Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats



L lIp 





Thwaites 

Aildrive 6000 Dumper. 


No. 27,549 


Wednesday May 3 1978 




*15p 


16*5 



Thwaifeff 

EPj'rwcnngCC'Ltd, 
( cunvrjw- :c.\, 

- i.'J.i 

i. 


CONTINENTAL SELUNG PRICES: AUSTRIA Sch.15: BELGIUM FrJS; DENMARK KrJJ; FRANCE GERMANY DM2.0: ITALY UU; NETHERLANDS FI.2.0; NORWAY KrJ-S; PORTUGAL EscZO: SPAIN Ptu.4D; SWEDEN Kr.3.25: SWITZERLAND Fr.2.0; EIRE tSp 



NEWS SUMMARY 


ENERAL 


BUSINESS 




.»•' t • 


Ur 


; jjj 




l;.,. 


ZAPUj 

£ANU 

t* 

\ 

>ans 

t 

aised 




:\- 


■■ 

- 

11 l| %Ddesis’s transitional Govern- 
'-nt appealed to nationalist 
1 '.‘ i '. u -WriMas to lay down their 
!, as and said it was lifting a 
; r ,! -tg'St»ding ban on the ZAPU 
; 1 ZANU parties. 

* i statemtiJt issued after a .day- 
’ g meeting -of the multi-racial 

•I • : ,j *»ernment‘s Executive Council 
• n .1 that “ the lime has come to 
'. ig an end to the fighting." It 
, been in touch with the 

‘rillas and most of them be- 
ed the battle for majority rule 

• in k-vj been won. 

•V the same time the council 
‘■‘’’"■.fed to heal a rift over the 
•• it nissal of Mr. Byron. Hove, the 
:,:k Justice Minister, who was 
. ^nissed after declaring that 
/ judiciary and white-led police 
,?: jld be restructured in keep- 

• ’'twith the agreement, to bring 

• majority rule. 


Equities 
up 3.9; 
Gilts 
drift 


• EQUITIES recouped early 
losses following speculation 
ahont the build-up of potential 
investment funds, and the FT 


421 


4001 


11977 



CT. Industrial 
Ordinary Index 

Itgrre 1 


MOV DEC JAN FEB MAR APR Ml 


Wmr 


imibia 


•• »■ : • 
if. I' 
V • 1 - 


. • 

i 

* 


t • • . 

r 


l,.n. 

tV 

1 - •• 




ir : 
* -■ 


a it ■ 1 



. f-v.- 

W. ' ‘ <’ 

yV*'- : 

V* ! - 
■■ 

^ •; 

ff --•* - > • 

/TV * 

fii ' 

rf.Vtf' 8 ”" 

«*■*• 

■ 

fir.K:--" 

* - 


f: v •' 
*/T. ■■ ■ 

*-? * 


&to*- •' 

It -• 

a » 


UN committee established 
he General Assembly to deal 
i the problem of Namibia 
.rth West Africa) decided to 
- .-. .imreend economic sanctions 
□st South Africa. Back and 
, r 4 

imeron changes 
•thing — Premier 

. political storm over remarks 
hina by Marshal of the Royal 
Force Sir Neil Cameron, 
■r of the Defence Staff, re- 
in# to the Soviet Union as 
'■'* common enemy,” was met 
Vlr. James Callaghan. Prime 
■ ister, with an assurance that 
jin's relations with China 
the Soviet Union woo Id. not 
nge. Back and Page !0 

ench troops 
led in Lebanon 

least three French soldiers 

* killed and seven wounded 
ucrilla attacks against UN 
is in south Lebanon last 
l. They died when their 
mred car was destroyed by 
sank fire near Tyre. UN 
tefcs were also attacked and 
least seven men were 
ded. From Damascus. 

V Government -controlled 
called for the overthrow of 
dent Sadat of Egypt. 

• 4 

e jail for 

MP’s killers 

men were sentenced in 
iurgh to life imprisonment 
pleading guilty to murder- 
.-■Jr. Waller Scot-Elliot, an 
~ r-old former MP. One of 
ien who had once been 
e in Mr. Scott-EUiot's Lon- 
|ome. also admitted that he 
died another man. 

jiss row ends 

Ik-long dispute which has 
publication of morning 
evening newspapers in 
iooI ended last night. The 
tool Daily Post will 
tar to-morrow, and ine 
iool Echo will be on the 
; this afternoon. 

nposer dies 

cram Khachaiurvian. the 
composer, has dmd after 
illness, it was reported in 
v. He was 74. Page 15 

fly..* 

n aged 30 was charged 
ieht with the af^mpted 
■ of Miss Michelle Booth 
'as attacked and thrown 
iTain six weeks ago, dcoi 
ard said. 

teen and Prince PWJip arc 
a series of short visits t 
Arabia. Kuwait and Iran 
sar. 

is Margaret has been con- 
; bed with gastric flu. her 
bout of flu in a mourn, 
s to receive about £600.000 
■ritain to assist techniCJl 
on. 


■■ PRICE CHANGES 

in pence unless otherwise 
indicated I 

ChcmfcTi^.. 7*«* + « 

i"tl g t 

m + * 

^ General... }*> + g 
Wifty gj 

270 + 5 

v 207 + 4 

tFoo !*™ T) " sS 1 1 

Richards lffl + - 
149 + 16 

' Spencer ... J4J + 
v l .ni versa I 1« + 

Bank 3t*>xd+ 0 


Ordinary Index, down 2Ji in the 
morning, closed 3.9 up at 469.6. 

• GILTS drifted lower in light 
trading and the Government 
Securities Index dosed 0.01 
down at 7L27. 

• STERLING and the dollar im- 
proved, with the pound gaining 
20 points to S1.8265. Its -trade- 
weighted index rose to 61.6 
(61.4>, and the dollar's depre- 
dation narrowed to 5.04 per 
cent (5.11 on Friday). 

• GOLD fell $1£ to 5169} in 
London, and the New York 
Comex May Settlement price 
rose to $170.00 (5369J0). 

• WALL STREET closed 4.1$ 
down at S40J8. 

• STRONG Hi.- ward pi\W.,rc & 
interest rates continued in the 
money markets, with rates rin 
Treasurv- bills remaining above 
the trigger point for an increase 
in minimum lending rates from 
the present 7} per cent 

•U.S. ECONOMIC adviser Mr. 
Charles Schnltxe has raised the 
forecasted rate of U.S. inflation 
from 6*6.25 per cent, to 6.75-7 per 
cent, for 197S. 

• BANK OF ENGLAND, in 
evidence to the Wilson commit- 
tee on the financial institutions, 
has outlined Its reasons for set- 
ting up the £l^bn. lifeboat opera- 
tion to support secondary banks. 
Back Page 

• IMF team is to visit London 
next week to disc ass with the 
Treasury whether the U.K. will 
keep the IMF standby credit for 
the rest of this year. Back Page. 

• PORTUGAL has reached 
agreement on terms with IMF 
negotiators for 5800m. worth of 
aid to cover her balance of pay- 
ments deficit. Back Page 

• BRITISH UNITED TRAWL- 
ERS has announced plans to 
transfer Grimsby’s last remain- 
ing freezer trawlers to Hull, .at a 
cost of 265 jobs. 

• UJf. BREWERS have agreed 
■to review over the next six 
months the extent of Jocal mono- 
polies. and will take steps__to in- 
crease competition. Page 7 

• TEXAS EASTERN, a U.S. 
group with a stake in several 
U.K. oil and gas fields, plans to 
invest more than S3Q0m. in 
North Sea projects in the next 
five years. Page 7 

• CONSOLIDATED COLD 
MINES representatives are to 
meet the Industry Minister to 
seek a financial package to rescue 
the Wheal Jane tin mine. Page 3 

• STATE IMMUNITY BILL, 
which will abolish the immunity 
sovereign states enjoy from sun 
in English courts under certain 
commercial circumstances, will 
have its second reading m the 
Commons; to-day. Back Page 

COMPANIES 

• BRITISH HOME STORE pre- 
tax profit rose 6 per cent, to a 
reenrd £27.02m. Oh sales of 
£273.6W. t£244.3m.l for the 52 
weeks to April 1. Page 30 and 
Lex 


yesterday 

Racal "electronics " + l* 

Redfearn Nat. Glass 325 + 5 
Scott & Robertson ... « + 

Vernon Fashion JS + | 

WUson Walton JZtl 

Shell Transport 5W + s 

Slebens ^ t L 

Anglo United Dev.... IS4 + W 
Northgate JJ?,! 5° 

Pan continental *}}« J i, 

Tara Exploration ... £11 + 

Westfield Minerals.-. 8l + * 
FALLS: . , 

Treasury 1256 19S3...X104J— i 
Southern Rhodesia 

21% 65-70 I l 

Hampton Areas _ , s 

Libanon - _ it 

Loraine _ g 4 

IVesr Rand Cons. . ■ t£\ 


Engineering union 
swings Right with 
election of Duffy 

BY CHRISTIAN TYLER, LABOUR EDITOR, IN WORTHING 

A strong swing against the Left in Britain’s second-largest union has launched 
the little-known Mr. Terry Duffy into the presidency of the Amalgamated 
Union of Engineering Workers, in succession to Mr. Hugh Scanlon. 


His victory over Mr. Scanlon's 
political heir. Mr- Bob Wright 
assistant general secretary, could 
push the union's leadership iotn 
-even closer co-operation with the 
Government's economic policies 
and attempts to restrain wage 
increases. 

But it will not affect an 
expected policy decision against 
accepting a specific earnings 
target after July 31. 

It could also herald a tougher 
line from the leadership against 
strikes in the motor industry 
and elsewhere. 

Internally, it increases the 
chances of agreed merger terms 
with Mr. Frank Chappie's ele& 
tricians, and raises the possibility 
that the AUEW's white-collar 
section, TASS, which is Left-wing 
led. will be pushed out of the 
amalgamation. 

The Right-wing strengthened 
its control of the. AUEW 
engineering section's national 
executive committee with the 
defeat of the Communist 
incumbem. seized' one of the 
national organiser posts and 
inflicted extensive damage to the 
Left at district secretary leveL 

A 32.2 per cent/ return in the 
postal ballot gave Mr. Daffy, 


aged 55, 169.16S votes to Mr. 
Wright's 122,251. despite predic- 
tions that the vote would be close. 

Mr. Duffy said it had been a 
bitter campaign in wbicb ‘•Com- 
munists. Marxists, Trotskyists 
and Tribunites united and 
solidified as never before.” 


Warning 


They had been aided by “very 
powerful sections of the Press.” 
who bad heaped praise on bis 
opponent and criticised him. 

The decision would mark no 
great change in policy, said Air. 
Duffy, adding that on many 
issues he agreed with Mr. 
Scanlon. But his message was 
that there would be greater co- 
operation both with the Govern- 
ment to “project members’ minds 
beyond the immediate pay 
packet” and with employers to 
find ways of tackling the pro- 
blem of persistent and damaging 
strikes. 

Mr. Duffy, who takes over the 
£6,250 per year post in October, 
said that while be preferred a 
Labour Government he would be 
prepared to consult the Con- 
servatives if they won the elec- 


tion. At the same time, he 
warned them against repealing 
the “silly mistakes of tbe past.*' 
Announcing the voting results 
at the engineering section’s con- 
ference here, Mr. Scanlon said: 
“This is the true democracy of 
our union that you see in opera’ 
tion. We have to abide by the 
results whether we like it or odl" 
Mr. Gavin Laird maintained his 
Scottish executive scat for the 
Right -against Mr. Calum McKay 
with 19,074 votes to 10.173: and 
Left-winger Mr. Laurie Smith lost 
his job as a national organiser to 
Mr. Bill Prichard by 179,745 w 
93,082. 

As president, Mr. Duffy will 
occupy a seat on the TUC General 
Council and its key committees, 
and will become one of the six 
TUC leaders on the National 
Economic. Development Council 
who negotiate directly with 
Ministers on economic strategy. 

Mr. Wright, tbe defeated can- 
didate, said that the decision 
was a clear one and the majority 
of members presumably sup- 
ported the policies which Mr. 
Duffy bad been advocating. 
Impact or AUEW swing to 
right and Editorial Comment, 
Page 16 


Warning from Yamani 
oyer fighter deal 


BY DAVID BELL 

CONGRESSIONAL action to 
block the sale of fighter aircraft 
to Saudi Arabia will “diminish 
Saudi enthusiasm to help the 
West and co-operate with the 
U.S.." Sheikh Ahmed Zalti 
Yamani, Saudi Oil Minister, 
said in ail interview published 
here to-day. 

In the past the Saudis have 
given private warnings that they 
consider the fate of President 
Carter’s plan to sell 60 F-15- air- 
craft to them as a key test of 
Saudi-U.S. relations. But to- 
day’s interview in the Washing- 
ion Post is the first time a senior 
Saudi official has given such a 
warning in public. 

Sheikh Yamani’s comments 
coincide with the visit to the 
U.S. of Mr. Menabem Begin, 
Israeli Prime Minister, who has 
made no secret of his opposition 
to the proposed sale. But there 
are some signs that Congress. 
after initial misgivings, is pre- 
paring to allow the sale which 
is part of a three-way deal which 
would provide aircraft for 
Egypt and Israel. 

The Saudi Oil Minister said 
that he was not ruling out com- 


pletely any linkage between the 
aircraft deal and continuing 
Saudi support for the dollar. 

“It is not on the whole a 
pleasant thing for Saudi Arabia 
to continue to produce much 
more oil than it actually needs 
to sell to finance its development 
programme. 

“We prefer right now to stay 
with the dollar. We do not want 
to further deteriorate the value 
of this currency. But this does 
not mean fh3t we are not going 
to change our position." 

Polite speech 

Saudi Arabia place great 
significance on the aircraft deal. 
"If we do not get it, then we 
will have a feeling that you are 
not concerned with our security 
and you do not appreciate our 
friendship." 

Speaking in characteristically 
polite terms, the Shiekh noted 
that although the Carter adminis- 
tration fully appreciated the 
importance of the arms sale, 
there appeared to be an 
imbalance in the weight each 
country attached to the develop- 
ing special relationships between 
the two countries. 


i ■ 

WASHINGTON, May 2. 

This ha* .been taken here as 
an implied rebuke to the U.S. 
-Congress which is considering 
the aircraft deal The Senate 
foreign relations committee has 
asked the Administration to give 
it more time to consider the deal 
bu the White House, increas- 
ingly confident that sentiment 
in Congress is on its side, seems 
in no mood to do this. As things 
stand at present, Congress has 
30 working days Trom last Fri- 
day to block the deal. 

Mr. Begio left Washington 
last night for Los Angeles where 
he said that relations with the 
U.S. were muchc warmer than 
on his last visit a month ago. 
But be conceded' that serious 
differences remained on the air- 
craft deal and on tbe Israeli 
negotiating position on the West 
Bank. 

However, the new friendly 
atmosphere was encouraging 
and as a result of it "The 
Government of Israel will dis- 
cuss serious issue. We shall be 
back in touch with the U.S. 
Govern menu" 

Editorial comment. Page 16 
Sadat speech. Page 4 


Laing plans property offshoot 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


JOHN LAING and Son, the 
international contracting group, 
is - considering launching its 
£S5_5m. property investment 
division as a separately quoted 
independent company. 

Laing reported in a statement 
issued yesterday- with its T977 
results that the feasibility of this 
proposal was being examined by 
the directors in conjunction with 
N. M. Rothschild and Sons “in 
the light of the size and range 
of the property investment and 
property development activities.” 

Mr. G. Pafsons. Loins's chief 
executive, slid yesterday the 
property launch had been under 
consideration since the middle 
of last year. The Board felt 


shareholders would benefit from 
the creation of a separate pro- 
perty investment and develop- 
ment group whose size would 
not be obscured by the contract- 
ing side of tbe Laing business. 

If the project goes ahead the 
new company could be on tbe 
market by the end of tbe year. 
Laing hopes to give a decision 
by the time of its annua) meeting 
in June. 

Talks are In progress with tbe 
Inland Revenue, major creditors 
and other interested parties. If 
no external problems arise, 
Laing expects to launch the new 
company by means of a direct 
issue of shares to existing Laing 
shareholders. 


The Laing family and asso- 
ciated charities control more 
than 60 per cenL of the company. 
As these holdings would be 
retained in the new company, 
both would remain “ close " com- 
panies. 

Laing's shares leapt 16p to 149p 
on news of the proposals and on 
details of 1977 pre-tax profits, 30 
per cent ahead at £21.1m. 

The property investment and 
development division, which 
would form part of the- hived off 
property operation, completed 
properties worth; £12m. in the 
year. 

Results, Page 36 
. Lex, Back Page 


CONTENTS OF TO-DAY’S ISSUE 


European news : 2-3 

American news 5. 

Overseas news 4 

World irade news 6 

Home news— genera] ... 7 « S 

— labour 9 

— Parliament... 10 


Technical page 11 

Management page 12 

Arts page 15 

Leader page - 16 

UJv. companies 36-34 

Mining 34 


lntnL companies 35-37 

Euromarkets 36 

Wall Street i 36 

Foreign exchanges 38 

Fanning, raw materials ... 39 

UJv. stock market 40 


FEATURES 


The impact of tbe AUEWs 
swing to . the Right 16 

Why the ESC farm talks 
became hogged down ... 29 
How to regenerate the 
Electricity indostiry 12 


UJL car industry; margins 

pose a problem 35 

Insurance In the EEC: 
Another step towards 

integration 36 

Hungary: spring 1 cleaning 
the economy 2 


Rhodesia: Tensions strain 

Patriotic Front 4 

Mondale in the .Philippines 4 

F.T. SURVEY 

South Korea 17-28 


Appointment* 

But Kates 

RlUSk Sac. Rous — 

Crttsnvtrd- 

Entertainment Guide 
European Opts- — 
FT-Aehmrie* Indices 
Gardenias ’ 

Hams Contracts ... 


40 
m 

41 
W 
24 
8 
40 
14 

> 


Letters » 

Lax *4 

Lambartf M 

Men and Matters U 

Hone* Market 31 

tout as ............. M 

Share inform atisn ... CMt 

-Suck Each. R sport 40 

To-day's Event* ... 24 

TV and Radio M 

Unit Trusts <H 


INTER (M STATEMENTS 
bam Com. ......... 31 

Rand Mine* — ... fc 

ANNUAL STATEMENTS 


-Sam* Coned, inis. 
Clerical Medical .. 
Clyde Port. AiiOm. 
Davies t Newman 
E»te Star lour. 
Hepwortb Ceramic. 


20 

33 
21 
4 

34 
A 


Hodson’s lay 

Rode - 

Lambert Howard) 
Martin Ford .... .... 
j. Monies (HidnsJ 

Gtrex .... 

Pradenpai Assar. ... 
Ready Mixed 
Reckttt & Co! man 
Wart* Wrtstn A 
Rowland 


34 

33 
U 

34 

h 

35 
S2 

3a 

U 


For Ini': t Share Index 'phone 01-346 S026 


Danger IBoiUl attacks 
in curbs I , . 

on Press restrictions 

on competition 


freedom 

—Powell 

By Ivor Owen, Parliamentary Staff 


CURBS ON the Press in re- 
porting proceedings in Parlia- 
ment will also curtail the 
freedom of speech enjoyed by 
MPs when they speak in lbe 
Commons. Mr. Enoch Powell, 
the Ulster Unionist MP for 
Down South, warned last 
night 

Tbe implications Tor Press 
freedom and for Parliamen- 
tary democracy Itseir arising 
from the events whieh fol- 
lowed (he naming of Col. B, 
the Army intelligence officer 
involved In a secrets case, by 
four hack bench Labour MPs 
last month, dominated a de- 
bate on the issue in the Com- 
mons last night. 

The action or the Director 
of Public Prosecutions In 
warning newspapers that they 
might face proceedings for con- 
tempt of conrt if they publish 
the name or Gol. B — broad- 
cast on radio and television 
and reported in Hansard the 
next day — was strongly con- 
demned by Mr. Powell. 

“1 cannot imagine a more 
direct assault upon the essen- 
tial privileges ot this House,” 
he said. 


BY DAVID BUCHAN 

j WEST GERMANY tn-day 
strongly warned its EEC purl- 
jners against the I rend towards 
restricting competition within 
the Common Marker and the 
erection of further protectionist 
barriers against third countries. 

In a policy statement which 
amounted to a eait for a return 
to the free market faith. Count 
, Otto LambsdorfT. the West Ger- 
| man Economics Minister, told 
the meeting of EEC Foreign 
Ministers in an unscheduled 
appearance: — 

“The most important driving 
force towards adapting outdated 
industrial structures is competi- 
tion in the market place.** 

The prepared statement was 
vigorously contested hy other 
Ministers, led by Dr. David Owen 
for the U.K. and M. Jean 
Francois Deniau for France. 
Only Denmark came out tn sup- 
port of Bonn’s position. 


Support 


Mr. Powell argued that no 
distinction could be drawn 
between MPs having the privi- 
lege of free speech in the 
Commons and the right to 
pnblish what they said. 

Nor, be maintained, could 
any distinction be drawn be- 
tween a report In Hansard and 
a report in a newspaper. 

There was strong support for 
Mr. Powell from both sides of 
tbe House, particularly from 
Mr. Alex Lyon the Labour 
MP for York, who urged 
that it should be laid down 
that the courts could not Inter- 
vene in Ihe reporting or 
Parliament 

A motion referring all ihe 
issues involved arising from 
the name of Colonel B lo the 
House of Commons Committee 
of Privileges was approved 
without a division. 

Mr. Michael Foot. Leader of 
the House, stressed that final 
decisions on the recommenda- 
tions made hy the committee 
would be reserved for the 
House itself. 

Parliament Page 10 


£ hi New York 

- | May 2 

i Prvvnxii 

. f S 1.8250-EStt) 

Pl-SS-MUSO 

1 momfo * 0.«7-0,*l 

0.49-0.45 >li«. 

S inonth* ! 1.17-1.1 1 dis 

1.22 1.1* .In., 

IP month.' 4.4M.25 Ui& 

4.MM.10 •<(*. 


Summit 


Dr. Owen said the issue of pro- 
tectionism could not be con- 
sidered "in isolation from other 
major concerns such as low 
growth, unemployment, and cur- 
rency stability." The electorates 
“ will not stand for simple 
laissez fa ire policies." 

He strongly urged that pro- 
tectionism should be only one 
of many issues to be prepared 
for top-level discussion at tbe 
forthcoming Bremen EEC sum- 
mit and tbe Bonn world economic 
conclave ib July. 

Count Lambsdorff’s warning 
came during a discussion of the 
Brussels Commission’s move last 
month to introduce surveillance 
licensing on shoe Imports coining 
into the Community. The step 
is regarded bv the Bonn Govern- 
ment as heralding major pro- 
lection wt measures on footwear 
and adding to a lengthening list 
of crisis sectors whieh now 
includes steel, textiles and ship- 
building. 

On shoes, the Germans vr nled 
the council to overturn (he Com- 
mission’s licensing system. This 
found no support among other 
member Stales. 

But Viscount Etienne 
Duvignon. EEC Industry Com- 
missioner. promised to propose 
to the council a more flexible 
means ol monitoring shoe im- 
ports by mid-June. By contrast, 
Ireland sought to get from 
to-day's council meeting permis- 
sion to introduce unilateral 
curbs against shoes from Poland 
and the Far East. 

The final compromise, which 
seems to have satisfied Irish 
Ministers, is that the EEC Com- 
mission will try to negotiate a 
restraint agreement wiih the 
Poles, whose shoes imports into 
Ireland, according to the Irish, 
are 500 per cent, higher this year 
over 1917 levels. 


BRUSSELS, May 2. 

If these talks fail, ihen Ireland 
can introduce measures against 
Poland. 

In spite of the fact that six 
member slates, including (he 
U.K.. have their own historic 
quotas un East European tout- 
wear. Ireland's partners tell uni- 
lateral measures would bo un- 
welcome at this stage. 

The footwear issue was 
dwarfed by the sharp debate on 
protectionism that u provoked 
Significantly. Count LambsdurlT 
enn ceded that his Govern men t 
would go a lung with ” temporary 
transitional measures" for prol*- 
leni sectors “in narruwiv defined, 
exceptional cases*’ 

He singled nut tlu- example nf 
“a synthetic fibre crisis cartel, 
that conforms with EEC and 
national competition law and hy 
means nf which excess capacity 
would he dismantled" This was 
n reference tn the cartel for 
which a dozen EEC synthetic 
flhre companies, including Bayer 
untl Hoochst. nf Germany, are 
trying to win Cumiuissi>>n 
approval. 

Agreed 

But the main thrust of the 
West German Minister's speech 
was that extruul protectionism 
“ of the classic kind ” would only 
encourage retaliation against 
the export -oriented economies nf 
the Community— of which West 
Germany is the rnremost. 

He also attacked ihe increasing 
intervention nf the Commission 
and the Community in wide areas 
of EEC industry. Bonn, be said, 
had only reluctantly agreed lo 
steel and textile measures, and in 
general. Governments and Euro- 
pean civil servants should nut 
lake the lead in restructuring 
industry. 

Count Lambsdorff went on lo 
criticise attempts by the Com- 
mission to pick “winners” in 
industry. “The drawing up of a 
list of growth industries" which 
is exactly what the Cum mission 
is. now doing at the behexi of last 
December's EEC summit— “could 
lead to expensive niisin’.eslment 
with negative effects on employ- 
mer.t and growth.” 

Viscount Davisnon defended 
the Commission's industrial 
strategy against the West 
German attack and argued that 
Brussels was trying lo introduce 
sectoral policies which did not 
conflict with each other and was 
taking internal and exicrr.-il con- 
seoiiences into account. 

EEC policy was still based nn 
the free market principles of ihe 
Rome Treaty. Imt pressing 
problem sectors, like shipbuild- 
ing. required special trealmenl. 
U.S. co-operation *’ essential ” 
for Europe currency zone. 
Page 3. Rule book for EEC 
enlargement. Page 3 








sS 



Every Monday at lS!5 f SAAs 
non-stop leaves forJiVburg. 

Six other daily flights get you to 
South Africa fast. 

Another takes you to Cape Town direct 
AH flights connect with SAA s 
exclusive route network to 11 destinations 
in the Republic. 

Comfort all the way 


BAA 


South African Airways 
Where no-one% a stranger 

ForfuJJ details contact your.lATA travel agent or 
South African Airways 251/9 Regent Street, London W1R7AD. Phone 01-734 9841. 
Waterloo Street, Birmingham, 021-643 9605. Hope Street, Glasgow, 041-221 2932. 
Peter Streep Manchester, 061-834 4436. 





EUROPEAN NEWS 


wm 







A^,m 

Dr. Guido Carli 


BY DOMINICK J. COYU= 

ITALY’S POLITICAL, industrial 
and social forces are moving to 
ensure that the national trauma 
bought an by the dramatic kid- 
napping of Sig Aide Moro, the 
former Prime Minister, is not 
allowed . to undermine the 
normal working of the country. 

Sig Giulio Andreotti. the pre- 
sent Prime Minister, is known 
to have reacted angrily in 
private to suggestions that the 
Red Brigades terrorists have 
brought the country to its knees. 
Indeed, in a television interview 
at the week-end he made a point 
of listing the number of Cabinet 
meetings held since the kid- 
napping on March 16, and noted 
the decisions taken by ministers. 

Also, it was noticeable that at 
yesterday's May Day rallies 
throughout Italy, trade union 
leaders did not limit their 
declarations to condemning 
violence and terrorism, but also 
insisted that it was necessary 
urgently to tackle a number of 
pressing problems, including 
unemployment, investment in 
the depressed southern regions 
and the reform of the whole 


public sector spending 
apparatus. 

Now it is the turn of the em- 
ployers. and some 1.000 dele- 
gates representing an estimated 
100,000 Italian companies are 
meeting here to-day and to- 
morrow for the annual congress 
Of Co nSndu stria, the national 
employer organisation. 

Dr. Guido Carli. the former 
Governor of the Bank of Italy, 
will be confirmed _ in office as 
Confindustria's president for a 
further two-year period. His de- 
tailed report to delegates to- 
morrow is expected to incorpor- 
ate a wide-ranging review of the 
depressed state of the Italian 
economy, and to outline in- 
dustry's demands far positive 
and immediate refiationary 
measures by the minority 
Andreotti Government 

The Government and the 
political parties {including the 
Communists) committed to sup- 
porting it in Parliament, has 
promised measures to make the 
economy grow at something over 
4 per cent by the last quarter 
of this year. Canflndustria will 


be pr&aisg for something more. 

While accepting the target 
figure, it hopes for a somewhat 
earlier economic Jift-oK. particu- 
larly in vtew of fears that there 
will be virtually no growth in 
the first half of I97S. 

Recent indicators are, in fact, 
in conflict Some suggest that 
the recession has already 
bottomed out, others point to a 
continuation of the decline in 
industrial production which set 
in last April and has. seemingly, 
not yet been arrested. 

In general terms, Confin- 
dustria is ranged with the main 
trade unions pressing for strong 
reflationary measures. The 
Government supported generally 
hy the Bank of Italy, is some- 
what more cautious, believing 
that a run for growth now could 
bring with it the seeds of yet 
another foreign exchange crisis 
next year. The likely behaviour 
of Italian exports this year is a 
concern on both sides, with 
general pessimism over world 
demand. 

But the employers are a great 
deal less aligned with the unions 


ROME,. May 2. 

os wage levels, and especially 
now that preliminary work is 
under way on a round of in> 
portant national wage contracts 
due for renewal later this year. 

Confindustria is quietly im- 
pressed with recent expressions 
of trade union moderation, such 
as those by Sig. Luciano Lama, 
the head of the powerful Com- 
muntfit-dorrunated CGIL. . He has 
talked about the need to keep 
wage rises in line with, produc- 
tivity improvements,' on the 
desirability of trade unionists 
accepting a measure of labour 
mobility and. perhaps imme- 
diately most important, that 
state and private-sector em- 
ployers must not be f orbed to go 
on indefinitely supporting 
clearly moribund industries with 
emergency financing. 

The attitude of Confindustria 
to all of this is very much one 
of “ wait and see.” the employers 
preferring (as Dr. Carli may 
well hint at in his Presidential 
address to-morrow ) to hold off, 
judgment until they see what 
specifically the trade unions will 
be demanding. 


Hungary: spring cleaning the economy 


BY PAUL LENDVAt 

THE RECENT decisions of the 
i.Vntral Committee of the 
Hungarian Communist Party 
iihich re a ili ruled the leadership's 
commitment t.i economic re- 
forms launched in 196S. also 
marked an important change m 
i he possible succession to Mr. 
.la nos Kad.ir. the party leader. 
With i he uncx peeled retirement 
•if Mr Eela Biszku. 57. who for 
almost two decades ranked as 
Mr Kudar's most trusted 
I icu tenant and Ihe number turn 
in ihe Par»y secretarial, it now 
Mr. Karofy Nemeth. another 
Central Cniuintitoc secretary who 
has emerged as ihe frontrunner. 

Air. Nemeth. only one year 


% 


.m f 





Mr. Janos Kadar 


younger than Mr. Eiszku, re- 
placed Mr. Rezsoe Nyers, the 
architect of the economic reforms 
a- Centra] Committee secretary 
in charge of economic affairs 
four years ago. But in striking 
contrast to widespread fears 
among Hungarian intellectuals, 
the professional party functionary 
turned out tu be a sensible and 
clever operator, willins to listen 
tu the advice of economic experts 
and to turn a deaf ear to the 
hard-liners. 

The son of an agricultural 
labourer. Mr. Nemeth spent all 
his life in the Party apparatus as 
Regional Secretary in the oro- 
vinces and was transferred to the 
central apparatus only. in 1960 
when he took over the Depart- 
ment for Agriculture. A mem- 
ber OF the Central Committee 
since 1957. he was promoted to 
the Secretariat in 1966 as the 
Secretary in charge of agricul- 
tural affairs. Three years" later 
he was appointed First Secre- 
tary of ihe Budapest Party 
organisation, which is by far the 
largest in Hungary. During the 
next nine years he built up his 
reputation a* a middle-of-the- 
rnad official, opposing both the 
most go-ahead reformers and the 
dogmatic hard-liners. 

But the promotion of Mr. 
Nemeth who now ranks as de 
facto deputy of Mr. Kadar in the 
Party Secretariat constitutes no 
threat tu Mr. Kadars pre- 
eminent position. The latter's 


position in Hungary and his 
prestige both in the West and in 
the Kremlin is stronger than 
ever. Thus Mr. Nemeth must be 
regarded only as the most likely 
candidate for the succession if 
the Party leader — 66 years-old 
this month — were to fall 
seriously ill. 

Nevertheless, the departure of 
the quiet but influential Mr. 
Biszku, who between 1957-61 also 
acted us Minister of Interior 
ferreting out so-called “counter 
revolutionaries’’ and “revi- 
sionists” is a serious setback 
to the dogmatic hard-liners. The 
key phrase in the Central Com- 
mittee's resolution, is the call For 
creating the necessary personal 
conditions to carry out more 
efficiently the resolutions of the 
llth congress held in the spring 
of 1975. it is against this back- 
ground that the simultaneous 
retirement of Mr. Imre Pardi, 56. 
head of the Centra] Committee's 
economic department and Mr. 
Lajos Cseterki, 57, a former 
Politburo candidate member, 
must be seen. 

Tbe personal reshuffles also 
reflect the new style of tbe Kadar 
regime. Mr. Biszku and the two 
other high-ranking officials were 
not purged but retired with f uU 
honours. Their merits were 
explicitly recognised and they 
also received high Government 
decorations. Yet at the same time 
the Central Committee resolution 
and a subsequent editorial of the 


party paper, Nepszabadsag called 
for less procrastination in replac- 
ing inefficient people in leading 
positions. Faced with a difficult 
economic situation. Mr. Kadar 
has recognised that upward 
mobility based on tbe yardstick 
of quality and talent rather than 
on the “old boys' network" was 
a crucial condition for coping 
with the problems. 

Simultaneously, the Central. 
Committee resolution also pro- 
claims that the improvement of 
quality and Che sale of good 
quality products at home and 
abroad was the basic condition of 
the economic upswing. The 
redeployment of labour is con- 
nected with the long awaited 
transition to more economic 
prices, reflecting real production 
costs. This will entail an in- 
crease in prices but at tbe same 
time their effect wilt be 
cushioned through incomes 
policy measures. 

Cutting subsidies and raising 
prices is not a new phenomenon 
in Hungary, but the tone of the 
resolution Indicates that the pace 
might be accelerated, la contrast 
to the leaders ia Poland for 
example, the Hungarians have all 
the time kept informing the 
public both about the economic 
problems and the measures to be 
taken. Thus while it is stressed 
that the national income is five- 
and-a-half times higher and tbe 
per. head coa&raption three 
times larger than In 193S. the 


VIENNA, May 2. 

party paper also, admits that 
nevertheless national income per 
head in France and West 
Germany is twice a$ high as in 
Hungary or that productivity in 
Austrian industry is still about 75 
per cent, up on the Hungarian 
level. 

The latest CeutraJ Committee 
resolution gives the go-ahead 
signal for the policy of economic 
reform. In a way the 
deterioration of the world 
economic situation jn general and 
the jump in prices charged for 
imports have turned out to be 
a blessing in disguise. It is now 
generally recognised that with 
exports approaching 50 per cent, 
of the national income, the main 
emphasis should be both on in - 1 
creasing exports and on import 
substitution. The more profits 
of 'enterprises reflect real 
differences In productivity, the 
stronger the stimulus to produce 
modern and competitive pro- 
ducts. It was Mr. Nemeth him- 
self who in a speech before the 
plenary meeting of tbe Central 
Committee last October called 
for marked shifts io the indus- 
trial production structure and the 
faster phasing out of inefficient 
producers. 

in this sense. Hungary is more 
than ever determined to put tbe 
economy on a self-supporting 
basis.' As long as the measures 
do not threaten political 
■stability, the Kremlin Is unlikely 
.Jo raise any objections. 


Moves for 
deal to 

CQVP 

Moro’s life 

By Dominick J. Coyle 

ROME, May sL 

MEETINGS to-day, involving the 
Communist (PCI) and Socialist 
(PSI) leaders and Sig. Giulio 
Andreotti, the Prime Minister, 
focused on moves by Sig. 
Bettino Craxi, the PSI Secretary- 
General, to try to negotiate 
the release of Sig. Alflo More, 
the kidnapped former Premier, 
without capitulating to the. de- 
mands of the Red Brigades 

Sig. Craxi had a meeting this 
morning with the Prime Minis- 
ter. and later saw tbe Per 
leader. Sig. Enrico Bertinguer. ' 
He is understood to have argued 
at both meetings that “more 1 
should be done on humanitarian i 
grounds ” i 

Sig. Craxi insists that he sup- 
ports the minority Christian j 
Democrat (DC) Government' and I 
the other main parties io their I 
refusal to consider the prisoner | 
exchange demanded by the Red , 
Brigades in return for the life 
of the former Prime Minister 
and DC President. However, .he 
has suggested the . possible 
release of some prisoners, and 
has called for an easing of 
prison conditions for the esti- 
mated 150 Left-wing terrorists. 

A Communist Party spokes- 
man confirmed later that there 
was no change in the PCI's out- 
right opposition to any formal 
deal with the terrorists. But he 
reflected the now prevailing 
view In all political parties that 
every effort short of actual nego- 
tiations should be considered.. 

Italy’s Lockheed 
trial resumes 

ROME, May 2. 

TWO FORMER Defence Mini- 
sters went hack in the dock here 
to-day to face charges of corrup- 
tion 

The trial of the ministers, a 
Christian Democrat Sig. Luigi 
Gui and Social Democrat Sig. 
Mario Tanassi, re-opened at the 
Constitutional Court after a 
three-week adjournment to allow 
a key figure to recover from an 
operation. 

The ex-Min isfers are among 
four defendants accused of 
receiving payments From the 
Lockheed Aircraft Company dur- 
ing the sale of 14 Hercules C-130 
transport aircraft to Italy in 1969 
and 1970, 

Seven other people are charged 
with involvement in payments 
totalling S2m, One of the seven. 
Lockheed's former Italian agent 
Sig. Ovidio Lefebvre, took his 
seat among the defendants this 
morning after the adjournment 
he had requested. / - 
Reuter - l 


Financial Times Wednesday May 3 IS 7 s 


• ysp 

Dutch profit-sharing 
changes allow 
companies tax relief 


BY CHARLES BATCHELOR 

HOLLAND’S Centro-Right Gov- 
ernment, which has been m office 
for four months, has rnade 
significant changes to US Left- 
wing predecessor's plans for 
excess profit-sharing. Companies 
will be allowed a higher return 
on capital, tbe amount to be paid 
into the excess profit fund has 
been reduced and payments can 
now be set against corporation 
tax. . 

The changes have been made 
to avoid the adverse influence on 
levels of employment and 
business confidence which would 
have resulted from the last 
Government's plans. Foreign in- 
vestors in particular were 
strongly opposed to earlier plans 
Tor profit-sharing in Holland, the 
Government said. 

The plan will be presented to 
Parliament In two parts. A draft 
Bill covering the individual nart 
'of the plan -fa as been sent ,ro 
Parliament and a second Bill 
covering the collective part will 
be presented later. In ihe mean- 
time. an interim ruling has been 
drawn up covering the collective 
parr. 

No nientioa is made of the 
relative size of the two elements 
of the plan although the pre- 
vious Government wanted 70 per 
cent, of excess profits to go imo 
a collective fund, managed 
largely by the unions. Thirty 
per cent, was to go to the 
employees of tbe individual com- 
panies. 

The scheme will take effect 
retroactively from January, 1977, 
although many companies are 
already distributing dividends 
from 1977 profits. 

The new proposal will allow 
companies a return on capital 
equal to the yield an a packet of 
State bonds plus a 3 per cent, 
risk premium. Under the old 
scheme this premium was 2 pec 
cent. 

After allowing for this return 
on capital workers will receive 


AMSTERDAM, May % 

12 per cent, of the "excess nJ 
fit." The earlier scheme set fi 
workers' share at 20 per cear 
1977, rising 1 per cent a * 
after that. Unlike the earif 
scheme, companies may nov^ 
duct existing profit-short 
schemes from the payment^ 
they can set payments again 
corporation tax. The tax 
sion in particular has cam^ 
for criticism from the h* 
unions and Left-wing parfog; 

Adjustments which wiif\ 
crease the amount paid oqi 4 
a rise in the maximum that a 
worker may receive in a ye&- 
3 per cent- of bis wage fro#*, 
per cent This would be alto 
FIs. 1,500 at 1977 levels. ^ 
scheme will now cover contain 
making FIs. 100.000 profit m 
pared with Fls.250,000 be/w 

Payments may be matfe^ 
shares, asset' certificates or ca 
and will be frozen, as in the c 
scheme, for a period of ^ 
years. 

Tbe interim scheme for t 
collective part of the plan wot 
try to allow foreign companT 
to set their excess profit payuu 
against corporation tax payg) 
outside Holland. The coUtieti 
fund which builds up will 
managed by trade union rep 
sentatives. Government note 
ee& and a Government sfelg® 
with advisory powers. The c 
lective fund is to be used (a i 
prove pension schemes. Theta 
eminent hopes it will be us 
to allow earlier retire® 
schemes. 

Tbe proposals are expected 
raise up to Fls.TOm. in 1977 : 
fore allowing for the deducts 
allowable for existing sches 
and for write-downs against c 

po ration lax. 

Mr. Joop den Uyl. tbe Oppi 
tion Labour Party Leader, s 
the new plan has complex 
stripped the original props 
which was seen as one of 
party's major social reforms 


U.S. halts uranium suppl} 


THE U.S. has suspended deliver- 
ies of enriched uranium tn a 
Dutch research reactor until 
security measures are improved a 
Foreign Ministry spokesman at 
The Hague said to-day. 

The US. decision to insist on 
better protection against theft or 
hijacking at the resear cb centre 
in Petten. north of Amsterdam, 
was relayed to the Dutch Govern- 
ment by tbe headquarters of 
Euratom in Brussels. 


THE HAGUE, Hay 2 . 

An official at Petlen said j 
centre still had a considers! 
stock of highly enriched uranic 
and could continue normal-Wc 
for some time. 

The Foreign Ministry said 
expected the problem to * 
solved by negotiation with -• 
U.S. Low-grade enriched urani 
for Hollands three nuclear pov 
stations is not affected. 
Reuter 




WE 


INVESTMENT OPPORTUNTES IN MALAYSIA 




PARTICIPATE IN THE MALAYSIAN INVESTMENT SEMINAR AT BIRMINGHAM 

17th & 18th MAY 1978 


Do you know enough about Malaysia and its investment . v 

opportunities to make decisions on your next investment abroad? 

Do you know that Malaysia yj 

* is a world leader in the production of rubber, timber, tin. palm oil 
and pepper 

* is described by the World Bank as one of the richest nations in Asia 

* has one of the strongest currencies in the world, and was one of the 
first currencies used by the International Monetary Fund as loan 
currency 

* has liberal exchange control regulations, and allows free repatriation 
of profits 

* has a communications system designated in the ‘A T category by the 

World Bank . . 

* has one of the highest standards -of living in Asia 

* has more than 600 international companies which have invested over 

MSI billion in the country .. - 

* prorides up to 10 years tax holiday. 


More vital information and details will be provided at the Investment 
Seminar in Birmingham. 

The Hon. Malaysian Minister of Trade and Industry will be leading a 
team of Investment Specialists to the Seminar. The following topics will 
be discussed: 

* Economic development in Malaysia and Policy towards Foreign 

Investment, - 

* Monetary Policy and Industrial Financing, 

* Industrial development in Malaysia and Opportunities for Investment 

Special individual meetings can be arranged for indepth discussions 
with the Malaysian team. , 

Attendance at the Seminar is free of charge, but by prior registration 
only. If you wish to participate at the Seminar, please fill in the 
registration coupon below and send it to the Organisers. You may 
also contact them for further Information at (01) 493-0616. 



Federal Industrial Development Authority of Malaysia 

4th-6th Floor, Wisma Damansara,P.O. Box 618, Kuala Lumpur, Malaysia. Cable: FIDAMALTel: 943633 


Malaysian Investment Seminar 1 

| To: The Director* . Jj 

Malaysian Investment Centre, 

| 17, Curzon Street, London W1Y 7FE.Tel: (01) 493-0616 | ; 

» I would like to participate in the Malaysian Investment — 

| Seminar on May 17th and 18th at Birmingham. | 

I Name: ■! 

m Designation: *1 

■ Company: H 

I Address: .. 

m Telephone: Number of Participants: ; ^ 1 A v 

i ■■ ■■ 

* You can also contact him for free brochures or any other information, on investment in Malaysia. 




i 


i 



t-?. r •r'i--" 

L--'~r •..-«? 




Financial Times Wednesday May 3 19TS 


*ati» 


EUROPEAN NEWS 


Brezhnev 


‘ready for 
feljj force 

Reductions 5 


'tti-i, 


rl* V, ' ‘ BONN. May 2. 

.ii i ,?**.■*• LEONID BREZHNEV, 
l , J " wRhe Soviet leader, said in an 
t-,. B : interview published here to- 
, 1 ' 11 ,f '■ fc-toy tb®t the Soviet Union was 
. '• "> 3r ready to agree to rednce East- 

’ nt,rt.«pst forces in Central Europe 
.. i providing the balance 

, , . ■'■“'■"'•iii, >f Power was not disturbed. 

niV.N ' ,l ’' i* Interviewed by the Social- 
. '^.Democratic party 




weekly 

iRorwaerts, shortly, before a 
;j! . ..‘isit to Bonn this week,; Mi-. 

■"I'li-h Brezhnev said the Soviet. union 


•m 
'i I 


! ;'V««ed no military threat 
anyone. “We want not 


i ' ' w w “talanee of fear but. a balance 
•.•J ‘ ‘'jrRf tmsl,” the Soviet leader 

J'""U i* 1 *- 

,, . ln, ; deferring to the Vienna 

7 'i', Tf Rlks on mntual force reduc- 

,* 1 , l “" j,. Sons, he added: “we are pre- 
* r ‘ -Mirt*," wred at any time in Vienna 
1 . o sign an agreement on the 

, *■' r-.iur i, "eduction of the level 'of 
. ones and armaments in Ceo- 
r,, ‘ ■■ )'. r, 1I . 1 r ‘ral Europe by five, ten, 20, if 
/ou like even by SO per cent." 

•Vnw But the agreement most 
Hn-^msure that the present 
■ > balance of strength, was not 
j.r*..Y listurbed, ‘‘with no advantages 
•r. |.,-or one side and disadvantages 
~:,.-Y or the other,' * Mr.- Brezhnev 
aid. 

Mr. Brezhnev complained 
•mn^haf “when the Soviet Union 
.i * forward concrete, realistic 

v » ’«! • c r . ' and comprehensive proposals 
fn»«; i.- i„ ... Ui or the restriction of weapons, 
Wini-iii '.cruip,^ ■ be answer in- all the noise 
i: Vll!] yith the neutron weapon." 

' liKtary threat 

f i - 1 ,r "* r - He said “the Soviet Union 
j (|W *ias no intention' of attacking 

M, V, 

f \i rr 


»!■-: ■ 1,. . 

* It.j r : 

Ill'H 

*ir i-.. .... 

-■ i.M. 

I 


\ 

UH 


»Ji 1., •- 

Jlil'l- ■ 
I' 

«•» p 
Mi I.M 

w I 


V 


V 


' r tiny state in the West, East, 
‘ ' •Jorth or South. The Soviet 
.:Jnion has no intention of 
conquering’ Western Europe.” 
' It seemed to him that those 
n the West who talked of a 
Soviet military threat had 
• ' -omething else in mind. They 
' 'vere dissatisfied with the pre- 
sent approximate balance of 
orres and wanted military 
;uperiority for themselves, be 
idded. 

U 1*1 SUDL Mr - Brezhnev' said he saw the 
‘Soviet-West German treaty of 
Ti » ;• . 1 v l L 97ft as “ a cornerstone in the 
, -difice of detente.” the -state 

**■ 1 • 1 ■ if relations between the two 

k‘ : • -oun tries was a good measure 

«•' , ..--.if intemattoitai detente .as a 

vhole. The Soviet leader said 
he subject of West Berlin 
.-Itould not remain a blot on 
he map of European detente. 
, m-.i . . ie emphasised that “this city 

,1 s no part of the Federal 

i.v. Republic.” 

-.Reuter 


•.s 

•Mi. 

» 


»e-. 


TIMTS. PobiW»«J dairy necM Sra- 
v* und holiday*. U.S. iDlWIpllon SiW.flO 
ir frelahu J MSUm lair tw»U« «r wmunj. 
ennd ikv Pc«a«e at New V«*. N.Y. 


EUROPEAN CURRENCY ZONE 


U.S. co-operation ‘essential’ 


BY JONATHAN CARR 

WEST GERMANY believes that 
the idea of a wider zone of cur- 
rency stability in Europe can 
only be Implemented in dose 
co-operation with the United 
States, and that Washington 
itself sees advantages in the 
scheme. 

. This was made clear here 
to-day by Herr Hans Matthoefer, 
the Finance Minister, following 
his return from talks in Wash- 
ington which were preceded by 
attending the IMF interim com- 
mittee meeting in Mexico City. 

His comments appear to be 
aimed partly at removing the 
reservations of those who fear 
that such a zone, which was out- 
lined by Chancellor Helmut 
Schmidt to other European 
leaders in Copenhagen recently. 


might be seen as against the 
U.S. 

Britain for one has let it be 
-known that its support for the 
scheme would depend on assur- 
ances that no such move against 
Washington was implied. An- 
other British condition is that 
West Germany should take fur- 
ther action to tty to boost its 
economy. 

Herr Matthoefer said be had. in 
all, about 14 hours of talks with 
Mr. Michael Blumenthal, the U.S. 

Treasury Secretary, during 

which the European currency 
zone idea, among other things, 
came under scrutiny. 

First, the two sides were 
agreed on the importance of cur- 
rency stability .for trade' growth 
—a point confirmed by the 
situation within, the European 
currency snake. This automatic- 
ally led to consideration of how 


such an area could be extended 
to benefit Europeans and Ameri- 
cans alike. 

Second, Herr Matthoefer said, 
the XJ.S. had expressed interest 
in more intervention taking 
place in D-marks to tiy to take 
pressure off the dollar. But West 
Germany felt the volume of 
D-marks was insufficient to 
permit this, and that ft would 
bring speculative pressure which 
the Germans could not with- 
stand. This in turn brought con- 
sideration of what extra role 
might eventually be allotted to 
the European unit of .account 

Third, both sides were agreed 
there was no ready possibility of 
a substitute for the dollar as the 
world's leading reserve currency. 
Hence, the importance of a re- 
duction in the UJS. current 
account deficit to restore basic 
stability to the U.S. currency. 


BONN, May 2. 

‘ informed sources noted mean- 
while that West Germany was 
not in principle, against the 
IMF idea advanced in Mexico 
City of a substitution account 
under which IMF members could 
exchange surplus dollars for the 
fund’s Special Drawing Rights. 
But Bonn did see a series of 
practical difficulties which would 
take a considerable time to 
remove. 

Herr Matthoefer played down 
suggestions that Bonn was con- 
tinuing to come under U.S. pres- 
sure to do more to reflate, noting 
that in the wake of their lengthy 
talks both sides had a very close 
appreciation of the problems of 
the other. He indicated that such 
national pressure as remained 
came from Europe. Bonn's posi- 
tion was that it would not be 
pushed into taking over-hasty 
action. 


Russian hint of arms for Turkey 


' BY MET1N MUNIR 

THE SOVIET UNION has in- 
formed Turkey that it will 
examine the means at its dis- 
posal for supplying Turkey with 
arms should a request be made 
by Ankara. 

Mr. Hasan Esat Lsik, the 
Turkish Defence Minister, said 
this message was delivered by 
Marshal Nikolai Ogarkov, - the 
Soviet Chief of Staff, who com- 
pleted a five-day visit to Turkey 
on Sunday. Mr. Isik was speak- 
ing at a news conference after 
the visit, which was the first by 
a Soviet Chief of- Staff to Turkey 
in 45 years. 

Asked whether the Soviet 
Union had offered arms to 
Turkey, Mr. Isik said: “Marshal 
Ogarkov reiterated that the 
Soviet Union does not harbour 
any ambitions over Turkey 
except those of mutual friend- 
ship and good neighbourtiness. 
Should Turkey require any, the 
Soviet Union could examine 
means at its disposal for supply- 
ing assistance. Marshal Ogarkov 
did not state anything beyond 
this.” 

Mr. Isik, a former Turkish 
Ambassador to Moscow, said the 
Marshal’s visit had passed in 
conditions of mutual respect and 
confident. An atmosphere of 
understanding and sincerity had 
dominated the talks. Such con- 
tacts between the Turkish and 
Soviet armies could become 
more frequent 

Marshal Ogarkov visited 
Ankara and Istanbul. In addition 
to Mr: Isik, he met Mr. Roroturk, 
the Turkish President, and Mr. 
Bulent Ecevit, the ‘ Prime 
Minister. 


Mr. Tsik said it would not be 
correct to link Marshal Ogarkov’s 
visit with the U.S. anas embargo 
on Turkey. Nevertheless the Mar- 
shal was invited to Turkey last 
June when Mr. Suleyman 
DemireL, the Right-wing Prime 
Minister, was in power. The in- 
vitation was renewed by Mr. 
Ecevit in February, a month 
after he came to power. The 
visit took place when congres- 
sional debate at committee level 
was taking place in the U.S. on 
President Carter’s call for the 
lifting of the embargo. 

The restriction, which has 
been in effect for more than 


ANKARA. May 2. 

three years, began several 
months after Turkey's interven- 
tion in Cyprus. It was in fact 
a pnnishment for Turkey's use 
of U.S. arms for purposes other 
than the ones for which they 
were supplied, and was intended 
to put pressure on Turkey to 
make concessions. 

Mr. Isik's statements demon- 
strate the improvement which 
has taken place in Turkish-Soviet 
relations when Turkish- American 
relations are cool. Observers 
believe that Mr. Ecevit, who is 
to visit the Soviet Union next 
month, may ask for Soviet arms 
if the U.S. embargo remains in 
force. 


Greeks seek clarification 


BY OUR OWN CORRESPONDENT 


ATHENS, May 2. 


GREECE IS concerned over tbe 
Soviet Union's repotted desire to 
develop military . co-operation 
with Turkey, a Government 
official said to-day. He said 
clarifications were being sought 
from Moscow through diplomatic 
channels on the form of the 
co-operation. 

The official was commenting on 
the visit to Turkey of Marshal 
Nikolai Ogarkov. the Soviet Chief 
of Staff, 

Diplomats said Greece is con- 
cerned lest military ties between 
tbe Soviet Union and Turkey up- 
set the balance of power. The 
same observers beLieve the threat 
nf Russian military aid to Turkey 
may help convince the U.S. 
Congress of the need to lift the 


American embargo on arms for 
Turkey. 

Congress resumes discussion 
to-morrow on whether the 
embargo should be lifted as 
requested by President Carter.- 

Our Nicosia correspondent 
adds: Cyprus, too, is anxiously 
awaiting clarification from 
Moscow about reports of Soviet 
offers to supply Turkey with 
arms. 

Mr. Dimos Hadjimiltus, the 
Cyprus ambassador to Moscow, 
has been told by President Spyrwt 
Kyprianou tq ask the Russians 
to speed up their reply to an 
earlier strong protest over 
Russia’s determination to 
strengthen cooperation with 
Turkey in the military field. 


Airliner ‘tried 
to call 

Soviet fighters’ 

A SOUTH KOREAN airliner 
forced down by Soviet fighters 12 
days ago made three attempts to 
contact them before they opened 
fire, a Finnish air ministry 
official said yesterday, Reuter 
reports from Helsinki. 

The Boeing 707 flying over the 
pole from Paris to Seoul crash- 
landed in the Soviet Union. Two 
passangers were killed when the 
fighters opened fire. 

Foreign exchange fall 

The Swiss National Bank said 
yesterday its foreign exchange fell 
SwFrsJHBm. to SwFrs.lft.646bn. in 
the week ended April 30, AP-DJ 
reports from Zurich. 

Danish earnings 

Denmark’s foreign currency re- 
serves fell by KrBOOm. during 
April to Kr.13.2bx).. the National 
Bank said yesterday. AP-DJ 
reports from Copenhagen. 

Bomb attack 

A bomb explosion wrecked a new 
police barracks in Turin early 
yesterday, causing damage esti- 
mated at L350m. ($400,000), 

police said, Reuter reports from 
Turin. 

German ‘lies’ 

Herr Klaus Croissant, the former 
Baader-Meinhof lawyer who fled 
to France last year, told a Stutt- 
gart Court yesterday West Ger- 
many used judicial trickery and 
lies to mislead the French authori- 
ties to extradite him, Reuter 
reports from Stuttgart. 


Nine study 
‘rule book’ 
for growth 
of EEC 

By David Buchan 

BRUSSELS. May 2- 
ENLARGEMENT of the Euro- 
pean Community should not 
lead to any rise in the dis- 
proportionate slice of the EEC 
Budget that already goes to 
agriculture. Dr. David Owen, 
the U.K. Foreign Secretary 
said to-day. But Britain ranged 
itself with those member 
states which want to keep 
transitional procedures for 
Greece, Spain and Portugal as 
Simple as possible. 

The Foreign Ministers of the 
Nine were taking a first look 
at the Commission's study of 
the implications and costs of 
extending the Comonity to 12. 
This includes the recommenda- 
tion that, while negotiations 
with each applicant conntry 
should be treated on their 
merits, the period during which 
they adapt fully to EEC rules 
should not be less than five 
years and no more than ten, 
and that it should be divided 
into two phases. 

M. Louis de Guiringaud. the 
French Foreign Minister, to- 
day welcomed the two-phase 
plan, apparently because this 
would allow some later checks 
ou the competition that French 
farmers fear from the three 
aplicant countries, fn contrast, 
the West German. Danish and 
Dutch Ministers, along with 
Dr. David Owen, considered 
the case for the Commission’s 
eomplex transition plan to be 
unproven. 

The Commission’s study, 
which is to be farther ex- 
amined by national officials, 
i$ designed i© serve as a sort 
of rule book to which Govern- 
ments of the Nine ran refer 
as the negotiations with tbe 
southern - applicant countries 
proceed. 

Tbe Commission's opinion on 
Portuguese entry is due before 
the end of this month, while 
- the substantive part of the 
Greek negotiations is expected 
this autumn. 

Ministers identified what 
they saw as a number of holes 
in the study, which its Com- 
mission authors have described 
as a fresco. But Brussels 
officials detected from to-day's 
ministerial meeting a desire 
not to let the entry negotia- 
tions stall and a wish to 
strengthen EEC institutions. 
Farm talks. Page 29. Insurance. 

Page 36 ■ 


Spain appoints new 
chief for key state 
holding company 


BY ROBERT GRAHAM 

THE CABINET to-day appointed 
a little known businessman to 
one of the country's key economic 
jobs, the presidency of Um stale 
holding company INI, that 
accounts for 11 per cent, uf in- 
dustrial production and employs 
0 per cent, of the industrial 
labour force. 

There bas been considerable 
controversy within the Govern- 
ment over who should fill the 
post, made vacant by the 
resignation of Sr. l-'ranceso 
Gimencz a fortnigHt ago. 

The new President, Sr. Juan 
Miguel de la Rica. 46, lias been 
running a domestic appliance 
company, Fnbrilee. 

He is the candidate put for- 
ward by the Minister of Industry, 
Sr. Agustin Rodriguez Sahagun. 
Some members of the Cabinet 
are known to have been hesitant 
about tbe choice because he 
lacked national standing, had 
limited experience of the pub- 
lic sector, and was closely tied 
to Sr. Sahagun. 

These reservations are 
believed to have caused the delay 
in confirming the appointment. 

Sr. Sahagun argued hard for 
a close associate in the INI job. 
on the grounds that only in this 
{way could his ministry function 
(effectively with its most 
important operational arm. LN1 


MADRID May 2. 

comes directly under the conirnj 
of the Ministry of Industry. 

The choice is curious never- 
theless. Although regarded as a 
technocrat without political 
affiliations. Sr. de lu Rica's links 
with Sr. Sahagun could prove 
politically embarrassing if INI 
is to be made a more indepen- 
dent and efficient institution. 

Sr. Sahagun was brought in la 
head the Ministry of Industry m 
February in what was seen as a 

sop to small und medium sized 
business who had been vucifernus 
in their opposition to the direc- 
tion nf Government economic 
policy. 

Sr. de la Rica lakes over ;«1 a 
lime when the Government is 
preparing a new law for public 
enterprises, and in this sense 
his appointment can only he 
temporary until the law is 
approved. 

The previous head of INf. Sr. 
Giuu-nez Torres held the post for 
IS months. Prominent among his 
reasons fur resigning was a 
growing (lisa ITeet ion with dealing 
with a succession nf industry 
ministers who had differing 
idea- on their respective voles. 

L-i-'t December. Sir. Gunenez 
Turns Hinii> a letter Of rcMC* 
nation, but the then Minister of 
Induslrt. Sr. Albeiio Oliaii, 
talked him into staying. 


Tougher EEC line on steel 


THE EEC Industry Commis- 
sioner. Viscount Etienne 
Davignon. today announced 
tougher measures to enforce 
EEC minimum prices for steel 
traded within the Community, 
an EEC spokesman said. 

Viscount Davignon warned 
Foreign Ministers or the Nine 
that the credibility of efforts to 
shield the troubled steel industry- 
in the Common Market was at 
stake, because traders were 
under-cutting the minimum 
prices set by the commission for 
Common Market steel. He sought 
tbe support of the Nine Govern- 
ments in what he called a last 
attempt to apply the system of 
minimum and reference prices 
set up last December. 

The West German Economic 
Minister, Count Otto Lambsdorff, 
who also attended the meeting, 
pledged his support and com- 
mented that the efforts of steel 
traders had outdone the wisdom 
of EEC bureaucrats. Common 
Market sources said. 

Turning to the external part 
of the community steel policy. 
Viscount DavignoD lold tbe Min- 


BRUSSELS. May «. 

isicrs that the commission bus 
jus i concluded an arrangement 
to regulate steel imports from 
Hungary. It already has such 
arrangements with Japan. South 
Africa. Spain. Czechoslovakia 
and the six steel exporters nf 
ihe European Free Trade Associ- 
ation. 

Viscount Davignon said that 
the commission was still con- 
ducting talks with Brazil, Bul- 
garia and South Korea, and 
efforts t» conclude similar 
arrangements with Poland. 
Romania and Australia had run 
into difficulties. 

The minimum and reference 
price systems, which apply io 
different grades of steel, were 
set to regulate intra-community 
trade in the metal. 

He said that ihe commission 
will send letters to member 
governments to-morrow to seek 
their co-operation in applying 
tougher EEC controls. 

He said that a first scries of 
fines on EEC traders would be 
announced this month for failure 
in respect community pricing 
rules. Reiitej 


i 



m 





,tnw« 4 

■ns 

ration 


We think ifs only fair to 
warn you that moving your 
company to Wales may have 
certain disadvantages. 

For instance, once here, you 
could so easily be distracted by 
the sheer spectacle of the 
place. 

You must learn to deal 
with the irresistible lure pfthe 
Snowdonia National Park, 
the magnificent craggy coastline 
and secluded beaches. 

Youll find the many oppor- 
tunities for walking, angling, 
golfing, sailing and cruising will 
be a constant temptation to you. 

And you should always be 


*' "'/•.A.' ■ 


prepared to run into the odd castle 
here and there. 

In fact, Wales has so much to 
offer, that working here may prove 
rather rewarding, after all. 

Certainly, the Welsh 
Development Agency will do . 


everything possible to help make 
your life here as productive and 
profitable as possible. 

Call us on Treforest 
(044385)2666 TATOTCC 
and well start ifl/T lI ,T, r \ 

talking business. 



Welsh Development Agency 

Ifefoiytf Jahstoal P^^p Qnrgpridd. Mid G lam or gan CE37;5tir-TelephQ^ (044385) 2666-Tslex: 497516, 


j 



OVERSEAS NEWS 


Financial Times Wednesday May 3 1978 



Sadat reshuffles Cabinet 
amid economic troubles 


BY ROGER MATTHEWS 


CAIRO, May 2. 


PRESIDENT ANWAR SADAT of 
Egypt announced to-day that be 
bad ordered an immediate 
Cabinet reshuffle but also warned 
bis critics that they would be 
risking a confrontation if they 
continued with their attacks. 

Mr. Sadat's decision to make 
ministerial changes reflects both 
the mounting sense of unease 
within the country over 
recurring economic difficulties 
and (he squabbling within the 
Cabinet. Dr. Abdel-Mo&eim 
Ef-Kaissouny, the Deputy Prime 
Minister for Economic and 
Financial Affairs, is understood 
to have offered his resignation 
more than a fortnight ago and it 
is likely that Mr. Sadat has now 
decided to accept it. 

Other economic ministries may 
now also he changed, but the 
fact that Mr. Sadat has asked 
Prime Minister Mamdouh Salem 
tu carry out the reshuffle 
indicates that he will be staying 

on 

During (he course of a two- 
hour speech to 20.000 workers in 
a northern suburb of Cairo. Mr. 
Sadat reaffirmed bis commitment 
to the Middle East peace 
initiative lliat he launched last 
November and showed no sign 
of loosing faith in the ability of 
the U.S. to bring about changes 
in Israeli attitudes. 

President Carter was “doing 
his very best." Israel was 
isolated, and the whole world 
supported the Egyptian 
initiative, declared Mr. Sadat 
Israel was still shaken by the 
"earthquake" caused by the 
peace initiative and had not yet 
had the courage to take critical 
decisions. Egypt on the other 
hand stood firmly by ms prin- 
ciples and these included full 


Israeli withdrawal from occupied 
Arab territories and the rights of 
the Palestinian people to 
establish their own state. 

However Mr. Sadat was almost 
gentle with the Israelis com- 
pared with his criticism of domes- 
tic opponents. He accused the 
Left- and Right-wing parties of 
being defeatist; of trying to drag 
the country back to the davs 
before the 1952 Revolution 
when 8.5 per cent, of the popu- 
lation ruled the country, of 
behaving subversive!}’, and per- 
haps most ominously of “trying 
to destroy the social peace of 
the country." 

The People's Assembly, the 
Egyptian Parliament in which 
four political trends are repre- 
sented, received particular atten- 
tion from the President. He 


accused some members of trying 
to turn the people against their 
Government and referred to a 
“slanderous trend" within The 
Assembly which bad fed to ques- 
tions becoming accusations. 

The country's two opposition 
newspapers came in for their 
share of criticism. People 
should air their views for the 
good of the country said Mr. 
Sadat and later threatened rhat 
he would have no mercy on any- 
one who tried to disrupt Egypt's 
social peace. 

A great deal of Mr. Sadat's 
vitriol was clearly aimed at the 

country’s Left-wing intellectuals 
and journalists, and the Presi- 
dent made constant efforts to 
identify himself in the public 
mind with “the farmers and Die 
workers." 


Begin hints at progress 


LOS ANGELES, May 2. 


ISRAELI Prime Minister Menu- 
hem Begin hinted at a break- 
through in Middle East peace 
negotiations as he began a tour 
of the United States to-day amid 
signs of improved Israeli rela- 
tions with Washington. 

He said on the plane bringing 
him from Washington: “With 
caution. I can say There is hope 
for another productive negotiat- 
ing effort." 

Though in Washington. 
Administration officials reacted 
sceptically to the hint of a pos- 
sible breakthrough. 

A report in a Tel Aviv news- 
paper quoted Mr. Begin as lay- 
ing there was agreement with 


the U.S. about an Israeli military 
presence on the West Bank and 
that a proposed referendum of 
Palestinians had been dropped 
from the agenda of his U.S. 
talks. State Department officials 
said they were unaware of agree- 
ment on these points. 

Reuter 

David Lennon adds from Tel 
Aviv: Israel's military com- 
mander of the West Bank was 
to-day dismissed by the Defence 
Minister when an investigation 
revealed Israeli troops used ex- 
cessive force in suppressing a 
demonstration by schoolchildren 
last month at Beit Jaiiub, beside 
Bethlehem- 


Australia, 
Iran talks 
on nuclear 
agreement 

-.By Kenneth Randall 


Internal tensions strain 
Patriotic Front’s unity 


BY MICHAEL HOLMAN, LUSAKA, MAY 2 


UN chief in Lebanon ‘missing 5 


BEIRUT. May » 


THE COMMANDER of French 
UN troops in south Lebanon 
was missing to-night after three 
of his men were killed and 
seven wounded in guerilla 
attacks, reliable sources said. 

The sources said French 
troop? had mounted a search fnr 
Col. .lean- Gcrma in Salvan afler 
trims* to contact him for two 
hours without success following 
fierce fighting with unidentified 
guerillas around the port of 
Tyre. 

The Iraqi news agency, report- 
ing from Beirut, said Col. Salvan 
bad heen killed. There was no 
confirmation of this. 

The three French soldiers died 
when their armoured car was 
destroyed by anti-tank fire near 
Tyre earlier to-day. 


At about the same time, 
guerillas attacked a UN barracks 
on the outskirts of Tyre with 
mortars and automatic weapons. 

Sources said at least seven 
men were wounded in the bar- 
racks. and it was feared the 
final toll would be hieher. 

The sources said the armoured 
car exploded in Hatties after be- 
ing hit in an ambush less than 
half a mile from (he barracks. 

There was no immediate indi- 
cation whether the attackers 
were Palestinian guerillas or 
their Lebanese Left-wing allies. 


South Lebanon last night. 

A UN spokesman confirmed 
clashes bad taken place between 
UN 1 troops and unidentified gun- 
men, and that there had been 
casualties, but he could give no 
further details. 

Traveller* from Tyre reported 
fighting in the hills around the 
city. 


The fighting came after French 
killed a 


troops killed a gunman and 
wounded two others when they 
tried to cross V.X. lines towards 
Israeli-occupied territory in 


In Sidnn, Palestinian guerillas 
and Syrian peacekeeping troops 
fought each other with rockets 
and automatic weapons. First re- 
ports said two civilians were 
seriously wounded. 

Palestinians said the fighting 
broke out after tbe Syrians tried 
to arrest a guerilla belonging to 
the radical Arab Liberation 
Front <ALF). 

Reufer 


CANBERRA. .May 2. 
AUSTRALIA AND Iran are 
expected to reach agreement 
by the end of this week on a 
bilateral nuclear safeguards 
agreement, which would clear 
the way for negotiations on 
uranium sales by Australia. 

The agreement is being 
negotiated in Canberra by Dr. 
Akbar Etemad, head of the 
Atomic Energy Organisation 
of Iran, and a team of four 
senior Iranian officials- Their 
format discussions are mainly 
will) the Minister Tor Trade 
and Resources, Mr. Doug 
Anthony, and the Foreign 
Minister, Mr. Andrew Peacock. 

Before they leave Australia, 
however, the Iranian party will 
also be having discussions with 
the Australian Atomic Energy 
Commission and uranium com- 
panies. 

Although the talks only 
began to-day. Government 
officials said that most ground- 
work bad already been carried 
out through diplomatic 
channels and there appeared to 
be no serious obstacles that 
would prevent conclusion of 
an agreement within the next 
few days. 

This would make Iran the 
first country to sign a bilateral 
agreement with Australia as 
required In the safeguards 
policy an nonneed last May by 
Mr. Malcolm Fraser, the 
Prime Minister. This would 
allow a start on negotiating 
commercial uranium supply 
contracts, subject to the 
establishment within a few 
months of a government 
marketing authority. Legisla- 
tion for the marketing 
authority is currently before 
parliament. 

Irau was one of more than a 
dozen countries, signatories of 
the nuclear non-proliferation 
treaty, to which Australia 
circulated a draft safeguards 
agreement earlier this year, 
based broadly on the Canadian 
model. 

The Iranians have been 
expressing keen interest in 
Australian uranium since 1974 
and Dr. Jim Cairns, as Deputy 
Prime Minister at the time, 
promised that they would he 
treated favourably when the 
discoveries in the Northern 
Terrllory were brought Into 
production. 

Official sources said to-night 
that Dr. Elemad had Indicated 
in to-day's talks that Iran could 
have a requirement for 
uranium rising to 1,000 tonnes 
a year by 1985. She had two 
nuclear power plants In opera- 
tion now, and planned to build 
another 20 by 1994. 


THE EASTER FRIDAY assassi- Russian and Cuban backed ZAPU cautiously. At the executive 
nation attempt on the life of the do uot square with renprts that level ZAPU is— deliberately so— 
Zimbabwe . African People's at least some of the group a tribal mix. 

Union (ZAPU; army commander, wanted stronger ties with China. What makes difficulties, 

Mr. Alfred Nikita Mangena, and But* M y ZANU sources, the seems, is that this mix is not 
the unsuccessful attempt by at resull ^ toat . pa rtv ^ been reflected among the rank and 
S*Z i0 I mein here of the purged of KssiteM elments and membership drawn pre- 

nvai Zimbabwe African National Mr. Mugabe’s position Is stronger dominantly from Matabeleland. 

Union (ZANU) to unseat their ft has e JgL been • Informed sources claim that the 

leader. Mr. Robert Mugabe. Is N h , taken mace KaJLan 2a are in the majority In 

v® P^SC nas taken place tte a This, gay the sources. 


I evidence of serious 
| within Rhodesia's 
nationalist movement. 


tensions 7 < arr me army. min. any tuc iuuik,, 

divided 2*5; 5*£5* has led them to complain that 


though rumours abound of con- 


Yet assessing their significance woulSbe ££SS£ o/m? m 2T- -e 5? ed top - .. , . 

is difficult, nartlv because u* ® S ® BS,I ! S D .‘ MT - But there are other divisive 

officials g bothies reS ^s-with Mr - Romo's ZAPU 

reluctant to confirm, let alone !L“ e . ^ of Ihe Party. —notably the death oF Mr. J. Z. 
discuss, the problems. Despite .. T"*** 1S aLso «“•"!? Moyo, killed in Lusaka by a par- 

evidence to the contrary 7APU t,on shout responsibility for the cel bomb in January 1377, and 
denies that ManSna was L w0 small-arms attacks last the decision in October 1976 to 
wounded when the car in which December on Zimbabwe House, ally with ZANU under the banner 
he was travel lin! S P* ZAPU headquarters in . a 0 f the Patriotic Front, 

fire outside a ZAPU <*amo in Lusaka suburb. The official Suspicions about responsibility 
LiSaka ZAPO explanation blames M agents " of for the death of Mr. Moyo, who 

In the paw nf 7a vTr the Rhodesian government had friends as well as enemies 

TvmtJt °™ cfals Some reports claim the attackers hoth in ZAPU (in which he was 

[ D „ de iPv?" 8 w .£ at ls now were members of a rebellious a senior official) and ZANU, have 
?«!i «.*.«!?. d ?2. : i ttl _ e _,- arr !f*- l f § T0U P of ZAPU guerillas nor subsided and some rumours 


they are inadequately repre- 


and subsequent trial earlier this encouraged by Mr. Mangena implicate a senior ZAPU officiaL 
. of members of a group himself. Yet a few days after In the case of tl 


iiiw the PF alliance, 

R?i?f P h rin ® 10 overt hrow Mr. the incident, Mr. Nkomo intro- the ZAPU executive was not un- 
M »Sf 0e ' duced Mr. Mangena himself, animous about joining forces 

The group included six smiling and waving, at a Press with Mr. Mugabe, and the doubt 
members of ZANU's Central conference at Zimbabwe House, remains* But the interesting 
Committee: Mukudzei Mudzi Perhaps not surprisingly, feature in both issues is that the 
(external affairs). Rugare Gumbo usually well-informed observers various parties do not appear to 
(information and publicity), are divided over the significance be divided on tribal lines. - 
Matuku Hamadzirip (manpower of these and other Incidents: There are other areas of 
and planning). Kumbirai Kangal Some Western diplomatic sources actual or potential discontent, 
(welfare and transport). Crispen suggest that Mr. Nkomo's leader- From an organisation with an 
Mandizvidza (production and ship is being seriously chal- external wing controlling only 
development) and Webster lenged. - Others make a far more a few huodred guerillas two 
Gwauya (deputy — external cautious assessment * years ago, ZAPU has grown 

affairs). The most frequently raised rapidly. Trained strength is 

After a trial last month, the issue fe tribalism, based on re- now put at 6-S.OOO. most of whom 
men were sentenced to indefinite ports of a dispute between the are based in Angola and Zambia 
hard labour. Their motives were Katanga tribe — from the Plnm- and as many mare are in train- 
apparently a combination of tree border area of Rhodesia ing- ZAPU also has to clothe, 
tribalism fall but one of the whose members include Mr. feed and educate some 15,000 
plotters are from the Karanga Nkomo— and the Karangas — a refugees in Zambia, mainly 
tribe), ambition and possibly Shona tribe to which Mr. schoolchildren. This expansion 
ideology — though suggestions Mangena and some of the senior has undoubtedly strained ZAPlTs 
that the plotters favoured a military men belong. administration and led to disatl&- 

closer association with the The reports need to be treated faction. 


Fresh student 
riots in Lagos 


ACCRA. May 2. 

THREE GOVERNMENT build- 
ings were destroyed and more 
than 60 vehicles burned when 
students rioted in Lagos at the 
week-end, the Ghana News 
agency reported to-day. 

The agency said 12 people 
have died in student riots in 
Nigeria since April 17. 

The agency, in a story from 
Lagos, said the riots followed an 
Increase in student protests 
against rises in educational fees. 

The agency quoted a police 
statement as accusing students 
of employing robbers and other 
undesirables in acts of lawless- 
ness and vandalism. 

Reuter 


S. Africa sanctions move 


UNITED NATIONS, May 2. 


UNITED NATIONS members session later to-day, or to-mor- 
agreed without dissent to-day to row. 

recommend economic sanctions, The UN has been holdlng a 
including an oil embargo, agaiswt specUi session oa Namifaia s & ce 
South Africa. * DPi T oa 

A committee of the whole F _ " * 
membership established .by the South Africa last week ac- 
General Assembly to deal with cepted Western proposals for UN-f 
the problem of Namibia (South supervised elections in the terri- 
West Africa) approved the fwy. hut the South West Africa 
recummendation by S8 votes. Peoples Organisation (SWAPO), 
Eighteen countries including the other party to the discus- 
the Western members of the sions, asked that the talks be 
Security Council, which are try- re-opened, 
ing to work out a Namibia The document ignored the 
settlement with South Africa Western settlement efforts — 
and black guerilla . leaders, which were undertaken without 
abstained. . . any mandate from the UN — or 

The committee report was ex- the South African and SWAPO 
pected to be presented to the responses.. 

General Assembly at a plenary Reuter 


Communists,! 

dominate 
in Kabul 
Cabinet 


KABUL. May 2. 


AFGHANISTAN emerged to-fc 
as the first Communist-ruli 
country in south Asia, wi* 
civilians holding the main po* 
tions of power, after last weefc 
military coup. 

Authoritative sources h t 

think that thousands oF peon 
may have been killed duHr 
fierce fighting last Thursday ^ 
Friday before the Left-wing mt 
tary junta gained full contrc 

But there are only three mt 
tary officers in the new Cabin; 
of 21. They include Colon 
Abdul Khadir vice-command, 
of the Air Force, who w, 
reported to have led the an 
in which President Mobammt 
Daoud was executed. CoL Khai 
becomes Defence Minister. 

Senior diplomats here said tt 
new Government was damiaau 
by members of the pro-Mosco 
Democratic Khalq (People',- 
Party. 

Well-informed sources said 
was impossible to gauge ho 
radical the Communist leade 
ship would be. but it Wj 
general tv believed it would st& 
clear of making Afghanistan 
client state of the Soviet Unim .‘j 

Mr. Nur Mohammed Tarafc&t^l 
the civilian Head of State ao 
Prime Minister, is chairman an 
founder of Khalq. Now 65, he 
believed to be a moderate wh 
recognises it would be impossibi 
for Afghanistan to function umk 
present conditions as an orthodt 
Communist Stale. 

But Badrak KarQiat. bis senit 
deputy. Vice-President an 
Deputv Prime Minister an 
Hafizullah Amir, the Depot 
Prime Minister in charge i 
Foreign Affairs, are known to ti 
rigid ideologists. • They forme 
the breakaway Parcham (Flag 
wing of the Communist Pari 
some five years ago but rejoins 
the main party in May last yes 
under Soviet guidance, wet 
informed sources said. 

Graphic accounts of the flgh 
ing during last week's coup hav 
been given by Western tourist 
residents and diplomats. The 
said President Daoud's palac 
guard of 1.500 men equipped wit 
tanks and armoured personae 
carriers, defended the preside! ‘ 
tial palace for more than 1 - 

hours despite being heavily ou- 
numbered. 

Reuter > k 

• Andrew Whitley adds frot 
Bandar Abbas, The Gnlt 
Coinciding with the annouoct 
meat of a CommunisMcd regiai 
in. Kabul, the Shah has it 
augu rated the expansion of Hi 
country's main naval base : 
Bandar Abbas. 

The new shipyard and suppoi 
and training facilities at Banda 
Abbas was completed las 
November at a cost oE ore 
£130 tn. 


MONDALE IN THE PHILIPPINES 


Republic National Bank <si New York 

Consolidated Statement of Condition 

MARCH 31, 197ft 

ASSETS 

Cash and demand accounts S 155,862.841 

Interest bearing deposits with banks 26 1,59 1,890 

Precious metals 63,278.861 

investment secunties 525.669.398 

Federal funds sold and securities purchased 

under agreements to resell 45.000.000 

Loans, net of unearned income 1.317.232.283 

Allowance tor possibte loan losses *. __ (24.055.606) 

Loans (net) 1.293.176.677 

Customers’ liability under acceptances 1Q9.3S9.942 

Bank premises and equipment 16.381 .397 

Accrued interest receivable 44,382.660 

Other assets 105.939D22 

S2. 620.6 52. 688 

LIABILITIES s&RSMRfeBSS 

De P°S its S2.037, 648.077 

Federal funds purchased and securities sold 

under agreements to repurchase 66.594,173 

Other liabilities lor borrowed money 3.127.833 

Acceptances outstanding 110,424,027 

Accrued interest payable 10l.431.5BS 

Other liabilities 32,824.876 

STOCKHOLDER'S EQUITY 

Common stock 100,000.000 

Surplus 79,346,591 

Surplus representing convertible notes obligation 

assumed by parent corporation 11.290,000 

Undivided profits 77.9 65.523 

Total stockholder's equity 268,602.^4 

S2.620.652.668 

Letters of credit outstanding S 1 08,016,01 1 

As Of March 31. 1978, the total investments in precious metals and the precious metal content of silver coins Were 
substantially hedged by forward safes. The unhedged portion of these investments was St.O million at that dale. 

4 subsidiary of REPUBLIC NEW YORK CORPORATION 


REPUBLIC NEW YORK CORPORATION 

SUMMARY OF RESULTS 

For me Three Months Ended March 31 


Net income 

Net mcome applicable to common sloe* . 
Per share of common stock: 

Net income — pnmary 

— fully diluted 

Dividends declared 


1973 

55.945,921 
-i.9S3.32 1 


.1977 
S-i 721.990 
4,72 1 9g0 


51.56 

1.44 

.38 


51.51 

1.39 

J2S 


Filth Avenue at 40th Street. New Ycrfr. New York IDOIS 
Member Federal Reserve Sysltm/Memoer Federal Deocwi insurance Corpora lion 
New York • London ■ Nassau • Cayman islands 
(19 Offices in Manhattan. Brooklyn. Queens. A Suffttt County) 

An attihafe ot TRADE DEVELOPMENT BANK HOLDING SJL LuMtrrOourq 



Beirut. Bogolj. Ekuyns Aires. Oacjs C-nutso. FranHun C<r>;,a. Lo«c.Tiacu^ W*»«e C Itoie.<de 0 Pjr.a-nj c.fv. Pans, Rio ae Janeiro. Sao Pauw. Tokyo 


Meeting the opposition 


BY DAVID HOUSEGO 


MANILA. May 2. 


VICE-PRESIDENT Walter Mon- 
dale of the United States began 
his 12-day Asian tour here to-day 
with a broad statement of 
America’s continuing security 
and commercial interests in the 
Pacific Region. 

The tour, is the first made by a 
senior U.S. official of the area 
since President Ford’s visit Id 
D ecember, L975 after the fall at 
v iefnam and is being treated by 
local governments as having 
more itaan the symbolic value the 
U.S. attaches to it. 

President Marcos in his speech 
of welcome referred to the irri- 
tations between the U.S. and the 
Philippines by which be meant 
the deadlock In negotiations over 
the future of American bases 
here and U.S. allegations of 
human rights violations by bis 
martial law administration. 

At his request, Mr. Mondale 
will to-morrow see opposition 
leaders including former Presi- 
dent Macap&gai, two former Sen- 
ators and members of the more 
activist wing of the Catholic 
Church. They are to press hint 
to cut American military aid to 
the Philippines which they see 
as strengthening President Mar- 
cos's power to clamp down on 
dissent. 

Mr. Mondale made an indirect 
reference to bunion rights in 
his speech on arrival when he 
said he hoped that his visit could 
contribute to the shared values 
of the two peoples including 
freedom and individual liberty. 

Tbe main discussions here will 
be over military and economic 
relations. Mr. Marcos hinted to- 
day he hoped for an early solu- 
tion to tbe problem of the bases 
and to a new economic treaty 
with the U.S. The outstanding 
issues are the amount of com- 


pensation the U.S. will pay for 
the use of Clark air base and 
Subic Bay and the demand of 
the Philippines for jurisdiction 
over the 16,000 American troops 
here. 

But ihe chances of real pro- 
gress still appear to he slight. 
New American commitments of 
military and economic aid in 
payment of rental for the bases 
would run into unwelcome Con- 
gressional probing over violations 
of human rights and the alleged 
rigging by President Marcos’ 
administration nf last month's 
general elections. 


A member of the election com- 
mission, appointed to oversee the 
polls, made known to-day that he 
had resigned his post. Mr. 
Casimiro Madarang said the 
failure of the commission to 
inquire into falsification of votes 
in the central Visayas had 
destroyed the credibility of the 
commission. He declared Presi 
dent Marcos' sincerity in 
guaranteeing free elections had 
been gravely imperilled. 

Mr Mondale's seeking nut of 
the opposition leaders reflect* 
considerable U.S. eniharra'w. 
mem over last month’s elections 
to the National Assembly — the 
first since martial law was 
decreed in 1972. 

A major factor in President 
Marcos's decision to hold them 
was the UJ>. administration's 
argument that congressional 
approval for military and 
economic aid would be easier to 
obtain if Mr. Marcos could point 
to the support of a popularly 
elected assembly. 

Mr. Mondale's difficult task is 
to soothe Mr. Marcos — an ever 
unpredictable ally who is cur- 
rently resentful at American 


interference in his country — 
while in no way condoning the 
abuses that occurred in the 
election. 

The six opposition leaders be 
Js due to meet represent a cross 
section of the conservative 
critics of Mr. Marcus. They 
include former President Maca- 
pagal. an ex-Foreign Minister. 
Mr. Salvador Lopez, two mem- 
bers of tbe Church, and the 
defence counsel to Mr. Benedicto 
Aquino — the arch-foe of Mr. 
Marcos who has been held in 
military custody for tbe last five 
years on charges of subversion 
and murder. 

Sources close to the opposition 
leadership say Mr. Mondale’s 
help will be sought in transfer- 
ring Mr. Aquino's case to a 
civilian court and in securing 
the release of political prisoners 
being held without trial. 



President Ferdinand Marcos 
of . the Philippines and 
(below) Vice-President 
Walter Mondale of the US- 


ZAMBIA COPPER INVESTMENTS LIMITED 


( Incorpcniicd in Rer, mudai 
RESTRUCTURING ARRANGEMENTS FOR THE BOTSWANA 
RST LIMITED AND BCL LIMITED SELEEM-PH1KWE PROJECT 
AND ADJUSTED RELATIONSHIP WITH MINERALS AND 
RESOURCES CORPORATION LIMITED 
At the Special General Meeting of members of the company 
held in Bermuda OH 2nd May, 1978 the ordinary resolution, as set 
out in the notice of meeting dated 10th April. 1978. was passed 
without modification. A poll was taken and the result was as 
follows:— 

N< w«-»!rE? ,!rs » 0,0f N°- or Mwnbera - N4. of AUuirttf“toro No. of 

Vorw Voijne Asairui Voj*s Voftae Vote* 

367 64,240.843 13 13.053 19 16.483 

Shares held by Minerals and Resources Corporation Limited. 
Anglo American Corporation of South Africa Limited. De Beers’ 
Consolidated Mines Limited and Charter Consolidated Limited 
groups m the amount of 59,594.326 were voted in favour of the 
resolution. • 

Members arc accordingly notified that (he actions of the 
directors in entering into the agreement with Minerals and 
Resources Corporation Limited and making the arrangements 
reJatlns Jo the restructuring of Botswana RST Limited and BCL 
Limited have thus been approved and confirmed, 

Pembroke. Bermuda 
3rd May. 197S 



m 


Davies & 
~T~ Newman 


HOLDINGS LIMITED 


Salient points from the Statement by the Chairman 
Mr. F. £ F. Newman, M.C. for the year fo 3fsf December 1977. 

I indicated in the interim statement that the Group 
result for 1977 would be lower than- the previous year. 
This is ail the more disappointing in view of the high 
level of activity prevailing in DAN-AIR and the earlier 
expectations of previous profit levels being exceeded. 
The downturn in profits was caused by a number of 
factors, the. most significant of which was the strike of 
the U.K. Air Traffic Controllers' assistants and simul- 
taneous disruption in Europe. The DAN-AIR fleet 
changes for 1978 should concentrate our activities and 
produce better financial results. In spite of the shipping 
recession, the shipbroking company should continue 
profitable and given satisfactory summer flying in line 
with our budgets, the Group should return to greater 
profitability in 1978. 


Summary of Results 


Turnover 

Operating profit after 
exceptional Items* 

Net interest payable ' 

(1978 receivable) 
Associates 
Profit before tax 
Profit after tax 
Gross dividends per sharet 


1977 

1976 

£’000 

£'000 

100,652 

79,404 

• 937 

1.730 

(183) 

149 

58 

3 

802 

1,882 

338 

850 

11.066p 

I0.06p 


. were cost of strike Elfim less 

&.7m depreciation credit and EOfim spams amortisation credit follow- 
mg review of fleet assets. 


1 1976 adjusted for bonus ia3ue m ig77 of 1 far 10 BhsrW 


Copies of the Annual Report for 1977 may be obtained from the 
{^Company Secretary, 3&-38 New Broad Street, London EC 2 M 1 NH.J 


M 









la: 


-Fiaaiwial -Times.-Wednesday -May-3 -1978 


AMERICAN NEWS 


^ Killing tax cuts would cost 

bill 

met 

h Mu , 


lm. jobs, Schultze warns 


BY JURE* MARTIN, US. EDITOR 


WASHINGTON, May 2, 


A.\ 


r, »fi 


^'R. CHARLES Schultze, Presi- appreciably less than that recoup pulls down inflation very slowly 


■nt Carter's chief economic mended by the President 


and at great cost once inflation 


s ^ ron Sly warned to-day perhaps more imoortantlv Mr bas gotten started,’* be said. 
»'«•••: Hi. " * Will uu/ Miller— toe new^Fed Specifically, he estimated that, 

' X'JUn™? Sa?hJ administrations chairman who appears to be without the tax cats, economic 

f C0U W donning the conservative mantle srovrth would start to taper off 

‘x- SOTSi^ f0r * e wornby his predecessor, Dr! later thas year aad fall to 3 per 

l' econom *- Arthur Borns— has called for the cent-in 1979. Capital investment 

k\! '|. In a speech to the National cuts to be delayed by several personal spending would be 

, ‘ ess Club, the Chairman of the months. If passed by Congress, discouraged, with the inevitable 

' '.'h.tf “uucil of Economic Advisers they would take effect In consequences on eza payment and 


isn.-.i 


d that those who advocated October. 


■ni! f 3pping, reducing or delaying 


even industrial supply bottle- 

To-day, Mr. Schultze agreed With the tax cuts, however, he 

cent per 
this year 
prospects 

5 1 ® 1 excess demand but from inflation in the economy to the Jess ^optimistic^^Dow 011 the Sh ml 
■•■■■ considerable slack fa. the 6}-7 per cent range from the i^ncSKroosed to the WSf 

' !, ' f " Mr, t inomy. Abandon mg the tax 6 oer cent, plus area. This con- dentil all essmSi 

-'..I “might have a small effect stitutes the first pubUc admis- he Lid. ^ m ° * essential, 

’ •’ Miin^ the rate of inflation. But that sion that inflation has got worse. Meanwhile a more a«ere&siv» 
improvement would come However, senior officials have JS Ls 
•.-. >f ; 12K2 ou *“ rt — 1 * million jobs been using privately the higher SeeSi yestSday^to AtSml 

- - •• £&**"■ 0f rOST 0UtPat by 3ate ?h £0r , a J° UpIe Geo®*., by aS2er“dmiS“S 

■■ *. , ‘ l6 - a - of months. Mr. Schultze even ti on official Mr Rarrv Rnwnrih 

'-^purred by inflationary fears, acknowledged that things might head of the CounSf on Wage 

,. l;r . °sr e ss »s at work dismember- get worse before improving later . and pr ice stability said the 

!h *: the tax package , particularly m the year, particularly given government was prepared to sub- 

■ ! .a,, ln ^ 1 aspects. Senior mem- upwards pressure from the poena corporate records as part 

■«! [ of Congress, such as Mr. A1 volatile food sector. of the anti-inflation drive and 

1 ,• .. . ma *}i chairman of the Ways But, he went on, slowing down urged senior company executives 

if.,,’ , 1 cleans Committee, have the economy appreciably was no to accept no more than a 5 per 
^ocaied a net tax reduction solution. " A weak economy cent, pay increase this year. 
•El'tl T 

riiafnj 

\»fi j- 

V ‘ OUR OWN CORRESPONDENT NEW YORK, May 2 

* ‘‘wriia; ~ 

nitl 1 1 1 i >ri , .i* JUNIOR IS XJ2CUTIVE S in toe are highly sensitive about rising Turning to the performance of 
'-t !s ' 11,1 steel industry are warning steel prices which spread through the company which suffered a 

v i iii-ii. Vj, t another increase in steel the economy. 858.7m. loss in the first quarter 

\ » ••mbytes, the third this year, may Already this year, the steel of the year, after earning a 
l*i Mrais-rt needed to offset rising costs, industry has pushed through two return of only 2.7 per cent, on 
i V:*i. tterday, Mr, Edgar Speer, price increases, one of about 5.5 stockholders' equity in 1977, Mr. 


)1 4 • 

v •>: \l- 

• M , 

Hi 1 1.-:, 
u-i-r i 
i K'.., 1 ,.; 


iU.S. steel price rise warning 


•i.i 


lim 
\rt.iu . 
isi<i •« : 
k:»« . 

thi i 
.■ • 
i 

l ■..i.i:- ■ 
U" .»■ * 
Ur t ; 

•; i ;.i;-.» 

. Jr'.- 
:■ 


Wbnlii 

■! < 

-**.*■« ■: 

•s • •• 1 

• v.-- 

R / *‘ 

mr-*- 


..i.. steel company, said that 1. and one of around L5 per cent, market demand for steel would 

Th.-, ess improvements in produc- which came into effect on April 1. lead to a profitable second 
r». ir!y>a t >’ offset cost increases the Most analysts see the industry quarter. In the second half oE 
.i,-;. «pany may need an additional adopting a policy of small but ihe year, the company would earn 
I, i.-i l 20 increase later in the year, frequent price rises to avoid pre- a profit higher than the S34.2m. 
’ m : lr. Speer linked hia remarks senting the Government with a of last year. 

. vr a promise that the company single big rise in a year.' On the' Government’s trigger 


irman of U.S. Steel, toe per cent, bei 


on February Speer predicted that strong 


l do “ everything we can to Even small increases are com- price system for controlling steel 
. ... tribute '* to President Carter’s ing in for Government- monitor- imports, Mr. Speer said that with 
i-ioHationary programme. But ing, and the recent 1.5 per cent imports for the first quarter total- 
c : warnings of future price rise came after the Carter ling 5.7m. tons compared with 
’ teases seem certain to set Administration said that a higher 3.3m. tons a year ago, the 
•; rni bells ringing in Washing- increase proposed by U.S. Steel mechanism had not yet been 
where Government officials of 12 per cent was not justified, effective. 



Mr. Robert Veseo 

Objection to 
citizenship 
for Vesco 

SAN JOSE, May 2. 

SR. RODJUGO CORA 20, (be 
Costa Rican president-elect, 
was due to testify lo-day before 
authorities against a proposal 
to grant Costa Rican citizenship 
to the fugitive U.S. financier 
Hr. Robert Vesco. A spokes- 
man for Sr. Corazo said that 
he plans to enter his objections 
in person — or -through a 
lawyer — at the Civil Registry 
Office in San Jose. 

Costa Rican law requires the 
favourable testimony of at least 
four nationals for a person to 
-acquire citizenship. It also 
allows any Costa Rican to enter 
objections. 

Three servants in Mr. Vesco’s 
household, and a former Presi- 
dent, Sr. Jose Figueres, an old 
friend, have testified in favour 
of the application. The registry 
has a period of eight days to 
study objections before issning 
a resolution. 

Mr. Vesco, who has lived in 
Costa Rica since 1972. Is wanted 
by the U.S. Securities and 
Exchange Commission in con- 
nection with an alleged $224 m. 
embezzlement at Investors 
Overseas Service when Hr. 
Vesco was bead of that mutual 
fund. 

During his election cam- 
paign this year, Sr. Carazo 
promised to have Mr. Vesco 
expelled from Costa Rica after 
he takes office on May 8. 
AP-DJ. 



House committee rules 
jut W. German tank gun 

‘‘ BY OUR OWN CORRESPONDENT WASHINGTON May 2. 

E HOUSE Armed Services 
limit tee has quietly voted to 
ete from the Defence Depart- 
nt budget some SSm. which 
re to be spent on a West 
raran gun for the later models 
the- new TIE. Army tank, the 
, l-l. 

’he vote, which can be 
ersed later, may not make 
eh practical difference to the 
— srarame, but it comes at an 
.nrtunate time, with the Nato 
amit meeting due to take 
:e in Washington later this 
.jlh,. The Carter Administra- 
. has . cited its willingness to 
the German gun as evidence 
. it is. prepared to create a 
•j§>mmon Nato Market ” for 
V ' weapons. 


Sources on the Committee said 
that the money had been with- 
drawn “without prejudice’* 
because staff had not completed 
their study of the gun. They said 
that the money" could easily be- 
put back into the budget at a 
later stage. The Defence Depart- 
ment has begun Intensive lobby- 
ing to try to persuade the com- 
mittee to change its. mind, bnt 
it is unlikely to do so for the 
moment: i 

Mr. Samuel Stratton, the chairs 
man of the committee, has never 
been happy with the German 
gun proposal, and has lent a 
sympathetic ear to senior army 
officers who have _ had private 
reservations about it. 


ruitl^u ! • ; 111 

I In 
fl»w '• 

*iic» 'ii' 


if” 



MEED , 
ANNUAL REVIEW 77 
120 PAGES OF 
VITAL FACTS AND 
FIGURES ON 
MIDDLE EAST 
MARKETS 


yyrYlO 


|W 

iBimMu 1 '’ 
i if ! • 

, f}AN *: ; - 

fit .Vv* 1 "-* : 

t CSK- 1 -' 

» *• 

ix*' ■ 

it% » ;f '; ' 

P ■" tR ****’ ’ 





Canada Tories 
encouraged by 
opinion poll 

The possibility of a summer 
election in Canada began to fade 
in Ottawa yesterday, after the 
publication of the latest Gallup 
Poll results, showing the Pro- 
gressiva Conservatives level with 
the ruling liberal party, with 
41 per cent each of the vote, 
Victor Mackie writes from there. 
MPs, surprised by the poll 
speculated that the election may 
now be hel din the tuhumn, or 
even in the spring of 1979, and 
not in the summer as was widely 
expected. The Progressive Con- 
servative leadership played down 
the implications of the poll. 

Senate farm vote 

The UB. senate yesterday over- 
whelmingly approved increased 
loans for financially pressed 
farmers and higher price sup- 
ports for wheat, AP-PJ reports 
from Washington. The loan legis- 
lation adds S4bn. in loans and 
loan guarantees to existing farm 
loan programmes. 

Mexican official jailed 

Sr. Fausto Cantu Pena, until last 
week the head of the Mexican 
coffee institute, has been formally 
committed to prison, with most of 
his senior staff, our Mexico City 
correspondent writes. In the 
fourth corruption scandal involv- 
ing senior officials from the 1970- 
76 presidency of Sr. Luis 
Echverria, they are accused of de- 
frauding the tax authorities by 
smuggling coffee to the U.S. and 
making some 510m. in the first 
two months of this year alone. 
Support for Sr. Cantu Pena and 
his colleagues has come from un- 
expected quarters, including the 
Communist Parly, because Sr. 
Cantu Mninm that he had been 
denouncing smuggling and tax 
evasion to the authorities for 
more than a year, laying the 
blame at the doors of the 
customs, who come under the 
aegis of the Finance MInistty s It 
was on the basis of a ministry in- 
quiry that Sr. Cantu was arrested 
and Finance officials were cleared. 


The MEED Annual Review '77 is an^rrtial work of 
■lerence for anyone doing business in the Middle East.lt 
.vers all Arab countries plus Afghanistan, Cyprus, Ira , 

" T?- Revfetv &able at £5.00 per copy in UK and 
uro^. $10.00 in the rest of the world 0"£*tage 
fastest route). Order yon copy. 

®S»wasaaa 


nguage. 


i 


Hr 


YOU NEED 

MEED 


MS- 


r — — ! 


i 

i 

i 

i 

i 

i 


MAPCO 
1977 



UP 
THAFS 
GROWTH. 


I In the past five years, MAPCO 
* dividends have grown from 27 t 

I in 1972 10 S1.1Q in 1977. it s a 
. pretty impressive growth 

I picture ior any company. But 
if seven more impressive when 

I you take Into account that in 
the same live-year period 

I - MAPCO Invested 9400 million 
in capitaTexpenditure, reduced 

K its debt to equity tatio by six 
healthy percentage palms aid 

I increased Us working capital 
by 550 million. That’s growth! 

_ Interested? Write lor our 
| latest report, it's good reading. 

| *l»mafico i 

* MOOS. Baltimore Aw. ■ 

I Tui&a. Oklahoma 741 19 | 

SYMBOL MOA • NYSE _ 

a MWSEaPSE 9 

1 l 


Treasury starts 
sales of notes 


BY STEWART FLEMING 

AMID GROWING SIGNS that 
the new Si per cent level of 
U.S. prime rates, set last week, 
is spreading from Chase Man- 
hattan Bank to other leading 
U.S. banks, the U.S. Treasury 
began a major refinancing pro- 
gramme to-day- 

The Treasury sale of $4bn. of 
securities is expected to under* 
line the sharp rise in U.S. in- 
terest rates during the past two 
weeks with some analysts pre- 
dicting the Government will 
have to offer investors the 
highest yields for three years to 
attract buyers. 

The first stage of the financ- 
ing, an auction of S2.5bn. 
of ten-year notes, was completed 

this afternoon. It brought inves- 
tors an average rate of return of 
S.29 per cent., considerably 
higher than the 8.25 per cent, 
which had been widely predicted. 
The Treasury received 85.02bn. 
of tenders at yields ranging from 
8.26 to 8.30 per cent. 

The rate of return is the 


NEW YORK, May 2. 

highest on a medium-term (flve- 
to-ten-year maturity) Treasury 
security since August, 1975, when 
the yield on a six-year issue 
reached S.75 per cent. As far as 
ten-year notes are concerned, the 
yield to-day is the highest since 
the second world war. 

To-morrow, toe Treasury will 
sell a further Sliton. of bonds 
maturing in 2000- Investors were 
anticipating a yield of S.45 per 
cent on the sale. The $4bn. pro- 
ceeds will be used to repay 
S5.9bn. of maiming debt, 
reducing outstanding debt by 
$1.9bn. 

Traditionally, an S per cent, 
or more return on U.S. Treasury 
issues has tempted investors to 
transfer funds from savings and 
loan associations to the public 
debt market and has been seen 
as a critical point in a drift to 
higher interest rates because of 
the potentially damaging impact 
of such diversion of funds on 
bouse building and tbe economy. 

There arc fears that there will 


53 


U.S. 

Prime 

Rates 



1975 



1976 1977 1978 


1 

IJH 


U.K. Bank 
Base Rates 

*MAJQflBAWSAT 
(HffERENT RATES 


1977 


l 


U 


1978 


nr. 

10%' 

9* 

9% 

7.*,- 

6\ 


be growing signs of such diver- 
sion of resources now, although 
economists point out that early 
withdrawal penalties on funds in 
savings accounts will stow moves 
by private individuals to with- 
draw funds from savings and 
loan associations — the U.S. 
equivalent of British building 
societies. 

In the wake of last week's 
rise in the commercial bank 
prime tending rate initiated by 
Chase Manhattan Bank, two of 
the largest U.S. banks yesterday 
also raised their prime rate. 
First National Bank of Chicago, 
one of the top 10 U.S. hanks, said 
it was raisins its prime u> SI per 
cent, and Crocker National in 


San Francisco, which ranks in 
the top 15 U.S. banks, made a 
similar announcement. 

Although no other major New 
York banks apart from Marine 

Midland have yet followed Chase, 
these latest moves indicate that 
the higher prime — the rate banks 
nominally charge the;r best 
cu stumers — is spreading. Some 
analysts arc even predicting that 
a further increase to Si per cent, 
cannot lie ruled out. 

Thus. Mr. William Griggs 
Schraders in New York says: 
“The prime rale is already m 
the process of going up S; per 
cent, and it may well move n> 
St per cent, m the nuM few 
weeks." 


Geological problems over storing N-waste 


BY DAVID BEU. 

“CRITICAL geological stumbling 
blocks” muse be removed before 
the U.S. can be sure that per- 
manent underground storage 
sites for its atomic waste are 
safe, the U.S. Geological Survey 
reported lo-day. 

The survey report is bound to 
increase the controversy about 
the safe storage of nuclear waste 
which has been gathering 
momentum here in recent 
months. But survey scientists 
say that, despite obstacles, they 
are confident “that acceptable 
underground repositories for 
radioactive wastes can be 
constructed.” 

. However, the scientists say in 
their report there are five 
critical areas that need much 
further study. In particular, the 


team says more information is 
needed about bow water moves 
around potential storage sites, 
about bow salt beds (in which 
waste might be stored) behave 
geologically over a period of 
time, about whether rock burial 
might be safer and about toe 
environmental effects of nuclear 
waste on surrounding ecological 
formations. 

President Carter, who last year 
recognised that the long-term 
disposal of nuclear waste was 
among the most serious problems 
facing the nuclear industry 
worldwide, originally called on 
toe Department of Energy to 
devise a safe scheme by 19S5. 
But a recent report by the 
Department said that such a 
scheme could not be ready until 


19SS at the earliest. 

Meanwhile Dr. Newell Trask, 
a spokesman for the Geological 
Survey team, said to-day ihat 
“ radioactive wastes from 
nuclear reactors are accumulat- 
ing in temporary storage facili- 
ties across the country. 
Continued expansion of nuclear 
power depends on an acceptable 
solution to the problem or how 
to isolate from the environment 
for Thousands to hundreds of 
thousands or years toe current 
and future wastes that will be 
generated.” 

Concern about waste has been 
a major preoccupation of the 
anti-nuclear demonstrators who 
have now re-grouped and begun 
a series of demonstrations at 
selected sites around the 


WASHINGTON. May 2. 

country. About ISO nnn-vuleM 
protesters were arrested last 
nigh loulside the sates of a re- 
prui-essins plant in Barnwell. 
North Carolina, This facility ha-.- 
nor yet been used and the 
demonstration took place on the 
first anniversary uf tile occupa- 
tion of a nuclear power plant 
eon struct inn site at l’onsmuuih. 
New Hampshire. 


U.S. COMPANY NEWS 

Kennerolt confident of victory- 
in proxy tight; Stock issue 
backed at Chrysler: L'Air 
Liqnide in (leui with Allegheny 
Ludlum — Page 35 


[ 

! 

i 

! 


Regardez FEst 


V.v.V 


Beirut 




Cairo 


Damascus ^ Baghdad 
Amman 


Tehran 


Ku wait 

Sharj 

Dhahran Dubai 

Doha Abu Dhabi 


Jeddah 


Khartoum 


Lookeasfc To the world's fostesf-growing markets. To the oil producers of the Middle Easr. 

Air France gives you up to 61 flights a week to 14 important destinations: Abu Dhabi, Amman, Baghdad, 
Beirut, Cairo, Damascus, Dhahran, Doha, Dubai, Jeddah, Khartoum, Kuwait, Sharjah and Tehran. 

You fly from Boissy/Chories de Gaulle-the world's mostuptodafeairporr. There are excellent connections 
from London and Manchester. 

FlyAir France and you flyin style and comfort. On most of theseroutes, we giveyou the peace and quiet of 
wide-bodied aircraft. And if you're travelling to Baghdad, Beirut, Cairo, Damascus or Jeddan, you'll have The 
pleasure of the incomparable Airbus. 

We're opening several Meridien Hotels in the Middle East. too. Extending our hospitality beyond the 
in-flight service for which we re renowned. The Meridien Hotels or Cairo, Damascus and Sharjah are already open. 
Four more will follow very shorriy: Abu Dhabi, Baghdad, Jeddah and Kuwait. You can even make your Meridien 
Hotel booking at the same rime as you reserve your flight 

Next rime you look east, look ho further than Air France. Our flights and timerabies ore tailored to your 
business needs. 

.Ask your Travel Agenr or Air France for further details. 


AIR FRANCE f// 

The best of France to all the world. 


158 New Bond 5freer. London Wl Reservations 01-499 9511. 

Ticker Office, ond Passenger 5ales Department- 01-499 861 1. UK Head Office and Adminisrrarion 01-566 441 1 

Manchester Reservations 061-832 7851. 



S4YORLD TRADE NEWS 


Financial Times Wednesday Ttfay 3 1978 



New move for action on 
Eximbank over S. Africa 


BY DAVID BELL 


WASHINGTON. May 2. 


THE HOUSE Gankins; Committee Africa the Banking Committee valving European products. 
w<t*d last night to stop the also voted yesterday lo raise the The two orders thai unoear to 
^ nilr-tl States - Export import lending authority of the bank ca^ most CQfl cem are the 
Bank from supporting any U S. from S25bn. to S40bn.. which is Eastern Air Lines purchase of 
nustness activity in South Africa considered by the Adibinistra- 23 Airbus A-300s for Xnuf 
until that country make “sub- lion to h e an essential first step SSOQm. (over £400m 1 and the 
sunt it-c” progress in a dis- in its plan to encourage a far Pan American choice of r«Lnck- 
uuntliny apartheid. fucher level of U.S. exports. heed TriStars with Rolls-Royce 

The vote coincides with a _ The bank has been criticised RB-2H engines with an notion 
senes of demonstrations on m recent weeks for failing to 0n 14 more, worth, in all about 
earn puses around the U.S. at help American exporters suffi- £250nt. 
which students arc demanding cicntly. ' , _ 

itiat umver.xities withdraw their • Honcern is growing in the l*.S. « . • “ cas ®s. details of the 

investment funds from companies alrcrafl jndustrv over European Bn ) inc i n ^ still being worked 
npcrj liny in South Africa. The Government financial support for S 

latest touk place last night at aircraft and enaines bnueht hv ° ein «» guaranteed by the 


GATT discussions bring 
progress on key issues 


BY DAVID BUCHAN 


BRUSSELS; May 2. 


China orders advanced 
French anti-tank missiles 


Columbia University. NWYork! U.S. airlines. ourTerospace^cor- and^the Pan^Am 

when Nniii^ umrianiu #icr-imipd nxniitviiinf un-ica^ .’° erpments and the Pan Am 


when Eome 250 students occupied respondent writes. dBa , 

th.- administration building. Pressure is inereasina on the g n d Euronean banks am^nthnr 

Yesterday's vote by The Bank- u.s. Government to iin Drove , hanks . and other 

ma Cot mm lice has vet lo he direct financial support for P U.S u.k Go^mSbsSo^Sd 

.'Med in the full House and «n aircraft sale, or find some way of Export CrediT cSS 

k , t;s,r , « w “ w ** -«• ««« «•»*• - 

in the Souih African regime. 

If approved by Congress it would 
prohibit Evimhank from support- 
ing anj U.S. exports to other 
bu:me*ses in South Afru-a. 

Thy banl: has already sharply 


Toa buys ‘super’ DC9s 


TOKYO. May 2. 


BY CHARLES SMITH 

relieved i la involvement in Sotilii tiia nuMPSTic liriinm <u a „ „ _ 

Afriei lull IS currently runtime , , “ r , - Airlines, the The new “super' DC-9s were 

V «-xpmiN u-nrih some $20Qm. s ™ . * <fr Japan s two domestic included in the aircraft shopping 
Since JwH it has been prohibited m'riines. has announeed plans to list announced by Toa at the 

from making direei loans to buy five DC-9-S0 aircraft at a end n f March in response to 

Smith African buyers or U.S. total cost or about S80m. The rca uesr« bv thy Tnnmnrt 

bur it has i-nntinued to new DC-Bs. with seating capacity w?“ e f . b * „ "?* Transport 

provide various kinds »>f insur- of t TO. are designed to reinforce ‘‘‘•nistrj. ^ to _ al1 thre f Japanese 
a i »ei* and gua ran lees for U.S. TOA's existing fleet of 


THE EEC Commission has made foreign goods could be proved to 
progress in the GATT trade have caused material damage to 
talks iu Geneva with the Com- American industry. In return, the 

m unity's chief trading partners. “ *SlSlfij5K r ** 
Japan and the U.S.. on safe* rt PP ne ° d export subsidies. 

guards and subsidies. Foreign Sf 

Ministers of tlie nine were told Commissions view that the 
here today Japanese tariff cuts pffer is un- 
is „ „ , ,, - v. satisfactory. The Japanese term 

Wlihe j m ttaferkamp. a 40 per cent cut. but the 
the EEC External Affaire Com- Commission says that is oniy 
missionfir, also said the Com- based on out-of-date tariff levels 

J w SS ote reduction i5 18 P" 

™ • The mmb,nei tradf drtcit ° f 

5.»l fiilSLi rvrf H»e seven-nation European Free 

off” S j?nJ2S d 1 GACT TTa6e Assowatioa fEFTA) grew 
offer n January. from 8 i 05bn _ in 19?6 to Sl25bn 

Indications that the Bonn i a5 j year, .Reuter reports from 
economic summit in July might Geneva. 

^ sanction an outline gp*TA statement said six 

7*™*%*'^ o f rhe member nations saw tbeir 
?r^e^ e news J 3 ?, 111 trade deficits nse last year, 

^h' 1 ? to »■ aCCe nl.wt * hH * Finiaod turued a $tbn. 
pnnciple that action against d e fl C jt j n 1975 j nt0 a surp j us 0 f 
imports should be made more S5<i m i ast VMr 
selective and flexible. Import Th g «tatemer 

curbs under GATT Article 19 f the corab5ned EFTA deficit ! the 

counter be made 3S al -Sll^hr,. relate n trade | 

countries. WJtb ^ n ine-national European! 


HONG KONG. May x 


CHINA. WHICH is seeking to His remarks were reported in range anti-tank missiles wipt 
modernise its armed forces, has Mainichi Shim bun in Japan and with the sborter-range Mila 
placed its first order for sophisti- a Chinese translation was carried t hc Chinese are known to hJ 
caiea weapons from the West. j n T a Rung Fao. Hong Hone's been interested in acquiring t 
the Asian Wail Street Journal Communist newspaper. The Hot missile is far superior 
reported. • article's appearance In Ta Kuog anything in the Chinese arsen 

wu Hsiu-Chuan. deputy ehteF p a o is taken as confirmation of r L, inM£l .. . 

of general staff of the Chinese ^accuracy The Chinese made it C lf 

People's Liberation Army, tell- ® ccurac> ' . move than a year ago that th 

ins military affairs specialists of The account said Wu disclosed were interested in big anus m 
China's plans for mi ^ eventual 0131 China ,s . wor S n f on ant, ‘ ceases from the West. Aeqtu 
takeover of Taiwan, said France {afllc nilssiles progress U0I? of weaponry is part of t 

bad agreed to sell China anti* had been unsatisfactory. nation’s drive to modernise 

lank missiles, and related tech- China had boogbt “ a certain century s end, 

oology. number” of French Hot long- Ar-PJ 


Australian surplus talks 


BY JOHN HOFFMANN 


PEKING. May 2. 


is not 


DURING THE first few days of The trade imbalance 
a 10-day visit to- China Mr. Phillip always so great 
Lynch, Australian Minister for However. China's consumption 
I Industry and Commerce, has of Australian raw materials is 
The statement said the hulki^j^ with senior members of almost certain to accelerate and 

trade and industrial t hat will tip the balance even 
more in Australia's favour. 
According to Mr. Li Chiang, budicri lunrmuo iicmu 


Herr Haferkamp also said the Common Market. To counter- ! Minister o£ Foreign Trade. China Kenneth Randall writes from 
U.S. was prepared lo change its act this development, some of ‘.did not ask for an absolute Canberra: Chinese Government 
domestic legislation, so that US. the EFTA countries were taking | balance of trade with Australia, officials have indicated a keen 
countervailing duties would only measures to reduce their trade ' but -there was 3n imbalance and interest in buying big quantities I 
be imposed where ''subsidised” deficits :s * •— — 1 — “ »*•■*** - - — - * -~ J — * — 1 


India in £22m. 
Vietnam rail 
wagons order 


B>y Our Own Correspondent 
NEW DELHI. May 2 


TNDLA WILL export to Vietw 
railway equipment worth R35Q 
l£22m.). A contract was sign 
here between Mr. Sure 
Chandra, executive director 


Norwegian defence deal 


>i i vaii.- D;inl: loans DC-iMls with a sealing 

Apart from iLs action on South of I US. 


BY MICHAEL DONNE. AER05PACE CORRESPONDENT 

airlines for details of their pur-ITHE LLK, is understood to be It is possible, for example, that 


capacity chasing plans over the next year 
or so. 


ICI ethylene plant for U.S. 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


IMPERIAL Chemical Industries Curpus Christ i. Texas. But this one of ICI’s chief strategic 
h:r- tul.en :m important step Jaicsi announcement is the first objectives along with the build* 
li'Mnnl* vsl;ii*lishiiu a irunufac- indication uf the suhs'equent in 
ninnj |iiv<o;n-c in the i.'.S. in manufacturing steps 101 will farm 
.l i.vii-ir-Min peirochfinicals. foliuW when this plant is com- Eur 

Is jin* crummsimned design ami pieic. The ethylene oxide and glycol 

cn •::.■! iv run: *1 udns for j 2(10.000- Ethylene is the most important plant is still to receive final siinc- 
t»ij i r*?>-.-i-yi-: ,r i-thyirnc oxide and base petrochemical and is a tion by the ICI main Board, but 
'■iny.en-- -I yen! plant to be built majnr raw materia) for products this could follow later this year, 
a. .* lox.1.- Mto. ranging from plastics and syn- If the projeci goes ahead. 

ii i Americas is already en- thelic fibres to paints and liquid much of the production would 
-• i::cd iti a joint venture m the deicrgents. have to ue marketed directly, 

i. .S. in build a SkOOin.. 550.000- The establishment of a manu- although ICI already has some 
luiirii 1 — :i-v>.»jr erhyiene plant at faciminc presence in the US. is captive derivative uses 


close to completing a multi- Norway may seek to follow in 
million pound defence deal with wabe of Finland's recent 

f 100 ™- WXJI- Of M U-K; 

spacn guided weapons, including trainer and combat aircraft, 

the Rapier anti-aircraft missile. 'M *?**! « g?*S l ? 

Westland Lynx helicopters and barter deal, whereby the U.K. 
other items. not ® n, Y I 138 agreed to import 

Negotiations have been in pro- £?.°^ e Finnish goods but also help 
press for more than a year, and sell its products in other 

it is hoped that they may be waP '« markets, 
completed by midsummer. The Lynton McLain writes: 


it was up to both sides to do of Australian iron ore and other [ the State-owned Projects a 
something over the long term to minerals, steel and agricultural Equipment Corporation (pgi 
even it out. equipment as part of the new and Mr. Le Quang Tuong, dirt 

Mr. Lynch has secured assur- national seven-year plan to! ‘ L ,r * ' 

ances that China needs to import develop science and technology. 

Australian raw materials, tech- M r _ Lvnch's arrival was at the. 
nical know-how and agricultural right time to capitalise on the] 
produce. adoption of the new programme. 

Until China achieves its Mr. Lynch has been told that 
industrial goals, however. It is the Chinese wanr to make ai 
not likely to be able to offer .*• comprehensive study " of whatl 
Australia goods of equivalent Australia has tq offer in pH 
value. i aspects of the plan. It has been 

In 1977 Australian exports to suggested that purchases of Aus-1 
China were worth £4 13.5m. In tralian iron ore might rise to | 
return Australia bought goods about 7.5m. tonnes a year by 
worth only SULSm. from China. 19S5, a 240 per cent -increase 



Duty warning in dumping probe 

CANBERRA, May 2. 


verier of ‘the items involved night 
spread over a number of years. The Ministry of Defence would 
Recant reports suggesting that nDt con fl rm t b at talks were lab- 
Norwav may be seeking some iog p , ace between Britain and 

fKo d sh f np ffS nf ffv S No > 1l, W* But if submarines are 

the shape of U.K. imports of or( j ere d from Britain they mav 

tfK- ar ThTrtK ^ based on a German design 
firmed in the U.K. The U.K. commissioried by the Nor- 


WX 
rZ 




John Menzies {Holdings! Limited 

John M. Manxes. Chairman 


John Menzies was founded in 1833 as a family business 
and the Menries family are still active in the management 
of the company, which has been publicly quoted since 
1962. 


John Menzies is one of the two largest U.K, distributors 
of newspapers, magazines, books, stationery and 
associated products, and is fast expanding the range of 
goods held in its stores, it operates from approximately 
ninety wholesale depots and more than two hundred 
retail outlets —ranging from city centre department 
stores to station and airport bookstalls throughout 
rhe country. 




1969 

1970 

1971 

1972 



rnmrn 

1976 




roou 

fCOO 

1000 

tww 

rooo 

rooo 

•rooo 

rooo 

rooo 

nwo 

turnover 


50 375 

56.616 

65.229 

6I.CS0 

77.372 

1W.195 

129 441 

144 096 

168,682 

Piofit 












8oti 

K7 

987 

1 -U5 

l.Oift 

2.3^S 

2 «a 

3 039 

3 275 

4,899 


•71* 

7/5 

94‘? 

1 ITT 

l 9.*6 

2.103 

2.118 

2.720 

3.095 

4.739 



1/1 

39’ 

629 

T? 

: na .i 

i :u2 

■?y. 

I 270 

1.430 

2J49 

Pm ordui.lry sh.ire 



■ 








• 1 

’i 1 

.1 J.i 

6 3p 

HI u;. 

TJ7„ 

15 

■: fi. 

ir 2[i 

20 

32.3p 

r.- •■./»! ii. ■ 


1 H-|. 

1 S2p 

: ooi« 


?2o. 

3.z2t > 

' 52i* 

J 23j. 

4 . 70 p 

' • • . i 

• 

7 ii 

3.« 

i ■ 

■j 5 

s ' 


X 

4 7 

8A 

C.iiMirfl nnpiutinl 












i. - 

i*. .. 

•• • 

:• ■■ 

.v? . 


r. y- 

22.0- 

21 U V 

2721% 


• ' : ; v - 


’j.aiu 

- -w 

■ ■•■•J 

9 3T-3 


t;«2 

15.U11 

17,509 



■uan 

ir.ji 

r -7 

09 Fi. 

9r- 



l“l 3p 

2ZL2p 


Nut. 


• • i’mI.-: t . i ".li.iw i Ijir •'uiiiijani.nit e.iU' vi-ar - results th? piolit .ifrcr :.»* caromgsand 

• i i. I'-n. 1 1 . .it.,- f.i.it.’d .ibot*' iifl’.T .1 nulicfiidl charge for corporation !3< a: she 

• >i>: ■ • n i' i n- i.ii.j c«n rj ml ilu ofoiii'.. 


rd.nmj| lo ordin.tr y iJiarcS .iri’ twst-J on !(»*' i luinlior rjl shar./j, Jn 
• .‘Sih J.i! m. ii v IO"Suui ilo no i lakr .k. count ot m*' r*.v»»ni ■:up!;jil<<arion i&miv 


Pnjtif 


Tumo\ r-r 




* -- ■ *fc9v 

--v • r *v*:-'a#i 


TWrj Vp.irt, Results 

S . ■■■• Uli r |( v I ” I PtQli;sl»>l. .1. 

<’•! I’J 7 "!‘J ih.iO rhe v cj>r eniled 28 rl< 

-i :.!.■» I97s.ig.il/IM .1 lignrno: T3 

I- • III .- 1 i. 'll is hm>. rtiMi.'vni an 

i:.- .. f 5 -. 


•v: .»• fc •ii.i.xditi.Hx Geunnl Mm'Ming IviKiorj 

rjniiftri. 20Hi M- n cl i l ?7B. a SoO'cal 

olinion me /casing !(>*■ 

. ..Niprivil c.iimih) of tin* Company fiom 
i ?• COL‘ to f 7. 600.000 ensiling an 

<.!d::ion.il y iffio H-tfi Ordinary Shares of 
--. rri: jnJ I 7 35 9oo rtCvv 9^1 CuiimUfK 1 .* 
Pri-lcnsn. <’ Sh.w»,s u( t’l each. A furiln.f 
• V Jirjr . Rc^lu non .mthonsed capitalisaiion 
•:' r .-.wives ic | mv up hi full 1 .735.1138 

• C.timi'.U'vc Prcierenco Shares of ( 1 ^ach 
,’n I n 943 ~5 l* Ouiinary Slijrcs of 25o each 
r : i.vii in The pMippriion one Preference 
S' - ir-' for i'ui- (our Q/dmarv Slrares. and 
One nen Orriin.irv Share for each Ordinary 


Sh:nrc ne!.i. 

Tli>- F»..u D'vi-J'.nU rhe Ordinary Shores 
for 1378 ShCvyn a.- * ioEn per jlH/rc. which 
v.cniid have Uee- ma.ar-i ic J.37C*p per 
share b-.ljrii ccpitdlisation Tire lotal dividend 
lor rim year, which gives an increase of IQ^a 
over Ijst vea,-. is Ih-J rnaximum the Group rs 

fray iq aav under •;» istinj cr M-ivnon^ and 
.-ingurib JO 2 34S5r share now in <S5.iie 
or *J per share under Uig niigiridl 
i apriaiiMno-i. 


All dr. ismiis of rhe O'-.- rp ha-.“ .'.oniriijiiied to 
ih»s cAi'Ciletii priori: igore. Vv'holriAjle 
Mi now iw.nrr.Jol f r, j:rt a v.viiconvo tJuovancv 
in iieriO'l'Cijl ar:d -r.aga i ine sales, while our 
teioil s«ilcs increase O'it::6r(ormed the market 
S*f !i>r Results* for :-!•- ir/sj “igh* •.v^e'-sof ilia 
Otnr.ni IniaiYOMl vta' a/ - o«'- budge: for 
swiwb and ptofn !'e?or-: uu. ;md indicate 
a turinei incr*?aso 'n r* for die vear. 


■ii 1 — .miu i 




• dl II i~ auiiii.ll r.It.nolu lu ! 

.-i.-j./vu-r- -!■■! Sr .-; . : 


-ti u! 2 ) ‘-unv^- s.-i- •/! m.»i-uic;! j. CJr*. f.Ui i373.il IZ 1 Sa.i 



aerospace industry, however. 


CUSTOMS automotive oil . filters from 
authorities investigating dump- Thailand and paper and paper- 
allegations have warned board products from Sweden. 


ing 


importers that continued dealing 


Finland and Canada. 


The GovernqmeiU’s temporary 


in the goods concerned might assistance authority has also 
involve them in restrospective been asked for an emergency 
penally duties. report on imports of certain 

The investigations -involve car types of glass and porcelain 


accepts that offset or “ harter ” 


wegians. 


The British Defence ; hoists tfOVO Bri^in and Japan, electrical insulators. 


tor general of the Vletns 
national machinery- impnrt-expt 
corporation. Machine Import 

It one of the biggest sin; 
orders for railway equipme 
placed in India and indicat 
international acceptance of |i 
quality and competitiveness 
Indian rolling stock. Mr. Sure 
Chandra said. 

Under the contract. PEC w 
supply Vietnam Railways wi 
980 wagons. 50 passenger coach 
about 1.000 bogies for coach 
and wagons, and spare parts. Ti 
rolling stock will be special 
designed and constructed f 
Vietna m Railways, which uses 
metre gauge. 

Vietnam wilt finance the pi 
chase of the railway equipme 
from the R300m. coramerei 
credit extended by the Indium 
Development Bank of India ai 
RiOOm. bilateral credit from tl 
Indian Government. The agre 
ment for »he credit was cm 
pleted during the Vietnarae 
Prime Minister's visit lo lnd 
last March. 


deals are now becoming a fact ^ ^ 
of life in winning major sales ably handle lhe sale ' 
of airrrjft and guided weapons. Vickers, now part of British 
and while it would always prefer Shipbuilders, has had no direct 
cash deals, it is ready to discuss contact with the Norwegians. Its 
barter deals if this proves to he latest dealings with Norway were 
the only way of securing a con- a joint design exercise for an 
tract. advanced coastguard vessel. 


Swedish pulp outlook 


BY WILLIAM DULLFORCE 


STOCKHOLM. May 2. 


THE SWEDISH pulp makers 
have cut hack iheir expansion 
plans Tor this year and next but 
over Ihe five-year period to 1983 
total capacity is expected to grow 
from ll.5m. tonnes to 12.5m. 
tonnes. 

This will not increase the 
chemical pulp available to out- 
side customers (the so-called 
market pulp), as the extra capa- 
city will be used to expand the 
Swedish mills* own integrated 
paper and hoard output. These 


an 



WASHINGTON, D.C. 

A Renaissance of 
Qraciousness ” 


A luxury hnwi in the sreat 
European trajitiuii. Ekyant, quiet, 
uurultlcJ— never a convention. 



THE MADISON 

tl <J-/"n»'I.V* l ,-rritt JJJri-s 
I fill i MStrcrii I N'fc AV.nlimgion, D.C.200uJ 
Telex *i 4245 
Or sec yuur travel a?cnt 
plitt J .iti P. i.i.’i'iir, Prvpnctjr 



conclusions cap be drawn from 
survey by the Swedish Pulp and 
Paper Association, reported in its 
April bulletin. 

The survey ateo indicates 
expansion of Swedish paper and 
board production by 1.3m 
S-3m. tonnes by 1983. This gives 
an annual rate of increase of 3.5 
per cent., roughly in Une with 
the FAQ forecast of annual 
world, consumption growth of 3 
per cent, between 1975 and 1990 
it is. however, higher than the 
3 per cent growth in paper and 
board consumption forecast for 
Western Europe, the Swedes 
main -market. 


Saudi project choice 

Ralph iVL Parsons Co. has won 
contract, believed to be worth 
SlObn., for exclusive manage 
ment services in a big industrial 
complex at Yanbu. Saudi Arabia 
Reuter reports from Pasadena. 


Steyr-Sears contract 

Steyr-Daimler-Fucb is to supply 
Sears Robuck with moped motors 
for assembly from 1979 by bicycle 
producer Murray Ohio and sub- 
sequent sale by the U.S. retailer. 
Reuter reports from Vienna. 


W. Bank cement plant 

THE FRENCH company Fives 
Uail Babcock has no intention of 
investing in a cement plant 
the West Bank, as reported 
the Financial Times on April 21 
The company said it did not plan 
any involvement in such 
project. 


TOTAL OIL MARINE LIMITED 


.4 British comjtan ji incorporated as n Limited Compann on 
July S, 1964 and registered under the No. 8J19O0 cm the British 
Register of Companies 


Head Office: Berkeley Square House, Berkeley Square 
London Wix 6LT, United Kingdom 


f25.00u.000 Sterling 
Wo Sterling Foreign Currency Notes 
due December 1. 1984 
Guaranteed by 

COAIPAGNIE FRANCAISE DES PETROLES 
General Meeting of Noteholders 


Notice of Meeting 


Tite General Meeting of holders of &i u ,\ 
1977-1>JS4 £1,(100 Total Oil Marine Limited sterling 
foreign currency notes, issued in December 1977, 
shall be held on Thursday Mav 25, 1978,. at U a.m. 
in the offices of Banque de Paris et des Pays-Bas. 
33 Throgmorton Street, London EC2N 2BA, to 
discuss and approve the subjects on the following 
agenda: 

AGENDA 

— Appointment of noteholders’ representatives: 

— Determination of their powers and their 
remuneration. 

All holders of 1977-I9S4 notes mav attend 
or be represented by an alternate of their choice at 
this Meeting: nevertheless lo exercise their rights, 
they are required to deposit their securities five days 
prior to the scheduled date of the Meeting with. the 
Banks and the Financial Institutions having 
participated in the issue of these notes. 

Invitation cards for admission to the Meeting as 
well as proxies for noteholders to be represented bv 
an alternate will be issued by these Banks and 
the Financial Institutions to such noteholders as 
shall request them. 

THE. BOARD OF DIRECTORS 



Rand Mines Properties nup 
Limited lvmrj 


(Incorporated itt the Republic of South Africa) 
A Member of the Barlow Baud Group 


INTERIM REPORT TO SHAREHOLDERS FOR THE SLY MONTHS ENDED 

31 MARCH 1978 

Consolidated ProHr 

The unaudited consolidated results of Rand Mines Properties Limited and its 
subsidiaries for the six months ended 31 March, 1978, together with the results lor 

thd camo iiarinri Vacr i:a m w n nrf tha -■ r ■ it i tnrl riwnlte fn » frits* i-no >- anrinrf Coidnm kc. r TUT? 


the same period last year and the audited results for the year ended 30 September 1977 
are: 


Turnover* R9 734 QUO 


Profit before Taxation R1 535 000 

Taxation R 1X5 000 


Profit after taxation R1 440 000 

Profit attributable to outside shareholders 
in subsidiaries R (12 000) 


Consolidated Profit after taxation Rl 452 000 


Dividends declared and paid 

Number of shares upon which earnings per 

share are based 12 403 000 

Earnings per share based on consolidated 

profit aFter taxation 11.7 cents 

Dividend per share 

* Turnover includes revenue from property sales, limited where applicable to the 
proportion of sales received In cash from which profits have been taken, rentals, sales 
of gold, farm crops, timber and other trading operations. 

Profit before taxation includes: 


Six months 
ended 

31 March 
1978 

Six months 
ended 

31 March 
1B77 

Year ended 
30 September 
1977 

K9 754 QUO 

KI1&29 000 

K20 956 U00 

«1 535 000 

R 115 000 

R 2221000 

R 327 000 

R 3 316 GOO 

R 138000 

HI 440 000 

R 1394 000 

R 31*23000 

R (12 000) 

R (6000) 

R 5 GQ0 

Rl 452 000 

R 1900000 

R 3123000 

Nil 

Nil 

R 1736 000 

12 403 000 

12403 000 

12 403 000 

11.7 cents 
Nil 

15J3 cents 
Nil 

25.2 cents 
14 cents 



Six months 
ended 

Six months 
ended 

Vcar ended 


31 March 

31 March 

30 September 


lyra 

1977 

1977 

fa) Profit from disposal of property (Note 1) 

Rl 823 000 

R 1825 000 

R 2 898 000 

(b) Profit/ 1 lass 1 from timber* and other 
Thesens’ operations 

R (65 000) 

R 150 000 

R 501 000 

(c) Proflt/floss) from mining operations 
comprising: iNote 2) 

Working profit/Classi and realisation of 
surplus items 

R (116 000) 

R 135 000 

R 132000 

Provision for mine closure costs 

R Nil 

R — 

R (310 000) 

Provision for dump vegetation, water 
pollution and compassionate grants to 
mine employees 

R Nil 

R — 

R (296 000) 

State assistance receivable 

R Nil 

R (7 000) 

R (7000) 

Provision for sands dump experimental 
work 

R Nil 

R — 

R (102 000) 

Mining prodt/lloss) 

R (116000) 

R 128000 

R 1583 000) 


NOTES; 

1. Profit from the sale of property does not occur in a regular pattern. The profits 


— -- — r. -i- — •• — — ”**■» -it a tifuiai J,-u< lei II. I lit 1 pr'Jms 

earned during the six months ended 31 March I97S include income in respect of a 

major land Sale and •» n»f.nnrtinn nr an 


a proportion of an expropriation settlement 
z. (a) The underground mining operation* on City Deep Limited, Crown Mines 
Limited and Consolidated Main Reef Mines and Estate Untiled have been 
suspended. Clean up and closure activities are in progress, 
fbt Experimental work on the retreatmenr of sand dumps is proceeding.. 
Capiral Commitments: 

The commitments for capital expenditure at 31 March 1978 amount to R365 000 
0977: R730 000). 


Dividend: .. 

It is the policy of the company to declare one dividend in November each year. 

For and on behalf of the board- 

WHS I Bireiion. 

Registered Office; *■ * 

Off Main Reef Road, * ' : 

Crown Mines, 

Johannesburg 2093, ■■ 

South Africa. 

iftajilSTS 













■<v. 





feiancial Times Wednesday May 3 1978 


HOME NEWS 


I es Concrete 
artels 
~ ' save 
noney’ 

• ' •, Michael Cassell, 

'Iding Correspondent 1 

SYSTEM of informal 
ng agreements between com- 
* . , 5s in the ready-mixed 

llUsl'i U rele s®** 01 had provided 

\ iljfraers with considerable 

^ss. Ready Mixed Concrete, 
6 *ul|H , of industry’s major sup- 
. t f;S. claimed yesterday. ' 

” laments operated by 

v&al of the' company's 
Ry a... o*, , dpal XJ-K 1 subsidiaries, along 
those of other suppliers, 
■* placed on the register of 
ii. ictive practices last year 
. investigations by the Office 
Fair Trading. The con- 
. ratal arrangements have now 

halted. 

»• * : Ready Mixed Concrete's 

j-.ii i. L -al report, published yester- 

:si i Mr. J ohn Camden, chairman, 

that after a period of con- 


')• •- . 

tl expansion up until 1973, 


ready-mixed sector faced a 

II 1 

1 and substantial fall in 

,J.’I 

•• md because of the construo- 


industry recession. 

ll»*- ... 

• Ve consider tbe advantages 

lain 

' ling to the customer from 

Ml: >• 

' • ''arrangements may well have 

* 1 .. 

• considerable in recent years. 

?. fi'-. : ■ 

• made it possible to plan 

i ; \ 

. .. t-term capacity and contain 

v. 

and also to retain 

•if’ . c 

( • • • bility. 

•if •*. ■ 

. ... rbe retention of valued em~ , 

.ifr?, 

, , ■ ees would have become 1 


. ; difficult as the recession | 


• r-lfi 

V 1 

• • r 

».• », 

.1 


ened if the arrangements 
not operated.’’ The com- 
' appreciated it was becom- 
nore difficult in the current 
' e market situation to prove 
the arrangements were in 
' public interest 

. a result the company had 
- opposed orders made by the 
. rictive Practices Court to 
ent the arrangements from 
S continued, although it re- 
led in a very strong position 
— jmpete successfully. - 
ilrman’s statement. Page 32 


ties 


■\ :■ 




'!-■ 


i i ! ; ■- 
V. V. 

r 

h » >■ 


’roperty group 
ells Hamburg 
ity project 1 


John Brennan, 
perty Correspondent 


TTAL and Counties 
oerty Company has finally 
itself of the last of its major 
tinentai property develop- 
t schemes, the £21m. Ham- 
l city centre project 
'• '• ie development which never 
•ressed beyond fee planning 
e. has now been sold to the 
nan insurance group Allianz 
snsversicherungs AG, 

igart, for DM-26m. (CT.lm.) 

ipital and Counties wrote 
n the book value of this pro* 
i site close to its sale price 
wing part repayment of 
. -ds Bank International 
■ges on the scheme last year. 
... — r. ft A. Moorman, an execu- 
direclor of the group, said 
erday that “we are very 
. - sed to have sold fee scheme, 
2 h is far too large for us In 
new smaller shape.” 
be Hamburg site, acquired 
- >- in 1973, formed part of 
ital and Counties’ explosive 
._-?lopnien4 expansion, which 
a dramatic reversal with 
property market crash, 
a pita! and Counties shares 
c unchanged at 46p on news 
he Ham burs sale. 


*ost Office to 
xtend circular 
leliveries 

y John Uoyd 

3 POST OFFICE will extend 
r-to-door deliveries of un- 
ressed circulars along with 
regular postal deliveries. 

he service — known as the 
isehold Delivery Service— 
. introduced on a limited scale 
ly last year. It is available 
a number of bead post office 
as, and it is intended to ex- 
d it country-wide in the next 
• months. 

'he deliveries will include 
us such as leaflets advertising 
cial offers, charities’ rfreu- 
5 and local authority inform- 

>n. 

.'he cost per item for local 
ivory will be ip, and for 
iona'l delivery 2|p- 


Texas Eastern plans 
£165m. N. Sea stake 

BY RAY DAFTER, ENERGY CORRESPONDENT 

TEXAS EASTERN, a U.S. group, which has already reasonable we will continue to 
energy group with a stake in invested SSQOm. in fee North Sea, play our part After aU, our 

several U.K. oil and gas fields, could soon be involved in the business is already heavily 

is planning to invest more than exploitation of further oil regulated in the U.S. and dealing 
S300m. (about £165m.) in North reserves. Development decisions with Governments and Govern- 
Sea activities over the next five for fee Amoco group's North meat agencies is nothing new.” 
y*® 15, West Hutton Field and fee The company, whose revenues 

Dr. George Kirby, chairman Amoco/Conoco groups* nearby exceeded S2bn. last year is 

gj ***? H ““P n FieW cou “ ** ****“ Song the Amoco group which 

the investment could be much within the next six to nine i fl expected to sign State partici- 
higher if fee company succeeded months. nation terms with the Govern- 

5* JSS2SP* , outsMe The two fields might use a ^ent and the oU corporation 

the oil- and gas-producing sec- joint oil transportation system, week 

riS , rm e Te d^ e ^n? E2 5 X' ®i th ?F 811 bfEshore loading unit or The corporation is expected 

So"I £ZE2P %,J2S £? Pipehne ' to »• 6™*** the right to buy 

osnore services industry, for £xp loitati(m of the Statfjord a large share of the oil pro- 

Zhe North Sea represents the and Murchison fields, in which duced from the Montrose Field, 
company's fastest-erowing oil- company has minority jf th e deal is signed the 

producing region and, as a re- interests was also proceeding, partners in the venture— Amoco, 
suit, the group is now seeking ? r - ^ b - v a<Jded : Amerada Hess, British Gas Cor- 

to raise its activities in the UK. development of tneMobii Group s poration and Texas Eastern — 
To-day the directors will hold Beryl structure was also wfli have a good chance of being 

a regular Board meeting in being studied. awarded new exploration areas 

London^ the first time that such Dr. Kirby avoided* being under the sixth round of 
a meeting has been convened drawn into the controversy, licences. 

outside North America. - generated by other US. oil exe- The proposed conditions for 

The company has varying cutives, over the growing role these new licences are expected 

interests in southern gas fields as of the British National Oil Cor- w be unveiled by the Energy 

well as oil discoveries 1 In the poration. Department next week, 

northern waters of the North Sea. “ We want to Invest more The Amoco group failed to 

Its share of production from the money. We have ben here 15 obtain any licences under tbe 

Montrose and Beryl Fields years and this has been of great fifth round of allocations, largely 
amounted to 16,100 barrels last value to us,” he told Che Finan- because of its opposition to 
year. cial Times- ' voluntary State participation 

Dr. Kirby indicated that fee “If regulations in future are arrangements. 

Security printers rejected job 
‘because of Arab boycott’ 

BY MAURICE SAMUELSON 

BRADBURY WILKINSON, the Lord Mancroft said such cases the Norwich since, although he 
security printing company, re- were quite frequent and deci- had continued to insure whh 
fused to print an issue of Euro- sions were often made without them. He refused to discuss 
bonds for an Israeli bank because examining other alternatives. his feelings about the episode, 
of the Arab boycott. Lord Man- Bank Leumi U.K. bad lost the which caused widespread political 
croft said yesterday in evidence account of a customer which controversy at the time, 
to the Lords select committee had been taken over by a large Lord Mancroft sai Uhe had been 
studying the Foreign Boycotts public company which was personally harmed much more by 
Rill. strongly involved in Middle East the subsequent withdrawal of an 

The BUI. modeUed on recent 

legislation in the UR^ aims to The extent to which some the London Oiamber of Corn- 
protect British companies which banks accommodated themselves 211 succession to the late 

encounter boycott pressures. One to tbe boycott was exemplified Lord veruiam. 
of its provisions would oblige by a recent circular from 
companies to report receipt of Standard Chartered Bank, 
all boycott questionaires to the According to Lord Mancroft it 
Government, which would com- instructed its banking corres- 
pile a register. pondent of ways in which they 

The former Conservative could effectively handle letters 
Minister read a statement on °f credit which complied wife 
behalf of the Bank Leumi the boycott in a manner which 
(UJC). of which he is a diector. did not infringe the new 
It said when fee bank's Israeli American regulations, 
parent group made an Issue of These cases seemed to under- 
Eurobonds in 1976 Bradbury i irte need f or effective legis- 
lation, he told , the committee, 
which is under fee chairmanship 
of Lord Redcliffe-Maud. 

Earlier Lord Mancroft recalled 


Brewers 

‘will 

increase 

choice’ 

By David Churchill 

THE MAJOR brewers 'last night 
agreed to review over the nest 
six months the extent of local 
monopolies and to Take steps to 
increase competition. 

The agreement came after talks 
between fee Brewers Society and 
Mr. Roy Hattersley, Prices Secre- 
tary. As expected, the brewers 
also agreed to freeze beer prices 
at least until early next year. 
This followed the example set 
last week by fee two main 
brewers, Bass Charrington and 
Allied Breweries, to impose a 
voluntary price freeze. 

The agreement to improve 
competition follows a recent 
Price Commission report which 
highlighted the barriers to 
competition in some areas caused 
by brewers' monopoly of public 
houses. 

But the t Brewers Society 
pointed out after last night's 
meeting that the number of 
brewery-owned public houses is 
declining as a proportion of 
licensed outlets and that this 
trend was accelerating. 

It also said that competition 
between public houses was basi- 
cally between tbe package of 
amenity and drink which each 
outlet offered. "This competition 
is effective and keeps prices 
down.” 

Following fee results of fee 
brewers' survey of local mono- 
polies. it is likely that breweries 
will arrange to swap public 
houses in certain areas to 
improve competition. 

The brewers had also agreed 
to see how draught ales could 
be exchanged in some areas 
where the tied houses system 
operated. 

The future efficiency of fee 
industry would be aided by a 
study of both past and planned 
investment, undertaken by the 
brewing working group on the 
food and drink manufacturing 
I industry economic development 
■ council.. 


Three of London 
docks may close 

BY LYNTON McLAIN. INDUSTRIAL STAFF 

COMPLETE CLOSURE of the fee port competitive. The possi- 
Millwall, India and Royal group bility of cash from the Govern- 
or docks on the Thames is one of meat has already been consi ti- 
the options In a new five-year ered and Mr. William Rodgers, 
plan prepared by the Port of Transport Secretary is giving 
London Authority to cut mount- the matter “urgent considers- 
lug financial losses and prepare tion." 

the way for increased specialisa- The department said he recog- 
tion at Tilbury. nised the seriousness of the posi- 

Some of the options are in a tion. He bad had several rneet- 
discussion document on the ings with Mr. John Cuckney, 
future of the docklands to be chairman of the authority, 
published on Friday wife the Increased productivity at the 
1977 annual report, which is ex- fBOm. Tilbury container terminal 
pected to show a loss of £6m. downriver of the threatened 
and a further drain on the finan- docks helped boost tbe cargo 
eiai reserves of fee authority, bandied last year by 25m. tonnes 
continuing the fall from £50m. to 51m. tonnes, 
to £19m. in 1976. But the older docks arc now 

Full details of the five year seriously under-used. Only half 
plan will remain confidential, fee 28 berths ai the India and 
The full plan contains coramer- MillwsH complex are Operational 
daily sensitive costed options in- and at fee Royal group only 14 
eluding fee possibility of build- out of 49 are in use. 
ing major new terminals down ‘‘Very important decisions 
river. have got to be made very 

Tho authority says it has no quickly," the authority said last 
spare cash to' finance any of night. "These will not be 
these changes, needed to keen popular.” 

EEC will encourage steel 
making from scrap metal 

BY ROY HODSON 

THE EUROPEAN Economic believe it is in the interest of 
Community will encourage the the Community to keep scrap 
expansion of steel making by the steel circulating in use in the 
electric arc process based on Nine. 

scrap steel, although all other Tbe British scrap industry had 
forms of steelmaking will be virtually a general licence from 
pegged at present levels by fee the Government since last year 
Davignon Plan. to export scrap to third nations. 

Tbe purpose of fee plan is to Nearly 800,000 tonnes of 
maintain orderly markets for British scrap have been sold to 
steel in Europe. Spain in fee past year. Total 

Viscount Etienne Davignon, exports are running at L3n. 
fee European Industrial Comm is- tonnes a year, 
sioner, has fee backing of fee The price of good British steel 
other European Commissioners scrap has risen from £25-£28 a 
for his two-part programme, tonne to £3 £h£ 4D a tonne in 
which will protect the European recent weeks assisted by the 
market from low-priced imports willingness of British Steel and 
of steel, and monitor tbe EEC fee private sector companies to 
steel industry to prevent pay higher prices, 
unnecessary growth in steel- British Steel has decided to 
making capacity in fee next few boost its biggest scrap-based 
years. steel-making plant — the .electric 

An exception is being made in arc Spear furnaces at Rotherham 
fee case of electric arc steel- — by equipping it wife a new 
making because EEC officials continuous casting unit 


.7 


De Beers 
wins back 
gem sales 
control 

By Paul CheKcright 

A SIGNAL that the De Beers 
Central Selling Organisation had 
won back control of the world 
rough gem diamond market came 
yesterday when clients at one of 
its 10 sales a year in London 
were offered a larger volume of 
stones. 

Some estimates put fee stones 
offered at IS per cent, above the 
abnormally low volume of gems 
pushed on to fee market at the 
April sale. 

De Beers merely confirmed 
that more stones were on offer: 
“We are back to normal." it said. 
The company has a near mono- 
poly on world sales of rough 
stones. 

Bui all stones are subject to 
a 25 per cent, surcharge on tbe 
list price established in Decem- 
ber. At fee April sale the sur- 
charge was 40 per cent., as De 
Beers sought to curb speculative 
trading. 

Until early April the inter- 
national rouch stone market had 
been distorted by the hoarding 
of stones- and the payment of 
premiums on the open market 
running at a level often 50 per 
cent, above the Central Selling 
Organisation price. The hoard- 
ing. centred on Israel, has now 
stopped and some stones are 
coming back into circulation. 

Regular 

The reduction of the surcharge 
and fee increased volume of 
stones available to tbe 300 
clients who attend the De Beers 
sales indicate that the flow- of 
diamonds from the mines 
through fee processing industry 
to fee jewellers is becoming 
more regular. 

' But manufacturers from Ant- 
werp, the world's largest dia- 
mond manufacturing centre, said 
that the offering at the present 
sale was by no means large and 
saw no reason to change their 
earlier calculations that fee sell- 
ing organisation is in fact short 
of stones to satisfy the market. 


Wilkinson refused to do fee 
printihg. “We, had the securi- 
ties printed: by > a Dutch firm 
more cheaply.’" . 

Mr. J. Held, managing director 


of Bradbury WilWisoh, denied b ™ J® h ?l 
fee allegation. “We did not as aLopdon director of fee 
turn down any business with fee 

Bank Leumi because of fee Arab J*s m 1863 afte ir complaints by 
boycott If fee bank reached this Af ab boycott office > -about Ms 

conclusion, it was a misunder simultaneous directorship of fee 
standine ” Great Universal Stores, whose 

Mr. Zvi Schloss. another Bank chairman. Sir Isaac Woifson, was 
Leumi director, said fee bank a benefactor of Israel, 
learned of the printer's refusal Lord Mancroft explained that 
after arrangements for the print- he had been chairman only of 
ing had already been made. No fee Norwich's London directors 
reasons were given for fee -a “small minnow” compared 
refusal and fee bank was left wife a directorship on fee parent 
to understand that it was because Board in Norwich. p»ere bad 
of fee Arab boycott been allegations that he had in- 

The case was one of a num- curred Arab displeasure partly 
ber mentioned to fee select cow- because be was Jewish. He had 
mittee as an example oF British been “astonished”, however, 
companies which avoided poten- when Arab officials assured him 
tial. conflict with fee Arab boy- feat they had not known of his 
cott by having no Israeli business religious affiliation. ... 
relations. He fa *d never been back to 


Foreign-based 
funds benefit 
pensions 

FAR EASTERN and European- 
based funds have shown fee best 
investment equity performance 
so far this year for pension 
schemes according to figures 
published by Harris Grabam and 
Partners, a leading pension con- 
sulting firm, covering fee first 
quarter of fee year. 

The best equity fund was 
Japan Exempt Fund, managed 
by Edinburgh Fund Managers, 
which improved by 48 per cent. 
London Continental, the Euro- 
pean-based fund managed hy 
Drayton Montagu Trust manag- 
ers. increased by 7.6 per cent 
But overall, equity funds 
showed an average loss of la 
per cent, in the first quarter of 
this year, compared wife a fail 
of 2.9 per cent in fee FT- 
Actuaries AH Share index. Out 
of 52 funds analysed, only so 
showed a positive return over 
the period. 

The best fond investing 
primarily In fee UJL was 
TVndall Exempt with a rise of 
2.6 per cent. But this fund 
holds a pari of its portfolio over- 
seas. and it has been this over- 
seas portion feat has enabled 
many funds to show a positive 
return. 1 ' 



■*$$1 — , 

■ 3 jMSf-SStodr wr lira an, every day ami 

PI f?S'iiuT^WlS’ it ’ Mp r «=i> ra ~and 

women, loo. Please will you help us to do more . We 
must not let our soldiers down. 

The Army Benevolent Fund 

Dept. FT, Duke of York s HQ, London SW3 m __ 




Police may 
probe home 
loan society 

By Michael Cassell, 

Building Correspondent 

POLICE INQUIRIES are ex- 
pected after disclosure of a 
£46,000 discrepancy in the 

accounts of Charley Permanent 
Benefit Building Society. 

Tbe deficiency was revealed 
during fee preparation of year- 
end accounts. 

The society has assets of £ Inl- 
and has emphasised that the defi- 
ciency was fully covered by 
r serves- The Board has decided 
to seek a merger wafe thB Brad 
ford and Bingley Building 
Society, which has assets of 
£900m. and a particularly high 
asset ratio of 428 per cent. 

The Bradford and Bingley said 
lari night feat dHsensaons in- 
volving a transfer of engage- 
ments from Chcriey Permanent 
had started about six weeks ago. 
When fee deficiency was brought 
to tight by .fee Cborley's audi- 
tors, fee chief registrar of 
friendly societies was told and 
he asked fee Bradford and 
Bingley to take charge of fee 
matter. The police had ex- 
pressed a wish to make inquiries 
when the final accounts were 
available- • 

• The Bradford and Bingley 
said it hoped fee transfer of 
engagements would be com- 
pleted by the end of next month 
and full details of proposals 
would be made available to 
Ghorley members In ' about a 
month's time. 

Tie Ghorley Permanent is not 
a member of the Building 
Societies' Association, which 
said last night feat it had not 
played any direct part in the 
takeover proposals. 

Moves to establish a rescue 
fund for investors hit by build-, 
ing society collapses still are 
being discussed by the associa- 
tion. One of the major dis- 
cussion points is whether or not 
tbe fund would cover non- 
association members, such as 
tbe Charley Permanent, although 
in this case total financial 
failure, ouch as (hat of Grays; 
was not fee central issue. 


The first foreign language you ever learned 
was your own. 

Today, ifs as natural as breathing, hut once, 
you couldn’t speak a word. 

Who taught you? Your mother! 

' How? By imitation, repetition, reward, play 
and encouragement. 

Nature’s way. No records, no headphones, no 
gimmicks. 

One hundred years ago, Maximilian D. 
Berlitz observed people struggling through 
grammar books trying to learn a foreign language 
- and realized how much better they had done 
just listening to mother 

He studied nature’s methods, refined them 
and turned them into a system. 

The Berlitz method has been the most 
successful language tuition system in the world 
ever since. 

Business executives who come to Berlitz 
axe taught person to person by people whose 


native language is used -who take on thefunction 
of the mother in childhood. 

No other language is used. No mental 
translation slows down the process of learning. 
-From the first word they begin to think in the 
new language. 

As international trade has developed, so has 
the Berlitz methodand the scope of its services. 
Translation services have been introduced as 
an aid to business, multi-media teaching methods 
have been developed and ‘Total Immersion’® 
techniques devised to speed up the learning 
process. 

But at Berlitz the basic face to face, person 
to person method has not changed in the hundred 
years of its existence. Because it works! 

If your business career could profit from our 
experience ring one of the numbers bdowfor 
full mformatiorL 

We’ll prove it can work for you as it has for 
every child since the world began. 


Try to think of her 
as your mother 



100 YEARS OF , 

BERLITZ 


Teaching the world 
to speak. 

LONDON 01-486 1931 CROYDON 01-6S62S62 

^Manchester oases 3607 brnbngham 0213434334 

LEEDS 0532 35536/7 EDINBURGH 031-226 2677 




financial Times Wednesday May 3 1978 



HOME NEWS 


Contraction in consumer 
electronics trade urged 


BY MAX WILKINSON 


SUBSTA'.TIAL contraction and consumer electronics industry of the il manufacturers already 
rationalisation or capacity in the have been concluded and should in the U.K. 
consumer electronics industry is help to stabilise markets 

report ZiJs Em p | °y ,ne,,t 

10-day. Snf S *122? S "The working party believed 

The report, from the Elec- GovetS^em will stand £ flrnS? ?■? 


Government will Stand IS firm!*- . K UU,J 13 “' ,U1UU1I ‘ U 
Ironic Consumer Goods Sector as possible behind the industry city unnecessary, but that the 
V/orkins Party of the National demands to contain and cut back Wish men t of this p^ant in 

Economic Development Council, imports in this sector " l H e J;:. ■■ D> ru ™ er aatnn S to 


4ays that further jobs will be 1 1S sector ' competitive pressures, could 

ins. i n short term However, the report adds: "If result in a heavy net loss of jobs 

The unrkin- n-.i-tv liflipves these problems can be overcome, (perhaps as high as 5,000) and 
that ihe induslrv* fixed assets working party believes that also a substantial worsening of 
are currently bein" operated 5 the ■"S"** *««■» t* the sector's balance of trade." 

onk about half their polentia share of Western European mar- The report shows that the in- 
Smacitv potential kets . where it has a 5 jg ni flcant d us try's output was £4JSm. in 

"is y" matter of urcenev the c0St adv aohige. aud attain its 1976, rousbly the same as in 1974 
indusirv s capacity should he of eliminating the but slightly less than the figure 

rationalised by perhaps 20 to 30 {»«"* *“2 Dn *** secTorB . „• 

nor cent " balance of trade. Employment in the industry 

It alio" calls for further curbs ft says tbat its strategic think- fell 30 per cenL from its peak 
..o imSrti of blSSSSd-SSfte in S for the sector has-been of 70.000 in 1973 -to 49.000 In 
television se is and audio equip- handicapped by the . need to 1976. The sector's deficit on the 
i\\ow vw mm devote efforts to resisting the balance of trade fell from £2 19m. 
"aniU a breSlhing space to S- ProP°**l by Hitachi to set up.a in 1973. to £131m. in 1976 . 

CO ver new colour television factory in To improve penetration oF 

the North East. West, European markets from 

Imrmrtc “As a direct consequence the abour 2.2 per cenL in 1975 to a 

iiiifjvH is> working party is not able to planned 4 per cent, by laso. the 

'•There is great concern at demonstrate the degree of pro- industry would urgently need to 

5 less in it" strategy work which slim down to a more competitive 

penetration threatens the viabi- it had anticipated at the end of size. 

ht> of u.K. manufacture of 1376.*' The industry would also need 

monochrome television and audio It opposed Hitachi's plans to keep a brand product range 
products. Inter-industry talks because of the twin problems of including production of mono- 
bo tween the U.K. and Japanese fragmentation and over-capacity chrome television and audio. 



BANK OF ENGLAND’S NEW EVIDENCE TO WILSON COMMITTEE 


Fringe lifeboat ‘wholly 



BY MICHAEL BLANDEN 


THE LIFEBOAT support opera- own supervisory function, the readily and without challenge, between banks and non-banks tions could be solved by r, 

tion for the fringe banka was Bank described the long-estab- hold itself out to be a bank, or encouraged among other points cycling the lost deposits U m 

undertaken in the compelling lished system of supervision be accepted as such, unless it by the ambiguities of section 123 confidence was re-establish* 

interests of maintaining confi- which “rested on a well- was- within the supervisory area recognition but it was common ground th- 

dence. domestic and interna- understood distinction between administered by the Bant" The fringe banks were vulner- do support would be give n * 
tlonal. in the banking system, deposit-taking institutions which The position did change, bow- able the Bank added, because if the position already appear* 


the Bank of England said in new were recognlshed as banks and ever, with the introduction of it became difficult to renew their un viable, 

evidence to the Wilson com- those which were not." section 123 of the 1967 Art. mainly short-term deposits. The Bank's share in the lif 

mittee on the financial inslit u- Together with this form of designed to overcome a problem liquidity problems would arise boat was 10 per cent., and 


tions, recognition, there were two legal inflation io 'exemptions 'from rapidly' TwTfirst "came to' a «°S as a matter of prip^j 

Setting out for the first time categories of banks: those the MonevlendPrs Act. an* ftuintv commercial rates, typical 


the Moneylenders Act. One head in London and County 


its own detailed analysis of the authorised to deal in foreign major difflC ulty with this pro- Securities, 
events leading up to the fnnge exchange: and those allowed vision was that, like section 127, The ii«! 


° per cent over interbai 



for by the banks which gave 
support. And. whatever the ulti- 
mate losses might prove to be. 
“ they will be far less than rhnse 
that would have been sustained 
by the support group and the 
economy at large had the sup- 


FIBST, from November. 197 

regard* 

Tbe Bank SSHui'HT W 

_ m - w«srion of the certificate was such institution." J®? S ftuiSfth? 

THE UEEBOAT proof that the company , cod- The Bank thus found itself Somber Eventual ? r a domEJ? 

Companies receiving support: earned was not subject to the confronted with the imminent slji S iK seTfiii 
1.. A-#- H„» in V. it-.. — -r SUppOri.__ _Ur tliese, 10 vrei 


The 

approved 
degrees 

oort oDerat-inni 'nnt h«»n under- which lb were insumnons wiui creaieu mat toe companies con- escalating crisis or continence, vanced under the lifehn*t~ » 

taken " see*™ 123 certificates and five cerned were recognised by’ the This could Involve external con- S under £400m w 

The Bank’s evidence showed were eiliier authorised banks responsible Government depart- fidence even in the major banks SECOND oha.se- from w 9 «.h . 

that at toVeak V at "e end of % "££* SL ba f, ks ' ?! £2*-* ca "£ n ? *■ **!!** ** d 2*. wa ? *•»•£! DeS P ‘ 1 


Delta confident about 
new Gatwick 


flight 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Newall 
Group 
merged 
with Elliott 


By Michael Cassell 


DELTA Air Lines of the U.S., expect to decide on a new '2D0- 
which started daily nun-siup staler aircraft lale this year, it j 
lights luMiuvn Atlanta (Georgia l was also interested in -he; 
and Gatwick on Atonday. expects smaller 140-pa.ssenger Boeing, 1 THE NEWALL Machine Tool 
In earn prnfits on this new route 757 twin-engined Jet. but a: Group, which was acquired by 
in the next year. decision on this would probably |B. Elliott in July last year for 

Mr. David C. Garrett .Inr.. n of be made until next year. ,£2.4m.. has been merged with 
president of iht* airline, said in Mr. Garrett said Delta was j Elliott’s machine tool manufae- 
Londnn yesterday advance hook- happy to use Gatwick Airport, turing division, 
mas were a I road 1 running at rather than the congested Heal h- ! The newly integrated division 
more than 50 'per ccnl. of row. Delta bad found most of .'will have a combined output of 
capacity. Delta expected to bo * lK P» wengers tended to stay \n £25m. a year and bow has orders 
carrying full loads by mid- Hie U.K. for a few days before worth £15m. on its books- 
cummer Ahum 50 per ceni. of moving on elsewhere, and so i»s A statement from Elliott 
the hookings were businessmen, need for direct connections to , yesterday said that the intake of 
The rest were tourist and cither other cities was comparatively | new orders in recent months had 
leisure traffic. small. 1 been " particularly encouraging " 

The airline intends tu place He was critical of current tares] and JE3m. had been allocated to 
considerable emphasis on uitr act- policies, both on the North 'the new division for further 
inj more business traffic, in view Atlantic and in the U.S. “Some! improvements and additions to 
of Atlanta's booming economy, of them do not have any logic."- its product resources, 
which is closciv involved with Delta was obliged to offer 33i Newall manufactures high 
the oil industry, 'aerospace manu- different fares throughout its [precision grinding machines and 
fariuring. electronics and network, with IS different fares tig borers, widely used m the 
banking. on the North Atlantic. | automotive industries, and has 

Mr. Garrett said Delta was • World Airways of the U.S„ a { established for itself a strong 
siurtyin-4 the new types of jet major charter operator, has P a *Jera of overseas sales, 
airliner being offered bv the hie asked the Civil Aeronautics! The company s products are 
U S. manufacturers— notably ihe Board for approval to run cheao. ! ®s complementao- to 

Bupinq 767 "big twin '' and 777 no-frills scheduled services |*^ e Elliott ran^e and the merger 
tri-jet. the Lockheed Scries 400 between Amsterdam and iJ/w 

version nf the TriSiar, and the US. cities— BalVimore. Chicago. based machine tool and 
MeDnnnell Dousla< DC-X-200. Detroit. Los Angeles. Newark •. cn fi ne ^'i"* ??“**• to «- 
Delta was not studying »h<? I New Jersey 1 and Oafclaid' *“ ;”i '; f l?:i 

F.immean Airbus, oil Iht in its (California 1. Fares would .nT^pmhcr^f ren-’m 

eurn'ni B-2 and B-4 versions. 01 range from S15Q single (to cm" 

in the proni.s-od 2nti.<,.at R-rq morel tu Si'll) (to Lus Angeles : in .^ lu ^. in S a f C iv!i" 
versinn. Us interest wns and Oakland) ! I5 1 ,u Vi 0 ?* 0 £ “ 6 ® 000 frfim lhc 

primarily in U S.-huilt mrcnfl. 9 British Airways yesterday 1 Iv ^ i aU 0r 2“ p ; lt . , 

e'lhoii'jh its ,*vi:eri..-nce with tb- began tlichts on Us new route in T™ . ^1!? i 

Hell-.-Rnyrt* RBl'll engines in if* San Francisco, awarded to it mathin. tool manuracturing divi-, 
n.-ct nr Lockheed Tri Stars n-.d under the recent .Angln-U S. ' ^ b-chaired byMr B. L. 

l"*on so good that it was studying bilateral air talks. BA will tty . Ba,lej * wh ®. , res *f- n ®° 
the posst bill t\ nf RB-Ulis in any daily nnn-^to.n services on the : director of Butler 

new aircraft it hmiqht. route, using Boeing 747 Jumbo , Machtn*- Tool, another su' bsidwrj 

Mr. Garrett said Delta would jets. »*•“ H *» 


were either authorised banks 

that at tts n»u\t at the end nf or section 127 banks. OF these menr as carrying on a nan King ana ~uie prooiem was to avuia v~™ 

1974 the support provided bv 26 companies, 18 are still business, without drawing arteo- a widening circle of collapse Sf^rent tha? 9 ^ oroblem^' 1 
the mlhS* ornu™ totalled iraduiB. either in their ongmal tion to the fact that they were through the contagion of fear." ^ore com pi fcated The col J 

es ‘ of property values and of ti 
gradual 


the lifeboat ‘ «>roup totalled iraa;ui 8t eiiner in tueir onginai non to tne ract tnat tney were through the contagion 

EI.lSbiL. close to tbe £15hn. fonn or after reconstruction or only so recognised for one As a result of their ex- 0 f Dr0Dei 4v values arid' of Ti 
limit which the clearing banks abs ? r PtlM into other com- narrow purpose." perieqees with the ^C^erend gf er ^, ?®oup mad? l“gradual 

were prepared to accept. Further P*n»es. Of this group of 18 The growth of the secondary Gurney crash of 1S66. the nnnarent that the nroblem w 

support undertaken by the Bank JJJWlw. onlyfonr are stiU banks, the Bank pointed out. was Baring cr isis of 1890 and the Jero^lng one o P f “soTveS 

on its own brought the maximum [Nying oa re-cycled funds also encouraged by the general prolonged international crisis of rather than liouiditv 

nverall total of siiDport to ttirouRh the conmil tree s economic background. The tight 1929-33. the Bank, and the world Bank took" on sw, 

£1.28bn. io March. 1975. operation, of which two account credit controls in the late ISfiOs at large, "had come to r\aard obligations and. after the ?r 


The need for this additional jwj 7 Pf ^ vi ded ^ an opportunity ^ for the_ taking of prompt and^^ecj- half of 1974. the amount of m, 


help was short-Kved. however, were eight companies other. institutions to expand in sive action to prevent a spread- por t began to rise sharplv R? 

and the total began to Fall back. « hlch - “wfag been in receipt the leading business, to a point . National Finance Corporatio 

which by the end of the decade and United Dominions 


By now, the Bank reported, out 
standing support provided by the 
group had been reduced to 
almost half its peak level and 
the greater part of the remain- 
ing amount was accounted for by 
two institutions. 

The Bank conceded that “ it 
may well be several years before 
these situations, the various 
liquidations and the realisation 
by the Bank of assets acquired 
as a result of its own support 
operations are worked out." 

It expressed its belief that the 


of support from the committee 
in one Form or other, sub- 
sequently were placed In 
receivership or liquidation. 

Data of plrtlag 
In rccdvorshlp 
or liquidation 

David Samuel Trust May 1974 
Guardian Property . June 1974 
Cannon Street 

Acceptances Sept. 1974 

Triumph Investment Nov. 1974 

First Marvland Jan. 1975 

Burst on Finance ... Feb. 1975 
London and County 
Seeuritfes w Mar. 1975 


Trq 


was appreciably affecting the TOTAL AMOUNT OF LIFEBOAT came to rely heavily on suppo 
effectiveness of the credit control support AT SHARED RISK* funds. 

technique. outstanding at end By August the total supwr" f 


improved supervisory arrange * v3uSS& ’S* o25P«f " ' imWSL 
tneiKs already made and the non. 

planned legislation “ will go far — 

to reduce the risks of major diffi- 


culties arising and will provide banks and the system allowed live unimnortanee 
a satisfactory basis for dealing the establishment and advance- _ f ' 


with any which do occur.” 


The weaknesses ■ 


ment of deposit-takinj 
tions which had yet 
recognition as banks. 


One answer would have been QUARTERS 

to extend the scope of the Bank’s End-quarter 
influence by custom and practice March 1974 
and some moves were made in June 1974 
this way with the larger finance Sepcember 1974 
houses. But “efforts In this dir- December 1974 
ection were resisted in a number March 1975 
of other cases," and the alterna- June 1975 
tive approach was adopted in the September 1975 
1971 competition and credit December 1975 
control policy of removing the March 1976 
restraints on the banks. l 57 * 

“The expectation was that, September 1976 
perhaps not immediately but In December 1976 
a short while, the fringe would Marc h 1977 
contract to a level of compare- ! une 1 

- September 1977' 

December 1977 


help 


committed approached £L2br 
£m. alwut 40 per cent, of the esi 
390J mated aggregate capital & D 

443.4 reserves of the clearing banks- 1 
994 J hod they decided that they won] 

U8U go no further. 

1,173.4 The Bank's decision to unde 
l ( 14g_5 take risks on Us own was w 
949.9 ditioned partly by growing into 

91 3.5 national worries, with the He 

876.1 collapse, the Israel-Brttis 
827 J Bank Failure and the Lkm 

774.5 Bank losses in Lugano, ft w : 

782.7 at this point that the Bank too 

752.1 °n additional support. Tn th 

731.7 nine months from April l 
713 8 October. 1974. four more institi 

676.5 tions required support, three r 

656.5 th em a uthorised banks. 

pro- THIRD pha«e: from Januar 


institu- of the official strategy March ,979 

to gain was ., to make finance readily » E»eclu<imB additional .-.. r 

available in order to encourage vided bv che Bank of England at its 1975 onwards, there wer 

Isolated examples of difficul- econ ®“ lc recovery. But. invest- 0 w„ sole risk. • further specific blows to cm 

In its paper, presented at the ties amo Sg s U 3i institutions “n 22?„^JSS2S — 6denco ' ln addition -* «> 


of the committee’s ite IBSoT » n7 MrVy'WTOs'" 'how- Pj ck up - in contrast with worries about the effects n 

1 and published ever, led to the 1963 Protection thc Property development buU- . , f coafiden ce as one of oil surpluses on tb 

to-day, the Bank said that even of Depositors Act and" to' the 32 5SrtW°wff5 ? S5«!l 


request 

research 


among 

commirree s the 1950s a_ 

panel and published ever. led to the 1963 Protection 

.. j Bank said that even of Depositors Act and to the uc *°- »*>«» the essential roles of a central „ — 

now the interaction of the fac- establishment of a list of institu- Xo .^ nd ; muc ?, bank" {m ^?P c ?r n ove . r ^te internation; 

tors which Jed up to the fringe tions exemoted from the pro- waa undertaken all at once." 0 ln h ’ the closinfi weeks of 1973i 

bank crisis were difficult to un- visions of the Act In the 1967 JJ* 1 * encouraged by the fhe Baflk therefore felt it essen- Banfe 

ravel. Companies Act under section - b _ e E®E 1 . propert - v ^ tial to mount a rescue operation £SdS l *Si2 I1 iffiSS2» t 

It identified two main ele menu 127, a further list was created, intiation hedge par, exc ellence — for the fringe in order to avoid li niilfiSlviJ 1 *'? 

< n >1.9 — .1 — mi nnvnnj KnH.._n_ t > — j a belief wfuch’Was adhered to- , : <hmk c nm« rw-nonicMi .Particularly importan 


bund s arts 

fXnbtMStSSnS , of ^ese were per ( 


in the situation. These were: agreed between the Board of . 

FIRST, certain weaknesses in Trade, the Treasury and the lD 3on,e quarters with 

tit supervisory system for the BaQk - ‘ assurance. the establishment of the control JTit£. C consul-- 

banks and in the various recog- The Bank said in its evidence The banks. - although- they committee of the English and external • remmeatinn? iheR^ 
onions which could be accorded that there were weaknesses in weakened later, had reservations Scottish clearing banks and the tald «rilSn TSmm 8 Sp h 

to deposit-taking institutions. the Protection of Depositors .Act. about being too heavily involved Bank, chaired by the deputy the _ * t h e 

SECOND, the development of Bui "there - 11 “ * "" n “ e C3Se ‘' tDe Ban * nas ta '* e ‘ 


. . pment or »ui -mere would probably not in property, so the fringe was governor, which first met on on resp0D Vibmty as the owne 

the economy after about the have been any great danger of encouraged to extend its posi- December 28. 1973, of slater Walker Limited and o 


middle of 1971. which brought the public being unable lo dis- tion. and this was greatly faclli- The committee set down a newly-formed realisatinn com ’ 
toecther rapid monetary expan- tinguish between banks and tated by the relative ease with simple criteria for providing patty to realise the remalnini"' 


R-tt) mnret tu Si'll) (to Lus Angeles ; M”" I s . ion . a relative ease of access' to other deposit-taking institutions, which it was able to obtain support, including that 'the com” assets on t'he’Batessroup” 


deposits by the secondary hanks had the statutory position then deposits. pany concerned was likely to These two special' situation 

and a rapid growth of lending existing remained unchanged. This arose out of the vigorous remain solvent if helped over its are described in more detail it 

on property. For no domestic institution of expansion of Ihe money markets liquidity crisis. It was expected special appendices to the Bank' 

Examining the limits to its any importance could in practice, and a- blurring of distinctions that the majority if the situa- evidence. 


Co-operative Insurance 
to raise motor rates 


BY ERIC SHORT 


THE 0»-i>PRl! \TIYE Insurance annual premium. 

Sm n*li ihe ihird largest inotur Thus, fur the longer-serving 
insurer m Bn tain with nearly policyholder, tin? premium :n- 
TuiMhtn pmate inutorUti un its crease fvmn Jul> t w;!l be reia- 
hfiikx. i- r.n-in-j its private lively small. e-peciall\ coin uared 
nu-tur i ii* lira uve |*i*f-:iiiiiuts from wnh increases bejnc made by 
••u!> 1 in an average S per other motor companies. 

For example, ihe present lypi- 
T!.i< news unh a few v: '* prt ‘ ,,,,urn '' or ;,n l-.v none need 


company within the division. He 
will be succeeded by Mr. D. A. 
Kolinson while Mr. D. R. Price, 
chief executive of the main works 
of Ne walls. Peterborough, will 
become managing director of 
Elliott Machine Tools. 


Scotland can 
earn £500m. 
from tourists 


driver of a Marina or E*corl liv- 


S GOTLAND expects tu earn 
unom Trura tourism this year,- 
Mr. Robin MacLvllan, chair- 
man uf the Scottish Tourist 
Board, said yesterday, 

"TourLsm is of vital import- 
ance to the economy of Scot- 
are 
Although 


Construction work rise 
unlikely to top 1973 peak 


BY OUR BUILDING CORRESPONDENT 


ALTHOUGH construction in- But Scrimgeour says that the 
dustry output is going up. work industry cannot expect -lo ex- 
levels by ihe nird-1980s will still Perience again * the demands 
be 15-20 per cent below the 1973 

rMir° Ckbr0kere house and School ^mldTng 1 prlv 
J. and A. Scnmaeour. gramme-s. the formation of a 

In a report on prospects for national motorway network and. 
the construction sector. Scrim- later, high iavesrmeni pro- 
ipeour points ro a modest revival grammes in the energy- 
jin the industry's fortunes after industries. 

|one of the most prolonged 


Change 
on First 
National 
Board 


Stricter ethical rules 
urged for accountants 


FINANCIAL TIMES REPORTER 


Scrimgeours expect the con- 


stant (1970) price value of total I taken aver from another on the 


BY MARGARET REID 


ONE CLEARING bank official 
seconded from his bank has just 


STRICTER ETHICAL rules for whether the auditor should b« 
accountants are urged by the allowed to carry out other work 
Labour Economic Finance -and for the client 

Taxation Association in its it says the auditor sbottld not 
response to the Institute of be aliowed tQ out add j, 

orotoJffinat^°den?ndPn^ Per ° U ti0aal WOrk for ^ Client, 
professional independence. this sh£HlW ejrT<!Dd t0 taxatJo0 

The association says that prob- work, accounting work, manage- 
ably the greatest weakness in ment consultancy and any work 
the institute's proposals u» the for the directors and senior ofB- 
omisrion of any firm proposal cials of the company in their 
dealing with the question of personal capacity. 



J recessions on ret-ord- 

! The report — which . _ 

1 that output in thc mid-1980s may by J.9S5, compared to Ii.i5bn.{ Corporation. 

'only be 10 per cent, up on last last year. Non-housing work is heavily in the secondary 
i year's poor performance — says estimated to be valued at crisis and is one of the 


which 


1 ilit- iu: , u«*nt uf ,i o-, p**r The mm.ioIi I:i>i increased ns 

: , u . nm , u - yu,lK '- v ; rj’i-s en \pnl 1. 1977 l»j 

h-i*" l*c» , n injured 14 , K . r c ,. n j Th us u man- 

fnr three cud- i.j hold (hem s:-adj Tor 
M-, uiivi' v-'su-* mure than a year, the first time. 

Tin* iiuniii will lake tiio form (hat u has been able tn do this | 

of n reduction in the next for 10 jeans. 


money. 


MPs blamed over power supply 


BY ROY HODSON 


■* Domestic tourism is growing, j 
hut it is not growing a* fast as 
tourism from oversea-;.. There 
are fewer Scottish holidays be- 
ing taken." 

?lr. HlacLellan, who was 
announcing details of a His- 
toric Houses Festival from 
May 19 to June 11, warned that 
Sctttland would need to fight 
for its extra visitors from 
overseas. 

It was important to give 
value for money because a Ger- 


that because work is rising last year. At £3.4 lb n„ total new 
again, demand could return lo work by 19S5 will compare with 
I earlier levels. a figure of £3.0Shn. in 1977. 


F AT! l.l.Xti ENT'S r.&MfiD nf further attempted reform-, had! man for instance. could have 
;nu‘!iip;> r.i r.-<*ru:mi>e tli*- elec- failed. , . a holiday in Kenya for ihe 

r.-icitv M;;.iii\ indti-irv \u< ** an "artiamenljt ^ record "eslab-> .same price as a week in Scot- 
Ui1h.11>; 1 > un*.-.“ uid Sir Francis 


Taxable profits show 
15% increase in April 


TAXABLE profits of the 136 tn- the half-dozen or so which had 
dustriaj companies which issued shown 50 per cenL plus gains 
Tull reports during April showed Previous year, 
an increase of 15.6 per cenL on - ln company then were 

the previous year. Ocean Transport, lagging this 


banks' lifeboat. 


years with the company 


place is being taken by 


who has been seconded 
Barclays Bank for two yeai 
has become an executive 
tor of First National. 


executive is now Mr. 
Dyer who came from 


Parliament's record 

li.-hed beyond doubt its failure, land. ' [reports received during the first o»r cen? 

F . . frt s'huultler thc responsibility a week in Scotland with three months of the year when v Dividend costs ovoratl iumnprt 

\ , l l i C bv l ,uW| F ownership.” mil hoard in a first-class hotel I the sequence of gains was 225. h y a substantial og fi a r_i 

: l u ”; K l ^ 1 Sir Fn*nc- and .hr use of a rented car 1 15.6 and 12 per cent respectively. bS such rire since 

Ur ; recall.-. . ;» the Institute ,.f The recent BUI fur rerj-ams- ; would cost a German visitor Profit rises of between 14 and FebrW of v^r Last 

■ tld > .tnmi.il lmR'Ii m b°ni!nn ; J?? e ” A w-eek in Kenya, inciud- ! 25 per cent, were recorded by month's average in this respect 

United Biscuits, Bo wo ter. was pushed up by United 


Maurice Denton, of 


1 hi* pri.-onl urujnisiitinn uf when tin- Liberal Parli.-mientary , jng the flight and full board 
iht* industry had fnlhiwod a Party vv filled lo support it. j in a de-luxe hotel, would cost 
report in tin- IPail-i. and lhar all Sec Page IS £346. 


Albright and Wilson and BTR. Biscuits, BTR, Ladbroke 
All four companies were among Hepworth Ceramic. 


and 


HOME CONTRACTS 


Coal Board spends £25m. on belting 



tirtfon^tie Tndusiriai Pnly-mers. pulverisation plant. Newell Dun* furnaces, charge handling equip” * operatiouaj until later this year. 

TBA Intluslrial PmUmMs. Scan- mrd will be the main contractors ment. and building work which Booth Mechanical Services, the * 


big banks and the Bank 


ment role. 


provisions — £l40m. — 
incurred such heavy losses in the 
course of the secondary banking 
crisis and its aftermath chat it 
had a £76m. net deficiency at the' 
end of its last financial year on 
October 31, 1977. Its support 
loans from the lifeboat commit- 
tee are about £2S5m, 


In the second half of 1976-77. 
however, it managed to make a 
pre-tax profit of £2fftn. although 
there was a loss of £4.9m. for the 
year. Mr. Dyer said yesterday 
that .the rather better trend was 
continuing, adding: “We've been 
able to work reasonably 'well so 
far this year." 



★ isatinn program me, Platt Saco recently been awarded three con- * new^statlon^ at^Shiremnnr^Ijnri ^ nrnlv | n 

NEWELL DLNFORU ENG IV Lowell has awarded the industrial tracts. The largest, worth over A £60,000 order for specialised carry out ^ 


EUROPEAN OPTIONS EXCHANGE 


j 


JU.4 

Uu-L 



’ l-ncf 

J L lrrep 

' 01- 


V01. 

: 

'■>1. 

.,lw 

B 

i ^ 


3 

14Jb 

1 

191* 


S53J* 

K. h'nilak 

; S45 

si 2 


9 30 

29 

11 



K. Hi*'nli 

j 1,50 

' 5i« 

60 

7 

37 

. e 

20 


e B. Kudik 

, S60 


23 

3 

63 

3Ja ; 

39 


1 Jjil 

! £50 

! 151* 


157 8 

— 

: 161* 1 


S&412 


1 S60 

1 513 

— 

6ti 

5 

• ai* ; 


“ uu 

■ f 70 

1 le 

50 

1J 3 


1>8 

4 


mu 

IBM 

1 sew , za 

S360. 113j 

28 

291* 

16 

Ot 

13 

3 ii t , 

xe 


fa66!6 

ll»»l 

>280 

1 .S 4 * 

34 

6Sj 

8 

970 

36 


.\ IjreriHFne 

ra30 

; IB 

5 

21 , 


25 


F341 

■Vljieiuenfc 

F3AQ 

\ 15 

10 

11 


• IB > 


Aoim 

F70 

7 • 

2 

9 


11.50 1 


F74.90 

1 Amw 

P75 

1 5 

Z 

6 ! 



7. so ; 


Nat -\<M 

yioo 

! 

— 

11-fiO t 



' I 7 ! 


F 106.40 

X«S . 

ruo 


— 

6.00 1 

- 



mmj.3 

F22.50 

5.20 


3.70 | 


4.20 1 

10 

P85.30 


FZ5.O0 1 1,20 

- 

l.BO j 

10 

• 2.50 > 

40 

Pb Mltis 

F87.50 

9-SS 

— 

a.70 i 

13 

1.40 , 

3 


K.U.=b«i, 

V120 

9.T0 1 

13 

9.50 

7 

10.00 j 

10 > 

FI 28.60 

K. U. shell 

PI30 

2.00 | 

9 

3.70 ! 

19 



H. I). ^heii 

V140 

0.30 


1.20 ; 





Cnl lever 

mo 

8.00 • 


7.80 

7 

8.60 j 

1 1 

pii'e.30 

UnUerer 

F130 

1-20 

3 

2.50 1 



L'ollever 

FI 30 

0.50 

- ■ 1 

0.70 1 


1.90 ; 

a ! 


Bt* . 

BP 

TOOp 

750 f . 

JT- 
- - . 

Auuutr 

Xovcaiber I 

- f - ;eoop J 

BP 

dOOp 

- 1 



; 


_ 


I 

CEC 

GUC 

ajop 

225p 



— ; 

- 

- ' 

- 244,, 1 

GEi: 

asop 

— ■ 

— 1 



t 


I 

one 

273i. 






* 

r 

1 

IC» 

id 

Ufa. 

88 
r -c 

— 1 


— > 

~ 

- j 

- :mi'p 1 

iCI 

550p 


- ■ 1 

_ 




1 

iCI 

J7S|. 






mmmm 

__J 


Tenneco Inc. 


HOUSTON. TEXAS 



JENNEGO, 




1978 
is our 32nd 
consecutive 
year of cash 
dividend 
payments 


The 1978 second quarter dividend of 
50c per share on the Common Stock 
will be paid June 1 3 to stockholders of 
record on May iZ More than 234,000 
stockholders will share in our earnings. 


M.H. COVEY. Secretary 


Natural Gas Pipelines - OH • Automotive Parts 
Shipbuilding » Construction & Farm Equipment • Chemicals 
Packaging • Agriculture & Lanp Management 





u l’ Westminster drive 
to save tin mil 


'"'.ri 


BY PAUL CHEESERICHT 


iV 


1 \' 




• 

•‘‘I 1 ‘ 1 • 

r • ; ' 

(:i 


V.: 

u" l 
li- 


» ' .1 
r }: 


'' JfjAST attempts to keep open 
e wheal Jane tin mine in Corn- 
.ill take place at Westminster 
4ay. The mine is liable to 
1 -u*t flooding in two days. 

Mr. Alan W illians , Minister of 
at® for Industry, will' meet Mr. 
. ter Tress and a team from Con- 
• ' '] *' vlidated Gold Fields, the owners 
, ! ; the mine, to explore the possi- 
: t :: ;'r »ily of a financial arrangement 
,; < iich would allow it to continue 
''working. . 

- More than 400 miners from 

." heal Jane will arrive at the 

-immons this afternoon to lobby 
*Ps and Ministers. 

> v Gold Fields announced the 
insure of Wheal Jane last week, 
ter a decision by Cornwall Tin 
y.-f ' d Mining to stop operations at 
s Mount Wellington tin mine. 
ie two mines face each other 
,, ross the Carnon Valley, near 
uro. 

, ; hr-Both mines have been, affected 
large volumes of water seep* 

1 > ..-3 through the workings. If 
'■ ! ti e stops pumping the other is 
1 hie to flood. The , Mount 
Mi- - ellington pumps are ‘ due to 
’v >p on Friday. 

r, Gold Fields, which' has been 
- 1 i; sing money at Wheal. Jane, 
lere less tin has proved avail- 
i*- r le than was expected, has been 
>• .-..luctant to bear the costs of 
.^.stalling expensive new pumps 
-if paying for the Mount Welling- 
pumps to keep working. 

"■■■•nr Mr. David Mudd, Conservative 


M.P. for Falmouth add Camborne, 
suggested to me Department of 
Industry last week-end that the 
Government should take over the 
Mount Wellington pumps, paying 
for thezh by writing off the 
financial assistance of £LSm. 
given to the mine. 

When Mr. Wl+ti&ms meets the 
Gold Fields team he wall have 
before him a memorandum from 
Mr. David Pen ball goo. Liberal 
M.p. for Truro, arguing that 
£650,000 worth of aid should be 
granted to the company. 

This would cover the capital 
cost of installing equipment to 
plug the areas where water seeps 
ihrouj ^2 and a new pumping 
machine. Mr. Fenhaligon regards 
this as a cheap price for saving 
more than 400 jobs. 

Gold Fields said it was pre- 
pared to discuss any proposal, 
but warned that time was short 

Reaction . - 

Any deal worked out at the 
meeting to safeguard the mine's 
future in the short term is likely 
to embrace the offer of the 
miners to forego a 30 per cent 
wage rise this year. The company 
might receive temporary employ- 
ment subsidies. 

The reaction of the miners to 
the closure has been a major 
factor in inducing Gold Fields to 
continue talking about keeping 
the mine open. 


Mr. Harry Stevens. Transport 
and General Workers Union 
secretary at Falmouth, said 
yesterday that the situation was 
untenable. “We have unemploy- 
ment figures here of 15 per cent 
to 16 per cent We put 1,000 
people on to drat and its a 
disaster.” 

• More disruption is likely to- 
day for English China Clay, 
whose Cornwall operations have 
been badly hit by a dispute over 
a pay claim. 

Yesterday maintenance men at 
the company's main transport de- 
pot at Par, on the outskirts of 
St Austell, joined drivers in a 
stoppage which started on Fri- 
day, bringing the total of men 
out to 285. The men said on 
Friday that more than 200 had 
been sacked and told to collect 
their money that afternoon. 

The 110 dock workers at tbe 
pons of Fowey and Par. which 
are both controlled by the com- 
pany. and nearly 700 of the 2.500 
men employed in the production 
of china clay, were also out. 

Yesterday the transport wor- 
kers sent a six-point resolution to 
the management, including a de- 
mand that a driver who took a 
lorry through the picket line 
at the Par depot on Friday 
should be “removed.” 

The dispute has produced the 
worst disruption in the Cornish 
china clay industry since the 
lock-out in 1913. 


iunday opening campaign 
varning to shop workers 


♦s' 


Mm* 


£0P WORKERS were told yes- 
: ’ rday that they face another 
ncerted and organised cam- 
. ! - ign to have Sunday trading 
gatised. 

, ; The warning came from Mr- 
. . : hn Phillips, assistant general 
cretary of the Union of - Shop, 
„ stributive and AiHed Workers, 
rich has 440.000 members . in 
e retail and distributive indus- 
• les. 

At the union's annual confer- 
ee in Blackpool he forecast a 
mpaign shortly for the opening 
all shops on Sundays. 

' The Consumers' Association 
’ is dedicated to removing all 
strictions on Sunday trading, 
e National Chamber of Trade 1 
as discussing the issue soon and 
. e Tory Party wanted more 
eedom for traders, he said. 
The Association of .Metrtf- 
' olitan Authorities Is also press- 
g for changes in- the law . to 


permit local authorities to allow 
certain types of shops to open. 

Mr. Phillips said the pressures 
were likely to culminate in a 
sponsored Bill in the House of 
Commons, and he ■ asked 
delegates to be ready to renew 
their fight against Sunday 
trading. 

The real issue of seven-day 
trading was whether employees 
wanted “brass or leisure,” be 
said. 

A plea for the traditional 
week-end off to be protected so 
that people could maintain 
family life and go to church was 
made by Mr. Ronald Graham, of 
Leicester Area Co-op branch, 
whose resolution, deploring Sun- 
day opening was carried 
unanimously. v 

The conference called' for 
shops to be closed for Christinas 
this "year on December 25, 26' 
and 27, and on New Year"? day. 


Bid to settle 
recognition 
dispute 

The Central Arbitration Commit- 
tee . will meet in Newcastle- 
upon-Tyne to-day to settle a row 
over union recognition at the 
Commodore Business Machines 
factory in Eaglescliffe, Cleve- 
land. 

Early last year the Advisory 
Conciliation and Arbitration 
Service ruled that the elec- 
tricians' union should represent 
the 200 workers at the factory, 
which makes electronic calcu- 
lators. The American-owned 
company has refused to accept 
the ruling, and at one time 
threatened to leave Britain if it 
was forced to accept trades 
unions. 

During the ACAS investigation 
CBM refused to let officials into 
the factory to survey tbe work- 
force. 

The union has applied trader 
Section 16 of the Employment 
Protection Act because CBM has 
failed to implement tbe ACAS 
ruling- 


Shell terminals 
pay talks go on 

BY PHIUP BASSETT, LABOUR STAFF 

TALKS to end a strike over pay ing that Shell had been much 
by white-collar workers at Shell more generous in pay offers to 
oil terminals will be resumed on other groups of workers. 

Friday. Shell and the two unions 

The inter-union talks were involved claimed conficting 
held in London yesterday as responses to the strike call, 
supplies of Shell oil and petrol Shell said that most of the 
In certain areas of the country terminals were working norm- 
worsened. ally, hut Mr. Peter Kennedy, the 

A meeting of the Joint union association's divisional officer in 
national delegate council of the Manchester, said after the talks 
Association of Scientific, Tecbni- that 75 per cent of staff wax on 
cal and Managerial Staffs and strike. 

the white-collar section of the Supplied of Shell oil and 
transport workers’ union, failed petrol in Greater Manchester, 
to find a formula to end the Hertfordshire and Cambridge- 
dispute. shire have been badly affected by 

Six hundred white-collar the closure of Barton terminal, 
workers at 46 oil terminals Manchester. and Buncefield 
throughout the country were terminal. Herael Hempstead, 
called out on strike nearly two Greater effectiveness of the 
weeks go. strike rests on the attitude of the 

Shell offered a 14J5 per cent, ranker drivers. At Buncefield 
package deal, with everyone they have refused to cross 
receiving a 10 per cent, increase picket lines, bur the few com- 
in basic pay within Government plete closures of terminals has 
wage guidelines and at least 2 persuaded many other drivers 
per cent, for productivity. The around the country to work 
unions rejected the deal, claim- normally. 

Union meets Thomson 
in newspapers dispute 

BY PAULINE CLARK. LABOUR STAFF 


PROPOSALS were drawn up last yesterday. But management 
night in a bid to settle an official claims that this should make 
strike by more than 200 pro- little difference to the group's 
, . . newspapers as the journalists 

vincial journalists employed by j, ad not bggj, WDr fcj ng during 

Thomson Regional Newspapers, prolonged mandatory chapel 
After talks between the National meetings last week. 

Union of Journalists and The dispute came to a head 
management the proposals, early last week when 77 Thomson 
aimed at ending 'a dispute over journalists _ in Herael Hempstead 
productivity pay. are to be we , re 1 dismissed for working to 
studied by the union. * n the productivity payment 

_ ■ J , .. _ , . . dispute. The issue has caused 

The union delegation, led by t rou ble on other papers in the 
Mr. Ken Ashton, general sec- g roup where management has 
retary, is believed to have raised ref^gd to meet local demands 
tiie question of the dismissal at j or payments said to be outside 
the week-end of 310 journalists Government pay guidelines, 
ip Cardiff, Middlesbrough and ^ The dispute over new tech- 
Beading. nology. which stopped the 

An emergency committee of Liverpool Daily Post and Liver- 
the union ordered a strike by pool Echo for a week was settled 
Thomson journalists in Merthyr last night. A self-financing pro- 
Tydfil and Newcastle from ductivlty deal has been agreed. 


1 rules 
mnUints 


Redemption Notice 

Hamersley Iron Finance N.V. 

10% Guaranteed Debentures Due 1982 

Unconditionally Guaranteed *x to Principe! and Interest by 

HAMERSLEY HOLDINGS LIMITED 

NOTICE IS HEREBY GIVEN that pursuant to the provisions oi the Indenture dated as of 
T um - 1. 197- under which the above-described Debentures arc issued. Citibank. N\A. (formerly First 
National Ciiv Bank), as Trustee, has-" selected ior redemption on June 1. 1978 (the "Redemption 
Dali*" i at the principal amount thereof (the “Redemption Pnce ’>. through the operation of the 
linking Fund provided for in the said Indenture, $1,400,000 principal amount of Debentures « the 
said issue of (he following distinctive numbers: 

'COUPON DEMENT CBES OF $1,000 PRINCIPAL AMOUNT OUTSTANDING 
MIT 25S8 4US 7420 9073 10843 13181 15193 17117 19085 21333 33328 255SB 27885 29447 31200 38310 . 

ssSiSSi SSfflifei®ss?ss®asisssssssBa» 

"I4R Hr- 5190 ™ Slot 10841 13251 15231 17M0 19111 21363 Z8446 23888 27738 295B3 31308 33385 

227 ^12 5205 7542 il§? log* S }§g jgSS W1I7 ZIW =H«g agg* 31389 g80» 

=W ?•« 8236 7583 11020 7^9 15^4 -17179 10131 SUM im I^S S 3UJ3 §§§ 

SAS llfna 13367 1S390 17380 19=01 31438 23522 25723 27798 29854 31473 33493 

MSB 4irm MR 15407 17793 19205 21455 23538 35825 Z7821 29705 31509 33494 

9240 llSP 13500 15482 17243 19315 21484 23559 =5833 27871 20708 31515 33539 

llim 13510 15468 17251 19220 21497 23373 25871 27880 297W 31524 33565 

B2G2 11175 13531 35516 17258 19222 21540 23585 25888 27926 29778 31580 33588 

itsif 17286 19233 21585 33627 25825 27936 2077* 31574 33«33 



2941 5280 7606 

292 2053 5302 7807 
315 2974 5322. 7608 

403 2998 5339 76=3 

404 3011 5358 7627 
420 3068 5368 76*4 
436 3073 5378 7661 
453 3081 5383 7688 
469 3092 5393 7719 
497 3108 5410 7742 
510 3120 5423 -7756 
528 3150 5492 7772 
583 3180 5513 7773 
65D 3209 551S 7801 

692 3269 5544 7881 

693 3272 5577 7898 
700 3277 5833 7905 
702 3287 5687 7917 


M2S 11221 13684 15519 17286 lSES =1565 23627 25825 27938 28778 31574 33633 

M78 11237 1357? 15M3 THuS 10260 21596 23633 25966 2800? 29789 31575 33643 

9*41 11256 IS6G2 15568 17300 19368 21849 23851 259T5 28007 39813 81586 33691 

9444 11M1 13693 15598 17381 19380 21873 23654 26013 28012 29821 31605 33741 

9*81 11M3 13725 15623 17402 19428 21683 23678 28014 28049 29852 31616 38804 

S48B 11298 13749 15633 17419 19429 2X700 23690 26036 28063 29856 31630 33814 

S499 115m 13789 15641 17445 19435 2171 B 23712 26077 28060 29883 31652 33830 

<140? li if 8 i38Q5 25048 17458 194+4 21747 23734 28090 28070 =9884 31681 33856- 

vmri i VIM 15-na 17477 19481 21787 23743 26095 28084 29889 31895 33883 

S 15771 174*3 19495 21796 23744 28112 28109 29898 21730 33910 

9537 11371 13949 llga 175?l JSfU =1817 ^764 36I4S 2B120 20MB 31739 3392? 

9541 11378 13996 15797 17554 19628 =}830 23-69 26149 


1 1 jft m ii mm m m mi m m 11 m n m 


799 3386 5785 7976 
805 3419 5798 7979 
840 2433 5853 B018 
879 3444 5874 80=0 
9B5 3449 5918 8034 
3000 3477 5930 8061 
1017 2481 5939 * 6 T» 
3081 3499 5992 8076 
1096 3506 6004 8089 
3208 256= SOU *136 
3250 3580 8023 8167 
1289 3630 603 9 6170 
3301 3659 8074 8191 
36OT 608= 8303 
3668 6109 8219 


1311 

1312 
1352 


nsSS 17455 14186 juffi 17834 1»m 21830 23928 26183 28157 29980 31906 34033 

?4isf 15872 17631 19742 218M 23940 262X8 2828? 21W67 31819 34042 

11517 14171 IMS* 17049 19744 21902 23967 282S3 =8169 30000 31076 34080 

2SS3 I?™ 14174 1AR9K 17GC9 39748 21951 24066 38292 28188 30012 31998 34092 

Ii5n K 17BB4 19749 21955 24129 3631* 28190 30031 32034 34118 

0117 114*8 14277 16073 17887 19793 21957 34158 =6333 28*42 30045 32085 341=5 

Si? 1*082 17M4 19803 3 2 PM 24292 =6379 28278 3009* 22100 34154 

S3? i*?SI ifilOl 17770 19811 21984. =4=99 26482 28309 30116 32129 3415S 

I 1 1 1 1 & isil ii ii ii 

Sin ItS? 14356 16123 17844 19919 22149 24389 2G546 28372 30195 32305 34224 

iJoSt 1*170 18154 17861 19930 22160 24409 26550 28401 30196 32312 34225 

So ila?2 tSt* m 19036 22212 24413 20578 28440 30213 32320 34239 

m 38 HS iSf? lUi !I?1 Us! 2«1B S 28483 30227 34241 


3668 8109 8219 WTO mg* ig*-< £3330 344=7 28600 28480 30238 32330 34281 

1352 3688 6130 8220 10070 32055 14374 18172 17|Z» WOW ggw 2G603 28573 30230 3*341 34300 

1392 3700 6136 8=53 10073 12074 J437B 1S223 17^ ^43 24487 26818 28609 30201 32381 343*6 

1405 5744 6153 8S0® 10081 J22I? ItHi OT175 22347 24507 =8841 *8624 30280 32508 *4394 

14 OS 3777 0205 836= 10095 12«1 1+443 =45=9 .36703 28043 30394 30gl 34428 

1418 3820 8=19 8364 10100 12108 14447 16=48 1801/ JUUl ^ 7 ^ 24533 2B733 2888= 30319 325=2 34434 

ii S 1 B Bt MM 8 i * “ “ - - " ^ - 


11 n 6 i ti l ?i iS gs im n Sssawsss « as sef ss 

llli!|»ilBllB«RBi 

B ss ss a B ill 

53 §g S ffiS’iSR 12 ^ I S ^76 iolo lim SS 

4 42TO M07 M4S 10604 1=^ Jgg ^ S WW HSS 



r-:. r 

- f 

V; ‘ 
w ' 


I\mff Aeents. r * j men* ** 7 . , • 

•— to »d, ^ On and atttr 

SSSMS-SS Sid at U.C nficK <Mh in te 

The Debentures specified ab ?} wiiha H interest coupons maturing subsequent to the 

ET™” "n Z\ ^"d 2= 1 ~ 


Kcdcmpuon 
usual manner. 


For HAMERSLEY IRON FINANCE N.V. 

By CITIBANK, NJL. 

Truatee 


Workers may delay TV parts 

ALMOST 2,000 workers, who are of an ex-gnstia payment for their 

to lose their jobs when two tele- co-operation in the running-down 

vision assembly plants close in 0 f the factories. 

the Bradford area, decided yes- Rllt r . - 

terday to hold back sets and parts D ,!?thZ' AmSF 

unless Thorn Consumer Elec- *55 Sn?h iSS^ nf 

“ offa bctter fvoXrl ^ld It 

v terms were not satisfactory be- 

Representatives of the shop- cause workers could face months 
floor workers, most of them on the dole, 
women, estimated that about 


Talks bid 
to reduce 
hospital 
disputes 

By Nick Garnett, Labour Staff 

HEALTH UNIONS, the British 
Medical Association and officials 
of the Department of Health and 
Social Security are expected to 
meet next month for talks aimed 
at - minim ising the effects of in- 
dustrial disputes on hospital 
patients. 

A preliminary meeting last 
week, chaired by Mr. David 
Ennals, Social Services Secre- 
tary, discussed proposals for 
improving hospitals’ dispute 
machinery. 

A joint union-health depart- 
ment statement of intent on the 
health service planned for July, 
the 30th anniversary of the 
service, could include changes in 
grievance procedures designed to 
curtail the number of disputes. 

A committee, for which Mr. 
Peter Jacques, a TUC official, is 
acting as secretary is studying 
ways of overhauling the pro- 
cedures. 

Tbe talks follow a number of 
hospital disputes, including one 
at Dulwicb hospitaL London, 
which closed operating theatres, 
and after more than a year of 
pressure from the BMA. 

The unions and the BMA are 
also looking at the possibility of 
setting up hospital-based com- 
mittees to define groups of 
patients that would be exempted 
from the effects of any form of 
industrial action. These could in- 
clude geriatric patients and 
those in intensive care. 

New pay pact 
‘will not work’ 

A NEW agreement with tbe 
Government on pay just would 
□ot work, the Institution of Pro- 
fessional Civil Servants said yes- 
terday. The institution, which 
has 100.000 members in manage- 
ment and professional grades, 
added that any attempt to clamp 
down on public sector pay as an 
example to private industry 
would cause violent and bitter 
reaction throughout public ser- 
vice unions. 

Tbe Civil Service Commis- 
sioners disclosed last week that 
they were having difficulty in 
recruiting in the grades covered 
by the institution because of low 
salaries. 

A leading article in the insti- 
tution's magazine said yesterday 
that even the most conscientious 
union leaders were finding ir 
difficult to persuade members of 
the need for pay restraint. 

Moves towards renewed 
restraint were being made in a 
pre-election atmosphere. 


Journalist ‘tried 
to frighten paper’ 


SIR. C. GORDON TETHER, the 
Financial Times journalist dis- 
missed after a long dispute about 
(the control by Mr. Fredy Fisher, 
| the editor, over his daily column, 
hoped to frighten the newspaper 
;by publicising the dispute out- 
side, Mr. Thomas Morison, 
{counsel for the Financial Times, 
alleged yesterday. 

! Mr. Morisofl was questioning 
Mr. Tether, who wrote the Lom- 
bard column in the Financial 
Times for 21 yea re on the 34th 
day of Mr. Tether's claim for 
unfair dismissal. The case, which 
started a year ago yesterday 
before an industrial tribunal, is 
believed to be the longest run- 
ning in the tribunal's history. 

Mr. Tether, 64. of Worplesdon. 
Surrey, seeks re-instatement and 
compensation. He was dismissed 
19 months ago. Articles said to 
have been “ banned ” by Mr. 
Fisher were published during the 
dispute in The Spectator and the 
Even ins Standard. 

Mr. Morison asked Mr. Tether 
about a letter be wrote in 
{January 3975 to Mr. Anthony 
j 'Wedgwood Bonn in which he 
j said he was on a collision course 
{with Mr. Fisher and that he was 
convinced that the outcome of 
! the “ battle " would depend very 
I largely on how much interest 
I was taken outside the Financial 
i Times. 

Directive 

Mr. Tether replied that shortly 
before the end Df 1974 Mr. Fisher 
sent a note to him saying that if 
he wrote any more articles out- 
side his directive confining his 
column to certain subjects he 
would be in breach of contract. 

He fully intended to write 
articles outside the directive so 
they were on a collision course in 
that sense. It did not follow that 
he was determined to provoke 
Mr. Fisher into dismissing him. 

“If you are on a collision 
course with someone, eventually 
someone, hopefully, is going to 
avoid the collision. It was open 
to Mr. Fisber to do so.' 

Mr. Morison said that he also 
made reference in the letter to 
Mr. Benn to the fact that by 
publicising the fight he would be 
putting his head on the block. 
He knew perfectly well he was 
bringing about the risk of dis- 
missal. 

Mr. Tether denied tills and 
added that he was fighting to pre- 
serve his column and his job and 
had to run some risks. But the 
full purpose was to stay at the 
Financial Times. 

Mr. Morison said: “You had 
determined you were going to 
make life as difficult as possible 
for the Financial Times and by 
publicising your position you 
hoped they would be too 
frightened to get rid of you.” 

Mr. Tether disagreed and said 


40,000 sets could be withheld 
from the company, which will be 
asked to negotiate fresh redun- 
dancy terms. 

The factories at Bradford and 
nearby Windhill are due to close 
in July. The action of -the 
workers in withholding sets could 
jeopardise the company's offer 


Three rows 

threaten 

Leyland 

By Peter Cartwright 

THREE OF Leyland Cars' most 
profitable models are threatened 
by separate disputes at Castie 
Bromwich, Birmingham, which 
supplies bodies and panels for 
the Mini, Rover and Ja^uar 
ranges. 

If attempts to have the disputes 
officially recognised by the 
Amalgamated Union of Engineer 
ing Workers are successnd, 
pickets will be organised. If this 
happens, many of the 7,500 
workers at Castle Bromwich 
could be laid off. and production 
disrupted at Longbridge (Mini),' 
Solihull (Rover) and Coventry 
(Jaguar). 

In the most sensitive dispute. 
56 machine tool fitters went on 
strike on Friday over the appoint- 
ment of a foreman from anotner 
department They said he was 
not “suitably qualified." 

A similar complaint is made 
by 16 plant maintenance workers 
over a new supervisor. They 
also struck on Friday. 

The third dispute involves 
garage mechanics who have been 
out for a week over grading for 
work the company is said to be 
Insisting must be carried out 

In all three disputes, negotia- 
tions have been to national level 
without a solution. 



europcar 

To rent a car in London, 
Bristol. Southampton, 
Manchester, Glasgow, 
Edinburgh, Birmingham, 
Gatwick, Heathrow, v. 
Brighton. 

01-848 3031 

Or your travel agent, 

/ r: ’ncU.S. ks Sniio’ic i.Car Rental 


that publicising his position was 
an attempt at some kind of 
defence. The editor's directive 
had been “thrown” ar him and 
he had gone to his union (the 
National Union of JournaiisL-t) to 
seek a solution 

Later. Mr. Tetiicr demurred 
when Mr. Morison pressed him lo 
say whether it was his case that 
it was permissible for the editor 
to give him the directive if he 
had reasonable grounds for doing 
so. 

Inference 

Mr. William Wells, Q.C.. 
tribunal chairman, intervened to 
warn Mr. Tether that if he did 
not answer it was likely that the 
tribunal would draw a very un- 
favourable inference. He was 
being asked quito simply what 
was in his mind when he “ tlirew 
thc gloves down ’* to the editor 
after his directive. 

Kir. Tether said be would 
answer bul under protest. The 
editor did not have the right to 
introduce his directive and did 
not have reasonable grounds. 
And (hose grounds had to he 
proved to be reasonable to the 
satisfaction of a proper authority. 
Thai was why be went to the 
NU.T disputes procedure. ■ 

Mr. Wells commented lhat (he 
best he could make of that 
answer was that Mr. Tether was 
admitting by implication that if 
there were reasonable grounds 
Mr. Fisher had the right to issue 
his directive. 

Mr. Morison asked Mr. Tether 
whether it was his case that he 
was employed as an independent 
journalist or whether he was em- 
ployed as the writer of an inde- 
pendent column. 

Mr. Tether said lit* was em- 
ployed as an independent jour- 
nalist writing the Lombard 
column. He made it clear he 
wanted to write an independent 
column and that had been ac- 
cepted by the then editor. 

Mr. Morison asked who was 
the arbiter of whether an edi- 
tor was acting reasonably or not 
on the night of publication when 
deciding that an article should 
not be pubiisbed. 

Mr. Tether replied that his 
reasonableness must pass some 
other lesL Otherwise he could 
be totally unreasonable all the 
time, perpetrating under the 
guise of reasonableness all kinds 
of unsatisfactory activities. 

Mr. Morison asked Mr. Tether 
whether he knew of any other 
journalist in Fleet Street with 
tbe rights he was claiming he 
had. and would he name him. 

Mr, Tether replied that he 
thought James Cameron cer- • 
tainly had those rights and there 
were other journalists who had 
terms of employment similar lo 
his own. 

The hearing was adjourned 
until to-day. 


BOND DRAWINGS 


INTERNATIONAL UTILITIES OVERSEAS CAPITAL CORPORATION 
5 Va% Guaranteed Convertible Bonds 1986 


S. G. WARBURG* CO. LTD., announce that the redemption instalment of U.S.$3 15,000 due 

of U.S.4178.C 


.000 and 


1st June. 1978 has been met by purchases in the market to the nominal value 
by a drawing of Bonds to the nominal value of U.S.$137,000. 

The distinctive numbers of the Bonds, drawn in the presence of a Notary Public, are as follows:— 

254io 258 278 279 290 291 295 to 303 337 338 

341 to 343 350 to 354 375 to 379 392 to 400 419 421 

422 451 to 460 478 to 483 487 to 500 551 to 55S 

567 568 572 573 575 to 577 580 581 624 to 625 

628 to 633 641 to 644 646 to 650 657 659 to 662 

695 to 704 956 957 1302 1303 1385 .1468 1476 10 1480 

1546 lo 1549 

On 1st Juoe. 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., 

or 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 June, 1978 
and Bonds so presented for payment must have attached all coupons maturing after that date. 
U.S.$2,51 6,000 nominal amount of Bonds will remain outstanding after 1st June, 1978,. 

The following Bonds, drawn for redemption on 1st June, 1977 have not been presented for 
payment:— 


ia . 28 

165 to - 167 
11264 11299 

11513 to 11532 


80 to 85 
178 179 

11302 to 11304 
11611 to 11630 


113 to 116 
197 253 

11436 11438 

11817 to 11826 


128 to 130 
11136 11137 

11481 to 11485 
11883 to 11885 


30, Gresham Streer, London, EC2P 2EB, 


147 to 151 
11147 11263 

11497 to 11510 
11903 

3rd May, 1978 


LEGAL NOTICES 


ELECTRICITY SU^PtJY COMMISSION 

9'«“- 1 97QJ 1SSEUA 12.OtMJ.OOD 
On April 20 . .1978, Bonds lor the 
amount or UA i.o30.ooq nave been drawn 
lor redemption in the presence Of • 
Notary Public. 

The Bonds will Be reimburtect Coupon 
No. 9 and follow, no attached on and 
alter June 26. 197B. 

„ The drawn debentures are those NOT 
YET PREVIOUSLY REDEEMED, indedad 

'» •»' -WClSi 

rchjsed Oit I' 

UA 170.000 

Amount outstanding; UA 2400.000 
Outstanding drawn Bonds: 

19B8, 1999. 2G0? and 2610, 2634 ana 
2635. 2790. 2790, 2B63, 3667 and 

3BS8. 3702 »nd 3705. 5780 and 3TB 1. 
I7B3 and 3784, 3BQ1. 3814, SBSO. 
3899 to 3901 incl- 3926 and 3927. 
3933 10 3B4Z MCI.. 3957 to 33BO Incf., 
3995 to 3B98 ind. 4125, 4152, 4162 
to *169 Ind.. 4253. 4409. 4437. *466 
to 4469 lncl.. 4480 and 4441. 44M to 
4493 ind.. 4497 » 4500 ind- 4505. 
4512 and 4515. 4566, 4569 lo 4578 
ind- 4582 to 4584 lnd u 4590 and 4599. 
4604 to 4606 IkL. 4613 and 4614. 
4618. 46 Z2 to 4624 liKf- 46ZS and 

4627, 4676 to 4681 Inti- 4692 and 

4693. 4696 to 4698 Ind- 4718 and 

*719. 4721. 11335, » 11338 ind. 

Luxembourg- Mav 3. 1976. 

The Tnstce 
FINIMTRUST S.A. 

„ . KREDIET8ANK 
5-A. Littem hours ea ise 


IRELAND 9V& 197411984 
UA ZOMO.OOO 

On Anrll 20 *978, aande lor the 

amount of UA i .opo.qoo have been drawn 
Car redemption in On pneunee of a 
Notary Public. 

The Bonds will be reimbursed Coupon 
No. 5 and lolloMing attached on and 
alter June 12. 1978. 

Tbe numbers of the drawn Bona* are 

as follows: „ 

5249 to. 6248 lncl. 

Amount outstanding; UA TS.OOQ.O00 
Outstanding drawn Bonds: 

18452 to 184B0 ind- 18484 to 18488 
Incf.. T8491 and 184*2. 1 SSOO. 18588 
and 18589. 18613 to IBB 15. lncl- 18678 
to 18683 lncl. 1B702. 18742 to 18781 
]nel.. 18902 to 18911 -lncl., 1B9T4 and 
18915. .18964 and 1B985. 19037 to 

19042 inti-. '19131 and 19132/ 19216 
to. 19223 Ind. . : „ 

Luxembourg. Mav 3. 1978. 

Tire Fiscal Agent 
K REP I ET BANK S.A. 

Lux em bourgeois*. 


ART GALLERIES 


BROWSE AND DARBY. 19. Cork Si.. W.l. 
SICKERT, Mon-Frl. 10.00-5.30 Sat. 
10.00-12.30- 


COLNA 6 HI, 14. Old Bond Street. W.l. 
01-491 7403. INDIAN PAINTINGS — 
Mughal and RalDot 1500-1850. Until 
8 Mar. Mon^Fri. 9-30-5.50. Sacs. 10-t. 


MOTOR CARS 



PERSONAL 


LEBANON RELIEF FUND rfopCMd lor 
relief of reluoeas from South Laos non. 
Help ureter. tt> needed for food and 
rehabilitation. Funds Imosadljtefr traos- 
i erred and utllfeod under control expert 
voluntary workers. No deduction tor 
expanse*. Please, sand. a oirt: Lebanon 
Relief. Bible Lands .Society 'Ect. 1854). 
P.O. Bon 50. Hlgn Wycombe, Bucks. 


APPOINTMENTS 


COMMODITY APPOINTMENTS LTD. 
international Recruitment specialists {or 
the Commodity Markets. Tel. Ora ham 
Stewart. Qi -*39 1701 . 


& USED CARS 

Advantageous teosiui) 
Demons! raimas anywhere any time 

MOST HONDA MODELS 
available from stock including 
4-P.OOft ACCORD5 
Our stock of 
CITROENS 
indudes: — 

G Special Estates & Club 
Estates. 

GS Pallas Saloons, manual or 
C Matic. 

Special GS Pallas, black with 
tinted glass, sunroof, etc. 

GS Basatte limited edition 
ip black & red. 

GS X2 in white or red. 

CX 2400 Pallas in black. 

CX 2400 Pallas C-Matic, fuel 
inL choice of 2. 

CX GTi, choice of 2. 

CX 2400 Prestige, with 
leather inc., air cond.. etc. 

STONEDENE 

GARAGES 

LIMITED 

92 HARTF1ELD ROAD 
FOREST ROW, SUSSEX 

TW FOREST ROW 


COVENT GARDEN GALLERY LTD. ” The 
rrop/c Bird." vine nary Watercolours. 
W, J. cnamberiayne. views ol West 
Air lea. West Indies. Mauritius and 
Britain TBS0-90. Open dally 9.45-5.30. 

Wfca’.WJWW:- ao Ru “ el1 s,rect - 


FIELD BOURNE GALLERIES. 63. Queens- 
grove. N.W.B. ART IN RELIGION. 


fox galleries, exhibition oi the paint- 
ings far British and European Artists 
from 1700-1955. S-B. Cork Street. 
London. Wt. Tel. 01-73* 2G2B Week- 
days 10-6, Sacs. 10- 1 . 


PORTRAIT PAINTERS. Royal Society's 
84th Annual Exhibition at the Mall 
Galleries. The Mall. S.W. 1 . Mon-Sat. 
10-5. Until 18 May. Adm. Sop. 


PROOFS FOR INVESTMENT EXHIBITION. 
Large selection of Limited Edition Proofs 
by Sir Wm. Russell Flint. L. S. Lowry. 
Helen Bradley and other famous Artists. 
Now on view ana lor »l» at Renoir 
Galleries. Crescent Road. Harrogate. 
Dally 9 to 5. Sunday 2 to 5. 


SLOAN E STREET GALLERIES. 158 Sloane 
St.. W.l. Modern paintings, sculptures 
and graphics by Inrereatlno International 
anises, wide range of prices. Tues.- 
Frl. 1 0.00-5.00. Sacs. lo.OQ-i.QO. 


WiLDENSTEiN: A Loan Exhibition ol 
TWENTY MASTERPIECES .FROM THE 
hi A TALE LAS (A COLLECTION. Week- 
day* 10-5.30: Saturdays 10-12,30. Until 
26th Ma«. Admission 30p in aid of the 
City ol Birmingham Anneal Fund. 147 
New Bond Street. W.l. 


CLASSIFIED 

ADVERTISEMENT 

RATES 



Per 

St)/ Ole 
coburnt 

Commercial & industrial 

tine 

r . 

CTO. 

£ 

Propen* 

4.50 

14.00 

RwWomla] Pro Deny 

2.00 

3.00 

Appointments 

Businejc It Investment 
OppnnsoWci.. Corporation 
Latun. Production 
Capsclrp. Businesses 

4JW 

14.00 

Far saUr/Wamod 
Education. Moiors. 
Contracts & Tenders, 

5.23 

16.00 

Persona L Gardenias 

4.25 

13.00 

Hotel* and Travel 

2.75 

10.00 

Book Publishers 


7.00 


Premium pesUfons available 
(Minimum sire 40 column cms.) 
QJf per single column cm. extra 
For further details aril* 10 ; 
Cl&ssiflcd Advertisement 
Manager, 

Financial Times, 

10, Cannon Street, EC4JP 4BY. 


No. oomr of is:* 

and 

No. 001216 of 197b 

In l be HIGH COURT UF JUST1CS 
Chancery Division Companies Conn. In 
die Mailers ol No. 001=37 of 1Kb. J. C. 
COWLEY TECHNICAL SERVICES 
LIMITED. No. UOT 3.1$ of IKS. LF.MDX- 
FIELD LIMITED and in th>- Mailer of 
Tbe Companies Aci. IMS. 

NOTICE IR HEREBY GIVES lh.lt 
Pi'iiiions Tor ihe Windinu-UD ol ibe above- 
named C tinman ics by iftc Hitdk Cour uf 
Jusiily were, on Hit* 25ih day of April 
ia». piYSenied lo ihr said Coon by the 
Comm l ssi ooers of Custom* and Etcwe of 
Kiwi's Beam House. 39-11 Mark Lane, 
London. EC3R THE. and ihai Hie said 
Pennons ar r din* lied io b.* heard before 
■be Court sunns at Uie Royal Courts or 
•I ns bee. Strand. London, WCiA ?LL on 
lilt- 22 od day ot May I97V. and any 
trrdnor or caninhiuory of any of the said 
ComjMMe.s desirous id support or oppose 
the maklnR ol an Ordrr on any of Un- 
said Pel mans may appear ai Un* time of 
hearing in person or by his Counsel for 
that purpose: and a copy m Hie Petition 
wrlU bo tarnished by ihe understood to 
any creditor or conmbuinn- or any nf 
ihe said Companies rcouinne such copy 
an puymcoi of the recnlatcd cbarce for 
Ihe same. 

G. F. CLOAK. 

King's Bourn House. 

39-41 Mark Lane. 

London. EC3B THE 

Soliciiar for ihe Petitioners. 

N DTE— A nr person who intends » 
appear on Ihe hcantn; of any ol tin- said 
Petitions must serve ou. nr send by pusi 
io the above-named, notiee in wruittn nf 
his intention so to do. Tbe not wo nfusi 
siaic the name and address uf tbe per- 
son. or. if a firm, the name and address 
nf ihe firm, and must tv sic nod by Hi- 
person or Arm. tm his or their Sotlcitcir 
uf any!, and must be served or. it posted, 
must bo sent by post In summon: ume io 
reach the above-named not later than 4 
o'clock in the afternoon of tbe (Bib day* 
ol May 197b. 


COMPANY 

NOTICES 


W. F. JOHNSTONE 8 COMPANY LTD. 
iincDrMrjtcd in the Republic ol 
Sourh Air, oil 

Interim Ordinary Dividend ot Sis per 
cent. eaninaliMit la three cents Per 
snare ii977 twelve dw cent, si* eenis 
nor snare) was declare a on ssth Anni 
1978 parable to Ordinary shireholdcn 
registered In books 01 Company at 
Close of business on 19th May 1978. 
Dividend declared In currency ol 
Republic of South Africa ana warrants 
m oavmcnt will be Posted ta share- 
holders on or about 9th June 1978. 
In terms ol Income Ta* Act non- 
resident sharehoWers ta* ot fifteen 
per cent, will be deducted tram divi- 
dends due to shareholders whose 
addresses in share register outside 
Republic. Trawler books and Remitter 
of Members will be elated from 20th 
May 1978 to 9th June 1978. both 
dates inclusive. 

Rv Order et the Board, 

A. 0. BRUNT. A.C.I.S.. 
Secretary. 

London Transfer Secretaries: 

Hitt Samuel Registrars Limited. 

5. Crecncpat Place. 

London. SW1P 1PL. 

Registered otnee: 

10. Quality Street. 

Meheiti- Nam. 

South Africa. 

2Bth April, 1978. 


INTER NATIONAL PACIFIC SECURITIES 
COMPANY. LIMITED 


UNITIZATION PROPOSALS 
The proposals for the unitization of 
International Pachic Securities Company. 
Limited i'MPSC") were approved by snare- 
noidnre at the extraordinary general meet- 
ins of the company to-day. 

Certificates for units in International 
Pacific Securities Trust will be ppsted to 
shareholders of iPSC on or aboot 29th 
Miy, 1978, 


Q.P. CORPORATION 


NOTICE TO HOLDERS OF EUROPEAN 
_ OEPOS^ARV RECEIPTS i"EDRS > 
a 'T hereby informed fh 
tdpiM 01 the annul report and canto 
timed accounts ol Q,P. Corporation 1 
the year ended JtHh November 1977 
now available 


tr — at the offices of i 

SSSp*®!?* 20 Fcixhurch Street Land 
|£3P SOB and ol the Agent, sane 
Genera le du Luxembourg S.A. 1* r 
Atarinnen. Luxembourg. 

■ KLEIN WORT, BENSON LIMIT! 

3rd May. 1978. **«»*«*• 


wir- i- 




PARLIAMENT AND POLITICS 


Financial Times W«anes3ay May 3 1978 


COLONEL B PRIVILEGES MOTION APPROVED 



Limits on reporting could 


fetter MPs, says Powell 


Defence chief’s phrasing 
faulted by Callaghan 


BY JOHN “HUNT, PARLIAMENTARY CORRESPONDENT 


BY IVOR OWEN, PARLIAMENTARY STAFF 


LIMITATIONS On the freedom become 



THE Prime Minister and Mr. 
Fred Mulley, Defence Secre- 
tary, yesterday administered a 
mild rebuke to Sir Neil 
Cameron, the Chief of Defence 
Staff, over the. controversial 
remarks which he made in 
China over the week-end. 

But they firmly rejected 
demands from Left wing MPS 
that Sir Neil should be sacked 
because of his suggestion, made 
to officers of the sixth Chinese 


lege uf MPs Id say what they With respect to the Speaker, subsequent holders of his office there to be used by MPs’ when 

like in the House of Commons, Mr. George Thomas, who sub- would take a similar view in they think fit.” 

Mr. Enoch Powell, (UU Down suquently ruled that the naming similar circumstances? He did not accent that he and 

S.i warned last night of Colonel B was a breach of the "it must be laid down that the hfs col lea ones hail ahuceri their 

in a powerful speech which suh iudlce rule and should not courts cannot intervene," privilege °“We were oerfectlv 

won support from both sides of have been permitted. Mr. Powell declared Mr. Lyon. He believed onotlel and proS e«re£ed K n 5£ Ute Xn£n SSJ 

the House, he attacked the ac- 3“ j S i 1 f ^ t w ij^f r L5 ucfa a brMch that the parl,arr jetH our entitlement, to say what we of china and Britain, 

non of the Director of Pubiic had in fact occurred were gradually moving towards a said." At «: 

Prosecutions in warn ins news- „ rf ° C0U L d „ no ^ SW! *\ QW f< ? r a clash over where the line should »_ iw* har H Rnn r r-.h - ' 

papers that ihev might be held to Member of Parliament to make a be drawn in deciding who had Baritimn P th?d If the tanr 

be io contempt of court if they statement which did not concern responsibility for determining MPs Tairi "entireiv 

reported that Colonel B the * he n,e ” ts whatsoever of the ease responsibility for the liberties of ™ntant" fo?^ taKIs that 

array intelligence officer involved question could be a breach of the people. action. “Mv action and that of 

in a secrets case— had been ^ Mibjudice rule. " I think It is absolutely right my colleagues was not taken out 

named m tho chamoer by four Mr. Powell roundly condemned that the courts, within their of any irresponsible sense of 

Labour MPs. a suggestion that the Speaker proper sphere, should try to mischief, which some uews- 

“I cannot imagine a more should be given authority to have draw that line, but 1 think it is papers have suggested, 

direct assault upon the essential remarks made by MPs and sub- equally clear that within our own “I wanted to trv and exnose 

?,™fe, of H ° u “" said t0 ,if° to » w Ihe dKlUes 0f%STalS!T£ 


. the Prime 
Minister left the House in no 
doubt that it wonJd be better 
if the Defence Chief stack 
strictly to military matters in 
the future. 

Perhaps, he suggested 
caustically, some of the re- 
marks made by Sir Neil 
“ might have been phrased a 
little differently.” 

For his part, Mr. Mulley 
criticised the Defence Chief 
for using the word “enemy” 
in relation to the Soviet Union 
and thought that this had led 
to “precisely the m Is unde r- 


Mr. Powell. *35 ^ of^Shinp where to drew that line. reporting details of court cases 

A motion to refer the naming th * “ i7 h “™ r ;‘ “ 1 believe it is more important which are of wide interest to the 

.If Crtioncl B and! he application “ “JJJ" J 0131 we shouId k°ow than the public. as well as this House of 

nt the sub judice rule of the freedom °* courts should know. We are. at Commons." she said 

House to the proceedings in speecn, ne saia. any ratei accountable to the Miss Richardson «mid she felt — r- * 

lines 1 1 on IO the Privileges Com- Mr *. Reginald Mandllng fC., people because we are elected by deeply that somethin 3 should be standing we have seen, 

miliee of rhe Commons was ap- Chipping Barnet), who first them.” done t0 $ nw ♦!,„ attention of They indicated, however, 

pruvcd without a division. suggested the erasure of Mr. Michael Foot, Leader of the House and nublic to the diffi- that they have every confidence 
Mr. Powell said it had been disorderly statements, pointed the House, told MPs that a refer- cutty arisis" from tbe continued Sir Neil and that no action 
the privilege of the House of out ,j* 1 5 l w °ereas an accusation ence to the Committee of existence of the Official Secrets wfll be taken against him for 

Commons from time immemorial cou *“ b * withdrawn, a disclosure Privileges would be the Talrest Acts. 

that MP< could say things in the s “ c " 9 s v 1 ® 1 ma . de ,n the ease and most orderly way of dealing r-ariiRi* rr Rnn. 

chamber which would lay the of Colonel B could not with ail the issues involved In corn) said he did not think it 

speaker open to proceedings if Mr. Powel) replied that words the Colonel B case. was ever intended that MPs 

he said them elsewhere. said in the House under privilege This view was supported by should use “the cloak of privi- 

Without this privilege, the should attract the same privilege Mr. Francis Pym, shadow Leader lege” to name people who, for 

House of Commons would clearly when reported outside. “We of the House. whatever reason had not been 

br incapable of discharging its cannot retrospectively unsay Mr. Christopher Price (Lab„ named io a court 
role on behalf of tbe nation or anything that has been said, Lewisham W.>. one or the fou? He thought it proper that the 

on behalf of individual consn- contraiy to the internal rules MPs who originally named Committee of Privileges should 

, ■ , „ eVi* ?°^ se ‘ _ , . Colonel B In the Commons, said decide whether MPs. by making 

v^ile acknowledging that the Strong support for the views that MPs quite deliberately did use of privilege had. in fact, 

? n ' n Parliamentary privilege expressed by Mr. Powell came this outside the hours when the abused that privilege. 


what Mr. Callaghan called his 
“ unscripted and impromptu 
remarks.” 

In long and heated exchanges 
fa the Commons, both tbe 
Prime Minister and Mr. Mulley 
fielded questions with great 
skill and went a long way to- 
wards defusing a potentially 
explosive situation. 


-Mr. Callaghan side-stepped 
demands from Mrs. Margaret 
Thatcher, leader, of the Dp po- 
sition, that he should give his 
fall endorsement to the words 
used by Sir Neil and “sort' out 
the pro-Soviet group” among 
Labour Left wingers. 

Tbe Prime Minister stressed 
that Sir Neil was certainly not 
voicing tbe official policy of 
tbe British Government and 

that his remarks made no 
difference to Britain’s attempts 
to seek detente and disarma- 
ment with Russia. 

Mr. Callaghan told the 
House: “In so far as he was 
speaking ou military matters, 
be would have the support of 
the Government' In so far as 
he was . speaking of political 
matters, it is for him to sup- 
port the policy of the Govern- 
ment” 

The formulation of British 
foreign policy was the respon- 
sibility of Ministers and Sir 
Neil’s remarks should uot he 
seen as expanding, modifying 
or changing in any way rhe 
relations between Britain and 
China or between Britain and 
the Soviet Union. 

Mr. Mulley, answering a 
private notice question, said 
(hat he was quite satisfied that 
Sir Nell , had no -intention of 
changing Government defence 
or foreign policy and it did not 
diminish his confidence In him 
as chief military adviser. 

There were leers from the 
Conservatives as one of tbe 
leading Left wingers Mr. 
Norman Atkinson (Totten- 
ham) conjured op visions of 


Nato generals plotting to 1 en- 
circle Russia. In view of this, 
he urged Mr. Mulley to refuse 
to sell British arms to China. 

On this point, however, be 
got little satisfaction from tbe 
Defence Secretary wbo told 
him that anus requests from 
Peking would be considered 
" In the light of our inter- 
national obligations.” 

A tough line was taken by 
another Lett winger Hr. Frank 
. Allan □ (Salford El, who called. 

for the dismissal of the 

Defenee Chief for this "pro- 
vocative war talk.” 

Tbe Defence Secretary 
neatly turned the tables on 
another member of the Left 
wing Tribune Group, Mr. Ian 
MJfcardo (Bethnal Green and 
Bow) who observed that it 
invariably led to trouble when 
politicians fancied themselves 
as military strategists and 
generals fancied themselves as 
world statesmen. 

Mr. Holley agreed with this, 
hut wistfully suggested that 
be would be more than happy 
if Left wing Labour MPs 
would observe the first part of, 
the proposition. 

Mr. Richard Crawshaw (Lab. 
Toxteth > thought that these 
embarrassing incidents could 
be avoided If visiting generals 
were advised to make speeches 
before tbe toasts rather than 
after them. 

WUb some asperity. Mr. 
Mulley retorted: “ t would like 
to make It absolutely clear 
from my own knowledge of Sir 
Nell that any suggestion that 
he was intoxicated coaid not 
he farther from the truth!” 


concern 
on jobs 
—Prior 


r‘ 

> 


By Our Parliamentary Staff 



, , ,,w , . . - . . - — newspapers. ' leges was being asked to con- 

*51? speakingunder Colonel B. were in contempt of Mr. Robert Kllroy-Silk (Lab., slder an alleged offence by the 

Ormskirk), another of those who four MPs or any other MP. 


privilege in the House and the court, 
ri^hi (or what they said to be 
published. 

A privilege , which allowed 
MPs io sa> what they would in 
i he House, bur which did not 
extend lo ihe publication nf what 
ihev said outside would have 
little purpose in contemporary 
n reum stances. 

Mr. Powell argued that it must 
fellow that immunity from pro- 
ceedings for reports of anything 
said the House was an essential 
part of the privilege of the House 
nf Commons which could 
infringed without infrin 
privilege of the House 
mons itself. 

Mr. Powell also asserted that 
nothing justified a distinction 
being made between Hansard, the 
official report which in its edition 
for April 20 published the name . 
of Colonel B, as stated by the 


Judd backs More talks planned 

on Press charter 


Some of those questions that 
cannot be answered . . . 


applicants 


By John Hunt 


BY OUR PARLIAMENTARY STAFF 


SIX HUNDRED people have 
joined the dole queue every da) 
that tbe present Labour Govern 
meat bus been in office. Mr 
Tames Prior, Tory employment 
spokesman, told the Com mom 
yesterday. 

Mr. Prior said there was deep 
and growing concern in the 
nation over the “high and con- 
sistent” level of unemployment 
Tbe Government's optimism 
about tackling the problem had 
been totally unjustified and 
ineffective. 

Mr. Albeit Booth, Employment 
Secretary, said be could only 
imagine that Mr. Prior had not 
read the unemployment statis- 
tics over the lust six months. 
“There is no steady level ol 
unemployment. There has been a 
falling level,” he declared. 

Considerable redundancies In 
this country had been offset ns 
a direct result of the Govern- 
ment's actions. 

Mr. Booth said that in mid- 
April there were 1.3S7.4S4 peuDle 
registered as unemployed in 
Britain. “While the seasonally- 
adjusted level ban fallen for rhe 
seventh successive month,' the 
prospects for a major impm'-e- 
meut depend, in large, on inter- 
national co-opera f mo on econo-' 
mlc growth,” he added. 

Mr. Harold Walker. Employ-- 
raent Minister of Slate, refused' 
to confirm claims that tbe in- 
crease in earnings in the present 
pay round could eventually iurn 
out to be about 14 per cent. 

These, be said, were specula- 
tive forecasts. “People who have 
been using figures like 14 r?r 
cent, should be aw3re of the 
damage they might be doing lo 
our economy and national 
interest.” 


Mr. Walker said the monthly 


SrSrSSsw =i=S.SI SxK!- 1 sif 5 

12 by the admission of Spain. £** .*525. SEES Hi SSLl year than February last year. 



BY RUPERT CORNWELL, LOBBY STAFF 

UPDATED picture — albeit proscribed 


State, told tbe Commons yester- issue. 

Mr. 


previous 

em- He stressed that tbe Depart- 


of immediate market 


Commo^ last ni|ht “ Mr! James Prior. Tory em- He stressed that toe uepart- 

■gent appIieTwSlIy to aU He was challenged over prq. ploymem spokesman, called for me n t of _ Employment was vetting 
* - ^ - 1 lection for journalists from the an assurance that the drafl char- productivity deals under the 

ter would contain complete free- present pay round to ensure they 
dom of access for all people to were not bogus, 
the Press at all times, and that are satisfied those ,vhlch 



_ implications for In- 

At the Department of To- dustry, Mr. Judd said that the which 


Government was 


Sown because’ ofthe sheer ’cost d Ufitr y. t0 pics barred Include applicant countries were" low! required to prepare and submit ^ lker s *l d .Lg at3C i!!! ni 4 

reeThomas h the sSSter f of the worfe needed . t0 3 " issues of commercial confidence cost producers in acutely sensi- to Parliament But he could not covered^ “he charter 1 ts l” JS'sTSilecilon? |S Wvimbe $ 

lis iniativc succeeded. ’ °? 5? a “ ciaI ai J? «t„i f r Sf/Sfli? elusion was a requirement under and Epsom. Mr. Ray Whitney 


. a. Departments, points out that 

m uuonei u, as stated oy me looker the Left-wing ^ subiecLs mav be turned 1X1 ^ uepaxunem oi in- austry, Mr. Judd s. 

Epoiis LabOUr MPB ' Md ° lher he b had doWn because of the sheer cort dustr y- _ t0 P ic£ barred Include applicant, countries 

^J P r °re e ^‘ n 8 s against ri % . answer, ciauus mat. in general, ana mrarmaaon on nnanciai ata «*« ihuwuiw su*,-n as lexmes. yei say wuen » woum ue elusion was a reouireraent under and F.nsnm Mr Rnv Whitnov 

hu publication of what was said bcfdre bis lAiative succeeded. cuestions are answered on their to companies. a s well as secret steel and shipbuilding. “Nego- to lay a draft before the House, fie ter^s of rte Trade uSion aSd r A roh i h a 1 ri HnnVnS 

in the House was a most high Tbe fullest data comes from merits. details on research contracts tiauons will be very difficult Mr Walker said the Govern- , n !i f a OO fl r ^ n, n ' 

and manifest breach of Ibe the Department of Trade, where But Mr. Robert Sheldon, the Much the same criteria are used and special arrangements will be meat' bad wanted to wait until ment) *ct R ' teUons (Amend- took their seats m the Commons 

ewentiaJ privilege jif the House Mr. ^Edmund Dell, the Secretary Financial Secretao; to the by tbe Departments of Energy necessary for the transitional the Pvoyal Commission on the ' 1 


yesterday. 


uf Commons:’ which, if it were to of State, has come up with a Treasury, told Mr. Rooker that and Prices. 


LOCAL ELECTIONS: LIVERPOOL 


Size of Liberal vote is key 
to ending political stalemate 


period to the mid-1980s and be- Press reported. Since that report 
y0 M d ‘ ’ be declared. was published last June, he bad 

Mr. Douglas Hurd, Opposition conducted a long series of con- 
spoKesman, said that no-one sultations with representatives 
could guarantee that member- of both sides of industry, 
ship would secure forever the “I still need to have consul 
political stability of Greece, tations with the TUC. CBi and 
Spain and Portugal. “But if we Press Council before the con- 
deny them membership, that will sultations can be concluded and 
Be a cruel and perhaps mortal we can produce a draft.’’ 
blow to their hopes,” he Replying to Mr. Robin Curbrfl 
declared. (Lab., Hemel Hempstead) Mr. 


BY RHYS DAVID 


LIVERPOOL should provide the hitter with ihe Tories for re- theless had to endure the defeat in its leader, Mr. Trevor Jones, 
irh-.il ii’st-ca-o* for ihiwe who sup- fusing lo support their policies of its recent budget proposals a powerful vote-gatherer, woo 
port thi* ending in Britain of the as part of a common front when Liberals and Conservatives has been willing to breach the 


Proposal for election 
of council employees 


BY DAVID CHURCHILL 


iMop.iriy <ee-*:iw. For several against Labour, which remains did eventually combine behind time-honoured convention ... _ 

jean-, no party Ua* had an in control of the council. The a Liberal amendment restricting local politics of not throwing too THE GOVERNMENT is planning position. They can be co-opted 

ni-'r.ili majority on the council. Liberals, who were themselves, the proposed increase in rales much mud. controversial legislative amend- on to tbe education committees 

Wnh unc-ihinl of ihe seats at in power from l974-7fi. haw tried to 6.5 per cent, instead of 14 Liberal propaganda mates t0 a ^ ow U P t0 3°*- coun- of authorities which employ 

'■hike, to-morrow. Labour and to seiie pnwe ron five occasions per cent. New council house much of council 3 trips abroad c '* employees to stand for elec- them. But they cannot otherwise 

Liberal* :ii present hold 41 each bui have failed to win Tory sup- building has slumped to its entertainment and other alleged tion t0 their aw ' n counts- p elected to serve on councils 

an»1 the Conservative*. IT. port. This shows, the Liberals lowest level for many years frivolities. ,r We cleaned the Council employees are harmed f 1 "?* 15 m which they work. 

It i' a .mi nation, however, claim, that ihe Tories are more because of conflict between the chandeliers some vears back and by law from election to councils .The Labour Party argues that 


whwh h:»> railed in produce interested m restoring simple parties over housing sales, and they are now raking that up in which employ them although 11 ls n °t m tbe public mte 
.-ith.'r a gmvrnmeni of alt iwo-pariy politics than resisting ,n education ii has proved tbeir literature," Stan Aircy they can seek to join other coun- *°r nearly 3m. people to 
t.iii-riis. or r>\f> n coalition behind Labour policies. impossible to reach agreement po i nts our . ciis if they fill the appropriate 1™™ co “ n 


lhe.imM broadly acceptable pro- The Conservatives readily ad- °J} oa poIlcj: in th * mner urbart This forthright approach nas el ^ ora ' ^ u ®^f ca ^ ons ' 


*t ieir P° lic > l * tn The result is that the political clearly not done the Liberals too 


it is not in tbe public interest 

be 

member- 
ship.'’ It believes that all but the 

S,C- ‘ h “ u : d .,. be 


-r " h "" the council pa ^ e %7 n S I ™ » h™7 n “' thJVS'Md ih; «" SO of the 1372 Local Gov- for at. employ- 

«>i in picvting probU-ms to control commincos. and unit r®™ ** i? n«rf< ia ™ ernmeot Act have the full back- 


The Government will not be 
anxious to force changes on local 
authorities. At the same time, 
faces severe pressure From the 

, s ° . p , 2, support rn proposals on their attached bv elcctors-^roughly Labour. .Although its Initial Secretary, has asked both sides ^ toSffore 

nliSimM?.* a * TwmnX 00 in some cases, ihey claim. ooe .^ of whom are likely gains on the council were at the £ SE? the Sxtl general llectiin 

T-h 7-1 I u ^ ar « tnore extreme lo vr>te __to local as opposed to expense of the Tories, the J 

Th,- Liberals, who reached than the Labour Party and can- national issues Liberals have worried Labour 11631 study ° r 1116 P r O b l eins 31,11 

parity "»jh Uhour in by-clcc- not be supported. The Liberals swept into their with inroads into some hard-core sceif 3 mutually acceptable and 

uons a: the end of last year, are The Labour group has never- present strong position on tbe Socialist areas near the city workable solution can be found. 

council in 1974 at a time centre. But the Conservative 

of maximum disenchantment Despite this, the Labour leader dominated Association of County 
nationally with ihe Conserva- on the council, Sir. John Councils last week rejected 
lives and. as a result, they are Hamilton, sees his party emerg- joining such a working party 
defending the largest number of ing from the election with Its executive council said that 
seats— 15. compared with 14 by roughly the same number of “ there can be no question of em 
Labour and four by the Tories, seats. ployees serving as members of a 

(Labour and Liberal are also The Liberals have made an county council or any of its com' 


An 


i-Jif 

v»'o 

-Hi J 


LAMBERT HOWARTH 


Reported figures Tor the year ended 
31st December 1977 Include: — 


Turnover 

Profit before Taxation 

Profit after Taxation 

Nel Assets employed 

Issued Capital 

Per 20p Ordinary Share; Earnings 
Dividends 


1977 

1B76 


rooo 

fPOO 


13.826 

11,949 


474 

427 


234 

:'14 


3,089 

2,800 


600 

600 

.... 

7.8p 

7.1 P 


3.17p 

2.S7p 

IP? 

Id in BurnJey 

today. 



members will be invited to declare the maximum Final 
Ordinary Dividend permitted under present controls, 2.27p 
per share, payable 15th May 1878. 


A wide range of footwear is manufactured and supplied to 
Marks & Spencer Limited and to leading wholesalers, multiple 
chains and mail order groups in the United Kingdom. Sales 
for export amounted to £1,560,000 in 1977, an increase of 
34% on the previous year. 


Exclusive distribution rights are held for GANNEN atippere. 


The Chairman, Mr. C. L. Howarth, has reported continuing 
pressure on profit margins from increased costs and com- 
petition from low-priced imported footwear. 


LAMBERT HOWARTH GROUP LIMITED 
BARKLEY & ROSSEYDAIE. LANCASHIRE - ISLE OF M 


LEGAL NOTICES 


No. uniat of I»7!< 

In ihf mm/ OILRT !iK JISTICE 
''JuiHtrr Dh-IWn •‘omDa'uca Coun. in 
JIjH.t of CF.vrRAl. MARKET 


\u. ftu;* .if i^rs 

;• :i,.. m. ill i' 1 'i nr uf msTICR ■ ilu? 

« L>unu-m O.miian:' v Cjuri. lo ; IKTVPKS -COVENT CiRnEx. i.lviTEb 
ih- -r Hi* i.*H ESTER SHOES I jniL in ih-.- lumr of Thr Cooipjam 

\ :MIT'/0 4*i.l •:« 'h.- \Uni-r ot Th.; 1 \>:t. IMS. 


.-s I'M*. 


NOTICE r.S HEREBY CIVKV rhJI 3 


1 1vJh Is- HI.RKHV iIlVEN IhM a i PfUunii i«t :hi* ki tiding op nl ilii> abo?) 
f.ir ib,- » ir. JiK up nf Ih.- ahillr- l i.'jm.'-i C'.nip^iiy flic Hisfi Coar.' uf 


r.jm.’il c ''•tutum l* v ’-I* 1- H*sh Cuun ut 
k-u* ,i!i :ii. I’m auy ■>/ April tors, 
p-.-n r„. ,i i.. ih.- -.iM r.i»m h' ST. Jniix 
lnvip mM'Kii-: of 191 \ iai«* TraM.- 
v r- i:l-:i)' oal'.J 1 mH‘ Importer j»i4 E* 
:.,n. r ..<i'I tbji ih<- Mid KWiflan in 
iIsk- i-I in I*'.- h- 3rd 0-fon; rhe Conn 
«in-i« At ihe Rut jl funrts of Jusnc.-. 
Sirai.J l.r-nilmi WCA -l-L on H»- l3lti 
oy m Mm* IWP. nn.l jnjr nvdlMr or 
■ onmbumry of ilu- sai-1 Uumiuny d'.-siroui 


Ju>'i. u *»’a.. on ihe ISUi <*l April, 
I 9 .S pr.-Mnii-d la (lie sjul Coun hy 

fi.ALDWiXV -a limn Orci , o~ruc«r'S ul ■IO 
Pancrii RnaJ. Kiiik< Crass. Ijj&Ipd. NWi 
rr h. .vij ihji ih,. saui Pfiula*! i*» d.-n-cii-ct 
Fc be h. jrd hi-foru (tin Coarr suim*i ai rhe 
naval Cunn-s or Justice. SumivI. Uicduu. 
W«A -LL on ih- 13th dii- <H May IPrs. 
.irul any rrcdllor or contnbuioo' of rhe 
said l.'ornpanr d.-tirau$ w supper* nr 
iipposp *hi» mahinir of on Order on Uio said 


uujiun ur oppov.- lit- makiRE of an j Poritiun may appear ai the tunc of Hear- 
■rdi-r i>ii rtv Mill Pk.-;iiian may amv.’Jr ai I mu, m pennu or by bis counA-I. for ifiat 
h- tunf nl h>- anna, »n thTwn or by Sts | wmvw. and a c*>uy of tbe Pol\ito*i v.ll 
our.«-l i«*r tliai pomov: and a copy of Jb* furnLUi>>i br she underaisnud tu any 


ih-.- 5N-:mu»» *iill hi* Mrn>sS»ri by ibe 
i!-.d-rwpn«*f1 m any cn-dlior or ---lamiin- 
i.iry u f ihe »unl Company mratniK sni^i 
.-op; on pjymi.nl uf ihe rcculaied chanrc 
for rhr sjwc. 

M DAVIS * 170 , 
i.* Kraut. Sim-:. 

* --.Jar.. WIY tKS. 

S-i..-i:jrv i-r ih- P. ili.uncr, 

N'.TF — mv p- r-on who 'mrtids 13 
oi'. -.i- i.n r Si h-.-irmif nf Hi- si id P«-l Ilian 
,.ri- an ur t-n.l Iiy pus* io Ihe 
ji-oi. -iu:iii d nun.--’ m <vrilui>. or his 
•i. mi :u dn Tli«* norm-.- riuai slate 

-h. n,\nv: .ml jd-irvw of Hi p-rsan or. 
if a firm. nam- and address of rn- 
lir.lt. a-.*d jv.asr lie slt-nel by ih<; person 
-r firm, or his or iheir solicitor ilf anyi. 
.md am-j \>i- si-rv.-rt or. « maii Ik 

»,-■!: !iy iy»I «> huffiueni Hmt* io rr-aob 
r!- ph.ii'e-naiiMil not laicr rlian four 
«. .;I-Cf in :*1C jflcnWOQ of thr l"-* «I»r 
of Mai. I STB. 


creditor or cD*nribu:oir of the said Coni' 
pans* r-ouirms «di copy on paymem of 
tbe Kfiul.ued ehartre for tbe same. 

A. L PHILIPS £- iJO., 

«. Il.ithum Vladoei. 

I.ondnn. EClA 3 All. 

Ref. MP li.ildvnns. 

T-i. at-TW Tin 
XoIicuom for rhe Petnujn,'.-. 

NOTE — .%»(> p-rsnn wbo Inienda *o 
ypi>-.ir on ih- h<-anrK nf {hi* sjiiI P"»u:oa 
*nno Wi' os nr send b? prwr :o ihe 
afinu-nam.'d. nonce in uniipc «f hi? 
tiiii-iHio:i v* i«4 do. The nonce nius: sraie 
ib- nanir and addri-M of the p-.*non of. 
it a firm. ; ho name and addr*» nf ibe 
Unn. and must r » stoned by the person 
or him. or Jm or ihmr soiintor (if any.-. 
sHd moat be »>nrd ot, if imskU, mufil be 
sent by Posf m sufllclcn; nni» io rs.-adi 
the above-named not U»*r Uian four 
n’dodr in ihe afternoon of me i2db day 
of May. IKS, 


each defending one other seat 0 f law and order a sign, mittees io either a voting or noo 


as a result of resignations by according lo Labour, that the voting capacity." 
sitting members.! party sees its main task as coo- The Association of District 

The Tories, from their own firming to attract Tory voters. Councils is also opposed to relax- 
pnvate polls, believe national t ing the rules governing 


Of the four other districts 

sjw* *S 

A ut bon ties 


are likely to loom as large as northern part of the MetroDoUtafl 

local issues. Their leader. Mr * 0 }*? expected to follow suit if, as 
Stan Airey. is cxpectine much P or p a , n “. vvirrai, on the west seem . ijfceiy fh e Conservatives 
of the vote lost in 1974 in *»!*<>* the Mersey, are held by in 5 Jg Lr Smorrewi 
middle-class areas w the Liberals P 16 Conservatives and no change j 0 cal elections 
to return on this occasion. w control is expected. Tci S m, t.«h= 

The Conservatives are basing Similarly, Labour can expect secreta^^ of tbewSSS/i 

their confidence, in part, on the to retain control at Knowsley ff nl S n of Teaches, critiSed 
nammenng the LiberaU have which includes the big Liverpool loea i anthoritv association? for 
taken in the two most recent overspill housing area at Kirkby Sging S feet SE? 
Parharaemary by-elections but as well as tbe older suburbs of SSfef HelSd iSt the £nion! 
also nn the trend aonarent . In Huyton and Prescott. S “ COntinuT twine to 

county elections on Merseyside ^ coounue trying lo 

lost vear. In the same 33 wards . ^ 1 ? T ai f n Prospect of change Persuade the associations to be 
now 'betas fought, the Conserva- * s , at St He,e ” 3 ^ here his more reasonable, 

fives palled 64.000 votes, against 24 * e ? ts to the Conservatives' 20 Objections to relaxation of the 
3$.00f) for Labour and 32.000 for and tile Liherels l. Conservatives rules centre on the possibility 
the Liberals, enabling them to are comment tbis area will bo that the election of junior staff 
seize the upper tier counciL one of lheir S*ms. as councillors would create prob- 

Votinq in Liverpool has varied • Mr. Alexander Tullocb. chair- lems , for management by placing 
sufficiently from the national man of the Shetland Islands employees in charge of their own 
pattern, however, to make some Council, is not retiring, as said superiors, 
caution over this analysis necss- in Saturday’s feature ’ on tne Another fear i g conflict of 
sary. The grass-roots approach regional elections in Scotland, interest if senior staff were 
of the Liberals was pioneered but has been returned unopposed fleeted to the council, 
in Liverpool, and the party has. to ihe new. counciL Teachers are in a special 


BASURQ CONSOLIDATED 
INDUSTRIES LIMITED 


Turnover- up 27%; Pre-tax Profits- up 40 % 
One-fortive scrip issue. 


Results to 31 st December 

1977 

1976 

1975 


£ 

£ 

C 

Turnover 

12,690,391 

9/987,230 

7,410,580 

Profitbeforetax 

911 .502 

651,335 

329.665 

Profit after tax 

405.373 

298.425 

147.420 

Earnings per share 

9.3p 

•7.2 p 

e 3.4p 

Dividend per share 

•adjusted for scrip issue. 

3.9p 

•3.6p 

•3.0p 


►In spite of difficult trading conditions during the year, there was a record profit which was 
achieved by our successful policy of increasing and diversifying our product range. ££ 

1978 Prospects- updated at the Annual General Meeting: 

€6 Present indications are that the first-half results will be ahead ofthe 


corresponding period In 1977. Hook forward to the future with considerable 
confidence. 



Edward Rose, Chairman- 

Based fntha West Mw'iands. the principal activities of the Group arathe - 

processing of matal »n coil form, electroplating and rhe manufacturing v: - *|# 
of rolled sections, motorcar body components, off highway vehicle •' ■ ■VX# 


componemsand decorauve inm for the doiines'tic appliance and mdtw ; 


industries: 


•>^rf 


Subsidiary Companies: William Sate* Plstsd. Strip (International} • Edward Rosa (Bimtinahaml 
Edward Rose (Telford) *&Jward Rose (Sections} 1 








r, 






v 








■^teancial tiroes -Wednesday -May 5 -1878 


K 




«ril »;. 


*J.-. ; .:. 

» ’•• . , 

: 

!iTr «• • 
< - o 

• V. • 

i • 


MTED BV ARTHUR BENNETT AND TB3 ISCHOETBS 

MATERIALS 

mproves sun heat 
Absorption power 

■XORB is the name given to The Inco decision to produce 
ck solar foil, a new material and market the black foil was 
'eloped to improve the influenced by forecasts that fay 

.'ciency of solar energy *** end °L cea ^ sola 5 
•lertnrs It ic- S energy could account for around 

'i , Drs " lx ? s , tD Produced g per cent o£ western world's 

■ [■,' * marketed by MPD Tech- energy requirements. 

ogy — a new company formed MPD Technology will also be 
, .. Inco Europe to promote and producing and selling electro- 
V"-;l materials, processes, and formed plain nickel foil. The 
dees resulting from research electro forming production tech* 
1 development activity. nique enables the foil to be pro~ 

tfarorb was invented at loco's duced at greater widths and 
rope an Research and Develop- lower thicknesses than can be 

■ '■nt Centre, Birmingham, achieved by conventional metal- 

* lowing development at the lurgi cal processes. The foil thus 

xtre of a continuous electro- made has a very high degree of 
’••i;. r .. iosition process to produce chemical purity combined with 
.. t etroformed plain nickel foiL good mechanical properties. 

;■ .. using a proprietary tech- It will be available in thick- 

■ ‘ -r _ ogy, a heat-absorbent black nesses from 4 microns to 200 

■ 7 face is developed on the foil microns, and initially, in ISO mm 

ich gives a high degree of widths and in coils up to 
. . ar energy capture and low 800 metres in length. Addi- 
.1 , ;it emission. tionally, it will be offered as a 

■' boated with a pressure- perforated product over the 
v si five adhesive, resistant to whole thickness range with 
. 1 h temperature, the foil can different patterns, hole size, 
■v applied to flat-plate solar shape and densities to meet' the 
lectors with a minimum of requirements of individual 
' xrt and cost compared with customers. It is expected to be 
:.r..:er methods of surface pre- used in bursting discs, thermal 
jation. Tests have shown it shielding and various electronic 
i improve the performance of and battery applications. 

.. ,.7 lectors by up to 25 per cent, MFD Technlogy, Wiggin 
... ,;opared with those using a Street, Birmingham BI6 OAJ. 
ck paint surface. 021 454 0373. 



• ENERGY 

Battery has extended 
performance 

NATIONAL Panasonic’s new have the highest energy density 
lithium battery, BR2325. is coin- “L* 11 *?®!* Primary batteries. 

*■*- ? « *• — 

size as a 5p coin. of silver oxide batteries (1.5V), 

Estimated shelf life is five to more than double that of 
ten years and its tiny measure- mercury batteries (1.3V), 
ments (2.3 cm. diameter, 2.5 mm. Voltage is very stable during 
thick, 3-1 grams in weight) and operation, and voltage decrease 
long storage life will make it a extremely small; it operates at 
boon for further miniaturisation temperatures down to — 20 
in electronics products. degree C. and it does not suffer 

The BR2325's longevity means from the gas and sulphur corn- 
long usage as well as long pounds leakage problems cn- 
storage. An LCD electronic cal- countered in some lithium 
CUlator would run off one batteries. It is chemically and 
battery for between five and ten thermally stable, and generates 
years— -so that it could be re- no gas or corrosive materials 
garded as a component, not a during operation. 

“consumable." National Panasonic. 107 

A general advantage of Whitby Road, Slough SLZ 3DR. 
lithium batteries is that they Slough 34522. 

0 AUTOMATION 

Robot runs a machine 


Teletrater 

POCKET 

PAGING 

For Industry 


Instant 

Contact 




increased 

Efficiency 


Gass Electronics Limited 
Phene igitaniG2GB tnrinlmatm 


Reduces the spray 
a jet cutting 


- 

;>:r* 
'■•r ; 


>■ ■ 

ssi:; ■ 


: -W COST self-sealing barrier 
' rerial which will prevent 
ash-back during water jet 
. ..ting for up to 40 hours has 
. ?n developed by SATRA 
... joe and Allied Trades 
search Association) at Ket- 
ing. 



[WAR! 


-tlin lhorld'i-UNCst nunuljciurer 

. r>I IntiUiliwl Suclirtn Ckjners. 

v [v [urv .Sj. HdmumK &»H«>tk0234 


This development follows from 
the need to catch file liquid — 
used to cut materials— below the 
cutting table to take it to waste. 
This in itself presents no prob- 
lem. but supporting the material 
to allow free passage from the 
jet to the catcher does. A wire 
grid is the simplest and cheapest 
way of supporting the material, 
but splash back occurs every 
time the jet crosses a wire, so 
wetting the underside of the 
material. 

A sacrificial barrier material 
therefore becomes necessary and 
a low density sheet of bonded 
fibres is suitable. Unfortunately, 
it very quickly, becomes ineffec- 
tive because the small pieces that 
are separated from the sheet by 
criss cross cuttings fail through 
the grid. 

The new self-sealing material 
developed by SATRA is based on 
a sheet of crepe milled to em- 
phasise its usually unwanted 
characteristic of sticking to 
itself. The initial cost is about 
£7 per square metre and it can 
be remilled into usable sheet 
many times at £1.50 per- square 
metre. 

SATRA House, Rockingham 
Road, Kettering, North ants., 
NN16 9JH. 0536 516318. 


Steel pipes, 18" in diameter, coated with a British Vita robber compound and then enveloped 
in nylon tape, are here being rolled Into a steam-heated autoclave for curing before being 
shipped to North Sea oil rigs. This process protects the pipes against corrosion. They will 
be used to save the waste of natural gas which is to be piped to the mainland instead or being 

burnt off at the top of the rig. 

0 PACKAGING 

Keeps many loads in place 

TWO FULLY automatic pallet 
strapping machines, believed to 
be the first of their kind avail- 
able in the U.K.. come from 
F. A. Power. Birmingham. 

Designed to accommodate loads 
packed on most standard pallets, 
the new machines feature auto- 
matic strap feed, tensioning, a 
strap dispenser, heat sealing unit 
and a choice of either fully 
automatic or manual control. 

They caD be used to secure loads 
as different as beer crates, build- 
ing blocks, boxes of fruit and 
goods for export. 

Compared with shrink-wrap- 
ping, an alternative method of 


securing loads on pallets, the cost 
of strapping is fractional, says 
the developer. 

Crates designed for stacking 
are not necessarily stable over a 
certain height and stability can 
be increased dramatically if 
several stacks are strapped 
together horitontally. The 
Powerst&rpex horizontal strap- 
ping machine can be programmed 
by the user to apply one or two 
straps at different pre-determined 
heights around the crates. 

The vertical strapping machine 
applies straps through the void 
of the pallet (this way the strap 
is less prone to damage from 
forklifts) to secure the crates or 


cartons to the pallet If neces- 
sary, the two machines can be 
used in tandem to secure pallet 
loads with vertical and horizon- 
tal straps. 

Polypropylene strapping 
materia] used on the machines is 
Power’s own product — Polyband. 
It is available in widths of 9mm. 
and 12mm. 

More from F. A. Power (GKN 
Group), PQB3. Castle Works, 
Cardiff CF1 1TP. 0222 33033. 


ONE RESULT of co-operation 
between Siemens and Fujitsu 
Fanuc is the design of two differ- 
ent industrial robots now coming 
on to the market. They represent 
a further step towards the auto- 
mation of the machine tool sec- 
tor. a development which is 
increasing productivity and free- 
ing shop floor personnel from 
risk, monotony and harmful 
environments, particularly with 
respect to noise. 

Sirobot 1 is designed to oper- 
ate one numerically controlled 
machine tool, wbile Sirobot 2 
can operate up to five machine 
tools. The logic centre for both 
consists of a microprocessor- 
based control system with teach- 
in programming. No paper tape 
is required. 

The arm of Sirobot 1. which 
operates in four fundamental 
axes, can sweep through as 
angle of 270° at a rate of 
60 s /sec- The 500 mm up- and- 
down motion occurs at 500 mm/ 
sec., and the S00 mm traversing 
motion at 1,000 mm/sec. The 


hand joint allows the band 
to rotate through BO" at 
60/sec. and the swing ^ 3.5° 
out of centre. 

One NC machine can be fed 
with workpieces, and the neces- 
sary tools can be loaded, un- 
loaded and changed very quickly. 
D.C. motors provide the drive 
power. The hand is specially de- 
signed to grip turning and mill- 
ing parts. 

The arm of Sirobot 2 can 
sweep through an angle of 300° 
at 60 9 /sec. The 600 mm upond- 
down motion and the 1100 mm 
traversing motion can both be 
carried out at 500 mm/sec. 

The hand can rotate through 
270* at 60°/sec. and string 
through 270°. Five NC machines 
can be fed with workpieces, and 
the necessary tools can all be 
loaded, unloaded and changed at 
bigh speed. D.C. servo motors 
with a total three-phase con- 
nected load of 7 kVA provide the 
drive power. 

Siemens AG. Pnstfach 103. 
D-8000 Munich I, Federal 
Republic of Germany. 


0 SAFETY 

Softer 
landing for 
pit cages 

FOLLOWING THE Markham 
colliery accident of 1973, in 
which IS coal minors crashed 
down a deep shaft to their 
deaths, numerous suggestions 
from both industry and the 
general public led to the National 
Coal Board's choice of an impact 
energy absorption syslein for 
providing a soft landing for pit 
cages at shaft bottom la the 
event of a malfunction. 

The system is based on 
multiple layers of Du Pont 
neoprene synthetic rubber and 
of a specially woven polyester 
fibre which, says the company, 
have proved resistant to abrasion 
and exposure to coal dust, 
humidity, grease. oils and 
chemicals usually found in pit 
bottom confines. Recovery from 
deformation after impact and 
adherence to the strict NCB 
flame resistance specifications in 
collieries also determined the 
choice of the polychloroprcne 
rubber from Du Pont. 

Cubic Belt has designed the 
system, known as pit bottom 
buffers, currently being installed 
in several collieries in the U.K.. 
and its application is being 
studied for hoist or lift shafts 
and similar installations in 
industry, hospitals and the hotel 
trade. 

More on 01-242 9044. 


Double deal for 
codes and labels 


• Bp agreement between the 
financial Times and the BBC. 
information from The Technical 
Pape is available for use by the 
Corporation's External Services 
as source material Jot its over- 
seas broadcasts. 


AN AMPOULE labelling version 
of an automatic self-adhesive 
labeller, has been developed to 
apply pressure-sensitive labels 
at speeds between 10 and 240 
per minute, and was designed 
by Newman Labelling to accept 
containers from trays. 

The machine ! is introdued with 
a second new product, the HFC 
38/12. the first hot foil coder 
from a newly formed Newman 
associate. Alien Coding Machines, 

37 Ox Lane, Harpenden, Herts. 

The latter, the first in an initial 
series of four models, is designed 

O MACHINE TOOLS 

Safer for operators 


for batch and date coding in the 
pharmaceutical industry. It is 
said to handle a maximum tape 
width of 3Sram. with maximum 
indexing length of 12 mm. and 
is capable of operating at speeds 
up to 200 prints per minute. 

The HFC 38/12, was developed*! 
by Allen’s managing director, in 
his spare time at home, while 
working as engineering manager 
for Newman which has given the 
former company full backing with 
the anticipation of future produc- 
tion benefits 

More from Newman’s 
Queens Road, Barnett, Herts. 


at 



LATEST code of practice to 
ensure safety in the use of 
machine tools applies to grinders 
and honers. Published by the 
Machine Tool Trades Association 
“ Safeguarding Grinding and 
Honing Machines ” describes 
methods of making such equip- 
ment as safe as reasonably 
practicable. 

Basic principle is that unless a 
danger point or area is safe by 
virtue of ita position, a safeguard 
should be provided. 

The code, however recognises 
that this principle cannot always 
be applied to the entire work 
area of a machine-tool and that 
modification must be made to 
meet demands made by the 


nature and variety of the work. 

The code costs £5 from MTTA 
Standards, 62 Bayswater Road, 
London W2 3PH. 01-402 8674. 

In the meantime, the Machine 
Tool Industry Research Associa- 
tion, responding to growing 
interest among factory and plant 
managers, is to repeat a one- 
day course ou technology to 
reduce noise from machine-tools. 

This course is intended to help 
machine tool designers acd 
development engineers to gain 
experience in the analysis of 
machine tool noise and the choice 
of appropriate remedial treat- 
ments. 

More from MTTRA on this June 
5 course at Hulley Road, Maccles- 
field. Macclesfield 2542L 


Simplified positioning 


MANUAL control of the position 
of. for example, machine tool 
cutting heads is simplified by 
Minipak system announced by 
Thom Automation. 

It consists of a rotary disc 
encoder and a digital display. 

The encoder may be activated 
directly from a rotating shaft to 
measure circular motion, or via 
rack 'and pinion, pulley or other 
arrangement to measure linear 
motion. 

Signals from the encoder 
activate the six digit display, 
which is available for metric or 

• FINISHING 

Small components 
painted in bulk 


imperial readings. System reso- 
lution is 0.1 mm or 0.01 inches. 

Applications are expected on 
wood-working machines, guillo- 
tines^ presses and cut-to-length 
applications. This relatively low 
cost system is sealed for normal 
industrial applications. 

Optional extras include battery 
back-up, bi-directional reading, 
automatic reset and program 
control. The company says it 
is willing also to consider adapt- 
ing the device to particular 

applications. 

More from P.O. Box 4, Hugely, 
Staffs., WS15 1DR (Rugeiy 5151). 


ENAMELLING OF small com- 
ponents can be carried out 
efficiently and speedily, it is 
claimed, with the aid of a 
machine which consists essen- 
tially 0 f a barrel rotated by an 
electric motor- Coating of the 
components is' carried out by a 
gravity-fed spray gun. 
Components loaded into the 
barrel are rotated, sprayed and 
stoved for a preset time cycle 
and - two barrels and two spray 
guns are . supplied with each 
machine to enable continuity of 
operation. Thus, a barrel may be 
emptied and one gun cleaned 


under pressure while enamelling 
occurs. 

One operator can handle sev- 
eral machines which are free 
standing. The standard barrel 
has a capacity of 8-11 kg. and a 
smaller barrel 2-5 kg., but suit- 
able sized purpose designed 
barrels are available. 

Fumes are extracted by the 
plant and the operator does not 
have to wear a protective mask. 
The machines are being supplied 
by an Imperial Metal Industries 
subsidiary. TMI Precision Die- 
castings. PO Box 216. WJtton, 
Birmingham B6 7BA. 


•NOKUKfMBK 
0BDE8 


m DOG 


-> NO MINIMUM 
LENGTH 


Thousandsof types and sizesin stDckfor'knmecfiatBderweiy 

LONDON 01-561 ana AB£RDEENm.4)32355/2 
MANCHESTER 031-372-4915 

. . TRANSIT CWJ- CHARGES GLAi^ACCEPTED 

MI+.EMERQENCYNUMBHR 01 6373567 Ext409 


r 


NON ISSIM 


This advertisement appeals as a mailer of record only 


May 3,187ft 





POST- OCH KREDITBANKEN 
PKBANKEN 


DM 100 000 000 
5 %% Bearer Bonds 1978/1988 

-Stock Index No. 462 7GQ- 

Offering price: 93 */■ 


DRESDNER BANK 

AKHDiOaUiSOWFl 


PKBANKEN 


V 


BERLINER HANDELS- 
UND FRANKFURTER BANK 


ABD SECURITIES CORPORATION 

A. E. AMES & CO. 

UXUTffl 

ARAB FINANCIAL CONSULTANTS 
COMPANY SJUt 
BANCO Dl ROMA 

BANK FDR GEME1NW1HTSCHAFT 

AsneriotsutfCMn' 

BANQUE ARABE ET INTERNATIONALE 
DTNVESnSSEMENT (BJUL) 
BANQUE GENERALE DU LUXEMBOURG SJL 

BANQUE RATIONALE DE PARIS 

BANQUE POPULAIRE SUISSE SJL 
LUXEMBOURG 

BARING BROTHERS & CO* 

u Minsk 

' BAYBUSCHE VEREWSBANK 
BERUNER BANK 

MnatGBXUSCHArr 

CENTRALS RABOBAN K 
(COOPERATIVE CENTHALE RAIFFEISEM 
BOER ENLEEN SANK OA.) 
COMPAGME LUXEMBOURGEWSE 
DE LA DRESDNER BANK ACS 
- DRESDNER BANK INTERNATIONAL - 1 
CREDIT LYONNAIS 

CRHMTO TTAUANO 


BELBR0CK & CO. 

den norske creditbank 

DEUTSCHE QROZENTRALE 
- DEUTSCHE KOUMUNALBANK - 
EFFECTENBANtC-WARBURG 

AOlUWttaUQWT 

G/HOZEHTRALE UKD BANK 
PER tJSTERRBCHISCHEN SPARKASSEM 
AoioiotaatsowT 

GREENSHIELDS INCORPORATED 

HARDY-SLOIKAN BANK GMBH 
HESSISCHE LANDES BANK 
- G1ROZENTRALE - 
KIDDER, PEABODY INTERNATIONAL 

iHimo 

KREMETBAMC SJL LUXEMBOURGEOIS£ 

KUWAIT INTERNATIONAL INVESTMENT CO, 

LAZARD BROTHERS & CO, 

UMna 

MERRILL LYNCH INTERNATIONAL & CO. 

MORGAN STANLEY INTERNATIONAL 

UwfTO 

NOMURA EUROPE N-V- 


NORDTC BANK 

mvras 

ORION BANK 

UMITEB 

pdsmPAwaq 

N. U. ROTHSCHILD ft SONS 
liinncB 

SCHRODER, MONCHMEYER, HENGST A CO, 

soctfrk generale de banque sjl 

SVENSKA HANSELSBANKEN 

UNION BANK OF FINLAND LTD. 

UNHH) INTERNATIONAL BANK 
twins 

a a WARBURG A CO. LTD. 

WOOD GUNDY 
UMl|U 


VJEREINS- UND WESTBANK 

ASalU*£-iUiif^L'I 


ABU DHABI INVESTMENT COMPANY 
AMEX BANK 

MUTES 

BANCA COMMERCIALS tTAUANA 
BANK OF AMERICA INTERNATIONAL 

LIMTSED 

BANK OF HELSINKI LIMITED 

BANQUE BRUXELLES LAMBERT SA. 

BANQUE DE LTNDOCHfNE ET DE SUEZ 

BANQUE DE NEUFUZE. SCHLUMBERGER, 
MALLET 

BANQUE DE LA SOClETt FINANClERE 
EUROPEENNE 

BAYERtSCHE HYPOTHEKEN- UND 
WECKSEL-BANK 

JOH. BERENBERG, GOSSLER ft CO. 
BANXHAUS GEBR0DER BETHMANN 

CHRISTIANIA BANK OG KREDTTKASSE 

COUFAGNIE MONEGASOUE DE BANQUE 

CREDIT DU NORD 
DAIWA EUROPE N.V. 


DEN DANSKE BANK 

« lin AUiiski--** 

DEUTSCHE BANK 

jU.IHHOeulPI«.i 

DEUTSCHE UMDERBANK 

AnuiiCesiu^wiT 

FIRST BOSTON (EUROPE) 

LIMftID 


WESTDEUTSCHE LANDESBANK , 
GIROZENTRALE 


ALGEMENE BANK NEDERLAND NLV. 
AMSTERDAM-ROTTERDAU BANK N.V. 

BANCA NA20NALE DEL LAVORO 

BANK JULIUS BAER INTERNATIONAL 

inujia 

BANKERS TRUST INTERNATIONAL 

UJOTIP 

BANQUE FRANQAISE 
DU COMMERCE EXTERIEUR 
BANQUE INTERNATIONALE A LUXEMBOURG 
SJL 

BANQUE DE PARIS ET DES PAYS-BAS 
BARCLAYS BANK INTERNATIONAL 

t<wniB 

BAYERtSCHE LANDESBANK 
GIROZENTRALE 
, BERGEN BANK 


1 CA1SSE DES DEPOTS ET CONSIGNATIONS 


GtiUBANKEN 


HANBROS BANK 
UMR» 

GEORG HAUCK&SOHN 
HILL SAMUEL SCO. 

lUUOD 

KJOBENHAVNS HANDELSBANK 

KUHNIOEB LEHMAN BROTHERS 
INTERNATIONAL 

_ KUWAIT DIVESTMENT COMPANY (SAK) 

MANUFACTURERS HANDVBZ 

UURB) 

B. METZLER SEEL. SOHN & CO. 
NESBnr. THOMSON 

lUUttO 

NORDDEUTSCHE LANDESBANK 
GIROZENTRALE 

BSTERREICHISCHE LXNDERBANK 

AOKWCtSEUiOMO 

PIERSON, HELDRMG ft PIERSON N.Y. 
PfUVATBANKEN 

SALOMON BROTHERS INTERNATIONAL 

UMItiS 

SKANDINAVtSKA ENS83LDA BANKEK 

SPARBANKERNAS BANK 

SWISS BANK CORPORATION (OVERSEAS) 

iiuneo * 

UNION BANK OF NORWAY LTD. 

J, VONTOBEL ft CO. 


WESTFALENBANIC 

AoisttEsaisbun 


COMMERZBANK 

MiuMuunaiM? 


CREMTANSTALT-BANKVfflEW 


CREDIT SUISSE WHITE WELD 

1IW1IID 

RICHARD DAUS ft CO. 

BANNERS 

VCiW. wss W. rcjLGTH 

DEN DANSKE PROYMSBANK A/S 
DG BANK 

DEUTSCHE QEN0SBEN8CHAFTSBANK . 
DILLON. READ OVERSEAS CORPORATION 

ANTONY GIBBS HOLDINGS LTD. 
GOLDMAN SACHS INTERNATIONAL CORF. 

HAMBURGISCHE LANDESBANK 

- GIROZENTRALE - 

R. HQHQUES JR. BANK-AKTIESELSKAB 
JCANSALUS-OSAKE-PANKK1 

KLEBJWORT. BENSON 

UMJlcA 

KUWAIT FOREIGN TRADING CONTRACTING 
ft DIVESTMENT CO. (SJLK.) 
LANDESBANK SCHLESWIG-HOLSTEIN 
GIROZENTRALE 
MERCK, F1NCK ft CO. 

MORGAN GRENFELL ft CO. 

mens 

THE NIKKO SECURITIES CO, (EUROPE) LTD. 

NORDFMANZ-BANK ZORICH 

SAL OPPENHEJH JR. ft CIE 

PKBANKEN INTERNATIONAL (LUXEMBOURG) 
SJL 

REUSCHBL&CQ. 

J. HENRY SCHRODER WAGG ft CO. 
mum 

SMITH BARNEY, HARRIS UPHAM ft CO. 

' INCOBOMtED 

SUNDSVALLSBANKEN 
tRSHKAUS ft BURKHARDt 

UNION BANK OF SWTZBUAND (SECURITIES) 
M. M. WARBURG-BFRNCKMANN* 

WIRTZ ft CO. 

WOBAC0 INVESTMENTS LIMITED 
YAMABW INTERNATIONAL (EUROPE) 


J 






Financial Times Wednesday May 3 197s 


ow to regenerate the UK 


EDITED BY CHRISTOPHER LORENZ 


electricity industry 

^ organisations face the retained control ^ J . . . 




need for wmp“m°ise d "W*, ° f this approacl1 were 

the centralisation necessary to role. 3 supemsoi y explicitly recognised by a 

permit strategic policy The p AM . * , recommendation that the new 

decisions and the decent^iJ- kneS hotter &y CEB should *>e under T 
tion necessary to brio® dewmcnfiut* d accepted the statu tory dnty to devolve 
decisions close to the work" ff* of maxiimun authority to operating 

face, where job satisfaction and wbJlst rejectin E units - g 

consumer satisfaction can be £fi an effective <**• 7116 report was highly critical 

recognised a n d, fioSUr So bom the Elec « the organisation sf^p"nder 

satisfied. l y ‘ c «“e>L ™th virtually no tte W5? Act and ParaJapwl 

t ™'JV er ,? e EEJESZS. S2 JJSSSr mWq " - 

£« n^ s ~' s ittaac- 5 ^ -I'sstm-j-r 

E^lfnd y and P Wales d “s lry fa The Central Electricity diver Sent views P nd encourage 

larie: it ft LJ™ * «-M*Sl 




wim. 




[vi.^g.v’rC 


The 



's L* ■ 




1*11^ 


Italy’s drug pirates 

H 80 this year is lfM* — 


mm 


Kvfefe 80 this year is likely 

5 becorae * red-letter date for 
fte research-based pharma- 
wdUBtry. Until then 
v yrf; it was impossible to obtain 
* patents for pharmaceutical pro- 
^ products in Italy. 

&L"pv~'] “fde Italy the haven 

• : . companies producing imita- 

wLf : •••",•; J® 11 ® of successful medicines 
developed by others, without 
having to maintain a costly re. 



ducts and processes for whi«* 
a patent application had he™ 
made in the past. If not “ 
jected and still peuding- a ;!,' 1 
provided that the conditio^ 
for granting of a patent exisiZ ' 
such application should now h* 
accepted by the Patent OffiT 
but patent protection can h«J i 
claimed only from the date/ 
when the decision of the Cton*^ I 
tutional Court was published w 
namely March .in M Sned - 


England ^nd^al^Ta V* Omf“5U E1< « SSTSJ ? 1 T g!H»» * F ™"* «**— «f *. ^ -tabUdluoont of tteir geofej profiocts and P^cesses PUbUs ^ ^ 

So ,! ™ P, T ““ "MB ™«sea as ft/SS BIa fS? ■h 4 S* d S wa£ (f „ . ™ »y no means i«t SStaT OWe " ^ footed lo tfie paa, 

p.ople, ser\es almost 20m. con- ber of this loaselv fprfpra i whole industry Thp was fts provision for the c„ \ domestic .. Italian problem. P !« ecUon ‘ b r error" when it was*wfl 

h .a d a turnover of about try since it confroiM “St Council, hoover is SlS organisational structure to be Dr 5?^J nce a f® :n - Parliament has Mafl y of the imitation P drugs— h ^ Government has now recognised that the prrfdS fc 
A4.o00m. m 19, //8 and has net of the capital and ^ equipped to give a strong ^“^ed by an Order laid before f^2 Ve ^, i^ nable t0 meet its re- sometiines bearing even the been rescued from this difficult had a pharmaceutical apnii^f T 

assets of almost ffi.oOtVm. Every spending o^thi indust^T^D 6 rt is dom mated bv 15 P arJia “ent by the Secretary of nESS^S- m . tels ^on to this trade 1 mark or name of tbe rZ by tte Constitutional tion will be revalidate!^ J * 

house and every factory in the ronirast the JSuSSfL. if who a « in effect mlJSSS receipt o£ a JffSf f*** *** "** ’SE**"! Pharmace^S J or “W » « had Pharmaceutical patent wi?h 1 

iand is a customer and the with 80 per cenLrfJw,? 1, Uves of their Boards wffn «' Sport ?° m the industry. The SSvSLJSl **!? 1 by fte rifiid and company who developed and fe^jed complaints that Article effect from March 30. h t 
contributions of electricity to W L ^ el ectn city have a collective interest^ first ord er specified central framework of the man ofactured the origin^— the Italian Patent Act. Then there is the rather com ill 

the quality of life to-day and interest in powers remarkably similar to 19 S A ™ were exported from Italyatcut h . lch P rohlblts *he issue of plicated case of inventors f I 

to the energy problems of the ^ H “ — — “commended bv the Council, con- P**?®*- patents for pharmaceutical pro- did not file a patent appiicaSv 1 

2S£ " e “ mrersdly acknow - Slr Francis Tombs pleads urgently for *■ SS *ff S3 SSffii? KSZ tSSL. Sff 5 

^ One might expect, then, that tbe reorganisation Of hie tndn,. — «.£S e ^S?15?™ expected that S™b“s Of th^fTPnri 31 !^.^? I played bv touch this subject for a wr! did annlv wb(> fl 




. w. m-uay ana 

U the energy problems of the 
future are universally acknow- 
ledged. 

One might expect, then, that 
the organisational structure 
and performance of the 


Sir Francis Tombs pleads urgently for 
tbe reorganisation of his industry 


One might have expected that 
these proposals based generally 
on the report of the Plowden 
tioraraittee, seeking to reconcile 
central determination of 


T , Htnuiiiiaace ot the — " : uic nowaen barriers 

industry wou ld be of more costs determined hv >k "" t0 reMDCiJ e dustrv v 

than passing interest to Parlia- ducer were Pro ' lnaiDtainin ff the principle of rhe det ennination of thel 957 

went, whose creature it is impotent * V,ded and Board autonomy S J rate ^ with maximum devolu- Th e men 

Alas, the record makes sS S 2 *^ f J!L«"? ect of ^e man and "cen&al memS» *°5 ° f executiv e management. iettSS 

S - * Sr* 5 £iS 3 S*S slSs »'===£ S 


~ . ujumneis - " a. piwnem con- .7 — r ’ u«ry considered i» 

the twelve Area Board chair- “ ned to medicines for f t,tuti °? al . according to Italian pointless, and were later .Li 

men and the chairman and two h , uma f s - v An important role was l aw ’ fc Co ^ t hesita t«i to taken by other inventors 1 

members of the CEGB. unani- p 2« by vitamins and anti- this subject for a very did apply for a patent hoS t 

nrnusly agree that the statutory ? m animal ong tuna that Article 14 of the PaL? M 

Damers to a nvnrdinotaJ busoandrv. mainlv a.- Bv thp Pnd nf lid- I»a« Tin... Art urmilw Uf, *t r 


because the 
ss was not 


«.L.h h fe F of ^ The Italian Patent Office can ^UUUUVerSiai 
searca based pharmaceutical and will issue patents for ru+ , h l.. w 

Mr&SSS.'Z: 


- nor 

ovel at the time he applied, u 

Controversial L 

But what nhnnt t A 


meuy Boards which were In 1970, a Biff was nrodnopH CouiS am oX ' k at ^ other issues Lth.r l , on Nationalised Industriestoex-X n f ^rters to sell interests of those who produce withoutn.Vhtic 6 „ pro6a * 
responsible for distribution. following a S i mS iL£K a °„ n J y t r fu ach agree - the Liberal amine lt -in detail and to sedc '**}*&»* M their in Italy drugs invented by l “ViE S-2S 8 .. the 1 1BVW 

BiMMI ¥r£wd^ hc ^ B MFM& 

™LST& B a °^ tn r ~ a as-yv — i ater - a«=r — *TSUSSTr - s; Rescued filMSii:" ,0 ta Ucliea up no f e r °V"~i 

JS ssxiS^S a sara a:aaS 


mission under a Central Efec ?/ the Electric!^ Couccil take the initiative ” “ t0 Rill nt>t s “ ppf,rt the ° y ^ Parliamentary Arties problems, and the ensuing con- ttaue to MnlnH hT. - T ° COa ‘ 

^LST& B a °^ tn r SSWumfiTt-rf a «-■ «» £™ e ^^u t h e«eiiv” ^SUSSTT^ Rescued SlSs.r«5o h n >ve ,0 Udiea - no f °V"~| 

Ira" nuffiir b !!!BWTO th 4 T Sri!; ^o‘™ne£r etarton”"? w a * fi'rsfof bTtoSSto'SS! ^^applies in partial , 0 ttPfiSHf th/comtlS reJe.rcTbased b c e 0 ^“ n . bj “™Sl 

rairs b sS" by 016 incoming « rt ss ™ tte r t £ w ? ain= ^ 

b r a ^,“ " “j fe a ,iS s ® S bs^astm sr: as ks bsk 5SSS«: "a 

>bl approval cap™i| Pl, ”d ‘SScnm or'° thc^T/eftric'^f revomni e nd a f <) PI °' , ' de, ’' S n,ain J- 0 ""!; 'l *' " nSdl t« be'reSS and^d ' 11 '” e SSSteturer*' ud^trat «“o“pd bfj.ttere'in tte pas“ ff" ab,e Bme - tavliw Wta 

reienue budgets: (c) approval ply industry i n England and porated ThP« b - a lncor ' Jh?°II«5* ril ? H? reI:i t ,0, iship to charged, a fa^re to rin^h,- 8 ’ lng “ t >araI,el witi/ the far a s examination and grant YY.J ? 3 " 031 ^vestments for this 
of depreciation policies: and ' l ' aI,?s and to report lo the nation ‘ of incJuded “nifl- ' e ed s of the industry and either because of an unSnn” 5 ' au !, horised distributor may of patent are concerned, new ^ . These investments 

id) approval of retail and bulk Secretary of State for Ener*v ” industrv Lrn^ - fra ^ mented YJ, ,Id 1°^. h 3 '’ 0 bt,,?n “con- ness to devote th? ^ dI “ g ‘ “ Dder EEC law, repack the a PP lica f in ns concerning phar- JY ere *? ac ^ 0n the ^sumptioa 
supply tariffs. * Tt did so in January. 1976 ?n d SdSSJJ^ f ° r ** S?wJ. ? K UrllJ 8 u the P“«»® ^ U me “ as Tlr^n n n f 6cessai >- J»«n d ® d product-in ?hL ™“”tic aIs will be hancSed f? at ■ th ? Pattnt was valid * 

So far. so good The ^ Cnmmonded «•«' » Cen?ral fe mee7 ** *' u ton AnmX . tunistic m “tiL ^ h ^Por- v a!i U m- and sell it under ?he j V 5t ^ other patent apphea l ™ 10 enti ^- 

Pendulum hadswu^a Jim! E, 0 ffr L cilv Bnard should S °:™om ttLTT Whatever the wtl reasons for ui*b loT^ri "S ™ 1 1x3 de tions - “* v ' w «f the Con- 

™er,rt Uo "ent;e £ saa s a m 

““ iH^n M ~ . S : The Cgn ? rali5t ln, P° rtant part of t h e Bill which d/ati w*l!h Sirgani^ n tion of^major^dSrT 0 ^^ J ) ° trodu ‘^ wber^bis 11 ”^^^ 13 ^^^ of 

_ Z non of a major m d U5try , pharmaceutical products and t0 the public interest the continued absence of patent 

9maima — — - processes patentable. However The same ■« pro t ectloa f °r Pharmaceutical 

this pressure was strongly probablv extend3r!2? will products and processes in Italy.' 

opposed by the Italian producers mal three years to ftveL^th' transitional legislative 

of imitation rimoe __,7 ■ , years to five — the measures, which am u_s ■ 


DEM CAR 






oWfi stems psas w-Msj-iafis 

Of imitation drugx As a resnlt period ^ 1 fi e T the me «ures. which are now beimr ■ 
the Itsdian Government found It licences mar be mnS P ?f S ?iI y considered by the Italian 
very difficult to obtain from patenT is^t Votiked TtSS £ >Vernm ®“ t - will D0 doubt , 

AC'TSSAS! by F f r e ZTl , , “ 01 imcr ' 

pharma- .situation of phnnotcgthS A. H. Hermann L' 




jjllrrrstiBf;'. ^ 






c a rLp5?° ftimehaVerUnOUtforo,dfchi °ned 

In the name of cost efficiency, modern business 
systems and techniques demand Idem carbonless 
copying paper. 

Idem carbonless looks and feels like ordinary 

thpHrf? aper ' Butwhen Itcomestomakingcopies, 
the difference is extraordinary. 6 K 

Co sheet of idem has been specially processed. 

So whatever is typed, written or p^ited on INs 
instantly transferred into the sheets below. 

shP0^ lik ^ eSS T Carbon ’ therearenoin te™ediate 
^®®^be™ er lea ved , and then separated 

. So Idem is quicker and easier to use- therebv 
savmgyou time and money. ‘ 

rWiil« dd i DO r n “ being dean, Idem copies are clear, 

wherever, in fact, copies are required for sales 
i nvoiang, accounting, delivery, stock control ’ 
correspondence. ^ 

nn ^ kyOUrpn r nterforlde ^ 0rc ompleteand 

postthecouponforyourfreedemonstration pack. 

*. U yourfr ^ demonstrat,on pack, complete and 

CARBONLESS — — — 

IDEM Division, Freepost, Basingstoke, ^ 

Hampshire RG21 2EE. Td: (0256) 20262. 

Pte^send n^fi^andwrthoutobllgalon- 
my fiwsan^jte demonstration pack . 6 




;; t ; TOUIER ,,w ' J° H "" s,,o,> - s|®' 

k Pn ifie^edge of rt,e Thames - IlflTCI V - Tfle Tower Hotel, 
k to Tower Bridge, open ’ ; \ St. Kathdnne’s Way, - I 


* f ’ 





j yl m ■> r 
Irrmfrl 

£~j 1,;1 

mTum 

W 

/WM i j 1 

[5 

iifijiS? 



L* v'l - Fl i t r;Tw i 


1 Roval Windsor 

and rain “‘es from the Air Terminus 



J I t. 

/■^ 

/ 



and Centra! Station. lerminus 

-•w-iSSSlSBSilSSa /, 

condmoned, wilh private bathio^ */ >< 
^also iiiUy soundproofed. i 

w ntist we give you the benefit / 

ot being right in the centre, we r _ 

a Iso give you the chance to relax 

in peace. & 

Our“\lctorian” . n -ri li tf fa B 

Chophouse provides an 
impr^sive selection of English, 

French and Belgian dishes. «Jipi 

The re ’s an excellent lounge «««*« 

bar. And .an authentic English pub. 

And just one late night visit 

to ou r Crocodile discotheque will M UBI BM Ite jg 
convince you that staying m can HR 

be as exating as going out 
To become a five-star guest 
nng thehoteJ or the Rank Hotels 
central Reservations Office- M l7 MliWlf 
01-262 2893 ‘ 

For our special all-inclusive 
weekends, just ring us on 


Royal WindsorHotel 





without the disadvantag 


Rfmk [©Hotels 
the hotels for five-star g ues t s. 









The Financial Times 








> 3 





a 



" m 

il'il 


njl'Mi , fc 

i’.." ' A{] % "| 
*•»■! !• 

*' :*i • ! '.v, 

r 

- 1 I- I ' f 

■ • I'!-.,, ■; r : 

■ i .iii * 

• O’/ 

P 1 - 1-. 

. ' ;r: i. '' 

i «.. ... T ^- 

'.""‘•V 

J ' r,< hv 

u. & 

M.i! . -*t 

... -H-.i 

fl - im,. r . • 
r-s > , . *■ ? 

• ' vn iS- 

* • ^ C. 

■ i T 


«<■ r« ^ 


ovcrj 


it ‘i: 


mu 

n 


-r- r- 

•*i >: »i,.. 

* ;• •; = • • 
•fi'Vi: .. 

l-l (■', .. 


*>«•••- ■. . 

: 1 . . 

:: • •• • -■ 

1 : 1 ' ; 
ii ■ . . 


The day people stop 

eating, 
drinking, 
washing their hair 
cleaning their teeth, 
shiningtheir shoes, 
doing their housewoik, 
getting headaches, 
catching colds, 
pursuing hobbies, 

& having babies, 

we’ll have problems. 



HOUSEHOLD AND TOILETRY 


Worldwide 

sdes 


1777 

1976 

1977 
% of total 

1976 
% of total 

Profit 
before tax 

1977 

1976 

1977 

% of total 

1976 

% of total 

£193.25m 

£169. 79m 

347 

35.1 

£2£L33m 

£2574m 

47.6 

491 


But until that day, well continue to 

reryday 

Kshed \m brand products, a great many of which are market leaders 


prosper 

For in each of these areas of basic everyday life, Reckitt & Colman has estab- 


^veryclay 
)fwiiicn; 

And we make and sell these famous products all over the world, (although 
often under different names to suit local conditions). 

a? 








Worldwide 

sdes 


19 77 

B 29 

1977 
% of total 

SUM 

£231 76m 

£21 5.23m 

41.6 

44.4 ( { 


Profit 
before tax 


1977 

1976 

1977 
% of total 

BUI 

£T654m 

£15^8m 

27.8 

IEjSH 


1) 



This combination of well-established products and worldwide coverage gives 
us enormo us strength, so that, even in the difficult trading conditions of 1977, our 
sales grew by 15% to £557 million and our profit before tax grew by 12.6% to 
£57.91 million. 

Exports from the UK and earnings from our overseas companies contributed 
substantially to these improved figures. 

Indeed, Reckitt & Colman ts proud that in ^Export Year* our UK export sales 
showed an increase of 303% to ream a total of £355 million 



•pharmaceutical 


Worldwide ' 

1977 

1976 

1777 

% of total 

1976 

% of told 

m 


1976 

tUmM 

1976 
% of total 

sates 


£45.09m 

9.6 

9.3 

| £9.1 2m ] 

£7. 42m 

1 153 

HI 


*Phuin 

aceurial products arc in the 

cabincr and some of oar toileay products are shown cm the shelf, 

- 1 1 

e*. . 


VJI * a ^ * 

* HOV1 R ec }dtt& Colman used theresources available to itto spend£2432 millionan 
capital expenditure and also to invest substantial sumsmresearch, development and 

marketing progranmes. 


And next year? And beyond? 

We believe that the spread of our business enables us to 
wodd markets and to benefit rapidly from any upturn in wo: 



in today’s 


The Leisure division manufactures artists' colours /; a 
and other creative leisure materials ) , 

for prof essional ami 1 l 



INDUSTRIAL, LEISURE AND COLOURS DIVISIONS 


Worldwide 

soles 


1977 

1976 

1977 
% of total 

1976 
% of total 

£7 857m 

£54.1 4m 

14.1 . 

11.2 


Profit 
before fax 


1977 

1976 

1977 
of total 

1976 
% of total 

£5 58m 

£3.43m 

9.3 

65 


The sales and profit resuhsof the Colours, Industrial and Leisure dhrisioiis arc shown in consoMaicd form in the table above: 

hi short; we beKeve Reckitt & Colman will continue to build sales and profit 

That is, until people stop earing, drinking washing their hair. 

ffyou’dKke to know more about Reckitt & Colman, please send the coupon 
bdowforacopyofc^AimualReport;whichhasbeencarefullydesignedto be easily 
understood by specialists and nonrspeaaKsts alike. 

WJSf/ 



The Industrial division markets indusnia! cleaning materials, services and machines. 

The Colours division manufactures pigments, largely ultramarine for industrial use. 

We also look forward to seeing shareholders at the Annual General Meeting, 
which takes place on Thursday 25 th May at the following address: 

Connaught Rooms, 15 Great QueenStrett, London WC2 at 1015ajiL for 1100am. 

Reckitt & Colman 

Strength in depth 



PROFIT BEFORE TAX BY AREA 


PROFIT BEFORE TAX 


A. Australasia and Asia 24.1% 

B. North America 17.6% 

C Africa 17.4% 

Dl United Kingdom 16.1% 

E. Latin America 126% 

F. Europe 122% 


*1974 result ore not 
dir cdty comparable. 



To: Reddtr* Colman, FREEPOST LONDON, W42BR 

Pfeaar srad me a copy of Redwt & Cohnani 1977 Annual Report 
(Postage is paid. Picase do not stamp your envelope.) 


■kHb* 
1*77 


Name., 


Address- 


Group Headquarters: 1 -17 Burlington Lane, London W42RW 





























1 


14 

LOMBARD 


Financial Times Wednesday May 3 1978 


Industry aid- 
German style 


The maddening delights of gentian 


QUITE THE BEST thing in my but it refuses to show any buds paint it Europeans take it for you, there are other choices, freely. If I could have only well-suited io their soil, will sell 
garden at the moment Is a plant at all in the months when it is granted, and sometimes claim to just as attractive and never too one alpine plant, I think it would them in bulk. Jack Drake, at 


BY ADRIAN DICKS 


garden at the moment Is a plant at all in the months when it is granted, and sometimes claim to just as attractive and never too one alpine plant. I think it would 'hem 

Which I had forgotten about al1 ov er any self-respecting prefer that dull, flannely old easy or common to be taken for have to be Verna. Now is a Insimach, Aviemore, lists vaaous 

«... - „ ’ European's calendar. I have Edelweiss. One Acaulis does not granted. The smaller Star Gen- good moment to buy one in a hybrids and will no doubt book 

Gentians, 1 & rant are not easily been told to stamp on It, walk make a spring garden, but I tian. called Verna, troubled our pot from a specialist alpine you for thongs, jf you ask fo r 
forgotten. There is no blue so on it in rubber shoes throughout feel that, by accident, I have grandfathers, if their gardening nursery. Ingwersens of East them 

intense— -unless you grow Cory- the season, feed it on fresh pig won the battle at last correspondents are a guide to Grinstead. Susses, or Elliot’s of 

dalyis Casnunana. which, I bet, manure, stoically collected, water Why bother you with it? th = , gardens Thev nined Broadwell. Gloucestershire. ' 

you do not There is no flower, n with warm water, douse it Because, maddeningly, it will .iiSLS* For those' on lime-free soil, fl 

which is quite so satisfying to with salt water, allow it to often grow freely. There are * ater \° il « roots, sheltered it Azaleas, there is ^ 

have captured and brought to struggle among leaves, place ft garages. I am told, which have never dreamed of kicking it or b et t er buy. The Chinese No 

;«r kn.l in _ -a«4ATi r'a^,;.nF . . ■ ° iu. . J J ,L.I. .... :iL :<■ I If 'Thoi, Ticaii In tun e¥ ™ uellc * U “ J 


intense— -unjess >°u grow Gory- the season, feed it on fresh pig won the battle at last correspondents are a guide to 

dalyis Casnunana. which. I bet, manure, stoically collected, water Why bother you with it? th : , _ den Thev 

you do not. There is no flower, n with warm water, douse it Because, maddeningly, it will meir r f aI ,® arden ®* 
which is quite so satisfying to with salt water, allow it to often grow freely. There are water roots, sheltered It, 


Germination 


No doubt, you fortunate 


movements of the exchange rate, from the budget and from the quite remarkably varied: 'there 0 f course to buy only from 

or that a fraction of a percent- economy as a whole.'' is even a tall straw-yellow one reputable ' nurseries, such as 

arc point more or less on the Few governments could do called Lutea. which likes open yours truly’s. which happens to 
wace hill can provoke excruciat- otherwise, given the coal in- meadows and which I rccom- have an expensive stock of it 
ingly painful inflationary pres- dustry's extremely difficult short- mend, not leabt for its bold available. I now find ihe answer, 
surcs - term position and given the leaves. In the 3 to 6 inch class, for I have at least one bud on 

There is another set of fact that hard coal is the there is nothing to compare with one three-year-old plant ; buy it, 
symptoms, however, that Bonn's country’s only major domestic sky-blue Farreri, striped with and never look at it. until it has 
friend-, and partners might be energy resource. Yet the ojive-green and dark navy, or set a flower, 

lc-.-s envious of. if they knew question of how much even West with plain Acaulis. whose wide Here and there in almost 


GARDENS TO-DAY 

BY ROBIN LANE FOX 


Gentians, mostly, flower _ iu growers of Azaleas will hav* 

ee swaps iiiis r mpc t B n r * 

deep blue, and easy planting the autumn, when asked by * 
which however, is often missed Gentian freak, like myself, front 
by those with the right soil for the Midlands, whether he could 
iL There is still just time to grow a Chinese Gentian, * 
buy the most vigorous, catted famous West Country gardener 
Slno-Oraata. in the unusual shape is said to have replied that he 
of a thong- A thong is a small did not believe he had more than 
division, usually with two roots, half a mile of it. Perhaps, loo, 
tike the prongs on a tooth, you will have Acaulis in flower 
Planted In spring In damp, acid among the lettuces and think mo 

soil, these thongs will send up far from greenfinaered But m 


lc-.-s envious or. if they knew question of how much even West with plain Acaulis. whose wide Here aDd there jn a | raost SO j[ the - e thonas will send up far from greenfinaered. But m 

marc about them. And oddly, Germany can afford to pay out in trumpet-flowers are a gloriously v j j v " _ Gentian it- at least once. Perhaps, as so open soil, and reasonable drain- a tuft of grassv leaves, and may a month or so. i can look fop. 

iVy represent a complaint that subsidies to hardship industries deep blue. How. then, could I . *t nw in - n nr manv experts claim, it does pre- age. The starry flowers are an even flower this autumn. They ward, nonetheless, to trying out 


from the past. Now in a pot many experts claim, it does pre- age. The starry flowers are an even flower this autumo. They ward, nonetheless, to trying out 

has linen getting surprisingly is beginning to be asked more have forgotten oae? which i have quite foreorten for fer a heavy soil, with or without intense blue, unforgettable ir you are easy, as long as ibey have the tip which I have carried wnh 

limited attention inside West often. two year& _ , s S howin" a lime. Perhaps it likes to be in mass them in a stone sink, low no lime, and their colour is as me for seven years: in order to 

Germany umti very recently — At the head of anvone’s list Ion**, pointed ink-biue flower country air. not in a town. But trough, or similarlv raised con- good as any. At a height of six germinate seed from Acaulis' * . 

ihe cxienr nf ihe subsidies which is the Bundesbahn, or federal ( InMlfldCV bud. It must, in a week, become there are no rules, except that tainer. In their second year, inches maximum, the flowers are flowers, you should soak it foe 

ihe Yl German Government is railways, whose need for a trumpet. When it does it will it would be foolish not to try. they may flower so freely that an excellent mark on an edge. 24 hours in a saucer of water, 

now- finding itself obliged to pay Government funds this year is Plain old Acaulis has annoyed he worth the ten false starts, say, three, one in a low wet thev die back. Be warned, and Ordinary plants can be bought, then sow it at once. Perhaps the 

aut id loss-making indusiries. expected to be around DXI13bn. me for longer, even, than l have the pig manure, ihe cow place, one in a high sunny pick off a few buds, if your plants too. but 50 thongs, say. are better children of my one flower will 

The non-party Taxpayers’ Fede- been writing this column. Every manure, the bucket of chicken- Place, and one, like mine, where seem to be too generous. This value. They multiply quickly be more obliging, ur perhaps 

r?53rP 5&f'tPTnnf' ration, which carried out an year. I think I will defeat its droppings, and Ihe treading >'° u can forget it. If all three saves their lives. The seed and soon give you the most that is only the next stage: up 

t anguished study of the railways* obstinacy by some new trick. It which led nowhere. There never flower. I would be glad to bear should be left on a sauceT in the exquisite carpet. Ingwersens after tvp. useless as always, on 

A 4 in manv countries it is not fiducial situation lasr summer, will grow, throw ont more of its was quite such a blue. Nobody of it. fridge overnight, then sown at used to list them as a special how to persuade the wretched 

easy t„ pinpoint ihe full carnc l, P with the calculation palish green rosettes of leaves, can photograph it iruly. nor If Acaulis is too stubborn for once. It will usually germinate offer, and Scottish nurseries, things seeds to come up. 

I'omaMic weight that subsidies ^at the current deficit is equal 


J. Every manure, the bucket of chicken- Place, and one. like mine, where seem to be too generous. This value. They multiply quickly be more obliging. Ur perhaps 

•feat its droopings, and Ihe treading you can forget it. If all three saves their lives. The seed and soon give you the most that is only the next stage: tip 

trick. It which led nowhere. There never flower. I would be glad to bear should be left on a sauceT in the exquisite carpet. Ingwersens after tip. useless as always, on 


amiuni for. Ante ai tempi to do * 0 ° Ve f 6 J* r cent, of the current 
>" wjs made last week, bow- federal budget, or DM400 per 
<*vcr. I» Count utlo Lambsdorff. while the accumulated 

tins Economic* Minister, when dcb * current trends 

he presented ihe Cabinet's reac h OM70bn. by 1985. 
rit-L'iMoo to fund for four years Not counting the Buodesbabn 
a programme worth DM.5S2m. a subsidy or the tax concessions 
year for lonz-icrm investment worth some DMabn. aimed at 


Persepolis looks best 


l*V ihe coal industry. The pro- West Berlin, total subsidy spend- peTER WALWYN— who with the Lara bourn three-year-old. United Hunts’ Challenge Cup 
gramme. as ihe Minister ing and tax concessions under Seraphima. Camden Town. Another in-form trainer. Paul and the Golden Harvest 


[ ENTERTAINMENT GUIDE 


Another in-form trainer, Paul and 


, " „• i nt *>7 * . _ uvi auuimoi < w«r k> nuwbu«,t ut iviiu ucuu^ii a nui “““ ^ 

vxpjjined. was necessary m great the 3967 economic growth and Formidable. Be Sweet and Cole, seems likely to add to his Hunter's Chase, 
pari io safeguard jobs, and would * aJ H° liri SS.^L 111 Leonardo da Vinci, has either already impressive tally on this Mountohve, 


Golden Harvest 


pari 10 saieguara jobs, ana would siammy act amountea in 1977 L conar do da Vinci, has either already impressive tally on this Mountohve, a fast-moving • - Sfi0 

?-. , -h ,, f.mrt pr . ulMl lI!i a J? 1 ? V y SPhJrtH: rl he 197S projec- first or second favourite in hilltop course through Noble eigbt-year-old. whose three ®fc£*Er*!2iiEE Sl't.iiWMiis c wea. !?o!: I ™. N ?i;iir£ 1 sM. a SSS: s'aoTiSdiS^ 

:;"! J f “" Qa undertake big in- lions by the Government show M five classics— has a bright Heir in the U-miie Ovingdean successive victories include a “ rd * ««hon e or « o«.«. mo. jgp. w « mo •« SS9ST 


ve-lnicni- in the costly new a rise of about DMlbn. more. chance of liftin'' to-day’s 

10. -hn.7log ies or coal ga.-iiici'lion event at Brighton, the Bi 

and refinement as a rncniical W a j|j- rr| 0r p Festival Handicap, 

feedstock >ourcc. nam UIUIC Persepolis. 

Il.inf-pre««H Tor years by Some of the Government’s Tfais ultra-consistent 
d^i'-ming .sales to the electricity clienLs are already back and ask- fie }£ colt whose career 
nil. i lies and to the steel industry. in „ for niofe __ aIbcit with the J™ ., co !, 1 ' hose career 

ihe c«ol industry has scon its best or reasons. The shipbuilding ce?tainlv“'put Jn his be 1 
. h: , n..-s of raising the necessary industry has warned that the Slice io dare w“ 

11. ng-iern, mve^tment finance on listing aid may not be enough S wfth a com petiti vl 

|K cnpplcd by Us short- l(1 keep it in business, while the fLl VJuV 
rerm cash difficulties Unsold 5 hmr.u,n-r« at ftpsom a wees a 0 o. 


chance of lifting to-day’s feature Handicap. four-length course and distance n .- D . 

event at Brighton, the Brighton The winner of his only two success over Ten Up in the * BRUi ' 

Festival Handicap, with races in the present campaign. Cbarles Turner Challenge Cup at coliseum. Credit cards ot-i-w 525a. 
Persepolis. tbi s bay son of Duke of Ragusa, th e transferred Gold Cup meet- anoSSt' nat°o»5£ opera 


In LESLIE BRtCUSSE and 
AHOIONY NEWLEV'S 
TRAVELLING MUSIC SHOW 
with Deret Gr.iftthi 


WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 


ssseaftV ' . mSSSL *USS£ SS® *2h-“5ftJE » «sc^ « i 


rat Sh«fcr».<J 
r.cken lot- ■ 
i The Tim- i 


Taylor should have at least one 


renn cash difficulties Unsold shipowners, squeezed between Mthou’ h he has been nenalised wn 7 cr on th,s ' their iocal F,at 
weks at Hie pilncad now stand risin; , D . Mark oullays and fast A ‘ l “ ou ^ ne .“ aS K track. Moving Picture, the all- 

n. a massive Mm. tonnes, or shrinking dollar receipts, want a b r th 1 success ' Lorci the- way winner of Town Moor's 


L , ", r , l. ' ^ shrinking dollar receipts, want a 

aSam .1. per ccnl. of last years Government exchange rate 
production of b. m. tonnes. euaranle.e. Thp aircraft inrlncrrv 


BY DOMINIC WIGAN 


pnmuiMon oi J*-m. mnnes. guaranlce. The aircraft industry. 

In ihe pan couple of years. v;hosc unsuccessful attempt to E?Af*INf£ 

the tJovernmoni has agreed io sell ihe all-German VFW 614 

funner sonic ot the cost of tin- cost ibe taxpayer about DMTOOm. BY DOMINIC WIGAN 
'oil! v; neks, as part ol a national will also no doubt be back with 
-i rare pie energy reserve. It has a request for seed monpv fnr the — — 

given the industry tax conces- next round of joint European 

has limited imports of civil airliner projects. Howard dc Walden's colt won 

‘•heap V.S. null c in which the Al a per i 0 d when both Britain in s ueh impressive fashion that 


Hall Gate handicap, appears 
weighted to win the Hurst pier- 
point Handicap with S st 13 lb. 

There is an evening j'uniping 
fixture at Cheltenham, where the 
most interesting events on a 
card coofioed to hunter chases 
seem to be the Mercedes Benz 


BRIGHTON 

2.00— Kafuc Park 

2.30 — Foul Fella 

3.00 — Persepolis*** 

3.30 — Noble Heir 

4.00 — Moving Picture* 

4.30 — Northern Dynasty 
CHELTENHAM 

6.00 — Mountollve** 

6.35 — Lady Annapurna 
7.10 — Crystal Gazer 


rwSTn. 7J0 7 N 30*$ B «r LONDON MIXMHUM. < X. 01- W 7*?^ 

Grimes. 9S Amgh.' JJMU Ur NI Oprtg “■JUV 1 

iu on o-T Ol pon. SuBi Mo „__ Tj«.. Thun. & fri. ft 8. 


Od Mlc from 


WORLD'S LONGEST. EVER RUN 
Z&th YEAR 


SADLER'S WELLS THEATRE. RotncfV 
A»c. EC) . 837 1672. Until 13 May. 
SADLErt'S WELLS ROYAL BALLET. 
Evds. 7.30. Sat- Mats 2.30- Ton’t. ft 
Tomor. The Dream. The Outsider. Broulr- 
rjrdv Frl . Sat. A Mpn. next. La Fllie mal 
wii?. 7 ue next. Gi.nceriD Baroc-ce. 
Rashomon. The Dream. 


Wed. A Sals, at 6.10 ft 8 50. 

RONNIE RJNN'4, 

BARKER CORBETT 

THE TWO RONNIES 
.n * -.oectacular 
COMEDY REVUE 


with great international company 
ALL SEATS BOOKABLE NOW 
£4. SO. £3.75. £3.00. E2.50. 11. SO 
Special Booking HoM»e Aa7 -055 


TALK Of THE TOWN. CC. 734 SOS1. ;! . ' 

8.00. OuMng Dancing 9.30. Super. Ret 
RAZZLE P A J 21 . E 

FRANKIE STEVENS ' 



THEATRE UPSTAIRS. 01-730 25S4,L‘ . 

Tuestfav-SurtdAv 7.30 ; 

SHARED EXPERIENCE } 

in BLEAK HOUSE 
by cnarlei DKkeni 
An 4 parts- In Repertoire.t 


THEATRES 


LYRIC THEATRE. CC. 01-437 3686. Eve. — • 

8.0. Mais. gffi ftMSkJi? a " d and ?. 


hciiiin^ nil more heavily. direction? Or does Count Lambr- maiden event at Nottingham last ii U society’s chairmanl si'id the 

The hill for all this is expected dorff's unconcealed reluctance to September and was a two-length -^erda. by the Cornmoria. Open Rova| commission on Common 


ADEL PH I THEATRE. CC. 01-B3G 7611. • r, ° PA riii.iii: Jx * 1 

E.9L 7.30. M.LS Thur,. 3.00. Sat. 4.00. by 

THE BEST MUSICAL OF ^Tot A L^T HI U MP ^ M^r^or . 

1976 7 977 ano 19781 - MAY T0 ™ I ■FILL U THE , ' LYRIC FOR A 

. ... .... , . . " LONDON'S BttT NIGHT. OUT." HUNDRED YEARS." Suneay Times. 

contain the subsidy bill, is Bonn Commander Bond, who won by 500.000 acres of common land in ™nts for commons. ^“’.v^^xaiv nuF “ A1D 

actually moving in a contrary three lengths from Dubois in a England and Wales was launched Mr. Carol Johnson, the million ha?pv b theatregoer-, moV io fIi. b.o. >«. sjo “d a-as! 

Hirpi-linn "* iTr dnac i mini I -imke. m.i^an -...nt M n iil n .,k n ». I__» ° ‘ ° ' ...... l . I rarniT rsBn ■(yiKirjr.ii jsii. r.nonriN rHATtR -Brilliant-- E.N in 


• r, ° ^riluMiNA rES ln JljSISSPia 1 announce d GROUT 

HUNDRED YEARS.- Suneay Times. dunnlL Agatha Christie is sJi«"’B > * 


West End vet again with another al Her 
fiendishly Ingenious murder mysteries. 
Fell* Barker. Evening Nenra. 


CREDIT CARD BOOKINGS 836 7611- GORDON CHATER - Brilliant" E-N. in 
THE ELOCUTION OF ■- 


BENJAMIN FRANKLIN 
By Steve J. Soears 

■*A tompassionte tunny, fiercely eloquent 
play.” Gdn. "Hilarious." E-Sld. " Wickedly 
amusing." E. News. "Spellbinding Obi. 


v,crOR,A 13,7 ‘ 
she,lA an M n1e NCOCK 


A NEW MUSICAL 
BROAOWAY'S BIGGEST HIT 
Open, Toqlght^T. 7.20. 


Lamhsdortr tnld the Bundestag Germany, too? 


providing the chief threat to ensure a right of public access, was open. 



OLIVER 

yrith ROY HUDD and JOAN TURNER 
- CONSIDER YOURSELF LUCKY To BE 
ABLE TO SEE IT AGAIN." Daily Mirror- 


MERMAID. 248 7656. 

Restaurant 24 B 2835. 


Tom Conti. Jane Asher in 
WHOSE LIFE IS IT ANYWAY? 


WAREHOUSE. Donmar Theatre, Covent 
Garden. B36 6808. Royal Mm 


" nlilv Mirnir THE NEW SMASH MIT ACCLAIMED Company Ton't. 8.00 Paul ThDmPV-'Vv 
. Daily Mirror. BY EVERY CRITIC Th. Lorenaaale Stonr ((SOM ou:-. Ad*. 

— — — - . .Bros. 8.15- Fn. and Sat 5.1 S Bkos. Aldwvch. 


ALDWYCH. ESS 6408. Info. B36 5332 ALEC Ml. CO WEN’S ST. MARK'5 GOSPEL 
ROYAL SHAKESPEARE COMPANY m e»er> Sun. until June 11 at 7.30. Ann 
repertoire. Tonight 7.30 HENRY Vt Mon. and Tue^ from May IS. 


reoertmre. Tonight 7.30 HENRY VI Mon. and Tuca- from Mav IS. 

Part 3 -one can only marvel " D. Mall. I — 

With; HENRY V /torn or.). HENRY VI NATIONAL THEATRE.* 928 22S2 

I?. 1 ? Voiron,. 2 .'tu. [ OUVIEM (open uagej: Ton’t 7.3U. Tomor. 

umJ: ‘", a p 2-4S ft 7.30 THE CHERRY ORCHARD 

iKir MiyirKnu i Bv Chekhov tranj. by Mtehael Frayn. 

Pc»r Nichols PRIVATES ON PARADE. LYTTELTON iproicenlum . SLaPeT. Ton’t 


t IndiiMles prngni mines in 
black snd while 


3-40 News Wales — 5.1 0-5.40 p.m. Bitidoiv- with N'ancy. 4.20 How. 4.43 A ‘-M Mr. and Mrs. 1.00 Raffrrr,. io« 

3.33 Nationwide (London and car. 3.33-S.20 Wales To-day. S.35 Bunch of Fives. 3.15 EmmerdaJe -'’‘v* * i-*ncaslure Lad. ilm Laic 
South East only) Heddiw. 7.13 Tbe Rockford Files. Farm. N ‘* h ‘ TbnUer - 


BBC 1 


ro aw” o! * , ■ 

by Malcolm Munoerldgr and Alan 
morn hill. Preview* from Mav 9. 
Open* May 17. 


6.20 Nationwide 
6^3 The Wednesday 
6.4A-7.S3 sa.m. Onen Univcr^ily. " Banjo Hackert " 

9.33 i’li i s,»!i 0 o|v. ColleaCB.. 1U.43 J*."0 The Liver Birds 

a nil Mi* 1 1.00 Ft-r Schvoh. 9-00 Libcrnl Parly 

i 'oili-ccs 12.4." p.m. News. 1.00 Broadcast 

r-T.iilc M:H 1.43 Ikigpuss. 2.01 9-10 News 

F-ir Si.-lwuH. Colleges. 3J»3 9J3 Dick Emery Show 

1*.-liii!:iI \cw> for England ltl.10 Sporlsnlglit 
icwpi Inndoni. 3.33 Play 11.00 To-nighi 


JJ-00-8J10 In Our Nature. 11.40 
Film: Sows and Weather for Wales. 


Scotland — 5.55-6-20 p.m. Reporl- 
p. in? Scotland. 9.00-9 JO Party 

Pou ucal P0 | iUcal Broadcast by the Scot- 
tish Liberal P3rly. 10.10-11.00 
SportsnighL 11.40 News and 
Weather for Scotland. 


Northern Ireland — 3.33-3.33 p.m. 


5A5 News 

6.00 Thames at S 
6-35 Crossroads 

7.00 This is Your Life 
7J0 Coronation Street 

8.00 The Streets of ! 
Francisco 

9.00 Liberal Party Political 
Broadcast 

9.10 Faces of Communism 


1JB p.m. Report West Hi-xdllne*. 1.2S 
Report Walr* Headlines. 2j» Housepariy. 


AMBASSADORS. 01-836 1 171-3212 

Until Saturday 

Evenings al 8.0. Mats. Sat*. 3.0 
BERIOSOVA. GEILGUD. 

.. KELLY. NORTH 
STEPS NOTES AND SQUEAKS 


LYTTELTON iproicenlum. sugc): Ton't Whitehall. 01-930 6692-7785. 

7 AS THE GUARDSMAN by MolnAr. Evgi B IO Frl. nnd Sat. 6.45 and 3.00. 
English version by Frank Marcus. Tom or. «. u , R avmD nd presents the Sensational 


7.45 Bedroom Farce. 

COTTESLOE ismall auditorium)' Frl. 8 
DON JUAN COMES BACK FROM THE 
WAR ov Horvath trans. bv Christopher 

Hampton. 


Paul Raymond presents the Sensational 
Sex R-vuc of riw Century. 

DEEP THROAT 

Due 10 overwhelming public damanfl. 
Season extended. 


3 JO Survival. SOS Beuy Boog. S.ail fresh ins<5ht into the nature Of Ballet. I Many excellent cheap seats all 3 theatres 


>' 'n>.ii. 4 29 t Goiucis. 410 11-4U-1I.43 Weatherman Regional Northern Ireland News, oao-6.20 10.10 News 

"he Children. 5.03 .John Nevis Scene Around Six. 9^3-10.10 10.40 The National Health 

I'l’iivcn'i Ncusround. 3.10 Think All Regions as BBC-1 except at Spot light. 11.40 News and Weather J2J5 a-m. Close: Neville 


•' J \umlicr. 


the fel lowing times:— 


rrowroads. Rooon i. (.15 

Can Re**" Wales- *■» Havoc. S.B0 Club apollo. oi-aS 7 2663. Even.nas a.oo. 
Mirror Acts or thr Year. 18.40 Tfce Man. Thurs. 3.00. SaL s 00 and 8.00. 
SutL-ncy. UAO Jiao aod Woman. 

I MEM a.m. The Practice. ^SW. 

H HTV Cymra/Walea— .La RTV cicra, ^trTo° 

prna csccpt: U8-U5 Pcnau-dau "WICKEDLY FUNNY.- Times. 

Ncn-yddlon r Drdd. X20 Mlrl Jiii-vr. 

4J6-M5 Un Tro. t80AJ5 V Djrdd. ARTS THEATRE. 01-836 2132. 

ISOn HTV Wapt— As MTV xcnoraJ emco TOM Stoppards 


day of peri. Car park. Restaurant 928 I WINDMILL THEATRE, CC. 01-437 6311. 


" 2033. Credit card bkos- 928 3052. 


OLD VIC 928 7616. 

PrSOSPECT AT THE OLD VIC. New sea- 
son to May 20. E'.leen Atkins as SAINT 
JOAN "a stunning production" Sunday 
Telegraph Today. Thurs. 7.30 TWELFTH 


Twice Nlgntlr 3.00 and 10.00- 
Open Sundays 6.00 and 8.00. 

PAUL RAYMOND presents 

THE EROTIC EXPf P.IENCE OF THE 
MAOERN ERA 

Takes to unprecedented limits whal f* 


NIG.tT "an outstanding revival The permissible on our sliges." Evg. News. 
Times. Frl 7.30. sat. 2.30 ft 7.30. You may dring and smoke in the 

Sunday at The Old Vic. May 14. Timothy Auditorium. 


ni axe mi l West. Prunalta Scales in SMITH OF 
ui-osb *73.. SMITHS. International Season. Lila. Kcd- 


F.T. CROSSWORD PUZZLE No. 3,657 


SCOTTISH 


Mcaday u ’ TharMuTv W'T.dav Ted ^ r ^' 

Saturdiy at 7.00 and 9.15. | TRS ShSK 



for Northern Ireland. read, a poem by Edwin H * adU ^ s ’ -HiUrtoo, . 0,R ^.T ?N s-»dav t, 

England — ^».55-€.20 p.m Look Sfuir 6 .ikh>jo Rcpon west. Mcnday to Thursday a.so. Friday 

East (Norwich i: Look' Nonh AN JB.\ Regions as London SCOTTISH _ rt> * Y at 7 00 * ua 9-1 5 ~ 

(Leeds. Manchester. Newcastle): except ai the following Limes: , ^ .. . astoria theatre (cnanno x Rd -with OPEN A,B - R«rtnt*j Park. *ae 2431 . 

Midlands To-day (Birmingham): ANGLI4 S "E X SS-PS cl 1 V'iS | 

Nationwide 1 London and South ANUL1A Nancy, iso Hr. >r.d Mrs. sus Tc*umn Thurt.o.Qo o.m Fr, »n<l sAt.&ao! , THE DARX P/ 

East): Points West (Bristol): L2S p-m. Anglia Ncv?. 2.B8 Housepartr. Tu'.-V SJO Grosyroad<.. 6J» Scoilind »"« 8-*5. insunt o-cdlt card booking. I THE Sg" 1 * 6 * 5 l0ln * repertoire jul* 17. 


rova. Jean Mar7*S In LES PARENTS TER- WYNDHAM'S. 01-836 3028. Credit Card. 
RIBLE5. May 22-27 THE TURKISH Bkgs. 836 1071-2 Irom 9 a.m. to 2-P.m 


CLOGS. May 29- June 3. La Barca res- Mon.'-Thurs. B. Fri. and 5»t. S IS. 8 30. 
taurant ouposiie The Old Vic open he- " ENORMOUSLY RICH 


VERY FUNNY." Evening News 
Mary O'Malley's smash-hit Comedy 
ONCE A CATHOLIC 
“ Supreme comedy on sex and religion- 
Dally Telegraph. 

■■ MAKES YOU SHAKE WITH 
LAUGHTER. Guardian. 


south To-day (Southampton): 3 - z# The Andy Williamg Show. 505 r.ir. Today. 6J0 Reoorr. 1.00 Quincy. ».« 
SDO‘Ji' , llt South West I Plymouth I J,n ' 1 1,r1 ’ i - M About Anglia. 2.S0 Pany Pottucal Brnadcasi by the Scotilih 
JI-.1U souin nest mourn l. R;( , ri . r . y Th- Sweeney. U.«0 l.-beral Party. IBjCO EnilLvh Xaunnit 


! PH0 F £ S “nd^ur^V 6.0 Trd”.*®' 1 * ' 

. ano nea..-t->un,o.ra. ouserve.. j - nM BROOK E-TAYLOR,. GRAEME 


YOUNG VIC (near Old Vic). 92R 6363- 


BBC 2 


Batf.-rr. 10.43 The Sweeney. U-«0 1. 'bora I Party. IBM EmlLth .Yannnit " elvis 1 !1 XLfti, BROOK E-TAYLOR. _ GRAEME | Tonight 7-48 Royal Shakosooare Company 

CetebTKB Conceit. 12J3 Am. The El* 1«l» Gkl*. U.45 ProCetebnlJ Snooker. Seat C1.5C-t5.50. D nr.er-too '. GARDEN makes us launh. D. M.» In J |„ MACBETH. (This week said out, any 

UiHJUuo. 12-25 Ajn. Late Call. Pr ce seal CS.50. Hall hr. belcrc slew; Th „ JH £ “5y* Rr J'S»ED TRUnf returns or uoor.i 

59- »* aMlh " s once HCheu £2.80. ; I'l'.tfeL SS5l d , runuRMr . 

. vy.. . cmrrurnM Mon.-Tnurs. ana Fri. 6.0 a.m. serf, crtiir. ^ .Sr l! , riirfl- Y - THOUGHT 1 WOULD - - ■ — 

A TV SOUTHERN BEST MUSICAL OFTHE YEAR ] HA» |_ J IJP. _ Sun. Times. 5H11R 


HAVE DIED.” Sun. Times. ■■ SHEER 
DELIGHT " E. Stand " GLORIOUS 
CONTINUOUS LAUGHTER-" Times. 


CINEMAS 


ABC 1 ft 2. SHAFTESBURY AVE. Sen- 
Peris. ALL SEATS BKBLE. 1. The Good- 
Bye Girl. lAJ. W». ft Sun. 2.00. 5-10. 


01-930 2578. 1 


Evening 8.0. Thurs. 3.0. SaL 5.30. 8.30.1 
MOIRA LISTER TONY 8RITTON | 


Roral Shakespeare Company in 
PRIVATES ON PARADE 
by Peter Nichols 
(■Not suitable for children) 

“ HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Times. 

RSC alto at Aldwvch and Warehouse 


CAMDEN PLAZA topp. Camden Town 
Tube). 48S 2445. Melville’S riassJc 

Resistance thriller THE ARMY IN THE 
SHADOWS {AA1. 3.10. 5.45. 8.25. 


BEST MUSICAL OF THE YEAR rsci imj? *■ ’ e SUn «. 

,; ie«3 » Open University , a „ Mrvl ., u. n™. u, nM n ‘" K,M * , * NI,AI ‘° >WJ ”" J rgrmmjmi, tnu g Wtp.- 

GnarMr I^ir, 3.50 The SulliVAiis. 5vLS Mr. 2nd 3J0 Emms. 5*15 Betty Lio^p. r ambrvdap tie enre u rn fn timn Piccadilly. 437 4sqb cr^dir rani hko • . 

11.00 Play School Mr*. IM 'TV Today. 8.08 quinuy. MB Crossroad j *80 Dv by Diy.IB.40 e.oo. Fri.. SaL 5.a's ard'8^30. 836 1 071 - 7 9 a.m. -s' n-m. E»es. B.oo" *JJC 1 •> ^■-UjAFrESBURY *VL Sen. 

4 35 om Unen L T nivorsitv 10. *0 due os' ntchis. UJB Orlvc-Ia. Tbe Su-eeiwy. HAD souihem News Frtn. ipi tombi Sat. 4.45 and 8 15 wed. MaL 3.00. j **8ris. ALL seats brele. i. too »»»■ 

"ftn Ym.v /in •* MwLhI.m 1L5 ° ^ Btlllin'l Grand JImCN D^ItS . C»clling EIvck African Musical %L. C % M !°TL. 0r - ' a to a Swernny 2 IAA?' Wk ft Sum 

1.00 News on 1 Headline- RAPriCn Cbammondtnp. ipgn a.m. Wcalh-r Inre- »«S » Hot-iWmawg, puisavng .action- Evg. SWnd^d Award and SWET Award. - 2 J n 5 "2*™ v * lAAI ’ 

7.U5 Mr. Smith's Flower Garden BORDER SS KSf by sSvwzl in kiSl ^hSdgSBS AJF* Wor,d - Ror P , ili55f^”™ S iB j 2.00 s.io. b io. . 

7JJ0 N'ewsdjy TIJO p.m. Bord.-r N'cv.s. 2.80 Huu«r- _____ Dinner and tap-price seat M.7S ncl. by Peter Nichols 

S.0U Robert Vas Film-maker Of- •• -^ 5JS TYNE TEES — "^uge'ly^en^rtaMg 

103MS7S dir «JQ Ra'lltm u!* "th? SymUcv V20 p.m. Nonh East New* , w COMEDY t ° 1-930 2578. EXTRAVAGANzX^S.'-nmS. 

S.3o Landscapes of England u.40 GibbA-iUc. iias^. border “cws Wanin Only. 3S The Odd Couple. 5.15 E,gn MoiRA‘ lIster tony britton ^ at Al — ■ i , "^ ,rpho i P e . - 

tn WS 1 Broadcasl SUDimary - ^ SSSR^-SU The SSSSt u % JS M,ra ^:c T 2 M|& S^r SH TBS %SBEJ coVv^ ik 

iw pSy oftheWcek CHANNEL ““W*- ■■ «« R JunB V CT,TA ™ 1 lx> ' PBA * 

lt—0 Late News On - ^ P-m. Channel Lunchtime Kcirs. ULSTER J Inn." Evening News. I FRINCE^OF^ WA^ES-rCC. KBIT. J r I err Or f Th’s 

an m,„ I s lurass * » oot^twd. — - — ^r^r. h^°r,^s V o 5 M E ^ M r u^L 5 -?°- Mjf jst sa £&-*& 

BBC-- Scotland only — 9.00-9.10 Review. 18.2* Channel uie News. UAZ «J* Ltacr News Headlines. 50S Solo Evemne* 8 o Sats. sTso. s.30.^ tmt? 3.0. The Sun 2.00. 4.IS. 6.30. B.43. 

jil Pdrty Political Broadcast by 1 h '’ Sweeney. u_40 jum Friends. Our- fc -*6 Ulster Television News. 60S Leslie Phillips robin askwith a. Berwocci's ngoa Part a txj. Pg*- 

he Scottish Liberal Parti’. 12-35 * -,n- ?icw ’' s * nd w 'aiher la French, frwsireads. 6J8 He pons. s^B Rafferty. '"Six OF ONE . , QVE wy WJFE ±fSi a ’ at ?.'. 

l ocuiu-n ukgi ran>. 1M* n» Sidney. UM Horses .a our ■■ very funny.’’^, t-i ■■ naughty L Bijf mce with a lot curzon. Cunon street w.i. ut ,3717. 

GRAMPIAN Qk,0d - U-05 a-m. Bedttm;. SECOND HILARIOUSYEAR OF LAUGHS." News of the World. PARDON MON AFFAIRE lX>. ibWl'^J 

I Akirvnv Vj R.-tiyirLMT u/CCTWtnn CREDIT card BOOKINGS 01-930 08«6. sub-UUcsi. - A s parkl ing NewTrmjc" 

LONDON Mr.*. Cramp, an New Headline,. WESTWARD OU EEN- 5 ~ ^EATR 'i~ CG 73a T i 6B . £" RUf t PrSST' “1 .sS (-« 

___ . _ 3 “* Paini . aJonr unb Nancy. iSd 13 Westward News Headlines, orury lane. oi-bsb aios. irwr It'^oo. kai^t l.a' 7 M VIS: sun-> 3.35 &.io s.sn u» month.. _ 


. , ______ •■VII Kaneru. -MM MU . m iu. um w 1 virn. 1 _ ef n.n 321K 

BBC-- Scotland only — 9.00-9.10 Review. 18J* Channel uie News. 18A2 «J* Ulster News Headlines. 505 ScteliJJtSo Vo. Sets. sTso. B.30.’ rnurrs.o.’ 
pun. Pdrty Political Broadcast by 1 ^ Sweeney. u_« Friends. One. 688 Ulster Television News. 60S Leslie Phillips 

the Scottish Liberal Party. 13-35 *•*"• **«• "•>** lQ Freocfa - io^ r ?he S Siy^!cy RC '‘S I •f»5nS5. 

r.D I RfCDI * 1ST Blood. 12.05 ajn. Bedrtm-:. 


.U.ltOSS 

1 Sicn (if .-njl-e -oen un the 
'I li.itnc.’- annually (Si 
5 Quash fur j drink ifit 


index. 1^0 Help! 1.30 Crown GRAN AD 4 1-28 Calendar News. 3^8 House- 

Court. 2.00 After Noon. 2i5 , parir. SIS Mr. and Mrs. I.00 Cal-ndar 


C Cruvictft a changing arrange- Hmeral Hwpttal j. MO .The Rolr umm - d' wotW^sjd tu?%ySE h.S aSSHirJS!* *22 n^ia£ ia xL* 

nlcnt l o-4 ) Harris Bhou, UHt Paint Along 5JS Crossroads. 6.00 Granada Repons. Darts. 

7 Food for iclinc fool (5-3) 


DUCHESS. 836 8243. Mon. to Thu-s. 
tvgj. 8.0. Fri.. Sat. 5.15 and 9 00- 
OK I CALCUTTA! . | 

■’ Th« Kud'.tv ts stonp ng. - Oilly Tel. , 
Sth Sensation Year. r 


LEICESTER SQUARE THEATRE t930 S2S2J 
Shirley MacLame. Anne Bancroft. Mikhail 
Barythmkow In a Herbert Ross Mm THE 
TURNING POINT (Al. Props. Wk. 1.0S. 
4 JO. 8.10. 


ODEON, Haymarkrt,- (930 2738 2771-1 

I jane Fonda Vanessa. Redgrave in « 

Ki. 2 Dr~^Vs“ , 8*4s' , ‘ , FM?S?i 

Dlv. 2.45. 6.00. 9.00. All seats bkble at 


8 Meet Arab people (St 


!t Foundin'.' mill cnoruy but in It lostrumeot used ia cariyl RADIO 1 


fur a r"ii:h ride? (Si 


recordings (4i 


247m Schubert iS > mo Ives and Poulenc Weather and programme new*. 


CS> Stereophonic broadcast S J nfc \ U-D * *L -,T V Midday Cone- rl N'evrt. *_J0 Quote . . Unquote >S1. 7JM 

in fvr,T;r,V,VVrmm «nk-n <«. O Wrap»n rn r Ml wtn ^"SS^^MSSSS^tSS STri"'?! ITSStS: It 

V- blSfiaVIlTint-ttt Ut l!. 15*S l* Eccentric sailor Nonlla left I p -CTri>;1 12J0 XCkSheal. 2.88 p.m. Tony ifJL - JrJ?l ^ E-EOUC soattd of . ■ .vS'- Selene* Mow, 530 Kaleidoscope. S59 

i i « ■ « . A . ■ C i I n ■ ■ l m ba a LlQ bui. SiMUlKh SlTnnhnnV nPV*tl->dlTi U'<v -I t K.tr- 111 Ml TK* (a'Aatvl _ t ^ 4 , t -on art 


1” UiAftauiYim-m m 

.Ivt-encil hi * iml liti 

V.; Fr;n-: hr :* '-ii;irl; < 5 » IS I*' ft >’«? may be at holiday 

)! W'noii fnr bus * -I * lime lS-3) 

iK Time ceri.un re 1 ’reduce a 20 Scrap with Oriental m storm 

.■nnnr.Hatir.fi i7f (4) I R-l-o 2 mcludins IJ5 Good LMco»& r?POrt a “ a forcC45 ’’ 

J0 Wave Venn l'ljlii inMile a large 21 Having money for dr>clcan-| rSb* 1 * R * dl ° '■ a-w - Bound' iranuniii-d.. ‘ aje H JLt?e«ocSf BBC Radio London 

‘ uliM VVK-I til L n ". n , uid 171 _ J l O ATATO I l.S00«n and \TTF vESSSF *aKH- SL.“ r 206m and 94^ VHF( GARRICK THUTML 


DUKE OF YORK'S. 01-336 5122. THE FEJ 

£vgs. 8 0. Mur Wed. and Sal. at 3.00. . EfU 

JOHN GIELGUD Fully Air Cond 

In Julian Mitehe>:’s drink and s moke 

A NATIONAL THEATRE PRODUCTION REGENT THEATRE. 
” BrUliJflL'y winy . . . ro one should* Opens May. IS H 
miss it” Harold Hobson Drama u instant I iTom 

exult caro tuemtiw.t. Oir.ner and lop- l THE 

pr.ee scat £7.00. I A masKJ 


PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

Fully Air conditioned. You may 
drink and smoke fn tbe auditorium. 


_ . ODEON. Lticiter Square. .910 GM’-i 
mav CLOSE ENCOUNTERS OF THE THIRD 

auditori um. KIND iAi. Sen progs. Dly. Doors open 
^7 TSI ~ TTrr no.oo Sat onlyi. 1.05. 4.15. 7. *5. 

“I'V 7 .*®* Late peris. Tuev-Sau. -Doors op*" 


vrrj = u ns.d,. ^"tJ3ST‘i« j t855 Z * 

r VHp S Radf«V«d%75M a^tVUh art C K^T,?s“ PLB ' n 

Rad.o 2 mcludins IJi Good LMcOHS. J 2 wrt d (««««. MURDER AT THE VICARAGE 

I0J» p.m. With Radio 1. UBO-182 a.m. ’ Nc . HS ’ Honiiwgrd RDp I Thiro Great Year. 


* 1 |ynm R 2a , J e i-i° rlce prartev, ‘ 11-1 3 p-,n- AI1 seat* ‘may be booked 

tme -club ” sepl ’P -00 *’ m ’ 9ten - 

% , ". B ^. l - tf,,eral0n - ODEON, Marble Arch. .723 2011 2-- 

ROYAL COURT. 01-730 1 74S STAR WARS rUi. Doors open Dlv. 1.3JJ- 

Pr^SiSfrom Friday at B p V 4.35. 7.50. All seals bkble. except 1.30 

THE GLAD HAND oer*- wk * 

by Snoo Wilson. World Premiere. 


; — — — I PRINCE CHARLES. Leic. Sq. 437 8181. 

ROYALTY. Credit Cards. 01.405 B004. 1 SWEPT A-VAY. Sen Peri*. Dly. fine 


Monday- Thursday Evenings 8.00. Fr.dav | Stm.i. 2.1 0. 2.2S. 8.40. Seats BVble. 
5.30 and 8.45. Saturdays 3.00 and B.00 f Lie d Bar. 


IARRICK THEATRE. 01-856 4601 BILLY OANIEtt'ln 

E ??JioAv M iiic? ed ’ ^ufl^muK 50 BUBBLING BROWN SUGAR 

TIMOTHY WEST C MMA JONES BtSt MlUlCBl 0 f 1977 

i^ HAROLD ’'piNTFR-k Bookings ttcwoted. Maier credit an 

'wrauuraH* 5 ' ,ct, ' | f ??%tu?'g r £ r o^’ ms 

•• BRILLIANT — a taut ana excellently a nmrceo periao cwnyi. 

acted production " D, Tel, "An Inckhauu- ciyny 0 1-8 3s «8 

lolyrieh work ’’ Gdn. " NM io be ml«ed T Nrtfitfy at B.Od. Mats. Wed. 2.30. 


SCENE f & 2. Leic. Square (Wardaur SW 
439 4470. . 

1. Woody Allen's EVERYTHING YOU 


Bookings accented. Major credit cards. ALWAYS WANTED TO KNOW ABOUT 
Special reduced rates for matinees (for SEX ixi. 2-50. 6 00. 9.15 . banana* 


a limited period only). 


lolv rich work Gdn. - Not 10 be micsed 
Times. 


»nly). IAAI. 1.1S. 4.25. 7.40. 

.. 2. George Burn* John Denver. OH 

dl-BSa SSBB. GOBI 1 A>. PrOBl. 1.1S. 3.45. 6.15. 8.45. 


Z~ Molhcr rriurn-^ to "pi (he 
belie r of » Irei-lioadcd person 
(fit 

2R One who culcu laic? or is ready 
in do so (Si 

29 Srenpinc work on hedge (3-iji 

30 Park ;i ihornughfare to get a 

freL- trip (S> 


SOLUTION TO PUZZLE 
No. 3.656 


DOWN 

1 Happen >o he lied in knots 
ifi) 

2 f.iii Ukim* like a doctor with 

Hire foul (fli 

3 Mun.ueli _wh,i gives good 
11 :c it.-- 1 1 it (5 1 

4 M-.jiey that is r>oh l m 3ack 


J &. 0- , fl fl. 0 

IHSGOfl3 tMHBQHSl 
0 E B 'S' GS O H 

|E232®asaSg0 bshqi 

0 H 


12J8 Pei; Murrar’s 0[wn House ■ Si in- _ yl|p ,„ TM , __ _ n- Late Xhcbi London. 12.M As Radio 

ilim-il-or. 3g3 s -® _7 - 3a f- 1 " - Own UnivcreKy. " ^ , ” Q mmor^^rw ,, a^a^ m tv h Rad| I o 11 ^ cl0k theatre. 01-437 1S92. 

uma 8J0 iitafuMn' WbUl RADIO 4 or commons. i.» B.m.-Pu* a s Radio 2. ^ ^ 

1* soortn Dost. 4J8 John Dunn -S, London BTOfidcastinR AUL ISSjSBS WSSowT ^ NZIE 

:r.clud:tu J.« Sports Dusk. 8 . ID Con- 454 m, 390m, 28 am and V fir " 

scrvatir.' PiM Political RrJadcjti ti5 4-11 am V... 1 «. n t^.. — Bl 111 and 3»-J HIT 


Sat. B.00 and 8.00. 


STUOlO t. a. 3 4. Oxford Grew. 437 


PATRICK CARGILL .and TONY ANHOLT I JJOO. 1 Gene Wilder as THE WORLD‘5 


B6njam:n WHITKOW ir 
ALAN AYCKBOURN'S New Ccmcdv 


In 

SLEUTH 

The World-famous Thriller 
by ANTHONY SHAFFER. 

*' Seeing the plar again to i In lact an 


laugnter ] 
An irresis- 1 


utter ano total ioy.” Punch. 
TransMTlng ta Ambassadors May 9 


GREATEST LOVER (Ai. Progs. 2.55- 
4. 35. 8.43. 8.50. 2. THE GOODBYE 

GIRL tA). Progs, 12.45. 2.45. S .25; 
8.05. 3. THE MAN WITH THE GOLDEH 
GUN (Al. 3.40, 8.1 0. LIVE AND LET 
DIE >A». 1.3U. 5 .55. 4. Woody ABsn- 

Diane Keaton noubie Bill KEEPER ‘Aj 
2.35 5-50. 9.03. LOVE ANO DEATH 


iunaav Times. ; SAVOY. «' C 1 ha& MM ,Q '; ^1 1-00. 4.15 7.30 



RALPH RICHARDSON 
Michael GAMBON. Michael JAYSTON. 
Gary BOND. Joanna VAN, GYSEGftEM 




WM. 


Hti735nE»j 
m_Bia & H B 
K^EQEBEl 

n - a h s 

HBBE2HS 



1M2 Mori camb- and lflJB irob-ri Livias \vori4. 935 Sone'bouk' ' U.W Setrt. 5. , !^ r 2L - ’-■» Sishrliiw. LOO-S.OO a.m. G 5 sq N, m« H a 3 rms 7 E r«u ! Gari ’ B0ND GuiiKir a KEEhi N in GVSECfiEW 

5^-2. S.K Briar. »«**« teiwrt*-* W* In Gntaia Sow. IBJi M Serwkc. '**■*?? ** AdrUo Scqil m^n^a \ 

nound ij.dl.ibl. mriudltu 17.00 10-45 Mornins Starr. 1UD ILAS CaDital Rarlin Sbaw. ■■ Fe.iCitv Kendal In hrr besi Z ~ ~ — ■ ^ 

Tcnniv World GMmp.Onrhin Doubles Th:v tv-jj- I0 soan-n-l. a u M Vlkinzs. a ^ ll<u asAtUti oertormana to date.” Observer. I SHAFTESBURY. CC. 336 6593 

TflHrBanieni. iWW-M a.m. .Ncvs. Scots and s-.-ravimes tta* uK 1«W and 9iS VHF i ft* E f ^ 

RlDlO ? 45tm. Stereo & VHF Lm. Von 3 si Yours. 13.27 The Eachani- i.DO *-m. Graham Dene's BreakfaEi haYmarket. ai-930 9S32. £*gs. coo.i jShn REAR don and joaN menu „ 

. ' n - "o-M of U nco and Dncfcci. 13JS Show »S». 1M .Vfk-ftcel Jtspi-I 'S'. 13J0 Maa - we»- 1.30. 5ats. 4_so and 8-00. KISMET 

Wrttant Wave •« | r Wc.-lher and Drusranim.. n ( u-t 1.88 The Daie Cart iS-. 330 p.m. R.j-er Seoif I ' A 5MAS H H IT. THIS MUSICAL HA* 

*•-» a.m- v-jj-licr. TJX X. u-s. 7.CS Wurtd al One; Negrs. L3B The Archers. 'Si. 7.B0 London Tgdaj -Si. 7.38 Adrian 

^Iir aibSheek ChoAe ■&.. 1. 80 iY?-.vs. 1 «§ Woman's Hour includuR 2BM.K Love's Dnen Line 'Si. 9.80 Your MoUter 

LK ^»u.- ILflaccS Choice Dari : •>-•. Xrws. 2.4S Lisi.n wish jfotOcr. 3.09 v’o.Udn'i Like (I with Sick.- Home *S. 


CLUBS 


INGRID BERGMAN 
WENDY HILLER 

DEREK DOR. '5 FRANCES 

GODFREY HARE CUKA 


KISMET EVE. 1B9. Regent Street. 73« 0357. A IS 

* A SMASH HIT THIS MUSICAL HAS I Carte or AIMn Menu. Three SooctaculsJ 


EVERYTHING." S. Mirror 
CREDIT CARD BOOKING 836 BS97 


V.NILT UT AAI I- III menu, mrre 

Floor Shows 10.45. 12.45 and 1- 45 «od 
music of Johnny Hawkesworth ft Frienns. 


a.B0 4.85 This W'c-k's Comooi-r Xi*«. 3.B5 -Miemcon Thea'ipr .si. 3J* 71. DO Tony Mvail’s i-afe* Show rj. 

Sfratinsly and 'he E«..-( 5.0 iTwra! Eivnsons. 4 35 S(nrr Time. 5.8* 2-90 Mi- Duocan Johmona M.-ht Fli ght 


orsan Recital UJS Banok aud PSl Kepon*. sab SereudJpliy, SJ5 t5l. 


•i-'ju ion>- MTiirt l.aie Shew .’B,. I „ . WATERS OF THE MOON 
2-90 «n. Duncan Johnson's r,uW Fbghr JaBSaSST^SSS.^ 


SHAW THEATRE. 01-381 

ROOTS 

' b» Arnold Wesker 
Prevs.- Fn. and Sai 7J0 


OI-3B8 1394. j GARGOYLE. 69. Dean Street. LOJftW-W-l- 
NEW STRIPTEASE I'LOORSHOW 
THE GREAT BRITISH STHIF 


—■jnastai.auT" cnar.ima Daily Mail. Prevs.’ Frl. ano bai T JO I Sho _ Rildmeht and 1 a.m. 

Wtntfr Hiller it iuperta,*' Sim. MirrAr. I Ail Sun £1-00. Ofiiiu Moo. at 7.00. 1 Mon.*Fn. Clofitd SatuCdiyh Q1-A37 











'VJ&K 






■■ "h 


Knancfel Times Wednesday May .3 1978 

television 


15 


■ - • i- 


Old News at Ten 


111 




by CHRIS DUNKLEY 


(to Although the news pro- 
i-ammes claimed a dispropor- 
onaie amount of attention 

■ iring the past 10 days, it has 
?en a remarkable period for 
levision in at least eight other 
■sparcta: there have been four 
liable beginnings and four 

• itable endings. 

We saw the be ginning of the 

• nrt series Faces Of Com- 
nritan from Yorkshire TV. in 

■ lich Robert Kee combined the 
»proach and the skills of the 
'iier and the broadcaster to 
» exactly what was needed in 
programme about Yugoslavia. 
? related the general to the 
rticufar; looked behind the 
miliar public image at the 
ivate one (though it would 

. ve been good to know how the 
atured family was chosen) and 
us 6 lied much of the Rap 
tween political dogma and 
t ivate life. 

We saw the end of Men Of 
cos. BBC2's startlingly am- 
icus series about modern 
■stern .philosophy. The pre- 
mier. Bryan Magee, has been 
<tigared for contributing over- 
-s>E and over-frequent questions 
the discussions, and indeed, 
/re were occasional comic- 
nnents . as when. ..one- of . his 
estions to Iris Murdoch ran to 


has tended lo go unacknow- 
ledged. The whole was greater 
than the sum of the four parts, 
and history will surely show that 
producer Tony Garnett has left 
yet another milestone on the tele- 
vision drama xoad that has led 
from Cathy Come Home via The 
Lump and Days Of Hope to 
to-day. 

However, another of the week’s 
beginnings, ATV*s Scorpion 
Tales, was less like a milestone 
than a millstone which ground 
out little lumps of dirt “ Easter- 
man * was quite the nastiest first 
episode of anything that it has 
been my misfortune to see for 
a long time; plot, characters, 
and language were all gratui- 
tously- offensive. 

la the London area we saw the 
end of Thames Television's 
series Maris, named after its 
presenter Mavis Nicholson, an 
admirable set of talk pro- 
grammes halfway - between the 
chat show {bat Mains was 
blessedly free of plastic cele- 
brities peddling their plastic 
wares) and the God-slot (though 
Maria was also free of cant)/ 
Mavis Nicholson is full of delight- 
ful common sense, and because 
she. so . obviously genuinely 
interested in the answers to her 


columns or pour scorn on them. 
Either way it did have about it 
the invigorating feeling that, 
even if it wasn't going to sink 
the fangs of satire deep into the 
legs that really merit it, still St 
might nip some deserving 
ankles. 

Yet it was the news pro- 
grammes. and ITN’s News At 10 
in particular, which demanded 
most attention. 1 felt obliged 
to watch rather closely not just 
because the much-heralded Anna 
Ford had at last left the Fleet 
Street lenses to start work in 
front of- the 1TN cameras, but 
because the reaction to the 
“ new " News At 10 in Broadcast 
magazine was one of outrage 
verging on hysteria. 

Broadcast is the industry's own. 
highly informative parish mag.. 
and the unusual outburst filled 
an entire page which the writer 
should have devoted to review- 
ing the week’s new commercials. 
According to this (anonymous) 
writer the new ITN programme 
was “like the longest commer- 
cial ever transmitted." It started, 
he said with “a grossly over- 
extended split screen title 
sequence that seemed to- go on 
forever '* and when the pro- 
gramme proper started “ITN sold 
the oews " using “ every • trick 
in the commercial maker's book 


nothing new— or Sun like— in 
the use of location photography. 
Inserts, film, slides, reconstruc- 
tion sequences, or old Press 
pictures, all of which evidently 
upset Disgusted of Broadcast. 

What is new (it could be a 
fluke in this one week, but that 
is hardly likely) is the way that 
News At 10 splits up its- time. 
Instead of a dozen or so items 
of something like equal length 
which has been a fairly common 
format in both BBC and ITN 
programmes hitherto. ITN now 
seem to be mixing items of much 
more contrasting lengths. For 
instance News At 10 on April 24 
contained one very long item 
(M minutes), five very short (as 
little as 12 seconds) and seven 
of medium length. BBCl’a Nine 
O’clock News on the other hand 
is still likely to contain 11 items 
of medium length and three 
somewhat shorter — though none 
as short as ITN’s “briefs.” 

That apart, however, both news 
programmes seem to be much 
as they have been for years. 
Arts subjects are still steadfastly 
ignored. The BBC continues to 
announce the temperature on a 
scale that virtually nobody 
understands. Ivor MiDs is still 
talking about the well-known 
policeman's friend Laura Norder. 
dim Biddulph told us last week 



Royal Shakespeare Theatre 


The Tempest 


.c*«* 


juple of hundred words or so 
, her reply- was “Yes." 

ei Magee's contributions have 
.ost invariably been more 
e-rent than those of bis guests. 
; in several cases the pro- 
imnes would have been im- 
ved if the philosophers or 
• - rhers in question had been 
7 ent altogether 1 and the 
cription of their ideas, left 
iredy to Magee’ who has -for 

rs been’'.pne*bf ‘th4' very* best 

the serious presenters on 
•vision. . . .-V •' 1 

1 The Knighls Of Malta John 
ius Norwich and producer 
mefib Shepheard started a 
series . of. BBC 2's 
iron icie " with a bang, by 
ing film of historic docu- 
>15. objects and paintings with 
of surviving locations and 
wtch’s narrative to tell a 
. d. violent tale of Christian 
rJits'and infidel hordes that 
pure Honty. 

anally vivid and violent w.as 
last part of Law And Order 
C 2 again) in which the 
tin was finally broken by a 
on system which was depicted 
uite accurately in my limited 
sickening experience — as 
ing deliberately, to break 
er than rehabilitate -pri- 
>rs. In the brouhaha over the 
nh " or otherwise of this 
a, its achievement as drama 


Newscasters all— Alistair Burnet, Nor Mills, Angela Rippon and Anna Ford 

questions — about life and death, . . . indiscriminately and with 
-love and hate, tittle things of total disregard For the story Or 
that sort— she refreshes the in- the sensitivities involved, fa 
terest of the viewer. A further essence it was the Sun news- 
series and national distribution paper made live." It could only 
are in order. - — be a matter of time, said this 

' The week’s most tantalising horrified writer, before ITN even 
ending for me was that of Heads added its own page-three nude, 
and Tails CBBC2 yet again) This sounded most promising, 
since the first seven episodes in j t had always seemed absurd 
this little series about coins t h al W hile more people in this 
escaped me entirely. Eighth and j a ' n( j 0 j ..free speech and free 
’last was Make Yoar frwp-x-cfaoicc read theSon or the Mtr- 
Money” about the appearance of ^ than all the other dailies 
copper tokens in the late I8tf> combined, television despite all 
century. Though the production 'demotic - outpourings could 
-was simple to the point of spare- on iy manage two near identical 
ness— just ' presenter Robert news programmes both • seem- 
Erskine intercut with close-ups jngly aimed at Daily Telegraph 
of the coins — it made Its simple readers, 
story quite fascinating. 


And the most promising be- 
ginning of the week was The 
People Show in a pilot edition 
which London Weekend only de- 
cided to transmit at the eleventh 
hour, so that it went nut un- 
scheduled at midnight on 
Saturday. Presented by a more 
ih an usually relaxed Russell 
Harty. with the multi-coloured 


Yet a week or so of dose 
monitoring suggests that all that 
outrage was misplaced, and 
merely reflected the familiar 
obsession with the minutiae of 
TV news which seems to possess 
those who work in or near the 
rest of the m’ass communications 
business. 

By my reckoning tbe title 


. „v * « , “Ilf! sequence lasts 15 seconds, just 

J^net • Street-Porter. he are* ^ j t always has. There do appear 
schlock fiwfpap- 10 be attempts to read a little 

and tbe chalk-stripe sui red Par before. But the 


liameniary sketch writer Andrew 
Alexander all contributing in 
the studio, it was not entirely 


faster than before. But the claim 
that News At JO has become the 
Sun of the air seems to me quite 
absurd. The list of subjects 


* ■■■*• -- A Iiai W* U—JV— 

clear whether the programme covered is. as ever, practically 

... . J 1. tV, a nail! *4 ....I thot ncn/l Mi tha O.Ttf 


was intended to emulate the new 
generation of Fleet Street gossip 


identical to that used by the BBC 
Nine O'Clock News. There is 


Chat "China's mirrions are hell- 
bent on technology." And 
Angela Rippon — no doubt seek- 
ing to protect sensibilities all 
over Cheltenham— gave us the 
bowdlerisation of the year with 
her story of a world-famous 
Brussels statue which she called 
'* MaDDikinpees." - 

Most irritating of all Alastair 
Burnet is still talking in. 
Peculiar phrases. Which bear 
little clear. Relationship. To 
their meaning. Rather like. 
This. 

And what of the lady at the 
centre of ail the attention— Anna 
Ford? She is certainly fairly 
attractive, and apart from a 
couple of habitual mispronuncia- 
tions common among news 
readers (“parr industry" for 
power industry, and “ plitical 
correspondent-" for Instance) she 
reads the news very clearly. 

The Irony is that in the very 
week that ITN were introducing 
her as one half of their first 
ever male/female temn, ABC in 
America were deciding that al- 
though their famous Sim. a year 
lady news reader Barbara 
Walters will still contribute to 
their news programmes, she will 
no longer co-present it Instead 
ABC will use three male presen- 
ters: one in Washington, one in 
Los Angeles, and one In our 
very own London. What price 
ITN co-presented from America? 


Aram Khachaturian 


*«/•■ *« 


»e Armenian composer, 
Khachaturian, has died 
1 74. Whether or not history 
support the verdict, 
chatiirian in his lifetime 
;ed as the third most cele- 
ed Soviet composer, 1 after 
Alikovich and Prokofiev. To 
general, as opposed to the 
leal public, he was the best' 
vn of the three, largely 
iK to the popular Sabre 
e'e in the ballet Gayaneh. He 
wrote symphonies, ron- 
>s. theatre and film scores 
one other ballet Spartacus. 


which brought him f3me 
through the Bolshoi Ballet’s bril- 
liant presentation. 

Though -Kahachaturfan was 
one of the composers accused by 
the Zhdanov decrees of 1948 of 
formalistic 1 perversion," nis 
better-known music is colourful, 
unihibltedly brash, uushamedly 
exploiting - the Russian folk- 
music idiom as used by Rimsky- 
Korsakov and the nationalist 
composers. He was a deputy, o? 
the Supreme Soviet. 

RONALD CRICHTON 


Shaw and Shakespeare 


' For the first time the New 
Shakespeare Company will be 
presenting plays by the Bard’s 
great rival George Bernard Shaw 
in its Open Air Theatre season 
at Regent’s Park. The plays. 
The Dark Lady of the Sonnets 
and The Man of Destiny, will 
each be seen first as a lunchtime 
production and then will be pre- 
sented as a donble bill to join 
A .Midsummer Night's Dream in 
repertory. 

The production of A Mid- 
summer Night's Dream will open 
on June 5, with previews from 
May 29. The Shaw double bill 


will join it In repertory on July 
17 and tbe season will run until 
August 26. 

The Dream is based on the 
highly successful 1974-75 produc- 
tion, but with a new cast, settings 
and costumes. Again David 
Conviile directs and Urn Good- 
child designs. Rula Leoska 
plays Titania, Granville Saxton 
(Oberon), Elizabeth Estensen 
(Helena), Ian Talbot (Bottom), 
Helen Weir (Hippolyta), David 
Weston (Theseus), Anthony 
Sharp (Quincel, David Cardy 
(Puck). 


This most magical of Shakes- 
peare's plays is here presented 
with half the magic drained out 
of it. Not* of course the magic 
of the story and the language it 
is told in. but the intangible 
magic that haunts Prospero’s 
island, the magic he wields 
against his enemies in his unor- 
thodox reclamation of his duke- 
dom. 

The island itself, designed by 
Ralph Koltai, is feaureless and 
barren, a flat plain with a dark 
curve of black plastic at the 
back that looks as if it were to 
house the two young chess- 
players at the end. but is never 
even used for storing logs. (7tie 
chess-players come up on the 
trap). There might have been 
more colour if tiie -lighting- 
board had not developed faults 
that put it out of action ; hard 
luck on Leo Leibovici that his 
credit for the lighting must be 
confined to a pat for having done 
soe well in the emergency. 
Michael Hordern's Prospero, m 
his grey Knickerbocker suit, his 
magic garment a black school- 
master's gown, suggests some 
wandering Mr. Chips. 

But here is magic of the 
genuine kind, for Mr. Hordern's 
performance, dowD-to-earTh as it 
is, is vivid and uncommon. He 
has an enviable gift of speaking 
the verse so that it is at the 
same time great poetry and 
every day communication. “Sit 
then and talk to her,” he tells 
Ferdinand when he has handed 
over his daughter, and a world 
of Puritanism is in that emphasis. 
“My dainty Ariel. 1 shall miss 
thee" suggests a railway-station 
parting; indeed when Ariel — a 
rather earthbound spirit from 
Ian Cbarleson, though he sings 
prettily — asks bis most moving 
question, “Do you love me. 
master? No?," Mr. Hordern’s 
“Dearly, my delicate Ariel" is 
almost a brush-off. There is 
every justification in the text for 
making Prospero a grouchy old 
duke. But be has wondrous 
lines to speak, like “Ye elves of 
hills, brooks, standing lakes and 
groves," and when he comes to 
passages like this. Mr. Hordern 
makes it clear that there is 
nothing accidental about his 
earthiness. 

Caliban is quite undeformed 
as far as I could see. a black 
savage tamed by Prospero's 
colonial genius; David Suchet. 
with his quick run at Miranda as 
soon as he sees her. establishes 
him at once as a wild man. The 



Sheridan Fitzgerald and Michael Hordern 


scenes with Stephano and 
Trinculo did not make me laugh 
much; Richard Griffiths is a very 
reserved jester as Trinculo, 
though Paul Morlarty lets him- 
self go a bit more as Stephano, 
being the drunker of the two. 

Apart from an occasional 
habit of slurring two or three 
words together at the start of 
a speech, Alan Rickman is a 
personable, if not exactly mag- 
netic Ferdinand. He might 


learn some princely tricks from 
his father, the King of Naples, 
who is given a truly regal aspect 
by Dennis Edwards. Miranda is 
a brighter girl than we some- 
times see, as Sheridan 
Fitzgerald plays her, curious 
about the family history her 
father thinks must bore her, 
and making intelligent communi- 
cation with Ferdinand at once. 

The "Strange shapes” that 
bring in the banquet, the dog- 


heuded spirits that chase away 
the drunks from their store of 
drag, the colourful goddesses 
making patterns like living blos- 
soms, fulfil their functions as 
they should: but it is ballet, not 
magic, t Choreography by Robert 
Norfh. fine music as usual by 
Guy Wonffenden.) The director 
is Clifford Williams, and he docs 
not make mistakes. The enchant- 
ment has been lifted from us on 
purpose. 


Guildhall 


Terpsicore by ronald crichton 


The English Bach Festival— 
the next best thing to warm 
spring sunshine and much more 
dependable — is with us again. 
Miss Lalandi opened her activi- 
ties last -night in the Guildhall 
with a baroque Divertissement 
sung and played by the Festival’s 
Baroque ensemble and danced 
by their six-strong troupelet 
trained in Baroque dance by 
Belinda Quirey and Michael 
Holmes. No other Festival would 
put on such an entertainment iu 
a ball where so little is likely 
to be clearly heard and still less 
clearly seen. Yet it was a 
pleasant if sometimes dotty 
evening, obviously enjoyed by a 
large audience. 

Handel's Terpsicore, described 
by Wiuton Dean as “tbe only 
opera-ballet in the French style 
ever written for the London 
stage." was added as a prologue 
to the third (1734) version of 
his opera, II pastor fido. It was 
Handel's first season at Covent 
Garden, where tbe famous 

Queen’s, Hornchurch 


French dancer Marie Salle was 
reigning. She danced the title- 
role. The slight action hinges 
on Apollo's invitation to the 
Muse of dancing to demonstrate 
to Erato (Muse of love poetry) 
and to himself "various aspects 
of erotic passion.” Salle was an 
innovator and an original, whose 
“ scanty attire ” offended London 
and caused her return to Paris. 

Michael Holmes and Belinda 
Ouirey, disclaiming any attempt 
to reproduce (the programme, 
by what was presumably a mis- 
print. said "introduce”) Salle’s 
style, opted for “ orthodox 
Baroque technique ’’ of the kind 
seen in last year’s Privcessc de 
Navarre. The group has three 
girls and three boys. One of 
the girls seemed to have a little 
more to dance than the others 
but was not named as Terpsicore. 
and it she mimed erotic passion 
the result failed to reach tbe 
middle of the ball. Last year we 
bad a Princess? de Navarre with- 
out the Princess — tbe EBF must 


without more ado commission an 
opera-ballet on Hamlet without 
the Prince of Denmark, of 
course. 

The Festival's methods may be 
odd. but the choice of works is 
discriminating. Handel's store, 
neglected here since the first per- 
formance except for a shortened 
version done by a visiting com- 
pany to Edinburgh, proved well 
worth ‘reviving— a chain of solas 
and duets for Apollo and Erato 
with dances plausibly threading 
through them. framed in 
choruses. The second duet and 
the God's second aria (with re- 
corders) are winners. The coun- 
er-tennr Rodney Hardesty, whose 
tone has grown more even and 
more warm, sang Apollo. Erato 
was taken by Caroline Friend in 
place of Marilyn Hill Smith — 
Miss Friend also sang tbe 
soprano line in the choruses. 

From a position where (like 
the great majority of the aud- 
ience) I couJd see neither ankles 
nor feet, the dancing looked 
vaguely pretty, the quick num- 


bers were nimble, the soft amt 
movements pleasing. Of any 
Form of expression there was 
little: of erotic possion. nothing. 
The dancers were used again, 
formally and without any appar- 
ent dramatic intentions, for the 
dances in Bach's B minor Suite 
or Overture. The Baroque 
costumes looked much better 
under the Guildhall lighting 
(normal, with a few extra spots) 
than they did last year at Covent 
Garden, and were more confi- 
dently worn. 

Nicholas Cleobury directed 
from ibe harpsichord, Simon 
Standage, the first violin, played 
solo in Bach's A mjDor Concerto, 
whose quick movements were not 
helped by the hall's muzzy 
acoustics. In the Suite, Nicholas 
McGegan’s flute gradually 
detached itself from the siring 
tone us the ear grew accustomed 
to the small sound in the large 
space. In Terpsicore. on the 
other hand, the conli nuo was 
barely audible. 


Tommy by MICHAEL COVENEY 


Tills extraordinary rock dream 
by Pete Townshend and Tbe 
Who has become, as Mr. 
Townshend self-deprecatingly 
puts it in a programme note, 
rock’s Pirates of Penzance in the 
ten years since the disc was first 
cut. The Who have consistently 
proved themselves the most 
muslcianly, most theatrical group 
in recent years. This opera pre- 
dates Jesus Christ Superstar by 
two years and can claim full 
credit for being the first and 
probably best rock opera we 
have produced. - 
The story centres around the 
sense-numbing experience of a 


young Welfare State product of 
war-tiroe lust. When wounded 
Dad returns home, be finds Mum 
in tbe arms of her lover and 
reacts accordingly. Young 
Tommy — angelically portrayed 
by a little blond vision — is 
stunned into deaf-mute silence 
by tbe subsequent punch-up. 
What is most fascinating and 
provocative about the score is 
how this eyent results in the 
career of Tommy the folk-hero 
via a sensational public career 
as a pinball wizard. 

Tbe separate numbers have 
entered into pop music legend. 
Ken Russell’s brilliant film In- 


troduced a cruelly' luxuriant 
close-up camera into each song. 
But the ingenious Hornchurch 
production restores 1 he relation- 
ship at the core of the score 
between Tommy and his backing 
group. Four dozen youngsters, 
swaying and bopping beautifully 
m the background, emerge as 
Tommy's disciples before, in 
the later stages, disowning him 
as a cult figure and nailing him 
to a T-shaped crucifix. . . 

The working-class grit of the 
libretto is less wfrll done in this 
co-production by Paul Tomlinson 
and John Hole thah is the gen- 
eral Messianic glee. Allan Love 


is a striking and sym pathetic 
Tommy, revelling in long curly 
locks redolent of Tho Who's 
original, Roger Daliry. And there 
is some truly superb microphone 
singing by Paul da Vinci and 
Daria Gillespie, who doubles as 
Mother and the Acid Queen. 

A great bund, too. is fully 
ahve to the pulse and energy of 
the music, and not a word js lost , 
in an exemplary' piece of ampli- - 
fled theatre. We should still ex- 
pect a brilliant stage realisation 
of this wonderful piece (it has 
yet to be presented in the West 
End). But for the lime being. ; 
this production will more than 
serve. 


!>-. f*' 
HI 







With all the know-how of an international Swiss bank 



■You can discuss all aspects of banking with Swiss Bank Gjrpo- 
r^o^ rLuxembourgHtd. - and Eurobanking naturally tops 
the list Its range of services is tailored to me needs of an 
hnternVtional, and intemationally-onented, clientele - and rts 
wT-tr^ned officers are specialists in the areas of banking 
which ^ particular strensth.You get the com- 

petence and 

Swiss bank* 


trained officers are fipnw»> 

are Luxembourg's particular strength.Tbu get the c°m 

:e and care that made you wantto turn to an international 

-iank_ 


International financing credit 

Money markets 

Foreign exchange . 

international underwriting 

Investment advising and portfolio management 

Stock markets 

Holding companies 



SWISS BANK CORPORATION (LUXEMBOURG) LTD. 
SOCIETE DE BANGUE SUISSE (LUXEMBOURG) S. A. 
SCHWEIZERISCHER BANKVEREIN (LUXEMBURG) AG 


‘ Boulevard Prince Henri 43 * P.O.Box 2, Luxembourg 2 -Telephone: 4725 41-1 - Cables: Suisbanquelux 'Telex: 1481 bslux - 1483 bslux (foreign exchange) -1581 bslux (stock market) 


j 




/ 


1 


Financial Times Wednesday May 3 1978 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: FlBintlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 91-248 8000 


The impact of the AUEW’s 


Wednesday May 3 1978 


Labour and 


swing to the Right 


r 




BY CHRISTIAN TYLER, Labour Editor, in Worthing 


THE FACT that Mr. Teny 

Duffy has defeated Mr. Bob 
Wright for succession to the 
presidency of the Amalgamated 
Union of Engineering Workers, 
and by a much more decisive 
margin than in the first round 
of voting last autumn, will prob- 
ably be regarded by the Prime 
Minister and the Chancellor as 
encouraging news. Not only 
does it meao that the second 
largest trade union in the 
country — and one which goes in 
for regular re-election of its 
officers — now has a right-wing 
executive. More specifically, it 
means that the new president is 
one who sees potential advan- 
tages for the trade unions in 
co-u pe rating with the Govern- 
ment rather than one who is 
openly pledged to oppose any 
Phase Four of incomes policy. 

As a direct result of its 
regular re-election procedure 
(own though only the usual 
small minority of members 
take part in it), political atti- 
tudes »:i the AUEW tend to be 
abnormally polarised between 
I'-ir and right-wing. But. in the 
heat of electioneering, the 
Je.uiers of the two wings are 
art to exaggerate rheir real dif- 

rente*. Thu» Mr. Duffy has 
declared that, he is in favour of 
3 Phase Four hut only of an 
unci., 'tilled kind and provided 
that it contribute* to a per- 
manent improvement in living 
.«:.iin.' J rds. .Mr. Wright has re- 
jected a Phase Four because he 
believe? that the job of a union 

M necoiule. not because he 
regards "fro-.* collective bargain- 
in'- ' a? a sacred vow. 

* i ndcrstamling * 

-Vi In nigh I lie victory of the 
former, therefore, seems to fol- 
l'iv litiily'iiji Mr. Callaghan’s 
May Day speech, in which he 
iluimsved Tree collective bar- 
.•.inline and said that the Guv- 
I'vnnicnt could no longer simply 
stand a«ide from pay negotia- 
tions it is not an unmixed 
bk"«:nc for Ministers. Quite 
ap:.rt from any internal conse- 
ndoiires it nta.v have Tor the 
si -net uro of the AUEW. it is 
h'.ely to sharpen the differences 
of self-interest and attitude 
between skilled and relatively 
ir*. killed enginoerinc workers. 
The ion! room workers, fur 
e::otnrle. who have complained 
pjpieularly lulleriy about the 
eoiiii ire.-. stun iff their traditional 
ditT'-rejitiaU as a result nf pay 
r-xiraim and are likely tu fight 
for their rest nral inn, have been 
a-'iive in support nf the 
o’-, fe.iiod Mr. Wriuht, 

Bn; Mr. i :a I lac Man made it 
clear lie can argue, that thorp 
will be room under Phase Four 


for widening differentials and 
righting anomalies. Certainly he 
did not make it crystal dear 
what he and Mr. Healey have in 
mind. He began from the pre- 
mise that, because it was Itself 
a major direct and indirect 
employer of labour and because 
wages in the public and private 
sectors are closely connected 
with one another every U.K Gov- 
ernment nowadays must bold 
direct discussions with orga- 
nised labour about pay ques- 
tions. And if such discussions 
were to be held, he went on.j 
carefully substituting tbe phrase 
“ new understanding " for the 
worn-out “ social contract." it 
was clearly in the interest of 
the unions to hold them with a 
Labour rather than with a Con- 1 
servadve Government 


Arbitrary 


But be had something more 
than a party political point to 
make. He spoke of the lower 
rate of inflation, the cuts made 
in taxation, the coming rise in 
general living standards, and 
the need to bring inflation fur- 
ther down to the level of our 
competitors if progress were to 
be made with reducing unem- 
ployment. He mentioned no 
norm for next year’s pay settle- 
ments. but expressed the hope 
that the average would be low- 
enough to allow for much 
greater flexibility. Tin’s is a 
hope which we can ail share, 
but two points have to be borne 
in mind even at this early stage 
of the discussions: first, some 
powerful groups of workers are 
unlikely to be as restrained in 
the next round as they have 
been in this and second, that 
for there to be room for signifi- 
cant settlements above the 
average it will be necessary for 
some groups of workers to 
settle below it. 

Although Mr. Callaghan 
seems to be talking in terms so 
general that Phase Four might 
be no more than a discussion 
about the state of the economy, 
it is not to be forgotten that: 
Phase Three began with aj 
recommended average which,: 
through a combination of offi- 
cial and union pressures rather! 
than discussion and consent, 
became an excessively rigid 
norm. It is not to he forgotten, 
either, that the more flexible 
the terms which the Govern- 
ment is ready to approve for 
future pay bargaining, the more 
arbitrary and unjust will be 
any rulings laid down by 
ministers or officials about par- 
ticular settlements and any 
sanctions used against offending 
employers. 


T HE MODERATES’ cap- 
ture of the top job in 
tbe engineering union 
has given some focus to 
the Prime Minister’s promise 
on Monday of a “new under- 
standing” with the trade unions 
in which the old concept of free 
collective bargaining would be 
jettisoned for ever. 

With Mr. Teny Duffy 
ensconsed as President of the 
Amalgamated Union of Engin- 
eering Workers and with the 
rightwards shift virtually all 
down tbe line in tbe union’s 
elections. the “moderate" 
image which Britain’s second 
largest union has developed in 
recent years under that former 
firebrand of the Left, Mr. Hugh 
Scanlon, has been confirmed. 
Among the leaders of the big 
unions who regularly confer 
with the Government only Mr. 
Moss Evans, Mr. Jack Jones’ 
successor at the Transport 
| Workers, is strongly reflecting 
the demand of shop stewards 
to be left alone to negotiate 
freely with their employers. 

Ministers will doubtless see 
the results of the AUEW elec- 
tions as vindication of their 
belief that rank and file trade 
unionists will accept Govern- 
ment intervention in wages pro- 
vided that intervention is tact- 
fully exercised. Although the 
AUEW’s postal ballot system 
has largely favoured right-wing 
candidates, some left-wingers 
yesterday admitted that the 
elections were a positive rejec- 
tion of “progressive policies.” 

But any interpretation of the 
result should also take into 
account the fact that this is a 
very’ divided union politically. 

I Politics take up an enormous 
! amount of time and energy 
for the union's leading lights; 
and it may be that faced with a 
straight choice between Mr. Bob 
Wright a Labour left-winger, 
who has never made any secret 
of his Marxist ideology or Com- 
munist Party backing, and Mr. 
Duffy, whose philosophy is one 
of co-operation rather than 
struggle, the instinct of the 
members was to play safe. 



As spokesman of the unioa 
Mr. Duffy will — as he said 
yesterday— be no more free 
than Mr. Scanlon has been to 
decide policy because of the 
union's doctrinal respect for the 
decisions of its 52-man lay com- 
mittee that meets, as this week 
In Worthing, to decide the line 
for tbe coming 12 months. But 
with such a tide of moderate 
opinion running in the union 
and given his own beliefs, Aj r 
Duffy’s presentation of those 
policies to the public. Govern- 
ment and employers, could be 
a lot less combarive than Mr. 
Scanlon’s. 

He w-ill be presiding over an 
executive committee of the 
2 . 2 m.-member engineering see. V ‘ 
tion that will split 5 to l for,; 1 !; * 
the Right until a successor tM.> ’ ' 
Mr. Duffy is elected. 


Banner of 


the Left 


Mr. John Boyd (left), the onion’s General Secretary, with his protege, the victor in the AUEW’s election. Mr. Teny Duffy 
( centre J. On the right is Mr. Les Dixon, one of the losers, both politically and personally, in the vote. 


seek long-term gains instead. 
He would also campaign to 
abolish the difference between 
staff and manual workers 
because that, he argues, is bad 
for industrial relations. 


Other craft 


unions 


The Middle East 


Although there will be no 
dramatic change in policy, yes- 
terday’s result could have a 
considerable impact on the 
development of TUC-Govern- 
meut relations, on the union's 
relations with engineering 
employers and — not least — on 
the future of the shaky AUEW 
amalgamation and its prospects 
for merging- with other craft 
unions, like the right-wing-led 
Electrical and Plumbing Trades 
Union. 

Mr. Duffy said after his 
victory had been declared that 
his aims were to eliminate long 
strikes and internecine strife, 
and to persuade workers to 
** project their minds beyond 
the immediate pay packet " and 


Co-operation with the Labour 
Government and consultation 
with a Conservative Govern- 
ment would be the order of the 
day. 

“ That does not mean neces- 
sarily that if the Cabinet makes 
decisions that are harmful to 
the working class we shall not 
oppose those decisions. 

“But there is a need to- com- 
bat inflation. 2 am hoping we 
shall be able to emerge from 
this restrictive wage policy 
without a wage or price explo- 
sion as in the past In the past 
we have had a paper chase. 

“1 do not envisage that we 
shall be having any wage con- 
frontation with this Govern- 
ment. We need more elasticity 
this time. We need restoration 
of the craft differential in order 
to obtain a skilled labour force." 

On many issues, he said, he 
had “great difficulty in differing 
with Hugh Scanlon." But if 
Mr. Wright had won. then there 
would have been some disunity 
in the TUC. 

“ 1 don't think he would have 
co-operated with the Govern- 
ment as my predecessor did." 

.Asked about Mr. Moss Evans’ 
stance, be- said: “Some trade 
union leaders have the luxury 
of being able to make speeches 
in which they formulate a 
policy. Any trade union leader 
who seeks confrontation is. to 
my mind, not representing the 
majority of his members' views. 


“ What we are looking for is 
a real purchasing power im- 
provement. If we can see that 
the pill is being sweetened, I 
feel the trade union, movement 
will co-operate. 

'* There has never been under 
free collective bargaining a fair 
or equitable wage structure. I 
do not think bargaining power 
should be the only criteria. We 
have to be our brothers' 
keeper.” 

While Labour had introduced 
legislation more sympathetic to 
tbe unions than the Conserva- 
tives, Mr. Duffy said he was 
ready to consult the Conserva- 
tives if they win the next 
General Election. But he warns 
that if “some of the more voci- 
ferous Tories ” were looking for 
a fight, the union would cer- 
tainly be prepared for one. 

"I hope that the Tories will 
not make the same silly mis- 
takes as in the past” 

Mr. Duffy admits there has 
been a lot of hostility to his 
campaign against strike action 
but believes his electoral victory 
is its ultimate endorsement. 
“The strike is a veiy delicate 
weapon. Sometimes a short 
Sharp strike is a good safety 
valve. But long strikes are of 
no use to union or nation. I will 
strive to reduce them. 


between worker and worker or 
between union and union ” 


Mr. Duffy backs the union's 
line on worker directors, which 
is to accept them in the public 
sector but not in private 
industry. “I do not feel we 
are equipped to saddle our shop 
stewards with this awesome 
task.” 


A common 
rule book 


“ I am convinced that once 
you have a strike, the legacy is 
that customers seek alternative 
suppliers whether they produce 
cars or anything else. But 1 
think British Leyland is setting 
an example. Let the workforce 
know what is happening by con- 
sultation. I have always been 
opposed to nonsensical strikes 


As for the amalgamation of 
the four sections of the AUEW. 
Mr. Duffy says it is in a 
shambles. He believes that the 
while cnUar section TASS, which 
is led. bv Mr. Ken Gill, a Com- 
munist, does not want a com- 
mon rule hook and that his own 
determination to abolish the 
staff/wnrker distinction will 
upset TASS members. 

He will go all-out to secure 
a merger-with Mr. Frank Chap- 
pie’s electricians union — some- 
thing that Mr. -Wright would 
have~resisted unless the terms 
were very different from those 
now being put forward. Indeed, 
this is one area where the elec- 
tion result may have been 
crucial. 

-Although Mr. Duffy had a 
substantial majority, few people 
cared to predict the outcome. 
On paper, Mr. Wright seemed 
to have everything going for 
him. Alter the first ballot in 
March he was only a few hun- 
dred votes behind Mr. Duffy 
when they had 83.000 apiece. 
Then- Mr. Roy Fraser, the 
determined and articulate 


leader of the Leyland toolroom 
workers told tbe 20.000 who had 
voted for him to swing behind 
Mr. Wright in the run-off. Again, 
Mr. Wright is one of the best- 
known figures in tbe trade union 
movement, especially for his 
work at Leyland and his part 
in the- -Ryder plan, and he is 
well regarded by employers. 

Mr.- Duffy, on the other hand, 
was little known outside his 
Midlands patch until he ousted 
Mr. Wright from the union’s 
Executive in 1975. On top nf 
that, the resentment that had 
built up against two years of 
self-imposed wage rcstiamt from 
the TUC— an actual cut in living 
standards— appeared to favour 
Mr. Wright’s campaign against 
the Social Contract 

The new president of the 
AUEW (who takes over in 
October) is clearly conscious uf 
his inexperience and confessed 
yesterday to be “ humbled ’’ by 
Ills success. Up to the last 
minute he was reminding us -of 
the* -people to whom he owed 
his sudden rise tu-.the top. No 
one in the union business gets 
far if he is Wt tough, but Mr. 
Duffv has been largely pro- 
pelled from behind by the 
moderates’ machine. Now that 
he has got there, it will be 
interesting to see the interplay 
between him an(L Mr. John 
Boyd, the rlght-Wfqg General 
Secretary and a ScoUfor whom 
the adjective canny might have 
been invented. As a veteran 
of the Labour movement, in the' 
union and in the Labour Party, 
Mr. Boyd, whose role is largely 
administrative now. may see all 
kinds of possibilities opening 
up for playing upon the strings 
of policy. 


His own seat, for the West.. 
Midlands and Manchester' area,^ 
will have to be filled. With Hr/ 
Les Dixon, a Communist ousted 
yesterday, there Is only Mr. Reg> 
Birch, a Maoist to carry the? 
banner of the Left — and 
retires soon himself. Only a few 
years ago the Left could cook. 
mand three or sometimes four* 
votes out of the seven and Mr. 
Scanlon was there to break a 
tie in tile Left's favour. 

Among the district secre-- 
taries, the Left lost much' 
ground in yesterday's elections.^ 
The 52-man national committee; . 
itself is still held by the Right ^ 
with a majority of several votes. . 
Not one left-winger succeeded ; 
in reaching the five-man stand-’ 1 ’: 
ing orders committee which is* 
elected at the start of each * 
annual conference and wluch-j 
usually reflects the voting pat- ’ 
tern for the rest uf the eon- ’ 
ference. - J 

The engineering section’s ■ 
highly prized demucracy— some 1 
would say democracy run riot — : 
means that jobs are insecure.- 
and that the price of losings 
can be high. 

Mr. Wright was himself un- 
employed for seven months 
after losing his executive seat, 
before he came back as assis-. 
tant general secretary. Yesiec- 
day’s casualty was Mr. ■ iJi. 
Dixon, for eight years /ail.';, 
executive councillor for. .the* - 
East Midlands and East AngUdgj 
who has settled in London -toff 1 
a house owned by the unrwi* 
He is vice-chairman of tber 
National Craftsmen's co-ordinate 
ing committee for the steeU 
industry and has been negotiat- 
ing redundancy terms for hii£ 


members in -the’ British Steely 


Corporation. • He. at the agfe. 
of 57, will be on the dole m 
three weeks' time unless he ifc 
lucky enough to find a job be* 
fore then. As be; said yesterda^ 
“ It’s a bit ironical. I have beca/j 
negotiatmg payments cvf up 
£1&.000 for redundant stedfc 
workers, and- 1 am out without' 
a penny." • . /§ 


MEN AND MATTERS 


THE VISIT of Mr. Menahem 
Bi.vun. l-racl’s Prime Minister, 
Ui ttii* Umicd Slates to celebrate 
tlu* I hi nielli year of the exist- 
ence of the Jewish Stale should 
h..ve provided an opportunity 
fur celebration. But it is dear 
that relations between Washing- 
Ion anil Jerusalem are badly 
strained, ami that both Arab 
States and Israel are betraying 
jiuns of stress which can be 
directly .uinhuteil to the con- 
tinuin'.; dead lock in diplomatic 
HT.iris to restart negotiations 
on the conflict. 


Contortions 


Seme of the unease that the 
imitative of President Sadat of 
Ecypi m visiting Israel last 
November is being allowed to 
slip away without gain start* 
jn Israel itself. Since that visit, 
Israel has made it harder for 
out- idem to believe in its desire 
in reach a settlement with the 
Arabs. There was firstly the 
massive invasion of south 
Lebanon, in response to a par- 
ticularly gruesome Palestinian 
raid north of Tel Aviv. Secondly 
there have been the verbal con- 
tortions over whether U.N. 
resolution 242 (which calls, 
among other points, for 
■ withdrawal of Israeli armed 
forces from territories occupied 
in the recent conflict" of 1967) 
aooties to the West Back or 
mii. In Israel the Peace Now 
movement symbolises the feel- 
ing that Mr. Begins narrow 
ideological commitments have 
prevented him from responding 
iully to Mr. Sadat, and may 
lead to a crisis with the U.S. 

In Egypt. Mr. Sadat was 
Yesterday still standing by his 
belief that his visit to Jerusalem 
hau opened all doors and that 
with U.S. mediation and pres- 
sure on Israel, it would be only 
a matter of time before conces- 
sions would be made on the 
West Bank. That done, he would 
be able lo claim that his 
initiative had not failed, and 
that, as he has always main- 
tained, lie had been acting ail 


along with the purest of pan- 
Arab rather than selfish 
Egyptian motives. However, dis- 
sent is now rising at home over 
the handling of the economy, 
and this is spilling over to form 
a dangerous alliance with criti- 
cism of foreign policy. 

Another crisis is looming 
over the U.S. package of war 
planes fur Israel, Egypt and 
Saudi Arabia. Israel is more 
worried about the long-term 
strategic implications of such 
a deal (which has still to pass 
through Congress) than about 
its immediate effect on national 
security. But Saudi Arabia 
views the supply uf F-I5s 
mainly as public acknowledge- 
ment for its efforts to keep oil 
prices down, to continue to 
supply the U.S. with oil. to 
back the pricing of oil in dol- 
lars, tu maintain its high level 
of investments in the U.S., and 
to act as a moderating 
influence -in the Arab-Israeli 
conflict. 


Gift of tongues 
in steak strike 


tourists keep pressing money 
into the pickets’ palms. 


Twilight area 
Negotiations over this conflict 
are at present in a disturbing 
twilight area where unease at 
the deadlock is clear, but ways 
to open up the impasse are less 
so. The problem is that Israel 
is unwilling to talk injsubstaucc 
about withdrawal on 'the West 
Bank until negotiations are 
under way. At the same time 

u sees Mr. Sadat's conditions 
for negotiations as being too 
stiff to accept. The main task 
for the Americans must be to 
persuade Tsrael to offer more. 
The benefits would be firstly 
an opportunity for negotiations 
to restart. Secondly, such pro- 
gress would keep tbe position 
of the U.S. in the area secure. 
Thirdly, as Mr. Carter has indi- 
cated. Mr. Begin’s concepts of 
administrative autonomy for 
the West Bank, if presented 
differently, are not too far away 
from what Egypt and Jordan 
might accept as an initial 
arrangement for this crucial 
area of the Middle East. 


If you walk past a Garners’ 
Steak House in London’s West 
End. you are likely to have a 
leaflet in six languages pushed 
into your hand. This is the 
Transport and General Workers 
Union in multi-lingual guise, 
striving to stop foreign tourists 
using the Garners’ restaurants 
— subjects of a 14-week official 
strike over union recognition. 
It looks as though the strike, 
which has echoes of the Grun- 
wick showdown, is nearing a 
climax. Five of Garners’ 12 
branches are being picketed 
and strike leader George 
Abrahams claims that takings 
have been severely affected. 
“We know.” he told me. “be- 
cause our contacts still working 
inside keep us informed." 

Abrahams says the union is 
putting more pressure on sup- 
pliers. “We are stepping up the 
blacking, including meat from 
Southfield." TGWTJ is organis- 
ing a "Garners rally" on May 
20. ending in Trafalgar Square, 
the speakers will include Lea 
Murray. Enthusiasm for march- 
ing has not been dampened for 
the strikers by taking part in 
the wet May Day rally. 

For their part. Garners’ 
managers keep- a rigid silence. 
The owner, Cyril Margolis, re- 
fused to talk to me on the 
telephone.' But the company 
maintains that before tbe strike 
began a ballot showed that 133 
employees wanted a staff associ- 
ation and only 13 wanted to join 
the TGWU. The unionists deny 
this and also claim the walkout 
by 100 workers was provoked 
by poor pay. 

As the leaflet for the tourists 
declares; “PADS — £28.49 pour 
une semaine de 55 heures- Nous 
toils prions de manger ailleurs." 
A strike organiser named Habib 
Rahman even assured me that 


Spelling it out 


Harriette Lewis was spurred on 
during her three-year labour of 
compiling initials and acronyms 
when her young grand-daugbter 
complained: “ They asked me at 
school what EEC meant and I 
didn’t know." Mrs. Lewis has 
this week seen the results of 
ner long task appear as a pocket 
dictionary: Initials — What they 
Mean. She says: “There is a 
world-wide initial-mania and 
everyone likes to turn his own 
organisation into an acronym. 
So when I found I could not 
understand the newspapers my- 
self upon seeing things tike 
QUANGO in headlines, I deci- 
ded it was time to shed some 
light" 

Harriette Lewis, a judge's 
wife who lives in Twickenham, 
has not brought out her vade- 
mecum (6,000 entries for 95p) 
for personal gain. She is a lead- 
ing figure in the National Coun- 
cil of Women, which will be re- 
ceiving the profits. "The compil- 
ation was a nightmare," she told 
me, “ and I am already thinking 
about a second edition. The 
world seems to manufacture 
acronyms at the speed of 
lightning” I asked whether 
any dictionaries of initials bad 
been produced before, apart 
from the appendices to ordinary 
dictionaries, “Nothing popular, 
although four American profes- 


sors produced a huge tome 10 
years ago. Nothing you can put 
in your breast pocket-— or hand- 
bag." So rescue has come at 
last for those of us who cannot 
even tell the difference between 
a SPAT (Supplementary Pay 
Appeals Tribunal) and a 
SPIDOT (Self-Propelled Immer- 
sible Drive-off Trolley). 


African trails 


Golden thoughts 


An editorial in East Berlin’s 
Neues Deutschland, the main 
daily paper, denounces the old 
saying "Time is Money" as 
“typical of the way capitalist 
businessmen think." Under 
Socialism, new values have 
developed. 

This is why a new motto has 
been coined (excuse the 
expression) is East Germany; 
it goes “Time is Gold." And 
the newspaper says it is growing 
very popular. The ideological 
foundation for the new slogan' 
is that “ the faster productivity 
rises, the better £ot all members 
of our society .... the value 
of effectively used working 
hours and rationally, used 
materials and machines can only 
be measured in marks and 
pfennigs." ; ’ 

“ Computing every hour and 
every minute is all the more 
important as they increase in 
value. At the beginning of 
this five-year plan. 100m. marks 
was produced each hour and -by 
19S0 it will be 130m. marks." 

So much for the gold. 


Suddenly it’s Bahralnmg 


When you talk to Arabs about the possibilities of solar energy 
as a substitute for oil, they tend to say rather complacently : 
“We have even got more sun than you have.*’ ’ To prove that 
.they’re ready to exploit this naturaL bonus, some oil-producers 
are showing a positive interest in the sun's potenliaL 

Yet Allah does not always smile on such ventures. Last 
week rh,e first major International conference and exhibition on 
solar energy tn be held in the Gulf opened in Bahrain. Called 
Soitech ’78. it seemed destined to be a winner from the outset 
There was only one unco-operative clement:. the weather. 

On the opening day, Bahrain’s normally blue skies were 
overcast, the air was muggy — and in the morning there was 
even a feeble attempt at rain. 


Kenya is wondering how much 
of the spirit of tbe Organisation 
•of African Unity still survives. 
Will it allow Tanzania's Presi- 
dent Julias Nyerere to find a 
way for Kenya to export dairy 
produce to Zambia — and thus 
reduce President Kaunda’s pain- 
ful dependence upon South 
Africa for such goods? A high- 
powered Kenyan delegation, 
headed by Foreign Minister 
Munyua Waiyaki, has just 
returned from Lusaka, capital 
of ~ Zambia, after trying to 
find some way of restoring 
the dairy exports after a year's 
gap. Until last year, - long- 
distance lorries trekked south- 
wards through 2,000 miles of 
African bush with butter, 
cheese and other farm produce. 
Then Tanzania shut its border 
with Kenya, thus cutting off the 
only land route for tbe lorries. 

Kenya’s new plan is for the 
exports to be sent through its 
own port of Mombasa to Dar-es- 
Salaam in Tanzania. There they 
could be loaded on to the 
Cbinese-buiti Tazar railway, for 
carrying 1.500 miles further to 
the Copperbelt and Lusaka. The 
immediate snag is that Dar-es- 
Salaam. always chronically In- 
efficient, is clogged np with 
90,000 tonnes of general imports 
for Zambia, and 50,000 tons of 
backlogged copper. 

Kaunda told his. guests he 
would,* 4 speak to Julius”. The 
surest way, in. the OAU spirit, 
would be to open the border, 
even if only for the lorries. 
Otherwise. Zambia will prohahlv 
have to go on eating South 
African butter. 






er’s! 


The increasing number and complexity of 
international bonds mean that successful dealing 
roust be based on easy access to accurate and 
complete information. EXTEL'S International 
Bonds Service puts that within reach of your hand - 
and up-dates it every week. 


PART 1 comprises: 

★ .News Sheets. 

★ Comprehensive Index. 

★ Early Warning of pending equity 
changes, adjusted conversion 
terms, defaults, eariy eaHs, etc 

★ Conversion Terms Index. 

★ Classification by Countries. 

★ Clearing Symbols (CEDEL and . 
EURO-CLEAR). 

★ Redemption Supplement- with 
’double-up' option details. 

★ Floating Rate Issues -Coupon 
details. 


PART 2 consists of IndividiEiJ 
Issue Sheets, giving for each] 

★ Borrower. 

★ Security. 

★ Lead Manager. 

★ Interest rate. 

★ Maturity. 

★ Issue Price and amount. 

★ Principals. 

★ Paying agents. 

★ Redemption. 

★ Place quoted, etc. 

★ Denominations. . 


This is the most comprehensive Bond Service; 

it is a . vital tool. 


To: Enid Statistical Services Ltd, 
37-45 Paul Su London. EC2A4PB. 
Thane: 01-253 3400. Telex: 263437 


1 should like to know more about 
JExtel s Internationa! Bonds Service 



Above the strife 


Woman overheard in aa East 
London caffi:’ “ That shop 
steward who's moved In next 
door is a funny sort of bloke. 
He’s one of those transcendental 
mediators." 


Firm, etc 


Observer 1 1 - T ~ — . — i 






IAf> 






17 






iSV *> 



Ffaancial'Times Wednesday TSay 3 1978 


FINANCIAL TIMES SURVEY 

Wednesday May 3 1978 




Economically South Korea is booming, its rate of progress comparable mth that of 
Japan some years ago. But there are shadows over the country’s defence and foretgn pote 
and although President Park will be returned to power in December, his rale remains b^ed o 
the suppression of opposition rather than the democratic support of his countrymen. 


iconomy 

fitter oj j 

dk Uitiolds 


lir 

V; . 

'■M-ji 
'' •'l”.ld 
• ,*i. 


he 


•*•' • •• id 

1 .. 

• ■ -!l .•••> 

v. »,'! 


: :ey 

■'■Tf Douglas Ramsey . 


•i fYTHING JAPAN can do, 
Korea can do better, 
je or false? Three years ago 
Tea’s boast seemed absurdly 
se. To-day Asia :hands are 
. •: so sure. Few reckon the 
• reaiis will catch up to the 
janese by the 1990s, and some 
• this can never happen. Still, 
rea. smacks of that bravado 
■ne of intense rivalry with 
nearest capitalist neighbour, 
! a reckless conviction 
t hard work, incentive and 
ication will turn this still- 
’eloping country into a 
rsperous, industrial consumer 
iety. 

\ny survey of South Korea 
1978 must end up sounding 
selessly like a . paean to 
iwth, growth and more 
>wth. The country’s GNP is 
jwing at over 10 per cent a 
*r, and in 1977 the gross 
■ional product per capita 


topped $1,000. The export boom 
has been sustained through, 
world recession' and sporadic 
fits -of protectionist fever in 
South Korea’s principal ^over- 
seas markets. In 1977 exports 
grew 30 per cent., spot on target 
at $10bn- for the year. In March 
industrial production was 25 
per cent up on a year ago, and 
the domestic construction 
industry was bulldozing its way 
through a near-doubling of 
construction approvals. 

Perhaps the best illustration 
of this boom was the Govern- 
ment’s decision in late winter 
to halt new public works 
spending until the second half 
of 1978 to ease the labour and 
materials shortages. And the 
prospect in 1978 is for many 
more new jobs than school- 
leavers, a slow decline in 
unemployment and a steady 
improvement in wages. 


Miracle 


Considering the economic 
miracle South Korea has 
wrought so far. few obstacles 
look insurmountable. But there 
are obstacles • nonetheless not 
least for this nation of 37m. 
long accustomed to living under 
the military shadow of the 
United States and the economic 
shadow of Japan. Coming out 
from under those shadows will 
be difficult indeed, and plenty of 
other challenges face Korea: 
Here are several, but in no neat 

order of importance. 

• Defence. The withdrawal 
of 32,000 American ground, 
troops between 1978 and 1982 
may fall behind schedule, but 


the United States is bent on 
turning over responsibility for 
South Korea's ground defence 
to the Koreans. With 600,000 
soldiers on active duty, Korea 
looks prepared to take on that 
role but also needs to develop a 
countervailing defence industry 
to the one in North Korea. The 
five-year defence buildup plan 
will not be cheap, and may 
ultimately require that nearly 
10 per cent of GNP (7 per cenL; 
at present) goes on defence. The 
challenge? Korea must build up 
its defence capability without 
inviting a northern attack. It 
must also do so without spend- 
ing too much money which 
could otherwise be better spent, 
on improving living conditions. 
Seoul's answer is to help defray 
the costs of producing arma- 
ments by building guns, etc. for 
foreign armies too. In this it 
is taking a page from Britain’s 
and France’s book, and the 
Americans are actively co-oper- 
ating. 

4$ Foreign policy. Closely Jinked 
to defence is Korea’s ability to. 
maintain good relations with 
the U.S. The Koreagate bribery 
scandal and differences over 
human rights have precipitated 
strains in the relationship 
which were bound to come any- 
way, simply because the depen-' 
dent relationship could not last 
beyond the first sign of troop 
withdrawals. The Seoul Govern- 
ment has noticeably reined in 
the Korean Central Intelligence 
Agency operatives in the U.S.. 
although the surveillance and 
harassment of anti-regime exiles 
now living in America has not 
altogether stopped. 


A resumption of talks with 
North Korea may be the first 
real test of the South’s ability 
to deal pragmatically with the 
American Government, and it 
may come sooner than mast 
observers expect. It will deter- 
mine how quickly the Seoul 
regime is willing to put its own 
diplomatic house in order. So 
far, both the U.S. and South 
Korea have balked at the 
thought of going Into tripartite 
talks with the North, and the 
North has reciprocated in kind. 
Increasingly. Washington looks 
ready to discuss this path to- 
wards a peace treaty between 
North and South. Seoul is 
adamantly opposed, but may be 
inclined to sort out its relations 
with Pyongyang as a first step 
toward improving its links with 
Eastern Europe and. who knows, 
perhaps China and the Soviet 
Union. There is even idle talk 
in Seoul of the pros and cons 
in switching Korea’s China 
recognition from Taiwan to 
Peking — the sort of talk which 
just did not come up a year ago. 


plus with Korea grew by 5531m. 
to nearly $2bn.— an enormous 
gap compared with the surplus 
Japan ran with all nine EEC 
countries in the same period of 
$5.2bn. 

Recently Seoul began to let 
Korean banks operating in 
Europe band out subsidised 
loans -for the export to Korea 
of European goods and services 
in order to attract Korean busi- 
nessmen. Seoul has also cut the 
financing available to importers 
of Japanese machinery by dis- 
criminating against exporters 
within a 10-day standard naviga- 
tion radius of Korea. 


Imbalance 


• The Japanese challenge. 
The Koreans are trying 
desperately to get out from 
under their reliance on Japan 
for investment, technology and 
machinery. The yen's appre- 
ciation in 1977 against the 
dollar-pegged Korean won 
played havoc with Korea's im- 
port bill, which increased by a 
third. An array of measures 
have been taken to diversify the 
source of imports, but the level- 
headed men at the Ministry of 
Finance are reluctant to put up 
barriers to Japanese imports. 
AS a result, Japan’s trade sur- 


Neither these nor other 
measures against Japan are 
strong enough to correct the 
trade imbalance, but South 
Korea is obviously willing to 
discriminate (if surreptitiously) 
against Japanese goods and in- 
vestment The challenge will 
be to do so without irking the 
Japanese, who have provided 
much of the capital and most 
of the know-how on which 
Korean industry is based (steel, 
ships, etc.). Drawins this fine 
line will be especially difficult 
as Korean goods penetrate the 
Japanese market in Europe and 
America for declining sectors 
(for example, textiles) and 
manage to do what Japanese 
exports have done in the last 
decade or so— throw people out 
of work. 

• Politics. President. Park 
Chung Hee is guaranteed re- 
election In December fnr another 


six-year term after ruling Korea 
since 1953. But the vole is de- 
void of meaning. The 1972 con- 
stitution and subsequent emerg- 
ency decrees give Sir. Park an 
autocratic birthright which has 
made for efficient management, 
but sordid politics. The parlia- 
mentary opposition trtes the line 
and extracts some minor conces- 
sions from Government, but 
vocal opponents of the present 
system are detained, harassed or 
jailed. To be sure, Mr. Park 
might handily win an election 
if all restrictions on the opposi- 
tion were lifted to-morrow: in- 
stead, 1978 will be a parody 
of free elections elsewhere when 
on May 18 Koreans vote for an 
electoral college which will un- 
questionably re-elect the Presi- 
dent by December. 

The challenge ? Mr. Park’s 
system works as long as it can 
deliver the goods, that is as long 
as living standards rise rapidly. 
It also hinges on Mr. Park him- 
self, an impressive and modest 
leader for all his undemocratic 
sins. It is vital to Korea’s future 
political stability that Mr. Park 
(a) gradually lift the restrictions 
on vocal opposition to the 
regime, and (b) prepare the 
ground for a return to real par- 
liamentary government He 
could start by releasing Mr Kim 
Dae Jung and the 100-200 other 
political prisoners under deten- 
tion. 

• Poverty. President Park’s 
legitimacy is largely based on 
his ability to generate wealth, 
but a large cross-section of 
Koreans still earn subsistence 
wages. The population drift 
into urban centres has meant 


more widespread urban poverty 
despite the disproportionately 
high contribution made by 
factory workers in the country's 
growth. More and more an 
educated workforce is asking 
for its share of the spoils and 
in 1977 the Seoul Government 
began to seriously tackle the 
problem of wages by effectively 
adopting a minimum wage. 

Still. Mr. Park is not out of 
the woods. In a rapidly 
expanding pie. huge amounts 
are being diverted to rural 
areas out of proportion to the 
increases in productivity in 
those areas or their contribu- 
tion to GNP. In short. Korea 
must meet the challenge of 
dividing up the spoils fairly 
between the urban workforce 
and the 42 per cent, engaged in 
agriculture. From there, the 
country must ensure that wage 
and income disparities between 
blue and white-collar workers 
do not get too far out of line 
as they had done before 197«. 
Inevitably, President Park must 
also give workers a say. and 
that would require repeal of the 
existing ban on strikes. 


Better 


• Energy. South Korea has 
done better than most countries 
in recovering from the increase 
in its oU bill (from about 
$200m. in 1971 to $2bn. in 
1977). But Seoul estimates that 
by 1986 it will need three times 
as much energy as it now uses, 
and the country is counting 
(perhaps too much) on nuclear 
power to generate 30 per cent, 
of those needs. 


• Inflation. Although official 
statistics show 11 per cent, con- 
sumer price inflation for 1977, 
authorities recognise that the 
real increase in the cost of liv- 
ing was closer to 15 per cent. 
For now. Seoul has opted for a 
strong package of measures to 
contain inflation at last year s 
level in 197S despite outside 
pressures which might cause 
Korea to lose its competitive 
edge in some export markets. At 
the same time. Korea must 
balance its fight against inflatmn 
with the growing need for 
selectivity in investment, that is, 
higher (inflationary) interest 
rates to ensure loss speculative 
investment which may prove 
bad for the investor and bad l'ur 
Korea. 

• Imports. The challenge of 
finding new export opportunities 
pales in comparison to the real 
trading challenge facing Korea 
— how to liberalise imports. At 
a similar point in its develop- 
ment, Japan neglected the need 
to open up its market and the 
result has been a chronic 
imbalance in Japan's trade. 
Korea must learn from Japan s 
lessons, especially since it 
counts on open markets for sell- 
ing its own products abroad. The 
economic planning board has 
plumped for liberalisation and 
other ministries now look intent 
on carrying it out But the light 
is not won yet: an entrenched 
bureaucracy stands to lose jobs, 
and protected industries are 
already squelling. If the liberali- 
sation timetable goes without a 
hitch to 1982. Korea’s market 
will be more open and competi- 
tive than Japan's is to-day. 






t 

«T sin-.* 1 ' - ; 

H« h - ? v: 




‘■lb 1 " 


1 •“ 


srrh' 








Where would 
they be 
without 
each other? 


Children are quick to make 
friends. They’re spontaneous in 
feeling. And they have a tre- 
mendous sense of cooperation. 
Because, without exception, 
their minds are wide open. 

It’s with just such openness that 
Daewoo makes friends with 
neighbors in over 100 nations. 
Thinking first of what can be 
provided rather than received. 
Hoping more to prosper 
mutually than to benefit one- 
sidedly. 

Sharing things abundant. 
’Supplying things deficient. 
Building, together, for a better 
world. 

Such is the Daewoo defini- 



tion of cooperation. 

Perhaps you’re in need of one 
or another daily necessity. Or 
maybe you require assistance in 
building an industrial, chemical 
or power plant. Or a road or 
highway system. 

Whatever your needs, in these 
or a host of other in-between 
areas, meeting the nearest 
Daewoo man can mean the 
solution. 

Cooperation and friendship 
with Daewoo can be your 
shortcut to a today better than 
now for all of us. And to a 
tomorrow finer than today for 
those youngsters following in 
our footsteps. 


DAEWOO , a world-renowned, 
leader in construction, heavy 
industry, engineering, electronics 
and trading, is now undertaking 
large-scale industrial plant, 
chemical plant, power plant and 
road construction projects in 
numerous nations throughout the 
world. DAEWOO the 20- 
member Korean family of firms 
that knows best how to utilize 
space for a.better environment 
and a better tomorrow. 



DAEWOO 

C.P.O. BOX 2810 SEOUL KOREA 


■ 

J 


v 


f 


18 


Financial Times Wednesday May 3 197 s 


SOUTH KOREA H 




growth 



on industrial success 


SOUTH KOREA is as economy 

in bloom. Its gross national 
product has averaged 10 per 
cent, growth a year for the past 
decade, and in 1977 per capital 
tINP went from S7GQ to SS64. 
The country's econumir over- 
lord. Deputy Prime Minister 
Nam DuckAVoo. is predicting a 
sustained high rate of growth 
in I97S which for the first time 
will catapult per capita GNP 
above the SI. 000 level. 

Looking further ahead; the 
Korea Development Institute 
(KDI) rn its excellent paper on 
the prospects for the Korean 
economy to 1991 suggests that 
by that year per capita GNP 
wilt have risen to $7,700 tor 
$3,000 at 1975 prices) — assum- 
ing the same pace of growth as 
Korea has achieved in recent 
years 110.3 per cent. in 1977). 

Korean economists are uni- 
formly too cautious in their pre- 
dictions. and few would put too 
much emphasis on GNP figures. 
Indeed, considerable disparities 
Still persist in income between 
Koreans, not least because the 
country is still undergoing the 
switch from rural to industrial 
society. Over 42 per cent of 
the working population is en- 
gaged in agriculture, but the 
sector countributes 23.3 per 
cent, of GNP and is only ex- 
pected to grow by 7 per cent, 
in 197S (better than the 3.1 
per cent, of last year). By con- 
trast. mining and manufactur- 
ing will continue to account for 
30 per cent, of GNP in 197$ 
while Mr. Nam’s planners at the 
Economic Planning Board 
fEPB) anticipate growth of be- 
tween 12 per cent and 14 per 
cent, in this sector. 

The imporlance of the 
external sector in GNP growth 
is indisputable. In 1977, for 
instance. Smith Korea did 
better than expected in its 
balance of payments. Exports 
scraped past the official target 
of SlOhn. in 1977, and Korea 
ran its lowest trade deficit 
(S518m.) since the oil crisis 
despite a hefty increase in raw 
material and machinery im- 
ports. The current account, 
meantime, swung into surplus 


BASIC STATISTICS 


Area 38,022 square miles 

Population (1976) 35.9m. 

GNP (1977, 

preliminary) $31.5bn. 

Per capita 9864 


TRADE (1976) 


imports 58.4b n. 

Exports ¥7. 8 bn. 

Imports from U.K. £63. 1m. 

Exports to U.K. £136m. 


TRADE (1977) 


Imports $ 10.5 b XL. 

Exports SlObn. 

Imports from U.K. £75. 8m. 

Exports to UJC. £179m. 

Currency = Won £1 = 883 won 


(albeit only $32m. worth) 
because of much higher-than- 
expected invisible revenues 
from Korea's lucrative construc- 
tion contracts in the Middle 
East 


.4s a result the overall 
balance of payments improved 
to a surplus of $1.3bn. and 
Korea’s foreign exchange 
reserves rose 45 per cent, to 
$4.3bn, at year's end. In this 
sense, the foreign sector proved 
a boon to domestic economic 
growth by making available 
extra funds for investment 
Korea's current account earn- 
ings also helped offset the ris- 
ing volume of debt servicing 
which rose to $1.4bn. for all 
debt over one-year maturity — 
as a result, the debt service 
ratio came down from 12.5 per 
cent in 1975 (o just over 10 
per cent, in 1977. The outlook 
for 1978 is for a debt burden 
nf Sl.Sbn. to be paid out of 
current revenues estimated at 
$I7bn. 

Korea's improved trade situa- 
tion nevertheless became a 
small thorn in the side of 
domestic planners. In par- 
ticular. the net increase in 
foreign assets of $1.3bn. was 
roughly equivalent to the net 
rise in money supply for the 
year. Thus, the foreign sector 
was chiefly responsible for 


runaway inflation in 1977 when 
planners hoped to control the 
growth of M2 at 25 per cent, a 
year — the EPB reckons the 
year-to-year increase was 
actually 38 per cent, and the 
end-year rise was 44 per cent In 
torn, inflation got out of control 
— the consumer price index rose 
by 11 per cent, although 
economists reckons that the 
real rate of inflation was sub- 
stantially higher (perhaps 15 
per cent). 

Excess liquidity and inflation, 
moreover, threaten the compe- 
titive edge enjoyed by Korean 
exports. Since the Korean won 
is pegged at 464 to the U.S. 
dollar, it has effectively been 
devalued by 25 per cent in the 
past year against the Japanese 
yen, thereby improving its edge 
on Japanese exports in tbird 
markets. However, Japanese 
manufacturers now contend 
with about 5 per cent inflation 
a year, a third of Korea's 
present rate. So many of the 
gains to be had from the dollar 
(and won’s) devaluation are 
frittered away by inflation. 
Moreover, some analysts say the 
rest of Korea's export edge is 
being undermined by the con- 
sequent increase in import 
prices. After all, Korea still 
depends on Japan for more than 
35 per cent of its imports, and 
the import bill from Japan went 
from $3bn. in 1976 to $3.9bn. in 
1977. On the other hand, Korea 
only managed to sell $300m. 
more to Japan last year, so it 
is a long way from offsetting 
the negative impact of the yen's 
upvaluation against the won. 


passing on all major price 
increases to Lhe consumer — 
regardless of the political 
consequences. In particular, 
oil prices were raised between 
3 per cent and 5 per cent, and 
the price of coal was put up 
33 per cent, in late December. 
Since coal represents 30 per 
cent of all energy consumption, 
and virtually 100 per cent of 
household fuel for heating and 
cooking, the increase accounts 
for the lion’s share of the 
higher cost of living for most 
Korean families. 

According to Mr. Kim Jae-Dc, 
director of the Planning Bureau 
at the EPB, the attack on 
inflation in 1978 will be three- 
pronged. If it works, there will 
only be a “ slight discrepancy ” 
from the 10 per cent target set 
by (he EPB. The three prongs 
are: 


Distress 


The trade implications of 
rekindling inflation are a major 
cause of distress at the Ministry 
of Finance and the EPB, and 
not surprisingly both are act- 
ing harshly to keep prices 
under control. The target for 
1978 is 10 per cent, but it 
already looks unlikely. In 
Jarmary-to-Marcb, the consumer 
price index rose by 6.4 per cent, 
because of Korea’s policy of 


• Import liberalisation. In 
April, Seoul decided to step up 
its programme to liberalise 
some sectors still protected by 
quota ceilings on imports. Three 
sets of measures in 1977 are 
estimated to have produced 
$500 m. in additional imports: 
the latest package may do like- 
wise. The aim is to bring down 
the domestic price level by let* 
ting imports undercut inefficient 
domestic producers. 

• Foreign assets. South Korea 
will strictly limit the increase 
in net foreign assets in 1978 
by running a current account 
deficit of between $100m. and 
$20Om. To offset increased 
invisible earnings, the EPB has 
adjusted its trade deficit 
estimate for 1978 upwards from 
STOOm. to $l.lbn. Again, the 
main component of the 
“worsened” trade positlon will 
be a hefty increase in imports 
from $lfl.5bn. in 1977 to about 
$13-B5bn. in 1978. In so doing, 
Korea can hope to limit the 
Increase in net foreign assets to 
$700m. this year — half the 1977 
level. 

• Subsidies. Although Seoul 
strictly budgets to balance its 
books, its subsidies for rice pro- 
duction are an eyesore. The 


grain stabilisation fund is 
separate from the yearly 
budget and half the deficit in 
the fund comes from rise price 
supports which, in turn, keep 
rice prices at two to three times 
the world level. The policy, 
meant to stimulate production, 
has resulted in over-production: 
domestic rice supply exceeded 
consumption by 10 per cent in 
1977, and exports are out of the 
question because Korean prices 
are prohibitive. Korea has been 
building up rice stocks for 
three years, but now there are 
moves to reduce rice price sup- 
ports to (a) cut the deficit and 
(b) stimulate production of 
other foodstuffs (notably veget- 
ables and cattle). 

Same modest efforts will be 
made this year to coax some 
rice farmers out of rice, and 
the EPB would unofficially like 
to see a freezing of support 
prices to at least prevent any 
further inflation on grain 
account. Still, Government is 
left with paling out subsidies 
for stockpiling, and this will 


further add to the growth of 
money supply in 1978. Says Mr. 
Kim: “We may have to con- 
tinue the subsidies until we find 
other instruments for efficiently 
distributing wealth between the 
urban and rural sectors.” 

Wage push m some sectors 
would indicate that South Korea 
is heading for a £a& employment 
economy sometime around 1985. 
More imminently, Korean indus- 
try must arbsor' osome 400,000 
school leavers a year between 
now and then. The first evidence 
is that many more jobs will 
become available than new job 
entrants. In 1977, lhe number of 
employed rose by 415,000 and 
the rate of unemployment fell 
accordingly, in 1978, according 
to estimates by the EPB, the 
number of employed persons in 
lhe economy will go from 13m. 
to tn about 13.5m. — suggesting a 
further decline in the jobless 
rate (from 3.9 per cent, in 1976 
to 3.7 per cent). 


Widespread 


In fact, the employment conse- 
quences of rapid economic 
growth are .much' more wide- 
spread than the bare statistics 
reveal. In particular, the drift 
away from rural occupations has 
meant a significant increase in 
the number of youzig people as- 
piring to salaried jobs. Social 
workers report a steady flow of 
young women from the farm in- 
to small manufacturing activities 
which, although low-paid, pro- 
vide income aide to sustain on 
average 1.7 person. As a result, 
other family members follow and 
find jobs in the wage economy. 


Economists reckon the drift has 
been acute in the past 12 months 
although statistics are nut yet 
available to confirm this per- 
ception. 

As wages Increase and more 
people are drawn into the wage 
economy, there will be substan- 
tial changes, too, in spending 
But for now, Korea will continue 
to save a large portion of dispos- 
able income. Between 1972 and 
1977 the total annual savings of 
individuals rose 16 times to 
$5.5bn. In terms of GNP it is 
estimated that domestic savings 
will count for 26.4 per cent, of 
GNP in 1978 (up from 24.S per 
cent last year) at the expense 
of total consumption. Yet there 
are signs, especially in the retail 
sector, of increased spending in 
urban areas: retail sales in Seoul 
in lhe 12 mouths to last October 
rose by 26.7 per cent, or faster 
than for the same periods in the 
past three years. There have 
been no detectable signs of 
change, however. In the propen- 
sity to save in Korea, still put 
at around 33 per cent. 

Savings and consumption pat- 
terns will ultimately be re- 
flected In the Korean Govern- 
ment's fiscal and monetary poli- 
cies, and these remain two areas 
where Seoul technocrate have 
proved less imaginative than on 
foreign borrowing, payments, 
wages end (unsuccessfully) 
prices. The government is seek- 
ing to soften the tax burden on 
middle-income earners, but it 
must consistently reckon on 
about 35 per cent ($2.6bn.) of 
the year’s budget to spend on 
defence. So there is little room 
to manoeuvre and there is no 


desire to put up Corpora, 
taxes or taxes on upper^p, 
personal income for fearSl 
it may dissuade investment a* 
vity. So the result is a watt*! 
see attitude while eontinuW. - 
levy too-heavy taxes 0 q . < 
poorer segments of Kmi i ' i 
working society. The -JS 1 * 
ment has been prompted h! 1 1 3 
some action aimed at alteviau» ' 
this burden on low-income 
ers, but the opposition 
remain too impotent to Jr 
for the full-scale reform gfj! 
legislation which would.? 
needed to make the sntl 
more equitable. - 

Likewise, there are stm* 
forces at work against ek* 
ins monetary policy. The ^ 
est rate structure is kept sm 
cially low as a stimulus toi. 
vestment, and many bankers* 
sent not being able to gw 
“ real ” rates which are 
preveient on the “ curb " »■ 
kct. The lending rate orrft 
secondary market is typing 
25 per cent per annum a* 
pared with 14 per cent wfcfc 
commercial banks must 
their customers. Some plaj$g 
would like to see a revision , 
rates, but that risks being fiffl 
tionary. On the other has 
higher rates may prevent am 
investors from going into n 
wise investments simply jj 
cause easy money is avails 
By this summer the Bank. 

Korea and its new governor v 
have to take a hard newfe 
at interest rates, and an upwi 
revision may ensue if Korn^ 
to prevent the boom from or 
heating. 


Douglas Rama 


Foreign policy 


“ SOUTH KOREAN officials 
going abroad sound like rabid 
Ku Klux Klan anti -Com- 
munists,” said a top aide to 
South Korea's President Chung 
Hee Park. “ As far as the 
Korean issue is concerned, 
there is a monolithic Com- 
munist bloc. I don't want to 
look like an anachronism, 
yet the situation is an 
anachronism.” 


South Korea's whole approach 
to the outside world is deeply 
affected by both fear of and 
brotherly attraction towards 
the 16m. Koreans north of the 
38th parallel. Foreign diplo- 
mats and South Korean 
dissidents agree that virtually 
all South Korea's highly 
literate population shares much 


of the Government's anti- 
communism * and worry. 
Security in one form or another 
is the base of Korea’s foreign 
policies. 

Thus South Korea’s foreign 
policy is largely an old-fashioned 
cold war style build-up of mili- 
tary and diplomatic strength, 
complete with overtures towards 
every . conceivable potential 
friend and towards some 
enemies that are seen as poten- 
tial neutrals, such as the Soviet 
Union. It has also included some 
dirty tricks against those who 
seem intractable, with dissident 
Koreans abroad, the most com- 
mon victims. 

South Korea seeks a stable 
status quo, at least until it can 
hope for reunification of Korea 


on its own terms. Seoul officials man solution ” to the dlvisi 
claim they need continued out- of North and South, Korea 
side military support because in not Germany. Korea was fl 
any possible conflict China and unified in 676 AD., long befi 
Russia would have to support England or any other mode 
Pyongyang as they were forced country in Europe. Korea 1 
to support North Vietnam. one language, one culture a 

At least until recently the no major minority group. “1 
South maintained weaker armed are terribly conscious of c 
forces than the North, though homogeneity," said the Kore 
American forces made up the official, 
difference. A recent study by Thus any regime that is et 
the American CIA reported likely to control any part 
that until last year the North, Korea must make reunificati 
with greater mineral and hydro- a top priority, at least official 
electric resources, but only half in the 1960s the South rerut 
the population of the South, even to have contracts with ! 
maintained a higher GNP per “treacherous” North. Nc 
capita. with greater relative strong. 

Yet although South Koreans the South charges it is the Nr' 
will openly talk about a “Ger- that refuses to talk. “Supp 
CONTINUED ON NEXT PAGE 



is assured! 


It’s time you’ve got 
to know ICC! 

When you find ICC, 
you have found all 
you need. 

ICC is right here 
on the spot 
to supply you with 
top-quality products. 

ICC knows exactly 
how to trade with you 
and what kind of 
excellent Korean products 
meet your requirements. 

Get your profit share 
of Korea’s booming 
exports by tying 
in your international 
trading operations 
with the ICC team. 

•EXPORT ITEMS 

• Building Materials • Chemicals & Minerals • Clocks & 
Watches •Electrical & Electronics Goads •Fishing Nets& 
Ropes • Foodstuffs • Footwear • Household Goods • Iron & 
Sleel Products • Kitchen Units • luggage & Bags •Machinery 

• Military Equipment • Musical Instruments • Paper Products 

• Sporting & Leisure Goods •Stainless Steel Flatware & Hof- 
low-ware • Stationery •Textile & Sewn Garments «Toys& 
Dolls •Wigs •Others 


CORPORATION 

C. P, O. BOX 747 Seoul, Korea Phone : 771-81 
Cable: ICCCO SEOUL Telex: ICCCO K2725I, K 2 6548 

B OVERSEAS BRANCHES 

i ; iNc;:es: • .-cwur • • Chicago • dusa? •cuss3«.dc?« •c-ote=op.g*hong kgng •Jakarta • jeddah •JOedan ♦ Kuwait • iac-os • ionton »ics angeies •/.'anil* •/.-.jams ere?/ vcsk • Osaka •pana?aa»paws •pohsioam •sycxst^tshsan •tomnto 


















May 2 




19 


Financial Times Wednesday May 3 1978 


SOUTH KOREA HI 


mu 

a\. 


f* 

* 


'i| 

i. ,,h 

'»**>* vFi'. 

**»‘avv , \ . 

«■ mr r ' 

t.hu.,, *1 

■■ ^ •• 

l»n ‘V; 

irp - «1» luv U - • 

"hit 
'**%. 



full,,:,! 
»n \\i 

to , 



questions 
advance 


Uit.ij»ip kw hmE YEAR 1978 is election year 
•o. n Korea, but it hardly matters, 

i \*,Mk T ' : -%^iere are no campaign posters 
•Ui! ■, , ,:i, Hor stirring speeches to fixe the 
! ‘ ' "'*.>dectorate. A series of compli-. 


H 




1 ! ll '*.>iectorate. A series of compli-. 
|V ‘ H Hated election procedures ‘-be- 
. .■!•![ . ween. June and December will 
* 1 1 ..'., , naw - v Wnexorably Eliminate In the re- 
Section of President Park Chung 
' r ‘ ?-iee, and the parliamentary 


"III; 

l j 1 ^ 1 ' " opposition is still squabbling 


hi, bout whether to put forward a 
‘ l:irk, i candidate to stand against, the 
■'{hi pl ' ! apcdomi table Mr. Park for the 
b ! ,! *■* Pit presidency. Of course, the oppo- 


■- d ui . uic ere uuu i w, aiuw 

r - nstli^ritics correctly assert that the 

Un nt,372 constitution established ao 
rjl, ‘' :; uy electoral system rigged in favour 
ir-. . 01S! e th e incumbent President and 
lnv ' [is political supporters. 

I'":"!:"" 1 * ''i None of which makes politics 
. South Korea any less intefest- 

, . . In fact, there are three 

? i?' ■* opposition parties add a reserve 
rt" 1 '' - -n.j e> extraparliamentary opposi- 

>n ni.:-. cu'u-* on yrith its fonndatinns among 
A vn. Kin^iigious organisations, teachers 

ls - id students. Indeed, the real 

DonoUipst of President Park’s strength 
* 1978 will not be at the polls 

it in his response *o vocal 
iposition from his critics. Will 
? silence them with jail terms, 

• does President Park feel 
rong enough to let up on his 
vere treatment of the dissi- 
»nts? 

Diplomatic observers in Seoul 
it the number of political 
! i ^prisoners " in South Korea at 
.-.■iii >tween 100 and 200, although 
its. ivcjj] but one of the most cele- 
\jj -ated detainees (after the 
•• , : -arch, 1976 Myongdong dedara- 
:<T~pn) had been released by 
muary. The exception is Mr. 
-im Dae Jung, former opposi- 
lt . P V>n leader and the man who 
■ , -irrowly missed unseating Presi- 
■ut Park in the last “free” 
ection in 1971.. 

: • In February Mr. Kim was 
'ansferred from a southern 
: ' il to detention in a Seoul 
ispital ward, and there have 
' > -en repeated rumours of his 


impending release. The deci- 
sion rests with President Park, 
and the release may be made 
easier after Mr. Kim's resigna- 
tion from the New Democratic 
Party (NDP) • in April in 
apparent disgust at the Party’s 
pliant attitude ' toward the 
Government. It is a well known 
fact in opposition circles that 
Mr. Kim dislikes . the new NDP 
leader, Mr. Lee Cfaul Seung, 
practically as much as be dis- 
likes President Park. Thus, the 
President may feel less threa- 
tened by a free Mr. Kim in an 
election year now that he has 
taken his distance from the 
parliamentary opposition. Still, 
President Park has given no_ 
open indication of how he will' 
deal with Mr. Kim’s release (he 
is serving a five-year term). 

The election itself is a hit 
of fraud since the outcome will 
cause few chinks in the Presi- 
dent’s autocratic armour (al- 
though his supporters say that a 
11 strong ” showing may let him 
rescind the emergency decrees 
which form the legal basis of 
what they see as “necessary” 
civil rights violations). The 
electoral process, nevertheless, 
deserves explanation since it 
produces a rare mix of parlia- 
mentary government and auto- 
cratic rule. 


Polls 


Sn’.ll* 

nrih 

.irrii. 

■it 

Jill] ■ 

irv !■. 
lan'-i: 
i.'i-'r 
tw’ 

iSV*T.v* 

iu! 

i.»-. r. - 


ii.ii 


l 


First, in May or June (the 
exact date Is not yet fixed) all 
voters go to the polls to elect 
2,583 members of the National 
Conference for Unification 
-(NCU). Set up in 1972, the 
NCU is an “apolitical” body 
and no member of the National 
Assembly may stand for elec- 
tion to the NCU. Electioneer- 
ing, moreover,. is not supposed 
to be done along, party-political 
lines. The NCU, once elected, 
has three functions: 

1. To act as an electoral col- 
lege in picking the President 

2. To endorse (or reject) 
nominations of :the President 
for members of Ynjeong-Hoe, 


another “ apolitical n group 
which forms one-third of the 
National Assembly. 

3. To approve constitutional 
Bills passed by the National 
Assembly. 

Then, between September and 
February voters must elect 
members of the National 
Assembly. In fact, only two- 
thirds of the seats are up for 
grabs since the President 
nominates members for the 
third of the seats taken by the 
Yujeong-Hoe. There are 219 
Assembly seats, and 73 desig- 
nated for the Yujeong-Hoe, 
although in this election total 
seats will be increased to 231 
and the “apolitical” group's 
; membership to 77 (one from 
each of 77 electoral districts). 
The current strength of political 
parties in the National 
Assembly (with five seats 
vacant) is: 68 seats for Presi- 
dent Park’s own Democratic 
Republic Party (DRP): 55 seats 
for the opposition New Demo- 
cratic Party (NDP); 3 seats 
for the Democratic Unification 
Party (DUP). and 15 inde- 
pendent seats. A third opposi- 
tion party, Mr. Kim Chul’s 
United So ciali sts, will contest 
the next elections but at present 
has no Assembly seats. (Both 
the United Socialists and the 
DUP are offshoots from the 
NDP.) 

Third, by the end of Decem- 
ber the National Conference for 
Unification must elect the Presi- 
dent to a six-year term of office. 
Mr. Park has said he will seek 
re-election, and the opposition 
NDP is not keen to put up an 
opposition candidate. The mat- 
ter has already split the parlia- 
mentary party between the 
mainline moderates, led by 
party leader Mr. Lee Chul 
Seung, and the activist “Yatt’u” 
faction, which claims perhaps a 
dozen of the NDFs 55 members 
of parliament and wants to put 
forward a strong opposition 
candidate to oppose President 
Park. The Yaffo faction claims 
support for its position from a 


broad spectrum of party mem- 
bers, other opposition parties 
and the extra-parliamentary 
opposition, which is spoiling for 
a fight for the presidency (de- 
spite the NDFs failure in the 
previous elections in 1967 when 
Mr. Yun Po-Sun stood against 
President Park and in 1971 
when Mr. Kim Dae Jung came 
close to beating him with 45 
per cent of the popular vote). 

The abundance of newspaper 
reporting on the squabbles 
within the opposition camp is 
the reverse of disclosure about 
activities (a) inside the Govern- 
ment Party, and (b) inside the 
extra-parliamentary opposition. 
An observer is inclined to get 
the impression that nothing is 
actually happening in either 
camp, but that is obviously at 
least half-wrong. The Govern- 
ment Party has all the money 
and power it needs to perpetu- 
ate its votes at election-time, so 
there are no visible signs of in- 
fighting. But the extra-parlia- 
mentary opposition, however 
small, is still very active. 

The release of the Myongdong 
defendants (except Hr. Kim Dae 
Jung) has taken some of the 
heat off the Government, 
although dissidents regularly 
describe to foreign pressmen 
the frequent cases of overnight 
detention without cri min al 
charges and the occasional 
periods of bouse arrest imposed 
on the more vocal members of 
the extra-parliamentary opposi- 
tion. However, in March both 
the Korean National Council of 
Churches (KNCC) and many 
pro min ent dissidents issued 
statements not dissimilar to the 
Myongdong declaration which 
landed its authors in jail in 


KOREA EXimBflniC 

SUPPORTS ALL OF YOUR TRADinS ACTIVITIES III 
HEAVY Af© CHEmiCAL PRODUCTS. 


March, 1976, yet this time the 
Government and KCIA were not 
prompted into arresting the dis- 
sidents. Then in April, the 
usual round of student unrest 
at universities never got off the 
ground, not least because of the 

government’s deft handling of 

holiday and exam schedules 
which kept students too busy 
to protest. (Students are 
becoming increasingly aware 
too, of the bright job prospects 
for college-leavers afforded by 
Korea's economic boom, and the 
incentive to get that diploma is 
much greater than it was two — 
much less six— years ago.) 

The emphasis of attacks on 
President Park, in turn, has 
switched from his autocratic 
treatment of political dissidents 
in the church and intelligentsia 
towards the plight of the urban 
poor (especially young women). 
The KNCC and the protestant 
Urban Industrial Mission (U3M) 
are lobbying for more workers’ 
rights to protest against poor 
working and living conditions. 
Strikes in South Korea are 
banned, and the Federation of 
Korean Trade Unions is un- 
abashedly in co-operation with 
government (and management) 
to prevent them in return for 
steadily rising wages. Wages 
have been rising but some 
labour protests have landed 
workers in jail or out of work. 

Vocal opponents of the Park 
regime want him to ease up on 
the right to strike, and it may 
be the keynote of efforts by 
Korea's extra - parliamentary 
opposition in 1978 to get out 
the vote against the ruling 
party. 



Financing exports and imports with medium 
and long-term credit 
Financing the supply of technical services 
and overseas construction work. 

Financing overseas investment. 

Financing major resources development _ 
i Financing to foreign countries for economic 
cooperation. 

Export Insurance. 


A the EXPORT-IMPORT BANKOF KOREA 

▼ A GOVERNMENTAL HNANCIAL INSTITUTION 

CJ.O.Box 4009 Scout Korea Telephone 2>6284/S, 23-8101/5 
Cable Addiebs: EXIMKOREA. SEOUL Telex: K26595 



CONTINUED FROM PREVIOUS PAGE 


*e 


‘at the margin of military 
rength was on our side. Then 
rhaps they will come to the 
nference table,” said the presi- 
ntial aide. 

American policy has also 
jght to maintain the status 
o, hut Americans worry too 
it South Korea might attempt 
conquer the North. The semi- 

icial American view was sum- 
d up by a U.S. official: “The 
lericans are in the North 
st Asia because we have our 
4n very important security 
Jisi derations and our own very 
flnnrtant economic considera- 
lln s Policies designed to con- 
“ue stability are in our 
ere st. 


The problem with this policy 
-.hat maintaining the stability 
olves threatening to go to 
f if North Korea breaks the 
ce. and it is virtually im- 
sible to imagine any 
interest so vital that it 
ild justify the cost that such 
yar would entail. 

.s long as Seoul needs 
jhincton’s military aid, a key 
active of Korean foreign 
'ey is to encourage Washing- 
to remain friendly and help- 
Compared to the 
.nizers up to lWjSi . tjj 
ericans have been extremely 
ign, and there are fw places 
the world to-day where 

ericans are as welcome as in 
th Korea. But at the same 
» the Koreans resent their 
endence on Washington i and 
ike acting like a satellite. A 

binatiun of wilhine 
niDis to influence Washing- 

and inability to understand 
they went wrong has re- 


duced Seoul-Washington rela- 
tions to a very low ebb. 

Koreans read American wire 
service news reports. They 
know how much corruption is 
routinely reported in the U.S. 
Congress. So they wonder why. 
the activities of Mr. Tong Sun 
Park, the rice dealer who is 
charged with bribing several 
congressmen, were singled out 
as unusual. 

*The trouble with the 
Koreans in Washington is that 
they did not sign up for a 
seminar in lobbying conducted 
by the Israelis." said a diplomat 
in Seoul. Recently the Koreans 
have erportedly hired one of 
New York’s top pubtic relation* 
firms. The PR men will have a 
lot to teach' their clients. . 

Sources in Seoul argue that 
Tong Sun Park was primarily a 

private wheeler-dealer. Mr. Park 
is the scion of one of Korea s 
richest f amilies. and was making 
additional fortunes out of nee 
shipments to Korea. one 
diplomat noted that in the cases 
where evidence of bribery was 
strongest, the recipients were 
congressmen connected with 
U.S. rice export programmes. 

Diplomats take the evils of 
the Korean Central Intelligence 
Agency much more seriously 
than they take the Tong Sim 
Park s ca nd al . But *ft® r 
several shake-ups in tiie^KCIA. 
its International intimidation 
has apparently been sharply 
scaled down, though not 
eliminated. . 

More impressive Soup 
Korean diplomatic efforts nj 
recent years have been directed 
toward the Third World. Seoul s 
attention was forced to develop- 


ing countries by the oil crisis 
and by an aggressive and 
reasonably successful North 
Korean diplomatic offensive. 

South Korea was omitted from 

the Arab countries’ friendly 
nations list at the time of the 
oil crisis and so faced an oil 
boycott Meanwhile, North 
Korea was admitted to the 
Conference of Non-Aligned 
Nations, and Third World 
countries began supporting 
moves against South Korea in 
the UN. This was serious 
because even to-day U.S. troops 
in South Korea remain under 
the UN flag. 

The North Koreans came 
close to passing a General 
Assembly resolution favouring, 
their position in 1974-75, but 
recently Pyongyang’s support 
has weakened. South Korean 
construction contractors have 
won friends in the Middle East, 
more conservative regimes have 
risen to power in India and 
several other developing 
countries, and the South has 
clearly outperformed the North 
economically, giving it greater 
prestige. 

Seoul's two crucial multi- 
lateral goals now are entrance 
into the Non-Aligned Confer- 
ence along with the North, and 
entrance into the UN whether 
the North wants entrance or 
not The North has opposed 
separate UN entrance of either 
Korea on the grounds that it 
would perpetuate division. 

If' Seoul accomplishes either 
goal it will clearly show that 
Third World countries are 
moving away from automatic 
opposition to capitalism. . . 

Robert Wood 


Grindlays 

A name you can bank on 
in Asia Pacific 

We have branches of the Group in Australia, Hong Kong; Japan, K nrea 
anH Singapore awfl representative offices in Indonesia and Malaysia. 

We have regional eurocurrency, export and shipping finance 
a regional treasury providing foreign exchange and money market services. 

We have the retail hanking experience of the Grindlays Dao Heng Bank’s 

fifteen branch network in Hong Kong. 

We believe that banking on Grindlays in Asia Pacific 
means just what it says* 



Executives of Grindlays Dao Heng Bank 
4 visit an important customer’s textile 
factory in Hong Kong. 


Members of the management team 
of our new branch in Seoul discuss 
ECGD finance of U.K. equipment 
for a Middle East project. 




SAEHAN MERCHANT BANKING CORPORATION 

TO KOR W AND OVERSEAS COMPANIES 


■Shareholders- 


JA.j.r ' 


#«s* * ~ 


The Korea Development Bank Hill Samuel & Co. Limited 
Banque Arabe Et Internationale D'Invest 15 sement 
KoreaExchange Bank 
The Industrial Bank of Japan Ltd. 

The Long-Term Credit Bank of Japan Ltd. 

c r« ltd Sambo Securities Co. Ltd. 
Daebo Securities Co. L d. Securities Co. Ltd. 

The Nomura Secorit.es Co. Ltd. Yama.cn. 














Wan Soo Han 




a MHM ' . >W( • 

£3«3?t-T..vrv.: 













. -AS - . - .:* ■- - jt, 

.• „" " V r* - . "v. ;* • 1 





:r . ■ "v v • * 1 

} r':y^GM&97O7-0€aieral IPokfc Office, 14th'W^r y €hina- ^adm feQ^n'^'B0ad-|^it^vffin^^^fe^^..^ J 


J 


1- 


r 



m 


Financial Times Wednesday May 3 1978 


SOUTH KOREA IV 


i 


Defending the future 


M*7TH ONE of the largest President Park Chuns Hee may hope that Congress accepts the defence contractors will be in 1975. and in 1978 the IT.S. Con- 
*iandinii armies in the world, sec it as another way to buy Carter proposal to gradually the forefront, but it is also gress appropriated $275m. in 
South Korea must devule nearly nme in order to improve the hand over SSOOm. worth of known' that South Korea has export credit at concessional 
7 per cent, uf its gross national country's defences. military equipment used by the approached Mitsubishi Heavy terms for sales to South Korea, 

product and some 35 percent, of The American Congress looks U.S. ground troops to be with- Industries in Japan about the The actual amount of military' 

public ^pending to defence in inclined to block further with- drawn. Korea must also hope designs of its Type 74 tank sales by the U.S. to South 
I97S. Officials willingly proffer drawals after 1978 until Wash- that the U.S. will continue to (although Mitsubishi's hands Korea is kept under dose wraps, 
the figure of $2. fibn. for defence inston can coax Seoul (and turn a blind eye to the lucra- are tied by the Japanese ban but Seoul is believed to be m- 
r h is ve.tr. but ihe breakduwn is P> un 6yang> into a North-South live sale to third countries of on arms exports), and the terested in some fairly advanced 
inn secret. Simple arithmetic P cace treaty. Since the dialogue some military equipment made German Leopard tank may also missiles and radar equipment i” 
-hows that the counirv is spend- between the two Koreas has in Korea but derived from U.S.- be in the running. from the likes of Lockheed and 

in" an incredible ii 000 for been in , ' nibo for several years, licensed technology. In particu- Hughes Aircraft President 

cverv 0M Of the 000.000 soldier, «J* j an< L with it. perhaps. In sources in Seoul say that on QamUt Carter has asked Congress for 

.r L „„ „ - ToL-on tue hna * departure ot all US. two counts the Koreans have »***»mi a similar military sales credit 


it keep* unr1er ground troops) could be several unilaterally broken off licensing The whole gamut of military allotment in fiscal 1979, and 

I' «, i kdi s Dr f i □ o r l i o note I v hish for ye i re off ' . agreements and sold U.S.- vehicles will eventually be pro- might raise the stakes as high 

i * - * Even if the full 32.000 ground designed equipment overseas, duced in South Korea. A as allowing the export of some 

a developin'* economy. troops are sent home over five One instance is the sale of company such as Daewoo aircraft (notably the F-5) but 

Gut must western defence years, as Mr. Carter originally Tacoma Boat-designed patrol Industrial boasts of being able probably ruling out the delivery 

analysts reckun that South planned, the Seoul Government boats to the Indonesian Navy to deliver military trucks over- of the most advanced fighters 

Kure.i mi its own is still no no longer sees the move as a after disbanding the joint seas in its “ military equipment” into Korean hands (the F-15. 

match fur North Korea, which “sellout” (a word bandied Korean venture with the catalogue, aod any number of for instance). 

ha< nearly as many men under about just a year ago). There Seattle company which used to foreign makers are attempting In short. South Korea’s 
arms hut spends over $6bn. on are indications that the U.S. will produce the patrol boats for the to sell their goods in Korea, defeace industry is coming of 

defence (>>r $10,000 per soldier), greatly boost its air support Korean Navy at a southern One candidate. Britain’s GKN, age and Seoul is acutely aware 

It is ihe presence of a UN presence on the peninsula with Korean shipyard. hopes to export its armoured of how important a role 

command, and specifically the ihe deployment of F-15 Eagle Another case of “ pirate " P e p onne l carrier. although American technology will play 
American military umbrella, fighters, and there is no talk of arms sales has been the known defence reckon Korea j n speeding up the setting-in- 

whidi has kept a balance dumping the mutual security sales 0 f rifles (licensed by not h**? 1 , t0 im P? rt ^7 place of a viable heavy arma- 
beiwcen north ami south since P acl h >’ which the _ U.S. Colt of the U.S.). To third nn “ tar >' vehicles without a meiKs industry to counter that 
19.13 and until recently, it was ’’guarantees" South Korea’s countries after Korean state- s,m “i taneous agreement to w Korea The defence 


analysts reckun that South 
Korea mi its own is still no 
match fur Nnrlli Korea, which 



Korea’s 


Locally armed Alpine troops in marchpast formation in the South Korean Armed 

Forces Day parade. 


tnents industry to counter that 
of North Korea. The defence 


Aiming for full 


reducing me u.s». troop presence 
i:i South Korea. What has since 
emerged, however, is a picture 
<>f much greater ermtiun on the 
American Milo than depicted in 
early *taft?menis by President 
Oner. 


employment 


The troop withdrawal plan, put 
simply, wa- in have meant with- 


draw me 


withdrawn, but then nothing in the M-16 °as licensed by Colt. and Britain, because the top priority in foreign I /’"X'V T* 

I he security treaty os it stands) The authorities in Washington Koreans will presumably also exc bange lending to companies i f | Jj III \f | | I I . | 1 I 

commits the U.S. t» sending are so far not upset with ^the on . "Shts to market V/JLJLX L/lv/ V illVllv 

troops to Koreas defence any- moves and have even granted k° re a-made vehicles in third endorsed in the unpublished JL a/ 

Wa> - pern^sion for some smail doses S^*^ 1 ™** ° f “£ five-year plan was dearly 

ProfTmolio * I % « ' <tr» far tv,- timed to coincide with the phas- WAGE PUSH and labour short- noticeably. So has their cost of $480 a month. In practice the 

Pragmatic stefpjLj!in^v7nto B on. ^ou.o/theAmaricaugrouud are rareiy pr«ent ,n living (by a Per cePL in uni. big contractors pay $500 5 

U the Americans now look a i*> manages to sell abroad a U.S. arras markets, the French 170 °P Presence in South Korea, developing economies. and JJ 


“‘".'•s l< ‘V precipitate about pulhng full Wot ammunition and hi™ sold a naval weapons South Korea (with « per cent. hS?-25’ 


P«?r>.»nnel i\v the end of 1978 nut ground troops from South communications equipment system 


an defence planners feel a South Korean workers are far amount again. The basic salary 

in sense of relief now that f W _°__ n . g pop ^; l lon the better off to-day than they were itself is about twice the level- 


according 


lion in iiic pullback. President office. The initial response in industry in South Korea this - Firs t, the entire South genous defence industry able to Korea Productivity Center pay 

l -*‘ rler l,ec ! det| 1,1 scaie down Seoul was that Korea would remains small beer compared Korean industry is geared to support the entire southern increases in 1978 may average oDOllaSc 

I Ho 1 <17 Q wilhdv^u-il kv c J W..II4 ... . . .. . _ «Lt • ... m 


domestic construction market 
for jobs. 

Construction workers were 


Ihe view in Seoul is that The industry will not come that armament. Although President source says. This’ severely lead the Koreans* into a strong five years than the pay of white- and many economists say the rise by ^25 per last year 
America* internal debate cn-y: and although Korean p ar k got mileage in April out restricts the sort of items which race with traditional arms ex- collar employees or managers. single W*BWt factor 3”* “!® ^ 


America* internal debate cn«y: 3nd although Korean Par k got mileage in April out restricts the sort of items which race with traditional arms ex- collar employees or managers. 
i heiu'vn i.aner 3n d Congress) nOiciais refuse to talk openly 0 f a highly.publicised visit to a be operated independently porters for weapons markets in “Sweatshop” labour in the 5*"“* construction bonanza, reondy ^ _*« Offl" 

on ihe wi<dom uf I roup with- about five-year defence build-up tank factorv opened in southern frora U 1 ® arms and comiuunica- other developing countries Thp small electronics and textile Untl earI y. 19 ! / construction of Labour Affairs. Those are 
draw.il> will dray uut the reduc Plnn.s except in the vaguest Korea, it remains a fact that m Jions infrastructure imposed by pleJ^ SrSefofie Yong DooTpo “n? Middled 

factorv- is Simply used to build UA presence m Korea. frora Koreas indus - tnaI district . across the Han River J?* °^L XOSJS! kn3 man mt? 7 Z 


enuucli in let South Korea seT that the country will continue to ^ome modere ^ui^men on The Second, for now the Americans F om downtown Seotd have «-W« received the relatively engineer and managers But 

m pl.-ur a strong deterrent of depend primarily on American Korea Army's U.S.-built M-48 the most forthcoming on indJSrv u aiJ JSt received pay rises of over 20 low ' wa . ges W ! lC ^J e l Korean ! he ^ erage 15 not 

ns own i» aggressiun from the snodwill for defence tech- tanks. Analysts reckon that military export credit. . , f 0 Th per cent for the past two years compaTUes underbid European far below, and the average is 

Xor.li. Meantime, although .he no logy. South Korea ii not far off from Five years ago. when Korea L" ? runZt' Jnsome^scoT- ? r co r npehtion : ___ No f^approachmg the bested 


own i.. aggression from the goodwill for defence tech- tanks. Analysts reckon that military export credit. per cent for' the past two years com 7 pames unoermo European tar oemw, ana tne average m 

Mvanlimv. al.houuh .he nolosy. South Korea Is not far off from Five years ago. tvheo Korea South Korla's minta™ To™u KSntaS- In “ o« ” r i? 3 ” 0 !' ^ 

'•uvernment «.s openly The goodwill doo* exist what- building a tank from was still receiving weapons in tory ^ now orrfy a Q Ztion of P° rate P rofits raa >' have doubled iSSSfenf-orwM *? sMctmMmSm wonomi (utiHtiesl^n 

h.i>«ilo io a resumption of talks ever the political tensions scratch at this and other the form of grants From* the SZ. a°ZJ17? question of Qr wb|ed< but ^ fact remains If, 

wnh i he North (especially with between the two allies. In the factories, but first it must nego- U.S., it had hardly any use for B d degree. that ^ income of workers 011 o seas conslructl0D P a y ° f ^ average -wa^e TOse by a 

ihe Americans m aliendance), short run. South Korea must tiate for the technology. U.S. credits. Grant aid stopped in £).R. (men and women) has shot up CONTINUED ON NEXT' PAGE 




m 




mm 


n M.3& I.-"'. ' mw : ^ 





j 4 

n-. 


■sm 








L.. « 


na ~ 


"Av*. 

•r 


■in ' » 
. : ■! . • 


Via J •; i • /if 



‘{•LciP-AU;.. mL 


?■: • 










A*\ ' 





Filling 

diverse needs 
in every dimension. 





li- ..I..:; I • ‘ I ' ii'i u- 1 . •i*i 


'Bfl 

v\t ,;.n< p-iilu 


; . ■. .'‘nOu ijr< 



mm. 


■: r! 


v.rnr~ 



HYUNDAI is far and away 
Korea's leading name in heavy 
industry and construction. It's 
"into” ships, industrial machin- 
ery, vehicles, cement and the 
building of integrated plants for 
atomic/thermal power genera- 
tion and other purposes. Braced 
by a 3-decade series of succes- 
ses, it's proven worthy of its role 
in world economic/industrial 
progress. 

And bolstered that role by func- 
tioning as a general trading 
company of global scale. The 
confidence people have in 
HYUNDAI is a spur to on-going 
efforts to help in leading you to 
a better future. 


HYUNDAI-a trusted name 

in international business. 


■HYUNDAI GROUP — 

cdManACiV* C3 LTC' 

■ m>U* 0« •*»(•* I*l*-ME5 CO 1*0 - 


▲HYUNDAI 


LVIV.IV4 Ctf 1TC 
r-;W rQueuf. ■ - .• 


I artfjew UMEMT CO HO-®*- m •>-- 


, .Vim i..t, ran: 3 


•“-UCil MlPO OOCFWO CQ ITU — •- f »»j » ft-a.., - , 




i 


m 







Financial Times Wednesday May 3 1978 


21 


SOUTH KOREA V 





I ■ 

* KOREA is coming of 

i ’ ^ j !• international capital mar- 
:'i| ”*] kets. Its debt servicing ratio is 
" if 1 just ever Hi per cent, and the 
coimtfy-. can -now .borrow at 
lower fates- most otber.de* 
veiopmg' countries and even 
lower than some industrialised 
countries, i Significantly, for the 
first time , there -is talk of South 
Korean private -corporations 
raising funds abroad through 
unguaranteed- syndicated -loans, 
or even bond issues. -Few details 
are available but the powerful 
Samsung Group is seriously dis- 
cussing with bankers about a 
Euromarket borrowing without 
a bank guarantee by ^be end of 
lr«-Q 1978, and the Daewoo Group is 



abroad 





putting its books in order (the 
■first South Korean company to 
consolidated its accounts) as a 
first step to raising funds pub- 
licly in the. Euromarket 

Hyundai Corporation is an- 
other potential -international 
force, and observers do not rule 
- out a first South Korean listing 
. on an overseas stock exchange 
. in the foreseeable future. Thus, 
Korea is emerging as one of 
the most viable international 
borrowers and for the first time 
ever the Government in Seoul 
■has been forced to put strict 
controls • on the amount of 
foreign cash flowing into the 
economy- 

The flow of foreign funds in 


11 


Employment 


CONTINUED PROM PREVIOUS PAGE 


l " uacing. 
' s l‘-‘> $500' 
> r,n v n; 

-•V: 1 " Wi, nii f 

1 "«• li.lMl-jjL 
1 »»>’- ltn.Jp. 

'W fi.irs-iqH , 

'' l; ’ Ii'm ii^ 

■ 'ar j«-s>. 

‘T Mi-.su, 9,1 

«nft-»n qe; 

1 1- T: t> 

•: '.In 

i ri r.»>.«'in 3; J. 

>r ^ 

■1- lu-r. 


slower 11 per cent to $325 a 
month. ‘ ■ 

A survey made in March by 
the Korean Chamber of Com- 
merce and Industry confirmed 
what many private -companies 
suspected in 1977. that is, that 
a serious shortage existed in 
several skilled job sectors. Over 
1,000 compaines were polled to 
determine their ability to find 
adequate -manpower, and over 
20 per cent, of the companies 
indicated that they could not 
find enough qualified personnel 
in 1977.. . The figure compares 
with only 16 per cent, two years 
earlier. Certainly, the Govern- 
ment is worried about the future 
supply of skilled workers and 
technicians and has substantially 
increased spending on vocational 
centres, which will be dotted 
arond the country to facilitate 
the drift of talented manpower 
away front the farm and into 
skilled jobs. 


III* - 

!■ "I *;££ 


1 •- ll- (V 

fl.it- 

I'-i-h ; 

- m : 

' -'U-X 

:<t 

;«?• 

.1 l. 

i.i .rv 

IS’ 


Ill 

' .ImTV 

ti::;: ■ 

• .. 

* • 

Ks 

II 1 .. ti- 

. *:i IT 

ll > 

? M 


Statistics 


ision. 


■w' ..... 

albH'''--*- 


da> 


.The Office of Labour Affairs 
produces ample statistics on pay 
conditions in South Korean 
companies, but they .do not 
necessarily reflect the conditions 
of all the country’s employed. 
In 1977 South Korea’s popula- 
tion was 36.4m., and of these 
some 1 3.4m. are the country’s 
- economically active ” popula- 
tion. In turn, over 500.000 of 
the labour force are unemployed 
1 3.8“ per cent, at the end of 
-ia agri- 
culture; -fisheries "-and forestry 
was 5.4m. That leaves 2.9m. in 
mining and manufacturing 
industries and 4.6m. persons 
employed in the services sector, 
etc. The statistics available on 
wage rates in industry, however, 
only cover 2.85m. persons 
employed in mining, manufac- 
turing and services in companies 
with 10 or more employees, and 
although it is a good guide to 
Ihe health of the economy, 
economists recknn that wages 
paid in cottage industries, etc., 
are somewhat lower than the 
averages on the books of larger 
companies. Of course, giant 
conglomerates like Hyundai, 
Daewoo or Samsung pay their 
workers substantially more than 
the average Korean wage — so on 
swings and roundabouts the 
official figures may hold some 
truth. 

The accompanying charts 
depict the average 1977 wages 
of . various categories of 
employed, as well as average 
wages paid in key industries. 
Moreover, they trace the rate of 
increase wanes for managers, 
white-collar employees and blue- 
t-ullar workers in the Korean 
ecunomy since 1973. 

What emorses from the chart 
is a clear indication that the 
blue-collar worker has seen hds 
pay rise briskly in recent years, 
and faster than the average in 
1977. hut on the whole not as 


fast as the much higher Wages 
paid to managers or white-collar 
employees. During 1977 the 
Government was under tremen- 
dous pressure to remedy the 
situation and took stiff action to 
force companies to raise the 
“ minimum ” pay at major com- 
panies (hence the 24.8 oer cent, 
rise in average blue-collar wages 
last year. The Government is 
wary of setting an official mini- 
mum wage, and has come under 
attack from some religious 
organisations for this policy, but 
it is now widely known that the 
Office of Labour Affairs puts 
pressure on any employer pay- 
ing less than 30,000 won ($62) 
a month. Pay on this scale has 
become more the exception than 
the rule as more and more 
workers earn tbe bine-collar 
"average” of $120 a month. 

In South Korea (as in the rest 
of Asia) women earn substanti- 
ally less than men. although 
straight-line comparisons are 
misleading. In fact, women 
make up the lion's share of the 
workforce in textiles and elec- 
tronics — -industries where men 
take the jobs as supervisors, 
foremen, technicians and mana- 
gers, while women (usually 
aged 17 to 25, just off the farm) 
do the dirty work. A foreign 
missionary who works with 
groups of young textile workers 
reckons they often earn up to 
$100 a month, and Eet certain 
housing and food benefits_on 
top of that. However, statistics 
for the whole^of Korean .indus- 
try show that women in 1977 
earned only 43.9 per cent of 
the average male wage, .no 
change from 1976 but slightly 
worse than, say, the 46 per cent, 
level of 1974. Thus, women 
workers seem to have benefited 
less from the boom than their 
male counterparts — although it 
is clear that many more young 
women can now look forward 
to entering the wage economy. 

Indeed, if low wages are still 
a black mark in the developing 
Korean economy, jobs are the 
bright spot on the labour hori- 
zon. Although there is still 
abundant unskilled labour, the 
number of persons employed in 
the • wage economy is rising 
rapidly. In 1977, some 7.3m. 
persons were employed in non- 
fann households — an increase of 
8.7 per cent — while the number 
of employed in farm -households 
declined by 3.6 per cent Over- 
all, employment in the economy 
rose by 3 per cent, (in a year 
when the rate of population 
growth continued to be half of 
that). South Korea is therefore 
proving more able than was 
anticipated to provide jobs for 
new entrants into the work- 
force, and long-term planners 
expect that by 1985 South Korea 
may reach the “ full employ- 
ment” level achieved by Japan 
in the mid-1960s. 

D.R. 


2977, in fact, was embarras- 
singly high and caused a worsen- 
ing of inflation. By running a 
small current account surplus 
and also borrowing heavily, the 
net increase is foreign assets 
in the system increased by 
SLSbn. — an amount equivalent 
to the net 39 per cent rise in 
money supply for the year. In 
1978, planners at the Economic 
Planning Bureau hope to run a 
sufficient current account deficit 
to help offset the inflow of 
foreign funds and keep the net 
increase to a modest level (fear- 
ful that, further inflationary 
pressures from foreign funds 
will price some of South Korea’s 
exports out of foreign markets). 

South Korea had a total out- 
standing external debt at the 
end of 1977 of about $12bm, 
more than double what it was 
three years earlier. However, 
tbe burden of servicing debt 
( principal - plus interest > 
doubled for loans with a mat- 
urity of over 32 months between 
1975 and 1977: last year, tbe 
burden on medium and long- 
term debt l$9bn.) came to 
$1.4bn. compared with $734m. 
two years earlier. Yet despite 
South Korea’s mushrooming 
external debt and servicing 
burden, it has rapidly become 
one of the most sought-after 
borrowers on the international 
financial market place. In the 


same period of two or three 
years, foreign banks have come 
round to lending to South 
Korea at interest rates and 
maturities which are better than 
on most loans to other advanced 
developing nations. Why the 
change of heart? 

Theoretically there is no need 
/or foreign borrowing. But the 
inflow brings with it technology, 
management .know-how and so 
on. In short South Korea’s 
financial position is more sound 
than it has ever been. As a 
result, Mr. Kim recently 
signalled to the International 
Monetary Fund (IMF) his 
desire to see Korea's quota 
increase more steeply than the 
overall increase planned for 
this year (of 35 per eeat). 
Hence, on May 1. South Korea’s 
contribution to tbe IMF coffers 
was doubled. “ This reflects 
our growth and Hie capacity of 
our country to borrow,” says Mr. 
Kim, and it also boosts Seoul's 
voting rights in tbe organisation 
from 0.32 per cent to 0.44 per 
cent. 

But it does not -mean that 
South Korea intends to make 
increased use of IMF credit 
facilities, according to the 
Minister. “ We negotiated a 
standby credit with the IMF 
for 1977 but never had to draw 
on it We would like to roll 
over that credit for 1978, not 


because we plan on using it but 
because it underlines the 
Government’s intent to have 
more stringent self-discipline 
and also get the IMF’s view of 
our policies.” 


Review 


Mr. Kim and his able assistant 
Minister for International 
Finance, Mr. t Y. Chung, thus 
embarked on a thorough review 
of South Korea’s borrowing 
plan. The first concrete step 
came in early April when Seoul 
prepaid the $114m, outstanding 
on the $200m. balance-of- 
paymenLs loan from an 
American banking syndicate in 
early 1975. Weeks before the 
fall - of Saigon, when U.S. 
bankers feared for Korea’s 
military security, Mr. Kim 
clinched the $200m. deal after 
personally convincing Mr. 
Rockefeller (of Chase Man- 
hattan), Mr, Clausen (Bank of 
America) and Mr. Wriston 
(Citibank) to take a chance. 
The terms were nonetheless 
harsh. A five-year maturity at 
2 points over toe London inter- 
bank offering rate (Libor), and 
the banks forced Seoul to 
borrow in the name of the 
Central Bank. It was the first 
and last time. By April 10 this 
year when Seoul prepaid toe 


outstanding amount; South 
Korea's borrowing chips were 
sizeable. With those chips, Mr. 
Kim authorised Citibank. Chase 
Manhattan and Bankers Trust 
to arrange a new $300m. syndi- 
cated loan in Hong Kong which 
would carry the easiest terms 
ever paid by a non-oil producing 
developing couniry (except 
Taiwan): toe 10-year loan 
carries only t of a per cent 
over LIBOR. Moreover, it will 
go 50 : 50 to toe Korea 
Development Bank (KDB) and 
Korea Exchange Bank (KEBJ 
but will not carry a specific 
Government guarantee from the 
Central Bank. So although 
there is an implicit state 
guarantee since both KDB and 
REB are Government lending 
institutions, the new loan sets 
a precedent. Despite toe easy 
terms, moreover, international 
bankers have flocked to lend, 
and oversubscribed the 5300m. 
loan by at least SlOOra. 

Seoul now seems in a position 
to make such demands. Already 
last February the Finance Mini- 
stry pressed Citibank not to 
insist on a Government guaran- 
tee for toe SlOOto. borrowing by 
the Pohang Iron and Steel Com- 
pany. The loan was then the 
cheapest ever by a Korean 
international borrower (at 
13/85 over LIBOR) but the 
absence of a guarantee was an 
important precedent (even 
though Pohang is a State-con- 
trolled company owned 24.7 per 
cent, by Government. 45.9 per 
cent by the KDP and the re- 
mainder by commercial banks 
and other private interests). 

The $300m. raised in Hong 
Kong will go to help finance 


machinery imports, primarily 
for heavy and chemical indus- 
tries, but the country’s booming 
foreign currency holdings are 
also being put to good use in 
paving back a large portion of 
short-term debt as well as 
longer ones at harsher rates. 
The Finance Minister says, how- 
ever, that it will not greatly 
affect the total level of new loan 
commitments by Korean bor- 
rowers in 1978: these are 
targeted at S3bn. In January 
to March, only 12.3 per cent, of 
the total had been committed 
($369.4m.) by foreign lenders. 


Smaller 


However, the new loan is 
replacing a number of planned 
smaller borrowings later in the 
year and Seoul has had to re- 
vise upwards its estimate of 
total incoming foreign loans in 
3978 (arrivals rather than com- 
mitment basis) from S1.6bn. to 
S2bn. (The sum includes ex- 
pected direct foreign invest- 
ment in Korea of about SSOm. 
in 1978.) Despite the revision. 
Government authorities hope 
they will be able to keep the 
net increase in foreign assets in 
the South Korean banking sys- 
tem to a vers* modest level. 

South Korea's new borrowing 
posture abroad will naturally be 
reflected in the cost of foreign 
funds to Korean companies in- 
side South Korea, and most 
foreign bankers expect an 
across-the-board cut in lending 
rates of i per cent, in May or 
June. The same foreign 
bankers see huge lending poten- 
tial in the South Korean market 
(where companies on the stock 


market are averaging dividend* 
of over 20 per cent, a year) but 
have had their hands tied by 
the relatively low $2U0m. ceiling 
on their foreign currency lend- 
ing in 197S. Joint venture mer- 
chant banks have a ceiling of 
SlODm. and the remainder of 
foreign lending to industry in- 
side South Korea will be 
through KDB. KEB. other 
Government institutions and 
direct funding abroad of $300m. 
for the utility, Korea Electric 
(KECO). The ceilings arc not 
absolutely fixed, because foreign 
branches may exceed their 
individual ceilings by up to 
50 per cent if the increment is 
lent without a Korean bank 
guarantee, and since these days 
toe Finance Ministry has in- 
structed South Korean hanks to 
refrain from giving guarantees 
for further proof of Korean 
industry's ’’bankability ” foreign 
branches and the merchant 
banks can together expect to 
lend locally up in S45l)m 
Mr. Kim Wuun-Gie. Governor 
of the Korea Development Bank, 
expects to hive off most of the 
KDB’s portion of the recent 
Hong Kong loan before the end 
of March since applications for 
foreign cash to the KDB (which 
mainly finances manufacturing 
industry) are expected to run at 
two or three times u i the level 
of cash available. A similar 
situation arose in January when 
the KDB disposed of the 
equivalent of YJObn. raised by 
a KDB hnnd issue mi the Tokyo 
yen-dennniiualed market — ihe 
first such raising by a South 
Korean institution, and certainly 
not the last. 

D.R. 


For international banking 
services covering the Korean market 

Remember to use 
our expertise and resources 



Th? Cho-Heun* Bank Ltd. has been in Korea since 
1897. establishing its reputation among the domestic 
and overseas business communities. 

We have business networks of Agencies m New 
VorkSan Francisco and Representatives m London. 
Singapore and Tokyo. 

To meet tbe growing volume of tata the Mon 

SKI 

M THECH0-HEUNG BANK, LTD. 


SAMSUNG 
THE PEOPLE WHO PUT KOREA 

ON THE MAP. 



M- 


s 


L ast year 40,000 men and ' 
women were responsible 
for 6.1% of Korea's record $10 
billion export trade. They were the 
Samsung people — the not-so- 
secret ingredient in the phenomenal 
growth of Korea's largest business 
conglomerate. 

A product of our highly 
selective recruiting 
system, the Samsung people are a 
cross section of a hard working, 
industrious nation on the way up. 

■ With a combination, of talent, 
technical know-how and team spirit 
we have built a task force equal 
to any job within our scope. 


A nd that is saying quite 
a bit. The 25 asso- 
ciated companies of the Samsung 
Group span nearly all aspects of 
industry. At home and abroad the 
Samsung name is respected in the 
fields of trade, construction, ship- 
building, heavy industry, petro- 
chemical processes and products; 
the paper and textile industries, 
electronic equipment and many 
more. Together we represent 
4.2 % of ihe Korean GNP. 

f your job requires the 
skills and coordinated 
planning of a true giant, contact 
us or one of our 44 overseas 


offices, and meet the people who 
put Korea on the map. 

Samsung can do more for you. 



I 


OVERSEAS OFFICES 

• LONDON TH: ir.iMK - SOTMir ZttGTCSTARnLG • FRANKFURT 

» 0611 1 D • PARIS t-'i Vfc cilj t.fTl. 

£W? -MPf. SMRPARJwn* • NEWYORKlrf • i~-6. I* 

• LOS ANGELES T.H Uol-Wl ■ i':»'T.-p.-«Sl-l 
L"-' I L'SA • CHICAGO Id- MU'! P.-3 ■ flUi- l.'Tim. • ■ r*i SAMSUNG 

COO • DALLAS r<J if i li irji ■ ftfcl.’TcIv T.' ■ ft,| 1 st.iv -i mu 

• MONTREAL Trl Aui 'JBIG - 7/1,-Sex. CS - KW -LH5 MS*. 

• Tokyo t.-:. ffii: wi ■ 7611-7.5:1 ■ ar; i - -lt * -m 5 . ai.is.ta'i 

• KUWAIT T * 4HWKS. A lb. 3?:Tct *: S 4 M!' T&K5 LTC-l >.l • ABIDJAN 7r|; 
S?5s lii’T.'lo ZlftUiUfiS ABIDJAN • AMSTERDAM •STOCKHOLM 

• MILANO • PANAMA • CARACAS • BUENOS AIRES • OSAKA 

• FUKUOKA •HONGKONG * SINGAPORE • RANGOON • BANGKOK 

• JAKARTA ♦ SYDNEY * THEBAN • CAIRO • RIYADH • BEIRUT 

• DUBAI • JEDDAH • NAIROBI » JOHANNESBURG • TRIPOLI 

• LAGOS • PORTLAND 



SAMSUNG 

GROUP 


C.P.O. Box 1144 Seoul, Korea 
Telex: STARS K2257/K28565/K23302 
Cable Address; STARS SEOUL 


Samsung Co-, Ltd. _ . 

Samsung Construction Co-, Ltd. 
Samsung Petrochemical Co.. Ltd. 
Samsung Heavy Industries Co., Ltd. 
Taesung Heavy Industries Co.. Ltd. 
-Samsung Shipbuilding Co., Ltd. 


Samsung Electronics Co., Ltd. 

Samsung Electronic Parts Co„ Lid, 

Samsung Electronic Devices Co., lt d. 

Samsung Coming Co., Ltd. , 

Samsung Precision Industries Co., Ltd. Chonju Paper Co. , Ltd. 


Samsung GTE Telecommunications Ltd. Joongang Development Co., Ltd. 
Cheil Sugar Co.. Ltd. Hotel ShilJa Co.. Ltd. . 

Cheil Wool Textile Co., Ltd. Joongang Daily News & Tongyang 

Cheil Synthetic Textiles Co., Ltd. Broadcasting Co., Ltd. 


Dongbang Life Insurance Co., Ltd. 
Shinsegye Department Store Co.. Ltd. 
Vang-ln Farm Land 
Korea General Hospital Inc. 

Ankuk rue te Manne Insurance Co., Ltd. Samsung Arts fit Culture Foundation 












SSANGYONG MEANS BUSINESS 



In nearly any form you can name 

Building? Trading? Shipping? 

These and m»»rc than a dozen other forms of major commercial/industrial activities are what have 
b i'n uglu Sungvnn;' into a meaningful relationship with business partners on all six continents. 
Look over the list of our firms and see how we can fit into vour forms. 


SSANGYONG CEMENT INDUSTRY CO, UD 
SSAN<3YDN3 CORPORATION 
KOREKIRM PETROLEUM CO. LTD. 

SSANGYONG SHIPPING CO. LTD. 

THE KORYO RITE & MNflNE INSURANCE Ca LTD. 
SSANGYONG FMPER CO. LTD. 


SSANGYONG CONSTRUCTION CCL LTD 
SSANGYONG H9NY INDUSTRY CO. LTD. 
SSANGYONG ELECTRIC INDUSTRIE CO. LTD. 
SSANGYONG SILK CQ.UD. 

SUNGLff MXCHIN3TY WORKS, UD. 

SUNGLEE ELECTRONICS OO.UD. 


OBW PRES 

DAEGU MUNWHK BROADCASTING CO. LTD. 
KOOKMIN UNIVERSITY 
HYEOWOONG /WDOLE & HGH SCHOOL 
SUNG K3KF0UM3N10N FOR JOURfKBA 
SUNGttX N2ND0AC&CUUURN. FOUNDATION 


111 SSANGYONG 


Head Office 

24-1. 2-Ka, Zuh-dorg Choong-Ku, Seoul, Korea. Telex: TWMJRA K2427TQ K28215, K28442. Cable: TWIM3RA SEOUL Phone:26-5151, 21-60B1, 27-3151 


A - ' • 




i 



• A ' 


Ej-V'-r- ' J 

r';V : 


mk . - -m 



j 

i. . * 



Lloyds Bank International's branch in Seoul provides a full 
ran"c of ban king services and is responsible for the development 
of all aspects of the international business of the Lloyds Bank 
Group in the Republic of Korea. 

Lloyds Bank International assists Korean borrowers in 
1 h ci v i.m port/export trade and provides finance for capital 
investment projects in the Republic of Korea and overseas, both 
t ii rough loans as well as by credits arranged under the auspices of 
the major international Export Credit agencies. 

The Lloyds Bank Group has branches and offices 
throughout Latin America ana Western Europe in addition to a 
strung presence in the Middle East the Pacific Basin and the 
United Slates. 

For further information, please contact our Seoul branch, 
our Far East Division in London or any branch of Lloyds Bank 
Limited. 

Manager. Seoul Branch: David Dayan. Central PO. Box 
Sill. Dong-Bang Building. 250, 2-Ka. Tae Pvung-Ro, Chung-Ku, 

Seoul, Republic of Korea. Telephone: 28-6950-3. Telex: K24315. 

LLOYDS BANK 
INTERNATIONAL 

mT £0 56 Gran Lon&n EC4P4ELTal. 01-248 9322 

i\iXm - \m A rowiibc; :*k L'c-fi. Edt&froup 

T The Rank of London Sc South America and their subsidiaries have offices in: Argentina. Australia. Bahamas. 

Bahrain. Rcleium. Brazil. Canada. Cayman Islands Chile. Colombia. Cosia Rica. Ecuador. Egypr. El Salvador.France, 
Federal Republic nl'Germauy. Guatemala. Guenrse\’. Honduras. Hong Kong. Iran. Japan. Jersey. 

Mal.n >ij. Mexico. Monaco. .Netherlands. Nicaragua. Panama. Paraguay. Peru. Philippines. Portugal. Republic of Korea, 
Sin-Mpore. Spain, Sw ltzerland, L mwd Arab E imtaies, UniLcd Kingdom, U .SA., U.S5.R-, Uruguay, Venezuela. 


Financial Times Wednesday May 3 1978 

SOUTH KOREA VI 


Motor output begins 

to take off 


ONE YEAR after businessmen 
were writing it off as a mistake 
the South Korean motor in- 
dustry is straining capacity. 
Though Korea's cars are still 
only marginally competitive m 
ihe world market, the makers 
expect to triple exports th?5 jCrV 
year to 30,000 and hope to fe? 
triple them again next year. 
Domestic demand has doubled 
this year despite continued £{ 
high taxation. 

Mr. Herbert Telshaw. ex- 
ecutive vice-president of the 
General Motors affiliate Saehan 
Motors, said conditions have 
been “ fantastically better since 
President Park intervened »n 
the industry last August" Mr. 
Telshaw credits President 
Park's interest and, subsequent 
official guidance for rapid 
improvements in production 
rationalisation. “He said he 
wanted the industry to be a 
major exporting industry and 
started the ball rolling, and 
things have been on the up and 
up since then.” 





A production line at the Hyundai Motors plant in Ulsom. 


South Korea still has one of , , , . , * __ .... ™ , . 

the highest automobile tax rates far - beyoud our capacity to keep up with that much inter- learn from, said Mr. Telshaw. 
in the world The f° 700 supply it." nal demand, the industry must Despite their silU small pn 

domestic price of a Hyundai Although the Government did invest £75m. a year. duction. Saehan has develop 

Pony, a sub-co’mpact comparable not cut taw* last year, ir did South Korea's auto exports so 190 Korean parts suppliers an 
to the smallest Datsuns in- not ra i ae them either, and in a far have gone to the Middle East Hyundai has developed -100. On 
eludes £610 commodity tax 10 cffuntiy where nominal incomes and South America, whe^e pollu- small company that had pn 
per cent. VAT. and 15 per cent are r ^“ig at 25 per cent, a year tion and safety regulations are vitmsly specialised in pradum 
special commodity tax. Inelud- and 0,0 °PP er Masses are mov- weak and the Koreans can sell can openers now makes Hi 

ing tariffs, the tax on cars that ins ’ nt0 Seoul suburbs, stable ears simply by keeping prices brakets that attach the lid f 

contain more imported parts P r5c *s proved sufficient to raise low. Mr'. Paik said Hyundai has the pony's trunk to the bod; 
than the Pony can amount to demand dramatically. lost money on exports, but when Korean car makers seek at lea 1 

80-85 per cent of the sellin u Mr. Paik w *s translator and production reaches the 100.000 a two suppliers for each con 
price. Then the buyer must pay vlose associale to Mr. George year level (which Hyundai ex- ponent. so the suppliers will bi 
£27 a month road tax and more Turnbull, a former British peels late this year), exports against each other. But th 
than 22 pence a litre (£1 a °al- Leyland managing director who will become profitable. “ mother companies" often nw 

Ion) for petrol. * spent three years with Hyundai The Pony has just passed tests P®rt of the stock in each of ih 

This has kept the ratio of helping launch an independent In Britain, and Hyundai p}Lns to competing subcontractors, 

cars to people in Korea at one Korean motor industry. Mr. start European sales. But some General Motors owns 50 pe 

to 132. In Britain and Japan Turnbull left last spring, con- doubt whether Korean ran are cent, of Saehan and Ihe re* 
the ratio is one to four. vinced that the Government's really ready for Europe yet. is owned by the Kurca: 

priority on motors was too low. Pony taxicabs in Seoul have a Development Bank. Saehan wn 
p^nfjo Mr. Paik notes that the Pony remarkable number of suspen- clM's first automating join 

LXUaU.y plant represents only a minor s * an problems and sticking doors, venture. Until 1971 the cum 

The Government has made investment by international Mr - Paik sai(l ^ ese Problems pany had insisted on 100 pe 
roads its major transportation standards. It cost SlOOm. bad been remedied on P'mies cent, ownership in any count i; 
network. Even the products f£55m.). "About $300m. is the dntiuy the production lines it entered. But Saehan operate 
of the Pohaog integrated steel average expense for introducing , . independently of GM and ha 

mill are transported mainly by on * new nic1f ^l in a bi? car Mr - Telshaw said. the Korean established its own dealers |. 
highway. But because of the company.” he says. An Italian Government is developing the sell its exports. GM recognise.- 
taxes on private cars, traffic in consumer products designer domestic auto industry on -‘Jan- i n helping to establish Saehai 
Seoul consists almost entirely with no experience in motors anes<? Imes - The manuf u-t liters that the company might 
of buses, trucks and insanely- designed the Pony, and much are designated as mother cum- eventually prove a tough com 
driven taxis. Seoul citizens can of lhe engineering was British. Pames and they are expected to petitor in world markets, 
still travel through downtown Even at double last year’s J uppu . ri subcontractors Mr. Telshaw .said iudepen 

by bus or taxi, with only occa- production rates. South Korea’s •®V n \ ca ". y . hna ” claUy - he dence for the Korean Compaq 

sional slowdowns for traffic motor industry will manufac- 10 . , enca subcontractors j S a necessity because ol 
jams, and Government planners ture only about 90.000 cars this arc m ° re in °ependent. and anti- cultural differences. " I would 
do not want that to change. year. That is the’ number the , s dl! * ou, ; age manufac- no t want to run a wholly owned 

When Hyundai Motors com- industry expects to produce for ture £ s from helping them too foreign business in this 
pleted its plant to build the all- exports alone next year. n,uctu country." he said. 

Korean Pony in 1976. demand "Someone compared the indus- ^ In addition in Hyundai and 

was as low as one-third of try here to the motor Industry It actor Saehan, there is a third major 

capacity, and Korean manufac- 15 years ago in Japan." said vehicle maker. Kia Union, 

lurers were furious at Mr. Paix. "We’re going to Japanese and Koreans believe which is wholly Korean owned 

Government taxes. Mr. H. K. make it much shorter." that help from the Government but linked to Honda Motors in 

Paik. public relations manager Saehan Motor projections in- and ■* mother companies" can Japan. Kia in turn dominates 
at the Hyundai Motors factory, dicate Korea's domestic demand make' parts producers improve Asia motors a smaller fourth 
still predicts the Government will rise to 800.000 a year by their quality much Faster than automaker that Kia Took over 
will eliminate the road tax 1987 with the present tax strut-- they would on their own. "I with Government cn-nncrainiit 

?-i ture. At that point the country think you have to look at the a f,er Asia fell into financial 
leisnaw noted that to-daj. if will have a per capita income Japanese auto industry and ask difficulty, 

they reduced the taxes they of £2.200 a year and one car yourself whether they are not 

would merely inflate the demand for every 15 people. Just to doing some things we ought to Robert WOOD 









Hyundai International Inc. 
vanguard of heavy industries 


Hyundai International Inc. is a pioneer in Korea heavy induct mV-s, 
RVidwtn the pace ot the Kotean acononw stride lor stride. 

S«nce its emergence as an integrated industrial giant HI! has 
become capable of anything from heavy machinery production 
to complete plant construe non. 

HU is building the world's largest iniegrared machinery plant in 
the Changwon Industrial Complex. A 4.290.000 square mer^r 
site requiring a &340.000.00Q investment will produce power 
generating equipment ranging from turbines to nuclear reactors 
that supply 2.500 MW annually. 

Other facilities will include plants capable of producing iron and 
sreei mills with an annual capacity of 3,000.000 tons, chemical and 
petrochemical plant machinery such as large scale compressors 
and .heat exchangers, and Craned heavy industrial machines. 



The Gunpo heavy construction and industrial machinery plant 
is bong extensively expanded and upgraded. The Anyang plant, 
that produces 200 types of automotive components, will soon be 
producing each of those components for 500.000 cars. 

Affiliated companies such as Inchon Shipbuilding Corporation 
that builds specialized vessels. Hal la Construction Co.. Ltd. that 
applies impressive construction techniques globally and Halla 
engineering Corporation with its integrated technical systems, 
are Stepping up their efforts: working with Hyundai International 
|nc. for the future of heavy industries in Korea. 

MAIN PRODUCTS & ACTIVITIES 

lion and Stoel Making Macr.nery Pry*,# Gonerarmq Macfnnerv Cheim-al 
Jr PotrocherTMrai Macnirwrv Corm-m Manufacturing Machinery- P^per tr 
Pulp Mating Maamne-y.Te.tiie Machinery PoHuHJn Control Equipment’ 
Desafination Machinery Other industrial Machinery. Heavy Construction 
Machinery -"Apf icuUural Machinery .'Material Handling Equipment ‘Air-Con- 
itfioning Equipment Machine Topis Steel Stnicuru'es, Automotive Parts' 
CMimp ami Foi^-ngs. Tunbec Dcveiooineni Otertgets. Tug aaau. Baiacs 
and Other Special Purpose 8 data .Shipping Business. 


Changwon Plan: now under construction-. 


HYUNDAI INTERNATIONAL INC. 

Head Office: 200. DaiKJtun/j Ri. Nam-Mvun. Sifuing Gun. Ktunao- Dn 
Korea Tel.: t5« 7171-9 i5«l 8151 9 Seles Dep:.: (Group I) MmWjTs 
*22> 2653. 021 6868. 1221 5888 Salta Dep, . t G ,oup tl» (72 \Vv> 

&O ,76, 8680. 9466 7983. <75, 8073 C.P O. Bo«: 'BK lSeomi T-le*- 
HINTLA K 26431. K28388. HINTL K24632 K27«l. K2E945. S K«L 


i JAi l 







Financial Times Wednesday May 3 1978 


23 


SOUTH KOREA VH 


mi 


A minor miracle on the farm 





•&! 


-SS 


ion 


JTH KOREAN agriculture, 
ch had been lagging behind 
k " i . nation's _ amazing eco- 
. upsurge, has~achieved 
in recent years 
‘ /jffll less' spectacular 

inaaufac taring sector. 

or the first time in a gene.rs- 
the county is self-sufficient 
icev by far the most impor- 
- food jn--S 9 u£b. Korea. It 
y- ~tts tbe bfebest'rice yieid per 
fA land in the; world. 

• J. • 5 aS^g.. Income* pf; the average 
i hO^sishtdd is roughly on a 
iwia/thht of urban wage- 
,iers according ; to official 
sties. " Now- ^ we are in a 
to. produce enough rice 
opiseg.ves. and still have 
r left . export, th us 
^:;.dne . Of The eight 
.iesin.lhe world that can 
jTactffciwttad. 1 ' says.SCr. Kim 
.'“Ed/nfli ^president of tbe 
Pr-.» y^y -established Korea Rural 

£.] Institute. “This !s 

WE^jue V~ft~'tfbujs ofa miracle, resulting 
'1-*^ more .than a decade of 
•at investment and 
r ■ ■ luoas effort.' 1 • 

1 * ‘ the one-time Minister of 

culture said, Smith Korea 
>,j r j.rome a long way from the 
ini .jndency which charac- 
.,-Vpd the Tot of Korean 
. ,,/ jrs only 15 years ago. 
i the early 1960s, this tradi- 
•i.yVUy agricultural nation was 
V". Hns from grinding poverty 
‘ s villages and had to import 
quantities of rice and 
1 '* grains under the U.S. aid 
amme. Every spring, 

’ e bariev was harvested, th** 
*rs went through a period 
1 ’ meer. many subsisting on 
; off trees and edible weeds. 
?ir paddy fields were so 
■ quately irrigated that they 
»i'i totally at the mercy of 
. .. eather. With 56 per cent* 

. » entire population living 
.. e farmland that accounted 
mere quarter of the total 
, ... ‘iry. around 36 per cent. 
\ rural families were forced 
bsist on farms less than 
*etare in size. 

• en the Government laun- 
' a series of ambitious 
mic development plans tit 
*- emphasis was laid on 
sectors, all but neglerting 
tararian ecnnnmy which 
i 36 per cent, of gross 
tal product (now down to 
r cent). 

•as only at the start of the 
-that increasing attention 


was paid to agriculture. The ■ 
JTy c-year economic plan ! 



ihi 

i- 

S.1-! 

• ■.Hi * 

. h.i 

M 1 * 

■ 


in 




i‘W 


:*r 


- — UUUCL UiC ... ‘ ■ , \ 

current fourth plan. Investment l : < 

in agriculture is planned 


increase by nearly 50 per cent, 
to 1.500bn. won (about $3.1 bn.) 
during 1977-81. 

Some 40 per cent of the 
funds will go into land develop- 
ment projects, including irri- 
gation, drainage ' and 
reclamation, with the farm 
mechanisation programme 
getting nearly one-sixth of the 
total. Also, livestock and seri- 
culture (production of silk) 
will receive increased invest- 
ment 

Grains 

The foremost -concern of 
South . Korea's agricultural 
policy is . increased production 
of food grains, so that the 
country can reduce its food im- 
port bills which totalled 
$4.1bn. in the past 13 years; 

After three consecutive years 
of good crops, the country 
enjoyed an unprecedented 15.2 
per cent, rise in rice production, 
totalling 6m. tons. . South 
Korean agricultural officials say 
this meant an average rice 
yield of 4.94 tons per hectare, 
the highest in the world (it 
was 4JS1 tons in Japan in 1975). 

. The remarkable feat is 
attributed chiefly to the high- 
yielding local varities, Tongil 
and Yushin. Tongil. also called 
ER667. is a product of technical 
collaboration between Koreans 
and the International Rice 
Research Institute in the Philip- 
pines. Basically a cross • of 
native strains and the so-called 
miracle rice developed by the 
IRR1, it covered 55 per cent of 
paddy fields last year. This 
year tbe ratio is planned to be 
enlarged to 69 per cent 

Although rice production 
exceeded demand by 8 per cent, 
last year, overall domestic grain 
supply met only two-thirds of 
requirements due to a very poor 
barley crop caused by bad 
weather. 

This year, barring disastrous 
weather conditions, a twofold 
increase in barley crop is pro- 
jected. making the country self- 
sufficient also in the second 
major food grain. This will 






A typical Korean farming village. 


raise the overall self-sufficiency 
to 79 per cent 

South Korea will, however, 
have to continue to import 
almost all its wheat and corn 
requirements. Wheat is an un- 
economical crop because .the 
growing season is too long, inter- 
ferring with double cropping. A 
research programme is under 
way to develop a wheat variety 
which matures early; before rice 
is planted. Increased rice out- 
put can also be attributed to im- 
proved irrigation (for 86 per 
cent, of all paddiesl, better 
fertilising and widespread use of 
agricultural chemicals. 


Another important factor 
behind the agricultural pro- 
gress is a new zeal generated 
among the fanners by Saemaul 
Undong — the new community 
movement — initiated in 1971 as 
an integrated rural development 
campaign. 

With the concepts of “dili- 
gence, self-help and co- 
operation." the movement is 
aimed at motivating villagers 
into improving their own living 
environment and productivity, 
then raising their incomes. 
Elected • village committees 
select projects that are imple- 
mented principally by voluntary 


labour, with some Government 
assistance in cash and building 
materials. 

Sstarting with such simple 
projects as roof improvements 
and drains, Saemaul Undong 
moved on to infrastructure pro- 
jects such as farm roads, small 
bridges, electricity and piped 
water, and then to income sup- 
plement projects including joint 
livestock raising and sericulture. 
It has now spread to urban 
neighbourhoods and among fac- 
tory workers. ' 

According to official figures, 
the once-wide disparity between 
urban and rural earnings has 


been almost eliminated in terms 
of income per household. But 
since rural families are slightly 
larger than those in urban areas 
(5.5 versus 5.2), farmers income 
per capita is still lower. 

Also playing a vita! role in 
providing higher rural incomes 
has been the Government’s 
grain price support policy. 
Every year the Government pur- 
chases substantial quantities of 
rice and barley from the 
farmers upon ha nest at higher 
prices than it sells them to the 
consumer. Last year the 
difference was 35 per cent for 
rice and 68 per cent, for barley. 


As a whole, agriculture has 
attained an average gain of over 
4 per cent per annum in the 
past decade. Although this is 
much slower than the dazzling 
industrial growth of nearly 
20 per cent, a year, the rate is 
impressive when compared 
with most other countries. 

For all this achievement, 
there are many problems facing 
South Korea. As well as the 
need for increased domestic 
grain supply, which is re- 
strained by the limited space of 
arable land, the declining labour 
supply for farms is a growing 
problem. The rural population 
has shrunk to 36 per cent, of 
the national total, with the ratio 
expected to decrease further to 
20 per cent, by 1991. Particu- 
larly alarming is the fact that 
most of the city-bound migrants 
are young people. 

To cope with this siuniion, 
the Government has been en- 
couraging a gradual shift 
toward mechanised farming, 
providing loans for purchases of 
farm machines. But mechanisa- 
tion sull has a long way to go, 
given the small size of unit 
farms (0.95 hectare per house- 
hold) and irregular shapes or 
paddy fields (at present 53 pt*r 
cent, have been rearranged into 
regular patterns). 

A locally produced small 
power tiller is the principal 
farm machine in use, number- 
ing 166.000 last year — one for 
every 14 farmers. This number 
is planned to double by 1981. 
The Government will make 
loans available for their pur- 
chases. 

A third problem concerns the 
rapidly rising demand for meat 
and dairy products. The Gov- 
ernment is making special 
efforts to promote the livestock 
industry, but lhere are a num- 
ber of constraints, including 
huge investments to develop 
pasture land on hillsides and 
the need to import most feeds. 

To meet growing meat short- 
ages. 20.000 tons of beef and 
3.000 tons of mutton will be 
imported this year, mostly from 
Australia. 

Fishery, which provides an 
important protein source, has 
also made great strides in 
recent years, with its standing 
in the world climbing to seventh 
in production and fourth in 
exports. Along with meat, fish 


and other marine products are 
among the protein food items 
whose consumption in south 
Korea will increase sharply in 
the next 15 years. The nation's 
fishing vessel tonnage. 1-RS89 
tons in 1961, bad increased to 
660.949 gross tons by 1976. 
while fishery production rose to 
2.4m. ions in 1977 from 532,153 
tons in 1963. 

The growth of deep-sea fish- 
ing has also been remarkable. 
From a mere three boats in 
I960, the deep-sea fishing fleet 
expanded to about 850, and 
caught a total of 596.000 tons to 
earn $313m. in exports last year. 

South Korea’s deep-sea fish- 
ing industry, however, began to 
suffer some setbacks in the face 
Of the 200-mile zone proclaimed 
by most coastal nations. So far 
South Korea has succeeded in 
concluding fisheries agreements 
with around 50 countries, in- 
cluding the U.S.. New Zealand, 
and some African and Latin 
American States, which allow 
South Korean fishermen To 
operate in their waters under 
quota or fee charge arrange- 
ments. 


Hardest 


The impact is hardest felt in 
fish supply at home. South 
Korean ships are barred front 
North Pacific waters around the 
Soviet Kamchatka Peninsular, 
from where over 300.000 tons 
of fish used to be bruught home 
annually. For the first time in 
history South Korea is having 
to import 50.000 tons of cod and 
herring this year from foreign 
suppliers. 

As regards the question of. 
further boosting rural incomes, 
the agricultural officials’ view is 
that increasing rum-agricultural 
income (which now accounts 
for only 22 per cent, of an 
estimated 1.4m. won — about 
$2,900 — earnings per house- 
hold a year) holds the key. This 
ratio can be compared with 
Japan’s 70 per cent, and 
Taiwan's 50 per cent. The 
Government campaign to induce 
industrial plants inlo fanning 
regions is making little pro- 
gress. As industrial wages con- 
tinue to rise sharply, there is 
a good possibility of the urban- 
rural gap widening again. 

Samuel Kim 


3 

d. •a' 







nc. • 

dStri eS 


vf ■ ■ 
»-• 





What’s so lucky about 



When Lucky’s founder started his first 
business, a fortuneteller told him that the spot 
where he had set up shop was bad luck- In a 
way the fortuneteller was right: his business 
failed. three times before he made it go. 

He didn’t give up because he believed that 
hard work, a little foresight, and reliable products 
of high quality would bring the good fortune ot 
success- That’s the kind of Hick we were thinking^ 
of when we named our new business Lucky back 

in 1947. 

Nobody knows what happened to the 
fortuneteller, but everybody in Korea knows 
what happened to The Lucky Group: t 9** 
and arew and grew. In the period 1972-19// 
UcS« an astounding 846%. Last year totri 
salS exceeded USS1 « Won. and l ftey ere - .. 
expected to reach US$2.5 billion m 19.. 


.. , . — CtAf SWTdfr&6&< Co.- Ud. □ Karw Contbcn&d Carfaoh Co., Ltd- □ Lunfcy Dowl o p ma tt Co., Ud- □ Gett Sftr Electric Co.. Ltd. □ He» Sujiq Industrial Co. ( Ltd. D Kukje SecurTlfes Co, Ud. □ GoU Star InsTramanT fc-Etectiic Co., Ltd. □ GoW Star Prackaon Irxltcteae LM_ 

□ Lucky □ CoM S tt* Co- U d- U | tt) n icgw frErnig & SrniMna Co.,.tol. PPmteMfaauiwaCMigaay D7ft*gao*jBPaflyflf^Oo^Ltd. OThaBuirtWiin-HwaTVBtqadcastmgCia..Lid. □ Tha Yatam Foundation KBanctoSgngsa Company, La. 

D uidv*Owna»C«»o«^ onCa * L£d ' Q HaMm 


The Lucky Group will- continue to grow 
because Lucky will continue to serve its 
customers all ovej the world with the reliability 
.and expertise for which it has become known. 
Woudn’t you like to know more about this 
amazing business conglomerate that makes 
everything from toothbrushes to oil refineries? 

Transforming dreams into 

THE LUCKY GROUP 


Fw^rff^.infarmaBontCatffactBdndoSarysa. 

The trading aim of The Lady Group 

BANDD SAAfGSA COMPANY, LTD. 

wAKerw ___ __ 

(77718950/9, OS SB44 








KDB 


l &T" A. >*$** 

wmM ' 


Si 


." '■ . ■ ..Til.../';. 




Serving Korea’s Dynamic Economy 


-I 




Korea’s strong and growing economy is.KDB's chiel 
concern. KDB provides the investment needed today 
for tomorrow's growth. 


KDB is a government-owned development bank with 
assets of US$ 10 billion to encourage rapid expansion 
of key industries. 


KDB has supplied almost fifty percent of the total 
capital investment loans of all Korean banking institu- 
tions. 


KDB’s services include loans and investments for 
major industrial projects, payment guarantees for 
foreign borrowings, and foreign exchange transactions. 

KDB raises funds in international capital markets 
through bond issues both public and private, induce- 
ment of syndicated loans, and loans from the World 
Bank and Asian Development Bank. 


THE KOREA DEVELOPMENT BANK 


HEAD OFFICE C.P.O. Box 2ft Seoul Korea. Cable: “KODEVELBANK" Telex: K27463 Tel: 224111/9 TOKYO REP. OFFICE 6-1 
Mantnouchi 1-chome. Chivoda-ku. Tok'.-o. Japan Telex: J26134 NEW YORK RER OFFICE 460 Park Avenue. New York N.Y. 10022. 
U.S.A. Telex: 424761 Ul LONDON REP. OFFICE 31-35. F««hurch St. London EC3. England. Telex: S86903G HONG KONG 
R£P. OFFICE Rut. 2004. American International Tou-er. 16- IS Queen's Road Central, Hong Kong. Telex: 65276 HX SINGAPORE 
REP. OFFICE Tower 2101 DBS UMj. o 5b-nto:i \V., v . Nngapore 1, Singapore, Telex: RS 25452 KUWAIT LIAISON OFFICE Hat 1. 
Al- Mi>hann Bldg. . No. 4-Al-Sour St. Kuwait. Telex: 2353 KT 


i a-^4 



is jesting 







i ' mm. 

r’. 









. a?., -is 


Tiie Car from Korea: 

T he STYLISH and POWERFUL family saloon car 
‘’Hyundai Pony’ 7 offers the outstanding. FUEL 
ECONOMY, DURABILITY and highly RELLABLE 
PERFORMANCE. 

The car with both 1,23 SCC and 3,439CC engine, the 
strong rigid body and reliable performance which were 
test proved in rugged terrain makes this compact fast-back 
family saloon one of the most exciting cars to arrive in 
the European market. 

Sporty enough for the enthusiast, . it is also the perfect 
choice for family motorist 




f.f-i .-.rfr - 

» — J j.n',.- 




HVUHDPI mOTOR compfinv 


140-2, Re -dong, Chongro-ku, Seoul, Korea 


Telephone: 74) 8311, 75) 65 li Telex: HftMOCO K23S21,K73522 Cable: HYUNDA1MOTOR SEOUL 


Financial Times Wednesday May 3 1978 

SOUTH KOREA VIH 




■h 


Still space for 


foreign banks 


FOR FOREIGN banks tn South 
Korea, the nation’s recent eco- 
nomic successes have proved, at 
best, to be a mixed blessing. 

Those banks which stood by 
the country when it was caught 
In a tough credit squeeze .three 
years ago may get satisfaction 
out of seeing their loan deci- 
sions Vindicated so decisively. 

But the improvement in the 
balance of payments, and the 
increase in foreign exchange 
reserves (to $4.31bn. at end-1977, 
52. 96b n. a year earlier) have 
been so sharp that South Korea 
has suddenly become qu-ite a 
bit stronger and more indepen- 
dent than the international 
banking community bad bar- 
gained for. 

Already, Korea has repaid 
ahead of schedule more than 
half of a $20Om. balance of pay- 
ments loan provided by foreign 
banks In 1975 (some banks 
refused to participate in the 
syndication at the time, doubt- 
ing the country’s ability to deal 
with its post-oil crisis balance 
i of payments problems). 

And in virtually aU areas of 
j tiheir business in Korea, foreign 
banks are now finding them- 
selves subject to a Government- 
imposed squeeze, both in -terms 
of volume and of profitability. 

Finance Ministry officials ex- 
plain the squeeze partly by 
saying that South Korea now- 
needs carefully to control 
foreign currency inflows, which 
risk heating up inflation by 
further boosting money supply 


(tiie Ml aggregate shot up by 
41 per cent last year, partly as 
a result of strangemhan- 
espected services .receipts in 
connection .with Korea’s pheno- 
menal success tin winning 
Middle East construction 
contracts). 

More fundamentally, the offi- 
cials state bluntly that the time 
has come for foreign banks to 
start taking a more mature atti- 
tude to their actvities fn South 
Korea, and to accept an inevit- 
able increase in competition 
from Korean banks. 


Strength 


TVith their new - found 
strength, it clearly makes sense 
to the Korean authorities to 
cover more of their fund re- 
quirements out of official re- 
serves .while seeking ever-bet- 
ter terms on those overseas bor- 
rowings which they must con- 
tinue to make. 

High liquidity in the interna- 
tional banking community is 
helping to make it easy for the 
Koreans to play the game. 

One major restriction on 
foreign banks’ onshore business 
has been reductions of up to 
20 per cent, in their swap 
quotas with the Bank of Korea, 
under w-hich they convert 
foreign currency to won for 
local lending. 

According to the Finance 
Ministry, swaps outstanding 
(for 20 foreign bank branches) 
totalled around $330m. at the 
end of last year. Particularly 


for the oldest-established U-S. 
banks, with the biggest shares 
of that total, the cuts repre- 
sented a hefty reduction of a 
highly profitable area of busi- 
ness. 

For newly opening branches, 
quotas have been set at a uni- 
form $5 nr — half the $10m. 
allowed for new entrants until 
last year. 

Permitted margins on the 
swaps have also been sharply 
reduced — although foreign ban- 
kers concede the business re- 
mains very attractive. 

A carrot has been placed 
before all the banks in the 
form of a 10 per cent increase 
allowed in their new swap 
quotas if they agree to extend 
won loans without local bank 
guarantees. 

The story is similar in the 
case of onshore-booked foreign 
currency term loans. Until last 
year, these loans were 
encouraged without volume 
limits. Now, a ceiling of 
$200m. split up among all the 
banks has been imposed for 
1978 — but the total will be 
permitted to rise to $300ra. if 
the banks forgo guarantees. 

Further, maximum permitted 
spreads were slashed to below 
2.5 per cent, over London 
Interbank Offered Rates For 
five to seven year loans — but 
banks lending without a 
guarantee will be allowed to 
charge up to 0.25 per cent, 
move. 

The loan ceiling will 
clearly help to cut capital 


inflows, as Korean compg 
turn more for foreign cun* 
loans to Korean banks fo 
get their funds from the fij 
of Korea). 

The aim of curbing inj 
will also be served by ^ 
measures designed to 
offshore borrowings, Qg$ 
foreign currency loan symj 
tions for Korean borrow 
are no longer allowed 
amounts of less than $J0fn. 
example (these small loans’- 
be provided nut of the offi 
reserves), and the volume 
suppliers’ credits has ij 
greatly reduced with penar 
interest rates s«e 
squeezed. 


Excuse 


Formula for 


Some foreign bankers 
Seoul grumble that the Km 
authorities have used the mo 
supply growth argument as 
excuse to crack down on fan 
banks more strongly than 
circumstances warrant. 

They say that with the. 
of local overheads ri 
strongly, the newest for 
bank branches are sure to s 
initial opening losses, given 
restrictions on the volumi 
their business — and they a 
that this lack of prolitabl 
combined with the Korean | 
for foreign bank loans wit 
guarantees, could lead to i 
injudicious credit decision: 

Overall, however, the for 
banks appear to be convii 
that their bread rerr 
buttered on the Korean 
The fact is that Korea will 
tinue lo need huge amount 
foreign capital to fund its a 
tious development project! 
the capital inducement t? 
for this year alone is se 
around S1.3bn. 


trade success 


IS THIS a recipe for an 
tfh controllable balance of pay- 
ments surplus? 

1. Start with an industrious 
population, trained to struggle 

I for survival by harsh climate, 
overcrowding, and centuries of 
foreign exploitation and 
domestic ineptitude. 

2. Launch a well-co-ordinated, 
all-out export drive, enlisting 
ihe support of every section of 
the populace. Make exporting 
a matter of national pride. 

3. Become the first large 
I country successfully to copy 
the industrial methods of the 
Japanese. 

4. Become the first country in 
[ the world deliberately to build 
| up export-orientated! general 

trading companies on the 
| Japanese model. (The Japanese 
versions evolved largely by 
accident after the American 
'occupation broke up the trading 
arms of the Zaibatsu.) 

5. Launch aggressive sales 
campaigns in skill-intensive 
products like ships, electronics 
and motors even while labour- 
intensive exports like textiles 
are still expanding at 10 per 
cent, a year. 

6. Don't miss any opportunity. 
'Send your fishing boats all over 

the world to bring back $500ra.- 
worth of fish for export. Plan a 
powerful motor industry for 
export even though you have 
decided strictly to limit the use 
, of cars at home. 


DIRECTION OF EXPORTS 
1977 


U.S. 


Per cent 
31.0 


Japan 


21.4 


Middle East 


9.7 


West Germany 


4.S 


U.K. 


3.0 


Netherlands 


2.3 


Total EEC 


13.9 


mat Foreign exchange receipts 
pushed Korea's money supply 
(Ml) up by 40 per cent last 
year. In reaction, consumer 
prices rose at a 25.6 per cent 
annual rate in the first quarter 
of this year. 

Only four years ago. many 
foreigners were predicting 
disaster for South Korea. Oil 


price increases raised the total 
import bill by 60 per cent 
To-day officials and diplomats 
have difficulty fielding ques- 
tions that suggest that Korea 
could be moving towards a sur- 
plus comparable to Japan. 

Officials note that Korea’s 
trade balance was still S51Sm. 
in deficit last year, and Korea 
has begun import liberalisation 
much more quickly than Japan 
at a similar stage of develop- 
ment "With little foreign 
pressure South Korea ended 
quantitative restrictions on 133 
items from Monday, May J, and 
announced that it would liber- 
alise another 188 over the next 
four years. 

M Japan never did that They 
never had the courage to 
liberalise the things they were 
internationally competitive in,” 
said a diplomat Bat Korea, 
unlike Japan, can have a 
balance of payments surplus 


Ingredients 


With all these Ingredients 
i (and a little bit of statistical 
gimmickery). bring the rate of 
increase in your exports up to 
30 per cent a year. Then: 

7. Leave your currency tightly 
linked to one of the weakest 
currencies in the world, the 
U.S. dollar. 

8. Pay close attention to 
experts" who warn you can- 
not possibly continue to 
increase exports as fast as in 
the past, and you wall face a 
severe balance of payments 
deficit if you do not struggle 
harder than ever to export. 

9— Largely omit one of your 
biggest and fastest growing 
] foreign exchange earners — the 
overseas construction industry 
| — from your balance of pay- 
ments discussions. 

In half-baked form, the result 
[ of this recipe is South Korea to- 
day, with a 81.4m. surplus on the 
basic balance of payments and a 
1 roaring inflation kindled by the 
increases in the money supply 
that it has caused. Government 
officials are confident that the 
surplus will not he a chronic 
problem—- so confident that they 
are making no plans about what 
to do if it becomes one. The 
very lack of plans could help 
cause a problem. 

" Korea is embarrassed by 
riches for the first time in 
I history." said a Western diplo- 


CONTtNUED ON NEXT PAGE 


By a Corresponcj 



KM BO 


KOREA MERCHANT BANKING CORPORATION 


i t 


And although Korea is p 
ing hard for better terms, t 
is no sign of any shortag 
foreign banks lining up to 1 
Two major deals so far 
year are a $100m, loan arrar 
by Citicorp for the PohangT 
and Steel Company (with 
the customary Korean *! 
guarantee), and a $30flntl 
year facility being lineifci 
recently with a floating in^j 
rate of less than 1 per 3 
aver the London Interbank H 

Looking more to the fitf 
Finance Ministry officials’ 
there will be a variety of j 
for foreign banks here to d: 
sify their activities, parties J 
ing for example in 
development of local money j 
foreign exchange markets. ; j 

Despite their gnuri 
foreign bankers in Seoul..; 
tinue to grow rapidly 1 
number. Assuming no ’i 
minute changes of hearf 
banks which have rece 
authorisations to set up s 
the number of foreign b 
branches operating in S 
Korea will rise to 30 by the. 
of this year, from 20 at th^ 

Of 1977, and only 11 a j 
earlier; 


Tbe First Merchant Bank in Korea - incorporated In 1976. ' 

A joint venture between leading Korean industrial corporations and 
banks, Lazard Brothers & Co., Limited and Barclays Bank 
International Limited. 


Our operational and financial results for 1977, the first full year of 
operations, are as follows (in US$ thousand equivalent); 


Total revenue 

6,718 

Paid-in capital 

5,155 

Total expense 

4y599 

Shareholders’ equity 

6,643 

Income before tax 

2,119 

Total assets 

34,535 

Net profit aftertax 

1,475 

Dividend for the year 

15% 


"During 1977 we began to make a markf or ourselves and our clients in both 
overseas and domestic capital markets. We were involved as advisors to a " 
number of Korean corporations in the arrangement of their foreign capital 
requirements and we have acted for.the first time as co-managers of international 
syndications. We have been active too in the introduction of joint venture 
opportunities to Korea and in the structuring and negotiation of the resulting 
partnerships. Aitogetherwe have now played a part in one way or another in the 
provision of over US$300 million in foreign capital for Korean enterprises. On the 
domestic side, we were involved as managers in the issue of over US$150 
million worth of Won-denomlnated bond and stock securities during 1977 and 
we have just completed ourfirst equity issue as lead managed 


'*1 




KOREA MERCHANT BANKING CORPORATION 

CPO Box 3869, Seoul Korea 
Telephone: 22-5181/6 Telex: KOMBANK K 28579 










• Financial Times Wednesday May’S 197S 


25 


SOUTH KOREA IX 


r 

s 



to the world 


r.U 


’ YEAR, South Korea built of Commerce and Industry. 
ceiit. of the world's ships. . There is no secret about the 
•’ear, it will probably build reason for Korean success. “ I 
st 4 per cent. The Koreans am sure cheap labour Is our 
lot say what they expect greatest advantage, even though 
market share to be in five its Productivity is quite low 
but they will say they compared with Japanese 

, t .to surpass ail the nations ]abo ?T" H i? Yu P? C*™* 

■' Hrepe and became No 2 in ? f I * s ' UI ' dil 

,,r ip r^L Industries, m a recent magazine 

JL?“- T”* 7 interview. Unlike somTother 
• -ic. ™ “ ast ■^ e&r “ Gerais heavy industries, shipbuilding 
.ers received. is labour intensive. The aver- 

le all the developed age Hyundai wage is £190 a 
'Js including Britain and month, according to the com- 
i. have organised a cartel pany, and a 4&-hour week is 
rict output amid a world standard in Korea. 

Aiding glut, the Koreans The shipyard works three 
l ... f jessing low prices and shifts, and can finish a cargo 
ng all the orders they can ship eight months after receiv- 
i. ", t. ing the order. 

, .. Hyundai Heavy Industries Once Hyundai had proposed 
i .. . t Ulsan is the only Korean and demonstrated the potential 

, . hat is large by Japanese competitive power of a mam- 

, , rds — it is the largest in moth shipyard in Korea, it 

' rid. received strong financial 

i.-r ■ the InL-ton dock of support from the Government's 

j!« »• "" ishi Heavy Industries in Korea Development Bank and 

iki, Japan, earlier this the rest of the Government- 

i he Japanese were build- dominated financial system. 

j\l‘llSC y a single 50, 000-ton roll- 
off cargo ship. Mitsubishi ttnlrK-ctr 
said they were barred OClUvr 

:,r ■' -■ “y orde f s . Although productivity re- 

■; >*.? *** parricipauon m mains far be]ow j apan - Si 

- r ^, d s Hyundai leads many European 

^ clock is building six ships producer because of its large- 
:- v . and at one time it was scale and new equipment. 

. ■ . .g nine. When planning the yard, 

Ulsan yard also has two Hyundai men studied at ship* 

• • ■ -ton docks each busy/frards in Britain and at Kawasaki 
•g four ships or steel Heavy Industries in Japan, 
-.res for the Middle East Their technology is thus “ a 
..i plans substantial fur- mixture of British and 

... pansion. In addition the Japanese." according to a com- 

• - shipbuilding and Engin- pany official. More recently, 

■ Company, a competitor Hyundai has licensed ship 

• - sow operates an 80,000- engine technology from 

adty shipyard, plans to Sweden, Germany, France and 

new yard, at Okpo by Denmark. The Japanese no 

lich will be comparable longer allow Hyundai men into 

to Hyundai's. their yards. 

Koreans hope that the one productivity advantage of 
of an enlarged Suez Hyundai may be that Koreans 
in 1981 will bring a give less attention to safety than 
in the world shipbuild- other yards. Eleven men died at 
-ket because companies Ulsan last year, according to 
uire new ships of appro- company officials, 
ize. Some 20,000 men work at 

then, the Koreans are Hyundai’s yard, including 15,000 
European and Japanese directly employed by Hyundai 
ders no mercy. “We Heavy Industries and 5,000 
t the time has come for lower-paid men employed 
anced countries, based through subcontractors. Labour 
srinciple of comparative peace among the 15.000 regular 
ge, to relinquish those employees is encoraged not only 
es where they no longer by Korean restrictions oa union 
iriee competitiveness,'' activity, but also by the fact that 
• official of the Ministry 1 their wages are higher'- than 


S,i'> 
•Vi:» 
nil:. 
UIH l' 
•vu . 

U»uV • 

T». 

of 

».lr- !. 

hn; 

ix * 1 . 1 


those of comparable semi-skilled 
workers elsewhere in Korea. In 
addition to wages, the company 
provides housing near the 
isolated site of the yard. 

Hyundai imports most of the 
ship machinery it does not pro- 
duce itself. Korea still has few 
producers of ship components, 
though Hyundai is trying to 
make more itself. 

Structures 

Last year the Hyundai yard 
was only half shipbuilder. The 
other half of its exports (and 
nearly half of its sales) was 
structures for the Saudi Arabian 
port of Jubail, towed to Saudi 
Arabia by barge and installed 
by Korean construction 
companies. 

Though most world ship- 
builders have talked about 
becoming exporters of steel 
structures since the shipping 
market declined, none have 
achieved a comparable order. 

This year Hyundai expects to 
raise exports from $600m. to 
?lbn. and a much larger pro- 
portion will be ships. But 
Hyundai is also expanding its 
construction of electric gener- 
ators, chemical plants, and 
similar ■ sophisticated heavy 
products, many of them directed 
toward Korea’s domestic market 
It hopes to become an inte- 
grated, technologically advanced 
producer, and it recently short- 
ened its name from Hyundai 
Shipbuilding and Heavy In- 
dustries to Hyundai Heavy 
Industries, to reflect its diverse 
interests. 

Hyundai Heavy Industries is 
a spin-off from Hyundai Con- 
struction Company, the lead 
company of the Hyundai Group. 
(The trading company, which 
calls itself Hyundai Corporation 
in English, ranks considerably 
below the construction company 
in importance, but it often 
represents other group com- 
panies abroad.) 

The construction company 
and the group were founded by 
Ju Yung Chung, vufoo is now 
the group's chairman. - Hee 
Yung Chung, the president of 
Hyundai Heavy Industries, is 
his son-in-law. Other leading 
group companies are headed by 
"Ju Yung Chung’s brothers. 

R.W; 


"KW'wps!! v' 1 




•vj.'v V’te 




t ■ 

r f - 


Tiie Hyundai Heavy Industry yard at Ulsam. 


Success 


CONTINUED FROM PREVIOUS PAGE 


problem even without a trade 
surplus. Korea has two factors 
which Japan does not. 

• A growing surplus on the 
services account, conservatively 
estimated by the Government at 
$4 65m. this year. This is caused 
by Korean construction com- 
panies overseas, who signed 
$8.5 bn .-worth of new contracts 
last year. South Korea's 
current five-year plan had pro- 
jected a $404m. deficit on the 
services account this year, and 
only a slight reduction by 1981. 

• A continuing need for long- 
term foreign capital inflow to 
finance domestic investment 
because Koreans do not save 
like tiie Japanese. According 
to official statistics, household 
savings in Korea were only 3 
per cent of GNP in Korea at 
the beginning of the current 
five-year plan. They were 18 
per cent in Japan. Additional 
investible funds must, be 
obtained by foreign borrowing. 

If there is no current deficit 
to offset the inflow of loans, 
the money supply soars as it 
.did last year . (the five year 
plan seeks to" raise Korean 


household savings to 7 per cent 
of GNP by 198 1. But a World 
Bank team found the goal 
“would seem too ambitious."). 


Different 


If South Korea finds herself 
as seriously “embarrassed by 
riches” as the Japanese, the 
problem will be quite different 
The major effects of unbalanced 
Japanese trade are trade 
surpluses, unemployment abroad 
and threats of retaliation. The 
major effects of unbalanced 
Korean trade — at least until the 
Government achieves its 

ambitious targets for domestic 
savings — are rapid increase in 
the money supply, with the 
accompanying need to clamp 
down on availability of domestic 
credit 

like the Japanese, the 

Koreans see trade liberalisation 
as a major cure for payments 
surplus problems. But also like 
the Japanese, their nervousness 
about the competitive power of 
their: own Industry may lead 

them' to overestimate the 


effects of the measures they 
have to take. 

The items liberalised this 
month were chosen because they 
were either raw materials, like 
wood ptilp, or else products in 
which Korea is quite competitive, 
tike wool yarn. In other words, 
the Government chose items 
whose import volume is unlikely 
to rise greatly even with liberal- 
isation. The liberalisation will 
produce only $2 00m. in extra im- 
ports, according to a Ministry of 
Commerce and Industry esti- 
mate. 

Finished woollen textiles, an 
item which is certainly not au 
infant industry and which the 
British Embassy believes could 
sell in Korea, will not be liberal- 
ised until 1982. Restrictions on 
Scotch whisky imports will con- 
tinue to keep the price at £25 
a bottle. But Korean officials 
stress that the liberalisations 
they have just announced were 
only the first steps. 

A leading Government econ- 
omist denounced Japanese trade 
barriers with a genuine note of 
disdain. “ Aren’t all the Japan- 


ese people— 'farmers, unem- 
ployed people, everybody — are- 
n't they paying ten times the 
international price of beef?" he 
asked, “What are they doing for 
the consumer? Everyone is a 
consumer, " 

He sard it would take time tn 
liberalise" items like whisky, 
which Koreans consider ** con- 
spicuous consumption," but 
Korea could not fail to expand 
imparts along with its exports. 

South Korea’s imports uf 
British goods have not been 
growing sd rapidly, however. 
Korea exports 135 per cent., 
more to Britain than Britain ex- 
ports to Korea. Britain's major 
purchases are textiles (£72m. 
worth, nearly equal to ail 
Britain’s exports to Korea), 
tobacco (one of the fasten grow- 
ing of Korea’s exports to rhu 
world as a whole) and wood pro- 
ducts. 

Machinery 

Britain's major export to 
Korea is machinery. The 
Kureans are encouraging im- 
ports from Europe tu diversify 
their source away front the U.S. 
and especially away from Japan, 
with its higher priced yen and 
history of aggression against 
Korea. 

In diversifying import sources, 
the Koreans will have access to 
a tool that is also one of the 
most important in their export 
drive — their general trading 
companies. These 13 trading 
companies deliberately copy the 
style of Japan's Mitsubishi Corp., 
C. Itoh, etc. The Koreans are 
evolving their traders carefully, 
while the Japanese companies 
evolved largely by accident. The 
Koreans* strategy exemplifies 
their export tactics. 

In Japan, there wore two large 
trading companies. Mitsubishi 
and Mitsui, before World WarTL 
They were closely tied to the 
twu largest Zaibatsu groups, and 
they had little incentive to help 
outsiders. 

After the American occupa- 
tion broke up the Zaibnlsu, 
nine textile and steel traders 
expanded into genera] trading 
companies. In the resulting 
competition for business, the 
trading companies proved 
excellent conduits for informa- 
tion about foreign technology 
and foreign markets, and ex- 
cellent organisers of consor- 
tiums. They enabled medium- 
sized Japanese companies to 
compete with much larger 
multinationals. 

All this surprised the 
Japanese as much as it sur- 
prised anyone else. Several 
foreign countries other than 
South Korea tried to duplicate 
the trading companies, but with 
modest success. 

In 1975 South " Korea 


announced that traders export- 
ing products worth marc than 
S50m. a year could be 
designated “general trading 
companies.” There were " no 
specific privileges." for GTCS, 
but in an economic system like 
Korea’s or Japan's, companies 
know they will benefit from 
following Government advice. 

To-day there are 13 C.TCs 
handling about a third of 
Korea's expo ns. One example 
of the “ prompt and generous 
attention ’’ given GTCs u-as the 
Government's move last month 
(April) to allow each GTC to 
borrow up to 510m. for financ- 
ing exports on an up-to-three- 
year deferred payment basis. 
Export financing for other 
Korean companies is limited to 
six months. 

The largest GTCs have copied 
the Japanese model even to the 
extent of using names in 
English that seriously mis- 
represent the nature of The 
companies. (Mitsubishi Cor- 
poration to-day does nor really 
head the Mitsubishi Group.) 
The trading company afiitiaied 
with the Hyundai Group tn 
Korea calls itself Hyundai Cor- 
poration. which in overseas 
markets will imply that it is 
the head of Hyundai in the same 


EXPORTS 

1977 

Light industry 

Per cent. 

32.7 

Textiles 

31.1 

Plywood 

4.2 

Footwear 

4.8 

Heavy industry 

32.8 

Iron and steel 

3.7 

Machinery 

2.S 

Electronics 

9.1 

Other 

14.3 


sense that International Tele- 
phone and Telegraph heads ITT 
subsidiaries. But in fact each 
major company in south Korea's 
and Japan's industrial groups 
has different stockholders and 
independent management. 

Each company can do busi- 
ness with any company outside 
the group when that is in the 
company's interests. The group- 
ings are quite loose in Japan, 
and are becoming loose under 
Government guidance in Korea. 

It is competition between the 
trading companies that has 
made the Japanese versions 
valuable spreaders of informa- 
tion. The evidence so far is 
that South Korean traders are 
accomplishing the same thing. 


R.W. 


■ JU 
•V 
i) - 


•Li- . 

ft'* 

t;* s - 

'■ *:.l 
*r.-i 

IV* 

B'T: - 

•r< 

ft? r--.. 
■e . •’ 
it*' tv 


SUNKY0NG HAS GROWN UP 
BE A WORLD WIDE BUSINESS GROUP 


V.' ■ 1 * 1 


k# 

POftf'W: '■* 


i ' ? 

/,V * ■ 

5 


aAiMs' ' *' 


p>T ^ " 

weft-- 11 

W«5 *'• c • 

rs* r**-"- ■ ' 
r*- =; 7 . 

f irr '?>•■' 

' : - T ' 







'i Y:V..: 




One of the conglomerate exporters 
and importers authorized fay Korean . 
Government. ' 

ja.,wiryang Limited 


V 


' . a.a • ... 




■:.h:cX>S y *y 


* 1.7 ". .. "' / r '-'lyi 



mM. 




■ Head Ofdce:Sunkyono cjbla^SdNeYOHG '’sEOul 


The top fibre maker of Korea, to pro- 
dace Poiyester Filament Yarn, Staple 
Fibre» Acetate Filament Yarn & Tow. 

Sunkyong Fibres Limited 

H^ead Office: Sunkyong Bldg.,5-3 Namdeemun-ro 2-ga, Jung- 
Gu. Seoul, Korea/Tel: 777-2121 ■ Cable: SUNKYONG SEOUL 
■ Telex: SKTEJIN K28445 ■C.P.O. Box: 17BO SEOUL 


With full fledged construction system, 
provides services convering from civil 
works to plant buildings. 

Sunkyong General Construction Limited 

■ Head Office: Cheon-Su Bldg., 47-6, Supyo-Dong. Jung-Gu, 
Seoul. Korea/Tel: 27-0692 B Cable: SKYGECO SEOUL 

■ Telex: SKYGECO K 26292 H C.P.O. Box 1996 







I 


1 


If | | 1 ;; 


| ill 

iii 


YOU GET 


THAN IN 





With Korea’s economy flourishing and its industry turning 
out a swelling stream of business-building products, ail you 
need is an entree to the action— in Korea. 




KTA, th e Korean Traders Association, is your liasion for 
trade contacts in a country that now offers top-quality 
goods and services of bewildering variety. To smoothen 
your path to this $ 20-blllion-a-year market; we have a 
special staff of consultants who know die score for any- 
thing you can name. 

They can arm you with ail the latest, most accurate data, 
And save you a lot of time by showing yew where to go for 
what Objectively, in your best interest, and at no cost 

Contact KTA and the door will open up. Your next step 
is over the threshold and on ahead to profitable trade with 
Korea. 




KOREAN TRADERS ASSOCIATION 

WORLD TRADE CENTER KOREA 


C.P.O. Box 1117, Seoul Cables KOTRASO and WORLDTRADE SEOUL 
Telex K24265 KOTRASO Telephone 771-41 


Japan Branch 


New York Branch 


Dtisseldorf Office 


Korea Centre (H.KJ, Ltd. 


5th floor, 33th Mori Bldg. 460 Park Ave, Room 600, Emanuel- Leutze Stra/Je 1, Korea Centre Bldg, 119-121 


8-21, 3Chome, Doranomong, New York, N.Y. 10022 
Minado-ku, Tokyo Tel: (212)421-8804/6 

Tel: 573-3927/9 


4Dii$seldorf II, 
West Germany 
Tel: 594006/7 


Connaught Road C« 
Hong Kong 
Tel: 5-432234/6 











■ < • ! - • ■; O-. : : "v v?-; . 0 ’^ <>*-•?£; 


*s 






Another Korean Success Story 



.Cr i 


These days Korea's “miracles'" aren't just 
economic ones. To most Koreans, last Sept- 
ember’s Everest success Tanks alongside the 
nation's S10 billion export achievement and 
dramatic balance of payments improvement 
as highlights of the year. In all three cases , de- 
termination to succeed is the common factor. 


In banking, KEB’s determination to make it 
to thetop means we tiy that much harder to sat- 
isfy our customers and provide atrulyfirst-class 
international service. Our impressive growth 
record proves we re well on the way to the 
summit. Let’s put ourdetermination to work for 
your business. We’ll move mountains for you. 


© KOREA EXCHANGE BANK 

A growing force in international banking 


uoad rtffic - 10 Kwanchul-Doog. Chongra-Ku. Seoul, Korea TELEX NO: K242-W, K24245, K27237, K27254 C.P.O. Box 2924 Cable Address: KOEXBANK SEOUL 
n ranches at* New York Chicago. Los Angeles. London. Paris, Frankfurt. Tokyo. Osaka, Hong Kong. Kowloon, Singapore. Bahrain Representative Offices at: 
Piikiinka «£makok Jakarta Sydney, Toheran, Nairobi. Brussels, Milan, Zurich, Vienna, Seattle, Houston, Toronto, Panama, Caracas, Sao Paulo Subsidiaries 
California Korea Bank. Los Angeles, Korea Associated Finance Ltd., Hong Kong, Korea-Europe Associated Finance Company S-A^Brusseb 


1 




Financial Times Wednesday May 3 197g 

SOUTH KOREA X 


Building boom 


continues 


A VISITOR from Japan to cement plant) — last July. In fact, ttie domestic boom is the disruptive effects of ori 
South Korea is struck not so Hyundai Corporation contracted at least as impressive as the seas projects on Lhe w 
much by the volume of building to deliver a 5150m. plant to Middle East one, Overall, South market. There are plan* 7 ] 
activity hut, instead, by the Saudi Arabia, and talks are Korean companies earn about have major cement firms b£ 
simple fact that Korean con- underway on seven more con- half their income from projects their production, and ov&, 
structi on is undergoing a pri- tracts between other countries inside the country. And although plans to boost iron and %g 
vate-sector boom at a time when and the Korean industry. the ratio is about 65:35 in favour output capacity will also ~i 
Uie flurry of projects in Japan . ' of overseas projects at the stepped up. Still, the cousin 

is, almost exclusively Govern- Thus there is no reason to “ ma jors •* (Hyundai, D re lira In- tion Industry In Lbe pr^ 
meat led. Indeed, in early expect a slowdown ra overseas Construction, Donga h boom must tackle two impoift 

March the South Korean Gov- construction business, and Mr. Construction and Sam whan), the problems if it is to stay on a . 
eminent decided to put off C. W. Choi, president of the importance of the home market of the boom: one is labour cm 
public works construction until Association of Korean Contrac- ^ growing. and the other is overcrow* 

the second half of |jje year, tors, explains thi s phenomenon inside the industry. — 

About 5100m. in State spending as “ Korea's way to provide its Permit C A cranium to Mr Chni .« 

will be affected, but it will re- construction companies with i tllUllJ 


wiii uc affected, out it win re- — flisht of construction nervm" 

duce the strain on supplies of huge-scale projects not afford- Housing construction in the tQ th ~ Middle East has 
building materials which first able inside Korea » (unlike ^ quarter of 1978 (3.1m. £orie?rf dSSl wj? 
became acute in late 1977. The Japan, where bUIion-dollar con- square metres) was up 74 per mm. smith Korean 


inside the industry. ~ 
Ac cording to Mr. Choi, ^ 


oecame acute in late 1977. The Japan, wnere tmiion-aouar con- square metres) was up 74 per some South Korean consh. 
Government also imposed an tracts to single firms are not cent. on ievel of a year earlier, ri Qn cues. TynicaUv the 0 ? 
export ban on cement from unheard of). Moreover, few and new building permits in companies which can afford 
South Korea retroactive to expects see any dropping off for February were nearly double Da y higher salaries are aM« 
January l, ensuring that the at least the next two to three the previous February’s level, attract the best-qualified 


ensuring mar xne at least me hoju. wu iu turee me previous reoruarys level, attract the best-qualified n 
estimated 155m. tons of produc* years in the number of Smith According to the Korea Housing sonnel Nominal waaes 

tion this year will so ro cover Korean workers eanoloved on Rank- the demand for new Hate *_ 


tion this year will go to cover Korean workers employed on Bank, the demand for new flats 5eas are about twice the la 
country's domestic needs. overseas construction projects-- in urban areas averages between m South Korea, and on too 


no doubt the major factor estimated at about 40,000 in ten and twenty limes supply, the standard $500 a month a? 
contributing to materials short- the Middle East alone. And and new rules on savings at the as salary the contractor ostia 
ages has been the overseas con- since Seoul is planning to step Government-owned building forks out another S500 a nW 
struction boom for South up its oil purchases toy about society have pushed the level of in laving transport and 
Korean contractors. Nearly a $300m. a year (to $2ton.) start- deposits at KHB in the first labour costs. Until 197f^i 
fourth of Korea's 531 licensed ing in 1978 as part of a plan, to quarter of 1978 about 73 per wage differential was lea : 


construction companies are also stockpile at least 60 days of cent up on the previous quar- pause many Korean codumJ 
authorised to undertake over- crude oil (from 35 days’ equiva- ter's level. took advantage of the deiuW. 

Seas Projects. Bv 1977. the lfiVfll lanr it anH.7077l rtiara je acurv m . *• . • . . 


seas projects. By 1977, the level jent at end-1977), there is every The real key to Korea’s con- domestic industry to u 

Slg ” ed reason for 501101 Korea t0 }waet struction boom, however, has workers abroad with extrem 

SmL^UM^Sii? iu- offset" eamngs further to been steepeiMhan-average ^ wages by international «- 

Mr i w ltS „ D ? ta > S 816 DOt rise in industrial construction. Panson. Even tiniay, a v 

MiniiS’ n? , ava i abIe ' : ap P ea f The Ministry of Construction wage for a construction worl 

rpppntiJ y 0141 1977 must approve construction plans ia the Middle East may 

wiiilLh fh! Koreas invisible receipts (pn- for industrial, residential and about a third of what Euxop, 
contracts in 19/8 will touch the ma nly pay remittances) from commercial buildings and a or American personnel £ 

*son. mark. overseas projects will exceed recent survey of approvals in But the Seoul Government hr 

0 _ the $lhn. mark, about five times jg major urban areas put the ve n®d in early 1977 and, acct 

ijQU66Z6 the 1976 levet— thus letting r j se j n industrial building rog to Mr. Choi, has instruc 

Thfl „ tnrJ South Korea swing its balance approvals (by square metres) companies to pay not 1 

m) :r* n r h , I S^ 0 S,i on current accoum ^ 016 PP 159 P er cent (from January ^an $470 a month to overs 
d n^rrfn Middle East into surplus (per- t0 March) on the previous year's construction personnel, 

and construction manpower in- haps ^ ^ nonH>il developing figure . By contrast, new \xt ' 

1 MS/SM £ Z " t0 d0 “>■ A ,3A = Wages 


tini tuuiy tiunutti ut • h t. ux>vfm , , _ 

in cement exports in 1978. On The huge increase in invisible ? 0St !? Q a P®. r The move to put a floor un 


the other hand, Seoul recently receipts, largely attributed to the wages paid to oven 

authorised Korean companies to overseas construction projects, cnnaneraal premises a -7.5 per wor j cers M turalJy pushed 
act as subcontractors on over- has nonetheless toad a negative cenL nse - wages in tile domestic Indus 

seas projects— an indication of impact on Korean prices by un- It is expected that the post- i n 1977 average wage p 
a sustained long-term presence leashing the money supply. It ponement of new public works ^ jjame industry • 
in overseas civil engineering has also forced up prices of spending until the second half 150000 won comnared v 
projects. (What South Korea building materials (like cement) of 1978 will largely relieve the 120 000 won a year earlier 
loses in terms of cement exports at a time when the domestic in- enrrent strain on construction increase of °5 per cent The 1 
to the Middle East in 1978 it dustty (like the overseas one) is materials. Korean officials also in wages ^ 

hopes to make up in selling in-full bloom. are studying ways to smooth out cost of cwostruotion inside S01 

Korea, and it remains to be 
whether in time Korean wort 

T“"l | a overseas will he drawn bat* 

I 1 r*C} take jobs at domestic build 

1 \ I l yt , I 1 1 VI I II sit es, possibly jeopardizing 

wr l/X V/ X A L/ sales push of companies abrt 


expansion 


SOUTH KOREA’S electronics companies in textiles, industrial tionaJ 


Overcrowding is a more at 
problem for the Korean 
struction industry. There is 
over-abundance of small fc 
(usually with less than 50 > 
ployees) which account for 0 
three-quarters of the numbei 
standards — had the ? orean construction compan 


industry is following in the big machinery, chemicals, sbipbuild- power and international connec- P 1 fac ^ many smaller compu; 

. . * .1 * • . ..I . I 1 - 0 . . . - naup honn ohcnrhnrl m tq# •■> 


footsteps of the Japanese, ing, construction, broadcasting, cions needed to bring modem ^ av€ ^ >een s^sorbed in rec. 
“Last year Korea achieved leisure services, agriculture, re- technology into the Korean elec- ^ e2rs anthori.". 

SXObn. in exports, and $Llbn. tailing and foreign trade. tronics industry. ooutraotors is down to 581 ft..*., 

in electronics items,” says Mr. Mr. Lee owns the largest when South Korean television aixHlt 700 two years ago. Jtt 


Y. S. Park, executive managing share of each company, but the manufacturers 


Don gnam 


taken over 


director of Dongnam Electric, Government has been encour- began produ cing in the mid- mer 5®d with other small e 

South Korea’s fourth largest aging public ownership and '&60s, they simply assembled Pa^es by major indost 

electronics company by its own separation of ownership from parts produced by manufac- groups seeiong a foothold iD^rr.- 

reckoning. “What. the Japanese controd for each company in all tureas in Japan. Even today, 'lucrative construction buslo'- 

accompllshed ten years ago, South Korea’s conglomerate in- according to Mr. Park, the cost St “ u * concentration > ’ ’ 

Korea is achieving now.” dustrial groups. The group is of imported parts equals 65 per “Power” in lhe few major c 

“And after the Japanese thus evolving into. loose indots- cent, of the value of the «wm- stniction firms has meant 

adueved $ibn. tneir exports trial coalitions similar to post try's electronics exports. growing inability of sma. ; 

seemed^ to increase World War II Japanese groups Samsung Electronics distin- fiBms 10 compete for labour 

^ Mitsubiahi - guishes itself from its competi- 1116 already tight market, «,*•; - • 

^ - 15,6 Gowrmnent encouraged tors by its independence tom many observers reckon «be o’ • , 


to-day the Japanese export more 
than $10bn.-worth of electronics 
each year. 

South Korea's electronics ex- 


Samsung's entry into electronics foreign suppliers. Mistaking an fohg-tenn solution is the pu , . 
in 1969 because the group — “R" for an “L” in typical ^ She lindustry's ranks 


ports are already increaring stiaa b T foterna- oriental fashion, a company P ej * a P s by more than half ^ 


very briskly. In 1970 they were 
worth less than one-twentieth 
what they are worth to-day. 
Korea is deliberately following 
strategy learned from Japan. 
This includes: 

0 Aggressive borrowing of 
technology from abroad through 
licensing and joint venture 
agreements, often with com- 
panies that are below the top 
of their fields internationally 
and therefore are not big ex- 
porters themselves. 

• Careful step-by-step govern- 
ment guidance of the industry’s 
development 

• Widespread sub-contracting 
from big companies to smaller 
companies which pay low, com- 
petitive wages. 


CONTINUED ON NEXT PAGE 


BANK of SEOUL 
and TRUST COMPANY 


Growth 


65-66 Queen Street, London EC4R 1 EB 


For Dongnam, South. Korea's 
growth in electronics has meant 
a rise from zero to £2 Dm. in 
annual sales over a decade. Mr. 
Park expects sales of £80m. a 
year by 19SL 

But the strategy behind South 
Korea's growth is much more 
clearly visible at Dongnam's big- 
gest and toughest Korean com- 
petitor, Samsung Electronics. 
Samsung was founded in 1969. 
It is the newest of the country's 
big electronics makers, and also 
the strongest. It surpassed 
Dongnam within five years of 
its founding and to-day it claims 
to be number one to Dongnam’s 
□umber four, numbers two and 
three, by' Samsung’s calcula- 
tions. are Gold Star and Daehan. 

The strength of Samsung 
Electronics lies in its links to 
the Samsung Group, a con- 
glomerate that began when Mr. 
Byung Chuil Lee. the founder, 
opened a rice shop in 1938. The 
group now includes key Korean 


The Largest and Best Known 
Commercial Bank in KOREA 




A country with one of the most rapidly expanding 
economies in the world 


■- 


London Representative Office 

65-66 Queen St., London EC4R 1EB 
Telephone: 01-248 6651 
Telex: 8951507 
Cable: SEOULTRUST LONDON 


Head Office 


1 0-1 Namdaemun-ro 2-ka 
Jung-ku, Seoul, Korea 


Telex: 23311, 23312, 23313 
Cable: SEQULTRUST 


■'v ^ 

v 'Nss 


1 






rr>.- 




' M av 


n- 


•• Finanaal-Tinies Wednesday. May 3 '1978 



SOUTH KOREA XI 


27 


n 





m 


:tv %-, AI * LY NEXT zctona K1 Young 
• ‘•i' - ’.K ( ,/eo will leave Pohang, South 
1 ■" ((? orea, for Ohio/ where' The 


UK! J'if 


to ,, orea, for Ohio, .where' the 


V ^I.K 


!■> 

iu 1; “■ 


■chuicians of Electric Furnace - 


teach him to produce 


t lfj jUcon steel . - 

' •"•itv ^ A few years from now; the 


Si-ij groans hope to expdrt siHcoa 
:rv in.*® 1 ' 8114 8 few . years ' after 
J, iW*t they expect to expert the 

.. rumcunrin m«lu If- 


I 

IT/. 


o-i-tm.. 


- . , : . achinery necessary to make it. 

„n! iey will /deal, a severe Wow 

• ..r.«- r , j£ the steel and machinery in- 
i';. ' ■'istries of Japan and the U.S., 

- lich, according to the Koreans, 
. , , 3 k nr dominate the world 
I, - ,.'. ‘^‘-Vicon steel market. 

i Korea's future silicon steel 
».* .-..i-.! V- ports wiH'only slightly affect 
«-.t. ~ '^ectric Furnace, however. 

f«an . v , - [Metric Furnace- is pot the 
hi , ' J ending producer .of silicon 

3tl ' / .‘•'f'c.iSel equipment in. the world 

' 'tlf.. avan irt tha T7C •; 


Japan, but it has been aban- 
doned in at least some newer 
Japanese mills. 

, Compared to the Japanese 
steel industry, Korea's is sUU 
very much an infant. The 
Pohang mill's capacity is 2.6m. 
tons a -year to-day. it will be 
5.5m. tons when the third stage 
expansion plan is completed this 
summer, and it will reach 8.5m. 
tons with the completion of the 
fourth stage in 1981. That com- 
pares with 14m. tons potential 
capacity at Nippon Kokan’s 
Fukuyama works in Japan, 
which is the largest in the world. 

knowhow for re-export Aramco many characters have signifi- retired general known for his tion labour is plentiful, and The Japanese have a total of 
is willing to. license the know- cantly different usage. Korea cleanup of the corruption-ridden construction companies compete. 140m. tons of installed inte- 
hOWj but . Only with strict iimi- was a Japanese colony from 1910 1 Korea Tungsten company in the to participate in a project like grated steel mill capacity, 
tattoos. . to 1945, and ' everyone' who 1960s. Pohang because it will give Although Pohang exports 23 

.The consortiunr that is help- attended school was required to • Nrit!1 , 11tlolBni . Vpl s :jll .p nh ,n P them valuable experience, per cent of its production, 
ihg posco enter the silicon steel, learn Japanese'. - Thus older , S,, » vST Eveiy major Korean construe- Korea imported 600J100 tons 

business indudes with Electric Koreans can read' Japanese tech-' , ana °~ er tion company is now working more steel than she .exported 

Furnace. Aetna Standard Engin- meal pubUcaUons.- Younger. ^ there. last year. imports were 

eering and Allegheny-Ludlum Koreans can read them with , u E ^? n „ + ' XMIay la In addition to regular Posco 1.200,000 tons of finished steel, 

Steel,. America’s No: 2 silicon only a little study. “ ter the P 1&gt L °pg ne<1 . men and construction employees, including many types of special 

mea working on the third fllsn 4 000 pmnInvpes steel Korea does not yet pro- 


special steels 


steel maker. Its members have 


noi \ .: lt,1 1 i eyen in the U.S. 


heaply 


in i. • — - — 

S an .,!, n ,,! l t' ,; r he Koreans’. dggrfcssive 
SmujIi k',-, a ® k on silicon steel, tech- 
• “ on « more reason .to 

sali-v-V ^ W; heve Korea is ob its way to 
i. N ‘ "JGtoomteg a major power in 
' ''V’^-avy industries like steeL It 
, '^wrn shows that the reluctance 

■ ' lc top • companies ' in' the 
U: " r ‘' i H!i! v veloped wbrid to. sell their 
J , e Knowledge need not block ia- 
am Jh:.i „(■ nioas newcomers from getting 
sm^id of similar knowhow some 
M »*»•?• j.' ier way. ■ 

* V.4; • u . ; , r _ 

!.l.n ■' 

IP' -"l' . C.:..’r, 

. V, 5,k -Yeo and other company men 
. I.: 4 Pohang Iron, and Steel 

^OSCO), Korea’s semi-Govern- 
-ntal integrated steelmaker, 
7 1 K> they could have bought a 
neon steel plant more easily 

• • i cheaply from Nippon Steel 
.< • . •• Japan or from Aramco, the 
. ding U.S. silicon steel maker, 

:« • in from the consortium in 

WatiCS toh Electric Furnace is par- 
ipating. Nippon Steel origin- 
: r - y bought its technology from, 
amen. then distributed it 

• > oughout Japan and . its pro-' 
;.cts throughout.; the ..world, 

..... .sco men said. • ■ 

>•. 3oth Nippon Steel and 
-amco remember bow 
.. . amco’a sale to the Japanese 
. *ated a tough competitor. 
... -opon Steel is'willing tasell a 
con steel mill, but. not the 


^ there are also 4,000 employees ^ Korea does not yet pro- 

a much lower world. market I lAPliniTlO . an ?. fourtil fages of the mill “ co-ooerating contractors *’ du ce» 800,000 tons of hot 

share to begin with, so they stih outnumber regular Posco ^ the receiving much rolled coil a basic semi-finished 

have less to lose by selling their The direct Japanese role in employees by 15,000 to 10,000 j ower wages than regular era- product for which Posco's pro- 
technology to the Koreans. “The Pohang’s construction is declin- None of them get access to wel- plQyees They do dirty jobs duction capacity has been 
terms and conditions are very ing with each successive stage, fare, facilities comparable with Wanin g and laying heat- insufficient, 
good,” said Chang Ho. Choi, a The fourth -stage starting this those of regular Posco men. resistant bricks. When the mill's third stage 

Posco man who teaches English summer will' be entirely Korean. .. ctppimaktmr is not ko much expansion is completed this 

to Yeo and other Pohang Posco men are an elite in paDi^i inteiisive as amstruc- PmitraptnrC summer, Korea will turn into 

trainees gqing abroad... “We every sense of the word. Their ^..labour intensive’* said a '-'HHirHv.lOlb a net exporter, at least tem- 

think in this case. No. 2 is the wages ran®! from about £170_j apanese stee iman ’ worrying "They have their own gate, Porarily. 
best- . * month twrnch is about average a bout Korean competition last and a lot of country boys coming The Posco mill has received 

. Silicon , steel is. used mainly for technicians in South .Korea year He note d that even a out of there are pretty dumb," infant industry import protec- 

in electric motors. Korea now according to government sta&s- capital-rich country cannot pro- commented a Posco public reia- tion against the Japanese. It is 

imports her silicon steel mainly ° cs ) *340 a month, about ducc steel cheaply if it must tions man. The practice of re- Korea’s only integrated steel 

from Japan. - double the. average. That is. still ^ salaries to the con- quiring sub-contract employees mill, but when the fourth stage 

- The Jatumesc hnilt the first f 81 beiow Japanese or American section workers who build to use a separate gate was com- is completed in 1981, many of 

stage of the PcmMtg' mill ^It the plant In Korea, construe mon in pre-World War U the construction workers there 


was one of Japan’s first major 
steel, mill exports. The Japanese 
designed and financed a 1.03m. 


pay are. the recreation, housing . 


are expected to move to the 
west coast of Korea to begin 
construction of a second mill 
which will be privately owned. 
In major heavy industries in- 
cluding integrated steel mills, 
petrochemicals, fertiliser, and 
oil refining, Korea has set 
up government corporations 
to launch the expensive, 
potentially risky first plant, then 
allowed private investors to 
establish other plants as demand 
expanded to justify more than 
one economically sized installa- 
tion. Thus the government sub- 
jected its own plants to com- 
petition . 

Although Korea’s integrated 
steel industry remains an infant, 
in the other major type of steel 
production, electric furnace 
steel, Korea is a world leader 
in quantity of output. Electric 
furnaces use mainly scrap as 
their raw material. They are 
most efficient for producing 
construction materials, and no 
country is a more voracious 
market for construction 
materials than Korea, Of 
Korea's 5,114,862 tons of total 
steel consumption last year, 
51.3 per cent, was ultimately 
used for construction. 

In 1975 Korea's electric 
furnace steel industry surpassed 
Japan to become the biggest 
importer of steel scrap from 
the VS. Last year Korea 
imported 1.7m. tons of crushed 
Chevrolet^ and similar junk 
across the Pacific Ocean in 
special scrap carriers. 

R.W. 


and other benefits. Unlike wel-. 
fare* facilities at ,a major Jap- 
anese mill, . the facilities at 


to the total labour force 
employed directly by Samsung 
and its joint ventures: 12.0U0. 
Samsung has one subcontractor 
for every 24 employees. 

In Japan, companies sub- 
contract more work than 
western companies at least 
partially because subcontractors 
are rarely unionised and thus 
their wages are lower. Manage- 
ments accept a moral respon- 
sibility for their regular 
employees— -and if they did uot 
they would face a union rebel- 
lion, But they eon safely push 
subcontractor wages to a low, 
competitive level. 

In Souih Korea, tuo, lower 
wages are a major reason for 
lower costs in subcontracting. 
But the reason why Korean sub- 
contractors pay lower wages 
than larger companies is harder 
to see, since union activity is 
strictly limited in South Korea. 

Mr. Yang’s explanation ts 
that, “ our Government is push- 
ing big companies to pay higher 
salaries, hut they cannot control 
small subcontractors," 


Average 


SSrii’bm* Pos “ comi ^ e f!raoui * bl y witt 


rejected a 600,000 those at the best private 
toxw-year proposal put together college campuses or 


CONTINUED FROM PREVIOUS PAGE 


.Vi.. 

UT l.‘- 

»s: t** : 
11 r,..: 

fd<i > : 

On:-’:'; 


w«t™ Electronics 

economic. The . mill, to-day complexes '7/T 

retains Hie basic layout created A Posco public relations man . 
by the Japanese, with iron mov- jjj e excellent facilities were 

ing in a U-shaped pattern from necessary t0 top men to the brochure proudly declares the duce glass for picture tubes, a of Samsung Electronics’ plan- 
ore unloaders and blast fur- iso j ated ^ and -maintain company "turns out ail the joint venture with Sanyo Elec- ning department, 
nates to oxygen furnaces, roll- their morale. "If yoir gave then necessary parts, and thus breaks trie of Japan to produce tuners. The price is high enough to 
wwvi,ii* e immo ^ CTTr) P type of and th e away from the prevailing prat- electrolytic capacitors and fly- 
same type of fringe benefits, tice in the electronics industry." back transformers, a joint ven- 
they would rather work in down- The Government has encour- ture with Nippon Electric of 
town Seoul," he said. aged Samsung Electronics to Japan to produce receiving 

But Yeo said he liked living draw on personnel and ex- tubes, picture tubes and semi- pressors from Japan and is 
in Pobane where'a small beach P«rience from other Samsung conductors and a joint venture therefore required by South 
expected steel demand to ex- ______ t hv companies, attract technology with a small California com- Korean rules to export 80 per 

panfl virtually for ever.- Back * . . » s J from abroad and begin produc- pany called Integrated Circuits cent of its output, finds it hard 

then. Japan worried very little des _i t(1 The construction of the tion of dozens of technically International to produce large- to compete with a company 
about creating new competition. -.F : • advanced ’electronic com- scale integrated circuits -and backed by the Government to 


Ing mills, and product shipping 
areas. 

Korea received the 'Japanese 
help with Pahang's first stage 
in 1969, in the days before the 
oil crisis^ when the Japanese 


make Mr. Park envy Samsung’s 
Government - promoted domi- 
nance, however. Dongnam, 
which still Imports its com- 


5sv •' 
a-«*r i:r 
**:«- 
l’i ! 
in '■ 
ir*vi 
«£■».»••* 
l!:m' - 
I.” V ■: 


Since then, things have, be- 
come tougher,, but the Koreans 


•d" ~ „„„ j . • ponents. Import protection - is other sophisticated silicon produce its own compressors. 

Posco men are ]»oud of their Iocal t ech- wafer devices. Samsung has “I personally feel they 


are in a uniquely good position ' ~ niciatis develop the skills to also licensed technology from should be produced by a special 


to learn from ffie Japanese even 
when the Japanese do not want 
them to. “ For Japan and Korea 
Chinese characters have the 
same meaning. Only 
grammar is -different," 


pollution 
than at 
Japan. 


is noticeably worse 
similar- facilities in 


be internationally competitive. Kelvinator of the U.S. to pro- 
Other electronics producers are duce refrigeration compressors. 
, „ . f encouraged to buy key com- The Government tightly regu- 

_ A company official . said the pgnents’ from Samsung- to lates prices on these products, 
the' Government largely determines guarantee a market large In many -Samsung holds a 
said Posco salaries* ’but company enough to justify production on domestic monopoly. "We think 


government-invested corpora- 
tion," Mr. Park says. But he 
acknowledges the importance of 
Government guidance. “ If 
every company tries to make 
their own parts, they’ll never 


Hong Ghong Eee/yiee chairman prCsident-Tae "Jooa Park decides aa economic scale. the selling price Is so low that have any international oompeti 

of life Korea : ahd^Sfteel^an# 'company wel- ^Samsung bas a joint venture it’s very hatd to. manage," said tive power.” And Dongnam 


power. 

Association', lit China itself, fare policies himself. -Park fs a'- with Corning ef the U.S. to pro- Mr. Choong il Yang, a member does not aspire to Samsung’s 


status, with the extra Govern- 
ment interference that would 
accompany it “ We’re enjoying 
being a medium-sized com- 
pany” 

Even Samsung remains 
modest by international 
standards. Its annual sales last 
year were worth £75m. com- 
pared to £9bn. for Japan’s 
Matsushita Electric. 

According to Mr. Yang of 
Samsung, Samsung has not 
broken with oriental tradition 
to produce every kind of part 
for itself, it has only sought to 
produce the most sophisticated 
parts. For less sophisticated 
products, Samsung has more 
than 500 subcontractors. 
Although there are no statistics 
on the number of workers the 
subcontractors employ, their 
importance is indicated by com- 
paring the 500 subcontractors 


An uneducated girl sianing 
work at Samsung sots the 
equivalent of £65 a month. That 
is approximately equal to the 
average waqe for all manufac- 
turing workers in Korea for 
1977. If the Samsung girl 
becomes skilful at her work, 
her wages can rise to £135 a 
mouth for a 48-hour week, anil 
she will be paid double fur 
overtime. In addition to money, 
Samsung maintains a variety of 
company welfare services Uko 
those of Japanese companies. 

In Europe or Japan many of 
the girls on Samsung’s lino 
would be attending high school. 
Most arc rural girls who join 
the company after finishing 
middle school; the girls who 
pack the television sets slap 
styrofoam around the sides anil 
push cardboard over the top. 

But even though South Korean 
girls are raised to accept hard 
work, it would be unwise to 
conclude that the employees of 
the Korean electronics industry, 
or even of the largest com- 
panies, have found a glorious 
escape from centuries of Korean 
rural poverty. The work is 
boring. The smell of lead solder 
hangs over some of the 
assembly lines despite ventila- 
tion equipment. Its health 
effects are unknown. 

Girls have been marrying 
younger in Korea since the 
economy started to grow. Mr. 
Yang and others think many 
girls marry because marriage 
provides an excuse to escape 
from the plant 

R.W. 


K* 1 '- * •' 


-• r 


•At. 


n . 


■t- 




*r- 


Ut- 


■V • 


l 


*rt 









We WiU Become a Forerunner for an Industrially Advanced Nation 
Maintaining a Proud Position in Domestic Capital. 


. . -- j- ■aS.jf' *■$£■*.* ■' ' 

firm, anth -an- 


T/fra tfoinii^SfcGD • 

.'Gftfii m a saMte an 

3ra^SI6 li S3©. 

smsoetf anil 

1j>325 <•$} MlSaxrj sgEEDHife ■ 

,'ga9.lsS© 

■ jk; (5 gq*II as my 

(3j life' SQ 







u ro m-Q bueiE 1 ^ 
cmgathe'auto- 
responsibility 


WT^Tpjj tie v >6C^u-. : . 







est Kn» 




Mpnth 


tfPf’d 



. ivl rrr - tmi 
>cw*c TtmtMQitofi mita-rc riu 


03 NEW .10 


\c-Pi~-- • *!*■•.-; .* '. -ist ^z-«3b- i < 


*VWX WTTX303 




4-a t> ‘- 


J 


. -jW.i* r 





23 


Financial Times Wednesday Kay 3 1973 


SOUTH KOREA XII 



m on 


tourists 


WJIEX MOST people think of 
Knren they probably think of 
the bkioriy war which raged up 

and down the peninsula 25 
years ago. or of South Korea's 
aggressive economic develop- 
ment. which has been well pub- 
licised during the past decade. 

But most people do not think of 
it as a tourist destination. 

Nonetheless, that's what this 
small country, once so isola- 
linni*t it was called the 
” hermit kingdom.” aims at be- 
cu ni mg. And it is succeeding. 

It was only in the early 
turOs that Korean planners 
looked about and saw the 
potential earning power of a 
tourist industry. Then they set 
about developing one — aggres- 
sively. as they do everything 
ebe. 

In 1972 the Government even 
appointed a special secretary to 
the President for Tourism. With 
support for development from 
the top echelon »r the power 
structure, no obstacles lasted 
long. 

That year. South Korea had 
370.000 foreign visitors who 
contributed about £35m. to 
Korea’s foreign exchange earn- 
ings. In 1977. only live years .. , „ 

laier. Korea hosted 050.000 tisi- tn M ,Cs tr, : da >- ' ml ir should ** ber * °E tourists as well as busi- 
ly. for earnings or mure than f dievcd later this year, at least ness travellers. 
i’JOOru. temporarily, by the opening of Among hotels already open. 

Actuallv. Korea had planned St * l ' erai hotel s n °w being com- the 500-room Chosun was built 
to have im. visitors last year. pl t! ed ' as a joint venture between 

so it missed the mark. But the . ( ^ l es f ntly therc American Airlines and the 

failure was not because of lack * UNU P_ roon, . s m beoul, Korean Government's Korea 

of demand. Korea had to turn and a,,0 . ut wW( * mi Sht be tourist service, and the 200- 
vi<iimi\s away. Seoul did not ™ iled hrst wlass - B . v Decem- room Seoul Tokyu Hotel is 
have enough hotel rooms. ber anothcr “ S0 ° luxury rooms operated by the Japanese chain, 

will be available, raising the Tokyu Hotels International, 
total to 6,300. Both f ore j gn companies are 

Hoteliers say they are sonic- also scheduled to manage new 
wh3t worried ah»ut a period of hotels in the city of Kyongju. 
Accommodations have been a slack demand, but they expect Korea’s ancient capital. Their 
recurring problem ever since that by 1981 these new rooms, willingness to undertake new 
the tourism drive began, too. will be overflowing. More ventures can only suggest that 
Korea'*, rirst luxury class hotel, hotels will have to be builr to they are happy with what they 
I [*c Chosun (hamed after the keep up with the demand, they have invested in Korea's tourist 
Korean traditional name for the say. industry thus far, and have no 

country) opened its doors in Most of the new hotels reservations about its future. 
lyTO. and others followed. But include foreign investment. Hyatt International Hotels is 
bv 1972 Korea was already development, nr management, negotiating to manage a 650- 
turning some group tours away. The interest of international room hotel which will open this 
particularly during the cri>p hotel chains, including some of summer. Besides a Hyatt- 
autumn. which is the best time the world's best known, clearly Regency Seoul, there may also 
to vim I Korea. testifies »o Korea's potential as he a Seoul Sheraton, since the 

S‘-phI‘< rmoii shuriage con- a destination for growing nuin- Sheraton Corporation has 



signed a tentative agreement to 
franchise another 600-room 
hotel soon to open. When the 
670-room Hotel Shilla opens 
this autumn it will have tech- 
nical assistance from the Hotel 
Okura, one of Tokyo's leading 
hotels. 

There is also a Seoul Hilton 
in Korea’s future. Hilton Inter- 
national will manage a 620-room 
hotel due for completion in 
1980. 

With all these new rooms, 
Korea should easily have space 
for lm. victors this year. It 
expects to have 2m. by the early 
1980s, which will require con- 
tinued investment. 


Growth 


Hotels 


At this rate, of increase. 
Korea’s visitor arrivals may 
soon surpass those of neighbour- 
ing Japan. Japan should also top 
lm. visitors this year, although 
its growth is slower than 
Korea's. 

However, in Korea, more than 
60 per cent, of the tourists are 
Japanese. The visitor flying in 
from Tokyo finds the plane filled 
mostly with tour groups of 
Japanese men, very few of 
whom are accompanied by their 
wives. 

As they make crude remarks 
about the hostesses on the 
Korean Airlines plane, they do 
little to disguise the fact that 
they are going to Seoul 
primarily because of its reputa- 
tion (along with Taipei. Manila, 
and Bangkok! as one of the sex 
capitals of Asia. 

This aspect of Korea's boom- 
ing tourist trade has been the 
subject of considerable contro- 
versy in both Korea and Japan, 
and has drawn protests from 
church and women's groups in 
both countries. 

The Seoul Government denies 
as false allegations the claims 
that it fosters these Japanese 
tours simply because they bring 
foreign exchange receipts. To 
dispel any image of loose morals 
in Seoul's hotel rooms, the 
police require the best hotels 
to prevent male guests from 



taking Korean women to their 
rooms after 11.00 p.m. (what 
begins earlier apparently 
doesn’t matter). 

As a consequence, after that 
hour hotel staff routinely stop 
all couples entering the 
elevators and, assuming that 
any woman with an Asian face 
is one of Korea's ladies of 
tarnished virtue, tell the women 
they can't go upstairs. 

When it happens that the 
couple are happily married 
visitors from Hong Kong or 
somewhere else, and the angry 
husband makes it dear that he 
resents insinuations about the 
character of his wife, whose 
name is also listed on the hotel 
register, there are apologies and 
the couple may go up to bed. 
The next night the scene will be 
repeated with another member 
of the staff. 

Despite the earning potential 
of the Japanese trade the 


The beautiful Bomo-sa Temple. 

\ 

Government would like to Dynasty, the flowering ot An estimated SSOra. will be ii 

attract a greater share of other Korean culture. vested in the project, 

foreign travellers, and a smaller while some Korean* and Similar developments in otto 
share (but not a smaller fo^ners complin tSat the I"**™ inc,ude V 

number) of Japanese- To. eity has lost ^ charm of un . resort in the mountains al« 
broaden the apped of Korea, Ued age?i the government be- K <>™ s ru & ?ed east coasL t 
the Government is developing a ^ the improvements will hopes soon to ha. 

number of areas into new dravv more tourists . unfortun- something to offer every visita— ~ - 
tounst attractions. - ' ale]y they have also drawn In 1977 « about P 

Of perhaps grestest Interest ^ OS€ who prey upon t0U rist s . «nt. of the tourism market 
isKjnngju capital of the Shilla a nd the foreign visitor is 
* r ” m , cheated by taxi drivers and 

i^i 3 Sl ^ ated about J 1 ^ assailed by innumerable touts . 

kilometres from the port of w h ereV er he goes. But most hOTt ** annual conference - 


Asia, a share it wants to j 
crease. ‘ 

In 1979 South Korea will agi ! 


Pusan in the south eastern 


visitors are still impressed by 


the Pacific area travel associ 


corner of the Peninsula, the old tte shilla culture of a thousand tinn - which represents thetouri 
city is the most bountiful re- vears a c 0 industry throughout the regio 

positary of traditional Korea's The last time the association m. 

remains. ,., Inacidl ^ on , t0 hlstonc slt « s in Seoul was in 1965. 

like Kyongju the government is Korea . s forei 

FvnQncimi deV ? lop n ? «. reS0rtS totalled 34.000 in alt of 196 

expansion Wherever natural features pro- Now that many risitors ron . 

vide special attraction. For ex- p, Vf ,».. ^ fhp ,iela«atf 

The government has under- ample, the government plans de- even those from nations compi 
taken a massive expansion and velopment of a large resort com- ■ [JJJ * K cannot fail 10 
development plan, rebuilding, plex, including a golf course and jmnriwri ' 1 11 1 

renovaUng. and repainting, the hunting range, on its tropical 

treasured artifacts of this southernmost island. Chcju-Do. f»y a CotTespondeO 



Our people persist in a traditional attention to detail. 
You’ll feel it on board every Korean Air Lines flight 


While Western civilization 
was still in the dark ages, skilled 
Korean artisans developed the 
unique jadelike lustre of prized 
Celadon pottery. 

In our lifetime, Korean 
architects and planners have built 
modem Seoul, a cosmopolitan 


SmPohId ‘ . 

^teneoOty ' ' 

Wtelii.n^oo Hmnton . „ ' 

PMadelphu 

Kcw Vort Atlanta LOS Angeles 
Tormtv Co!i-ag£Oe&tw j 
Idnmmnt San FnmetKvl 



London 
Madrid 

Paris 

ZuichZ frm * vrf ~ 

Genera 


Jeddaii 
. Dhahrcm 


Honolulu 


sSr/ 

' Fukuoka ; 
Ofanouc 


Bangkok 

Kuala Lumpur 


Hong Kong t . 
Tla 


city ot 8 million and the tenth 
largest city in the world 
It is the gleaming capital of what 
economists believe will be a 
super-state in the 21st century. 
Today, our people have combined 
their stubborn adherence to 
craftsmanship, with the best of 
Western technology to produce 
an international airline with few 
peers. 

Korean Air Lines. 

We invite you to fly 
with us. Our gleaming 
fleet of wide- bodied 
747s, DC-lOs, 
and A-300s can whisk 
you to 19 world capitals 
on four continents. 

In luxurious comfort 


_ . .JakcHa 



Our captains are all 
seasoned 15 years veterans, skilled 
million milers. 

Our beautifully costumed 
stewardesses will pamper you 
throughout the flight. With an 
uncontrived hospitalitly so rare 
these days. 

Our international cuisine 
will delight even the most jaded 
world traveler. 

And well see to it that 
the usual stresses and strains of 


air travel quietly disappear. So 
you arrive at your destination 
refreshed and ready. And isn’t 
that the way your next trip ought 

to be . Consider Korean Air 
Lines. Fly with us. And feel the 
difference our v 

pride makes. _ ( JjT\ 


KOREAN 
AIR LINES 












JJ I f 


:ty *» 


Ife 


Ffeand al Times Wednesday May 3 1978 


29 




«T- 



the EEC farm talks bogged dow 




BY MARGARET VAN HATTEM IN BRUSSELS 



LAST- ‘WEEK In Luxetn- 
Jit suddenly became clear 
’*Kaeaung had come badly 
'to. the EEC's annual 
review. On Wednes- 
sotne still hoped that 
to? might be extended 
‘■toft- week-end and the 
package- of'-^ measures 
But by Thursday aft gr- 
it was . evident^ that ‘ the 

Were breaking dwa. Later 
. night, a bitterly disap-* 
lilted Finn ■ Olay Gundelach, 
unissioner for Agriculture, 
journalists talk&liad broken 
because of M difficulties " 
financing the 1.9b n. units 
unt package of - aids to 
iterranean ' producers . pr6- 
_ by ; the Commission, 
ire'' was a considertibLe eas- 
atti fades until yesterday,” 
ded; but certain new diffi- 
fes- had emetgeA ** and it 
Bpe (dear we eouldn’t^Loish 


eforms 


-)fbat Mr. Gundelach did not 
' ; hut what was already com- 
knowledge, was that Herr 
^fErtl. the German Minister.'* 
^returned from a Cabinet 
in Bonn on Wednesday 
ng that Germany was un- 
. to agree to toe Com- 
iity*s providing more than 
aer cent, of the money for 
Mediterranean measures. 

Danish President had. 
ier in the week, proposed 
the Community should pro- 
50 per cent, of the funds 
structural reforms in Italy’s 
sogiomo region and 35 per 
. for the French Languedoc- 
- ,;ilIon. At the time, Herr 
.. ,1 did not indicate any opposi- 

hat is not dear is whether 
....... German Cabinet decided on 

/ ■ugher line on Wednesday. 
.... if so, who initiated it. with 

...t support — and whether. 


even, tt bed toe backing at 
Chancellor Schmidt himself. 
The Mediterranean package was 
not on- the German .Cabinet 
agenda, and in agricultural 
affairs, Herr Erti . is. usually 
allowed a fairiy free hand. 
Moreover, the Commission’s 
proposals for the Mediterranean 
were published last December, 
but toe Germans had expressed 
only- toe most vague and 
general reservations until last 
Thursday. 

By an interesting coincidence, 
Herr ‘ Erti also began, on his 
return to .Luxembourg from 
Bonn, to press for a~3J>.. per 
.cent rise in cereal prices, 
against.. the Co mmissio n’s pro- 
posals for just under 2 per cent 
- Cereal prices are built' info 
the agricultural price structure 
as a whole, rather as oil prices, 
are built into industry: higher 
grain prices mean higher feed 
costs and, hence, higher prices 
on livestock products. In recent 
years, European fanners have 
resisted some of the impact of 
rising cereal prices by import- 
ing - cheaper alternatives, such 
as manioc root and soya. Be- 
cause the EEC common wheat 
price is already more than 
doable the world price, toe 
chances of exporting surplus 
EEC production are slim. So a 
higher cereal price points fairly 
dearly to higher prices all 
round, and/or a bigger grain 
surplus. 

Germany, as a major cereals 
producer, has consistently 
pushed for higher grain prices 
since the. 1960s. That it should 
do so again this year is hardly 
surprising. But toe last-minute 
announcement that it wanted a 
3.5 per cent, rise has come as 
an unpleasant jolt, provoking 
speculation about a possible 
link with toe Mediterranean 
issue. 

On toe face of it this is 
patently absurd. To demur over 
the high cost of toe Mediter- 


ranean projects and to make 
acceptance conditional on a 
higher rise in cereal prices 
would be illogical. Herr Erti 
has made no such link. Not to 
toe Commission, to any case. 
And not in public. Should he 
attempt to do so when talks 
begin again next week, however, 
there are those within the Com- 
mission who would not be sur- 
prised. 

Over toe past few months, 
the Commission had anticipated 
trouble over farm prices from 
Germany, and information de- 
monstrating that German far- 
mers are doing very nicely out 
Xft the Common Agricultural 
Policy has been made readily 
available to anyone seeking it 
Though Germany contributes 
more to toe EEC budget than 
any other member, its farmers 
(though not its consumers) 
gain most from the green 
money system; which keeps 
German domestic farm prices 
15 per cent above toe EEC 
average and subsidises Hs ex- 
ports to other members. 

Farm support 

Since the 'mid-1960s, high 
prices have encouraged produc- 
tion and curbed consumption to 
a point where Germans now 
produce substantially more 
than they consume in the dairy 
and sugar sectors. Last year 
Germany received a dispropor- 
tionate 15.8 per cent of the 
Community’s farm price sup- 
port fund, used to buy up sur- 
plus commodities which cannot 
be sold' on the open market at 
or above a fixed floor price. 
And, not surprisingly, Germany 
is by far the biggest contribu- 
tor • to the Community's 
"mountains'* of butler, milk 
powder, and beef. 

Moreover. German farmers 
are economically inefficient 
They use twice as much heavy 
machinery for the same amount 



FINN OLAV GUNDELACH 
. committed to an average 
price rise of no more than 
2 per cent 

of output as their French 
counterparts and three -times as 
mod as toe British. They also 
use- more manpower — 8.6 men 
per 100 hectares in Germany, 
compared with 5.1 in France and 
3.4 in Britain, according to 1973 
figures. 

But with every other member- 
state pressing for special con- 
cessions in toe form of milk- 
marketing boards, pigmeat 
export subsidies, wine-support 
prices, and so on. Herr Erti can- 
not be expected to slink home 
empty-handed and tell his 
farmers they have been paid 
too much for too long, and must 
now tighten their belts for a 
long, sharp drop in their 
incomes. 

Last year, German farmers' 
incomes fell by 8 per cent in 
real terms, more toan in any 
other country. British farmers’ 
incomes, for example, were un- 
changed in real terms, French 


JOSEF ERTL 

... what went on at the 

West German Cabinet meet- 
ing on Wednesday ? 

farm-incomes rose 8.6 per cent., 
and Ireland’s by 21.5 per cent. 
Moves to bring green currencies 
back to foreign exchange market 
rates, according to the Commis- 
sion’s plans, boost farm incomes 
in the weaker currency coun- 
tries such as Italy. France, 
Ireland and the U.K. — all of 
whom have devalued their green 
currencies in the past six 
months to make a stringeDt 
prices policy politically accept- 
able. 

Germany, for whom the Com- 
mission has proposed a 0.3 per 
cent- revaluation of the green 
Deutschemark, faces another 
real drop in farm incomes if 
prices are held down to the 
levels indicated by economic 
factors alone. The easiest way 
to keep the Germans happy 
would be to concede the Smal- 
lish extra increases on the milk 
and cereals prices for which 
they are pressing. These two 


sectors are by far the biggest 
components of European farm 
incomes and small rises in them 
would boost the average price 
rise substantially. But farther 
concessions here, though they 
might not look bad on paper 
initially, would mean a hefty 
rise in tibe cost of toe CAP and 
would weaken toe policy’s 
chances of dealing with EEC 
enlargement 

The struggle to prop up arti- 
ficially high prices for dairy 
products, cereals, beef and 
sugari-coinciding with doubts 
among several member states 
over the 'financing of the 
Mediterranean package — indi- 
cates the start of a north-south 
clash that has been looming 
for some time. Ministers haggl- 
ing over the rate at which the 
mountains of northern products 
should be dismantled are fairly 
united in their determination 
that similar surpluses of olive 
oil, tomato concentrate, pro- 
cessed peaches, and wine should 
not be allowed to build up in 
toe south. They insist that 
financial support for these pro- 
ducts. as proposed in the 
Mediterranean package, should 
be considered only in the con- 
text of Spanish, Portuguese 
and Greek production, present 
and potential. 

Extra weight 

Production costs, and hence 
prices, in toe three applicant 
countries are substantially lower 
than in -the existing Community. 
Enlargement would increase toe 
number of EEC fanners by 55 
per cent, but the value of agri- 
cultural output by only 24 per 
cent. The effect on the Com- 
munity budget of supporting 
this extra weight is clearly a 
factor in toe present negotia- 
tions. 

Reservations over toe financ- 
ing of the irrigation project pro- 


posed for toe Mezzogiorno. and 
of toe restructuring of vineyards 
in Languedoc-Rossillon to pro- 
mote efficiency and higher 
quality, are slightly different 

Though some other members 
are reluctant to agree to the 
Community paying a high pro- 
portion of the cost lest it set a 
patters for similar projects in 
toe new member States after 
enlargement, toe main doubts 
being voiced at the moment are 
over cost-effectiveness. The U.K, 
junior ..Minister, Dr. Gavin 
Strang, raised this point last 
month and several member 
States share doubts over the 
effectiveness of pouring funds 
into Mediterranean regions. 

Lemon subsidy 

They all point to the "pene- 
tration premium,'’ a direct sub- 
sidy to Italian lemon producers. 
It was introduced as a short- 
term measure in 1969 to 
improve the marketing and 
quality of the product, in the 
hope that Italian lemons would 
be able to compete on EEC mar- 
kets without financial support 
after five years. It has failed 
dismally. There has been no 
marked improvement in quality, 
and the cost of toe subsidy has 
soared from less than 4m. units 
of account in 1973 to 20m. units 
of account last year. 

Further aids to Mediterranean 
regions are likely to follow toe 
same pattern, say dissenting 
States. Moreover, structural 
measures to promote efficiency 
must mean a reduction in the 
farming population — and how 
can this work without supple- 
mentary policies in other 
economic sectors? 

It was already dear at the 
start of last week that wide 
differences remained in major 
areas of the farm package 
under review, and that chances 
of getting a full settlement by 
the end of the week were slim. 


But it was expected that even 
without an agreement there 
would by this lime be a consen- 
sus on must points, and a 
general picture of who was pre- 
pared to trade what and for 
haw much. 

The four days of intensive 
talks in Luxembourg do not 
seem io have advanced matters 
and there is speculation that 
the problems may be slipping 
out of Mr. Gundclach s grasp. 

In the past, his reliance on 
behind-the-scenes diplomacy, 
tackling Ministers individually 
to wear down rough ed?es ami 
overstated demands before 
bringing them together, has 
worked well. Last week, 
it worked less well. Instead of 
fostering conciliation, the series 
of bilateral chats with the 
Commissioner appear to have 
encouraged certain Ministers to 
keep returning with fresh lists 
of demands, and to resurrect 
long-forgotten quibbles. 

Over-receptive 

While Mr. Gundelach can be 
tough when facing a full Coun- 
cil. he may perhaps be over- 
receptive when dealing with 
one Minister at a lime. Wh.it 
will be the outcome when talks 
resume next week is anybudy s 
guess. 

Mr. Gundelach has from the 
outset committed himself In an 
average price rise of no more 
than 2 per cent. Despite con- 
cessions lust week on beef and 
sugar prices, he still appears 
determined io resist pressure 
for higher milk and rcreals 
prices than already proposed. 

If he can lead Ministers to an 
agreement without yielding 
here, it will be a major triumph. 
If not. he may bo able to con- 
sole himself with the prospect 
of an effective price freeze on 
all farm products for some time 
to come. 


Letters to the Editor 


B* 


idependence 
f Belize 

*i the Premier of Belize. 
r.—I write to inform you and 
.igh you the people of the 
ed Kingdom of the firm 
rmination of toe people of 
:e to reach 3 secure indo- 
lence with the preservation 
II its territory. 
iis policy of my Government 
overwhelming support, and 
endorsed by resolution of a 
•7: -i?a} National Convention of 
— People's United . Party held 
‘elmop3n on April 16. 
e resolution requests the 
?d Kingdom Government to 
immediately any discussions 
the Government of Guate- 
which include the idea of 
cession as a means of 
•nu-nt of the Anglo- 
e ma Ian dispute over Belize, 
e resolution further re- 
st the United Kingdom 
rnment to adhere strictly 
e relevant United Nations 
jlions calling -for the early 
secure independence of 
? with fall sovereign and 
orial integrity. 

• Convention of the People’s 
d Party urges the Govern- 
or Belize in co-operation 
the United Kingdom and 
friendly Governments to 
4y pursue the alternative 
to independence by oon- 
ig suitable security arrange- 
i that will ensure the safety 
ve Belizean people and 
rve the Independence of 

e Price. 
of the Premier, 
ypan. Cayo District, 

:. Central America. 


■ $ 


tinuously Tuesday through 
Saturday: others might prefer a 
shift system whereby everybody 
worked every other' Saturday and 
every second Monday. 

The real breakthrough would 
come if this system were ex- 
tended to all service industries 
and public offices; . if corre- 
spondence from foreign custo- 
mers for export departments and 
correspondence by individuals 
with public authorities, were 
dealt with on a six-day basis, 
and when nobody would ever 
have to* take off time from ills 
own work to look after personal 
affairs. There would be 'con- 
siderable social benefits’ hut 
from the purely economic point 
of view also cost saving and 
increased employment. 

The real difficulty would 
appear to be purely psychological 
as the change would mean that 
•* the week-end ** would now be 
individuals' two-day or even 
three-day break, while work in 
the country as a whole would 
shut down only on Sunday. 

F. M. M. Steiner. *. 

59. Gresham Street, E.CX 


Leasing 


le working 
sek 

Mr. F. Steiner. 

—The report published by 
epartment of Employment 
; 28 j about the possibilities 
during unemployment by 
> ning working hours is 
1 t in pointing out the effect 
ge inflation of a simple cut 
working week. It might 
aave added that- a much 
promising avenue for work 
.. by shorter hours has 
opened up by toe recent 
/ workers’ settlement: I 
to toe introduction .of a 
i operating week with a 
y working week for the 

system of an extended 
ig week with shorter mdi- 
working hours is not new, 
m last 20 years retail trade 
tanged over from a 
ic/5i-day operating week 
despread six-day trading 
much shorter working 
In toe process consider- 
additiona] employment 
to be created, though prob* 
aueh of it in the form of 
and part-time work. The 
bakery workers’ settle* 
where toe cutting out of 
av working allows six-day 
ion to be continued, with 
iraediate saving of 2,000 
ae jobs, shows that this 
can be applied to w- 
The customers are 
off as well, and this would 
equally to many service 
tics and public services, 
plant presumably operates 
economically if it ** 
anger number of hours per 

he remedy for unemploy- 
ed at the same time 
ig operating costs. 

- o be a universal five-day 
n industry, with the work 
spread over the full as 

Variations within toe 

‘are of course possible: 
.i- industries .might prefer to 
Stalf the labou# force ear- 
rW fully Monday through 
•S, and the other half con- 
“ v-, . _ . . 


cars 

From Ihe Group Tax Manager, 
Lex Service Group. 

Sir. — Your survey on car teas- 
ing f April 28) was distressingly 
fulll of inaccurate or uninformed 
comment on the tax implications 
of leasing cars. 

There are two major areas for 
complaint. Firstly, except where 
the lessee is paying tax on bis 
current profits, and the car 
leased costs substantially over 
£5.000, there is no tax advantage 
in leasing. Secondly, it is not 
possible to obtain a tax-free 
capital sum at the end of the 
lease as -suggested by Messrs. 
Wright and Garrett. 

The Revenue can attack a lease 
with a low residual value in a 
number of ways, including dis- 
allowing the entire lease rental 
as a tax deduction since it is 
not laid out wholly and exclu- 
sively for the purposes of the 
trade; charging an employee who 
acquires the. vehicle to tax on a 
benefit equal to the market value 
of the vehicle less the price 
paid; charging an appointee 
(other than an employee or rela- 
tion of an employee! to tax *n 
an “ adventure in the nature of 
a trade”; and charging capital 
transfer tax if the car or the 
proceeds pass to the employee 
or director who ori^naily used 
the car. In the interest of brevity, 
I will not list the other potential 
weapons in toe Revenues 

leasing is a valuable 
tool for general commercial 
reasons. The advertising of a 
few cowboy leasing com panie s 
has put at ride the entire struc- 
ture of bona fide car leasing 
deals and toe publicity given to 
non-existent tax advantages over 
the last year by all 
the Press has perpetuated the 
myth. It is time that the facts, 
rather than the fiction, of car 
leasing were clarified. 

T Rins, 

17 Great Cumberland Place.- WX 

The feathered 
serpent 

From die Controller. OMM 3 
Programmes. Thames TV. m 

Sir.— -Ofl a point of f act; The 
Feathered Serpent" is not aimed 
at a target audience Of young 
schoolchildren.” hut since i tt is. 
transmitted in thelaterofour 
two-half-hour slots, it is aimed at 
at 10-year-old upwards. At least 
the quotation which C&ns 
Dunkley f April 26) gave (totrily 
out -of context) was. unlike the 
other quotes picked out. m good 

however, quarrel wd to 

his description of the quote as 


a u verbal obscenity." It was an 
evil threat (historically correct, 
but not visually executed) 
uttered by a consummate villain 
—played with great elan by 

Patrick Troughton— who will 

but I must not reveal the ending! 
“The Feathered Serpent” Is a 
rip roaring adventure in the 
style or Ryder Haggard. Kipling 
and Conan Doyle — and I at 
least have enough confidence in 
my audience to believe that they 
will see it as such. But should 
a- persistent six-year-old ask 
questions* as indicated by Mr.* 
Dunkley. then I (Or Vic Hughes, 
himself the father of a 10-vear- 
old daughter) would explain the 
meaning of the words and the 
symbolic meaning (to the ancient 
Aztecs) of the deed. 

Incidentally, there is no 
explicit or visual violence in the 
series. If we are speaking of 
mere words, then at least 90 per 
cent, of the works of W. Shake- 
speare Esq., playwright, are 
entirely unsuitable for children. 

On another subject! I had 
rather hoped' that critics might 
fafter 10 years of Magpie's very 
different- ethos) have abandoned 
the cheap jibe that it is a copy 
of ” Blue Peter." Port hoc ergo 
premier hoc is- an adage custom- 
drily used only by toe desperate! 
Sue Turner. 

Thames TV. Tedding ton Studios. 
Teddmgton Lock, Teddington. 
Middlesex. 


Advice on 


pensions 

From fte Director of 
Information, Company Pensions 
Information Centre. 

Sir, — While agreeing with Mr. 
Newton (April 28) that em- 
ployers need to consider the cost 
before deciding whether to con- 
tract-in or contractrout 1 think it 
is unfair to say this has been 
overlooked by both Eric Short in 
his article and the “pensions in- 
dustry " in the advice Tt has 
given. 

I am surprised Mr. Newton 
claims that the 7 per cent, reduc- 
tion in national insurance contri- 
butions for -those who contract- 
out (on the relevant slice of earn- 
ings) is insufficient to guarantee 
benefits as good as the earnings 
related part of the state scheme 
will provide: The cost of provid- 
ing' this level of benefit cannot 
be known in advance bnt the 
question of whether 7 per cent, 
is a reasonable figure has been 
discussed at very great length 
ever since {be Government first 
produced a figure. The original 
figure was 6} per cent and in 
toe face of some criticism this 
was later raised to 7 per cent 

Inside the “pensions indns-* 
try” there has been remarkably 
widespread agreement that 7 per 
cent is a fair figure for an aver- 
age scheme. This means that 
for such a scheme cost considera- 
tions aione are unlikely to swing 
the balance heavily for or 
against contracting-out. . 

Mr. Newton goes on to say that 
the state scheme provides better 
benefits for this money since it 
is not looking for a profit which 
a private* assurance company is. 
In terms ol value for money ft is 
not easy Jo .compare occupational 
schemes with- toe state scheme 
as most of the forzner'are funded 
Jn advance and toe tatter is * pay 
as you go." . 

I ‘do- Wonder, however, just’ 
bow many employers Mr. Newton 
has looked at. Many insurance 
companies have ’ advised large, 
numbers of their clients to con- 
tra ct-in on toe basis that they 
felt such advice was in the best 
interests of their policyholders. 
Similarly many self-administered 
funds * \ have * contracted-out. 
Surely this cannot be toe result 
of a widespread ignorance of the 
cost Implications. 

In addition, consulting 
actuaries, for .example, ebaipe 
fees which relate to the services 
they provide and they have no 


financial interest Is persuading 
their clients to contract-out. 
Nevertheless, such firms felt that 
it was the right advice to give 
to many of their clients. 

Mr. Newton says, quite cor- 
rectly. that the Government 
has already announced that in 
future years the reduction in 
national insurance contributions 
for those who contract-out will 
be smaller than it is at present 
but this is neither new nor 
sinister. The principle was made 
quite clear when the terms for 
contracting-out were firat pub- 
lished. It simply reflects toe fact 
that over the years there will be 
a fall in the average amount of 
guaranteed minimum pension 
which a contracted-out scheme 
has to provide and this will 
affect the cost. 

Of course these points do not 
constitute an argument that 
everyone should .contract-out 
There is a case for contracting- 
out and there is a case for 
contracting-in. Cost Is a major 
factor that needs to be taken 
into account but it is not the only 
factor . That is why it was im- 
portant for employers to seek 
expert advica But to suggest 
that toe consideration given to 
the vital factor of cost has fre- 
quently been inadequate is to 
under-estiTnate both the quality 
of the advice given by the great 
majority of expert advisers and 
the managerial ability of the 
employers who have had to act 
on that advice. 

Michael Brown. 

7. Old Park Lone, W.I. 


Management 
pay 

From the Managing Partner, 
Egon Zehnde r International. 

Sir, — At a time when Mr. 
Healey, is failing in his Budget 
to fulfil his previous promises to 
restore incentives to middle 
managers and cut punitive top 
tax rates, the British Institute of 
Management’s National Manage- 
ment Salary Survey (April 28) 
comes as a welcome reminder of 
wbat the facts really are. Our 
analysis of executive searches 
conducted in the last 22 months, 
reveals some additional tolnts 
to those contained in the 32M 
survey, which may be of 
interest 

There has been an increasing 
requirement in the U.K. for 
senior executives to receive part 
of their salary paid overseas. 
This is because overseas com- 
pensation attracts a lower rate 
of taxation and this is therefore 
particularly advantageous with 
toe present high UJL tax 
situation. . 

There has been a considerable 
willingness of senior executives 
to leave U.K. jobs and go to 
inhospitable parts of the world 
in order to accumulate capital in 
order to save enough money for 
school fees. 

Wage restraints In the U.K 
have in particular been a major 
problem for senior executives in 
large companies. This has 
resulted in top men having to 
change jobs in order to increase 
their remuneration, and as a 
consequence, there has been a 
loss of cohesion and* productivity 
all round. 

Few top U.K businessmen 
wish to return to the UK having 
served abroad. Sadly, and con- 
versely, the u:k Is most attrac- 
tive to non-British senior execu- 
tives. who get very favourable 
tax deals here— with toe excep- 
tion, perhaps, of American 
executives. 

Britain desperately 'needs the 
best men in toe top jobs, if our 
economy is ever to move forward 
in toe right direction. Present 
Government policy is not en- 
couraging this vitally important 
requirement. 

K A. B. Gowlland, 

87, Jermyn Street, S.WJi ' 


GENERAL 

UK official reserves for April. 

Capital issues and redemptions 
during April. 

Mr. Takeo Fukuda, Japanese 
Premier, meets President Carter 
in Washington. 

International Monetary Fund 
monthly gold auction. Washing- 
ton. 

India holds first of seven fort- 
nightly gold auctions. New Delhi. 

Lucas subsidiaries charged 
with Rhodesian sanction-breaking. 
County Hall. Aylesbury. 
PARLIAMENTARY BUSINESS 

House of Commons: Wales Bill. 

House of Lords: European 
Assembly Ejections Bill, third 
reading. Scotland Bill, committee. 


To-day’s Events 


Medicines (Radioactive Sub- 
stances) Order 1978. 

Select Committees: Nationalised 
Industries (sub-committee B). 
Subject: Re-organisaiion of elec- 
tricity supply industry. Witness: 
Mr. Anthony Wedgwood Benn. 
Energy Secretary ( 10.45 a Jn. t 
Room 8). Nationalised Industries 
(sub-committee C). Subject: In- 
dependent Broadcasting Auth- 
ority. Witnesses: Institute of Prac- 
titioners in Advertising: Associa- 
tion of Broadcasting Staff (4 p.m. 
Room S). Unopposed Bills Com- 
mittee on London Transport Bill 
(4 p.m. Room 9). Parliamentary 


Commissioner for Administration. 
Subject renew of access and 
jurisdiction. Witnesses: Justice 
(5 p.nu. Room 7). Race Relations 
and Immigration. Subject: Effects 
or EEC membership on race rela- 
tions and immigration. Witnesses: 
Home Office officials (5.30 pan.. 
Room 5). 

COMPANY RESULTS 
Laporte Industries (full year). 
Marks an d Spencer (full year). 
Peninsular and Oriental Steam 
Navigation (full year).* J. Sains- 
bury (full year). 

COMPANY MEETINGS 
Allen Harvey and Ross, 45, 


Cornhill, E.C.. l‘J :Hi. British 
Anzani, Aylesford. Kent, 21. Cart- 
wright (R.». Chamber of Com- 
merce. Birmingli.'im. 22. Fair- 
clough Construction. Midland 
Hotel. Manchester. 1130. Ford 
(Martin). Winchester House, 
E.C.. 12. High Gosforth Park, 
Newcastle. 12. Lambert Hownrth. 
Burnley Crest Motel, 12. McKay 
(Hugh). Royal County Hotel. Dur- 
ham City, 12. Pittard. Manor. 
Hotel, Yeovil, Somerset, 12. 
Schraders, (20. Chenpside. E.C, 

12.15. Scottish Road Services, 
Cumbernauld. Glasgow. 10. Thur- 
gar Bardex. Kettering. Nori Hants. 
11.30. United States Debenture 
Corporation. Austral House. E.C, 

2.15. 



'Another Year 
Good Progre 



Extract from the Statement by the Chairman , Mr. R. G. Duthie. 


**T am pleased io "be able to report that 1977 was 
another year of good progress in most areas of the 
Port's activities with the financial results showing a 
satisfactory surplus of £2,209,502. The strong 
financial situation in which the Authority' found itself 
at the end of the year enabled it to make an early 
repayment to the Government of £2.1m of loans not 
due in terms of the Harbour (Loans) Act until 1981. 

4 ‘The marine works for the Hunterston ore terminal 
are now substantially complete. Early in the year new 
arrangements, embracing financing and ownership 
by the Authority, were agreed with the British Steel 
Corporation which enabled the E.E.C. Regional 
Development Fund to contribute some £3m bv way of 
grant towards the cost. Once the terminal is 
operational, we look forward to co-operating with the 
British Steel Corporation in marketing surplus 
capacity for third-party users. 

“After an encouraging first half year, the fall in trade 
in the late summer and autumn highlighted once 
more the fine balance on which the economics of a 
stevedoring enterprise rest. Regular labour surpluses 
can very quickly turn a profit to a loss, indeed, our 
Stevedoring subsidiary which had produced a veiyr 
satisfactory surplus in 1976 barely broke even in 
1977. It is -to be. hoped that,*, with the Dock Work 


Regulation Act on the Statute Book and its provisions 
now being brought into effect, the already difficult 
problem of maintaining a balanced cargo handling 
labour force will not be exacerbated. 

-“Unfortunately, the new year started badly with a 
dispute at the Greenock container terminal pre\ curing 
the acceptance of ships for five weeks and also a. 
series of one-day strikes at Glasgow. The latter action 
was aimed at forcing the Authority to breach the 
Government pay guidelines, although many other 
pons in the country had settled within them and the 
Authority really had no discretion within which lo 
negotiate.- Disputes of this kind inevitably cause 
immense problems for our customers and loss to the 
Authority. 

“The general level of economic activity in The country 
and in the world is not showing signs nf growth ou 
the scale necessary to revive business confidence. 

“In such circumstances it would be foolish tor me to 
make any predictions about the future. Gixen the 
reasonable co-operation of ihe work force, however, 
fa - ' necessary to the provision of a dependable service 
for our customers. 1 am confident that the c.vecuthc 
of the Ainhoriiy has the ability in adapt io whaler rr 
changes in climate it has to face.*' 


SUMMARY OF FINANCIAL RESULTS 




1977 

1976 

1975 

1974 

1973 


£m 

£m 

£m 

£m 

£m 

Group revenue 

20.422 

18.729 

13.704 

12.567 

10.743 

Surplus before interest 
and depreciation 

5.908 

5.551 

4.151 

3.993 

3.712 

Interest charges 

2.682 

2.349 

2.141 

2.09S 

1.903 

Deprecation 

1.017 

0.861 

0.807 

0J305 

.0.632 1 

Surplus for year 

2.209 

2.341 

, 1.203 

1.090 

1.177 


CLYDE PORT AUTHORITY 

1 6 Robertson Street, 

Glasgow G2 8DS, Scotland 


ftr! 


CWDEPORT 




I ir 


-tV* 

o , 









30 


COM PAN Y NEWS + COMM ENT 


Laing well above forecast with £21m. 


ON TURNOVER of £421ra. against 
£4 06m. taxable profit of John 
Laing and Son jumped from 
£l6J25m. to a record EIl.QTm. in 
1977. This compares with the 
midway forecast of not less than 
£lS.om. 

The 1976 result was reduced 
by a £2^4m. provision for the re- 
duction m value of development 
land. 

After lax of £7.7m. (£7.S3m.) 
and minority interests or I103.0HQ 

(£11.1.000), attributable profit W3S 
£i3.47fii. (£S.53m.>. Tax was re- 
duced £2.6Sm. tn.yem.) by 
adoption of ED1Q. 

Earnings per 25p share of the 
building and civil engineering con- 
tracting, building materials .md 
property development group, are 
shown at lo.8p. and the' final 
dividend of 1.8fi875p net takes ihc 
total to a maximum permitted 
3.11S75p against 2.S2375p. 

Directors point out that results 
in any one year are influenced by 
the particular contracts com- 
pleted or approaching completion. 

The incidence of such contracis 
was particularly beneficial in 
lfiTT Tor overseas work, which 
showed a substantial iurnround 
compared with I97fi. even though 
new contracts have still not been 
obtained to the extent hoped for. 

t. : .K. results showed some 
evidence in the construction anj 
man u fad unit- activities of the 
difficult conditions which have 
existed in the industry over re- 
cent years and which arc only just 
beginning to show some sign of 
improvement. 

The directors have again 
carried out an internal valuation 
or investment properties which 
shows an aggregate open market 
value of £So.5m„ compared with 
total book value or £47.9m. The 
resulting surplus is not incor- 
porated' in the accounts. 

.V breakdown of inidmc turn- 
over in £m. and profit before pro. 
visions and tax in £000s shows' 
U.K.: Buildinc and engineering 
turnover 294.7 (2S4.4) and profit 
Sjldl 1 10.526): construction 

materials 25.0 (22.fi) and 2.331 
Ct.fWMi; property development 14.9 
18.P» and 1,588 (1,244); property 
investment nil (nil) and 3,7(i2 
(3.129>. Overseas: Construction 
S‘»2 (&M.K) and 421KI doss 137): 
property investment nil (nil) anri 

Sufi (G3 ."> ). 


INDEX TO COMPANY HIGHLIGHTS 


Company 

Page 

Col. 

Company 

Page 

Col. 

Arcncon (A.) 

30 

3 

Laing (John) 

30 

I 

Banro Consofidated 

30 

7 

Low & Bonar 

31 

4 

Belt obeli 

33 

I 

Lyle Shipping 

33 

I 

Boosey & Hawkes 

33 

2 

Minty 

30 

6 

Boustead 

30 

8 

Ne wart hill 

31 

3 

Bremner 

30 

6 

Roberts Adlard 

31 

7 

BHS 

30 

7 

Scot. Nthn. Invs. 

31 

5 

CLRP invs. 

33 

1 

Scott & Robertson 

31 

1 

Davies & Newman 

30 

6 

Vernon Fashion 

30 

2 

Eagle Star 

31 

1 

Wadham Stringer 

30 

5 

First Castle Secs. 

31 

3 

Wame Wright 

33 

2 

Hawtin 

33 

2 

Yorks General 

30 

7 


Vernon 

Fashion 

doubled 


ID” |J7i: 
SOW) EfliM 
42I.O0U 4QC.lHK> 
4..-WS 


Turnover 

l-rnperty inv, income 

Tradm- .urnliL,* 16.4113 U.7VI 

Pr-n-i -inn ■ — tfj.is 

Pram before tax 21.067 1E25D 

TJX 7,710 

Ncl prulil iJ.'Jo4 S.-U'i 

Mlil-irilJ..- 1U3 IIS 

E-.irJiirdmary In-.—. « 1.4 lit *x!9 

Rmfiieil 1U.3S! T.s'SO 

■ Alter dcnri'i'iaiiuii nf £4.l9iu. • 

• l'..r riMiicimn iu value *«f dev elm, merit 
land. .Pnnil'. 

Sec Lex 


TURNOVER, excluding VAT. for 
the year to January 2S, 197S. «t 
Vernon Fashion Cronp expanded 
from ET.lBm. to £l0.6Sm. and pre- 
tax prod is more than doubled 
from £0.61 m. to a rcord £l-2ttm. 

In November, reporting first 
hair profits up from £141.286 to 
£205,439 the directors forecast full 
year profits substantially ahead of 
those Tor 1976-77. 

After tax. on the ED19 basis of 
£203.726 (£33,539 restated) the re- 
tained balance is £935,269 
(£433,139). 

The dividend total is raised 
from 2.7462 p to the maximum per- 
mitted 3.0873p net per lOp share 
with a final of l.662p. A one-for- 
one scrip issue is also proposed. 

The directors now say the 
growth has come both from an 
increase of turnover in existing 
stores, and has been compounded 
by the opening of 16 new stores. 

At year end the company had 
103 retail branches, stretching 
from Dundee in the North to 
Plymouth in the South. 

The results reflect the success- 
ful programme of investment over 
the last two years in upgrading 
and enlarging the existing stores 
as well as the addition of new 
sites. 

This programme is continuing*, 
four stores have been opened 
since the year end and ^ix further 
stores are planned to open within 
the next three months. 

Were it not for dividend con- 
trols the Board would have 
proposed a substantially greater 
evlel of dividends to reflect the 


increased and new level of profit- 
ability. 

In the current year, sales ore 
substantially ahead of those for 
the comparable period last year, 
they add. 

• comment 

Vernon Fashion's impressive 
growth rate since going public in 
1971 has continued during 1977/8, 
with profits more than doubled 
on sales almost 50 per cent 
higher. Stripping out the 16 
stares opened during the year, 
turnover is a fifth hjgberat a 
time when sales of women’s, 
girl's and infant's clothing (in- 
cluding drapery) in multiple 
shops are barely keeping up with 
inflation. Vernon is almost ex- 
clusively a retailer of ladies’ and 
children's outerwear ( low-to- 
rruddle end of the market), with 
its manufacturing needs supplied 
by sub-contractors. Competitive 
prices have boosted volume, and 
margins are more than three 
points higher. Meanwhile, the 
group Is stepping up its pro- 
gramme of organic growth — retail 
selling area is 175.000 square feet 
(SO per cent, of which is in the 
north of England) and there are 
plans to increase this to peihaps 
230,000 square feet this year at a 
cost of around £lm. There should 
be no problem In financing this 
out of cash flow. The shares, 
which jumped 8p to 9Sp, are on a 
p.*e of 3.6 while the yield is 4.8 
per cent This compares witfc 13.7 
and 4.4 per cent respectively for. 
the stores sector. 

FOREIGN AND 
COLONIAL INV. 

Foreign and Colonial Invest- 
ment Trust has arranged a new 
one year loan of SU.SJm. with 
Morgan Guaranty' Trust Co. of 
New York. The proceeds have 
been used to repay a borrowing 


of *»m. -which matured on April 
28, 197S. 

Arenson 
growth at 
halftime 

On turnover 3bead from £4. 71m. 
to £5.7 lm. taxable profit of A. 
Arenson (Holdings), office furni- 
ture and equipment mak er, 
elimbed from £16L000 to £278,000 
in the January 31. 1978 half year. 

The result is subject to tax of 

£40,000 (£37,000), and earnings 
per lOp share are shown at 4lBp 
against 1.7p last time. 

The interim dividend is up from 
0.6289P to 0.69179p. and directors 
forecast an increase in the final 
payment from last year’s L2S26p. 
Total profit last year was 
£470.000 and a healthy . profit 
growth is expected for all this 
year. 

Mr. Archy Arenson. the chair- 
man, says the improved trading 
illustrates tbat the business' is 
not dependent on new building 
developments but comes to a 
great extent from requirements 
for replacement furniture and 
fittings. 

In his annual report last 
November Mr. Arenson registered 
a cautiously optimistic note for 
the current year and said that 
he expected the momentum 
achieved last year would be main- 
tained and further satisfactory 
progress would be made. 

• comment 

Arenson is still on the recovery 
trail. A first half improvement in 
taxable profits to £278,000 should 
help the group turn out around 
£750,000 for the full year com- 
pared with £470,000. So at 50p the 
shares stand on a prospective p/e 
of 8.5 (on fully taxed earnings) or 

4.4 or a similar tax charge to 
the previous year. However it ha* 
not been an entirely smooth path 
in tf-e- first six months. Exports, 
which account for around 17 per 
cent, of sales, showed little growth 
in real terms. Demand in the 
French and Benelux markets, 
wh.ch take a third of export sale®, 
was weak, and also in the Middle 
East which accounts for another 
third of export soles. In the U.IC, 
office equipment sales were sup- 
ported by a firmer trend in flal 
pack furniture, and this is re- 
flected in the overall 16 per cent, 
increase in volume. For the cur- 
rent half year the group will see 
fhF full benefits of a 10 per cent, 
price rise, which only took effect 
in November. But the shares, 
standing at around their high for 
the year, seem to be allowing for 
this. The yield is an above average 

6.5 per cent. 


DIVIDENDS ANNOUNCED 

Dote Corre- Total Total 
Current . of spending for last 
payment payment div. year " year 

A. Arenson ini. 0.85 Aug. 1 0.63 — 1.91 

BHS _ - 3.47 July 3 3JL 6.27 5.B2 

Boustead (£8 - — OR 1.5 L5 

Bremner and Co. 2i July 7 2JS 3.82 S3 

Brit Inds. & Gen. Inv. int L5§ June 9 EOS — 3.4 

Clement Clarice (Bldgs.) L23 — 1.13 2.16 1.94 

CLRP Inv. Tret inL 0.83 — 0.6 — - L9 

Davies & Newman A87 Aug. 1 .4J38* 7J& ■ ' 6.54* 

Drayton Consd. ......... int 23 May 26 1-23 — 4.7 

El Or© int 1-09 Oct 4 0.99 1.09 0.99 

Exploration Co. ..int 0.54 Oct 4 0.49 0.54 0.49 

Flint Castle Secs. 1.49 June 21 NU L98 Nil 

John Laing & Son 187 ■ — 2.07 3-13 2.82 

Minty 2.73 July 7 1J2 42] 3H2 

Photos (London) ... 1.52 June 9 128 2.72 2.44 

Roberts Adlard 2.73 July . 3 2.46 432 3.9 

Scott & Robertson 1.83 July 10 0.92 2.74 1.83 

Scottish Northern 2.46? June 15 1.99 3.68 2.8 

Vernon Fashion 1.86 Jan. 28 1.63 3.07 2.7a 

Wadham Stringer l-21f June 24 0.84 2.2 1.36' 

W. Williams and Sons ... 0.63 — 0.5 1.13. 1 

Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue, t On capital increased 
by rights and/or acquisition Issues. £ Comprises 2JL6p for year to 
February 5, 1978, and 0-3p for period from February 6 to March 31, 
1978. S Increased to reduce disparity with final. 


Wadham Stringer ahead 
£l.llm. to peak £3.36m. 

PRE-TAX profits of Wadham 
Stringer, retailer and distributor - 
of cars and commercial vehicles, 
advanced from £S95m. to a record 
£3 .36m. for 1977 after 0.51m. 
against 0.13m. at halfway. And 
the drectors say that 1973 has 
started with further' Improved 
results, and with prospects look- 
ing good in a larger car and 
commercial vehicle market, they 
forecast satisfactory results for 
the year. 

On Increased capital from last 
year’s rights issue, stated basic 
earnings per lOp share are 6.57p 
(4.02p) and fully diluted 59?p 
(4p). With Treasury consent the 
dividend is lifted to 22p (1.3585p) 
with a final of L21p net, as fore- 
cast. 

1877 1878 

£000 £000 

Turnover 134JJ31 107.688 

Trading (unfit 4,458 3.4S7 

Shares of assoc. 13 

interest payable l.u« 

Profit baton tax 3355 

Tax . L649 


Financial Times Wednesday May 3 1975 

BHS improves 6%| 
to top £27m. 


ON SALES. Including’ VAT. of 
£373.601. as <rinst £244.3m. British 
Rome Stores reports Mg** 1 ® 

profits up by » 

£253ra. to a record SZJS&ro. for 
§£ 52 weeks to April 1. 1978. Afiter 
24 weeks, profit wad ahead from 
£7 84m »> £S.4m. and directors 
saidthat sates in the second half 
would benefit from new stores 
in Leeds and Dublin. _ ...... 

Profit to sales margin for l e 
year is down from 10.4 -per cent, 
to M per cent. v 

Earnings per 2Sp s*a>e are 
shown « 12.39? (ii.S8p) and toe 
dividend is stepped up to 62<29p 
(5.61S3p) with a net nnai or 
3.4729p. 


1,181 

2.2* 

U35 

i.m 

37 

S7 

Lira 

28 

1X5 

330 

7TS 

and 

re- 


Net profit 1,808 

To mfamrttieB S4 

Extraord. credits 117 

Earnings 1.869 

Preference diva. 38 

OnL interim ........ 260 

Ord. final 381 

Retained ,. UN 

The company’s freehold 
leasehold properties were 
valued and showed a surplus of 
£5,747.000, which has been in- 

cluded in the consolidated balance 
sheet 

The equity interest far the 
Ordinary shareholders now stands 
at £18,617,000 and this gives net 
assets per share of 59p as at tbe 
end of 1977. 

• comment 

Wad ham's profits are up nearly 
50 per cent Cars set the running 
with a 41 per cent increase in 
trading profits but tbe truck divi- 
sion proved a drag. New truck 
sales showed a 2 per cent Increase 
in volume (cars remained static) 


but there was a near quarter drop 
in trading profits reflecting mar- 
gin pressures on the Leyland 
range which is coming towards 
tbe end of its life. 

Tbe outlook for. 1978 is promis- 
ing, The first quarter showed a 
35 per cent jump in vehicle 
volume (30 per cent excluding 
the SkeUys” acquisition) and 
though this was boosted by a 
Leyland promotion the flow of 
Leyland vehicles is better than it 
has been for a long time. SkeJJys. 
which takes WS into Fords for 
the -first time, could chip in over 
£330.000 and a target range or 
£4m. to £4}m. is right for 1978. 
The rights proceeds have been 
used for the S kellys purchase, 
but with net cash of £2 -84m. and 
a strong balance sheet WS is on 
the Zook out for more acquisi- 
tions. Further Ford franchises 
are likely, VauxhaJl is being con- 
sidered, and another arm to Its 
manufacturing interests (cur- 
rently boats and ambulances) is 
possible. Ultimately WS sees half 
its profits arising from cars and 
half from manufacturing and 
commercial vehicles. Meanwhile, 
the shares are fair value at 42 Ip. 
on a fully diluted p/e of 6.9 and 
yield of 8.1 pm* 'cent 


Sait's 

Tradlnjt Profit ........... 

Net Inurest received ... 
Depredation 

Pension fund -. - 

Employees* star. senm. 

Associates losses 

Profit before not — 

Tax 

Net profit ............ 

Extraord. credit 

Mattox - 

Preference divs -- 

Ordinary inter lm 

Ordinary final — 

Retained - 

See Lex 


1877-78 

£000 

373.S69 

51270 

943 

4.721 

949 

300 

521 

27,022 

14.354 

IC.fiSS 

147 

12,815 

21 

2.SS8 

3£M 

6,389 


Banro Consd. 
confident 

First half results of 197S will 
be ahead of the corresponding 
period in 1977, and the second 


half is looking very pqjou 
E dward Hose, chairman TiV 
Consolidated IndustiW * 
holders at the annualiij 
He was looking forward 
future with M 
confidence. 

Boustead 
rises to 
£1.89m: 

AFTER RISING from JfifaJ 
£053m, in the first half, 
profits of Boustead. which C 
and exports consumer and^ 
trial products, etc, finish^: 
ahead from £i.55m. to £i^ 
Earnings are shown atl 
_ (3. lip) per lOp share. The. 

is dend is held at l^p nat-Kt 
2S.4W final of 0^p. ' 

>=-3« Iu toe Far East the Sw 
companies contributed b*n 
u,48s profits over toe previous ye* 
2t did the plantations, where»T 
Australian and New ZealanS- 
panics were affected by 
' trading conditions in the 
half. ~ 

The UJC companies con& 
the marked iinproveraem in , 
profitability. 

The directors state that «j 
group trading results (or flj» i 
quarter of 1979 are up toenJ 
tions, earnings iu Australia, 
New Zealand are lower thai 
year. 


1970.77 

£009 

344.326 

28.936 

1.707 

4.218 

905 


ISSUE NEWS 


Brenuier 
declines 
to £462,604 



a stronger 
company for 
shareholders, customers 
and employees 


Summary of Group Results 


1977 



£000’s 

Turnover 

£547,103 

Profit before 
taxation 

£28,315 

Earnings 

£11,504 

Dividends per share 

5.77p 

Basic earnings 
per share 

17.5p 


1976 

£000's 


5.1 7p 

14.4p 


Points from the Statement by the 
Chairman, John Camden. 

In a year which saw little or no abate- 
ment of the general economic recession in 
most areas in which we operate, we ended 
a difficult period in a much stronger 
position. 

Profit before taxation increased by 23% 
from £22,944,000 to £28,315,000. 

In the last twentyfive years, Ready 
Mixed Concrete Limited has created over 
15,000 jobs operating from over 1,000 
locations in 10 countries. Our sales have 
expanded to over £547,000,000 and over 
50% of these arise from operations 
overseas. 

In the same period we have increased 
our profits before taxation from £18,375 to 
£28,315,000. 


During the past four years we have 
endured a recession* both at home and 
overseas, the severity of which the majority 
of us have not experienced in our working 
life. Happily there are indications that the 
worst is now past and we may again move 
forward. 

The Annual General Meeting will be held 
at the Dorchester Hotel, Park Lane, 

London W1 on Friday 26th May. 1978 at 
11.30 am . 


i 
i 
i 
i 

L_: 


If you would like to receive a copy of the 1977 
Annual Report and are not a shareholder, please 
complete the coupon and return to: 

The Secretary, Ready Mixed Concrete Limited, 
BMC House, Feltham, Middlesex, 7W13 4HA. 


1 


Name. 


Address. 


FT 


r_] 


Ready Meed Concrete Limited 

Building astronger company internationally 

RMC House, High Street, Feltham, Middlesex. TW134HA. 

Aggregates - Builders Merchants - Concrete Products - Drypack - Mortars - Ready Mixed Concrete - Waste Disposal 


After a decline from £237,793 to 
£195,777 at midway, pre-tax profit 
of Bremner ami Co- the general 
warehousing concern, felt fUrtiier 
in the second half to end the year 
to January 31, 197S down at 
£462,804. compared with £583.173. 

Tax takes £238.466 (£361018). 
which includes £70-512 transferred 
to deferred tax. A final dividend 
of 2j3p net raise* the total fnr the 
year from 3.Sp to 3.8l5p per 25p 
share. 

Second half 
recovery by 
Minty 

, A second-half recovery meant 
pre-tax profit of Minty, toe furni- 
ture manufacturing concern, mar- 
ginally improved from £187,902 to 
£189,982 for the year to January 
28, 1978. after a £29,354 downturn 
to £43,990 at mid-way. 

After tax of noo.745 (£98,438), 
net profit for the year was slightly 
lower at £89.237 (£91,464). A final 
dividend of 2.726p net lifts tbe 
total from 3£l8p to 4J126p per 25p 
share. 


Yearlings reach 9|% 

The coupon rate on this week’s holders nf 81 per cent, ft 
batch of local authority yearling Savings Bonds (first subset!* 
bonds has risen by half a point issue) issued tetiveen Mas k 
to 9} per cent.— a new high for and September l, 1973. j 
the year. The bonds are issued bonds will mature on Septa 
at par and dated May 9, 1979. 1. 1978 and are repayal* 

The issues are:— Eastbourne application at £10J per cent i 
Borough Council dim.), North- maturity. : 
ampton Borough Council (£{m.). Holders of such bonds i 
City of Glasgow District Council invited to exchange. their l 
cam.). Corporation of London into 8J per cent.. British. 
(£Lm.), Copeland Borough Council Bonds (third conversion a 
(£jm.), London Borough of Ealing which will be repayable onu 
(£llm.). Cambridgeshire County cation at £104 per «nu 
Council dim.). London Borough maturity. "n 

of Lewisham i£lm.), Chelmsford Holders who decide nirf 
Borough Council (£lm.). Dudley accept the conversion offer d 
Metropolitan Borough Council apply for repayment 
(£lnt), Epping Forest District # ; 

Council (£lm.). Royal Borough of I 111 I/' If CPrin 
Kensington and Chelsea V£ U1CI * 31,1 I P • 

London Borough of Islington Ford main dealer,. R u 

t£lm.). North Wiltshire District Quick, is proposing a scrip.} 
Council ffim.I, Orkney Islands of preference shares, a one-fm 
Council dim.). East Staffordshire scrip or ordinary 5p shares a 
District Council f£4m.), Waveney consolidation of the ordi 
District Council (£§ra.). shares into lOp shares. 

The Chelmsford Borough Ten per cent Cumulative 
Council is raising £lm. of 10| per ference shares of £1 will be Is 
cent Bonds dated April 30. 19S0 to ordinary stockholders in 
at par. Bridgnorth District proportion of one for ever 
Council is raising £}m. on the stoc r u^its of aji each hek 
same terms. April 24. 

Mendip District Council is ™e ordinary and prefe* 
raising £}m. of Hi per cent s to < ! fe WI,I J lj ? 
bonds dated April 29. 19S1 at par. ordinary and preference sha. 

The following variable rate k 

bonds have been Issued. London lo m 

Borough of Croydon (£ti n.) dated “« .SSlPL^mlhto n ™ 
April 29. 1981: West Oxfordshire 

District Council (£im.). April 28. «"** lKf™Si«5°S JJrf, 
1982: Central Regional Council c L? P „7»S 

f£?m.) and City of Nottingham „„TS™- f i C T.nrfor a & 

fflm l April 27, 1983. All the witicli uill iScreS 

variables are issued at par and EJS' c ?»i£l t? £| iSffi* 

point over Libor. preference capital plus ordi 

shares issued under the s 

SAVINGS BONDS gS dass i " ,s “ 

rOTWrn^iniM Doling* in the new shares 

wvriv v exoected to start on Mnv 30. 

The Treasury announce that a extra-ordinary general meetin 
conversion offer win be made to called for May 25. 


Davies & Newman slumps £lm. to £0.8i 


1977 

OKU 

100.662 


1976 

HIM 

r».«M 


WITH AIRLINE company contri- The leased Boeing 7Q7 freighter 
buttons cut by sir traffic control is being returned to its owner and 
disputes in the. UJC. and the. further changes are planned 
continent, taxable profits . of which • should concentrate group 
Davies and Newman Holdings 'activities and produce • better 
dropped from £L88m. to £0-8ra. financial results, 
in 1977. despite turnover climbing In spite of the -^nipping reces- 
from £79.4 m . to £100.65im sion, the. shipbroking company 

At half-time, when a .reduced should continue profitable and, 
loss of _£0.98m. against £1.4im. gfwn satisfactory summer flying 
was reported, a lower overall ^ with _our budgets, the 

result for 1977 was forecast . fi^oup should return to greater 
Mr. F. E. F. Newman, the chair- Profitability in 1978. 
man, says that this was all the 
more disappointing in view of tho Turnover 
high level of activity preva 
in the airline companies and 
earlier expectations of prev 
profit levels being exceeded. 

As well as the contro 
strikes, fluctuations in for __ 
exchange and interest rates also Altributaibie' 
had a considerable influenct 
profit levels. The group also h 
Boeing 707 cargo Jet in 

Which increased COStS. t Second interim. 

These adverse factors were off- Meeting, Essex Room, E.Q, on 
set to some extent by lower June X- at noon, 
depreciation charges on aircraft . , 

and related spares. 

After tax of £464.000 (£ 1.03m.) 
and minority interests of £5,0 00 
(same), earnings per share are 
shown at 6J)p (17.4p).- A final 

dividend of -L86882p net per 25p ^ iiu ___ 

share takes- Ebe total to 7.3Q336p Knee, a member of 1 -the 'General 
against 6.539 P last time, after Accident Group, has declared 
adjustment for a onfr-for-teo scrip higher rates of interim bonds on 
ls sjf e - ^ „ T „ its with- pro fit business as from 

For the future Mr. Newman May l. On ordinary life policies, 
says that since the end of the the rate for contracts taken out 
year two farther Boeing 727/100 since November 9, 1970 and for 
series aircraft have been added certain policies effected before 
to its Beet and further contracts that date, the rate is lifted to 
have been concluded for HS 748 £5.40 per cent, per annum of toe 
aircraft for work in support of sum assured from £5.20 per cent. 
North Sea operations. On all personal pension con- 


Opera tlna profit — ' 

• 837 


Invent Income ... 

2B7 


Interest -pajabte 

460 


A.ssodat«I profits 

53 


Profit beftorc tax 

anz 


Tax 


1,032 

Net profit _... 

336. 


To mi port ties 



Axtrilratable 

333 

345 

Interim dividend 

1J8 ■ 


^Pinal - 

S37 


Less dividends waived 

41 


Retained 

25 

5 28 


Yorks. General 
bonus raised 

■ Yorkshire General Life Assur- 


tracts and single premium 
ferred annuities (except 
money purchase plan) the i 
bonus rate is £6.40 per cent 
annum of the basic benefit , 
attaching bonuses compared * 
£B previously. On annual preHS 
deferred annuities the new rat 
lifted to £3.30 per cent, compw 
from. £5 pfer cent. 

Terminal bonus rates for ® 
nary life policies remain 
changed. But toe company is 
t reducing a terminal bonus 
pension contracts, to be a* 
when toe contract vests and [ 
pension becomes payable. The « 
is to be 10 per cent, of all alls' 
Ing bonuses, including inter 
bonuses. The intention is tbat c 
rate win vary from time .1° u 
to reflect financial conditio®'. 
. The. company has also O' 
some upward adjustments ® 
premium rates for with profit) 
dou-ments for terms uiKfff: 
years and- to its whole life « 
at the higher ages. ' 

The New Zealand Insura* 
Company '(tJ.K.> has dedans 
unchanged reversionary w 
rate for 1977 of £2.75 per o 
of the basic benefit plus aiu 
ing bonuses on its with profit « 

mnlc Tha intenrn r,t A fof 1 


tracts- The interim rate for 
is at the same leveL 


=d 


THE NEW THROGMORTON 
TRUST LTD. 

Capita] Loan Stock Valuation' 
2nd May, 1978. 

The Net Aiset Value per £1 oI 
Capital Loan Stock is 1 12-34p 

StCuritiej valued at middle nur«K 
priec« 


^ secretary told me to play E°l£ A boss - secretary team, as in every success^ 

. _-«! Tfork donej partnersinp, needs to be carefully matched ty 

so SUB could get tue experts. 

Thatis'wliywe, at Senior Secretaries, would ney® 
dream of sending you an. applicant without ha\TD= 
first met you and taken stock both of your 
individual personality and the particular needs 
of fee job.Thatvray we manage to keepiouC'i 
pegs well away from square holes. 

If you. want a secretary who’s right for you, 
we're the people you need to contact. 

We also pride ourselves on having tbe best 
temps in tbe City. 

•telephone Bridget O’Brien-TVrohig, 

Jo anna Dyson or Elizabeth Belton on 0M306 161 




emgr 



3L perfectmatch for every ijoss* 

SeniOTSecietaiMS 1 3/6'IWiparee( l IioiKlonEC2V'8DI^ 






Financial Times Wednesday May 3 1978 

Star warns on 
[J.K. fire profits 

'T' 1 ,, Earning that profitability 
W&-K- fire insurance would 



31 


I'H'.l i 
««■* 


Low & Bonar 
flax cutback 


Workload at Newarthill 
still below optimum 


In ryjv. ore insurance would DORnn MCCT1UAC 

Vt *- Norate is given by Sir- Denis BOARD MEETINGS 
:i M . tain, chairman of Eagle Star The . following companies have notiscd 

'wee Company, in his annual daws at Boars mwiiiMs io the siocfc 
nn n t Excaanw. Such moounas arc nsaaDy 

nAtnfi- «h n * .ui.„ . - taW tor U» purpose ot contjdmufi itiyJ- 

pOint5 OUt that although fire deeds. Official indications are not iraQ- 
3SS was again profitable in aW® whether dtridrads concerned arc 
esnite the firemen's strike iotcrtnise or finals and tic snb-dlvtstons 
16 nreineT, 8 sinKe. shown below arc based mainly on last 
years tuneable. 

TO-DAY 

been inlen- i"terim»— j. a. Devenisb- 


oust? 

I &f&O 4 ompetilion in the UX for 
OVIS fn from both UJS. and 

'\J n insurers had been inlen- _ . - , rr-— _ 

•Oylh' ne i' business available h»&. Hsden Carrier. La pone Jiuforcrfcs. 
MjjSe Of the low level Of eco- '^arks and Snencer, Marshall's Universal. 


« liKlSu 

1,1 Hi.- 


: ,,t tariffs had . again reduced 

‘‘‘Um rale* for many claves . , . 

*'V"' U ' '• VM . 3 2 d . r ! d W profitability Smahen .. 

* d likely to follow. r_ moldlnssi 


all-in account in the U.Jv ”*’ M Bm. Steamship 

I** »•• • ".f, ,^ ‘tes to cive cause for con- « ? ”J5 ri! r C r™]> TS'-m. 

> 'Estates Sir Denis, aithoush fs) P Hnllllnss, ~ 

' Ujss last year at £4^m. had pearcc id h.i 

i l reduced from that of ti>76 "Ttoni* 

amounted to £5.8171. The ISWKS 

“^rv 


U: 


tin* 
••nisi 
»•. .. 
fit. 
rail. 


til. 


!«• l 
tu.-n 


fRkbardt 

. . mh -C. E.i .. „ 

through subsidence, van- mshcrort im-i^nujiu Tnwi 
and burglary continued at 


"•■liihri” 1 * -* ,T,Br t from storm damage. 


■‘I >Mm'f: : ' her rate,, than previously howk* 


growth. Companies sub- rfBr<Jln ^ peacock. PcninSBlar and 
‘ r «ns to the Fire Office Com- .|'S£* vi * flMon- phw “ lLw " 

PuruRE dates 

lalicrtms— 

May 19 
May 4 

May S 
May 9 
May 9 
May 31 
May 4 
May R 
May 9 
. . . May 10 

- .w cinrmc a #Wa . Wn|vcrhj»tn. and Dodlry Breweries June I 

- 111.. 51077715 wnuid cost the Finals— 

.i.,i,i . r,r - £ T rn. which, had been pro- Aberdeen Conjunction May 4 

!, . for in the 1077 accounts. At-Whirc- ^roducB War 25 

rtt.Mmliw. cwS?*niSK.~r - — 5S“ 

— May te 
. .. May II 
.. .. Mar 9 
.... Mar 3 

•! -tin!. i • ' enceri and he expected the Snbah Tmbcr Mar s 

t... 1 t0 proPtabiiity to be slow. *“**■* nostauranr May 4 

yrnun had introduced a new 804 Canrelm May te 

Mar « 
Msr 3 

..„. Mar 9 

"Twisting rates ch ■) reed for 

juijdings and contents may recorded in many territories. In 
:o be increased. Belgium, claim ratios had been 

expansion or the UJC. broucht more under control and 
account was progre^ng as. attention was being given to 
*d and there were plans for expense levels. But this was 

r development in this lively to be a long job. Business 
it year. But the number of in Australia was developing 
*ras hieher than expected, steadily, but this market, was 
sin? by 38 rwr cent., result- beset by fierce and unrealistic 
£2.Tm~ compared comnetition. 

Tfl76. This higher On long-term business, pre- 
claims reflected the miura income rose by 37 per cent. 
— feather and the higher levels to fl57m. and investment income 
•'•Muds (i-otorinc activity by the bv 21 per ccnt.to £82m. Claims 
•» i i»!r. I public. and expenses were £6m. higher 

!uii ' i Denis reports a substantial and the funds increased by £13fim. 
>i' ;emcnt in underwTitine during the year to 1932m. Sales 
., i overseas, with profits of single premiums were particu- 


•II* ti.HSf. . V rou n had introduced a new 

.1 •••»■ I.t |*<7 S ‘ J' linked policy that -Should I'cticr-WaiKcr .J . “ 

i. • "‘■'i’O solve the main problem wirrmwnn nwonn't 

/'■ -.l.'.iiir ler-msurance. But he warns ' v,r * ana Piaffle • - ' 


sin? by 38 

Ch WpTA 

■4 fv*r of clai 


»'il 
uiiiu 
MW • 
•:»* 
ii::.lr- 


larly buoyant in 1877, with the 
hvo series of Income' and Growth 
Bonds being extremely success- 
ful. But new annual premium 
business only rose by 2 per cent 
following the record growth of 
1D7G. 

There was a further large in- 
crease last year in tbe cash flow 
Df funds, particularly the life 
fund. Greater emphasis was 
placed on gilt investment and 
there was selective additions 
made to the equity portfolio. But 
no significant additions were 
made to the commercial property 
portfolio following the activity In 
3978. 

First Castle 
climbs to 
peak £138,000 

Continued progress was 
achieved , by First Castle Securities, 
a subsidiary of Conrior Finance 
Corporation, in the year to 
January 31, 1978. with taxable 
earnings expanding from £71.924 
to a record £138,703. 

Turnover by the group, which 
has interests in the renovation M'd 
resale of pianos and the retail 
mu efc trade, jumped from £170,934 
to F650-SA3. 

Half-time profit was better bt 
£48.156 (£29,679) and the rompyny 
returned to the dividend list W'ith 
an interim pavment of 0.49i!>n 
per lOp share. Together with the 
final of 1.4Soln now proposed, this 
takes the total for the year to 
1A8 p (nil). 

After tax of £56.511 (124.961) 
earnings per share for 1B77-7S 
emerged at 3.5p (2p>. 

The directon; say lhar they con- 
tinue to seek suitable oppor- 
tunities for further exoennion and 
the company's resources are suit- 
ably structured to take fuU advan- 
tage of any such opportunity 
which may arise. 

This time a surplus arising on 
the sale of shares in Leisure and 
General. Holdings was jnrhided as 
an extraordinary credit 


LOW - A?® BONAR is sharply 
cutting back its flax activities and 
closing down tHe operations of 
two of its engineering 
subsidiaries. 

In their . divisional reports, 
directors say that the traditional 
textile operations of bagmaking 
and flax wearing have been 
declining over many years, and 
in the November 80. 3977- year, 
fell to uneconomic levels.- 

Bagmaking was closed down in 
November and flax weaving will 
Cease operations this month. Flax 
spinning win continue on a 
reduced scale to supply Craiks 
and Wemyss Textiles— two com- 
nanfes acquired during 3977— as 
well as- external customers. 
Substantial • - elnsure costs are 
expected on the flax operations 

Lnonn Eneineerine and 
Di'dhnw Engineering hf*tb made 
subtfantiaf lft«os in 1977 despite 
pfTnrts hv nil employees to 
.Improve matters. 

The losses have continued into 
JD78 and w 5 »h no nrnewet of aov 
imnrov^mpnt in the future it has- 
been derided tn close down the 
operations. This should he 
completed by the end of this 
month. 

Directors sav that In the 
packaging division it Is doubtful 
there will be any improvement on 
the condition® nf fierce com peti- 
tion and surplus canacity in 
Canada, The Canadian companies 
have initiated enst cutting 
measures, the maior me being 
the closure of the Vancouver 
manufacturing plant and the 
transfer of production to r’n'gorv. 

On the outlook for 1978. Mr. 
Alnu.J. M. Miller, the chairman, 
tavs. he is omimlstic about tiie 
sroun’s prospect®. "We have 
entoreff 1978 with order bonb® 
and sates at a reasonably hirh 
level, although margins continue 
uhrter pressure.” 

With the U.K. pncknginn com- 
panies. action is being taken to 
make the paper bag operation 
profitable, but the full effect will 
not be. felt until 1979. Overheads 


and manning levels are being re- 
duced where necessary throughout 
the division, and some £2m. is 
being spent on capital goods. 

In engineering, the appreci- 
ation of sterling is expected to 
make overseas markets more 
competitive and put presure on 
margins. The achievement of 
budgeted profits will depend on 
the ability io recruit sufficient 
skilled technical staff and oper- 
atives. 

The outlook for textiles is un- 
certain with no sign of a signifi- 
cant upturn in consumer demand 
in the UJv Re-equipment pro- 
grammes will continue bui ihc 
benefits tvii! not be fully realised 
until 1979. Prospects in Africa 
are mixed. 

In the Flo'tes division, new pro- 
ducts "have been developed and 
these are expected to be 
marketed lale in 1975. 

During the year total net as-wls 
increased from £40.85 to £43.53 m.. 
and there was a £4. 19m. (£1.65nt.) 
decrease io net liquid funds in 
the period. 

£2.2m. revenue 
for Scottish 
Northern 

Pre-tax revenue of Scottish 
Northern Investment Trust for ihc 
period from February 3. HITT Jo 
March 31, 197S, came to £2,170.177, 
compared with £1.716.761 for the 
previous 12 months.. 

After tax of £774.312 |£U3ll.6R3) 
stated earnings for the period 
were 3.Sfip (2.9Spi per 23p share. 
The dividend total is raised lo 
3.66p (2.8p) net. with a final of 
2.46p, which comprises 2.1 Gp Jor 
the year- to February 5. 1973 and 
0,3 p for the period from February 
0 to March 3-3. 1978. the latter be- 
ing- a full distribution of net 
revenue afler tax received in that 
period. 


IN HIS first annual statement as 
chairman of Newarthill, Mr. T. R. 
Grieve reports that construction 
turnover and profit continue at 
the expected moderate level 
reflecting the general condition of 
the industry, while workload is 
still at a lower level than the 
directors would wish. 

The property and investment 
sector is J *fting further expanded 
as opportunities present them- 
selves both at home and in North 
America, where the group has 
embarked upon residential 
developments in conjunction with 
local partners. 

A 22 per cent, stake in County 
and District Properties hns been 
acquired: however the directors 
do not intend to increase the 
group's present shareholding, 
which was acquired in a single 

block. 

The group also purchased a 50 
per cent, interest in Humberoak 
Offshore, an offshore-engineering 
company based in Aberdeen. The 
group intends to participate in the 
activities of this company, now 
renamed McAlpine Humberoak. 
which offers a full maintenance 
service for offshore oil and gas 
installations. 

With the knowledge and experi- 
ence £3ined from concrete oil and 
gps production platforms, the 
group is now substantially 
involved in the design of sub-sea 
production systems which will 
extend the present operational 
limit into much deeper waters, 
savs Mr. Grieve. 

The group has obtainsd with 
U.K. partners substantial EEC 
grants to further its design and 
researrh activities and having led 
thp i? K. field in concrete grari'.v 
platforms, it intends to maintain 
it* toad as techniques develop, he 
adds. 

As renorled on April IS. pre- 
tax profit iuniped from £3.2.1.7.816 
to £1 1 .548.306 for the year to 
October 3 1. IP#/. 

The exceptional result arose 
mainly in ihc McAlpine construc- 
tion sector, and was attributable 
to three factors, the chairman 
points out. 


First, a final settlement in 
respect of the Brent C and Cor- 
morant A North Sea platforms 
which recouped to some extent 
tile heavy losses suffered during 
the period of these two contracts. 
Second, the payment Of substan- 
tial claims on certain other 
completed contracts and finally, 
satisfactory results front many 
other contracts m progress during 
the year. 

However, the chairman is still 
unable to report any early pros- 
pect of further orders for oil plat- 
forms in concrete. Although the 
heavy programme of platform 
building which was envisaged live 
years ago and which encouraged 
the company io construct a targe 
establishment at Ardyne on the 
west coast of Scotland has not at 
present given further construct tun 
opportunities, the facility is being 
maintained in a state of readiness 
and every - effort is being made to 
secure onfers for any floating con- 
crete structure which might be 

required, tic odds. 

The completion of ihc ihrcu 
concrete platforms which collec- 
tively provided in monetary terms 
the largest volume of work, on a 
single' site, in the- company’s 
history inevitably resulted in a 
reduction in turnover which has 
continued in the current year. 

Mr. Grieve reports that in the 
property and investment division 
only slow progress is being made, 
in a difficult market, with the let- 
ting of the office development in 
Liriatol, but further progress has 
been made with the long-term 
warehouse project in Hayes. 

Meeting. Imperial Hotel. \V\C., 
May 25. 12.30 p.m. 


Robts. Adlard 
falls £96.885 

On turnover ahead from £7.!)4ni. 
lo ItMiiim. pre-tax profits for 10.7 
of Roberts Adlard and r i»ia 
builders' merchants, fell from 


£848,982 la £332.iM? and after mx 
of CWJ.031 against £340.267 net 
profit emerged as 1262, M6 com- 
pared with 1308,715. 

Earnings per 23p share axe 
shown as ll.«2p tl2.7tip> and the 
dividend is increased tn 4 3103p 
<3.D9175p) with a final or 2.7283 P 
net. 

Scott and 

Robertson 

improves 

WITH AN impruu-ment in trading 
conditions in the second half. 
Scott and Ruhcrlson— which 
manufactures jute, textiles, etc. — 
finished the year to February 24. 
107$ with pre-ta.*: profits of 
£322^03 auainsi £7S5.s‘U;t after a 
fall from £Sfi7.095 to £123.2!!! in 
the first six months. 

There is no full year lax charue 
compared with £371.0-71 and earn- 
ings are shown to be up from 
S.3p to 10 471* tie!. 

The dividend total is hoisted 
from I 82'ip m 2.744 P net per 2.»p 
share with a final of 1 S3». Tin* 
Treasury has a:;reed In ihc 
increase in runtcM of the 
rejection uf the bid by Fairbairn 
Lawson. 

The directors have revised llieir 
accounting policy relating to 
deferred tax in aecordatice with 
ED 19. Thev hate taken the view 
that the amount set asMe for 
deferred taxation up to February 
23. 197? i< adequate i« cover any 
reverse tinting differences that 
are liV-olv to arise in tin- foresee- 
able future anil that h rt further 
transfer to deferred tax need 
presently lw made. 

Due m capital allowances and 
stork relief m* liability to 
enrpnrutmn tax arises in respect 
of 1 977-78 




ils- 


1 


.tat!!--! 

'! 

H*. i?\'n 
U!.. S- j 
4<U=.i- 
t t> »»•■* 

Ol-'u- 
It. . 

:.f i ; > 


ONEY MARKET 


::k 


iicreased pressure on rates 


(fun I . 

c.: ! ’ • 1 




’• ’■ « ,,: *.ik of England Minimum 

. v . . iding Rate 7i per cent 

1 hlick sc (sfaee Apri ^ 11, l97 ®^ 

. ^ inued strong upward pres- 

r '' ‘-'on interest rates In the 

' • i money market produced 
' ’ > problems for the authori- 
esterday. Any rise above 
.■el or 7J pee cent, io Bank 
" tgland Minimum Lending 
* set at the time - of the 
t. is obviously unwanted 
' the official point of view. 
• larkot sentiment appeared 
it towards a rise to at least 
■ cent in MLR in the 
Hate future., 

.ourii houses buying rates 
. irre-momh Treasury bills 
tod firmly above the trigger 


point for a rise in MLR, at around 
TJ-74 per certU but other interest 
rates were considerably higher, 
leaving a very large differential 
between Treasury’ bui rates and 
buying rates for. ihree-month 
eligible bank bills at S tv-85, per 
cent'. The yield on three-month 
sterling certificates or deposit rose 
to SJ-Si per cent from 8i$i per 
cent 

Under these circumstances, dis- 
count houses showed little. willing- 
riess to bid for early funds yester- 
day. and indicated by their 
general demeanour a wish to sell 
as many bills as possible to the 
authorities in the afttynpoo., „ . 

Iti an' attempt to - calm' the 
marker, the authorities bone hi an 
exceptionally large amount. o£ 


Treasury bills from the houses 
and a small number of local 
authority bills, probably over- 
doing the amount of assistance. 

Banks brought forward run- 
down balances from Friday, there 
was a substantial- net take-up Of 
Treasury bills to finance, and the' 
market was also faced with a 
sizeable rise in the note circula- 
tion. On the other hand Govern- 
ment disbursements slightly ex- 
ceeded revenue payments to the 
Exchequer. 

Discount houses picked up late 
balances at 4-5J per cent, and 
money was available at 4-3 per 
cent in thV'inlerQ&nk - market at 
the close, haying commanded Ti- 
ll per cent, it lunch -time. 


! , 
, C 



/ ' c ' 

UilifiMtr 

••I 

• 

fniurinink 

j Lmr*l 
, And will* 

i *1 

ILiro Aurh. 

• •in-iiiMi*-- 

Fin»ntf - 
Hmki- 
ti"l»* it. 

• • 

'.iMIpIfll 

1 Marti 

|il<diiini l 
>i),rk«f ; 1 namin' 

*«l.»-tt j Hi l- <(i 

K’Udh* 
Bonl ■ 
Hi**. 4 . 

^Finp’JfM* 

. Hill >| 


• ii .... 

/ lllux-.. 


4 7i«' 

" 

s 

j 1SB-7*a 

- 

. : - . 


4 6'» ; — • ■ 

— 

i • - 

I . 

. . . 

, Bl 

• III..... 

Ill* ... 
Jlllll 
tl .... 
mh .. 

(]»a 0I2 

K: s :i 

9,i 9,i 

iseTS* 
1*4 Bt* 

a OB 

85« 9 
Sr a *r3B 

9'u ’a 
*1* !rS3 

! 75* 

1 76,1TB 

1 Bl, -W* 
<*, 946 

1 

1 9U is 

■i eta B«» : 

! t S, 8>, 

’• 87, 85, 

; 9ig sjg 

1 «»»■*» 
bS, j5 t 

75,8 

a SB 
BU I, 
i« 91, 

9«* *6 
r 4 , 

97, 

77, 

9 ia-9'. 

55, 61, ; • - 

6a,-67, , tJt-6^ 

'• { 7 

Ii* 7ia i 71, 7.1* 

f j — 

7t>-7:i 

B.-'BtJ 

bivs-8'2 

87,8 

: Bia" 

I ts * 

\ t.ii-9 

} a**. . 



: uk 






1 - 


.1 authcrlrips and ftniuirc houses si-vmT<Jsj«' notice. otii?rs wen days - fee *;. 1®^ plS°Kin 

ihMi «• ure ii.Ml nrr rdi! : four 111 -US p "" ivnt.: five Fear.w 11«-13 per cent. 0 £nnk bill twites in table 

Hvr! l«n k bids S,*-S? per ceuL; mr-anth trade am « per 

snssutttt p?? r <s : sas fszsjssjs ssssa 

i ffjftjrtt v .slm s!? ssn&JFnari ■ ■ ■ 


thrci-monii 

p.-7 corn, trow *far l~ ttt. ctoarlrg Sank 


4* f in g * .<su » laoein p.-r ccm. now «aj i. iw. cwwira win* 

a I lad- l V’ Rates l fur small sums at «von days* noticel 4 Dcr SBU. CIoswbs Sank Base Rata for tcndl&s <4 per cent- Treasury 
OW » ■ a “ * ivrw tender rates of discwmi tSSSS per cent. 


»!*> 

•i. - 


: n 1 
;r^. 




at 


s'? i 
-.luasw - i • 



P 

le 

ies 


>t» 


T?* •*' 

r : - s' - 




« has 342 facilities around the 
. For example ... in the United 
■ 3 , Canada* and the United 
om, our manufacturing plants 
stri button centers . . . 
pent $1 Billion with Suppliers, 
VI 38 Million in Taxes, and con- 
ed nearly $1 Million to local 


Civic and Social Activities .. . 

- plus ZGJ2.00 People earned $514 
Million in Wages and Benefits to 
spend and reinvest in Dana Com;, 
munities. 

These communities furnish Dana with 
people each year - and the system 
grows and prospers. 


\ l :• v: -' 


Wr--' 


tfflMCIAL HIGHUGHTS 

Six Months Ended 

: IncofflB Per Share 

Mends Declared Per Share 

Mend Dollars Declared - 

: Income ^ 

; Sales — 

; Income Per $ of Sales 


Fab. 28.1971 
$1.87 
$.61 
$19 r SQft,D0Q 
$59,200,000 
$i,D5i,oad,opd 
Be 


Fab. 28.1977 
$1.62 
$.44 
■ $13,000,000 
$48,000,000 
$820^00.000 
6c. 


Percent 

Change. 


+23% 

+m 



rcarp3“itio: 
sf «iripc 


iUSLl IO tflf v ' 3: 

i fo.- S».w^i3b'- V 


l-vkl«4us.'4»'. - JC .- J - 

L’"ve!iic!i!. •ovic* wiitv f> 


1376£18.6m 


i — l 


rr~ 


SSSf-.^ni 

Yi.v 



: : * - x?*. 

'■Q&C:; 




t?-.’ * 


1S75£12.9m u 


Jxt. 

mt 


•n-v^nriw 

2974£7.9n J |T |J | M 



Profits 
againarecord 
-policy of 
growth continues 


.. Salient points from the circulated statement of the Chairman 
and Chief Executive, Mr .Peter Goodall. 

ijc The Group continued throughout 1977 to trade in the 
most- deplorable conditions 3 and every division of the 
Cbmpaay is operating in extremely bad markets. 

sfc We Save io operate the Company at very much below full 
capacity which can only be met by ever-increasing 
jiroductivityj operating efficient up-to-date plants and 
continued neverrending work in research and development 

, ^ A capital investment of £35 million in the current year, 
funded out of existing resources, is a 


a continuation of our 


_ .Year ended 31st December 





RESULTS 


Turnover 
Exports. 
Profit before tax 


1977 

£000's 

220,767 

29,510 

.26,720 


ProFijf. after tax : ; 1 4,998 


..Dividends 1 
Shareholders' interests 


Earnings per share 
Dividends 
per share 



4,152 

86,096 


'’Si 

1976 

£000's 

162,423 

19,904 

.18,618 

10,320 

2;i33 

63,733 


.m 


past polities and a straight investment in 
the future. 

sfc Our investment with Cement-Roadstone in a 

seawater magnesia plant at Drogheda is progressing 
well and should be on-stream by September 1 979. 

Our new American company, W. S. Dickey Gay 
Manufacturing Company^ has performed remarkably well in 
its first year of acquisition. 

Final dividend of 1.75p recommended making 3.3p for 
the year, an increase of approximately 53%. 

After reviewing activities of the various divisions of the 
Company , Afr. Goodall concluded 

£t In spite of the present difficulties so long as we 
all work together with the same dedication as we 
have in .the past the future of this Company 
will undoubtedly be bright indeed”. 

HEPWORTH CERAMIC 

. HQLu w '» l G i = L.TD 

. Leaders in clayware, 
refractories and industrial sands and 
prominent in plastics, 
foundry resins & equipment, 
engineering etc. 




' -rite jfimSztGcnetai Meeting ^Ui beheld a ndnJJih May in London. Copies cjthcliepM and Accounts cm be vbuincdjmn the Secretary, Gencfax House, Tapton Park Road, Sheffield $10 SPJ. 



1 


EiT-”. 


l 


Prudential 

Chairman reportsGroup profit up 30% 

The f el foxing extracts arc taken from the Annual Statement for 1977 by the Chairman 3 Mr. R. H. Oxen. 


In T9"" the Group profit available for distribution, at 
£$ r .9m, shows a 30 pa - cent increase over last year's total of 
£24.4111. Your Directors have declared dividends for the 
year which . . . amount to io.o - p per share. This is an 
increase of 10 per cent over 1976- 

Group expansion continues The steady increase in 
profits from the main life business . . . was helped by an 
improvement in the profits of our re-insurance subsidiary, 
the Mercantile & General. Prudential Pensions Limited, 
which operates in the unit-linked pensions field, has become 
a major insurance office in its own right. It has /'224m of 
funds under management, and is malting a growing 
contribution to Group profits. 

In 19 — the Company bid successfully for ITic Standard 
Trust Limited, an authorised investment trust with a high 
quality portfolio . . . the acquisition of The Standard Trust 
Limited has given us a better base for further growth. 

The Wilson Committee We have participated fully in 
the insurance industry's preparation and presentation of its 
evidence. Although this process has been demanding©!' the 
time of senior personnel . . . die conviction is grouting that 
the effort u ill prove to have positive value beyond that of 
successfully refuting the charge that the financial system has 
failed to provide industry with the funds required for 
investment in plant and equipment. . . . Institutional 
investors seem likely to develop closer contacts with 
industrial managements, and to do more to promote a 
better mutual understanding of the common long term 
interests of investors and the companies in. which they 
invest. 

The Wilson Committee's interim report showed how die 
gathering of facts, and the application to them of objective 
analysis, caused a whole line of criticism of the institutions 
to collapse. 


Consumer protection We have in this country a long 
history of insurance legislation designed primarily to 
protect the consumer. Initially this legislation was directed 
to ensure solvency, but over the years it has been extended 
to other aspects of consumer protection. This was so in the 
1974 Insurance Companies Act and in the Regulations 
being made thereunder. There is also the proposed 
legislation arising from the European Community, again 
largely with the object of protecting the consumer, although 
there are occasions when it appears that the search lor 
harmonisation becomes an end in itself, rather than a means 
to a more sensible and satisfactory end result. 

Consideration and implementation of this legislation 
places a considerable burden on the management and staff of 
companies. In many instances it also leads to an increase in 
costs, which in the long run is borne by the consumer. 
Worthy as the objects of a particular piece of legislation may 
be when considered in isolation, it is essential to retain a 
proper sense of balance. Otherwise we shall find that 
legislation which had as its objective the protection of the 
consumer will have a cost to the consumer exceeding the 
value of the protection provided. I am pleased to say there 
arc some signs that this is beginning to be recognised. 

Occupational pensions In the event, the majority of 
the larger companies decided to contract-out of the 
camings-related component of the State scheme. One 
pleasing consequence is the inclusion in good occupational 
pension schemes of many more manual workers. . - . Many 
employees in small companies still have no occupational 
scheme cover: and so we introduced last autumn a new 
with-profit plan - the Prudential Company Retirement 

Scheme we have also up-dated our Executive Pension 

Plan These new schemes . . . put us in a strong position 

to benefit from a more settled period for occupational 
pensions now that the new State arrangements arc in 
operation. 


1977 Progress Report 

Life Assurance In the Ordinary U ranch 
premium income and considerations 
weie 1 i.s",. higher at ^532. Sni. 

In the In Ju> trial Branch total 
premium income «a.> io.6” 0 higher at 

A, 14\J.bin. 

A continuing improvement in the 
re l urn on mtciinienti enabled the rate 
oi reversionary bonus in the Company's 
Ordinary Branch in the UK to be 
increased from 1 . 4 .20 10^4.40 per £ too 
Mini insured. The same improvement 
enabled the rate nf reversionary bonus in 
the Industrial Branch to be increased 
ln.u1ijiJ2.oo IojCC.So. 


The rates of terminal bonus for both 
branches have also been increased and 
the scale extended to include policies 
issued in io~6. 

The total surplus distributed to 
policyholders amounted to £220.510 
compared with £ 190.4m in respect of 
iu - 6. 

Surplus transferred to the Profit and 
Less Account amounted to £ 15.9m 
compared with £13.010. 

General Insurance Premium income 
amounted to £35*01, an increase of 
f3om over 19-6. The net surplus for the 
\ car was £ 10.4m compared with £6.301. 


lOKBslmenls In 1977 the demand for 
finance in the United Kingdom was 
predominantly from the Government, 
and we invested a major proportion of 
our funds in government securities, die 
yields on which continued to look 
favourable with the prospect of Lower 
rates of infiat inn. 

Demand for new industrial finance 
was quite modest despite the strength of 
the equity market and the willingness of 
most institutions to commit funds to 
this sector. As usual we underwrote 
most of diosc issues which were made. 
Property investment in 1977 was again 
lower as developments commenced m 
earlier years approached completion. 


.1 copy 1/ the full Siaicnxur is available from:— The Prudential Assurance Company Limited , 14 c Holboru Ban, London ECrX eXH. 


RMC poised for 
further growth 


Financial Tunes Wednesday May 3 1978 

Progress 
foreseen 


jiii'* 


AFTER A Tour year depression 
with greatly reduced demand, 
there are indications that the 
worst is now past and Ready 
Mixed Concrete may again move 
forward, says Mr. J. Camden, the 
chairman in his annual statement. 

The group is constantly seek- 
ing out farther opportunities in 
its traditional lines and new pro- 
ducts both at home and overseas, 
members are told. Much strategic 
planning has been undertaken to 
enable RMC to meet future fluc- 
tuation* and uncertainties as 
business trends become more com- 
plex. 

in the U.K. and Europe severe 
weather conditions have occurred 
during tbe early part of this year 
and have inevitably adversely 
affected, trading. 

Since the start of the year there 
has been a welcome increase in 
the private housing starts, but 
recent pressure on building soci- 
eties to limit mortgage advances 
may again retard the situation. 

In Europe much depends on the 
economic policies adopted. In 
some countries the rate of output 
will slow down: in others RMC 
will go forward. In Germany the 
picture is brighter and there arc 
positive Indications that demand 
for products will increase 
throughout the remainder of this 
year. 

As reported on April 14, pre-tax 
profits advanced from £22.94 m. to 
£23.32m. in 1977. on turnover of 
1547m. (£3 ljm.). The dividend 
total is 5.77p ta.ITp) net. 

Inflation adjusted accounts show 
pre-tax profits of £19.Sm. after 
adjustment for depreciation— 


£ll.31m.. cost of sales— £i.79m., 
and gearing— £4 
At the year end there was a 
decrease in net short-term borrow- 
ing of £S.48m. t£0.44m. increase). 

Meeting, tnc Dorchester, W, on 
May 26, at 11 JO a.m. 


London Utd. 
to continue 


expansion 


IN HIS annual statement Sir 
George Bolton, the chairman of 
London United Investments, says 
he believes that the company will 
continue to achieve further ex- 
pansion in 197$. and he looks 
forward to dividend restraint 
being lifted. 

As reported on April 18 taxable 
earnings for 1977 doubled from 
£1.74m. to £3.4Sm. and the divi- 
dend is increased to the maximum 
permitted 4-i'0598p (3.765 BSp ) . 
And. with a proposed three- for- 
one scrip issue together with a 
consolidation of the new and 
existing 5p shares into 20p each, 
the company will acquire trustee 
status. 

Sir George adds that the com- 
pany's activities continue to be 
soundly based and have proved to 
be increasingly profitable in real 
terms. It is intended to continue 
to direct new investment to the 
areas of tbe operations which 
have proved most profitable. 

Follow ins the exceptional 


growth of the company during the 
laM two years, the ehaimJan re- 
ports that the group is in a 
stronger financial position than 
ever before. The reputation of 
insurance subsidiaries. H. S. 
Weavers < Underwriting ) Agencies 
and Wa] brook Insurance Com- 
pany. in the international market, 
has grown in stature over the last 
three years and Weaver's now 
takes iLs place as the largest 
underwriting agency of its kind. 

Currently Weaver is writing 
business on the London Market 
at the rate of over SU.S.lOOm. of 
premiums per annum. The direc- 
tors also intend to continue to 
increase the issued share capital 
as may be necessary’ lo enable 
WaJbrook to take full advantage 
of continuing profitable under- 
writing opportunities as they 
present themselves. 

Meeting, Connaught Rooms, 
W.G., on May 24 at noon. 


W. Williams 
increase 

Turnover of W. Williams and 
Sons (Holdings) in neared from 
£6.9-4 m. to IS.51m. (or 53 weeks to 
end 1977 and pre-tax profits rose 
from £182.895 to £216.126- 
After lax of £89.650 (I5S.917) 
earnings are shown lo be ahead 
from 5.1 p to 52p per 25p share 
and the dividend is lifted from 
lp to 1.125p net with a final of 
0.625P- 


byOfrex 

DIRECTORS AT Ofrex Group i 
confident that progress % 
continue and they are pLanyf 
for a year of record saJ e% ^ 
profits in 197S, Mr. ^ 
Drcxler. the chairman, sayg’ 
his annual statement. \ 

Although sales and profits \ 
the first quarter have been ahe 
of last year, political, econo® 
and financial uncertainties 
definite forecasting difficult, t 
says. 

While its order book i* ^ 

factory and price increases « 
be held to a minimum the tor 
trade recession has alrej, 
affected export trading. 

The group’s U.S. operate 
continue to make losses but- yj 
Drcxler believes that the log 
will prove to be a reasonable prj 
to pay for a worthwhile nmt 
share. In Canada, the gr» 
hopes to upgrade the size a 
scope of activities by broaden 
its product and distribution bx 
A one-Tor-Iive scrip issue' 
proposed following the £i^ 
surplus which arose or [ 
revaluation of Us major (j: 
properties. 

I is pre-tax profit for 1377. 
CJ.94m. is shown cul to C.oa 
by current cost adjustments j 
depreciation of £195.000 and. a 
of sales of £0.9Hm„ oflxei by 
£0.3m. gearing adjustment. . 

Meeting. Stephen Street. W 
May 25 at 11 a m. ’i 


COMPANY NEWS IN BRIEF 


A. A. JOKES AND SHIPMAN 'metal- 
working machine toots maker*— Results 
far 1977 already known. Croup flx?d 
assets £1.91tn. •n.Wm. ■. net current assets 
tt.jGnt. 'U.-ifen.i. Net liquid funds op 
£31.000 <£331 000 1. Furore capful spending 
£15001- Chairman says company 

had encouraging first -quarter and should 
make headway. Meeting. Leicester. May 
17. 2.13 p ni. 

AFRICAN LAKES CORPORATtON- 

Resuiu for year 10 July .11. 1977. reported 
‘.larch - with cemracuts on prospects. 
Group fixed assets £2.Slrn. i£.M'6ni. 
restated). Nci currcni assets 
£fl.7m.i. Increase In liquidity J.1M0I7 
(decrease £143.731'. Ai March 31. lib. 
Rhodesia Railways Contributory Pension 
Fund held 1*2 per cent, or ihc equity. 
Meeting. Edinburgh, on May IS. at 
UJIO a.m. 

APV HOLDINGS— Results lor 1377 
reported March It Fixed assets £2$. 33 m. 
124. Dam. i and net current assets £36.7 1 ni. 
££4loi. i. Shorl-tcrm deposits 14.36m. 
£2.7m.i. bank balances and cash £3Jtm. 
13.03m.'. Bank loans and overdrafts 
rt.Sint. i£7.4,m.i. Met liquid funds 
increased by £3.37m. i£3.4in. ■ St. Rests 
fnicrnauona] holds 27-3 prr cent, of 
equity Mcelinc. New Zealand House. 
SW. May 13. I1.4 j a.m. 

ASSOCIATED BISCUIT MANUFAC- 
TURERS— Results (or 1317 reported on 
April 11 with chairman's remarks on 
prospects. Group fixed ass-ts £4J.I7m. 
'£41.&3m.i. Net current aascia £2s.87m 
■£25Jim.i— short -terra deposits £41Sm. 

■ SS.lBxn.i: cash and other balances 
D.j’m. and Dank loans and 

overdraft' £>30000 'ESn.PXJi. Current 
COST profit before lax shown at £6. 21m. 

• 13.1km. • after extra cost nr sales EVJsm 
i £2 KJm.i; additional depreciation 
13.11m. <12 91m. >« -*nd gearing adjust- 
ment £l.l2m iEl.Sm.1. Meeting. Great 
V>,t c rn (loyal Hotel. W.. Mar 16 at 
12..".4 p.m. 

BIFURCATED ENGINEERING — Rrsults 
lor I KT reported April 7 1-iScd a;,.*ts 
rt77m. i£2.6>m.i. net ••urrent a-seis 
f. 1.27m. < El.itn. • Rani- overdrafts 

ri'.T.-a'Cd i, r Mol #1 J ■ tf: 1.77 increase ■ 
'.Irenns Aylesbury. Rucks. May is. 
noon 


BRENT CHEMICALS INTERNATIONAL 

—Results Ipr 1177. reported March *9. 
with right * issue, acquisition. and com- 
ments on prospects. Croup fixed assets 
£2.4ra. (£1.7301.1. Net current assets 
£l.4Sra. i£i.23m.i Increase In bqufdirr 
SO. 3m. i SO.Sm. >. Current cost statement 
shows historical operating profit CMm.. 
less depredation- adjustments £153 000. 
co«r of sates £202.000. Interest payable 
£101.000. and gearing adjtcitmeni £42. QUO. 
leaving current cost pre-tax profit £1 91m. 
Meeting. Skyline Motet. Hayes, oo 
August 17 at noon. 

BR1DOK >wlrc. wire ropes, fibre and 
plastic products •— Results for 1977 reported 
March 31 with comments on prospects. 
Group fixed assets Lie. Tiro. <£32.3m.i. Net 
current a e>eu £34.71 m. i£4S-jlm.<. Net 
increase in short term borrowings £10. 65m. 
<£t.Sm.>. decrease In long and medium 
loans £126.000 i£2.8tm.>. CCA profit 

K 2m. >fll.61m. histoncnh. Mectfnc. 

Chartered Accountants* Hall, E.C.. on 
Aliy 23 at noon. 

CROSS LET BUILDING PRODUCTS— 
Rcaolu for 1977 reported April 11 null 
comments on prospects. Croup fixed 
assets 111 -36m. <£6A4tn.i. Net current 
asfrits io.7n*. <£fl.96m.'. Decrease m 
working capital £02! in. <z0.13m. increase'. 
Meeiirc w *i on-on-Tees. May 19. at 
naan. 

CSC INVESTMENT TRUST-Resultr 
pmnoualr reported: Investments quoted 
U.K. rt.JTm ffl.Sim.t, overseas £27.TU 
tsame>. unquoted £131.105 ( £129236 >. cur- 
rent assets GS.B39 '£18.288'. current lia- 
bilities £9 Jim. '10.31m. ». Meeting. 44. 
EiDom*e>ury Square. W.C-. May la. at 
2.30 p.m. 

ERITH AND CO. (builders’ merchanio 
—Results for 1977 rr ported March II. 
Croon fixed assets (1.7dm. 'n.aom.i. Net 
current assets £1 -Hm. ■ 11. 1 Tnt. t. Increase 
vn imuidlty £3il.8k( <£261.881 decrease «. 
Group well placed (or any upturn in 
bu-.'ncss and able to increase market 
share at reasonable margins even in 
static environment. Meeting, ssu lllsh 
Road. Lenonstonc. Ell. on Alay I*. At 
noon. 

CASKELL AND CO. (BACUP) 'carpels 
underlay, floor covcnni >— Results lor the 
year 1977 repor'ed April I Croup fixcii 


assets £895.342 <£824.7Sll. Net current 
asicta 2192m. >El.Sia.>. Turnover in dw 
first quarter of 1973 Is slightly uo on the 
same period of JP77 current cost profit, 
before tax. £200.000. MeeUoB. Elackburu 
i Lane. i. 

HARRISON AND SONS iprlnting'- 
Roulrs for 1977 reported .ton! 3. Group 
fixed asset.; £3. 16m. '£^2tro. >. net current 
(labilities £63.400 <£39.1l» assel^l. Rank 
ovcrdratiN decreased by £302.900 '£6i\.70u 
Increase'. Ai year end. l.pndon and 
Associated liivcsimeni Trust held 47.9 per 
rent, of equity. Meeting. Stationers' HaU. 
E.C.. J.l»y 24- wn. 

HOME COUNTIES NEWSPAPERS— 
R.-inllf for 1977 rcporiLd March 30. 
Group fixed assriv £327.33$ • £503.12?'. net 
enrrem axseix £9d.l.$92 i £504.317'. Cash 
balances incn-ascrt by £410.938 >119.412'. 
Chairman says first three months have 
shown Rtaimenance of improvement of 
adv/-mv:men' revenue. although 
nationally-agreed and locally-iiegotiaied 
wage increases have made inroads into 
group's performance At March 33. 
County Newspaper; held 33.28 per cent, 
and Countr Bank held 23.13 per cent, of 
com".' 1 . M<"<: i ins. Luton. Mar l>. noon. 

McCLEERY L’AMIE GROUP ■ carpel'-, 
lex tiles, rope and t trine, rn^inceringi — 
Result:; for 1977 reported 31 arch II "it it 
cnnimen's on provpeci!.. Group fixed 
a.i,ei3 14.22m. i £4. 53m. >. Net current 
£2.35m. <£2.33in.>. Increase to 

liquid (unda fl.24m. 'TJ.OIm decrease. 
Ex-graDa pavmenLi tu pa*i directors 
£24J>J0 '£15.000'. Meeting. Holywood. 
Co. Down, on May 18 at n<»>n. 

PERCY LANE ■ window manufacturer i 
—Results reported March W Fixed assets 
l'I.£9m. <11 .39m. I net current assets 

n.39in. <£l-3m ». Meeting. E’-irioingham, 
llay 2fi. at noon. 

RICHARDS AND WALLINGTON IN- 
DUSTRIES < sel'-lng and hiring cutmrue- 
iiiin and indusmat nlam i— Results for 
1977 reported April 14. with prospc.-i-. 
Group fixed ass ,- lx £3!.4Jm '£2<1.Mni • 
net current Msulx fl-SSni isamo. Net 
llnuM funds up £0.$4m iduwn roJHm >. 
Stilish ElC'.-irli. Tra-’iion Company holds 
20.91 per cent, infrew. Meeting. B'r- 
miugh^m May 51 noon. 

SHARNA WARE 'lliaiilifiaedirrr "1 


plastic ware, eic.i— Rcmlc tor 
already reported. Group fixed ^ 
£1.2$ra. ,£O.90in. '. Nei •■urrrnt t . 

£0.7bin. r (0.0m. >. Chairman anuag . ' 
another record vear t"r 1974. m ' 
Alanchcaier. on Slay 17. at f.'.JO aj,.' ' 

SPIRAX-SARCO EHG1NEERQ 

Results for 19. , renom-d Apnl 4 c, • 
fixed assets I9.i2m. lUlKTtn.'. Net cur 
PMrls £t0.45m. I £7., TIB. I. Mm .i 
Chc-ltenhara, on May lx at 12.45 

STAR (GREAT BRITAIN) HOLDlf 
("holly owned subsidiaries or Eiy 
Property Corporation'— For v Mr , 
Omabcr 31. 1*77. nt-i property imew* 
l/tconii 1 (589.1 IS (f.7it.4.]7!i and g| 
income (VW.399 iLVtr i.l.l ■ ima 
£176.6-7 « £149.700'. Tax nil <£>irfi e 5 
ordinary Urbim £742.916 in.376, i.thc 
br transfer from > apllal reserve. Ann 
able In holding company »1 IK 
(£9771,824 1. Dividend absorbs 11.10 

■ (hlj.lMai. , 

Tl RALEIGH INDUSTRIES <rj 

maker— wholly- owned subsidiary of t 
lnrcstmcnb.1— Results Tor 1977. lire 
known. Group fixed assets nil 
(£12.9m.t. current assets 1(9' 
i £46. 17m. ■. current ImbiliUes £21 } 
i£22.fi*ni.i. Net liquid hinds dovin £4i 
i up 23.82m.'. Director! say ad vers; c!T 
of Industrial dispute will •.oniinuc dhre 
early part of 197$ but confident at 
covery. Meeting. Noumghun. Uiy 
noon. 

WATTS. BLAKE. BEARNE AND 

■ extraction, processing and mark, unj 
ball and china clays »— Results tor 
reported April 5. Group fixed as 
ni* 46m. i£ll.&jm i. net curretn u 
£.1.1 2m. i £2211 m. i. litstoncal pre-tax p 
£J.67tn. and £2.0-.’m on Ci2\. basis Lh 
hinds increased by 14.93m. i£3..7|i 
M eeting. Mnrcionhampstead. Dc 
May 13. ai noon. 

WOLF ELECTRIC TOOLS (HOLOIN 

—Results for 1977 already ronuricl. O 
man says company off in a reason, 
start, with first-quart.- r -ales ahead 
18... Aiming in increase volume 
value and to earn an acc ouWe an 
margin. Group n*l current a«n* 
Dc.-ember SI. 1977 Mam. 'EVJSm.'. ft: 
assets £2 .43m »P2.*,3m.. M-eiina. Han 
Lane, IV.. May 19. ai nn.m 


Bowring and 
the offshore industry 

Insurance cover for a British fleet of 12 submarines and 6 mother 
ships valued at £14,000,000 is 
typical of our involvement. 


Insurance cover for underwater exploration and other 
advanced marine projects demands exceptional specialist 
skills. Bowring supplies them. 

Our subsidiary. Undersea Projects Insurance Brokers 
Limited, is at the service of brokers seeking cover for 
such things as manned and unmanned submarines: 
submersible workboats; tethered observation chambers; 
diving complexes; oceanographic survey ships; and for 
insurance against accidents to their crews and to divers. 

This Bowring subsidiary is part of our Marine Division. 
The latter has been insuring every type of marine vessel 
since the early years of last century. Today the Division's 
activities extend to the insurance of the entire offshore 
industry. 


We can, therefore, offer our brokers and other clients the 
benefits of the skill, the contacts and the unique resources 
required to handle complex insurance running into 
millions of dollars. 

Moreover, we are members of the Bowring Group whose 
international services include not only insurance and 
reinsurance broking but also insurance underwriting, 
credit finance and leasing, merchant banking, shipping, 
trading and engineering. 

Bowring <§> 

Insurance brokers to the world 

C.T. Bowring (Insurance) Holdings Limited, 

The Bowring Building. Tower Place. London EC3P 3BE. 

Tel. 01-283 3100.Tetex: 882191. 

A member of the Bowring Group 












}j£j> 


*;iv 




Thrndal Times Wednesday May 3 1978 

set 



33 


’£N reasonable trading condi- 
<(,.« overall, Bbstbbeu Should 
■w increasing profitability not 
/'/.in ibe current year but in 
years ahead,. Sir Humphrey 

• *ne, the chairman, says in his 
' ual statement. 

be company is now in a secure 
lion to develop opportunities, 
be past few years its organisa- 
has been improved, staffing 

• forced and objectives and 
• s more clearly defined and 

?r systems of control are be* 
established. 

rerseas, subsidiaries are gen* 
y in good order and a perma- 
settlemern in Rhodesia 
.*d have a major beneficial 

• ,.t on operations there, and 

Australian company is well 
Hi to gain from an improve- 
i in trading conditions, the 
i nnan states. 

les for 1977 were ahead to 
'2m. (£77 j9m.) and taxable 
t advanced to £5.49m. 
\ ton.)— as reported on - April 
rhe net dividend- is stepped 

• o 9. 4353 p (S527SSp) per 25p 

." t liquid funds' at year ettd 
down £l.Mm. -f£1.14m.) with 
. tracts and acceptance credits 
,, t £4.45m. (£2.7vm.) and bank 
ices better at £2.09m. 
6m.). 

rin® the year the company 
the balance of £1.5 in. of the 
ear £3m. loan raised in the 
- ■ pan of J976. 
th some exceptions, notably 
en. Bhe group's Continental 
■arries' performance was un- 
tactoryin 3077, being affected 


growth 


Elsewhere overseas, despite as 
adverse exchange rate, profit 
showed an overall 17 per cent, 
increase . The main -component of 
this was a recovery in South 
Africa from loss to surplus. 

In the U_K. a flow measurement 
equipment manufacturing com 
pany was acquired and now trades 
asHeetobefi Meterfiow. Its product 
range promises an important 
extension of the group’s capability 
in the field of industrial control 
equipment, the chairman says. 

A new subshUaxy to make 
steam line equipment, BestobeU 
Steam Products, has been formed 
and production is expected to 
begin in the second half of 1978. 

Meeting, Hayes, Middlesex,, on 
May 26 at 11 a m. 


Hawtin 
turns in 
£0.73m. 


PRE-TAX profits of Hawtin, for 
the year'to January 81, 1975, rose 
from £594,000 to £733,000 on turn- 
over ahead to £7.32m. against 
£4. 71m. Figures include results of 
E. D. Hollingsworth and its sub- 
sidiaries and Safety Specialists 
t Biggleswade) for 10 months 
only. 

Again there is no dividend on 
Ordinary 5p shares. Stated earn- 
ings are down from l_52p to LX8p. 

. - Pre-tax profit, which was struck 

. ncreased price competition after interest of £86,000 (£3,000), 
wag the rise In stajtafr Is subject to tax of £305,000 
. are afcao difficulties (£58,000) and an extraordinary 
bled with the present small debit of £52,000 (£21,000). ' 
of these companies and, The group is involved in the 
• strengthened management, manufacture of industrial gloves 
ltive approach is being made and the distribution of gloves and 
aise sales. Sir . Humphrey other protective- Clothing and 
tents. safety -equipment 

vyle Shipping forecasts 
3tback for trading fleet 

'ING results for the bulk for £8m. by a company controlled 
ing division of Lyle Shipping by the. State-owned Rational 
any in the first half ot. 1978 Enterprises Board, 
e worse than those lor the Skrek. a manufacturer of meats, 
period of last year. However soups and sausages which was 
rectors hope that the results taken over by Allied .last year, 

has been purchased by Mr. Sydney 
Waissel, who 



comsppy's insurance brok- 
and engineering interests 
■rovide an effective 'Counter 
:e, Mr. Herbert 'Walkinsbaw, 
■airman, tells members, 
outlook for shipping for the 
Oder of the current year, is 
ng but encouraging. Three 
company’s fleet are on long- 
charters at rates now well 
present market levels and 
■st of*the fleet, which oper- 
'■ tjp.der a pooling agreement 
H. Hogarth and Sons, are 
‘xposed to the present poor 
t conditions, he says, 
directors are continuing To 
• the impact of exchange 
ations. Since the end of 1977 
of the g remps loans with 
•nt banks have been refin- 
* to match their currency 
closely with the group’s 
tgs, which are mainly in u,S. 
s, and to spread loan repay- 
over more years. 
the end of last year long 
loans amounted to £7.34m. 
Jm.) of which £5.7Sm. 
.u.) were repayable in ex- 
f five years. Bank borrow- 
cro up at £7.3tn. (£S.78m.). 
eporied on April 1, for the 
turnover was £lS.46m-' 
m.) and taxable profit, was 
«at £867,000 (£l.57m.). The 
vidend was lifted to 4.8 p 

p). 

ring capital at year end 
I a decrease of £3.S7m. 
i.l, and there was an ex 
ayment to a former direc- 
•3,000. 

rpected the annual valua- 
Ihc fleet indicated a sharp 
eliminating the surplus 
.ok value. Cape Race and 
tvvay were not included in 
■alion but their values are 
t sidcrably higher than the 
ivel. 

ir accounting changes m- 
d for the year leased ships 
en included in the balance 
[under fixed assets and 
[ed to £9.Srm. (£9^r7m.) 
d . with an owred fleet 
£19. 14m. (£lS.51m.). 
mnany's shipping opera- 
roved despite lost .eam- 
repair cosis, which mat- 
affected the second half, 
the Cape Horn was 
d. 

POSAL BY 
DED 1NV. 

ST move has taken place 
.uned sell-off of the UJC. 
ledlcnl and rood interests 
(rtvestmenrs — the roedi- 
ices group being bought 


has hitherto been 
joint chairman of Allied’s food 
division. Allied International Food 
Services (Holdings). At the same 
time; Mr. Waissel and his wife 
have sold back to Allied Invest- 
ments the 20 per cent, stake -they 
had retained in Allied Interna- 
tional Food Services. 

Mr. Waissel. whn joined Allied 
when he sold his company to. it 
four years ago. has resigned as 
joint chairman of the rood side. 
There is also agreement that be 
can now trade on his own account 
under the name of Waiwel’K in 
addition, h? has acquired the 
trademark of the name Goormeta 
• With Allied International Food 
Services fully owned by ' Allied 
Investments,- the way is now clear 
for it to be sold off, as fore- 
shadowed in the document con-, 
vcying the bid for the whole 
group from the NEB-contr oiled 
United Medical Enterprises. 

A spokesman for Orton-Hank. 
which is acting for UME over the 
sales, said last night that the sale 
of Allied International Food Ser- 
vices was under discussion and 
negotiation. He added that the 
same was true of the planned 
disposal of Allied Investments’ 
UJv private medical interests, in- 
cluding the Champneys health 
farm. 


Boosey hit 
by hesitant 
demand 


The hesitant demand being 
suffered worldwide in the home 
entertainment and music indus- 
tries is in the case of Boosey end 
Hawkes. the music publishing 
and instrument making concern, 
particularly noticeable in the 
fields of state aided performance 
and education, says ' Mr. H. P. 
Barker, the chairman. 

Both are primary outlets for the 
group and both reflect the 
stringencies , now afflicting most 
governments, particularly in 
English speaking countries, mem- 
bers are told in his annual state- 
ment. 

As reported on April 6, pre-tax 
profit fell from £3.13m. to IlJMn. 
for 1977, on turnover ot £17.9m. 
(£17m.j. - u J 

Mr. Barker states be does not 
expect anything better than a 
moderate year fa 1978, 





1977 pretax profits up 43% 

Extracts from the Chairman’s statement for 1977. 
Turnover rose 19% to £5,313,694. 

“T 

Vfa £ pretax profits increased £261,031 to £864,408. 

Earnings per share up 57% from 12.4p to 19-5p. 

■* Shareholders' funds more than doubled at 
£2,533,239. 

!* Opening orders for 1978 show an Increase of over 
30 %; prospects for the currant year are 
encouraging. 

•zsztttzssz.. 

organic growth. 0Bnnls Tutor 

Chairman 

fcoploa Of <h B »Port be obtained 

-•fcy writing to the Company Secretary. 

dlCode International Limited 

STATION ROAD, CALNE. WILTSHIRE 

•*s^sssssszxr~ 


1977 was atisore 



. The One Hundred and Frfty-Fourtfi Annual General Meeting of the C ledadfMedkci and 
GeneralLife 



make the foUowmg Statement in moving the adoption of the Report and Accounts . 


Directors 

Dr. Kenneth Blade, who had served as one of the Sodecyk 
Medical Directors ranee 1964, retired from the Board at the 
end of July. For 134 years the Board and our underwriters 
have had the benefit of his professional skill, experience and 
wisdom. We thank him for his valuable service and wish 
him well tn his retirement. 

Life Assurance Business 

In 1975, and again in 1976, the Society achieved notable 
increases in new business. 1977 was a more difficult year; 
nevertheless, the Society consolidated its position at the new 
high level 

Total new annual premiums, including those received on 
pensions business, increased marginally to £9.6 million from 
£95 million, while single premiums received amounted to 
£7-0 million (£6-6 million). 

The number of new ordinary life policies written was less 
than the figure for 1976, but there was an increase in the . 
average annual premium per £100 of sum assured. Total 
new sums assured, including group life business, were 
£272 million. ^ ...... 

While the markets attention has been on shorter term 
endowments. I should like to recommend once more the 
Society's whole life assurance to all our brokers, agents and 
policyholders. This policy is extremely flexible and can be 
■adapted, often on guaranteed terms and normally without 
medical evidence, to meet any changes in the life assurance 
needs of the policyholder. I regard it as an ideal savings 
policy for young people entering on their careers giving, as 
it does, a high level of permanent life assurance cover at 
moderate cost. And, to those who have capital transfer tax 
problems, the whole life policy may be particularly appropriate. 

Certain provisions of the Insurance Brokers’ (Registration) 
Act, 1977 came into force on 1st December. This Act, and 
the growing influence of the British Insurance Brokers’ ’ 
Association, are welcomed by the Society; because they 
require, amongst other things, explicit and high standards of 
conduct and business practice from those seeking registration. 
At the same time, we trust that they will not make ir difficult 
for other financial and legal advisers to help their clients in 
insurance matters, where their knowledge of insurance- can 
be added with effect to their knowledge of the diems’ affairs. 
Group Pensions Business 
This has been an important year for those of our staff who 
administer our pension schemes. Their first major cask was 
to advise our customers on the complex matter of whether 
or hot to contract out of the new Stale Scheme; thereafter 
they had to obtain and put into effect decisions by the 
critical date in December set under the Act. By that date, 
decisions had been received from over 99% of our customers • 
and are now being, acted upon-. This success reflects the 
greatest credit on all members of our staff’ who were, and still 
are, involved m this w6rk. .. 

The manner in which die Society approached the task of 
communicating with its customers, including the high 
standard of co-operation with brokers and other inter- 
mediaries, has undoubtedly led to the placing with the 
Society, during the year, of new group pension schemes with 
a record level of premium income, and to an enlargement of 
the list of well known organisations throughout the country’ 
who. are our pension fund customers. 

I have referred in previous statements to the partnership 
which now exists between die Stare and occupational 
pension schemes to provide retirement benefits for the 
majority of the working population. Coupled with the 
flexibility inherent in non-Scate schemes, this should ensure 
a continuing growth in pension arrangements of this kind. 
There is an opportunity to expand further in the group 
pension field, and we are confident in the stability offered by 
insured schemes, and in our own merits as an office which 
gwes a high level of service as well as attractive and 
competitive yields. 

Bonus Declaration 

The Society’s last distribution of bonus took place in 
1975, and a distribution is now being made in respect of the 
three-year period 1975-1977. The bonus reserve method has 
again, been, employed to value liabilities under existing 
policies, and the surplus available enables us to declare 
compound reversionary bonuses for the niennium 
1975-1977 at the rate of £5.00 per cent per annum on the 
sum. assured and attached bonuses of full-profit policies in 
the current series. 

In the case of Old Series policies, which are largely those 
effected before 1946. the calculation of the new bonus is 
based on the amount of the premium and the class ot policy, 
and these policies will receive an appropriately increased 
amount of bonus in the new declaration. 

Certain policies issued in connection with Superannuation 
arrangements participate in a fund which is not subject to 
tax. These gross fund policies wiil receive bonus at a rate of 
£6.50 per cent per annum on the sum assured and attached 
bonuses. 

Petsond Pension Contracts (self-employed deferred 
annuities) will be allotted bonus inrerest for the three years 
1975-1977, at a monthly rate equivalent to £3.25 per cent 
per annum, in addition to the rate guaranteed in the 
contract 

The heart of this bonus declaration is the £5.00 per cent 
per annum compound rate for the last three years. It estab- 
lishes a record level in a series of bonus declarations 
unbroken since 1832. It reflects our strength and success. 

In my statement of 1976, 1 drew attention to the superior 
return men yielded at maturity by one of the Society's 
widvprofit endowment assurances, effected in 1956, over 
investment either in certain stock exchange ordinary shares 
or, norionally, in the Retail Price Index- Despite the rises 
which have occurred during the past two years in both 
ordinary share prices and in the Retail Price Index, this 
atuation remains unchanged today. A 20-year policy for a 
sum assured of £5,000 effected in 1958 by a managed 30 
for a gross annual premium of £25937 would have 
produced for hira,on his survival to die maturity date in 
1978, the sum of £12,936, which includes bonuses of £7,936 
added during the term of the policy. In addition, he would 
have been secure in the knowledge that, in the event of his 
death before that time, his dependants would have 
benefited by a sum, depending on the date of death, 
gradually increasing from the initial £5,000 to the final 
£12,936. By comparison, a regular investment of the amount 
of the premiums (net of tax refief) in the index of ordinary 
shares analysed by Messrs, de Zoete & Bevan, taking no 
expenses into account, and reinvesting dividend income net 
of the basic rate of tax, would have produced £11,479; these 





s, unlike those of the life assurance policy, would 
i been subject to an assessment for capital gains tax. - 
A similar investment in the' Retail Price Index would have 
produced £12391. 

Although we are declaring a bonus of £5.00 per cent pel 
annum for the triennium 1975-1977, we are paying inter- 
mediate bonuses in respect of die period since 1st January 
1978 on current series full-profit policies which become 
claims at £4-75 per cent per annum, and we are using this 
same lower rate when asked to illustrate possible future 
maturity values in quotations for/iew policies. No life office 
can. ignore die fell which has occurred in interest rates, nor 
the constant: battle which all are fighting against rising costs. 
Past success reflects the strength or past and present 
management Future bonuses depend on future financial 
conditions, together with the strength of reserves and the 
quality of present and.future management 
Terminal Bonus 

Terminal bonus was first added in 1969 to participating 
policies then becoming claims, in order to allow policy- 
holders to share as fully as possible in any undistributed 
capital appreciation. Since that date, the rate has fluctuated 
according to' conditions in the investment markets. 

For the present, terminal bonus remains ac the increased 
level, set in August 1977. of £130 per cent of the sum 
assured for each year that.the policy ranks for bonus, with a 
proportionate addition for ranking periods of less than one 
year. 

For Personal Pension Contracts, the special retirement 
bonus interest, added at. the time benefits commence and 
calculated on the total benefits at retirement, remains at 
h per cent for each lull year that the contract has been in 
force, with a proportionate addition for shorter periods. 
Pension Contract Interest 
The rates of interest payable on the Pension Contract are 
reviewed annually and consist of Basic Yield, Equity 
Addition and High Interest Addition. 

For 1978, the Society is revising die scale of Basic Yields so 
that, for a contract with normal annual contributions in. 
excess of Ch million, the Basic Yield will be increased from 
8.00 pec cent per annum to 8.45 per cent per annum. The 
Basic Yields appropriate to smaller cqn tracts with normal 
annual contribution above £12,500 are also being increased 
but to a lesser degree. There is no increase where the normal 
annual contribution is less than £12.500. 

There will be no change in the basis of calculation of the 
Equity Addition or High Interest Addition. 

Investments 

This year the invested assets appear in the balance sheet 
for the firsu time at market value. For many years the full 
marker values have been disclosed in the notes to the 
accounts, but the information has now’ been brought into 
the balance sheet so that the effects of changes in the 
investments and in market levels are fully reflected there. 
However, in order to allow for some fluctuation and to 
provide for the contingent liabiliry for tax on capital gains 
that would have to be met if the assets were realised, it is 
prudent to set aside an investment reserve, and it will be 
seen that this year £69 million or 16% of the market value of 
the assets has been so allocated. 

During 1977 some £51 million, including £7 million of the 
money that w r as on deposit ar the beginning of the year, has 
been, invested in long-term assets. In the earlier part of the 
year, the Society continued to concentrate money available 
for investment inio the gilt-edged marker in view of the high 
guaranteed yields available on long-dated stocks. As the year 
progressed, yields on gilt-edged declined and a proportion of 
money available was diverted into British equities. Near the 
end of the year, it was decided also to begin to direct some 
money into North American equities. 

Investment in property, which helps to finance British 
industry, continued throughout the year and some first-class 
properties have been, purchased. But, at the same time, 
opportunities occurred to sell one or two properties at prides 
which, in bur view, exceeded their value to the Society, and 
overall the sector absorbed litde of the available new money. 

Life assurance is a long-term business and sudden changes 
of direction are inappropriate when considering both die 
assurances and the assets which back them . But that does 
not mean that inflexibility is built in to the portfolio, and it is 
instructive to remind ourselves from time to time how the 
assets have been changed over the years' to attain, without 
undue risk, notably high returns for wifh-profit policy- 
holders. Hie figures set out below give an indication of the 
magnitude of the changes in the composition of the portfolio. 

As long ago as 1947 the Society was already moving into 
equities, and by 1957 a solid equity base had been laid 


sistDec 

1957- 

1967 

1972 

1077 

Total market value (£ million) 

36 

134 

256 

441 

Class of asset 

% 

% 

% 

% 

a. Stocks and shares 





I Fixed interest investments 

16 

17 

19 

43 

n United Kingdom ordinary shares 

25 

36 

38 

26 

in Overseas ordinary shares 

3 

S 

6 

6 

b. Properties 

14 

17 

22 

16 

a Mortgages, loans & miscellaneous 

42 

20 

10 

7 

d. Deposits and short-term assets 

- 

1 

4 

2 


100 

100 

100 

100 

£ 


down. Tire build-up of the equity portfolio, reflecting a 
belief in. the long-term prosperity of British industry, 
continued by and large until 1967. The step back from 
equities, which has accelerated over the last decade, reflects 
the very high rates of interest available in the gilt-edsed 
market and the damaged prospects tor industry, both 
caused to a great extent by uncontrolled inflation. 

However, we have, as a Sodecv. considered it riqhr to 
maintain a substantial stake in the best British companies 
and in property, and I hope that during 1978 the nation’s 
leaders wall pursue the objective of economic stability, even 
where this conflicts with short-term social or political goals. If 
this stability and an improvement in prodnenvitv arc 
secured, the long-term attractions of investment of new 
money in British industry will revive, and a steady growth in 
the creation of real wealth, for the benefit of the whole 
community, will be resumed. 

I am pleased to report the formation, in F'JTT. of 
Agricultural Land Improvement Holdings Limited, w h ich has 
absorbed our own Lands Improvement Compare* and in 
which we are maintaining a substantial interest. The new 
company will be extending the range of lin.mci.il services lor 
•farmers, and we are confident about its prospects. 

Staff and Administration 

1977 saw the move to Bristol of a further part of the suff 
formerly working in London. This has completed the 
decentralisation scheme and brings together in the new 
Bristol Head Office all the departments dealing directly with 
the servicing of the Society's policies and contracts. 1 am 
happy that the facilities of the new office, its accessibility and 
the pleasant surroundings of Bristol have been generally 
welcomed by the 300 members of the stiff who have 
moved from London. 

In considering the numbers of staff we require to run our 
business, we have to recognise that the extra work imposed 
on us by recent legislation largely offsets the effects of 
increased mechanisation and improved effidenev. In 
particular I would mention the Governments decision fo 
transfer from die Inland Revenue to the Life Offices the 
administration of die tax reliefs granted to policyholders on 
their life assurance premiums. In setting up toe appropriate 
systems to deal with relief by deduction from premiums, die 
Soaety is shouldering a heavy burden of extra cost. 

I am now retiring from the Chairmanship^' the Society’s 
Board. The 14 years during which I have been as>odjred 
with the Society have for me been happy and proud ones; 
and I am grateful both to my able and experienced 
colleagues on the Board; not least during my diree yeans in 
the Chair, and to the loyal and expert staff, under two 
outstanding Chief Executives, in turn, James Pegler, and, 
now, Leonard Hall, who have maintained the traditionally 
high quality of sendee to our policyholders for which our 
Lire Office has an established reputation. It is a record of 
achievement of which all may 
be proud; and it is a matter of 
particular pleasure to me that 
Douglas Morpeth has accepted 
our invitation to succeed 
me in the Chair. I know' that 
the Society will be in excellent 
hands, and it has my very 
best wishes for the future. 




M 

fife 



’W 

Medik^I&, General 
■ AssacaniceSogigry 
jj-jS&tflbrporitfd m England b» -4ct ji 
ftillijmmt with iunrtaj IwbdurvMo. 2l9.'» 
Iji St jbflvs’s Square, London SWlY ilv} 

• TrLOJ-930 547-J 


j 










1 


1 


S4 



The Chairman, 

Group Captain J. P. Cecii-Wright, D. L writes: 

It would have been nice to have gone out of office with a 
real bang, but towards the end of this very difficult year it 
seemed that the bang might only be a whimper. 

In the final count, shareholders should not be displeased 
with the results, as the enterprise and initiative of the 
subsidiary Managing Directors in hard selling in Europe and 
America did much to maintain our fortunes, whilst an 
emphasis on quality control and prompt delivery held the 
home market steadier than we could have hoped. 


Turnover 

Surplus before Taxation 
Net Surplus 
Dividends 
Earnings perl Op 
Ordinary Share 


1977 

£20,066,395 

£1,421,191 

£1.151,147 

£281,708 

12.5Z4p 


1976 

£16,036,594 

£1,258,438 

*£1,131,635 

£159,391 

*15.Q54p 


Restated for change of policy relating to deferred taxation 


Warne, Wright & Rowland Ltd. 
Keeley Street, Birmingham B9 4HP 



i Turnover - INCREASED By 25! 
b Profits - INCREASED By 46% 

■ Dividends - maximum permitted 
h Scrip issue - one for four 
■ Current turnover - increasing 



RESULTS IN BRIEF 

1977 

1976 


(53 weeks) 

(52 weeks) 

Sales 

£5.571.705 

£4.472,597 

Pre-Tax Profits 

£965055 

£660,439 

Dividends net per Share 

2.53p 

Z249p 

Earnings per Share 

3.51p 

2.39p 



BIDS AND DEALS 


Sir Hugh to quit 
if Lonrho fails 


BY ANDREW TAYLOR 

SIK HUGH FRASER, deputy 
chairman of Scottish and 
Universal Investments said last 
night that he would resign from 
the Board of the company if 
Lonrho's contested bid for SUITS 
failed. 

Lonrho's bid which values 
SUITS at around £39m. has split 
die Independent Board members 
of the Scottish company (there 
are also three Lonrho representa- 
tives on the Board) into two 
camps — with Sir Hugh and Mr. 
James Goss man supporting the 
bid terms while the three other 
“independents" including chief 
executive Mr. Hugh Laughland 
have opposed the offer. 

Sir Hugh said that he felt no 
ill-will towards his fellow 
directors hut he felt that if the 
bid failed it would sour the 
previous “good relations" that 
had existed among the eight-man 
Board. '* In such circumstance I 

do not feel T could remain a 
Board member," he said. 

Lonrho expressed surprise last 
night about this development. A 
spokesman said that Sir Hugh: 
“must have been quoted out of 
context." 

Sir Hugh said, however, that he 
would not resign as chairma n of 
House of Fraser in which SUITS 
has a ten per cent, stake and in 
which the Fraser family trusts 
also have a small holding. He said 
that he would remain on the 
SUITS Board if Lonrho’s bid suc- 
ceeded. 

In a letter from Sir Hugh and 
Mr. Gossman sent to SUITS share- 
holders yesterday air. Gossman 
says that he would “ continue ts 
work on the 1 Board of SUITS 
irrespective of whether or not the 
Lonrho offer is accepted." The 
joint letter recommends SUITS 
shareholders to accept Lonrho's 
offer of II Lonrho shares for 
every six SUITS shares. 


A defence document, prepared 
by the three independent 
directors opposing the bid, is ex 
peeled to be sent to SUITS share- 
holders to-day, recommending 
rejection of the offer as too low 
and because it contains no cash 
element 

The joint letter from Sir Hugh 
and Mr. Gossman stresses the in- 
come and capital benefits to be 
gained from acceptance and 
repeats Lonrho's recent assurance 
that SUITS will not lose its Scot- 
tish identity by the merger. 

The latter point is understood 
to be one of the more important 
aspects that is currently being 
considered by the Office of Fair 
Trading — before it sends its 
report to the Secretary of State' 
for Prices and Consumer Pro- 
tection. 

It has been anticipated that a 
decision on whether the bid 
should be referred to the Mono- 
polies Commission would be due 
this week but It now seems that 
a decision will not be known un- 
til the end of next week — at the 
earliest. 

Meanwhile the joint shop 
stewards committee at Dun ford 
Elliott has moved to the defence 
of Lonrho. its parent company, 
following the attack on Lonrho's 
by the shopworkers* union 
fUSDAW) last week. The Dimford 
shop stewards denied that 
USDAW members “ would be 
looking over their shoulders for 
tbeir jobs" if Lonrho's bid for 
SUITS succeeded. 

The Fraser famil y ha s retained 
close links with SUITS for many 
years. Sir Hugh was chairman of 
the company until March 1977 
when he sold his personal stake 
in SUITS to Lonrho. Mr. Tiny 
Rowland, chief executive of 
Lonrho, was then appointed chair- 
man of SUITS. 


Brooke Bond in £3m. 
commodity expansion 


Brooke Bond Liebig has 
acquired Wallace Brothers Com- 
modities from Wallace Brothers 
(Holdings) a subsidiary of 
Standard Chartered Bank . for 
£3m. cash. 

Brooke Bond Liebig wants to 
expand its worldwide commodity 
activities and start trading in 
new soft commodities. At present 
BBL deals mostly in tea and 
coffee. 

Wallace Brothers Commodities, 
as a broker, deals In practically 
all soft commodities and lomc 
metals. It baa seats on many of 
the principal terminal markets in 
London and New York, and will 
offer expertise and Information 
to BBL. 

Mr. Tony Vachel, croup 
treasurer of BBL said yesterday 
that Wallace Brothers Commodi- 
ties was “a doorway— we do not 
know what is on the other side." 

Another advantage of the deal 
will be that BBL can channel its 
own business and that of its 
customers through Wallace, thus 
keeping the broker's commission 
in-house. And Wallace Brothers 
Commodities has “a nice posi- 



1977-A record year 



'The surplus for the year before tax and 
minority interests was £43. 5m (1976: £32. 9m) 
an increase of 32 per cent. 

Premium income, including that for 
life business, was £482m (1976: £365m) 
an increase of 32 per cent." 

Sir Denis Mountain , Bt. r Chairman. 

The Accounts and Chairman's Statement were 
posted to Shareholders on 2nd May. 

Policyholders, Brokers and other friends of the 
Group at home and overseas who 
would like to have copies will gladly be 
supplied on request. 

TEN YEARS OF GROWTH 

A SURPLUS BEFO RE TAXATIO N 



AND DIVIDENDS per share 
3 G~(adjusted for bonus issues). 

„ ■ Dividends (gross equivalent) 


• * Surplus before taxation 


*■ 



68 69 70 71 72 73 7-1 75 76 77 


Eagle Star Insurance Company Limited 

1, Threadneedle Street, London EC2R 8BE 

Brandies/e^ywhere 


five cash Sow” according to Mr. 
Vachd. 

On the other side oF the trans- 
action, Standard Chartered Rank 
wanted to sell the commodity 
broking company as part of the 
reorganisation of Wallace 
Brothers (Holdings), which it 
took under its wing in 1976 with 
Bank of England approval. The 
commodity broking activity did 
not fit in with the other activities 
of Standard Chartered, said a 
spokesman yesterday. 

Wallace Brothers Commodities 
made pre-tax profits of £722.000 
in the year to July 1977. 

SUN CHEMICAL 
HAS 43.9% OF 
AULT & WIBORG 

Sun Chemical Corjwratlon of 
the U.S. has once again increased 
its stake in printing ink manufac- 
turer Ault and Wifaorg to the 
limit of the rules of the Takeover 
Code. It has just bought a 
further 392,958 shares which lifts 
its holding by 2 per cent to 43.9 
per cent Last year it also in- 
creased Us stake by 2 per cent. 

Yesterday a spokesman for Ault 
said that Sun had three directors 
on the Board. There was no sign 
of a full bid from Sun, however. 
The only other major shareholder 
is Britannic Assurance which has 
5.0S per cent 

FURTHER SALES BY 
ROWNTREE TRUST 

Since November trustees of the 
Joseph Rowntree Memorial Trust 
have sold 150,000 shares in Rowti- 
hree Mackintosh. The la lest sale, 
of 25.000 shares at 400p disclosed 
yesterday, completes this tranche 
of the disposal programme. The 
trust now holds 3.S50.000 shares. 

A spokesman for the trustees 
said yesterday that the trust still 
intends to dispose of a further 
500,000 shares in order to reduce 
its investment in the company to 
half its original stake — a policy' 
approved some two years ago. The 
shares still to be sold would be 
disposed of gradually, over the 
next couple of years, the spokes- 
man said. 



Financial Times WeSnesBay May; 3 


CRA faces a fall in 
1978 earnings 



BY KENNETH MARSTON, MINING EDITOR 


"SUBSTANTIALLY LOWER” 
earnings this year are faced by 
the Rio Tloto-Zinc’s group’s 72.fi 
per cent.-owned Conzhie RiotiniO 
of Australia if the present de- 
pressed metal market conditions 
continue. 

At yesterday’s Melbourne meet- 
ing Mr. Rod Cameigie, the CRA 
chairman, pointed to the current 
combination of slow growth in 
demand, excess stocks, unrealistic 
metal prices and unfavourable 
exchange rates, notably the 
weakening of the U.S. dollar. 

He said that the timing of an 
up-turn was uncertain and that 
investment expenditure in major 
world economies must rise if 
demand for metals was to 
increase. "Consequently, we must 
expect to operate in a difficult 
economic climate for some time 
to come." 

Meanwhile, the CRA’s wholly- 


owned AM&S subsidiary Is ex- 
pected to make a much reduced 
contribution to group earnings 
this year and its lead-zinc activi- 
ties will incur if the current low 
zinc prices continue. 

Lead demand is strong, but zinc 
operations are unprofitable for 
most producers and production 
at each of the group's three 
smelters — two in Australia and 
one in the U.K. — is to be cut to 
about 75 per cent, of capacity for 

the year. 

Commenting on the high risk 
element in mining Mr. Carnegie 
said that $A4LSm. (£L97m.) had 
been spent between 1972 and tbe 
end of last year on a diamond 
search In the remote Kimberley 
Ranges region of Western Austra- 
lia by a consortium which Is 
headed by CRA. 

The consortium is to spend 
84m. this year on a pilot treat- 


ment plant and a further £ 
on continued exploration, 
more years could elapse wtrf 
joint venture expenditure oh» 
millions of dollars before it 
known whether diamonds exfn 
commercial quantities.' 1 > 
Carnegie added that: “We 
have a substantial success, g 
equally it may be that after ni 
or eight years of effort the 4 
elusion will be that no cosasa^ 

deposit, exists." 

He was optimistic about C& 

overall prospects in the 
term. "The group U so«S 
based to take advantage of, 
up-turn in world economies. i 
are proceeding with major tn*, 
merits which will have long 
strategic importance- and « 
improve our ability to capita 
on the up-torn.” CRA aha 
were 214p yesterday. 


Transatlantic news round-up 


FOLLOWING its recent warning 
of a difficult year ahead Canada’s 
Moran da mining group reports a 
20 per cent fall in first quarter 
profits to C$14. 7m. (£7J_m.), or 62 
cents per share, from C$1 8 -3m. in 
the first quarter of 1977. 

Favourable factors have 
included a small improvement in 
copper prices; a better perform- 
ance at the Gaspe copper mine 
and by the domestic manufactur- 
ing operations; while the forest 
products division has done notably 
well. Export earnings have been 
helped by the decline In the value 
of the Canadian dollar. 

On the other hand, zinc prices 
have continued to weaken. The 
major adverse factor, however, 
has been the closure of the 
aluminium operation owing to a 
lack of electrical power during 
the last stages of the U.S. coal 
strike. This operation is expected 
to be restored to full production 
in June. 

Although results for the nest of 
the year may be better. Norand a 
doe? not expect a return to reeHy 
satisfactory earnings in view of 
the excess stocks being held of 
many commodities and the poor 
chances of any major recovery in 
metal prices. 


In Toronto Mr. E. P. Gush, 
president of the Anglo Amrtean 
Corporation group’s Hudson Bay 
Mining and Smelting, remains 
optimistic despite the company’s 
first quarter loss of SCl.&lm., or 
a deficit of 16 cents per share, 
which compares with a loss of 
$C2 74,000 a year ago. During the 
latest period losses on base 
metals and fertilisers swamped 
profits on oil and gas and indus- 
trial products. 

The Hudbay offer to purchase 
50.01 per cent, of Tanatalum 
Mining has been accepted. 

On a more cheerful note, the 
gold-tungsten Dome Mines group 
estimates first quarter consoli- 
dated net income at SClliim., or 
SC 1.79 per share, against SCfifim. 
in the same period of fast year. 
For the first time Dome is includ- 
ing its equity In earnings of the 
19 per cent.-owned Canada Tung- 
sten Mining. 

Dome also owns 57 per cent of 
the gold-producing Campbell Red 
Lake Mines which estimates a 
first quarter profit of SC3.6Bm„ or 
46 cents per share, against 
SC2.58rn. a year ago. The outlook 
for the Ontario gold mine is des- 
cribed as “ very encouraging.'’ 
Production is expected to be about 


the same as last year blit cal. 
are likely to continue to rise. '' 

An Improved earnJog s omfa 
is also reported at the Mas. 
gold mine in Ontario of Wa 
Mines owing to the higher hog 
prices. Exploration and devek 
ment spending is estimated a 
record $0420.000 this year wfc 
a further CSL25m. has be 
budgeted for oil and gas expfa 
tion in Canada and the UJ3. : 

Shenitt Gordon Mines bas'dc 
better than expected in the tj 
quarter with earnings of SC2.S 
or 20 cents per share, compj} 
with $C2.7m. a year ago. 

Of the news from Amefi 
Freeport Minerals reports 1 
quarter earnings of S7.fi 
(£4.6m.), equal to the earlier fig 
cast 48 cents per share, comps 
with SS.Ira. in the first quar 
of last year. Mr, Paid Don# 
president of Freeport, said'ti 
Freeport Indonesia had made 
loss (SLlrn.l compared with 
profit a year aco. ■ 

Also reporting . lower 6 
quarter earnings, despite.; 
redaction in copper product 
costs is Phelps Dodge. Cong 
dated net income for the pec 
has fallen to 85.6m. (£Ukl), 
20 cents per common share, fr 
a restated 89.3m. a year ago.' 


Scott & Robertson rejects Fairbairn 


A bid approach from Fairbairn 
Lawson for textile group Scott 
and Robertson appears to have 
fatten at the first nurd le with the 
Scott directors announcing yes- 
terday that they were opposed 
to an offer of 40p cash a share. 
The approach first made on 
February 24 this year was con- 
ditional upon the directors-recom- 
mtnding acceptance. 

Mr. Noel De Monte, managing 
directors of Fairbairn whose in- 
terests include engineering, offiro 
r«imiture and packaging products, 
said that he was " amazed ” at 
the publication of the Scorr 
ci.-rectors' rejection of the bid 
approach— which values the com- 
pany at around £2m. 

He said that Fairbairn had not 
been involved in any direst 
negotiations with Scott but they 
had been earlier informed of tnc 
directors' opposition, He said he 
thought that the group would 
have seen the industrial logic be- 
hind the Fairbairn proposals. 

Given Fairbairn ’s traditional 
reluctance to become involved in 
contested takeovers it seems un- 
likely tbat this approach will be 
pursued. Mr. De Monte said last 
uigbf however thar Fairbairn 
u ouid be waiting to see the effects 
of Ibis latest development on 
bcott's share price before making 
any decision. 

Scott Robertson’s shares last 
night stood at 4Ip up 4{p follow- 
■Rg the rejection statement and 
the group's annual results also 
publNhed yesterday. 

ELECTRONIC 

MACHINE 

Electronic Machine, which lost 
£267,000 pre-tax in the last full 
year and a further £123,000 in tbe 
first half of the curreni year, has 
now arranged the sale of the 
second of its major lossmaking 


subsidiaries within a fortnight of 
Closing down the other. 

Yesterday- it announced that 
Advance Industrial Developments, 
a private Bournemouth engineer 
ing group, has agreed to pay 
£123.000 in cash in tranches for 
Pan ax Equipment an EMC sub- 
sidiary which makes radioactive 
instrumentation. The deal 
depends on Panax’s stocks being 
valued at no less than £180,000. 

In the 11 months to March 31, 
Panax lost £85,000 compared with 
£133,000 in the year to April 30, 
1977. • 

The sale of Panax comes within 
a fortnight of an announcement 
that EMC had closed down Ellvln, 
its metal pressing subsidiary, 
because losses had been 
impossible to contain. A month 
previously the company also 
announced that it was selling the 
freehold of Ellvin’s . Mitcham site 
for £500,000 and would be leasing 
it back for £57.000 per annum. 
That lease will now be for sale. 

Following these moves the com- 
pany believes that It will now 
return to profitability and borrow- 
ings will be reduced by the 
proceeds of the Panax and land 
sales to a more comfortable level. 
In the last accounts there was a 
deficit of £260,000 on net current 
assets. 

However, Mr. T. ML Palmer, who 
takes over as sole managing direc- 
tor following the departure of 
Mr. E. G. Murray with the sale of 
Panax. warned that the land sale 
and the sale of Panax will be 
completed after the year-end 
while the figures for the year to 
April 30 will have to bear tbe 
extraordinary cost of closing 
EUvin. 

AIRCO MAY COST 
BOC £235 M. 

ROC International has said that 
the total cost of increasing its 


stake in Airco Incorporated in 
U.S, to 1UO per cent is likely 
be around £23 jm. 

BOC which originally held 
per cent, of Airco has annoum 
that it now holds 93 per cent. £ 
its offer for the outstanding sha ' 
has been extended until May 5. 

The deal has been funded 
medium term loans from thi 
British banks and Lorn} 
banches of five U.S. banfo 
carrying an initial interest rate 
i per cent above the inter-fa' 
rate. At current rates the intwi 
bill will be about £20m. a ye 
The loans are repaj-able over t 
years beginning at me end of 19 
Meanwhile the Airco bo: 
which includes three execot 
members from BOC— inctodi 
EOC chairman Sir Leslie Smid 
is due to meet on Thursday. 11 
unlikely, however, that therei 
be any sweeping board change* 
a result of the increase m BO 
stake in Airco. 

FURNESS WITHY 
SHARES JUMP 1 

Shares or Furness Withy, 
shipping group which was f* 1 -' 
subject of a tentative takwi ii 
approach from European Fertifj', 
last autumn, rose to 280 p at d *■ 
stage yesterday before fall- 
back to 268p fa net gain of 19pl‘ 
the day) after a denial from t 
company of any further bid taB 
Mr. Tom Pulley. Fnfnsj 

finance director, emphasised Ul 
there were no talks with anyfaf 
and thar the company knew 
no reason for the price rise. . 

Meanwhile, Mr. K. SMI 
managing director of Europe® 
said that its holding of 499 'ft 
cent, was unchanged- Europe* 
was neither a buyer nor a se»f 
but was monitoring Furness’ fa 
form an ce. 1 




mpanji 


INCORPORATED 2**° MAY 1670 


Year of further progress 


The foUmcing are extracts front the Directors’ report and 
the Accounts for the financial year ended 31st January. 
197S: 

The Company achieved an increase in earnings in 1977, a 
year in which the rate of growth in Canadian consumer 
spending slowed dramatically. Earnings rose to 529.tibl.000 
($2.12 per share) from $24,810,000 (S1.77 per share) in 1976. 
Sales and revenue Increased by 6% to S1.427.3B0.000. 

Tbe Board has declared a semi-annual dividend of 34.5c 
per share, an increase of 2c per share over the semi-annual 
dividends paid last year, the maximum permitted under 
the Anti-Inflation Programme. 

Merchandising. The principal activities of the Company are 
in the merchandising sector, comprising Retail. Wholesale 
and Fur operations Earnings from merchandising before 
tax and interest were $56,652,000 in 1977, an increase of 
16.1%. 

Retail. The increase in retail sales Th 1977 was only 2.7%, 
compared with 11.2% in 1976, and an average for the five 
years 1972-76 of 17.7%. This undoubtedly reflects the 
impact of wage controls, higher unemployment and 
increased savings Gross profit margins were Improved due 
to the increased effectiveness of our central merchandising 
programmes, and i shift in the blend of vales from low to 
higher markup items. Our expansion programme picked 
up momentum in 1977, having slowed temporarily the 
previous year. 

Wholesale. Our Wholesale business continued to grow. 
Sales were ahead by 22.9% and earnings by 5.8%. 

Fur. The wider popularity of fur garments which developed 
over the past few years continued daring 1977 in most 
major types oF fur. Record aggregate profits were achieved 
by our wholly-owned auction houses in Montreal, New 
York, and Hudson's Bay and Armings, Ltd. (59% owned), 
in London. 


Natural Resources. Earnings from natural resources were 
S13.GB6.000 in 1977, an increase of 30.6%. 

Hudson’s Bay Oil and Gas Company Limited, in which we 
have a 211% Interest, produced net earnings oF S9S.940.000, 
a a increase of 25.8% over 197J. An aggressive exploration 
and development programme is continuing in 1978. 

Net earnings of Siebens Oil & Gas Ltd., in which our 
interest is 34.8%, amounted to S14.379.000 (81.56 per share) 
compared to S1.16 per share the year before. Siebens has 
predicted, based on information currently available, that 
net earnings will Increase by 39% In 1973- 

Real Estate. Decreased revenue from land sales was the 
principal reason for a reduction in earnings from real 
estate before interpst and taxes to 814,856,000. as against 
823.207,000 in 1976. The Company's real estate interests 
(apart from land and buildings used in merchandising 
operations) consist principally of a 64.3% interest in 
Mark borough Properties Limited and of whole or partial 
ownership in 15 shopping centres in Canada. 

Outlook. We are optimistic about long-tenu economic pros- 
pects and plan to increase our capital expenditures this 
year to an amount in excess of 800,000,000 (S43.075.000) last 
year) of which about 80% will be invested In merchandising 
facilities and the balance in real estate. 

We do not. however, expect a strong resurgence in the 
Canadian economy in the current year. Real estate earnings 
will Improve if land registrations take place as anticipated. : , _ 
The outlook continues to be favourable fnr higher earnings ''A 
from natural- resources. In the key merchandising area, ^ 
competition will be Intense, and improved results wiU“* 
depend mainly on the success of our efforts to increase 
productivity and efficiency. Our innovative merchandising 
programmes, .our stronger promotional presence, QUI ! 
attractive shopping surroundings, and our keen antr (SOfa-V*! 
petent personnel give us confidence that we caff meet -the-r 
challenge- 


K 



V‘. 








£— M J-M IjS-fi* f 


y . 

Fisandat TOnes 'Weduesflav May 3 I97S 


35 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


1 


>RTH AMERICAN NEWS 


U.S. CAR COMPANIES 


ennecoti confident of proxy victory Stock iss ! ,c 

r J J approved 

at Chrysler 


Margins pose a problem 


r JOHN WYLES 


II l!..,,. 

» «• •• 

■' . 

15 n in 
" i . 

■ . SI" 


:»v , ; 

■•■i »• 

I' [ !. 


AGEMENT of Kennecott 
pr Corporation was con- 
t of victory late to-day in 
attie to stave off a proxy 
■•I/., W 8® from Curtiss-Wrisht 
,.„;|V^ration after a gruelling and 
>■ i , ^ r loyally disorderly five-hour 
.i,;£«eil general meeting. 

"’it ,‘j.^Qe 1,200 people flocked to 
. -nj.^iaza Hotel in New York 
"‘‘■'■’i (. oorning,' unsure of whether 
1 : t.m . had been cheated oE one 
'' ,v great corporate dramas 


, , • 1 1 1 year by a- Federal District 
“ Judge who ruled yester* 
‘ifternoon that Curtiss had 
^ securitirs laws and anti- 
- j, legislation. He permanently 


■{ 

ii- i | 


I l al . 


'^led^ the company from vot- 


,,-s 9.9 per cent holding- in 
" -. ri > •• seott and from soliciting 
-■ .. J aore proxies In support of 
‘i Ai.i ^oposal to replace the eop- 
M; 1 „n, i , mpauy's 17 directors. •. 

tiss-Wright immediately set 
'■ 7’ obtaining stay of execu- 
■' ’<aof the rating which was 
id by Appeals Court judges 


Un ^iAir 


about 15 minutes before the 
annual meeting was due to start. 
Proceedings finally got u nd er 
way after a 15-minute delay, but 
Curti s^-Wrigbt had clearly been 
badly shaken by a decision which 
the company’s chairman, Mr. T. 
Roland Berner, said bad been 
totally unanticipated, and which 
he claimed had cost it at least 
one block of half a million votes. 

This may be crucial to the 
outcome .of the battle. The 
official result- of to-day’s share- 
holder voting is due to be re- 
ported on May 16 and much 
depends on whether a full 
Appeals Court hearing and ruling 
is obtained before then. If a 
ruling is given in favour of 
Cnrthss-Wrigbt which is then 
found to have lost the proxy 
battle, observers expect the New 
Jersey company to seek a rerun 
of the proxy solicitations on the 
grounds that it was unjustifiably 
hurt by the District Court deci- 
sion. A haggle over the validity 


of some of the proxy votes 
between Curtiss-Wrlght and Ken- 
necott could prevent any firm 
declaration of voting until an 
Appeals Court ruling is obtained. 

Curtiss-Wright’s case for elect- 
ing its insurgent Board had 
some resonance with share- 
holders* complaints against the 
company, namely that its profit 
performance in recent years had 
been weaker than was justified 
by the difficulties of the copper 
industry and that at least some 
of the $L2bn. proceeds from the 
forced divestiture last year of 
the Peabody Coal company 
should have been distributed to 
shareholders. 

Curtiss - Wright's proposed 
solution is to sell off Carborun- 
dum, acquired for S567m. out of 
the return from the Peabody 
sale and to distribute 340 a 
share to each shareholder sur- 
rendering half of his stake in 
Kennecott. Mr. Milliken and his 
fellow directors concentrated 


NEW YORK, May 2. 

their attack on the impracti- 
catities of this approach and it 
took an ordinary shareholder 
who said he had been to one 
general meeting in the last 15 
years to present the case with 
a vigour that might have been 
expected from Kennecott’s 
man agement 

“This is one of tbe most 
frightening things seen in 
American business for many 
years. We are seeing a large 
corporation endeavouring to 
seize another large corporation 
in order to make a big profit on 
the stock. A vote for Curtiss* 
Wrigbt is a vote for the destruc- 
tion of Kennecott." be said to 
loud applause. 

After tbe meeting. Ur. Milli- 
ken disclosed that -just before it 
started, the company had 
rejected a proposal from Mr. 
Berner that Kennecott and the 
dissident directors split the num- 
ber of seats on the company’s 
Board in proportion to the vot- 
ing in tbe election. 


Ili-v 

:r* 

l-.ll 

II 1 - 

;--r 1 

Mi, 

r!‘« 
U 1: 1 

r T 

« \i 
•»«• 

MM 

J • . 
Ii 

I r> • 


’Silt 
' I: 




5 Fairb; 


Liquide 
deal with 
Allegheny . : 

.'lH.' 1 * tewart- Fleming 

NEW YORK, May 2. 
Liquide, the leading 
‘-M^i industrial gases producer. 

- t 011 peached agreement on a 

expansion of its U.S. 
'/“rtui trial gases business with the 
’’ x^ed acquisition for around 
' " o : of the bulk of Allegheny 
• Industries ' cases 

11 ' Vss. ' . 

Mm^lheny, which had . sales 
• es last year of $lbn., 
:7| y acquired a 44 per cent 
t- -..^t in theU.K. company 

- son Match and is primarily 
,'sd in the specialty steels 

’■ I :- »S- 

year ^ acquired 
"1700, which had a large 
... /rial gases division, and it is 
business, excluding its 
: dioxide facilities, which 
; -.. ri> ' ; #iquide’s U.S. subsidiary is 

•• Liquide’s U.S. operations 
- - ndled through a 79 per 

“ .-ontrolled subsidiary, the 

"-'anciscohased Liquid Air 
Air’s minority stock is 
- over the counter, in the 
fast year, its saies revenues 
$•284. 5m. and net Income 
, ...... 9-9m. 

eturn for its industrial 
business. Allegheny wiil 
one third interest in the 
ry shares of Liquid Air. 
un the price of Liquid Air 
jn the over the counter 
recently of 526.25, this 
raioe on the transaction of 
87m. 

■ '.heny is not disclosing the 
•venues or earnings of the 
ses it is disposing of. 
L'Air Liquide deal with 
•ny strengthens its U.S. 

' ms, and coincides with 
:h larger expansion in the 
one of its chief inter- 
! rivals. BOC Inter- 
!, which has taken control 
1. one of the largest indus- 
ases producers in the 
with sales revenues of 
last year. Of this, gases 
counted for 5530m. 


Merrill for talks on White Weld 


BY DAVID LASCELLES 

MR. DONALD REGAN, chairman 
of Merrill Lynch, the largest U.S. 
securities firm, confirmed to-day 
that- his company will shortly be 
meeting officials from the Anti- 
Trust division of the Department 
of Justice about its recent 
acquisition of White Weld, 
another Wall Street broker. But 
he described it as “ a normal in- 
quiry” which tbe company had 
expected, and he did not “ antici- 
pate any barmful effects.” 

Mr. Regan, who was addressing 
the annual shareholders’ meet- 
ing' defended the acquisition, 
which marked one of the largest 
mergers of Wall Street . brokers, 
as a good arrangement for both 
parties since it brought together 
White .Weld’s expertise in 


mergers, private placements and 
energy financing with Merrill 
Lynch’s strength in utility and 
bank financing. 

Mr. Regan made no comment 
about a recent Wall Street 
Journal report wbich said that 
White Weld and Company, the 
major subsidiary of White Weld 
Holdings, had recently begun to 
incur heavy losses. 

However, in his address to the 
meeting. Mr. Regan departed 
from the prepared text, which 
described White Weld at the 
time of the merger as “a 
healthy, viable firm " to qualify 
it as a "well-known and 
respected firm.” Tbe company 
later denied that the change was 
significant. 


Coca-Cola predicts rise 


NEW YORK, May 2. 

It is possible, however, that 
Merril Lynch is preparing for 
its encounter with tbe Justice 
Department when it may wish to 
defend the acquisition on the 
grounds that it strengthened 
White Weld’s financial position. 

Commenting on the big Wall 
Street rally in the second half 
of last month, Mr. Regan said 
that his company believed the 
stock market reached its low for 
the year in late February, and 
that the rally signalled a " real 
turnaround.” Some of the 
strongest trends were in non- 
institutional stocks, he said. 

Also, in the first quarter of 
this year, the individual investor 
had become a net buyer for tbe 
first time since 1969, though he 
sold heavily again in April. But 
Merrill Lynch is not optimistic. 
It expects the economy to slow 
down again by early next year, 
and gives an actual recession a 
near 50 per cent, probability. 


By Our Own Correspondent 
NEW YORK. May 2. 
CHRYSLER CORPORATION 
to-day won shareholder 
approval for a Preferred stock 
issue designed to help the 
company finance a STJbn. 
capital expenditure plan for 
the next five years. 

So far Detroit’s third-largest 
car maker has not disclosed the 
possible size or terms of such 
an issue but has said it will sell 
some of the 20m. shares 
authorised t e-day within the 
next month or two. 

Management had to scramble 
vigorously for the 50 per cent, 
of outstanding stock needed to 
change the company’s certifi- 
cate of incorporation, its 
efforts had run into a mixture 
of opposition stemming from 
the company’s poor recent 
financial performance and 
shareholder disinterest. 

In the event, some 32.768m. 
shares were mustered in favour 
of the proposal, or 5L34 per 
cent, of outstanding shares 
More than 5.1m. or 8.5 per 
cent, were cast against the 
management's proposals which 
also included a request to 
increase the Common stock 
authorisation by 40m. shares. 
Chrysler said tbe additional 
Ordinary slock, was needed to 
service an employee stock 
own»rshio scheme. 

Following the first-quarter 
loss of more than SI 19m. there 
tva« speculation that Chrysler’s 
dividend might he cu«. But 
after to-day’s meeting, chair- 
man Mr. John Riccardo said 
he would recommend that the 
directors maintain the 25 cent 
quarterly dividend. Earlier he 
fold the annual meeting in 
Detroit that management was 
aggressively trying to build “ a 
totally new, modern and more 
competitive corporation.” 

Meanwhile. Chrysler presi- 
dent Mr. Eugene Cafiero told 
the meeting that he Is con- 
fident that the British opera- 
tion will finish the year In the 
black after a first-quarter profit 
of £264,600. Chrysler (UJC) 
sales were up almost 55 per 
cent. In the period over the 
same 1977 quarter. 


THE QUARTERLY profit and 
loss figures published last week 
by the three major U-S. car 
manufacturers contain the seeds 
of a substantial problem for the 
Carter Administration’s anti- 
inflation policy. General Motors, 
whose leadership of tbe industry 
is always sensitively attuned to 
its owd relations with Washing- 
ton, was predictably alert to the 
problem on Friday afternoon, 
when it coupled an announce- 
ment of a general 1.4 per cent. 

price increase with a statement 
Of support for tbe President’s 
quest for a deceleration of cost 
and price increases. 

Tbe significance of CM’S 
announcement at the end of a 
week in which both the Detroit 
number one and Ford had 
revealed an erosion in profit 
margins, while Chrysler had 
plunged to a record first quarter 
deficit, cannot be underesti- 
mated. Neither CM nor Ford is 
expected to match last year’s 
peak profits in 2978, because of 
the sales cycle and the maturity 
of the current U.S. economic 
recovery- But their performance 
Ibis year could be very much 
poorer if, as GM indicated on 
Friday, it is seeking to dance to 
President Carter’s tune by bold- 
ing tins year’s price increases 
below the 6 per cent. level of last 
year. 

Leadership of this kind on the 
question of prices could not only 
weaken GM's performance, but 
it could also sharply erode mar- 
gins at Ford and Chrysler, 
whose ability to absorb increased 
costs and to generate funds lor 
capital investment is limited by 
their lower volume sales. If, on 
the other hand, GM finds itself 
able to absorb higher costs of 
labour and materials only at the 
expense of substantially reduced 
profits, then its undertakings in 
the spring may well be put to 
one side by the winter, and the 
President may find tbe nation’s 
leading consumer product in- 
dustry out of step with bis anti- 
jnflation&ry programme. 

Although Mr. Robert Strauss, 
the President’s champion in tbe 
battle with inflation, thought on 


BY JOHN WYLES IN NEW YORK 

Friday that GM’s approach to 
price increases was “responsible,” 
the company’s announcement 
contained gentle warnings or 
future difficulties. GM warned 
that its steel costs bad already 
climbed 9 per cent, this year, 
and claimed that its labour costs 
are rising at an annual rate of 
10 per cent The steel companies 
have already warned that they 
may introduce higher charges 
later in tbe year, and this in 
turn will pot more pressure on 
the motor industry’s costs. 

It is now virtually certain that 
the car companies will have to 
shoulder these cost burdens on 
lower volume sales than last 
year. Although GM is still faith- 
ful to its prediction of a record 
25.5m. cars and trucks for 197S, 

In response to a suit fifed in 
the Manhattan Supreme Coart 
alleging that Ford Motor had 
extended an exclusive conces- 
sion to Canteen Corporation to 
supply food and drinks at 
various offices and factories, 
Mr. Henry Ford IL the chair- 
man, said that Canteen Cor- 
poration was only one of 50 
such suppliers, taking less than 
a quarter of Ford’s U.S. busi- 
ness and an even smaller share 
overseas. 

most analysts put the likely sales 
total at about 2m. less, with car 
sales falling 300,000-400,000 short 
of last year’s 11.2m. GM plans 10 
spend S3Rbn. on tooling and 
capita! investment in 1978, Ford 
S2.6bn. and Chrysler S775xn., and 
reduced profits and profit mar- 
gins will make such expenditures 
more taxing for each of the three 
companies. 

GM graphically signalled the 
profits squeeze when it published 
its quarterly results last week. 
At S14.9bn. t sales in tbe first 
quarter were 10 per cent up on 
the same period last year, but in- 
come was 3.7 per cenL down 
because, said GM, “inflationary 
pressures continued to have an 
unfavourable effect no the cor- 
poration’s net income and pro- 
fit margin.” The latter tumbled 
0J9 per cent, to 5.8 per cent, from 
the first quarter last year. Ford 
encountered exactly tbe same 
difficulty. Its North American 


dollar sales rose 7 per cent., but 
profits tumbled nearly 23 per 
cent, to $232.2m. In fact. Ford 
was saved from an extremely dis- 
appointing first quarter by its 
overseas operations, which con- 
tributed an unexpectedly high 
$234m. to net income. While 
Ford’s profit margin fell from 
5.3 to 4.7 per cent., Chrysler 
proved totally incapable of cop- 
ing with a 15 per cent, drop in 
sales, higher tooling and launch 
costs and substantial losses over- 
seas. 

An added pressure on Detroit’s 
profit margins is t om ins from 
tbe sales mix forced on the car 
industry by tbe Government’s 
fuel economy regulations. The 
American consumer bus proved 
far more wilting 10 embrace the 
smaller car than even the com- 
panies had hoped. Profit pur 
unit is lower on the small car, 
and both GM and Ford have 
shaved prices on Ihcir most 
diminutive models to bead off 
tbe challenge of impurts. rarity 
as a resull, dealer sales of the 
smallest sub-compacts have risen 

29.5 per cent, compared with 
the same period last year. Sales 
of intermediate and full-sized 
cars, the real profit spinners, 
have fallen by S.7 and 10.6 per 
cent, respectively. 

Against this background of 
tightening margins, GM’s an- 
nouncement of last Friday con- 
tained one other element of 
great significance. For many 
years. Detroit has adjusted its 
prices in September at the start 
of each new model year, but 
GM now says that “ as part of its 
anti-inflation efforts under ihe 
President’s programme.” it will 
move away from once a year 
pricing to “interim adjust merits 
to achieve deceleration of 
prices.” It is not too rynical to 
foresee a situation towards the 
end of the year where the 
administration will have diffi- 
culty staging a fight with Detroit 
over a 1 per cent, increase m 
prices which could have followed 
four previous increases totalling 

5.5 per cent. This may be a com- 
forting prospect for those pre- 
occupied with the car industry's 
profits, but there would be no 
reinlcinq in ‘ho White House. 


COCA-COLA reports net income 
for the first quarter up from 
S65.68m. on 53 cents a share to 
873.93m. on 60 cents, a share. 
Sales increase From S7S5.6m. to 
$89 1.9m. 

Coca-Cola said that unit sales 
of soft drinks in the U.S: during 
the first quarter were only 
slightly higher than a 'year ago 
due to the. severe winter 
weather. Stronger domestic unit 
gains are expected for the re- 
mainder. of the year.: 

Overseas soft drink unit ‘sales 


NEW YORK. May 2. 
during the quarter were ahead 
of the previous year by. more 
than 10 per cent, led by strong 
gains in Latin America and the 
Pacific. Among Coca-Cola's five 
largest foreign markets, Brazil 
Japan and Mexico all reported 
strong volume gains while 
Canada and Germany were up 
moderately. The company 
expects the good foreign volume 
gains to continue, and predicts 
continued sales and earnings 
gains throughout the rest of the 
year. . ... 

Agencies -. 


Take-over bid for Hyatt 


HYATT Corporation’s principal 
stockholders, the Pritzker family, 
are to offer -$15 a share for pub- 
licly held stock of the hotel 
operator. 

The Pritzker family owns 
2.8m. Hyatt shares or about 35 
per cent -of the total outstand- 


CHICAGO, May 2. 

ing. Hyatt said that the invest- 
ment banking firm of Drexel 
Burnham Lambert and the 
financial evaluation firm of 
Standard Research Consultants 
have been retained, to determine 
the fairness of the proposed 
Pritzker offer. AP-DJ 


I AY 


; , i<'! vX ‘:FLY 

vance at 
>use~Hinds 

’ THE companies report- 
’ se in net profit for the 
irter of 197S compared 
■ same 1977 period was 
Zinds, with 55 cents a 
gainst 46 cento Also 
is Central Telephone and 
Corporation, with 72 
;ainst 66 cents, Purex 
s against 46 cents), and 
James with 70 cents 
•3 cents. Di Giorgio man- 
ise to 30 cents from 21 
with Philip A. Hunt 
! showing a same again 
. In a similar situation 
co again with 95 cents. 
. Holding ' Corporation 
1 with 63 cents against 
■nts a share for the first 
•’ last year, while Clorox 
19 cents again this time. 
Corporation, however, 
S1.34 from 31.08 while 
was also well ahead 

1 \5 against S3 cents. Ideal 
.idustries managed 58 
'.ainst 50 cents, while 
' porting its second quar- 
v-ed 94 cents, up from 
?nts for the same time 
. Showing first quarter 
the other band were 
International which for 
to March 26 shows 69 
share against 78 cents. 
!dnsiries was also lower 
linst 32.15, while Alpha 
Industries reports a 
this time of $751,000. 
re was in a similar situa- 
its third quarter show- 
■s of 8704,000 against a 
from continuing opera- 
te same period of last 


Atlantic Richfield sees sales rise 


ATLANTIC Richfield expect* 
1978 sales of about $l2bn. com- 
pared with $2L4bn. last year, 
company president Mr. T. F. 
Bradshaw told the annual meet- 
ing. He made no earnings fore- 


LOS ANGELES. May 2. 
cast, although the company’s 
growth Is on target. 

In the first quarter of this 
year. Arco earned $1.23 a share 
compared with $3-20 in the year- 
ago period. Reuter 



t • • ’• 


U.S. QUARTERLIES 

AMERICAN STANDARD 

First Quarter Xtn MW 

Revenue 515.0m. 444,0m. 

Net profits 28.0m. 24-Oim 

Net per share... 2.88 1.34 

CT F CTRQNI C DATA SYSTEMS 

Third Quarter MTB M77 

Revenue 57.0m. 43.0m. 

Net profits 5.0m. 4.0m. 

Net per share— 0.39. 0.35 

EMERSON ELECTRIC 

Second Quartar MW 

Revenue 570.0m. 466.0m. 

Net profits 4A0m. 37.0m. 

Net per share... 0.77 0.64 

GULF RESOURCES & CHERL 

First Quarter MW MTT 

Revenue S5.0m. 90.0m. 

Net profits 1.0m. . 5-Onu 

Net per share... . 0.05 0.57 

H ALLIBURTON • 

First Quarter MW 

Revenue ^ XL 

Net profits 7SJta. 6$-0m 

Net per share... 1-34 1.16 


INT. FLAVORS & FRAGRANCES j 

First Qsantar 

i m 

wn 

Revenue 

90.0m. 

80.0m. 

Net profits 

14.0m. 

lLOm. 

Net per share... 

0.38 

051 

NAT. MEDICAL CARE | 


ins 

am 


s 

s 

Revenue 

36.0m. 

30.0m. 

Net profits 

3.0m. 

3.0m. 

Net per share... 

0.71 

057 

PIONEER { 

First flwrW 

im 

MTT 

Revenue 

133.0m. 

122.0m. 

Net profits 

11.0m. 

12.0m. 

Net per share... 

1.13 

125 

QUAKER OATS ] 

Taw Qnrter 

im 

im 


s 

s 

Revenue 

412.0m. 

384.0m. 

Net profits 

20.0m. 

15.0m. 

Net per share... 

0.97 

0.70 

UNITED ENERGY RESOURCES] 

First Qnrtar 

iets 

ivn 


s 

s 

Revenue'^ 

527.0m. 

402.0m. 

Net profits 

24.0m. 

22.0m. 

Net per share... 

2.08 

L87 


•tend 
nts from: 
aerstary# 

Group 

td»Ofr*x 

», Stephan 
t, London 
EA 



Ofrex Group Limited 

Profits up — 57% to £3.4m 
Sales up — 29% to £32m 
Authorised share capital - to be E5m 
Scrip issue proposed - 1 for 5 

Sales and profits are ahead for the first three 
months of 1978. We are confident that progress will 
continue and are planning another record year. 


.. prlurntional supplies and equipment; paper 

Office Siipphes; S n i J^bincs; industrial fastenings; marking and non- 
bandlmg and shrodding • p p, ics; tapc measures; seat belt 

metallic strapp.ng equipment and -upp 
buckles and metal working machinery. 


NEW ISSUE 


Tbna rates hwipg bean told, lhamaomicnncat appears as a matter of record only- 

US $35,000,000 

IC Industries Finance Corporation N.Y. 

9% Guaranteed Notes Due 1985 

Unconditionally Guaranteed as to Payment of Principal and Interest by 


IC Industries 

Merrill Lynch International & Co. Banque de Paris et des Pays-Bas 

Algemene Bank Nederland N.Y. Deutsche Bank AktiengeseSschaft 

First Boston (Europe) Limited Kleinwori, Benson Limited 

Union Bank of Switzerland (Securities) limited 


Aim Dhabi Investment Company 
Alahti Bank of Kuwait (K.S.C.) 

Arab Finance Corporation s.aJL 

Banca Commercxale Italians 

Bank of America International 

limited 

Bank Lea International Ltd. 
Basque Bruxelles Lambert S.A. 
Basque Nafionale de Paris 
Banque Worms 


Kuwait International Investment Co. sAk. Union de Banqnes Arabes et Francises - U.B jLF. 

Amex Bank Limited Amsterdam-Rotferdam Bank N.V. Andresens Bank A.S 


A. E. Ames & Co. 
Limited 


The Arab and Morgan Grenfell Finance Company 
* limited 


Bache Halsey Stuart Shields Inc. 


Banca del Gotiardo Banca Nazionale del La void Banco di Roma Bank Julius Bar & Co. AG 
Bankers Trust Inte rnational Bank Gutzwfiler, Knrz, Bungener Bank of Helsinki Ltd. 

limited (Overseas) limited 

Bank Mees &Hope NV Banque Arabe et Internationale d’Investissement (B.AJ.I.) 

Banque Franpaise da Commerce Exterieur ‘ Banque Internationale a Luxembourg S. A. 

Banque de Neufiize, Schhnnberger, Mallet Banque Rothschild Banque de FUnion Earopeenne 

Baring Brothers & Co Bayerisehe Hypotheken- and Wechsel-Bank Bayeriscbe Veremsbank 


Bergen Bank 
Cazenove & Co, 

Citicorp International Group 
Continental Hfinois limited 


Barclays Bank International 

Li m ited limited 

Berliner Handels- and Frankfurter Bank 


Chase Manhattan limited 


Blytfa Eastman Dillon & Co. 

Interna ti on al limited 
rhanirai ’Rant Tirtontatinnal 

Limited 

Compagnie de Basque et dTnrestissements (Underwriters) S.A. 


Catsse des Depots et Consignations 
Christiania Bank og Kreditkasse 


CreditanstaR-Bankverein 


Credit Commercial de France 


Credit Industrie! d’AIsace et de Lorraine 
Dai-Ichi Kangyo Bank Nederland N.V. 


Commerzbank 

Aktiengeseflschaft 

County Bank 

limited 

Credit Industrie! et Commercial Credit Lyonnais Credit da Nord Credito Italiano 
Daivra Europe N.V. Den Danske Bank Den norske Credxtbank Deutsche Girozentrale 

af 1871 AMtseMeab Kptnmmialh anlr- 

DGBANK DSBon, Read Overseas Corporation Dresdner Bank Drexel Burnham Lambert EuromobDiare S-p-A. 

Peptache G eno ssttgd afc hant Aktiengeseflsdnft Incorporated 

Enrogest S.pJL European Banking Company Finacor First Chicago Limited Robert Fleming & Co. Gesossenschaftliche Zentralbank AG 

Limited TJmitHl Vienna 

Antony Gibbs Holdings Girozentrale and Bank der grterreidrisdien Sparkassen Goldman Sachs Internationa} Corp. Haxobros Bank 

A to tong e feUcriiafl- Limited 

He ssfcchft Landesbank HOI Samuel & Co. IBJ International limited fetitato Bancario San Paolo di Torino 

—Girozentrale— Limited 

JardineFl£mi^& Company KaosaBis-Osake-FankM Kidder, Peabody International KjebeahavnsHanddsbank Kredietbank N.V. 
Limited TJmffrf 

Kredietbank S.A. Laxembomgeoise Kuhn Loeb Lehman Brothers International Kuwait Foreign Trading, Contracting & Investment Co. (S.A.K.) 
Kuwait International Finance Co. SJUL ‘KEFCO’ Kuwait Investment Company (SAJK.) Lazard Brothers & Co., Limited 

Xazard Fr&res et Cie Lloyds Bank International Manafactnms Hanover Merck, Finck & Co. Samuel Montagu & Co. 


Morgan Grenfell & Co. 

limited 


limited Limited 

Nederlandsche Middenstandsbank N.V. 


Nomura Europe N.V. 


Tke Nikki) Securities Co., (Europe) Ltd, 

QsfatreiduscbeLinderimnlr 
Postipankki 

Rowe & Pitman, Hurst-Brown Sanwa Bank (Underwriters) limited 

Societe Bancaire Barclays (Smsse) SLA. 


Orion Batik 
PKbanken 


Norddentsche Landesbank 

Girozentrale 

Peterbroeck, Van Campenhon^ Kempen &A. 


Frivatbaakea Akfiesebkab 


. RotbscbUd Bank AG 
J. Henry Schroder Wage & Co. 


Limited 

Nederlandse Credietbank N.V. 
SaL Oppenheim jr, & Cie. 
Rersop, Hddring & Pierson N.V. 
N.M. Rothschild & Sons 
Skantfinaviska EnskHda Bankea 


Smith Barney, Harris Upham & Co. 

IncoEporated 

SoftasS-pjL Strauss, TnrnbaD & Co. Snautozno Finance International 

Swiss Bank Corporation (Overseas) Trade Development Bank, Trinkans & Bnrkhardt 

London Branch 


Societe G€n£rale Societe Generate de Banque S.A. 


limited 

Verelng- and Westhank 

AktfeageseUsdiaft 

Westdeutsche Landesbank 
Girozentrale 

April 27 J978 


J. Vontobd & Co. 


M. M. Warbnrg-Brindanann, Wirtz & Co» 

Wood Gundy 
limited 


’ Svenska HandeJsbanken 
Union Bank of Finland Ltd. 

S.G.Wartmrg& Co. Ltd. 

Yamaichi International (Europe) 

I J wiited 


ft 


international financial and company new 


Financial Times Wednesday May 3 I97S JL; ' - 






INSURANCE IN THE EEC 


Another step towards integration 


BY GUY DE JONQUIERE5 IN BRUSSELS I 

IF SLA.VY British insurers take Recently, however, efforts to outside Britain and are, indeed, directive may clear the way for Two Other thorny issues have 
a somewhat jaundiced view of create a genuine common market currently banned by law in a companion proposal to break still to be tacided — contracts and 
the EEC these days, it is under- in insurance have received some several EEC countries on the down national barriers to cover- taxation, in the British view, 

slandable. Only a few years ago new impetus Earlier this month, grounds that profits from, one age of large commercial risks, it is up to the parties to a con- 
it was widely supposed that the EEC finance ministers approved side of the business could be particularly in transport. Because tract to agree whatever thev like 

industry would be a prime m principle a directive which used to subsidise under-cutting this would apply onlv to traders, and for the court* to sort out 

beneficiary of entry. Community will eliminate most of the exist- or losses on the other. it will not be necessary to spend any resulting disputes. On the 

membership was confidently ex- mg obstacles to cross-frontrer n, ere seems a g 00 rf chance time drawing up elaborate codes continent, by contrast, the terras 

peeled to open up now markets ,a if* community, jj, a j ^ n j fle w m u] ee t half way of protection to safeguard the of contracts are strictly defined 

in which U.K. insurers com- ‘^en it takes effect after a two- by agreeing to review the opera- interests of the ordinary roan in in law and must conform to a 

petitiveness and expertise would year delay for ratification it will t j ons 0 f composites at some the street. model poliev sanctioned by the 

quickly win then, a pwition of co**-** d-Ierent , ^Mecnvchflc. un official supervisory body, 

commanding strength, while the countries to enter freely into j nt = . ree j m( . must be deviled C«|„f: n „ „ . 

balance of payments gained from joint contracts to underwrite aUol- ffmoostiS to eSthSh ^ olu « on Premiums are not subject to 

the- accompanying increase in major liabilities like tankers and themselves in countries where One of the trickier problems tax in the lijv. Tmr are liabic to 

invisible earnings. oil ngs. By allowing the risks th S £ rc banned at present bv involved, the matching of assets ^AT m most continental coun- 

But the Legal and technical w he spread more widely, the nat ^ onal lai Ve mtflkriv and liabilities? appears already * les - Under law, this 

barriers lo expanding EEC busi- directive should relieve pressures ""““J L ™- ” 3 to be on the wav- to a solution. ? s ? r ®P anc >' C0ldd S ,Te rise to 

ness have proved Far more ™ ** capacity of national ^‘ u ‘ l0 £ *°“ ,l h h ™ £1™': British insurance companies are distortions .of competition 

obstinate than anyone had markets. iTn^of&Zs^Sto require requh-ed^ to match foreign becauseit^vesBr^bmsurers 

imagined. and little real pro- p ■ them lo handle the other through assets and liabilities on an over- a commercial advantage, 

gross was achieved during the compromise subsidiaries. ail basis. But France has been The Commission believes that 


VMF-Stork Generate Alimentair# 
order books disappear j n | 

to shrink Goldsmith reshuffle 


»li . 


May 2. 


iiSj 5 ^herdisa lion have Z gS’SKS oennti Fr^re aVeed to .KSK 5* of the insured, where" these ThiSfiS out 

advertcntlv create^more restric- insurers ?hoSe t?en?eenThe liberalisation would also require principle when it approved the d^er. a restructuring of its loss- 

^e^ haJe renioved. S^rial method te nse m - significant dismantling of -^ngements of this kind 

As a result. British insurers have Britain and a less sophisticated national exchange controls-a P««* ? "■‘j!!? JS could work - i[ argues, at the big ®f d ' "rfA”: 

continued tn concenirate on system, based on past financial development that seems unlikely “* sets has stl11 fo he hammered en( j 0 f jjj e market, where busi- V, 

those overseas markets, like performance, which Germany m the near future. ness j s bandied by sophisticated , , t fh - jJearlv 

North America, where they are and some other countries would For these reasons, the non-life It did so under strong pressure professionals on both sides. But , *|i, ‘ * ‘ v-i. i 

aireadv well-established and like. sector is attracting rather more not only from Britain but also much more painstaking work flSL; "j?, 

enjoy considerable freedom of The second issue is more attention from EEC officials. The from Germany, whose growing will have to be done to eliminate natural unminao thu rniinwc 
operation. The proportion of sensitive politically and centres right to freedom of establish- interest in international insur- barriers before the EEC can „ fal i „ r more than ‘iJtnn la*t 
their international revenues on the treatment of composite ment in this field was established a nee activities is viewed by EEC claim to have created a common * iakin« ihp workfare* to 
coming Ironi the EEC — about II insurance companies, which do several years ago. and there is officials as a powerful source of market in insurance that means 19 -fig on January "L 
per cent, last year— has barely both life and indemnity business, cautious optimism in Brussels support for further moves to- something to the ordinary' r»th»<>k« ov *Tt»k«o 

increased since entry. These firms are rare in the EEC that approval of the co-insurance wards liberalisation. European citizen. 1 - iE* niSE? * 


By Charles Batchelor BY DAVID WHITE PARIS. May 0 • 

AMSTERDAM. May 2. SIR JAMES Goldsmith's French The transfer is to be under 
VMF-Stork, the troubled Dutch master company. Generate Occi- taken by the issue of shares lq 
engineering group, said new dentate, is taking over direct the three new companies, mad, 
orders declined in the first control of the French food in- over nominally lo General* 
three months of 1978, con- terest previously grouped under Alimentaire. These will theg 
tinning the treud of the past its subsidiary. Generate Alimen- be transferred lo the maste» 
two years. Orders wore more talre. company under a deal which 

than 10 per cent. lower than to ln a move sa ; d by the com- offers Generate AJimentaire^ 
Fir sa T K 77 , «“ an * r paay to be aimed at simplifying minority shareholders shares ft 

falling to Fls.l.7<bn. 1 a 1977 group's structure and reduc- Gl J; ... ■ - 

from FlsJL9bi>. the year inc 6 its fisca j burden. Generate t G0 V 111 
before. SLentaire will SSppear. leav- shores for this purpose, to b, 

VMF-Stork mast rednee inc the master company with Its Jjisteibuted Jo minority share- 
capacity by 10 per cent rrom J^nch Operations on y the one ho,ders on l [j e 1 ,as J® of 

l &g* ximam ,ev ? 1 of hand and on the other, its in- Generate Altmenteire ^ 

FlsJSba^ managing board temational operations grouped Generate A umeniai re. 

chairman Mr. Feyo Sickinghe unr i er the P U.K. company . 9 eneTB ' c ^'“entaire is thu| 
told a Press briefing. CaveJham being suppressed hy a proqes, 

The company sees do reason which first brought it unde; 

to change its earlier forecast Sir James separated Generate direct control, is now turnuu 
that losses will continue this Alimentaire from Cavenham. it into a holding company *3 
year after the loss of which previously controlled it. will eventually merge it wys 
FlsAJ25m. in 1977. The site after tying up his full ownership GO. All the group’s interest! 
0 / this year's loss will depend of the British group last year, outside France. including 
on the speed with which the GO holds about 9S per cent, of several previous subsidiaries i 
reorganisation of the company Generate Alimentaire. The Generate Alimentaire. now com# 
can be carried through and latter's operations, under the under Cavenham. j 

general economic trends. new P lan - uri11 he taken over by Last week. GO increased it) 

It Is currently carrying out three newly-formed subsidiaries stake in the French I'Expres^ 
a restructurin'* of its loss- of the master company. Unalim. magazine group to about 68 p^ r 
making divisions with the help Biaiini and Trialim. Unalim will cent. Sir James becomes chair 
of FJs.235ni. of government run the and desserts divi- man of the group, in which thj 

aid ■ Cutbacks in VMF-Slork's si0D - Bialim condiments and family of the French politician 
problem sectors are expected spices, and Trialim confec- Jean- Jacques Servan-Schreiber 
to lead to the loss of nearlv tionerv. has a blocking interest. 


three months of 1978, con- 
tinuing the treud of the past 
two years. Orders were more 
than 10 per rent. lower than tn 
the some 1977 quarter after 
falling to Fls.l.77ba. in 1977 
from Fls.L9bn. the year 

before. 

VMF-Stork must reduce 
capacity by 10 per cent from 
its maximum level or about 
FlsJ2ba^ managing board 
chairman Mr. Feyo Sickinghe 
told a Press briefing. 

The company sees no reason 
lo change its earlier forecast 


temational operations grouped 
| under the U.K. company 
Cavenham. 


Chrysler-France reverse 


BY OUR OWN CORRESPONDENT 

PARIS. May 2. 

CHRYSLER Corporation's The dividend will be only thr 
French manufacturing sub- third Chrysler-France has ’paid 


By Robert Graham 

MADRID, May 2. 


BY MARY CAMPBELL 


in lh*» nlacrirc nrneessine ' - n r» i j ^ pui «uun 0 4 uc uiviuniu w /11 uc uiny uh 

maphimrv P M.l^onndrv div? French manufacturing sub- third Chrysler-France has paid 
e^cteS to lave L sidiary — is due to pay almost The first was in 1974. and lh 
p^it i v? fn fluen re on this veer’s doub,t irs P^vious dividend to dividend was omitted in the fof 
St vffiSSk Z hfoB ‘be parent company this year, lowing two years becaas 

^“nup.^iaeUrtd.S d “E', ,e 3 sha ” {M in i,S 1977 ?£.*52'<r , 1 ;,, T 

«hic vmr -ifiar 1077 wh»n thorp profits. the company bad followed ; 

were no big forrig^^rde^ C hS2S Freice ZhEh is f Sg Sfi!S. Cf reinvestin S P rofi ‘ « 
Five of VIHF-Stork’s seven Chiy.lepJraiM*. which, is _99._9 France. 


T ossmskers in Sweden $22m. FEMSA EUROBONDS ^rlv^rnSJS^nthJ^Mrt irs previous dividend °to dividend w^omilfe^flTbt S 

JL/USMUaftCld 111 kJTTCUtll ^ , 'VT^™ • ^ 1 11 S VMFSiwk the n arent ^ year. lowing two yearn becaoa 

BV WILLIAM DULLFORCE STOCKHOLM, M.v , &*lU! fOJ BOSCh NCW lSSUC VOlUmC 011^6(1 fiSsSSSS ^ ‘ SharP “ " ^ 

LINE IN FOUR of Sweden's by the extraordinarily heavy Y ° rt ^DRID. May 2. BY MARY CAMPBELL were no big foreigi. orders. C hwSwF?Mce “whic" is %% Franre^ remvest,n e ,ls profit « 

biggest 200 companies made a losses returned by two State- rqbeRT BOSCH group of West . Fi *e of VMF-Stork’s seven J 1 , owned bv the US tu ’ ^ 

loss las! \ear, according to a nwned concerns—the shipbuild- Geni]anv js ^ pay 322 ^ for the THE dollar sec torfellback some- The detailed list of under- divisions made a profit of pronnshow^dthat net earnings The company said its 19.7 rt 

compilation of the 1977 results mg group Sveuska Vary which j 5 , per ' enr sta k e it is acquiring wh ^ at yesterday in belated re- writers for Canada's DM600m. FisJlm. in 1977. but Ibis was f™ t Up ; e *> droppS to F«47m su, i was 3ffec ^ d *>P u ejccepUona 

published bv Vcckans Affaerer reported a loss oi Kr_JJbn.. and n n fabrica Espanola de Magnetos action to we interest rate rises issue is not yet complete, but not enough to compensate for frnn, FK‘>15m in cos,s ' ‘he prepara 

rhe Slnckhoini economic weekly. Statsfoeretag. the State -industrial < FEMSAK Spain's leading sup- ! n States and follow- about 35 institutions have been an operating loss of Fls.59m. JqJS 4he propoMd wSa’dlv?- l,nnH f ? r ‘‘f, Simca Horizor 

This survev documents the dras- holding company, which returned p|1 of eleC fri C al equipment to m 8 Eurodollar rale rises. invited. Clanfying a point raised and reorganisation losses of : the .ithor hand is uo ranse of smaU wh,cb uen 

tic pluna-' ‘in Swedish corporate a Kr.l.2bn. loss | the automotive industry. Accord- Thc D-mark sector however, by some institutions, the lead FIs. 90m. The loss-making areas ? ron , j?," m to Frs 13 50 into production this year, 

profits. Which took place last ciraenges with a Kr.9Mni. loss | in3 t0 Mario CapriJe . president was steady The main news was manager. Deutsche Bank, said were paper and textile . conip . iny representative Difficult trading condition 

war and which had hesun to and Uddeholin with Kr.5/5m. Q f FEMSA. the acquisition will “ ,at Capital Markets Sub- yesterday that its present inlen- machines and healing and - d „ increase was aimed at had also added to costs ulthoufl 

crvstaili.se as individual company were the most badly affected of talcc p | ace through a one-For-two Conimittee had agreed a limited uon is to hold the DM500m. six- lighting technology. establishing a “normal dividend unit sales were good, an 

reports came in. the private companies. On the ^ capital increase and be com- y° lu “ e of issues and only for year Canadian notes it is taking The energy and engineering pri | 1C v “ The dividend paid last Government curbs had kept th 

iftC hv other hand, one in Tour of theipjeted by June. the first half of this month. onto its own books until maturity, divisions in particular have year was held down to comply increase in manuracturen 

lr,p improved earnings last J Explaining thc deal, which has will meet again to reassess A new guilder foreign bond seen order volume much with government curbs despite prices well belnw the general ir 
^rninn Mf nniS K?104m - vear ' althou S h '})* majoritv of . jusr been concluded . S r. Caprile condition of the market was launched yesterday--Fls.,5m. reduced over the past three d profi . in I976 . fl ation rate . But the compmr 

fSn? eivino n min iTn L h , esc ^re smaller companies. said that Bos ch had been brought fa e fore agreeing the calender for for ten years for the Republic years. VMF-Stork also suffered When the twn years' earnings expressed some optimism tha 

Thc ,able °/ the \ mosl Profitable, in as a partner to consolidate thesecond half of the month. 01 Finland. It offers a 7.J per a decline in ordere from figures 3n d dividends were taken the promised relaxation of ,r 

mHnnffi concerns is headed for the second’ FEMSA’s future, in particular in c The schedule for the first half cent coupon. developing companies which it together, the pay-out was about dustrial price controls in th., 

tumpjres wiin a margin 01 o.a y ear running by a substdiary of [ anticipation of Spanish entry into Ma y comprises four issues Due for announcement soon is attributed lo the lack of 22 pC r cent.. “ not abnormal'' as second half of this year woiU» 

per cent. Tor »hc lop -00 m a f ore ign concern. Rank Xerox. I the EEC He said FEMSA. which totalling a relatively low a 150m. Saudi Riyal issue for adequate Government .aid. a u f pro fi L he said. Improve the picture. 

anu -J per cent in ta/b. which had a profit margin of just j relies almost exclusively on DM340m. The Committee will Morocco's Banque Nationale de Developing countries accounted — 

Thc combined losses of the 25 under 23 per cent. supplying the motor industry, meet again on May 12. Developpement Economique. for 13 per cent, of new orders -wtow t 1 1 

per cent, of companies, which Fnr the first time since 196S descided on a major expansion Meanwhile, the D-mark sector Caisse Nationale de Telecom- in 1977. compared with 17 per Allffl ^Nl J DfOtlTS Ull SliSTDIV 
finished in the red, totalled the companies’ capital spending programme in 1974 based on the is expected to be relatively quiet noun ications S/5m. issue is to cenL the year before. , “ “ r J 

Kr.7.45bn. against I<r.2.25bn. in declined. Investments fell by assumption that by 197S Spain this week since Thursday’s be priced to-day. A discount is BY OUR FINANCIAL STAFF 

1976. when one in six showed a 5.1 per cent, from Kr.23.7bn. to would be producing 1.5m. Ascension day holiday follows so RNP ahead ^ 

ins*. The 1977 figure is swollen Kr.22.5hn vehicles a year. closely on Monday's holiday. • . Cedel > the Luxembourg- auvau a SHARP rise in profits and a year and in 19i9. company fin 


ahead 


A company representative Difficult trading condition 
said the increase was aimed at had also added to costs ulthougt 
establishing a “ normal dividend unit sales were good, an 
policy.'' The dividend paid last Government curbs had kept th 
year was held down to comply increase in manufacturer! 
with government curbs despite prices well belnw the general ir 
a record profit in 1976. flation rate. But the Compaq- 

When the two years’ earnings expressed some optimism tha 
figures and dividends were taken the promised relaxation of ir 
together, the pav-out was about dustrial price controls in tti<^ 
22 per cent.. “ not abnormal ’» as second half of Ibis year wo«l» 
a share of profit he said. improve the picture. 

Audi NSU profits up sharply 

BY OUR FINANCIAL STAFF 


M-.U l>si F 


twu- w . 1 ’J.-ttl oXiW the L ki\J i.MVj ./.Imw/to. 

Jliy i itfvwt di ii os tUr rf n.mJ unit. 


April 14 , ip;» 


$50,000,000 

Ishikawajima-Harima Heavy Industries Go., Ltd. 

(lithikawajuxui-Hariixia Jyukogyo Kabos hiki Kainha] 

Ciuaranteed Floating Rate Notes Due 19S5 

l\:.:r.e if *J er.d r tnest uncorjilUoMUx giuudiJa d by 

The Dai-Ichi Kangyo Bank, Limited 

(Kabosbild Kaisha Dai-Ichi Kangyo Gmko) 

] ; ir>t Bitsitin ( Europe) 

Lmlivd 

Yumuidii liilcrmiiional (Europe) 


based international bond 
clearing system, is looking 
into ways of establishing 
a link with the Asian dollar 
bond market. Reuter reports 
from Singapore. Among possi- 
bilities being examined is an on- 
line link with a hank in Singa- 
pore acting as cede! depository, 
similar to the link already 
operating between cedel and the 
New York bond market 


aucdu ^ SHARP rise in profits and a year and in 1979. company Bn 

Profits higher hy 13 per cent, major caoitat investment plan since director Wilhelm Neuwalf 

at the net level sire announced were announced yesterday by tnid a Press conference. Tty 
for 1977 by Banque Nationale Audi NSU. the quality car sub- chief aim is for rationalisatiui 
de Paris, one of lhe largest sidiarv of Volkswagen. and replacement of old plan! 

banks in France, Agencies [n i977 net profits rose by 5S Around one-third of the araoun 
report from Paris. per cent, to Dra.S7m. (S44m.) on will go to the Neckarsulnt fac 

Consolidated net profits are sales not quite two-fifth* higher tary and the major portion t* 

FrsAOSm. against Frs2258m. at Dm.4.23bn. Production in the Injrolstadt 
The dividend is Frs.24.75 a current year is expected to aver- Almost half of the investraen 
share oh capital increased hy age out at around the 1977 levels, is for model development, will, 
almost a fifth, compared lo Audi plans to invest around the Audi SO to be superseded 
Frs.2S.08 in 1976. a total Dm.lbn. (S250m.) this although no details were given. *•» 


The dividend is Frs.24.75 a 
share oh capital increased hy 
almost a fifth, compared lo 
Frs.2S.08 in 1976. 


Dai-Ichi Kangyv Bank Nederland X.V. 

llresdner Bonk 

.UusundhUI 


Union Bank of Switzerland (Securities) 


Aim IHul.i In i-fti limit l '■•mp-in v 
. t hi, icuJjiii-kxiur,! jin Hank N.t. 


.tlillli fljiiL uf Kuivuil ( K 2 >.l".) 


Afc'eaicar Ejnk Ncdcrluiul \.V. 


. 4 . E. Amu & Co. 

Unhcd 


Ames Bunt 


ArjE I iiuuciul fiin-uliani-. Cumiuny S.A.K. 


Bmu Gimm* route luliaasL 


Banca Nazi'awle del Lav mo 


P.jiuv l i.|..ii- 1 1’ -I'm" \niific.nw Ikmk uf Anivrim Imcriuiinrul Bank Juiiii- Ifcicr Inierruiliunul Bunk Leu Inlcnulioiiul Lid- 

I innuJ Lmiol Limltril 

ISjiil. I iHMu Il-I'UiI I lie t!jiik<-i ]■■!•«■■ 1 Hi.il.indi X.V. Bjnter* l ni-ijmcrnaiiooal ]!anit<iv Amlic cl Iniemniionalr (Tlnvesiisscincnl (B..A 1 . 1 .) 
Jl.iu<iiii- Hi ii\clli-. lamlu-n S. A. ISiiiiqiii,- 1 1 jiu ji^- tin l minnme I’n crioir Bnnqoc Gc oenle du Ldvembmip^S.A.- llanque de ITodiKhioe et de Sues 

I i .n 1 1| i n - 1 nr l ni j i innate -j Luxcnil*»iin£ S.A. K.impit Njjionatedi! Pari-. iSjiuiin- dc PjH> fldcs Pjj<-Bus Bumiuc de Paris cl des Fmvlte-. (Stu>«e) S.A. 

lTan>|iit r..|inljirc Sui"-c S..\. LilsciuKiunt ILmiiic dn Riunic cldc Ij Taini-c S.A. IJjnqne R.iihschihl Itenyiiede ri'nii.n Kuro|iecnne Biinque tVorms 
hiring Ki. iIht, A. H. Alhm do g.iry \ G-. V.V. 15 jm.iJ In icnuiwaal Limited IrjvenVIif I.undevbunk JL\ cri'ilic Yerrinshank 


IS jiiI. I mini Ii-l-ijiJ 


Bank nf Ameriia Imcriuiinrul 

Ll*Ml 


Bank Julin- ILer Inierruliunul 

Linllti 


I lie t!jnki-i 1 il!..il.mdi X.V. 


Iijnkcp- l ni'l Imcrnaiional 

LisiinJ 


Birins lli.'ilii-r, A «'||„ II. Albert 

1 nr,lr4 

l!i-i]inir II ntdrlv unit Krjiiklni U'i* Haul. 


irj^enVIie I.nndesJjunk 
liinj^cnlnde 


Illy i h K.i-mun llill.-n jL Co. 

lartuijuiuJ Unfed 


Durban Hank S.A.K. 

AraiK 


Gussc lies Depots cl Ctmsgru Lions 


I Iij,i MjiilialUn 

I lUilfnl 

• '.niiin Itjnt f imilcd 

Cl !■ (u il>i Nf'ril l 


Chvmiv.il I’-Jiit. li-irriuiioDJl 


Credit Gniniii-ii i.d We France 


Cilicnrp Imcrnaiional Group 
Credit Inuu'irid u'Al-acc el Je Litrainc 


rninmerzluuk 


Commentol Illinois 

Ltaitt. i 


Credit Industrie! ct Gimmercwl Credit Ljnnnais 


t reilii Wliiiu WdJ 

I inlN 


Credit jnsbik-Iijiiki erdn 


Dai-idri Seauiues Co.. Lid. 


Daiivj Eur-pc X.Y. 


1 1 . •111111111 Itink of Sin^uporc 


L'llci iridniil, AVjiliunj 

\knra;ca Hv. lull 


c nr, i:\nk 

(Ivul-v.lie iH-nu.'eDM.ii'Jlljb'jlik 
iiurortl' Jiilitirv S.p..\. £. 

■wpicnil I >aowJ lalmordulijit 


Iliili-n. Read Oifi.-i-js Ijnqivraiiuii 


Dominion Seairilirs 

LtuM 


Euxvpcan IJuntin^' Ginipjni- 

Lluud 


Robert Fleming & Co. 

Umttd 


(n ih-i-enn.liaftliclie A-nU'jIh.ink AG 


t»ir>i.’ nil rule und Bank drr I l-anTciebiMtlten Spjrkj-oefl 

.VlJimsenQjttuli 


\ • Den lianskc Bank 

at 1171 Aktkvhkmli 

Drrxcl Burn ham Lambert 

Imijcdd 

GcGna Intematlooal 

UatBl 


The Gulf Bank K.S.C. 
Imcnminn-Hanijiic 
krcdiclluiik N.V. 


Jlnmlmn Bank 

Limnri 


flrssischc Ijindtshank 

— Oaortomt*— 


Ififl Samnel L Co. 


Israel Ih'soiuni Bank IjJ. I 

Krrdieilmnk S.A. LnM'mbaiirde<«L-« 


Kidder. P ijIioJ y Inlemulional . 

Jaand 


Goldman Sachs Iniemaiional Gotp. Green“hifWs 

ImpoonJ 

Inicmaiiond Inlecnatnxul Credit Alliance, Limilett 

loaHhl HmKons 

Kj^benhuy-as Handdslwiifc Klcimnsf. Bensua 


jKJcinwwt. Bensua 

LMM 


Krcdiclluiik .W_ Krcdtcilunk S-V. LuAembonri5c«L-e Kuhn Lueb Lehman Droihers Asia Kuwaii Financial Centre (SJLK.) 

Kuwait Fiireisn Trading I’«nlrictini it Imc-iuieni Cu. f S.A.K. i Kuwait InUanniinna] Finance Company SA.K. "K 1 FCO" 

Ku« jit liiicrtiJiiuiul Invc-dmcnl Co. s-a.k. hun.iii ln» cMntcni ('omjuny fS.A.K. »’ Kuu jit Pacific Finance Company Limited jLazard Brother-- X Co., Limited 


Kuuait Fnrc hin Tradin-J CnnlrJclini A Inic-iuiL-rtl Cu. (S.A.K. I 


LI" i J- Hunk I ill n ujlimi.il 

I inifirJ 

Mii.iial. tin lit". tVei, liiirriijiKKuI 

l.apdat-ol 

Miir^jii Gn.irauis JihI I'jrlurrS 

I irwnrd 


l.niidijj Jlin Sxiiritio I ndcr.« tiler* J Jmitfd 


]jfiid"ii A: Gmtinent j! Bankers 

bud 


Merrill I inch I tit Lina in mu I Jc Co. 


Afit*nl Fin.iiue l.urti|*c 

Litsiicd 


Sjimiel Montagu & Cu. 

UnaicU 


Ncdcrtemls'lir MiildcniluinLshatiL N.\’. .\i 

The Nippon Kiin^to Kwhumuru Scrurilitv Ca. Ltd. 


Muraun Stanley Internal ion al 
Li mrtrt 

New Japan Securities tunipe 

LnniKd 


N atiunai Hank of Abu Dhabi 


Manufacturers Hanover 

bwri 

I. AI«i£ui (irenfeU & Co. 

Ijwud 

The National Commercial Bunk 

SuAAntn 


Nomura Europe N.V. 


Roih^cliild Bank AG 


N'. M. Rnlh*child & Sims 

Linnlnl 


Solomon Broihers Intern alional 

Laulfd 


StliroJiT. M until mcycr. llen^bl & Cu. 
Sinilh'Romcv. Item"' l plum & Co. 

lacu'iMKjml 


J. Itemy Schroder & Cu. 

IMd 

Soricic Bjurain: Boalay.- (Suisse' SA» 


Thc Xifcto Secuniio Co^ (Curope ' Lid. Nippon European Bank S.A. 

tikason Seam lies Co-, Lid. SaL Oppcnhcim jr. & Ge. Orion Bank 

Umhei 

ntcnijlional Sanyo Securities Co* Ltd- Sdudinavun Bank 

LnUH 

Skaudinorlska EnstiHa Kunken N.V. Sloven burgs Bunk 

Soaete Generate Socicic Generate deBaoqneS-L S0FIAS SJ-A. 


S]tarhonkem*. lank 


Strums. Turnbull S Cu. 


Sumilooiu Finance International 


Snist Honk Ci Tpi tjI ton (Overseas’) 

Lmiicd 


Taijn Kube Finance Hon£ KunJ* Limiied 


I'niott dc Hantjur* Arabc* ct FntnpiL'C*— l .B. \.K Initnl 

AVako So-Ticilivs Gimpatiy l.intiied S. W arbur* A Gv. Lid. 


I'niieJ Oiervsc. Bant Limiied, 

sauaper* 


Son Hum* Kai Internal tonal Ltd. 

Total Kyoirj Morgm Gnmfeli 
UaiKd 

Ycreimi- und Wcsdiank 

.VIUTOKMOKtaJl 


SOFLiSSJX 


Svcnska Hiindehtemken 
Trade Development Bonk, 


WealdeuLciw Landohank 
Girozemralc- 


WiHwrus, G|jti S Co. 


J. YunloW & Co. 


Wood fiundv 

Lmtnf 


Yamalane Scatriues Cu_ Ltd. 


STRAIGHTS 

Alcoa Australia Slpc 1WSS Sttj 

AMKV upc 19S7 ATI 

Australia Sine 1992 . 94i 

Australian U. & S. 9] pc "92 97] 

Barclays Bank 9.' pc 189!... 97 

Bott-ater flloc 191H .... 97.* 

Can. N. Railway SJpc 1998 97! 

Credit National «ioc 1986 . 375 

Denmark 8Jpc 1994 - 109 

ECS 9 pc 1993 98} 

ECS S.’PC 1997 ... 95L 

EtB SJpe 1993 98; 

EMI WPC 1989 W 

Ericsson 8Jpc 1999 9flJ 

Esso 9 pc I9M Nov ]flU 

Gr. Lakes Paper nipc Itoi Ml 

Hamersley 9Ipc 1992 100 

Rrdro Quebec 9pc 1BJH ... 93; 

ICI SJp.? 1997 97{ 

ISE Canada AJpc 1980 . . lWi 
Macmillan Bloedcl 9nc IBM 96 

Massey F.-rmison 91pc -91 97 

Mlcbelin Wpc 19S9 103 

Midland Ini. Fin. SJpc '95 9s ! 
National Coal Bd. Spc 19S7 941 

Narional WsTrmj>tr. »pc 'S« 191 i 
Neu-foundland 9 pc IASS 99! 

Norrlir Inv. Bk. g!pc 19K8 9S! 

Nonw-e Knm. Bk Sipc I9M 971 
Norpim* $»pc 19*9 ... . Bn; 

Norsk Hydro s: n ,- isga . 86 

Oslo 8pc I9W inn* 

Ports Auionomcs flpc 1931 9St 

Prat. Quebec 9pc i09i . 96 

Prov. Saskaich. S'pc 1986 99! 

Retd international Bpc l.“S7 9« 

RUM ADC 1992 Mi 

Selection Trust S.’pc 1M ... 91 

Skand. Ensklld;. 9pc iwi .. 99: 

SKF SBC 1987 93J 

■Sweden 'ICdnmi 9jpc 1DS7 96i 

United Biscuits Bpc 19S9 ... M 

Volvo Spc 1987 March 93 

NOTES 

Australia 7Jpc 1M4 96 

Bell Canada 73 pc 1887 9j 

Br. Columbia Hrrt. T;pc 'S3 94 

Can. Pan. Sipc 1961 <»5 

now Chemical fcpc ’.7^6 ... 9s 

ECS Vine 19S2 

ECS Sipc 19S9 9oi 

EEC 7>: 19S2 97 

EEC Ttpc 19W 96 

Eiufo Cutzeit s U»c is-4 .. 97.' 

ciotaverken 7ioc '9 ?l! .... 977 

Kockums 8pc l!Kl . . .. 97; 

uicholin sine iss; 99 ; 

Montreal Urban SJuc 1981 LOO; 

New Bnumrick Spc 1934 ... 97! 

New Bruns Pro*. SJpc '$3 100J 

New Zealand 94 dc 1988 ... 9S1 

Nordic Inv. Bk. 7?pc 19S4 9>t} 

Norsk Hydro 77 pc 1982 «l 

Norway Tjpc 1982 96* 

Ontario Hydro Bpc 19S7 .. 96 1 

Sinner Slue 1BS2 IMS 

S. of Scot. Elec. Sine 3K1 mo 
Sweden (K'domi T.’pc 1982 97 

Swedish State Co. 7<pc "82 97; 

Telmex Blur IBS4 99J 

T<-nneco “Jpe 19S7 May 94! 

Volks waken 7:pc 1887 ... 93! 

STERLING BONDS 

Allied Breweries I0!pe ‘90 90 

•Jtnrorp inpr 1901 :»l 

Courtaulds 9,’pc 19S9 .. . 9n; 

ECS 9* pc 19.18 94 

EIB 93pc 19°» 94 

EIB 9>PC 1993 94 

Fmana lor tort. 9! pc 1967 90; 

Finance for Ind. 10pc 18S9 91 

Fisuns lOlpc 19S7 94 

Gcsiciner II pc 1988 94.' 

INA 10PC 1988 Utn 

Rovrmrcc lOipc 19SS ... ... Wi 

Sears mine 19V6 !»ti 

Total OU 9ipc 1894 93 

DM BONDS 

Aslan Dev. Bank afpc 19S3 97 

BN'DE 6Jpe 196S 9li 

Canada ilce lkSa nsi 

Don NnreJce Id. Bfc. Spe 'W 97; 

Deutsche Bank 4;pc JBjO 97J 

ECS alpe 1990 8-U 

ErB Sipc 1938 9.71 

Elf Aquitaine Sine ISSrt ... S.il 

Euniom JJpc 1937 971 

Finland 31pc 19M 97; 


Mexico 8 pc 1985 9i 

Xrteent alpc 1BW 99; 

Norway 4;pe 19S3 99J 

Norway 4Coe I8i3 97j 

PK. Banken 51pc i9vs ..... s:. 

Prnr. Quebec Sue IBM 9ii; 

Rauianmkkl 21 pc isas ... 96 

Spam one 19SS 94; 

Trondheim 19SS . .. 971 

TVO Power Co. soe 1989 .. 971 

Venezuela fipc 1989 97 

World Bank s;pc 1980 9S 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


FLOATING HATE NOTES 
99i Bdnk of Tokyo 1994 . iJjpj*: 

*j. BFCE USA Sip: 

BVP 1IKT MlMPr 

M CCP 19d3 9p«. 

9 S( CCMF 19S4 TJpc 

BSj Creditanstali 1994 7i-»- ... 
971 Credit Lyonnais 1982 Bpc - 

111 " DC Bank 1982 ri3|«pc 

99 ; G7B 19S1 SI (4 DC 

ino; ,n * 1 - Westminster 1984 Spc 

eci Lloyds 1B83 TJpe 

w LTCB 19ST Spc 

iqx Midland 1982 Spe 

Midland 1967 7 11 1 „ pc 

9 = OKB I9SI 7;pc 

1021 S.VCF 1065 8 iDC 

99 Sid. and Ci»rd. - s< 7 11 in DC 
»>ji Wms. and GUn's '84 si^pc 
.ni Puun<- While Weld ! 


Bid 

Offer 

CONVERTIBLES 

Bid 

Offer 



American Express 4ipc "87 

*9i 

91 


mi 

Ashland Spc IBSS 

9h 

971 

Babcock A Wilcox SJpc '97 

9s: 

•w; 



Beatrice Foods 41 pc 1992... 

9*i 

1(h) 

inn 

mi 

Beatrice Foods Vpc 1992 .. 

]IW 

1W 

99 ; 

99'. 

Bci-chatn 8Jpc 1 B 03 

931 

so; 

99 : 

m 

Borden Spc 19K 

101 r 

lus 

■ 19 ; 

10(1 J 

Broadway Hale 4!pc 19S7... 

79 

80j 

100> 

100’ 

Carnarion 4 pc 19S7 

7S! 

SO 

lun; 

toi; 

Chevron Spc 19* 

its 

139). 

!»; 

TW1 

Dan -Upc 1987 

9’ 


inn; 

ion; 

Eastman Kodak 4 !dc 19SS 


S9 

99! 

mol 

Economic Labs. 4ipc 1987 

77 

TSi 

101 

lull 

Firestone Spc 19*8 

S-4J 

M 

no: 

urn 

Ford Spc iix 1 ? 

o:i 

94) 

inri 

lull) 

General Electric 41 pc L9S7 

44 

SB! 

99 : 

991 

Cllleile 4.’pc 19SI 

7S 

78! 


I00J 

Gould Spe 1947 

Il-'J 

r.4 

\a\ 

ions 

Gulf and Western 5pc IK>* 

97 

m 

So cun fir 6. 


Harris Spc 1992 

163 

170 


Honeywell «tw 19SS 

U.'I Sine 1993 

Bid 

■a: 

Offer 

H 


■V 

INA 6pc IS97 

**n 

«7i 

Inchcope BJiw 39K 

114 

111 

ITT 4!p_- 13S7 

S4 

«l 

Jusco 6 pc 1992 

112 

III 

Kornalsv 7ipe iflSu 

IV 7; 

12?* 

J. Ray McDermoir 4Jpe ’S7 

MSI 


Maisusluta a;pc 16BU 

171 

it: 

Mitsui Tipc 1990 

121 

IS 

J. P. Morgan 4 ‘pc 1997 ... 

99! 

IW 

Nabisco 5Jnc loss 

IOC- 

its, 

Owens nilnnia 4|pc »*. ... 

119J 

12! 1 

J. C. Penney 44 P c 199/ ... 

SD 

rlr 

Revlon 4ipe igST 

11»: 

L0 

Rcroolds Metals Spc 19Ss 

87 


Sandvik »}pc 1989 

110 

11!! 

Sperry Rand J>ne 1SS7 

92} 

91 

Sombb 41 pc lih-7 

SB 

« 

Texaco 4! pc 1988 

SX* 

SC 

Toshiba 6>pc m2 

121.1 

127: 

Ty Co. Spc »«4 

77 

n 

I’nion Carbide 4Jpc *482 ... 

97* 

9» 

Hamer Lambert 4 Inc 1iS7 

sj; 

« 

Warner Lambert 41 pc 

TT 1 


Xerox r.oc 19>s 

so 


Source; Kidder. Peabody 

Securiiiw. 


This announcement appears as a matter of record only. 


jjssillS? 


Societe Financiere 
pour les Telecommunications 
et l’Electronique S.A. 
(S 0 .F.T.E.) 

U.S. $20,000,000 

Medium Term Loan 

Guaranteed bv 

* 

STET— Societa Finanziaria Telefonica per Azioni 

Managed by 

London & Continental Bankers Ltd. 

Co-managed by 

Banque de la Societe Financiere Europeenne 

Funds provided by: 

London & Continental Bankers Ltd. 

Societe Financiere Europeenne Finance Company N.V. 
The Bank of Yokohama Limited 
DG BANK Deutsche Gcnossenschaftsbank 
Genossenschaftliche Zentralbank A.G-, Vienna 
Girard Bank 
Nagrafin Bank Limited 
Bank Europaeischer Genossenschaftsbahken 
European Arab Bank 
Agent 

London & Continental Bankers Ltd. 







JV 


>■ M:,v 



Financial Times Wednesday May 3 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Q[|^|5TRAUAN companies ; 

Shareholders Association 


in 


Tax boost 
for Swan 


sWiits at National Mutual Brewery 

V (AMPS rwtu ' ** ° Ur Qwn CWTWP ® 

I iWltJ PVK IH . r\m\TT?i * • A cvnxicv 


JAMES FORTH 

AUSTRALIAN Share- 

• •. srs' Association has told the 

3nal Mutual Life Associa- 
1 -Australia’s second largest 
‘ . office — that it has a moral 

ation id make a takeover bid 
7 • ;he entire .capital of fintin- 

* . Mercantile 'Credits, National 
1 • Aal recently decided to buy 

per cent, shareholding in 
antile of the Hongkong and 

. ghai Banking Corporation 

‘ a- h. together with its existing 
■ r -i ! ; , per cent, equity. would give 
'*'■ ■■■.. 37.8 per cent, interest. 

life office paid' HKSB 
J6 a share, compared with 
' ■ i. v Then market price of 77 
’ and to-day’s .price of 

‘i-./snts. 

.. rional Mutual declined to 
•••v .'.3d a comparable offer to 
- . ining shareholders, arguing 
stock exchange require- 
.... .s only covered situations 


where the shares purchased 
already constituted “effective 
control.'' In this case National 
Mutual only gained control by 
assregaring the HKSB holding 
with its existing stake. 

Only a few weeks earlier. 
National Mutual bought a con- 
trolling interest in Common- 
wealth Mining Investments from 
Consolidated Gold Fields of 
Australia and on that occasion 
was forced by the exchange 
requirements to extend a com- 
parable offer. 

The Mercantile arrangement 
came under criticism and 
National Mutual announced that 
“ in thg light of possible uncer- 
tainties surrounding the position 
of minority shareholders ” it 
intended to reduce its stake in 
Mercantile to 49 per cent. “ over 
a period of time, without creat- 
ing a disorderly market.” 


SYDNEY. May 2. 

The ASA said regardless of any 
argument over “effective con- 
trol.” there seemed little doubt 
that National Mutual was now 
in effective control of Mercantile 
and would remain in that posi- 
tion even if its holding was 
reduced to marginally below 50 
per -cent. 

“W*e believe National Mutual 
has a moral obligation to extend 
an offer to all other shareholders 
on terms at least as favourable 
as those negotiated with the 
Hongkong and Shanghai Banking 
Corporation r the ASA said. 

“The major financial institu- 
tions have an important position 
in the Australian securities 
industry and we believe that 
these institutions should set 
impeccable standards in comply- 
ing with both the spirit and the 
letter of stock exchange regula- 
tions." 




RA attacks government actions 


IT 


i. ,1 ■ 

i i 

Irn.i 
*1- 
:« i 
i * i * 

• • < ! 
'*••• 

!>• . 


■ IT OUR OWN CORRESPONDENT 

'■Ml,. .. 

i , v ZINC Riotinto of Australia “We have had discussions 
s local offshoot of the U.K. about the specific problems of 

• • ,->;.ng house Rio Timo-Ztnc Australian listed public com- 

oration — believes that panies now classified as foreign 

ns taken by Federal and under the foreign investment 

t governments in Australia legislation ” 

k ' feB^jLS “fthJSiSS RTZ Holds more than 70 per 

affecting the raining cent of cra’s capital, which has 

' r predictable ” ' d thwarted some of the group’s 

. )•, predictable. attempts to expand through 

e chairman. Mr. R. H. take-overs. 

■ f;.> egie told shareholders at „ . , , 

- fifa annual meeting in Mel- “ r - c I 8 ™?® 18 s 
- • ,>ce that uncertainties led to on ^- °„ e da ^ after Australian 

. ss of confidence which in sroup Howard Smith caUed off 

; raised the return on invest- a P ro P?j ed Vp* 

> needed to justifiy proceed- ? vel *[. ^! d , , C ' RA . for 

vith a hew investment. The So “ tb Wales coal producer. Coal 
jmc was lower investment *** d _ Allied industries .Ltd. 
h in turn meant fewer jobs. ICA1L). The offer was first 
_ -j t- j i made nine months ago but has 

’• : : been held up by the NSW State 

Tnment bad indicated that Government, which is still 
..as aware of fte uncertain- deddlng whether it fits within 

Aurtrat 1 ^ its recently announced guidelines 

■ £ , * t L * l 25 ff d p«?A S on foreign investment in the 

♦„ *£' NSW mining industry. Howard 
Smith directors called off the 
ISfiJ' U ? r Rf^tnnvm C1 hv joint bid because they bad 
Mr McColm formed the opinion that the NSW 

er. that it was studying as SSiTfiSant 11 * CRA °?hareholdinH 
. itter of urgency all matters CRA sh ho dlDS 

•h might inhibit foreign in- ,n CA1L - 

. nent in Australia. Mr. Carnegie said that CRA 


SYDNEY. May 2. 

would hold further discussions 
with the Slate Government about 
its attitude to CRA participation 
in CAIL and to investment in 
NSW generally, and would then 
review the position. 

Mr. Carnegie said that CRA 
was unhappy with the CAIL 
situation and with the Federal 
Government's decision last year 
preventing it from maintaining 
a major stake in the S'Albn. plus 
Hail Creek coking coal project, 
but allowing the U.S. oil major, 
Exxon, to take a 25 per cent, 
stake. 

“We. still believe we could 
have made a significant contribu- 
tion to CAIL— and the same 
applies to Hail Creek — but for 
reasons unknown to us the NSW 
Government appears to have 
decided other companies could 
make the same contribution.” Mr. 
Carnegie said after the meeting. 

“ We would like to iovest In 
coal where it represents a good 
commercial deal, but we are not 
in the business . of making 
acquisitions just to get bigger. 

“We believe Australia is 
being disadvantaged by our 
classification as a foreigner.'' he 
added. 


•• ni* 


Flour bid by Barrett Burstoo 


tip sfilirp; 


*Y OUR OWN CORRESPONDENT 

EOVER activity in Australia agreement on a merger and that 
ntinuing at a fair pace, with the operations of the companies 
more bids having been were complementary and did not 
unced. Australia's largest overlap. 

ster, Barrett Burston Aus- ln another diversification, 
3 is seeking to diversify with 1 ^^^ the electrical products 

and lighting group, is offering 
SA3.00 a share cash for plant 
hire, property and investment 
company CDF- Hooker. 

The directors of CDF-Hooker 


7.1m. (SUSSm.) bid for flour 
•r and stockfeed ' group, 
jton Min We McLennan, 
eit is offering two of its 
;s for every five KMM 
's. The directors of both 


tames said they had reached have already agreed to sell their 


SYDNEY. May 2. 

15 per cent holding to Kemtron 
and recommend the bid. which 
is well above the stated asset 
backing of 5A1.B0 a share. 

Kemtron incurred a SA746.000 
loss in 197&r77 and has been 
recently disposing of assets to 
improve liquidity. 

In another takeover situation, 
directors of Queensland timber 
group Wilson Hart have rejected 
a $A3.1m. bid from Queensland 
furniture maker Garricks. 


By Our Qwn Correspondent 
SYDNEY. May 2. 
SWAN BREWERY COMPANY 
raised its profit 74 per cent., 
from SA9.5m. to $A16.6m. 
(SUS18.8m.> in the year to March 
28, mainly because of substantial, 
taxation allowances. 

The company provided only 
SAL36m-. compared with 
$A5.79m. in 1976-77. The major 
difference between the provision 
and the prima-facie tax level of 
SAS.36m. was a $A4.26m. reduc- 
tion because of investment 
allowances and a $A2.54m. 
reduction of extraordinary items. 
The investment allowances 
reflect a SA70m. programme 
currently under way to build a 
major new brewery' in Western 
Australia. 

The dividend is lifted from 
5 cents to 6 cents a share, and for 
the third successive year includes 
a “special bonus element” of 
1 cent a share. 

The dividend payout for the 
year is up from S.5 cents to 9.5 
cents, but directors caution that 
maintenance of this level should 
not be assumed because profits 
in coming years would be 
affected by interest and deprecia- 
tion charges associated with the 
new brewery. 

On a pre-tax basis. Swan 
increased earnings 22 per cent., 
from $A15m. to $A18.36m. 

Ford Credit 

Ford Credit Australia's profits 
rose 27.9 per cent, to a record 
KA2.3m. fSU.S^.6ro.t in 1977. 
AP-DJ reports from Melbourne. 
The 1976 profit was SAl.Sm. The 
company's loans rose 33.7 per 
cent to $A29S.lm. during the last 
year. No dividend will be paid 
to the parent. Ford Motor Credit 
Company of the U.S. 

Cash offer from 
Hongkong Land 

By Daniel Nelson 

HONG KONG. May 2. 
HONGKONG LAND is making a 
SHK40 a share cash offer for 
the remaining 47.4 per cent, of 
its subsidiary. City Hotels. The 
bid for the 3.12m. $HK5 shares is 
valued at SHK125m. <$US27ra.). 
Hongkong Land general man- 
ager, Mr. Trevor Bedford, des- 
cribed the move as “a common- 
sense rationalisation exercise," 
and said Land would have 
greater participation in the 
growth of the hotel group. 

City Hotels last month re- 
ported a 1977 profit of 
SHK 18.64m. (SUS4m.l. up 4.66 
per cent, and a final dividend of 
SHK1.40, compared with SHK1.35 
the previous year. Before the 
announcement of the proposed 
deal. City shares were being 
quoted at SHK37 on the Hong- 
kong Stock Exchange. 

The giant Land company has 
also been named in rumours of a 
possible takeover bid for Hong- 
kong aod Kowloon Wharf. 

• Hongkong and China Gas has 
declared an unchanged first 
quarterly dividend for 1978 of 
19 cents a share. 


SOUTH AFRICAN COMPANIES 


Scotts Stores earnings dip 
despite jump in turnover 


BY RICHARD STUART 

SCOTTS STORES, up to now 
one of ihe favourite growth 
stocks on the Johannesburg 
Slock Exchange, has reported 
sharply lower earnings for the 
year ended February. Pre-tax 
profits at 23 per cent, down from 
R4.7iu. to R3.6m. (S4.Im.) des- 
pite a 3 per cent increase in 
turnover from R54m. to R?4ra. 
($S5m.). As a result, margins 
were slashed from 8.8 per cent, 
to 4B per cent 


At the after-tax level earn- 
ings were down more severely 
from R3.1m. at R2.1m. The com- 
pany is now paying a full tax 
rate after several years of keep- 
ing the rate well below the 
maximum. The reason for this 
is that a loss at on of its shoe 
factories was not offsettable 
against other profits. 

In line with a 33 per cent, 
drop in earnings per share, the 
dividend has been cut from 49 
cents to 35 cents, consistent with 


JOHANNESBURG. May 2. 

the company's stated policy of 
maintaining approximately a 2 $ 
times cover. 

The retail sector has been ex- 
ceptionally hard-bii. and the 
lower profits result from exces- 
sive markdmvns in order lo 
move merchandise. The chair- 
man. Mr. Pes Scon, is not overly 
optimistic of a rapid restoration 
of margins and describes trad- 
ing conditions as still being 
tough. 


Premier Milling lifts dividend 


BY OUR OWN CORRESPONDENT 


PREMIER MILLING, one of 
South Africa's major food groups 
and a subsidiary of Associated 
British Foods, has reported a 
marginally net profit of R21.9m. 
7825m. t higher earnings lor the 
year to March 31. against 
R21.0ra. the previous year. 
Earnings a share arc up' 3.5 
per cent, from 82.3c to 85.2c per 
share on a '20.5 per cent, turn- 
over rise from R568in. to R682m. 
(S7S4m.). The dividend has 
been lifted 0.5c to 32.5c. 

The company’s chairman, Mr. 
Joe Bloom, says that growth in 


profitability was affected by 
adverse trading conditions in 
the margarine, feed, egg and 
poultry divisions. In addition, 
higher interest charges un addi- 
tional borrowings raised to 
finance the large capital expen- 
dimre programme also eroded 
profits. 

Second h3lf profits were 10 per 
cent, low-er than tbc first half, 
contrary lo indications at the 
interim stage that profitability 
would improve in the second 
half. Gross profit margins are 
down from 7.5 per cent, to 6.7 


JOHANNESBURG. May 2. 

per cent, year on year. 

Trading conditions are ex- 
pected m remain difficult, as a 
result of over-capacity in many 
of the industries in which the 
group is engaged, and profit- 
ability in the year ahead is 
expected lo improve only ai a 
modes) rate. 

The results were below market 
expectations, though at a 5.4 per 
rent, dividend yield at (be 
current price of 600c, Premier 
Milling is still being accorded 
one of the highest ratings among 
South Afriran industrial shares. 


Halted Malaysian project may restart 


BY WONG SULONG 

•A CONSORTIUM of Malaysian 
developers has put forward pro- 
posals to complete the building 
of the 44-storey Belmont centre 
in Kuala Lampur. Work on the 
project stopped in 1976. follow- 
ing a liquidity crisis and the 
subsequent collapse of the 
owners, Belmont Properties SDN 
Berbad. 

The consortium, comprising the 
Government - sponsored. Urban 
Development Authority, TAS, 
and Goodyear, have put forward 
proposals to. the Belmont centre 
purchasers and creditors. 

Under the proposals, pur- 
chasers of office and apartment 
units at the Belmont Centre 
would be required to sign an 
agreement with a new company, 
accepting a 25 per cent, increase 
to their original purchase price, 
or accept the new company's offer 
of 60 cents cash for each ringgit 


of Belmont's debts, or a settle- 
ment of 30 cents cash plus 45 
cents m terms of lots in the 
Belmont Centre. 

The consortium says that if 
the creditors and purchasers of 
Belmont agree to the lertus. and 
if court approval transferring the 
assets and liabilities of Belmont 
to the new company i s granted, 
the consortium is confident of 


KUALA LUMPUR. May 2. 

completing the project within 
three years. 

Mr. David Bloom, of Peat 
Marwick Mitchell, the special 
manager for Belmont, said that 
Belmont has total debts amount- 
ing to 16m. ringgits fSU.S.6.7m.l. 
Unsecured creditors, he said, 
might receive no more than 20 
cents to the ringgit if no scheme 
of reconstruction was arrived at. 


$14ra. loss 
at Triomf 
Fertilizer 

By Our Own • Correspondent 

JOHANNESBURG. May 2. 
TRIOMF Fertilizer Investments 
has reported a trading loss of 
R12.4m. tS14.3m.) for the finanr 
cial year ended in December. 
The net loss, after attributing 
the portion due to oulatdc share- 
holders, was R4.Sm. Tnonifs 
losses were incurred at ihe 
phosphoric acid facility estab- 
lished at the new port of 

Richards Bay. The e»wt uf 

this factory' was RSMm.. and 
it has come into production 
at a time of oversupply in uurld 
markets. The phnsphanc acid 
market has hardened in recent 
months, however, and Triomf is 
expecting lo produce an uverall 
profit in the tc.ir ahead. 

Triomf has a strung hold nn 
the domestic fertiliser markets 
and prutils from this source are 
expected lo offset continuing 
export losses from the phos- 
phoric acid plant. 

Trimnf. which in 197H m.ide a 
trading profit of R5m.. and a 
net profit nf liSm., is join tie 
controlled by Louis Luyt anil 
several large asrieu Mural ci»- 
opera lives. 

Although the Triomf group y« 
a whole is expected m muve min 
profit this year, it is still faced 
with an onerous repayment 
schedule nn foreign loans raised 
to finance the phosphoric acid 
project. Son u* R13m. Is re pay- 
abb* by August. 1 9TH. 

The plant was originally 
financed un a quick repay men! 
schedule based nn a Ilnur price 
agreement tor phosphoric and 
from the French Hu/ocean 
company. This agreement fell 
away when Gasorean went into 
receivership. The dispute be- 
tween Triomr and ija/oeean is 
the subject of arbitration at the 
moment. 


Eidai scheme approved 


OSAKA DISTRICT Court has 
approved an application from 
Eidai Company to reconstruct 
itself under Japan's corporate 
rehabilitation law. 

Eidai, a leading plywood and 
prefabricated home manufac- 
turer. declared debts totalling 
YISObn. (S575m.> in February. 

The court named two receivers 
— Mitsuru Ota. president of the 


OSAKA. May 2. 

Association nf Smaller Busi- 
nesses in Osaka, and lawyer 
Masanobu lriyc — lo work out a 
reconstruction plan by the end 
of April next year. It scheduled 
a meeting of creditors for June 
this year. 

The receivers said that they 
hoped to salvage Eidai over three 
years. 

Reuter 


Sharp plans 
public offers 

SHARP CORPORATION, the 
electric appliances company, is 
issuing 28m. shares or capital 
stocks through public offerings 
at market price next month, to 
increase its capital lu Y.19.41hn. 
from the present Y. 1 8.01 bn., 
reports Reuter from Osaka. 

The issue prices have yet tn 
be fixed, it said. 

The company said it plans a 
10 per cent, bonus stuck issue tu 
shareholders by the end of 
March next year, to return to 
them profit accruing from Ihe 
planned puhlic offerings. 


This announcement appears as a matter of record only 


ROMANIAN BANK FOR FOREIGN TRADE 

Bucharest 


non 


us $100,000,000 

Five Year Eurocurrency Loan 


Managed by 

National Westminster Bank Limited 
Bank fur Gemeinwirtschaft Aktiengesellschaft 
Chemical Bank International Limited 
Orion Bank Limited 
The Royal Bank of Scotland Limited 
- The Tokai Bank Limited 




Co- Managed by 

■ Atlantic International Bank Limited 


The Bank of Nova Scotia 


r l ■ 


Provided by 

Bankfur Gemeinwirtschaft Aktiengesellschaft London Branch Orion BankUmrted 

International Westminster Bank Limited b2u££1SSv 

“tasssssa 

Internationale GenossenschaftsbankAG Fuji Bank Umited 

Wells Fargo Bank N.A. The Saitama Bank Limited 

The Mitsui Bank Lrmited Brussels Branch TheTaiyo Kobe Bank Limited 

The San wa Bank Umited 

Agent 

International Westminster Bank Limited 

29 March 1978 


All of these Bonds have been soLLThis announcement appears as a nutter ol record only. 


NEW ISSUE 


Arril5,197S 



INDUSTRIAL BANK OF FINLAND 

LIMITED 

(Suomen Teollisuuspankki Oy) 

15 : 000.000 European Units of Account 
7% 1978-1993 Guaranteed Bonds 

, Unconditional lv guaranteed by the 

REPUBLIC OF FINLAND 


Kredietbank S.A. Luxembourgeoise 

Kansallis-Osake-Pajiklu Union Bank of Finland Ltd. Bank of Helsinki Ltd. 

Basque de Paris et des Pavs-Bas Berliner Handels- und Frankfurter Bank 

Credit Commercial de France Kuwait Investment Com pany (S.A.K.) 

Privatbanken Aktieselskab Societe Generate de Banque S.A. 

Westdeutsche Landesbank Girozentrale 


The Bonds have been subscribed and offered for s.tlc by 
Algcmenc Bunk Nederland N.VI A.E. Amt** & Co. Amsterdam-Kot terdd m Bank N.\» 

. I unui-u 

Bancs Commertiale Italiana Ba nca del Gottardo Ba nco Amhrasui no 

Bartcu Union- CA. Bank of America International Bonk Brussel Lambert N.M 

1 liniTrJ 

Bankers Trust International Banque Arabe et Internationale dlnvcstissemcnr (B.AJJ.) Banque Frangaisc du Commerce F_\terieur 

l mined 

Banque Generate du Luxembourg 5 -A. Banque dc llndochine et de Sue/. Banque Internal iona le J Luxembourg S.A. 

Banque Louis-Drcyfus Banque Nationals de Paris Banque de Paris et dc* PayvBas Banque dc 1‘Union Europeerme 

* Ic Giui-Jpm l,r Ji - l.'iT-nlhmiv 


Arab Finance Corporation S.A.T. 

Bitncodf Roitui per la Svizzera 
The Bank of Tokyo (Ho) Lind) NAC 


BarclavS Bank International 

- Ijm.icJ 


Blyth Eastman Dillon S: Co. 

biirnuiHtu] LhhiTril 


H. Albert de Bary & Co. N.V. 
Caisse des Depots et Consignations 
Citicorp international Group 


Bergen Bank 


Buyeri>chv'Ycrcinshank International 
V» mi Aik-m am 

Chase Manhattan Chemical Bank international 

I imiiril I imiird 

Christiania Bank oe Krcdit kasse Cit icorp international Group Commerzbank Compagme A lonegasque de Banque 

\ ° .Mlu-io-j-llv kill 

Crcdiunscalt'Bankverein Credit General Credit Industrie! d'AJsacc et de Lorraine Credit Industrie! ct Commercial Credit l.ynnnais 

S A. Jr 

Credit Suisse White V<dd Daiwd Europe XAI Den nor*ke Creditbank Deutsche Girozentrale - Deutsche Knmmunalhank - 

| imiiisi 

Deutsch- Skandinavische Bank Dcwaav &AssociiSs Internationa! S.C.S. Dillon, Read Oveneas Girpnnuion Drexdner Bank 

,Uir'W«'li*l»l! t .Ui«irtiw i.u 

European Banking Company Finacor First Boston (Europe) First Chicago Gennsseitschaftliche Zcmralbank AG - Vienna 

1 J.uiMnJ 1 Ijimiru l»"*H 

Girozentrale und Bank der flstcrrcichlschen Sparkassen Goldman Sachs International Corp. JTambn* Bank Han.se Bunk S.A. 

Ahicno'ilUlhi' # 

Hill Samuel & Co. Indust riebank von Japan (Deutschland) Interim ion- Banque Islituto Bancario San Paolo di Inrwo 

Ijmii.-J j\ktienB«Uvh.ii 


KansalUs International Bank S.A. 

Kuhn Loeb Lehman Brothers International 

Merrill Lvneh Internal iona! & Co. 


Predict hank N.V 


Kieinwnn. Benson 

bndml 

Lmdesbank Schleswig -Hoisrc/n Girozentrale 


Krediettank (Suisse) SA. 


Manufaa urers Hanover 

Liiminl 

McLeod, y*>ung,Vfeir International Merrill Lvnch Internal iona! &. Co. Samuel > lontagu & Co. Morgan Grenfell & Co. 

LltniUi] ’ l^milcJ Limui-d 

Morgan Stanley Internal ional National Bqnk of Abu Dhabi N'ederlandsche Mlddensi andsbwik N.V. Nedcrlandsc Crudict bank N.V. 

I isiiiuJ 

ThcNIkko Securities Co^ (Europe) Lid. 


Nomura Europe N.V 


Nippon European Bank S.A. The Nippon Kangyo Kakumuru Securities Co., Ltd. 

Nordic Bank Orion Bank PKbanken Posripankki Rea Brothers 

LlUinnl L)Rii!lJ Ijniilff 

Salomon Brothers Internal ional Scandinarian Bank Skandinas'iska Enskilda Bankrn Srnit h Barney, Harris Upham & Co. 

Lncirul Liimrrd " lr,.i|.it.i„l 

Society Boncaire Barclays (Suisse) S_A. Societe Generale Societe Gcnerole Aisacienne de Banque 

Societe Sequanaoe de Banque Spa rbankwoos Bunk Svenska Handelshanken Sn-ivs Bank Corpora! ion (Overseas) 

I imilml 

Trade Development Bank Union Bank of Finland International S.A. Union de Banques Arahes et Europi5enncvU.B.A.E. 

1 , Hm.ti I UM-fi.h-me An-.n».i. 

J. Vontobel & Co. Nil M^rburg-BrinckimnnAVirni u nd Co. Will ia ms, Glyn K. Co. Wood Gu ndv Yamaichi Inter nat ional (Europe) 

Jjmicil Limiinl 


1 


38 


Financial Times Wednesday May 3 1978 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN EXCHANGES 


Bearish factors induce profit-taking 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, May 2. 


PROFIT-TAKERS held ihe upper Investors were disappointed by of 0.48 to 137.70 in another very Electricals. Pharmaceuticals. Most Electricals showed little 
harul nn Wall Street to-day in very yesterday's news of a_marginai active trade. Volume 5.02m. Photo Filins and Motor Com- change, although Siemens gained 

ponents following the overnight DML5Q. Stores were in dull mood. 
Wall Street rise. Karstadt declining DML50. 

Foods, extiles and some low- AMSTERDAM — ■ share prices 
priced shares also improved, but displayed a firm bias in slow 
some recently-selected Public trading. 


OTHER MARKETS 


heavy tradin'* There was a feline in the UJS. Composite shares f5.01m.). 

partial recovery around mid- i" de * °/„ L “ din « Ec ° noraic tad j: 

.... » . . cjtors for March when a small 

sCSi,on * *Mf*P«* b - v a "'-gain had been anticipated, and 

ihe dollar on Furvign Exchanges were also concerned by yester- 
in Europe, but stocks beean day’s report of a record UK. 
sliding again in the final hour. trade deficit for the first 1978 

The Dow .lanes 
,\\ crime almost recouped an in- 
ili:il reaction of 11 points, before . 

rel renting again to S40.IS for a war the market performed 
tii-l lo*s .if 4.13. The NYSE Alt reasonably 


Works issues declined 

CANADA — Shares closed firmer- 

industrial quarter on a balance of payments inclined in active trading yes- h ' 
basis. terday. as Power Corpora lion’s 


Nippon Television 


profit Uoogovens were, noteworthy In 
Dutch Internationals. -for a rise 
Network of FIs-LSO. 


Some analysts, however.. added block offer of shares of Investors JSLiU 


market performed Croup swelled volume to 8,631,492 
well In view of Lhi- shares on ihe Toronto Exchange, 
Common 'index “finished ' l* cents negative news and the extent or the freest volume since 
flnuii at $.14.18. after touching the recent strong rally. November 24. 1964. Mondays 

834.11 J, while losses outnumbered * nr * r ° u *" 


K Mart fell '2j to *fler total was 3.177,930 shares. About 

".'-ins'yt" ‘the cToTeVra'-TVo ^.77 announcing yesterday that first- TSm. shares of 
Turnover further Increased to rt * r . earnings bs 7**° "£**£**** 

below those of the 19, / period, exchanges. 

Technicare. however, gained 21 


41.4dm. shares tram yesterday's 
let cl of 37.02m. 

D rakers auribulcd selling in 
l»,irt lo Pres* reports that.' des- 
pite Federal Reserve anti -in fiat ion 
action lately, news on the infla- 
tion front continues far from 
favourable and analysts sec little 
hope that it will show much im- 
provement 


Chemical Y100 to Y 1,050, Toyoda made an irregular showing, but 
Automatic Loom Works Y43 lo with an improved undertone. 
Y89S, Mitgumj Electric Y4l to There were indications late in the 
Y618, Maruzen Y39 to Y859 and session that overseas dealers were 
Toyoda Machine Works V37 to beginning to show interest after 
shares of Investors Group YB0S. holding off for two days. 

on Canadian PARIS— Share prices tended to Second-ranking Industrials were 
harden, although trading was firmer-inclined on hopes of an 
very thin following the long across-the-board reduction in in- 


iccnnicere. now ever, gained at The Toronto Composite Index V s ' ih m 
nr $13; — the company commented put on 3 .g t0 1 . 088 . 5 . while Oils “oiiday week-end. 

that there vitro nn nnritAPhtA _ . - _■ « A - _ « wv-fi Han Vc DmnP 


terest rates after the Treasury 


ihat there were no coroorate and Gas’ recouped 8L$ to 1*73.0, D Ba f lks * Properties. Food* fff rteTlay^oanT 
developments to account for the but Golds shed S.S to 1.215.1. In Rubbers, .Electricals mid Hotels _ _ J * . , . 


Department announces the terms 


Bank« added 1 . 81 ) at were particularly firm, but . Textiles and Light Engineering 
Chemicals and Construction issues gamed ground, while 


eased against the trend. 


TUESDAY’S ACTIVE STOCKS 


activity. Montreal, 

Chrysler picked up 1 to Stlf on 257.87. 
declaring a new financing plan, TOKYO— Marker made some 
consisting of issuing S20m. of nrooress vesterdav in fairiv busy Carwfonr moved ahead 2o to 
Preferred and 540m. of Common W hy BI Chii SS Frs -L™0, CIT Alcatel 20 to 

«*■* and nun inl.n.ion. »«• “ “ 


22 TO FrSA.448, 


Breweries attracted sporadic buy- 
er interesL 

In Financials, ACC retreated 
cents to SAL63 ahead of the in- 
terim report. 

Banks rallied, with BNS Wales 


MitcRff Clusum uii 


|(ril"Mru'k 

ir.n1.-d 

iN.V.'lUO 

prlre 

151 

'C.,r:n:r Mni.in 

.vis jur: 

'.'"l 

K.JIan 

I'JI.jnu 

24: 

• i'.irrii r 

471. Tdu 

2K| 

T' ' linn are . . . 

ill Mill 

is: 

Siiii:ii.-ru 

:'+■! '•nil 

t'.j 

Cil'in^ 

MMI.Hin 

+1 

P.ln Am World Air 

-■■W :oh 

Ri 

n r.ni.- 

:a-, •'/in 

'■-i 

,r- N.i hn. k 

.MI'I 

24: 


djv 

- 1 


01 lhe n0rmal fig* ™- «££ and Sues .«SVS»' g&TTS 

12“ shares 1 280mA. 9 9 t0 ^r 5 - 2800 - 


Amoog aircrafts. Boeing 


National 4 cents at SA2.58. 


HONG KONG — Market turned 


Si; to 544. Lockheed $1 to S23J , Tntnre MM(I pi- P t r i^ a t s GERMANY— Stocks closed on a Among Uranium Issues, Pan- 

.md McDonnell Douglas $j 10 Jf oto " J" d STShS mixed note following quiet trad- continental advanced 70 cents 

SSI*, but Computer stocks were *P urr ed by _ activ , e ing ahead of Thursday's Ascen- mor e to SAll.90. 

lower. IBM losing S1J 10 S266. Institutional buym„, Toyota s | Dn Da y mar {(et closure. 

Burroughs SI £ to S693, and Data ”*? t0P advancing J. 1 * 01 ". Banks were mainly higher with — n »— n_ „„ _„ K . . oH . B 

General Si: to S53. Nissan Motor Y18 to YS26. Hitachi Deutsche Bank up DM2.20 while Severally lower on profit-taWn B1 

TOE MWcSf SE Market « to Y236. and Mitsubishi cheSs afso firmed. De*M«! "ft*! was concentrated m Blue 
Value Index, in contrast to the Electric >0 to V 178. leading the way with an advance ^onc Knne ijmii «hed in cents 

NYSE, managed a fresh advance Buying interest revived i n of DM4.80. t n E sHK 7 M%^S?i JS, 

i2j cents to 3HK4.425. Jardine 


Indices 


K.T.a.E. ALICOMMOH 


NEW YORK -BOW JONES 


Mm Slay ■ .\|< 


ISIS 


*!■.-, AW., 
r* I 27 ! 


Hit'll | L/w 


\ln\ 

l 


to 


-Minx ■.--nti-llkl n 


54.18 54.38 53.35 53.40 54.36 

• ! 1 I/S 1 


48.57 

i6<3i 


Rises and Jails 
, May 2 Mnr 1 

Apr. 22 


. 1.907 

1.920 

1.919 


657 

978 ; 

929 

Fall* 

824! 

502 , 

637 

I'nehariftfel 

426; 

410 . 

452 

\+n Hiftli*... 

• 128, 
26l 

183 
33 [ 

103 

36 


h«\ \|«i. A\*. 




:• 3, :•■ 'te i llijrii 

Li« 


I/-- 


MONTREAL 


n ml . S4U. IS 844.55 637.32 826.93 836.37 835.59 344.35 

■ l*i 

II ■(in- 1 I'm- I -• sa.S5 88.95 89.81 89.0 E 89.12 89.03 98A8 

••Mi 


742.12 

i21k2i 

88.85 

l2;Oi 


1051.70 41.22 


May; May 


A|T- 

23 


Apr. 

21 


LSTiS 


Higli 


IlW 


In-luntruU 

ti'nilitne>l 


1 m.io! I77.SZ 176.85' 1/7 AO 1 , 181.47 (17 i4i 


162.90 (16/21 
170.62 (AVI I 


1 iiur/mi 

l him. 

1.. 224.73 

. .. 106.55 

225.61 

106.45 

224.5a 222.54,224.54 225.63 

106.56 105.69 106.12 >06.711 

226.51 

iLto 

1 10.98 

1 199.61 273.88 15.23 

j .9/1 ■ r 1 r J.+-9i iF:i.o2i 

■ 102J4 163.32 10.68 

TORONTO uen|MMiei 

1- 

1086. S| 

1082.6' 

1 

in 

S 

O 

-M - 

1051.4 07(41 j 

89SJ (50/ li 

1 ..■•Im; 
•V.- 

i.l 

41.400 

57 .020 

32.850 35.470 44.450 56.000, 

io, li 

• ,^2.2. 1 20/4.69! i2e/4 ; 42. 

JOHAJnnSSBUBG 

fiulll * 

Indiiainal* 

195.4 

218.8' 

195.6 I 
217.5 1 

195.6 

216.2 

195.0! 

215^ 

I 

IK7M-21 i 
21BJ (2;s. 1 

IB5.0 (2041 
134.9 ili/i) 

•I'. 1 

1 .1 1,1.1. 


1 in-in .Vil-J'l-1 Jl 




1'ljr 



1 Slav I l*re- 

1 DJa 1 1076 




.\|M'll Ar-ill LI 

Vf.i il 

14 Year as" .aMnii,- 

2 1 i'HIH 

Hlftli 

1 te.v 




j 2 VI* HU 

. High l+iw 


» ii-lil 


5.58 


5.T5 


5.86 


4.60 


STANDARD AND POORS 


>U« 


Mn\ 

f 


\|o. \j« . 


I«ii 


.1F. 

Oh 


\|1. 

£> • Hi-li 


>■■■<-« V I’liii'ilni n 


LnW 


Hi-h . L*" 


i Iii Iii-i i,nl- 107.45 107.92 10S.94 109.71. 106.80 


t" 


97.25 97.67 96.85 95.86 26.83 


106.55 107.92 
, i t/£i 
96.64 97.67 

i l.Ji i 


95.52 

■K..1, 

86.90 

itiii 


134.64 3J2 

• It, L73i .506o2i 

125.85 , 4.40 

• tl/tiiii i l/6.32i 


Australia.' r 
Belgium M 
Denmark'*' 
France 
Germany:: 
Holland 


1(0.21 


J 532.47 ■ 


94.65 


tti 6c.8 


Mi 


1)i 7t.9 


,\|t. 13 ; .Ijir. IT? ' A|w. 5 Imr •u'ii«|ipr- , %.i 


Hong Kon^ 4&9J.9 
Italv isj> 6uJ8 


94.03 

lAiS* 

4|.r, 

WJ* 
iDO-ij 
1 115.4, 
7R.0 
•4/4 • 


SwitterlW: 28L9 j in 


4S0.53 43U.W 480.53 441.43 Spain U* 100 A9 1 

i£/bi (1/00 „ , 

i,-. IUL99 < Will Sweden 

- ,i2»/4i Minji 
94.4.) 93.15 
<Wl I 
in Pb.7 
1 |2B.4| 
m 8 12.7 

■ 10/Ci 

ui t— 1 

lOii 


100.99 i BVJ58 
•S.6i | 1 17/41 
392.47 ! 325,74 
; <2,5/ 1 i.vll 
29b J6) 279X1 
. 1 14/4/ i 1234) 


Iti-I i|iv. \ I--M 
r.fc if,ii I. > 


5.14 


5.36 


5.39 


4 23 


6.94 


6.56 


8.46 


1Q.41 


461.63 46LH3.3M.44 
il'bi iLwh 
id ■ {*.40 

,/h/i' ltd'll 
■.» 412.25 410.13 *16.11 364.04 
•19/4 i ,4.1, 

Singapore 505.19 «e, . 3u5. t'J 2 biu 

^ </-i » (2/5. 


Japan 


1 oiij li-u I. It.ii.i i nO.I 


8.30 


8.34 


6.32 


7.62 


ludii^s Mio cum- dales < ail Oase >nu 
too except NYSE 4U Common - 5U 
Hlanaanls aoo Poors — lu «od Toronto 
JMI-I.oou. UW lan numeo hued on iK5> 

> Eidudtiut boons ( 49u (nduroiais 
5 4Q0 inds . W Uuliuts. m Finance ann 
U« Transport, mi ssanev Ml Ora 
HU Belniao SB 31/12 /ct ■ "■> Gopeofluen 

SE 1/1 '73 mi Paru Koorae l«t 
itri Commerzbank Dec.. 1953 ij?i Amster- 
dam. Influscnal 1970 imt Rams N-im 
Hank 31/7/64 I|[|> Milan 2/1/73 >ai rokvi 
N.,w SE 4/1/6S Straus Timex IKS 
(/-> Clow/1 (dlMlOnfl SE BI/12'7. 
i- 5 ! Sinrk holm Initmariel 10/58 /|l *w««.‘ 

Rank Cura mi Unavailable 


OVERSEAS SHARE INFORMATION 

NEW YORK 


lav, $ Prem. S2iH) to JE — 110% (110%) 
Effective rate (L8265 ) 4?i% (472%) 



'■i.«-k 

Mm 

v 

'7 

AM 

. 11 1/,'- 

59;, 

60 

A.l- 



18>-: 

19 

A. |ii» I.ne.v ' i- 

411, 

41/i 

\H 

|*l.«)nel •. 

2»1; 

/S'* 



49', 

4,:g 

Vi* 

1. \<l,i,i|1lll,,„ 

^'8'* 

^8'* 


1 

47 

47'., 


. 1.11.1111111... 

18 'j 

18/, 


II, l , ..«. •• 

18:. 

IS), 


,t » li.nin. Ml. 

44 1 

441.) 

\U. 

.1 '■I.H.- 

241* 

24-:, 

AVi 

1 IiiImc ,' 

29 

-9‘, 

A '1 \ .\ . .. 

a8 1, 

38'c 

\ III 

1^.1 1 Hi-- 

29., 

49 aj 


1. Viilmr- 

12>* 

121., 


1 llrnii.l* . . 

•4 91* 

50ij 

Mu 

1. 1 >■ .Mill 71 -1 

46'* 

46>* 


r. • 

jy * 

ay>,i 

\in 

r.t , -uumiii.I 

27 

271- 


F.Im . 

23 lj 

24A, 

Mu 

1 . 1 . 

o7'i 

37.* 



281; 

29 

\m 

i. M.-l,. ul . 

24:-. 

i.4.i 




41- 

41; 


\ IH-I, 
■1 llli'l . 


1 1 .!■ I 

\WI 

\ur 


>m.«.a-.. 

r-i.-i,-. 

(Vi. A V. I 


■*23.. 

m3 1 ; 

44 5., 


• I"" 


30 

14 

-8 i 

-3 'j 




. M 


LI I'.. 
11 


421; 

40'k 
S3i; 
03 is 
34 Ik 

16. i 

30U 
14.,; 
1-8 1 ; 
Li 
L'Sl 
LLJI’i 
10. B 


i.li Inn 
\m. i:i. 
\ .I,, i* 
,\i 




■ i -> k. 
i|..«. 


|L 

au.‘.. 

50.. 

j 

3-.. 
24;. i 
54 
L-5 , 
V3 .. 
a9... 
-H 
4n 
i14- 4 

[9 

3«i- 


16'/ 
ill ... 
51-s 
L9'i- 
9 


53 

25., ' 
24 
ja 
271; 
4 tin 

24., 

38 

19 V 


23%, 

18 m 

44 
28 - .- 
.'B , 
30 : 4 
li'. 
15:. 
32... 
14]., 
J> 3 
15 j 
L9-, 
3i 1 


,,.l, II -. 


39 

69 in 
ii'_ 


23'/ 
19' i 
42 V 
.8', 
29 
291 1 
1 2 * . 

S3'- 
14 V 

*2'i 

14.., 
19l_. 
ii . 
6', 
391 . 
70i- 
3 si| 


Sl'vk 


Jlay 


r 


i-nriiiiiu (■Inin... 

I iil'u'l ii.juil 

l.'lMlll* 

<'n« ler .\al 

L lull n A-iii-Hmi Ii 
'.'■I lllllUlln Kn-ii,-- 
/'■li I iv Wrtulu . 


S3:, 

47:, 

L9I- 

i7> 

33 Js 

40 

19Ih 


531 2 
47.3 
29 i a 
67 .’a 
33 In 
39 i, 
191* 


I'nlirt 

I hi 1 1 I ■■•ln-.l I it-> .. 

Ihvrr 

I >■■! Mull l e ... . 
Ui-iiiiiin 

I '"ui .(il.v tiller.. 

I Mi nil K*liimi 
UiitiiiinnlSIiniiiil. 

I'iii.i|iliiiav 

Kiaiw K'iiiii...... 

Ui*nrt I'lmlli 

I hit w 1 ••■ini. . 
thin riienmnl... 

brain 

I ire — it 

Hu I'i./h 

U>nn* liiilu-Jtie- 

KaKle I'leber 

Ka-t Airlini-. 

Kn-nnaii ko.Uk.. 
kali m 


25', 

421^ 

28 i’ 

25*. 

9'k 
17: ; 
157k 
26 
15' 4 
45 
37 -a 
47 
25i: 
29 1, 
41>a 
1 15 v 
11<» 
20 la 

91., 

53ii 

zS-i 


25 :« 
421, 

28Js 

251; 

9»i 
18 
15 
26i, 
15/, 
45i a 
39 
47i< 
26 la 
29-, 
«2 
1 1633 
161 ® 
20U 

9»J 
53. 3 
39 1 3 


li. li. A (i. . . . 
kl Cm— Nal./.n- 

l-.ll 11 

Kllil'Oaill Kim I ll. 
l-.iiii.iyAirEr i—lil 

t. iiiIihi 1 

K.M.I 

l-H^llimil 

/'• "t-rL 

Ellul 

EN -..HI .. . . 

I-'ii 11 - li ilil I V 1.1. in 

Knl. Ilijil. - 

Eiii>Ii.|Il‘ Tin. 

K l. \nl. Iki'l-.n. 
Cl*.\| V an 
ClnnL.il.. .. 

Cl.. 1 i.bi l l ..n. | i 
Cl 


25 

17is 

3 111 

a4'; 
45', 
3». i 


24 'i 
17 
31' , 
34/. 
44' 1 
36's 


26- 

27: 

19- 


:-i 


32 
39 i.i 
14 /K 
20G 
21 '. 
25iii 

29 V. 

36'/ 


26 ‘. 

27/m 

19. a 

47i, 

32i] 

39 

14 U 

Z8 

22 

25V 

293a 

361j 


V.'l.t 

|-..r.| . 

I I . 11 . 111 .. -I lli'l, . 

K>— i->i.. . . 

Cl Mil LI II. Mini. 
r>iv|.iii Miiii-i 
C rin Inui 

III. Ml . 1 I 11 .I* . . 


2 3 
SO', 
20 ', 
35'i 
0 ' 1 
2IJ? 
27. a 
11 '. 


-3<s 
5 Hi- 
20 
33i, 

9 

21 

28 

11 



Slav 


Stick J 

May | 

May 


- 


1 

J.'liDiMauviite... 

317* 

' si;* 

Itoi I.JU j 

467a 

471; 

J.-lm-.in J.-bowin 

75 s, 

76S, 

kej m.l.n Meiah.; 

311; : 

31*3 

■I.4iiimhi L'UitM. 

31* 

313, 

Item'll . n K. J.... ' 
KIcIi’mHi Mcrivll. 

S9 lg 

69 


aS; e 

■ 

22J0 

221, 


+4* 

27 

Ui»'kwell Inter...! 

43 

32*. 

haoei Viiiiiillli'n. 

341* 

541 . 

teJiui A Haa* 

341 , 1 

356, 

Kai-er 1 ii.iu-Lne* 
haiMri- ^l+rl 

1ft 

225a 

!’•« 

23J, 

Il>'im Duicli ' 

iri'K ■ 

575, | 
16:« 

SBSb 

165, 

lrlf 



23 1* 
45 », 

! all; 

, 48/* 
233, 

l/,ir- La;- 

12/, 

Krrr 3M.ir>-. 
Kl.1,1.- Mailer.... 
knnla'rlv C'l* r K .. 

451s , 
alia 
481; , 

By •!••* Hnn-.. 
■mica ay Slice-.. 
M. J'C Mineral/- 
Hi. ke;i* /‘■[cr... 

i9i, ; 
-1 ! 

S ! 

19i, 

403, 

'481, 

285a 


*.71a 

4814 

•mu la Fc liul* 

•?aui ln,«*i 





6/g 

I«evi nrmu-x. .. . 
UhLj On .Fi 

34 ■* : 
28 

283, 

•iav.ill lmla 

Schlit/ llrevt mu.. 
MilumlKiwr ' 

61, 

1 3 >a 
7i:« ■ 

6 

L3 

71-0 

I.ift^el lil.mi 

Lillv 

331; ■ 

34 l a 
461, 
19i, 
i23. 

St SI 

193* . 
145s 
213, : 

a , 

19*4 

14/, 

4s; 5 


2i: a 

Lit Ivin Ind.i-i. . 
Lv-klietU-Stn-r’ll 

191, 

23-* , 

Scudr' Duih Veal.' 

81, 

Ijiuh Star lud* . 

1958 

20 




L.Oft laiau.i Ltd. 

19 

1B3, 

.sea Container*....' 

31 

311, 

Lmilaiann »u.l_ 

22 >4 

23 l S 

Swifttni.. 

233, 

23T e 

LubriM'l .. 

401, 

401.. 

Sea rleili.U.i 

141; 

I41fl 

Lucky Sim «+.... 
l/k«J Y'uDftit'wlI 

14 

15: 6 

Scar*J/.'clHi..k 

245* 

25 

6'= . 

bJ* 

l-iKHtti 


347 B 


Ills 
411, 
56l« ■ 

111; 



s41 a 


41i 6 


40 J* 
38; 8 


Ml.-. Hn u. •» ri . 

5548 

*I3IM 

495* 

'1-u 

asu 

35/4 

-Uiui/le , 


46 

llnrtl/n HI Dll.. .. 

46. 0 

47 

Sllll | .1 1. .|| V l*NI .... 

lki* 

l-«a 



la't 

as*, 

F4 


Slar-in, 11 KcM.. 

22 

2 2. 'a 

*■•11 It lift II IP- 

641, 




N*i«niu 

•i 

+ 3* 

'la, D. ill. “I.Ti- 

-51; 

25:* , 

.-aa.llMi-u 11 

301* 

2870 

M«. A 

47 

471 ,. ! 

S.H '1 lici" 1 . a>. )■' 

AS- *4l 

2a I, 

.'lclf+ruaii,.. 

25:* 

+5*2 

Millt-lll 

ItlB 1 

Ibl, 

M. I+huk-i: I 

31», 

31 

sum. Sal. Ilf . .. 

+4 

*3-8 

M.Hi.bw Hi" . . 

211* 

4ls« 

■NUIlll.S .1 IV-lIh'. 

al'4 ! 

32 

Uwner*-* 

4H- 

43 

>Hil!»-ni|{aliuav 

4B>, ; 

49 

Muck.. 

57! * 

t.61; , 




'Irri in |.« n, Hi 

18. a 

191.* 

>WIlllBI+l... 

+5 

25 1 , 

1lc*n IS-ii,i:n,i,>.. 

36i, 

a6/o 

•s'w'i lian-liaiv-. 

26 i* , 

263* 

Mi. II 

36 

36 

4|+rrv Hul ill.. 

1U', 

181, 

Mini, .Miii^x Silt 

51 

Sl*i 

sjcin I2i.nl 


40 U 

1 M.-n-ani.- 

531, 

53 30 

sLainiai.i Knuni-. 

-47*. 

241, 

M.-rtau .1.1* 

471; 

48'* 

s|fl.li||Lai|[.Hiiia 

43Sa 

44 

Ili+inni 

451* 

45 

sid.Hu 1 it. ( u*nn .. 

62,4 . 

52'g 

Mun.li, • >ii 

aBW 

48 1 , 

Tt'l. ,'H I.Uini ...*. 

1 9/1 

701; 

S*''IM.-" 

6H, 

51* 

■laiii! Llieiinre-. 

+1U 

40., 

S»kvl l>ei»l-*il.. 

29i, 

30 U 

-Irlllu; 1>| 11 j^.. 

la: s 

153* 

•\ai i..uai t./,l . . 

17I-* 

17 

'I'i.lrl«kft. ...,„ 

+5 

i45* 


.t.f. . . 

11111 .n 1 . . 
1 11 . 1 iiii-i 
. \.l . V 


I'll. 1 


-.1 11x11.1111 

• 11 . Lie- 1 11 . 

nii.rpl |.-i 

■riKiai III" 
iivni' M..I. 
•II. I'n'i. I 1 

■ii. .-imiJi. 

■ii. I't-i. 

■«.. in.- . 


1 -iii' 


In- Tim 1 *k. iri<< 
■ 1 Hil. ... 


12'- 
42'.. 
10 
• 8' i 

16'a 
52 
52 V 
29:, 

29 
65 >, 
19', 
28', 

30 

•25 ii 
71, 
28 
167 


i 2s 

41* 

10 




16L 
51V 
53 
*.9,. 
28: 4 
tool, 
19 i t . 
28 
301; 

kb 


,i. Iiisiilie! . 
ill. Vn l.x- I n»l . 
\ati..niij -*leri . .. 
Nni.Miia- 


M 


28' 

163 


Hllrn 

h ut 1 

111 llll 

16 

16 

IlllllM.. 

27l; 

27,, 

1 urn 

l.'nii.l 

I| ■ 

1 1-1 

1 1 hi; 

• i. ■•!+,■ I. H. F„ 

221; 

22'i 

\ (I'll; 

- 


28' 1 

28 

li.iillini ■ .. 

17.*, 

17m 

1 11 . » 

. A 1.. 

fh'iil 

IL'L 

12 >'■ 

i ■.Hllll . . 

27'. i 

27 •, 

« 4111 

II..* 

'4 « 

18 

16 •* 

i.niv ll . |:. . 

27 Jh 

271; 

1 lit r 

h|Ih. 

nu 1 - 

54 1 1 

55l.i 

l.l. \ 1 In 11 l*n. 1 • a 

B. A 

6*4 

k y*. 



83-., 

S3,.* 

■ •II. '""111. 1 r- Hi.. 

23/ 1 

231* 

• . , lmi 

1 . 

M'ii .. 

39:-. 

40, 1 

!l> *li(,.1 . . . 

)3'-r 

13. j 

( r-ll 1 

■ 1 4 ’ 

\\ . 

low 

13. 'll 

i.nll V 1\ i..|. ill. . 

Ii'4 

I3. a 

1 r> In 

III ..i*i 


23 ■* 

24 in 

■■nil Mi' 

24 

24 

1 >M A.l- 

-hi 


34/, 

ll-ili'Hiri.Hi 

59 

59;, 

1 I." 1 

'Ih.iI 


oil. 

311* 

Il111.ua Milling.... 

o3i. 

o4 

«'U .« 

U U 

* W 

44* . 

43.* 


IbL, 

16,, 

< I,.- . 

.I; l.l 



SJ'* 

24," 

Ilni 1 1 - , .hi hi . . 

50/* 

52 J, 

«. 1..- - 

i’-l- 

■■in- 

32 1 

33 

11.. in.. II. -1 .. ,. 

49 a 

39 

1 ‘11 + 

IK, 

!»»■ 

52 

31 

IL-id.li in . 

21 iv 

271; 


\>-|j«i|IIL' llll|>. . 

V.i biixian.1 El. 

Kn^iaii-l 1-1 
\i.i^hii Jf. ImkL 
% in^nnt — Im.i*. . 

I V I. tll-lllTlMl--. 

N.iil.ikX\Vi-lrni 

N.irlll >BI. I<3- 

Ni.'iii STjilet. Cw ■ 

.Vllisnl Viiline? 

.'IIiwm Rmi./i). 

'■■tl.ifi si 

M.viilanlai IVli..i 
K^ilil Mnlliei . 

"Iin. fe/ll-m 

"Im ■ 


22: a 

l5l» 
321; 
381, 
5U>> 
20 U 

? Je 

33 

14!; 

105. 

ill- 


20G 

11 


Inn-Ini,.. 

I 

■n|. I'nlll- 

ill- Alklllail.. 


■ n • 


26 m. 
23'- 

49', 

15', 

41'; 

11'. 


. Illll-I'IA . 

2C1, 

• "III ITlI'IH IVl. . 

lb:, 

■ ■III. Ill*, till 

19': 

• •ll.N,-li.''i K.i;. 

4 1 ,5 


l&:, 

'ii*'" 'll' Mini" 

271- 

.‘Ill'll 'll' Oil lit'! 

2': 

-i.n-ri. —m •■inn-.. 

40', 

. mi iwii •uvnuiv 

If 

1 .1,1- in*.. 

341-j 

n «t. 

i.3 

•SI. Iilll-l.!l **.l . 

22:i 

■ Hl , "l K«a 'I* 

241* 

■ •ii- \l>'. . 

39 is 

"ir’.ii'lU'. I’*'i' 

2-M 

■ ■i«l :ri--i.t:' ' (■• 

aO'* 

>vi* t, Visit III*. 1 , 1.. 

i.7 'i 

»:ll iiM-iiiff 1 li 1 -! 1 . 

1 1> a.', 

I'ara .... 

'VIVI l.l>IUk M ...H 

29 ■! 
51=4 


19/, 
II', 
2', 
26' ; 
ai/o 

49.4 
1SV 
4gi« 
L'OI. 
11 4 

281.1 
191, 
IS 
4136 
taij 
271, 

40'4 
1 13a 
34 la 

21. 1 
25 
24 '4 
59 15 
42 >4 
30 

20 S 

161. 

301.1 
61-4 


Hi-» l<4l IV Lni-I. 
Il.'ll.lnl Ini" ... 
Ilium— .1 Kh>*. 

1 1- ir HI - Hell 

H.i.iil 

H. 1 1. A 

II.MI-1..II l-l ■ -H- , 

H'llll'I'ii.I'i Inn 

llim.-ii iK.V.... , 
l.l.'. lu.iuitl IV- .... 
IN V 

Iiruvr-u.il liTiliil.. 
[jIlB/Hl STi-I-I ...' 
1 1 1 -llo 1 


7 7 in 
1833 
32'i 
51. is 
12/, 
293, 
261 ; 
11)1 
15-/9 

23 ii 
40Ja 
56v 
39-' 1 
141, 


78.4 

18'a 

32 la 
53 
I24| 
30 -V 
46 /; 
11 

15/, 
23*9 
40 lj 
57 1; 
401; 
14ia 


Hi ere- 'll) Lneiyj' 

Hit 

nil. t la 1 inn*, 
nil. Harn-li-i.. 

nil. *t III A •- in-111 

nil. Mull 

livn • • • . 

nil. I’ajuT . ... 

nu liM-nn.-r 
III . Ivl. 3. I> 1. . 

iiu-ul 

Inim CiX-i 

Ill* Internal li'iial.. 

I Jlul M'allvr 


81, 
/ PO 
25 
50 
i2.vi 

^ 4 .; 

j® 

42- a 
321, 
12 
30 
1 1« 
573a 

U:# 

32;* 


8,4 
267.S 
l 3 
30: 3 
■*2ia 
43 ; 4 
16 

43 lj 
323a 

11. a 
321, 

i'» 
37 i s 
11 -1 
35 


'47 1- 


39 js 

2Hl* 
26i* 
2a 
20 1, 
21 * 
491, 
181a 

16 ie 


23 
l»'a 
32 - a 
3714 
51 >4 
60 
22 }* 
351,. 

1<JI, 

17J 4 

•4748 

40 

24 lg 
26V 6 
25'; 
20 ■< 
cA >a 
49 
17:, 
16-a 


^ini <■■■. 

-.iri-i.lmn.l 

Si nlex ' 

InniuixiLT ..... 

Icklnun 

Icnr-'l nv 

I - 

UiieviL 


41 U 
42» 3 
z6l; 
10 
41 
9QJ, 


321* 


4 li, 
41'. 0 
<6/, 
103* 
41 
»»:* 
S'i 

32 i d 


1 livn- '. .11UIII4 .. 

l.l*i-,i? Illiqx.iv... 
Ca.lli . 

I’a-ili.* Li-liMUi. 
IN . !•»..* Lt. 
I'aiiAniWx-rii' Air 
Carvn Haimltm. 
IVt'—l.i Ini. .. . 

I Vi i. I'o . jl 1,!... 

IVnu J. /. .. . 

IViiii.i.iI 

I Illy .. 

IV. Mr- Im* ... .. 
IV, 


2Si s 

653, 

20,4 
235b 
183; 
40i, 
6ia 
45 1; 

-4>* 

; 13* 

41 lj 

<,84: 


25 U 

65 

41 
43 Tj 
18/4 
403* 
6<a 

*5l 3 

24-/, 

4H; 

421; 

kUI - 


■3 


35m 

i9;, 


• '3 


36 

<9iS 


IVH.ni timer.. .. 

Cel 

I'li.-er 

tiirl,i> L%»I*4V... . 
{'6lla.iv/|4iia Kir. 
I'lniir Mitt-.s .... 
PtriiIi,r.tVlr>>rin. i 

Pil*hur > 

I’illte)' bu«C"» 

I'nwi* 

Wr Ltd Al'i; 


19 
35 3g 

3i:= 

*2s, 

lb3a 
cSSfl 
33* 
39 <a 

42:* 

23-. d 

17U 


191; 

34i 4 

30-', 

43 
la/, 
65 <2 
34.4 

»93a 

231 , 

24 

17 'i 


Coim.i-I 

CiK.iinav Eire 1 

I'IHj IiH initio.. 
I'na-lL-r /■■ir,l.:o. . 
Cnl, "criv LM.. 

Cullman 

1'tirvv 

ijuakvi "at- 

U»l>|.* Aiiientnu.. 

KartK.e1.1n 

KfA 

Nej.ublic. aineJ-.-i 


32 
13 b 
i7:« 
84- s 
43 Jb 
31 
17 
22i, 
9U 

40.-8 

285* 

25.’* 


425* 
131* 
27i* 
85 1« 

43 3g 
3 13j 
17 
22 h 
9ie 
9ti, 
287a 
253, 


ft— ,i." lYU'leniii 



iv>«n:lim 

IrMt lua.ni 

r«Ms Ull A Im-.. 

1V%4- LUInu-i...: 

riiuu In*- ■ 

Lillies Jlnnn 

1'iraHeo 

I mnr j 

1'rtii-iriKMin 



fruiii L nu -ii 

J mn-cm Inrr'n 
Tran* MW l.l Ail.' 

I'rMiellerv 

Tnv.'imli imnal .1 


10 

« I 

183, . 
7/1- ' 
t2 : 

20 | 

•*6S» 
28U I 
50i; ; 
a3; a 
16 

lSi« , 
3514 : 

2-*s a 1 

194 
34 ; 

197* . 


- 95i 

25.* 

183j 

79U 

32.'a 

197, 

•*71* 

481; 
SOI, 
34 lg 
16), 
19*; 
3o; a 
24 lg 
191, 
44 la 
201 $ 


r.u.w 

.'/Ill t.'rnliirv tnl 

L.A.L 

1/ ARC. ■• 

fi.l 

LUC 

Liiiieu-r 

Irnvii M 

I ill. -n iiaiiix.i(i. 

L un/il LaH.i.le, . 

I ni"ii '-.ininieris 
Lril'jri t'li Cam .. 
Lni"U Hiu-i/ii' 


30 at 

3 1 -s 
<.61; 
23 r* 
it 

2 a* 
37 
73 
14Sm 
40.* 
8l«, 
-iC'd 
49 S3 


39U 

497b 

461- 

24 

HU:* 

3610 

C3I 8 
IS 
41 jg 
8,4 
49iS 
BO'i 


Lnin/yn 

Lui'i- 1 Miniate.... 

t’s UMcvriii 

Isl/yinini,,.,, .. 

LN/j«: ... 

L5 si».| ,. M .‘ 

l|. Tevhn./iujiir*.. 
I V Iriil'ialrn...... 

V 11-luu Klcct....i 

UklgNcs 

Vlnini-r- C.-nimn.; 
Wiuntr-Umlvrl . 
U,elf- Mau'inreil 

UVil t-Fnra.i 

Unlern Uhmhi 
Uv-tvrn X. Amei 
Ueaiem Unhu... 

UWliu»bw> Klevii 


• J 4 

8i« 

3238 

24i$ 

£71g 

28 

40r a 

an, 

13.* 

21 

48', 

285, 

*£>, 

• 9-6 

47 

25 i, 
16 lg 
20 lg 


•■i, 

8 

321, 

64.8 

21 

283* 

41 

UII* 

13ia 

kOia 

48ag 

24 lg 
29'; 

16 U 

20 Jg 


H’w'IKt | 

WrvedjHen/er....| 

Wlnri/KMl ' 

| White Lcn. I oil...; 

' William Vlfc ' 

* WiueutiMin EleleJ 


«5a, 

25S; 

23T* 

221 ; 

18<4 

261, 


eaj* 

253$ 

,4 

22Sg 

18i, 

26 'a 


Slivk 






WnolMorth 20lf . 

wy»y - ; 41 , : 

Xcrt'% 495g ■ 

4»r*u : 16', I 

/.«i<iili l.'adiM i 151, 1 

C.-.lneg-4%l«i 194 J* ' i94ig 

■'B-iinoAi^nyR' tan* : tsiu 

f.S.WiNvWIbH 6.44 ii 6.30J 


20-8 

4 

60 >g 

I5i, 

15 


CANADA 


Anitiin ENpvi 12 

Auniw 4.50 

llv«n Aniniiniuui' Sli, 

UrmwiMiei 19 

.V$lKf.im .... taBi* 

DgjiL ul M./ntrcal 19-, 
Hank .Xing S.-otia 1 
Haan- Itesi'/un-es..: 

Bell Telephone.. ..[ 

Bow V«|ierlDd...| 


201, 

6 

55 lg 
255* 


I2sg 

4.50 

32<a 

!»>• 

taS's 

19<; 

201, 

t5<a 

o5sa 

257* 


HC L/majIa... 

Unwin 

Brtuvi. 

LalRHrv Cr.Mer....! 
/.ainrton Mines../ 
CnniHU Onwnl.i 
La multi X IV Ian..i 
Lanliii). IliikCnnij 
tSnui'la IihIusi. .. 

tail IV III.- « 

La n. I Vi hi.- Inv„ 

Lan. 9u|« im ( 

Larll,i^l>'Krvir..; 
LwiMiir liexu*...' 


i. Iiiel lain 

Li.niini-. 

L. hi— lirtiliunkt....! 
C.HI-IIIII.T Liu....' 
i.'.url, l.'oontue-, 

■.'■•slam l;i L l> 

Ua..n Uei 'nit.....; 

Denison Mine*...; 

Dnm Ml lien 

Dunn* I'etioleum 1 
1li.iiiinl>>n BrUJpe- 1ic4i; ' 

l^.ii'iNr ; 17:* i 

13J« 


143, | 
17 lg I 
*4.00 1 

S 61; ' 

12 r 
10 1 

usa : 
*8 

tlau 

18lg 

191, 
55 1; 
4.00 ’ 
8T; 

20 . 
27Jg ‘ 
27:* , 
17Jg 
5/g . 
121; • 
Bi, • 
691; . 
74i; i 
6418 


14J, 

le?g 


U|| | r.-nl 

filnu'er Sickle.: 
E'h*I M-ilur Lan.-j 


20 i, 

75 Jg 


363, 

117g 

10 

12 

271; 

:it/i« 

18't 

19 i a 

551 , 

4.05 

87g 

20 
*7», 
27:* 
171, 

5i, 

1238 

69', 
741; 
t*4 
24a, 
175a 
13 U 
20U 
1751; 


lielinlai 

'■null Wl'w-Ltnii* 
"'•I' • 'll Laiouln J 
Ham ker.-ini.L'au.l 

M. > 1 1 user.. 

Mil - A - 

rtini-.ui Lny Him 

rtn.ix.Hi liny. 

Ilii'l-Hiu I'll 4 Uas 

I.A.L 

Inui-.. ' 

Iniivnnl Uil I 

Im 


2CI, 1 
It I 

I 

3931 ' 

18 <4 ' 

411* ! 
1.J8 : 
r3U 

19 ! 

JBis i 


*esa 

10. a 
27 If 
t 3g 
3* If 
391* 
1. I; 

ie«» 

40Jg 

18 

3258 

18'* 

18 


in, 
1*-Sg 
15 
14 s* 

8ig 

4.20 

195« 

12 


1 11-1*1 '. n naiia I 

llllMlUi X«l. fiu.^ 
Int'l<.vl‘i t a-Llne. ; 

Kaiser 1/esoutveaJ 
laurlKm Lurp,,..! 
I/jhlan LuU.'B'J 

He’, nnCn uu*rt\ij 
Mii-cy KerxuiOD> 

Mcliilyrr 1«2ia 

.\Iu>jre L i.rjra..... | ±23, 
Xuraieta .Mioe>— I 251, 
Xunv/i Rnonp'-s 16 
Xllm. Tehiyum-. ■ 30ii 
Xnnunj U,l £ Can! <65* 

'igkiuy.i Ret-'niJ 4.00 

l’acllk.L'.>t/ l ierUJ 2.10 


113g 

lufig 

143, 

143* 

8 

4.15 

195b 

lu 

}Z21g 

321* 

,.478 

1SJ* 

30 

U65e 

4.15 

1.81 


36 


I V-i iicPcr i nleumi 

[Nil. Lau. Pel'niJ 331; | 331; 

Car lif ^ lei* ! Ui, 

lV.i|/eh Depl. 6...' 3.85 J 3.80 
I’lai-c Can a Oii..j w.B9 ■ 
ClairrMyi ekii/ni: 2iJ* ; 
l*iii* e:'l-Ti<irat‘nj 147g ; 

I'rw .1 13Jg j 

'Juelw MnrBKull! l.lvl i 

INHcei Uil I 371, , 

I!u6il Blau : 10 j 

lai.i AIltjiu 30 j 

25.\-al uk..H Can.' 29lf . 

I!v.v«l Tr„,i 18 lg f 
sti.-wf/n: ll’scairoetH 

7>«IKtBIIIS_ e..[ 

abeli Cangilrfc.....[ 
stiorUI li.llLnerJ 
Slubene O. 0.—..’ 

»impwlia H ...— - 

25 

Mc-ej.. Ii'-:k Iron.] 2.42 

Tosavu LauedM ...I 
TihihiIu l>um JJk.! 
TnnL.Laiil’Ipeluij 
Irsn- Muuiil OpS' 

Irtrec « 

Lilu.ni Cifc ! 

t»*L MurueMinct! 

WaiKer Hintm.™.' 

" w LWit Tm».! 

"Wmn i , Wi | 


7*8 

2**3 

14>2 

4.80 

t33 C 

big 


39 Eg 
ads 

938 

Hi 

UJg 


S3 

:4i« 

ISJg 


0.86 

227* 

147a 

151, 

1.1U 

363, 

lu 

aOig 

29 

18lg 

7 <8 

26i; 

141* 

4.75 

24 

61, 

24:, 

2.45 

39*, 

lob 

9 

ill 

1l>£ 

7 

523* 

333* 

16lg 


'Toronto pnees: Montreal prices 
Ul available. T Rid. I /Mated. 
1 Traded. 1 New hock. 


Matheson 10 cents to SHK13.60. 
Swire Pacific 5 cents to $HK7.10 
and Wheelock 2.5 cents to 
3HK2.425. 

Elsewhere. Hong Kong Tele- 
phone rose 23 cents to £HK30.25. 
but China Light receded 20 cents 
to IRK2I.60 and Stelux 75 
cents to 9HK2.40. 

BRUSSELS — Mostly higher ip 
light trading. 

Arhed, which said it hopes to 
make an operating profit in 1978, 
gained 135 to B.Fra2,295. while 
Cockerill advanced 32 to 
BJFrs.404. 


HOTES : overseas prices shown below 
exdude S premium. Belgian dividend* 
are arier withholding rax. 
yields based on net dividend* plus tax. 
4 DM58 denom. unless w berms e stated: 
V Pias-sw deiium. unless otbenrlse staled. 
A Kr.100 denom. unless otherwise stated 
>t> Err jOO denom. and Bearer shares 
unless otherwise stated. I Yen 58 dcoora. 
unless otherwise stated, g Price at lime 
of suspension, a Florins, b Schillings, 
r Cents. J Dividend after pending rights 
and/or scrip issue, c Per share. 1 Francs, 
o Cross, drv. %. h Assumed dividend after 
scrip and/or rights issue, k After loca l 
taxes, m *4 tax free. i< Francs: Including 
Unilac div. o Nom. q Share split, a DIv. 
and yield exclude special payment, r ImU- 
eaied div. b UnoRIcial trading, c Minority 
holders only, u Merger peedtog. - Asked, 
r Eld. S Traded, i Seller, a Assumed 
xr Bx lights. xd Ex dividend. . xc Ex 
scrip Issue, xa Ex all. * interim since 
increased. 


£ and $ firmer 


V-;-r 


GOLD MARKET 


Sterling and the US. doUar market remained subdued with 


$1683-1691. 


yesterday’s foreign exchange 
market Trading was ' on a 
moderate scale ahead of further 
public holidays on Thursday 
throughout the continent The 
pound opened at $1£22S-1B235 
and received a little support from 
the Bank of England, pushing up 
the rate to $1.8240-1-8250 around 
noon. However, fresh buying saw 
sterling up to SL8300-1.8310 with- 
out further official intervention 
and although coming off the top 
at the dose, sterling still recorded 
a gain of 20 points at SL8260- 
15270. Using Bank of England 
figures, the pound's trade 
weighted index improved to 61.6 
from 6L4, having stood at 6L5 at 
noon and 6L4 In early dealings. 

The VS. dollar finished at its „ Fcr 

Strongest levels against most CURRENCY RATES 

major currencies in the wake of 

higher VS. interest rates. In 
terms of the West German mark, 

it unproved to DM2.0815 from 

DM2.07271 while gaining over the 

Swiss franc at Sw.Frs.L9«221 Sterling 

against SwJFrs.1.9355. Elsewhere U.d.3nM*r. 




May 3 

_ Aprfl^|| 

Gold Bullion, 
la fins ounrei 

S 16814.1691, 

51683,-1691, 

8169. 18 

l£92.B68) 

£168.90 

1^2.348) 

SI 701,. 17 
S16Si,-17l 

S 1704)0 , 
itoa.Bioi ' 
817083' 
i£93^1S} 

Open lig;. 

Moriiingnx'g 

Aftflm’nQx’jf 



GoM Coin I 

dummtloaUy.! I 

fainuferraad ..|S173 i»-175i« !$17&-1?? 

]l£95-trf»i ll£9S3*^6l, 

K’w Sov’gna.'S32k!-54ia iS53i,-Mj. 

|.£2B3*.293,» 1(89^1} 
Old Snv'rgDt S52ln-54ls JtBJl^Jtai, 

ji£28i,.29o„ Lna^S( 


Gr.u Coin*... 

tlnteniBt'Uy.l j 

Krugemind ...S 1731; -175l;i J17S-177 
^1*95-96) '(1353,-561. 

MeirSov'rgng ;S52is-54l; lSS3VJtt; 

'X28i,-291,) 1(229-301 
Obi Sor'rvn»|S52iB-5**3 |S52L,*W, 

ji£88A,-29J,l kfiEaJ.Si 
$30 Kmg1f..-.'SB721a-275iglS273l3-»i 


Jan Fhb Mar Apt Mayy FOREIGN EXCHANGES 


Special 

Drawtne 

Rights 


the Japanese yen also lost ground Cum/fiim 

“ . ,NW.. AnstriBBria — 


in dollar terms to finish at Y226 fram- 

over Y224.07}. On a Morgan dS 
Guaranty basis, the dollar’s trade Deuudiem rt 
weighted average depreciation Uutriijrafider 
using noon rates narrowed to 
5.04 per cent, from 5.11 par cent jgpeaeseyeii! 
On Friday. The Canadi^p dollar Nomavk-rvne 
showed further gains to close at Spain p«eia.. 
88.701 U^. cents against 8859i. 

Trading in the London bullion — — 


Jlay 2 


0.689576 

1.22298 

1.37891 

18^560 

39.5206 

6.92490 

2.53646 

2.71074 

5.66323 

1061.06 

276.027 

6.61021 

98.9770 

5.65078 

2.38811 


Unit Ou 
Araonn' 


May ! 


0.675651 

1.23458 

1.58839 

18.4275 

30.8955 

6.99424 

2.58036 

2.73633 

5.70812 

1070.51 

278.2BD 

6.65812 

98.8635 

8.70710 

2.40966 




Market 

R»t*i 1 

Stay 8 

Bate* 

4 

Oay’a 

Spread 

CSor' 

Kew ynrk... 
/Moocreal — 
Auiatenlalii 

llruascla; 

1 ‘spenbagwi 
Frankfurt... 
Ltoun. ...... . 

Madrid 

61, 

Bi; 

4 

51, 

9 

3 

13 

8 

IH9 

). 8220-1. 831D 
2.06062. 062S 

4.02- 4.07 

59.75- 59 M 

10.02- 10.98 
1.77-3.81 

76.75- 77.50 
147.20-146.20 

1.560-1,587 

2.0680^5 

M.8558.1 

lajH-nu 

1 

77JB476 

147JS-1*. 
1^84-ue 
B -87 -iff 


7 

9.84-3.69 

Pana 

Stockholm-. 

Tokm 

V icimn. 

Zurich- 

91, 

7 

ji 3 

6L9 

1 

0.41.8.47 

6.41-6.47 

409-418 

27.20-27.40 

5.54-3-531; 

3-443/ -8JB 

AS 


1 Rates KtvM far couveniblc ftew 
Fiaancial franc S9.l(Vo8J30. * R*t* j, 

ApnJ 2S should be I.SM9-L&wO. 


EXCHANGE CROSS-RATES 


OTHER MARKETS 

| Xutn Mgle, 
1SS9-15S5 Mrgentin&JlJSO-Q 


May2 

Frankfurt 

.Vsw Turk 

Pant j Brusieto ; Lunlnn JAimt'il'm < Zurich 

Frankfurc. 
New York 
Pgrl«..._... 

London—. .. 
A mn'dam. 

Zorich 7.VJ 

43j3305 

aa.74-iS4, 

5.60-61 

W6.W5-89&| 

!34^33-®l 

2X6C0 15 

4.6165-6285 
ix-ltei 0 
I.8J60-7D 
2-Z1 53-77 
1-96 10-25 

44F6-96 

2L61-64 

8.442-46J 

47-W-99 

40527-382 

P.42 -45 I 5.7954: OA , 83.56-66 |lifiJ5-6J0 
5.fB7&/J9261.B2n0-83*ii 44^9 96 : 50.8090 
14.295-529 ;-.44lb 4615J 208.46435 236.70-7 JD 
' 66.90-69.05, M.S&+0 ; 16£4/S0 
59J)5.I5 i - I 41)54-066 ! 3-K-W 
6^696W15 4. 0496 -OMa — 1115.656-605 

aA)581 43665 3^324-6881t 88.194-521! — 


Ardent ina.’ 

AUkUwllx. l.8Mfi-1.tt200. Viintria_ 

Uraslt 1 SI-3! JHcInIuhi.. 

Plain mi. 150-7.7Sw Hra/.ll 

( t rent. /87.4T3-69. ISO. Lana. Pi .... 


0.GI 

unb’E &S. 


&B6-0.bia Hlnimnv.. 
“056S.I5 Ifliuw.:.. 


Lux /.mb' 

lLJBjT.la_Ij4.5625-4.la26, Italy 

X. /eabtpif|l.7aS2-LBIl4/*pM. 


FA 9 ia Toronto Pj5. - 1 ?— » BU M! CuMillaa ■.-ents 
Canadian $ in New Yorfc=Ba.686S cauls. L.S. S in Jltian B67.60-90. 
. Sterling in Milan 1685.b3-1586.45. 


Saudi Aralh G.S46.84 X'etherTpd* 4.G14. 
A28 I.V. 


EURO-CURRENCY INTEREST RATES* 


/Singapore .f 4.26-4.28 lAiiranv' 

S. Africa ..Jl J745-].b897)Pnrtugal.. j 

C>pain I 

pwila’lanrt.' i 

‘C.S. j l^a-l 

88.69-88.73 |Vuu.r.U,ih| &44C 


i;.s 

IjuibL. 

LSI 

L.'i/.TOla.. 


!U4 

8M8f 

2 -dsw: 
io.Ma 
8.«4 , 
US'. • 
6Ht. ■ 
1545-B 1 
L1M. . 


nu 

1444t 

5i4i 


Rale (Sven for Arsentlna is a frce"rjj 


1 

Slay 2 1 dterhog 

Lanadiau 
Dili Ur 

U-6. Dv'liat 

Dutch 

Guililere 

fivia 

franc 

W. CieriDttiJ 
nuuii 

| fShnrt lerm...! 9ls-10>kj 7-8 

7i 8 -73« 

414-41, 

is-ba 


7 nnli^i 9-10 

7^8 

7/8-73# 

91,-41; 



Sl.raib ; 101,-101, 

71;-7T, 

7l,-,i 8 

41, -41, 


3>ia,i 

Tlires nioutha.J 10i«-105g 

73,-818 

7J,8 

438^158 

7 a - 1 

ai,-nsa 

Six muntha.... lOSe-lOS, 

blg-B 1 , 

778-818 

4«, 41, 

nalae 

338-41, 

Ore rear 1 1038-303* 

8M-8Sg 

8-81, 

458-4/8 

11- 16s 

5I0-5&8 


FORWARD RATES 


One mom/ 1 ; Three nnVu 


New Vnrk;0.474J.37 c. pm; 1.17-1.07 e.n 
SI., ut nail . 0.4643.35 v. p/n'1.15-1.0S c* 
AiiLit'danilflU-ll, v. pm :66 c. pm - 
Hin*wl»... 2S-15 c. piu ,70-60 c. urn 
Ci.f.*nlign.{2>,-4'4 /weilis ;B1-10 a on 1 J* 


<7i,.6i, pf. pi 
!310«80e.6 


Bara-Frcnch deposit rates: twoday Si-8; per cent.: seven-day 81-9 per cent.: , 

ODe-raonLh 8S-Bi per oenr.: rhree-month SOig-eiSia per cent: six-month BUm-ioi /6 f rananu/ v4,-ia, pr pm 

per ccdl: one year 10J-181 per rent. " i l '! U 

Jfailriii....ii«r 80 r>. ,1» 40-140 r. dij 

Long-term Eurodollar depasits: two years 81-Si per cent.: three years Si-Si per Milan |3-B lire din 14-21 lire .11, 

c/at.: four years Sl-SJ per cen:.; five years SJ-S1 per cent /Mo .51-5^ ><re .lis 81,-10 J*.m i 

The followlnz nominal rale* were quoted (or London dollar certificates of deposit; P«ri* . ...... I e. pn^inr ilu. pro-^ir 

one-month T.23.7J3 per cent.: ttree-moaih 7.38-7^0 per eeOL; su-mooLh J* ••klir.lin:#,,repm-ll«i«lla , Par- 2 omJla 

per rent.: one year iJM-8 U per c-nt. i lei mg....- 14-4 sro pin 27-17 gn, pm 

‘Rates are nominal calling ri:e> //"rich - ..'3t ft-2l a /•■ |un | rfa 

Sbort-tcrai rates are cal) Tor sterling. U.S. dollars and Canadian dollars; two Sn-month forward dollar «c p 
days' notice for sunders and Swiss francs. 12-monih 4.40-4. Me pm. 


GERMANY ♦ 


May 2 


I Ww 
■ Dm. 


or iUiv. 
- % 


AEG 

Allianz Verticil... 

8UW 

BASF 

Bayer. ' 

Bayer. Hypo 

Bayer- Verel n » l..k .' 
CirjaloL.Xed.irts 1 

Cwnroerzljaok 

Coat Gummi 

Daimler Henz 

Uefcu** 

Demafr - 

Deutsche Bank.... 
DresdncrBanL.... 
DjvLerfioff ZeiriL 

UuiehxITnuug 

Hapaa Lkijrd 

Haruener... 

H-wdrt 

H-ieach 


86 -0.4 


463 +11 

-18 

•Z285 

18 

134.3+0.2 

IB.76 

156.61+0.7 

16 

277.0,-0.6 

18 

2B9m' 

18 

166 : 


284j6i + 1.0 

17 

72.8, -0.2 


296.0+0.5 

8lTl2 

249.8m; +4.8 

17 

la4.6 -0.5 

14 

294.0 +2 JZ 

18 

242.4m +1.4 

28.12 

143.8 + 33 

4 

190.3 +U.3 

12 ! 

112 -3 

12 . 

273.5 —2.5 

.? 1 


132^ +U.8 | 
45.7 +ai 


Horten 

120 

- 1 I 

10 

kali und dal.' 

134.5 

-0-5 

9 

KarMadt 

295.0-1.5 f 

20 

Kaulh./I 

300 

—4 ! 

12 

Kw-knerDMIOO.: 

8U^-0J| 


KDD.— ' 

172.3—0.2 

12 

Krupp i,..i 

94 1, 

f { 


Linde ' 

234.0!. 

-1.5 ; 

16 

U'wcnbrau 100-....1 

,50om-. 


2b 

Lufthanu ,| 

103.5—2.5 1 

7 


MAX 

.UannesDann...... 

JlatallgVM 

Mundiener Ruck. 
XeckeruigoD — . 
Preui*« DM ml 
llbgloWeBUKIretJ 

action on I 

Hlemem _ 

Sud Zucker. i 

Hi.T'wn A a;. — 


3.5 


176.0' +Oi I 12 ! 3.4 
162.&:+0.6I 14 
10 
18 


25 


806A3-0.5 

550 r 

113 -1 

1 10-0 -r 1.2 

180.6 __ 

256JS + 1.0 1 20 
273.0 +1a»'' 16 
246 I— 2 : 

• 11,8'TII n,Vlg....... 117.8ni ^0.4 

Van*.: 174.5 

VKB\ ! 104.5 

Vwrvnisk U'e»t Ukl 286m 

VhIUs igni '• 803.6 —0.6 


AMSTERDAM 


May 2 


ffioTToF 7 Uir.ji'id 


Fla. 1 - 


99xc +2.5 
26.4 4 0.6 
341 >8 JS 
H4 .+0.2 


74.9m +0.3 ! 23 Jj 


87.6 +3.3 
119.5’- L5 J 81 
68 + 0.2 it 

S80.5-l.5r27. 

138.5 ; 37. 

65m 34. 


Aland l F|.2u> 

AkoorFL20< 

Alftcm BdLiEI.KO' 

AMEV rKl.lOl J 

Amrehank iPILBr 

Bl>nkorf 

Iloka U'cu'uhFICt 
H url, rniTeiterodel 
b/*eiie V i FI AM). 

B un in X . V . Uea rvn 
Ku rriLum V»l Pt . tO' 

G Gt btcNilo i FI')' 

H el ueMcn r FI A!6i . .' 

H.juftoven, iFl^tte 
Hunter D.rFUCCi 
K.I^U. iFl.lNOi... 

(ui. Mullen 1201... 

Xnanler, (Fl.lOi... 

X’aLAet lut.i FllO 

Ne.iLr«dHk,F!3J 53.1«, 

XcJ MiJ BkiFI.eO, 191.5 

Uee i FI. 2U) ] 

Lao Orrunereii....| 

VakUwd iFi.acs.i 

Philips I Pi. lo I 

KjnScb Vert FI. 100] 

IWem (FI. SO)... 

UoiIdco (FI. bOi... 

(to ran to (Fi. &0i J 
KuyaJ Dutvh(F I &.] 

Slaveuliurg.. | 

HievnnGnXKI^O; 

Tnfcyu Pac.HWs.S 
Luilcivr «H. 20i.| 

Viking lles.IntlPI 
Westlan’iJu. Bank 


'21 I 3.6 


32.2' — 0.6 
96.8-0.9 1 
30.3- + 1.3 ' 
* 3.6 -0.4 I 
143.4. 4-4.0 
44.5+0.6 

34.1m 1 

1 6.4. + 0.6 


5.4 

6.9 

3.6 


12 I 6.1 


18 


150.5/ /- j. 9 
lll.u;+1.5 
37.1+0.61 - 

26.5' J 17 

75^— 0.6 i — 
165.7: + 1.5 
124.5+1.9 
132AH+0.3 


18 a.l 
I2.b! 3.7 
48 j 4.5 
21 ' 1JS 
22 | 5.7 
36 i 4.8 


126.4 +0.2 fli-fS! 


A2 


14 


242.0m — L2 

130 : 

108.0 +0.5 
ltb.6 +0.1142.8 
38.7—0.1 1 20 
381.0m -0.5 33 


19 

274, 

3u 


7.2 


6.7 


7.8 


5.3 
BA 
7.9 

4.2 
0.7 

7.4 

1.3 
4.2 


COPENHAGEN * 


May 2 

■ Pi Ire ' + ur | 
Kroner , — . 

DivT 

& 

»B 

•YM. 

Or 

40 

Au'lctshakeii 

1 136-25 -0.2S| 

11 

8.1 

BunnVr IT 

420 ' !Tj 

15 

3.6 

Dauskc Hauu 

122.75— O.S&I 

Id 

98 

As Oi l Ln. .. 

lb9.S8'«r,+0.2&! 

12 

7.8 

FiMD-haukcn.... 

ldU.O'— 0.5 i 

15 

10.0 

Fur. a.ra<jerler... 

3a 7.00; +0.75! 

12 

3.6 

For. Paplr. 


H 

9.8 

Harnllniiaiik 

124.26-0,25! 

12 

8^ 

G.K'ih'nH.lKrDOil 260.0+0.5 

12 

4.2 

Nort Kabel 

1 240m; 

12 

&.0 

Ohefahrik 

: 74.75.-0.75i 

12 


PrivaUMQK 

130.75i+0.rel 


8.5 

Pnirtnsbank 

13S-75J. — .....I 

11 

8.1 

Soph. BereodbEfO 

374 1 J 

11 

3.2 

Superfoa 

187-6' +0,5 

12 

6.3 


VIENNA 


May Z 


Price . i ui 


Div.' L .u, 

* : t 


Creditanstalt J 

Perl ruo ise ! 

■Selei-ta ' 

5etnperit„ 

Steyr Daimler. 
Vrir Mitcfiesii... J 


542 

260 ■ 

686 

93 - 1 

183 i-3 
242 —2 


1 - 4.9 

0/ I 5.4 
»8 i 8.1 




<7 j 3^ 
14 ! 5.8 


( TOKYO 1 



•Price* 1 + or 

I iJlv.’YM. 

May2 


Veu 

• — 

s 

* 

•Lrahl Ulau 


540 



. 14 

a.l 

Lan no — 


500 

+ 3 

: 12 

1.2 

Caaw 


600 

+ 15 

1 26 

2.1 



360 


.; 20 

2.8 


655 


.! 18 


Fuji Phutu 


585 

+5 

15 

1.3 

Hi tarh 


236 

+ 5 

12 

2.5 

Honda ll-Ttora.. 


602 

+ 15 

18 

1JS 

Boose Food 


1.170 


35 

1.5 

a Itoh 


230 

+5 

( 12 

2.8 

Ito-Aoludo 


1,300 

'-10 

30 

1.2 

t *!»«■*_ 

.. 

616 

+ 7 

1 13 

1.1 

J.A.L. 

..12.640 

-IO 



. ha n sal HI ere- Pw. 

1,100 


1 10 

4.5 

Komatsu 


350 

+8 

1 18 

2.6 

! Kubota 


285 


.- 15 

2.6 

Ky<x>/-C«rainic. 


3.630 

—60 

1 35 

0.6 

Matsushita I ml. 


• 769 

+ 18 

. 20 

1.3 

Mitauhisiil Bank 


27B 



10 

1.8 

Mitmhialii Heavy 

135 

+ 2 

12 

4.4 



437 


13 

1.5 

■Mitsui A Co 


330 

+ 3 

14 

2.1 

Mi u„k oil,, 


660 „ 


20 

LB 

Nippon Dcusu— 


1,430 

+ 50 

. 15 

U.5 

NippuD oh in pan 

.1 

665 

+ 5 

1 12 

0.9 

Nlsran Motor*.- 

J 

B26 

+ 18 


1.0 

Pioneer 


1,830 

—10 

48 

1.3 

Sanyo Electric- 


256 

+ 1 

! 12 

2.3 

1 neklauj PrvCah. — 

920 

+S 

I 30 

1.6 

1 6bte«id& 

L.090 

+ 20 

1 20 

0.9 

Sony. — 


1.870 

-20 

- 40 

1.1 

Taiahc Marine... 

.1 

241 


11 

2.3 

J Tskerfa CbemicaJ J 

365 

-4 

15 

2.1 

TDK - 

1 







119 


10 

4.2 

Tono Marine ... 

j 

500 


, 11 

1.1 

1 Toldn BIret Pmr’r, 1,050 

-20 

• 8 

3.8 

Iok\-o Sanyo.... 

.1 

315 


1 12 

IS 

ToVy.iS)il banra. 


144 

+ 2 

: 10 

3.6 

Torav 


141 

— 3 

1 10 

3.6 

fugretn Motor — 


1.000 

+ 42 

; 20 

1.0 

Source WIUco Securlftes. Tnkyo 


BRUSSELS /LUXEMBOURG 






■ Div, 

— 

-May 2 


I'rKT 

♦ .H 

; t r*. 

tful. 



Fr.. 

— 

-\>i 

• 

Arbed 

.'2.295 +135 - 



Wq. Brx- Leinh.. 


1.550 

-lu 

63 

3.9 

liekerl "H" 


1.800 

•r 20 



C.lJ.lt. Cement- 


1.394 

—4 

lou 

IS 

Crekeril 


404 

+ 32 

- 


KHKs 

.2.510 

+ 20 

177 

1.1 

Elect rt .be 1 

.6.740 

+ 150430 

6.4 

Fabrique Nat..*. 

.2.485 

-16 

170 ‘ 

6.8 

t*-B. lunci-Biii... 

.2,210 

+ 20 

150 

6.8 

Gevtert 


1.412 

+ 4 

BS | 

6.0 

Hoboken 

2.470 

+ 20 

170 ; 

69 

Interim...—.-. 

-2.040 

tIO 

142 

7.0 

Kreiict/aiuk 

.0.680 1 

+ 30 |26a : 

3.7 

La Itovale Beute- 

-,6.010 ; 

*-60 i3U5 ; 

b.l 

I^ttn H*ylitiac...«. 

.'a.420 1 

+ 50 

3.3 

Hrtnifina 

.4,210 1—25 |174 : 

4.1 

So: l/en Uanniie. 

» 2.9 70 i + 20 'HIM 

6 S 

j Ueu Be/rHrnirZ'OOO 

• 35 .140 ' 

1.0 

6ofiaa 

3.350 : 

+ 60 1215 ! 

6.4 

>' vay 

2^30 +20 l.lJfWr 

7.9 

Vrarek-n tie* 

'2.740 ) 

+ 5 ',170 

6.2 

UVB 


926 ‘ 

-4 

— 


Ln Mm. ilrlO,.... 

! 

790 —10 

50 [ 

6.3 

I Vieille JJoniaftUe.'1.675 



-1 


SWITZERLAND • 




Price | 


Dir.' Vkl. 

May 2 

L 

Fra- j 


O' 1 

« 1 

% 

Aluimuluni 

il.llOm!— 26 

6 ; 

2.7 

BBC'A’ 

1.355 1—15 

111 1 

3.2 

CibaGeteyiFr.l00ll.115 (—13 

22 I 

2.0 

LTJo. At. Cert 

1 

620 1—10 
617 '—6 

22 

2.7 

Cri'lt Luiwe., — 

2.150 (+5 

16 

3.7 

Eleiroa-ari 

1.580 1—15 

10 1 

32 

Fitch iGevrael— 


650 -10 

5 1 

3-9 

Hoffman Pr Certs. i78XJ00 .—500 

550 : 

0.7 

Do. iSraolIi... 

: 7.575 1-175 

55 1 0.7 

lnterfoe»I B 

13,775 —25 

20 1 

2.6 

Jenioll iFr. luOi . 

1-446 m,. 


21 1 

1.6 

Nestle IFr. lut'i - 

[3.090 [ 

t 2o nab. S' 

2.8 


ia.;»5 

+5 i««b.7' 

3.8 

OerllliOuB.if^30i 2,085 :+10 

15 18.0 


262 1. 




[ Samlcu 'Fr. 2)0>- 

,3.450 


26 | 

1.9 

Do. Pans Cert*. 

i55 

-5 

26 1 

2.8 

Set* Ira (lerC tst liXi| 

+85 

-b 1 

12 : 

4.2 

■Suiter L'li (F.lOCr 

338 1 + 8 

14 ; 

4.1 

Jju'IsrainFr. 3bd>! 

784m 1 - 

-16 : 

10 , 

4.5 

t5wL» Bank (F. ICO 

3+5,0'- 

-1 [ 

10 ; 

2.9 

Swiss cite. F.2a)>.|4^O0 : + 7B . 

40 1 

2.2 

Union Bank- J2.V2S at- 

-20 1 

20 < 

3.4 

Zurick ins. 

10.600 j- 

-100, 

1 

44 j 

2.1 

MILAN 



Fnre j 

+ «r 

Jrv. :Y. I.li 

ltay2 


Lire [ 


fare) 

t. 

ASIC 


93.5: +1 i 


_ 

Basins) 


413 :+8 





1.904 

4 1 



Du. Prir 

1.630 Ll I 

loo 1 

9.3 

t'iDiiilrr.,,. 


75.25 — 0.75- 

_ i 


I taler men 1 

10.421+7 1 ' 

2UO, 

1.9 



139 +1.5 




32.600 + 190' 




130 +12S 





865 : + 15 ! 

_ 1 


Pirelli & Lift. 

2.032 S 

10 1 

130 

6 4 

Plrtlll ^pa 


951 1- 

-1 1 

80, 

1.4 * 

rsntoVhwH. . 


555 |+9 

— : 

- 

1 


AUSTRALIA 


May 2 


. F"”' 

A list, s ! — 


AC MIL iiarenLi *0.70 

■V:KJW Aintralia— | 10.80 

Allied Mnt-Tnlft. (a>Jio$l t8.32 

Ampol Expk-ratk>D tl-42 

Ampul Petroleum t0.82 

Aaauc. MioeraU. 1 tl.05 

Aaaoc. Pulp Paper SI j * 1.17 

Ajwxn Con. Indnstnea 

Auat. Foandation luveat..., 

ajs.l.._ 

Audinkf I 

Amt. Oil & Qaa -[ 

Ulue Metal I n,< 

Buuftgaville Cupper-.. 1 

Broken HIM Pniprieta/y ...! 

BH South. ; 

Carlton L’nitert Brewery.... 

C. J.C'ole*. 

CSK (SI)....- i 

Luo*. Oohlrtelil-. Au-t i 

Container iSl) ' 

Cxazloc Ki/.pnio- • 

Lustain Aualralia ’ 

Dualnp Uubter (Sli. 

BSC Oil - - 

BMw Smith 

l+Z. Industries- j 

Geo. Property Trait 

Hamersley 

Hooker- - I 

I.C.L Australia— — J 

inter-Copper—.. — J 

Jennings Industries. ....J 

June* l David) I 

Lenaairi Oil 

Metala Exploration. I 

MHU Hokiinp, I 

Slyer Emponnm .1 

N'ewa _..I 

X icbi.laa Inleraatiouni— ...J 
Xortl. Broken H'dirmsiM.-; 

Oakbrldfte— , 

Oil Seanrti I 

Otter Bsplimti./n 

Pioneer L-iiurete 

Kerkitt 4 Lolniau ' 

H. C. BMffa ! 

South la ml Minuift 

Spars Bxpl/Hwtlon 

Tnorb (SI) i 

Wahno* tO.89 

Western Mlninc ibLUenisr tl.SO 
Wonhiortlia... I fl.65 


1+tUM 
I +0.01 
1+0.01 


11.76 
10.90 
tl.42 
10.43 
10.36 
f 1.06 

tula 
16.60 
10.83 
tl.85 
tl.97 
f2.93 
t245 
t2a:5 
12.33 
11-30 
11.38 
tl-03 
18.02 
12.10 
11.52 
12. Id 

10.73 
12.15 
10.26 
1L24 

11.14 
*0.2a 

10.15 
11.98 

11.73 
12.30 
10.66 

11.17 
11.68 
to. 10 

10.17 
>153 
td.84 
*0.67 
10.21 
W.17 
11.80 


.02 

- 0.02 

+8A2 

-04)1 


|-olal'i 


BRAZIL 


May 2 


Prli-eT 

Cma 


+ or ; D'u. 
— 'Ln,/ 


Are +i la • l.u2 

Bancii fin Braril...! 2.35 

Banco lUn 1.1S 

Be' S'/ Mlneira OP' 

Lbjas .Liner. OP..: 
PecruLrat PP.... 

Pirelli OP 

Sousa Omx OP_. 

UaipPK, 

Vale Rio Dm-e PI*1 


E 


: I.L. 

—0.02 1,17 :7J 
-0.01: 1.26 .IB. 



+ 0.12 
- 0.0 1 
1—0.03 
-0.03 
l-O-OS 


U.i 


;+0J)5 
+0415 
1-0.03 
i-0.0« 
-Q.03 
1 — 0.02 
!+o.ui 
+ 0.02 
-0.02 
1+04)1 


-0411 

+04)1 


K04B 


[+0.02 

+0.01 


I-UA2 


+04)1 
.- 0.01 
f— 0.02 

-04)4 


1 + 0.02 
I - 


PARIS 


May 2 


Pn*.-e i + or - Div. Ykl 
Fra. ; - ! Frs. ! 


Rente 44 1 

AfriifueOrei/TL le. 

Air Liquid. _.l 

.\quiiaioe_ j 

Bouy«ue« I 

B.S.N.Gerris. I 


727.2 +4.2' 41b] 0.6 
412 ,-4 21.16; 6,2 

299 t 3 j 16^1 5.5 
438 +3 2t25: 6.0 

485.1.+ 1.0 ' 12.75! n.6 
645 . ( + 1 j 42 i 6.5 
476.0; + 0^ ; 40.51 8.4 


Carrefour (1,700 +25 ! 75 • 4.4 


C.O.K - I 


36a2— 2A:51J) 8.8 
1.120 ; + 20 '58 A 5.2 
387 !— 2 i m I 3.7 
415.5 +2.5 il^S; u.7 
128.0+0.5 12 ; 9.4 
82.1 +0.1 J — 

80S |-2 7.5 , 0.9 

127.5'+ 1.3 14.10*11.1 
188.2 -0.3 | BJS; 4.5 
62.8 +03 
120.0 +3^ 

184 ;+i 
714 +13 


Lie Usnoaire...— 

Club Me-Hlor 

Credit Com FrreJ 

C’reiuut f+'ire. 

Dumex. 

Fr. Peutdes. 

G«. Oreldwitaiei 

Loetal ..... 

Jacques Borel— 

latow 

L-Orenl 

Leursnd 11,735- 1+25 

Slalsons Phenfc.., 1,088 [+28 
Micbelin “B M — 11.448 1+22 
Moot Heones«y...| 

Moulinex 

Paribas I 

Pechlney j 

Penrod -Bi its nl ....’ 
PeuftWi-Utmeu..! 

Poelaln 

Ra.Uo Technique.; 

Redoaie I 

HlKtne Pouleuu — 1 


500 1 

166.6 + 0.5 

163.4 -3.4 
87.6, + 0.1 

274.0 +0.2 
36043—2.6 
195 ■+ 13 
440 ’-1 
685 ,+9 

88.6 + 0.1 

146.5 -2.5 
1.630 —20 

200.0 + 9.9 

762 ‘ 

192.9 

25.9 


».7i 9.1 


10.17: 9.1 
15J& 2.2 
36.76) 2.1 
3B.8. 3.3 
32.561 2.2 
12.S 2.5 
3 ; i.8 
1SA&I12.1 
7.5; BJ) 
7.5; 2.7 
is; 4J2 


27 ■ 6.1 
27 4.6 
9 10.1 
14.65' 9.9 
59 1 2.01 
2W 9.1 
&S> 3.4 
.[16.16 7.9 
i-S I - i - 


STOCKHOLM 


May 2 




mdvik A.B i 


Price 

Krone 

+ or 

UI v. 
Hr. 

209 


S-S 

161 

+ 1 

5 

83.011 


S' 

130m 

+ 1 

6 

86 


4 

125 



196nc 


io 

192 

+6 

io | 

6.3 [ 

136 

+2 

6 1 

24« 


B 1 

110 



4 I 

60-0 +0.5 

- 1 

3iSA 

-2 

is ; 

120tf 


8 

67 


6.5 1 

265 

+ 6 

5.75' 


4.5 I 
8 1 

89.0* 

-2.5 

5 i 

o6.5 

+ 2.0 


84.50 +0.501 

6 ! 


2.7 

3.1 
6.0 

4.6 

4.7 
3ji 

9.1 
4^ 

4.1 


3.5 

3.6 


OSLO 


B.65 !o.H3 

7.60, pj.as.juU 
1-aS : +0.D6"i.l3 fM 
VoL Cr.71.0ra. Shares 33.1m. 
Source: Rio do Janeiro SE. 


May 2 


Pure i 4-ur' 

KrrHlei J — 


Dmin 


Henson Hauu 93.0' +0.5 9 

Bur/xvaard 62.5+2.5, 4 

Lteilitlmnk | 109.001+0.75 11 

240x0 20 

kn.lttLa<tra j 106.7S;+0.25 11 

.Norsk HydnikrJKr 195.00- + 3.75 12 

BtrevbmihJ ] 88.26; +0JS, 9 


JOHANNESBURG 

HIRES 

May 2 

Anglo American Conra. 


Hand 

5.13 


” • ■ vvipu, ... I/.M 

Charter Consolidated *3ja 

E+si DTiefnnicIn 11.BD 

Elalmr* j i7 g 

Harmony 5.10 

S'jross 5.(15 

S®? ■ - 7J» 

KDS/enbnrg PU tin ran l^a 


St. Helena 

Southvaal 

Cold Fields SA 

De Beers Deferred 

BlyvoornlurichT 

Easi Rand Ply. 

Free Suie Ceduld 

Presldenr Brand 

Presidenr Sieyn 

StilfODieia 

Welkom ..... . 

Wesi Drteroniein ... 

Western Holdings 

Western Deep " ... 


tii30 

7.70 

19.75 

5.T2 

5.50 

5.25 

27.08 

115.00 
ll.M 
3.S0 
4.65 
30.DO 


+er 

-flj 

+w 

-0. 

a, 

-4/ 

-tti 


ii 


+W( 


1213 


+u: 


INDUSTRIALS 


AECf 

Anglo- Am er. Indostrtaj 

Barlow Rand 

CNA Invesnnenu 

Currie Finance 

Do Beers Industrial 

Edffars Cotnolidaied Inv. 


2-60 
9. lu 
2.77 
11.60 
0.67 
9.00 
1 So 


+*M 


Edgars Stores - 122.00 


EverReady SA 

Federate voHcsbelceglruig . 

Creite nnnm Stores 

Guardian Assurance /SA) 

Batons 

LTA 

McCarthy Rodway 

XetSBank 

OK Ragaars 

Premier Milling 

Prerorla Cement 

Pro/ca FoWfncs 

Rend Mine* P /one riles ... 

Rembrandt Group 

Sane FTuldings 

SAPP1 

C. G. .Smith Sugar ’ 

Soree 

SA Breweries 

Tiger Oats and NatL Mte. 

Dniaec 

Securities Banfi SCS0.735 
fDiseount of 35.9 per cent) 


I.TO 

1.4.1 

12.33 

1.S3 

2.10 

1.75 

0.72 

2.43 

la.'a 

5.78 

L19 
'■ft! 
3.50 
1.45 
1^0 
5 SO 
0.51 
120 
930 
1.05 


-OJC 

-I®- 

-MB 

+#Jf 


:3 


•t.i..-- 




+4*1 


U-. 


SPAIN V 


May 2 

as land 

Banco Bilbao 

Banco Ailantico fl.OOfl) 

Ran.’o Central 

Banco Exterior 

Banco General 

Banco Grenada il.&D&j 

Banco Hlapano 

Banco iDd. Car. n.o/ioi 
Q. Ind. Medlicrraneo... 
Banco Popular .... 
Banco Santander >250) 
Banco tfrquife U.UMt 
Banco vtzeayo 


Per cent. 
126 
249 
248 
M2 
2« 

37S 

151+ 

2)4 

UO 

200 

2*7 

390 

2S7 

240 


*1 4 

v-; 


r>v 




5.6 

SA 


7.1 


Banco Zaragozano ....> 293 

BgRkuninn 151 

Banktmloa ic y 

Bamu Andalana 223 

Babcock WUaa J9 

CIC 76 

□resadas w 

fnwobnnlf u 

>- Arauonrsas 66 

Espanola jioc no 

Exp). Rln Tlnto 1M50 

Fecsx <1.000, , 65.15 

Fonosa 0.000' .^, 11 . 11 70 

Gal. Preclados n) 

CruDO VcJazquec >400) 16$ 

Bidniln 77.25 

fbeniuero 77 

n tarra im 

PapcJeras Rcunldos .. 68 

D /’rroiih..r 118 

Peiroleos U0J9 

Sarrte Paualera 67J5 

Snlare « 

Souefiaa 129 

Tele feral c a 81 J® 

Torraa Kootench 9t . 

Tnbarex J25 

Union ED re. ....; . 78 


4* 

+ 7 , 

+ 2 ^ 

1 va. 




- 4 
+ 3 
+ J 


iV 

V - 


- i 


+ 2 


+ 1 i\ 


+ aav. 


+ 3 


+ L2 
+ 6 

-I . 


- 2 • 


- 1»\ 

+ OMk '. 
+ 4 1 “l 

+ ‘ V 
















*~S 
'i r 




;>-^aa?j^I5mes Wednesday May 3"1§?$ . -• 


FARMING AND RAW MATERIALS 


39 


-\-p '• >k 

i 5;# 
>' l! x? 


Surprise cut in 
U.S. lead price 

BY jOHN EDWARDS, COMMODITIES EDITOR 


CiiiN 


i\\-S THAT Asarco, one of. the 
idng U.S.Jead producers, had 
t its domestic price by 2 cents 
, . .11 cents a Jb. came as a sur- 

- ise to London Metal Exchange 
\ ... alers returning after the May 
y holiday yesterday. 

^ However, although the price 
M was quickly followed by 
inker Hill, and was attributed 
reduced consumer demand. 
^Ctf^jre was little reaction on the 
ndon market. It was pointed 
>. t that the reduced price was 
11 above London levels. 

Cash lead closed - only £2.73 
'ver at £302.5 a tonne. 

' ... Lead was the only base metal 

• move lower. In contrast cash 
‘ ic gained £7.5 to £297 a tonne. 

\ • was buoyed up by the ln- 
.'.tases in the European pro- 
.. ; / cer price, announced on Friday, 
• ~ .cb Broken Hill Associated 
. lelters decided to follow the 
• . rlier lead set by EZ industries 
raising its price from $550 to 
: W a tonne. 

however. Noranda confused 
situation by moving up to 
ly $575 a tonne. 

. ’• Same dealers felt that the 
c price increases were prema- 
UIHtB m*:e in view of the huge surplus 
stocks stih held by producers. 

, . is thought that more time 

• |r .juid be given for the produc- 

• n cuts to reduce stocks to 

• • v ' re reasonable levels before 
7- v attempt is made to put up 


prices. 

It is thought that Noranda may 
have decided to make the small 
rise of $25 to indicate that it 
considers that prices should be 
increased but that it was not in 
collusion with other producers. 

Con zinc Rio Tinto of Australia 
confirmed yesterday that it had 
reduced production to 75 per 
cent, of total capacity at its three 
smelters — two in Australia and 
the Avonmouth plant in the UJC 
- Discussions were taking place 
with its partner at the Budel 
smelter iu Holland about output 
being cut to 75 per cent, in the 
second half of the year. 

Tin prices were boosted by a 
fall in warehouse stocks, which 
declined by 140 tonnes to a total 
of 2.520 tonnes. The stability of 
Penang prices over the weekend 
attracted mainly speculative buy- 
ing interest and same covering of 
previous scales. As a result ea*h 
tin gained £72.5 to £6,182.5 
tonne. . 

A fall of 2,600 tonnes in 
copper stocks, reducing .total 
holdings to 550.300 tonnes, was 
in line with market forecasts- 
However, values were boosted in 
the afternoon by the New York 
market opening unexpectedly 
higher. 

Lead stocks fell by 375 to 
61.900 tonnes, while zinc stocks 
rose by 375 to 61,875 tonnes. 


Tea prices down again 


" BY OUR COMMODITIES STAFF 

' - A PRICES eased again at the 

, . idon auctions held yesterday 

„ day later than usual because 

the May Day holiday. . 

OKU A •^L- P. werage quality lea dropped by 
to 127p a kilo; medium fell 
I13p and plain to 82p. 

. Oemand was fair, but it was 

lotted to be selective, with a 

nber of withdrawals of offer- 
s when prices failed to reach 
* : lectations. 

V' r luying interest is still 

?cted by the cut.in retail sales 
t followed the recent Price 
nmission report demanding a 
uction in prices. 

>ar New Delhi correspondnet 
ies : India plans to raise 
mai tea production from its 
. ■ sent 560m. kilos to 1,300m. 

the end of the century, Mr. 

oran Dharia, Commerce 

lister, told Parliament 
■le said that every year 
100 acres of additional land 
s being brought under tea 
tivation. 

- This year India expected, to 

: a " jdticfr 600m.' kilos, 'compared • 

' Ji 560m. last year. 


The Minister said that India 
exported 219.6m. kilos of tea 
worth RsJ>J56bn. in the fiscal 
year ended March 31, 1978. This 
compared with 242.6m. kilos 
worth Rs.2.95bn. in 1976-77. 


BRAZIL WILL BUY 
NIGERIAN RUBBER 

By Our Own Correspondent 
LAGOS. May 2. 

BRAZIL is to buy annually from 
Nigeria about 10,000 tonnes of 
natural rubber under an agree- 
ment signed here between Cotia 
Commercio and the local rubber 
Board. 

Brazil is the. latest market 
secured by the rubber Board 
under a sales promotion drive 
that has won exports to Britain, 
Czechoslovakia, Yugoslavia, West 
Germany, Italy and Belgium. 

“We are currently exploring 
Bulgarian, Rumanian, Scandina- 
vian .and Korean markets.” said 
Mr. J; Umoren, chairman of the- 
rubber Board. 


Woolsales 

buyers 

protest 

SYDNEY. May 2. 
BUYERS OF Australian wool 
have agreed with reluctance, and 
under protest, that the auctions 
this week should have the normal 
payment conditions, John West- 
more, director of the 
Australian Wool Buyers' Council, 
said here. 

Buyers had wanted an exten- 
sion of the. payment conditions in 
view of the delays to wool ship- 
ments caused by industrial action 
in Australian docks over the past 
month, he said. The delays 
meant buyers had to hold wool 
they had paid lor but could not 
ship. - 

The joint wool selling organisa- 
tion will review the situation on 
Friday. 

- In Canberra, the Bureau of 
Agricultural Economics slightly 
raised its fourth forecast of 
Australian wool exports in the 
1977-78 season ending June 30, to 
675m. kilos greasy equivalent 
from 658m. forecast in December. 
Exports in 1976-77 were S3 1.6m,' 
kilos. 

The bureau also raised its Fore - 
cast of live sheep exports in 
1977-78 to 3.85m. head compared 
with the December estimate of 
3-2am. and 1976-77 shipments of 
3.35m. 

Reuter 


‘Hands off animal exports 5 ! Wheat pact talks 



as 



revive 


BY CHRISTOPHER PARKES 


BY OUR COMMODITIES STAFF 

NEW EFFORTS to prepare the once, tentatively planned for 
ground for an international September. Il will meet again in 
i wheat agreement have started in London later this utunih. 

• Geneva this week. Some progress in reconciling 

j A special 12-naiion interim differences is believed to have 
: committee was set up in March been made at the recent private 
1 after a six-week negotiating con- talks btiveen the U.S. and EEC. 

BRITISH. FARMERS .1 MM Importer* «n equally -u „ «. a free ™.c ^ 

exporters should be given a clear concerned. have every chance 01 0 ettmg this ^he cotum jn ec - s task is to see disputes over Ihe price range, 

assurance allowing them to carry "It is of no advantage to us trade banned. whether a new draft can be size of reserve stocks and the 

on. ‘‘unmolested'’ with exports to supply animals in anything He felt that the most recent ; worked out and finalised bv July inclusion of course grains have 

of live food animals, Sir Henry other than tip-top condition. The report, prepared by Ministry j for another negotiating confer- been resolved. 

Pluxnb, president of the National weight of advantage to the UJx, officials, which concluded that i 
Farmers’ Union said yesterday- — not just to fanners themselves the trade should be allowed to I 
Disturbed bv the renewed — ,ies continuing the trade. continue, should not be con-: f'Ulvnn mnxr 
a ten ..Regally, .it could be very «de«d binding on Mr. Silkio. | C hill R IMy 


□rSrtr^e and SrSfida difficult to ban it under EEC Mr. Corbett, who is also chair- - ^ m 

* v ‘" »« of Parliamentary | SlCD UD 

in SfdMta si ? SeSS clawed' Dockers at registered ports Labour Party Food and Agri-I \ f , 

have begun refusing to handle culture Committee, addressed a art} in lITlTlOrtsJ 
livestock for export* Yesterday recent meeting of dockyard shop! , . 

qmriM had shown that tivKtock a de i e g a tj on f ron i the Animal stewards which undertook to; WASHINGTON, May 2. 

exports caused no ec0Mmtc welfare Co-ordinating Executive, emhargo shipments of animals; CHINA MAY increase its im- „„ „„ lulvva „. 

damage In the U.K. nor unneces- ] e( j air. Robin Corbett. Labour for slaughter or further fattening i ports of grains and cotton. ifr e j foreign production by 

sary suffering for the animals. M p for Hemel Hempstead, went abroad. ‘ U.S. Agriculture Department usin „ s: ,iolliti-s AP-Dow Jones 

“It is high time for Parlia- to the Ministry of Agriculture to Meat industry and tannery 1 forecast here reports from Washington, 

ment to give us a flnu, clear ask for exports to he suspended workers have complained that. Its weekly foreign Agriculture ! 


Satellite crop 

forecasting 

disappoints 


Tire U.S. Government is scaling 
down its ambitions to forecast 


Windward Is. 
sent Britain 
fewer bananas 

By Our Own Correspondent 
PORT OF SPAIN. May 2. 
BANANA EXPORTS to Britain 
from the four Windward Islands 
— St. Lucia, St Vincent, 

Dominica. Grenada — fell by more 
than 9,000 tons last year, accord- 
ing to the Windward Islands 
Banana Association fWINBAN). 

Total exports were _ 111,337 
tons, compared with ' 120,594 
tons in 1976. 

.According to WINBAN. the 
major reason for the decline was 
unfavourable weather. Present 
indications, however, are that 
exports to Britain this year may 
total as much as 141,119 tons. 

St. Lucia and Dominica are 
expected to be the main suppliers 
among the group this year. 

THAILAND HALTS 
RICE EXPORTS 

BANGKOK, May 2. 

A temporary ban on rice 
exports, pending the outcome of 
a‘ survey of stocks was an- 
nounced hy Thailand yesterday, 
reoorts Reuter. 

The Commerce Minister. Nam 
Poonvathv, said the* be had- 
instructed officials to conduct a 
survey of stocks and estimate 
the extant of the secondary crop 
which is .being- harvested. 



il a3, aC ’ Commons "reasonably soon.** Workers’ Union, however, had no j might import up to Tin. t^lnnes^ :,nc, Administration 

iveilY - “I hope wc shall have a debate news yesterday of the extent lojof wheat fur delivery in 197S-79.I satellite. The results appeun-a 

Sir Henry said that farmers and a vote on it — and this would which the unofficial call to i including the lm. tonnes already 
were deeply concerned about the have to be a free vote." Mr. "black" stock exports had been! bought front the U.S. 
welfare of their animals and he Corbett said. taken up. j China purchased 9m. tonnes oti 


to be nearly un-target in 
estimating the 1975-76 Soviet 
harvest, hut thoir accuracy was 


Soviet threat to meat trade 


BY OUR COMMODITIES STAFF 


which the U.S. had already sup- 
plied 342.000 bales, Foreign 
Agriculture said. 

The Chinese imported un- 

SQVIET RELUCTANCE to buy of meat abroad last year and the that traders spent heavily on im-[ usually large quantities or sugar 
meal -from its usual world Government aims to increase this purts and dug deeply into the • in 19i <-—1.6ni. tonnes, compared 

market suppliers threatens to to 700.000 tonnes this season by reserves of meat held in the t with the I9bl rpcord of 1.53m . 

spark off a round of price-cutting, developing new outlets in the EEC's intervention stores toil° nncs - The short rail of the 19 « 6 

as leading beef producers scour Middle East and Africa. maintain export trade and home | harvest was not enough to 

th* world for other outlets. • _ . . c U nnlips account for this level so China 

the worm tor otner outlets. & Tbe French Ministry or Agn- suppucs. j i might he buying sugar to sell 

After reports from Moscow culture has forecast a modest This yeaY France is expected | j aTer at a pro flt t the department 

that the Soviet Union was holding recovery in beef production this to be 106 per cent, self-sufficient j a( jded. 

back from buying, despite short- y ear . Lamb and pork output are in beef. However, it will still I i n Ottawa. Canadian officials 

ages of meat in its di ops, traders a |5 0 expected to rise although have to import about 16 per cent. I said that they would visit China 

in Buenos Aires aud that Argen- h tune-produced veal supplies will of its pork and 27 per cent, ofi later this month to discuss future 

tina would have to become £ a jj a g a j n- its kunb. I grain sales, 

increasingly competitive _ with farmers should raise out- Average consumption of all The last sale or Canadian grain 

other exporting countries m the _ ut ^ er cenl tu i.3S5m. tonnes, meals this year is expected to to China for shipment in July, 

search for alternative outlets, production in 1977 was almost 11 climb marginally by 1.4 per 1978. was for 3nt. tonnes. 

Last week Reuter reported p ^ , lower in 1976 so cent- ! Reuter 

diplomatic sources in Moscow » - 

as saying that Australia and New 
Zealand, which between' them 
sold more than 130.000 tonnes of 
beef tq Russia last year, had not 
received a single Soviet order 
this year. 

The Soviet Union’s reluctance 
(0 buy has been attributed to 
efforts to save foreign currency 


[grain Tor delivery between Julv, [ actually the result of " iilffCIliiit 
1977 and June. 1978. 'errors, with iht* projected wlic.il 

I China's increasing demand for}f crp 2 Kc . lur DUl l " P cr ‘-T’ 1 ' 1 - 
cotion could cause imports to high and the per^iere yields 
reach 1.3m. bales in 1977-78, of 15 ppr cent - ' 0D ,ow - 


The satellite had problems 
spying out wheat acreage from us 
570-tn tic-high orbit. A field »f 
spring wheat, for example, 
looked to tbe satellite like other 
vegetation, especially barley, m 
the same stage of grow til. 

The U.S. Agriculture Depart- 
ment had originally hoped to 
start an operational, satellite- 
based, world wheat forecasting 
system at the end of the 
experiment. 

Instead, a less ambitious pro- 
gramme of continued earth- 
sensing research will he used. 
Top priority will go to using 
satellite pieturcs for an early- 
warning or drought and other 
abrupt changes in crop condi- 
tions. 


Tree ‘mortgage 9 proposed to encourage farmers 


for spending on priority projects 
and moves to reduce the foreign 
trade deficit 

Last year the Soviet Union was 
Argentina's third most important 
beef market, after West Germany 
and the U.S.. buying 32,100 
tonnes of meat. In 1976, the 
Russians bought only 11.000 
tonnes. 

Argentina sold 501.700 tonnes 


FINANCIAL TIMES REPORTER 

BRITAIN’S newest Countryside 
Commissioner, Mr. John 
Dunning, of Orton in Cumbria, is 
promoting a revolutionary way of 
making tree-planting profitable 
for farmers. 

Mr. Dunning, former chairman 
of the uplands management com- 
mittee of the Lake District 
Special Planning Board, says the 
Government should operate a 
mortgage system for trees, so 
that, in addition io a Forestry 


Commission planting grant, the 
farmer can get an annual loan 
payment to be drawn against the 
value of the final crop. 

The upper limit of these pay- 
ments could be reviewed from 
time to time to lake account of 
inflation. 

The problem with trees on 
farmland has been that there is 
not much commercial incentive 
for fanners to plant trees when 
they get no return for 30 years 


“There are now the strongest 
possible reasons why a con- 
certed effort should be made to 
correct this position, especially 
in tbe Uplands." said Mr. 
Dunning, himself a farmer. “Any 
move towards solving the deep- 
rooted social, economic and 
environmental problems of the 
uplands must recognise the key 
role of the land-based economy 
on which the other interests so 
largely depend. 


"In any future initiative by the 
Ministry of Agriculture towards 
this end, the integrated role of 
forestry must form a vital com- 
ponent." 

Mr. Dunning has been getting 
a good response from both farm- 
ing and forestry bodies for his 
proposal. Mr. Michael Scott. 
North Lakes District Officer of 
the Forestry Commission, said : 
“This would appear to have a lot 
of merit." 


Obi' 


fOHA^rt 


.r A 


.. v 


OMMODITY MARKET REPORTS AND PRICES 

USE METALS 


PRICE CHANGES 


ipPER~Hlytacr on ihc London Metal 
lauise. l-orvard mclal opened Hnner 
11 but the lack of any follow tbmw't 
i be pnuv down io ITW.5 where 
> buiinc L’ansr H In. rally lo I70T-5 
be moraine herb. In the afternoon, 
\it. a htsher Uun expected opcmnft 
lomex Saw liK price move ahead 
end ai C714 on tbe laic fcerb. Values 
xihcned further in rbe l«c _ tnur- 
bunness u'ii fa forward mai trial 
nut nn before easing IracUimaUy. 
over 10. ISO tonnes. 


Tin— Gamed ground. Forward metal 
opened ■ shade easier at £6.030 reflccttaR 
the marginal fall In lhi> Penang market 
over the week-end. However, . chartist 
and speculative bu yin g and the absence 
of trade selling enabled the price to rally 
io tt.H5 on Ibe late kerb with protective 
bonwUK or nearby dales cousins \ m 
widening of the backward man to 145. 
Turnover 1,450 tonnes. 


clow at nil on the late kerb. Turnover 
3.725 tonnes. 


LEAD 

H.7TL. 

+ .W 

p.m." rf4ot 
Unofiknii! — 

1 


£ ■ 

t 

| £ 

faun. 

S00.7fi-lja-fi.2S 

302-3 :-2.75 

j inuuiiia_ 

olD.5 

r-S^6!510.b-ll 6 

Mdt'ini'ui 

501.25 

[-4.26 


L.S. Sjj«ir . 

— 

1... .. 

53 i ..... 


LONDON DAILY PRICE <raw Sugar 1 


Pncrs 

stated. 


per tonne unless otherwise 


PKK ; o£ 


j p.m. 

I Unofficial 

Hr 


£ 

1 £ 

£ 

' 689-. 5 

+ fi 1 

691-2 

4-7.25 

nb»..‘ 706.6-7 1+6.6 

709 .5 

+ 8 

rn'nt; 689.5 : 


— 


xIeb.1 1 

; 679-80 1+6 

601-3 

+ 7 

.Ml*..! 697-. O 

+ 6.ff 

599-700 

+UB 

ni'nt, 600 

+ 6 1 

— 


WlL.i — 

1 

64 





s.m. 


| (uiii. 1 

jt'45 

TIN - 

tifTk-ia* 




6180-S 

; £ 
+73.5 

S montha.1 6100-10 

: + 2o 

6135-45 

, + 66 

SeUJem'i J 

Stutdflxdl 

C-uh J 

6140 

6132-40 

' + 26 

I 

|+8B 

6180-6 

+72.5 


6 IO. -a 

+ S a 

6135-40 , 

+ 60 

tiemren'L.l 

6140 

+ 25 

1 


tStralt* K..| 

:81u5Q 


1 


Sew Vnrti 

— . 

. 1 



Prices tin order buyer, seller, change, to WC: Chinese 42.11 to 45.0: Australian SlTfi AP 
business >: June 1S3.50-1K.75. +LK, IWjO; 38.0 lo 40.0. 

August I«».5(Mn.OO. +2.37. umraded; MEAT COMMISSION— Aren w tatsioik LONDON DAJI _ _ 

Oct. 155.W-15S-50. +J-82- 133.W-154.M; oriws at te pn?seniau*e markets May 2. 001.30 'same* a tonne nf for May-Jane 

Dec 142.00-142.50. +0.75. 142.00: Feb. oB caulv C3.7IP per kg.Lw. i+u.Kii; U K. shipment. While sugar daily price was 

1 32 .50-187 jO, unchanged, un traded: April shKep per k«.est.d.c.w. CB fliwd at £109.00 («*««<- 

1SO.OO-137.DO, +0.50. untTaded: June pl&B m.7 P per bg.l.w. i-O.U. England First iradus were al pre-noUday levels. 

128JJW35.00 new contract. Sales: 10 and Wales— Ca ulc numbers UP S.'.4 per 1 but losses, of some 91 pabus soft i soon 
122, lots of' 17.250 kilos. enni.. average price «.76p i-0.<»i: Sheep recorded Laier reports that the PWllp- 

up 33.0 per ccm.. avenusv* lal.Bp i+3.7«; pines had sold fio.ouo tans mih inv wvoffl- 
(Jl? A|T\S Pics cp 34.2 per mu., average H3.6P band caused furl her losses of up io 1<W 

Moraine- Cadi £30L ihree months I3H9. V '* Y ^ t-0J). Scotland— CafJe down 1.0 Per poims. The dcelun- was halted, though. „.,pnri»«ii « .hduiiji 

10. 18.5, 10. 09.5, U9.75. 10. Kerb: Three LONDON FUTURES fOAJTAJ^jN cent., average tS.filp t + O.Jfii: Stn-ep after reports that the Philippines business ^ ni,m I,* ■<». ili>. i:709 jSS + b.O £709 

momha 1310.5. 10.25. 10. 10.5. Aflernoon: mart«t opened kTCbaog^lon^ xarnen. down 57 _g pc r m L average W.Op waa a swap arraimwneiit inrulving a L.S. f,.,. lMhl , il . £681.5+7.0 1:^84 

Three monUiE £310 J, 1L Kerb: Three ‘ bm round good shon-cntcru ig m ieresi on ( + PlRS d0WT1 4.7 per com. average refiner. C. Crarnikow reported. 

'month* DHL a lock of otters. Values moved up JO M5p , + oji. 


i 

Mar 2 

1 nm 

+nr | Mr-nth 

~i * 

Metals 


£680 


Five mariel 

u-i»i,SW5 roo, 

; $950- 80 


U.S. Markets 


Copper falls 
-precious 
metals gain 




ZINC— Firmer reBocilng the producer [^y Jn 2 w ““ ah |‘^“Values"io easc' bsck 10 MLC average faisiock prices at reore- Prvi. iYeMer,my'«| I'renous ; Uu-mess 


110 twlnui higher where spring profii- 

SnrLtda^ ln n ihrmflnilafi ^oMMmJy a M l poln»s' U Wgher wit^ no buyers sentaovc markei' For' week ending (*«mii>. 

ttnSS'Ettt&nS SSff «?a»!a?u5«j=: asL* l — 

at the day's highest level of cios.S on tha 
late kerb. Turnover 3300 tonnes. 


EW YORK. Mai 


j Llw j CU«e 1 Done 




alganuieU Metal Trading reported 
in the mornloB cash wlrebara traded 
SSP.5, three months £7W. 0X5. OS. 

Three months £687, Kerb: wire- 
three months £707, ov.S. Afternoon: 
tars, three months £7W, 9.5. SS, 9. 

Wirebars. three months £709.5, 10, 
.5. 12. 13. 14. 13. 


A Earning: StanOut d. cash £6,125. 35. 
three months £6.070. 75. 90. 90.- 99. 
£6,100. Kerb: Standard, three months 
£8.110. JO. SO. 25. Aflernoon. Standard, 
three months M,i33. 35, 40. Kerb: 
Standard, three months £6,135. 40. 45. 

LEAD— Lost around despite the gaire 
in other base-metals ant folio wing the - 
cans cut in the producers price by 
AEari-o. Forward metal openwl lower and 
thereafter moved within narrow limits to 


ZING 

lum. i+ ort p.bi; it+ca- 
, — | Vnitfflrjai j — 

Cuh...„. 

£ ! 1 e 1 


29 '.6-6 +fi.26i296.5-7.5,+ 7J 

i mouUu- 

304.5-5 +-7.2B: 306-.5 1+8-7* 

o' men) 

396 i+6 1 — J — 

1‘rm. Wbb! 

1 29 I--- 



£ (.* , r Jwnn- 


.'MU.iithi .1... .1... £699.5 ' + 7.761:698.75 

Tn»v.w.J*»B»-l25-1.5 SM2J7o . 

Lead I'avti iLSOS.o .-2.75 £31 1.75 COPPER dosed lower on Cnuum.-Mon 

5 month* X3 10.75 —S.75 £317.25 “eii-c and Inca! -riling, white prectuus 

•. , .1 ; lunaL- cln-'Ml higher »n -hcrfi-orcriiis 

Free .Market n-iflbt;* 1.95 L SI. 9 PWW lo m-inorrow's IMF g.ild aucujr.. 

| -8.05! I -8-04 


— Caute Up 5-0 per oent.. average price 


1D7.5D4i7.60. 11 2. 50- 12.S 1D3.MJ7.00 | I 

111.06- Il.lb 119.15-16.60112.25- Hl.au PUtiniim Imv m..l£180.S0> UJ117.5 

1 14.90-lj. 10 I2i.0u.23. 101 1535- 14.90 free SUrkw. fll6.15.-1.2&;£120.2 

121. B0-22.0 JllS6i5-i6. 60 122.25-2 1.7a Quu-ktilver ridrti.i;S127.dB' JSiali-U 

125.40-45.50: J5U.M -50.50' 126.25-2530 bf'er H..\ 272.35^1-0.951389.5). 


Bache repuned. Cocoa rallied un Londen 
arbtirage buying. Sugar regi-tcrvi 
uindcst declines nn trade hedge- celling 
and Male hauidation. Cniliv Umshi-d 
tower nn tack nr ntivslca! mierevt. 

Cocoa — Mar lSl.oo iN9.W>. Jnty 149.50 
14G.u0 Kept. 144.65. Dee. 13S.S5. March 


WHEAT 


Morning: Cash £290. three months £302.5, 
03. 04. 843. Kerb: Three months £305. 
Afternoon: Three months £3D5. 6, 6.5. 
Kerb: Three months £308. 5. 3J. 6. 6.5. 

* Cents per pound, t On previous 
official dose, t 8M per plcnL 


M'ath 

Yesterday 

Slay 

98.50 

set*. 

86.55 

Apr. 

89.00 

Jau. 

91.45 

Mar. 

93.80 


l+or 


XenerdaY*' 
io«e 


BAftLEv Gk.lOp 1—0.13*: Sbeop down 
average price 13H.9P £+3,6- 


+ ™ per cent., 
— diangei. 


average price 64 .Sp 


average once — ... mi. >,ui„ 

n 33 per rent., A1.1t 12 .0->-2a.2al 154. 10-5438; 129.75 3 menite |277.95| -0.55jd94.26p 134.75, May 131.75, July 129.40. Salts: 541 

1: Piai op UU Oi-l 132.25-32.901 - 133-20-52-90 Tin Cadi .£6,182.5 ; + 72.5l£a. 745 ION. 

ce «A> mo — - — A ni.-nrbs i.'6.157.5,-f60.0f£5.7S7.5 Coffto—T" Crmlracl: MjV 17.; P&. 


'rrrx; .covent CARDEN unices in sterling 
+S-2 per package unless staled v— imported 
tS'S produce: Oranacs— Cyprus: Valencia Laics 


Index Limited 01-351 3466. Three month Copper 709i-715J 
amont Road, London, SW10 OHS. 

1. Tax-free t ratting on commodity futures 

2. The commodity futures market for tbe smaller Investor 


CLIVE INVESTMENTS LIMITED 
Royal Exchange Ave-, London "EC3V 3LU. Tei.: 01-233 1101. 
index Guide as at 23th April, 1978 (Base 100 at 14-1.77.J 

Ciive Fixed Interest Capital J3S-14 

Clive Fixed Interest Income r. H3Jf 


CORAL INDEX : Close 4TM75 


INSURANCE BASE RATES 

t Property Growth •- - 8 % 

f Vanbrugh Guaranteed Si% 

t Address Shawn under insurance and Properly Bond Table. 


WHY OPTIONS? 

enucst Ring 01480 6841 or write to:— 

CCai OHiimodities Ltd 

VaLsingham House. ?S Seething Lane. Loudou EC3N 4AH 


PH 


Have you ever wondered 

how some] 


btest analysis techniques— and with an cd . y .Uha t k m 


or 


io oome aidniwt us- 


I 


I 


^6 WCL? 21^ | 


Naane 

Address. 


me your free handbook. 




SILVER 


Silver was fixed B.95t> an ouncp lower 
For mot delivery In the London bullion 
market yesterday at 272.350. U.S. cent 
wtulvaleais of !he actn* level* were: 
Spot 497.7c. down 2.1c: three-month 
504.8c, down lit: six-month 513.7c. dnwn 
?Ac; and 13-tnonch 535.Sc. down 2-te. 
The acini opened at ?72-373p i49B:-4S8ci 
and closed at 2731-2T41P (499t-5Slci. 



Easiness 

ScpL. ».e . ... 

Sl.fi0dl.45. March 93.90-9309. Salei: 119 Spanish; SmaU iruia 2S^M , a L30: Cali- rrrnwrnre 

lots. Barley: May S3-2Sd2.aO, ScpL FL10- rorman: 3.50-J.OT. Craptfrali^-cyprus. lw WOOL rUlURfcS _ . 

80.B3. Nov. S3.45d3.40. Jan. 8C.05-B5.00. kg. 2-2 B-!a 0; 20 kB. 2A0dJ0; JaDa: 20 kg. _ „ „ . . _ . Seeds 

March ml. Sales: 79 lois. r.70-3.70: I1J.: Kuby Rett 13 ks. 4.60. LONDON— Dull and feaiurcless. Roche L - t.j,ni Philip. |54ltv 

. IMPORTED — Wheat: CWRS No. 1. 131 Anutas— K reach: UQlden Delicious 20 lbs reporirel. 

per cent.. AprU-May £94.00 Tlttuny. U.S. S4's 2 j0-2.70, 72' s 2.70-i.M: ID tba 4.SU- 'Pence per kilo i 


S61Sa + 5.0 ‘9852.5 

,£755 'U722 

eni..,i:J65 1-5.0 5520 

&59Sk i+ 12.Q 1 S575 


9920 


504 tote. 

Capper — Mar 55.30 ijS.TOt. June 39.M 
ii9.:ai'. Jub 59.50. 5em. M.hQ. Dee. k.io. 
Jan. KI.w. March 63. GO. May 64 i'*0. Julv 
63.61. Sent. 66.60. Dee. 63.10. Jan. 0K.60. 
March C9.69. ^ale 1 -: 4.000 lm*. 

Csuoo— N». 2; Mai- oo.fiOOo.-ii ■ 57.40 >. 
July 55.42-38 49 iffl.OTi. Del. ii0.394l0 40. 
Dev. Gl. 43-61.43. 3tarch Cl.JT-62 70, Slav 
A3.KM3..U Jiili' Ocl. 63-0 S4 .00. 


SILVKH 1 
per 

troy oa. 

Bui Don 
(trine | 
prli-lne , 

1 

|+.or 

1 - 

L.M.K. | 
efow j 

+ n » 

i[ol 

’ rni-nibv. 
inonUu- 
- mnntb*. 

272.35;. ! 
p77.95p 

I 284.8Sp 1 
300. lOp 

-0.55 

kfl.re 

-0.70 

! 1 

373.9 p 
279. 35p 

—8.36 

:+o.i 


IlSi&O iranstunmeut East Coast. 

African yellow AfayJunc m.00 seller. jx-Iicdous 7.B0-S.3D: Chilean: i 
Others untmoted. smiths fi.Kn-7.00: New Zealand: 

Barley. Sersbum. Oats: All unapoted. oranne Plnnins HC-234 7.00-S.M. 


LMS 


minimal business. UJC monetary co~ uox'e OJL5JI.16, Spartans 0.1D-0.U. Pei 
effleient lor the week from May 8 is south African: t'arttma. Packhim 8 
especied to remain un changed, Triumph 7.40, Benrrc Base 5.60: Dutch: 

EEC IMPORT LEVIES — Effective for p*r pound Conference 8.14: Belgian: Con- 

.. „nn Slay 3 U order current levy phis June, [cream 0JtHJ.IT. Crapea— South African: SYDNEY CREASY «t» order buyer, '-■otton '.V Index... by.flr - +D.5 <69.45 

■Turnover 14? ini tots oi_ib.iwu U|1 Angusl premiums, with previous New Cross B.3D. Borlinka 4J!0. Waltham siller, business, sales'— Micron Contract: Ruhtwr kiln [ 5>a.5i.' + 0.5 (48 

in brackets: all in units of account per crass R.20. Bananas— Jamaican 

Melons — Chilean 


AiurreUau 
Gres-i \\\».*l 

T«*renry»+ »»r ( 
Cb^e J — ; 

fli'Wln" 

U-.ne 

Mav 


227.5 

July 

25S.0.SJ.0 ■ , 


(Wulet 

Zib.O-ifl.D ' 

— 

Ltrevuilier ... 

240.0-4 1J) :-fl^o 


.Mnnrh 

245.0-48.0 ; > 

— 

M«\ 

145.0-48.0 • : 

— 

July 

246.MB.O ‘ 

— 

Ui-iober 

247.0-M.D 

*- 

Sales: 5 i 

mlt 1ms of 1.300 

kilos. 

SYDNEY 

CREASY <!» 

order buyer. 


tfiivalwux lL ,8304 : + 5.5l?287.S Sale- M3.0M bales. 

Grid— Mar lTD.iM UGO.IOi. June 170.70 


Grains ; 

Bariev EW : | 

Homo Futinvs... X8I.OB ' + 0.4bU:79.J5 
Mb lie I 


Er iui"x«».'o'Am,ylM.7fa| 'i£tC4.7b 


f I G5.se 1. .tutj- ITT 70. Aug. I72.JBJ. our. 
174.90. Dt-c. 1TT.I0. Keb. 179.40. April 
181. M. June 154.30. Vug. 187.10. O.’t. 
160.70. Dec. 192.30. Keb. 195.00. Sales: 


lVlidll 

.Vi>. 1 Keil Spring 
N>i2H»nl Winter! 


-0.5 i £93 


tLard— Cbicann li«*e imav Jilabl- <2l..U».. 
NY prlnv* ’•■team 23.30 traded <23 00 
traded >. 



Jan. :’2r.6frc=9 1 


Sale*: 


ounces. . Morning: Three months 2T7J. S, 

iL 8 ^. 2TS K't>rkir tonne - Comswn vrtoai— 68.47. ml, ail. nO poaad o.un.ls. 

Afternoon Three mnmto 3iV. AfrOK 1 6847. nil. nil. nlli; Dunam wheto-ia.15, 4.00, Colombian: Green 2.68. Avocados— 34SJ. 9i Dec. 3WJ, 334.S; Sii.WBts. 20: — - — - 


piUUI.hu oa.an. i- uiuiiit A*! osug-a— “tA. ■ him v«a.wi> tw>w LTW 

in: Per May 339.0. 339 Ji. 340-339.1. 2?, July 343.5. Si.jar tltawt I £1UX.B £108 

»: vmte 344.0, 344.5044.5. 2: Oct. 347.5. 34S.O. 349.0- Wor-iltofw Ms k/ln...J 27Bi. «, \27Su 

r»».<nc rjs « S- rv-r tVl E S- “Li* U31 E 'HI* 


Three -months 279.4. 9.5, 8.5. BA I t 

COCOA 

la rate coaOUloaa. light off-teke f ram 
the Continent steadied - values In the 
absence of first-hand ■ sellers, GUI and 
Duff us .reported. 

fiosaii 


22S.80-227.ffl. 

600 tnt-s. 

r Sllver— May 499.20 ( 494.30 >. June S>tt.20 
1496.70). July S04 .SO. Sept. St 2.00. Dec. 
S23.SK. Jan. £17.30, march 535.30, MaV 


nU. nil. I.ltt (129.15. LS3. 1J2. 1.96): Rye— Kenya: Fuextft 14/24‘s 3.60: South African: March 3S1J, 3613. 363.0*362.1, S: May -Nominal. tUncuDled* iMay-June. 543*79. July 532.10. Kepi. 5W.M, Dee. 

W.J0B. ntL. tell: Fuerie 3^0*3.60. Si rt Wherri to Sparisb : LU,lr ^ c ^ : £2 & 3 ffl-5-3 19.il. i jjay-Aug. uJune. uApril-June. wAprU- S73.60. Jan. 577.90. 5Iarcft.5Sli.S0. Sales: 


COCOA 


r 


enerdB.y’a, + «■ 
Ckwe — 


Dt>ua 


Slny..„ aasi.fl 6M r4.1T.7ElMfl4.IL3ffi!0 

Jiffy 1875-O-njl :+aiffl;i5MJMH0. 

„. 7»5.v-94J» +25JM )Bt«.n JBS6 

Dec jl 019.0- SKJ.Q :+lB.00,1B20.0.17»0 

.March 1767.0-72.B +1IJ0I177BJM7M 

Mny_. ;i72S.i*-ff7JJ +S.W ! - 

J Ulv ilBM.U- 1?.' 8 +18,00: 1705.0 


B2.Se, 1.1S, U3. 2-14 (61^7. - 

Baritv— 76.73, nlL nil, nil (78.73. nlL nil, 9JQ; CaUfnmlau: a»; Italian 0JH. umraded: Oct. 371 J. 372.0. un traded, nay. x Per ton. 
nil): Date— 77JSR. nil, nil. nil (77.S6. nil. On iseP— Dutch: Large 2.00. medium J W; Total sales: 83 lois. 

ntl. nlli: Make (other than hybrid for Chilean: Bags approximately 50 Da 3/5's 

SMdtos)— 72*7, 0.66 . 0.(8, L98. (72.70. O.K, 3.50. cases 4-W-t.Sd: Canary: 4.30. Capri- 
0^2, i .657: Mfltet— SX42. nfl. nlL oil f 19.42, cnnu-fCedYO-' Pcf P»md 0M. Celery— 
nil ntl. nlli; Grain sorghum— ffl.ra; nil. Spanish: lfi't.ra/s American: 

nil. nil TO-dS. nil. ntl. nlli. Also for flours: M's 6.00. Potatoes-Canary: 330-4.00: 

Wheat or mixed wheat and rye— 135 JH EsjP&ant X»-L90; trams: 4.00. Cauth 
(135,9311' Rye— 12X07 il36.68>. Rowers— Jersey; 3.00. Cucambers— Dutrii: 

^ ~ 14/16‘s LSO, To mantes— Canary: 4.00- 

RITRRFR 4.40: Jersey: Per pound 0.43: Dutch: 0A3; 

-*\ yXUfUV anjnisey: 0.43. Carews— Cyprus: 1.20. 

'STEADY opening’ on the London English produce: Pntatsc*- Per sn lbs. 

Dtarical market. Pair lntercs [hrougnaut WhltesO^eds s j0-3.(i(J. Lettnco— Per U's 
the day. closing uncertain. . Lewis and 148. Beetroots— Per 2S lbs 1.00. Turnips 
Peil report that the Malystan godown —Per 2S lbs OfiO. Corrat»— P r r bag D UO- 


Jordan earns 
less from 
phosphates 


Sales: 2.097 t4.9la> lots of 10 loone:. 

International Coen Organisation il/.S. 
corns, pa* pmmiJf— Dally price May l: 
13128' (151.121. Indicator Price* May 2: 
13-day average 13128. UoJJttj; 22-day 
average 156.96 ri57.74j. . . 

COFFEE 

Rtbutu were bUletly firm, but with 
the market in a narrmy range, tratftoe 
conditions were leihargie, D res el Born- 
ham reported. Light trade setting a i the 
close eroded values somewhat and final 
levels were £1D to £15 hig her on the day. 

Yert«doy'«| 

Clow 4* or Bnsuen 
— Done 


B/ Our Own Correspondent 

rk _ t _ u _ AMMAN. May 2. 

price was 213 fSWl cents a kilo Tbnycr, L20. Parsnips— Pi.’r US lbs O.SO-IW. Onions JORDAN'S REVENUES from its 
Man. 


Xn.l j HreiSinis lYfst’nlhyV Unit news 




dwe 


dime 


, llav* 

i Jtoy ' 

| Mmitll 

l'mr 

& 

; 1 

1 )U<ii 

"S'* 


C-OFPBH 


day 

I nly - 

septan ter. 
Suvenffier.. 

Iwiluii' 

..... 

May 


£ per tonne | 


102S-19aa-f 1H8-I618 

1405-1409 * lfi.W 1415- 1JW 
1520 1522 4 10.0,1532 1518 
T1225-127S +16^111204-1270 
1240-1245 + 12.5; 1250-1240 
1J IS -1220 + 3,0 1285.0 : 
1206- 1/. 10 -4.5 1 1216- 1210 


—Per s* ibs i.OBJ flo. ftrtties— Per a ibs main export commodity, raw 

S:«: °K%rs Phosphate rock, dropped slightly | DOW JONES 

i.M. MnsJirnoRM— Per paimd wj. last year while total proouciion 
Apples-*- Per pound Brainier '£ 0.13-917. and export figures continued to I 4.UH- 
; i i ■ cox's orjprv Pippinh 6.1M.20. La=inns cjinhiiv for the second vear 

1 i 0.1041.13. Pears --Per potted Conrenmee f ,se me secona year 

- • „ nnt . a | M u, u m ‘. 0.13-0.15. Tomatoes— Pir pound Enciish m succession. 

SSS.1JSSK5S55.tiro5.Q5 sajsssptrtJB fSfff 

Jiv-fim' 56.4a-B5.5ii] 64.aw4,4« 55,76-64.411 ^ 1 °°' t ' 1D- the state-owned Jordan Phosphate 

Ort-iw.-- sBXM&io 56.45J6i« 6B.70-56JM 1J " K " =U - Mines Company show total 

jl^SS£MS5KSMii SOYABEAN MEAL V! 

jiv-trewi SBJKL69 os; sa.5546.rn: 53.6M9.W nsn h , oh rr ,h., G;f P orts 1.79m. tons compared 

Oct- I'M' 60.B5-60.1f4 53.&-58.TO Sfl-BO-EBJe. 3toFo ^fkS. Lom Wlth 1976 reven V** oi S64m. On 

Jah-Jiar » wi-ij HJMBJ1 ai.ijji.B6 PrtcS exports of 1.65m. tons. 

remain Pd within a narrow range, fcul Last y ear ’s production totalled 
Sole*: 379 isiti lots of 15 tonnes and lower-tharwupoclcd Chicago opcnlnR -j <rr m i nn< - rnmmml with thp 
five at 7 tonnes. caused prices to dip. dosing unctaaoBcd ions, comparea Rflfl tne /'/\rrvri/\v] 

-Friday's dose. SNW Commodities previous yOaTS production of tU 1 1UW 


FINANCIAL TIMES 


Slay 2 j May 1 iMcmiU ngo] Yeor ago 


239-59 1239^05 I 234.96 \ Z 75.21 
/Base: JaJr ]. !95S?]0Q> 

REUTER'S 

Slav 2 April 28 Mnuth agid Yreragu 

1455.4 1455.5_ 1«8.3 1 1722.2 
iBaw: September rt. 1531=190) 


SfB.l .... 359.12,357.64 559.72426.75 
rulureH .546.BB349.32.S4a.16402.61 
(Average 1924^26=] 00) 

MOODY'S 


! May 

Mreitf.r'i 1 2 

"M»J* 

IM*mtb 

j 

Tear 

HP 

bplorptu mil' 1902. 3B38.5 | 

[B04v8 ; 

M0.& 


Physical dosing prices (buyers) were: Cram 
Spar 52Jp (33.0): Jnnc 5S.^p iS&Sit; reported. 
July 6L33P (32.GJ. 

MEAT/VEGETABLES 

SMITH FIELD rpeucr per Pound)— Beef; 



Y»t«\tavj+ w Bu*>tpo*3- 
Close j — Done 


fip+rtnnne 1 • 


1.70m. tons. 


The sluggish 1077 export and unwS^o ^ ^‘muies? mdS'dlaSiBs ^SiffS SW-awr’cnce"!^ ff "riBl" 
revenue figures are below targets ah cenii w pound !* iwlSSni. 

in the corrent five-year plan, tJM? unless otjenrisc staled, -s-s wm 


13.000 Ints. Hamlv and HarmaD bullinii 
*pni 497,30 1 493.101. 

Soyabean*— May 72ti-i?0 1 Til j i . July 
700-6S9 ( TOO? 1. A UR. 873-671. SCPL. iS&VA. 
N'iv. oeJAte, Jan. 60S t-sio, March fiHWifit. 
May 619-021. 

llSayabcon Meal — May 173.30.174.Sfl 
i ITfi-Sfli. JillT t76.3lkl7I.00 MDUfli. auk. 
174.50. Seal. 1W.B0-I7fl.30. Oct. 1S4.20. Dec. 
1(230-103.00. Jan. 103.90*16330. March 
1B63MM.50, May 1flV.ll9-M7.30. 

Soyabean Oil — Mav 37.M-3T.7fl ’2737'. 
July Jfi.7lk26.fij i'JS.SjI. Albt* 25.43*33.3'), 
Sept. 3430.24.13. Oct 33.10. DcC. SMO- 
32.43. Jan. -MO. March ‘JJ.OO. May 21 6D- 
21 .70. 

Suaar — T4n 11: Jub" 7.73-7 7S •7.<»7«. 
ScpL 7 97-7.95 i5 19'. An. S.0.5-S.D9. Jail. 
S 43*6.50. March 9.96. May S.W-3.M. .Inly 
9.30-9^4. Sept 9.35-9.37, Ort. P 43-9.fifl. 
Sab-' ;.JIft 

Tin — 510 OO-jIS.oo a<*kcd <305.00-313.00 
9 sired i. 

'-Wheat— Mav 296 ifflli. Jub' 

(3Mii. Sop!. 303. Dec. 310*3119!. March 
3!.' ’-312. May 31 3. 

MTNMFTE17. Mav "J. ^ Rye— May 9S.:A 
jiJted <103.30 bid*. July 99.08 askrd ilic.00 
isketii. Oct. 102*0 askcdi Nov. 103.00 
asked. Dec. 104.50 tmm 
ttOats— May 53.9ft hid 1 93.30 asked', 
July T9.40 a«*W iiS.50*TSSOi. Ocl. “J10 
hid. DM. 73.00 bid. March T3.W. 

mv lot— May 73,00 bid <77.S0*. July 
7H.10-7S.30 1*75.30-711 till i . Oct. 7S.30 bid. Dee. 
77.40 bid. March 77.10. 

; 5 Planned— May 246.30 bid (249.00 bid', 
July 350. 80-23] .50 bid i233.SH askcdi. 0«. 
253.M. Niw. 2M .30. Dec. 2S6u3fl. 


Sales: 1.3M '2,684) lots of S tonnes 
ICO Indicator Prias tor May 1: ib'-S. 
cents Per pound': .Cohwatean WW 
Arabicas 104 M i samel: unwttfbvd 
Arabicu lKS.ofl itunci: other uuld 
Arnblcas 17.1.02 isamci: Bobustss 1.18JW 
samel. Dally average 136.01 tsame). 
ARABIcas— T here was no trading until 
lata In iho ‘ afternooa and the market 
dosed marginally steadier In traiurek'&s 
uttdlUetis Dread Burnham Lambert, 
raportML 


bindquanurs 09.0 u> 71-0. (ocnuaAers AiyfuA «!l2fl.4 f Sb.B - tO-HIM A u-SBi0 

38.0 io 4H.0. tinnber jlH.3 1-26.0 +0.10 — 

Veal; English fais 70.0 to 76.8: Dutch -■:^.6ft-2T-6 +a.a' 199.00-3 1.00 

hinds and ends SG.O to lOO.fl. Fehnmrv- '121. DO- 2!. 5 + O.S5 

Lamb! 

to 78.0, _ _ 

imported frozen: NZ PL 4S*S lo 49.0. PM Sales; 35 tiffli lots of 100 tomes. 

47J to «.0. PH 44* ID 48.0. _ 

«•*«*: «.» to wo: scotch VEGETABLE OILS 


production of 6m. Ions of raw »<*ik of the off-take. 

phosphate rode hy 1980, a Slight niTB bnlfc tank cam. .* Reals per 3fl-Jb bushel 

scalinc down from the original u O i_, rx-warehousc. S.WW-burihM IMS. S ?e per 

■" ,:_i| 'ioiii 56 0 +n'fcri i,«i« nf7m DUNDEE JUTE — QbIcl Prices c, and inis ounce for aO-ouocc units Of 99S 

bi English smell, new w non K.O j 1 tartlet Of 7m. tOM. f. it. k. for May-Junu shipment: RWC u cr cent, puntr drim-ivd AT. ‘’Cent* 

• medium, toy jn-ason M-fJO 72,I). t"«e m.fflkir.u _ - But informed Sources here say «». BWD £285. TUsbs: HTB cite, iitc Per tray Ounce ux-wa rehouse. || New •• E • 

that technical factors related to STD £1S4. Calcutta paods caster, contract ill ts a short ton for hulk lot. 

e-t nan sion work have held driven <J . uolaUon6 c and f- U.K. for pronioi of , tM short toni delivered rob ear* 

♦SiVT L j shipmwi: Ukounec. 40-Uich fio.li. 7S- Chicago. Toledo. St. Louis and AII0H. 

this j-ear s output and exports, ouoee ervt prr 100 yard':; May xifi.se awt **Cr ai* per w-ib beshe] m 


46.0 to oa.o. 

Pork; English 
45 P. 100-120 ibS 

W.9 to 43A- 

Rabbits i skinned j: English tame 8S.II 2S0.0fl-31V.fl, Jan. unqnoiod. Sales: nd. 


a^o ®vSn.vSn° ftL-emDo^etn 5 ' ««««' and company officials are already J«w ^0.31 and £7.». ■■ b " twiiu +* Cents pi-r 2l-ib bushel. - ’':: iiems' per 

37.0 43 0. 150.160 lbs certain of exports for this year — ^. ll . ^^cbnusc. SUlem, per 


to la Hi ns at least 2.5m. tons. 


flrau 


and doth .“W6 husfu-I ex-warehouse, l.OOO-bus&M 
lots, V. SU Per tflttlhi. 




• ./ 


1 


40 


STOCK EXCH ANGE REPORT 


Financial Times Wednesday May 3 I97S 


* K 


a r 


Equities rise late after uninspiring official trade 

Share index 3.9 up at 469.6 but Gilt-edged unimpressive 

Account Dealing Dates A large proportion or yesterday's 178p in reaction to the dis- and Adwest, 244p. Haden Carrier Dean saw support at 70p, up 6. at lOOp Jn front of to-day’s pre- 

Option business was accounted for by a appointing annual results, British held steady at flOp awaiting By way of contrast. Qawton shed liminary results. 

•First Declare- Last Account j>jg deal in the JCI 360 series. Howe rallied to finish unaltered to-day's preliminary results. 1$ to 12 Jp on disappointment with Financial Trust* ninwH 
Dealings tions Dealings Day »»■"«* and Spencer positions at 184p. In front of to-day's pre- Fading bid hopes prompted company’s failure to pay a in h-iErrS 

Apr. IT \pr.27 Apr. 28 May 10 wp e quiet ahead of lo-day's re- hminary figures, Marks and further selling or J. Bibby which dividend. o in aSwIISi^52 

May 2 May U May 12 May 23 ™} x «- The price of the under- Spencer gained 3 to 149p. while reacted arresh to 233p before A fair aniounl of imerest was Smttheis were 3 to Va od at 

Mavis Slav 25 Mav 26 Jim. 7 equity shares pointed to tire Holhercare. results due to- settling at 234p Tor a loss of 6 on S h own ir, the Motor sections wSd thiT btt.rX 
••'■New lime'" dealings ‘mur ukc place probability or a Fourth series be- morrow, were unchanged at 15Bp. the day. Elsewhere in Foods, Amon^ Garages and Distributors results ait due^exr wShZZSS 
from *30 a-m. two business days .artier. ing created in Courtaulds. after 154p. G assies A. 2fi0p. and Robertson picked up 3 to 134p. TC Harrison ftutf sumoxt tt ■ flU ® ™ Wednesday. 

Lethargic for most of the day. Although business developed ° £ P“J ™ ^hile in front of today’s preli- ng Pi whfle Wadham Stringer textiles * £Bfa ^J “wty 

leading equities turned distinctly on a two-way basis, the invest- v*™!*i 4 p^hi!fn + re ^ii tR ' »■' s ® , JJ shur >' responded to the annual results eppr e * , demand 

better in the late trade. Reasons ment currency market Jacked in- *¥“*,?*? ^S_i'^ P 'ivr RlseS e Mith a rise of 2 * to 42 IP- Still SHS&d = t!^in U wi,L*, 5 p * 

for the upturn were difficult to spiration and started post-holiday to fiSp m response to the also recorded mMorgwi Edwards, reflecting the cheerful tenor of I 

pin-point, but the market s trade as it left off last week with SJJJJSL SS > .£ ml Sa* 6, 78 the chairman's annual statement, 2j^S2frf >n , n s f SiSI^i d ^ aJ i5 

earlier resilience in the face of the premium moving within a Proposed 300 f^,rcnL smpjbisue an ^> /Caterers. Prince of Service firmed 2 more to "?J^5 tateraatlMajL^di ^to 


gloomy predictions 


on the n.rmu' “ and Grattan, at 117p, recorded a Wales responded to the annual £££, V n v *" contract" scattered the 5°°^ 31 49P. and Dawson In- 

oconomy had caused speculative £109J per cenL^fd raSJSl !o ? ,« r# fh* lB »?f iw 11 * ‘Vrfi Offerings Yeft GlaSkM Lav5ex.ce 

comment about the hulld-un of iifli iiw mm ♦?. «!« ADied Retailers moved up 4 to Quietly dull for most of the day, «j . hMri . r Tin and Western Sc °“ Robertson dosed 4J 

potential investment funds P revLtP^ svinf in 3 thin market while, re- miscellaneous Industrial leaders Motor a similar amount down at dearer at 41 p following the results 

potential investment funds reverted to last Friday s close of flectine the return to profitability took a distinct turn for the better g}" VcSnSSSte Sm and ^ announcement that the 

Doun -.3 at 463.4 at lhe H *** «J[? r r 'f" 1 ’ }, P -SSf!" and Press comment. Maple after the official. 3.30 p.m.. close nrouo were noteworthy for a gain “mpany bad rejected an offer 
n.m. calculation. the FT version Tactor was 0.6i6a (O.G«66>. hardened a penny to ISp. An in- aDd ended with double-figure 9*5? whL S of *>p PM* sIrar e horn Fairbaim 

Industrial share index improved . , . vestment recommendation gains in places. With the help of Ln Jtarin. « n 1 at lZ ^ on - Stroud K*ley were 

. attracted buyers to HUtoos Foot- week-end Press comment, Glaxo nensinml huvin^ favou rod at 32P- up 3. along with 

trade hut ended with a nse of 3.9 Th<? major c , earin „ Banks wear and the shares jumped 11 *0 rose 151 to SSlp xd, while JUJ2™ 1 occasional ouym^. ^coviUe. which finned a 

4fiU.H. A dc*u ill Inf ^ 


mciusiriai unnre macx mipmvea f . 

only gradually- during the official i>aUKS improve late 

major 

movement rcllt-eied dealers’ . in ?„*» de:< L" 

unwillingness ro with stock. Midland closed 9 to the good 
unless al enhanced levels, in the ***?«» ,* d ® nd L '°> ds «**» • 
prevailing thin trading conditions. - L e ,,? arc 

Second-line and situation stocks v , a 4 ■>«,! ^hearfn'r 

oficn ccneraied pockets of 4 . u,> * iI l .“^ Spi Ahead of 

resistance in the earlv trading * prelimmary results 

;.nd Furness Withy Tea lured iate t™™* 1 “ d ftl 

following renewed talk that f - 1 , 3 L “ 

Furopcan Ferries, which made an ft!*™* , * to 3 ®°? . 
abortive hid some while aun. was Dwurancea limshed with 

showing interest again, although ,nodft,t »o«e* “after a thin trade. 
1 his was official) v denied later. John Laing “A” advanced 10 to 
Rises in FT.-qnoied Industrials 14*Jp following results above 
led Tails hv live- to- two. while market expectations and Lhe 
official mark in-js. at 5.050. were accompanying .statement regard- 
hclow l-ist Friday's ilon^e of 5.409 ing the proposed hive-olT of the 
hui «cll ahnvo the 4.-*S*2 recorded major part of the company's 
on the first day of the previous property interests Into a newly. 
Ar«-nun r. formed and independent listed 

Of the 4fi -rroii os and sub- company. Elsewhere in Buildings, 
sections o f lhe FT -Actuaries the improved terms agreed with 
jnriireji nnlr in r'-'-ardcd Jusse-- Hepwortb Ceramic prompted an 
vhilo B:.ni-s and p.irka-’.ing and immediaterisctol32pinJobason- 
:ihn\e-.i*-**r:,<i(» Richard Tiles which closed 7 up 



FINANCIAL TIMES STOCK INDICES 


May 

2 


GflWItUUVBt iJCCV uni 

Fixed lQUToet__ 


I ntl iistrWi OriJinnry_j 
Gold Mine* 


Onl. Div. yield—M.... 


73 A 1 


5.73 


IV K U«u'{ne»i < h...M.| 7.7^ 


Ait. 

12) 

Apr. 

21 

Apr. t 
K [ 

-UT. 

25 

71.281 

71.22, 

71.84j 

71.47 

74.57* 

74.33 

74.47j 

74.79! 

465.71 

467.81 

457.8; 

460.7] 

147.7; 

145.2 

141,4. 

135.3 

5.77i 

5.75 

5.87; 

5.83 

17.39: 

17.10 

17.46| 

17.29 

7.69'- 

7.86 

7.70; 

7.78 

5.406 

4.727 

5,110! 

4.9441 

87.801 

82.58 

66.70j 

70.601 


Apr. 

24 


71.8® 


460.4] 


S.BSl 


7.7G 


Ayri? 

*CD 


m.4s; 

69.6a' 

UB.S 

8.37' 

16.4® 

8.93/ 


Eqnlhr bomnii w Iot a U - j 16.941, 16.415' 14.098! 13.757 1 13. 6321 i B j lB ; 

lO a.ni. «iJ. II a.m. «S4. Noon 4W.L l p.m. JtH.a. ' -V 
2 l«. m. 484.3. S p.m. 4i!4.1. 

■ Bawd on 53 per cent. cnnvirali'>n WKi ?lli=r.63, •. 

Latest Index DUS BQL . i 

Basts IDO Govt. S«s. ta. lU'Jd. Fixed Jnt IASS; Uhl. Onl. L7..T5. Cold " 
Minns 12.3 55. S£ Activity J ulv-DcC. 1042. j 


HIGHS AND LOWS 


S.E. ACTIVITY 


GoW. riec*... 


lad. Orrt..... 


1978 

6 luce Couiplincion 

Hi^b 

lev 

HlflU 


78.58 

(ill) 

71.22 

(27/4) 

127.4 

(9/1/36) 

49.18 1 

{3)1/751 

81.27 

l9|I| 

73.81 

(2/bl 

150.4 

<28/11/47) 

50.53 [ 
(*■1/?*) ! 

497.3 
16/ It 

433.4 

l2.<3) 

549.2 

(L4/8/7TI 

49.4 1 

iSS.'h.OOi ; 

168.6 

[K/3i 

130.3 

iS.ll 

442.3 i 43.5 > 

l22A7Bij<26; 10.711 1 


51 ny 


— Daily 
Uilt-hdRLd 159.5 

lii.iiialnm | 179.8 

^ii-iilulitc... 1 46,0 

Tolrtl- I 114.9 

1 S-.L-IV Av'mgt .4 
riili-Klgol..; 160.5 
lml'i-.ir*»l- ...; 176.0 
Si«4-i>inww...\ 39.6 

Tut.il i 114.9 



f which 

Newspapers and kindred trades « m ' Iar amounl t0 « 5 P- 
closed firmer for choice. North South African Industrials to 
Sea oil favourite Thomson gained make headway included Greater- 
5 to 230p. while similar improve- mans “ A." 8 higher at 13Sp, and 
merits were seen in Mills and O.K. Bazaars, 10 to the good at Panconliuental were prominent On (he other hand, pro fit-fa lug 
Allen. 3K5p. and McCnrquodale. 340p. in aQ otherwise mixed Australians left Hampton Areas 5 cheaper^ 

247p. British Printing edged Guthrie rose 6 to 270n among section; a sharp rise in overnight lasp. Base-tuetal producers ga 
forward 2 to 53p following the Rubbers where Sungei Krian Sydney and Melbourne markets ground with Bougainville 2 easu 
chairman’s annual review. closed 3 better at Blp ex the scrip was followed by persistent at 103p. North Broken Hill fa 

Properties passed another quiet issue and capital reorganisation. London buying which left the same amount down nt lUsp 
session in which a slightly firmer shares a point higher at a 1978 1UM Holdings 3 lower at isip£ 

tone developed. Amongest Northgate gTOUD Up high of £111. Ocean Resources Elsewhere, u furl her spoculadri 
secondary issues. Dares Estates _ . . . . _ hardened 2 to 21p in response to demand saw Burma Mines rami 

firmed 2? to 18p ahead of pro- ZSSS^ShtS spcculaUve support. more at a high oF 15p. “j 

liminary ' results P due Thursday 


Pi nn r re-istprivl 

inuirnvempnK. the JaMer h»lnprf on balance at 12Sp. Hepworth S7p in a thin market. Elsewhere Beecham, a subject of adverse „ 

hv ihn vww thru pvnort prospects Ceramic eased 31 to 73p. Pochins in Shoes, George Oliver A gained comment, ended 10 dearer at SlCbeHS uTDl Bg2UH 

Mould remain sound. continued to reflect the good first- t» to 46p. U3 0 _ Unfl ever added 8 at 514p 

. half prolilA increase and jumped E< >jj rea] ained an ' ’ 

Gitis uncertain . - - 


and Mclnerney rose 6 to 45p in a 

thin trade. Slarier Estates im- „ f the 

proved 2 more to 30p on the offer ^J?*® 3 ** at Ln°/ 
from Blade Investments or 25p - L „^“ ed J® 

ttpr ehjirp hut PM rh ftv naegd intPfGSL NOlth^tC LDGUlSflTCS 

&t? ar to 7«P in^fron^ o^f ro- 

HasTemere 22^^ H^on ^ 5^ 7 tfSp.'^S 
Haslemere. 220p and Hnmmerson. rgflg^ng Anglo United uranium 

m»«.ta?*^Ars. p v P iss^ uon hopK •“ co ”” w 

Tara Exploration, also asso- 
ciated with the Northgate group. 
Siebens U.K. continued to climbed £1J to a l978 high of £11. 
to 


Still •-nucernctl by the . , tl M lM111 mill t 

hilrly nT lusher shori-ienn iniereM spt'cuintivc interest had 
rales. Bntrsh Funrls di-iTtcd low 
in lix'ltl trail inu before the Inn 
timed malurities derived 

i-oura cement from the trend m jy7 p responded 
.sterling and reverted to Friday's niunt — 


M , L^rn li, it. m i L i r ffi <SC ' t n . d E ‘ >,J remained an unsettled and Reed International ti at I24p; respond to recent" Press' com- Baiymin put on 3 to 57p following 

i>ut m 7 ,iVn fSloudS " Ul, : ket - f °U° w ? n S r «® n t talk of a the iatteris partner in the Stanger menI and firmed 14 more to Press mention, 

put on i to o4p toitowin 0 demuna brokers bearish circular in the pulp and paper mill in South 324p. British Petroleum passed a The recent firmness of South 


pn*SI- ,,, . • u , D«n«u “ , — — K-r- — **— F«l»ri uuuui jmu. oiiinu rcuvicum iJdMcu u (UC imtui uiuuiuu ui ouuui 

n a min marxei. Kcnc i cn pipeline, but after easing afresh to .Africa has pulled out of the joint quieter session than of late and .African Golds was. reversed owing 

i brown U9n th<. nrino ..n w «in=c .nni.™ — > v--.. -j « « — *— * Shell re- to the downturn in the bullion 

and closed price, which was finally $1.50 
improved in lower at $169,125 per ounce. 

8 higher Prices were marked down at the 
favourable Press outset of trading and thereafter 



Press com- 24Rp. Elsewhere, fresh support while 



factor in the latte? market. Both iSS 1 fXJK dearCr at ,03a manufacturing company.''" Else- approach from Mr. TravisWard. Among the heavyweights 

sectors were a shade easier after 7„ ®7.Tn RMdv” aiSoS rwrete Engineering leaders barely where. Marshall's Universal rose _ -Among Overseas Traders. Western Holdings dropped i to 

the offii-inl close following com- ,..4! “ h pj d a ^ of a e0UD | e D f stirred until the late dealings 10 

ment in foreign exchange markets ; e de ite ' thp chail !^ an . s when a sltahUy firmer trend non 
tliai Minimum Lending R.nie pesrimiatk* view of U K DrosDecLs developed. GKN ended o dearer Wilson 

would have to be raised shortly |^| al - ter i ra ain" quietly fitrned al 27i *P and rises of 3 were with the help of an investment 

in nrdL-r 10 mold a much larger B T o 34-S|> in the afteiMiours' deal- marked against J. Brown, 321p. recommendation. 


0 to 166p on buying in anticipa- Boa stead were a late bright spot £17 ex-dividend, while Randfon- 
ion of to-day’s annual results and a 1 3»p. up 4 in response to the texn fell 5 to £34. In the lower- 
Vilson Walton gained 5 to 70p annual results. priced issues Libanon were 15 off 


Revival of an old rumour that at 452p, while the marginal 
Readfearn European Ferries. Is about to Loraine closed Sit down at 84p. 

increase later on. i n .V s “ in eh ci rC h e n 1 fea i Von 1 i n u e ri and Vickers, 17flp. Scattered National Glass moved up 5 more !*“?} ch another bid for Farness Platinums again reflected 

Comoro t TUI. S uerc unsettled. tl ,~'rpflp P t c-itisfactinn with the buying interest was evident in to 825p on fresh speculative buy- sparked off a speculative modest cape buying with Rusten- 

i-ecording falls ranging to [. while \„ nu V\ -4 «,,t „„ B second-line issues. Week-end ing ahead of the forthcoming flurry in the latter which rose burg 2 firmer at 76p and Lyden- 

Soutliern Rlindcsi-.'n bonds moved 7 lin \a '..-hile Allien Colloids p ro*s mention left Matthew Hall Monopolies Commission’s report sharply to touch 280p before burg a penny harder at 59p. In 

in similar vein, iho 21 per cent. .. d ' v g more to 77 ' n on fuT- 4 better al 207p and W'Gl a on whether or not the outstand- easing on the denials from both Financials, buying from the same 

1085-70 Stock closing Tour points .her small hiivin'- similar amount higher at 104p, ing bids from Rockware and parties to close 10 higher on the source Lifted Anglo-Vaal 20 more 

down at £55. ' while Weeks Associated, 36p, and United Glass can go ahead, day at 268p. Associated concern to equal their 1978 high of 700p. 

Traded optinos had a quiet day J> r j4- Hin anii rallv Manganese Bronze, S2p, both put A. Arenson put on 5 to 50p Fashion and General gained 10 to De Beers were quietly firm 

hut the number of contracts done, on 3 j or a similar reason. Occa- following the sharply higher first- l30p in sympathy but E.F. relin- throughout the day and closed 4 

al 434. was only slightly below Leading Stores picked up sional support prompted rises of half earnings. Renewed specula- quished 4 to 116p. This apart, better at 340p. London-registered 

iho daily average of 447 recorded smartly after-hours to close at around 4 in British Steam Sped- five buying on bid hopes left Shippings were featureless with Financials, however, were feature- 

in (lie firet full week of trading, the day’s best. Initially down to allies, 83p. Mining Supplies, 7Sp. VInten up 5 at 106p, while Borco P and O Deferred a penny dearer Jess. 


4 


NEW HIGHS AND LOWS FOR 1978 


Tho following securities quoted in the 
Share inlornuUan Service yc&terday Low iWm. 
ntaliHd new Highs and Lows lor 137B 


FOODS 111 


NEW HIGHS (168) 

LOANS 11) 
AMERICANS (23) 
CANADIANS I 2 | 
BANKS (41 
BEERS IS) 
BUILDINGS C6l 
CHEMICALS (2] 
DRAPERY & STORES <9) 
ELECTRICALS O) 
ENGINEERING I1S> 
FOODS (2> 
HOTELS '31- 
INDUSTRIALS (30) 
INSURANCE 11) 
MOTORS 'Si , 
NEWSPAPERS ill' 
PAPER A PRINTING iX) 
PROPERTY 13) 
SHOES (1) 

SOUTH AFRICANS (2) 
TEXTILES iBi 
TRUSTS MSI 
OILS (Gl 

OVERSEAS TRADERS (4) 
RUBBERS (S) 

TEAS <31 
MINES (4) 

NEW LOWS (12) 

ENGINEERING Cl) 

Bronx Eng. 


INDUSTRIALS IS) * '< 

Bradv Inds. Portals 

Cole JR. H.) Wilkin A MitcMT 

Lcp Group 1 

MOTORS ID 
Zenith A __ __ 

PROPERTY 12) J 

Apex Prick. U.K. Prop. 

TRUSTS Ml < 

Imrestmont Co. 

OVERSEAS TRADERS 11) 
African Lakes 


RISES AND FALLS) 
YESTERDAY i\ 


British Funds 

Up Down Si«! 
4 17 a 

Corpus.. Dam. and 

Fareisn Bands 

S 

lb. 4 

Industrials 

su 

W Bj 

Financial and Prop. ... 

147 

U M 

Oils 

14 

5 r, 

Plantation — 

14 

5 H 

Minos 

28 

« .1 

Recent Issues 

5 

3. If 

Totals — . 

728 

3W738 


APPOINTMENTS 


Chairman change at Bentalls 


presioeiu. nourne uccess control division ». .Ttr. Peter Metirath, who was re- 
al present Mr. Jeff Penny is now national centiy appointed managing diroc- 
r, will then field sales manager and Mr. Colin tor of BL COMPONENTS, has 
’tor. Wilson, regional sales manager, joined the BL Advisory Board. 


pari nei’s. 

Mr. Michael C, Manisiy will join 
lhe partnership ol WESTLAKE 


Mr. James Spooner, deputy TAN N-SVXC HRONOM E has Mr. J. A. Williams has been 

chairman of BENTALi^. takes made Tour appointments to its appointed by the DUTTON- 
over as chairman arter the annual Board: Mr. Ken Grover tproduc- FORSHAW GROUP as director for 
meeting on Slay 23. Mr. Rowan tioni. Mr. Bob Munro (inter- industrial relations and consumer 
r.cnlall retires as chairman and national sales). Mr. Bruce Dawson affairs, 
joint managing dirccLor on that ( technical) and .Mr. Bob Wash- * 

date and will become president, bourne (access control division). Mr. Peter McGrath, who was re- 
Mr. Edward Ben tail, at 
joint managing director, 
become managing director 

* London area. -*■ 

Sir James Schuster, Mr. S. A. * Mr. T. 31. Ilearjey and Mr. J. S 

Thorpe and Mr. J. Weldon have UNITED GAS INDUSTRIES has Sandilands have been appointed 
retired and Mr. K. R. Barticiot. rnjd,< ih'.- following appointments 1° fb® Board of RICHARD GREN 
Mr. A. W. K. Burton and Mr. W. lo n,,. Boards of iwo of its sub- VJLLE. 

Hargreaves bavu J® 1 "?.-. .IR? sidiaries. Teddingion Appliance * 

p ; (rme. , sh , n or SHEPPARDS AND Controls: Mr. C. G. Pascoe (sales). Mr- P- G. Lowe has been elected 
CHASE, stockbrokers. Mr. T. C. Cliff (technical), Mr. president of Lhe ELECTRICAL 

* . D. C. Craggs {production) and CONTRACTORS’ ASSOCIATION 

Mr. K. W. Walter has retired as Air. (•. Mills (engineering). Ted- for 1978-79 and takes over from 

senior partner from WALTER din g ton Industrial Equipment: 3Ir. Mr. Charles Brown on May S at 
WALKER AND CUM PAN stock- A Sunnick (sales), Mr. J. Sea tie the annual conference. Mr. David 
brokers. He remains as a con- (production) and Mr. 3L S. Clark PRts will continue as a vice- 
sultanl. 3lr. R. J. B. \eldham is (finance i. president and Mr. A. B. Ford 

now senior partner. ^ will become a vice-president. 

Mr. George Cant lay. senior ^ lr - ,u ' 1 Robertson has been Mr John L Kirkpatrick, imme 
partner cf LVPDON AND COM- appointed ro the newly-created diate past-president of the INSTI 
PAW. stuck brokers, has retired Position of managing counsel ei T^r^-E OF CHARTERED ACCOUN- 
hui remains a ciinMillant lo the i * v^ 1S, .? n • ° r u ,h ? TAXIS OF SCOTLAND, has been 

firm. Mr. Glynne Clay has MM. Li. u.iMP.VW He is based appointed one of the representa- 
ro 1 1 imi in-died his partnurehip but 111 '- f, n«ion lives of the UJC. and Ireland on 

•-on t mm's With the firm as sin *■ the International Accounting 

associate member. Mr. Grillilh •’ ,r - * ■*•*•!* .Mallei Mas been standards Committee, succeeding 

Philipp-, and Mr. Rupt’ri Elites, iipjiiiinii'd personnel director of jj r _ Mackenzie 
from lilt* SuaiiMM office, become FUXRiiRt) EUROPE. Ht* was |>re- ^ 

vi.uMy with ihe Carrier Corpora- M r. I. F. Scott has been ap- 
f,on - pointed assistant managing direc- 

^ tor of TR.ANSFLEET SERVICES. 

Sir. 1_ Alyes has been * 

AND COMPANY 1 , stockbrokers of appointed financial director of TI j| r _ Richard Kisby has been 

1'l.ymouili. «m May X. REY M.iLDS. unpointed commercial director of 

Mr. K. S. Bavin has retired from * PETTY’ AND SONS, a subsidiary 

lhe partnership with LAURIE Major General John Strawson. 0 r *», e British Printing Corpora- 
3IILCANK AND COMPANY, stock- who lias been head of ihe Cairo ti 0 n 

brokers', ami Mr. I. K. Ling and office of WESTLAND [{ELI- + 

Mr. G. I). Gator have joined the COPTERS for the last two years. yj r . j, j. Lavran has been 

partnership. h.is been ni>sxfinled to sot up appointed chiet executive and 

* ‘V’Yliand s NATO liaison offire. general manager of the London 
Mr. Brian F.uiieii has been vuli special regard to European branch of the BANQUE POUR LE 

i-?S"r.". U ’ d ,*■ proctor of collaborative programmes. CCDTMERCE CONTINENTAL. He 

F IN ILL. Ihe r inane Times ftinii 4» tBl _ _ oeeiefonl Onnonl 

Extol joint venture company set Mr. S. M, Kimpion has been manager of Moscow Narodny 
up to provide business mforma- appointed chairman of the COM- Bank 
lion services by electronic trims- MERCLXL B.-VNK OF AUSTR.YLLA , 

Maehell has been 

- - - • ,no nns reureu - -« r - •*. ». elected managing director and 

ty man- 
DAVUM 

Mr v.. rm -. n If r VII w STEEL COMPANY' in London. Mr. 

'V A 4 dt-V‘. S -Michael de BeUissen, former 
Mr. I». K. Probe rt is to beemne V\l)‘siME mtd 3 dlrecl ° r ° f BELL mcnanin" Hi«nlnr remains nn 
company secretary and chief ' * ^ 

acrmmtani or the BRITISH AVIA- M n g.j h . 

!TVnV^ E R CL f 'sbii Wfi" -nnSnii » VrSKTof UDKOri 
b, m,n^r.SS EI!,,| ' ERS 'SWJLIXC. 

Iti.il dole. >Ir- It. Gill, company c . . . , 

. .« i u o n ,i bir Hugh lord, proiessor of 

^ ' .'^"wte^hSTiSn elected ^- uted ^ r ^ iD " f r f lor .«[ 

Mr. Edn.Nttd R. Gibbs has been j 1 dl WSp\.VY Industries ^roSp. hTsS 

fled od president of ihe kny'iveers u‘i ,, 7) ’ coeds Mr. JR. 3L Van Oss who has 

CIATION OF CERTIFIED tN(.t.\EERs, relinquished his post as sales 

&Sw2l toT' betorne ™r »■*«, Kl.* ■»*, ■*» “J 

dcpul.v president ? nd the non Wnted nnpne.al enn.folicr of 

vice-president is Mlss \era J. D I -• director responsible for special 

Palma. Uie first woman to hold . L Brain has been P ejects at Bley whUe Mr. Atkins 

that appointment. a^ipSTp? JfeJf * f“th? UGOT- wi " be n charge of combined 

Mr. W. J. McMIcIuici-PhillipS is ING INDUSTRY FEDERATION for “ arfcelm5 thrOUehOUt 

to become general manager of tho »- * 

milk group of ihu C0-0PER--'TIA' h * \* r r kT „u Fs«>nhieh inrl Mr 

WHOLESALE SOCIETY ncvi Mr. D. R. Poole has been ap- „ , ? WT "“* L,, sen ^. gl1 “I s,r ’ 
innnlh ile ^uccMd 5 ! Mr, Gordon pointed ailirector nf ESTATES ^tnck Nicklin have been 

Kker who ' k ^ow in charge of PROPERTY' INVESTMENT COM- appointed managing directors, rg- 

Maiki r. wno i> now in viw r PAW specuvely or the air cast and The 

i vnrh° been named -enrrnl * si>ecial products divisions of the 

niantc nf hS mSS** and Mr. J. M. Holt has joined the DERITEND GROUP, 

packaging group and takes over Board ,.f DUCTILE STEEL „ f + u t 

ilurin" this month from Mr. Kill STOCKISTS and continues an Mr. J. B. Horner has been 
.liinej;? who hue left for an company secretary. Mr. Edward a! > pointed assistant chief csecu- 
knDoinimcnt nulsidc tiie Co-opera- tiiliick has also been appointed Uie of HARTLE iLACHINERY' 
live movcmcnL lu lhu Board as sales director. LNTERNATIOXAL. 


iiuirKeiN. Air Douen was lore.vriy Wchb who has reliretI . Mr . j , S . mana«in“ director 

business and viewdata intnrma- R a id e rstone becomes deputy chair- ^ 

non Services manager of Lxtel. m . n reI ^ r iravisoiu a ^P u ^ 

He remain> a non -executive dirce- + aging director, of the DA 

r ^ .■ " i.’TrCT fYVITTIA W ; . I 


tor of Evict Computing. 

* 


managing director, remains on 
the Board, while taking up a new 
appointment at Davai, Paris. 


Mr. Colin P. Bolton has joined 
(lie Board or BARPOINT. 

* 

Mr. B. A. Atkins has been 


ACTIVE STOCKS 

No. 


Denom'ma- 

of 

Closing 

Change 

1978 

197S 

Stock 

tion marks price ip) 

on day 

high 

low 

ICI 

£1 

ft 

348 

+ fi 

365 

32S 

Shell Transport... 

Nif/pd. 

s 

360 

+ s 

560 

484 

Trnr. St Nwll. New 

S 

16pm 

— 

20pm 

11pm 

Beecham 

25p 

7 

o.iO 

+ 10 

678 

533 

BP 

£1 

7 

794 

- 6 

S64 

720 

De Beers Defd. ... 

R0.0S 

7 

340 

+ 4 

354 

2S5 

GUS “A’' 

25p 

7 

290 

+ 2 

312 

256 

LASMO 

25p 

7 

188 

+ S 

190 

134 

Royal Insurance... 

25p 

7 

363 

- 2 

425 

346 

BATs Defd 

25p 

B 

26.1 


269 


Ein 

nOp 

fi 

143 

— 

190 

141 

Grand Melrop. ... 

50p 

6 

108 

+ 1 

100 

87 

GKN 

£1 

6 

279 

+ S 

282 

255 

Marks & Spencer 

25p 

G 

14ft 

+ 3 

160 

136 

Nthm. Engineers. 

25p 

fi 

10 lid 

— 

105 

84 


LONDON TRADED OPTIONS 


JhIv 


Ort*4«?r 


January 


Optii’n 

bs'reloe 

(•rice 

Closing, 

offer 

VoL 

CUwinj; 

offer 

Vol 

Ousuig 

offer 

VoL 

clow 

IIP 

750 

70 

1 

90 

5 

104 



793p 

UP 

BOO 

39 

3 

58 

5 

72 

5 

„ 

Com. trnii.n 

140 

131” 

— 

171” 

— 

201” 

— 

145p 

LYun. I'ninn, 

160 

4i 3 

2 

81” 

— 

11 

— 


lions. tillM 

160 

20 

— 

27 

3 

39 

— 

17 If. 

Cmin. tTuhl 

180 

10 

— 

16 

— 

18 

— 

v . 

I'oiinmil. I>» 

100 

211” 

41 

22 

46 

23 

18 

IZOp 

LVjurtaidJii 

110 

12 li 

7 

143* 

12 

161s 

10 

„ 

l',nirtMu|..Iii 

120 

8 

14 

101- 

7 

12i z 

1 


GKi.’ 

220 

34 

9 

391 2 


46 

— 

247p 

I'.W 

240 

19 >3 

— 

261-2 

— 

34 



1! hV 

260 

91| 

24 

17i = 


231] 

7 


(inm.l lli-l. 

100 

15 

5 

17 

1 

19 

8 

107p 

(inui.l AI.-i . 

110 

8 

8 

10i 4 

2 

13 i a 

— 


li:i 

330 

26is 

2 

31 

51 

37 

e 

343 f. 

Il'I 

360 

Ills 

33 

17 

10 

22); 

8 


l4Uut .S»,H. 

180 

20 

— 

241; 

— 

281” 

15 

192[i 

JalUll SHT3*. 

200 

Sis 

10 

14 


181; 

— 


Alnrk, ,t »ii. 

140 

14 

6 

18 

11 

201” 

5 

147p 

Tlurks X sii. 

160 

41? 

3 

9 


121; 

5 


91IL-II 

500 

69 


79 

— 

87 

3 

656p 

Slirrll 

550 

31 

6" 

44 

7 

55 

6 

lf 

T..I/1I- 


1 174 


160 


100 



RECENT ISSUES 


EQUITIES 


(SNle 

Price 

fi 

|_ _ T S c 

1378 | 

j Stock 

a si | 


1 

I 

Hi#jh 

I/IW 


j S < 

105 

K.l*. 126/4 

138 

118 j 

jSaga Holidays. 

|138 

+2 16.75 

I 


-l — i 


FIXED INTEREST STOCKS 


st J =lT i?|i 

Js i 1= ;||I 


1373 


Uipli ] Lnv 


St»vk 


' S£i| I 

j -I " j+ or 

' i 


. i b.i*. | — | 95 |<> 4 lp.ViiiHl. 1 ipI». lu.i% Bm(. l'u ■ 95 |f-rl 

S 100 < K.r. — j SSMJ( : S 9 »||\nwr. fcxpn-w Im Fin. Varulilp i2 iSSS-'j. 

100 K.f*. ISO.S ' l I 0 p '• 109 p j.\rm once rt!.* I 0 ij^ fcii -1 l-'iini. l*i»l | 110 |-: 

JOu K.l*. - . 101 Ln | ■! I 00 |, fllmindi- l-^Cunv. Ciltn. It«>l. CnO I’n-f, jl 01 ;iii + II- 

" M*i - | .tuuH-ii .iImuv. W% l»t. Hon. 2 '♦ 

WIO 25 3 1 9 'j t: 8 <«wn»l. , )i iU-ii. U*" 1 ". U.'i K-ii. V**..' a:* — 

I*. I*. 2 b •+ ' h.O(* K»l(» Ji-llw \ tall, t- lv"' Am. I’*H ’ tot)-— 2 

— , F.l’. ■ 9.6 . lOiftilwii-uss 1.1. » -rt- I urn. t’ri. _ . . 102 ; i 

' , M*. 10 CU I'jt: iM>i«i.v> Hntr-r i^s !!(>'. I’n. ',102 

•• f.l*. I 9 -b Kfr ft ll*ll«ev lli-ieov. l-n». tat. 79 . 6 a ; SSI- . . 

l»b .C 25 166 ! ->ii 2i Yort. «u« 11 * 11 . 4 ^ ! 9 Pr j 241 , , i a 


£99 


“RIGHTS” OFFERS 


ls»IIV> 

Price : 

!•: I 


fMUrH. 1 

i llvDiin-. 1 . ] 1913 

! Data 


50 • 
liOctM 

IDS | 
SO j 
152 
62 ; 


F.l*. 
Xll 
,\ll 
Xil 
Ail 1 
F.P. • 


[High ; Liw 


Slock 


jCtMioft ■+ . jr 
I Price I — 

i Pi 1 


31i5: ]2fi ;112 ILliillougb 180 [«.... 

lUOelkTBfll tinld Mialnff..— 2|im 


112 

All 


3»S 

55 
16)5] 

IBi S 1 13 / 8 1 3 uj>in, tl;ini'Turiierd£ Aeuall _] 16 rrai 

29 'il loo' 89 IK : W<irnwiiii|li‘ 89 1 


— 1 i(<nii ah luevikTBni Lima Jitainjr-..- 2|>in| ...„. 

19'S 1 SOiun! SSpiri Lruhli.n £ Jl*ru;lii?*ier Awuranee..! 28pm<— 1 
9 i 6 - t 22 r |ii»i‘ I 2.11111 SuprM . 122 pmi + 3 


Runonciautm rial? nsualb Iasi <laj (or dpallnii fre« o( sumo duiy. 6 Plaures 
based on prospectus esumaie. u Assumed dividend anil yield, n Forecast dividend: 
cover bawd nn previous sear's eamlnss. r Dividend and field based on prospectus 
or other nmvial e«imait« tor 1979 u Gross r Figures assunu-d. : 1 Inver nhni 
lor conversion nt shares noi uo'e ranking (or dividend or ranl:ina only (or resiriered 
dividends ; Placinc price 10 public, vt Pence nn!«s ofheru - ise indicated. ' Issued 
by lender. :: OKered lo holders nl Ordinary share? as a - richis.” Rlghu 

by way of capitalisation. ** Minimum lender Drtco. >> Rctnimdiiced. issued 

in Ldnnsciion wnb rcorcaoimiilon mercer or iskoovi-r. V I loiroduciion. fj issued 
10 former Preference holders. ■ Allot nwni kners tor fulD-oaidi. • Provisional 
or partly-paid alioBnonl IcUtrs. * With warrants. 


OPTIONS 

HEALING DATES London Brick, Valor. Pa ail 

First Last Last For Copper. Tarmac. F. G. Gate 

Deal- Deal- Declare- Settle- Koyco. Parkland “A.” Peadtij 

ings ings tion ment Property, Grand MelropoHtai 

Apr. 25 May 9 July 20 Aug. 1 W. E. Norton. French Kl& 
May 10 Mav 22 Ang. 3 Aug. 17 Belhaven Brewery and Bac 
May 23 Jun. 0 Aug. 17 Aug. 31 Electronics. Puis were arrange 
For rate indications see end of in Phoenix Timber, J. Lyons, ac . 

0 . _ Racal Electronics, while doub, 

Shore Information Seruce options were transacted in KC 
Stocks favoured for the cult International, Furness With ■ 
included Britannia Arrow, C. E. GEC and Consolidated Go) 
Heath, Chaddeslcy Investments, Fields. , - 

— . i.^ — — — i ... — ■ ... — ... md ■ 

l 


FT— ACTUARIES SHARE INDICES , 

•Ik 

These indices are the joint compilation. of the financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 


Index. 

NO. 


ues n 

May 2, 1978 . 

Toes. 

May 

■» 

Thurs. 

; 

Wed. 

Apr. 

36 

Tues. 

Apr. 

25 

•Ye* 

m 

twi 


Ent 


Kst. 






Day’s 

Earrings 

Oiv. 

Pffi 






Yicid% 

Yield% 

Ratio 

Index 


Index 


in*. 

Change 

QlaxL) 

(ACT 

(NeLi 


No. 

No. 

i No. 

N a 

% 

Core. 

T«*SS. 

at 34%) 

Corp- 

TasSt% 




riXEti INTI 

EREST PRICE INDICES 

FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Red. 

Tues. 

May 

Tues. 

May 

ri 

* i 

ypk; 

ar 

British Government 

Tues. 

Jlay 

2 

Day*? 

change 

% 

xd adj. 
To-day 

xd adj. 

1378 
lo dale 

1 

o 

_3 

Low 5 yearj. 

Coupons In years 

25 years 

8« 

J0.B4 

11.36 

fl.43 

10.84 

11.36 

T731 

1*9 

lzeJ 

4 

5 

6 

Medium 5 rears- 

Coupons 15 years 

10.65 

mi 

10.61 

12.11 

9S? 
ILfl 
■ 11« 

l 

*» 

3 

4 

5 

Under 5 years 

10634 

116.43 

U9.S5 

13L11 

11354 

-0.07 

+0.02 

+0.01 

-0.02 

“ 

3.33 

2.07- 

4.97 

6.08 

370 

Over 15 years 

Irredeemables 

All Stocks. - 

7 

S 

_9 

High 5 years— 

Coupons 15 ypar^ ..... 

25 years 

20.99 

12.57 

3300 

10.94 

12A7 

12.98- 

MS 

1251 

131 

10 

Irredeemables. 

UL07 

1107 

io 




Tuesday, May 8 


Index j Yield 
No. . % 


Friday | Thnn. j Wed. 
Apnl April ! April 
38 ! L7 ; ai 


Tuewifi.v. Mon. Lid 
April ! Aji-il 
S 1 C4 


Frills e 1 Thun. >** 
April 1 Apnl 
it • ;.il jisr-F^ 


20-yr. Red. Deb & Loans (15) 
investment Trust Prers. (15) 
Coml. and indl. Prefs. (20) 


98.45 {13.70 
54.84 12,92 
70 SI 12,92 


58.H3' 38.50* 58.64 j 58.54 j 58.54; 59.59.J 58.72, S4J 

54.84 34.80 : 54.75 j 54.61 i 54.61 ' 54.61 | 54.61 ' 30.1 

I : 1 ■ 

71.01' 70.98. 71.01! 71.01 70.84 ' 70.84 1 70.84 70-‘ 

i ' i i I 


t Redemption yWd. Highs and lows mart, base dales and values and censUivenl changes are published >n Sat** 
Issues. A new liu or the coonhnciru is avaitabla from (he Pti Wishers, the Financial Times. Bradccn Homo, Can' 
Street, London, EOrt* 4BY, price 13p. hr past 22p. 









5?anciai limes Wednesday May 3 1978 


41 


INSURANCE, PROPERTY, 
! * BONDS 


sr- staasssr “■ 


35.1 


'«• n.5 

1- rcL UM 

•tae...,..-. 1517 

V.Fuad MS 

. I <5 Fund _ 129.5 

'■-.md [205 

. *rty 1713 

* cure. — 02.0 
. n-ity_.__ IMS 
wed — 132.4 

■: it*- 1520 

■ SOT.4 .. 125.* 
Scr. 4 — 1304 
iSer.4.. 32.9 
- ser.4_ liar 
lS»r.4. 10&0 
May 2. 


37 M +04) 

1UJ +ia 
Jfl3 +12 
136.4 lO.l 
MM +0J 
lse.s +1.9 
.*64 +1.1 
141.6 +« 
WL5 +1.7 
160 a +LS 
1325 +I_S 
1373 +U 
34.7 +05 

U66 +O.T 

U4.fi +04 


iBluatfam normally 


2 


„ 01«3«W 

Managed Fund J1461 w?) i _ 

Prices May 3. .Next dealing June L 

New Zealand ins. Co. (UJU Ltd.? 


SS . ***** *«- «.* owi*; 


Portfolio Fund. | 232a | 1 _ 

Forutitio Capital _ 1*1.7 47.*) .wj — 

— Gresham Life Ass. Soc. Ud. 


G.L.Cb» 6 Fund 

= 

GJL lull Fund 

_ GX.Ppty.Fnnri. [953 Ifloj 

— Growth ft See- life Ass. Soc. Ltd.? 



Toes. 


lfiwlKe?Inv.pun 1324 

Small Co-sFd 994 

Technology Fd 102 6 

Extra taeTd. 973 1 

Amrrlcen Fd,.«_, 1D6.0 

Far East Fd. - 1025 

GUt Edged Fd 102.7 

- - - 9S5 


WMr {tank. Bra^oo-Tbainea, Berts. Ttel. SGSi Coa. Deposit Fd 

MBtffci %$£ JH z 


1365 .... 
1046 -Oil 
108.0 «o4 

102.9 -oJ 
liu *53 

1084 -oil 
ioai 
1003 


Life Assurance Co. Ltd. » . _ . 

■llnutonSL.W.1. 01-OT5HB G®*? 41 ** Era*»Hg* 

IMJt .— “ 


& r. 1. Acc.._fX7L5 

■ t. a/L. Aw.. _ 135.9 143.C 

^ChjWA*. 1134 119.3 .... 

Won.jai - 2063 ... 

MX 1072 1124 __ 

.'..-.Act-- 156.9 553 ... 

If U Aw. 200.6 2114 .... 

DAct— 1705 179J 

..WlAcc . 1275 rw.0 .... 

FdAcc— 1065 mi .... 

- ICC. m.6 1264 ” 

’ . *CH-Aee-|l90 6 2006) 

'■ Me Assurance Ltd.* 


Norwich Union Insurance Group 

POBOxl. Norwich NK13NG. 06032=200 

Managed Fund gflXfl 2M5| +4U1 — 

Equity Fuad 5257 3428] +Eo< — 

Ruperts Fond 1244 • ’ 130 

01-2837107 Fixed lot Fhnd MM ' 156. 

1»6) .1 — ftepogltFiind 104.9 120 

w Nor. OWL Apr 15— 1414 

SbBBhro life Assurance Lira] ted ¥ 

70UPsrkUoe.UHtdoa.Wi Cil-tee 0031 Phoenix Assurance Co. Ltd. 


Royal Exchange. &CJ, 
Property Bonds PJ4A 


Fixed 1st. Dep— l|4.4 

ezr iM4 

-JC«o 134.0 

Manag ed. Arc U02 

SuKrigyii" pjfi 

American Are. _ 

Pon-FXDep.Qlp.-_ 1278 



. Alma Rd, Hel gate. Rdj»Lc4010L PenJ-iS^AixZ M78 

ntted — 1216 135.71 — Pen. Prop. Cap 2018 

L'B'— 1084 1138 — Pen. Prop. Acc, a&O 

wyFd.-in61 1096 — Pen-MaicaiTZZ Rfflj 

lihrFd— 1055 11X2 ...... _ Pen. Man. Act. 2565 

edInL—M.6 446 Pen. Gilt Edg. On. 120.4 

p. F<1 963 1015 — Peo.GntEdR.Ace.. 

LPcnFd. (97.2 lo£$ — Peo.B5.oS 1234 

Pen- R5. Ace- 1348 

Pen. DAP. Cap, 101 1 

PBn.Djt-P.A5S 2624 


10281 

38U) ..._ 


.ite Assurance 
gn Road. 97.12. 

Cs.UK. .00.7 SS 

Stiint-fei 1U.' 

‘VFd- Eaj._ 016-2 114J 

ui.tJ — PJ_DlSL5 118. 

■i Life Ass or. Co. Ltd. 


ulw 

176.0 .... 
1667 .._ 
1411 ._. 
173.9 .... 
221.4 .... 
1294 

212.0 „ 
1268 z:li 

S3 :.“ 

M68 ! 


^>■351 = 


45, Kfnt William Sx. EC4P4flP. 01-0288876 

Wealth Ass.-.. 

ZEbV.Ph.A«.._ 

EhY.Rr.BqtE.. 

Prop. Equity & Life Ass. Ce.¥ 

11B. Crawford Street, W1HZAS. 014860357 

R- Silk Pro p-Bd. I ■ J75.6 ■ | ..... I — 

D*.Fajait> Bd._ — 70 a — 

Flex Money Bd | 147.9 1+04) — 

Property Growth Assur. Co. Ltd.¥ 
Leon Rouse. Croydon. CBfl 1LU 014800808 


P ro perly Final 

. Property Fund i A/_ 
AgrieuStual Fund. 


Aerie. Fund I A) 

Abbey Nil. Fund. 
Abbey Nat- Fd. (A., 
lovescmem Fuod_ 


01-7489111 Hearts of Oak Benefit Society r , f -3-,^- 

15-17.Ts«trtoehPtoce.WClH9SM 01-3875000 tA *' 

136-2 988) 4 — Equity Puna [A1 

Money Ftand..„ 
Money FundtAl 


mi 


‘‘•‘■’l-l V, 


- rdRii.E.7. 

- nris* 0149 


11105 


Hearts o£ Oak p62 988) 4 — 

Hill Samuel Life Assnr. Ltd-¥ 

M '? 64aW qSSipMD 







o,^»44 gsSS$£!&r$8 > 8 

1-081 — Managed Series 9X7 

Money UoftK 119.4 

Money Series A 965 

Fixed lot. Ser. a — 925 

Phs.Msd.Cap — ms 

Pna.Med.Aw 1«3 

PoS-GW-Cap.- 104.9 

Pns.Gtd.Aee. 1102 


. . 7 « +0JJ 
1315| +041 
1BXU ...n 
9tS-0J^ — 

“ IHI^ 

— Imperial Life Ass. Co. of Canada 
Imperial Haase. GaQdfard. 71255 


15881 

1053 ., 

1702 +08) — 
1005 +0.4, 

486 +0.41 
125.7 

10L7 . . _ 

VJA +021 — 
1458 ....“ 

1532 

1105 _... 

115.0 


Gllt-EdfWd Fd- ' A)_ 

ORettre Annuity 

Almmed. Ann*ty 


V All Weinher CrpT. 0232 
nx-. Fd. Uts 


*d ST-.KC3. 
Wayi_l 


Growth Fd. Apr 28.pUl 
Paos.Fd.Ai ~ 


2HM. 




u»i* 


Apr7 2B — J63.7 64^ ™4 — 

tlntt linked Portfolio 


^FU-UU. 

Com-. Pens. Fd 

SS S5i ST cu 

Man. Bcns.FU 

Man. Pens. Cap. Ut- 

Prtqx Pena. Fd. 

PropJ'ens.Cap.Wa. 
LS°c. Pin. Ut 
Soc. Cap. l*t_ 


177.0 

7310 

mi 

660 
1644 
1U5 ' 

ml 

1213 
1772 
138 5 


r ****• ujL 




1438 

130.9 

mi 

143.6 

13X9 

129.0 

119.1 


81 = 


nrrant unit value April 28. 

Life Assnr. Co. Ltd.¥ 

01-623 1288 

I — 4 - 

Life Assurance Co- secure Cap. f«x 

■a. Putters Bar. Berts P.Bar 51122 XqsttyPmd^ 

. ■ un5 = Irish Life Assurance C*. Ltd. 

iLFimenry Square. BJCi o [-0288253 prudential Pensions Limited^* 

phm ChipMayX-, [709 _7«6| +X3[ 4.40 BolbwuBan.£clN2inL OM058B2S 




_ Provincial Life Assurance Co. Ltd. 

— 2Z2.BtsbDpssatA.ECX 01-38. 6933 

— Pro?. Managed Fd- [1118 U7J1 1 _ . 

— Prtxr. 5i*hPd. ho*J 1098| —J — 

Gilt Fund 20 0244 . 12fl^ . _4 _ 




Assurance Ud.9 

Wy, 'Wfanbley HABONB 01-0020876 MarumecfFutid 


tt» [0 6 45 

*. Units m 

■ * L> (td/Eaec.. rtt 19 
- . .. r 1/Exec — 05.05 

m DM 

,rrura. .. 


> i 


" J4 ' 

ns-'Acc- . 915 

tenuAce 975 
Yns/Arc. 8*5 
. 57.0 

Current valae April 2ft. 


+081 • 

— +7 — 

12.77 *086 — 
1341+020 — 
1357+0.04 — 
1167 +04 _ 

— +1 — 

= = 

955 +05 — 
1092 +U — 
1005 +0.2 — 
10X1 +02 — 
432 -10 — 
468 +05 — 

1113 +X0 — 
1025 +03 — 
1034 +0.1 — 

994 -05 — 

395 - 


Prop. Mod. May 2 _ 
Prop. Hod. GHi. 


^511 saiqn.po. Apr. i«_meXJQ 

.9X1 

King & Shaxson Lid. w _,- 

S2.Cort.hm.Bt3. 01623S433 

Bond FdLEimnpt —110658 107.75 I - Tnnhri^e Wells, KwiL 

Govt- Sec^Bi -../l ubp & ve i~ -r— - 1 

1 .. .+■ ■!■■ T u. 1+. Ti j Bolhschild Asset Managenjent ' 

St SBPtthhw lane. London. EC4. 01-8300 

Dr ' ^ « 0W J BSE11 N.C. Prop- Mar.31_0M3 Z21fad 1 — 

Xangbam "A| Plan— g41 67.4J — Next BnV Day Joae SO 


008222271 


r Prop- Bond 

WtojJ fSP) Man Pd 




Legal ft General [Unit Askurj lid. 

Klngsuood House, tOnmnod, TadworthJ 

[Do-Acettm. 465 10X6 

• ;gip» tty TwHi«l .. 114.2 1208 

- Do. Accum. . U54 1211 +o| 

Life Assurance? jFixed initmi emb . 1205 -0 

ta».cl» P dxj«n™ mu aiSSSfiia^; !gj ■ 

.iffi-Kcl SS 1-1 = JWSSSflHr^ffi 

a Accnm. ».7 " UU 

al * General titan PenshmsTW 


Royal Insurance Group 
N«w Ball Place. Liverpool. 0512274422 

Royal StriekJ Fd. — [130 J • 13SJ|+A1| — 


lease Magna Gp.¥ 

srsSq,VXbrtfgoUB81NE 

_y*r& 136-0 3881 .. 

'htmy Z98 38J — J — • 

-imaged- 378 39.4 — ] — 

:zlz 

noged.-.. 1998 —.4 — ■ 

Westminster Assnr. Co. Ltd. . : "i 

House. 0 WUtehme Road. n#Aam_ .)9U; '. lM-* ■ ... 

R02IA 01-0M80S*. - ■ ■ 



82181 ' Exempt Caah Ini t. -I9S4 - 

Do. Aecnnx. — . _ 

48 

Do. Accum .0154 ■ 

Extonpt Fixed IniUllS.O 

Do. Accom. 0164 122 W 

BsemtA EfogfL iratt . 229.d 

DoZftccmn. fUa. ’• IZLfj 


Save ft Prosper Group? 

A GtSLHelen'B. Lodtu EC3P 3EP. CL554 8800 
VaLlhv.Fd. DM8 13X3 +03| — 

1§8 m* J “ 
9m4! - Mb Tc:Si‘ gB^j - 

d 1755 1855 +0.4| — 

Cnt'Pnns. Fd- *-tZ ^5 -4L^ — 

DePoaPwnJTAI— |97J l£3 


— L 


OD * April 26. 

f Weekly doaUnsa 


[Schroder life Group? 

- E nt erprise HOMSOLPortsamath. 

f Equity Anri 1 25 1 ZM8 

.Equity 2 April 25 _ 


0705 27733 


(208-1 


-BOOttfS April 25—^14.0 
FtodlntAprUas. 


0343 

048,4 


Vestminster Assur. Soc. Lift 
. ii DJ-0S4M84 

Iffirrgy , ISL:::i = 

cial LnioB Group 


Legal ft General Prop. Fd. Mgrs. Ltd ^ nLSApr a8 ”i im * 

fXQoeeo Victoria St, SC4N4TP 01-2480078 KAS Gflt April 25 _ 1409 
XfcGPmFd. Apr- 1|99_3 . 1BL7) ..—l — KAS Sc April 25 — 1193. 

N« JEdW lto 1. • Mn*d-FKAprtl2S. 1273 

Uniat 3 Apr 25—. 140.0 
Ufa Assur. Co. of Pennsylvania ltouAnrius.-. M5 
2*82 NWrSdtm St, Wl70ae" -01-4888808 ml 

LACOPOnlta |UOO US?.-.— -I - 152 3 

Lloyds Bfc. Unit TsL Bfegra. LUL 1146 

71, Lombard St, EC3. Ot-SSUK BSI^. Aec. Apr.S. , ,1293 

ms iim -osi 834 *** 


Lloyds life Assurance 

30, CUflna SL. BC2A 4HX 

Bit Gth. Apr. 6 - — 1 X 

Opts Eqty. Apr. 27 . too 
Opt5£qty. Apr.ZT .B27X 

Opt Hr. Apr. 77 K5 ““ 

OptbMun. Apr.27-. 


Z19.H 

mil 


BridgaCap.lnc.t__ 32.9 
BrtdeOBCap. Acc-t— 365 
Bridge Exempt. t_ 03-0 
Bridge lntLInc.T_ 153 
Bridgalml. Acc-t— 166 1731 

Bridge Am«r.Gea4l S5 I 

Price* Anri 25/26. 

Dealing *Tues, tWed. fThnrx. 

'Brltannia Trust Mansgewicntia Kg) 


14X1 ..... 

055 

1343 ___[ 
1475 
11X2 
172.fi 

1 


2416 



Scottish Widows' Group 
PO Boot BOS. BUnfauSh mu 5BD. 031-8950800 

Inv-Phr-Seriesl 

Inv. Ry. Series x_— 
lur.CaAhApr.3R__ 

Ex. lit Tr. Aprilia. 

Itgd. Pen. Apr.20 w 



,. 1, UndenhaftBCS. 01-2837000 OptJDept Apr.27 

MP-Ulrtwl J = *+»“*« *^5*““^* G ^J“- 00 144 Solar Lite Assurance Limited 

, , , * , ™ j, IB-SO.’nm FOrtany, R e a din g 888511. uvuQrRxafiWdotiXCINnT. 0X3422900 

ratton Life Insurance Co. MwwMnwt*r — M.1 3»SiSvi — smar Managed s„p25x 15 Xsi+ob — 

tyLaw.WCSAlHE. ' 01-2CMB2 si rin) _ Sol*r Property S3 


ind — — . 
Fund_. 

ma 

m 


nn. Fd— 

ns 

73-1 


v. Fund 

211.* 


fei Fd. 

19 

U 

..... 

"eoLPd... 

17 

V- 

Ste-S- 

en. Fd... 

to 

0.0 


1 In. PW 

S57J 



SoUr Equity S._ 


11572 


. The London ft Manchester Ass. Gp.? 


Insurance Co. Ltd. 




/.tea 
tpr. 15... 11 
pr. 15 — B 
AprBO-PI 

c Commerce Insurance 

tSL. London W1R5FE. 018307001 

■ Fd. [122JB 13X01 --i - 

ite Assurance Co. Ltd.? 
i Ha*.. Woking. GU2J 1XW 018020083 


The Lea*. Folkestone, Kent. * 

12X7 

DDJ 
MS-7 
130-1 
8X5 


Cap. Growth Fund - 
OBcvmpt Ftex-Fd 
AExempt Prop. Fd. 
♦ExpLlov. T*L Fd. 

lBT.TriatFund. — . 


014B09410 proportypund 


?9.6 

0303 97333 ficiarlnttS 175 

Solar M an aged P— 124.9 

assa&rar 

Solar loll. P 1975 


1655 +0J — 
1203 -0.1 — 
1*5.1 ...... — 

1338 +0.9 — 
13X3 -ML2 — 
2361 ..... — 

= 

— 


M ft G Group? . 

Three Qoays. Tbwer mn K3R OSQ <?!-«» «® 



I 10X3 
1015 ■ 
10X0 

uo.c mm 

ioac 
1008 


uu ;.z 

uao 

inn i 

. 180.0 — 
SMU ..... 

1305 ... . 
18X1 +05! 


poro. Pension 
Conv. Pepcudr* 

Family 81 -ae- 

wilBootl 

InterofltnL Bond. 

_ 

6-OB £ J ?toWFd-Bd.vl 
“ Recovery Ft! _ 
American Fd. Bd.' 
Japan Fd.Bd.-__ 

' Price* on ’April 



+0.9] — 
April”*. 


Merchant Investors Assurance — , _ 

i2S.HUhSreet.Croydon. 01-6869171 


z^vssr. 


— KanttyPen* 


— Money Ji»rio« 1 

— Moory6Qre.P»n*. _ 


356 


lnv.'A - - 

- insurance Co. Ltd. 

«ie. Tower PL. BCX 0102080X1 

May X— |M8 76J«H .—4 — 

ar Insur/Midlanii Ass. 


Dopes R-- .. 

DepodtFeaS.— 

Managed — - 

ManMedRsos.. 

InU-Equhy__ 

IntL Msna god— — 

KEL Pensions Ltd. 

MOton Court, Doridas. Swt«r-„ 
NolsxBq Cap-ri — 1774 


1505 


55.9 


159.2 


1463 . 


190.7 


327.7 ■ 






mo . 


106.9 


100.9 

—— 


Sun Alliance Fund MangmL Ltd. 
Sim AUiaticeB Rise. Hwrivam. 040X84141 

Sun Alliance Linked 9 .ite Ins. Ltd. 

Sun Alliance Rouse, Horsham ■ 040X04141 

issSSfeiKSI .81:3 = 

Ij+porit Fund [95.9 10U — J — . 

Managed Fund fU82 1O9.7{+05| — 

Sun Life of Canada fUJL) Ltd. 

XXXCodtaporSl_SWlY5BH 018305400 

™ a - 4 m i^= 


y 


“ Target life Assurance Co. Ltd. 




0055. 


Man- Pond 
■ Man- Fond 
— ' Prop. Fd. loo-. 

— ftwWte.. — 

Prop. Fd. Inv. U06.6 

. Fixed lnt FdTliwhB45 
• Dop- FU- Aot Jnc _ (FT-9 
RcL Ran Ac.Ptm._wX3 


01-508 1212 NelexE4.A«vn.-R«5 


Nei«™ Money Cap. _ 
Neles Men. Ar- 


K 


eedleSLBCX ^ ^ 

Units— 1498 5X71 4 659 ^ 

t Law Life Ass. Soc. Ltd.? Note* Gth foe ArolgM 

Hoad. High Wycombe 049433377 Neltw Gth UfCsp-j? .9 
92 114.' 

ffl 



+0.3J 

+o i) - 
+ 0.1 


r: 


»u 

HetFIanKamAee.- 

BetRanMaxLCapL- 

3SI&SS: 




1V9 0 

■ sa~ 


59.0. 

Si 

S5 


JOA 

SJra - 
SI = 

1366 — 
198.? ..... 


NeaU-nfe. day M«^2|. ^ __ 


_■ TrsnsinternaUonal Life Ins, Co. Ltd. 




2 Bream BldgS- JC41NV. 
TtsUpInvosL'Fd 0348 

JgSrl 


01-4038487 



BASE LENDING RATES 


Bank 

i Irish Banks Ltd. 7j% 
'jean Express Bk. 74% 

Bank 

Bank Ltd 7.}% 

■/ Ansbacher 74% 

> de Bilbao 74% 

of Credit* Cm ce. 74% 

of Cyprus 7f% 

of N.S.W. 

. ip Belse Ltd 

ic du Rhone ...— 

ays Bank 

■rt Christie Ltd.... 
ar Holdings Ltd. 

Bank of Mid. East 

l Shipley - 

la Perm'nt Trust 
3l C & C Fin. Ltd. 

Ltd- 


74% 
74% 
8 % 
74% 
S4% 
84% 
74% 
74% 
74% 
S*% 
8 % 


Holdings S % 


erhouse Japhet... 

artons 

Coates 

iidated Credits .. 


il% 

74% 

84% 

74% 


erative Bank * 74% 

74% 
74% 
74% 


fcbian Securities 
t Ljonnais •••■■■■•■ 
yprus Popular Bk 

m Lawne.. a 

Trust £% 

sh Tran scon f. ... » J® 

London Secs *4% 

Hat. Fin. Corpn. .10% 
KaL Secs. Ltd. ... 94% 
Gibbs 74% 


i Hambros Bank 74% 

I Hill Samuel-... 5 74% 

C. Hoare & Co. t 74% 

Julian S- Hodge ......... 84% 

Hongkong & Shanghai 74% 
Iodustrial Bk. of Scot. 

Key ser Ullmaon 

Kn owsley & Co. Ltd.... 

Lloyds Bank 

London Mercantile ... 
Edward Manson ft Co. 

Midland Bank 

I Samuel Montagu 

I Morgan GrenieJl "1% 

National Westminster 74% 
Norwich General Trust 
.p. S- Refson & Co. ... 
Rossroinster Accept'cs 
Roval Bk. Canada Trust 
Schlesinger Limited ... 

E. S. Schwab j*™ 

Security Trust Co. Ltd. 84% 
Shenley Trust ............ 

Standard Chartered ... 

Trade Dev. Bank -..- 
Trustee Savings Bank 
Twentieth Century Bk- 
United Bank : of Kuwait 
Wbiteaway Laiolaw ... » ^ 

Williams ft Glyn’s •*% 

vnritsblre Bank - *:« 

YOrKSDire ^Xcc0 pun|t Houb«i 
I - month depotitB 


74% 
75% 
9 % 
74% 
74% 
9 % 
74% 
74% 


74% 

75% 

T4% 

74% 

74% 


94% 
74% 
74% 
74% 
84% 
74% 
8 % 


Members 
Croanltiw- 
Ms* 0CDO81B Va> 

SiW Ceportis on 
and under « ■■ «, 10 C5' 000 
and ovpf £25.WP 5 4. 


■S' ClbbS <\£ , cu d pptrtl!3 DWf EXOW 4*. 

iound Guaranty... , CK1W nrf depoate S'i. 

■lays Bank t ; WSI( . also «ppl«» 10 StwftaE Ind. 


lays Bank 

Mahon 75% 


less 


Rate 

Sec*- 


rridext Lite Assurance Co. Ltd.? 

RenslateHaBse,Gloaes*ter 048236541 

«« sar.1 

UM . 

J5-3 . 

126+ . 

IBS ' . 



TnU-Bood 

rmftcj. 


13X« 
ivSJ 
1W 
334.0 
Z07i 

U9i —4 

12X1 
561 

-M - 


ms 



155.4- 

...... 

. ira.4 

Wll 

m2 

M , 

126.4 

lte« 

1452 

te*... 

- 713 

terei. 

164,0 


HU 


177.8 


84J 



*Cuh value tar £100 proud wa. 

Tyndall Asxurance/Pesisfous? 

IB, CWQrageRoad. Bristol. 02^23011 

a- W Apriiaa 

EqSw April 20 

Rood April 20 — 

FropcT& April 20_ 

D«pOsttApril20— 

EwayRsa.Apr.20. 
craeaslnv.Apr.90- 
MnJ’U-X-W Apr. 3_. 
do. Equity Ape. 3— 

Do- Bond Aw. X_ 

DaProp.App3__ 

Vunhrugh life Assursncu 
41-4S Maddox St, Un-WlRBLA. 

IhMlriFl UA5 — 

EetioorFd— 20.0 

land- FnatL. V9 

Vauhrugh Tensions limfMd 
« 43 Maddux St, Ldn-WISBIA. 0HBB46C3 

Mans ted — gJ8 H 

ereat,— 

Proporty — “J 

C uai au twud M is. Base ftete* taW* 

Welfare Insurance Co. lid.? 

The leas. FoUcotoiie,SSent. to® 57333 

» nar Group. 

Windsor life. Assur. Co. Ltd. 

1 High EUtet. Windsor. Windier BSJ 44 

Lilt luv. plant- — KM n8| 

FntnreAsed-Cthi ■ > . 2S8 

SSA, 



AUTHORISED UNIT TRUSTS 


Abbey Unit TsL.Mgrs. Lid. (al (zl Gartmore Fund Managers ? (aMg) 
7^00, CaiAhwaeRd.. Aylesbury. OSSSSWl g;sc.MaiyAae.EC3.4aBF. 

Abbey Capitol pX5 H51 I S.99 ujAiaerieanTa 1274 

sg^-FrP nhJ || sssasfeffi ^ 

Abbey Gan-Ttt 145.9 46.7J —.-l 3.94 - - - 


Allied Hambro Group (a) (g) (z) 
Allied Huabro Group ’a' uu Sun 
01-S8S 2851 or Btentwoed IOS77} 2J1450 
Batanced Fund* 


BriL Tads. Fuad 

Grth-6 Jnr. 

Elect, x led. Dev, 


ID ftrEast.Tnjit..f 

Hlfih InronwTu L 

1 nraar Fu od. | 
In. Ageneic 


Perpetual VnU Trust MngmL? la) 
01-5833531 48 Hart St-^lleoley on Thanes 04B1268CB 

*0^ 0.g P-peWalGp-GUi— _|57.4 -« 0| ..—l 3S7 

iS3 ta J IS Piccadilly- t’nit T. M gr*. Ltd.? (abb) 

32.9d -rfl-lj _ 


(63.1 67 S 


U.9 662 





uJ ratd 

— 

1414 19*3, 



1 


S65. 


S23 

862 


High Yield 

Hiehlneeme 

AHTEq-Inc. 

latemdeeal Fundi 

lutematumal 

Secs, of America.- _ 
Pacific FUnd 
Speda&M Foods 

Smaller Co.'s Fd 

2nd Smlr. Co’s Fd. 
Recovery SKa. 

Met Min. AC* my. _ 

Ove r se a s Earnings. 
Exp*. Sadr. Cd‘b. 



Ids Agencies 1 

I nil E5«vur4Fd — [ 
U iluU. Tsl ( Ace.) — £ 


77.LondMiWaILC.C2. 

S' hi dr. Apr.21 -.—MW 
. Do. ACCDIII. Unit — ]1550 


U| +0il 
78.R+03 

Mi^+oiq 

90 fid 

387} +B.<j 


672 W«rdeteRse..50a London Wa)iEC= 080001 


M tj 
&j: oa 

a i — OJ 
I -05 
fiOTe +05 
Z7J -01 
261 +0.7 


9«0 

XZ7 

324 
356 

325 
352 
506 
110 
210 


42L 


|| SSife?!— gf 

sssirsfeER 

Private Fnnd 55.9 

Gibbs (Antony) Unit Tst- Mgs. Ltd. Ac^criFwri-. 6i7 

„ 33.BlomfiddSl..ECSM7jn. 01^84111 ba 

5 ao ill A.G. Income* — gl *■« AJacricanFund .14.8 

3^ SA&SSffi-B as JSil »* Filial Invest. Co. Ut* (y«e) 

DesliaS Tues. ttWrd. 44, RtaomshhrvSq. WCTA2RA 01-023*83 

Gcvett (John)¥ O1-508S02O SSSSflEiJM ^ 7 S <n 

} Prarinoal Life Inv. Co. Uft? 

NterdSatard-y-atoV- 4 “ 

Grieves on Management Co. Ltd. Highlaccme 

7M5i PrndL Portfolio Mngrs. Ltd.? (s)(bHc) 

m.4 uoUMuBns.vciNzxn oi-msssss 

lAWfflti'sut-K&I — 71 1 77B {H9.0 1365af \ 454 

In Qnilter Management Co. Ltd.? 

7-79 The SIX Exchange. &C2X1HP. 018004177 

IS GnodrontGeo. FH. .QM.6 IRftd .( 4« 

|-*fi QuadrwttZneome-.pi9!9 123.71 — 4 S.13 

265 Reliance Unit Mgrs. Ltd.? 


01-3478533 

aud+09| X2S 
il?i3 +oil 7.n 


B^inrApr.jT-.mo 

lAcnm Units > [IBS 

Eade*v.*l*y2 — -£^6 

(AeeuU. Units) QBa7 

GTnchatr. Apr. 28 —190.9 

(Accum. Units) ©" 

Lfl-AfirslB. Apr 26 -|M1 

Guardian Raral Bl Unit Mgn. U<L f 

Royal Exchange. SC3P3DN. 010288011 sS^St^a^T" ^08 «3tnii i'3 

CaaiGiardhmTri..|S53 B8H -OH 458 aSS -llS 


2645 

2ZL< 

17B1 _... 
2W1 . . , 

IB 58 

94.1 
7X3 
7A9 


15BF*ncUwvhStEC3M0AA 023B337 

Anderson UT. 145 B 4964 1 464 


Ansbacher Unit Mgmt Co. Ltd. Henderson Administration iaj (cl ig) Ltd. 

I Noble St, SCSV7JA. 01-6338376, **» ^ 

lnt Monthly Fund . fliXO 17X0(+XO| 160 


t'JC. 


9.41 

942 

941 

1X09 

1X09 


Blgb Ju c rom FUa«l^ | 


High Income 
Cabot Extra Inc... 


Art nth not Securities Ltd. to)(c) — 

HiSSSZi*- St* %*? In«me*As^.- 

O' AMom. Units i — 535 S7.1 -DJ 

<8«f% WchwLUtaJ SX5 57.9 -0J 

Preference Fund — 233 27.5 

t Acetus- Units) 37 8 40.7 .... 

Capital Fund 107 20-3 +03 — 

%SS£ffl5fcK gf::“ 99 

Iz; Si . Si :::_ 

GiamaFund— Rk' 4 LI 

(Accum. Colts) 4A6 4SJ ..... 

Growth Fow) 3X3 35J -D.1 

i Act-tna. Unit*) ,38.4 *14 -5.1 

SnuUarOraFd 26J 2EAa -03 

Eastern 6 IntL FX. MX 76.1 +0.6 

l0%W’drwl.Ut*.'i— 18.9 205 +05 

FOnuKnFd. >43 9U .... 

T4.Anrir.61nLFd.295 319u +0.7 


Premier UT Admin. 5 RaylriKlt Rood. Hutton. WB««»3860. Kennedy St, Mencberier 

— aSa.-d 


Finoaefal & TTV — W 4 

OU ft Nil Res p5-j 

579 IntermarionaJ 

5.79 Cabot 

3X1 Internati&oal 

302 World WldaAprJB. 

3.C Oversea. Fnnds 


309 
3-09 
4 V 
151 
151 
iao 
LOO 


Australian . 


Far East 

North American — 
AmGrs3.Apr.2S. — 
CabatAmer6niCoi 



252 

9-15 


3 44 Ridgefield Income. (940 100. 

2-46 Rothschild Asset Management (g> 
7200. G atehouso Bd , Aylesbury. 00066041 

ty Fund— 11605 178 M 1 292 

iMB d ^ 


60S 


N C. Income Fund- 
N.C. IntL Fd. (Inc.) 

N.C. IntL Fd. ( Aec-W — 
<51 NX. Smlir Coy* Fdjl« 1 


15271 


1 434 


zxl Rothschild ft Lowndes Mgmt. to) 

SL SaitMas Lane. Ldn. EC A. 01-8SB43D6 


Archway Unit Tst. Mgs. Ltd.? lake) 


a 

74.1 

(50.0 50.1 

Hill Samuel Gut Tst. Mgrs.t <at 
4SBoeehSt.EC2P2L.X 


2_25 


New Ct Exempt — JC122.0 U9« .. J 377 
Price on April. l<. Next dealing May IS. 

477 Rowan Unit Trust MngX Ud-Viai 
jf? CiQrGflteBte. Fiosbury Sq., EC2 01-806 1006 
X96 American Apr. Z7_ 1465 M 51 .... I 093 

050 Securities Apt. 75 -[136 0 164.) 

High Yield Apr. 20- W.1 55J 


317. High Hoi born. WC1 V 7NL 


May to. 


ar 


Do. Financial 58.4 

Do. 600 705 

Do. General - . Z9X 

Do. Growth Acc S9X 

Do. Jrroam Tat- — 795 
-Do.Prf.A-n*.Trt._(ii50 



*&: x 3 

95 0c 


i Accum. Uni lii_ — 1 

01-6288011 Merlin Apr J0 1 

+011 i Accum. Unit" . 


$3 

4« 

402 


oiRBisax 

[V) Dollar Troit__ 

i‘bipSSi2?SSKs ' «0of Z'l in Capital FW _.to.4 69-3 

Barclays Unicorn Ltd. iaKgmo fbn«Hw»eTj«i_-KS aasS . J 7« ,1® 

Unleora Bn 232 Romford Sd. £7. 03-SH8S44 ‘b'SecuriryTroM-M? |J5l +0.3 SB Prices at Aw. to Next dealing 6Uy 15 

+061 LM lb) High Yield T*t— W.9 3L0i . .-I 7.9Z Sam . & prosper Group 

Do.AsM.Aro jg.9 7L2J -08 107 InteL? laMg) 4 Great SL Helena. Londoa EC3P 3ER 

~lSi m3 t2 i HJ IS, Christopher Street, S.CA ■ 01-2477243 ®_7a Qu^eo SL. Edinburgh EH2 4NN 

Da SSStTtTZ- Pffi'o lolSa^ol 617 Intel Inv. Fund )M 2 93.0| -05( 67S DroUnastm 0U5S4 OM or toiaas 7351 

Do.fijSainctuno jfSx zfjSj -xy 0-5* Key Fund Managers Ltd. (aggj Save ft Prosper Securities Lid.? 


529 

Royal Tst. Can. Fd. Mg W. Ltd. 

+u 54. Jermya Street, S.W.l . 01-029825* 

4.71 Capital FM to.9 49JS 1*7$ 

761 Income FdL ..[78.9 

52S Prices at Apr. to M 
7.92 


2S.UlIkSL,EC3V&J£. 


Prices at April to Next Boh. day May Si. 

Do.Rtxovi*T_„ A&I3 43-a -tUI 55S 

Do. Tntatm Fund.. [1065 1U3 -0.4] 516 
Do. WWwido TruaifeJS sxi+0 .5l 15S 

Btatln-FaiBc.—T’ (6C.S -0.1) 5J9 

DolAgcxob.. —tyi2 7211 -Oil 559 




01-6067070- 
7fiA) +X0) X61 

fi7J -01 520 

Jto-2 — , fi90 Unkv. Growth 
80.9 -0.1 853 

93 3 +0‘jj 675 High-Yiekl — 

Bigh 


Kej‘ Energy toFtf- _ 

Key Equity ft Gra._ 63.4 
OKejEj^mpt Fd. — 1365 
Key Income Fund- 760 
Key Fixed InL Fd_ W.fi 
Xcy Small CoiFd-|875 

Kleinwort Benson Unit Managers? ZiZZhl TZZ 

SO-FencburobSuBCJ. 01-0238000 ^®^^ 

iS3 7~j IS 

Rnriwif Brothers ft C*. Ltd.? tagai K-B.Fd.lnv.T«H._^5 57j|+34 458 
-8B» hstom lH at ,BC > ai-5882830 L ft C Unit Trust Management Ltd.? Europe 

8t " M " T y- — bs j . 

Heal aah day April 


^ w — -tewms-T rALHjp* 

1754 te.e.i 3.90 Tbp stock EriangL EC2N IRP. 0I-5M 2800 JfPttn. 

JSL j *■* agJSKiKirKS 2 W=J IS £E 


Bis hepsgai e Progressive Mgmt. Co.? 
«.BUMpsaate.E.C2. 

B’ealoPr.** Apr-25 _0*U1 
Ace.Uts.**Apc*5_ MX5 
B’gatntnt-Apr.lB_P695 

lAce *^ s £.~J? ia 

Bridge Fund ManagnrsVfaXo 


010880080 

S3rJ IS 

180.71 —J X06 

199 a 1 206 

"Mayx *'3*y X 


Commodity 

03 Gccrpr SX SdloSxrgb SB2 2JG, tBl-ZKMHl ^SSeS[siSLZ 

IRaw. Materials Q6A 39 Aj 

ttAcrom-Ualtsi 4L1 44.1 

•Growth Food __ S5.4 6S3 

nAccum.UniU)__ M.4 666 . . 

++C0t and Warrant 356 31* -02} 

SAmericaaPtL 142 BJ .... 

pAcmnn Units), 25X, 26.7 

**HJfb Yield 47 J 521 

— . 7X7 


Sh J8 WmiamSt,ECCl9AR _ 01^=14051 fThuro -Fri. ScotE*.Gtb^ 


Scot«ta_ 
l£sl Sc^rfi 

1QST Scotsboreo 


Bridfolnct* 


ms 


S3 r* 

Mz 


690 



6-75 Bg|i mate— Funds 

li ISgfiKfcK* 

Jto Seofbits Securities Lift? 


-I Legal ft General Tyndall Fund? umfty »iw to. 

Si.'SS su Schleslnger Trust Hngrs. Ltd. (agzl 

~ ‘ — 5X7 Onrorpocadns Trident Trusts) . . . . 

(1008)88441 


565 
.. 3.77 
.J 3.77 


(AectmL Units) lt6 *3 I'j 

Next sub, day Key 10. 3UL South Street, Dorki n*. 

Leonine Administration Ltd. & 

2. Dube SL. Loadon WIMOTP. 01-4805881 Ew-mpt High YW--i». 7 

Deo Dial 1745 71? +0.91 505 Exempt MkL Ldrs.*pw. 4 

■3.? +0.9J 


LeoAronm- 


-P95 


4.75 Rxtraloc.TM. 


toJ 


taSS&SlStff^ Lloyds Bk. Unit TSL Mngrs. Ltd.? <a) JSSS^^Sis 

RejdMrar'a DctC. Gering^ehSes, ImuL Growth _K7.0 

Wmblna, West Sussex. 01-0231288 DiV-TaL Units (246 

First (Ralncd-i ..M&.0 $L6d -051 459 Market leaders . 

IV» .Ar+Srrr l , 665 70? -0J 459 'NQYivItl’ VI 

Second (Cap.) 50.0 53.71+0-1 3X3 PTOL AOWTrilsL- MB 

Do iATOtmO — 625 fifiJl +0J 3JB Property Shares — 23.9 

Third aneeam— 192 OSXd +0.7 640 &oecialSiLTtt 255 

Do.tAecunU 188.4 . HAS +0X 640 TfJSL <Sth- Accum. 203 

Fourth ffixlnc.) 58.91— 633] +53J 757 V-R.Gtth.DlaL IU.7 



72? 

5X3 — OXj 
5A4 -03 
7X0B +05( 


Inc. ft Growths 
Jan Growth — _ 
'lnveeLTht-Sbsres„ 142 

Mlnerali! — &5 

Nat High Inc 7*2 

New Isaac 542 

>iorth Aroericauu— 295 
Frdcasiodal WX1 

Proprotr towns — 122 

Shield- - i 05 

Status Change— 
OhlvBaezRy— - — (3X5 


551 

429 

470 

558 

428 

736 

950 

3.41 

40 

359 

422 

757 

2.50 

372 

337 


Ztj 

2A0u 
252 


Do. (Accum.) 1655 782( +05J 737 • -Naal mb. May 10. 

Lloyd’s Life Unit TsL Mngrs. Ltd. J. Hcniy Schroder Wftgg ft Co. Ltd.? 


, +aa 
413 -05 
202 -05 
667 -02 
04.7 -X0 

au -02 

7fi 9 b +05 

63-lc +0J 2.50 7200. GatebouMRd_ Aylesbury. 0SM5M1 iao,Choapride,R.C2. 
£-5 -S-, IS Equity Accum. (145-6 ISBJf .....J 409 capital Apr. May 2. 977 

MO> -XC BX6 M ft G Group? (yKcXa) ImsaneJlayZ-—.- 1*0.9 

367 +02 533 Throe Quays. Ttnrer HTO. FOR 0Bft 01028 45BB fACcnm.Uliti)__ 2635 

£2 -25 Ame^^ k Mg^5l3^X02 

a 4?3 ua SS 

g|t«^ wSLvStziBm 


si I 


[+0J| 

Ja3 -Ml 


XU 


255 

25l7 +0X 
ZIM +03 
22 A -KUj 
201 


140 

X94 

1.77 

932 


1104 

258 

2.75 

697 

5.97 


The British Life Office Lift? la) 

Reliance Hat, Tunbridge Wells. KL 006222271 

BL Dividend* pXTW 44M +l4 953 

■prices May 5 Next dealing May IQ. 


CAcvum- Umtal... 

Commodity- 

(Accum Unrtai — . Ml 
Compound Growth- 995 
Ccmvenaoo Growth 55.9 
Coovcrrt on lue. . — 58.7 

Dividend....: J155 

(Accum. Units) SS45 


Brown Shipley ft Co. Lift? 

Mngrs; Founders Ct_GC2 O1-0OO852C 

SSSSffiSScMS sard a 

asfc~|! ifii 

G*wXh i*ixv.W ,—lOJ. _®j] 



(Accum. Uuitsl £5 

Extra Yield B8.9 

(Accum. Units) U85 

Far Eastern «5 

f Accum Units) 527 

Fund at lav. TMs — 59.4 

434 (Accum. Units) WU 

556 16X9 

55 A Japan Income 1460 

930 • (Accum. Units) 1473 

108 Magnum 1910 

350 

S3 

450 (Accum. Units) — . 765_ 



27X1^+15 
- vtui .„| 

S 32J>a 

35 .4 

1649 

m- 


01-240304 


247 

247 

675 

673 

353 

353 

241 

x«a 

422 

Ml 

553 


Canada Lite Unit Tst- Mngrs. 14ft? lAreum. units). _ 
B0BK6SL.PMtaroBar.Bmta. P.BorOltta S gT Ban? 

«MaK=« 

45j 3+0J1 7.73 f Accom. Units) »7.6_ 


V ExdmfiC Pto plhip A- 

waS *5115+17®^ no 

■m* . 1JJZ fcl0 p e .Aa riflQ »U 

xns (Accmn-UaJis). — P33 
2.05 *penftCharFdAt)25&M.9 

402 s-s pccXi-Apr. I J paA 
4.12 ‘RccovcTyApc.U -PTOO. 

X79 "For tax exempt funds only 

943 Scottish Equitable Fnft Mgrs. Ltd.? 

B Dl 28 SI Andrew* Sq„ Edinburgh 010380)01 

801 Inc onto Unhs M8.4 SX5M+0.4I 5B 

300 Annan. Units Js52„ 58.73 *0 3 320 

3 » Dealing day Wednesday. 

649 Sebag Unit Tst Managers Ltd.? (a) 
230 PO Boa SU.BeWbry. Hse.E.C.4. 01030 &000 

i gSSJSSa.T&i SS 

5 £ Security Selection Ltd. 

01031 0038-8 

£2 UoviGtbTWloc— |»A Hoi --i !.» 

^ Stewart Unit Tst. Managers Ltd. (a) 
++X8j 337 46, Charlotte Sq^Edmfaursh- 0310383871 
7 ® tSowan America* Food 

Standard Unit* 1*2.9 689) ,._.J X47 

Accom. Oniis- — _ 167.8 .7X3 J — 

35 Withdraws) Units -pl-8 5521 — 

SJ7 *SlawBK British Ca^lsl Fund 

$4 ^ SS2£rfe”BS3 SW:d IU 


•ft 1616 Lincoln's Inn Fields. WCX 
665 P.n*iCtoTltAre_j235 — 



Daluc-Oist f 


Cupel (James) Mngt. Lift? 
lOOOld Broad SL.BC3N 1BQ 0108800)0 

Cteirol ^ ^ ^ 



Mews on May : 


. 7.99 

Neat dealing Mar 17. 


Carlin! Unit Pd. Mgr*. Ltd.* (a)(c) 

MQhurn Boose, Newaml o-o por+Tyo* 

CarlioI_ |644 669x8 — 

Do. Accum Unit* _(771 7MI — 450 

IS 



A ccu m Units W.8 ’ 

C4. Fd- lnv. TM gA 

Accum- Units (296 — 

Price April IS. Next dealing 


*5* Sun Alliance Fund MngL Lift 

Sun All lance Haft, Borohsm. 040850 HI 

, gsT%d:^H ”5fa-d is 

2“r:t»7 .4 1344*1 +45| 600 Target Tst. Mngrs. Ltd.? (a)(g> 
Manulife Management Ltd. 3XOeabamSt.EC3. Deailn«»:02S6aMi 

St George's Way, Stevonaje. 00888101 nja 

Growth Units. 149.1 SLR I 3.9S 

Mayflower Management Co. Ltd. TmrsvtEt- M«y3 — pasx axH+24 696 

211M l4tfiSGceshsro8L,BCEV7AU. OltoaaoBO ♦D^Aro-Unte 

«* sss^-Efi 7 in j is 

Mercury Fund Managers Ltd. -Do.Keinv.unin— 

».<a«aban«Sfc,BC3J>ZEB. 020004595 

gtfasErgs. as is 

J25. 1 Vtoffi^a'i: toi ^1^X1 206 c-K^owthFi-ttoS 

Mercjeg.Apr27 „ M4 ^.5 — 4.75 Target Tst, Mgr*. (Scotland! (aXb> 

AWTO6UU. Apt-27 . B»xa 23XR — 4.75 ifi. AtbolC«Scont.Bdin.i 033-S=»8821X 


28X1 +34 596 
128.4 .. . . 3 00 

294 +05 4.74 

295 +05 L« 

M ^ as 

*SKS^f i£ 

^?7 — OjJ ^ttS 


April 38 


Chieftain Trust Managers Ltft?|a)(g) 

30(31 Qneen St, XC4R1BR. 01-348SS32 Do Accum 

American taJtt* 2<3+Q.3( 145 CapUal— 

'MM 

Bame.Ramt Tsxf255 27J|+02j 442 

Confederation Funds Mgt. Ltd.? (a) _ 

80Cb>BCVyXaiH,WC2AlBE _ OMOB EoAccm . 

Growth Fnn*L——p94 4U+ftH 657 EqoUyEMuqW. 



5.92 

10.40 

itfiMBTSM Trades Union Unit TsL Managers? 
Ify 100. Wood Street, E-CX. O103B0O11 

1^' TUUT AprlI3 >494 5X2x0 +0.7J 657 

3^- Transatlantic and Gen. Sees. Co.? 

Vj£ 91-W Now London Rd. C3>rimxIordQS«& 51891 

Barbican April 27 _ PX* ,775j .j 3.47 

(Accoti. UnSv).-__ptol ltosl 5,47 


Coortwood House, Silver 
SbeOW0d.S13RD. 

Cmamodlty 6 Gen. . 16X0 
Do. Accum.—.. 703 
Growth— — *76 

. na 

„ _ , 275 . 

Do. Accum 295 

Income.. 495 

DO. Accum. 564 

International-, tt-4 

no. Accum . . J9.7 ■ 

High Yield. 594 

. BJ 

_ .100.9 

rv> i hdiii* . _ j »> ___ 

OoimorpoUtan Fund-Manager*. -Prices st April MLNexi dealing May 31. 

SaPwdfitrteUteftmSWIirei. 0L2358533. Mfester Fund Manages Uft , (Acaaa . 

Ccsmoyoln .Gtb Fd. p69 1X2)4+0.11 506 Minster HnO_Artl«Or St, K-C4 - UdMMGO Marlboro Hay 

.Crescent Unit Tst. Mgrs. Lift (aXgl SSSS^aT^i ^ sJI 

4MM«illeCK3>Ediatar8h3. 081-2304881 ■ MLA Unit Trust MgemnL lid. -v^^hSmE. 2 1 — 

cmntGrowto-|2U. 261 l+OH OWQuro*SlrMt,SWlHXJG. 

MLA Units J374 


ts 5=KS£saosf 

229 toriaa-Apru37 — 77J 

6§ fcotemoA^S— ina 
554 (Accum. Units) JJ7-2 

*» SSiWSdK 


(00307239. Vaagf'«B^pxSB-^4 
■9| +03) 437 (AeromUrahL) — j441 


CronlnxenarL^- 

• TSIhuI 4^ Hniual Unit TVwt Mariagwv? '60(gJ 

Dfscreffouary Unit Pud Managers SK2S3!±M 

a,BJon)flOldSt.EC2M7AX. ■ O10S844SS Mltofll Tnc.Te_.W6 734J-BJ1 7 70 1W.I1 Maxtafiers Lift? 

UteWte—PiM 5.49 S|4i LA SSSUmSm 

£. F. VtfiBChester Fund Mngt. Ltd. National and Commercial S2S^S,f~-EL2 

Did Jewry. EC2 010002101 3X St. Andrew Square. Bdinborxh 081-558 0151 ££frrtAwt »T" UM 

43 lt? A»5ai'“ 

. Cxrpt. Ape. 19 111X8 1242! 1 657 (Accum. Unltt)— -, 1*70 

Emaoa ft Dudley Tst, MngmnL Ltd. (Accum, Unit*) — ptoo UL? J 3X7 Cmou«*Apr,9s_ *J2 

20, AriimQou St, XW.e - 010987551 National Provident Ihv. Hs^ts. Ltd.? 

... - j -, M xs f- 1^.1, c Rwsint 010234300 -- B r n ±il*F ‘ "“(SK 


B15 .... L22 

993 *22 

1285 5.95 

1554 5.95 

■ffl &S 

567b +05 526 

6U +67 614 
5X9 +2.4 X49 
992 +14 249 
503 +U 3.93 
6X6 +U 3.93 

866 — 676 

6X2 5.41 

7X6 541 

672a L65 

774 8.65 


A Gnrerimrcb St, CC3P9HH 
(4*0 469 


Emws Dudley TU_)64J . 69J>4 ..,.4 330 

Equities Sees, Ltd. fa) (g> ig) SwrouShiuZ 

AlBubopegriftECZ - 010863861 ?P?_?5 e J£!&SF ^ - 

Prograritw t*4L »7i*< —4 *21 


"pfioei'oo nHTfeNea* dSfi^Kay a" 

•Prices' on SUy X Neat dotting Mar 17. 


(AecnmUnltip*. 


»to?H-w 1616 669M.-4 L23 « 

Fnallngteu Unit Mgt. lift (a) %g£g5.Z 

S-7, Ireland Yard, SC4BSDS. ■ 01-3180071 Growth In*. 

Capital Ttt fTLO* U7M i 434 Imp ™. — — — — 

Viw'f —’r.. km. a 1H74J J uq Portfolio lav. Fd— 

2oC Growth 10 l 3 __4 230 Univoreai 

rDo.ftKvm. — ; — po*a 2XU| 


(Accum. Umta;_ — <37.6 
Scot. Cap. Apr. 36—5294 

SrtcSc-Apr.aen^Mi 
Xnadan AD Group 

Capital Growth 772 

Do, Accum 78.9 

Sjtn Inc. Ortrarth- 561 
Do.Accran-.__ 413 
Flrmririil Prtty. — 155 
~ Accum. - Bl7 



8X6 +03 6 lfl 

64.4 +02 61? 
3U —03 toll 
444 -01 toll 
166 _... 458 

261 -03 4.B 

664 -03 837 

361 +02 135 
3X1 +03 523 


TSB Unit Trusts (y) 

51, Chancy way, Andover. Hants. 




** NEL Trust Managers Ltd.? (aKg) 

SSTiui i iSfe| 

F« New Court Fund Sfaxagen Ltd. iEJS^g® &f 

5631-031 443 Bto BothsehDd Asset Has^ernent jgl Mfci rSI 
G.T. Unit Managers lift? Norwich Union Insurance Group (b) i.. 

M).FIurimxyCSresaBC2U7DD O10S8BU1 WbB«4,»o™icli.NlUSNG. - 000822*00 r~.~~ J ' 

GX&P.TPC L-nOd 84.0j J 5-70 GreupWLFd. (328.7 MLOt+Uf $04 WVtotOrte CBrilML 

~ — Peart Trust Managers Lift (aMgXrt 


OM021SB 


}yij)mmWnrt.DaMiiK. 
(Friends Pro*. Gtx_ 
'Do. Accum. 


<xg -oj 

jb 3 s 

86ta 

Mij +03) 


671 
671 
7.00 
7 M 

221 

zn 


Do.AcC— 955 10U . 320 

GT.Iac-Fd.Pn 1575 3*73-0.7 7.B0 

SmsS&s=Ri *W*! H8 

G-T. Four Yd*Fd__[333 562) +0^ 730 


003235231 
S9.6I — l 527 


?(x. ft A, Trust (a) (g) (2) 


Ch)Ulxtor Growth -.063 

Unit Trust Account ft MgmL Ltd. 

+02 UD rang WUllxm5t.ECBl BAR 01-8234*1 

’joSloJ IS 

553} +0,81 442 


3»mehH<tiboro.WClV7ES _ 

FeariQrowthFd_eJ 235ri+0a SB raugWUHxm5t.ECTB.BAR 

Accum Unfia ZS.9 JBM +03 530 Frt«rsltofW_Q3iO 

Pterl Ik. S6J 324m- — 7JJ1 WieterGrtl».Fnd.».®.9 

PeadporiTht. 34-4 373 — I 523 DO.Accrau. (356 

{*“ 1 ft? “ Wieler Growth Fond 

Pelican Unrts Admin. Ltd. (gKs) wnewraiamSLKM&BAR 

5.R*riasghRd,BrmJPW0d i027nS73UO si rounula SL. M*oc!xt*tar OSI-aSSBBS toSooUpii* [28 9 

G-6A— 13U. 3X2>4 — 4 447 PelkanPnHt ,..(78.7 «66^+0.4J 339 Aeons. Untie {3X5 


01-034051 

S|:i| i.i 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnot Securities iC.l.l Limited 
PO. Box 2 W.Se H*1i w.Jerjej-. 053472177 
Cap, Tst. dersqii — IU5.0 119*4 .....J 420 

Next dealmc date May 10. 
EariftlnUTrtiCli.imO U80) — .) 3.U 
Next tub. May 1 L 

Australian Selection Fund N*T ' • 
Market Ommrtuoibaa. f» iritb Young A 
Outtarolt*. 1=7, Kent SL. Sidney. 

U SSI Shorn 1 SU51.52 I I — 

Bank of America International S_V 
35 Bculoronl ReyaL Uiwotaun (ID. 

WMinvcatlBriHte-lRfilUH 116611 1 657 

Prices at April Zt. Next wb day May 3. 

Bnfc of Lndn. ft S. America Ltd. 

40-86. Qbmb Vieioria SL,EL'4. 0103033)3 

AleunderFUod..~l$L'66U — , l —« 1 — 

_ Net asset value April 28. 

Banque Bruxelles Lambert 
2. Roe Do la Refience B 1000 Bnmrh 

Rem* Fund LF 1X621 1J79J +4| 791 

Barclays Unicorn lnt (Ch. Is.l lid. 

I. Charing Crass. St. Heller. Jroj. 053473741 
OmMoasXtiMme-Mlfi .Sill 10 25 
UsUoUarTnut — ILto 430* 

Uni bond Trust JglBIW 196*3^0 0^ 800 

-Subject to fee and vrilhhuldine taxes 

Barclays Unicorn lnt il. O. Man) Lid. 

ITbomasSt.Tnuelro-l o.SL O0244EM 

Unlrem AmL Ext. 

Do. AnB. Ifin , 

Do. Grtr. Pacctf) f 
Dol IntL lacMe — 1385 
Do.T.o(UaaTal HS1 

fin Ws-or Vntiial ... [M4 

Blshopsgate Commndily Ser. Lid. 

P.a Box 42. DoUEtas. i 0 M. 

ARMAC -Apr. 3 |StS»* 1 .. . 

CA.VHHO".\pr.3 ..KJ017 X B781 — 

COUNT^AW-.S-- 1Q298 2.4» | X15 

Originally isausd at *S10 and -*£1 00. 

Bridge Management Ltd. 

P.O. Box 300. Craort Cayman. Cayman Is. 

VbsnWApr.3 1 11539 1 l 4 — 

G.P.O. Box -‘OO, Hone Eons 

NippouFd. Apr.SS.UVSUIX US1 J 075 

Ex-Stork SpDL 

Britannia Tst. Mngnt. iCl) Lid. 

30 Bath Si- Sl Bfbrr. Jersey. OCM 731 J4 

Growth lnvon DO 9 3341 . I 4.00 

Inlnl.Fd .. ...729 78 K -171 Ida 

Jereey Enerro T>c. U»l 147H j so 0 

Umvri.Dlr.frt..- It MOD 
UntroLSTrt. Sts- . 11215 X26I+D0N 1 DO 
Value Apnl 28. Next d+alinx May 8. 

Butterfield Management Co. Ltd. 

P.O. Box 186. Hamilton. Bermuda. 

Buureas Equity &15 2061 • 1 191 

BuzrreSBjnctrmo ._|2#7 1 951 . 1 7 38 

Prices at Apnl to Next sub day May & 

Capital International S-V 
3? ruo Notre Dame. Luxe rn bouts 
Capita) lot Fund...) Sl^SlbU )«012J — 
Charterhouse Japhet 

1. Rrtorsosler Sow. EC4 01-248 3*8 


King 4 Shaxson Mgrs. 

lCKarilulCros*. st HclKT.JelM'V.iOr-.H, . 5! 

Yoilsy Hse. Sl Fetrr l*ort. tirnsy. ,)Kt;i . 3Tnj 
1 Thomas Street IKkwTO . I w * '«»C 

uih Fund ileroey i.ga * 2W I to cn 

Gilt Trustil oJJ 1 .{1072 100 W .IllTS 

Gilt Fnd. Gw*nwey(£9 is 966). ...4 1175 
1ML Gave See*. T»l. 

First StrrUnc -M46 

First Inti {1*52 


:s saj+owi — 
1W 91J-0. W< — 


Kleinwon Benson Limited 

3). Venchureh St. EC3 0I+Cnr«M0 


Eunmni Lux. F. 

Guernsey toe 

fv> .areont 

KJSFarEnM Fd .... 
KBlntl Fund.. - . 
KH Jepm Fbnil . 
Kit l0s.Owih Fd. 
Sionet Bermuda — 
-Unifonds'DMi 


itSlOlb 
SliSU 1741 
SLSM 75 
510.76 
5US4C7 . 
1780 13 701 


♦OIL’, 


S4J 

444 

IB 

S.l’o 

OfJ 

166 

9.09 



170 

200 

I» 

690 

X50 


KB act os London paymy aL**nU utuy. 

Lloyds Bk. (C.l.) VfT Mgr& 

P.tA Bo* IBS, A Hriier. J«w awrrj-T 

UaydsTst O'reeu. .I516 55 lid ■ • i 1 S5 

Next dealing dale May 1+ 

Lloyds International MRUnl. S.A. 

T Rue du Rhone. PO Bo-, its. ITT 1 Guiu-sa M 
UuydslnL Growth WF33ID ran).. ] K-0 
UcpdstoLlnroine.lsmhN) .. .| 

M ft G Group 

Three Quasi. Tower mu MK «n*J m its (ia 
AtlunticMaj St . ULiCfi} 2 SBi » J 0?-l -•• 

tost Kt Apr. M 6|-<ie !0t 

«taU U. Apr 20. . K( S7 U 9 U> 

island..- - |U3J too(, r 

lActnim L'nita- IUJ 170 < 


002+ soon Samuel Montagu Ldn. Agts. 


era. 


til saci-vH 

. 5147 95 

930% 


.’W 

niKua 

UM 


1 is 

. M'.51BSj 

uS 

- ... 

201 

. (4 96 

543 


077 

110.99 

1156 

... " 





SUS23.43 


&US1938 


5U54334 


SUS13.12 

+ D2« 

£336 ' ~OOIj 


£735 

+002 

£1613 



pondi* liniato 

Emperor Fund nl SA 

H^teo PVsOC fil 

Clive Im-esunniU (Jersey-) Ud. 

P.O. Box 320 . Sl Heller. Jersey. 05343TM1. 
ClrreCtlt FR. (CJ.j . B 05 948) ... 1 IE 00 

Clh«e Grit Fd.lJjU’.*. (9.83 1&I | 31.00 

ComhQl Ins. (Guernsey) Ltd. 

P.a Box 157. SL peter PWt Guernsey 

lntnI.Uan.Fd 1 1675 UZ5| . — | — 

Delta Group 

P.a Box 9012, Nascau. Bahamas. 

Delta Ine. Apr. 25 ...(S1A2 3.7? — 4 — 

Deutscher Inrestmenl-Trnst 
pMttoeh280S Btebergwe 8-100000 FranUurt. 

tmLR^^DmuzElmm nSJ+aio) - 

Dreyfus Intercontinental lnv. Fd. 
P.O. Box N3712. Nassau. Bahamas. 

NAV Aprils PUS13Z7 W12) | - 

Emson ft- Dudley TsLMgUrsy.UA 

P.O. Box -a.SL Roller. Jersey. D534 20581 

EJJiC.T. )U2.fi 119 M . . ■ I - 

F. & C. Mgmt. Ltd. Inv. Advisers 

1-2. LsurencaPountney HilL EC<R OBA. 

01-028 4000 

Cent. Fd. Apr. 10 — | ’SUSSOT 1 1 — 

Fidelity Mgmt. & Res. (Bda.) Ltd. 
P.O. Boot 670. Rand) ton. Bermuda. 
FldelUyAmAss— 

Fidelity InL Fund- 
FWttyPac.Fil._- 
FldeUty VCrid Fd .._ 

Fidelity Sur. Pds - 

Series ATI DtnLi 

Series B (Parifir 1- . . 

Serins D lAsuAas : 

First Viking Cmnmotf ty Trusts 
B. St George’* St, Douglas, l-ojl. 

0824 4002. Ldn. Agts. Dunbar ft Co- lad - 
52 Pall Stall. London SW175JK 01-830-7657 

rrt.VItOn.Tri.- 061 38 jM i ZJO 

FsLVUDbl.Op.Tst - (8800 SlOfll ^ 120 

Fleming Japan Fuad &A. 

IJ. rue Notre- Dame. Luxembourg 

FTmg.Apr.2S 1 5US4653 ( ..-4 — 

Free World Fund Lift 
Butterfield Bids.. Hamilton. Bermuda. * 
KAV March Sl 1 SU5172.M | 4 — 

G. T. Manage in ent Ltd. Ldn. Agt& 
Park Hae.. 10 Finsbury Circus, London EC2. 
Tel: 01-038 812L TLX: B88U1O 

G.T. Pacific Fd...-. | SUS12.64 |-019i 122 

Bs Mwreri imernattaaa) Ud- 

cm Bk. or Benmida Front SL. Hamlm. Bmda. 

Antboni-umta-...m;«B on .1 lb* 

Anchor InL Fd IfTMti *3/ ... J 328 

G.T. Bermuda Ud. 

Bk. of Bermuda. Front SL Hamltiu, Bmda. 

ma£—\ TO l:::l °o% 

G.T. Mgt. (Asia) Lift 

Hutchison Hae_ Hsrvouri RcL. Hong Kook 

G.T. Aria F. PH» « DM . . (3-79 

G.T. Bond Fond — 1 SUSJ222l-ao*l 523 
G.T. Management (Jersey) Uft 
Royal TsU Hse.. Golombcrie. SL Holier, Jersey 
G.T.AaiaSteriiDft_JP2J« 1323J 3J3 

— ik et Bcrmtea iCsusny) U t . 

31-32 Le Polls t, Guernsey, otsi-26300. 

Berry Pac Strip- — I25LO0 263321 .. „l U4 
Anchor G Lit Edpe -.[£9 77 9 80^-0 03 1296 

Anchor InJ^y.Trt. .. p42 22? ...VJ 3.KL 

Gartmore Invest. Ltd. Ldn. Agts. 

2. St Mery Are. London. ZC3. 01-2833531 

Gartmore Fund MngL iFar East) Ltd. 

1603 Hutchison Ha e. 10 llarcoort Rd. H-Kone 
HKftPac. L' TsL- ttECra Z« ... .1^ 270 

Japan Fd. WSllSTi U-TM-SUQ 0 70 

N. American TsL_-«V5Be W ... J 220 

tad. Bond Fund — ptSaC 19«5| ...,J 628 
Sxoarr lavrstaou Shgt Lid. 
P-aBoxStDoufilftAtaM. _ . , OCM 2391 ! 

International lot _[202 2L4«I 1 116 

DoGrowth |6L3 faSj] ] 420 

Hambro Facifie Fund MgmL Lift 
2310. Coansugbl Centre. Hone Kong 

Far East apt. i&^-tseauz 13to J — 

Japan Fund- fiCSfi? 7tol f — 

Bambros (Guernsey) Ltd./ 

Hambro Fund Mgrs. (C.l.) Ltd. 

P.O. Box 00. Guernsey 0+8 1-20521 

CJ.Fnnd — -£38® ' i- J 3.90 

lotri.Bood SUffiS75 187.991+033 B50 
lot. Equity SUSUfl.47 MJ9Ul7Dj 2J0 

InL Svga. *A' SUSPJ2 J 831 

lot Svga. 'S’ 5U»LW 10? .. .J 2.50 
Prices on May 3. Next dealing May 10. 
Henderson Baring Fund Mgrs. Ltd. 
P.O. Bo* K4722 Nassau. Bahamas 

Japan Fd. _J5USIWfi 179U . . I — 

Prices on Apnre 27. Next dealing dale May 2 

Hlll-Sa'mncl ft Co. (Guernsey) Ltd. 

6 LeFebvre SU PW«r Pott Guernsey, CJ. 

Guernsey Tst. p*94 IMA) +0ti 249 

Hill Samuel Overseas Fund SLA. 
gr. Rue Notro-Dame. Luxembourg 

msuil MJS+0J4I _ 

International Pacific Inv. Mngt. Ltd. 

PO Bo* R3S7. 56. «« St, Sydney. AusL 
Jaretiu Equity TB..R20Z 2.131 — 

JJB.T. Managers (Jersey) Ltd. 

PO Bos UM. Royal Trl Hae. JeneUfi34 ZT441 
reyErtraLTri-pOO 152.0) .... J — 

As at Mar. 31. Next sob. day Apr. 38. 
Jardine Flatting ft Co. Ltd. 
fifth Floor, Connaught Centre. Bong Kong 
Jardine Eatn.TsL._I SHRZW.6B ' 
3srfliaeJ>LFdjH 5Hjm7« 

Jardine S-EA- SUS1292 

Jardine FlemJnLf. | 5HXV3S ... 

NAV Mar. 31. -Equivalent St)B08d2 
Next sub. April 22 
Keyselex MngL, Jersey Ltd. 

PO Box 88. SL Hcl lar. Jersey.. (Enp 01-6067070) 


] 17 Grp- Apr 10 
ilTJr^s V^ IS. klOLfiS 

Murray. Johnstone llnv. Advisrn 
Ha. Hope si.tilasiiiw. mi—i .-rjl 

•Hope Rt. let %1'KS2 fil l-o -M — 

-Murray Fund I JL'sio W i-bs.<| — 

•nav Arnl :ui. 

Ncgit S.A. ij 

)Da Bt+ilcvatd llonl. luvenil..i,rt -■ 

NAX April 21 .... ] %L'S104J | . f — * 

Nrgil Ltd. 

Bank' id Bermuda ViIiIks. Il+milu n, Hrn»Ju 
NAV April 14.. - (£526 - | . . I — 

Phoenix International 

PO Bo*. TT. S FcJur Pott, '■in’m-e.' 1 
toter-Dollar Fund 12.30 2 48| 1 — 

Property tirouth Overseas l.td. 

28 lrishToao. Gibraltar uiilp.r.l>ri 

I K Dollar Fund- -I St’ *8627 | ... j - - 
Sterling Fund ... I ii:in I . ■ I — 

Richmond Life Ass. Lid. 

40. A) hoi Street. DourIb v I.U 11 rtL'i 2.d ,0 

■IMThoSiherTYurt. 11038 jafiM-a7j 
Richmond Bond B7 JIM 9 1904 - 0..' 33.3 

Du Platinum Ril hofl7 1144 -11. 

Ho Gold Bd- . . [97 0 1021 -0 1 •- 

Do Em HTflCBil _ tlbfi* 3755) « □ 2] 1L45 

Rothschild .\sset Management it’.i.) 

r O.Box 58, St Juliana Ct-Cin'mit-v iHHI'f,'''. 

)C1 


i:5 
3« ' 
473' 


O I'JEq.Ft. Apr. 28 1511 MIL 
O.C.Inc.Kd. Ilay 1 1506 lbO-Joi -0 

ii.C.lail.Fdt 112) 3iS . . 

OV^mCoFdApriS 1348 1420 . 

OC. Commodity-.. 1282 13b.R-»t> 

OjC. Dle.ComcKy t K24.S7 264S4 
-Price on May 12 Nc\t destiny April UK. 

T Price on April 2). Next draluc M*»y <1 

Royal Trust (Cll Fd. Mgt. Ltd. 

PC. Bov KM. Royal Tut . OKK LTfiJ I 

RT. 1012 Fd - -..BGS96k 9«l . ... | 3(W 

RT.mn.lJsjMKd.ta9 93). I 321 

Prices at April 14. Neat dealing May lu. 

Save ft Prosper International 
Dealing to: 

37 Broad SL.SLHelicr. Jersey OKJF-V.Ol 

1V5, PoUsr de atedn aird flute , , 

DlrFxdJnt-ApriS.pSJ ID 11 1 692 

In(emat-Gr*t jiiZ 716 . | — 

FsrEostcmrt . .137 67 40%-D71)| — 

North American-^ .p.70 4Ca+0i)8i — 

Sepro-t. ... (U5S 1*81 7[ ~ 

Sterltardroeoiioalrd Foods 
Channel Capital*... £Z23 7 23551 +0Vi 7 73 

Channel lHlands4> ..(144.0 151 6| -0.4] 512 

Coinmuj. Apr.37 —hlBb • 1209) ... .1 ~- 
SLFsd.Apr.37. - (1371 123.91 . I 11 to 

Pnces on -May 1 —Apr. 2S. —Apr. 27 
iWcekly Denlino. 

Schleslnger International Mngt. Ltd. 
4). LoNaUaSUSLllrbcr. Jersey. 0»4TJf««. 


SjVT.U. |7B 

SA04-- - fioji 


GiliFtL Kj9 


S71 

445 

1190 

:-c3 

300 


0US27U3. 


096c 

-Next sub. dny 3lny ! 

Schroder life Group 
Enterprise House. Portsmouth. 

lotaraattansl Foods 

CEqnrty 133.V 123 I 

SEqldta- 1212 1ZS.9 

tFixeaimcrea — 055 1*4.1 

SFtaedtoteresL..— 104.9 113.5 . — 

tMnnaged 126,7 * 1347 

~ ■ 11? 8 129.01 ..... 


J. Henry Schroder Wag g & Co. Ltd. 

ISO. CboapUde. E.C— ul-Sda 4*nQ 

2M 



SUS13.43 +0 to 

SUSUJ0E5 

, fl5M 1575 *069] 
I5A179 3.90 -001 

SCSfiM 707 .. ..J 


337 

J40 

014 


Sentry Assurance International Ltd. 
PO Bos 326. Hamilton 5. Bermudb 
Msnaged fluid ffl'SUIO UBS? I . —I — 

Singer ft fTiedlandcr Ldn. Agents 
30. Cannon SL. EC4. ul 248 

Defadomis -IMOOS MTtttOlB olA. 

Tokyo TsL Apr. 28 | 3US3500 J .. 1 177 

Stronghold Management Limited 
P.o. Box 3)5. SL Heller. Jersey. UKH-7K-J0 

Commodity Trust ,_JW JB* 9684) .....J — 

Sarin vest (Jersey) Ltd. txi 
Queens Hse. Don. Rd. St. Kcticr.Jsy. S’* 
Aoiericnn lnd.T>L ltt«_ ^fill-C^) 


27.43 

Jto 


1 opprr Tru* _ 

Jsp Index Tri fell 40 U65)+006| - 

TSB Unit Trust Managers (C.l.) 1.1ft. 
Bagatelle Rd . SL SOriour. Jersey. 0324 T-. i'-l 

Jerow Fund 1*55 473+01) 5=1 

CucroeyFund ... (5i 479|+Clf D Cll 

Prim on May 3 Non sub. day May in. _ 

Tokyo FaciUc Holdings N.V. 

Juiimu Management t’o N.V.. Curacao. * 
NAV per share Apnl 24. SUKSri 4G. 

Tok>o Pacific Hldgs. (Seaboard) N.V. 
InUfflix Management Co. N V , CUrarm-. 

NAV per share April 3L SVSM.7B. ( 

Tyndall Group 

P.O. Bex 12S« Ramllum 5. fctmO, 2-TWO 
Overseas Apnl 2B_B1'S11I 117| .... | 689' 

1 Accum. L'cfftsi. .. S(T1H U’ 

3-icay lot Apr. 20.-pl S3Sa 
S New.St, SL.HcHcr. Jersey 


TOFSL April 27 — (O ; Z0 
lAtxum.Shn 


jores).. 

TASOF April SO. - . 
(Accum Sharps 1 . . 
Jersey Fd. Apnl 26, 
<Noo-J.Acr.t ta 


Gilt Fund Apnl 20 .JIM B 


1 Accum- Shares 1 


mis 

Wo 

|BOO 

mi 


1388 


7701 
13 90 
34C 
64 C 
2042 
239S 
iioq 
139^ 


(G31272.Al.-2 
600 


1033 


III *’04,03 


Iftiui l^-CLsa 

KenWexItKl EUS 7J! -415) 

Keyselex Europe— £3.7fi 422 

Japan Gth. Fuad — RXDJ1 

Keysetax Japan - - £33-53 32.60 

Cem. Assets Cap. „ [ 032 *5 +ftB3i 


290 


a. 17 
3.91 


Victors- Room-. Douglas. Iric oJ Mon. 0£2t 23(73 
Managed Apr 20... |12fi2 133 01. I — 

I'ld. Inlnl. Mngmnt. 1CJ.1 Ltd. 

14. Wuk-Jdcr Street. Kt Hcl!«r Jerv. • . 

U.I.B Fund -.- . . .tR'alPUl talCfiJ . ..! Z 13 

United Stoles Tst. Inti. Adv. Co. 

34 . Rub Aldnncer. Luaomhourg 
U.S.Tst lov. Fnd ,.| tt f 5MJ6 t*03H C93 
Net asset May 1. 

S. G. Warburg ft Co. Ud. 

30, Greahom Street. ECt 

Cnv.Bi 

Hrflir.Al 

Warburg Invest. Mngt Jrsy. Ltd. 

1. Charing Cross. Sl Holier. Jsy c; i&m 75741 
CMFLttt Apri!S7-BIjnU6 22RJ-0): - 

SBM^?-:3S m ‘ z ■ 

Sg2B»fKWP »■■ = ! 

World Wide Growth !tinnagen)enlit> ! 

Ida. Boulevard Roval, buM-mbuurj: • 

Worldwide iilh S-tU SUP35.7* 1+0 2of - 


NOTES 


Pric** do not include S premium, except whore iodleaied *. and are in pence unlew when. 1 ■« 
indicated. Yit3da 9. nbown in tart rahunai allow lor all buying expeoNH a ttierol i pn.vv 
Include oil expeores. b Today's jhIcw c Yield bused on Oiler pnct.«. d Lriimali^ g To le * 
openmg price, fe Distribution free of U.K. taxes, p Periodic premium insurance pbo> - Sin <0 
pre mi um insurance, a Ottered price includes all expenses except ugem s ennmu.- M.a 
y Otfrmi price include* all expenses U bought ihroush managers, z ITcrious dn>‘s pner. 
V Net at t>K on realised capital coins unless indicated by * 1 Guernsey grrox a f-UipcnJcti. 
♦ Yield More Jersey tas. T Es-subdhlNon. 

— — m — ■ 1 ■■ ■■— i — mm 


BUILDING SOCIETY INTEREST RATES 


GREENWICH 


LONDON GOLD HAWK 


(01-858 6212} 

Ml. Greenwich High Road. 

Greenwich SEIO SSL. 

-Denosli Rite 3.23. Share Account 5.50, 
Sob’pn. Shares 6 . 75 . Term Shares 2 yrs. 
3 °. above share rale. 3 yrs. I*, above 
siiare rate. 


«n-49S 8321) 

13.17. Chiiwidc Tilth Read. 

London W4 2NC. 

Dfposn Raic 3 73. Shan- Aivoonls E.SS, 
Sub'pu. Shares 7.30. 







































































































































































^ ay k 

I ^ ‘ l -^nswial -Times -Wednesday “Way -3 1978 

~ Cuh,: ^ USTRIAI ^C^tinued INSURANCE-Contimied 



-ftfce - 


Leisure Car. jop, 
Lep Group I0p._ 
nasney Prods. 3p 


■•'•' ; •: J3 LrtiasetlOp-J,' 

• * l, ' j ,* -.jS LidenJOp 

i- ; rp": g Linfcay&Wng,. 

1 ■••tvR LlflriiHttiar 




.:-.v 




Hr 

S’ 




UBCtudriK 

(ftifcXlhaGip-. 

LoncHrebty.JOp. 

Longfon Trane 

ilODsdatoUnirnil.. 

UwiEonarSOii 

M-Y.Dcrt.Hft_!. 

MsfuupLdn.lOp_ 

lirc-rtbj'ph.r 

tneGp"- 
iSteBrateBbUOj) 
lMcCleevL'A.__ 
iMacptosonfD.), 
ildftsTm'dsSp. 
Magnolia Gr 

EBaaSiipcStn.£lL 
IndHft. 
L-c-aC i 
JMairiiaU'sUnjy, 

ffifal&aaZI 

(Meld Closures... 

f§p 

-IHft.: 
Morgan Crucible 
.UarcaS/Abeb... 
Moss IHobt-l lift. 
U«fleskta_-_ 
MysonGp.IOp_ 
Mashti.P.iSecs- 
Nathan l R 41) 
NaLCWre 
KCR 4°4£ _ 

Kegrctti&Zamhn- 
NaliSpncerlOp 
SewBpiip.l0pf_ 
NemeyGhwpfL 

Norats 

Northern Eng 
Nt«toflAWrt.]. r . 
NflrvicSecs.Hft. 

■ Nn-Swttt5p~-~- 
Oce Finance Cv_ 

Office & Elect 

0fre*20p 

i 0tenstooel3jc. 

PJLA.ffloi4inej)_ 

Farter KnoipA'_ 
p3lll£4WhaeK_ 
Peerage H 
Pentlandl 

PertesUftl , 

Do. 8K Cr. Ia . 

Petroetm 13 tJ> | 

Phillips PfiteHa. 

PtaCsxiUro}. 

iPhobvMeS 

i-o.f 


m 


: i= *■ 


V.i 


Rate Court. 10p. 
PteasuramaSp- 
PdymaiklOp-i- 

PoiUls — : 

PmrellDaff-SOp. 
PTws (Wm.|5p_- 
Presiige Gramm 
Pritchard Sts. 5 
Piw.LSiarisa 
Pullman RAJ.* 

I KlD&OGpsH 

' BadantWLfi 
RawMJJ-1 

Randalls 

I BsnkCtg&zTM 
RecJottChLSOp- 
RaKearn Glass- 
Reed Exec. 5n_- 
RerttatLQl— 
RdycnPBWS — 
RpncnoilK.raL 
Renwicfc Gropp.^ 
Rcstamr-^H 
5nmareJ^H| 

nsgS 

■Ropm-ni 
[ Pa'A'-j 

fctswm AjMp- 

gait Bind 

KanGrp 1 


BcottDn-W 

i Bean ffldfcj 
JSettmCcrijpJ 

■ Da'A-N-^M 
TStcteitySasiM^ 
|f Da'A’N-VJBi 
I [ShamS Wars 20p II 
iS gcGq cmm^l 

BuSi'SJ 


_ iSOp. 

ISotitLawajp-. 

%pg 

DtxB^%CnsXiL 

StaO nM. 

Stag FumJaro— . 

anrHftto _ 

*^rineWn ppig fi, 

: SumwrflF.l 

tSm.flft. 

'isSePwiel? 


Wa — 


FehUttH 
Thannall , 
_ rh. Tunes VuSp. 
98 IflHiicT.Mp- 

, 37 roottfllML 

56ft Rue 

117 TrStorlL20p. 
£21ft ftw&Ua USS1-. 

‘ ” transport Dew— 
franwoodGp.5p 
romntNw.a. 
rorocr Cur. 5p 

_ UKDIatt 

88 Dnkora Intel's 
Dnlflex lQp— 

Uullewr 

2 Dn'vN.VJUU— 
Utd. Canters lift 
United Gas lnds.. 
fi. Guarantee Sp. 

: Unoefarome 

Valor ; 

VinerslOp — 
Vinteoprjx.SE 
TV Ribbons M_ 
Wade Potts. lOp- 
Waller ant 5p_l 
Waterfowl 5p 
WMshon's — — . 
WjlBHi HX- ltftr J 
Wedgwood—-—-! 
Westn Board 10- * 

I wiocksiaxi?. , 

WhatnnBAogeL 
MUlWlGJfl-— 
White ChiM&B.. 
Wbitecmtt5Cp— 

Whitfleya&iW.. 

WilkesiJa— - 
fflfkinsifi&heU: 
WiUTsaKtehXl. 
DaWpoCnv.— 
Wlfliansfl.i 
WriimGame)-. 
Wilson ffaHnlOp-| 

. WinnI^S.21ft-- 
Wi tier (Thoms). 


514 



+ cm 


+2y 


+1 


[+2 I Q5%1 

531 
Z42 
£2.06 

-.-.e.l 

+3 
+iij) 




-1 


+3M 




+1 


ti 


+5 


t334 

0.66 
429 , 
Q15%j 
«4 
B— 
td2-48| 
13.96 
flfl36 


7L24 

L25 

L25 


(+3 

i'la 


1055 

aft 

+% 


tlL5 

072 

8J2 

.48 

dT.79 

1230 

«P1 

fit 3 

dO.<8 

tlffl 

ill 

(134 

fi 3 ® 


}t«33l 

tQ15c 

4l)5 

dt4 

g 2 

375 

M03 

1S37„ 

Wl 

af 

314 

.66 

J.90 

4.84 

Ufr 


102 ft 

8.7 7.01 

а. o 3.9' 

7.9 bl 

5.9 ft 

б. 0 I 

4.7123 

ms 

5.712.4 
23 5.9 
6.2 5 0 
53 92 


?- 9 | 


'im 


Ui7:7i la! 


PROPERTY— Cratintied 


IKS 

Egh Low 


Sod 


Price 


|t aH ISv 


606 1513 


l Net ICwlGrs HE 


SuDABiMftEL 

StmUleSp 

Ta&wUar.EDR 
155 Trade Indeiffljte 
£17\ rrwetersSLaO- 
WiIbsFaba 


534 

-7 

99nl 

+ft 

863 

-s 

165 


Li/ un 
260 nl 

:} 


ZD.15 1 _ 
13.42, 

sr 

WU4| 


IXSi 


MOTORS, AIRCRAFT TRADES 


Motors and 


I aft, {762 


,20 [Brit. Lev! and Sft 
L85 feem.Sto. I'ults.. 
37 llattBCarlOp-- 
$h [ReliaalMhr.jp— 
rWfc-RoyreJcQ 
Yq1wKi50_1 


25w 

263 

44 

61 ; 

S 7 £ 2 

£ 33*4 


C>*c! 

-3 

+3 


es 

Q34c I L7? T - ?! ?GI 


31546 2.4j 

Q12“?e 06 


Commercial Vehicles 

EJtFrfHIdgj.'.— 

Fates (50pi 

Pi?afc]mesU.10p 

! Plaxtous 

Yoft Trailer lOp. 


111 

+4 

hU7 

641 

3W 

58 


{>35 

57 

B. 5 

10 


05 

2* 

7.7 

77 

-i 

h325 

; 33 

65 

Wft 

-24 

214 

♦ 

4.6 


- ra .9 
89 i a _ 

5.5 3Q.6j 


Components 


46 
63 

ft " 81551 

70 | 56 

i£jft 


'Abber Panels 

[Airflow Scream.- 
&q lift 

.VWfflBOfr*.” 

Bl newel Eros — 

Brown Bros. Mft- 

Dana Op 

[152 DiwtyWp. 

78 Dunlop 5ft 

96 HigMB«tefliEg_ 
8U HiOTLSnifhlOp. 

fHSSE!* 

55 WUmra Breeden. 
86 WoodheadU.i— 
92 ZemttrA'SOp — 


56 

76 

64 

U7i; 

126i 2 

70 

23 

£201, 

174 

79s) 

UM 

9 

54i 2 
284 
53d 
109 
67 nj 
94 
92 


+1 


d?64 
t4.«7 
♦2.04 
'V 1 469 
■M704 
13.67 


+*< 

-lft 


+3 

ti' 


1106 


4.21 

2 5 S5 

Wn 

+832 

a? 

3.03 
+b3 41 
4.4 



Garages and Distributors 


•124Q10 


lh.97 044 


Adams Gibbon— 

lAwdeyardCrji- 
njjon Motor. 

ibsgEliOp — 
Braid Group 5n« 
,BriL Car Anc-Wp 
jGGS37 0 p_.. - 

|C8flyns50p 

Colmorelrrs. — 

jCowtelTISp 

(Daris Godfrey — 


_ . Patton Farshaw. 
Hanger hrrs-lOp. 

.it jcST. 


a 



5% {NdaooJftvid 


jPambaeiar. . 
OllMtis.- 

__)WsWJ.5p 
fwodhaaStr.ltft. 


79 
18 
B9 

115 

W. 

41 

45 

21 

119 

43 
40 

80 

Jt 

i? ! 

35ft 

119 

94 

115 

102 

£357 

B5xd 

40 

69 

S’ 

75 

27 

£ 

136a 

51 

44 

S ,! 


*■2 


c iy 

+4' 


-2 


-1 




435 

?»r25 

17.75 

203 

138 

+1.98 

L42 

5B4 

d217 

dLTO 

HP 

a* 

125 

d0.46 

\% n 

639 

*323 

ffi 1 

155 

405 

3.47 

2.46 

6.0 

U50 


533 

1.65 

6062 

063 

22 

2.20 


3 ai 

56j 

ti 

8 

D5 

4 6) 

1 

33 

if 

l2 a 

3.7^ 

if 

6il 


« 

♦ , 
89 

2791 

ft 

8-4, 


831 


10.6 7'2WS 


10 B f 

l.| 

V 

II 

!i 

a 

4.7 

6.4 

S- 7 , 

43i 

ffe.fcj 

9.1' 

, 5.8) 
'122 
8.6' 


5.7 

22.0 


7.0 

?.l 

99 

5.8 
98 
0.1 

3.6 
48 

5.6 

6.8 

8.6 
163 

39 

86 

80 

5.0 

200 


5.9 

45 

50 

S3 

5J 

3.0 

18.9 


ft 

fi 
206 
25 

3.8{ 33 


1340 U20 


110 

46 

97 

045 

fo 

hft? 


NEWSPAPERS, PUBLISHERS m m 

t5 23 | 4.U 53| 7.0 
4.02 


47 



6m.B006P.aft. 

BPiuakigs.'AL] 
BennBrothan — 
BL*eilA.4C7_. 

&faCDlP0St 

CrdfissWUsm-. 
Da “A- 

DaihUaiTAStoJ 

Elfid. Allied 'A 7 ! 

Gordon AGoteh- 

Some Counties^ 


134 

155 „ 

306 {Qd-Newmapeu 
23ft Webster. PobiSp | 
35ft lWHson tens. 2ft. 


150 

167sl 

54 

59 

90 

116 

138 

138 

280 

77 

85 

73 

120 

130 

54 

235sl 

176m 

44 

168 

140 

fL 

If; 


-l 


+5 


287 

w 

rj 

4.68 

tll61 

C3.63 

5 f 

65 

726 

436 

8.9 

5.99 

td221 

JSt 

1.97 

13.98 

134 

tL2E 


2-9* 5.5| 

k 


58 

933 

f.A 

• 3.4 


5.1 73 


5:1 

h 

■» 

«5 
3.9 33J 


?•?) ?.l).75|ic 

59 
73 
30 
»ft 
42 


9 178 
60 
7.7 
ft 
i.l 
75 


if U 

% 


3.€J 72 
1338.7 


O-I 

l 


a. 


- 12 


PAPER, PRINTING 
ADVERTISING ^ 

(teee. Paper— | JVal+i 



DoBateit. _ 

jChsjmalsLsiftl 
~ Uehardl— 

, IDfBoolOp 

jCnte Guard — 



Fen? I 
Fbtel 

Geers Gross 1C 

Harrison fc Sons. I 

, DPG1DCU 

lavemkGip-Mp-l .1? 
1217 &68 L 6P. Pc, . f 
^ KcCwiiiiod»le£LJ 
It Milk- -J 
AAUenSOp 
.... CfFerr.JOp 
.toakyiM-EU- 
(0&veaP.SD12(ft 


iw 


Transparent Ppr 

rridant&cup 

G*erWaltoWpJ 

WaceGronp20p- 

Kadt&ijtanU.L- 




20 9.2 83 
2.6 90(51 
3.4 7.7 5 

44 73 

1 " l 4 H 

22 7.4 93 

ft 6ft ft 

III li. 



zaio.M 


jlfl.4 
lft 75 
63 6.9 
7.4 ( 
lft|XL2 

53 2.2 I 

6.8 6.0 

60 5.9 


54 1 45 ' Ail'd London Kft 
230 084 Allnstt London - 
T\ AmteateedEhxes. 

6B AnstonHldW 

1200 

15ft AquitSeeiE ' 

59 AvenaeOTse . 
2\ BankftOomlOp-, 
n BeauawnCfttips. 
47 

vh 


§ 


25 lf-4 1 


22 


insurance 

(C.T)— 1 M§ 

1 Op -4 _39 


jBoan' 

hlTDtBfli 

)CoffiriigdAa51— | 
iCoBSxOhiffli^B 

..JMcertalOpJ 
^Sis UKfSOn'.^l 
j5E|&lawGp. 

Esfe 

lH3&tbroUfe_. — 
WjHCRlSftJ 

teHBotinsQuJ 

H|kn(A>lOp- 

K^tajwTilOp 


LoidoBtolteiSp- 
StehewWt. 

Mm*+ato»p. 
Moras (CSnsi3lp»j 


[go jpeaisp 


Phoenix, — 
prov+dertf-A — 

trmdegiiriSp— 



160 

l^j 

141 


+2 


-2 


m 

613 

20 . 66 , 

6 ?r 

800 

1007 

«• 

1 

5.77 

447 

t64S 

4.21 

909 

333 

36Z - 

12.59 

1055 


+4J J 807 


+413 


S 

11.4S 


85 

4 .l|lijB ) 

2JJ ft 

, 5ft 58 
l|20.9 47 
, 18182 
(M3 7.7 

D -‘ l — - 
, 7.6 7.9 
jnu — 

93 55 
6.4 
, 7.0 80 
MO 5.4 

Mb] 

3.4 9.4 f 


42] 65 
5.« Ml 
8,7 

n 


Bm 

15*2 BnLArmm 
28 a+tohiflaJ 
118 Do .ttpeCw.ML. 
B9 BriaonEstg e — 
45ft Cap.ftCoui«ies- 
ft DaWarrarte— 

IP, Ceiling &oup 

88 CamngtMlay.... 
'64 CTBCroriadalSOp 
62 Da" ~ 

1272 . 

10 (Cbm 


ro^lQRBthblry 


Hb 

? ' 7| |6 


-53-134 1105 


208 

li 

[10.0 

!j 

S 

6.t 7.9] 



KSUOfflces— . 

P&teNicMIfr- 


£345 


PROPERTY 


uft 
Z37 
47ft 
69 
2S 1 ; 

[154 ~ (Con Exchange i(b| ^ 
a PattjKewT.l^_J » 
75 CWyftDtstr^ 

60 DaeianOHdg 
lift Deres Estate »p- 
47 EorrtngtonlOpj. 

Eng. Prop. 50p— 

DoBisicCnv.— 
Do.EpcCm; — 
IWs.fcAS«« 
fete, ft Gen. I.. , 

lEstS.Prop.inv— 

[Evans Leeds — j 
FwteiwEEtUOp- 

kask= 

£tPorfland60p- 
fcaa^iMp— 

pSSwSnWp 


raSSWomW. 
DoJIWCww-® 
jwLandSOp— 

iLmiProvtolOp 

!laL S 3 & 

C 

Uarler Estates— 
Mdoerneylte- 
»<JKbjSe« ». 
adhmrfWxlOp-} 
MoanrviewSp— - 
MueMwCAftJJ 
Nnlten 1- 


1878 1 

Bgh Low 


547 

109 

86 

315 

156 

15 

B7 

77 

115 

% 

■18 

43 

129 

£174 

270 

228 

53 

70 

17 

98 

24 

282 

148 

292 

2D 

19 

34 


Sack 

..•HM&ftlm., 
Pnx lsir.SFm.£l—] 
hijp.ftn'sttp_ 
Prop.&Hec.'.V- 
htjp.Stt.lirrSOp- 
Raglan Prop. 5p- 
iReoliaa 


100 

£140 

216 

,170 

31ft 

56 

12 

Z2 

, 18l 2 
1242 
119 
1262 
14 
26 
30 


RegkraafPBjpu- 

I IH'A' , 

Sn 6 T«np&ntj 109 
fenc'd Props — . 

Scot M«rop.20p 
35ft SecoodCirylOp. 
lShntehEsu-^ 

On mCow.'W 
[SocfcCOnreisn-. 
FuEkyiB*Im 


Swire ftoMrfies 
jTwroCerfrc — 
now?! tCity lUf- 
P^iffarriFftric— 
L'-K-Frupeitj — 
[ltd Real Prop- 
raan*r Estate— 
fw»nfiirtln'.ajp 
|Wet»itoiap — 

STminsterPSOp. 

1%'mswnfMs — 


+1 


+ ml 

Price — 


297 

109 

86 

290 

132 

9ft 

78 

5?ft 


72 

100 

36 

101 

£142 

226 

170 

53 

57ft 

12ft 

95 

181; 

245 

120 

270 

15 

16 
•52 


+2 


Dir 

Nei 

* b fi 

♦t4.Q 

+139 

d469 

+138 


glO 

Al 

W2.1 

a94 

ti.a 

227 

Q10%l 

biO ^ 

3.95 

0.01 

T3.65 

507 

2.66 

+4.86 

hd0.48 

127 


(7w 


13! 331385 


03 


?.rt m 


13 


1_5| 

15 

h* 


1.9 


1.61 


5.MX1 


24 

22f 


l-WlMi 


.S’! 


73 


15 3.4 


a 


1« 63 


li 3.2 40.7 


13^ 3.4 


27 


23i 4.8 
U 


iSi 

6 

44.7 

,10.9 

12« 

472 

* 

575 

175 


30.4 

134.4 
11271 


181 

295 


294 

200 


SHIPBUILDERS, REPAIRERS 

JHawthoraLSte.) 

Swan HnnterC- 


75 1 64 
1157 129 


135 

260 




iVospO'- 
lYarrowSClp. 


72 




132 

-1 

6.86 

150 

+2 

4^>5 

260 

— 

+4A1 



SHIPPING 


150 112 
348 206 
235 175 


41ft 

39 

145 

235 

20 

&4 

13B 


140 

46- 

115 


72 

65 
bl 

104 

36 

87 

60 

41 

48ft 

50 

66 

fo 

32ft 


116 


56 
, 30 
s 

92 

97 


Coma w Bros, wp-] 

Fr^ertJ) 

Furness With? U 

HoDbc8Gifcfitt.n_ 

Jacobs U.IjJBd, 

Lra. fTSe+s. ?rtis_! 

He^ej-IS: Goris 
ViboW Docks £L 
Oeean Transport 
P.tODefd-El- 
iteardonSm.50p 

Da'A’SOp 

Rimrmmn fWj — 


272 

140a) 

142 

268 

190 

37*j 

32ft 

124 

220 

& 

121 

100 

92 

39 

108 


+2 

1+19 


S? 

L53 

&s 

A1 

337 

4.90 

5.10 

2.72 

825 

t5.95 

+1.64 

tL64 

tnth 


4J 

L 

bJ\ 

3«l 

♦ , 

6 1 

43, 

2.61 

|| 


4.7 73 

63 
16 4 
U 43 

8.7 20 
7.5163 

,15.7 CUi 
6.1 « 

IM .6 

56 5.8 
103 f«3i 
9.0 (S.Oi 

i u a 

,n.il 53 


SHOES AND LEATHER 


76 

560 

65 


16ft 

60 

59 

93 

29 

64 

47 

36 

3S 

40 

58 

33 

57 

42 


24 


80 


AflebonelDpi— 
Booth antnli — 
Footwearlavs.— 

G&rrar Scot b lair 

H pirf+i S(mi5ri 
mfli»£ 2£5>—_ 
K Shoes 
Lambert. 
NewhaHb 
OirtertCrA' — 
Ptttnrd*p.— . 
Stead6SS'A‘_ 
Strong fcFMter. 

StyfaStoes , 

rnraerl&EMipJ 

Ward White 

WeanalOp 


19 

60 

59 

93a! 

& 

§ 


61 

37 

58 

49 


25ft 


+n 


LOO 

•SP* 

a? 

227 
327 
280 
L87 

,277 , 

+1 Hbl9« 


'-ft 


+ft 


£ 5 ? 

M3*96 

131 


tinjlb 

|j ?.9 


ti 76 f.8 
26 fj ?.5 


SOUTH AFRICANS 


.83 
28 
62 
, 95 
IOO 
288 
35 


4 


AberaanROaO— 
A0d0A1s.ln.Rl 
Ang.7+'slBd50c 

EdwrtslOc 

GoWFkkP.Jftc 
Gxinns'A'Sac— 
Hntetfs Cpn. Ri. 
OKBazaars50c- 

PriosnseJOcti.- 

Re Trttimi 'Aa 135 
SA Brews. 2fc_ 
BmOaisRl— . 

UmAC 


mm 

♦1 

MM* 

17 

1 

540 

■•■5 

qXv 

Z4 

7(1 

305 


Q19c 

3.1 

n 7 

46 



2.S 

57 

77 

-3 

QJ^ 

12 

6.6 

138 

1-8 


0A 

| 

325 



W 


340 

+10 


L? 

t 

153 


is 

« 

i?i 

73ft 



2J 

7.7 

540 



* 

52 

61 

..... 

KjS 

4 



3.9 

5.8 

H 

1 121 

9.9 
4.7 
5 

20 

62 

9 

* 


TEXTILES 


1125 109 
(Jm £72 


(Beatea.iato-. 

iBedamn A lOp- 

Eight Uohom 



Card _ 

Carpets W. 

fe8tn“ 

jcoals Patons 

Tnm +aildc 
,DaT% Debar? 
fcrowther(Jl — 

DwiBoninlL 

Da'A^__ 
uDandJ — 
(CJiitlOri 



LAIHed Textile— 


(Leeds Dyers 

Lei^] Mills 

LerexSp— — 

Lister 

Ules(S.)30p— 


WoCsIfnfe-— 

[RJLT.lOpl— _ 
rFashtce 


URJOp- 41 

RidardsUp — 20 

lE£T.20p 55 

Scott Hobotaon- 41 
SetersLnLlDp— 28 
ShawCaipeswp- 27 
fflilob Spinners. 20* 
SiDawIndsBOp. 84 
Sirdar 71 

Small ATirtnra- 30 
So. VisttHSLUW- 51 
Da Prri. L1200 _ 31ft 


anadBUeyDr'd-l 

[TKnConsulite- 

rrrarrdJnp.lC*). 


. Carpets 

firfeorfUeiCp.-. 

h«»-Tex20p 

lYortiFineW.ll^. 
(Yaagbal 


+1 


ill 

l-i" 



272 


35 6.9 62 
27 95 60 
52 72 42 
L911J 7.1 
16 

29 1L 1 
L7|113| 20 

Mj^Ml 27 


26 5ll 


-Jim 5 * 

SIJ 1 !! .. 
33 66 6.4 

«M 8 

^ 0.4 - 

22129 55 
24 314 1 A .9 
5 J 68 48 

* 6.7 
4 > 4.6 
22 98 
4 i 42 

a m n 

♦ 20 

L« _ 

31122 48 
24 75 2 2 

2910.7 3.7 
32 95 61 
92 45 3.0 

tUA 

isiD.S ti 

44 6.0 42 

♦ 10.4 * 

L8 28 77 
4.0 67 5.7 
75 48 3J 

to 68 2^8 

0.9 10.7 158 

HViil 

2211.7 68 

♦ 6.4 + 

0 9.7 o 


*3.4] 241 53 

3.4 65 
; 113 55 
IB 28 


U 5^5 

10 9.6 
uioiilz 

A6 3L0 

lit 4/7 291 
lm 111(131 



9 * 

5 
S 

a 

«ft 

81 

91 

■8 

121 

138 

84 
141 
114 
106 

85 
106 
93*; 
73ft 
90 
69 
68 
1141; 
67 

75 , 
105*2 
79 
65 
58 
82 

92 
38 

187 

78 

76 
£9ft 
670 

52 

170 

75ft 

175* 

127 

80ft 

205 

131 

|UB 

152 

248 

49 

51 

6 

140 

90 

jiS 

V 

25 

31 

13 

•62 

138 

67 

111 


Id 2326.4 
10] 114132 

U| 52116 2 

10 52 303 
JJ 13 003 
45 0.7 46.7 

11 4.4 322 
IS 4.7 33.6 
10 66 224 
10 ZJjfAA 

10 53)28.6 
U 42 324 
5.9 45 3.7 
10 4JM.9 
15 381334 

8 

12 9.7 151 

U ife .4 

lb :.. ■" 

Ifl 5.71 27 J. 
10 
10 4 
12 4.: 

12 5.3 243 
fll 23(428 


58l252i 


INV. TRUSTS— Coniiimed 

|+ ori ttt 
Price! - l N* 


FINANCE, LAND— Continued 


suck 

JcedarJire. . . 
jT|| Pan Is. IntSl. | 

46 (Charter 1 
26 City ft Com toe.. 
76 DaChaCD— 
48ij nrvtFor.Iov.- 
as ntj&iflttmn- 
62 GftdCRfDrtl— 
76J; naterhcuseSOp. 
6ft C lift calms 10p- 
5^2 Cljiiesdldelm- 

57 Da-B" 

ColotialSets Ms.. 

CfflUmenCld Itrf 


rid 
Ctr tirs P.IE! 


]2W 

a 

1106 

% 

,155 

lS' 

& 




ironUDsntiloioo-l 105 


Crtsu Japan »p-.j 

Cn? sslrfars ] 

Cumulnslm . 

38>' Danaednc.'iJOp'l 
31, In iCap.ilOp -J 

(DebentsreCa 

lertyTA-lnc 
Da Cap. 50p. 
DOWaJtHi&Gen. 
Drajtmcatfd- 

Da Cons. 

Do. RsrEastem 
DaPrEjmer — 
DmlifitlDCsOp 
naCndtalO- 
bindae&Uiu.. 


[EdmbEgh AiaTsU US 


712 +H7 1.0 35145.4 ( 


1 !$ 




OS' 6fio.iit.an. 

96^2 Etetraliiv.W... 

60 aeftb Gea— . 

74 Eng.61ateratL, 

*3 EniANy.TmsU 
58 EntiScoUuc- 

nS iKSSt 

170 Eqaitylnc-SOp- 
[258 Estate Duties EL 

37 F.fcC.Bntercst. 

70 FMflrlnv.Irt- 
76*; FiWSwX-Ain.— 

F?5SSn«a25i. 

FundjnrestlK.- 
49’ Da Cap, 

98ft G.T.JHBL -.... 

1120 Cen.*Con»DcL. 

[73 Gen.OoosoWtd... 

125 General Foods— 

97 Do.Conv.10p— 

88 Gen.taw*Ks_ 

72ft GeaScctnxh—- 
721; GeaSrodrtLZftp 
84 GU«Dw»WdK- 91 

71 GleiidmrmlBv— 92 

68 Da"B- 90 

60ft GhnBfflTaylnv.. 69 
56 Do.'B'Ot 
97 Globe Im. 

55 Govrtl Europe — 

65 Grsnge Trust — 

90 GLNonbtnliiv— 

67 Greenfciarliiv— 

56 Greshamlm — 

48 GroEtpInvestcrs- 
69ft Gan&nto-ftt- 

7B Uunfaros 

26 Ha.-nrelirv.10p 

060 HUia%lIipJ 

69 awneHkii-A’- 

68 Do ^ 

£3% fcofand® 

600 Dap ... 

423* Industrial & Gen.] 49ft 
105 laLPK.Sc HUtJ 170 
65ft IntOTaCIta — 

147 ttt.lBf.Td.]«£l 
107 Iw.ioSaecess— 

62ft Invertors’ Can ~ 

174 Invests. Trt. up.. 

103 JardiaeJapan— 

1 70ft Jrdi«Sec.HES. 

% HIT 

44 kn'ekrr.tocLlOp 

4 DaCsp-2p 

(125 Kefdaoehn.StlpJ 
46t 2 Ebigsaielm — 

75 Lake View Inv.— 

38 laac.6L0D.lnv- 
871; Law Debenture.. 

□2ft UariSUi.Bet.lr 
34 LedalnolncflOp 

a 

6 Look Abdn PU5p 
55 ImAtlndic — 

LQ3 LfloAnstlnviAl 
53 l/xi.404rt.30p- 
95 LndaiHc^Kid-. 

61 LoatLemos— . 

16 LaaALiv.lOp- 
59ft Loc. * Lomond- 

IzmAltadrose. 

IzxlAPtw , 

Log Prudential -I 

^ras 

Lowiazrfluv. 
d&GDoallne. 19p[ 

iffidRStSl 

vests* 

40 Hektraaliiv — 

33 Sferruitflelnv- 

62 bterchectsTrt-. 

41 lfcnislwest — 

g MonL Boston lOp 
DaWn+iQ — 

42 MooloyaSU- 
,78 kfooT^telmr, . 

& 

11 DaNewWntfc. 

. 31ft N.T.4Gartniore. 

H83 1928 Invest 

78ft Nth. Atlantic Sec 
79t; Nthn. American- 
95; NretbernSecs-. 

8 

99 PenUasdlnv. , 

68 Prot Ses- te-S^ 

. 23ft ProrinCialQties 

[104 Baeborn 

Beabrooklnv.— 
aghadlsaOp 
148 River 6 Hbc._ 

123 Brier Plate Dd_ 

£46ft RobecoiBrjr 
467 Do.SuluSh's 
36ft Eoiinco NV +150. 

(325 Do6utj.a'5FB J 450 
73 ErHroeyTrnst J 91 
52ft Rosedfanradlnc 

flS HoS3dla50p_J 

67 Safeguard Ind-T 
101 SL Andrew TsL_ 

74ft SMLAa.lav.Up 
431; Scot ft Cent Inv 
D51 ScoLQbes’A’— I 
[114 Scot EteL lav- 
34 Scot European _ 

BZft Scottahluv 

94 ScetSort-ftTht 
|119 SeoLNatHmal^l 
86 Scot Northern- 
111ft Scot Ontario — 

58 Scot Ltd. Inv — 

72ft Scot Western — 

_69 ScotWestn-'B'— 1 

P 61 Sec.AUia«ceTfLl| 182 
65 Sec. Greet Ntho. 

60 Da-B' 

J54ft Securities T. Sc _ 
feOO SfetelKKIwSCSS. 

1118 Shires Inv.5Dp.- 

58 SfaewelUOp 

94 &terelnv 

155 SFLJriEC.10p_ 

48ft sraTcap.«^i 
90 Stanhope Gen — 

1145 Sterling Trt 

76 SocttXfervInv.- 

80 Fechnofogy 

fife tojdete-- 
22 Throg. Growth— 

86 Do&plC 
64 Ihrogroofte 
£305 Dag^Loan- 
71 Ttr. Invest Lnc. 

95 Da Can. — ; _ 

O Trans. Oceanic. 

56 rribnne Invest— 

60 ftptereilfltSOp-] 

31. DaCawtalU-l 
91 Trust 

8 SSSS*-- 

2»ftfe&i-| 

18 Old. Capitals 

1600 CS'QartFtadsiJ 
74 VOffigBesoarteJ 

» 2 MUMW 

J278 Werpyslnt.Ll— 


S’ 


m 


IB U71 WbdertxatDro— ] 
6^2 mtaolnv— 

65 DoT— 
t48 yeotBBnliiv.— . 
26 tarlaftLancf- 
5 VortgreenlOp^ 
69 ToungCo'sknlL 


* .r-_ - r-lr-. 


+ 2 ! - 1 - 1 - 


-U 




5.9 24.9 
14 75.1 

** Jt 

6.3 224 
32 433 

, „. 63 318 

£L 2 17.4 
5.1245 
8.0 16 fl| 

4.4 A 
18 435 
7.Z2DA 
4.7 30 7 
37 0.0 

6.9 LL 2 

. , ( 10 . 0 15.0 

-ft I — I — 1 — — 


-1 


+ft 


i-1 


+ft 


— 1 3 J 0 


+ft 


-1 


+1 


+ft 


-2 




+ft 


a 


2 5 , 

Q15.0[ 

115 

L82 


' 1578 I 
E* Lew j 


A !iio 


. 6 ^ 23 « 
do anil 


+4.D7 

t3.05 

3.8 


10 


6.7 211 
71225 
75 2051 


+332 

0.8 

+137 1 

hl4Q I 
13.43 


U 1 


5.3 24.6 
4 7 302 
42(290 
28U 
7.31201 
5.WM6 

ioau.4 


Stock 

«a«nc2rtre. JPp .] 
msRP 5p.. 


]+ «] Kv 

Price 1 — 1 Net 

67 ! !068 

49 }t5 98; 

Ellft|-ft QSllbj 

1 -3 


;+ft 


6.3 

13.1 


U.l 


♦10 

,631 , 

Bar 

302 

,04.25 

_ .. 14 91 


IM 

oSji 


5.7) 
i7l 4.| 


5 M 5 .7 
7.6 


'lartih .—. .... 

I JassMrf.ftR-% 

iSLCIroMT;? 15 
IsppOBFdajie? 320 
ftrambelto — 13 
■arfcPbeeTm-- 25ft 
fcn^SiSifei. 18 Ira 
Trtaal-«FW»- £66 
10 ISLGWWWP— 10ft* 

90 tetft.lter -.V- 95 
148 |S 1 i.EV*jK-.Ann_ £50 
51 SmithBrw ... 57 
7« e SUnLPanHESuc Ui 
E27ft|afitFinNF;on £48 -lft] 02? 
i960 htae.SfeTt:p 975 .... u ‘” rl 
24 KVftr-bClert-tOn 24 !. , , — 

%i, fRwrfEr.?.'a-!a •' -ft ; *2 33 37 . . 
ui’ ]\ulcC3Kaifb— J 75 i-1 (3 39 I 3J< 2S\ 97 


■ I™! 

Cw|ti-*IP/E 


2.1 


161 ; * 
ill i5i3.^ 99 


33j459 
7.4 


8.l 

U.l 

39) 


4.3» 9.6 


59 233 
93 1841 

F? 25 ?h 48 

156 
864 

V 

£62 


OILS 


5.4 24 6 
5126) 
4.0 33. 
5.6 253, 
102148 


49 

21 

02 ft 

|382 (fiaisoaa--. 

(Pctroia 
out5Dc_. 
KCA.. - 
MSW 


t Mtoc's31p — - 
BnL Borneo l«p 
BriLFetnd'a.i.l 
Do 8°a Pf £1 — 
6mioh£i__. - 
, 10 * 1 * 5190 . 
l*»CCP$Uife£J. 

91 \5p.— 


80 

144 


— 1 - 


+613 


jLAS20*OpF'!Op 

iiLigELriMcuMUa 

KrSpLjpp-.. 


116 

g. 

13 
1178 

12ft urenuer tons, oc 

£14^i fciiEer Oil 

RevDoWs D.v. lc. 

[RyL Dutch FI20. 

lScepaeBM. 

SheuTracsReit. 

I D&TUUl -- 
fftf tfh e t s'L' K-iil 
|T«aro4V«Ciiv 

[Tncrrtrol 

thrasur 

n> 7pc cm.il - 

teecitsXar lOcte 
I Do Pfc ITU- ICc.. 
WoodsideASOe.- 


794 

-6 

2710 

71 



b.b°c 

51 




£59ft 



S63 




56ii 


+2.43 

22 

+ft 



£22 


QVflr 

409 

r _ 

— 

136 

1-2 



13ft 



29 

-1ft 

♦Z0.1 

188 

+8 

— 

ass 


qia% 

374 

-4 

— , 

21 




208 

•r2 

m 

141; 

**it 


1 1 1 

£46^ 

vft 

D57& 

550 

-6 


560 

tB 

15.: 

61ft 


4.9®« 

324 

-rl4 


£64 

160 


^v- 

262 

-4 


148 

•*1 


148 

+4 



148 

t4 


71 

-2 

- 


SUrte^-; 


3 0 


41 


rllo 

63 


8.1 


03 

rlJ? 


15 


42 

1M2I123 

773 
5.8j 13 

|M5! 6Bl 

b.lj 


153 

86 


43 

563 

9.6 

63 


29.5 


143 

87 


1.7 


3.8(412 1 


OVERSEAS TRADERS 


0 85 , 
tQ47c 


AtncanLaltrs— 

Ausl Aerie. 3te_ 

Benda+uiS ft w • 

EtnhKti,TbH,5C? 

Boustead'lOpi- 
RnteiJas.i50p, 
Giii&Duflcs — 
GLNthn.£W-- 
HYhris.Crre.Ll 
HoffiningtS.* — 

InehcapeU 

iKtoWm. 

Jamaica Sc^T— 
Uinrixi. 


UUcoeilCrfte — 
Nigerian Elec — 

Ocean Visas. 3ta 

Prtstm.Zoch.10pJ 

Do -.VN-VlOp- 
SanperOZ-r. 
SeaaSec5r5Pn. { 
i Si roe Dari'S lopj 
Steel Eros 5Cp - 
rorer Kerns 3Jp. 
DaSpcOn.^Sl. 
1-QtsrJJerc.lOp. 
DalOpcLalSp 


250 

81 

124 

69 

31? 
233 nl 
£61 

5 S 

418 

29 

16 

71 

43 

250 

84 

19S 

195 

152 

400x4 

50ra 

£89 

60 

60 


-55 


-t-2 

-13 

i-l 

♦i" 

ift 


-i 

i-5 

i-lO 

Cu 

^■r 

-3 

-1 

-2 

-2 


4.4 

fee 

62 

150 


„ .72 
426 
115.0 
2066 

6.55 
3.4 
132 
h2 29 

(?? 

+Q35 

UO 

310 

192 

tbO.75 1 

0.4 


* 

t. 

32 

63 

22 

L7 

u 

75 


3.3' 

* 

[102 

110 

312 


Hi 

13.7 

6 0 

3- 1 

5.7 

ll 


7 JS 0 I 


3 

ui 

0.0 


20 

343 

42 

i93i 

l 

♦ 

lf .4 

6.9 


5.4(103 

4 A 


14.0/40) 

12 .M (6 Oi 


i.t 

3.4 
rf 61 


183 

* 

♦ 

73 


11 


loj 12.41 118 1 

* Ills! "a 


RUBBERS AND SISALS 


5.0 * 
53 219 
5229.8 
6.6 228 
6.7206 
92 163 

Ui 92 193) 


12) 


[ Suck 

Anglo-Indonesa- 

BenamCtms H^J- 

SrdiAfricai. — - 

BradralllOp 

Caslefield 10 
Chersonese 
Coos Place 
Gadek(3!alay.) 

Grand CffltrallOp 

Gutbriell 

UimsHElSy.Ea.iDp-l 

Highlands M30c.. .. 

Kuala Kepoug MSI. 

T+KnlimM50c 

Lrfn. Sumatra lDp- 

MalatoH MSI 

MuarRfrerlOp 

PlaitianoaHU^.10p 

SangdKrianlOp- 


Prire | — 

94 
84 

14 
51xd 
295 
71 
137 

57 
10 

270 
91 
93 

58 

a i 

45 
69 

61xc 


Sir. 


Net 

ClT 

254 

2.4| 

35 

15 

T7 

6 

s2.« 

Ifl 

275 

* 

225 

12 

rm?* 


3.05 

— 

3izy; 

15 

♦MO 

16 

tOllc 
ho 43 

1.7 

31 

fi? 

10 


» = = = = 


+3.07 


0.40 , 

+7.67 
2.7 ’ 


a. 


Hu 


15 UM 
55 273 
’ 27.9 
32-2, 

.M 

3.928 6 
5.2 283 
5.1 Z76 
83 16.0 
46 292 
3.9 346 1 

75185J 
7.020.0 
5213.4] 
5 2 18 


J mi 126 1 


4.4 336 
26 44 2 
7.7 175 
45317 
60 27.9 
4.0 365 

33 3^.8 

5.2 

33 4?.4 


TEAS 

India and Bangladesh 

1011 


.Assam DoaarsEI — 

Assam Frontier £L 

Assamlnre.0 

20>2 Empire Plants lOp. 

212 JotaiQ-- 

LougboorneO — _ 
McLeod Russel £!_ 
Moran £1 


Singio HJdgs.lOp- 

Warren FlarXs. — 
XiUumsottZl 


107 

Z»2 

Z70 

270 

225 

390m 

22ft 

225 

168 


+1 


l&l 

fflO.DOl 

tl3.5 

1SM^ 

IW 

9.0 


YTd 

Grs 

4.1 

6.3 

50 

1.4 
5.9 
8.8 

ii 

5.7 

5.1 

4.8 

4.7 

5.7 

4.7 
2.6 
15 

4.8 
3.7 


i 

5.« 7.4 
4.9 85 

3.7 9.9 
16 128 
35 6.7 

6.8 5.6 
17 9.1 
4 .9 5 .9 
32111 
3 6 8.8 
4.7 81 


185 (123 (Lunuia £L 


Sri Lanka 

( 170 (+5 ( 5.5 ( 15f 4.9 


Africa 


445 -5 
155 


510 

13.0 


17.0 

117 


MINES 

CENTRAL RAND 

[Durban Deep R 1—1 
(East Rand ftp. Rl-1 
t&Rl 


EASTERN RAND 



93 


+557 

+L79 


jEraden Rl 

R1 

(EJtGQ'8050 

Wrtrtvleiajc 

'Ewnjss HI 


!%U 


aw 

42|S5 313 (214 ' 
4.929.7 712 1689 
15 445 

II §5 Ol\|890 

(13.0115 


Leslie 65c ... 

UarievaleH£L5Q — 
3 African LdSSe- 

llakfontein Rl 

(winkelhaakRO — 
WiL Nigel Sc 


•69 

27ft 

335 

85 

299 

42 

85 

42 

41 

622 

41 


I 

M 

-7 

-rl 


15)21.6 
1.2 

H 4.5 
IB] 13.4 


1H 


68 


ia 43 

LW323 


36.4 

83 


FAR WEST RAND 


502 )408 


— | - [ - I _ 1562 (432 (LibaaonRl — 


-ft 1 438 I 1.01 


+1 


+11-1 - - 


9.J155I527 (419 
lQ'|llB|U3ft^ll 
°^29.7 


+184 12 4.3 28i 
+456 11 4.9 2951 
3.85 11 55 24.91 

, M.03 10 55 3^.7 

^ UllA 

5.94 U 5J261 
Qlflc _ 0.7 
11 * 10 * 
0.75 15 14 74.8 

10.81 6 55 i 

+1 | tl93 lli 35J40.4 

+1 "f759 td{ 7.3|20.0| 

+335 lflj 7.0(210 1 


25 

Rl. 

DeeJhraaUCLa)— 
DomfooteinRl _ 

test Brie Rl , 

(□udnadGUlSk-l 
[SUfanrsRl— — 
HaitebeesiRI — 
KWGddai 


S«jiliraal50c 
Stafontein50c 

tvaalKeeisoOc — - 


Z89 (123 VenterrtnstRI 

£19ft|U6Stw. Drift RU 

(Western Arena Rl- 
Westen>DeepR2_ 
ZandpmRl — 


327 

888 

77+2 

246 

653 

193 

107 

£ 101 * 

460 

452 

460 

226 

£12 

170 

07+4 

174 

727 

190 


-2 


-7 

-15 

d 5 

-s' 

-8 

-3 


O.F.S. 


833 (703 


Free Sate Dev. 5ft 
i FS.GeduldSOc — 
F5.SaaiplaasRl~ 

HanaemflOe 

Lor^neRi 

Pres. Brand 50c — 
Pres. St^n 50c — 
a. Helena Bl 

Unisd 


Watara50c — 

£1318 WJJolduigsSOc- 


89 

.■V 

■*H tl 

Qlle 

t?S«C 

14 

2.7 

307 

-3 

(/55c 

4.7 

84 

«VH 

622ai 

727 

* 

-a 

-18 

« 

05 

26 

9.9 

25 

161 





258d 

Q7ri 

-2 

-^i 

tfjibe 

rt(ZB0c 

19 

15 


FINANCE 


Finance, land, etc. 


242 

12 

21*2 

75 

17 

■a 

£13 

% 

58 

48 

15 

£6 

lao 

19 

13 

30 

34 
11 

35 

pi 

74 

22 

a* 

95 


1216 Akrq+dSodbos 
5 Ann«irT5U0p- 
26ft Att&onrilnr.aip- 
19 BritanmaAirow. 
M Cteiierfejr 1 

Br-BESE!!: 



5^253tU4 pu lM.4aHUa.5p, 


12 

(22 &feratB»i-. 
1100 FashiMAGea) 

16 Fininafclwlll . , 
9ft Ffcowlmrat — 

1 SsK: 1 

2 BSfffS!- 

16 InrestmentCa- 

80 KahnrikSL. 

44 fitrt'n.T/pteMlj) 
38 Ewahulto. — - 
13ft LamoBtHuKlOpft. 
13 Lou. Qua Grp... 
73 Loc. Merchant — 


+3 120.0 | 4.713351 2.4 


+V 


+2 


+10 


0.99 

1.72 

Ml 

0.49 

+4.49 

LO 


+2 



KewlfitSfc.. 


ParinoWFlsli.- 
Raod London 15t, 
Selection Trust— 

SentrurtlOc. 

SilvenainesC'ra — 


85 


[182 


292 238 

- 53 M 


+L64 j 43] 7.6j 48j 

(054, 

165 
030 

+125 
3.46 


506 

+6 

060c 

34 

302 

-4 

70 

£36 


QloSc 

U 

700 

+20 

OlOSf 

34 

125 


t7i 

IS 

172 


t9 05 

26 

■. ^Bl 


105 

4 

4 



onto 

17 

av : 


Q170P 

22 

346 

+3 

u23iy' 

13 

152 

+2 

Q12c 

14 

101 


Q15e 

06 

£11% 

,51 

3»hI 

+t 

+5 

¥ 

1. 

4 

202 

39 

-i 


11 

17 

03 


Q95c 

3.4 

202 

+2 

(j3Qe 

12 

265 


Q3Sc 

16 

50 


W 1 * 

L0[ 


1.0 4.7 

15 75 
23 3.9 

32 5.9 
10 2.7 
23 53 

33 5.7 
73 13 

16 9.4 
2.7 45 
Z4 6.B 
10 6.9 


8.2 

93 

lft? 

43 

9.3 

19 

9.4 

fll 

9.9 


6.1 


44 

8.9 

25 

117 

5.5 

83 

97 

4.4 

8.9 

&6 

9.0 


43 


DIAMOND AND PLATINUM 

u 


K ftnJn rJflr 
jrigMtP!tl9c_ 

DeBe<nDf.5c._ 

I» «prH R5. 

" 'SS 5 3 **' 


£35^ 

76 

340 

£11 

59 

7b 



3»M 

■ 1.01 


W ill l 


10.2 

5.6 

92 

209 


\3ni*rnationa£ -5 i 


inanettr 


DAIWA 

SECURITIES 


1ST* 

High Low 

210 1165 
24 I 27 

n 

141 
BO 
41 


12ft 


12 

113 

78 

217 

72 

136 

17 

187 

24 

A 

lift 

156 

40 

£11>4 

181; 

480 

122 

50 


30 

510 

55 

?65 

140 

10 

270 

160 

93 

11 

73 

460 

320 

54 

58 

190 

61 

61 

180 

280 

183 

70 

100 

90 

192 


10 


MINES— Continued 
CENTRAL AFRICAN 

1+ «J Dir. 

| - ( Net 

QSOc 

£56 

qii.o 
'+$£] 


Stork 
FjlrtmRhaOc.^- 


Bhai'ui'orp. W«p. 

Roan Cons m - 

TanRjipilJSOp- 
rv> HreiflOp . . 
WaptaeCol Rh.1 . 


5» 

122 
S 

32 (WaptaeCM 

ZaaCprSBDOUt— 


Price 

180 
19 
65 
■146 
80 
■ 37 
12 


na 

Crr bra 


-1 


131 


U 

16.3 

L4 


10 

64 

63 

MB 

-38 

Bl 

10 

125 

10 

79 

II f 

30 

750 

12 

310 

84 

35 


24 
240 
, 45 
200 
111 
81; 
225 
130 
78 
10 
68 
450 
260 
40 

, 

[165 
49 
, 47 
140 

9 

85 
, '4 
148 


AUSTRAUAN 

10 

103 
76 
214 
52 
128 
14 
181 
23 
2 
103 
9ft 
152 
33 

£11 ft 
171; 

462 
119 
40 


,Acmpt25ft 

?miKnnullf 50T«a 
,BU South 50r .. 
IConnnt RjutusloJOr 
VfiM KaJpoortieSJ 
llamptn Areas f>p 

MeShEs-SDc — 
M. HJdp ffle ... 
Mount Lyelir*-.. 
SmnetallOr . ... 
North H HxllSOc — . 

Vih Kalpnrh. 

ekbmkeSAl. . 
Ktn&c Copper — 
PaaconflSac .-. - 
pannra 5p 
Peto-WrtJ^utljoc 
Wean MmmcSIC- 
iWhun Creek JUr — 


TINS 


Aral Xirerta — 
Aver Hitmn Mil — 

ReraltTin 

BerjurdaiEMI — 

GoM&Buei?d>.. 

UopHU'Cteo. 

HongtoUC 

IdnslOp 

(jaaurliftp ... . 

undine SMB 50 
KilltroitaH.-. — 


peaglaicn lflp 

PerSmeOn — .. 

Saint Pi ron 

South Crnlty Kip . 

Sthn Malayan SMI. 
SungriBesSMl- - 
Sopreraeforp SMI 

M^rSM 1 


24 
310 
52 
265 
135 
9ft 
230 
160 
80 
11 
• 69 
460 
315 
54 
50 
IBS 

J 

255 

183 

70 

90 

90 

190 


_ 

_ 

W8<? 

14 

QlOc 

22 

145 

41 

Q9c 

17 

Q8v 

i"5 

njllv 

19 

Q15c 

40 

Wbc 

1.4 

+2 5! 


riJSlh'r 

0.9 

375 

* 

tat 

« 

34 

150 

09 

7~5 

V 


-2 




23 
65 

f*4 13 
tQTTBe 

2® 


237 

45 

75 
90 
17 3 ' 


49 

y? 

17 

31 

Tb 

Is 


20 

31 


IS 9 

Ilf 
20 5 
100 
1 4.2 
C.71 4 8 

J ZT2 

Oti 65 


M 


46 
19 7 
14 


4.61 54 
l5|lL4 


10.1 

11.1 

31 
10 9 
136 
10 0 


COPPER 

96 I 70 (MesanaROSO | 90 | (tQ30c| 19( 


15 

300 

3B5 

210 

46ft 

ai 

45 

162 


9 

1245 

164 

30 

(750 

43 

120 


MISCELLANEOUS 

+2 


P Ksl+ftP. 
A.10C... 
CSI 


SabhalndaCSl— 
[TaraErptiiSl..— 
fTrtniO'l&neralslOp- 
Yukoo Cons. CSI —. 


15 

245 

370 

195*1 

341; 

m 

43 a 

154 


:sa 

+ft 


Q30c 

95 


L33 

Q7e 


7.3 

7*4 

7 J 

2.2 


NOTES 


L'akas Mhenrtae Ind tested, price* and on tOvUeoda are I* 
pence and tonaalnllim arc Up Eadmled priced carnlnj» 
nUaa and wen an baaed an Mart annoai repacu and acvawua 
and. wtarte paaalUe. are opdaud on bmif.ynrtv llKurea. WEa are 
retert-ted on the basis of net rffttrlbotten; Inctowd floarea 
uurtcaie IS per cent «r mare dllfrrence if calculated an “alf* 
dtartbntian Conn are baaed an -•maximum" dfatrihwtan- 
Ytelda are baaed an mWdte prices, are paas. adlreted w ACT rt 
34 per cenL and allnar far value af dedarad dlatrtbaUaaa and 
rldua. Srcnrttte* wilb d rn a mlnaH are atlier itan aterUnS are 
q acted Inclusive of lie lorertmenl daUar premliM. 

A Sterling denominated Mcnrltles which include investment 
dollar premium. 

• “Tap" Stock. 

• Highs and Lows marked thus hare been adjusted to alter 
for rij-hu issues for cash. 

Interim since increased ov remaned. 

Interim since reduced, passed or deferred. 


r 

U Tax-free 10 non-residents on application. 

6 Figures or report awaited, 
ft Unlisted security. 

* Price at time id suspension. 

f Indicated dividend after ponding scrip and/or rights Issue: 

cover relates to creiious dividend or forecast. 

** Free ot Stamp Doxy 
4 Mer g er bid or reorganintlon in procress. 

A Not comparable. 

4 Same interim: reduced Qnal and/or reduced earnings 
Indioitd. 

f Forecast dividend; corer on e ar n i n gs updated by latast- 
I nter im stat em ent 

I Cover allows for conversion of shares not now ranking for 
dividends nr ranking only for restricted dividend. 
t Cover docs not allow- far shares which any also rank for 
dividend at a future date No P/E ratio usually provided. 
9 Excluding a final dividend declaration. . 

* Regional price. 

|| No pat value. . 

a Iris free, b Figures based on prospectus or other official 
estimate, e cents, d Dividend rate paid or payable 00 pare 
of capital; cover baaed on dividend on full capital, 
e Redemption yield, f Flat yield c Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue., 
J P a ym e n t Crop capita] sources, k Kenya, m interim higher 
than previous total a Rights issue Pending 4 Famines 
baaed on preliminary figures, r Australian currency, 
a Dividend and yield exclude a special payment t Indicated 
dividend: cover relates to previous dividend, pns ratio based 
on latest annual earnings, a Forecast dividend: cover based 
on (redan year's earnings v Tax free up to Xv In the £. 
W Yield allows lor currency clause y Dividend and yield 
baaed on merger terms z Dividend and yield Include ■ 
special payment: Cover does not apply to special payment. 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude profits 
Of (IK. aerospace subsidiaries. E Issue price. F Dividend 
and yickl based on prospectus or other official estimates for 
1077.78. G Assumed dividend and yield after pending scrip 
and/or rights issue. R Dividend and yield based on 
p ro sp e c tus or other official e s t im a tes for 1078.77 V Figures 
based an prospectus or other official estimates for DTPS. 
K Dividend and yield based on prospectus or other official 
estimate* for 1078. K Dividend and yield based on prospectus 
or other cOlcial estimates for 1078. P Dividend and yield 
breed on prospectus or other official estimates for 1077. 

Q Gn>». T Figures assumed. V No significant Corporation 
Tax payable. Z Dividend total to dale. 44 Yi*M based on 
assumption Treasury Bril Rate stays unchanged until maturity 
a t stock. 

Abbreviations: rt ex dividend; m ex scrip imue: w ex rights; a e* 
all; M ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 40 


This service is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £480 per mania lor each security 


Fbeff. Refrshmt.l 50 
SindaU iWm i...| 85 


IHI51I 


REGIONAL MARKETS 

The folio wing Is a selection of London quotations of shares 
previously listed only in regional market*. Prices of ln«h 
writes, most of which are not officially listed in London, 
are as quoted on the Irish exchange. 

Albany lav.COp 
Ash Spinning ... 

Bertam. 

BdgVlT.EO.50p 
Clover Croft _ . 

Craig & Rose £1 

Dyson (R. A.) A. 

Ellis ft McHdy .. 

EvnnsFi*k.ltip. 

Evened , 

Fife Force. 

FlnlayPtg.ap. 

Craig Ship, £1... 

HigwisBrew.- 

10.U. Stta.£l.... 

HMtU0S.)2Sn... 

N’lhn Goldsmith 

PoareeiO.H.j... 

P*el Utils 

Sh^&eld Brick 


23 


45 


22 


270 

+2 

22 


410 


40 


65 


57» 


IP; 


50 


20 


150 


77 



145 


252 

. ... 

55 


128 

. ... 

19 

... . 

48 



Corn-. 9+0 -BO-82 

Alliance Gas I 

Arnott 

CarTolliPJ.i— 
Clondallan.— ... | 
Concrete Prods* 
Helton (Kid gj.) 

Ina.Corp 

Irish Hopes™- 

Jacob 

Sunbeam 

TJ4.G 

Vnidaxc 


£93 

65 

320 

U 

100 

328 

43 

US 

320 

65 

32 

1801: 


sn 




OPTIONS 

3-month Call Rates 


Indnstrlali 
A. Brew. 


A.P. Cement J 



Babcock 

Barclays Bank. 

Beecham 

Boota Drug 

Bowaters. 

BA.T 

British Oxygen , 
Brown (J.}„.— 
Burton* A' 

CadburpE 

Courtauids 

bebenhams.^. 

Distillers 

Dunlop 
Engle Star.. . .. 

EJU 

Gen. Accident; 
Gen. Electric. 

Glaxo...-. 

Grand Uei 

G.U.S. W , 

Guardian 

G.K.N. 

Hawker Sidd. 
House olFro«T. 


IC.I 

“Imps" 

1.CJ 

Xnveretfc- 

KCA 

Lad broke — 
Legal & Gen. 
Lc*Serviee_.. 
Lloyds BOult.J 

“Irak"..- | 

London Bricfc 
Lonrho. 

Lucas lnda..— 

Lyons iJ.i 

“Momfi" — 

Urfcs. fc Spner 
Midland Ranh 

N.EI. — 

Nat Wea. Bank..; 

Do. Warrants 

P40 Did, 

Pietscf 

RJL_U 

Rank Org. -A' ..I 

ReedlnU 1 

fipillen, « M .„ 

TescO..- — — 

Thom 

Trusa Houses. 


an 

A selection of Option* traded b given on »h^ 

London Stock Exchange Report put j 


Tube Inv est - 1 

Unilever ' 

Utd. Drapery. 

Vickers. — ; 

Wool worths _ 

Property 

BriL Land 

Ca^>- Counties 

Intreuropean 
Land Secs.— 

ME PC — 

Peaehev 

Samuel Props.. 
Town & City— 

Oils 

Brit Petroleum. 
Bunnnh Oil.... 
Chnrterball .... 

Sheii - 

Ultramar 

Mines 

Charter Cow..! 
Cons. Gold .. 
RioT. ?lne.. 


r- 

5 

18 

W 

3fl 

2 


22 





44 


- ! 1 


SHOPS & OFFICES 


BERNARD THORPE 


LONDON. SW1 TEL: 01 -834 6890 


FINANCIAL TIMES 


Wednesday May 3 1978 




team 
in London 
next week 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

.AN INTERNATIONAL Monetary the year would require a review 
Fund team will visit London of policies, mainly involving a 
towards the end of next week fur new ceiling for domestic credit 
i a lfc.« with the Treasury abj'it expansion. In December, the 
whether the U.K. will keep Hie existing ceiling for 1977-78 was 
standby credit from the Fund in extended to June, 
being for the rest of this year. In his Budget speech, Mr. 

The existence of the standnv Denis Healey. Chancellor, said 
credit is whai binds the U.K. 10 domestic credit expansion in 
the policy guidelines agreed with 197S-79 would be below the £6bo. 
the fund at the end of 1976 and level set out originally, 
reaffirmed last December. Discussions on the standby 

A firm decision apparently has are completely separate from 
nut been taken. The issue turns decisions on repayment of the 
on whether the Government Sl.9bn., out of the S3.9bn. loan, 
wishes publicly to reassure the eventually drawn. The Govern- 
markets about the U.K.'s resolve merit has already announced 
to slick to firm borrowing and early repayment of part of its 
monetary guidelines. borrowings from the fund. 

This view may have attractions 
in view of the recent unsettled For 10 days 
state of foreign exchange markets J 

hut could be counterbalanced hy The visit is expected to last 
the domestic political advantages about ten days and involves the 
nf appearing to stand openly normal annual consultations! 
independent from the fund. * under the fund's articles to co- 

Th e decision i* largely a sider the ecoomic policies or 
tactical one. with no major prac- member countries, 
ticat consequences. If the There is likely to be particu- 
slantlby lapsed, the U.K. would lar interest in exchange rate 
retain its own money supply policy and the prospects for the 
target and a public sector current account, which have 
borrowing estimate just below deteriorated since the last visit 
the limit agreed with the fund, by the fund at the end of last 
The official view is that the year. 

V K. dues not require the fund The talks are expected to be 
to have responsible policies. straightforward, since there are 
A continuation of the standby no important outstanding points 
until its expiry at the end of between the U.K. and the IMF. 

Portugal accepts 
£430m. aid terms 


Attitude 
to Russia 
unaltered 
-Prei 


ler 


BY JIMMY BURNS 


LISBON, May 2. 


PORTUGAL and the Interna- tain that the increase in hank 
lionul .Monetary Fund have lending rale will Tall below the 
agreed un the terms Portugal 7 per cent, originally demanded 
must accept before being by the IMF. 
granted nearly 3800m. (E430m.j Both sides are known to have 
worth of western aid lo cover agreed that the balance of pay* 
its balance of payments deficit, menls deficit, now estimated at 
According to Dr. Silva Lopes. S1.475bn., should be reduced to 
the governor nf the Bank of Slbn. 

Portugal and one of the chief Finally, in spite of speculation 
Portuguese negotiators. an last week that there would be a 
agreement, was concluded this dramatic and sudden devaluation 
week-end. Formal ratification of the escudo. Portuguese 
nf the Letter of Intent, how- officials are believed to have con- 
ever, still awaits the approval vinced the IMF on the need 
of the Portugucsc-Xouncil of gradually to devalue the cur- 
Ministers and I he executive rency over a 12-month period, 
directors of the IMF. Since negotiations between the 

In spite of continuing official Portuguese and the IMF were 
secrecy un the exact conditions, resumed more than a month ago, 
iho Portuguese team is believed the ruling alliance of Socialists 
to have succeeded in moderating and Christian Democrats has 
iho IMF's original stringent implemented a number of 
demands, particularly regarding austerity measures in line with 
the increase in bank lending the general stabilisation pro- 
rate. the larger fur a reduction gramme which the IMF thought 
in the balance of payments was necessary, 
deficit, and a suggested devalu- This included a tough budget.; 
atinn nf the escudo. proposing major cuts in public j 

AH hough the figures may not and private spending, which the 
he officially realea.scd until later Portuguese Assembly formally 
this month, it now appears cer- approved «m April 13. 


Remarks 


Second reading for 
Immunity Bill to-day 

BY MARY CAMPBELL 

THE NEIV Stale inirimuniiy Bill, has been amended substantially: 
which will in certain circuin- since u> introduction in the 

>1 a net's. :iholi>h the immunity of L ’ r ‘ n ■ Ianu * 1 r >- . ! 

Mire re i an stales and their Allhuugh there are stil minor: 

.T'iune Vri, h? - Ih" c?m! i cause the words from Pekiug 

weiind ruuTna It. Z hX of ™«™"' sod teal ttu.mu.litr in; did no, reach il, or does l> 


By Richard Evans, Lobby Editor 

THE POLITICAL storm over 
remarks made Id China by Sir 
Neil Cameron, Chief of the 
Defence Staff, referring to 
Russia as the “common enemy” 
was met by the Prime itlinbuer 
yesterday with an assurance 
that Britain's relations would 
not change with either China 
or Russia. 

“The remarks made by Sir 
Neil (to Chinese lank officers 
near Peking) should not he 
regarded as altering, extend- 
ing, modifying or changing in 
any way the present relation- 
ship between Britain and China 
and Britain and the Soviet 
Union,” said Mr. Callaghan. 

Although Ministers were 
obviously embarrassed by the 
off-the-cuff comments of Sir 
Neil, the hope now is that the 
matter will be quickly fur- 
gotten. In spite of protests 
yesterday from the Labour 
Left-wing. 

The belief at Westminster 
was (hat Sir Neil went fn 
Peking partly to assess 
possibilities for arms sales, 
but had sought to reassure the 
Chinese too lavishly on 
Britain's relationship. 

The Commons exchanges 
showed that the Opposition, 
led by Mrs. Margaret Thatcher, 
Conservative leader. was 
openly enthusiastic about Sir 
Neil's attitude to Russia, while 
moderate Labour MPs were in 
no mood to criticise him. This 
left the Labour Left-wing iso- 
lated and largely ineffective. 

Rebuke 

Both Mr. Callaghan and Hr. 
Fred Mulley, Defence Secre- 
tary. mildly rebuked Sir Neil 
by implication for referring to 
Russia in such openly hostile 
terms, but their general atti- 
tude was to play the whole 
issue down. 

Mr. Mulley said that “there 
was nothing in the impromptu- 
remarks that Sir Neil made 
lhat suggests it should 
diminish my confidence in him 
as my chief military adviser." 

Mr. Callaghan commented 
that one or two of the remarks 
made by Sir Neil might have 
been phrased a little differ- 
ently. hut he insisted that be 
retained the maximum confi- 
dence in the Chief of the 
Defence Staff. 

David Satter writes from 
Moscow: The Communist Party 
newspaper Pravda yesterday 
called on the British authori- 
ties to give ait explanation for 
Sir Neil's remarks. 

In an unusually swift Soviet 
response to foreign comment, 
Pravda said Sir Neil’s com- 
ments about the threat posed 
hv the growing strength oF Ihe 
Soviet lank force were “ incen- 
diary" and “not in keeping 
with Sovlet-BrUish relations." 


Salisbury calis 
on guerillas 
to stop fighting 


BY TONY HAWKINS 


SALISBURY, May 2. 


THE LEX COLUMN 

Indigestion for 
BHS in food 



i 


ip 


RHODESIA's transitional govern- lages was to enable the security 
ment to-night called on forces to provide better protec- 


British Home Stores’ share 


over banking status? 




U1CIU lO-nigm Vdiicu un 1U1U« iu piuviue ueu.er pruieu- _ _ ranPPil from an aiithmj 

nationalist guerillas fighting in tion against attack for the people price has been under a cloud Index TOSe 3.9 to 469.0 thrm.oh Sr-rHnn 

the country to lay down their inrural areas. Bui the executive for the M , s mDn ths and the through Section 12i aai!hf|* 

ars “and restore peace to our realtsed that thea PVs fas they . — Section 124 HsUny—w^jhV 


DCflCf lu uui icoimeu iinu uir^d i vo t up , 

land."^ are called! were unpopular since results are not going tn 

The four-man executive coun- people preferred. to live freely restore the group’s former 
cil, consisting of Bishop Abel and without restriction in their glamour rating. For the second 
Muzorewa. the Rev. Ndabaningi areas. Wherever possible restric- year running sales growth has 
Sitbole, Chief Chirau' and Mr. tions on the movements of been decidedly sluggish and the 
Ian Smith, Issued a statement occupants of . the protected 6 per cent, rise in pre-tax profits 
.saying that now majority rule villages would now be eased, 
had been achieved there was no 
case for further fighting. 

The statement added that in from the process of securing a 
order to ensure “free political transition to majority rule. 

Meanwhile Bishop Muzorewa’s 


in the period before 


to £27.0m. is going to look even 
The executive repeated that more unimpressive when set 
^nobody" was barred or excluded against to-day’s figures from 

Marks and Spencer. 

In the first half, profits were 


activity r 

the first election it had been United African National Council depressed by the poor showing 
decided to life the lung standing issued a statement which of . the non-food side -where sales 
bans on the two original apparently clashed with the volume vitas down 3 per cent. In 
nationalist parties ZAPU — led executive council's call for a 
ZANU '* Dsh v a I *| ko 2 , ° j7“ an ° ceasefire in the guerilla war. 

which i5~disouted by Mr! Srthole The UANC said jt was ^ cent - or 50 Crease 

in Rhodesia and Mr Robert “tantamount to putting the cart in selling space during the year. 
Mugabe in Mozambique. before the horse" to call for a but the food operations were by 

More than 700 had already cea ? e . 6r * before eliminating then feeling the draught of the 
been released from detention r ?. cla * discrimination, releasing gjgjj street food price- war and 
and the cases of the remaining _L_P. l ?_? ca .l PP s . on ? r 5 and dis- p re .t ax profits were only 4 per wrote 


the second six 'months there was 
some recovery here, helped hy 


Index of Retail Sales 


107 


106 


105 


104 


103 

102 


101 


100J 


ALL KINDS OF k 

BUSINESS 11 

-1371=100 n 


i/V v 






1977 mi 


factor. The public taadj 
concept of quality, g, 
crisis broke the 
devoted much more afiliL 
extending its sugi 1 * 
machinery: “substaiiffl 
provements have been?! 
an? in prospect,” it isjjjj 
meanwhile, .some 4J- 
the lifeboat is stiU sta! 
its two largest passeugg 
and First National, a® 
for nearly all the £656^ 
standing at the end of 

John Laing • £ 

For years brokers' d 
have pointed out 


in 


Laing’s stock, market 
. not really reflected the 
their lying value of th&i 


the Inspectors .. . _ 

detainees-a fittle^ oveTliw^ mantling ail protected villages. Second s& report oa L. and C. It is a property portfolio, .ft 

wer underconsideration. The UANC said its final deci- &bQth 5 * Admittedlv profits charge which is hardly chal- Laing Board is thiiq 

The statement said most of sion on continued participation jj j, special factors such lenged by the Bank of England tackling the problems; 

the guerillas fighting for major- in the agreement— following the a i “ f co3 m pn f h e c ava _ in its background paper on the a scheme which woiihf 
itq rule now knew that - the week-end dismissal of Mr. Byron “V “ wntmw and a contrihu- secondary banking crisis, pro- the formation ot an 
battle has been won” and that Hove, the former Justice Minis- ^on to ie employe™ Sare duced at the request of the independent listed coiuj 


the time had coins to join us in ter— would be made at a national i — " ^ WiiMn rnmniittof* 

the peaceful transition to major- executive meeting on Sunday, [participator on scheme, but even *v»son l-uiuimi ucc . 
ity rule.” Their safety would be The parly said Bishop Muzorewa (so the performance looks dull, 
guaranteed. had not been partv to Mr. Hove's 

" «... Ann f,...rr- i.n*U j: .. - __ « * 


The Bank ifs property investmet 
begins by apparently seeking to development activities,! 

, ,, . build up an atmosphere of mentation would '- j 

Against an overall 'increase inA nrimrnlnrmn Tho invnlua enmo f.-.n.. • ^1, 



---- — - . - OLUUUUCea Oiuves lO neai me .„Knna kaon tha miam cluiiuuhv VUUI- W-K “ aimit caul , 

their homes and rejoin their r jf t over th e dismi