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' |< N 

B'NQto quality 
m^Aifntrfation , 

Bnt-Axm 

xthefiig fighter 


FINANCIAL TIMES 


No. 27,550 


Thursday May 4 197B 






'975 


BRIGHT STEEL 

CARBON 
ALLOY 
AND 

STAINLESS 
KJVE70N PARK STEEL & WIRE WORKS 

LTD. 

KJVETON PARK. Nr. SHEFFIELD 

•PtMwi Wortoap 770 2SZ 



CONTINENTAL SELLING PRICES) AUSTRIA Seh.15; BELGIUM Fr.25; DENMARK KrJ.5» FRANCE FrJ.8: GERMANY WO.Oi ITALY L5N,- NETHERLANDS BUJf NORWAY KrJii PORTUGAL Esc .20: SPAIN rtaj.40; SWEDEN Kr.S.35; SWITZERLAND Fr^.O; ElRE15p 



EWS SUMMARY 


BUSINESS 


.N. Equities 
heavy yield 

ebanon ear, y 
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. -l Nations troops have 
the heaviest battle or 
7 ' south Lebanon peace. 
" ig mission. 

five-hour clash that broke 
- '^;onnd the port of Tyre 
■' after the start of local 
dlQitre talks on Tuesday night 
:d in the deaths of two 
■ r "4 soldiers and one Sene- 

■ ; *d Nine more French 
•■u were wounded. 

-..ritinian military leaders 
involvement in the flgbt- 
>,,,; ggesting that the guerillas 
, . ed to the Lebanese Left- 
' roups which are allied with 
' ' testing Liberation Organi- 

o 4,000 U.N. troops were 

• on Red Alert, the Security 
.1 approved a plan sub- 

. . by Dr. Kurt Waldheim, 
■ try General, for an . in* 
of 2.000 officers and men. 
»n. Erskine of Ghana, the 
-commander, was ordered 
• '•-..0 the Middle East from 

■ -ork. Page 4 

iole appeals 
;ueri!Ias 

•"lev. Ndabaningi Sithole, 
the black nationalist mera- 
of the transitional 
. sian Government’s Execu- 
QUiicil, called on guerillas 
■p fighting and turn to 
s. From Zambia Mr. 
i Nkomo, one of the 
s of the Patriotic Front 
la alliance, spumed Tues- 
. . ceasefire call saying that 
iiggestion that we might 
:he administration was an 
. Durban. South Africa, 
said that several urban 
las had been detained. 

>t Nats fear 
ure setback 

sh Nationalists are worried 
iheir defeat in Seottisb 
ml council elections by 
•r and ihe Conservatives 
mean a setback for thflr 
?nrtcnce campaign at the 
General Election. In the 
ions the Government 
cd to the Wales Bill iis 
la for bringing the Welsh 
ihly into force, which was 
d during the Bill's Com- 

• stage. Back. Parliament 
9 


• EQUITIES, after an early 
burst of enthusiasm, fen hack 
on news of currency reserves. 




ich call 

Mr. Roy Mason, North 
d Secretary, due in Dublin 

-veekend for his first talks 

i Irish Ministers since he 
‘Commons allegations two 
is ago about a cross-border 
faith terrorism. Mr. Jack 
•i. Irish Prime Minister, 
again for a declaration of 
i interest in eventual Irish 
Ulster awoke yesterday to 
iscovery that three railway 
»s had ben blown up during 
'ighL 

iv Moro move 

lenient was issued by the 
Primp Minister's office 
ibt saying that the Govern- 
p intcr-Ministerial security 
[ittee is to meet to discuss 
ilc humanitarian solutions 
:ure the release of Sig. 
Morn, the kidnapped 
Prime Minister. Support 
i cessions. Page 3 





^icess ill 

«s Marcaet was admitted 
King Edward VII Hospital 
“icers for an investigation 
>ecled gastro-enteritls. 

fly - - - 

fishermen barricaded 
lasen harbour with about 
.its in protest at shrinking 
quotas- 
ing and. Queen of Spain, 
panied hy the .Spanish 
-in Minister, arrived i « 
a at the s«rt of a three- 
r.'fficial visit Page 2 
v J.S. House of Rcpresenta- 
i international relations 
ittce voted IS to 17 to lift 
*ms embargo on Turkey- 
John Banks, bookmaker, 
rid in the High Court that 
veek’s Jockey Club rulmg, 
bans him from British 
jurses for three years, must 


and profit-taking cot the gain 
in the FT ordinary index to 2.3 
at 471.9 by the close. 

• GILTS closed mixed, and the 
Government Securities index 
was 0.15 up at 71.42, reflecting 
early gains. 

• STERLING fen 10 points to 
$1.8255, and its trade-weighted 
average eased to 61.5 (61.61 . 
The dollars depredation 
widened to 5.06 per cent (5.04). 

• GOLD gained $2 in London to 
$171 i- 

• WALL STREET was 9.45 
down at 830.73 just before the 
dose. 

• LLOYD’S of London is to ap- 

point an independent examiner 
ro its internal inquiry commit- 
tee into the Savooita claims dis- 
pute. V 

P 1NCHCAPE is to spend be-" 
tween £6im. and £8$!aj. on .i 
quarter share in Seatrain Lines, 
a U.S. West Coast container 
shipping line. Back Page 

• RESCUE talks for the Wheal 
Jane tin mine between Con- 
solidated Gold Fields chief and 
the Industry Minister have 
broken up without agreement. 
Back Page 

• CBI AND TUC leaders have 
expressed scepticism about the 
Government's campaign to urge 
consumers to “buy British." sub- 
mitted by Mr. Healey at the latest 
monthly NEDC meeting. Back 
Page 

• HOSPITAL CONSULTANTS 
have bene offered a new National 
Health contract by the Social 
Services Secretary, which is 
being considered by the hospital 
doctors’ representative body and 
may be put to a ballot Page 6 

P AUEW is seeking a £100-a- 
week wage for skilled men work- 
ing in naval dockyards and other 
Government establishments. Page 
8 

OIL 

• WYTCH FARM Field. U.K.’s 
biggest offshore oil discovery, 
couud produce four times more - 
oil than originally forecast, 
according to a British Gas report 
Page 7 

• ESSO's chairman has warned 
that petrol, diesel and fuel-oil 
prices are uikely to rise by up 
to 2» a gallon this year. At the 
same time he warned that petro* 
chemical overcapacity may force 
the postponement of a planned 
£300m. cracker plant in Fife. 
Scotland. Page 6 

• TRICENTROL managing direc- 
tor has said be is leaving the U.K. 
for tax reasons, as he had been 
advised he would have to pay 
88 per cent. Tax on North Sea 
revenues. Back Page 

COMPANIES 

p MARKS AND SPENCER pre- 
tax profit for the year ended 
March 31 was £15.47m. ahead at 
a record £1 17.92m. on turnover 
up from £1.06bn. to £1.25bn. 
page 24 and Lex 

• J. SAINSBURY turnover in- 
creased from £6fi3.78m. to 
2811.1m. In the 52 . weeks to 
March 4. bringing pre-iax surplus 
to £27.l4ro. (£25. 3m.) after lower 
second-half profits. Page 25 and 
Lex 


Reserves down as Merest ! Ulster MPs 


Government checks 
decline in sterling 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

The U.K.’s official reserves dropped by $3-28bn. last month to $17.04bn. as a 
result of early repayment of some overseas debts and exceptionally large inter- 
vention to check the recent decline in sterling. 

After allowing for net repay- r“ . - is a broad target range which 

merit of debt of SU7bn. — orin- 30r will be adjusted to rake account 

eipatiy to the International finlrf qntf °f Changes in competitiveness as 

Moneary Fund — the underlying _ a “ u _ meausred by relative unit labour 

outflow during the month was a 23 ~Cjlf*rPTirv — costs. 

record S2.1ltm. This was com- J™ 1 Consequently if earnings and 

•orij wjjr larger than ju any month 20~K£££rV£S - unit labour costs in the U.K. 

°i *9 ib. ; JEi\ rise more rapidly than overseas 

The authorities had made no — r~ then the implication is that 

secret of the scale of receut 75“ t sterling will be allowed to 

intervention, and a decline in r~~ — : — decline. The official view is that 

the reserves of more than S3 bn. the rate is at present ahout righi 

had been expected. 1U ” — since part of the erosion in com- 

petitiveness in the second half 
of last year has now been 
reversed. 

Apart from the underlying 
outflows, the reserves are being 
reduced at present by ihe Gov- 
ernment's programme of early 


rates 
under 
pressure 

BY MICHAEL RLANDEN 


Consequently, sterling slipped 
by only half a cent, in a thin 
market to Si. ,6225. before re- 
covering to cJosr 10 points lower 
on the day at 31.8255. Any 
official support seems to have 
been on a limited scale. 



1375 M 1377 M 


hJih- e fl ln !he v^ y * < 51 l «o JmS ^ scale of 41,6 recent outflows, se^ debts to spread the burden 
had briefly risen above Sl-83 on it believes that these have of maturities away from lie peak 
hopes nr an early increase in principally represented a with- years of 19S0-82. 


U.K. 

The 


short-term 


interest rates, drawal of some of the large ye j^ 5 Apr y the tl K repaid 

trade-weighted index speculative inflows attracted late sfl43m . ^ the IMF , main | y on lhe 

against a basket of other cur- last summer and autumn when ^ crcdjt vh n e fore ign 

rencies declined by 0.1 to 6L5 sterhng was being held down. currenev , oaDS lota ninc SOOOm. 

yesterday ^ The inflows amounted to S3bn. were re - id heforc lhp due dateg 

The underlying outflow during m October alone. hv Giascow Corotiration nnrf hv 

April was more than seven times The deterioration in the cur- ? h y There was new 

as large as in the previous rent account in recent months JJL.™ bofSTft m fro mil rious 

mooft. This highlights the and the rapid growth or the ^cTrSitatiSs 
change in exchange rate tactics money supply at the start of the . is likc]v be 

apparent at the end of March year also explain much of the the TOF his month 

When the nuthorities seem to recent weakness of sterling. Lffie tbe ^Jm pro^ds froS 
have decided that the decline in The current hope is apparently reint dffer in- or G ove?^ 
sterling had cone far enough, to keep sterling stable at around J* "SS.. 0 * .fe. v.r°vSt 


STRONG UPWARD pressure on 
Interest rates continued in ihe 
London money markets yester- 
day with further speculation on 
a possible rise in the Bank of 
England's minimum lending 
rate. 

The rate was raised last month 
by 1 per cent lo ihe present 
per cent, in the Budget in an 
effort to forestall general 
expectations of an increase in 
short-term rales. A further rise 
so soon after could prove 
embarrassing for the authorities. 

So far. the Bank has given no 
overt indications of resisting the 
upward pressures in the market, 
apart from helping discount 
houses when necessary. 

Yesterday. although the 
market enjoyed a substantial 
surplus, rates on Treasury bills 
were at levels which, if main- 
tained at to-morrow's weekly 
tender, would trigger a rise in 
MLR of at least 1 per cent. 
Other money market rates were 
pointing to even higher levels. 

Michael Cassell writes: 
Although interest rates are ex- 
pected to be discussed at next 
week’s meeting of the Building 
Societies’ Association, it seems 
unlikely that the societies will 
take immediate actioD. 


tax decision 
on Monday 


BY RUPERT CORNWELL LOBBY STAFF 


Decline 



The Government appears to when the pressures were in the 
have been fairly relaxed about opposite direction. Bui there 


IMF. 

Editorial Comment, Page 23 


British Shipbuilders’ 


Order book falls 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT • 


ft 




EF PRICE CHANGES 

ps in pence unless otherwise 
indicated; 

RISES 

ISipc 1997 ...007 + 3 
At Home Stows 189 + 5 
^•ocomponents ... 398 + I® 
V on and. Welch ... 1SS + 6 
fY ns and Horton 15S + 7 
on Cleaners ... 931 + 4» 

. v ,‘ J > A . ::::::::: Sii? 

£ Sd > d " ir ' ™ - IS 

»t and Southerns 182^1 
and Allen Intnl. 1?3 + • 

» a a® + p 

. Manufacturing |W + 5 

_• „v Hi +■ t 

- ' “ bury Vi.) 178 + 6 


YESTERDAY 

Sedgwick Forbes ... 398. + } 

Vernon Fashion 108 + w 

Watts Blake Beame 162 + 9 
op 802 + s 

Tricentroi -**- JJj® £ ® 

Charter Cons + s 

Pengkaleti : -v — ^ . 15 

Sourhern Kinta 180 + 15 

FALLS 

Treas. 32pc 1983 ...£104? ~ | 

UvS?” and’ ' Newman IW - 
Marks and Spencer 346 - J 
Marshall’s “ f 0 

Redfeam Nat Glass 31^ ™ 

Anglo American Crp- aj __ * 

Anglo Amor. Gold _ } 2 

Poornfnntein - - t 

Free Slate CiHnld - Tj ■ 


•t'i 


ORDERS TAKEN by British 
Shipbuilders in the first three 
months of 1978 were sufficient 
to occupy only one quarter of its 
yard’s present capacity, accord- 
ing to figures published yester- 
day. 

Id the same three months the 
Corporation's yards were com- 
pleting ships at twice the rate, 
in tonnage terras, that new 
orders were being booked. 

The industry’s total order book 
has fallen by 426.S47 gross tons 
in the past year, indicating the 
severe pressure under which 
many yards are now coming. 

Most of the companies within 
British Shipbuilders now have 
whole yards or parts of yards 
entirely without work, and many 
more will be batted this year 
unless the rate of orders is in- 
creased. 

Of the merchant ship orders 
taken in January to March, 


none could be described as a 
fully commercial deal- 

Nine ships worth £59.7m. were 
ordered, of which six went to 
the Indian Government io a tied 
overseas aid package and b»o 
were small orders for the British 
Government— one a sonar tender 
for the Ministry of Defence and 
another a Customs launch. 

The remaining vessel, an off- 
shore diving and maintenance 
unit for Star Offshore, was won 
with the aid of a grant from the 
Government’s shipbuilding inter- 
vention fund- 

In aggregate, the merchant 
ship orders presented 75,290 
gross tons. This compares with 
orders of 94.735 tons, valued at 
£51.im„ taken in the same 
quarter last year- 

At the end of March, the 
corporation’s merchant ship 
orderbook stood at 130 ships of 
1.46m. tons, valued at £814m. 


About half this is for export. 

The picture on the warship side 
■is somewhat brighter, although 
orders in Januaty-March were 
limited to Vosper Thro ny croft’s 
£153m. contract to sett missile- 
carrying patrol boats to Egypt. 
This gives the corporation a total 
naval orderbook of 43 ships 
valued at E724.Sra. 

The corporation • said yester- 
day that it would continue its 
intensive marketing effort to in- 
crease the flow of orders, hut 
the statistics reflected “ the diffi- 
cult times which tie ahead for all 
shipbuilding nations.” 

U is also still working on its 
corporate plan, which will prob- 
ably be complete by this autumn, 
and which seems bound to in- 
volve substantial cuts in capa- 
city io spite of pledges from 
Government that it will fight 
EEC pressure for a -planned run- 
down. 


The movement is faced with a 
declining level of nei receipts 
but it will want more time- to 
see how interest rates generally 
mov and a decision is not ex- 
pected before mid-June at the 
earliest 

Societies face a lower intake 
of net receipts. Net new Funds 
last month are thought to have 
been only marginally up on the 
March total of I30Sm. and they 
could be set to fall as low as 
CHOm. a month, compared with 
October’s record of £590m. 

But. the same time, 

societies have an average of at 
least 20 per cent, of their funds 
in liquid form and these could 
he drawn on to make up any 
shortfall in the volume of new 
receipts and so maintain -mort- 
gage lending levels. 

Advances are being kepi down 
because of Government pressure 
and the societies' apparent 
desire to push them hack up over 
the next few months is an in- 
dication of confidence about the 
medium-term future. 


£ in New York 


THE GOVERNMENTS chances 
of preventing a further cut in 
income tax arc looking somewhat 
riehier. amid signs that the Ul- 
ster Unionist MPs may not vole 
with th cot her mam Opposition 
parties when the key amendment 
to ih cFinance Bill is debated 
next week. 

Mr. James Molyneaux. MP for 
South Antrim and leader of ihe 
seven Unionists who take party 
whip ai Westminster, said yes- 
terday that the group would only 
make up us mind on Monday, 
the first day of the Bill’s Gain- 
mince proceeding, and when 
the vital vote i* likely to be 
taken. 

But it was hems suggested 
last nigh) tint they might .it Ihe 
very least abstain on the Tory 
amendment to cut the standard 
rate of income tux hy ]p :o 33p, 
and perhaps vote with the 
Government. 

Much will depend nn the in- 
fluence wielded hy Mr. Enoch 
Powell. The MP for Down 
South, and the Unionists' econ- 
omic expert, is believed to be 
deeply concerned over any extra 
increase in Jbc borrowing re- 
quirement. and sceptical that the 
Chancellor will be able to re- 
cover lost revenue through 
higher indirect laves. 

If the group should abstain and 
the three non-aligned Unionists 
join with the Conservatives. 
Liberals and Scottish National- 
ists. the outcome of the vote 
could lie in the hands of the 
three Welsh Nationalist MPa. 

The present arithmetic is that 
Labour and its usual followers 
would command 311 votes, and 
the three main Opposition 


parties a maximum of 306 — or 
S09 if the three maverick Union- 
ists support them. 

■Which way Plaid Cymru would 
lean is uncertain, in spite of 
informal talks it has had wiih 
Treasury Minister:,. The party 
would like further (as cuts, hut 
its preferenve is for increased 
allowances, nr additional conces- 
sions on the new i-i'dmvd rate 
band pmpo.-ed by Mr. Healey on 
April 11. 

If its Finance Bill prospects 
look marginally better, the Gov- 
ernment could draw It lie encour- 
agement yesterday tor any hopes 
it may have of persuading the 
Ittiiontsts to hack il in the next 
Parliamentary session, should the 
Liberals pull oul of their pact 
with Labour this siuniner. 

Mr. Molyneauv insisted that 
the price would he real commit- 
ment by the Government to pro- 
gress towards restored local 
government in the province, as 
a step to a fully devolved 
administration for Ulster. 

Rather more than indications 
or vague hints were required, 
ho said. ”if the Liberals find 
the kitchen is gelling loo hm, 
then unless wo were given some 
very effective fireproofed cloth- 
ing. it would not bo rfalwlir lo 
expect us in lake their place.” 

At present Mr. Roy Mason, the 
Ulster Secretary , is merely seek- 
ing some framework in !alk« 
with the main Ulster parties for 
devising a system of government 
embracing representatives of 
both comm uni ties. The pre- 
cleclora! manoeuvring of the 
parties concerned means that his 
chances of success look slight in 
the near future. 


S. Africa sanctions call 


8Y OUR OWN CORRESPONDENT 


NEW YORK. .May 3. 


Mil 8 1 Pre, inu» 


• SI.S&0&2« >!.&*) 

t nKiiiifi <li» , ■j.-il.sj .li- 

3 (oi.nl 1 1 > ' 1.17-1.11 itn IJ£i-l .1- ill;. 
1? month- •.4&-4.2J' ,lin ! 4. *0-3. 10 rfi- 


TEE UN General Assembly to- 
day recommended by 119 votes to 
nit* with 21 abstentions (hat the 
Security Council order full 
economic sanctions to force 
South Africa’s unconditional 
withdrawal from the disputed 
mineral-rich territory of 
Namibia. 

The Assembly look no formal 
notice of efforts being made b\ 
the five Western members of the 
Security Council to bring aboil i 
an internationally acceptable 
settlement of the problem. Des- 
pite this, however, observers now 
believe dial the Western plan 
may be accepted by SWAPO, the 
UN recognised nationalist move- 
ment. 

The plan, which calls for UN 
supervised elections, the with- 
drawal of substantial numbers 
of South African troops, and a 
UN military and civilian pre- 
sence was accepted last week by 
South Africa. 

SWAPO’s initial reactions to 


the plan were cautious, but a 
new round of talks between 
SWAPO and the five— Bn tain, 
the U.S. West Germany. Canada 
and France — are lo be held 
shortly, possibly on Friday. 

Mr. Sam Nujomu, the SWAPO 
President, said here to-day that 
he hoped the new talks would 
be fruitful. Observers believe 
that SWAPO is now likely In 
accept the plan, regardless of its 
expressed reservations. 

If Western hopes arc realised, 
the plan could so to the Security 
Council, which alone may 
authorise the measures proposed, 
as early as next week. 

The Security Council is not 
expected to make any move to 
impose sanctions on South 
Africa. The opposition of the 
Western permanent members, 
which have the right of veto, 
would kill any attempt by third 
world and Communist members 
to invoke a boycott. 


Lonrho takeover spate attacked 


BY ANDREW TAYLOR 

AN ATTACK on Lonhro’s recent 
spate of purchases of U.K. com- 
panies has been mounted by the 
three independent Scottish and 
Universal Investments directors 
who are oppx >g Lonrho's take- 
over bid for Buts. 

The three— Mr. Hugh Laugh- 
land (chief executive), Mr. 
Barrie Anderson and Mr. Henry 
Cowan — say In their “defence” 
document sent yesterday to 
SUITS shareholders: "We con- 
sider that the absorption of 
SUITS into this collection of un- 
related businesses would make 
no commercial sense. 

“The only apparent connec- 
tion between Lonrho's recent 
U.K. acquisitions is fbat they 
were - available. The offer for 
StflTS is the latest manifesta- 


tion of this unsystematic 
approach,” say the directors. 

They “deplore” the fact that 
Lonrho's offer document sent 
recently to SUITS shareholders 
contained no up-to-date borrow- 
ings or profits information. 

The defence document was 
published just 24 hours after Sir 
Hugh Fraser, deputy chairman 
of SUITS and one of two inde- 
pendent directors supporting the 
Lonrho bid, had said he would 
resign from the Board if the offer 
foiled SUITS’ remained three 
directors are appointed by 
Lonhro. 

The document says that 
Lonrho's offer of 11 of its shares 
for every six SUITS shares 
should have contained a cash ele- 
ment and Is too low. 

The current market value ’of 


SUITS' 10 per cent, stake in 
House of Fraser was £16.62m. 
or 5B.9p a share. Qn the basis 
that Lonrho’s offer was worth 
128 ,3p a share, that meant that 
Lonrho was offering only 6S.4p 
for the trading interests, which 
grossly undervalued them. 

The directors also comment on 
Lonrho's current share rating. 
They say: “According to Date- 
Stream statistics on . April 28, 
Lonrho’s pn (learnings ratio 
was, with only three exceptions, 
lower than that of any »ther 
company listed on the Stock 
Exchange with a market capital- 
isation of more than £25m.” 

Lonrho's rating was “ unattrac- 
tive,” and therefore there should 

Continued on Back Page 
Lex, Back Page 


CONTENTS OF TO-DAY’S ISSUE 


European news *-3 

American news 4 

Overseas news < 

World trade news 3 

Borne news— general .......6 

— labour 8 

—Parliament ... 9 


Technical page 17 

Marketing Scene 19 

Arts page 21 

Leader page 22 

U.K. Companies... 24, 25, 26, 

• 28,30,33 


Mining 28 

Inti. Companies and Euro- 
markets 33-35 

Wall Street 36 

Foreign Exchanges 36 

Farming, raw materials ... 37 

UJL stock market 38 


FEATURES 

Brezhnev’s visit to Bonn: Parliamentary privilege ... 14 Sweden's uranium supplies 2 

An Important rendezvous Business and the Courts: w hnnrnrt. a 

for East and West 22 German competition law 20 **etoams bad harvests ...... 4 

Economic Viewpoint: The EEC . Free market faith Canadian Steelmaker* nde 
muddled and the simple 23 Index strains 2 the export wave 34 

Apwtmnwfits 15 Lombard 20 Baa Lcadhm.Rata* ' W FoUwslll A Hams S • 

Appointments Advtt. IMS Men and Mattery B Grampian a 

■arts 18 Manor Markets ...... S PROSPECTUS ADS Grattan W toefenm 9 

Baataesf Met*. I* iMclop 9 ptttarfe v Heskln* & Hot-tod... % 

Crossword » Saleroom ... ft Hunlln A'PcaCock... 30 

- Economic indicator* M Skare Infonudtoa .. AMI Pearson A Leosmaa » 

BmertalnmcM Eiinta » Stock Exes. Report . X AMRUAi- STATEMENTS v Purse* a Sea . tt 

Enrepenn Opts. » Tedmr's Events —.. 3 UkkK & Wilcox .. % Roma 26 

Jobs Column » TV, *** — » » BottobeU 30 J. Salwhaty 32 

Letters 2* Unit Tnim 3* It. CartwrftM W. H. SmiU» A 5 m 21 

Lux « WcathM” « (H(d*a.) 32 Tricentroi 25 

For. latest Shtrre Index 'phone 01-246 8026 


New evening 
Concorde flights 
to NewVfork. 

Starting June l,in addition to 
the existing daily service, Concorde will 
leave from Heathrow at 1745 on Tuesdays, 
Thursdays and Saturdays, PpifjcU 
arriving in New York at 
1630 (local time). aiTWayS 

Concorde 






'*• I 


Financial Times Thursday May 4 1978 


EUROPEAN NEWS 



The European Community, reports David Buchan from Brussels, is learning to live with the problem of the cartel 


CARTELISATION in EEC indus- 
try has increased, is increasing 
and must go no farther. This was 
part of the barbed message that 
West German Economics Minister 
Count Otto Ldznbsdorff delivered 
yesterday to Bonn's EEC part- 
ners, coiling on them to return 
to the free market faith. But be 
made one significant exception, 
saying that his Government 
would approve “a synthetic fibre 
crisis cartel that conforms with 
EEC and national competition 
rules and that reduces excess 
capacity.” That seems, however, 
to beg the question of whether 
such a cartel would not expose 
gaping loopholes in EEC anti- 
trust law. 

Eleven major EEC man-made 
fibre producers, accounting for 
more than three-quarters of the 
Community market, hope to sign 
a cartel agreement within the 
next ten days. Their stated aim 
Is to cut the present level of 
synthetic fibre capacity by some 

400.000 tons bv 1981. where pre- 
vious investment plans would 
have actually Increased it by 

500.000 tons over the same period. 
This effective drop of 900,000 tons 
will, they hope, raise utilisation 
or their plants to 85-90 per cent., 
if at the same time deliveries also 


The free-market faith under strain 


rise from 2m. tons a year to 
2.27m. tons by 19SL There will 
also be a market redistribution. 
To buy off Italian investment 
ambitions, the Italians will get 
an extra 95.000 tons a year in 
deliveries by the end of the 
period, raising their European 
market share from a preseat 
16 per cent, to 21 per cent 

So excess capacity is to be 
cut, and one of Count Lambs- 
dortfs requirements will be met 
But what of the EEC's competi- 
tion rules? The producers are 
confident they have squared 
their arrangement which in- 
volves the West German firms 
of Bayer and Hoechst. with the 
federal cartel office — the most 
stringent enforcer of competi- 
tion rules in any of the member 
states. West German law does 
provide for “crisis cartels’* in 
certain limited cases. 

But the EEC competition de- 
partment headed by M. Raymond 
Vouel remains unconvinced so 
far, although of course until the 


deal is signed be does not have 
to act. True, the EEC already 
runs a giant steel cartel in Uxe 
form of the Davignon Plan. That, 
however, is set up under the 
much more sweeping powers that 
the Commission has for the coal 
and steel sectors under the Paris 
treaty, and nothing in the later 
Rome treaty allows it similar 
scope in other areas. 

The competition department in 
any case turned down a request 
back in the early 1970s from the 
same set of man-made fibre pro- 
ducers for a cartel that would 
have frozen new investment and 
allowed them to exchange plan- 
ning information. In the event 
the producers did not push very 
hard for an authorised cartel, 
chiefly because the two Ameri- 
can companies with a large stake 
in the EEC market, Monsanto 
and Dupont, were forging ahead 
and adding new capacity. Both 
U.S. companies insist they have 
played no part in such negotia- 
tions, then and now, with their 


European counterparts for fear 
of running foul of U S. anti-trust ' 
law. But the crucial difference 
now is that Monsanto and Du- 
pont have both bees, cutting 
back for the last couple of years, 
so that the European producers 
can now go ahead with their 
arrangements without fear of be- 
ing outflanked by the U.S. firms. 

The EEC producers include 
Monteflbre, A NIC, SNIA. STB 

from Italy, the two German com- 
panies, ICI and Courtaulds from 
the U.K., Rhone Poulenc from 
France, AKZO from Holland and 
Sabelta from Belgium. The 
apparent confidence these com- 
panies have in getting a blessing 
from the Commission seems to 
lie in their strategy of working 
band-in-glove with the Industry 
Commissioner, Viscount Etienne 

Davignon. They believe :0at 
what the Commission's right 
band does, its left hand, as repre- 
sented by M. Vouel, cannot uodu. 

Certainly their contacts with 
M. Davignon have been close. 


Last May they proposed their 
present plan- In July, M. 
Davignon was instrumental in a 
Commission request to member 
governments to stop giving aid 
to new man-made fibre expan- 
sion. By September, ML Davigoon 
had asked the 11 companies to 
freeze their capacity levels, and 
at a meeting in the middle of that 
month he asked the Paris-based 
trade association, the Connie 
Internationale de la Rayon et 
des Fibres Synthetiques (CIRFSj 
to work out planned reductions 
among its European members. 
CIRFS has done all the statistical 
spadework for the Commission, 
and some of the less sensitive 
negotiating. M. Davignon was 
left principally with the touchy 
political problem of dealing with 
the Italian Government, which 
has heavily subsidised that 
country's synthetic fibre expan- 
sion. The final deal, whereby 
the four Italian companies are 
to get a bigger market share in 
return for mothballing their 


SWEDISH URANIUM SUPPLIES 


Grappling with the nuclear devil 


BY WILLIAM DULLFORCE, NORDIC CORRESPONDENT, IN STOCKHOLM 


ONE OF the first Christian mis- 
sionaries to Sweden was a British 
bishop who, according to local 
legend, grappled victoriously 
with the Devil near the town of 
Skoerde in Vaestergoetiand- 
With unusual magnanimity the 
bishop banished the Devil to a 
barren mound in the vicinity 
still known locally as "skams 
un dan tag," which may be loosely 
translated as “Old Nick’s retire- 
ment home." 

The Devil might be said to 
have had the last laugh. If be Is 
still there, he is sitting on top 
of lm. tonnes of uranium. An 
area of some 500 square kms. 
around the Devil’s abode contain- 
ing a reasonably accessible layer 
of bituminous shale, which is 
estimated to contain about 80-S5 
per cent, of Europe's known 
uranium resources. This 14bn.- 
tonne shale deposit is the most 
promising, but there are other 
uranium- bearing shales in south- 
ern Sweden, and geologists are 
examining what could be even 
more interesting uranium finds 
in northern Sweden. 

But the Devil is clearly still 
exerting an influence. The Ran- 
«tad uranium mill, built right on 
top of bis mythical abode, is one 
of the biggest bones of conten- 
tion in the current battle over 
Swedish nuclear power policy. It 
has never been operated at full 
capacity and since 1968 has been 
no more than a pilot testing 



plant It Is a key target for the 
environmental lobby. The plant's 
programme for commercial 
uranium production has been 
abandoned and more recently a 
plan for reduced production, 
backed bv the Swedish power in- 
dustry, was vetoed by the local 
counciL 

There are foreign interests and 
ramificatfons. Mr. Olof Palme, the 
leader of the Social Democrat 
opposition, has charged the anti- 
nuclear campaigning Premier, 
Mr. Thorbjoem Falldin with us- 
ing Sweden’s uranium as a bait 
for foreign lenders— while hav- 
ing no intention of actually ex- 
ploiting the uranium. Last year, 
Saudi Arabia’s oil minister. 


Sheikh Yamani. in Stockholm for 
an OPEC conference, jokingly 
suggested that the Swedes could 
do their bit towards solving the 
world's energy problem by devel- 
oping and exporting their 
uranium. 

The battle over Ranstad is now 
under way between the nuclear 
power and industrial lobby, on 
the one side, and the anti-nuclear 
campaigners. led by Mr. 
Faelldin's Centre Party, and the 
environmentalists, on the other. 
The domestic political position is 
most complicated, not least 
because the Centre Party’s coali- 
tion partners, the moderates and 
liberals, are pro-nuclear. On 
the foreign side consideration has 


to be given to the credibility of 
Sweden's stand on disarmament 
and nuclear proliferation. 

Of the total estimated uranium 
ore content of lm. tonnes it is 
thought that a least 300,000 
tonnes could be recovered. But 
the uranium content is very low 
— from about 300 grammes per 
tonne. On the other hand, the 
geology is favourable to mining, 
In addition the Swedes say that 
they have developed a unique 
system for handling low-grade 
uranium, in advance of any other 
known method. After crushing 
and screening, the uranium is 
extracted by leaching with 
sulphuric add. Under com- 
merciai production this process 
would take place in giant vats, 
each containing 25.000 tonnes of 
finely ground shale. The system 
is remarkably similar to that of a 
coffee percolator. The final pro- 
duct is “ yellow cake '* with a 
71 per cent uranium content 
The key to the viability of the 
project is the world market price 
for uranium. In this connection 
the history of Raostad is 
illuminating. The project was 
launched in the 1950s at the 
height of the Cold War, when 
access to uranium was vital for 
any country aspiring to nuclear 
technology. The semi-state 
Atomenergi company built a mill 
with a capacity of 120 tonnes of 
uranium a year. This was ready 
by 1965. when” ufanium bad 


AFINANCIALTTMES SURVEY 




JUNE 19 1978 


The Financial Times proposes to publish a major survey on The Chemical Industry on 
June 19, 1978. The provisional editorial synopsis is set oat below. 


INTRODUCTION The slow growth of the world 
economy has come as a heavy blow to the 
chemical industry in Europe, which last year 
was looking optimistically towards a rapid 
recovery in demand. These early hopes have 
been replaced by fears of continuing over- 
capacity and weak prices. In the U.K. invest- 
ment is still rising rapidly, and the feedstocks 
available from the North Sea should provide a 
further stimulus. Appraisal of the outlook for 
l he world chemical industry. 

TRADE World chemicals trade is dominated by 
four blocs, the U.S.. East and West Europe ami 
Japan. With weak demand in Europe, a look 
at the threat of low-priced imports from 
Comecon countries and the U.S. 

NATIONAL INDUSTRIES Chemicals are a 
worldwide market but the industry is still 
dominated by a small number of developed 
countries. National performances vary widely 
and are dearly influenced by geographical 
factors. A survey of national trends will cover: 


INVESTMENT Despite delays investments by 
the U.K. chemical industry is still recovering 
quickly. Is it taking best advantage of oppor- 
tunities offered by North Sea feedstocks and 
what is the future for tripartite planning with 
the unions and Government? 


1 

The U.S. 

u 

Japan 

i ii 

West Germany 

iv 

The U.K. 

V 

Italy 

vi 

Benelux 

vii 

France 

viii 

Switzerland 


THE NEW PRODUCERS The rapid development 
of the chemicals industry in the Eastern Bloc 
is often being achieved by imports of Western 
technology. 

COMPANY PROFILES Profiles will include 
financial statistics of the leading producers in 
the U.S., Europe and Japan, their product 
strengths and major markets. 


FUELS AND FEEDSTOCKS Increases in raw 
materia] costs have slowed down, but companies 
are searching hard for ways of saving expendi- 
ture on energy and feedstocks. 

PRICES How is the new prices regime in the 
UJC. affecting the industry? 

PROCESS PLANT More and more of con- 
tractors’ business is for overseas locations, but 
rising investment by the U.K chemical industry 
should ensure a healthier home market 
INORGANICS Though petrochemicals have 
come to dominate the chemical scene, a major 
role is still played by the leading inorganic 
chemicals based on minerals. Developments in ! 
this sector. i 

MARKETS A detailed review of trends in the: 
leading markets for chemicals, i) Plastics,! 
ii) Fibres, iiij Pharmaceuticals, iv) Fertilisers , l 
v) Agrochemicals, vi) Dyestuffs, pigments and/ 
paint, vii) Detergents, toiletries and cosmetics) 
viii) Flavours, fragrances and food additives. I 
THE ENVIRONMENT, HEALTH AND SAFETY 
The industry is facing tighter legislation and 
control. How is it coping and how much invest- 
ment is being diverted into health, safety and 
anti-pollution measures? i 

TRANSPORT AND STORAGE A review of the 
services available and evaluation of different 
forms of transport, road, rail, sea and air. T 
LABOUR RELATIONS Despite high levels of 
investment, manpower in the industry wijd 
decline as companies search for higher 
productivity. j 


For details of advertising rates please contact: Anthony Wreford. Financial Times, Bracken 
House, 10 Cannon Street, London EC4P 4BY.TeI: 01-248 8000 Ext. 565. 


FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


THe eonwnr and poUOcaaoa dates of Surveys 5a the Financial Tsaes are suSltwt re efiange at file discretion of file EdtTor. 


become more or less freely avail- 
able at a price of under $10 a 
pound and when the Swedes bad 
decided to develop light-water 
reactors operating on enriched 
uranium rather than the heavy- 
water type, on which they had 
first concentrated. 

The mill was never run at full 
capacity and was closed down in 
1968 after producing about 200 
tonnes of uranium. This was 
bought by the Swedish Nuclear 
Fuels Company and is stockpiled 
by the LKAB State iron mining 
company. Now some is being sent 
to the USSR for enrichment 

Two events then revived 
interest: the 1973 oil crisis, which 
prompted the Swedes to look for 
ways of diminishing tiheir depen- 
dence on oil imports, and the rise 
in the price of uranium to over 
S40 a pound. The State Power 
Board and LKAB joined Atom- 
energi. the Board providing fresh 
funds and underlining the power 
industry's renewed interest in 
the Ranstad uranium, while 
LKAB took over the technical 
development 

The result was a programme 
for mining 6m. tonnes of shale a 
year, to give an annual produc- 
tion of around 1.300 tonnes of 
uranium, sufficient to feed the 11 
nuclear power plants that Sweden 
was scheduled to put into opera- 
tion in the 1980s. In 1974 the 
capital cost of this programme 
was put at Kr.700m. (£82m.): 
at current prices expenditure 
would be almost doable. 

to any case, nothing came of 
the project. Opposition from the 
anti-nuclear and environmentalist 
lobbies was so fierce that the 
Ranstad consortium, despairing 
of getting Government approval, 
withdrew the plan- In 1976 it 
came up with a new, so-called 
“ total exploitation " plan, involv- 
ing the mining of lm. tonnes of 
shale a year to give 24fl tonnes 
of uranium. 


more ambitious investment plans, 
Is the fruit of M. Davignon's 
lengthy wrangling with the 
Italian Industry Minister. 

U. Davignon believes that the 
proposed cartel, to be monitored 
closely by the Commission, is 
the rational way of resolving an 
over-capacity crisis that has lost 
the European countries $2bu. 
over the past three years. The 
producers indeed hope to sign 
their agreement in' the Com- 
missioner's Brussels office which 
would then be notified to the 
Competition Department down 
the corridor. That formal action 
clears the cartel companies from 
any possible legal action, for 
instance in the European Court 
of Justice, until the full Com- 
mission gives its verdict 

M. Vouel's officials are not 
widely impressed with the pro- 
ducer’s political argument that 
the whole problem is the fault 
of member governments freely 
distributing State-aid largesse to 
the industry, and the Commis- 
sion’s failure to put a stop to 
this. One senior EEC official 
called this tine of argument a 
“joke,'’ and put the bjame on 
managerial incompetence, 

coupled with unforeseeable fac- 
tors such as oil-price rises, for 
the misreading of market They 
do concede that the Commission 
Is often hamstrung in controlling 
sectoral aids disguised as re- 
gional aid, as for instance to 
southern Italian plants helped 
under the general Mezzogiorno 
aid scheme. 

The Commission has two ways 
in which to consider legally the 
cartel proposal: either under 
Article 85 of the Rome rreaty 
which allows such arrangements 
under certain conditions, nr 
going to the EEC Council of 
Ministers under Article 87. The 
producers themselves do not 
care which procedure is used, 
provided the outcome is positive. 
Approved under Article 85 might 
be tested in the courts, while 


Council approval would be slow 
as it first involves getting a 
positive opinion from the Euro- 
pean Parliament. 

Conditions for an Article S5 
exemption are tough. A cartel 
has to be proved indispensable 
in all its provisions, benefiting 
consumers, and causing no sub- 
stantial restraint on competition. 
Competition, officials recognise 
that the synthetic fibre cartel 
probably has tn go hcyOnd in- 
vestment co-ordination — towards 
market sharing— if it is to work 
at all. But, though the companies 
deny any provisions an prices, a 
contraction of synthetic fibre 
capacity would almost certainly 
push their level up. So it is hard 
to see consumers gaining any- 
thing. 

It is equally hard to see the 
cartel doing anything but re- 
strained competition. The mar- 
ket transfer to the Italians would 
be the result of a politically 
brokered deal, not market forces. 
In addition, any rise in prices 
would inevitably suck in more 
imports, which in this field are 
only very partially regulated by 
the recent Multi-fibre Arrange- 
ment That in turn might bring 
calls for further import protec- 
tion. 

Dozens of smaller restrictive 
practices — between manufac- 
turers and dealers, paten tots and 
licensees, wholesalers and re- 
tailers — have been sanctioned, 
under Section 3 of Article S5. 
Distillers, for instance, is appeal- 
ing to the European Court to get 
its dual pricing on whisky 
allowed under this provision. But 
competition officials say the syn- 
thetic fibre cartel would be the 
most sweeping exemption ever 
made, and might seriously 
weaken the Commission's anti- 
trust powers. 

The second choice is to go to 
the Council for a purely political 
solution. Evidently, if even the 
“ free trading ” West Germans go 
along with the cartel no other 
memher-State is likely to quar- 
rel. "If the Pope approves, the 
faithful will follow." commented 
one EEC official. The Council 
would then he asked to approve 
a general EEC regulation on 
prices cartels, aping the provi- 
sion in German law. 

Editorial Comment, Page 22 


X s 


arrives m 

f! 

Portugal fo! 
3-day visit 


By Jimmy Bums 


LISBON, x 

KING JUAN Carlos and (fe 
Sofia of Spain, aceompanfaj 
Sr. Marcelino Oreja, t 
Spanish Foreign 


arrived here to-day for a tb n 
day official visit that wti] < 


elude (he ratification of a { 
year friendship and co-op. 
Uou treaty with Portugal. 

The treaty signed ^ 
November in Madrid durto 
visit by Sr. Mario Soares, 
Portuguese Prime Hiais^ 
confirms the new relation^ 
that ha* developed beta*, 
Spain and Portugal since dog 
c ra cy took over from dictaq 
ship on the Iberian Peoinsn] 
It wilt replace the Iberian 
signed In 1939 by 
Francisco Franco of Spain n- 
Dr. Antonio Salazar of Portng; , 

Portuguese and Spam, 
officials are expected to dte*- 
ccrtain pending issues, panic 
parly auy possible probfeg 
arising out of Spain's rchifo 
ships with EFTA. of wty 
Portugal is a member. 

Spanish officials may a 
press the Portuguese on u 
question of indemnification ( 
Spanish businessmen and fa 
mors affected by the forq 
take-overs during the first ti 
years of the revolution here ( 
April 25, 1974. 

The Spanish Governain 
moreover, has still not bn 
folly compensated for tl 
damage caused by Left-wii 
demonstrators during aa 
Franco riots here in 1975, wfa 
.the Spanish Embassy was s 
on fire. 


FI-.VNC1 \L TiVf.t. puMittirfl diilv c««W > 

day* -Ilia hoUtfaV. U.&. Stl 

«.i, , frritfhii fair mail) per la, 

ShivKl cia'a pniuge paid at New V.rt. s 


This project was baited with 
the possibility of extracting other 
products from the shale. Annual 
mining of lm. tonnes could give 
85,000 tonnes of aluminium oxide 
(under a method developed to- 
gether with the French Pechiney 
company). 600 tonnes of vana- 
dium, 200 tonnes of molybdenum 
and 200 tonnes of nickel, it was 
claimed. In addition, production 
of some 140,000 tonnes of 
fertiliser and limestone was 
considered feasible. 

Even this impressive array of 
products would not give a profit 
on the KrJOOm. Investment 
needed, but the case for the pro- 
ject was strongly argued on the 
grounds that if would exploit the 
advanced technology now 
developed and provide at least 
partial self-sufficiency for 
Swedish industry in a range of 
products. But it was all in vain. 
Although it was supplemented by 
a convincing plan for the re- 
habilitation as farm land of the 
area subjected to strip mining, 
the local authority vetoed iL 

The Swedish nuclear power 
industry has not given up. So 
far, SKr325m. has been sunk into 
Raostad. Now the group — 
expanded by the inclusion 
of Boliden, the private mining 
and chemicals group, which has 
formed a company together with 
LKAB to exploit Swedish sbale 
resources — has asked the Govern- 
ment for a further SKrI28m. 
This would be used far a 
research-orientated development 
at Ranstad intended to demon- 
strate the full technical possibili- 
ties. A bill is expected to reach 
Parliament within a few weeks. 

The industry believes public 
opinion is swinging in its favour, 
a view supported by the latest 
opinion poll on Swedes' attitude 
to nuclear power. It is biding 
its time, convinced that the 
>otitical climate will eventually 
avour full exploitation of the 
Ranstad shales- 

Does this mean that Sweden 
will be exporting uranium in the 
1980s. helping to meet the needs 
of the West European power 
industry? The situation is still 
unclear. Even if the political 
problems are solved, the 
economic justification is dubious. 
The cost of producing uranium 
under the larger, 6ui. -tonne 
shale project Is understood to be 
about S35 a ib. Only a very bold 
gambler would bet on uranium 
continuing to demand its present 
price of over S40 a lb. 

In the final analysis, the Ran- 
stad group will probably have in 
argue its case on a domestic 
security-of-supply basis, ao argu- 
ment which could he reinforced 
by President Carter's present 
efforts to secure tighter control 
of uranium supplies. The only 
conclusion it is safe to draw 
now is that Raostad is still 
bedevilled." 


-fZfffc- 



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Financial Times Thursday May 4 1978 



n > v 0 S f 


-Osv 


Spanish Cabinet approves 
revised energy programme 


BY ROBERT GRAHAM 


MADRID, May 3. 



1 .? r:« 


, .. w . - . , holding company INI, was particularly industrial users Day 

submitted to parliament, dropped. a more realistic price. Overall 

• ■■ . tesagreenient m the Cabinet This move to rationalise the Spanish energy prices are well 

’ ver Pjfto w®.® major State's energy holdings had en- below the European average and 

•. : ; , i h^m n 0 L r - e ' “ uo » r ® d stlff opposition both have failed to reflect the- in- 

, ■ ' , :ir.. nu i“0 *n ' r enrnary. which in from the Finance Ministry and creased cost of energy since 1973. 

; h |, urn provoked further delays in from the private shareholders — The main lines cif’tee original 

Piaos finalisation. If sig- essentially the big banfcs plan and much of the detail. 

: r ;r, „ JifJi- altci : a t.i 0 ns are proposed Secondly projected investment have betn reiained. The basic 

. . .□ parliament, its implementation has be ncut by some Ptas.50bn. assumption is that the domestic 

-• .i y ^tended for last (S600m.). fainly by a scaling product will increase 1.2 per 

i i ar J could be further down jjf nuclear construction cent., this year and at an aver- 
■' : V e «y ?a ' plans, from a projected 1,500 age of four per cent, for the 

1 5 i an .u as st " ow sta nds MW of new nuclear capacity by remainder of the period (in the 

« r fu # ttlre * ,tnatn respects *987 to a projected '0.500MW. light of the current recession 

■ / i 1131 PJ* p . a ted by the former This envisages the coming on perhaps an optimistic estimate. 

s t lr y Minister, Sr. Alberto stream of seven nuclear power On this assumption Spain's 
- ■ ! 'x ;ii .«iarL . stations under construction, and primary energy consumption by 

"■ V. irstiy. the controversial pro- three of the eight whose con- 1987. win have increased front 


.^osal to transfer the State's SI struction has 
'er cent stake in the company authorised. 


already 


tons to 


been 99,11 . coal equivalent 
144m. tons. 

The plan envisages meeting 
this demand esse n dally by in- 
creasing the share of nuclear 
energy in power eneration and 
reducing dependence on oil. 
Energy accounts for 28 per cent, 
of totad imports at present. 

By raising the contribution of 
nuclear power from 2 per cent 

LENGTHYmeeting of the The party, containing 12 main io^Ss^l^per rent. by U lK$ 
, • ,■ t t ■ C0D ’ m, « ee i “e groupings, was formed in April dependence upon oil will be cut 
"(rr-ulmg Union de Centro Demo- last year, less than two months from 68 per cent, to 59 per cent! 
»v ,Tadco (UCD), presided over by before the elections, and only This will in turn give Spain 
h . Ado1 f 0 ? u ^ez,, tee Prime formally constituted itself in one of the highest levels of de- 


- Suarez faces difficulties 
over party organisation 


! rj; 

* 

'^t-.’xecutive 


BY OUR' OWN CORRESPONDENT 


MADRID* May 3. 



to Sr. r "Suarn* to t„ S5 t ele s c K 1 

; % SES £*,.■ 

, '-if any agreement to-day, these tee individual groupings into a Bui the more sanguine accept 
-’esignations remain on the table, unified party but with only tbal lbjs ^ tbp sole V j able means 
; -roiu not accepted by Sr. Suarez limited success. 0 f reducing the foreign exchange 

The main immediate problem The UCD can be roughly expenditure on petroleum im- 

— ■ — , r or the UCD is to find someone grouped into three categories, pons. 

Aho can act as the party's chief First there are those, like Sr. On the question of the future 
to-ordinator and effective second Suarez, who were the young of the utilities, over SO percent, 
m command, relieving Sr. Suarez apparatchiks of the Franco controlled by private enterprise 
the day-to-day party problems, regime and have no clearly fmosUy the banks), the plan has 
The cabinet reshuffle in defined ideologv Second, there sought to avoid controversy. 
February, and the previous ate the Christian Democrats and The Government would have 
appointment of his close asso- rieht-win'* elements, who are lj ked lo have exerted more con- 
ciatc Sr. Leopoldo Calvo-Sotelo jinked with business Third teol but has opted for a com- 
to be Minister in charge of tbere ar tbe moderates and promise formula which permits 
Europe, has meant that ail the HhpraU The** rateenries ar*> tee assignation of State represen- 
people be trusts and values most not alwaysclKr-cut, especially stives on utility boards to exert 
are now in the Government ' a s,i> ee iances within the UCD some form of contr ol- 
The previous party organiser, L nlre Sund individuals. Nevertheless, many concede 

Sr. Salvador Sanchez Teran, the cenire rounQ „ , “ (he compromise propsed is un- 

reventb member of the Executive The common link between the saiisf artery- 

Committee became Transport party's disparate groups remains Finally, a new State company 
Minister in’ February and has not a realisation that Sr. Suarez is j S expected to be created to help 
been replaced. tee party’s greatest asset. Until manage high tension transmis- 

The difficulty of finding a pro- now he has preferred to post- sion lines and tee private 40 per 
per cn-ordinalor of the party pone dealing with what would cent, in the national uranium 
reflects the wider problem of seem an inevitable crisis or com nany. will be acquired by the 
establishing a unified UCD identity. Stale. 


V 



INC 


i. . . . 


‘ i ‘s ' 


■ ; ? BY PAUL BETTS 

. DR. GUIDO CARLI. president of 
?. 1 1 he Italian employers’ confedera- 
C.Wion. Confindustria. called today 
for legislation to encourage the 
banking system to intervene in 
ihe pressing financial problems 
of the country’s private senior. 

The former governor of the 
Rank of Italy — reconfirmed as 
president of Coofindtistria yes- 
terday — also urged the auth- 
orities to put an end to the 
privileges and abuses which have 
traditionally marked the coun- 
try's public sector. 

Addressing the annual meeting 


. v 

of the employees’ confederation 
here today, Sig 1 . Carli said the 
public sector should be con- 
sidered on an equal level with 
private industry and function on 
the same principle of a market 
economy. • , . . 

Fiscal incentives should be 
extended to the banking system 
to promote their intervention for 
the financial recovery of private 
companies. Sig. Carli emphasised. 
For some time. Sig. Carli has 
advocated the setting up of bank- 
ing consortia to guarantee the 
financial reconstruction Of 


ROME, May 3 


troubled companies. 

The Italian banking system 
now appears to be moving in this 
direction especially in the case 
of a number of major groups in 
the troubled chemicals and fibres 
sector. 

At the same time. Confindustria 
is prompting the maximum 
growth possible this year to boost 
development particularly in the 
depressed South, although the 
Government's current 4 per cent 
growth target by the last quarter 
of this year appears acceptable 
to the private sector 


Support for 
concessions 
to save 
Moro’s life 

By Dominick j. Coyle 

ROME, May 3. 

ITALY'S R«d Brigades are 
understood to have convinced 
through go-betweens at least 
some politicians here, prin- 
cipally some Socialists and 
Christian Democrats, that tee 
life of the kidnapped former 
Prime Minister Aldo Moro can 
be spared by concessions con- 
siderably Jess than those orig- 
inally demanded. 

For the moment, the 
minority Christian Democrat 
Government under Sig. Giulio 
Andrcold, and tee main poli- 
tical parties supporting (t, are 
resisting in public the Red 
Brigades* ultimatum for the 
release of 13 prisoners in ex- 
change for Sig. Moro. This 
approach was confirmed again 
to-day by the Christian Demo- 
crat leadership in the Senate. 

Tbe Socialist leader. Sig. 
Bettino Craxi, is persisting 
with his endeavours to win all- 
party agreement for a still un- 
disclosed “humanitarian plan” 
to save the life of tee former 
Prime Minister. A number of 
Christian Demoerat leaders say 
his proposal could have merit 

Sig. Craxi. white insisting 
publicly that tee stale cannoi 
give into terrorist blackmail, 
is said to believe the Red 
Brigades may settle for much 
less than their original 
demands. Be is believed lo 
have proposed that the state, 
through the presidency and 
the executive, should move 
nnilateraliy and offer 
clemency to some left-wing 
prisoners. 

A senior Milan judicial 
authority. Dr. Mario Daniele, 
has suggested that prison terms 
up to a maximum of two years 
be annulled in exchange for 
the liberation of Sig. Moro and 
a commitment by tee Red 
Brigades to respect public 
peace for at least six months. 

While seeming acceptable in 
principle to many members of 
the ruling parly, the Socialist 
move is being resisted by tbe 
Commun ist and the Repub- 
licans. 

Tbe opposition of the Com- 1 
munists could ultimately be 
the more compel Bog. since the 
party is committed to support- 
ing ihe Andreotti Government 
in Parliament and might feel 
obliged to withdraw this sup- 
port should the administration 
negotiate with the Red 
Brigades. 

Even If the Socialists were 
lo agree to enter a new coali- 
tion with (he Christian Demo- 
crats. II is unlikely tee 
Government could survive for 
long after a withdrawal of 
Communist support. The out- 
come might well be another 
premature general election for 
which tee Christian Demo- 
crats, having made apparent 
concessions to the terrorists, 
would not be able to campaign 
on a strong law’ and order 
ticket. 

This could be a dangerous 
electoral stance for ihe ruling 
party, particularly . In view of 
the regional and local elec- 
tions due on May 14, 

The Socialists, too. have 
electoral constde rations . in 
mind, and are not anxious to 
enter the May 14 contest with 
a label of being “soft on 
terrorism.” 


Marchais dismisses criticism as "marginal’ 


BY DAVID WHITE 

M. GEORGES MARCHAIS. tee 
French Communist leader, to-day 
returned to the attack against 
the Socialist Party, which he 
said, was alone responsible for 
the defeat of the Left in the 
general election in March. 

Declaring himself still firmly 
attached to the common pro- 
gramme, the joint left-wing plat- 
form over which Communists 
and Socialists quarrelled last 
autumn. M. Marchais exonerated 
his own party from any blame 
for the outcome of ibe election. 

In what has become a ritual 
exchange of recriminations. M. 
Gastgn Defferre. leader of the 
Socialist group in the National 
Assembly, has accused M. 
Marchais of deliberately setting 


out to lose the election. His 
statement summed up conclu- 
sions reached at the Socialists' 
national convention of party offi- 
cials at the weekend. 

M. Francois Mitterrand, the 
Socialist leader, who was criti- 
cised by tee left-wing of the 
party, accused his Communist 
former ally of “ treachery.” 

But in neither case have tee 
party leaders succeeded in de- 
flecting interna! dissension. M. 
Marchais to-day recognised tec 
existence of “wide-ranging and 
exciting discussions," within the 
Communist Party, but denied 
that it was suffering from intel- 
lectual malaise. 

Since tee general election the 
party bad set out to encourage 
discussion within its own cells 

and committees, be said, and 


PARIS. May 3. 

these meetings had been fruitful. 
He dismissed tee publication of 
critical articles by Communist 
intellectuals, who luve attacked 
the party both for not dissociat- 
ing itself more clearly from 
Moscow and for losing its 
ideological base. M. Marchais 
said these views were “ a little 
marginal discussion, of no 
interest to the party. Almost 
all Communist intellectuals 
supported the party's policies 
and actions." he added. 

M. Marchais denied that a 
report to the central com mil lee 
last week, in which he reaffirmed 
his opposition to such criticism 
being published in the parly's 
newspaper L'Hunianile. repre- 
sented a hardening nf Die parly 
line. 



M. Georges Marchais 


Unions disappointed by minimum wage rise 


BY ROBERT MAUTHNER 

THE FRENCH CABINET to-day 
decided to raise the national 
minimum wage by a modest 4 per 
cent., the first of three increases 
due this year to give tee lowest- 
paid manual workers a better 
deaf. 

Tbe monthly minimum wage, 
known as the SM1C. thus goes up 
to Frs.1^13 (about £220) from 
its present level of Frs.1.750 for 
a 40-hour week. But tbe Govern- 
ment's gesture is no more than 
symbolic since only some 1.2ro. 
workers are affected by the rise 
and the increase in real purchas- 
ing power is only 2.2 per cent. 


after pricp rises have been taken 
into account. 

The main Left-wing trade 
unions which, together with tee 
Socialist and Communist parties, 
were demanding an immediate 
increase of tee minim uni wage 
to Frs 2.400 during tbe election 
campaign, are disappointed with 
tbe Government's decision. 
Though they had been given 
notice teat they would not obtain 
anything like tbe increase they 
were asking for. the unions 
hoped teat the new Government 
would make a bigger initial 
effort to help the lowest paid. 


A particular complaint voiced 
by the Socialist -oriemed union, 
CFDT. is that, in spile of the 
conciliatory ait nude adopted by 
M. Edmond Mairc. it- leader, in 
bis poft-vluetiun tail:- with M 
Raymond Barrr. ihe Prime 
Minister, the Government has 
already hy-pa^sod the unions in 
two major decisions affecting 
their interests. Neither last 
week's sharp increase in public 
sector prices. nor to-day's 
deciMon on tbe minimum wage 
were preceded hy proper discus- 
Mon-t or negotiation-, with the 
unions. Ihe la Her *ay. 


r.XRlS. May 3. 

Much nuw depend- on the 
sucre ss i»f forthcoming 
negotiations between the unions 
and tec Patrnnat lihe French 
employer:.' feder.it mm on i 
range of prubletiK including (he 
inlrodiit.ii on <>T minimum giiav.in- 
tceil waues fur different' indus- 
trial scours. 

If ihe unions obtain a 
sympathetic lu-arm 2 from the 
employers, there i* some ehanco 
lh.it the piisl-eieeiora! detente in 
industrial relation* van be 
extended for a few months Rut 
the Patrniial knows that it must 
arl quickly 


Denmark hopes for bigger 
natural gas reserves 


COPENHAGEN. Mar 3. 


W. German jobless total 
reduced by 100,000 


ROW. May 3. 


BY HILARY BARNES 

THE RECOVERABLE reserves alternative would be to sell the i 
of natural gas id tee Danish sec- gas to Germany and to use the i 

tor of tee North Sea may be con- revenue for importing other VEST GERMANY'S total nf un- unfilled v.icanncs. Rut a le-s 

siderably larger than estimated forme of energy. employed dropped by about positive aspect nf the new 

by the Danish Underground Con- The government is expected to 1 } 00.000 during April, to almost figure.- h;i- j jump of 72.000, in 

sortium (DUC). according to a take a decision of principle soon exactly Im.. bringing the per- just under ftffl.flDO. in the 

Ministry of Commerce report, in favour of importing the gas j ce ntage unemployment rate number of workers un short 
DUC (constiling of AP Moeller to Denmark. It is expected at [down 0.5 per cent, to 4.4 per time, an indicator often watched 
Shell, Chevron and Texaco) has the same time to announce a, cent. here as rlosely .is the unemplny- 


an exclusive concession to the time- scale which would prevent 
Danish area and estimated a clash hetween two major public 
recently that the recoverable re- investment projects — the natural 
serves in tee four gas fields gas distribution network and con- 
totalled between 60bn. and ?5bn. struction of a bridge across the 
cubic metres. The Ministry, re- Great Belt, one of the tuo main 
lying on estimates bv the U.S entrances to the Baltic 
oil consultants De GoJyer and • A hundred Danish Baltic fish 


Reaction both from politicians ment figure, 
in Bonn and from the autono- The structural breakdown of 
ntous Federal Labour Office in the April figures showed very 
Nuremberg was cautious, laying Jmlc change from tec previous 
the emphasis mainly on a nor- month, other than in a drop nf 
inal seasonal improvement. Bui 12.000 in a new level of SO.OOU m 
the Government also noted an ihe number nf young people 

^ „„„ _ , additional positive effect from under 20 registered as full-time 

MacNaughton. said the reserves > n & vessels invaded Copennosen i [the improved orders position in unemployed. There was a 
might be in the region of llObn. harbour today to proresr against the building industry. That do- smaller drop, of S.OOfl. in the 
to 120bn cubic metres The reductions in fishing rights in velopment can be traced Jo the number of foreign workers on 
ministry added teat tee reserves Danish and other sectors oi tee! r^adual workings of the March, full-time unemployment rolls, 
provided a basis for comroerct- Baltic. About 2.000 fishermen ; 1977. medium-term investment leaving lOS.nnn. 


ally viable production whichever *Mrched to Pa rhameni ^ 
estimate was accepted. in S the resignation of Mr. bvend 

The higher estimate would be Jacobsen the Fisheries Minister 
sufficient to supply Denmark Most of tee vessels involved in 
with up to 4bn. cubic metres tl l e protest came from the island 
of gas .ayyear for about 30 years, . Bornholm. Tbe fishermen 
providing 15-20 per cent of the claim that they face bankrupt cy 
country's 1 energy needs. The re- as a result of the failure of the 
port also hints that there are EEC 10 conclude satisfactory women). The Export Credits Guarantee 

prospects of making further vi- fisheries agreements with third There was an improvement of Department ha.« guaranteed a 
able gas strikes in the Danish countries. 1 about 10.000 in tee number of *2Q.6tn. loan which Lloyds Bank 


programme. No new information is avail- 

Thte April improvement was able, however, on how many 
almo* entirely accounted for hy foreign workers havn relumed 
a drop in the number of full- to their home countries. 

time unemployed. The percent- 

age rate is now down to 4.1 per 

cent, overall (3.fi per. cent for Korean I nan 

men and 5.3 per cent, for ore^n L.oa« 


area. 

According to outline plans for 
the utilisation of Norte Sea gas. 
production would rise from 
about 2.5bn. cubic metres a year 
in the early 1980s to about 4bn. 


Dutch consider fines for crimes 

By Our Own Correspondent 


International, acting on its own 
behalf and for Lazard Brothers, 
has made available in Korea 
Shipbuilding and Engineering 
Corporation to help finance the 
S24.2m. contract awarded to 


AMSTERDAM. May 3. 

cubic" metres "a "year in the ml<£ OFFENCES which would norm- ins and - other minor offences Herbert Morris pari uf the Davy 

1990s. but debate continues ally carry a prison sentence of could be applied to crimes such group of companies, for Ihe 

within the Government and in up. lo six years would be punish- as burglary, teeft. hold-ups and supply or cranes and other 

public about whether it is worth able bv fines under a Bill pre- receiving, if the legislation is equipment for ihe shipyard at 

making the very large invest- seated to tbe Duich Parliament, approved. Offences have been Okpu Bay. Knje Island off the 

ment required For a domestic grouped in six categories with south-east coast of Korea. Corn- 

distribution network and conver- A system of automatic tines the maximum fine of Fis.lm. pie t ion is scheduled for early, 
sion of households to gas. The which has been applied to motor- (£250.000) in the mnsJ severe. 1980 


t- 











.*4 ■ 




at ii-L 1 ;- 



HOW DID IRELAND OUTSTRIP GER 
IN GROWTH OF INDUSTRIAL 

EVERY YEAR 
SINCE 19707 




Even during the world recession, Irish industrial exports were still competitively priced, 
stm attracting larger international markets. In 1977 industrial exports increased by a record- 
breaking 40% plus. Total exports increased by359v as compared with 5% horn. Germany. 

Is tins just a case of big percentages but small actual amounts? 

It is difficult to judge with a country of barely 3 mEon population, bnt surely the capacity to sell 
almost 60% of manufactures abroad mast make Ireland unique m Europe? 

Try comparing Ireland’s export achievement of £830 per head of population with the figures 
forloDg established industrial nations Eke Germany and tee U.K. 

One can underctand companies based outside tee EEC being attracted to Ireland, but consider 
tins. 50% of tbe overseas industrial investment in Ireland has come from European countries. 

Industrial investors enjoy distinct competitive advantages when they operate from Ireland— 
and Briti^ industry needs every competitive edge. 

Coner± Briti^ investment inlrelmid is some 17% of the overseas totaL There are good 
finanoalreasons for increasing this figure. 



INDUSTRIAL IRELAND 
-COME AND SEE HOW 

IV Europe's most dynamic industrial 

A A ■ If Va% 4»L#» base stnily 50 ininries from Londoa 
by air. Any company with expansion in mind should geta first-hand picture 
ofthegperial advantages tbe Republic of Ireland offers. 'Ihe Irish Govern- 
ments Industrial Development Authority wifi gladly organise 
a personal presentation and visit to ant your partknbr 
-#t>. interests; factory visits, frank discussions with 
“ jWT*hi overseas industrialists operating m Ireland, 

J meetings with trade unions,.. whatever and 

■whoever yon want to set 

The IDA & responsible fir aE aspects of 
industrial development, including ad- 
ministration of the nhkjoe 
package which the government offers 
expanding, exporting industry. Tbe 
2DA has helped over 700 overseas 
companies-ahnost 500 of them 
Europeau-to establish fcetories. 
ft is the only organis af i iHi yHBf 
would need to negotiate with. 


ConfidfijrfiabToHu^.ystoc, Director, Ireland, 1 ® Bratcn Street, London W1S7DB. 

TSeptaoeQl-499-6I5& TdexflSl-34752. 

Please Heptane me wflhavfcwtodcscosangai investment nacfcsge tosmt my company ®*$ a baSarkaAm tifc to2n3m& 


NAME, 


jposrnoM. 


COMPANY. 

address. 


^TELEPHONE. 


a 

j 



Financial Times Thursday May 4 1978 


OVERSEAS NEWS 



UN forces on red alert 
after clashes in Lebanon 


BY ms AN HIJA2I 


BEIRUT, Mi? 3- 


Further 
bloodshed 
expected 
in Kabul 

By Simon Henderson in Kabul 


THE 4,000 United Nation? forces from the United Nations Secre- Ur Waldheim fer raisine fn 
J, n southern^ Lebanon were on tar?' General Kurt V.'aidheim from strength of Unifil from 4 .wn to 
red alert M-day following New York. Dr Waldheim also 6.000. 
cl ashes in the Port of Tyre ordered Major General Emmanuel Observer sud an yttnnsplierp 
yesterday between the French Erskme. the Ghanaian commander of crisis surround* the mission of 
haTtahftn an,i Am> * "unmen in ' Unifil in southern Lebanon P*le.v 


MORE BLOOD is likely to flow 
before the new regime in 
Afghanistan establishes itself. 

That is the opinion of most 
foreign observers here who esti- 
mate that at least 4.000 people J premier 
died in the 4S hours from mid- 
day Thursday when tanks rolled 
into the city and started attack- 
ing the palace of President 
Daoud. 

The crushing of the regime by 
forces now known to be Moscow- 
orientated if not Moscow-con- 
trolled took only 24 hours, but 
the nest day and night were 
taken up with arrests of pro- 
Daoud forces and summary 
executions in the central jail and 
elsewhere. 

Kabul is now quiet although 
tanks and armoured personnel- 
earners arc on most street 
comers. 


battalion and Arab 
which one French soldier was 
killed, seven wounded and three 
were reported missing. 

A United Nations sou ire said 
the alert meant the tmops have 
been ordered tn remain in Tull 
enmhat readiness The com- 
mander of the French contingent. 
Cnl. .lean Germain Salvan. Was 
.-nitons the wounded. He was shot 
in bnih lees and rushed to a 
hospital in Beirut. His condition 
was described as satisfactory. 

Although the situation in 
Tyre was calm to-day a tense 
armmsphere prevailed, according 
in eyewitnesses. French para- 
i runners were manning road- 
blocks and standing guard at the 
former Lebanese army garrison 
where they have their head- 
quarters. 

A Hurry of political and diplo- 
matic activity is in progress. 
President Elias Sarkis met with 
Selim A I Hoss and 


The decision in dismiss the 
military commander of the 
West Bank and conrf martial 
two officers was welcomed both 
in Israel and among residems 
of the occupied territories. 
David Lennon writes from Tel 
Aviv. Mr. Eaer Weizman. tbe 
Defence Minister, was praised 
in all the Israeli press for bis 
refusal lo cover up (be incident 
at Belt Jaliah near Bethlehem 
a month ago in which Israeli 
troops Bred tear gas grenades 
Into school classrooms. An 
investigating officer discovered 
that the O/C West Bank had 
lied about the methods used 
to suppress a demonstration by- 
pupils at Beit Jaliah. 


Tinian sources said Mr Arafa 
reassured Dr. Waldheim the PLO 
will keep its promise of l-o 
operating with Unifil. 

Ultra -militant Lebanese left 
wingers were Warned for yester- 
day's clash in Tyre. The Left 
wingers, believed lu be allies of 

the Palestinian RejecLoflhil Front 
led by Dr. George Habash. were 
reported to be seeking vengeance 
for two uf their members who 
were killed in a clash with French 
soldiers on Monday 
UN sources would not confirm 
or deny reports that 60 guerillas 
from the main group* have re- 
established themselves to areas 
south of the Litani River which 
were evacuated by the Israelis ou 
Sunday. 

Sources close to the PLO said 
— the guerillas were there for recon- 
naissance purposes, and will avoid 


_ of the United Nations Interim any confrontation with L'nifil. The 
Foreign Minister Fuad Butvos Force in Lebanon (Umtlt back clashes yesterday raised a big 
after nr. Hoss had consulted to Beirut. General Erskine had question as to whether a cr-exis- 
wiih French ambassador here ?one to New York to be on hand tence in die south between Unifil 
Hubert Argod. for the projected meeting of the on the one hand aod Palestinian 

PLO Chairman ^asir Arafat re- Security Council which was asked and Lebanese irregulars on the 
ceivei an urgent telephone call to consider a recommendation by other is possible 


Nkomo snubs ceasefire 
offer from Salisbury 


Egypt’s Left 
‘undeterred’ bv 
Sadat criticism 


SALISBURY, May 3. 

RHODESIAN nationalist leader The interim government, led j Rogcr Matthew* 

Mr. Joshua Nkomo has rejected by Mr. Ian Smith and three mod- - CAIRO. May 3 

Niir Mohammed Tarraki. the ' c * a . s0 ? re “11 from the multi, erate black leaders, announced I THE LEFT-WING in Egypt 

interim government in on Tuesday that it was lifting {appears undeterred by president 


country’s new leader, and his; 


racuil 


Cabinet of 20 . all known Left- , Salisbury, saying it was an in- long-standing ban* rm the ZAPU ' Sadat's latest attack oh Iheir act! 


wingers, are reported to be in i 
almost crmunu.il session. Minis-' 
tries have been allocated but 
officials are treading water until 
a policy is proclaimed. 

The people of Kabul appear 
happy with the change of regime, 
a happiness which seems more 
genuine than a mere cbameleon- 
type reaction to the change in 
political climate. The tanl^ on 
guard around the town are 
festooned with garlands and their 
crews talk easily with passers-by. 

Around the presidential palace 
four tanks lie destroyed. They 
have been more than just dis- 
abled- Direct hits have caused 
them to explode and little more 
than the tracks remain. But even 
these hulks have been stared at 
and clambered over by tbe 
curious crowds who have been 
streaming in and out of Ihe 
palace compound, viewing the 
damage and the place where 
Danud and 30 of his family were 
slaughtered. 

Previous io formation about the 
coup has been suprisingly accu- 
rate as to numbers of casualties 
and the colour of the new 
regime. But it is still not pos- 
sible to describe in detail the 
stages of the fighting. Units of 
the anuy did resist and were 


in a major 


>u!t to suggest that he might (Zimbabwe African Peoples' ! vines delivered 
join the now administration. Union) and ZANU I Zimbabwe j speech yesterday. In private. 
Bui lie has lofi the door open African National Union) nation-] (hey discounted the President’s 


to continued negotiations with 
Britain for a settlement transfer- 


nnq power to Rhodesia's fi.Sui. years ago and its legalisation j wo® kip Al Abali to-day c 
blacks. was viewed bv analysts as an!* inue ^ 10 s °iP e at the " Of 

Mr. Nkomo. co-leader with Mr. invitation to him to abandon Mr. r door" economic policy initial 


Robert Mugabe of the Patriotic 

Front guerilla alliance, was com- r erim government leaders, 
menting on Tuesday s C3ll by the 
Rhodesian interim government, 
for Patriotic Front guerillas to 
lay down their arms, 
lfc .said the guerillas would 


alist groups. i threat of a “ confrontation 

Mr. Nkomo founded ZAPU 17 *' hi| e in public the Left-wing 
■ — « **--•' - • con- 

open 
initialed 

by Mr. Sadat. 

j Its principal target |r»cfay was 
. ; Mr. Osman Ahmed Osman, foun- 

c .. . ™ ' der of the country’s biggest con- 

hirk” \w S5mn U oiH T' ?h | *t n,c «on company and a close 
ft£* l |J personal friend of the President 

lue l to whom he Is related by mar 


Mugabe and ally with the in- 


‘When we are effectively 


t then, intensified war was 

continue to fight^until Rhodesia onl - v course open to him. I riage. “The open door policy 

had a government “that derives He insisted that the lifting of : has helped to centralise fortunes 
its power from the people." the ban on ZAPU would have no [ in the hands of a few people . . . 

Rhodesia’s internal sei tlement. effect whatever, adding that his land enabled them to achieve 
which led to the creation of the guerillas would not heed calls | monopoly positions, 
interim Government, left real from the interim government j •• Mr. Osman Ahmed Osman 
power in the hands of Premier to return: “My men know what a rlpar example of this and 
Ian Smith. Mr. Nkomo said. they want-” he said. “ Any calls I not only Is he a very rich 
He claimed that Mr. Smith from strange fellows t in the in- j m an and powerful man hut has 
still coni mis the jrmy, the police, terim government) will have no - also encouraged memh°r« of his 
the judiciary, and the civil ser- effect." {family to participate .iq his acti- 


vice. 


Reuter 


cities.’ 


U.S. wares Marcos on rights 


BY DAVID HOUSEGO 


MANILA. May 3. 


. — .THE U.S. to-day Informed have been apprehensive about against whom no formal charges 

forced to surrender by air I President Warms that unless his what they consider the uncer- had been filed. Mr. Lopez said 
.^ mhard '! martial law administration could tainties of American foreign that he had the impression that 


meats but apart from the presi- 
dential compound the town is 
Iarcely undamaged. 

Observers point out that the 
left-wine has tong bvn strong, 
despite having to organise under- 
ground. Thor sav also that a 
roup has been probable for some 
months. Pa oinl’s authoritarian 
and 3rroa.ini style v.-k hccninirtg 
universally unpopular with both 
Right and Left 

Indeed u i* the Modem Richi 


improve its image over human pol,cy ' ' “ r - 

rights violations, the flow of U.S. After talks with President Xrtu7 l * gW 2lEmn" M ‘ 
aid to th« Philippines would be Marcos this morning. Mr. Mon- JJ. *“ ! releasing political 

affected. But Vice-President dale said that he had told him p r £ 

Walter Mondalr evidently- of the deep concern of the U.S. ,,,p 


fact that Mr. Mondale 


delivered the message with sufli- and Congress over human rights jjjgj 'SnXrable" 
dent dcllran- fnr Mr. Marco, to violations and that these were **‘-j™* month’s 

retreat fn«m bis recent accusa- bound to affect the relationship e "ction<^ the Philippines 

i ‘“"s, ,n b ' , ” ra ,h ' wo ” u " ,ri ”' 

1 « U e!. r ‘-nfJriii dt,ir l " c ' ,ls,t Later he saw opposition leaders sion to hold the election was the 
as 5ui . .n . including the former President US administration’* belief that 

... ._. Mr. Mond.il** i-’ in Manila on Mr. Dado Macapacal and the Gnncressional approval for mili- 

whicli po«oi one nf ihe create*! : flu* first '•lage of a five-nation former Foreign Minister. Mr Sal- tar\ and economic .aid would be 
threat* in the nr M regime and , tour of th«* nvum. the mam \ador Lopez Mr Lopez said easier to obtain if Mr. Marcns 
f hi* is perhap* ■.'hv tank* remain ‘ purpn*o nf whi-h. a* he ili-.*v had told Mr. Mondalr that could point to the -npporl nf a 
tit the ei j v with their barrel* dosi-riherl it in.il, i^. in to demon- US aid *hnuld not lie used In populnrly-elprted »«*emhly. Rtiie* 
p-onti iig down the road* leading , *t rate the • nntinuing determina- prop up the country's martial then over HKI Congressmen have 
The I«l3tnic Right rmild j tion of ih»* Cnrier Admmistra- law regime. They complained in acn«*ed the reeiiue of ” heavy- 


m’o it 

? v _frtim . 1 '- the new regime ; t ton •• m pi j*. ; t *tro;ig role in Mr Mundak Mr. Li«pcz said, of handed “ elect inn tactics and said 

e«. , ahi'*hc*. li-eif Tbe pa*l week . Die Paeifii." Since the V.S. with- ” ma-j-ive frauds” in last rrmnih's that eRoris t«« redress thp situa- 

h.-«* -shown tiiat. in »*ni*hmc | drawal from Vietnam three general election and called lor lion would he crucial to U.S aid 

| years ag«. government? the release of put It tea l prisoners to the Philippines 


.i'sreni. Afglnnictan'* new ruler* 
.ir- nm afraid of world dis- 
apnrov.il 

TV immediate tame! will he 
rr e:n hers of Da nod's minority 
Mohammed Zi.i tnh(» who have 
been Introduced InTp po*|tinn* nf 
nulhnrity throughout ihe rounlry. 
Observer* believe that trihal and? 
personality influence.-; 
remain strong in the new admin- 
istration however disriplined 
■ lone partv lines it mlcht appear. 


AMERICAN NEWS 


Stars help 
to promote 
Sun Day 
observance 

By Jurek Martin 

WASHINGTON. May 3. 
A BROAD cro« section of 
Americans joined to-day lo 
celebrate Sun Day, an event 
designed to raise the conscious- 
ness of the public about (hr 
use or solar energy. 

President Carter, who has 
been criticised by environ- 
mentalists For failing to foltnu- 
th rough On an early cntmnii- 
ment to promote solac power, 
flew out to Colorado to risil 
a solar Institute, dine in 
a *olar-heatcd restaurant and 
stay overnight In a solar- 
powered house. He was then 
going to continue around the 
West Coast to improve his 
fragile political standing there. 

The host of public person- 
alities, ranging from Andrew 
Young, the U.5. Ambassador to 
the United Nations to Robert 
Redford. the actor, were taking 
part in a series of concerts, 
exhibitions. Fairs and demon- 
strations across th conntry, 
beginning in the northernmost 
tip of 3Iaine at dawn to-day 
ami ending with sunset in 
Hawaii. 

An interesting endorsement 
of Snn Day came in the form 
of rull-page newspaper adver- 
tisements taken out by tbe 
Saudi Arabian Government 
this morning. Thus proclaimed 
the Saudi interest in energy 
conservation and diversifica- 
tion from oil and recalled that 
a year ago .Saudi .Arabia had 
offered $50m. — ir the U.S. pot 
up a matching amount — to 
fund special research into solar 
power. The U S. Congress has 
yet to authorise ihe expendi- 
ture. 

Sun Hay was conceived by 
it* promoters, a loosely based 
coalition of environmentalist, 
consumer political and union 
groups, as a successor to the 
successful Earth Day held in 
April 1971). That event, which 
saw the country inspired to 
clean up a polluted environ- 
ment is seen by some as a 
high water mark of the move- 
ment 

A svmliar effort is now 
believed necessary to advanre 
the cause of solar power, on 
which the Carter administra- 
tion. after a number of initial 
premises, is now accused of 
dragging its feet. 

Mr. Deni* Hayes, a principal 
organiser of Sun Day and a 
leading solar advocate, has 
complained that President 
Carter has broken promises 
contained in his original 
energy message of April last 
year to stimulate use or solar 
power.. - ... 

Specific complaints Inrlude a 
cut in the budget allocation 
for solar energy and the failure 
to appoint an Assistant Secre- 
tary of the Energy Deparement 
for conservation and solar 
policy. 

Mr. Barry Commoner, the 
prominent sociologist and 
eovironmentativt. told a dawn 
audience in Washington that: 
“If Mr. Carter and Dr. 
Sehlesingpr won't talk about 
solar energy, it's time that we 
did.” 

The Energy Secretary did In 
Fact issue a statement which 
said that: “While other civili- 
sations throughout history 
have celebrated Ihe sun. tills is 
an auspicious first hour For our 
own civilisation.*' 

But Mr. Commoner, like 
other environmentalists, was 
unimpressed with mere talk: 

A* long as we continue to 
rely on noii-rcm-wablc energy, 
we're coing to have inflation, 
mi employment ami a rieleri- 
oral : ng economy. There is one 
solution to Ihe economic prob- 
lem* of >he U.S. and that is to 
begin to use ihe essen(ia) 
resmirre that is renewable and 
will not escalate in price.” 


House rebuff ‘will not stop 
aircraft sale’ to Saudis 


BY DAVID BELL 

THE CARTER Administration 
pressed on v-ith ns plan lo bell 
advanced aircraft to Saudi 
Arabia to-day. undaunted by a 
vote in the House Internationa! 
Relations Committee yesterday 
which suggests that opposition 
to the plan may gn deeper than 
the President think*. 

This morning, officials ’brushf’d 
aside thp Committee vote and 
said it was a ” bluff." One White 
House aide was quoted «*■ add- 
ing, “ and Ihe President is not 
in a mood to be bluffed.” Mr. 
Cyrus Vance, the Sturolarv of 
Slate, testifying before *he 
Senate Foreign Relations Com- 
mittee this morning echoed this, 
daseriblng the arms sale pro- 
posal as ■’ vitally important to 
the foreign policy interests of 
tbe U.S.” 

But the House vote did sur- 
prise the administration even 
though, at this stage, n was 
largely procedural The Com- 
mittee voted 21 to 16 to uphold 
a resolution “ disapproving ” of 
the President's plan to link tbe 
sale of aircraft to the Saudis 
with the proposed sale of -a ir- 
on ft to Israel and Egrpt- 

The Administration has 
dropped its formal insistence on 
a ’’ package.” but Mr. Vance and 
ethers have made it clear tbat 


If the sale to tb* Saudis Is 
blocked — and both the House 
and the Senate inu^t vote hefore 
it can be stopped — none of the 
threp nations will receive new 
aircrafL 

Members -iT thp House Com- 
mittee said after iHp third vole 
that a major purpose of il was 

to persuade the Administration 
that it utuit begin some hard bar- 
gaining on the itze of the pro- 
posed sale* .before it can get 
enough voles m push the deals 
through. Some supporior* of 
Krael want at least a “ symbolic 
victory ” and to be seen to be 
fnreme the Administration 
either to fell fewer than the 60 
F-I5s now promised to Riyadh 
or to sell the Israeli* rather 
more F-!fi« than the Tii it is cur- 
rently scheduled to receive. 

Mr. Vance said this morning 
that failure in go ahead with the 
sales as planned would seriously 
undercut the U.S. role in the 
Midle Ea*t peace process and 
raise grave doubt* about the 
readiness of the U.S. in work with 
moderate Governments. Saudi 
Arah>» ha* consistently demon- 
strated Ms friendship towards the 
U.S. and needs 30 adequate atr 
defence system to •protect its 
vast territory.” he said 

Meanwhile there was some 
irritation oo Capitol Hill as a 


WASHINGTON. May 3 

result of an interview vesterft* 
in which Sheikh Ahtued Yammi, 
the Saudi Oil Minister, warned 
that the collapse of the F-15 deal 
might affect Saudi willingness to 
continue supporting the dollar 
and producing more oil than it 
need*. Althmtch legislators are 
uwd to pressure from Israel, 
they have MM to reconcile then> 
selves in quite the same way tn 
pressure from ihe Arab worlij 
even though Saudi Arabia w 
intensify ms its lobbying efforti 
here 

Official* noted tin* morning 
that Mr Mohammed Vamam. tha 
Inform jt ion Minister, had sought 
tn minimise Saudi concern about 
The F-15* noting thar Th* aircraft 
were in fact, "a minor part of our 
defence requi remen t*. ” ThU 
remark was interpreted here as a 
reflection both of the disagree- 
ment within the Saudi ruling 
sjrmip about relations with the 
U.S. and an attempt by the Saudi 
red me lo silence any suggestion 
that il might be trying to " black- 
mail ” the U S. 

Reuter add* from Riyadh; 
Mohammed Ahdo Ynm-ini, the 
Saudi Information Minister, said 
to-day that official Saudi opposi- 
tion to higher oil prices and its 
support fnr the U.S. dollar did 
not depend on whether the U.S. 
sold cbe F-I5s to Saudi Arabia. 


Videla to remain as President 


BY HUGH CVSHAUGHNESSY 

; LT.GEN. Jorg Rafael Videla. 
• the Argentine President, was 
; appointed to a new three-year 
; term in office on Tuesday hy the 
ruling three-man military junta 
in which he is ihe army repre- 
. sent at ive. 

Continuing rivalries and dis- 
agreements among the armed 
forces, particularly on economic 
, matters, appear to have blocked 
; any decision about what power* 
| Gen. Videla will enjoy. 

[ Gen. Videal goes on the re- 
I tired list on August J, when he 
will give up his post as army 
commander-in-chief. His navy 
I and air force colleagues on the 
; junta. Adm. Emilio Massera and 
■ Brig. Orlando Agouti, are respec- 
i lively due Fm- retirement in 
! September and January. 


Admiral Massera has made 
little secret of his desire For 
the Presidency. Since the middle 
of last year he has been criticis- 
ing a* loo restrictive the 
economn policies nf General 
Videla and hi* Economy Minister. 
Sr. Jose Alfredo Martiocr de Ho* 
Sr. Marline? de Hoz was ap- 
pointed to the Ministry shortly 
after ihp coup of March. I97fi. 
in which the military overthrew 
the Government of President 
Maria Esleia Perdn. 

Tbe extent" of the powers of 
Genera! V»dcl3 is in he decided 
by a meeting of senior officers 
in July. 

In the past. General Videla’S 
position, and hi* control over 
Ihe Navy and Air Force, has 
been in doubt hei-ditse of their 
refusal tn. accept that he had 


Jurisdiction over Them. In M« 
capacity as a retired officer, from 
August, it is unlikely that hp 
will hf» able to exercise any 
more control over them than in 
the pa *1. 

(( i* unclear -is to what 
political concession* the Navy 
has obtained in exchange for 
Admiral Massera's agreement i 0 
a further period in office for 
General Videla. In an attempt 
to paper over the disagreements 
among sent nr officers. Ihe junta 
issued a statement on Tuesday 
underlining the indestructible 
unity of the armed fortes 

There is no sign that the junta 
wishes to go back on il* state- 
ment of last March thaf it 
wattled to “ re-establish a repre- 
sentative. republican and federal 
democracy." 


NY Senate backs Carey’s i Factory orders 


veto of death penalty bill 


BY JOHN WYLE5 

AFTER ANOTHER length? 
debate, the New- York state 
Senate failed by one vote last 
night to over-nde Governor 
Hugh Careys veto of a Bill lo 
restore the death penalty, 
i The 39 to 19 vote was a legis- 
I lattve victory for Governor Carey 
| which may yet prore to be a 
i political albatrns* in his cam- 
paign for re-election in Novem- 
ber. 

The Governor is already trail- 
ing in the polls behind both oF 
his potential Republican chal- 
lengers and the issue of restor- 
ing canital punishment is 
thourht likely to swing votes Tn 
the Republicans who have led 
the clamour for the death 

penalty. 

New York's existing legislation 
was declared uncnnstitutinn.il by 
Ihe slate supreme court last 
November, in the past two 
months a Rill ha* cleared the 
state legislature with substantial 
mrUnritip* in both hou*os Two 
weeks ago. Ihe Gnvernnr C»rn"ti 
nm h's threat in vein ihe leri*-- 
!Mtino and a rwn-third* majnritv 
was needed tn override the veto 
in the Senate. 

Last night’.* vote means that a 
fresh attempt to put a capital 
punishment Bill on ihe statute 


rose by 2.5% 
in March 

Factory order* in the U.S rose 

2..S per cent, in Starch to a seasnn- 


NEW YORK. May 3. 

tqok lj unlikely during *bei aH , lietal ,„- ah _ 
reminder ni this legisl.tivt j , " 5 , h " ,u c „mmere r Dfp.mn.nl 

SDine 33 Republican, and 

Democrats voted to override the uith a 4 ^ cem . increa ^ in 
Governor and two Republicans February to an upward revised 
and l< Democrats against. S122.82bn. In January, however. 

The two-thirds majority proved new factory orders declined 3.3 
elusive because at the last minute per cent, tn an upward revised 
two Democrats lined up um *>lJS.Ibn. New order* for durable 
expectedly behind the Governor. 1 goods in March rose 3J per cent. 
One. Senator Israel Ruiz Jr. is l to a seasonally adjusted SM.flibn. 


after rising 5.1 per cent, in Feb- 
ruary to an upward revised and 
adjusted SBfi.Sbn. 

Sale of. gold bars 

The General Service* Adminlstrsi- 


something of a maverick who said 
he finally decided " after hearing 
about killing and destroying. I 
didn't think we should be as had 
as the guys out there killing, and 
destroying.” m 

controversial Bill would>{j on sa id yesterday that the npen- 
allow the death penalty to be; monthly U.S. sold auction on 
imposed after a criminal is found jMav 23 will involve the salo of 
guilty of “intentional murder." 1 300.000 ounces in approxiniarelv 
But tbe decision would be madpjJOO ounce bar*. Reuters rcporis 
by a second jury which would! from Washington, 
have to find at least one j 
aggravating circumstance" io Oil Consumption Up 

J I.-.S. oil consumption nr=e fn 
j IB.i m. barrels a day in the first. 
| quarter of ihis year as a result 
‘ ~ !of the prolonged coal strike and 

Largest U5. real estate Invest- 1 the severe winter, according m 
ment trust In default; .S«*ven- ! t* 1 ® International Energy Agency. 

Up holder? exppet Philip Morris I ?!! u l er * re P nrr * rr ?U 1 , p /? r ‘ f \ Thl5 
• „ i;n MO ■ rn,nH na nt,i I fis,,re compares with US oil cou- 

tn lift bid , Continental Airlines sumpt j pn 0 f 177 , n barrels A day 
income upsurge — Page 34 I m the last three months of 1977. 


be an element of the crime. 


U.s. COMPANY NEWS 


VIETNAM ha* announced it would be issuing a new currency In a move to unify the country's 
monetary' system. Reuter reports from Hong Kong. Until now both the dong, issued by the 
North Viriname.se In Hanoi, and the piastre, issued hy the former Saigon administration, 
were common currency in the old South Vietnam. The North and South were formally unified 
wiii j as tiir Socialist Republic of Vietnam in July. 1976. The Vietnam News Agency, which quoted 
a Government announcement about the new currency, did not say what the unified currency’* 
exchange rate would be. The old dong in the North was worth 0.25 U.S. cents. The Govern- 
. . . mem said the aim of i*uing the new currency was to build a "unified and stable monetary 

The tir-t potential source yf \ system for the whole country as an effective instrument for reorganising production." 
division u the split tn the) . 

Cabinet between members of the* I 
Patvham and Chain Left-wing 
movements Tho <!i (Terences in 
their attitude under the Danud 
routine were mainly taeiieil 
Parehani wa* told hy Mnseowj 
to work with ihe regime and I 
Chain dissociated iirelf from tt. 

The fino-rprnr nr Moscow nn 
the takeover is until isukihl 


Poor harvests hinder Vietnam’s 
ambitious reconstruction drive 


.. Rus«tans have hr-.-n training 
d equipping Wchanistan's 
ued force* for year* and there 

* numerous adviser* at niostj 

tes Purine the i;m:p herrirj 
mines and Toinr* were seen; 
the Soviet Fnihnvsv 1 

Rut doubts per*-*'i. If Afghani*- ■ 
1 W 3 * so pro-Mn*cn»- in if* 1 
Mloiic ni’iilrulitv. why w:i* ; 
>re anv re;i* - on to make n nmri'i 
?ri7 Moreover Slnseow had a! 
lory nr not fully supporting 1 
al Left-wincer*. The d-incer- 

failure last week or in the'; 
tt ihrce nionlh*. wn* and will J 
very great. Such a failure; 
tlr! set bark Moscow's stand- 1 ' 
■ in the area for manv year*. ! 
"x pl oil. at ion nF internal rival- 

* cotilrl help Russia retain t* : 
p . On the assumption that l 
•joj influenec will remain [ 
■amounL Iran. Pakistan and J 

U.S are anxious about pos- j 
!e effeci* on ihe balance of ■ 
>*?r in 'ho area. ; 

“ho Pakistanis fear that old j 
'der antagnaiims could In- re- 
ed. Iren cannnr ho nlen*od| 
: it* flank is ihreatened nnd : 
: :t* Trade nmlo with India 

fallen under differennt enn- 
l 

'or ihe T.’ S ihpre i* tb p reali- : 
[or. that vpirs of i-iuiet mi'.i- - 
e and ud look* like coming ; 
nought and that h nunor He- 
'n’lsinc fjeinr ha* perhaps 1 
learc-d m central Asia. 


HAVING before 1975 suffered 
three decades of war. Vietnam 
ha* in tin* Mirer years «mrr then 
had to enduve sin consecutive 
bad rice harves*. and thin >ear 
has begun with jet iinotiier. 
owing 10 widespread drought 

Fnr a basically agricultural 
country, trying to recover from 
the i1evn*i anon of .1 ui.ijur *ar. 
seven consecutive had crops 
moan disastrous *t-l backs. Viet- 
nam nlliciai* dn nul disi-ltise key 
statistic*, but sign* of riistros* in 
the country are all too evident. 
Food 1 * high on Vietnam’s 
shopping hsr abroad. finQ.ono 
tonne* of wheat having for 
example been borrowed from 
India. 

Drought, and the storms tho: 
regularly flood paddy fie Ida. have 
seriously affected both the North 
and thc*Suiith — which effectively 
remain iw»» muntnes- — though 
tbe grumble* are louder in the 
toss disciplined South. Repercus- 
sions are being fH: in all area*. 
The oiliri.il ration of food 1 = 
meat! re and ttip Vietnamese get 
just four iiieirc-* of elnih a year 
on coupon*. 

Inevttaol' . :n a country which 
ha* known d.tv* — 

eipeciall} ir. tne Soule wnere 


BY K. K. SHARMA IN HANOI 

American money generated a 
fal*e prosperity — there is a 
a thriving black marker. Since 
the Vietnamese are not dogmatic 
Communists, a blind eye was 
Turned to this. This continue* 
in some exient in the North, but 
the authorities have clamped 
down harshly in thp Sooth, 
where private trading was 
abo!r*hvd just a few week* ago. 
It continue* on a small scale on 
the pavements. hut the 
southerners are learning to 
stand in niienc* like their 
northern brethren. 

Yet ihe \ ietnamere continue 
remarkably cheerful in adversity. 
The fir*T five-year plan, running 

until istsn. lay* down not only 
an ambitions rice product inn 
large I of 21m. innno* anntia.tiv. 
isut also plan* for all-round 
development. There are plans 
for developing fisheries, animal 
hu-handry. rommumcatirins. and 
iign* and heavy industry so that 
Viotitsm may he cyme as self- 
reiiani po«.*inie. and Me proplc 
have a naijneed diet wiin -uiip’e 
protein 

By IfSu. ih»* population l.« 
expected to h.i\r incre«sed to 
57:n — *ir.ce famiiy planning i- 
tvM 2?tilTtC due attention thi* 
migbr he underestimate — and 


the Government if planning for 
increased per capita consump- 
tion. The Government hope* lo 
meet this increase from internal 
production, reducing dependence 
on certain allies abroad; and 
correcting a hugh trade im- 
balance that is straining foreign 
exchange reserve* 

Apart from higher rice pro- 
duction. Vietnam plans /to in- 
crease rapidly such cash and 
industrial crop* a? rubtfc'r. lea. 
cotton and jute It dpcs not 
consider the task difficult since 
ihe mam method, apart from 

bettor and mechanised terming 
methods including ihe fuse of 
chemical fertilisers and pesti- 
cides. is land reclaniaUoiJ- The 
soal is io bring .10 additional 
llni hectares into cultivation by 
19S0. 

This is not imprj»sibi« and a 
number of meihudi arc heme 
u*eil The RflO.Onfl hectare* 
which became barren hpcau?c of 
the war — due fur instance 10 
flooding after bomb, ns of dyke*, 
evacuation nf vulnerable area. — 
*re to he reclaimed. Hills are 
being levelled in the central 
hichlands. *nd where this not 
po**;blr terracttl^ is bems 
attempted Finativ There ar<1 'b p 
cun trovers t? I new economic 



Rationing in Hanoi : housewives queuing for rice. 


tone*, both In The North and 
Ihe South, to which people i.yv 
m the urban areas are being 
*enl 

Th** new ^I'omiinir zone* 
aUempt to tackle ihe lvrin prjh- 
Icins ul urban overpopulation — 
there was ;t nia**tv« inflow into 
town* during ihf war both in I lie 
South and the North — and of 
exploiting reclaimed land They 
arc ennimversial hecauso fen 
really want to become pioneers 
in inhospitable area.*, working 
hard Tor little compensation 
The Government 1 * pressing 
ahead with the policy neverthe- 
less. and there i*. a concerted 
nationwide campaign tn persuade 
people lo "volunteer" n» 
migrate tn Mir- nev /one*. 
Apopal? to patriot ic fpcling' are 
being made with the ’ same 
fervour a* during the war, and 
material mcentufs ir«» now 
hpinc added — higher vrago and 
hetior r»iir>n*. accoutpanii'd hy 
facilities the settlor* would get 
in urban area*. The Army ' 1 * 
playing a major rule in rnok-.m.' 
this possible, and the authori- 


ties claim That what becan a* o 
trickle in the new runes will 
Mtnn become a flood 

A key p;irr in the rcronstruc- 

tinn procraimnc has been played 
by the jrmrd force*. Reconst ruc- 
tion became a habit with the 
army during the war. and even 
now 4 large part tif ihe regular 
army is used for economic deve- 
lopment. Alt able bodied men do 
a ihrec-year -.not of military 
service 

Plans for heavy industry in- 
clude a new sled plant m Rnc 
Thai province in Central Viet- 
nam where iron ore deposits are 
being exploited with French 
as.sisTar.ee. Initial product ion 
will be 200.000 tonnes annually, 
hut thi* is intended 10 bo 
doubled during the .tecond five 
year plan period. Oil has already 
been «tnjck nrshure in Thai 
Binh province in the North and 
and 1 * to he i-ommercially ex- 
ploited. OflMmre oxoinrarinn is 

being conducted nff rhn coast :n 
the Snurh hy West German and 
Italian companies with -thierr 
d^reeraenis on minimum inve*i- 


rnent and profluction sharing 
have been signed. 

Indeed foreign private invest- 
ment is a key element id \ let- 
rum's industrialisation plans, 
infers, nn the basis of detailed 
'-'uidclines and guarantc.-c.-i. are 
being actively solicited, and it ie 
expected that the first aarec- 
nients, including one tu build 
passenger cars, will be signed 
soon. Other major i n dust rial isa- 
tion plans include a large hydro- 
electric proj’ecl at Ha Soil Binb. 
being executed with Russian 
help. This will gene rale 1.600 
MW and if is hoped end the 
power cuts that everyone in 
Vietnam is suhiected to. 

A high priority in The process 
of reconstruction so far has been 
given io communications. Roads 
lit the North are still had. hut 
there i* no point there which is 
not accessible hy road. The 
highway system in (ho South was 
a I way r good, since the Americans 
f>u ilt it up for strategic reason?. 
Il has largely survived: nearly 
alt bridges have been repaired, 
and al! rail and road communica- 


tions fully restored. There 
now also a daily passenger tr 
from Hanoi to Ho Chi Minh r 
(Saigon) which takes a hit n 
24 hours, compared with 0 
three days until a year ago. 

Such is the emphasis 
industry and conimunicatii 
tbat tbe first Gve year plan at 
ally envisages just 30 per cent, 
spending on agriculture. Hi 
ever, this does not include 
heavy investments being made 
dykes and irrigation can; 
which will both reclaim land a 
increase agricultural produettr 

Financing of the plan is mail 
from interna. 1 sources such as 
per cent agriculture tax on t 
lectives lor Co-nperalives a* 1 
Vietnamese prefer to call the 
hut ihe Vietnamese authnrit 
are not ashamed of arimitti 
their lack of resources and . 
from all sources is welcome, p 
vided no sacrifice of their in. 
pendence is involved. Aid 
mainly from socialist countr 
hut internal innal agencies : 
also contributing. 

Vietnam needs help. Atihou 
the reconstruction cffori ha* hi 
considerable and remarka! 
quickly done in a cnunlcv wh< 
things move slowly, 'uffici 
admit That the initial effort « 
in rapidly start returning 
normal and therefore Hiu 
improvisation was resold ed 
This has tn be consolidated or 
more permanent basis. 

The problem is vast «n view 
the devastation. During the w 
as many as 70 per cent., of t 
viiia.qes were destroyed, von 
thing Sikp 4.000 with populate: 
up ro 6.i)O0 each being affer’i 
About 150 ■ small towns 
destroyed, annul fio per cent- 
the tnt.il Thousands of seho; 

and hundred* uf small and i 

hospitals were damaged. 
haw* starred functiurung agj 
after a fashion bur a mat 
building programme is cnvisai: 
up : .o ISSfl. partly tn tackle 1 
acute housing problem, hestd 
rebuilding dykes, culverts a i 
dams 




V 


l^A)\ 











f*inaacial Times Thursday .May 4 .1978 


5 


WORLD TRADE NEWS 




> 


signs 

contracts with Krupp 


Al "M 

v 


*Y LESLIE COUTT 


BERLIN. May 3. 


' * ? N THE of ^sit to West the one for the DMT plant was Partners to the agreement were 
1: fi , icrmany by Soviet leader signed with Techmashimport in Hrupp-Koppers. Dynamu Nobel. 

Brezhnev, the Krupp Uhde and Hoechst, as well as 


•i,| 


jeonid 


n... 


t:... 


41 J 


i.[ icuuiu -orecaaev, me jvrupp — - " ■ Ubde and Hoechst, as well 

Company in Essen has announced , D T ? e C0BI »“P is also to hudd the Foreign Trade Bank of the 
> tf.be sipnlnp 18 heavy truck-mounted cranes USSR and the consortium of 

S'?' . ^ *!?■ a load-carrying capacity or West German banks. In April 

1 : ».i-. racts w ^ the Soviets worth at 130 tonnes Tor Mashinolmport in last year Krupp was awarded its 
Tl • '->;* as * DM300m. Moscow. In 1974 Krupp delivered first contract to build a DMT 

./ Krupp-Koppers is to build a a Qbother of 75-tonne cranes to plant at Mogilev, 
i; >M250m. plant to produce Soviet Union which are said Adrian Dicks writes from Bmm: 
• " \- imethvMereohthalatR miuT> to have performed well under Saltzgitter. the West German 

zt: . tD ^ T) * extreme conditions at the Government-owned steel and en- 
■a feedstock for polyester flare Norilsk ore combine at the gineering goup, has begun manu* 
■ " reduction. The plant, which mouth of the Yenesei river in factoring work on the DMi85m. 

r, dll use the Dynamit Nobel pro- northern Siberia. Krupp says pelletisation plant, which it is 

>; • ; ess IS to be built at the Mogilev the experiences the Soviet supplying as the first stage of the 

... . ..combine in Belorussia and com- mining industry had with the big steel-making complex at 
■li-i ''"leted in 1981. It Is to have an company’s telescope cranes Kursk in the USSR. 

- - nnual capacity of 120,000’ tonnes enabled it to get the large new Deliveries of parts will begin 

'■ : . 1 , ‘ , f dimethyl-terephthalate. This order against “strong domestic later this year, with the main 

ti i.? fourth such plant that and foreign competition." portions being shipped next year 

... . .^vrupp-Koppers is constructing in The DMT plant comes under to the site and assembled under 
" '.be Soviet Union. a framework agreement signed Salzgiiter's supervision, 

JC _ Another . Kriipp company, in 1976 under which a group of In addition to supp'ying key 
Krupp Zndustrie-und Stahibau is West German companies is lo parts of the pelletisation plant, 
; :a deliver DM47m. worth of build plants and deliver equip- SalzglUer has engineering leader- 


•V 

:,| *R 


,r, ! a Hay and are to be completed by DM2.5bn. 


'unitary 19SL This, contract, like German 


d. : ; 

lsi: : 


was arranged by a works being constructed by the 
banking consortium. Korf group. 


s .... 


i I- 


Soviet oil exports up in value 


BY DAVID SATTSt 


MOSCOW, May 3. 


esldem 


rt=. 




•ii 


lESPITE A decline in the rate 
oil production, the value of 
oviet exports- of oil and oil pro- 
ucts last year rose 22 per cent., 
ccordlng to figures published in 
he Soviet weekly Ekonomiches- 
. ay a Gazeta. 

r >. f-.. The newspaper said that 
:• 0V j et 0 jj exports in 1977 had a 
jlal value of roubles 9.4bn. 
v ' £7.4bn.), 2S per cent of the 
alite of total Soviet exports, and 
• significant increase over the 
' aluc of oil and oil exports in 
,r -976. which was roubles 7.66bn. 
. Of the value 1977 oil 


exports, only slightly more than 
40 per cent was accounted for 
by exports to Comecon countries, 
which bad a total value of 
roubles 3.Sbn. Soviet oil exports 
to the West surpassed those to 
Russia’s Communist allies for 
the first time since the Second 
World War in 1976, and the 1977 
figures appear to confirm that 
trend. 

Soviet oil production is in- 
creasing but at a declining rate, 
and rose only 5 per cent, in 1977 
compared to an average annual 
rise of 8J. per cent since 1960. 
The expanded exports appear to 


reflect Soviet confidence in 
future oil production, although 
the sizeable Western share of 
Soviet oil exports may also 
demonstrate the Soviet desire to 
earn the hard currency neces- 
sary to finance oil extraction in 
difficult Siberian conditions. 

The value of Soviet gas ex- 
ports increased substantially in 
1977 lo roubles lbn.. an Increase 
of 36 per cent, over the value 
of gas exports in 1976. which 
was roubles 733m. Exactly half 
of Soviet gas exports last year 
went to the countries of Come- 
con. the newspaper said. 


,<! \ •: 
•»;. ••• , 

- • 


LNG fleet capacity doubled 


BY OUR SHIPPING CORRESPONDENT 




» . 


... 

•ft 

-v 


lu'lon 

»sc Id 
i Marc 


h 


r * n- 


HE WORLD’S bulk carrier and 
quid gas carrier fleets con- 
. ruied to grow rapidly last year, 
. ut in the oil tanker sector there 
as a levelling off as the effect 
f cancellations and a slow down 
f new orders made itself felt 
, According to the comprehen- 
sive 1978 registers of ships pro- 
uced by H. Clarkson, . the 
I .nndon shipbroker, the liquid 
iBtural gas fleet has doubled in 
apacity inside two years, from 
;5 vessels with a. total of 1.7m. 
:ubic metres In January, 1976 to 
iO vessels' aggregating 3.4m. 


cubic metres at the beginning of 
this year. 

Clarkson says, that it will be 
three or four years before all 
these vessels, plus an additional 
31 on order, are fully utilised 
because of delays in bringing 
certain gas projects on stream. 

The bulk carter fleet last year 
showed a net increase of 13m. 
tons, .or eight per cent, and 
during 1977 a total of 254 vessels 
were renamed, jndiciating a high 
level of activity in the second- 
hand market. 

New tanker deliveries last 


year took the world fleet to a 
record 33m. tons, with an 
additional 47m. tons of combined 
carriers. This involved a net in- 
crease for tankers of only 3 per 
cent, and since January, the size 
of the fleet has actually started 
to fall. 

^Clarksons registers : Tankers 
£35; Bulk Carriers £35; Liquid 
Gas Carriers £14; Offshore 
Drilling £14; Offshore Service 
Vessels (19771 £3a and 197S 
supplement £10. From 52 
Fithopsgaie. Loudon, EC2P SAD. 


Parsons to 


manage 
Yanbu plan 


By David Lasceiies 

NEW YORK, May 3. 

A UNITED STATES company 
has won a contract to manage 
development of what it claims 
to be one of the largest indus- 
trial centres ever planned. 

Tbe company is Ralph M. 
Parsons, the California-based 
engineering and construction con- 
cern, and the project Is Saudi 
Arabia's giant industrial com- 
plex at Yanbu on its west coast, 
which will include two oil 
refineries, plant for petroleum 
products, a steel mill, an alu- 
minium smelter and other metal- 
based industries. 

The company says Yanbu is 
“one of tbe largest integrated 
industrial centres ever contem- 
plated " and its value has been 
put by industrial sources at 

about RlObn. 

Yanbu will be built in several 
stages over a total of 2S years 
and will include constructions of 
a complete transport and com- 
munications network, including 
deep-water port and airport, utili- 
ties. housing and other com- 
munity services. 

Parson’s duties will include 
management of construction of 
support services for the complex 
development of a management 
system for the complex, and 
training of Saudi Arabian per- 
sonnel'. 

The companv said it won the 
contract against competition 
from five othe»- contractors from 
the U.S. and Europe. However. 
It was clearly well placed, since 
it prepared the Yanhu master 
olan tmder a separate contract 
last year. 


New Canberra 


dumping probe 


By Kenneth Randall 
THE Australian Bureau of 
Customs has ■begun informal 
investigations into wbther poly- 
propylene is being dumped on 
the Australian market by pro- 
ducers in Britain, West Germany. 
Belgium, the Netherlands. Italy, 
and Czechoslovakia. Similar 
inquiries have already been 
announced in respect of imports 
from Taiwan and Japan. As a 
result of to-day's announcement, 
import deposits will be imposed 
on polypropylene Imports from 
all the countries named until the 
investigation is completed. 

The Government also an- 
nounced to-day tbat developing 
countries’ tariff preference was 
heing withdrawn from imports 
of tennis and squash racquets 
from Taiwan. It added that 
evidence from an official Inquiry 
had shown that the Taiwanese 
products were competitive with 
those of other suppliers without 
the additional tariff preference. 


BRITISH BUSINESS WITH CHINA 


Minister to tour U.K. industry 


BY LYNTON McLAJN, INDUSTRIAL STAFF 


ONE OF the most senior Chinese 
trade delegations to visit 
Europe arrives in London on 
Friday for three weeks of talks 
with government officials and 
industrial management and to 
visit factories, a nuclear power 
station and a supennarket- 

The 29-man delegation will be 
led by Ku Ming, Vice-Minister at 
the State Planning Commission, 
which formulates China’s eco- 
nomic and foreign trade policy. 
Tbe visit Will include talks with 
Unite! Kingdom Treasury 
officials. 

Trade Department officials say 
tbe visit marks an additional, 
“very important” phase in im- 
proving trade relations between 
the countries. It follows more 
than a dozen visits by technical 
missions from China over the 
past year. 


New trade agremeots may 
depend on the impressions gained 
by the State Planning Commis- 
sion during this visit. 

The first week will be spent in 
London. The delegation will 
meet Mr. Edmund Dell, Trade 
Secretary, senior officials at tbe 
Treasury, Mr. Erie Varleji, 
Industry Secretary, Mr. William 
Rodgers, Transport Secretary. 
Mr. Edward Bishop. Agriculture 
Minister, Dr. Dickson Mahon, 
Energy Minister, Foreign Office 
officials and tbe Sino-Britisb 
Trade Council. 

Two weeks of contact with 
British industry and management 
follows. The party will mvel by 
high-speed train to Bristol to tour 
Hinkley Point nuclear power 
station; examine advanced 
mining equipment at tbe National 
Coal Board’s Stanhope Bret by 


research centre; and see building 
and control at the Graveley Hill 

interchange. 

Ku Ming will tour ICI’s Tees- 
side chemical plants and tour Lhe 
British Steel works at Redcar. 

The Chinese are especially 
interested in British production 
management and will visit the 
management school at Cran field 
Institute of Technology. 

During the visit, two more 
technical delegations from China 
will arrive in Britain. On May 12 
Mr. Tank Ke, minister io charge 
of steel and metal industries, will 
lead a team of experts to study 
British steel plant and non- 
ferrous metal technology. 

At the end of May Mr. Hsiang 
Nan, Vice-Minister in the First 
Ministry of Machine Building, 
will visit British agricultural 
machinery manufacturers. 


Outlook bright for rise in trade 


BY JOHN HOFFMAN IN PEKING 


THE- “48 GROUP’’ of British 
companies trading with China 
will celebrate its 25th anniver- 
sary at the Savoy on July 6. Its 
members will have more reasons 
for self-congratulation than mere 
longevity. 

A mission from tbe group now 
concluding discussions in China 
will take back to Britain some 
cautious but optimistic predic- 
tions of a vigorous expansion in 
Sino-Britisb trade. China’s inten- 
tion to transform itself by tbe 
year 2000 into a modern and 
powerful socialist country means 
tbat something like three-fifth's 
of the nation's budget will go 
into industrialisation, agricul- 
tural mechanisation and other 
forms of economic development. 
That means enormous imports of 
equipment and technology, the 
“raw materials" of modernisa- 
tion. 

By the time the cycle of Indus- 
trialisation is complete. China 
hopes to be self-sufficient in 
most areas of production. But 
before tbat wheel can begin to 
turn, the country will need mas- 
sive amounts of equipment and 


expertise from abroad. 

A« Mr. S. G. Sloan, leader of 
the 4S Group mission, observed 
in Peking last week, ** It’s now a 
matter of getting the horses into 
tbe box ready for the gate to eo 
up." The mission's talks with 
senior Chinese trade officials in 
past weeks have illuminated 
potential areas of trade thsr will 
appeal to British companies. 
Including tbe aerospace, defence, 
electronics', railways, coal, power 
and telecommunications indus- 
tries, in which Britain’s highly 
developed technologies wilt 
appeal to Cbina. 

There is even a chance of a 
late entry by the British motor 
industry into tbe China trade. 
Japan, of course, has beaten the 
rest of the world in cars and light 
tracks but the acceleration of 
coal, iron and oil production may 
herald huge orders for heavy- 
duty off-roud trucks. They are 
expensive, so freight becomes less 
prohibitive in the calculations of 
British manufacturers. Members 
of the mission noted a keen 
Chinese interest in advanced 
aerospace technology. 


Among innovative prospects 
notea by the mission is that 
Chinese factories might incor- 
porate foreign components to 
raise the quality or export pro- 
ducts: for instance Chinese elec- 
tric motors compare poorly with 
others. 

An extension of that is the 
possibility that the Chinese might 
be willing to use foreign com- 
ponents in manufactures for 
domestic consumption. There 
are 900m. Chinese consumers. 

Cheng To Pm. the Chinese 
Vice-Minister of Foreign Trade, 
told the *JS Group mission: “It 
will not all happen overnight. 
What we have done is to correct 
the political line and thus remove 
obstacles. This broadens the 
field of possibilities." 

Despite tbat cautious note, tbe 
possibilities are beginning to 
crystallise. The mission Is taking 
back to Britain details of two 
important inquiries that might 
result io orders worth more than 
£6m. for British mining and 
textile machinery manufac- 
turers. 

SMacu MornJtio Herald 


Lucas wins 


$5m. order 
from U.S. 


By Michael Donne, 

Aerospace Correspondent 

mcdonnell dquglas or the 
U.S. has awarded a Sam. (over 
£2.5m.) contract to Lucas Aero- 
space of the U K. to make 
actuators for the Harpoon anti- 
ship missile. Each Hurpnon has 
four electro-mechanical actuators 
to drive the fins used for steering. 

Delivery from Lucas is to start 
next February. The U.K. is buy- 
ing the submarine-launched 
version of the Harpoon. The 
order for Lucas is part of 
McDonnell Douglas's efforts to 
place offset work with manufac- 
turers in the U.K. 

McDonnell also said that one of 
its prominent U.S. sub-con- 

tractors. Lear-Sicgler, bad 
awarded a contract worth nearly 
Sim. to Louis Newmark, of 
Croydon, for aircraft attitude 
heading reference systems. 


New airport 
developers 


By Our Aerospace Correspondent 


Bangladesh to establish export zone 


Br a special correspondent 


BANGLADESH IS to set up as terested in setting up In Bangls- 
export processing zone south of desh. He expected the facilities 
the main port of Chittagong offer- for the export zone to be ready 
ing special incentives in an effort next year and the range of goods 
to widen its industrial base and produced would include leather 
skills and to narrow the country’s Items, ready made garments, 
huge trade deficit He said that although Bangle- 

Dr. N. M. Hwla, who is Presi- desh was a poor country it could 
dential Advisor For Planning, said offer some local raw materials, 
in an interview that he had cheap labour and a range of mar- 
already had talks in Japan and ket quotas in the EEC. 

Singapore - with companies in- Dr. Huda said that In the 


1977-7S financial year exports bad 
risen 10 per cent, in value over 
the previous year's Taka 6.4bn. 
(about 8415m.) and by more in 
volume. But imports had risen 
further, widening the trade 
deficit to more than Slbn. He 
was hopeful however about the 
shift in composition of the 
imports: Bangladesh was import- 
ing less food and more goods for 
economic development projects. 


THE British Airports Authority 
(BAAt and International 
Aerudio (which is owned by 
British Airways and other big 
airlines) have formed a new 
company. British Airports Inter- 
national, lo develop airports and 
associated services overseas. 

The new company will provide 
airport and heliport planning 
and operational advice, prepara- 
tion of plans for new airports, 
provision of all necessary 
systems, and management 
advice. 

Mr. John Mulkern, BAA 
managing director and chairman 
of the new company, said many 
foreign groups were moving into 
the increasingly lucrative field 
of airport development and the 
U.K. had been in danger of los- 
ing business. 


Libya buying 
Italian aircraft 


By Paul Betts 

ROME, May 3. 

S1AI MARCHETTl. the aircraft 
manufacturing concern, part of 
the state-controlled Eflra- 
Agusta group, confirmed to-day 
that It was supplying the Libyan 
Government with its SF2R0 light 
military training aircraft. 

The Varese-based company 
denied Italian Press reports 
suggesting tbat it was supplying 
ever the next 12 months as many 
as 250 SF260 to Libya for a total 
value or L.25bn. The company, 
which declined to disclose pre- 
cise details of the deal, said the 
number was much smaller. 


1 


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; 1 P ‘ » 
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It? o! i ,, *M hi*** 


jt ril :io:::-Hlw | 


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5 v ' 
t — '• 



SILENCE IS GOLDEN 


The aha^industtyhas no 
monopoly on initiatives to reduce noise. 

1 • •.!/'» 1 T\ 11 '- 


Working 'with Saab, Renold 
have developed a technically advanced 
chain drive system for front wheel 
= drive production cars.Ifs quiet It has 
generally reduced engine-to-gearhox operating noise and eliminated gear 

ratde at ti ^ ^ simplicity and refinement, it is an achievement for 

British engineering* and could strike gold in export markets. _ 

The application of British inventiveness to create new business 
oDDortunities has been afeature of The Engineer for over 120 years -just 
flements in its reflection of the contemporary industrial scene 


one of the elements m i 
in all its aspects. 


Mo ^ mu ^(p u bli i h®)L i 1 n iKd,3 0C ^^voodSW^Loiid OO SH 8 6QRTelepWffl-85S7TO 


For the modern manager in industry, life is a more complex 
business than for his Victorian counterpart and this complexity is reflected 
in today’s copes of The Engineerits news and feature pages range overall 
those frctors-technical, political, economic, legal-affecting the 
competitive performance of industry in today's highly organised society. 

A year’s weekly issues add up to a history-in-the-making of industry-a 
continuing narrative of feet, opinionand debate, charting events, ideas, 
relationships-infect tracing all the major influences on the direction of. 
industrial change and growth. 

; And it’s as stylish, lively and readable now as ever. 

It’s not surprising that in the engineering industries more engineers 
and engineering m a n agers read 2^— 

TheEngbeer than any other 
publicationf Every week. Lnl 

THE WEEKLY FOR ENGINEERING MANAGEMENT 

^•Afess-Obserrafion, 1975£Dginccririg Industries Readership S urvey. . 


-> 





Financial Times Tmirsflay May 4 1978 


HOME NEWS 


Benn defends 



Electricity 



proposals 


BY ROY HODSON 


THE " old, narrow concept " that 
, a nationalised industry, although 
fiublicly owned, should operate 
as a private company could no 
. longer be sustained, Mr. Anthony 
..Wedgwood Benn, Energy Secre- 
tary. said yesterday in evidence 

■ to the all-party Commons Select 
.Committee on nationalised 
-industries. 

He argued strongly in favour 

■ of his proposals for reshaping 
the electricity industry contained 
in the draft Electricity Bill. 

Although the Bill was dropped 
: from the Government's legisla- 
tive programme recently because 
the Liberals would not support 
it, Mr. Benn said yesterday that 
he hoped to see it revived in 
the next Parliamentary session. 

Members of the committee 
feared that the proposed Electri- 
-city Corporation would not have 
proper powers to run the 
industry efficiently without 
‘ Government interference. 

Mr. Benn was closely 
questioned about a clause which 
would require the corporation 
“ to have due regard to the need 
of consumers for heat, tight, and 
power." but replied that It was 
-no use having an energy policy 
unless It included recard for 
consumers. 

He wanted to “ open-up " the 
relationship between the nat- 
ionalised industry 1 and its spon- 
soring ministry. “This dream 
that you can isolate the elec- 
tricity industry from the 


is 


comm unity which it serves 
not one that I can accept” 

Mr. Benn said that, if the in- 
dustry was to operate properly. 
It muisc have broad objectives 
beyond the narrow commercial 
ones of making profits. 

“ It is the narrowing of objec- 
tives of nationalised industries 
to simple, single, artificial 
economic criteria which creates 
the tension between govern- 
ment Ministers and the indus- 
tries." 

The MPs criticised Mr. Benn’s 
determination to retain for the 
Energy Secretary powers to 
appoint the future chairmen of 
the area electricity Boards. 

The Minister replied that he 
disagreed with the view of the 
Plnwdcn Committee which in- 
vestigated the electricity in- 
dustry. 

“Ir is absurd that we should 
be debating devolution in Britain 
while considering destroying the 
area electricity Boards" he said. 

His own view of the future 
structure of the Industry was 
that there should be a balanced 
central strategy but that the 
vitality of the area boards should 
be retained. 

The Select Committee has 
heard evidence in previous 
sessions from trade unionists 
management and members of the 
PInwden Committee, arguing 
that the area Board appoint- 
ments should be made by the 
proposed central electricity 
authority. 


£2.2m. backing for 


investment company 


BY CHRISTINE MOIR 


FIVE INSTITUTIONS headed 
by the Airways Pension Fund 
have put £2.2m. into Melville 
Street Investments (Edinburgh), 
a subsidiary of the British Linen 
Bank. MSI invests in small to 
medium-sized growing com- 
panies. 

The other four institutions are 
all Scottish: Standard Life 
Assurance, Scottish Northern 
Investment Trust. Scottish 
American Investment, and Edin- 
burgh Investment Trust. 


Together with the Airways 


Fund they have taken up just 
over 62 per cent .of Melville, 
which was previously wholly 
owned by British Linen, by way 
of a share issue. 

Announcing the deal yester- 
day. Mr. Bruce Paltulto, general 
manager of British Linen, said 
it confirmed ihe fact that people 
with "credible and viable ideas 
have never had a problem in 
finding institutional backing.” 

Melville was set up in 1973 to 
provide small companies with 


funds and now bas a portfolio of 
14 shar e and stock holdings in 
11 companies, worth a total of 
fl.fim. 

The new funds from the 
institutions will he divided 
between refunding this portfolio 
and new investments. One Is 
already in the pipeline which 
leaves a further £lm. for immedi- 
ate investments. 

Not all the funds will be 
invested as new capital In com- 
panies. Melville may also buy 
existing capital where a family 
needs to diversify part of its 
interests. 

However, the hulk of funds 
will he inverted, largely in 
Scottish companies, and less in 
traditional declining Industries 
than in new technology-based 
ventures. Mr. Patlullo said. 

One effect of the growing 
interest of institutions in invest- 
ing in private growth companies, 
he added, was that there may he 
less pressure on them to come 
to the market for their expansion 
capital. 



Ministers 


‘not given 


company 

secrets 5 


BY DAVID CHURCHILL 


THE PRICE Commission bas 
alleviated fears expressed by the 
Confederation of British In- 
dustry that confidential company 
information is being passed on 
to ' Government Ministers and 
Whitehall Departments.' 

Mr. Charles Williams, commis- 
sion chairman, in a letter to Sir 
John Methven, GBI director- 
general, says that the present 
commission bas followed the 
same procedures on confiden 
tiality of information as the pre- 
vious one. 


He adds that the "powers in 
the legislation which might per- 
mit such Information to be 
passed on are permissive and 
not mandatory.” The decision 
whether or not to so, therefore, 
rests entirely with the commis- 
sion. 


Freddie JdiiMfiod 


The world’s largest movable 
object, completely unmoved 


‘The previous commission did 
not agree to nuke information 
available under those provisions 
on any occasion during the four 
years they were in operation,' 
be said. 

Tbe current Price Commission 
makes two exceptions to this 
policy, he added. 

"The first exception Is that 
when a particular notification 
[seems to be a strong candidate 
for an investigation we have 
(agreed to send to the Depart- 
ment of Prices and Consumer 
Protection a copy of the noti 
fication." 


BY RAY PER MAN, SCOTTISH CORRESPONDENT 


Anglo-French conference 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


A CONFERENCE on industrial the recently appointed French 
co-operation between France and Minister for Industry, and 
Britain is fo be held in the U.K. marked the latest stage of the 
later this year id discuss ways industrial collaboration work be- 
of improving links between the tween tbe two countries launched 
two countries. at the summiL 

Announcing this at a Mansion M. Giraud, whose responsibili- 
House dinner in London last tie.? include energy matters, is to 
night. Mr. Eric Varlcy. Industry meet Mr. Anthony Wedgwood 
Secretary, said he hoped that Benn. Energy Secretary, during 
French and British industry his visit to London. 

could establish joint ventures and — - — — 

increase the two-way flow of -*■ « , 

investment across the Channel. Ladder group 


THE LARGEST moveable object 
in tihe world— the 600.000 toones 
N-inian Central oil platform- 
remained immobile yesterday, 
unable to begin its 430mile 
journey to theNortih Sea. 

Despite (he two -feet -high 
replica In white iced cake and 
the boxes of flowers flown in by 
helicopter for the tow-out cele- 
brations. Chevron Petroleum, 
who own the structure, and 
Howard-Doms, who built it. were 
reluctant to give the order to, 
cut the anahor chains. 

The platform, pictured above, 
is the biggest ever built or ever, 
likely 4o be built. It remained 
la the deep water oE the latter 
Sound of Raasay between the 
Highland coast and Che Isle of 
Skye. 

Although the weather was fiat 
calm yesterday the companies 
fear that a depression moving in 
from the Atlantic could hit the 
platform as it reaches the most 
critical point In its voyage, across 
the shallow Slant Bank shoal at 
the mouth of the M.inoh. 

Some SS metres of concrete 
are below the surface of the sea 


and Nirrian Central will have 
only six metres to spare as it 
crosses the hank. “ With a base 
140 metres wide we can’t afford 
to tilt much," said Mr. Gerry 
Borman, Chevron's chief engi- 
neer on the project 

While it is in transit the 
£200m. platform is insured for 
only £2 5m. Two of the 22 
modules have been left off for 
the journey to reduce the 
draught 

The decision on when to start 
the move will be reviewed to- 
day. Once the six ocean-going 
tugs have the platform in the 
open sea. weather will not be a 
problem. Its sheer bulk makes 
the platform very stable and. un- 
like a ship, when the tugs stop 
pulling it will stop almost imme- 
diately. 

The Journey is expected to 
take IB-12 days, bufcrttie- SO-man 
crew on boarfi will havfe- supplies 
for month. Hook-up work on the 
field could take three to six 
months and the first oil from the 
platform, is not expected before 
the end of thi year. 

Nlitian Central was to have 


been floated last autumn, but 
was not completed in time. Dur- 
its winter in sheltered water 
some of the delay bas been made 
up by loading modules and 
equipment on to the deck. 


But its departure now will 
leave a problem for Howard 
Doris, which has spent £24m. 
developing the drydock and the 
site at Loch Kishorn where it 
was built, but as yet there is no 
follow-on order to help defray 
the cost. 

Mr. Albert Granville, manag- 
ing director, said that he was 
still talking to two oil companies 
and was un repentantly optimistic 
that another contract would be 
forthcoming before the .end of 
tbe year. 

Some 300 employees, who live 
locally, are being kept on the 
pay roll* and there are hopes that 
the site can be used as a supply 
base for or] fields. Negotiations 
are in progress with Chevron to 
3erveNhuan. ' ' • :-*• 

Failure to secure any fresh 
work will he a severe blow to the 
area, which has little other in- 
dustry and high unemployment 


Esso Chemicals may delay 


The second is when the com 
mission Is obliged to send parti 
culars of a registrable agreement 
under the restrictive practices 
legislation. 

Mr. Williams adds that the 
commission has a duty to' Liase 
with the Department of Employ- 
ment over pay rises and profit 
levels. “The importance of this 
information should not be exag- 
gerated since the Price Commis- 
sion acts as no more than a post 
office and does not express a 
view on whether a settlement is 
inside or outside any limits.” 

In a separate letter • Mr. 
William* answers criticism oF the 
commission’s methods of survey- 
ing customers of companies 
under investigation. In Future, 
the commission will consult the 
company in advance of sending 
out the letter and take into 
account any comments it may 
make. 

The letter itself* - Will 
emphasise that the recipient is 
under no obligation to reply, 
and if we follow up the letter 
with an interview, the Inter- 
viewer will be under instruction 
to make the same point" 

Mr. Wiliams adds: “ I.hope you 
agree that the arrangements 
described should avoid difficulty 
arising in future." 

Publication of Mr. Williams’ 
letters was made '"in the CBI s 
confidential members’ bulletin. 
The Price Commission declined 
to comment last night. 


ethylene cracker for year 


BY OUR GLASGOW CORRESPONDENT 


£1,035 for a 
dozen 
Lafite ’45 


sectors such as 


Industrial . 

moior manufacturing, computer pilfc 1 111 1 mKc 
peripherals, pulp and paper, and V.U13 lvU JUM-3 
off-shore oil supplies were among ONE HUNDRED workers — two- 
areas being examined by a (birds of the workforce — are to 
Franco-Brilish Committee for be made redundant at the Wol- 
Induslrial Co-operation set up verhamptcm factory of R. F. Hill 
after the Chequers Anglo-French in Fordhouses. one of the big- 
summit meeting last December, gest ladder manufacturers in 
The dinner, given by the Lord the country. 

Mayor of London for Ministers, The company, which is part of 
civil sonants and businessmen the Birmid Qualcast group, 
from ihc two countries, was blamed the decision on a slump 
attended by M. Andre Giraud. in orders. 


TWA: 


PETROCHEMICAL overcapacity The original target completion This would bring the total 
in Europe may force Esso Chemi. date was 19S2-S3 but now it sum committed by both cora- 

cals to postpone for up to a year be nearer 1983-84. - panics to the North Sea to about SOTHEBY'S MARATHON one- 

■ J. ‘ You can never really be sure £bbn. at current prices. anrt.a.haLf-cfav wine sale running 

thdr planned £3Q0ro. ethane ^ type of projecU ^ Ue thought that between two- ^ lS IoTreSsed a total 

cracker at Moss Morran m Fife, market can turn around very thirds and three-quarters of all rf £i«7 269 including £21.401 for 
Dr. Austin Pearce, chairman quickly. Sometimes it is valu- viable oil fields in the North Cf> ii e etors’’ items such as cork- 
of Esso Petroleum, said yester- able to order some of your plant Sea had been discovered, but 0 j,j bottles and a decant- 

day in Glasgow that a final deci- earlier." added that there could still be iaR c^dle thait fetched £2,000. 

sion on the project was likely in Dr. Pearce stressed Esso's be- some surprises to cotae. The sale was dominated bv a 

that last quarter of this year. lief that a cracker was needed Mr. Pearce said diesel and oil- dazzling array of first-growth 

But he conceded that the for downstream refining of their fuel prices were likely to rise clarets and top burgundies, many 
market prospects for its products share of North Sea gas — other- later this year by up. to 2p a Q f them in Large-bottle .sizes, 
would have a “most important" yise it would be wasted by Har- gallon. Oil companies were likely ^ at had been acquired by an 
influence on the project. Esso ins or burning. to seek price rises in the U.K. American financier over many 

were presently carrying out their Dr. Pearce, in Glasgow to ad- before the end of 1978, because wars. 

annual world survey of the dress the company’s Scottish em- of the recent devaluation of the Perhaps with German and 
petro-chemical markets. ployees on Esso’s 1977 results, pound against the dollar. Swiss buyers prominent in per- 

Dr. Pearce said that Esso said he thought that their Joint He. added that few oil com- ^ or by p roX y, but few 

worried about over-capacity in expenditure with Shell on North panies were making much profit American.?, there was too much 
the petrochemical industry. Sea developments between now on their downstream activities in ^ offer for a rather small buv- 
particularly in Europe and the and 1981 would total at least Europe, which could lead to a ing circ i e ^ a b SO rb. So, although 
" £3bn. general pnee nse. prices were good, they were not 

glittering nor even up to the 
recent best. 

However, Lafite '45 made 
£1,035 a dozen, Cheval-Blanc ’47 
made £690, and a jeroboam 
(equals six bottles) Petrus Tl 
brought £210. 

BT OUR ABERDEEN CORRESPONDENT 

BRITISH FISHERMEN are to fishing areas he excluded from tinued throughout a sale rich in 
press the Government to refuse the next licensing round, just as notable names ami vintages, 
licences for offshore drilling in Norway and the U.S. exclude P^lrus ’45 went for £810 a 
areas they claim are traditional some areas. dozen, Lalour 45 for £«W. Mig- 

fishing grounds. Areas where the fishing in- nums of Mouton-Rcwhscfadd 49 


Middle East. 

He thought that because of 
this the Moss Morran cracker 
could be delayed but added that 
□nv such postponement would 
not he for more than a year. 


Daily 747departing at 1230. 

Call your travel agent and ask about TWA’s 
new Standby fare. (This fare is subject to a seasonal 
increase from July 1st) 


TWA fames mem? schednlnd passanwre nrrrw* the Atlantic iftnn am- oilier airline. 



7UQ9l 

No.l across the Atlantic. 


Fishermen urge limits 
on offshore drilling 


Racal continues 





for U.S. 




army radio deal 


BY MAX WILKINSON 


ill' 


RACAL, the military electronics 
group,-. Intends to stay in the 
competition to produce the next 
generation of U-S. battlefield 
radios in spite of its recent 
loss of an important development 
contract for the sets. 

Mr. Ernest Harrison, chairman 
of Racal, said yesterday that the 
company would finance its own 
development of the new type of 
radio which can automatically 
change frequency several hun- 
dred times a second. 

The company put In a joinr 
bid with RCA of America for 
the development of the radio 
system known as SINCGARS. 
But the Defence Department 
awa rded two contracts, one to 
ITT and the other to Marconi 
Space and Defence Systems in 
conjunction with Cincinnati 
Electronics of the U.S. 

However, the Americans have* 
said they are prepared to con- 
sider systems developed on a 
freelance basis at the evaluation 
stage early next decade. 

Racal expects to spend £2m. 
to £3m. developing its own ver- 
sion of the SINCGARS Idea, 
which it hopes to sell to other 
parts of the world, even if It 
is not accepted in the US. 

The main requirement of the 
new type of radio Is that it 
should be able to defeat enemy 
attempts to jam communica- 
tions. 


fast moving technology «d 
micro-circuits and contribute S 
tbe production of special dr. 
cults needed. 

In the longer term, however 
it is considering tbe possibility 
of a heavier investment into re. 
search into very large scab 
integration of the type Qm, 
being developed mainly fa ^ 
U.S. and Japan. 

Racal is expecting a subst** 
tial increase in sales and pro gh 
last year. Mr. Harrison said £ 
expected profits to be more th*. 
£45m. up to the end of March, 

He expected profit.? would 
tinue to increase this year and 
said: “ If dividend controls wens 
removed we would revert aiznojt 
certainly to our policy of having 
the dividend covered two ahs 
a-balf to three times." 


Circuits 


Please?, in conjunction with 
Collins of the U.S., has been 
awarded a development contract 
for a version which would 
change frequencies ten times 
faster than the other versions. 

Mr. Harrison, also announced 
that Racal is to spend about 
£1.5m. setting up a plant for 
manufacturing integrated cir- 
cuits. 

As a start, the company in- 
tends that the investment should 
help it to keep abreast of the 


Lucrative 

Racal was still looking for p& 
sible acquisitions in the U.K. ity| 
overseas, and particularly £ 
Europe. “Whether by acquit 
tion or collaboration, we have b 
improve our share of tharivery 
lucrative market" 

Mr. Harrison was stLII fa 
favour of a rationalisation of the 
U Jv electronics industry. 
Britain could not afford wasteful 
competition between U.K. com- 
panies in the face of the strong 
challenge from Japan and tbe 
U.S. 

“ Companies duplicate effen, 
fight each other and waste, when 
we should be taking on tbe 
world and conquering the world." 

He announced the formation 
of a new data communications 
group within the company which 
is expected to achieve sales of 
£T5m. this year, compared with 
the previous year’s £50m. 

On the subject of the 
acqulsiton of Milgo in the U.&, 
he said that after initial dis- 
appointments. Mi I rq had had the 
greatest year of its history and 
was expected to move ahead sub- 
stantially this year. 


Post Office vehicle 
order worth £24m. 


BY JOHN LLOYD 


THE POST OFFICE has placed 
era .worth £24m. with the 
U.K. motoc industry for more 
than 10,000 new vehicles. The 
orders wilt go to British Ley- 
land, Chrysler and Vauxhall. 

The Port Office is the coun- 
try’s largest vehicle fleet 
operator, with a total of more 
than 75.000 vehicles. The tele- 
communications business will 
buy 6,000 vans, trucks and cars 
worth £13m.. while the postal 
business will buy 4,000 vehicles 
worth more than £llm. 


Vauxhall gets the largest 
order, for more than 5.000 of Ibe 
HA 110 vans and 600 KB 
cbassis/cabs. worth, a total ,nf 
£llm. 


Chrysler’s order is for 3,000 
Spacevans and for 75 KC60 
walk-thru vans, worth £I0ra. The 
order represents the company’s 
biggest home order for commer- 
cial vehicles. 

British Leyland wilt provide 
over 700 EA vans and SO Boxer 
trucks, worth around £4m. 


Work starts on £16.4m. 
Midland Bank centre 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


£lfi.4m. contract to build a the bank's existing network of 
computer centre for the Midland computer centres throughout the 
Bank near Barnsley has been U.K. and will, in particular, sup- 
awarded to Taylor Woodrow’ port Its international and head 
Construction (Midlands). office divisions. 

Work on the contract started " U k according to 

this week and building 5f„^SL® nd *5 rovlde U ^ 
operations are expected to take p0we lJ,° vf Uf T 

two years. The Midland is plan-. ) h ank s projected busi- 

ning to have its computed at SUSSm 
the centre operational by the B “ r # "* 1 2 

autumn of 1980 complex was in addition to its 

•SSnJ w P ther ousting computer facili- 

1108 aDd was not ^tended to re- 
tak6Q other work for the bonk, pja og any of them 

JS5SL J? i° te r ?4 ti ^ a ‘ Project ’ managers on the 

SSST'rtSinhw 1 centre, which represents a major 
,tfr piece ^ domestic building work 

at 8 when 0,6 lp vel of new 
work is still well below the levels 
?^ a h i £fnr l recorded earlier in the decade, 

ea “ ab ut are APC International and the 
i8,000 square metres. architects are Whinney Son and 

The centre will complement Austen Hall. 






BOC to build £2.5m. base 


if the dustxy wants to slop further off-l fetched £810 for six and Lafite 

U the Government declines chnmn nntivitv » nn £* ino tn m-|' 01 magnums reached £610. 


to protect certain NortH See ! h °. r ? ggg- ™! rJi M 10 Mr 


areas 


the indust rv would dursue Roddy McCol I. assistant secretary | Yquem records were made for 
^ fijfj of the SFF, are the Moray Firth, loW vintages: £200 for 


comoensation claims for low of or “ e SFF - are the Moray Firth, old vintages; £2 QQ tor a single 

tS * S i„J ! the Firth of Forth, and the west bottle of 1861, £175 for one of 

estimlted' f?AhpJd£j. liefSHh? coast of Scoa “ I «*- Hc admitted 1868. and £165 for an example of 

S :r ^o£ e r rday ' that fishermen were not confident the 1893. A plethora of the cele- 

i 7 T • tDm ' 1W ”’ I „ now about halting developments brated '21 brought .prices down to 


Introducing an . Aberdeen j D the Moray Firth. 

University report on the loss of The reoort says that the 
access due to offshore ijistalla- monetary loss in 1976. depend- 
• j ® av, d Craig, $c«ttish }ng on how much fishing there 
^i^Pre^dent of the British Fish- was possible riear pipelines, 
ing federation, said: “We have ranged from £50.000 to £460.000: 
made absolutely no headway and the total loss until 1986. 
with the Government f given the same variable, would 

U oil and gas developments stretch between £680,000 and 
are regarded as so economically £5.8m. 


beneficial to the nation these 
should not be allowed }to take 
place without the gainers, the 
nation and oil compaslps. com- 
pensating the losers, 'the fishing 
industry." < 


Assurance on 


services 


thp Mnm * . ■■ . , AN ASSURANCE That British 

ihp I p fe comm ) ss lOned by Rail's road transport services 

SdlwJw I -; K - Will be confined to Freight liner 

distant-water activities which involve delivery 

Eh er wS2!* nM ? “5-?° ?f 0t ‘ and collection was given in the 
JS F tshermen s Psd^renon, Commons yesterday by Mr. John 

hZl f„° Ver 6 ’ 000 J V nSh °r e Transport Under Secre- 

Bsnermen. was prepared by the tary. 

Department^ of “bur policy is that British 
olitical Economy and Institute R a |j should he able to use the 
for the study of sparsely popu- Freightllners collection ’and 
lateo areas. delivery vehicles after transfer 

Armed with the report, and as they are used now by the 
figures for the estimated and pre- National Freight Corporation, 
dieted value of catches lost from The other restrictions on the use 
1976-Sfi, the industry 3s now of road transport by BR will 
demanding that cer&U) sensitive continue.” 


between £110 and £S2 a bottle. 

Good prices were paid for vin- 
tage Madeiras, headed by £155 
for a bottle of 1780. 


A £2.5M._ STORAGE and Peterhead <BOC) Base, part of 
administrative centre Is to be tbe gjoup'i oilfield services 
built outside Peterhead, Scot- division, 
land by the British Oxygen Com- • Senior officials from the OfT- 
pany. It will support the offshore shore Supplies Office are to visit 
oil’ service base which the the 10th annual offshore tech- 
company operates on Keith Inch, nology conference and exhibition 
A 40-acre site hOB been next week at Houston, U.S. They 
acquired and the completed will be led by Mr. Alan Black- 
centre will provide 25.000 square Shaw, director-generaL A total 
feet of office space. 110,000 of 2,000 companies from IB 
square Feet of warehousing and countries will take part in the 
about 15 acres of open storage, exhibition and the British 
First phase of the development section, with 
is due to start this month and 


nearly 90 com- 

. k. . — - PJffica, will- be the second largest 

when, finished it will be used by after that of the U.S. 


Atlas sold for £29,000 


from Guildford, for 
A Hondius Atlas Novus 


CHRISTIE’S sale of atlases Map House, of London, paid dealer 
and natural history books yester- £17,000 for 171 band coloured £17,000 

day contained a number of par- engraved double^ age views oF in three volumes _ 163S' "contain- 
ticularly outstanding items — European cities by Georg Braun ing 318 maps sold to an anovmous 
among them a Blau Atlas Major and Franz Hogenberg. Sold in bu'ver for £15.000 3 ° an0Jin 

(uncoloured) in 11 volumes from one volume, it contained the first Thu rhrit><«. c 
the 17th century. iue Chnsties South Kensmg- 


Regarded by many as perhaps 
the finest atlas ever published. 
It sold for £29.000 to Burgess, the 
London dealer, in a sale which 
totalled £352 ,800. A coloured ver- 
sion would undabutedty have 
fetched much more. 


SALEROOM 


BY ANTONY THORNCROFT 


„ furniture sale totalled 
£42.588, Oak was in particular 
demand. 

A 17th century oak refractory 
table sold for £2.200 and a 17ih 
century oak cupboard for £1.000. 
A 19th century suite In the Louis 


The Birds of Asia in seven three volumes o£ six, published for £2.000, way 

volumes by John Gould and R. in Cologne at the end of the 16th a00V ® ^ forecast price, 
Bowdler Sharpe, containing 530 and beginning of the 17th cen- Sotheby's held a minor auction 
hand-finished lithographed piates turies. 0 ,d Master paintings which 

published between 185043, A magnificent copy of the Fe tehed £47.160 in the morning 
realised £17^500, It was bought Italian edition of Ortelius's -tessinn. The top Dries was lb e 
‘^ ar ? Book*, also of famous woris. Theatre del £l^f00 for a set of three laotl* 

Mahdo, went to - Traylbn, the scapes, attributed to'G, GhlsolfL 


London. 




'JLs 








few. 



• 4 




Financial. Times Thursday May 4 1978 



K ‘No delay 
J.S, in licence 
0 <L issue, 


HOME NEWS 


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17 




Berni 
claims 

7 BY SUE CAMERON 

ANTHONY WEDGWOOD 
:ENN. the Energy Secretary, 
• xesterday denied that there had 
een any unnecessary delay in 
'Vi te granting of fifth-round 
; . cences for offshore oil 
xpjoration and production. 

■ In a parHamentary answer to 
iw'T. Trevor Skeet, Conservative 

for Bedford. Mr. Bean hit 
. i .ack at accusations of delays 
r lused by his Department and 
.. te British National Oil Cop 
!•„ oration. 

"There has been no undue 
play in the grant of fifth-round 
. , cences nor in the negotiation by 
'7 -mc British National Oil Cor- 

■ oration and its prospective part- 
, ■’ '.ere of the operating agreements 

>(ated to the licences," he said. 
1 " “The matters under 'discussion 
‘ ave been of considerable im- 
ortanee ; they must properly 
■; , rotect the national Interest and 
eet the legitimate concerns of 
' r ’ r r te companies over a period 
• Vhich may last for nearly 40 
■».. »ars. w 

7,i Mr. Skeet also asked about the 
.. npact of the deferred formal 
-ant upon exploration in the 
> o^.K. continental shelf and he 
-^-sked if business operations had 
. ;en hindered by the . rules 
.... hich gave the Oil Corporation 
- , ..id right to participate after the 
■signment of interest in licences, 
r. Benn replied that in 1977 
. ie level of exploration activity 
. id exceeded that of 1976 and 
a* "entirely satisfactory." 
“There is no evidence wbatso- 
•cr to suggest that my recent 
, un inurement of a new policy on 

. .. .sienmen! of licence interests 
had. or is likely to have, any 
feet on the level of exploration 
» the continental shelf," Mr. 
?nn added. 


v 


, Publicity drive 

CC YCw 01- Chemical 
^ labelling system 

A. / JrORE tTHAN 80.000 full-colour 
1|2 .4y. jigTpsters are being distributed 

' roughout industry and com- 

et-re by the Health and Safety 
n ecu live to publicise a new 
atutory labelling scheme- for 
. in serous chemicals. 

The scheme, introduced under 
dilations* laid before Parlia- 
- ent in March, requires, aup- 
k*rs of about 800 dangerous 
. lemicals^- mostly used In indus- 
y. but some used in the home — 
put appropriate warning 
Ms on their containers. 

The labels contain one of six 
itoria! symbols showing the 
•ipfy dangers of the chemical 
id also have the appropriate 
•v word printed on them. 
Chemicals are classified as ««- 
ocive. highly flammable, toxic. 
Tosive. flammable, oxidising, 
rifant or harmful and each 
<73 rd calcgory has its own 
. 3 i { m hoi. 
k£» 1 5 ^ * » V*The poster is designed to make 

JJjJ " * « « ' p users of dangerous chemicals 

>arc of the symbols and encour- 
<t Pipe them to read the labels. 
* i* 1 rich give Important guidance 
n v » their main dangers and safe 
> ! :e. 

* The Packaging and Labelling 
Dunprrowft Substance* Repu- 
i tn ns ( SI 1978 No. 2091: HUSO. 
.00 plus postage. 


v 

ht 

•y 

**•' 


«! * 


lank 


uitl-'N- 


ti» 


Oil output at Wytch 
‘four times forecast’ 


BY RAY D AFTER, ENERGY CORRESPONDENT 


OIL production from British 
Gas Corporation’s Wytch Farm 
Field, Dorset, wiii be four times 
higher than forecast, according 
to a report to be presented 
tcKnorrow to Dorset County 
Council. 

The recent discovery of a 
second reservoir on the Wytch 
Farm structure means that by 
the end of next year British Gas 
should be producing oil at the 
rate of 16,000 barrels a day— not 
far short of the output from the 
North Sea Argyll Field. 

On this baas Wytch Farm— 
Britain's biggest onshore oil dis- 
covery — will be yielding crude 
oil worth almost £120.000 dally. 
The output will be . divided 
between the two licence holders, 
British Gas — the field's operator 
— and British Peiroleum and 
transported by rail to BP's South 
Wales refinery at Llandarcy. 

Members of Dorset planning 


committee are expected to discuss 
the revised production estimates 
to-morrow. It is thought that 
the field due On stream later this 
year, could produce oil at a peak 
annual rate of 6m. barrels for 
several years and remain in pro- 
duction for 1$ to 20 years. 

On this basis Wytch Farm may 
contain even more than the 50m. 
barrels of recoverable reserves 
estimated by some in the oil 
industry after discovery of the 
second reservoir at Christmas. 

Originally, it -was thought that 
Wytch Farm would yield no more 
than 4,000 to 5,000 b/d— still a 
profitable exercise in view of the 
low development costs. The 
newly discovered reservoir is 
is believed to be of a similar 
elliptical shape as the original 
structure which lies above. 

British Gas has told Dorset 
County Council that the proposed 
extra flow of oil inevitably will 
increase the amount of rail traffic 


from the new FurzebrooS rail 
terminal Is addition, British 
Gas and BP are increasing under- 
ground pipelines and doubting oil 
Storage capacity near the field. 

Furthermore, the partners 
want to evaluate the structure by 
drilling more deep wells in the 
area, a move which conld be 
hampered by the council. 

Mr. Alan SwiudaU, county 
planning officer to the planning 
committee recommends in a 
report that the rate of drilling 
should be slowed. He suggests 
that plans for extending the rail 
terminal should be refused. 

British Gas Corporation's 
search for oil in the Purbecks, 
and in particular in the Arne 
peninsula in the east of the 
county, has met with opposition 
from local and national environ- 
mentalists. Now, the corporation 
wants to extend its search into 
the environmentally - sensitive 
Poole harbour area. 


System X hits 2,000 jobs 


BY JOHN LLOYD 

THE EFFECTS on employment 
of the new electronic telephone 
exchange system. System X, 
which will be. introduced into 
service from -the early 1980s, 
are already being felt in the 
telecommunications manufactur- 
ing industry. 

STC, the U.K. arm of ITT and 
one of the three major suppliers 
of telecommunications equip- 
ment to the Post Office. Is to cut 
its 15.000 workforce in tele- 
communications manufacture to 
13.000 in the next 18 months. ■ 

This reduction is a further 
stage in a programme of staff 
cuts, which has already been 
responsible for the loss of 6,000 
jobs at STC in the last two years. 


The company claims that only 
170 of those laid off were “in- 
voluntary redundancies." The 
rest were voluntary, or a result 
of natural wastage, or trans- 
ferred to other ITT businesses-ln 
the U.R. ITT employs around 
40.000 people in Britain. Includ- 
ing those who work for such ITT 
owned enterprises as Sheraton 
Hotels. 

STC said yesterday that the 
cuts in the telecommunications 
staff were due to the much less 
labour intensive process for 
manufacturing the System X 
exchanges. 

The company will, however, 
continue to ma nu facture the 
semi-electronic TXE4 exchanges. 


which are designed for .city use, 
for the next ten years. There 
will be no System X urban 
exchange until the late 1980s. 

STC Is now the chief supplier 
of pCE4 and other telecommuni- 
cations equipment to the Post 
Office. Its share of orders from 
the corporation has grown from 
20 per cent to 35 per cent in 
the past few years. 

The two other suppliers. 
Plessey and GEC, said yesterday 
that they had no immediate 
plans for cutting the workforce 
in their telecommunications 
divisions. 

Plessey Telecommunications 
International employs around 
20.000. while GEC Telecommuni- 
cations has 19,500 workers. 


Yamaha 
power 
for NVT 
machines 

Financial. Timet Reporter 


NVT MOTORCYCLES has 
strengthened Us ties with the 
Japanese Yamaha group by 
using its power units for a 
125cc street /trial machine 
being launched this week. 

The company, based In 
Sbeostone* Staffs., is already 
building about 200 units of a 
Yamaha-based 500 cc moto- 
tross mode) for distribntion by 
Yamaha NV, Amsterdam, and 
in collaboration with connty 
forces is - evaluating a 750cc 
police machine based on 
Yamaha's ohc three-cylinder 
shaft-drive design. 

NVT Motorcycles was started 
from the remnants of the for- 
mer Norton Viliiecs Triumph 
and BSA group with the 
assembly of the Easy Rider 
moped which now holds 8 per 
cent, of the home market. In - 
addition, 1,000 a month are 
going to the booming North 
American market. 

The new lZSec trial machine, 
called the Rambler, is an 
attractively-styled “trend” 
machine not intended for 
serious off-the-road competition 
work. 

It Features a front disc brake 
and rear cantilever frame and 
at £499 including VAT and 
delivery charges, is within £30 
of (he competition from 
Kawasaki and others. 

Only the Rambler's tyres 
are British made, and Mr. 
Dennis Poore. NVT chairman, 
complained that U.K. prices 
were so high they conld bny 
the complete frame in Italy 
for tbe cost of only the tube in 
England. 

The Yamaha SOflcc moto-cross 
frame, however, is made In this 
country. 

Another NVT project is (he 
supply of Can-Am motorcycles 
for the British Army to replace 
aged RSAs. 


Post Office one 
of 500 new 
CBI members 

BY JOHN ELUOTT, INDUSTRIAL EDITOR 

MORE THAN 500 companies and It has 420.000 employees and will 
other organisations have joined be paying a subscription, based on 
the Confederation of British In- its turnover and the size or its 
dustry during the past year, wage bill in excess of £30,000 a 
Among the latest is the Post year. It resigned in 1975 because 
Office Corporation, which used to Sir William Ryland, who was 
he a member until it resigned in rhen its chairman, felt the con- 
September, 1975, federation was only effective as a 

The growth in membership i, P r ™ e SKlor grouping, 
the result Of a big campaign It has been expected to return, 
launched since Sir John Methvcn however, since its new chairman, 
became the Confederation's direo Sir William Barlow, took oyer at 
tor-general in July 1976. Tbe con- the end of last year. In his for- 
federation has failed so far, how- mer job as chairman of Ran some 
ever, to persuade one of its Hoffman Pollard, he was a mem- 
major targets, GEC, to join. her of the confederation's council 

fe e *f a ^.“S Pa ™nf=Sti D n f edenUoal^' repramt'Jie joim 

r,pM image^and proved Jj™* « lhe 

i?p^lsentiSg U the e viSS^fTndu" 
uy and commerce to the Govern- 

meiu ' Harbour Commissioners. Josiah 

Its battles with the Government Wedgwood, and Brown and 
over Issues like the Buttock re- Roots-Wimpey Highlands Fabri- 
port on industrial democracy, and cations. 

the operation of the pay policy More than 20 privately-owned 
through clauses in Government water companies, believed to be 
contracts, has helped establish fearing nationalisation, have 
this reputation. also joined. 

New chairman ». 0xh *u amons the , so ° ^ ich 

iverr uiduiiuni have become members since 

It has about 15.000 companies April last year include retailers 

in direct membership, but duims such as Marks and Spencer, 

to speak for 200.000 concerns J. Sainsbury and Mothcrcare. 

overall when the members of its insurance companies such as the 

affiliajted employers’ and trade Prudential and the Pearl, and 

associations are included. industrial and other concerns 

The Post Office will now be the such as ,1. C. Bamford, European 

confederation's biggest member. Ferries and Godfrey Davis. 


‘Cut tax’ says Ezra 


THE BRITISH Institute of 
Management has reiterated its 
call for a reduction in the 34 
per cent, standard rate of income 
fax to 32 per cent, together with 
cuts in the higher rates, in a 
letter to tbe Chancellor from Sir 
Derek Ezra, the institute's chair- 
man. 

Sir Derek said that while the 
Budget measures provided some 


welcome reduction in direct tax- 
ation. they failed to provide the 
encouragement and incentive for 
skilled people and managers 
needed for economic recovery. 

The Budget measures had 
meant a four per cent boost to 
take-home pay for those on 
average earnings, and only 2.5 
per cent for the middle manager 
and technical specialist. 


Builders 
feel let 
down by 
Budget 


By Michael Cassell, 

Building Correspondent 

THE CONSTRUCTION industry 
remains very short of work, des- 
pite the recent improvement in. 
demand, according to the Nat- 
ianal Federation of Building 
Trades Employers. 

In its annual report, published 
to-day, it says that any upturn 
in work levels which may be on 
tbe way can make "little more 
than a dent" in the industry’s 
spare capacity. Nor would it do 
much to reduce tbe number of 
unemployed construction 

workers, now estimated at 
205,000. 

Tbe Federation points out that 
basic construction costs are «iill 
rising, if not so sharply as In 
the lust few years, and continu- 
ing to erode already slim profit 
margins. 

The recent Budget is described 
as "a grave let-down ” for tbe 
construction sector. And it had 
not raised confidence, a vital 
prerequisite of any full recovery 
in output. 

Interference 

The report emphasises that 
only a small proportion of the 
£1.4bn. public expenditure cuts 
made over the past two years 
have yet been restored. Political 
interference in the affairs of the 
industry, it adds, have now 
reached the point where the 
efficiency of the industry is 
threatened. 

“Until industry is given a freer 
hand, and untit incentives to 
work hard and mare profitably 
are improved, there is little 
chance of the country achieving 
its potential growth and thus 
reducing unemployment." 

The Federation criticises the 
Government’s decision to ask 
the building societies to reduce 
lending levels. !i says that 
house builders' margins must be 
increased if output is to ri«o. 


Food price war forces 
chain store re-think 


BY DAVID. CHIHtCHMJL 

THE PRICE war .among the big 
supermarkets, is forcing major 
chain stores-.' to re-assess their 
food trade. v 

F. W. Woolworth is carrying 
out a major review, of footf. sales 
in its 1,000-plus br antes. Over the 
past few years Woolwortb’s has 
dropped food ( and grocery sales 
from about 400 of its smaller 
stores because they have become 
less profitable. 

Last week British Home Stores 
announced it was closing some -18 
food departments because tbe 
pressure cm profit margins made 
them -uneconomic. 

Woolwortbs expect to complete 
their review of food departments 
in smaller stores over the next 
sis weeks. Mr. J. Bradwell, the 
company’s buying director, said 
yesterday that departments were 
constantly monitored for profit- 
ability. As margins were eroded, 
the company had to decide 
whether it was economic to main- 
tain food s&ies. 

Pressure on the chain stores 
was sparked off last Autumn by 


Tesco’s decision to drop Green 
Shield stamps and concentrate on 
cutting prices to boost turnover. 
This was quickly followed by J. 
^ainsbucy and Jhe other major 
supermarkets and developed into 
a full-scale price war. 

Sopermarkets have the advant- 
age over chain stores fa that they 
concentrate full-time on food 
retailing, whereas the chain 
stores can only treat this as a 
part, of their operation. The 
supermarkets, for example,, can 
afford to ■ have more frequent 
deliveries and operate a wider 
distribution network. 

Market research shows that 
the price war has cut the non- 
supermarkets' share of grocery 
sales down from 18 per cent to 
35 per cent In tbe tight profit 
margins of the food retailing 
sector, this cut fa turnover is 
sufficient fa many cases to turn 
prqfitable food departments into 
loss-makers. . 

Yesterday Sainsbury revealed 
that its price-cutting operations 
had increased it share of tbe 
food market from 8.9 per cent 
to 7.8 per cent. 


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Changes likely in air-fare fixing 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


VJOR CHANGES are likely in 
* way tbe world’s airlines fix 
‘ps and cargo rates, as a re- 
ii of a top-level examination 
them by the international Air 
ansport Association. 

A team consisting of chairmen 
d chief executives of five 
ijor airlines, including Mr. 
•ss Slalnton, chief executive of 
itish Airways, was set up at 
» association annual meeting, 
Madrid lost November,, to 
idy ways bf changing assoefa' 


Hi; OIIJD 411 — 

# ^ Zif n methods which bad become 
- *1*1 h'.’reasingly out of step, with 

nidty changing moods of 


governments and Ihe travelling 
public. 

Tbe team has now drawn up 
an interim report, to be studied 
by the association's executive 
committee In Geneva on May 18. 
Proposals" will then go to a spe-. 
cial general meeting of the 
entire membership in Montreal 
on June 30. 

The team is thought to have 
decentralised as its main theme, 
involving abandonment of 
world-wide fares conferences in 
favour of smaller, more flexible 
fares negotiations on a regional 

basis. , . 

Major changes are urged In 
voting rights, with the old 


unanimity rule giving way to 
tbe simple majority. 

Tbe changes, if approved by 
tbe airlines, will revolutionise 
fares-making procedures, pre- 
venting the long abortive meet- 
ings of recent years, where the 
work of several weeks could be 
rendered void by just one air- 
line. 

The team Is thought to have 
laid stress on what is called fa 
the airline industry “ com- 
pliance “ — enforcing the rules 
and regulations of tbe associa- 
tion so that it becomes impos- 
sible for aoy airline to undercut 
others fa any area, as by 
offering illegal discounts. 


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Notice of Redemption 

Amoco International Finance 
Corporation 

Guaranteed Debentures Due 1983 

NOTICE IS HEREBY GIVEN that, pursuant, to the provisions of the 
narafflWh 0 f Section 3.01 of the Indenture dated as of Jtmuary 4, ,1968, under 
TX Debentures described above were issued, Amoco International 

dale, at Hie Cjwpo™ Street New York, N-Y. 10015, the main offices 

“ a 

do11 On said will cease to aeon*. 

AMOCO INTERNATIONAL FINANCE 

CORPORATION 


By: Chemical Rank, Trustee 


April 27, 1978 


Hewlett-Packard computer advances deliver results. 



A Hewlett-Packard computer helped Midland Rollmakers 
raise quality and contain costs. 


Midland Rollmakers had a brilliant new 
centrifugal casting process for making composite cast 
iron and steel rolls for rolling mills. 

The outer case is highly alloyed while the core 
usually has a less exotic composition. Centrifugal 
casting could improve already existing applications 
and had the potential of widening the range of alloy 
compositions produced. 

But until they had a Hewlett-Packard computer 
to control the process, relatively simple adjustments 
were complex.The rate of change in the new 
technology demanded fast response. 

The HP-1000 could withstand wide voltage 
fluctuations in a tough environment and still provide 
a closer degree of control than before, it gave Midland 
Rollmakers the high level of consistency they were 
looking for, plus the capacity to expand during the next 
three years without havingto change computer system. 


(Midland Rollmakers Ltd. are members of the 
Steel Division of Johnson and Firth Brown Limited.) 

Hewlett-Packard produces a range of computers 
and peripherals which go from desk-top models 
through mini-computersto powerful multi-terminal, 
data base and distributed systems-bringing effective 
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They share a world-wide support operation with the 
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This informative brochure outlines the Hewlett-Packard approach ■ 
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Winnersh, VW?ta‘ngham, Berks RG11 5AR.TeL- Wokingham 784774. 






:V' . I 


1 


Financial Tiroes Thursday May 4 1978 


LABOUR, NEWS 



Double pay for State 


workers— engineers 


Three disputes halt 
Leyland Cars plant 


BY PETER CARTWRIGHT 


Marks and 

Spencer 

profit-share 


ACAS rejects claim JS 1 
by polytechnic staff 


BY ALAN PIKE. LABOUR CORRESPONDENT 


THE IMPORTANT bodymaking Picketing yesterday led to 
BY CHRISTIAN TYLER, LABOUR EDITOR IN WORTHING plant at Leyland Cars. Castle 1.400 Other members of the 

Bromwicb, Birmingham, was Amalgamated Uninn of Engin- 

^ . , . . . ,, _ . brought to a standstill yesterday eering Workers refusing in cruss 

THE ENGINEERING union’s we are not going to have Mr. Harold Robson, AUEW by three disputes More than the lines, 
aptitude for self-contradiction different castes." executive council member respon- 4 quo were i a jd 0 ff untiMurther « -..i- 

showed itself yesterday when, what W0S right for thousands sible for the Industry, said he notice, . SSS 

having just chosen a moderate of industrial civil servants, he had been “ appalled ” at the low The closure will disrupt pro- JuidSF seSSy SS 
Mr - ? r lts "? xt sald - w . as for rent of of craftsmen’s pay in the duction of best-selling ranges at Sr workers Sed oSt 

president it decided to ask for the union’s 1.2m. members. Civil Service, He accused Gov- three car centres in Coventry S 

Government industrial workers’ He was backed by Mr Roo ernment officials of arro R ance in (nearly 700 JaSars a week?. j£j of/^he dwk fw 

Wages to be doubled- Halverson, a leading Communist their dealings with the unions. Solihull (1,500 Rover saloons) refusing to switch jobs 

Almost unanimously, the 52- f rom Hatfield, who successfully “It’s disgraceful that people and Longbridge. Birmingham — . 

member national committee of moved an amendment deleting of such a high level of skill (3,000 Minis). All have a high . management said that 
the engineering section of the f rom another resolution about should he receiving such a low export content 2 v ’ er *“ ne t>an c , on_ 

Amalgamated Union of Engineer- Govern men l Industrial workers level of wages.” Unless the disputes are “P?* L“ u 5i5® 1 

ing Workers adopted a _ resol u- any suggestion that a 10 per Including pay policy supple- settled, lay-offs could begin a P ro M® ras - TTie| 

non seeking to raise the pay cent, pay offer within the current raents. minimum earnings ranged early nest week. This would be fo II e^e y conei t li[In ni Md 't^nrS 
rates for skilled men in naval guidelines would be considered, between £38.50 and around £55 a major blow to Leylacd's hopes j 1 .??? pre " 

dockyards and other Government engineers’ decision coin- a week. of recovering its market share. ve "! others bemg l!Ud off - 

sti f^she fl-sbo eke d rides a campaign being The Government industrial which slumped from 31 per cenL ban was imposed as a 

their rfofnnt in oIap- mounted by the transport workers, who include House of 111 March to less than 20 per cent, gesture of support for Mr. John 

§22 Enounced * on Tuesday workers, which represents about Commons Staff and ministerial ast month. Stocks are at a Low Power H f ? T 

were aSfck tS seize fheiT aono?: SO.OOO nf the 175.000 workers chauffeurs, are due to settle on level. Sf en £f £, ces d f 

tun!tv q l!! whSt Sri 1 E r R 0 Sre<n involved. July i. They are one of the last The most serious dispute for making improper 

nnHrv W b 3 d The transport workers have stout* in the incomes policy involves 56 tool-fitters who have claims For travelling expenses. 

shop" /t!^Trd R from^ClydeSard^ fSem an Tutthe transport workers want 

leapt in to embarrass the Right- attempt to force the Government another deal for them next Apnl factorv at Parkside. Coventry* re- 


scheme 


By Paul Taylor, Industrial 5taff 


52 s sjx m r s*sr« p f. sm* ssh raw 

las nver-fulfilied hy execution special deal for the anned extend th. nil. on the cl» ™ h h e ,A“ l' Se Sad Tee/ Utiled. ? is 


has over-fulfilled by expectation special aeai lor me e*icu Q uie m «■« »** ww ------- strik had been --..ip.. f s 

of what my attitude would be forces, the workers who support Government’s part, to bring them who has been a foreman ^ K - n a a Deen settled is 

on the next round of ww the military should be aquaUy on to the same pay date as white- for 17 years. He has worked in *•“" ™. dc ’ slire - 

hLZi„„ «r«ri, «r,mp Lii treated collar civil servants. the section, which a so includes , Twenty-two electricians respon- 

bargaining. I can only assume well ireaiea. uwmr w »** am*. miiiwrtahta nn rf n iT,o.fi»A« For sib e for nlant maintenance were 


BY DAVID CHURCHILL 


™ well treated MllrdviT^ti the section, which also Includes Twenty-two electricians respon- 

bargaimng. I can only assume well treated. rauar w serums. mUlwrights and pipe-fitters, for sible for plant maintenance were 

— two years. suspended again for refusing to 

Also on strike over a new work normally while their pay 
-y 'Id* 1 • i ■■ A. supervisor are 16 plant main- differential grievance was 

iVCW deal for hospital Consultants Sr^ WO breT aSoio?ed er frem not worked since 

JL within the section. February 17 when they were first 

__ v r>.inr> ruiirrum lD a 0,1111 strike, of engineer- suspended. 

BT DAVID CHURCHILL j ng workers, now in its second Recent pay awards have closed 

4 „ , week. *»« a dozen garage gaps with skilled engineers by £2. 

A NEW contract for hospital of clinical work will be required cular, “offer better prospects to mechanics. They are demanding Electricians In' Coventry have 

consultants which would give a week, plus two sessions fnr bard-pressed doctors in the a higher grading for work the been fighting a long time for 

Increased pay for more work administrative work and the “ shortage " specialities such as company uj Insisting must be equal pay with the highest 

was offered yesterday by Mr. doctors" on-call committment to geriatrics and radiology.” carried out. engineering grade. < 

David Ennals. Social Se'rvices his patients. 

Secretary. On top of that extra sessions f - _ 

Negotiations on the contract will he available, normally up r I 

have been going on for over a to a maximum of three for those B £ f ( IViWi-fr 1 jT BBS 1 IB Si! S 1 qJiia 

year. But the new contract will who do private practice and five Vtt/liaVA %/M. VA HAIl all M. H 1/11 ! 

he considered formally to-day f 0 r those who do not 

by the Central Committee for M r. Ennals is believed to have a a m 

Hospital Medical Services, which origina i] y sooght t0 pay a bonus fQ PQllAll * €1 bTPQIT^XOT \7' 

represents the 13.000 bospiral to those consultnats who gave up i»J VilllC'li CL Lil. V L y 
and dental consultants. It could private practice work entirely. aJ 

bo put to a ballot for ratification, consultants leaders, however. 

If accepted. U wnll replace weTe unhappy at creating such" "P 1 ® London ludustnal tribunal After an adjournment, Mr. the hearing had become a 

thte present form of open-ended a distinction among their hearing the unfair dismissal Wells said he was making a travesty of justice 

commitment for consuMana with mPm hers. claim of Mr. C. Gordon Tether ruling which must be observed The Financial Times still did 

a more ngad formula which will <p he new contract puts the top former Financial Times and on which the tribunal was not fully appreciate Mr. Tether’s 
compensate extra work. spa | e for consultants earnings at columnist gave a warning yester- unwilling to hear any argument case and was unable for that 

At present, consultants either £in fift9 day that their task could become “If there is any attempt at argu- reason to test it properly by 

work full-tame for the National Th e British Medical Assncia- impossible unless Mr. Tether ment I shall immediately adjourn question and answer But his 

Health Sennce or receive a pro- t j on sa jd i ast 0 | ght tbat - taken conformed to the rules of cross- the tribunal." cross-examination was almost 

portion of the fuH4lrae salary overall, the contractual improve- examination. M vjaiic complete and he had derid’d it 

rarrv ouTorivate oraptic^ 10 m ®, nts ? re P ot ®. n l i * ,| y s ° ff rp at -phg warn ing by Mr. William ceedings during Mr. Tether’s wo^d be proper to continue -it. 
Ca nww t t.h£ 1 aii at,d f° the P r0 " Wells, QC, tribunal chairman, cross-examination since Tuesday "Mr. Tether said he would be 

coisu wilf\£ki* T^basic SS* fn^th^ ire?r ^fiiTrit^nf came ailer Mr " Thomas Mo^son morning at times had been a making a considered response to 
S5J2J contract “raeht S » courisel for ^ Financial Times, travesty of the judicial process, criticisms which had been made 

Jnnc ^ c0 "* u,,anls * nd ^ patient s. protested on the 34th day of the and through no fault of Mr of him and which he rejected, 

sioos of three and a haLf hours The proposals would, in parti- L arinp ah m,tthA Mr. Morion n«t Mr T»tK»r 


Tether cross-examination 
is called ‘a travesty 5 


MARKS AND SPENCER yester- 
day became- the second major 
retail group to announce a staff 
profit-sharing scheme. • 

Up to 17,000 of the 42.000 
Marks and Spencer staff are 
expected to qualify for the 
scheme initially and should 
receive their share certificates by 
the end of June. 

Last month the House of 
Fraser announced a similar 
scheme benefiting about half its 
50,000 employees. - * 

Details of the Marks and 
Spencer scheme were announced 
In a letter to staff from Sir 
. Marcus- Sieff. M and S chairman, 
following the publication of the 
company's trading results for the 
vear ending March 31- ! 

In his letter Sir Marcus says 
the company feels staff should 
i “ have a greater share in the 1 
prosperity and profitability of the 
business.” This year the Board i 
hag set aside £2m. from the com- 1 
pan j^s profits to buy shares for 
employees. 

Only those who have completed 
five years unbroken service with 
the company by March 31 this 
year will initially be entitled to 
take part In the scheme. { 

Each qualifying employee will 
receive share certificates worth 
4 per cent, of their gross earn- 
ings over rhe preceding year less 
tax- The price at which the 
shares wilt be allocated will be 
fixed according, to the average 
share price over the preceding 
21 days. 

The average qualifying em- 
ployee will receive shares worth 
about £60, though the actual 
amount will depend upon earn- 
ings. Once the shares have been 
issued the staff shareholder will 
have full shareholder rights and 
will be free to sell the shares. 

Each year the. Board will 
decide whether to make another 
share allocation and if so, to 
what value. At present the com- 
pany's scheme does not meet 
with all the requirements of the 
Finance Bill scheme which sets 
a ceiling of £500 to qualify for 
the Bill’s tax concessions. 

If the Bill is passed intact 
Marks and Spencer will con- 
sider whether to alter Its own 
scheme. 


THE “WIDER implications" df polytechnics where it was seek 
granting recoenitiofl to the ing recognition— the third wag 
Association of Polytechnic North London— opposed ^ 
Teachers in three polytechnics application, 
would not be in the interests of The association, which claim, 
good industrial relations, the a national membership of 3,500 
Advisory, Conciliation and contended that the recognised 
Arbitration Service has decided unions were unable to represent 
after an investigation. the views of polytechnic teacher* 

At two of the polytechnics— wbose demands were generally 
Portsmouth and Lanchester. outnumbered by those of stall In 
Coventry — the conciliation other establishments. 
service 1 found that a majority of „ „ Rnb-.m an 3S * uu i 

lecturers who replied to . a ^ 'S? 

I firidinpK in tfie eoEineeririE Nitionsl Fwontion Proies- 
I Industry SLainst the® United ldonal Workers J'^terday and 

Kingdom Association of Frofes- caIlcd S het^en °whitM ^ 

slonal Engineers, the conciliation agreements between ^ lt ®^ 0| }ar 
service concludes that wbile the unions to avoid and rcwl TO 
views of the people involved are disputes. 

always an important factor these White collar unions, he aaij, 
must be balanced against “a should not necessarily respond 
number of other considerations ” to merger approaches from staff 
including the employment associations in areas where they 
policies desired by management had little, if any. experience, 
and existing negotiating They must also consider before 
procedures. emharitiug on new fields ot 

Pay and conditions of further recruitment whether they could 
education teachers are negotiated provide an adequate service to 
by union* appointed to the their new members- 
Burnham panel by the Secretary Awards by the TUC disputes 
of State fur Education and committee were binding on all 
Science. The association is not unions and they were not a 
on the! panel and the present matter for conciliation service or 
recognised unions at the three the courts. 


Pay ‘will not leapfrog 
while inflation falls’ 


FREE COLLECTIVE bargaining 
after Phase Three would not lead 
to pay leap-frogging provided 
inflation continued to decline. 
Mr. Ken Thomas, president, told 
the National Federation of Pro- 
fessional Workers Conference in 
London yesterday. 

He said the vast majority of 
unions had settled within the 
guidelines of Phase Three 
“ because no one wished to take 
on the Government.” 

Now the union movement was 
enable to accept any further 
stages of incomes policy. "De- 
mand fnr the restoration of free 
collective bargaining will be 
something the Government can 
no longer fail to acknoiwedee,” 
said Mr. Thomas, who ia general 
secretary of the Civil and Public 
Services Association. 

He went on: “So long as the 
Government can continue to 


ppoint to a declining rate of Infla- 
tion. free collective bargaining 
will not mean the kind of free- 
for-all leap-frogging of wage 
and salary increases associated 
with runaway inflation.” 

Wage ■ increases were not the 
basic cause of Inflation hut the 
consequence of price increases 

Mr. Thomas said the affiliated 
membership of the federation 
had trebled in 16 years, to two 
million. 

In tbe last three years, during 
which no new unions had joined, 
the ir/ reuse hnd been due 
entirely to the growth of trade 
unionism in the non-manual 
field. 

“ More and more workers— 
especially salaried employees— 
are turning to unions for (he 
security and improvement of 
their conditions rhey fuel they 
increasingly need.” 


Portsmouth Polytechnic’s School of Management Studies 


pm 


Portsmouth Management Centre 


hearing about the way Mr. Tether M orison. Parties must recognise Mr. Morison put to Mr. Tether 
was responding to his cross- that the purpose of the hearing that over the years he had a 
examination. was to enable the tribunal to number of discussions with Sir 

Mr Morison said It had reach a decision, not for con- Gordon Newton, Mr. Fisher’s 
become quite plain that even ducting a debate in which points predecessor, and Lord Drogheda, 
simple questions were going to were scored at the expense of then chairman of the Financial 
achieve a non-answer. opponents. , Times, about editorial direction 


141 High Street, Portsmouth POT 2HY-T*I: 0705/812411 


Miss Melanie Tether, advocate , The tribunal was not prepared - 
for her father during his cross- to tolerate eith« the making w« V Slumn wT s 


Industrial Relations Today 


tor ner tamer during ms cross- over way tbe column was 

examination, said that he must ?/ epeecbe* in answer to ques- bei J« “filed ? 
be given a chance to reply to Jions, , nor__objections_ Jo _ q ues- M ® Tether replied ^ he had 


on site or at P.M.C. In different form* to suit differing 
needs we offer practical help and training in attitudes, 
skills and knowledge of 


Employee Participation 


da this. Inaccurate comments Mr. Wells continued: “ Failure the content of his column. While 
would be recorded by the to act on this ruling, though it he was quite happy to listen to 


tribunal. 


1. To non-union organisations about to initiate joint 
consultation. 

2. For multi-union organisations — on how to promote 
informed negotiated collaboration through joint 
training of senior managers and shop stewards. 

3. For personnel and senior managers — a company- 
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The above services are offered on a cost-per-day basis. 
Those below on a one- or two-week PJd-C. residential 
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4. For multi-establishment organisations— an i/R 
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5. For personnel, training and senior fine managers — an 
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For further particulars please ring John Barber. Principal 

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quickly and 
economically 


JJ Ventilation Limited 
13 Dowry Square, Bristol BSS 4SL 
Td. Bristol 291295 , 


iVofice of Redemption 


will not affect our determination what Lord Drogheda had to say. 
to do justice to both parties, he was not prepared to discuss 
may inevitably have a serious the column with him. 
effect on Mr. Tether’s case. We 
are here on Mr. Tether’s initia- Board mpeepope 
live to adjudicate on his appli- ■ DUttru 
cation, and If he is unwilling to The “rows’ 1 with Sfr Gordon, 
observe the rules our task may insofar a* they were rows, were 
become an impossible one.” largely concerned with messages 
Mr. Tether protested but Mr. Si r Gordon brought from the 
Weils repeated that he was not board room and second-hand 
prepared to hear argument. suggestions that he should 
Later, after another clash 

between Mr. Morison and Mr. £5 ^ ^ndSniST an J 

atiswerfn^the 1 ^ Questions nut^s thal lhe fec,in S s ° f ,he hoard 

were not such ttat. he should 

fa J« y he bly c0 , uld \ th ? re take account of them. 

whSh *Mr Mr - Tether added that he bad 

Mr- Monunn considered an an-a^ement and understand- 

abaDdon cross- in wltb 1 Jr cordon and he kept 
. to it In the IS years of their 
When the tribunal resumed in association they had one minor 
public Mr. Morison said he had tiff when there was a suggestion 
reconsidered the position, from Sir Gordon that be should 
although it had been plain that >■ i ay off" the Common Market 
during the two-and-a-half days of issue. This was speedilv resolved 
his cross-examination there had Otherwise, he was entirely 
been times when he had been unconscious of editorial direc- 
unable to obtain a coherent nr tion under Sir Gordon's editor- 
constructive answer from Mr. ship. 

Tether to proper questions, to Tbe hearing was adjourned 
such an extent that this part of until to-day.^ 



m m ■ - 




Daily 747 departing at 13 . 10 . 

Call your travel agent and ask about TWA’s new Budget 
and Standby fares to Los Angeles and San Francisco. 

(These fares are subject to a seasonal increase from July 1st) 


TV Va earn'd more scheduled paswnsm across iheAtLuillc Jian any other oirlina 


r= 








m 

Bsaa 

■ 

m 



mi 


No.l across the Atlantic. 


Philip Morris International Capital N. V, 


8 Vi % Guaranteed Sinking Fend Debentures Dne 1986 
NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as.cf June 1, 
1071, under which the above designated Debentures were issued. Citibank, XA. (formerly First 
National City Bank), as Trustee, has selected for redemption through the operation of tbe Sinking 
Fund, on June l, 1978 (.the ‘'redemption date”) at lQQ^o of the principal amount thereof (the “re- 
demption price” i, together with accrued interest to the redemption date, §600,000 principal amount 
oi .slid Debentures bearing the following distinctive numbers: 


There’s more 
to America than 


Notice of Redemption 


Sumitomo Chemical Company, Limited 


Mono couvon 
0313 334 3 42S3 
-■a.'8 3iU3 ■♦aoa 
Jj«3 43(55 
25 Ai 3MM -HO* 
-M-ll 3*3 1 4405 
--TO 3i5M 4443 
L'4(5S 3(Jt5.t 44L'l5 
asue 4511 

=3=3 3688 43C8 
2528 3690 4583 
2613 369= 4591 
-620 3638 4601 
2677 3726 46«3 
2 (27 3742 4T02 

3017 3764 4717 

3018 3602 4746 
3039 3810 4751 
307S 3060 4762 
3031 3871 4771 
3092 3687 4775 

3121 3510 4793 

3122 4000 4013 
3149 404 6 4814 
3208 4086 4860 
3227 4Q9B 4662 
3291 4111 4879 
3303 4113 4941 
3343 4119 4948 
3JS7 4134 40 3 2 
3368 4145 4986 
3378 4132 5002 
3412 4156 5016 
3434 4170 5038 

3466 4187 5095 

3467 4197 5100 
3532 4204 6 U1 


DEBENTURES BEARING THE PREFIX LETTER TO 
5112 E679 6749 7715 859 L 9433 10440 11220 11995 

5115 3737 0757 7720 8603 9452 10467 31236 12030 

5152 S8ld U7T6 7723 8603 9459 10473 11246 13093 

3175 3H2«; 6312 7730 Bb38 9562 10505 31271 12097 

517H 6ai’3 1.624 7766 866U 9564 1 0514 11281 12122 

5197 5RT4 688L 78JU 86.-6 9566 10617 11202 12131 

5203 59U6 tS80 7866 8702 9572 10623 11293 12203 

521.7 >,023 6953 7690 0706 VS73 lOt^L 112J4 12231 

5223 G061 b9TB 8004 8707 9531 10673 21364 13237 

5235 60-36 7007 Bill 8714 9635 10724 11405 12396 

5237 U101 7044 8140 8730 9050 10734 11432 12402 

5265 6111 7121 8145 8742 9663 10744 11459 12435 

52J1 6135 7133 8157 8774 9681 10760 11460 12437 

5312 6274 7160 8170 8793 9713 1077S 11477 12452 

5314 6330 7166 8172 0868 9736 10779 11481 12453 

5365 6343 7190 8190 390 1 9739 107&5 11496 12468 

5366 6358 722B 8192 8931 9752 10&23 11508 12475 

5367 63(17 7233 8195 8996 9770 10824 11548 12488 

5368 6379 7238 8205 9033 S7S0 10&49 11559 12499 

5400 1,387 7239 8206 9087 0736 10873 11585 12518 

5404 6395 7264 8234 9143 9808 10937 11607 12575 

5408 6403 7281 8289 9155 9828 10955 11608 12582 

5410 6428 7315 8338 9180 9855 10974 11616 12605 

543" W30 7374 83S5 9225 9904 10975 11618 12606 

5441 6483 7459 8373 9238 9073 11000 11632 12631 

5463 fc03t 7473 8415 9239 79001 11016 11646 12641 

341,1 6532 7476 8417 9=83 :W37 11039 11676 12642 

5471 65(12 7347 8418 9270 10060 11040 11531 12666 

5504 6583 7575 B428 9311 10071 11053 11697 13634 

5513 6596 7591 8444 9330 10104 11070 11737 12726 

5531 6609 7598 8454 9355 10131 11114 11772 12760 

5536 6610 7019 &->€£ P376 10197 11117 11531 127G7 

5570 0,68 7620 8526 9392 10C41 1II46 11»T1 12736 

5575 670D 7626 8550 9396 10300 11160 U?34 12819 

5623 bT16 7h8« 8560 9407 10367 11170 11974 12879 

5625 6728 7713 8576 9425 10337 11191 11990 12889 


Th* Debentures sncciftcd above are to be redeemed for the said Sinking Fund at the option of the 
RnMcr fa) at the W. C. G-— Bond Window—- 2nd Floor of the Tm.tee. No. Ill Wall 
Street, in the Borough of Manhattan, The City of Now York, or lb) subject to any laws or 
regulations applicable thereto, at the main offices of Citibank, X.L in Amsterdam. Frankfurt, 'Main, 
London (Citibank House). Milan. Paris. Citibank (Belgium) S-\- in Brussels and Citibank (Lux- 
embourg SA in Luxembourg. Payment* at the office? referred to in «b. above will be made by a 
TV Wd Stales dollar check drawn on a bank m New >ork Ci£ or by a transfer w a United blabs 
dollar account maintained by the payee «ilb a bank in New Wk City on the redemption date, at 
Sm redemption price together flith accrued interest to the date mod sor redemption. On and alter 


Gty of New York. County of New 
York, State of New York. 

The Empire State. The World Trade 
Center. The vertical metropolis that 
may be the ‘‘capital” of the world. A 
tempting targetfor your U.S. advertising. 

But remember this: The Wall Street 
Journal reaches more decision-makers 
than any New York daily. 

And beyond the Hudson River, The 
Journal reaches all across the U.S.A. 
With millions pf affluent and influential 
readers from coast to coast. In business, 
industry, finance, government For The 
Journal is America’s national business 
daily. I 

To reach New York — and far more 
— advertise in The Wail Street Journal. 

A basic media principle worth re- 
peating. Again and again. 


G%% Guaranteed Sinking Fund Debentures Dne 1979 

NOTICE IS HEREBY" GIVEN that, pursuant to the provisions of the Indenture dated as of 
December 1, 1964. under which the above designated Debentures were issued, Citibank, NA. (formerly 
First National City Bank), as Trustee, has selected for redemption through the operation of the 
Sinking Fund, on June L, 197S (the “redemption, date”) at lOQ?i of the principal amount thereof 
(the “redemption price - '), together with accrued interest to the redemption date, $355,000 principal 
amount ot said Debentures bearing, tbe following distinctive numbers: 


$1000 Coupon Debenture* bearing the prefix letter M 


M e 419 
47 431 
173 4h57 
19? 468 
£07 473 
234- 477 

236 512 

238 515 

239 516 
245 521 
251 530 
254 5S0 

237 584 
£59 589 
£61 591 
264 594 
273 598 

321 610 

322 611 
418 G26 


913 1120 
9LS 1121 
327 1150 
370 1161 
971 1169 
1047 1173 
1046 1217 

1052 1220 
1056 1244 
1058 1259 

1053 1263 
1067 1281 
1063 1234 
1073 1268 
1085 1336 
1038 1348 
1095 1358 
1100 1398 
1103 1360 
2110 1363 


CouDonsdue June T. 19 ?S should be detached and presented for payment m tnc usual manner. . 

Coupons ejun . PHILIP MORRIS INTERNATIONAL CAPITAL N.V. 

By: CITIBANK, N.A. 

a* Trustee. 


The Wall Street Journal. 
The ai! American business daily* 


The Debentures specified above arc to be redeemed for the said Sinking Fund at the option of tbe 
holder (a) at the W. C. G. Bond Window — 2nd Floor of the Trustee, No. Ill Wall 
Street, in the Borough of Manhattan, The City of Now York, or lb) subject to any laws 
or regulations applicable thereto, at the main offices of Citibank, NA. in Amsterdam, Frankfurt /Main, 
London (Citibank House), Milan, Paris, Citibank (Belgium) S-A. in Brussels and Kr edict bank SA. 
Luxembourgeoise in LuxembourgriUe. Payments at the offices referred to in (b) above will be made 
by a United States dollar check drawn on a bank, in New York City or by a transfer to a United 
States dollar account maintained by the payee with a bank in New York City on the redemption 
date, at the redemption price together with accrued interest to the date fixed for redemption. On 
and after the redemption date, interest on the said Debentures will cease to accrue, and, upon- pres- 
entation and surrender of the said Debentures with all coupons appertaining thereto maturing after 
tbe redemption dale, payment will be made at the redemption price out of funds to be deposited 
with the Trustee. 

Coupons due June 1, 197S should be detached. and presented for payment In the usual manner. 


April 27, 197S 


Represented by DJTM-S. In London, call Ray Sharp at 
353- 1847; in Frankfurt.callJoach'imNunvar ai«»I I) 74-5740. 
Oiher DJ1MS offices in major business centres around the 
world. 


SUMITOMO CHEMICAL COMPANY, LIMITED 

By. CITIBANK, N.A. 

as Trustee- 


Aprii 27, 1978 


X 








T.\v 4 


* 



L ftimcSfr Times Thursday May 4 1978 


9 



IAMENT AND POLITICS 


n Uh ' '- 
"'i'll 

'I i*l 


• f:,- 




Wales Bill powers 
granted to peers 


nU.-r-V"^ 


BY IVOR OWEN, PARLIAMENTARY STAFF 

;■ , ^ i,;'\ SIGNIFICANT ■ 

* 1,1 ''■'Y, 1 ®? >y ^6 u-ivuuuuu M 1 B. UW'WUUIGUIB aiuiuue win on ZBCemHB The Koval Accent 

"‘•1, night w the constitutional be- to -the firm stand already with the Welsh Secratarv bSe 
U,,, 'antroversy over the attempt taken by the Lords in throwing obliged to SSnsfer SSmiSSt 
( «ijade in the devolution legisla- out all the provisions In the powers to a nonexistent P Weish 
on to ensure that the view of Scotland Bill giving the Com- Assembl^ m nt Wels “ 

ae Commons prevails In any mons “overrule" powers. — 


i-.* I 

? 1 i-l 


concession sure, he declined to indicate what Bill becoming law immediatelv 
Government the Government’s attitude will on receiving the Royal ^Assent 
^institutional be- to -the firm stand aireadv wit‘ s 1 Assem 

the 


Labour MP has 
to withdraw 
‘bigot’ charge 

BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


»’ fi i.| 


uj- 


'^las-b with the House of Lords. 


•on 

i 


Mr. Smith jsaH the Govern- 235 k vot«™o d lT U! wouff r piIS?l '’H 

. “’H- Under a new clause added to meat’s attitude would be made referendum to take niaPA nn fha 
i. % N*nia "Wales BUI the date on which dear when the Scotland Bill is Governmem’s° Welsh ^ Sohj^n 
... N J provisions become law- returned to the Commons to "“g Wut,oD 

.. wssuroing the establishment of a enable the amendments passed ouewimT «f e ,|T5 v " as 

'•( ijfelsb Assembly is backed lathe fey the Lords to be debated. of th# . BUl b «ommg 

■'"'“i vVeferendum by a “yea" vote Welcoming- the Government’s w . , _ , 

l,! qual to 40 per cent of the Welsh change of mind in regard to the rvm ' ? ey ? S 

lectorate — will be dependent an powers of the Lords In relation * ra ? * ' wbt J !ed 

Order being passed by both to the Wales Bill. Mr. Francis °ES os, t! oa t0 J new clause, 

Pym, Conservative spokesman on ***£??“ M “ e .Government of 


lITlU.i 


Vfltj 


-looses of Parliament. 


nr 

a 


»!«l I‘ 


An earlier provision in the devolution, said it would have ™ a idng one further move back 
Nill, rejected , at the committee been absolutely wrong for a ”'* n to . e slippery slope of 
:c. J*fage when the Government was situation to have emerged in compromise in giving way on 
* eieated as the result of an alii- which ihe Commons was able to Jf*® question of the Commons 
nee between Conservative MPs overrule not just the Bouse of peine able to overrule the Lords 
it., ‘ *nd the Welsh Nationalists, en- Lords but the_ Welsh Assembly in any clash between the two 
l Vhled the Commons alone to ac- as well. “ Houses. 

t- ivate the legislation in the event Mr. Pym stressed that it was Plaid Cymru, he emphasised, 
f disagreement with the Lords, the strongly held objections to was opposed to the new clause 
11 T , Mr. John Smith, Prlyy Council the attempt to limit the power of because the introduction of the 
Minister of State, admitted the House of Lords which led 40 per cent threshold meant a 
' '■<[■ hat the concept that the Com- Tory MPs to join with the Welsh “loaded referendum- which 
»'i..n ,-aons should be empowered to Nationalists in opposing the would make it difficult far the 


■■ ‘i»-<h 
i r-. 



verrule the Lords denounced by earlier provision defeated at com- 
'ory leaders as an attempt to mittee stage, 
olr'oduce a major constitutional Mr. Smith explained that the 
hange bv the -backdoor— had new clause was also' designed to 
ome in for a “certain amount remedy the farcical situation left 
<f moderate criticism." ; by that defeat, which would 
But, despite Opposition ' pres- otherwise have resulted in tbe 


‘Political bias’ by 
Ulster council 


people of Wales 
Welsh Assembly. 


to obtain a 


Scotland 
Bill defeat 
in Lords 


By John Hunt 


suffered 
Scottish 
in the 


BY OUR BELFAST CORRESPONDENT 


THE GOVERNMENT 
another defeat on the 
devolution legislation 
Lords last night when peers 
decided that doctors and dentists 
should continue to have their 
pay and conditions decided in 

, -THE Loyalist-controlled couneil been an unjustified exercise of U A^CoS^Juve^SntoeS't to 
, *’.;n Ballymena, has been accused authority, as well as showing ^ Sriedby a 

;.,3f “political bias. and prejudice" bias and prejudice." majority of^7 TlOfWC). The 

... oy Mr- Stephen McGouagle, the He a is 0 the ban on Gaelic Scotland Bill had stipulated that 
r „, Northern Ireland Ombudsman. (Irish) words was discriminatory doctors and dentists in' Scotland 
He found the council guilty of and political bias was at the root should have their pay negotiated 
y -maladministration in a - case of it separately. 

“where a local Gaelic, athletic The Rev. Ian Paisley’s Demo- Speaking during the committee 
:lub complained about being cral j c unionist Party controls stage of the Bill, Lord Campbell 
■ -excluded from a council list of council. * ' of Croy. from tie ^Conservative 

• • forthcoming events.' It also . u* ’ hrAt . front bench, complained that the 

claimed that the -council would Meanwhile a row broke ou t mn >as u stoodf would have 

not print words in ' the Irish yesterday between unionist crea ted differences ip pay and 

rrrrT”- - " -language. -* . parties^ on ^Belfast city council conditions on different sides of 

As a result of the findings by. after the election of Councillor the border 
■ ^5 f.nm miss inner for' Com'- David Cook, a member of the This v;ou 


AN ATTEMPT by a Tory MP to 
introduce a Bill to prevent trade 
unions expelling members for 
uoliUcal reasons was narrowly 
rejected by a majority of six 
votes (ISI-I75) amid acrimoni- 
ous scenes in the Commons 
yesterday. 

Opposing the Bill,. Mr. Tom 
Lftterick (Selly Oak) a promi- 
nent. Left-winger, described its 
sponsor, Mr. Robert Adley (C, 
Christchurch and Lyraington) as 
an “ignorant bigot.” 

After protests from other MPs, 
the Speaker. Mr. George Thomas, 
called on Mr. Litterick to with- 
draw this “ offensive remark." 
Eventually, Mr. Litterick agreed 
to do so. although Mr. Adley 
insisted that he would rather be 
insulted than praised by him. 

Attempting to introduce the 
Bill under the ten-minute rule 
procedure. Mr. Adley said that 
when union membership was 
withdrawn in a closed shop situa- 
tion, then the member automati- 
cally lost his or her employment 

“I believe political expulsion 
is a threat to liberty. My Bill 
seeks to control excesses or 
abuses of power,” he declared. 

Mr. Adley said the recent pro- 
posal that the National Union of 
Railwayman should expel mem- 
bers who belonged to the Nat- 
ional Front had rightly been con- 
demned by the Prime Minister 
and by Mr. William Rodgers. 
Transport Secretary. 

The Tory MP maintained that 
the idea of expelling people 
from the NUR for participation 
in politics— however obnoxious 
those politics might be — was in 
itself an obnoxious act. 

He also raised the question- of 
tbe National Union of Journal- 
ists who, he said, had expelled 
Mr. Donny MacLeod, a BBC em- 
ployee, because be appeared in a 
.TV -advertisement for the pub- 
lishers. D. C. Thomson. But. as 
the BBC was not a closed shop. 


Mr. MacLeod bad retained his 
job. 

“Political expulsions of jour- 
nalists amounts to political cen- 
sorship,” Mr. Adley told the 
House. 

In addition, he complained 
that Mr. Clive Jenkins had ex- 
pelled him and some of his col- 
leagues from the A STMS. Mr. 
Adley was a member of the 
union's London bank stafffe 
branch, which included em- 
ployees at Conservative Central 
Office. 

According to Mr. Adley, Mr. 
Jenkins had behaved “like the 
General Amin of British trade 
unionism ** in deciding who 
should and should not be a 
member Of his union. 

The MP added: " Mr. Jenkins 
may dislike my table manners 
or he may dislike my choice of 
claret. But 1 suspect he dislikes 
my politics.” 

From the La boor backbenches, 
Mr. Litterick said everyone 
agreed with the Prime Minister’s 
statement that union members 
should not he dismissed for 
political views. However, he 
thought the Tories were very 
partial in their defence of liberty, 
as thev had failed lo condemn 
employers who had blacklists of 
workers they refused to employ 
on political grounds. 

The demand for legislation was 
pointless, he said, as the TUC 
bad already set up its own 
independent review body to deal 
with cases of this kind. 

There were angry protests 
from the Conservatives when he 
declared: “It is for members Of 
each trade union to decide who 
shall be members of their union 
and. decide which policies their 
union puts forward." 

It was also their right to 
decide what behaviour they, as 
members of the union, would 
accept as behaviour conducive tb 
union policies and to object to 
behaviour which in their • view 
damaged the union. 


Liberals 
put case 
for Bill 
of Rights 

By Rupert Cornwell, Lobby Staff 


Las Palmas conference 
defended by Minister 


BY OUR PARLIAMENTARY STAFF 


L : -*y • vathe Commissioner «u,,„ 

" ' r 7^-plaints. the club now has the moderate^ AHSance^ Party. as the doctors and dentists would 


This would lead ‘to the danger 


-'ri^Sisht to take tho case to a county non-Unionist Lord Mayor in emigrate to where the pay was 
Fw: J-icourt V,,-"- the council s history. the highest 

The Ombudsman said-’ “The Two moderate Unionist coun- For the Government, Baroness 

'. .•^ Jcouncil used it» management of cillors, including the deputy Sti" 

. • 1 &tbe calendar of .events, ta ineqn- Lord Mayor, voted agaipsttbe re- v Pa 
*"* ' : rlvenience ihe .promote.ns .of. election of Councillor ’ James-'a£> 

^CirndilT ■•. <*£*•**•* A V'otw?- u»ls n luifT WaM 4 * Via nncf 


deputy Slcdman argued that the existing 
^PayRevigw Board could continue 
. > , a&&£ present but that the pro- 

- . ^Sdhdar.V'^tis^iitF Ik^.pSvaiifc Stewart who had held the' post'pdsM Scottish .executive would 

fri-'"’ . --t^manner. and'this l'take lo have for a year. . ‘ _ V be ir^olved in the negoiiations. 

. ’yc Y'' ' ■ ■ ■• . v •.'*'* • ■ i. • 

Booth satisfied local S-ections: London 

--s 


Cost rules out Channel tunnel 

BY OUR PARLIAMENTARY STAFF 

A CHANNEL tunnel does not the Government's own position 
come top of the Government’s has not changed and we cannot 
priorities for public expenditure, contemplate such large figures of 
Mr. William Rodgers, Transport public expenditure at the present 
Secretary, told the Commons yes- time. 

terday. “ If there were to be any pro- 

He agreed with. MPs that a rail posals from the European Gotn- 
-tunnel link would probably , be in munity -or elsewhere, I would be 
tbe interests of British Rail and prepared to' consider them." he 
the Continental railways. “But added. ‘ 


on deals seen 
v-^i by Department 

J" By Our Pariamentary Staff 

; j:v : SMR- ALBERT BOOTH, E&ploy- 
' i > ; : ment Secretary, told the Cora- 
:• \ * i- ;mons last night that hg was satis- 
;. -7 5 =^fled that the substantial majority 
"•7 'of productivity deals of which his 
• '^department was aware were 
-genuine. 

_ In a Comons written answer, 

_-^^Mr. Booth said: “In any case, 
where the anticipated rise _ in 
productivity failed to materialise, 
we would expes* ihe company to 
take steps to bring the scheme 
back into conformity with the 
■ ■ Government’s guidelines." 

He added: “If such steps were 
i not taken, we would need to eon- 
: v i St-’ sidcr the use of the discretionary 
. powers referred to in the "While 
.^.— •rtriPaper, The attack on inflation’. 

£ 61 m. donation 

BRITAIN ip to make a contribu- 
tion of about £81m. to a “special 
action" programme arising out 
of ihe Conference on Inter 
'national Economic Co-operation. 
Mrs- Judith Hart, Minister for 
Overseas Development, told the 
Commons yesterday. 


Labour faced with saving seats 
Won in the heady days of 74 






Here is your 
2-stage plan 
towards 
conference 
confidence 



. - v- 


]u* off prescs.dns 

corfipIeieRiiiilc to die Gjnfeicnos and i - 
fttilitiescf oneof Lcodons 
best equipped hotels. 

Icons tight down to the nuts and 
bolts o^mir needs - and dw po«w 

wrlcws aa3 mtaopJxmcpoinB and 
diai«leUcThrights,toa 

Aius to send you a copy^ before 

coming to see fca-your*Jf.Wbat the 

Portman ios tooflb; -whediez you 
Hanninga major staged pesentariaa 
or a b-tnankeyexecuthi: meetir^ 
vicrnmwtogpnwicy and sfiduswn. 

More to stage one now by phorar® 
Christopher Barren on 01-466 5S44- 
U could be ivur most itnportant 
»I.\iswnofd«:day. 


. , I*.'’ 

: i •' .S' . 


. \ 

Si' 5 



s' 


1 1 r* rcranati Square, 

ioodiaWlH^LOH^^ 


BY DAVID CHURCHia 

LONDONERS go to the polls to- 
day to decide not only how they 
warn tbe capital’s problems to 
be handled but also to deter- 
mine whether the Labour Party 
will continue to have a voice Id 
the bodies that negotiate with 
central government 

The results of to-day’s 32 Lon- 
don borough elections could 
mean that Labour loses control 
of both the Association of Met- 
ropolitan Authorities and the 
London Boroughs Association. 
The Conservatives would thus 
control all four major local 
authority associations. 

A Tory landslide in London 
would also lose for Labour its 
Iasi remaining power base— the 
Inner London Education 
Authority. Bui local parly opin- 
ion in the capital over the past 
few days suggests that this prize 
is likely to escape the Conserva- 
tives this year. 

To-day's London borough elec- 
tions are also significant in lhat 
they are the only polls in the 
country where whole councils 
are up for election. Only a third 
of seals in ihe metropolitan dis- 
tricts and some non-metropoii- 
lan districts are being contested. 

Although the Greater London 
Council tends to bog ihe lime- 
light in dealing with 'London 
issues, the London boroughs 
have considerable powers of 
their - own and, in fact, share 
equally with the GLC the ap- 
proximate £Sbn: expenditure an 
public services in the capital. 

-Thus, tbe London boroughs 
are responsible for education 
(except in the inner boroughs 
where ‘this is controlled oy^tfie 
ILKA), 'housing, social services, 
and a variety of other services 
' Labour at present controls IS 
boroughs and the Conservatives, 
Including an alliance with rate- 
payers in one borough, control 
14. This division arose from toe 
1974 polls when Labour nation- 
ally won two general elections. 
Labour is therefore at a dis- 
advantage this year in trying to 
hold on to gains made in a good 
year. « 

The traditional game or 
calculating swings and forecast- 
ing results Is complirated by 
almost total changes m ward 
boundaries since 1974. 

‘But if the swing to we 
Conservatives was similar to tqar 
in the recent Lambeth Central 

Parliamentary 

Fnrpst. In addition, it „l. u . 

assume overall controiat Ttever- 
Ing where it has the alliance 



with ratepayers' cotrocillors. 

Of these, Hillingdon is tbe 
most likely to fall to the 
Conservatives. In 1974/ voters 
gave ' the Tories an absolute 
majority in terms of votes cast, 
biit Labour took control with -32 
seats to 2S. Since then, the 
Labour council has courted con- 
troversy for its high-spending 
and. in the GLC elections lust 
year, the biggest swing of 21.1 
per cent to the Tories was 
recorded. 

Tbe ward changes are there- 
fore almost certain to redress 
this anomaly and restore the 
borough to Tory control 

-Victory at Hillingdon would he 
sufficient for the Association of 
Metropolitan Authorities to go 
Tory. Another two Conservative 
victories most likely in either 
Brent, Ealing, ' or Hounslow— 
would mean the London 
Boroughs Association changing 
bands. 

But it would take a much 
larger overall swing for the 
Tories to capture the ILEA- The 
Conservatives would need to win 
five out of ten inner London 
boroughs, : traditional Labour 
strongholds, which would require 


a bigger swing than that -which 
swppt the Tories to power in the 
GIX! elections a year ago. 

One big question Is whether 
the elections will be decided by 
ljDcal issues. 

London, as a major urban and 
industrial area, is facing 
Immense problems of decline 
and decay, especially in the 
inner areas. . Population is fall- 
ing fast, jobs are moving out 
and pockets of nn employment 
rival in intensity those any- 
where in the country. 

Wirt the ever-present problem 
of housing and the allied issue of 
racial tension, it is dear that 
London is no easy place to- 
govern. 

Tbe determination of Mr. 
Peter Shore. Environment Sec- 
retary, to tackle the problems 
.of London and other big cities 
over the past two years has 
shown that .initial eolations rely 
very much on the power of West- 
minster rather than the town 
balls. 

Again, on rates, action by the 
Government has ensured that 
(he burden on London is eased 
in comparison with 'the rest of 
the rnuntr?; virtually eliminating 
another traditional .election 


issue. 

But even if local issues fail to 
duminate. there is no Shortage f 
candidates and political parties 
fighting these elections. 

The ward changes have meant 
an increase from 1,867 to 1,908 
in the number of seats being 
fought. Labour Is contesting 
every scat and the Conservatives, 
also have local- alliances with 
other groups in some areas, only 
79 fewer. The -Liberals are put- 
ting up 989 candidates— Rich- 
mond is their main hope — while 
the National Front has 802. 

In- the 1974 elections the 
National Front put up only 77 
candidates. This time relying on 
support in i the inner-city 
boroughs where London’s prob- 
lems are most severe, the Front's 
aim is to collect more votes than 
the Liberals. 

The true spirit of local elec- 
tions is being kept alive by the 
Save London Alliance which is 
putting up 100 candidates in 
several boroughs. The alliance is 
fighting on an anti-bureaucratic 
and environmental protection 
platform, ft feels that “ faceless 
councillors " hove not been pre- 
pared in the past to-do enough 
to save London's heritage. 


BRITAIN SHOULD endow itself 
with a formal Bill of Righto to 
prefect the .liberties of the in- 
dividual, preferably by embody- 
ing the European Convention on 
Human Rights as part of UJL 
law enforced, if necessary, by a 
newly created Constitutional 
Court. 

This plea comes in a pamphlet 
issued yesterday by Mr. Emlyn 
Hooson, Liberal MP fur Mont- 
gomery. and will figure 
prominently in the manifesto on 
which his party fights the next 
general election. A Bill of 
Rights, lie says, would not be a 
panacea for the country's ills. 
But it would be of “ enormous ” 
help in tackling them. 

The core of his argument is 
that basic rights, hitherto taken 
for granted, are now under threat 
os an omnipotent Executive, un- 
checked by Parliameni, arrogates 
more and more of the decision- 
making process to itself. 

“Democracy is in danger in 
Britain to-day,” the pamphlet 
says, “because sovereignty is 
often exercised in disregard nf 
the rights and expectations nut 
only of minorities but of a 
majority of the population and 
wben the consent of the governed 
has clearly been withdrawn. 
Strictly speaking, it is probably 
ao longer a democracy.” 

Pressure for a Bill of Rights 
in the U.K. has surfaced in*er- 
mittently over the past decade 
and recently won powerful new 
backers in Lords Scarman and 
Haitsham. If anything, it has 
intensified with the advent of 
devolution, and political 
extremism, and the continuing 
Impasse in Northern Ireland. 

Mr. Hooson comes out in 
favour of the European Conven- 
tion, as opposed to a purely 
domestic Bill of Rights above all 
because its 27 years in operation 
have shown that it works, and 
that to insert it in British law 
would speed up the process or its 
application while giving Judges 
here a Ann body of. case law or 
which to interpret the Conven- 
tion in the U.K. 

The new Bill of Rigbts would 
be virtually permanent and 
would have a status superior to 
ordinary legislation. This, Ihe 
pamphlet acknowledges, raises 
tbe central objection that it 
would override Parliament’s 
hitherto absolute sovereignly iu 
tbe realm. 

The most difficult problem is 
the Bill’s pre-eminence over 
future legislation. Mr. Hooson 
admis that it would be impossible 
to ensure this, as Parliament 
could simply overturn the Bui’s 
incorporating statute. Instead, 
he proposes checks to prevent 
a Government accidently or 
surreptitiously infringing the 
.Bill 

He rejects the frequent 
criticism that Britain's Judges, 
too Right-wing establishment- 
minded and legalistic, would be 
incapable of the sensitive 

S olitiral task of administering 
ie Bill of Rights through the 
courts. The “very nature of a 
Bill-, of Rights would change tbe 
judicial annroach.” he says 
The existence of a Bill of 
Rights, the pamphlet claims, 
might have helped avoid the 
worst of the Ulster troubles and 
also have eradicated some of ihe 
“regional discrimination” against 
the province, where mainland 
legislation on homosexuality, 
among other things, has not been 
enforced. 

Similarly, while a Bill of 
Rights would protect the rights 
of extremist racist groups to 
free speech, it would have bar- 
red the “worst aspects of much 
of our immigration legislation, 
passed by supposedly liberal 
Labour and Conservative Govern- 
ments.” 

No action 
call over 
‘contempt’ 

- By Philip Raw* to me 

THE Commons Committee of 
Privileges yesterday declared 
that newspaper articles which 
prematurely published the find- 
ings of ao ali-party Inquiry into 
immigration were “a contempt” 
Of the Commons. 

The articles — .in The 
Guardian and the Daily Mail — 
were •* an improper interfer- 
ence ** with the work of the 
Select Committee on Race Rela- 
tions and Immigration, the Pri- 
vileges Committee said. 

uBt it recommended that nn 
further action should be taken 
against the journalists involved. 
“Your committee recognised 
. . . that the prime offender in 
this case is the person (or per- 
sons) who supplied the Press 
with the information on which 
the offending articles were 
based,” it said. 

The articles, published on 
March fi. five days before the 
immigration report was laid 
before the Commons, were “ mor D 
than inspired speculations.” the 
committee said. 

They could only have been 
written as a result of first-hand 
knowledge of the draft report or 
through information given by 
one or more members of the 
Race Relations and Immigration 
Committee. 

This was a “ serious contempt ” 
of the House but it had not been 
possible to discover the inform- 
ant 

Warning that fame leaks or 
premature disclosures would be 
regarded seriously, the Privi- 
leges Committee said that since 
it could take no action against 
toe principal offender, no action 
should be taken against the 
journalists or editors concemd. 


MR. WILLIAM RODGERS. 
Transport Secretary, yesterday 
defended the decision of the 
National Freight Corporation to 
bold a British Road Srvices man- 
agement conference in Las 
Palmas. 

■The trip came under fire from 
both Conservative and Labour 
MPs in the Commons But Mr. 
Rodgers told them: “1 under- 
stand that NFC agreed that this 
year's BRS management confer- 
ence should be held in Las Pal- 
mas because it wns a congenial 
place to go to and good vaJue for 

money ” 

Mr Michael Roberto. (C.. Car- 
diff NW) said ih etrip had tar- 
nished to some degree the repu- 
tation nf the m ana fin men i board 
of BRS which had horn success- 
ful. “On the rare occasions that 


a nationalised industry has some- 
thing to celebrate, it should do 
so in the U.K.” he said. 

Mr. Rodgers disagreed, adding: 
“We have to enjoy ourselves 
sometime.” BR Services manage- 
ment and workers were doing a. 
first-class job and earning a pro- 
fit. and it was better they bad a 
week-end in Las Palmas than, 
for example, in Cardiff. 

Mr. Ronald Atkins {Lab.. Pres- 
to n N.) said the trip was a had 
start Eor the Government's new 
campaign to persuade mrople to 
buy British. 

Mr. Rodgers again disagreed, 
pointing out that a large num- 
ber of people travelled abroad 
for holidays “If this helps to 

motivate n nationalised industry, 
1 see nothing wrong with it what- 
ever.” he declared 


Sharp rise in numbers 
wishing to quit forces 

BT MICHAEL DONNE. DEFENCE CORRESPONDENT 


FIGURES released officially by 
the Ministry of Defence last night 
confirmed the much-criticised un- 
official " leaks ” about (he sharp 
rise in the number of men wish- 
ing to leave the forces because of 
dissatisfaction over pay. 

The ” leaks '* were sharply 
attacked tn the Commons last 
week by Mr. James Callaghan, 
Prime Minister, who charac- 
terised them as “ mischief 
making ” in the Defence Ministry. 

But in response to a question 
from Mr. Winston Churchill, one 
of the Opposition's defence 
spokesmen, the Secretary of 
Defence, Mr. Fred Mulley 


released the figures in a written 
Parliamentary answer. 

They show that the number uf 
male officers seeking to leave the 
army prematurely has snared 
from 409 in 1970-71 to reach 90S 
in 1877-7S, while (he number 
prematurely wishing to leave the 
RAF has risen just as dramatic- 
ally from 2-IS in 1971-72 tn reach 
77S in 1977-7S. 

The navy is in :< slightly belter 
position, hut even there the 
number has risen from L'34 in 
1970-71 to reach 307 in 1977-7S 

The Ministry of Defence marie 
nn comment in issuing the 
figures. 


BOND DRAWING 


Austrian Government International Loan 1930 
Assented Sterling Bonds 

NOTICE IS HEREBY GIVEN that ■ Drawing of Assented Sidling Bonds of tha 
above Loan took place on 17th Aprfl1978 in connection with funds available for Sinking 
fundpuiposesm the Financial Year 1977/78. 

Tha Bonds carrying the numbers mentioned below have been drawn for redemption 
at £303 percent end era payable os from 3rd July 1978 ar the oltices ol Morgan GtanfcH 
&. Co. Limited. London, and Bank Moea & Hope NV, Amsterdam, No lunhur interest wilt 
accrue from shut date on these bonds. 

Bonds presented for redemption shall bo accompanied by oil unmanned interest 
coupons otherwise an amount equivalent to the musing coupons will bo withheld from 
the principal sum to he repaid. * 

BONDS DRAWN 

5 bonds of nominal value of £1,000 



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Outstanding bond drawn for 1973/74 Sinking Fund no. 4707/A356 to be presented 
with 1st January 1976 and subsequent coupons attached. Outstanding bonds drawn 
for the 1975/76 Sinking Fund nofti 4048/A15 and 47Q6/A35S, to be presented with 
1 si January 1 977 end subsequent coupons attached. Outstanding bonds drawn for tha 
1976/77 Sinking Fund nos. 4923/P&61 end 12013/A16S3 to be presented with 
1 st January 1978 and subsequent coupons attached. 

NOTE: 

Any Bomb presented for redemption In London should be lodged at the office of 
Morgan GrenfeU a Co! Limited during business hours for peymonl through an Authorised 
Depositary. Bonds can not be accepted through the post. 

The usual interval of four dear days wflf.bo required for examination. 

Office of MDroan Grenfell A Co, Umltad, London. 

4th May 1978. 



Financial Times Thursday May 4 19?S 


THE JOBS COLUMN 


An end . . . and a beginning • Transfer fees! 



BY MICHAEL DIXON 


TO-DAY BRINGS the last once* 
weekly Jobs Column in a series 
which has run. barring holidays 
and accidental pauses, since 
January 8, 1973. 

But be warned lest a careless 
reading of those words should 
give rise to premature rejoicing 
or— as l would prefer in hope 
— twinge-, of regret. For the 
reason why this is the last once* 
weekly Jobs Column is that, 
from May 9. the column is to 
appear twice a week, nn Tues- 
days as well as Thursdays. 

Although a mite shorter, its 
broad object will stay the same; 
to provide an editorial sendee 
to readers by reporting and dis- 
cussing matters related to 
employment, particularly for 
managerial and associated spe- 
cialist workers. 

On the old familiar basis, how- 
ever. I hope to build a new 
development. 

To interest mnagerial-fype 
people In the U.K. was the sole 
ambition when the column first 
began in November 1969. That 
initial series ran for only 12 
months before other news- 
worthy matters, including stu- 
dent revolt, drove it into abey- 
ance. 

It stayed there through 1972. 


But people nevertheless kept 
writing and ringing to suggest 
suitable cases for Jobs Column 
treatment. 

This presented something of 
a quandary. It suggested, on 
the bright side, that there was 
sufficient interest to justify a 
re-start. On the dark side, it 
indicated that the moat interes- 
ted people were those who had 
somehow failed to notice that 
the min inn hadn’t appeared mi- 
ni'll! un three years: and the 
idea of writing in' a way that 
continues to interest people who 
don't read it. is enough tn give 
a journalist nightmares But it 
was decided to look on Hie 
bright side, and the weekly 
column returned. ■ 

From my viewpoint, that was 
a good decision because the 
contact it has given me with 
readers over the past five years 
and more makes this a most 
gratifying thing to write. And 
while most readers are clearly 
still people Whose job interests 
are confined to the U.K.. there 
has been increasing evidence of 
a fairly wide international 
readership ton. 

The first plain sign of this 
that I can remember came a 
few years 3go when, after re- 
porting the start of a new U.K. 
operation by an American 
group, there quickly arrived a 


request to be put in touch from 
a man in Los Angeles. After a 
short telephone call 1 was able 
to reply by return that the 
group had an office just around 
the comer in Los Angeles, and 
that the man to speak to was 
railed Paul Bjair. That at least 
gave the inquirer a bit more 
information than he could have 
got from his own telephone 
director, - . 

But we don't stop short at the 
U.S. For instance, while T am 
not so unrealistic, as to think 
it happens In e%-eryone rhe 
column mentions, one concern 
discussed recently received res- 
ponses from France. Belgium. 
Holland. Spain. Switzerland. 
Algeria, and South Africa, a<= 
well as from Britain and the 
Channel Islands. 

Given this and other evidence 
of extensive readership, and in 
view of the Financial Times's 
plans to develop its services, to 
readers in other countries. It 
seems only sensible to try to 
add a more international scope 
to this column's discussion of 
managerial employment and re- 
lated topics. 

In making this attempt I 
hope to use the doubled fre- 
quency to provide more full- 
length articles on general 
issues, and since — while they 
may try to give people the 
opposite impression — journa- 
lists do not really have instant 
knowledge about everything 


everywhere. I would be grateful 
for any help readers anywhere 
might he wiling to give by way 
of advice about noteworthy 
questions and so on. 

As before, the column will 
also ‘aim to report editorially 
on specific jobs open to 
managers and specialists who 
speak English whether as their 
native or as an additional 
language. Employers and re- 
cruitment agencies will there- 
fore continue tn he welcome to 
send in details of such jobs, 
provided they accept thar the 
choice of which to report re- 
main* absolutely an editorial 
prerogative. 

Here, however. T plan to ex- 
periment for at least the- next 
couple of months nr so with a 
change in the column's ground 
rules. PreivoUsly ir lias not re- 
ported on jobs being dealt with 
by consultancies unless the re- 
port could name the employing 
concern. But since consultants 
often have sound reasons for 
not naming the employer, this 
seems a good time to test chang- 
ing the rule. 

From nest week, therefore, 
the column will he willing to 
consider reporting on job open- 
ings ' without publishing the 
name of the employer, on three 
conditions. 

The first is thar the job is 
being handled for the employer 
by a bona fide consultant or 
agency which can be named. 


The second is that the column 
Is nofified, In confidence of the 
name of the employer. The third 
is that the consultancy or 
agency dealing with the job will 
guarantee ' to honour any re- 
quest by an applicant that his 
or her interest " in the post 
should not be. made known to 
the employer until specific per- 
mission is given later on. 

After all. if employers are 
to have a right to anonymity in 
the initial stages, it is only 
fair that applicants should have 
one too. 


Tiii* change, as I have said, 
is being made experimentally 
and if the results should tall 
short of satisfaction; the column 
will revert once more to .insist- 
ence on naming the employing 
concern. 


Easy come . . . 


NOW to * topic of. doubtless, 
world-wide appeal. I have just 
heard from the international 
recruitment consultancy of Bi II- 
i ng ton. Fox and Ellis that the 
practice nf paying what might 
be called " personal transfer 
lees '* to managers of noticeable 
worth seems to be growing 
more and more popular in the 
United States. BF and E. which 
operate.* in Europe tn partner- 
ship with Euro-'carch Con- 
sultants, refers to the payments. 


however, as “front-end bonuses.” 

The apparent record fee was 
paid two or three years ago to 
one Michel Bergerac, on the 
occasion of his leaving ITT to 
head the Revlon concern. The 
sum. I gather, was $l.5m.— on 
hearing of which the other day, 
a senior British recruiter said: 
** Blimey' If somebody paid me 
that much, it wouldn't make me 
want to work. It would make 
me want -lo retire.” 

The inducement to Mr. 
Bergerac, however, was some- 
what above the norm. 

“The rationale of the front- 
end bonus." adds Billington. 
" is nor to bribe ; the executive 
to leave his present job. but to 
ensure that he suffers no econo- 
mic damage from switching 
allegiance.” 

The consultancy then givey ak 
example a sought -a tier execu- 
tive who would be required by 
the ' proposed job-change to 
move home away from the 
State where he. held a part-time 
post as * colonel in the 
National Air Guard, into 
another where he would have 
to pay more for his children's 
education. The extra costs 
would amount to $16,000, which 
was accordingly offered and 
accepted as a transfer fee. 

“ One of the larger front-end 
bonuses we’ve seen lately was 
for $40,000. equal to roughly 
half a year's salary.” BF&E 


continues “The executive In 
question had certain definite 
year-end bonus expectations. 
The only trouble was that in 
the new job. under the com- 
pany's performance lion us 
system, he might not qualify in 
his first year of work. Ter 
eliminate this risk. SI 4.000 was 
offered, plus another $26,000 to 
make whole what he'd be losing 
in profit-sharing by leaving his 
old job.” 

While the general run of 

such payments involves 'con- 
siderably smaller sums, they 
can npnethelnss be crucial in 
persuading the desired candi- 
date to move. Other instances 
where they tend to he offered 
include occasions when there is 
a gap. between different em- 
ployers’ policies about reloca- 
te n expenses nr about the pur- 
purchase and use of cars, or 
when the change would moan 
moving from an area where 
the cost of rates and housing is 
low to a more expensive dis- 
trict. 

" The front-end bonus can be 
carefully costed, nr computed 
quiie casually." the consultancy 
says. "One executive living in 
New York', who was sought by 3 
Mid -Wes tern concern, uften 
complained of the many ways 
he'd stand to Jose by the move. 
* We don’t want to hear about 
your troubles. • Here's $20,000 
to cover >ou.* said the hiring 
corporation, and the man’s hesi- 


tations vanished immediately. 


Incidentally, in this 


half the front-end bonus ^ 
paid on the spot and half ^ 
month* after he'd been on th& 
job — 0 recommendation nf ^ 
executive recruiting consultants 
involved.’’- 

From a. quick check with con. 


sultants here. I gather that this /" 
appealing— and surely Just.. / 
way of enabling top managers 7 
and specialists to turn theft 
skills into capital, is beginnm* ' 


skills into capital, is beginning ^ 
to catch on in' ulher countries 
besides the U.S. . s 

But I’m sad to say that ihrre i ' 
was a unanimous belief that ' 
front end bonuses will nnt 
become a part of recruitment 
practice in Britain, and not jus* 
because of the Inland Revi-nuq 
either. “ I've heard nf. \ ilim£ 
three occasions of payments of p 
that type being offered her*, H 
said line. London-based recruiter. 

" Bnt they were nf only ahnijt ' ; 
£ 3.000 or £- 4 . 000 . and they wem ; 
quite definitely bribes. j 

'• I'd say that the Briti<h 
employment culture generally 
wa« against handing over lump 
sums to persuade people to 
join yob. Not the done thin?, 
you know." 

All the same, if managerial 
transfer fees continue to gtws 
in popularity abroad while nnt 
available here, that wilt he yet 
another reason fnr this country'^ 
best manaserial-iypes to expert 
their services. 


lMJ 


Tanzania 


up to £20,000 tax free 


DIRECTOR OF FINANCE 


The Client: 


The Cashewmit Authority of thmamia, a leading parastatal 
responsible for all aspects of the buying, processing and 
marketing of cashew-nuts and associated by-prudnets. With 

OOtllcfanM r>v > m fKd QWM Dalllr tUn A utL.nfvi AvnaiJiH.i I'd 


assistance from the World Bank, the Authority is expanding im 
agricultural support services and processing capacity. 


Hie Job: 


Based in Alt wars, responsible to the General Manager for the 
finance and accounting functions. Key areas are financial 


planning, cash management and systems development. An 
important priori tv is assistins with the implementation of a 


important priority is assisting with the implementation of a 
recent! v designed management information system, and a 
particular feature is liaising with and preparing regular 
reports for the World Bank. 


The Candidate: Must be a qualified accountant with substantial management 
accounting experience, preferably including some time spent 
working In Africa. Accdfmm 30. E-wcntial personal qualities. 


within a challenging environment, aie resilience, and an 
ability to motivate staff and to communicate effectively. 


The Package: 


The total package will be sufficiently flexible to attract the 
calibre of ■ andidate required. The main features are a sub- 
stantial salary, free of local taxes, supplemented by generous 
leave, free housing, car and other appropriate benefit?. 

Brief but comprehensive details of carver and salary Lo date, which will be treated in 
confidence, should be sent to: 


E. H. Simpson. The Executive Selection Division- FT723. 
Coopers &. Lybrand Associates Ltd.. Management Consultants, 
Shelley House. Noble Street, I^undon, EC2V7DQ. 


Financial Director 
Designate 

Pharmaceuticals c. £9,000 


Our client, a medium sized pharmaceuticals company located in South 
East England, is the U.K. subsidiary of an international group and is 
committed to expansion by internal growth and acquisition. 

Due to promotion, the requirement is for a Financial Director who, within 
six months, will assume total responsibility for the entire Accounting and 
Financial Management function of the business. 

Candidates, male or female, must therefore be qualified Accountants of 
one of the leading institutes, preferably with a degree, be experienced in 
controlling such a range of activities, and be familiar with most modern 
techniques associated with a tightly controlled company. However, they 
should also be positive and creative in approaching new concepts, and be 
determined to succeed within such a demandingand vigorous environ- 
ment. The preferred age range is 30-40. 

The remuneration package is negotiable around £9,000 p.a. including 
profit share, plus company car, pension scheme,' BU PA, and relocation 
expenses if appropriate. 


Please write in confidence to John Anderson, as Ad visor to the company, 
quoting reference 319 at 


John Andcr.^ciiv^.\5«ociales 

!%g-V , : v . Hol-o s- j. n-.; Q-.:eer,:.v.»-'. B-’.T! , <”chA _ n 55 4LJ 


Secretary 

to Metrogas Building Society 


Croydon 


up to £6493’ 


■j he Mchvjms. Building Society is an iiviJpsnitan: >'oci??v rigs-tered under she Building Society 
Aci. Qrignwlly s« up ut iSSu by emplvvcc* i f riic old South M«t-*p> , l;-an Gar t ■vmpany. it is 
IWIV iuciTp-T.iU-J in 1 ho South Extern Kcp<>:*. of she <hi- G?n»r,ij;cr.. There are 

tf'Tmxiniaicis l wlH1 investor*. 5ft' and ss!» 2 ;> a: -a jrpv.-x-.tn.\u-iy fit' million 

Jic Principal Executive Officer i«i tin.- Society directly rftpwwble ;o the Board of Dinars 
tliv Sccrtiarv is joint! v accountable x»* the Chid llegisurur 01 Friendly 5k\.;cUfo tor management 


the Sccrtlarv is ioimlv accountable x»* the Chid Registrar 01 rnencuy Siv.;eiie» tor management 
of the Metrogas Building Society affair-. 

The succctHui man or woman will ensure ifcn btisino-s is conducted :n accordance with the 
rulcs'and policies oiihe Society a.' determined by the Board c-t Director.-., jud oi;Ii a .-.raff uf 5, 
w ill maintain final accounts, prepare Annual Report and account* tor Audi: and publication. 
Applicants must have a Secretarial Accounting gputiAcBxn and Jewrably Associate 
Membership ui'ihe Building In-iiuue coupled u i:h some 5 management JL 

exi’CrieiiLe iJeally in Building So»:ieiy practice. 

» Sdbrv range from £5515 tn 0 : Ie:rop*s:an ^ ctgPMi u..u wanes jffim 

and W76 and 1^77 Salary Supplement- . Ǥj||g 

Pit-i-c wrise avuw full dswiN « unaliacarf'PA «pen«wc *n& < :r.: fgggggf 

-alar . quo! inc reference O -O-V- iv '-he Pc: -onnci M-wscr, ScOAS. 

SLtaAS Hou-e. Kailunne Str*K. L.r-.-;. d.;u LK’> UL. _ _ f£r 

SEGAor 


Treasury 

Management 

Area Manager. 


A vigorous and successful City based bank of long 
standing wishes to appoint art experienced manager 
t>‘ service its numerous industrial and commercial 
clients located in West London and beyond. 


This will entail visiting Companies at a senior hrel. 
identifying Hour requirements and helping to supply 
tl in a creative manner. The job fa active, varied 
and stimulating, and requires initiative, drive and c 
high level of intelligence. 


Ik’si ruble specifications: 

Banking, Accounting or Legul background. 
Industrial Oimmercictl! Treasury experience. 
A bility to gel Business. 

Age soldo. 


Remuneration around k'6,50U with, car and other 
benefits. 


Please nppiy in strict confidence, quoting reference 
I'*;? t*» Cl ice and Stakes, 14 Bolton Street, London 
WT.X dJL. 


Clive&Stokes 

Appointments &ftrsiflnd Consuftants 



GENERAL PARTNER 
DESIGNATE 


West End 


to £14,000 


A well established firm of Chartered Accountants 
with a progressive and rapidly expanding practice 
now seeks lo recruit a General Partner designate to. 


deal wi lb both recurring and non-recurring work. 
The practice provides a complete range oi 


The practice provides a complete range oi 
financial services to its clients who range from 
international groups to smaller concerns- C a n di d ates 
should be keen to extend their experience into the 
financial advisory fields- 

Applicants, male or female, should have gained at 
least three years poet qualification experience and 
ha”e the personality and maturity to operate at 
partner level. 

For further written information contact 
Jeremy Kidson or Richard NOrmon FCA quoting 
reference 2130- 

PUMc Practice Dhrison 

Douglas Llambias Associates Ltd. 

A:r: 3 \z, !* Men wen-wit Recruitment Consultants, 

■IK- i-.-and Ionia-. V.'CZB OKS Tel. Ot -036 950 1 
lcl.ii. Y,t rent Street . Gl segm G2 5HW. Tei: 041-226 3101 
and >n edmbuegh. 



NEWLY QUALIFIED A.G.A. 


EUROPEAN TRAVEL 


Olir client. « m,jer US. Sltetronict CfirparitiOn in W*sr Lendin. 

ii >cthmg 2 * _ * ’» ( 23-27 1 id |}>n tlwr mterNMiMl 4>,>>ion. Tfteie 
M’t enenc-j 1 ), d-:«»lop*r«nt pminsnt d?ujrtc4 (a Jiv» tilf iu::ntu> 
candidate an -n.d. p-r> knowledge of company procedure. After • period 
e‘ jpcresMiia:*!, 2 yen a enemm t-a-el rbroughout Europe condjcti^r 
■ nve»;ijjtiorj. <a— ,r progreiiion «*r ih«e icltciccd will K to i middle 
mjiasr.-iienr doh m Europe. 

SallT Will S? r>»i5ti»ble k'Jt genero'ii ««irl* ts« cotv-**»«o«\ S'n* g«n*,e-« 
t-nxitl and pen«fio ceTifif'iiirm ».fh dir i/npO’(inrii of pMi'tiWU, 

Ft' f .-fiber (i/formetipn presae pfione in eo/i^Cews; 


• Mr. M. Purtell of 
CHARLES LOXLET ASSOCIATES 


01-35 J 9183 


SENIOR EXECUTIVES 


INTER EX EC's confidential services are solely direcrcd 
to helping aunior executives tii secure new appointment. 
INTEHEXEC provides the most comprehensive and 
Jarjesi vurecr advisory and Job searching service fnr 
both U.K. .ii id uverscas appointments. 

INTEREXEC umlerlakes ail the research, maintains r.ll 
Un- mfunu.riiqn and does all the work nr the job search, 
our | to regional service secure.- appomlinenta faster. 
THE INTEREXEL REGISTER LIMITED 
The ilorld Traoe Leulre. London El HA A 
0148* 2 till!. Ert. S3 





TWO INVESTMENT OPPORTUNITIES 


OUR CLIENTS, A MAJOR FIRM OF STOCKBROKERS, WILL 
SHORTLY APPOINT: 


FUND MANAGER — Private Clients 25-35 

to assist in the management of larffe private clients’ portfolios on a 
discretionary basis with a view to taking substantial responsibility 
at an early stage. The ideal candidate, male or female, should have 
had experience in a similar situation, either with a stockbroker or 
with a merchant bank. 


INSTITUTIONAL SALESMAN 25-35 

The ideal candidate will be keen to discuss and develop ideas in the 
equity market in servicing a wide range of institutional clients. 
He/she will have had experience in research and/or fund management 
and will b&capabie of independent thought and action. 

Both appointments are for candidates who will recognise an attractive 
opportunity to make a long-term career commitment to. their 
organisation. 

SALARY IS OPEN TO NEGOTIATION AND WILL INCLUDE 
GENEROUS OTHER BENEFITS- ^ 


Please apply:-', . 

Jock Coutts. r : 

7 Wine Office Court, 

London EC4A 3BY. 01-353 1853. 


er 



Accountants worth 
£ 5 , 000 -£iq 000 


London area and North-East 


This advertisement is aimed at the best of 
young management and financial accounting 
talent in Industry today — men and women 
who believe they're worth anything up to 
£1 0.000 and need a really valid opportunity to 
proveit 


We are a "household name" consumer 
product manufacturer with a 9 figure turnover 
now intending to strengthen our accountancy 
resources throughout the production, sales 
and marketing and central services functions. 
Our objective: to bring in new blood in the 
shape of high-cafibre men and women who, 
although they wiH operate at different levels 
depending on age and experience, can all 
make an early impact on the quafity and 
effectiveness of our financial control systems. 


considerable growth within our industry. This 
expansion makes career prospects 
particulaily attractive — both within our 
company and the major international group wa 
form part of. 

There are opportunities for quatified 
accountants in the London area and the 
North-East of England, and generous fringe 
benefits will include assistance with relocation 
to either area if required. There may also be 
one or two openings for part-qualified people. 

Ref: S3631.Fr 


Business acumen and discipline are therefore 
high on the fist of priorities. So. too. is the ability 
to thrive and suryive -under the pressures of 


REPLIES will be forwarded.. ctfreef. 
unopened and in strict confidence to trie 
client unless addressed to our Security 
Manager listing companies to which they 
may nol be sent. They should include 
comprehensive career details, not refer to 
previous correspondence with PA and 
quote the reference on the envelope. 


PA Advertising 


Itidv Park Hoifc«. Mia Knightsbridg*. London StVtXTIE. Tel; Of -235 6060 Tfclev. 2TB74 



A member of - 3 * !'iffrna!ton»| 


If success is your aim 



WE HAVE VACANCIES HOW IHiAAHCHEStER, NORFOLK, 
ESSEX, SURREY, SUSSEX, NORTH HAMPSHIRE, 

NORTH BUCKS, LONDON W~ ^ 

NW- CENTRAL AREAS. h 


Om of J 50 applicants ihc successful 1 2 
pcrMins from cur January recruiting campaign 
stifled ihcir six weeks Sales training course kn 
April. The second phase of our sales plan 
demands another 1 2 men or u omen for the . 
training scheduled to start on 1 6th July- 

The ranee of previous occupations of our 
sales staff include: 

Bank Clerks. Accountants. Systems Analysts, 
Programmers, School Teachers. Ex-Service 
Officers, Business Consultants. O & M Officers 
and sales persons from (Alee equipment w other 

speciality fields- 

Varied as their backgrounds are they all 
have some common personal qualities - 
Intelligence, Enthusiasm. Sincerity, the will 
to succeed and above ail that get-up- and-go 
approach to life which in cur opinion, singles , 
out successful people in ail walks of life. 



- of working for Kienzle are 

high - so are ihc rewards, putting many of 
our sales staff into the 70 % tax bracket. 

If you could work in any of the above- 
areas - why not come and discuss your 
diances with one of our executives tonight 
between 5.00 pm and 9.00 pm at anv oitho 
following venues. 


WENZLE, 


Computers 

NOW 20% FASTER* 


LONDON London Hilton, Park LarvcTPompeii Ron nri 
MANCHESTER The Post House. Palatine Road. Nor ihenden. 
WORTHING Beach Hotel, Marine Parade. 

NORWICH Hotel Nelson. Captain s Cdbin. Prince of Wales Rd. 
Jfyou are unable m attend but would Mill like to be considered 
write or telephone: n A Dodd. Salts, Direct nr. Kicn/lr Data 
Systems, 224-Bath Kd^ Slough SL1 4DS id Slough J135i- - ■ 





r.-r.T* 




jltiaacial.- Times Thursday May 4 1978 


c 




RECRUITiyiENT CONSULTANTS 

35 IVew Br^aiJiStreeti Londoi^ECSM 1f\l!§C; 
Tel: ai-5SB35S^DrOV5SB 3576 ^ 

Telex IMo.SS737<4 


nt.iij, 1 

>-«Wf i 

s'.., ' \ 

is.-v I, -'ft! 

. >1 I 

1 1M :■« 

' ^ ll "i ... 


It 


-’few. 

.'V 


* •I» , r ,• • L ' 

, 



An Interesting and rewarding appointment — opportunity for promotion in the medium term 

^ ADMINISTRATION MANAGER 

C,1Y £10,000 -£12,500 

AN ESTABLISHED MULTI NATIONAL INVESTMENT BANK 

We invite applications from candidates, aged 32-45. who have acquired practical administrative experience in effectively 
controlling a staff In excess °* 70* preferably in a Merchant Bank, financial services or allied field. The successful candidate 
*1 v ,in Board Director and be responsible for the total administration function, involving the administration 

of the Bank s building, related expenditure, in-house services and equipment, insurances, security, transport and communication 
etc. _ Experience In budgeting and cost control is important. Initial salary negotiable. £10,00Q-£ 12300 + non-contributory 
pension, free, family private health scheme, free life assurance, subsidised house mortgage facility at 3%. Applications in 
strict confloence under reference AM3M8/FT. to the Managing Director. 

CAMPBELL-JOHNSTON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) UMITED 
3S NEW BROAD STREET, LONDON EC2M tNH - TELEPHONE: 0I-S8S 3588 or 01-588 357* - TELEX: 887374 


i. 


" - 

\ '•'Id' ■ 

. 1 ,a M 


‘U., 


Consultant Accountants 

up to£9,500 




f 




i t «• 


I-, 

-:iv • 



*lv! . WiL 


U\ -'v Ii;.!, 

• M , .• 


• ... . ... •• 
H'd'.'-* II' 1 ' 

?;«! • •• 
i. 

t'l • 

. m . 


P 


nee Waterhouse Associates require accountants to join the expanding 
United Kingdom division of their international management com 
sultan cy practice. Vacancies exist for appointment s based in London 
Birmingham. Bristol, Edinbm-gh, Glasgow, Leeds, Manchester, Newcastle-upon- 
Tyne and Nottingham. 

>ou would be required to undertake a wide range of assignment* both ir. the 
United Kingdom and overseas. Much of the overseas work is presently being 
conducted ia developing countries and in tills connection substantia] OYejxxis 
al lowances are paid. 

Consultants work closely with colleagues o Pother disciplines in developing and 
implementing solutions to business problems with particular reference to 
company organisation, corporate planning, profit improvement schemes and the 
design and installation of management information and control systems. 

We are. looking for qualified accountants who are resourceful mid practical, have 
the flair mid personality to deal with clients at board level and who would enjov 
the creative challenge of problem solving in a wide variety of situations. The 
preferred age range is 26-32 and candidates should offers minimum of 3 yes r? post 
qualificati on experience in industiy or commerce. Fluency in French would be un 
advantage- 

starting salaries will be negotiated up to £9.500 pa according to experience and 
ability. Training is provided in the techniques of management consultancy and 
the company's policy is to develop its own supervising consultants and managers. 
Career prospects are excellent and can lead to salaries in excess of £ LL00U pa. 


Candidates, male or female, should 
write for a persona 1 history form, 
quoting reference MCS/1993 to 
Ashley S. Phoenix, Executive Selection 
Division, Southwark Towers, 

32 London Bridge Street, London 
SE19SY. 



nee 

aterhouse 

Associates 


arjser 

plan 


orth 

[>0 


Tin 
.. .. 


*V 

,v^.r • 





Merchant Banking 

A member of the Accepting Houses Committee is seeking ro engage a dealer 
with approximately S years’ experience in foreign exchange and a sound 
knowledge of deposit dealing^ 

The position will provide opportunity to participate broadly in the business 
of one of the most internationally active of London’s merchant banks, 
particularly in the provision of specialist advice to commercial clients. 

Candidates should ideally be in their mid 20’s. An attractive salary would be 
supplemented by the usual benefits and there are excellent prosports for 
advancement. 

There is also a vacancy for a more junior candidate with dealing experience 
of 2 to 3 years. 

Please telephone fO 1-629 1 S44 at any rime) or wriie, in the firsi instance - in 
confidence — to J- Ai . Ward ref. B. /992. 

Thtw ^fpiwtmcnf Jre of*" to mr a jkJ xratfn- 

MSL Management Consultants 

Management Selection Limited 

17 Stratton Street London W1X 6DB 





* 




ir .* 11 

r .7. 


EXPORT 

DIRECTOR 

c. £12,000 ■ K 

New position in growth industiy 

Following the recent appointment of a new Managing Director to the 
largest company in a major international Croup. Pf 

for his -Export Director. Historically, export hajbeen part of fte 

general sales activity, but, with plans for 

and setting up overseas manufacturing, rt was felt that an additio al 

Director should take responsibility for export sales. 

Products are fast-moving consumer goods, brand ieaders in a 'growth 
re exports, running at around ISm, represent .30% of total 
turnover. Jt is intended to lift this to 50% withm 3 years. 

involved 

r ,n,n ;r^L^ HO Eiwrt Experience should coyer Europe. North 

from the london Q. PO jexpe didateS w ffl currently be 

managing 8 ^ e^or "earn filing least E3m. in wor.d markets 
through distributors. . . 

stemming from success m this role. . . 

, . . ^ a riat ailed career htetorv to the consuhant 

Candidates should send * detadeti career n 

advising on this position, quoting reference GW 

mt Recruitment Ltd 

Executive Recruitment “* 

40 Berkeley Square. London W1X 6AD 



JOB 

HUNTING? 

OVER £5,000 
UNDER £25,000 
OVER 27 
UNDER 57 

If 'yes' lo all these, w 
are 90 “i certain we can 
help vtHi get a ber.e> fob 
quicker. Wa are nor an 
agency but Europe's most 
OKperiencetf b> tculjve and 
professional career 
counsellor*. so telephone 
us now for mors ,r» forma Iron 
about our services. 

Percy C0UTTS & Co. 

01-839 2271 

l^oGrand Buildings. 
Trafalgar Square. WC2 


BRISTOL WATERWORKS 
COMPANY 

COMPANY SECRETARY c. £11,500 

The Company wishes to appoint a Secretary who will be 
responsible for the legal, secretarial and administrative 
matters of the Company and, in addition, will be a mem- 
ber of a small corporate management team. 

Applications are invited from Chartered Secretaries of 
considerable experience Vrho should preferably be 
qualified solicitors. It is not envisaged that applicants 
under 35 years of age will have gained the experience 
necessary for this position. 

The starting salary will be negotiable at around £11,500 
per annum. A Company car wiU be provided and resettle- 
ment allowances will* be payable. Company staff are 
members of the Water Companies’ Association Pension 
Scheme, which is a contributory scheme. 

Bristol Waterworks Company, under an Agency Agree- 
ment with the Wessex Water Authority, is responsible 
for the water supply to 070.000 consumers in an area 
comprising most of the County of Avon and parts of 
Somerset, ‘Gloucestershire and’ Wiltshire. It employs a 
staff of over 750 and last year its revenue amounted to 
£l3m. 

Application forms can be obtained from the General 
Manaser and Engineer and must be returned by 26th 
May, 197S- 

Bristol Waterworks Company 
Bridewater Road. BS99 7AU 
Tel: Bristol (0272) 665SSI 




CITY COMMODITY BROKERS GROUP 

require an Assistant. Accountant, perferably with some post 
qualification professional experience, who seeks to make a 
career ’In the City. Computer experience not necessary, but 
company have ICL 2904 system installed. £5.500-£6,0OQ according 
to age and experience. 

Fie ft lies to Box A 6350. Financial Times 
10 Cannon Street. EC4P 4BY 



Group 
Company Secretary 


This appointment is wiLh a medium size 
Public Company engaged in contracting 
activities. There is an annual turnover of c. £4Gm 
with subsidiary companies in the U K. and 
overseas. 

Reporting 10 the Chief Executive, the Group 
Secretary will form part of the Management 
team. The Secretary's department provides a 
broad professional service lo the Group, its 
subsidiary company Boards and the operaring 
divisions. This involves work on corporate 
secretarial. Stock Exchangcand relaied matters; 
the provision of a wide range of legal advice and 
responsibility for both Personnel and Insurance 
Services. There is some bias Inwards matters 
associated with contract law and conditions of 
sale. 

Applicants vvjthin the age range 35/45 could 
be either Chartered Secretaries with a legal 
qualification or qualified as lawyers with 
previous experience as Secretary of a Public 
Company. A mature, businesslike approach and 
a thorough understanding of company 
administration is essential. 

A five figure salary will bcoIVcred plus a car, 
an attractive pension and other benefits. The 
position is located in a pleasant rural situation to 
the West of London and re-local ion expenses will 
be available. 

Please write in the strictest confidence, 
briefly in the first instance, to P.J.G. Roland!, 
Managing Director, (ref 825):- 

Sdedion 
International 


Beckwell 


BUXW 1 1.LIONM I T \NC \ W UT.N 1111, 

1 1 jim ,viiwf<( A. Vfci i'i>n (. i«w /ftjnf . 
M-ftiltlM RSnttlTl.lDMMINU 1 M till. 
Tcfi'pViU' ,i|^' i -Jfti \nt*pnif Vi‘1.1-* 
T.-fcv >v 

asmh .1 oiJittiiiu oxirtMtMi urn iiu mr 


PROPERTY RAIDS 
lADiilSTRATlM 

Accountant/Banker 

UDT is a major British banking and financial services group and 
our diverse interests include a substantial property lending 
portfolio. Vlfe now require an additional Loan Executive to join 
an experienced team of professionals engaged in exacting 
assignments. 

Candidates should be skilled in financial analysis, report writing 
and viability studies and should have the personal qualities 
necessary for direct dealing at senior level. They should prefer- 
ably be fully qualified accountants or bankers. Experience of the 
UK property scene would be an advantage. 

Wte will offer a fully competitive recruitment salary based on 
qualifications and experience. Other benefits include non- 
contributory pension and life assurance and, after qualifying 
service, staff loan and mortgage subsidy schemes. A Company 
car will be provided in due course if neoessary. 

For an application form please write or telephone 

Robert Charleston, . 

Group Personnel Services, . 

United Dominions Trust Ltd, 

51 Eastcheap, London EC3P3BU. 

Tel: 01-623 3020 



PROPERTY INVESTMENT 
MANAGER 

Expanding our activities we now require a well experienced 
person for the above post at our Head Office near Watford. 

Ideally the successful applicant, who will be between the 
approximate ages of 35 and 45. should have been involved in 
the property investment field at a senior level. 

Reporting to the Board, the person appointed will be responsible 
for the management of our existing property and land resources 
and will undertake investigations -and evaluations and make 
recommendations regarding future acquisitions. 

A salary, reflecting the Importance of the apppincment. will be 
negotiated and other benefits include a company car. and mem- 
bership of .our Contributory Pension Scheme. 

Applications, giving full personal and career details and quoting 
reference FT. 101. should be addressed to: 

The Managing Director 
THOMA5 McfNERNEY ft SONS LTD. 

The Green 
Croxley Green 
Rickmansworth 
Herts. WD3 3HN 
Tel: Rickmansworth 764Z2 


UNIT TRUST 
ADMINISTRATION 

Unit Trust Management Group in .the City, 
E.C.3, requires an Assistant Accountant to be 
responsible for all aspects of Unit Trust 
Administration. 

Salary up to £7,000 depending upon 
• experience. 

Please write to Box No. RD 4535, c/o Extel 
Recruitment, Pemberton House, East Harding 
Street, London, E.C.4. 


GILT-EDGE MARKET 

L.MESSEL&CO. 

wish to recruit an actuarial student as an assistant 
in the Institutional Gilt-edge Department. Experi- 
ence of the market would be helpful, "but is not 
essential. 

After initial training, the successful applicant will 
advise clients under the direct supervision of an 
actuary/partner, and will also be involved in the 
development of technical support. 

Apply in confidence to R. W. Wright Esq., 
L. Messel & Co., P.O. Bos 521, Winchester House, 
100 Old Broad Street, London EC2P 2HX. 


The Confederation of British Industry has decided to strengthen its Head Office 
Finance and Accounts team by the appointment of a Deputy Finance Officer. 

The successful candidate, male or female, will be required to prepare annual 
budgets; attend meetings of the Finance and General Purposes Committee: 
advise management on scope for increasing non-subscription income and 
develop the system of management accounts to monitor performance against 
budgets. He or she will also be required to work on proposals fordeveloping and 
improving die pension scheme. 

Applicants, in age range 28-45, should possess an accounting or secretarial 
qualification and have had relevant experience. Experience of computerised 
systems would be an advantage. 


Salary will be around E8000 according to qualifica- 
tions and experience with prospects of promotion. 



Please write for application forms to 
R F Eberlie, at CBr. 2t Tothilt Street, 

London, SW1H 9LP.Telephone 0 1 -930 6711. 


Charles Barker 

Confidential Reply Service 


v lift ir’iv.r • i.-.r . «•: r 

■ •„ • iO .IPS i ■; j. 


Gulf 

Merchant Banker 

A major International Banking Group is seeking a young Merchant 
Banker for its Gulf based Merchant Bank. Applicants should be 
Chartered Accountants with at least I wo years Merchant Banking 
experience preferably in medium term lending. They should be 
between 25-28 years and prepared to live and travel in the 
Middle East. 

Please reply with full C.V. to the Security Manager, quoting 
reference 1469. 




Jonathan Wren * Banki ny; Appoint ment s 

fBcjfi) Fhc personnel consultancy dealing’ exclusively ban kio^pr<iic.vy<)n 


CREDIT ANALYSTS £5,500 - £8,000 

Candidates with good. Credit Analysis 
experience are invited to contact us 
with regard to a number of vacancies 
we are currently handling for Interna- 
tional Banks and. Accepting Houses. 
Candidates should have a minimum of 
.2 years analysis experience in a similar 
environment and formal credit training 
would be an asset. 

These vacancies offer excellent promo- 
tional prospects to candidates with 
potential and good fringe benefits will 
form part of attractive remuneration 
packages. Contact: David Grove 


170 Bishopric London LCSZM 4LX ' Ol ■'GiJ'lSSG 7 8/9 


* 

j 



1 


12 


Financial Times Thursday May 4 1978 


Berkshire 



c.£$^GO + cur 


FINANCIAL CONTROLLER 
AND COMPANY SECRETARY 

Fw a small, successful pud highly profitable private group ■with turnover approaching £om 4 
employing about ]&) people. The main activities are the import, manufacture, export and 
disc rib’ution ot’engineering based components. The group has a well deserved reputation for the high 
standard rtf its products and service and numbers many Blue chip' names among its customers. 

The job is in head up the financial function, act as Company Secretary and in due course become more 
widely involved in other areas of the business. Accounting procedures are not, uor need to be, unduly 
fruphisiicited - .1 V.R.C. i> now replacing keyboard machines - and the post is been as likely to attract 
a uvelv qualified accountant or company secretary with the potential to widen his or her horizons 
hrv and the technical aspect* of the job and grow with the company. 

Sjliin- negotiable around sood car. Profit sharing could in due course add fignificantlyto the 

base salary. For the right person this could be a career appointment with excellent promotion and 
financial prospect:;. 

Itri*f but comprehensive detail: of career and salary to date, which will be treated in confidence, 
fhimirJ be sem. lo: 

K. -T. Rrihins.The Executive Selection Division - TtPSTJ . 

Cooper: & l.ybi'Mnd Associates Ltd.. Management Consultants, 

Shii l< y H rt u re. Xnble Street. London. EC2V TDt| 


5?li 


iiil 


PORTFOLIO 



Negotiable Salary 


Abbey Life Investment Services wish to appoint a Portfolio 
Manager to play an important role in the management of the 
t.«vjuity port folios of Abbey Life, Abbey Unit Trusts and the Excess 
Ir.Mtriinee Group. The emphasis is increasingly world wide. 

The responsibilities include the management of a small team 
of analysts and there is considerable scope for the exercise of 
persona l ini t iati v e . W e 1 ook for a positiv e contvibuti on to 
in vestment. and portfolio policy and the maturity to handle the 
subsequent implementation. 

The appointment is a senior one. At least four years equity 
management experience is required, together with a 
professional university background. The Company offers a 
progressive and challenging career, with a competitive salary, 
mortgage subsidy and non-contributory pension scheme and 
generous staff benefits. 

J' Ira sc uritr with a full C. I', including current salary to: 

Peter Challcns. Investment Manager. 

Abbey Life Assurance Company Limited, 

1-3 St. Pauls Churchvard, London EC4. Tel: 01-236 1555 


Finance For Industry Limited 

require a 

TREASURY ACCOUNTANT 

Financp for Industry Limited, owned bv thn major clearing banks and Bank of 
England, if -a lending provider ofdevf'|opmci;t finance to British industry. 

V.'o (‘pek an A'.v>unt*ni to run the administration, accounting and dealer baric-up 
Forviiy^njii'i; i..ivju|j Treasury and f ‘stilt Management Department. This will 
entail rei-pi mobility rotht* Group Trca-uivr lor recordin'* and processing money 
market opera lions. fur vomputori.-cd and manual cash books, bank accounts and 
for t hi* recurd ma minim- group financing. 

Wo me looking therefor* Ibm BANK TRAINED or QUALIFIED ACCOUNTANT 
" n h banking or mnnev market experience, and capable of working under 
procure to tight dead lines. 

Remuneration will be of interest to I hose at present earning around £ 7 . 00 Q per 
annum. Other benefits include an advantageous house loan scheme and 
non -contributory pension scheme. 

Please write lu:- 

MISS JEAN DAVIDSON 
ASSISTANT PERSONNEL MANAGER 
FINANCE FOF INDUSTRY LIMITED 
PI WATERLOO KOAU. LONDON SEl <?XP. 

with detail* of oxn-n-i. ‘ii.'e. »iuali neat ions and p recent *uw» level, which will be 
ireaLcd in >tnct contidi'in’C. 


International Financial Economist 

A maior U S inveslrneni banking fim an experienced international financial 
m.Hir^:-econoni-ii with m depth Mip. i .|. i 'dgeoMoreijReicn.3nge markets. ADpIicant 
mi 'it r.fi.e itrong .^naivticai skiii:. and a proven ability »o -.vnis and soeak concisely. 
Re;.i-on.\ib'liti»?-. include .i market mnon noniic-ng and evaluating foreign money, 
fln.i capital r-irtiket development^ ,»n.j mv-rfa-tina uvrh clients and member; of the 
nrm Position affords excellent opportunity in a growing area of a successful firm. 
Please send resume and salary requirements to 

Box A6435, Financial Times. 10 Cannon Street, Leixton, E.C.4. 


0 


Deutsche Bank 

London Branch 

requires for its expanding 
busines> activities a 

Corporate Finance Manager 

- With extensive experience in 
. lending and related banking-customer 
relationships. 

Special skills in Eurocurrency 
short and medium-term lending, 
commodity trade financing and 
similar, sophisticated corporate 
business would be required. 

Age preferably around 35. some 
knowledge of German language 
helpful but not essential. 

Salary and fringe benefits offered 
will reflect the importance of this 
managerial position. 

Please apply in writing giving full 
details of career and salary to date 
which will be treated in strict . 
confidence to the General Manager, 

Deutsche Bank AG, London Branch 
10 Moorgate. London EC2P 2AT 
Tel:01-606 4422 


MANAGING DIRECTOR 

Process Engineering & Machinery Company 

£15,000 + 

The successor to the present Managing Director 
trill have the qualifications, experience and skill 
needed to lead this profitable, well established 
company from a f 10 million turnover to £20 million 
turnover in the next five years, improving company 
performance so that it is In the top rank for its size 
judged from all aspects. 

The company is an important subsidiary of a quoted 
Group. Success will lead to a seat on the Parent 
Company Board in two years and the chance to 
become Group Managing Director in about five 
years. 

We have in mind a starting salary of £15.000 plus 
perfonnance^related rewards in 1979, plus car, 
pension, relocation payments, etc. 

Reply with full curriculum vitae in strict confidence 
to Chairman. Box A.ffttt, Financial Times, 10, 
Cannon Street. EC4P 4BY. 


CREDITANALYSTS 


Wells Fargo Limited seeks credit analysts having had 
credit experience with a major bank, preferably an 
American bank but this is not essential. A good 
working knowledge of at least one other European 
language 1$ desirable. The salaries' will be 
.commensurate with qualifications and experience. 
The positions are based in London: the usual fringe 
benefits will be provided. 

Please write with full details to the Personnel 
Manager. Wells Fargo Limited, Winchester House, 

80 London Wall, London EC2M 5ND. 


Wells Fargo Limited 



ENGMEEHN6 ANA1YST 

An experienced Analyst is required to expand the 
coverage of an established and successful team 
in ihi* sector. 

The candidate will be expected to develop top 
level contact with executives in industry- and 
produce high quality written work with the 
objective of establishing a reputation in his own 
field within the sector. 

■Salary, including benefits, should not be an 
obstacle for the rich; candidate. 

Please write or telephone in confidence to: 
Bernard Lardner 

LAING & CRUICKSHANK 

The Stock Exchange 
01-588 ‘2800 


VTAdministration 




g- 


for this fast growing international bank, owned b> the seven 
Arab states in the Gulf. Responsibilities will include credit 
administrations information and communications s}stcms ? 
manpower plannin g and operations. Additionally he. will co- 
ordinate the annual operating plan and liaise with lawyers, 
auditors and advertising/PR agencies. 

Candidates, aged 35 to 45 s must be graduates with at least 30 
years’ relevant management experience in international bank- 
ing. They must be sound administrators with well-developed 
human relations skills. Salary is negotiable up to *50,000 rax 
free, plus free furnished accommodation and other benefits. 
Long term career prospects are good. 

Please write with brief details - in confidence - to I. R. Lloyd. 
Ref. B.1071/1. 


IH5L 


Management Consultants 


Management Selection Limited 
1 7 Stratton Street London W1X 6DB 


«<v- 


Marketing 

Director 

. MFI Furniture Centres 

MFt is one of the fastest growing retailer* in the country celling domestic* 
mostly home-assembled, furniture through a rapidly growing network ol 
nearly 60 retail stores. 

The Marketing Director will join the top management team at the Wembley 
headquarters and can expect election to the main board within a year. 
Responsibility will be for the creation- development and control of a promo- 
tional advertising budget of over jfem. and lor market planning and fore- 
casting, and market research. 

The preferred age Tange is to 40. A successful record of marketing and 
advertising management in. the retailing of fast-moving consumer goods is 
essential, together with the numerate intelligence and aggressive enthusiasm 
necessary to fit into-a young and successful management team. 

5 alar}- - negotiable - and profit share will total around £20,000 with appro- 
priate car, pension and other benefits. 

Please write in strict confidence to \V. A. Griffith ref. 8.25507. 

Tin's appaitUmtnz is open to men and CM 


Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1 X 6D B 




AMERICAN BANK IN LONDON 

seeks 

TRAINEE CREDIT ANALYST 

to join a team of analysts who provide the support 
for our internationaHendins area in our London 
Branch. Candidates should be between 22 and 2S. 
with a degree or other hiehcr educational 
qualifications in accountancy, economics or rloselv 
related, subjects. Experience in credit analysis 
could be advantageous, but is not absolutely 
necessary for this position. 

Salary negotiable and fringe benefits associated 
with banking employment. 

If you are interested in this opportunity, please 
address your written application, giving details 
of your qualifications and/or experience, to: 

Miss G. Bock. 

FIRST NATIONAL BANK' IN DALLAS, 

B0 A1 derma nbury. London EC2V 7JT. 


EXPANDING FINANCIAL 
CONSULTING COMPANY 
Opportunity exuu lor t 85: Miniiif 
EllftiMO' 10 join i ttin oi 
working Finarttul Consultant,. Th« 
turcewful cmdiditc will (ticvf thfl 
following requirement!.’ BSc. Muting 

Engineering Degree mth pirtKuljr 
knowledge a f 0\t Gold Mining ."dill. 
r ~y Se»e-el yein' experience , n fiiun- 
c a! reteirch of mining :ar-ip*nii>; 
Conutt with gold mining houte, *nd 
‘.njjitutionj wo-j'd *e in idvmcije. 
Commencing til*-. £6.500 t 1 i. 
Cit’nculum Viiii- with reply to 
Bn, AbH7, Financial Tran 
10 Cannon Street. <Bf 


FIRST CLASS OPPORTUNITIES 

e«*.iJOle to qualified student end 
e.perienred accounting pf-ionnil 
Contact Aire Moore o.n 0J-6JB 


Jh 


DRAKE • _ 
ACCOUNTING 



Deutsche Bank 

London Branch 

requires fur it>* active and 
expanding dealing upei alums a 
dynamic 

Foreign Exchange Dealer 

and an experienced 

Deposit Dealer 

aged preferably SS-L'S years 
with a minimum uf l"iir years 
of active dealing experience. 

The deposit dealer should have a 
knowledge of CD dealing. 

Salary ami benefits will be 
i*i un mens urate with the successful 
candidate s experience and the 
responsibilities of l he position. 

Please apply in writing givine full 
details of career and salary i..» 
dale which will be treated in 
confidence to: 

Deutsche Bank AG. London Branch 
10 Mooroate, London EC2P 2AT 
Tel: 01- 606 4422 


ZOOLOGICAL SOCIETY OF LONDON 

Applications >r« invisrd fo^'the post of 

FINANCE OFFICER 

M the Sociscv. ’which conduct' a ran.e of resrarch and other 
scientific and educational activities together with the operation 
cf London Zro and Whipsnade The zoos have extensive 

amenities, including catering and reui! companies 

He.’She will be responsible tor all financial and management 
accounting functions and will continue the maintenance of a 
sound budgetary control system. 

Candidates should have a recognised accountancy qualifica- 
tion. senior management experience and an appreciation of 
data processing possibilities in accountancy routines. 

Salary approximately £9.500 p.a. wi;h generous leave. »ick 
lea/e and pension provisions. 

?l«,se oopfy. in writing, as soon as pess'o'e and not Ifli* 
t-.j.-i f?th tf.av. giving personal details and brief career history it 
Establishment Officer. Zoological Society of London 
Regent's Parle. London NWJ apy 
from whom further details of the pot: may be obtained 


dr 

lo 


Portsmouth Polytechnic 

Applications are invited for the post of 

Head of Department/ 
Professor of 
Business Studies 

This post has become vacant cn appointment or the 
present Head of Department ai Dean of the Regional 
Management Centre. Portsmouth. The Appointment will 
date from 1st September 1973 or as soon as possible 
thereafter. 

Salary according to Burnham Scale for Head of 
Department Grade VI £9.3d5 to £10.305 per annum. 
Further particulars and application forms may be obtained 

from the 5taff Officer, Portsmouth Polytechnic. 

Alexandra House, Museum Road. Portsmouth. POf 2QQ, 
to completed applications should be returned by 
26th May t978. Please quote ref: C61. 



THE ENGLISH ASSOCIATION INVESTMENT TRADING 
COMPANY LIMITED 

require an additional 

STERLING DEALER 

to augment their present money market activities. 

Muit be fully experienced in inter-bank deposits. trcbSUT and 
commercial bills, certificates of deposit, etc., and have -sufficient 
Contacts to develop the existing business. 

Age of the successful candidate envisaged as approx. 25 ; 35 years 
and should possess the flair and self-confidence to deal in a hifltiy 
competitive market. 

Salary and fringe benefits negotiable. 

Apply with full curriculum vitae to R, A. Chandler 
The English Association Investment Trading Company Limited 
4 Fore Street, London EC2Y 5EM 


STOCKBROKERS 

We require an Investment Analyst with knowledge 
of all sectors of the market but in particular 
engineering shares. This position will probably 
suit a person in the age group 25-30. 

Salary negotiable plus usual fringe benefits. Write 
Box A.6348. Financial Times. 10. Cannon Street, 
EC4P 4BY. 


Deutsche Bank 

London Branch 

requires for its active and 
expanding international bond 
operations a 

Junior Bond Dealer 

Applicants should be in their 
20s and have had some experience 
in dealing in Eurocurrency bonds 
together with the technical 
aspects of the market. 

Salary and benefits will be 
commensurate with the successful 
candidate’s experience. 

Please apply in writing giving 
full details of career and salary 
to date which will be treated in 
confidence to: 

Deutsche Bank AG, London Branch 
10 Moorgate, London EC2P 2 AT 
Tel: 01-606 4422 


/*. 


/ 











L-SfijM <^L J» 


flnaBdal Hanes Thursday May 4 1978 


t'J * ;'\ 

•'cn 

Vj v'!ll‘, 

*' v ’l! a,' 
lav.' <0 . 


C\ v , . : 
! 

' 1 l' 


Financial Controller 

Kingston, Jamaica J$30,000p.a.+ 

(This appointment is open only tojamaican nationals 
or to persons married tojamaican nationals) 

A Group Gf threeC ornpauies in The ability to work effectively with 

„ all levels of management is 

essential. The preferred age rang© 

js 28-35. 

The appointment provides scope 
for advancement locally, or within 
the International Group. In addition 
to the salary indicated above, an 

attractive package of fringe 
benefits, including superannuation 
will be offered 

_ Hease apply in the first instance 
giving age and full details of 
qualifications and experience to 
date to:- K. Long, 


infematicmal Groups has a 
leqmremenifbr a Financial 
CormbELen 

BasedinKfogstDn,theRnandal 
Controller will be responsible to the 
GrotjpPmanrial Director for all 
fipfiTCTa l and mariag gr n ^ Tl t 
accounting and will play a key rata 
m financial plazmmg arid business 
development 

Appficante should be fully 
qualified members of the ACS, 

ACMA or ACCA and have 
had 3-5 years post- 
g iiaHfjnatinn fiTpcyripnnft 

within the fast moving ^ ^ 

consumer goods industry r^, T/pOoC/' 

NO MAM 


OXON 



MocsonDolphiii & Keiby Ltd, 

60 St Martin's Lane, 

London WC2N4JB. 

Please quoterefi 27Q/KL/FZ 

LTD 

MANAGEMENT SELECTJrN 



ASSISTANT 
GROlUP ACCOUNTANT 

City of London c. £7,500 

Booker McConnell Limited, a public company. with a turnover In 
excess of £523m. and whose principal activities are food distribution, 
engineering and overseas trading, requires an Assistant Group 
Accountant, and have instructed us to collect applications on their 
behalf. 

A retirement later in the year necessitates the recruitment now of 
a qualified accountant to join the small Head Office team, to take over 
responsibility for the parent company's accounting function, and to be 
Involved in the preparation of the Group's accounts, budgets and 
forward plans. 

The successful applicant, who must be qualified, will probably be 28-32 . 
and must have some experience in consolidation work, and have an 
up-to-date knowledge of technical developments within the accountancy 
profession. 

Applicants should write fn the first Instance, giving fall details of 
experience, qualifications and present salary to: — 

Ref: P, 

PANNELL FITZPATRICK & CO* 

Lee House, London Wall, 

London EC2Y 5AL. 


FINANCIAL 

CONSUUANTS 

Circa £10,000 

Continued expansion of business has resulted in twjo vacancies wth MLH Consultants Limited for 
qualified accountants in their thirties with suitable post qualification experience to assist dienfe in 
ir u pro v in g the im>fltabi^-of their businesses ard if appopritue in then re-orgausalion. 


One appointment wffl be for a senior man or . 
woman wfih perhaps a merchant banking back- 
ground who will Have the experience and contacts, 
to execute maser and acquisition assignments 
on behalf of corporate cBents and to advise 
them also on taxation matters. Thesucres^uJ 
appBcant wifl be based in London and should 
justify a salary expectation in excess of £10,000. 


Asawndappointmentwillbe foramanor woman 
with wide practfced experience in industrial and 
comnmdalenterpriseswhohastheanalytical 
skills to expose businessprobiems and the 
presence to motivate management towards their 
resolution. The successful appScant may be 
based in foe Midlands and vm be looking 
forward to a salary approaching £10,00(1 



Applicants should write in complete confidence to the Managing 
Director; MLH Consultants Ltd., 148/150 GrosveoorRoad. 

London SVVtV3JY,withTele\^ details rfemeer to toteinduding 
current sfoaru 


Consulting Group of Companies 


EUROBOND! 

EXECUTIVES 


field. young executives ■ are required by Uoy* Bank 
frtemafional to (Riposte a£ varans terete ha team involved in 
the development, marketing and execution of international 
new issues. 

Sueoessfti candidates wffl probably be aged between 23 and 
32ardwBhaveaprolasslonalt^iafficiatiorilnaccomtencyor 

law, or haw an hSA degree. A working knowledge of atleast 

One foreign language ispreferred since some fora gn trav el vril 

be irwoh/Bd. Ws are psrffculariy Interested ai hearing from 
candidates with some previous experience of international 
corporate finance as wefi as from t 
ent)^ upon a career in tfeSeki 
An attractive salary wS he offered, commensurate with 
experience. AdcSBoneffly, flie Baric offers a fist dass targe of 
benefits which inducts non-contributory pension scheme. 


to dais, to: G. P. Staptejt U1C Personnel Department 

LLOYDS BANK 
INTERNATIONAL 


4D-66 Quean Yicfotia Strert. London EG4P4Q. 
AroimtPWofthelJoyBsBjnRGrtJup. 


MERCHANT BANK 

Senior Executive: 
Project Finance 

We ire i comortfum bank headquartered in the City of 
London with an especially resourceful and homogeneous 
shareholder group. 

To support our growth we wish to develop our project 
financing capability and are seeking an individual with the 
following background: — 

Several years' experience in project finance with a leading 
international bank. 

Good contacts among leading International engineering and 
construction companies. 

Direct contacts in countries/areas 'where major projects are 
being undertaken. 

Preferably some foreign language ability. 

This is a senior position which wili be remunerated accord- 
ingly including a good benefit package. 

Suitably qualified individuals should send in complete 
confidence a hand written letter describing the reasons for 
applying, together with a curriculum vitae to: — 

M. j. Gibbs, General Manager, 

LONDON CONTINENTAL BANKERS LIMITED, 

2 Throgmorton Avenue, London EC2N 2AP. 


County Treasurer 

£12,081 x £294 (3) to £12,963 plus supplement of £20838 

Applications are Invited for this appointment, which will become 
vacant on. the retirement of the present County Treasurer. Mr. 
H. Lawson, in November 1378.. Candidates shcjuld be able to 
demonstrate that they possess appropriate' 'qualifications and 
experience' to lead the County Treasurer's Department, to pro- 
vide comprehensive financial advice to 'the Council and hs Com- 
mittees, and through membership of the Chief Officers’ .Manage- 
ment Team to contribute towards the formulation of corporate 
policies for the County Council. 

Application forms- and further particulars for this post are 
available from the Personnel Officer, County Hall, George Row, 
Northampton NN1 IDN (telephone (0604) 34833 ext. 5187), 
and should be returned to me by 19th May 1978. 

Jeffrey Greenwell, Chief Executive 


Northamptonshire 

Treasurer’s Department 



l Tl**' 1 


m- • 


RESEARCH 


Northcote & Co. are expanding their research 
department and seek applications from 
analysts aged about 30 who have 3/5 years 
experience and proven ability in a specialise 
sector. Salary by negotiation. 

Please reply to The Research Partner, P.O. 
Box No. 54S, Copthall Close, EC2P 2JJ. 



JUNIOR EUROBOND DEALER 

An international investment bank located in Mayfair area seek* 
. junior Dealer with 6-12 months' experience to operate in the 
field of Japanese convertible bonds. A knowledge of S^we'zer- 
Deutsch- will be .an. advantage. The salary envisaged w.H be- 
around- £5.000 per annum, plus free buffet iunCheon- 
Applitftions in writing to Box A6346 
Finance! Times. 10 Cannon Street. EC4P 4 BY 


• fv£ 


"H • •' 
Viv* * • 


tk M 

■i-i 


A TWICE WEEKLY , 
JOBS COLUMN! 

Commencing next Tuesday. May 9lh, the .fobs 
Column, written by Michael Dixon, will appear 
on Tuesdays and Thursdays. 

This is a step which we believe will benefit 
both readers and advertisers by increasing 
versatility of the Financial Times as a raMlnm for 
recruitment advertising and associated fie s. 

For further details on advertising 
on Tuesdays or Thursdays 
telephone 01-24S 4601 or 01-248 4880 

linancialumes 

EUROPE'S BUSINESS NEWSPAPER 


Business Management up. to £9,000 + car 
Business Development up to £9,000 -h car 

A successful and repMte expanding company to toe eaten ajKmeoi 
Industry tB establishing two new -positions. One is for i -Business 
Mananraiam Executive vbo wU act as Executive Personal Assistant 
M the (Met Executive a ad wfil aoccrcfinsly be involved In a]] aspects 
of the company. Age: around 3ft Qualifies boos : graduate with 
business studies decree; 

Tiw second 1* for a Btudaess Davclpomem Analyst wfeo wjjj be 
reEponstUle for examining the opportunities for diversification. Age: 
around 30. BadumuuS: probably meirhani hank, with experience 
la business development. 

Both positions require a Hvrty mind and extrovert personam?. 
Contact Stephen Sfierboarne, 01-247 Utt. 

J. FamBO arson Ltd., * Gresham Street Loudon. E.C2, 


JFL 


RECRUITMENT- CONSULTANTS 


CAMPARI; LIMITED 

A major supplier of goods in the leisure industry 
is seeking to fill the post of 

CBIKF ACCOUNTING ADMINISTRATOR 

to be responsible to the Finance Director for supervising an 
accounting department of some 20-25 people. Administrative 
flair, qualities of leadership fold good accountancy' experience 
are essentia] for this job; an accountancy qualification 
desirable. 

This is a senior position and candidates- earning less than 
£7,000 are not likely to have bad adequate experience or 
responsibility f or the post. 

Applications icith full career details should be addressed to; 
The Finance Director, Campari Bouse, 

26/28 Somerton Road, London, NWS 1RY. 


HAVE YOU EXPERIENCE IN 
RAISING FUNDS FOR INVESTMENT 

'We are a research-based organisation in the West 
End. If you have a proven record and can introduce 
us to new clients who might be interested in an 
exciting and expanding market the rewards could be 
considerable. 

Please write with brief details, in confidence, to 
Box A.6349, Financial Times, 10, Cannon Street, 
EC4P 4BY. 


DOCUMENTARY CREDITS CLERK. £4.000 
c. 4 years exp- tong-term promMtoiui 
aspects apod. City m.-twnnws. »jtU + . 
Phya nng V.P.N. Employment (Agy). 


LEGAL NOTICES 


No. DU] 354: of tra- 
in Uie HIGH COURT OP JUSTICE 
Chan Wry Division Companlps Court- In 
toe Matter of STSUVEPINE LIMITED 
and In toe Maner.of The Companies Act. 
IMS. 

NOTICE IS HEREBY oven that a 
Petition for the -windtaK up of tot- above- 
named Company by toe Hlito Conn of 
Justice was on toe S5th day of April I9TS, 
presented to the said Court by IMPERIAL 
CROUP LIMITED whose reefetered office 
is at Imperial House, l Grosvonor Place, 
Sun in the County of Greater London. 
Tobacco Manufacturers, and that the saw 
Peti non ts directed to be heart before the 
Court si nine at the Royal Courts of 
Justice. Strand. WCSA SLL on cbe SSod 
day of May 10TB. and any creditor or 
contributory of >to «Ud Company desirous 
td support or oppose the mo title Of an 
Order on toe said Pepoao may appear at 
toe lime of hcartss. fan person or by his 
counsel, for that pm-pooe; and a ropy of 
the Petition trill be funtiahed by the 
undersigned to any creditor or contribu- 
tory of toe said Company reqcdrlnfi sued 
copy on payment of toe re bp la led charge 
tor toe same. 

TOOWER STILL i, KREUNG 

5 New Suture. 

- Lincoln’s tin. London. WC2. 

Ref. HGW/AJB. TeL Ot-405 Wtft 

AGENTS: POR: J, N B. SPARKS. 

Beumlnsrer, Bristol BSB9 7JH- 

SoHdiare (or the Petitioner. • 
NOTE— Any person who Intends to 
appear on toe bearing of toe said Petition 
must *em oa. or send by post to, toe 
above-named notice- In writing; of his 
Intention so to da. Hie notice must state 
toe name and address of the person, or. 
if a firm, too name and address of toe 
6xm and most be tisned by the person 
dr find, or Bis or todr solicitor f« any) 
and must be served, or. it posted, must 
be sent by post In sufficient time to 
bento uw above-named not later than 
four o'clock la .(he afternoon at the 
»th day of May 1378. 


PERSONAL 


RELAX & RE-CHARGE 1 

ENGLISH RIYItRA— END OF M5 
Quiet ReiSdentttl Ares. Superior 
s/oonc.. e/h., MH-damring. AA Listed 
Actom. Plies; O0-££D Lew (new) to 
£654105 p-w. In Peak + VAT. 
OAR PARK HOLIDAY FLATS X 
HOUSES, OAWUSH. S. DEVON. 
EXT 0 DG. 

Write (or bioehuro or phene now 
Reskf. Prow*. W24-SU113L 


13 


Financial Director 

ENGINEERING 


A major manufacturer of Precision 
Engineering products, world leadenn 
its markets and a member of a well 
known British international group, 
seeks a Financial Accountant 

Aged ideally c. 30 and qualified, you 
must be experienced in all aspects of 
financial accounting, in computerised 
systems and costing in an industrial 
environment preferably engineering. 
Candidates above the ideal age will 
also be seriously considered 

Reporting to the Account Manager 
and controlling a department of 8 you 
will prepare and interpret financial 
information, forecasts and budgets for 
Company and Group Management 
using fully computerised systems. You 


will also make available costing 
information as required. 

Based west of London, this position 
offers-outstanding prospects, which 
are not confined to the Company itself, 
to an accountant seeking involvement 
and the opportunity to be creative. 

The salary is negotiable and conditions 
of employment are good. 

Please write to Richard Varcoe 
(quoting FT 114) showing how you 
meet the specification and enclosing 
details of your career to date. 

Lee Jansen Recruitment Ltd* 

Manpower Consultants, 

5 LowerTempte Street 
Birmingham B24JD 


FOREX RESEARCH LTD. 

London, New York, Washington 

FOREX RESEARCH produces detailed foreign exebasge analysis and forecasts in 
regular reports and consultancy work for central and commercial banks, international 
companies and others. An integral part of the service is a comprehensive databank 
with on-line access facilities, and special international conferences, held periodically 
in Europe and America. Expansion of the company has resulted in the creation of 
two new posts: 

c. £8-9,000 p.a. 

An economist Is sought to write reports 
and provide consultancy advice. The 
post requires an economist of high 
calibre, probably, possessing a second 
degree. 

Applicants will have bad at least two 
years* experience in analysing and 
writing on monetary and balance of 
payments developments and will probably 
be aged late 20s. Ability to work in a 
team, handle direct client enquiries and 
to produce clear, concise reports to strict 
deadlines is essential. A working know- 
ledge of French would be a major 
advantage. 


Marketing Manager c. £9-10,000 p-a- Economist 

A Marketing Manager is required to 
promote Forex services in Europe and 
North America. Candidates should have 
a record of proven success in selling 
financial services. 

Experience in the treasury function of 
a multinational company or bank would 
be an advantage. An economic, account- 
ing or MBA qualification is preferred 
and fluency in a second language Is 
essential. Age late 20s to early 30s. 

Salary negotiable and will include an 
element related to performance. 


Replies, which will be treated in strict confidence, should be addressed to: 

The Manag in g Director, 

FOREX RESEARCH LTD, 

26 Red Lion Square, 

London WC1R 4RL. 



c.£7,000 


Young Accountant 

A major international group requires a young accountant 
for wide-ranging responsibilities in its City-based bead office. 
It offers first-mss experience in a variety of accounting 
disciplines, some overseas travel is possible and there are 
good prospects of career progression within the group. 

The position is particularly well suited- to qualified accountants 
c. 25 with flexibility, flair and ambition. It calls for a good 
professional “all-rounder” who seeks a high proportion of 
non-routine work and would like to be part of a close-knit team. 

For further information, contact E. S. Moore 

Reginald Welsh & Partners Limited. 

Accountancy A Executive Recruitment Consultants 
123/4 Newgate Street. London EC J A 7 AA Tel: 01-600 8387 



ART GALLERIES 


BLOND FINE ART. ______ 

W.l. 01-437 1230. MAXWELL BLOND 
—Paint i nut and Watercolours. Until 
June. Mon.-Fn. 10-B. Sate. 10-1. 


33. SackviHc St.. 

- D 
3 


BROWSE AND DARBY, 19. Corfc St,. W.l 
SICKERT. Mon.-Frl. 10.00-5.30. Sal- 
10.00-12.30. 


GOVT. NT GARDEN GALLERY LTD. TtlC 

Tropic Bird." v (5*0 nary Watercolours 
W. J. CftamberUvne, views of West 
Africa. West indies, Mauritius and 
Britain 1850-90. Ooen datty 9.45-S 30. 
Sats. 12.30. Thun. 7 20. RusMil Street. 
W.CJ. 01-835 1139- 


F1ELDBOURNE GALLERIES. 83. Queens- 
Brort. N.W.8. ART IN RELIGION. 


FOX GALLERIES. Exhibition Of the oalm- 
loBs br Britt sft and Euroopan Artists 
trom 1700-1 965. _ S-g. Cork Street, 
London, w.l. Tel. 01-734 2526. Week- 
Oar* 10-6. Sats. 10- f. 


APPOINTMENTS WANTED 


MEMBER OF 
THE STOCK EXCHANOE 

wfth « sound and expanding private dient business wishes tt> Join 
• London Broking Firm on a commission /salary basis. 

~ — • AU enquiries Write tiox A-d35f, 

Financial Times , IP, Cannon Street, EC4P 4ET 


CONSULTING 

ENGJNKEREVG/03L 

INDUSTRIES 

MATURE S4-THAJMJUJ OFFERS 
HIS SERVICES; 

Wide International expenence to Oou- 
SsltiOB Engtorertn* and 0U tahutriei. 
Complex Protect P lanning nod 
Orsanjsatonial Strenbtos. 

Ip-depdi fcntneledae of D4. Cewn- 
mem Agencies. 

Kncrv-bfrw of the, AS-romd BuMMas- 
maQ accustomed la opera tout in tm 
International Ansa ot toe tmm«i 
E ast. Africa and Europe. 

Present* tefffJ la WariiHwww.BL& 

Writs B ox A.dSSS, Financial Ttmea, 
to. Cannon Streor. E CfP 4 BV. 


COMPANY 

NOTICES 


LINKEAD LIMITED 


ORDINARY SHARE CAPITAL 
NOTICE IS HEREBY GIVEN that the 
ordinary share transfer book* of the 
company will Be closed from Thursday. 
18 Ma«. to Friday. 2E Maw. 197B. both 
Oates inclusive, for the preparation of 
dividend warrants. 

By Order or the Board. 

G. H. EDWARDS. Secretary. 


THp H a MMEttSON PROPERTY AND 
INVESTM ENT TRU ST LTD. 

NOTICE IS HEREBY GIVEN that the 
Transfer Books of the Company will be 
closed for one day only on the 26tti 
May, 1978. 

By Order of the Board 

T. l. RATNAGE. Secretary. 
100. Park Lan*. _ 

London W1Y 4AR. 


EDUCATIONAL 


BRITISH INSTITUTE 
OF FLORENCE 

New Intensive coarse in the Italian 
Language. 20 hours a week from 
May 30 to June 23. 

Apply 

BRITISH INSTITUTE 
LUNGARNO GUICCIARDINI f 
FLORENCE 50125 
Tel: M4 031 


CLASSIFIED 

ADVERTISEMENT 

RATES 


ft u H H i w n lsl 3 Buhatari 
Provens 

BctWeaO*! Property 


Sms If 
Per column 
Job m, 
l £ 


4.S0 

IDO 


14-00 


Aopotopnems 

Bo stress A Investment 


1AM 

- Opportunities. Corporate 


Lssaa. Fran/cdon 
Capacity. Businesses 

rnr Sal? AP T-' ■' 

5JS 

MOO 

Contracts & Ttadeff, 



j 

1,3 

13 W 

Hotels and ITavd 

ZTi 

Ifl.W 

Boot Pnbitobere 

i available 

T.M 


ELM per slnaia column cm. extra 

For farther defalk tenth to t 

Classified Advertisement 
Manager, 

Financial Times, ' 

10, Cannon Street, EC4P 4BV. 


CLUBS 


EVE. 189. Repent Street. 734 0557. A la 
Carte or All-in Menu.' Three Spectacular 
floor Shows 10.45. 12.45 and 1.45 ana 
music of johnny Hawkcsworth & Friends. 


GARGOYLE. 69. Dean Street. London. W.l 
NEW STRIPTEASE FLOORSHOW . 
THE MEAT BRITISH STRIP 
V’Ow at mloniohc and i a.m. 
Mon.-Frl. Closed Saturdays. 01-437 6455 


PUBLIC NOTICES 


CITY ■ OF EDINBURGH D.C. 


£1.500.000, htuetf ZSrh Aorff. 1978. 
due 28th July. 1978, at an ai-erape rata 
of 7'i% oa. Applications totalled £?.5m. 
Total outstanoinfl 13.500.000. 


COMPANY NOTICES 


NESTLE S.A. 


Cham and Vevey (Switzerland) 

THE J11TH ORDINARY GENERAL MEETING OF SHAREHOLDERS 
is to be held at 3.00 p.m. on Thursday. 18th May 1978, at the 
" Palais de Beaulieu" LAUSANNE (SWITZERLAND). 


AGENDA 

1. Approval of the Accounts for 1977 and of the Annual Report. 

2. Release from responsibility of the Board of Directors and of 
the Management. 

3. Decision regarding the appropriation of the net profit. 

4. Elections in accordance with the Articles of Auociation. 


The owners of beare r shares may obtain their cards giving 
admission to the general meeting (with a proxy) at the Company's 
Transfer Office in Cham up to Tuesday 16th May 1978 at noon, 
at the latest. The cards will be delivered against the statement 
of a bank that the shares are deposited or upon deposit of the 
shares in the offices of the Company where they will remain 
blocked until the day after the general meeting. 

The report Nestle 1977 with the annual report' of Nestl6 SA 
(comprising the Balance Sheet and the Profit and Loss Account 
with comments, the Auditors’ Report and the proposals for the 
appropriation of profits) is available as from 5th May, 1978. to 
the holders of bearer shares at the Registered Offices at Cham 
and Vevey, and at the Offices of the Paying Agents of the Company. 

The holders of registered shares whose names are entered in 
the Share Register will, within the next few days, receive at their 
last address communicated to the Company, an envelope contain- 
ing the Notice for the General Meeting, together with a form 
comprising an application for obtaining a card giving admission 
to such meeting as well as a proxy. On the other hand, the 
aforesaid report will be dispatched a few days later. 

The shareholders are requested to address any correspondence 
concerning the -General Meeting to the Transfer Office of the 
Company at Cham (Switzerland), 


Cham and Vevey, 
1st May. 1978. 


Tha Board of Directors. 



14 



■ Net earnings increased by 33% over the first quarter of last year. 


Thre& months ending 
February 28 


AVCO CORPORATION 

1978 : 

1977 

REVENUES Financial services 

Products and research 

Recreation and land development 

(Thousands of dollars) 
$223,459 $190,981 

■142,695 129,029 

. 26.221 18.762 

• $392,375 . $338,772 

EARNINGS FROM CONTINUING OPERAtlONS 
EXTRAORDINARY TAX CREDITS 

NET EARNINGS 

$ 28,067 
$ 1,154 
$ 29221 

$ 20,784 
$ 1.110 
$'21,894 

Net earnings per common share, primary 

Net earnings per common share, fully diluted 

$2.21 ‘ . : 

• $1.21 

$1.63 

$ .95 


AVCO DIVISIONS AND SUBSIDIARIES: 


FINANCIAL SERVICES 

Avco Financial Services, Inc. ■ Carte Blanche Corporation • Cartan Travel Bureau, Inc. 
• The Paul Revere Companies 

PRODUCTS AND RESEARCH 

Avco Aerostructures Division • Avco Electronics Division • Avco Everett 
Research Laboratory, Inc. • Avco International Services Division * Avco Lycoming 
Stratford Division • Avco Lycoming Williamsport Division • Avco Medical Products 
Division • Avco New Idea Farm Equipment Division • Avco of Canada, Ltd. 

• Avco Specialty Materials Division • Avco Systems Division • Ben- Mont Corporation 

MOTION PICTURES AND LAND DEVELOPMENT 

Avco Community Developers, Inc. • Avco Embassy Pictures Corp. 

Write today for a copy of our annual report 


^AVCO 

COFPORAraM 

1275 King Street; Greenwich, CT, USA06830 


!r' 


Financial Times Thiirs'day May 4 1978 

Parliamentary privilege : why iff- 
the Speaker got it right 

BY ROBIN MAXWEU.-HYSL.OP, M.P. 

TO THE public at large the In the case of the High -Court .become Increasingly so if select seat by the Chair. For failing to 
subject of parliamentary of Parliament (which consists committees become an ever comply with these and other 
privilege may appear somewhat of the crown-in-Parliament, the more effective organ for bring- interdictions, the House may . 
esoteric; on occasions, however. Lords and the Commons) Shis ing the executive under pariia- itself punish a Member, even to / 
it is brought to mind that the surrogate extension of the mentaty control and scrutiny, the extent of expelling him., 
perimeter of parliamentary crown's own prerogative came That is the power to - protect Treason to no less treasonable '»* 
privilege fails outside Pariia- to be accompanied by practices witnesses who have given because spoken on the floor of 
ment itself, and its members, which acquired their own offence to their exira-pariia- the House instead of Elsewhere, • 

To recognise this perimeter authority by passage of time, memary employer in the course but the duty of , punishing It 
requires an historical perspec- analogous to the development of of giving evidence to a select, then falls upon the House of 
tive of the origin of parliamen- the common law, and collec- c omm ittee In a recent case. Commons itself rather than 1 
tary privilege, since this is more tively came to. form part of one such witness- claimed that upon • the law-enforcement . 
akin to the origin of common what is known as the lex ei he had been victimised by the bodies outside Parliament. It 
law than it is to statute law. consuetudo Parliaments. ” nationalised industry which wUl.be noted that some of these .'** 
The origin of Parliament The justification for this employed him as a dirett con- breaches of privilege would! not -\ 
itself lies in the King’s court, package, collectively termed sequence of bis giving evidence be such if spoken outside the 


4 Words written .or spoken outside Parliament 
which constitute a contempt of court do not 
lose that characteristic because they hare been 
ottered in the House of Commons 9 


House by anyone: for Instance, 
' there is no breach of privilege 
.in a newspaper commenting on 
.proceedings in. open, session, of 
a committee of the House of 
Commons before the committee 
has reported -to the House. 

Contusion has recently arisen 
in those who have ‘ not. dis- 
, tinguished between inability, to 
seek civil damages for defama- 

siiy ui luuiuun penonora ai . . , ... , . , . , tion. in. a court of. law when 

court, nomin^Uy or ™taally an ? ent . ^ ^doubted rights which embarrassed bis em- defamatory words spoken . .in 

within the royal presence. and P nvil eges, or more con- ployer. Had that witness been pigment are accurately, re- 

. p cisely parliamentary privilege, able to substantiate bis claim bona fide outside Pari t a- 

One is reminded of these & that it is necessary in order to the satisfaction of the pnvl- me t on the one ha ij d and -_ 

ongins by the very, terms in that Parliament shall perform leges committee, I do not doubt nnjr ni-hased sunrmsition that 

wuch th, royzl assent is still Us tMk . both that his oppressor would 

Some privilege is common to faave been^ punished by 'he impunity be repeated out- 


in which a number of functions 
were intermingled: new legisla- 
tion, declaration of existing law, 
consultation as to precedent 
and custom from time oat of 
mind, the granting of petitions, 
and the settlement of disputes. 
To these were sometimes added 
the punishment of individuals. 
This list is not exhaustive, but 
it serves to indicate the diver- 
sity of function performed at 


given: to public bills and pri- 


vate bills, by the words (La parliament as a whole: in some House of Commons for bread 1 ”j*£ [ !T*Trea son a bie r speech in 


Reyne) le veult; to a public bill details « differs as between the of privilege, and that in addition p ar ]j ani ent does not lose the 
aU «^ ^ r fi Sln ! < r af two Houses. In extremis, Pariia- the offence would have had to ™ a J acter - of an - indictable 

thp ment as a whole can enforce ,ts be expiated (inter alia) by offence .when quoted outside 

foJce f Juh coUcctivc P rivi ^ e ia Mch of ^ in ^ ury t0 the Parliament on the grounds that 

ihiS ?h,T several ways: (a) by dismissing witness. 'the offender inside Parliament 

Said riehf judses wi, ° flout ^ (b) bj 11 is commonly, and wrongly, is outslde ^ reach of extra- 

ledged the right of Parliament ing an Act of Attainder which believed that privilege gives parliamentary prosecution. 

5 . Weci&es a punishment to be absolute freedom of speedi to words written' or spoken outside 

UlTposed on a nan,ed lndi - dunng official proceedings payment which constitute a 
SSFte *££dL vidu !l for 311 offence whlch ^ chamber ( and ’ by P ejrt * n ' contempt of court do not and 

however Shidi b ^i?l n * med *" Act ?! on - t0 com j n, . tle “ of . **■ cannot lose that characteristic 

are S {ie ninlr^of % npHHnn In addltion * Bch Houfie Hous f engaged in formal sit- because they have also been 
for a sneriai apt n£ mvai erara and bave brought in tings). But such is far from u^ered under circumstances in 

biom? £w hv anTiSal^ before * being the case. Privilege merely which the „ ouse of Commons, 

5“tJ5 r fa Uul* tar rll wlthin rcalm whom * enjoi ™ * rcedom °J rather than a court external to 

roval assent* beUeves to have been in «m- speech, and debates or proceed- p ar lianrent, has the duty to 

; “ tempt of it, and punish that mgs in Parliament, ought not to n un ish the offender or offenders, 

ear uesire. person accordingly, with the be impeached or questioned in Such qua iifi ed privilege as 

With the passage of time, reservation that sueh punish- (my court or place out of Parii- ex j sts as a protection against a 
Separate organs developed for ment may not exceed the oment. in the words of Article successful action for defamation 
the discharge of these and other customary power of that House Nine of the Bill of Rights, and res nect of a full and accurate 
functions of the King as the unilaterally to punish. as such is a statutory declara- repnrt outside Parliament of 

fountain of legislation, justice It is accepted that neither tion. proceedings within Parliament, 

and administration. Various House can extend its existing This does not. however, mean ex j sts a ot because of any 
courts (for instance, the High frontiers of privilege unilater- that the House of Commons extension outside Parliamentof 
Court and the Court of the Star ally: this does not, of coarse, cannot or does not itself limit parliamentary privilege, but by 
Chamber)' and councils (for exclude the possibility of such the freedom of speech of its reason 0 f the defences’ specifi- 
instance, the Privy Council) a a extension by act of Pariia- Members: iit does indeed dn just ^ Ja ^ d down in statute law 
developed, each of which ment. that is by statute law that, by both custom and stand- aga inst an action for defama- 

possessed, by reason of the rather than by autoresolution, ing order. A Member may not tion be it j ibci „ r Zander. Nor, 

theoretical presence of the in practice, the perimeter of (among other things) infringe 35 have seen can either 
sovereign within it, extensions parliamentary privilege, does the subjudice rule, refer in House by aulores.iiution extend 
or projections of the royal not often extend -outside the debate to the proceedings of a scope or extent of its 
prerogative. Apart from this precincts of the palace of committee' of the House which onvilpep even were it- minded 

origin, these extensions of the Westminster, because it does has not yet reported to the £ do a0 ’ 

royal prerogative were in a not need to do so in order that House, speak insultingly of the. Tb p Sneaker’s ruling was. 

greater or lesser degree neces- Parliament may discharge its sovereign, a foreign head of th „ rpf „ r p hnrh pntirpiv cnrri.pt 

sary in order that the body con- task. One of its important state, or the House of Lords, and en £irelv nredictahle 

cemed should be able to carry extra-mural extensions is. how- nor may he continue speaking H 


out the task entrusted to it ever, of importance, and will when-ordered to resume his mp°^ 








JftiJ I 




■ • : i. 


T.$ 

■'p- 

i, . ■ ■ 


t 


■ > ‘ v 

'“ v 


■ ’V 


•I,. 


• n, 


'U' v_ 

■fl'i •. 

Tl I. . 


Financial Times Thursday May 4 1978 

APPOINTMENTS 

Taylor Woodrow Group changes 

CNIGHUA). He succeeds the late Cooper, who also becomes a man- estate manager to Showering* 
Fajeorfrotani.- Profes- aging director of United Simap Vine ProducU and 'Vhtteways, the 
cWu'rrm? WOODROW ^ CON- sor Ogunsheye iia® served on the (Holdings). Sir. Stanley Hill re- vines, spirits and soft drinks 
wtuUTtON, the principal u JC Board of the Nigerian company places Mr. Robert Cooper as man- division of Allied Breweries. Mr. 

contracting subsidiary of the since it was formed in 1974. aging director of Coopers (Metals) Roger Scott, who becomes com- 

Tsjlaf Woodrow Groap. on July Elected vice-chairman is Mr. and Mr. Malcolm Wallace and Mr. inertia I director, was previously 
*; following «tbe retirement as David A. Thompson, who as group Charles Eddolls. previously local commercial manager of Victoria 
chairmwi of Hr. Tom Freakley, director on the Board of Rank directors, become directors of IVine Company, 
wu» win also retire as chairman Xerox, has responsibility for the that company. * 

of Taylor Woodrow Construction company's operations in Africa, * r.vr high voltage SWITCH- 

KSS?* -ii? 011 0f - MytD ^nJf r ' Aus ^ 8)Ja - 3,r - P7SO.VS is to put into operation GEAR- Mr. J. W. Debbie has been 

w J^ n +1 hSSTH SL nr 3 n « v management and organ!*.- appointed finance director. Mr. F. 

SriS? director. Rank Xerox ^on structure for its scientific P. Matrons. engineering director, 
c^pany, as Board member re- (Nigeria). equipment division. Separate Dr. R. JR. Baldwin, commercial 

i l0r r ^ **51“*! e , , * units of the UK. operations will director, and Mr. A, W. Toot, con- 

and also for Jqnaraan James, toe Sir Ale* Alexander « to join the te merged into four main iradmg tracts director, 

plastering specialist company. He Board of UNIGATE as a non- groups namely, laboratory ★ 

, ” nti ? Qe “ chairman executive director. Sir Alex .is supplies, education, scientific Mr K-»h, -utomm has Inina! the 
T?xl° r \ W M dr ytL C n^fe UCtl ®n chanraa ° Fo ? d 5 M1 * instruments, and international. Board of PRATT BURNERD 

E3AW war - the Impenal croup s? m c «. -st SfefeSssssai 

s«asEMs -a mt. Bm ™, * sr ar-oSs??«s - 

Barton Higgs will be chairman made managing director of SONY and Gebruder Haake . . „ , 

and nmnaging diiwtor of Wyton. (UJi), was previously sales and The Divisional Board from 0XL ^ P .^JZU G 
In 1973. Mr. A_ J.- Hill rehred distribution director. June 1 will be - Mr F J Heath announced the following appoint- 

•from toe ctairmarrahlp of -Taylor - ■* (chairman) Mr * p’ "Halleit mentF in its platema king division: 

Woodrow Construction and m m, t n rn a -...* w Mr' n SurtMi Mr. A. J. S. Evans, managing 

Invited to be the 
While remaining 
chairman of Tayl 

B ? V L^S? n< *?? e ®n~Vr '■ — “-j'i AiiMi nuuao AaauuATiun, iwiennuc in si rumen is » , air. it. r. j;™... *n? 

f *?<* ^£5 e S ,ed He succeeds Mr. Ronald Barnes. Martin ('international), Mr. *"** managing director, ACE 

in that bffice by Mr. Freakiey, director and chief executive of J. M. C. Hall (production). Mr. engravers, 
who has woo •accepted an mvna- Lombard North Central, who has C. P. Walsh (business develop- - ... 

p°n_ from TWC f Midlands) to be completed bis two-year term as ment and computer policr). There Mr. V. E. G. TagUanai will re- 

m first president. chairman .- mill also be three non-executive tire from the post of managing 

★ * directors, Mr. J. S-» Kerridge. Dr. director of the N5.S. GROUP at 

Hr. A. A. Bottomley has retired Dr. Peter Mttne. managing H. Redwood and Mr. R. O. the end of this year when he will 
•s managing director of PETER director of Swan Hunter Ship- Thomas. he succeeded by nr. K G. 

MACARTHUR AND COMPANY builders, Wallsend, who has been * Schweitzer, Mr. Ta glia vim will 

and Mr. A. M. Bottomley has seconded to the Corporation since Mr. T. W. Fraser has been then become deputy-chairman of 
been appointed managing director July last year, has been appointed appointed a director and genera] the Group. Mr. Schweitzer 
in bis place. Mr. A. A. Bottomley managing director, shipbuilding manager of GLOVER ENGINEER- ™«^fdnS dlrector of MARTIN 
re mainscb airman of the company operations at the KemOa upon 1NG ( MOSSLEY). Mr. J. Uttley THE NEWSAGENT. hajat h£ own 
and a director of the holding Tyn e headquarters of BRITISH has become sales director. The request been released from ms 
company, Scottish, English and SHIPBUILDERS. In that post he company is a member of the -"vc’s'crauo 

“■ sufr £ srSh-SaA cr T ss. -jg&sn 

»* «*** .«*- ». Sa E :ss.:‘ .iSid'sssiSTS.ranisS 

svibbs sms; sa.-sSt Araws asg«H^» %bss — «-■ * 

Brolcers. Mr. Lneagti Coen, who Corporation later this month. Mr. . l " c r . c , " aruuiuu & , r ttucticv witpktfv and 

w^ previously a director r of noT'shipbuilding ^ Removal Miy. HOX^ON^^ finS dLST 

Sedgwick Forbes North America, manager at Vosper Tbomycroft, _ . _ * . . * 

originally joined Price Forbes in Woolston Yard. Southampton, has Mr. Frank Brwte has ^ « Davies, marketing 

“ 57 - * ss'MMr d*w*?K»s™ 

Mr. Depute Prttetart has bera also joins the Corporation Inter » B BROOKS AKD CO. JjJ^toJ^mana'pS: toJclo^ of 
enpomted managme dnector of the, month. Hr Roger has ^ po&fe. 

) pointed to a newly created post ceeds Mr. V-J. Roberts, a director 


,15 





BRITISH 

recently 


FURNACES, 
becajne part 


which 
of the 


recently oecapie para or me mr. A. J. rerryman nas resigned w ^ : lx H*numrrh Plastics and denutv 

Wellman Group. Mr. Pritchard as chief executive of the CATA- of ero«P financial controller and of Haworth Piasacs^aM deputy 

was previously managing director LIN GROUP but remains chair- £"ance director designate of Eordham’s deputy 

of Wellman Engineering Africa man. Mr. C J. S. Standen has BRENTNALL BEARD (HOLD- SSSriSSTSBlaSKr “Ariod & 

(PUL been appointed _Group chief execu- ^GS). ^ tmSSuj biiSSbe ^ d£ecSr. 

Mr. Peter Land, who has been 
member of the 


Mr. A. T. Oakes has joined tive. Mr. C B. Hunter has become * ' 

WELLMAN INCANDESCENT as managing director of Catalin Mr, C- J. Sage, Joint managing 
commercial director, and will Ltd. and Mr. C. R. Ntnmy man- director of HEADLAM SIMS AND 


vviuuicikuii UH6V1W*, wmi lum. auu tfu- av. nuuttj ujflu- — ' . 9 m prnhPr nf t hp 

represent the newly-formed Com-' aging director of the subsidiary COGGINS and chairman and re« Waited a MARKET 

merciai Division on the company wix Corporation (UK.). managing director of its sob- COVENT UAKDtjv 

Board. * sidiary Simian, has retired. Mr AUTHOR^y, « nirecior 01 w 

Mr. Gordon Llnacre, managing J. B. Harding has been appointed “ NaUonaJ 

ENGINEERING director of Yorkshire Post News- managing director of Simiam and rreignr corpora iioc. 


NORTHERN 

INDUSTRIES has announced the papers, has been elected president Mr. K. Elkhigton becomes sole 
. appointment of Dr. K. J. Wootton of the NEWSPAPER SOCIETY managing director of Headlam 


Hr A.A.S. Bryans. Mr. Robert 
Chadwick. Dr. G. H. Redman and 


as managing director of NEI for 1978-79. He succeeds Mr. Jack SIMS AND COGGINS. V a have been 

(Projects), the company formed Wall work, managing director of * «« tk*. nartnerahio of 

recently to bring together and ex- Northcliffe Newspapers Group. Mr. Denys Randolph and Mr. admitted -to toe P • .p 
pand the power engineering pro- * Christopher Lewington. chairman DWUCANC FRASER AND COM 

jects of Reyrolle Parsons, Mr. Alfred. Cooper, head of and group managing director re- rAmr, actuaries 

formerly carried out by Pa rolls, COOPERS MARSHGATE (HOLD- spectively of Wilkinson Match, n v Z A M Davtd 

and the process engineering pro- INGS) for more thanr 50 years, has have joined .the JBobrt o£ “J- E- uorKe. - 

ject activities oF Qarke Chapman, retired from the chairmanship. He ALLEGHENY LUDLUM INDUS- Holden and Mr lan k. vromer 

Dr. Wootton was previously com- continues as president of the TRIES INC. of Pittsburgh. Pa. ?.2Y?j£o D />SR 1 0 SnMTrR reCt0rs ° f 

merciai director of GEC Turbine Bureau Internationa] de la * WALKER AND HOMER. 

Generators. Recuperation, as a Board member Mr. Geoffrey Phoenix and Mr. ' * . . 

* ■ of the London and Northern Roger Scott have been appointed Mr. G. K . wearing nas Deen 

Professor Ayodele Ogunsheye Group and as chairman of United to the Board of VICTORIA WINE vr/TRin 

has been elected chairman of the Scrap (Holdings). The new chair- COMPANY. Mr. Phoenix becomes WOODHOUSE and iayiai« in 

board of directors of th e Ra nk man and chief executive of the estates director, whilst retaining succession to Mr - w . r. lay (or. 

Xerox subsidiary RANK XEROX Cooper Group is ■ Mr. Robert his responsibilities as divisional who remains a director. 


Tomorrow, you could be 

asked about the Job 

Release Scheme. 


v 


The Job Release Scheme has been 
extended until 31 March 1979 and now 
applies throughout Great Britain. 

This Scheme offers men aged 64 and women 
aged 59 on or before 31 March 1979, the chance 
to stop work up to a year before reaching 
statutory pensionable age. Currently, they'll get 
£26.50 a week tax-free. But from July 1, many 
married people wiii be eligible for £35. 

The point is, they can’t take advantage of the 
Scheme without your agreement And if you do 
agree to allow them to participate, then you must 
recruit people from the unemployed register to 
replace them - though not necessarily for the 
same jobs. 


As a result of this Scheme. your employee* 
have the chance to stop work up to a year early, 
which may give you the chance to do a bit of 
promoting and you’ll be able to take on new 
staff. Doing thai means you’re also giving a 
job to someone who's presently unemployed. 
Employees who wish to take part in the Job 
Release Scheme must apply by 51 March 1979. 
There’ll be advertising in the national press to tell 
them about it 

Leaflets with fuli dclails of the Job Release . 
Scheme are available from anyEmployment 
Office, Jobcentre or Unemployment Benefit 
Office, or ring Eileen Tjngey on 01-214 6405 or 
01-214 6497 for more information. 


lob Release Scheme 

Department of Employment 




lady has just been 

' aria she didrit 
feel a thing. 

Gone are the days when all a cash register did was record the amount of 

Ccish tsksn 

Nowadays, in larger stores, the cash register has been superseded by the 

retail terminal. linn A ... . . ... 

As part of a complete data processing system, an NCR retail terminal will 

do more than ring up the price. * , x .. . 

information can be given on stock levels, together with retail prices and 

cost prices to show gross margins at a glance. 

The system can give an hourly report on customer and cashier activity, 

checkout by checkout. 

It can provide detailed analysis on each product line making it very easy 
to establish minimum, order levels and re-order levels. 

It will also enable customers with accounts to pay bills in any store and 
have their accounts immediately updated. Credit sanctions of course can also 
be given instantly if necessary. 

Small wonder that Army and Navy, Bentalls and International Stores have 
installed NCR systems. 

Especially as we provide excellent field engineer and technical back-up. 

But, of course, that’s exactly what you’d expect of 

the largest suppliers of retail terminals in the world. 


□ 


C R 


i 

j 


NCR Computers. Designed to grow with you 

NCR Limited t 206 Maryiebone Road, London, NW1 6LY. Telephone: 01-723 7070. 


- v 






/ 


1 


BUSINESS AND INVESTMENT OPPORTUNITIES 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


ACQUISITION OF 
INSURANCE BROKERAGE 

Small Lloyd’s Brokers seek to 
acquire:— 

Insurance brokerage with well- 
balanced portfolio— Commission 
income not less than £30.000— 
based London or Home Counties 
preferably— continuity of present 
management desirable but not 
essential— Merger with other 
Lloyd's Broker would be con- 
sidered. Please send relevant 
details in strict confidence: 

Box G.I867. Financial Times, 10. 
Cannon Street, EC4P 48Y. 


Finance 




Companies 


PRESTIGE CARS WANTED 

To Ali Company Directors 
Transport Managers and 
Private Car Owners 


An you obtaining die box pricv For 
your low-mileage prestige mocor-cw; 

We urgently require Rolls-Royce. 

Mercedes. Daunlor, Jaguar, Varidcn 
Pin. BMW. Porsche, Ferrari. Miserati. 
Lamborghini. Jansen Convertible. 

Row. Triumph and Volvo up. 

Open 7 days a week 
Collection a nywhere In UJL Cash or 
Bankers’ draft available. Telephone os 
for a Nnn price or our buyer wilt all. 

ROMAN OF WOKING LTD. 
Brookwood (04867) 4567 


If you are a shareholder in an established and 
growing company and you, or your company, 
require between £5Ct000 and -61000,000 for any 
purpose, ring Divide 'ills. Charterhouse Development 
- Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 
currently making over £50,000 per annum 
' pretax profits. 


m CHARTERHOUSE 

Charterhouse Development, 1 Paternoster Row, St Pauls, 
London EGiM 7DH. Telephone 01-248 5999- 


Securing your business 
future in Greece 


An exceptional round-table at the highest level will be 
organised at Astir Palace Hotel, Vouiiagraeni/ Athens 
on 22 and 23 June 1978. Policymakers from government, 
business and banking will attend. Participation is 
restricted to top management level, of significant com- 
panies. For detailed information contact: 


European Management Forum, 
CH- 1223 Cologny/ Geneva. 


Phone : Geneva 35 17 80- 


Telex 27047. 


COMMERCIAL 
REAL ESTATE 
INVESTMENTS 

in the 

WESTERN UNITED STATES 

$2-25 million 

Equity requirements $500,000 
to $5 million 


Specific acquisition proposals available, 
subject to prior sale 


Syndication and Property Management 
services if required 


Bank references furnished 

Contact 


RICHARD J. FLOODS 

Connaught Hotel London 01-499 7070 
May 4th- May I4th 


Public company 


with fSOO.OOO cash available wishes to purchase 
either for cash or shares, or mixture of both, a 
verv strong private company with profit between 
£ 250.00ft arid f 1.000,000. It is possible that the 
owners of the company purchased could become 
the major shareholders in the public company. 
No agents will be answered, only principals please. 
Write Box G.1865, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


INTERNATIONAL 
TRADING COMPANY 


with strong links in Africa, Middle East and South 
America would welcome contact with manufacturers 
seeking responsible representation. 

Write Box G.IS62, Financial Times, 10. Cannon 
Street, EC4P 4BY. 


U.S. GROUP 


wish to purchase a U.K 

TRADING BUSINESS. 

METALS CHEMICALS preferred. 


Any size of profitable business considered, but must be capable 
of expansion internationally. 

Write Box C.1863. Financial Times. 10. Cannon Street, EC4P 4BY 


HONS KONG, TAIWAN, KOREA, JAPAN 


If you require quotations, samples, goods manufacturing to 
specification, or have any buying enquiries: write for details to: 



INTERNATIONAL PRODUCT LOCATION 


BB 


USA EXPORT 


CONTRACTORS’ PUMPS 


Britiih trad n; ipmpiny ore-acne in 
the USA n iflU'esHd •» emending its 
repretcntJlian ol Briiih umKOiM 
who deli re ta trade with or Further 
drvelep their trade will rhe USA 
We Bir rr ajond w.tfi product details to: 

JCP TP. a I? INS COMPANY 
P.Q Box 522. Lennox Hill Simon 
New York. New York 10021. U5& 


QUALITY HOTEL 
DEVELOPMENT 


Nonh ol London. Within I hour of 
Heath'ow and Wcit End. Owner of 8 
acre, tile with detailed planning per- 
miuion 11 locking finance — £|j 
million required. 

Potential Investors write Bat G186B 
Financial Tines 
tO Cannon Street. EC4P 4BY 


NORTH AMERICA 


Profitable inn I engineering company, 
manefac curing contractor^' punpi. 
leiki an inanition with an eiuh- 
lnhcd mduitrial marketing and 
•Vt'ibynan company. 

Some equity oamopation in the engin- 
eering compiny could be negotiated. 
Replies, print-pall only, to: 

Be* CF3*9. Financial Timex 
ID Cannon Street. EC4P 4 BY 


copywriting. Translation and 
Typesetting for Advertisements. 
Pomtof sale. 0ro enures, 
Contact: David Mealing 
pan-Arab Publications Limited 

Dl-439 33D3 


ISLE OF MAN— 
OFFSHORE TAX SAFEGUARD 


British marketing specialists 
Offices in USA Canada and UK 
Will show you the man economic 
way into this lucrative market 


SHERWOOD INTERNATIONAL 
St. Dsvid’s House 
Alfred Street. Biddings 
Derbyshire 


Grasp the ap pvt unities In a low tax 
area. We iDcciallse In the forma: ion 
ol eomoiiiie* including nominee 
aojMinrmcnt. secretarial services, 
gcner.i accticy wane, telex and Ben era i 
cm^ui’i-Kr including commercial 
olacemonr:. 

Full dct;lls from P. A. Brown. BROWN 
BROTHERS LIMITED. Victory House. 
Prospect Hill. Dcuqlas. Isle of Man. 
Id : 0624 2S66I. Telev: 62041. 


IBM ELECTRIC 
TYPEWRITERS 


Factory reconditioned and guarantied 
by IBM. Buy. mw j>P " «°P' 4 - 
Lease 3 years from O~0 weekly 
Rent From £29 per month 


LIMITED COMPANIES 

FORMED BT EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHE5 

EXPRESS ’• ■s6TlS-?/ , rnN5 LTD. 


Phene: 01-641 2365 


SO Oty Road. EC I 
01-62$ 5434/5/7361. 9930 


ACQUISITIONS & MERGERS BY AGREEMENT ^ il Your Ofliiee in Tokyo ... 



AMALGAMATIONS &r INVESTMENTS LIMITED 


Our business is 
merging your business. 
Successfully. 

36 CHESHAM PLACE LONDON SWI. 01-235 4551 


Consulting -and trading firm under Gennan/Aiucricai)£ 
Japanese management can assist a few* more European 
companies with established or expanding business interests 
in the Far East 

Staff of 12. Quality inspections to purchaser’s standards, 
supply sourcing, marketing assistance, etc. Experienced 
since 1965 especially in electronics including hi-fi equip- 
ment clocks, musical instruments, etc. We can visit you 
in August or September. Confidential handling of all 
enquiries assured. 

- NETWORK INCORPORATED 
36 Yokodera. Shinjuku. Tokyo 162 
Telex: 232-4263 NETWK J 


MARKETING OPPORTUNITY FOR 
YOUR PRODUCT 



H 



£0.75m. — Wines & Spirits— N. London 


Last retail subsidiary of major group available end June due to 
expiry of lease and decision to withdraw from retailing. Very 
well established and easily relocatable locally with no loss of 
goodwill. Shows 9% grass and could show 4.5% net. 

Offers for goodwill and stock at cost to: 

MANAGEMENT CONSULTANTS LTD. . * * 

Tel: 01-629 7388 ' 


Well known company with . established U.K. 
marketing and distribution network is looking for 
new products to extend its range. Its markets include 
Plant Companies (hire and sale), D.I.Y. Field, 
Builders Merchants. 

In order to be compatible with the present range, 
products will need to have distinct user benefits and 
be of high quality. 

Enquiries, from principals only please, to Box G.1S61, 
Financial Times, 10, Cannon Street, EC4P 4BY._ 


TAX HAVEN 


FOR SALE IN SPAIN 


INVESTMENT PROPERTY 


Hydro Electric Plant producing 3 million KW per 
year at below 0.55p per F£W. Situated in the city 
of Gerona (Catalonia). 0$y 54 km to the French 
border by highway. 

Over 5,000 square metres of industrial land adjacent 
to plant included in price. Attractive for industries 
aware that unit cost per KW is essential. 

Write Box G.1859, Financial Times, 10, Cannon 
Street, EC4P-4BY. 


EXCELLENT INVESTMENT 
OPPORTUNITY 
UNITED STATES OF AMERICA 


BANKERS. TRUSTEES. INVESTORS AND BROKERS. We offer strong partner- 
ship interest In a maderv lagging-sawm Ill-lumber operation with phyiicjt 
ajscti and inventory worth 25 million U.S. dollars located in the Southern 
par: at USA close W major seaport. All operations Fully automated and 
capable of procuring all grades of Jtimb'r in excess ol 100 million baa’d 
feet annually, plus exportable prefab homes to worldwide markets. The 
"iv-srr.-/wruier should have capability of investing S "rill, on and/or a 
m I’heuhle financial statement to create bankable "LETTERS OF CREDIT,” 
all ,n UScy. Complete documentation available. We are p-inzipalt. 


In Jersey, Channel Islands, producing in excess of £34.000 per 
annum. Shops and flats in first class order and condition. Rent 
reviews every three years. Offered at £360.000. ' For further 

derails: ' 

Phone 0534-25732 ’ ' 

or write Mr.' J. Aury, 

La Fougere. Belvedere Hill, St. Saviour, Jersey, C.I. 


FIXED INTEREST 
COMMERCIAL MORTGAGES 

FOR OWNER OCCUPIERS OR INVESTORS 
Interest rates can only go one way— UP 
Take advantage of low .cost .fixed interest mortgages — NOW 
Contact S. A. Parties or M. C. Green 



23. MANCHESTER SQUARE 
LONDON W1A 2DD - 
01-486 1252 


Wrire Caneva Explorations Ltd.. Box 210 
Chicago Park. Calif. USA 95712 - Tel: i 916 ) 823-5121 


DO YOU HAVE INTERNATIONAL. COMMERCIAL OR FINANCIAL 
PROBLEMS, REQUIRING SKILLED. AND/OR HIGHLY PERSONAL 
ATTENTION ? 

Young Englishman. 35 years of age. professionally trained. experienced in 


property, banking and commerce, multi-lingua I . Including Fenian, based 
central Eu'ope. alien personal investment consultancy services, or available to 
travel throughout the world on either personal or corporate financial assign, 
mans, always in strictest confidence. 

. Major legal, banking and commercial connections throughout Europe. U.S A. 

and Iran. 

Could be of considerable assistance to persons anticipating emigration or home 
purchase. 

Interested Parties should reply to: 
tot C 7 845, Financial Times. 10, Cannon Street, EC*P 4BY 
The writer will be prepared to meet prospective clients anywhere in Europe 


PARTNER REQUIRED 


Benelux Metal Trading Company with £5m.-£10m. 
tunioi'er. involved in trading and processing non- 
ferrous metals and scrap seeks partner in same field. 
Principals only apply to Box G.185S, Financial Times, 
10, Camion Street, EC4P 4BY. 


ENTREPRENEUR 

Working partner for Importing 
business. North West based 
Enviable opportunity for enthusiastic 
ffirrson. Applicant must have selling 
na.r and esratMhcd contacts with 
larger concerns throughout UK. Ago 
range 30/45 preferred. Excellent 
references essential. All genuine replies 
will be answered. Write in strict con- 
fidence. giving phone number tor 
preliminary discussion, to: 

Box 61864. Financial Times 
10 Cannon Street. EC4P 4 BY 


MARKETING 

SERVICES 


WANTED 


Medium sized private company 
requires full or partial control of 
companies with manufacturing 
and packaging- facilities for 
Liquid Detergents. Hair Sham- 
poos. Disinfectants. Liquid Soap, 
etc. Profitability less important 

I than volume capability. Write 
Box G.I844. Financial Times. 10. 
Cannon Street. EC4P 4 BY. 


Establnhed promotional company, with 
J UK offices, is Interested in calking 
to companies . or individuals in associ- 
ated fields with a view to expansion. 
Main areas of interest Include Indus- 
trial marketing. public relations. 
* r ?Pj\ e ?‘ audio-visual, photography, 
exhibitions, advertising 6 promotions. 

Write Boa Cl 866. Financial Times 
10 Cannon Street. EC4P 48 Y 


DUE TO INSTALLATION OF A. 
NEW COMPUTER SYSTEM 

WE HAVE for SALE 

2 PHILIPS P358 
COMPUTERS 

BOTH in IHMAOIlbTE 
WORKING CONDITION 
Programs available for Sales Ledger. 
Bought Ledger and Wages 
Can be seen in operation 
Contact Mri, GouUen at: 

GRA WATER LIMITED 
Ascot House, Windsor . -Tel: 6*249 


LACKING EXPORT EXPERTISE I 


Are you losing substantial Export opportunities through lack of market 
knowledge and speciah-t manpower f 

These essential resources are now available to you at a fraction of in. house 
cost while boosting your profitability by employing Export Consultants. 
Specialised practical knowledge of Africa and the Middle East. 
INTERESTED? Details from Box G1B43 
Financial Times, 10 Cannon Street. EC IP 4BY 


BAUXITE 


Up to 1,OOQ.QOQ torn of Bauxite 
for delivery on a F.O.B. laisis. 
Full specification may be obtained 
by interested buyers from: 

' THE GENERAL EXPORT & 
TRADING CO. 

Tel: 01-580 4830 
Tx: 23312 


FINANCE 

W# arrange . all types of buslnesi 
finance. Including investment mort- 
gages. remortgages, bridging Facilities, 
equity finance, corporate development 
capital, business purchase capital. 
Invoice discounting eic. 

Phone or Write:. 

CUflZON FINANCIAL CONSULTANTS 
24 Curran Street, .London WIY 7AE 
Tel: 0MW 7726 


CREDIT AID LTD. 

We specialise in Commercial Credit 
Collection and Credit Consultancy. If 
you have any debtor problems then 
contact: 

A. B. BAD ENOCH. ACA 
D. W. CLARK. ACA 
4 New Bridge Street. London, EC4 
01-353 7722 


FOR SALE— EXPORT ONLY 


250.000 tens rice Ape broken. 50-000 
tons cane sugar 99.8 pel. 100.000 
cases Scotch whisky from £5 per case. 
Just arrived from Rotterdam 1 80.000 
cases ■. 10.000 USA rafrd cigarettes, 
popular brands, keen prices. 


Escort Drive Limited, 6 OH Bond St.. 
London WfA 3TA - Tel : 01-629 8S81 
Telex: 262 350 Impldn G 


YOUNG BUSINESS EXECUTIVE 


THE OWNERS OF 
TWO PRIME 
NORTH LONDON 
OFFICE SITES 


wits «a|J planning consent and 
D.L.r. exemption for 9.50(1 and 
8.300 sq. ft. NETT each respectively 
invite enquiries from .niii unions in- 
terested in a forward purchase or 
ache- equitable arrangement. 


ANTHRACITE 

Oo » 240.060 tons of. Wathed 
Anthracite. The abeve is availab'e on 
offer subjesx ro contract, for delivery 
at > rate of 20.000 metre tons per 
month, commenting from- December 
1978 on a F.O.B. bans. 

Specifications & price may be obtained 
by Interested eurefuseri hem: 

THE GENRAL EXPORT 6 TRADING 
CD- Tel: BI-5M 4BM Telex: 13312 


n looking for a Partner/ Backer 
who could cither 
1. Become involved financially, or 
^ 2- Provide office spate and services in 
the London area 

I The company is involved in th? pro- 
i motion of intcrnitiaal shipping eon- 
I earners and the concept- to be 
promoted is a. revolutionary now idee 
, within the business. For further details 
Tel Colchester (0206) * 1071 


EDUCAIIONAL CONSULTANTS. For 
I advice in business. financial ana 

orooertv asaetts el school ana edura- 
ticna- D-ojMts write to Business 
I Education Ltd.. IS. Dunra.cn Street. 

! London WIY 3PE. 

j DESIGN AND MANAGEMENT. Let us 
• ercat' a new Interior for rour office 
receoilo boardroom, shoo, restaurant 
or hotel. We design. Dim and manage 
I vour nroleer from start to finish- Phone 

I Gordon Lindsay Group. 01-995 5446, 

[OVER 40/1 DO SCHOOLS AND EDUCA- 
TIONAL ESTABLISHMENTS can b« 

I r*«i cd b» mall. The Eduurlonal 


Write Bov G.I874. Financial Times, 
10. Cannon Street. £C4 P 4 BT 


TELEX — why spend 1-30 p a.? For luit 
C23 o.a. U'UKrintion. use nur Telex 
Bureau. folepMonu. 01-45B 8066. 


■ COMPUTERISED djvtcm service.— Write or 
{ ' ,nr 4 N BooLkeenlng & Payroll 
Co.. London Hoad, Southend an 

I Sea Tel. 0702 354870. 

YOUNG, expanding ..,id pro* table import 
a-'d c*oar! carman* reaulres lundlng 
ue to -. 00.000 rnainst tccureo orders. 
! Wore B-* G. 1859 Financial Timet, 
j 10. Cannon Street. tC4P 4BY. 


, START AN IMPORT/EX PORT AGENCY. 

: No caoital required. Established over 

I 3D ■ lars Clients In fiC countries Send 
A. E.— Wade, Dept. F.. P.Q.. Boa 
1 9. Marlborough. Wilts. 

MAIL ORDER PREMIUM COMPANY, 

For . Sale. London suourtK. Turnover 
6300.000. Net Profit £72.00Or-Wrl!r 

Box G ' 860. Financial Times in 
Cannon Streel EC4P 48 Y. 

I «»R EXECUTIVES £20.000- 

1 £50.000. NO FEES Palmer. Banks 

Assac.atcs. 402 6691, 


Addressing and Mailing Sendee. Derb* I 
House. Rodfillf. Surrey. RHI 3 DM. 


ELECTRICAL ENGINEERING business 
Londtn. E.7. For sale as a going 
conccMi. T'O approx. £60.000 Price 
£33.00' to include 1.490 so. ft single 
stem F'M factor*. Golden burg and Ca 
0T-491 4101. 


GREECE . — Represent ansns ol u.K. firms 
required. Lawyer undertakos tarelgn 
mretiwi.i market research, trade 
marks, --galena, royalties collections. 
reeeivaolM. Write: P Eccramou. 24 
M. Aiexandrou N. Smvml. Athens. 




|j^e> 


Hnascial Times Thursday May 4-1978 


DESPERATELY WANTED ■ 

£^m worth J.W.B. 43GL 


Old Established and Highly 
Liquid Company in 
FASHION ACCESSORY HELD 
with World - famous licences 
wishes 'to consider merger witn 
Company in similar field. 


Write Box G.1B73. 

10. Cnnnon Struct. EC4r nor 


TAX LOSS 
COMPANY 

COMPANY WITH AGREED 
CAPITAL LOSS OF 
£400.000 
FOR SALE 


Write Bar G.1872. Financial Timet. 
10. Cannon Street. EC4F 4 BY 


ELECTRICAL 
CONTRACTS WANTED 


Contractors seek small to 
medium size jobs 
Fas ty efficient and competitive 
For prompt quotes 
■ TEL: 01-202 0933 * 


FOR EXPORT 
immediate LC available. 
TOP PRICE PAID 
Write Box G.1871. Financial Dn^ 
10. Cannon Street, EC*P 4BY- . . 


SMALL 

INSTRUMENT 

COMPANY 

has capacity for piece part or 
sub-assembly or complete in. 
scruments. Mechanical / optical, 
mechanical /electrical. 

TEL* MEDWAY 44155 or 4675} 


BRASS FOUNDRY 
WANTED 

A small Brass Foundry required 


A small Brass Foundry required any. 
where in the United Kingdom by 
young wiInimsi wanting co aiaimfic- 
cure quality bra»«nre lor . home iod 
export. 

Ali regfiei treated confident (off y, 
principals only Write Bex 1877, 
Financial Times. 

10. Cannon Street, EC4P 46Y 


w o? M *gn ■ass? -ajrsas rolatruc reach trucks 

niacnines. IS looking tar nnaiKlal commercial Finance H.P. reptasosuom. 
backer, or takeover. U0.0DD Jla. price up io eis.OOO. Bargain E2,oo n 

required,-— Wrlta Bo. GIB 7®. Financial p.—.q-e* 0532 689552. 


Times. 10- Cimwi Stfott. EC4P 4BY- 


h. Tel. Partridges 0332 689553. 


BUSINESSES FOR SALE 


NATIONAL 

FENCING CONTRACTORS 

Established company manufacturing posts, supplying 
and erecting fencing throughout ILK. from 12 depots. 

Turnover £4-5m. 

Good order book. 


Write Box G.1S7S, Financial Times, 
10, Cannon Street, EC4P 4BY. 


GARAGE BUSINESS FOR SALE 

Situated in prime North London suburb with real 
potential for development o! existing workshop 
turnover in this high class area. Quality used car 
sales potential barely tapped. Retail dealership of 
leading manufacturer. Two-pump forecourt. Service 
flats. 

Leasehold interest, fixtures, fittings, stock and good- 
will for sale to suitable principal. 

Quick decision essential. 

Write Box G.1S36, Financial Times, 

10, Cann on Street EC4P 4BY. 


TENT MANUFACTURER 


Well-established, South of England based manufac- 
turer of leisure tentage available for sale. Turnover 
approximately £lm. p.a. 

Replies will be considered only from named princi- 
pals clearly stating the reasons for such an interest. 

Correspondence to the Chairman, Box G.1875, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


SET UP YOUR OWN 
FRENCH TABLE WINE 
COMPANY 

UMIQUE INVESTMENT 
. - OPPORTUNITY 

For £154)00 you Can acquire a well 
esobliihed French Tabla Wins Com- 


pany vrhoM brand- name it already a 
houNhold word. Widely told In wine 


■ahold word. Widely void In wine 
tub form in Supermarkets and 
Licenied Grocers, 'this pack has aim 
an * act ed the mention of Airlines, 
catering • and exporters. 

Wlch successful marketing dUs brand 
name lends inelf admirably to further 
mafkec expansion in standard bottle 
form. (Advice can be giver either al 
to sources capable of supplying such 
wine bottled and labelled in France— 
delivered to U.K: bonded warehouse 
— or should new owners wish to Con- 
ti nuu die 1 Mere plastic wine tub. 
assistance In " beetling ” and 
packaging 1. 

Current owners mutt sell became 
future market growth will necessitate 
further cash flow and production 
problems in a market at variance 
with its traditional products and 
whilst opera tine ” one of bond." 

For further details ol obtaining brand 
name — and/or Company with clean 
b'll of reco’d — o'-oie telephone:— 
041-204 1701 


VILLA FOR SALE 


6 bed roomed, fully lurtntiud. situated 
in small fishing village of 5an Pedro 
Del Pina ear near Alicante. Spain. 
Mature gardens of about 1 acre with 
Bintm. Orange. Lemon- Fig and 
Tangerine item. Date Palms, Grape 
vinos. - Full size Tennis Court. Dance 
Patio, with flarbcqjc and Swimming 
Pool all flood Ml Fu-mshcd office. 
Games Room and Gangs complete 
with 105 ho Ski /boat. Offers invited 
around 13.000.000 pesetas or other 
currency. Tel.’ 060.53.2410. Mr. 
Moore. Church Farm. Homing Road. 
Ho*? ton. Norfolk. 


FOR SALE 
Established Freehold 
CARAVAN SITE 


in the Mallon area, licensed 
for 150 caravans. First class 
amenities including flush 
toilets, showers and wash 
rooms. Ideally situated for 
East Coast resorts and York- 
shire Dales. 

For further particulars: 

Phone Marley 530464. 


CLOTHING FACTORY 
East Central Scotland 
Approx. I0.00Q sq. ft. plus 


business with 35 employees, 
manufacturing corduroy and 
velvet jeans and ladies fashion 
garments. 

Further particulars from: 

PATRICK & JAMES. 
W5^ 50. Melville Street. 
Edinburgh. 031-Z25 6T71. 


CONTROL OF TRAVEL 
AGENCY FOR SALE 
IATA-ABTA 

Thit opportunity could intereit a 
succrasful agency ready to expand in 
Central London, or any large com- 
pany which would! like to capltalne 
on its own extensive travel 
expenditure. 

Write Sox G.fB79, Financial Times, 
10. Cannon Street, EC4P 4SY 


PLANT AND MACHINERY 


“LITTLE TIGER ” 

Portable Welder 


180 amp with Lister diesel engine £825.00 

180 amp with Briggs & Stratton petrol engine £865.00 


4 #. 

300 amp with Lister diesel engine 


Agents in U.K. and abroad required. 

OXFORD DIESELS LIMITED 
Dry Sandford, Abingdon, Oxod. 
Tel: Oxford 730014 Telex: S37604 


£1,634.00 


GENERATORS 


Over 400 sets in stock 
licVA-700kVA 


Buy wifely from the manufacturer! 
with hill ahtr-oln service 


CLARKE GROUP 
01-935 7581/0019 
Telex 897784 


e K ,. UFI TRUCKS— USED MODELS. 
Efcetleii’ 'hoicc ol over IOD irucU. 

Lessing make* finished In nvjnulaClurere 
colours. Diesel, electric or gas operated. 
Stock Ol electric Pallet Trucks. Reach 
trurirs and lowing trucks. Also 30 tons 
cesultv container handler complete with 
xr It.. 30 40 it. hydraulically 

operated spreader: £20.000. List sent 
on request. Trade and export enoulun 
welcomed. Largo reduction on bulk 
purchases. Deliveries arranged anvwher*. 
Birmingham Fork.' Ult Truck Ltd.. Ham! 
Road. Salt lav. Birmingham B a 1DU. 
Tol. TI'-32T 5944 or 021-328 1705. 
Telex: 327052. 



For 

Every Tuesday and Thursday 


[ Rate: £16 per single column centimetre. Minimum 
3 centimetres. For further information contact- 
Francis Phillips. Financial Times, 10 Cannon Street 
EC4P 4BY. Telex.- 885033. ^ 


01-248 4782 & 01-248 5161 


FINANCIAL TIMES 

EUROPES BUSWESS NEWSPAPER 





























W-i, 


rt:»v 


I-' ■. 

Li 





n Wort 1 ' 1 ) H; Rnaneidl Times Thursday May 4 1978 


r 

? Up 



<N; ARTHUR BBMETTASDTHS SCHGETERS 

| Ns S^ 

^ HANDLING 



• COMPUTERS 

National’s mini move 


sL M* , 


■-"2! * 


Mil 


Track with a fifty 
foot stretch 


k..,; 





A NEW remotely ■ controlled it is the lift truck which Is actu- 
ertending drift truck called ally adapted to the site. 

“Saturn 2” which, its moau- Steel loading tilts, ramps and 
fiacturer claims, provides a versa- ®P e P a “T " constructed loading 

docks are not necessary. 'With 

tiWe and cost-effwtuve alternative a© n ew unit the 'lift truck eie- 
t» die special loading docks, vates the load and Saturn car- 
Aoiader trucks, . Tamps and tilts, lies it forward, backward or side* 
widely Used on industry, is being ways — unaided. Conventional 
Introduced by Saturn Materials Attachments make -the handling 
Handling of Londonderry, a new of hazardous chemicals a saFer 
subsidiary of die Northern business and rolled items such 
Ireland Development Agency. ? s can be loaded or un- 

Sotunr Is an hydraulically ' laa ? c « in one swift, efficient 
powered unit wfcach can be fitted ae SP°' .* 
to ell known types of gas, diesel—, , e un,t , can ^ use ^. f Qr 1-3,1 
or electric fork lift trick, it 4T"?¥ hl * refrigerated working and, 
remotely controUcd with a joy- a power pack, for between 
stick by the lift trhck operator {«** lowtaw “ d handJifl S air 

its toad \ 000 OS Kh,s 

S 11 arsst "jss -m* it «TmSs 

weight 


IN A LAUNCH which represents 
a complete departure from earlier 
manufacturing policy. National 
Semiconductor of tiie U.S. yester- 
day announced the development 
of a minicomputer which can be 
used to operate like machines 
from the IBM 370 series of which 
there are many thousands all over 
the world. 

Hitherto, apart from its success- 
ful activities as a major supplier 
of microcircuits for the calculator, 
watch and computer industries. 
National has made a name for it- 
self in the maubtaciure of large 
solid-state memories, It is also the 
builder of central processors sold 
by Itel of the US. to compete 
with top of the range machines 
from IBM. 


System/400 is the. name chosen 
for the mini equipment which. 
National says, solves the “ chronic 
problem " of the lack of mature 
and error-free- software for the 
small computer user. 

And this has been done by 
giving the unit ability to run 
operating and applications soft- 
ware written for IBM machines of 
the 300/370 classes over the past 
15 years, both by IBM and users, 
which is a repertoire valued at 
the staggering figure of S200ba. 

The 400 provides 16 Mbytes of 
memory and has networking and 
peripherals control capabilities. 

National Semiconductor Com- 
puter Product Group (Europe;. 
Sherwood House, 176 Norlholt 
Road, South Harrow HA2 DEB. 


• COMMUNICATION 

Sees change 
in picture 


THERE are many dosed circuit 
television surveillance applica- 
tions where movement within 
the observed picture is only 
likely to occur rather infre- 
quently. usually when trouble is 
in store. 

Grandiff’s video controller 
VC75 can be used in conjunction 
with a normal closed circuit 
camera and monitor to produce 
an alarm condition only when 
picture content changes beyond 
a predetermined amount 

ft compares the content of the 
first complete scan of a compari- 
son cycle with each successive 
scan, that is, at 20 mUlisec in- 
tervals. The cycle can be re- 
peated- at intervals that can be 


set from 40 m.illisecs to 41 
seconds. Furthermore, by using 
a plug-board, specific rectangular 
picture areas can be selected for 
monitoring. 

If the picture variation exceeds 
the pre-set amount an internal 
logic system decides whether an 
alarm condition exists; in such 
a. case it will activate on alarm. 

The equipment is ar a liable in 
the U.K. from J. 0. Grant and 
Taylor, Potters Bar -52323. 


Hooking-up 
quickly 


THE ENTIRE police telephone 
network within the Greater Lon- 
don Area is to be revamped with 
tbe telephone monitoring and 
analysis system developed and 
manufactured by Systems Relia- 
bility of Luton. 


The London Metropolitan 
Police has placed a £30.000 order 
for the system, railed Tel-Tag, 
which involves about 26 major 
exchanges covering some 25.000 
extensions, exchanges and pri- 
vate lines, with the system be- 
ing hooked into each exchange 
for approximately two weeks at 
a time to monitor all activity, 
that js incoming, outoing and in- 
ternal calls. 

The system logs all calls, their 
duration and frequency, time and 
date of calls, digits dialled, and 
cost in Post Office uniis. A com- 
plete breakdown of telephone 
usage, either by extension, de- 
partment or division, is pre- 
sented on a VDU or on a line 
printer. Dr both. 

The initial exorcise, for a year, 
should enable the Metropolitan 
Police progressively to up-date 
each exchange according to Its 
anticipated requirement on an 

ongoing basis. 

More on 05S2 3S581/9. 



GENERATING SETS 

For prime power, * 
standby, and the 
construction industry. 


Data Electric of Great Britain Ltd., 
Electricity Buildings, Filey. 

. York*. VOW 9PJ.UK. , 
Xjat; 0723-51 OWTalox: 52163/ 


O PERIPHERALS 

Miniature 
data tape 
recorder 


• BUILDING 


Automatic 

plastering 

machine 


l‘4-5r« 


■-SS | OR r 


unlock firom the lift truck «3i » L 'ir&"hA l 

^ l" teSS to “500 kil^ 

50 feet from the parent vehicle. Saturn is hydraulics- „ 

a ered and controlled via two um- p , % 

* °* . fo* 1 160 ^ eg - bill cal hoses which are uncoiled 4-f-v** 

,f e , turn - from a self winding reel fitted lOJF 0116 
*6^ tiKwshing itself for a to the lift truck. It has been 
repeat operation. Saturn also tested to 2,500 psi and at ex- 
has its own universal carnage tremely low temperatures. Valves 
plate which enables it to accept fitted are manufactured by Rex 
a varierty of hydraulic and non- Routb, the hydraulic motor is by 
hydraulic fork lift attachments. Carroa. and Sacol steering actua- 
The remotely controlled lift tors are used, 
truck puts into question the Saturn Materials Handling 
accepted and costly practice of Company, Spriugtowu Industrial 
adapting the loading site to suit Estate, Londonderry, Northern 
the fork lift truck. With Saturn Ireland. 0504 68038. 


I . 


Lorry load time cut 


;i! i 


KU'ti HHI 


FIELD TEST operation lasting 
close on a year has led the 
National Coal Board to give its 
approval to the use of an 
advanced hopper outlet metering 
device. 

This is the Locker “Electro** 
discharge gate which can reduce 
lorry loading times by 75 per 
cent, and also ensure that the 
exact amounts are loaded. At 
present vehicles often return to 
loading areas as many as four 
times so as to get the correct 
loads. 

The equipment • has been 
designed to load road or rail 
vehicles very quickly and 
• . accurately to within one per cent 
The unit tested at the Mining 
Research Development Establish- 
ment incorporated a control 

S ane] to compensate for various 
tilk densities and moistures of 
product whilst still retaining high 
accuracy of throughput 
NCB specified that the con- 

trolled system should incorporate 

I a memory circuit so that the load- 

ing sequence could be inter- 
rupted for ease and flexibility of 
sire running. 

After the • interruption it 
resumes the fill and automatic- 
ally shuts off when the desired 
weight is reached. 

The unit is calibrated for each 
installation and. needs only 
occasional checks to make sure 
calibration is constant. 

Approval follows installation of 
flip equipment on a bunker at an 
NCR site. The bunker handles 
doubles (50 mm by 25 mm) and 
singles (25 mm by 12 mm) for 
" discharge inia lorries. Approval 
— is limited to the discharge gate's 
- use on graded products. 

. •• Further details of the equip- 
ment from Locker Industries, 
- pop i«j. Warrington WA1 2SU. 
0925 51212. 


where space or Operating time Is 
restricted. 

The attachment operates auto- 
matically on contact with tbe 
drum and the arms lock securely 
under the rolling hoop without 
pressure being applied to the 
sides of the drum. Ease in fitting 
and removal from the forks 
makes the unit suitable for inter- 
mittent handling. Similar attach- 
ments are available in both fork 
and carriage mounted form for 
double drum handling. 

More on 01-240 2430. 


Pallets and 

containers 

agreement 


A FULLY MOBILE projection 
plastering machine which can be 
used for both internal plastering 
and external rendering has 
reached the UJL, following 11 
years of development in Western 
Germany by Putz-u. Forder- 
technik GmbH of lphofen. 

One of the biggest assets of the 
machine, called the PFT G-4 and 
shown right, is its versatility, 
says the company, in that it can 
be used to apply one-coat internal 
plastering or a sand/cement mix 
for exterior application. Obvious 
savings are on manpower 
because of the speed with which 
the machine can undertake 
application of materials. 

The sole U.K. franchise has 
been negotiated by MH Plant 
Hire who will demonstrate the 
machine on its stand next week 
at the Contractors Mechanical 
Plant Engineers annual exhibi- 
tion at Haydoek Park Racecourse, 
May 10-12 inclusive. 

More from MB's sales office at 
Tr afford House. Chester Road, 
Stretford, Manchester. 



METALWORKING 


Easier to 
control 


CONTROL through a 24-stage 
Sealectro board js one aspect of 
a new model Horsman Cop -15 
auto capstan intended for the 
production of parts from 45mm 
diameter bar to 200mm diameter 
chucking. 

Hydraulic operation is pro- 
vided (or all slides and turret 
movements which operate on an 
automatic working cycle. 

The 250mm stroke turret has 
drip feed lubrication front a 
reservoir for the hardened and 
ground slides. The turret dis- 
tributor operates automatically a 
hydraulic turret clamping 
device and a six-station air- 
operated control for turret 
tooting. 

Horsman Bros. (Machine 
Tools). Ditrons Road. Polegate. 
Sussex BN26 6NE. 03212 5145. 


UNVEILED ai ihe 197S Hannover 
Mcsse by Philips was n 400 gm. 
tape reenrder for data applica- 
tions based on the company’* 
Minicassette already widely used 
in miniature audio rocurders and 
m office computers. 

Mim-DCTt has u front panel 
size of only 95 x 85 rout, with an 
overall depth of 77 nun. yet is 
able to hold 128k byte of data. 
The cassette itself measures only 
46 x 37 x 7.4 nmt. and is loaded 
with tape which is certified for 
freedom from drop-out. 

Model 210 is a read-only system 
intended for program loading 
applications, while the 220 can 
record and play back and will ba 
used for loading, memory back- 
up and data capture work, The 
units use .serial recording and 
offer a data transfer rate of 6.QQQ 
bils/scc. 

The company .says ihat com- 
pared with tts established line of 
full-sized digital cassette 
machines, the new products offer 
an SO per cent, reduction in sue. 
and a simitar reductuin in cost. 
But reliability remains Jngb; the 
Irrecoverable error rate is less* 
than one bit in n billion, mean- 
lime between failures is 5,000, 
and ttie nie.tu time to make a 
repair is under 30 minutes. Mora 
from r*.0. Box 523. Eindhoven* 
Holland. 


• TRANSPORT 

Electric vehicles venue 


PROCESSING 


• MAINTENANCE 


Mixes with no moving parts 


■i: 




Following discussions between 
Synfina and Bowater Containers, 
a new licensing agreement has 
been agreed which gives Bowater 
exclusive production and market- 
ing rights for the Interpol range 
of pallets and containers in the 
U.K. ■ 

The pallets t consist oF hollow 
plastic “flower - pot feet locked 
Into a twin wall corrugated fibre- 
board deck. They are stable and 
can be stacked, in about one-ninth 
of the spacer-heeded for conven- 
tional pallets, says the maker. 

More from Bo wafer’s at 
Gunnels "Wood Road. Stevenage. 
Herts., SGI 2BH (0438 3300). 


Robust sack 
holder 


Easier drum 



MECHANICAL drum handling 
. attachments, available for either 
- fork or carriage mounting, are 
' now available through Hercules 
Hydraulic, lift truck attachment 
manufacturer, which is to be sole 
UK. distributor of Vert-o-matic 
drum handlers under an agree- 
ment with the manufacturer. 
Little Giant Products Inc. 

Promising ease and speed of 
fitting to any type of tifi truck 
/nr handling 25 'gallon and 45 
pa tlon rapacity, drums the unit 
i>« simplv clamped on to the forks 
and with the additional reach 
pn<jfihte. drums can be loaded or 
unloaded from one side «r a 
vehicle, an important aspect 


AN EXTENSION to the Uniconi 
range of waU-mounted and static 
or mobile free-standing units 
manufactured by John Henning 
(Engineering) is a totally- 
enclosed. fire retardant holder 
for disposable refuse sacks. 

Offered as waU-mounted units, 
or as static or mobile free- 
standing models, they are avail- 
able in three sizes — 25 inches 
high by 10 inches wide and 10 
inches deep: 31 Inches by 17 
inches by 13 inches, and 36 
inches by 20 inches by 14 inches 
'—for both plastic and paper 
sacks of L 2 1/3} or 4/4$ cubic 
feet capacity respectively. 

Constructed in best quality 
mild steel, the sack holders have 
a bacteria and acid-resistant 
white epoxy resin finish as 
standard, with hot-dipped ealvan-' 
ised finish available for extenor 


PULSATING mixing reactor 
(PMR) now available from 
Preraatecbnik -(U.K.), mixes 
solids, liquids 'and even gases in 
any combination. It has no mov- 
ing parts, requires no power 
supply, and is as easily Installed 
as normal pipework, the 
developer says. 

^Applications for - which the 
paiR is suitable vary widely 
throughout the chemical, petro- 
chemicals, paper, cosmetic, 
pharmaceuticals and food indus- 
tries; in fact almost any mixing 

roblem can be solved by its use. 

t is ideal for blending and 
reacting similar or dissimilar 
phases, heating and. cooling (by 
mixing, materials at different 
temperatures) and for emulsi- 
fying and homogenisation. 

Basically a piece of pipework 
tbe ends of which can be 
flanged welded, or threaded for 
connection to adjacent pipework, 
tbe mixer contains dividing 
tubes or dividing elements half 
the tfiame ter of the larger tubes, 
welded to the inside walls so 
that tbe dividing elements cross 
the bore of. the mixer housing. 

The second dividing element 


fi 


is welded in this way. hut dis- 
placed by an angle of 135°, rela- 
tive to the first divider. This 
135° displacement is a feature 
of the patent which protects the 
PMR. A third dividing element 
displaced 135 1 * to the second; 
dividing element is -welded 
adjacent to this one and so on. 

This design and the orientation 
of Ihe dividing elements creates 
a helical movement with regular 
division and remixing. As the 
fluid moves from one dividing 
element to the next, minor pres- 
sure variations are created 
causing slight pulsations which 
assist mixing. 

The mathematical basis of the 
principle is quite eas»ly derived 
and reveals a high efficiency of 
mixing even after only one series 
of three dividing elements. Sub- 
sequent dividing elements in- 
crease this efficiency still further. 

The PMR works equally well 
at high or low flow rates and 
creates only a small loss of 
pressure, even with fluids of high 
viscosity. It is easily installed, 
has no moving parts and, when 
used as a beat transfer tube, tbe 
heat transfer co-efficient between 
the material and the pipewall 
is as much as .500 per cent 


higher than by using a tube with 
out the dividers, an improve- 
ment caused solely by tur- 
bulence. 

The mixer can be manufac- 
tured in an y sire greater than 
about 1 inch diameter with no 
upper limit Materials of con- 
structions are selected according 
to. the duty intended, models in 
carbon steel, stainless steel, ptfe 
and polypropylene are included 
in the manufacturing pro- 
gramme as are steel units coated 
with ptfe or polypropylene. 

A special design. Model D, is 
available for handling dry fluids 
or pneumatically, conveyed solids 
which are able to trickle, such as 
flour, cement and most . fine 
powders. In these designs the 
dividing tubes are not connected 
directly to the main pipe but are 
suported a short distance awa^t 
from it This design facilitates 
mixing and prevents build up of 
the panicles. It is also an 
advantage when fibrai/s 
materials and liquids contain- 
ing fibres are being processed 
because it permits easy cleaning 
by 'a back flushing technique. 

Prematechnik (U.K.), 73. 

Rochester Row. London, SW1P 
ILQ. 01 834 6013. 


Throw-away 

wipers 


A PAPER LAMINATED scrim 
said to be inert and thus 
unaffected by solvents and simi- 
lar solutions which often cause 
the disintegration of many man- 
made alternatives, is introduced 
for craning purposes in indus- 
trial premises, by Hygiene 
Tissues. 

The 4-ply industrial wiper Is 
capable of absorbing up to seven 
times its own weight and is 
available in standard size 13- 
inch by 15-inch per 5kg. box 
of approximately 450. 

Called Plus 7, the wipers are 
sufficiently inexpensive to he dis- 
posable. hut they can also be 
dried and re-used, and are a 
viable alternative to cleaning 
rags which can cost up to £500 
per ton and apart from their 
lint level, can often be of 
.unreliable quality and frequently 
unsuitable for industrial cleaning 
operations. 

Also available is a "crumpled 
pack** grade of wipers, size 20- 
inch by ll-inch, with approxi- 
mately 650 to 700 to the box. 

Samples, etc., from Pakseal 
House. Cordwallis Estate. 
Maidenhead. Berks. (Maidenhead 
26381). 


SECOND international confer- 
ence of the Electric Vehicle 
Development Group is to be held 
in Sheffield on May 23 and 24 at 
Tbe Cutters' Hull. 

It is entitled “The economic 
use of electric road vehicles in 
a changing environment" and 
will include papers from the 
Departments of Energy of the 
U.K. and the U.S. There will 
also be several first reports on 
electric vehicle test programmes, 
together with the results «f 
research on the economics of 
such vehicles. 


The meeting is part of a pro- 
gramme which will incouruge— 
as recommended by the Advisory 
Cnunril on Energy Conservation 
— an alternative system of trans- 
port for about half of read 
transport during the pnst-oil era. 
when it is estimated that eioctne 
vehicles will require loss 
primary' energy than internal 
combustion engine vehicles 
using liquid fuels arrived from 
coal. 

More about the Group and the 
conference from 59 Colebrooka 
Row, London NI SAF (01-359 
7352.1. 


RESEARCH 


Fast cover on specimen 


BEFORE a specimen can be 
examined under the microscope 
it is normally mounted on a 
glass slide and secured with a 
coverslip of glass held in place 
by a mount an L 

This process, familiar enough 
to many kinds of laboratory 
worker, can become time- 
consuming and tedious when 
large numbers are involved; to 
bring the process under the con- 
trol of a machine. Shandon 
Southern has used a micropro- 
cessor. 

The chip is programmed to 


perform ail the necessary func- 
tions of coverslipping a batch 
of standard glass slides auto- 
matically. The machine, called 
Autoslip, accepts up to 42 slides 
at u time in a clip, coverstips 
and polystyrene-based moum.in*. 
A few button depressions are 
then ail that is needed to make 
the unit cover up to 150 slides 
per hour. Use of the processor 
enables safety checks to he built 
into the sequence lo ensure that 
each stage ig properly completed 
before the next starts. 

More from the company on 
09SS5 66611. 


• AUTOMATION 

Furnaces 
controlled 
by GEC 


PACKAGING 


Speedier 

sealing 


0 INSTRUMENTS 

Finds cable defects 


use. 


More from the company at 
Unicorn Works, Waringslnwn, 
Craig&von BT66 7IJB, Northern 
Ireland (0762 S8 346). 



- -a ist* 


i-. 


M. 


Itoyou use components? 

Lesney components would improve 
your cost-eHectivene&s. 

They are astonishingly accurate. Ready 
to use. Always on time. And either diecast in 
zinc alloy or plastic moulded to any finish 
including metallised. sprayed or hot toiled. 

Ford. Hoover. Stanley, Kenwood and 
General Motors use them. 

Lesney will stockpile in their own 

warehouses and deliver by their own 

transport. They have multi-million capital 
behind them-Their technical knowledge is 
legendary. Their techniques are envied. 

And they don 't let people dowa 

Ron Perryman. Managing Director, 

could give vou many more reason^ for 

putting Lesney s good name behind your 
good name. 

Cali him. 01-985 5533. 

LESNEY industries limited . 

Lee Conservancy Road. Hackney, 

w London, E95PA.Teiex 897319. 
Whysuchasmallad? • 

"When you're very good you needn't shout. 



electrical wire&cabte? 


.KO MINIMUM 
LENGTH 


•ho minimum ABJUI t Fbi 

lONDON01S&af^ 7 Am 

®f*rSS2w5 

3S»g«®ss.- 


STEIN SURFACE. France, has 
ordered from GEC computer sys- 
tems and programmable logic 
controllers (PLC) for four re- 
heat furnaces for Companhia 
Siderugica Naclnnal (CSN), 
Volta Redonda, Brazil as part 
of a £10m- project. 

It is believed that this is the 
first time computers have been 
used to control this type of fur- 
nace. Equipment worth £!m. sup- 
plied will be a Uuni GEC2050 
computer using a standard Con- 
rad software package for pro- 
cess control and interfaced to the 
plant via GEC March 4 industrial 
computer input/output equip- 
ment. It will provide direct 
digital control of over 100 loops 
of temperatures and pressures 
of four walking beam furnaces, 
and the associated recuperator 
equipment. 

Communication between the 
process operator and the control 
svsiem will be through a single 
visual display unii and keyboard. 
This will allow Die operator to 
call up a variety of reports show- 
ing a wide range of information 
covering individual furnaces or 
sections of plant, discrete control 
loops, and groups of inputs and 
outputs. ... 

Although the system will oper- 
ate automatically under computer 
control, manual back-up will be 
provided on critical loops by 
GEOEWott Automation SA, 
France, using conventional elec- 
tronic analogue instrumentation. 

Each of the four furnaces vnU 
be equipped with a PLC which 
will be programmed by the mam 
contractor’s engineers (Stein Sur- 
face) to control the critical time 
sequencing and interlocking 
functions associated with the 
furnace operation- 

Eaeb PLC has a PROM store 
of 3000 16-bit words and March 
4 input/output modules with a 
capacity in excess of 250 digital 
inputs and 150 digital outputs. 

More from GEOEIlwtt Process 
Automation on 0533 871 331. 


DESIGNED to make the sealing 
operation faster and more effi- 
cient in the packing room, up to 
40 packs In sizes flOram. to 
500mm. high. 110mm. to "SOOmm. 
wide and from 150mm. upwards 
In length, can 'be automatically 
sealed in one minute by un- 
skilled labour, claims P. P. Payne 
in launching a machine called 
the Haydn. 

The semi-automatic machine, 
especially geared to high volume 
throughputs of packed goods, is 
said to have the advantages of 
top and bottom sealing tech- 
niques. easy adjustability to most 
pack sizes, and economy or space 
— it . should fit compactly Into 
th« smallest packing room area: 

More From P. P. Payne's Strap- 
ping Division, Haydn Road, 
Nottingham, 0602 .607221. 


DEVELOPED by Biccotest is an 
equipment intended specifically 
for the location of faults on high 
voltage rabies and networks. 

Us particular merit Is that i» 
does not require any pre-condi- 
tioning of. the fault (converting 
it to a standard detectable type 
by burning-inl. 

The equipment, designated 
T226. Is need Id conjunction with 
the company's surge generator 
T210, and It can operate in 
either the low or high voltaee 
mode. 

in the former case it performs 
as a norma) pulse echo sot. 
using low voltage pulses gene- 
rated within tbe instrument to 
locate, by voltage pulse reflec- 
tion, open and short circuit and 
low resistance faults. When the 
surge generator is used the 
returned current pulse is 
detected by the T22B; In this 
case fhe surge voltage incident 
on the fault momentarily breaks 


it down, producing a discon- 
tinuity for a very short period 
and a returned current pulse 
which provides accurate data. 

The siqnalt; are 

stored in ihe instrument's 
memory and can then be con- 
tinuously displayed on the 
cathode ray tube unit mounted 
a hove the generator. Faul t posi- 
tions are measured using 3 
“ bright-up " facility to intensify 
the trace between any two 
points of interest; the length of 
the bright portion is at the same 
time shown on a separate digital 
disniay in microseconds. 

The instrument has five range 
settings up to 500 microseconds, 
equivalent to a maximum length 
Of 40 km of power cable. It Is 
equipped with outputs to permit 
chart of magnetic tape recording. 

More about ihe unit, which 
measures 132 x 425 x 500 mm 
and weighs 15 kg. from Delamare 
Road, Cheshunt. Herts.. EN8 
9TG (Wattham Cross 290111. 



RIVETING 


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60 Tbp Companies hove now Installed FASCIA 


Although inflation accounting has brought FASCIA to the 
business world's attention, it is primarily as an accounting 
workhorse that it has been installed by some 
60 major companies - 20 of them m ihe top 100 
? ("The Tiroes' 1000 largest UK companies- 1977). 

FASCIA-Fixed Asset System lor Control 
information & Accounting, is a package specifically 
developed by R.T2. Computer Services to cope 

with all the major aspects of recording and 
accounting for fixed assets, including 
the latest accounting guidelines. 


Apart from inflation accounting, FASCIA'S applications 
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Established for three years, FASCIA is being called on 
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For further information please contact 
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'■■■ / 


Financial Times Thursday May 4 1978 


: 



Colonial man 


BY C. P. SNOW 


tugal wasn’t much mom than a country, and is now told with 


RM Gold: The Conquest of the million. Their expeditions were expert knowledge by Dr. John 
Brazilian Indians by John tiny. But they were remarkably Hemming, who is the Director 
Hemming. Macmillan. £9.95, tough, good seamen, distinctly and Secretary of the Royal Geo- 
;o76 pages . ferocious, and fond of gold. There graphical Society. Hemming 

were a lot of Indians in what we made a reputation with his first 


A Shaft or Sunlight by Philip now call Brazil.: That did not iu- book. The Conquest of the Incas. 

■ Mason. Andre Deutsch. £6.50. hibit the Portuguese. By the 18th The Brazilian Indians were not 

240 pages century they were in complete as interesting as the Incas, but 

■. ■’T control, and there were many Hemmlng's historical accuracy 

; A shipload of Portuguese fewer Indians. and his first-hand relish for the 

arrived, by accident, on the coast It is a classical example of physical world of Latin America 


of Brazil in the year 1500. At that primitive colonisation. The story have produced another book of 
taoe, the total population of Pot* is very little known in this the same high quality. 

At the first impact with people 


BOOKS OF THE MOUTH- 


■ Announcements below are prepaid advertisements. If you 
. require entry m the forthcoming panels application should 
-•be mode to the Advertisement Department. Bracfeen House, 
r 10 Cannon Street, EC4P 4BY. Telephone 01-248 8000. Ext. 7084. 


A Dictionary of Common 

Fallacies 

Philip Ward . 

“ One of die most entertaining 
reference books ever written " 
— Daily Telegraph. Explores 
the popular errors that have 
bedevilled the course of intel- 
lectual progress from the 
Dawn of Man to the present 
day. 

The Oleander Press of 
Cambridge 


£6.95 


the 

the 


The German Left 
Since 1945 
William D. Graf 

A detailed study of 
socialist apposition in 
Federal Republic of Germany 
in recent years, with useful 
pointers to an understanding 
of capitalism and of political 
change there. 

The Oleander Press of 
Cambridge 

Caved £8.PS Limp £4 j0 


Commentnrv on the 
Finance Bill 1978 
Edward 12. Rav and 
David J. Ward 

This Commentary, from the 
Accountants Digest series, 
provides a useful basis for 
business and personal finan- 
cial pi an n ins. It will he 
followed in early September 
by a Commentary on the 
Finance Act. 

Publication 25th May 
. 1IFL £3 approx. 


World Cars 1978 

The “Jane's Fighting Ships” 
of motor cars with 1,100 
superb photographs (some 
colour) and detailed specifica- 
tions on Die 1.000 latest 
models From 35 countries. 
Also includes electrics, 
diesels, coschbuilders. manu- 
facturers and industry trends 
worldwide. 44n pages. 91 in. 
\- 11 in., handsomely bound. 
Herald Books £12.95 


■An Audit Annmach to 
Toni outer*;: A New 
Practice Manual 
Brian Jenkins and 
Tony Pinkney 
A new edition, enlarged, re- 
written and revised as regards 
advanced systems of process- 
ing and audit techniques. An 
Indifniwibl" hand honk for 
nractisinc accountants, inter- 
nal auditors, managers, and 
tutors cnncorneil with the 
ie7c>i*n" nr computer or audit 
personnel. 

The Institute of Chartered 
AiTnunlauts in England and 
Wales 


Due Cur publication in May 

£11.95 


The Use nf Computers 
and O-wiwter Bureaux 
in Practising 
Accountants* Offices 

Prepared by the Sheffield and 
i>i.<;ruM Society of Chartered 
Accountants. the hunk let 
describes some 30 applications 
which may be useful to 
:>rfn>inv«ncy practices and for 
which on 'grain v arc entnmer- 

ei.illv ,i\:i liable. 

Tlic lii'iiliite nf Chartered 
Vi-muntunts in England and 
Waie> £2.50 


CJiurPies and Voluntary 
Or«:m iss i i <ms : G u ida ticc 
Voles oil Financial 
Planning and Control 
Michael Sams FCA 
A?.IBIM M Inst AM 

A jseric.N nf four hunk Jets on 
the function, preparation and 
use of budgets, which together 
provide a simple guide to 
financial management. budcei- 
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affair® of cheritios acid volun- 
tary organisations. 

The Jnstiluie of Chartered 
Accountants in England and 
Wales £2 (the set of 4) 


Guide to the 1977 

Counter-Inflation 

Legislation 

C. C. Conran FCA 


A basir I'lilliiie in simple form 

in explain the principles 

involved. 

The Institute of Chartered 
A cc mm tan I s in England and 
Wales £1.95 


Textile Terms and 
Definitions 
Seventh Edition 
A fully illustrated glossary of 


textile terminology that is Hie 
acwpwd international author- 
ity: I fi'JS definitions. 200 illus- 
trations. An essential desk 
hrmk for ail involved with tex- 
tiles and the textile industry. 
Including the retail trade. 

The Textile Instil utc, 
Manchester 

ISBN 0 900739 17 7 £7.00 


Tripartite Declaration of 
Principles concerning 
Multinational 
Enterprises and Social 
Policy. International 
Labour Organisation 

The Declaration results from 
research and extensive con- 
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as employment, vocational 
training, conditions of work 
and life, and industrial rela- 
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prises. 

ISBN 92-2-101896-2 £0.80 

International Labour Office 


Changes in the structure 
of employment with 
economic development 
A. S. Oberai 


Describes comprehensively 
the nature and determinants 
c>f structural employment 
chances that occur in the 
course of economic develop- 
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suggests avenues for further 
research. 

ISBN 92-2-1019264 £1.65 

International Labour Office 


Appropriate technology 
for employment creation 
in the food processing 
and drink industries of 
developing countries 
Discusses appropriate tech- 
nology for natural food 
resources in developing coun- 
tries wirh a view to generating 
employment in the provision 
of sufficient foods to ensure 
satisfactory levels of nutrition 
for all. 

ISBN 92-2-101880-6 £3.35 

International Labour Office 


Safe design and use of 

chain saws 

An ILO Code of Practice 


In an attempt to decrease 
occupational forestry injuries 
and diseases this pioneering 
work offers guidance for those 
concerned with design of 
chain saws and framing pro- 
visions for their safe use. 
ISBN 92-2-101927-6 £3-35 

International Labour Office 


Butterworths Budget 


Tax Tables 1978 
Ed. Leslie Livens 


These useful tables are now 
available. They are printed on 
stiff card and contain the 
Budget proposals in detail 
under distinctive headings and 
prnvide a convenient and dur- 
able form of reference. 
Bullerworths 
Limp 0 406 50813 5 

£1.25 net (U.&S&3D) 


Geugh: Company 
Charges 


William James Gough 

The principal aim of this book 
is to explain the law relating 
tn security contracts and 
security assignments entered 
into or given by companies, 
using general principles Case 
law and forms arc given. 
Rultenvurllis 
Casebound U 406 21204 X 

£25.00 net ( U-S.S50.00) 


Hay Ion and Tilcy: 
Capital Transfer ’Tax 
D. J. Haytnn and 
John Ti lev 


This second edition is sub- 
stantially a new work. It 
expounds and comments on 
the law. using worked 
examples wher e ap propriate. 
It deals with CTT planning, 
particularly in relation to 
settlements and close com- 
panies. 

Butterworths 
Casebound 0 406 66512 5 

£14.90 net ( U Js.S30.00 ) 


Rowland's Guide to 
the Taxes Acts and CTT 
N. A. Eastaway 
A companion volume to 
Butterworths Orange and 
Yellow- Tax Handbooks, it 
gives a practical explanation 
of the detailed legislation in 
straightforward language, 
with references to relevant 
case law. and points out the 
practical danger areas. 

Bui terworl hs 
Limp 0 406 55910 5 

£8.30 net (U.S.S17.00) 
A Guide to Sources of 
Information in the 
Textile Industry 
Second Edition 

Worldwide iu scope covering 
all processes and activities that 
contribute to the manufacture, 
use. and sale of textiles. In- 
cludes textile organisations 
activities, type, services avail- 
able), periodicals, directories, 
books, patents, standards, and 
sources of statistical data. 

The Textile Institute, 
Manchester 

ISBN I) 900739 06 1 £4.75 



Mr. and Mrs. Mason looking to the future-in the last days of the Raj — on* of the Illustrations to Philip 

Mason's new book of memoirs 


they know nothing of, the impres- 
sions of the Portuguese were 
very like those of the English in 
the Pacific. They were delighted 
by the Indians* innocence. They 
wore no clothes. Shocking, no 
doubt, but not without attraction, 
particularly as the coast Indians 
were unusually good-looking. 

They washed, which was' also 
unfamiliar to 16tb century Euro- 
peans. They didn’t care about 
material possessions and happily 

gave away anything they had. . , J1 

They gave away their women,- of the settlers. The settlers peans, and only a residue anything of a profit out of India, 
with the same hospitality. Very wanted to turn the Indians into survived. Africans were much it would be valuable to see an 
nice. The concept of Utopian, slaves. One trouble was that the more resilient: which is why .approximate balance-sheet . of 
savages didn’t start -with Jean- Indians weren’t used to work, they were taken to America to losses and gains between Britain 
Jacques Rousseau. Here were oud wouldn’t do any. Another replace as slaves the useless and India this century. Certainly, 
very noble savages indeed. trouble' was that they bad no Indians. Hemming doesn’t and here Indians themselves are 
Alas, original sin intruded. The Immunity to European diseases prettify what happened. He has the first to say it, men like PhHip 
first settlers weren't slow to dis- an ^ perished. enough long-range perspective Mason spent all fee energies they 

cover that fee Indians, so Somehow, as elsewhere in the though, to remember, feat whole possessed in India, got nothing 
amiable in manners, had certain world, contact wife a more races have effectively dis- for it. and their abilities were 
weaknesses. They had a predi- organised and aggressive culture appeared many times in human lost to this country, 
lection for fighting complicated seemed to deprive them of the history. Mason is inclined to believe 

tribal wars. The main purpose of will to live. .It is estimated feat Philip Mason, in A Shaft of that he was typical of British 

these wars was to take prisoners there were something like 2ra. Sunlight, as usual makes one feel administrators. That would bo 

and, after suitable ceremonies, Indians in Brazil when the slightly more encouraged about flattering ourselves too much. It 

eat them. Portuguese first appeared. To-day our human possibilities. The j S easy to accept feat some were 

The Portuguese didn't much there are supposed to be not book is a kind of informal auto- as conscientious as he was, or 
approve. The priests, and in more than 100,000 — though of biography, the expression of a that quite a few were as efficient, 
particular the Jesuits, who course, there must be plenty of man who is sweet-03 tu red wife- it us impossible to accept, for me 
rapidly took charge of the Brazilians who carry some out being soft-headed. When be at least, that many were as iraagi- 
colonial mission, didn't approve Indian genes. . comes to his days »Q India, the native or had so fine a spirit, 

at all. According to their lights. It isn’t a pretty story. All over final period of the Raj, he gives Men like that just don’t come very 
the Jesuits tried to convert, the American continent the the picture of colonialism at its often. Which is a reason for our 
educate, civilise, and save the Indians put up no resistance, most responsible. By feat time, being grateful for this new book 
Indians from fee crudest rapacity pbysical or moral, to the Euro- fee English bad ceased to make of h is. 


Minor gentry 


BY ISABEL QUIGLY 


andeur and despair. EUfc 


Sillun seems to me to dei 

Blood Relations by EiUs Dillon. stron g] y 3 nd fairly and pas- 
Hodder and Stougmoo, £4.w>- s j ona j e iy with fee difficult often 
495 pages sneeringly described concept of 

ancestral memory, the sense of 


■ , p fee past weighing on the present. 

The Immigrants by Howard * a«- ^ deprivation 0 f parent 
Hodder and Stoughton, «.w». g ran< jparents. ancestors for cen- 
389 pages turies multiplying the present 

' wrongs, directly affecting the 

present-day status, the whole life, 
Two long novels that are tech- 0 j fe e j r descendants, (Keep 


ideally similar, both family people down long enough, and 
chronicles, both involving plenty w hat do they become ?> It’s an 
of people in external as well as impressive novel, shrewd as well 
personal events; but. very dif- as passionate; good with evil and 
ferent from each other an quality, lovelessness. with detail in close- 
KinnA Relations is set in «P tired piece of linoleum 
JSJSfilM and 1924. g»t hears all the rotten fa miiv 

TSJSSP an? tSSJT& n or wjf 

house falling about their. ears. er n c “, ts ‘ hardcr 


fiction than "his knftli." 
his wife, though no one snows « . . „ orcrt „oi n nH ihe minis..- 


&• khTriS? takes Sir TOleen of P ersonal antl ,he P“ bl * 

S nn BP&auSSrt aril ttS way of making the charac 
^ S «hMld hive been a tors individual yet giving them 
fi" J" “j£n 5J wLn-t. not some kind of emblematic mean- 
cabled Jack just fee same. Aunt log- sojne P ,ace in 1 ? estiny 

.Jack had a baby years ago when « ^ ? a own "dStiniex 
she was a governess near Dublin. as “ uesnnies, 

though nobody knows butter I™ doesn't man- 

it at all. It too spans a 


brother. So, each has a hold on 
the other and the house is full 


Mind of Biko 


BY BRIDGET BLOOM 


Prevented from organising a 


Biko by Donald Woods. Padding- political party to achieve their 
[ion Press. £5.95. 288 pages aims. Biko and his young 
.... colleagues (Biko was only 30 


What I mean can perhaps be Jf^en he died) developed the 
illustrated by the struggle for black consciousness movement as 
civil rights by American blacks *? antidote to the conditioning of 
in fee fifties and sixties. They black s by fee whole apartheid 
demanded fee implementation of system. It was— and is, for others 
fee existing constitution. We ^ still left— an effort to rid 
demand a new' constitution. Such blacks of their feelings of social 
a constitution cannot be imposed aQ d cultural as well as political, 
upon blacks by whites. It must inferiority to whites. As Biko 
be the result of mutual exchange, conceived it, the movement did 
It must stipulate the role of all not imply racism in reverse — - 
Sou'h African citizens, including though Woods records that the 
the white man, after transition, two men, on their first meeting. 
White participation is imperative bad long arguments on this 
. . . An economic upheaval must score. 

be avoided.” There can be little doubt that 

These are the words of Steve tbe movement is and bas been 
Biko, the young South African important — though Biko did not 
black who died in police custodv condone the violence of fee 
in South Africa last September. Soweto uprisings of 1976. the 
Biko was fee leader or the black students who demonstrated un- 
consciousness movement, and as armed in the face of armed South 
such was held a dangerous African police showed a spirit 
revolutionary by fee South Afri- quite new la fee overall South 
can Government But as those African scene .and despite fee 
words indicate, and certainly bannings and detentions which 
as Donald Woods portrays him. followed fee South African 



of seerms tensions, overtopping time in a place where personal 
hlvSE? and betravils Of the and Public life are closely 
daughters. Molly won't knuckle Intertwined: San Francisco after 


under; te Cath«iQe. needing some- the an , 1 hr J“ 8 5 0 

one to love, fastens on to the first world war anrl up to the 
appallins father who rejects her slump. But for all the 
and determines to win him over, tion between , |*.RT[ v * te *"'{ {J 3 

The atmosphere is densely dread- p M Wl * 2 lfe 1 mi *> ht a ®. be 

i , H about Savonarola or the Incas 

.. . j or the Great Boer Trek (Howard 

Then Molly becomes engaged indeed written 35 books 

to a local boy. briefly approved 0Q su tjjects as varied— Moses 
by her lather for being a gentle- anf j Sparr.icus and Asrippa, 
man, a cut above them, in lacr, 'r or q uema< ia and Tom Paine and 
approval quickly withdrawn modern times). In this. Dan is 
when he joins the Easter Rtsm^ son Q f p r3 nco-lfalian immi- 
and dies in prison The story grants who climbs from a hark- 
covers fee next eight years, the grount j 0 f near-st a rvat inn tn un- 
terroTs, killings. occasional j ma g' ma ble riches and success, 

glories. Henry turns spy f and jbe cold beauty from ihp 

bolts; Molly marries, bears t l0; . al f ani u v and lives miser- 
chfldren. becomes a figure or abIy ever af | et . ; till he crashes 
strength. even grandeur; and ocs hack to where he 
Catherine diminishes and dies, began as an honest firtierman. 
Aunt Jack at last acknowledges an( j man-ics the Chinese girl 
her child. he's always loved. Nothing wrong 

• Over it all is the country w ife the 'pint (plots are neutral: 
occupied; violence, carnage. Anna K'ureninu's isn’t unlike 
heroispi. comradeship at the East Lynne's). 
most basic levels; the sense of Nothing exactly wrong (medm- 
selflessness in a cause, of pas- crity by definition standing mid- 
sionate commitment and of the way between right and wrong ) 
way such a cause becomes a with its stupefying mediocrity, 
talisman that shows up the either: in fact, if you Mirvlv* 
quality of the people involved, the stupefaction you may find 
Tbe jacket shows an eloquent it warm-hearted, wn IJjjJj 
painting by Jack Yeats of women quite readable tf you ve nottare 
waiting outside a prison, with else to do and. like so m . 
men at tiny windows far away. lls - a re besotted with ihi i f» 


calling to one another across a word; amt certain!) a lot belter 


great public space. That ~eetns than its terrible jacket might 
to sum up the novel’s quality of lead you tn expect. 


U.K. ECONOMIC INDICATORS 


Stevt Biko,- justice for all. 


he was a revolutionary only in clampdown, that spirit, and fee the express train of black anger.” men were able to develop their 
ght an end young leadership which It threw Many will disagree with TVoods friendship . despite - fee ''forbid- 


the sense that he soug 
to white minority rule and up. is far from dead 
privilege and justice for all South it has however 


forbid 
confines', of 


political conclusions: sanctions, ding. warpifig 

jsdsjessjs: be s.ft.K vtse apartheii \f ey M auth in t 

0r D ™Iw Woods, who was editor ZT W h SSSE’.Ef oT^y lSponanee! 

of one of South Africs's most Slid* Wood^ TvJZVy oo^dfas^t their deep paWodsm. Woods, the 

critical white-owned newspapers V /amed feat unless the *ufeori- £SaJ5/ ^vS“ raaS theS older ' ■ “J. m “f, conventional 
until he was banned by the ties talked to fee new (and older SSSeSiise He did not alwIS W9ys Qf ,b S WOr J 
government last October and fled imprisoned) black leaders, black thS indPpd dStv 7 veS «*P® r fe“e? d of the two. 

to exile in December. sees Biko protest would quickly become 13£ 

as a direct descendant or tbe "faceless and more dangerous. I 
earlier black African nationalists this context. Woods sees Biko' 

— men like Albert Luthuli, death (at the hands, be believes, fnr r — - ----- — 

Nelson Mandela and Robert of one of three South African personally, the tunnn 0 mu ju-nicial South Africa, as 

Sobukwe- Biko's aim was no police officers, though really at Woods a ad .many others who met 

different from theirs, though his fee hands of the system as a His hook is a moving and often him beliive. will never be known, 
methods, given the increasing whole! as the turning-point passionate indictment of But their friendship, and Biko’s 
sophistication of apartheid in the *’ The express train of white aparthejd. But : its. most moving death, are symbolic a L once of. the 
last 20 years, were somewhat racism is now rushing at full aspect lies perhaps in fee story hope and of tbe tragedy x»f South 
different. speed on a collision course wife of how two decent, intelligent Africa. 


Evil doctor’s diary 


BY GEORGE MALCOLM THOMSON 


The Goebbuis Diary: The Last 
Days, edited and introduced by 
Hugh Trevor-Roper. Seeker and 
Warburg. £7.50, 36S pages 


The last days of the Hitler era 
are rather like “The Twilight of 
the Gods” played by a cast of 
pygmies. The event is horrific: 
the characters puny; their 
thoughts beneath contempt. Even 
death, which was coming closer 
(o them every day. could not 
invest them with dignity. Except 
maybe for Dr. Goehbels? 

He was one of the nastiest of 
them all: sadistic, vindjcthe. a 
one-man factory of lies: in one 
respect more evil thao the others 
because, being literate and 
intelligent, be bad better reason 
than they to know fee wrong he 
was doing. 

On the other hand, a mao of 
courage, who visited the bombed 
cities which the Demon King 
himself was frigbtened to do and 
who. at the end. shared his 
master’s fate in the bunker in 
Berlin. In his own way, the 
Doctor went down fighting. 

His diary, which covers two 
Spring months of 1945. takes us 
to within three weeks of Hitler's 
suicide and his own. By feat 
time the final dregs of Illusion 
were draining away, but the 
hatred remained, the flair, the 
longing to destroy — as if there 
was not enoush being destroyed 
in the German cities that were 


burning all around him ! — fee re- 
jection of civilised values, and 
fee devotion tu Hitler. 

• There is a mystery here. For, 
as Trevor-Roper points out. 
Goebbeis had first wanted to 
drive Hitler our nf the Nazi 
movement as a pel fy bourgeois. 
Then he had met Hitler and had 
succumbed to his hypnotic 
power. Why? How? One can 
explain it as the conversion of 
a clever man hv one who was 
less clever but had an irresistible 
personality. 

Bur perhaps there was some- 
thing more. Perhaps fee cleverer 
man of the two. the one who 
surrendered, did so because with 
a flash of insight he discerned 
that, together. They coaid accom- 
plish what, separately, was be- 
yond them: that they were the 
necessary hellish twins of fee 
revolution? For it was through 
the collaboration of these two, 
so different, so alike, feat the 
Nazi party came tu power, based 
on trickery, brutality and cyni- 
cism. 

This diary tells the story when 
the story is over. The fantasy 
bas vanished, fee basic emptiness 
remains: Tbe reaction of fee two 
to this situation is different: 
Hitler i s unable to face the 
catastrophe he has created, 
Goebbeis still hopes, thinks, 
vibrates with energy: Let Goer- 

ing be dismissed and tried by a 
people's court: let the Fuhrer 


make one more speech, summon- 
ing fee German people to a last 
outburst of resistance. There 
wilL be a miracle like the death 
of the Empress Elizabeth which 
saved Frederick the Great. He 
draws comfort from Carlyle, from 
the Second Punic War; from his 
organisation of the Werewolves. 

He reads The enemy news- 
papers and takes comfort 
” Scepticism about present war 
developments is now slowly 
spreading from fee f British 1 
aristocracy, fee church and lead- 
ing military circles to the middle 
class.” 

His remedies grow steadily 
more remote from reality. While 
night after night the RAF Mos- 
quitoes are bartering fee life oul 
of Berlin. Goehhels in a frenzy 
proposes feat all British pilots 
on German land should be exe- 
cuted. That might stop the raid- 
,ing- 

But when Vansittart says that 
fee problem of war criminals is 
simply one of the location of 
the gallows and fee tengio of 
fee rope. Goebbeis com men is 
“this crazy gangster can still 
shoot off his mouth in England 
without anyone more sensible 
calling him to order." After the 
diabolical Mosquitoes had 
wrecked his office in Berlin, be 
summons his staff to a roll-call 
wbicb produces a revival of 
morale greater even than he had 
expected. “The Fuhrer realises 


this fuliv and is now firmly de- 
termined to make his speech.” 

When the war is over. Goeb- 
beis will " restore this old 
Ministry in all its glory.” For 
fee present there arc more im 
mediate and sterner tasks. The 
moment has come “to shake off 
the last bourgeois egg-shells.” 
Himmler is proved useless as a 


In these Iasi weeks Goebbeis 
is as splenetic and voluble as 
ever, as full of crazy ideas, as 
vehement in his denunciation of 
bis colleagues. What an intoler- 
able bore this tireless busybody 
must have hem to the Fuhrer. 
already half- dcrnen ted with his 
misfortunes: But soon fee Bunk- 
er would swallow them borh — 
and tbe six little Goebbeis 
children whom feeir father 
murdered. 


This diary should be read. It 
has ail fee macabre fascination 
of a clinical report on the pro- 
gress of an incurable disease. 
This is fee terminal stage. 


In Short — Gilbert at the Savoy Operas 


u- <; riih#rt • cihbp nirertni- a . lmost in fee English establish that Gilbert’s legacy to of their. secretivenes s and Jewish 

bvWiiiiarn Coxlfeediledb v th ?, atre - , the D'Oyly Carte company was life is a little like a decaying 

pWfv M Youne* foreword hv « ^ erc ^Js memor was T. W. no arbitrary assortment of mansion liidden behind high 

u - ‘a " Ttariinatnn nnbson Robertson ' author of Caste gestures but a treatment of walls which has suddenly been 

cVo- s 7 .o I* ' wo (1867), who virtually ** invented character bound up wife the thrown' open; it is difficult to 

STage management." in Gilbert’s text. In this light, some of the resist the temptation to look 


"The principle of subordlna- phrase. To inform fee reader' of author's criticism of non-D’Oyly 'around." Mr. Bermant relishes 
lion must be maintained in a this twice in half-a-dozen pages. Carte versions of the I960*s is his role as guide. He has picked 
theatre as in a regiment." There with the same literal quotation, acute and still' pertinent. But out spheres of society where 
soeaks the authentic voice of is unhappily symptomatic of the deeper implications of tradi- Jews became famous or 
W. S. Gilbert, whose role In the this odd and poorly edited book, tion in the theatre are left notorious somewhat relegating 
Savoy Operas was feat of stage left incomplete at fee author's unexplored. ARTHUR JACOBS two key aspects; religion and the 
director as well as librettist- In death ten years ago and now -rh- j ewc h v Chaim R«n n 9n t link with ^ !and of Isra el- 
coaching each role wife exact issued wife Gilbert’s middle weidenfddand^ n X lsonTe K* V bat reraaJns is a sort of selec- 

prescription of movement, and name of Schwenck mis-spelt 278 pa^ps coison. it>-S5. llve sociological tour d'horizon 

insisting on no deviations at any Schweuk throughout full of wise saws and modern In- 

rime Thereafter, he was esertinc A former D'flyly Carte must- Mr Bermant writes feat "Jews, stances: Dull ft isn’L 
zn authority which was then cian. Cox-lie is 'concerned to have also lost much, if not ail, WlLUAM D. SHOLTO 




1977 
1st qir. 
2nd qtr. 
3rd qtT. 
4th qtr. 
Oct. 
Nov. 
Dec.- 
1958 
Jan.-. 
Feb.- . 
March 
April 


103J8 

102.0 

102.7 

102.0 

101.7 
101.6 
102.5 


103.0 

103.8 


105v2 

109 

103^ 

216.4 

J63.0 

105 


222.0 

103.7 

107 

104.3 

234 J2 

102^ 

107 

104.4 

239.4 


107 


2342! 




23GJ 

103.7 

115- 

106J 

. 246.0 

10.1.2 

107 

104.9 

.241.0 

103.8 


106.8 
. 106.0 

246.5 


L330 

1,330 

L418 

1,431 

L433 

1.433 

1,428 


- yS 


1,419 

1.409 

1.400 

1,387 


' IWf 
W 
■ ,196. 


■OUTPUT — By market sector: consumer goods, investment goods, c 
intermediate goods (materials and fuels)? engineering output;:-.:, 
metal manufacture; textiles leather and clothing (1970—100)1,-: 


housing starts (000s. monthly average). 

| * ■ Consumer Invst. Intmd. Eng. 

; goods goods goods output 

Metal 

ninfg. 

„ * rt .“ % 

Textile. Houf?:. 
etc. slartsF 

1977 
1st qtr. 

’ 115.8 

99.4 

106.1 

100.4 

83.9 

104.4 

im: 

2nd ntr. 

113.3 

97.8 

105.2 

98.9 

80.5 

99.9 

25.f 

EnTTol 

115.3 

97B 

104 .8 

99.4 

83.3 

100.7 

25.4. 

4th qtr. 

117.0 

97.6 

101.1 

99.1 

74.8 

ltlO.O 

2(U- 

Oct. 

117.0 

98.0 

mi.o 

KH 

75.0 

101.0 

245. 

Nov. 


EMI 

101.0 

99.0 

70.0 

98.0 

2U 

Dec 

118.0 

98.0 

B*hh™ 



tPfm 

l&I 

1978 

Jan 

116.0 

99.0 

104.0 


76.0 

100.0 

i?i 

Feb. 

116.U 

99.0 



79.0. 

102.0 

15.3 


EXTERNAL TRADE — Indices of export and import volume: 
( 1975 — 100> ; visible balance: current balance; oil balance; terms., 
of trade flffTSslflni: cxehanee reserves. 

Exn»rt Import Visible Current Oil Terms Resv. . 


miliury commander. Ribben- 
trop's diplomacy is without 

1977 

141.7 


— 





— — — ~ 

ideas. Goering is steeped In self! 

2nd ntr. 

141.3 

-764 

-364 

— 745 

1611.3 

14.9 . 

indulgence; the Luftwaffe is a 1 

3rd qtr. 

145.5 

144.0 

-l- 54 

+ 483-. 

-602 

101.0 

13 A 

great rubbish heap of corruption:. 

4rb qtr,- 

147.0 

144.2 

+ 45 

+351 

— 657 

102.4 

20.19 

the Fuhrer’s staff weary and 1 

Nov. • 

147.2 

143.8 

+ 68 


-151 

102.4 

20.39 

flabby-Iooking. Where can one 
look for hope in such a crisis? 

Dec. 

1978 

•148.J 

143.8 

- 76 

+ 26 

-275 

103.1 

20.56 

Goebbeis bad no doubt. He can 

1st qtr. 

149.1 

142.0 

—518 

-218 

-646 

1.050 

20.63 

provide a new leadership: he 

•Ian. 

149.1 

141.4 

— 334 

. —234 

-236- 

105.4 

20.87 

and he alone — for at Iasi he 

Feb 

148.5 

m.8 

+ 80 . 

+ 1 80 

— 207 

104.7 

20.7 

face-s the grisly fact thai Hitler 
is not the man he has heen. 

March 

April 

149.6 

142.7 

— 2G4 

— 1B4 

-208 

104.S 

2ll.3£ 

17.04. 


FINANCIAL — Money supplv Ml and Me rime. M3, bank advances '1 
in sterling tn the private sector (throp months' growth at annual - 
rate): domestic credit expansion (Cm «: building societies’ net-; 
inflow: HP. new credit: all seasonally adjusted. Minimum.-., 
lending raip fend period i 

Bank 


INFLATION— .Indices of 


, , , w , warnings ij a n. I97«=100). basic 

materials and feels, wholesale prices or manu fact u red products 
(1970=1001; retail prices and food prices <1974 =100); FT 
commodity index (July 1952—100); iradc weighted value of. 

_ 1 _ / Tin n l fry 1 — lflA\ 


• 

Earn- 

ings* 

Basic 

mails.* 

Whsale. 

mnfg.* 

RP1* 

FT* 

Foods* comdty. 

_Strfs- 

1977. 
2nd qtr. 

314fi 

347.7 

259.2 

181.9 

191.1 

250.0 

6L6 

3rd qtr. 

116.1 

340.5 

267.7 

284.7 

192.1 

239.9 

61.8 

4th qtr. . 

I J 9.9 

330.6 

272.1 

187.4 

193.3 

2.14J2Q 

613 

N'ov. 

120.1 

329.9 

272.0 

187.4 

192.9 

' 238.34 

63-6 

Dec. 

1978 

1st qtr. 

12 L7 

328.0 

273.3 

18S.4 

194.8 

234J20 

63.8 

121.5 

328.6 

27S.9 

19016 

197.3 

238.61 

64.5 

Jan. 

324.9 

277.1 

189B 

196.1 

226^41 

66.0 

Feb. 

122.6 

324.1 

279.2 

190.6 

197.3 

22-1.86 

6&9 

March ' 


330.7 

280.4 

19L8 

198.4 

233.61 

.4tJ 

April. 


’•Not 

seasonally adjusted. 

238.94- 

61.4 



set- 


1UUK retail wue^ vaiue imm -iuvi. 

< excluding schodi leavers) and unfilled vacancies (000s).- .A&j 

seasonally adjusted. ’ , « 

' ’ indi. Mfg. Eng. Retail Retail Unem- 

. -prod, output order voi. value ployed 


£\ -v 

??> 

I - 

if 


tv 


srcr.-i- 


r:i 


is;-/ 

V- - ■ 
»" 
f". 

g: 

*; Li 


V 


m 



Ml 

°n 

Ml 

IT 

advances DGE 
'7.- £m 

RS 

inilnw 

HP 

lending 

MLR 

■v 

1977 
-nd qtr. 

35.0 

!5JJ 

■ii 

+ 769 

1^90 

1,049 

ft 

3rd qtr. 

.16.7 

14.9 

20.3 

+ .SK5 

1.084 

1,151 

7 ' I 

4;h qtr. 

21.2 

14. 1 

8.4 

+ 756 

IJ565 

1.184 

7 ! 

Nuv. 

41.4 

19.5 

6-1 

+299 

354 

402 

7 

Dec- 

21J2 

14.1 

8.4 

+ 109 

421 

411 

7 : 

1978 

1st qtr. 

19.9 

16.2 

1T.5 

+ 1.169 

1,0-19 


6f 

-Ian. 

24.1 

16.2 

13.4 

148 

38K 

425 

61 

Feb. 

21.9 

18.4 

17.9 

1K4 

311 

419 

6} 

March 

19.9 

16.2 

17^ 

437 

SOS 


April 






7 


iv 



















Finaincial Times Thursday Mav 4 1978 


The Marketing Scene 


19 


EDITED BY MICHAEL THOMPSON -NOEL 


Full house for Brighton rally 

V* TC Bnccim u .. ■ 


;:v 

\?y 

' r n 

:S 

•t 


'■ -i| 


IT IS POSSIBLE, were they so 
inclined, for advertising and 
marketing people to spend all 
their time on the non-stop round 
of conferences, seminars and 
teach-ins with which Ihe market- 
ins calendar is cramped, writes 
Michael Thompson-Noei. Last 
week's Advertising Association 
conference in Brighton, while 
failing to scale the analytical 
heights, nonetheless served a* a 
social rallying -point. 

The theme was that advertising 
= profit = prosperity, and the two- 
day talk-in was followed by a 
statement on the role marketing 
can play in industrial regenera- 
tion signed by Sir Adrian Cad- 
bury. chairman of Cadbury 
Schweppes and chairman of the 
conference, Ronald Halstead, 
chairman of Beecham Producis 
and vicerchairman of the adver- 
tising Association, and Hod ley 
Greenborough. deputy chairman 
and managing director of Shell 


U.K. and president of the CBl. 

Markets mean jobs, said the 
statement. “An additional 1 per 
cent of world exports of manu- 
factured goods would not onl.v 
earn this country an additional 
£3bn. a year but also create 
400,000 new jobs," Whal was 
needed was a conscious effort to 
encourage the effective use of 
advertising and marketing skills, 
and in this the Government 
could play its part in the follow- 
ing manner: 

By adopting a' positive and 
□on-restrictive stance towards 
ihe whole process of marketing, 
and to advertising in -particular; 

By including more' marketing 
expertise In Government 
agencies, planning Boards, ard 
working . parties, in addition to 
that of finance, production and 
labour: 

By more closely monitoring 
proposed - EEC legislation Lo 
ensure that further harmonisa- 
tion does not unnecessarily 


restrict Britain's ability to com- 
pete in world markets; 

By creating a revitalised fiscal 
framework in which marketing 
risk could be encouraged by the 
prospect of effective rewards for 
success in line with conditions 
in countries wlih which Britain 
competes; 

By giving a lead in building 
positive public attitudes which 
had hitherto too often decried 
selling techniques like advertis- 
ing as being wasteful or some- 
how improper. 

One very experienced journal- 
ist, glancing through a copy of 
the statement at a Press so Ion 
in the Metropole. was heard to 
mutter: “Words — nothing but 
words." but as Sir Adrian him- 
self, in his closing remarks, was 
to refer to the "gossip, 
parochialism and absence of 
professional analysis" that in 
his view characterises much of 
the Press coverage advertising 
receives in Britain, it was as 


well Sir Adrian didn’t hear him 

la particular, the statement 
contrasted the differences be- 
tween attitudes here and in 
japan; “In Japan, advertising 
has recently been described as 
‘enjoying unprecedented prestige 
and influence*; in Britain il is 
treated with disinterest and 
sometimes with distaste . . . 
Japanese products flooding into 
the U.K. are not always better 
made; nor arc they any longer 
always cheaper. But they have 
nearly always been designed 
under the direct influence of 
potential users’ needs and wishes, 
including the needs of post sale 
service; and they always come 
10 the market accompanied by 
heavy and sustained advertising 
campaigns to tell purchasers 
about their advantages and 
benefits." 

The contents of the conference 
proper did not win universal 
approbation. even though 
Brighton had attracted a full 


house. "A platform for the 
more pompous and long-winded 
aspects of advertising." was how 
one writer described i< yester- 
day. 

But there were exceptions, 
among them Lord Thomson of 
Moaifleths strong ly- worded 

observation that afler a year as 
chairman of the Advertising 
Slandards Authority be was find- 
ing dangerous misconceptions 
and disturbing complacency 
among those who perform the 
day-to-day work of advertising. 
Threats to Britain's mixed 
system of statutory and self- 
regulatory advertising controls, 
he said, were not only coming 
from Brussels but might arise on 
the bow* front too, particularly 
in a pre-election period when 
consumerism offered maximum 
sex appeal for politicians of both 
partigs. 

lt was a warning the adver- 
tising community would do well 
ro take on board. 


Self-selling at IPC 


Price, and the trends of the time 


BY ANDREW TESSLER 

PRICE, STRANGE AS it may 
sound, is a much-neglected and 
misunderstood subject, .and 10 
understand the price policy of 
'individual companies it is 
essential to recognise how 
greatly it is influenced by ihe 
• " price policy" (that Is. exchange 
rate policy) of governments. 

In Britain over the last few 
. decades wc have gone in for 
devaluations, a policy that en 
: couraged the belier in industry 
- that success came through price- 
. cutting and -frequently fostered 
. a bargain-basement mentality 
'which did a lot of harm for at 
least three reasons:—' 

(!) A price-cutting policy is 
almost invariably ineffective, in- 
deed frequently destructive. 
121 It is a policy we have pur- 
sued to the detriment of 
quality. (3) It runs counter to 
the trends of the lime. 

Before examining these con- 
tentions, let us. remember that 
for many firms devaluation — as 
an aid to price competition — is 
useless, either because the im- 
ported material content of their 
exports is high or hecaitsc fas 
was the case with the majority 
or British exporting companies 
over the last ten years) their 
hasic problem was one of 
capacity or lack of skilled labour. 

I say that a policy that 
emphasises price runs counter 
t« ihe trends ot time, because 
durins the pasi ten to 15 years, 
over widening sectors of industry 
covering both consumer and 
industrial products, considera- 


tions increasingly divorced from 
price and'eosi have become more 
and more decisive— design, styl- 
ing. packaging, service and 
advertising arc some. 

la the field of capital goods 
the process was similar though 
slower, but even there, credit 
terms, delivery dales, personal 
relations, technical service and 
development assistance have 
become steadily more important 
than price, for this is exactly 
what modem marketing and the 
marketing revolution are about 
— to get away from price, lo 
bring to bear upon a complex 
marketing situation a number of 
othpr, more decisive, considera- 
tions. The Germans and the 
French have been quick to grasp 
this point. 

The Germans maintain - that 
price can be important for very 
simple products. But whereas 20 
years ago it was true to say that 
a price advantage might have 
been helpful for about half the 
products sold, to-day. for every 
product where price Is decisive, 
there arc at least five where it 
is not. 

This brings me- to my second 
point: the harm that can result 
.from a price-centred polity. 
Over wide sertors of British 
industry, excessive preoccupa- 
tion with price has often led lo 
cheeseparing on wages and 
salaries; above all, it has affected 
the quality of the product. 
Instead of aiming at increasingly 
higher quality (of which British 
industry was eminently capable). 


all too frequently quality 
suffered while the price was kept 
dow n t Tee retluctio nd absu rdrt m 
of this policy was that even 
where the products were 
acclaimpd by foreign buyers as 
nu« standingly good, they were 
still substantially under-priced i. 

The decline in quality was also 
accelerated by another unhappy, 
development. Whether the pro- 
duct leaving the factory is of 
high quality nr not often de- 
pends on middle management. 
It is they who are in closest 
touch with production now. 
quality control and so nn at 
each stage. If middle manage- 
ment is good, the product will 
he good. But in Britain, three 
developments intervened: first, 
the significant decline in the 
earnings, status and influence of 
middle management Second. »he 
demise of the foreman (once a 
vital upholder of quality and 
efficiency). Third, the rise of the 
shop steward whose, pre-occupa- 
tions often lay in other spheres. 

In sharp contrast, in Germany 
and France it is middle manage- 
ment that is relatively best re- 
warded. encouraged and pro- 
moted. That is why the Germans, 
for example. when told ’hat 
their product is 20 per cent, 
dparer than ‘the British, say. 
"Yes. and the quality is also 
20 per cent, higher and so is the 
after-sales service and tbe flow 
of spares, etc., etc." 

Thus wc now have a situation 
»n international markets where 
we are increasingly losing sales 
lo foreign competitors because 


their prices are higher and be- 
cause i hey sell on considerations 
Dther than price. Indeed, in our 
i>wn home market retailers are 
organising campaigns lo press 
the 'manufacturers not for 
higher discounts and ‘nwer 
prices as they would have Pone 
tea years ago. hut for exactly 
the opposite! Above ail. dealers 
want higher quality and a higher 
price lo reflect the excellence of 
the product. 

It is the production or quality 
products that once made British 
industry great and it is to that 
policy that we must return, for 
the talent is stilt here in abun- 
dance. 

Finally, to answer the scepiies. 
bow well did the pricc-cufters do 
over the past decade or two? In 
Italy, a number of ambitious 
companies in the domestic appli- 
ance field, for example, egged on 
by buccaneering salesmen, went 
in for price-cutting on a sraJe 
that ultimately ruined them and. 
in the process, harmed a number 
of European manufacturers who 
fell obliged to follow suit. 

In Germany, too. it was the 
price-cutters who suffered most: 
Likewise in Britain: Cyril Lord, 
the holiday tour operators, the 
cut-price motor insurance com- 
panies. Even the fiasco of the 
RB-2I1 engine was the reiyjJt of 
“ price-cutting." 

In contrast, the policy followed 
by German and increasingly by 
French exporters rests upon 
higher price and higher quality. 
The Japanese, too, except for a 
very few sectors where they shot 
ahead technologically, have be- 


sill 





: t. 


Financial 



March 31 


Financial Position (in Thousands) 

Total assets 
Deposits 
Loans, net 
Shareholder’s equity 


1978 


1977 


$ 4,539,767 
3,459,412 
1,988,521 
219,678 


$3,724,133 

2,936,518 

1,618,697 

199,804 


[OF TEXAS, INC. 


March 31 


Financial Position via Thousands) 

Total assets 
Deposits 
Loans, net 
Shareholders’ equity 


Operating Results 
Income before securities transactions 
Per share 
Net income 
Per share 


1978 

1977 

$ 6,620,311 

$5,611,122 

5,230,003 

4,553,882 

3,080,487 

2,529,644 

320,597 

287,394 

For the Three Months 

Ended March 31 

1978 

1977 

$12,457,000 

$9,419,000 

1.12 

.85 

12,434,000 

9,419,000 

•1.12 

.85 


London Branch: J. C. Moruuete* 
Senior Vice President and General 
Manager, Scottish Union House, 

25 Bucklersbury. London EC4N SDK 
Telephone 01-248-3606 ■ Telex 885533. 
Incorporated with limned liability 
in the U.S.A. Main office: 

Robert C. Howard, Executive V.P, 
Houston, Texas 77001, U.S.A. 
Telephone 713-658-66/2 
Telex HRSTBANK 762429 


FIRST 
CTIY1 


OF HOUSTON 


P.O. Box 2557, Houston, Texas 77001/(713) 658-6011 
Member First City Ban corporation of Texas, Inc., a bank 
holding company with 27 member banks throughout Texas 

Member FDIC 


come truly successful in inter- 
national markets only since they 
adopted a high-quality, higb- 
pricc. policy. 

Reverting. therefore, to 
Britain, it should he possible 
tu stale the requirements of a 
rational and more successful 
price policy as follow*: 

1, Do ' not seif at the same 
price in every country- Uf course 
it is time consuming lo issue a 
different price list fur ISO export 
markets but it pays in do so. 
Regrettably, most British com- 
panies have only one price list. 

2, By following a rational 
“ key-market policy ” a company 
can identify those ten or la 
markets where it is sirong and 
by frequent visits tailor its 
prices to what ihe market will 
hear. A successful price poticy 
goes hand in hand with know- 
ledge of a market. This know- 
ledge might occasionally reveal 
that some markets are suicidal — 
the sensible thing is to avoid 
them. 

3, The roost iroporiani single 
factor in the development of a 
sensible price policy is "man- 
power." To arrive at the most 
advantageous price for each 
enuntry one must know the 
market, talk to agents, cus- 
tomers, competitors and so on. 
This requires manpower. But it 
is precisely in this area that 
British industry is weakest — 
hence our weakness in pricing. 

The benefits more than pay 
for the additional nmnnower in- 
viived. and many British com- 
panies have developed price 
optimisation techniques to per- 
fection: whal puzzles me is why 
the majority pf British companies 
are so relucrant to learn from 
the success of their own com- 
patriots. 

The author is research director 
of, 'ITI Research- -. 


IT IS A PARADOX of the 
advertising scene that the 
medium itself is often cot very 
good at marketing Its own pro- 
ducts, although There are signs 
that this is changing. One of the 
pacesetters in this area is IPC — 
in particular, its Women’s Maga- 
zines Group, which is never slow 
at coining forward, and quite 
right. 

IPC Women's Magazines' total 
advertising revenue for the 
financial year just ended showed 
a 27 per cent growth to 137 3ra. 
—and it has said so. The group's 
food advertising last year rose 
by 43 per cent, to £9.4in. — and 
it has said so. It believes 
women's magazines have a grcal 
deal to offer on the qualitative 
and valuc-ror-money fronts — and 
it goes on saying so. 

A current example of the skill 
with -which IPC preaches its own 
particular inter-media message is 
the spring issue of Women's 
Market, which contains a num- 
ber of goodies, none more read- 
able than the upenroa article 
which wonders out loud why i( 
should he that frozen food 
advertisers, currently spending 
well over £3ia. above the line, 
should choose to advertise mostly 
on TV when using TV to reach 
ihe ABC1/C2 housewives mosi 
; likely to buy frozen foods “ now 

■ costs SO per cent, more than it 
idoes lo reach them through 

■ women's magazines." (The rival 
. CPTs quoted by IPC. with 
, appropriate explanation, are 1 / .p 
. for women's magazines. 319p for 
iTV). 

! “Still more illogical)?." -say* 
• I PC. "(he heavy (TV’ viewers, at 
1 whom most of the advertising for 
i frozen foods seems to he 
[directed, are less likely than, the 
! light viewers to buy frozen foods. 
iThey are also less likely to own 
I a freezer." 

I There is. of course, a commer- 




XatryitfetoMeveit 


ygWBaa&jfe 



ciai embedded in the data, and it 
runs like this: top->clliug mass- 
market titles hkc Woman, 
Woman's Dim and Woman's 
UVrirlp as well as up-market 
titles like Homes nml Gardens 
devote considerable space to 
home freezing as well as recipes, 
sn that manufacturer* know their 
advertising appears within a 
■* sympathetic environment ” 
likely to help them establish 
distinct and enduring brand 
identities mure effectively than 
before — "certainty icry much 
more cost-effectively." 

Women's Market .Usd offers a 
case study of what is described 
as the regeneration of Tate and 
Lyle's best-known grocery pro- 
duct. Lyle's Golden Syrup, which 
had been nn a downward trend 
from l%b-7D to 1975-7R but man- 
aged to stage a comeback, thanks 
largely. sa>* product manager 
Anthony Walker, tu a £230,000 
campaign in women's week lies 
and monthlies between February 


and September last year. 

The result, says Walker, was 
that 1976-77 sales of Golden 
Syrup showed a 13 per cent, 
volume increase, the best for 
seven years, making it a i'Tin. 
brand at RSP. For the current 
year another £250.000 has been 
aligned exclusively lo women's 
magazines. 

A second case study desen hex 
how women's magazines were 
used by Lyons Tetley lo create 
a totally new beverage marker 
virtually overnight (for ground 
coffee with hurley), to add £2.5>n. 
in the cheesecake market in sis 
month wiih its Continental 
Dessert Cake range, which was 
launched Iasi April without any 
market tests, and tu introduce 
an innovatory chocolate topping. 
Quick Step, which should soon 
acquire the status of a iTtu. 
brand. 

As IPG knows well, there's 
nothing like selling your onn 
success. M.T-N. 


Johnson goes for gaps 


DECLARING it has delrcled 
two huge gaps in the £l?lm. 
laundry care market, Johnson 
Wax is launching two new pro- 
ducts with an initial TV and 
magazine campaign, starting in 
m id- July, worth £690.000. The 
producis are Shout, a soil and 
stain remaver that is sprayed on 
clothes before they arc washed, 
and Final Touch, an aerosol 
fabric finish described ns an 
ironing aid. 

Johnson calls the campaign 
one of the heaviest and most 
aggressive it has mounted, say- 
ing its confidence is supported 
by research that indicates that 
the market for these producis 
offers as much potential as the 
aerosol polish market— -creaieri 
by Johnson 19 years ago and 
now worth £15.5m. 

The company says tests prove 
that Shout is 20 per cent, more 
effective at cleaning clothes (iian 
washing powder alone. In the 


U.S-. where the first aerosol pre- 
wash product was launched 
nationally in 1970, the market is 
now wurth $93in. with Shout us 
joint brand leader with 23 per 
cent. Tiie second product. Kina! 
Touch, is aimed at ihe lSAm. 
housewives who iron each week. 
The ironing aids market is cur- 
rently worth only £3m. 

• SAATCm AND SAATUII Gar- 
land Compton has added on two 
new pieces or business, the 
£450.000 launch for United Bis- 
cuits' KP Foods Division's new 
snack product. Whizz Wheels — 
the launch is though! to be the 
biggcsl-ever in the snacks sector 
—and the £600.000 C.US Kay's 
Catalogue business. Latest figures 
show that in the first quarter or 
this year Saaichi’s pul on 5S.9 per 
cent, in MEAL billings fur a three- 
month total of £10.5 m It seems 
headed for a 1978 total at at least 
£50m. Next best performers 


among the top ten agencies were 
McCann -Erickson (plus 47.4 per 
vent.) and CDP (plus 23.6 per 
cent.). 

• J. WALTER THOMPSON has 
also added on two new accounts: 
Cadbury's Soya Choice and 
Perstorp Walerile's decorative 
laminates and bonded producis. 
Guesstimated total for the two 
accounts is a combined £900.000. 
Soya Choice is quitting Young 
and Rubicam as part of a 
Cadbury agency reshuffle. 

• M.VTEUS ROSE'S current 
Press campaign (via JWT) is 
worth a record £500.000. The 
aim is partly to encourage 
proper storking. Food From 
France's wine budget has been 
raised Trom £220,000 to £350.000. 
And Tosca, a British-made 
aperitif, has been re-packaged 
and sent into a £40.000 Southern 
TV test market. 


Reliance Group...l977 

Reliance Group, Incorporated and Subsidiaries/Financial Highlights 

Year Ended December 31 1977 1976 


Net realized gain on insurance investments 

Income before extraordinary income 

Extraordinary income - utilization of taxless carryovers 


Per-share information: 

Operating income - 

Net realized gain on insurance investments .. 

Income before extraordinary income . 

Extraordinary income 

Net income 

Fully diluted net income 

Average number of common and common equivalent shares outstanding 

Per-share computations are after deduction of dividend requirements on the Scries C Nonconvertible Preferred Stock. 

Reliance Group, Incorporated 1977 Operations 

INSURANCE 

Revenues: $1,006,359,000 

Divisional Pretax 
Operating Income: 


$1.156,908J)0p 

S9S5.5S4.000 

$ 54.617.000 

$ 20.135.000 

4.008.000 

10.354.000 

58.625.000 

30,489.000 

23.667,000 

4.S67.00Q 

$ 82.292,000 

$ 35.356.000 

$6.17 

$1.75 

.52 

1.4L 

6.69 

3.16 

3.09 

.66 

$9.78 

$3.82 

$6.04 

$3,55 

7.679,000 

7,362,000 


‘Property and Casualty Operations, International 

Riot Insurance Company, Toronto 


$ 91,387,000 

Property and Casualty Operations, U.S. 

Reliance Insurance Company. Philadelphia 
General Casualty Company of Wisconsin, Madison 
United Pacific Insurance Company, Tacoma 


Life and Health Operations, U.S. 

Reliance Standard Life Insurance Company, Philadelphia 
United Pacific Life Insurance Company, Tacoma 

Title Operations, US. 

Commonwealth Land Title Insurance Company. Philadelphia 


LEASING 

Revenues $I15,42$,0Q0 

Divisional Pretax 

Operating Income: $ 27,232000 

Container Leasing Operations, Worldwide 
Cri-Container Transport international, Inc, New York 


Computer Leasing Operations. US. 

Leasco Capital Equipment Corporation, New York 

Computer Leasing Operations, International 
Leasco Europa Lid, New York 


MANAGEMENT. SERVICES 
Revenues: $32,663,000 

Divisional Pretax 

Operating Income: $ 3,297,000 

Consulting Operations. U-S. 

Werner Associates, Inc.. New York 
Yankeiowch, Shelly and White, Inc, New York 


Consulting am! Software Operations, International 

Inbueon Limited, London 
Fuel & Energy Consultants Limited, London 
Leasco Software Limited. Maidenhead 
Moody International Inc. London 
Werner International, Brussels 


"Last year. 1977 , was one of important accomplishments for Reliance 
Group we achieved record revenues operating income after taxes 
and net income.. ..The outlook is excellent in 197S lor turther 
improvement in operating income after taxes." 




Saul P. Steinberg 

and President 


Chairman and I 
Reliance Group. Incorporated 

Reliance Group, Incorporated / 197 Knighlsbridge, London S.W. 7, England / 919 Third Avenue, New York, MY. 11)022, USA 




1 


Financial Times Thursday May' '4 .1978 


LOMBARD 


Balancing the 
Budget 


The new face of German competition law 


BY PETER RIDDELL 


THE political manoeuvring* 
ahead of the commit lee stage of 
the Finance Bill are arousing a 
good deal of sound and fury. 
While this hardly signifies 
nothing, it does nut mean that 
either the tiuvemmeat or its 
economic strategy are in immin- 
ent danger of collapse. The real 
significance is longer term. 

After all. it i? now the second 
year in which the Government's 
Budget proposals have faced the 
threat or significant, if hardly 
catastrophic, change. This can. 

of course, be explained away as 

merely the temporary result of 
an unusual Parliamentary posi- 
tion. But minority governments 
no longer look tike being quite as 
rare as was assumed until 1974. 
The Budget statement and associ- 
ated estimate-; can no longer be 
treated as unalterable, so there 
is a need for a Inuis overdue 
review of how .spending and 
revenue plans are presen led. 

This is not to question the 
fundamental ronrtiimiunal teiuM 
»hat the Government imposes 
and changes taxes only by the 
authority of the Commons — the 
\mgmai' source of its power. As 
Sir Geoffrey Howe pointed out 
In the second reading debate on 
the Finance Bill last Thursday. 
" Parliament not only has the 


The question is whether it is 
realistically possible to make the 
necessary savings In public 
spending withoui severely dis- 
rupting programmes. Sir Geoffrey 
suggested cutting back on expen- 
diture on the lucul authority 
purchase or private rented hous- 
ing and on selective industrial 
assistance- Bui il is open to doubt 
whether significant savings could 
be achieved even on these largely 
financial transactions in view of 
forward commitments. 

The more basic objection to 
altering public spending pro- 
grammes. once the financial year 
is already under way, is that this 
goes against the whole idea of 
trying to ensure some stability 
and certainly in public sector 
planning. There is also the 
danger that the bulk of any cuts 
would, as usual, be on capital 
programmes, onlv accentuating 
the existing lluctua lions. 


THE JUDGEMENT by the 
BundesgeriehLsIiof (BGH) in 
GKN /Sachs, the text of which 
has -only now become available, 
explains why the announcement 
nr its operative part on Febru- 
ary 21 caused such universal 
surprise. Even the Cartel Office 
did not hope for more than a 
remission back to the Appeal 
Court. Eut the BGH completely 
reversed the reprieve which the 
Berlin judges gave to the pro- 
posed merger and reinstated the 
prohibition by the Cartel Office. 

Important as this decision is 
For thuse concerned — one of 
which Is the largest British 
engineering group— and possi- 
bly for the future of the 
European motor components 
industry, this aspect now 
appears to be overshadowed by 
ihe fundamental change in the 
interpretation of Germany’s 
competition law which a closer 
study of tliis judgement re- 
veals. 


Replaced 


Revision 


Th* real answer is for the 
Government to present its 
revenue and expenditure plans 
for detailed, consideration by 
Parliament at a slase when they 
can he revised without uoder- 


[ Before goiog into details of 
I the change that has taken place 
in Karlsruhe (the seat of the 
BGH t one .should recall t.hat 
the now-annulled decision of the 
j Berlin Appeal Court followed 
in the footsteps of several ear- 


lier judgments of the BGH. 
These were delivered in the 
course of the past few years 
when its President, and at the 
same time chairman of its com- 
petition bench, was Dr. Robert 
Fischer. 

Last year. Dr. Fischer retired 
and was replaced by Dr. H. 
Pfeiffer. 

The judicial experience — 
though equally formidable in 
both cases— and the political 
philosophy of The two judges 
are quite different, and one can 
only guess whether this or 
other causes are responsible for 
the fact that the BGH has 
changed its mind about the 
competition law. Whatever the 
truth, such rapid changes in 
judge-made law seem tn suggest 
that it would be more econo- 
mical to let the Bonn Govern- 
ment decide such big mergers 
at the outset and not after four 
years in the courts, as was the 
case with the GKN/Sachs pro- 
ject. It has only now landed on 
Graf Lamsdorfs desk in the 
Bonn Ministry of Economy. 

Though practised in the U.K., 
it is very unlikely that such a 
method would appeal to the 
legalistic frame of the German 
mind. Those interested in doing' 
business in Germany may there- 
fore find it useful to acquaint 
themselves with the change 
which has taken place in the 
thinking of its supreme judges 


and which is bound to percolate 
to lower courts and affect 
the outcome of lesser but more 
numerous disputes concerning 
restrictive practices and abuses 
of market power. 

The crux of the change Is of 
a philosophical nature — it could 
not' be otherwise in -Germany. 
The past judgments, of the 
BGH, made under the presi- 
dency of Dr. Fischer and bear- 
ing his strong personal imprint, 
were based on two assumptions: 
first, that in a free market 
economy, entrepreneurial and 
managerial decisions should be 


men follows certain stereotypes 
which makes prognosis possible. 
And the Cartel Office is. accord- 
ing to the judgment, entitled to 
take into account not only 
immediate but also future 
changes in the conditions of 
competition which are seen as 
highly probable consequences- 
of a proposed merger. The BGH 
underlines that merger control 
is npt concerned directly with 
behaviour, present or future, of 
dominant enterprises, but with 
structural changes which, by the 
disappearance of one ■ of- the 
competitors or the - reinforce- 


BUSINESS AND THE COURTS 

By A. H. HERMANN. Legal Correspondent 


interfered- with only If govern- 
ment and courts are specifically 
authorised by statute to inter- 
vene: and second, that com- 
petition Is based on Innovation 
and that its development is 
therefore unpredictable. 

Looking first at the restraint 
on judicial freedom of decision 
— namely the unpredictability of 
future -developments — we can 
see that. after paying Hp service 
to the principle, the BGH goes 
on to say .that though unpredict- 
able, the behaviour of business- 


ment of another for example, 
create preconditions for future 
change^ in competition in a 
given market. 

Having thus established, the 
right of the Cartel Office and of 
the courts to take 14 a - long 
view " and not to be ham- 
strung by taking into account 
only the immediate effects of 
the merger, the BGH proceeded 
to side-step its earlier ruling 
(made in the Vitamin B12 case 
4/331 of 6th July 1976), -that 
financial power can be taken as 


an indication of dominance only 
if it can be actually deployed 
under the conditions prevailing 
in the market. The reprieve of 
the merger by the Berlin 
Appeal Court had been based 
on exactly this ruling and on 
the conclusion that the added 
financial power of GKN could 
not enable Sachs to do any. 
thing it could not alfearty do 
itself. 1 

The BGH deftly caught the 
ball served by GKN*s German 
lawyers when claiming that 
financial power is only a pre- 
condition to a greater freedom 
of' action in a certain market. 
The judges agreed readily with 
this argument and went on to 
conclude that, the inability of 
the Cartel Office to show that 
the additional financial power 
can be put to an identifiable 
use. Is of no consequence, - 
■ What really matters, said the 
Karlsruhe judges, is that GKN's 
financial power, together with 
the fact that 40 per cent, of its 
turnover is in markets close to 
the clutch market in which 
Sachs is dominant, would 
frighten off any existing or 
potential competitors of Sachs. 
Competitors might fear that, in 
managing Sachs the con- 
glomerate would use its 
numerous other dealings with 
car manufacturers as a lever 
to maintain Sachs* dominance. 

As a result, said the court. 


the probability that Sachs could 
be exposed to price competi- 
tion in the future would be fur. 
i her diminished by the proposed 
merger. 

The reasoning, with Its em- 
phasis on the psychological 
effect on competitors, follows 
ihe decision of the U.S. 
Supreme Court in Procter and 
Gamble's proposed acquisition 
of Chlorox when it ruled that 
the Federal Trade Commission, 
opposing the deal, has no need 
to prove that the superior 
resources nf the acquirer would 
he. in fact, deployed tu reinforce 
the position of the acquired 

enterprise. 

Interlocking 

This emphasis on the 

deterrent effect, combined with 

the green light to try to assess 
the distant future when con- 
sidering consequences of a pro* 
posed merger and to take Into 
account the interlocking effect 
on unrelated but fKit-tno. 
distant markets within a con- 
glomerate group — all this will 
increase the power' of the 
Federal Carte! Office not onty 
to stop conglomerate mergers of 
large companies but also tu pro- 
ceed with new vigour when conn 
batting abuses of market power 
and restrictive practices of all 
sorts. 


right bul it hus the duty «■ mining srnsihle management of 
scrutinise the Bill, to propose programmes. This would allow 
changes in iL and m refuse i» ihe Commons lo determine the 
approve certain aspects of it. The balance between additional 
Government, if lhe> arc unable to spending nr lax cuts — or. as John 
repeal those changes proposed by Pjrdoe has suggested, between 
the House, then has a duty to direct and indirect taxes, 
respond lo what is done.” Thls idca wou|d , nv(lIve the 

presentation nf a fuU-scale 


Cherry Hinton, 401b. lighter 
should win in style 


ENT E.RTA I NM I N T G l 11)1. 


CC — The*, theatres accept certain molt 
Cir« Or telephone or «t the boat Othc*. 


THEATRES THEATRES 

uainrrs CC. 01-990 6606. SHAFTESBURY . _Ct. »S« 

M K.Kf J . E S£ i M, ? . g-p-siM BSi'W^’sras: 


presentation nf a full-scale OPERA & BALLET M ijlsu ? bricusse and john reardou, 

, medium-term Budget with feve- IF CHERRY HINTON is back raced, and the dead ground on reasonable each-way alternative coliseum. credit 01 - 2*0 «is8 travelling^ music 6 wow " a V t!< 

rronosals n, te and expenditure plans along- to anywhere near her two-year- which Piggott asked her to to the selection. engS 3 ' National opera . credit card 

r side each other, rather than old brilliance she should prove quicken at the distance was all r- the Heathorn Stakes half- wiTtIm &££ t ™«*7 c£LJ‘?®nai - n nwSSt' to tanwaMM me -- ----- 

This is nut a mailer for debate, merely illustrative revenue ore- capable oT givine Lester Piggort against a filly whose chief attri- hm ,!l la ,„ C Lv tn 5rt.. T weal^wx't VlSTi-a TraSKS: id* genonpitw »na we« * W 

hut what iMipen lu discussion is jealous as in last January's his -'4th classic success in a sub- bute is. clearly, a fine turn of !!£ r .!L.SS L. £HL.“ SS&LJS" ah “ n t¥ll "‘ b,e d3r * BK- fcJWSwMh. aud wce Pr ..r £ 

how this constitutional auihoiilj spending While Paper. standard 1.000 Guineas at New- finishing speed. He L t “ Z.* ~ ~~1 " ah swo jCi.od. 

can be most sensibly applied at The proper unie for this would to ' d3 - v - The Newmarket filly has shed Arundel stable which bouses the co ^awnStme E treiiit cwn* bmWu** K mmwq thJV go. ro.. sm. tjo. 9-ao- strand 01 -aac 


OPERA & BALLET „ &hn ^iSoN^joAN d.enu m 

“■gfc-sSS Si' ilOTtf “ " A smas e h Y mr. tij.s s m m us.cal has 

ENGLISH NATIONAL OPERA . ■■ LPV E CREDIT CARD BOOKING 936 6597. 

TAft'L 7 Cat & Tuk. next 7 30 Dirvafid &V Bukt bncvtLU¥S 

Tn. Two F Oscar!” Tumor. 7 Conrien'tftnal “ It IS WtNg to SHAW THEATRE. ' 01-3BB 1394. 

nert. i Wed. next 7.30 La Travlata; TO* gerionrtttv and W»«*r energy ROOTS 

balcony scats always available day of Forsyth. „ Sun. Eaprass. ' ,l * audience Arnold Wesker 

seriormanca. cheered Sunpav Telegraph. Pre.s. Frl. and Sat. 7.30. 

All Seats £1.00. Opens Mon, si -. DO. 

iJPfcft tut 

7.30 Peter Grimes. 65 Amphi- seals lor — — — — ™? r?H S*k !B EST 

„„ ..I. i.run in a m mji D«, > Anmu CC m JIT 73JS. LAUGHTIH MAKER 


Sunaay Teled'adh. 


the top end uf the hcale. would proposals. This would be beller mendous improvement, 1 take 

only amuttni tu ■, p«-r cenl. of ih an the blanket approval given her to win in style 

planned public spending in 19.8- m t he supply estimates at pro .k. 

.9. or around £500m. He believed S enl ai the time of the budget. RACING **!?, J? 11 aor A 1 ^ 

such savings could be aaurved: Similarly. revenue proposals In i V b rf 

.even though the financial year is could be considered to allow BY DOMINIC WIGAN respectively finished first and 
already a month old the plans are sufficient tunc for changes in he . f hir “: s f p “ r K ale ° ■A 1 ?! 31 '. 

not irreversible. implemented without producing ' J? t “ l? Lad broke Nell Gwjn at 

- It is certainly true lhat the the cost and inconvenience ex- ago when striding away from seVokL^unfeSSf' in^lhree 

Tory proposals amount to only P*ncnred last summer Vellow God-blotted her copy ™ ph ‘^ a lmwt rertainlv co 

about an eighth nf the error in Such a change does not mean hook badly in the Fred Darling tQ ■ a we ii.b aC kr*d second 
last year's original borrowing that fiscal policy should be re- Makes ai .Newbury last month. , j* , f , th . {h tout « . 
nnulr-menl pnuucli.in. Bul r | 0w ,d unly once » year. Bui ,t runnijs , Msll«s race to fa. bit ™ade CrenlMo ehS?nut rjhmin» 
undershoot me nn this s-.'-tU* can- does mean ihat the neci-ssarv second to Shapina. daughter of Ppltin" mav wpti 

not be .issumed this year and the annual stock-taking should he It could pay backers to over- . f h 1a hi P = n «»r tin* arfHi 
existing borrowing esiimuie is undertaken at the right rime Tor look that lack-lustre perform- , ia ‘ es 

any wav widely regarded by the the Commons to exercise effec- ante. Cherry Hinton was a great *■ 

market as slightly tuu high Tur five authority rather than jii*=t deal more backward than the At expected odds of around 

safe tv. snipping at the fringes, as now. winner, who had already hecn 121. Glinting is suggested as a 


Day, ridden nv ureville Mat Key, air on Hie rretn TO a.m. on cUv LONDON PALLADIUM. CC. 01-437 7373. 

to beat another consistent sort. * p<rform * nce - ' • . ... 


ling will have produced a tre- i 0 beat another consistent sort, g p<rform * n ce - ; ■ 

mendous improvement, I take Delta Sierra, who runs in prefer- SA dler's wells theatre. Ru^berr 
her to win in style. ence to Sexloa Blake and Royal un a 

For the minor berths I look Pinnacle. Ergs. 7. so. s«l 2 . 3 o. ^T w't: 

to Seraphima and Glinting, who — ■ S*"!' mm 0 ^ i* fiii« mV garde*' 

respectively finished first and NEWMARKET 53U*on. W -f& B ' rocco ' 

third, separated by Amaranda, 

in the Ladbroke Nell Gwyn at Twice Rich - ■ — — ■ — 


^iawn W^ AuiuSt 1 STRATFORD-UPON-AVON. Moral Slialf#. 

UU, Thun Md In at 0 spoare Thcatru. ,0769 3271.1 Ticket. 

Subs. Mon- TtlOt.. Tnuij. ano rn. « o. m. per- m Tu. 


NEWMARKET 
2.00 Twice Rich* 

2.30 Helmsley 
3.05 Cherry Hinton*** 
Glinting e.w. 

3.35 Shirley Heights 

4.10 Boundless** 

4.4(1 Arapabos 

5.10 Casslar 

DEVON 

2.45 Slide Over Baby 
3.15 Transformation 

3.45 Invergayle 


THEATRES 


-inii" air.” at 6 10 and B.50. immediately aoHablc lor RSC In THE 
W 'ooNNII ' ,U - RONNIE TAMING OF THE SHREW tonlghL Mjv 

RARKrft CDKfttTT 11 W14I.1. 32. THE TEMPEST May B. 

8AB THE TWO RONNIES ^16 Recorded wok.ng mfo. <0789 

-n a spectacular 

wltn greafmteJnaS^omoanv 5T. MARTIN'S. CC 836 1443. E.L I M. 

Ail (catc nnOK AflLf NOW Mdit lues. «. 45. SJU. 5 intf a 

e-.ML t eV? 5 T . s SSo. t 2 .so. ti. so. agath ia chmstu-s 

Special Booking Hollln, 437 2 OSS. WORLD S L^GES^kVE P R RUN 

LYRIC THEATRE. CC 01-437 36B6- E*e. 26ih JIEAR 

8.0. Mali. Thera. 3.0. sal. 5-0 and 8.30. TALK OF THE TOWN. CC. 734 5031 


JOAN PLOWRIGHT 

ADELPHI THEATRE. CC. 01-836 7611. . o » I vXc 

Erg*. 7.30. Matt. Thurs. 3.00. Sal. 4-00 »"d PATRICIA HAYES In 

irfnE FILUMENA 

THE BES1 mui'ICAL OF EDUARDO FILIPPO 

1976 1977 and 19781 Directed br FRANCO ZEFFIRELLI 

13/c. 19/7 ana -TOTAL TRIUMPH.' D Mirror- 

- LONDON’S Btsi NIGHT OUT." “ MAY IT FILL THE LYRIC FOR A 
SCBI, PMN • ' HUNOREO YEARS.' Sunday Time*. 

ALREADY SEEN BY NEARLY ONE — 

MILLION HAPPY THEATREGOERS. MAY FAIR. CC- E29 3036. 

CREDIT CARD BOOKINGS 836 7611. Man. to Fn. B.O. 531. S.30 and 8.45. 


8.00. Dmlno Dancing 9.30. Super R#tu« 
RAZZLE DAZ2LE 
and ar i 1 o m 
FRANKIE STEVENS 



ALBERT. 836 387B. Party RUM. Credit ^ ELOCUTION WF | 

card bkBi. B36 1071-2 'Irani 9 a.m. .to " I 

7.45'7'm and'sit Tm .nd’o-oS: ' ESiS^'-wBSSy I 

-A THOUSAND E T,M B eS R WELCOMf IS ^“^ilSVln^® ! 

MIRACULOUS MUSH AL." Fin. Time*. ■ 1 

OLIVER MERMAID. 248 7656. Restaurant 24fl , 

with ROY HUDD and JOAN TURNER. 2835. TOM CONTI. JANE ASHER In 


53 "isf&SEr a MW THEATRE UPSTAIRS 01-730 2554 

^ cn\ UM tuf ivBir fOB A Tuesday -Sunday 7.io 

in «■«.!( a. T i, A ‘ SHARED EXPERIENCE 

tO YEARS. Sunday Time*. ] ln BLEAK HOUSE 

— I bv Charles Dickens 

IR. CC- 629 3036. | fin 4 Paris In Rcpertoirel 

Fn. 8.0. Sat. S.30 and 8.45. I — — — 

GORDON CHATER - Brilliant. ' E.N. in ' VAUDEVILLE. 836 9988. CC. Evs. at 8.00 
THE ELOCUTION OF Mat Tucj. 2 4S. Sal. S and 8 

BENJAMIN FRANK LIN Oinah SHfcRtOAM. OuUle GRAY 

nv Sieue J. Snears Eieanar SUMMlRfillD. Jj.-tics GROUT 

■assmnate tun n». hercels eloquent A MURDER 19 ANNOUNCED 

an '' Hilarious.” E.Sld. 'Wickedly THE NEWEST WHODUNNIT 

' E. News. "Spellbinding.*' Obs. ! b» AGATHA CHRISTIE 

— ; Re-efller Agatha wiih another who- 

a JJH taila Rnraunm ? 4 n ounnH- Agatha Christie Is stahring the 


” CONSIOER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN.” Daily Mirror. 


MERMAID. 248 7656. Restaurant 2*8 WrtEnd k2 

2835. TOM CONTI. .JANE ASHER In | SLSSS 


2835. TOM CONTI. JANE ASHER In 
WHOSE LIFE IS IT ANYWAV7 I 
The Smash hit acclaimed by every criue. 
Engs. 8,1 S. Matinees- Wed. & Sat. SVTs. 


t Indicates programme in 
biark and white. 

BBC 1 

*.40 a.m. ripen (.'rmereity. 0.41 
For Si-hnnls, CuU— 2fS. 12J55 p.m. 
-I in The lime. 12.15 News. | .f 10 
Pebble Mill. 1.45 Chmley. 2.dii 
You and Me. 3.36 For Schools. 
I’nllepes. 3.5.1 Reuiiuuil News for 
KnylamJ. 3.55 May School. 4.2D 
The Mole and I he Lollipop. 4.25 


Heads and T.nK 4.10 LalT-u- 11.00 To-nialu includmc 


Mn?iv Roundabnui. AH recion.s as BRC I except at 

3.40 News. Ihe fcillowina limes: 

5.55 Nationwide l London and 4 Vales— 1.45-2.00 p.m. Mr. Bonn. 

Soul It Ka>l only i. 4.40 Crvstal Tipp.v. 4.45-5.05 Tien 

6.20 Nationwide. Ssrcch 5.55-G^O Wales To-day. 

6.53 To-morrow-'n World. 6.55-7.20 Heddiw. 1.15 a.m. News 

75!0 'lop or Ihe rnp.v. and Wcallier Tor Wales. 

M.05 Wildlife nn Unc. , 

a tu ' r Ar '* r - c 

Si.^ 1 bMI '* Thursda >' S r for Scotiand. ^ 

10.10 Face \':ilues. Northern Ireland — IL3 


6J5 Cro.sK roads. 

7.00 Charlies Ansels. 

5.00 Gel Some In ! . 

»JI> Armchair Thriller. 

9.00 What's On Next ? 
9.30 This Week. 

10.00 News. 

I0J50 Nurse of the Year. 

11.00 Drive-In. 


:S0 Beryl's Lot. «J0 Renirn lo 


ALDWYCH. 836 Ba04. tnlo. BSr 5332. wed Frl 4 Sat S 45 
ROYAL SHAKESPEARE COMPANY II. McCOWF^'s Vt » 


Evgs. 8,1 S. MatlnoK- Wed. & Sat. SFiS. f . "L ' . r '‘~ — ' T i; '' 

From May 17 Wcd^Sat. 8.30. MaU. VICTORIA PALACE. 1J17. 


-- -• - upmbv V ALEC McCOWEN S ST. MARK'S GOSPEL | 

tv P^ne! of the Ages. MS Bre.ktime. VfgZXSi J™ m** 1 l«h°' Mons ' & Tu “' 8,,S ,rom 

HTV HENRY Vi Fart 1 itomor.). Part 2 «Sat. la !"' 

SJD Cro-sroads. 1.00 Report Writ- tSS mat.j. Part 3 <Sat. err-}- RSC alto at 

Ri'aart Wain LU flai Snmn In’ TK TH£ WAREHOUSE iSee under W) and at ^ ATION AL TH EAT Kl ^ B2B 2-52 


STRATFORD JOHNS 
SHEJLA HANCOCK 
ANNIE 

_ A NEW MUSICAL 
BROADWAY'S BIGGEST HIT 
Ergs. 7.30. Mats. Wed. A Sat. 2 48. 


Scotland — 5.5 5-6 JO p.ni. Report- ji.oo Drive-In. 
in” Scotland. 8.20-9.00 Current n.sn London Decides. 
Account. 1.15 a.m. News and 1.30 a.m. Close: Net 


Northern Ireland — 1L30-U.50 


OJ50 Nurse of ihe Year. MTV Cymru- 'Wafa— As HTV General 

1.00 Drive-In. Service excepi: 1-28-1 -25 Peoaivdau 

1.30 London Decides. nlZ 

lJO a.m. Close: Neville Jason 4 . 15 - 7 jb spun* Arena. 

reads a poem by Edwin htv Wart-.As HTV Crneral Service 

"■UIT. pZl'pm- 15O-L10 RviMn WkI UoifillnM 


Until Saturdar 

Evenings ai 8 0. Matt. San. 3.0 
6ENIOSOVA. GIELGUD. 
KELLY NORTH 
STEFS. NOTES AND SQUEAKS 


Lruitt'un ■Droscer.ium siaovi ran i. s. Aldwac-K 

Tamar. 7.45 BEDROOM FARCE bv Alan! org *' Aiawvc ii. 


Fresh insight Into the nature o< Ballet. Christanner Hampton. 
Many excellent cheap seat* all- 3 theatre* 


CDTTESI.OE (small auditorium). Tamar. WESTMtNSTEH. 0Z * 1- 

& Sjl 8 OON JUAN COMES BACK . „ *™JtNCEp T p »-lFI 

FROM THE WAR br Horvath trans. bv yfJSmi r Mu ?- Bgl 1 9e Jn . d , Alan 
Chrlstopner Hampton. Thornhill. Previews from May 9. 

Many excellent cheap seat* all- 3 theatres Opens May 17, 


l.ympU's. 3.00 John Cravnn't 
Ni’w.iround. 5.05 Blue Peter. 5.35 


Local F.(>rclion Rciulls. 
I. M a.nt. Regional News. 


F.T. CROSSWORD PUZZLE No. 3.658 


HTV Wait- Aj HTV General Service APOLLO. 01-437 2663. Evenings 8.00. dir “en Car park. Restaurant 928 
except: 1JS-IJ0 Repon West Headlines. Mats. Thurs 3.00. Sat. 5 00 and 8.00. 2033. Credit card bkat. 928 3052. I 

U84J5 Spon West. DONALD SlNDEN ■■■»»• 

Actor of the Year E: Std. OLD wlc _ Pjul p * v w rn ° 

SCOTTISH SHUT VouR B ira'°AND' PROSPECT AT THE OL ? 9 V^ 76 ’ 6 ' *“ ' 

, * ‘ • . TMINtC OF ENGLAND .. New season la May 20th Due to Ov 

- - WICKEDLY FimNY.-' TIrnee. 


the a.m. For Schools. 3.53-3.55 p.ni. -'ll IB A regions as London tl44 - 3S Spon West. Ann 00 .*' 

Northern Ireland News. 5.55-6.20 except at ihe following limes: cr mri cu A ^is si 

Scene Around Six. 1.15 a.m. News AMr'rii aCUiliSrl s S!i, T M J 

and Weather Tor Northern AiVULlA us pjw. News and road xnfl weaiher -wickeol- 

Ireland »-m. Anella News. 2.00 Women *?»«. 2J0 Women Onlr 505 Tcailrae _ 

Only 4.20 Rocket Robin Hood. 4 AS ihe I*i cs - 5Ja Crossroads. 6M Scoria od A _ THCATRE 
England — O.55-6-20 p-m. Look Aiteuntorw . or Black Bv.iuiy. s.xs Today. 6 JO Gamock way. 7J» Emmur tom 

_ Ea-,1 t Norwich J: Look North Einmvrdale b.00 shorn Jnxlu. c 


OLD VIC . 928 7616. I 

PROSPECT AT THE OLD VIC 
New season la May 20th 

Eileen Atkins as I 

SAINT JOAN 


WTEHALL. f 01-930 6692-7763. 
Evgs. fl.30. Frl. and 5at. 6.45 and 9.00. 
Paul Raymond presents the Sensational 
Sex Revue ol ihe Century, 

DEEP THROAT 

Dua to overwhelming public demand. 
Season e" tended, 


Only 4.20 Rocket Robin Hood. «AS Ihe 5 JO Crossroads. MO Scotland arts theatre 01-836 2132 TnSa^'V’aa' 9 D,od ‘ JC,l ‘ ,n " *■ T**!*™*- windmill TOEatre cc. 01-437 6312, 

England — 5.55-6 J!0 p.m. Look Adventorw of Black Bc.iuty. s.is c »™«* tom stoppard s^ * ^ 7 “twelfth night flSf * uXGEl i 00 '."nd Too 

East 1. Norwich): Look North Emim-rdale Farm 6.00 About .Amlia. FajTT > Tbmeunun.Jis-Jaclt dirty linen -An outstanding revival- The Times paul Raymond o?*senu' 

.1 ..Art. \l.. n .W, n n 6-22 Arena T^O V.lltergn.ve. TJ8 Th t Sv* MeLaotdlLa. 10-30 Wild. Wild World of '' Hlttrloa* ... see It." Sunday Times Fn. 7.30. Sat. 2.30 and 7.30. RIP OFF 

^^ e lC b.^‘f ,e 11 UI wo Dollar Man. 10J8 An Audi-ni-e Animals Ifl-SS Meal Ticket in Concert. M o"dav y Thuyiy 8.3D. «r.day and 1 Sunday at The Old v.c May 14 T.mothv the erotic experience-op THE 

Midland*! To-day t Birmingham »; unh j WT CarroL U-OO Slre-.-is of Sxn M *° and Woman. UJB Late Call. Saturday at 7 00 and 9.15. w«u. PruncjU^uiei in MODERN ERA 


, Nationwide (London and South Franrueo. lloo xian and Wurrian. Star Maidens 
Ea-ifi: Points West (Bristol): tir* Living word. crsi ri 


Soulh T cud ay fSouthamplon); 
Spotlight South We.il (Plymouth). 

BBC 2 

R.4fi a.m. Open University. 

Il.tIO Play School. 

4.55 p.m. Open Liniversity. 

7.1HI News Headlines. 

7.65 The Engineers. 

7-oU Nowsday. 

k.05 Cardcners' World. 

MO Living in the Past, 
tfl.flu Mid-week Cinema: "Stormy 
Wcalhcr." 

10.15 Djncx* Month. 

10.25 The li>ue Should Be 


ASTORIA THEATRE. Charing X Rd. (with 

-v.w. c-m rrmrOM * uI| Y licensed Restaoranti. 01-734 4291. 

. -w-. ■ jUU In JCrVlT Ncanst iuoe» Tottenham Ct. Rd. Mon.- 

A 1 V ,]■ j an _ Thurs 8 00 u.m. Frl. ana Sat- 6 00 

, ^ __ _ p.m. SODLdern NWS. 2JD Watnt-n 4na a.4S. lnsL»nt cred/t card booking. 

1.20 p.m. aTV NeaM-'sk OO Tarzan. Only. 4-20 Dmomun. 4.45 Lost Islands. elyis 

5.15 Happy Dari, t.00 ATV Today. 1.00 50S Betty Boop. 5J0 Crossroads. 6.80 •• Infectious aopeaiing. foot-nomoina 
Eiumi-nJjIv harm. 7.30 Oiallcnne or the Day by Day. 630 Surnnl. T.00 Eramur- *"« wart-18 umpinQ. Observer. 
Sli-s. JOJO Man and Woman. 11.00 dale harm. 7 JO Hawaii Flve-O. lu.30 n , nn „ tOD 

Gardening Todar UJO Police Woman. The Practice 11.80 Ymr Westminster. seTi £8 50 . Halt hr beto?" 

12.20 Am. Council Elvvliuns 1978. 11.45 Soutlicro Si>«n. 1I5S WtUI The anv available top price tickets £ 2 - 50 . 


ELVIS 

lectlous. aopeaiing. foot- stomping 
and beart-thumpmg.” Observer. 


TWELFTH NIGHT i 

I “ An outstanding revival." The Times 
day Times I Fo. 7.30. Sat. 2.30 and 7.30. 
c riaay and | Sunday at The Old Vic Mav 14 Timothy 
*.15. West. Prunella scales in 

SMITH OF SMITHS 

Rd (with International season 

714 '4201 £"» Kedrova. Jean Marais In 

R* Mon.- LO PARENTS TERRIBLES 

d S *bboki« 0 g° ™ c TURKISH CLOGS 

a Dooking. M|y 2 a-June 3 . 

it.ctnmomo L« Barca restaurant oopos're The Old 

n-srormxno y|e — mn belore & •„ Wr the shov*. 


BORDER fallowed by Survival in BeUait. 

tlJO p.m. Border New*. 5J5 La we. TYNF TFFS 

6.90 Lool.a round Thursday 7.00 Enimcr- . _ . * ' u — , „ 

dale Farm. 7J0 The Bionic Woman. «0 n-m. North East News. 2.00 Women 
13.30 Police Woman. UJS Uan and Nonhem Life. 7.00 Emraer- 


TTic ITacticc U-00 YoorWe«mmrier seTi' ^8 S.W beiore^aiSw ] ^A^MlRSUMMufNiGH^s' DREaSn^riom 

U.4S souinero New*. 11-55 Wbal The anv available top price tickets £2.50. I fg m Ma v B^n ird | 'HE MAN 

P-Pv- Say. I2J5 Wcaibcr forecast Mo " lunS*»«u , J?ir l A , i! cir th! &n,y - OF destiny jnn the DARK LADY OF; 

fallowed by Survival In Belfast. EVEN ING S »TANDA PcT AW * RD THE SONMETS reoertwre July 17 ! 


Woman. UJS Border New*. 


CAMBRIDGE. 836 6056. Mon. to Thurs. 
8-00. Frl. Sal 5.45 and B 30. 

IPI TOMBI 

Exciting Black African Musical 
** It's a foot-stomping, pulsating, actlon- 


Open Sundavs 6.0 0 and 8.00. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE ~OF THE 
MODE PfJ ERA 

Takes to unprecedented limits what if 
Permissible on our stages." Evg. News. 
You may drink and smoke in the 
Auditorium. 

WYNDHAM'5. 01-836 3028. Credit Card. 
Bkgs. 836 1071-2 irom 9 a.m. Id 2 pjo. 
MOn.-Tnurs. B. Fr<. and Sat. 5.15. 8. JO. 

"Enormously rich 

VERY FUNNY. - Evening News. 
Mary O'Mallcv's smash-hit Comedy 
ONCE A CATHOLIC 
Supreme comedy o" sex and religion," 
Daily Telegraph 
"MAKES YOU SHAKE WITH 
LAUGHTER '■ Guardian. 

YOUNG VIC- 1 near Old VIcj. 928 63S1. 


■c ...... PHOENIX. 01-836 2294 Evenmas 6.15 YUUNG VIC- 'near Old VICJ. 928 63SJ. 

*«?h’ k Friday and Saturday 6.0 and 8 40 Tonight 7.45 Roval Shakespeare Company 

45 and 8 30. - TIM b5oOk£taYLOR GRAEME MACBETH. tn,|» week sold Out- any 


"TIM BROOKE-TAYLOR GRAEME 

The Bionic Woman. I - I ^^THE "uN?ARF.>SsH|D"TRUI7f*" “I 

Tup. 12Jfl AO , Aodwncc j packed musJcal '* News of the World. 1 TTi* Mil Comedy bv PO^ CE RvTON. . 

with Jasper Carroll. U.48 Man and l THIRD GREAT year ! "LAUGH why i thought I WOULD 1 

Woman. 12.18 a.m. Emlogue. | Dinner and top-price seat £8.75 Incl. ! HAVE plBD." Sun. Times. "SHEER ; 


r.-r.,,„ iim u vu-n diunny r - LI 1 Mm r I 

Woollier." UiAlNlNtL 

10.15 Djncx* Month. Channel Krw* C.Q8 Cbannel 

10.25 The IsnIip Should Rn * J * Klophum Boy. 7.09 The Six 

JUmriJi ^ n a He ■'llil'OR Dollar ilan. 10.28 Channel No- 

ti t- i , v i “ J,cCJ, ' urt U- 1 * and 

*1.55 L.'Ue w..jihor in French . 

11.45 Martin Jarvis roads _ _ 

“Crown of All 1 rivalling.” GRAMPIAN 


M!lurn* on door.i 


Woman. 12-18 a-m. EoilDgue. 

ULSTER 

1J0 p.m. Lunchtime. 4.18 Ulster News 


COMEDY. _ 01-930 2578. 

Evening 8.0. Thurs. 3 0. Sir S.ZO. 8 30. 
MOIRA LISTER. TONY BRITTON 


u*uun T I muuuni I nuuiu' riVICUSt 

HAVE DIED. ' Sun. T-mes. SHEER 1 UNtPIAi 

CDMTINUOUS E LAUGHTER T,''^£ lOUS i A JiS, 1 * 2 ' SHAFTESBURY AVE 831 
CONTINUOUS LAUGHTER Times. I 8661 . SCP- oerts. ALL SEATS BKBLE 

j 1 ! THE GOOD3YE GIRL AI. Wfc and 

PICCADILLY 437 4506 Credit card bkgf n -„x22i c S' L 0 , « S . 1 


4.28 Cue Club. 4^5 Lillie House on Ihe Margaret COURTENAY. Dermoi WALSH I 836 1071-3 Irom 9 ajn-6 a m. Evss. 8 f',5 1 W f e ,n E TA Sun 2.0' 

Prairie Los insuw V-u.-, tlros^ THE HIT COMEDY THRILLEP I* Sai. J.45 6 8. IS. Wed mat 1 S-’O B - 10 Late Show Fr,. and Sit II- 

rmJt it arMm " IK MURDER AMONG FRIENDS ! Royal 'Shakespeare Company In 1 “ — 

rQBftt. *..« Kegons. 7.00 fctnnietoavi' - BUtVmj.l armrd rnhtierx. dQunln nl.iB AN OUTRAGEOUS ADULT TOMPOY I CAMDEN PLAZA toed. Camnnn Tow 


LONDON Grampian Today 7.t« Six Million UJO Living' and GraWloE. I1-55 0W — — — 

Dollar Man. UJB Cuvor lo Cover. House — M mu Home. 12.20 a.m. B-jdUDic. CRITERION.* CC. 930 3216 

<i '-fi m crh.mic i«»nn rt-aixmxn 5,<rs 00 ■«. 12J0 a.m. Grampian Head- Evenings B.O. Sars 5.30. 8^30 Thur. 3.0 

a.m. sicnoois. i„.wu oanimnn |, r „,, r wrCTWion Leslie Phillips 

mill Spin.ich. 12.10 p.m. Stepping rrCjluAlUJ m six of one 

SI f»no<. 1 2 Jll> The Child Wants □ GRANADA a w?'*?' 'OFT - vert%unnv- J \ t-. 

Ilnnu* 1.00 News and FT index x .20 p.m. This is y«.p r^nr tm. P.' ary - Jf? ,™L s,r . secono hilarious year 


i-m ' ' h'arm 7J0 The Six Million Dollar Man 

1.20 p.m Grampian Ni-wi. 6.06 18.38 Counterpoint. 11.88 Husan's 

Grampian Today t.m Six Million UJO Llvlrw and Crowlnc. UJ55 Old 


MURDER AMONG FRIENDS 
- Blackmail armed robber,, double blub , 
and murder." Times " A good deal oi - 
fun." Evening News. I 


ACROSS 

2 Curresjiimdcil. tiicn marni’d 
1 7 1 

5 Ilu nuu tv il comp.iniun _wiih 
simkcn nrii'nitil music i" ) 

9 Tiiiif nf joar fur fi*ols 3t 
fii’sl t5i 

lfl Could lie nne of ihe rop dnjs 
like Hum lot (5.4 1 

11 Fallon in hum of retinue 
from London i4.5> 

12 Hiipi'ening just by road junc- 
tion t5i 

13 Strike one wnuld describe ns 
Iichimni; t5» 

15 Depart with painter to see ex- 


I Pc „ iW Sfflj 1 Home um \cw» and FT index lb P.m. This is v« ir Ki'^hr sji mu Slita^'SJIS? in* iWwCrt 

j- 0 [ ' '-2* 1 Help! LaO Crown Court. 2.011 l' M 'V"J >ni I ||® l h, lo Granada He puns »ws. it.3o McCloud. 12J5 a.m. l-auh 

1 I j i After \oon, 2JI.1 Ravins from , ' ara 7J *. GeI s ,i n ‘ 1? Tor Lift. 

i W "rh » ^ ef" 05, r"^ 5 ' t " nwT » PDli'wr . ''w-a 'Th^CuikM w?w! YORKSHIRE 

in titii.a 1 1 v dcstruelive pets Iho >ulli\nn> ^. 2 « Lillie u.25 K-purts r-nim. « u.« waai th« . ^ i vivisoniivc 

I ,VJ.:i » IlfMlM? on tho rralne. 5.15 Mr. Habvrs bJi UJS R. pons Politics. I.2D p.nt. Cakmlor News. 6218 Calendar 

- ^ . . . _ ■ . \r r „ ihntk-y Moor and n^lmom ednioosi 

J l.umi.!«telj cauuhi on incline ■* na Mr '- HTV 7 08 fnim.-ntalo Farm. 7J0 enwriviur 

ID I 5.45 \l*ws. ^ •* * » U.jO Djna*.'r lu Paradise. 1125 Man and 

6 u,»n.i.*d. p.T--„ Ukiay over «.,# iw, » e. «^^o2 , ^L£L*sarLi5 ESSE. ^SSJSFSi — - 


6 rjismi«-cd p'TMin ukin; over 
toriuer public assisljnce (3.6i 

7 Sjw j kuv periml t5j 

S Tennis siiir willing to form 
fniiiliail te;it:i (7) 

14 Dim* >, uivd fund prep.ired by 
nensni.in alirmid ifi.Ji 
Id Venn l.n nr made oul of farm 
mui'hmi' i3‘ 

17 One util make cnncc.'« i iors lo 
irru.thiiny i rt.fi i 


6-JO LmnicnJjic l-'arai 7JN Gel Sjn>e tor Lift 
In' 7 JO Danger in p» r adtxe 13J0 

Hr pons PolUKi. 10. JS Till- Cuikoo WV 17 . YORKSHIRE 

11.35 K.-Burn U.90 WSa, the V- , , „ O , , 

5.15 Mr. Paper* bJi UJS B. ports Politics. ,*•* '-akndor hews 6218 Cal-ndxr 

ihmU-y Mnor and Rvlmoni edmoosi 
HTV 7 - w fnimiTdalo Farm. 7 JO Emer^.Tiey 

n * » 10.J0 Danxor lu Paradise. 1125 Man and 

1.20 u.m. Report tv. M Headlines. US Woman. 1LS5 Local Elections 12.85 a.m. 
B-.’Pur; Udk-a llcjiflmrs. 2.00 Women Calendar Local Election Special. 


DRURY LANE. 01-836 8108. Every 1 I 

night 8.00. Matinee Wed. and Sat. 3.00 i PRINCE OF WALES. CC. 31-950 B68I. 


A CHORU5 LINE 

” A rare devasiatmq lorOus. bstomshing ' 
stunner." Sunday Times. 

OUCHESS. 636 8243. Mon to Thurs 
Evgs. 8.00. Fn.. sat. 6.1S and 9 00. 

OH ! CALCUTTA ! 


Royal 'Shakespeare company in 1 ~ 

AN OUTRAGEOUS ADULT COMEDY I CAMDEN PLAZA ,ot>P Camden Town 
by Peter Nichols J Tubei 3SS 344'. Melville's classic Re- 

I PRIVATES ON PARADE I HHance thriller 

1 ’* rlprgaring triumph" S. Eccress. | THE ARMY IN THE SHADOWS iAAi 

BEST COMEDY OF THE YEAR 3.10 5 45. B.2S 

Ev. Std. Award and S.W.E.T. Award. | - ■ — — 

RSC also at the Ald-vch and Warehouse I CLASSIC 1. 2. 3‘. 4. Orlord St iOpm. 

Theatres ■ Tortennam Court Rd. Tube). B56 0310 

1 1 1. Bertolucci's 1900 Part I t\i PgS- 

1 PRINCE EDWARD. CC- 'Formerly Casino'. I 5' 1a SJ. S L '* , JS lh f J " ’V 15 p T' 

01-437 6877 Previews from June 12. [ GG.k'mSv , ?£."£}?, vsTx'aiS'ruB 

221 Junc -v EVITA Gcg! N (l r .. Vo%r ' 2 PUSH si. Ja.. 

PRINCE OF WALES. CC. 31-950 6681. 3!°Gror2e &5 B u ?nT.‘ "OH GOD." (A.. P?*. 

^ Mon day, to Friday at. 8 pm 7 00 4 fs. 6.30 8 as. Late snow i ru.m. 

Sit 3.30 I 45 Mdt. Thurt 3.00* A. Bcrtalucd a & 19Q0 Pari 2 f\» Pan. 

HILARIOUS t COMEDY musical.- I 2.3fl 5 20 « v s. Lite fSli f 1.10 

ROBIN ASKW.TH ] CUPZON. Curron sTreer. W.T. 499 37 Jt'. 

I LOVE MV WIFE < PARD °N MON AFFAIRE (Xi. ^English 

•• NAUGHTY BUT MICE WITH A LOT ! JlV"'® 4 '- _ " A soarKling New Frenrh 


Monday to Friday at. 8 pm 
Sat 9.50 and 8 45 Mat. Thurs 3.00- 
" HILARIOUS COMEDY MUSICAL." 
_ The Sun _ 

ROBIN ASKWITH 


"The Nud tv IS stunnlnB " Daily Tel J OF tAUGHS.” News or the World. I &?£;*?'£ with Imesse b» Vves 

Btn Sensation Year. CREDIT CARD bookings 01-930 0846 . j suniVs.SS 5 ’ sTio^'so P *4th*'mon 5 ih ) ,n °' 


| DUKE OF YORK’S. 01-836 51 22. ; QUEEN’S THEATRE. CC. 01-734 1166 ' LEICESTER SQUARE THEATRE <910 5’S7> 

Evas 8.0 M at Wco. and Sat. « 3 00 • Even.ngs at 9.00. Sjl at 5.Q and 6.30.1 ShirlS MatLolne Anne Bantfrofl "MiV- 


RADIO 1 ■ 247m fS) - UJ0 John Dovriand tSi. and pmcraomw bows MO News. 6J0 

(S) Stereophonic broadcast If ■ MuMjf Cunccrt, pan I: Goi.-ii. Brain uf Bmim IFW. 7 00 News. 7.BS 

5.00 P.m. \ KadiQ ■ 7 a2 iijvr i.. David. Huidi-mHh iS.. 1.00 Hews. 1JB Coo- The Arvher* 7J0 Checkpoim. 7A5 Pldsln. 

T*.*’.rs ejo Simon F;atL-s‘ 1131 p.’.ul ^ en ;, p ‘ ,n = • , ® ,, v-i. Iii;..| igi. 135 Shun- *30 Ray i.loslins with the BBC Sound 
nut. - ... i M.i.f... Ii-s, \,..y.h-a r ? rn p.m hit 5lio upera by Mlkl is.. 2J0 Words . . . Arcmu-s. 8.«S Analysts. 4.30 Kak-ido- 
T-'h; Hlj-.lhnm 431 Kid Jotu'en ld.-‘,uf. f" 115 NiiiPlnii-Min "-niiimuedi *Si. 330 *#» 434 Weather. 10 00 The World 

-.1.4 1 '■'! Ncw-bcBt. 730 Cotir.iTv <".nh ■ l l! vr ' il Re*Hns. 335 shunkin-Sho. 435 Tonlahi: \-ws 1030 Any Answers? 1U» 
■ n 1 1 iu.'i, (tail in 19.82 Jnnn Peel iS>. Slawrlus iSi. 4.4S Thi 1 Paul A Rook ai Bednme. 13. 1 5 The Financial 


JOHN GIELGUD I 

in Julian Mitchell's , 

HALF-LIFE 

A NATIONAL THEATRE PRODUCTION I 
" Br.|l,antlr witty . no cne should I 
it. Harold Hobson rDramai. Instant > 
Credit c*ro f?wv#rion4 Dinner jnd >op- i 
price seal £7 00. 


ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Varrctv Club ol GB Award 
THE OLD COUNTRY 
A New Pla, b* AI AN FENNETT 
Directed br CLIFFORD WIUiams 
BEST PLAY OF THE YEAR 
Plan and Plavcn London critics award 


wiria* Mat Lame. Anno Bancroft. MiS- 
IHJI 8arvShniln» In a Herbert Pe*» Mm 
THE TURNING POINT 1 A 1 ■ Pp» Wi 
I OS. 4.33 V I a Sun. 3 JO. 7.4L. Late 
*now Fn. & in 11.45 ?m 

ODEDN HAYMARKET. 910 a71C-:77t|. 
Jane Fgnda Vanessa fleaa-aic m a Fred 
-nnemam. Mm JULIA 1 A 1 5eo. P« 
8 S5 Feature Dly 2 4 5 


12.00-7 02 a.m. As Radin -J. 


CT100111 .JaziirKas 1S1. 4.4$ The Paul ' "Oqk a» Bedlime. 1135 The Financial J fortune. 8S6 221a. Evgs; 5 0. Thurs 3. j Raymond Revuebar. cc. 01-734 js 93 ; f.oo. goo. Laic snow Fr» & sn “fa*. 
.Sjrln-r I.urtiniissi.nis Mravinsky. Ilind,-- World Tonichr. 1130 Today in Pariia I Sat 5.00 and BOO. 7 PJ"-. * witi.lLw m ' OB,rn Sunj Camm. n.45 B . m . Feature 1200. All 


IS H;«ir awry durins inrlustrial j Kjd ; ; “ 


VHP Radios 1 and 2—5.00 a.m. V.'ub i? ,lh '{V. sa5 Hurn..-b’:,rd Bound. 1605 njertl 12JM JTprn. local ekstlon renuli* 


■' '""''-‘il : r „ n „ r |,. actiun 1 4-3 1 ms. 13.00 p.m. wuh 

peri mak dl penplc prnpcrl. , Q Sn;i; . Tl-( | riJurir » v> -hen mar- t.m. wm kj‘ 1 :i> 


lud,r>4 1.15 am' Good Li-'- n .**10 Horti.-nard Pnimd iconlliiued> li-28 am. laetion; Fore east. 12.23 Local 

10.00 p.m. Wuh Kudin l. 12.00- •f J0 . L,fr|,n ‘"' . , Tn '' Wider World. 730 •■Ijcflqn ry.tulis. 


Mur.el Parlow as MISS MARBLE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Tnirfl Great Year. 


fcd-llp tfll 

IS Pine fur a tilt r«r defective 
vision 1 4.5 1 


rivd iT » 

22 A viti small thins beheaded 
by "tin 1 51 


RADIO 2 1 -iflOm and VUF 

SCO a.m Wh'F Summarj'. 5.02 Kn hard 


Mu«|. Iiv,rn I’lWH-- Vtitl Dart 1: Purcell. nt>p T — 

iviiii-n iS'. s.io intimony by Sciascia KadlO LiOIKlOIl Garrick theatre. qi.rv; anm 

‘. S m*'* ’I 1 ™ 1 p!, . n 206m and 94.9 VJIF E «S s.o Mat wea. s o. sat siI ljo 

iijx P,a ? a .i C0Vr * s i . S-M *-"1- Ax Radio 2 4.30 R-Jih Hour. rtHOTHv, WEST GEMMA JONES 


PAUL RAYMOND u-nsenu 
THE FESTIVAL OF 
EROTICA 

Fully Air Conditioned. You may 


*eais bkbie. at Theatre. 


01-836 46QI 


19 pill fmmd in broken lift by ^ ^ ^ flf rr;i „„ dy ^ 


hcutiead (5 1 


com we dim-sighted i5» 


31 Swear lhat sulphur is in- ^ presented by experl 


eluded in remedy I5> 

23 OiIsprin-2 uf speculator has 

ro produce results (4.5 • 

25 Away with importance Of 
.spare time i3,6i 
2fi Stuff lo sive ihe clergy (5) 
27 Cnniractor buying a round 
of drinks (7) 

2S Wwnl back and replaced Rat 
(7) 

DOWN 

1 Wind a bum average to the 
('icrman (7) 

2 Cast spread out and put cm 
public view (5.41 

3 Creek serf found In mascu- 
line crowd (5) 

4 Buihiesdy competitive and 


in pink paper (5» 

Suluiinii lo Pii77le No. S.S5, 


fgasBESsar^sagas 
b .. a ^a - a : : - a fl s 
fiWaBgaflH - nziwau 
a n B ffl H D Q H 
BHHsaaaHH' .aaaHQ 
a h-v a. □ b e r □ 

-EGOS Q 3 QE 0 Q 0 

n H-n - v. ••□ •'Hv-ffl 

HtiSS 
□ OB a 0 
EE 0 IIH BGBGCGnBBI 

a a n b^oI 

CQHaQD QBBE 3 Q 
q ^B av' b~ b_ ol 
QBSaSa HHEEsaaonj 


^ 3iwrar> Hisrc 0 . nm . E loci ion Special » 

■ .<!• luri :l 1.45 Spurs« D-.T*. 2.30 David RADIO 4 . , rLDRF thoatdb 

U )H *»«". 283m and vhf London Broadcasting C ^. E Klf’Sh 

Mtea (SnS*. U U «. Xv« k!7 FMMI T9d3F. eM 261m RBd 97JVHF PAW -| 

WAtcon.Tj' U’3K. #.« Sporm Desl- 4.50 ,: h 10 Uw Hour TJ8 Nch' 5. “40 r 5 00 a m - Morntha Musk. 6 M A. .14.: alan AVCKBOU 

Jcr.n f. v utui «.s. 'iiciDding 5.15 Move tin ,J5 l ‘p to ihe Hour icontmucdi. !«W.'«op nows. 10J» Brian Hayes. LM TEN timi 

5.45 U>ir's DvAk. fc.45 Stuns 0*«i'. in 810 Tc6ay. a 35 Vesurdxy p.m. LBC Keports Ineludinit Gcotrc Gale's “IJ's must be w 


MICHAEL KITCHEN 
in HAROLD PINTER'S 
THE HOMECOMING 

I TAyT AND EJtCEL- 

f-ENJLY ACTED PRODUCTION." D Tar. 
"AN INEXHAUSTIBLY PICH WORK.' 
Gdn. ■- NOT TO BE MISSED." Times 


| Fully Air c£SK£&. You may "ggt L |ncJuNTE S |? S U oV t'3e° THIRD 

| brink and smoke m the KIND*^ (aP Sco Of, D.ln roe” 

I'" — ■ ”® M S« oil,) l.os 4.T5. 7.J5 l»l« 

j REGENT TH8ATRE. 01-637 9663 Ovens 5 VP- Tu« -Sats. Doors open ll.lS p-m. 
Mav 15. Red. otitc orev*. Irom Mar II. Al1 seats mav be boohed e>cep< 10.00 
THE CLUB. A musical aversion. , » m. profl. 


ROYAL COURT. 710 1’ 

Prevlern Irom tumor, at B a.m. 

THE GLAD HAND 
by Snco Wilson. World Premiere. 


i 7 ‘ l i SS! d® 

■ ■ 7 5° 1 3 00 mid- 

emiere JL2?' AM Ma,i hkblc. esteot 1 1C ol. 


ROYALTY. Credit Cards. 01-405 8004 'PRINCE CHARLES. Lr.r So 417 3131. 

01-4 37 1S92. Monday- Ttnu^UY Evenmgs 8.00. Friary' WEPT AWAY I XT/ Sep Peris Dir. 
d 3.0. Sal. 6.0 B.40 S.30 and 8.4 S. Saturdaw 3 00 and 8.00 ■ tine. Sur.>. 2 .iq 5 zs g'So Law shew 

r .*?. N : . mskenzie Sflnftvrite.v.* Sar »«.s« Mm L.c D o^fl Bar 


Benjamin whitbow .» biuf Daniels m 

ALAN AYCKBOURN'S He* Comedy I BUBBLING BROWN SUGAR 

_ TEN TIMES TABLE I Best Musical Ol 1977 

This must be wc higoiest taugh-er Bookings accepted. Mg[pr crcoit cards. 


| aa. 7 1.55 Seats 8ki>le L .cnn.ea Bar . 
| !S M9 E 4470 4 *’ tC,C ' 5a ' (Wu ^ ur StX 


V.« 12.02 p.m. You and Vuurs. L2J7 Just a 194m and 95.8 VHF Performance to date." Observer.' 

DAHtn T 464m Stereo & VHF '■ s ‘ u 55 ttVadwr and mo- 6J» a.m. Crsham Dene's Brcakfaiit ~ — — — 

IKAUIU J villi', icreua war crommr non. JLM n,o world at One- Show <S>. 9.00 Michael Asm I tSi. 12.08 haymarket. 0i-9so 9832. Lvg s boq 
I Medium Wave only News 130 nn* An-li. ». 1,45 Woman's Dave Ca*h 'S'. 3M p.m. Knitcr Scon M-ts ' A*®- Sat5- e. jo and 8.00. | 

I6.B am. Wcadkr. 7.00 Sen. 7J5 Hour including 2.0C.2.02 v’uws. 2M Llsiuti 'S.. 700 Lord Gcoree-Bra urn's CaDital 1 n N * 

•Tvcrtor" 'Si 8.08 V.n. 8-05 MonuOR with Mother. 5.00 330 Qucsiions i;oromemary 'S' 730 London Tsla.v c$i. DEREK DOri FBANr« 

i.'.hiclti -S' 4.00 .V'U-S. 9JB This H cvk'3 to the Prime Minletrr. JJ5 Wildlife. 3J0 7J0 Adrian Love’s Open Line .S-. 9.00 Godfrey hare CUKA 
I’oitippAv Si r;i nnck r and the Pallet iJi.' Holy Communion on AscEttswn Day iS> Vicky llom:'s Your II other Wouldn't l.jfc, in 1 

4 5»I l 1 .1!-’ Simmer K.-s»|ial .-.'No tram \l| .Snpi> Chlirrh Lanxfiam riarc. it *S*. U.00 Tony JI> all's I.3i- Sbpw -S. ... J V 1 AT£ J? S OF the MOON 

rr-.via!. -j*n V Rrahm«. Ba.-h lO.c lomrinn. 4.35 Stop. nm*. 3.W PM 2 00 a.m. Dun..an Juhoaoii'a ,\uht ■JaSf.MgK." 1 *" 2SELV S *ii?r ra ?*** ! 

in soon 10J8 rcMivat, pan 2: R-Xt Report!. 5M Sercodiun,. 5J5 Weather Fltxhi tSj. “w2% Wtar r SvJ mS I 


SUEUTH 

The World-famous Thriller, 
by ANTHONY SHAFFER. 


TWi 1 3 - 4 - ° , " ord c,re,rt 

I’ vw.ider jis'ThE WORLD? 


aB | h5! A7 | 3 J 0 LOV f w ”S -.35. 
Trans let ring to Ambassadors May 9 * 2 \ 5 TH ( GOODBYE G?RL .Al Pr 09 l' 


?■ THE GOODRYE GIRL iAI. Protv 

GODFREY HARE CUP. A | SAVOY. 01-836 88,88. 0*"»M May TO 10 4S. S | PH I g\n® A 5 ; A^. J ' f Z . 3d* 

■■ issSr rad,,, I'gsevJffisL w-mbk , \ ^ 

— jinaiMilaSlB charisma.” Da, ly Mall. I GwfWw KtiNln ! LOVE AND DEATH lAii M 4.TS. 

Wend? Hiller is superb.” Sun Mirror. I ALICE’S BOYS ] 7.10. Late Show sat 10 40. 


— nnaiMilablr charisma.” Daily Mall i 
" Wend* Hiller is superb.” Sun Mirror! I 


ALICE’S BOYS 




Ij^S 




21 




LLip 


Financial Times Thursday May 4 1978 

Royal Shakespeare Theatre 


I Record Review 


>v 


The Tempest 


Ferrier’s Orpheus 


the tone The Nile Act in 


l!-„ 




'•‘Ii" 


Ofkii 





■!U«TRES 


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 Frospero's 
island, the magic he wields 
against his enemies in bis unor* 
Uiodox reclamation of his duke- 
dom. 

■ The island itself, designed by 
Ralph Kollai, is featureless 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. (The 
chess-players come up on the 
rrap). There might have been 
more colour if the 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 
so well in the emergency. 
Michael Hordern's Prospero, in 
his grey knickerbocker suit, his 
magic garment a black school- 
masters gown, suggests some 
wandering Mr. Chips. 

But here is magic of the 
genuine kind, for Mr. Hordern's 
performance, down-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 banded 
over his daughter, and a world 
of Puritanism is in that emphasis. 
“My dainty Ariel, I shall miss 
thee ■’ suggests a railway-station 
parting; indeed when Ariel — a 
rather earthhound spirit from 
Ian Charleson. though he sings 
prettilv — asks his most moving 
question, "Do you love me. 
master? No?” Mr. Horderns 
“Dearly, my delicate Ariel" is 
almost a brush-off.’ There is 
every justification in the text For 
making Prospero a grouchy old 
duke. But he has wondrous 
lines to speak. like “Ye elves of 



by MAX LOPPERT 

particular 1 that la a 


to evoko 

vanished 


as heard in oratorio, the tone *««■ *’■■■» ^" an Y 0 ne who still Steane's The 

s 1! w 

ss “ 725 ,2 irSVCSS Sm ^ 

.„dCharu 5 .afLa s Srala,M.lau/ - ^ 

SBi, K 2 m2S2WS^r2£ 

ouick dramatic perception rnat there has been ^ rMina nua. Shosta kovich orchestration 

J“ as developed in her Orpheus with its culm.na n_B W C that . 

Ss well as the beautifully full may have hi 
and steadv wav io which she encompassed 

ZauhetflSie- Arabella etc. song* , earn i to voire 'the music. (And popranos but whrise m^twn shonly 
Wolf anil Brahms. World •” it is l0 hear a sinser lyricism has surely nc\er neon d 

- ' ” ’ 47 ™i„V “nmfnrtably throughout more truthfully nor more finely 


Serafin. HMV 

records! £S.95; cassette TC-SLS 
5108 £8.95. 

iTiana LemnltT. Arias and duets 
from Orfeo ed Euridice. Per 
Freischiitz. Lohengrin. Tann- 
Olelln. Aida. Die 


haiiser. 


been paina h ■ Shus i a kovich orchestration 

ulnunaling top L wai f .. SoPWS „ n d Dunces nj 
been less «treouoiisl> ni;u ic for and dedicated 

* b > w ° SS to the soprano m 1962 (and 


SHB 


Record Club 
records) £8.99- 

u.itnrulir orch. Shostakovich 

“SHrJnd Danr « ° r DBalh „- 

by Chaikovsky; and _ 
Rimskv-Korsakov. Vishnev- f 0 the 
skaya /London Philharmonic t . on mc . 
Orchestra- Rostropovich. HMV 
ASD 3436, £3.99. 

Maria Cblara. Arias by Giordano, 

Cilea. Mascagni. Catalam, 
Leoncavallo. National Phil- 


tu given its first 
heannq with Bori* 
Particularly In ‘ Tre- 


t3 mm-inp cbmfortahlv througnout m0 re truthfully nor more christoffi. Particularly in 

its low ran n e, with neither boom- rendered within the context of pak - an d ••The Field Marshal. 
«ich: in C nor skfmpinc of the deepest dramatic meaning. , Shostakovich's imaginative ayro 

,ies * There are ugly sounds dotted h Wll h Musorgsky bears a 

a \ es t passage is the pleas throughout the set, high notes remar kable fruit: the 1 songs re- 
the Funes. - Deh: pla™'™ that go awrv in familiar fashion; kite themselyes to the ironic 

alsoWs so transfigurinaly d-**""* «*». * 


harmonic 


0 rchest ra/Adler. 


Decca SXL 6S64, £3.99. 


Sheridan Fitzgerald and Michael Hordern 


Kathleen Fcrner played only 
two operatic parts, and with both 
indelibly associated. 
Britten's Lucreiia was the first. 
Gluck's Orpheus the second. 
4s the latter she made her 
final trasic public app^j}^' 
an res •i'Coveni Garden * n l® 0 ^: 
Seven years earlier, she had first 
undertaken the role, at Glynde- 
bourne; of that event a mememo 

remains m the form of ow 
abridged Decca recording under 
the ponderous baton of Fritz 
Sticdry. which shows the 
SeV's concept of the role to 
be sensitive but still immature. 
Now because or the persever- 
ance of the Dutch producer 
Klaas A. Poslhuma Upt 
name!), there arrives from 
EMI -a complete recording or a 

Book Renews are on 
Page 18 

live performance, given by the 
I Netherlands Opera in January 
1951. which demonstrates how 



Kathleen Fcrrier in 'Orfeo’ 


knvu-h's «wn symphonies (not- 


Mil*. ’brooki"itini]ng Jj SST-tTST i 


gentle 

fierce 


DlOUKS bloilUJU$ innpo sv *■ - — ■ ■ l 

•5j£ x eff iTr.'sas ^nsJsss'Mra bbn.'Mtb 

Caliban is quite utideformed being the drunker of {JJ al) out the family history her North fine music a? “sual b 

z&mm 

with hisquick run atAliranda as a speech. Alan* map . The -Strange shapes 
Jon as he sees her. establishes personable if nor 
h"m at once afa wild man. The netic Ferdinand 


delve 

drama. 


cation 

The -Strange 
bring in the banquet, the dog 


that meni has been lifted from us on 
purpose. 



Guildhall 


by 


RONALD CRICHTON 


Terpsicore 

sa wss sisariB 1 ! S sss Safe 

Spender %$,"£*££. print! 1 Vald*- InSoduce ")' Sa.les L^eH cod^.oe nflU,er ukkj 

Miss .Lalandi ot 
ties on Tuesday 
with a baroque 
and played 


than they did last year at Corent 
Garden, and were more confi- 
dently worn. 


the = und^ume.Tmes’the -uh.ly S^S'ef n-e°del 

for that purpose the modern - ,.n Verdi s orL-hcslral' timbres. ^i‘n “here “dcsi'iic "smile deter- 

53T S’Sh^bTldSTdiS StfSSSSSw «« 

S5?» « g -TrT^ ^ 

has been cleaned and brightened, satisfactions of toe set is _ the gathered 

ouite successfully, but remains proof it provides lhal it was noi album 0 j 
limited in dynamic range: a j USl popular sentiment that ljnd j^ng 


more 

ever. 


serious 
the 


& f popular sentiment that mjiw . „ 

imitation, how- acC ordcd greatness to Fc j‘ rle ,^ s i German soprano 
singing of the Orpheus: 






nauubi - - - » ii 

bv Win ton Dean as the 


'only The Fwiival’s methods may he 


Deficit at the ENO 


for on record the RoYh" birthday. It is a mistake accomplis.hed 

Nicholas Cleobury directed j Nethprlands^Opera’ chorus and performance is now worihy-io , 0 p j a y her “O pairia arhs confirms the 

Ste harpsichord. Simon j ?,%. other ^nd beside Alice R-e^h«u unl.h. .he «.Jr ^ --^nhrm. 

C 50on after Callas’s. She the special glory of the vo^ce 
recorded the aria, and many lies in its golden middle regiS 
mher items included here, at the ter. radiantly spun out At the 
l'HS Berlin recording sessions same time the reenrd confirms 
under Waller Legge. when the another opera house 'niprcssion: 

detached itself from the string >iean articuiannn i;c Callus reissues continue «■» tone was no lon ^" nl . al ^ore ovnVelsh^^in^cr ^''School 1 of 

the ear grew accustom^ j to draw from J* pour out. Siouslvf the “flriSS^ansuuRe Tebaldi” rather than of Callas. 

Should ever haie jenou«>. rjU alily The singing is naiural and un- 

inim^SSr- S h,, Mike politeness that is forced, the diction c car and 

r vs,r sn a i irxssirs'iisi 

"•«“ - KS; “li-iwss. ^ ir r,ra i.,zsr rr sts; 


sun„ - 

? ^ lr r®Sfe ,, H Si S fSE'S^r=p g pf- S*i«.ns» rani! Skn-isaiffin V. cnn.in,, in ,,, „n ,.n s or . ^ 

framed In Baroqu e_ j nance ®®> mcnntlianlpdasTer p S , c0r e, iu.Pntions. for the detached^ itself J™^ IB|I1W1 J ; what is obviously c-,lJs .. rc „. .„• nmhm = : .h M ,i„telv under control: more expressive singer. 


me cime, ur-uuim IingUl»lieu UJ iw mu., r— r;- C V J 

flute gradually f u | tempos, and by. the brisk, scholarship Fund 


standardised 
iranslaiinn of 


the “ Berli««- 


Viardot" version, lacking (Jj® been one 
final dance divertissement, and partivuiar gn . 


ideally suited to her Paimna l, .^ er 


hnn -he touched with it; likewise her Adriana sounds much like 
f; - 1 " have Elsa in an otherwise gripping Giordano's Maddalena. or Caia- 

' version of the Act 2 Lohenpriu lani's Wally, or Leoncavallos 

ml> good ‘°ndii n r. Orimd f the fiercely Nedda (whose Bnlfatelfa lacks a 


ever written for 
stage.” was added as a 


a? srbx sssi'SS -.Mis 




to the 


tHhe third tlW) version or ^|^"don'e'by Y "visiting com- audiences during the ^ajoTdTsappomt meats tended to c0 ' m p l( isive 

his opera. Jipostorjcto It JJ as verei ^ Edi blirgh proved weU Provicial tour of. 19 m, ^ prodlIcll „„. espew- wor ^ u , , 


spring Rlaotetto aDd Carmen. The Far 


sex ‘{U-rsii: s s 


Fereier the 
listening 
copies of the 


Alto genius 


its most 


Stolz! 

worn-out copies or uie «•« ~ r hpr lltl p ra ncc of recorded in uwi. 

Rhapsody and of Das L»ed rtm .oDStenous. of her utl ™" Wv UlVe duct with 

dcr Erde testify to my own words at ds most m ui tan Nordic othello of 

... ....iAn.la rimmtinn to fierv and DOetlC. Of her IllUSlllin < n ,| u >lln I 


reigning. She danced the > tiUe- "' rough f'ramed 

role. The slight acrion hinges chorusc& 

Apollo's invitation t° lhe God's second a na " 

e Sf dancing to demonstrate corders) jre winners. The conn- 


on 


i„d to himself '' vsnous Hspe^ 

SS 3 ffiaSSs T 

and' caused her return to Pans plan 
Michael wmmes and Belinda Miss_ 


Garden." where the famous Apollo and Erato accounted for the which only managed 

French dancer Si B £j£j - } 

The second dn« ^ 

areas in which economies a slartjng tQ in Crease . Another 
er-tenor miuuc, and be made. 1077.78 new production, Juiicffa. ( 

S35XT2 1 X ^SSlSX-JSoi «J5" " “ ““ dienre of53p "i 

'""•i whose m xakeTb’y Caroline Friend in a slight VC *fiH The four new productions for < Queen’s, Hornchurch 

of- Marilyn Hi!l Smith— season. ^ npr rpnt . 1978 are The Seven Deadly Sins 


early and passionate devotion to fiery and poetic. avmmmaVv 
the warmth, the naturalness, the ship at ws most ■*«* m- • 
openness of reeling of her voice, scrupulous. U is. with her 
But later on doubts and que.s- encouragement an Aida ‘ •n-‘J 
tion marks began to force them- sends one back 10 the ' 
selves to the surface. Especially of the music and the drama. 


1937. in the (Hello rather than just sung. One 
the shining would not wish to tamper wnn 
Torsten Half, so natural a singer, nor to 
in the Arabella selections, the impose upon her any extraneous 
Invelv voice floats, large, poised, emoting. But this record is 
even' in placement, through long mainly— to make tno broad a 
gracing each distinction — npcrn-as-smgmg 
fini> h rather than nprvaas-drama. 


Icciito phrases, 
word wilh the care 


for 


Friend also 


«™«?SSSS!SSSSSg^ 


The United Slates !Snts«m 

(wPCTC and IS subsidiaries carryovers of PCTC will con- 

ttnuo Company and its auhs^to toi^ng 

C ° nSU r IRS at^Sd’on 

and shareholders of s ® c0 ‘? d ^y dtetribute d to them upon consummation ot the Plan. 

" r ' ie stoc™l^efe«>n“^’^ andSSral Mortgage Bonds of the reorganized 

PCTC t,ra «wh Certificates of Beneficial Interest or 

P ^However, claimants ^^..^^^gntosuch gain, butonty tc tha 

Series 02 Notes and- who have ® 8 . fany certificatesoTBeneflqla!lnterestor 

extent of the cash and the fair mart* J ga in it the adjusted tax basis for hla 

Series C-2 Notes received. A ctelma interest is > B5S than a^ 10011 * o{ 08811 and 

claim. Including any claim for unp ritJeS of whatever kind received. 

the fair mariiet value o. all "25S. PCTC 

The basis of the stock and securities surrendered, decreased by the 

claimants will be the same as tiwbnste ^of Utecfc a Cert1f|catesof Beneficial Interest or 
amount of cash and the fair m ® r . k8t ™^ ^ m amount of any gain recognized. 

£ • «»— wh °“ ^ out of 
^^^ounseHor PCTC bn' fev0S there Is 

dbaareew^ h ®* nSc °ncl us ? , } l ! 1 ^ta?)[^rSeries^^N^ esrec ®i' red *C ,a im ants 

received W^^^^Sdenta may provide a baae lor 
when received. "^“l^ightmherwisB be required, 
recognition of any S* 1 " from Gunther O. Holpp. Con»rate 

' Copie. ol SSSft 3,00 1VB BuWn8, 17M 


previous 
Productions which 

11 ouirui ofi nor rent IVfts arc me .we-* — ™ 

cant, the attracted houses of 95 per ce - u>il , and B recht which opens 

Ion August 22 in a double bill 

with Gianni Schiecbi; Aide, with 
a first night on October IS; The 
Marriage 0/ Figaro, starting on 
November 22; and The Adven- 
tures of Mr. Broucek, by 
Jaoacek, which has a December 
28 premiere. In the Seven 
Deadly Sms Julie Covington 
plays the part of Anna as a 
singer, and Siobhan Davies plays 
Anna as a dancer. The conduc- 
tor is Lionel Friend, who is dew 
the producer 


Tommy ^ MICHAEL coveney 


This extraordinary rock dream 
bv Peie Townshend and The 
Who has become, as Mr. 
Townshend self-deprecatingly 
puis it in a programme note, 
ruck's Pirates of Penzance in the 
ten years since the disc was first 
cut. The Who have consistently 
proved themselves the most 
luusicianly. most theatrical group 
in recent years. This opera pre- 
dates Jesus Christ Superetor «y 
■ full 
and 
we 


to the Coliseum; _ 

Michel Geliot, and the designer tw0 years and can claim 
Ralph Koltai. credit for being the first 

For A tan. Sir Charles Groves I probably b^ist rock opera 

will be conducting and the cast have produced. - th _ 

fm-ludes Josephine Barstow as The story centres > aroimd the 
Aida and Elizabeth Connell as sense-numbing expenence of a 
Amneris. Sir Charles is also the young We f^e State Produel or 
conductor of The Marriage of wrtiin* lust .When- wounaea 
Figaro Which will be produced Dad returns ^hmne. he finds _»iun 
1 „ uiiiay in the arms or ner lover auu 

bj Jonathan Miller. accordingly. Young 

To meet rising costs seal \ Tommv _ angelically portrayed 
prices at the Coliseum are to| by a " little blond vision— is 


be increased, and other ways 
of raising . cash, such as indus- 
trial sponsorship and lotteries. 

investigated! Both the Arts I provocative about the score - is 
Council and the GLC have raised 1 r ,j,i S event results in the 


stunned into deaf-mute silence 
by the subsequent punch-up. 
What is most fascinating 


and 


— . . „ . Ihow this event 

their help in line with inflation. . „f Tommy the folk-hero 

In 1977-78 the Arts Council gave sensational public career 

lhe ENO £2.640.000 and the GLC, pinha i, wizard. 

K'ld A/UI ‘ -T-. - ..— Ml. nn 


£320,000. 


ANTONY THOttNCROFT 


Secretary, F^nn 
Street, Philadelphia, 191W3 * 


cnhsrtW. Blanchette, Richard C. Bond and 
*?°? n u McArthur, Trustees of the Property 
■ j y p *,! Cen trel Transportation Company. 


Khachaturian 

The Armenian ' composer, 
.Aram Khachaturian, has died, 
aged 74. Whether or not history 
will support the verdict, 
Khachaturian in his lifetime 
ranked as the third most cele- 
brated Soviet composer, after 
Shostakovich and Prokofiev. To 
the general, as opposed to the 
musical public, he was the best- 
known of the three, largely 
owing to the popular Sabre 
Dance in the ballet Gcwaneh. He 
also wrote symphonies, con- 
certos, theatre and film scores 
and one Other ballet Sportacua, 
which brought him fame 
1 through the Bolshoi Ballet s Mil- 
1 iiant presentation. . - 


The 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 the relation- 
ship at the core of the score 
between Tommy and bis backing 
group- Four dozen youngsters, 
swaying and bopping beautifully 
in 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. 

Xhe working-class £rit of the 
libretto is less well done in this 
co-production by Paul Tomlinson 



Allan Love as Tommy 


and John Hole than Is the gen- imiv sunerb mieroDbone alive to the pulse and energy of oF th's wonderful piece (» nas 

eral Messianic glee. Allan Love is some J? d V : nc ? ^e music, and not a word is lost yet 10 fie presented in the West 

is a striking and sympathetic sm&V by Paul Mia Vine ana , iecc Qf anipli . End) . But, for the tune being. 

Tommy, revelling ,in Jong T curiy Dana^Grilespi^ who dourne ^ W e should still ex- this producLon will more than 


i 

locks redolent of Tho Who's 

original. Soger Daltry. And there 


A great band, too, la fully pect a brilliant stage realisation serve. 



23 


FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BY 
Teiegrwu: Flaantbno, London PS4. Telex: SS6341/2, 38J897 
Telepbone: 01-248 8000 


Thursday May 4 1978 


Cushionin 
the fall 


LAST MONTH’S very sharp fall 
of S3.28bn. in the U.K. official 
reserves may come as a surprise 
.to anyone who had not noticed 
that the large and embarrassing 
inflow of hot money came to an 
end in the autumn and began 
to reverse itself in March. The 
figure, in fact, is very much 
what the market expected. It 
is made up of two separate com- 
ponents. The first is a further 
and substantial advance repay- 
ment of foreign debt by the 
public sector. This is part of a 
continuing and deliberate policy 
(another advance repayment of 
Slbn. tn the International 
Monetary Fund was announced 
tn the Budget speech) of simul- 
taneously evening out the 
foreign debt repayments which 
fall due over the next few years 
and replacing part of them with 
longer-term credit. 

The greater part of the fall, 
however, a net sum of £2.11 bn., 
represents the cost of interven- 
tion in the markets to prevent 
too steep a fall in the sterling 
exchange rate, especially at the 
beginning and end or the period 
in question. The Government 
was persuaded to let the 
exchange rate move upwards at 
the end of last year, when inter- 
vention to hold it steady was 
attracting large sums of money 
from abroad and making \t diffi- 
cult to control the growth of 
the domestic money snnply. 

This decision, rightly taken in 
the face of those who argued 
that it would weaken the com- 
petitiveness of U.K. exports, 
demonstrated the Chancellor** 
readiness to admit that 
monetary- control was of 
importance. 

‘Primarily* 

The Financial Statement 
issued at the time of the Budeet 
accordingly included among the 
assumptions on which its 
economic forecast was based 
that “the exchange rate is taken 
as determined primarily by mar- 
ket forces.” If it should be 
allowed to rise when money is 
pouring in across the exchanges, 
that is. it should he allowed to 
fall when some of the money 
begins to pour out again. But 
the word “primarily” is of some 
practical importance. A govern- 
ment which simply allowed its 
currency to respond to the full 

Competition 
in retreat 


force of market pressures when 
those were making for a lower 
exchange rate would invite the 
suspicion — as the U-5. Admini 
tration did last year — that 
actually wanted a lower rate 

Tor ihe sake of helping its trade 
balance. This suspicion would 
itself greatly increase the down 
ward pressure. 

The current aim of the U.K 
authorities is not to set 
specific exchange rate target to 
be achieved through malket in 
tervention, but to have a broad 
range in mind. This may be 
adjusted from time to time to 
take account of changes in com 
pelitiveness — of movements in 
U.K. ej rnings, that is. compared 
with those in our main co input! 
tors. At any particular moment 
however, tiie authorities will be 
ready to intervene to ensure 
that the rate does not slip out 
side the range they have in 
mind for the time being. The 
size of their intervention in 
April suggests that they believ 
the present exchange rate of 
sterling against the leading cur- 
rencies in general to be roughly 
what it should be. 

interest rates 

It is currencies in general 
rather than the U.S. dollar alone 
which matter in this context 
since any single currency is 
liahle to move up or dow-n tor 
reasons of its own. At presen r 
the dollar is recovering, and 
one fo the reasons for this is 
undoubtedly the hardening of 
short-term interest rates there 
and the consequent feeling that 
the problems of inflation and 
of the trade deficit are now- 
being taken more seriously. The 
rise in U-S. interest rales may 
have some slight effect on the 
movement of hot money but is 
unlikely to influence directly 
the monetary policy of the U.K 
Ihe reserves, after all. still stand 
at over S17bn. It may neverthe- 
less have an indirect influence 
The financial markets here are 
expecting another rise in short 
term rates fairly soon, on Ihe 
grounds that without it the 
authorities will r.ot be able to 
sell enough stock to meet their 
monetary targets. The r:se in 
U.S. rates is likely to increase 
this expectation and that in 
turn to make the rise more 
probable. 


ONE OF the objectives of the 
Treaty of Rome was to promote 
competition within a tariff-free 
European Community. Substan- 
tial powers were given to the 
Commission under Articles S5 
and 86. While there are still too 
many non-tariff barriers within 
the EEC. those powers have, on 
Ihe whole, been used effectively. 
A further stimulus to competi- 
tion has been the EEC's gener- 
ally liberal approavh. as far as 
industrial products are con- 
cerned. towards imports from 
third countries. 

There is now a scriou> danger 
that, because Fo recession ami 
high unemployment, these prin- 
ciples will he undermined. A 
powerful v^.lrllln.L , in this effect 
was delivered in Brussel?, (his 
week hv Cnuni «'utn Lanil)-dorf. 
the West German K>-ononiivs 
Minister. Quito apart from Ihe 
.-.pea fie proposal to control im- 
ports of shoes, to which Count 
Lambsdorff was objecting, there 
are growing indications that the 
requirements of industrial 
polity, which may involve inter- 
vention by stale or EEC authori- 
ties to improve ■ lie structure of 
an industry and promote its 
competitiveness, are * taking 
precedence over competition 
policy. 

Suspended 

This is a familiar conflict in 
Britain, where, for example, the 
Department of Industry has 
been willing to overlook the 
anti-competitive impact of 
those mergers which appear to 
he consistent with its so-called 
industrial strategy. At the EEC 
level there is a strongly held 
view within the Commission 
that an active programme must 
be devised to help European 
industry adapt to the competi- 
tive danger posed by Japan and 
the developing countries. In 
addition, it is fell that in certain 
capital-intensvc industries the 
pressure on prices and profits 
has become so intense as to 
threaten long-term damage to 
Europe’s industrial base; hence 
ihe normal rules of competition 
should be suspended until more 
orderly trading conditions are 
restored. . 

The latest example of this is 
the proposed synthetic fibre 
cartel, worked out under the 
auspices of the Commission s 
industrial directorate and de- 
signed to bring about a co- 
ordinated reduction of capacity 
by the main producers. It is 
not dear how this agreement 
will satisfy *he tightly worded 
conditions for exemption set out 
tn Article S3/3; among other 


tilings, a cartel can only be 
exempt from the competition 
rules if consumers .-share in the 
benefits arising from it. The 
fibres industry is not like steel 
where there are provisions 
under the ECSC treaty For the 
Commission to fix prices and 
control imports in the event of 
a crisis in the industry". But 
if the fibres agreement is 
approved, as the producers con- 
fidently expect, it will encourage 
other industries, also suffering 
from structural problems, to 
apply Cor a similar exemption 

There is such a thing as 
destructive price emu petition: it 
is possible for trading condition* 
in an industry in become so 
chaotic as justify, in l I k 
interests of <?« mourners as well 
a* producer*, a temporary sus- 
pension of compel i lion. Omni 
Lambsdorff apparently accepts 
ihe need for action in fibres 
and steel, where, as it happens. 
German com panics have been 
among the strongest advocates 
»f EEC intervention. An added 
complication, in these and 
other sectors, is the presence 
of state-owned or Mate-supported 
enterprise*: Ihey may be more 
willing to agree to a cut :n 
capacity as part of a Govern 
men: -backed international agree- 
ment lhati in response to com- 
mercial pressures. This, of 
course. ia part of a wider 
international problem, sfonimin 

from the large number of enter- 
prises — in the Onnecnn coun- 
tries. in the developing world, 
and in parts of Europe — -whose 
export pricing behaviour can- 
not possibly be described as 
commercial. 

Adaptation 

Yet U does not follow that 
the EEC's response should be 
to curb internal competition. 
The risk U that the number of 
industries demanding special 
treatment will grow, that tem- 
porary' anti-crisis measures will 
become more than temporary 
and that the Commission’s inter- 
vention will slow down the 
necessary process of adaptation. 
Perhaps it will be good For con- 
sumers and for the economy if 
over the next few years some 
of the large European manufac- 
turers of cnmmndity-type pro- 
ducts lose market share both to 
third-country suppliers and to 
smaller EEC companies, but this 
is not something that can be 
planned and supervised by Gov- 
ernment: nr ihe Commission. 
Competition is hv ii« nature dis- 
orderly. hut it remains the besr 
industrial policy. 



Financial Times Thursday May 4 1978 


Mr. Brezhnev’s visit to West Germany 


An important rendezvous 

for East and West 


BY JONATHAN CARR IN BONN 



T HE Soviet state and 
Communist Party leader. 
Mr. Leonid Brezhnev, to- 
day begins his first visit to West 
Germany since 1973 and his first 
to any Western country for 
nearly a year. His talks with 
Chancellor Helmut Schmidt are 
bound to be of high importance, 
not only for Bonn-Moscow ties 
but fur East-West relations as 
a 'whole. Yet much West Ger- 
man comment on ihe visit over 
the past few weeks has been 
marked by caution 8nd some 
scepticism. 

This was probably inevitable. 
Mr. Brezhnev’s previous visit 
here marked the high point of 
Ihe OsipoJitsk of the then- 
Chancellor. Herr Willy Brandt- 
A jovial Mr. Brezhnev linked 
arms with Herr Brandt and 
spoke temptingly or chances for 
vast economic co-operation 
spanning decades. It would 
nave been a miracle had even 
those highly ambitious schemes 
mooted for the relatively near 
future, all gone ahead without 
trouble. There have been deals 
if great value to both sides — 
but there has been no miracle. 
Meanwhile. Herr Brandt has 
been replaced by Herr Schmidt 
and the new Chancellor’s more 
□ragmatic style has coincided 
with a general awareness that 
progress economically and poli- 
tically with the Russians means 
gritting one’s ree'h and prepar- 
ing for a very long haul. 

There is a further reason at 
present for additional West 
German caution. The strength 
of Bonn’s relations with the 
United States has recently come 
under test on issues including 
the neuiron weapon, the fall in 
:he dollar and the new 
American non-proliferation Act. 
The West Germans would be 
surprised if Mr. Brezhnev did 
not probe to see how deep the 
differences really are between 
•he two strongest members of 
the Western alliance. That is 
line reason why. in advance of 
Hr. Brezhnev’s arrival, Herr 
Schmidt has been publicly 
stressing ihe indestructible 
nature of the Bonn-Washington 
relationship, whatever the pass- 
; ng problems. There has also 
been a flood of high German 
nffirials and parliamentarians 
visiting Washington in an effort 
to close tile commounications 
•tap between the two sides. The 
Germans may have doubts about 
'he policy course of President 
Carter, but they know perfectly 
well that without the backing 
f the U.S. there can be no 
'‘mi trill bargaining with air. 
Brezhnev, no effective Ostpolilifc 
and no security. 

The nm-rt important single 
(heme in the talks between Herr 
Schmidt and Mr. Brezhnev will 
be disarmament, not least be- 
cause of the timing of the visit. 
The .Americans and Russians 
are clearly close Vo a second 
agreement in the Strategic 
Arms Limitation Talks (SALT). 


The West has recently produced 
new proposals which might 
break the log-jam in the East- 
West Mutual and Balanced 
Force Reduction Talks (MBFR). 
Later this month, the special 
United Nations General 
Assembly session on disarm- 
ament starts in New York. 

The moment thus appears 
ripe- for movement on a series 
of inter-related disarmament 
issues — but not necessarily to 
European advantage. The fear 


that, while Mr. Brezhnev is the 
strongest man in the Soviet 
Union, he is not the only policy- 
maker there. It also recognises, 
incidentally, that Mr. Brezhnev 
needs, for Soviet internal 
reasons, some firm result from 
his West German visit proving 
the exercise to have been worth 
while. It is recalled that in 1973 
Mr. Brezhnev at one point 
bluntly stated in Bonn that by 
no means everyone in the 
Soviet leadership had been in 


Brezhnev’s hope to ‘untie some knots’ 


AT A TIME when the vagaries 
of East-West detente are being 
clearly emphasised,, the 
Soviets hope that the visit to 
West Germany of Mr. Leonid 
Brezhnev, the Soviet presi- 
dent. will provide a tangible 
example of the policy's long- 
run viability. 

Trips abroad by Mr. Brezh- 
nev and his retinue are highly 
symbolic occasions and. 
second only to a visit to the 
U.S„ symbolism is most strik- 
in the case of West Germany, 
a Tonner enemy which helped 
begin the detente process with 
the Ostpolitik. and the Mos- 
cow treaty of 1970. 

Mr. Brezhnev said yesterday 
in an interview with the Ger- 
man Socialist newsnaper Vor* 
waerts that “ The state of rela- 


BY DAVID 5ATTER IN MOSCOW 

tions between West Germany 
and the Soviet Union is a 
sensitive indicator of Interna- 
tional detente." and hinted 
that his visit to Bonn will 
make ft possible * to untie 
difficult knots.” But gave no 
further indication what they 
might be. 

He Is expeeted to pnt dis- 
armament questions at the top 
of his agenda, particularly the 
force redaction talks now 
going on in Vienna. One point 
of implied Soviet criticism of 
West Germany has been that 
Bonn is not sufficiently active 
in the disarmament field and - 
Mr. Schmidt wiU probably he. 
exposed fo the whole litany of 
Soviet disarmament proposals, 
including a treaty on non-first 
use of nuclear weapons and 


balance of power at the lowest But the project is not wholly 
negotiable force leveL For that dead, simply lying in abeyance 
process should help to bring, until, the East Germans are 
about an improvement in ready to be more helpful — a 
atmosphere between East and. readiness which itself probably 
West This is. essential if Bonn’s depends on what other eonees- 
own relations with West Ger- sions may be extracted from 
many are to make progress and Bonn. 

the position of West Berlin is. evcr . West Germans 
to be eased. . w ju te ] L j£r Brezhnev that for 

Both East-West Germany ties Berlin remains a "baro- 
and Berlin will ' be discussed meter of detente ’’—that East 
with Mr. Brezhnev, but the re- German and Russian harass- 
suits. are unlikely to be drama- ment of visiting West German 

officials hardly makes for the 
■' « ii ■ — ■— improvement in East-West rela- 
tions the Soviet Union says it 
desires. 

But the truth is that It is 
only with that general improve- 
ment that the position of Berlin 
will be made easier. 'Hie Four- 
Power accord on the city, which 


existing 


Indication that it will be pos- 
sible to “untie some knots" in 
relations during his .visit Is 
not borne out the Soviet 
Press can be expected to 
underscore the frnits of a 
** special relationship ” with 


have secured exit visas for 
20.000 Soviet citizens through 
quiet diplomacy. 


remains, despite attempted re- 
assurances, that in SALT-2 the 
Americans might make conces- 
sions on strategic weaponry, 
placing the Europeans at a dis- 
advantage against the conven- 
tional force superiority of the 
Warsaw Pact. 

Admittedly, Herr Schmidt is 
not in a position directly to 
negotiate on these issues with 
Mr. Brezhnev. SALT is a super- 
power matter — albeit with im- 
plications for the Europeans. 
The decision on whether eventu- 
ally to produce the neutron 
weapon is for President Carter 
aloue— as the West Germans 
never tire of emphasising. 
MBFR involves Bonn's other 
allies, too— though it is a topic 
which Herr Schmidt has 
followed particularly closely 
and his views have been crucial 
in formulation of the German 
position. 

Nonetheless. Herr Schmidt 
can seek to discover what scope 
for manoeuvre Mr. Brezhnev 
now feels himself to possess on 
disarmament— information of 
vital importance to the whole 
Western alliance. This scope 
may well be more than has so 
far been indicated by other 
Soviet sources, but less than Mr. 
Brezhnev himself would desire. 
The German side recognises 


favour of his making the trip. 
It is assumed that that still 
applies. • 

It almost goes without saying 
that this part of the talks will 
be ia the utmost possible pri- 
vacy and that little clue to the 
outcome will emerge in the 
declarations issued during the 
visit 

Sensitive 

issues 

Among the sensitive issues 
relevant in this context is the 
current Soviet judgment of 
relations with the Chinese and 
how this may influence Mos- 
cow's desire for a force stabili- 
sation or cut in Europe. An- 
other is the problem of 
qualitative improvement in 
weaponry which could upset 
the balance of power even if 
mutually satisfactory force re- 
ductions and strategic arms 
limitation are agreed. The 
neutron weapon itself is a 
potential trump for the West, 
but one which sits easily in 
neither Ihe SALT nor the 
MBFR negotiating forums. 

The West German goal re- 
mains movement towards a 


non-expansion of 

military blocks. , 

- "» If Mr. ST^SS 

open to Interpretation and no 
doubt would never have been 
signed had it not been. 

The pledge within it that 
“ties between Berlin and the 
Federal Republic may be main- 
Bonn which has involved a tained and developed" can 
five-fold increase In trade easily be interpreted in differ- 
sfnee 1970. Including long- ent ways by the Russians and 
term cooperation in the Americans, and still more so 
snppfy of Soviet, gas to Ger- by the East and ^ Germans, 

many and comparatively tittle who have a °_, H 

overt pressore on the Soviet common translation of the word 
Union concerning human “ties." Legahsnc argument 
rights, although in the last appears to advance ^the matter 

*" “« WKf ™ S hC r r ;a^,ion OP fn 1S ,en’?on 

will eventually render legalistic 
argument superfluous. Mean- 
while. several agreements be- 
- - tween West Germany and the 

Soviet Union — long prepared — 
tic. It has been said that Mr. remain unsigned because Mos- 
Brezhnev’s visit to Bonn is the ?ow is not ready to have Berlin 
kev to a meeting between Herr included in .them. The Bonn 
Schmidt and the East German ForeignMm.stry wouMbe fur- 
Ieader, Herr Erich Honecker. P™ed ' f Mr. Brwhnev s visit 
That is true insofar as it would br ° u sht a breakthrough here, 
have been unwise to hold an However, the Soviet and West 
inter-German meeting before German leaders will sign a new 
Mr. Brezhnev had been here. 25-year economic co-operation 
The Soviet leader’s trip to Bonn pact, and it is. understood that 
has been repeatedly mooted and in this case Berlin will be 
postponed for the best part of covered. That indicates that 
two years now, latterly at least when what they see as their 
because of Mr. Breznev's poor vital interests are involved, the 
health. An interim meeting Russians are ready to be forth- 
between Herr Schmidt and coming. And it is dear that 
Herr Honecker might have sug- access to West German techno- 
gested that 'the West Germans logy and industrial expertise 
were tired of waiting for Mr. remains a priority concern for 
Brezhnev— an impression un- Moscow. . 
helpful to Bonn-Moscow ties, ’ Last year.' trade with the 
to say the least. Soviet Union made up only 22 

That said. Bonn government f er , c , eU j ° f , * Germa ">' s 

sources caution against the totri fade; slightly more than 
assumption that Mr. Brezhnev ™th Iran srarcely more than 
would be ready, or even able, to half that with Switzerland, 
put pressure on Herr Honecker Furth ‘r™ or !: for , the ™ 
to be more accommodating with the v alue of Soviet- 

West Germany West Gerfflan trade (DM. 

Tt ic hnr 0 j hat * 10.B8bn.) declined by compari- 

hl hnth Mr son wlth t* ie Previous year. It 
SI is easy to § Iance at the figures 
Brezhnev and Herr S'.nmidt, what wtnt wr cvn° 

involving transmission of elcc- and asK %vhat Wr0ns ' 
tricity from the Soviet Union to The answer the West Ger- 
West Germany, came to nothing mans prefer to give — indus- 
because the East Germans were triatists as well as the Govern- 
not prepared to see West Berlin raent— is that much has gone 
linked to iL righL Proportionately, trade 


with the Soviet Union may be 
small, but its value has .almost 
quadrupled in six years, Some 
of Mr. Brezhnev’s visionary pro- 
jects have come lo fruition— 
• notably the highly successful 
long-fenn deal, under which the 
Germans supply steel piping and 
the Russians pump back natural 
gas in payment. After years of 
negotiation, West German com- 
panies have now received some 
firm contracts fnr construction 
of the huge Kursk steel com- 
plex, and more arc expected. 

Still there remain hjg 
obstacles. One is the laby- 
rinthine Soviet bureaucracy, 
which the West Germans hope 
may be shaken -into rather 
speedier action by the new long, 
term economic co-operation 
accord. .Another -is the frequent 
insistence — in common with 
other state -trading nations — on 
“ compensation business." under 
which payment is made with 
raw materials or goods, not 
wirh bard currency. German 
industrialists complain that this 
is now reaching farcical propor- 
tions. Mongolia, for example, 
sought to pay for West German 
vehicles with the skeleton of a 
dinosaur found in the Gobi 
desert. 

Manufactured 

products 

Another problem is that one 
branch of German industry- may 
indeed make an attractive deal 
with the Soviet Union to deliver 
plant, machinery and know-how. 
But the manufactured products 
which result may be exported 
by the Russians and threaten 
the sales chances of other Ger- 
man firms. This is why the 
West German chemical industry 
is currently so concerned about 
the scheme to build a big petto, 
chemical complex in the Soviet 
Union with German industrial 
help. 

Mr. Brezhnev’s visit cannot 
hope to bring a solution to all 
these difficulties. But it will be 
classed a success by the West 
Germans if. it at least brings 
a new impetus in which solu- 
tions will be easier to find. The 
Germans are well aware that 
Mr. Brezhnev’s health is poor 
and that this, his second visit 
to Bonn (culminating in a trip 
to Herr Schmidt’s home-city 
of Hamburg) may also be his 
last for both sides, it is impor- 
tant so to extend the co-opera- 
tive links between them that 
relations can withstand an 
eventual leadership change. Per- . 
haps that is also one reason why 
Mr. Brezhnev, in marked con- 
trast to his 1973 trip, is this lime 
meeting with the West German 
opposition leaders. Dr. Helmut 
Kohl and Herr F-ranz-Josef 
Strauss. 



Troglodytes 
under fire 


Tiic debate about way* to save 
mir an treasures will intensify 
itij the publication to-day of 
the 75 1 h anniversary report of 
he National Art-Collections 
Fund. Its chairman. Brinsley 
Ford, renews in print his attack 
on the ” short-sighted troglo- 
dytes of the Treasury ’’ fur their 
attitudes towards money for art. 
Ford brands some of their argu- 
ments ,-ls “ pscudo-tecbnicaf and 
Jesuitical." 

The sorest point with Ford 
_nd his committee at the NACF 
(whose patron is the Queen) has 
long been the Land Fund, set 
up by Hugh Dalton in 1946 to 
finance " acceptance of property 
in satisfaction of tax." By 1057 
tiie fund contained £60m.. but 
hat Ford calls the “ preda- 
nrincss’’ of the Tory Govern- 
ment: of the time siphoned off 
ipm.: Enoch Powell was then 
Financial Secretary to the 
Treasury. A parliamentary 
select committee is due to 
report next month on what is 
to be done with the Land Fund, 
now up to mure than £!8m. 

»in. The NACF hopes it will 
advocate removing this money 
from Treasurv control and put- 
ting it in the hands of an 
□dependent body. There are 
even suggestions that the Gov- 
ernment should be told to Rive 
hack the £50m. (plus interest) 
that was abstracted 21 years ago. 

When I spoke to Ford yester- 
day he complained not merely 
of the “tireless machinations 
of the Treasury.” but also the 
threat of the Wealth Tax to 
Britain’s cultural heritage. He 
said: “I am not confident that 
this threat has been removed.” 
Some members of the NACF, 
which relies largely on 
members’ subscriptions to help 
museums buy threatened works 
of art. are also less than enthusi- 
astic about the performance of 
Lord Donaldson, Minister of the 
A rts. A rt h istorian Denis 
Mahon, a former National Gal- 
lery trustee, charges Donaldson 


MATTERS 

with “irresponsibility" in his 
handling of England’s 11.2m. 
share of the contingency fund 
set up last October. This was 
distributed lo the country's 
museums, instead of being kept 
in a central pool — as was done 
in Scotland. 

Mahon claims: “This was a 
public relations exercise that 
misfired. Donaldson said he had 
increased the grants to the indi- 
vidual museums and galleries 
by 78 p*r cent. Tn fact, it has 
made it far harder, for example, 
even to save two of the four 
Canalettos sold off by Lord 
Brooke from Warwick. Tiie 
Birmingham art gallery has not 
got enough money and there is 
no central fund. It has hap- 
pened because Donaldson 
ignored the unanimous advice 
of his professional advisers, the 
national museum directors.” 

At! in all. Donaldson and the 
"Treasury troglodytes" are in 
the firing line this week. 


had been built up on him per- 
sonally during his absence from 
Rhodesia. Back came tiie diplo- 
matic reply: "Oh. now you are a 
minister, sir, the file has been 
destroyed.” 


Back in court 

Tbe man whose dismissal last 
Friday rocked the Rhodesian 
interim government was yester- 
day preparing to appear for the 
defence in a conspiracy case in 
Knightsbridge Crown court. 
Barrister Byron Hove, erstwhile 
co-minister of Justice, Law and 
Order in Salisbury, is back in 
London, at hi .sKing’s Bench 
Walk chambers. As followers of 
lihs column will reraH. Hove 
last September issued an 
“indictment" of Rhodesia’s 
white politicians in which Ian 
Smith himself was called "the 
Hitler of Southern Africa.” The 
statement that caused his dis- 
missal was far milder, he merely 
suggested that as majority rule 
approached, more blacks should 
have responsible positions In 
the police and judiciary. 

A mild-mannered man. Hove 
yesterday laughed off the 
"Hitler" accusation. He said re- 
lations betwen the new black 
ministers and senior white offi- 
cials in Salisbury were good. He 
had asked the Commissioner of 
Police what sort of security file 


Alpine retreat 

Suggest to James Longcroft, 
Tricentrul’s deputy chairman 
and managing director, lhat he 
is lhe first North Sea tax exile 
and you will find him snapping 
back: “I don’t want to go. and 
I am not going tn avoid taxes. 
But I have title choice." 

In. July he will be selling up 
his two homes — a house in 
Kensington and a large cottage 
in Dorset — and moving with his 
family to Geneva. Longcroft is 
going because of large North 
Sea royalty payments that will 
soon be earned by a family com- 
pany, Opman International. 
This was set up in Bermuda 20 
years aeo to put Trieentrn! 
tthen called Trinidad Central 
Oil) on a sounder footing and 
to manager the group’s 
exploration affairs. 

Tricentrol was one of the first 
small independents to strike it 
rich in the North Sea. Thanks 
to Tri control's stake in the 
Thistle Field. Opman could reap 
as much as £8.5m. in total 
royalties. 

Two independent tax experts 
say the Tnlanfl Revenue might 
use section 478 of the Income 
Tax Act to treat Opman'* earn- 
ings as investment income 
against I-nnscroft’s personal 
account. “That would mean 
paring 9S per cent tax. To my 
mind that is just confiscation." 

So Longcroft is moving to 
Geneva, coincidentally one of 
Trieentrol's overseas bases. " I 
couldn't go to a tax haven. I 
had to choose a place which 
was an active business centre." 
Longcroft maintains that he will 
be spending most of the 90 days 
allowed in the U.K. in the Tri- 
r-entrol head office. M I shall be 
here one week a month— that’s 
more time than I often spend 
here at present" 


He says that he will still have 
to pay tax at a rate of 83 per 
cent, on Bntish income and 
Opman would continue to pay 
52 perc ent. corporation tax in 
the normal way. "I have worked 
pretty hard creating something 
I feel is to the benefit of this 
country: But I am afraid ! 
say I am a capitalist. If this is 
the taxation system that the 
British public wants then it can 
have it.” 


Times change 

“IN ANY threat by China which 
might start a nuclear war, it is 
worth remembering, as we look 
forward, that the interests of 
the Soviet l r nion and the West 
would coincide and would be 
as one." The words of one of 
the “pro-Soviet" group of 
Labour back-benchers, attacked 
by Mrs. Thatcher in lhe row 
over the “common enemy*’ 
speech made by Sir Neil 
Cameron. Britain's Defence 
chier. in China earlier this 
week" No. A quotation from a 
speech by Sir Alec Douglas- 
Home. when, as Prime Minister, 
he spoke in a foreign affairs 
debate in the Commons, in June, 
1964. 


Resounding title 

I yesterday asked John Mancy, 
who owns a restaurant ia 5 hul- 
ton Polden. Bridgewater, 
whether he is thinking of chang- 
ing its name. Tt is called the 
Rumbling Turn and Mancy has 
been Gncd £185 for lack of 
hygiene in the kitchens. *' I 
don't think so/’ he replied 
bravely. How did he light upon 
such a name in the first place? 
“ I used to work in an approved 
school and when I left the boys 
offered to carve me a sign for 
the restaurant if they could 
name it. That’s what they 
chnse." In the event, a farewell 
clout below the belt 


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. Financial Times Thursday May 4 1978 


23 


ECONOMIC VIEWPOINT 



muddled and the simple-minded 


JE TWO bugbears of British 
Jjicy^uakiog are the doctrin- 
je and the false pragmatist 
|e doctrinaire is prepared 
stick to some simple* 

tided theory regardless of the 
. ... .. • ’"'•*> idence, The false pragmatist 
Maries in muddling through, 

" gating each case .on its merits. 
’ t ., ri whatever his . favourite 
* •’ ... ’"rase is. without the benefit of 

. 1 '.y coherent understanding of 

.. . i . 2 problem he is trying to 

. . x: v Ive. The doctrinaire has a 
" tatic consistency: the false 

:,v 1 ■ ; , . acrnatist makes shameless U- 

1 'ms. 

■ ” ! ' !»• 

: n.f have stolen these .terms 
‘ ••• .. >m a . fascinating boot* by 
, -. /ah am Hallett on ‘ housing 

" licy; and in that contest he 
■ as Labour as the party of doc- 
‘ naires, and the Conservatives 
the false pragmatists. How- 
. . er. the distinction is a useful 
‘ e in wider fields than hous- 

i - J. 

1 ■ '■ In matters of economic 

licy. the Conservatives now 
:m to he the doctrinaires, and 
■' .» Labour Party in govem- 
" >nt more inclined to muddle 
'■trough. What is by broad con- 
r it the fiscal misjudgznent in 
‘ •" ,? Budget certainly seems tn 

atain an element of muddled 
... . inking, though it is not easy 
• - ■ disentangle ; this from 
! • • (V . liberate risk-taking In an 

■ , • . iction year. The Government 
• .‘"-is accused last week by 
. ofessor Brian Griffiths, in his 
.. augural lecture in the City 
liversity, of making mone- 
rirt gestures rather than pur- 
ing a genuine monetary 

U I It l 1 ! II Tip* ~~ P urs uiug growth 
v ll,! lfroiigh over-spending, hoping 
..*.1. contain inflation through 
• wlitKtS comes policy, and including a 
emingiy restrained monetary 
; -! • rget simply to appease the 


annoying monetarists who run 
the financial markets. 

In a sense this analysis is 
unfair; Mr., Healey does have a 
genuine, personal and rather 
Puritan attachment, to credit 
control, ■ But in another sense 
U is very apt. Mr. Healey no 
doubt thought he was pushing 
expansion as far as was prudent, 
but he' seems to. have been 
largely unaware of the risk that 
pushing too hard on the fiscal 
accelerator would even- in the 
short ran create more inflation 
and less growth than could have 
been achieved with a. more 
restrained policy. He did not 
give adequate weight to . the 
reaction via exchange rates and 
interest rates -to the decisions 
he made, and the result is un- 
likely to contribute much to 
Labour's election chances. 

More absurd 

The difficulty is that no one 
seems able to say with any 
authority bow big bis error has 
been. The more absurd com- 
ments in the City seem to 
suggest that we have somehow 
stepped straight back to 1976 
or 1972 or some other year of 
ill omen; but the serious com- 
ments are much more tentative. 

The London Business School, 
for example, which set a ceiling 
of £8bn. for a prudent borrow- 
ing requirement for the Budget 
now seems to have concluded 
that that was on the high side. 
Properly speaking, the borrow- 
ing requirement — corrected for 
financial distortions — should 
have been falling as a propor- 
tion of GDP. The LBS has 
therefore shaded its forecasts 
for the coming year. The fore- 
cast remains, however, for a 


year which wiH compare very 
favourably with recent years-" 

Greeavrell's, in what is put 
forward as a first attempt to 
measure the fiscal impact of the 
Budget, admit to the greatest 
analytic difficulties. They again 
are clear about the direction of 
the error, but not about Us size, 
and stress that because there is 
a monetary target the troubles 
we can expect are those of 
financial indigestion rather than 
of full-blown crisis. 

Inconsistency is the hallmark 
of false pragmatism; and the 
real charge against the Chan- 
cellor is that be had the means 
to know better. The Treasury 
has developed quite an 
advanced model of monetary 
flows and balances in the 
economy, with the specific aim 
of ensuring that fiscal and 
monetary policy are consistent; 
and although its forecasts are 
as tentative as those of serious 
outside analysts, there can be 
little doubt that similar 
guidance v;as available to the 
Chancellor about the direction 
of policy. Such guidance is all 
too easy to over-ride simply be- 
cause it is imprecise; but that 
means substituting the bunch of 
sheer optimism for whatever 
coherent analysis is available. 
That is the difference between 
muddling or blundering 
through, and navigating care- 
fully on what is known from 
admittedly fallible instruments. 
- If Mr. Healey has been guilty 
uf avoidable inconsistency no 
such charge has been brought 
against him by our second 
exhibit. Sir Geoffrey Howe. 
Instead. Sir Geoffrey concentra- 
ted entirely on tax strategy, and 
proposed changes — further tax 
cuts to be financed by a cut-in 
purely financial borrowing — 


which would actually make mat- 
ters rather worse. The whole 
argument might be designed as 
a warning: a single, simple- 
minded doctrine is no more 
reliable as a guide to poliey 
than the seat of the pants. 

So far as one can judge, the 
Conservative silence over the 
Budget judgment is due to the 
fact that the Budget does con- 
tain an acceptable monetary tar- 
getrand for the true doctrinaire, 
that answers all questions. 
Again, one might suspect that 
electoral considerations were 
overriding better judement: hut 
the form of Sir Geoffrey’s pro- 
posed changes reinforces the 
picture of a doctrinaire rather 
than an electioneer. 

The proposal to finance cuts 
in income tax by cutting the 
financial provision for the NEB 
is admittedly more electorally 
appealing than a proposal, say. 
to raise the price of beer, but 
Sir Geoffrey could not uablugh- 
ingly put it forward if he did 
not also believe that it made 
economic sense. 

Wrong figures 

Apart, however, from the 
practicalities of the matter — 
the NEB’s actual outlays, as 
opposed to its Budget provision, 
are in fact committed some way 
in advance — and noting only in 
passing that Sir Geoffrey 
appears to have got his figures 
wrong, the implications of this 
judgment are little less than 
terrifying. Even in the most 
strictly monetary terms, the 
State’s activities as a financial 
intermediary are quite different 
from changes in real spending. 

The National Enterprise 
Board, as the Conservatives 
never tire of pointing out when 



Mr. Healey : inconsistent Sir Geoffrey : too consistent Prof. Friedman : ambiguous 


industrial policy is under 
debate, is intervening where 
private industry and the banks 
might otherwise be expected to 
act; except where it is support- 
ing companies that would 
otherwise go into immediate 
liquidation. its financial 
demands are simply a substitute 
for others. Shifting the financ- 
ing burden as proposed may be 
helpful for the portfolio balance 
of the institutions, or for apply- 
ing the discipline of the finan- 
cial markets, but it does not 
create room for additions to 
real demand, by tax cuts or 
other forms of spending. 

What the whole episode sug- 
gests. unfortunately, is that the 
Conservative Parly is the victim, 
not for the first lime, of its 
own propaganda. Monetary 
policy is important: propaganda 
makes it all - important and 
self-suffiderrt, so a monetary 
target disarms criticism of 
the Budget. Financing public 
spending is a problem; in the 
world of propaganda, every use 


of what is called “ taxpayer's 
money’ 1 becomes equivalent to 
every other use. Mr. Healey 
may be accused of over-riding 
the advice available from sophis- 
ticated analysis: Lbe Conserva- 
tives do not even seem aware 
that there is a problem needing 
analysis. It is this tendency 10 
see a simple ready-made answer 
to every complex problem which 
is making Sir Geoffrey the 
despair of his potential friends 
in the City. All too often 
recently one has heard bankers 
and brokers seeking comfort in 
the thought: “Of course, it 
doesn’t actually moan that he 
is going to be Chancellor when 
they get in. . . 

Unfortunately the tendency 
to propaganda in the cause of 
what is claimed as “the 
monetarist counter-revolution” 
is by no means confined to poli- 
ticians. The high priest of that 
revolution. Professor Milton 
Friedman, so enjoys popular 
controversy that he is inflicting 
on himself the fate that Key nos 


suffered at the hands of his fol- 
lowers: vulgarisation. His 
academic writings, like his 
Nobel oration, are much con- 
cerned with problems and 
doubts. No such doubts appear 
in his "popular” performances, 
such as his recent lecture in 
Strathclyde, televised and 
widely reported. There are 
simply the good guys who be- 
lieve in monetary rectitude and 
the hidden hand, and the bad 
guys who think they can second 
guess the market. 

While Professor Friedman 
thus encourages his political 
followers to be dangerously 
simple-minded, there are two 
vital questions on which his own 
viewpoint is a good way from 
clear. The first is on the diffi- 
culty of monetary control. The 
insight he has given us is in- 
valuable: abnormal monetary 
growth — whether loo high or 
too low. as in the 1930s — is a 
sure sign of erroneous policies. 

However, getting policy- right 
is not just a matter of setting 
monetary targets — that battle is 


won— but of allowing those tar* 
gets to exert their full influence 
on fiscal and other policies, as 
we have already seen in discuss- 
ing Mr. Healey. The attempt to 
make the tail wag the dog by 
using monetary policy to offset 
fiscal errors is certainly mu the 
same as that of getting the 
policy mix right, and n is likely 
that a money supply control led 
in this way actually means 
something quite different from 
a money supply which is simply 
the outcome of other policies. 
Money is pan cause, part effect, 
pan indicator, part instrument. 
The Professor does not resolve 
these ambiguities. 

The second ambiguity con- 
cerns whether wc should try to 
eliminate inflation, or learn to 
live with it. At times Professor 
Friedman has talked of mone- 
tary targets in line with the ex- 
pected growth of money GDP. 
and of indexed financing tn re- 
move inflationary distortions. 
At others he has talked of in- 
flation as a lav. and uf an effort 
in get monetary and real 
growth inio line. In the real 
world we lean again-i inflation, 
leave the system un adjusted for 
its rfi-d unions, and suffer reces- 
sion as a consequence. There 
is precious little guidance from 
Professor Friedman on how we 
should conduct ourselves in this 
painful interim; and lacking 
guidance, wc blunder from mu* 
pragmatic evpedu-ut to the 
next, intu ca rich -a non and pro- 
jection. Ii will be the final 
irony if the pur.uui of market- 
eronmny doctrines who-e con- 
sequences have not been fully 
cl a bora led ends by destroying 
the market economy. 

Anthony Harris 

Mlmixiiiii ui.tl Mm] |«.|i.-ir* in hot 
(.L’niiiiiiu um( Uiimiii. Mill in.-lfiin.- *.'•* 


Letters to the Editor 



Arbitration and 
conciliation 

am -Mr. J. Webb 
Sir,— Perhaps it is the papers 
read but I seem increasingly 
be getting the impression that 
function of the Advisory 

nciliaiion and Arbitration 

nice is to restrain any 
nority trade union from 
taining recognition. John 
on's letter (April 27) seems 
present them with a case 
uch should be answered; deei- 
>ns in reference to the U.K. 
=sociation of Professional 

igineers and now APT (the 
.social ion of Polytechnic 

■achers) leave one ..with an 
comfortable .Impression that 
,'AS is solidly behind malnten- 
i-e of established trade union 
perialism. 

In a poll carried out by ACAS 
d three polytechnics recently 
? majority response in all of 
? ihree questioned was that 
ichors would prefer to be 
j resented by the Association 
Polytechnic Teachers rather 
m the established recognised 
i tie union, the National Associ- 
<in of Teachers in Further and 
gher Education. Only in one 
the three (polytechnic of 
•rib London) was there a 
ijonty in favour of con tinued 
presentation by NATFHE. 

Dne appreciates that efforts 
irt be made to protect existing 
Joclive bargaining procedures 
-t do these efforts have to mean 
«i the majority of staff in an 
group should not be 
rinitted to have their wishes 
.peered and their views pre- 
lied by the body of their 

jicc? 

hn Webb. 

High St red. 
mjjtun. Middlesex. 


3 QQ 


ith 


U n * 


n\ 


r 8 1 


Contracting in 
ar out 

nm the Assistant Director, 
t. ; nnd Pensions 
H. Dctcey l Insurance Services ) 
air,— Mr." Newton’s letter April 
on the new state pension 
ir me indicates that be is sorne- 
:it confused. This is hardly 
running in view of the many 
iflicting statements which 
ve appeared in the Press^n 
* merits of contracting ‘in 
•*r,ut." nut least in the corres- 
rlcnce columns. 

? lakes “ES” to task but. one 
unlikely to find in any Press 
tote a comparison costs 
iwccn contracting in and 
uf Which is likely to be belp- 
I to an employer because it 
s obvious from the outset that 
? comparison would [differ -with 
ch employer according to i the 
X or male and ferrule 
mlnvccs. and the salary 
Terentials In the company. In 
case would it have been 
uivalcnt to 7 per cent, of the 
yrnil as Mr. Newton implies, 
per cent, of - the so called 
nnor tier" earnings of »n- 
vidua! employees just does not 
late up the employers payroll 

3 whole. . . 

1 doubt, however, whether any 
sponsible employer seekin 0 
e advice of his “so calledpcn- 
m expert'* will have made the 
eisinn without a comparison 
iving been made in respect or 
s own payroll data, what in- 
jo need most employers was not 
lether the new scheme offerefl 
.lue for money but whether it 
is relevant to the pattern ot 
•nefits which had been offered 
employees tinder occupational 
hemes which had been 

jveloped over a considerable 

•riod of time. Many public sec- 
r employers who were not sub- 
ctcd tn the “bias ’ of which the 
suranee market is accused 
we. presumably to Mr. Newton s 
irpme. come to a similar co - 
’usirin and elected to. contract 

Perhaps Mr. Newton. 

^S Ibc, U 5S' 1116 


reservation, can suggest some 
way in which. I can convince a 
25-year-old male employee who 
would have to pa}' "contracted 
in” contributions for 40 years lo 
enjoy the same pension entitle- 
ment as his colleague who Is 20 
years older, and is likely to con-, 
tribute about half as much. 

The bulk of employers who 
decided to "contract-out” did so 
because they were already offer- 
ing their employees superior 
benefits, albeit at greater cost 
than the State scheme. As to 
value for money. British Ley land 
may rightly argue that the 
’’Mini'’ represents the best value 
for money available, but 1 prefer 
the* “Princess” and, fortunately, 
for '.me, so do my employers. 

M. Moffatt, . 

Ruxley Totcers,. Claypnte, 

Esher, Surrey. 

Express mail 
to Belgium 

From the Managing Director 
Kelly Label Machine company 

Sir. — Can I ask why in this 
jet-age there is so much delay 
in. post to Europe. Brussels is 
only a little bit farther than 
Manchester but letters that I 
write regularly to our agents in 
Belgium, situated in Ottignies — 
about 40 minutes drive cm a 
motorway — take sometimes a 
week to arrive; never less than 
five days. On April 22 I sent an 
express letter to that town: it 
arrived the following Wednesday 
the 26tb. I not only caught the 
midday post here in fleig.ne but 
the assistant assured me that 
all the Brussels post went from 
Gatwick which is only about 15 
miles from here. 

The same situation seems to 
arise with letters to Paris. 
Always 5-fl days and sometimes 
longer. Does, anyone else have 
this problem or is Reigate just 
badly situated geographically? 
I would add that letters to and 
from the US. and Canada take 
about three days 1 

B. A. Kelly. - 

4Cn High .Street, 

Reipute, Surrey. 

Civil Service 


in its acceptance of the Expen- lion. This would provide the cut- 
diture Committee’s recommend- ting edge of competition which 
ation that the procedure for would in turn promote innova- 
recruitiog graduate administra- lion and monitor costs; it would 
tors is again being reassessed, be in everybody’s interests— Post 
Furthermore, it has been agreed Office Telecommunications, the 
that two outsiders will shortly suppliers and the users, 
be recommended rorappointment The telecommunications 

as Civil Service Commissioners authority should concern itself 
On a part-time basis, and they exclusively with providing a pub- 
win participate in this reassess- lie telecommunications network 
ment. and leased circuit services— a 

F. H. Allen. vast and complicated task in 

ViTiilehall, S W.l. Itself— leaving the supplier to 

sell or rent the terminal equip- 

^ ment. 

DlYlSlOn Ol Most of our members are 

“ , • employed by the large cotn- 

flPQlOn parties in the U.K. as telecoin- 

uvtiigu munications specialists and Xhus 

From Mr. S. Pugh. speak for the main users in com- 

Sir.— Mr Kents reply (April merce and industry. 

24) to my letter concerning 0. N. F. Case, 
design does I feel reinforce the 205, High Street, 
dichotomy argument, although Beckenham, Kent. 

in this instance he has widened 

the discussion to a total business 
operation. , 

Of course I recognise that 
design as such is part of a cor- 
porate business operation and if 


Supplies to 
rural areas 


extended delivery distances by 
wholesalers, regardless of the 
product in question. He also 
understands the cost penalties 
associated with low turnover in 
rural areas compared with high 
turnover in the more densely 
populated * areas, of which 
retailers must take account in 
selecting their margins if they 
are to survive. 

He may not like the conse- 
quences of these simple laws of 
economics, but there are no 
simple solutions that I know of 
which will ensure that rural life 
is no more expensive than urban 
life. The short answer is that 
it can only be done with the 
help of Government subsidies, 
but this' in turn raises many 
complex issues. Sweden, for 
example, has similar problems, 
and discussions are currently 
going on between the oil com- 
panies and the Swedish Govern- 
ment on the subject of subsidies, 
in an attempt to resolve the 
problems 
J. W. E. Bradley. 

Sltell-Mex House. Strand, T V.C.2.\ 


Proposals for 


it will make him feel any happier F th Deputy Marketing 
1 will agree that manufacturing ni^ 0 r ShS? U K Oil 
aod marketing embrace design. $ ir? J- yj Bruce’s letter of 
To speak, however, of these as April 27 raises many complex P V 111*11 S 
management n issues, which clearly available Wf!* US 

t L at J space does not permit us here to 

suggest that all aspects of a reS p 0ni j ^ detail. We spoke to 

S""?* *??. ve Mr. Bruce following news media 

and* fhtt 6 S aH DC l^n?nvi»^ 5,8 in comments on the Press statement 
and that all employees m b y yj e West Aberdeen 

Liberal Association on 


recruitment 


From the First Civil Service 
Commissioner. CttuI Serrice 
Department. Civil Service 
Commission. . , 

Sir, — lo his Jobs Column nf 
April 27 Michael Dixon was criti- 
cal of the Civil Service while im- 
plying that the Civil Service 
Commissioners should lower 
their “recondite" standards in 
recruitment, particularly at Prin- 
cipal level. But he is misin- 
formed about the rank of Prin- 
cipal. He describes it as ” the 
lowest non-trainee rank in the 
administrative division.” whereas 
it is three grades above the Ad- 
ministration Trainee and Execu- 
tive Officer entries in the mana- 
gerial hierarchy, and- is, in Fact, 
in the top 5 per cent, of the 
civil service. And no one is 
recruited as a Principal unless 
he or she is judged to have the 
potential to rise at least to the 
grade of Assistant Secretary. 

Nor are the Commission s pr°^ 
cedures and standards recondite: 
on the contrary, few methods or 
recruitment can have received 
so much publicity. In addition, 
manr outsiders hare witnessed 

our extended election P £ 
cedure: 34 per cent, of the asses- 
sors are non-civil servants: and 
5? and sometimes three of the 
five members of the ^ final, selec- 
tion Board are outsiders, includ- 
ing both academics and people 
with extensive experience of 
commercial or industrial man- 

aC fn m his conclusions Mr. Dixon 

sr-SEas 


all 

business are to a greater or chYre 

lesser degree mmed with A rfl 18 . Not all ^repr* 
management whether it be the were xy the radio 

riif n !?Jn 1 rl»^nn r commentators, however, and it Ls 

S,. not correct for Mr. Bruce to say 

■e»!witv f0r thC t0ta * bu!> ness that “ Shell states that I have got 
1 urifi, my facts wrong without substan- 

Regretfully, J agree yitfl .the- ♦jaftna why 11 We did, in facL 
statement of Viscount Caldecote! Jin hi m iust in what wav the 
Could it be inadequate and tin- CrL quo^d. in his stltVmen? 

C w!k ht n T ag o,^ira!ion U ^.n were inaccurate, and he accepted 
with- inadequate education and A,. 

training that gives rise to such , ‘ in 

attitudes? I would suggest that * D ^ e9s J? e ‘P.l 

Mr. Kent has part ans^red ibis 
question himself when he states 

“it would be more helpful if ort ,° 

designers attempted to locate the which it will be shortly wtU- 
responsibility of design initiative | n S* ,n ^? er 10 * er our * ra<iln S 
within a company, etc.,” surely J enJ i S- . These sites are in fact 
if management were effective located just as much in urban 
they Shouldn't have to look. and suburban areas as they ar6 
Mr. Keith Grant’s comments ,n n * ore ru ” 1 of .. lhe 

(April 26) are interesting: as country. Irrespective of location, 
director of. the Design Council «*** are the particularly low- 
he must of course be the final volume sites to which the costs 
arbiter as to what is or is oot of supplying are becoming in- 
attributable to the council. While creasmgjy onerous. All Shell is 
T accept that the definitions 1 fl° ,n 8 ** present time is to 
quoted did emanate from an *l ler t®™? 5 upon which we 
independent report— -was not this presently deliver, in order lo 
report prepared at the request-®*** If 55 uneconomic to 
of the council? Rightly or supply. We, do not wish, in any 
wrongly the average reader of way, to imply that we shall dis- 
the report Itself or the article .continue supplies to them. This 
in “ Engineering ” may, albeit we have never done, and are not 
erroneously as it turns out. take doing now. All this we explained 
these definitions as a Design to “ r - “ d w ® do not 

Council viewpoint. understand him, therefore, when 

The most important factor Je alleges that we have failed 
emerging from this correspond- to substantiate to him as to why 
ence is concerned with the divi- he got his facts wrong, 
sion of design practice into Equal!}’, we did not choose “to 
»» engineering ” and " industrial " make no comment ” to -his sub- 
design and I am pleased that gestion for a flexible petrol tax 
Mr. Grant agrees' with me — or such as might be designed to 


does he 
Stuart Pugh . 

(Smallpeice Reader in Design). 
University of Technology. 
Loughborough. Leicestershire. 

Post Office 
controls 

From the Chairman, 
Telecommunications Managers' 
Division. Institute of 
Administrative Management 


bring about comparability of re- 
tail prices between urban and 
rural areas. This was a new sug- 
gestion and we told him that 
there well might be a case to 
consider such a proposal, 
although its implications will be 
extremely complicated. 

1 would, however, like to ask 
Mr. Bruce why he is criticising 
at the present time one of the 
mere handful of companies 
which does maintain a delivery 
service for oil product quite 
literally from John O’Groats to 


Sir,— We welcome the an- Land's End. Perhaps he should 
nouncement in the Financial consider instead the reasons why 
Times (April 27) dial a Con- the presence of other oil com- 
servative Government would parties, who market on a geo- 
greatly reduce Post Office control graphically selective basis (for 
over telecommunications. obvious reasons), is conspicuous 

We have long helieved that by Jts absence in the areas with 
business in this country would which he is concerned. • 
greatly benefit from “intercon- Equally, I would like to ask 
nect ” or the increase of freedom Mr. Bruce why he is identifying 
of choice in the supply and main- just one of many basic com- 
tenance of subscribers’ appara- modifies, all of which are essen- 
tus. We do not wish to see a tial to rural life just as they 
free-for-all., but would like the are to the life of city dwellers. 
Government to introduce a He understands, just as I do, the 
policy of controlled liberalisa- cost penalties .associated with 


From Mr. C. E conomides. 

Sir, — I am very much afraid 
that, even if Turkey should heed 
your advice (April 24) and im- 
prove its proposals so that Dr. 
Waldheim might feel justified in 
reconvening the so called “ free ” 
“iotercommunal” talks, such 
talks are bound sooner than 
later to end in another deadlock: 
for they are in essence a tug-of 
war between the .Turkish Govern 
meat which is pulling bn the 
one side with its powerful army 
of occupation and the Cyprus 
Government pulling on the 
opposite side with its strong 
moral power. 

Nevertheless, all hope has. to 
my mind, not been lost yet. Here 
is a course of action by which 
the Security Council could I 
believe cut the Cyprian Gordian 
Knot, expedite an equitable and 
viable solution of the problem 
of Cyprus and also save its own 
waning prestige. 

Chapter VI of the UN Charter 
dealing with "Pacific Settlement 
of Disputes,” provides in Article 
37 (2) that “If the Security 
Council deems that the con- 
tinuance of a dispute is in fact 
likely to endanger the main- 
ten abce of international peace 
and security, it shall decide 
whether to take action under 
Article 36 or to recommend such 
terms of settlement ^ jj may 
consider appropriate.” Although 
the Security Council has 
apparently not yet used the 
latter method for Pacific Settle- 
ment of disputes, I believe that 
method to be very appropriate in 
the case af Cyprus. • 

More particularly, I would 
suggest that the Secretary- 
General, using the experience be 
gained during the six rounds of 
intercommuoal talks held under 
his auspices in the past four 
years, and with the help of his 
advisers, may prepare and sub- 
mit to the Security Council for 
approval and adoption, recom- 
mendations for an equitable and 
durable settlement of the prob- 
lem of Cyprus “based on their 
fundamental and legitimate 
rights” and in particular on the 
guidelines agreed upon by the 
late President Mak&rios and His 
Excellency Dr. Denktash at their 
meeting under the auspices of 
the Secretary-General on 
February 12, 1977/ 

Such recommendations could 
thereafter be submitted to a 
referendum by the people of 
Cyprus as a whole, to be held 
under UN supervision, which I 
belive will duly approve them. 

That is to my mind the only 
pacific way lo solve the long- 
standing problem of Cyprus and 
maybe other international dis- 
putes too. 

Chris Economides 
Econoraides Centre for 
Economic Research. 

PO Box 1632 , Nicosia, Cyprus. 


GENERAL 

Elections In English Metro- 
politan Districts, non- Metropolitan 
Districts and London Boroughs. 

Mr. Leonid Brezhnev. So\ iet 
President, expected to arrive in 
Bonn lo sign industrial co- 
operation agreement with West 
Germany. 

Mr. Takco Fukuda, Japanese 
Prime Minister in New York talks 
with Dr. Kurt Waldheim. United 
Nations secretary-general. 

Mr. Walter Mondale. U.S. Vice- 
President, due to arrive in Bang- 
kok for two-day visit. 

National Enterprise Board 
annual report. 

British Railways Board annual 
report. 

Sir Peter Vannock. Lord Mayor 
of London. launches Mental 


To-day's Events 

Health Appeal at Mansion House. 
E.C.4. 

National Federation or Building 
Trades Employers annual meeting. 

PARLIAMENTARY BUSINESS 
House nf Commons: Debate on 
Rhode-ia. Motion on Milk (Great 
Britain) (Amendment) Order. 

House of lords: Scotland Bill, 
committee. European Assembly 
Elections Bill Third Reading 
(moved from yesterday). 

Select Committee: Science and 
Technology (Technological Inno- 
vation sub-corn mi (too. Subject: 
Transverse flux induction. Wit- 
nesses: Alcan 14.30 p.m.. Room IS). 
OFFICIAL STATISTICS 
Building society house prices 


and morlga-jc aihunccs il-t 
quarter). 

COMPANY RESULTS 
British Sugar ( half-year i. Met- 
toy (full year). Moibercarr i full 
year). National and Commercial 
Banking Group (half-year). Sears 
Holdings (full yean. Serck (half- 
year). 

COMPANY MELTINGS 
Albright and Wilson. Hyde 
Park IEVc-1. S.W.. 12. City and 
Commercial Investment Trust. 
117. Old Broad Street. E.C., 12 15. 
Collins i William j. Glasgow. 12 30. 
East Lancashire Paper. Radcliffc, 
11.43. Jamesons Chocolates. Tot- 
tenham. N.. 2.30. Refuue 

Assurance. Manchester. 12. 
Snlicitors Law Stationery. Savoy 
Hold. W.C. 12 



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A 



24 


COM PAW NEWS + COMMENT 


DIVIDENDS ANNOUNCED 


Financial Times Thursday,. Maj. 4 1S78 y * 

Downturn by P. & o? ! ! 




M & S growth slows in second half 


B.I.T. » 

Continental Union 
J. a, Devenfch 


AFTER RISING from £40fifint. to 
at midway. pro-tax prolit 
of Marks an<l Spencer ended the 
March .11. 137S year £ 13.47m. 
higher at 3 record rilT.fKJm. Turn, 
oxer Tor the year jumped from 
£1 06 km. to £1 25bn. 

The profit was struck after an 
additional contribution to th-.* 
employees' pension scheme or 
£1.5!im. (nili. a i’l.U3m. allocation 
to the employees' profit sharing 
scheme t nil ). interest or £3-2Um. 
113. 1 Ini.) and depreciation of 
£1 1.42m i£!0.27nu. 

A breakdown of trading profit 
shows the U.K. contributed a 
£124.1m. l £106.112 m.) profit. 
Europe a Il.tt-'lm. loss <£0 4Nni.) 
and Canada a loss of £l.D3m. 
(£4m.) 

The European loss was after 
charging pre-opening expenses 
totalling fl.Sflm.. including rhe 
third and final instalment af ex- 
penses incurred prior to the 
commencement of trading nf 
£0J?6m. Ail pre-opening expense? 
are now being fully written off in 
the year they are incurred. 

The Canadian loss was after 
charging £0.54m for store 
closures in the Marks and Spencer 
diusion. part of the continuing 
rationalisation of Canadian 
business. 

After tax oT £33 74m. (£49.3tiiti.) 
and minorities, earn in as per 2op 
share arc shown at g.fi.lp iS.4tpi. 

A final dividend of 2.3443p net 
ner share takes the . tool »o 
4 244.7p compared with 3.&>Slp last 
time. A nne-for-one scrip issue is 
also proposed. 


HIGHLIGHTS 


from £49,523 to a record £108.707 Grorcbell 

for the year to November 30. Haden Carrier 

1-477. reflecting the acquisition of Laporte Inds 

Gregory and Hephrun and the Marks & Spencer . 
continued growth of other sub- Marshal's Universal 
sidiaries. Ntxrdin & P /acock . 


Retailing dominates to-day's reports. With full-year figures 
from Marks and Spencer and Sainsb.ury. M and S disappointed 
the market with profits of £118m., compared with £102m., but 
Sainsbury was up to the mark, though the figures do show 
that margins have been squeezed due to the supermarket price 
war. But second-half profits have been held and the group 
claims to be increasing market share. On the surface P & O’s 
pre-tax profits rise luoks good at 37 per cent., bur after adjust- 
ing the figures for exceptional items and ship sales the profits 
come out 17 per cent, lower. Elsewhere Ihcre is the SUITS’ 
rejection of Lonrho's bid. Haden’s hopes in the Middle East 
have suffered a setback, and Lapo lie’s profits are lower than 
expected by a sizeable margin. Nurdin has been hit- by the 
price war. but Marshall's Universal offered a bright spot, 
with profits up 36 per cent. 


At halfwav, profit was ahead 
From £28.008 to £44-257, which in- 
cluded £27.139 from the new sub- 



Date 

Corre- 

Total 

Ttftai 

Current 

of sponding 

for 

last 

payment 

payment 

div. 

year 

year 

inL 2.65 

June 20 

2.3 

4.85 

4.3 

.. 2.5 

June 19 

2.05 

3.5 

2.85 

.inL 2.13 

July 14 

2 


5.9 

1.83 

- — 

MS 

2.33 

2.18 

A5f 

'July 3 

• 3.47 

•St 

6.97 

M 

June 8 

0.92 

1.76 

1.57 


June 26 

0.3 


0.S 


June 23 

5.05 

7.8 

7.S 

i4.06 

Jui. 4 

3-24 - 

8.77 

5.44 

2.54 

Jul. 14 

2.48 

4.24 . 

3.84 


July 24 

*2.58 


*5.04 

21.03 

July 7 

•0.94 

1.34 

•1.66 

3.34 

July 3 

3.36 

6.54 

5.S6 

3.99 

July 2S 

3.37 

8.02 

- 5.44 


in second half 


i-i i 

4* 


A DECLINE from £l7.ft!m. to *■*251 • J ¥ l **• tni 

15.86m. in the second half meant payment from to jj 


£15.86X11. in tne secuuu nan — * -- — .•'■■“■"-“•M I0 M 

that Peninsular and Oriental maximum permitted G342as n l 
Steam Navigation Company £1 Dcfeffed stock, coaling uj? 
finished 1977 with pre-lax profit iXS-Bin.). Retained prom a 
of £42.77m. compared with from £lS.64m. ro £ 14.74m. 
£31.12m. last time. Gross revenue 
for the year was higher at 
£9SQ.44m. against £74U.43m. 

At the interim stage « hen 
reporting an upsurge from 


See Lex 


, • rTflnnn - Dividends shown pence per share net except where otherwise staled. £13.301. to £».9im. profit, the 

sidiory, less a £12.000 mteresl ‘Equivalent after allowing for scrip issue. fOn capital directors said that, a lower con- 
cnarse on the acquisition. increased. by rights and/or acauisiUon issues, t Msn nmnnwi n mjj n . n-ihntian was expected in the 


if.- , increased. by rights and/or acquisition issues, t Also proposed 0.0L44p ■ tributlon was expected 

After lax of la<£92 UISA441. tor 19 16 on reduction m ACT. second half from the 


on extraordinary credit this time 
of £8,868 arising from the pur- 
chase of Gregory and Hephrun 
and Preference dividends, 
attributable profit for the year 
advanced from £20.608 to £49.104. 

Stated earning* were 2.Tp (1.4p> 
per 3p share and a. final dividend 
of Ojp lifts the total payment 
from OAp to lp net. costing 
£13.000 (£12,000). Retained profitf 
emerged at £34.104 (IS.60S). 


in 

general 


Grampian 
Holdings 
sees advancf 


BIT 

revenue 

increase 


to 


posed transfer of residence 
Malaysia from the U.K. 

The change of residence will 
not invoke any change in the 
status of ihe company's share 
capital, which will remain as 
.sterling securities and not eligible 
for the investment dollar pre- 

^ , »s listing on the London Stock ^®ShjfS et, i 

Total revenue of British Invest- Exchange will continue, 
mcnt Trust rose from £3. 32m. to 


Downs 

Surgical 

recovers 


Haden Carrier hit by 
Middle East losses 

asrc tfwjv: SsffS E£S>€I?S 

£lm. owing to the weakening transfer of £l.3m. from deferred nrofit was after charging exccp- . Ao •i>“ n . Ur 


cargo division and Overseas Con- 
tainers and thai the bulk shipping 
operation would continue to be 
under pressure. Overall, the THERE ARE many positive 5*. 
group was not expected to reach (ions in ihe Grampian HoWfe 
the same, level of profit as was group which will serve as the fci 
achieved in the first half. Tor a new advance, slates to 

m,. iivt result was afler D. C. Greig. the chairman. 
™. h "“'L ' r M As reported on April 7. the „ 


deferred’ profit was after charging exccp 
TSt is i transfer relates tional provisions of £12.8m. 


i 

- tiifi 

over of £64.i9m. (£59-22m.y 4 
the year end there was a decrew 
After tax of £12.gm. f£I0.74m.). in liquidity or £24!4m. (£231* 
minority profits £0£9m. (£2.44m. Inflation adjusted accottu 
losses) and extraordinary debits show pre-tax profits of £184 ,h 
of £4. 99m. (14.21m. credits) which (£1.61ra.) on a CCA basis 
include a 13. Sm. loss (10.8m. j on adjustments for cost at safe}, 
currency conversion, available £l.41ni. (£ 1.55m.); depreciation, 
profit dropped from £27. 03m. to xo.SHm. (10.66m. 1; and gearing. 
148.184 138.MS £24, 1 m. £0.98tu. t£1.02m.1. 

iM 2 3.0 w From stated earnings of 20.jp Meeting. Glasgow, on May 2j , 

(16.1p), a final dividend of noon. 


1977 

woe 


1976 

£000 


ctn 


-89 


ot*.. 


Sail -9 

i. K — cimhiiiE. 

F tmils 

t.nrnpi.. — Clot Inn.:. tic 
(-•Mils 

>'jn.iila— Clothmt;. el-; 
> ■•nils 

Dirr.t mp.im . . 
Tr.Min -4 p. 'iK' 
r K 

r?urniii-jn lo-s 

i.ait.iJian lust: 

To 

Profii -ilianng 

Profit before tax 

T.is 

Xl-I | It. pH I 

Minoriiu.-* fns s 

Mt-ihuiihic 

Hit idi'iiil* 

R«-ijinirt 

* Adjuslcd for EH 19. 


1977-79 l?;n-77‘ 

riKH) flHW 
t -.vi.n.u i (ii.i>-.7 


r.l.Uni. for the year la March 31. 
197-S and available revenue 
emerged as £2.85 m. against £2.36m. 
after tax of £l.SSm. compared 
with £1.65n]. 


rro.Tn.t 
.'M vis 
17210 
2 

it> t9'l 
.‘i .its 

nso 

121 4-J9 
I24.HU 
1 h-jr 
I 018 
1 5s» 
I.9J.V 
117.415 
iVi.i.% 
64.179 
5.76 
64 313 
1'7 til 9 
2h 9IG 


611 122 
nil 477 
12 s-l 
I 471 
87.417 
4.171 
24 17J-, 
ia2.44ri 
loti . 92 1 

4^1 

4.nno 


Earnings per 25p share are 
shown as 4.8p (4.:i6p) and the 
dividend is lifted to 4.S5p I4.3pl 
with .1 second interim payment 
of 2.«5p net. Net asset value per 
share is given as tSSJp (17Jlpi 
BIT is owned by National' Coal 
Board Pension Funds. 


103.845 

w ns: 

j.i.vr-.- 
I.3S0 
34 Arts 
24 .*-'2 
29 wti 


Feb Inti, 
ahead to 
£0.32m. 


against sterling of the currencies tax reserve. 

in which Haden Carrier trades, to a reduction in future tax Tlabili- 
were responsible for the fall in ties arising from da whack of stock 
taxable profits for 1077 from increase relief, and is a result 
p.oim. to £i.42m. on turnover up of the higher current and antiei- 
irom £138. 54m. to £14S.lSm. pated work-in-progress levels of 

At the six-months’ stage profit U.K. companies. 
was ahead to £0.7!Jm.. compared 
with £0.7Lm., but the directors _ 

\*id that the situation in Die Tridi^oroni 

A SECOND half upsurge from a Middle East left some uncertainty share «u associates”. 

depressed £48.753 to 1449, 1115 regard mg the level of group Interest 

enabled • Downs Surgical to re- profits for the year, thus delaying •*cf* r * ux .... 

cover from the midterm faJI to the advent of unproved profits, 1“ — 

finish 1977 with taxable profits which they were anticipating. Minonura “**'* 

ahead at £Si«,195 compared with Sir .Vilen Pullinger, the chair- Exintomioary debits ' ~ 

£580.733. Sales increased from man. now says the outlook (or the Pwlervace dwideods 

£10.43m. • to £l2.I3n» and the group in 1978 depends on a num- Vr dJ f^ n .^ vl ' lcn<te 

directors say that profits and ber of factors. In the uncertain • Losi' 't credits 

sales in the opening months of trailing conditions in the U.K.. he . . . • _ _ 4 ___ . 

197S show further improvement, does not expect the results there borrowings at December 31. 

At the six months 8tage direc- to be as good as last year, nor i vAA'i™ "a , o-2 thf xirmov of R and w Haw- 

tors said that they were confident does he Teel it would be reason- As foreseen in the 19 <0 THE SECTION or R. and W. Haw 

that the major objecti' e or im- able to expect the U.S. company annu 31 report part of the medium tbo™ 1 

proving margins would be to be able to repeat last year’s ! er ™ loa " ® f . wa ? utibsed outside national lisauon, showed a - 
achieved nutsianriin-* nerformanre In June, 19i7. in redeeming at par pre-tax loss tor the year to June be treat 

Earnings per Hip share for the He says* the main impetus Tor the £l^m. 11 per cent, unsecured 30» S^iijrnover'of £260 950 ^Th® 1 i 
year, before exchange differences, profit improvement must come Loan stock, the baianee replacing 'nnnJm" 0 ^ ° f £2tS0 ’ 8 ' >0 ' The 1 

fits of Elbar Industrial reached arc shown as 4.02 n (2.41p) and if from ensuring that the rate of short-term foreign currency bor- against i-uu.-uw 

£2. 07m. for 1977. against 10.97m.. results had been on the basis of loss sustained by some units in rowings. ..The groups activities The formw major company in 


Elbar tops 
forecast 
with £2.07m. 


1A2S 

824 

799 

117 

33 

11 

694 

32 


UBS 

1.383 

1.1SB 

•98 

tlB 

11 

804 

B19 


Loss cut at denuded 
Hawthorn Leslie 


under Section 21 of the Aircn 
and Shipbuilding Industries A 
1077, whereby the balance is 
be treated as though it was sba 


COMPARED with a forecast of 
not less than fl.'jm., pre-tax pro- 


interest in the subsidy 
has been stated m die accouu 
at £1^21^30. which was t! 


with £0.!)5m. (£U.4m.j coming In a full deferred tax charge they 10/ 1. particularly m the Middle are In building services and ’metal the group. Hawthorn Leslie (En- amount actually received up 
the first half. are shown as 2.83j> tl.OSp). East, is substantially reduced, finishing engineering. 

Full year earnings are shown The dividend is stepped up to Energetic steps have been taken 

at 39.3Sp 1 20.82 p adjusted) per 2.325p <2.l77p) net per share with to thi s end. be adds, and he ex- 

50p share on capital increased by a final of 1.625p. pects that the overall effect of all The brighter prospects looked 

the December 1976 and December For J977 there were exchange these influences will cause group forward to in the Middle East by 


comment 


See Lex 


Blackwood 

Hodge 

(Canada) 


Including £7.000. .4 gainst I? .000, controlled 

from associates and after a loss Concessions, 
from discontinued operations of 
£34.ono. against £50.000. pre-tax Turnover 
profits or Feb Internationa! rose fnv-sim«nt inc 
from £243.000 in £321.000 in 1977. Prex-i-mir 
At midway The rt*e wa.* from Inn-rcM 

Pre-iar nrofil ... 


gineers) wliich became part or 
British Shipbuilders as at July 1, 
1977, also owned directly the 
group’s interests in Doxford Haw- 

_ _ thorn Research Services, B. E. 

1077 rights issues. As forecast debits of £120.010 compared' with profits to move towards a more Haden Carrier Tn its 1976 annual ar, d U.L. Foundries and B.E. and 

Iht final dividend is 4.5p net for a credit of £114.419. Also, last satisfactory level In 1978. report have proved rather illusory Palternmaking. 

an 8p (G.9fl79pi total. The group time, there was an extraordinary Stated earnings per 25p share in the past financial year. A trad- f csu ‘f i° r residual 

by Tanganyika credit of £40,323. are down from la.ap to 8.7p and j n g loss or £4.8Sm. in the Middle ” r ? u ?. was after writing off 

The directors stale that depre- the dividend is maintained at East has been declared, and much £753.559 from quoted investments 

imr 1976* elation is now- charged on ail free- 7.7M3p with an unchanged net of that Is a provision for future *his lime, and included an in- 

hold and long leasehold buildings final of 5.945p. — losses. As a result, group pre-tax crease in the value in the invest- 

an ^ that no provision is made for Mir Allen reports that most com- profits have been nearly halved ”l e ^£ JP J,- pogmeerins company 

deferred lax except for liabilities paoics in the group did well in for the year. And Lhe dividend, of £3DS.SSa lE.oo,oi9 wme-otn. 

■212140 expected to arise in the foresee- 1977. iiaden Young and other which is maintained, is only just cla,m r,as °^en made oy tne 

»ir..s-.4 able future. '' J ‘ 

At the year end stocks had been 

reduced by £550.00 and bank achieved record profits, as also deferred taxation reserve to the 
risgtu* borrowings by £338.000. 


April 21, 1D7S. and no credit h 
been taken In * the accounts ( 
any expected future receipts. 

The company's claim for cm 
peusation is substantially high 
than the amount received so li 
the directors slate. 


.4C- All 610 13 424.767 
-V :!Bi 
:i .*h0 
■V.ii.TSS 
5W1.119 
l.Ilj.-Cfi 


Horace Cory 
sales decline 


Sales for the first .three mont]^ > 


£I2I,»00 to £133.0110. ^; ,ar " ^on, ; able future. companies concerned wtw engm- covered by stated earnings thanks fwinpany w. »» ««*..«» «»*»»«"- . 0 r io7S at Horace Cory and 

Sales ror the year came to T J *' ,a '_ A 1 the year end slocks had been ecring services in the U.K. 10 £1.3m. transferred from the | n " subsidiary in respect ot in- chemical colour manufacturix 

£H7m. (£n.55m.) including £0.SSm. Limord. eredii' "'""'.' mm 2 reduced by £530.00 and bank achieved record profits, as also deferred taxation reserve to the terosl ch^es rejatjng 10 a penod grQ wcre | oxver lhatl in J 

First quarter 1978 turnover of t£1.0i5m.i from discontinued R-umcd 7/12412 nags.* borrowings by £338.000. did Carrier Drysys. whose opera- p and 1 account. The trouble , a vl ,- i ™,'tc^ same Period last year says Mr 

Blackwood Hodge (Canada) fell operai ions. ’ Excludes John Frr moMitwi* -«iiitred The company manufactures and l»?ns arc largely overseas, and centres on two Middle East fixed- , r T® c '" in l 15 Elev the chairman, in his annu 

frnrn S26.«4m. to S21.8«m. and . After tax nf £1.4.000 HI24.00m "-.“J'*- . surgical instruments and winch was particularly successful price land supposedly fixed Aerm) the directors dn notconstder it - l ® n K d uni^c r heret 

S.K9.. iSarSc aiM>lwn«« and hospital equip- in the U.S. He says lhe group's contracts started in 1974 and P™S««* fo take any cred,t tn - - - [nere > 


after a lax credit of SS52.000 ri111 >' e:ir earnings are shown at 
l $220.01)0 » 1 here was a loss or "—P *2.61p> per I0|i share and 
S.ifi 5.000 ($219,000). The loss per rl,e olwdcitd is lifted from l.37p 
share is given as 23 (9i corns. to _ 1 - ,Gp net w 'ith a final of l.lp. 

The directors says ihe figures J he 'd r 2 up m an il . fac f ur w chemi- 
rcflect the seasonal nature of the w Is and fixing devices and acts as 


inveumcnis 
las n.uMOiV 


menL 


business and are broadly as 
exnecied. 

Subject in any unforeseen 
cfclcrioratinn in trading conditions 
generally they believe that it 
should be possible to achieve ,1 
material improvement in 1978 
earnings. 


wholesale and 
nf building 
materials, etc. 


retail distributors 
and plumbing 


INCH KENNETH 


GrovebeU 
advances to 
peak £108,707 


1976 


to 


With turnover up 69 j per cent. 
„ tJ „ -• £4.2Sm. pre-tax profit of 

Holders of Inch Kenneth Kajsng GrovebeU Group, the holding and 
Rubber have approved the pro- investment company, jumped 


S.ilns 

<i|n-raiinA profir . 
Iwcresi . . 
Share ol assocs. ... 
Wratlt Mare tax 

Tax 

N« 1 profii . . .. 

Etchanuc lusw-4 . 
Extraord i-rcdit ... 
AMributable 

Dividends : 

Reia'n«| 

1 Cains. 


1977 
£ I 

12 1.11 US IU.4:>2.Mfi 
I.HS4>7I 799 920 
-2I.1.7S5 
S 07B 
87J.195 
27C.441 
6110 734 
l-.-b.010 


intake of orders In 1977 was en- scheduled to finish three and P rofit 
co u rag in R and will lead to a-half years later. But delays have 

left the contracts runping two 


474 744 
147J6S 
I27.47S 


increased future activity. 

A geographical analysis . of 
turnover and trading profit. £l.Sm. 
"24.fi ih fur 1977 shows: U.K. £78.05m. and 
580.735 £4 35m.: Continental Europe 

2M.W1 £21.34m. and £0-34m. loss: Middle 
iTTo East £10. 18m. and £4.83m. loss: 
"u.32n Australia £8.32m. and 88,000 loss; 
471. in; Africa £L2.06m. and £0.44m.; U.S. 
8W« £l8.24m. and £2.07m 


and loss account at this a " upturn in demand during ft 
rest of the year, he says tf 
(£11.816) group cannot expect to mainlai 
the current year the proi 


Tax took £14.126 

and a-half^ Tears' behiod^srhedule ,eavin 2 the loss per 30p share at in the ci 
and a dreVoS profi^k cS^ncy ^Jp (12.38n). Again no dividend achieved m 1977 
losses or rim have also denressed 15 ro be A s reported on April II pre-la 

he ner ornia'nce Elaewhere Sre Th « sroup's intere-jt in the profits for 1977 rose from £440# 
lias been TSs reduction lS Au* nationalised subsidiary will be the to £391.330 and the dividend 
tralia and Europe with smart sub i ec,t ^ compensation from the lifted from 0.5986p to Q.(i.745p. 
turn round in Africa imo profit Department of Industry and a During 1977 the company spet- 
But the two bright spots have Payment or £400.000 on account £100.935 on new plant and equi, 
been the U.K. and the U.S. At of ^ compensation was made in ment. Modernisation or replae 

mcnt of. older plant will coniini 


143. 959 <n ie t ax charge for the year 97p the shares yield 12.S per cent. February 197S. In addition, t-er 

of £624.000 {£i,3S5,000j was split and stand on a p/e of 103. 


We just 


cleaned up 


! 


As one of Europe’s great chemicals 
and plastics groups DSM knows how 
important it is to clean up after the 
job is done. 

For instance, in The Netherlands 
this year, DSM will have spent, some 
£35 million to make the River Meuse 
cleaner. To do the job DSM pioneered 
techniques which take out nitrogen 
impurities as well as organic matter. 
The plant that has been put to work 
on the Meuse will be big enough to 





deal with the waste .produced every 
day by a city the size of Birmingham. 

Good news for Dutch farmers who 
will use the 130,000 tons of bacterial 
waste produced every year to improve 
their soil. 

So Meuse ’78 will be a great j-ear. 
And the know-how that made it so 
will travel well. Soon there will be 
great years for the other rivers of the 
industrialised world. 

VVatet is a vital resource. DSM 
technology keeps it clean. 


DSM 1*5 chemicals and plastics 

To find out how much more wo da, wrtta lo the Irtformatfon Department, DSM PQ Bax 65, Healed. Ttw Nethertanda. 


tain debts due frum the subsidiary in I97S. the chairman says, an 


as to: U.K. corporation tax 
£828.000 (£189,000); overseas tax 
£1.471.000 (£255.000); deferred tax 
credit U.K. £1 .302,000 (nil) and 
Overseas £114.000 (£574,000). 

Adjustment credit in respect of 
previous years £98,000 (oil) and 
associated companies tax £113,000 
(£167.000). 

Tax charges were again affected 
by losses in certain overseas sub- 
sidiaries, relief for which could 
not be claimed asainst profits 


Lombard 
Australia falls 


on inter-company current account plans have been approved for th 
have ,heep repaid and .the balaftce building of an extension to Lb 
has been lhe subject of a notice company's administrative block. 


£1.074.000 down to £109.000 is 
reported by Lombard Australia, a 
subsidiary of National West- 
minster Bank Group, for the year 
to March 31, 197S 



Texas Eastern gets 
London listing 


BY ARNOLD KRANSDORFF 


SHARES OF Texas Eastern Cor- 
poration, a diversified U.S. energy 
company whose fastest growing 
petroleum activity is in North Sea 
oil production, have been listed 
nn the London Stock Exchange 
Dealings start to-day. 

Mr. J. C. .lacobs. executive vice 
president of Texas Eastern, said 
the listing symbolised the com 
pany's involvement in the U.K. — 
10 date, around £168m. had bccn- 
nvcslfd in the North Sea and 
he expected at least to equal that 
amount over the next five years 
Investment in the current year 
would bo about £83m., of which 
slightly less than half would be 
in the U.K. sector — the balance 
being in the Norwegian sector, 
This compared with possible 
group capital expenditure of 
about £192m. during 1978 
(IlOIm ). 

In I!ii 1. group operating 
revenues lopped $2bn. with pre 
rax profits more than a fifth 
higher at S27G.82m. The North 
Sea's contribution amounted tn 
around 17 per cent, of profits 
(bcTcre tax and capital costs). 

Mr. Jacobs said the company 
cnvhtigei] that an important share 
of future growth would come 
from North Sea activities. The 
company was also considering 
diversifying into the offshore ser- 
ices industry. 

He said that the London listing 
would enable Texas Eastern to 
he more widely recognised- in the 
U.K as an investment medium, 
tn addition, the company hoped 


increased fuel usage as a result 
of the cold winter weather. Mr 
Jacobs said that it was unlikely 
that this rate nf growth could be 
maintained for the full year. 





CREDIT COMMERCIAL DE FRANCE 

U.S. $45,000,000 Floating Rate 
Notes 1978-1985 


Forthe six months 

May 3rd, 1978 to November 3rd, 1978 
• the Notes will carry an 
interest rate of 8% % per annum. 


Listed on the Luxembourg Stock Exchange. 
By: Bankers Trust Company, London. 
Agent Bank 


Ht.. , 7— 


(o tacilitate- 


possible 

European 


future 

capital 


financing 
markets. 

However, he did not think thai 
rhere would be any large-scale 
dealings in the slock, which is 
qumed on the New York Stock 
Exchange nr $43., o. There were 
also no immediate plans to raise 
finance in Europe, a* group cash 
resources and borrowing facilities 
were adequate to meet current 
needs. 

He described the listing as a 
prestige exercise v.irh a long- 
term view.” Arrangements for 
the listing have been made by 
G. Warburg and Co. in associa- 
tion with Cazenove and Co. 

Texas Eastern's total perroleum 
operations currently contribute 
abour 40 per cent, of group 
opera tin ginenme and this Is ex- 
pected to rise to around 50 per 
cent, in the next five years. The 
group's other interests are tn the 
US., and include oil and gas ex- 
ploration. a pipeline and storage 
system, and a crude nil refinery. 

For 197?. first-quarter earnings 
•« 10 per cent, higher, reflecting 



v 


(ft WHSMITH 


W.H .Smith & Son (Holdings^ Limited. Results 1977/78. 


1977/78 1976/77 (Restated) 

£ Million S. Million 

Sales 

393.8 

. 324.1 

Profit before tax 

20.2 

15.6 

Taxation 

8.2 

3.S 

Profit after tax 

12.0 

11.8 

Per 50p share 

Earnings 

1-i-lp 

14.0p 

Dividends 

2. 199. ip 

1.95 Jp 

Asset value 

85.4 p 

73.7p 




rJ 

i*- 


Sales increased £69.7m - up 21.5?« on previous year. 
Profit before tax up 29.1^. 


Recommended final dividend of 1.4S9p per 50p share- 
with interim makes maximum permitted. 


# Property valuation shows £9.9m surplus. 


For copies of our Annual Report & Accounts, and the Special Report 
that is given to our staff, please write to the Company Secretary at 
St rand House, 10 New Fetter Lane, London EC4 A LAD. 









£.C;Tf 




;'"■ 1 ,/f; 

iS 

2 ia * 

Jingj, 

a dva, 

h 

^ , ; -n,..' 

•’■■■■. .... V'^ 

V, T • 

.. • . . . ‘"W 

• . ' , r, r. ' 

• ■> . r “ - 
i . ••'’ Vk 

v-. : L *V 
V. '" /-“-■C, 


■ • : ... ' v 

..... 

i ... . i • 

• 1 .*■•. , 


ided 


‘ • ' > li,ir 

* >• K>. 

■ “ Hi. . 

' 'Vh'.p 

' 1 •' r nt„ 

‘• s •••■a a. 

• . .| >5 
:n i..yv 


Financial Times Thursday' Hay 4 1978 

ftp to £27m. 
■market share rises 



INCLUDING VAT of £13 Am' 
against^ £10.&ra., turnover of 
J. bmaiAiiiy expanded from 
£6S3.78m. ro £S2Um. in the 52 
week* io March 4, 1878. Reflect- 
ing slightly lower second-hall 
uf £1 5.12m. compared with 
Ha.4Sm. the full-year taxable 
surplus emerges- at I27.14ra., com- 
pared with H5.3m, 

In November, reporting 'a rise 
from £10.7m. ta £12.-J6Hi. for the 
first 2S weeks, the directors 
■warned that the unexpectedly 
buoyant turnover of the 1876-77 
second half was not expected to 
be repeated and in the current 
competitive climate, margins 
would be under some pressure. 

After rax on the ED 19 basis 
of £6.56m. (£5 98m.) full-year 

earnings are shown at 25^4p 
(24.36p) per 25p share and the 
dividend is lifted from 5.44490 to 
the maximum permitted 6.0202p 

net with a final of &9374p. 

UT7-7S 137^77 


woo row 

811.10! 663.778 
•JT.13B So.rtai 

443 S7V 

Z7JS2 2UE2 
8JW 5.9S1 

21 .#15 :d.-joi 
— sm 

2] .1119 21.119 


:.ii 

. I 


oraco C« 

lies ilt'clj 


Tunwvfr lncl VA.T 

n«uiUns proff* 

From aswfairo 

Prc-tM* profit 

Til .. 

Sm profit . - ... 

Exiraonl. credit 

Surplus .. . 

♦ Net margin 3 33 i3.Sli Our cum. 

iilr. John Sainsbury. the chair- 
man, reports that for the second 
consecutive year the group 
achieved a significant growth in 
market share (from 6.9 per cent, 
lo 7.8 per cent, in two years) and 
in its number of customers. This 
is particularly satisfactory, he 
says: in the light of the continued 
decline in real terms of national 
food expenditure and the intensi- 
fication of competition during the 
year. 

The market- share Increase was 
sustained throughout the year in- 
cluding the period in the summer 
when the group suffered an un- 
official industrial dispute in a 
number of its distribution depots 
which affected supplies to stores 
for several "weeks. 

The increase la trade and 
customers was against a back- 
ground of heavy promotional 
activity by major competitors 
from June onwards. During this 
period the company's strength in 
perishable food was particularly 
notireable and more than made 
un for any effect of competitors’ 
activity on branded groceries. 

Discount 7S was launched on 
January 9 and has been out- 



Mr. John SaLnsbury, chairman 
of J. Sainsbury — market share 
increased from 6.9 per cenL to 
7.8 per cent. 

standingly successful, says Mr. 
Sainsbury. 

Capital investment has con- 
tinued to increase and while the 
number of new si ores 'opened in 
I977/7S and due to open in 1078,' 
79 is lower than would have been 
liked because of the difficulties 
in obtaining planning permission, 
the forward programme' shows a 
greater number of new store 
openings in 1979/SO. This is likely 
to be maintained in the following 
year. 

As predicted, the second half 
was in marked contrast to the 
buoyant conditions enjoyed iu the 
previous year, but the chairman 
says it is reasonably satisfactory 
to have attained a similar level or 
percentage margin in the period. 

The retailing profit percentage 
for the year as a whole at 3.35 
per cent, is close to the average 
margin achieved hi the last five 
years, he adds. 

In November SavaCentre's Grst 
hypermarket opened in Washing- 
ton, Tyne and Wear. This company, 
jointly owned with British Home 
Stores, got off lo an excellent 
start and .succeeded in .making a 
small trading profit in its first 


quarter's trading. Three more 
hypermarkets are being planned 
to open over the next four years. 

Mr. Sainsbury says it has' long 
been policy to site supermarkets 
In city centres as well as seeking 
edge of town sites and district 
centre sites which have the 
advantages of lower costs, greater 
convenience and easier access. 
SavaCentre's proposed develop- 
ment in Oldbury “ is an excellent 
example of siliftg a hypermarket- 
in a town centre emironmeni 
desperately in need of 
revitalising.* 

This type of development can 
be viable in certain circumstances, 
stales the chairman, but this 
should not mean the prevention 
of developments in new locations. 

He leiis members thar 1978-77 
could hardly be a better demon- 
stration of the benefits to the 
consumer of strong retail com- 
petition. Planning difficulties 
continue lo inhibit new store 
development and thus, to a sig- 
nificant degree, protect the status 
quo and limit new competition. 
“There should be room for both 
a sensible and forward-looking 
policy for urban areas that have 
declined without denying ihe 
shnpninc public the benefits lhai 
derive from developments nn the 
edge of towns.” he declares. 

See Lex 

Increases at 
El Oro 
Exploration 

Pre-tax profit of El Oro Militate 
and Exploration Company for 1977 
rose from £456.732 to £344.471 and 
its associate. Exploration Company 
rcoorts taxable profits ahead a* 
£702.992. against £559,379. for the 
Mime period. 

Respective interim dividends for 
l!»7fe by El Oro and Expl oral ion 
are l.US$4p t0.9S95n) per 10p 
‘■narc and O.S442p (0.4A47n) pe 1- 
■»p share, both the maximum pc' - , 
mated. 

hesuits Tor El Oro Includes 
u-socihte comnanies profits of 
£236.605 (£17B.95rt) and tax takes 
£249.976 (£214.982). Tax Charge for 
Lrrloration was £328/245 against 
£253.1)17: assets of the latter taking 
jr> ■•*.•?» men ts a\ market value, 
tv tailed £5.922.335 l£4^93.499i. 


Laporte slumps 
to £10.24m. 

SECOND HALF profits of Laporte lakes the total from 3.43914fip to 
Industries (Holdings 1 tumbled fi.7fi5p. in line with the June rights 
from iio.v'm. to £3JS2m. under 
the pressure of intensified com- 
petition in the titanium dioxide 
market and the strengthening nf 
sterling, and after the write 
down of raw materials and 
finished stocks of titanium 
dioxide. 

Total profit before las in 1977 
ended at £10J!4m. against a record 


up from £131.43m. to £13I.51m. 


sified sharply, resulting in a 
significant fall in the prices * Alter c 
achieved for this product. Investment 

in the same period the 
temporary strengthening of the 


issue fjieea^i or a 

lU25p 

gross 

payout for the year. 


* 


sm 

im 

Salvs 

LSI .Ml 

'■51 i* 

La port p and subside 

:m h. 1 

Sfi<03 

Principal tnwrox co » 

«?.TO 

«.ia 

Trsdlns profi:* 


t;i"i9 

Laponc and aubouls. 

3.1m" 

4 >t> 

PnmMiial tntcros ■. 

7.P4-S 

r.c.: 

Otbcr b&spcb 


fM 

Uii«»ki 

2.M 

IJil 

Profit before tM 

10.242 

U^M5 

Tas ' 

2 070 

s.jn 

Nrt profit . — 

3.KJ 

7.972 

Extra-on). 1 ms« 

6C3 

?« 

Prrf. dividends 

ri* 1 

52 


4.« 

P.2JK 

Ordinary dividends .. 

H 151 

i.9»d 


Pearson expects steady 
all round growth 

BY RICHARD LAMBERT 

S. PEARSON AND SON is expect- In book publishing. Penguin closes that Mr. T -T Fraser fwh" 
ing steady ail round growth had a tough time in 1977. and joined the Board of Pearson last 
during 107S following a ri.-e front profit in the second six months year) together with his wire 
£28 5m. ro £33.2m. in attributable was only about half the previous entered inio contract* oa 
pre-tax profit in 1977. Over the year’s peak level. Price reus lance August Sth !!•*- wjtti wniichati 
longer term. Pearson is planning was particularly evident tn child- Securities Corponilicn. a wholly- 
to expand its interest!; in America, ren's books, and Lord Gibbon said owned subsidiary nf Ihe com par.;.', 
which currently generate 19 per yesterday Chat profits would nor whereunder Whitehall herunOrc 
cent or group 'profits pick up substantially until there advanced (o each nf them (he sum 

Introducing the annual report «os an upturn m (he economy. of tVAM 10 finance pan of tn«? 
at a Press conference yesterday. However, he added that Long- cost of purchase of .i total Of S.un*J 


of existing bu>!- 197 


tad dcrulopaum 
account 0.7 8m. (0.i3n,i. 


temporary strengthening oi tne A rnmmpnt 
pound, particularly against the ^ CWfnnicri 


the group currently bail assets oi increase its proiiis oy a further Droincrs ana v.o. unmeu. a «»u- 
about STthn. in the IS, aod no 6 per cent, to a little over Him. subsidiary. The advances carry 
horraulns.,'. Aeouisiiinns and Jbe foJlouing a major advance in inlerot at n per cent, per annum 

Profits were likely to he and are repayable upon Mr. 

U c.->:ro «. n ». higlirr again Ibis year. Fra>er ceasing to be in Iho 

vans couid be financed partly by di>- Much the largest part of profits eo«ilo>Ttieni of. or hold office in. 
poking of the investment portfolio from the Pearson subsidiary. Lru'ard Brotliers or earlier at h.’i 
and parUv by borrowing. Whitehall Trust, comes from the option, and the said -hares are 

Pearson’s largest l'.S. invest- Lazard Brothers banking the subject of j negaiutf please 



. . operating - - 

£9.54 m. to £3J3Sm. fourth quarter in iy"7 when holding in Blackwell Land — an Irusli 

tn spite of the genera] stagna- Laporte faced severe competition agricultural project which 


ivuMng in lie iti Site rTuplovittcut 
£7 9m. to Itn.Tm. _ of. nr hold office iii. L.ujc-1 

lion in the chemical industry- «n in ' its titanium dioxide business- expeo^d ”to produce’ rub.«tanr. a 4i)y Referring w the group’s most Brothers. Mr. Kr.i-.cr .il-o lu- \ 

the second half or 1977. Lap'orte's The resultant fall in price levels improved return^ over the next L ecea; ._,._ ■'cquLs^non. Madame hou-v pui-vha-o of Dl.wtl 

other products in general per- —about 30 per cent, tn some areas couple of year * — and an mvesi 

formed welt. The lnlerox business — and the JEl.lm. write down of nient 


... _ - - in Cameo Inc., wh.ch i- 

particularly had a good year, they stocks coupled with a stronger involved in pj) indu-!rv i-qu:p- 
aay. pound more than account for Utc me ni and services Energy relnted 

The low level of demand ex- two-thirds Tall in the trading pro- aclivines arc likely to form an 
perienced in the fourth quarter fits of Laporte nnd it subsidiaries, important part of the group - * 
continued d urine the first However, its other products, par- i-.vpan.-ion. 
quarter of 197S. but thpre are ticuiarly the lntcrox business, bad Amon" the U K. companies 
signs of a hardening of titanium a cood year and this helped to Doulion'* proJiLs ro.-e 12 per cent, 
dioxide prices in most parts of the cushion the fall. Demand for l0 £i» Sm. pre-tax last vear. anti 
world, and the pound has eased chemicals in the first quarter of 1 y ll ^ lVrajn j,. ^j aS& jnU "rn-inrcr- 
acalnst the dollar. this year remains low. So j nt , buMness is exncclt'd to make 


‘ Tuss.tud's. ihe report slates That f fom La«jrd Broilirrs. 
tn nddition to »n excellent profit 
record the company's philosophy 
of !on^ term inicrual dcvelniime-it 
fils veil with Pearson's, own 
approach. Its strung points 
include a rroven ability io gener- 
ate cash, plilw its special status 
in the field or enu-n .linment 
generally, which “is an attractite 
one in which lo imesi as leisure, revent annual uu-ciuig*-' 
tourism _ and spending postc-r Shareholders *»f Grecnruat 
inerpase." Priiprrtlcs were told that due to 


Reports to 
meetings 

The following are extracts from 



against lS14p. tefday yield 10.3 per cent, on 

A final dividend of 4.059p net p/e of 8.2. 

Fothergill & Harvey sees 
further profit growth 


Pearson 
Longman 

In the Pearson Longman group, ro' exceed 'book* value* bv'jMPm! thl? vomiH-n^tlion ligiuv c. m> 
63.36 per cent, of which is owned while the market value nf invest- material lo llie financial pusitioii 
by S. Pearson, the profit of the meni.s is some £20ni. above the nf lhc sroup. The directors look 


jf"»s If" ‘jifsrs 

£48.1 m. related to minority in- Y“L b ? n I 
irresis. In addition, the market T ‘^.J 1 ?!‘ L‘_« 

value of properties is estimated * , “ 0,mlN 1,1 lht ) ir ' ir ^ vm Urtl * * ,s 


to 


•I' M-it.n-1- iij. 

; t 


■ W 

Reckitt needs export growth 


Financial Times rose by £lm. to baiiincc sheet fimire. ~ " ! h«-* ' ‘c" tliai it voultl be in Hie 

nearly £4m.: the profit of rhe This equity base is supporting inUTest- uf ilte holders to 

newspaper ro-c from £1.6in. 10 medium and long term iKtrrnv - ailjoum the A*5M for .< twi i« *ct 
£2.3m. Publication or the paper jijg of £42-«m.. and net short leriii suIHi ieitl to allow the l-’rcnelt 

im- on the Continent is due to start debt of £T.2m. authorities tn complete the 

early in 19“9 and it is expected Both S. Pearson nnd Pearson mailer. Ai-t-o-diirdy the meet mg 


•■ t 


IT IS essential for Rcckitt and 
Oilman in the IJ Jv. to remain com- 
petitive in export markets, Sir. 
j. A. S. Cieminson, Die chairman, 
says in his annual statement. And 
he is confident that the group will 
achieve this in 1978. 

However, he snys that group 
businesses around the world are 
very dependent on the general 
slate of world trade. He believes 
i here will be increasing prosperity 
in the U.K this year and hopes 


that other main markets * will 
improve their domestic output. 

The strengthened pound began 
, to affect profits -in the latter part 
of 1977 and this is bound to carry 
through into 1978 as long as 
sterling maintains its present 
strength, he says. 

“Nevertheless. • we most cer- 
tainly are in a good position to 
benefit from any upturn in world 
trading when it occurs, and I ran 
only add that we shall continue 


to work hard to show further 
improvement in our results in 
1978/’ 

In T977 pre-tax profit rose from 
£51.43ni. to £57.9 lm. A current 
enst statement with accounts 
shows this reduced to £43m. by 
additional depreciation of £7m. 
and a co«i of sales adjustment of 
£Um. offset by a £3m. gearing 
adtiiMment. 

Medina. Connaucht Rooms, 
\vr.. on May 23 at 11 am 


I 


i Floating^ 
'8-1985 


VC'l ' 

c. . 



FOTHERGILL & HARVEY LTD 

Fluorocarbon products, fibre reinforced compos. res and industrial synthetic fibre textiles 

Sound and Steady Progress 


HOMETRAD'E TURNOVER 


28% TO £9.0m. 


EXPORT TRADE TURNOVER 


15% TO £3.0m 


PROFIT BEFORETAX (fP 16%T0 Elm. • 

DIVIDEND PER SHARE OF 25p. (net). (fP TO 6.21 p.. 


PROSPECTS 

We see little sign, as yef, of an upturn in the U.K. economy and there is continuing, 
but understandable; reluctance on the part of the rnajor countries to reflate. How- 
ever the Company has successfully come through all the frustrations and d'sap- 
pointments of the past year. We are confident that we will continue to make the 
most of the opportunities available and, with our acquisitions, ensure further 
profits growth in the current year. 

Fothergill & Harvey Ltd. Summit, Urtleborough, Lancashire^ 


IN ins ANNUAL statement. Mr. expenditure undertaken 
J. A. Jordan, the chairman of prove productivity. 

Fothergill and H»rve> says he is Sir Campbell adds th __ . _ 

confident thal Che group will con- however, there has been some in- investment to justify lls running adjusted figures According to -the At the mod mg of Anglia 
tinue to make the most of the crease in volume at the start of costs. Meanwhile, the dram on Hyde guidelines. For Pearson, the Television ilrintp. lhc Marquess 
opportunities available and with 3978. the problems of oversupply profits arising from this develop- effect is to halve net attributable Townshcnd of H.n nham. the 
itc acquisitions, ensure for the In the industry continue and the meni is not expected to be large profits to £Sm. — compared with a chairman, said that Anglia now 
profits growth in the current future position on margins there- in relation to the FT as a whole, dividend cost of £4.7m. This cnlcu- controlled i’S.01 per cent, of 
vear. f° r * remains uncertain. Elsewhere, profits from the lation includes an adjustment for Ko da stream for a total imcsimcnt 

‘ As reported on March SI. pre- As reported on .toril 18. pre-tax Westminster Press rose by nearly j he increase in free capital at of £6fi4.00j. This included £K!.%15 
tax profits ro*e from £0.9m. to profit fell by £0.94m. to £2 81m. a half lo £o.7m Jast year, and Lazard Brothers which would for the purchase of further 
£1 05m. in 1977 on turnover of on sales up b.v 33 per cent to would have been around £Ztn. have been needed in order to shares in East Anglian Securities 
£ 12.04ut f£9.64m.l. £595lm. but the chairman says higher but for a dispute at the maintain in real terms an un- Holdings, increasing the holding 

Mr Jordan savs that the that jriven freedom to trade inter- Darlington newspapers on the changed capacity to conduct bank- in that company to n.i,5 per cent, 
failure of the 'more highly nationally and encouragement issue of a closed shop for mg business. Sudnslream. baNrd in Peter- 

developed countries to inflate; the from the Government, he believes journalists. , Fc,r Pearson Longman, where borough, manufactures machines 

the tight domestic monetary that Reveries is well placed to un the newspaper side the years dividend cost £2.om., for the preparation or carbonated 
policy- and the improvement In resume its expansion over the current year has opened well with attributable net profits are cut soft drinks in ihe home. In the 
the value of sterling continued to next yegrs. _ advertising revenues buoyant, by the Hyde guidelines from UJv. the machines are marketed 

restrict volume crowd* and led He adds that the group remains although profits have been £lOm. to ju«t under £7m. by Kenwood. The unaudited 

rn MiMfer.utiJtoTinn />r caDacitv in committed to growth and nlans affected b.v recent industrial A separate balance sheet Tor accounts or Sodastreatn al Ovio- 
‘ II .9m. of. capital expenditure troubles. An upward trend al the Lazard Brothers and its sub- her 31. 1977. show profits before 

Tnmnlpr inerpaerd bv 25 oer during the current year, demoted Financial Times has continued sidiaric* «how« net tangible assets tax and extraordinary items of 
'f L., t i.. s was ' . thn pxoen^e la r C5«#ly to improving the output into 1978 even though the cover of £42.8m.. and a balance wheel £6fiS.0UU and net assets of 
JTminJliM 7n ibe Tysaf&F, HS, of . orice was lifted 3p lo 13p. total , of £5«9m. The report di< £1.238.000. 

eomposites divisions. However, 
tight control over working capital 
enabled the group to end the 
year with short toon borrowings 
unchanged from a year earlier. 

Liquidity increased by £18,000 
(11.15m . decrease). 

As at December 31. Jones 
Stroud held S4.64 per cent, or ihe 
equity. 

Meeting. Manchester, May 26 at 
1250 pm. 


First half 
fall for 
Devenish 


Largely due to a reduction of 
some £30,000 in interest received 
on short term deposits, pre-tax 
profits of J. A. Deyenish and Co_ 
•he Dorset brewing group, fell 
from £207,064 ro £160^222 for the 
24 weeks to March 17. 1978. The 
directors say Thai the trading com- 
panies have produced profits com- 
parable with last year. 

Turnover for the period rose 
from £4 .73m. to £5.Sni. Tax takes 
£88.400 against £107,500. 

The interim dividend is raised 
from 2p to 2.l25p per 25p share 
Lavt year's total was 5.9p paid 
from full year profits of £1.32m. 

Revertex sees 
improvement 

IF THE expectation of faster 
growth in consumer demand in 
the U.K. materialities. Sir 
Campbell Adamson, the chairman 
of Revertcx Chemicals, tells 
shareholders in his first annual 
.statement that the group’s busi- 
ness at home should benefit in 
1978. And the group should see 
results from the management re- 
organisation. and the work and 



jlw computon 
24 hour Valuation Service 


a British independent oil company 
with a 9.6524% interest in the important 
Thistle Field now in production. 

Tricentrol is a producer of oil and 
and the U.S.A. and is involved m a worldwide 

hSZSSXSSZSBSS-* 

Decembe rlgg 

ri\ r-ii roT" — — — - i- .1— 



Turnover 

Profit before taxation 
Profit after taxation 
Retentions 


1977 

£000 

95,043 


1976 

£000 

71,202 


3,792 

3,212 

2,668 


2,479 

2,133 

1,781 


Shareholders' f unds 

E5S5i^FoS 5Syg5«& dauM 

Dividends p er ordinary sha ^ re 

-::y ^r^r^andAceounts_a^av^eMm^ 


24,750 


8.8p 

a4p 

2.0p 


20,101 
6.Sp 
6.5p 


1.25p 


fnn^ perordinary snaie — . 



Accurate Efficient Economical 

. Propertvvatuatianisaidedby JlWCOMPUTOW. 

A brochure outlining all Jiw computon services 
Is available on request from: 

33 King Street, London EC2V SEE Ref.J.D.W 



JONES LANG 



Chartered Surveyors 





- " -L 


Unicorn deal with Atlas Copco 


Financial Times Thursday May -4 1973 ■ 

Share stakes 

now holds 26,258.903 share* ««* 

per cent.J. ^ '““-8 


Atcost bought from liquidator 


PART OF the collapsed empire 
of property developer Mr. Ronald 
Lyon has ben bought from the 
liquidators, Cork Cully, now that 
it has returned to profitability. 

Six directors of Atcost, a build- 
in? and construction group within 
Lyon, whfch specialises in steel 
frame Concrete buildings for 
farms and industry, have raised 
£800.000 to buy the company in 
which the National Coal Board 
Superannuation Scheme is to take 
up a 42 per cent, stake. 

Only £100.000 of the price is by 
way of equity capital, with the 
directors holding 52 per cent, and 
the Atcost pension fund con- 
trollin'; 6 per cenL, the remainder 
has been raised by way of bank 
loans apparently from the 
National Westminster group. 

Announcing the deal yesterday. 
Mr. Michael Stubbs, the managing 
director, said Atcost has now re- 
lumed to proti lability. For the 
year to September, he expected 
sales to roach £13 iu, — at the 
moment there were orders valued 
at X7m. and completed sales so 
far this year of £7?m. 

Financial figures for the past 
17 months show sales r»r 115.4m. 
Uti.om. annualised > and profits 
were Lian.liWl UST.iwrt) 

annualised i In l!«7fi the group 
lost £!S4.tifiO on sales of IT .5m. 
This year profits are expected "in 
climb sharply." Current net assets 
are £!m. 

Mr Stubbs says Atcost is re- 
cti veri ns well front the recession 
in the construction industry. The 
most pmfijablo side at pre-ent is 
the special projects division 
which builds large-scale Industrial 
units, but the sled frame farm 
buildings business, whore Atcost 
is the market leader, is alsu 
steady. 

Mr. Siubhs a ten confirmed that 
the directors had their eye on 
launching Atcost as a public com- 


pany but that would be at least 
two to three years away. 

CUSTOMAGIC 

SUSPENDED 

Shares of Customable Manufac- 
turing, the stretch covers com- 
pany. were suspended on the 
Stock Exchange yesterday follow- 
ing the announcement of an 
approach which could lead to an 
offer. 

In January this year, Mr. 
Michael .Ashcroft and Mr. Allan 
Clofgie acquired *20 per rent, of 
(Justomagic through companies in 
w hich they had interests. They 
became deputy chairman and 
managing director respectively. 

In the year to April 30. 1977. 
Customable made a pre-tax loss 
of £315,000 on turnover nr 
£4.lim. In the first half of I977-7S. 
it lost £i 6 .ooo pre-tax on sales 
ihwn £0.5m. at 1 19m. The com- 
pany has moved to a smaller- 
factory. 

OAKSTONC/REYiNOLDS 

Acceptance* received by Oak- 
*li>nc Motors in respect uf it? offer 
fur ‘ IV. J. Reynolds Holdings 
amount to 2.5S7.51S Urdinary 
shares t fjfi.BH per cent, t anil 
r*.SS9 Preference jharc* 1 13.99 per 
cent ) Roth offers are now un- 
conditional and remain <>pen. 

CLS/KLNDALL 

Acceptances received by Com- 
bined Kngllsh Stores in respect of 
the offer for Kendall and Sons 
amount to more than tMt per cent. 
The offer is now unconditional 
and remains open. 

STATUS DISCOUNT 

The Healey family's 70 per cent, 
stake in Status Discount iia-c been 
reduced tn ju«i over 50 per cent, 
fellow uta the placement of tjm. 
*iii.res on behalf of the family hy 


the company's brokers. J and A. 
Scsintgeour. 

A spokesman for Serimgeour 
said yesterday that the shares had 
been placed with a spread of m- 
ftitiiunns. The family had felt 
the share price had been re- 
stricted by 4ts larce holding, he 
said. 

CASTLEFIELD 

RUBBER 

Castfeficld (Klane) Rubber 
Estate, pan of the Harrf-on* and 
Uro*ficld plantations empire has 
stated that it knows of no rea>on 
for the rUe in its shares and that 
ihere are no other matters of 
importance pending. 

The shares have risen from a 
low of lGjp this > C 3 P to 300p last 
night. Speculation has been rife 
i nthe plantations sector aTter a 
number of bids involving 
Uanrtons and UrosSeld group 
companies. 

The Ca-Uefield statement was 
prompted by enquiries from 
Kuala Lumpur Slock Exchange. 

DECCA, GRANGER 

Deeca will manufacture several 
nouni-ps that it has reached an 
agreement with Granger Asso- 
ciates. of California, lo purchase 
Grangec* HF radio products. 

The tran.-action includes not 
only engineering design* and tech- 
nical uviLlancc but al*o tooling 
and the inventor;, of fitusbed 
equipment, parts, and work in 
prosrc** The acquisition of these 
products u-ii] substantially 
broaden E*ci-ca CnmniiinicaiionV 
on erase of the HF radio market. 

Di.»cr^ wi| lmanufaciure several 
version* of -ingle wdeband 
receivers. 1 and 3 fcV HF trans- 
mitters and other system aeccs- 
*oriw> a* Us Scvenoakx fin-lory. 


Unicorn Industries, the grind- 
1 «S wheels and abrasive grain 
manufacturer, has acquired 59 per 
cent, of Atlas Copco Ur-clu* AB. 
Sweden, for S.Kr.t>m. t £7 12.0001 
and 50 per cent, of Alias C'opCO 
Craelius U.K. for S Kr.3m. 
(£356.000).. Both were previously 
wholly owned subsidiaries of 
Atlas Copco. 

The deal includes options ' Tor 
Unicorn to acquire the balance 
of boih companies Tor SJvr.lam. 
I £ 1.8m.) and S.Kr.-tm (£474.000) 
respectively before September 30, 
J980. 

Atlas Cnpcn Craelius manufac- 
tures diamond drilling machinery, 
core barrels and core bits for the 
exploration, minmg and construc- 
tion Industries. Its turnover 
amounted to £S.9m. in 1977 and 
the net loss attributable lo the 
as-' - : acquired by Unicorn was 
£413.000. 

Dr. Terence Ffitcroft, chief 
executive or Unicorn, said yester- 
day that a key clement of the 
agreement was that Atlas Copco 
Craelius would be able tn sell 
direct to customers instead of 
passing some profit nn to Atlas 
Copco and its agents. The pro- 
duct range of Unicorn was 
similar and complementary to 
that of Atlas Copco Craelius. 
which should lead to more 
effective marketing. 

Atlas Copco has agreed ro con- 
tinue existing loan* of S.KrJllm. 

1 £2 3m.) to Atlas Open Craelius 
companies and to waive the pre- 
sent interest arrangements. The 
loans will be repayable in three 
equal annual instalments starting 
on December 31. 197S 

The unaudited figures For the 
first quarter nf 1078 Indicate that 
Atlas Conco. Craelius is now 
trading- profitably. 

KURSAAL IN -SICILY 

The KursaaJ Company t>r Malta 
has completed the purchase 
through its subsidiary, Dragonara 
Palace Invesmenls, nr the 3ft per 
cent, share interest in a recently- 
formed Italian company. Horel 
Villa Sant'Aodroa Spa. held by 
Lady Nicholson, for an initial cost 


of -£275.000. The Manley family 
owns the other 50 per cent of 
the company. 

U-S. PURCHASE OF 
SECURITY TRUST 

Beneficial Corporation has 
acquired Security Trust, a com- 
pany operating in the banking 
field formerly controlled by 
Charco Fund for about £Jlm, 

Security Trust Is intended to 
broaden Beneficial's financial 
services in the United Kingdom 
with the abHJty to accept savings 
and deposit accounts. Beneficial 
already operates 36 loan and hire 
purchase branches throughout the 
United Kingdom. The financial 
strength of Beneficial will enable 
Security Trust to continue to 
-expand its services to a wide 
range of customers. 

Security Trust has gross assets 
currently in excess of £7m. It 
provides a range of financial 
services For the private individual 
and businessman including per- 
sonal loans with its subsidiary 
Moneycare providing family bill 
paving services. 

Beneficial Corporation, based 
in Delaware, is a diversified finan- 
cial company with assets of over 
S3.3bn. U is pursuing a policy nf 
overseas expansion. 

WARD WHITE 

Ward White Group announces 
that the acquisition of Betts and 
Broughton has been completed. 

BURNS-4NDERSON 

Burns-.Ande.rson has sold the 
share capital of Melvin Electric 
Company (Southport) which 
trades as electrical wholesalers. 

Melvin earned pre-tax profits of 
£41.170 in the year to June 30. 
19 m. and at tbat date had net 
tangible assets or £82,672. 

The sale price of £ 10.000 
together with, repayment of the 
group loan account of £166.009 
(£109.000 on completion. £ 66.000 
plus interest at 2 per cent, above 
National Westminster base rate in 
instalments, ending May l. I#7U. 
and the release of bank facilities 


will provide working capital In 
other more profitable parts of the 
group. 

INSTITUTIONS G0» 
INTO K£NNETSID£ 

Following an increasingly 
common trend instiinJonal 
investors, including KJoinwort 
Benson. Hambras Bank, the NCB 
Pension Funds and Prudential 
Pensions, have made a substantial 
equity investment in Kennetslde 
Holdings- a private company.? 

KH is based at Newbury which 
specialises in the marketing, 
design, supply and servicing of 
colour control systems and equip- 
mem. and also provides a technical 
and plastic colouring and com- 
pounding service to the plastic- 
using industries. 

The investment will enable the 
group to expand in the growing 
market for computer-based colour 
control, both domestically and 
internationally. 

ALLIED/BLAKEY’S 

The offer by Allied Insulators 

For the 6 per cent. Cumulative 
Preference slock of -Blakcy's 
(Malleable Castings) has been 
extended uhtil May 24. 

Acceptances have been received 
in respect or 5.234 Preference 
units (33.7 per cent.}. 

GODFREY’S 

Acceptances received by Zlflynn 
In response to its offer for 
Godfrey’s, total 5,740,444 shares 
(90.05 per cent.). 

ASSOCIATES DEAL 

l*ains and Cruickshank bought on 
April 26. 1978 30,000 Linfood Hold- 
ings Ordinary at 142p and 05,000 
at 144p. 


London Scottish Finance Cor- 
poration: FDIS has transferred -to 
Goseford Financial Management 
the whole of the 1 , 022.020 shares 
held by it. Both companies arc 
wholly owned subsidiaries of 
Edward Lumloy (Finance). 



Savoy Hotel-T«fal&nr House 
and its subsidiaries. n0 .' h d 
5,685.730 “A" Ordinary shares. 

Midhum White 
Scottish Amicable Life Assurance 
Society holds 400.000 Ordinary 
shares <5,33! per cent.J. 

G. H. Downing and Ccu— 
Norwich Union Insurance Group 
now holds 5.142 per cent, shares. 

A. Monk— St. Piran has recc"JJ> 
acquired a further 167,a00 Ordt- 
nary shares and now holds a tola! 
of 2.693,000 shares. 

Hunt and Mnsernp— Sandex 
International now holds 2.709.623 
shares tl 1.50 per cent.J. 

Celtic Haven— Mr. J. b. Lieu ri- 
ll n. director, disposed or la.uoo 
Ordinary shares at 17Ap on April 
14. 

Cape Industries— Central Mining 
Finance (subsidiary of Charter 
Consolidated) has increased its 

interest to 2,177.447 Ordinary 
shares 19.07 per cent.). Including 
the interest of another subsidiary, 
Charter Consolidated’s aggregate 
. interest in Cape Industries is now 
16.074.852 shares <66.97 per cent.). 

Merchants Trust— Commercial 
Union Assurance has acquired a 
further £10.000 4} per cent. 
Preference stock making total 
£60,000 (5.09 per cent.). 

P. and W. Maclellan — Mr. D. G. 
Moo die, director, acquired 50.261 
Ordinary shares. Mr. J. R. 
Thomson, director, sold 100.261. 

Pritchard Services Group — 
London Trust Company has 
acquired a further 65.000 Ordinal*)’ 
shares increasing holding to 
1.22ft .GOT 1 5.6(>7 per cent. I. 

Sterling Credit Group — The ITU 
Pension Fund and the ITU Pen- 
sion Investments have exercised 
their option on March 31 In con- 
vert 90.000 £1 Convertible Prefer- 
ence shares lo 420,000 Ordinary 
shares. 

Dixons Photographic: Mr. M. 
Souhami and Mr. B. Bennett, 
directors', are interested in 41.S42 
and 1 G .000 shares in the company. 

Cope Sportswear: Mr. G. .11. 
Copes' holding is now I.5SS.242 
Ordinary shares (34.3S per cent.) 
having sold 22.500 shares. 

Flu id rive Engineering Company: 
Imr.eri.il Greup now holds S53.IS7 
Ordinary shares (5.14 per cent.). 
The shares being held in the name 
of the ITU Pension Trust jointly 
with the ITU Pension invest- 
ments. 

John l«ewis and Company: John 
Lewis Partnership has purchased 
£2.500 of 3 per cent First Cumula- 
tive Preference stork, bringing its 
total interest to £315.332 of that 
class ( 21.02 per cent.). 

Westun-Evans Group: Sun Life 
Assurance has sold 97,500 shares 
and its holding is now less than 
5 per cent. 

Provincial Laundries: Mr. J. I. 
Goldring, a director, has notified 
the company that his non- 
beneficial interest in ibe shares of 
the company, held by Linnet Con- 
sultants and associates, has been 
rertueed to R0.543 Ordinary shares. 

Malaya lam Plantations (Hold- 
ings): Harrisons and Craslield. 


Frauds Industries; 
has been advised by Tetimt^f 1 
Investment Trust, that as a L?* 
of a purchase, it now ha, 
terest in 366.000 Ordiflara I" J r 
(5.06 per cciUA. 

City Offices Company: G v . 
North, director, has * 

wow-hcnefictal holding nfsaJS 
shares, his holding being 
reduced to 204.170 benS? 
I0.JJ93 per cent ). nen ^ 

“Campari: Following dealing 
nil non-bpncfieial— bv dinJl* 
are reported. C, K. ag*! 
bought 3.750 "B’ Ordinary JS? 
at 10 .»p. H. II. Ltpion bought i-i 
■*B” Ordinary shares at lOjn , 
K. Bonschcr sold 20.000 Ordw.. 
at 128p and 10.0000 at 130 it^ 
5.000 at 13 Ip. R. Black mid in« 
Ordinary at \28p and 3.1)00 « 
and 2.500 at l3lp. G. K. Bcn»S 
sold 3,750 “B” Ordinary at t?? 
H. H. Linton sold 3.750 -1 
Ordinary at 114p. The transacim, 
in the name of R. Black a^, - a 
eluded in. and not additional > 
those of G. K. Benscher. by virtS 
of a Joint nun-beneficial Iialdu^ 

Thomson Organisation: G | 
Purrack. director, has increais 
his imlirect interest to ^ 
shares. 

Tanqan> ika Cunwsslnns: p ff 
lowing are the interests , 
directors of Fihar Industrial j 
its holding company Tangannt 
Concessions - . Hoti. A t . 

bettelical :H. 0 W» and ^ 
beneficifl 3..i0n R. .1. Mc.Vnj 
ion beneficial. M. Charles ii e ^ 
non beneficial l.ftftn. Si r 
De Zulueta beneficial .l.flTS. jjj 
above, .ipnrt from \lr. \Ic\eili 
are also directors of T.tnganjik, 
Concessions. 

El bar Industrial: Folliminj j, 
the interests of the dircctnrx a 
Tanganyika Cnnre«Mons m n 
sub-KIbar Industrial. Hen. ,\. j 
Hood beneficial fik.fifi.1 and nn 
beneficial 18 027. M i.’.harle, u 
Bnr non beneficial 230. Earl « 
Limerick non henetteial 27il. R. f 
Medlico'.t hcneflrial 1.333 
Philip De Zulueta non beneflcn 
230 

Aeronaut leal and (team 
Instruments: Globe lnvt»M raw 
Trust has sold its holding , 
.Su.000 shares and its xub-Eirnt 

Investment Trtisl — lias sold ji 
holding nf lOO.HOfi shares Th en 
fore Glohr’s interest no Inn# 
exists. However I'JU.niW nf Ui 
lSO.flOO referred in abo\r hat 
been acquired by an unyuthnriv 
unit trust managed hy Eleclr 
Fund Slanagers which commit 
tx. in companies acts term 
*• interested ” in such shnrr. 
Elect ra Fund Managers j s 
Wliollv owned subsidiare- < 
Electra Group Sen-ires wlueh i 
turn is a subsidiarv of Glnhi 
Globe is also, therefore, to con 
ponies acts terms ” inrorested ' - 1 
those shares. 

A. and J Murklow Grnnf 
A. and J. 31ucklow iPensM 
Fund) holds 1 .762203 share 
16 .. SI per cent.). 


HOSKINS & HORTON LTD 

BUILDING SUPPLIES & HOSPITAL EQUIPMENT 


Results in brief: 

1977 

1976 


£000 

£000 

Group turnover 

7,996 

7,553 

Group profit before taxation 

607 

790 

Net assets employed 

3,388 

3,162 

Profit before loan interest and tax as 

1 — 


a percentage of net assets employed 

18.5% 

25.6% 

Earnings per ordinary stock unit 

16. Op 

15.8p 

Dividend per ordinary stock unit 

5.17p 

4.68p 

Cover for ordinary dividend (times) 

3. IQ 

3.37 


Review of 1977 

The manner in which ihe Group weathered 
adversities in 1977 is indicative of its inherent 
strength, which was further enhanced by 
actions taken during the course of the year. Our 
plans to reinforce the Group’s financial 
structure were successfully achieved with the 
53 i million convertible bond issue in October 
and significant improvements in the liquid 
position of all the major companies. 

Most of the Group's operations produced 
significantly better results than in 1976 and, in 
spite of the generally low demand for 
engineering products and capital goods of the 
types we supply, the total value of orders in hand 
increased by almost £100 million during the year. 

Acco, in its second year as a subsidiary, 
maintained the momentum of profit recovery 


Exports in 1977 E81-7 million (37% up) 
Average number of employees 1977 
37,000 


started in I9~6 and produced much improved 
results, notably in its North American 
operations. 

Cash flow, particularly in the United 
Kingdom and the USA,' was strongly positive 
throughout the year with tlic result that the 
Group’s net Liquid position improved by 
approximately £37 million and aggregate 
borrowings declined from £93.1 million to 
£68.4 million at the year end. 

Outlook for 1978 

The Group began 197S with uncompleted 
orders in hand to a value of £642 million, 
compared with £545 million at the start of 1977. 
Since the start of the current year a number of 
major contracts have been booked and, generally 
throughout the Group, order intake has been 
moderately better than in the corresponding 
period of 1977. 

The Group's business depends largely on 
die level of economic activity in the major 
countries of die world. There arc still no signs 


of any significant recovery from the present 
general recession and I have no reason to 
believe that the year ahead will be any easier 
than either of the past two. However, this time 
wc are starting from a stronger base. 

Mr. John Ki/7g z Chairman ? 
repordng to shareholders^ 



Analysis of turnover and trading profits: 


Power and 


1977 

Tijdrnp 

OiOlil 


Process 

Engineering group 


two 

132.872 

1 two 

2.606 

Construction 
Equipment group 


41.820 

4.438 

General 

Engineering group 


112,498 

1.181 

Electrical 
Engineering group 


18.836 

1.445' 

international 

group 


143.380 

3.499 

Babcock International Inc : 




Acco 

204.720 

18,353 


Other 

2,543 

64 


656,669 31.586 


OUTLOOK FOR 1978 

Despite the difficult conditions experienced last 
year there should be an improvement in the group 
results for the current year. !f certain export 
prospects materialise, this improvement would be a 
marked advance but it is too early to predict 
whether there will be a return to the level of profits 
established in 1976. 

S. LLOYD Chairman 


Copies of Annual Report available from Company Secretary, 

UPPER TRINITY STREET, BIRMINGHAM B 9 4 EQ. . 


Rotork Limited 

Valve aciuaioro in?lrumeri!diion cte'ryn a.ij eig . .•.*£<••• 3 . 
specialist Wood.’.orkmq mai.tiir.ery and oe«i Tiu.k- a >.i 
specialised stehl .essels. 


A LEADER IN WORLD-WIDE ENGINEERING 


1977 — good results in a difficult year 


Cm 

1976 

1977 

Turnover 

12.09 

15.90 

Profit on trading 

2.83 

3.07 

Interest and exchange 
differences 

0.35 

0.15 

■Profit before tax and 
extraordinary items 

3.18 

3.22 

Tax 

1.48 

1.35 

Profit after tax before 
extraordinary iierrts 

1.70 

1.87 

Extraordinary items, etc. 

0.02 

0.40 

Profit after extraordinary 
items 

1.68 

1.47 

Earnings per share 

19 2p 

20. 3p 

Dividend per share 

2.1 12p 

2.370p 


Extracts from review by the Chairman, 

Jeremy Fry: 

T^e group acnie -ed record sates an ir.-rease of 3 1 * . c.?r 
1976, of v.’hicn 22 ° 0 arose through organi.: grov.ih ar.g IP 0 
remainder from our tv.o acquisitions during Ihe year Ptoifi on 
irading was sightly above that 01 last year spile 01 heavy 
international competition and v.e consider that our return on 
sales is credilable for an engineering company I railing in « 
rather difficult year. The company’s return on capiial empi; -ed 
remains ar a healthy level. 

Incoming orders for ihe Controls and other engineering 
divisions continue at a reassuring level although al reducing 
margins. By the nalure of its business <t is loo early in ihe war 
lo lake a view of the Marine division s likely le.ol of 1 fading. 


Copies of the annual report 
are available from 
The Secretary. Rotor). Linutg i, 
Bath BA) 3JQ. 


rotonf 


1 







*y 4 1978 



Good results for 1977 from our 
four major divisions 


Pre-tax profits 


£44.9m Extracts from Lord 

Gibson’s statement 


Whitehall Trust 
(Banking and investment trusts) 
Lazard Brothers 
Embankment Trust 
Minden Investment Trust 


Pearson Longman 
(PubHshmg) 
Financial Times 
Westminster Press 
Longman Group 
Penguin Books 
Ladybird Books 

- '• i . 4 


- «>■ * 


. 4 . ' 




in 


Doulton&Co 

(Ceramics, glass and engineering) 
Royal Doulton Tableware ■ 
Doulton Glass Industries ; 
Doulton Engineering Group 
Doulton Australia 
Allia Doulton 


MidhurstUSA 

(North American Investments) 


Head Office 

Interest and expenses less other profits 


Attri butable Profit before taxation 
Profit after taxation 


£333m 

£l6.3m 


Ea rnings per ordinary share 
Dividends per ordinary share 


23.7p 


6.8p 


Turnover 


$ 


Tribute to Lord Cowdray 
*1 would like to begin my first report as chairman of 
the Pearson Group by paying a tribute to the 
outstanding service given to the company by my 
predecessor, Lord Cowdray, who retired from 
the chairmanship at the end ofl97J? 

Profit Increase 

•In 1977 we achieved total profits before tax. of nearly 
£45.0 millioaThis is a record and represents an 
increase ofl7 per cent over the previous yearf 

Resources for Development ^ 

‘Investments in the United Kingdom and the USA, 
which can over a period be redeployed in our 
operating companies and for acquisitions, stood at a 
market value of over £60 million at the end ofl977 
and provide a strong base for further development 
in the future! 


Group Philosophy 

‘There has been much argument lately between two 
schools of thought, “small is beautiful” on the one 
. ... . hand and “big is rational” on the other. For pur part 
we aim in the Pearson Group to provide a “big” 
framework within which small and medium-sized 
groups can conduct their business securel}* arid with. 
. as much autonomy as possible! 

. Annual General Meeting 
T hope that as many shareholders as possible will 
attend thd annual general meeting on 26th May. 
There will be an opportunity for shareholders to 
meet members of die board informally after the 
A. meeting if they so wish! 


Stop Press 


Since the year end we have acquired Madame 
Tussaud s for £14 million. We believe the field of 
entertainment is an attractive one in which to invest 
as leisure, tourism and spending power increase. 
Madame Tussaud’s has excellent management and 
a proven ability to generate cash and will head up 
the group’s new leisure division. 


( 


To: The Secretary 
S. Pearson & Son, Limited 
Millbank Tower 
Millbank, London SW1P 4QZ 

Please send me a copy of the 1977 Annual Report. 
Name 


Company 


Address 


£328.5m _ ( 


FT} 


■ 

) 


23 



GRAMPIAN HOLDINGS 


Statement by the Chairman , David C Greig 




The 1977 pre-tax profit of £1,464,000 com- 
pares with the 1 976 figure of £2.81 1 ,000. 

The result follows a year when Grampian 
companies, which cover a fair part of the 
spectrum of industrial activity, have ex- 
perienced both the good and the bad 
features inherent in the general economic 
climate. Companies providing goods and 
services have done reasonably well. The 
companies involved in the Civil Engineering 
industry have had a hard year. The year has 
also served to show that the group should 
divest itself of some activities which either 
had no potential for development within the 
group or were likely to need resources for 
development which could better be deployed 
elsewhere. 

Industrial Services other than Transport 
have suffered from the recession in Civil 
Engineering. In common with many other 
companies in this field we take the view that 
positive action must be taken to secure 
greater stability in this significant sector. 
When public expenditure is cut and industry 
is being cautious, over-capacity leads to a 
dangerously low level of profitability. That is 
bad for the financial stability of the com- 
panies, for the consulting firms and for the 
continuity of employment of the people 
involved. 

Fleming Brothers, Clachan and London 
Midland & Scottish Contractors (LM & S) 
were all adversely affected in this climate. It 
was clear that some rationalisation of our 
capacity was required and this resulted in the 
closure of LM & S. We have fortunately been 
able to arrange alternative employment for a 
fair proportion of the employees concerned. 

Transport however, whose activities are 
broadly based, performed well in combating 
the slim margins available in that industry 
and continued to be a very significant con- 
tributorto the group's profits. 

In mv letter of 6 April to shareholders I 
explained the reasons for the sale of the 
assets of the English activities of North Sea 
Gas Services and Utilities and the disposal 
of the equity of Robert Laidlaw. I can report 
that these decisions were endorsed at the 
Extraordinary General Meeting on 21 April. 

Finally in disinvestment it was decided to 
close Alexander Ferguson (Marine and 
Domestic pipe fittings). This small company 
had been trading in a poor marker. It had 
incurred a substantial loss in the year and 
appeared to have little prospect of real 
recovery in the near future. 

I have recounted these decisions firstly 
because it is right that shareholders should 
be fully aware of the changes in the group. 
It is equally important that they should be 
aware that the Board is intent on concen- 
trating on contributing companies. 

The improvement in Printing and Publish- 
ing (Cowell) is encouraging but further 
progress is essential if this company is to 
play its part in the g roup. 


The Electronic and Audio companies (Hall 
and Pinnacle) had another very good year. 
Sales and profits are the result of energetic 
management which is enlarging its share of 
an interesting market. 

Rose-Morris (Musical instruments) has 
made real progress and is now well placed 
to benefit from the continuing demand at 
home and abroad for its products. 

Progress in recovery in Furniture is much 
slower than we could have hoped. The 
health of this industry is heavily dependent 
on the purchasing power of the public arid 
the stability of prices of imported materials. 
Recent circumstances have not been favour- 
able but strenuous efforts are being made to 
stabilise this company. 

In the Sports and Leisure field your Board 
made an important decision to set up a joint 
venture company with the Japanese rod and 
reel manufacturers. Daiwa, and a new manu- 
facturing unit has been established in 
Lanarkshire. Daiwa is a company of inter- 
national repute and we look forward to a 
fruitful association with them. This will com- 
plement our national reputation through 
Millard Brothers in the Field Sports equip- 
ment market 

Mitre Sports (soccer balls, sports foot- 
wear, cricket and squash equipment) is con- 
tinuing its penetration into the relevant 
markets in Britain and the United States. 
There is now a significant management 
presence in the United States to support the 
sales efforts there, in particular we believe we 
can offer quality products which will enable 
us to get a reasonable share of the develop- 
ing soccer market in North America. 

Tourist Retail (Moffat) had a very busy 
year, benefiting from the significant number 
of foreign tourists who were attracted to 
Scotland. The creation of effective sales out- 
lets in this type of business requires constant 
skilled reappraisal both as to place and form, 
and Moffat has established its reputation in 
this field. 

The value of the group's exports has risen 
from £6.2 million to £8.9 million in 1 977. We 
will continue to seek opportunities in foreign 
markets. 

A final dividend of 9.97% (2.4925 pence 
per share) is recommended, giving with the 
interim a total of 15.97% (3.9925 pence per 
share) which compares with a total of 
1 5.73% (3.9325 pence per share) for 1 976. 

In conclusion, I would like to express my 
very sincere thanks to all those who work in 
and manage the business of the group. I 
have described the difficulties that have 
faced us this year. However there are also 
many positive situations in the group which 
will serve as th e base for a new ad va nee. 
Copies of the Annual Report may be obtained 
from the Secretary. Grampian Holdings 
Limited, Stag House, Castiebank Street, 
Glasgow G716DY. 



Lead sales fillip to 
MIIV1 earnings 

BY KENNETH MARSTON. MINING EDITOR 


Texasgulf lifts gloom 
over base metals 


AUSTRALIA’S MIM Holdings has apatite concentrate to Norway’s Sweden to Norway’s lce=free 
been managing remarkably well Norsk Hydro, reports John of Narvik from where it 
against the background nf depres- Walker from Stockholm, Over the shipped to the Norsk Hydro plant 
slon in the copper and zinc five years starting in 1980, about at Glomsfjord. 
markets. During the past ten 100,000 tonnes or concentrate a LKAB expects to invest about 
months of its current financial year will be supplied by LKAB. SKr.80m. (£7.07m.l on the new 

to June 30 MliU has been Apatite is a phosphorus raw project of which SKr.43m, will be 

helped by increased sales of lead material used in fertiliser produc- for the processing plant at 
coupled with a non-taxable capital tion and results from the un- Kiruna and SKrJ.7m. for storage 
° n sales . of investments of wanted phosphorus waste re- facilities at Narvik. Last year 
A57.27m. (£4.5m.). moved from iron ore production. LKAB made a loss of SRr.07Om, 

As a result, net earnings for The material is to be railed from but hopes to reduce its losses this 
the period amount to ,A$39.6m. the Kiruna mine in northern year, 
against A $3 3.1m. for the same 

period of 1976-77 when the full 
year’s total was AS44.08m. t 

virtually double that of 1973-76. 

But the further outlook is less 
satisfactory. 

Apart from the usual sales of 
lead, MIM has been also selling 
lead concentrates. Stocks of the 

1 been , buil * "P W 1 ™ AN optimism about the The company has a base metals 

e ™L.°iy ,nR t0 env,ror '? future of the base metals Indus- o pen-pit mine In Yukon and warns 

° n try belied by the spate of that the first quarter figures are 

wTJfrf- ?h Cl l t,0 ? s a , t - Isa depressed company results, Dr. not Indicative of the outcome for 

«™our"iiLoi^ n u tn d CtJ 2 n Charles Fogarty, the chairman oE the whole year, 

smelter Stack which should be in Texarautf tbp IfQ -inrf fqnariian . , . _ 

service In December leaaagulf. uie U-fc. and Canadian A story wis told by 

nZ, IT ' , o producer, has predicted the net^- vestgrou Mines, the Cominco 

Over the 40 weeks to Apnl 9 sity for a sharp increase m Che uru r* which noerates tin* Blark 

sales revenue increased by 4.1 per production capacity of copper and Ansel zinc-Iearf mine In Green 
cent, thanks to the higher con- zinc, among other mineral toSTiSSfiS? «££?« toS 

S« ind'zT’ tbe ■<*> annua, meeting at 

Other hander. ° Houston that by 1980 an extra profit of CS626.000 in Dhe 1877 first 

1 10 ‘ . . capacity of 340,000 tons of copper quarter. Zinc sales were lowpr and 

recen f *{? would be needed each year to prices were less, while lead sales 

sates 1 rerenire. V,a The £a trend°seems ‘ . 

Til TBS of * 

concentrates and a continued low ^Lj.u Sr55J?£Ji f more concerned with copper. Mr. 

growth in demand, he said. Jerome Byrne, the Discovery 

For the present, however, many chairman, stated that the Avoca 

Canadian companies are simply mine in Ireland continued to lose 
trying to hold their beads above money because of low prices, des- 
wdter. plte the efforts to hold .down 

From Toronto, John SoganJch costs, 
reports that Cyprus Anvil, hit by Although Messina (Transvaal) 
low zinc prices, turned In a 1978 Development, has stopped explora- 
first quarter loss of CS3.26ni. tion at the property, an increase 
SWEDEN'S State-owned LKAB (£La7m.), on revenue of C$24.9zn., hi the Irish Government’s 

iron ore mining complex, north of compared with a net profit of guarantee of the mine’s overdraft 

the Arctic Circle, has signed a CS 1.85m. in the some period of will enable the operation to can- 
NKr.lOOm. (£L0m.) deal to supply 1977. linue. 


level of copper and zinc prices. 
MIM were 177p yesterday. 


LKAB apatite 
supply deal 



Australian shale oil find 


had come to their attention which 
was inconsistent with their pre- 
vious statement that development 
of the Bundle deposit appeared to 
be a commercial prospect, based 
prices for 


THE two partners in (he Run die 
oil shale project in Central 
Queensland, whose shares have 
been subjects of growing market 
interest in recent months, have 
announced that they are nearing on current world 
the end of a A$2m. (£l_24m.) drill- petroleum products, 
in® and .testing programme The deposit is about 30 km. 
reports Kenneth Randall from north of Gladstone, the big coal 
Canberra. 

The companies. Southern Pacific totalling more than 180 metres in 
Petroleum NL and Central Pacific thickness and extending over an 
Minerals NL, say that drilling has area at least nine km by four km. 
Indicated 2d?4bn. tonnes of shale according to the companies' data, 
containing 1.3b n. barrels of 'shale Samples are currently being sent 
OIL in 50 tonne lots for testing in 

In response to Stock Exchange West Germany and the U.S. 
queries at the end of March, the The reports say teste have 
companies issued detailed tech- shown the ground at Bundle to 


operation of about 20,000 barrels 
a day, rising over time to a 
possible 200,000 barrels a day 
would find sales at satisfactory 
prices. 

In die past five months, with 
considerable assistance from 
London buyers, Southern Pacific 
Petroleum shares have moved 
and alumina port, in four seams from 3Q cents to AS1.50 and Cen- 


tral Pacific Minerals has risen 
from 65 cents to A34.30. 


Financial Times Thursday May 4 1978 

Resources available 
for Grattan’s growth 

CONSIDERABLE expansion of the attributable profit from £3 .46m, 
activities of Grattan Warehouses histone to 0.4, m. 
can take place within the group s Benefits from the planned pro. 
existing financial resources with- gramme of additional and replace- 
out recourse to shareholder, Mr. men t computer facilities, wuurh 
Michael Pickard, the chairman, jj as been underway for the pa « 
tells members. two years, will start to accrue 

The company has a low borrow- from 1980. Ihe chairman Says, 
lug ratio compared with its cur- Assessments are also being made 
rent assets, particularly bearing which will lead to improvements 
in mind that both stocks and in the effectiveness of both the 
debtors are liquidated well within company’s delivery and warehouse 
a six monthly period, he points systems. 


out * 

In recent years much emphasis 
had been given by the directors 
to the control of the company’s 
current assets in view of the 
impact that inflation was having 
on the balance sheet and the 
requirement to borrow more. 


Meeting. Bradford, ou May 25, 


BOARD MEETINGS 


Ttw folic wing cnmpanb** hat* DW|flM 
dai« of Board meetings to Lite sioi* 

During 1977/7S bank borrowings gjf 
were reduced to £5. /4m. (£7.1lm.i. official indications not anjj. 

However this trend is unlikely to R bi? whether dividends con-.i-rihii ^ 
continue if the directors’ commit- interims nr finals 
S2t to increase sales is success- *■■■ 
fuL he points out. 1 to-day 

Taxable profit for the year to lotcrimj — Bmi&h sugar rundinvtn, 
January 31. 197S. was marginally London ami Provincial Shop town, 

l j rii TRm 1 FIT 41m i on National and cunnnerrlal Banking, s. 
ahead atiill. 1 6 m. ui usm ) on &roki w . a. Truck. Uni w 

sales, excluding VAT of flrt-jin. 

(£l37.5m.) — as reported April 5- Final*— Aberdeen Construction. Aliifug, 
The net dividend is raised to Dusimst. Kccdcx. Gnardinn inri'sumot 
— -co n ,ioi7ni npr 25d share ind Trust, T. C. Harrison. Mottos . Motb^i 

iw62p (0.21 tp) per -Cap snare ana c>rc chadburn. Sant* Ran** 

it Is proposed 10 increase nnU soars Hold men. Southern Consm®. 
authorised capital from ‘ fll-Sm. uona. uds. George wins, 
to £13J!m. by the creation of $m. future dates 

unclassified shares of 25p; to con- lnwri ms- 

vert the 0.23m. 5 per cent. Brown iMaMuttri 

Cumulative Redeemable Pre fer- email onal '.‘l 

eoce shares of £t into lm. w uitanu, uohn» ot Cardiff 

unclassified 25 p shares and to f matt- 
ad opt new Artides of Association. Aberdeen luvesuiimis 

Working capital at year end nutum^'oratiaw 

was UP JE2^8m. (£SJ)6m.». Exmroal lnv««nn*M Trust Mir 11 

On an inflation adjusted basis Fmc An* Dovcioonrems M*»a 

on the Hyde guidelines profit is 

shown at after extra Bazaars / jk»> Mar i 

depreciation of £257.000. An cno enmp June t 

adjustment in respect of working TrsasaHantte and r.co. Iwmm. • May it 

capital Of £3. 05m. reduced the 


Mar n 

Mara 
Mar 1 
Mar a 

Mar 1 
Mar 11 
May is 


Co-op Bank up 33% 

Profits of Co-operative Bank In- loans: and they are therefore un- 
creased by almost one third to able to say whether the provisions 
jES.97ni. in the year to January made against these loans are 
14, and after taxa tion and min- adequate or not. 

Orities, profit retained amounted u ke the leading figures in ssv- 

y[r^ Arthur ff'jSlW'SSS'ffi 

SSISSS ossMiff is 

" SwSentTn the ” insider it necessary tn cop 

wholesale and retail tride and“n ■iSmu'ttom^Hoiwr' The 

ssafij ^ fgbJSUL which &S t SSS^ w S 5 A 

Advances nF the Co-operative }{'f K 
Tin—k at civifn («, anain&t tt ifi offering un attract ne tango 

Km.) nereSTelesl shoS 1 «F ""'<=«■ •« 

{frootpr inprpacp over the Tear Recounts, held by iho 

JS*r iSJSt» ^ rose ceni - Aar - 

tanks. Sd «. did d^S at year, while the number of 

£350.6m. (as aaginst £30B.»nu. 

The bank’s accounts are qualified bank r0i>e by " cl1 0,ror one ' fif th. 
by auditors Hiomson McLintock Sir Arthur said yesterday that 
insofar as they are unable to form the development of small busi- 
an opinion on the value of de- nesses and a revitalised and en- 
velopment land and development panded co-operative sector could 
properties (in the books at make a very significant contribu- 
£26B7m.), against which one sub- tion to the long-term solution ta 
sidiary CFC Finance) has made Britain's unemployment problem. 


LEADERS AND LAGGARDS 

TIm fodmvlns uMt shnn the pornmtMe c tannest whtefa have taken place since DC c om ba r 30, W7I. In ill* principal 
mlb sactlans of the FT Actnarles. Share indkea. It aha contains the GoM Nine* Index. 


nical reports and said that nothing 



Michael Pickard, Chairman, reports on 1977 

^ Sales up by 12% to £166 million 
Profit increased to £11-7 million 
Dividend increased to 5.56p per share 
Net assets employed £43 million 

Looking to the future he says: 

MM Demand from our new Spring/Summer 
Catalogue has recovered reflecting a livelier 
presentation of an improved range of 
merchandise at more competitive prices. The 
trading performance over the full year should 
provide increased volume and profit growth - 
however the benefit of increased sales wifi tv 
not show up in profits until the second half 

The Annual Cenerat Meeting wit! be held in Bradford on 25th May 1378. 

If you would like a copy of the Report and Accounts, phase write to the Secretary, 
Grattan Warehouses Limited, Anchot House, Ingleby Road, Bradford, 

West Yorkshire, BD992XG 



CATALOGUE MAIL ORDER 


be relatively <oft and suitable for 
major open-cut mining. Three 
treatment processes are under 
study — those of Lurgl-Ruhrsas of 
West Germany, and Union Oil of 
California and Superior OU Co. 
of .the U.S. 

The Bundle shale is a mud- 
stone impregnated with kerogen, 
a long hydrocarbon molecule, 
which breaks up at 520 degrees 
centigrade for condensation. 

The partners say their market- 
ing consultants are confident that 
there are substantial, growing 
markets for oil and gas in Glad- 
stone and that an initial, modest 


Qicnen Traders 

Caht Minn F.T. 

Textiles - 

Newspapers and P-irfbhtaa 

Tobaccos 

Office Equipment 

Matal and Modi Forming 

Padraslm and Paper 

Minina Finance 


Motors and Distributors — .... 

Mechanical Engineering 

Engtoeertng Contractors .... 

Insurance Brokers 

Banks 

Consumer Goods (Durable! Group 

Oils 

Breweries 

Capita] Goods Group 

Consumer Goods (Nan-Durable) Gn 

500 $bare Index ... 

Industrial Group 

Electronics, Radio and TV 

Chora I Cals 




- in 

+ 8.41 


- £55 




+ 536 



+ 5J2 



+ 3-94 


- 4J1 

+ 3M 


: -•.« 

+ 2.86 



+ 2J3 



+ 2.05 



+ 1M 



+ 2.76 


- 5.1! 

-1- 0.46 



- 0.28 



- (M8 



- 1 23 



- 1.27 



- M2 


-10JJ 

- 1-55 



— 1-99 



- 2-02 



- £15 

- 2jrs 

- £44 

t PercentajKO changes based 
Indices. 

on Tuesday. May t 1^5 



All of these securities having been sold, this announcement appears as a matter of record only. 

New Issue / April, 1978 

U.S. $125,000,000 

Province of Saskatchewan 

(Canada) 

914% Debentures Due 2008 

Principal and interest, together with redemption premium 
if any, thereon, payable in New York, New York, in 
lawful money of the United States of America. 


Salomon Brothers 

Dominion Securities ina 

Goldman, Sachs & Co. 

A. E. Ames & Co. 

Incorporated 

The First Boston Corporation Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 

Wood Gundy Incorporated Bache Halsey Stuart Shields Bfyth Eastman Dillon & Co. 

Incorporated Incorporated 

Dillon, Read & Co. Inc. Drexel Burnham Lambert E. F. Hutton & Company Inc. 
Kidder, Peabody & Co. Lazard Freres & Co. Loeb Rhoades, Hornblower & Co. 

Incorporated 

McLeod, Young, Weir, Incorporated Paine, Webber, Jackson & Curtis 

Incorporated 

Smith Barney, Harris Upham & Co. Warburg Paribas Becker 

Incorporated I n corpo ra ted 

Wertheim & Co., Inc, White, Weld & Co. Dean Witter Reynolds Inc. 

incorporated # 

Bell, Gouiniock & Company Bums Fry and Timmins inc. Greenshieids & Co inc 

Incorporated 

Midland Doherty inc. Nesbitt Thomson Securities, inc. Richardson Securities, Inc. 

Atlantic Capital 

Corporation 


i 









•• ' * ‘ * 5 *• 

^ - ... * 

■ . . ‘ ' 

‘ The balance of our activities between books and 
newspapers has served us well ’ 

n ''Ho Ul , Jr . Jr 









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Pre-tax profits 


£21.4m Extracts from Lord 

Gibson’s statement 


FT Financial Times 

National newspaper 

Business publishing . 

Business information services 

s® 

■ r* 1 :. 1 >"• ; i ftyt 

Westminster Press 
v— Provincial newspaper publishing 
. Generalprinting 

• • ■ * ..*«'• • - i. .... . .. i- 

• • * ■ • !«..'• •VJViTSwJ..” < - V . 

. ■ • . S i'- .■ ‘ . . • 

. 

1 

■ t ■ 

Longman Group 

55r Educational, medical 

and reference 
book publishing 




/<s\ Penguin Books 


Vyi. Paperback books and other publishing 

S||p| 



Ladybird Books 


Children’s books 

DB8Bi3 

Head Office 

feOKM 

Interest and expenses 

S'. ?? 


Profit after taxation 

£10.5m 

Earnings per ordinary share 

24.3p 

Dividends per ordinary share 

6.0p 

'Eunover, 

£L46.4m 


1977 Results 

The profit of £21*4 million achieved in 1977 was a 
reasonable performance when compared with 
£19.9 million earned in 1976. After tax and after 
deducting minority interests but before 
extraordinary items, the group’s profit was 
£10.0 million compared with £9.0 million in 1976, 
an increase ofll per cent 

The balance of our activities 
The balance of our activities between books dnd 
newspapers has served us well. Generally speaking, 
newspapers are good generators of cash while our 
book companies need substantial and increasing 
funds to finance large stocks and overseas 
customers. On the other hand the book trade, 
particularly on the educational side, has been less 
cydical in profit terms than the newspaper industry 
and has provided the group with steady profit • 
growth. Another advantage is our geographical 
spread. The newspaper revenues are derived mainly 
from the United Kingdom while the book 
companies, with well over half their trade overseas, 
lessen the group’s dependence on the home 
economy. 

The Financial Times to publish in Europe 
Aii important event during the year was the 
announcement of our intention to publish the 
Financial Times \n Frankfurt for distribution on the 
continent of Europe and in North America. It is 
planned to begin publication early in 1979. 

We believe that this development will substantially 
strengthen the ability of the Financial Times to serve 
its overseas readers and advertisers and thus in the 
long run increase the strength and profitability of 
the company. 



To: The Secretary . * - 

Pearson Longman limited 
Millbank Tower 
MiUbank, London swn»4QZ 

Please send me a copy of the 1977 Annual Report. 
Name 


Company 


Address 


FT. 



Oa 




• I 


M 


30 


Marshalls Universal jumps 
by 35.6% £3.54m. 


Why involve a Canadian 

i ^ i i i • 




It will probably come as no surprise 
to you that the Royal is Canada’s largest 
bank. But, with assets exceeding $35 
billion, were also the fifth largest bank 
on the North American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— were involved in bank- 
ing in more than a hundred different 
countries. 

Now size, we grant you, isn't all it 
takes to handle the worldwide needs of 
today’s multi-nationals and governments. 


But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing, Euro-currencies, import/export deals 
and the entire spectrum of international 
financial transactions. 

So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal Bank. 
At (01) 606-6633 in London, 266-90-30 in 
Paris or (0600) 726 051 in Frankfurt. Even 
if your international business doesn’t 
involve Canada. And especially if it does. 


SS THE ROYAL BANK OF CANADA 

One of the world’s great banks. 


SALES FOR 1377 of Mars hairs economic conditions and sales and any one time, and that it 
Universal ad ra need by 33.91 per profits suffered severely during greatly enhance the prospects 
cent, to W 6,37m. and pre-tax the final quarter. In terms of growth and profit of toe d* 
profits were 35.6 per cent, higher product range also, 1977 must te group in the coming years, 
at £3 -54m. after £L82m. (£L21m.) considered more a year of con- He adds that: "this 
in the first half. soHdatioq than of innovation and development has boosted the 

Full year earnings are shown fewer major lines were introduced morale of everyone and gives us 
at 30.44p (2&fl5p) per 25p share than in previous years. the opportunity to look forward 

on capita] increased by last year's It Is extremely difficult to give t0 the years ahead with great 
rights issue and the dividend total any reasonable forecast of future confidence." 
is effectively raised from 5.03 7l2p profits — even trends — in to-day's » reported on April 1. after 
to 6.3S3lp net with a final of economic conditions, she tells n-edlfins! £220.877 in respect of the 
352681 p. members. The continuing strength w^trosoective margin award, 

™ Of the German D-Mark and the ^tS^rofU for 1977 came to 
Japanese Yen-the two currencies £ 0ifi7m , compared with a restated 
use ® which the company purchases ^hicj, included £03m. of 

33.803 all its imports— add considerably us. Originally a 

z** to the normal hazards of trading. JJS5J afflUHm. was reported 

“8 however, the first three months io 7 6 

of 1978 have shown a sales .n- Q a CCA basis, following the 

ss race of almost 10 per cent, and HvdG pre-tax profit is 

282 Die directors are projecting an after depreciation of 

i e \ en Percentage gain in cost of sales adjustment 

mIcs for tflfi year as & whole, roc w a gearing adjustment 
_ £ Continuing efforts are also being gjffi 

The group, which distributes contai the a ^ B . 03t J n ~ The chairman says that the 

motor vehicles, accessories and evitable increases m overheads, company largely maintained the 
components and paper board pro- Meeting, Eastbourne on May 26 volume of sales of milk and other 
ducts, achieved increases in turn- si noon. goods during the year, despite in- 

over and profit with all U.K. *** WB creased prices, 

activities and the East African „ VAy , «-**>««> ,J«> 

interests contributing to record Directors 
results. 

Extra 

£9.546 exchange loss and £39,507 JiiSlt' 
goodwill on acquisitions writt ~ “ 
off. In 1075 there was a £B6.( 
exchange profit and £134.675 got 
will on acquisitions written off. 

Since the close of the Snaac 
year, trading has continued at the heuaeti 
high level established In 1977 and 


Financial Times Thursday May 4 1978 

W. H. Smith 
in strong 
position 


U-K, sales 

East Africa sales 

Total Saks 

Profit Were tax 

U.K. tu 

Overseas tax 

Xet arofli .. 

Bxtra-OftL debits 

Minority interests 

Pref. dividend 

AvaOaWe io OnL ... - 

Interim Qnt 

Final 


1977 
£000 
».0l* 
18.838 
4 6S7Z 
3.536 
310 
1.334 
L.8PI 
49 
383 
« 

1.333 

154 

1* 


IN HIS annual statement b, 
peter Bennett, the chairman ^ 
W- H. Smith and Son (Hotafc&Y 
says that the company is 
financially and has the a&lllhriF 
adapt and profit from change ■ 
A large proportion of dm^ 
accrues in the last quarter of jw 
year and there are additions 
factors, some financial, some tat 
ing. which are likely to accentuS 
this trend In the current yoaxTS* 
adds. 

As reported on April ft. pro-ta? 
profits rose from flo.&ftn. '■ u 
£ 20 . 17m. in the year to January a 
1978. on sales of £394m. (X32W 
The directors point out that 
sales lost through industrial 
pules exceeded £2m. agafnu 
£L25m. in 1976-77. 

At the year end there wa* . 
decrease in cash of — 


Sales ex. VAT 

3J33J19 8.6CJ7S 

Directors . : 

49.263 

47,805 

Depreciation, etc 

49.447 

49.386 

Bank Iracrm . 

44,3« 

3UW 

Short-term loan- un. .. 

3,967 

4.893 

Audit .... ....... 

19.160 

8.678 

Pre-tax proflt ... 

222.429 

902J74 

Tax 

118.405 

154.233 

Net profit 

1M.B23 

147331 

Estraord. debits - - ... 

— 

2X971 

Learlnit 

104.823 

123.441 

Dividends 

33,208 

47,723 

Retained 

50.823 

73,719 


Downturn 
for Clement 
Clarke 


pre-tax profit of dement Clark* 
.foldings) for 1977 was down 
from £957.719 to £879.196 after a 
midway fall from £426.000 to 
£388,000. Turnover for the year 
was up at £7.48 m. compared with 
£6.3ra. 

Earnings per 25p share are 
shown as 8.47p (0.71p) and the 
dividend is increased to 2.1625p 
Mr. Gordon Clifford, fha chair- fljnsp) with a net final of 
iSTSpSEZ ™ n CK*"*/? Dairies, tells 1^25p. Net ProSt' a “® "J 

renuent rears, given reasonably shareholders In his annual state- higher at £408.606 against. 
stable conditions 1 in the other ment that the merger withCounty £380^41 afrer 
major interests of the group. Dames is by far the largest ex- (£577.178). The company trades 


it is reasonable to expect that the 
results for 1978 will again be 
satisfactory, say the directors. 

Looking further ahead, recent 
acquisitions (Whitmore-North way 
and South Coast Motors), exten- 
sions to the paper merchanting 
facilities at a cost of approxi- 
mately flm.. plus acquisitions In 


Clifford’s 

Dairies 

confident 


• comment 

After another good performance 
with pre-tax profits 35.6 per cent, 
ahead. Marshall's Universal may 
have to settle for a year of con- 
solidation in 1978. First quarter 
sales are only marginally up on 
the same period last year while 
extensions costing £lm. in the 
paper merchanting operation will 
not be ready until next February. 
Import quotas in East Africa, 
where the exclusive Peugeot 
franchise helped bring in profits 
last year of £2.5nu were mainly 
responsible for the second-half 
slowdown though new quotas 
have recently been agreed with 
Tanzania opening un that market 
for the fust time in four years. 
In the U.K-, motors and com- 
ponents prospered but margins in 
the paper and paper board 
divisions have been squeezed by 
virtually stagnant prices. Margins, 
however, should pick up this year 
if demand increases as expected. 
Components, where Marshall’s 
«n!es volume rose 14 per cent.. 
are currently enjoying a boom 
but this may not last as others 
jump on the baudwaggon. In a 
tight market the shares fell 6p 
to 160p and on a p/e of 5.1 they 
yield 0 J) per cent 

Second half 
downturn 
at Photax 

After a marginal increase from 
£146,000 to £152.000 in the first 
half, pre-tax profits of Photux 
(London) finished 1977 down from 
£302.174 to £222.429 on lower sales 
of £3.35m. compared with £3.64m. 

Earnings are given as 5.2p 
(7J7p) per 25p share and the 
dividend is 2.72p (2.43 Op) net with 
a final of 1.52p. 

In her annual statement, Mrs. 
E. L. Jacobs, the chairman, says 
that consumer buying was affected 
by lh< generally depressed 


tension the company has made at as a dispensing optician. 


(£175,000) and an increase \ n 
short term investments of £5J5m 
(£5. 15 m. I. 

Inflation adjusted accounts 
show pre-tax profits of £15^n. 
after adjustments for deprecii. 
tion — £ 1 . 26 m., cost or sale*-. 
£3.3 lm.. and gearing— 10.7m. 

Midterm rise 
at Drayton 
Consolidated 

Revenue of Drayton ConsoU. 
dated Trust rose from 11.21m. i 0 
£ 1 . 26 m. in the half-year in March 
31. 1078 subject to tax of £05m 
(£0.5Im.). 

The interim dividend U lifted 
from l-225p to 2p net per 25 p 
share to reduce disparity with 
the final. 

Last year’s final was 3.475p and 
full year pre-tax revenue cam# 
to £2. 89m. 

At the half-year end the net 
asset value per share was ISftp 
(194p at September 30, 1977). 





THE INTERNATIONAL ENGINEERING AND CHEMICAL PRODUCTS GROUP 




Sir Humphrey Browne, Chairman 








Group profits up 19% in spite of exchange 
rates’ effect on overseas profits. 

Dividend raised by permitted maximum. 

U.K. exports up 60% to £8m. 

U.K. companies’ improving trend sustained 
overseas recover from set-back. 


Ceptesef ****** *nrf « 

Stoke House, Stoke Gmrt, Stoke Poses. Skwgh SL2 4HS. 





Salient figures 

1977 

1976 

Sales 

Profit before tax 

£86m 

£78m 

(before extraordinary items) £5.5m 

£4.6m 

Profit after tax 



(before extraordinary items) £3,1 m 

£2.8m 

Earnings per share (net) 

23. 5 p 

21 .4p 

Dividend per share • 

9,5p 

8.4p 

Overseas companies financial year ikw coterminous with UK- 
**re-sttted and also adjusted tor changes la tax provision. 

-1976 fipwes 


The Bestobell Group employs about 6,000 people in 33 operating 
companies located in 1 9 countries. Main products and activities include: 
VALVES AND CONTROLS: AIRCRAFT COMPONENTS: CHEMICAL 
PRODUCTS: INDUSTRiALSEALS AND MOULDINGS: PAINTS AND 
DOMESTIC PRODUCTS: THERMAL AND ACOUSTIC INSULATION. 


LTD 


the Cash and Carry : wholesaler; 


PRELIMINARY ANNOUNCEMENT 


Dividends 

Ordinary shares, proposed* 


Supplementary for 1976, proposed* 


* Payable on 7th July, 1978, to shareholders oa register 
at close of business on 6th June. 1978. 

Already paid 

M aking a total of 


Turnover - 

Profit before taxation 
Taxation 


■ . k- 

"Tr. 


Profit after taxation 


Amounts absorbed (net of waivers) 

(i) By Preference dividends paid and provided 

(ii) By Ordinary dividends paid and proposed 


Earnings per share before taxation 
Earnings per share after taxation ... 


1977 

1976 

1.0529p 

0.935p 

per share 

per share 

— 

0.0144p 


per share 

0.79p 

0.7 l5p 

per share 

per share 

L8429p 

1.6644p . 

per share 

per share 


(Re-stated)t 

1977 

1976 

£000 

£000 

214,085 

170.728 

4,866 

4,057 

2,243 

522 

2,623 

3.535 

3 

3 

504 

428 

507 

431 

165p 

14.1P 

9-1 P 

12.3 p 


t The figures for 1976 have been re-stated to reflect the changes in accounting policy 
referred to in the Chairman’s Statement. The retained profits of the Company 
have been adjusted as follows: — 


Retained profits brought forward as previously reported 
Prior year adjustments 

Deferred taxation 

Depreciation of freehold buildings 


As re-stated 


1977 

(Re-stated) 

1976 

£000 

£000 

• 943 

590 

3346 

2^24 

(519) 

(448) 

4^70 

2,466 


STATEMENT BY THE CHAIRMAN 

Mr. J. A- Peacock, CJMLG. 


It Is my pleasure to report that the tenth 
year’s trading of your Company as a Public 
Company once again shows record sales and 
profits. Sales of £214,085.000 show an increase 
of £43.357,000 over the figure of £170,728.000 
for the previous year. Profits of £4,866,000 
before taxation (£2,623.000 after taxation) 
show an increase of £809.000 over the re- 
stated previous year’s figure of £4,057,000 
before taxation (£3,535.000 after taxation). 

You will see from the Notes to the Accounts 
that two changes in accounting policies have 
been made this year. The first is a decision 
to provide depreciation on the freehold 
properties, based on their historical cost, the 
second to provide for the deferred tax 
liability on stock increases only to the extent 
that the tax is likely to become payable 
within the foreseeable future. The deprecia- 
tion charge on freehold properties amounts 
to £80,000 for 1977 and £519,000 for prior 
years; the change in the deferred tax treat- 
ment has resulted in a write back to profit 
of £3,946,000 for prior years and no provision 
for 1977 (on tbe previous basis £600,000 
would be required). The transfer to General 
Reserve of £3.400.000 reflects the net adjust- 
ment relating to prior years. 

The corporation tax payable on this year’s 
profits is £1,583,000, which compares with 
£239.000 payable last year. Tbe increase 
reflects the considerably lower rate of stock 
increase, compared with the previous year, 
and tbe fall in the rate of inflation in the 
U.K. 

Your Directors are recommending a .final 
dividend of 1.0529p per share. This, together 
with the interim dividend of 0.79p per share 
already paid makes a total for the year of 
l-8429p per share. They are also 
recommending a supplementary dividend of 
0.01 44p per share for 1976 to enable share- 
holders to take full advantage of the reduc- . 
tion in tbe rate of tax credit which affected 
their final dividend for that year. The total 
dividends of 18429P for 19T7 compare with 
the equivalent of 3_3288p for 1976 (L6644p 
per share after adjusting for the scrip issue 
in 1977) being the maximum allowed under 
current legislation. 

We opened one new Branch in May 1977 at 
Nottingham and this has traded from tbe 
start at a very good level. A great deal of 
work has been done in most of the other 
Branches during the year to enable them to 
achieve higher sales and our mini-computer 
system was installed- iu a further six 
Branches. Seven more systems will be in- 
stalled this year by which stage the total 
capital expenditure on these British designed 
sv stems will have amounted to £3-25 million. 
With regard to expansion, the Peterborough 
extension mentioned in my Interim State- 
ment is nearing completion and should be 
operational by the time you read this. We 
have purchased the freehold of a building 


at Plymouth. This has to be altered and 
extended but should be open for trading by 
the end of this year with a total area of 
68,000 sq. ft Negotiations are at an advanced 
stage for two other sites, one in a new area 
and one to replace an existing Branch. We 
continue to search for suitable opportunities 
for steady expansion. 

Our customers, particularly on tbe grocery 
side, have undoubtedly been affected by the 
current price war between thp major 
multiples. This has made them very cost 
conscious and our policy of providing deep 
price cuts, backed up by promotional 
material, has been very much appreciated as 
is evidenced by our higher sales, 17% up in 
the first four months of this year, and the 
increased number of special point of sale 
kits being used by tbem. These efforts to 
help our customers through this difficult 
period have inevitably resulted in lower 
gross and net margins. 

Another factor which has changed radically 
over a year ago is the rate of inflation and 
whereas this has gone up considerably faster 
than our expenses over tbe last two to three 
years, the opposite is now the case. 

We were very sad to lose an old friend and 
colleague, Mr. A. E. Carter, early this year. 
He was an Associate Director and had been 
with your Company for over 55 years. He 
died after a very short illness. I am also 
very sorry to have to report the retirement 
of Mr. A. E. Pickard from the Board. ‘Pick’, 
as he was affectionately known throughout 
the trade, had been with your Company for 
over 61 years and effectively ran It for 14 
years during and after the war when I was 
in the Ministry of Food. Mr. W. M. Peacock 
was appointed Deputy Chairman in January 
and Mr. G. A. King and Mr. T. V. Grimwood 
have been appointed as Joint Managing 
Directors. 

To make a forecast in this Business is never 
easy but this year must be more difficult than 
most. On the one hand we have the tax con- 
cessions in the Budget with the increased 
spending power that should result and we 
are better placed than ever to take advantage 
of this by the decision taken in the past 
to build larger, better equipped. Branches. 
On the other hand the price war shows no 
sign of abating and it is Impossible to say 
how long it will continue. We are determined 
to help our customers stay in business and 
although this may mean thinner margins for 
a period, we are confident that for the 
medium to longer term this will be in the 
best interests of all concerned. 

F i^T y, o a ™ aiw 2. ys 1 want to Pay tribute to 
our N & P* staff, both for their work during 
the past year and for their enthusiasm and 
determination to keep ‘N & P’ in the fore- 
front of the Cash and Carry movement I am 
sure you would wish to add your thanks to 
those of your Board. 


Head Office: Bushey Road. Raynes Park, SW20 0JJ v Tel.: 0i -946 9111 






**%«■ 


The Financial Times 



DickWuth was the National Champion Balloonist 
in 1976. He also won the World Professional Ban°°° 

Association Championship in 

At 5000 feet, he entrusts his life to his skill, and his 

C< * jipm His balloon consists almost entirely of man-made 

materials.^ pioneered the production 

of modem dyestufls, many people have come to depend on 

the s ki lls and products which Bayer develop. 

We made the first synthetic rubber discovered 
polyurethanes, and developed a wide range of useful 

man- made fibres. ^ 

Bayer’s products amused in many areas of activity. 
In agriculture, our pesticides and insecticides 


disease, and helped increase yields. 

But newer and better products are really only 

Pait0f The essence of Bayer's approach is partnership 

with Those who use our products. Partnership in devd^img 

the technologies winch can turn a new product to practical 

advantage. 


lights safer and more versatile components for the 
aUt ° m ° Ourpi^^^Si when used in building materials, 


Bayer uses its skills to produce the quality of 

products demanded by modern society 


Both on the ground, and 5000 feet above it 



Bayer think of tomorrow-today 
By spending over £200 million on research 
every year By making over 6,000 products. 


every country in the world, contributing to their 

economic well-being. 

If you’d like to know more about Bayer ana 
the work we do, please write to the address below for 
our free booklet. 

BAYER UK LMTTQJ. BIWCT HOUSE. FUCHlAOND. SURREY TW9 LSJ. 


J 


POOURETHMC. RUBBER 









L' 


t . . 


MONEY MARKET 


Full credit supply 


TSnandal Times Thursday. May 4 1978 

Gloomy outlook for Price war restricts Nurdin 


Turnbull Scott 


& Peacock to £4.87m. 


E? HIS ANNUAL statement, Sir. raised with a view to deferring . . . - ^__w m «« trr whfle the- vi ew at _ 

M. T. TiutibulL the chairman of capital repayments for a period PRETAX PROFIT of Nurdin and Way's ******^J*g£L£l Suh SOTteftoaT SL** 
Turnbull Scott Shipping Company, until freight nates improve. Peacock, the cash and cany con- mstaUed m a furti^ tfxbrancb inflatian and 

»ys it is impossible to pretend These negotiations are not yet cem. rose from «.06m_ to a He says that OS* SSri vZ1 ) ? arn » 1 


to s:-8i per ceaL from 8i-S4 per ? ote ««uiaUon. On the other cannot yet see the light at the 
C(m , hand there was a slight net take- and of the tunneL 

' ‘ up of Treasury bills to finance. Trading profits, even before de- 


Thera was a considerable sur- 


_ u u unpossiDie to preienu x nese jiegouauoia are not yet raws uvm rtpwui. w <& «« ■ — ■ — . • . . T mmiuTMui t. -—«*«§ 

Bank of England Minimum while the yield on three-month revenue payments to the Ex- that the outlook is other than completed bm the reaction of the reeord £4.S7m. for 1977 after w«l be installed this yoar hywh^i cow \pamnaa wan tl» ^ 
Lending Rate per cenL sterling certificates of deposit fell chequer, plus a slight fall In the gloomy and the directors certainly banks has been sympathetic. £1.5am. against £1.13m. at half- stage the total opital ejcpenui- wko wr v«h resttfct 

{Since April II, 187S> to 8)8* per cent from U-$i per {J°J* “^uiaUon. On the other cannot yet see the light at the Despite a loss per a share of W The directors then said lhat ture w than agamt will have teaug aw profits growth la 
.. , .. . cen i hand there was a slight net take- end of the tunneL 6aJ3p ll.66p) for 1977 the group they were confident that the year amounted to £L&sn. the coming 12 monlhs. 

nervous^ b! the 'fjkndnn^ninn!! Them «- as , „ nn irieir _ h)0 „, r up ° r Treaaur 7 Ml* t0 finance. Trading profits, even before de- [S paying a dividend total of Sp wo*** asain result In record sales With regard to expansion. Jg 

marked virH-v d? bC ! Discount houses paid up to 6 ppeaauon. will be small until (g.i23p) net but holders a™ and a satisfactory improvement in states that the Peterborough U 0 : r J 

sapgvSSSS Mass k/m satyrs sms % sss i&Msra srar«A3rtft sr» ™* Baird 

<4 A VSB ^ ns SSSSfiS sa.tTES sbou,d C0Dli ^ SS"’ ^ * furthcr ^ SSrgSdZ SZ £ r£S& m strong 

Msff-TSsrsJE Mriwt sstsssiwsj i SSS position 

5"Bffi.S‘ i “iltaimuT feS ai BnnkbS,nJ s °;e™,lo nS w., 1978._c I ,mp3r e <l wkb X7.000 tor „ d te b«. > ™>d»d X £tp££ d( ^*“ , ^SE,'S!f 

W- ^®5assrsft£srs ssjt. p^ n *" d —• at -g-ju - ^ » s swr-jras jsSfs ,1 


fixed period interest rates. sur 

Discount houses buying rales bul 


probably 


for three-month Treasury bills absorb Hie full surplus, and banks i ag the day. 
were unchanged a I 7i-7i per cenu are expected to bring forward ] n t j, e interbank market over- 
piiiniinq towards a rise in Bank above target balances. night loans opened at 7-7 J per 

of England Minimum tending Bank balances were a long ivay cenu and eased to 4H* per cent. 

Rate this week. Buying rates for up yesterday, and the market was ar lunch time, before’ riaimj to 

three-month hank bills were ai-o helped by substantial Govern- 61-7 oer cent., and closine at 


Wm. Baird 
in strong 
position 


itegiitadons JS at « advanced 

stage for two further sites, ono A great deal of work Is beta* 
;.T? «hi nnp In reotace j;_zr ul * 


I -‘lerhns 
; CcvfiNdte 

lit 


Am honn 

■Iw-'l- 


jL«ien Aath.l 
, necncwtiu ! 
hand i 


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tVrmnrr 
Bin. ^ 


n»Twi. 

Bill.* 


Ovenusht 


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— 

- — 


- 


satisfactory, the remaining ships J *00 " 

are barely covering running ex- on iia> “* at noon - 
penses at current freight rates. ■ 
let a tone earning enough to |Vl IfilVilV TICA 
finance interest charges and ir tlj 1 ioC 

capital repayments on loans, 1 T ‘ J 

members' are told. While, there- fiV T/OIlflOn 

fore, there is no immediate * 

daager. if «hc* rate. «» m & MontfOSe 


in business and although it may for steady expansion. i 5 inevitably conditioned by tba 

mean thinner margins for a The directors state that two general level of economic acihiiy 
period, the company is confident changes in accounting policies in the U.K. and overseas, Mr, S. \ 
this will be in the best interests have been made tins year; the Field, the chairman, says in hj, 
for ail concerned. first is a decision to provide annual statement. 

Earnings per 10p share before depreciation on the freehold He also says the balance-sheet 


tax are shown as 16.9p (I4.ip) properties, based cm their faistorl- la strong and places the group Ju 
and. 8-lp ilSJp) after tax. The cal cost, the second to provide a position to lake advantage of 
final dividend JS raised from O.S35p, for the deferred tax fiabchty on opportunlDes for funner growth, 
adjusted for a one-for-one scrip stock increases only to (he extent fTe-tas P™!** fp Jl leaped 
issue, to l.D529p. making the total that the tax is likely to become from »B3ro. to rr 5Zn\. 
for. the year I.S429p. AJso pro- payable within the- foreseeable Borrowngs af the Dcrembpr ji 
posed is an additional 0.0144p for future. an h«i5f te £ ^ f i ^ of 

I97S. on the reduction in act. The depreciation charge on .shareholders funds against 4o per 


Lo-.-al Jiu-h'-r*: ami finance Hdums mwh d.ij-s nor;.-*, oih-rt *-rea .ia«-s* fixsd Long-wmi local eqlhorl-jr monaaae rale I would in Some hareLv cover 

n-uninjliv I’-ra.- jcjrs Ui- uor -rfn: lour 111 p.'r fi * »r* US-tr per rear. OBinf,- (kill rates In tab:* a/e haying } e ,irr S fr, Jv'5 W7B. 

r*-, - f.»r rr-m.- p^pir. E-i ms rarr, for rour-moiujj bxnK 6.11s 5*;«-St Bir cer.: . four-manifa traOe biU* iH per cent. | U1 * ™ ue S “*e_ relei^nl loans. \j 

iB.-irKTim: 1 ' -•■"i-ia rj.“, fnr ont-.rnenrh Tmio.t bill* 6 iis-Sl per ccrr.. iHi-oonm B‘J|6 wsr era*.: and ihrce-rmnib 
T ?" c-r.i ArarPxuaai- s' '±ns -at- fnr .■w-monih bank b'll- T- p-r t«ir : r*-' -month ?2-7i per cent.: and Siree-njonLfi 
P-r I---: Oih- aiMBli trade hills «■ per orn-morwh SI per c?n: : and also three-month S3 per com. 

Finance Hou-c Base Rates ipnblif.'n-d h; 'he Finance H nues Am*Jat|pe. 7s per -rent [root May 1. 107? Clearing Bank 
D-pnli Rates small »:ims J' «»icn da’ *' nuti.-ai * p^r ten'. Ctearinn Bank Been Rate lor leading 7* per cent. T reentry 
Bil.s: iii-HK 1-n.lcr ra'^s .if di«:i>iini P-*r ceul. 


SSU'Srti!; !<£.■»• »“ **»«&» Smn-», »w- s «ui m, ' 1SS!*| w»j “ESZhSKS* 


me six IUOHLU 5 10 J Jar CD m. a ividl a.mrrfp. jihwipiu ,- w _ rfivlclnr, ji. 

». The chairman states that the £80.000 for 1977 and £*19,000 for J® 

\ji interim dividend of I.25p company opened one new branch prior years; the change In the bemainSned!*-®- 


jK. « rcr *"« mme.m'ininj As the fleet (with the exception (1 j,j ner has already been paid— in May- 1977, at -Nottingham, and deferred, tax treatment «i« Z:. lK rh^ 'rerornL^ithar TC 
Tb,j p rr cent., and tbrewnomjiJ of MV Stonegaie on hare boat f or a i[ 1376-77- payments totaUed thus has traded . from the start resulted in a write back to profit > l ^“ st ^recogn^edlhati^ 
SST5S 1 , 1 «.nkl c i iaTler V consists of rccenUy-built sno o^r -A M ■ ■ -, n d net »t a very good level. A great of £3^6.000 for prior years and 2£Slm fSirstSf 1. Shtoft 

* lor leadin* 7i per cem. TreMvrjr j "‘ ou1d he a n undesir- revenue came to £333.(XKI. deal of work has been done in no provision for 1977 {on the pre- rf w 


i »•*> ■“ w uiwbii- ruieuue unuie lu mw.uuu. ucji ui worn nas umi wne in nu fjruvjTwun iui ■ wu uit, -r- . inn« ■_ 

j able course and the Board bas .\ti .ml.- . ,ialf year most of the other branches during vious basis £600.000 would be laree fluctuations ami changes ffl 

• oreferred to approach the banks end is shown ai 243.6p (223.4p) the year to enable them to required*. The transfer to general ihtb v. 

,r -— ' achieve higher sales and the com- reserve of £3.400,000 reflects the ..“‘Rjf.'L'Sh 





of last year and the minerals and 


The increase in corporation tax metals operations continuing at a 
from . £0 J4m. to £l.o8m. reflects satisfactory leiTi despite tha 
the considerably lower rate of generally Jiat Industrial conditions 
stock increase, compared with the prevailing throughout the EEC. 
previous year and the fall in Trading in the textile dJ vista rw 
[the rate rt inflation in the U.K., so far in 1978 has been- relatively 
they state. quipt and the cold Spring weather 

mm mm ** Saving no encouragement to 



m 

i 


er recoro year 

Unprecedented growth in market share. 


they state. quipt and the cold Spring weati 

raw t roM “ giving no encouragement 

■newer - £14.095 lri.ra seasonal buying by lhc public. 

Profit beftra ttr U6fc Ajtsi But there is a widespread belief 

Tax 2.HS 5E the retail trade that them wifi 

nm prom •••••• •. *■*** 3S3 | be a marked strengthening of 

con ^ ner d ™" d f « thc ?*** 
r Rcstaicd. progresses, a belief supported by 

the forward order books of some 
of Baird’s operating units, Mr. 


comment 


NundtD‘5 1977 results have been 


“p from E23A2m - 10 £32 - 23m 

war. Sate growtit, aided by the Meeting, Glasgow, May 25 at 
opening of operations in Molting- noolL 
ham. has been better than antici- 
pated. Discounting the figure Tor y-t j. . , 

inflation and Nottingham there is 1 .Ontlli^TIf 3 1 
Is still volume growth of about U A 

5 per cent Profits were bit in T Tni/^ra Trnr'f 
the second half by the tightening vJ iUOll JL I UH 
pressure on margins from In- . _ ,, , . 

creased competition and, to some , 

extent by the start up costs at ^ SWJ^J^LS 8 ® 

V.ulrti; ,,i.. n_fL Vnlvirt/rklm il J ( ID. lO 11.4(111. Ill tuC jGSr tO 

J°{SiJi 0 £22S RIarch 31. W7S. and net revenue 
and the Isle of Wight branches advanced from £571 649 n* 
are recording trading losses but £^55^3 after lax of ’ £3*6^73 
these are expected to dlsapprar £400.808. 


At balance date net assets were 


Sales during 1977/8 increased by 22.2% to £Sn million, and 
profits before tax increased by 5. 3% to £27.6 million. 

Salient points from the Statement by the Chairman, Mr. John Sainshury: 
-It 197“ 8 «« a year when not only did we show substantial increase in 
sales, but for the second consecutive year achieved a significant growth in 
market share < % from 6 . 9 % to /.S% in two years based on Dept, of Industry 
figures), and in thc number of customers visiting our stores. 

vr Thc retailing profit percentage for the year as a whole ( 3 . 35 %) is close ’* 
10 the average margin achieved in thc last five years. This is particularly 
satisfactory in the light of the continued decline in real terms of national food 
expenditure, and the intensification of competition during the year. 

->C- Discount ’-S was launched on January gth and has been outstandingly 
successful both in generating a substantial growth in sales as well as attaining 
a satisfactory level of profitability despite the lower gross margin, 

-a- Discount is a modern interpretation and continuation of a traditional, 
policy that goes back to the foundation of thc business. This is that our 
leadership in quality should be marched by a lead in low prices - in fact to 
quote our well-known slogan - Good Food Costs Less at Salisbury's. 

-a- If wc had not had a consistently high level of investment over recent 
years we would not have been able to contain the pressure of rising costs or 
attain the level of efficiency necessary to be able to mount successfully 
Discount ' 7 S. 

-X- In November, SavaCentrc’s first hypermarket opened in Washington, 
Tyne & Wear. Thi* company, jointly owned with British Home Stores, has 
got oH to an excellent start. Three more hypermarkets are being planned to 
opai over the next four years. 


Supermarket Trade Intensity 

Weekly turnover per square font 


Meeting, Glasgow, May 
noon. 

Continental 
Union Trust 


PRELIMINARY RESULTS 

for the S2 weeks to 4th March 1 978 . 


by the end of the year. 


Earnings are shown at 4.03p 



1978 

1977 

* % 

Turnover includes VAT£13.8m 
( 7577- £1 0.9m) . 

811,102 

663.776 

Profit before taxation 

Retailing -net margin 3.35% 

• ( 1977-3.81 %) 

Associated Companies - share of profit ■ 

27,139 

443 

27.582 

25,303 

879 

- . 26.182 

Taxation 

The charge has been arrived at in accordance 
with the proposed Statement of Standard 
Accounting Practice regarding deferred 
tax. and the prior year has been re-stated. 

6,563 

5.981 

Profit after taxation 

Extraordinary items 

21.019 

20,201 

909 

Surplus 

21.019 

21,110 


market was a little disappointed ( 3.45 P ) per 25p share and the 
with the resuh and the shares divdend total is lilted from 2Sap 
were marked down 2p to close l0 rj.ap net with v final of 2.5p. 
at S5p. "Oie p.'e ratio of 9-34 The net asset value was 152-ip 
after a much higher tax charge (13»p) at the year end taking 
is close to average for the indus- prior charges at par. 


Earnings per share 


25.34p 24.36p 


J Sainsbury Limited, Stamford Street, London SE1 9LL 


Thif advertisement is issued in compliance with the requirements 
of ilie Council of The Stock Exchange. Jt does not constitute an 
invitation to any person to subscribe for or purchase any- 
Preference Shares. 

I 



Pit tard Group Limited 
(Registered in England No. 162384) 

Capitalisation Issue of 814,166 91 per cent; 

Cumulative Preference &rares of £1 each 

The Council of The Stock Exchange has admitted the above 
Preference Shares to the Official list. Dividends will he 
payable in equal half-yearly instalments on 30th June and 
31st December in each year. The first payment, amounting to 
6.32p per share (net of the related tax credit), will be made’ on 
3 1st December, 1978. 

Particulars relating to the Preference Shares are available 
in the Extel Statistical Service and copies of such particulars, 
may be obtained during normal business hours on anv week- 
day (Saturdays excepted) up to and including 18th May, 1978 
from: — 


HILL SAMUEL Er CO. LIMITED 

100, Wood Street, 
London EC2P2AJ. 


4th May. 1978. 


CAZENOVE & CO. 
32, Tokenhouse Yard, 
London EC2R. TAN. 


(HOLDINGS] 

LIMITED 


Continued progress in 1977 

Year ended Year ended 


31.12.77 

£4,937.420 

£669333 

£321,673 

935p 

2-5p 


31.1276 

£3.775.600 

£419.770 

£201.045 

6.40p 

1.4l7Bp 



Mr. J. C. Northern, Chairman, reports: 

* Group results have been calculated to adjust for inflation In 
line with the latest recommendations. Pre-tax profit of £669.383 
becomes an adjusted operating profit of £555.883. With n* 
liabilities of £347.710 based on the higher figure, we fail 
to see the relevance of this extra work except to prove 
that we ar® effective!/ being taxed at the rate of 62 ) %. 

i( The successful rights issue raised a n*t £274.000 which will 
be utilised to finance capital expenditure and furthcr 
acquisitions. 

Dividend is covered mere than twice by the profits calculated 
on an historical basis. I for 10 bonus issue proposed. 

•ft Policy of diversification is now becoming increasingly 
effective. 

if Our Leamington Spa Company haj heen rehoused In a larger 
factory. ar| d in order to cope with a crowing order book 
larger premises are being sought For the Redditch factory. 












trrT"7> - 


p ■ 

fci 




4 %. 


Jloancfal Times Thursday May 4 1978 



„ v, rt4. « 
n 

. ', ,n '* iw % 

oA* 

1,1 nil,,. - : V 

*aird 


. . s * v, rt i 
■ n ‘ r n„ 1 - ■»• 
*•'*« Wi> 


•r— , ’■'•tv 

• . ^ a> ^ 

■■!•• Hi..,. V 


.1 L ll. t 

■> ': a! 'i 11 --:' 

. " ,,, -r.. 

■» i .. 


... . . ‘ ' • I , 

. •• . .. lib 

■■ 4 

’ "' ,i 

. ‘ '• “’Hjo- 

v' ; 

; • ■•' .i-i|! v 

V**- 

•* -in, 

“■ ; ID»V 

, * ^ * W| «"te 
' i 


Chrysler Australia to cut 1,100 jobs and 

™r™ v . Korf study 

SSsSSSS E& $A100m. 

the existing workforce In an .. n , .. . ‘ , - imported one," he said. Moiors-Holderrs iacurred a loss . 1 »ui 

^ return to profits. The ef Ausl f a ia reaIises .Chrysier's main hopes now are of SA8.4m. (SUSS An.) in 1977— Cl PPl fTIlII 

l«». wnleh Inmrrad a in» „e _ ©BSUre the company's pinned on thp fnnr nullnripr its first deficit since startine local w* ** ** * » 


CHRYSLER AUSTRALIA Intends 
to sack l.ioo workers over the 
next IS months, about 20 per cent 
Of^the existing workforce In an 
**■ return to profits. Tfee 
groiTj», wnich incurred a loss of 
almost CASSkn. (SU.S.3t£m.>— 
more ttian the -company’* capital 
—is also aiming at a u major 
programme of restructuring and 
rationalisation " which,' it appears, 
will mean greater emphasis un 
assembly than on manufacturing. 

The Australian move comes 
only shortly after the 17.S. parent 
Chrysler reported - a SU5.12Qml 
Toss In the first Quarter of 39?g, 
but the local Qiane^emsiu insist 
that their decision is not the 
result of orders from overseas. 

Chrysler has already reduced 
its workforce by about L.5D0 over 
tnc past year. The latest proposed 
cutbacks xculd reduce the total 
worklbrre to about 4.000. 

The shock am/oimeemcot fol- 
lowed a meeting to^iay between 
Chrysler management in 
Adelaide and representatives of 
six car industry unions On the 
future of the company: There has 
been public speculation recently 
on whether Chrysler can survive 
after its latest loss, and the de- 
pressed state of the local motor 
vehicle market. 

The * Federal Opposition 
Leader, Mr. W. (BiH) Havden 
was censured in Parliament' this 
week for inferring that Chrysler 
may be forced to close down. 

Mitsubishi Motor Corporation 
-of Japan is currently negotiat- 
ing to take an equity — said to be 
around IS per cent. — in the 
Australian company. Union 
officials were told these talks 
were continuing but no details 
were available yet. 

Chrysier’s managing director 
Mr. T. J. Anderson, said of the 
latest move that the Australian 
automotive . industry was ex- 
periencing an extremely difficult 
period of rrnnsitton.. 

“The inrtt»-»vy is movinc away 
front traditional concepts • of 
motor vehicle manufacture to 
c?te*\fnr rapidly changing eon- 


SYD.VEY, May 3. 


sumer preferences towards 
smaller, lighter and more eco- 
nomical cars. 

“ Chrysler Australia realises 
that to ensure the company's 
success fa future years a major 
programme of restructuring and 
rationalisation is required to 
achieve improved productivity 
and efficiency. 

“To realise these objectives 
the company is placing less 
emphasis on the pressing of 
exterior sheet metal panels and 
concentrating its resources on 
casting, machining, and limited 
stamping activities and Increas- 
ingly efficient vehicle assembly,” 
Mr. Anderson said. : 

The Chrysler management 
plans to meet union officials again 
to discuss the details of retrench- 
ment. 

The South Australian secretary 
of the Vehicle Builders’ Union. 
Mr. Dominic Foreman said that 
the union's had been told the six 
cylinder Valiant vehicle — the 
group's mainstay for many years 
— would eventually be replaced. 
“ They told us they were not sure 


whether it would be replaced by 
a local content' vehicle or a fully 
imported one," he said. 

Chrysier's main hopes now are 
pinned on the fonr cylinder 
Sigma, which it assembles from 
Mitsubishi components. Since it 
was released last October. 
Chrysler has relied on the high 
local content of the Valiant range 
to meet the overall rules on 85 
per cent. local content and enable 
it to escape high tariff rates on 
many of its imports. 

Chrysler has invested in a 
plant to produce a four.eylinder 
engine whieta will count towards 
local content and allow the 
import of much of the body 
panels which are costly to 
produce locally. 

The Australian motor vehicle 
market is currently depressed — 
1/77 was one of the worst years 
ever with total registrations 
down 7 per cent, la 603,000 
vehicles. There was no Improve- 
ment in the first quarter of J978 
and the industry has been lobby- 
ing for a cut in vehicle safes tax 
to boost sales. 


Other motor vehicle companies 
have also been bit. General 
Moiors-Holderrs iacurred a loss 
of SA8.4m. (SUSSJim.) in 1977 — 
its first deficit since starting local 
manufacturing operations In I94S 
—while Ford managed to record 
a slight profit. 

The Government maintains a 
quota system which guarantees at 
least 80 per cent, of the domestic 
market for local manufacturers 
until 1979. and has indicated this 
will be extended if necessary. 
'Hie Government is also consider- 
ing whether to extend this quota 
and local content plant to cover 
lisht commercial vehicles, which 
have been making inroads into 
passenger vehicle sales. 

Kemtron sale 

Kentron is to sell its 60 per eent. 
bolding in Conqueror Cables to 
the L. M. Ericsson group, making 
Conqueror a wholly owned 
Ericsson unit, reports Reuter 
from Melbourne. The con- 
sideration together with repay- 
ments of shareholder loans, will 
total S5.4m. Kentron said. 


Cycle and Carriage 
boosts earnings 
and interim dividend 


Alliance Tire sales up sharply 


FINANCIAL TIMES REPORTER 

Alliance Tire and Rubber Com- 
pany, the Israeli producer and 
exporter of tyres, raised its net 
profit for 1977 to l£28-25m. 
fsome 31.8m. )— after allowing 
for an accounting change — from 
L£23.45m. in 1795. Sales in- 
creased to I£80&6ra. ($50m.) 

from l£555.4m. 

The effect of a change in the 
method of recording linkage on 
Government bonds bad the effect 
of increasing earnings by 
T£3.52m n the company said. Net 
earnings before allowing for the 
chanqo were l£24.75m. 

Most'of the gain In 1977 earn- 
eamings W3s attributable to a 
highly profitable first quarter 
ami to the chanse in accounting 


Principle, according to Mr. Joe 
Lewo. the chairman. “We experi- 
enced a marked slow down Id 
earnings during the second half 
of the year," he said. “This 
situation was fairly typical 
throughout our industry*. Compe- 
tition among tire manufacturers 
has ben fierce as manufacturers 
face a non-expanding market 
with massive overcapacity a 
situation which is expected to 
continue in the near future.” 

Other problems restraining 
earnings, be said, included a 75 
per cent devaluation of tbe 
Israeli pound, a 42 per cent 
domestic rate of inllation. rising 
costs of imported raw materials 
— especially in respect of oil- 


nt'montal 

.inn Trim 

'• • ’ ■> 
1 r,k.‘ t • • r.;a> • 


Associated Japanese Bank 
(International) Limited 



. Extract from Audited Accounts * 


based products — and an eight- 
week U.S. port strike, that re- 
duced U.S. sales. 

Alliance is currently re-assess- 
ing tbe company’s role, in terms 
of present world tyre markets 
and also the recently enacted 
economic policies of the Israeli 
Government. 

“Even in the light of tbe ex- 
tremely dire market conditions 
of 1977 we were able to report 
good sales and earnings and a 
profit margin that compares 
favourably with the Industry 
average.” Mr. Lewo said. “We are 
confident that once the study is 
completed we will be able to re- 
orient ourselves to oew and more 
relevant goals.” 

Assoc. Japanese 
lifts payout 

Financial Times Reporter 
PRE-TAX profits of Associated 
Japanese Bank (International! 
rose from £3.07nt. to £3.17m. for 
the year ended February 28 last 
Assets Increased slightly to 
£439m. from £431ra. The annual 
dividend is being increased from 
4 per cent to 5 per cent 

Associated Japanese Bank 
(International), which was 
formed in 1970, is owned equally 
by the Sanwa Bank, the Mitsui 
Bank, the Dai-lchi K^ngyo Bank 
and the Nomura Securities Com- 
pany, whose combined assets 
well exceed tbe equivalent of 
U.S5130bn. The bank's principal 
activities are in international 
hanking with a special- emphasis 
on Eurocurrency finance. 


By Our Own Correspondent 
SYDNEY, May 3. 
COXZXNC KIOTINTO or 
Australia— the local offshoot of 
the UK. group Rio Ttnto-Zlnc 
Corporation — Is considering 
building a SAlOOm. “mini” 
steel mill .in Australia In 
association with the Korr 
group of Vest Germany. If 
the venture goes ahead the 
partners will break the 
monopoly in steel production 
held by Broken HU1 Pro- 
prietary Company. However, 
BHP has a steel capacity of 
about 8m. tonnes a year, while 
the proposed steel mill would 
only have an output of around 
200,000 tonnes of steel a year. 

The directors or CRA 
announced that a major feasi- 
bility study had been started 
which was expected to be 
finished by the end of tbe year. 
U it is favourable construction 
could start then and would 
take about two years. 

The partners are considering 
siting the plant near the 
Victorian city of Geeloug. 
Victoria had been selected 
because it was the only State 
with a surplus of scrap metal 
to be used as the feedstock- 
There was also an available 
workforce as Geelong had one 
of the highest unemployment 
rates in the country. 

If the mill goes ahead, the 
Korf group, which owns 
several similar plants Id 
E urope and the U.S., Is likely | 
to take a direct Interest 1 
of between 20 per cent, and 30 
per cent Federal and Slate [ 
Government approval has 
already been secured. I 

Several foreign steelmakers 
have looked at establishing a 
steelworks In Australia over 
the past decade, but to date 
none have come to fruition. 
CRA and Its iron ore offshoot. 
Hamersley Holdings have been 
involved in some of these pro- 
jects. 

Hamersley and CRA in fact 
have commitments to submit 
proposals lo the Western 
Australian Government by 
m id-1986 for an integrated iron 
and steel industry in the state, 
to be operating by 199L 

Among the groups which had 
considered setting up in Aus- 
tralia were Annco, Kaiser 
Steel, Bethlehem Steel of the 
U.S. and August Thyssen of 
West Germany. BHP itself was 
looking at a 10m. tonnes a year 
“Jumbo” steelworks in WA, 
which would Include Am ax, 
Mitsui, Sumitomo, Kawasaki, 

' Republic Steel. British Steel 
.Corporation and GKN. At one 
. stage* CRA and Hamersley 
sought to join the Jumbo ven- 
ture, which has now been 
shelved. 


CYCLE and Carriage, the Singa- 
pore motor assembly and distri- 
bution company, raised group 
pre-tax profit by 110 per cent, in 
tbe six months to March 31. to 
§S27.91m. (SU.S.l2m.) t from 
SS13J!9m. in the same period of 
the previous year, on turnover up 

82.5 per cent, to SS199-60m. 
(5U.S.85.7m ). from $S109.3Sm. 

Parent company pre-tax profit 
was SS27.S7m.. against SC10.$9m., 
and its turnover SS3u.54m., 
against $S12£3m. The interim 
dividend is increased to 10 per 
cent., from 6 per cenL 

The company said that the 


SINGAPORE, May 3. 

Increase in the interim dividend j 
rate is intended to reduce the 
disparity between the interim 
sad final dividends. It paid a' 
total dividend of 24 per cent, for 
tbe previous financial year. 

The sales achieved in the first 
six months are unlikely to be 
maintained in Singapore in the 

second-half due to u further 

increase in Government duties 
since last February, which had 
dampened demand, according to 

the company. 

In tbe Malaysian market, how- 
ever. conditions were “ satis- 
factory.” 

Reuter 


Straits Trading $5m. deal 





28th Feb*1978 

kth Feb. 1377 


£000 

\ . £000 

Share Capital 

7,000 ' 

7,000 

Retained Profit 

4,279 

3,195 

Subordinated Loans 
(£ equivalent) 

12,877 

14.588 

Deposits 

407,506 

399.086 

Loans 

238,780 

237,213 

Total Assets 

. .439.423 

431,435 

Profit before Taxation 

3,172 

3,074 

Prof it after Taxation 

1^434 

1,392 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 

BM Offer DM -BONDS Bid Offer 


Associated Japanese Bank (International) limited 

29-30 Cornhili. London EC3V 3QA 
Telephone : 01 -J323 5661 . Telex: 883661 

Jointly owned by 

The Sanwa Bank Ltd The Mitsui Bank Ltd 
The Dai-lchi Kangyo Bank Ltd The Nomura Securities Co Ltd 

(Shareholders' aggregate assets well exceeding U.S. 8130,000 million) 


This announcement appears as a matter of record only.' 


April 197* 


‘8 5, ' ’ : 0 LLU4 
1 5 j \ 


Metropolitan Borough 
of Rotherham 




, ■< ?/• 
.. •» i j* 


Advance Facility, . 


in 




£10,000,000 


Arrangedby ■ 


Morgan Grenfell & Co. Limited 


Provided by 

Arab Bank Limited 

Bank of Ireland 

Commerzbank Aktiengesellschaft 

The First National Bank of Boston 

Morgan Grenfell & Co. Limited / .- 

The Royal Bank of Canada 
The Tokai Bank,. Limited 

Williams and Glyn's Bank Limited 

Introduced by . ' 

Butler Till Ltd.. 


STRAIGHTS 

Alcan Austria a *Jpe 1S» 
AMZV 8 pc 13S7-. 

Australia iitt 1K» 

Australian m. * S. 9|pc VI 
Barclays Bank IBS! ... 

Bo water Wnc J»S .. 

Can. -N. Railway Mpc lSSB 
Credit National Mpc IMS- 

Denmark Mpc UM 

ECS *pc 1«B3 : 

ECS 8!pc 1W7 ..... 

BIB Mpc 1»92 

EMI Mpc 1989 — 

Ericsson Mpc 19» 

Earn 8 pc 1#« Nov — 

Gt. LaJres Piper 8|pc 1984 

Hamersley 94 pc 1993 

Hydro Quebec 9pc 1992 _ 

ICT Sipc 1987 — 

BE Canada Mpc 1996 
Macmillan Bloodel 9pc U93 
Massey Ferssam Hpc SI 
M'rt*Un MPC 1988 
Midland I nr. Fla SIpc *W 
National Coal Bd. Bpc 19R7 
National TVwmnstr. 9pc - 83 
Newfoundland 9pe 1983 
Nordic I«v. F-fc. Mpc 19SS 
Norses Koni. B* Sine 1992 
N orpine ^ •• 

Norsk Eyrtm S*dc 1993 ... 
mto 9 nr \r& ....... • 

Ports An tonemes 9r» - iwi 
Prtiv. nu^bec 9pc 199 s • • 
Ptov, Sartatrt. Slue t" 
R«ed Tntemn'*onjl 9 pc I9S7 
VFM 9 DC 1993 .. • 

^•lrnion Trvrt Sine i<"9 .. 
qtand. En^t'da 9pc 1991. - 

Roc 1W7 

Sweden 'K’limn* Mpc '9*7 
rnlteri Biscnir* "or ... 
Volvo Spc 1957 Marti) 


NOTES 

UMiralls J»pc 1934 

ReO Canada 7 1 pc 1997 ... 
Br. OlrnnWa Hyd 7ioc '» 
Can. Pae. Mpc 1934 
Dow CUemtral Bpc 1886 .. 

PCS TiPC 1952 — 

ECS 81 pc 1W — - 

EEC 7*PC 19V3 

EEC 7!pr 1984 

EPSO Gotten Mpc 1«94 — 

GoiarerKeo 7 Ip>- isss 

Koctrams 3 dc HUM 

Mlrtelln Mpr 1953 

Morcreal ifrfwn pc »WI 
New Brunswick 8pc 1984 
New Brmw. Pro®. Bloc ‘S3 
New Zealand 6lpc 1996 . 
Nordic Inc. Wr. 7Inc ]M4 

Norsk Hy4m 7Snc 19S2 

Norway “Ipc 19*3 
Ontario Hydm IW7 .. 
Rlneer SIpc 1982 
S. of Scot. Elec, woe i»*i 
.S weden ncdwri THw 1M 
Swedish Stale Co 75 ac S2 

Telmex Mtw 

Teimcco Tlpe 1987 Mai 
Volkswagen 7?pc 1987 — 

STERLING BONDS 
ADIetf Breweries iMdc 'St 

Citicorp lOpc 1993 

Counauldi 9!nc 1999 

BCS 9»pc I9R9 .. . - 

BIB 9#oc ins 


DM -BONDS BM (I 

Asian Dev. Bank 5}pc 1988 97 

BNDE 6inc IBM ...s.-. 99 

Canada 4|pc 1983 .... ... . 931 

Den Norske Id. Bk. Spc *90 97) 

.DeotscItC Bank 4lpc 1983... 97J- 

ECS ape 1990 9M 

BIB Mpc 1990 ... 95) 

Elf Ami It nine 5»nc 1989 ... 9M 

Burn lorn »jpc 1957 ... 971 

Finland SIpc 1988 971 

Forsmarks SJpr 1999 97i 

Mexico 8 oc 19S5 93J 

Norcem 5Ipe 1999 99* 

NniY.-iy eipi; 19*3 99 

Norway -ijpc 1BS3 97* 

PK. Bankcn SIpc 1988 ...... 93* 

Pror, Qnetwc «pc 1990 Mt 

Raaunmkkl 5*pe 1988 98 

Spain «pc 19S3 93* 

■ Trondheim 5”pc 19» 971 

TVo Power Co. Bpc 1938 97* 

Venezuela toe 1988 BM 

world Bank SIPC 1989 — .. 98 

FLOATING RATE NOTES 
Bank Of Tokyo 1994 7I5«PC 9M 

B^CE 1984 Sipc 9M 

BNP 1BS1 »lt*pc JIHI* 

rCP 1955 Bpc 1M 

CGMP 1984 "Joe 99* 

Creditanstalt 1954 71pc M* 

Credit Lyomtais 19M Spc... 100 
DC Sunk ISS! 7lJj6pc . .. JWf 

GZB 1981 SI 15 pc 1001 

Mil. Westminster 1084 Spc 99* 

LJOyd* 19S3 TJpc — JOT* 

LTCB 1M3 9le- 99* 

M Ml and !8«2 Knc 101 

MWIand 13S7 TllMpc »i 

ORB 1953 71 tv- 1*0 

5NCF 1983 Sipc ... . 

»j. and CJiird. 7M* pc l»f 
Wms. and Giro's. ») 9t i - pc 95 i. 

Source: White Weld Secuntiea. 

CONVERTIBLES 
American Express **pc VJ SB 

Ashland Spc 19?S 9S 

Babcock ft Wilcox 81 pc V7 ion 
Beatrice Foods 4*pc 1992 Oft* 

' Beatrice Food* 4 <pc 1991... IN 

Beecfiam «pr »9! 9,1* 

Borteo 5pc i»2 ieo» 

. Broadway Rale 4<pc i9B7„ 78* 

Canrerfon 4pc 1*97 7S 

Chevron Spc lOSS r** 138 

Dan 4*pc »<*7 80* 82 

Earvnati Kodak 4*oe 195* 5* 

Economic Lais 4tpc 1987 . 71 

Flr«s*nTK> Sn» 1989 . 9?i 

Ford 3w 19S5 93 

, General Elcrjri*’ 4* PC WS7 97 

^Gip«ne 4irw tsr87 77* 

fionld Bdc 1«87 ... — . ... IIS 
rtntf and Wr-tern Spc »88 SB 

Rarria 5nc 19K .. 1«3 

Rnnevwell 4*>c 1958 SW* 

irt 6’nc . ... ,„ 87* 

P«A toe 14*7 93 

r"-*ie*i>» r.**»c 1993 ns* 

ITT 41pc 19?7 .. 83 

Jnaco 6 pc 1*9! ......... Ill* 

Komaivi 7‘nc lW . ... riBJ 
J Ear McDermott *»PC V lal 
Matsushita Blur 1999 171 

■MJtaill 7 *oc ISM ... 1-0* 

3. P. Moreau e*oc 1987 ... m 

Nabisco S‘DC 19«« 1B-* 

Ovens TVInolj *‘pr W7 ... 

J, C. Penney 4 *dc 1987 ... 79* 

Revlon 4!pc i»57 .. ... 117» 

Reynolds M“fal« Spc 5W . M* 

Source: Rlddcr. Peabody SerurIHe: 


if 


UNITED OVERSEAS BANK LIMITED 

(Incorporated in the Republic of Singapore) 

U.S. $25,000,000 
Floating -Rsite Notes due 1983 

in accordance with ihe provisions of the Noies. notice Is beneby 
given lhai for the initial six months interest period from May 4, 
jo November 6. SS7S ibe Norcs. will. carry an. Interest Rate of 
sr*«* per annum. Tile interesl 'payable on the relevant imcresi 
payment date, November 6, lfitS azain>! Coupon No,l will be 
USSJ2.95 

. By: The Oiuse Manhattan Bank N.A., London 
Agent Bank- 


BY H. F. LEE 

STRAITS TRADING Company 
has entered into an agreement 
to sell its entire bolding in its 
wholly-owned subsidiary. Pelam 
Estate Sendirian Berhad 
(PESB>. for 12.S6ra. ringgits 
cash (SUS5.3Sm.) to Batu Kawan 
Berhad, a Malaysian plantation 
group. 

Main assets of PESB comprise 
an estate of 6301 acres in the 
Malaysian state of Kedah and 
related estate buildings and 
planl. Of the 6301 acres. 5576 
acres are planted with rubber 
and oil palm. 

The sale price was arrived at 
by valuing the estate at 12m. 
ringgits and net current assets 
at 860.000 ringgits. The net 
current asset value, however, 
will be adjusted to reflect the 
actual audited figures of Pelam 
Estate as at April 30 last. 

The transaction will he 


SINGAPORE. May 3. 

effected through another Straits 
Trading wholly-owned sub- 
sidiary, Mineral Securities 
Private, which is tbe holding 
company of Pelam Estate. 

Straits Trading said that Batu 
Kawan has already paid a 
deposit of 20 per cent of the 
total consideration and that a 
further 10 per cent, will be paid 
when the approvals of the 
relevant authorities are received. 

Straits also disclosed that the 
sale wilt increase the book value 
of its net assets by approxim- 
ately 9m. ringgits but will not 
have a material effect on group 
profits. 

For the year ended December 
1977, Pelam Estate reported pre- 
tax earnings of 5S1.000 ringgits 
(8US243.000). 

Tbe transaction will increase 
the Batu Kawan Group’s total 
plantation acreage by about 20 
per cent, to 35.700 acres. 


State bond 
issue gets 
underway 
in Jordan 

8y Rami G. Khourt 

AMMAN. May JL 

JORDAN’S first Government bond 
issue this year goes on vale this 
week, indicating increasing Stare 

reliance on raiding funds un the 
domestic marker tu finance 
development projects as well as 
to meet the small annual deficit 
in the national budget. 

Tbe 5m. Jordanian dinar* 
(Sl5m.) ten-year bonds issued 
this week are divided into two 
segments— J.Dnr.2m. offered to 
individuals with an Imerpst rate 
of 8 per cent., and J.Dnr.Jm. 
offered to bonks, insurance com- 
panies and other financial institu- 
tions, at an Interest rate of 6* per 
cent. Interest is paid rwicp a 
year on these bonds, and is 
exempt from taxes. 

Two more issues of the same 
amount will be offered later this 
year, central bank sources said, 
bringing this year’s total bond 
issues to J.Dnr.l5m. 

This would he an increase nf 
,T.Dnr.3m. over the J Dnr.l2m. 
of Government bonds sold last 
year, and represents a continuing 
steady increase in State bond 
activity, which amuuntod to only 
J.DnMm. in 1973. 


Bradlows Stores fall 

BRADLOWS Stores, the South 
African furniture and household 
appliances company, has 
announced a fall uf 13.2 per cent, 
in pre-lax profits for the year to 
February 2S. to R 1.07m. (SI. 23m.) 
from R1.24m. the previous year, 
on turnover down 6.9 per rvni. 
to R2l.Om. from R22.5:n., writes 
our financial staff. 

The dividend is unchanged, .it 
12.5 ceuts. Tax was R4R3.0UM. 
against R634.000 and retained 
earnings were 11354.000. against 
R377.000 

Earnings per share fell to 
33.20 cents from 35.73 cenis. 


NOTICE OF 'REDEMPTION 
To the Holders of 

HAAS OVERSEAS CAPITAL N.V. 

(nowBoltma&d Haas Company) 

S% % Guaranteed Debentures Due 1986 

NOTICE IS HEREBY GIVEN that, punmant to the provisions of iholndenttno dated as of 
197L as supplemented, providing for the above Debentures, said Debentures aggregating i 2,000,000 
principal amount bearing the following serial numbers hare been selected for redemption on June 1, 
1978 (SI, 000,000 principal amount through operation of the mandatory Sinking Fund and SL'XWUUU 
principal amount through operation of the optional Sinking Fund)* at the redtraptit® price of lDUVv 
of tbe principal amount thereof, together with interest accrued and unpaid to said date: 

DEBENTURES OF $1,000 EACH 

194 1583 2708 3503 4300 5137 6081 7048 7839 8880 SB 03 10643 11373 12451 13397 141W 

796 15M 2718 3511 4322 5133 6082 7052 7364 8987 9B08 10S55 11582 12457 13402 14183 

9 1568 272T 3512 4329 5150 8085 7073 7R3B 8!m 9808 10660 11585 13480 134=3 l41t» 


2723 3517 4330 5153 8104 7074 7904 
2728 3556 4342 3172 6113 7079 8013 


9929 10877 11G01 12471 13433 14200 
0833 IIMM II CtC 12473 13+43 J420t 


30 831 1763 2731 3543 4344 5182 6114 7088 BOM 9004 9838 10893 11607 1U476 13447 1+231 

38 832 1788 2737 3544 4852 51S3 6110 7097 8029 9007 B837 10809 11618 12480 134+8 1+228 

30 834 1778 3745 3549 4383 5185 6123 7098 8031 0019 0842 10702 I1854 32483 33458 1+ 2 31 

84 837 1788 2750 3551 4371 5188 6134 7103 8036 9036 9850 10704 11626 13406 134 hS 1+239 

888 1789 2770 3535 4375 5202 8137 7113 8037 9033 0358 10719 11R33 12497 13+69 1+2+3 

889 3826 2771 3557 4381 5223 6139 7119 8044 9046 9882 10728 11639 12500 33481 1+281 

BBS 1827 377+ 3563 4391 5226 6143 7120 80+5 9047 SW71 10747 11640 12509 33497 1+277 

71 804 1838 27TB 3587 4393 5240 614+ 7121 8071 9052 9875 10750 11648 12515 13502 14280 

75 897 1842 2783 3588 4398 5241 6157 7127 B075 9065 9878 107S3 11655 12518 33511 1+288 

82 902 1843 2809 3589 4403 5252 8158 7155 8039 9092 9881 10759 11659 32532 13516 14291 

86 P07 1844 2815 3590 4417 5258 6159 7161 8090 9108 9882 10763 11 W8 32533 13517 14292 

96 814 1658 2334 3596 +436 5278 6189 7173 8103 8113 9887 30779 11672 12537 33519 1+302 

OS 916 1860 2642 3398 4+44 5279 6195 7278 8105 0118 0695 10788 12674 220O4 23533 24303 

108 919 1863 2MB 3804 4453 5*88 6203 7183 8114 9120 9898 10798 1JC76 136=1 13335 14304 

110 928 1870 2853 3612 4458 52B9 8208 7219 8117 9129 9893 10801 11677 12602 135315 14323 

115 935 1873 2856 362D +457 5295 6212 7245 SISfi 0138 9900 10802 11687 12665 13543 14332 

119 951 1878 2864 3642 4461 5315 6215 7254 8136 9141 9922 J0P13 11688 12670 13557 1+345 

127 955 1832 2870 3647 4468 5320 6221 7255 6143 9153 9925 10820 11699 12689 13589 14850 

159 960 1638 2885 3850 +478 5334 6222 7257 8147 9155 9946 10833 11701 12695 13571 14358 

156 083 1897 28K7 26S1 4480 5331 8239 7201 8173 9176 W47 10834 11715 1=700 13575 143G2 

166 1001 1913 2891 3883 4483 5350 6241 7264 8184 9179 0948 1 OB-17 11731 12705 13577 14364 

372 1004 191+ 2913 3691 4489 5351 0=43 7265 8187 0180 9957 10652 11746 12718 13587 14365 

180 1010 1017 2010 J“" **"'■” ”-** '*•■*■*" 

183 1019 1939 2923 S’ __ __ ___ 

185 1023 1941 2924 3710 4508 5365 6261 7272 8206 9197 9979 10875 11785 1 

397 3030 1955 2932 3712 4511 5371 6262 7273 5339 «201 09B9 30681 11775 32730 33613 14+14 

201 1031 1953 2338 3717 +520 57.90 B2G8 7274 8223 9203 10018 10890 11778 1S~«5 1362+ 1+417 

207 1032 I960 294+ 3719 4524 53Q5 62B4 7302 823B 9204 10017 10909 11782 12740 13625 14427 

211 1037 1963 2946 3720 4528 5396 6301 7303 8238 9208 10018 10917 11802 12743 13839 1+428 

312 1042 1986 2953 3722 4548 5401 6309 7308 8242 9209 10031 10918 1180+ 12751 13042 14433 

220 1066 1969 2953 3727 4554 5434 631T 7311 8346 9213 10061 10931 11805 12753 13643 14443 

238 1066 1972 29S3 3735 4 556 5432 6321 7319 8248 «na. 10062 10933 11812 12757 13645 1+446 

248 1071 J997 297+ 3747 4538 5453 S325 73 33 8251 9225 10063 10938 1IB31 12753 13631 J+447 

260 1082 2001 297$ 37S6 4582 5451 6331 7339 8259 9237 10067 10082 1183+ 127H3 13653 14451 

267 1090 2004 2979 3763 4572 5453 6351 7340 R2B3 9232 10009 10P58 11839 12701 13655 14453 

369 1091 2032 280+ 3780" 4573 34C4 6371 7354 8289 9233 10073 10061 33840 12792 13857 14454 

287 1096 2029 2987 3783 4588 5468 6373 7385 8300 9235 10073 30984 11843 12706 i:«6Ut 14455 

=90 1101 2030 2998 3800- 4594 5472 6375 7386 8304 H347 10079 10972 11845 12B00 13077 14+03 

203 1117 =039 2997 3801 4598 5474 6377 7391 8305 9249 10082 10973 11853 12817 13673 14463 

300 1135 2043 2999 3805 4607 5479 6390 73M 8307 9268 10085 10978 1185+ 128= 13gU 14+66 

305 1136 2046 5002 3807 4624 5431 6393 7507 8314 0276 10102 10985 11R04 13823 138RC 14486 

308 1146 2064 "3094 3510 4627 5491 6354 7405 8315 92Z1 10125 11001 11887 3=325 13689 14490 

SIO 1147 20 TP 5009 3811 4631 5JP2 KW9 742+ 63IB 0=85 101=8 IHKO llMKl 1=8=9 KM*0 1441*7 

311 1149 2098 3014 38= 4642 5494 6401 74=8 B3=5 5CBB 1IU 38 tlu|3 1UUU 12K48 13703 14513 

333 1150 2105 3U21 3826 4643 5495 6403 7433 8337 0298 111106 11014 11910 1=85* 13706 1+516 

326 1163 =106 3038 38=7 4657 5S19 6405 7436 8343 0305 1U15U 11015 IVJrt J231C4 137=2 1452+ 

328 1165 2113 3040 3833 4699 5520 043= 743C 8353 9319 1(067 1UCU 11927 1=060 137=5 145=5 

335 1168 2121 3048 363R 47QB 5545 0436 7439 8355 9320 10109 11U44 ll'.MO 12X09 13731 145=7 

341 1195 2l=U 3050 5843 +710 5549 6445 7453 8373 032S 10172 11052 11953 13B81 1374= 145=9 

346 1=01 2134 305= 3857 47=0 5558 0*48 74AS 8381 9329 10176 1 1 OHS lll'iri 12WC1 137++ l+rU'O 

351 1208 2137 3053 3880 47=1 558= 644 9 7470 8396 93+1 10179 J107+ U'W 1=803 j:t?8U 14539 

35= 1=09 2M1 3055 3694 4728 55Tfl G457 7+71 8411 9342 1UI89 11077 11980 138M 13760 145421 

365 1223 215+ 3068 3885 4750 5508 0487 7484 B42P P343 jwrV. ] lOV.’i 11903 32UW1 111709 14.50 

870 1219 2163 3069 3891 4737 5603 0478 7+87 ftCUl TC47 10197 11 WM 11972 12HC3 13770 14358 

37+ 15=2 2167 3087 3897 4738 580+ 9490 7513 8434 9355 10=0= IIO-.W 1I9C+ 12PM 1J774 14557 

395 12=7 2168 3034 3»Ol 47+3 5818 8+93 75=9 8437 8337 10=1= 11101 110H3 1V.HH 137H3 143152 

396 1=3+ 2176 2096 S903 4750 3830 6303 7533 8438 8362 10222 11115 12U13 12943 12705 14MB 


400 1=4= =201 3101 2917 4 

401 1343 2212 3103 3919 4753 5639 0507 7547 84 

403 1249 2216 3tU 3921 4781 5852 65 08 7.743 84' 


5834 6304 7545 B452 M3 72 10=33 111=4 1=0=5 1=944 137.*+ 14370 

5639 0507 7547 8466 9389 10=50 11149 1=033 121*53 ■ 107117 14573 

5852 6508 7548 8468 9393 HIM l=£MO I MWI J38I+ 14581 


115* IJM 
83 M* 

111* Itit 

ri+J 179* 


IB"* 104 

]19| L'*!! 

79* SI 

117» 119 

Mi S3 

5erurlttts. 


41* 1350 2237 3113 3933 4808 567D 8512 755+ 84X5 KJLH UCtiil 1115= 1=1*43 l=\Hja l»Sl| 145*2 

434 1254 2239 3118 3934 +819 5e?4 C516 77.71 8488 9402 10=70 HIM 1=0*15 120711 15R3T 145:'5 

427 1=60 =241 3138 OT38 4B2S 56» 65=1 7583 849S 9404 1**274 1115R 1 =!>'!> 1=978 3SM3 1W9 

430 1=63 2245 3142 3940 4S28 3708 6522 7589 8506 9416 1 0=77 11178 12ITT4 12!*Sl> 1UH47 1+610 

434 1270 =30 3J46 3941 484 1 5717 63=7 7007 85=0 9428 11)278 11178 1=1*711 13011 13S51 14*; =3 

451 1376 2259 3148 3959 4842 5718 65=5 7G11 8321 9448 ltt.ua U1B1 32UX1 131*1+ 13S69 146=7 

45S 1=82 2=62 3163 3962 484+ 57=1 6541 7(!I3 H522 9433 10308 11=10 I20H3 130=0 13887 WJ3 

457 1287 2280 3170 3970 4848 57=7 6559 76=5 8528 9455 10311 11=10 12088 130=2 13XW 14643 

463 1315 =87 3171 399 1 4852 5731 8985 7653 8532 &460 1KC1 1122= 12UO+ 130=3 1390= 14047 

436 1318 32S0 ' 3175 4005 4855 5745 6560 7638 054= 9483 1032C 1 1233 12104 l.'MUC 13904 

905 1SI9 2391 3195 4CQI 4X60 5758 6574 7644 8543 9465 101(28 11=4(1 1=119 1303= 139011 1+671 

912 1S24 2401 3198 4027 4882 376+ 658= 7657 8550 0172 10323 11243 1=1=7 33051 13931 1+673 

513 13=8 2403 3198 4028 4B70 5702 6583 7660 B55+ 9480 10343 11247 1=149 130S2 13932 HUM 

520 1331 >419 3313 4031 +875 5 798 8588 7661 S5B6 9509 103511 11=51 12152 13007 13937 1+683 

528 1333 2421 3220 4084 4E77 0799 6508 7666 8567 9510 10356 11=53 1=105 130'W IMHO 1+70* 

929 1337 2423 S=B 4043 +886 5802 0603 7667 8577 H513 10360 1125B 121X3 1307+ 1.T.I54 1+70+ 

533 1339 2438 322 7 4W» 4903 5604 6619 7661 HSU l 9531 10368 2126U 1=173 3.W4 13955 1471 8 

535 1340 2438 3253 4051 4905 5807 6623 7683 85X0 9533 10370 11=61 1=181 i;*0X6 13=64 14723 

950 1352 U4S9 3243 4053 4912 5812 G630 7692 R593 9541 10383 11281 121X3 130*7 131*66 14727 

568 1353 244+ 3250 405+ 4916 5B1G 6640 7698 8594 U544 JB3R7 1121H 12185 13009 13372 14700 

972 3371 2482 3251 4058 4937 SB37 6615 7713 E630 9MB 71(395 HUM 12186 13117 13!l7»i 14T32 

P78 1373 2463 3254 40T7 4829 5839 8084 7715 B643 11550 10*0+ 11311 12190 lrll8 13M7B 1+7+3 

5 BO 1374 2479 3255 4079 4 931 5842 6669 7717 8048 9571 104U9 11.115 12203 13137 1+000 14744 

591 1383 3*8+ 3259 4088 4934 5864 6670 7TJB 8652 9582 11H10 1I32I 122=4 13152 I4U05 1477* 

597 1391 2490 3277 4008 4974 5365 6883 77=8 865+ 9500 10417 11320 1=251 13156 14t*UD 14777 

588 1390 2483 3286 4107 +878 5866 6KH 7737 8658 W5P4 10427 11333 12256 13170 1401G 1+7x9 

601 1402 2458 3283 4112 4979 5870 6®»8 7743 SCSI 9806 10428 1)342 J2261 13177 14018 14802 

BOB 1407 =455 328 1 4113 49B3 5876 6716 7758 0681 9617 10443 11344 122G6 13181 140=0 14B05 

612 3410 2502 3334 +11* +989 5806 6717 7770 8704 9fi=3 30448 31352 12277 131 RO 14021 14851 

623 1420 2525 3842 4117 4305 5899 6721 7778 8708 9630 10*59 11360 1=88 13200 14033 14859 

630 1423 3533 3344 4123 498fi 5913 6727 7777 3709 <«64B 10484 1)363 1=!W 13209 1+042 14869 

63+ 1430 3534 3365 *151 5012 5918 6730 7792 8724 9850 10486 11371 003 13211 14044 14875 

630 1431 2S33 3367 4154 8020 5047 *5731 7797 8728 965* 10468 11373 12304 13217 1404G 14876 

641 1432 Z54G 337$ *166. 5Q28 5949 6952 7798 8727 9656 10492 1)384 1=310 13=18 141)54 14891 

643 1439 2558 3377 4168 5032 5955 0950 7802 8733 9863 10513 11395 1233= 13=5+ 140G9 J+fiKt 

64+ 1448 2564 3383 *172 5044 5956 6957 7808 *740 968+ 10515 11403 1=343 13256 140T3 14905 

857 1462 2565 8334 4175 5058 5962 6950 7821 87*6 0635 16516 11410 1=34* 13258 14095 3+920 

667 1465 2571 33W 4178 5059 5965 8062 7830 87+8 9609 10518 1)4=2 12346 13281 141W9 14928 

671 1469 3579 3395 4183 5066 5969 6974 7840 8754 9702 105)9 11441 13353 13275 1+100 14KC 

673 1*72 2607 3*05 -HB5 5074 5971 6976 7846 8771 9709 305*4 71448 1=357 13277 14103 14933 

676 1479 2613 3427 4108 5075 '5986 6979 7856 8774 9713 10527 11463 12369 13283 14112 1433G 

703 1499 2617 M30 4215 507$ 5994 $980 7857 8778 8715 1KB8 11408 1=376 13307 14115 14953 

705 3509 2619 3434 4230 5084 SOPS 6991 7861 E78S 97)9 10535 1)481 1237B 13314 14116 14057 

718 ISIS 2834 3447 *233 5087 6002 6995 7872 87BB 9723 1056S 11*86 12384 13315 14129 14077 

720 1520 2659 3455 4S41 50DB 8006 6997 7893 8810 9734 1D37S 11494 123KB 13319 14130 14991 

725 1523 2670 5456 42+8 5099 8010 7 009 7903 8811 9742 10577 11499 1=393 13329 14131 14993 

729 1525 2673 3459 4253 5107 6014 7017 7908 8818 8757 10581 31508 13394 13351 1+145 1S0U0 

730 1581 2683 3462 4256 5108 6004 7018 7914 8819 9758 10587 11321 12399 13356 14151 

7*5 153+ 2688 3464 4=57 Sill 6027 7023 7924 8828 9783 10589 1152= 12408 13384 14)63 

774 1535 2699 34G6 *264 51 IS 6032 70=6 7925 8829 9769 10600 115=7 12417 13366 14 171 

780 1346 =700 3481 4276 Slid 8034 7038 7928 8859 9778 106=3 11508 12424 13377 14175 

788 1552 2701 34C9 4288 5121 6044 7035 7931 0663 970* 10630 11535 12443 13380 14182 

753T 1961 2706 3501 4298 5134 $000 7043 7037 3873 0786 10640 11556 124+7 13394 2*185 

Payment will be made upon presentation and surrender of the above Debentures with coupons duo 
June*!, 1979 aftd subsequent coupons attached at the main offices of any of ihe following: Morgan 
Guaranty Trust Company of New York, 15 Broad Street, New York. N.Y. 10015: Morgan. 
Guaranty Trust Company of New York in Brussels, Frankfurt am Main, London, Paris and Zurich; 
Banco Yon wilier & G S.pA. in Milan and Rome; Bank Mere & Hope XV in Amsterdam; and BauqilO 
GeueraJe du Luxembourg SA. in Luxembourg. - 

Coupons due June 1, 1978 should be detached and collected in the usual manner. 

On and after June 1, 1978 interest shall cease to accrue an the Debentures selected for redemption. 

BOHM AND HAAS COMPACT 

Dated: April 27. 1978 


NOTICE 

The following Debentures previously called for redemption have not as yet been presented for 

payment; . 

DEBENTURES OF $1,000 EACH 

313577 ' 3581 4SS2 - *889 • 5398 5473 5480 5489 6016 7637 7639 13539 


l 


> 




Financial Times Thursday JTayXigft 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



NORTH AMERICAN NEWS 


CANADIAN STEEk MAKERS 


Largest 
REIT in 
America 
defaults 


Seven-Up holders expect 
Philip Morris to lift hid 


BY JOHN WYLES 


NEW YORK. May 3. 


Bjr David Luedle* 

NEW YORK, May 3 


Spven-Up has asked first Boston $41 a share offer by Philip cipate a higher offer. The stock 


Continental 

Airlines 

income 

upsurge 


Riding the export wave 


t 


BY JAMES SCOTT IN TORONTO 


LOS ANGELES, May 3. 


WHILE MAJOR steel companies (SUS6.Sm.L compared with a loss been competitive in many U.S 
in the United States, Japan and- of SC2.7m. in the 1977 period, areas because of more efficient 
the European Economic Cotnmu- 'rite improvement was made plants and higher average levels 
nity are experiencing the most even though a SC3ni. loss had to of utilisation. Now. with the 
serious economic slump since the be absorbed because or a strike Canadian dollar languishing .** 


Corporation for advice as to the Morris because it is inadequate, surged 86.73 a share on Monday. th e S ecood WQr d W?r 2 cnmoimV’a U S. coal sub- around SB UA ernEE 

adequacy of the 8440m. takeover The Board has urged share- and dosed another S3.75 higher MR. ROBERT F. SIX chairman gj « « hSS iLl' P duels are even more a tuSaiS®’ 

hirf hv PhiUn xtnrHc *mTri inrfi. .1 9 i fiinic of Continental Airlines, said producers have been sittary. . . uu h« .? . [traeu W- 


smu;; Msfftsssrjaa: ss r a a sss a, s^ ni fc s ^ .* q SilSHSs 3^, .irs-f-r-s ^^“3? 

J^ lT « f ? 11 I»«»» a rival bid or an ™nV. hM *« „<,• worm about 17 times earning, Quarter were both records and “«• » ' °J ‘ b * “ S . £ E—i. 1 ?? 


yesterday with the announce increased offer. f.nHi nH if pvJ, p :Sf fl n which is somewhere in the that cantinas before the gains stat ® _, o£ Canadian business associate, Dominion enage u 

ment that Chase Msnhuttan , nntil May 15 and it expects an ^ lt , r nrrpvdsd the coniDanv's first scnerally. pany, the first*quarter profit 

Mortgage and Realty Trust, the „..*?■ n ° v ®f_ i s°h as n** a °P i n * ° n from F[rst Boston "in lendeP 0 £f ers seven^Jp" revealed quarter records. The three major Canadian prn- SCILSm.. compared with a pi 

largest real estate investment ‘ P i i a matler of days ' Mr ’ Ben H - on M 0 ndav firet Quarter Continental expects “a good ducers have Just reported first Of SC4.9m. a year ago. 

trust (REIT) in the country, an . ce . lts °. the soft wells, the company s chairman. . dt >lS , k, ,o- rear in 1978" Passenger traffic quarter results ahead of the. 1Q77 Part of the reason for 

s/asw ““ ?a«,Me™Tbo y a JS£S f a“ n m,1; m S %. U JS are up sharply, said level. They have also expressed ?t ron S performance of the th 

$38m. -worth of notes. make a recommendation on the Tltf* ,±!^-__ ov c c 5, Mr. Six. reflect ins a new dis- confidence in the urosnects for 

. Tbe „ wh lf h k JF* StiSie? 51 Si- cent of ° he tender oir f r 0D - Ce " A had bcard cent to Warn counted fare structure taking the next six monrhs at least. : 

^y e is "Clorefy held." whiSh *« lts finanC,al ad ™ ers * PhUip MorS^s had impres- «** ™ May 15. SteeL Company of h Canada AtSilTge ID exports to 

bank, was known to have been means that it is fn few hands and If First Boston supports the sive success in building up its Continentals passenger load -- A i vi»ar 

In dllficultv for some time is owned as a long term invest- founding families' view, then the Miller Brewing subsidiary to be factor in the quarter was 56^. h^d a profi, of $C_5m. f SUS22m ) tile U.b. last yeft 
HoweverTl t stiM hopes to come ment - Pressure will he on Philip Morris the number two in U.S. sales, peveem. compared with 5^2 per f m f ^ hs ended continues llltO the first 

to an arrangement with Its The representatives of the to step up its cash offer. The and must see Seven-Up as ripe ce °J- a >' ear earlier- «arv 31 JP tran SCKm. onar + ei . 

creditors, which Include the Founding families on ihe Seven- movement in the company's for development as a powerful . The company reports a surge . vSLr salM wS srviiT^ 

Chase Manhattan Bank and Up board have already said that share price in the over the new rival for Coca-Cola and ! n profl. at S23.4m. or $1.59 a sa i®* were 5C411m. — 


launched hv Chase Manhattan 
Bank but is not part of tbe 
bank, was known to have been 
In difficulty for some time. 
However, it still hopes to come 
to an arrangement with its 


other major banks. 

The crunch came on Monday 
when Ihe Chase trust failed to 
repay S3 6. 7m. of 71 per cent, 
notes plus St. 4m. of Interest 
due on that day. The default 
came as no surprise, since it 
had been forecast by the 
trust's management following 
the com part's well publicised 
financial difficulties. 


they do not intend to accept tbe counter market appears to anti- Pepsi-Cola. 


in.u below domestic prices aqj 
thus not dumping. However, 
fear has been expressed that ft, ^ 
hureaiicratic . aspects of ihj 
trigger price mechanism mi^t ! - 

he used t D hold up Canadian ' : ‘- 
shipments. That has not 
happened so far. and present 
projections are for yet another/' 
record year of exports to ih> 

U.S. 


share, for the first quarter L compared with u £- ^ .. 

against a profit of S0.9m. for the The company says that cornDa nies is the surge of ex- T he ,' ov \. er Canadian do«a T 

same period last year, which ^proved results reflected nnrt , the U.S.. but because of y a,ue also has reduced Canadia n 


Globe-Union aims to foil bid 


BY OUR OWN CORRESPONDENT NEW YORK, May 3. 

GLOBE-UNION INC. the largest Wisconsin-based battery manu- provides for a share exchange 


same period last year, which- ,n iproved results reflacted ports to the U.S.. but because of value also has reduced Canadian 
came out at 6 cents a share. The improved demand In both the *>._ Md staU » 0 f t he industry and {hiP^rts. leaving more room for 
latest period Includes a pre-tax domestic and export markets. moves taken last year against l J’ e Producers to make gains in 
gain of 820.1m. from Involuntary Dominion Foundries and Steel alleged dumping by European l v e domestic market. Even at 
conversion of aircraft, giving 3 n (Dofasco), the second largest and Japanese producers. Cana- P*veaway prices, foreign pro- 
after tax effect of S19.4m. Net producer, made an even better dian producers have not been ducers are finding it hard to 
before this special item was S4m.. showing by reporting a profit keen to trumpet their export sue- m ake any impact in Canada. The 
or 27 cents a share. of SCI9J3m. ($US17m.). up from cess Canadian Sreel Service Centre 

The company said the 1978 SC145m. in the 1977 first E^ort figures for the first Institute, representing about 70 


The Chase trust w-as Tomied manufacturer of car replace- faeturer has already rebuffed a based on a complicated formula .quarter also includes a gain of quarter. Sales rose to SC24Sm. quarter of this vear are not yet sleel warehouse operations 

In 1970 with the help nf she ment batteries, is trying lo stave mer 8er approach from UV and linked to the average closing S414.000 on purchase of Sim. of <SUS219m.) from SC213m. While available, but for all of 1977 ex- across Canada which handle 85 
Chase ManhnHan Bank as a off a D ossible takeover bid by c, J ,ims t . hat lX is now the tar * ct P rices Square D's shares on Continental 3i per cent. Con- ingot production was down »erv ports to the U.S. rose bv 60~pcr per cenL of the steel moved 
short term vortgage lender. . rnrt.Tefri,.- n ?i of a ,akl?over attempt and has the New York Stock Exchange in vertible subordinated debentures, slightly, shipments of flat rolled cent, f bv Canadian calculations) through distribution outlets. 

f uv maustries. an 011 ana Punched a number of court cases the 10 days prior to the vote of The 1977 quarter includes a products and steel castings were to 1.3ra. tons. (According lo the recently reported that a survey 


strength on the hack of the ^ruia re° t) U ^ ^ ^ it'fifoing in an attempt to shake itself shareholders on the proposed Sl^m. gain from a $2.6m. deben- the hijgh^t for any quartmMu U.S. statistics the amount was of members showed that Foreign 

property boom until 1975. when ' “ ee ^ industries. mercer. tu7e purchase. the company's history. 1.9m. tons.) This surge has con- carbon steel prices cheaper than 

?Sx£!i T? e .2r‘.5g 52 s /IU a re d « ba^d > wduoo JSrzSJL S?SS , JS-“K Asencies .. For **»«■• st «> “HW thr ?“ gh ■"* report « l 


a dividend in June 1975. and Square D announced an a^ee- gn j JS a ; ea( jj n£ , producer of elec- to receive $37.25 a share for quarter was a complete turn- of U^s year. by only 5 per cent, of respond- 

has since Hvti been jrrapolmg men. in principle last night. This distribution and control eac ! 1 to SAnafi/bi’nl • rrr^ round from a year ago. Its pro- d no uoijcjnSaj 333 (Bjauag v enis. compared with 85 percent 

with heavy debts and losses. f^olJoivs s eadily increasirig con- etmiDment ^ comuany made a H?Snmmin be rf r -' ;0 ?i? r 0 I?S? ri S “ ene ^ Cia *- 111 U.K. At fnj m operations was $C7.7m. Canadian producers, have long as recently as last November. 

fltcl between Globe Union and ;„ E . F , MO „ __ ing common, if 4a per cent of mu finn u w ricwntQS'U 

rt So., thorn 

„ ir!2 h ° ,dins iD ^ uni, ’ n ' The The aa - ent i0 - pri ° ciple 3Ction W ° U1 ‘ 1 b e S104m - Turnround at Air Canada Approval for 


Gt. Southern 
suitor rejects 
alternative bid 


EUROBONDS 


MONTREAL, May 3. 


Imasco offer 


McLEAN, May 3. 
EQUITABLE General Corpora- 
tion which Iasi month entered 
a definitive agreement to be 
merged into Great Southern 


Ontario Hydro S125m. issue 


BY MARY CAMPBELL 


acquisition by a Beneficial ImacPA /vHiur 

Corporation subsidiary of BY ROBERT GIBBENS MONTREAL, May 3. lHlflaUJ U1IC! 

operating in^the banking 1 OPERATING economies and Non-operating costs were re- By Our Own Correspondent 

and formerly owned hy Charco relatively high load factors duced by $C15m^ although debt MONTREAL, May 3. 

Fund Ltd. AP-DJ renort -from enabled Air Canada, the remained unchanged in. the tV „ . 

Wiiminion Securi^ TJust^S national air line, to post a period. The redaction is ex- * oba “ D 

gro« assets' current!^ T^Sccess fC14Bm (SUS. 12.7m.) profit for plained by higher interest gj* J? T inScsSes of the U K? 

of S11.8m. The purchase price fh r e ®Fl t c q,iarl * r ' a loss earned on short-term Invest- has received federal approval tor 

was about $4. 6m. of «C13.5ro. a year earlier. It is ments. the sale of a surplus air- t T e s takeover of KoZr SirS 

has and — 1 fartora - 


corporation of Houston said as IF not content with the seasoned; higher yields would be night and first day trading will wa 5 about $4.6m. fSISf; lit -““S* “l e sale °, f a J urp J u L a “‘ the takeover of Kofficr Stores, 

to-day a.^3- ^ DMl.Sbn. (over STOOm.i worth o( needed to positively attract technically occur to-dav, to-day's iawiPd 1 ^ nViTrterh* rmnrt 6 h3S Craft and several other faclors - the eastern Canada drug retailing 

Corporation and Ils subsidiary Canadian paper which it was investment funds, it is argued. holiday on the Continent means Tovrtrnn After income tun net earn Long-term debt of SC324in. chain. The reason given for the 

Cuif Life Insurance each had already in the process of arrung- In line with this, dealers say. that Deutsche Bank, the lead J CXtrOIl aCQUlS3tlOH ■ S noo m ' Th h JJ' will shortly be exchanged for approval was that Ko filer was 

in3 - Deulsche Bank lasl “W* 1 rece , n * cominrable issues arc manager, will not be making a Textron and Allegheny Ludlum ^ « reflects’ wntinuSe 324,000 common shares, reduc- unable to find a Canadian buyer 

able General s outstanding com- ann ounced thai it is launching yielding rather higher levels than market until to-morrow. Industries have agreed in prm- ^ noies nd ing Air Canada's fixed interest before it opened negotiations 


, . .1 -o-- - — “ acbiuis jvaiwuu.-. auuuuuuu iuui 1 ■ 10 iu uucu — - — » — rnn np inerpa 

General already entered raent underwriting and selling The Finnish Export Credit’s a London representative office, expected to be completed by the verse effects on 
.7? l? c 7e.fa group, with the selling group Stafe-guaranteed Kmvaiti dinar So far about 35 Institutions from end of the month. AP-DJ reports 


increased without ad- dends on the shares if profit- 


ability is maintained. 


with Great Soul hern." 

The Gulf Life Insurance 


discount set at 11 per cent. issue has been increased from seven Continental European from Providence. Jacobsen 

Even before allowance for the *be scheduled KD5m. »o KD7m. countries have joined the makes mowers, tractors and 


Hi _ .« I m Mli IUk V MuvniaM«i« * v» hiiv ’||V UVUU IVU 1 w m/i W1 - Ll/uilti ICO UdYU JMIUCil |1IC uiu iv.-0 ui-jncia, IIOLIUID UUU _ _ - 

!ii f P K.Ki S *^ selling group discount, Ihe The 71 per cent five-year issue system, though still none from other outdoor power equipment TlT^T mnil- ivmmw/ivta 

indicated terms of the issue look was priced at par. I^ndon. It will be launching 1<LJL ll Hit OrOlltS HTIOrOVC UeiaiieSe 

«if n n rJ "navnhU^Jither in^cash § enRrous b >’ comparison with The Caise Nationaie de Tele- another major marketing effort p pnc i|» n n nv« mnrp _ . . - 

J? “JJ 1 -? 1 “J*, 1 l 5_5! t outstanding Ontario Hydro paper, communications’ S75m. issue was in June once the technicalities P3VS more gY QUR QWN correspondent • MONTREAL Mav 3 By ° ur ° wn Correspondent 

or in per cent, mstallmcni d ea | ers yesterday. However, yesterday price at 991, wiih the of the svstem are clear. Infer- PEPSICO has raised its quar- ’ y MONTREAL, May 3. 

"a M nffur Gulf *• is P ointed out ,hat lhe Ias! olher tenm unchanged from national Business Machines is to terly dividend to 25 cents, from CANADLAN Industries, ...the dividends decTa red by the largest CELANESE Canada the fibres 

UriLf ih? wMxiofGulf Life i5su ^ by th,s borrower was ov-r indications/ Although allmments start nrogramin g the system on cents. Renter reports from Canadian arm of ICI, earned pa pet_ industry are reflected in and caroet riou'p eaSS 

SU™]?* !£ a Year ago and all Its issues are were -erte'ed rn e n out last Inly 1. Purchase. New York. SC3 3m. (SU.SJi.9m.) or 29 cents forest product group Macmillan scM2.iS^nme 8 SU^S.iS) in 

chase of *a minimum of P lm. “ ^ quarter gained 


Increase for 
Celanese 


BY OUR OWN CORRESPONDENT 


MONTREAL, May 3. 


By Our Own Correspondent 
MONTREAL, May 3. 


chase or a minimum of im. 
shares and a maximum or 1.3m. U.S. QUAJJTEKLfiEd 

shares of Equiiahlc General 

common at S43 a share in cash. r .. v . m w p . r , Fir 
The Guif United offer would GANADiAN PALISH. 
be contingent upou acceptance eirai Quarter m* 

by (he holders of im. Equitable sc 

General common shares, and Revenue n 

those shareholders whose stock Net profits ..... twont- 
was not purchased for cash Not per share... Oba 
would exchange each share - 
they held of Equitable General CONS. NAtURAL GAS 
common into one share of a fou Quarter I5 t5 

new series of Gulf United con- _ s 

rertibie preferred stock with a Revenue 023.0m. 

liquidation value of $45 a share. Net profits 59 0m. 

AP-DJ Net per share . 2.D9 


I GULF RESOURCES & CHEW. PIONEER 


nmerra v against $C2.fim. or 26 cents a year paper producer Roland Paper, «C2S4 000 a vear earlier Sales 

SESEFLY • earlier, on volume or *C)60m. Montreal. wereSC65m (9U S58m) aeainrt 

^ , • tt it fSCISOm.). Significant gains in Macmillan has lifted Its divi- Sm ag * mSL 

FrenriCP Hsil sa,es oame In chemical process dend rate from 10 cents to 15 i. >*iii enft ««tL 

A 1CIU1LC AldU technology, industrial chemicals, cents a quarter with the June 15 S fht 

njAvoc dh^rl explosives and farm products, payment to shareholders of *"* *5” nSSSS5"i«J£l 

llfOVcS allcSiS However, operating costs were record May 23. company said. Operating losses 


Pirsi Quarter 


Rrjl Onaricr 


. — ! Revenue 85 0m. 

510m. iNet profits 10m. 

0.<0 1 N et p er s harc. .. 0.05 


90 0m. Revenue 133 0m. 122 0m. 

5.0m Net profits li.Ora. 12.0m. 

0.57 Net per share .. 1.13 1.25 


Premise Hall moves ahead hieher and selling prices for ".Roland ta paying 10 cents on bfti^dtmand^ nSSln*' wmL 

AMONG COMPANIES renortina polyethylene resins were lower thf , a and class R ihei»s ra * 


lS AMONG COMPANIES reporting polyethylene resins were lnwer the class A and cIass B shei-s chemicals sales intSd 
_ a first quarter rise in profit com- because o^_ s European import June 1B to shareholders of record 2“”l nrediSinn^reE 


HALLIBURTON 


QUAKER OATS 


a nrsi quarter ris« m prom tuui- "**--"-* .iune io to snarenoiacrs or recora stron a art rt nrndiictinn nrnblenu 

P^ d vrith the same period of mm. Mining equipment busi- „ ay 26. a substantial Increase. SSJ^S 1 £S^Jm5 


623 0m. 549.0m. I 


First Quarter 


Third Quarter 


1977 was Prentice Hail, which ness was slack. Macmillan earned SCI 6 9m. tmT ai^CorowaU Ontario 

turns in 28 cents a share against Sales and earnings should (SU.S.15m.) or 73 cents a share , ' ‘ 


s' s p the 23 cents previously. House- continue moderately above last f n the first quarter against , h T h ® 

Revenue I4bn. 1.2bn. Revenue 4 Ir? ra - ^ 0 ,n - bold Finance likewise managed year's level for the rest of the $C8 Im. or 30 cent's a vear earlier “J® yea », ,s * nr c0 ” tim| cd im- 

Net profits 79.0m. 68.0m. profits 15 «S; a gain to 55 cents from 44 cents, year. nn volume of SC45Siu. against eveQ m lextlles 

Nei per share... 1.34 1.16 ‘^ e t per share... 0.97 0.70 w jjij e Smith International re- Better times in the Canadian- 8C369m. ** a V0° ■ 

J* ~ turned 81.22 against 84 cents. : — 

1NT. FLAVORS & FRAGRANCES 1 UNITED ENERGY RESOURCES For its second quarter Macke -|7r . . > » 

F.m a BartCT im 1177 fit* Q « rt*r tin im ~ ^aias^ «ntf for nt th? saS Cislf moving intfi Rpaiifort ,Sea foreign Side 


Net profltj, 

Net per share . 


ear. nn vnlume of SC45Sm. against 

Better times in the Canadian- 8C369m. 


provement, 

operations. 


in textiles 


VONTOBEL EUROBOND INDICES 


PUCE INDEX 15.4 78 

DM Bondi 104.53 

HFL Baodi £ Mexes 10*. B8 
U.S. S Svt. Bondi 100 44 
Cm >Do-Ur Bondi 48 87 


15.4 78 AVERAGE YIELD 25 4.78 2 5 78 Fim QMrtor 1178 1177 I Fir* Quarter M77 against" 30 'cents' for the Same (vljlf ItlOVinS IfltO BeaUtOrtSCa ^ ** 

is : :l :Es iTivr* Ws is S» :::::: SSE "Sfc by OU r own correspondent Montreal. May a. lifts Canrow 

48 87 98.47 on .DoiUr Bondi I sis i «5 \ct opr share... 0.38 0 311 Ner Dcr share... 2.08 1.87 Sciences showed 28 cents against GULF Canada, one of three most of the gas and oil reserves Bv Our Own Corresnondent 

■ — : 27 cents. Showing falls oo the major oll comp aoles which of Panarctic Oils have so far MONtrfat Mav? 

other hand were Sianoard Brands h develooed the existina beBn found - muin ikc.au, May J. 

— Paint which reached 40 cents a a ® ■ n i* c ' , - Gulf confinned that it could CANRON, the steel, cement and 

share for Its second quarter Mackenzie Delta gas i reserves, is hpgjjj |t s Beaufort Sea effort by plastics products company, • 

, , against 44 cents, while Rroebler movuis on its own into eeauiort jgg^ aat i n believes the pnten- earned SCl.Kni. (some SUS1.4m.> 

All of these Bonds have been sold. This announcement appears as j matter of record only. Manufacturing showed a first ® ea onshore exP'Oralion in ihe ^ a j j s g 00t j n is considering or 68 cents a share in the firtt . 

quarter loss again this time at next Eew year3, designs for finating drilling- quarter, against $C1.4m. or 55 ... 

SI.4m. For the same period. The company is recruiting platforms, self supporting mono- rents a year earlier, on sales 

Gulf Oil Canada show’s 92 cents personnel in Calgary to design pads and caissons, as well as up from SCSlm. tn SCS9m- 

- a share against a restated 97 offshore drilling platforms, both gravel platforms of the kind (?US78.ftm.>. Sales and earning 

cenis. fixed and mobile, and subsea prn- already used in the shallow of foreign operations were sub- v. 

Louisiana Land and Explore- duction plants. It already holds waters by Tinperial Oil (Exxon) stantially improved. The subsi- , 

lion's first quarter was also lower substantial off-shore acreage in and Sun Oil. diaries are mainly located in the ... 

with 64 cents going against tbe the Beaufort Sea, between the Gulf is already a participant U.S. and U.K.. and they mora 

74 cents last time, and Hobart polar icecap and the Mackenzie in the Dome Petroleum explora- than offset a domestic decline- • i; 


62.0m. : Revenue 141m. 

3 20 N<?t proGls 79.0m. 

- — - iNei per share— 1.34 


Flirt Quarter 


Revenue 

Net profits 

Net per share... 


Gulf movine into Beaufort Sea 

BY OUR OWN CORRESPONDENT MONTREAL. May 3. 


Foreign side 
lifts Canrow 


By Our Own Correspondent 
MONTREAL, May 3. 



Corporation was likewise lower Delta and oo ihe southern edge tiqn .effort in the Beaufort Sea. The order backlog at March .11 
with 38 cents against 46 cents, of the Sverdrup Basin, where Dome uses two drillships. was SC207m. 


WHITBREAD AND COMPANY, LIMITED 


This advertisement is issued in compliance with the requirements of the Council of The Stock 
Exchange in London.lt is not an invitation to any person to subscribe for or purchase any 
securities q f Texas Eastern Corporation or its subsidiaries. 


£15,000,000 


IO 5 per cent. Sterling Foreign Currency 
Bonds 1990 



( Incorporated with limited liability under the taws of the Suu& of Delaware, United States of America) 


Kleinwort, Benson Limited 

Algemene Bank Nederland N.V. 

Banque Nationaie de Paris 

Barclays Bank International Limited 
Commerzbank AktiengeseHschaft 
Credit Suisse White Weid Limited 
Manufacturers Hanover Limited 

Salomon Brothers International Limited 
Society Generale de Banque S.A, 

Swiss Bank Corporation (Overseas) Limited 


Authorised 

40 , 000,000 


Shares of Common Stock 

(US$3.50parvalue) 


Issued and Jullv paid at 

24 , 919,212 


The Council of The Stock Exchange In London has admitted to the Official List all the issued shares of 
Common Stock of Texas Eastern Corporation. 

Particulars relating to Texas Eastern Corporation are available in the statistical service of Extel Statistical 
Services Limited and copies of such particulars may be obtained during usual business Lours on any weekday 
(Saturdays exeepied) up to and including 17th May, 1978 from; ' 


S. G. Warburg & Co. Ltd- 
30 Gresham Street, 
London, EC2 


Cazenove&Co. 

12 Tokenhouse Yard, 
Ldndpn,ECZ 


4th Mav. 1973. 











w 


Fthamdal Times Thursday May 4 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 




FRENCH NEWS 


Signs of a recovery at Poclain 


|Y DAVK> WHITS 

POCLAIN. toe troubled French 
.maker of hydraulic excavators, 
jacorred a sharply heavier loss 
for 1977 but reports “ signs of a 
recovery ^ sioce the beginning of 
the cmtwk year. 

' Consolidated losses widened to 
Frs.l72.3ra. ..(S37.5m.) in 1977 
yjsJ38-5m. the year before. The 
lijss.was partly due to disappoint- 
ing sales, which left parent com- 
pany-turnover 8 per cent. down 

on the year- But the first quarter 

Dividend rise 
from Club 
► Mediterranee 


of ttrfs year had A own * 30 per 
cent, improvement, compared 
with the start of 1977. 

The -parent company's loss last 
year ballooned to Frs.179.7m., 
almost three times 187 6's’ figure 
of Frs.60.9m.. in the company's 
third successive year in the red. 
The company said its loss took 
into account provisions made to 
cover the deficits of certain sub- 
sidiaries and the transfer of some 
of its European offshoots to Case* 


Term ooo of the U.S. whit* 

1 acquired 40 per cent, of Pocluh 
last year.- 

The UJ5. group, which reached 
agreement on its participation 
after the French Government 
bad failed to find a French 
partner to resuscitate Poclain. 
has also taken over management 
of Podain's North American 
operations. Jt U the main share* 
holder, followed by -the Bataille 
family. The Renault, Peugeot 


PARIS. May 3. 

and Volvo car groups also have 
small shareholdings. 

★ * 

Sharply higher profits are 
reported by Marcel Dassault* 
Breguet Aviation maker of the 
Mirage series of aircraft in 
"which the French government 
haa a one-third stake. 

Profits for 1977 at the net. level 
have increased from Krs.170.4in. 
in Frs. 22jJ)ra. iS49m.). a nse of 
32 per cent. 


Sharp growth at Roussel Uclaf 


BY OUR OWN CORRESPONDENT 


By Robert Nauthner 
• ■' • PARIS'. May 3. 

; : V cWJB MedlterranCe. the French 
i„ ,|. . * holiday village and.hoiels group. 

• has announced a net profit nf 

Frs.81®. (some S13ra.) for 1977, 

... '■* a use of nearly IS per cent., and 

;i, i ivil) distribute * dividend of 
Sl ‘ n * prs. 7 B 0 . including a tax credit 
. IT f . 0 t - Frs. 2.50, .compared with 
, ' '■ *i Frs.6.39 last year. 

. , " ; T ‘ Turnover was up by nearly 

1 h «« 20 per cent, to Frs.l.l4bn. and 
'■ „ ’" l r ca ih flow rose by 16.3 per cent. 

'/ o- to Frs.82.41m. Though M. 

' , ' ' 1 Gilbert Trigano, the manacing 
' “ ! ,,11V director, did not give any figures 
''■'•JR- fdr the early part of this year. 
" r, ‘ :i? he -indicated at a financial 
‘ 1 1 1 ,f > analysts’ meeting that. the winter 
season -had been’ very good for 
• i Vt»*. ^ Club and that first half 

results were likely to be very 

satisfactory. 

. ., dub Meditemmfie s perform- 
;t| nr ance was al lthe more encourag- 
ing given- the losses, estimated 
at some FrsJ2m.. which it has 
'"fu suffered as the result of »he 
r closure of the Corsican holiday 

'-"•'■'no**. vi na ge of • Cargese, following a 
i'lti M 'i bomb attack in the spring of Iasi 
-..-r-Av- rear. In addition, its l«*’iry 
■ ' ■> hotel on the outskirts of Paris, 

, .. had an operating loss of Frs.2.5m. 

... ■ ! la on e *the other, hand, Club 

, r.. .; Mediterranee benefits from 

. .. particular! v favourable tax treat- 
• ; ment in France, slnce a majority 

. \ ' of its holiday villages aw 

domiciled abroad. 

, rate also varied the Club to the 
. . tune of Frs.fi.6m. last year. 


THE FRENCH' pharmaceutical 
group Roussel Uclaf ' reported 
“favourable” results in 19/ 1 . 
showing ' an increase of 'just 
under S per cent, on consolidated 
turnover and higher profits at 
both group and parent company 
level. 

The company proposed an un- 
changed dividend of Frs.0.50 net 
per share. This will be paid on 
capital which has been increased 
by 10 per cent, since the last 
payout. 

Group earnings were up 64 
per cent, at Frs.83.4m. (SlSm-i. 
compared with Frs.S0.8ni. in 
197fr, on sales ef Fre3-52nn., 


while parent company net profit 
rose to Frs.5A3m. from 
Frs.5S.4ni.. 

Well over half or total sales 
— 61 per cent. — were on Toreign 
markets. The biggest expansion 
was in animal health products, 
where sales rose 23 per cent- 
and the farm sector was singled 
out as the main growth prospect 
for the current year. 

Sales of pharmaceutical goods, 
which account for about half of 
turnover, rose 10 per cent, for 
the group's French operations 
the increase was only S per cent* 
slightlv below the inflation rate. 
The 12 per cent, sales growth nf 
foreign subsidiaries operating m 


" PARIS. May 3. 

this sector would have "been 
greater, the company said, had it 
not been For adverse exchange 
rate movements. 

The group's spending on re- 
search was increased by nearly 
14 per cent- to Frs.274m. last 
year, but the company empha- 
sised that the current economic 
climate had prevented it from 
increasing its research staff. 

Co-operation with controlling 
company Hoechst of 'Vest Ger- 
many. focusing on new pharma- 
ceutical products, was described 
as “ fruitful." New products had 
accounted for most or Roussel 
Uclaf"? turnover increase in this 
sector last year. 


Marseilles ship-repairer 
files for bankruptcy 


' KHD bolds steady 

KLOECKNER-Humboldt-Deutr is 
.- in recommend a 19 m dividend 
c lor of DMA *)<* DM 50 nominal- Ihare. 

the same as in 19» fi - reports A P- 
Dow Jones from Cologne, khu. 
3 manufacturer of engine, com- 
merciad vehicles -and industrial 
' .7 machinery, said i is net profit 
- totalled - DM46.5m. ; (S2- -3m. ) 
.! ■>'. against PM45m.-- 


BY DAVID WHITE 

THE BIGGEST ship-repairer 
business in the port of Marseille 
filed for bankruptcy at the 
week-end and is expected to ■ be 
placed in the hands, of a 
receiver. The repair yard. 
Societe Provencale des Ateliers 
Terrin, has been on the verge of 
liquidation for some time, and 
the threat ot sackings has led to 
strike movements throughout 
the port and the nearby ship- 
building yards of La Seyne and 
La Ciotat. - . ' . 

The Terrin dispute : has 
serlouslv aggravated the crisis in 
the - Marseilles ship-repair 
industry which dominates the 
sector in France and which has 
a total work-force of around 

^Another repair yard. Com* 
pagnie Marseillaise, do Repara- 
tions, has already announced the 
cancellation of several tanker- 
repair- contracts by owiei* 
have been scared off by labour 
.stoppages- 


PARIS, May S. 


. Terrin. which had a turnover 
Of Frs.590m. (8128m.) in 1976. 
.was recently shut down for a 
week because- of* the critical 
shortage of orders. Communist- 
led unionists and Marseille’s 
Socialist local government are 
calling for Government aid to 
prop the group up until business 
improves. 

4 

L’Oreal progress 

Societe L'Oreal, the cosmetics 
manufacturer, raised net «n- 

solidated profit to Frs.l34.7m. 
(829,3m.) last year from 
Frs.195.2m. reports AP-DJ from 
Paris. The company, will raise 
its capital to FrsBlSJta. from 
FrsJ2522m. through a one-for- 
four scrip issue, the new shares 
being eligible for dividend from 
January last year, ft wi ll pay 
a net dividend for 1977 of 
Fr*.iO.Q5. unchanged from a year 
ga rlterr- 
v 

\ 


Hainaut-Sambre 
losses increase 
as sales dip 

CHARLEROI* May 3. 
Societe Metallurgique Hainaut- 
Sambre SA said it again proposes 
to pay no dividend for 1977 after 
net losses rose to BJFrs.2B9bn. 
(883.3m.) from B.Frs.S12m. 

• The company said lower sell- 
ing prices were only partly com- 
pensated last year by falls in raw 
material costs and better returns 
on fiat steels. 

Turnover fell to BJFrs.12.94bn. 
from B-Frs.15J.8bn. on steel 
deliveries which were 1 15.000 
tonnes lower Steel production 
in 1976 was 1.98m. tonnes. 

Hainaut-Sambre added that its 
results are expected to improve 
in 1978 due to better sales prices 
after the success of the EEC s 
anti-crisis Davignon plan for the 
steer indusiry. 

The company will still make a 


Spanish 
building 
profits 
decline 

By Robert Graham 

MADRID, May 3. j 

SPAIN’S leading construction i 
and civil engineering group, ; 
Dragados y Construe do nes, ex- i 
perienced a 25 per cent, drop I 
in net profits to Pta&Zabiu 1 
( 528 m.) in 1977 and has fore- 
cast a continued decline in 
profitability Tor the coming 
year. 

The construction sector is 

the hardest hit in the current 
recession. The Board of Draga- 
dos -pointed out ihat invest- 
men! for the sector declined ! 
2_5 per cent, in constant terms 
last year. At the same time 
wage costs rose 27 per cenU 
social security payments were 
up 34 per cent, against a total 
Of 60m. hours or lost work, 
producing a decline In pro- 
ductivity or 3.5 per cent.^ 

Of the Ptas62bn. <S775m.) 
worth of construction work last 
year, roughly 15 per ceni. was 
accounted for by foreign con- 
tracts. These include work on 
a telephone exchange m 
Algeria, a shipyard ai Bandar 
Abbas in Iran, a motorway in 
Venezuela and a steel works 

TTu^^conipany anticipates 
that with the continued reces- 
sion w home, foreign con- 
tracts could account for as 
much as 2fi per cent, of turn- 
over in 197R. 

The directors hare agreed to 
pat PusTTOm. (59.6m.) aside 
for reserves. Ptas-G68m- 
(SUm.) to corer dividend pay- 
ments and Ptas.789m. lS9-8m.) 
against taxes. 


Foreign operations lend 
support to IHC-Holland 


BY CHARLES BATCHELOR 

IHC-HOLLAND. the specialised 
shipbuilding group. e^P«:s 
losses to continue in its Dutcn- 
based dredging and offshore divi- 
sions while prospects el^here 
mainly foreign, are good, ine 
two Dutch-based divisions made 
an operating loss of FjsRm. in 
1977 (Fls.36m. profit ip 19«61 
while the “ investment " division 
increased its profit by FlsBm. 

to FlsRStn. tSl0.4m->- 
The ** investment division 
comprises the compadiss grouped 
under the Swiss bolding com- 
panv IHC Inc. — Single Buo> 
Moorings (SBM) and Terminal 
Installations — which are both 
fullv owned and a 33 per cent, 
stake in wo French drilling 


companies. Fontsol and Foramer. 

The Swiss holding company 
made a net profit of Fls.13.5m. 
in 1977. after allowing for a 
Sw.Frs.10m- provision fur risks 
on work in progress a! SBM. in 
1978 the net profit was Fls._nm. 
“Investments" a!?n includes 
subsidiaries in France and 
Brazil. 

The results Df the companies 
grouped in IHC Inc. are expected 
tn be about the same in ! 978 and 
arc expected to produce a reason- 
able level of dividend in future. 

Prospect* for IHC-Holland as 
a whole wil depend on Govern- 
ment measures to resinicture 
the entire Dutch shipbmldinc in- 
dusirv and the speed with which 


NMB’s $27m. rights issue 

BY OUR OWN CORRESPONDENT AMSTERDAM. May 3. 


THE RIGHTS issue proposed by 
Holland's fourth largest bank. 
NederUndsehe Middenstands- 
bank (NMB>. is he on a one- 
for-ten basis ar Fls.155 a snare, 
li will raise around FIs. flora., or 
S°7m 

“Apart from sirensrhenm? the 
bank'* equity m correspond to 
the sharp growth of business 
! volume last >«*ar. and the rnn- 
tinned growth expected for IHih. 
the issue will sire NMB greater 


scope for 1 ending within the 
rentral bank's credn control.- 
Banks are allowed to pa>R on 
long-term borrowings without 
using up their lendinc quotas. 

The bank's total share capital, 
reserves and subordinated loans, 
will amount in Kls.l lbn. after 
the issue. Its balance sheet total 
■yipp 22 per cent taM year in 
FU.27.3hn This year profit*, per 
share "ill ’‘certainly be main- 
tained" at !**t year’* FI <25.76. 


AMSTERDAM, May J. 

three measures can be applied. 
The sizeable losses which ihl. 
was forced to take on some 
orders in 1977 was compensated 
for by Dm completion or older, 
profitable orders, good use of 
capacity and cost-cutting mea- 
sures. Profits from “investment 
3nd intcresi inronic nf Fls.10.7m. 
helped produce the net profit cr 
Fls.lo.&m. iFls.l5.3m. in 1976 ». 

The shipbuilding crisis de- 
pressed demand and prices. No 
major order for offshore plant 
was placed in lflii altiiough de* 
m and for dredging en»«‘Pi» pnt 
was reasonable. Mir said in its 
annual report. The company a 
order book shortened and it set 
aside KKMni. I u meet the costs 
nf the expected umler-ure nf 
capacity in 1H7S. IHt" was larced 
tn accept loss-making orders av 
prices i-atne under pressure, duo 
m increased w,mpctitiiin from 
Far Kasi and Knropean >ard« 
li is iMirrently engaaed in th« 
shut -down "f th<* ^hipjard at 
Schiedam of its lHi'.-»7u*to *uh- 
sidtarv and the reorganisation of 
its dredging division. A new 
Dutch dredging group, haiea 
largely on IH«“* various divi- 
sions. i* expected to make an 
annual lo*i of Fls.40-45m. for B 
nunihcr nf tears >el However, 
the speriali-ert nalure of thn 
armip and it- large sh-ire of thn 
markrt mean ii "H h»* "ctl 
placed when the upturn rnmes. 


loss this year, however, aithough 

its size depends on whether tne 
EEC plan pontinues to bite 
Reuter 


Motor Iberica 
moves ahead 

By David Gardner 

BARCELONA. May 3. 

MOTOR IBERICA S.A., the 
commercial and agricultural 
vehicle manufacturer based 
mainly in Catalonia bui with 
20 plants in 13 Spanish pr®: 
vinces, reports a 43.2 per cent 
increase' in turnover In tne 
year ending Iasi November to 
Ptas 33.4bn. from Ptas 23.3bn. 
in 1976. Sales on the home 
market rose 51.4 per cent, to 
Ptas 28JSbn- while sales abroad 
rose 17-5 per cent, to 
Ptas 6Bbn« making Motor 
Iberica the leading engineer- 
exporter in Catalonia after 
Seat, the car manufacturer. 

Profits before tax rose 13 
per cent, to Ptas I .linn. 
(SI 4m.) with a 1.5 per cent. In- 
crease on last years dividend 
to 11.5 per cent. The group in- 
creased Its workforce by l.B»» 
to 11.324, and invested over 
Ptas Uhq. throughout the 

period. 


Dyno payment stepped up 

BY FAY GIE5TER ' 



BY FAY GJE5TER 

DYNO INDUSTRIES, of Norway, 
reports higher 1977 sales by all 
divisions and recommends an in- 
creased dividend of ^r.13 prr 
share, against Kr.12 for MWj- 
Pre-tax profits reached _ Kr.39m. 
(S4m.) compared with Kr.28.im. 

The group, which produces 
explosives, chemicals and plastics, 
and import- earth-moving equip- 
ment for sale, says turnover last 
year reached Kr.l.l64m . includ- 
ing sales by Dyno’s Singapore 
subsidiary. This was a l'-jpvr 
cent, increase on 19i6: Kr.inn. 
was invested last year 

Managing director Anton 
Merckoll said the group foresaw 
another good year in 19' S, des- 
pite Norwegian government 
austerity measures which would 
probably reduce activity in the 
building and construction sector 
an important market for Dyno s 
products. Up to April lo. 19*°. 
h** said, turnover was some 6 per 
cent, up on a year earlier, ex- 
cluding Dyno Singapore and twn 
plastics companies acquired l3St 
year. 

* m *• 

Norske SkoelrtusirleT. producers 


OSLO. May 3. 
of pancr. pulp, fibre hoard and 
limber, reports higher profits and 
turnover despite the depressed 
market for many of the group's 
products. Turnover rose ioj 
K r.l-Mbn. in 19i * from Kr.l 
while pre-tax profit* reached 
Kr.S.4m. agoinsl Kr.B.9nt. | 

The 1977 profit figure exactly j 
pquals the amount the group re-, 
ccived in stale interest subsidies! 
to help finance siockpihng ofi 
finished products. The subsidies 
were not. however, enough to 
fully cover the extra costs in- 
curred as product stockpiles grew, 
the annual report comments. 

It says that a combination nf 
circumstances — steeply rising 
costs, currency fluctuations, lower 
output and falling prices forcer-, 
tain products— has created an un- 
favourable relationship between 
costs and earnings per unit or "»f 
pm. This trend has been pameu- 
l»rlv marked in the ca*e nf 
mechanical pulp and fulplnt** cel: 
lulose. creating such pro hi "in > 
that the very existence of some 
companies i* threaienetl 


First quarter 
drop at UBS 

By John Wick* 

ZURICH. May 3 

EARNINGS of Union Bink of 
Switzerland it'RSi for the first 
quarter of 197S are *’ nnlicealily 
below " thn*L» for the sani« 
per mil nf last year in all sectors 
of activity, according to a hank 
statement. 

The favourable result* obtain* 
i able in ■securities business last 
year could nul be repeated owing 
I to the dire.-t and indirect effects 
I nf the ban on non-re*idents 
• investments, while the uncertain 
monetary situation and occa- 
sional marked fluctuation* in 
mwior currencies led tn lower 
income in foreign-exchange and 
precious-metals trading. 

In the interest sector, both 
intcresi income and interest 
differences declined as antici- 
. puled. Insufficient investment 
opportunities in Switzerland led 
to the necessity to pl.t-’e un- 
d;inini*hcd domestic deposits tn 
the money market at low rates 
of return 

The balance-sheet tetal m- 

rreuied h\ Sw.Fr’-Mffm ^nce th® 
i end of 1977 m S.v Fr*..5R 3nbn^ 




THE UNITED KINGDOM 

-A* “ * cine 107=: 


kjiifi side 



Texas Eastern Corporation, which is 
beadauartered in Houston and has operating 

Exchange in London today, 4th Ma„ 

We were among the first group of 

companies 

natuialgasggm*ettatrfKmS etotfta^ 

begin Pf9^uc^°Jl. Eastern’s production 

lookfo^rit^^ eswehav 

miles of natural gas pipelm® we are the only 


company supplying natural gas to both East and 
West coasts. In 1977 we dehvered 1.1 tnlhon 
cubic feet of gas and we are actively 
developing new supplies .from traditional ana 
supplemental sources in the U.S. and other parts of 

the world. ^ ^ have one 0 f North America’s 

largest independent liquid petroleum produce 
pipeline and storage systems and a crude oil refinery 
in Texas. Wholesaling of petroleum products and 
the retailing of propane are also part of our business. 

In addition, we provide general 
engineering services and are pursuing coal 
gasification and coal slurry pipeline projects and the 
development of uranium resources. We are 
'also developing a privately 
financed urban real estate 
project in downtown Houston. 

Our financial 

performance has shown 

consistent progress. In 1977 
namings rose for the 16th consecutive 

year and dividends were up for the 1/th . 

year in succession. 


1977 1976 1975 

$million Smillion Smillion 

Operating revenues 2,016 lp4/ 1,298 

Net income .124 iw 

Earnings per share $5.02 $4.40 $4.06 

Dividend per share $1-9 /Is $1.81 4 bl. 

For copies of the Report and Accounts or further 
information please contact: Texas Eastern, 11 Grafton Street, London VL 


S f 

.3?. Hi 




fY-™ 


' * “i . 




-•■v-igp « 

• v.v-1 


4.919-2 12 


»««■ • w-*y, 


V 



I 


36 


Financial Times Thursday May 4 1978 


WA I. I S I HI I T + OVERSEAS 



-\"V ’ 

y « . ++ : . V * . V. 1>. t . . . 


+ FOREIGN EXCHANGES 



early loss on economic concern 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, May 3. 


$C£ while speculative buying In Pan con- Sols, Hcineken and Pakhocd 
Resources tinentaJ, which moved ahead to moved ahead, but Gist-Brocades 


WITH FURTHER profit- taking a small increase in late April car SCI It. each gained 

occurring, the Wall Street stock sales, shed Sj tn $501. but Cfins- Canadian Hidrogas . _ 

market remained in easier vein ler. which declared its regular 25 added 10 cents to SC3.T0. SA 12.60 before coming back to and Steven burg declined, 

in active early trading tn-day. cents per share dividend, were up GERMANY — Share prices were $ A 12.20. up 3(j cents more on the SPALN— The market continued 

The Dow .Tones Industrial Aver- a fraction at Siij. inclined to gain ground In quiet day. Elsewhere in Uraniums, to be buoyed by the improvement 

* 1 _l " “ ‘ ‘ A lbVi#l UlnAf rannuamri S in thf* mf n J c aAAnnmiii eitifii 


Closing prices and market 
reports were not available 
for this edition. 


age name back 2.7S more to stand Globe Union advanced S2 to trading ahead or to-day’s A seen- Queensland Mines recovered 5 in the country's economic situa- 

at S.17.40 at 1 p.nu. while the S3.I1 after trading resumed— the slon Day market closure. News of cents to SA2.20. tion, and the Madrid General 

NYSE Al| Common Index was a company has agreed to merge into- a fall in West German unemploy- Central Norseman Gold index finished 0-S9 higher at a 

net $ cent? lower at S54.10. after Square D through an exchange or merit last month gave a boost to advanced 30 cents in SAT. SO on 197S peak of 10158. Banco de 

touching S34.0G. Losses, however, stork. Square D declined SJ to sentiment. its generous dividend policy, but Santander remained over-bid and 

8261. Construction issues were well the rest of the Golds sector drew rose S points to 388, while Bodegas 

Kcnnccott Copper, currently on- favoured. Holzmaan advancing little interest with traders hold- Blibainas were also strong, 

gaged in a take-over struggle with DM. 10 and DykerhoiT Zement ing back o await the outcome of advancing 13 to 005. 

Curtiss- Wright, rose St to tt* J. Dll To .20. [h e IMF sale. HONG KONG— Stocks again 

bui the latter eased S, to * 19 - Electricals. Steels and Banks Renison Tin rose 20 cents to reacted on profit-taking, the Hang 
Tclcdyije fell Si? to SS9-tne recorded mixed movements, while SA6.R0 after reporting higher lin Seng index shedding 3.14 to 

company stated last week In re- Chemicals. Stores and Utilities production but CRA retreated 8 456-25. 

|l £ onse advance ,n pointed higher but Machines and cents to SA2JJ5 on the chairman's Hong Kong Bank declined 40 

"sa=«s-.h-- DM4.5.. 

about rising U.S. inflation and the ,,.j f h the WSR moved ahead 070 Pnhii*. ' Bobe River lost 2 cents to 66 cents . ant * SHTv4Jio respect- 

Irad - !-« “USa.'sJE SMSSLo r ***3&k*%£ 


Market quiet 


GOLD MARKET 



GnM Bullion J 

Trading in yesterday's foreign very quietly, gaining 52 an ounce w un© ounce)! 


f«2i 


DEITSCHE 

k MARK I 


were ahead of gains by only a 
small margin. Trading volume 


shares f.'I.OIm.}. 


reported nn Monday 
Pan American. " the leading 
active, put on S! to S6». followed 

?^ u !r^' , ,* lilo!lr Ba< ' ins OTHER MARKETS 

I'nrd Motor.' after announcing 


Industrial leader BHP hardened ££"£. . „ . - _e* 

Authorities sold DM4m. nominal tn L? in to $Hf>2.50. 

of n.ur attar h.itrins n\Il Q«. Ihn Auslnu* shed 5 cents to 5AZ-10- pnuccri 


TUESDAY’S ACTIVE STOCKS 

Chance 



Sln.-ks 

Cln«ms 

■ in 


Ira, 1.-1 

pri-.-c 

riit 

Bron«vick 

^v,-. -am 

IH 

— j 

Nnriori Simon 

5<K .Vi; 

jiii 


K-M.ir 

*!■’ J.*) 

—4 1 

--.'I 

Carrier 

*:■: run 

3K 

1 

T.-chnu-.ire 

41-; :uo 

in 

*:i 

Sou:tii m 

“*li TlHI 

Hit 

. i 

Bo"ina 

.'■vi iinii 

-u 

-11 

Pin \m World Air. 

L'P'i .'irt 

41 

j. f 

Kcr<;u!>-s 

jo., -no 

I.U 

+ » 

S.-.ir* RnihiiiK 

in 

241 

- 3 


of paper after buying DMl.Sm. the 
previous day. Mark Foreign Loans 
were a shade harder in conrrast 
PARIS — Buying in a thin mar- 
ket brought a further improve- 
ment in stock prices. 

A number of shares • recorded 


CANADA— Stocks were in 

brighter mood at mid -session 

ye*, lord ay after reduced activity. __ 

The Toronto Composite Index increases of between 4 and 8 per Akzo 


Banks tended to lose ground, 
with BNS Wales declining 14 
cents to SA5.32. 

AMSTERDAM — Share* were 

irregular in^ light trading. 

Among 
put 


BRUSSELS— Gains held a slight 
lead over losses in moderately 
active trading. 

■Among Steels, Clabeeq rose 32 
to B.Frs-2,o20 and Arbed 45 to 
BFrs.2.340. while Oils had Petro 


Dnt ®^n «™ tern re~ “S?* doa up 25 at BJVs.4535. In 
on Fl.0.90 after an- chemicals. Gevaert added 14 at 


was k.fi tinner at 1.0SS. I at noon. cent., including CEM, Prenatal, rtouncing that Its Frs.oOm. 5.5 per B *>_ . joe 

t.l- -.4 toe f n V- ot » c... L~. Kn a, ‘' 


to 256.51. 


ni.trt. irwr fi n«n »nrt n i M re- business, but some Food stocks. 
JSlSJSf f ™’ 80 w,a FUM including Hero and Roco, were 


higher. 


Leroy and Air LJquide. 

Among companies reporting AUSTRALIA — Shares again spectively. 
hichrr earnings. Canadian Pacific, showed no clear trend. Shippings and Transports SniAN— Bourse orices weneraliv 

SCISI. and United Corporation. Feature was a fresh bout of mostly finned while, elsewhere. Tn fijShat the day^Iowest 

' ' ' [after slow trading. 


Indices 


N.Y.S.E. ALL COMMON 


Rina and Falls 

| May 2 I May 1 


Apr. 26 


NEW YORK -BOW JONES 


Mar 1 

2' I 


May] 


Apr. Apr. i 
2! [ 27 I High 


1973 


1 Ain. 


Slav 

I 


Apr. 

V. 


Apr. 

27 


Apr. , Apr. 
36 ! » I 


.since c-.'iopiiai n 


64.18; 64 .SB 6S.se 6S.4tf 64.56 
i I I ! twi 


48.67 

(6/31 


Inues tra-lri 

1.907 

1.920 

Rises 

657 

978 

Fills. 

824 

532 

Unchanged ....... 

426 

410 

New Highs 

New Lows 

128 

26 

183 

33 


1.919 

929 

B57 

492 

103 

26 


High I Low - HJjrb i L’w 


Induntrin) ...' B4Q- 19 844.SS 8S7.I2 826.92 ai8.97.8SS.63 844.63 742.12 , 1061.7U 41.22 

• . . . 1 1. Of • 

aw Bod-- 1 98.86 ea.ss aa.ai ae.oi, 69.12 s9.os 9a.es | 


<4.ii 


TmntF-n... 224.78 225.61 224.68 222.64 224.S4 223.86 226.81 
, ■ , . |1.01 
filling-. . 108.53,106.43 108.56 105.89 (06.12 108.70 110.98 
. 1 .... i i3;ll 

Tmiiins »..!,• • i ■ I ; i 

u>r. , 41.400 37.020 52.860 59.470’ 44.450 56. BOB 1 — 


|2E£| (Il/Z;75l [2/7(53 
88.86 • — ; — 

[16l ; ! 

109.31 | 279.88 ■ 15.23 

fp.li fir-litHi (thiSi 
102.84 . 163.62 ' 10.68 


HOflTfLBAL 

Industrial 

Combined 


“F j A S- 

T 

1976 


Hlgb 

Low 

177.50 

1B6.30 

MIJSt: 176.81 
186.0^ 184.84 

1/7.90 

106.32) 

1I1J7 (Lit*) 
187.95 (11/4) 

162.90 (16/2) 
170.62 (30/1) 

Tosourro Ccmposite 

1086.6 

I0B2.6 

' 1081.6' 1080.7 

1981.4 a?/4) 

998.2 (30/1) 

JOHAJTPTESBUBff 

lad usl rialt 

186.4 

218.8 

196.8 

217.6 

185.0 185.0 

216.2. 216.5 

218.7 (D2) 

216.8 (2/5) 

116.0 (20/4) 
194.9 1 13/3) 


All leading Industrials lost 
ground, although Financials were 
mixed. 

TOKYO — Market was closed 
yesterday for Constitution 
Memorial Day. 

JOHANNESBURG — Gold shares 
dosed modestly easier, adversely 
affected by reports of possible 
LiN- oil sanctions against South 
Africa, while the IMF gold 
auction appeared to have been 
discounted. 

Other Metals and Minerals, 
however, were firmer on balance 
after slack trading. 


•1lr-l* ■ . 1 1 ii'b. ’ -.,aii|ii’l ir*.'n A uk"i“I 21 

l»t. ritv. jlcUl % 

A fill 28 

A|-rll 21 ; 

April 14 J Tear ago (appraa.t 

5.58 

5.75 

5 86 1 

4.60 

STANDARD AND POORS 

May . May 
2.1' 

Ayr. ' Apr. [ 

'2c ' -7 ' 

' i* 

RTC 

Since L<>iapita('n 

ib j : 

H i>;h ' Low 

■ Bigb 1 Low 

;lii>liiblrinis 107.43 107.32 

fConi^ the ' 97.25 37.67 

1 1 1 

106.34 IB5.fl 

96.83 96.8 B 

1 i 

lOb.fiQ 106.55 

96.82' 96.64 

107.92 06.62 

1 1 -ni (5i3) 

97.67 - 86.30 
il.ii ; (6/3) 

| 134.84 ' 5.52 

ill/!. '73' (50,6 13 2 1 
: 125.36 4.40 

<11/1.73,. (L 6/52) 


■ Apr. 1? 

| A pr. 12 

j Apr. 5 ] Tear ag« iapprc>a.) 

Ind. dir. rlelil % 

| 5.14 

j 5.56 

5.39 | 

4.23 

Ili*1. 1* K Cal U< 

) 6.94 

! 8.55 1 

8.48 ; 

10.41 

l*>itg(’>At. M vi*M 

i 8.30 

. a.54 i 

8.32 • 

7.62 


T 


Prt- ; 1978 
r1,.<ua i Hlgb 


1978 

Low 


Spain 


Attltraliaff} 479.48 480.66 480.66 441.46 
; ; I2.&I j (1/00 

Belgium (H 101.00 100.81 101.00 ! 99L11 Sweden 
l li'bt . 

Denmark <“ 95.12:94.66 ' 3d. 15, W.<» 8witser 
-3/1) V 6/C'i 

Franca ftti 67.< 1 66A 68.7 • j 7.« — — - 

l ' J»>) ’ lift 

Germany! th" 771-4 768.9 812.7 . 765.8 

4 10/2. ; (££>/«■ 

Holland Iff) 79.1: 78 S. 82.1 76.0 

1 10.3 ,4,4} 

Hong Ebng 456J6 469.59 461.25 385.44 
i*A ’ llAi , 1 15 1| 

Italv ip) 60.04 60.33 


“r 

Pre- 

vtaus 

1078 1 1871 
High j Low 

lj 10188 1 

1QQJ»' 101.88 1 87J8S I 
! 10 5) fl7 '3l 

iji 397.B5 

1382.47 

i 337.95 326.74 

; 


1 (3 6, : i3/l, 

fj 28IJ 

1 28L9' 293.36 279.0 

1 iU/«i . iS&A) 


Japan (ni (d 


66.56 ' J6.46 
, I 16:5) : (10;1 1 
412.2S 1 416.11 564. CM 
1 i18i4, (4,1) 

Singapore 305.29 306.19 505.19 262.0 
.6) , ' C/S) • (1/60) 


imUcea bM base dales lall case valu 
100 ezeepf NYSE All Common — 
;Uarwanls ana Poors — 10 ami Toronin 
300 1.000. (be last named based on i» /S' 
r Exdvidma bonus. t4uu industrials 
$400 In, Is . 40 Utilities. *0 Finance awt 
20 Transsort 111 Sjdoey All Off 
(’!» Belgian SB 31/12/63 (“) CnuentiaMO 
SB 1/1/73. mi Parts Bourse 1961 
/til CommenbaDk Doc.. 1953 OH Am iter 
dam. industrial 1970 *nn a Hann Sens 
Bank 31/T/G4 >ll«) Milan 1/1/73 >oi Totem 
New SB 4/1/88 ibi Strata Tunes 1968 
Closed id) Madrid SB SD/U/T) 
(«) Stockholm Industrial 1/1/58. iflSww 
Rank Com. (u» Una*aHabie. 


OVERSEAS SHARE INFORMATION 


Inv. S Prem. 52.60 to £—1101% (110%) 
Effective rate (1-8255) 471% (471%) 


KEW YORK 


St.«.-k 


Uav 

1 


AM-'U l«1-» 

A.l.!rw^'Ur*ljh .... 

A film l.lleAl.'nM: 

All I'n-lm-lB ■ 

All*.-, 

Aim ii A) ii mini inn 

Ak'« 

Uhliuu,..^ 
All,-c>i>-u\ r-,«er. 
AU:*.il (. Iii'iiilinl.. 
Ai:i>-I rT.’n--.. . ‘ 
AMis i.lialnieiD 

A*.l IX 

AmviV'ta Ht-v. .. i 


Amu. AiriiiM-a. 
Ann-". Hinii-I-. 
A»i.»-i. HiiCil-n-l 
Aui- r. i. an. 

A'iki.I i /In min. i 
Aim-r. I -!»••-. h", 
A t ' |-ii“ ■ . 

in i-i . tl.-m»-t'i--»l 

•\iin-i- I. 

A 'l-'U-r.. 
Am-r. Ant l.n-,, 
Anu-r. M .ni. I* ni 
Aiiii-i. -“i.-n- 
Aiu--r. I.-:, A r.-l. 

Am, Tii .... 

AM) 

A ■l)* 


591, • 
1&>* • 

411, 

28) -j 1 

49>i • 

28 U . 
47 

1BA, 1 
1B>, , 
44), I 
24 14 

29 : 
081 4 ■ 

29) 4 ‘ 
12U . 

495, 
461, 
a*. 4 
27 
261; 
57', 
28), 
24. i 


60 

19 

415, 

28>l 

4.- .'3 

2&)l 

47Ir 
18 ), 
181* 
44i a 
2413 
29)4 
38 m 
L9ag 
1218 
SO '4 
46'4 

39ir 
27 k: 
So in 
57-a 
29 
24: b 


Stick 


-May 

2 


)I»T 

l 


Slock 


Stay 

2 


31 ay 
1 


■ 11.1 »Iiik. 

■Ml 


A 
A 

A i -ii— ~-l—i-l. 
A « \ 

A -H'l'.-fa I'll 

.^'i'hil-1 1 ill. 


42.^ 

42., 

ai:j 

bo'i 

17 
JO 
14 , 
28 ■, 
VJ ! i 


^ ■ i 

HO) 

11 -- 


Ai. 
.»•«. 
A ) 


i:< lin i 


lb- 

JU- 

bU 


) u- i 




1 k. 


:s:i- Inn. 

Mai k-i- I- 
I - I ’ Ml. 
l-l.ll-l I',. 

Ill ll’l i )■ 

II. k 

) -II l II-.M 

Hi .Irf*.-I I • 

!'• • 
l«- 
t*-- 
l. i 
H... 
b- ■ 

Hi-. 

l« »' . 

Hi.-l- . 'll-.* 
)-.i i-i ■ \i*i: 
||... ;»m-i. a*- 

l«i-.i.--i-«. . 
|i.i. iiv. i n»- . 
U...I.I 

lliil.iia " a|> Ii 
P nimui..|i Nil 


a-i 
-'4 -4 
C4 
tt 1 , 
LJ > 
J9:., 
^8 
JUr 

24 , 

■9 

19 

57 


421- 
401/ 
a51- 
t3io 
34 » H 
lb. 4 
30i, 
14 .g 

28ii 

26 

29!, 

CO'.. 

10 a 

Ibli 

50 i 

51 - 
-9« s 


Com i or Claw.... 
CI'L' Inl'ii'lli’Dal 
kinnc 

L'n--korA«> 

C n,« II Zelkrl-n.il 

CuDiiuin* Ln-iuci 
kurti-e lVntlil...| 

Un in 

Llari luiiiiftrioa... 



IN.-I M«nii> 

hoi Iona 

Ueuli|<ly liner...’ 
0«r..n KM.-JO...’ 
Puiiiiiai.lsl^mrl, 1 
L 1 ii.-Im | >1 n >n l- . . 1 

l>«)la 1* >| ill u. 

lll-iiv, ■ Welt) 

l/«»*rr I >.rf>u 

L..ii <1 belli ioal ..... 

Unir 

L*rt,—’.or • 

Hu Ikiill ■ 

V», in.- In-liiMrira-. 

liable I'lHier , 

kn'l All tinea. 

I-Ia-Iiiiaii lii-lak.. 
Lai. mi < 


52 > 4 

47), 

29); 

27Ja 

3338 

40 

19i a 


531- 

39), 

19ln 


25 >« 
42'.i 
Ml 2 
25)8 
9’a 
177, 

157 B 
265, 
1514 
45 
377 e 
47 
251; 
29 1 1 
4 It., 
11574 
l/'l 

20 1 4 

£Mb 
63 >, 
aB: s 


531- ■ Johns Mann lie... 317 b 
47 7g | Jvlins-.n Johnwn. 75»j 
29 1 a j J.-liiMm Anoiivl. 515 b 
27 ’■* • 1 m> Maoulaelur'j; 

K. Mun C.irv 

Kal-erAluraml'm 
Kana:r ludunnea 

Kaiser Steel . 

Kav 

keuuo.-oit 

Kerr MvCiee ; 

KhJ*le Waller 

Ki,«)-*riy tiers .. 

Kipper, 

K rut ; 

Ktojjcr Co 

Leri jinuu 

Ubb.i Ow.yood...’ 


25lg 

4LM, 
■28)8 
26I-, 
9 'a 
18 
)57 B 
26-'4 
IS), 

IV’ 

47 14 
261# 
295, 
42 

1 (big 
167 fl 
20i 4 
9>a 
53., 
39i« 


22 • 

63i 


24^ 

38 


k. i;. \ G • 

l-.l l'a^> Nil. Ua* 

Kill* 

Kiu-nuiii Kln.-trli' 
Iuii-ii VirKi'iclit. 
I lnluirl 

l. .1I.I 

Kii^i-i lianl 

K-iiimk 

).ili« I 

K*«'ii 

)'nrrlii|.| i.anicra 
l‘i-l I *>.-| >1 . --i»'i i- 
I'liisi.iili. file. . 

1 -l . ’•el. b,~l'.n. 

l’l.''.i Ian 

| l lull l...,e 

H.<;i.|a I'.-rer.... 

t'lui.r 


25 
171- 
31 ' i 
oA 1- 
■*5 1 4 
ds;.i 


2b n 


19'; 


41? 

24 ■ 

-•■8 

19* 


3'2 
19.V, 
14 v 
<-8<, 
■211- 

29 V 
ob* 


24 lg 
17 

3 ll a 
345, 
44:, 

36'g 

2>i 
26 : 4 
27,» 
19: d 
47:, 
32,9 
39 

22 

25 jg 
29)g 
Jbi, 


45 -a 

£4ia 

3414 

i 7 ® 

22 a 8 

lu 

2353 
45ie 
31i- 
481, 
23 5g 
47 1 8 
32 
34 1 9 
28 


317b 
76)« 
31)4 
355a 
27 
34M 
175 
235$ 
10 
235f 
4554 
511- 
48)4 
2364 
48 14 
3D, 
33 
28)4 


LIkkbi Group..... 

Lilly iKIii 

Litton Indiwc.... 
Gn'klicralAinT'll 
fuine Mar ln.ii . 
L..iiu 1-lau.l LM. 
L..u<-iana Laml... 

Lui.rlw.i 

Ltu-k.f Mores. .... 
I.'ke Vung-l‘wn 
Mai-MiilMi 

Mu*.-) It. B 

)iir>. Hanover ., 

Vli)*.v.. 

.Uarallii-n Oil.. . 
Marine Mi.luinil. 
Mai-hall Fk-ld .. 


33<a 
4578 
I9U 
23i, 
]95> 
19 
22 14 
40 1 4 
14 
Di = 
11)8 
«1), 
361a 
35l ( 
467, 
I5 i 8 
22 


341a 

46U 

19U 

22)4 

20 

18)4 

231, 

407: 

137a 

t»4 

IHs 

4m 

3S5g 

35i» 

47 

ISI4 

22)a 


St-jck 


May 

2 


T 


Kerloo — ! 46Tg | 

Keyuokl* Meiali.I 3lls 1 

HernoM* K. J i 591, 

ItUil'-aon ilerrell.i 22ia ; 
Kockn-ell Inter..., 33 ; 

U.ibm 4 3414 | 


47 if 

31 ii 

59 

221b 

325. 

335, 


Slock 


May 

2 


Slav 

l 


Ur-yal Uuicb. 

UT£ I 


Sal eway jdtorei. _ 
St. J,je Mineral!. 


aanta Fe Inds 

Sain loreat I 

Saxon Ind* „.l 

Svbuti Brewing..'; 

>±lurnhemer.._. : 

SC 

5cwx Paper.. 

Seonl Mr* 

Sajitr’ Uuol VoalJ 


• S75 » 

S8fe 

.1 167, 

163* 

., 121* 

121, 

•• 194, 1 

193* 

-1 41 1 

404* 

.! 28 ! 

261* 

.: 29 1 

283, 

.1 39 

39 


67, 

6*4 
131, 
715* I 
19)8 ; 
145a ! 
21*4 
8 I 


67a 

6 

13 

71/, 

IB', 

14)4 

217, 

8*4 


-.-I 


571- 


K.M *' 

Fo,.| 1l..l.«r 

t.'iriniMi M'-k... 

► -■\l-«<« 

| I lank lin ’I ml... 

1 l :i-’|."it Mm-nil 
| V 1 in-'inni ... ... 
i laiinn I ii- I- 


231? 
SO , 
20 ', 
»3i, 
8', 
~ I »r. 


If 


231; 

5li- 

20 

a3T» 

9 

21 

1:8 

11 


Mav L«-[H. Si..re« 

'll A 

U«lk-rnhii 

tl. -Donnell U>uu;. 
M- Inai* Hill..... 

3l>-lli"rvi 

M'.-n-k 

Merrill Lvneta 

'lm Petroleum.. 

| 'III >1 

| M 1:111 MlncA Utg 

I M-I.|l f..rp 

| M<«i*«nt»... 

j M-ruan J.P. 

I 'l.geniia 

) Mi»r|-l>V Oil.. ■ 

1 '-I':---; 

. Aaki-i.liptnli-al.. 

1 Aanena: Lan .■ 


26>, 

47 
25)« 
31:4 

an, 

41 Is 
57i a 
18. 
36i 6 
36 
515, 
665j 
5S!| 
471, 
45*, 

48 S« 
51 U 
29), 
17ig 


25V. 

471, 

251, 

31 

215, 

43 

abia 

19>i 

455, 

36 

5U4 

671. 

53 Sa 

48 1« 

45 

48ia 

31), 

30 ■« 

17 


(Container 

-M-earani 

SearietO.U.l., 
Sean* Itoebuvk .....' 

>EIH.U ' 

Shell Oil . 

?beliTran-port— 

Stenai — 

•jiRnihle Curp. 

SunplK-iiy l^t.... 

J Sm*er_ : 

; smith Kline... 

j S'.»iltp.>n 

! SnultrUiwn 

Sunllierii Lai. til 

Southern Co 

Sthn. >ai. Ke-.... 
Stnitliern P*>-ifi>-. 
Soutbernital I way[ 


31 

23 1, 

141, 

245s 

337, 

337, 

40.* 

387, 

35), 

124, 

223. 

64 

21, 

30i. 

231, 

163, 

34 

3D. 

485, 


31), 

2378 

144, 

25 

347, 

34), 

40 

39)4 

36 

121 , 

23 

644 

2* 

287, 

251, 

164 

337, 

32 

49 


Ini 


■I" 




1 a 'W I mi Par till 
« anal Cau l. .[)•.■ . 


I aril- 


■t lv* 
(ml. 


L ■ riel It. 

l aierplua 

1)1" 

t>ianea>- l •■rvn .. 

Lviiimi A s.w. . 

I eii*:i'iee>1 

Lc-'ii" AlP-iatl 
l.liisf Alsulinl l-ii 
rii.-iiii.-al Hk.M 
i'lir-r'-rv 1 ' r*- , n-l.. 
Clii-a-ieSj -tern... 
k ll■^as■ , Hruiije... 

I hn-inaMnv 

I liry-li-r 

k'ini'n*i'ia 

L'ini’. .Uilai-ron... 

Cii-..-*r;. 

I'llIM- Sen I.T 

I'll T Inre-un*.... 

'.-■•a Lin" 

I . « 1 ^11 1 - Pnlm ...... 

C-Ilinr Aikuian.. 
Ci'Siinl'la •**■ 

i n|i:«ihm Ploi.... 

1 '.•m.lmCo.iilAin 
* .niiiiil»llnn Kni;. 
t ■>niiiii?ti..iii kg .. 
i"nrw‘lh lull -t'li 
r.un'T ili O’l Itci 
*..min.Saielliii'.. 

r-.intiillvrSiM.'iiep 

iJte in*... 

C”iinir 

1 .111. k>ii*-.n .V. 

1 ..■•■..! t*.aal«.. .. 

1 .n — . 1 Vm 

1 ..ll..lrn•• , l*i.pi‘c 

L-i'jrCieill" l>r|r. 
I. ••!>* iiienia < Ol I . 

L' *r*»in»nla' Tela. 
C ’Dir.'i Paia. .... 
Cooper la dn t - .j 


liJ'i 

45 
-■wi- 
zkl I 
JO'i 

I Am 

15': 
JJ * 
14--. 
3.1 

1 5 *• 
194 
l)k 

6'i 

J9 

09*. 

331: 

lb 

It'-. 

C81, 

121? 

16 

341, 

Si>, 

39ea 

13?h 

23-S 

34., 

314 

44s* 

■'41- 

32)* 

62 

204 

114 

24 

265, 

234 

494 

15*4 

411, 

20>s 

lll- 

481* 

is.-, . 

191, 
411- 
154 
274 
21s 
40' 4 
It 
#«*, 

23 
227, 

24 4 
39 'f 


23 « 
194 
4UV> 
.8:. 
-9 
L9-, 

tr, 

11 * 

33'.. 
14*- 
J24 
l-» . 
191- 
Ja-.i 
t*4 
394 
70i, 
3*4 
16 
1 1 54 
LS 
IS'I 
184 
S5I* 
53i 2 
4U4 
1S5, 
24Jb 
345. 
314 
43i? 
241- 

33 
5Di 
19 5« 
ll'a 

24 
26 14 

235, 

495. 

1S5, 

42ij 

J0'2 

I1J 4 

281- 

194 

19 

415, 
151, 
274 
2 is 
40' ( 

1 1 aa 

34 5, 
2178 
23 
244 
394 


l F 


12 ': 


!». \.l V 


,1m.. 


.■ii 1 ■i.i.- 
1 11. I*i lin 
■11. 1.hi-ir 
i-iii r-l I'.. 


10 

-34 

164 


in -ijubi • 

'•■I. r«?*. Ki-i... 

I ll 1 * *■■ 


SJ** 

.‘Si 

.9 

k’Si 
194 
id 4 
SO 
L5>e 


Gi-tip* r- 
>*uU\ V»l«. 


23 

167 


12*« 

9 1 V 

10 

27 5, 
164 
51', 
53 
£9' a 
284 
634 
I9'« 

28 
JOlj 
26 

74 

?84 

16i 


■ ilionr 

in—irli-li U.F ' 

li.-aljear TlrP. .. 

I..-1I.I 

I.W'-C W. K 

Hi. Allan PaeTin 
lift, \in-tli Iron., 
lire) li<Hin>( 

iiiili Wraiem. . 

Gull nil 

H-liUirtun 

Hanna llimn*.... 

Hanii-Hileirer. .. . 

Hhitm Luith 

Hrlnie B. J. ... -- 

Henl>!pin 

Hewlett Packard.' 

(Ini piny Inn- 

Home-tale 

RoftevviJil .... 

Hiau-cr ' 

H. .^i.C«nT--AJi , er. 

H<<'i-t.n Nal.t-a-. 
Huiiiil'h.AiC'ini 
Hiittuii 

I. C. Iihlu-lrur- ... 

1N.\ 

tnuemill Kami—. 

lulaml Steel 

tnailcn..., 


271, 

221 ; 

175* 

277 0 

27), 

87, 

234 

13A« 

134 

24 

59 

;34 

l6>a 

504 

-97, 

275, 

775, 

185, 

321; 

517, 

124 

294 
261; 
ll>a 
15jg 
-3 m 
401, 
36)3 
39*4 
14 4 


fc7\, 

227, 


274 

271, 

84 

234 

157, 

137, 

24 

594 

34 

164 

325, 

39 

274 

787, 

18'b 

32* 

53 

184 

305, 

as* 

11 

154 

23ig 

404 

574 

404 

144 


J ,\u. that 1 1 ler,.... 
; Vm. s*eri -e Inrt 

.kill renal Mee. .... 
] kal^inia* 

| Av.ll 

1 N..|.iimp Imp. . . 

. i.-* I ngliui.1 El. 
I Not Kiielan-I Tel 
I N:a„*r.i M.liawk 
N Snare. ... 

| N. 4 irrliiMriea. 
| N.„r. ■ki"Viem 
| .\<<rtll N'ar. 

•Nllin -I«Im P*r 
.Muscat Vi'ltne* 
j Ni!i-i 1 *l ttaiHvrp 
N.-ri-.n Si men. _ 
<i. ’-I temai PerrcJ. 
IMkiIvv Matter ... 
OIii.i blla.ia...—. 

Ulin 1 


--■» 

154 

»24 

384 

SOi, 

204 

225, 

33 

14l s 

105, 

174 

27l- 

59i 8 

*■* 4 
264 
JS&Sg 
204 
245, 
*91, 
164 
164 


23 

154 

32 i, 

374 

614 

20 

235, 

334 

14), 

10 4 

174 

2753 

40 

24 4 

26r, 

251, 

204 

241, 

49 

177, 

167, 


I S01 it blank ‘ 

?*w"i ri a a- barer. 
Sperrx Umch... 

Sperry Kami 

squib 

Sianilanl Bread-. 
sM.UilCaiUoniui' 
shi. Ui> Indiana..' 

sirt. i)il Obm 

staulT Cbemlca!. 

ircrlmu Itrun--- 

MU'letaUv. 

Sun Co. 

suail'tmnit 

rvmci ' 

leciimcoior ....... 

Tekinnnx ' 

fo:e*lTce 

r-'e! ... 

reason 


26 

264 

I84 

39s, 

251, 

k47, 

435, 

624 

094 

411, 

*S7| 

56 

411, 

425, 

261, 

IQ 

41 

904 

5 

324 


264 

264 

181 , 

404 

25), 

241, 

44 

621, 

70), 

40 : a 
154 
544 
414 
417, 
264 
105, 

41 
997, 

6'» 

321, 


• ivememi ehipa 1 

1.1 wen* 

ueeua llimi-l3_.. 

PbL-ili’- Ua* 

Pa-irtL- Li^hims . 

I'a.-, l’» r. 1 Li.... 

PaaAiuWVrl.i Air 
Parker Haomda. 
Peularlv Ini. ...... 

Pen. fv. M Lt....! 

Penny J. L .. 

P annV i-.ll 

People* Drua ■ 

People, Ca* 

Pepsia'.....— ; 


294 

feSi* 

aO)| 

23)g 

184 

205a 

65, 

251- 

245, 

*13, 

414 

284 




354 

29-4 


234 

657, 

21 

23T, 

18-4 

205, 

6), 

Z51s 

243* 

21 lj 

424 

281, 

77, 

36 

293, 


' Te-r^n Pecrfleun-. 1 

I Irucii.. 

I TpubeuIi 

) Teas luai.m.— ... 
Tome Oil k Ga».. 
Texas L mines... 

Time Inc. 

rinj-a Mirtrr. 

Timken 

Trane 

Tnwsmenc* 

Iran sco 

Tr«n» Union : 

Tran-way lnrr‘n 

Tran, World Air.' 

Traced ler* • 

In Conti nental a 


10 
26 
183* 
771, 
92 
20 
464 
284 
50 lj 
437, 
16 
195, 
354 
24 S, 
19 U 
34 
191, 


®J| 

267, 

185* 

794 

321, 

197 S 

474 

281, 

6O4 

541, 

164 

194 

3bi a 

345, 

194 

345, 

201a 


Woolwoith ; 201, I 

— • 

Xenix 1 49)0 1 

Zapau — 1 164 : 

Zenith Ra>1io 154 I 

U , .!*.Tr*n>4'1 ) 19c*k 1945, 
L'S.1 im*4J V/5'78' ;81l 
b'.S. 90 Day bilK.j 


207, 

4 

504 
, 15)« 
I 15 
1943b 
1 *814 
6.30 


CANADA 


Abitlbi Paper * 12 1, 

A*nico Back 4.50 

AlvtnAluiiiiiiiuQi, 313* 
Algoina Steel...,. 

Asbosun 

Uaoli ot Montreal 
Bank >OTO3i-rt1a' 

Baal*- Ke«*Hin.-e3... 

Bell Telepbune.... 

Bow Valley Ind.... 


19 
f384 • 
19J* ; 

204 i 

657, j 
*65, i 


125, 

4.50 

321, 

l 2'« 

t38i, 

19t 2 
204 
' 151- 
35S, 
257, 


BP Canada.- 

Breacan j 

Brineo _■ 

Cal«nry Power....) 
La uiflnw ilmce... 
Canada Comcni..' 
Cana- 4 M W L*»n..' 
Can Imp BtikCum' 


1«J 4 ■ 
171, ' 
*4.00 ■ 
461, 
12 

10 ; 

515, ; 
28 


143* 

167, 


Canada I uiluM,... 1194 


Can Phelfie.... 
Can. Paolic Inr.., 
Can. super Ull._., 
Carllna U'Keelc.. 
Casaalr AGeelna...; 


181, 
194 
654 
4.00 . 

84 , 

20 

*1H j 


Ch lei tain. * 

Comlnco 

k«>n* Bathurst 

Cocniini-r 
i.oaeka Pes. .nrv--v 

i.'*«lain Jti..b | 

U*un Itorinu 1 

L4u iron Xliuet... 

Lkun ilnie*.. 

Uome Petr»jiei;ni 
Dominion Bridge 7i4i, 

Dim tar 177a 

UupjDl I 

Fakun'Re Kickle^ 

PiTd Motor Can..j 


277, 
175, ' 
67, : 
12k . 
64 i 
69 Is ! 
741, . 
641, . 


135, 

204 

767, 


363* 

IK, 

10 

12 

27k 

1194 

184 

19i, 

594 

4.06 

8", 

204 

274 

277, 

174 

54 

125a 

84 

694 

741, 

634 

245* 

175, 

134 

204 

1751, 


Genstsr 1 

liianiYerwanuaj 


Cull Uil Canada 
Hawker Sul. 


*b U 
11 
271, 
7 


26A, 

107, 

271, 

65, 


In.lal j 

Inland Nai. Gaa.J 

Int'p.rPlpe Lineij 


114 

If,, 

16 

MS, 

81, 

4.20 

195g 

14 


££•* 


.-Ok 


39)a 

614 


251. 

iblj 

30k 

Bl*a 


Interoml Energy 

IBM 

lull. Flao'iir*... 
[nil. Hari-i-*U-r.. 
Inti. Mni.t 1. Iibtu 
lull Mnllilts*'*.. 

Ill'i' 

Inti. Paj-r- 

Ill 

Ini. K^*-l ib'.r 
lu' I A I el. .. 

Inr-n‘ 

I'"* « I’ew' . . 
IL‘ lni>ra>ti-inaij 
JU* Waiter J 


81* 

V-66 

23 
30 
■s2.'0 
*4), 
164 
424 
324 
12 
cO 
1 is 
37 * 
114 
621, j 


ai, 
267 5 
£3 


Perkin Elmer.. ...i 

IV 

Ph.-L-r 

Hhelfd Ddiliie..... 
Pbiia-icipiiia tie-! 
PlubuM.ima...,..' 
PhiliipDPetn'I’mj 

Pilshut.v ' 

I'llurv H*vwes — 

PilL-ti-n 

newer U-i ADK, 


19 

3&3e 

314 

22*e 

lb), 

t5i? 

437, 

*9lt 

eZ-i 

aj7, 

17 


19k 

34J* 

304 

a3 

lb 4 

fc5t a 


3B5, 


T.B.W 

20th Century F*«. 317, 

L'.AJU ' k:6k 

L'AllbO !• 237, 

L'KI — 1 21 

Cue ZU4 

Uoiie»«...._ : 37 

Cnilecer .NV.^_. S3 
L'mon banvorp— ' 

U'nirjn Carbide.... 

Uidnn Cominerce! 

Cajon On Calif..’ 

Union K&obc.....' 


148, ' 
407, 1 
St, • 
497, ■ 
494, 1 


394 
.297, 
261, 
24 
2ui, 
205, 
361, 
631, 
16 
415, 
84 
494, 
50 1* 


Calroys- ...... 

United Brand *.... 1 

L'S Bo runj-p.. ...... 

I'SGkitanni 

! L’SSi-«. ...... 

CS Swe»_ < 


345, j l'._techDoloi{ie*.. 


aS), 

234 

24 

171, 


30', 

IVrtan.i-i ...... 

32 

425, 

42.-, 

I’oti'Hrii: Kiec> 

lp‘« 

131, 

£3-2 

PFti (iiilii.-ai Iw. . 

K/l, 


16 

Pnaiei ('e.m/ue.. 

64 

65 1* 

43'h 

I'lll. -fi If IJirct.. 

oi 

-33, 

32 M 

I'liumiOi 

31 

31,8 

ttta 

I‘nr» » 

17^ 

1 i 

I ; 

•J:nkKt l'al>. . 

<2 r 1 

22!» 

' 1 ‘S 

S - «l i>. »:n»’r’i , «n 

«:* 

9ta 

*7 ~- 

Kir/t;»/:i . 

+ 0/3 

41 | 

1 l'l 

Kt.A . 

J83I 

ie*, 

31 

AapubUa StoeL^t 

asta 

803* 


i IT Industries.... 
I Virginia Kleei....' 

■ Walcreeii— 

j Warners Ci.mina. 
j Wsmi.-r-Laml'crl., 
1 WnMe-Waii'nicni] 
, Wei.w-Faryo ’ 

■ W,-*icrn Ha 11. -nil 1 
W*-lem N. Am*-r 

- Wi-sienr CllH-l.. 

: W.~.i iiiglrH- h est 


/ 4 
81, 
32 s, 
24T, 
271, 
28 
407, 
214 
137, 
21 
384 

nek 

233* 

e9/, 

37 

233* 

161a 

204 


’** 

a 

324 

247, 
27 
285, 
«1 
214 
137, 
207, 
38k 
283, 
241, 
29>, 
36 k 

*5)* 

164 

20), 


Kaiser Kesoun-wJ 
Taurl Pin Corp,.... 
lublaw knBi.'B'., 
Uu'mlirn Bi.ie.it j 
M sssey Ferjru.un! 

■Uointyre 

Moore Corpn J a25* 

.Vm*nda lUne»..J *JS4 • 
NurccD Knerjrc-.J 16 
-VUin. Teleewn.. J 301* I 
-Vuraac Oil i Gai- t6Js : 
UakB.xrt Pet -’in, 4JJO : 
Pa*AflC(Ccippt*r Mj 2.10 ' 


1 is* 

lk>6e 

14), 

l e' 

4.15 

194, 

12 


td2t a 1 722 k 
321; 
247, 
165, 


30 

263, 

4.1S 

1.81 


Paoi 6c Pet rcu.«u mi 37 

P. r. ' 1 **l. 


. We.ee.-* ;. 

I', -.rc inni‘*r... 

I "III. l-v- 

I II luia 1 .in Ind . 
■VlilUT «.|. 

i Wlnoonatn BlvinJ 


a54 
26)* 
*3>) 
ii'-i 
IB L* 
20k 


dSJ, 

,) 

184 

3«i, 


Pkn. Can. I'et 
Patino 1 

Pes*l4e» Uepi.sJ 

PUtrt Can k Uil. 
Placarl/erelnpm 
Power Cor rom' 

Pruse 

v^uebec Stui 

Konger Oil..'] 

tired sun. 

Klo Aljp-ia) ..... 

Knysi Dk.gt lin_ 

I toys I Tnisi ......j 

Si/eptre K’gouteei) 

Seojftsm* 

Sbeu Laoniia 
abemti U.MmeJ 

Siebcu- O. tr 1 

■Sfnip»-iaB I 

Sled m Canada.. J 
•Jleep lf«Ta.-l* Iron 
Tcxaiyi Canada 
TnomUi Uiiuijft.. 
TiausCan Pipe Ln 1 
■ Trane NJminl Op^ 

Inrn.-... 

I L nn iii Ga* 1 

[ till, .-now Miner 
MV tiei II min. . 

I Ci-i-l 1 m ’. 
nCsi.H! , 


36 
93k 
lei* 
330 
0.86 
a27, 
14T, 
134 
1.10 
363* 
1C 
30 Ig 
29 
181 , 

ft, 

261, 

141* 

4.75 

24 


* Toronin uricM 

Bd 1-llUhk. 1 PM 

ITrWed. IMw 


51, . 

31* 

25 

24T, 

2.42 

2.4S 

395, 

395* 

lcta ■ 

lei* 

i«s* 

141* 

9)a 

9 

til . 

tit 

11.38 

Uta 

| 

# 

;3 

32S, 


aaii 

16H 1 

16'c 

HnrHr*a! priiw 


1 Aaked 


notes : Oreraeas prlcea shows below 
exclude S preml mn. Belgian dtvtdeod& 
aro after withbakluui ip* 
yields b»ed on net dividend, nlns tax. 
4 DM50 denom. nnlra rKbmrtse sated; 
V PiasJOO denom. oniesa otbeivtse stated 
4> Rr.IOO denom. unitKi* atherwiie stated 
-> FrsJOO aenom. and Bearer (hares 
unless otherwise stated. I Yen SO detrain, 
unless otherwise slated. S Price at time 
or suspension a Florins. 6 Schillings. 
* Cenu. a Dividend after pending rtsht, 
■ud'Or solo issue, e Per share. / Franc. 
1 Cross, dlv. V ft Assumed dividend after 
scrip and/or nghr, issue, ft After local 
taxes, m K tax free, n Francs: Including 
Uniiac dlv. p Nom. <7 Share split s Dlv 
and yield exclude special payment, t Indi- 
cated dtv. a Unofficial tradlns 0 Minority 
holders only, u Merger pending. Ashed 
"Bid. {Traded. {Seller. ? Assumed 
tr Ex rictus, xd Ex dividend. xc Ex 
<cnp Issue, xa Ex alL a Interim «>nce 
id creased. 


exchange market remained sub- to $170}-$1T1J. 
dued. reflecting to-day's Ascension 
holiday across the continent 
Sterling traded quietly within a 
very narrow range of 91S225 1 
Si -S3 10 in terms of tbe U.S. dollar. 

Opening at $1.8250-51.8280, early 
demand saw the pound at its best 
level for lie day. Figures for 
the UJv’s official reserves in 
March proved to be much . as 
expected and had been largely 
discounted. However, some sell- 
ing did develop during ihe after- 
noon with the Bank of England 
possibly giving minimal support 
The pound dosed at $1.8250- 
S1.S260, a fal lof 10 points. Using 
Bank of England figures, sterling's 
trade weighted index eased to 

61.5 from 61.6. having stood at 

61.6 at the noon and morning 


Huy 3 


cuwe ,sno3*.mis 


May* 


Opening...... 

.Uuruinfirix'Kj 



f 1 

==ss 

WSM 

kaWt 

HVW 

j— lip 
IsMwS 

' 

m ji{ 


. 


1978 


Deo Jan Peto Uu Apr May 


Altera* □ fix's 


5170-1703* 
S17U.50 
£93 060) 
5170.45 
(£93.269) 


Gobi Cota 
JpnieaUrcally.' 
tCrugvmuhl .. 


(C92.558) 

5168.00 

(£93.346) 


15X75-177 
f£98-97 
N’w Sor’gan.jSS2A* -543, 
. ft 29 JO) 

Old aor'nnu!$5Z)4-*43« 

k£39 50 


Gold Coin* ...i 
ilDtenut’ll;.' 

Kjrcuwrniad ..'5175-177 
i(£96-B7, 

Sew Sov’rgOaJSSBs, ^43* 
k£2M-30. 

Old 8oT’rgnBlS50 s «-543* 
(££9-30: 


SSO Kkglca— .;S275l, 27Bia S373ig-37Pli 


FOREIGN EXCHANGES 


calculations. 


The U& dollar opened Initially CURRENCY RATES 

firmer but this trend was reversed * 

during the afternoon and tbe cur- 

rency recorded mixed changes on 

balance. Against the Swiss franc 

it improved to Sw.Frs.1.9835 from 
SwJ*rs,L9622f while losing to the 


against DM2.0S15. The Japanese cwt£nt:“ 
yen also eased slightly to Y226J2 Auutm -. 
from Y226. Beigiu fr»n>.- 

Danish krone 

On Morgan Guaranty figures at geuwebem rfc . 
noon in New York, the dollar's 

trade weighted average depfeda- !*££ , 

tion widened a little to 5.06 per Japan CM yen. | 
cenL from 5.04 per cent on TUBS- Norway krona 
day. Using Bank of England 
figures, its index improved to 90.1 
from 98.8 on Friday. Gold traded 


Special 

Drawing 

Eights 

European 
Unit or 
Account 

. May 2 

May 3 

0.059576 

0.675651 

1.22298 

1.23458 

1.57891 

1.36839 

18,9560 

18.4275 

39.5206 

39.8955 

6.92490 

6.90424 

8.65646 

2.56036 

2.71074 

2.73633 

5-66325 

6.70612 

1061.06 

1070.61 

276.087 • 

278.250 

6.61021 

6.66812 

98-9770 

99.8635 

5.65078 

B.70710 

2.38811 

8.40966 




Market: Katas 

Key 3 

Bate*! 

Dev’s ( 


S|«wJ | Ctass 


Now York...' fife 


llontixal.-.: Bfe ^-ObiO-2.06HO 2.0BB5-* 


Bru*-el^....] G>, 
CupcuLbaxcD, 
Freak fort... 

Lisbon 

Madri.1 

Milan. ........ 

Oalo 

ParW.~ ; 81, 

Bt*jvkbulnj..| 7 

Tokyo I fit, 

V ken nn. I &l, 

Zurich. I , 


9.86-0.924 

8.514.8.49 

S.44-B.-I9 

410-410 

2f.26.2f.4Q 

3.576-4.804 


9JS4-9.B71 
a.4ii-a.42i 
B.4& B-*d 
4124-414* 
21 .26.27 .Sft 
3-bB-3.il! 


EXCHANGE CROSS-RATES 


| Mav 3 [Frankfurt 

New Turk 

Pons j Bnissel* j London A mat'd m | Zurich 

Frankfurt. 
New Tork" 
Parts. .... " 
Urusseis—. 
London..... 
Am »t 'dam. 
Z 01 tab ..... 

48J»J» 

222.70-3^4 

16^6-61 

3.791861 

HWEC+Ea 

94.639628 

E077&4JTO6 

4.6166B885 

32J7-42 

1^26860 

46ADU 

2L61-64 

7JJ04J3 
8.4194^ 
47^9-48 JKl 
42^33633 

6.418426 3.791-801 i 93^3-68 1106.806.00 
3.a87O092£L82aoa26a 44.89-96 1 60AO-90 
14.295329 B.M15-481? 208.4095 (236.70-7^0 
— ! 69.13-30 . 14.6661 1 16.4856 

69.05-15 — 1 4.0506 3.58-59 

6.8676-86254 J)546-05^ - JllSJ2&^76 

B. 0704-08 195. 6861 -b907^ 88.434-68K — 


UJ. 0 in Toronto F3.=U2.8B8l Canadian centa 
Oanadian B ta New Tork=8g.686B oanta. D.3. 9 in Milan £87.40-70. 
Sterling In Mllao 1680.00-1666.76. * Batea for May 2 


Singapore 

s. Aijiwu. 

UA 

Canada..—! 

Cll 

U-d.ceniaJ 


EURO-CURRENCY INTEREST RATES* 


Rate given for Areentlna La a Free rata. 


May3 

Sterling 

Ijwhll.r, 

Dollar 

UJL Dollar 

Dutab 

OulUtera 

Swiss 
fra no 

w. German 
mark 

iPhcrt term 

Sta-lOta 

7-8 

7l,-7i0 

43,-43, 

*,-*4 

3*4-3% 

7 >1«vs notice 

910 

7-8 

74-7fe 

43, 46, 

6,-5* 

3U-3J, 

M.Mith 

91,-10 

7fe-7T, 

0T,-7l0 

4i*-4ta 

lift 

31,-33® 

Three month,. 

20-XOta 

754-81, 

73,-7 Sg 

4 1 S 43, 

1.11, 

3*-3ft 

tils months. ... 

103,-107, 

81^81, 

7t,-8ta 

46,-47, 

ita-lta 

33,-fe 

One year 

101*- 11 

81,-85, 

Q-8i* 

43* -6 

1ft -1 iv 

3ta-3S, 


FORWARD RATES 

, One from! b 


Thnw mi-ntb* 


one-momh 7J^-r30 per cenL; Qiree-momft 7.45-7.95 per cent.; str-m until 7.73-7^5 
per curl: one rear 7&r£.Uo per cent. 

"Rates are nominal calling nies. 

Short-term rales are call Tar sterling, D.S. dollars and Canadian dollars; two 
days’ notice for guilders and Swiss francs. 


Vienna. ...‘14-4 jnj piu (27-17 gm pm 
Zurich 131, 21, e. )<t n 8 >a-7S , c. pm 


Six-month forward dnUar 2.49-LMc on. 
ll-mooih 4-66-4J0c pm. 


GERMANY ♦ 


May 3 


Prioer >+ or iDiv. 
l>m. , - ! % 


W. 
' t 


AK0 - ■ 

Allianx Ventch...i 

BMTV ' 

BASF.. i 

Bayer • 

Baver. Hvpn 

Bayer. V erelnibk . 
Cibalnt.Neci.wTt9' 
Commerzbank.....; 

Com Gum ml ' 

Daimler Bem. ...... 

l/egn^ia 


85^— 0.2 | — ‘ - 
466.3 + 5J -18 : 1.9 
227.7!— 0^ ' 18 • 3.9 
135 1 + 0.7. 16.76 6.9 
157.8. + 1.5 16 I - 
278 +1 , 18 : 3.2 



I ‘Price, 

+ or 

Divi 

Yld. 

May 2 

j Yen 


% 

% 


293XI+4 

165 1 

225 +0.5 
72.6-0.2, 
295.5 -0.5 ; 
250«t ; +0.2 
154 0.6 ! 

293.3 -0.7 | 


ia ; 3.1 


Demag 

Denlicbe Bank....- . ___ 
Drertner Bank.... 242.6«t> + 0.1 
Dyekertn.ff Zemt.: 149.0 +5^ I 
0 utehcfff nung....-I 190.0,-0.5 

Hapag Lloyd '■ 

Hari+ner.. 

Hooch 


Horten — 

Kali und Smk — . 

Karwa.1t 1 

Kaufbof 

Klockner DM 100..' 

KHD 

Krupp.. 

Uude..._ 

Low^ibreu 100....: 1.500 at. 1 

l.urtbanx 1 104.5 + 1 I 

MAN 

Manner nuao...,. 

Jit 1 ta lie os 1 

Munchener Buck.. 

Neirkennann i 

Preu»»ajr DM 100. 


12 

114.9+2.9! 12 
276.0+2.5 9 

135.3+0.8, 16 
46.3+0.61 4 
119.5-0.5! 10 

134.6' ...| 9 

295.21+0.2 i 20 
201 1+1 ; 12 
90.6 + 1.3 : - 
172.5! +0.2 ' 

93 (-1 I 
234 All j 


17 | 7.6 

saTis *jb 

17 j 3.4 
14 4.6 
IB ! 3.1 
28.12 5.8 
4 i 1.3 


5.2 

5.2 

5-3 


4.3 

4.2 


TOKYO 1 


Atahi Glare 340 

Canon —J 500 

Casio. 600 

Cbtaao 360 

Dal Nippon Print, 655 

Fuji Photo ' 586 

Hltaebl j 236 

Honda Union 632 

House Fund 1.170 

C. Huh ! 230 

Ito-Yukado ; 1.300 

Jacva 615 

J-A-U 12.640 

Kanwi Elort. Pw.'lIOO 

Knmatau I £50 

Kubota 1 265 

Kyoto-Ceramic ... 3.630 
Matausblt* Ind... i 769 
Mitsubishi Bank.. 
Mitsubishi Heavy: 
Mltaublabi Corp..' 
llit-ui & Co.._.... 


+ 3 
+ 16 


14 2.1 

12 I 1.2 

25 2.1 
20 2.8 


|+5 
+5 
+ 15 


i+5 
!— 10 
' + 7 

ri° 


;+b 


3.41 Mltaukrtbl 1 


3.4 

6.0 


12 : 5.5 


5.4 


...| 175.5!— 0.5 ; 


ItbelnWett.iSJecl.j 


162.31— 0.5 ! 14 

206.01 10 

530 I 

116.5+3.5 
108.51—1.5 


16 
25 
7 | 5.3 
12 I 3.4 

4.3 

2.4 
18 • 1.6 


278 

135 

437 

350 

560 


1-60 ; 
[ + 18 , 


-2 


4.6 

2.6 
if.fc 
0.6 

1.3 

1.8 

4.4 


+3 


15 1.5 
14 2.1 


J 

•Jiemem- .......... • 

■rurt Zucker. -_.«■! 


181.5!+ 1 


Z41 1+4.5 
273.2+0J2 
243 -2 


25 i 6.9 ! 
20 4.1 


rii\>*eD a.c • 117.881, + 0.8 i 11 

'ana 174.5 14 

>.EBA 104. 5!- 12 

loreinnAV.’ertDk; 286« - i 18 

Vulkawageu 202 — 0.6 1 25 


Mppun Denao — 1.430 
Mppra b'UinpanJ 665 
Nu-san Motor* — | 626 

Pioneer...M 1.830 

dan.VM Blectffe...., kb6 
, *efci«ui Pretab — ! 9k0 

8.3 1 >bL-«eldu ...11,090 

Sony....... '1.870 

tei-.bg Marine. — j 241 
lakeda Chemical.' 365 

rPK — [2.050 

leijtn 119 

Tiiklo Marine..™.! 600 
loklo Blcvt Puw'r 1.050 

U*v« aanvo I 315 

■ '■ki-uSbllwiira — 144 

loraj,- 141 

luyuta M.itor — i 1,000 


AUSTRALIA 


MayS 


AmL 0 





i^ilce 


■ffffjTH 

May 3 

Kroner 

- 

% ! % 


' + 50 i 15 
:+5 -i2 
1+18 l 16 
!— 10 | 48 
+ 1 
+ 5 
1+20 
(—20 


1 + 10 


i— 20 


2.9 

3.6 

4.7 
4.0 

5.7 
3.3 

6.8 


+2 


fcf 


+42 


AMSTERDAM 


Source NDcko Socnrltlea. Tokyo 
BRUSSELS/LUXEMBOURG 

May} 


1 i Divj 
Price + or Pi>. Y*«t 
Pr*. — ‘ Net ; % 


May 5 


Price 

Fla. 


+ or ■ Div.-Yid- 

~ I * ■ « 


Abokl (PL30i ; 99.5xu +0.3 | -*21 J 3.6 


'+45 

! + 20 


\km<PI.L0t... 
■Vfeem BnkiFl.iOO 

AUEV (Fi Mi • 

Animlnnk I'FLSOr 

Uljenknr; 

UokaWest'raCFlOi 
BurliroiTctl erode 
Klserle V tFI^O).' 
Bo uia .V . V , Bea reH 
Earr.LoiuTktFi.lO! 
Girt Brcailw. <F10' 
HeioeKcmFl.£6i..' 


27.3 ^ 0^ 

540.51—0.5 A 25.5 6.9 1 
B4.1!+0.l A-44.13.1 


Arbed ‘2.340 

Bq. 8rx. Lamb 1 1.570 

Bekert ”8" ..! 1.800 

C.B.R-CenwnL... 1.360 

Ua-Kertl 408 

EBBS 2.570 

Kleetribel 6.660 ,-80 ^30 

FairfUiue N/rt. 2.500 1+15 |170 


i— 34 
:+4 
1 + 60 


KCMIL (25 cent)^ 

A crow An*traluv. 1 

AlUwl Jlnt-Trdc. In.1o» SI 
Airrpn! t»xptanttlnn. M .>.....1 

Ampul Petroleum 1 

Aamr. Minerals— i 

A woe. Pulp Paper SL...„..{ 

Aaaoc. Con. Industries 

A use. Foundation [ureal-, 

A.A.l — . .. , 

Audimro. 

An t. Oil k (raa 

Woe Metal Ind 

Uotiganvllle Copper... ..„—! 
Bmfceo Hill Proprietary...) 

BH South ; 

Carlton United Brewery ...I 

C. J. Coles. 

l»R(Sl| 

Cuna. Goldfleld* Aunt 

Container (SI) 

J Conzine BfuCloto. „..J 

„ I Ccatain Austral la — 

Diuilop Rubber (SI) — J 

{ •? J E6COM.— - 

I BUer Smith ........ 

f-f j O. Industries — ........ 

Den. Property Tniai_ J 

Hamers ley 

Hooker I 

I.C.I. Au«trella._ J 

lai*ftoi*er -J 

Jennings IndusCrlea j 

Jones (Oaridl [ 

Leonard DU j 

Metals Exploration-.- j 

Mill Hol.llnga.- 

Myer Eaiponmn 

News. -J 

Mub'das International ) 

North Broken tt'dingt (60*i 

Oakbrtdgs- :... 

Oil Bcatvb .-...J 

Otter Exploration—. 

Pioneer Cootrete....- | 

Kenkitt ± Col man 

H. C. Sleigh — I 

>?u lb land Mining — ! 

Spaigos Exploration - ! 

„ - T«»th (Si i 

f '® I 'Taltooa- 

IVestern .Mining iSQcenisr 
Woofwottba...— 


12 
3D I 1.6 
20 I 0.9 
40 ; 1.1 
11 ! 2.5 
15 I 2.1 
do . 0.7 

10 : 4.2 

11 i 1.) 

B : 3.6 

12 ; 1.9 

10 3.5 


10 

20 


3.5 

1.0 


fO.69 

tQ.80 

12.35 
tl.43 
10.82 
11-05 
11.18 
11.76 

10.91 
11.45 
10.43 

10.35 
11.05 
11.18 
76.63 
10.80 
11.85 

11.91 

12.92 
tZ-45 

12.30 

13.25 

11.30 
11.38 

11.05 

12.05 
12.13 
11.52 
t2.10 

10.74 

12.10 

10.26 
11.25 

11.12 

;0.25 

10.15 
11.94 

11.75 

12.30 
10.65 

11.15 
11.67 
10.10 

10.16 


!-4).0t 


+0-06 

I+4L01 


i 


i+lflt 


+0.01 

!+fi.OI 

j+0.01 


Ml.02 


-<U)1 


OSLO 


Bergen Bank — 
Borreptard-.-... 

Credltbnnk 

Ki-mof ...... 

Kra1IOrai««i 

Norsk HyAnto-.r/il 
^Uirebread...-....l 


93.01 „i 8 

62.S) 4 

108.5 —0.5 ! 11 

24081 ] 20 

108.00,+ 1.26' 11 


192.»V-2.70i 12 
“ + 1.76] 9 


flO.OOi- 


i 9 - 7 
6.4 
0.3 
B.5 
10 8. 
S.0 
1 10.0 


brazil 


May 9 


j" Price ! + or ‘Hi*. 
i Crus ; — i-ru2 


nai...i a- 

Sop] i. 


Aceaita : 

Banco do Brexll...| 

, Banco Itau.. 

-0JJ3 j Beige Uineim 

Lojaa Amer. OP..' 
Petrobras* PP-... 

Pirelli OP 

Sousa Crux OP 

Unip PB \ 

Tale Hi.. Drxs) PP) 


1.05 

2.40 

.20 


r-t 

% 


I Mi 
7.00 


U.08 

-0.01 


1+0.06 

! — 0.0B 


1+0.03 

+0.05 


+O.Oflit.U 
+ 0.06IU.17 
,+ J.U1 f.lbJU.H 
94 ! + 0^.12 '8.19 
3,17 j+0.17|u.2L (6.31 
2.99 1+O.bBu.lG J.54 
2.56 1+0. 1D< -.16 It. 27 

2.68 +O.D5|0.23 U.6B 

7.69 L_o.uliii.2i, J.e4 
1-60 '+0-061 *1-15 j6. 1 5 

Vol Cr.IoO.5m. Shores 87.tm. 
Source: Rio de Janeiro SB. 


1+0.0 1 

'-0.06 


1+0.01 

|-fl.0S 


JOHANNESBURG 

MINES 

May 3 

■Anglo American Como. .. 

Charter Consolidated 

East Drttfo ninin 

Eisbont 


!-0.0< 


Platinum 


Harmony 
Kinross 
Kloof 

Kusienbunt 
St. Helena 

South Van! 

Gold Fields SA . 
Union Corporation 
De Beera Deferred 
East Rand Pry . 
Free Stale Ceduid 
*7 an '_n nx i Pre 4fledl Brand . 
:i |9 r 0 ' 08 ' President Steyu . 
i ' St Ilf oat pin ... 

10.66 -QM ; weCr 

I Wesi DrteronteJn 
i Wpsrern HaMlnas . 
] Western Deep 




:-0.BI 

i-d.02 

'-0.01 


'- 0.01 


1 16 6.4 
100 , 7.3 

177 ■ 6.9 


7K- . rc 1 ' u» t i n ■ >*»**- 

87 6^01, * 3 i & ! f'Si'LB. Inno-Bm— .'2.2J0 

1 o'Sl + * 1 21 : f-S Oevaert- 1.436 


6.7 


110.5' 80 

6B.2' +0.2 ) k6 | 7.7 
283.0 +2.B , 27.5; 2.0 
139 !*0.5 37.6; *.4 

65«i:.- 94.&! 5.4 

31.5—0.1 22 1 7.0 

97.7+0.9: 

30.9. +0.6 1 


14 ' 3.6 


Home Oil 'A" 1 

Hu.lsou Hay Ung. : 

Hiulwin Day.... . 

UiuiRfiirr Oil± i t rb 

393, 
icJ* 
18U 
41L, . 

39<t 

lti, 

18)* 

403b 

Hunter D.iFi.lOO) 
K.L.3I. (PI.UO).. 
Int. Mullen 
Nnanlen (Fi.iOi.. ■ 
Nid-Nee Ijt'.iFlWi 

1:3.8, *-0.2 . 

143.B- + 0.4 , 

44.1— 0.4 J 
34.0 a -0.1 
106.4+0.4 ; 

1 

Impensl Oil 

33 U 

19 

t8Ji 

32S, 

Ne>l Uld Hk i.n. tiC 

190.2,-1.3. 

ItXTi ; 

18 

t'an Oramtw. .. 

151.Si + 1.0; 

m.si+u.fii 


12 ' 6.0 


Pahbued 1P1. 20). 1 
Pb!t(|» (Fti 10) ...' 
KjnSJ'AVrtFl.lOOi 
lb.boi.il (F|. ncn.... 


Itc’linn’ (FI. S0j...j 
l(orent') (Pt. 


18 8.2 
12.5 3.7 
08 : 4.S 
21 . 7.9 
22 , 5.8 
36 > 4.7 
18 ' 7.2 

38.71+ 1.6 - | _ 
25.3—0.1 1 17 ■ 6.7 
74.7j— OJi — - 

16S.6|— 0.1 ! A25to' 7.7 


124.2j— 0.3, — 


■«w«guvj AS A» «JWi U2.QL I 14 

i:oi«IDu(cluFlJDl 127 ,4{ — 1.0 5fl./5 
Slarenburu ! 240.4ri — 1.6 i 19 


bterln Orp (FU5D 
Tykyo Pat-.Hl-ie.S 
IT/iUnrer (Fl. LU). 
V'lklna Ba.fntiSl' 
Weatlan‘riu.Banki 


130 27 4 , 

108.0-' 30 

113.8-0.8.42.8 
39.0 +0.3 30 
370rt -2 : 33 


5.3 
8.5 
'73, 

4.2 
0.7 

7.4 

1.2 

4.2 


COPENHAGEN * 

May 3 

Price ' -+■ or 
Kreraer [ - 

.Dlv.itld. 

* ;* 

Anders baft en 

136.2&I 

11 1 8.1 

Burm’ser W._. 

420 | 

IS I d.6 

Dsnake 

132.Oal-0.76 

13 1 9.6 

K «st Asiatl Co. 


12 I 7.5 

Finatuhanfeea..™ 

130,25 + 0.26 

13 10.0 

For. Byjraerter.-. 

io9.00l + O.fiC 

12 3.0 

For. P«plr...^,rt.. 

60.75* — 0.75 

8 S9 

Handle-bank ...... 

123.75, + 0Afr 12 189 

G.N'tfa'nH.fKrW) 

260 jj; 

12 ! 4.2 

Norrf Eobel 

2440+4- 

12 • 4.9 

OlWabnk........... 

74.00 — 0.75! 12 - 

Primtbsws 

130.751 

— 1 8.5 

Prc-cinrhunk ....... 

135.00 -0-25 

11 8.1 

tii'pi, Bercndsen. 

374.5! + 0.5 

11 : 3.2 

superfw 

191.251 + 3-76 

12 6.3 

VIENNA 


Prwt :,■* 

Ulr ,l.u I 

May 2 


« | « J 

(.rftUlsuiUJt 

342 

1. e.9l 

IVnmiBriC 

260 

0. 3.« 

"eie. r\ 

586 

• 0 .1 

■v=nif*Ht 

93 + 1 


•tevr L**tmler. ... 

183 ±3 

■7 : 3.B 

1 sit Msgne>ir.... 

248 (—3 

14 [ 3.8 


Hoboken ...,2.330 

Iniervnm - 2.000 

KreiJietlwrik jo.650 
M Knrale Beige.. '6.0 10 

Pan Holding |c.45Q 

PetrnSM — 14,235 

Soc Gen Baaqur.j2.B60 
too Ben BelKique.1,990 

-.'a,350 

lo-vay .12.540 

Traction Elect '2.750 

LCB ' 926 

Ln Mm. tL'Hb ' 788 

A'lellle Montague. 1.708 


!. ;i50 

i+l4 j 85 


f— 30 


t-140,170 
1+10 :142 
'26s ' 

305 . 

:+ 30 IS2.Z&1 3.3 
. + 25 fl74 | 4.1 
—lo |204 6.9 
'—10 ,140 ■ 7 .0 

! 1215 •' 6.4 

<+10 I A 200’ 7.8 


10.21 
10.17 
11.81 
■ 0-89 
11.28 
11.62 


rOJM 


— 0.02 ! 
;-o.oi 


PARIS 


IffayS 


Price I + or . Dlv. Tut. 
Fra. I — 1 F re. I t, 


0.3 . Rente.44 

. ] AtrtnueOccirlViel 

7*. - Air Liquix 

31 1 Aquitaine 

HI U 

Bjuvgue* — 

B. S.S. Gervfi | 

Carrelmir..,.. 

C. O.E.- J 


I.:* 0 .! 1 ! 0 ! I CtaBarinlni 

!-*" I so • 6.3 

+ 30 1 — ; — 


SWITZERLAND • 


Mar 3 


Price I + 1 


Die. ru. 
i % : % 


Aluminlam.— ... ’l.HOifl ; 

BBC* A* 1.645 

ClbaGelertFr.KMjl.iao 

Dn. At. Cert-... I 820 

Do. Heg _l 615 

Credit Sulaae 2.145 1 

Elect n..watr 1.585 
Firf+sr (George).-, 650 
Hoff man PtCerts.i75.600 
Do. i5moll)....i7.575 

Interbiort B - 3.750 

JelmoU (FV. 100) .11.450 a, 
Nestle (Fr. LOO).. '3.095 

Cta. ft eg 12,240 

OeriikwiB.\F2bLn 2,086 
Pirelli SIP (F-lOo! 260 
dandtu 1 Fr. E&J).. 3,480 
Do. Parti Certs | 463 
Si-hind lerOtaF 1 


-10 

+ 5 


b 
10 
22 
22 
22 
16 
10 

.1 5 

-500*550 
55 


1 — 2 
-5 
+ 5 


1-85 
+ 6 

+S 


h— 2 


L-2 


280 
338 
784ai 


3e8al 

Sttiw, (Re. F_2W). 14.450 


do 


2.7 
3.3 
2.0 

4.7 

3.6 

3.7 
3.2 

3.9 
0.8 
0.7 

20 ; 2.7 
81 ! 1.5 
S' 2.8 
|a8B.7 3.8 

15 1 18.0 
15 ■ 0.7 
86 ' 1.9 

as 2.8 

12 1 4.2 
14 j 4.1 
10 ! 4-5 

8.9 


Union Bank 2,920aj— 5 


Zurich Ina. 


— 1 


10 
I 40 
! zo 


10.650 +50 44 


2A 

3.4 

2.0 


MILAN 


May. 3 


"Price 

Lire 


+ or U.r. iTi i 
- Lire; % 


Club Medlter 

Orcyiit Com Pr’cef 

Crcnisrt Loire .J 

Uvimea- 

Fr. Petn>lea.~....i 
Gob. OrvW«italej 

I metal — -....I 

Jncquea Boral 1 

Ltbrnti _.J 

Legrand '1.7&5 [ + 20 

Malaona Pbenix.. 11.080 '-.—9 

Micbelm ■■B" J 1,470 + 23 

Hennaaay—j 495 [—5 

Moulinex - 

tfttrllwa ."J 

Pecbiney-.-..-..-. 

Perand-IUcacd ...J 


723.0 J-4.2. 412 0.6 

416 !j-4 ' 21.15 5.0 

311 1+12-16^5.3 
448.9 + 108 28^3 5.8 

490.0 +4.9 '12.75 2.6 

657 j+12 . 4g ' 6.3 
4.77 +1 ,40.6:8.4 

1.668a' 75 , 4.4 

365 >4.8 31.Si B.6 
1.130 t+IO 5Si' 6.2 
328.5 * 1.5 lg ; 3.7 
425.0! *9.5 IIJi3- 2.7 
128.9' +0.9 12 9.3 

86.4; + 4.3 1 — ' - 
824 1+16 '7.5 . OS 
128.5+0.3 14.101 11.0 
188.0;-O.2 ; 8JS; 4J 
63.5+0.7 
123 [ + 3 
182 2 
720 l + B 


5.7 9.0 


iinnn . . 
Pcv&ln I 


Kndlo Technlque-l - 
Itedoute | 

Khrt nq P^ iil»tm 

Su OobaJn [ 

Skis HoBaignoI ....j 

ttaer 

Telameoaniqoe— 
Tbmnnan BrendiJ 
Urinor ' 


495 
169.9' 1 3.4 
163.8, + 0.4 
89 I + 1.4 i 
875.2 + 1.2 ' 
564.9: +4.9 
208 +7 

435.2! -4.8 
580 '-5 
88.5—0.1 
148.8; +2.3 
1.640i + ia 
269 -11 
760 8 

195 +2.1 
26 1+0.1 


16.77 9.2 
lD.»! 2-2 
38.76; 2.1 
38.9! 3.7 
<2.66 2.2 
12.6 2.G 

4 :«j 


Rand 
5 07 
3 JO 
11.00 
1.70 
5.03 
5.05 
*7.70 
ljfj 

13.00 

?.» 

..—...nr 20.00 

■—> 4.55 

... 5.OT 

— ■ 5. 10 

27.00 

14.30 

110 50 



4.3> 

ao.;u 

iwi.on 

712.25 

INDUSTRIALS 

A£CT 

\nsta-Amer. Industrial - 

Barlow Band 

CNA investments 

Cumc Finance 

Oe Beers Industrial 

Edgars Consolidated lav. 

Edgar* Store* 

Ever Heady SA 

federal? vofUsheietwtaR, 
Greaternun* Sloirs 
G</adian Assurance <SAi . 

nnletts 

LTA 

McCarthy Rodway 

NedRank 

) OK Cazjer* 

Premier Miftinx 

Pretoria C.meot 

Protea R/tidtnas 

Rand Mine* Proocrtloa ... 

Rembrandf Grooo 

Betco 

Save Holdings 

SAPP) - 

C. G. Smith Sugar 

Sorec 

SA Breweries 

Tiger Qau aud T\H. Mia*. 

Uaisec 


♦or- 

-o.o* 

+0 03 


-0 OS 


“8J8 


+0.2S 
+0 IS 

-u.ta 

-8.15 


-in 

“O.M 


— #19 
+020 


-0.15 


s.v 

+0.M 

9 :o 


!)73 

-9*4 

n m 

+910 

e iTT 
*e.no 

+0« 

1 ?5 


tn aft 


»t.rn 

+n n: 

l *1 

+ 0.M 

: ID 

-DOT 

1 ti 

+nic 

. a» 

— ow 

; '*<1 

+5 05 

P 57 

+0 83 

: 45 


3 »+ 

+ MB 

syn 

-Ota 



i.li 

-004 

j.*:. 

-fl « 

3 


6 *1 


1.45 


1.94 


5 fl 

+0 ie 

Of. 


1.3) 

+niB 

9.15 

+ 1) 03 

1.05 



(Discount oi 36.7%) 


19 JSb‘ 12.2 
7.3 8.4 
7.B Z.7 
IS! 4.1 


27 j 5.8 
37 I 4.6 
9 10.1 
14.E£ : 9.8 
39 { 8.3 
2&S 0.4 
26J1 3.4 

is. ib! 7 ja 


5.1Bj 7 £ 


STOCKHOLM 


May 3 


AGA Ab(Kr J>0) — I 
AUaLanlB(KftC| 
A SKA (Ki.M. 
Atlaa(>9eo(Kr2£J 

MLlIerud 

Botor*..—— 
Canto——— 


Prtoe 

Krone 


210 
166 
86id 
133 ml 
87 
130 
lbSxc 1 


■for 


Dir.lXi. 
Kr. ) ?. 


+ 2 
+5 
+ 2J5 
+3 
+ 1 
+ 6 
+ 2 


S.5 [ 2.6 

1 a ; so 
1 a 1 a* 
1 5 I *.6 
4 4.6 

! ^ 4 ! 3.1 


6.0 


513-1 
4Q9 


Do. Prtr...— ... 


n.iretn Prir. 


1.631 


Ii? • 


CellolMs— 

Eleck'-lux *B' (KSO 
Ericsson -B'lKrSOi 


SPAIN » 

Way 3 

As! and 

Banco Bilbao 

Banco Atiantlco n.oooj 

Banco Comral 

Banco Exicrtor 

Banco General 

Banco Cranuda fLOMj 

Banco Hlspano 

Banco Ind. CaL il.tWOl 
B. Ind. Mcdirerraneo . 

Banco Popular 

Banco Santander f£50i 
Banco UrtmUo fl.OOO) 

Banco Vizcaya 

Banco Zaragozans 

Bankunlnn — 

Ranuv Andaihcfa 
Babcock' WUcox 

CIC nir 

Drags d os 

InambanW 7~ 

E- 1. Aragtmesas 

Espanola Zinc 

E*rf. Rio Tinlo " 

Fecsa ri.Offii 
'l.onoj 


Per renL 
170 
304 
208 
345 
2M 
275 
ltd 
234 
180 
200 
243 
388 
257 
24B 
ZW 
149 
223 
29 
75 
260 


+ J 


V 


M^.iaau 
91oei»-169u 
SI 69.15 ’ 


:8l73l,.l7Bh 
(WtWfi, ’ 
IliS2fe-04ia . 
jtcato.gfls,, 
S5fife-S4fe 
k£284*-2%i*» 


91731,-1751, 
(C9&-96) 7 

b52>s-64la 
l£2&3* -293*1 
S53>s-34l, 
1*283* -BSJii 


1.6226- 1.85 10 1.9260- 1.B3H 


68.9b- 59.3U ! 55.0569. IB - 
S ” 10.i5l-lD.4Q ;l0.3Bi 
S I 5.79-3.82 , 3.791-3.80; 

is ; 78.20 77.80 1 n.o& n U 

8 Il47.7d-I4a.00 147.85- I47.B, 

life! 1.582- 1,559 ,' I.5F3-1.M4 


X Bates given for convertible franco. 
Financial franc 58.10^0.30. 


OTHER MARKETS 

| | Knie. 7bi)m 

Argentitui. 1592-159B 'Argentina. I26A- 1)68 
Australia. .It.6074 1.8257 .\iuiria.....| 2B.5-J8.0 

Brazil I 30.94 51-M tfcfelom...; bH-63* 

FintaffL ...j 7./A7.7! 'Uracil { Si-57 

U reeve ,87.563 6S.236i:«um<U ....,.’.05* 2.07 

EfoocKonsI 8.44i 8.4* j Dcnirwk.. (10.31 U.61 

Iran ! 125-131 1 France ^... ft. *0-8.66 

Kuwait.... ! 0.502-0.512 ,'licrmanj-.,l 


rw 59.0589. 16 itln+ce-.J fi6-7i* 

Malaysia...! 4.664-4.374 'Italy |1645 15!5 

X. Zealanil; 1.7565-1.3 197‘Jaien ! 4.HM.3J 

8.25- 6.31 fNellierl'nil! 4.014.18 

4.26- 4.27 i\i>nni r ....te.8A-IO.HS 
L6743-1.6B0r i Pr,rtii l (al...; 73-7, 

ppain { 144-141 

ISwUr/iaml! 8 .60 -A. Ml 

iL'-Sl ; 1.82- 1.84 

B8.n-B9.66 frrunoNUtvta; 14-36 


New Tork 0.47-0.37 «■. j.ni 1.27-1.17 c.jhu 
M ontreal . 0.35-0.95 (-.(iui-I.OQ Q 9Q c.(im 
Amst 'darai2i4.il* *-. pm [6i*-5'i c. ,.m 
Bru«ael>...i25-15 < . |>m ,70-60 v. piu 

F”p , nh|5n. l 2fe 4fe ureills 8*- 10* ore Hw 
Frankfiu* 23*-13* u> pm ;7i a _6l0 pt. pm 

Euro-Freocb deposit rates; two-dzv 84-81 per cent.: Mven-day 8t5i6-93i5 per cent: Lisbon 160-200 v . <1ia 310-5U0 c. dw 

ooe-montb 97-91 per cent: tfiree-monta ODu-lOiis per cent.; six-month HU-104 per Madrid ....ipar 80 r. dis M0-I40c ills 

ceat.: ode year 10M0I per ceni. Milan 3-9 lire .tia 14-20 Kradf 

Long-term Eurodollar dopoohs; two year, 81-81 per cent: three yean 83-84 per u*lo... M ._ 3-6 ora .its 'sic-LOfeure .<1* 

cenL: four years S4-»t per cen-„; five years 81-81 per cent. p nr ts ; i 2 .Mun-fe ■-. dis ta e om tacdli 

The fotloalng nominal rates trecr bunted for London dollar certificates of deposit; StVkholm '■*»-. 2 urQ di« Far- Jow.is 


f' 




+ 6 
+ 8 


■i 


Hi;' 


- 3 

- 2 


- 1 
+ 2 


t 


160 7.9 
160 9.2 | 


tvww4te “B" — 


'•□is ViH-ora 


__ , — , Fspersm 

76.25: I — j ft range* 1 free)—— 

10.4 10'- 11 ; 200; 1.9 [ Hamliesbauken-. 

137 ^—2 ; — . — J UanUfit —i 
39.410;— 190.1.200- 3.7 ! MnOch Hota-'in. 
1Z0.25- O.fa, - _ ' 

S3 7 1—7 - _ 

7.025 7 { Jjg &.« 

947 .-5 ; 80 8 4 

545 —10 . - ; _ 


i* 8 I 


250 

no 

50.0 j 

3124'- X | 
120«f' + B ; 
*68 '-*-2 


wndvIkA.U 1 265 1.. ...... 

..K.F. m ti" Kr...-.> 81 

M.SD.1 En-kihla-. M0ri-1 
TunJ-Hi. «O r Krtfk • 89-tf 

UsMalii'lm '.- • 66.S .. . 

Vrclnj iK/. tO 1 B4.Q.-Q-5 


II? — 

141 (+3 ) O , 4.5 Gnrpo VelaKjutj *440* 

a ' 3.1 1 Hldrnla 

4 ! 3.6 : fberdurro 

_ ' _ I Olarra 

lb I a_2 ■ p ap , -‘Icras 
B . o. j ' J^'roMu r 
o.a . 9.7 | r^Irelco-i 
a.?o t .2 
4.a ; a.b 
a 5.4 

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6 l 7.1 


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; Terrs-. itn&rcDfii 
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UO 
104 
70 
10 
81 
165 
T9 JO 
78.75 
136 
69 
117 
1« 
6675 
Sft 
1» 


- 0.50 
+ 1J5 


+ 1 


+ 2JS 
+ 1.7S 
+ 7 
+ 1 
- 1 
+ j.so 
- 1 
+ 2 




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+ 030 


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jteandal Times Thureflay May 4 1978 



/Bid to end 
raerinoram 
■| export ban 

i. ■ u& 

v ’i^ By Our Own Correspondent 
7 CANBERRA. May 3. 

* • -ms AUSTRALIAN Government 

>>, is moving quietly to lift the 

Y >? v‘.v long-standing embargo on the 
‘ J export ' of Merino rams, which 
•was. ••■■designed _ to preserve 
' Australia's dominant position 
as a wool producer. 

''■i..- MV. re* 1 Sinclair the minister 
■i\ for . primary industry, has 

■ V'i. sounded out most of the major 
* ‘iS wool producer organisations and 
found- a favourable response to 
'■!**. lifting the export ban. 

-Some industry leaders believe, 
h ang£c however, that it might be neces- 
Bar? to put the proposal to a 
... , - referendum of growers and 
y. breeders," 

"■ Last time this wao done, in 
(-+ 1873, there was a 53 per cent. 
■ response from those eligible to 
vole and about one-third of them 
tjf stujpnrted a continued emort 
'*£. ban out of the three choices 
' *■- offered m the xw)l. 

' Mr, Sinclair helieves the ban 
' should he Wfted on a trial ba^te 
'*•' regular, reviews of the 
i ' .> effects. 


ins interest 


triggers surge in tin 


MAIr|. Er5 


< German fish 
s deal with 
■; Argentina 

' BUENOS AIRES, May 3. 

•i A contract for test fishing and 
J- research in Argentina’s Atlantic 
"‘ waters- south of the 40th parallel 
- has been agreed between a West 
^ German consortium and the 
Argentine Government. 

Under the contract four West 
German fishing companies will 
• l be allowed to catch up to 100.000 
"! tonnes of fish for a one-year trial 
period. 

AH the catches must be sent 
to West German ports as Argen- 
tine exports and can be re- 
pyported if they open .Dp new 
.. markets for Arcgtina. w 
- Up to 75 per cent * of the, 
” 100.000 tnnne catch can be hake. 1 

with- the remainder made up ofi 
. unspecified fish. The contract is 
to he signed on conclusion of a 
DM35m. credit line for Argentina 
. to huy a West German research i 
ship. 


PALM OIL FALL 

“ • KUALA LUMPUR, May 3. 

PENINSULAR Malaysian crude 
““ palm oil - production fell to 
820.042 tonnes in January from 

- 95.153 tonnes in December and 
86.157 tonnes in . January last 

- year. ,c | 

Reuter 


BY JOHN EDWARDS, COMMODITIES EDITOR 

TIN VALUES advanced strongly „ - 

on the London Metal Exchange 
yesterday. The standard grade > 
cash tin price dosed £U5 higher rl 
at £6,297 a. tonne, after trading lftK 
at £6,330 earlier in the day. . ..... 

The rise was triggered by a *™TjL 
sharp increase In the. Penang —1 
market overnight, which jumped — 1 

$M46 ,to $M 1,596 a picul. A — » 

further boost was given by the — -I 

report that Taiwan was seeking — m „ 

to buy 4,000 tonnes or- tin at a — T*n F 

tender to he held on May 11. ~ ~Tf 

In addition the fall in ware- wan . 

house stories last week has high- 

“Stated, the development of a 

tagMening of supplies unmedi- — 

ately available to the market- r, .JWll t 
Tae result bas been that the DEC jam 
cash and nearby prices are 
establishing a growing premium tn the raoai 
over forward quotations. every likeliho 

.. “ « . generally believed -that in the Intern: 
there is unlikely to be any ment “floor' 
release of surplus tin from the prices being 
X*®- s^fcpile uottl October at sumers at the 
rne ear-best and possibly much meeting In Ji 
, The Taiwan 

woposate for stockpile re- affected other 
leases of tin, and possibly there is consid 
purchases of copper, appear to whether the p 
be stalled in Congress. It is place, as sped 
thought it might take some in requests fo: 
time for decisions to emerge, The tender 
even if market prices continue 40,000 tonnes 

tQ rise. Inniuii. nf Isiit 


DEC JAM SB MAH APR MAY 


In the meantime there seems 
every likelihood of an increase 
in the International Tin Agree- 
ment "floor” and ■‘ceiling” 
prices being agreed by con- 
sumers at the next Tin Council 
meeting In July. 

The Taiwan buying tender also 
affected other metals, akhough 
there is considerable uncertainty 
whether Che purchases will take 
place, as specified in reports and 
in requests for offers to traders. 

The tender calls for offers of 
40,000 tonnes of copper. 15,000 
tonnes of lead, and 26,600 tonnes 


of zinc, as well as 4,000 tonnes 
of tin. 

Dealers pointed out that pur-i 
chases of this size would involve | 
the expenditure of huge sums| 
from a country not previopsly 
associated with large metal | 
imports. 

In 1976. according to the I 
World Bureau of Metal Statis- | 
tics. Taiwan imports or copper 
rose substantially to 36.000, 
tonnes— 10.000 tonnes above 1975 
—hut fell back during the first , 
nine months of last year. 

Its tin consumption was put at ; 
about 700 tonnes and zinc at 
2S.000 tonnes annually- ] 

Meanwhile, it was confirmed 
in Brussels yesterday that repre- 
sentatives nf the European zinc 
industry. EF.C governments, and 
the EEC Comnrssion. will meet 
on May 12 to discuss the “crisis" 
in the zinc market. 

Earlier it was suggested that 
a monitoring plan for imports 
would be recommended. But any 
move, to restrict Imports is 
thought to he unlikely since this 
would contravene the rules of 
the General Agreement on 
Tariffs and Trade. 

Many producers with U.S. 
connections are also understood 
to be fearful of any anti-trust 
regulations being breached. 


U.S. farmers cut grain acreage 


BY OUR OWN CORRESPONDENT 


ALMOST 30 per cant of the 
grain-growing farms in the U.5., 
which cover about 50 per cent 
of the country's grain acreage, 
will take part in this year's 
cereal acreage - set-aside 
programme. 

The U.S. Department of Agri- 
culture reported that by April 27 
owners of 666,490 farms had 
agreed to plant part of their 


acreage with crops other than 
grains. 

Farmers taking part intend to 
set-aside 9.7m. acres, of which 
5.9m. would usually be sown with 
wheat and most of the rest with 
maize. 

Registrations for the pro- 
gramme, aimed at reducing the 
national grain surplus, dose on 
May 15. Farmers participating 


India’s cereal plans 

BY OUR OWN CORRESPONDENT NEW DELHI, May 3. 


INDIA IS NOT aiming to become 
i a grain exporting nation at 
present and the bumper crop of 
125m. tonnes this year will be 
used to guarantee India's self- 
sufficiency in the future, accord- 
ing to Mr. Surjlt Singh Baroala, 
Minister for Agriculture. 

Mr. Barn ala said that it would 
be easy to increase food grain 
production by 5m. to 6m. tonnes 
a year in the next few years. 

India has started exporting 
grains on a modest scale, but 
Agriculture Ministry experts rule 


out major exports for the present 
One reason, of course, is that the 
world price of wheat will entail 
k loss on exports. 

Besides, commercial exports 
will he* feasible only when India 
is able to generate grain sur- 
pluses regularly. 

It is unlikely that stocks with 
public agencies at the end of 
July will exceed the specified 
12ro. tonnes plus the operational 
stocks of 8.5m. tonnes required 
to keep the public distribution 
system going. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS Cathodes! t 5sh "Sst* 5Sb: 12 Wlib*S‘. Jo™*"- W* ^ 

SSSeSK: SsSiS 

MWtftaekalmlSkS&S «artftw rt »» AJor JVVCL- * iJtf.jrnntaven : «.« «“■ 

BfWe previous day's burin*, which lakms the ptice moved a head to *-m. It ur y-tn- t+or 

precided new chat TslwuTwlH hold a m *ood vohnm Mon farther oreflt- jjtAJ, OJtima - Uoolticfci - 

lender oo Mas U. which will include ihe taktnp cawed *£lWK n mm rs+M ■ K ; TT 

purchase of up to 40,000 tonnes of copper, afternoon tha price ssaln reacnea - - £ I 4. £ k. 

In the afternoon, however, the price hut trade eellliw led to a cfo** ** L'^mb — . — SOS-5 1+1-5 304.5-3 +*-26 

moved ahead. Ut Hue with Comes, and Kerb of £8. 320. Turnover «,70a tonnes. j months- dll-.B (+ 1 31B-.fi +4.5 

ended at £H4 on the late Kerb. Turnover j ( T „ r | tt+or deu'uo'ai 303 (+1.7S - 

M7» tonnes. TIN OffW*. - [Unoiri.-lA | - y.d.S|ipr. - _j 


-H : hr - Iffondns: Cash £303.5, three months 

ide « , g_J £ l.f w nu. is, 13. iu, u. 12.5. u, 12. u.5. 

68Z0-30 UlMrflMMpO.+lU Three moOUus £3US. Afternoon: 

6246 -SO Uffl [ 6B33-7 (+98 ^,5. njmiUJS pua. IS. 12.T5. 12ii. 13. IS4. 


COPPKR| 

Vl.llLi 

Offlclm 

+ OT 

tarn. 

OnoficU 1 

fj-T 

1 

£ 

£ 

£ 

£ 

Wire bars, 

Cx-di. 7 , 

600-15-1 

+ I.S 

693-4 

+2 

3 isoaMl-... 

, 7U9-.5 

+ 2.6 

7IB-.6 

+ 3 


091 

i+1-8 

— 

-IN. 

Cxtbodoo- 

Uarti- - 

683-. 8 

+2-75 

684-8 

+ 5 

lorntii... 

700.5-1] 

1 + 5-6! 

70BJ-3 

+J_2S 

Soii.'m'nt 

682-H 

+ 2.5! 

— 


U.s(..»iiii„ 

— ! 


64 



are eligible for special price 
support loans, disaster payments 
wbere necessary, and target price 
payments. 

Registrations are not, however, 
binding on fanners. Growers can 
still withdraw from their pre- 
liminary agreements, and final 
set-aside figures will not be 
known until farmers tell the 
department exactly how many 
acres they, have planted with 
grain. 

Reuter reports that the depart- 
ment said SlS.Sm- bushels of 
wheat and 55.5m. bushels of feed 
grain had been placed in the 
farmer-held grain reserve by 
Tuesday. 

The feed grain reserve In- 
cludes 19.0m. bushels of barley, 
11.8m. of maize 22.5m- of oats, 
and I.3ra. of sorghum. 

The reserve allows farmers to 
hold wheat and other grains off 
the market for up to three years 
or until market prices reach pre- 
determined levels. 

The department also reported 
freezing temperatures last week 
in all of the main USSR fanning 
areas except the Ukraine, 
Moldavia, North Caucasus and 
the lower Volga Valley. 


Arabic*! m» «*.«#>: vnwart«i 
Arableas 161.00 UBS.Wi: otter miW 
Arabics a 17357 (173.02); KobOHUU 130.00 
Isbbk). Daily awraju U6.8B AlaS-M). 

ARABICAS were dull and featureless, 
Ores el Burnham Lambert reports. 

Prices iln order buyer, seder, chatnre, 
business): June 1SU6-1S24W, -1X7, 192.00: 
Aug- 36A5D-l«-00. -2-2S, nntnded; Oct. 
152^5-154-15, —2.00, untraded: Dec. 141X5- 
M2J25. -0-50. uotraded; Feb. 11S.DI-136.DB. 
+0.50. untraded: April m.0a-tSSJO. -SJS. 
umraded: June 12B.00-1 30.00. -*.0a. un- 
traded. Sales-- 1 (10) lot of 17.230 kflut. 


Isoglucose 
producer 
scorns aid 

EXPORT REFUNDS for the 
maize-based sweetener, iso- 
glucose, were announced 
yesterday in Brussels by the 
EEC Commission, reports 
Reuter. 

Mr. Finn Gundelach, EEC 
Commissioner for Agriculture 
told ihe European Parliament 
in Hard) that export refunds 
should be granted to Isogiucose 
producers as an act of fairness 
la view of the production levy 
Imposed by the Commission 
aimed at reducing competition 
with sugar. 

Bur last night a spokesman 
for Tunnel Refineries, ihe main 

UJC producer of Isoglueose, 

described the export subsidy 
for Isogiucose as ** absolutely 
meaningless.” 

He pointed out that there 

were virtually no exports of 
isoglucose, except a little to 
Switzerland, since It was a 
costly and troublesome product 
to ship. The concession grant- 
ing rebates on (soglucose used 
In processed foods was also not 
much use because the main 
outlet was in soft drinks, which 
were also not exported to a 
great extent from Europe. 

Legal action against the EEC 
Commission for imposing the 
production levy was proceeding 
through the European Court or 
Justice with the oral bearing 
due to be held on May 24, he 
said. 

Last week at the EEC farm 
price talks the Commission pro- 
posed the isoglucosc levy 
should be maintained for the 
1978/79 season at an un- 
j changed level or five units of 
account Instead oF the possible 
maxim tun rate of 10 units. 

Starting from this month the 
refund on lsoglucose used in 
processed foods will be set at 
1(M>2 units per 100 kilos. This 
will be reviewed each monih. 

EEC raises 
sugar subsidy 

By Our Own Correspondent 
THE COMMON Market Com- 
mission again raised its export 
subsidies at the weekly sugar 
export tender in Brussels 
yesterday in Us drive to clear 
the EEC surplus. 

The sugar management com- 
mittee approved the export of 
54,100 tonnes of whites, and 
set the maximum export refund 
at 24.989 units of account per 
100 kilos. Last week it cleared 
55^50 tonnes. Then the maxi- 
mum export refund was 
24.679ua. 

The tender had no discern- 
ible impact on world prices. 
In London the dally price for 
raws was set 5 Op a tonne down 
at £10L 


[JUTE FARMING 


Bangladesh makes 
room for grain 


BANGLADESH OFFICLALS are 
pressing ahead with schemes to 
plant more than 1.5m- acres of 
jute land with new seeds and 
use modern, intensive methods 
of cultivation. IT they succeed, 
the plans could add 50 per cent, 
to the size of the crop — or free 
some land for oLher crops such 
as foodgrains. 

Between 25 per cent, and 30 
per cent of the land devoted to 
jute In Bangladesh is already 
benefiting from ^proved 
methods of cultivation. On 
these acres yields have risen 
from three bales an acre under 
traditional methods to 4.5 bales. 

Dr. N. M. Huda. the presiden- 
tial adviser in charge of plan- 
ning. warned against overhasty 
optimism. “Some of those 
responsible want to jump imme- 
diately to have a million acres 
under improved methods. They 
will be provided with the neces- 
sary inputs, but it is not going 
to be so easy to achieve results 
quickly." 

With the careut against 
equating hopes with facts (and 
four years ago 1 was told in 
Dacca that within two years afi 
the jute land would be inten- 
sively cultivated! in the past 
few years Bangladesh jute has 
shown a steady improvement. 
Having slumped to a disastrous 
4m. hales in 1974-75. jute produc- 
tion has risen to 5.5m. bales and 
the current target is 7m. bales. 

Even this would be below the 


BY KEVIN RAFFERTY 

record 7.39m. bales achieved in 
1969-70, the last year that the 
country was part of Pakistan. 
But Dr. Huda pointed out that 
since then the world market for 
jute has shrunk, so a steady crop 
of 7m. bales would bp what 
Bangladesh should aim at. 

That crop produced on reduced 
acreage would allow land to be 
turned over to food production 

and reduce Bangladesh's grain 
deficit of more than 1m. tons a 
year. 

The vital questions, however, 
are whether the world market 
for jute will hold up and whether 
Bangladesh can keep down its 
production costs to stabilise the 
market. 

Consumption 

Jute is one nf the weakest of 
the world’s commodities, with 
demand declining by an average 
of 5 ncr cent, a year since the 
mid-1960s. The fall in consump- 
tion by the industrialised slates 
has heen the most severe, almost 
10 per cent, a vear since 19fi9, 
so that today the ” rich " world 
consumes only 230.00(1 ions nf 
jute compared to nearly 700,000 
tons in the late 1060s. 

Studies by the United Nations 
Conference on Trade and 
Development (Unctadi hold out 
the hope that the developing 
countries might increase their 
consumption of jute. 

But for Bangladesh as the 


world's main jute producer there 
is the task of keeping prices and 
supplies siahle so that synthetic 
substitutes do not eat further 
into the market. 

Experience has proved that 
once the synthetic manufacturers 
win orders at the expense nf jute 
there is little hope of winning 

hack the market. Synthetic pro- 
ducts have made hig inroads in 
such areas ns bagging and carpet 
backing. 

The rest of the world might 
fall of jufe without too much 
worry, blit for Bangladesh it is 
a serinus matter. Exports of 
juio and jute goods have made 
up S5 per cent, of the country's 
export earnings since independ- 
ence. The Government is trying 
hard t n encourage diversification, 
hut tlu-re is no easy alternative 
in prospect. 

According to Unctad sfiidie<5 
Bangladesh has pursued broadly 
the right police, though Its 
guaranteed purchase price tn 
growers for (he crop does stand 
out like a sore thumb as way 
below (he acddil market price in 
each of Ihe past years. It has 
devalued its currency, the raka, 
twice to keep the international 
price of jute steady ami il h.is 
tried tn httild up stocks tn even 
our fluctuations in supply. 

One other thing which would 
help, says Unctad. would he a 
world huffer stuck for the com- 
modity — hut ffiar is not in 
Bangladesh’s hands alone. 


Board seeks milk price rise 


BY CHRISTOPHER PARKES 

THE MILK Marketing Board 
wants the retail price of milk 
to be increased this summer. 
Mr. Steve Roberts, the chairman, 
said he did not think “a small 
Increase " would damage con- 
sumption as much as last year's 
rises. . , 

He also called for a further 
devalution of the “ green 
pound” this year, on top of 
the 7| per cent, adjustment 
already in the pipeline, to boost 
dairy support prices further. 

Mr. Roberts warned that this 
vear Britain would see a big 
increase io the amount of milk 
going for manufacture into 
butter and cheese because of the 
"very substantial rise” in cow 
yields. Creameries would have 


HIgli 

i mcmVhe! 6246-50 {+!« ! 6835-7 i+M loonihs HuTw, Tz75. UriT l3. Ii5. WHEAT bahlmt 

riettleen’i . &83Q +1M, — I-—- Kerb: Three months £3H, 13, 12. ie»ieirla.y> + or V&>tcnlm., ■ m 

Standard • „„ __J ZIMC-Mteber afthousli cJosIm beneath ATcth -i<«- — -iw» — 

Csah 6880-30 + 1B9 6MM00.+11B ^ ^ niarXel was held steady — 

6 mootha . 6845-50 +146; 6235-7 [+88.5 buying and short covering with u&y 99.00 +0-BD 88.35 — O.ID 

bettiem't . 6530 +1S0( — j reports ctrcnlathut of the posaih lilies of gejA. 86.ZO -.it "S'® 

5tnlt- S.. ifluBfl +48 — 1 a East buybuc tender. Forward tncial Nov. 88.65 —0-35 b8JM —OA5 

tfew Ynrfc — — -I . 1 Started *r JSOMWAS and climbed to a j»n. 9J.80 -0.26 8° .55 -0.40 

Mnrnlrwt- staodBitC 18,285. 85, day's high in the afternoon Of I31LS Mar. 93.63 f— 0.16 _ tO.OO (—040 

18.320 three months fMM. ID. M. w - M - before easing to dose on the Kerb at 'Business done— Wheat: Hay 88404840, 

tnrrc ,1 r. — 1n • a—m - r DM tnrmwt c I oticonn kino OH Tfi 


GRAINS 


+i«; - 


— . .. . me Dew. iuc uwumi **«■••* 

mootha . 6845-50 +14bj 6Z3&-7 [+»■“ (mb buying and short covering with 

ettiem't. 6550 +lOTj — j reports drculsUna of the possih lilies of 

tndi' K~ I0lu96 + 48 — 1 — — a East buying tender. Forward metal 

Jew Tnrh — 1 . ■ started at 330M30A5 and climbed to a 

'Morning: Standard, cash £8,285. , W. “ «*. .am 


Xesleirtay'r 

+ ot 

YroieHta.) ■ 

-faiat- 

1 W 


99.00 

+0.60 

88.35 

86.ZO 

-uM 

H0.60 

aa.65 

— C1J6 

bSjBS 

91.20 

— 0.2& 

Boi5 

93.65 

-0.16 

tO. DU 


Amalgamated Metal Trading reported «erp: ------ z 

ftSTS the mooting cad. wlreban ^ 5”/ Ja 

ftaded at » 81 tta« month. g«J» ^f», sindard. _ 

Cathodes! cadi f«C. ^ mom** rhw C 

a a, ssra st sjb -Bsatna ** £ 


+ .«•[ |».m. | 

— | UnplBcIiii 


niPOPEAN OPTBOWS EXCHANGE 


Jui.v 

Clow Voi. 


Oct. 

Clow VoL 


N. Krvtek 

5. Kntak 

K. hnrialt 

K. Kodak 

UU 

OM 

QM 

IBM 

IBM 

IBM 

Algamraa 
Algemeua 
Amm 
Amm 
Nat Ned. 
Sol SeA 

riiiiipi. 

I 'll I II pa 
Pbilius 
K. D. (Shell 
K. 1). Shell 
K. D. ->holl 
Uqilrviu- 
Uuiirver 
Utillever 


£40 24 

845 83 % 

630 B 

860 ISfl 
860 16 
960 6 

870 Sg 
9840 86 

8860 10*4 

8880 5 

F330 ■ 16-M 

F540 10 

F70 6. 5C 

F76 8-gfl 

FlOO 8. B0 

FllO S _ 
P22.50 3.10 

F8S.OO 0-80 
FZ7.60I O.30 


FlAOl 0.60 | 

May 

700p ~ — 

75Ui> — — 

HOOP - “ 

£Mp ■*“ “ 

28bp — — 

3 flop — “■ 

27»V — — 

SOOp — “• 

a sfir — “ 

3501- — 

375n — — 



299-.fi [+3J6 301-.fi H4^B 

£ months.. 306.5-9 ■■+4 310.6-11W.8 

Bhseou — Z99.fi +5-6 — I — 

Prm.Wwt - U-... US I — - 

Monring: Three months f307, 07A, OS. 
08, MJ», 08. Kerb: Three months fSOB.3. 
Afternoon: Three months £310. 10.5, 11. 
llj, 10. 184L Kerb: Three months (311, 
10, 10J5. 

* Cents ber potmcL t On pnevftxv 
official dose, t SU per McnL 


SepU 88.4688J0. Nov. 88J888.75, Jan. 
4ir 91.40-91X3, March 93.7843.65. Sales: 107 
_ Jots. Barley: May K3.6S82.M, Sew. SO .85- 

80.80. Nov. 83.4042-K. Jan. SaJOdfijS, 

March B8J0+4.1S. Sales; 63 lots, 
j 7E IMPORTED— Wheat: CWRS No. 1, HI 

j s per cent.. May 133-50 TUbury. Ud. 

Dark Northern Spring No. 2, 14 per rent., 
— £83.00, June and July I84J0 traits hi p- 
ment Eon Coast. Rest mtqitotcd. 


SILVER 


Silver was fixed S-S5p an ounce higher 
fur spot delivery In the London butllon 
market yesterday at STSJp. U.S. cent 
equir sleets of the fixing levels were: 
soot 604.6c. up 6.8« three-month 511 Jc. 
up 4.7c: ax-mmnh 520.4c, up 6.7c; and 
13-momh SULSc, up &0 c. The mdal 
opened at 275i-rreri> (SOSMflSc) and 
closed at i5MJ-508c). 


Maize: u.s./Frencfa fim-balf May 

£106.00, second-half May £106.60, June 
£105.50 tranahlpmeut East Coast. South 
African yellow May-Jime £81.68 seller. 
Others unnoted. 

Barley, Sorghum, oats: All unquoted, 
KGCA — Kx-lartn apm prices for May 3. 
Feed wheat: Hertford BHJfi. Feed barley: 
Hertford £82.70. 

The UJK. moneUnr coefflciem for the 


SUGAR 

LONDON DAILY PRICE (raw ntgar) 

cioi.oo fntnjei a tome cit tor itas-june 
shipment. White sugar daily Price was 
fixed at £106.00 (same). 

Keen selling from one quarter caused 
Prices to fan about J0O points from Kerb 
Weis, reports C, Carnflnw. But there 
was do fo How -through and most M the 
losses were recovered by the dose. 
Sugar 

Pref. Xewentay’o Previous nurtures 
Comm. Close Close Done 

Conn. 

£ per tonne 

Amr..„. IBB. <5- 08. BO 107.60-07.60 167.78-06.60 
Oct- 1 16.35- 18.3s 1 1 1.06- 11. 16 111-08-09.54 
Ute..— 114.2 j- 14.JD U4X6-1b.lO 1H.7S-15-B0 
Afsroh . 121.06-21-20 I2IJ0-22.06flZIJU-2a.2s 
May.... 124.26 24.7 j 126.4876.63124 ilO 
An*.— 128.2&-28.60 128 A 1-29.26,127.60 
OoC .-.Jl61.TB-82.26 152J5-i2.BO.141.06 

Sain: 1.754 f£BS) lots ot M tonnes. 

Tste and Lyle ex-refinery price for 
granulated basis white sugar was 1243.46 
laame) a tonne for borne trade and £161.60 
fnei.M) (or export. 

imenwfimsai Sugar AorereneuK Indica- 
tor prices IU.S. cents per pound' rob and 
slowed Carttbesn port, prices Tor April 2. 
Daily 7.90 <7.48;: 15-day average 7-5S 
OJ»l- 

WOOL FUTURES 

LONDON— Dull and featureless. Barite 
reported. 

UFence per kilo) 

Australian IXenerd'yi 4- "*1 BusinW 
OreaiyWopn Close i — I Done 


7J04I30: Chilean: Cranny Smiths 6.68 
r.aor New Zealand: Cox's Orange Fuwlas 
183/334 7.08R30, Golden Delirious 175a 
6.40*, Danish: per pound Cox's 0.15-8 J 8, 
Spartans 0 jI 0-D.11- Pear* — S. African: 
cartons, PacKbam'S Triumph 7.40, Bcurre 
Bose S.M: cases. Bcurre Bose 8.188^0: 
Dutch: per pound Conference 0.14: 
Belgian: Conference 0.18642. Crapes— 
S. African: New Cross 5.30. Bar link* 4.40, 
Waltham Cross &3). Sananas-Jamaican: 
per poand 044045. Meloiw-Otflean: 
White 4.08: Colombian: Green S.60. Avo- 
cado*— Kenya: Fucne 14'Sas 3.80: 5. 
African; Puerto 3.383.60. Strareherrle*— 
Spanish: 0.50: Californian: o.so: liallan: 
040. Onion*— Dutch: large 2.00. medium 
1.5*: Chilean: bags approx. 30 lb 3 .'3s 
3,50. cases 4.00-428: Canary: 4.084.30. 
Cam teams— Kenya: per pound 0 40: 
Canary: 0.38. Celery— Spanish L»'36s 
34H M.60: American : 2<S 6.60. Patmae*— 
Canary: 4.00: Esyprun: 4-OO-LSO: Cypnoi: 
till. encumbers— Dutch: 14 'IBs 2.00. 
Tsmmsss— Canary: 4.00-L46: Jersey: per 
ponnd 0.45; Dutch: 0.45: Guernsey: 0-45. 
Carrots— Cypriot: ("0. Grapes— Chilean: 
5 Wire. Almon* *48. Red Emperor 4. SO. 

Enfllish produen: Potatoes— per 36 Jb. 
WMtca/Reds L404LM. Lettuces— per 15s 
1.48140. Beetroots— per 38 to 1.46. Turnips 
—per 28 Ih 0.881.00. Carrots— per bag 
048156. Parsnips— per 2S lb 1.081.10. 
Onions— per 58 lb L583.S0. Swedes— per 
» lb 0.50. Bhubarte— per poand. outdoor 
6.07-6.08. Cucumber*— per tray 13/24S 1.38 
140. Mushrmms— per poond 8484.45. 
Apples— per pound Brantley's 5.12-6.17. 
Cox's Orange Pippins 0. 16-050, Laxtons 
6-10-043. Pears— per pootvi Conference 
043-0.15. Tomatoes— per pound English 
0.*. Greens— per crate, Kent 8.M. Caulk 
(lower*- per 12a Lincoln 120. Kent L58 
MO 


no option but to make as murk 
cheese as possible. 

Increased supplies on an 
already overloaded cheese mar- 
ket would depress returns, he 
said. More butler would have 
to be made, and because of the 
heavy supplies from New 
Zealand and other EEC coun- 
tries, a larqe part of the extra 
production would have to he 
sold into the Common Market's 
intervention stores. 

“It is a paradoxical, even 
absurd, situation when the 
greatest deficit area of the Com- 
munity for dairy products ends 
up by putting a large pan of 
its output into intervention. 

“There la little doubt, how- 
ever. that this is going to happen 
in the U.K. in 1978." 


PRICE CHANGES 

Prices per tons* unless otherwise 
stated. 


Last year's round of rises in 
the price nf doorstep nulk was 
largely blamed for the dramatic 
fall m liquid milk sales. Rut the 
inrreases coincided with a period 
when coffee and tea prices were 
exceptionally high. The heavily 
promoted launch in Britain of a 
cheap dried milk substitute for 
the liquid product may also have 
harmed doorstep sales. 

The Ministry of Agriculture 
was so alarmed by the decline 
in sales that it scrapped plans 
for a Ip a pint rise last autumn. 

Warning of ihe risks in a large 
Increase in the retail price. Mr. 
Roberts said apari from reduc- 
ing sales, raising the price could 
also attract imports of liquid 
milk from Ireland or Continental 
Europe. 


U.S. fl/larkets 


M»rJ +«r Ifootb 
1078 — ago 




Aluminium... — CSOO 

Free n»rkat (riil 99B6-100 
Copper eo»h W-Bwv £693.5 
3 Dinihi da. do. E7122B 

Uuh Cathode C684.5 

3 months do. do- £702.75 

Gi'ilil_ Troy >w. 8171.126 

Lend I'Mh..— £304.73 

S mrriilhs £315.25 

.V idcl : 

Frev Market Idt It.) 31.96 

-Z.Ofif 

Platinum troy ■<[.. £180.50 

Free Merkel £119 

Quick Ml ror (781b. 1 5137-33 

Silver tray ns 275-9p 

3 mi»nita_— .— 881.35p 

Tm Cult £o.2fl7.5 

i months £6.236 
Wnllre mE2.04Ib.clTS 1 57- 142 

Zinit cx»h U-301.25 

3 months {£510.73 

Producers IS650-6«1 

Oilfl I 

I'ivnnul (Phill— . S610* 

Groundnut. (£748 

Linseed Crude (v)..[£363 
Pslra Usl»yu.....|t67Qu 


£680 

S950-W 

+ 8.0 t‘690.a 
+ 3 £705.5 

+3 £630.5 

£695.26 

+ 8 *179 62j 

+ 2.25 £307.6 
+ 4.5 j£3l2.5 

-*1-9 

8.04 

Cl 17.5 

+2.86 £119.06 

SlAi+Ol 

+ 2.65 U86-5&P 
+ 3.4 89 1.85p 
+ 116 G6.6W 
+ B8.6iC5,( Ii'.5 

S 147-56 

+4.25 £302 
+ 4.5 C307.26 
16550 

—O *610 
-B £732 
—..... 8318 
i— 85 8556 


May 227.829.0 '+8+0 

- t July-.- Z18.O-U.0 [-1JW 

Sp sn non higher wwk from May 8 is expected to be October 2if.u-39.il 

the London bullion unchanged. December — 138.8-41.0 -1.B8 

27S-ap. U.S. CBM EEC IMPORT LEVIES—In mdis of Msreh 246.M0 A 

Ixing levels were: account a tonne, effective to-day, in order jjsy !45_0-«.® — ... 

three- moo ih 511 Jc. current levy pin* -June. July and Ana. j D | y 2«t„#-48.0 

10 -4c, dp 6.7k and premlunw. with prevkraa -In brackets: October 247.0-5041 

&0c. The metal Common wheat— £9.13. nL. Off. -040 <85 47, 
p (SOSl-fiOSc) and nil, nil. nil): Durum whoar— 128.15. L32, Sales: NU (five) Ma i 
5665-9080. I.3S. !L51 028.15. nU.nU.a0. 1.32)1 Rye— SYDNEY GREASY C 

— 52-58, U5 1-15. 2.U (Same; Barley— 76.73, seller, business, sales) — I 

, „ „ . nil. Ml i same)) Oala—TV.SS. nU.nU.9ll May 339.0, 33BJ. MO. 5 

h °* + ot lnme}: Mate (other than hybrid lor 343.1. 343 J, 344.5-343.0. 

— «*<»* — seodlas 1—72.70. 0^3. BJ3. LBS 472.70, 6.68. »&£, 347.8446J. 8: Di 

0.69. LOB); Bnelnrtreafc— All nil: Millet— 3SLM53J. 21: Marrii 31 

sa.67, ml. nlL nil (SX.41, uU. ml odj: jc.b 30: May 3M.0. 346 

. ,r 6 rule sorshum-88.73. nlL .Ml .an '(same): JolT 363 Z, 380.6. 3fi8.(W*8 

5- 66 278.00 P +4.16 Par flours: Wluem or routed wtmt aud 37] a S7i0-3TU), 12. Tot 

6- 4 283.63 p +4.S rye— 138 M (139.93): R y e USD (128.07). 


_ F 540. SO 

17 

2 F75 

~ FI 06. 40 

fi" F23.30 

15 

19 

_ F 1X7.30 


3ILVKB Bn 1 Hon 
per fixinK 
troy ox. pricing 


b montbst- Z8l’36p 4-5.4 j 283.65 p (+4.S 
months- oo8.2p ■•••" 


= i 


More oUs 
for export 


*- oc G.M.K. U- < 
- ttkwe - 


Sales: NU (five) Ma of L500 kUos. 
SYDNEY GREASY On order buyer, 
seller, business, sales)— Micron Contract: 
May 339.0. 3383. 340.6-339.0, M; July 
343.1, 343 J, 344.5-343.0. 17; OrL 348.0. 
84&fi, 347.9-3MJ. (; Dec. 353.D, SS3.5, 

35L5-353-5. 21; Marrii 360.8, 391.2. 302.0- 

361.6, 30: May 369.0. 366.5. 366.MG6J, 14; 
July 383-5, 388.0. 308.0488.0. 10; OcL 3703. 

373 .6. 372.IW7L0, ll. Total sales: 14B IMS. 


Jtovemtar 


- |2BOp 


n I _ ! - - wap 


^aftifiihe*. I 3C4aSff lfS-4 J - I — 
LME— Turnover 131 040) lots of 10.000 
ounces, naming: Three months 2XL6, 

1.7, lj. 1.8, LT. 1A Kerb: Three nrantts 
381 » 2. l.s. Afternoon: Three months 

282.7. 2.8, 19, 2J- 83J. 5.1 14. 3.1 H 
Kerb: Three months 283.6. 18, 3.5. 3.1 


RUBBER 


COCOA 


Prices remained a narrow range 
ttarvnghoot the day. closing nearly un- 
changed, reports flfll and D uffia. 

- — " ” iwtwday’* + «» Undnern 

COCOA Clone — Po°* 

NahO’utr’t 

q*y_ JsmBSM — 8i> SW78.0-20M 

, ■1070.9-75.0 —2-0 ^0.8-1971 
ae«- 1B9ELU-09.O +3.6 iI«jS.o-1M5 

JlrtfcUM +BJ U4M-1B2 

Uareh .^....(1776.0-80.1) +4J I787.O-1770 


Market Reports |Qf 

by 

Inter Commodities 

limited 

Specialists In Fundamental Research ^ 

R Telephone: HWHlUD! 

I and without obugaflon- ' 


Address 


.TetripfconeNo. 


May,, ^"' hlM-U4i.O +B^ 1 7W JI- 1740 
July (1710.0-110 1+18 ~ 

Sates: 2.428 doBti 1W* M M ' 

international Cvna Oraaulsrilou IU5. 
cents per pcamd) — DRtly price May 2: 
149.47 U4 0J9». indicator prices May 3: 
lS4ay average 155-53 (154.37/; 22-oar 
average 155.48 (160.17J. 

COFFEE 

Robnstas eased nllshtlr S> light Tolntne. 
'Drtxri Burnham I^mbcrt reports. But 
witfi dealer interest ladtlaa t he dlr pctlw)- 
Mss trend or late was not interrupted. At 
the close values wore as much as £20 
lower on the day. 

Xoewntay'e ~ ~ — 
GIom + or UusinoM 
COFFBB • _ _ — . fitot 

£ per tonne | 

alav *1516-13 i7— ^ 14-0 151B-15B5 

auy 1391.1592— 12-5 XSB8-W75 

1505.1006— 115 1316-1284 
2351-2268 -2!.rt«65-tt« 
Jnmrarv^. laaO-lBSS — 21.5 1Z5D-1217 
K Zz:. IZOO-iaDB— 6.0 1305-1135 
1189-1190-18.6 1201-1186 

Saies: lXSS OJW) Ws s 
. ICO tadluur lUB. 

cat ■ per pond): C ri e mh ia n UU 


EASIER opening on the London 
physical naazfeeL Fair Interest throughout 
the day. closing quietly steady. Lewis 
and Peat report that (he Malaysian 
godowtt price was 811.(213) cent! a kSfi 
(buyer. May/. . 

No.1 Previous jYert'rdjiy'B Bnrtoeas 

ILS.S. cIcm j- doe® . done 


June.-.. B4.45-B4J6: 6K.06-BIJI 64.60-54.10 
July — ■ s6 S afi.48' 6B.05-S6-H U.54+)6.1» 
JlySfept 66 8 *-o6.9Dl 66.4J-n6.Hl HLHLbS-H 
OcuDec sB.40-a6.4s aB.iiMfl.lfi 6BJ5066.6Q 
Jan-Ur. a7.S8.a7J6! 67.D0-b7.U 87.40-HuM 
AptJne »8.75i8 30? S8.fflJ-6Wto 58JM7.B# 

Jlv^w 63.Bfl-6S.ttfi 66.96 

Oct- Dir 80 25-88 29 8DJDML1D MiMS-BS 
Jao>Uai Bl.2S-faQ.sJ G1JO«1-10( SUM055 


Apr^ne rf.JS iS MI SS.OO-MJb 58JM7.W 
Jlv^w 58 20-a8 2K 63.Bfl-6S.tta M.96 
Oct-Der 60 25-BQ SO MJIB-S0.lfl B8JB48.86 
Jan- Mar] Bl.2S-faQ.SJ 61-Dfl-G1-10( BUMQJK 

Sales; SSQ (370) tots of 15 manes and 
41 1 five) at 7 tonnes. 

Physical dosing prices (buyers) wore: 
Spot SZ.73D i'HjSpI; JohC 53p (S-TSp); 
July S3J9D (53-SSp). 

SOYABEAN MEAL 

Xesterda; M- or Uiwuuro 
Clone — Done 

£pertonnei 

June 1&.4M8.6— 1.1S UBJ8-273Q 

August ... I27.0j-2d-O — O 12fl 

October 124,0 <-24 J— 1,46 124J0-2S.1Q 

Dreeubec .„ lM.lffl.M.l-O-M UBJO-14JA 
Friauary 121.00-22JJ-^.7ti — 

A on' 1ZLM-24.fl~ti.7S ■— ' 

June — — — 121.6B-2B.fi — 0.7fi|_ — 

'Saha; 229 (35) 'loti 'of IDO "tonnes. 


JUTE 


DUNDEE JUTE QtrioL Prices c. and 
f. UJC for May-Jane shipment; BWC 
£90. DWD £282. Tessa - BTB 002. BTC 
3295, BTD £284. Calcutta mode steady. 
Quotations c- and f- luC for all ifilpmems 
to June: ifiooace. tt-lnch 31627 TV- ounce 
£S09 per. 100 yards* “B " twins £28-61 
prompt; £28.74 May and £8JR JttM. Yeni 


MEAT/VEGETABLES 

SMITH FI ELD tin pence a pound 1 — Becft. 
Scottish hUiod sides KUI to 56.0; Ulster 
baadauarterfl 6B.fi to 7L0. fareouanere 

38.0 to 40.0. 

Veal: Dutch hinds and ends 8B.D tn 
lfiO.D. 

Lamb: English amaQ new season 88.0 
tn 74.0; imputed froaen-HZ PL 48.5 to 
4U. PM 47* io *8.0. PH 46. 0 U 46.0. 
Hagnats: English 44.0 to 68>fi. ScotUdi 

44.0 to 60.0. 

Park: BflSUsh, less than 100 lb. 38.0 ta 
45.fi, 100-130 tt. 33.0 In 44.8. UO-lfifi lb. 
37^ to CO 

MEAT COM MI55IOH— Average fatal oct 
prices at represcrtUtlve auktu on May 
3. GB— Cattlo BUMS A ZgXw. (+0.98). 
U.IL— Sheep 154.4 d a kg.cSLd.C-W. (+U2). 
GB— Plfls 63.4p a IulLw. (+8.41. 

. England and Wales— Cattle down 4.4 per 
rent, average price 69.71p f+lJQ). Sheep 
up 40J per cenL. average price 136JP 
(+4X1- Pifil down L2 per cenL. average 
price 63, 4p 1+0.4). 

Scotland— Cattle up 12.7 per cenL, 
average price S7SJ0 f+MBi. Sheet) 
down 214 Per cent., avenge price J45.IP 
, +JAl. Pigs down 26.7 dct cent-, average 
price 6S.7p (-6.3). 

. MEAT COMMISSION— Forecast rates 
of U.K. monetary comp en satory amounts 
for week from May 8 with previous 
figures in brackets: Freri) nr chined beef 
carcases: 38.43 d a kg. (38.43), green 
bacon rides £280.22 per umne (38D-22), 
COVEirr GARDEN (srerbng a package 
unless Mated); Impertad pruduea: Onugac 
— Cjorior: YalCDois Idles 30 kflos 3.30 - 
3jM. IS Mlos 3.00-3. SO: Jaffa: Valenda 
Laua 3.75-440; Egyptian: Valenria Laics 
2.46: Moroccan: 2-364-90; Texas: S.30. 
Ortanfooea— Jartalcati: K5M.56. Lomans 
Kalian: 1Q0/12&) J.SMJ 0: Soaala: xraaU 
trass 25' 50s 140-1 30; CalUondan: 5Je- 
4,00. CrapefruH— Csnrlm: is kilos 240- 
2-60; 20 kilos I-3W-86; Jaffa: 38 kll« 
2.7M.79; U^.: Ruby Rod 15 Ulofl 4.60. 
Ap p let- Preach: GoWen Oelldoas 20 lb 
fifo 2JSMU70, Ha 3.704.90; 40 % +J6-5.W. 
Golden DehcJous. jumble pack, per bound 
0.18-0.12: Indian: Rome Beamy, per pound 
0.J34*. Golden Deftdous I.1MJ2-, U.B.: 
‘Red Debriou 7 Jfc 8. African; Dunn’a 
5 .90-7. M Orannr Smltta 740-740. Whitt 
WSBJD* Faamkrib 74*. SttcUfiff MHgMa 


THE WORLD’S exportable sur- 
plus of oilseeds, oils and fats 
will rise 57 per cent, this season 
despite tbe sharp fall in Brazil’s 
soyabean output and heavier de- 
mand than expected earlier, ac- 
cording to revised estimates 
published in Oil World. 

The current season's net ex- 
port availability is estimated at 
18J.nL tonnes oil equivalent, 
That is 200,000 tonnes' above the 
forecast made In December and 
represents a 1.64m. tonne in- 
crease over last season's IeveL 

The estimate of the current 
season's demand for the major 
oilseeds, oil and fats has also 
been raised almost Lm. tonnes 
to nearly 165m. tonnes. That 
represents a 6.8 per cent, rise 
over last season. 

The weekly also says this 
year’s Brazilian soyabean crop 
is unlikely to fall below 9 bl 
tonnes. 

In its most recent assessment, 
CACEX. the foreign trade de- 
partment of the Bank of Brazil, 
lowered its estimate of this 
year's Brazilian crop to 5.5m. 
tonnes. 

Reuter 

Aid to combat 
locust threat 

ROUE May 3. 

THE UN Food and Agriculture 
Organisation (FAQ) said a dan- 
gerous plague of locusts could 
spread from the Ogaden to the 
Middle East and Kenya. 

FAO said it was granting 
$800,000 in emergency aid to 
help countries ward Off the 
danger of a major piague. 

Tbe Ogaden is expected to be 
opened to locust control person- 
nel in time for a last-minute 
effort to control locust concen- 
trations before they swarm and 
fly off, the organisation said. 
Reuter. 


Kwii^ii j I 

Co pm Philip S407.6f -2.5 18415 

ScyxbcM (U.S.)....|S298.5 \~ 5.5 )$278 

Stains 

Bwley BBC 1 ; 

Homo Future*. ...|-CaC BO -0.46 £79.7 

MJrt<c— 

Fr nch No. 3 Am £WB.7fc £104.76 

Vlwi 

No. 1 Bert Spring Cfl J.SIyf— O JSX3S 

KoSBanl Winter ; ... | 

Knifluh MiUlns- JCX02i li.U7.23 

CY-ec* shipment..., £2074 —28 £1,937 

FutureJuly. £1974 —2 C1.B91 

IkWTde Future^ . . _ 

July £1.681.5,— 184 £1.518 

Cut Ion -A’ Index... 69.7c* —0-0 1 6S.66 * 

Rubber Uln 52.75|i +0.2S 46.75)> 

Sugnr {Raw) £101 — O.B £100 

Wncriiopa 64a Jdlo» 879 p ... 272,. 

* Nominal. r VomoteO. a May-Jcme- 
1 May-Aog. « Jose, u AprtWuno. u April- 
May. x Per ton. 


FINANCIAL TIMES 


889.88 1839 .05 | 254.95 | 875Jil 
(Bass: July t. 1B32=1D0} 

REUTER'S 

^»yl May" 2 Mnmb agol teerage 

1458.6 1455.4 1431.6 flTHJB 

C Ban: Snumber 18. 1831=100) 


DOW JONES 


Dow May May 

MontU 

Tfoar 

Jraw K l 

aflo 

SflO 


F D to^)846.BB)849,58l848.1#klSLBl 
(Average 1*1+23^8=100) 

MOODY'S 

il*y May JMootb Year 
Moody's 2 1 ago sgn 

Sple Cwn ml y 908.8 688. 5 j 90 4. B aW.S 
(December XL 1931=100) 


GRIMSBY FISH— Supply goad and 
fiemawl lair. Prices a stone at ship’s 
aide an processed: Shell cod £3.aw*-W; 
MxUfou ia.so-o.oo: Lane baadeck X4.ee- 
f-uo. medium C.S0-I4.49. small cr.se. 
23^6; lane plaice 13.90. medium a.7B- 
24.40. small best O.flO-tLoo: aklnimi dog- 
fish large 29.80, medium 24 00; lemon 
soles large 27.00. medium 2B.no; rockash 
22.4fi-XS.80.- rede 0.00-tSJK ealihe £Lflfi> 
22 JO. 


PALM QIL, LMdon— May. June. July. 
Assart 300.00-398-08. Sept- 290.«M30.00. 
Ort. 290.00-339-00, Npv. 3W.00-315.00. Dec. 
2W.0041i.09. Jan. tnwmed. Sales; nil 


Copper falls 
-precious 
metals gain 

NEW YORK. May X 

COPPER riOMHl Iwor on Cimnih'lini 
House and local kUidb. while preemus 
mrlals dosed higher un gbur-cnvering 
prior to iiwinorrow's IMF gold aucuon. 
Hortw reported. 

Coco* — May 151.00 11-19.001. Jills' 14S.20 
1144.00 >, Si-pi. 144,65. D«r. I:W.M, March 
134.75, Mas- 131.75. July 129.40. Sale.: Ml 
Ion. 

C»Hee—‘ m C" Contract: May JJiS.W- 
176.25 1 176.251. July 155.70-15ti.n0 il5h.3S). 
SepL 130 50-130.70. Dec. 125.00- 123 JQ. 
March 119 60-128.50. May UH. 50-11 ; 50, 
July 115.75.117.00. SepL unquoted. Sale,; 
504 Ini'. 

Copper— May 58.50 i5fl.70<. June 59.00 
1 58.30i. July 50.50, Sepi. 60 60. Dec. 62 in. 
Jan. C.fifi, Starch 63.60, Mar 64 60. JuJv 
65.60. Srpl. Gfl.fiO. Dec. 6S.10. Jan. 65.60, 
March 6B.B0. Sale-?: 4.000 Inn 
Cotton— Nn. 2: Slay 5«.aO-5G.B5 1 57.401. 
July 58.42-58.48 150.071. Oct. SO.35-60.48. 
Dec. 61. 43-6). 43. March 62 57-42 78. May 
W. 10-83.35. July Oct. 63.20 -64.00. 

Sale-- 343.060 bales. 

*CoW — May tifl.W l l«.10t. June ITU?* 
(160.80 )■ July 171-70. Auk. 171 BO. Oct. 
174 .80, Dec. 177.10, Feb, 179 4n. Ap.U 
181.00. June 1S4.3B, Aug. 1ST. io. na 
189.78, Dec. 192 JO. Feb. 195 no. Sales: 
3.000 lots. 

tLwrd— Chlcacn Inns# unavailable iSl 501. 
NY prime steam 23.50 traded i23 B0 
traded). 

» Malic— May 24«1-:461 i348ll. July 244J- 
345 12451, Srpr. 343S-242J. Dec, 2*3-7 *2 J. 
March 249}-244i. May 252!. 

SPlatlmum— July 2U.TO-212 JO 1716.70), 
Oct. 214.30 1212.661. Jan. 21 6.40-2 [7.68. 
April 219 76-210.90. July 222.nn-222.:0. Oct. 
225.00-227.00. Jan. 227.80-228.00. Sales: 
800 lots. 

35tlver— May 490J;o 1434.30). June soi.so 
(498.70). July 504.90, Sepl. 512 00, Dec . 

This edition was printed before 
last night's American commodity 
prices were available. 

523.50, Jan. 527 50, March 535.50, Mar 

543.70. July 532.10. Sep). 580.60. Dee. 
573.88, Jan. 577.90. March 588.8*. Salen 
13.006 1ms. Handy and Harman bullion 
spni 4P7JS9 (405.10). 

Soyabeans— May 7311-720 i733|) p July 
700-691 i TDOil. Ami- 673-674. SrM. 835-04. 
Nn*. 60S802. Jan. 8(Df fitfl. March 816-6184, 
Slav 819-621. 

USoyabean Mart — May 173.50-174.00 
(176.601. July 1T0.50-178.00 (178.50), Auk. 
174 JO, Kent. 186.66.170.50, On. 164.20. Dec. 
1C.59-1C.00, Jan. 163.S0-I63JS, Sian* 
168.30-166.56. May -167.08-167.50. 

Soyabean Oil— May 27.60-27.78 07.571. 
July 26.TO-26.G5 (26.551. Aog. 35.45-23.50. 
sent. 24 JO-24.15. Oct. 23.10. Dec. 23.40- 
29.45, Jan. 22.20, March 22.00. May 22.00- 

21.70. 

Sn9ir~-N0. It: July 7.73-7.73 <7.831, 
ScnL 7.87-7.98 ( 8.18), Oct. S.Da-H.09. Jan. 
a. <5-5.50, March fi.ns. May 9.6M.0D. July 
9*0-6.14, Sent 8J5-BJ7, Oct. 9.454.60. 
Sales: 2.210 Ints. 

Tin— 510.09-51S.00 asked (50S.INK313.0fl 
asked). 

••Wheat— May 286 (3011. July MR-M 
(3641). Sept. 303. Dec. 319-3001. March 
3121-31=. May 313. 

WINNIPEG. May 2. rt Rye— May «50 
asked (103.50 Mdi. July 89.00 artted (102.00 
asked). Oct 183-20 asked. Nor. 1D5.90 
asked. Dec. 104-50 nnoi. 

tttiats— May *3.M bid (93.50 asked). 
July 79.40 asked «78S0-754»». Oct 772B 
bid. Dec. 73.06 bid. March 75 00. 

jtBarley— May 78.00 bid 177.501. July 
TB.197SJW (T8.»rs.S0l. Ort. 78.30 bid. Dee. 
77,40 bid. March 77.10. 

iSFIaxcced— May 248 50 bid (249.00 DUD. 
July 5S0.B0-25l.50 bid (253-90 asked). Odb 

255.50. Nov. 256.30. Dec. 256.50. 

Sgwheif— ^CWRs 1S.5 per cent or«ela 

cgntcPl elf Sl Lavrcncr 153.71 (161 27). 

All cents oer pound cx-warebOWW 
unless otberwlse stated, ‘fs per troy 
ouace—IOfl-ouncc lots, t Chlcaao loose 
Ss per 100 !bc— Qepf. of A*rfculnire prices 
previous day. Prime steam (id) NY 
balk tank ears, t Cents per 56-lb bwhej 
ea warehouse. 5,0fl®- bushel lots. 2 3c per 
troy ounce tor 50-ounce units at B9.fi 
per cent, purity drU erred NY. V Cents 
per troy ounce cx-warehouse. fl New *■ B ■■ 
reorrao In U a abort ion lor bulk ton 
ot 160 short tons delivered fob can 
Chjcaxo. Toledo. St. Louis and Alton, 
** C.*nm per 69-Ui bnrttel ta store, 
tt Cents per 54-lb bushel, *t Cents per 
«Wb bushel «a- warehouse, || osa per 
56- tt) bushel ex-warrbOdM, l.OWMmjiwfl' 
kns. IttC per toonc. 


• V 


r 



1 


38 


Financial Times Thursday May 4 1978 /,/? 



Early burst in equity leaders proves flimsily based 

Initial rise of 6.1 in 30— share index cut to 2.3 at 471.9 


Account Dealing Dales Improvements replaced by losses Ordinary and A both closed 2 out much alteration after showing while, stiii on the annual results. 47Jp on news that the company 

Option ranging to 1. The easiness came higher at 25p and 22p while ealns of a few pence or so in- the Prince of Wales sained 3 further had dispensed with the last of Its 

•First Deciara- Last Account too late to affect Corporations. Fatrdough Construction finished earlier dealings. Elsewhere, to I55p. 'major development schemes, the 

Dealings dons Dealings Day which closed with gains extending 3 dearer at Tip following the trad- Electrical issues recorded some £2lm. Hamburg city centre pro- 


Apr- 17 Apr. 27 Apr. 23 May 10 to * 

May 2 May II May 12 May 23 Traded optiuns were generally 
May 15 May 25 May 26 Jun. 7 quiet, but a good deal of business 
• “ Mew time - dealings may rake place was transacted in four of the 
from «jo 2.m- two Mtiitcn days earlier, stocks, Marks and Spencer became 

particularly active following the 

TnW^.t^’ P V«^iL C i* p ? n Ht,rr ? announcement of live company's 
*" d »* £ jjnding equi-. re5uIts and 202 contracts were 
S, d g™f the pre ' ,l 0 l^ traded. More than 100 contracts 

j ^ fi J wcre transacted in Grand McU 
eantly extended. highlighted stock jn -> nd Coonauids Total run. 

mem e ?uiS« rd for L ^. il fl ln r eS !' [racta amounted to 6«2. Only five 
meet support for selected first- contracts were done in Shell in 
line shares, together with profes- which a new «w series i* e"- 
‘PPinsed on a pecteU l0 s[art tCKlay 
market stifl basically short of J 

stock and the ensuing defensive Turnover in the investment 
action on the pan or dealers currency marlvl was again well- 
quickly saw sn/ie leaders as much balanced in a moderate turnover, 
as 10 higher. .After ranging between 109 j per 

. , .. , . . , cent and 1I0J per cent., the 

. At ? he enhanced price levels premium ended a net a up at 
inquiries waned, particularly on nOS per cent Yesterday's rnn- 
institutional behalf, and the mood version was 0.5771 10 07051 
of the market once more became 



ICL higher 


1978 


ject, while Midhurst Whites 
... . . , .. encountered speculative demand 

After .having taken the over- and added ij to 43*p after 44ip. 
night gams a useful stage further Dares Estates, m P , and Peachey 
in early trading, miscellaneous Property. 7Bp, eased marginally 
Industrial leaders turned easier in front or trading statements due 
late and closed mixed. Beeeham, to ^j ay * 

which had touched S5Sp. finally . 

closed 2 off at MSp. while Glaxo _ Of!* e 2S?,V n J e oi! a reasonable 

finished only' 2 dearer at 533 p. « r f d cno Brit j 7 

after 53Sp. Reckitt and Colman f |° S02p and Shell 3 to 583p, The 
added 7 at 436p and Metal Cox J""*'* 1 fil l£* ,iar 1 t « l r 
gained 4 to 31 Op: sentiment in 

the latter was stilt buoyed by ■ T. P i^V 1 £»*° 

nens of the company’s planned J y ^ p - SJ de 

acquisition of a 73 per cenL stake 

i n a Californian hpvpra°p ran ® ^ l*2p, DUt 

l* asmo eased 4 to 1S4P after recent 


ssnss G T"^„ fo,,o n^i e "a* 


JAN FEB MAS APR M 


lethargic, althougih the underlying Leslie & find tv in 
firmness held. However, ihe O. UOdWlIl gOOa 

announcement or the latest cur- Recently the subject or an u,.- — — , - - .... ... 

rency reserves, thought to be successful bid from the .American the acquisition from Hanson Trust around 5 were seen in Parnell, speculative di 

much in fine with expectations, insurance giant Frank 8 Hall with a rise or 5 io Il2p. while 247p. Racat, 236p, and United prompted by 

was deemed sufficient excuse to foiled following intervention bv •mins advanced 7 to 117p. still Scientific, 304p. lo 99ip it 

lower nrirpe anri the downtrend i »r i , _ ^ ■ , - _ nicnmiva in iho nnnH jninrim m " _ ... 


rrr r„it„7,-in„ Pr „_ Among Overseas Traders, 

f nf ?be n fm-the^min'f°iM^ifim bu y ers showed interest In W. and 
2nC3u of trt€ fort ncoming intcnni a ii an r«tp — fnn_ 

figure, and the shares jumped 12 ^Mo wVo^a sh Sw 
teft^nrS^and *££*2 ^"u^Ive^deSid 


FINANCIAL TIMES STOCK INDICES 


Qviwnimat Swi— 
PU«> iMwa*-.— 
Industrial Oidtaary... 
Sold U(Bn-.J-~. 


Owl. Dlv. TtaM 

Hamlngi Y’MXrfnlfln 

P/S KiuiomeUI'n 

Dealing* mrlnd 

Hqalty turnorar £ro... 
Bqulty ba t gaUw W A. 

IP fJB. 473 


TM 

May 

2 

*m. 

a 

T 

Apt-. 

26 

Xj 

^ .vW - 
■*> 

71.42) 

71.87 

71.28 

71.23-' 71J4- 

71 AT 

69.78- 

74.90; 

73. B 1 

74.57 

74.35 

74.47! 

74.78 

09.^; 

471.9 

459.51 

469.7 

457.5 

407. a! 

480.7 

44ft0i 

142.31 

144.4 

147.7i 

145.8 

141.4 

136.s| 

UT.oi 

B.89. 

0.72 

8.77 

6.70 

0.67 

8A3 

6-2fe 

17.15! 

17.23 

17.39 

17.1ft 

17.46' 

17.29 

le.oa 1 

7.ao| 

7.7ft 

7.69 

7.65 

7.701 

7.78 

9.18 i 

5.5301 

6.080 

6.40ft 

4,727 

e.iioi 

4.944! 

8.614- 

_ j 

66.3ft 

87.80j 

82.66 

66.70 

70.60 

83.43- : 

— ) 

14.480)16.9411 16.415 

16.096! 13,787 

.19.346: 


1 Based an 


I D.RL <73.#. 

ND=1.tt. 


r. U a m 4754. Noon 4MA. 

2 pJB. 4)3.0. 3 p.DL ITU- 

52 ncr cent, ewpora dgn tax. 

UUH Index 43-210 S82k 
Bast* UW Govt. Sacs. li/UK3v Fill’d InL 1938. Ind. Oil l^.'N. OoH- 
Mine* 12/9 "58. SK Aciivky JBlr4)cC, 1W3. 


highs and lows 



1078 

dinre Com pi lot bm j 


High 

Low 

High 

U^j 

Gorudeta... 

78.58 

(Sill 

71.32 

leiiti 

137.4 

(8 < lrdd) 

49.18 ; 

(3/1 46) 

P1s«t Int... 

81.27 

Wll 

73.81 

(ZiT-l 

150.4 

(26/11/471 

50.53 
[3/1, 7bj 




549.2 

49.4 


I6;l) 


iMfff-CTi 

[2t*f8/Wi 

Gold V inn. 

168.6 

CK.'il 

i3a3 

(Ml 

442.3 

i22*rtai 

43.6 

(26/10(711 


s.e. activity! 


M.y | iUy. 


—Bully | 
{jllt-ttrixari ...! 


loilustne 


S petti hit I re... ] 

IbtaU ! 


M^jr.Ax'nipj 


1B7.4 

19a-4 

32.9 

121.1 


OlIvKdj/ed 
IllliUBIriAl" ...j 
UiwcuIbIHo..., 


Siwcuiam 
Tnlul 


187.3 

180.9 

30.9 

116.6 


169.1 , 
mb* a 

ii4.ri 


J80.9 i, 
179.0:3 
39.6 ^ 
114* 


iny statement. Hcywoud Williams useful gains. Elect rocomponcnt i> added 14 to 3Sp in response to 

announcement or the latest cur- Recently the subject or an un- continued to draw strength from moved up 12 to 39Sp and rises of the good results and renewed ' he market io Furness Withy 

’ ' ' demand on bid hopes «as a lot quieter yesterday fofiow- 

a fresh rise of 41 ln ° the bid denial from European 

in Johnson Group Ferriez sHbouzh, after ■ easing to 

Cleaners and a R gain to I93p «n 263 P- the shares rallied on fresh 
Avon Robber. Booker McConnell speculative support to finish a net 
were notable for a rise of 7 to 2 higher on the da * 

Z39p and Foseco Hlnsep added 8 ^ ined s to ' Mp -* ^ 

at 160p as did Cawoodl to 143 P . ^*ippln e s, V and O Deferred 



IHiierA prom marina, onrue tun uimhus mown up in svm- "" —— ™ ™ K . Imnrninmsnt 'r n k A ^ I..nr-hcri 97Sn aT loop as OIO tjawooas. to I4iip. , r. j”’ — 7" ^ 

by both Marks and Spencer’s and pathy and Sedgwick Forbes Initially a firm market m 359 n hor^ira o>ih;L r„ r - r jse Varies and .Newman, on the other closed, JL pe r n ?. y harder at lOIp, 

«—u P y- S preliminary slate- gained fi to 39Sp and C. E. Iteali. ic drlf ed lower To clnL only a ^ 2 on wVn JH <££ band, lost 13 to IlDp io reaction gSLS^JSSSSF iSSiiSSK 

contributed to the turn- 7 to 270u. Miuet a firm market o[ Jinny belter on balance it 349p " .balance, while GKA to thB sharTl «,„»„«.&»„ n r«.Bis better-than-expected preliminary 

in sentiineot which left the late following the bctter-lhan- Laporte added 7 to 104p despite 2R0n aft, 


improved half-year profits. 
Coppers were featured by the 
persistent Continental buying of 
ZCI which lifted the shares Ij 
to a 197S high of 13Ip. 

The overnight weakness in 
Sydney and Melbourne markets 
prompted minor losses in Aus- 
tralians. Conadnc Riotinto fell 4 
to 2i0p following the chairman’s 
warning of substantially lower 
earnings this year. 


MM Holdings gave up a sir . 
amount to }77p despite the gg 
ten-months’ earnings figures, 
Tins moved ahead strongly ^ 
response to the firmness of tht 
metal price in London and Penang 
Southern Kinta advanced 15-5 
JSOp while new highs for lgg 
were attained by Ayer HiUm, i 
better- at 315p. Sungei Besi, 7.5 
the good at 190p and Tongfc^ 
Harbnnr. 5 up at !»5p. 

— ■ .4 


Sainsbury 
men Is. 
round 
FT Industrial 
2.3 at 4 


- only a penny dearer at to the shar P «>nh-action m profits 

stria! share index up only expected results.- rose 4 more to the’d'rop^riT'profiL^ Ateinate^re^ rnrthrv^?lr rnr^nrtarv fo d l «0p .^a Iso^o ^^l^ppo i ntmen I Courtaulds improved to T2fip in 

71-9. after a rise of 6.1 I90p. Composites made progress coverecTlO to 285 p after recent fOI SS2hl!l? , “ ,^_! 1 ^ :0 ^ ar ^ with the preliminary figures, the earlier dealings, but drifted 

at the 10 a.m. calculation. Second- with the general trend. Royals dinned following the results* Frofit-laking after the recent back to dose a penny cheaper on 

line stocks tended m be over- firmed 7 to 370p and Sun Alliance ,JU,mcss o lo l t> inc r® 50115 - market none loo welt supplied speculative surge left Redfearn the day at 122p. Other Textiles 
shadowed but maintained their added 6 at 540p a* did General mop jrtock tefi : British Steam Naeonai Gtass 10 e3S | er at 315p: encountered selective support 

upward progress. Accident, to SMp. Si aiSappOUlt Spedafists 8 higher at 91p ^ Monopolies Commission’s re- „ . . . 

marked, at Quietly firm conditions pre- Standing a few pence belter r j ses „f 4 occurred °in Capper P , orl j? n V’K etfa r er o n 0 L the 0U j uOWH again 

above Tues- vailed in the major clearing Banks, immediately in front of the pre- «2n Desoufer 131o and bids from Rockware and Reports that a UN co 


OPTIONS 


Total bargains 
3.320, were slightly 
day 

portion 
a go 
the 


DEALING DATES 
First Last Last For 

Deal- Dead- Deciara- Settle- 

in gs ings tion ment 

Apr. 25 May 9 July 20 Aug. 1 
Hay 10 May 22 Aug. 3 Ang. 17 
Hay 23 Jun. 6 Aug. 17 Aug. 31 
For rate indications see end o] 
Share ■ Information Service 
Stocks to attract money for 
the call included Premier Con- 
solidated Oil, Inter European 


Properties. Tricoville, ElUoh 
Group Peterborough, F. G- Gates 
London Brick. Pacific Copper * 
Dares Estates, Royco, Belhavcj 
Brewery, Wilson Walton and Dt 
tramar. “Puis” were arranged it 
Burmafa Oil and Lad broke War 
rants, while double options wen 
transacted in Lennous Group 
Premier Consolidated OU. Bq 
ton Group, V.D.T. and Barrel; 
Developments. 


in FT-i 

from five-lo-two to nearly nine-to- Aferchant Banks were hjsher in was 3 down' on balance at I4«p ri t ?™Zut r on°2 I to 22o ""b^w of tbe Ziflynn ofTer. but Attwood gold shares despite the improve- 
t™ 0 - placw. Hambros gamed * to IMp arter a good turnover. However. D f contrast Haden Carrier^eased Garages met with speculative ment in the bullion price. The 

r:u , G ' Rl DaM;es appreciated 3 to other Store lenders generally 2 to 97 d on the fall in the annual demand and rose 8 to 35p. latter was finally $2 firmer at 

nt1tm ~ ni1 3tfp - TSo'freS ,5?' U u r p ;re«“s: P w 0 hile b^SVTS Buyers were again evident In Sin 125 per ounce In front of 

o at Ii>9p in response to favour- « n< n ,I the latest lnternatjonal Monetary 


NEW HIGHS AND LOWS FOR 197S 


The (allowing securities Quoted In tiie 
Share information Service vesterdav 
attained rnn* Highs and Lam (or 1978. 



EZZJZ r Elsewhere, speculative ■ demand care, results also due to^lay. Annual results well in line with British toTwi n the^aPke^Howewr' STti^nd 

A ‘ 5010 : .nod at 2oSp. touched IMpbefore closing un- best expectations prompted a rise SSir G^es/ip^f Ed wa" SSSfl' ta 

.1 .! In a busier Building sector, altered at lofip. Secondary stocks of 6 to l/8p in J. Sainsbury. j onirk hardenpd a shade to IIS seliine was rennrteri and 
gains extending to**. Tim shorts A jdvnnccd^ Sjnore Provided a few J^sh Anod*ted_ owe- 51»P in response to the capital ivices turned easier again 


up 
loss 
is 

Rand font ein, £33*. Free State 
Geduid, £15 and Westerd Hold- 
_ .. . . . . . lugs, 1164, fell by as much as 4, 

Properties made modest head- u .£ ile lower-priced issues showed 


reading of the gold and currency Construction issues were inliu- higher at 135p and James Walker dearer at l»0p. Brooke Bond Prnnc nuioflv firm 

reserves eventually spurred enced, notably Taylor Woodrow, 4 to the good at Sip. Comment closed a shade firmer at 48p fol- r rw lf s 4 UJCU J miu 

occasional selling which became which, helped also by the on the excellent results and pro- lowing news of the company’s 

more forceful after the official announcement of a £ 16.4m. con- posed ' 

close of business - " - — 

rises in the Ion 
J in the after-hours 

the shorter issues ... . ... _ _ . __ ^ ^ m ^ _ 

tion of Minimum Lending Rate Feb International responded io approach. ’ and Catere rs,” Wbeeicr’s” ad va need dosed 7 better's! .'H2p' after 843p" 1/1 • Platinums, Rishopsgate 

fears, saw their small early improved annua! profits: the Electrical leaders closed with- 20p to 305p in a llmi'ed -market Capital and Counties firmed 1* to eased a penny to 75p despite the 



NEW HIGHS (221) 

FOHEIGN BONDS 11) 
AMERICANS i5l 
CANADIANS <31 
BANKS (6) 

BEERS «»» 
BUILDINGS US) 
CHEMICALS (SI 
CINEMAS Ml 
DRAPERY A STORES US) 
ELECTRICALS II Oi 
ENGINEERING 1241 
POODS 12) 
HOTELS <4) 
INDUSTRIALS (39) 
INSURANCE 14) 
MOTORS <9) 
NEWSPAPERS >2) 
PAPER A PRINTING (7) 
PROPERTY 12) 
TEXTILES IT) 
TOBACCOS (3% 
TRUSTS 126 1 
OILS («> 

OVERSEAS TRADERS 16) 
RUBBERS (11 
TEAS (2* 

MINES iEi 


NEW LOWS l la) 

BRITISH FUNDS (B) 

Treat. g*ioc 1981 TroM. 14 k 1982 
Eacftqr. 8 <4 pc 1981 Treat, a L .oc 19R2 
E«char. 9 *:pc 1981 Excnar. a '.nc 1981 
Treat. 8 (jpc '80-82 Treat. 12k 1983 
FOREIGN BONDS 13! 

Ireland 7':pc 81-83 Japan 6 pc '83-88 
Da. gijpc 91-96 

CINEMAS *11 

Scottish TV A 

SHIPPING 111 

LTN Shipping 

TRUSTS (21 

Archimedes Inc. Raiedlmond Inc. 


RISES AND FALLS 
YESTERDAY 



Up Dawn Sams 

British Fuads 

Csrpas^ Dent. and 

« 

U 

12 , 

Foreign Bends 

13 

7 

© 

Industrials 

M2 

14* 

1 st 

Financial and Prop. ..... 

224 

05 

XT 

nils 

9 

5 

a 

Plantations 

9 

b 

IB 

Mines 

ZX 

62 

39 

Recent Issues ............... 

B 

2 

9 


Totals 97* M LMI 


STO^K EXCHANGE BUSINESS IN APRIL 

Turnover down in all sectors 


*Y GEOFFREY FOSTER 


Stnck Exchange turnover in 
April coni railed for the third 
consecutive month as investors' 
confidence d-ierinrated further 
on com inning uncertainty about 
the economic outlook and parti- 
cularly the levels of sterling and 
inicrest rates The fact thai 
There was one fewer business 
days than in March also contri- 
buted to the decline which made 
April the quietest month since 
last July. 

Business in all securities 
amounted to £11.65bn.. the 
lowest monthly lotal since last 
July's £S.4hn. and representing 
a fall of frt.ahn from the £l2.lhn. 
recorded in March The Finan- 
cial Times turnover index for all 
securities in April was :f57.0. 
compared wnh March's .'171.4. the 
1977 average nT 4-12.fi and lasl 
So pi cm tier's all-time record of 
RS5 fi. The *»\ «■ rail mini her of 
bargains transuded was 39.371 
fewer a* 426.4SI. although the 
average value per bargain was 
up f 1.21)4 al £27.223. 

All sectors were affected by 
the fall in turnover. Trade in 
British Government Securities 
fell by £(1.3bn to E9bn. and the 
number of deals was 6.414 lower 
a I 61.797. Thr downturn was 
mainly attributable to a contrac- 
tion oT trading in short-dated 
securities — down £(l23hn. to 
r5.5hn but the average value per 
bargain him* by tSW.’J7il in 
£244.177. Business In other fixed 
interest securities Tell by ID Dfihn. 
to £3 5bn with the number of 
bargains 2.262 fewer at 39.115 
over index for British Govern- 
ment Securities dropped from 
395 7 tn March In 333 2: this com- 
pares with last Sep:nniher's atl- 
limc high of 744.0 and the 1977 
average of 47S.S 

C, ill-edged price*) improved 
marginally until the Budget on 
April II then fell away sharply, 
largely on doubts about the 
Government's ability tn fund its 
higher than expected 197S-79 
borrowing requirement. Price 
levels reacted further following 
publication of the disappoimioc 
March trade figures and in four 


MONTHLY AVERAGES 1967^100 


7001- — 

Sfi'mW.IRWH 
EWffcr WfiBUKS J GUtfuft JUD 

BOOH 

ORMURVSHJStS 


HOW STOCK EXCHANGE TURNOVER IS WAVING 

A 



>975 


1976 


1977 


1978 


trading days the FT Government 
stocks index fell nearly 2* 
points. The Bank or England's 
move on April 21 m announcing 
ESOOm. of new long “ tap ** slock 
was favourably received and 
induced a slightly firmer trend 
but concern abmn sterling and 
,lhe upward pressure on interest 
rales kept trade at a minimum 
From an end-March level of 
7.1.S*. ihe FT Government s|i*cka 
mdp\ closed the umnih 2 61 
points lower at 71.2.x 

April In rn over in Ordinary 
>hare» contracted a further 
£il OSflbn io £1.4l«n. while the 
number of equity dealings n*a» 
down nnnther 2B.67S r»n ihe 
month to 3 14. Hut. The average 
value per bargain was £126 
higher at £4.4H7. The FT equity 
turnover index for April was 
250 S compared with 266.6 :n 
March, the Septenthcr 1977 high 
of 490.9 and the 1977 average of 
299.9. 

The faetnrs which aided gilts 
at the start of the month also 
helped equity prices and from 
Its end-March level of 463.S, Ihe 


FT 30-share Index reached its 
month high of 471.4 on April 6. 

Disappointment with the 
monetary aspects of the Budget 
and with the March trade figures 
led to a drving-up of buying 
interest however, and the index 
fell away steadily lo touch a 
month's low 446.7 on April 17 
before rallying. largely on techni- 
cal influences, to flnish tbe 
month a net 1.9 points higher at 
465.7. This was just over 15 per 
cent, off us all-time peak of 
549.2 recorded seven months 
earlier 


Largely reflecting a S13 fall in 
ihe price of gold bullion In April, 
(•old shares fell away sharply 
last monih News of the U.S. 
Treasury's decision to auction 
300.000 ox. of gold every month 
for al leas: six months starling 
on May 23 took gold shares to 
their lowest levels since the 
beginning of the year as 
measured by the FT Gold Mines 
index. After touching 134.7 on 
April 20. this measure closed the 
month 11 points down on balance 
at 147.7. 


Category 


Value of all 
purchases 
and sales 
£ffl. 


total 


Number 

nf 

bargains 


%of 

total 


Average 
value 
per day 
£m. 


Average 
Average no. of 
value per bargains 
bargain per day 


ACTIVE STOCKS 


Denomina- 

of 

Closing 

Chans* 

1978 

1978 

Stock 

tion 

marks price (p) 

on day 

high 

low 

JCI 

fl 

12 

349 

+ 1 

365 

328 

Shell TransporL.. 

2np 

1 2 

563 

+ 3 

564 

484 

Beecham 

25p 

11 

648 

- 2 

678 

583 

BP 

£1 

11 

802 

+ 8 

864 

720 

Marks & Spencer 

25p 

11 

146 

- 3 

160 

136 

GEC 

Turner & Newail 

2gp 

10 

250 

+ 2 

278 

233 

* New ’ 

NU/pd. 10 

. 22pm 

+ 6 

22pm 

11 pm 

Fisons 

n 

9 

342 • 

+ 2 

304 

325 

Furness Withy ... 

£1 

9 

270 

+ 2 

348 

206 

Unilever 

25p 

9 

516 

+ 2 

548 

476 

Grand Met 

sop 

S 

109 

+ 1 

110 

87 

GKN 

£1 

8 

280 ' 

+ 1 

282 

255 

Nat West 

£1 

8 

2S8 



297 

254 

P. & O. Defd. ... 

£1 

8 

101 

+ 1 

118 

91 

Tricentrol 

25p 

8 

166. 

+ 6 

178 

130 


LONDON TRADED OPTIONS 


■I ui> 


October 


JjlDlUU-T 


■Ht'iwa-. Cluninjs 

U|itinii jinc- . vffer 1 Vi>L 

1 UliwillK 
i nffer 

! v., 

1 

1 Closiiijsl 
! 'liter 

Vol. 

! Kquil.l 

! 

1M* 

730 

71 | 

I 4 

9 V 



104 ‘ 



! 795}' 

til' 

800 ; 

40 

1 11 

58 

— 

i 73 

1 

1 

t'nni. tlnii'O 

140 

131* 


18 

— 

I ZUj 

1 

146,. 

l .ini. Lilian 

16U ’ 

5 

8 

9 

— 

| 13* 

6 

a. 

i ’ 

16U 

19 ' 

; 1 

a6 

— 

1 28 

1 

169 v- 

L..n>. t.olfl 

1B0 ; 

9 

7 

13 

10 

1 i7 : 

5 

1 ■■ 

1 ■■■■riAiiliifc | 

XOU ' 

23 

I 11 

251] : 

23 

26 

— 

123,i 

t'..iiriiiul<l- 

110 , 

16 

9 

l iaij 

33 

20 

9 


I'.UinmibU 1 

120 

8k 1 

, 20 1 

i ii i 

6 

14 

2 


'iW ' 

2ao 

37 

1 

1 43 

2 

: 49 

4 

251)i 

* . hX 

24 j 

21>* , 


30 

3 

36L, 

• 2 i 


liKL' 

260 

12 I 

' 3 -! 

20 

10 

27 : 

1 


Iil»ll'l 1U-L 

10J ' 

17 ' i 

17 

19 

21 i 

211* . 

4 ’ 

109,- 

ifrsiHl .Uk. ' 

110 1 

81* 

5B 

121, 

6 

; 16 j 4 i 

6 


IO 1 

330 - 

B9l* i 

! 13 

35 

24 

40t* i 

14 

360)f 

IOI ! 

360 1 

14 l 

•17 

19 

40 

25 

17 


L*.nd .-xr». 

160 

22 >* : 

2 

27 

20 

30 I 

— 

194,. 

Land f*ws. | 

auo : 

10 1 

1 

15 

1 

181* ) 

— 

1,. 

Dark* .1 *|i, 

140 i 

121* 

46 

18 

15 

20 

24 

148y 

Mark), i ->|v 

160 ‘ 

4 

16 

7u ; 

80 

Ui* , 

21 


-hell 

soo : 

78 

1 

B5 .[ 

3 

93 

3 

065 1. 


660 

37 

‘ 

48 

| 

61 

1 

", 

r..wi- 



244 1 


297 


121 



F T— ACTUARIES SHARE INDICES 


These indices are the Joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUBJECTIONS 


Figure# io pareothttes show number of 
stocks per section 


RECENT ISSUES 


EQUITIES 


Ivue 

PrU-e 


106 


1878 


o 

i “ I High I Cow 


P.P [26<4 | Ml 


F 




II! Sw Bellrtay. 141 


££ J-f fc 

‘ ¥ 


6.76 £.2 71 9.5 


FIXED INTEREST STOCKS 




i = ^ ise; 
— • zs J|- 


'! 5 i ! 

e £5. 


1878 


it ItL” 1 


£ J s ■ Hick] Luw | 


i 'J“ 


?10U 

100) 

lihl 


C3B 


1 

Ida 


f.l’. 

k.f. 
F.P. 
F.l*. 
. MS 
XIO 
; r.e. 
K.P. 

! r.F 
L'8*j 


1Z0.S 




filp^XaiOi. IiuIk. ICLr%2o>i. Pn. 


'85(8 

: 9i6 
88-7 
9-5 
8* 


British Govt, and British GovL 
guaranteed: 

Short dated (having live 
years or less to run) 


Irish Government: 

Short dated (having five 
years or less to ran) 


UJC. local authority 

Overseas Government provin- 
cial and nromcipa] 

Fixed interest stock prefer- 
ence and preferred Ordinary 

shares 

Ordinary shares 

TOTAL 


5.538.4 

47.5 

22.682 

5.3 

276.9 

244.177 

1.134 

3,o lb. o 

30J2 

39,115 

9J 

175.8 

89.902 

1.956 

437.8 

3.8 

1.378 

0.3 

21.9 

317.738 

69 

290.6 

2.5 

3.060 

0.7 

14.5 

94.979 

153 

321-8 

2.8 

7.465 

1.8 

16.1 

43.115 

373 

16.3 

0.1 

1.770 

0.4 

O.S 

9.240 

89 

125.1 

1.0 

36.380 

S.5 

6.2 

3,439 

1,819 

1.4053 

12.1 

314.601 

73.8 

Til 2 

4.467 

15,7tfQ 

Il.652.ft 

100 

426.451 

100 

'5S2.6 

•27,323 

*21,323 


•Average of all securities. 


211* 

| 9*4 1 

■ liMpj 
. btel- 

tvttW 

lufi 

■ •“'la; 


jDU ( iiinrr. L's|rt» Ini Piu. Varuililo 82.. 
ltJ3p Anulume CC.J I0M%2ml L’um. Pre* 


lift i ■ jUminior Liinv. L‘nn>. K«i. Enu Prof. 

a «* 


Ms'kv. lift Ui. M.irt' 

8ig Gnm*irh «l-m. Huru. idi 11^* Kcd. 19 
lOIpJt-n.. \ Lillie, lut oiiim. Prri. 

tiKp)3lifnzi« I'um. Prf. 

VM, Vui-'u-r\ Wuei (% K«,i. Prl. 

97 lali«A 11*84 Cnv. Vm. Iji. IUU 

■I y.w W,in Hi IW.. 1-r-r 


— 1 95lgpi4.it 

>4 1 

~4 11 '!■: 

ffrA 

108, I* 
K24: 

103 
98 lg 
24 (g 


“RIGHTS” OFFERS 


1 a-T j 1 jii^.\ 
l*»u^ - £“ I I (lnunc. 
Pncv =- I Ivir 
I *£■ | • • ■ 


isfit 


jH^I. 


L... 


Stiit-L 


36 , Ml 
3.- . F.l'. 
X. 

106 t F.l'. 
30 X.. 

tea . mi 

62 r.p. 


— — 1 14[iiqj 12[nn ilmwD Boruri Kent........ 

3-3.' 31, ’Si 128 ; 112 ..nil. m-^ir 

— . — I 2,-nil M lUeuikna' Cinlil 5] ui'njf 

5/5 19)5' IS* } 158 lUxv'tw 4 Menclie-iei Ls-ursnne, 

15.-5 0/5. Iwrei.lSiunJ^ui ni ... 

16.5- 13(6; 22pm! It|>m[rurner A Nenall 

ay a; | . at is ' * v |W-imn,-.|, 


rt.'lusnte 

Pnr 


-A 


rj 


14,-ml 
Ui 
•Xj 
136 
23 cm: 
23pm - 
89 I 


-2 
■*■8 
+ b 

+ B 


BoDUiicialion date uFOalir Inn dar for dealing free Of sump dntr. t> Figures 
Oawd on wospeems estimate, a Assumed dividend and yield, a Forecast dividend: 
cover based on previous rear's eandnss. r Dividend and yield Used on prospectus 
nr K&f'T official mlqaaies for 10T9 9 Ctob s Figures assumed. } cover 4 n.nv- 

for conversion of shares noi now ranking lor dmdeod or ranking only for restricted 
dividends. ( Placing price lo puDUc. pi Peace unless otherwise mdicaicd. J [sued 
tjy lender. || Offered to holders of Ordinary shares a* a - rights ” ** RigtiLs 
by tray of capUaHsaitaB. « Mlnsmnvo tender prlco jt RefniroaiKed. W Issued 
in conn«c:mti with re ore "n Isa [I on merger or lafce-uvrr !||| InTroducdon. “■ Issued 
ro former Pr*>f.>r»niP Holders. 0 Allotuiem tellers -.nr fulty-naid). • provisional 
or partly-Daid allauneni leilen. * With wutuil 


CAPITAL GOODS (170). 
Bailding Materials (27)„ 


Contracfing. Consirattion 1261. 


Qectricak f 15i 

Engineering Contractors ( 14i — 
Mechanical Engineeriog(7ti — 
Metals and Mela] Forming ( 17)- 
C0NSLMER GOODS 
(DIBBLE) (5?l ; L. 


Index 

Na 


20836 

186.41 

335.13 
438.75 
303^4 

166.13 

268.42 


Lt. Electronics. RadioTVil5). 
Household Goods (121 


Motors and Distributors (25i 

CONSUMER GOODS 

INOVDCBABLEM 1761 

Breweries (14). 


Wines and Spirits (6> . 


Enter) njnment. Catering (17i 

Food Manufacturing®!).—.. — 

Food Refailing <16i_ 


Newspapers. Publishing (13i . 
Packaging and Pa peri 15) — 
Stores (39) — 


Texti lea i251- 
Tobaccos/31- 


Toys and Games (61. 


OTHER GROUPS 1971. 
Chemicals (19). 


Pharmaceutical Products (7i, 

Office Equipment 16) 

Shipping (19)- 


Misccilaneoosl^). 


INDUSTRIAL GROUP (495). 


Oils (5). 


5S0SHARE INDEX 


FINANCIAL GROUPYIMl . 
Banked) — 


Discount Houses t I0V. 
Hire Purchase (5) 


Insurance (Lite) (10). 


Insurance (Composite) (7). 
Insurance Brokers (101. 
Merchant Banks (H). 
Property (31). 


Miscellaneous (7)- 


investmentTrasts (50) - 
Milling Finance 14). 


Overseas Traders (19) . 


ALL-SHARE INDEXlttSI 


194.76 

23L31 

17159 

122.14 


20L7S 

230.24 

26337 

254.17 

19230 

196.23 
370.86 

133.46 

185.24 

183.47 
243.73 

97.60 

189.27 

25739 

25236 


13027 

437.46 

19936 


206.61 


475.41 


228.96 


163 62 
195.91 
193.64 
14436 
135.01 


12658 


340.05 
7925 
12 


215. 


30755 


203.91 

90.73 

3X0.63 


213.46 


Fed, May 3, 1978 

TUes. . 

liar 

. 3 

Tuea. 

r 

TTinre. 

.Apr. 

27 

Wed. 

Year 

ago 

(fppnaj 


Eat. 

Earnings 

Gross 

Dir- 

EiL 

PIE 






Day’s 

Yield 1 * 

Yleld% 

Ratio 

Index 

Index 

Index 

Index 

Index 

Change 

% 

Ota*.) 

Corp- 

lk*3» 

lACT 
al 34%; 

(NcLI 

Corp. 

IktWl 

No. 

No. 

No. 

Na 

No. 

+1.4 

17.62 

5.70 

7.93 

3)5.72 

20533 

20450 

20LB4 

17L90 ‘ 

+13 

17.87 

552 

8.01 

183.98 

183.76 

182.40 

179.51 

143.12 

+2.7 

1833 

3.99 

*39 

32623 

32614 

320.90 

313.15 

24473.- 

+1.0 

15.84 

4.0? 

9.05 

434.42 

438.99 

433.44 

42221 

335.71 

+1.4 

18.89 

6.71 

690 

299.13 

300.47 

296.74 

293.95 

230.99 - 

4 1.4 

18.95 

638 

7.19 

163.76 

16389 

163.76 

16237 

15528 • 

+LI 

16.82 

832 

8.00 

166,61 

16527 

164.41 

162.10 

147.88 ] 

+1.9 

1733 

4.87 

8.26 

19120 

19050 

188.62 

18558 

155.01 • 

+2.0 

1536 

3.71 

9.48 

226.67 

224.74 

22037 

2734 

175.98 : 

+0.2 

16.77 

657 

839 

171.21 

170.91 

169.90 

167.75 

155J7 

+2.0 

20.75- 

637 

6-92 

11979 

12039 

12064 

117.78 

108.66- ; 

+1.0 

15.94 

5.76 

863 

199.74 

198.55 

198.69 

195.46 

16691 : 

+1.4 

14,18 

5.77 

10.68 

227.04 

226.83 

227.78 

220.43 

17168 ■ 

+1.9 

1536 

5.47 

937 

25836 

255.69 

256.25 

25263 

19UJ ; 

+0.9 

13.88 

6.71 

10.43 

253 81 

250 62 

253-92 

249.93 

21255' 

+0.8 

ZL17 

5.61 

656 

190.71 

19039 

189.04 

186.98 

17214 , 

+19 

1432 

4.71 

ID -23 

192.48 

191.97 

19052 

18922 

17854 - 

+l.fr 

10.91 

335 

13.24 

365.06 

36099 

363.B9 

350.29 

2735* 

-OJZ 

15.84 

8.88 

7.14 

13369 

13L5Q 

131.38 

129.20 

11255 

+03 

10.75 

434 

13.65 

184.77 

183 08 

183.43 

180.79 

146.63 

+13 

20.09 

728 

6.04 

18L05 

179.13 

176.97 

173 06 

J64.W -. 

+23 

22.68 

7.68 

5-24 

23857 

23837 

239.95 

237.47 

2 1351 

+13 

20.71 

634 

6.47 

9630 

9534 

9554 

9630 

9369. 

+1.0 

1694 

5.96 

- 739 

187.45 

286.17 

185.66 

18334 

rnn 

+0.8 

19.59 

6.73 

6.98 

255JS 

252.46 

25236 

248.71 

23616 , 

+0.4 

11.19 

4.04 

1131 

25132 

248J9 

24633 

242.64 

0.00 

+L& 

18.62 

4.96 

635 

12824 

12736 

127.41 

126 59 

4726 

+L0 

20.48 

7.13 

5.87 

432.93 

432.18 

429.77 

417.82 

471.96 

+L4 

16.83 

639 

8.08 

196.62 

196.71 

19646 

194.36 

17552 1 

+13 

ri6.68 

5.73 

8.21 

20425 



19961 

17457 • 

+03 

1553 

4.17 

6.99 

47167 

47034 

46937 

46134 

49635 w 

+L1 

1651 

550 

8.00 

226.47 

22535 

224,94 

22335 

20027 

+1.2 

— 

5.64 

— 

16164 

161.41 

16032 

15852 

13217. 

+0.4 

2432 

5.50 

632 

19530 

19LW 

191.00 

188.60 

24267 ^ 

-1.0 

— 

8.67 

— 

19567 

19738 

197.08 

193.75 

164.69 s 

+23 

1355 

555 

10.92 

14086 

140.94 

14L94 

138.83 

128-39 
IDS® 14 

+13 

— 

6.74 

— 

13322 

13339 

13L24 

12952 

+19 

— 

6.74 

— 

124 22 

12536 

125.01 

12334 

10638 

+L8 

1436 

431 

10.20 

333.94 

335.69 

32969 

324.98 

28310 

+2.1 

— 

6.08 

— 

7759 

77.62 

76.64 

7567 

(£.64 

+L1 

333 

3 22 

61.63 

21275 

213.53 

21230 

21138 

18726 ' 

+1.0 

24.29 

738 

5.70 

10648 

106.31 

10539 

10526 

8868. 

+0.7 

334 

4.72 

3083 

20254 

20231 

202.45 

20218 

17L89 

-0.1 

18.22 

759 

6.72 

99.BI 

92.04 

9232 

91.70 

102.40 

+0.6 

1532 

633 

833 

303.92 

309.72 

305.79 

38239 

279 JO 

+1.1 

— 

554 

— 

20923 

208.45 ( 

207.90 

204.94 

123J1 


TtSED INTEREST PRICE INDICES 


British Government 


Under 5 years. 
5-l5yeara__. 


Over 15 years — 
Irredemables. 
AU stocks. 


Wed. 

May 


10626 

116.74 

12928 

13L65 

113.73 


Day's 

change 

% 


-0.08 

+026 

+036 

+0.42 

+017 


ad adj. 
To-day 


zd ad). 

1378 
to date 


33 3 
207 
4.97 
6.08 
3.78 


FIXED INTEREST 
YIELDS 

Br. Govt Ar. Gross Red 

Wed. 

May 

3 

Tues. 

May 

2 

Yew 

ac° 

(appro vj 

1 

Low 

5 years- 

8.44 

8.44 

. 723- 

2 

Coupons 

15 years. 

1061 

10.84 

10.® 

3 

. 

ZS years...... 

1132 

1136 

1191 

4 





95* 

5 

Coupons 

15 yean 

1206 

1211 

11.68 

6 


25 years 

1227 

1230 

1237 

7 

High 

5 years 

1102 

1099 

■ 1038 

8 

Coupons 

15 years 

1262 

1267 

1278 

9 


25 years 

12.97 

13 00 

13.0* 

10 

Irredeemable* ; 

11.03 

11.07 

1201 




Wad- May 1 

fuculax 

Dak 

’ Vri»1a\ | Bnin, Wert. 
April April | April 

® 89 j MB 

i 1 

TiipmOk 

April 

2a 

j M.'inlm 
| A|irll 

j » 

Kn.lay ! Yew 
April «{« 

£1 

Index 

fin. 

i Yieui 
! % 

2 

IS 

20-yr. Red. Deb & Loans (15) 

68.46 

Itl8-7Q 

68.46 

68.82 j 68.34 j 58.64 { 

68.34 

68.54 

39.59 

64.82 

16 

Investment Trust Prefs. (IS) 

54.89 

1250 

04,84 

54.84 j 64.BO j S4.76 j 

54.61 

64.51 

34.61 

50.61 

17 

Coml. and Indi. Prefs. (20) 

71.17 

18.86 

70.81 

71.01 j 70.96 j 71.01 j 

71.01 j 

70.84 

70JB4 

70.80 


f Redemption ytafd. Highs and bn record, tarte dams a»N nlw and cnHthnent changes are published hi Saturday 
hnws. A new list «f the cmstltoenu Is avaflaMa from the Publishers, (he Financial Times. Bracks* Hause, Cannad 
Street. Landwi. BGU* 48V, price 13p. by post .Zip. - tunes, wraaop hbuso. 


V 


rl 








L— LJ_>® tartLp 


• ■' H;,‘- 

tW ‘1 



Blnandal - Times Tlrarsday May 4 1978 


Insurance, property, 

bonds 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tst. Mgr*. Ltd. (al 


j 72-W, Gatehouse Jld- Aylcsbaiy. OSSSM1 1. SL Mar> Axe. &IT1A 8BP. 


Gartmore Fond Managers f OKg) Perpetual Unit Trust Mngmi-V ia> 


OFFSHORE AND { 
OVERSEAS FUNDS ! 


%bm U Pensions Management Ltd. 


Abbey Capitol 

A hhcv Income — ... 
Abbey Inv. TsL Fd.. 


tlWfrPow!- 

rivnd__ 


^Setocd+a — K2R 8* 2 "L"„ “ 

:SSSSfcS| :::;; z 

p t yd^er.«— 12 U ujj — 

i_Fd.S«r.4__ ISM U7J _ 

,JiyPtt£er.4„ *.9 • 34.7 _ 

w.Pd.Ser.4.-. 1107 U0.& 

icyFff Ser.A- K»S U46 __ 

of at «a> S- Valuation normally Tuea. 


ia* 8 aw«>"^ = i= -nEte 


“ • Gresham life Ass. Sec. Ltd- 


aged Fund H«»l 15Z2J J — 

races Me A Xea dealing Juno l 


msacta AbbeyCen.-n» — J».7 

xxJ. “ Allied Hambro Groop la) (g) te) 


01283 3331 « Hart Su Henley on Thames D43I2GSG 1 

IS rtiAmeneanTSt — g7i 29.41 — R-U 5S rprtuaiGpuib J574 «.0| i 387 

<M 1533 to? iu Piccadilly Unit T. HgW. Lld-V laiibi 

3*® UiForaui.Tiurt_W7 33M-6.1 2T 3 WanteHcH to, SBo London Wall VTZ fi33O0ni 

• ■ HHM»la g^».nt— RO « j £*wlnc«ae PU 339-8-31 948 

In row Fond J $8 Small Co* Fd 

!S.te'SV±=|f IS fSglSSi-. 

(HIMLTst. lAreJ— JH-3 *-« prf,iieFVnd.-. 

IU Gibbs t Antony) Unit TsL Mgs. Ud. AnrumtorFhod 

is 23. Bloallcld SL EC2M 7N'L ^ 01-3884111 p7 r F^Kd^ 

532 i&i A.C. Income*- — H-2 * SZld f ®<g AmcncaaFnnd. 

43^ I i«Au!F»rEaai’Ii&9 24« j ojo P r a ct i cal invest- Co. 111? tyke) 

547 • pesling TUM. TtB'ei «.B!«wm*biinSq.WClA2RA 01-6Z3SSB3 

«4 Goyett UohnW Practical Apr. =6 -.IMSS 152 7rf I 421 

77. London Wall. £Ci Ol-SMSCO *»«« P® 9 lUl...|«l 

SB S7ddr.Apr.51 Pg-* • 136M I 245 Provincial Life lor. Co. Ltd-V 

« Oo.ACamWl ~-\^ WS MLBbbopwIc.a « , OI-347SSE 

M Grieves ZZSSSlZfui. iM-"d » 


New Zealand Ins. Co- IU.K.I Ud_¥ °1- S8S 5851 w Ewnwood 


3 siS BaWW tt " ,BS WwJ- 

C4. Inti. Fund fnt 7 i^a — Taehnoiogyp 

GX.Pptj.FRnd — U.s iro^+oil _ 

Growth & Sec. Uf e A^s. Soc. Ltd-V SSfiSV i . 

Weir Bank, Rt^oo-Thesiea Rarlct. TeL342S( Cpc. Deposit Fit 

fl™.™* Finance— I CL 081 I I _ In^v^un 


Allied Hambro Gtwip tat <ei Ban 
01-SS8 3S1 or Brentwood (aSf D 2114 


Flexible F5naivje_[ ELDS1 — 

= E 

" UanoMrf ESimJ 


W54 +i^ - 
1088 *03 _ 

1031 — 

1042 ,._J _ 
IBS! „EJ _ 
1004 ,._J _ 


AB»ny Ule Assurance Cn. Ltd. - ' ‘ ‘ 

*L0id Burlington Sl.'W.l 01-437 SW 2 Guar « ,an ®oyal Exchange 


S '. Ace— -.uTlJ 
Acc. — b^5 


Rwal Exchange. ECL3. '01-3887107 FuedlaLFuzrd 

property Bonds — fi744 UU) J — Depo«ltFiind_ 

„ Nor.UnlLApr. L5 

Hambro life Assurance limited V 

1 Old Park lane. London. Wl 01 -OS 0031 PhOetlix Assurance Co. Ltd. 

Fixed taL Dep_« w .p».5 15LB ,„.J _ -M,KingWiUia»St,IC«P«HR. 01«»SB78 

gm^==Ba = S^*ss±=P“ w “lti3 - 

a»7--«c E4B k s 75.1/ — I — . 


Norwich Union lnsnruee Group 
PO Box 4. Norwich NTU3NG. 000322200 

Managed Fund MIS 2U4I +L7j _ 

Equity Fund Hil l \aH^»u _ 

Property Fund. 


„fLP«uAec_- I70» 

bas&B 


;ET _ Fixed Int. Dep__ — 

Equity 

Property 

— — Managed cap 

~ Managed Aec_ J 

— - " Oversea* 

G01 Edged | 

!ii" * UVHEV Life Aasnnmce LttLV pS^i nLi^— 

" I. ’Aha* Hae, Abw Sd.Rd®l*. MelgatoOOIOl. PBnJ-.tDroA^_. 

,^®SSfciS 2 Sa:r; = 

■SuSvSSmrr™- JSM 

.SlSv EJ 5 ,1 ^Tit— WS5 U14 — Pen. Man. Act 

'‘iAMEVFliOttlnt-. NA Mg — _ T»eo.GiUEd£. (5pE 

'figlhss * : S 3 SS 

J. i u. - 7M.OAF.Atr. 


\nM ._.! _ 


33 : 


Allied is 
Brie Inds. Fond 

Cnh-iclae. 

Eject. 6 lad. Dev 
Allied Capital 
Hambro Fund 
Hambro Arc. Fd. 
Income FtandK 
High Yield Fd \ 

( 

latrmUcoal Frab 

Inicmationol t 

SccaoI America — L 

PnctDe Fund 1 

SpeclaHat Fund* 
Smaller Co.’* Pd. _ 
2nd Solr- Os'* Fd. _ 

Recovery Sits. 

Met. Min-* Cdtj- — 
Overseas Earning*. 
E* pt SmJr. Co's _* 


! 

.40^-O4| Z 


'240 


CriewsMi Manageinent Co. Ltd. HigbJnrtwie— |io55 113 M -i-a 7 77, 

zn MCr«ha*si. BCIPOTS. *]?*??? PrudL Portfolio Mngrs. LttLV lallbuo) 

u£e55-8K.Z=i&7 4A6 Holbein Bars. EC1N2NH 

Dtw l)V kmF T17B 0 77 HtI n 7» PrudMlial_ 11214 124 Dig +2.51 4.45 


4,43 Btgn.HY Apr. 57 —BIS'S 
sis iAecunLUnil*i-~-j|J5J 

5M fe*SE-S&— 


.78.0 178.1 

1«J 2043 

.745 182.5C 


2A SfJ] ‘““J — Pr ®P' Equity It Life Ass. Co.v 158 Ftncbureb SJ. KC3M BAA wra ^aJ ^rhanze.’ EC2P8DK Olnjgmil OWWrttUinj' 

s “= : k’lsssMM’rsf « ssssasSTVyaarsif^s?: 1 , 


Anderson Unit Trust Managers. Ltd. 

158 Fen church St. EC8M6AA 8239231 


v., 3 wa®fcfis as- 

:joi ^sSvplaodlnt,-. N4 Mg... 

HI™ 

life Assurance 

" ; m 1 ja.lWbrfdgenoad,W.a. 01 

add- 

, Barclays Life Assnr. Co. Ltd. 
•:il)BBR«w«Iiit«IUUK7. 01 


2 m - 


R. auk Prop. Be. 175 b I __ J — 

Do. Equity Bd- j 7Dfl [ J _ 

FlexBooeirBd 1 147.5 1 — 

Property Growth Assnr. Co. Lld-0 


vcd-.fi 9T JOT Bto.HY Apr. wT- 178.0 178.1 77S Prudential 11*15 J»Q4+25| 4.45 

JfUgi U-&SlR=:ffi affl'-i L7? QttUter sianagemcat Co. Ltd-V J 

4842 +44 ■ IS lAceum-liwU'—— j*# 7 1OTJ 178 ThrlRk-Earhanc^ECW 1HP. . D1-«»417T 

tLS +14 4§ ' Gmch*H^Apr.38— ® J ^.2 Zab Qaadnal GctL Fd .{IMS JO W —. -I 409 

& ^aaJBteftS ■ i8 au 

T (Aecura. Vaiur f7L5 74 7| -3 j) 4M EclltnCe VzUt MgrS. Ltd? 

Mn ** e ™±~ Gnardian Royal Ex. Unit Mgr*. Ltd. Reliance Rw.TmMdroWcii>.RL «ea=i 

| S Royal Excbaaze. EC8P8DN. Ot-82g«0II S» 

4M SScuarfhiUftL-IW Wfl +1.7J 4« ISSSSEtoStl-B 8 42?d| ^ IS 


Arbnthnot Sceuriiics ir.I.l Limited 
Pit rov2U.SL Hclier. Jcr>ef. 014472177 
fan. Ta -Jeru? ■.~.J145 0 178 0-4 .. . | 440 

Neal dealing dale May 10 

Hut ghni.TsL '»i ■ into UB.Q( . -4 3« 

Next fipb. 31 .’.»■ 1 1 

Australian Selection Fund NV 
Martel Oppominflie^. r i In*h Vuong A 
Outhunrc. 1ST. Kent st. S>dne>. 

F SSI Share* | SESL5J 1 | - 

Bank of America International S~V. 

33 RoiHcnird iJiionNRir^ o n 

Wldimevl Income JE511CB 113 W . | 057 
Pncei at April ?7- Neu nub. Xy Mjv 3, 

Bnk- of Lndn. & S. America Ud. 
*>06. Queen \ irianaSL. Ft 4 01 U0I313 

Alexnndcr Fund — ptiiO — 1+022', — 
um value May 3. 

Bantpie Bruxelles Lambert 
z Hue DC Ja Regence B 3000 Rniswls 

Renta Fund Lr |L8Z3 L879( . . 1 7.51 

Barclays la) corn ini. (Ch. Is.) Ud. 

1 , Otarinp Crt» x. SL I Irlwr, Jiyv UTCl 7374 1 

Dwnrnx Income . 1485 5111 } 10 » 

Unidol Il-ITU* jH'SM R ilT-dtO Of 445' 

UmbondTniK BlSfllT 1WW j 600 

to fee nod olttilwMtns ruxe* 
Barclays Unicorn Int. (I. G. Man) Ltd. 
IThdrnasSl.. DmiKldi. I o.LL I/CJ44H.4 


KiBB & Shsxson Mgra. *. 

1 CTinfineL'ie**.-^ Holier. Jeney.'TfiBt'TSMt 
Valiev llxe. SL PWer IHm. fimsy. tOWl> 3WW 
1 Thom ay Staeet.thmdBi.l-* 1 51 _ 'S*fC+- 

r, m FUmli Jersey >-«2 IBri IJ?S5 

OU» Tni*HI oM.1 . 1872 IMfl . ... J U-75 
Cilt Fud ■luermev|n57 0 bai+00q 12 Q0 
1r.ll Utt Sn.'TA , ' 

1-TrM. SlriilOK 1|*« »*-J X . 

Fust Uni — „ 118452 184 81] ,_..4 — . 

KIciawort Benson Umiird 


I ijt t ] , . — , — . — aenoniBi.uK, — pn T 

no 7Z J — ■ Ansbacher Unit Sign*. Co. Ltd. Henderaon AdndaiMtntiea fa) fc> <g) wdBene idi Management Ud. 

107.9 1 — .1 — 1 Kobl*SL, EC2V7JA. 01-6236378. premier UT Admln^5RajWjh Road. Hutton, «™el 

tmc. XcmlbiyPuBd.fUZS 




— i5 n -S'i. t ? I e-Aec.. 12bl 1325 — Properly Fund 

— gen-BB.Cap.__ — 125.4 1 m 3 — . Property Fuad tAj 

— Ee*^5-S.A« 138J 14b* — Agn cultural Fuad 

— Pen- D. A F. Cap HEL2 1 — Afric. FundlAy.. 

PWL tLA-F. A« 1B21 I — Abbey Nat. Fund 

Abbey NM.Fd.IAI 

01-74B Biu Hearts of Oak Benefit Society inw«nmi fu«l 

— 18-17. TnvLslock Place. WdHBSJi 01JW6Q» 

~ BeerUofQak (583 544|+a2| - . E^F^ndi^ 

— Hill S am u e l Ufa Assnr. LULV wtmvy Fund rAi. 

NLATwr™ Ad41*eoabe fUL.Croy. n-«88435S jSfSS/SV- 


Leon House, Croydon, CR91LO 

Pir-M-rtv Fund I 1341. 

1787 
7HS 

Mil ' 

SR 

• ttS 


01-6808606 -Arirafhnot Securities Ltd. URc) 

I -La - . 37. Queen Sl London ECHRl BY 01-23 

+ 4-11 — DlUl I 


l, t-r ikSiW 

s 




— UanagedViili 
“ M»n*£«dSeri 


j »y. 

gfeasss: £g 

^STtoatal 831 


Managed Seriate 

Mooay Untta ____ 


|=7TSR»5S?Ad 

— j — OKcttre Annuity I 

~j “ Otnnaed. AanTy 


+HU — 
+05 — 

-M16 _ 


51 = 


Bon Income Fd _. 1154 * 

High Inc Puot) |4D J 

44Arruni Unit* 

(6^% WdrvrLUl*. 

Prrlereace Fund— 


us. rusdj 

BRC) Cap. Growth Ine — M.4 


ISM 4U8V8w*rw 


lACrtuL Units 
Capital Fund. 
Commodity Fuad 
( Accubu Unit*). 

110% WdnvLU.I 

FiaJiFropJtd. 

Giant* Fund ... 
t Actum. Unit*) 
GimthFund- 
lAcran Unit* 

Smaller Co'iFd. 

Kffidern * JaO. Fd. 

18% WdrwLLithJ 

For+im Fd 

S. A tatz. A ZM. Fd-1295 


'JnaneyPHU-ActJ 


Vim«3olra 

PSacdln LSer. 

PnM.Gtd.Cap. 

Pns.Gtd.Ace. 


_ Pro., Growth FtnUu * Asnalde* Ltd. 
AllVlhwAc.U_ “■ 


I *Current Unit value May' 2 . 

1 1'.I III j)| r Eeehive Life Assnr. Co. Ltd-V 

•»'*i *iii-i, l' . *n, Lombard SL. ZXXL . . oi-ffisiara 

1,1.. • r kmBnrmMaya— i iais 1 1 - 


■ 12531 -MU — All Wther Ac. uti 
■ ^| +0 .1 = 

USB ' Pension Fd. Ol*. 

155 3 . COnv.TVna. Fd. 

«= = a&aFL_ 

■ ' ' ltan. Pen«. Cap. UL 

imperial Life Ass. Co. of Canada Prop. Pens. FA 

Imperial Rous*. GnHdtort. T12S5 

fl&MUBCIR H =1 = ■ 

Unit Untod Portfolio . 


i 


1S3J -301 — 
127 J -3J _ 

uzb -lo — 

128.8 +8 3 - 

1448 *1.0 — 

1313 +0.6 — 

1427 -03 — 

1322 -□.« — 

24*3 +0.9 — 

1324 +03 — 

129.9 +0.9 — 

1293 ' +0J — 


aocialg ITU — tg b 
fcNnt.Res~__|S3 


gj S&'sSte: I 

Si +02 SS fS&Stffru-.l 

»3 OilfcNBtRe*— I 

582 5.79 latcroariCBMl 

812 5.79 Cabot— — 

524 5.79 Internal loaal -I 

27.1 XZ1 World WtdeAprJS.! 

<24 +0.6 297 Overseas Panda 

J3-9 ■+5-Z W. Austral tan ___ — | 

3sM +05 334 European 

421 +0 6 3 M 

29a +05 45b North American — I 


W!SS 

2511 +021 
26.9) +o3 


>g- Si 3 ggS 5 S^:l 88 IS 

bifl Sothsehild Asset Management (g> 

0286 5M1 


Unicorn AusL Etl 48 4 

Do. Aust Min- 26 9 

Do Urtr.Pasilic.__. 603 

Do Int! Income 30 5 

Do 1 a) MaeT5L, W.3 

Do Manx Mutual— 1250 


551 . . 
5Ui: *00 
649 +19 
41 4u . 
49J . 
2h9 +0.6 


St 

2?.! — 

424 +0x 

•9.0 +0.71 297 AuAnUn 016 33 M -OJrt 226 " Prtra SM^iiHn 

BjS +05) 354 rZZfZ JZr 37.7 4C.lx +0 4 4.7b TOCe “ APr " 1 

420 +0 6l 3M JB2 751 -0J 1.61 Rowan Unit T T 

2 Hj ^ ?§ iai 3iS9 * 02 iJ2 UHrCateHBC-FlB* 

S a ""H V2 C^otAn^Sa-Oo. 50 5 ':... 050 Amerinm Aor^T.- 

3L*a iij] iw HUI Samuel Unit Tst. D9grs.t C«) HShV^dM?^ 

45 Beech SUBCSPSLX 01-6288011 ' t'nits' 

Archway Unit TsL Mgs. Ltd-V UK) M-lj +2.3J sa jgMjgg— 


^ N.C InU. FcLIAcc . .. 

N.a Sotllr Coy* FdllSDZ 

164 Bothschild ft Lowndes M g m t (a) 

9-90 SL Swi thins Lane. Ldn, BCX. 0l-626,*3Sa 

__ NeoCTL exempt— 1012-0 11916 1 3.77 

2 23 puce on April 17. Next dealing May 15. 


+05 43b North American — 

152 AtuGnts. Apr.28 

131 CahotAmer.SJB.Co. 


1 327, HighUhllJoni.'WCl V7NL. 01-6316283. {£^12^511:^0. Bl” 


l.u Rowan Unit Trnst Magt. LttLOtai 
l-J? City Gate Hat. Finsbury Sq, EC2 01-606’OCC 
egO American Apr. R.-KbS MS 6.93 

Securities May 3(159 0 167 B +3 0 412 

High yield Apr. ang.i ■ 22 

*011 lAenun. I’aitSI— [724 76b) 729 

Try Merlin May 3 R43 77^+06 39b 

(Artum. Uniui_ )90 7 953) +0. 7 3.96 


I Archway Fond p9 1 

Prices at AmJ a& Next sn 


awff Hi' 


IptUl Trust 


■ |r | If f 

"v llut ,-„ A«Canada Life Assurance Co. uecure^p.] 

j].,,,, . ' “^30 mab SL. Potter* Bar, Herts. PAar SOUS BprityPund 

>. '.’^sssffljssti- -aa i=d =■ «»«-. 

•' J-odhnj, Cdsnm Assurance Lid-V 

"*•■ I'.:.- , ra_ni.ni UmhlKRlUMn 


SeeureSp^FU. 


SS3 4 ~ Pra> MaaajtedFd..[U2a 117.7] J _■ Po. Capital, - 

7605) J — . Prt>v. Cash Fd h04J M9JI — Do. Exempt 7 sl 

Irish Life Asanrance Co. Ltd. • &S5 13x3, m 

1L Finsbury Square. EC2 01-8388253 Prudential Awirim if LimUcd ft Da.3® 

^SSP^Sd 2 -^ H ?* HoTbora Bara. BC1N 2NH. 01-4068222 S^G^Ace. 

Ssl S<2 ~i BfluiL Fd. Apr. ip_ |£23 l 30 24.00} I — Do. Income Tst. 

gi:£ 3 = •%»»» 

ESJAS2T 1 ^ ' OWB36438 “*>»»» Motuhl ' 

Bond Fd. Eneapt— p06i3S 21 M| ...-4 — pinbrid*r Well* Kent 088223271 i^,i n .FdJm^ 

-.4 - * L p '^ 1 **. ' “" J - Do - A ~- 


_ • Provincial Life Assurance Co. Ltd. 

— 222. Blsbopxgata, E.CA 01-3476533 Do. Anst- lac. 

— Prov. Maaaieed FVL.UULS 117.71 J _• Do. Capital 


Barclays Unicorn Ltd. (aX£)V(c) 
Uuicnrn Bo. 252 Romford Bd. £7. 01« 
Unicorn America 
Do, AhsL Arr— 


' •.i.|, lr - X Olympic 99f,7taablayBAS0MB 01-8028878 MattaeodFund 

1 y'*JfoS£S&s=w ~i-\- S^-^ 2 - 

V u ; ,! r jl, ‘* 1 

1 ---I'd \ BsLtWiExec/Unlt- 


P'OR 1978 

' ,WWs >i:» g3 


'IBond. 
Acenm. 
Accubl 


01-9349644 ft) High 
+0 4] ua InteLV (hXK) 

fE 16. Christopher Street. RCA 
In-pl Hi laleL Inv. Fund 1*7-2 


2-jg Royal Tst. Can. Fd. Mgrs. Ltd. 

4+» M. Jermyn Strrrt. S.W. 1. 01-83KCS: 

7.64 Capital Pd 165 9 69 5 —I 375 

5J6 lnromePd. JJ.9 74gj . . | 7 S3 

7 ML Prices «t Apr. A Next dea^ng Mar 19, 


Save ft Prosper Group 
01-247790 4. Great SL Helen*. London FC3P SEP 
94.0) +1.01 kiS 68-73 Queen SL. Edlnburch EH24NX ■ 
j lailal Dealing* to. 01-964 8889 or 031-226 7351 


MV Key Fond Managers Ltd. (aKg) jrA 

26. Milk sl. EC2V 87E. 01-8067070. Save * Prosper Securities Ltd.V 


28. Milk SL, EC2V 81E. 
Key Energy InJFtL- ]730 
Bo Eoufh ft Gen— (64 6 


InteroaUona] Funds 


S7-i 
53 1411 

Next sub. | 

IMA 


Is WSSWI 

A26 Key Inctane Fuoct- 76 7 116 +0.7 846 Univ. Growth 16&0 

' Hg tli Incroaslag Income Fond 

31. Key Small Ctfs Fa- ]58J, 942| +i^ 6.78 



SSSSEK “ " 

ffiS P SBV». M K w3I3- 

Legal & General (Unit Assnr.) Ltd. New Han piwe. Liverpool. 012274423 Btshop*gate Progresatve 

Klngxwood Houae, Klntswood, Tadworth, Royal Shield Fd.-. (130.7 UM l — , P.BWiop*g«t«.B.C±' 

&otb 7KT20«EU. Scrch Ha* Ui 53456 B , RalePr.'*Apr29.[U0g 191 


Baring Brothers ft Co. LttLV UKx) 


tS^j f g KWnwnrt Benson Unit MaungenV nigh ln^me Fnndf* 

i| is jaKSsaa « “ysr ss£ 2 i=isi 

^ ® via tt ShB m 

V (aKx) L ft C Unit Trust Management Ltd-V Ovenwm Fnftte 
01-9662630 The Stock Echnoge. EC2N 1KP 01-986 3800 Europe |Bt3 

= 1 1:8 ftgfiSBsfirgy * 83=1 IS «E = m 

Lamea Secs. Ltd. V(a)(c> mo 


f-g Klelnwnrt Benson Unit ManngersV High : 

157 30. FonChurch SL, E.CA. 01-6238000 Hip. I 

549 KLB. Unit Fd. lae._U&.4 5.0 Inoom 


value Kay 2. 


Cash 
Do, Accum. 
Equity Initial 
DoiAccanL_ 
Fixed i-ih«i 


....... Capital Life AssuraneeV Fixed ininai. 

” 'Coifcitonemme, Ctapel AahWim,. 0002011 S^A ^h;., 

,,,u ::.. SS2£&.w:| Izri r 

“ Chnterheuse Magna Gp.V 

I \ |l I11, TR Chequers S«L. Uxbridge UB81NE S218X EotaaptCashlnU. 

‘ ' ' ' * 1(1 Ctathse£3>eqcr~ BM 38.0| J — Do.Aecum. 

SI! HI)tl SSSSSSse 53 P :d - 

11 Clathsc- EqulQt — &b — J — Exempt Fixed 

Ibfc. ODttns BlcLSoc. — 1*4* I 4 — Do.Aecum 

_ . Managed _ 1495 | — 4 — Exempt Mngd. 

•••1 * ‘ City of Westminster Assnr. Co. Ltd. 

" MngstMd Housa. 6 WUtebacae Road. Do-Accua. 

« * S^oaCR02JA 01^049004. 

■ ..- ■ ^mtPw^Fuiul-Wg *2.71 .._4 — Legal ft Genera 


W Save ft Prosper GroupV f 

3E5 +20 - ^CLSLlteleu^ Lndn_ RCSPSP 01-654 8608' Sl 

S 3 ^5 = SSfeft.— SH Si rdr 

g;“ z Si£5i.mn Bridge Fund ManagersVfaMc) 

1»9 +EO — CompJVns.Fd.t 196.7 - 2073 +0.41 — King William St. EC4R BAR 01-6234861 

T Q75 ,Z4 _ Equity Pe ns. Fd 177.7 1B7A +ii — Bridge Inc.' |4U 5364 +15) 659 

104J +ojl __ PropJc-ns-Fd.* ZLOJ. . 22X1 . JTJ — Fridge Tap, lnc.t— . 32.9 35Xm 350 

rt^riidZ GUI Pens- Fd 913 96J +0.« - Brid!*C*£ jK-f~ 363 1BA 330 

Te 1 _ DepoaFenaM-t-. 973 ltM --T - Bridge ESSnptt ~ 03 6 ..-- S.hS 

lfll2 ' — 5 _ Price* on >Ajed 28L Sri dec Inti IdC-T— 15J IfcJg 3-77 

Ulai . — 4 tWteldy deillacs. . BridKe IdlL Art.t_ J*-b 1X71 3.77 

Bridge AmerX^eiu^ BA J .—J — 


S»bss=W 

—4 — 4 P. Slshopsgste. BCi _ 71-^B8^»7 «7xctnn-UnitJ) WU 44.H — J 6.75 rosh-annimsBi Fnixls 


— VUiA 

19 x JPcna. Mngd. Cap. 

- 35cBs.Xngd.Acc. 
Pens. Xhoey Cap. 
«ms. Money Aec. 
IFiot. Euntty Cao- 
ttaxEqaiOike. 
1,3 ' Fund cunynOy 
j h -tafanaUntta_ 




1 - 


rn 1 _ . Schroder Life GroupV 

322* ...... — Enterprise Houaa, Put iamwith. 

■ 5 £ 3 -“ = p 

Legal ft General Prop. Fd- Mgrs. Ud “ 

IX Qooed^ Victoria SC BC«4TP 01-300618 KASGUtMay2 14X0 14 

acniiinsv^v M«SiW«lMhy2 IttA 14 

Life Assar. Co. of Pennsylvania Money Maya iola * u 

2B-CZ New Bond 9L.W170RQ. 0M8383BB g 

LACOP Units (Uao U5<| .-.J - F^iy jSyXT 1^4 S 

Lloyds Bk. Unit TsL Mngra. Ltd. Jgfc&SStz “aM B 

71. Lombard SUEC3. 01-6231288 BS l^ActMSy 2_ UW 

Bmn+ Ml UXX I 6.10 Xn.pn.-Cp. May 2_ 194.* 20 

Boempt imn uu ^, — * Mn-Po. Jycc.May2_&50J) a 

Uoyds Life Assurance 

Ml GHRnn «_ EC2A 4MX SCOttiSln WHWWS VTOUp 



Prieci April 2X7H 

Dealing ■Tims, fWetL. tTbina. 


3g . wl zd IS 2S 

J-ff *lAccuin. Units) 

11 and Wxrtnnt 

>n< 

Hlfh Vlalri— _ 

•N/Scum. Unitsl_)K.7 7X7| — JUI1 «« 

gn Beal Wan. Tues ttWed. tTlmia. **Fri- Scw 
659 Legal ft General Tyndall FnndV 
3-g 3* Cenynte Road. Bristol 027333343 pr 

g ss^iSB=p sarjissc* 

\yi Next sub. day Kay 10- 

— Leonine Administration Ud. . 

2.DukeSL.UmdMiWlX«P. 01-4886891 Am. 


JUgh-BUnlmnm Funds 

II 7- H ISSSS*-©' 

u.7 050 Scotblts Securities Ltd-V 

^5 - iSS S 88 c=:B| H ^ 

Seotihares- -- - P*-0 +0. 


S7A4+0-7] 7J0 

IS 

«5) +0.9| 479 

““ L 1 :S^ H 

76 Jl +0.5? 451 
71^+03 159 
TbM +0.7| 303 

26X5*1 +13) 257 

oj/d-m 7 jo 


SeoL Ex. Gtb*0— 
6roLEx.yid.«0— 
Price* at April 


=BH m —1 M 

il 3 ft Next sub. day M*y 10. 


Schleslnger Trust Mngrs. Lid. (alts) 
Incorporating Trident 7riistsl 
«. South Street, Dorking. (0306186441 

I X40 


Am. Exempt* 
Am Growth _ 


-rsj ~~ [Britannia Trust ManagementOiKg) 


22X3 +X4 — . 
128.7 +0.7 — 

1412 -05 — 
153J -3.7 — 

S3: l z 

1233 .„... — 


m|+j| — 


XeoDtst 1752 79 « +0AI 561 Exempt High Yld. 

LeoAccum (79.9 »4.ij +0.7) 471 Exempt l^d. Ldn. 

Lloyds Bk. Unit TsL Mngrs. Ltd-V (a) ggS“£jX 


5 XondOT WaD BaMlag a, Loadon "Van, “9® 

London ECZM SQL <71^38 <M74tM7» Reglstror'J.Dm*. Gcring-by~Sea. 

i.wh liav 71M+1.« i*7 Worthing. WestSoaso*. 


CapUal Acc__ 

Comm ft lnd . 

Commodity— 
Domestic- — 


Extra income 

Fpr East 

Fi imn rtnl Sees 

I -c--| — I Gold A General 

m — ‘ _ 

fall Growth — — 

Inrush TsriSharos , 

Minerals. .. - . 

Nat. Hi fib lac 

N'ewlcsae. — _ — _ 


5.67 Worthing. WeriSnasoX. 

422 FltaUBalncdJ * 

4*0 Do.CAcann.J_ 

532 Second (Cap) 

47* Do. (AccumJ .— ■ 

7.77 Third Uncotoel— — 


iea, lBC.I0%WdrwL 

01-633 1288 imnL Growth-. 
2bnJ+X0J 4.99 Im- T3L Units- 
725 +1.4 449 Mm-krt Leaders. 

54 3 +0.6 328 -Nil Yield- 

675 +0.7 528 Prci. ft Gill Trust— 

62u +U L29 Property Shares 
Ul +X5 629 SpccJnfsIX TX_ 

641 +6.7 7 77 UJt Grth. Accurn 
7X6 +02 717 DJt Grth. DisL .. — ,. 


Bisbopsgate Commodity Ser. Ltd. 

F.l> BOX 43. Douglas. DM UG1+-J3D11 

ARMAC* Apr. S - . .BllSfk aW....J -- 

CANF.m'~\pr 3-.K1917 107X...I- 

CuUNT—Alir .1... IC229B 243s| ,| 255 

originally Issued at >sm oral **£100. 

Bridge Management Ltd. 
p u. Box 506. Grand Cartunn. i"»\mxn 1+ 
N'bashi Mas 3 . | V 15 542 | + U4) — ' 
r.pu Box lionr Kuug 
Ni ppooFC U3j-3 -l!!.Sli:t 16 4^-0 Oh) 0.75 

tx f-uct Split. 

Britannia Tst. Mngmt. IC!I I Jd. 

30 Both SC St- lic-llcr. Jrrxcy. QiCMTill* 

Grouth Iniwst — _DB1 334... 400 

loud fd. (72 9 78 8 100 

Jer.-cyUnervyTtL.U61 1471 500 

UmvU Dlr.Txt _ Kt xiM 526 ... -. 

I'iuiO JTU.MC- K2« 2:w . ... 100 

Value Apn! 2E. Next dealing May 6. 

Bclirrfleld Management Co. Ltd. 

PO. Box 10S. llamlllon, Ucnnuila. 

Buttrtrix Equity... .615 2 83) .1 1.91 

Buttress Income . (+.02 19S[ .1 758 

Prices at April 1(1 N+xt -nib day May & 

Capital International S. A. . 

37 rue Notre-lnitnc. Luxrmbnurj:. 

Capital Idl Fund— .) 5US16&2 ) — 4 — 
Charterhouse Japhei 

l.P3Um»tecBow.ECi 02-S483PS6 

Adtropa PUTITJ 31X1 ... . 5.75 

Adlierii* - fW S3 «Y 537 

FomUb flMM*a 32-10 ..... i» 

Foudis n»a» set 5.91 

Emperor Fund— .. H's231 7*1 — 

Hiipioo.. {tl'SQA 6bi| . ..4 LX 

Clive Investments (Jersey) Ltd. 

P.Q. Box 320, SL Heller. Jemey. 065437381. 
cuveiiihFd.ir.ii ftra * mu now noo 
CUxeblR Fd-iJiy' (9 87 99C),U04| 1X00 

CornhiU Ins. (Guemsej l Ltd. 

PU. B«t 157. St Peter PotX Guernsey 
IntnLMVn. Fd. |U7S 1825) ...._! — 

Delta Group 

PO Gox 3012, Nassau. Bahamas. 

Delta Inv. Apr. 35 - [5X62 17D( 4 — 

Deutschcr Investment-Trust 
Postlach 2685 Blcbcrcaue 6- 100000 Frankfurt. 

ronccntni- (0U18X aiH+<U0l — 

Im Re hi cut oeds -.. |EUM X 712t[ .... 4 — 
Drejfos Intercontinental Inv. Fd. 
PA). Box N371X Nasiau. Bahamas. - 

NAVApnlS .praiD ME] 1 — 

Emson ft Dudley Tsl-Kgt-JrsyXtd. 
P.O. Box 73, St HelU-r, Jersey. 050420601 

EDICT. IHAjQ 12131+151 - 

P. ft C. Mgmt. Ltd. Inv. Advisers 

1-2, Laurence Poiiutncy Hill. BC4ROBA. 

OlnS 468» 

Cent Fd. April 2fl_[ SU5S.09 (+002( — 

Fidelity Mgmx ft Res. (Bda.) Ltd. 
Pil. Box 610. Hamilton. Bermuda. 

Fidelity Am. Asa.. — I SU.S23.93 I+-050I — 
Fidelity JnV FVmd _ 5US19 28 — 

Fidelity Pac Fd | SI-S4354 [ .. .. j — 

Fidelity WrMFd. _ I 5 U SIS 30 Uri — 


yn.FcnrhurrhSt.lSOtl 0143Xm* 

FunnixrtL Xus. F. UB7 +3( 341 

iiumv't > Inc 58 5 62 0 4*4 

Po. A crum 7XJ 753 . * 62 

KBKarEo-JFd...... 5l'S1016 138 

hlUnll Fund ll'Ml 17d ..... 2.0* 

Kll Japan Kind . . 5US3042 -03' 0J3 

ERL'S liuth Fd- SCSI) 4Pd *0b; 0 79 ■ 

Smart Rermu Jj ... JL S4 B0 *0 07 1 *7 

-L intends ■ HM . - . 17 98 IB 80I+8 Ifl 9 M 
•KB art as Umdun paylns agents only. 

Llojds Bk. (C.l.) UfT Mgrs. 

P.O.Box 195.SL I Irlier.Jcnev OS34 27561 

Uti>dxTM ii wax (526 S5Xs( ._J L6S 
Nest dealing dale Mnj' IX 

Uoyds Inlcrnational RlgmoL S.A. 

7 Rue du Rhnnr. nv Bo* 173. 121 1 Genurt 11 ■ 
Unsdi In!. Growth. ISHS OD 35LM+U« LW 
Uii^dx I ul iru-ume .ISFMb M SSM-CU4 6J0 

M ft G Group 

Three Quay*. Tow IMI Et3R 6BQ. 01401 458B 
Atlantic Mwi— p'«U 2 Ml J - 
auj- hx Mm-a H-X90 mUcnai — 

GoXIEx.Maj-3 S1">7 63 f5W-0S« _ 

1 slain) . • .. ;. U3 6 121.1a +0M 93*4 

l.u-cmu LihlLxi (160.9 17X2) 1 Xo) 1364 

Samuel Montage Ldn. Agts. 
llXUM Hr.m.IM.tl'X 01 -SO 646*. 

AimUnVd .Apr IM ISV47 9S 52 |S .1 1H 
jartesl Apr>[» .-Wnt’J'A UOT-ao« Xib 
in crp- ai+ »» -hi’ora u» . J a ns 
ll7Jerxc+ A|». 13 .(£4 9* 54 j] . J 6.77 

117 JrsyU v Apr. 12 .R1X25 lXB4|+0ai — 

Murray. Johnstone I Inv. Adviser) 

1«3 -HcpeSL.GlasCiur.CTL «l 221 5523 

•IlnprSL Fd 1 STS32 61 | .... I - 

•Mutniy Fund I 3VMQ6S I | — 

-MAY April au. . | 

JfeRil SJL 

I Ob Boulevard Royal. Luxembourg j 

NAV April 21 1 SUS10.44 1 J — 1 

Negit lad. ( 

Bunk of nertnuda Tllrics. llamllttifl. Rrmda. : 
NAV April ]4 |£»J6 — ) .._.4 — ■ 

rhocnix International 

TO llox 77. M. retcr Curt, Guemxey. - •" ' 

Irier-Nillarlliul. |UI 248| | — [ 

Property Growth Overseas Ltd. 
2 SlrL-JiTown,Glhraltar iGlbi610S 

UN.l'ollnr l-diid_-| 5US6827 | .....I — 
Sterling Fund 1 U26.B0 [ | — • 

Richmond Life Ass. Lid. 

48, Athol Slrcx-L I ■nugln.i, LxL5L PCI3S11 

itiThrSihcrTniW (1IN1 1(17.71 +1 4J — 

Rlehmnml Br<r.i1 B> 160 9 1W « . .. 1076 

Do Vlallnnm lid. - . 1397 1154+11 — 

IWGoldlfaL. - 975 10271-06 - * 

Do.Eia U7i«; nrt _ 1*63 175q-05|U«9 

Bothschild Asset Management iC.I.t 

P.O Pox W.KI Julian* CV GUemxrtr. D4P1 26MI 

Of Eq.fr Apr 38- Kit MU 302 

dCJnc K.l Mav 1.. 1508 Ufl4id 736 

*U‘ InU Fill _ .*123 IM .... 1» 

tr.C" SmCi-Fd lpr28 134* 1-JzJ 334 

O C. CmnTrtMiicy* . 12B2 13*31..-. 473 

Of Dir Cumdty.t .|EK67 2*454 . - 

•Price du May IX Next rfcaltng April 28. 

1 Price nn April 21. Next rtcalins May 8 

Royal Trust (Cl) Fd. MgL Ltd. 

PJD. B»x IM, Royal TiL I lie .Jerse? . 0534 27441 ■ 

RT.Infl.W IfTSI 84 9«l | J00 

RT Inn i Jov.i Fd .p9 931 1 321 

. Prices at April 14. Next deallag May 15. m 

Save ft Prosper International 

Deal Int in- 

37 Broad SL.SL Heller, Jersey ( B aM W l 

OS DaUar-dreeaulnated Fuads 


.. j 


son-tod 
•293 +0J 


rthffixlncj 

A55 Do.CAcciga.).. — — top-t <+»iTva 'J* «■». — h c -tr?." rf, -1 —— 

LfoytTh Life Unit Tut. Mngrs. Lid. _ „ 

7JA 7»aj. Gatehouse Ri.Aylesboxy. 029630*1 /• Henry Schroder Wagg ft Co.JML* 

209 Equity Accum- fiiCL5 156!^ +5J| 3.96 la.Chejrtde, ECA 

3M H ft G Gxonpf (yKcKs) iaISSSS 


U2 Threo Quay*, Tmror H01. EC3R 6BQ. 0108 <583 


igaSSssrrBS 1 ^ 

Commercial Union Group ^ 

^ ^J 3 ^ 00 London Indemnity *GnL bu.Oo.Ud. jjj e Assurance limited 


Growth Fusd- 
-Upt FleX-Fd 
anpt Prop. FH 


'Confederation Life Insurance Co. “° 1 TO,^Sf :r -“Si »34 SjJ ~ SefariunumdS 

30, Chancery Xaue.WCSAlHE. 

- S&5 Sj - . The London ft Manchester Ass. Gp.V 

73-1 ~ TheLros.FWkosteie.Keiit OB0B57X53 s^xrlotLS. 

1963 — (fan. CkowthFund- 2M5 - — — 

mi r ::r - 

CornhiU Insurance Co. Ltd. inv. Tmst Fnnd__. upi — — 

3X CornhiU, ECO. 0X6265410 PropfirtyFond 0X5 

m&sM ijEjr Sii£= 5 -— 4 - 7 - 

' ' ' saa = 


BlLQh.Apr.0 XZIB4S 

OplIlqS- aSIk; -~1 ~ inv.^^S^slZ-g*.* J — 8hISd-1ZZir_JZj44T6 W.9j +0d 434 

|d: li- Ss p -r@ Sl 33 iS 

Opt3DepL Apr.27.p208 E7Jf J — Mud-Pen. Ap4.26-.p45A 252JJ I — 

London Indemnity ft GnLbu. Co. Ltd. ^ ^ a**™* Limited SfJSSJiEl SSSJUSm 

IMO.-rouFtohurj.todiugSfflaU. xona^ Place Loi^cmECJNOTT. 0X3422806 5X5rf +03j 5.72 


Hi 5 j = 


ijElE 


Solar Managed? 
solar 

SolMT 

SoInpnUnP 
Solar CosfaP 
Solar InU. P 



1M-71 J - 


=2 u 

: -J. ft g 


Credit * C omm erce Jfrnnrance ernt fapodt* 

im,B^wrtBt,U»donWlR3ra. 01-09 708L Equte 

C&CMngd.Fd P2X0 132-flf — -l — |^& 8 1SB- 

Crown Life Assurance Co. Ltd-V out Sondr*. . 

Crown Ufa Han, Wohfag.G«ailXW 010826036 

'“B 64 C.-BI ffllJMn-SSfi- 


RecowayF£ 
Fn«u on •tUf 3 




Sim Alliance Fund Mangsnt Ltd. ~ Growth in 
Son Affiance House. H o rsh a m 0*086*341 B^>la«n 

a“«,5r±ra.r*i^si = 


ftovlcKte. — _ — _ M3 37+ +Q-5 f-g See also Slock Exchane^ Deallr 

««>») North American— Mb. S-9 +03 X« American 083 5X7 +D. 

n - 8550OO °. Proriasrimal «77 502.1 +6.9 430 (Acnm. Units) M3 »7 +<) 

— - Property Shares 1 >1 . 13J +0J 2.87 & n rf+nt»m »+ J63 si 4 — 0 

shi& %■) SrfcS- ip 

— • — Statu* Qum gt 293 316 +0,4 4^ Commodity Wi 74.7 +fl. 

- .SSrW- 94^ 441.4} 2J9 .JaS1«?I&W. IZ « M.4 ^ 0. 

' • ** ■ 4 “ " • Compound Growth. 100-2 107.7 +0. 

u Tbe British life Office Ltd.? (*> c<®tm-s 1 ob GrowthlstA w t +fl. 

- Reliance Hae., Tonbridge Well x. KVD8BS 22271 Ccmwiotilne..— *90* +0. 

ar , -Braie=« M Estes? 1 ? 

— • LAccum. Unit*) i«m 115 9 +0 

^ Brown Shipley ft Ce. IO(LV £2.0 +0. 

,14 ~ Mngrs; Founders CX EC2 014001520 S? Sj tfl 

-S| - BS Units Apr. 81 — ®37 »Jj 1 470 713 770+0! 

+£g *” Do.lAccjApr.M — |26b3 280-4) _„4 4.70 Genorml — 2*2.0 375J! +0. 

ZZ ' O r "sale Tnads la) lg) . LAccum. Units)- — 2«3 23S.5 +1. 

rV-if - Flnaacixl— ffi.O 362 — — 434 High income 1WJ 10*3 +0. 

hL0 * — General 073 169a 430 iAktihl Gnltsi 1*20 I7S.< +1 

- .. - Growth Ac cam. fo.l - 45.7 536 Japan income 1490 JBh -0 

. Ud. Growth Income 345 3b£s 53* .tAmimDaiui 146.7 lftj -O. 

0*0364141 High Lacntae — . -H8-b SXOo 934 Magnum— 1932 2fc7 +L 

j _ LTO m 2X2S 3JU MmublUBIIW 5«.9 K7.I +1. 

ftri] iwhat -- -Pxa 2SJ 430 Midland—. —1592 1*9 Ac +L 

0321 ■ Oreiseas &* 203 XS LAceam-imitst 3x5 280J +1 

Ferfarmoace— K2.9 5X2U 4SX ReweTT-- — 763 gJ +g. 

0B- ***■ Becerdiy. KX2 2X5 5E (Accum. Uni ta> 713. 623 +0. 

0*0364141 Snap*. April 10 — (bXB U*I — 430 Second G+n U2A W +X 


|Accum UnJisj. 
General Apr. 28 


52.7 +03 X03 LAreum. Units*. 

t i -Q3 207 Europe Anr. 20. 

3 _fl x 2B7 LAccuTn.UBtl5l.-__ 
7X7 ^7 609 'PVnftCharFdArfS 
n.( +0.7 4 09 S-Spec-Ex-Apr-II . 
J7.7 +0.7 3.7* -RecweryJXpr. 11.. 


*2.0 375. 

*73 2*6. 

Ml 10* 

*20 m. 

490 155*1 

.46.7 157. 

<H2 2B4 

98.9 2S7. 

SI 


at? +03 
115.9 +0.7 
£20 +OJ 
563 +04 
*42 +0.3 
77.1 +03 


775 A +6-9 

2 *6.1 +1.4 


2*43 +X5 
2S7.B +1.9 


+0.7] — 

+od - 


Fd. 

lnv7rt.Pd.Acc — 
, Inv.TitFkLlMan. 
. ;>i • lw.TW.Fd.WX_ 
TtnM IHC.F5L Aec. . 

* wad. fax fttlnam . 

..-,; i fatal FdLAOe.. 

*■ . JuttlRLhCBL 

• MooxrFd-Acc- 



Aprfl 27. +~ April 28. 

Merchant lnv^Ujra Aamraiwe jggetdgg^ 
im.Bighsnwt.croydo^ 


Son Alliance Linked lilt las. Ud. Btceroiy &2 szM ^ sn 

Sun Affiance House. Horsham 0*0364141 Exwpi. April )0 — (6X0 6X6) 1 430 

Sf 4dfl Z Canaria Life Unit Tst Mngra. LW-V 
ue^ " SO High St, Putters Bar, Herts. P. Bar 51122 

Taf a ' w 7 _ Can. Ger Dirt- B7J +0-6) 4.0J 

nnri -uiVI __ Do. Gen. Accum — .97^ +0*1 «04 

1 ” Do.Ine.Dist (33.7 _ »3d -+0+I 7.64 

Sna Life of CsnaAl (UX.) Ltd. J>x fan. Aecam 4*4) +o*) 7** 

XX4.CockjporSX.SWlY 5BH 61-8605400 (James) Mngt Ltd-V 

!*2£rf§£!=r-l ifaf H-Z • lOOOld Broad St-BC2N1BQ __ 61-086010 


Properly. Fund 
InternatKnal Fd. 
Deposit Fund- 
ManagedFund 


Money Fd. loan. 

DtM.Pd. Lncm. _ 

Crown Brt. In v/A' ^ 

rmg : der Xnsarnnce Co. Ltd. in 

yiocssfa Bouse, Tower PL, ®Ol W-« 8021 ^ 

ca.Prop.Meya—im.4 763a| — K 

&nRto Star InsnrfBIhQmad r«. 

■X7hree*ieeineSl..»C2. N 

TfaglWM0d.Utdta-.ISa8 S2J1+UH 5.97 


Svzzi 

Deposit.;- M 

Deposit Peua. 

Managed - - — B 
Managed Pcmi^ 
JoO^ilulty-B 


i= ■ 


--■ j ~ Target life Assoraace Co. Ud. ; 

=3= ^ Bourn. Gafabot^^h^^ 


g sas==w «i=d» 

Prices on May X Next dealing May 17. 

cmdiol Unit FtL Mgra. Ltd-V (ajfc) 
MUburn House, Neweestle+rpon-Tyne 21165 

Ctrilol I6S.4 689*1 +2^ 408 

Do. Aceujn. Units -179.6 823] +LS 4.« 

Do. High Yield. [400 423d +1^ BX 

DoAocum. UolU— j*9.9 52^+1^ 15 

Next dealing date Uw 17. 


» =d 


(Accum. Uul (sl 243 

ri-V special 153 

■ I122 (AccusLUmts) [l9t 

4 41 Specialised Fuads 

4« Trustee U3 

7*4 TAceuxs. Units'! 2*1 

7*4 Chari bond Mar 2— 

CharlHLIlaya Ht 

(Accum. Unltsi 173 

Pens.Ex.May2 — P23 
Manulife Manage 


7.89 St George * W«y. Stevenage. 


" 01-2*02*3* 

10X2ni 2.47 

^ r:: 1% 

2722 6-2 

i Til IM 

32An 141 

35.4 2.01 

1*8.9 . 422 

233 J 306 

3.76 •necOTvy Apr. u ..i+/».» IB 3) .....J 533 

3^9 -Fur tax exempt funds only 

22 Scottish Equitable Fnd. Mgrs. Ltd-V 
Ml 28 St Andrews Sq., Edinburgh 081-5569101 

301 income Units W« BSd I 5.20 

3.51 Accum. Units — pS- 2 5 8.75 4 530 

tab Deeding Aar Wednesday. 

|« Sebag Unit TsL Managers Ltd-V (a) 
POBom.SU. Bctdbry. Hse_EC0 01-2385000 

|1 BSsesS 5 t:S 8 § 3 ^ IS 

52B Security Selection Ud. 

5S 15-li,LmcoUi'sfaoF1riiU.WC2. 01031 Cg»9 
i n Uovl GthT* Ace — (233 253] — ...[ 375 

Tn UnrlGUiTMfac— ».* 2201 I X75 

*S Stewart Unit Tax Managers Ltd. (a) 
7 M 45. Charlotte Stj_ Edinburgh. 031-2263271 
7 “J iSOirort American Fund 

W Stapdard Units (62.9 «|_-| X47 

Accum. I nfix — . — (670 722] 1 — 

wsi WUhdiwwal Units .. 15XB S5^ 4 — 

4 « *Stewsrt British Capital Fund 

“ 5 SSffir-SS:S Saiiil US 

^ Dealing tFn. "Wed. 

*34 Sna Affiance Fond MngL Ud- 

Suit Alllxnee Rte- Burxham 0(036*141 

Is-^i^ias 58 m Ji*i 

Target TbL Mngrs. LttLV (»Kg> 
lamoi 3XGroshamSt.EC2. 


FUe'l^ Int Fund- 5US19 28 ..... — 

Fidelity Pac Fd Sl- 54334 — 

F>drllty WrM Fd 5 U SIS 30 +03S — 

Fidelity SLer . Fits— - 

SenesAlfatnl.i— _ 036 -8-01 — • 

SeriecBiPnctnci... 035 ..... — . 

Senes D (Aic-AssJ £JA.<9 *B3fl — 

First Viking Commodity Trusts 
L SL George'* St., Douglas. I o.M. 

062* *682. fain. AB* Dunhsr ft C<*. fad . 

53. Pail SUU, London SW175J1L 013007657 

RBUdS 

Fleming Japan Fund SA 
37. rue Notrc-Dame, farxembauri; 

F log Anr.SS 1 SU54633 | 1 — 

Free World Fond Ud. 

Butterfield Bldg. Hamilton. Bermuda. 

NAY March 31 1 STS17234 | 4 — ' 

G.T. Management Ltd. Ldn. Agts, 

Fart Hae.. 16 Fmrbury Clreua, Londoa EC2. 

Tel: 01-628 8131. TLX SSI 00 

G.T. Pacific Fd—_( SVSUb* |. — ] 132 

tbnrtranl loternallonal Ud. 

c o BS. of Bermuda Front sl. Huraicn. Bin da. 

Anchor 'IT Units .-gl'SUl «I* .._..[ 18b 

Anchor lot. Fd .... - PrstJJ 43g I XB8 

G.T. Bermuda Ud. 

Bk. cd Bermuda. Front St. Hamltn- Bnntn. 

Berry J^ic F. gisczei j . — 0 94 

GT.SFd. I 5l'SbJ4 | 4 "" 

G.T. Mgl. (Asia) Ltd. 

HutcMson Hre . Harcourt Rd. Hong Kong 

GT..\slaF --PHK7B B3M .. .1 179 

fir Bond Fluid SUS1233 4+O0l| 533 

G.T. Management (Jersey) Ltd. 
no> -al T«- . Ha Colomberic. Sl. Hcltcr. JerMfy 
G.T. Asia Sterling— 10234 1X211 ... -4 X51 

tunic a I Bermuda (Guernsey) JhL 
31-33. Le PoUet, Guernsey. (F81-26368 
Beny Par Strlft . — 1251 00 263171 . .. I 114 
Anchor GU: Edge .u (£9.82 9^+0.051 123” 

Anchor lnJw-Dd- U*-2 25.9) .....1 3 U 

Gartmore Jnvesx Ltd. ldn. Agts. 

2 . Sl Mary Axe. Iradon. ECS 01-283 3531 

Gartmare Fund HngL I Far Bwl fad. 

1503 lluichl'«n Hae. iO Harcourt Rd. H-Konq 
KKftPae.U TjA-.^lllCW 2M .. ..I 270 

Japan Fd SVSHWS UTia ... .1 0.70 

N. American Ts jll’SHlB Hjg+01o( 1.40 

InH Bond Fund ...|S.’SU83 -UOg *20 
Gartmore Magt Ltd. 

P O. Box 3X Dour-lax, low. f«* 23P1 1 

Intern a Unnaliiie.TpOh 219al +05] 115 
Do. Growth- 65 « 4.60 


■ Rd. H-Konc 
I .... I 270 
a ... .) o.7o 
f+Olof 1.40 

\ ..-3 *20 


l«M 23P1 1 
+051 115 
....1 4.60 


f 31 aTF.T. Pensions Ud. 

MObm Court. DorWng. Sutref. 

V5yi.f-v.Eq. Cap. — ”** 

IM WeleftEq. Accum. 

Money CTO- 
Mum. ACC. 


'Bvdty ft Law Ufcftwftj **■*£%* fiSSgSffiSS: 

Amwahsa Road. High Wyeondw M * 4333T ‘ u->xrv<t wricaa— 


msE% afsji 

g tSR!2L*=E - 


WrtMrf.Fd.Cap~ 

— NelMnd.Fi Arc---, 


Next Sob. Day Mey 
Jhr New Court Froggty ie 


Frep.Fd.lne. 1085 UU . — -- Do-Hlgh vie m — -mob 

Prop.FU.ATO. 13X0 _.. — Do, Accum. UolU— f*9.9 _ , 

Prop. I'd. Inv. ■ 106-0 1D4J0 — Next dealing date 

Ftrsd lid. Fd. toe. 7045 1105 — 

Dep.Fd.ATO. toe— W-9 2»4 — charier boose Japkeff 

590 Sf ioi — l. Paternoster Rcw. EC V 

L2X8 2BJ — CJ. Iorenjel7. gL* 

aapmfatop. — & m3 rq - ^ %^3%z=z «5 
Tnaaintentathmal Life Ins. Co. Ltd. | 

affiwma Bldga-EOO N^ ^ April ID. Next de 

SMf)! “ Chieftain Trust Sfasag 


BatPUoUan-ATO-' 
MiMM Cap- 
1 GUtFonAcc.— — 
aaifanCBii 1 


Next denting May V7. Growth Unit*. («*2 5X71 4 3® Target Financial 

•S gsa«fc|S? « :::i IS gslsf- 

Id 4^ 855 Mercury Pond Managers' Ltd. fau. 

>V . XB .so.Q^MmsuscaPza. oi-m«» 

!g date May 17. Merc . Gea.lia+ 3 [275.7 1B6.J ...-4 «-g iSSSTm^3 

phetv - . tSX&pW 

C4. ‘ 01-3*83808 H 1 *-9" 

ft WH fS.J8ffi8K 


. Z-i 70b Midland Bank Group 

—-J.329 Vnlt Trust Managers 


Dealings. 0296 5M 1 

355) 3.94 

M2 +0J 4-38 

58-b +0.3 6 04 

2126 39* 

• 282.0 ._... 596 

120.4 xoa 

500 +0.4 4 66 

290 +0.1 X67 

321 +04 107 

3L8a +0-1 306 

4 160AU «.« 

M.7e +0J 845 

15.0« 1170 

j J-® -Coyoe Growth FtL .(1B.7 2X1] +04! 45* 

zrj 475 Target TsL Mgrs. (Scotland) faXb) 

IS, Athol Crescent. Ed J it. X 031^298621^ 


TgLlnC. 

Tgt.PrcL 

Coyne Growth Fd. — 


Unit Trust Managers Ltd.? (a) 
3H Courtwood House. SUver Street. HU»d. 

Ck^m.u Cl eon Tnl - fT’Xt 


Price April 10L Nut dealing April 26 

'Chieftain Trust Managers UrLWaXC 


'.7J iS SholCeld. Sl 3RD. 

t pru 36 Commodity ft Geo. 

Po. Accum. — - — 


base lending rates 

, 71% MHarabros Bank 7J% 

Wa ? 1 -nSTSfe:::::::? 1 


A.BJJ. Bank 
Allied Irish Banks Irt- 

American Express Bk. tig? 

A P Bank Ltd ^ 

Henry Ansbacher 

Banco de BfJhao — .. 7 
Bank of Credit ft Cmce. ‘ 

Bank of Cyprus '{4 

Bank of N.S.W. LS 

Banque Beige Ltd. ‘ij 

Banfjue du Rhone » g 

Barclays Bank ■ 

Barnett Christie Ltd-..- 8*% 

Bremar Holdings Ltd. 8 |% 

Brit. Bank of Mid. East 7 % 

i Brown Ship! ey ■ ■ • ■ ■ ' 1 «|n+ 

Canada Permnf Trust 7 jg 

Capitol C ft C Fin. Ltd. |i| 

Cayner Ltd. _ ~ 

Codar Holdings J * 

I Charterhouse Japhet... * 

Choulartons ‘:£ 

C, E. Coates 

Consolidated Credits 74 % 

Co-operative Bank --■- i,|™ 

Corinthian Securities... 7 |% 
Credit Lyonnais 
The Cyprus Popular Bk, 74 J 
Duncan Lawne '|g 

TmieI _ _ * 2 ro 


Trident Life Assurance Co. Ltd.V . 

Renriado Houaa. Gtouceshm 04523*5*1 


m 


SOOl Qw bcu St-EOtR 1BR. 

High Lpcotpg .. — ..BbX 
Imaraatioual Tit — UriZXl 
Basic JUsrce. ntfSLS 


01-0(8 2833 cTpILaJ-Tl 
+0JJ 164 KArrS 


aHI+o.t) 1% 

** e fcJ I ?S«TOU+ HwralueomcFcl.-^.S 7S3 r + o3| 10X5 
tb-Wim 503 Ttadea Union Unit Tst. Manngers? 
7*1 +00) 503 100, Wood Street, ELC0. 01-086011 

I« TUirrltayS (49.0 532*4 — 4 5<2 

29 j rijji 3-28 Transatlantic and Gen. Secs. Co.V 


7i% Julian S- Bodge 

?lai Hongkong ft Shanghai 7 i% 

74 % Industrial Bk. of Sco^ 7 |% 

74 % Keyser Ullmann 7 J% 

7 j% Knowsley ft Co. Ltd.... 9 % 

7 }% Lloyds Bank 

74 % London Mercantile ... 7 *% 

74 % Edward Mansoa ft Co. 9 % 

s‘% Midland Bank 

74 % MSsmuel Montagu 

ai% ■ Morgan Grenfell . 
gl% National Westminster 7 J% 

71 % Norwich General Trust 7 i% 

74 % p. S. Kelson & Co. ... 7 i^ 

7 |% Rossniinster Accept m ‘jg 

81 % Royal Bk. Canada Trust 74 % 

S % Schleslnger Limited ... 71 J 

8 % E- S. Schwab 



Income —— 
X» Do, Accum. — 
457 loicruatlonaj- 
. . Do, A ccu m-. — 
(l) High Yield— 
com Dr Accum. — 


- AN X2S 
5XS+C.3 6.19 
68W+0n 6J9 


Confederal km Funds Hgt. Ltd-V («) High Yield ma *4 irt +t 

SOCbucayLaoe.'iraeAlHE ^9 iStS .- 

GrowihFhnd PM <LH — 4 «7 52 1 100.9 ; 104] ... 

Cosmopolitan Fond Managers. * jj^rt«-%nnd Mmmnu S, 
3. PoalStruttiJWKtonSWIXWJ. . MW BOO. “*?£ **?* ^ 


at * far 31 


(ArounxUnltx) 
Cumlfl. May 8- 
tAceum. ttoitol 
Glen- . . 
(Accum. Holt*) 
Mtrlboro M*yi— 


4W SS jae5w m Mi -T if JKSSElffii 

unit Tst. Hsrt. Ltd. faMg) Bwmpt April 3B— -IW-l 91. 1J 1 552 Van Gtfrth. Maj 


«a=- 


200 pt ma lm a. 


[Tyndall AstOmce/PendirnsV 


Crescent Unit Tst. MgrtL Ltd. ttMg) ®wmptAprti3B— .is/g ah — I 552 vanGwth. May 

S^CraJahrtnnSx MLA Unit Trust Mfenmt Ud. 

CYe*c*jitGnnrth-.m5 95‘*S-* I I fS 0W<fa«uStrort.SW}HS«X. 01-408 7m v BD g. T to Apr 

— g0 QUA Uni IB. -P7S 3*V — I fAccunxUBirtJ 

*o Mutual 'Unit Trust Manager* (a)(g> 

.. -_ IS. COhUul) Are, HC2R7BU, 01-6U4803 Wick Dtv. Apr. 38 

Discretionary Unit Fund Managers Mutual Sro Phm— p90 All +051 *53 Do. Accum.. 

32,81oatirtdSt,ECZM7AL. M-638-M85 Hor^ toe nS ^ ^ Tyndall Mans 

Dimfa«™ pan IB*. -4.5* 2E£SSft?fc|SK 85? lic«yugoRo«l 


Chelnmtord 02(5 5J65J 

. 775) 5.47 

11*3 5.47 

8 92 )■» 

615 422 

995 4.22 

1285 ..._. 5 « 

1350 5 95 

54 fa +D 4 *92 

S97 +0.4 *92 

53.7a 526 

690 54* 

51 9 2« 

592 • 2.69 

50.2 3.93 

616 3.9J 

73.1 802 

W tu Kf 

612 501 

72* 5.41 

672« — 665 
77.0 ...... 8.65 


ei IM Tindall Managers LttLV 
606 -MU 8J7 lS.CMiyngcRo*« 1 BH*toL 


18L Catqmga Brod.BrhtoL 

SaBfiBcr SS 

2134 

p^WwAuriia- J2-Z 

DepmdtAprtiaO— ■ 1»0 
4-whjFw- Apc.-B- ■ M2 
O’masluv.Anr.30. ^2 
MaFoS-Wlfo*- 

Do. Bond. "J+ 

Do Prop Hay 2— , aon 


0272322*1 loidJtnwy,EC2 


IGieal Wtacbouer— 11*7 

GtWlvh'®- crsMilia.* 


Ik. F. Winchester Paid Mngt- Ltd. National and Commercial JaS.'uSw 

01-6062167 Sl, SL Andrew Square. Edinburgh 031.656 6151 c*pitai May 3 * 
-I 6.71 Income Aw. 19 1X380 143.y *.78 tAcctim. Units) 


MJfl _| 6.71 Income Apr. 18 |I»0. }g0j ~~4 tAccum. Units) 

sa._i « [§ 1 ~ || sssnsiK 

Mtognttt. irt [Aroum. Ututxi- [14*1 UU| 357 


a = 


nsau ft Dudley T6t. MUgHtti. lid. tAccum, Uuu) U4*l lafl 357 CanrogeNayS 

,JZSJL SSE. OUMWi Natioual-providCTLtlnv. Mngrs, LttLV 

Sm«DwUeyTt.|64J «M|4<U1 3kM 48. &«« birch SUBC3P3HH 010230200 

I . NJlnth-Up-TN f44,0 46.M 395 Scot. CSP- May 3. 

Equities Sees. Ltd. W fg) (Accum. Uni UT . (Accum. tfaiw. 

' HshoMaM-KCS 014882851 S n0 ’«^T , *? -6S2 HMl 3-2 Sett, toe Mar 3 

6&4ti+0,R 0J8 y ■ Me Wafl Group 


1 Bishops^ ate. KC2 

i flg wrt w j*5j6 


Security Trust CO. Ltd. h^r*- 

Shonley Trust l«— n— 


Eagil Trust 


Standard Chartered ... 74% 
Trade Dev. Bank 
Trustee Savings Bank 7|% 
Twentieth Century Bk 8|^ 
United Bank of Kuwait 74% 
Whiteaway LajdJaw ... 
Williams ft Glyn 


Vanbrugh Life Assurance- Equity ft Utw Ua. Tr. MLV faMbkc) "" *“ 

W-QKcddoxSt-l^wmK^ Ol^-WS MM 608D. 

MBO^ gFJ. Hh3i°7 = BOdttyftLme |MJ &U* +L2J 445 ^StASSjSpV® 0 * «1 ^^SSlWrty, 

Sxs • S^7 = Framliugtom Unit MffL Ltd. (a) .■ 55* StitKrifSv 

ISE£S£f?r:57S Si™: - w.wmdYeims^^ »« • 8131 SSSSSaRf 1 "” ,« 

Ra nM U174 12X6) — Pil hitT a B UI U7.4 m| 454 IBCOW.. — 555 - 35M +DJ1 *54 SpeeiBI SllA to).u 

^ 107m ...-.I Z& Fortlollelm r.rjL_ H.4 '*13+13 547 -ygB Unit Trusts (y) 

Vaubmgh Pensiuns limited - „ ^.GrowthFU — tol0 IMS _. ,.i ZX 21, Chantiy Way, Andm+c . Hum (06462106 

41^8 MsddmcSfa Ldn. WIS S*A 01-»a4SZ3 DC-Aroum_ PMJ lllfl 231 NEL Tnut Managers LttLV UKg) Declines to W0* 634323 

g^a ed r Frfendfl’ Provdt- Unit Tf. MgraV S Ik 

ft* 4 '0^ — PlxhamKad.Do»Wn£ OWSSOH M elataj- High Inc. _W0 52^ (h) TSB I cco me — M.4 M.3 +40J 690 

property fe- 7 lOftfl ~ 1 — fp! cads Fro*. Iha-igJ «44rt-rtJ-7T <56 P*r New Chart Phd 4 Maasgen Ud. ibiih^ActMa. — 

, - IM . G.T. Unit Managers Ltd-V Norwich Union Insunnce Group <b> Rule mi ' 

Welfare Insurance (>>. lXPlnrinnyCln;u*KC2M7DD 016288131 P4J.Box*,T*onrich.NRJ3NC. 060322200 023233=31, 

TtoiLc».FWk«»» B ;Ktat “"P 8 ™ 8 GJxSS (79.B (40) -_J gJO GroupTW. Fi— -R334 3S14(+5J( M2 3971 +07| 5M 

Moaomaher Fd. _-| _ MOT n -JET „h5J UUfl — J 378 Pearl Trust Managers Ltd. i aUcifal ^ w«Browih_ 136.9 


Equity ft Law Un, Tr. M.V faMbkc) 

AjnTOthstB Rd- High Wycombe. 04M 32377 


= BOOttyftL- 1*07 IU4+121 4 45 gfitSS 2£>q 

r Fmroliugtou Unit Blgt. Ltd. (a) •' * 

— 5.7. Ireland Yard, BC483DB. W-M0SP71 Growth toy 

-. gsas a-^-m ffi Ssss^ktj 

I - . tot Growth Fd. gOL* IMflj _...i £38 Oolnnal F(tfd)—. 

016884923 Do.Accum. P0U ULe £38 NEL Trust Mai 

j r ' Friends’ Frordt- Unit Tf. MgraV MagnCwri-DoHd 
1 *6-3 — Pl*hamKed.D0fWac. 03085055 Wcjgtai- High loc. - 

(—f — FrtMdsPrw.Ua._teJ 44^A+o.n 456 F«r New Coail 


014882851 NPI0’*eea.'I*«l._na.6 IgJJ -.-J 279 gcut,toc.May3 
<15 . £“£g 

MV falfbXcl *Pricc-« % 1 Nest deni tog May 17. 

‘SSS, National Westmtisterffa) mi?Sr&5rt 

6 U 0 I+L 21 445 ^ 3 tA»£jf|i^ S °'W+LS| L «l Fto-SSSRHi 

, 1 ,.1 DmTjIac.—— - mi TIM +1.H M4 Do. A getun. 


KKti+L.4 701 

186.3 +2J 7.61 

* ™ +1.4 40* 

....-+20 4 06 

110.3 7.92 
1544} — ■ 7.42 

99«*O0 5» 
+60 563 
+00 S33 

+SJ 523 
+12 543 

+1.4 5.47 
+20 885 


Rzmbro Pacific Fund Mgmt Ud. . 

21 Id. Conuaucht feotre. Kune K one 

rnrEssl Mny3 pHkMT5 UJU 016) — 

Japan Fund -.pi SbW 7371 .....1 — 

Bambros 'Guernsey) LtdJ 
Hambro Fund Mgrs. ICJ.) Ltd. 

P.O. Bax 86, Clinwcv (HBI-26521 ^ 

gESr^nM ifj :::.:] || SSBfcfaff H 

tot Svgs. T.' SL'SISS 10fl( . .. 2 JD 

Pricca on May 3 Next dcnl:n« May 10 

Henderson Baring Fund Mgrs. Lid. 

PO. Bo«N4733.Nasxau. Bahamas 

Japan Fd JtVSlJM , 17.911 | - 

tow on Apriee 27. Next ooalini: date May 1 
Hill -Samuel ft Co. (Guernsey) Ltd. 

8 LeFetnrc SL. IVtcr Port Guernsey. «’ [ 

Guernsey TU 1151.5 l*21|+23) 3.44 

Hill Samuel Overseas Fuad S.A. 

37. Rue Noire Danw. Luxemhonrj; 

isisurr nM-omi — 

International Pacific lev. MngL Ltd. 

PO Box R237. 56, rut Sl Sydney. Aust. 

J Kdln Equity TsL IS2QZ 243) .) — 

JJE.T. Managers (Jersey) Ltd. 

PO Boa 104. Hoyal Tbt. Hsf, JcrwyOO* 274*1 
Jersey Ealrnl. TbL, 1143 0 1S20( . ... | _ 

As at Use. 31. Mom sun. day Apr. S8. 

Jar dine Fleming & Co. Lid. 

46th Floor. CoanauirJit Centro, Hong Konq 

JardlMErtn.Tst._l SHK229M 1 340 

Jardinc J'pn. FtLJM JHK31752 0.70 

.’ardl JCS.E.A 1 SUS12.92 J 240 

JardlncnemJnLt.l 5HK93b ....1 — 

KaV Uur 31. -Dw Mitont SUSCAML 
Next BUh. April 2S. 

Keraolrx MngL, Jersey Lid. 

PO Box 86,51. Heller. Jersey.. (Eng. 01 -406 TUIOi 

Fonselc* «|WL» 15W 2.90 

Rond^elCK FT .1295* 122*. ...... — 

Keyaelcx Inn £635 749 4.17 

Keyaelex Europe— P-76 422 391 

Japan GULFtod_. HlBlf* sa — 

Ke+telcx Japan — £2103 12.60 .. — 

Coil AssCU Cap — £132.47 rQ&J 


S’nOsedrMnJlUnl Poods 
Channel L'.itoiaiy.. K5 4 23751 +1 W l-gj 

Chaanel lstand.«5_fi« 7 153 fll +lil 50* 

Conunod. Aor.27._RlO* 12*.9| ._7.( — 

SL ifad. Aprflrr — .|117.1 12191 ... \ 1122 

Prices on “May t. •■May 3 *— Apr. 27. 
tRe+kiy Dc a lines. 

Scklesinger Inteniational MngL Ltd. _ 
41. LsMoOeSUSL Heller, Jersey. 0S3473S8B. ' 

S-A4J 18! 8U +31 843 

SAOL HB3 • One +00: SU 

GlUKd 30 231 +0.1 UJB 

Inti Kd. Jersey 103., Itt +1 340 

Intnl F"d Lxrabrp. ... SlflJ* 10 91 +0 IB — 
■Far Cost Fuod.— .|S 100 -Z] 500 

•Neal Bih day May 

Schroder life Group ' 

Emerpnw Bouur. Portsmouth. 070527739 
ItUmulkaad Fun*' . _ 

CSluIfy JU3 . Igj +J-S — 

S Equity- 121.9 1290 +0.7 — 

£Ftxea Interest 1348 1435 -00 _ 

SKtii-d fnlerrst 1053 1X19 +0A mm 

{Smnnfied 1275 1K.4 +0.7 — ' 

SMsnaflrd.— [1133 1205; +0-5) ~— 

J. Henry Schroder Wagg & Co. Ltd. 
J^D-Chefifislde, E.C2. . 0KTOWM 

ChoapM.-i.v2 1 SU 511.41 -0621 234 

Trafalrar Mar 31 -.(SUSHW.BS — 

Asian FiL May 1 WS15M Ul? 347. 

Parlm-3 Fltd KuT9 590 ..... 5J0‘ 

Japan W. Apr. 20-.|Sl'5653 707( O.M 

Sentry Assurance International Ltd. 
PO. Box 32B. Hamilton 5, Bermuda 
Manaccd Fund BUSUW 106 — J — 

Singer & Friedlander Ldn. Agents 

DO. C annex Sl. ETA OI-248POOO 

Detalonds — . IDB2449 SJ6+010I *59 

Tokyo Trt. Apr 28-1 SUS3S.C0 | .. ..J 177 

Stronghold Management Limited 
J'.O SOX 3J& St Heller, Jersey 0534-7J460 

Commodity Trurt-Rj 89 968*1 .. — l — 

Surim-est CJerscj-l Ltd. lx) 

Queens Hac. Don. Rd St llotlw, Jay. 053*27348 . 
AmFnHftIndlV..|!141 5 AS) -0 03) — 

CowwrTrurt £10.74 HI 99) +03 — 

Jar* lode* Tst |C113? UA6I-0JH — 

TSB Unit Trust Managers (C.l.) Ltd. - 
Do&rtrlleRjl- St Saviour. Jersey. 053*73*0* 

Jersey Fund M55 4791 J 561 

r.uenucy Fund |*S3 47.91 -.I 5 01 

Prtrcw on May 3 N«ec sub. day Hay 10 . , 

Tokyo Pacific Holdings N.V. | 

lntimir. Monacemeni Co. N.V,, Curacao. . j 
NAV per share April 24. 5US30.46 l ] 

Tokyo Pacific llldgs. (Seaboard) N.V. 
Iniunix ManoironH'nt Ca N.V.. Curacao. 

NAV per share April 24. SUSj&TB. 

TyoriaU Group - t 

P.O. nos 1256 Hamilton 5. Berrocdo. 2-2780 

i.> ervea>Apr>lUfl...W.'SJll 116 1 *06 

i.U-cum. I'iuIm 615169 1791 J — 

:r*q Int \pr.20 -|U>££I .. .1 — 

• New M— • *HcJk+. Jrysry B3343733V3 

Tni-'SU '.prllar— C720 7.7a *00 

i.V-ciim. >harua) ‘it 15 1I-9M — 

TA.4t»FArirtl29 — 900 640) — 

1 Inun ■.-.linival ... S’ 0 M6. ...... — . 

Jcrscn Fd April 20. 192 * 204 2] 7 00 . 

i.Von-J ter Vts.) .. 2649 280.flf . — — • 

mil Fund xptii =6 10c a uort ... . 1083 
tAccum Sluut-si — 1306 139 2| .... — . 

Virion Rmu+, DouRlas, file sf Kao. 0C4 2SO38 
Monad'N* Apr. 3>._ (126 2 133 a 4 — • 

rtd. InluL Mngmat. (C.I.) Ltd. { 
14, MulcmJcr Street, hi. Heller. Jenry. 

UJJt Fund IH5UII5 Uttfi) -0.DH Ell 

United Stoles Tst. Inti. Adv. Co. 

14. Rue AUlriiiccr. faixemhours. 
Ui.Txt.Inv.Fnd. | S US to 55 |-091J 0.95 
Net asset May 2. . 

S. fi. Warburg ft Co. Ud. 

30.«:reuiainhtrrei I EC£ 01000*533 

Cnv bd FdNajC-.-l 5US958 1*0051 — 

Hncy. InL May 2 | SU516SO -OM - i 

r.r SI 5Kd. Apr JO SUSbJB I+0JM — I 
Mr£ur. Apr. 26 — hvSMUl U0l — 1 

Warburg Invest. Mngt. Jrsv. Ltd. 1 
I.i'-hnrinc Crott. SL Hrtler. Jsy C7 0534 73761 ■ 
CMF lid. April 2T..pl^2M BJM — J — 

CM! Lid April 27... ]il2 35 UUj j — 

Mial-.Trt.lUu- 3). — IC11J4 1173 — J — 

THTApnl 13 9« — 1 — " 

TMT fad. April 74 9.99) — 

World Wide Growth Management^ 
lrti. Doulcvard Reval. fauemhourc. 

Worldwide Gth Fd| SUS13JB (+009| — 


iirc+t, CAd. ui+aaj***» 

»--.-l SUR958 1*005) — 

r2 | SUS16S0 (*<IM — 

rJD_| SUSbJB J+OJfl — 
J6._..m.'Sim8 UOl _...J - 

Invest. Mngt. Jrsy. Ltd. 

>v<.SLHrtler.J*r (7 053473TD 

tl27..BVSI2Ji 1*571 4 — 

1 27... l£12 35 lZW j — , 

20—fcll-M 1173 J — 

Bos* 55 ug _...3 

il 13—119 74 9.9a -J - j 


NOTES 

urtt S premium, except where rod in, Ird 4. and ait in pence unless Otherwise 


MS +0.9 *03 

8 SJ) +09 *63 

S9tt-D.: 30 06 
04.9 -»D-2 ID 06 
16.S +0.1 485 
20^+02 4S 
6461 +5.7 8.08 

33.2 +0 2 £14 
323 HU 4.96 


EiiEiith .igy gS 1 - - 7!% . 'S m & u «. i-«-» a *~ BU 
Flnt“*t Fla. corpx f % 5 TaW«“ 

.rST-^ il . E Bgs$- »■ ^ 


Price*, do out include S premium, except where rodict,lrd.*.and arr in pence unless Otherwise 
Indicated. Yields % fchown m last rouumnt alta» far al! bujlnc c*fwaMjs a Offered pnera 
1 Delude all expenses b TtMtorxjJriwiK C Yield bo«d "n oiler pnev d Ertimotcd. K Today t 
npenlnj; pnw h 1 urtnbutian tree of U JL taxcx. -* Periodic premium insurance plans, a MnRla 
premium insurance a Oflcred price Inclurtcv r.II c^pcaxrj except aceru » eoetmlsxion. 
v Offered pr.ee ia+Iode* a)) ripens es U bought through sPBaiMS * PferiDUs day s pnrt, 
V Nrt pi tax on realised capital cams unleas liuhrrtcd hy 0 9 Guernsey Srt»«- # wiapended. 

■ » Yield before Jersey tr- t Es-suhdlviaiim. 


a G r.!:« | ? BTy-ss-*" — . 

Guinness Mahon... 7 ** ~ — 


— , G.T.C*P,toe I 

gS.1S.pEiH=: 

M a nr h ew f Group. 0 -T.tISAG« .! 

Windsor Life Assur. Co. Ud- *cCi£££atJtLZ 

I HichScroet. Wtadsor. Wndac«r«U 4 

Life inv. Plan*!- — 87 J 7LD — GXfwc-YdsFd-^. 

n*tureArod.fflh(ai. »6 - — — r . . Trnut 1 

FntnreAawUjttafb). <3-0 _ — — fa. to A- imst 1 

■- r ■ Mfarlri«!t«d.Bn 
FJ«.lirr. Growth^- {18SJ Jlty 1 — . r. a. h ... - 


— B .6 h ns tSFtSfcsELg SttSLm 5 

GT.te.'Ftt^dr ®3 IS Uttit Tras* Account ft Mgmt. Ltd. 

gfSSSSfcCzjM !5 JQne William St EC 4 R PAR 01 -SX 4 M 1 

ISS^dfciS-f 11= i3S MM in «S2aSL%H§V l|:d 3| 

G. ft A. Trnst (a) (gj • Pelirah Units Admin, lid. (gj(r) xincvnUfaiuSLECcRBAR 01-623 

a, Raylcigt RLL, Brentwood (0277)227300 81 Pouatato St, Kascherter 081-2666688 metene Unto -_~_pa.9 365] — ] 4 42 

f&AA . , fL5 XJ4+4 . Sl AU Pelican Unitt [790 flSJaf+U] Ut £wUrt»— gs , 23-^4 AO 


LG. Index Umlled 01-351 3466. Three month Silver 282^-261.6. 
J9 Lamoui Road, Loudon, SW10 OHS. 

1. Tax-free trading on commodity futures 

3. The commodity futures market for the smaller j a vest or 

’ CLIV£ INVESTMENTS LIMITED 77 " 

1 Royal Exchanne Ave , London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at 25th April. 1978 [Base 100 at 14.1.77.) 

Clive Fixed interest Capitol 12S.14 

Clive Fixed Interest Income - 113.S7 

CORAL INDEX: Close 470475 

INSURANCE BASE RATES 

t Property Growth 

t Vanbrugh Guaranteed S4% 

T Addr+BE shown under Insurance and Property Bond Table. 


> 


















































































































































































































Jtoandai Times Thursday May 4 1STO 


INDUSTRIALS — Continued 

l' 1 1 M «» I |rwi 

i., ^ 1 W" I - I « WlGi'slPfE 

l»- M-tadl tare --j 41 |+1 12.60 1 A 110.01 A 


iaSjSlJ 

U V. 

. L-’n IV 

ubu. 

' . ;t;i 5i 


IKS 

High Lot 


INSURANCE— Contimied 




110.04 A | 
8.1 7.4 

. __ . ™ 8.0 3.Sl 

JE d r 5 737 •M3 7.6 6.41 
105 ...Jim 5l 5.9 * 
42 1 11.65 -J 6.0 


Sa|ffl|SidWp ra +r till 2J| 4i|m ' 

*teEfci» XI IS i J “i SS 

. 1 * SPU ai* MOTORS, AIRCRAFT TRADES 

LMIt fee £ =rsg»aas ■ 

15 - \l ..... - - - 


Stack l Prire |*-T| Net IcMlGrtlWE] 

511 ISmAniacceLL. 540 

93 [SunLife^p lOQri 

679 rratshoto EDR 663 
155 [Trade indemnity 165 . 
s £37%llVavden51£0— £27^ 

257 IWillisFabeT 253d 


PROPERTY— Continued 


XNV. TRUSTS-Continued 



Motors and Cycles 

• — ■ 25>r' ’ 

265 
.44 
6% 


20 tBrfL-, , 

1185 Gen.Hb.Vml5- 
37 LonsCarlBp — 

5% HdiBntMtr.Bp*-. - 
63% Rolb-itojceJitnJ 63 
762 Volvo EriO — — 1 £14% 


H5.lt. 

QU»I 


Commercial Vehicles 


i :&2fe- 

!‘l 

4 


rJ 73 



-1 

h217 

64] 

3.0 


43K 

5.7 

ai 



29 

1.1 


hl-25 

33 

h5 

+% 

Z14 

4 

44 



46 (Abbey Panda — 

I 63 Airflow Stream- 
55 AnmfngttllOp 
|109 ASSOtEagg,— 

| 88 Automotive 

j 56 Blnanel&os.— j 
2B j 4 Brown Brf&lDpu 

■ {£14 DanaCtnp 

R52 IK=L "“ 

78 

% 


. jltt 

- ,* * .-.548 34 

I •'> '.l|‘-36 32 p*BOBWWV 

• j-'SfB 12 KmitaH 

iMW 62 

•• • * 

- :ri >53 44 

' ; * '« jjrtjS 

■ iEI 


101 


4S +1 

SJp. 196* 

>t- 60 +2 

Wi, £123 +1 

tCruc&ii 113 +l"j 531 I A j 7 -2TVlm% 
mill Abell- 48 ._JM2 I H 7S 51 n5 

»atnW.)10p_ 34 A g2.06{ 2.71 9.2 55* 

ntawlOn 24 • — I — 1 •— I — 


Components 

1+2 


teffftSS 

M PropVafMup- 
(290 PmxlKev. A- , 
1127 PropSeeluraOp.- 
3 RaglanFrop =P- 
, 8 RegiliE} 

| 75 Seomri Prop- 

89 Rest & TotugtaSB 
t 72 Sa.’atelProw—- 
. 97 Scd.Meirop.2Dp 
[35% Second City 1QP- 

b wst.. 

Stock Cotnesn- 
54 3 i> 2 Swire Properties 

OllSilBll™ g gsSSSte 

98 82 trafiordPart — 

, 24 18*2 V.K Property-- 

55)782 242 Did. P^P - 
1148 Q19 Wanw^tfc- , 
«2 262 ffCTionilm.Jp-. 
20 14 ffd>bUosi5p-- 

19 16 tTjmnSierP.alp. 

34 30 llnsumBte — 


gfi54 

414.0 

tl59 

d4.69 

HB8 




« 


395 

858* 
0.01 
13A5 

55 

..... bJMBj 
: l+ij" L27 


3.3»5 
5.6*1: 
Z3 27AI 
|2-4 4L8 

2-2 


hJIaw S«k W« 

118 ys tssfe is 
I* » g 


^«j mr t 1TO 


46 


f* s 

80 Mz 


»'ia figtSk: 1 


Net [ Cm| (it'll PIE 

25 ] U| 6.0(243 
Q15.0{ *112.01 * 


FINANCE, LAND— Continued 

stoA iw-M S WS5! ? _ 

38 S 

‘ iQ5U6 


1878 

Stall liW 


r Upinmiiuuab- 

HrnEL&niiblOp.i 
. KnkftlffialSp- 
|240 Lneasted$.£l— - 
31% Siqn Group lOp. 
95 Turner 3Hg.—— 
55 WDuntBroedoi. 
86 WowfliendfJO — 
92 Zentth*A , 50p — - 


+3 


6.9{ 58. 

35j 0.9 46! 

Hdtt 


i.o 

43 8 X B 

la a U 

3 3 66 ij* 
53 5.4 52 
* m A 



Garages and Distributors 


43 


[Adams Gibbon— 
pUemndeiESp — 


pJARW 

{CefiynsKp— 
{Ccimorelovs. 

krowipITibp— 

DarisGcdire?— 
panda—— — 

DnttonPorsbaw 

^ateCP-Gj- — 
WLain--. 
'lircs.Krp- 



1-^' 


to 


:: v% 

.* .'52 


ugnsnaiaM 

I Nelson D*nd 

B Vj 1 ?? 

n^>— i 

Sir. 10p. 
®r. — - 


"46 BPMl 

55 BoinL.w- 

70 Bbcfc<A-fcCl— , 

_ 105 Bristol P^- 

53)152 123 ColHnsynihmt-1 
123 Pn “A"- 
zf>5 

t£I 


538 

L65 

40.62 


SHIPBUILDERS, REPAIRERS. 

-m i_e i I — 1 — I — 


lajKrui.iu*.-' i= 

uteHi hoo 85* S 

Sspu. 64 62 CttyrfOrtoL-. 64 . 

4J|* 82 76ij Oa«rbo»*£P- TBj® 

affl & Ik Kpet $1 

Hal 245 2 32 g 

-"Jab 

3 .4 - 169 116 dHUJ^aattP- 1M 

y* a .g ssSSfc: L 

aal&Kffig 7 

:.i 02 at in §J 

HEW 1 

4J112.7 134 1» 145 

146 123 Da Cons. -- — - 
351; 27 Daftr&rteni »a 
195 155 DaPropr-- 

-- DBritatln&SIP « 

Do. Capital £1- 205 


| n.67 Tri as «.7|__ 

81 I V|q T3 |m!|| 6 5 



t584 U 416 30.4 £49%^» 

15 13 51 _* 975 HOC T ^ i 

_ _ - 201 a P3 ffsa-S+Vectay 
« 32 1.0 72 MJ 53 36> 2 **&$*$£*] 


08" LOj 5.0@0lj 87 
1287 1110.813.4* 

h240 LI 5 9 233! 

0.9 95 1M 


HarjiiTlP =ip. 

SlassHn-iRlty 

N.M.CUni 12>!? 

Nipprard 
paimbelOp — 

,2^; ParWBwte-, 

|l67 Pemoa S'tSflr.-. _ -- 
543 s * Preab I s F£po - i fn 
10 StGewae -Cp- l^tf 
,90 SeAMere A- g S^* 'Q42S 
fe48 SEKjpc.ter- £|0 

2 sSTPacimfO: 9 Ms - 

&aSF:00. |4| 1 1 

'two 

SiKSSa! s « 





221 L5‘.® 9 

“ 6 3|1 6 

0.7]l3.2jl63 

J TJ 5.7 
S.tJ 7.7 
4 41 - 
69' A 
4.7183 

.raa 

16) "3 A 
1211331 9.9 
37 4.110.0 
33) 2.31 9.7 



NEW JAPAN SECURITIES j 

Tokyo, Japan : 

’• *" "mf raiil t »i Otlite* 7e.C-»n ^ 


MINES— Continued 


OILS 


+8 • 22 10 
5.6^! 


SHIPPING 


u{hAn.K U4 
Inv.DS tL- 217 
mlai-.TsL. 105 
l&Gbu^— « 

AbdernatL 86 ._ 

ffitSSE; 22 

tSccttov- 70 — 

,Con5 ’ ta ' m “ as; 


-i -i - 


anLBw»» 

CrannBtM. 

ri*erOW-=r 

Furness Withy □ ■ 

;aaKiaq.mOP-| 

Lon.u'SeiS.FrtaJ 

gSSi*: 

RearrimSuaup 

Da'A’Wp--- 

WfTwtman in.i— 


108 


-3 


ft? 

133 

dl.85 

337 

4.90 

.510 

2.72 

E25 

6.54 

11 


« «1 721 

A li 

63 8.7 LOl 
12 7516-1 

iimL 

i « |6 

39 : 4.2 

25 1L4) 53 


$?2l 


*i-*B 

g &EE&I ffl : « . jjtB 

7Z*2 |Gea Scottish— - _B5t2 + l i 355 *J 


US bias 

% 'SKS.ufl 

42 BnnfflhU^— - 
£31 Do»’LaJlS6- 
4 863 *ifC?Stb 6«4£!- 
49 Cenrar? Wp s 

, 21 Chart erfail. , 

te'SSBKi: 

SES_ 

„ ECA 

134 L4SHO — - r . 

i £100 USVuS-j®!*! 

234 L4SMO-«> - :9p. 

13 ItatT- P*. Vtlol? lUi 

178 t«’Esjfl.IPP-— 1 
12i» Preuer 
EL4% BaafsrCW - — f 

1% BesnoldsDr.lc 

61% D0 7«*Pt £L- , 

226 ttSineir-'r S. tl 

£55 r«acoA"»Cm , 

130 Trteeatnrt j 

144 CUreicar 


CENTRAL AFRICAN 

uiaai 


is rralrtfflR'iWif--- 
i7 RhoduCorp.JCS'. 

— — ! — 75 I 52 iRoanOwfo-K* — { 

— ell'! - 147 122 fra«Kttiig < aftP -'l 

— — — SO 7S Pp Prel Blf> — 

3.8, 63 45 4i I 32 iwsnkwCri.Mil - 
1 _ 553 131,1 10 |ZBUCVr5H»M- 

— "I r. AUSTRALIAN 

— i in t 


178 -2 
19 
65 
145 
80 
38 
131; 


(+1 . 


L56 

.QUO. 

wS 


13J240 

*} 45 

. Ill 76 

M 9 0 

l9l68 


. 420.1 — ’ 0.a[ 


10 AotmSc - 

64 Pm;i:Tirllc j 

63 BK>’uth5ik 


- rtS ’ - si: 148 Iwi-eRnCni- 1 ** 

— — — 7^ £3 rjj aLl 

,- n TC..M4 I3fi n I 




1-5 ^ 


15l29 5|- i7 
_ }" 117 

?:i 77 


1-6 


63 82 41 
8.4 52 48% 
, 4210 .1 50 
Jto.6 — 66 

HQ f, <b 39 
58 1® TO 
9.1 43 H 
62 53 38 
53 3-6 76 
SJ 32% 


SHOES AND LEATHER 

'tt 


Booth (Into* 1 — 1 

Footwear bmv.- 

GnnwrSwtMmrf 
s ■? ai'an. Sian Sp_l 
■ r4l5K8Js30p™J 

SSnew 


{WeerrelOp- 


L00 

f439. 


+1 


+2 


+% 


B9J-I71 StenderonW — 

68 — r — 

m 60% aemnorrsylnv.. 

68 » 

— ~ - Inv 


tlui u ^ s 

A 4 “j * 4 1M% 90 
45 5.4 10 80 67 

1 , Si l ss s 

UiSiii y 

2.7 62 9.1 39 » 

42 6.7 5.4 187 160 

Lb 7-8 123 78 69 

MILL 53 7b 68 
* 53 * £9% ££H» BMftmd® 

fi 73 5.8 670 4 600 
6 82 * 52 42% 

75 170 105 
75% 6?; 

175 


rDa(0- 


106 ‘ '1.7 

93 +2 2-4 

91% -% tL66 

g -i - u 
as uu 
^ ± Li 

97% +% 337 
80 +2 L45 
61 -J= 

59 +r 

87% 1«3. 

1 39 tf 
174% +% 

74% +% J t3.7i 
74 +r I - 

1 -Si, fi .45 

— 'QlBc 1 


S5 


58 
7*.l24.5 


10 |MrtdsE\ r<lc 
.75 M1M NUc 
ID MnurtLtelipbc 

5 7 ! 77 1 11; ir5 Norths HtllNir 

421 5b 


..un 1I5-* B% i>m 

50 U7 jiakhndccHl 

12- ‘■J “ ;o ■ 0 [DaniiCi I'fW 

, ^- r i — £21ut75P IPancunO 

!|,7 n 181, 1 2 {TarinpaMAr-t.-n 

; ^S iSO* 3’tO BJfWffMUfn.iSnc 
8.7 ,,, M ffettr Hin.nc-* 
a - Li.. -n Creek 3k. . 


10 .... 

104 Ul 
75 -1 

:io -4 

50 
125 
13 
177 
23 
2 

106 
9V 
150 
34 

£11% 
17% 
452 
117 
40 


-2 


Q8c 

QlOi- 

1.45 

Q9c 

Q8e 

iWle 


QT5c 

Obe 


lil 


48 


2 2 ] ?0 


13 


17 

n 


J7 


L9| 4 6 

- i - 

4oi :i 


OVERSEAS TRADERS 



4.4 « , 

0 isi™ 


SOUTH AFRICANS 


7J91 Q 46 | 28 ISSitalfc 



I Sharpe 1 WN) M 
Thomson— 1W 

CtANewroaimj 
? WrirsletsPah^) 
i {WQi(mBnB.JOp.j 


AherccroPO-30— 
AngtoAm.ta.ro 
83 Ang.TPsInd.50e 
28 EdiwblOe—- 
.. 62 GoWFlds.fcS%e 

145 95 GrTransAJOc- 

1» 100 HnlatfsCpam- 
340 288 OKBa»ars50c- 
102 35 EttmotoMca— 

160 135 Ha Tnaftrn AScj 
76 58 S3. Brews. 20c— f 

- ^5 nrerOaisRl — 

55 Umsec 


w 

j 

y 


s v 

Kit?! 

I 

H 




HtIHI 

as s r .. 

L2 6J1L7 49 

M 3 2? 5 J 

L4 ? 4.7 6 
L9 t 531 
06 1295 

42 12.' 23. .. 
23 11 63l44 

j 5J * hoi 


:::: 330 * 



PAPER, 
ADVERT 

£$? 


• ■ w 


28 


•‘''337 

U 

» i 

*70 63 

: % I 

’ 

• 98 
41 . 

9J 



230 ju4 

w»F5 




**%\ 

63 39 

83185 145 

162 S3 

♦ l b 

5.8 94 
43 91 
1B2 90 

^Sw 1 

53 93 , 

6.7 29% 

8.4 173 

5.4 27 
_ 102 91 

M l 

3 . 4 I 9.4 


PROPERTY 

I <0361 m 


1§$)| l^lLl 

2.61 

1 1533 
1630 

1+f 


r. 3.63 


23 

1fl36| 

10.79 
12.96 
■% .r« ul si 


m i»S" 

•I 


insurance 

I . «• 11 


1+1 


200 ficttOT &r 
MO IW4hiC£|20P- 

fill bi^ 

|l51 a;‘i«tiOdp' -W-i 

JsM P«afl6p-" — 
p56 Phawru-i- 
{l20 PrwM«™ * ~ 

1 l^^fipl--- — 


134 

15Hd 


+2 


aio 

1037 

200 , 

th4.4 

15.6 

539 

5.77 

4.47 

%« 

4.21 

JJ3 

h 

iD.35 

8.17 

ill 

i l2 5 

JS 


^43^- 


• 5 


r mi iif- 1 

1»! 

S tss&p J 

S SSSE 1 

57 {jowpita** 1-- ?-r 


pvu 1 in a. * rm . i* , 

.PU.Sc.HSS4- 170 .... 

Bmrflln? 72 — 

S!TUJiyIl- 175 
Id Success— 127 ...... 

sfCsp 80 +% 1-65 

.nt&p-- 706 +1 160 

i Japan 129 — 085 . 

c sSs5- 118 «47c 

rExLFf.lp 1 M - 1 

iGea£l— - 248 
[OS Holdings— - 43 
elnv.tac.10p 46% 

n&in— g**| — |ys 
iSSffiS: J Id H 
^BsflSSS f'- 1 - 

yar? » 2 b^ 

*SSml*l 133 1-1 
&Gml.50p 

“S a- «h 

iliv.lOp- n% 10-42 

JBSr. = #1 

JSSE=s*t 

178 BfcG^ltat'Op 187 +1 -- 

nCStifaslS 4* 

itav— 44 ..... LB5 
letav— SVu L" 

— JsTtt— 
jlnveSl..- 
wU-BottmlOp 
DaWntaEL- 
- ‘ iCEU- 
tetav. 

asoorade'tamk-i 

&gS§sr.‘ 

N-V.fcGjBtmore. 

1928 InwS 

Nth-AflanticSec 
NUm. American. 

Northern Sees— 

OilAAssoe.tav_ 

Ontwlditav 

Pentlandlnv— 1 ^ ^ 

Png. Ses. Im. 50p 75 1 

Provincial OSes 24 -■•■ »1^ 5 

Raetann- 124 +1% 3.70 

ReahrwAtav— 41 7106 1 

RiBUBtfeCap » — 

BirerPWeDat- !», — 
BobecofflcAF® £60% -% 
DaSntSh aFIS 600 -* 
BolinooNVFISO. £45% 

Do SuhWsFB- 451 p. — 

Romney Trad 91 ■.■.■■ Js 

BiO*wMmaodtac. 52 -% 4JB 

Himre SSggE $»*}■■ $ 

6 7lU7%Pl SLAodrewK- 117 +1 435 
6.7 -1 scoLAB.lm.60p- 87 

ScotACorltav. 7L 

\ui. Scotg 2 r‘ a '- 

114 Sect East tav_ 

T ra l 34 Soot European— 

[86 [Scot Northern -j ,9^1+^^ 1336 


AfaTcm Late-- 310 
Anfl.Ajs1c.3qc. | « 

FcirfnrijSt* l 
BrccrAThj-jft 
Boo5te3dil9p' — 
FirdayiJaa-SOp. 
GiU&Dutfus... 
OLTBUrn. £10 - 
ffrirts-CTO* £1 
HoHatniSiR- — 

lnchcwc£l 

Jacks wjn.. 

Jamaica Sugar— 

Lonrho 

, jfitcheUCcas.— 
NisenanElcc- 
0ceanffistt.2)p 

Parstmlon IBp 

DaA-N-VMta- 
Sanfleru^'IOP-i 
SenaSugmMp-J 
iSime rorbv d)w 
StwlBros.3^ 

1 Tore Kerrs.— j. 

DaBpcCm.ro 
. C. City Merc. 10a 
. Do.10pcLn.I8p 


i-1 


Gemor 
Gridi Rase '=■.'!■ ■ 
Gop«iei'nT&. - ~ 
HnisK'HK — 

idmlOp 

janhu lSrf* - • 

KaiEunUngSUObO 
KillmchaO. ... 
ValjyIimiaaKS«l- 
AFahans 

sSfeff'- 

Sairtliran.. — 
StmttiCroftylft; .- 
South KmUiaWM 
Sthn Malayan SMI. 
Sonisn BesiSMl . . 
Supreme '.'orp *M1 


TronohSMl 


52 

265 

140 

9% 

235 

160 

SO 

11 

69 

46® 

ns 

its 

56 
56 
• 180 
255 
190 
72 
90 
95 
190 


.. t:si 

♦VSf 

«s 




150 

is 

:«jisse' 


+1 

1+15 

I+7" 

+2 


m 

UK 


*l£ 

iSBl 


0.7] 

u 

05 
, 11 

“i 


[14 2 
48 


6* 

IitS 

14 

5.4 


lSl U 


:ui 


id 

0 


. a 

109 

129 

10.0 


34 iS I g 

I* A U 

!l J B COPPER 

* 96 l 70 iMestaaBWa., 87 |-3 l*Q30c| 3-81 + 

80 


7.0 193 
63 24.7 

63 2^1 
73 »3 


RUBBERS AND SISALS 

i+«iDiv. 1 |nd 4tf 2 r3o 

Price -d Net Mere Ol 


Stock 


ua 

Bgh Umr 

into* * IS 

as ♦ § ffhaaat- 

§ ass,;- 

50 283 &4 S 1 ? Gx^CertiallOp. 
2.9 382 270 2ll Gottarell— — 

53 26.9 91 65 HflawcyLg^- 

43319 95 56*2 Highlands ?S)C-- 

J * 60 41% KfidahepoMMSl 

53 28.9 47 29 t1Kn tanB50c --- t 

^ ? - 69 LrtaSmnBinlDp-| 

„ 48 MdatoHVSl— - 

ids3 S, S* gSS&si 

Si 37 ISnngeiKnanlOp— 1 




254 

+3 

35 

+1 

— ■ 

-i 

L7 

+5 

S2.8 

-% 

7.75 


125 


$5° 

-2 

tl0.15 

:!? 

& 

-1 

Q12%C 

a 



tone 
mi 43 


Rib 



h!5 


16 1 9 {BunnaUiMa 17>3>. 
[300 1220 Cot* Mure b 10c— 
335 R45 Northsaleiro — 
2U B64 an 

■ SatanalndsCJl — 

„ TUa *" 

45 I 43 Ifhin nwaiKT- 
4.1 |lS |l20 YutaiC«B.CSl- 


MISCELLANEOUS 

il 10 l . 


16 

245 

360 

195*1 

34 

£ 10 % 

43d 

154 


[-10 


Q30c 

95 


133 

Q7c 


7.3 

74 

id 

2.2 


NOTES 


1 9.0119.4 1 



TEAS 

India and Bangladesh 

AmmDoouroEI- 
Assam Frontier t) . 

Assam 1ms. £l.-~ 

, Empire Plants lOp. 

JokaiD— — 

Ltmgbounie£l v . 

McLeod Busd&l. 

Moran £L_ — - 
Smgla Hld?s. lOp ~ 

Warren Plar^. — 

WiUiamsontl 



— 4.1 Zu.itud an the bull ■ nr* ■to™™"* T . ^V — 

♦ 5.8 dutriiMttm. » W 

? H it SSS taSSKT-M ita Ui m rtw l *«“- "■ 

3 7 . su^linK demmuMsled «©™riiiea which InelmU 
1 dollar premium. 

for rfchu Issue* Im-eajto ^ 
t InlerJra sines twresoert «• 
t interim since reduewd. passed m" 
t* Tnx-irec to non-resWcnls on appUcaUmi. 

74 6 Fijjures or report awanea. 
o'? tt I’nllrted securit y. 

« ; j 

12-8 ’ cover islsles to prertons dividend or torscas*- 

U d ? ssji srss»«i« <»**»- 

ij ¥ 1 1 sanss *-.— h 0- —w 

li’U, JSSSf-dw-ft 

dividends or ranluiig ^ u«renk ** 

!* 1*V7 n«aS5mwtda<L 


Sri Lanka * 

1123 [LnnuvaD I 170 1 * 5 - 5 l w 4.9 , Excluding ,» llnnl dividend declaration. 

1 1 + Retdonal price. 

II No par value 


Africa 

5.11276 1 „ . juu- 

8.5ll6.0|5oo 1390 [Biaiitvreti 445 

4|295 Km (130 (Roo Estates 1 155 

3.9)343 1 


1 50.0 
13.0 


♦ «s L^.’s™sMassaFS 

* PiLi s"r P u.r ‘Si. bf-d rusfS. 

tjB'TriajSP .usirti ^ ss 

i^rmnrni from cnpltal Mums, k Kenya. ■ Inrenm hlcto-r 

ffiSfir®- *}!»L? a *r zsssu* ss 

Amm ^*sss 

dividend: S KS 

on W«i ■"">«! JKJSC, " Vr^ir^ up to 30p in the fc. 


+1 




TOBACCOS 


|267 (BAT tads ■ 

227 DaDefd-—- . 
|330 DanidjilA-flDP- 

55 ISeautflOs-l^H 


13.011 


^- z T „ 410 . 

»%«£&£= S| 

BSa5tifS4ig{ 

jkim lS +2>3^ 

■*8™ ig &>- M y 'A 

nafs 

♦ I 9 f 1 # 

■i ‘?t jaaacr- *t a *§ 
1 g,f£3?ffi= Psrgw 

AM 99 26 2 nuot Growth — g*2 +1 = 188 

W' 86 Da CagifW - ?7 ■■■- -- 

l5 iH.s RP&ffiLiziS S 3*4 


57i?pirartenBl 

torontvlei30c.- 
(EttrmsW — 


66 

-3 

tQ25c 

27 

-% 

tO20c 

335 



K25c 

81 

-4 

Q1 9c 

303 

+4 

tQ34c 

41 

-1 

tQ3c 

81 

-4 

Q46c 

42 

.. . 

— 

39 

614 

-2 

-B 

025c 

tW86c 

- 39 

-2 

— 


B33.9 TtopojwWei * niu Kate slays unchanged until u^uu-lty 


0«38J otstoe)L 

L7j 8.4 Abt ^oU^ «serdWd«^Air»«KrTipU«ue.ae*rt<Ms;a* 
— I — .it- j r-x capital thrtnbution. 


w “B kS 
Silt 


TRUSTS, FINANCE, LAND |j| 

Investment Trusts 


.,- 157- ...... L0 

» ItiW 


10)40.6 52 ,50 ( Aberdeen 

138 118 [ Abcnleen i Turt- 
le 

220 193 
124 — 

170 

62% g 

61% 47 




+7 )5.« 
+1 P-66, 1 
+2 1 12.97 1 
-2 

+3 [ML, 

+% liol 


m 

Irs MSSfssr:! I+5 "I ^ 1 

+1 


^18 


tUL 


L2pSi 





0.9)12.7132.7 502 

aa^ll 

4.3286 

S:S S:S 

ti 4^4-9 , 95 


FAR WEST RAND 

l^voarS. 


BJsnureBi -. 
HaitobMfSro . 

Kloof Gold ro ., 

iibatwoRl — 


paHonteinS't, 
Vail Red! 50c. 



327 

t 

-10 


876 

- 

76 

234 



650 

-3 


190 

-3 


100 

-7 


£10?* 

.. .. 


456 

-4 


452 

-8' 


452 


226 



£U% 

->4 


170 



£17* 



[ - 

170 

-4 


727 

.... 

_j_ 

192 

H-2 


- Rec ent Issues " and M Rights M P«8^ 40 _ 

This service Is wvaltaMe “ «ij Company dealt ta an 
g 15 IhTOOgbml Ik. rniw «««» h, . 

I 1 “ _ [ee d M00 per m ”™ 1 <or each secarit> 


38 1 



OJ^- 


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073.01% FAGdofcSOe 

— ro| *■ SamplaasRl - 

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LoraiceSl ■ 

l>re$. Brand 50: — 

Pr»stejn50: 

St Helena Rl. 

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299 

82 

628®J 

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707 

157 


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-16 

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9.4 are^ quoud on the lnsh eachanw?. 

Mel 27) 48 Albany lnv;.30p’ " " " 

2.4) 6.0 A&b Spinning - 
1.0) 6.8 Benatn . - ■■■ 

Bdj;Sctr EM hOp 

OarcrCroft.. • 

Craig 4* Rose £1 

iEiBftMe'Hdv 
ni . ,*1 a, Evans Frit lOp 

SbufiBgifej:.:: 

— — — _ Finlay rtg.5p. 

Q55c 4.7 1L0 Graig Ship- £t • • 

— 05 4.4 Hi * — ‘ 


4.4 [Higscms Brettf ... 
,UUC| La 9.4 {LO.M. Stm. £ 1 — , 
ib20c 9« 2.0 [Holt (Jo*ji25p--l 

]3.ae I A Pi AfUnfks. ^aMlWIIUII 


S ; 

22 

270 

22 

415 

m 

65 

57tf 

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SO 

20 

1SB 

83 

145 

3 

130 


l.t £.U 

15 97 NThn. Goldsmith 
_ __ Pearce iC.H.*— *-= 
vo op Peel Mills — — J; 
j-rjQj Sheffield Bnck 48 


US 


+6 


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SinitallinBLl...J *5 1 1 


IRISH 


Com' P% ’BOIE 

All Lance Gas — 

AntOtt....--; 

Carroll 

ClondnUrtn. ... 

Concrete Fjmta 

Helton iHldgs. I 

Ins. Corp 

Irish Ropes. — , 

Jamb 

Sunbeam 

T.V.0 

Uni da re 


C9J% 

70 

320 

88 

100 

128 

42 

148a 

123 

65 

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FINANCE 


Finance^ Land, etc. 

WHSSSffSffl 


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£16% 
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Anglo.Ainer. 10c— 

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17% East Rand Con. lOp 
£14 GettMtajiara 
£l(Hi GoldFtoiA-SASe^ 
£10 JoroffED^RL- 
38 jjiddleWitSc — 
126 MiiWpmS8DL4D_ 
95 5e«Wt50c 

369 patmpNYFlsa— . 
50 gaud Umd*] Lie— 
375 SelcrtKmTnisi — 
161 StittrW Ite. — 

e5i SSSife 

182 Il' C. Invest 



options 

3-month Call Rates 


1-3 


4094 

165 

030 


[238 fl'nHn f ope. 02Sc. 

[48 )voeeis2ije.. 

DIAMOND AND PLATINUM 

. iwd.i.v,* l F.351^1 IO600el * 1102 Guardian > 


i £30 Aa^ivAmlntMc- 
b4 SHnopssawPVIOc- 

285 PeBeerM.V— 
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54 UrdennuriCjc— 
70 Rns-PtaL We- 


st ID 2 1 Guardian «. — 

a 5j|G.K.N — ........ 

i 33 9 t)HawkefSldd. 
3W6 10.4 HfluseofFraw 
1.0 ' 


1.CI..- 

ZECjpr. 

ItrveresK. - 

KCA — .... 

Ladbrofce...— 
Legal & Gen. - 
Lex Sendee- 
LJoyds Bank.. 
■■Lots”...—... -■ 
London Bnck. 

Lonrho 

Lucas Inns. ... 

LVOM'J.I 

-Mams" 

Mriu fcSpner 
Midland Ban*! 
NX1 

,Satff«.BanV 
Po Woreants 
PAOPfd . — 
iPIcsftcy. — . 
R H SS J 
Rank Or«."A 

Reed 1 nil 

SpIllCTb — — 

1 TOSCO 

I Trust Houses. 


23 

7 

20 

7 

5 

17 

14 

7 

22 

5 

5 

7 

25 

13 
7 
11 
25 
Z0 
22 
10 
10 
9 
5 

18 

14 
4 
4 

22 

15 


Tube invest — ■ 

Unilever ; 

UUL Prapery- 

Vteheit-- 

Woolttoitha— j 


Property 

Brrt.Land.~i 
Cap. CounOes.1 

EP 

Intteurnpean 
Land Secs. 
MEPC 
PraCi 


OUa 

BntPtO^ema-i 35 
BuraahOU — 1 7 
Chanerball— ) 3% 

Shell I & 

[Ultramar -4 22 

[MlBN 

Charter Con*. ( 12 
Cous.CoM -4- M 
1 Rio T. Zinc ( 1& 


A- selection ol OpUora traded is given on the 
London Stock Exchange Report page 





42 


&Si\ 

K- 

>r 



mmwm 
mMMjswLmm 

A little friendship takes you a long way 

. Reservations’ Norwich TeWQ603)4TI036 


FINANCIALTIMES 


Thursday May 4 1978 



The tjuaMty dlxtrCba tbu corrica 4 w (op 
WMBb dmfli and retailor*. Ring 81-578 23JL 


F.O. Boi 14.BocfcrrBro flranuc, O w l fert. MUkfUwu. P M Qfip, 


Taxes 
force 
oil chief 


abroad 


By Bay Dafter. 

Energy Correspondent 


MR. JAMES LO.N'fiCROFT. 

managing director o filhe Tri- 
cenlrol oil group, is leaving 


Scottish poll defeat 
worries Nationalists 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


Brezhney 
wiD face 
protests 


in Bonn 
visit 


per i-ent, tax on North Sea 
revenue parned by a family- 
owned management company. 

Mr Longeron, aged 48. will 
move to Genera with his family 
in .fitly. 

Another Trii-Pirtrol director 
moving is Mr. Joe Pratt, who is 
retiring from executive respon- 
sibilities and settling in 


BY JONATHAN CARR 


BONN. May 3. 

DISARMAMENT, economic co 
■operation and the Berlin prob- 


SCOTTTSH NATIONALISTS that the SNP has slipped back regional councils had not en- 

were worried last night that and may be running third behind eouraged people to vote, they 

ibeir defeat in vhc regional Labour and the Tories. said. 

council elections by Labour and They also spell a remarkable Liberals did badly, although 
llie Conservatives could mean a turn-round for Labour which a the parry fought only’a few seats,' 

setback for their independence year ago suffered badly in the preferring to save its resources; 

campaign at the next General second tier district authority for rhe coming general election 

Election. elections. and referendum bn devolution, 

cert trot oil -’roup is leaving | Although only a handful of , ^ campaign was fought The breakaway Scottish Labour 

Britain because of the tax laws! seats changed hands, the Scot- ar £ el > on national issues and Party; failed to win any .-eats 

‘ O -cause it tne tax la s. Nation *, Pany fai | ed ^ lts Labour relied heavily on the and its future must now be m 

He said he had been advised | h j„ gesl ever push to Rain con- popularity of the Prune Minister doubt, 

that he would have to pay 98 | trol at local levels and on su PP° rt for the Govern- Votes in rural and island areas! 

u _ . , . ' . . .. meat's economic record. were still coming in last night.! i em dr „ i;ir e iy in be the key 

SNP candidates did bandly in TTVie Nationalists blame the low but are in authorities tradi- 

a number of vital areas, in p 0 ][ f or their poor showing. The tionally controlled by indeDen- 

particular. Labour crushed their SN p policy of abolishing the dents, 

challenge in Scotland’s central 
industrial belt, where there are 
gi) Labour-held Parliamentary 
seats vital in Mr. Callaghan’s 
chances of forming the next 
Government. 

In Hamilton, where a by- 
election is pending, ’here was 
a swing of 9 per cent, from the 

Scot land 3 *w here" fl , e” To r ies hone LOCAL GOVERNMENT elections The Conservatives need only 
to win back Parliamentary con- in En g** nd to-day wrli be a a net gain of one in either the 
stituences SNP candidates did crucial test of the Government's metropolitan areas or London 
pnorlv popularity, though only about boroughs to win control of the 

Against its expectations ha| f total el e ctor: * te will Association of Metropolitan 
Labour retained control of have opportunity to vote. Authorities 

Strathclvde the bi°gesi re°ion Local issues have faded even If they win three London 

—increasing its majority. Tories more than usual to make a boroughs from Labour and hang j 





Mr. James Longcrofl 
Geneva tax "more equitable.’ 


Government faces test 
in English local elections 


BY DAVID CHURCHILL 


topics discussed during the four- 
day visit to West Germany start' 
in® to-morrow of Mr. Leonid 
Brezhnev. Russian State and 
Communist Party leader. 

Several human rights groups 
plan demonstrations during Mr 
Brezhnev’s visit, which will take 
place under the strictest 
security precautions. The visit 
has been postponed several times 
because of the President’s ill- 
ness and, on this occasion, his 
schedule is being limited. 

The most sensitive aspects of 
the negotiations will be dealt 
with in three sessions of private 
talks between Mr. Brezhnev and 
Herr Helmut Schmidt Chan 
cellor, scheduled to last a total 


also made gains and there were significant impact on the cam- onto those they control at P r e- 1 of se y en hours. Similar ground 
seven SNP losses tn the region. P^igus. and party workers agree sent. Loudon Boroughs | will be covered P y jj r . Andrei 

Labour sained a majority in th * t Jl ie 0 “l£?!?. e mU f!? I Gromyko and Herr Hans 


Guernsey. Both are connected 
with a private management com- 
pany. Opman International, 
based in Bermuda. 

Opm an was founded by the 
Longcrofl faintly JO years ago I 
and was largely responsible for 
the development of Truentrol. 
formerly called Trinidad Central 
Oil. The Longi-rofr family, 
through Opman, invested in 
finance nil and sa> exploration 
ventures in the U.S. 
i Opman has also provided Tri* 
control with management ser- 
vices. in return tl receives 
royalty payments on all ml and 
gas discovered before 1975. 

Tricentrol was one of the first 
independent oil groups to be 
associated with a commercial 
disco very in the North Sea. As 
a result nT H$ 9.6 per cent, 
interest in the Thistle field. 
Opman will earn up tn £S.5m. in 
rojultiev 

Mr. Pratt, a consultant with 
Opman. i\ to receive JO per eenL 
of these Thistle royalties, which 
are subject to petroleum tax 
liabilities. But Mr. Longcrofl 
said that he could be hil hardest 
by the lax laws 

He bu< been advised That the 
Inland Revenue plans to treat 
the earnings of the company as 


both Lothian and " Central reflect voters’ opinion on This would mean that all four 

regions, where it was previously national issues. major local authority associa- 

the largest party but did not Voting takes place in all the Hons would be controlled by the 
have control. * 3*2 London Bordugs, a third of Conservatives and leave Labour 

The Nationalists mounted their the seats * n ali the metropolitan without an effective voice 
biggest challenge in Central districts, and a third of the nationally inriocal government, 
region, where Ihev did well in seats m 44 of the 296 English But Labour's last stronghold, 
district council elections last non-metropolitan districts. the Inner London Education 
year, but it Hopped Both Labour The Conservatives are Authority, is unlikely to fall to 
and the Tories gained seats at expected to make substantial the Tories unless the swing in 
the SNP’s expense. gains, as most of the seats being London is much greater than 

The Conservatives increased contested were last fought at the expected, 
their majority in Grampian and height of the anti-Tory swing in Labour’s main fear in the 
gained control of Tayside. where 1973 and 1974. inner-city boroughs is that the 

previously the yhad relied on The Tories can be expected to National Front may attract its 


Dietrich Genseher 
Foreign Ministers. 


the two 


Anxious 


independents for support. regain many of the seats lost supporters rather than gain at 

The results confirm the indi- then as wel las making the in- the expense of the Conserva- 
catinns given by opinion polls roads into Labour strongholds tives. 
and (he outcome of the Gars- suggested by the opinion polls London Borough elections, 
caddcn by-election last month and by-election results. Page 9 


The German side is particu 
jarly anxious to hear the Russian 
view on prospects for the tnutlal 
and balanced force reduction 
talks in Vienna. 

The Russian side is epected 
to raise the controversy of the 
U.S. neutron weapon. The two 
sides are epected to sign a 25- 


Inchcape plans over £6m. 
stake in U.S. shipping line 


BY CHRISTINE MOIR 


IN SPITE of the depressed con- not expected until early July. Is going reasonable though it is 
ditions for worldwide shipping. But both parties agreed yester- not buoyant.” 

Inchcape plans to spend Efiim. In day that the new venture was Sea train Lines, which is 
j£9iiu. on a quarter share of a complementary to the two com- heavily involved in tankers— last 
1 West Coast U.S. container ship- panies' existing trading links. v -ear it won $10m in damages 
ping service with a turnover of Seatrain has been operating - froru Burm3h oil over a broken 
°ver£55m. its .container ^service between the tiDker charter contract-suffered 

Dad well and Lo.. Inchcape s U.S. West Coast and the Far losses j Q everv v -ear between 
shipping agency subsidiary, an- East for nearly ten years, and 1971 Md l975 b ' ul beg an to make 
nounced yesterday that it had Dodwell has for some years , recrjverv jot* 
agred m principle to pay at least acted as its agent in Japan and . nlt * 4tc mf . 

S12m. Tor a 26 per cent, interest Hong Kong. *“ 0B * its more controversial 

- — * * problems recently was The 

Profit 120.000 dwt. super-tanker Stuy- 

rruiu vesant, which was built at cost 

croup which had a 8463m. turn- Profit figures for the service of j 8120m. and was heavily sub- 
I have worked prcti> hard over last year. have not been released but Mr. stdised by the U.S. Maritime 

creating something which I feel There may be a further $5nT Joseph’ Kahn, chairman of Sea- Administration, 

i* to the benefit of this country . , consideration depending on train, said in Manhatten yester- With the over-capacity of 

That success means that l have ‘ future profits from the division day that it made “a reasonable tankers the prospects of charters 

which wii now become a jointly profit.’’ for the ship and its sister tanker 

owned company with Seatrain n< In London. Mr. Ben Dndwell. Bay Ridge have been so slight 
the majority shareholder. the finance director of Dodwell, that they have warranted a 

Detailed agreement has still said that the container business qualification in the report of 
to be worked out between the was “ not in the same parlous the auditors. Price Waterhouse, 
two croup', and rompletmn is state as the tanker business. It since 1975. 


“-I is! -SCf HIT* SBIM" 


year economic co-operation 
agreement which, it is hoped, 
will give a further boost to this 
aspect of Busso-West German 
relations. 

West German industry 
hopeful that Mr. Brezhnev's visit 
may mean more orders from 
Russia. Possibilities include an 
aluminium and petrochemical 
worfks in Siberia as well as 
more orders in connection with 
the huge Kursk steel project 

But German eperieuce since 
Mr. Brezhnev’s first visit to 
Bonn five years ago this month 
has shown that progress is hard 
and the road between orders and 
realisation long. 

Krupp in Russian deal. Page 5 
Feature, Page 22 


Continued from Page 1 

Lonrho 


have been a cash alternative in 
the Lonrho offer. 


to leave the country/* 

Mr Longcrofl added that he 
'♦a- moving to Geneva in order 
to pay more equitable lax rate*, 
rather than to avoid taxation. 

The management of Tricentrol 
would not be olTcclPd by the 
move: he planner! to visit the 
London headquarters one week 
eiory month. "Thai is more 
than l .n-hiP'e .it tunc- now. ’’ 

Men and Mailers, Pagi- 22 


The document dismisses claims 
that SUITS trading activities 
would significantly benefit from 
1 a takeover by Lonrho. It points 
out that group sales to Lonrho — 
since Lonrho achieved a 24 per 
cent, stake in SUITS just over a 
year ago — were approximately 
£165,000, “ less than one quarter 
of 1 per cent of SUITS turnover 
last year." 


No decision 
on future 
of tin mine 


Industry and unions sceptical 
about ‘Buy British’ campaign 


BY JOHN ELLIOTT, INDUSTRIAL EOITOR 


The three directors stress the 
importance to Scotland of an 
independent SUITS. This has 
been one of the main planks of 
the argument put to the Office 
of Fair Trading that the Lonrho 
offer should be referred to the 
Monopolies Commission. The 
OFT decision is not expected 
until later next week, if then. 

The document includes a pre- 
tax profits estimate for the year 
ended April \ last of £6.35m.. 
a 44 per cent increase. Estimated 
turnover for the year, £69.53m., 
I» 19 per cent. up. The directors 


By Paul Cheescright 


ic to cut imports. subcontract work and that the! navrnenv for ih^ -'va “ 

Introduction of the paper Government should encourage __ 4 - - e * r . a 

lark the start of consultations the public sector to buy "in ’ ’ P er cent, increase. 


THE FUTURE . 
Jane tin nunc m 


LEADERS OF both side? of in- by imports rose from 17 percent the next two suggestions — that 

duslrj were sceptical yesterda> in 1970 to 25 per cent, in 19/ » large companies should try lo! in»IndT« S lDr 5 

.-iboui the practicality and value and set out five methods of try- help small firm- by giving thcm; n r =_ ,v » , 

or lo. eminent "Buy British ” me to cut imports. subcontract work and that the ; 

campaign. 

I Senior industrialists said they ma 

i necik-d more time to consider b» the Prime Minister's commit- Britain. ‘ C a lf» c j„ -j 

l whether British companies tec with both sides of industry But neither the CBI nor the}* 331 *^ uenieu 
the Wheal should he encouraged to display on what can lie done. TUC backed a “Buy British”; Meanwhile Lonrho’s chief 

Lurnwjll still . prominently the name of the The first idea was for retailers propaganda campaign. Their . executive. Mr “Tiny ’’ Rowland 

■xicrday ; c«uni ry in which flheir good', and manufacturers to build representatives felt that such an I in a letter to SUITS share- 

would be "inappro- holders, has firmly denied that 
according to Mr. f the group bas any plans to sett 


hung in ihr li.il.mce v-derday • country in 

evening Talk'- heiwc.-ii .Mr. Alan ! are manufactured . loser links <o that each knew exercise 

William-, the Mmi-ior of Stale Thi--e moves provided an of the other.-’’ capabilities and prime.’ 



for Industry, ami Mr Gerald 
Mortimer, ihe chief executive of 
•//.■□soil da te«l (mid Fields, the 
mine’s owners, broke up without 

agreement. of encouraging people to buy selves. The TUC representatives — 

After 90 minutes of discussions Brin-h goods and so reduce the The Government, meanwhile, who included for the first tirqe 
both sides agreed in consider vnhnne of imports. is having talks with leading Mr. Moss Evan#, the successor 

their nnsnmns tnernrjhl There 1 Ideas fur a "Buy British” retailers on the issue. to Mr. Jack Jones at the Trans- 

is the jKM hill tv of another meet- i campaign mere i-ontaincd in a The CBI refused to endorse the port and General Workers' 


inc to-dav tun no time has been | di.«cu->ion d'li-mncnl on import second idea, however — that the Union — Teh that such a- cam-' 
set. penetration Mibi 


Mr. Rowland also says that the 
current price of SUITS shares 
” and the resulting price/earn- 
ings ratio are largely due to 
the presence of Lonrho’s offer. 

viiui _ .He refutes the suggestion that 

bimfted to yester- country of origin should be paign would he“a 'substitute for i l ^ e current offer should contain 
Gold Fwlris anmiimci'd last ■ day's monthly meeting of the prominently displayed on goods, positive action, hv which they • a eash elemet, L 
week Wheal Jane would be shut.NaGnn.il Ei onrnnic Development The •confederation said this meant the introduction of im • “When we bought our first 

because of fbc decision in close ‘‘nun- il by Mr. Denis Healey, might prnve complex to operate, pnrt controls. . shareholding of about 24 per 

a neighbouring mine. Mount Wel- Chanf-Mor of the Ex- hequer. (for example where componenl However. Mr. Edmlinri Dell. , ccnL we paid 95p cash agadnst 

lingtnn. There i* n danger of nod Mr. Erie Varlcy. Industry parts wen- manufactured abroad Trade Secretary, told the TUC; the then market price of 78p 

Wheal Jan.* flooding if ihe pumps j a ri. but asemhled in the U.K.t and that the Government favoured ex-dividend. Now 14 months 

of Mount Wellington are turned The paper renoriorl that th- it wanted more time to study the self help rather than actions that later you can sell your shares 
off, as planned, ii. innrrow. ; of domestic demand idea. wnvilrt lead tn a protectionist in the market at about 117p. 

Various options mailable lo ' ' l,r m nu fact u red goods sahsfied There was general support for world. ‘largely because of our interest.” 

keep Wheal .Line open were rtt.s- 


CU.ssed These would have in- 
cluded sonic form of financial 
package, including Ihe offer of 
the miners M fnreao a 10 per 
een;. wage increase thi.s year. 

'Hip closure uf Mmim Wpilins- 
rnn will mean the loss of 325 
jniis If Wheal Jane closed about 
son people would become uncm 
ployed in an arra where ihe un- 
einploymcni rate i? 11 per cent 


Coral wins Marbella casino contract 


BY ARTHUR SANDUES 


CORAL LEISURE has beaten 
American. European and other 
British competition to uln the 


Miners from Wheal Jane, led; contract Tor running what is 
bv Mr. Mnss F.vans .ihe leader of i pulrnlially the prime resort 
the Transport and General Wor- ; operation in Spain at MarMla 
kers Union. >e>terda\ marched; tn ihe Co-1 a del sol. Marbella 
to Westminster onri lobied MPs ; has ions been regarded as the 
in an effort to keep the mine I pick of ihe 18 -iie< offered 
open. Mr. Evans saw Mr. WII- J under new Spanish gaming 
li’amc and urged ihe necessity of. regulations, 
keeping the Mount W citing ton ; UomI run* Tour London 
pumps going. j clubs, Croekfords’, Curzon, 


House, International Sporting 
and the Palm Beach. It has 
won two of the contracts for 
Spanish casinos of the four 
thai will open this year, 
iciiially these arc manage- 
ment-only deals, but there is a 
prospect of Coral’s taking an 
equity interest. 

The second Coral club will 
he in Santander in northern 
Spain. The northern cliih i? 
likely ro have a domestic 


Spanish clientele while that In 
Marbella prohaUy will rely 
more on tourists. 

Rouleiie, blackjack, punio 
banco and chemiR de fer will 
he featured at both clubs. 

Marbella'* Casino Nueva 
Andalucig was built six years 
ago and Is a single-storey build- 
ing overlooking the beach. 
Complete with theatre and 
night club, it can accommodate 
2,000 people 


The popularity of British 
gaming organisations for the 
running of foreign operations 
is based lo some extent on the 
strict policing system placed 
on Ihe industry within the 
UJi. by the Gaming Board. 

Under die terms of the new 
contracts. Coral will provide 
management and supervisory 
staff in the two casinos. About 
55 London staff w ill he needed, 
and 200 will be trained locally. 


THE LEX COLUMN 

Marks falls short 


■r 1 !. 


of expectations 


r 


The money markets continue — 

to be dominated by fears of am [ n deX TOSe 2.3 tO 471.9 

imminent rise in MLR. Since 
the Budget $\e tltree-monih ~ 
interbank rate has risen by li 
per carriage points and with 
short term rates discounting a 
9 per cent MLR the only ques- 
tion seems to be the timing. The 
authorities may try to hold out 
for another week, however, in 
the hope that favourable statis- 
tics might sway market senti- 
ment 


Marks and Spencer 

Marks and Spencer dis- 
appointed the stock market yes- 
terday. reporting pre-tax profits 
only 15 per cent, higher at 
£!7.? . Expectations had 
ranged up to £127m., but this 
year profits are struck after 
allocating £l.9m. to a new profit 
sharing scheme for U.K em- 
ployees, while there is an addi- 
tional pension topping-up 
charge of £1.6m. 

That only accounts for part of 
the difference. In addition, it 
seems that 1977-78 was not 
quite the year for sales that 
Marks itself had anticipated. At 
the half-way stage the company 
talked of price mark-downs 
totalling £12m. as a result of 
the disappointing summer 
season. That pattern was 
repeated in the second baiL to 
give total stock write-downs for 
the year of £20m.. as against 
£14in. the year before. 

Nevertheless, during a period 
in which retail sales volumes 
declined acros sthe board. 
Marks and Spencer has managed 
to increase its volume of non- 
food sales by 11 per cent, while 
food volume is 2-3 per cent up. 
On the overseas side, export 
sales growth fell back a little 
in the second half but in Europe 
sales are 37 per cent, higher at 
£l9jm., largely thanks to a new 
Paris store. However, Lyon 
shows no sign of making a 
profit, and more start-up costs 
leave Europe as a whole with a 
loss of £1.6m. The Canadian 
business traded profitably in 
the second half. but. despite 
surgery, this was not enough to 
produce an overall profit 
Compared with competitors 
like British Home Stores. 
M and S is still putting up a 
strong showing. But with the 
group having to look for growth 
in tough overseas markets a 
fully taxed p/e of almost 17 is 
asking a JoL 



visions and stripping out ship 
profits aud a £5.3m, bonus on a 
civil engineering claim by Boris, 
the picture is less rosy, with 
profits falling by a sixth.. 

Obviously, P and O’s heavy 
exposure to the bulk trades has 
taken its toll. In 1974 this side 
of the business turned in pre- 
interest profits nf £24m. Last 
year, by contrast, it just about 
broke even and is expected to 
lose money in the current year. 
The shipping recession is now 
also beginning to bite into 
P and O’s general cargo busi- 
ness. In 1977 it was cushioned 
by a higher contribution from 
OCL but prospects this year are 
far from encouraging. 

. About the only area of P and 
O’s shipping business which has 
been nourishing ’is the ferry 
side but this is not going to 
protect a group which operates 
nearly 5m. dwt of shipping from 
the world shipping slump, and 
it seems inevitable that profits 
in the current year will he head- 
ing down towards £30m. even 
after allowing for further 
recovery at Bnvis and Twentieth 
Century Banking. 

At its last balance sheet date 
the group had capital commit- 
ments of £225 m. and share- 
holders’ funds of over £40Qm. 
but the market capitalisation is 
only £143m. The gmup could 
not have a rights issue at the 
moment even if it wanted one. 
for the shares (yielding 9.8 per 
cent.) stand scarcely above par. 


P.. & o. 

P and O’s reported pre-tax 
profits are over a third higher at 
£42.8m.. but after adding back 
the previous year’s £12.8m. pro- 


Sainsbury 

Salisbury has come through 
the first battles of the super- 
market price war relatively un- 
scathed. Second half net mar- 
gins in retailing have dropped 
from 4.4 to 3.7 per cent., but 
the 197,6*77 margins had been 
exceptionally high. Although the 
group's more aggressive pricing 


strategy has not broujgfrt'i 
higher profits — all of the year' 
increase from £26.2 m. t, 
£27.6m. per-tax came in the fir*! 
half — it appears to have beg ’ 
successful in generating an £& 
prove market share. 

Thus for tlie second ai* 5 
months to early March turnoya ; V ‘ 
was up a fifth, representing | 
gam in volume of 8 per cem 
against 4 per cent in the 
half. For the last quarter, more 
over, raking in the early weeiq 
of the Discount 78 campaign 
Samsbuty claims a 22 per cent 
turnover gain, some 15 .pej 
cent, of this being volume. Bj 
the year-end the claimed marker 
share for food retailing was 8J 
per cent, against some 6.9 pci 
cent, two years earlier. 

So far so good. At this pact 
Sainsbury can cope with in 
recent pay settlement near tin 
industry's 12 per cent, level 
even out of a reduced grds 
margin. And selling spa« 
is set to rise 7.2 per cent 
this year against ti.l pei 
cent. in 1977-78. But tlu 
-market is likely to take i 
cautious view of such unstaNi 
conditions in the grocery trade 
and the yield at 178p is an un 
exciting 5.2 per cent. For wha- 
it is worth, analysts' expecta 
tions of 1978-79 profits are ir 
the £29m.-£32m. range. 

Suits 

The three directors nf Scot 
tish and Universal Investment? 
who are opposed to the bid 
from Lonrho have published t 
rollicking defence to the Lonrho 
offer. They hint that SUITS' 
stake in House of Fraser (now; - 
worth £185m.t and in whisk? 
riistiliing couJd be worth the 
value put on the whole company 
by the offer (£40m.) and they 
put the present net assets of 
the company at £48ni. without 
bothering with formalities like 
potential capital gains liabilities/ 
A swift move to ED 19 treat- 
ment of deferred tax pushes 
reported earnings to a much 
higher plateau, and the three 
promise that they will try to 
persuade the other five direct o\; 
to push up the dividend for t> 
year just ended by nearly haiiS 

All good clean fun. Bt, 
Lonrho’s offer is far frnn 
generous on the basis of profit 
of £fi.4m. now discing b> 
SUITS, and the shares at Ilf. 
would not have far m fa/I if 
Lonrho’s bid. worth 130p. were 
to fail. However the key ques- 
tion concerns the fikely attitude 
of the Office of Fair Trading. To 
judge by the length of time 
which is being taken to reach 
a decision. its appraisal 
involves a fair amount of 
agonising. 


te’i 


Weather 


U-K. TO-DAY 
SUNNY intervals and showers. 
London. S.E. Cent. Southern, 
Cent NT. England, E. Anglia, 
Channel Islands, E. Midlands. 

Mostly cloudy, with rain. Max. 
12-13C (54-55F I. 
iN'.W., S.1V. England. W. Mid- 
lands. Wales 
Sunny with showers. Max, 13- 
14C (55-57FI. 

Lakes, Isle of Man. N.E. 
England. Borders, S.W. 
Scotland, ST. Ireland 
Cloudy rain at times. Max- 8- 
9C 148-ftSF). 

CenL Highlands. N.E. and 
N.W. Scotland 

Cloudy, occasional rain. Max. 
-9C 1 45-4SF i . 

Orkney. Shetland. 

Sunny intervals, showers. Max. 
7C <45F). 

Outlook: Cloudy with showers. 


BUSINESS CENTRES 




Y’dav i 


Vdar 


ndd-day 

mid-ddi 



•C 

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AlL'Xndrra 

S 

23 

77, London 

S 

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c 

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s 

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r 

12 

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s 

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C 

tj 

34 

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c 

17 

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r 

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Beirut 

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27 

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54 

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11 

32 

Bristol 

c 

IS 

35 ! Sew York 

S 

14 

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Brussels 

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in 

55^0'to 

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r 

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31 1 Paris 

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s 


72 Penh 

17 



Cairo 

5 

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93 Prague 

F 

12 

54 ' 

Cardiff 

R 

12 

54. Rome 

F 

IS 

44' 

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54 1 Reykjavik 

S 

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59 

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r 

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37! Flo d# J’o 

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52 'Stockholm 

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Holswfrl 

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12 

54 ; Toronto 

s 

fl 

45 | 

H. Konu 

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c 

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54 | 

Jn'hunt 

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23 

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F 

14 

17 J 

Lisbon 

F 

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39 'Zurich 

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57 1 


HOLIDAY RE50RTS 




V day , 


Tday 


raid-day; 




*C 

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SD 

Mfritrs 

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HI Las Pirn*. 

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fifl 

Slack pool 

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s 

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71 

rasablncs. 

c 

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Tl 

Tape Town 

s 

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F 

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s 

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fiS 

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fiS \ieosia 

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29 

«4 

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i ; 

74 


f Iorence 

S 

19 

Rhodes 

s 

2 ft 

HS 

f-'unihal 

s 

19 

hfliSalriiura 

F 

14 


liibraiiar 

c 

17 

fi3;Tantn?r 

r 

IS 


2uernr*v 

r. 

17, 

S.1 Tenerife 

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77 

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Mi' 




F— Fair. S— Sunny. R— Rain. 

c— cinudy 



Take the 09.00 from Victoria to Brighton or head 
South on the M23 towards Europe's premier 
exhibition concerned with persuasion, motivation, 

inventiveness and incentives and where 

increasing market share, turnover, performance 
and productivity are top of the agenda . 

On any day between May 7-10 (yes we open on a 
Sunday from 2-6 p.m.) visit the 14th INCENTIVE 
MARKETING AND SALES PROMOTION 
EXHIBITION linked with INCENTIVE & 
CONFERENCE TRAVEL 1978 and pump some new 
life into your future sales and marketing-programme. 
If -you have to get a product or service sold, or get 
things and people moving then make certain you, 
or someone from your company makes the trip to 
the Metropole Brighton between May 7-10. 


m 



IS 


% 

.ii, 


is the number to call for advance complimentary 
tickets, or you can collect them at the door. 



i t’iodoffcn 
Pubfaheft 
LrwKd 

sponsored by Incentive Marketing & Sales Promotion 
69/77 High Street Croydon CR9 1QH - 


Resrsierid i'. the Pn* t Prim-;* by St. Ctenwnts Prsas far and &*&*** 

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