company s request, deal- and Pan continental 25 to SaOp. 

1 1 ■ ■ . • n I . _ ■ - . _ .1 . A mnn iti I onrlnn umf T iremflAi IW 1 a 


mainiv on a revival of Budget trade. Lloyds and NatWest both 
optimism. Potential buyers showed improved a penny to the common 
a marked reluctance and prices level of 276p. 
drifted lower in the absence of Jobbers were seemingly unlm- 
fresh sunnort. The extent of the pressed with Prudential's annual 
dav’s fall was onlv modest as figures and the shares were 
reflected in the FT 30-share index, marked down to laSp before 
This measure touched its lowest of closing 2 easier on balance at 
the dnv at noon with a Toss 1.5 160n. London and Manchester, 
a*- 4Rfi.fi and closed onlv 0.4 off on however, on further consideration 
balance at 467.7. Against the of the results and proposed £2m. 
trend. Lmcis stood out with a rise rights issue, hardened a penny 
of 7 to 275n in resnonse to the more to 137p, while Pearl rose 4 
sn^sraetoj-v interim statement. to 244p following comment on the 
Overall, the H-end was to higher year’s performance. _ Among Cora- 
l«*'p , s with .secondary Issues hoins posites. Son Alliance edged 
hojn-d hv occasional new-time forward 2 to 544 p: the preliminary 
dempr’d for the Account starting figures are due next Wednesday. 
n"vt M-nd-v. Amnng the se^ors. Building Issues encountered a 
Fire Piirchare issues took a better trade, with selected 
disimrt turn For t*** M-orso. senti- secondary issues recording fair 
m'»’t bpmg unsettled by Fe are of gains. Housebuilders Gough 
n incrppfp in Intern^ rates. The Cooper attracted new-time buying 
FT- \'**jinri''B index For the snrt'oo and rose 4 to 86p. while a vague 
fo»i 3.5 npr fpnt. to 131 n compared lip For STarrtiwiel lifted the shares 


Pmw 



24 O 1 


JUL AUG SEP OCT NOV DEC JAN FEB MAR 


mgs in London and Liverpool EZ Industries rose 10 to 14op. 


Trust were suspended towards the 


■ , . - , 0 „ In contrast, the recent strength 

or North.™ Hint «, reversed: 


announcement. Estates Duties 


InrxtmhM t™- nnlnn-.M 970a Sharp dOWIttUm !H OWmigtlt 

Sj’dney and Melbourne markets 
? resulted in (he shares being 

3 to 19ip. Investment currency dowT1 K tn «n n 

influences led to gains of 9 to marked aovru 8 to “P- 
564p and 8 to 413p respectively -^mong London-regurtered 
in the sub shares of Robeco and Financials Rio Tfnto-Zinc were 
Rolinco. In Financials, R. P. acth’* and advanced 7 to a high 
Martin dropped to 31p and dosed of 2°^ in rc^r»nse to the firm- 
S down at 54 p on the dhaupoint- , base-metal prices. 

ing interim statement. Britannia Fields closed 3 higher at lS3p de- 
Arrow firmed to 23p and ended 1J «»*« ^ bullion pnee. 

FSnS n s!Si^” 40 Business in South African 

F E? ,Ded . ■*?, ^ Golds was minimal and the fall 

and Pretabsil SIconn II to £«0. in the bullion price, which was 
■ ™-!‘ e1ped by *** firmer d0,U,r 0"^ *1-30 easier at S 179 623 per 

premium. ■ . , ounce, was only portly offset by 

* °- Deferred hardened a firmer premium. Conse- 
nenny to 9. In ir i otherwise easier q U prUlv share prices drifted and 
Shinning* ^Manchester Liners held produced a hirther Fall in the 
steadv at 22 t)p following the lower Gold wipes index to 1523. 
profits, but the shares of the 


Gilts nervous 


w'lH n lo^^ of onlv o.i por oenL a further 6 to 276n for a three- but EMI the turn harder at 151p to the better-thanHBxpected pre- parent Fnrnesc Withy shed 4 tn modest li.S. demand in the 
to , w 77 in fho All-Share index, dav rise of 13. BPS and Burnett and Philips’ Lamp 3 , on invest- limlnary results, but Bridon sus- 2 42p. Other dull spot* included after-hours trade enabled prices 
Gold, shares "round in the and HaHrmshire improved 3 ment currency considerations, tallied a fall of 10 to 99p on the nwyi Transport. 3 off at 125n “ ose a fraction above tne day's 
nr * r!»*»oiion In ihe bullion apiece tn 22 Ip and 158p res 45p at 020p. Pye were supported proflts-selback. Biddle moved up adverse Press comment, and “west but heavyweights still 
p-i*~*. Lo«res hm-erer w«re fairiv tivefy. while F. J. C Lfliey. 5 up at after the preliminary results and 5 to 84p despite reporting lower Pxiimnon Bros~ 7 down at 128p. «i° we 4 losses of t ” r **' 

Pintfovt and rearpiv reP»«re d marfr. 72p. responded to satisfactory pro- closed 5 dearer ar JOOp, while earnings for the year, while Flu- LvJe heJd at I24p ahead af ■ £10 * r and Frce s,ate Gcdu,d * 

ing down. Th» Mines index Jim in ary results, as did Rlhccon- Campbell and Isherwood closed wfl ton hardened a l^nny to 42p to .d 3V 's results. £1Bi ' 

gave up 3.5 to 152.9. ‘TftP which closed 2 better at 81p. the same amount better at 135p. following the higher- first-half pro- overseas Traders were confi- Worst affected in the lower- 

small buying added 2} more to Contrasting movements included - • rf-nt with GUI and nnffus 9 un at priced issues were Durbnn Deep. 

Broun and Jackson, o2Jp. and in F. W. Thorpe. COp, . United nreliminarv orofits led 222p and S. and W- BerisTord 6 12 down at 232p. and Ventersposl, 

r. u , similar buiineK. Higas and Hill scientific, 284 p and Henry Wig- Zu n -VlSaSut YrS nee> higher at the same price, both 19 off at 190p. 

sSSSI 35s ^ « iwm swwms s^&rwaptt 

S"Ve niPrttt t Sramri"? slSiation. ^ndoi S "SSR in E^mlrinl wl Sgbe^Parke^riM^ mire^o SSS 

tirplv Qpitiprf aftpr th® M dn«« Brick eased ll to B 4 'o Acuviiy in engineerings was 243 p and revived interest lifted Slrae Darbv pnt on 3 to 13up and sources eft Union Corporation 4 

^ 11 t0 - p - at a low ebb and the leaders Sie be Gorman 4 to I62p. Apart Paterson Zochonls A recovered higher at 284p in front of the 

of recent dm and although stock In chemicals, IC3 dosed with- fi^d mixwi. Hawker, at 202p : from Beecham. 643p. and Glaxo. 5 to 185p. annual report and chairman’s 

ing announcements statement, while De Beers closed 
isolated firm features to the same amount better at 349p. 
which otherwise drifted after 344p 

. • - - - luauvc »»»% „ a>MH . v lower in subdued trad 

preliminary results are due next 3 t0 yup and Boots gave up 2 ing. British Mohair Spinners 

Sf^mo^STsTSs^K as did RW<1 1 " tm, * a0 “ L S”pte 3 an , °^, ,P fi ^TSo '»■">»'"« ^ iU^cnston of 

, 4 better at 196p, reflected 10 lwp ' pieasing annual figures, wnue , Ua cn„ «« timIw 



perform a ncc. 

r."w worries i of a possible hike in House of Fraser lower 

Minimum landing Pa t e e»*d 


. c «s— «. Elsewhere, dealings were re- 

” f .™ 1 ir . *2"*” sunted in Anglo United Develop- 


dea’ers began defensively lowering Leading Stores failed to foHow APV, 4 better at 196p. reflected 1 S»d*P 9 i hl*h r’n^»h» the a' hare s at 60p on Tuesday: 

nuotatinn-! in order to deter sell- Wednesday's Budget optimism and the higher annual earnings and Interim profits expectedly lower T ,1, S' r, . news of thc company’s possible 

Ing. This continued after the generaiiy eased a shade on light Ransom es Suns and Jefferies saw but above best market estimates LT fl JSl uranium find in Ireland saw the 

3 30 p.m. close in both the short profit-taking. House of Fraser at support at 13Sp, up 3. Rotork stimulated enthusiasm for Lucas shares rise to close at 87p. 

and longer maturities with the 145p sustained an above-average fell 7 to 113p following comment industries which regained an Northgate, which has a direct 24 

result that the final tone was fail of 6 despite reporting pre- on the results and Aurora shed ear iv fall of 3 and dosed a net 7 iJfZT “ f 11 1 I- P®r «"*• inrerert in Anglo, 

looking weak. The mood in liminary profits which came at 4 to 94p on disappointment with higher at 275p after 277p; the loin Q loray gaining it 10 advanced 25 to 310p. 

Corporations was also unsettled the top end of the expectations, the animal figures. accompanying statement about ij:' - . _ . , . ^ 

\5S^JSSEL «vS3L "SftJ ES* *St 

I day slightly easier, at 761p. __ 


FINANCIAL TIMES STOCK INDICES 


Gonrninvuv : 

Fined lotcw* — 

ln iHrtrtm Uniinwy^..: 

tfrtfcl Mwe*. , 

iipL VwUL- 

Buna^VWltfniliri, 
rtB Ruth* fOMirtL 

Utalinsr*'n»Hie i E - 

bqmir tunwiet L’iii.. . 
Kqiitty mrg»la« k«ik 



B.061' 

79 85 51.34 


IB. 907- 14i5Jt» 14,724. 14.997 1B..W 19.9M 
ioxm.46Mi.il •M-JRK**™ iff ’ 1 p, °- 

2 wfl. Km, t- -• • - 

* NifSia. 


I ml OKI IT-5J.-<;W6 


Latest ms** 

» Based on 52 mt n-Bt. «»• 

Basis 1W tUrtl. Sits. U » 2k FWjl »«• wrf - 
UiDcs «9.3J. SE Activity July-ticv. *9L. 

HIGHS AND LOWS S.E. ACTIVITY 

Slnre rtimpIMliHl 


1915 


I bn 1 1 ; bn* ! lliitb j t»i« 


78.58 

u'.h 


rtxud Bl.27 

1 |9-1* 


tttL Oi-L... 


497.S 
its. I) 


IzmIiI Min*-. 188.8 
li.ii 


74.09 : :27.4 > 49.10 
; :9' l.Atf) | iJ.l itl 

77.14 ; 15U.4 I d0.53 

•jj.lt.-er; lid lei 

949Jt ; 49.4 

.-J’-e/AJ' 

448.4 ' 45.8 

'Z 1 ■*- 1 “ ? iU il' 


(17.2» 

455.4 

1 Zb' 

130.5 
If 1* 


1 . _ 

: 154.8 

.' IniuJrw,.., 172 8 
. simniutbv-..- 94 J 

| 1W»- ; 114.8 

J Mn Vl'rstr- . _ 

iiili-Klp.1 . . I7S.fi 
j Im.Ih-UW- ... 17L5 . 
-i^-uUitivn . 91.2 
rvs 116 7 



OPTIONS TRADED 

I) EALING DATES Gold Fields Spillcr>. SeUucoail. 


last Last For Bunnah Oil, Grand MriropoHtan 
n ret L^t and Warrants. Udbrokc War 


Deal- 

ings 


Deal- 

ings 


tlon 


'meat rants. Ward White, Britannia 


WarTil Apr. 10 Jnu.22 July 4 


A^il Apr 24 Jul^ 6 July 18 ShAw Carpets and StoUex itrter- 
Apr. li Apr.24 _ .. . ' . national. No puts were reenrded. 


Apr. 25 May 9 July 20 Aug. 1 K Ut double options wen* arranged 
For rafe indications star end o/ jn Ward White, Silvermtnev, 
Share Information Service aU ||, ani | Allen International, 
Call options were traded in Britannia Arrow and Conaoli- 
Northern Mining. Mills and dated Gold Fields. A short-dated 
Allen International, Consolidated put wns arranged in H. WigfaH. 


NEW HIGHS AND LOWS FOR 1978 


The Follow) no securities motrd •« im* _ «ANKS (tl 

Sturi inrorauNan Sfrecc . wtfnU* Kimi A Sluxjcn 


Jtmhted new HEshs and Low* ter 1971. 


NEAV HIGHS (140) 


Church 


LOANS m 
AMERICANS (24) 
CANADIANS ( 8 > 
HANKS (71 
BEERS <2i 
SUIUMMGS 19) 
CHEMICAL S (SI 
DRAPERY A STORES Ml 
ELECTRICALS 12) 
ENGINEERING 1 12) 
FOODS IS) 
INDUSTRIALS (IS) 
INSURANCE (2) 
MOTORS |2l 
NEWSPAPERS (X> 
PAPER S PRINTING ID 
PROPERTY (3) 
SHOES (1) 

SOUTH AFRICANS ID 
TEXTILES II) 
TRUSTS ill) 

OUS (J> 

OVERSEAS TRADERS (2) 
RUBBERS (S) 


ENGINEERING (D 
Chrrt tv Brot. 


COwardi (L. C ) 


FOODS 11) 


INDUSTRIALS (VI 

A. A H. B *imw -Muutl.} 

bn«* Henburn G’lDiun >1(1. 

BMKitell p M.A 

drldon 


Common Bren. 


SHIPPING It) 


Martin CR. P.> 


TRUSTS ID 


MINES Utl 

Eaii Rand Cora. Nramdil 


RISES AINU FALLS 
YESTERDAY 


up DmSfiM 


TEAS It* 
MINES llOi 


NEW LOWS (34) 


BRITISH FUNDS «9) 

EWIW. BJ. 0 C 1983 Redmptn 3nc ’BB<» 
Fand'a 6 <^k BS-B7 TrN 9 . 6 >ioe 1995 91 
Treas. 5ac 19 86- OS Tron. Bex 2002-06 
Gm 3 pc 1990-95 Trees. See 06 aft 
Treai. iSupc IMS 


British Funds 

— 

67 

7 

Carpus-. Dam and 
Fore'sa Bands . . 

3 

n 

36 

Industrials 

3U 

no 

Ml 

Financial and Crap. ... 

1M 

M 

300 

Oil* 

I 

S 

22 

PUamlOM - 

9 

2 

23 

Minas 

M 

45 

46 

Recent Issuai 

« 

5 

18 

Totals 

sn 

<04 uat 



Consolidated Plantations Limited 


The Board of Coruolidaced Plantations Limited announces that, following 
receipt of approval from the Malaysian Capital Issues Committee, the 
Kuala Lumpur Stock Exchange has granted admission for listing and 
quotation on the Exchange of the company's 9.638,654 warrants with effect 
from IOJOO a.m„ Friday, 31st March, 1978. The Stock Exchange of 
Singapore Limited has also granted admission for listing and quotation of 
the warrants with effect from the same date. 


These warrants have been listed and quoted on the London Stock Exchange 
since their issue in 1973 and the additional listings of the warrants will 
facilitate dealings in these securities in the Malaysian and Singapore markets. 


A branch register and registration office for the, warrants has been estab- 
lished with the company's registrars, Ebrbinder and Co. Sdn* 3rd floor 
Wisma Socfin, Jalarr Semantan, Dam ansa ra Heights, Kuala Lumpur 23-03, 
Malaysia. Warrants dealt through the Kuala Lumpur Stock Exchange -and 
The 5tock Exchange of Singapore Limited should be directed to Barbinder 
and Co. Sdn. for registration. 


? B U°lrrSuSri r t Primrose; down 6 more at TRp. 
S, y retreated In line with domestic 

SSSS P HE 2 ®«**f trends which have 

wKirh remifnpri £5? recently been dominated by 

indications from Ton -a at that il 

eniJfrera VESSEL * £p 2 S ?5 mteht Offer if the 

7 ?>n market did not cool down. Amonp 

KJ Lii| 7 iT t l fa other South African Industrials. 

n AberC01n eRSWl 3 tO 90p. but 
Oats made a fresh high 


narrow market 
Motor 5 to 93p. 


Woctom ■ ‘ VMU l*IOUC A lira 

western f or th e year 0 f gsgp t up g. 

Plantations were featured by 
In idle Netvspaners. Thomson a 5 t0 *n N-gb lands 

cheapened 2 to 20Sp in front of “» Lowlands on the good results, 
to-day’s prelimfnarv fitrures but . ■ T . _ . . 

Associated Book Publishers were AUSlTaiiailS .DHOyailT 
marked up 8 pennv to 196p In A sharp rise in metal d rices on 
response to the results. Mills and the London Metal Exchange 


ACTIVE STOCKS 

No. 


The Board of Consolidated Plantations Limited announced on 16th March. 
1978, a bonus issue of three shares for each share held. This bonus issue it 
subject to the approvals of The Stock Exchange of Singapore Limited and 
shareholders at an extraordinary general meeting to be held as soon as 
possible. The listing of the bonus shares are subject also to the approval 
of the Stock Exchanges in Kuala Lumpur. Singapore and London, and the 
listing in the Kuala Lumpur Stock Exchange requires the prior approval 
of the Malaysian Capital Issues Committee. 


Conditional upon all the necessary approvals for the issue of bonus shares 
being obtained, the subscription tights of the warrants will be adjusted 
according to provision B (1) (A) of the ** particulars of warrants”. The 
effect of the adjustment will be that upon exercise of subscription tights 
by warrant holders, they will be entitled to subscribe for four shares in 
the company at 17 Jp per share 'for each warrant held. 


The subscription period will remain unchanged, that is, a holder of 
warrants shall have the right to subscribe for shares at any time during 
the period of one month following the date upon which the company 
despatches its accounts in respect of any financial period ending to and 
inclusive of 1984. 


Detailed provisions governing all ocher aspects of the warrants cari be 
found at the back of the warrant certificate. The company has reproduced 
these particulars in printed form, which is available from the Secretary, 
Consolidated Plantations Limited, PO Box 157, Kuala Lumpur 01-02, 
Malaysia. 


A copy of this announcement and a copy of the particulars of the warrants 
wifi be sent to aii warrant holders. 


After approval of the bonus issue by shareholders, warrant holders will 
also be advised of the effective date of the adjustment of their subscrip- 
tion rights. 

By Order of the Board 


Kuala Lumpur 
19th March 7978 


Wong Tet Onn 
Secretary 


m 




BUILDING AND CIVIL ENGINEERING 

The Building and Civil Engineering page is published in the 
Financial Times every Monday and carries news items relating to 
contracts and important developments in the Construction Industry. 

For details of the advertising space available on the page 
each week, and costs, you are invited to telephone 
01-348 8000. Ext. 360 or write tn: 

THE ADVERTISING DIRECTOR 
Financial Times 
10 Cannon Street 
London EC4P 4BY 


Denomina- 

Of 

Closing 

Chanse 

1977-78 

1977-7! 

Stock 

don 

marks price (p) 

on day 

high 

low 

BP 

£1 

13 

776 

+ 4 

864 

720 

RTZ 

25p 

12 

200 

+ 7 

200 

164 

Reed IntL 

jn 

11 

m 

- 2 

143 

102 

ICI 

fi 

ID 

3C2 



363 

32S 

BATs DeftL 

23p 

9 

260 

- 1 

265 

227 

Beecham 

25 p 

9 

643 

+ 3 

678 

583 

Britannia Arrow 

25p 

9 

22 J 

+ 11 

25 

19 

Grand Met 

50p 

9 

106 

- 14 

109 

S7 

Burmah Oil 

£1 

8 

47 


57 

44 

Dunlop 

50p 

8 

S 2 

+ 1 

90 

78 

EMI 

50 p 

8 

151 

+ l 

190 

141 

GKN 

£1 

S 

2Tf 

- l 

282 

264 

Marks & Spencer 

25p 

8 - 

153 

— 

160 

136 

Midland Bank ... 

£1 

8 

336 

+ 1 

390 

330 

P & O Defd. 

£1 

8 

97} 

+ l 

118 

93 


RECENT ISSUES 


EQUITIES 


IftWIP 

Hrta- 
P - 


105 


J i“ 


P.P. 126/4 


1978 


High 


121 


Slu* 


118 Hfcga Holiday* 1X1 




'6-75 2.2 8.4 8.2 


FIXED INTEREST STOCKS 



(4 

F.P. 



sai? 

11 n 

c'.K | 2 J ,2 

W3 


*.V. 

24,2 

lobi 

•- 

^.p. idi a 

I0H, 

esei® 

t'.p. 

3(3 

LOI 

*• 

p.p. 

31/4 

105|. 

•* 

F.P. 

S8/4 

UBi. 

iiflo 

P.P. 

d4 ,A 

106 is 

ilJO 

y 1 

— 

r.wl* 

* 

F.P. 

38,7 

10 JU 

« 

F.P. 

20,4 

LuS 

•S< 

F.P. 

9/b 

104p 


F.K 

— 

i«W 

CJ9U£SO 

38/4 

MU 

H 

P.P. 

14/4 

ll«I' 


P.P 

3*,g 

It^l 

£98 

£35 

8/6 

35U 


SUs.Amil. Jnds. J0L5g2ml. Prf. 92l 2 

ISi .Auium&ml 3o>. eft Cut. Cum. l*rei : 143 

lflOp.MaLiey-oI YoiL-liire log; Cum. Prel impsl 

9Bji 'Cent way 11% Cum. rtel_ :10S4* 

90 U Giminpum Hen- lOi lBBb— 99 U 

l0I;i : Gneenail Whitley 6 % Prf.. lUlp : 

01i,lVJcnt-i Cattell 10? Cum. M. , 103n 


102 


97p 

90-. 

1718 


254 


LenetUx Variable 1*2 TOOlg 

Mul-nu?-es Waier 7% Hod. Prt. 19W..._. .XO 8 I 4 

rear- on p.t lul*% Ply. Cnv. Ln. l994-Jfc.... lD0 [ 

lUbex Hist Cut. Cos. Ln. 79-Si „...i 105 m 

I'acinidp Venal ike 19W 100 1 

Do. LOffi Kwl ti-B aCJfl. 


-M 

-la“ 

-ig 


Turk Water 11% Deb. 1986 ; 25Vi; 


4< RIGHTS” OFFERS 


' 

IniK 

Face 

p: 

£ — 

* - 

s-s 

<t 

Uuai j 
beaunc. 1918 

• | ■ 1 Hmfa ' Lun 

Slock 

IG’whu. I , 

Price 

! " 1 

?j 

35 

Oil 

62 

P.P. 

PJ*. 

-F.P. 

F.P. 

13/3j 4(41 . * 
30/3 13(4* 31 
17/ tf 7/4! ta 
B9/3i 10/5' 02 

le l ;Ueaumnat 

29 ,v'. H. Industmi.,,, 

65 Vi ibuiy— - 

76 Wat nmuKtu..... 

87 ,-vl 
30 i+1 
72 -I 

82 i-! 


UeiiuiuaeiVin dan? usually (aar aay rai dvalinx tree -it atamv duty o Maurn 
aawd an urrawvous esrtnwie. a Assumed divuKnd and nekU u Knrrcaa dimatrnd 
uiner tueed on previous year's sarauws- • Dmdena and field based on ocusjx.fi w< 
or oclhjt ofttaal ostnnams for 1979. o Gross. 1 Pisum aBsumed. r Cow allow* 
rw cunvursion of shared nor now ranking for dividend or nuunne only for ream cun 
mvtthinas 8 PUam: once ra public, nr Pence anlrss otherwise radicated. 1 fssmn 
b> funder. 2 Offend to noidere of Ordinary shares 19 1 “ nshta *• *• Kudu* 
Dy way at caplialisaiioa. M Nfflimnm [carter ortoe. h Remtrnducvfl. 31 [ssmd 
m connection with reorzanbutnm rnerser or wJre-over flS tnrrnd action ."I rnnMi 
10 lorrouf Preference holders. ■ AUonnunr terien (or fnUy-oaidj- • Provlsunai 
or partly-paid allotment Udlers. * WUh warrants. 


FT— ACTUARIES SHARE INDICES 


These indices are the joint compiktion of the Financial Tunes, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parenthcara show number of 
stocks per section 


49 


51 


59 


St 


TO 


99 


CAPITAL GOODS <1701. 


Building Materials 127).- 


Contracting, Construction (28)_. 
Electricals! 15) : — 


Engineering Contractors (14)- 


Mechanical Engineering (71) 

Metals and Metal Forming (17).— 
CONSUMER GOODS 
(DUR.4BLE)(3). 


LL Electronics, Radio TV (15) 

Household Goods (12) . 


Motors and Distributors (25) 

CONSUMER GOODS 

(NON-DCRABLEK176) 

Breweries (141 


Wines and Spirits 16! . 


Entertainment Catering (17).. 
Food Manufacturing (2^— — 
Food Retailing (Iff). 


Newspapers, Publishing (13) 

Packaging and Paper (15) 

Stores (39) ! 


Textiles (25). 
Tobaccos (3). 


Tqvs and Games (6). 


OTHER GROUPS (97). 
CbemicalsllS) 


Pharmaceutical Products (7 )» 

Office Equipment (6)_ 

Shipping (10).. 


Miscellaneous (551. 


INDUSTRIAL GROUP (485) .. 


Tlrars., March 30, 1978 


Index 

No. 


202.91 


182.66 

322.47 

430.89 

287.93 


161.20 
163 J 8 


186.42 


222.13 

168.92 


11536 


196.71 

22729 

254.40 


24836 

187.84 

191.85 
326.95 
126.91 


18536 


171.47 

23330 


100.61 

186.76 

260.09 

24539 


12736 


42631 

194.42 


201.65 


Day's 

Change 

% 


-03 

-03 

+03 

-0.7 

- 0 J 2 

- 0.6 

+03 


+03 

+01 

+03 

+03 


-0.4 

-03 


-0.4 


-0 2 . 
-0.7 
-0.4 
-03 
— 0.6 
— 0.6 
-03 
+01 


+03 

-0.9 

-03 

+ 0 . 1 ' 


Oils (S'. 


essa 


-03 


590 SHARE INDEX. 


FINANCIAL GROUPaW) . 
Banks(6) 


Discount Houses ( 10L 


Hire Purchase (5) — - 
Insurance (life) (10). 


Insurance (Composite) (7) 
Insurance Bribers (10) — 
Merchant Banks ( 14)— — 
Property (31). 


IGseellaneoasrti. 


In vestment Tni sts (50) . 
Mining Finance (4). 


Overseas Traders (19) . 


ALLSHARE JNDEKS73).- 


»Z74 


16635 

19036 

189.43 

153.01 

14038 


130.72 


341.65 

7730 

23539 


10433 


188.72 

93.77 

281.62 


206.77 


-03 


+03 

- 0.1 

-33 

-03 

+03 

+0.7 

+01 

- 0.6 


+03 

+23 

+0.7 


-01 


ESL 
Brass* 
Yleld% 
(Max. i 
Corn 
Dam 


17.66 

1730 

17.83 

15.44 

17.43 

19-20 

19.14 


1833 

16.03 

16.92 

22L27 


16.09 
1436 
1537 
1338 
ZL13 
1433 
1038 
21.00 

10.44 
2139 
Z3.69 
20.08 
1731 
1934 

11.45 
1936 

23.10 
17.43 


16.92 


16.61 


1638 


2538 


12.96 


1417 


2.84 

24.99 


339 

16.63 

16.92 


Cross 

Dir. 

Yields 
(ACT 
at 94%) 


5.76 

5.72 

430 

431 
7.02 
639 
8.48 


5.09 

331 

7.26 

639 


5.90 

535 

5.65 

6.86 

5.80 

4.76 

338 

937 

438 
7.86 
832 
539 
5;93 
6.67 
4.07 

439 
6.88 
637 


532 


436 


560 


5.48 

5.66 

8.72 

530 

635 

t45 

457 

6.23 

2.94 

739 


5.05 

655 

6.97 


539 


Ext 

P.TK 

Ratio 

(NeU 

Corp 

item 


7.96 

834 

836 

9.24 

7.86 

7.18 

731 


7.92 

931 

852 

6.62 


8.60 

1035 

935 

10.46 

6.68 

10.07 

14.46 
634 

14.08 
5.74 
5.02 
666 
761 
731 

1135 

636 

533 

7.82 


&13 


6.83 


7.91 


5.94 


11.43 


1053 


6734 

534 


2934 

7.00 

7.36 


Wed. 

Mar. 

SO 


Index 

No. 


203.47 

18232 


32141 

433.92 

288.63 

16218 


16237 


18531 

22138 

168.46 

314.84 


197.48 

228.41 
25433 
24932 
18734 
19226 
32934 

127.41 
18633 

172.42 
234.79 
100.90 
18638 
26831 
243.68 
12845 
428.Z1 
194JL9 


202.05 


4S4.06 


22302 


16637 

189.76 

18934 

15630 

14106 

13833 

33918 

77.12 

236.81 

10431 


18765 

9L70 

27965 


206 88 


Tuoa. 

Mar. 

28 


lades 

No. 


200.73 
18039 
317.94 
42566 

284.73 
160.82 
16039 


18338 

217.78 

16830 

113.91 


19431 

225=77 

249.60 

24458 

18337 

19036 

33032 

12537 

182.05 

169.42 

232.79 

100.12 

18458 

257.02 

24030 

12655 


42811 

19L46 


19902 


448.71 


21938 


165.00 
.185.67 
192.41 
154.78 
14015 

130.00 

33836 

7702 

234.20 

10439 


185.77 

89.90 

27159 


204J2 


Thurs. 

Mar. 

23 


Index 

No. 


201.06 

38152 


31832 


426.12 

284.44 

16034 

16133 


18451 

219.54 

166.39 

13457 


19411 

22761 

250.77 
2B16 

183.77 
19035 
327.47 
325 34 
18L87 
367.86 
23259 
10134 
18411 
25538 
24010 
124.65 
<04.91 
19217 


19917 


45416 


220 42 


16559 

185.67 

19738 

15372 

14015 

130.02 

33955 

76.73 

23634 

104,39 


18532 

8958 

Z7837 


204 49 


WWL 

Mar. 

S3 


Index 

Na 


20116 

38253 

31831 

424.66 

28434 

16850 

16161 


18632 

223.80 

16610 

11434 


19457 

22732 

24960 

245.45 

184.62 
18951 

327.45 
12617 
18106 
168.48 
23188 
10132 

185.62 
25733 
24135 
129.82 
43531 
19312 


19934 


45118 


22033 


16631 


18632 


20180 

15338 


140.96 

13153 

383.23 

76.95 

Z369S 

18648 


18459 

88.73 

27936 


203.00 


Year 
■ ago 
(spproxj 


Index 

No. 


165.43 

140.69 

23456 

322.96 

215.40 

14952 

14943 


149.76 
17156 
14994 
95.94 . 


159.77 
17326 
172.02 
19518 
17151 
16637 
24759 
110.12 
137,84 
153.92 
21111 

1738 

16712 

22951 

030 

9678 

460.78 
16976 


'TS _ 


16813 


440. ns 


19051 


134.76 

15632- 

17658 

12436 

10839 

105.97 

28713 

67JS 

179.42 

86.69. 

17139 

906 

266.69 


V. 


17651 









FIXED INTEREST 


Wed. 

Year 


FIXED INTEREST PRICE INDICES 



YIELDS 


Mar. 

ago 








Br. Gort. Ac. Gross Red. 

30 

29 . 

(•pmwO 







1 


T» 

WJU 

10.72 

7.D 

691 

British Government 

Thun 

Mar. 

30 

Day's 

change 

% 

xd ad] 
To-day 

xd adj. 
1078 

0 

3 

Coupons 15 yews............ 

25 year*. 

1913 

10.65 

1848. 

1X59 








Medium 5 yearn, 

Coupons 1.1 years 


4.95. 


1 


198.14 

-016 


247 









1283 

2 

3-15 years 

11936 

-0.46 

_ . 

207 

6 

25 years ,. 

11.45 

1138 

3 

Over 15 years 

125.91 

-0.49 

_ 

354 

T 

High S j'cinu 

1036 

10.57 

1818 

1236 

12.66 

4 

Irredeemables 

140.64 

-0.68 

— 

1.71 

8 

9 

Coupons 13 years. 

25 ytWrt 

1206- 

1230 

11.99 ■ 
1225 

5 

All stocks..—,.... 

11734 

-036 

- 

267 

10 

Irredeemables 

1833 

1045 

Ufi2 




Tliurs^ March 30 

Wed. 

TucNlar 

Thun, j ITnl, 



Iftlox [ YtaM 
N». \ % 

Si 

28 

as ; 22 

•t. •- 


21 


ao 


Yosr 

ig" 


15 

|20-yr. Rod. Deb. & Loans (15) 

61.01 

113.17 

61.01 

3L07 

61.08 

61.03 

61.03 

61.03 

16 

; investment- Trust Prefs. (15) 

55.79 

13.73 

33.78 

36.09 

36.09 

B6.Br 

.36.36 

36.12 

17 

jcoial. and IndL Prefs. (20) 

74.18 

13.40 

74J.5 

. 

74.20 

74JB 

74.67 

■74.49 

74.33 


oo.au 


88.17 


.74.62 


36.93 

«jrjo 


t Rademptlan yield. H^h* and laws nesrd. base dates and reins and comdtneM charms are pabdihad b tedw 
I” 8 ” - * «*w U» esraUiwnriS i» arellaUo (mm he PaUIslwrs. Dm Financial Tbits. Mracko N«s« Cm** 

Stmt. LBOflU. ECflr UT» price lip, qy p4ft Pp, r 


T.r T r T 




JSp, : 









Financial- Thnes Friday March ffl 1978- 




PROPERTY, 
BONDS 




Life Assurance Co. Ltd. 


■y 

PmuOOmrchniTd. EC4. 


Guardian Royal Exchange 


Fund— — 
Arc . .. .. 
■WFd . — 
Ur Acc 
veFund . - 
utile mud 
* Fund . _ . 

Wipcrt? . _ 
Id cell vr. - 

rf-curiiy 

Unai:i-tl . . - 

SItev. 

Fli SOT 4. . 

vFd Sor 4 

FcLSiT <1... 

y >'fl Srr 4 . 
al Monyb 3* 


283 
1439 
1499 
84 3 
128.9 
,114 7 

JlU4 

fins 

[ira b 
11469 
1236 

si* 
110 2 
10&2 


3S4 
Hi 
15U 
1574 
887 
1547 
1261 
177 3 

83.7 

140 6 
179 i 
154T 
130? 
1361 
J3 a 
116 & 
113 9 


01-2489111 Thnal fctechaocr r.fa 

Properly Rond* ... U68.2. 


Norwich Union Insurance Group 


M 018837107 pri Bun 4. Nnrtnr h >H 1 .TNG. 


3752J I - 


Valuation s nnnuili ' 


iy Life Assurance Co. Ltd. 
Burlington SI.. Wl. (H437MI6C 

Fd Arc.... 0781' 1798 


‘Kc.'-Si 

■Peel'd Acc. 1944 
LPm Atr _ 1715 
ooJTnArc. 1268 
iPnfMAcr 1KB 
WAcr - 1394 

Inryen Acc. 1481 


144fi -01 
119? 

105 3( 
Ulff 
164 5 
209.8 


ill 2 
125.7) 
2001 


‘o.il 


lit 


Haznbro Life Anunpee Limited ¥ 

7 Mid Pork Uint. Lmdnn n j 

Fixed lot. Dep 

Equity . 

Property 

Managed Cap 

Minu'M Am . . 

ihtrtM' . 
cm t:. lend . 

JVn V I Uep i ap 
pnn F I lPB Arc . 

Per I ■rap lap 
Den. Prop An 
Pnn Mar. Cap 
Pnn M.m ler 
Pnu mu 1'de Cap 
Pnn. tlill Kds.Arr 
r-n.HS Cap . . 

Pnn BS Aer. 

Pro IMF Cap 
Pnn DAF Ace . . 



Alanatccri Fund 
Equir» FUnd _ . 
Property Fund 
a. Fixed lol. Fund 

niAWrajl Dntxuit Fund . 

Nor. UniLMar 15. 


12041 
Sib « 

,123 6 
1553 
1104 6 


19X4 


214 8 -3 1 
3351 -0 1 
1301 

163 4 -0 V 
uoi -oil 


Hearts of Oak Benefit Society 


Phoenix Anormrr Co. Ltd. 

4-S. Kids William SI . UC4P4JIR 01**BBT8 
Wealth Al< . . 1107 7 U35| 

rh-r.Ph.As* . 1 69 3 , 

fc.br Ph Ed C ... 1 70 5 74 V 

Prop. Equity & life Ass. Co ? 

1 19. raivford Street, Will 2AS. Q1-4CM 1(197 
R Silk Proa Bd j 1729 (...) _ 

■Do Lqulty Bd . . I 684 1 .. 

Flo Fx May Bd Fdl 1511 1 | — 

Property Growth Asmi r. Co. Md.V 

0] 8800606 


Leon Hnuw. Croydon. CRB 11.1' 

IM7 T«wrorfc Plane. BTIHBSM 01-387 MWO P^npnny Fuodi 4.' 

Heart* of Clak ...(36 1 3811. . I — — c 

Hill Samuel Life Assur. Ltd.9 
NLA Tut . AddlM-DHmbe Rd-Cro* 


lETtc. Fund'Ai 
inbeyNal Fluid _ 


V Life Assurance Ltd.* 
lie.. Alma Hi. Rvisate. Rnsotr 40101. 


. . 11286 




SWf-da*: 

Money Fd... 1039 
Equlb-Fd... 47 9 
mnd lnt 94 2 

■laD (999 


♦041 - 

*»u r 

-03 — 
— 1 4 _ 

+l: - 


♦Property Unite ,11474 
Pi o pcib Series A . MJ 
Mon aired iniu . . 155 5 
Managed Sene* A 911 
Managed Series C .. 983 

Moo*? Units 1190 

Monet- Self A-. . 96 3 
Flxenlni Srr. A.- 940 

Pn*. Med- Cap 135.7 

Pno-Mfid Ace 1418 

Pnn (lid. Cap UN 6 

Fns.Uid.Aec. 1093 


„ AhheyXK.N,. 

01-oW 4.155 Investment Fund 



01-74901 II 


' i*. life Assurance 
' undue Road. W 11 

wMad.Fd.fnS5 119 if - U| - 

lays Life Assur. Co. Ltd 
4jdonlRd,E7. or-534 5.444 


qbQMir ga 2 

. 1122 
.1012 
1045 


... ... 97.7 

■enr Acc am. 46 9 

liliil 953 

dfPenfrjU* - 9L6 
Inal ™ . — 95.0 
■Pena Acc. _ 98.7 
hlal J 969 


124 t 

113 7 *10 
118.2 
107.6 

110.1 *D6| — 
1014 
1010 
100.4 
1017 
1000 
1031 
1011 


•Current will value March. 28. 

tve life Assur. Co. LU.9 


Imperial Lire Ass. Co. of Canada 

Imperial Roane. Guildford 
Growth Fd Mar 23 168 7 74 7] 

Fen* FA Mar S3 |m 3 64 d 

trait United Portfohn 
Managed Fund . (94 9 99 91 

Fixed Ini Fd . fe 1 108.1 

Secure Cap. Fd fej 100.S 

Equity Fund . (95 3 10031 

Irish Li/r Assurance Co. Ltd. 

11. Fmxhuiy Square EC1 
Blue Chip Mar 23-1701 

MahumFumI 12186 230 

Prop Mod Feb.l— BW2 176 

Prop.3tod.Gih. . pail 190. 


1 = 


Equity Fluid. 
.Equity l-li nd<Af 
Money Fund. . — 
Sidney Fund i At 
Actuarial Fund . 
Gi Ir-odaed Fund ._ 
GUI-Eased Fd U 
♦Retire Annuity 


All wiher Ac. L'u 

♦All Weather Cap 11211 

mm- ra.ru.- 

i Peniton Fd. IV 
Conv Pen* Fd , 

Ch». ran Can L7 
Man. Pen*. Fo 
Man. Pena. Cap lit 
Prop Pen* Fd 
Prop Pent Cap L'ls 
BdC* Soc Pen Ut 


i75a 


3739 


714 5 


704 3 


1588 


150 6 


66.8 


658 


1643 


163 7 


1378 - 


1372 


UD I 


125.0 


125 8. 


174 6 


1385 


fnu ft Annntl 

r» U 

126.9 X33 6 


1211 127 5 


1322 


1272 


1421 


1301 


1413 


1317 


1422 


U1D 


1281 


- 118 6 



AUTHORISED 


TRUSTS 


Abbey Unit Tit. Mjjrs. Ltd- la] lz\ 

72 aa.GalehmfeRD . Aylcaburv. 028030*1 
Abbey Capno! . pi * 33-4!.. [ 396 

Abpey Income (37* 39 B . 5 61 

Abtpn Ini T.'l. Fd . [31 1 - 34 M -0 ?! 447 

'Abbey Geri T*t |43 8 466) .1 345 


Gartmore Fond Managers 9 iai(gi Perpetual Cnit Trust MnRml.9 <m 

E.5! Mar.- Axe. LC3A HRP. OI Uftl.-Vqi 48KBrtSl Heulev on Thmiex n-ldi; rM, 


IS 


620 

663d 


s n 

U-5 

65 f 


563 

158 

383 


522 

315 

337 


504 

i7 0 

7170 

+0 1 

4 51 

UN 5 

1075 

-01 

530 

[114 3 

122 fi 

-oa 

464 

(645 

69 04 

+nt 

826 

fcl 

6S4* 

+n i 

657 

(366 

391 

♦0J 

7.03 


123 7 - 254) *0 31 267 

(47 8 51 11 *9 ll 3 91 

,.0U 36 M -0 *1 254 



73 a 0J -?*465 I * rol ' inclal Life Assurance Co. lid. 
90U '"I - 222. BithoMgaLt E.C2 0I24T6533 

MfJ - 


Pro* Managed Fd 
Pro* Cash Fd . 

GUI Fund »— 


116.11 .. . — 
1894} . .. _ 

127 1 - 


' v vttirdSl.EC3. 

. . Horse Mar. 1 ( 17717. 1 . ... | - 

* '.'da Life Assurance Co. 

sh St., raters Bar. Hert*. PBw 51122 Wlap'iSP) Man 
rd Mir 1 .1 M8 I ... 1 - 

. -Fed-Feb 8 . 1 1KB 

h» Assurance lid¥ ktoi* 

nttft). Wembley KAUNB 01-802 «» toSJ&Yufi 
> Unite W«l21 


King & Shaxson. lid.- . 

siomhiJi. EC3. (0403^433 Prudential Pensions Limited# 

Bond Fd Exempt ..niO 97 lll«M-pJ5( - Hoi horn Bar*. RTIKZN'H. 01-405KS2 

r . - d **Vv47a“i»SatH *-“i Equl» Fd Mar 15,|£Z298 23 6 

Cost See Bd. fia.78 133401 - J — Fxdlnl Mar 15.- 619.44 1471 

Prop. F Mar. 15 M459 25 


0143SI28B Langbam Life Assurance Co. lid. 


U14UKS 

11:.. i = 


LanRhamHa.HolmbniokIlr.NK4. 0WO3521I Mnrnal 

LanfAain-A'Plan.MD 67M . ..J - Mutual 

•Prop Rond D40 0 347 « . . J - 

.... Fd |734-‘ 77 S - 


Tunhn dga Kell v Kent. 

ReJ Prop. Bdx | 392.2' 


080222271 

■ -I - 


-tyr Units — 
y BontUEi 


y Bom 

Roml-Exfi: . 
dTAec.Uwt 

dt Bond 

tArmi _ 

■TtyAccum .-Kli 35 
Aram " 


er. K10 90 
kirn 
63279 
104.9 
165 


quUr — 

roperty 

.sonevd - 

ST— 

q Pen X.,' Acc. . 
51 Pnn Arc . 

. (lid. Peak Acc] 
.•epPonaAee 
;iH Pnu.'Acc 

SJF. . 

--KJ.K =. 

Current 


1341 - 


1*0171 

1153f*0e| 
13.63} -BD] 
13 S3] *0 02 
llkS*02 
*1 
082 
*3 


88 2 
10L3 
1449 
958 

bz.6 

898 

1035 

463 

96.7 

(92.7 

370 

26.0 


43 N *0 9) 
107 .2 *0i] 
100.4 405 
Sttl4 . , 

98.0 -0.M 
946 -O.3 

IMS -a^ 
102.3 -r03 
1023 *flJT 
981 -05i 
395 *0 5( 
2H.# 


1 jJae March 20. 
tal Life AtsunuiceV 
ton Heuee, Clmpel A*h wum 


Lcsal It General a 


Barcn linui ww 


Legal (k General (Unit AinrJ Ltd. 

Kioggwood Hon Be. 

Suney.KTBOSEi; 

Do Accum. " ..1963 

Equity Initial — hl30 
Do. \ccum .....11141 
Fixed Initial.- --(115.7 
Da AOMim— .. .11168 
Man aged Initial - Bl4J 

Do. Aram .11154 

Pro|H?rt> Initial.. ,{K2 
Do. Ac cum 463 


tali Ftnctoan 


iiett Fd.. 
nakert ro.Fd 


9638 
101 S8 




Exempt rath In it, „ M45 

Da Ar rum 913 

Exempt Eqty IniL. 107.7 

Do Aecum - . W#5 

Exempt Fixed ImtlOT? 

Du. Actum. 185.6 

Exempt Hncd. I nit. 107.7 

Do. Acrutn 1005 

Exempt Prop. In It. . 95 4 
Do Arc urn. . .. .... (95.9 

Legal A General Prop. Fd. Mgre. Ltd 
11. QuemlicteriaSl.EC4X4n > Ol-MPOIB 
L&GPrp-Fd Mar 1 M3 ' 100 K . 4 - 

Next rah. day Apni 1 



Rothschild Asset Management 
St SwitbliuLatie. LMrioa.BC4 014004390 
N,t~ Prop. Drc 30 J1341 121 Q ...I _ 

Next sub. day March 31. 

Renal Insurance Group 

New Hal! Place. UrerpooL Ml 2274422 

Royal Shield. Fd... {133 0 140.7] | _ 

Save & Prosper Group? 

4. GtSL Helen a. Lndn. EC3P SEP 01-554 GW 


8*1 inv Fd. 11227 

Property Fd.- 149.8 

GIK Fd 1213 

Pepor-il FdT J-. 1213 

Coar.Pens.Fd t— ... 1983 
~ — .G7a7 

55 


196.9 


1293*1.1 
157.7 .. 
1774 -0 
1263 
2085 
laai *i 
2212 
99.8 
102.1 


Depos.PcjiBJ'tt* .... , 

Price# on -March 26 
TWeekly dealings. 


*01 - 

*01 — 
-rOJJ - 


-terhoaoe Magna Gp-f 
icquertSq. r abridge I'M |NE 
ro Enersy . . 
f Money — 
i«e. Manased 
ae Equity. . 

» Bid. Sot .. 

B Managed... 


Schroder Life Group*/ 
Enterprise House, Portimouth. 

Equity Mar. 28 I 22A6 

Equity S Mar. 28. 0065 217J 

- '- 3Mar.2B -W27 


070527733 


52181 


1358 368) 

30 

363 5681 

(53 4 «a 

^ 1246 
1536 


of Westminster Assur. Co. lid. 
Hoar! House. 6 Whilcherao Road. 


! \ 



Life Amur. Co. of Peusaylvaala 

3M2 New Rond St. W170RQ ■ 0I-WB383 KWlii torTOBlhSe 
LACOPl'oiU.- .. MW 30571 ..J - Fixed Ini Mar E»... 149J 

Int.HTMsr. 38...... 121.7 

Lloyds Bt Unit TsL Mngrs. Ltd. K ftSG.li Mar|8- 1«9 
TT.lotnharrfSt. £X3 “■««=» tw| 

Exempt- [966 I8LM 7.96 Mega 3 Mar 28— 139.7 

Mane* Mar. 28 P06.2 

Lloyds Life Assurance 
20. Clifton SL ECSA 43SX 

B 124556 i — 

4 7 „ 

•oil 


diummm. WL rah. Mar M-- 
oiJwawxm. OBt5rwp Mar. 30 


*00 - 


opt.5 _ __ 

Opt 5 Dept Mar. 30. (128.4 


126. s 


iS J til - 


Moneys Max. 2B llkl 

Deposit Mar. 28— ... 1126 
Property Mar. 28— 15L8 
Property 3 Mar. 28_ I486 
B-Vn Cn Mar 28- 1190 

BS Pa. Acc Mar. 28. .1284 

Mn.Pn.Cp. Man 38. 190J 200.M 

MnlM AecMar.38- 224.7 236.7} 



.Allied Haunbro Group taitgiU 
tlwnhrox Hso . Hntton. Hrenlirood Ever 
DI-SUB 2KS] nr KrentiWKHl -0277, Z1I4I* 

Balaneed Fund# 

Allied 1st . . ... 

Rnt Indf- Fund . . 

Grib ft Inc. 

Elnt ft Ind. De* 

Allied Tapi lal 
HunbroFund - 
Hambrn Arc. F.J. 
iBCoae Fond* 

High Yield Fd . . . 

Hlch lnrome . 

A A Eq Inr . 

Iptwll—al Fund* 
lnienumenol 123 7 
Saca nfAmencm. (47 S 
PaeifK Fund . .. 136-1 
Saeclalist Fundi 
Smaller Co.'hFd. _ |319 
2nd Smlr To * Fd “ " 

RKOTCfl'SIb . - 
Met Mia ft Cdiy. 

(V rne» Earnma# (51 2 
Exp*. Smir. Co a._ 0PD22 

Anderson Unit Trust Managers Ltd. 
158l--mchurrhSt EC3M6AA 
Andenon IT.. (45 2 49 2c* 

An she r her Uni^. MgmL Co. lid. 
t Noble Si. EC2V7JA. 014S383T6 

Inr Moitbly Fbnd (154 D 164 Ort - I 9J 

Arbuthnot Securities Ltd. (allc) 

87. Queen Sl loudon E'~AR 1BY 01-2385281 

10S5 
9.48 
9<S 
9* 
12 00 
1200 

590 
590 
598 
317 
3 07 
307 
3 B6 
3 BA 
471 
ITS 
175 
187 
LOO 


i/'-Arm-ncnn T*t.— - 
BmiNhTit 'Ari.i 
i.ommcidin iilian- 

• « • F*r Eaai Trout 
HiRh Income Tsl . 
Incline Fund - . .. 
In: .temciri 
Inti Exempt Fd. 
't'lnli lit. -Arc - - 


124 2 

261 

-0 2 

581 ' 

53-9 

-01 

1322 ' 

142 1 

-0.2 

29 7 ' 

3) 9w 

-0 ? 

551 

54 1 

+ P1 

673 

734 


12 68 

1343 

-OAo 

B29 

40 3 

-0 1 

27 3 

. 79rf 

-0 2 


76 
3.24 
351 
078 
90S 
720 
384 
6 3* 
183 


Gibbs (Antony) Unit TsL Mgs. Ltd. Accumli^ Fund . 
=3 BlaafieidSLUr2M7NL Ol^fistiri F^Elro^ Fucd 

• aiA.n. lnrome" .-B91 4701 . J 840 

• ■-AG Groirthtr . (36 1 387.'.. I 4.90 

<a.A «L Far Eaw- R14 ajj | 0 30 


l-ppiu^IGpilth ; 136 3 38 T .M 3 74 

PiccadUbf Unit T. Mgrs. Ltd.** laiihi 
Wards lr Hue ."fifta 1/jr.dqo Wall E'T7 0380*01 
Extra Inrnmc . 

Small CnV Fd . . 

Capital Fund .. . 

Id! Era# ft ta'rtl 
Prime Fund 



Dealing -Tue». TtW 

Govett (Jobm¥ 

Ixndnn Wall. F.ri 
S'hIHr Mar IT . . (124 3 131 0] 

IV>. Acrum Unit . 148 7 25* 71 

Neil- deaJirur da;- April 

Grieveson Management Co. lid. 

rSiTiiihamSI EC2P2DS. 


American Fund - - 02 1 
Practical Invest. Co. Ltd.*/ ryHc) 


m 5483820 
. I 738 

. I 2J* 


44. Blnnnuburv 5q. wr IA 2RA 
Pracllral March 27 |134J 1427a 

Arcum L'niL* 1139 9 2811 

Provincial Life Inv. Co. 

222. Rlxhnpicale; E I.' 2. 

Fmlili; fmii .. ..|73> 

High lnrome 1 106 1 


Rarctn. March 2B . 

■ Arrmn L'nit-r - - 

B-tga HY Mar 3fl : 
'Aceum I .'nils i 
Enrirav. star 2.. . 
lAcrum l'nil5> . -. 
Cmthar Mar 28. 
■Acrum. i'nlta> 
LuftHrsIs Star 29 
■Accum.l'nltx-... . 



Ot 023 8893 

. . I 444 
I 449 

Ltct.V 

01 24T8533 
79 M -0.6) S S 
113.71 *0 3; 7 64 
oi S08443.T Prudl. Portfolio Mngrs. LuLV lauhuc) 
4 47 Holbnrn Bar*. EC1N 2NW 01-4059522 

Prudential |1395 1270 t 4 47 

Qn liter Manageineai Co. Ltd.** 

The 5>Ji harhange. ECTTM 1HP 01-117)4177 


447 

760 

768 

124 

124 

308 

308 

290 

290 


Quadrant Gun Fd 
Quadrant In route 


1X016 
U7 3 


10481 
121 Oi 


Vi 


435 

>51 


823 931 Guardian Royal Ex. Unit Mgrs. Ltd. 
I 4 5° Rnval Exrhancc EC3P.H1N. 01-6283011 

■ agi GuardhilJ T<«. (847. B7.7rt -Oil 4.55 

Henderson Administration laKzl 


571 

583 

583 


Premier I'T. Admin, Rayleigh Road. 



(10*8 

117 4 

+01 

Hlfib Inc. Fund 

397 

43 E 

-0 I 

ftfAccum. L'nitei . . 

53.4 

57f 

-ill 

i»j% WdrwiUte 

134 

S7.t 

-01 

Preference Fund . . 

257 

277 



182 

• *Li 


Capital Fund 

17 2 

-186 


Commodity Fund . 

527 

561 

+1 7 

(Accum. Unite! 

74* 

aej 

-1 f 

(IOS>W«frwl.U i._ 

175 

51 3 

+ 3 1 

FlnftPiopFd ... . 

16.8 

182 


GiaateFtrod 

388 

42.fi 

-fl? 



485 

+01 

Growth Fund. . _ 

336 

36 4 


lAccum. UnJisi. - .. 

390 

424 

-01 

Smaller Co s Fd 

262 

28 * 



aa 

227c 


f8% WdrwLUte ' 

167 

18 Ou 


ForciKnFd. _ 

920 

840 

-I0J 

N. Amcr ft Int Fd . 

B6 2 

28 ft 



Brentwwjd. Raxex. 

iftiAuMralian 07) 

lap Growth Inc -^g85 
CapGrowih Ace M 8 

■C'Eu 


0277217238 


'C'Eu rone an 357 

iB'FarEajq 685 

ipiFrnan&m' 23 9 
tpiHigh Income. —'561 

Igllnr A AlMMR SO Z 

(RilnternaUonal 27 S' 

■ glVlh American .341 
NwY Crews Mar 28- 1093 
Oil ft N'at .... 74 4 
w wiq mar. 28. — nj 

<«i Cabot 75 J 

Cabm Extra lac. -153 6 . 

- For lax exempt funds only 

Hill Samuel Unit TsL Mgrs.t tal 


392) 

4L2s *07 
4L7d *07 
38 0 -04' 
730 -lb] 
25 5 -4)1 
600 *0 3| 
32 In , 
296 *06l 
372 *D5( 
1139 
260 *0 4] 
76-3 

sa.? *0 91 
5*4s *0 1 


264 

3 H 
381 
502 
165 
442 
831 
645 

IK 
1 22 
217 
239 

4 52 
302 
9.10 


Reliance Unit Mgni. Lld.V 

Reliance Hu- .Tu abridge Wells. Kt 0RP2 
Dppanunitu.Fd. US 64 7] ( 

SoWordeT.iAcci Q95 42 3] -Oil 

SHdordeT Inc . ,|392 41 y -O.Ji 

Ridgefield Management Ltd. 

P() fWA 4IP. Rank H-w - Manchitr. 081230852) 
Ridgefield Ini IT- (868. 9281 ( 2 72 

Ridgefield Income (94 0 1000| . . ( 9.15 

Rothscbiid .Asset Management (gj 

72-80. Gatehouse Rd . Aylrsbur?. O20GAMI 




Arbnthnot Securities |C.L| Limited 

P O Bnn 2S4.H-. IfeHer. Jmey 068472177 
Cap Ta -Jersey. .11190 123 81 I 3 56 

Nrxl dentine date April II 
East ftlntl T*L*C1* [1080 U50I *50( 326 
Next sub. April 30 

Australian Selectloa Fuad ,YV~ 
Market 'Opporiunltlea. clo Irish Youna ft 
Outhwaile. 127. Kent Kl. Sydney 
l -SSI .Shares . .|5CSl37 - UOD2I ~ 

Net sheet value March 30 

Rank of .America IntcmaUanal SJL 
35 Bouleiard Royal. Luxembourg CD 
widlatcM ipcotoa-JnTmD U41*| I 66ft 
Prices at Marrh 16 Next sub day day March 22. 

Buk. of Ihdo. & & America Ltd. 

40-88. Queen Victoria RE- EC* 018302313 

Alexander Fund. PITS* - I . .( . ~ 
Net asset value. Mar a 

Banque Bruxelles Lambert 

2. Rue De la Regrnce R 1000 Brussels 
Renu Fund LF ... IL949 2 089| +«| 843 

Barclays Unicorn InL iCh. Is.l Ltd. 
1. Charlnj; Trots SI Helier.Jray. 093473741 
ih-irw-M Income ISO 7 53 31 . | 10 18 

L'aidollsr Tru-a prsurr U.n) ... | 4 60* 

-Suh)eci In ter and withboldlns laxei 

Barclays Unicorn InL *1.0. Man) Ud 
I Thomas Sr , Douglas. I O.M. 08244808 


ssUJ i 


7 10 
155 
190 


Kryselcy MngL Jersey Ud. 

Pi) Pm. in M Metier Iroty. !B»C*lJM7lrtll 
Frataclex -- FtlJB 

Kr>*rlci In! 1 . . HU 

Kriwin Europe . 13 77 
Japan nib bund RffiJt MS 
Kniflti Japan __ C9 71 10 

renLAoK4tsXap - £13X68 

King & Shaxson Mgrs. 

TlTianauTpi*- St tfriier. I«pr'. i7ifK4»7?7 ; l? 
Valley Hie. St. Pcicr Fort, i.msj. M8I. 24T0d 
-IKB.LJB' 

11 2 

... 110 


1 Thnnwx StreeL Unuclas. lull 
• iill Fumf-Jpr«ey> 11001 10 OT) 

Gilt Tnid .to M I^^JU 3 6 116 5: 


10.10 


Alii Fnlt. OumuHllS 05 
IbiL fad Sen Tsi 
First SI crime - 11833 

Fin4 inti 

Klein wort Ren son Limited 

20. Frnrhun-h rl— W3 


4858 
' _5 

25 

DO 


I1S.9J 1841] 
5185.63 IS6 07; 


FunmeM l^x F 
•iucmse) Inc 
Do Ac cum 
KB Far East Fd. . 
KBIntl Fund 
KB Japan Fund 


1003 


nucanroo 
•-A' 3 49 
J 64 
4 64 
146 
190 
053 


I’sironiAuti Ex i (430 

Do Aust Mm . 2S.1 

I». Gitr PartUr. 56 9 
Do Inti Income - 385 
Do I nfUanTiu - .44 7 
Do Manx Mutual .. 23 0 


46 J *0.3 
270 *DR 
613 . 
414a 
401 . 

24 8c . 


. Equity Fund . 
Engy Res Tit 


V c 

SC 

N f income Fund 
N.r InU. Fd. line 
NT Inti Fd 'Are 
K C SitiUr Cow Fdl 


-11 

:°4 

-0 8l 


317 
28b 
706 
1 91 
191 
465 


160 0 17001 

958 1019 

144 8 1538 

776 835 

77 6 82.5 

1434 ]5Ztj 

Rotbwhiid Se Lowndes Mgmt. fai 

PL Swithliui Lone, Mn EC4 01 6204.356 

Newer Exempt- (£115 0 122 DM . I 372 
Price on March 15 Next dealing April 17. 

Rowan Unit Trust MngL Ltd. 


43)Beecbfh. I ECSF2IA 

ibiRntisiiTrnst 11492 

lErinl'ITrun. . —1341 

>gj Dollar Trust 168 4 

IblCsptl*] Tru* _ 128 4 


ibi Financial TraxL 


Archway Unit Tut. Mgs. Ltd.*/ laMci . ibiineome trait.-. |268 
3JT. High Kblhara. WC1V7NL 01-8318233. O’ 1 &I r ? r ‘. t - v T™*L'' (52 ® 

Arehvny Fund . . [775 82 5(...| 5 96 

Prices at Mar. 28. Next mb. day April 13. 


tes 


159 6 *01 

36 5 *0 7 

73 2 *0.4 
304 . . 
94 7« *0-1 
28 7 *0.2 
535 *D1 
304 +0.1 


m jpn mi l Tny-fial«Hse.,Flnj-huiy Sq.. fc5C2 


524 

293 

2.15 

467 

475 

7.60 


Howan.Vjn Mar 29 
Row anSec sMarSft 
Rowan Hv.Mar 30. 

lAerum-L'nilRi 

RwnAlmJaar^» 
LAccum. llnitei 



Barclays Unicom Ltd. faligmc) 
I'nirom Ho 2S2 Kninfprd Rd. 777. 01 5345644 

Unicorn Ancnca. 1299 
Do. Ausr Acc .... _ 589 

Dn. AtiSL Inr 467 

Do. Capital— „ 63 0 
Do. Exempt Tn. - 106 8 
Do Extra income 275 - 

Do. Financial 575 

Do. 500 _ . 697 

Do. General . _ .299 

Do. Growth Arc 58 7 

Do. Income Tn 78 J 

-Do Prl A'nsTxL. 126 9 
Pnces at March 3 

Do. Recover*. D9 5 

Do. TniMct* Fluid (1991 
16. Wldvide Tncitt 0 
Biri In Fd.lnc.. (688 
I» Arrum. . - [68 J 

Baring Brothers & Co. LuLV laHxi 
88. Leader hall St, E.C3 0!- 688 2880 

fa ration Tit. (1678 IWaj... . .j 364 



>hi Hlfih Yield TK. (28 4 
Intel. V laHfil 
15. Christ opher Street. EC2. 

Intel Inv. Fund (877 943( -B.« 

Key Fund Managers Ud. laKgl 
26. Milk St. EC2V 8J PL 
Key Energy hUFi. (69 6 
Key Equity ft Geo- 
♦Ke> Exempt F<L - 
Keyrnconw Fund.. 

Key Fixed Ini Fd.. 


5” Royal TsL Can. Fd. Mgrs. Lid. 

836 '5t.Jermcn Street. S W. 1. 018318252 


Capital Fd .163 4 

01-2477243 inrorneFd..^ „. ^^686 


6.70 


669ri] .. { 391 
72 M I 7 78 
Next dealing Mar. 31. 


J631 

[ Fd. — 1134 1 
76 8 


ai-«w7o™. 

73 ft +0J 

3H 

67 fi .. . 

504 

142 fi 

6.81 

nfi -81 

827 

63 fi . 

12 35 

88 7] +02 

6.99 


Prices at 
Save & Prosper Group 
4. Great SL Helens. London EOF HEP 
88-73 Queen St. Edinburgh EH2 4NX 
Dealings tu: 01-554 H8» or 031-228 7351 

Save & Prosper Securities LuLV 

International Funds 


Vest nh day April 28. 


Do. Accum C080 Z16 

Next sub. day April 12 


Key Small CoVFd .. |«.5 
Klein wort Benson Unit ManagersV 
M. Fen church SI. E'M 01-8238000 laercariaff Incan* Fund 

K. B I'nit Fd Inc. .. |77 9 84«rf J 4 77 High-Yield 154 2 

ftK B. UiulFd-Ac ,..(973 105 J| . . | 4 77 High Income Funds 

L & C Unit Trust Management Ltd. V i Hl .foA Wlirn ' “ K? 
The Stock Echfljrgr BC2N I HP 01588 2800 ,nc<mie 

LAC Inc Fd 11297 133.81 .... J 796 

LftC lot] ft Gen F<5 . iSS.O 904 J 242 

Lawson Sees. Ltd. Vtauci 
63 George SL. Edial.urzb EH2iIG 


sw? .“-p n 

L'nlr. Growth _ -|H0 


I'Jt Funds 

THt Equity . :|42J 

O v B inu FnadMil 


SB 2[ } 696 


SS3: D *1 


858 

856 


45.4{ -0 J| 4 78 


gRan. MaierialS~-(34.9 
g/ Arrum L’nirai— P9 2 


Growth Fund. 

_ _ , . . . .. . - „ -'Acctun. Unity' — 

Blshopsgate Progressive Mgmt. Co.V miut rad Warrant. 


P. Blahopsgate. EC2. 

B'ffatePr. ~Mar29 . 11749 
Acr.CU.*-Mar2»_B»5 22 
R'Saie IbL Mar. 14_ (157 9 168 

•Arcum. i Mar 14-11741 US 

Next cub. day ‘April 4 --April 11. 



613 
353 
201 
20 8 


J7 6J 

66U 

2LB 
22 U 

n| 


Bridge Fond ManagcrsVCalic 
Xing WiUiam SLEC4 ROAR 

Bridge Inc* (478 

Bridge Cap. Inc. ♦ . 324 
Bridge Cop. Ace r . 352 
Bridge Exempt t .. 129 
Bridge Inti Inc t. 142 
Bridge latL Ace t _R53 


■I 

sir* 


i American Fd 

pAccmn Iwisi _ 

“High Yield ^92 

"lAccum. L'-nltsl — 167 8 . 

DeaL *Mon. Tbeu. rrWcd. TThurt. “FrL 

Legal St General Tyndall FnndV 
1R. Canyncc Road. Bristol. 

DixMar. 15' — 154.6 • 5781 ..I 510 

01-8234051 iArcum.L : ui&i-_-. (67 J 71 2 ..J 530 

690 - ' 

331 


Europe- -..1811 

iT a :r: 

Fuad* 

1 * — j& 

lal Secs..--. (684 


7J7 

7.37 hector Fuad* 

3.68 Commodity 

3.68 Energy--. 

L90 Financial! 

179 
170 
10.72 
10.72 


Hly h- WnhHipg Pmdfi 

Select internal. — (233 6 
Select Income (526 

Scotblt* Securities Lt«LV 

SeotblUJ (377 

>2 S3 
•2 

ScM.Ex.Glh-0 1214 8 22S.I 

Scot Ex. YTd*6 lUlS 169 

•Price* at March 28 Next suh. 



«==»< SSffitft;.-— 


Price* March 20 ft 30. Dealing ‘Toes. 


331 

502 

405 

4B 

Wed. 


3 67 
77)1 
3.77 
2.16 
... 765 
April 12 

Schlesinger Trust Mngrs. Ltd. ia)(zl 
Obcarporatiag Tndeat Truatei 
140. South Street, Dorking, rtOWnBMftl 


ri rtimmily eloxert In new ioMunL 
■rai t'ltite . 1 1883 | 

' of Wntmlnilcr Assur. Soc. 1 3d. 
-honr 01034 P8S4 

Unite.. . IU49 119 fl 1 - 
ertv L'mcs _ |S3J 55 91 ■! — 

iBrniil Union Group 
rlrn'J. VnrirrshafL EPS. A13CT50Q 
.n.VITMJir' 5143 |. I'.. 

jibuityl'M. \ 17 J3 1*0 IN -- 

redentkou Life Insurance Co. 
laamy Lane. WC2A IKK 01-3*20382 

Jty Fund 

inscil Fund.. 
wol Hen. Fd 


London Indemnity & GnL Ins. Co. Lid. Scottish Widows* Group 
1B-2U. The Forbury, Reading 38S51 1. m Box 002. Edinburgh EH 18 ABU. 031-855 8000 

MoarjrMaoacrr.....J38.7 32.91 *0JI .— InvJPlyBennJ _-.(993 99J 

4T.M Flex ihle 126 7 283 eBS - lev. My SerleaS... W38 .98.1 

Filed Inicrert (34 6 36.fi . ! - lm l axil Mur 23 _ N6 9 M2' 

_ „ . -EvJVTOfbr.lS R3S3.. .139 

The London *. Manchester As#. GfLV »w ***** .- aa 

TlK'l.eax. Fonextone. Kent. tBRltfUU 



Cap Growth Fund 
M>empt KUx.Fd 
♦Evroirt Prop Fd 
OKxpt lm -Tn. Fd 
fclc-vlMc Fund 
In> Trust Fund . 
PropCTT> Fund 


»*3 

1274 
85 0 
1568 
1041 
1203 
79.6 


— Solar Life Assurance Limited 


11419 14901 

174 0 1X2 7] 

169.3 71J\ 

M63 
I960 
1761 


mi 


iy Pro Fund, 
ilm. Pen Fd 
wed Pro. Fd .. 
my Pen Fd. 
iccied tn. Pol 

shill Insurance Co. Ltd. 
srahULECA 01-838 M10 

t Feb Mar 15 11881 - 

nee. Mar 15 MS -]...] — 

UftlM Mar 30(1600 1065] i - 

fit A Commerce Insurance 

legrtilSt.Lim.I.Ui Wlh.'-FE 01-43*7081 

KoRd Fd 11220 132 01 l - 

wider Insurance Co. Ltd. 
uIaHpiim Tparrn.FATl OIAJXMBI 

Prop Mar 7 . |677 744J l - 

tr Star Insurf Midland As s. 
randneedirhi TX2. oi . 9881212 NEL Pensions Ltd. 

v’Mid l nm . 150 0 51*1 -0 3 600 Milton Court. Dorking. Surrey 

ity A Law Life Ass. Soc. Lld.V £35 FSaSUi ^ 7°- 
r»bam Read. High Wj combe 0W35377 Nrtrx Money Cop.. M02 

Nrlirt Mon. Arr.|63 2 
SdnGihlncMr- 
NeJrx rah inr Csp- 

Vexl __ 

Nel Mxd. Fd Tap.. WTS 
NclUxd.Fd.Acc... |*75 


MAG Group* 

Tbter 0uai». Tower HlTl EtBB 8W 01 -®8 4588 
rrrv IVntwin*" . 004 6 . _ 

Corn nepaur ... . U67 . 1227 . ... 
EquiwBrttd— .. .. 1259 ' 1373 *0^ 

FODlB 7MB** 1487 — -0.3 

Family BlOtP' - 1665 - *03f 

Gill Bond*** UU 111.9 . . 

Intern xml Bond*-. 896 94 3 *16j 

Xanaccd BtP— . . 1242 1305 „ _ 

Prow-rn-Bd— .1541 1614 +5 7] 

Ex. Yield Fd. Bd.* 764 803 

HerorayFd Bd M5 615 

Ararrlron F«J Bd.*, J6.2 441 

Japan Fd. Bd *-— . 50. 1 527 

fiire* on -Mar. —Mar. 30 — Star. 23. 

"Merchant Investors Assurancef 
lift. High Street. Croydon ni lWOlTI 

Cw Dep Fd . . 

Money Mrki Fd - 
Mrr lm. Mar Fd 
Mer hn . 

Equilv Ituad .„ 

Prop TVn.- 
Man Pen* 


1 07 Chospwde. EC2Y 8DU. 
Solar Managed S . 1125.8 
SnlurPriiprity S . 1104 
Solar Equity S 1520 

Solar Fxd lm S ... 1184 

Solar CoAS 993 

Solar mas . . . 966 

Solar Manxyed P_. 1255 
Solar Property P -. 1102 
Solar Equity P . . . 


Solar F*dJnt-P. 

So lor Cadi P »9.1 

Solar loll. P 1964 


SS! 


014)000471 
13251 *0.3 - 
114 3 *06 _ 
IM.l *01 — 
1247 *01 - 

IMS - 
102.7 *0.1 _ 

U6? :8 b = 

^ = 

Szi+oi] — 


San Alliance Fund MasgmL LbL 
Su&AlltBDCr Houae. Horsham. 0M38U41 

BfCjMs'-rain .:...! = 


Sun Alliance Linked Life Ins. Ltd. 

Sun MJlenre Hmae, Hantaan . 040384141 


-t 0 


Equity! ‘wi* 

I'oni n«T Pen , 
Mon MVt Pena- _ 


127 5 


• 3448 


103 3 


1419 


160 


15*4 


1341 


1543 


1376 


1868 

— 


ntcrcUfd 

Fund ._ 

non I Fd 

fiinii. ... 

Maufod Fuad 


•Property Fuii 

Interaiuii 



104 2 

1D9 7 

+ 

16 


10X9 

107J 

+ 

IJ 


102.2 

1IT7.D 

+ 

>J 


078 

1030 


2 


M 7 

loot 

+ 

1 

I- 


1068 

+ 

JJ 


— Snn Lifr of Canada fU.K.) Ltd. 


g. 3. 4. Cocaspur St, SW1Y 5BK 
Maple L! firth. | 192.2 

Made LI Mnngd - j 133.0 

StaReU Fnty I J213 

P«mL Pb Fit .. f 199.0 


tn. 830 MOO 

:j : 


Britannia Trust Managementtaltg) 
3 London Wall Building*. Loodos Wall 

Loodoo EC2M 5QL 

AlKtl — . 

Capitol Asc 



Comm 6 Ind 
Conmuxllty 
Domestic-. . 

6 

Ertralncome. — 13S4 

For East .(181 

Financial Sera. — 
GoldftGeccral. 
Growth. .. - , 

Inc ft Growth 

iaiTGrBath- 
InreSLTtl ^Shares 
.Minerals.. . . . 

NO- High Inc.. —. 

Newlsone 

North AMnnn 
nvimmsi 
Property Sharrt . 
Shield . . 

Stat us Chan cc . 
L’nivEaeigy 


The British Life Office Ud.V iw 

Pell ante Hsc .Tunhndge Wells. KL 03B222T71 
BL British Life. - 148 5 5!3| ... . I 5 63 

BLBalonrod- ... Ss.7 «6? 5 « 

BLDiridaod- (41.7 44 6j. ..J 098 

-Price* Starch 20 Next dealing day April 5. 

Brown Shipley & Co. LHL¥ 

Mngrs: Founder* CL. EC2 
BS Lnltt Star. 21 mOl 
Do. (Arc.) Mar 21..|26L9 
Oceanic Treat* M lei 

Fuumcte] — ...133 9 

General - Jl79 

Growth Actxrm. W29 

Growth Income -. p4b 

Index (233 

Oiowu... - 1166 

Performance Hg 8 

Recover* -.1208 

ExmpL feb. IB.. |542 


Next *ub. day April 12 
Leonine Administration Ltd. 

2. Duke Si .London niMSJP. 01-4885881 

Leo Dias. . _ .. — {725 763] .... I 5J9 

Leo A ecu m ... [ni * 12 i I A88 Exempt* (19.6 

Lloyds Bk. Unit Trt- Mngrs. Ltd¥ la) 

70fl " 255 fncDraeDisL..-— . ..P86 

52.3 *03 

M 71 +0J 
84^*05 
113 
61 
68 


S7fi *o.; 

HW 


RegiGCrar 1 * Dept., 'Jnnng-by-Sea. 
WorthinK- Weal Siisrcx 
148 7 

Second it ap.) Ufl. 

Do 'Acrum.). 1 60. 

Third flneotnej 

Do *Acwmi — . — 

Fourth fExInci-L- 
Do.tAceuau.. _ 


01-638 04788479 FI rat (Bain cd i ._ 
70 » *051 526 po.iAccum.i_— 
512( .J 438 


451 
585 
-03 4.16 
-t-0.4 7 84 

*0J 9.66 

:8i AM fiwt T*. Mngrs. Ltd. 

-2.4 3 04 •EBO.DuehoiiMRd.. Aylexbiny. 02865841 UJCGrth-DtaL 

... _ 




444 

444 

350 

3.50 

b.35 

635 

782 

7.82 


Inc. lOKWdrwL 298 

Intel. Growth 42.8 

Inv.T&L Units. 233 

Market Lenders — 27.9 


•NU Yield' R7.0 

PreL ft Gita Tnul (2^.1 


Equity Ac cum. ^..|145AI 153 0| | 

M & G Group* f.vXcWz) 




a.a 

266a 

26.1 

254 

30.1 

42.0 
324 
46B 
250 

38.0 
292 
25.4 
27.6 

2ft2n 

21.9 

198 


*0 4 

in 

■ ri).2 

*• 0.1 

+8i 


195 

122 

910 

442 

10.10 

9.70 

303 

481 

455 

0.04 

1200 

277 

287 

5.9X 

5.91 


413 ‘Next sub. Starch 22. 

J. Hemy. Schroder Wag# & Co. Ltd.* 


iAccudl I'tilfa'- - .. 435 

Aunralaaiun - 43.4 

i Acrum. L-nilS' Ml 

C Dm modi ty ..„ 610 

lArnut L'nitei. 69.0 

Compound Gmutii 96 2 
Cnnienoo Growib 512 
Cor.icrsina Inc. . 55 8 

Di'idcnd UL4 

lAccum I 'nits' ... 2364 

EnrcpMui - 469 

tArruir, L'nitei- (7.4 

Bdra'ijeld 790 

tAceura. L'nitt' 1055 

ForEayterti. 430 

lAccum. Unite'-. .- (7J 
Fund o! Inv. Tsts_. 56.7 
01-8001520 i Actum. Unite)- — 68D_ 

ara General 157.8 

tAccam. Unite) 240.9 

Hlgblhccmc - 962 

LAccum. I'nilsi 1562 

Japan Income 142.4 

.lAccum. I'nltS)-.- . 1427 

Magnum — . 105.7 

i Acrum. Tints Z316 

Midland.. . 157.4 

lAccum t’niiai S50 

B*w»n . - 744 

■ Acrum. Unite- 75.1 

Second Gee. 157.7 

(Acrum L'nitei- — 2357 
Special . . _. . 1453 

lAccum. Unite*. (1826 
Canada Life Unit Tst. Mngrs. Lid.* Specialised Fuads 

2-8 High SI . Porters Bor. Herts P Bar 51 122 Tnraee . • [1358 

Can -Jen Dll* ..„B*3 H3| .1 431 -Accum. Units) __..]S95 

Do Geo. Acrum- . Ml 464 .-J 451 

DO. Int Di«. - W2 . 360] -02^ 754 

Do Inc. Accum — ]*3b 45.91 -0^ 754 


Throe Quart. Timer BilL EC3B 6W) 018384588 iao.Cheap3ide.EC2. 
■See also Stecft Btchange- Dmlinc*. Capital Mar. S-. - 1942 

American (426 - 45.m *0 Jj 102 lAccum ■ . U3 2 

a63f *fl.d 102 Income March 30 



Chartboad Mar 28 
Chari fa. .liar. 28 .. .. 

(Accum Unite) 

Pens. Ex Mar 28 


462* *05 
47 0 *05 
68 2 *07 
733 *0.3 
1025 *05 
54 5 * 02 
59 Oe +01 
1U.6 *1(1 
2198 +1.0 
49? +0J2 
505 *0J 
84 in *83 

112.4 +0.C 
455c +0J 

502 *0.4 
60 4 +05 
72.4 *05 
16&1 +10 
2566 +10 
1023 +05 
1664 *0.7 

152.4 +0.7 
1527 +08 
195.1 +16 
2443 +2.0 
1676 +T0 
7IU6 *16 

79.2 +0J 
800 

167 9 *0.7 
2510 +1J 

154 7c +0.4 
194.fi +0.«| 

143 ft +1 1 
273 fi +2 ll 


395 

373 

9-61 

820 

820 

272 


97.6 
1175 

178.1 - . 
2685 

80 1 .... 

99.5 

31.1 

33 G _. 

169.1 

2113 

1723a 


01-2403434 


243 

243 


332 

335 

2-16 

Z.16 

416 

*39 

548 


1156 
1393 14141 

1693 171 d 

(1240 130 8) 




® 11 Target Life Asim ranee Co. Lid. 

z l 

103B -0.1| 
uafi -. 

113 N .. 




oral Portfelln Life I no. C. Lid.* 
trthnloniew rt. Waltham Cron. WfiMPT! 

‘utlDFoort | 1306 J *J Il- 
oilo Capital- (416 43* +0IJ — 

sham Life Aw. Soc. lid. 
nrr al Wain, Rd . B'mrulh C202 787BS 
.'ofihFuhd. ]«J 100 51 I 

Kmitty Fund 98 9 1041 . 1 - 

•ilt Fumt 1133 1193) I - 

tell rami 100 9 1063 

•lily. Fund . 1*56 lOOS] 

wtb « See. life Ann. Soc. Ud.* Sg»§25£' fc 3 ' ^3 ^ 3 - 

flank. Bra* -on 1 hame*. Bertie Tel 342JH SfArtJu-frt «6 9 2 102 0j 

■McFmarcr | C1.BM | . j — Amrnran Fd— - 9S0 . 

(flank Sees - 5043 — . FbrRulFlf-. .967 101 ti 

thank Sea Ace ll 16?_ _._I19 J| 1 - GlkEdccdFd.. - 1021 107§ ^ J - 


Mon. Ftand lac., 

Man. Fluid A« 

Propra Inc. 

Prop. Pit. Arc 

Prop. Fd. inv. -. — 
Fixed Int Fd Inc 


(976 

U28 

1S72 


11076 


Dep Fd. Aee. lnc-_M7.6 




Ac. Pen. - 


71 2 


Cap. Pen— (58 9. 


SiLTnaMrr. Arc.. 
BetPlxnMan Cap— 
GIB Pen. Acc — — 
GltaFMLCap - 


0237 

PU«8 

p52 

129.8 




-64fl 


Far New Cnnct rrsperty are nuder 
Rachaehlld And MaiUUMaeM 

,VPT Pensions Management Lid. 

4& Grocer hurchEUECaP 3HH. 01-82SC00 
MaaanrdFlind . .(1411 1470] I — 

Prim March 1 Next dealing April 3. _ 

TnutirinternatfiHial Life Ins. Co. Ltd. 
New Zealand Ins. Co. fU.K.1 Ltd.* :: Bream Blrici.ECAlNV oi^ooaw; 


m 


UO I -1.51 
1215 +1.4j 
1431 
1362 


\sr lM 


ktaitUnd llmise. boulhendSSI 2JS 070203055 TnOpInvest Fd I — 
“ EC. Re* las Flan gJ4 6 U*« J - 

.Ml Kigali Cut Fd MS M4.7I -O.ft - 


s huger Fd 


179693 


Coq. Deposit Fd- (954 1004 


1N0|-O6j — 


Man. Pea. Fd Cop 
Man. Pen. Fd. Acc. 


133. S 
,1069 
SW7 
1123 
1184 


Trident Life Assurance Co. Ltd.* 
RmuUda Roum:. GtaJcater ^«J3ffl41 


base lending rates 


-B.N’. Bank 

Hied In.sh Ranks Lid 
mcririin Enjipcss Bk 

mro Bank 

P Bank Ud 

enry Ansb-u-iiftr ... 
anro di* Biihan .. . 
ank i»i TreUii & Cmcc 
ftnk of Cyprus .. .. 
anft n£ \ S \V 
an<iuc Bt.*lc»* Ltd 

annuc d>i Rli uni- .. 
arcljvs Bank 
ariieii Chn-.ni* Ud.. 
roinar Hold Lid. 
rit Bank of Nlid. tl.i^l 
rnwn 8hipk-> 
anadn Permanent API 
a pita! C. & c Fin. Lid. 

ajeer I.td 

od.'tr Hnidin^ . 
hartPT-hnusp Japbet. . 

hnuLtrtnns 

• E. CpatD.i ............ 

onsoIidMted Credits ... 

u-uperalivo Rank ' 

nnnthian Secun«e5... 
redit Lyonnais' ... . 
hr Cypras Popular Bk. 

-i mean Lawnn ' 

a 2i l Tfnst 

nyiish Transeom 

ir.-t 1 mi don Sfti-N 

irs: Nal. ITn t'nrpn 
i~'f Xai Sr*!*. - *- Ltd. ... 

ninny Ciht>v 

rryltnimd tui-irantv 
nniilayi; Rank 
hinnesi. Mahon . . . 
amhrr.c Rank .’ 


64% 
S} 1 © 

6jTt 

6^, 

7 “T, 
fi; 1 *.* 
S4«& 
7J% 

Rt'T. 

S:*V, 
7 T, 

s ^ 

6i% 

Riflq 
61 %■ 

... r 
- 

--■R ^ 
... tar* 
si«:> 
s % 

Si'T, 
6- ft*. 

&'.% 


■ Hill Samuel S 61% 

C. Hoarc & Co t 640S 

Julian S. Hodge 7*% 

Hongkong & Shanghai 
industrial Bk. of ScoL 81°^ 

Keysor IMlmann 

Knnivsley & Cn. Ltd ... 9 % 

Lloyds Bank 6*^n 

London & European . . S °J» 
i^indon Mercantile ... 619b 
Midland Rank Hi^a 

■ Samuel Mnntacu 6l°o 

■ Morgan Grenfell BiPJ 

' 'Xationai IVeslminsler 6**^ 

Norwich General Trust 
P S. Refson & On ... e? 1 *. 
Rnssminster Aeeepl’cs 6J*o 
Royal Bk. Canada Trust rt* 1 ^ 
Schlcsinser Limned ... d*°T» 
E. S Schwab Si% 

Sci'urlly Trnsl Co. Ltd. '71% 

Shoo ley Tntst. 

Standard Chanered ... BIS'. 

Trade Dev. Rank 6-}°o 

Trusfee Surings Bank 6* 1 ?! 
Twentieth Century Bk. 7J9& 
V jilted Bank of Kuwait 
Whiteaway Laidlaw ... 7 *.n 

Williams & ni.vn’s 6 J0 o 

Ycrskhire Bank 

■ Mcnthrr* of tiic ,v.-.mib 8 Ttuusef- 
rorowp)' r 

- Oi'pA'-lIf JV. l niomti 4+iwmtc 

U *. ' 

» ;-<ui rt+pqj,iri I-); <stims of Jifl-otw 
ainl unl'T S' 'ir* ><* ti'.ooit ii'.+ 
or.!! wi t i35.i uW ‘Jf’-.- 
t r .ll er+r fl oW 1 _ 

I 'P»jri5h0' AepteMf* ■F- 
r r- a :- al'o appiir* •" Shfrt-r.tt ind. 
S»|rt. 



DrowihCap.- — - 
Grawth Ace.. 
i'ens MRgdCsp - 
PtwL Mud. Arc . 
Pen* fitd. Dep Cap 
Pn»(Rd DroArr. 
Fboo. Qitir Cop . 
PunxFty. Aee. - 
Trdf.B«nd- ... ... 
♦TxdLfi l Bond 

•Cub volurt 


119.8 

149.7 
1468 
788 
1033 

138.7 

5ai 

U61 

1263 

1295 

m 


Hi 

309.4 

1461 

1324 

HI 

m 

1372 

1X9.7 

123.6 

107.3 

1108 

118.9 


-03 _ 


1813 
fur £100 premium. 


Tyndall Anrarance/Penrioni* 

18 C«n> tier Road Bristol 027232241 

3 ™ Mur 18 
tiqiurt Mar l« . 

Hoad alar 18 
Properly Mot IB 
DtpMttlbr 18 
anoji Pea. Mar Id 
U'wh Ini' Star IS 
Mb. Po J-W Mar 1. 
no. Equity Mar I 
Do BaadMar I - 
Do Prop Mar. 1 


1212 
1518 
1682 
1038 
1260 
1434 
646 
16L4 
2352 
177 0 
822 


Vanbrugh Life Assurance 
41-43 Maddox M- l<dn. W1S9L.Y 
Maaagrd Fd ?' 

asiiSj 


OI4LDS40GS 


itopmjrFa. 
cub Fund 


nxrdlblrrrf F«t B**® 
'!u78 



Vtnbmgh Pea sons Limited 
41-43 Maddox Kt-Lds-WUI 9LA 0I-4SP4KS2 

Managed - — (22 J ,52 * M ! ~ 

NmjhMB... -H-s 352 -- 

Property 190“! I - 

G Doran trrd rcr 'In* Baae Hatr*' table. 

Welfare Insurance Co. Ltd.* 

Tlir Wiii.T-olkrxtiitie] Knit' ftHEiVTXS 

Mitirmdii'l M .1 979 i . . I 

For other fund-., pltaac rrfrr to Tee Locdati ft 
MbBcheMor Group 

Windsor Life As.snr. Co. Ltd. 

1 High Street Wtotteof. "A'tndaMffilftl 

■jleJitu-FUbti- --466A -•- 698J- j 

FuiureAaadrahjal.i WJ - I - ... j +- 
FuturoA>*d Gthlbi | «0 f_.— . 

Re: a*ul .Per.a ._ l- £26.38 • [ — 

Flex, hrc Growth. -fUBA . U*9I t — ' 


Capel (James) MngL Ltd.* 

lOOiJId Brood St, EC2N 1BQ 01-S886010 

Capital TO2 83 2*3.-1 <46 

Income. - - (70 £ 7553 I 8U 

Prices on Mar. IS. Next dealing April 5 


227 lAccum Unite) . .2514 
227 General March*.. 776 
422 (Arrum I’nttxl— K 6 
422 Europe Mar 23 - ... 292 

' Accum L'mtai 3LB 

■ Fn'Cny March 23 . 164.1 
■Spec! Ex March? 205.8 
*n«ai'rri Mar 7 (167.2 

-For U» exempt fund* only 

272 Scottish Equitable Fnd. Mgrs. Ltd.* 
85* 28 Si Andrews Sq . Edinburgh 031-5580101 

854 Tacoate Unite (*81 5121 | 524 

JU Accum. Volta — )B.» 574? | 529 

2g Dealing day Wednesday 

4.87 Sebag Unit Tst. Managers Ltd.* (al 

POBox MI. Bcfclbry. Hae, EC.4. 01-2385000 

S-S Sebag capital Fd.. 1324 33.M*0J( 382 
Jgg Sebag Income Fd.. (29.0 » 4fi+0^ 7.95 

Security Selection Ltd. 

,04 15-10. Lincoln 'a Inn Fields, WCX 01431 S0388 

404 Unvl Otb Tst Arc ...£3.1 2461 I 382 

7.05 Un*l Glh TM lac — W3 2L6|....| 3.83 

5 n Stewart Unit Tst. Managers Ltd* (al 
501 45. Chariot leSq.. Edinburgh. 031-2283271 
Stewart American mod 

Standard Unite ISO. 6LBI +05! 155 

Accum Unite .1628 6681+0 71 — 

WUhdrawal Unit! |4B.O 5U| +0fi — 

Stewart BrltJah Capital Fuad 

-Slandard U2S5 136.01. — I 362 

Accum. Unite (141 B 155.91 ■ I 

ft 07 Son Alliance Fund Mngt. Ltd. 

?SJ Sun Alliance Hst, Horsham. 040304141 

Eq.TaLMir 8 [£1»450 195.401 J 

OTneFamlli- Fd-.-STl 94.71 +0 ft 


556 

442 

442 

674 
6 74 
1039 


362 


4.77 

382 


Man a Life Manage men t Ltd. 

St Georgj'a Way. Stevenage. 043830101 Target Tst. Mngrs. Ltd.* (allgl 
Growth Unite-. -1488 51 4j 4 3.95 3i.OrcrtiainSt.EC2. Dealing* 020B3W1 


Mayflower Management C-o. Ltd. Target Commodity .1313 

U IBGrcshom St- EC2V7AU. Ol-OOd 8080 JH£2 53S5 tol ~ ^ - 


Carliol Unit Fd. Hgra. Ltd.* tahe) 

Milhurn House. \e>*c**tl*- upon -Tver 21185 General Starch 21 

&C%Ssr ::d 3.S “i-.-- 

Do High Yield B94 4191 .1 861 30.GrexboaSt.EC2P2I2. 01-0004555 

Do. Accum. Unite -W7.9 50« 4 8.61 Mere.CeR. Mar. 29.. (1667 1795 

Next dealing date April 5. Acc. Uls.Mar 29 — 7192 233 

Merc. InL Mar. SO _ 59.0 6Z.B) *12( 

Accm.Ute.3far. 28. 533 67 

-. Merc -Ext Feti23 .. M7.7 205 4 

01-2482968 Accum Ute. Fob 23 35.9 245 


Charterhouse Jfaphet* 
1. PsuenunscrBira>. 074. 


Income Marcb 21 -1U14 Mb* “ J 8« W 

1 2I-.|675 TIM .. .f 563 *Do*Aee. Unlti. 2712 

Target Gilt Fund— UBJ 
Target Growth .. — 27-2 

4558 Target In tL M l 

4.9Z Do. Rein*. Units — P63 


CJ. Internal'! — 

Acrum Ualli 

rj.L 

CJ. Euro. Fin 

Accum. l'c-te . — 
CJ Fd In* Tn . 
Accum Unite -- 



Price March 20. Neat deg Mac April 5 


2.17 

217 

6.96 

263 

363 

375 

3.75 




33.7 

64.1 +0.9 1 
388 -Oil 
ZU.9 
ZE.fl 

12*3 . . . 
29 *0.1 
25.9 +a.il 
283 +ftfi 
383 +04 
isex 

308 +03 


430 

436 

IS 

684 

3.00 

481 

206 

288 

3.79 

4.40 

836 

10.80 

4.44 


190 
220 

ISO 
918 

1.70 

Blshopsjtalr Commodity Srr. LtaL 

PO Box 42. Dougina. 1 oftf. 0024-3301 1 

ARM.AL-Ma.-ti .. iH'Sa* Sid [ - 

riVnH0"9«r A ttl 005 1 865) . I — 

COI NT” Mar 6 . £2 198 2 3311 f 715 

Dnguuilly luund at -SI0 Ud — fl 00 

Bridge Management Ltd. 

Pit Hm Mg. i.rattii '3a>ma« Civmin lx 
Nhuht.Um-1- I 114 694 j ( — 

G PO Box i90. Hon p^Koo c 


tB5 62 fi 

P1J 755( 

5US956 ; 

3LS1052 l-D CM 

, , 51 S3036 

K h I IMt Fd I SI 024 . . 

Slcnel flrrrniidn .1 SUSeal - 3 Cd 181 
•UnifncduDMi IBIS l" 1» (8 90 

Kfl art as London farms aerate 

I.loydx Bk. (C.I.) LVT Mgrs. 

P n. Bor 195. M Hclicr. .Icrarr WU4 UTSfll 

UovdiTn n-wrar .(49 7 523rt I 2*9 

Ncrt draling dale April IT. 

Lloyds International M grant- 5_\. 

T Rur du Rhone. Pn R<rc 179. 12!I Geneva It 
Llmd« InMith FdKFW-a HJM| .. . { U0 
lJn.idilnt Lnrtime fcrSHB# JSK| . ( 6.30 

M & G Group 

Three iju.,,.. Toxcr Hill TC3R fiBO OICTt 4<«1 



Nippon Fd Mar 29 

til ! 


a«( ._ 

ock Split. 


9.7A 


Britannia Tst. Mngmt. (CH Ltd. 
nOBolhS't .Fl Hrlinr.-texiry. 05.14 73114 


Growth Ini erf . . .130.1 3Z 
Inin!. Fd. ... 66 9 72 3' 

.Teroe* Enorgj Tot . 135 1 146 li 

Ihnsl.DIr Til . . SI S4 77 51 

L'niral ST-J. Sic .. £2.05 2 


480 

100 

150 

100 


Samuel Montagu Idn. AgLs. 

1 14. Did llromt M . fc'. •' 2 it 

Apollo Fd Mar 22 I5F45M a977t 
JapfcMM.ir t." |i'IK44J II tel. 

n*n~ n»+ —> Itiv'D-a ll"! 

i »1 ‘ 
11 37! 


3 78 
1 IS 
214 
0G4 


Value Marifi 23 Ncrt dnil ini: April .1 
Butterfield Management Co. Ltd. 

P O. Box 105. Hamilton. Bermuda 
Hun re.<» Equity . .. |2 06 1 991 . J 1 98 

Bunreix Income 12 00 1 9ft I 7 46 

Pncc» 31 Star. 13 Next rub day April 10 

Capital International S.A. 

17 me Notre- Dame, Luxembourg. 

..'a Pi lal I nl Fund. ( SUS15 93 | | — 

Charterhouse Japhet 

01 248318*0 
560 
529 
686 
616 

1 47 



{•KJI20 

3i m 


1014858 

not 

Fondak 

DM3138 

33 M 

Fondly . . . . 

DH2BM 

ait 

Fmperor Fund 

n.'<c SI 

7M 

Hi-ipxno 

HSflU 

ISR 

Clive Investments fjersev! 

PO Box mSL Heller. Jersey. 

t.TjveGill F-1 .r.I . 

9 41 

9 931 

i 'live Gill Fd fJty.>. 

4 91 

4 93| 


03M.TTMI. 

. . I U.00 
..| 1180 

Comhili Ins. (Gnernseyi Lid. 

PC Box 1ST. St. Peter Port, fiuernaee 

Intnl. Man Ftf 11560 170.0| ( — 

Delta Group 

Ffi. Rm 3012 Na'«au. Bahamax 

Delta Ira Mar. 28. |$L42 149j4&Dl| — 

peutscher Investment-Tnist 
pnslfaeh 3G85 Riebrrgacjic 8-106000 Fraoldu rt. 

Coo centra [{1X1939 204M . I ~ 

InL Bent enfnnd* ..|DMMN 71 00| | — 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712, Nassau. Bahamas. 

NAV Mar. 30 (STSUil B fl|-3 Oft — 

Etnson & Dudley Tst.MgtJrsy.Ltd. 
P.O. Box 73. SLHelier. Jersey 0534 20581 

E. D.I.CT (113.6 1210| . ,| +. 

F. 4C Mgmt. Ltd. Inv. Advisers 
1 -2. Laurence Pounlner Hsll, EC4K OB A. 

01-823 4680 

l>t)t Fd. Mar. 22—1 SUR45* I ... ( — 
Fidelity Mgmt. & Res. fBdsu Ud. 
po Box 070. HamlliDo, Bermuda. 

Fidelltv Am Asa ._ SUS22J3 

Fidelity InL Fbnd .. SUS11M 

FidcUWPar.Fd._- SUS42B4 . . 

FldeliWWridFd- SUS12.75 |*003j 

FidclitjSier.Fda.. - 

Series A OntitLi.— D3 

SericaBlFoeiflc)— £7 0 

Bertas D i AmAsS £34 07 

First 11 Ub| Commodity Trusts 
6. Sl George's Sl, Douglas. Loftt. _ 

0634 -4682 tain. Agtx Dunbar ft Co. Ltd., 

53. Pal] MOIL London 5W175JK. 01-9307837 
FhL\ntCmT«- -(36.8- »2-e0-2| 110 

Frt.VfcJDbLOp.TB-p9.Bff ■ f «380J .....^ 12 

Fleming Japan" Fond S «A- ", 

37. rue N litre- Dame. JLdfcemhobrfi . 

Fling. Mar. SB I SW54639 . | .„...[ 

Free World Fund .Ltd. 

Butterfield Bldg. Hamilton. Bermuda. 

NAV Feb. 28 1 5US16665 ( | — 

G. T. Management Ltd. Ldn. Agio. 
Park Hse. 16 Fiasbnrj’ Circuc, London EC2. 
Tel. niftsa 8131. TLX 8S81W 

G.T. Pacific Fd. 1 3L‘S1235d ( | - 


117 Grp Mar 2 , 

HTJrrus Mnr 27 14418 
ll~Jr*in'*Mar i:> ItlDBO 

Murray. Johnstone ilnv. Adviser) 

IB3, HnpnRi.Gla-t'iD.iS Ml 31 sill 

-Hope SI Fit .. 1 51629 96 ] I — 
-MurravKund I SI. -i9 60 l... I — 

-NAV March 15. 

Neglt S.A. 

tna Rnuli-iai+i Ro.il. LmenihP'jrg 
NAV Mar. IT .. 1 SUMO 26 I .. .1 — 

Neglt I.td. 

Bank nf flermuiix RMc«. Hamilton. Rrmrfa. 
NAV March 17 ..Ita 90 — | l -- 

Phoenix International 

Pil nn 77. >) rrrer Pnrt, (jarntwi 
Inter Dollar Fund BI S221 1 391-0 31! — 

Property Growth Oi-crtteos Ltd. 

SB Irish TiMtu.Gihroltar .Gib' 6108 

US Dollar Fund { SI S86 77 ! . I — 

Sterling Fund ( 4128 80 | . .. | — 

Rothschild Asset Management iC.I.I 
P fl Box JW, SL Julians DLClwntiP; .MSI 28331 
O C.Gta Fr. Fehat |494 S2ft . .1 25S 

n C Inr Fd Marl (149 3 158.B .. I 6 89 

d C Intl.Fd. Mar INB 5 90 fi — ■ 

O.C SmCoFd J'ebzslui 9 | 3 38 


497 


nc.C-Mnmndirr-...B22J! 129 M 1 

C< r Dir I'orodt* t. K2505 24 7SI . ( 

Prim on Mar 2t Next dealing April 7. 

Royal Trust (CTl Fd. Mgt. Ltd. 

P O. Box IM. Royal Tkl Hue, Jrnrr. 0C34 77441 

KT.Int1.Fd inlSMS 0 Z2) J 300 

BT, Inl’l iJsv.iFil .m3 89f .1 321 

Prtres al March 15 Serf, dealing April H, 

Save & Prosper International 

Dealing tn- 

37 Broad SI .SuHriier. Jersey 0NM-2059X 
VS DaUar dmeml noted Funds 


1° . 
683 
3843 
3 7 
14 X 


i::- 


696 


DlrFxdInl"Mar20 19.« 

InlprnaL Gr.*t_ 631 

For Knrforn*t 35 54 
North Amort can “ 343 

Sepxo-t 1315 

Sterling -dr apndnoted Fonda 
Channel Capital 5 -0170 2293 *2.4 1.74 

ChaanellMandsO— 1435 15U +1 21 493 

Cammod.Mar 30... U74 123 7 +lfi - 

Ft Fxd Mar 23 120J 1212 -1» 1092 

Prices on -March 2fl —March 22. —Starch 22. 
tWeekljr Dealings. 

Schlesinger International MngL Ltd. 

41. La Matte St. St Helier. Jersey. OSSAIMfiS. 


ftafc 

GlIIFd 23 8 

Inti Fd. Jmei 100 

Intnl.FdUmbrs.- 981 


80] 
085 
24 0 
105 
1031 

‘Ftar East ItandC... |95 0 100.0 


+1 

-oid 


9.06 

471 

1146 

350 

300 


sub. day April 5. 
Schroder life Group 
Enlerprl*r Hoote. PorfMOcrath. 070077733 

International Fond* 

EEquity... I0B3 

5 Equity 1144 

fiFmalmereai — 1*0.1 
S Fixed InicnrsL — 103 7 
EManaged 124.4 

— SMonaged^^. (109.1 

J. Henry Schroder Wagg & Co. Lid. 

— 120, Uhnipridc, E.C— ni^e&wOQ 



1066 
J410752 , 
HTSI3S4 14 H 
“73 IM-aOl 

»« i-rtl 


+0C0I 271 


349 

5L10 

016 


Mldfauid Bank Group 
Unit Trust Managers Ltd.* fa! 
Courtwood House. Slhror ’Street . Head. 
Sheffield. SI 3RD 
Commodity ft Gen .159.1 

Do. Accum. 67J 

Growth 361 

Chieftain Trust Managers LtcLWaNg) SffiP*** §4 

30,31 Queen St. EC4R IBP. 01-2462832 Do. Accum. 27.4 

AmencOE 1.-2900 21981.. .1 IE ^? CC P , - -• Si 

High Income „W)4 43^+OJI IM 110 Accum... — . 5541 

uStaM " IffizMD 2*3 - 1 3,« ”-2 

' “ ft 94 UO ACCnllL — — ..RXi 


Basic Bans 


High Yield bll 

Do-Acetun. U22 

Equltj- Exempt' PB20 


Confederal km Ponds MgL Lid.* fa) 

SDChaarcry Une. W22A IKE 0I-24202S2 Do Acctim.* = _JU24 

Growth Fnod -1507 406( I 4.78 


492 Target Inr 282 

195 Target Pr. Mar. 2B... 1501 

195 TgLInC 286 

4-59 Tgl. Pref 14.7 

459 cSyne Growth Fd.-iUl 

Target TsL Mgrs. (Scotland] faXb) 
lft AtholCrearent,EdJn.3. .03122908212 

Target Ara*r.Eagle|241 26.H +0J1 149 

Tel ^-TOa Target Thistle. . .M.1 «4fi +«5J 5.42 

6361 *03j 576 Extra Income Fd...|58 2. 62.M +0.lj .1846 

HI IjJ 3 j3 Trades Union Unit TsL Managers* 

41J+0 3 323 100. Wood Sued E.C2 01-6388011 

277 -0 4 3 72 TUUTMarl (45.8 48 BM — -I .557 

517 7. ... 638 Transatlantic and Gen. Secs. Co.* 

5* ----- 6J8 0148 New London Rd. Chelmsford 03tSSlBSl 


46 7 *o .g 
4 93 +0.0 
642 -or 
6fc2 +0.3 
1076a +421 
1076s +421 


■29 

629 

5.42 

5.42 


Barbirttti MarftO f 

(Accum Vain.) L 

Barti. Euro. Mar. 28g5.0 

Ku clan. Mur JO 

(Accum Unite)— 
Coleraco Itar. 


7U +0 Jl 

nra-m.' 

87 fi .. 


Cosmopolitan Fund Managers. 

3a Pont SUveL London SW1X9E3 01-2358X3. 
namopola Gth Fa. 1174 1661 1 490 

Creacest Unit TsL Mgrs. Ltd. fakg) 
4 KeMIletrrex. Edinburgh 3 03}<2S8-tan 

CnMccnt Growth _ HJ 2621.. -| 426 

Creaimmatl KJ Sfi+Ofl 050 

Crcx.Hl|3iDUl.-. 

Crea. Reserves — 


(Accum Unite)- 
Comil'- 1 


Prices al Feb. 28. Nest dealing Starch 31 _ 

Minster Fond Managers Ltd. fcumIiMor.2fl fc 

KinOBrfbc-ArtiSa, 

Minister Mar 13 — WJ 353J ._._( 522 (Accum. Unltim^ 

Exempt Feb. 28 ^6 8361 ■ -J LBS Marlboro Mar. 26- 

MLA Unit Trust MgemnL Ltd. 

Old Queea Street, SW1H9JG- 01-0309333. fAceitm Unitej 

MLA Unite (36 1 37 9f '4.49 VanTIvStarm -- 

2fS Mutual Unit Trust Managers* fa Kg) (Arcnm. Ualu.)-!' 
450 15. Copt bolt Aie . EC2R 7BU. 01-0064803 WcfcTMmcb 30 — 


Mutual Sec Flux 
Mima! Inc Tw. 


Discretionary Unit Fnnd Managers 
S.BloafteldSL.ECSMTAL. 01-036448S MuiaafHigh 

Due Income . _ 11461 1380! I 557 


Mutual Blue Chip 


520I+0.5J 
*94 +0.4 
44 4 +02 
602 +0.b 


6.86 

7*9 

664 


(Accum. Unite] H3 

Wick Dir. Mar.33._M6 
Da Arrum. 171.4 


National and Commercial 


E. F. Winchester Fnnd Mngt. Ud. 
nidJewra.En: oi-ao42>87 

Grc-at U'mefccxte: . |170 1B5J J 6U 

GlWiaeh'er rtseailUO 146].. ,| 500 


&B0 Tmdal] Managers Ltd.* 

18. Conragc Road. Bristol, 


530 

EQnllas Secs. Lfd.4KaHg> 
siButmter-Ecz tn-smsos: 

Prapcuiif (538 6631+021 421 

Equity ft Law In. Tr. >L* raftbMcl 


31 St \ndrrit Square. Cdraburgh D1-5S6B151 — IS,®, 

lnrome Mar la ..11*4 2 149 U .(612 iiSEtS-teJi* « ll+i 

^kb®'u“' rSs .§g| • ■ ts a^Wiffv.Sai 

JigiS 8 ?*’?..,- BSJ Sf • I 53? Exempt Star. — 106.8 

> Aecnift l-atui- .|W2* M7W • • 1 541 lAccum. l'nitei ... .1486 

924 
1142 

2256 

NPI GthbpTrt .H42 471 .. I 380 lAccum. Daltsi. - 2512 

' Acc uni t 1 a lU)-. [53 2 ,»«.-! ScoLCap Mar 1294 

NPTOseas. Trunt ..[1146 12114 ■ ■■[ JJS MamVrfa-- 1514 

Arcum I'alU-rc* I12L2 12831 JB Scot. lac. Mar 28 ,|U26 

tauntoo Wrtl Group 
CapnalGrowih- _ [756 


Emann ft Dudley TsL MngrnnL Ltd. National Provident Inv. Mngrs. IJd.* 

2aAriilWIO|)5: SVi ni^AOTSSl « GrBcerhurch SL. EC3P3HH OI-BS3430O iff tgSu arS'aq ' ' 

Emoa Dudley Tn.. [60 7 6561 .._ | ' • --- 


rPrtcei (.11 March 30 Next dcaJlec .Abrtj _ 

' : April 5. 


'Pricer 00 March 15 Nrxl dealing 
National WestminslerVlai 


Aflwfib m IU L fl.-gh epph* - 
Equity ft La* ,—.(626 65.bS -0 1] 

Fmmllngton Unit MgL Ltd. (a) 

5-7. {reload Yard. EC4B &OH o;-24B 6071 

CapstaTTxt--— lirari +1.6J 4 32 

- tmeTA— {980 35*3 +0fi 622 

Grm-lhFd _»72 lajS-lB 249 

Do. Accsm - — fW* Wft +2 0] Z49 

Friends' ProvdL.L'nK Tr. Mgrs.* 

W shimBiri Dartacc <0065055 

Fri*™<J*Pror.UU-W7 12, 

Do Acevm . - Sl 8 E 4 > - 0 !] 4 42 

G.T. Unit Managers Ltd-* 

14 Fuuftnn- Citrus EC2M TDD 


MU— f. 181. Chrapslrir. B2V JEl'. 01406 ®gl. 

Capitol 'Accum. t- .1627' ” 6r«.Lri 


Extra Inc 65 J 

Fhtanctal 37 6 

Growth lac - _ . BJ 

laeome 34.5 

Portfolio lm Fd _ 675 

UnironaJFdtd) (377 


443 
7.42 
5 OS 


Do Acrum 77 J 

Extra Inc. Growth. 35.9 

Do. Accum - 39.9 

Financial Pritj 26.0 

Do Awom 19.6 , 

High Inc. Priority-. 585 

JmernoUoaal Z75 

Special Site 129 2 


n3 


GT.i'an !a 
Do Arc 


. 1736 
..,*94 6 


G.T inc Fd l"a— . 157 5 
GT I s ft Her. 1H6 . 

GT Jap»afi.Gc=- 269.7 
«GLTV|»ExJM - .1343 
GT-IalT Fund _.:109S- 
ICr-fh-rcY'iWd.-. (553 . 

¥G. ft . A. Trust (al (g) 

5. Sarinxh Re, Brerrivood 
{30.9 ' 



702J -0.1 
37rf+02 
91 71 . 509 

37 14 -0.1 6 TO 

S67, Sfi IS TSB Unit Trusts (y) 

NEL Trust Manager? Ltd.* (aXg) - 2LOuat>7Wajr.Abdorar,Hante 028482188 
Mllroc Court. Dorfctac. Surrcr 3«! 

N el star . . |596 62 71-03 355 hiftfJKSua 

Seinar High tar - 18 b- -ofi «i !?!^ nahmo' "la 3 

For New Court Fund afonogen Lid. 'hi Do. Accum [595 

' see roUkcMM Asset Maasgeamt ■raBScrauah gs.i 

, <biOo Accum. (79* 

.Norwich Union Insurance Group fb) „ , - , . 

PD.Bw«LNcr*icb..VR13Nfi 000335*0 UJSICr Banfc* (al 
Group Ta Fd .(320* ?J74ifi+DlJ 8J4 WenngfareefcBrlfart 

Pearl Trust Manager* Lid- (atfRHftl y 1 Tm^lceov It *. m«bL Ltd 
252 High Hotborn, WC1 V TEH 01-40SBM1 _ MgmL Ltd. 


«.rt +0 U 3.77 
57.9) +03. 3.77 
62.ll -Ofi 714 
7J4 
270 
2.70 


04fi +0.7) 


imzjjcsi 
38 7t-OJJ iM 


Pearl Growth Fd ffi 0 
Arrmn Unite. . 253 

Peart Inc ?07 

Peerl LattTn. 34 3 

lAccum. 1‘pltai — ...1*J A’ 


23 71-01 
273 

331 ". 

367 -01 

96 7* -01 


tu Km* Wiliam St EC4R0AH 
613 Frtani llsc. Fond- IWt 
73 Wirier Cnh Fnd B7.7 
587 Dn Accum 132 1 

Wider Growth Fnnd 


01-0224061 


JM70 145.01 1 4 69 

ll 


Pehcan Units A drain. Ltd. (gWv* • k,d£ WtlilaraSt.EmOAIl 

•OBTr-araW} 8iF0a«ninSt,Maarlnij«*ar . 061-2LMS«as income Unite 127.7 

33J) .. m ,4 4.69 Prticaa L'tu!£ f78a .. W.ft S20 Accum U ni :i |32J. - 


0]«s#5l 

29 ft j 35® 

ilfi -3JA. 


tbucrami bueraaUannl Lid. 
eio Bk. of Bermuda Front Si, Hamlin. Bmdx 
.Anchor 'B' Unite — (SUSflM B« .. J 1 93 

Anchor InL Fd (Jl'SJJI 4_u| » .| 196 

G.T. Bermnda Ud. 

Bk. or Bermuda, Front St- Hnml tn. Bmda. 

BenyPacF | SCS43264 +2W 0.9Z 

G.T.SFd. ) SUS6.52 ( | 1.77 

G.T. MgL f.tsial Ltd. 

HutchUon H&e, Horcout Rd. Hong Konf 
G.T. AalaF ._ .._..|S«mP7 8Ati-0ja JL7B 
G.T. Bond Fund — \ 5US12.49 1+O.OtJ 530 
G.T. Management (Jersey) Ltd. 

Rival TB, Hse,CoIomberie.St. Holier. Jcnec 
fiT. Aw a Sterling-. 10231 13«(-0.7ft U3 
Baak of Bermuda fGaenuwtf Ud. 

31-33. Lc PollcL Guernsey. OVD-aBzra 

Bmy Par Strle ®5400 2M24ri-19-ft 113 

Anchor Gill E&e pOW 

Anchor lnJ«orT*L-|23J 24ft ... | 3.13 

Gartmore Invest. Ltd. Ldn. Agts. 

2. Si Mai}- Axe, London. EC3. 01-283 353J 
Garttanrc Fund MngL (Far Eartt Ud. 

1503 Hutchison Hse 10 Hi 

HKftPac U.Tri..~UflK7ffl 

Japan Fd tJVSHlM 

N American TM. _ 
inti. Bond Fund — 

Gartmore lotrrtmeat MngL Ltd. 

P.O. Box 32. Doogloa. toM. 

International Inc. -KLI 
Do. Growth 153.7 

Hambro Pacific Fond Sfgmt. Ltd. 

2110. Connnnqht Centre. Hoajt Boos 
FarEaslMar.30_pKKUS lLUj —.1 — 
Japan Fund |SUS6JI 494( 4 — 

Hambros (Guernsey] LtdJ 
Hambro Fnnd Mgrs. (CJL) Ltd. 
P.O.Boxfl&Gueriicey 0481-28521 


Asian 1 ... 

Dnrlinx Fnd. . 

Japan Fd. ! 

Sentry .Assurance International Ltd. 
PU Box 328. Hamilton A Bermuda 
Managed Fund-, draw UJ5( — ] — 
Singer & Fried lander Ldn. Agents 
20. Cannon SL. 0.’4. 01-24BM4S 

Dekafonds I DM24 90 21301 1 646 

TokjoTsLMar 28. [ SUS3325 | .... J IBS 

' Stronghold Ma n age m ent limited 

P P Box 315. SL Hclicr. Jcrxcy OS34-71400 

Commodity TniM ... |90.43 95-lft J — ■ 

Snrinvest (Jersey) Ltd. (x) 

FO Box (B.SL Holier. Jersey. 05MT3873 

Aatencan Ind Trt. .[17.44 .73 _ Si3 

Copper Trus 10187 11291-0171 — 

Jap Index TsL -- — 
Snrinvest Trust Managers Ltd. tx) 

48. Athol Sum. Douglas. I"M 0624 23814 
TheSilvwTnia _ 
niehmond BoadST. 

Da. PlUirumBd. -- 


10 Harcourl Rd. HJinic 
1IM ... .1 2M 

^ H9H ... 4 050 

fc'WW lMWf -. .( 240 

prawn u*ffl .] 62o 



1180 

-1 5 


1883 

1983 

-0.4 

10 25 

109 4 

115.7 

-ll 



1008 

1061 

-111 

— 

1763 

1856 

-11 

10 68 


HJJ ::::•! 


0824 2381 1 
3 15 
5.41 


111 . .. I 417 
ill . 1 417- 
dar Apr 5 


TSB Unit Trust Managers fC.I.l Ltd. 
Bagatelle Bd.St-Sanwir. Jew 0534 734M 
Jeraer Fund-..- — [418 46.11 

Guemrc? Fund .._J435 46 11 

Prices on Mar. 23 Next mb day Apr 

Tokyo Pacific Holdings N.V. 

InUmli ManB4pnurol Co NV. Curacao. 

_V.ll’ per shon! March 23. Sl'JOO 48. 

Tokyo Pacific HJdgs. (Seaboard) N.V. 
lntiuds Management Co N.V, Curacao 
NAV per share March 28. 5US3&81 

Tyndaii Group 

P.O. Bn I2S8 HomUtan 5. Bcxnmda. &2780 


CJ. Fund 


[1375 


Inlnl Bond 5i:s 10439 

InL Equity SUS9.94 

InL Sign. 'V SI'S 102 
InL Svgr- -B' SI.IS 100 ... _ . 

Prices on Mar. 29. Next dealing Apr. 5 


146. M 
107.61 

10 4 

LBS 


390 
8 50 
250 
850 
250 


Ovenean Mar. 22 ...t 

1 Accum. UaiUt ...nLSLS9 
3-Way lot Mar. 16- .(S^SZIOO 

2 New St_ EL. Bel ler. Jenwy 
TOFSLMar 23 -ji6 75. 
(Acrum. Share)'—. 00 45 
TASOFMar 22 — 770 

i Accum Shan*' —77 0 
Jemey Fd. Mar. 22 189 0 
>Nod0. Acc I'te ■ _ 260 a 
Gill Fund Mar. 22 .[1126 
lAcctnn. Shares'.— 


- 71S 
•IX 10 
605 
*05 
2004 
275 6 
114.6a 
144 On 


6 00 
600 


600 

680 


710 
10 47 


11416 

Victory Honor, Donate*, tele al Man. 8624 25029 
Managed Mar 16. .11276 13*4 . f — 

UUL Intel- MngrnnL (CM Ltd. 

J4. Muleaner Siren, Sl Helier, Jrraey. 

UJ.B. Fund — SUS1W { I 8 25 


Henderson Baring Fnnd Mgrs. Ltd. 

P.D Box N4722. Nassau. Bahamas 

ftTOts OT March 20 ^VtertdeahW^Bte April 5. 

BUU-SanraeI & Co. (Guernsey) Ltd. 

8 LeFebvre Si, Peter Fort Guernsey. Cl 

Gueruicy Tst 11*91 15951 ... .1 346 

[CD Samuel Overseas Fnnd S-A. . 

37, Rue N cure- Dame. Luxanhourg 

(16 92 U50M59I — . states Tst. IntL A dr. Co. 

International Pacific Inv. MngL lad. i*. R nc AUnuger. Loxcmboure 
PO Box K37. 50, Pitt St, Sydney. Allot U5.T«Llnr.Pnd._.J 5U59 64 | ,...4 0.96 

Javelin Equity Til, 1&.BS L9(fl J — Net asset March 26. 

J-E.T. Managers (Jersey) Ltd. 5. G- Warburg ft Co. Ltd. 

PO Box 104. Royal Tn. Hsa, JotctOSM 27441 30. Gresham .StreeL ECS. 01-800 4SS5 

Jersey Extra rTrt„/12S.fl 20.9/ Cav.Bd.Fd. Star 28-1 SUS932 , 

Aa al Feb. 2a Neat sub. day Mar. 3L Kngj. lnLMarl»..-| SUS0558 |+051[ — 

JanUxte Finning & Co. Ltd. 

46U) Floor. Coo nought Centro, Hang Kong 


Jardiue EsulTol - 
Jardtae J'go. FdJT 
SE.A. 


JardlneS 

Jardtae Flrmlnt 1 
NAV Mar IS. 


3.40 

100 

250 


5HKZ10M 

5HKBW _ .. . 

... Rqnlralent SVS83J6 
Next sub. March 31 
KenqMree Management Jersey lid. 
1. Chari ncCrosr- SL Heller, Jersey 0534 73T41 

Kemp- Gee r'ujjiiai Ml 86.6} j — 

Keaip Gee Income 1658 67.81 i 850 


ntB.MLl , 

GrJLSFd. Feb 28- SUS6 l 51 
Mer.Eur JTdMar 22 . IfCSU It IS 2 

Warburg Invest. MngL Jrsy. lid. 

L Charing CriKi-SL Heller. Jsy. Cl 0SMTJ74I 
CMFLld.Frt.3t_' 

CMTLld Feb. 23 — 

MlalsTa.Uar.I6 
TMTMar.0 . , 

TMTtad. StarS- - . 

World Wide Growth Management* 

10a. BcuM orrt Rrrrfli. T-uxcmbeun:. 
Worlduyde Glh Fdl SU513 08 (-0871 — 



NOTES 


Prices do not include S premium. cxceM where Indicated t and are in pence unices ortwvtr* 

indicated Yield* "• i»h™j-n in last column' allow lor all bujuai; expense*, a OBored price* 

include alt e«pen«ee b To-day's pnee* e Yield boxed on offer price, d Estimated a Today's 
opeulaKpncr.il Dt«nbuuon free of v.K. taxes p Periodic preouum insurance piano, a Smcln 
premium 'insurance x Offered price Includes 'all expense' except aacr.t'a mnmnxrian. 

; Offered price includes all expense* II bought ibrouah sunocerf * Previous day* price. 

Not of tax on realised capital Cains unless indicated by ft. 4 Guernsey [mi at Suspended. 

4 Yield bedore Jersey cox. f Ex-subdiixaciti. 


ruve lnvtstments limited 

1 fioyal Exchange Afc^ London EC3V 3LU. Tel.; 01-283 1101. 
Index Guide as at 21st March, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital 135.42 

Clive Fixed Interest Income 122.34 


CORAL INDEX: Close 464-469 


INSURANCE BASE RATES 

t Property Growth 7.^ 

t Vanbrugh Guaranteed 7.12% . 

* Artdrota shown under Insurance xrJl Prnjwrv F- nd T+ni* 


/ 


i 





































































































































































































A Sterling denominated securities which include Investment 
dollar premram. 

♦ "Tap" Stock 

♦ Highs and Lows marked thus have been adjusted to allow 
for rights issues tor cast 

T Interim stare inn-eased or r e s um ed. 

♦ , Interim Since red oped, passed or deferred. ..." 
it Tax-free to non-residents on, application. 

0 Pigures or report awaited. ■ 

tt Unlisted security, 
a Price at time of suspension. 

J Indicated dividend after pending scrip and/or rights Iesm: 

cover relates to previous dividend or forecast. 

" Fret of Stamp Duly. 

♦ Mercer bid or reorganisation in progress. 

9 Not comparable. 

♦ Same interim: reduced final and/or reduced earnings 
indicated. 

$ Forecast dividend; cover cm earnings updated br latest 
Interim statement. 

1 Cover allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

„ * Cover does not allow for shares which may also rank for 

n IJinba dividend at a future date. No P'E ratio usually provided, 

i -.m.- .i ■ - - Excluding a fi nal dividend declaration. 

— ] 12Srfl 1 55 | 15| 6.7 * Regional pnee. 

II No par value. 

Africa “ T« free. h Figures bused on pr o s pectus or other official 

estimate. e Cents, d Dividend rate paid or payahlo on part 

I 430 I 1 23.35 1 2.0] B2 of capital; cover based on dividend on full capital.. 

I 145 I _| 13.0 I A 113^ e Redemption yield, f Flat yield, g Assumed dividend and 

yield- b Assumed dividend and yield after snip issue* 

] Paymen t from capital sources, k Kenya. n> Interim higher 
than previous lotal. n Rights Issue pending q Hornings 

based on preliminary figures r Australian currency. 

UNTO 1 Dividend and yield exelude a special payment, t Indicated 

dividend: entr relates to previous dividend. RlS ratio based 
n it n a sm on latest ammo] eorninsv u Forecast dividend: cover based 

lUVli KiVil U on previous year's earnings. w Ta* tree up to 30p in the E. 

w Yield Allows for currency clauie. y Dividend and yield 

based on merger terms, z Dividend and yield include a 

+ special payment: Cover does not apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
P-Y deferred. C Canadian. D Cover and P-TJ ratio exclude profits 
of UJL aerospace subsidiaries. E Issue price F Dividend 
and yield based on prospectus or other official estimates tor 
I077.7B. G Assumed dividend and yield oiler pending scrip 
aod.’ur nghu issue. - H Dividend and yield brand on 
prospectus pr other official estimates for 1076-77. K Figures 
based on prospectus or other official e s timate s tor 1078. 
15119.4 !■ Dividend and yield based on prospectus or other official 
12 — estimates for 10T8. N Dividend and yield based on prospectus 
_ 4_5 or other official estimates for 1079. P Dividend and yield 
TS1J4 based on prospectus or other official estimates for 1377. 

1 n c o Q Gross. T Figures assumed. I No significant Corpor a tion 
1 7 a'o Tax payable. Z Dividend total lo date. # Yield based on 
77 auanartiflD Treasury Bill Rate stays unchanged until maturity 

1.0 Jo-4 jmejt 

f-J 35.6 Abbreviations: u! ex dividend: je ex scrip issue; if ex rights; d ex: 
*-7 7.6 ail; d ex capital distribution. 

“ Recent Issues ” and “ Rights ” Page ■ 


■ This service is available to every Company dealt In on 
23] 8.5 Such Exchanges throughout the United Kingdom for ■ 
1.4 .93 fee of £400 per. annnm for each security 


REGIONAL MARKETS 


are as quoted on the Irish exchange. 


ShcfLRefnhmt. SI ] 

Shiloh Spinn 22 1 

Sind all CWnoZ] 0? | 


Co nv. 9% ’80/83- £85% 

Alliance Gas 65 

Amott 290 

Carroll (FJ.) 97 

Clondalkin 95 

Concrete Prodv. 124 

Heiton iHldgsj 44 

Ins Corp.. .. 200 . 

Irish Ropes 130 

Jacob 58 

Sunbeam 32 

T.M.G 1B0 

Unidnre . 75 


OPTIONS 

3-month Call Rates 


23 | Tube Invest SO I 


Barelas’* Bank. 25 Lad broke 17 

Beecbam.- 38 Legal & Gen. J 14 I Property 

Boots Drug _ 15 Low Service — j 7 I n_4. * «_ 


assn 20 aen]i tfgF* u 

IX wwaaors. ...... m 


Dunlop Bi; NE1. ..-I 20 Oils 

Eagle Star ... I it Nat Wen Rank I 22 _ 

EJai. . 18 Do Warrants 10 *it.FtfnJmh M 

Gen. Accident 17 PAODfd,.*_. 10 BunrohOiI^. 7 

Gen Electric. 18 Please? I 9 Charterhal!_ Jij 

Glaxo.. M R.H M. . . . ~ 5 Sheji .... _ — 2fl 

Grand Met.... 9 Hank Ore. J A \ . 19 V Ittwnaiw?. 2fc 

G.VS ■A'ZZj 18 HeedlntJ J« . . 

Guardian .-,.-.1 18 SptlIers.-..._ I 4 Mute* •• 


A selection of Cottons traded is qiven oath* 
London Slock Exchange Report page 























































































































































































Northern 
attack 
on London 
plan for 1 
more jobs 


Higher pensions plan 
causes Cabinet split 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


Leyland 
tops U.K. 
market 
with 28% 


lo undermine the Government s t £20 for *» single person and £32 tmjaencv reserve o» »110m. in would rise by 12-J. percent., cost-1 
regional polici hy sponsoring a for u married couple. thv next financial and of ins about F45m. in I97R-79. | 


tsui m the Gommons which This suggestion is heins rc-ushlv £250m. in 5079-80 there is no disagreement' "* r - *“>'■ “orrociw, joii 

would make it easier for coin- 1 opposed bv the Treasure which The v argue- that an increase in about the uprating of short-term 5 director oi BL 
panies to set up or expand within : wants an increase of only II per the basic retirement pension — social security payments, notably announced wha, „ " e 
the in inner London boroughs. cent to be announced Hither in the unemployment and sickness . “ w * ' ,1 

Mr -irihn Hobbs, director of- The argument has become part April 11 budget or >u May as last benefits, by 8 per cent, in line "** ni 6" L But he wen: 
the North of England Develop- nf the wider Cabinet debate — lo vear — ro a round figure of 05 with the projected rate of jnfla- p* e a warning or tin 
mem Council, said that the he resolved at a meeting next fur a single person wouio have a tion. danger to E 

Greater London i i.eneral Tuesday— about how much of favourable clec , *iro| impact and The higher uprating of pen- native car manufacturer 
Powers! Bill, which has been . rbv contingency reserve for v uuid represent j needed shift sions is being opposed by the Japanese an 

through committee and is now in , additional public spending in nf lesources. Treasury in view of the other American multi-national 

the queue awaiting a third read- the next financial year should he The Treasury argues that basic calls for additional spending. He was particularly h 

ing. made a mockery of regional committed now. pension increase al o\e that in- These already amount to slightly his comments about 

Polfcy- I li is also clearlv nverchadowed r’iiated by the statu :oi.. formula more than the whole £750m. con- Japanese onslaught” 

M Wc are. very concerned atjhy the political discussion about would produce an undesirable lingency reserve, of which nearly raised the prospect 
ibis move." he said. ■•Regional ; what should be offered ahead of ratchet effect, establishing a per £250in. has already been com- Europe might have to 
policy is designed to create a, a nossihie October election. manentlv higher base for future mitted. some form or import 

more balanced industrial nation The Treasury bases its view on rises. " Treasury Ministers want to ] tions. 

and this Bill is against that ihe 1975 .Social Security Act. There is believed to he enn- limit the commitment uf the Time would tell whet] 

whole concept. Given regional binder which pensions and other siderabie sympathy Tor this view reserve to between £30Dm. and Japanese would honoui 

policy, i find it surprising this' long-term social security benefits among ministers. £350m. at this stage. 1 present commitment tc 

is happening The rules arc i should nse each year in line with The Treasury believes the The latest view is that a rise sa j es _ g u , Mr 

being changed and we shnuld bo. the increase in earning!- or Government .should be cautious in child benefits in November suggested the Japanese 

told just what they are." prices, whichever is 'he greater, about increasing the real value is more likely to be accepted hy [ laving down raoacitv 


HB fi £i f| TrflB PROPOSALS TO increase pen- per cent, and retail prices by 8 burden, especially as the num-l T T JLftJLjl / K. 

M.WsXsLm, 1 v£ sions and some social security per cent, m the year to this her of pensioners is rising. 

• benefils more than is legally autumn. The increase in the It is also pointed out that there Arthur Smith Midlands 

• — required have led lo a clash in real value or pensions in Xovem- has been a redistribution in Correspondent 

WYH ’BffTklrfcC!' the Cabinet. her implied by ibis formula has favour of pensioners in recent 

■ B Bu JfM K The Department of Health and been allowed for in the existing years, with the real value of. LEYLAND CAJR5 has regained 

tF Social Security has proposed a public spending plans. ponions rising by 18 per cent, leadership of the UK. market 

By Anthony Moreton. Regional } A '\ t ine ™ as * . in ■, 1 h < P™' in Jhe fmir years to November from p<>pd monUl wlth 

Affairs Frfimr retirement pcnnion in mid- posed by Mr. David Lnnals and 19«i. nwt „ . , . , 

. N'nveniber al the lime of rhe Mr. Stan Orine. the iwr social A compromise plan ha? also more than per cent of total 

IHE GREATER London Council usual annual tiprating. This services ministers in the Cabinet, been suggested, under which the. sales — a dramatic recovery 

was accused yesterday nf trying would mean a weekly pension of uuuld mean a .•h-iiv?' to the con- basic single person's pension] from the 21 per cent, level at 

10 undermine the Government s , CO For a single person and £32 tmgenev reserve o*‘ *110m. in would rise by 12.;. per cent., cost- 1 uie beginning of the vear 

regional policy hy sponsoring a for a married couple. the" next financial >car and of ing about F45m. in I97S-79. ] .. „ „ . . 

B'il m the Commons which This suggestion is heing rcughlv £250m. in 5079-80 There is no disagreement ?*£ Horroeks, joint man- 

would make it easier for com-] opposed by the Treasure which The v argue that j n increase in about the uprating of short-term ***5 director of BL Cars, 

panies to set up or expand within ; wants an increase of only II per the basic relirenien» pension — social security payments, notably announced what he termed 
the in inner London boroughs. ceni tt> be annmiiiced Hither in the unemployment and sickness . *“* “ w * ■“ London 

Mr. John Hobbs, director nf • The argument has become part April 11 budget or in May as last benefits, by 8 per cent, in line msbt- But he went on to 

the North of England Develop- of rhi* wider Cabinet debate — lo vear — to a round figure of 05 with the projected rate of jnfla- p* e a warning or the long- 
vneni Council, said that ihe he resolved at a meeting next for a single person would have a tion. danger to Europe's 

Greater London n.ienera] Tuesday— ;i bout how much of favourable clec r »iri| impact and The higher uprytins of pen- native car manufacturers posed 
Powers! Bill, which has been (bv contingency reserve for ^uuld represent j needed shift sions is being opposed hy the ■J' 1 Japanese and the 

through committee and is now in , additional public spending in nf resources. Treasury in view of the other American multi-nationals, 

the queue awaiting a third read- the nexl financial year should he The Treasury argue? that basic calls for additional spending. He was particularly harsh in 
mg. made a mockery of regional ' committed now. Pension increase al o\e that in- These already amount to slightly his comments about “the 

policy. I li is also clearly overshadowed ^iialed by the statuioi.. formula more rban the whole £75Gm. con- Japanese onslaught” and 

"Wc are_ very concerned atjhy the political discussion about would produce an undesirable tingency reserve, of which nearly raised the prospect that 
ibis move." he said. "Regional ; w hat should be offered ahead of ratchet effect, establishing a per £250in. has already been com- Europe might have to erect 
policy is designed to create a, a nossihie October election. manently higher base for future mitted. some form of import restric- 

more balanced industrial nation The Trcasurv bases its view on rises. " Treasury Ministers want to tions. 


Mid ' and! There are no nasty surprises 

in the Lucas half-time figures. 
LEYLAND CARS has regained The drop of £7.1zn. pre-tax to 
leadership of the U.K. market £27.6m. is more than explained 


THE LEX COLUMN 

i 

Lucas fights its 
£llm. handicap j 

There are no nasty surprises ordinary charges of £6.6m. On "•> 

in the Lucas half-time figures- In#fov foil 0 4 fo 4677 the other hand. EPC has' not 
The drop of £7.1zn. pre-tax to UIUCA considered it necessary to write ^ 


by the £llm. cost of the tool- 
makers' strike last summer, and 
the Lucas share price was 
strong yesterday — at 275p it 
has regained a. third of the lOOp 
drop to 240 p between Sep- 
tember and the beginning of 
March. Confidence within the 
group has been largely repaired 
hy the fast improving trend, 
which has led to internal esti- 
mates of sales and profits in 
February — the first month of 
the current half-year — being 
well up on the comparable 1977 
figures, and the interim state- 
ment is talking cheerfully about 
recent firm demand being main- 
tained. If operations continue 
to tick over smoothly there is a 


I&b BRITISH PETROLEUM 


jasssw. 


considered it necessary to write 
a £33m_ deficit on Brussels office • r e- 
develop inents into the balance ^ 
sheet: the- report suffers- a tier 
qualification from auditors Stoy «*■ 
Hayward as a result. «£ 

Although capital commit-Sri 
meats already contracted for Sfe 
amount to only £22 im., the EFC cg g 
Board informs shareholders tharaL 
it has additionally authorised lft 
£70zn. for capital spending 
•^vhen financial and other ‘gE 
arrangements have been satis- ® 
factorily concluded." ® 


House of Fraser 

In common with Wooiwort 1 
i which reported earlier tiu 
month. House of Fraser, ha.-in 
enjoyed a bumper fnurthjU 
quarter. Although ^ales grnwwfl 


The official estimate is that nf social security n^yr, tents and the Cabinet than the full pro- 1 additional 
average earnings will rise by tl the extra implied load nn the tax posed rise in pensions. I Europe w 


r VIIIUOI 1^ UldL 1*1 JIJLI 

Pressure J average earnings will rise by tl ihe extra implied load nn tne tax posed rise id pensions. Europe was nrobablv the only 

In London. Mr. Hobbs was' market offering the real possi- 

criticised for hi? comments and * hility of more sales over the 

to" aH 40^ northern 'wPS^seek mg j ]\/fl til Cf'PF llftt FPJItflV tU " Mr "HorroTus said he pre- 

their support in opposing the J f ft ft B B ^ 1 jft ft, Jft j ft/Vr rerred to take on the Japanese 

Bill. A/ in a Tree market. But, he 

Miss Shelagh Roberts. Tory added; “For too long, while 

leader of the GLCs planning and] • 1 • ■ 'll A A A Britain played to the rules, the 

communications' policy commit- 1 1 IVl H H AA T ^ Tl* AA T Japanese have rigged the game 

tee, said that Mr. Hobhs was IBS B Cl VLllC IB 8 I 1 ICvL kjilCCI so they could not lose and we 

*■ talking through his hat." It was 1 j *** ^ ^ w ^ could not win. ho 1 it may well 

no longer the case that London he that Europe will he forced 

was as prosperous as it had been. J BY PAULINE CLARK, LABOUR STAFF to fight off the Japanese on- 

** Parts of inner London have a slauglit with some Form of 

rhnn rhii^nf ihL Nnrth^Fast^” 1 THE Street labour crisis central issue, the Minister should duettvity arrangements. But it Import restrictions. 

h "ft H bVh iin?LMha h we cau£ht P° cs ,ntu lls fiflh da - v th,s morn ‘ cal1 lhe twiies together sc. that refused to subsidise overtime mu!d tumpen 

LX ,hM fMPt? ae thee are in ~ lvi,h Iitllc h °P e an early mediation could begin payments for handling late: J™ 1 

IHs ahsoluieiv imperative that solution tn the dispute affecting Members of the wholesalers' national newspaper copies which j ^as C \h? Amcricui ‘domestic 

London has the ability to attr ,.cr ■ London nat.onulnewsp ; |persup : federal on me tin the morn^g were normally reimbursed b> the- nI i llufacturers swUc hed their 

business and commerce. 1 hope I P 11 ? 5 * or ,Sl f engtneers t>u ^ lshcrs ‘ ! enormous production capacity 

the Government resists aoy. action ^whtch has lost the Times of member or *.UC.AT i. handle gOGAT members who earn 1 over to European-style models 
pressure to prevent us having d ^‘ s *J° up i0me 3m ‘ Jfi.Jihi , ^00-plus a week with overtime in the interest of fuel 

these powers." . . I “ft? .. , ..... £S2& U, 2.,' B ° f ,n ».W«* »P • pert of eeooe.y. 


Minister not ready to 
intervene in Fleet Street 


issue, the Minister should ductivity arrangements. 


business and commerce. 1 hupel'P 1 *” nr ^ engineers' for further tallu 1 on , the refusal publishers. 

, ha »«i«u anv.action which has lost the Times of members of bUGAT to handle cni'AT 


■copies this week. 


The Government is known to I 


Federation 


SUPP ° rt ° f 30 niaEng UP a significant part of j 


London overtime claim. 


their wage packet have already! 


he unhappy about one aspect 0 f ; Whole sate Distributors appealed refused arbitration, although this I 

the Bill which would allow the I Mr. Len Murray general nour with the Newspaper Pub- • nf the disDute-. procedure I 
GLC [n ' make certai n | Mn ,. u secretary of th. 1UC. ai kin S him H.h.r.' AH.lc.tlon. but neither ,r J l “ pU ‘ es i 


-bout miblicitv bein'’ given to tors ^ dispute, to go to arbitration, tary of suga i. wax scneauied uwinuer* ui me .unaijjiiwwu 

the Bill in the’ north * Ministers Bui the Department of Employ- to fly to Scotland last night for Union of Engineering W orkers 

believe that their regional policvl ment Mid in u statement that Mr. an internal union meeting. employed by Time% Newspapers., 

has '•one a Ion- wav towards 1 Albert Booth. Secretary for A new formula aimed at avoid- . A meeting of union national.: 


tions. chance that Lucas will make ... .. . quarter. Although sales srnw».» 

Time would tell whether the good the shortfall during the w ] Probably the ieal slackened to just 10 per cent. M V 

Japanese would honour their second half, which would re- w * i y the snares rose lop 10 the final three months, pre-tjfttp- 
present commitment to limit quire some £50 hl before tax for 423p. _ profits are a fifth higher, aiiwfit 

sales. But Mr. Horroeks February-July against £42.6m. ^JC. margins were f/i r fuj] - year are £8.5m \fte 

suggested the Japanese were last ti me under severe pressure and a 14 ahead at £36.2m. (including afg 

Sf M d ,r n ,^ pac ^J° r a S A strong demand for vehicle Per cenL sales increase was -surplus on propertyf# 

Europe ’ ^ p^abl?^ nl! in Europe is the key accompanied by a 2 per cent. M | eS |. <fl 

market offerin- the real possi- factor. Leyland business Is re- n se profits while on the Like Woolworth. House oaXy 

hility of oi ore" sales over the covering some of its former Continent profits fell by £0.4m. Fraser has been keeping a tiglyHr 

next' ten years. volume thanks to much higher despite a 20 per cent rise in control on operating costs — 

Mr. Horroeks said he pre- recent output levels. The diesel sales. Fortunately, Reckitt’s negotiated a 10 per cenL annualnl 
rerred to take on the Japanese success story continues with North' and South American pav increase last July. 
in a Tree market. But, he r jsing component deliveries to business moved ahead well and ever, whereas last year itwas the M 
~« For j ,0 ° J on& i whi * e Peugeot and -Citroen, while the along with Africa these throe London stores that were setting ft 
VW contract is due to start up areas contributed • close to 90 the pace, with Harmds report- Jf 
i?S2M5I nm'ios^LaZl shortly. Against this back- per cent, of the profit improve. ing sales increases of over 50 % 

could not win. So it may well ground the virtual closing of menL However, there is still per -rent, the emphasis has now A 

be that Europe will be Torced the tractor market in Turkey n ° re al sign that Reckitfs switched' to the provincial out- j^C 

to fight off the Japanese on- has been fairly comfortably heavy investment in its “won- j e ts where sales volumes are 

slauglit with some Form of absorbed, though there have der drug" is paying off. now reportedly running around kw 

import restrictions." been other weak spots in Aus- a tenth higher in some cases- fM- 

Mr. Horroeks also iHised the tralia. South Africa and, of Fnalish PrODertv Consequently, House n£ Fraser’s S- 

questioit or what would happen course, the aerospace business. ^ * profits should show another* 

Assuming profits close to lest Cutting through the maw of J MlUl , ncraua . in , he current K 
minSarWr.^ swl“h?d Selr - v “ r - U>e prospective p/e could 68™*- the picture revealed hy , rat but with two-thirds.nf the I 

?ue™» produ^ou opidiy be little mote than 7, on a full “ ”“4 P™ profits! arising in the final * 

over to Europea n-stj’le models tax charge, but the yield is Lnglisn Property corporation is n lfflr t ff r it is much too early tn V 

in the interest of fuel now a bare o per cent. f*r from encoura^ng. Actmrd- {oreC a St t he extent of the- im- ■ 

economy. SS h°n 7 ?ffw^^ P J >a ra^ Sl ^ P rowmeah At 145p the shares 

“If we are to stand up to n..].;!! P r borrowings, at £532m„ are «£»,*' 3 Q ne r cent. . •* 

the new wave or competition KCCKlft & LOiniflll ^ no less than 8 times share- ^ ™ ■ " 1 

from the Japanese and the In 1976 Reckitt and Colman's holders' funds, against maybe 7 nn - 

Americaus then the European pre-tax profits jumped by 57 per times last vear. OF this, £149m. " r . . . , , _ . ' f 

manufacturers must work more cent., helped by the falling mU!sl fj e repaid or refinanced nU m8jnrs firsl d15 : ft 

closely together,” he said. pound. This year the group’s within the next five years Even closures in^the area of segmental ft 

Companies did not need to m _ t3X profit5 wouW have if the Canadian (Careiia and reporting are proving distinctly * 

sink their identities inio an f a n e n if the same accounting Trace) activities are excluded tentative. BP, for example m 

the°re yB, iSe E ta SSrtlnt are» conventions had been used. Euf the horrb wings multiple is over eoyiy flutters a veajnjts annual 
iX7e manuKrerS coSw in common with a growin g three, arid up oh last year. report and reveals the devastaf g 

pool resources for the design number of U.K companies Pre-tax profits are . up a ,n " tnformatton that .96: per ® 

and manufacture of common Reckitt has decided to change quarter at £9.3m. and after tax cent of its operating profits ; • f 

components, sucb as engines the rules, and instead of falling the improvement is still 20 per come from petroleum, with 


economy. 

“ If we are to stand up to 
the new wave of competition 
from the Japanese and the 


first dis- 


sink their identities inio an 


where manufacturers could 
pool resources for the design 
and manufacture of common 


Loans 


Mr. Booth, who was said in lie meeting that it stood by the The croup has lost ail produc- 


ami transmissions. 

“ I am confident that a resur- 


trollod and it is surprising that ment f or Government iniervtn- The federation *-taleri last night and the Literary Supplement, 
opposition shnuld have emerged tir , n , haf SOGAT members had The Guardian, which uses The 

a it IS i ,.Lt ri r • Prior referre d tn a “very already heen offered a 10 per Times presses in London, has 

h. , Vi j w J 1 i « damaging dispute which must be cent, increase on the overtime also been affected, although it 

m ,C rm- L 11 iX nutckly resolved." He argued paymen