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No. 27,551 


Friday May 5 1978 




V\iydme5hivS> 

Ready for anything, ( — k 


| Waldorf steel wire mesh from 
j The B.R.C. Engmearinq Company. Si afford. 
Weldmosh Sdcs-0785 S7777 Telex: jfb15B 


SH ' t ' IWG PR(Cg: AUSTRIA Sch.15; BELGIUM Fr.K: DENMARK KpJ. 5: PRANCE FrJ.O; GERMANY DM2.0,’ ITALY LJQQ; NETHERLANDS RA0 { NORWAY KrJT.S; PORTUGAL SeJO: SPAIN ■ Ptas.40; SWEDDI Hr .3.25: 5WITCSUAND Fr.2.0; EIRE 15p 



fENERAL 


BUSINESS 






spertnmci 


increase m 


OnjMnca: Equities minim u m lending 

(!!ib 7; rate likely to-day 


Owen to "P 2 -7; 
try yet Gats 

mixed 

again 

• EQUITIES responds 


irituin and the U.S. are to 
onlmue efforts to convene a 
onnd tabic conference on 
thodesln by sending what 
ppears lo be a genii' -permanent 
oission of ofliciuls lo Arrica 
9 negotiate with the warring; 
artics in tin* dispute. 

Or. David Uwr-n, Foreign 
tcry dry. told the Commons 
lat. were Britain and iho U.S. 
i jrivt-up the present attempt 
.) negotiate a settlement., the 
insennences would be immedi- 
c and grave, loading possibly 
i eivil war between black 
. atinn.i list groups. Back. Parlia- 
«*i»t, Page 9. Feature. Page 20 
In South Africa three hfacfc 
■aiit-rs were arrested by security 
olive at their homes in ihe 
oweln township near Johannes- 
urq. 

Said or Arsgola n 
nirting town 

aulh Afnr.m defence minister 
lief fh:i>. troops hud launched 
limned iilTensivc against 
VVAPo eucrrillns inside Angola, 
hr .\n,-oi;m Dricnce Minislry 
■eu-wd South African para- 
■onps of occupying the mining 
»wn ill Oacii.^.i The attack hj. 
used the nnsMiuhty of mien; n- 
on tu me U.\ Setunl> Council. 
lj;c 4 

•eoanon appeal 

ai.-tien. Kmni.inue' |£r*k»nt\ 
msiii.iioier of Hi.- U M. peace- 
'rpm-j Mrw us south Lebanon 
• lied on i , .ilc<i:m.iiLs H» impose 
ti.-Iit t-uwr.ff on their tima. 

Jgr •( 

£sasi?* shooting 

rsTiui-l'i -sunned down ami 
on. ided in the leg.'! S**g. 

• r h’j! laneeenti. a Si t- 
i- ilieii'- «’\rrul:u* Pi Aii i.m 1:*>| 
vh* anil the lujliagi'r of Ihe 
i.i ir sie»»* company ttaisidor was 
sh.d ar.d wounded in 
i-itna Th».» Ui*d Brigades tom- 
s’ u respond lu lity fnr both 

loiiiir.-js. 

,osidon fstfls up 

•lui'io in putting up House Full 
,:n- o sis hotels !his week-end. 
he stuldcn riodi fiir rooms i* 
je to the need of conference 
•leg. lies'. A^censiun week-end 
mrisSM from Euro pc and Gup 
m.(» visitors. 


® EQIWIES responded to Bank 
or England indications about 
Minimum Lending Kate, and 
after rising 6.7 in the afternoon, 
the FT Ordinary index closed 
2.7 up at 474.6, its best dosing 
level since January- 

41 CULTS were mixed with slight 
falls towards the close, and the 
Government Securities index 
fell 0.02 to 71.40. 

® STERLING rose 30 points to 
$1.8285, in quiet trading. In- 
terest centred on forward sterl- 
ing. The pound's trade-weighted 


FORWARD STERLING 

j-mli PrsniM/Disaat 


ubilec £16m. 

rltice t'harles -s.iitl he was 
tot b berg. tot* d " that the Queen's 
hvr Jubilee Appeal had 
-rsod rttim — 11 very likely :t 
_ , coni in Britain for any 
is ^•nieitli*!' jppe.il." 

- Kaplan in chains 

f'-.Fier.»ld tTaplan. 40. the Bn- 
- sto ftuancirr. w ho f.»w» evira- 
tion from the U.S in Bn lam 
' 4 in. thcll charges was put 

j«£ '.troii.-* while uinlarsiiing 
art: - teat*, in ho>|*il:il. hi< 
’ /•'•*¥ w.e'r c.jni|i--i<iiCil in Lim 
awIcj. 


^F ~ ^ I*"'""' 

^ oeing: mishap 


I RritamiJi. A*rwj>* Boeinc *•»/ s 
dcrcuiTuge Imrsi i«l“ Haines 
Luton Airport Iasi mubi afb'r 
rivinu from DitoM-ldorf. cans- 
4 124 p-i-seit^ers. inciudinu 
fo in hun*. l» escape hy 
lierguncy cli'iies. Nu one was 
lured. 

( H'stoHe Spark, a .15 — 1 chance 
lm n suW.iudurd t.uuO i.uineas 
1 Newmarket. Tim lay s Kacing, 
*gc is 

serurih fiiianl w.is >h ,1 i <» nf J 
iiimh-d 'during an atteiiipieu 
hb**rv bv ihroc armed raiUv-rs 
In, lie I i.A'fto Bank in hruad- 

iv. iviidcn. Rum'S. 

•t. Mikhail t«*ii k o, r>i*. heart 
llir Si'Viei Knivivll •" 

*ar K-if-t. ili'iiarfiiienl* 1Jf ,0 * :, ky 

L'nder-Si-cTetary- 

•*„-r.i! i vacated by Mr. 

.Sh^velli’llkit 

, # cl -ilseru'd IlalwaiisI **:»>'- 
. r- nil-* i i-M'inc.iMiiiu Jtl“n o! me 
.* , (»f Cun .lews Killed under 

s-wi-iJM mio »» 

ii» ' " |*r, *.,11.1111 Bmul IBUMWn 

T.r m the .\l-i. v 

■n" :»• ihe holder *» r *"■ 
vk »!io hw's » n 


qi 1 1 1 1 1 1 »-■ ■ i i-i i 1 1 m 

J r M A M j J A 8 O N D S r M A MB 

1977 1978 | 

index rinsed unchanged at 01.5, 
while the dollar's depreciation 
widened to 5.36 per cent. (5.06). 

O GOLD dosed $2J up in 
London at 5173* and the New 
York Oimex May seitlemeni 
price rose $1.90 to 5173.40. 

O WALL STREET closed 4.42 
timvii at 824.41. 

9 U.S. money supply. Ml. rose 
to $346.tbn. from $344-7nn.. 
and 532 to SS29.4hn. fro.u 
S$27.*bn. 

0 U.S. WHOLESALE prices tost 
i.Totnh ruse 1 *5 P-’r ernt.. their 
hi- sesl ri<i* for three years. 
Back Page 

O JAPANESE Prime Minister 
sin-akin-.- in New York has urged 
the* U.S. tn make more use or 
rxi',u;rlnl ex pur l upporl uni lies 
In .la pan. Buck Page 

O « .\NA1>A is arranging an 
eijln-;. ear -lamlby credit with 
i.m*rtialiou.:l hanks of up i<> 
in-lead of the *lhn. lo 
si aim. r\ peeled initially. Page 4 

0 51 K. HEALEY is expected to 
secure a narrow victory in the 
Cummons on Monday over Tory 
plans in cut the standard rate uf 
iDcuuie tax. Back Page 

0 NEB CHAIRMAN has warned 
that the Board could not operate 
effectively if the Auditor- 
l.icnerai were to carr.i out an 
investigation of the NF.B honks. 
This coincides wtih publication 
nf the Boards annual repon. 
which shows an overall pre-tax 
profit vf £34.3m. in 1977. exclud- 
in'} British Ley land. At ihe 
same time, the Board has 
ii-ij.ruved Rolls-Royce's long-term 
devrlupmeni siraieuy. Bai-k.- 
Pages 6 and 7: Editorial comnu'iil. 
Past- 20 

0 BRITISH RAIL will need to 
increase investment by 30 per 
crnL a year in the decade from 
iptil to maintain assets, btv 
chairman lias said. Back Page 

0 BRITISH LEYLAND has 

offered revised redundanc 
terms to the 3 000 men wh 
will lose their Jobs when tm. 
Triumph plain Speke closes 
next month, but has made me 
dual conditional upon peaceful 
closure of tlie factory. Back 
Page 

0 TfitVlI members have rejected 
:i proposed pay settlement tor 

700.000 building workers in spite 

nf a recommendation from the 
union nesori a i° rs 10 acCept - 
Page 8 

0 Br chairman has told share- 
holders that the company ha> 
, .Ikon .1 controlling mtcrcsl in 

« l"s. SlMdardpn or 

Ohio and is provldins well over 
l w lf ..r Britain's North beu oil 
"up, .hes. PaS‘* 2» 

COMPANIES 

0 BRITISH SUGAR pnMax 
Profits fm' Hip -4 wcek&jo March 
(.*} improved front £i.ism. 
£7,68111.. helped h J' Iasl - vear s 
heel crop. Page 26 


BY MICHAEL BLANDEN 

A sharp rise in interest rates is expected to be 
signalled to-day by a jump in the Bank of England's 
minimum lending rate. 

The rate is expected to rise by some time, but if their inflow 
at least 2 per cent, from ihe fails furrher they may be forced 
present level of 7J per cent., and to consider a change. 

nr“ » M m °»n “ P Ki° 9 ^ MLR ’ S rifie wiU fol,OW 3 cIear 

nr just conceivably even more. ind] Mt )on given by the Bank of 
An increase on this scale will England feslerday that it would 
brine renewed pressure on the not resist the strong upward, 
banks to lift their own lending pressure on rales which has 
rales and could eventually been evident in the money mar- 
prnmpt a rise in the building kets in the past few days, 
siiciety mortgage and deposit The official change of stance 
rjlC!> - left the market free to deter- 

Tho banks may wait until the mine the appropriate level of 
general level of short-term rales, and the Bank yesterday 
interest rates has settled down save no indication of its own 
next week before making any preferences. As a result, the 
decision on their own base rates, market was in a state of some 
which at present are the same as confusion, with suggestions of 
MLR at 7i per cent. the possible level of MLR rang- 

The building societies are un- in E between 8J and 94 per cent, 
likely to take anv immediate but wilh 9 P® r ce ° L sti!1 bein 8 
action on their rates. But the P ut forward as the most likely 
question will certainly be dis- outc onie. 
cussed at next week's meeting of The Bank’s message to the 
the Building Societies' Associa- market yesterday reflected a 
Hon and. if the level of savings recognition that circumstances 
receipt by the movement comes had changed since MLR was 
under further pressure, they pushed up hy 1 per cent, to 74 
could consider changes in their P cr cent, in last month's Budget, 
rales next month. The increase then was designed 

Societies' net intake of new to forestall a period of uncer- 
funds tost month is thought to tainty ia the markets and to 
have been only marginally up establish a new level which, it 
on the March total of £308m^ was hoped, could be sustained 
which compared with the October f° r s° me lime, 
record of £59flm. With their The combination of the re- 
high liquidity levels, the societies newed pressure on sterling and 
could probably resist pressure the upward trend of interest 
inwards a politically sensitive rates in the lf.S„ however, has 
rise in the mortgage rate for brought a Further rise in money 


BUILDING 

SOCrEHES 

MORTGAGE 

RATE 


, BAtnC or CM OLAK D 1 

6. MTNTMDM vi 

LENDING*^! 
r RATE 1 


1978 1977 


market rates. In spite of official 
assistance to the market, rates 
on interbank loans earlier this 
week were already at levels con- 
sistent with an MLR or around 
9 per cent.. 

Prospects of an increase in 
the official rate, coupled with 
concern that the Bank might an- 
nounce a new isuse of a short- 
dated. gilt-edged stock, helped to 
dampen tbe gilt-edged market 
yesterday. 

Long stocks were unchanged 
at Ihe close after fluctuating 
earlier in the day. hut short 
stocks ended wilh losses of } 
after showing gains. The Finan- 
cial Times Government securi- 
ties index fell 0.02 to 71.40. 

House prices. Page 6 
Lex, Back Page 


Port of London ‘heading 
towards bankruptcy’ . 


BY IAN HARGREAYES, SHIPPING CORRESPONDENT 


THE Port uf London Authority 
lost fRm. last year and is bend- 
ing fur effective bankruptcy. Mr. 
John Cuekacy, its chairman, said 
>esterdsy. 

Mr. Cuckuey. presenting hi-? 
first annual report, alsu launcm-d 
an *' information paper " in 
which the Authority makes u 
plain that only a large injecimy 
of Government funds coupivd 
with an agreement from the 
workforce to close down or 
drastically reduce the Upper 
Dock complex in London’s 2usj 
End will save the port. 

The information paper, 
couched in the most uncompro- 
mising terms, says that tbe re- 
duction oF the registered work- 
force from 24.000 to 8.000 in the 
last decade has been “too little 
too late ” and that urgent 
measures must be taken to im- 
prove productivity and increase 
price competitiveness 

The upper docks, in the 
Tower Hamlets and Newham 


districts of London, were 
“ dragging the whole business 
down *' and would soon be cost- 
ing £I0m. a year to keep open. 
If the Government required 
these docks to be retained on 
social and employment grounds, 
it must meet the cost of doing so. 

Closure of the Upper Docks 
could mean the loss of up to 
5,000 johs as well as seriously 
prejudicing the future of the 
upper river section of River 
Thames Slnprepairers. part Of 
British Shipbuilders, whirh rents 
five dry docks from the Authority. 

If British Shipbuilders de- 
cided it was no longer feasible 
to run? a repair business 19 miles 
up river Trom Tilbury, another 
400 jobs could go. 

These were some of the pres- 
sures which prevented the 
Authority from forcing through 
a plan to rationalise the Upper 
Docks in 1976 

Mr. Cockney said that if 
present trends continued, the 


port's losses could mount to 
£80m. by 1982, and this is some 
indication of tbe sura tbe 
Government may have to find if 
it chooses to resist the closure. 

The Authority’s accounts, 
qualified pending negotiations 
wilh the Govern menu also show 
that the port's reserves, which 
along with land reserves have 
cushioned it in the past, are now 
virtually exhausted, having de- 
clined from £56m. five years ago. 

Although Mr. Cuckney said 
yesterday he did not wish to 
apportion blame fnr past I 
failures, the information paper 
is brutally Frank about short- 
comings in the port's industrial 1 
relations. 

It says that overmanning, port 
working practices and high 
levels of absenteeism have 
driven away business and 
created a workplace “ in which 
frustration, fear, cynicism and 
discontent are rife.” 

News Analysis, Page 15 


16 Mt‘ London " 
Gold Price 

ttJkll I l- L -fercj 

PEC JAW m MAR ft PH MAY 

Gold price 
up $41 in 
two days 

BY MICHAEL BLANDEN 


THE GOLD price rose again 
yesterday as the market reacied 
favourably to the outcome of the 
latest International Monetary 
Fund auction on Wednesday. 

In London, the price ended 
with a gam of 82! at S173; an 
ounce, following the rise of S2 
on the previous day. The im- 
provement reflected the recent 
marked recovery in sentiment in 
the market after the seback 
suffered on last month's U.S. 
announcement of plans to sell 
LSm. ounces of the metal in a 
series ' of six monthly auctions. 

The IMF auction on Wednesday 
attracted strong demand, with 
bids for 3.1m. ounces being 
entered, the biggest amount 
recorded since December 1976. 
A total nf 524.SOO ounces of the 
metal were sold to successful 
bidders at an average price of 
$170.40 an ounce. 

The strong performance of the 
gold price is regarded In the 
market as particularly important 
in view of the downward pres- 
sures expected to result from the 
release of the metal from official ; 
holdings. 

The news of the U.S. auction 
plans Josl month, coming on top. 
of the established IMF sales, took I 
the price down lo around 8168 an 
ounce, its lowest since early 
January and well below this I 
year s peak of $18*9: in March. I 

Pressure t»n the market was 
also increased subsequently last | 
month by the announcement of 
plans by India to sell an even 
larger amount. 2.24m. ounces., 
from its official holdings, on its 
domestic market. 

This move was designed to help 
stem the volume or smuggling ' 
into India, attracted by the hish 
domestic price level which results 
from a ban on imports. It was 
announced yesterday that the 
Indian Government is also in 
establish a gold import plan, 
which it is expected could involve 
the import of some 5m. ounces a 
year. 

r in New York . 


-■>!»•( S1.62fit-£5f6 S1JB2BMS93 — 

I nuojtU 0.44-0 j 3 dis O.W-0.41 ill* miTCinc murtOKi' ■ 

3 hi* - mils j UE1.36.U, U7.L22.li- OUTSIDE LONDON 

12 4.86-4.® .Vx- 4-SM-40.I,* Tory gains: Sandwell. 


Big swing 
to Tories 
in London 


BY PHILIP RAWSTORNE 

THE CONSERVATIVES swept. to 
victory in the London borough 
elections last nighr furring 
Labour hack into its central 
strongholds. 

But outside London, the dis- 
trict etectir/ns showed a .vu bat. •. fi- 
nal Labour recovery. 

Conservatives wrested control 
uf five of the outer London 
boroughs from Labour and 
sained overall control in another. 
Havering, un an anti-Luhour 
swing of 7 per rent. 

This pro-Conservalivo tide is 
comparable To that registered in 
recent by-elections in Ilford and 
Lambeth. 

The victories gave ihe Tories 
control of the inliucniiul Associa- 
tion of Metropolitan Authorities 
and the London Boreu.ths 
Association but fell short nf 
securing the Inner London Edu- 
cation Authority. 

Conservative votes ruse mark- 
edly in Hillingdon where a left- 
wing Labour regime was niwleri 
and in Wandsworth where rate- 
payers revolted against a 20 per 
cent, rate increase. 

Though the results were 
affected by the redrawing of 
ward boundaries since the last 
elections in 19 74. the Tories 
greeted the victories as an 
indication that the Government's 
I electoral recovery was still not 
off the ground. 

Mr. Michael HesHtine. the 
party's local government spokes- 
man. said that the Tories had 
established a commanding posi- 
tion for the General Election. 

But outside London, the elec- 
tions were much more closely 
fought. The results showed a 
swing to the Conservatives since 
1974 of only 4.5 per cent. — well 
below London's voting sbirL 
• Mr. Peter Shore. Secretary f*»r 
the Environment, said that the 
results in defending seats won 
in 1974 and 1976 were “very 
enrourasing." 

“In the great cities of the 
provinces, we have done remark- 
ably well.” he declared. 

The overall results, following 
the Lahour recovery in Scotland, 
suggeri that although an autumn 
election could still be an option, 
Mr. James Callaghan is likely to 


want much firmer encourage- 
ment before takm-a the gamble. 

The Liberals, after their .series 
of by-el eel ir#n disasters. Were 
given a welcome boost to morale 
by their performance last night 
which indieaied that their 
electnral *uv>|)int has nut 
.slumped su heavily as Ihe hy- 
eleclnuis and opinion polls 
showed. 

The Xalnm.jJ From, which had 
mounted u major Cumimimi in 
gain its first cuuiu-il seals, was 
virtually ton ii red by jhe toier-s. 

In the metropolitan districts. 
Labour held mi tu the two major 
prizes. Manchester anti Newcastle*- 
U|>i»n-T> ne. li maintained iis 
grip on St. Helens ami Salford 
which were also al risk. 

Labour emerged as the largest 
parly in Ltierpiml. though Mill 
well short of a majority with 4U 
seals. Liberal's, though I o%mu' 
six seals, did heller than expected 
and remained in second place 
wilh 35 seals. Mr. Trevor .limes, 
the Liberal leader, increased his 
own vote hy 17 per ecm. The 
Tory advance was stemmed and 
the party ginned seven s-vts to 
finish wilh 24. 

The only Conservative gam 
from Labour was at Saiidwi-U 
where u split in the Labour Party 
had made its hnld nn the council 
especially vulnerable. 

Conservative gains in Wirfvcr- 
hampion and South Tyneside 
ensured that Labour lost «»\-.-r:.!l 
ennlrol but failed tu put tin* 
Tories in power. 

Labour made some compensat- 
ing gains in the shire districts. 
The parly took control ;.t 
Thamesdown. Wilis. The Con- 
servatives lust their majority .n 
Peterborough and Huntingdon 
bui gained control at Tamwarih 
and Havant where no party had 
previously been supreme. 

Though the Tories narrowly 
held Tameside. one or the party 's 
most controversial figures. Mr. 
Donald Thorpe, leader of the 
education committee who led 
the local fight against compre- 
hensive education. ln?f his seat. 

Other Tory council leaders lost 
their seats at Welwyn and 
Cborley thouoh the council*, did 
out change hands. 


RESULTS FROM 75 DISTRICTS 


GAINS 

LOSSES 

LABOUR 

78 

90 

CONSERVATIVE 

f 28 

86 

LIBERAL 

17 

21 

INDEPENDENT 

19 

35 

LONDON 



Tory gains: Hounslow, Wandsworth, 

Waltham Forest, Ealing, 


Bidders warned off Redfeam 


Let us take the weight 
from your shoulders 


BY CHRISTINE NOIR 

REDFEARN NATIONAL GLASS, 
which has been besieged by 
suitors for nearly a year, was 
quietly rejoicing yesterday in 
the news that its independence — 
ar least, from another major 
U.K. glass company — has been 
virtually guaranteed. 

The lost two suitors. Rockware 
Group and United Glass, are to 
be asked by the Director-General 
of Fair Trading to give under- 
takings that they wiU not go 
ahead with their bid approaches. 

The move follows publication 
nf a 79-page report by the 
Monopolies and Mergers Com- 
mission which concludes that the 
two proposed mergers " might be 
expected to operate against the 
public interest.” 

At the heart of the objection 
is the fear that if Redfearn 


merged with either of the two 
companies it would “lead to 
diminished competition, to the 
risk of less adequate provision 
of capacity in the United King- 
dom to meet demand and. iu the 
short term at least, to the risk 
of increased imports." 

In 1977 imports of glass con- 
tainers almost doubled to 10 per 
cent, of the total supply, and 
with serious oyer-capacity among 
European glassmakers the pres- 
sure of imports is increasing 
steadily. 

Against this background, the 
report says, glassmakers would 
naturally be cautious about add- 
ing to capacity, though current 
capacity has been unable to 
meet Tull U.K. demand at certain 
times in recent years. 

Each of the three major com- 


panies had investment pro- 
grammes in baud designed to 
increase capacity. If they were 
reduced to two. the increase in 
capacity was unlikely to be as 
great as that now proposed with 
each company independent. 

This in turn could jeopardise 
security and continuity of 
domestic supply, which has 
already been criticised by cus- 
tomers within the industry. 

The report continues that these 
probable disadvantages, which 
could further increase the threat 
from imports and lead to higher 
prices, are not outweighed by 
the possible advantages 

On the news Redfearn's shares 
dropped 27p lo 288p on the day. 
Earlier the fall had been as 
much as 39p. 


CONTENTS OF TO-DAY'S ISSUE 


.. 1S7 + 9 
S. 122 + 4 
.. 71A + 5 
.. 4- £ 


IHIEF PRICE CHARGES VESTERMY ^ 

I’rkfc-* m puiiCi’ nnlps olhcnuM- , H td tmiv. Jnils. 122 

iiulii-aicu l Sen r< Holdings JJ* 

,;V kimcs f 

Jn* K • 7-.; ... 7 TVnrnirtiticm 

Niiinvw * 

-to. .. ,i Tliiffs HuMiniw f '”7 

- .12' . m wesi UncfunK'in * ■«»« 

■ii.kfcr m rfrfi’Jt-y L* FALLS 

V«'I' »«■ * ' • .1. in K'Hu-n. 1“|H? 

» Vi J55 _ : Channel Tunnel ■■ 

v * N* v . j- - Miirnn the N'' tea <* pnt 7- ( n 

-«l‘*jn i. i»p-;in.i!i J; u , MnlluTcart* ■ ■ •; 

I’tCMin « ... - Ri-ilfc.im Vj1, ., n4 

'•chins i ■»».-! nc Riot min - (l *. 


RINI-IS 

tT in*i« 

HThinn 

Mlh 

null- .. ■■ 

. an wuhy 

her >i tjfh’lfy 

'Mill i«' L ' 
t_ 

•Hit. I 

v* N'« v vj.,i-'*!s .• 

‘ Jtvjn J, • 

r.c-Min iS ? 

'•chins 

'Tkili aud (Tuiiii.m. 


European nows 2-3 

American news 4 

Overseas news 4 

World trade news 5 

Home news— general ... 6, 7, 15 

— lahour 8 

— Parliament ... 9 


Inside Rhodesia's guerrilla- 

land 20 

Politics To-day: The Opposi- 
tion Blues 25 

Energy Review: Hauling 

NCR jver the. coals II 

Around Britain: Hall's 
caravans IS 


Technical page 16 

-Management page .7 17 

Arts page 19 

Leader page 20 

U.K. companies 2M0 

Mining 29 

FEATURES 

Merger puls more muscle 
Into maehine toolmaker 17 
Lending to Algeria: Financ- 
ing Sonatrach until 2005 32 

Oelag’s Board changes 33 

Australia’s Economy: Some 
good news for Fraser at 
last 4 


Inti, companies 31-33 

Wall Sired I. 34 

Euromarkets 4 

Foreign Exchanges. 34 

Farming, raw materials ... 41 
UJL slock market 42 


Nigerian Economy: Lagos 
ushering in a new period 
of financial Austerity ... 3 
Chirac defies government 
over who pays Paris 
police * 3 

FT SURVEY 

Ninian Central Platform 35-40 



Appointments XI 

Appointments ad vis. ID 

Bank Return .. . 2S 

Cj LMBWUltl II 

EnieneftuncM Guide 18 

Em bond prices .. SI 

Fned Prices aa 

FT-Acioaiies Indices 82 

LCKM-* 25 

Lo* - 84 

Lombard 18 


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Irish Post 
Office 
engineers 
end strike 

By Our Own Correspondent 

DUBLIN. May 4. 
IRISH POST Office engineers 
have voted 4 to Mo accept 
proposals worked out under 
the mediation of the Irish 
Congress of Trade Unions to 
end their threes on th*old 
strike. There is hope. too. that 
the country's other major 
strike, affecting the slate air- 
line, could also end this week- 
end. 

The engineers will return to 
work on Monday under the 

terms or an agreement which 

deals with the two central 
Issues in their complicated 
dispute. These involve work 
which can be classed as new, 
for which productivity pay- 
ment could he negotiated, and 
setting in place machinery for 
processing their productivity 
claim quickly. 

Telephone and Telex ser- 
vices are expected to return to 
normal quickly. But those 
whose telephones are out of 
order may have to wait until 
normal services are restored 
before repairs are carried out. 

The cost and effects or the 
dispute have been matters of 
some controversy. Financial 
estimates have ranged as high 
as Elm. a day. hut there is 
general agreement (hat the 
most serious effects will be on 
Ireland's image as an atractivc 
location for industrial invest- 
ment The Government, how- 
ever. has strongly rejected 
claims that this image has 
suffered lasting and serious 
damage. 

Monday’s return to work 
may not he the end of trouble 
in rtu- Post Office. The nego- 
tiations are likely to be long 
and compliralcd. and there 
still remain considerable 
doubts about whether the Post 
Office structures can accommo- 
date the strains of a large-scale 
investment programme 

designed to bring Ireland's 
telecommunications system to 
acceptable modern standards. 


Brezhnev calls for greater 
effort on disarmament 


BY JONATHAN CARR 


BONN, May 4. 


MR. LEONID BREZHNEV, the that Mr. Brezhnev would raise Auction and if insufficient pro- 
Soviet President, to-day publicly the question of the weapon gress then emerged in East-West 
appealed for new disarmament during his planned seven hours disarmament talks- Almost all 
efforts to make sure that the of private talks with Chancellor Mr. Brezhnev's address was 
neutron weapon never saw the Helmut Schmidt. But it was not about disarmament — much of it 
light of day. thought likely he would raise expressed in urgent and almost 

Mr. Brezhnev's blunt refer- the matter publicly at the very personal terms. He noted that 
ence to Lhe weapon, in an start of his fourday trip. it was said that people become 

address prepared for delivery at The neutron weapon was a used to almost anything — In war 
a banquet at the end of the first matter of intense dispute in the to danger and in good times to 
day of his visit to West Germany. Federal Republic — and not least well-being. “So long as one is 
took many observers by surprise- in Herr Schmidt's own party — not sick, one even gets used to 
He described the weapon as an in the weeks preceding President one’s own health,” be said. 

“ ominous gift of Danae " (a Carter's decision to postpone This reference too was widely 
reference to the wooden horse production. remarked upon, in view of the 

which brought the downfall of The Government’s official earlier postponement of Mr. 
Troyl which some wished to stand is that it would be ready Bre2hnev ’s visit here on health, 
offer to -the peoples of our to have the weapon on West grounds, and widespread specu la- 
continent." German soil if the U.S. finally on how m ' 71-year-otd 

It had been widely expected decided to so ahead with pro- hsader “ay really be. 

* Mr. Brezhnev went on to say 

■ that for 30 years there bad been 

-V • -m m m . peace in Europe and people had 

Belgian coalition strains 

, « m _ _ to become lazy and simply let 

worsened by union clash Disarmament is one of the key 

“ themes to be discussed not only 

BY DAVID BUCHAN BRUSSELS. May 4. ** “ err . B c h ® idt . “ nd “f’ 

Brezhnev, but also between the 


BY DAVID BUCHAN 


BRUSSELS. May 4. 


GROWING STRAINS within second biggest group in the 



Belgium's rollng ^coaUt^ SSutloii. « lhe 1ongkr£ pu£ coun t ^ es : ^Particularly under- 
caused chiefly by Prime Minister lie expenditure cuts the Govern- scrutiny by the German side will 
Leo Tindemans' push for a radi- ment is planning. intentions for the 

cal overhaul of StatP finance* , . , Mutual and Balanced Force 

have- 5 been compounded to a con ' K The Package of cuts is due to Reduction talks (MBFRi and the 
floatation behJSin Sfe Govern- be a ?°°. unc e d b * the end of this Strategic Arms Limitation Talks 
men Td unions repreSnSng S h ’ in lbe J** (SALT)-where a second accord 

”m i) 00 p“bl“c Sector” orS 8 M^ Sema^ has's^d K with tie U.S. appears insight. 

At issue are union demands m^e iti nSae thrm.eh P^r „ Further major topics are 
for a reduction in the standard liamont an P “ sue o^ eoofidence Md e ?“ omic c,M,pera - 

£&£ with^ increased IBS ta “ AT°a news conference this even- 

benefits. The extra cost of meet- Socialist leaders, notably ing the Soviet Union showed 

ing these demands has been put P e P ut y Prime Minister Leon that its stance is unchanged over 
at B.Frs.IObn. Even though Hurez, have this week warned the non-inclusion of West Berlin 
some progress was made in Talks tbat the cuts should not bear dis- in three agreements with West 
late yesterday, Mr. Tindemans Proportionately on pensions, Germany, prepared but never j 
will not want to concede the un employment, pay, education signed. The agreements relate j 
whole of these demands if bis health insurance. to cultural affairs, legal aid, and ; 

aim of keeping the current 197S i Q further complication, one of technical co-operation. j 

budget deficit down to B.Frs.65m. the minor coalition parties, the Mr. Leonid Zamyatin, the j 
is to be met. FDF, which represents the Soviet spokesman, said the real i 

Transport workers went on Brussels French speakers, has dispute was not over inclusion 
wildcat strikes last week, and a warned this week it will not be of West Berlin, rather the Soviet 
continuing postal strike is not a party to unpopular spending Union was under pressure 
expected to end before next cuts, unless at tbe same time the through this issue to work with 
week. Government speedily presents to Federal German agencies in West j 

More ominous, for the unions Parliament legislative plans for Berlin — which it refused to do. { 

and the Socialist Party, the regional reform. SALT hope Page 4 


President Brezhnev (centre) 

E. Germany 
heals rift 
with Iran 

By Leslie Colitt 

BERLIN. May 4. 

EAST GERMANY appears to 
have assuaged the Shah of Iran 
over the occupation of the 
Iranian embassy in East Berlin 
and tbe seizure of the ambas- 
sador in late February by 12 
Iranian students who were given 
suspended jail sentences and 
deported to West Berlin. 

A Jarge East German trade 
deal wirfa Iran appeared 
threatened by the subsequent 
anger of the Iranian Govem- 


is helped to his feet by his Foreign Minister, Sir. Andrei Gromyko (left), and West German 
Chancellor Helmut Schmidt after talks at the Chancellery. 


Red Brigades ‘try 
to divide parties’ 


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Iran’s ambassador to East 
Germany, who was recalled by 
Tehran in protest about the light 
sentences given to the embassy 
occupiers, has met Herr Erich 
Honecker, East Germany’s Com- 
munist Party Leader and Presi- 
dent. 

Ambassador Amir Hossein 
Farzanegan and Herr Honecker 
arc said to have had talks in a 
“ receptive atmosphere ” on 
relations between the two coun- 
tries. 

Iran had ordered 1,000 railway 
cars worth £75m. from East 
' Germany. . 


BY PAUL BETTS 

THE VIEW is hardening here in 
official circles that the Red 
Brigade terrorists, holding 
former Premier Slg Aldo Moro 
since March 16, are seemingly 
intent in using their prisoner to 
split the country's political- forces. 

Since their communique 10 
days ago containing demands for 
the release of 13 named prisoners 
in exchange for freeing Sig Moro 
the Red Brigades have remained 
silent. 

Instead, they have apparently- 
switched tactics in their “ phycho- 
logical war” against the State 
I by only releasing letters pur- 
portedly addressed by Sig Moro 
to leading politicians, urging 
them to reconsider the official 
hard-line position 

Sig. M-oro's latest letters have 
had disturbing political reper- 
cushions not only within the 
ruling Christian Democrat -Party 
but also among the other patties. 

A heated controversy has 
followed the “ humanitarian pro- 
posals” of the Socialist leader, 
Slg.. Rettlno Cruxi, to save the 
former Premier’s life. * ■ 
Tbe proposals are understood 


ROME. May 4. 

to entail an amnesty for 
terrorists charged with minor 
offences and the provisional 
release of certain terrorists in 
prison awaiting trial. 

These proposals are to be 
examined in the next few days 

Terrorists shot and wounded 
two more executives yesterday, 
writes Paul Betts. In Milan, 
Slg. Umberto DegU lnnoeenti. 
of the Sit-Siemens company, 
was shot in the legs, and in 
Genoa a manager of the slate 
steel company I falsifier was 
also attacked by gunmen. The 
Reef Brigades last night 
claimed responsibility for both 
incidents. 

by an inter-Ministerial com- 
niittee on security presided over 
by Prime Minister Giulio 
Andreotti 

However, the threat of a rift 
between the country's political, 
forces appears to have been 
averted by the ruling party's 
decision last night to maintain 
its stand against -any direct deal 
with the terrorists. 


Kreisky will 
serve 
new term 


By Paul Lendvai 

VIENNA. May 4 
AUSTRIA'S 67-year-i»ld Socialist 
Chancellor, Dr. Bruno Kreisky, 
has agreed to serve another term 
as Prime Minister if the 
Socialists were to win lhe next 
general election. 

At the same time, he rejected 
-the possibility ui a cuulitiug 
with the small opposition Free- 
dom Party in the event that the 
Socialists lose their absolute 
majority at tbe elections which 
have to be held in the autumn 
of 1979 at the latest. 

It is the impending takeover 
of the leadership of the Freedom 
Party by a right-wing politician. 
Dr. Alexander Goetz, the major 
of Graz, which put an end to the 
speculation concerning a \W-l 
German-type “ small coalition ” 
in Austria. 

Meanwhile, the campaign for 
this autumn's important 
municipal elections in Vienna, 
where the Socialists have a two- 
thirds majority- bas opened this 
week. The Vienna poll is re- 
garded as a significant political 
pointer. 


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OVERSEAS NEWS 


THE NIGERIAN ECONOMY 

Lagos: ushering in a 
new period 
of financial austerity 



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JPaifs riot police ehasing a group of anarchists who disturbed the traditional trade union 

May Day march last Monday. 

Chirac defies the Government 
over who pays the Paris police 


BY DAVID WHITE IN PARIS 

ONE idea that President Valerv 
Giscard d'Estaing must be wish- 
ing he had never had was that 
of giving Paris an elected 
mayor. It backfired immediately, 
when M. Jacques Chirac, the 
Gaullist leader, insisted on 
standing for the post early last 
year, against the President’s 
wishes and against the Presi- 
dent's own candidate, and won. 

Now. just over a year latex. 
M. Chirac is standing defiant in 
bis first big confrontation with 
the Government, in which his 
party is the most powerful coali- 
tion member. The row is over 
the city’s 13.300 pnlire— not. for 
once, about what they are up 
to. hut ubiiut who pays for them. 

The Government is now 
digging into its law books to find 
ways of forcing Paris to pay its 
statutory share of the police bill. 
On the uthcr side of the barri- 
cade. M. Chirac has almost the 
whole of the Paris council 
behind him. 

The council last week coted 
unanimously — albeit with six 
abstentions from the prn-Giscard 
camp— to uphold its decision of 
December last year to lop 
>'!*.] 4?m. off its contribution, 
accepting to pay only Frs.l50ni. 
out of its 197S budget This 
followed publication of an 
Interior Ministry decree in 
April, overriding the council's 
decision and putting the city's 
share down as the full Frs.292m. 
t about £34m.}. 

The row has created the 
strangest of alliances within the 
Paris council, between M. Chirac 
and the Communists and 
Socialists, elected mainly from 


the city's fringe areas. When 
M. Chirac became mayor they 
saw him as a villain surrounded 
by cronies. 

They voted against the 197S 
budget But when M. Chirac is 
defending the citizenry against 
big tax Increases — the mayor 
says that footing the police bill 
would mean raising local taxes 
by 15 or 16 per cent, instead of 
the 10.5 per cent, promised — 
they are on the same side. 

The handful of representatives 
of M. Giscard's centrist group 
voted for the budget decision, 
made after a hurried debate, 
and are now squirming as a re- 
sult. 

The mayor's argument is that 
Paris is being penalised. Big 
towns in France are supposed to 
chip in with a quarter of the 
enst of their police force. But 
this rule is enforced only in tbe 
capital, where, says the mayor, 
the police spend a lot of their 
time on activities such as guard- 
ing embassies, which are not 
directly connected with the town. 
Towns like Lyon or Marseille 
pay only Frs.3.80 per citizen per 
year for the police, and at this 
rate. M. Chirac argues, Paris is 
being asked to pay 40 times too 
much. 

Paris, says M. Chirac, is no 
longer the rich place it was. Its 
population is declining and get- 
ting older. A third of the popu- 
lation is over 65. 

The city’s running costs are 
budgeted at- Frs.7.26bn. M. Chirac 
wants to spend on the pensioners, 
on housing and on culture, but 
not on a police force which in 
any case he sees as inadequate. 


It is now slightly smaller than it 
was four years agD and the cost 
of running it has gone up 61 per 
cenL 

On the other side. M. Lucien 
Lanier, Prefect of the lle-de- 
France region, nominated by the 
Government, says Paris gets off 
lightly on transport, cultural pro- 
jects and its fire brigade. Tbe 
Prefect of Police. M. Pierre 
Somveille. adds that Paris can- 
not change its arrangement over 
the police before next year, 
anyway. 

Bur the Mayor argues that it 
is already high time the French 
state reviewed its relations with 
its capital city. “This reform, 
wanted hy the President him- 
self. without whose will" — a 
touch of tongue-in-cheek here — 
"I would not be here — I attach 
the greatest importance to its! 
not bring . . . disfigured and vio- 
lated." he argues. 

Until last year, Paris had gone 
more than a century without a 
mayor. M. Chirac is the first 
since 1871. the first to be elected 
to the post, and only the ninth 
the city has ever had. There 
werp four during the Revolution, 
a couple in 1S48 and another 
couple between the fall of the i 
Empire and the Paris Com- 
mune. 

Paris has enjoyed much less\ 
autonomy than other French: 
cities. It is now tempting to rea- 
son why. “Paris is not a city,"; 
Victor Hugo once said. " It is a 
Government." The Mayor of 
Paris, who could be fighting a 
Presidential battle with M. Gis- 
card three years from now, may 
Well be' chuckling over that 


BY. JAMES BUXTON 

TEE NIGERIAN budget for the 
current financial year, announced 
last month, is the dearest indica- 
tion so far that the boom years 
for the Nigerian economy are 
over and that the most populous 
country in Africa with 80m. 
people faces what is likely to be 
a period of lean years. 

Tbe recent deaths of about a 
dozen people in riots by students 
protesting at higher fees empha- 
sise the political unpopularity of 
the. austerity policies the Govern- 
ment now believes are essential. 

Lieutenant-General Olusegun 
Obasanjo. the head of state, has 
consistently tried to convey to 
the' Nigerian • people in his 
budget speeches from 1976 that 
Nigeria, though the world's 
eighth largest oil exporter, is not 
a rich country. He has attempted 
to' rein back government spend- 
ing which has contributed to 
high inflation and a deteriorating 
balance of payments. 

So far these efforts have not 
been very successful. Govern- 
ment departments have spent 
more and more on recurrent 
items alone each year, while the 
Government has been reluctant 
to prune development spending 
on potentially, productive pro- 
jects. Nigeria’s 19 states; 
although they obtain a slice of 
the nation's oil revenue as of 
right have run up increasing 
deficits, part of which the 
federal Government has had to 
meet. As federal and state- 
governments have pumped 
money into the economy, imports 
have continued lo rise, though 
so far they have kept behind 
exports. Fiscal measures to 
reduce inflation have had dis- 
appointing results -and the 
federal Government has only 
j slowly been able to tackle the 
serious problems such as port 
congestion which plague Nigeria. 

With the unexpectedly rapid 
rise in recurrent spending, and 


oil output not increasing as 
planned, Nigeria has begun a 
programme of borrowing over- 
seas to help fund development 
This January it signed a $lbn. 
syndicated bank loan and tbe 
World Bank has promised up to 
$500m- annually for the last two 
years of the current plan period. 

Though borrowing inevitably 
imposes tighter financial discip- 
lines the crucial factor behind 
the 1978 budget— the sternest 
that Gen. Obasanjo has yet pre- 
sented — Is an alarming drop of 
about 27 per cent. In Nigeria's 
oil output between the first two 
months of last year and the cor- 
responding period of this year. 
February's output of 1.57m. 
barrels per day was Nigeria's 
lowest since May 1975. 

Tbe fall in output- which has 
led to some oil price trimming 
by Nigeria, could herald a- 
period of generally lower oil 
revenues lasting several years, 
since it stems mainly from com- 
ing on stream of North Sea, 
Mexican and Alaskan fields. 
Nigeria expects total govern- 
ment revenue, of which about 
80 per cent comes from oil, to 
be only Naira 6. 82 bn. (£5.6bn) 
this year compared with last 
year’s budgeted figure of 
N7.6bn. 

This year the Government is 
trying harder than ever to cut 
spending. Federal ministries 
were told to cut their estimates 
by up to 20 per cent and a com- 
mittee is trying to reorganise 
ministries and agencies to cut 
out duplication and waste. Total 
federal recurrent spending for 
this financial year is put at 
N2Rbn. compared with N3.1bn. 
for last year: ibis involves cut- 
ting federal ministries' spending 
by 22 per cent, from N2.5bn-. to 
NZJ5bn_ though the Govern- 
ment has bad to increase its non- 
statutory allocations to the 
States (to help them pay for 


EXPORTS. IMPOSTS RESERVES 


such things as Nigeria's pro- 
gramme for giving every child 
primary education). 

It is not clear how effective 
such drastic cuts can be. The 
biggest spending ministry in 
Nigeria after the Ministry of 
Education is the Ministry of 
Defence, whose recurrent budget 
has been cut from NS17m. last 
year to N597m. this year. Nigeria 
now has about 230.000 service- 
men, a hangover from the Biafra 
war, and though it has started 
demobilising, the military Gov- 
ernment is moving with under- 
standable caution. Increased 
demobilisation is nevertheless 
what the budget cuts appear to 
suggest The Defence Ministry 
is also planning to spend N70Sm. 
on capital work, more than twice 
tiie budgeted figure for two years 
ago. 

For exporters to Nigeria the 
biggest shock of the budget was 
the outright banning of fourteen 
categories of goods, including 
ready-made clothing, furniture, 
carpets, frozen meat and jewel- 
lery. The importing of many 
other goods was put under 
licence. 

Britain, which exported 
£l.07bn. worth of goods to 
Nigeria last year (Nigeria is 
now Britain's ninth largest ex- 
port market) could Lose more 
than £50m. worth of exports a 
year. 

It is Nigerians who. as Gen. 
Obasanjo made clear m his 
budget speech, will suffer most 
from the new austerity. Prices 
will go up because of new taxes 
and tolls, shortages of goods, the 
lifting of price controls and 
higher interest rates, while the 
Government has given no bint 
of easing pay restrictions. To 
reduce liquidity, banks are only 


to be allowed tn increase the 
total of loans and advances by 
30 per cent, a year, compared 
with 40 per cent, last year (a 
limit which not all banks man- 
aged to keep to). Importers of 
everything except for capital 
goods and a few other items will 
have to deposit 100 per cent, of 
the value of their letters, of credit 

with the Central Bank, compared 
with the rate formerly imposed 
by the commercial banks which 
averaged about 33 per cent. 

The Government wants to 
devote as much official spending 
and private investment .as 1 pos- 
sible to the productive sectors of 
the economy. Nigeria's tradi- 
tional export commodities — 
cocoa, groundnuts, paint oil and 
rubber — have stagnated in the 
past five years, and food produc- 
tion has failed to keep pace with 
the rise in population. Tbe Com- 
missioner for Finance, Major- 
General James Oluleyc. noted in 
the budget that though Govern- 
ment investment in agriculture 
is beginning to show results, 
there bad not been much 
response to Government financial 
incentives to farmers to grow 
more over the past Iwo years. He 
announced further tax incentives 
for agriculture, and an Agricul- 
tural Credit Guarantee scheme 
has come into operation up to 
back loans tn agriculture by the 
commercial banks. 

in that light, agriculture and 
livestock’s share of the develop- 
ment budget at Nll'im. may 
appear relatively low compared 
with other allocations. But (he 
emphasis at this stage in 
Nigeria's economic development 
is on building the physical and 
social infrastructure which will 
allow faster growth in agricul- 
ture and manufacturing in the 


OIL 

PRODUCTION 


1975 1976 1977 78 J 

next plan period (18S0-S5). The 
total development budget is 
N5.!2bn., with special concentra- 
tion on education, electricity sup- 
plies. telecommunications, water 
supplies and land and water 
transport. 

The problem of demonstrating 
that it can restrain recurrent 
spending to continue in produce 
a surplus far development, and 
that it can spend its development 
budget well, is the most im- 
portant test Nigeria now face.-. 
It will not heroine any easier 
when, in October next >ear. 
civilian rulers take over from the 
present military regime and sec- 
tional ini«>rcMS in the federation 
have a chance to assort them- 
selves more strongly. Rut iT 
Nigeria passes the test it will 
mailer much less if the balance 
of payments goes deeper inm 
deficit — last year's deficit was 
NfiOOm. ($9tifttn.) — or if the trade 
surplus i which was N 1.3 bn. or 
$2 bn. last year) turns into a 
deficit, and causes a correspond- 
ing drain on Nigeria’s reserves 
(a healthy N3bn. — &J.Sbn. at the 
end of 1977). TTiese things will 
happen if oil revenues do not 
sharply improve, but with qond 
economic management Nigeria 
will be able to continue borrow- 
ing easily abroad. 

Many forecasts suggest that tlm 
nil market will turn decisively in 
Nigeria’s favour in the early nr 
mid-1980s. The nil i-nmpamrs 
have resumed large scale explora- 
tion as a result uf recent Govern- 
ment incentives and Nigeria’s 
proven reserves and production 
capacity could rise. The World 
Bank's confidence in Nigeria’s 
agricultural and rural develop- 
ment projects is an encouraging 
sign that Nigeria is on its way 
to realising its immense 
economic potential. 


France continues Chad military build-up 


BY OUR OWN CORRESPONDENT 


USANCE IS mtillmilng t«* 
build up its military presence 
in Chad lit support of the em- 
1 tallied regime of General 
VVIix Malloiim. 

About 2(H) French marine* 
are reported to have been sent 
to the Chad capital N'djamcna 
(formerly Fort Lamy) oier 
the past few days, bringing the 
total uuraber of French mili- 
tary personnel, in the country 
to around 1.500. 

About 500 of the French 
soldiers arc classed as ad- 
visers and -technical assistants 
to the Chad forces. 

Reinforcements, which in- 
clude detachments of Foreign 
Legionnaires and paratroopers, 
began in earnest last moulti. 


after strong gains In the north 
of (he country hy the rebel 
Frniir.al movement. Three 
French.' military personnel 
have been killed in recent 
lighting. 

Last week, France moved 10 
Jaguar fighter-bombers from 
Itii air base in Dakar to the 
Chad capital, as French civil- 
ians began to be evacuated 
Ipjni N’djamena. 

President Valery Giscard 
.d'Estaing emphasised that the 
French troops would not en- 
gage in offensive actions and 
that they were there at the 
request of General Malloum. 

The military situation is re- 
ported to have deteriorated 
sharply, and the Chad Goiern- 
meni has accused the Libyan- 
backed rebels of breaking a 


v \ ~ 

PARI Si. May 4. 

cease-fire agreement. The 
truce,' signed on Libyan terri- 
tory in the presence of 'repre- 
sentatives of other neighbour- 
ing countries, was, according 
to Frolinat, pegged to the with- 
drawal of all foreign forces.'* 

French nationals in Chad 
have been threatened with re-' 
prisals, and some French 
civilians are reported to have 
been attacked, in the southern 
town of Motudoo. 

France’s Communist Party 
has condemned the military 
build-up and accused the 
Government of using the pre- 
text of co-operation to renew 
its interference in the internal 
affairs of Chart. French troops 
were participating directly in 
armed operations against Fro- 
linat, it said. 




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Portugal and IMF agree 
on terms for deficit aid 


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Today, nine years after operations started and well over 
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BY JIMMY BURNS 

PRIME MINISTER Mario Soares 
confirmed this afternoon _ lnat 
Portuguese and international 
Monetary Fund negotiators have 
initialled an agreement on Die 
terms which Portugal must 
accept before being granted 
nearly SSOOm.-worth of Western 
aid to cover her balance-oi-pay- 
ments deficit. 

Speaking at a luncheon for 
foreign television representa- 
tives. Dr. Soares said that the 
"letter of intent," with details 
of the conditions agreed upon, 
would be published within the 
next three weeks, and that final 
agreement would be signed 
within the next three months. 

Earlier to-day, Dr. Soares told 
journalists that Portugal wshed 
to attract Spanish investment, 
and that the problem « 
indemnification would soon be 
resolved by the Portuguese 
Government. 


1 minerals and resources corporation limited 

( iKcnrpomted hi Bermuda I 

R ESTOVCTl’KiNfl AOT l A irED^ELEl i-PHl K WEPROJTCT 

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; am» adjusted Investments limited 

, .na>ra i Meeting of members of the company 

At the Special Gt-nerai ordinary resolution, as set 

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. a , & u 5 JSSi£. * ™ «- - «» resuU was as 

follows:-- Na. of Members 

1 * r£?S?” AbS ' V 7 nB s!s76 

Africa Un.itcd. Pc Beer. Qf Hi57W 75 were 

‘ Consolidated Limited groups m mu 

voted in favour of the notified that the actions of the 

Members are accord in*!^ n a „ reeniCP .t with Zambia Copper 
dlrerters m entering mo the arrangements rclatioB to The 

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.ffiTSE? “in*™* c " nanaei - 

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LISBON, May 4. | 

Dr. Soares was speaking follow- 
ing a 60-minule private meeting ( 
with King Juan Carlos of Spain, i 
Who yesterday began a tbree-day 
official visit to Portugal. 

The present governmental 
alliance of Socialists and 
Christian Democrats (CDS), 
since forming last January, has 
given repealed assurances that 1 
foreign businessmen and farmers; 
would he 'either compensated or 
have their property returned 
before the end of this year, but I 
to date only a few have had their j 
problems resolved. j 

A number of Spanish farmers 
(as well as British, German, 
French, Italian and Austrian) had 
their land seized at tbe height of 
the Communist-inspired radical 
land reform in the fertile 
Alentejo region of southern 
Portugal, in 1975. 

Despite assurances by the 
military authorities then in 
power that foreign properly 
would be protected. somc-Spanisb 
businesmen and bankers were 
also affected during the radical 
period of the revolution. 


Call to reopen 
talks on Cyprus 

NICOSIA, May 4. 
MR. OSMAN OREK, the new 
Premier of the seLf-procIaimed 
Turkish Federated State of 
Cyprus, yesterday appealed to 
Dr. Kurt Waldheim, the United 
Nations secretary-general, to 
reconvene the inter-communal 
talks on the future of the divided 
island. 

Mr. Orek was reported as say- 
ing that if the talks between 
l be Greek and Turkish Cypriots 
were resumed “the Turkish 
Cypriot side would extend its 
constructive support in- every 
way possible.” 

Reuter ‘ 



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Financial Times Friday May 5 197S 


OVERSEAS NEWS 


S. African troops launch economy* S 

attack over Angola border 

JOHANNESBURG, May 4. yj, 

SOUTH AFRICA said tn-riac- it the extensive ramnaian of in- ti tides, we were forced to resort A. ttSWJL 


AMERICAN NEWS 



Canada stand-by credit may reach $3bn. 


BY FRANCIS GHIUS 

THE STANDBY credit which 
Canada is negotiating with a 
group of international banks, 
led by Citicorp, could amount 
to SHm-, three times what was 
expected last week when the 
news of massive Canadian 
borrowing was first announced. 
The terms will include an eight- 
year maturity and a split in- 
terest rate— the U.S. prime rate 
for the first fonr years and 
i per cent, above the UJS. 


SOUTH AFRICA said to-day it the extensive campaign of in- tiiities, we were forced to resort ■*" ***JVJL expected last week when the 

had launched a limited military timidation of local inhabitants to follow-up action." he added. j u . news of massive Canadian 

offensive a «iiiKt SWAPO m.-r. and 1116 murders of political “I trust that the limited opera- CST lOCf borrowing was first announced, 

onensne a amst swatu oiler |eaders South . West Africa, as tion will leave those who wish to *<131 The terms will include an eigtat- 

rma5 inside Angola. Mr. Peter well ^ a i ar ge number of border threaten us under no illusions." _ „ _ .. year maturity and a split in- 

Botba. the Defence Minister, said violations during the past few The Angolan Defence Ministry Kenneth Randall in Canberra terest rate— the U.S. prime rate 

in a statementthat South African weeks, a limited military opera- denounced the attack and said THE ANNOUNCEMENT last f0r the 6,54 fonr years and 

troops had entered Angola after tion against SWAPO forces has South Africa was preparing “a week of a rise of only 1.3 per cen *; above the VS. 

large numbers of guerrillas from been earned out over the border, new invasion of Angola.” Angop c^nL in Australia’s inflation rate P™ 11 ® rat ® *°r *“ e remainder. 
SWAPO t the South West African -The limited operation was claimed. for the first quarter was the best H is understood that there are 

Peoples Organisation) had re- embarked on after large num- It said the attack was aimed news that Mr. Malcolm Fraser’s n0 arrangements for compen- 

peatedly attacked targets in hers of heavily-armed SWAPO at a “Namibian refugee camp” Government has had on the 

South West Africa (Namibia). terrorists recently crossed the at Cactoga, 155 miles inside economic front since it took CANADIAN central bankers 

The announcement followed a border, attacked our forces in office a little over 2S months believe that the recovery in the 

report from the official Angolan Ovambo and lied bade to safety Defence Ministry said the ago. . _ . Canadian dollar since mid-April, 

news agency Angop that South in Angola." attack began at 6 a.in. and waves As the former Liberal Party combined with the announce- 

Al'rican troops bad occupied the Mr. Botha said the Ruacana k i , '.African aircraft had Prime Minister and treasurer, ment of a new SU.SJbn. standby 
important mining uKm of power Station on the borter? of at McMah0 ?’ 7 a g*& credit from a ^^ortium of VS. 

Cacinga after bombing it inten- Namibia and Angola had also 1 th 2 WQ tn & te *' V,hen > ou l ?°k a * al1 banks will bring a halt to the 

steely. be e n attacked and was exten- aJJS ad J e 2 . 1)16 fisures on economic perform- speculation that has buffeted the 

..... , * v.\ieu Angolan armed forces had taken ance. yon can ©nlv say thank t-iirrencv for the Dast few months 

Mr. Botha said: As a result of 51 .*’■ dara “ fied ’ adequate measures to combat the heaven for the Inflation figures’." The credit is P to some extent 

the ominous buildup of SWAPO After the attack, the Idlest aggression. Unemployment remains at designed to restore confidence 

forces in southern Angola and since 5WAPO intensified its hos- Reuter about 6.5 per cent., representing in toe Canadian dollar on the 

about 420,000 people out of work, currency markets. Mr. Jean 


sating balances. 

The management group In- 
cludes eight banks, six or 
which are U.S. ones— Bank of 
America. Bankers Trust, Chase 
Manhattan, Chemical Bank, 
Continental Illinois, Dresdner 
Bank, Manufacturers Hanover, 
and Union Bank of Switzer- 
land. 

This Is the biggest medium- 
term bank credit ever, the 
largest to date helng the 
S2£bn. which Britain raised in 
1974. 

Canadian borrowers raised 
far more in medium-term 


credits last year than bor- 
rowers from any other country 

83.3hn. If international bond 

Issues and bank credits arc 
added up, that figure rises to 
$&5bn., which is well ahead of 
the second most important 
borrower last year, the UJEL, 
which only raised S3 -9 bn. 

Total reserves in the Cana- 
dian official exchange fnnd 
account amounted to 
$U-S -4.58b n. on April 30, up by 
5612.7m. from that of March 
31. There was also a decline 
of 5U-S.211.3m- in Canada’s 
reserve position In the Infer- 


tile ominous buildup of SWAPO “ After too attack, the la lest aggression, 
forces io southern Angola and since SWAPO intensified its hos- Reuter 

Lebanon welcomes UN decision 


BY IHSAN HIJAZI 

LEBANON HAS welcomed the ; — : — — r~. — - 

United Nations Security Council President Jaafar Nlmalri of 
resolution yesterday aimed at sa, d t^dayaiier talks 

boosting the strength of UN ^plian President Anwar 


BEIRUT. May 4, 


oume guuu ^ STANDBY credit which sating balances. credits last y**r fhe i °^nti£ I1 bi« y thb n ^ rraulted 

MATS7C Canada is negotiating with a The ^SSSbtLU international bond from other countries repaying 

news tor S™°P Of international banks, of iSS* and bank credits arc loans from the IMF which they 

led by Citicorp, could amount up, that figure rises to 

|H fOC/jf to S3bm, three times what was Manhattan, Chemical Bank, 585bn^ which Is well ahead of reduction did not reflect any 

X 1 X doVl expected last week when the Continental Illinois. Dresdner the second most important d ^ , j^, t ^ 0 _S?£? da oa *** 

a i , news of massive Canadian Bank, Manufacturers Hanover, borrower last yeaxv the UJC, - vSKS. ,k„ 

58 T 1 51 Cl borrowing was first announced, and Union Bank of Switzer- which only raised 5%9bn. CaMdlan offices said that 

last The terms will include an eight- land. Total reserves in the Cana- the reducUon inthe^iaLFposI- 

„ „ year maturity and a split in- This Is the biggest medium- dian official exchange fnnd non was reitMted wmost 

By Kenneth Randall in Canberra terest rate— the U.S. prime rale term bank credit ever, the account amounted to 

THE ANNrtiTMnrMFVr last f0r the fi**t fonr years and 1**8®** to date being the $U.S.4.58bn. on April 30, up by in VS. dollar hjiwngs a “d* 

S 3 nS i per cent, above the VS. S2^bn. which Britain raised in 5612.7m. from that of March tterefore, did ™****J£ 

Sfliinn £51 prime rate for the remainder. 1974. 31. There was also a decline overall level of toe Govera- 

for the finrt SiSi SSstoe St « is understood toat there are Canadian borrowers raised of 5U.S-211.3m. in Canada’s ments foreign exchange re- 
news that bS^mScoIiu Fraser’s n0 arrangements for compen- far more in medium-term reserve position In the Inter- serves. 

Government "has had on the 

economic front since »t took CANADIAN central bankers j. . • A b0 “ d ® 1 

office a little over 2S months believe that the recovery in the flfYOlTIC^T T^. e / C JSf!L bl 

ago- Canadian dollar since mid-April. I ■ I B 8 Ifl I R R R 1 R savings bond cjrnpaign this 

As the former Liberal Party combined with the announce- V ml autumn, in view of the overall 

Prime Minister and treasurer, ment 0 f a new sU.SJbn. standby ■ * — 9 size of cash requirements and in 

Sir William- McMahon, remarked credit from a consortium of U.S. * w '-m JTW* j • order to encourage p the re- 

later: “When you look at all banks will brine a halt to toe 4-lh/\ IhiilXAriWin* investment of the special S-bn. 

the figures on economic perform- speculation that has buffeted the Rlir* III III IVlM in interest coming due, he said, 

ance. you can only say thank currency for the past few months. lAlV' WtAlVXHIjm The announcement of ihe 

heaven for the inflation figures’." The credit is to some extent * — ' stand-by credit, substantially 

Unemployment remains at designed to restore confidence nv IAMC c ervw-r im rnonurn more than expected, conies at 

about 6.5 per cent., representing in the Canadian dollar on the “ T J AMB 3wn IN TORON|y a time of growing criticism of 

about 420,000 people out of work, currency markets. Mr. Jean , . . , , .. , ... Mr. Trudeau's economic manage- 

Retall sales, in real terms, were Chretien. Minister of Finance, 3ate JKv of L whlcb onl ? at levels consistent with an ment A po jj earlier in the week 
only 0.5 per cent, higher in toe told the Toronto Bond Traders about $U.S.1.35bn. has neen used appropriate level of the dollar s i ]0 wed that the Liberal Parry’s 

December quarter than they bad Association, that “ one reason U P , t0 “* end of April, although deemed desirable to snmuiate support had slumped to 41 per 

been a year earlier. The car in- fp r the borrowing is to tell the a ^ 8e u® 10001 of that was exports. cent, of coinntirtcd voters, equal 

dustry, whose activity is ex- currency market that we won’t n ? eded during the first couple jjr. Chretien said the latest to toat for the Progressive Con- 
cluded from the retail index, re- let the Canadian dollar go too * ,ee “? April. large foreign borrowings would servatives. This development 

mains so deeply depressed that far. We need the backing to Canadian bankers endorse the r educe domestic financing needs, appears to have scotched plans 

further government rescue be credible,” he said, “we don't Government’s borrowing actions jj e sa jd that the Government for a summer election. 


Support against 
the buffeting 

BY JAMES SCOTT IN TORONTO 


government rescue [ be credible. 


summer election. 


President Jaafar Nlmalri of recowor^He^was^qiinf in^hnth L°^ the 1 ^ arch quarter and the Pressure on the Canadian dol- of Canada say the Government’s its cuirencv market operations election plans. Rumours tircu- 
Sudan said to-day after talks balance of payments would nave jar has pushed it down to the actions are working and that for budgetarv purposes “de- lating on Parliament Hill suc- 

u |<h PTvnti,. tnu-,1- 1B » S - hppn In rlofioi I hill Fnr do ,, C , , .. .1 j. J r r ■ .. b .. .. . . , _» 


action is in the air. The trade want undue pressure on the unanimously and the Depart- would use some of the money. Liberal MPs were calling their 
account was AS27m. in toe red dollar." ment of Finance and the Bank converted to Canadian dollars, in constituencies to cancel pre- 


troops in Southern Lebanon to 
6.000 men. At the same time the 
Palestinian guerilla leader, Mr. 
Yasir Arafat was reported to 
have ordered the arrest ol the 
gunmen who attacked the French 
UN contingent in the Port of 
Tyre on Tuesday. 

“All Lebanese political quar- 
ters see In the resolution a posi- 
tive step to consolidate stability 
in the south." (be State-controlled 
Radio Beirut declared to-day. 

The resolution, official sources 
pointed out. reconfirms the U.N. 
commitment lo Lebanon. These 
sources were worried that the 
clashes on Tuesday could bring 
about a UN reluctance to get 


Sadat that he expects an Arab 
summit to be held within eight 
weeks. Rogert Matthews writes 


miue whether Egypt can repre- 
sent all ihe Arab states on Ihe 
West Bank and Gaza Strip 
issue. If not. Israel wants to 
make a bilateral peace deal 
with Egypt. Air. Moshe Dayan, 
the Foreign Minister, said 
to-day. David Lennon adds 
from Tel Aviv. 


Tho Frpnrh anthnriiips been AS200m. In deficit but for gg U.S, cent level, reflecting the there is no need for foreign ex- pending on w : hat our need for seated toat, if public opinion 
announced the aoirafnimeiit nr * defcn b weakness of the economy and change controls and that no cash balance is.” But he did not polls continue to run against 

St-Col itomfiCS Viaro r T„ m % S e ° v ® rsea , s - - nr thn particularly the Government’s further borrowing will be elaborate. Mr. Trudeau, he may resign and 

anotoer Dara^OD?J to renS a,«t4u 9 n “S^ST^.ihtishSd t ail “ re 10 control inflation. With needed. ta bis speech to the Associa- thus delay an election until 

Cof^ Salvan ^to ^outoern Lebanon itS? wefc’the S5?ri f orecit a H 1 ® 12 u . n . em Pl°>' ment and infla- The approach needed to ti on , he said that the domestic autumn. 

coi. SaJvan in soutnero Lebanon, i^t week, the OECD forecast a rio n nsmg to nearly double stabilise the Canadian dollar, federal debt financings conld be “With a new leader, like John 

TnJn he whn' *!•«£ 212* tht * h' Jfn l n R nprVent-^n the P°P uIa rity of Prime they say, is a long-term pro- accomplished “without dlsrup- Turner <a former Finance 

nf 5f inister P* err ® Trudeau’s gramme of tariffs aimed at re- tive effects on the market" Minister who has retired to 
a E* he ' e . d nlft h u ead " 4 Vu*r Jani j n « C | n r nrf 1 1 M 9® ve ™ mexit has dropped storing Canada’s competitive through a reduction in the pre- private life), they would be 

quarters in Tyre, has not been decline J**™ sharply. export position. This should be sent “very high” cash balances, ready to go to the country next 


been asked by Israel to deter- quarters in Tyre, has not been another decline in farm product I sharply. 


disclosed. .... * LmVfhln non r^mnrn duct of ^ GoverTUI,enl ha s borrowed supplemented, they believe, by and partly through increased spring. They've done it before." 

The> are believed to belong tn o L D °® n _^ m 4 ^°thaL in 1 arran * ed rtandbv credits the ‘..overnment's ensuring that sales of Canada savings bonds, said a worried Progressive Coo- 

a far left - wing Lebanese * n JJ, that unem about SU.S.Tbn. since foreign borrowing is maintained Treasury bills and marketable servative. 

faction known as “ the Popular turn, woum suggest toai u “^m- “ 

Front for the Liberation of the P’oyqtu 111 could rise by another 

South.” which is believed to be °- 5 P e ^ c * a }- t0 1 ccnL b - v — _ 

associated with Ihe militant re- lh l,f n nSon he ye? J' j ,u , , hfl "HE NIXON MEMOIRS FTC «, r 

^riJ/^ovlmei^ PalesUT,bn AuslS.Ua E n CD GoreJSmen^ was U .O. mOHCy 


more deeply inro tired in a poten- A ^ d t Struggle Command " identified as Mr. Colin Rodker. 
lially dangerous situation. into action in Tyre early aged I 30. was reported musing in fJe pace of^ raven? “ a depar- 

Mr. Arafat's crack-down Gn rounding up suspects. southern Lebanon since Tuesday. Sre from its^S'attilude to 

what has been described as The clashes on Tuesday left A member of the UN Observer current recovery policies, 
“irresponsible and unruly two French soldiers and one Gorps based in Jerusalem, he rpjj e Q-Qubig w jj>, suc h an ij. 
elements" was reported by Senegalese dead and 12 wounded. was last seen travelling in his j n fl at j onary moV es is that the 
informed Palestinian sources including the commander of the car south of the port of Sidon. Government has very limited 
here. French battalion. Colonel In Dublin, the Irish Govern- direct powers to implement a 

They said that rcd-bereled Germain Sulvan. Although Col. ment was formally asked to-day wages poliev. The persistent re- 
members m the PLU’s security Salvan was reported to be out tn supply troops to supplement rusal or company profits to re- 
branch known as the "Palestine of danger, medical sources said the United Nations force. spond to the Fraser pollcv of 


Zambia seeks judgment 
on ‘oil sanctions breach 5 


Chairman Hua 

__ a. •_ 4 .^ before the Conciliation and Arbi- renecimg on n is presiaeucy ana 

OH trip iO iration Commission. Government abrupt and emotional end to 

Ai r *s- lawyers have argued constantly it. l 

P^orth Korea for a reduction in real wages to Now he has produced his 

1 UllU 1VUlCa bring Australia’s competitive memoirs, and. on toe basis of 

Chinese Communist Party Chair- position back into line with her w P* c * l _£ ave JJ5 en pu J ) ’ 

man and Premier, Hua Kuo- fens, main trading partners. lished in the Press this week. 


!/.«/ jjc: ecui, lu i ut"j vrim 

the end of the year. THE NIXON MEMOIRS T T C 

The OECD considered that the s IIS lUftflPV 

Australian Government was JIlAvrlJV^J 

right to concentrate on measures rTTl • "■ £* . *■ _ 

issssas Thin rewards for readers supply 

ture from its normal attitude to , • 

current recovery policies. HlPrP^lQPQI 

The trouble with such anti- BY jUREK MARTIN, U.S. EDITOR. IN WASHINGTON IIxVJl 

inflationary moves is that the m 

Semenfa WORDSWORTH ONCE de- incidents with whinh he wes the impression that the whole 
wale! Sv The SSlKSSre* 860 bed the art of P° etry “ intimately associated almost as Watergate affair was essentially a O ailJ 
rusal nr enmnanv nrnfiis to re- “ enio,ion recollected in tran- though he were not a participant, a public relations problem. He 

spond (o the P Frarer pollcv of <1 ‘ lillity -" ,r 15 a Prescription From a commercial stand- denies he erased the critical By 5tewart Fleming 

“rollin'’ back" the public* sec- tbat wou,d not WW* 10 nave point, the memoirs will prob- tape of his conversation with 

tor to nrovidn romn fnr nrivate had an - v c ^ ecl on Richard Nixon, ably be a success: the former Mr. Haldcman days after the NEW YORK Mac 4 

lector expansioa adds fo the He has been sitting, for the most President Is understood to have initial burglary. He says he did THE FEDE ra l 

nrohlem P® 1,1 fi uietl y. »n Ins Californian received advance payments of not order destruction of the A, p j L RCM-rtc Board 


Government has very limited j WORDSWORTH 


BY JUREK MARTIN, U.S. EDITOR. IN WASHINGTON 

-E de- incidents with which he was the impression that the whole 


French battalion. Colonel In Dublin, the Irish Govern- direct powers to implement a ,, fle * nc i ,de " t ? Wlth . wh ' ch 1 he was “ e impression that the whole 

red-bereted Germain Salvan. AUhouch Col. ment was formally asked to-day wase5 notiev The oersistem re- ! cnbed the "f of J P? etry “ intimately associated almost as Watergate affair was essentially 
J‘s securitv Salvan was reported to be out m supply troops to supplement rusal of company profits to re- ei ??° ,,0 5 recollected in tran- though he were not a participant, a public relations problem. He 


r„coi nr fomnanv nrnfii% to re- m u«*n- uiuuijii ue were mu a paracipam. a puouc reunions prooiem. ne 

spond lo the P Fraser poliev of c l“tllit>.” It is a prescription From a commercial stand- denies he erased the critical 

“roilin'’ back” the public" sec- tbat wou,d not appear to have point, the memoirs will prob- tape of his conversation with 

tor to provide room for private ^ ad an - v <?ff®ct on Richard Nixon, ably bo a success: the former Mr. Haldcman days after the 


prohlem. 


At ‘' national wages hearings fastness for nearly four years, well over Sim. for the" book, and tapes " because he thought they Jo-day reported another surge in 
fore the Conciliation and Arbi- reflecting on his presidency and this will undoubtedly be re- might serve as an insurance i! 16 , K , , e . ti J oney 


BY OUR FOREIGN STAFF 


lished in the Press this week. 


r 


; 7 court Pyon'-yancat toe invitatiori of sy J tem 1° n a,I ? w for - fuI1 At least this is the impression 

The companies are among 17 court ' Prplidpn?\-im n si.i" U0 f effects of inflation, as the unions tiiat is cleaned from toe public 

which the Zambian Government “There is no proper basis on Pre idem Kira 11 Sun '“ demand, but it has also refused rea ction to the former Presi- 

is accusing of .starving Zambia which the courts i.C Zambia have „ W lake a tine as tough as the dent’s recollections. Preceded by 

of oil to hmld up Rhodesia’s jurisdiction uvor them, read the Japanese pay rises one advocated by the Govern- t h e inevitable media promotion, 

reserves. Zambia is claiming statement. ’’ They are further I workers at more Mian 200 major ment. an d vtth the appetite for Water- 

anuind f41m. damages. advised that io appear volun-; Japanese companies have received The government cannot issue gale rew hetted .by the publica- 

The Mimslrv of Legal Affairs lan J[ y *" lhcsc, J . vourts could) pay rises averaaine 5.9 per cent, directions to the commission tion of the admittedly disappoint- 
m Lusaka issued a statement confer lh 5 Junadiclion of these, for the year ending next Man-h. and must continue to rely on ,- boob bv his former chicF 
saving tlul the seven companies ™urls where it does not exist | compared with increases of nearly powers of persuasion. As Mr. m H R Haldeman, an air of 
had "not appeared in court to ™ d impair the protection of , 9 per cent, last year, it was Fraser commented last week: expectancy awaited the moment 
answer too charges as demanded ^cir assets outside Zambia." . announced in Tokyo Reuter “We will continue to stress the wh ^ n Ric £ ard Nixon told ^ It 
by Zambia on March 21. The Rh rules ian subsidiaries : nf P Fmnin,-Jr h ^ ,. Feiier ?’ l ? ri need for the Arbitration Com- was a raood sjmUaj. to that 

The charge alleges that after now facing judgment in absentia J rcpo ?, to^uhJTnereS forlhis JmriJTJsinitv to the S '«ieter evident in advancc of his T . tel . e : 
Rhodesia declared unilateral in- are those of Tula!. Shell and BP. hjn^vial vear avn»£ m?nL»rnn I i ! n P vised interviews with -David 

dependence in 1965 the oil com- Genta. Mobil Oil Southern SjuLmonth ? d reaueinfi Frost last year, 

panics starved Zambia of oil in Rhodesia. Caltex Oil. and Central ' m ° nm ' un ^ pld ?. n l e _ nt ' -rv,^ Q 'inns were not 


.-2 


mm f 

• i-r t# 


r. • , 


supply in the banking week end- 
ing April 26. as two of the 
largest commercial hanks 
brought their prime lending 
rates up to the recently estab- 
lished 8J per cent level. 

A week ago. Chase Manhattan 
Bank began the move to an Si 
per cent prime but. with the 
announcement to-day that Manu- 
facturers Hanover and Morgan 
Guaranty Trust were also falling 
into line, it can now only be a 
matter of time before all the 
major hanks follow suit. 

Of more concern to the uionev 
markets, however, will be toe 
announcement that the nionev 
supply grew for the sixth con- 
secutive week — with toe All 
measure (currency plus checking 
accounts) and the M2 measure 
(which includes deposit 
accounts) both rising bv a hefty. 
51.7bn. 

Before the announcement, toe 
short-term money markets were 
already nervously wondering 
whether there might be yet 
anolber round of credit tighten- 


panies sunva c.umuia ui un in nnuacsia. uaiiex uu, ana t^enirai r -warp not alreadv nervouslv wnnrtp>-!n>> 

orter W build ui. thc Rhodesian /l/nom Pflr„|.; U m Rflinory. Kabul neutrality mem to fhe “Go?^m^nt h° j OTHreiv u Mr. Frast Mr. Richard Nixon Aether there might be vet 

arisw i tes sfe rsSSS gweyraat SffiS S £ ...... «... ,. r „ _ SSSEiSSS 

etnnomy. lawyers the cases against the : cou , nlry * ,l t ! f? .a Pd.uy mvesimeni overseas. version to oe uowc vers , on is t0 seH for S199 g a of his ^ des mrn agalnst fa ut a j s o to the new and^ dirturb- 

The original writs were issued other oil companies including I ?4nM*fniw n tlr tra Ln n w H Ih ,h , e nnJirt no "th? ^ ninpp<f thl ^had purchased eopy « wel1 above the norm; the as John Dean, his legal counsel, ing signals about continued infla- 

againsl the ” h,g five ” oil com- , hc parent companies of Sheik Sled / recorJ terel of fireien seriatisation riShte Sre still m «.t expensive leather-hound had done. He reinforces toe view tion contefned Kj" to the 

^nEL 1 BP - n - Ca i- teX - Mobi j- and ^ dented ST toESdl Spoofr SlestmeSfTn Sraveiy putting the storTon the a " d >«««*. . ” §250) and that the White House in toe last April wholesale prefigures 

1t s , d MnUiii t ho’sp L nul p3 5nn*. d ° ffl” 1 e 5,‘ . I hud becn kil,ed In th * coup, say- ness of A51 ,931m Rut this was front page— though, by the fiflh serialisation rights. e F ° r p J esenL however, this 

3 ih. ^ . of Iw oil companies had ting that not more lhan HR) people j a statistical illusion The figure instalment, at the bottom rather The publishing industry lias a bothed of paranoia and rautoal seems too alarmist a view. For 

\! mild have u.nkrnod ihrirte?- ri!J- * talwnu,nl ,0 l,,ak * >«ter- hid been kilted for resMirt: ihe was made up of either retained than the top. Those who did not been placed to something of a JWJJJJ; • but others have QDne aJ toough the money 

\» mild ha\i \w.ikcneri incir Icgjl day. I revolutionaries. earnings of roreign companies are relying on the most cursory dilemma over toe memoirs. °«« bef °re. - yupply^Rrew very strongly to 

“ " — — already operating in Australia or summaries. prompted by a growing public His momentous sessions with Apr “ more than 13 per 

funds brought in from a parent , nH Washington itself toeling that it is somehow iin- Mao Tse-tung and President compared with ihe pre- 

\T-.. A. 1 • • company to help through the bi h nf , rrn1 ii v Thrives 0 ri P ro PC r fl > r plotters in the Water- Brezhnev similarly fall -to come £o KJL weeks), this in part 

\pu/ TaniZ 1FI DPAnAYim difficuli times being experienced in , t eyamination of such gate scandals to profit from their to life and there appears to be bas ?‘ A,so - ,n 

IlCn latlV 111 UlISHaPlil C CLiPIIOIll V I in Australia. SSSientl ^ tiire is clearly «isdeeds. There is already- one minimal discussion of the con- «•"«• ,on B® r J5 1 ™’ 

® ^ Through most of ihe 1960s and JStaMmmSfS lb? perform- ^sutl seeking to deny royalty ceptual strategy and planning gS2 ^'1 S®? Ih «. red . s 


New tack in Singapore economy! 


— ■ «/ iiiruugii mi-st UI iorj.mro.iiiu i n ,p rpQ f j n i bp nerform- awsuu sreeKiiis to ueny royalty cepiuai strategy raa planning » 

BY PETER WEINTRAUB lhe f ‘ ar,J 1970s the toflow of new £ f . . , Hasketball team P a y ment t0 Mr - Haldeman for that lay behind his initiatives. m? * f 5, ^», per cent ' rat ^ 

by rETcR WEINTRAUB Investment capital was the crucial SrSampSE hi « ^-but this has not Mr. Nixon does say that his ?£ toe average of 

uncertain- m tettntttonl tnU. fa,r S . gSL %*£?%**£"£; »Mp. SSP 82 ?.** rtrt J 2 *° #f .$? S 5 S 2 L“. _iH ' Moraoven an.ivc. 


stopped it rising to the top of the decision to 


weeks ago. 

Moreover, most analysts have 


Individually, the changes do 
nm appejr to mark any signifi- 
cant departure from the i-or- 
jmi-aic stale clhos which h3s 
guided the slate's development 
since its establishment in 1965. 

But cumulatively they point to 
a new emphasis on encouraging 
local investment, which until 
now has been lagging, and sug- 
gest a shift from the Socialist 
principles which are the ideo- 
logical basis of the ruling 
People’s Action Parly. 

Probably toe clearest indica- 
tion of Singapore's new economic 
direction came in a scries of 
personal and corporate tax 
measures unveiled in February's 
budget. The measures provide 
for a 14 per cent, drop in 
revenue Trout personal income 

lax. wiih the higeest concessions Lee Kuan Yew- 

go me to those in ihe hiehest 
bracket, earning the equivalent largest foreign 

nf more than S15.200 per year. Singapore. 



...tie drrect benefit lo medium probablv L a socu-tv former President, in discussing “"“J, all ‘V”" T"'**’ Jcent./have been tak^n parti y". : n 

teiiml i Personal “Unless this element returns, both Watergate and the momen- con e ccrn ,' d e 1 filaU!e ror al1 . But emotion, never associated anticipation of worrying trends 

income tax cuts for these groups tben . j n or d er to avoid the social l °us foreign policy initiatives he . . in lus long political career until on inflation and the monev 

lag behind last year's rise in dangers that would '•o with a was involved in. has apparently But the pickings for the Richard Nixon except in bis supply which are now being 

consumer prices. And to indi- shrinking econoim we would succeeded in throwing so little reader, it appears, will be tiiin. moments of absolute defeat, is justified. Thus it is argued that 

cate where part of ihe revenue ba y c to make ’’fundamental light on events. As one observer In the extracts released this hardly a conspicuous character' — because of the speed with 
to make up for the new rax chances— in the exchange rate: in has P ut be writes about week, the former President gives istic of his memoirs. ] which the Fed has acted, of the 

concessions will come from, hos- factor incomes and allocations: (sharpness of the upward jolt it 


l tore will be profitable for ail 


}a™hehimi C | , ^r f0r Ih ” e groups then, in order to avoid the social l °us J 
..nlc.T.t.' . J J. ye , ar j r,se '? dangers that would go with a » 
rup And to indi- shrinking econoraj i we would ^uccei 


make ’’fundamental light on events. As one observer In the extracts released this hardly a conspicuous character' — because of the speed with 
the exchange rale: in has put it, he writes about week. Die former President gives istic of his memoirs. ] which the Fed has acted, of the 


e * n * m - bos- factor incomes and allocations: sharpness or rne upward jolt it 

outpatient charges were in internal manpower and capital ' ’ given to short-term interest 

raised three weeks after me poliev, among other things. rates— the authorities will hesi- 

NY aid plan Tentative SALT accord ^ 

See Bens a member of the Despite growing pressure from , i ^ lUliailf C urUil attUill unanimity on this view, especi- 

People s Action Party at Ihe the state governments and ClG3rS lUirfllfi' • •! a i ally because amtiysts are not sure 

parhamemary budget debate, sections of ihe business com- UU1U1C rPtlOliPfl W the Fed will behave under 

are aimed at making the rich munitv, Mr. Fraser is adamant m l^rinOTP^^l vPAl UUijijlfiViJ A Ivll lls.new chairman, Mr. William 

® nd *|l e Poor poorer and that the federal Government will “■ Ml J.f r ' 

nesatln? tne fundamental slic k firmlv tn its present policy , BY OUR OWN CORRESPONDENT WASHINGTON. May 4. „ What seems more likely is toat 

principle of socialism. ii ne with further rr-duction in in- By John Wyles the Fed will raise its discount 

,m?Ii l i r 2 y a u ,<fr ^ e . bud2et w L as flatten and wages growtb as the NFW YORK. Mav 4 THE U ' 5 ' a . nd th o Soviet Union missile fleet, thought to number rate from the current 61 per 

unveiled. Hon Sui Sen. (he primary objective* NEW YORK.. May 4. were reported to-day to have about 2,500 while the U-S. would cent, not only lo signal its endur- 

Finance Minister announced that The Government is already THE CARTER Administration's reached a tentative compromise have to make no overall cuts, tog concern about inflation but 

he was considering abolishing i nto the prelimioarv stages of nlan for rescuing New York City which would limii both sides to Under toe 1974 Vladivostok also because there are signs' that 

lax- free interest on accounts at planning the 197S-79 budget lo From bankruptcy has cleared its|a ..-citing or 2^.50 missiles and Agreement, both sides accepted Fed members are beton/iin-’ to 

I hi> Cnvprnnipnl.nnar,ic^ r‘ a, M “ S 111 IC-I-5-IO r^nraccinn-.l hnrHIa Iw.mhxrc until lOftS -> ■’ A/VI rallm. -j - *- u 


sharpness of the upward jolt it 
has given to short-term interest 
rates — the authorities will hesi- 

Tentative SALT accord ST 

• j -a J'Hy because analysts are not sure 

on missiles reported ffl.si.'sr’WBS 

Miller. 

BY OUR OWN CORRESPONDENT WASHINGTON. May 4. , What seems more likely is that 

toe Fed will raise its discount 

THE U.5. and the Soviet Union missile fleet, thought to number rate from the current 6i per 
were reported to-day to have about 2.500 while the US. would cent, not only to signal its endur- 


■iv with ihe hi" cert concession* Lee Kuan Yew tax-free interest on accounts at planning the 197S-7B budget, lo From bankruptcy has cleared its|a ..-citing of 2 50 missiles and Agreement, both sides accepted Fed members are beeinhln" to 

ill ihu;J to Ihehtehcst toe Government-operated Post gip?4sf med in SL Aaord- major Congressional hurdle Ik. m hers until 1985. a 2.400 ceiling. In the spring of ! Uke advantaee of the cheap 

r.r-.nt..t l0 olrnte» ihe 1 enuivatent lareest forei-’o invertor in 0fi,cc Sav,n v» Bank - Bu t it is inet? authoritative sources to and won 3 32-to-S vote of The New Ynrfc Times reported last year, in the opening shot of money available at toe discount 
,f more than S 15.200 per vear. Singapore. " ' £*55” th3 ' ma f. in S Canberra, the Prim 7 Minister has approval by the House Banking to^ay that the VS. had indi- toe renewed strategic arms talks, window. Borrowings by member 

Th»v?°.hniuh the til ner rent tax Bv attemptin'’ to rtimubte ban ^ J d «P osits ,e ^ s attractive, aepeDted thp -« limn tto n nf a 6 5 Committee. .... cated it was prepared to accept President Carter proposed a banks at the Fed averaged 

MPilal ioto ^ vS e jsswssf k x ssstss^s aus*" *“ - a"iv;u ra s d 

”5»V sit.., L b. r n, i ci n « a, S.wT'&S Th n e aI L fi .e“,'i al t b s o w bud g o.»r, gsS“^,£ r t0 15 wi JX S ESwSXS-od’ A «-° rdin * to 015 N ™ ^ S 1 /'^ "j 3 nH”" 8 ’ """ 

generated fixed investment, and may be aeekuc to cuihipn itself SoS^ Ud ,n thn SnS^S problem, however, was illustrated "yJSSi” ’r!I 'ZJ S iSS„ n u S2S t Times, both sides are confident ^e week_of October 19, last 


concessions on warehousing ana holder^ would be affected nnlv iasi luuatu wnen senior ittiiuswrs i hp mainHtv was Iarirer than sutweirmo of 1 °nfl nn mat agreement dd moaermsaiion -«‘«wniss werr 

technical servicing and Export foreign investment difficulties. r n that the? would lose an examined the first preliminary majoniy was larger than of 1J0 on toe can be reached by negotiators especially heavy because of the 

promotion activities abroad. The other major part of the ° pSln &hStSt ending bids from departments. obstacle t0 congres . 35 bw multiple ffd withln tfae ne7rt few weeks. This the 

One objective of these ff S?'? 1 ' f'I'f.f In aSto sisniBant move, Oo these .flsnres, there ™>W sio T n “J Approval for the releS OTRVs). The newspaper said 5'. 0ul ? U,e0 ,. 5et m tlad 10 el,ra,nate - 

measures is to make Singapore that the volume of exports the Government earlier this vear ^tu-een income ahd expenditure aIri nl " rpffla i ns senator that u MMV mlin onto,, direct meeting between Presi- 

more attractive to foreign bust- tai m « npitf hr. But toe com- announced its decision to convert ofSA 6.8bn. Wtiliam ProSe. Democratic Into 3 pact along these lines dd ? te a t nd 7T R Krp ,„ c 

ness, both financial and man^ jjf^proieeliaiiijm. t h e Sraie-run bus company. Sin- T ^,f-’ ap wa ? . c ™ attd 1 # es i!?*J ^, e chairman of the Senate Banking IF verified, the outstanding t0 d ^ Wlth 11,6 U.S. COMPAPfi NEWS 

factoring. But toe incentives for growin tompeution from such Hap0 re Bus Service, into a pub- spending ambitions of Govern- committee. Both Senator Prox- differences to the strategic arms backfire issue. -■ - 

local investors and exporters <-0u™ r ‘ e!> ** Sotith Korea and lie company through a share went, depa F t,1,en 15 ^ mire and the Committee’s senior limitations talks (SALT) would Any SALT agreement requires LTV W* first quarter loss? 

may. in the long run. be their Tai Jn. and the Possible to » issue in which subscribers would Re P uhlican - Senator Edward be appreciably reduced by this ratification by the U.S. Senate— General Dynamics ahead; Heinz 


, | ■ > ■■■ »#uiu - - - - — - - _ iitpuwiiv.au. jci.a.ui «iitiuu ue apui irtiduiv reuuica oy (1113 ranneauon uy 

most important feature. S™r«™? era ' rem f cb .®J nc on be permitted to use their Central Frasers tax-cutting of the past Brooke, are publicly uncon- settlement. Still to be reached a doubtful pre 

Singapore's formula fnr econo- r reie: lemes (UbiM tariff com-vs. Provident Fund fCPFl savings. <•» > ears - vinced of the need for giving arc agreements on the use of Administration 

mie growth has been based s „ a ; ' . , yn ca H* e » or The CPF is a compulsnrj- Gov- In the current year, the Gov- New York a continuing federal toe Soviet Backfire bomber and to believe that 

iareelv on creating an attractive anxicti- ine export promotion ernmeT tt pension scheme and. eminent is likely to incur a prop. -- *• - — — ■ — - ... •• 


on the modernisation of exist- overall 


environment for foreign com- concessions revealed in the until now. the use of savings has deficit, for much toe same Determined lobbying is under- mg missile forces. bomber strength will improve, 

names to invest, hut for the past budget include incentives fnr been restricted to the purchase reasons, of close to SA3bn. way to try to win the backing of The 2550 ceiling would re- the chances of Congressional 

.■ears foreign investment Singapore companies opening of flats in public housing develop- instead of the $A2.2bn. it had at least eight of the 15 members quire the Soviet Union to retire approval. But that may turn out 

;n adversely affected by sales oibces overseas and attend- meats. planocd. of the Senate Committee. some of its current bomber and to be unduly optimistic. 


il prospect at present.! in agreed bid for Weight 

a ‘ L ‘ on . a ^ e s k}d Watchers international — Page 

that the reduction in 1 31 
Soviet missile and 


Hrewlit Tiuis. puftUOied diitv e*c tn Slid- 
*y» and UoIhIhiv. U.S. jutacriMirm S2M.W 
(air trelpCil Si6f» W i*lr mnU> per annua. 
Second ilnss otou ne tun I ■: Sew Vurfc. N.Y. 






Si . W; 

j-« Hl >»; 

- 

'■ ■*•■-1 u «• 

,l *' • By John Wyles 

■--• li', 1 :' NEW YORK, May 4. 

1 jy SALES OK. imported cars* m Ihe 
'* l! .S. appear to have been hit in 
April by price increases Forced 
• : .V -- lliw year by the decline of the 
s .i. r “ ’■ dollar in foreign exchange mar- 

kclS. 

. Last month’s fall in imported 
car sales from 206,000 a year 
ago to 179.500 was the first time 
imports fell below their year 
earlier volume since August. 
- lQTfi. Of the top four im Dorters* 
—Toyota, Datsun, Honda and 
Volkswagen— only Honda was 
. ■ able lo increase sales. 

The significance of the fall is 
highlighted by the Tact that total 
April car sales were the highest 
monthly aggregate since the 
. boom year uf 1973. A 9.2 per 

eenl. increase in home-produced 
car sales helped to return a 
• seasonally adjusted annual rate 
. of sales of 12.5m. compared to 

■ 11 . Sin. last month and 11.61m a 
year ago. 

The sales survey rettecls a 
post-winter recovery from the 

■ November - February period 
when deliveries from, dealers 
fell hy 200,000 on the compar- 
able period the year before, i 
However, few analysts are revis- 1 
ing upward their projections of 1 
a ^year-end total of between 
Hi.7m.-llm. because it suspected 
that the latest figures point to 
a substantial “ borrow " from 
future sales. 

Consumer confidence surveys 
indicate that many purchases 
are being made in anticipation 
.. uf future price increases stem- 
ming from the U_S. inflation rate, 
which the Carter Administration 
says is running at an under- 
lying 62-7 per cent. 

U.S. manufacturers are none 

.... the less drawing considerable 

satisfaction from the April sales, 
achieved on a 25-day selling 
} 1 ? r * ?» l'»?riod compared with 26 days 
I m>|H 2 \laKt year. Imports' market share 
.fell tn 17.6 per cent from 17.9 
I per rent, in March, while each 

; V or the four domestic producers 

V in* Teased sales. 

As n group they sold 862,940 
, } . .. cars, compared to 821,969 a year 
ssN£. S 3 ’°- General Motors' sales were 
up 9.6 per cent.. Ford 4.6 per 
com.. Chrysler 17.8 per cent., and 
| American Motors 11.7 per cent. 

* Details are not available yet, 

but principal sales gains are 
likely to have been registered 

hy the medium and small cars, 
which win benefit from the in - 
rreasing cost of import models. 
• General Motors (GM) is being 
investigated hy the Justice 
Department for possible criminal 
vii’lnliims of Environmental Pro- 
tection Agency (EPAj proce- 
dure-. The EPA has been in- 
vestigating 'whether cars sub- 
mitted hy GM for testing for 
pullmiun standards were 
specially selected or purpose- 
built. GJIf has filed a suit against 
the EPA challenging its right to 
.'(induct spot tests On vehicles 
coming off assembly lines. 

O Chrysler is recalling 1.2m. of 
its Plymouth Vo lure and Dodge 
Aspen ears hecause of possible 
cifcty hazards, the fourth lime 
>n six months that the curs have 
aren recalled for checks, 
"hrysler has also recalled two 
iiths or Omni and Horizon cars 
■i'll! since their launch at the 
•i.irt of the year- 


SesM Car Ja Pan expected to supply 

China with TV tube plant 


BT CHARLES SMITH 

JAPAN IS almost certain to 
supply China with a colour TV 
tube manufacturing plant as the 
second major project to be 
I completed under the recently 
signed eight-year trade agree- 
! mcnt between the two countries. 

This became clear to-day 
| when Hitachi, one of three 
potential suppliers of the plant, 
, revealea that u nad been con- 
ducting talks with China. Two 
i other Japanese companies, 
Matsushita Electric and Toshiba, 
are also competing for the 
project but Ch J na is said not 
; u> be bokina ai nryposals from 
Euvjoa or the U.S. 

The decision to concentrate 
on Japan is described as a 
*■ political ” one arising out of 
the fact that the eight-year 
S20bn. trade agreement between 
the two countries creates a 
framework within which 
Japanese sales of industrial 
plants cun be financed out lI 
the proceeds of Chinese exports 
of raw materials. 

The Chinese TV tune plant 
would have a caparty of 600.000 
tubes per year, according to 
news agency reports on which 
Hitachi would not comment. It 
would cost about Yen 30bn. 
($132m.) and China seems to 
be in a hurry for work to start 
as soon as possible. If work 

begins this summer, as the 

Chinese are :nid to want, the 

plant could probably go into 

production in 1SS0. 

The Chinese plant will produce 
PAL system tubes of the kind 
used for TV broadcasting in the 
U.K. and West Germany (and 
adopted by China for its domes- 
tic broadcasting system). Hitachi 


says that the export of the plant 
would be covered by its basic 
licence with AEG Telefunken for 
the use of PAL technology. 
Licensing problems could arise, 
however, if China planned to 
export TV seats containing PAL 
system tubes. 

Hitachi and Toshiba are 
Japan's two top manufacturers 
of TV tubes with Hitachi’s out- 
put estimated at some 4m. tubes 
per year and Toshiba’s somewhat 
higher. Both companies sell 
tubes to other TV manufac- 
turers. unlike Matsushita whose 
production is geared, entirely to 
its requirements. 

Neither Hitachi nor. any other 


TOKYO. May 4. 

manufacturer seems prepared to 
discuss details of its negotiations 
with China at present but it is 
understood that the plan will be 
built on a turn-key basis and that 
the contract will be awarded to 
one of the three competing com- 
panies, not to a consortium. 

News of the TV * to be project 
follows confirmation that Nippon 
Steel and other Japanese steel 
manufacturers will be involved 
with a Chinese plan to build an 
integrated steel plant on a water- 
front site near Shanghai. Apart 
from these two major projects 
China is known to be planning 
to buy a series of other plants 
from Japan. 


Brazilians to offer iron ore 


BY DIANA SMITH 

A HIGH-LEVEL Brazilian trade 
mission will soon leave for China, 
offering a package that includes 
10m. tonnes of iron ore, eventu- 
ally rising to 20m. tonnes, 500.000 
tonnes a year of pig iron, sugar, 
soya and manufactured products. 

Contacts have been made 
between Brazilian and Chinese 
officials and Companhai Vale do 
Rio Doc* fCVRD), Brazil's state- 
run mining conglomerate, 
appears confident that the iron 
ore deal will succeed. Part of the 
ore would go to tbe new Shanghai 
steel works, being built under 
Nippon Steel supervision, and 
part to the An-Chan works. 

China expects Brazil to buy oil, 
fertilisers, chemicals and phar- 
maceutical products and 


RIO DE JANEIRO, May 4. 
especially coal from Fun-Chum, 
which the Chinese plan to 
extract at 100m. tonnes a year. 

China is seen as an essential 
outlet for Brazilian pig iron. Tbe 
industry has a 2.7ro. tonne annual 
capacity and a surplus of more 
than lm. tonnes this year because 
of the EEC's 300.000 tonne quota. 

• A four-iuember trade team 
representing leading engineering 
companies here left for China to 
attend the Canton Trade Fair, 
our New Delhi correspondent 
writes. 

The team will also transact 
business in areas where the 
Chinese indicated interest during 
their visit to the second Indian 
Engineering Trade Fair last 
February. 


UNCTAD urges action Japanese 
to curb multinationals chartered 

GENEVA, May 4. - • 

REPORT by the United that “action needs to be taken Til 51 VI 

ations Conference on Trade and to limit the ways in which r lwI 


A REPORT by the United 
Nations Conference on Trade and 
Development (UNCTAD) calls 
for action to limit what it called 
restrictive business practices by 
multinational companies aimed 
at controlling marketing and 
distribution. 

The report, by the UNCTAD 
Secretariat published here, says 
the devices used by multi- 
nationals ranged from price fix- 
ing to to Lai control of trade 
channels. 

The secretariat proposes action 
by industrialised and developing 
countries to monitor prices, deals* 
takeovers, cartels and . market- 
sharing arrangements by multi- 
national corporations. ..It adds 


GENEVA, May 4. 
that “ action needs to be taken 
to limit the ways in which 
patents and trademarks may be 
used for regulating imports and 
exports and so isolating markets 
and maintaining high prices.** 

The report, said the grip of 
multinational companies on-world 
marketing and distribution chan- 
nels had an even greater impact 
on third world economies than 
their much criticised investment 
and production policies. 

It suggests that developing 
countries could set up their own 
import and export trading houses 
and establish direct marketing 
outlets in principal foreign, 
markets. 

Reuter " . - 


More U.K. exports using 
f oreign-currtency invoices 


riiird world in 
.’omponents drive 

Mm or component _ manufact- 
urers from the (bird world 
outline* arc stepping up- their 
irons to begin exporting to 
.urnpe. Among producers sbow- 
i 4 at the Sirov components’ 
xhibitinn at Geneva, which will 
un from May 23 to 26, are com- 
ities based in India, Morocco, 
(exico. Tunisia. Turkey, Yugo- 
avia and Israel, our Motor 
ulustry Correspondent writes. 
The Shew exhibition, now vir- 
Killy established as the premier 
mtor components show _ in i 
mope, will have 12,000 exhibi-j 
•rs‘ stands. 

rlcxico pulls out 

■.-Mi-ii lias withdrawn from two 
iiminmin prnjctis involving 
itnaii-a and Venezuela. AP-DJ 
•ports from Kingston, Jamaica, 
inuica. in serious financial 
/lieu /ties', had invested nearly 
Lsm. in one project. 


FINANCIAL /iMES REPORTER 

BY MAY las/ year the propor- 
tion or United Kingdom exports 
invoiced in foreign currency had 
risen to 30 per cent, of the total, 
in value teyms, from 27 per cent, 
some six months earlier, accord- 
ing lo a rjfndom survey of export 
.shipments conducted hy the 
Department of Industry. 

The rise was mainly due to 
an increase of invoicing in 
United States dollars, which 
accounted for 14 per cent, of 
the total compared with 12 per 
cent sLx months earlier and 
S per cent, in April, 1976. Some 
45 per cent of total U.K. exports 
to North America were invoiced 
In dollars, a slight drop on six- 
months earlier, when the propor- 
tion was 49 per cent, but con- 
siderably higher than the 30 per 
cent a year earlier. 

As much as 16 per cent, of 
total exports to the EEC and 
22 per cent, of exports to the 
rest of Western Europe were 
financed in dollars and 26 per 
cent, of exports to Japan, con- 
firming the widespread use of 
the U.S. dollar as an invoicing 
currency. 

The increasing tendency ^to in- 
voice exports to the EEC and 


other West European markets iXi 
currencies other than sterling — } 
either in dollars or the buyer's 
own currency — is also home out 
by the survey. Foreign currency 
financing accounted for 37 peri 
cent, and 33 per cent, respect- 
ively of total U.K. exports to 1 
those markets, compared with 31 , 
per cent, and 19 per cent, re- 
spectively six months earlier and 
21 per cent and 16 per cent in 
April 1976. 

Tbe survey also indicates that 
foreign currency invoicing is 
more widespread among large 
exporters (exporting over£25m.). 
accounting for 40 per cent, of 
total exports, and for the bigger 
transactions (£250.000 and over) 
where 45 per cent of the total 
were invoiced in foreign cur- 
rency. 

The survey includes a break- 
down by commodity grouping, 
showing that foreign currency 
invoicing is used most widely 
for exports of ftiels and basic 
materials (58 per cent.), chemi- 
cals (48 per cent.) and metals 
and metal products (41 per 
cent), but points out that that 
may mainly reflect the market 
pattern of exports. 


Japanese shipping lines may 
import about 40 ships worth an 
estimated SSOOm. under the 
emergency import programme 
adopted by the Government last 
montb to cut Japan's trade 
surplus, tbe Japan Shipowners 
Association told Reuter in Tokyo. 

The programme enables the 
Government to lend dollars from 
its external reserves to the lines 
for importing “ Shikumisen ” 
ships — vessels built and chartered 
to them by their owners sub- 
sidiaries or affiliates, it said. This 
allow them to * borrow dollars 
through the Export-Import Bank 
of Japan at 5 to 6 per cent, per 
annum for ten years to import 
the ships, for which they are pay- 
ing charterages based on interest 
rates of about 10 per cent., tbe 
association added. 

Trilateral meeting 
over Siberian gas 

Japan, the Soviet Union and 
Sthe United States are to meet in 
Tokyo on May 24 to 27 to com- 
1 plele plans for a S4.1bn. East 
Siberia natural gas development 
projpcL AP-DJ reports from 
Tokyo. 

Japan and tbe United States 
would each receive an estimated 
lObn. cubic metres of natural 
gas a year for 25 years, starting 
in 1983, from reserves near 
Yakutsk. 

Petrochemical plan 

Japan and Singapore are deter- 
mined to launch their petro- 
chemical project as planned on 
an island off Singapore despite 
doubts over the economic 
viability of tbe joint venture, 
according to Toshio Konoto, 
Japanese Minister of Inter- 
national Trade and Industry, 
Reuter reports from Singapore. 

Molins machine sale 

Molins. the international preci- 
sion engineering company, has 
won an order for cigarette filter 
machinery worth about £1.25m. 
from Japan. 


Signs of a business upturn in Dubai 


BY CELIA MAY 


4 ERE IS a feeling of cautious 
■truism in Dubai that the 

niiuniii* tide may have turned 
ler the gloom or the past l. 
■Hiths. Bankers say they detect 
creasing business activity while 
1 1 vi tv at Port Rashid, where in 
ircli* a record number of con- 
huts was handled, could herald 
u pi urn in trade. 

Last vc.tr businessmen in Uw 
iiirair, accustomed for the past 
n-,. Mv.rs ti. a Umt economic 
■irih rate that seemed destined 
i-i i ill in uc f ,,r ever, had a shock 
ii*ii tin* homn in PWPfJg 
;i j'% i* tided and ihe United 
Emirates Currency Board- 
i.isinu i<t art as lender of last 
-ni. .illuwed the closure of me 
r. batiks which were inusi 
■■ titled in property loa Pf - JJ® 
Man Aral. Bank and the 

i.tia Bank- . 

he lightening of credit corn- 
led with uncertainties over 
Midim* by the UAE federal 
rernmcni. which is playing 
Teasing I y important economic 
o in Dubai as more and more 
Hip Km i rale’s own mcome 
un oil (though! to amount to 
• but sum. a year) Is absorbed 
. paving fur projects already 
fcmv. in debt servicing and 
teem n ot expeiiditiirt*. 

Ax business »Uiwed do«n. 

companies whim nna 
ltfih-d un the Ihmiiii continuing 
’ -4h.'it|nf|{ huge xfoeJiX on rutin. 
Sfri ihe.iticlves uinble *« ™ LVl 
oh! i;.m nous i» ibelr bankers. 

mm up in port codowns 
fj in w.uciiouM's hi the 
to Ihv price ut iuaii>' commodi- 


ties plummeted because of glut 

conditions. A number of smaller 
companies went bankrupt, and 
many speculators had their 
fingers burnt. . . 

The decline jn the value of the 
dollar added to the problems of 
some companies, especially those 
which, like the importers of Japa- 
nese cars, were also affected oy 
the rise in the yen. Japanese car 
dealers have bad the dilemma 
nf deciding whether to keep 
pricts- down in order lo remain 
competitive hut suffer smaller 
profits, or raise prices and sell 
fewer cars. 

Yet even though last year is 
regarded as, at best a year of 
consolidation. Dubai s imports 
still increased by nearly a third 
over those of tbe previous year. 
reaching about »bn* Brit ^“ 
with sales of £-64^m M was 
second to Japan among the 
Emirate's leading suppliers. 

The current upturn in business 
probably stems in part from ^ 
effect of 

expenditure in the Emirate, 
fnilnwirts the resolution last 
summer 8 of differences between 
ihe Emirates over the 
budget This years federal 
budget has not yet been vu* 
j.ched The Currency Board has 
■■No eased credit restrictions, 
which should lead lo the injection 
the UAE economy. 

C ' thSugh construction 

cranes are active in Dubai and 
Sere is a healthy bustle anion 
ihe dhows lining the CreeK 

which are engaged >n 'SSsiaess- 
shipment trade, few busmen 


men here expect the boom con- 
ditions of the first three years 
after the 1973-74 oil price rise 
to return. 

Much of the basic infrastruc- 
ture of the Emirate was built in 
that period and tbe two major 
construction projects in Dubai 
are nearing completion. The dry 
dock, which will be capable of 
taking tankers of up to lm. tons 
dwt. (of which none has been 
built), is nearing completion, as 
is the extension of Port Rashid 
to provide an extra 22 berths. 

However, development is pro- 
ceeding 17 miles down the coast 
at Jebel AJi where a port and 
industrial complex is now in its 
second year oF construction. It 
is still said officially that the port 
wi/1 have 74 berths, though it 
appears increasingly likely that 
this figure will be reduced. 

The plan for an airport there 
has been quietly dropped. 
Dubai's al umi nium smelter, LPG 
plant and aluminium extrusion 
plant are under construction 
there, and the Emirate is look- 
ing to . these to supplement its 
revenue from oil and its well 
established entrepot trade with 
Iran. Saadi Arabia and the 
Indian subcontinent, on which 
it built its fortunes before oil 
was discovered. 

One illustration of the optimism 
or local businessmen is the fact 
that a new English language 
newspaper has just opened here 
and another is expected to follow 
within a few months. Some 
people have pointed out that this 
seems to be repeating the pattern 


of duplication of good ideas. 

For the consumer, however, 
duplication makes life much 
better. The hotel building boom 
over tbe past three years has 
ended the previous critical short- 
age of hotel rooms and it is now 
easy to get a reservation. In the 
past three months the 368-room 
Hilton has opened in Dubai, and 
in nearby Sharjah a 115-room 
Holiday Inn and a 250-room 
Meridien have opened. Another 
example of duplication is the 
fact that four football stadiums 
are being built or are about to 
open in Dubai. 

Internationa] companies are 
still moving into Dubai, often tn 
use it as a base for operations 
in the Middle East or the Gulf. 
Good communications and an 
open attitude to business make 
it a suitable choice. But over- 
heads are still high. Despite a 
good supply of property, rents 
for expatriate homes have not 
fallen significantly (except in 
Sharjah, where the number of 
empty buildings has almost pro- 
duced the air of a ghost town). 
It Still costs about £17,000 to 
rent an unfurnished villa in the 
fashionable Dubai district of 
Jumairah. 

However, with the departure 
of so many construction workers 
at the end of their contracts, 
rents may start lo fall at the 
lower end of the market. The 
decline in construction employ- 
ment has had one striking effect: 
for the first time in years Dubai' 
airport Is reporting more 
departures than arrivals. 



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Financial Times Friday May 5 1978 





Enterprise Board supports 
Rolls engine for Boeings 


sale probe 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Amoco group 
in participation 
agreement 


BY RAY DAFTER. ENERGY CORRESPONDENT 


Societies 

discount 

‘house 

price 

explosion 9 


THE National Enterprise Board, might came from collaborating British Airways has expressed offered big opportunities for « | ft Tift ft-* 

which owns Rolls-Royce on on a European programme. interest in the 757, with the 535 British industry that rarely Awv 

behalf of the Government, has The go-ahead for full-scale engine, and is regarded by occurred, but they did not have BY bay dafth emebcy cobrespondenT 

amiroved Rolls’ lone term development of the 535 iwhieb Boeing as a possible “launching to he mutually exclusive with BT *** DAFTER, ENERGY CORRfcSPONDtm -a • * 

By John Brennan, c „ n „ n ri C would be likely to cost more customer" for the aircraft. the programmes now beinc ^V^liTl€Sl#¥S1r 

Property Correspondent SS de!3Sminflif the new 535 than £200m - over next five Boeing bus offered the U.K. mooted on the Continent. AMOCO EXPLORATION group’s rose Field, a medium-sized find CA 

version of the IffiSll enaSe for years) had # £ in t0 be siven aerospace industry participation One of the European projects hopes for new North Sea licences with an estimated 150m. barre.s MT 

T l£e nronosed new fLmiW lh ° u S*- U“ s «™*M depend i„ ihe dlsign dEVelopmsnt and under shidv is the Airbus Indus- were raised yesterday sfter sign- of recoverable reserves. Peak 

i uf^Boeimf lets P Rw a 7 dlilSsed on w,nDin S markets for the manufacture of the 757 up 10 tne 200-seat B-10 version of the ing a State participation deal production of about 50,000 By Michael Cassell. 

Alfred Herbert, the Mate-owned «f £%J i »C!SKr eQ S» ne - about 40 oer cent of the air- A-300 . Airbus. Another is the with the Energy Department and barrels a day is expected to be | 

machine-tool y.unp, are mvesu- - L £c presented T * , framL. or more. depending in proposed Joint European Trans- British National Oil Corporation, reached later this year. Build,ns ^ 

fho Boards r^nnrts a nriarrnnnts Interest negotiation port (or JET > in various versions The group was left out of the Interests in Montrose, which 

5 London pte d „ „ D . , .. Mr E H Rm.iimun oresident from 130 To 163 Mal5 - No fiflb reUad oF licences last. year ties in blocks 22/17 and THE BUILDING societies y es . 

in i. oo Rolls-Royce is already working ■ - ff i0u l0un .'i p [ffii decisions on these have been because of Amoco’s reluctance to are: Amoco t30.77 per cent.); lerday attacked what they 


"alms l he events surrounding chairman, when he presented T„+a P o C + 
l.i>t year's- £1.2m. sale and lease- the Board’s reports and accounts interest 

hack »«f ils Coventry offices, «o London. Rolls-Royce is already workin_ . . 

Dray wood House. Sir Leslie said that. while the with Boeing to get the 535 Boeing’s Commercial Airplane ta j- eru 


By Michael Cassell. 
Building Correspondent 


attacked 


The investigation is mentioned Enterprise Board did not want designated as the “ lead engine 
in the .-;iu t.e men i by Sir John to see Rolls-Royce tied exclu- in the Boeing 757 programme. ' 
Buckley, chair man. with Her- .sivcly to either a U.S. or a could also be used in anotht 
hurt's annual accounts, published European market, it neverthe- of Boeing's new jets, th 


i* visiting Britain soon other engines believed to be agreement. 


sign an outline participation British Gas (30.77 per cent): described as “alarmist*' report* 


mu uui w jin ueu^uuicu cugiuc "~v-— j “ f- uuner engines oenevea to ue agreement. Amerada ness iza.ua per cent.,. 

SC tied exclu- in the Boeing 757 programme. It 55““, b,s proposals with included in the long-term Rolls- months of negotiations and Texas Eastern (15.38 per 

3 U.S. or a could also be used in another Mr E rlc Varley. Industry Secre- Royce development plao are the however Amoco and s t^o Jem.). 

. it neverthe- of Boeing's new jets, the RB-401. an engine of about 5,500 privat^interSt partners — British National Oil has now 


Amerada Hess (23.0S per cent.): of sharply rising buuse prices, 
and Texas Eastern (15.38 per At . cordmg l0 the Building 
ojVi-i. rm w Societies Association. house 


nhurtiy after ihe acquisition that 
•m intermediary had made a Mg- 1 
nificant profit. i 

•‘Preliminary investigations in 
Jut:- and August 19n indicated 
that a falter and detailed investi- 
gation was necessary into the 
'thole of the circumstances sur- 
rounding the acquisition: this 
iiHesiigdiiiin has necessarily 
taken snuie time and is still in 
jirogre-ss." 

In July last year Herbert 
hough; Dray wood House from 
Sherwood Securities fur £1.2m.. 
and resold ii :n a near Clni. profit 
!•> South Yorkshire County 
Council. 

The investigation concerns the 
initial purchase, which was 
through an intermediary com- 
pany. not Sherwood directly. 
Th'- intermediary. Kingsbridye 
Advances, is believed to have 
made a ?223.0IW profit on its sec- 
rim uf I ho deal. 

Sir John said yesiordav that 
Herbert's lavwem. Pin. sent and I 
i'u. of Ri rm inch a in. had been 
a-ked to invest isate as the 
p.u;>rcl was " anxious not in take 
up i on ioiii'h lime on this irritat- 
ing sulc-is.-uc.” 

Hopes brighten 
slightly 

for Wheal Jane 

By Paul Cheese right 
THE PROSPECTS for averting 
ibe rapid closure of the Wheal 
J.*ne tin nunc tu Cornwall 
brightened slightly yesterday 
when- it became known that the 
immediate threat uf Hooding had 
receded. ; 

The vnin»? becomes liable in \ 
flooding iT l lie pumps at the 
neighbouring .Mount Wellington 
mine dup working. It was the 
ini-nnun uf Cornwall Tin and 
Mining, the owner, lo stop Lite 
pumps ihis morning, but It has 
Agreed In delay while the | 
Gm eminent continues talks: 



Roads move 
could end 
Liverpool 
land blight 

By Rhys David 

LARGE AREAS of land encircling 
the centre of Liverpool are likely , 
to be freed from planning blight - 
as the result of a decision by the I 
Government to back revised road , 
plans put forward by the Mersey- 
side County Council. 

The new scheme for an inner 
ring road replaces a much more 
grandiose, plan put forward 12 
years ago which had the effect of 
preventing development over an 
area of nearly 300 acres. 


~ O . nt»r cent. Of the held S output al inujviuuai ijs« ui 5uu3ijihihi 

pames with commercial North mur k et price it will sell back a price rises had been seen as 

S ?omna , |£s? U hJvP deaL certain ^proportion of this tn typical, the association claimed, 

signed full Anwc® to Protect the latter's and had tended lo distort the 

meats giving the State an option ^ K - refiner >' interests. roa 51 ua on - 

to buy up to 51 per cent of their Amoco, on the other hand, has The association s comments, 
crude production. accepted Stale participation in all made in the latest issue of its 

In the case of the Amoco of its other commercial interests quarterly bulletin, contain no 
group, however, the State oil cor- (including probably the North direct references tu the cut in 
poration wilt have the right to West Hutton, and Hutton dis- mortgage tending imposed by 
buy up to only 29.2 per cent, of covenesi granted under pre-fifth the Government when it became 
the oil production. This is he- round licences. concerned over rising house 

cause the group already has a Amoco, which is expected lo price trends. 

State-owned partner in British bid for new licences in the six; ii Qn {h evidcncc of fl?ures 

Gas. round later this year, said last av ait-ihlp nrieps in onnernl in 

The deal signed yesterday night that negotiations had been a h t * n P uarler 0 f ^is year 
relates principally to the Mont- caried through amicably. were about 3 per cent higSl 

than in the last three months of 


to "be” freed’ f rom’pTanning blight I HCIlKI^AC pllipf In February, new house prices 

as the result of a decision by the JLJV' y JlClilU lMCV»AJU.V/vjP ^JIUL^/JL were over 15 per cent, higher 
Government to back revised road v than a year earlier while the 

plans put forward by the Mersey- average for all types of proper- 

i„„ er of foundries sector - bv 3 muc nv " 9 

ring road replaces a much more IvFltUUl iViJ 

grandiose plan put forward 12 Record lending 

years ago which had the effect of by TERRY DODSWOftTH T . „ r . . 

preventing development over an The ralc nf , l,s V P r <ce in- 
area of nearly 300 acres creases was accelerating, but it 

The old scheme For which BRITISH LEYLAND has ap- product planning and engineer- could not. the societies empha- 
Parliamentary powers were pointed Mr. Don Rutherford, lng for the restructured British sise, be termed an " explo.siun." 
obtained bv Liverpool Corpora- formerly one of Ford's leading Leyland's cars division were also The assocJm jon disputes that 
cortm* cuckrM Uon. would have involved an foundry managers as managing announced yesterday. there has been a reduced supply 

CuM elevated road which, with slip to™*”*' ° t f ^ h St ! f I°“ n,iri “ dlvls,0 1 n : v “ r ' Alan Edu. 33, will be of houses nn the markeL p J jnl . 

t . roads at junctions, would have a K^ y ^5 r *Sl d business and product planning jnR out S0C i et]es jjavc been 

been 14 lanes Wlde 10 P lace s. f ns ' ne l r hi)fl, dS KMii? e ?ho er 'rS f dlT . eclor u U I , -Rover- | en ding at record levels. 

STBs II I- 1 itnofvrtiinrv nuwri hv this teani which bul It the Thames Triumph and he will be on _ . . . , 

II1PLV K hSo? recojtnSed aa mlt Sundry at Dagenham, the the Board of that company. Demand had simply out- 

of scale with the needs of the ]n r ^wr)‘ n W a. ul ^,an a ppr The dircct o r of vehicle engi- houses available had been sold 

and commerce and a flag day area _h a s been blamed for driv- “ neering. Mr. John Lloyd. 54. more *mlck v 

will he held next Tuesday. ing small businesses away from w M 8 mM« U Sr moves over tn become product " 

Na.ional Westmlnsler „ ~ R — pr^ld ntS K"lS,rS"S 

meeting the costs or the d , cuU t0 attract Yorkshire Foundries, Welling- Tr ' umph o , 4n were rising because so many 

appeal, and the bank's band rjn,- nnvemnipnt is tn pivp borou g h - and Beans Foundries, Bay Bates. 4S. at present first-time purchasers were seek- 

-pictured with Mr. Robin £150 000 towards the £200 000 whi ^ makes both iron and alu- director of component engineer- ing to enter the owner-occupied 

LeJgh-Pem bertou, appeal com- 2d dS? co^ in°i^ *" ^ T’ 

mittee chairman— has made a 70 of a much smaller scheme wi „ also involvfr ,- ntro . Austin/Morris. And Mark Snow- >t5S S r 11 mhSL sn.-tr**® 

record lo raise funds. based on dual, two-lane carriage- ducina a number of new projects, don, now staff director of car ! 


BY TERRY DODSWORTH 


Appeal starts on right note 


The National Westminster 
Bank's jaa. band yesterday 
helped launch an appeal Tor 
the benefit of mental health. 
Sir Peter Vannoek, Lord Mayor 
of London, has chosen the 
cause as his appeal for 1978 
and it Is hoped lo rata £2 Am. 

The money will extend the 
work of two leading charities. 


The Mental Health Foundation 
and MIND, the National Asso- 
ciation for Mental Health. 

The Lord Mayor opened the 
campaign as president at the 
Mansion House in the City of 
London. Already over £250,000 
has been promised for Ihe 
appeal, which will take Ihe 
form of approaches lo industry 


aica— u.aiueu io* foum j ry engineering in Europe UC * :,JU5 ' , more quickly. 

mg small businesses away from „.:ii J,Lz! moves over tn become product . . ' ‘ 

the city centre and making it ““ ' P SS-f w«i eosineerlng director of Rover- Nor hart first-time buyers heen 

much more difficult to attract Triumph. P"£! d "“ l ' ,f n,arket * PriC “ 


new enterprises Yorkshire Foundries, Welling- ^ were rising because so many 

Tho Gnvernmpnt iv tn eiv* borou g h ’ and Beans Foundries. Bay Bates. 48. at present first-time purchasers were see k- 

li Jnn toward* ^ the £200 000 wl ? fch makes both iron and alu- director of component engineer- ing to enter the owner-occupied 


Merrett to manage Sasse 


■ljSO.OOO 'owarda the £200flM Sm c^^'Vor Si" Bor. ™ 

, Btt * assrsMi?;,:' "j™ <>- 

based on dual two-lane carnage- during a number of new projects, don. now staff director of ^r ^''l d J^r r ieS7u^H 

way roads with simpler and less dcspif# , a cut in Leytand's product programme planning. I %£SSl ***£?? ‘jSflT^'STSS 
expensive, junctions. foundry spending from flOBm- will be business and product 

A substantial proportion of the T niinnin^ dirertoi- of An«fin/J P nces rose ner cent, ui 

total rmt nf th» ha« alen ” V PJ anl ! ,ft ^ fl^eCtOr - Ot AUStiD/ , h(J firs , ( ,, Jartcr _ nf) l v t kp 


BY JOHN MOORE 


total cost of the project has also 
been promised. 

Announcing the decision, Mr. 
William Rodgers, Transport 
Secretary, said that when plans 
were finalised, the county would 


Some of the top jobs in Morris. 


fi"'«rni,.eni i-nniim.M talks j MANAGEMENT of Mr. Frederick “Mr. Sasse will continue to committee or Lloyds at Wednm- be'aVe'toTeTe™ tand'aca'id^d iflVeStOFS likely TZ 

with CrmMilnla'ed Gold Fields. ; Basse’s syndicates is to be taken exercise his underwriting day’s meeting and the agreements for the original scheme biXncw 4-r* rnn An .nli ^co the P 4hhev sa!T ' 

tiie owners nf Wheal Jane. j over by Merrett Dixey Syndicates, authority under the agency of were signed by Sasse and Merrett btiEhtld and tiiif would helo i^ IO SGC C3SI1 DCXt iHOIIlH * J 

GrtM Fields .aid last week] one of the largest underwriting Merrett Dixey and. in addition, yesterday. crSse ^oDuSrtun Iti^^ fir develoS mviltU 

h.'c „K '"‘il'r earlier ^leSn a « ents at Llo - vd s ' Mr. Sasse approached Merrett ment. BY MICHAEL CASSELL BUILDING CORRESPONDENT 

m Ju, M<uini Wellington. Waler Under tllls arrangement, the ™ j r... Dixe y 3 month W at Ihe inati ' fU Th ? Goventments support far TRE GRAYS Building Society, ness to the nearby Woolwich rlaOS aODrOVed 

f n oil Moiini W rlnn would troubled Sasse syndicate number Mr. Sasse s consultancy semces gation of the committee of the ring road is i one of a number . ch 3t East er disclosed that Building Society. 

IrV," Ihm ", to Iho Wheal Jane 76 -- which suspended in will relate only to the affairs Lloyd’s. However, since then of new projects announced for * hlcd ft * A sunnort oueration involving 

w»'i : kin"i in au-intilies the exisL- December when it became clear of th e syndicates which he has ji r . Sasse had been trying to Merseyside after the visit last was missing fr° m lts ,. raembers p of Ruildin» XOT LilllUriuSC 

i„n numiK ciuiri nllt handle 01:11 a Brazilian reinsurance managed in the past In addition arrange an alternative deal which week of a deputation from the accounts, yesterday told investors societies^ ^Associati on is under & 

? 1 or, ■ iii-m ‘ioo jobs were lost group was not prepared to settle to syndicate number i 62. Merrett involved another influential man- city to see the Prime Minister that they were not likely to have JL V dtp 

:ii Mount v-Vliington. A further ^ lain1s made on ri b >‘ S« ss e- will will be acquiring syndicate num- aging agent, who rescued another and senior Cabinet members to access t0 their money much it was hoped within the next 

400 Will he lost if Wheal Jane be ma " a f ed one of the most bers 562. 759 and S9I. Lloyd’s syndicate (number 155) discuss the social and economic be / ore ^ end oF j une . three weetew be able to call ln u n R 

"'■•-r- T,w *■" cm ploy in ent rate r«pected teams at Lloyds Mr. Stephen Merrett. of Merrett tho F.n. Mr. W. H. Rale, the society's an annual meeting for June at pJoLrtvCo^nond^ 


ihe first quarter, only half the 
rate suggested a few weeks ago 
by the Nationwide. 

New house prices in the first 
quarter were nearly 5 per cent, 
up on the previous three montiis 
and 19 per cent, up un a year 
ago, the Abbey says. 


BY MICHAEL CASSELL BUILDING CORRESPONDENT 


for Cambridge 
Circus site 


nf in m is in-day. 


of Lloyd's. 


The idea was approved by the provided. 


are in hand to transfer its busi- paying off their mortgages. 



Efficient use of appliances 
‘could save £400m. a year’ 


> > 

Societa Cooperativa a Responsabilita Limitata 

Registered and Head Office : Novara, Italy. 


Representative Offices : 

Brussels, Caracas, Frankfurt am Main, 
London, New York, Paris and Zurich. 


Established 187! 

The most significant items in the Balance Sheet at 31st December 1977 are : 


BY MAX WILKINSON 

MORE EFFICIENT use of elec- 
tricity in domestic appliances 
could result in a national saving 
of up lo £400m. a year, a report 
from the Department of Energy 
suggests to-day. 

The report recommends that a 
system of energy labelling should 
be introduced to help consumers 
choose the more efficient types of 
machine. 

The report is based on a study 
carried out for the Department of 
Prices by the Consumers' 

Association. 

It showed that the difference 
in running costs of freezers of 
similar capacity could be as much 
as £48 a year. One brand cost 
£14 a year to run while a similar 
model cost £62. 

Most consumers were unaware 
of the variation in energy con- 


sumption between different 
brands of appliance, and few 
considered running costs when 
buying. 

One of the main conclusions 
was that space beating should 
be given priority io any overall 
energy conservation campaign, 
and that energy labelling should 
include gas appliances. 

The survey covered nine types 
of electrical appliance. It esti- 
mated that a household which 
owned tbe nine most efficient 
brands might save £120 a year 
on its electricity bill, with an 
annual running cost of £70. 

Estimates of national savings 
possible were rather uncertain. 
The aggregate saving from using 
only the most efficient models nf 
the nine groups of appliance 
would be between £177iu. and 
more Ihan £400m. a year. 


Domestic users consume just 
over a quarter of the country's 
total energy used and about 40 
per cent, of electricity used. 

At least 60 per cenL of a 
household's total fuel bill is 
estimated to go on space heating 
and 80 per cenL on space and 
water heating together. 

In general, consumers under- 
estimated tbe cost of space heat- 
ing and overestimated tbe cost 
of running appliances. 

A scheme of energy labelling 
such as was recommended by the 
European Commission could 
encourage manufacturers to con- 
sider energy consumption more 1 
carefully in the design oC appli- 
ances. 

Energy Efficiency Labelling. 
Free from Department of Energy, 
Thames House. South Mtiibank,, 
London. SW IP 4QJ. 


ASSETS 

C.iuh .md Banks 

Special Deposits with cho Issuing Bank 

Investments 

Loani. .md Discounts 

Real Estate. Equipment, etc 

Bills for Collection 

Other Assets ' 

Contra Accounts 


i LIABILITIES 


742.852 

718.850 

1.657.840 

1 , 941.361 

71.319 

180.233 

675.403 

3.90U83 

9.889.041 


852.333 
824.642 
1.902.283 
2.227.609 
B 1.835 
206.5C8 
774.989 

4.475.400 
1 1-347.149 


i Capital 

j Reserves and Funds 

j Deposit and Currenr Accounts ... 
i Creditors for Bills for Collection 

; Other Liabilities 

I Net Profit 

I Con era Accounts 


TIi? de'isr cc-^ro'iion Sc: S«n made 
j: the rjtr c. Ore Brt .50 


6.853 

170^62 

5 , 011.423 

126.151 

662.179 

10.390 

3.901,183 


9.889.041 


USS 

thousands 

7,863 

196.055 

5.750.342 

144.752 

759.815 

11.922 

4 , 476,400 


1 IJ47.M9 


Rutland salver fetches £60, 


299 Salisbury House, Finsbury Circus, London EC2M 5QQ 
Telephone : 01-628 0237. 8 Telex ; 887239 NOVBA G 


THE RUTLAND SALVER, 
made of gold 1 2 inch in dia- 
meter, and depicting the arms of 
the Dukes of Rutland surrounded 
by those of 16 Irish towns, sold 
for £60,000 plus the 10 per cent, 
buyer's premium at Sotheby’s 
yesterday. 

The salver is one of only three 
works of art in gold by Paul 
Storr. the leading Georgian 
silversmith. It was made in 
1S01. probably from gold melted 
down from snuff boxes presented 
to the fourth Duke of Rutland 
when he was Lord-Lieutenant of 
Ireland. It was bought yester- 
day by S. H. Harris, the London 
dealers. 

The stiver sale brought in 
E23S.852, with only 6 per cent 
unsold. A George II coffee pnt 
by Paul de Lameric went for 
£11.000; a pair of George IV 
wine-coolers by Paul Storr fnr 
£10,000: a set of three George III 
Lea caddies by George Methuen 


for £5,000; and four George II 
table candlesticks by Thomas 
Gilpin For £4^00. 

In Zurich on Wednesday 
Sotbeby Parke Bemet held a 
jewellery sale which totalled 


SALEROOM 

BY ANTONY THORNCROFT 


£3An. Diamonds were in par- 
titular demand. A diamond ring 
with a stone weighing 15 carats 
sold for £223.000 tS-MtUiuO). 
which works out at $27,350 a 
carat, making u the second 
highest Price per carat at auction 
for a white diamond, A diamond 
necklace made by Tiffany went 
fnr £169.444. and a diamond rina 
with a stone of 13.30 carats for 
£91.666. 

Christie's. South Kensioston; 


sold a fine collection nf fans 
gathered by Mrs. George Baldwin 
of Milwaukee. It brought in 
£34,428. £10,000 more than the 
estimate. 

A record price for a European 
fan of £2.600 was paid, for a 
French fan of around 16S0. A 
masquerade fan made in Eng- 
land about 1740 for the Spanish 
market realised £2.100. The 
Victorian and Albert Museum 
bought five lots for £3.330. 

Continental buyers, particu- 
larly Belgian and Dutch, were 
out in force yesterday for 
Christie's sale .of English and ! 
Continental oak. which realised I 
£77,549. The sale was noteworthy 
for 42 lots sold by the Earl of 
Scarbrough and removed from 
Lumley Castie, Co. Durham. 

From that total of £23,830 
came the day's top lot. £4.400. 
which the Dutch dealer Peters 
paid for a Dutbh oak cabinet of 
the 17th century. 


! By John Brennan, 

Property Correspondent 

NINETEEN YEARS after the 
first plans were drawn for the 
reconstruction of Cambridge 
Circus in London's West End, 
Camden Council has given the 
green light to a £14tn. office, shop 
and housing scheme on the 1.74 
acre site. 

The Greater London Council. 
Camden Council and the Depart- 
ment oF the Environment have 
now agreed to revised plans fnr 
the redevelonment of the site by 
Town and Oitv Properties and 
its co-ndevcloper, the privately 
owned National* Freehold and 
Leasehold Property. ■ 

Initial proposals put in 19® 
involved a 22-storey 326,009 
square Toot office block on the 
site. Two decades of planning 
attrition have cut the scheme to 
172.520 square feet of offices. 
15.450 square feet of shops, show- 
rooms and restaurants, and 68 
houses and Hats for Camden. 

Buildings forming Cambridge 
Circus Itself, and stretching into 
parts or Charing Cross Road and 
Sbaftesbun' Avenue, including 
the Phoenix Theatre, will be pre* 
served. 

New office buildings facing 
Charing Cross Road arc to be 
restricted to seven storeys. Those 
facing Shaftesbury' Avenue will 
he ten storeys high, but they will 
be stepped back at the fifth floor 
to give a pyramid effect. 

Under the new scheme, which 
is unlikely to be enmpleted be- 
fore the early 1980s. parts of 
New Compton Street will be 
closed and Stacey Street will W 
realigned. 


Ulster resists 
call to raise 
gas prices 

By Our Belfast Correspondent 

MUNICIPAL GAS undertakings 
in ULsier arc expected to refuse 
to Increase prices by as much as 
10 per cent., as a condition ol a 
Government offer of £3m. aLd to 
reduce their debt. 

Belfast Council Is already 1'°* 
ing advised by its Gas Com- 
mit tec not to charge a highs'" 
rate until the Government makes 
UP it.s mind on demands for 
natural gas tu be piped from 
Scotland. 

The Northern Ireland Gas Em- 
ployers' Association said that to 
raise gas prices, already nearly 
three times higher than m 
Britain would sharply reduce Iha 
174,000 consumers. 


‘{to > 

v'^ik 





r-r-- „ 

I 




*s 


Financial Times Friday May 5 .1978 



British Rail surplus 
rises by £21.7m. 



* Y IAN HARGREAVES AND PAUL TAYLOR 

E^SSUFSSt* " !ntractable “ 

awe from lW^reirtJ ?f i i7 0nn " - A decision must be token on 
and SB ] S Snanciag and replacing -the 

ictivitie-j ; _*]?■.. sfa^diary assets of heavily loss-making 

surplus Eiy STST^aiiaSSPfcS P 1 ™ 1 - 6ervice5 - wh ere the condf- 
ye'ir. y 10 f88 - 4nJ - l«l tion of some trains was becoming 

s? MsSiS SSSms&c 
SS-SSS 5fl 

SSFsaSTiSP sranta “d the South East 

Mr PwS^SiSLi "It contributed £6Sm. to central 

chairman * »Sfta% r Sl2S overheads o Q revenue of £233 m. 

niSFtir& tt s fc^a-assaj 

capital Spending is laving up fu»m ^ eu8es * 00 reTenue of 
problems for British Rail in the 
future. T 

Investment requirements would Indirect COStS 
peak in the mid-lSSQs, reflecting ... 

heavy capita! spending in the * The report this year contains 
late 1950s and early 1960s f ? r the fir5t time information 

A 30 per cent, increase in the ? bo l lt areas of 11x6 Passenger 
annual investment budget be- bu .£. neafi and forecasts for 1978. 

I ween 1981 and 1991 would be , Ttes £ show lotal indirect costs 
necessary to deal with the prob- ! or tbe Passenger business 
lem. Over 75 per cent, of the greasing by 16 per cent., to 
railways’ 10.600 diesel and elec- £S88m - ""th total .direct 
Inc multiple unit trains are over e ? p f .?. ses £S03m.. and revenue 
16 years old. of ,. £BS5 5; , 

Mr. Parker describes 1977. his , ™- • Parker hopes to take 
first full year as chairman as * ur “ ier “*e trend towards senu- 
*‘a year of advance" autonomous operation of busi* 

. ness groupings within British 

Steel recession Rail. » nd will consider the possi- 

Rail freiaht reduced i u deficit bUit y of i° int venture capital for 
from £27 £m. in 1976 to £5.5m. ^ J!i!, - KS2L. dW *“ 

and would probably have broken ^ W 0 i£5°od^ced fnr 

eV p^«? r bwtnis aZ*lSZ: elMMto&on of W ^SS SM0 

STiUUVS.SSrS P« b T^So7eSa\ being “ 

ce f“; . . . . Details of the main railway 

The shipping interests moved ac tivitieA are- 
from a £!ui. loss to a record „ ! „ ar *- ... _ 

operating profit, although Hover- Ra, I Passengers: 
craft, hit by the accident to the Passenger volume increased by 
new N500 craft, plunged to a 3 per cent, to l&2bn. passenger 
£U.6m. loss. miles and earned £5 93m., an 

Hotels, property and engineer- increase of 17 per cent. over 
ins all did better. 1976. 

Manpower was reduced during Revenue from reduced fares 
the year by 4.456 to 17S.200, and special promotions rose by 
less than half the 8,000 jobs-a- 21 per cent to £204m. 
year reduction proposed in a 
five-year plan two years ago. Traffic volume " 

The report blames this slow- _ __ , . 

dawn on a tight incomes policy Traffic' volume on Intert-ity 1 
restricting productivity deals services increased by S per cent, 
and on the general unemploy- and revenue went up 19 per 
mem picture. cent, to about £285m. 

On fares, the Board’s policy Overseas earnings and tourist 
remains the maximisation of spending in this country contn- 
passenger miles within the buted £21m. to overall passenger 
present grants and cash limits revenue. ' 
bv marketing cheap tickets for . Travellers-Fare, the rail eater- 
off-peak services to special ing arm of British Transport 
groups. Hotels, recorded a £2.6m. pel 

— , , loss (£0.24 m. loss in 1976) on an 

Fares problem increased turnover at £14.Sm. 

Fares were last increased in (£12Bm.), while station catering 
January and appear unlikely to generated a net operating 
increase again this year. surplus of £0.Sm, (£0.6m.) after 

The problem of how to avoid paying, rentals and allowing for 
fare Increases above the average depreciation, 
fur London and South East Rail Freight and Parcels: 

Quarter of haulage 
companies make loss 


Overall freight and parcels 
loss fell by £22m. to £5.5ra. The 
total volume of RaUfreight 
traffic fell by 6m. tonnes to 
170m. tonnes but gross revenue 
rose by £41m. to £34Sm. 

Speedlink, BR’s highspeed 
wagon service started last year, 
operated 29 daily services carry- 
ing more than 2m. tonnes of 
which 25 per cent, was new busi- 
ness. Exports handled by Speed- 
link increased by 24 per cent 

The parcels business continued 
to be a net drain on the freight 
sector in spite of exceptional 
growth in the Red Star sector 
which increased its volume by 9 
per cent to 4.5m. .packages. 

Total parcels revenue was np 
12 per cent, to £11 Dm. It is under- 
stood the net loss - was about 
£10m^ half the 1976. figure. 

British Rail Engineering: 

Turnover Increased, by £25.5m. 
to £258m, resulting m an operat- 
ing surplus of £0£6m. (£ 0.35m. 
in 1976). 

Record orders worth £46ro. 
were received from outside cus- 
tomers including £42ro. in ex- 
ports. Total order books at the 
end of the year were £59m. 

Transmark: 

Transmark, the railway con- 
sultancy company increased its 
gross income by £02ih. to £2.S6m.‘ 
and had a net surplus after tax- 
ation of £86,000. 

Hotels: 

British Transport Hotels 
doubled its’ net profit to £1.53 hl, 
while turnover rose 22 per cent 
to £29. 9m. 


Shipping 
division 
profit 
is £5.1m. 

By Lynton McLain, Industrial Staff 

BRITISH RAIL'S Shipping 
Division made a trading profit 
of £5. lm. after intercut last 
year compared with a deficit 
of £Us. in 1976. 

To meet growing demand it 
will invest JClOOm. over the 
next five years in new ships 
and port facilities. 

The improvement results 
from an Increase in revenue ■ 
on most passenger and freight 
services. The Irish services 
showed a marked improvement 
with the number of passengers 
up 20 per cent to 2.1m. com- 
pared with' 1976. 

Road haulage vehicles 
carried on this service rose by 
13 per cent, to 160,000. hut 
cargo dropped fay 11 per cent. 
to 16,000 tonnes. 

The favourable sterling 
exchange rate contributed to 
success on routes to the 
Continent. The number of 
passengers carried rose 9 per 
cent to 7JSm. and the number 
of road haulage vehicles was 
up 21 per rent, to 220,000, 
compared with 1976. 

To meet growing demand on 
the Dover-Calais service. Hr. 
William Rodgers, Transport 
Secretary, has authorised a 
second £15m. vehicle ferry for 
delivery In May 1980. In 
January, approval was given 
for a similar ship 


LAND PIPELINE LINK WITH DURHAM 

Frigg gas to cost more 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


BRITISH GAS is to lay a new 
trunk pipeline to the north of 
England from its St. Fergus 
terminal near Peterhead, north 
of Aberdeen to cope with fresh 
gas supplies. 

The Corporation warns that the 
cost of supplies will rise appreci- 
ably with the start of production 
from the northerly fields. 

Mr. Geoff Roberts. Board mem- 
ber responsible for production 
and supply, commented: “ I think 
we must expect to have to pay 
more because the gas is going 
to cost more to win. I would 
like to think- gas might get 
cheaper, but it is no good being 
foolishly optimistic. It won't” 

The first supplies of northern 
North Sea gas are coming from 
the Frigg field, developed at a 
cost of £2bn. Although North Sea 
gas prices are a commercial 
secret, it is understood that Frigg 
supplies are costing British Gas 
three or four times the amount 
being paid for gas from fieldnin 
the southern sector of the North 
Sea. 

The. proposed new landward 
pipeline, the- fourth from St. 
Fergus. - will initially rarry 
supplies from the Frigg field. 

Flexibility 

The new line will run to a 
junction point at Bishop Auck- 
land. Co. Durham, and should be 
built between 1980 and 1982. The 
route has yet to be decided. 

Gas flow from the northern 
North Sea fields will reach its 
peak when Shell/Esso's Brent 
field corner on stream in the 
early 1980s. 

British Gas has chosen to build 


a 42 inch diameter land pipeline 
to add flexibility to the national 
gas network in preference to 
boosting compression on the 
existing three pipelines. 

Gas started flowing last 
September from the Anglo-Nor- 
wegiaD Frigg fieJd, developed by 
a consortium headed by the 
French oil companies Elf Aqui- 
taine and Total. 

Tt is one of the world's largest 
offshore gas fields so far de- 
veloped. It will be adding more 
than 30 per cent to Britain's 
present supplies, with 1,500m. 
cu. ft. of gas a day (43m. cu. 
metres) flowing ashore, when 
peak production is reached in 
October 1979. 

When Brent comes on stream 


in the early 19SQs. It will bring a 
further 500m. cubic feet a day 
(I4m. cubic metres) -to supplies 
flowing through St. Fergus. 
Together, the Frigg and Brent 
fields will boost British Gas sup- 
plies by as much as 50 per cent 

The Frigg field is tQ be 
inaugurated on Monday by King 1 
Olav of Norway. This wHl be 
foHowed by the official opening 
of the £100m. SL Fergus ter- 
minal — developed by Total Oil 
Marine and British Gas — by the 
Queen and the Duke of Edin- 
burgh on Tuesday. 

The offshore development of 
the Frigg field has cost some | 
£2bn. Onshore, £500m. has been i 
invested In gas reception and 
treatment terminals, compression I 
facilities and pipelines. I 


Platform tow starts 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


THE £200 m. NinJan Central oil 
platform last night began its tow 
around the north of Scotland 
from the coast of Skye to the 
field north-east of Shetland, after 
a series of delays because of 
fears about the weather. 

Chevron Petroleum, operator 
on the Ninian field, and Howard- 
Dons, which built the 600.000- 
ton concrete structure, gave the 
order to divers to cut the anchor 
chains yesterday morning. 
Ocean-going togs then took up 
the strain. 

This was done in spite of a 
thick mist shrouding the plat- 


form. 

Forecasts indicated that when 
the platform with its eight tugs 
reaches shallow waters at the 
mouth of the Minch, the critical 
point in its journey, the weather 
would be good. 

That point should be reached 
some time this morning. The 
430-mile voyage is expected to! 
take 10-12 days. 

The structure will then be 
ballasted so that it sinks to the I 
seabed, and work will begin to 
fill any spaces beneath it with 
concrete and hook np equipment i 
carried In the 22 modules. 


Wool worth 
attacks 
£140m. film 
developing 
market 

Financial Times Reporter 

F. W. WOOLWORTH is launch- 
ing a film processing service in 
selected stores in a bid to break 
into the £140xn. film develop- 
ment market. 

The move comes after nine 
months of successful test mar- 
keting and two years after Wool- 
worth first began selling 
cameras and other photographic 
equipment. 

Starling this month. ISO 
branches will develop and print 
a popular 20-exposure colour 
film for £3.75, the same price 
charged by Boots and Dixons 
Photographic. 

The Wool worth stores which 
are selling cameras and films 
already will guarantee the 
quality of the prints. 

They will also provide the new 
print-frora-print colour service, 
as well as processing transparen- 
cies and black-and-white film. 
Accessories will be on offer. 

Race inquiry 

THE COMMISSION Tor Racial 
Equality is to conduct an inves- 
tigation into the National Bus 
Company. Mr. William Rodgers, 
Transport Secretary, said in a 
Commons written reply. This 
was not in response to com- 
plaints, but part of a long-term 
strategy or inquiry into the 
transport industries announced 
last October. 
























FINANCIAL TIMES REPORTER 

A QUARTER of all road haulage 
■ companies arc losing money and 
profitability is still . falling, 
according to a survey. 

The survey from Jordon Data- 
ciuest reports that 24.2 per- cent 
of companies questioned lost 
money in 1977 compared with 
22.S per cent, for the previous 
year and 16.2 per cent, in 1974 l 
T he loss makers include some 
of the public sector subsidiaries 
uf the National Freigh Corpora- 
tion. The survey compares the 
performance of the public sector 
with the 10 largest private com- 
panics and concludes that the 
a re raze profit margin in the 
lultci was S.3 per cent, nn total 


sales of £52.Sm. 

This compares with a 9 per 
rent, average loss for the 12 
NFC subsidiaries -m a lotal sales 
turnover of. £125 -2m. 

In the five years to 1976. total 
road haulage tonnage decreased 
by 7 per cent, while rail freight 
tonnage remained static. Haulage 
by the public corporation in- 
creased during the period and 
accounted for 52.6 per cent of 
total road tonnage in 1976 
compared with 50.4 per cent, 
in 1972. 

Road haulage siurey, Jordon 
Daiaquesi. £32 from Jot don 
House. 47. BrunsuHck Place. 
Loudon. N.I . 


tv 


■T IT3? 



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m \S; i 

Y j 




few, 




- '.TVBS* 




Textile ‘Neddy’ sought 

A STRONGER emphasis on the “little Neddy" or alternatively i 
positive achievements of the a sector working party, m 
I.-nif-Khire textile industry was co-operation with tne unions. 
S bv T Derek Night- Describing the last three years . 
inciik' newlv elected president as the most depressing period 
or R t he' British Textile Employers since the second 
Association veslerdav. the textile industry. Mn Night-. 

sss ssjss ( 

Assurance on Kepone j 


Mi 






BY SUE CAMERON 

MR. PETER SHORE. Environ- 
ment Secretary, yesterday tried 
hi allay f<*are about the disposal 
n the L'.K. «>f Kepone. a highly 
tunc pesticide. 

Allied Chemicals, a U-S. com- 
n.mv. wants tii send 60 ions of 
Sep'nni* |H*sticide. mixture to 
U'-Oiem International s' romy- 
imil plant in Wales, where it 
-mild l*e broken down into sarc 
wmnunent ports. . 

Re Chen., a U.K. concent, has 
k headquarters in Southampton, 
n.l Mr. Bryan Gould. MP for 
ibtilbumplon Test, wrote to the 
hnirvnntent Secretary after 
..ports that the chemical might 


be destroyed in his constituency 
at Fnwley. 

The use or Kepone. banned in 
both the U.S. and the UJC^ has 
been found to cause tremors 
and sterility among those work- 
ins with it. There is some 
evidence that it might cause 
cancer. . ■ 

Mr. Shore has written to 
Gould saying that the Health 
ami Safety Executive has already 
prohibited the destruction of 
Kepone in the UK. and assuring 
him that the ban will not be 
lifted "until and unless a safe 
method of working has been 
fully established." 




WORKING FOR A BETTER BRITAIN 


London hotels full 

.ON PON'S HOTELS a* ™j SdoV “ 

Jus week-end. The capital s Thg position results from 
aunst Board is advising -1 ravel- dcmand froni conference dele- 

m ti» postpone plans Tor visit- pates. Acensionweek-wdtounsto 

ihc ri iv unless they have fnm Europe and footballfans 

TV rentals to be probed 


BY JOHN LLOYD 

TELEVISION rental charges, 
jw the price of toothpaslc. are 
jB-he examined by the 1 riot 

Prices Secretary. ->aid yester- 

Jibe Gumruissinu rt 

books, fuoiwcar. r ud d 


haulage, cab services and ‘the, 
recommended retail prices in | 

121 Consumer Advice 
Centres in the UJs. will recede 
100 per cent grants from the 
Government until March 31 at s 
cost of £3.79in. 


ACHIEVEMENT 

Putting Britain's natural gas to work for the 
nation has been a truly outstanding 
achievement. 

It has involved building a complete new 
natural gas industry- with on-shore terminals, 
compressor stations, over 3000 miles of new 
underground transmission pipelines 
and maj or extensions to the gas distribution 
network- 

It has also involved the conversion of over 
35 milli on appliances to bum the new fuel. 

All this has been achieved on time and on 
budget and the entire cost- some £2000 ■ 
million-has been met from the industry's 
own resources. 


REWARD 

As a result, gas already provides a quarter 
of all the heat our industries need and almost 
half of all our domestic heating requirements- 
and there's more to come. 

SoBritain will continue to reap thebenefits 
of natural gas far into the future. 

That's what we mean when we say that 
Gas Gets On With It. And that's what we mean 
by working for a better Britain. 


BRITISH GAS 





s 


Financial Times 


LABOUR NEWS 


Union rejects near 
10% pay offer 1 
to building workers 



Engineers’ Right wing 
presses policy control 


BY CHRISTIAN TYLER IN WORTHING 


BY NICK GARNETT, LABOUR STAFF 


A PROPOSED pay settlement for 
700.000 construction workers has 
been rejected by the Transport 
and General Workers' Union. 

The union's negotiators bad 
return mended acceptance of the 
offer, which is claimed by tbe 
employers' side to be worth 
fractionally less than 10 per cent, 
on earnings. 

Construction union officials 
sa.v it is unlikely that the deal 
will now be accepted unless an 
improved offer is made, but the 
employers said at the last 
negotiating session [hat further 
improvements would nut be 
offered. 

The transport union's national 
cnn>tructinaul committee has 
already sanctioned industrial 
action, including one-da.v stop- 
pages on construction sites, if 
ihe employers* final offer proves 
unacceptable. 

Negotiators for the four con- 
struction unions agreed last 
month to recommend acceptance 


of the proposed deal Officials of 
the Genera! and Municipal 
Workere Union subsequently 
overturned that decision after 
studying the offer in more detail. 

Mr. George Henderson, 
national construction officer for 
the transport workers which, 
along with the Union of Con- 
struction, Allied Trades and 
Technicians is the largest union 
in the industry, said yesterday 
that almost all the union's 
regions had now rejected the 
deal. 

The unions are meeting to-day 
to discuss the position. Mr. 
Frank Earl, tbe General and 
Municipal's national construction 
officer, will attempt to show the 
offer is worth a maximum of S 
per cent, on earnings instead of 
the employers' claim that it is 
onlv just short of 10 per cent. 

The transport union’s joint 
national crafts and construction 
committee is meeting next week 
to formalise its position. 


Oil rig recognition poll 


BY OUR LABOUR STAFF 

THE FIRST union recognition 
agreement on a North Sea oil 
platform will be signed after a 
ballot among while rollar staff 
nn the Occidental platform in 
ihe Piper field. 

The balloi covered 70 tech- 
nicians. operators, storekeepers 
and clerks. More than three- 
quarters of the 52 who returned 
halfot papers npled in favour 
of union recognition. 

The Association of Scientific, 


Technical and Managerial Staffs 
is expected to be the largest 
union although there will prob- 
ably be a joint union agreement 
involving the Amalgamated 
Union of Engineering Workers 
and the Electrical and Plumbing 
Trades Union. 

Occidental has already told 
the unions that it will he pre-! 
pared tn sign a union reensnition 
agreement if the ballot was 
broadly in favour. 


RIGHT-WINGERS in the 
engineering union expect to 
reassert their control of policy 
to-day when a decision is taken 
on the next wage claim to be 
pursued for llm. workers in the 
private sector. 

Building on tbe unexpected 
decision of the Amalgamated 
Union of Engineering Workers’ 
engineering section, on Wednes- 
day. to seek £100 a week for 
Government employees, the Left 
is trying to spread that demand 
across the whole union. 

The Right is facing resolutions 
at the section's national com- 
mittee meeting here, as kin " for 
the minimum rate oF skilled 
engineering worker to be raised 
from £60 to £100 a week from 
next spring. 

It will be counting on the 
support of the volatile North-east 
delegates to command a 29-23 
I majority to defeat the Left. The 
Tynesiders are proposing a claim 
oF £70 a week, and phased reduc- 
tion in the working week. 

No vote has yet been taken on 
| the pay debate which began last 
night, but Mr. John Boyd. Right- 
wing General Secretary, appealed 
for moderation. He told the 
committee that in its own 
national agreement the union 
could not afford to be extrava- 
gant and flamboyant in its 
demands. 

That would lose the support of 
the membership, he claimed. It 
was only in industries where the 
AUEW was not the majority 
union that such demands could 
be afforded. 

He was replying to Mr. Jimmy 
Reid from Clydebank, who said 
the committee should not sub- 


ject itself to the ignominy of 
standing on their heads by vot- 
ing for £100 a week one day and 
much less the nexL 

Mr. Jimmy Airlie, also from 
the Clyde, made it clear there 
was no intention of breaking the 
present 12-month national engi- 
neering agreement by seeking 
another wage rise the moment 
Stage Three of the incomes 
policy runs out on July 31. 

With the' Right even more 
firmly in charge of the engineer- 
ing section, after elections 
announced on Tuesday, and the 
succession of Mr. Terry Duffy as 
president, there is little prospect 
that Britain’s second-largest 
union will be taking any militant 
stance against tbe Government's 
next wage restraint policy. 

• LEADERS of tbe engineering 
union have to decide soon 
whether to risk court action by- 
pressing ahead with a full 
merger of the four sections of 


the Amalgamated Union of 
Engineering Workers. 

They failed again yesterday to 
persuade the policy-making 
national committee of the engi- 
neering section to endorse 
proposals first drawn up four 
years ago. 

Right-wingers, including some 
who wanted to see the Left-wing 
led white-collar section TASS 

dropped altogether, carried the 
day by 29 votes to 23 after an 
intense debate which occupied 
most of the day. 

According to Mr. John Boyd, 
General .Secretary, tbe executive 
now faces the possibility that if 
it goes over the head of 'he 
national committee and evokes 
the 1964 Trade Union Act to put 
a transfer of engagements cut 
to ballot, the anti-Tass group 
could go to court -to argue that 
the Act does not allow extensive 
rule changes that would he 
required to be left to the execu- 
tive. 


Union will Counsel walks out 
consider a ft er ‘personal 

nn?tvnt g attack’ by Tether 


Civil servants urge 
end to pay policy 

BY PHILIP BASSETT, LABOUR STAFF 


BRITAIN'S largest Dvil Service 
union will be “absolutely and 
overwhelmingly’ 1 opposed to any 
fourth round of pay restraint. 
Mr. Ken Thomas, general secre- 
tary of the Civil and Public 
Services Association, said yester- 
day. 


Shun profit-sharing schemes, says GMWU 


BY PAULINE CLARK, LABOUR STAFF 


EMPLOYERS who see financial 
and industrial relations benefits 
in profit-sharing handouts to 
workers on the basis outlined by 
Marks and Spencer this week 
• ould face mounting opposition 
frum trade unionists. 

The General and Municipal 
Workers’ Union — Britain’s third 
largest union, with a toehold in 
almost every major sector of 
industry — has issued a strong 
warning 10 its local negotiators 
against such schemes almost 
simultaneously with the Murks 
and Spencer announcement 

Until now. the TUC and 
individual unions have adopted 
a notably aloof .stand on profit- 
sharing. notwithstanding the 
recent publicity on the subject 
prompted by the publication oF 


the Finance Bill last month. 

But the GMWU predicts that 
new tax concessions to en- 
courage profit-sharing are likely 
to Lead lo such schemes becom- 
ing more widespread. 

In a directive which gives per- 
haps the first clear glimpse of 
trade union thinking on the 
issue, members are warned 
against being fooled into such 
schemes as a substitute for the 
transfer of power to the wor- 
kers. 

It reminds them that share- 
holdings given to employees are 
invariably insignificant and 
warns them that workers should 
be paid for their labour rather 
than invest part of their poten- 
tial earnings in their company. 

As to the pitfalls where nego- 


tiators are having to consider 
individual profit - sharing 
schemes, the union gives a warn- 
ing against marked bias in 
favour of staff and higher-paid 
employees and of the danger of 
workers being penalised for 
wage increases won through 
established negotiating pro- 
cedure. 

Although companies are ex- 
pected to prefer to pay bonuses 
through shares because this 
places no strain on cash re- 
sources. the union urges employ- 
ees to insist on cash which they 
are free to spend as they like. 

The TUC has cold-shouldered 
the shares schemes because it 
believes employees should not be 
expected to be constrained by 
profit performance before 


industrial democracy gives them 
some control -of profits. 

Mr. Roy Sanderson, a national 
officer in the Electrical and 
Plumbing Trades Union and 
former employee shareholder in 
the Lucas scheme, has no 
ideological objections but sees 
share schemes as inferior to other 
forms of bonuses over which 
workers have a measure of 
control. 

Along with other self-financing 
productivity deals which have 
arisen under the latest period of 
Government wage restraint, there 
is considerable trade union 
interest In, for instance, tbe 
latest TCI scheme based on turn- 
over results because it is equated 
with shopfloor efficiency. 




tel 






He was convinced that sub- 
stantial increases in Civil Service 
pay were due next year. 

“ I give warning to the Govern- 
ment that if it wants to keep 
Civil Service expenditure down 
next year the only way is to 
impose a statutory incomes 
policy. We are not going to he 
singled out for special treaM 
mem." 

Next week’s conference of the 
association, representing 190.000 
members in mainly clerical 
crades. will consider many pav 
motions. the overwheimina 
number of them calling for 
opposition to any further staEe 
of pay policy and for abandon- 
ment Of the Pay Research Unit. 

The unit, which is being 
brought back for Civil Service 
pay in 1979 after suspension 
under incomes policy, recom- 
mends levels of Civil Service 
pay after comparison with that 
in private industry. 

Many of the motions C3ll for 
withdrawal from the unit and 
for a special conference of the 
union each year 'to formulate its 
pay demands. 

The Government may have 
trouble with all the Civil Service 
unions in the next pay round on 
the issue of London weighting 
allowances. 

A motion before the con- 
ference calls fur an urgent 
review of the allowance, and its 
removal from the national pav 
claim to he dealt with bv 
separate negotiation. 


consider 
scrapping 
post vote 

By Nick Garnett, Labour Staff 

A PROPOSAL to abolish postal 
voting in the election of the 
executive committee of the Asso- 
ciation of Scientific, Technical 
and Managerial Staffs will be 
considered this month by. the 

union’s annual conference. 

Tbe proposal, which Mr. Clive 
Jenkins, the union's general sec- 
retary, said yesterday was basic- 
ally sensible, bas b£en drawn 
up by a rank-and-file working 
party. . 

After this year's conference 
the members will discuss the 
proposal further at branch level 
until next year's rules revision 
conference. " ' ~ 

At present, ballots for the exe- 
cutive committee, which through 
the year translates conference 
decisions, take place at branch 
meetings. There is also a system 
of postal 'voting for members 
who cannot attend the meetings 
where the ballots are held. 

Tbe proposal would end the 
postal option. The proportion of 
voting for each candidate at the 
ballot meeting would be multi- 
plied out to cover all the 
members . of each individual 
branch. 

Mr. Jenkins said that the 
proposal would help stimulate 
interest in the union at branch 
level. and lead to a more 
accurate reflection of. the 
opinions of the membership. 
Only a tenth of the union's 
membership usually bothers to 
vote in the ballot. 

ASTMS, one of the staunchest 
opponents -of Britain’s joining 
the EEC. is considering how to 
exert influence on the European 1 
Parliament in the event of direct 
elections. Proposals may include 
setting up of a full-time office 
in Brussels and sponsoring of 
ASTMS members as European 
MPS. 

Consultants 
to vote 
on pay deal 

By David Churchill 

BRITAIN'S 13.000 hospital con- 
sultants are to vote on whether 
to accept a new contract worked 
out after over a year of negotia- 
tions. The consultants' leaders 
yesterday voted 43-2 in favour of 
recommending its acceptance. . 

But implementation of, the 
contract will still be conditional 
on the independent Review Body, 
which determines doctors’ pay, 
putting a value on ihe contract 
acceptable to the consultants. 


COUNSEL for the Financial 
Times in an unfair dismissal 
claim hearing at a London In- 
dustrial Tribunal, walked out of 
the court yesterday as a result 
of remarks made by Mr. C. 
Gordon Tether, the newspaper's 
former Lombard columnist. 

Mr. Thomas Morison told the 

tribunal members after an 
adjournment that he meant no 
discourtesy to them. He con- 
sidered that remarks by Mr. 
Tether constituted a personal 
attack on him and he felt it 
better that he should not in any 

way be affected in the perform- 
ance of his professional duty 
because of it. 

Mr. Tether, who seeks re- 
instatement or compensation, 
wrerr the Lombard column for 
21 years. He was dismissed 19 
months ago after a dispute 
about the control of Mr. Fredy 
Fisher, the editor, over his daily 
column. 

Yesterday Mr. Tether protested 
about earlier comments by Mr. 
Morison that at times durine 
cross-examination he had been 
unable to obtain a coherent or 
constructive answer to proper 
auestions to such an extent that 
the cross-examination had been 
a travesty of justice. 

Mr. Morison bad also said that 
tbe Financial Times still did not 
fully appreciate Mr. Tether's 
case and for that reason was un- 
able to test it properly by 
question and answer. 

Mr. Tether told the tribunal 
that he was disappointed Mr. 
Morison should attack him " in 
such intemperate fashion.” He 
wanted to make it clear that 
he considered this portrayal of 
his behaviour during cross- 
examination lo be a " travesty of 
the truth.’’ 

‘■'Hostile* 

His case had been set out 
clearly and it was disingenuous 
for a lawyer of Mr. Morison'* 
distinction to say that he did 
not understand it. It was diffi- 
cult to avoid the conclusion that 
it was because the Financial 
Times did understand his case 
that if had been adopting such 
an unreasonable attitude. 

He had been doing his best to 
answer Mr. Mnrison's questions 
I in a truthful and helpful way. 
{notwithstanding the Fact that 
Counsel's tone of voice through- 
out had been decidedly hostile. 

After Mr. William Wells. QC. 
chairman, had ordered an 
adjournment. Mr. Morison re- 
turned and said that he had 
intended no discourtesy. It was 
a personal attack and he con- 
sidered It better that he should 
not in any way be affected in 
the performance of his profes- 
sional duty because of it 
•. His competence and integrity 
was not an issue before the tri- 
bunal and it would he improper 


for him to attempt to defend 
himself before II 

Mr. Wells' said that the tri- 
bunal had taken note of Mr. 
Tether’s comments, but it would 
be less than fair to Mr. Morison 
or the Financial Times, were it 
not to make it clear that it did 
not agree with Mr. Tether's cri- 
ticisms of Mr. Morison’s conduct 
of his cross examination. 

Later, replying to question* 
from the tribunal. Mr. Tether 
said that the management of Uk 
F inancial Times did not have 
tbe right to insist on making a 
change in his employment so as 
to destroy his work and repuia- 
tion. If that happened in indus- 
try generally, there would be 
“ absolute uproar." It would 
never be tolerated. 

Freedom 

There was -nothing of more 
world-shattering importance than 
the freedom of the Press and a 
crucial parr of that was the free- 
dom of independent writers. 

If their work was to be muti- 
lated and altered to accord with 
tbe wishes of their editor, then 
there was no freedom of the 
Press, Mr. Tether said. 

Mr. Brian Dupe, the tribunal's 
trade union nominee member, 
asked why be was not able to 
convince the NUJ chapel (union 
office branch) at the Financial 
Times that that was the proper 
way to see his dispute. 

Mr. Tether replied that Ihe 
attitude of the chapel was that 
there was a very considerable 
issue Involved, both on the free- 
dom of a writer and his employ- 
ment. But it decided essentially 
that it was too big Tor it to 
handle, and asked for the 
national disputes procedure to 
be invoked. 

Mr. Dupe said that as he mw 
it. the union championed the 
cause of C. Gordon Tether. It 
did not see it as an international, 
world-shattering journalistic dis- 
pute. 

Mr. Tether replied that that 
was misrepresenting the facts nf 
life. Many big issues had been 
raiced through individual issues. 

Mr. John Edwards, father or 
the Financial Times NUJ Chapel 
from 1974- to the beginning of 
1976. was asked by Mr. Morison 
whether throughout his discus- 
sions with the editor on the dis- 
pute. Mr- Fisher had demonstra- 
ted any lack of god faith with 
Mr Tether. 

Mr. Edwards said that cer- 
tainly there was a basic funda- 
mental disagreement between 
The editor and Mr. Tether. The 
editor insisted that he was en- 
titled to exercise his editorial 
prerogative. 

Mr. Edwards agreed that it 
was not personal dislike of Mr, 
Tether that motivated Mr. 
Fisher's view, but his strongly 
held view as editor- 

The hearing continues to-day. 


Advance for British Rail” 




Peter Parker, Chairman 


Results year ended 31st December 1977. 


Gross Income 

Kailua* stiiid. Government 
& other cnnirael pu> merits) 
Rail Workshops -external bales 
.Ships & ( l.irhuurs 
Hovereraii 
I loiels 

Iraieliers-larc 
Pr» iperiy 
Iransniark 


Year 1977 
£m 

J ? 42N 2 
‘>.6 
131.2 

4.0 
2'».9 

43.0 

20.0 

2.0 
1.677.8 


Year 1976 
im 

1241.5 

4.7 

101.3 

52 

24.5 


1,441.9 


Major Achievements 

floinis from British Rails Annual Report and Accounts 
lor 1977. 

SURPLUS: British Rail had an operating surplus before 
interest ori!tjS.4m,compared with a surplus of£13.7m in 
1976- an improvement of £54.7m. 

THE CONTRACT: In a year of general recession.the rail- 
way made significant advances and beat the contract price 
ol £39!m agreed with Government for providing passenger 
rail services by£J7m. 

PASSENGERS: More people travelled by train in 1977 
wiih passenger volume up by 3 per cent over 1976. 
SAFETY: For the second year running.in over 700 million 
passenger journeys, not a single passenger was killed in a 
train accident 

INTER 'CITY 125: Train travel at I25mph became an 
everyday occurrence in Britain with 82 Inter-City 125 High 
Speed Trains every weekday between London, Bristol and ■ 
South Wales. 

FREIGHT: The loss to be met by grant in the freightand 
parcels businesses has been reduced irom£27.5m in 1976 
io £5.5m in 1977 and beat tbe limits set by Government by 
some£20m. 

MANPOWER: Manpower on the railway was reduced 
by 4,456. A 


Operating Profit/(Loss) 

I Railways: 

Operating Result 
Operalional Property 
Commercial Advertising 
Travellens-Fare 
Freighlliners Lid 

Rail Workshops- external sales 
Ships & Harbours 
Hovercraft 
Hotels 

Non-Operational Property 
Transmark 

Other Income (nep 

Surplus before Interest 

Taxation- Overseas 

fnterest & Other Financing Changes 

Result before extraordinary items 


EXPORTS: British Rail Engineering Ltd won export 
orders worth nearly £42m. 

TRANSMARK: The Boards consultancy subsidiary won 
a Queens Award for Export Achievement following a six- 
fold increase in export earnings in the last three years. 
SHIPS .AND HARBOURS: Shipping Division had a 
record operating surplus ol £9m.the combined ships and 
harbours results representing an improvement of £10m 
over 1976. 

HOTELS: Net profit from the 29 British Transport Hotels 
doubled tof 1.5m 

PROPERTY: Property Board targets were met with an 
increase in gross income from railway operational and 
non-opera tional property to £ 29.0m. 


Year 1977 

Year 1976 

£m 

£m J 

30.9 

(12.0) 

13.7 

in \ 

2.0 

1.8 

(1.8; 

(1-8) j 

0.3 

0.3 . 

45.1 

0.4 

0.6 

0.4 J 

9.2 

(U> 

(0.6) 

- 

J.5 

0.7 

7.0 

6.3 

0.3 

0.2 

5.3 

6.9 

68.4 

13.7 

0.2 

02 

38.5 

43.4 

29.7 

(29.9) 




POINTS TO 



vo"V 


Kvar." 




INSTRUMENTS 


Strathclyde is a first class base for the design 
and manufacture of scientific instruments. There 
are already a number of well-established companies 
in the region including major multi-nationals, 
manufacturing a diverse range of products from 
silicon chips to lasers. 

There are good reasons for their expansion 
here. Proximity to the region’s substantial 
electronics industry and some of the finest research 
establishments in the U.K. are just two. Of equal 
importance is the large throughput of highly qualified 
graduates from the universities and technical 
colleges in the region as well as a good supply of - 
skilled labour suitable to the needs of the industry 

Financial incentives are good too. 
Strathclyde's special Development Area Status 
entitles incoming industry to maximum U.K. 
government assistance. 

There is an ample supply of factories and 
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We’ve prepared a special report on ‘'The 
Scientific Instruments Industry” that will give you 
all the facts. 




i&w-r 

J&Wbfx.l’v j 


/ * ■ 




* *1 


^ British Rail 

The backbone of the nation 


Name, 


Position 


Company 


Address 


i flL Strathclyde ™ 

1 Industrial 

a Devdopmerit 

® 21 BothweU Street, Glasgow G26NJ 

J Telephone: 041-2214296 


fc-'-vr : ... " 


i jA>\ 





’ %\ 


PARLIAMENT AND POLITICS 


Talks on N ew attempt for Rhodesia 

increase A 

in poll talks launched by Owen 


ts.1 --.a at/rt 

nas 


increase 
in poll 
expenses 

By Rupert Cornwell, Lobby Staff 

THE GOVERNMENT is hoping 
fur all-party agreement on 
legislation before the next 
general election to increase the 
amount of electoral expenses 
permitted every candidate who 
contests a Parliamentary seat. 

The present allowance for a 
flat £1,075 plus an extra 6p for 
every six names on- the electoral 
register in the case of 

“county ” seats, and 6p per eight 
names for urban “ borough " 
scats, has stood since 1974. 

The sum covers what may be 
spent by each party for its candi- 
date out of its own resources. 
For the average Westminster 
ronstituenry of about 63,000 
potential voters, this amounts to 
between £1,600 and £1,700. But 
it excludes concessions from the 
Slate such as free mailing 
facilities. 

Although there is general 
agreement among political 
parlies that the allowance should 
be stepped up to take account 
of four years of rapid inflation, 
talks are at an early stage and 
no consensus has emerged. One 
will he required quite soon if 
new arrangements are to be in 
force by October, considered the 
most likely poll date. 

By contrast there is little 
prospect of action to raise the 
size of the deposit put up by 
candidates fighting, a seat— 
although Mr. Greville Janner, 
Labour MP for Leicester West, 
has brought forward his own 
Bill calling for an increase from 
£150, a figure unchanged since 
1918, to £500. 

There are widespread misgiv- 
ings among Ministers, on the 
grounds that to triple the deposit 
would put severe financial pres- 
sure on smaller parties and 
wuuld have dangerous democra- 
tic implications. 

MPs to get 
pay rise 

By Philip Rawstorne 
MPs WILL be given a pay rise 
next month. Mr. Michael Foot, 
Leader of the Commons, said 
yesterday. 

The increase could be made 
under the 12-raonrh rule in mid- 
-lune and the Government would 
bring forward proposals to deal 
with it, lie told the Commons. 

Mr. Bob Mellish. former 
Gm eminent Chief Whip, asking 
ab'iui ibe pay prospects, said: 
“ Wc. as MPs, are always the 
. very last in any pay queue.*’ 

Mr. Fool also ennfirroed yester- 
d.i> the Government's commit- 
ment io introduce a Bill this 
to improve MPs' pen- 

Mason to meet 
three Ministers 
on Dublin visit 

By Our Own Correspondent 
DUBLIN, May 4. 
dlt. ROY MASON. Nurthern 
rcl.md Secretary, is due here 
■••morrow fnr talks with the 
nsh foreign minister. Mr. 
fit-had t»‘Ki*nnpdy. which, it is 
■uped. will end the strained re- 
itmns bo I ween Britain and the 
b'tXiblic. 

Km although the mood is likely 
. be belter after the talks, 
mdameniaJ differences still re- 
iai:i between the two Govcm- 
!■- ills over Northern Ireland. 
Tiie Irish would have preferred 
more political dimension to 
ie talks than Mr. Mason Is 
ki-ly to concede. Apart from 
ir. iVKcnnedy the Ulster 
«•« ret ary will also meet the 
tmisTer f«»r Justice and the 
mister for Economic Planning 
id Development. 

Clothing grant 

1ft: GOVERNMENT has agreed 
, provide £450,000 over the 
•V? five years towards the 
•Dial costs of launching the 
hilliing Industry Productivity 
■■sources Agency. Mr. Alan 
’it Hants, Industry Minister of 
ate, announced «n Inc Com- 
otis. 


.•—ADVERTISEMENT 

Bank of Montreal 


Tories find two-vote 
flaw in minorities’ 
support for tax cut 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


A NEW initiative aimed at 
setting up round-table talks 
involving all the parties to the 
Rhodesian dispute was announced 
in the Commons yesterday by 
Dr. David Owen, Foreign Secre- 
tary, opening a debate on 
Rhodesia. 

He told MPs that it had been 
decided to send Mr. John 
-Graham, Deputy Under-Secretary 
for African Affairs, to Africa to 
work with Mr. Stephen Low, U.S. 
ambassador to Zambia. 

Mr. Graham will stay for as 
long as it is necessary to carry 
out the preparatory work for 
successful round-table talks. Dr. 
Owen said. He would operate 
from Lusaka and visit Salisbury 
if that was acceptable to 
Rhodesia. 

The Foreign Secretary empha- 
sised that all-embracing talks, in- 
cluding the leaders of the 
Patriotic Front, operating out- 
side Rhodesia, were the only way 
forward to a negotiated settle- 
ment. He warned of the 
dangers of worse bloodshed and 
the possibility of Russian and 
Cuban involvement if peaceful 

negotiations should fail. 

But during a long and detailed 
speech, he was very cool towards 
the prospects of success for the 
internal regime set up by Mr. 
Ian Smith and the three other 
African leaders, the Rev. Sithole. 
Bishop Muzorewa and Chief 
Chirau. 

This brought a strong reaction 
from Mr. John Davies shadow 
Foreign Secretary, who castigated 
Dr. Owen's remarks as “ negative 
and upbelpful." 

There was also an angry re- 
action from Tory backbenchers 
when Dr. Owen announced that 
the Minister for Overseas 
Development (Mrs. Hart) is to 
make £238.000 in aid available to 
those affected by the strife in 
Rhodesia. 

The aid will be channelled 
through the organisation. 
Christian Care, and will assist 
detainees and relatives of those 
executed by the Rhodesian 
regime. The money will also 
help to rehabilitate ex-detainees 
and war victims in the area. , 

There were shouts of “ shame ” 
and " disgraceful " from the Tory 
benches, hut Dr. Owen insisted: 
" I believe this is the right way 
for dealing with the very genuine 


BY RICHARD EYANS, LOBBY EDITOR 



Mr. Jphn Davies . ..“ need 
for different approach.” 

problem of humanitarian assist- 
ance." 

Dr. Owen called on all parties 
to the dispute to put Zimbabwe 
first and examine the issues 
objectively. ** I warn now that 
unless we do so, there is only one 
alternative— the continuation of 
a bloody war. The situation 
could worsen rapidly." 

Britain and the U.S. would 
approach any discussions firm on 
principle but flexible, too. 

Dr. Owen told the House that 
nothing had changed his conten- 
tion that round-table talks were 
necessary to ensure a reasonable 
chance of success. He was deter- 
mined to try and lay the neces- 
sary basis for agreement by care- 
ful and detailed preparation 
beforehand. 

It would not be easy but the 
areas of agreement were suffi- 
ciently clear to haVe a reason- 
able chance of building on them. 
Provided all parties were ready 
to negotiate without precondi- 
tions. the talks could be suc- 
cessful. 

The Patriotic Front, while re- 
serving their negotiating posi- 
tion on some important points, 
had expressed readiness lo at- 
tend. The parties in Salisbury 
also had reservations but he 
thought they would be ready to 
participate if they could be con- 
vinced of the value of the talks. 


Dr. David Owen 

only way forward.” 

In their new mission. Mr. 
Graham and Mr. Low would tra- 
vel extensively and keep in con- 
tinuous contact with all the par- 
ties. Tbeir task would be to 
work towards round-table talks 
at which the Foreign Secretary 
and Mr. Vance, the U.S. Secre- 
tary of State, would be present 
with representatives of all the 
parties. 

The aim was for this to take 
place at the earliest possible 
moment compatible with the 
emergence of sufficient common 
ground to give a reasonable 
chance of success. 

Listing the detailed areas far 
negotiation. Dr. Owen said that 
law and order was the. most 
sensitive issue and the ultimate 
responsibility for this should be 
an acceptable and neutral figure. 

The second major area was 
the defence and police forces. 
He thought there would be merit 
in discussing the possible man- 
date of a UN-Zimbabwe force 
with the parties in greater 'detail 
to try to reach a larger measure 
of agreement. 

Dr. Owen said he shared the 
fears of Mr. Hove, the dismissed 
Minister of the interim Govern: 
menu who thought that Mr. 
Smith envisaged a situation in 
which the Civil Service, the 
police, the judiciary, the Army 
and the State apparatus 


remained in the hands of white 
people. 

The Foreign Secretary stressed 
that there would be major 
benefits from a UN peace-keeping 
presence- it was vital that none 
of the liberation fighters return- 
ing from neighbouring countries 
should threaten the stability of 
Rhodesia or attempt to reverse 
the result of free elections. 

Another area to be clarified 
was the independence constitu- 
tion. But be thought the best 
way might be to leave this for 
further discussion during the 

transitional period. 

The grave danger that could 
face Rhodesia in the coming 
months was that the fighting 
would change into a genuine 
civil war between Nationalist 
leaders. There would then be a 
grave danger that the Patriotic 
Front would seek support, not 
just from African slates but 
from countries outside Africa. 
Thus, the risks of failure lo 
reach a negotiated settlement 
were “terrifying-" 

In these circumstances. Bri- 
tain and the U.S. had to con- 
tinue to seek an agreement 
which would permit elections 
under a cease-fire or. failing this, 
achieve a measure of political 
agreement which would permit 
a genuine test of opinion of the 
people of Zimbabwe. 

He thought, however, that for 
Britain to recognise the internal 
settlement "as some now irre- 
sponsibly urge" would be to go 
back oo the fifth principle. How 
can it now be seriously argued 
that Britain should, in the midst 
of a major conflict which clearly 
demonstrates a divided nation, 
unilaterally, end in direct contra- 
vention of the fifth principle, 
recognise the internal settlement 
and lift sanctions? 

“It would be utterly wrong 
to do so. It would leave Britain 
with barely a friend in the 
world, discredited and despised,' 
he declared. 


ALTHOUGH the vole in the 
Commons next Monday on 
cutting the standard rate of 
income tax looks like being one 
of the closest of this Parliament, 
Conservative leaders are already 
preparing themselves for a 

narrow defeat. 

A careful assessment by 
Conservative whips of all 
minority parties shows that the 
attempt to cut the sandard rate 
fay Ip to 33p could collapse 
because of the expected failure 
of two Northern Ireland MPs. 
Mr. Ian Paisley and Mr. John 
Dunlop, to vote with the Opposi- 
tion. 

The Government while increa- 
singly confident of preventing a 
major setback to its Budget 
strategy, has decided that Mr. 
Denis Healey. Chancellor Df the 
Exchequer, should open the 
debate in an attempt to ensure 
a maximum turnout in the 
Government lobby. 


One of the major themes in 
the Chancellor's speech will be 
the damage (hat could be dooe 
by a Commons defeat, when a 
widely-held view in the City and 
elsewhere is that he went as far 
as he could in his Budget on 
the level of public-sector bor- 
rowing. 

The vote on the standard rate 
reduction is expected at about 
10 p.m. on Monday, but the 
other key division in which 
Tories and Liberals will oppose 
the Government, the reduction 
in higher tax bands, may be de- 
layed until the Committee Stage 
debate next Wednesday. 

The division on Monday still 
depends on tbe decision of the 
seven United Ulster Unionists, 
who will meet shortly before the 
vofe. The assumption remains 
that they will abstain, leaving 
the Opposition parties just short 
of the Government total of 311. 


PM will not be drawn 
on Benn speech 

BY IVOR OWEN, PARLIAMENTARY STAFF 

TORY MPs failed in the Com- This aid no t sa t 
mons yesterday to entice the Michael Latham <C.. 
Prime Minister into commenting who referred to a rej 
on a recent speech by Mr. Mr Benn to j d the ]ost j 
Anthony Wedgwood Benn. trade unionism was a 
Energy Secretary, advocating tial part of , he 
" workers' control ” in industry, Rirnleev of workers' cn 


Mr. Callaghan explained that 
when Mr. Benn addressed the 
Institute for Workers' Control in 
Sheffield last month, he did not 
speak from a text. 

“1 understand that be made 
no statement of policy, but he 
did discuss some future possible 
roles for trade unions in mat- 
ters of plant closures, the 
organisation of higher income 
groups, industrial investment 
and accountability.’ 


Tbis did not satify Mr. 
Michael Latham (C.. Melton) 
who referred lo a report that 
Mr. Benn told tbe Institute that 
trade unionism was an essen- 
tial part of the alternative 
strategy of workers' control. 

Mr. Callaghan blandly replied 
that as he had not seen the state- 
ment, reported to have been 
made by Mr. Benn, he could not 
comment on if. 

John Elliott. Industrial Editor, 
writes: The Government's While 
Paper on industrial democracy 
is expected to be published in 
the next two or three weeks. It 
received general approval from 
the Cabinet yesterday, subject 
to finalisation of some details. 


Peers give 
Assembly 
chance for 
tax powers 

By Ivor Owen 

THE GOVERNMENT suffered a 
one-vote defeat oo the Scotland 
BUI in the Lords last night, when 
peers supported the case fur 
granting the Scottish Assembly 
revenue-raising powers. 

A new clause s ,v * n S the 
assembly formal authorisation to 
submit an application for power 
to levy taxes to the Government 
was carried by 77 votes to 76. 

The new clause also provides 
that such an application made by 
the assembly must bo laid before 
both Houses of Parliament. 

The Earl of Perth, who muved 
the new clause, staled: “The 
assembly sbould have minimal 
taxing powers if «e can find a 
relatively harmless way uf 
achieving this. The subordinate 
local authorities have a taxing 
power and unless the assembly 
has one we will be in an absurd 
situation." 

Lord Rlc-Cluskcy, Scilictlnr- 
Gcneral for Scotland, luld the 
House that the Government had 
not ruled out ihc possibility uf 
giving the assembl) - some suituhle 
lax-raising powers, but the nulit 
formula for doing this had yet in 
be round- 

The Government suffered 
another defeat when, by a 
majority of four tol-47». peers 
approved an amendment prevent- 
ing the Scottish Assembly pass- 
ing its own separate laws lo 
govern abortion. 

The amendment was proposed 
by Lord Campbell or Cro> fur 
the Conservatives, witli the hack- 
ing of Lord Lovell-Duvis. a 
Labour peer. 

An attempt to pass a <;m:Lir 
amendment when the Bill was 
going through the Commons had 
been defeated by a narrow mar- 
gin of 17 votes. It is now ex- 
pected that the Commons will 
find it difficult lo reverse l:.sL 
night’s Lurds verdict. 

In that case, it would mean 
that the Westminster Parliament 
would continue to control Scot- 
tish abortion laws. 


Port of London Authority 



Statement by the Chairman, Mr. J. G. Cuckney 


Internal agreement drenched 
with icy water, says Davies 


For the Opposition Mr. Davies 
said that Dr. Owen s speech was 
of "a negative and unhelpful 
character" in terms of trying Jo 
gel what they all sought so 
deeply. “He has continually 
drenched wfili icy water all that 
has been achieved in these Inst 
two months by the internal 
agreement." 

Mr. Davies said he understood 
there was a strong feeling from 
both sides in Rhodesia that Mr. 
Smith, should stay within the 
rraraework of the Executive 
Council simply to bring aoput 
the passage to majority rule. 

“ Of course there is much in 
be done. Of course, the question 
of the elimination of racial dis- 
crimination is essential. But. let 
me say, for a period of two 
months only, what has been done 
is no bad record— quite the con- 
trary." 

Mr. Davies said the Opposi- 
tion understood the importance 
and supported every effort made 
to try to convince the Patriotic 
Front “ to forswear the use of 
force and to return to the nego- 
tiating table in a peaceful 
mind." 

But he warned against under 


mining the confidence of the 
Rhodesian people about the pos- 
sibility of bringing to fruition 
what they bad achieved with 
such difficulty.. \ 

It was oo good imagining that 
by insisting on the support of 
the Patriotic Front, this would- 
avoid the involvement eventually 
of the Soviet Union and Cubans. 

41 If -the internal settlemenT 
were to fail, could the Foreign 
Secretary imagine the depths of 
bitterness and resentment which 
will exist, not just in the white 
community, but also in The black 
community ? " 

Mr. Davies said be bad some 
misgivings about the Anglo- 
American principles. They had 
always had a fundamental weak- 
ness in that they did not pro- 
vide the necessary assurance for 
reasonably-minded people on the 
security issue. . 

He had deep misgivings about 
the proposal for a general con- 
ference without pre-conditions. 
To have a conference where 
there were no basic elements of 
accord would introduce a simple 
display of confrontation and dis- 
agreement 

“ How can ■ the parties to the 
Salisbury agreement throw that 


Labour MPs fail to win 
defence chiefs sacking 


BY RUPERT CORNWELL 
DR- DAVID. OWEN, Foreign 
Secretary, last night fended off 
renewed calls by Labour MPs for 
the sacking of Air Marshal Sir 
Neil Cameron, who created a 
diplomatic storm by referring to 
the Soviet Union at the week-end 
as the “common enemy" of the 

UJv. and China. 

The demands came at a 
private meeting o! the Parlia- 
mentary party shortly after the 
Chief of Defence Staff had 
arrived back in this country 
from his trip to Peking. 

Dr. Owen reiterated that the 
Government did not intend 


disciplinary action. “If we had 
thought that Sir Neil was making 
a deliberate attempt to contra- 
vene Government policy, action 
would have had to be taken. But 
the incident does not fall into 
that category.” 

Flanked by Mr. Fred Mulley, 
Defence Secretary, Dr. Owen 
stressed that the military in 
Britain was firmly under the 
control of the civilian Govern- 
ment. “There is no military 
finger on the nuclear trigger, 
either here or in the U.S.," he 
declared. 


Tax allowance ‘apology’ 




t j. A. Horton 

Bank «f Montreal announew 

ht> appointment 

loriun m the position ol 

■rnmr J? 

haver Of tiie Banks EurovVj 
lirfdt,. East and Africa 
i\ i si on. resident in London. 
Mr. Hurinn moves to Lott 
un from Toronlu when: he 
.-as Senior Yice-Pwsident. 

.ipuraie Bank inK- His b road 

Lfflkiru experience has in- 

g *fcd wnimr "“waewjni 

r evceiiow .,i [« 

1 Rink of Montreal in 

ftaada. the United Stales and 
no Cut ib! •‘•■•n area 


LABOUR MP Mr. Frank AUuun 
l Salford E.) said yesterday that 
the Treasury might have to pay 
out several million pounds to 
industrial workers who had not 
received fu». up-dated income 
tax allowances lor tools and 

Jan- who admitted there were 
ca?M where the full allowance 
hod not been met. 


Tliis apology the MP claimed 
could. affect ** many thousands of 
the 8m. employees entitled to Die 
allowances." ' 

He had written to the Chancel- 
lor (Mr. Healey) on behalf of 
certain engineers who had not 
received the up-dated tax allow- 
ances. In one company in his 
constituency only five out of 40 
skilled fitters and turners had 
received the full £49*a-year tax. 
alowance. 


agreement into the melting' pot 
and simply admit they were 
starting again de novo?” There 
should be every effort to move 
a negotiated settlement but that 
sbould start from the Salisbury 
agreement. 

There was no reason why we 
should not move towards assist- 
ing in the formation of an elec- 
toral register. 

Sir. Davies warned that the 
Conservatives might not support 
the renewal of sanctions in ihe, 
autumn, although it. would be; 
counter-productive to lift them 
now. 

If things moved forward, as 
he believed they should, towards 
an election there would be real 1 
difficulty in seeking to continue 
to penalise a country which was 
within touching distance of: 
majority rule. ! 

Continuation of sanctions could i 
prove catastrophic to the future 
of Rhodesia. “1 do appeal to 
Dr. Owen ... to change his 
approach to this problem and 
hold out a helping hand to these 
people who are sincerely seeking 
to move towards the new situa- 
tion of majority rule and not 
visit them with the frozen mitt." 
he added to Conservative cheers. , 

Next week’s 
business 

COMMONS business next week is: 
MONDAY: Finance Bill, commit- 
tee. 

TUESDAY: Wales Bill, third read- 
ing. 

WEDNESDAY: Finance Bill, com- 
mittee. 

THURSDAY: Iron and Steel 
(Amendment) Bill, second read- 
ing: Co-operative Development 

Agency Bill, remaining stages. 

FRIDAY.* Private members’ Bills. 
Lords debates are: 

MONDAY: Debates on housing 
policy and on possible purchase 
of U.S. aircraft by British Air- 
ways. 

TUESDAY: Scotland Bill, com- 
mittee: Tuvalu Bill, second read- 
ing. 

WEDNESDAY: Solomon Islands 
Bill, third reading: Scotland 
Bill, committee. 

THURSDAY: Trustee- Savings, 
Bank Bill, second reading: i 
debates on enlargement of EEC. 
and on North Sea oil licensing. ! 


This is my first Statement as Chairman of the PLA. When 1 succeeded 
Lord Aldington last October, 1 was pleased to be returning to the Pons 
Industry, and I was soon to find out how much has happened in the 
industry in the last five years. In learning in particular about the PLA's 
business, it became apparent that we have reached a critical stage in the 
history of the port. So my Statement, whilst reviewing last year's results, 
also deals with the current situation and out prospects. 

I came to a*PLA which has been trying hard over the years to counter 
the difficult downward spiral of high fixed costs and a diminishing 
level of general cargo trade. Although the fixed costs have been 
considerably reduced over theYears by dock closures, by the disposal of 
surplus property and by severance of personnel, reductions have not 
kept pace with changing trade requirements. 

Although the overall trade of the port increased in 1 977 by 2.4 million 
tonnes and there was a net reduction in manpower, the PLA Group's loss 
for the year of almost £8 million was £1 .25 million greater than 1 976. 
The loss on continuing operations of £2.4 million was £0.7 million 
greater than in 1976. This was majnly due to a loss of conventional 
cargo over PLA quays and a reduction of some 140,000 tonnes of cargo 
j handled by PLA stevedoring services' which, in revenue earning terms, 
greatly ourweigh increases in bulk grain, containers and river traffic. 
There are clear signs that the drop in conventional general cargo is 
linked, in part, with a further and accelerated shift to containerisation. 
The increasing number of dock workers who are restricted on medical 
grounds from taking any part in cargo handling activities, coupled with 
a high incidence of sick absence, had a serious effect on our ability 
both to provide a regular service to major customers and to handle all 
the traffic on offer at peak rimes during the year. One reason for the 
increases in medically restricted categories is the high average age of the 
registered dock workers in London — currently 45 years. We had to bear 
costs totalling £1 million in 1977 in respect of the surplus of medically 
restricted dock workers for whom there was no work. This burden on 
PLA arises from the way in which the dock labour scheme is operated. 
During 1977 management were discussing with employees and their 
union representatives the need for urgent improvements in the 
organisation of work at quay level and for introducing changes to 
working practices with the object of reducing costs, improving efficiency 
and raising productivity, particularly of general conventional cargo 
operations. They have not been able to make the sort of progress 
towards implementing those changes that they and the Board would 
have wished, and which are essential to survival in view of the importance 
of these objectives to the future of the port. I am very concerned that 
there has been a failure to understand and respond to the fundamental 
objective of securing a future for PLA which these changes were 
designed to achieve, in order to help us in meeting our objective, a 
£15 million loan was arranged last year for the purpose of first financing 
severance of non-registered staff who are no longer required by the 
level and nature of our business and secondly the repayment of short- 
term debt However, this loan does not help us to finance current 
operating losses. 

As a result of the loss for the year PLA Group's reserves had fallen to 
£2 million by the end of 1977. Losses and costs have reduced our 
reserves by the staggering sum of £52 miiiion since 1 974. 1 cannot stress 
too much my concern over the truly alarming way our reserves have 
plummeted. We have nothing left from which to replenish them as our 
"bank" of surplus land has been largely disposed of and we now have 
little financial freedom of manoeuvre. ^ 

A major contributory factor to this situation has been the burden which 
PLA has been canying of the costs of maintaining and using uneconomic 
facilities which in 'strict commercial operations should not have been 
continued and which our charging and financial structure cannot 
sustain. One consequence has been the low level of new investment 
which has taken place. Another has been the PLA's inability to achieve 
the efficiency and competitive edge which we need. These have 


continued to erode both staff morale and customer confidence. 

In the light of the critical situation the Board have been re-examining 
our strategies in the light of changing conditions and preparing a 
corporate plan setting achievable short and medium term objectives 
for the next five years and providing a framework for future decision- 
making. The continuing drain of loss-making operations on our resources 
has required us in this planning work to examine every single aspect of 
the PLA's activities. 

In particular we 'are. .again reviewing the future of the Upper ;Docks r 
which are currently under- used; and forward forecasts of trade'do not 
justify their retention for much longer. Most unfortunately, the basis 
on which the decision in 1976 to keep both Upper Docks open has 
not been fulfilled, namely that there would be improved working 
practices and consequently more trade. Working practices have not 
improved and as I have already said the failure by employees and their 
unions to understand and accept the need for the changes which 
management has been seeking has been profoundly disappointing. 
We have been unable to obtain more trade-due in part to the continuing 
and, in certain markets, accelerating movement into containers and tha 
consequential reduction in the availability of conventional cargo. 

The poor financial results for 1977. have continued into the early 
months of this year; during the first quarter the PLA continued to make 
losses, and this factor together with the low level of trade forecasts 
means that very drastic steps will have to be taken if PLA is to have a 
chance to recover. Discussions with the Department of Transport about 
possible solutions to the problems relating to the PLA’s structure are 
in their initial stages and in due course it will be necessary for us to 
announce how we see the way forward for PLA. 

Because -of the current uncertainties the Auditors have considered it 
necessary to refer in their report to the fact that the Accounts have been 
prepared on a basis which is dependent on the successful conclusion 
of the discussions with the Department of T ranspon. 

It is obvious that asset valuation in this situation poses difficult problems, 
as does the question of an adequate sum for provisions to take account 
ol what might have to happen. No organisation likes to have their 
Accounts qualified in any way but there are occasions, and this is one, 
where the Auditors and the Board are faced with a difficult task in 
forecasting the financial implications ol a restructuring operation which 
is so dependent on obtaining a constructive response from the many 
parties involved. 

It is firmly my belief that a frank and honest approach is needed to 
Tackle the port's many problems and it is only right that this should 
begin with our Accounts. I place the greatest importance on ensuring 
that employees are fully briefed on the matters on which progress is 
Important. We shall, of course, implement our ultimate decision in ways 
that are compatible with our responsibilities as a public trust authority. 
Despite the problems I have outlined, PLA has some notable successes 
— in the new forms of handling (grain, containers and unit load traffic) — 
and there is clearly a basis to build for the future on the positive aspects 
of our business, but only if there is the will to adapt to change at a more 
rapid rate. 

The Port of London also has many natural advantages, with London 
itself being a great capital and international centre. 30% of the UK's 
population live in the South East, and we have Continental Europe on 
our doorstep and the heavily industrialised South Midlands at the back 
door. We shall be able to exploit these advantages if we can carry out 
the very necessary fundamental restructuring of our business. 

Finally, I would like to pay tribute to Lord Aldington's considerable 
achievements during his six year period of office. I am now only too 
aware of the size and complexity of the very difficult problems tha 
port of London Authority faces, so I can well appreciate what an 
arduous chairmanship he must have had. I would also (ike to say how 
grateful I am to him for providing the PLA with a foundation on which 
the essential further re-structuring can be based. 


—Summary of Accounts for the year ended 31st December 1977. 

GROUP PROFIT AMD LOSS ACCOUNT 1977 1976 GROUP BALANCE SHEET 


OPERATING REVENUE 
OPERATING EXPENDITURE 


OPERATING PROFIT 
Net Interest 
Taxation .. *. 


MP urges Lonrho takeover ban 

**_ nArtnie rana- and the vice-chairman of SUITS 

LABC 5??r MP t 'h!S'wT wiled on was still to face criminal charges 
van (Stirlingshire W.) caiw« ^ courts . 

the Government in tak0 . jj p . Michael Foot, Leader or 

mnns Lonrbo. the Commons, said he could not 

over of SUITS b ^. L °"^°; hou!d promise a. debate on the issue 

He said the tak ®°- h ead while but he undertook to consider the 
not be allowed S° who \ 6 matter to see whether he 

Ihe Director of Public ' p shollld discuss it with the 

Sm.teu* 1 ' uX i" AM® MinUter concmed. 


Spring recess 

THE SPRING recess will be from 
Friday, May 26, until Tuesday. 
June 6, Mr. Michael Foot, Leader 
of the Commons, told MPs 
yesterday. 

European Bill 
awaits assent 

THE European Assembly Elec- 
lions Bill, already approved by 
the Commons, completed its 
passage through the Lords 
yesterday. 

It now awaits Royal Assent 
Britain's first Euro-poll— based 
on 81 U.K. constituencies— is 
expected to uk eplace on June 7 
next year. 


3.5 

3.9 

5.9 

5.6 

2.4 

1.7 

5.6 

5.0 


LOSS FROM CONTINUING OPERATIONS 
NET COST OF RESTRUCTURING 

L0S5 FOR THE YEAR 


GROUP SO URGE AND APPLICATION OF FUNDS STATEMENT 

NET INCREASE.WUQUID FUNDS 6.7 -3.4 


GROUP BALANCE SHEET 


1977 

1976 

EMPLOYMENT OF CAPITAL 


jChl 

£m 

NET FIXED ASSETS .. 


92.6 

96J5 

INVESTMENTS 

' #f .. 

10-2 

9.9 



102.6 

106-2 

NET CURRENT LIABILITIES 


0.4 

7.0 



102.4 

99.2 

FINANCED BY 



— 

PORT STOCK AND HARBOURS ACT LOANS .. 

79.7 

73-1 

MEDIUM TERM LOAN 

a e 

5.0 


RESERVES 

- - ** 

2.0 

10.3 

STOCK AND LOAN REDEMPTION FUND .. 

10-2 

9.8 

PORT MODERNISATION AND 
INVESTMENT GRANTS .. 


5.S 

5.9 



102.4 

99.2 

J.G. CUCKNEY 

J.D.PRESLAND 




Executive Vice-Chairman 


The report of the. auditors oa the published accounts of the PLA is shown below:— 

REPORT OF THE AUDITORS TO THE PORT OF LONDON AUTHORITY 

As auditors app o i n ted under Section 59 of -the Port of London Act 1968, we have examined the accounts (&et out on pages 17 to 2"), which have been 
prepared in accordance with the accounting polities set out in note 1 to ihe accounts. 

The Chairman's Statement indicates that discussions, which are presently in their initial stages, are taking place between the Board and the Secretary 
of State for Transport on tbe future structure of the PLA. 

The accounts have been prepared on the going concern basis, the validity of which is dependent on the successful conclusion of these discussions. In the 
absence of such a conclusion, this bun would be invalid and provision, would have to be made far any oasts which would arise and for any diminution 
in the value of the assets. 


In our opunOD, subjwto these discussions confirming: the validity of the going co n c er n basis, the accounts give a true and fair view of the state of affairs 
of the FLA and the Gtoup at 51st December 1977 and of the loss and source and application of funds for the year aided on that date and. comply with 
the Statutory Harbour Undertakings (Form of Accounts, etc.) (.General) Regulations 1969. 

Delome Haskins & Sells, Chartered Accountants, London. Published by the Fort of London Authority under Section 8 (3) of the Pott 

4th May, 1978.' ..... of London Act 1968. J. C. JENKIN SON, S ecretary, 5th M ay, 197?. 

Cppitt ej the Report and Accounts 1977 not be obtained from the External Affairs Department^ Fort oj London Authority , , World Trade Ccnire 3 E.L Trice £l,?S m 



10 


Financial Times -Friday May, 5 1978 


APPOINTMENTS 


Finance Director 


for tie main board of a very substantial Public Company in 
die consumer industry throughout the uk. Headquarters arc 
in the North. 

• overriding requirements are experience of directing the 
finance function in a large business undertaking and a 
professional qualification in accountancy. 

• terms are for discussion 'with £ 25,000 as the salary 
indicator. 

Write in complete confidence 
to Sir Harold Atcherley as adviser to the company. 

TYZACK & PARTNERS LTD 


MANAGEMENT CONSULTANTS 


IO HAIXAM STREET 


and 


LONDON WIN 


12 CHARLOTTE SQUARE - EDINBURGH EHZ 4 DN 


Production Director 


• the company, located in an attractive part of South Wales, 
manufactures a range of high quality finishe d metal products. 

• responsible directly to the Managing Director, the Production 
Director will control three adjacent plants, well equipped and 
laid out in modem buildings. The task will he to match volume/ 
cost performance against the demands of an aggressive and successful 
marketing policy. Ample plant capacity exists. 

• the professional background could be a mechanical or production 
engineering qualification, but the career should cover works 
management as well as production control of multi-stage continuous 
flow engineering. Experience of introducing high-productivity wage 
structures would be a strong recommendation. 

• basic salary of £ 8 , ooo can he increased very substantially by 
profit related bonus. A car and other usual conditions apply. 

■Write in complete confidence 
toJJE.B. Drake as adviser to the company. 


TYZACK & PARTNERS LTD 


IO HALL AM STREET 
12 CHARLOTTE SQUARE 


and 


LONDON WIN 6DJ 
EDINBURGH EH 2 4 DN 


Young Accountant 


• A well-known financial institution in the City has an 
opening for a young accountant seeking to develop a career 
in a company which is a leader in its specialised field of 
financial services. 

• the initial role, mostly concerned with financial studies 
and appraisals, offers variety, intellectual stimulation aud 
influence on top management decisions. 

• A chartered accountant, preferably a graduate with post 
qualification experience in a leading professional firm, is 
required. 

• age: mid 20s. Salary: about £ 7,500 . 

Write in complete confidence 
to G. W. Elms as adviser to the company. 

TYZACK & PARTNERS LTD 

.MANAGEMENT CONSULTANTS 

IO KALLA M STREET - , LONDON WIN 6dJ 
12 CHARLOTTE SQUARE - EDINBURGH EH2 4DN 


COMMODITY APPOINTMENTS LTD. 

Inieciutional Recruitment specialists toi 

the Commoaitv Markets. Tel. Graham 
Strwurt, 0l-*»39 1701. 


COMPANY 

NOTICES 


COMPANY NOTICES 


IMPERIAL GROUP LIMITED 
NOTICE IS HEREBY GIVEN that the 
Tramlcr Book* of Uw f a Unsecured 
Loan Stock 1975)80 ot Imperial Group 
Limited will be clOMd from Ifllh W 3 HI 
Mav 197 s both d*vs incivsi«c. lor the 
preparation ol inte res t warrants. 

Bv Order. 

P M. DAVIES. 

Group Secretary. 

LondP". 

St h May. IBM* 


Group Solicitor 

for a well known British group with an enviable record of 
profitable growth, engaged in aprocess industry. 

• the requirement is for a solicitor — preferably a graduate — 
with experience acquired at corporate level in a United 
Kingdom, based public company with overseas interests. 

• terms are for discussion in five figures. They will include a 
profit sharing scheme. Location: a pleasant area of the 
the Midlands. Age : preferably mid-thirties to mid-forties. 

■Write in complete confidence 
to Sir Peter Youeos as adviser to die group. 


TYZACK & PARTNERS- LTD 

MANAGEMENT CONSUETAStTS 

IO HALLAM STREET • , LONDON WIN 6dJ 
12 CHARLOTTE SQUARE EDINBURGH EH2 


Commercial Director 


for a company with a turnover of £40111 which manufactures 
capital equipment for world markets. An acknowledged leader in 
its field, it is port of a substantial British group. 

• responsibility is for the co mme rcial direction of the business with 
emphasis on pricing and stock policies and the financial structure and 
control of contracts in the uk and overseas, including negotiation 
with customers. 

• A graduate or qualified accountant with closely related industrial 
experience and the ability to contribute to business policy at Board 
level is required. 

• preferred age around 40. Salary about ^10,000. Car. 

Location: West Country. - - •> 

Write in complete confidence 
to G. W. Elms as adviser to the group. 

TYZACK & PARTNERS LTD 

IO ''HALLAM STREET •, LONDON WIN 6 DJ 
12 CHARLOTTE SQUARE . EDINBURGH EH2 4DN 



Group 



This appointment is wth a medium size 
PnbOc Company engaged in contracting 
activities. There is an annual turnover of c. £40nj 
with subsidiary companies in the UK and 
overseas. 

Reporting to the Chief Executive, the Group 
Secretary will form part of the Management 
team. The Secretary’s department provides a 
broad professional service to the Group, its 
subsidiary company Boards and the operating 
divisions. This involves work on corporate 
sec retari al. Stock Exchange and related matters; 
the provision of a wide range oflegal advice and 
responsibility for both Personnel and Insurance 
Services. There is some bias towards matters 
associated with contract law and conditions of 

Applicants within the age range 35/45 could 
be either Chartered Secretaries with afcgal 
qualification or qualified as lawyers with - 
previous experience as Secretary of a Public 
Company. A mature, businesslike approach and 
a thorough understanding or company 
administration is essential. 

A five figure salary will be offered 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-location expenses will 
be available. 

Please write in the strictest confidence, 
briefly in the first instance, to PJ.G. Rolandi, 
Managing Director; (ref 825):- 

Sdedion 
International 

BOSWELL CONSULTANCY SERVICES Lilt, 

Msnafoacni ic Sdcciioo Consutanu. 

8186 HALTS STREET. LONDON W1M IDL. 

Telephone: 0I-4S7 SJ6 1{24 hr Answering Serried. 

Tdec2ft.153A. 

ASSOCIATED WITH COMPANIES WORLDWIDE 


PROPERTY HARKING 
& ADMINISTRATION 

Accountant/Banker 

UDTIs a major British banking and financial services group and 
our diverse interests include a substantial property lending 
portfolio. Ws 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 befully qualified accountants or banters. Experience of the 
UK property scene would be an advantage. 

We 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 necessary. 

For an application form please write or telephone 

Bobert Charleston, 

Group Personnel Services, 

United Domimons Trust Ltd, 

51 Eastcheap, London EC 3P 3BU. 

Tel: 01-623 3020 



INTERNATIONAL APPOINTMENTS 


WANTED 

A Leading Industrial Company in Kuwait requires 

FINANCIAL 

CONTROLLER 

QUALIFICATIONS: 

1. Member of the Institute of Chartered Accountants/Certified 
Accountants/Cost & Works Accountants 

2. Arab Speaking 

REMUNERATION : In the range of KD.1000/- per month 
PERQUISITES : Include full furnished accommodation. 

Air passage for self and family etc. 

Interested Candidates may please apply with full bio-data to: 
ADELHHAMED 
ACCOUNTANTS & AUDITORS 
POST BOX NO. 20174, SAFAT 
KUWAIT 

Applications will be treated in strict confidence. 


ART GALLERIES 


THE PHILIPPINE INYE5TMENT COMPANY 
societc anonyms 

Registered Office: LUXEMBOURG, 14, rue Aldringen 
Registre de Commerce; LUXEMBOURG Section B no. 8.198 
DIVIDEND ANNOUNCEMENT 

THE PHILIPPINE INVESTMENT COMPANY. S.A. will pay a 30 cents 
US dividend per share on or after May fldi. 1978 m holders on record on 
April 28 eh. 1 97C. Shares will be traded e* -dividend after April 2St#i. 1978. 

The dividend is payable to holders of bearer shares against presentation 
Ol coupon number 2 at: 

Banque Generate du Luxembourg. S.A. 

27. avenue Monterey 
. LUXEMBOURG 

Registered shareholders will receive chair dividend by cheque from the 
company. 

The Board of Directors 


WILOINSTUN: A Loan Exhlbrtlon ol 
TWENTY MASTERPIECES FROM THE 
KATA WE LABIA COLLECTION. , Week- 
day* 1 0-5.30; Saturdays 10-12.30. Until 
26th Mav. Admission IDs in aid Ol BhO 
City of Birmingham Appeal Fund. 147. 
New Bond street, w.1. 

PORTRAIT PAINTERS. Royal Society's 
84Ui Annual Exhibition at The Mall 
Gallerias. The Mall, -S.W.1. Mon.-Sat. 
10-5. Until 10 May. Adm. SOP. . _ 
OMELL GALLERIES. Pine British and 
French MODERN PAINTINGS .and 
Modern British MARITIME PICTURES. 
40. Albemarle street. PieeadlUv. w.1. 
PROOPS FOR INVESTMENT EXHIBITION. 
Large selection or Limited Edition Proofs 
by Sfr Wm. Russell Flint. L. 5. Lowry. 
Helen Bradley and other famous Art.su. 
Now an view and Mr sale at Renoir 
Galleries, Crescent Road. Harrogate- 
Dally 9 to 5. Sunday 2 to 5. 
GILBERT PAltR CALLER T, 28$. King's 
Road, Chelsea. S.wj. JOHN MILNE — 
NEW SCULPTURE, until 13 May. Open 
Toes .-Sal. 930.5.30. 

BROWSE AND DARBY, 19-CoKc 5t- W.1. 
SICKERT. Mon-Frl. lOJO-SJO. Sat. 
10.00.1230. 

FOX GALLERIES. Exhibition of the paint- 
ings by BrIUih arm en rosea r Artises 
from 1700-1 9GS. S-6. Cork Street, 
London. W,i. Tel. 01-734 2526. Week, 
day* 10-G. Eats. 10 - 1 , 


EDUCATIONAL 


LILLE UNIVERSITY 
intensive course in 

ComwOM and Administrative French 
Boulogne-svr-Mer 

3 sessions: 17 to 30 July- 1 to 14 
August 1978. Designed to Increase 
proficiency In written and spoken 
French 'commercial and administra- 
tive Frnnch icrmlnologv, translation 
ano comprehension of specialised 
teats, commercial correspondence, oral 
reports, debates, etc.). Fields cowed 
Include comuames. commerce and 
industry. Financial and monetary prob- 
lems. central 'and local govern mom. the 
EEC. etc. Details registration: French 
Institute. 14 Cromwell Place. London 
SW7 2JR tSAE). Tel. 01-5B9 6211 
ext as. 


CLUBS 


EVE, 189, Regent Street. 734 0557. A la 
Cane or All-in Menu. Three Spectacular 
Floor Shows 10.45, 12.45 4nd 1X5 and 
music ol Johnny Hawknsvrorth A Friends. 
GARGOYLE. 69 Dean Stret London, w.1. 
NEW STRIPTEASE FLOOR5HOW 
THE GREAT BRITISH STRIP 
Show ax midnight md 1 aun. 
Mon.-FrL Closed Saturdays. 01-437 6455 


RON BONHAM RAYNER 
(METALS) 

Spectefitf in Charring and Trading 
Metals, Purveyor of (Wall quality) 
metal option* end trading against 
I fi 3 month options. Chart Con- 
sultancy Service. May bulletin now 
aval lame. Write or 'phone:— 

Napier Hews*, Bla Nelson Road, 
Rayleigh, Essex. 

Tcii 0265 779847 or 03742 79867 


PROJECT AND 
DEVELOPMENT MANAGER 
-TEHRAN 


A large industrial group of companies, 
based In Tehran but with extensive 
international involvement, requires a high-level 
administrator: The work will involve close 
liaison at Board level over a wide range of 
commercial interests and financial management, 
and offers an outstanding career opportunity 
to participate in major managerial activity in 
a successful growth company. 

The right person must have a broadly-based 
commercial and financial background at senior 
level in an international context, essentially 
With extensive Middle-East experience. 

Salary will be negotiable, and fringe 
benefits include the provision of accommodation, 
assistance with school fees, medical costs and 
car purchase. 

Please send resumd, with photograph, 
detailing experience, qualifications, educational 
background, personal data and salary 
requirements in confidence and quoting 
Bet. 168, to: 

Me A. Cook, Grafton House, PO Box 214, 

London NW3 7DH. 


GOLD NEWSLETTER 

rh? international buUatin giving up- 
ro-Wv- minute Information and advice 
on gold, silver «nd platinum mining 
share*, bullion, coins and Jewellwy. 
Published twice monthly at 520 per 
rear (USA S40J from Gold Nows latter. 
«0 Chancery Lone. London WC2A IDL. 


FINANCE ADMIN 
MANAGER 

Muscat and Oman. £14,000 

A qualified accountant experienced in cost 
accoimting in a manufacturing concern, is 
required to take charge of the financial 
planning, accounting, purchasing and personnel 
functions, reporting direct to General Manager 
of a modern 200 ton/day flour mill. 

Two year renewable contract with married status 
after initial 3 month period. Free fully 
furnished accommodation with electricity and 
water allowance. Company car provided. 

Salary negotiable up to £14,000. 

t 

Jim Lam rock. 

Recruitment Manager, 

Churchill Internati onal, 

Romney Works, 

Amyand Park Road, 

Twickenham, Middr. 

Telephone: 01-892 8122. 






jE.-at.-~!: • •."%? 




.’•■ Tunes ’Friday May. 5 1978 

APPOINTMENTS 

S. Parker joins 
Sketchley Boari 

ss® .*S2 "'** 

ffiSaSi in« k ,*■ a 
SSJ^iSHSk™"' INVE - 5T,tENT 

„ * Mr. Geoffrey Parfitt has been 

Mr. J. p. Donohne has been *j£° 1 . nted chairman of THUR- 
appoinied a director of PQRVAIR. g r0N PARFITT and to the main 
*■ Board of the parent company, 

Mr. Peter V. Sherlock has been Greggs Bakeries. He has been 
appointed director of marketinc succeeded as managing director of 


11 



for HOBART UJk 
★ 


Thurston ParfiU by Mr. Brian 
WUdbiood. 

k 

r R K Mr. Colin Andrews has been 
J Arras appointed managing director of 

JACOBS Clvj7nj?.JVA r r zr 


SWEDE-ATO UJv. 

* 

F. Plant 
to the 
GROUP 


has been 
Board of 

as finance 



Mr. R. 1). Perrin g has been 
appointed a director of R 
HARRISON. J. 1 
(INSURANCE), and R K 

«S). (SEINSUBANCB t 

* appointed 

Mr. P. N. Darley has resigned DIOXIDE 
from the Board of TOOTAL and Sector, 
has left the group. * 

.. * ... Mr. Frank A. Goerner has been 

SBmS^TMwr V&g&SL ¥ 1P&S* 1 * vice President of MON- 
i TRUST COMPANY by SANTO OIL COMPANY OF THE 

c;-. C or P°™uon , of UJv. INC and resident manager 
S J* of Monsanto’s UJv. oil production 

foMmvhs" The and exploration based in London, 

taw been J^\ OTS He wUI replace Sir Junes- E. 

MW S?*!?*! 1 "!!! Teddlie. who will return to the 

2N&E r'ST r dS? UJ! - ,0r * - ew — 

bar. Mr. Jobn France, Mr. Roger * 

Dteo^ and Mr. Geoffrey J. Geary. Mr. Gosta Souander and Mr. 
Mr. Caspersen has become chair- Ola Wahl grist have been 

2l*IL or Jr® Boa 5f J - * r - pe J er appointed to the Board of FINE- 

£““«* r T a i fls * ‘ dto ?« or and has BOARD in succession to Mr. 
been made deputy chairman. Lennart Eriksson and Mr. Sten 

m t.- * „ , , , Ek, who hare resigned. 

Mr. Kenneth G.. Botcher has * 

been appointed to the Board of Mr D R. Zeidler has been 
ST. REGIS INTERNATIONAL. * Sr a f tB 

n „ * . BROKEN HILL PROPRIETARY 

Mr.. H. Mellor has been COMPANY to fiJJ a casual vacancy 

appointed finance and admin is tra- OD the j» oard and he has .ion 
liou director for HOPKENSONS. ? oi nS th! iSnteJf S niSbe? of 

„„ e r, rJLu»_ , . subsidiaries. Air. Zeidier is chair- 

M r .- S. C. Dowling has been man and joint managing director 

appointed group managing direc- n r jrr f Anctralial 

in. ureemoirr mortnitr-nw * u l Australia I. 


lor of WESTBRICK PRODUCTS. 
He will relinquish his position as 
managing director of Backer 


Mr. C. A. 


* 

Hassell 


has been 


er 


elected president for 197S-79 of 
diSirahiS at Sg end^of this the NATIONAL FEDERATION of 
month 1 “ d f ““ PAINTING and DECORATING 

* CONTRACTORS in succession to 
Mr. H. C Cottrell has been " r * F : ^ T™ r - 

fasrsAM sar °iSe ra F s N( ^ s s*mjiSGs& 

StS^pU! ^Sg^SoR S ° f in S( o^i?M? 

and Drew, stockbrokers. 10 j3jace of “*• 

* . D. G. Flood. 

Mr,- Michael R. Heercy has „ * . . 

joined SATRA MOTORS as The _. H ?5 ne „ Secretary h ! a 
managing director designate. He appointed Mr. Ralph L. Hows Jo 
was previously with Mecca. g,® f ' of ^„ e 

*■ EQUAL OPPORTUNITIES COM- 

Mr. D. R. Caws and Mr. J. A. MISSION. Mr. Hopps is a member 
Aloore have been appointed to °f the South East Regional Board 
the Board of FAIRDALE of the National Westminster 
TEXTILES. Mr. Caws continues Bank, 
as merchandising director of the * 

rrla?l division of the group and Mr. Helmut Geiger, president of 
Mr. Moore will retain his current the German Savings Banks 
responsibility for the sales of Association, bag been elected 
John R. Fairdalc, a subsidiary, president of the INTER- 

* NATIONAL SAVINGS BANKS 
Mr. A. S. Croxson has been INSTITUTE lor three years. 

appointed an assistant director of 
DUNBAR AND COMPANY. 

* 


Air. W. J. 


* 

Hinds 


has been 


Mr. P. ML Dunn has been elected chairman of the manage- 
appoinlcd a director of the went committee of -the 
NATIONAL EMPLOYERS' NATIONAL MILK PUBLICITY 
MUTUAL GENERAL INSURANCE COUNCIL succeeding Mr. Ben 
ASSOCIATION. He 1* chairman of Davies. Mr. J. W. Hodges has been 
Brown Shipley and Company as elected vice-chairman. 


ENERGY REVIEW 


BY JOHN LLOYD 


over the coais 


THE NATIONAL Coal Board is 
bracing itself for a fight At 
stake is the second of its two 
giant mining developments for 
the 1980s — the Vale of BeJvoir 
coalfield in North Leicestershire. 
Its opponents are some of the 
people who live on top of it. • 

By the mid-1980s, the NCB 
plans to achieve 42m. tons of 
new capacity, some of it to 
replace exhausted workings, 
but most of it to help boost its 
deep-mine output up to- a target 
of 120m. tons by 1985. from 
a present level of just over 104m. 
tons. 

A significant share of that new 
capacity will come from the 
Selby field, planned to come on 
stream in 1982, producing 10m. 
tons a year. To carry on the 
momentum in the late 1980s, the 
Board is relying on Belvoir, 
which is planned to produce 
around 7m. tons a year. 

Selby met some opposition, 
but the objectors were mainly 
concerned to ensure adequate 
environmental safeguards: most 
accepted the need for coal. The 
worrying factor, for the NCB, 
about the Belvoir objections is 
that, by and large, they do not 
accept such a need, and they are 
determined to challenge the 
Board's plans by arguing that 
the country doesn't need the 
coal at all. 

Earlier this week, Mr. Donald 
Davies, the Board member for 
marketing who is in overall 
charge of the Belvoir develop- 
ment said that he was going 
to put in the planning applica- 
tion in the next few weeks, 
nearly a year after the NCB’s 
initial announcement of its 
plans for Belvoir. In the inter- 
vening period, Mr. Davies* offi- 
cials have been looking for 
ways of meeting the objections 
and calming the fears of the 
local protestors. They are not 
certain what success they have 
had. 

The problem has three sides 
to it. and the first two are not 
particular to Belvoir. The first, 
indeed, is not even particular to 
coal: the industry is merely yet 
another target in the firing line 
of the increasingly strong, if 
diffuse, environmental lobby. 

There have been 1 a number 
of minor skirmishes already, 
most of them concerned with 
applications for opencast de- 
velopments. Anyone who lives 
□ear, or has seen, opencast 
working will readily appreciate 
why people might object to 
them. It is certainly true that 
the NCB is much better at dis- 
guising Its sites than It used 
to "be, but at the same time 


people are now much more 
fussy than they used to be. 

thus the irony is that while 
the NCB Opencast executive is 
winning golden opinions from 
all sorts of operators in other 
countries who are much less 
careful with their waste, the 
executive finds that almost 
every application for opencast 
development is contested, as in 
nearly all proposals for open 
cast developments in South 
Wales, and the subsequent plan- 
ning inquiry can delay the pro- 
ject for two years, or even 
result in an order from the 
Department of Energy to scale 
down the original plans. 

Naturally, these delays and 
extra expenses are irksome to 
the Board, especially at .a time 
when it is expanding its opera-, 
tions rapidly. However, they 
are generally confined to local 
grouses about dirt and “ en- 
vironmental pollution.” And 
though such inquiries are 
chaired by an inspector from 
the Department of the Environ- 
ment, recommendations go to 
the Secretary of State for 
Energy, who is one of the most 
enthusiastic supporters of 
growth in the coal mining in- 
dustry- While Mr. Anthony 
Wedgwood Benn has modified 
some of the applications, there 
is little prospect that he 
would question the need for 
expansion itself. 

But now, the second side of 
the problem comes into play, 
which seems certain to move the 
argument on to quite a different 
level. The kind of opposition 
which the NCB will meet in 
Belvoir will call into question 
the entire strategy of the Coal 
Board. 

Leicestershire County Council, 
to which the planning applica- 
tion will be addressed, will 
almost certainly ask for a plan- 
ning enquiry commission, a 
much more high-powered ver- 
sion of the simple planning 
enquiry, in which the purely 
local environmental issues will 
be subservient to arguments 
about the place of coal in the 
future economy of the country. 
Even if the Council does not 
get a commission, it expects the 
Environmental Secretary to up- 
grade the enquiry to the status 
achieved by the Windscale 
Enquiry, chaired by a senior 
judge and with the widest 
possible brief. 

This tack is one which will 
catch the NCB on a temporarily 
weak point For it is now going 
into a period where tbe greatly 
increased production which has 



Tl-itu j.irt 

Part of the Vale of Belvoir — predominantly an agricultural area. The entire strategy of coal 
mine expansion is being called into question by opponents of the NCB's Belvoir scheme. 


resulted from the productivity 
scheme's acceptance in all the 
country’s coalfields means that 
there is likely to be more coal 
than there are markets in the 
near future. 

Briefly, the reasons for the 
probable glut are the greatly 
reduced coal and coke require- 
ments of tbe UJC. steel industry 
(down 3m. tons in the past two 
years), together with only a 
little growth in the domestic 
and general industrial markets. 
And while the Central Elec- 
tricity Generating Board has in- 
creased its use of coal by some 
3m. to 4m. tons for this year, it 
will almost certainly drop back 
to its normal level of around 
70m. tons for some years there- 
after. Much hope is being 
placed on the possibility of 
increased trade within the EEC 
— but that will only come off if 
the Council of Ministers agrees 
to a package of subsidies, which 
is by no means certain. 

The NCB believes that these 
poor prospects are short-run 
only. Officials admit that the 
“Plan for Coal.” adopted in 
1974 after the Arab oil pro- 
ducers quadrupled their prices, 
was too much, too early, espe- 
cially since its adoption co- 
incided with a recession. They 
argue, however, that the coal 
will be needed badly by the 
mid-80s, when the amount of 
coal needed By the electricity 
industry will go up again to 
80m. tons a year and more, and 
when — so the hope is— -industry 
in genera] .and the steel indus- 


try in particular will be picking 
up. 

They argue, too. that by the 
raid-80s. it will be even more 
obvious than it is now that oil 
has a finite life as a plentiful — 
if no longer cheap— fuel. 
Finally, they say that gasifica- 
tion and liquefaction (oil from 
coal) processes will be commer- 
cially viable, and will be re- 
quired. The cumulative point, 
then. Is that it is in the coun- 
try's interests to bear with the 
coal industry in any embarrass- 
ingly fat years it may have, for 
to starve it now would be dis- 
astrous for the future. 

Local groups 

It is a perfectly respectable 
case, but it will undoubtedly 
receive its most serious chal- 
lenge at Belvoir. The local 
groups who are protesting 
against the development have 
retained the services of Mr. 
Gerald Manners, a Reader in 
Geography at University Col- 
lege, London, who bas built up 
a wide-ranging case against the 
NCB's argument. And because 
of tbe board's short-term em- 
barrassment, that case will look 
all the more credible. 

There is, of course, the posi- 
tive side to the matter, which 
is that any strategy as impor- 
tant as the Plan for Coal should 
get a public airing, and that a 
gladiatorial arena such as an 
Inquiry is as good a place as 
any for it But, perhaps under- 


standably. the NCB does not see 
things this way. It argued in 
the sixties and early seventies 
for coal at a time when no one 
but itself thougbt coal had 
much of a future. Now that 
fortune bas smiled on it. it does 
not want to go through all the 
old arguments again. 

Finally, there is the local turn 
of the screw. The Vale of 
Belvoir is an area of some 
natural beauty which has largely 
agricultural traditions: the only 
plant of any size is a British 
Steel iron foundry near the 
village of Asfordby. which has 
recently made redundant some 
300 of its 800-strong labour 
force. In the Leicestershire part 
of the vale, there are some 470 
farms, most of them small — the 
average holding is about 170 
acres. Dairy farming and beef 
rearing accounts for most of 
the agriculture: the area is the 
centre of Stilton cheese-making. 

It is not, however, a quaint 
rural idyll. As Mr. Michael 
Latham, the Conservative MP 
for the area (Melton) put it in 
an article in "The Field" last 
November. “ behind this des- 
cription lies the modern reality 
of rural life — that it is changing 
and has changed. The Vale's 
villages include a substantial 
number of "newcomers,’ mostly 
business and professional 
people, and property was highly 
sought after until very recently 
. . . the area has long been seen 
by tbe people of Nottingham, 
and to a lesser.extent Leicester, 


as a rural 'lung' where they 
can walk in the fresh air and 
fine countryside.” 

It is these newcomers, allied 
with the farmers, who provide 
the backbone to the opposition 
to the NCB's plans. Mr. Latham 
is on their side. He, like them, 
has been shrewd enough to see 
that they cannot take on the 
Board simply on environmental 
grounds — because these could 
easily be shown to proceed 
from self-interest but that they 
must go forward on a broad 
front. 

Mr. Latham reckons that the 
bulk of the opinion in the three 
villages where the three Belvoir 
mines would be located is fairly 
solidly against the scheme. Of 
Hose and Saltby he has no 
doubt: of Asfordby he is not so 
sure, for there unemployment 
is high because of the redun- 
dancies at the BSC plant. The 
town is also rather more 
** industrial ” than the rest of 
the area. 

He concedes, ton. that some 
nf the opposition to the develop- 
ment is on social grounds. 
Neither ihe farmers nor the 
newcomers want a lot of miners 
and their families in the area. 
He dissociates himself from this 
(largely unspoken) argument, 
but admits its strength. 

Leicestershire Council Coun- 
cil. and Mr. Latham, both think 
that a compromise development 
may result from an inquiry — 
that is. the NCB will drop plans 
to sink three mines, and sug- 
gest two. or even one. In such 
a way. both sides would have 
won something. 

Already, a working party 
formed by the NCB and the 
Leicestershire County Council 
points the way to such a pos- 
sible compromise. Earlier this 
week, the working party issued 
an interim statement, summar- 
ising its discussion. Attention 
was drawn to the costs which 
would be incurred by the coun- 
cil — for roads, social services 
and housing — and it is likely 
that the NCB will be willing to 
help out on some housing and 
road costs. 

But such negotiation does not 
signify agreement Both sides 
were careful to say that they 
reserved their position, making 
it clear that the discussions 
within tbe working party were 
at least as much aimed at draw- 
ing X'Si future battle lines pre- 
cisely as at- coming to an accord. 
When that battle is joined, it 
will be both long and fascinat- 
ing. 


SCOTLAND; 


$ r* . 


ii3 


1 1 


*1 


To flourish profitably, industry needs the right industrial 
climate. Room to breathe, space to develop, incentive to grow. 

In Scotland, the Scottish Development Agency provides 
that environment With a budget of up to £300 million, we can 
offer financial aid to industry where natural growth exists. - st 

TL« er\ a ^ T-rullirM-t cniiarp of fertorv 


IIUMIIViMi J 

The SDA has 3 million square feet of factory 
space ready to house expanding companies. 

And we’re just as excited about small 
businesses with big ideas as we are about 
large industrial complexes. 

Many internationally known 
companies have already established 
roots in Scotland. Names like General 
Motors, Polaroid, IBM, Ciba Geigy, 

Michelin, Nestles, Rolls Royce, Philips and 1CI. 

And we’d like to add your company to the list 
James Gorie, our Head of Information, 
would be pleased to tell you more about the 
industrial opportunities Scotland can offer. 

Get in touch— we’d be happy to cultivate 
an interest in your company’s future growth. 

i 





w ^ 

Scottish Development Agency 

120 Bothwell Street, Glasgow G2 7JP. 
Tel: 041-248 2700 Telex: 777600 


THE SIGN OF SCOTLAND’S INDUSTRIAL GROWTH. 


i 

J 




1 



BY JOHN BRENNAN 


Laing goes against the tide 


■Whctrgh in both cases the 
problems of adverse publicity 
make fund managers reluctant 
to broadcast their interests. 

For the future, Mr. Kerr and 
Mr. Goodison agree that, “with 
the lack of growth In the United 
Kingdom it is going to be very 
difficult to sustain a substantial 


development programme. And 
Mr. Kerr warns that schemes 
recently dusted off and started 
in some weaker provincial mar- 

JOHN Laing and Sons may open He sold that, “Institutional much more long term than those dewlopei^fatiier than*! sunnaf 

the door to a number of new pro- links are now so close and insti- of the developer." confidence in the UJS. economy.” 

perty company quotations if it tutional money so plentiful that As pension funds' iuvestable 

can overcome the tax and legal a private property company does cash is likely to top £4.5bn. next iu PPIlCg 

complications involved in launch- pot need toe status of a. listing in .year, Mr. Kerr recognises the IW P sCItr 
ing its £SS.5m. property invest- order to convince an "insurance problem of many funds “tread- STOCKBROKER W. Greenwell's 

men: division as a separate com- company or a bank or a pension ing the same avenue.” And he contention that “no worthwhile 

pany. fund that it is worth a loan, thinks that, “more than ever research has yet been published 

But if Laing manages to set a So the number (of quoted com- to-day we are seeing fund which would enable us to reach 

trend for a form of corporate panies) is likely to decline as the managers following the herd a conclusion on the relative in- 

“ cloning ’’ by the bigger con- big fish feed on the little ones instinct.” vestment performance of equi- 

trdcting /property groups^-and in and ho new little ones appear." Standing back from the herd, ties and property. . a case 
this tightly held sector control- Given the uncertain economic Mr. Kerr does not dismiss the reported in detail last week, has 

ling shareholders' personal and background Mr. Goodison doubts possibilities of investment away sparked a strong response from 

family tax considerations are if demand for space will be suffi- from the traditional Institutional property indexers, 

more likely to determine this c j en t to create a rent boom, property Ureas and into residen- Dr. Russell Schiller of Hillier 


trend than any inherent appeal although he expects rents to Property and agriculture, Parker May and Bowden, archi- 
oF t lie schemes to outside — these continue rising because of 


new companies are likely to join artificial restraints on the supply 
a dwindling band of quoted pro- of new prope rty. 

perty companies. „ . . . 

, . This cautious note was echoed 

atjeast, is the view of | n a S p e ech by Micbael Kerr, 
Aicholas Goodison, chairman of general Manager of the Airways 
s '!?f Srock Exchan^e. speak- p enfiion Scheme. Pointing to the 

increase in Minimum 






ing yesterday as senior partner 
nf stockbroker Quilter Hilton 
Goodison at the 197S Jones Lang 
Wootton Rea] Estate Conference 
in the Dorchester on Park Lane. 

Mr. Goodison believes that “in 
the context of a slower economic 
growth rate or a mild recession 
there is not much cbance of 


recent 

Lending Rate, and the prospect 
of further interest rate rises, 
Mr. Kerr believes that “yields 
will now have to rise appreciably, 
by possibly I per cent, to satisfy 
the institutional holder.” 

Mr. Kerr still sees scope for 


another development boom. And partnership developments, parti- 
as property companies ” lead cularly where a fund can satisfy 
more peace fui lives" some con- its need for representation with- 
ccntrating on management of out an undue expenditure of 
existing portfolios, some on management time. One way of 
refurbishments, joint schemes balancing these needs is, be 
with financial institutions or feels, through substantial hold- 
local authorities and others logs in development companies 
diversifying into other trades Mr. rather than direct involvement 
Goodison sees a steadily dwlnd- in joint schemes where “very 
ling list of quoted companies as often funds can be put in a 
they are absorbed by the finan- position wbere the financial 
dal institutions. benefits from this investment are 



AthUii as* ir*. ni 

Phase one of the 160,000-sq.-foot £22m. Wingate Centre office 
development at Aldgate, on the eastern fringe of the City 
of London, has now been sold. See Property Deals, Page 14. 


tect of the HUlIer Parker In- 
vestors Chronicle Rent Index, 
believes that Greenwell's criti- 
cisms are based on “ a misunder- 
standing ” of the index. 

Dr. Schiller claims to chart 
prime, property rental levels, 
ahd-he further claims that these 
levels cim 'be used as a realistic 
performance yardstick, for 
although the index measures 
only a selected (institutional 
quality) level of rent change, 
tins change does, he feels, give 
a good guide to rental income 
changes over time. And so, he 
believes that in an analogy of 
one car towing another. “ Green- 
well concentrates on the length 
of the tow rope while the Rent 
Index measures the speed of the 
cars." 

If funds- accept that Dr. 
Schiller’s index manages to give 
a true guide to “prime" rack 
rents— and he sees “prime” as 
any property that falls within 
the' scope of Investing institu- 
tions — thcn.it can. be argues, be 
used as a property performance 
guide that ;wiU stand happily in 
comparison . with performance 
guides to alternative forms of in- 
vestment. 

Ken Posner of Micbael Laurie 
and Partners is less confident 
about the success of the firm's 
existing property performance 
Index, produced jointly with the 
Economist Intelligence Unit He 
looks ahead to the new index 
foreshadowed in the firm's most 
recently published index. This 
would use actual portfolio per- 
formance as its base. And Mr. 
Posner reports . an encouraging 
response from funds wilting to 
give regular valuation, income 
and new purchase figures, in 
confidence, to form the data 
from which a comprehensive in- 
dex of property performance 
could be constructed. 

Michael Laurie believes that If 
It -could get funds representing 
around a third or a half of the 
total institutional investment in' 
property to participate (and early 
response to its idea suggest that 
this is feasible) then a really 


Financial Times Friday May 5 197S 

OFFICE RENT AND HATES BURDEN T&7B/9 



Debenham Tewson and Chinnock's anim al 
office rent and rates survey once again 
underlines the importance of looking at 
total accommodation costs rather than 
simply at rents. Xt proved impossible 
to add in an average figure for service 
costs la each of the towns in the survey. 
But, in an unpublished memorandum, the 
agents have extended the range of the 
review to a number of the Key inner 
London boroughs, boroughs incorporated 


into the chart above. 

One point highlighted by the survey Is 
the effect of this year's revaluation of 
Scottish property for rating purposes. 
Rateable values increased four-fold in Edin- 
burgh and doubled in Glasgow. Although 
the rate in the pound has been sharply 
reduced, the net effect of the clianges is a 
35 per cent increase In the rates payable 
in Edinburgh, pushing it to the top of the 
list for provincial office costs. 




objective performance 
could be set up. 


index 


THE LATEST EDITION of 
Grahams’ regular survey of 
pooled property funds, pub- 
lished -this week, shows a 
median 12-month return of 243 
per cent on the 2S funds covered. 
Only three of the funds reviewed, 
Hanover Property Unit Trust, 
Pennine Property and the Abbot- 
stone Agricultural Property Unit 
Trust, outran the 32.8 per cent 
rise In the FT Actuaries 'Property 
Share- - Sub-index in the year- to 
the end of March 1978. 


PENSION funds and insurance 
companies reduced their direct 


property investment in the final 
quarter of 1977 according to the 
latest institutional investment 
figures from the Central Statis- 
tical Office. 

In last three months of tbe 
year pension funds' direct pro- 
perty investments dropped from 
a third quarter tolal of £214ra. 
to £14Sm., taking the funds’ total 
property investment in the year 
to £53 am., £15m_ more than in 
1976 and a similar 16.8 per cent 
of their total investable funds. 
Insurance companies cut pro- 
perty investment from a third 
quarter £134. 2m. to £96LSm.. mak- 
ing £410.1m. for the twelve 
months. 

Quarterly variations in insti- 


tutional investment do little 
more than record past patterns 
of Minimum Lending Rate move- 
ments and the Government's gilt- 
edged stock selling programme. 
And it seems probable that tbe 
first and second quarter figures 
for 1978 will show a very sharp 
rise in the level of property in- 
vestment as the effects of the 
Christmas and New Year buying 
spree show through as completed 
deals. However, last year's total 
direct property investment 
figures— which are down in ag- 
gregate on 1S76!£— do throw a 
bucket of cold water over the 
more simplistic arguments about 
tbe “weight of institutional 
money'’ into property’. 


4% 


§ i* 



USTRIAL AND BUSINESS PROPERTY 


for Industry 


A Selection of Office Suites Currently Available: 


Moor House, London Wall, GC2. 

3,700 sq.ft Second Floor. 
Air-conditioned and carpeted. 


6 Giltspur Street, ECl. 

2.350 sq. ft. Third Floor. 

Fully fitted, modernised Office Suite. 


3 Kings Arras Yard, EC2. 

3.945 sq. ft Second Floor. 
Recently refurbished. 


Cotts House, Camomile Street, EC2. 

2.400 sq. ft. Sixth Floor. 

Open plan Offices ideal for shipping company. 


Royal London House, 16 Finsbury Square,EC2. City Wall House, 14/18 Finsbury Street, ECl. 


1.980 sq. ft. Fifth Floor. 
Refurbished Office Suite. 


2.486 sq. ft Fifth Floor. 
Refurbished Offices. 


Warehouse 
10.000 sq. ft. 
TO LET 


N’w Warehouse/ Factory Development 

3,000 '390.000 sq. ft. 

TO LET or FOR SALE FREEHOLD 


Superior Modern' Single Storey 
Warehouse with Offices 
14.150 sq. ft. 

TO LET 


Single Storey Factory 

28.000 sq. ft. ' * 

TO LET— IMMEDIATE OCCUPATION 



9,060 sq. fr. 

New Warehouse d- Yard 
TO LET 


33 Throgmorton Street,EC2 
2.000 sq. ft. Fourth Floor. 
Air-conditioned and carpeted. 


1/7 Rangoon Street, EC3. 
3.560 sq. ft Third Floor. 
Inexpensive Offices. 


Single Storey Factory 
14,250 sq.ft. TO LET 
Rent £1 per sq. ft. p.a. exd. 


N.17 


WESTON-SUPER-MARE 


47/53 King William Street, EC4. 

2.000 sq. ft. Ground Floor and Basement 
Airconditioned Banking Premises. 


87/95 Mansell Street El. 

2.905 sq. ft. Various Floors. 
Newly refurbished Office Units. 


Lawrence House, 3/6 Trump Street EC2. 
2.300 sq. ft. Fourth Floor. 

Fullv fitted, modernised Office Suite. 


14 Nicholas Lane, EC4. 

3,470 sq. ft Self-contained Building. 
Air-conditioned and carpeted. 


Garage Premises 
6,250 sq. ft 

FOR SALE FREEHOLD 


Buckingham Street WC2 6,000 sq.ft 

Mayfair whole building 

High Holborn — self-contained building 
St. James's prestige building 

Cork Street W1 1,200 sq.fL 

Furnished suites Central London 

Clients' requirements 

Covent Garden...... . freehold 

Central London 30,000 sq.ft 

Regent Street W1 2,500 sq.ft 

West End 2,000 sq.ft 


City Office Department, 

r^<KiiigSlreet.LorKjonEC2V 8EE 
T»:*t 01-606 4060 Telex: 685557 


Citv offices 

One of the ] LW Computon Services 



IG 

mnnsi 



Chartered Surveyors 








DiU 


gjTE 

MAY"^8 


•ional opportunity Jto 


An ex°«P'' 1 ~‘T- exists in 

accommodation probi ^ hun{lred yards from a 

international station, with the 

l*me U * mites and City of London 

in 10 minute., ' ft> . on 

lt consists of ^ availabls 


Victoria 
End access** 1 ® 
ln 15 minutes. 

immediate occupation^** Bxclusi ve 

available with the 


is air conditioned 
19 initial rental 


for 


" d er CS.35 per * CT 


58 car parking 9tare y car park, 

tuilding. oppose ‘ 4 _ h „m, lne f&eiliti«* 


Ldxng, good shopping 

^ a^ne* 8 Comprehensive Sports Complex. 

' 4 ion is recommended, which can be 

* our notice through Jones Lang 

snr-.-i —■ 





oaridr®aMpp®55fi3n 


OCCUPATION 

On compJetafl of leoa* forniauftea. 









CITY FRINGE 


adj. UNDERGROUND STN. 
(3 Stops, BANK) 

FUUY MODERNISED OFFICES 

4,700sq.ft approx. 

Lift - Central Heating - Carpeting 



FITZROY HOUSE 


apply SdeAgents umdit a 19 / 20 crafton street 
L AU K1 1 CJ LONDON W1X 4DD 

PARTNERS 01-493 7050 



TIBS TOLLHOUSE 
Sevenoaks 



•$5: 


Offices 
in Sever 
At the foot of the North Downs 


Just 30 minutes by train from the City. 

.17,900 sq. ft. of offices with the luxury and 
amenities of a modern City office block. Situated in 
this delightful market town. 

AH for just over £4 per sq. ft. with overheads to 
cheer your accountant. 


DtOn 01-6269681 

X, _ CMAHTEBtn SURVEYORS 

Wright 


Ring Tim Elliott . 


(Ref Ef 5411) 


T v Chartered Surveyors 
103 Mount Street London W1veAS.'fel:01-493e0<0 


S.W.15 

T<3 LET AK) 

P.P. for change of use to: v. 

OFFICES 12.750 sq. ft. 

SHOWROOM 3,535 sq. f.t 

TOTAL 16,285 sq. ft, 

I JT - 1 fx. Chitttrtd Surveyors 

IV inf! rT LeO 1 Snow Kill. London. ECl 
■ w j e | ephone o 1-236 3000 Tele* 885485 

Manchester • Leeds ■ Brussels 


CANNING TOWN EI6 


MODERN ROORY/WM^EHOUSE 
21, 000sq.fi (orwHsi^Hlivide) 
Um LEASE FORSAtE 0RT0 LET 


CH^berlam&Willo^ 


BEDFORD 
TO LET 
FACTORY PREMISES 

17,000 sq. ft 
only 86p per sq. ft 


Full details: 

K1LROY COMMERCIAL 
50. ST. LOYES, BEDFORD 
Telephone: (0234) 50952 


v 

i ' 4i 

Sir 




V. JV 




S'--. 





















f ■■ hr* 

U I cl-*® 


Financial Times Friday May 5 1978 

? ~ 

Chesterfield 

House 

24/30 Fenchurch St. London EC3 

16,330 sq.ft. To Let 

Entire 1st & 2nd Floors 

Fully fitted to a high standard-3 Automatic passenger lifts 

Central Heating 


_ j /'Svac*/ 

ir^rAtACWha' 

\ INCV^D \\X ^ 


For Sale 
or To Let 

Excellent modem 
Single Storey 
Premises 

Winsford 

Industrial 

Estate 

Winsford.Cheshire. 

61,955sq.ft. 

Site area 2 9 acres 
Hi Fully sprinklered 
*Sub'Staf ion # Cranage 

a S^d&Ca 

Chartered 5un*vw 
dGDeansgate. Manchester 


Lander BurfiekJ « 

CHARTERED SURVEYORS : 
HARPUR HOUSE 
36/38 LAMB'S CONDUIT ST. 
LONDON WC7N 3LL 

v TEL: 01-831 6311 





m 


/^MONUMENT 

V v 


Hasp 

^ /TROLLOPE 

(SOB 

p.sa deck, p. s a building. 

LEADENHALL STREET. 
LONDON EC3 

TEL: 01 - 2 S 3 3 S -41 > 


HIGH-YIELDING 
INDUSTRIAL INVESTMENT 
LEICESTERSHIRE 

I4!S yield 

A substantial factory let to 
engineering company. 33,000 
sq. fc. plus additional land For 
storage/parking. Lease 25 years 
(from 25/12/77). 5 year rent 
reviews. Full repairing lease. 
Rene £19.650 pa. £140.000 
FREEHOLD 
Write Box T.4878 
Financial Times 
10 Cannon Street EC4P 4BY 




London 50 miles • Between Ml and A1 


* f i r* 

■ / ‘ 

!> , - i ■" 


M Chailey House, overlooking River Ouse. Bedford. 
16,200 sq. ft prestige offices. (Connells). 


■■vy- 


mnr 




hfr'V i 











Merton Centre New town centre office ► 
development. 62,566 sq. It remaining. Private parking. 

L'ones Lang Woottun). 


imrirni 

bqfj: 




◄ Elms Industnal Estate. Recently-built lactory/office 
premises. 32,000 sq. ft (Designed, built and financed 
by Hunting Gate Developments Ud.j. 


dr 








_1 l TT^ | j jj ^ ~- 




WiSZM | Rii 

ag~53 p jit i 


Excellently reiuiLished Georgian ► J 
olfice block, dose to town centre. 
6,500 sq. ft to let tkifroy). 


For particulars of these properties and most medium and large business premises 
available in North Bedfordshire apply to:- D.J. PHIPPS , CHIEF ESTATES SURVEYOR, 

NORTH BEDFORDSHIRE BOROUGH COUNCIL , 

TOWN HALL, BEDFORD 
TELEPHONE BEDFORD (0234) 67422. 


. — -- • ■ • T ■ »■' • • • V- •• 

One of the World’s Greatest Golf Resort Complexes £ ; 
with Development Potential is for Sale 

•500 acres of developmyent land. / f:-; 

•Approval for 3 .^ 00 viltebrapartments. 

•Ex i sting .luxury hotel oper&ticHL. . / y* * 
r #2 championship goifesaitrses/ ft! 

‘ •100,000 squa^Teet cIuhhous^. . p 

r At La Manga CaDDaypoid^ Golf, Spain z ^> jyf, 

... investment of more tfe^.^-OOO.OOO ’* m 
lias cnxilnl a mftfinificenLoetttreptece for ftirthep.— *■-- - ■ » f?3 
clovulopmont overlookptfcfcd&Uie Medilerfimwi and the home 
the Spanish ^ 

All offers.wiU be CQnswleiT& \ p| 

For frnw hill colftuf brochure confect |$j' 

Debenham Tewson & Chiimbcks !*j 

/ lnt^dtiunal Reiil'jfisUile Consultants •Chariered Surveyors ps 

w :-y^m Bniicrofi House ftilrmostcr Square London EC&P 4ET England ? ^ 

^ TfU'phone 01-236 1520 Ti;Ie\ 883749' t ' ] 

y \ n v’* Brussels Hamburg Bahrain Dubai Toronto New York Sydney : 1 

J i * _ ^ ^ , ...... 





MIDMARK 



?: r ^i 


Broadwick Street 
London WL 

52,000 square feet 
of high quality 
air-conditioned office 
accommodation. 

To let 


A splendid new 
development in the heart of 
London’s West End* 
just 2 minutes walk from 
Oxford Circus. 

Carparking in basement. 

Residential accommodation 
available in the same building: 

■Will divide. 


Richard Ellis. Chartered Surveyors 
6-10 Bruton Streep London W1X 8DU.Telephone: 01-499 7151 

City ofLondnn, Scotland, Bel gram. France.Holland.Spain. Schi ih Africa, AuMraJia.USA, Canada. Singapnir.Hcmclvnng 


Richard Ellis 




SALE OF WOODLAND 

WEST SCOTLAND 
NEAR DUNOON, SOUTH ARGYLL 

Dedicated, commercfiifly artracrivc curu/croiis 
viucxiliinJ iiftered for >>le in 4 lot'- Stocked 
area i- MO hcctare> (c. 1^00 acre-.) of which 
Mime 240 h.i is under 20.ye.irs old and some 
.'W ba JO in 45 rears u) it The areas are well 
roaded and the niajor species are Norway anJ 
Sitka Spruce. 

For further particulars apply *OS 



swoac 

SCOTTISH WOODLAND OWNERS ASSOCIATION 
(COMMERCIAL) LTD 

B CheslBT Street, Edinburgh EH3 7HD 




Central 

IVlayfair 

Prestige 

Air-conditioned 

Offices 

3,600 Sq. Ft. 

To Be Let 

Wnte Sen* T.46?9. Financial 
Times. 10. Cannon Street. EC4P 
4BY. 


GREENWICH SE10 

bla ckwall tunnel, south side 

Industrial Land 
& Buildings 

43,000 Sq-Ft. on 3.4 Acres 

Weal T ransport/ Container Depct/PIant Yard 

FOR SALE 

IHenry Butcher & Col 

■ * incorporating 1 

Leopold Farmer & Sons ■■ 

51/42. High Holbom, WC1V « G . 


OVER 
£ 10 , 
AVAILABLE 

NOW 

FOR RESIDENTIAL INVESTMENT IN LONDON 
AND THE HOME COUNTIES . 

Unbroken blocks of flats or freehold blocks ’ 
with sfiort/medium term leases. Freehold estates of houses 

CIp to £5 million 

Freehold estates of ground rents secured on houses 

Up to £Y 2 million 

Large residential properties suitable for refurbishment 

Up to £3 million 

Development site for up to 
100 high class residential units in good location 

Up to £1 million 

Modern development of shops with 
self contained residential upper parts in secondary position 

Up to £2 million 

Details to retained Agents. No commission required 


Sutton 

Bank House 

Attractive new offices. 
Opposite BR. Main Line 
Station - 20 minutes to 
Victoria Terminus. 
Single building of 7407 sq.ft. 

Available Shortly. 
Private car parking 
passenger lift. 

Gas Central Heating. 
Carpeted. 

Sole Letting Agents: 


103 Mount Street, 
London W1Y6AS. 
Tel: 01-493 6040. 

Chartered Surveyors Telex: 23858. 


A freehold Reversionary Investment 
ofoutstandingquality . 

94 Jermyn Street 
& 4 QrrrK)rri\<aid 
London SW 1 

Currently Let at the nominal rent of £1,150 per annum 

Exceptional Reversionl986 

For Sale By Tender 

ion Wednesday 14th June 1978 

at 12.00 noon (unless sold previously) 

Sole Agents 

Chestertons Chartered Surveyors 



BERNARD THORPE 


1, Buckingham Palace Road, London SW1 
Tef: 01-834 6890 (Ref RMMj 


75 Grosvenor Street, London WiXOJB. 
01-4990404 Iblex 8812560 

and in The City of London -Kensington - Hyde Park 
Little Venice * Chelsea 






Financial Times Friday May 5 1975 



YOUR SEARCH FOR 

3IS 


mm 




T 

lodav. there’s a new entry 
point to Scotland's industrial property ^ 
market. The Scottish Development Agency. 

We have over 3 million square feet of 
available factory space strategically 
sited throughout Scotland, and Ihe 
financial muscle to help solve your f 

investment problem. Here is just a i 

selection. lAH sizes are in square Jr 'jg 

SCOTTISH DEVELOPMENT / /£ 

AGENCY FACTORIES / 

BORDERS REGION / 

CENTRAL REGION ^ 

All - .1 .lu iv*n. “Ii.h i l al 2 5001 B-an-ieaih (lO.OOOj Falkirk 
Siiihivi (2 .ii i’.soOi 

DUMFRIES AND GALLOWAY REGION 

D. -. 1 !** ..mi.’ .J V0» Gr^in.i ,• 2 flr •?■ (Wi K.iJ.-rirlhnohl 1 1,500) 
t:. »- ■•Ml ■?i6.-.ar: i.l .v 3 OOOamJ 2 al 1.500) Sanqriiiar 

i-i ' ZS*."*' S;'dn r ci(?r (lO.JfOl 

FIFE REGION 

i’M.'i iJft 2 5001 Cowrtenbealh i-i al 2 500) Cupar 
1 1 . ; j Kiri-c.ii-.il.' i if J50i i Le/en i2 .n C.50O' 

GRAMPIAN REGION 

•L.L.n 1 1 2 ,ii 2 5u0» Bull.ir^r 1 1.7501 Banff 1 2 ht J.-i'a'.'i EuckiS 
<l” : ni> rui!:o'..:i ! 1.500) Ellon (Ila! J.SOOi Huully 
1 

LCTHIAN REGION 

E. IiiIOmI JIi iPf flcrinilij 1 10.500) 







XT 


m. -• 


GLASGOW THORNL1EBANK ESTATE 
SPECIAL DEVELOPMENT AREA 
AVAILABLE JUNE 
<* UNITS EACH 3.700 sq ft 


' ► •* « •*• .lrvl 


r.-crco-. l£ un. 1 . 1 ' 
K-fKivatcd 


c A«nnvj„.< . 1 . 00 ', 


' ‘ ■ I J. »v»;. 

" I - -• ■ ... •• :«> ..M. 

1 i’ 1 1 '• '• ''.l ill sii. 

' ‘ ' i-i.v 

i. ■ ' i ii-., n |li , , 


I STRATHCLYDE REGION 

a Beith 1 10.2501 Blantyre i70.5CX) & 52.000) 

• aolhwellpark M9.500 & 19 7504 157,000) 

'• Carfin 126.5001 Calrme fl.750) Chapelhall 

(26.000) Cl’/<S0bsnk. (iq.500 & 2 at 10.290 4. 
fStKXF &j 52. 500> Daimellmgion (2 at 2.500) Darvel 

(5 at 2.500) Girvan i3 al 2.500 4 20.250) 

Greenock 1 12S.500 & 4 at 2.500} Inchtnnan 
(52. 500 & 19.500) Kilsyth (15.7501 Kilwinning 

(49.000) Lanark O.SOO) Larkhall (128.000 4. 
6.750) Lesmahagow (4 at 4.500 & 6,500) 
Motherwell <4 at 2.500) Muirkirk (1.750) 

Nwhoure (24.000 4 53 000 & 82.000 & 67.250 & 15.750) 
Paisley (16.500) Port Glasgow 1 20750 4 31,500) Prestwick 
(10,000) Vale of Leven (25.000 & 15.000) 

GLASGOW 

Cambuslang (27.000 & 16 500 & 1 1 .000) Carntyne (5 250) 
Hillmgtcw (67.250 4 33.750 & 65 750 4 10.750 4 13 000 & 

1 5.750 4 6 at 5 000 » 21 .500 & 1 500 & 7.750 4 4.5001 
Kmning Park <2at 5.500) North Cardon aid (1 16.000 4 5.250) 
Queenslie (2 at 52.750 4 2 al 25.000 4 41 509 4 52.000 & 

2 7. OX) 410 500 4 25.000) Shieidhall (25.000 8 15.250) 
Spnrqtium Cotvkus 1 1 7 750i Tttomllebank (2 at 1,500 
& 2.500 4 3.2508 4al8.750 & 7 at 9,500 4 19,000) 

TAYSIOE REGION 

Alyth (2 at 2,500) Blairgowrie (2 at 2,500) Brechin (4 a 1 2.500] 
DUNDEE 

Baldovie (2 al 2.500) 

HIGHLANDS 4 ISLANDS* 

Thurso (8.000) Castletown (1.500) Brora (2.500) Inverness 
(10.0031 Da i cross i 15.503) Smith ton 16.OOO1 Fort William 
(4 CrOOi Portree (2 500) Dalibtirqh i2 500) Tarbert (Harris) 
11.500) Inveraray 1 3.250 4 1.750) Salen H 500) Tarben 
(Argyll) (1,S00| Islay il.SOOi Campbeltown 1 3.000) 

'Factor. P5 in Ihs Hi’oMantfs Am n.Vjnrf; arc CM "•■•1 and 
a.i.'o.i'j.wn; hi - :.»« H-ghundS £ i'jIjih; DeveJoorvent 
Board Ir-iCtnc^i. 

Full details from James Gorie. 

Head of Information, on extension 267 
at the number below. 



Scottish Development Agency 

1 20 Both well Street Glasgow G2 7JP. 

Tel: 04 1 -243 2700. Telex: 777600. 

SCOTLAND’S INDUSTRIAL FRONT DOOR. 



Opposite New shopping centre & 
adjoining building society complex. 

34,200 sq. ft. To Be Let. 

❖Generous parking ❖Central heating 
❖Flexible design. 

Ail consents obtained 
Early Occupation 

. J 


■ 




Chartered Surveyors 


103 Mount Street, 
London W1Y 6AS. 
Tel: 01 -493 6040. 
Telex: 23858. 


PROPERTY DEALS 


Y17* a. feet Of 109-114, Fenchurch Street. 

Wingate Identic E.C.3, has now been let at aa 
° average of £15.50 a square foot. 

nllQCA Ana The ground-floor space went 

J^lilAOC- UllC to Barclays Bank and to two 

j retailers — advised by Healey 

crilrf and 'Baker — while the offices 

have been taken by Sun Insur- 
STEPHAN Wingate, joint ma.rmS- a nee Office— advised by Kinner 
in g director of Wingate Invest- and Green — A. L. Sturge (Hold- 
ments. confirmed ycsierday that in?s)— advised ' by Smith Mel- 
the 86,000 square feet onase one zack— Q. E. Heath, and Watliog 
of ihe Wingate Cenire office Street Properties. Newton 
development in the Minories Perkins acted for CLRP on the 
has been sold to an outside Watling Stret deal, 
iostituiion. 9 

Phase one. renamed “ Bam FOLLOWING the recent Smith 
Dawes House after ^ pr - M C ; zac j. move 0 f Lloyd's Under- 
letting to the insurance brokers wrUers - Non Marioe Association 

Iprinn L H S for ^ i £?,' from Lloyd’s old building to a 

pleuon earjy , n the autumn. But -j. soa ^ quar e-feet office at S5. 

r t V n |’ at "hM Wm Gracechurch Street. B.C.3- 
where Richard Ellis and Jones 
* its^ruke m ^- bui d- ^ Wootton acte d for the 

Unn t? h y J “/ ran ^t tit landlord — Further near-Lloyd’s 
L 1 - ^ 0VV_T1 “ T ? paH moves in recent weeks confirm 

n « b “y “ ut V?* the overCIO-a-squa re-foot average 

casehold and that ne ther 0 f 5mal!cr 4 ce wilhin vvaikins 

i^ To e n HA e m° lderS - distance of the underwriting 

and London Transport, made ihe ^ Qor 

^ .j 1 Trident General Insurance. 

On a straightforward capua) represented bv p ortman Estates. 

B L'u ..rniTnrt has tah - n L255 in another CLRP 

vearTe"^ ^fa^SasHlso ShhSTa rTm 

fl^^e S S e thi 0 5 ak V T£' definite 0 ^ the "eighth 

^Wingate, which was taken over ^ °. r h “ f m f ^i'c ^ 1 m erth u r ' Re* 

by the contraetlnc and property ?° the ^orw'ch Winterthur Re- 

giant George Wimpey in 1976 S£ SfS 

i D a £5.3m. agreed bid. starred jk W ^f^ r /^ r CLRR EII,S acttd 
preliminary work, on the Aldgate nnu> I 

project in the late 1960s. Site ch^per space is now | 

assembly, planning and design c- ? . u eW »F C ^ilf- = ’ e ' 

problems were finally resolved ^J 0113 ! bi yl^ !n S 

by 1976. and the Wimpey take- ** « 8 “'? 4 r : nth ^ 1 Dch f Urc .^ 
over gave Wingate the financial ...T™’ l er ra .^“5 

muscle to carry through the T ^' 0 - minute walks From 
development. Lloyd s The co Megs, ad nsed by 

.After the Bain Dawes pre- Bake T r B ^5 ns Saunders, is offer- 
letting last year - arranged ^uare feet of thi«; 

through George Trollope and f ^ u . 1 Peasant- looking 

Sons, the broker’s advisers— Win- huildjog at just £S a square foot, 
gate, and its project manager • 

and letting agent Lander Burfield. Kenya AirV(l . avs . head office in 
decided to build the remaining Mayrajr _ at 16 Conduil street : 

S ? henie m f U '’ZfZ: W1 - been sold to Scottish! 
95.300 square feet unit. -Vork Amicable Pensions Investments! 
on that side of the scheme is for just over £ , m Barnett! 
exnccted to be completed by Baker and i mrod ucedi 

the former Austrian Airlines’ 

• building to the Kenyans and to 
BAIN DAWES itself is now mar- the Fund, and Gale Hcaib for 
keting the 16.300 square feel of Scottish Amicable, negotiated a 
offices it will be leaving in the yield of just under 8 per ccnL 
City of London Real Proerty’s on the 6.000 sq. ft. modernised 
Chesterfield House. E.C.3. Land block. 

Security’s subsidiary' is taking Still with the airlines, Smith 
back two of the broker's four Melzack is askina an average of 
floors when Bain moves to the £8 a sq. ft. for British Airways ' 1 
Wingate scheme in November. 12.500 sq. ft. offices and show- 
The remaining space. 7.630 rooms in Pearl Assurances's 
square feet on a lease running Dorland House, Lower Regent 
to June. 1981, and 7.600 square Street. Wl. The Dorland House 
feet until March, 1995. is avail- reservation office was BEA’s 
able through Trollope al FS0.900 Wesl End headquarters. Follow- 
and at £100.000 a year resnec- ing the BEA/BOAC merger, the 
tlvely. an average of £ 11.66 a airline is to consolidate its 
square fooL business in its larger offices 

• opposite the Cafe Royal further 
CLRP’* strone nresence in the down Re Sent Street. The 5.500 

arouni th! UwdfmarLet «• »■ ?"? ™° 

shows through in another com- ? !}'°L Do nd U 

pleted letting this week. The be vacant b > June - _ 0 

whole 64.500 refurbished square J 8 



l& Giltspur Street London ECll 


sq 9,600 ft. 

of office/showroom 
accommodation 

Ideally suited for use as a 
headquarters building. 

A further 6,925 sq.ft, of office space 
may be available if required 


Joint Sole Agenls 


SHEPHERDS 


EDWARDS 
BIGWOOD 
& BEWLAY 


I 





FREEHOLD SmS-fffTHE HEART Of ENGLAND 

, 46Tamworth — a growing and prosperous centre, designated an * 
L overspill town for Greater Birmingham- 

Ik * Ample skilled labour available locally. 

* Growing housing stock at all price levels. 
it- Road access to sHe and all main services included in price 

£ £35,000 PER ACRE FRE3-tOU> 

Sites from J j acre upwards. 


INDUSTRIAL PARK 

For full information, please contact Mr. WLD. Weaver 
ASHWORTH & STEWARD (HOLDINGS) 1TD-. 

Astor House. Lichfield Rood, Four Oaks. Sutton Coldfield. 
West Midlands. B7 4 2UP. 161:021-308 3891. 


GL9SE ST. PAULS E.G.1. 

MODERNISED OFFICE BUILDING 

4415 SQ. FT. 

FOR SALE FREEHOLD 
£375,000 

Thorntons 

Thoma&Deal&.Fartners | Woking 62411 


UNDERGROUND CAR PARKING FOR 20 VEHICLES 


TO 


JOINT SOLE AGENTS: 

Norman Hirshfield HciTUlff Soil 

Ryde & Browne ^ &Dav ° 


42 We (beck Street, 
London W1M7HF 

01-486 4601 


26/28 Sackvilte St., 
London W1X 2QL 

01-734 8155 



Refurbished, Air-Conditioned 


Off! 





various floors providing approx. 
3,000/ 6,000/ 9,000/12,000 sq.ft. 

Sole Agents 



1 BUCKINGHAM PALACE ROAD LONDON SW1W OQD 

G1-S34 6890 


A ■ : • ■ ; - ■ 



3,470 sq.ft, approx. 



W 1 W 

Chartered Surveyors 


33 King Street, 
London EC2V8EE. 
Tel: 01-606 4060. 
Telex: 885557. 


WelbSe^Mm^ondonWI. m 


buildirigTO LET 


* Pssmngerlrft ~ - ^^0\1t-froqrs’fiaftii^n<0 

. • ' / • ; v iot t-se; ^ : J? 

^Carpehn^bfo^gf^6f^^r^^6;s ^''M ^';y;r : 


r&m 





13 Hill Street. London W1X 8DL 

01-629 7282 


FOR SALE 

0.6 acre freehold industrial site in Poplar, E14. 
Planning consent for general or special industry. 
Details from Clarobrooke 01-8-39 6342 or Michael 
Kalmar & Co.. 01-236 6871. 



PRESTIGE 
OFFICE 
SUITE 
REQUIRED 
St. James’s Area 

for Chairman "of Public 
Company 

1 .500*2.000 SQ. FT. j 
Please Telephone Miss Knight* i 
01-544 1731 i 


















SHOPS AND 
OFFICES 


MAYFAIR 

OFFICE 

BUILDING 

5300 sq. ft. 

TO LET 

LEASE FOR SALE 

‘ Apply:— 

DEREK REDDIN.CLANCY, 
JAMES ft JACOBS. 

94 JERMYN ST, SW1. 
01-930 0261 



CITY AREA EC 1/El 

Excellent Industrial 
Warehouse Premises 


TO LET 


4,550 sq. ft 
9.100 sq. ft 
15,525 sq. ft. 
17,150 sq.ft 
22,120 sq. ft 
27,250 sq. ft. 
44.400 sq.ft 


WAREHOUSE 
WAREHOUSE 
WAREHOUSE 
WAREHOUSE/FACTORY 
FACTORY & OFFICES 
FACTORY & OFFICES 
FACTORY/WAREHOUSE 
& OFFICES 


£7,250 pju exc 
£5,460 p*. exc. 
£12,420. pa. exc. 
£13^20 pjL exc. 
£15300 pj. exc 
£2 1JS00 pju exc 

£35320 p jl. exc 


ALt UNITS HAVE BENEFIT OF: 

GOOD LOADING FACILITIES • NEW DECORATIONS 

SPRINKLERS • 24-HOUR SECURITY 

• CENTRAL HEATING . 

Full details from Sole Agents: 



Norman Hirshf ield 
Ryde & Browne 


-3_*VL.HKH Siirtt. 

l.vnHi-nWI 


1tflc|jl kh ic Ul"4^k> •! W i L 




» i-esaafc 



A self-contained olBcetuilding : 

I 7 a 500 sq.fi. TO LET 

overlooking parkland 

Full carpeting, lighting, air-conditioning 

Richard Ellis, Chartered Surveyors 
6/10 Bruton Street, London WLX SDU 
Telephone:0I-499 7151 



Richard Ellis 








a*>: 


BERKSHIRE 
HOUSE W.C.l 

24740 sq. ft. 
MODERN OFFICES 

TO BE LET 

Automatic Lifts ■ Central Heating • Parking 


Sole Agents: 


M ELLER SH 
S.HABDING 




43 ST. JAMES’S PLACE 
LONDON SW1 A IP A 
01*4936141 


V M 


4' 




f- ■ 


; i .■ • * * „ n 

’ , ^ L' 

i i j • * 


FREEHOLD 

% sfflisr, 

Vicinria Win© Co., Ladbrokes. Cooli, etc. 

PresCTi f()Pfodacifl? £4 SOOpJ- 

SUBSTANTIAL REVERSIONS 1984 i ttti , 

FOR SALE BY PRIVATE TREATY [OR TENDER LATER] 

Vendors Sole Agents — 


\ GUUUI9 UMW ripew 

W A. ELLIS 


174 Brompton Rd. 
SW3 1 HP. 01-589 2425 


TO LET 

PRESTIGE: CiTY OFFICES E.C.3 

■tsjgsssass-,, 

, . f * ,. D Cayrcr Irvine Property Management Ltd. 

Apply: Ref. **%£*£, Axe . London EC3 

* Tel: 01-283 43« 


Chamberlain 

&Willows 

Estate Agents -Surveyors -Valuers 

01-6069611 

Chu rch Tfousc.lnjniTKJngcr La ne, London EC2V 8EU 


PRIME 
INDUSTRIAL 
SITE 

Hammersmith -Wood Lane -Wi 2 



11 acres for disposal on 
99 year lease 

For further details Contact: 

Borough Valuers 

London Borough oi Hammersmith 

H mnni ar smith HoUS© 

Black's Road 

W69EG. Tel: 748 2077 

Ref: A. Whitehom/J. E. Stockdale 



Debenham Tewson Stillman, 

& Chinnocks V ' & Company 


0 1 - 403 1 1 ei ~V: ■■.27 • 05 


30 Ainu; Acton !_’J: 2?R 

Til Luton 2ZB22 . ... . ' 


mOD€Rn OFFIC€9 

12 mins. Fenchurch Street 

TO LET 

£4 psf approx 

3100 — 6200 sq.ft. ALL AMENITIES 


Keith Cardale, 
Groves &Ca 

0- lillwWi 

JfcST. ANDREWS HUE. EC4V3DI 

01- 248.9771 


GLENNY 

& SON 

Chanaicd Surveyors 
S3 East Sunt. Ess 

- (Tefc.01 -594 3017/8) 


CLERKENWELL EC1 

Ground Floor 

FACTORY/WAREHOUSES 

2,550/18,830 sq ft 

Large Yard 

Ideal Distribution Depot 


EDWARD SYMMONS 


TeLOl-834 8454 


56/62 Wilton Road. London 5W1V1DH 


BUILDING LAND 
AND SITES 


Helmshore, near Manchester. 
Superb resMeralol sics with lull 
planning permission ■ f ox 154 deiMlwa 
and K>»i detached home* for sale by 
public tender in n*o Iocs or a* a 
whole. Manchester cenuc IS mins., 
approx. Immodiwo sure. Proven 
files record: possible land eachanje. 
Canoe 1: M. Holden 8.5c. A-S.V.A., 
Peeer Slater. 307 Union Read. 
Oswald misde. Accrington. Lancashire. 

0254 34752. . 


INTERNATIONAL 

PROPERTY 


LAND FOR SALE 


EDIlfBIlMH. near City Centre. IhrtJ 

Quarters acre site as private courtyard 
with planning consent for d«elopniont. 
Write Boa T.4876. Financial Timet, 
10. Cannon Street. EC4P 4 BY. 


BARCELONA 


Office- in Plaza Cacalufia. heart of 
banking, insurance and bmlneu. near 
Bank of Spain. Bank o! Bilbao. Bank 
of London and S. America. Babcock 
and' Wilcox, ec. 250 sq. metres, air 
conditioning, ac panic mwUtaorr. 
Ground floor in show room /office part 
of the city. Modem building, air cen- 
dioomnz. 230 sq. metres. New Icise. 
Leases will be ncgotnisd in London. 


Agents retained. . 
c i.4871. Final kM Time*. 


Write Boa 

10. Cannon Street, EC4P 4BY 


BROMLEY 

CENTRAL LOCATION 

EXCEiLENT 
OFFICE SUITE 
2,800 sq. ft. net. 

LIFT & CENTRAL HEATING 
RENTAL £13.300 P A. 

- LEASE FOR SALE 
Baxter Payne & Lepper, 

19 East Street, Bromley. 
01-444 1181 


CENTRAL WAY 

NORTH FELTHAM TRADING ESTATE 
MIDDLESEX 

Extensively modernised 
LABORATORY/ 

OFFICE BUILDING 

Approx. B.300 sq. ft. 

£13. BOO (La. 

SMALL PREMIUM 
STURGIS ft SON 
01.788 4551 


WORLD TRADE CENTRE 
LONDON 

Self-contained stitau of £57. 848 & 
5000 *.f. .for immediate occupation. 
Full range of faciUoec available in. 
eluding 24 hour telephone & telex, 
and secretarial services. 

For further drwls contact: 

Marketing Dept. 01-488 2400 


CENTRAL CITY.- 1.700 sq. H. approx, 
alr-condttloned office suite to be let- 
Jones Lang Wootton. 53. King Street 
London. &C2. 01-606 4060. Rot. 

1NFM- 

BARNET. Prestige suite to let. Opposite 
Tube. 1,400 sq. It. Michael Berman 
A Co. 01-549 921 1. 

FAUN MAM. SURREY. Proposed 10.000 
so. ft. of office* In West Street. Offers 
Invited. Harding * Co.. 40. Welbeck 
Street. London W1M BLN. 01-4BG 
3276. 

3.9B0 SO- FT. Modern offices to let. 
7 years, no rent reviews, at ©»H* £4 25 
so. ft. Harrow. Suite dm-.lbir FERRARI 
DENE AND CO., 01-427 42S8. 

GROSVENOR ST.. W.l. Apsrox. 1.800 
sq ft. second floor ejrrrt toned offices 
to let. C-H.. lilts, etc. Aoplv White 
Druce A Brown. Chartered Surveyors. 
3/4 Gf. Marlborough St.. London. W.l. 
Tel. 01-629 2102. 


FOR INVESTMENT 


OXFORD STREET, W.l 

ADJACENT 
HIGH INCOME PROFIT 
RENTAL 

• YIELD 20% RISING T025%. 

IN MARCH 1979. 
Secured- on 2 Shop. Properties.’ 
' Present Income £9,800 p.a. 

Rising to £13.000 p*. 

Full Repairing and Insuring 
Leases. 

LEASE; II years 

FIXED RENT: £150 p.a. 

. PRICE: £50,000 

Write Box T4880 
Financial Times 
TO Cannon Street, EC4P 4BY 


FARNHAM. SURREY. Extensive freehold 
property. Part Income producing, part 
potential offices. 10,000 sq. ft. Poten- 
tial income £43.000 aa. Enquiries 
invited. Harding * Co.. 40, Welbeck 
Street. London WTM BLN. 01-486 

SURREY. ?B seres let land producing 
£320 p.a. with review due Seatembor 
«T9. For sale bv auction rwrth other 
lots) on Wednesday 31st May (unless 
previously soldi, uernort Thorpe A Part- 
ner*. Ovrcd. Tel. 2375. 

S. FRANCE, near Med.. 6 self-contained 
Bats. well-prcpcrtHined. in elegant 
period house dominating square ol 
pretty vlllare. Vacant possession. Excel- 
lent Income nosslbintles. Freehold 
490.000 trs. 07S9S 654. 


WANTED 


WE ARE ACTIVELY seeking to ourchase 
Commercial Property Investments 
between £20.000 and LSDO.OOO for 
c liens. Dor j.' is ip N. Gents. Genls j, 
Pa rtn ers. 28 S Ed a ware- Road. London. 
W.2. Tel. 01-723 3B75. 


FACTORIES AND 
WAREHOUSES 


FREEHOLD FACTORY 
For Safe £170.000 
NORTH-WEST LONDON 

About 0.7 aere and 
27,000 square feet 

HIGGINS AND CO., 

■ Chartered Surveyors, 
01-965 6373 
01-965 8095 


LUTON/BEDFORD AREA 
4,000 SQ. FT. 

modem single storey factory. Equip, 
ped for PUsdc injection moulding 
complete with aJI olecmal instal- 
lations, dual water cooling system, 
cooling tower and refrigerated water. 
Immediately available- Leasehold. 
For details telephone: 

01-534 3237 f 


WEST MOLEStY. SURREY. New on 
marvet. Modern 6.000 sn. ft. fctetorv. 
Uwe- tar sale. For detaus telephone 
Harvey A Bowles, Sunbouy 87871. 


WANTED 


WANTED RENT OR BUY before autumn 
1978. warehouse on one Floor wound 
floori 15-20.000 sauar« feeL Nearest 
possible to Da Is ton. London. N.l. Con- 
JMJ Mr. Harris or Mr. Shecnem 07 
249-8044. 


INDUSTRIAL 

and 

BUSINESS 

PROPERTY 

appears every 

Friday 

Rate £14 per 

Single Column Centimetre 


33 


• NEWS ANALYSIS — PORT OF LONDON 

The last chapter of 
dockland’s sorry saga 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


DOCKERS were again jostling 
outside the headquarters of the 
Port of London Authority yester- 
day for what could be the start 
of the final episode in the be- 
draggled saga of London's Upper 
Docks. 

No doubt, as yesterday's initial 
skirmishes suggesL it will be as 
difficult a battle as ever for the 
authority to convince Govern- 
ment. its employees and the East 
End local authorities that the 
dilapidated, underused berths of 
India. Miliwail and the Royal 
group cannot be allowed to go on 

draining lifeblood from the port- 

Mr. John Cuckney. the port 
chairman who built his reputa- 
tion on sorting out the Crown 
Agents, certainly cannot be 
accused of mincing his words at 
the presentation of his annual 
report yesterday. 

The port was. be said, on the 
point of bankruptcy and if 
nothing was done to correct 
present trends, would he losing 
between £76m. and £S0m. hv 
1982. “We have reached the end 
of the road.” he said. 

It has been a long and con- 
fusing road, along which the 
most prominent recent mile- 
stone was the decision in 
January. 1976. to transfer virtu- 
ally all general cargo handling 
out of the India and Miliwail 
docks one betid round the 
Thames to the Royal Victoria 
and Albert and King George V 
docks, the Royals. 


PORT OF LONDON: VOLUME OF TRADE C00Q TONNES) 

197Q 1971 1972 1973 1974 1975 1974 1977 

Upper Docks 4,988 4,589 3,461 3,069 2£96 U79 1.810 1,780 

Tilbury 5.324 5.767 6,116 6^29 6,140 5.142 6.420 6J20 

PORT OF LONDON: SHARE OF U.K. PORTS TRAFFIC BY VALUE (%) 
Imports 19.1 19.1 17J 15.1 12.9 10.9 11.5 10.8 

Exports 25.1 23.1 21.6 20.0 15A 14.0 12.7 11.8 


ships and lorries unloading at 
the port have their boxes 
counted twice by different men, 
even though further down the 
river at Tilbury, there may be 
no tally clerk available to docu- 
ment an operation. 


Alarming 


Promises 


Faced with the formidable 
opposition of local MPs, among 
whom are Mr. Peter Shore. 
Environment Secretary, and Mr. 
Ian Mikardo. local authorities, 
trade unions, and shipowners — 
worried about any transfer of 
activity to the traditionally 
militant Royals — the PLA lost its 
resolve and ten months later 
announced that both dock areas 
would be allowed to soldier on. 

The authority even agreed to 
pump in £400.000 to modernise 
facilities at Miliwail in order to 
satisfy its customers tbat the 
service would remain reasonably 
efficient. It also extracted pro- 
mises from the unions that 
numerous restrictive practices 
would end and that this .would 
hopefully contribute to an upturn 
in business which could give the 
old East End docklands a secure 
future. 

Industrial relations at the port 
have shown some improvement 
in line with national trends since 
the great dock strike of 1975, 
But even so about 10,000 days 
were lost last year. . 

The PLA also- says tbat many 
of the worst restrictive practices 
persist. One of these involves 
a duplication of tally clerks be- 
cause of two conflicting sets of 
union origins for this group of 
workers. It means that many 


In other respects, the man- 
power picture is even more 
depressing. More than one-third 
of dockers are over 50 and by 
19S2 this could reach two-thirds. 
Not surprisingly, sick absen- 
teeism has crept well beyond the 
national average of 4 to 5 per 
cent from 7 per cent, in 1976 
to 10 per cent, last year. 

Behind these facts, alarming 
enough in themselves, lies the 
basic overmanning of the system, 
which means that every day be- 
tween 1.100 and 1.500 of the 
port's 5,000 registered dock- 
workers are surplus to require- 
ments 

These men. depending upon 
their medical categorisation, 
receive between £60 and £S0 a 
week. These were some of the 
points in Mr. Cuckney’s mind 
yesterday when he described the 
port as a microcosm of the worst 
in British industry. 

What must have also been in 
his mind, although he refused 
to be drawn into Issues of blame, 
was tbe failure of previous 
managements and previous 
Governments to face up to the 
problem. The authority's finances 
have been subject to cosmetic 
attention for years although it 
has still lost £35ra. since 1970. 

Part of its survival has de- 
pended upon sales from its land 
bank, which has been devalued 
by the property slump and the 
effects of the Development Land 
Tax. but it has also been living 
on its reserves. Five years ago, 
those reserves stood at £54m.. but 
trad shrunk to £2m. at the end of 
last year and are now on the 
point of disappearing altogether.. 

The financial logic of the 
situation is obvious. Unless the 
Government pumps in 'cash, the 
PLA will not be able to afford to 
pay wages. Tt last received a 
major bank loan in 1976, but 
then only 'with . Government 


guarantees, and clearly will not 
find credit under any other 
terms in its present plight. 

For Mr. Cuckney, the indus- 
trial logic of its position is 
equally apparent, although he 
insists that his Board has as yet 
taken no decisions about 
closures, nor has it made any 
such recommendations to 
Government. 

The discussion document 
launched by the PLA yesterday 
makes it plain that the authority 
wants to close jhp Upper Docks* 
which will soon be costing £10m. 
a year to keep open, ir they 
wore dosed the PLA could he 
into marginal operating surplus 
by I960. 

So the stage is set for another 
battle of the Royals. Mr. Cuck- 
ney has pinned his faith in full 
disclosure of the figures in the 
hope that after the -initial and 
inevitable explosion, what he is 
saying will eventually be taken 
wirh the seriousness it deserves. 

It may well he, of course, that 
Mr. Cuckney will negotiate, but 
his personal view is that if 
Government does want to prop 
up the Upper Docks for social 
reasons, it must not only pay 
the bill but it must make grants 
for specific purposes in such n 
way as not to undermine the 
whole morale and commercial 
purpose of the organisation. 


Hawkish 


It will be interesting to watch 
the political struggle. At the 
time of tbe last attempt at slim- 
ming. Mr. Shore's Environment 
Department controlled transport. 
Since then, Mr. William Rodgers 
has become Transport Secretary 
with a seat in the Cabinet. 

Mr. Rodgers, a Right-winger, 
has so far indicated a hawkish 
view on the PLA, which is fully 
in line with his commitment to 
unsubsidised freight movement, 
although somewhat at odds with 
his decision under pressure last 
year to bail out the Port of 
Preston. 

The fight over London will 
make the Preston confrontation 
seem peaceful as a Quaker meet- 
ing. 


CABINET DE MAITRES 
PIERRE PIGUEMAL & ALAIN HUMMEL 

Barristers in Bayonne (64100) - 12, rue Thiers - Tel. (59) 25.03.82 

SALE AT THE COURT OF BAYONNE ON MONDAY, 29 MAY, 1978 AT 14.00 HOURS 

IN FOUR LOTS 

OF THE CHATEAU OF LARRALDIA IN VILLEFRANCHE (FRANCE) 

AND ITS OUTBUILDINGS 

1st Lot — Hostelry of the Chateau of Lamldia 

4-star hotel, 21 luxury rooms with bathrooms, lounges and reception rooms, dining-rooms, annexes 
with restaurant, bar. lounges, bedrooms, bar-solarium, barbecue, conference room, swimming pool, 
chapel. All conveniences, high standing.' 2 telephone lines. Outbuildings on 105.022 sQ.m. nf 
wooded land. lawn, parks and pleasure gardens. 



2nd Lot — Le Cheval Roux ” Riding Club 

with stables, maneges and accommodation on 214.791 sqjn. of woodland, lawns and walks. 

3rd Lot — Mill of Poyloa 

with 2,806 sq.m. of land, situated in part on Vil Jefranche and on Saint-Pierre d'lrube. 

4 th Lot 

Building plots covering a total area of 64.914 sqjn. 

the whole faring the Pyrenees mountains. 10 km. from the Biarritz-Farpie Airport: atmosphere of 
calm and luxury with numerous nearby possibilities for entertainment: Chiberta Biarritz Ghantaco 
golf course, tennis courts in Bayonne, bowling and two casinos in Biarritz and surfing on the coast 

Reserve price: 1st lot — Frs.1^00,000 

2nd lot — Frs. 40,000 
3rd lot — Frs. 5.000 
4ih lot — Frs. 250,000 

excluding sale expenses, registration duties and emoluments. 

Only banisters of the Bayonne Bar may push up the auction price. 
Compulsory lodging preceding the auction in order to bid* 

For further information, please contact: 

1. Maitres P. Piquemal and A. Hummel. Avocats vendeurs. 12 rue Thiers - 64100 BAYONNE 
(France) - Tel. (59) 25.03 S2 who hold a copy of the tender documents, 

2. or any barrister of the Bayonne bar. 

For visits, please contact: Maitre Ugalde. Huissier de Justice, Cite du Palais, Cbemin de Marhum 
64100 BAYONNE (France) - Tel. (59) 25.00.S1. 







EDITED BY ARTHUR BENNETT AND IB) SCHOETBtS 


• PROCESSING 



Fu 

1 

Ld 

‘I 

m 


COMMUNICATIONS 


Commentators kept in touch by TV 


Financial Times Friday May 5 1978.- 

The power to ? 

generate exports 

U.WORKING ^ 

ner and I Di\wsdKi"KErrH 


I liriim lYlCIllonfc iMHJ MOSCOW Olympics flas gone equipment— first cable TV to be *«*■» «*“ xw luc me Wank discs witnouc me .*«*- a GENERATORS ot raw 

^UTing IDSUianiS 10 1:411 Sound and ^Vision Equip, ordered from the company "by Numbei^f^mmmtsuT booths factured in th^EMI plwc^fc Jiereijt JS^from^tangular ] 

„ _ ment after a year of negotiations the USSR— will operate within in the whole complex range from Treorchy, South Wales. • is promised with I Telex: 864- LDeekayC 

^ ^ ^ ^ Jr^ni and in . tl ? e face «* bitt « the complexes and at the Moscow 425 in the largest down to 33 Installation of the $512,000- diameter forged 1 1 

TWI /I \ T jM \T international competition, especi- TV centre. in the smallest Each cammen- worth of units will start in ^ Jascut s *arg 

T »4rVJ J.M.kJl' ally from the Japanese and It will enable commentators, tary position will have two spring next year and Soviet st ^r ess f^i-.nv' commissioned ^ 45AFETY 

German industries. Olympic officials and the Press receivers which will have avail- engineers will be trained on the Using speciui . ^gTM A1S2 

CABLES CAN be cured in less voltage cable insulation and 7116 problem is to link In one sports complex to watch able up to 28 TV channels. equipment at Hayes. £ rgins L Knv - offer ’sawn ’disc, T 

than half the time of conven- about double for higb-voltage together the ten separate sports activities in any of the nine Equipment to be supplied by More from EMI on 01-486 4488. the compan, » ' inta pipe UilUvllvUl 

tional steam systems with a insulation, compared with steam - - -- - ideal for . ° grades 

method being launched for the curing. . t f ... . flanges anu ^ 

first time in the U.K. and Europe The temperature and pressure CONVENTIONAL friction welding procedures 312.. 3ML and .316L, In sizes hlllTV 

by Francis Shaw and Company, 0 f the gas can be adjusted inde- 
xpecialist engineers to the cable, pondeotJy for maximum 
plastics and rubber industries. efficiency whatever the cable 
Under licence from General covering material. 

Electric Company. U.S.A.. the Penetration of steam into cross- 
Shaw company will manufacture linked poiyertyiene during 
2 nd *“ffifeS e . 1 SgL traditional curing Increases the 
Cure CHVuCl s> stem, which uses num ber and size of microvoids. 

recirculatiog preheated nitrogen. The incidence of water trees in 
UE is one of the world leaders the insulation, leading to possible 
In cable „_^ d breakdown of the cable, has been 

development of chemically cross- repcirlc d by many organisations 
J' n ^ e d polyethylene compounds. throu ghout the world. The use 
It bolds the original patents and Qf n j lr0 g en as a curing medium 


PRESTIGE AWARD of the key complexes ft the centre and the others. Monitoring facilities are the company will be based- on 

cable TV systems work for the outskirts of Moscow and the EMI thus being provided for the L200 the RE1QQQ series of amplifiers rtfFAPER method of produc-j 

1S80 Moscow Olympics has gone oqoipment-tot csblo TV to bs SSSS 1.S? tewSk discs without U* m;| 


• METALWORKING 

Cheaper and 
bigger discs 


generators of power 

Tel: (0705) 474122 
Telex: 86491 Deekay G 


patent improvements for this - gener f U y accepted as reducing 
material. The HVGL process is ^ cffect ; 


covered 


patents in many 


cni int rU>s anri' is aonlicable to with sleam il is necessary to 
most materials which possess n h Jr Jture^^d ° ??**{? h JS 

h HS’ni.™ in'TSSS 1 ”- Si” p4nl« to “ «5°,t 

hl?h*Elorii« directly P over the these two factors independently. 
surfaC of L b e l£ZJ& The use of much lower oper- 

thc heat transfer rate and i.n- p0SSlble W,tb 

proving output. Tests with cross- the HVjC system 
linked polvethylene have shown Francis Shaw and Co.. 061- — 3 
that cure rates can he increased 1313— FOB 12, Corbett Street, 
by as much as five times for low Manchester Mil 4BB. 

High speed specimens 

DEVELOPED by Ion Tech of by using a detector electrode 

Teddington is an ion beam behind ihe specimen, automatic prcrAprii 
device that is capable of termination is provided so that v nwi-nnun 
reducing electron microscope no matter how fast the etching TA AT 1 X 



CONVENTIONAL friction welding procedures 312., 304L and 31SL, in sizes oI'O I'||lj4' V 
of rotating one component against another one up to 16 inches diameter. aWWillt'J 

while an axial thrust is applied to create a More from PI ascut. i ntaorsaie . BREAKTHROUGH m electrical 
sound defect-free weld between two similar or Road, Rotherham. ^ aw ;_ wjrrl , buarii mailing. used in high 

different metals are now well-known. Short 2EG, Tel.: Rotherham < otwr. valla***’ switch room applications 
lengths, or round materials have been butt- . vc -oiai c in companies and government in, 

welded in this way, together and to flat surfaces * MATERIALS slailalions ihrou«ih«»ut the TJ.K 

for some time in several widely differing Ugh • c ,. limed bv H. K. Porter (Great 

production applications. TlAfTV*£hQC!0C Rrit lin) 

Radial friction welding describes a novel JL/t£c£JL * The material has been 

application of the technique, developed ~ - developed, sajs the coinpany. to 

primarily to overcome problems associated with Qnf l A AnnC incornoraio ml-rcsistancc with 

friction welding when It is intended to weld HI1Q LlCd-Ito JSS! rosivianc- m a nibbS 

together long pipe lengths. . MAnk'FTTD bv Metprotek. matline which meets all the 

w J^^aS5iiS5TBES5lLi!STSS-itnS? 5Sfita^al*r. SurrS * - requirements of Hie ES Kl. 197* 
gelding dSreSer and cleaner, called U should overcome the probl e » 

SSJLSFJi « £ STfiSn. su,«r r ~ .. of oil ««>»««»« tarn 

Wd £?f "apsft L sai ? SIS? »S SESm u«. 

-HSSS 53 S a* ttfJSM gfiMsaag 


different metals are now well-known. Short 2EG, Tel.: Rotherham 

lengths or round materials have been butt- _ 

welded in this way, together and to flat surfaces A MATERI AK-9 
for some time in several widely differing high _ 
production applications. TlAfTY*£*€!CPC 

Radial friction welding describes a novel 1 J cHl CA3E/IJ 
application of the technique, developed r 7 _ 

primarily to overcome problems associated with nY1# J /> fl AOflC 
friction welding when it is intended to weld dlLIU 
together long pipe lengths. . > 

Development equipment designed by the MARKETED »y ■ 


ring technique, it shoo 
long pipes at sea, attac 
with top quality results. 


STwUOng Institute on MM .staining <$jf”*"**™** 


minutes without 


matUmj 


881162. 


wipe off after application. 


reducing electron microscope no matter how fast the etching 

specimen thickness at the rale proceeds it is always stopped lyf 5JKCS lilffll 
of * 1 oo microns/hour accurately, eliminating operator ***©“ 

Called Microrapid, the equip- error and protecting the sped- 1 seconds will, when projected, generated by the event sequence ^ t n chpII/Fvca fur 

mcnL consists of a modified men. 111 seem to last fnr shout ten activates the tube HARD ON the heels of its sfgnifi- dual processor to 5h el 1/c.sso for 

version of the company’s B11W Although some materials can VT vlll seconds and can be examined The length of the X-ray pulse cant win in the Brent PLIS (pipe- logistics support for al1 

water-cooled, saddle-field ion be completely prepared by j a. clearly In detail. For example, produced can be adjusted to suit line integrity system) scheme, gas operations, l he processors 

source fitted with a new Microrapid, others need brief |T3XlSD3r£HT at RARDE it has been possible the event duration and during Ferranti has ! announced that it will provide ^contmumcations 

specimen fixture assembly which additional treatment in a con- to see clearly the penetration of this time emission is at about has secured both the contract for between over <0 terminal* m 

is virtually inside the ion gun. ventional thinner at low angle NOW becoming more generally a shell through armour plating ten times the level of normal a° automated platform operating Aberdeen and me sneuanas as 

exposing the specimen to very of incidence: but in either case available afrer development in —an event not easily seen in X-ray equipment. system for Brent B with well as un pi.tirir ms in . ereni. 

dt*n«c beam. total processing lime is much conjunction with the Royal visible light. The image intensifier converts potentially many more to follow, Cormorant anti uumin nctas,. 

The beam has a high neutral less than using only conven- Armament Research and Develop- The equipment consists of a the X-ray image into an an< f that for the logistics system The system wm De Da*ca in 
ion content so that insulating tional methods. ment Establishment at Fort high intensity X-ray tube made extremelv bright visible image t0 0P erate d by Shell/Esso Aberdeen and linKea to us icr- 

. - l_ _ _ > ^ L. ■ I. tt-i-*— J _ 1 _ I _ 1 _ ■ e n r.. m % - i. . _ ° - - - - . . A KmmVaam tnv thalw TJnv-frK rnmnlc in n S I II T flPtUTirk flVPr 


Keynes is able to u see through " tube filament is kept on stand-by a NORTH SEA OIL 
short events, filming them at and, at a pre-set time before w 

10.000 frames per second. exposure the filament power is -w-i , • 1 pp l _ A __ 

In practice this means that increased to operational level. lH ATTSITin nilP^l ftTlQllft l C 
events lasting for up to 23 milli- Then, a suitable trigger pulse -fl- -*■ Cflflfll'fl -fl fl*J.Vi3 VrfLflOJ.iVA ^ 

-ffi. W , h '” .ESf'S: 2S5£tejfe."“ Se,U ““ HARD OH o. M. «**** to Shell/Esso fur 


heavy iudustnal engineering 
complexes, government electrical 
installations and many Cumpaniei 
with heavy switchgear in trans- 
former chambers. 

More on 041-221 9232. 


o RADIO AND TV 


if* *simu,ii» nun uckuuiiug mute ^cucirtujr A giictl liUUUgJJ aTUlOUr pidtiUS iBtt liititrs luc tevet ui uuiiudt _ 4 , . . _ , .... 

exposing the specimen to very of incidence: but in either case available afrer development in —an event not easily seen in X-ray equipment. system for Brent B with well as on piairorms in Breni. LOvv DfcNSlrt pulycthylcno 

denfe beam. total processing lime is much conjunction with the Royal visible light. The image intensifier converts potentially many more to follow, Cormorant and Dunivn welds. made by BM, is being used to 

The beam has a high neutral less than using only conven- Armament Research and Develop- The equipment consists of a the X-ray image inio an and that for the logistics system The system wm oe based in sheath optical lib re cab k-s offered 

ion content sr» that insulating tional methods. ment Establishment at Fort high intensity X-ray tube made extremelv bright visible image t0 1,6 0P erate d by Shell/Esso Aberdeen and united to us icr- by B1CC for tclecuminiinication 

materials can be etched without More from 2 Park Street. Halstead, a high speed sequential for Seaway by AEG-Telefunken. which is photographed by a high f rortl Aberdeen for their North mtnals in a star network over arK i television distribution sys- 

fcar of charge build up and Teddington. Middlesex TWI 0LT radiography system from Scan ray an image intensifier system and speed rotating prism camera. Sea oil and gas fields. land lines and iropospucnc tems. 

beam deflection. In addition, tfll-977 9306). (International Testing) of Milton a high speed film camera. TTae The Dhosnhor on this facenlate In the first instance. Shell U.K. scatter links. It was chosen because It was 

— ha* a decay time of lesf K Exploration and Production has Constantly updated logs will capable of being processed at 


beam deflection. In addition, rill-977 9306). 




■Mt leiMiHtMaf <»<■> — ■■!> 


New Issue 
May 5. 1978 


This advertisement appears 
as a matter of record only. 


elf aquitaine 

Societe Nationale Elf Aquitaine (SNEA) 

Paris 


DM100,000,000 

514 % Deutsche Mark Bonds of 1978/1988 



OHerinq Price: 
InT^re-.i 

LWiivj. 


98’.*S 

P .' o p a., payable annuallv on May 15 

on Mav 15 of the yean 1930 through 19SS in 3 equal annual instalments by drawings of series by lot at par 
Frankfurt am Main and Dusseldorf 


Deutsche Bank 

Akuenflesdbchati 


Dresdner Bank 

Akungenllsaurt 


Union Bank of Switzerland (Securities) 


Banque de Paris et des Pays-Bas 


Society Generate • 


Algemene Bank Nederland N.V. 

Atlantic Capital 

r 

B.nik of America International 

: •>. .1 

Bank Leu International Ltd. 

Banque Bruxelles Lambert S.A. 

Banque Generate du Luxembourg S.A. 
Banque Internationale a Luxembourg S.A. 

Banque de Paris et des Pays- Bas 
(Suisse) S.A. 

Banque de (’Union Europeenne 

Baring Brothers & Co.. 

Li li.h'1 

Ba ye rise he Landesbank 
Girozentrale 

Berliner Handels- und Frankfurter Bank 
Chase Manhattan 

Compagnic Monegasque de Banque 

Credit Industrie! et Commercial 
Credit Suisse White Weld 

LnvwiO'l 

Oelbruck S Co. 


Dillon. Read Overseas Corporation 
European Banking Company 

L.n„i .-1 

Goldman Sachs International Corp. 

Georg Hauck ft Sohn 

fndustriebank von Japan (Deutschland) 

AliiinKK , vih; > ' l |i; 

Kredietbank N.V. 


Lazar d Freres et Cie 
Manufacturers Hanover 

L'mn>sl 

B. Mauler seel. Sohn 4 Co. 

Nomura Europe N.V. 

Osterreichische Lander bank 

ALlMDSCVellKlMrfl 

Pierson. Heldring & Pierson N.V. 

N. M. Rothschild & Sons 

LinnlM 

Schroder. Munchmeyer. Hengst ft Co. 

Societe Bancaire Barclays (Overseas) Ltd. 
Societe Sequanaise de Banque 

Trinkaus ft Burkhardt 

J. Vontobel ft Co. 

Westdeutsche Landesbank 
Girozentraie 


Bayerische Vereinsbank »=- 

Amsterdam-Rotterdam Bank N.V. 

Banca Commerciale Italians 

Bank Julius Baer International 

Ln hi. <1 

The Bank of Tokyo (Holland) N.V. 

Banque Fran^aise du Commerce Exterieur 
Banque de Gestion Privee 
Banque Nationale de Paris 

Banque Po pula ire Suisse S.A. 

Luxembourg 

Banque Vernes et Commercrale de Paris 
H. Albert de Bary ft Co. N.V. 

Bergen Bank 

Caisse Central© des Banquas Populates 
Chemical Bank International 

Lonii-.ii 

County Bank 

Lining 

Credit Lyonnais 
Creditanstaft-Bankverein 

Deutsche Girozentraie 
- Deutsche Kommunalbank- 

Effectenbank-Warburg 

AkMngttHhCfuX 

First Boston (Europe) 

Limited 

Groupemem des Banquiers Prives 
Genevois 

Hill Samuel ft Co. 

Limttd 

Kidder. Peabody International 

Lmiird 

Kredietbank S.A. Lux am bourgeois* 

Lazar d Freres ft Co. 

Merck, Finck ft Co. 

Morgan Stanley International 
Lanud 

Norddeutsche Landesbank 
Girozentraie 

Sal. Oppenheim jr. & Cie. 

PKbanken 

Salomon Brothers International 

Untied 

Skandinaviska Enskilda Ban ken 

Societe Generate Alsadenne de Banque 
Svenska Handelsbanken 

Varband Schweizerischer 

Kantonalbanken 

M. M. Warburg- Brinckmann. Wirtz ft Co. 
Wirtschafts- und Pri vat bank 


Yamaichi International (Europe) 

Unfed 


Arnhold and S. Bleicti reader, Inc. 

Banca del Gottardo 

Bank fiir Genieinwirtschaft 

AbucnueMHiycmt! 

Bankers Trust International 

Lnnied 

Banque Fran^aise de Depots et de Trtres 
Banque de I'lndochine et de Suez 
Banque de Neuflize, Schlumberger, 
Mallet 

Banque Rothschild 

Banque Worms 
Bayerische Hypotheken- und 
Wechsel-Bank 
Berliner Bank 

Caisse des Depots et Consignations 
Commerzbank 

At bengmafljchafi 

Credit Commercial de Franco 

Credit du Nord 
Daiwa Europe N.V. 

DG Bank 

OeuBctw Gtnanenschaftsbark 
Euromobiliare S.p.A. 

Cornpacnia Einpn lmormo(M:ara 

Robert Flaming ft Co. 

Unwed 

Hambros Bank 

Limited 

E. F. Hutton ft Co. N.V. 

Kleinwort. Benson 
Lrmed 

Kuhn Loeb Lehman Brothers 
International 

Lloyds Bank International 
Lrmed 

Merrill Lynch International ft Co. 

The Nikko Securities Co., (Europe) Ltd. 
Den norske Creditbank 


Orion Bank 
Limned 

Rothschild Bank AG 

J. Henry Schroder Wagg ft Co. 

Limned 

Smith Barney, Harris Upham & Co. 

Incowated 

Societe Gftnftralede Banque S A 
Swiss Bank Corporation (Overseas) 

UmMd 

Vereins- und Westbank 
AHiengeufeKtiait 

S. G. Warburg ft Co. Ltd. 

Wood Gundy Limited 




one nanosecond, so that Sere is ^t the £600,000 contract cover- be provided from the start on go degrees C lower than the 
no blurring of individual the B CAPO system offshore (Tight inforiiuilioii and temperature normally involved in 

jjnagpe s which includes telecontrol equip- seal bookings; a register of per- ea b( e manufacture. whil*> main- 

The 'svstem « emected to raent on tte platform and a sonncl: current delivery status taininq the requisite mechanical 
have wide aoDlication in industry supervisory processor In Aber- of aJ! materials requisitioned properties and environmental 
For example what precisely deen - A further five similar offshore; automatic production of stress crack resistance after 

hanoens during weldine nrS systems could be purchased in cargo vessel inventories before BO in 5 through extrusion sheath- 

ce«2 u not eaTilv Len S the course of the next 12 months, sailing: customs forms; register Trig lines, 

visible liehL It also becomes Main Us * oF lhe offshore equip- of overtime and allowances, etc. More from British Xylonite, S 
nnxsihlp in see ihe dvnamirs nf meTlt w* 1 * be data logging and More from Ferranti. Simons- Grafton Street. London VIA SLft 

the steel in motor t™ aIarnl reporting. Control func- way. Wyihonshawe. Manchester (01-629 SI00). a Union Carbide 

eccentii^grow-th inTearin^S ^^tinns ^ ^ 

erowifa 6 of° f crack-^in 1 turbine distributed around the platform g A _ * ■ ' m ' ' '' *1 

“ spiffs eSectrica! wire &cabSe? | 

Barion 6 RoS ‘weSE^MHlJi ^^ine^S^o b ?u30& «NB MINIMUM 

Kevnec Sr!?? ’ v n with '' outstations io be ORDER 

Kej-nes MK- 3LQ 10803 7Quij. i nsta n e d un d e r Che PUS project 

to watch for pipe breaks and 


Group company. 


eSectricaiwire&cabSe? 


•NO MINIMUM 
ORDER 


• NO MINIMUM 
LENGTH 


• COMPONENTS 

Vacuum unit 
for high 
voltage 

REED RELAY switch ZV0KO14A ! 
enables accurate and reliable on/ 
off switching at high voltages — 
making it ideal for microwave 
ovens, copying machines, X-ray 
apparatus and any other devices 
that require high voltage on-off 
switching. 

Contacts and moving parts are 
enclosed in an hermetically- 
sealed glass vacuum tube, and 
are triggered by magnetic fiux. 
This configuration assures high 
reliability, since there is little 
to change contact resistance, 
often caused by the oxidation or 
deterioration of materials, it 
also makes it unnecessary to 
broaden the gap between the 
contacts — which is convention- 
ally required for high voltage 
switching — thereby making the 
new switch very compact. 

Conventionally, air switches 
have been used Tor high voltage 
switching. However, they are 
easily subject to contamination 
by dust or gas, thus malting their 
use hazardous in areas where 
there is a potential danger from 
sparks. Since the Matsushita 
switch is not affected by atmos- 
pheric conditions, it can be used 
in hazardous locations such as 
chemical plants, coal mines and 
cement plants without fear of 
explosion or fire. 

The new’ Matsushita switch 
will be available io Europe on a 
receipt-o f-order basis. Enquiries 
to Matsushita Electric, 1006 
Kadonia, Osaka, Japan. 

Television 
sound chip 

LATEST example of tbe way In 
which whole groups of functions 
in electronic equipment are 
being reduced to a single 
domino-sized integrated circuit 
“chip” comes from RCA, whose 
engineers bare put a complete 
television receiver sound chan- 
nel into the CAI190GQ. 

• The device includes a multi- 
stage intermediate frequency 
amplifier, FM detector and an 
audio output amplifier able to 
drive loudspeakers with impe- 
dances of eight 16 or 32 ohms. 

Nominal output power is three 
watts and the unit will operate 
over a power supply range of 
nine to 2S V DC. In the quies- 
cent state the circuit takes only 
25 mA. 

The use of a differential peak 
detector means that one tuned 
coil is required: tbe electronic 
volume control incorporates 
Improved taper and single wire 
control. A 10-lead quad in-line 
plastic package is used, incor- 
porating an integral heat sink 
for printed circuit mounting. 

More from the company at 
Sunbury-on-Thames. Middlesex 
TWI 6 7HW (Suabury 85511). 


leaks (reported a Tew days ago). 
PLIS computers will get infor- 
mation from the CAPO units as 
if the latter were outstations. 

In the second new award. 
Ferranti will he providing a 


Thousands of types and sizes instockfor immediate delivery 

LONDON 01561 3»8 ABERDEENm4)32355/2 

MANCHESTER tot 1 - 872-491 5 

TRANSFER CALLCt IARGES GLADLY ACCEPTED 
2-lHr. EMERGENCY NUMBER Ql 6373567 E/.I.I09 



this is much more than just a Colour TV Set... 



Another British first in television! Not only does the Bush Teletext 
receive all normal programmes, but this remote-controlled TV gives 
you as it happens — up-to-the-minute news and other specialised 
information. The latest stock market prices, special events soorts 
results as and when they happen — the current weather picture, 
farming pnees, recipes, shopping guides or TV programme schedules 
— all this information is at your fingertips. Simply punch out a 
number on the control handset to flash the complete index of 
information on to the screen and then make yourcnoice. Information 
can be screened and recorded while you are out. There's even a 
facility for superimposing sudden newsflashes at the bottom of the 
screen without interrupting normal viewing. 

refetetfs an Important aid tor businessmen, stockbrokers, sportsmen 
and all those who need up-to-fhe-minute information. ^ 

COMET Price £ 64 S. 90 inc.VAT 

SEE TELETEXT AT YOUR LOCAL BRANCH 


BRANCHES THROUGHOUT THE UK. 








C s 

' V- : p! 













•£ 


p - ;■ 

?..l' *• 

ft 



Financial Times Friday May 5 1978 




The Management Page 


• EDITED BY CHRISTOPHER vLOftO&i-if® 


"WH.Y SHOULD a company 
which came perilously close to 
collapse after a rash of lake- 
overs ten years ago— when 
Britain’s machine tool industry 
was hectically " rationalising ’’ 
—now apparently want to set 
off down a similar track? 

This is one of many questions 
about B. Elliott, one of the 
industry's 


traumas are no bar 


to a machine-tool merger 



" We are particularly 
attracted to New-all because it 
has skills in engineering and is 
at the high technology end of 
the business. It would be diffi- 
cult for Elliott to get into this 
part of the market by starting 
from scratch. For example, we 
certainly couldn't build the 
equivalent of the Newall facility 
for the price we paid (£3m.) 
and we could never find the 
people to fill it." 

Mr. Russell said he took a 
when 
*• I was 


which has b eoi i^nrum o ted™ bv P* ned tfie ad<Jed threat that the crumbling if action was not major legal problems, insur- Elliott was once more growing 

this week's announcement that low ' cost Producers might them- taken." ance, pensions and so on. and ready for the extra push 

il.s latest acquisition Newall f e » lves get a 500(5 f ° Dtho W in Trade unions and employees Even the centralised selling that a takeover could bring. tt n - 

Machine Tool, has now been E “ rope : Elliott had to cooperated fully, even to the ex- organisation has been closed like some of the companies _ nnrMCh 

integrated into Elliott’s machine face the faet chat evea I£ ten * that one factory maintained and this function pushed out which had been through sum- a P pr ° ach 

i;;;,i ™n^“ur1„s div,”ton *"«« »«■«»*■ output « full stretch until the to the operating companies. “U lar traumas an 1 decided to de- raaMEe . 

. . . ■ , .. M sion. -its main market place day it was closed. Mr. Russell you are to attract the right sort velop * operations outside deterpunedto get good manage- 

of 19605 would he dramatically altered maintains this co-operation of entrepreneurial managers machine-tool manufacture— moot which was uniting to join 
J-.I.iott faced some veiy severe and it must rethink its long-term stemmed from enipinvees you must give them responsi- Staveley Industries is the prime us because in this industry 

ianancut problems. It had been future. accepting the inevitable!^ "At bility for all aspects of their example— Elliott looked for the wuh the skills and the know- 

given official encouragement :»i Two basic problems had to be each of the nlants we closed operations," maintains Mr. chance to increase its interest led § e involved— you need wilk 

re u° n ' tackled simultaneously. The everyone knew they were Russell. in its traditional business. mg partners. 

snucuOQ of the U.K. machine group was highly geared, with operating at a loss and that the Each subsidiary company is a “In spite of the recent re- For Newall, which had not 

looi industry. The plan was for borrowing well over 100 per orderposrtiDn wasdesperate.lt profit centre and is allocated an cession we have done well. With spent very much on re-equip- 

lt ro become tne count i y ?■ big- cent. 0 f shareholders' funds — it was not like a wealthv company agreed level of working capital properly applied management ping during the previous five 

gest producer of _ standard was essential that liquidity be wanting to close down a division, at the beginning of the new skills and financial controls this years, the deal gave an opponu- 

m.icnine tools— it had already substantially improved. At the it was life or death for Elliott.*’ financial year. That way every is not a bad business to be in nity to speed up expansion plans industry'. 





7 $; 






Mr. F. M. Russell, chairman and managing director of B. Elliott. 

„ - , — ... ui u«r«ui xux ^« lwl u — , For example, while grinding machine tools business 

Cbianusnea itself as the primary same time it was vital to stem (In those days shareholders’ company has its own cash and at all. And we think we can and to put more effort into re- the main reason for rescuing now. with Newall, Snow and 
producer of standard milling its losses — predominantly on ^ ^ k ee P U P P ace i" says Mr. search and development. Alfred Herbert with a £25 m. Elliott Machine Tools concen- 
Elliott did indeed RusselL He also points out that Newall, while showing greatly injection of State cash was to trated in a strong and financially 

during the past few bleak years, improved profitability, was still preserve the 5.000 jobs involved, sound B. Elliott group. 


. . _ - its losses — predominantly on 

machines. Elliott did indeed the standard machine tool manu- 
emerge in just such a position, facturing side— if the sound and 
Not only that, it made other p/ofitable companies in the 
acquisitions zn order to give it group were to survive. 

I ? n * in * Between 1968 and 1972 the 
J i T / ? r cwn : number of operating sub- 
1 ° ? he prodllC H 0,1 * si diaries in the U.K. was cut 
>o Is and on to the frora 30 to 16 _ ^ Bum ber of 


Kenneth Gooding looks at the events which 
led up to B. Elliott's recent takeover of 
Newall Machine Tool. 


Elliott's trading profit has been highly borrowed and Elliott had the Department of Industry also The one remaining major 
about 10 per cent, of sales and the cash to inject immediately, had in mind the damage wlucb problem fur Elliutt is ihe South 

its trading surplus represented would have been done to the African subsidiary. t.*, oldficlds 

nearly 29 per cent, of share- i*AvomAnfc U.K. machine tool industry's Industrial Corpora lion, which is 

holders' funds. lUiprO VcIUtlilS image around the world and the iH per cent, owned with the rest 

— - ., U111 m lu , Q TItH uiuuuH, u . . . . . There was limited scope for .. . . . . ... big gap that would have been of the shares m ihe hands of 

selling and factoring of its own factory locations from 13 to six iluIds totalled less than £6ra. capital and must trade within Elliott to increase its machine T? e beginning of Uiis j e j t ^ pnM j„ ct j 0 n by Herbert's the public. UIC has a steel re- 

and other people’s equipment KeTSTeipK “J? ^ market valuation put bn those limits-or go back to the tool merchanting business in S Sin Attach in? To^Maliu demise :I 

from 3 700 tD 2 000 Borrovtings E,1,ott was under £3m ‘ T<wia ? centre 811(5 ask for more ' the UJC without conflicts aris- ?; f I] . 10tt i?_ a /? lne __ T _ _ It follows 

' ' net assets are worth £15m. and 


Setbacks 


rolling mill, l wo small machine 

u , r . . Al that a certain tool factories and a merchant- 

were reduced from 130 per asac , 1 '' “ 1,r t WWi “‘ “““ The UJt operations are split ing between the various over- amount of official attention was ing diiision which in the past 

cent, to 60 per cent of share- Re stock market valuation early into four divisions: machine tool seas manufacturers that the * v ? e - givon to the proposed Elliott- have done vie!! ami produced 

holders’ funds and the loss- w March w £I4m.> merchanting (Gate Machinery, group represents, or would hope J “5,' Jt ~ Newall link-up and it received taxable profits of C!ni. in the 

management team nor the right making stemmed or eliminated. ^ m ^oi emotional jolt for E i gar Machine Tools and PMT); to represenL The group actu- ™ J®"' « a qualified, behind-the-scenes first half of the current finaii- 

" J - machine tool manufacturins 85 8 merchanting has taontean welcome> da! ye 


But the group had neither the 


manufacturing 
.Elliott 


and business and later added manu- &roun ^ f3m - J or *“ rlhei ‘ Newaii w'ould have fitted in £200.000. 


ear this was down to 


controls to cope with such a One of the men who initiated everybody within Elliott came mac bj ne 

comparatively wide spread of and supervised the slimming- whe “. ro 0 , original muling (Butler, Snow ^mou ana — - nr n V pmpm« an.t additions to its “““ «»“- “* 

interests gathered together in down operation, Mark Russell, mschine plant at Acton, West now Newall); metal form- facturing. Last year merchant- ^ resource*! Wlth 8 . num ' 5er of other L, ° m ' Once that is surted out and 

such a hurry. Before the Gov- is now chairman and managing London, the biggest in Europe j^g an( j plastics (the Press contributed £20m. of the panies. including Herbert. But more time has liven given in 

eminent - sponsored Industrial director. Mr. Russell. 50, joined and roe ° n0 on which Elliotts aod Shear Machinery Company, total £57m. sales. ‘It is an en- Expenditure of £600,000 has Herbert was in no financial state the assimilation of Newall. 
Reorganisation Corporation had the group when his family's Previous fortunes were founded, Mortimer Plastics Machinery); ormous advantage to have a already been approved for to contemplate an acquisition, Elliott would he ready to make 

prodded it along the acquisition foundry business was acquired was closed in 1972. But that aQ( j g en er a | engineering and successful merchanting business equipment for Newall s plant even though some people out* another acquisition. This unie, 

path it was a relatively small during Elliott's search for com- marked the end of the closure f^n^es ( s. Russell and Sons, alongside manufacturing, be^ at Peterborough and Newall side the industry would have possibly to give nw re form to 

public company and manage- ponent suppliers. programme. Adams Bros, and Burnley and cau5e merchanting generates is looking for more people preferred to see Newall join tlio its genera] engmeermu division 

ment control was highly When the cut-backs were Management changes were Halifax ^ Screw Cutting cas J „ whl l? manufacturing eats to join its research and State^jwned part of the machine which takes in a modern iron 
centralised. made there was not really a 8580 takin 8 P lace during this Q ompany \ c ®s h - maintains Mr. Russell. development team. Newall tool business. foundry, a company involved in 

Fllintt w«« therefore in nn " master plan" because the Period. From i 1968 onwards the mansping directors of The acquisition of Newall already had these plans in the It is generally accepted in the press work and another in rack 

. fiL” fn directors had no alternative but for “ 0 r chairman and chief " provided a chance to increase PiPebne and had made relevant corridors of power at and screw cut tin:;. 

SSL. 1 ' fife to improve liquidity, and the executive, the late Jack Frye, Russell EUiottis interests in machine application for grants from the the Department of Industry and Says Mr. Russell: “Wo would 

2jSS,,? w„i timing' of closures and mergers started to decentralise the group ™P°rttog direct to Russell manufac turing and thus machine tool industry aid the National Economic Develop- like to find a product for that 
was dominated by. and geared operations and to in^eaae the (the ojhw W o are 1 toe group prQv]de a better baJanee with scheme. ment Office, where machine division-at the moment the 

still, major changes were taking . ava ^ ab j.jj t y 0 f cash g ow responsibility of other man- secretary and the me^hanting side. More im- That aid scheme is Just one tools arc considered a key sector companies are involved in sub- 
place in the world pattern of [ ' * for - We dosed agers. Mr. RusseU became tor). He spends about two out it presented an oppor . indication of the attention the in the industrial strategy pro- contracting - and our re- 
supply lor machine tools. a factory and hoped that would deputy chairman in 1970 and of three working^ays uu tunity for Elliott- to increase the Government, through the gramme, that the merger should searchers are busy looking to 

There was — and is — an be t j,e end of the problems. in 197 ? he , was 8580 a PP oin ted ally with ‘the i operating com- tec j,no!ogical content of the Department of Industry, has be good for the U.K. Jt gives see if there is something that 

increasing tendency for the when we could see that there managing director. He became panies. ‘ This lime spent in we macb j ne tools it makes. been given to the machine-tool the country a power in the would fit." 

newer industrialised countries ^ ano ther closure, then chairman in December 1975 field is beneficial because I very 

such as Spain and India to we concentrated on that." says sudden death of Mr. rarely get a surprise-1 can see 

manufacture standard machine Mr. Russell. “It was painful, Fr ye at the age of 61. the problems, or the reverse, 

tools. These are countries with difficult and extremely • un- There is now a total of 20 developing at an early sta^e 

comparatively low labour costs, pleasant. I felt physicaHy sick people at head office, where the He admits: it is aiso a we«K- 

This development not only most of the time. But it was basic function is to control the ness on my part because it_helps 


Hosed up some of the better the only way to preserve the groups finances and to offer meto 

traditional markets for stand- jobs of those who were left. I through the company secretao when T ^ie seen the P 1 *™*. 
aril machine tools, but con- could see the whole group help for the subsidiaries with By the beginning of 1977 


CHAMPNEYS, the exclusive 
health farm near Tring which 
is being sold off by the National 
Enterprise Board,. is hoping to 
add tired businessmen to its 
traditional' clientele of rich, 
middle-class ladies and wealthy 
Arabs. - - • 

Startin 


A wealth of healthy 
attention for £500 


sessions. Practical advice is also 
planned on such occupational 
hazards for the businessman as 
coping with large lunches. As 
Champneys points out, very few 
— if any—business deals depend 
upon the quantity of food eaten 
at lunch! 


vision on the .course, executives health farms. The programme Q roU p sessions will also be 
, _ will be given the full health offered by Champneys -strictly on ^ me( j ;cal PaU ses and 

this week, Champ- fitness-treatment for seven follows established medi^ cal e fj ects 0 f stress, as well as the 


neys launched a new executive days amidst Champneys’ idyllic practice. The emphasis Is on psychological 
health course aimed at helping country estate setting. I? re . a !? Ils fnr 51 

ii»p managers cope belter with 
even-da v stress. For up to 

i-Si m sH n hllv more than the not Include the embarrassing— j V0JU l “* o . expound the virtues of exercise, 

usual Champjiej^guest pays be- and often painful-crank cures diseases such a, heart attacks. jQgging is fine , he says. but its 


cause of the increased super- which used to be so popular at 


and pragmatic 

, . .... its being a problem. 

It sieiusr mui Unlike the old days at the ultimate aim of changing M Murrayf who , uns T he highly 
everyday stress. For . up to Champne^. however, this wiQ x^***™* stress-inspired ^^e^rt^of ex^ 

such as heart attacks. j 0 ggjjjg xs fi ne ^ he says, but its 
Allan and Tanya Wheway, ma j n bonus is in improving the 
the couple who run Champneys, heart and lungs ratner than in- 
acknowledge that executive creasing strength and mobility, 
stress in itself is no had thing- champneys is not expecting 
It can improve “ os * raw) a S 0 J' com^e t 0 attract only exteu- 
perfonnance if handled zn tne fnjm large 

right way. overworked entrepreneurs from 

The danger occurs when the sn)a u businesses are also likely 
unfit and overweight executive, (q f onD a subs tan till proportion 
who eats, drinks, and smokes 0 f t h 0S e attending the course, 
to excess, is unable to cope Many companies already send 
with even a moderate degree of executives on Champneys 
stress. It is for this group — regular health courses, some- 
which probably comprises the times offering a week’s stay on 
bulk of managers — that 170 -acre estate as a “ thank 

Champneys hopes to be able to y 0ll - bonus for extra work. One 
reveal the Path to a new major international company 
healthy life. - has a permanent booking, and 

• Champneys only intends to sends a different executive every 
allow one executive per company week. 

to join the course in any one Surprisingly, for an institu- 
week. This is because it is felt tj on which has always been 
that .the absence of colleagues is regarded as one of the bastions 
more conducive to a relaxing 0 f high society, Champneys can 
environment. now be considered in the more 

Each executive on the enurse, mundane role of a maintenance 
which will* be strictly limited to and repair “shop." After ail, 
a maximum of 12. will be sub- it suggests, few companies 
jected to both individual health would treat sophisticated 
treatments wb as steam machinery worth tens of thou- 
cabinets and massage, and group sands of pounds in the same 
fitness training and relaxation way as executives treat their 

bodies. Thus Champneys pro- 
vides one way for companies to 
ensure ; ’zat their investment in 
people jt being repaid in full. 

David -Churchill 


Catch the sun 
daihr in London. 


Only National flies non-stops Heathrow - jT 
Miami -lampa and onwards seven days /. 
a iwek. / 

Contact Vos it travel agent or 
Nalujnal Airlines. 81 PirradiHvi 
LundonWIV9HFiOKi29 82721 / ■ 

Nalwi id Airlines Inc. ir. ' ' ' . 

hv .jrperareri ifl Hie stale of . ' ; ^ 

Florida U.&A. W ; 

America's 
sunshine 
airiine. 



\atioiul#Airlines 


Viewdata 


and its business implications 

Public Conference: Greenwood Conference Centre, London 

May 18, 1978 


In February of this year thePost 
Office announced that Viewdata is to 
te launched as a full nationwide^ 
service in early 1979. Viewdata is a 
new information service designed to 
serve the business community and 
the general public. It links two 

fess* 

selling services and providing 

bouaht the rights to use Viewdata 
(Bildschi rratext) and o*er naaona^ 

telecommunications authonties are 

<-howinq a lively interest in thi 
British innovation. Viewdata may 
become an internation^ standard. 

-SSSSSr 

\Vnvdata service. Major banks are 
running experiments in payment by 
S n q,i credit card number into 


laying 
Viewdata. 


This public conference, the fourth 
in the series arranged by Butler Cox 
& Partners limited in association 
with the Post Office, will be the first _ 
since the announcement of the public 

Sei Thi?confereDce will be addressed 
by sp©flk 0 rs from ths Post 0fhc6 t 
representatives of ihe information 
suppliers and TV set suppliers, and 
by outside commentators. It will 
describe the status of Viewdata, 
plans for its expansion, and the 

commercial considerations which 
have led major companies to invest 
in Viewdata. 

No manager concerned with the 
provision or use of information can 
afford to ignore Viewdata. 

Conference details and agenda are 

available from : ■ 

Butler Cox & Partners Limited 

MSoHffiwad-* 

London EC j i A 2BP 
Telephone 01-353 iico 


R lifer Cck & Partners Limited 


Business 

books 

Price Determination and Prices 
Polity by Joan Mitchell. George 
Allen and Unwin. H/B £3.50. 
P/B £2.95. The aim of this book 
is to discuss prices with prices 
policy in mind. 

Secretarial Management by 
Josephine Shaw. MacDonald 
and Evans. . £2.75. The aim of 
this book is to help executives 
at all levels to develop the secre- 
tarial function within there own 
organisation, so as to integrate 
the secretarial staff . into the 
team. 

Industrial Advertising and Pub- 
licity by Norman ‘ Hart. 
Associated Business Program- 
mes. £7.95. This provides a 
comprehensive background 
against which sales-promotion 
campaigns may be developed 
and refined within the com- 
pany’s overall objectives, with 
special emphasis on greater 
profitability. 



Before you judgeyour staff, 
make certain you've got it right 

What's happening? . 

The despatch department ran 
out of stamps before the last post. 
The chief clerk took two days to find 
an outstanding invoice. 

You may feel you are the only 
erson without his head rn the sand, 
ut... 

The head of the despatch 
department has been screaming out 
fora new franking machine. And 
your chief clerk, if only he could 
pluck up the courage, would insist 
upon a proper filing system. 

The truth is that people work 
better when they are getting a 
charge out of their environment 
And when they are dealing with 
time-saving, hassle-free equipment 

Roneo Vickers can helpyougetit 
right Right around the office. 

We can help you improve the 
environ ment with Roneo Vickers 
chairs, desks, furniture and 
partitioning. 

We can also give your staff the 
tools to do a better job . . . copiers, 
duplicators, storage and filing 
systems, business forms and 
Neopost mailing equipment 

Right around the office. Right 
around the world. We're getting it 
right so that people not only work 
better but also enjoy their work 
more. 

You get itright . . . and so will 
your staff. 


Right around the office 


Find out mrrro about ihe Roneo Wlvai ranefi. 
Phone u 1-bSb 43i’.. Or vvnse in Roneo House, 
Lutijduvvntf Kuad.Gov dun CK’J 2 HA. 






J 





V 



IS 

LOMBARD 



oing without 


A trailing industry 


BY DAVID FREUD 

WHAT happens when all hanks 
close for an extended period and 
deprive a country of most of its 
money supply? At first sight the 
loss of access to bank deposits 
could have any number of 
ominous consequences, ranging 
from a rocketing money supply, 
with its attendant inflation, as 
the public supplied its own un- 
controlled means of exchange, 
to a drop in output brought 
about hv a decline in consumer 
spending. 

Thanks to the Irish we have 
a unique example of how an 

economy operates when the 
banks are shut. Between 1966-76 
labour disputes closed all the 
clearing banks on three occasions 
for a total period of nearly a 
year. The longest time was in 
1970. when the dispute lasted 6J 
months. 

How did the economy fare? 
Apoarenily very well. By and 
large retail sales stayed at their 
usual levels, while economic 
activity remained quite resilient. 
A st ud v by Mr. Antoin E. Murphy, 
of Trinity College. Dublin, con- 
cludes that a “ highly persona- 
lit ’»1 credit system without any 
d.'iiniie lime horizon for the 
“‘■cniiial clearing of debits 3nd 
iv*. ills substituted for the exist- 
ing institutionalised banking 
5 •.•■•.•Cl." 

Several special factors were at 
in Permitting the develop- 
T.- ni nf the new system, suggest- 
ing ii would not be adopted so 
re.-rh|y in larger economies. Not 
th-' least or these was lhat vener- 
able lri*b institution, the public 
haute. 

In effort, pubs and shops 
emerged ;>s a substitute banking 
sviir-m. Ti>c exchange of un- 
haeki’d credit notes meant that 
jnf'i-tsiai.on on people's rrcdil- 
w.iri'uno^s was essential. The 
rvpn-ifnry of such in- 
form a 'ion in i he shops, num- 

!'*'r.;* • .i r «.iil 12 000 :md The 
I i.ftOi) nubs — one to every 190 
adults. 


The alternative ezdunge sys- 
tem that developed in Ireland 
has implications for monetary 
theory. Mr. Murphy argues that 
dt establishes empirically the dis- 
tinction between mosey as a 
means of payment and money as 
u medium of exchange. 

When the banks are open a 
cheque issued against a known 
credit account effects payment 
and exchange simultaneously. 
However, when the hanks are 
closed for an indefinite period 
the cheque Is used as a medium 
of exchange. It does not im- 
mediately finalise the trans- 
action. leaving the transactor 
and/or the accepting agency with 
some liability or contingent 
liability. Exchange takes place 
but payment is deferred. 


Definition 


Downturn 


V die beginning »f each of 
rhe throe closures — in 196n. 
1970 and 11176 — there was a 
nnwnturn in the level of retail 
Si!t*5 iWnre a recovery. “A 
similar learning process secm« 
t* have been a-t work in each 
cue with the initial desire on 
111 -’ part of buyers to maintain 
hiuif! iv. allied with the natural 
reiucc-nce on the part of sellers 
' extend credit, qivin? way to 
•he d'Holupment nf a huge mull’.- 
Ijt^rr.l sysinm of credits and 
debits which permitted the 
vnnmh run.-i:.in‘n i «.-f exchange 
wjvity as ;he closures length- 


As long as the exchange takes 
place all the instruments which 
have facilitated the exchange of 
goods and services can be defined 
as money. So if money is not 
simply a means of payment but 
also a medium of exchange the 
definition of the money stock 
must be broadened to include in- 
struments such as bills of ex- 
change. IOUs and trade credit. 

Thus, argues Mr. Murphy, im- 
proved information on the pub- 
lic’s creditworthiness may tend 
to increase the potential money 
supply by monetizing instru- 
ments used as a medium of ex-! 
change. 

“Money In its means of pay- 
ment role is largely required be- 
cause it acts as an information 
substitute. Once payment money 
is used the transaction is final- 
ised ami information on the 
credit worthiness of the payer is 
not required. On the other hand, 
money as a medium of exchange 
emhndie- an information factor 
which ii I lows exchange to lake 
place prior to payment for goods 
and services. It is the informa- 
tion possessed by the payee on 
the creditworthiness of the 
payer that is vital to the trans- 
action. Without adequate inforro- 
a tion the payee will demand 
means-nf-payment money in re- 
turn for his goods or services.” 

All of which makes life rather 
harder for those who believe that 
controlling the stock of money- 
should be the authorities’ main 
instrument of economic control. 
The Irish experience suggests 
that almost anything can be used 
for money. Whether other socie- 
ties would react in the same way 
is a moot point 

Money fn on economy without 
banks : the case of Ireland bu 
Antoin E. Murphy The Man- 
chester School nf Economic and 
Social Studies, Volume 46. March 
197$. £300. 


THEY ARE scattered across the 
landscape of North Humber- 
side like so many oddly lifeless 
holiday camps; and the cold 
wind that has been slicing 
through them for much of the 
past year is not just the one 
from off the North Sea. 

They are the sites of the cara- 
van manufacturers of Hull, an 
assortment of perhaps 40 com- 
panies which between them 
account for nearly half of the 
U.fCs. caravan production. And 
since most of the rest is 
accounted for by just one 
manufacturer — the industry’s 
“giant," Caravans International 
of Newmarket— Hull can claim 
with some justification to be 
Britain’s caravan capital. 

But of the 40. only half a 
dozen are large and well* 
established, employing 300 or 
more men. in an industry where 
a 20-year-old company is a 
patriarch. A similar number 
employ 100 or more, but many 
of the rest occupy small sites, 
employ as few as a dozen or 
so men. and tend to form and — 
all too frequently, lately — dis- 
appear as fast as the east 
coast’s sandbanks. 

Together, the Hull companies 
have taken a buffeting during 
the past 12 months from 
depressed markets at home and 
abroad which has shown up in 
a saga of redundancies, short- 
time working and closures. 


BY JOHN GRIFFITHS 

One small manufacturer, who 
started up last year, recalls 13 
companies going under in the 
past eight - mouths — “and I 
reckon it will be 18 inside the 
year.” 

As a leisure-based operation 
which is among the first to feel 
the effects of an economic up- 
or downturn, the industry is 
noted for the sharpness of its 
peaks and troughs. But there 
is general agreement that the 
past year has seen a bigger 
shake-out even than that caused 
by the imposition of 25 per cent 
VAT on touring caravans — 
which account for over a third 
of the total market — in 1976. 

Virtually all the Humberside 
failures have been among the 
small makers. Often under- 
capitalised to start with— 
several were launched with 
funds amounting to little more 
than £3,000 — and heavily 
exports oriented, they have 
naturally proved most vulner- 
able to the financial strains 
arising from a capricious Con- 
tinental. market which for the 
past year has found itself 
greatly overstocked. 

With the bigger companies, 
which can produce up to 200 
trailers, static and motorised 
caravans per week, being able 
and prepared to offer discounts 
and lengthening periods of 
credit, it was hardly surprising 
that the smaller companies 


started going to the wall in 
increasing numbers. 

“It was reaching the stage 
where some companies were 
putting up 90 days’ or more 
credit— and that's just ridicu- 
lous” according to Mr. Alan 
Gray, a director of Monarch 
Caravans, which currently 
builds some 18 units a week 
(to order) from one of the 
modern warehouse units lining 
one of Hull’s now sadly under- 
utilised fishing docks. 

But the failures have not aU 
been small. In March, Ascot 
Caravans, which occupied a 
large site in Hull's expanding 






HULL 

CARAVANS 

Sutton Fields Industrial Estate, 
closed its doors, with the loss 
of some 130 jobs out of an 
estimated Hull caravan work- 
force of 2,000. Mr Ronald Lee, 
joint managing director, in- 
sisted that despite cash flow 
problems, shared with other 
manufacturers, over the winter, 
the company was still viable. 


with £}xn. in. orders from 
abroad won for the spring. 
Nevertheless, Its bankers put in 
a receiver. 

Last year “really knocked 
the industry sideways,” accord- 
ing to Mr. Reg Dean, marketing 
executive for A-Line, one of the 
largest manufacturers which, 
with a current work force of 
over 300. turns out about 130 
units of all types each week. On 
its 25-acre site a new factory is 
being built to expand produc- 
tion of motorised caravans, 
which its managing director. 
Mr. David Wilkinson, sees as 
the biggest potential growth 
market 

Mr. Wilkinson, like other 
manufacturers, attributes the 
sharp dive in the Continental 
market to a number of factors: 
the growing strength of the 
Continental manufacturing in- 
dustry. younger than Britain's 
but which has mushroomed in 
the past few years to the level 
where it produced over 170,000 
units last year: the gain in the 
strength of sterling, even if 
short-lived: and to the anti- 
inflation controls which bit 


Financial Times Friday May 5 197$ 


N. Yorks 

jvT) “ ■ Humberside 

JfrLeeds ^Jj 

Doncaster 

SLYbrte VT* 

titers 'u**, 

Derby fNotts 

■ — 1 

ing up in the past nine months 
despite the competition in such 
a thin market. 

One such is Mr. John Hendey. 
who now makes five of his 
“Dolphin” caravans a week, ta 
firm order only, and who ex- 
presses & determination to steer 
clear of reliance for sales on 
any one Continental agent; a 
situation which, he insists, has 
led to the downfall of a number 
of the small makers. It Is Hen- 
dey*s belief that it is a lack of 
financial expertise and poor cost- 
ing which is as much respon- 
sible for the high number of 
failures as the poor state of the 
market 

But if nothing else, the 
vagaries of the industry’s for- 
tunes have served to breed a 
certain pragmatism among the 
small makers who are most at 
risk. 

“Nearly everyone In the 
industry knows each other," 
observes one small m arm fa cure r 
drily. “When you bear that 
someone's gone under, you tend 
to ring up and say ‘sorry you’ve 
gone — when are you starting up 
again?*” 


deeply into one of the Hull 
makers’ largest markets, 
France. 

Despite the lack of growth 
this year, the caravan industry’s 
exports record is still good. 
Units went to 85 countries, earn- 
ing £65m. in revenue for Britain 
last year, according to Customs 
and Excise figures. Out of an 
estimated total 1977 UJK. output 
of over 90.000 touring and 
“static” — both residential and 
holiday — caravans, nearly 44,000 
went abroad. And much of this 
output was accounted for by the 
Hull industry, which has grown 
up mainly since the early 1960s 
on the basis of the facilities 
provided by Hull both as a port 
supplying easy access to the 
Continent and as a centre for 
imports of the timber that the 
caravan industry consumes in 
large quantities. 

The Hull industry is remark- 
ably ‘'homegrown"; virtually all 
the companies now operating 
there have been formed by 
former employees of those 
which first started up. And it 
is a process which is continuing, 
with several small makers start- 


Smuggler could repeat his 
Jockey Club Stakes win 


ENTERTA 1 NM IN 1 GE I DE 


IN SPITE or an absence of almost 
Len months. Smuggler strikes me 
as tlie one they will all have to 
beat in this afternoon’s renewal 
of the Jockey Club Stakes at 
Newmarket. 

Tbe rangy West Ilsley chest- 
nut. a five-year-old by Exbury 
f whose stock tend to develop 
late) out of that good mare, 
Hiding Place. Smuggler ran a 
fine race in this event a year ago, 


RACING 

BY DOMINIC WIGAN 


going down by just a neck to bis 
old rival. Oats. 

A reproduction of that running, 
or the form which saw him take 
third place behind Exceller in 
tbe Coronation Cup on his sub- 
sequent start, will make Dick 
Hern's colt extremely difficult 
to beat. 

Should there he further rain. 


however — a factor which 
Smuggler’s connections will look 
on with foreboding — it will 
probably pay backers to at least 
s,avo their strikes on another 
chestnut, the Run the Gantlet 
four-year-old. Classic Example. 

Some smart sprinters are due 
to line up for the seven-furlong 
Playboy Bookmakers Handicap, 
in whicb Royal Harmony will be 
trying to give from between 3 lb 
and 30 lb to his 14 opponents. 

Mr. Jocelyn Hambro's top 
weight, a good-looking Sun Prince 
colt, whose best juvenile effort 
was a clear-cut victory over 
Manor Farm Boy and Deed of 
Gift in the July Stakes, could go 
well wit bout, perhaps, proving up 
to giving over a stone to Salinity. 

A tough and resilient two-year- 
old. Salinity ran with promise 
on his only previous appearance 
this season. 

Discreet who also represents 
Salinity's stable (that of Michael 
Stoute) would take a good deal 
of beating off Sst 61b if she re- 


produced the form which 
defeated Peach Melba at Notting- 
ham last summer. 

However, she is a good deal 
more backward than her stable- 
mate and it is probably best to 
overlook her claims. 

One who is clearly expected to 
go well is Brian Swift's Epsom 
challenger, A Honoora. 

In what was almost certainly 
an extremely sub-standard 1,000 
Guineas at Newmarket yesterday,. 
35-to-l chance Enstone Spark, nn 
whom Ernie Johnson ploughed a 
lone furrow down the centre of 
the course, held off a determined 
late challenge h-om Fair Salinia. 


NEWMARKET 
2.00— Aragua 
2.30— Giab 

3.05— Smuggler 
3.35— Salinity** 

4.05— Schweppshire Lad*** 
4.40 — Catechism* 


CC — These theatres accept certain credit 
cards hv tel a oh one or at tho box oftiu. 

OPERA & BALLET 

COLISEUM. Credit Caras. ■ .01-240 5258- 
Reservauo'io 01-836 3161. 

ENGLISH IHAIIUNM*. OftRA 
Tou l 7 Carmen (fenal perf.i Tomor.. 
Toe. rw« 7.30 The Two FMcari. Wed. 
nett 7.30 La Traviata 'final perl.) Thurs 
ne*i 7.30 Count Orv 104 Bikonv Seats 
always availinle day o t pertormanoe. 

COVENT GARDEN. CC. 240 1066. 

<Gardenchar?a cretin cards 836 6603) 
THE ROYAL OPERA 
Ton, one and Wed. 7.30 Oteflo Tomorrow 
and Thurs. 74)0 Le no=» di Figaro. 
Mon. 7.30 Peter Grimes. 65 Ampnf 
seats available lor all oerfs. from 10 j.m. 
on d ay of perl. 

SADLER’S WILLS THEATRE. Rosebery 
AveTfCI. 837 1672. Until T3 May 

SADLER S WELLS ROYAL BALLET. Ev®. 
7. 3D. Sat. Mat. 2.30. Ton t.. Tomor, & 
Mon. next La Fill* mal gardes. Tue- 
Wad. A Thor. ne« Concerto Barocco. 
Rasbomon. The Dream. 


THEATRES 




THEATRES 

KING’S ROAD THEATRE. 352 7*88. 
Man to ThurS 9-0- Fn.. SJtf. 7.30. W.3U. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5lh ROCKING YEAR 
THE GREAT ROCK N’ ROLL MUSICAL 

LONDON PALLADIUM. CC. 01-437 7373. 
Opening Thursday. May 2S *t 7 for the 
Summer Season TO August 19 onlvl. 
Subs. Mon.. Tues.. There, am) Frl. at B. 
Wed. and Sals at B.W and 8 -50. 
RONNIE H»NMIR 

BARKER CORBETT 

“ THE TWO RONNIES 
in a spectacular 
COMEDT REVUE 
with great international company 
ALL SEATS BOOKABLE NOW 
£4 50 £3 7S. £3.00. £2.50. £1 SO. 

Special Booking Hotline 437 20SS. 

LYRIC THEATRE. CC. 01-437 3686. Eve. 
8.0. Matt. Thun. 3.0. Sat. S.O and B.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES In 
FILUMEMA 

By EDUARDO FILIPPO 
On acted b» FRANCO ZEFFIRELLI 
•■TOTAL TRIUMPH.” D Mirror 
MAY IT FILL THE LYRIC FOR A 
HUND R ED YEARS.” Sunday Timer 

MAY FAIR. CC. 629 3036. 

Mon. to Frl. B.O Sal. S.30 and 8.45. 
GORDON CHATER “ Brilliant.” E.N. In 
THE BLOCUTION OF 
BENJAMIN FRANKLIN 
by Sieve J Spears 

”A romnassionatc. funny, fiercely ekxuonr 
. pla> .” Gdn. -Hilarious.”. E.Std. "Wickedly 
.amusing." £. News. ’’SPClIPUldlPQ.'* OPS- 


THEATRES 

STRAND. 01-836 26 & 0 . Evenings B£B. 
Mat. Thurs. 3.00. Sat . 5.30 and B.30 
■ NO SEX PLEASE— 

WE’RE BRITISH 
THE WORLD S GREATEST 
L AUGHTER MAKER 

STRATFORD-UPON-AVON. Royal Shak»- 

sewar Theatre .0789 2271). Tickets Tmme- 
dlatelv available lor RSC in THE TEMMST 
May 8. 9. 16. THE TAMING OF THE 
SHREW May 11 imat.l. 22. 24 lmal.1. 
Recorde d booking Info. iQ7B9 69191). 

ST. MARTIN’S. CC. B36 1443. EM, ,8.00. 

ttm&uSSmXR HUN 

2601 YEAR. 

TALK OF THE TOWEL CC. T34 50S1. 
8.00. Dining Dancing 9 .30. Super Revue 
RAZZLE DAZZLE 
and at 1 1 P4ti. 

FRANKIE STEVENS 

THEATRE UPSTAIRS. 01-730 2564. 

Tue.- Sun. 7.30. 

SHARED EXPERIENCE 
in BLEAK HOUSE 
by Charles Dickens 
an 4 parts In Repertoire) 


f indii’iiles programme In 
blark and white 

BBC 1 

6.40 a.m. Open University. 9.38 
For Schools. Colleges. 10.45 You 
And Jl«?. 11.05 Fur Schools, 

'.’•■liege:. 12.45 p.m. Mid-day News. 
U*0 Ivhblv Mill. 1.45 How Do You 
IV? 2.U.* For Schools. Colleges. 
*.- rt ,\r Cl. lur. 3.53 Regional News 
f*'r tug land ie\cepl London l. 3.55 
r!..y School. 1.20 Scooby Doo. 4.40 
r-iu-r’s riclure Palace. 5.05 
Hor-oji Galore. 525 Magic Round- 
about. 

.1. ill New s. 

5 .5.i Nationwide (London and 
touUi East only!. 


6.30 Nationwide. Heddlw. 7.25 Cadwaladr. 7-30-8.00 market. 4.15 Four Idle Hands. 

7.00 Bugs Bunnv. Glas Y- Dorian. 10.15 Kane On 4.45 Magpie 5JS Emmerdale Farm. 

7.10 Tbe Wonderful World Of Friday. 10.45-10.46 News for Wales. 545 Newi 

Disney. Scotland— O.55-6J0 p.m. Report- cm Thanips At fi 

8.00 It’s A. Knockout. ing Scotland. 10.15 Brea tiling gjj Crossroads. 

9.00 News. Space. 10-45-10.46 News for Scot- 7 on Winner Takes AIL 


9.00 News. Space. 10.4a-lQ.46 News for Scot- 

9.25 PetrocellL land. 

1®*J® Tonight Northern Ireland — 5.53-3.55 p-ra. 

Rcconal NeWK. Northern Ireland News. S.55-6J30 

10.46 The ABA championship Scene Around Six. 10.15 Gallery. 

1 2.'i 10.45-10.46 News for Northern 

11.45 The Lale Film: ‘‘Strategy Ireland 

Of Terror.” starring Hugh - A „ „ . . 

O’Rrian ■ England — 5-a 5-6 .20 p.m. Look 

1 10 Weather East (Norwich); Look North 

’ _ , „ _ , . . (Leeds, Manchester. Newcastle); 

All Regions as BBC-1 except at Midlands To-day (Birmingham); 

the following limes: — Nationwide (London and Sou til 

Wales— 1.45-2.00 p.m. Bys A East); Points West (Bristol); 
Bawd. 5.55-620 Wales To-day. 7.00 South To-day (Southampton); 


6.00 Thames At 6. 

6-35 Crossroads. 

7.00 Winner Takes AIL 

7.30 The Many Wives Of 
Patrick. 

8.00 Hawaij Five-0. 

9.00 People Like Us. 

10.00 News. 

10.30 Who'll Win The Cup? 

11.00 Police 5. 

11.10 Russell Harty. 

12.10 a.m. George Hamilton IV. 
12.40 Close— A poem written by 

Edwin Muir read by Neville 
Jason. 


L20 B.m- Rfpon Wer Headlum. 1.25 
Report Walei Headlines L30 Ten Y-«ra 
On— tn the Wen Country. 2.00 Women 
Only. 5.15 p.m. Tbe Undenea Adventures 
or Ciptaio Nemo. 5.20 Crossroadi. 640 
Repon West. 6X5 Report Wale*. 630 
Of Emmerdale Farm. 8.00 Riffenj 1LOO 
The Late Film: “Tbe Eye* of Charles 
Sand." 

HTV Cymru/Wa'es — As HTV General 
Service except: L2D-L25 p.m. Penawdau 
Newyddion f Dydd. U0-Z00 Ten Yean 
On— In Wales. 415445 Camau CaatamlL 
6.ML6.15 Y Dydd. 

HTV West— As HTV Ceneral Service 
except: I-2B-U0 p-ot. Report West Head- 
lines. 6054 JO Report We*L 



SCOTTISH 


Jason. L25 P.m. News. U8 Out of Town. 5J5 

■ i, _ , 1 . . ToaUme Tales. 5J0 Crossroads 640 

All A Regions as London Scailaod Today. 6J0 The Better Sex. 


Spotlight South West (Plymouth), except at the following times: — »J» Charlie’s Angela, ujo way* and 


F.T. CROSSWORD PUZZLE No. 3,659 



10.15-10.45 East (Norwich) On Alvr'IIA 

Camera; Midlands (Birmingham) /tnuLiA 

Look! Hear!; North (Leeds) Life- us p-m. Acgua New*, sjs Out tor- 
lines; North East (Newcastle) ho^ 6.M ^ouiAJWlla. SjMD*iwer In 
Wiif Mannion; North West (Man- ESk 

Chester) Sense Of Place; South us u*n who Matter. 
(Southampton) Cusden On Loca- . 

tion: South West (Plymouth) AIV 

Peninsula: West (Bristol) The up p.m. atv Newsdes*. U8 Paint 
History Makers. . AJ 0 ' 1 * With Nancy. iJO The Sefllyans. 


L20 p.m. ATV Netvsdesfc. UB Paint 
Along Will) Nancy. iJO The Sdll vans. 


Mean*. 1LOO It’s Friday, and Tin Steve 
Jonas. 12.80 Late Can. 1245 Am. Lovp 
_ _ _ American Style. 

5 Chatter- 

ST. S SOUTHERN 

— Oolumha. UB P*n. Southern New*. UB The 
Electric Theatre Show. 240 Women 
Only. 5JD Weekend. SJO Crossroads 
6.80 Day by Day/Scene South Cast. 6J0 
U8 Paint Cbal,<!n 8 e of the Sexes. 8.00 Emergency. 


NATIONAL THEATKET ’ »2« ,2252 

OLIVIER laoen stags). Toh’t. A Tomor. 
7 (note early start) BRAND By Ibsen 
in a version bv GeoOiwy Hill 

LYTTELTON (proscenium stage). Toirt. 
7-45 Tomor. s & .7.15 DMIKOOM 
FARCE by Alan Ayckbourn. ■_ 
CP TT E SLOE tsmait autfKorlum) Toht A 
Tomor. 8 DON JUAN COMES BACK 
FROM THE WAR try Horvath Ira ns. bv 
Christopher Hampton. 

Many eaceilent cneao seats all three 
theatres days of oert. Car park. Res- 
taurant 923 2033. Cn)>t card bookings 
928 1052. 


OLD VIC- 928 7616. 

PROSPECT AT THE OLD VIC 
New season to Mav kOth 
TWELFTH NIGHT 

“an outstanding revival” The Times, 
today 7 30. Sat. 2.30 & 7.30. 
Emm Atkina a* 

SAINT JOAN 

“ a stunning production." Sun. Telegraph, 
returns May 8. 

Sunday at The Old Vic. Mav 1* 
THnothv West. Prunelbi Scales 
hi SMITH OF SMITHS 
International season 
Lila Kedrova. Jean Marais in 
LES PARENTS TERRIBLES 
May 22-27 

THE TURKISH CLOGS 
May 29-June 3 

La Barca restaurant opposite The Old Vic 


m7 : 

SHEILA HANCOCK 

ANNIE ■ 

■■A NEW BLOCK-BUSTING 
SMASH HIT." O. MSB. 

E«gs. 7.30. Mab. Wed. & Sat. 2.43. 


WAREHOUSE, Donmaf Theatre. CoveM 
Garden. 836 6808. »«ral Shakespeare 
Company. Ton't 8.00 John Ford's T» 
A PITY SHE’S A WHORE fSO*d out). 
Adv. bkgs- Aldwych. - 


uuo Do Ini a ns Unlimited. U.80 Sou them 


BBC 2 

6.40 a.m. Open University. 

11.00 Play School. 

4.55 p.m. Open University. 

7.00 News On 2 Headlines. 


Rafferty. 8J0 Sale of ihe Cenniry. 11.80 JP 1 ' Bt Sbow - EwBsslmo 

Tbe Oliver Reed Sux Movie: The S 1171,18 Annle Clranlof - 

Sh uttered Room. TYNE TEES 

BORDER LX P*L North East News. UP Ogi 

Of Town 5.15 Mr . an d Mra 6.00 
Nonh.ro Life. 740 Oh No! It’s SeJwro 
.^Y 7, Fnwaill. MB The Streets or San 
8J» Qtdncy. 1140 Film: Neither the Fea Francisco. 1UD Sportsume. UJB The 


WYNDHAMS. 01-836 3028. CntdR Card. 
Bkgs. 836 1071-2 from 9 can. to Z pjn. 
Mon. -Thurs 8. Frt. and Sat. 5.15. SJO. 
"ENORMOUSLY RICH. 

VERY FUNNY.” Evening New*. 

Mary O'Mailev's sn>ash-hi€ Comedy - 
ONCE A CATHOLIC ... • 

'* Supreme comedy on sex and retigiod.?. 
Daily Teiegraott. 

“MAKES YOU SHAKE WITH 
LAUGMTtR.” Guardian. 


7.05 Thai’s The Way The Money Faalfl3r ’ M1 ’ E ' ,Uo8B «- 

Goes. TTT CTCD 

CHANNEL . jzjt SST ^ 

8.15 The Money Programme. ui pjn. Channel New*.’ 640 Report. CIS ulster News ReadUnes. 545 The 


9.00 Kipping Yarns. MB Quincy. 1048 Channel L*1e New*. Flinurnnes. 6.80 Ulster Telertslon News. 

9.30 Inside Storv U -BB Laie Night Movie: "Bus Stop.” 685 Crossroads. 6J0 Reports. 6S8 Police 

tn’vo The riei-ll't Crmiin 12-J5 a.m. News and weather In French, six. idb Wcsulde MedlcaL 1185 Twn at 

iiT- ^ 1100. 1140 Soortscast 12-30 a^n. 

L4ft \eu? GRAMPIAN Badnmg. 

T-_.i. 1238 Local Elections. JL2B Grampian WFSTWARD 

11. aO Closedown. Marlin Jarvis Nows ejo Grampian Today. t7J0 The hCSUVARLI 

reads A Young Mans Jim MacLeod Show. 8J0 Qnlncy. 1030 12JQ Local Elecrlonx 420 Westward 
Song,” by William BelL ReflecUons. THUS Friday Film: ” Dr. News. 6M Westward Diary. 688 Quincy. 

JelcyU and Sister HTde.” 1230 a-m. 1038 Westward Lale News. 1138 Late 

_ ~ _ T _^ _ Grampian Late NUtht Heaffifnex Niaht llnrle: ” Bus Slop,” si airing 

LONDON GRANADA vuS?* 9 MoQroe ' 1235 *’ m - Faith ,or 

9 JO aju. Schools programmes. i ?n _ -m . rhi* u Your TunhL 138 The VHD VCTTTT3 13 

15.00 The Learning Tree. 12.10 Amaa« World of iKtT&xe^ tL i5 YOKKoHlKh 

Stepping Stones. 12^0 Boroughs, Your Rtrtt. 535 CroaEroads. 6JH> UB p.m. Calendar News. 136 Winners 
Towns and Cities. 1.00 News and Oranada Repons. 638 Kick Off. 738 and Losers. SJ5 Oat of Town. 638 

FT inrfoT tatl Hnin' 1 -tn Rpn-I'c 0,1 N<,! ,l ‘ s SelwTn (• rugRitt 8J® West- Calendar lEmlcy Hoar and Belmont 

f •*’ pit ** MedlcaL UJ8 Great Films of iho editlonsi. 730 Ob No! Itt aetwyn 

■ ftione>-t*0-KOuna. z— a Centory: Ralph Richardson In "The Frojujln. S_oo The Streets of San 

Mid-week Racing from New- Sound Bamcr." Pranmsco, 11.00 Appolmmen! with Fear. 


WESTWARD 


M’RrtKK R thn v, n . Lot. 2.00 &loney-G6-Round. 225 Century: Ralph Richardson In "The Frotudn." 

ACROSS 6 net the better of one not at Mid-Week Racing from New- Sound Bamcr” Rlchanlson m S M| 

Exhibits the start nf enter- _ S™ 1 '- hl,t well-dressed (S) 



in the Prc.-s (S) 

''nr who can carry drink (fi) 
s* Tni.; .-uyerr-ts ihat the winning 
I’M kry was no: pressed (4, 4» 

I ) \ i«'v. n very French in sex 

..ppe.il (fit 

II Dra-’uons known by their 
i-^io'irs (2. 5) 

I- Meaning I'm left (61 
i'. Seen by those who have come 
down in the world 16 . 4) 
jS V’.»K.’s the case complete — 

ready for pu'ntivation (5. 5; 

-- The le.iin has the time for a 


7 The lesson to he learned gets 
tn them by word of mouth 

(3, 5) RAT)TO t 247m Wc’k’s Composer: Sirarinsks and Uw 5.® p.m. Reports. 5.40 Enquire WUhin. 

8 The true proof is money on W t , . . _ Ball °l <Sv ’-S 0 B^eibovea Trios tSi. 6® Nows. 630 Going Places. 7.08 Nows. 

the mich i7 41 Wy 8 cm ( « broadest ID 35 BBC Northorn Ireland Orchesira 7^5 The Archers. 7J0 Pick of the Xwk 

*■> ol T’ . ... _ 5,0e . 1ja ,9 a -! e , Lr 9 ‘S’- UJD Vounu Artlsl’s Ftectlal <Si. fS>. 830 Poems and Vaicw. <30 Any 

IS Powerful turn keeps the mill Travis. 9.® Simon Bat^s. 1131 PMd 12,05 p.m. RF-C Welsh Symphony QuenHons. 93S Letter from Anv-rtca. 930 

going (fi 4) Bunts !L J2J0 NewsbeaJ. ZM p.m. Orchesira. oan 1: naydn. Weber iS>. Kaleidoscope. The Royal Shakespeare 

15 The crimp* nf th.,co «.-h„ h,, r TOQT BliCkbom. «3) KW '«Hud- 1J» News. 1J» PlaybUl IS). UD BBC Company. ID.® The World Tonight. 1838 

*•* crimes or those Who buy m* *58 Ncwflieat. 6J» Ronndrable. 7-J Weld) SO. pari 2: Mathias, Morart fSI. Week Ending 1835 My Delighr. 1L® 

Stolen goods fS) Stan Remolds and hi* Orchestra iS> 235 Royal Repertoire <s>. Ouartctlo A Book ai Bedtime, n is The Financial 

16 Damn Enid. This could DOS- J? ad, ° 2 .'- ^ aba Pfiel ,s ‘- IraUano: Schumann. Beethoven »Si. *8B World TonishL U38 Today in ParU*- 

qih] v ho nnnui-ir f' fi, ^ 12 ^5r B L*i7'* 48 RatUo 2. Somervell’s Maud iSi. *.C The Youn* ment. J2JH News. 

Off popular 6l VHP Radloa 1 and 2-5JI0 Am. With Idea tS». tS^i Hom-ward Bound. 2635 s»jap BoriJav T«„2 nn 

lr Trep-feller we hear on the a*<Jto uiciudinE l.ss o.m Goad Listen- News. 1630 Homeward Bound. 2638 DDL nauio LiOnQOn 

council (S) 19.00 P.m. With Radio I. 1230- UMincs: Lcistjr.; ,md Recreation. 738 206m and 94JI VHF 

2.0Z a-«. With Radio 2. Music fn*n Pebble MIR: >Mh®M vvw s . w imi ^ Ra<Ua < ud Rush Hour. 

RADIO 2 1,500m and VHF 2^,Ji i aic aS *-89 London Live. U.® In Town. 12.* p.m. 

Summary. 533 Richard ££ ffiSS 

Vauahan wldiTh? Early Show tS> mclud- *JB Trutt and Drt txmdon Sport* Desk. 635 Good Fish Ing. 

\rx 6.15 Faui* for ThonRht. 732 Ray Stciner WO Sihelms ,St. Music 7 . M Lo^, Stop Lteten 7ja Town 

Moore * Si including S.27 Racing Bullrt/n. SjLHAJSf nja Newl U,JS 830 Black Londoners. lfiiW Trot* 

S.4I Pause for Thought. 18 A2 Jimmy Tonighl s Schubert Son*. Record. LZ.OB — Close: As Radio 2. 

Vouns «Si. 1235 p.m. waggoners' Walk. Rodia -J VHF only— 680-7® a-m. and r _ J n • j. 

1230 Pete Murray’s Open House iSi in- s.tf-TJO pjn. Open UnJ«5o. I/)IldOIl Broadcasting 

Clltdiu 1.45 Sports Desk. 230 David yet anti Q7 1 Vtn? 

Hamihon 'S» including 2 .*5 Sports Desk: RADIO *1 cm „ 

i Racing from Nemiartei: 3.05. 3.33. Morning Music. 636 am. 

438 W'acBoners’ Walk. fljS5 Sports D- S 434111. 320m. 28am and VHF WllJi Bob Holnesa and Douglas Cameron 

430 John Dunn IS) Including 5.45 Snorts 635 a.m. Nows, ijj Farming Today. Brian RayeS. 130 p.m. LBC Reports 

Desk- 6.45 Sports Desk. 7412 Sian 635 Up to the Hour. 7J» Nows. 738 ‘ ?.. 1 ® cl . Bcfc 92; 

Remolds and hi* Orchestra iS». 84)2 Today. 735 Up io the Hour leontumedi. £Shrt?-i fr S ,lchr “’ - 

Ronnie .\Mnch tSV Friday Nishl 84« News 830 Today. 835 Yesterday 2S t, 2 ule J?, 6s«e«. 1.® 

Is Music Night >5V 9J5 Snorts Desk. In Parliament. 9jo Nows. 9415 Local a-m ’ NiBnl- Extra. 

10412 Free Sptc (scries). 1030 Lci’a Go Time. 935 Your Foci’s Too Big- 10-M CaDltfll Radio 
l^atan. 114)2 Brian Matlhcw (mroduws News. 18.05 Checkpornt 1030 Dally * . __ „ . 

Round MidnifdU. including 12.00 News. Service. 18.45 Morning Story. U® 154m ana 35.8 VHF 

Tennis: World Championship Double* News. 1185 The Road to Carey Street. 6.98 Am. Graham Dene's Brcanusi 
ToumamenL 24XH82 un. -Yaws 124» New*. HE B .ttu You and Yoon. Show tS>. 9.® Michael Aspel (Si 12 JK 

5ummary. 1237 Quote . . Onquole (Si. J2JS Daw Cash (Si. JM pm«. Rwier S<uri 

D * ftlrj t 464 m Stereo &\*&F Wcai,,,!r and pwsrarame news. 14S The (St. 7410 London Today fSl. 738 Adrian 
KAL/ilJ J ’ ^ World at One. 130 The Archers. 145 Love’s Open Line tS«. 94» Nicky Horae's 

aeedlum Wave only woman s Hour from Birmingham. 2.45 Your Mother Wouldn't Like It 1S1. WW 

16^ a.m. Weather 74)0 New*. 7.05 Listen With Moihcr. 3.W New? 335 Mike Allen' 1 Law Show • Sy. 24W a.m. 
Overture • 5 ■. SJO Neui 8415 Marmna Atternnan Theatre iS> 4418 News. 435 Ian □ aviate. t‘ a London t-inir IniernaUoaal 
Concert iSj. 5J0 News. 9415 This The Eloquent Uasodusi, 435 Story Time. (Si. 


247m Week’s Composer: Sirarinsks and Uw 5.® p.m. Reports. 530 Enquire WUhin. I portune. B36 2ZM. E»ss. 8.0 Thors. 3. 
Ballet ts». 930 B^erhoveo Trios »S«. 6.® News. 630 Going Places. 7418 News. ! Sat. S.00 and 8.00. 


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MURDER AT THE VICARAGE 
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ODEON HAYMARKET 1930 2738-27711. 
REGENT THEATRE. 01-637 98G3. Goons l Jane Fonea. Vanessa Radaravc in a Fred 
May IS. Red. price ore vs. from May 11. | Zinnemann Aim JULIA (A). Sep. Pel. 
THE CLUB. A musical dlveritoo. | Dhr. 2.30. S.4S. 6^5. Feature Dlv. 2.45. 


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ODEON LEICESTER SQUARE (930 611 '1 
CLOSE ENCOUNTERS OF THE THIRD 
KIND (Ai. Sep. pm, Dly. DWa oocn 
<10.00 SaL only! 1.05. 4.1 S. 7.45. Late 
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SCENE 1 A a. Leic. So- (Ward our St.J. 
439 4470. 

1. Woody Allen’s EVERYTHING YOU 
ALWAYS WANTED TO KNOW ABOUT 
SEX (X>. 2.50. 6.00 9.15. BANANAS 
tAAi 1 is. 435. 7.40. Late Show Ffi. 
and Sat. 10.55 

2. George Burns. J«t,n Denver OH GOBI 
(Ai. Progs. 1.1S. 3 .45. B.15. 8.45. Lam 
Show Fn. ana Sit. 11.15, 


CHAFTEMtlRV. CC. 8SE 6505. 

vtiattesborv Ave WC2 ■Hiah Holhnrr enril 
Em *r 8.00. Mar* Thurs Sat 3 00 
JOHN REARDON an-* *OAN DIENCR in 

"A SMASH HIT THIS MUSICAL HAS 
EVERYTHING " S Mirror 
CREDIT CARO 8QOKING 336 6S97 


SHAW THEATRE- 01-388 1394. 

ROOTS 

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Pre*i. Tnzneht an* Tomorrow 7.30. 
All Seats £1.80. Ooetw Mon. at 7.00. 


STUDIO 1, 2. 1. 4. 
437 3300. 


Oxford Circe* 


1. Gene Wilder as THE WORLD'S 
GREATEST LOVER (A). Frogt 2.55. 4.15. 
6 45. 8.50. Lale Show Sat. 10.55. 

2. THE GOODBYE GIRL (A}. Progs- 

12.4S. 2.45. 5.2S. a.05. Late Show Sat* 
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5.55. 8.30. Late Show Sat. 11-05. 

4. Wogtfy Allen. Diane Keaton Double 
B'H SLEEPER (A). 23S. S.SO. B.OS. 

LOVE AND DEATH /A). 14KL 4.15, 
7.30. Lain Show Sat. 10-40. 

















_ Financial Tlmes Friday May 5 1978 

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A surreal thriller 


by NIGEL 1 ANDREWS 


The American Friend (Aa> 

, .. . Gate Two 

Iphlgenia (A) Studio 3, 

Odeoo, Chelsea 

MacArthur 

• ““The Rebel General (A) 

. Ritz 

Full Circle (AA) Plaza 1 


Wim Wenders is one of the 
wvnderkind directors of the New 
German Cinema. His name 
and fame lag a little behind 
those of Fassbinder and Herzog, 
because he has a more diffident, 
slow-fuse style, (vide Alice In 
The Cities and Kings of the 
Road), and because his work is 
less picturesquely (or ostenta- 
tiously) non-conformist. Wenders 
is fascinated ps much by victims 
as he is by heroes, by those who 
succumb or despair or sim ply 
carry on as by those who triumph 
or rebel. 

His new film. The American 
Friend, is based on a Patricia 
Highsmlth novel and looks at 
first like a Hollywood thriller in 
which the machinery has run 
down. The rhythm is so broody 
and out-of-joint, the pace so slow, 
that, on first viewing, the film's 
obscurities and loose ends 
exasperate. (Not to mention the 
odd enrolment in the cast list 
of a host of Famous Directors — 
Nicholas Ray,. Samuel Fuller, 
Daniel Schmid, Jean Eustache, 
etc. — seemingly constituting a 
parlour game for film buffs.) 
Hut a second viewing works 
wonders. One starts to take the 
film For what It is — a typical 
Wenders tragicomedy of human 
doubt and helplessness (laced 
with movie-mania for those will- 
ing, to pick up the allusions) — 
and to discard one’s Hitchcockian 
expectations of streamlined 
suspense and slick- denouements. 

Higbsmith’s fortune-hunting 
protagonist Tom Ripley, veteran 
hero of many of her novels, 
surfaces here in the quirky, 
downbeat, mannered person of 
Dennis Hopper. This under- 
world knight errant's latest side- 
line is trafficking in fake art 
■works, and -through this he 
meets a down-at-heel Hamburg 
picture-framer (Bruno Ganz) 
with whom he is soon Involved 
in a bizarre murder plot. . Ganz 
has been hired by an itinerant 
gangland smoothie (Gerard 
Blaln) to dispose of two victims 
in return for a 250,000-mark 
fee. Believing that he is dying 
of an incurable blood disease, 
Ganz accepts the job to secure 
his wife and child’s future. 

The murders are duly com- 
mitted (Hopper helping out with 
the second) and then — within 
sight of the film’s ending — the 
plot and the characters suddenly 
start to behave as if they have 


been- short-circuited. The story 
.splutters, stops,- rallies, and then 
explodes into incomprehensi- 
bility.- I defy anyone to follow 
the .film twist by twist up to its 
final minute. But by that time 
it doesn't matter — the spell has 
been cast. Wenders has trans- 
cended the pulp-fiction world 
from which he and Highsmith 
started out, and escorted the 
characters Into his very own 
empyrean of comedy, bewilder- 
ment and melancholy panic. The 
surreal disorganisation of the 
finale — a shot gangster, a blown- 
up ambulance, a heart attack at 
the wheel of a car— is the only 
possible conclusion to a comic 
nightmare in which purpose and 
reality have oeet- steadily dis- 
integrating from the. beginning. 

Unlike most thrillers, where 
the action is clean, sharp and de- 
termined, this one is about 
characters who drift or are 
jostled from one semi-involun- 
tary act to another. Wenders 
works some beautifully off band 
symbolism into the story — 
Ganz’s work as a picture 
“ framer " and Hopper's habit 
of recording his thoughts into a 
tape-machine can both be seen 
as attempts to define and circum- 
scribe stubbornly inchoate lives: 
and so cleverly does Wenders 
contrast Ganz's poky, dusty, ram- 
shackle flat with the labyrinthine 
modernity of airports or tube 
and railway trains (where the 
murders take place) that Ganz's 
motivation for the crimes seems 
less the money than a sudden, 
whirlwind romance with the out- 
side world: the break-out of a 
closet libertine and romantic. 

No less enthralling is Wenders* 
handling of his actors: a delicate 
choreographing of their ties and 
mannerisms that gives the film 
a behaviouristic richness un- 
equalled in recent cinema. 
Hopper’s air of manic delibera- 
tion meshes so neatly with 
Ganz’s droopy, ingratiation (he 
even falls half-asleep while wait- 
for his first victim on a Tube 
platform) that the intimacy 
between the two men grows into 
a kind of platonic adultery: 
giving an added piquancy to 
the wife's distress at Ganz’s 
mysterious absences. The weak 
link in the film, ironically, is 
the wife (Lisa Kreuzer). who 
seems less a character here than 
a function, on hand to register 
wifely dismay and bewilderment 
whenever her husband departs 
or a mysterious packet of money 
comes through the post But one 
weak link is permissible in a 
chain elsewhere as strong, 
glittering and characterful as 
this. It opens at the Gate Two 
cinema this week and must be 
seen. 

* 

Michael Cacoyannis’s Iphigenia 


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James Galway 

by NICHOLAS KENYON 



Roll up ! Roll up for the 
Great Galway Sbow ! See the 
Great Galway perform death- 
defying leaps of facile brilliance! 
Watch him nonchalantly flick 
open the button on his velvet 
jacket just before the cadenza ! 
Laugh as he jovially ribs the 
violinists during the tnttis. and 
slumps wearily onto his stool 
with an impish smile ! Hear him 
as he raises the art of self- 


advertising superficiality to new 
heights ! 

The Great Galway win— with 
no more than a few knowing 
winks— transform the dark and 
mellow colours of Mozart's 
Clarinet Concerto — no, not into 
the even darker sounds of the 
basset horn for wbich it was in- 
tended. but into the shrill and 
cheerful chirruping of the golden 
flute 1 

And, knowing the warmth of 


affection which his public feel 
for hint, the Great Galway will, 
at no extra cost, play and — could 
it be otherwise? — introduce a 
couple of highlights from his 
most daring acts by way of 
encore ! 

Also appearing: Eduardo Mata, 
the London Symphony Orchestra, 
and a really rather good per- 
formance of Dvorak's Eighth 
Symphony. 


Book Review 


Iv . . \x. 

■ /. 

he- 

» ^ 

’’ iyhyl*w 


is the third in the Greek direc- 
tor's trilogy of films based on 
plays by Euripides. Like Electro 
and The Trojan Women, it trans- 
plants the Athenian p)aywrigf*fs 
world from darkened amphi- 
theatre to bare, rocky, sun- 
drenched location; here teUing 
the story of how Agamemnon’s 
daughter was sacrificed so that 
the gods would give fair winds 
to drive the Greek ships to Troy. 
The film begins powerfully — a 
slow, impressionistic montage de- 
picting the tattered indolence 
and demoralisation of the Greek 
army as they wait to sail — but 
once the “text” gets underway, 
the old Cacoyannis weaknesses 
come to the fore: gesture, and 
visual rhetoric substi tilting for 
drama, the picturesque for the 
meaningful. The film is neither a 
faithful record of a stage per- 
formance nor a truly imaginative 
reworking of Euripides for our 
own time: and although 
Cacoy an n is con j ures fine per- 
forcuances from Irene Papas as 
Cly-temnestra and Tatiana 
Papamoskou as Ipbigenia, be 
gives them little more than a 
vast, scenic echoobamber in 
which to display them. 


“Old soldiers never die,” said 
Genera] MacArthur, “they just 
fade away.” Or they are 
embalmed by ’ Hollywood. 
MacArlhur-rThe Rebel General 


Film Times 


Dennis Hopper 

is a military bio-pic built on 
the pattern of Patton; a half- 
sceptical, baif-reverentiai 

portrait of an indomitable war- 
horse to whose courage end 
strategic flair America owed 
much of her World War Two 
glory. In both cases — Patton's 
and MacArthur's— the warrior 
overreached and had to be 
checked, CorioJanus-like, by the 
nation he had served and saved, 
jingoism in their stories is 
thereby savoured with personal 
tragedy, and the susceptible film- 
goer thinks he is getting a com- 
plex, multi-dimensional view of 
history. 

He is getting nothing of the 
sort. Mae Arthur Is as papier- 
mache a slice of history as any 
of its more unassuming prede- 
cessors, and looks to have been 
made with more attention to 
keeping down the cost than 
keeping up the quality. Ill- 
matched stock footage and ill- 
applied make-up (Dan OTIerUhy 
and Ed Flanders are remarkable 
look-alikes of Roosevelt and 
Truman respectively — until 
close-ups reveal the all-too-visible 
putty) jostle with cut-price 
battle scenes. None of which 
would matter (so much) if 
Gregory Peck's performance as 
MacArthur could carry the day. 
He does his best; but at least 
two of the more obvious and 
double-edged qualities that made 
MacArthur what be was — fana- 
ticism and bloody-mindedness— 


f . ' - •• • • " * - . \ 



are wholly missing from Peck's 
repertoire. 

Full Circle, an Anglo-Canadian 
thriller starring Mia Farrow, 
begins in such fine, frisson-filled 
style* that one’s heart bounds 
with premature optimism. A 
mother, played by Miss Farrow, 
accidentally kills her own 
daughter (by some panic surgery 
with a table-knife) while trying 
to save her from a choking fit. 
The mother recovers from the 
shock only, over ensuing weeks, 
to project' her grief and anger 
onto her husband (Keir Dullea). 
She buys a bouse in Holland 
Park, barricades herself against 
him and other visitors (except 
for best friend Tom Conti and 
sister-in-law Jill Bennett) and 
then discovers, to her under- 
standable dismay, that the house 
is haunted by a little girl 
strangely resembling her own 
daughter. 

it is at this point, alas— just 
when the film has won our con- 
fidence and involvement — that 
everything begins to go wrong- 
The plot starts tacking a>U over 
the place, invoking distressed 
mediums, mutilated boys and 
mad old ladies; characters are 
murdered with wondrous- casual 
ness and just as wondrously for- 
gotten about; and Miss Farrow, 
hitherto resourceful and moving 
in the main part, is reduced to 
duplicating in semaphore her 
mad-eyed waif role from Rose- 
mary's Baby. The film’s director 
was Richard Loncraine. its 
writer was Dave Humphries, and 
the next time they collaborate on 
a thriller they should perhaps 
try and make do with one plot 
rather than three. 


America in the Dark by David 

Thomson. Hutchinson, £5.95, 

288 pages 

David Thomson, the bio- 
graphical blurb informs us, 
“ was born in London in 1941, 
the year Citizen Kane, was 
released.” No birth date could 
have been more prophetic. 
Thomson devotes a whole, long 
chapter to Orson Welles’s film 
in bis new book of film criticism 
and he clearly sees it as the 
archetypal Hollywood movie: 
double-edged and fascinating in 
its love-bate affair with the 
wealth, the power and the glory 
incarnate in its central character 
— and in the personality of 
Hollywood itself. 

Thomson is the best British 
film critic around, to my mind, 
and this book should prove tbe 
fact to waverers and sceptics. It 
is part autobiography, part 
criticism. Thomson begins with 
an account of his childhood in 
South London, where ememas 
were among the few giant land- 


marks relieving the endless 
suburban sprawl. As palaces of 
magic, they seemed to him to 
partake sometimes of rapturous 
enchantment (sometimes of sly 
and reprobate trickery). This 
ambivalence in the nature of 
cinema is the theme of the book, 
and it is brilliantly explored in 
a series of chapters on different 
movie genres (the gangster film. 
Ibe romance) and on The 
different components of tbe film- 
making act itself. 

Tbe most refreshing strand 
running through the book is the 
writer's enlightened attitude to 
the “ auteur ” theory. Thomson 
is well aware that tbe system, not 
the individual, has always 
reigned in Hollywood and that 
“ the exaggeration of [the 
director’s] power is one of tbe 
more serious fallacies misleading 
the study of Hollywood to-day.” 
He acidly observes that " it suits 
some young critics to build 
elaborate interpretations of films 
that may have been made by men 
aghast at the silliness of their 


material and their colleagues.” 

On tbe other band. Thomson 
also regards Hollywood popular 
cinema as the fount from which 
almost every film-maker in the 
non-American world has drunk 
and drawn inspiration. The pro- 
cess and habits of .filmgoing itself 
in its popular heyday were 
Intimately bound up with the 
effect of individual films: tbe 
darkened house, the simultaneous 
sense ot communal response and 
personal solitude, the vast 
rectangle of light before which 
tbe filoigoers sat like religious 
votaries. Television, as Thomson 
rightly points uut, is by com- 
parison a dispassionate, frag- 
mentary medium: its impact 
more ephemeral, its hypnotic 
power less potent. If the future 
lies in the small screen, as 
advancing technology and 
declining movie audiences 
indicate, then here at least is a 
book that commemorates and 

crystallizes the 61 ingoing 

experience for future genera- 
tions. 

NIGEL ANDREWS 


English National Opera deficit 


The English National Opera 
has just ended its financial vear 
with a deficit of £100.000. Poor 
audiences during the spring 
provicial tour of 1977. and in- 
dustrial troubles in the autumn, 
accounted for the shortfall, 
which is not affecting plans for 
the 1978-79 season. Four new 
productions are to be presented 
as well as a tour, the only two 
areas in which economies can 
be made. 

Attendances in 1977-78 
averaged 80 per cent, of capacity, 
a slight rise on the previous 
season. Productions which 
attracted houses of 95 per cent, 
or more were The Magic Flute 
and Siegfried, both with 97 per 
cenL, La Traviata, The VaUtyrie, 
Rigoletto and Carmen. The 
major disappointments tended to 
be the new productions, especi- 


ally the commissioned opera, 
Tousaaint, which only managed 
an average audience for its three 
performances of 38 per cent. 
However two other performances 
were cancelled, when interest 
was starting to increase. Another 
new production, Julietta, 
attracted an audience of 53 per 
cent 

The four new productions for 
1978 are The Seven Deadly Sins 
by Weill and Brecht which opens 
on August 22 in a double bill 
with Gianni Schicehi; Aida, with 
a first night on October 18: The 
Marriage of Figaro, starting nn 
November 22; and The Adven- 
tures of Mr. Broucek. by 
Janacek. which has a December 
28 premiere. In the Seven 
Deadly Sins 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 new 
to the Coliseum; the producer 
Michel Geiiot, and the designer 
Ralph Koltai. 

For Aida, Sir Charles Groves 
will be conducting and the cast 
includes Josephine Barstow as 
Aida and Elizabeth Connell as 
Amneris. Sir Charles is also tbe 
conductor of The Marriage of 
Figaro which will be produced 
by Jonathan Miller. 

To meet rising costs seat 
prices at tbe Coliseum are (o 
be increased, and other v/ays 
of raising cash, such as indus- 
trial sponsorship and lotteries, 
investigated. Both the Arts 
Council and the GLC have raised 
their help in line with inflation. 
In 1977-78 the Arts Council gave 
the ENO £2,640.000 and the GLC, 
£520.000. 

ANTONY THORNCROFT 


Make sure 

you profit from the 
Budapest Trade Fair. 




Paola Dionisotti and Jonathan Pryc* 


Leonard Hurt 


Royal Shakespeare Theatre 


The Taming of the Shrew 


A. YOUNG 


When I can believe in it I 
find The Shrew a very unattrac- 
tive play. Of Michael Bogdanov’s 
modem dress production for the 
RSC. 1 believed only the first two 
minutes, for ho has ‘inherited the 
opening used by his predecessor 
at the Young Vic. As we settle 
in our scats, the theatre staff are 
arguing with a drunk who 
wanders about the stalls, urrak- 
uiji beer from a bottle and speak- 
ing some very un-Shakcspearean 
dialogue. Not until he has 
hu. way to the stage and started 
,i riot that utterly destroys the 
disappointingly un fashioned 
decor du wo realise that this is 
Christopher Sly» the linker for 
whose benefit the subsequent 
romance is to be performed. 

When ihe new scene is set, an 

unrepresentative affa,r ^ 

Christopher Dyer HM 
mostly of open iron simrcases. 
Sly mixes with the other 
rh-iractcrs still a little un- 
Shakcspearean. ..He has already 
disposed of his "wite-*’ Hf £lSO 
dispose of himself in he first 
scene, slinking away * fter K 1 
and so depriving us of my 
favonruc line. Tis a very ' « 
cel lent piece of work, would twre 
done" , . . 

the plav continues on a highly 
farcical level. but 
faithfully m the levtbetwMntbc. 
slapstick adornments. I was able 
to believe in ‘t only as far as l 
can believe in J? u J 55 

cause the company iww *}*» 
so adept at the farcical sty le. I 
fiever felt that embarrassment 

which fare* engender* when' it is 
impossible. Paola Diomsotu pU3» 


Kate, apt casting with her Jack 
Hulbert profile. She makes her 
first entry with an incoherent 
yell. Tbe barbed wire stretched 
over Baptista’s gates might have 
been put there as much to keep 
her in as to keep her aster’s 
suitors ouL 

Her own suitor enters on a 
motorbike, Grumio on the pillion. 
They are a fine couple, Jonathan 
Pryce as confident as a politician 
and as casual as ai punk rocker- 
Xiavid Suchet confirming the fine 
impression he made as Caliban 
on Tuesday with a Grumio that 
might have come from Moliere. 
Mr. Pryce makes his Kate smile 
too early in his wooing when he 
picks up an ornament from Bap- 
tista’s desk and uses it as a micro- 
phone; dut she does not smile 
much thereafter, for she is abso- 
lutely tame after her short sharp 
honeymoon, and when she 
delivers her great anti-Women s 
Lib speech after her sisters 


wedding It ■ is clear sbe is lost 
for ever. 

Her sister Bianca is ZOe 
Wanamaker, easily approachable 
by the right man, wbo is Antony 
Higgins’ Lucentio, but unpromis- 
ing materia! for Kate’s new 
crusade. Tranie (Ian Charleson) 
turns himself expeditiously from 
a servant suggesting a Scottish 
lawyer into a young man of 
flamboyant pride such as his 
master might have been glad 
to be. 

Mr. Bogdanov is up to all 
sorts of tricks. He marches a 
military band around the stage. 
He finds an opportunity for 
Tranio and Lueentio to be dis- 
covered in a cafe with their 
trousers off. He gives Baptisla 
(nicely played by Paul Brooke, 
who kDOws how to be funny 
when he is doing nothing) an 
electronic calculator with which 
to reckon the relative values of 
Bianca's suitors. It catches fire 


when Tranio adds bis contribu- 
tion. The guests at Kate's 
delayed wedding shiver beneath 
umbrellas until Petruchio 
arrives disguised once more as 
Christopher Sly with a panto- 
mime horse upstage instead of 
his Honda. 

The story, or rather the stories, 
of The Shrew are so fantastic that 
there is ample justification for 
playing it this way, as long as it 
is done as expertly as it is done 
here. Mr. Bogdanov has, however, 
not found a way out of the 
Christopher Sly problem. Shakes- 
peare simply put him to sleep 
and forgot about him. in Shakes- 
peare’s immediate source. Sly has 
dreamed the whole thing. Sly 
doesn't say so in this production 
which ends as Shakespeare ended 
it, with the men congratulating 
themselves; but this is as good 
an explanation as any — if you 
must have, an explanation of 
such a joyous evening. 


Leading actors from abroad 


France's I eg en dan’ Aim 3nd 
stage actor Jean Marais, and the 
CQually distinguished Russian 
bom actress. Lila Kedrova, are 
to play the leading roles in tbe 
Paris production of -lea" 
Cocteau’s Les Parent* XjrlMj* 
to be given at The Old Vic 

Theatre for one week frum Ma> 

^Cocteau's play, first seen in 
Paris in 1938. is enjoying a 
successful revival in France, 


and iti s this current revival 
which will come to The Old Vic 
from the Theatre Antoine, Paris. 

Jean Marais who played the 
part of Michel in the original 
production and who sow plays 
the father, Georges, has not 
appeared ont he English stage- 
before. 

Lila Kedrova was bom in 
Leningrad and most of her stace 
career has been in Paris. She 
won the Evening Standard 
Drama Award in London for her 
part In the Prospect Theatre pro- 


duction of The Cherry Orchard. 
She also won an Oscar for her 
part in Zorba the Greek and is 
perhaps equally well known for 
a famous vignette performance 
in Hitchcock’s film ' Torn Cur- 
tain as the woman in the coffee 
shop trying to escape to the 
West 

American actress Sylvia Miles 
will play a leading part in Vieux 
Carrd, the latest Tennessee 
Williams play, which receives its 
British premiere at Nottingham 
Playhouse on May XL 


Don White will be at the Budapest 
Fair from May 17-25. 

Come along and talk to him. 

He can give you a lot of good 
advice and help you get the most out 
of the Fain 

You’ll find him in cc EBIC House’ 5 
OpenSpaceAreaNo.l-nexttoHall A. Telephone: 

834-339, 834-763. Telex: 22-4690. 

But if you’d like to speak to someone in this’ 
country regarding overseas trading ingeneral, con- 
tact the Panel for Overseas Trade Development at 
01-606 9944. 

We 



p 


•••• 


Midland Bank International 

Midland Bank Limited , Inlcraaiional Division, 60 Gracechurdi Slr&il, London EC3P 3BN. Tel; 01-u0b 9944. 


/ 





20 


Financial Times Friday May 5 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: FinanHmo, London PS4. Telex: S86341/2, *83887 
Telephone: 01-248 8000 


Friday May 5 1978 


The NEB and 
e Tories 



SIR LESLIE MURPHY, chair- 
man uf the National Enterprise 
Board, is t lying to persuade the 
Tones not to tamper with his 
urbanisation if they win the 
next election. In hi* statement 
with the 1ST? annual report, 
Sir Leslie gives a strong de- 
fence of the NEB's role and 
argues that the lack of coo- 
-ensus between the political 
parties un industrial policy may 
have been 3 factor m the U.K.S 
poor economic performance. 
Whether tin* will impress Mrs. 
Thatcher and her colleagues 
remains to he seen. What is 
certain is that the NEB has 
done none of the things which 
n-i left-wing sponsors hoped it 
would do. They wanted it to 
extend public ownership into 
profitable manufacturing in- 
dustry and use its holdings in 
targe, successful companies to 
briny about a substantial in- 
crease in capital investment. In 
practice the NEB's ambitions 
have been more modest. It is 
trying to fill some of the gaps 
which it thinks exist in the 
financial system and. as Sir 
Leslie pins it. to build a 
"hrulge" between state owner- 
ship and private entrepreneurial 
aelivily. 

Rescues 

So far the NEB's activities 
Suite fallen into four mam 
categories One is to look after 
Hie companies which were be- 
queathed tu it as a result of 
past government rescues. These 
include British Ley (and. Rolls- 
I Joyce. Alfred Herbert and 
Ferranti, although the last- 
named n now capable of stand- 
ing on it> own. Secondly, the 
NEB liy -= conducted some 
rcsvuo ol its own: its invest- 
ment in the tanning industry is 
one example. Third, it sees 
Hscli. in the words of Sir 
Leslie’-! predecessor. Lord Ryder 
as "the action arm of the indus- 
trial strategy." It is prepared to 
help in rot rue tu ring certain 
sector.* or. as in computer soft- 
ware. in strengthening the posi- 
tion of British-owned companies 
m export markets. Fourth, and 
least expected, is the support 
inr .-mall companies: of 29 sub- 
Miliary and associate companies 
listed in I ho annual report, two- 
tiurd* employ less than 500 
people. 

The Tnrirs must ennsider 
whether n i*> sensible for all 
these fund inns in be vested in 
i Mngle nrganisainm. In terms 
• I a.*.*>ci* and employment the 
NEB's purl folio i> overwhelm- 
ingly dominated by British Ley- 
land and Rolls-Royce. No doubt 
it is cenvemeni for these two 
•-••in panic* « especially Rolls- 
Royce) to have a sponsor and 
ally m their dealings with 
'■..nernment departments, but 
it i.- not obvious why they 


should be treated differently 
from, say, British Aerospace or 
British Shipbuilders, which are 
supervised by the Department 
of industry. The Department 
still has to work closely with 
the NEB in relation to Leylaod 
and Rolls-Royce: it has pro- 
vided some of the funds for 
Leyland under Section 8 of the 
Industry Act, while decisions 
on new aero - engine pro- 
grammes, because of their cost, 

inevitably involve the 
Government. 

An agency outside the Govern- 
ment machine may be needed to 
negotiate a rescue operation, but 
it does not necessarily follow 
that that agency should become 
a giant holding company with 
a permanent responsibility for 
supervising the investment. 
Companies as large as Leyland 
and Rolls-Royce should be 
capable of handling their own 
relations with Whitehall with- 
out the need for an 
intermediary. 

At the other end of the scale 
the Tories should take a scep- 
tical look at the NEB's support 
for small firms. Given the 
NEB's "strictly commercial" 
investment policy, it is hard to 
believe that most of the small 
companies in which it has in- 
vested could not have obtained 
funds from private-sector insti- 
tutions which specialise in this 
field. Sir Leslie points out that 
in some cases the NEB works 
closely with the Industry 
Department whose ability to 
give concessionary loans or 
grants, on top of NEB equity, 
constitutes “an attractive finan- 
cial package" but the Depart- 
ment can presumably do this 
just as easily in association with 
equity finance provided from 
the private sector. 

Guidelines 

As for the rest of the NEB’s 
activities, it seems likely that a 
Conservative government, even 
under Mrs. Thatcher, will from 
lime to time wish to intervene 
directly in industry, whether 
for rescue or " strategic " pur- 
poses. Such intervention is 
probably better handled by an 
agency like the NEB than by a 
gnvernmcni department: it 
could, for example. lake over 
whatever the Tories decide to 
keep of the Department of In- 
dustry's functions under the 
Industry Act. Tu abolish ihe 
NEB. only to recreate it later 
in another guise, as the Heath 
government did with the Indus- 
trial Reorganisation Corpora- 
tion, would be absurd. With 
different guidelines and dif- 
ferent powers, the NEB can be 
a useful instrument for any gov- 
ernment, but it should not take 
on tasks which other bodies are 
better fitted to perform. 



il investment 



'IHE LATEST report of the 
L-nti-h K.iihiay* Board com- 
i'i:n-* encouraging nett* about 
tile pnvjrcM* made in 1977 with 
-ntiie rather lo-s encouraging 

lining- a I '(mi Ihe difficult 
jijuMcm- Mill to lie overcome 
rn Un- med ui m-urm future. 
Fir-!, the guud new*. The sub- 
'•nliary uperalionv ail did well, 
i--pi.-ri.ijly the -hipping diviMui), 
v lirli earned a record surplus. 
The h»— on Hu* freight and 
panel- Im-ines* to be met by 
“■.mi wa*. eul from I27.om. to 
i-Vuii . cun.- 1 durably less than 
Tin- I nun -ei by the Government. 

Tin- number uT passengers 

• irrn-d ru-e. despite the reces- 

• inn and the drop in real in- 

• i.i met. .uni the compensation 
vhi«-h i in- Government had to 
pa;, for the pruv ision of socially 

• ■V*ir.ible bur commercially un- 

\ iaWr operations was well be- 
low the figure originally agreed. 
AM in all. the Board’* operaring 
-nrpliis before interest rose 
irutn i 13.7m. lo It is a 

psij to have lo add that the 
profit of i27m. shown m the 
accounts i»u a historical cost 
: >.< -si- would be changed, on the 

ui the Hyde guidelines, lo 
a Jn*s of iT28m.. mainly because 
.0 ihe need for additional depre- 
ciation provisions. 

Then- are two problem* with 
-.illicit the chairman. Mr. Peter 
Parker, is principally concerned 
in his commentary. The first is 
lie: future of the loss-making 
provincial lines, on some of 

which action is already urgently 

necessary. 

Electrification 

Mr. Parker points out that 
aiiiiuiigh the Railway* Board 
h.i* worked reasonably well 
with tile Metropolitan Counties 
i'.irotigh the medium of the Pas- 
unger Transport Executives, it 
lus nut always been easy to 
reconcile their wishes with the 
Board's own planning arrange- 
ments. Despite the urgency of 
the pruv m ei 3 1 services problem, 
i here lore, he is relieved that 
further discussion is to take 


place before deciding whether 
or not to strengthen the powers 
of the non-Metropolitan County 
Councils. 

The second problem, and 
much the more serious, is that 
of future investment. In the 
long-term, an important aspect 
of this is the possible need for 
a great extension of electrifi- 
cation. The case for this rests 
partly un the fact that oil is 
likely to become steadily more 
expensive — and planning would 
have to begin now on an electri- 
fication programme to be com- 
pleted around the turn of the 
century — and partly on other 
economic and social grounds. In 
the past, the Board has not been 
able to justify the heavy capital 
cost of further electrification on 
normal investment criteria. It 
is now preparing new estimates, 
however, which the Government 
lias undertaken to consider: the 
Board itself believes that the 
prospects for "large extensions” 
to the electrified network are 
very' good. 

Replacement 

There is. on the oilier hand, a 
serious medium-term invest- 
ment problem lo be faced. The 
new equipment installed in the 
late 'fiHies is now rapidly 
approaching the end of its use- 
ful life, and official restraints 
on new investment spending 
have already led to considerable 
arrears of replacement. The 
chairman estimates that iF the 
present Government - imposed 
ceiling on investment were to 
be lifted, the level of spending 
would have to rise by 30 per 
cent during the 'eighties and 
be held at the higher level for 
several years: the earlier the 
replacement programme begins, 
of course, the easier it will be 
for the equipment manufac- 
turers to handle. The Treasury, 
with its experience of past rail- 
way investment programmes, 
will approve of Mr. Parker's 
remark that "we might justify 
more investment if it were to 
generate more cash." 


Crises of confidence oil 
Rhodesia’s battlefields 


By MARTIN DICKSON, recently in Rhodesia 


T HE tragi-comic dismissal 
of Mr. Byrop Hove from 
Rhodesia's new Transi- 
tional Government has already 
delivered a serious blow to the 
credibility of this body. If the 
alliance survives, an even 
tougher test is looming — its 
claim that it can wind down the 
guerilla war. 

The most immediate task 
facing Mr. Ian Smith and the 
three domestic nationalist 
leaders who have joined him in 
government is to find some face- 
saving formula that will hold 
the alliance together following 
the sacking of Mr. Hove, Joint 
Minister of Justice and a 
member of Bishop Muzorewa's 
United African National 
Council. 

The Bishop claims the three 
other members of the Executive 
Council, now Rhodesia's top 
governing -body, acted uni- 
laterally in dismissing Mr. Hove. 
The others deny this. But Bishop 
Muzorewa has threatened to 
withdraw the UANC from the 
Government unless Mr. Hove is 
reinstated. 

Predicting the course of 
Rhodesian politics is fraught 
with dangers. Who would have 
imagined that the Executive 
Council would have blundered 
so badly over Mr. Hove at a time 
when it needs to muster all the 
international credibility it can ? 
But the chances are that Bishop 
Muzorewa will stick with the 
Rhodesian internal settlement 
agreement signed on March 3. 

With the guerilla armies of 
the Patriotic Front still posing 
a very serious threat to the 
internal settlement, the Bishop 
needs Mr. Smith as much as 
Mr. Smith needs him. 

Assuming that the Salisbury 
Government does survive, its 
most urgent task will be to make 
good its call for a ceasefire, made 
in a statement this week. Con- 
trary to expectations, the de- 
tailed terms for the ceasefire 
have not yet been made public. 

The vagueness of the ceasefire 
call has already been criticised 
by Bishop Muzorewa's United 
African National Council. Al- 
though it will be a bitter pill for 
the whites to swallow, army offi- 
cers as well as the black parries 
acknowledge that an amnesty is 
vital if the guerilla threat is to 
be reduced. 

Even with an amnesty, it is 
impossible to say just how many 
nf the 6,000 to 7,000 or more 
guerillas now unofficially esti- 
mated to be inside the country 
will respond. Most of them 
belong to Mr. Robert Mugabe’s 
ZANLA army and it is from 
here that the Transitional Gov- 
ernment is most likely to collect 
returnees. Many of these 
guerillas are thought to have 
left Rhodesia for training in 
the belief that they would be 
fighting for the Bishop, and 
some may still be loyal to him. 
Others may be tired of fighting 
when majority rule fs so pat- 
ently on the horizon, or disillu- 
sioned with internal feuding in 
Mr. Mugabe's party. 



Two faces of the struggle against the Rhodesian guerrillas : a black Stftdicr undergoes heavy weapons training, while a 
white civilian farmer's wife keeps up her Sunday morning handgun practice In the north-eastern operational area. 


However, there must be 
doubts whether this will signi- 
ficantly reduce the ZANLA 
presence inside Rhodesia. Mr. 
Mugabe has many more men 
waiting • in ' the wings in 
Mozambique, and would no 
doubt want to use them to make 
up the loss of defecturs. 


Second 

army 


Nor are there any signs that 
the amnesty will have much 
impact on the second guerilla 
army— Mr. Joshua Nkomo's 
ZIPRA. Mr. Nkomo is biding 
his time. He has committed 
far fewer soldiers to Rhodesia 
than Mr. Mugabe but he has a 
well-trained force in Zambia, 
estimated to be at least S.000 
strong and growing all the time. 
His army, recruited from among 
the Ndebele tribal group, has 
particular personal lovalty to 
him and will probably therefore 
be less subject to tbe divisive 
tendencies within Mr. Mugabe's 

army, which is drawn from a 
range of Shona tribal sub- 
groups. 

An amnesty, therefore, seems 
to have little chance of ending 
tbe war. which now affects most 
of Rhodesia in some way. It is 
often difficult outside Rhodesia 
to appreciate just how exten- 
sive the war is. partly because 
the Government's censors do 
not encourage reports liable to 
spread alarm and despondency 
among whites, partly because 
the guerillas operate mostly in 
the tribal trust lands, hidden 
from sight. 

The position has changed 
dramatically since I was last 
travelling in the Rhodesian 
countryside three years ago. 
Then you could drive happily 
on all roads, except those in 
the far North-East. Now you 
can never feej entirely safe out- 
side the towns. Then there 
were only about 50.000 Africans 
living in protected villages in 
the North-East: now there are 


estimated to he 700,000 in 
villages across the country and 
new villages have been built 
only in the past few months. 

But to say that the war is 
geographically extensive is not 
to say that the guerillas are 
anywhere near victory. They are 
not. It can be argued that 
guerilla wars by their nature 
are rarely won or Jost — -that 
they are usually ended by 
political means or by becoming 
a more conventional battlefield 
struggle, as in Angola Hand 
Mr. Nkomo's army appears to be 
trained for such an eventuality.) 

I could not obtain a detailed 
overall picture of how the war 
is going. The Rhodesian 
Government said "no one had 
the time” to give me a military 
briefing. The impression left 
was of a reluctance to speak. 
However, I was allowed to visit 
a military base in the Chipinga 
area in the south east (accom- 
panied by a government official 
armed with an FN rifle in case 
we were attacked) and, though 
not necessarily a reflection of 
renditions elsewhere, the mili- 
tary situation around Chipinga 
is instructive. 

Lying close to the border 
with Mozambique. Chipinga is 
described as a relatively “hot” 
area — in getting there y.ou arc 
advised to travel in the daily, 
armed convoy. It is a transit 
area for guerillas passing 
through to the tribal trust lands 
around Fort Victoria, but -there 
are estimated to be some 480 
guerillas on the ground'. ai one- 
in the Chipinga military area, 
roughly 60 miles wide by 90 
long. 

Military sources say there 
has been a build-up in the 
number of ZANLA guerillas in 
the area in recent months 
(though less than expected) 
and that they are now some- 
times moving around in larger 
bands, of up to 40 or 50 rather 
than 14 or 15 men. But they 
say these groups are poorly 
trained (often less effective 
than the smaller groups) and 
frequently seem to have no clear 


objectives. While some are 
highly dedicated, the morale of 
others is said to be low. The 
larger groups also have greater 
difficulty living off the land. 
The Rhodesian security forces 
are outnumbered by guerillas 
in a few areas (according to the 
local war manual there should 
be 10 combat soldiers in the 
field for every guerilla) but the 
military say the guerillas can- 
not control these areas because 
of their poor quality. 

In some tribal areas, the 
guerillas have “subverted" 
the local population, who will 
now be prepared to help them, 
for instance by cutting tele- 
phone wires. But in other parts 
the tribespeople are said to be 
disillusioned with the guerillas, 
partly because their schools 
have had to close — up to Janu- 
ary this year, the authorities 
said that 267 schools had been 
closed countrywide. 

Despite tbeir numbers, the 
guerillas may not be very 
effective, but there is at least 
one pocket in the Chipinga area 
— a tribal .trust land — which 
the Rhodesian civil authorities 
are now reluctant to enter 
except under heavy military 
escort “ You won't catch me 
going there," said one local offi- 
cial. "It's no longer Rhodesia, 
it’s already .Zimbabwe.” he 
added, only - half \ jokingly. 


service 

Tf the guerilla war does not 
wind down, the. . Rhodesian 
Army seems certain to. face 
serious morale problems as 
December 31 approaches, the 
day Mr. Smith is committed to 
the installation of a black 
Government of Zimbabwe. 
Already, across the' country, 
from white political figures, 
local government officials and 
military officers, you hear 
znurte rings that white Rhode- 
sians will not be prepared to 


go out and risk death for a 
black Government Although it 
seems that a fair number of 
white regulars would be pre- 
pared to fight on. as long as the 
black Government was stable, 
whites on call-up are already 
beginning to look forward to 
December 31 in the belief that 
military service will end then. 
If it does not a substantial 
number are likely to quit Rho- 
desia. The battle would then 
become far more of a black 
versus black confrontation. 

In a sense, this would merely 
be the logical military corollary 
to the political process that is 
already taking place. There can 
be no doubt that Rhodesia’s 
movement to majority rule is 
now irreversible (though there 
have been disturbing hints that 
it might be administratively 
difficult to hold elections on 
schedule). 

However, Mr. Smith is not 
merely a passive spectator to 
the current power struggle be- 
tween the four rival black con- 
tenders for the leadership of 
Zimbabwe. He dominated the 
constitutional discussions lead- 
ing to the internal agreement 
and it is hard to believe that he 
does not also dominate the Exe- 
cutive Council. It is widely 
believed that it was his pressure 
which led to the dismissal of 
Mr. Hove for refusing to take 
back the remarks that there will 
have to be positive discrimina- 
tion in the police force in 
favour of blacks after independ- 
ence. as well as changes in the 
judiciary. 

Mr. Hove's remarks about the 
judiciary could be interpreted as 
a breach of the March 3 agree- 
ment. which specified that the 
present judges should have 
security of tenure, but it is self- 
evident that— come Zimbabwe — 
there will have to be black job 
advancement in the police 
force and in many other areas. 
But the reaction of many 
Rhodesian whites was that 
Mr. Hove had somehow been 
“cheeky”. Old attitudes die 


hard. Over and aver again, 
whites have been putting for- 
ward the same argument: if 
Hove is prepared to make such 
an outrageous statement now, 
what on earth will the Hacks 
do when they assume office? 

So Mr. Hove was slapped 
down. But what this move 
ignores is that it is not merely 
Mr. Smith who has to retain 
white confidence. As Mr. Hove 
was only too well aware, blacks 
too have to be convinced that 
the internal settlement is worth 
supporting — to be given Signs 
that some of their inflated expec* 
tat ions over majority 1 rule are 
going to be fulfilled. The Hove 
affair is bound to affect the 
black altitude lo the internal 
settlement 

It will also affect the irtter- 
national credibility of the 
internal agreement, probably 
reinforcing the British and 
American view that there can 
be no question of recognising 
the pact, at least until it has 
been shown to gain the support 
oE the majority of Rhodesians 
in free and fair elections. And 
it is hard to see how these can 
be held and be internationally 
accepted while the war con- 
tinues. There might be an 
acceptable poll in the towns 
(although rising tribal tensions 
could lead to violence), nr 
among African labourers on 
white farms and in the " pro- 
tected villages" where at least 
13 per cent of rural blacks now 
live (although the world might 
disbelieve that elections in 
these villages could be fair). 
But staging elections in the 
tribal trust lands, where the 
majority of blacks still live and 
guerillas roam, would he a very 
difficult task. 

Britain and the U.S. are still 
trying to get the various parties 
round the same conference 
table, but even if they succeed 
chances of agreement are very 
slim. The Rhodesians still hope 
that Mr. Nkomo might be 
detached from Mr. Mugabe and 
enticed back to Salisbury. There 
are thoughts of this too in 
London and Washington. 

But the internal parties can 
only offer him an eqml place 
at their table and elections 
which he seems unlikely to win. 
He may well feel — unless strong 
pressures can be exerted on 
him— that the chances of gain- 
ing power through the barrel 
of a gun are somewhat better. 

Barring Mr. Nkomo’s return, 
it is hard not to be pessimistic 
about Rhodesia. At present, 
whites are adopting a wait and 
see attitude, hoping for a good 
settlement but secretly fearing 
civil war. The hope is that 
reason will prevail and Zim- 
babwe will not be born in fur- 
ther bloodshed, but the history 
of Rhodesia since UDI shows 
that reason and brotherhood — 
on both black and white sides 
— are rare qualities in this part 
of the world. 


MEN AND MATTERS 


Jungle journey 
amazes Brazil 

The SO-year-old multi-million- 
aire. Daniel Ludwig, whose in- 
tention to build a huge oil 
refinery at Nigg Bay. Scotland 
startled trie oil world, is also 
astounding the Brazilians this 
week. They have watched two 
huge rafts— one carrying a 
fully-constructed pulp-process- 
ing plant, the other a thermo- 
electric power plant — being 
towed up the Amazon River. 
The rafts, each more than 700 
feet long, arc heading for Lud- 
wig’s remote Jari estate, which 
covers 9m. acres. 

The plants and rafts were 
built in Japan, at a cost of 
$200in. and have been towed 
across the world to Brazil. In 
many ways the Jari scheme is 
as bewildering as the £ 220 m. 
Scottish refinery, which many 
oil men say will have vast un- 
wanted capacity. But the rarely- 
seen Ludwig can afford such 
ventures: his personal fortune 
is said to be £1.6bn. 

Once the rafts reach their 
Brazilian destination — a speci- 
ally-flooded area of the Mungzba 
River — the plants will be placed 
on sleepers. The area will be 
gradually drained until they 
come to rest on solid dry foun- 
dations. 

But few people will see these 
pioneer factories in operation. 
Jari Enterprises, which include 
rice, cattle ranching, forestry, 
bauxite and china clay, are 
Strictly off limits to the Press — 
whose efforts to paddle their 
way in or feign engine trouble 
in small aircraft have been 
blocked by Jari’s armed guards. 
Any Jari employee who dis- 
cusses the company's activities 
with the Press is Liable to 
dismissal. 

Having received full Brazilian 
Government benefits on the 
import of the puJp plant. Lud- 
wig is committed to exporting a 
minimum of S616ra worth of 
pulp starting next year, when 


the plant goes into production. 
His china clay enterprise is 
being watched keenly by English 
China Clays, since he plans to 
export his "Ama;:on-S8" clay in 
large quantities and fully 
supply the Brazilian market, 
where ECC would like to gain a 
foothold. 


Art out yonder 

Sir Robert Sainsbury has doubt- 
less been listening carefully for 
student reactions as the sum- 
mer term has begun at the Uni- 
versity of East Anglia (UEA) 
in Norwich. The awe-inspiring 
Sainsbury Centre for Visual 
Arts, which houses his family’s 
priceless art collection, was 
opened two weeks ago on the 
UEA campus. Sir Robert's great 
hope — that students will find 
inspiration frnm the works in 
the centre — is now to be ful- 
filled or dashed. First indica- 
tions are not entirely promising. 

The world's art critics have 
paid tribute tn Sir Robert’s 
generosity and his impeccable 
taste. But throughout the Uni- 
versity. a controversy has 
erupted which raises serious 
questions about the design and 
setting of the centre, and 
threatens its usefulness for the 
student community. 

The designer was Norman 
Foster, who also created the 
Pompidou Centre in Paris. Once 
again, he has conceived a stag- 
gering vision: it is a £3tn. glass 
and aluminium shell. 130 
metres long and 35 metres wide, 
which would perhaps look more 
at home at Eritish Ley land's 
Longhridge plant. He has set 
this unique showpiece at the 
must remnic corner of UEA's 
v.v‘ rural campus. 

His logic is 1 impeccable: 
UEA's Art faculties are at the 
front of the campus, with the 
Science faculties set behind. To 
put the centre at the campus 
entrance would have been to 
create an “arts ghetto." giving 
science students a cultural cold 


shoulder. By setting the centre 
beyond the Science faculties. 
Foster argues that he has 
created a second artistic centre 
of gravity. He believes that this 
will draw together students 
from all quarters of the campus. 

In fact, the first complaints 
from students, as they have re- 
turned for this summer term, 
are that the centre is too distant 
from their “workplaces." But, 
at least, if the arts students find 
the journey too long, the 
scientists should find it easier 
to study the two cultures. 


Old-style lender 

Joe Skelton's jab as chairman 
of the Finance Houses Associa- 
tion for the next two years may 
be rather quieter than the 
experience of his immediate 
predecessors in the aftermath 
of the City's fringe bank crisis.. 

He feels, however, that he has 
an important task ahead in 
standing up for the independent 
finance houses. Skelton, although 
only 48, belongs to the oid 
school of the hire purchase 
industry: his company. Wagon 
Finance Corporation, stuck to its 
traditional function of consumer 
and industrial lending and 
avoided the risks of property 
investment which brought down 
bigger competitors. 

This conservative apprnach 
has left his company as one of 
the few sizeable finance houses 
not linked with big banks. 
Skelton’s predecessor at the 
FHA, Ronald Barnes, repre- 
sented Lombard Nnrth Central, 
which is in the National West- 
minster camp, 

Skelton insists that there is 
no conflict of views between the 
bank-owned and the inde- 
pendent companies. The indus- 
try is united on issues such as 
the relaxation of credit controls 
for buying cars, where the 
Government has dragged its 
heels for fear of encouraging 
Japanese imports. 

He will, nonetheless, have a 


special case to make about the 
planned new legislation on the 
licensing of all deposit-taking 
institutions. Tbe FHA thinks 
the distinction drawn between 
banks and others could inhibit 
•the business of their members; 
they run a banking business 
without carrying tbe name of a 
bank. 

Skelton argues that most 
never wanted to become banks 
in the first place, but having 
been forced by circumstances 
into getting the appropriate 
recognitions are now reluctant 
to give them up. His own group 
has a subsidiary optimistically 
called Bank of Europe; it will 
almost certainly have to aban- 
don that name. 


Kiss and tell 

Only a country bumpkin would 
dare question, these days, the 
virtues of market research. So 
why criticise Wall’s (the ice 
cream and meat pie people) 
for commissioning a survey to 
discover whether Londoners or 
Parisians are the more extro- 
vert? Participants were asked 
whether they would eat ice 
cream in tbe street, wear shorts 
in tbe street, kiss on the mouth 
in public, or send back unsatis- 
factory food in restaurants. 
Take comfort: it was found that 
“the British attitude to kissing 
was reassuringly grown up.” 

Londoners also have fewer 
qualms about sending back poor 
meals. But they are none too 
keen to appear on the streets 
holding Ice cream comets: only 
half tbe adult Londoners inter- 
viewed said they would be pre- 
pared to eat an ice in public; 
in Paris the figure was nearly 
eight out of ten. On both sides 
of the Channel, wearing shorts 
in the street was considered 
simply not done. Upon such 
esoteric data are corporate for- 
tunes based, no doubt 


Observer 


the 

EAST LANCASHIRE 
PAPER GROUP LTD. 



Year ended 31st December 

1977 

1976 


£'000 

£000 

Turnover 

28,867 

22,570 

Profit before tax 

1,153 

213 

Taxation 

588 

(20) 

Less 

565 

233 

Reorganisation Expenses 

28 

— , 

Minority Interest 

7 

7 

Dividends 

180 

160 

Retained in the Company 

350 

66 

Earnings per share 

9.7p 

4.1 p 

Dividend per share 

3.3p 

2.931 p 


In the Annual Report to the Shareholders, the 
Directors made the following points : 

■ 3 £The results for the Group as a whole have been reasonable. 
*The paper and board market throughout 1 977 continued 
to be conditioned by the depressed state of the world 
economy. Excess capacity and unprecedentedly high pulp 
stocks in Europe, America and Canada resulted in a 
highly competitive market. 

■35-The Group achieved during 1977 an improvement in its 
cash flow reducing net bank borrowing by El .1 million. 

At the Annual General Meeting held at 
Radclrffs, Manchester, on 4th May 1978, 
the Chairman, Mr. C G Seddon, said : 

With tfie continuing requirements for improved customer 
service, efficiency and technical development in mind the 
Group's capital expenditure programme over 1977 and 
1 978 will total in excess of £1 .8 million. 

This expenditure includes additional computer control 
which will be coming on stream at the paper mill this year 
and also further additions will be made to the modern 
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24 


Financial Times Tr'iSar Hay ^ 1978 - 


A warm welcome awaits the business world of 



at Albion Works. Sheffield, 


100 years ago, Thomas William Ward started his own business in 
Sheffield, supplying coal and coke to domestic users. 

Today, Thos. W. Ward Ltd. is the parent company of a Group whose 
activities cover the industrial landscape throughout the U.K. and in 
many parts of the world. 

Business executives are cordially invited to visit 
the Ward Centenary Exhibition, open from 
May 1 5th to May 1 9th inclusive, at the company's 
Sheffield head office and works. Its purpose is 
forward-looking - to demonstrate the many skills, 
products and services now available to modern 
industry from a unique organisation. 

Many of the exhibits will be seen for the first time 
in the UK. 

Write or telephone for your invitation today! 



From May 15th 
to 19th inclusive 
10am to 6pm daily. 

Ask your secretary to fill in and post this coupon 
for your official invitation , or telephone the 
Publicity Department Sheffield (0742) 26311 


_ Please forward an invitation to your Centenary Evhibilion'fpi.. 
I P*l to Thos. VV. Ward Lid, Albion Works, Sheffield S4 7UL 

I NAME 

I 


POSITION. 


COMPANY- 


THOS W. WARD LTD. 

Head Office: Albion Works. Sheffield, S4 7UL. Telephone: 2631 1 (STD 0742). Telex: 54-119. 
London Office : Thames Road, Silvertown, London El 6 2EZ. Telephone: 01-474 6077-Telex: 8951 786 


ADDRESS. 




jri 


GROUP MEMBER COMPANIES 

Abbot Engineering Co. Ltd. 

35/41 AbercomSireei. Paisley, 

Renfrewshire. PA3 JAP 
Telephone: 041 -889 4272 
Specialists in gear cutting and machining 

Alexander Metal Co. Ltd. 

Broad Lane*. Biluon. West Midlands. 

WV1 4 ORY 

Telephone: 419G4(STD 0902? 

Refiners and manufacturers of capper- 
based non-ferrous tnycu i. 

Allens (Plymouth) Ltd. 

Cobourg Sirwi. Plymouth. PL1 1 S3 
Telephone. i>8836 iSTD 0752) 

Vehicle Distributors 

Butters Cranes Ltd. 

MiideJfan Sir-jri. Glasgow. G41 1RT 
Telephone: 041-427 I 14 1. 

Makers c/ docJ-si W cranes. menrtower 
crones, derrick cranes and winches 

The Central Motor Co. (Leicester} Ltd. 
Belgrave Gate. Leicester. |_£ I 3*6 
Telephone. 50501 tSTD 053'i) 

Vehicle Distributers 

Comberhill (Commercials! Ltd. 

Ings Road. VVatelield. West '>’orks. 

Telophc-ne- 76771 (STD 0924) 

VehtcW Distributers 

Comberhill (Yorkshire) Garages Ltd. 

I nets Road. Waiofield. Wost Vorli 
Telephone: 7677 1 (STD 0924} 

Vehicle Distributors 

A. D. Crompton Ltd. 

Sovereign bireei. Pendleton, Salford. M6 GPJ. 
Telephone: 06 1 -736 4223. 

Industrial protective chtmng manufacturers. 
Sports and leisure vrea* Personal buoyancy 
aids. Fashion and tawwcor. 

High votbil/r/ clothing. 

C. Evans & Sans Ltd. 

EvansHou'ie. 

78/82 High Street. Brentwood, Essex. 
Telephone: 2 17374 -STD 0277) 

Building eauipment contractors 
non-mechanical plan; tor the construction 
industry, steel oiling specialists, traditional 
and system sc at folding stockists, steel 
Stockholders. 


Freddies | *.u?o E_ , ec1rc:4“*s) Ltd. 

Caldvrvjrc Roaj Cumley Lon*-. S31 1 1E-3. 

T el »r?i;<3na - 283 1 0 (STD 02821 
-4 m. j e'anrcdf parts and vch,cie 
components 

GT1*. s Tr T 3S.d S ?”riC3S Ltd 
Haf.j-lon Roj'2. Graiifnain. Line.-.. NG3 1 780. 
Tcliphoiiv 5251 tSTD 04 7Gi 
Read haulage and war ?t iousuuj. Can tract hire 

Htl-C Tncinaerrnj 1.1 
VV <it“!-«.h P.O.id. Hi! .■11-,-Ti.ll, 

Wirt! ij.'illdiids 6 S7. 3JD 
Telephone 3 145 i5TD 02 1 -5501 
Cunuruucmt veiucle u ;iuu.-ii.j.vns 

Gt-cs “arca’I 

T .vUim j Divi;j-.-ii «>? rr.’nk Parker £r Co. Lid, 
Wqlcilirt RnatJ. Coliri-Jy r. 

S in!; ’-oil -Trim. 3To 3HN 
Te.en»one- 2c iflsj .STD 07321 
c nOT«.r n:c A«) merchants. 

SI ’ll StVCSholdl.fr. 

IlhiSTcr Miu: ■’* Ver»* Co. Ltd. 

Oi'air^lnH Ri-jJ. O'vlr, shire. Dfc'7 -IDA 

Telephone - 301 704 l$TJ C'.SOJi 

Iren ar\tj:eel*crap. frugnsentuu:*; an J rein >g 

Th?::st:«“ P;-r*:?nd C-j-^sc*.Cc. Ltd. 

Alb-.T. -Vorty. S: villain S4 7UL 
V\ oil ■, ario C-jjrni-s- r.e<iv> Liner. FF9 3S\ 
Tylepl-o'ie. Stcmlurd 72050) iSTO 0750} 
P’vrivGf’ z or eX'j. A at. Lcrat* . 

t_et:ut: .'We-swi'y and Heron S< ■.‘;thjte 
nes'it.ng C."-jn!s. r.ettoh rrues.une 

John Lea ct C 'ent’-an: L :i 

lYeil>i Sif«!. ■’irjnin.inr Linoc NG3I 6DZ. 
Telephone £701 rSTC- 04 76' 

lr, •! .iient and n •n-fnrr.~.is St.rar\ pr.ninend 
Wi in .„r, steel sViJd-K'V’iM! s.V.’-;? *,.»«</ 
n areheusma. u - » .'■/.> « tpets v. ,,a. *.v. 

John Lee |£ ec!:s} Ltd. 

VVeRitfSrreei. Graniham. Lmro JIGS I uDZ. 

T .-ivphone 6501 iSTD 0476-. 

5e.-y and '. a<:> ir ute. puiyt.'i ’-w, i vuwlt 
pui, prep;. 'em. ancpaixv 

Lc sc'-. Brain & Co. Lit!. 

Giai-cnv irij.vAorhs.. l ?ven R< -ad. 

P-5Ular. Lond-.'i'. 1 4 OLP 
T-:l-:phon;: Ol-S'c’ 2235 and if: 10 

S -'Jit Hi. 'tiii i Vd. m i.urs. rr...:.-'s. • .i?'tr"r} 
edu.i'iiitmt. iSa\aiurerj tv Mb trade 


Marshall Richards BarcrO Ltd. 

New Road. Crook. Co. Durham. 

Telephone. 2272 rSTD 036 3321 
Wire drawing machinery tube drawing 
ntachmery strip and sheer metal tvlhng mitts, 
cailerr and handling equipment tor tne non-ierrous 
nietal industry. 

Midland Industrial Laboratories Ltd. 
BraadLanes, Bilston. Wet.1 Midlands, 

WV14 0RY 

Telephone: 4 1 964 Hnd 425 1 8 ISTD 0902) 
Metallurgists and consultants, assayers 
and samplers 

Milford Haven Dock & Railway Co. 

Castle Work*,. M rlford Have". D> led 
Telephone: 2976 {STD 06452} 

Mostyn Docks Er Trading Limited 

Mosiyn. Holywell. Clwvd. CHS 9HF 
Telephone: Mosiyn 335 (day and night) 

(STD 074 0721 

Dock installations. Loading and 
discharging ot cargo 

Neasham Tractors Ltd. 

Melpas Road. Narthailertort. North Yorfj. 
Telephone: 2621 (STD 0009? 

Main dealers farFoni ana Ranscme 
agricultural equipment 

Frank Parker & Co. Ltd. 

Head Ottice: John O’Gaunt’s Industrial Estate, 
Leeds Road. Rothwell Leeds LS16 0J5. 
Telephone: 824 51 2 ISTD 0532» 

Suppliers o! contractors' tools and equipment, 
protective clothing, road signs etc. 

Pickford Deighton Ltd. 

Cnssceni works. Ecciesdll Road, 

Sheffield S 11 SPD 
Telephone; 66441 1 (STD 0742) 

Ellm Street. Shenield SI 4 PL 
Telephone: 25202 iSTD 0742} 

39 Duffield Road. Derby 
Telephone. 47007 {STD 0332) 

Vehicle Distributors 

Safety Service Co. Ltd. 

Ite* Works. Chesham. 8 -jcKHFS IfJF 
Telephone: 4B71 (STD 034 051 
Makers ot eye. face and head protection, 
grid distributors of industrial safety footwear, 
safety equipment and clothing- 


S el wood Garages Ltd. 

Sunderland Road, Horton, South Shields, 

T-,tip & Wear 

Telephone. 62271 iSTD 03943) 

Vehicle Distributors 

Skipper of Burnley Ltd. 

Eastern Avenue. EumlevBBf O 2AX 
Telt-phone- 25991 (STD 0282) 

Vehicle Distributors 

Skipper of Darlington Ltd. 

Si. Cuintoerf £. Way. Darlington. DLT TRP 
Telvpiione: 6758? (STD 0325} 

V etude Distr motors 

Skipper Finance Ltd. 

Eastern Avenue, Burnley B5 10 2AX 
Tulepnone: 2599! iSTD 02S2| 

Contract hire and vehicle teasing . 

Skipper of Gloucester Ltd. 

London Road. Gloucester. GL1 SMS 
Telephone: 22251 (STD 0452) 

Vehicie Da tnbulors 

Skipper of Northallerton Ltd. 

South Parade. Northallerton. North York i 
Telephone- 262 1 iSTD 0609} 

VertiCie Distributors 

Skipper of St. Helens Ltd. 

City Road. Sl Helens. Mersewide, WA1 0 BNZ 
Telephone: 26381 {STD 0744) 

Vehicle Distributors 

Skipper of Stourbridge Ltd. 

Nevr Road. Stuurbridji West Midlands, DY8 1PE 
Telephone: 2350 lST3 033 43) 

Vehicle Distributors 

John Smith (Keighley) Ltd. 

Crane Works. Keighley. West Yorks. BD21 4AL 
Telephone: 605^1 1 ISTD 0535} 

Makers of overhead and derrick cranes 

Thos. W. Ward (Railway Engineers) Ltd# 
Midland Foundry, Osmaston Sirijet 
Sandiocrc. Nr fJotnnaham. NG 10 5AN 
Telephone; 395252 iSTD 06021 
Permanent v.-jy equipment, general 
engineers and ironfoundtrs 
Manufacturers of switches, crossings e!£ 
for mam /me railways, docks, collieries, 
power stations etc. 


Thos. W. Ward (Roadstone) Ltd. 

9 Broomclifte House, Broomhall Road, 

Sheffield S 10 2£A 

Telephone: 686051 (STD 0742) 

Pubhc Works contractors, and specialists in road 
surfacing, asphalt, aggregates, macadam, 
granite, pre-car-: concrete products. 

Ward, Long bottom Ltd. 

Albion Works. Sheffield. S4 7UL 
T olephone: 26311 ISTD 0742) 

Suppliers of industrial fuels 


Watsons {Metallurgists) Ltd. 

Wreakes Lane. Dronheld. S 1 3 6PN 
Telephone: 414671 ISTD 0246) 

Ferro alloy merchants. Specialists in 
crushing and grading 

Wi dries Foundry Er Engineering Co. Ltd. 
Lugsdale Road. Widnes. Cheshire, WA8 6DA 
Telephone: 05 1 -424 225 1 . 

Afjl era of vessels and equipment for the 
chemical, or!, food gas and allied 
industries. Castings m heat and acid 
resisting, high duty and alloy irons. 

Fabncaied .-an/s and vessels in mild and 
stainless stoe! 

John Williams fWishaw) Ltd. 

Excelsior Iron & Sieel Works, UVishaw, 
Scrathdyde, MLS 7SU 
Telephone: 72466 ISTD 069-83) 

Makers of mild steel plate and sheets, 
naiis and spikes 
ASSOCIATED COMPANIES 
The Bold Venture Lime Co. Ltd. 

Chatburn. Nr. Cluherae. Lancs. BB7 4 LA. 
Telephone: 41 355 (STD 0200) 

Producers of dry. tarred end buumimus 
limestone and ground limestone. 

The Hoiroeksford Lime Co. Ltd. 

Chatburn. Nr. Clitfie roe. Lancs. BB7 4 LA. 
Telephone: 41355 (STD 0200) 

Producers of dry, tarred and bituminous 
Emestono and ground limestone. 


Ribbiesdale Cement Co. Ltd.. 

Clitheroe. Lancs. BB7 4 OF. 
Telephone: 22401 (STD 0200] 
Producers at 1 Ribble Vehcrete’ and 
sulphate resisting cements 


OVERSEAS SUBSIDIARY COMPANY 
AUSTRALIA 

Thos. W. Ward (Australia) Pty. Ltd. 
5-17 G len berry Road. CampbcUfield. 
Victoria 3061, Australia 


A 


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fifAdA <g, 


25 




- 


Financial Times Friday May. 5 1978 


POLITICS TO-DAY 


The Opposition 



SOMETIMES there Is a. cry of 
pain even in the most common- 
alace remark. Md so it was Jasr 
veek •* I am absolutely We- 
ighted,” said Mrs. Margaret 
fhatcher of the by-elections in 
2psom and Wycombe, “by the 
■esults ... I just wish the 
General Election would come a 
ot sooner than it is likely to.” 
Mrs. Thatcher can read the 
lens at least as well as anyone 
Ise. There is no guarantee that 

be election will come this year, 
"et it is not just the frustration 
f being out of office that hurts, 
lough there Is that too. There 
; also the question of what Is 
ne Opposition to do in the next 
2 or perhaps IS months If the 
lection really is so long 
elayed. It is very difficult to 
lan for a season that is sud- 
enly extended whenever it 
>ems that the end is near. 

The Conservative Party under 
rs. Thatcher has been at least 
ice — just before the Lib-Lab 
act— on the brink of power, 
ven when Mr. David Steel and 
le Liberals came to the Govero- 
ent's support, it seemed that 
le rescue might prove short- 
ted. The Tories went to Black- 
>ol for their conference last 
itumn believing that it could 
ell be the last gathering of its 
nd before polling day. When 
became clear that the Govern- 
ed could in all probability 
''w xvive the present session, the 
/ -tting was still on going to the 
f untry in October. Now it 
/ iks more like an annua] coq- 
/ "• rence trip tb- Brighton instead. 

; id an election some time next 
/ *r. 

It is tbe more frustrating for 
rs. Thatcher because all tbe 
idence suggests that had 
ere been an election at any 
ne, the Conservatives would 


have won. Tbe opinion polls 
may go up and down, though 
they have rarely put the 
Government in the lead- But 
the more telling evidence from 
by-elections is that Mrs. 
Thatcher's patty has been, and 
remains, -sitting •; comfortably. 
The more conclusive the evi- 
dence, however, the more reluc- 
tant the Government becomes 
to chance its arm. 

Establishment 

There is also an oddity. The 
Tory Party is no longer the 
party of the Establishment 
The barons — industry, the CBL 
tbe City and, of course, the 
trades unions — are not on its 
side. At the very least they 
have grown used to supping 
with the devil they know, and 
they are nervous of change. 
Mrs. Thatcher has to reach out 
over the beads .of the barons — 
to the retainers, for example, 
■who may wear Ifie trade union 
livery but who no longer want 
to vote Labour. It is a frankly 
populist approach: it continues 
to succeed; yet the Govern- 
ment remains in office. 

Moreover, at leait until- re- 
cently, the Tories seemed to 
have paced tbe game well. The 
Right Approach, a broad state- 
ment of Conservative aims, was 
brought out for the 1976 confer- 
ence and was widely applauded 
both for its content and for its 
style. The flight Approach to 
the Economy, subtitled Outline 
of an Economic Strategy for tbe 
Next Conservative Government, 
came out for the conference 
last year and likewise received 
a welcome that went beyond the 
bounds of the party faithfuL 

There was a period of quiet 
in the weeks before Christmas, 


but then a new burst of activity, 
including the remarks on immi- 
gration and the stress on law 
and order, in the New Year. 
This is described now as an 
attempt to “upgrade tbe 
saliency” of those issues. That 
is, it was known that a majority 
of voters preferred the Tories’ 
approach to both immigration 
and law and order, but at the 
same time only a minority re- 
garded such issues as of prime 
importance. By stressing them, 
the party sought to gain a bit 
of extra support among non- 
traditkmal Tory voters. By and 
large, the attempt is judged to 
have succeeded, though perhaps 
at the price of losing some 
liberal sympathy. 

Yet the question remains: 
what do the Conservatives do 
next if they are condemned to 
remain in opposition for another 
year or so? The answer is the 
more difficult in that some of 
the assumptions on which The 
Right Approach and its 
economic successor were 
founded have been overtaken 
by events, and a good many of 
the policies outlined have 
already been taken over by the 

Government 

There is a whole set of insti- 
tutions, for example, which the. 
Tories originally wished to do 
away with, but which have since 
become part of our way of life. 
The flight • Approach states 
categorically: ‘The National 
Enterprise Board must be 
abolished.” Yet by now the 
NEB’s tentacles reach, deep 
enough into British industry for 
abolition to be out of tbe ques- 
tion. The point was acknow- 
ledged in last month's House of 
Commons debate on financial 
assistance to British Leyland. 
For Sir Keith Joseph, tbe Con- 
servative industry spokesman. 


the NEB had become “a final 
financial standby in rare cases." 
He was echoed by Mr. James 
Prior, the employment spokes- 
man: "The Opposition attitude 
to the NEB is that we believe 
that there is a case for some 
form of casualty clearing 
station.” Of course, the powers 
would be curbed. The NEB 
would no longer invest in profit- 
able industry, but that still falls 
well short of abolition. 

Then there is British Leyland 
itself- It is true that the Con- 
servative Party never promised 
to dismantle it, or sell off its 
parts, lock, stock and barrel. 
But they were sceptical about 
the Ryder Plan. Now Lord 
Ryder has gone, and his plan 
has gone with him. Hie Govern- 
ment has put in Mr. Michael 
Edward es, a friend of Sir 
Keith's and everybody's bope. 
Indeed there is such a remark- 
able consensus that Mr. 
Edwardes is the right, if not 
the only man for the job that it 
is surprising that no-one had 
thought of him before. 


Disciplines 


Not least, there are the 
British National Oil Corpora- 
tion, British Shipbuilders and 
British Aerospace. The Right 
Approach said of the BNOC 
that its financial privileges 
ought to be removed “so that 
it is required from the first to 
conform to normal commercial 
disciplines and, where appro- 
priate, to dispose of its assets 
to willing buyers at- reasonable 
prices.” By now, however, the 
Corporation is so enmeshed in. 
the economy that -such a pro- 
cedure could not easily be con- 
sidered practical, and may no 
longer be considered desirable. 

The nationalised shipbuilding 


and aerospace concerns had not 
then been set up. But The Rigkt 
Approach promised that if they 
were, a Tory Government would 
sell off as many as possible of 
their interests to the private sec- 
tor. Yet, in the changed inter- 
national circumstances of to- 
day, that might be much more 
difficult than was then supposed. 
It is quite possible, for instance, 
that it is the very size of Bri- 
tish Aerospace that makes it an 
attractive potential partner to 
the Boeing Comany in the U-S. 
and Airbus Industrie in Europe. 
And if a major Ipng-term col- 
laboration agreement were 
reached with either of those 
concerns, would a Tory Gov- 
ernment really wish to compli- 
cate matters by splitting up the 
British parts? 

International 

As for shipbuilding, it is 
much easier for the Government 
to play a part in international 
negotiations (say on reducing 
worldwide capacity) if it can 
treat the British industry as a 
whole rather than as a string of 
private companies. Indeed in the 
European Community the trend 
seems to be towards cartels. 
That is not easy to reconcile 
with a Conservative preference 
for breaking up the big public 
enterprises. The international 
implications need to be recon- 
sidered in a way that was not 
possible at tbe time of The 
Right Approach. 

All that can be revised, of 
course, and brought up to date. 
There are other areas, however, 
where the Government has 
simply stolen the Tories’ 
clothes. The Conservatives 
promised to cut public expendi- 
ture, but many of their ideas — 
cash limits, the reduction of 


subsidies, the setting of mone- 
tary targets — have already been 
adopted by the Government. 
Perhaps that was largely a 
result of the discipline imposed 
by the IMF. Give Mr. Callaghan 
another year or sd, and the 
Government will be back to its 
bad old ways. But meanwhile 
the Tories have a problem: their 
most vulnerable point is that 
they have been unable to say 
so far where they will make 
the cuts. Indeed they are 
doubly vulnerable because they 
have also promised certain 
increases: for example, on 
defence and law and order. 

A great deal of work on pub- 
lic expenditure cuts is being 
done at present, though it is 
proving exceedingly difficult. 
Apart from the proposed 
increases in spending, tbe party 
is having to recognise that 
there are some sectors such as 
education, health and the social 
services, roads and transport 
where cuts are scarecly possible. 
It has also come up against the 
question of wbether it is 
promising an absolute cut, or a 
cut as a percentage of Gross 
Domestic Product If it is the 
latter, what should the size of 
the GDP be assumed to be? 
What is the likely economic 
growth rate and what is the 
wage factor — a key element in 
public costs? What about 
interest rates? It is unclear 
when this work will see the 
light of day and in what form. 

Yet the most striking case of 
Tory thinking being taken over 
by the Government concerns in- 
comes policy. There is no signifi- 
cant difference between the 
approach to Phase Four now 
being propounded by Mr. Cal- 
laghan and that to incomes 
policy in general outlined in 



The flight Approach to the 
Economy. The Tory document 
calls for collective bargaining 
that is “free but responsible”: 
so, now, does the Prime 
Minister, and- so do some trade 
union leaders. It acknowledges 
that a government, as a major 
direct and indirect employer, 
cannot remove itself from the 
pay-bargaining arena: a govern- 
ment must also come to some 
conclusion about the likely 
scope for pay increases and 
pass on its estimate to 
employers and unions. That is 
almost exactly what is now 
being said by Mr. Callaghan, 
and he, like the Tories, seems 
to be presenting it not just as 
an approach for one year, hut 
as a permanent incomes policy. 

Again, the Tories are in a 
dilemma. They can hardly say 
that a policy recommended by 
them and now adopted by the 
Government will not work. But 
if It does work, the Govern- 
ment may yet take the credit. 

Mainstream 

So what should the Opposition 
do in the meantime? One theory 
is that having picked up all that 
decently can be from issues like 
immi gration and law and order, 
the party should return to the 
mainstream. Mrs. Thatcher, or 
perhaps Mrs. Thatcher and some 
senior Shadow Ministers, should 
make a series of major speeches 
on all those subjects with which 
tbe Prime Minister seems to 


Ashcy .l-.Jitftktf 


preoccupy himself: the dollar, 
the threat of protectionism, the 
need for a new reserve asset, 
the transfer of technology and 
the North-South dialogue. The 
Conservatives, after all, have 
become a little short on /reiraii* 

schnudug, especially of the 

economic variety, thoucli Mr. 
John Davies in the Shadow 
Cabinet, and one nr two others 
outside, can make a pretty good 
shot at it. 

Other theories abound. Mrs. 
Thatcher, for -instance, should 
bend her cur to those senior 
and younger Conservatives who 
increasingly favour con? I mu 
tional reform. It is also said 
she should reshuffle her team. 
Alternatively, slie can afford to 
sit baek and wait. The by- 
election results have been suffi- 
ciently encouraging for suffi- 
ciently long to indicate that she 
will win even if the election is 
postponed until iVtober next 
year. The one really pressing 
problem is to til! out the pro- 
mised cuts in public expendi- 
ture. but even that could be 
put off if the election is so far 
away. 

As for the audacity of the 
Government slaying on and on. 
despite the evidence that the 
country would vote it out imme- 
diately it were given the chance, 
the nearest precedent is a Tory 
one. Sir Alec Douglas-Home 
went on until Oi-tober lyfri. 
In the end he nearly won. 

Malcolm Rutherford. 


Letters to the Editor 


.9 

: p> 

it ' •* 



fiddle East 
deadlock 

am the Archdeacon of Oxford. 

Sir.— Your second leader of 
iy 3 prompts some comments 
>"m one who has links with 

• area stretching back 35 years 
3 who has recently returned 
m a six weeks' stay in Jeru- 
em over Easier, 
n common with many other 
tisb newspapers you speak of 
Mident Sadat's initiative of 
1 November without, it seems 
me, giving credit to Prime 
lister Begin, without whose 
itation and meticulous secu- 

• arrangements the Jerusalem 

U still memorable, would not 
■e taken place. . : , „> 

urely all peace loving folk 
atly hope that negotiations 
ween Egypt and Israel will he 
jmed without too ranch more 
sy. Both sides may have to 
lonstrate greater flexibility, 
a just and durable peace 
lenient is to be achieved. 

9 be super-powers have a role 
play, but in the event it is 
- el and her Arab neighbours, 

• must come to terms and 
p the peace when arranged 

i. • agreed by all. Let. us hope 
it will not be too long 
— >re other Arab States will be 
*“* " -uaded lo support the Begin- 
it initiative, so that there 
be conditions congenial to 
development of the great 
ntial for progress in tbe 
le of civilisation. 

Vittun-Davies. 
st Church, 
aid. 


eo tinge the expansion of peace 
talks, bringing In first Jordan 
and then, hopefully, Lebanon 
and Syria. Peace in the Middle 
East cannot be achieved by 
Egypt and Israel alone. 

Terence Prittie. 

Britain and Israel, 

II. Hodmarton Street, W.I. 


Industry in 
Ireland 


l 


I 
1 
I 

i loves towards 
l eace 

^ Mr. T. Prittie. 

— You write (May 3) tbat 
j U ons between Washington 
Jerusalem are badly 
ncd.” On the contrary, there 
urs to have been a very 
ite improvement in rela- 
between the U.S. and Israel 
ig the past week. Differences 
moves towards peace, have 
•wed. according to authori- 

* reports coming from Wash- 
n. 

the second place, you sug- 
that “The main task for 
Americans must he to per- 

* Israel to offer more *’ — 
the West Bank. Here is a 

oriental misunderstanding; 
iturc of the West Bank can- 
t»c settled by Israel and 
t. for the area lies between 
i and Jordan. 

sidont Sadat stated his 
about the West Rank. They 
prfectly understandable, in 
Ejjvpt — as tbe leading 
rv 'of the Arab world -~ 
i in nel led to demand the 
on of a fully fledged Palcs- 
j Arab Slate. Failure to 
is would lead to President 
being denounced as a 
r to the Arab cause. 
Israel's Prime Minister has 
his views, too. and they 

lunilv understandable. He 
imposed "'autonomy for 
altstinian Arabs. TTie Ox- 
Jic lionary defines this word 

caning u self-government 
" personal freedom. Mr. 

has asked for the ret en- 
m the area of a limited 
i military presence, over a 
d period of time — with 
:ew of the situation in five 
lime. is 

'-solution and progress 
peace, but this will only 
hicvi-i! when Jordan enters 
the same kind of bilateral 
htinn with li-rael as Egypt 

beady undertaken. 

Uggest that British papers 
stead of criticising either 
or Egvnt or both — should 
ily aod persistently en- 


From the Manager, 

Information Division, 

Industrial Devel o p m en t 
Authority, Ireland 

Sir,— Your Irish correspond- 
ent's article (April 25) on strikes 
in Ireland presents a mislead- 
ing picture of the effects of the 
telecommunications* and trans- 
portation strikes on industry in 
Ireland and of their impact on 
the Industrial. Development 
Authority’s industrial develop- 
ment programme. The article 
exaggerates tbe impact of the 
disputes and is in a number of 
respects contradictory. The 
article also puts a disproportion- 
ate emphasis on industrial rela- 
tions as a factor in the attraction 
or overseas investment and 
ignores all tbe other factors 
which continue to make Ireland 
an attractive location for over- 
seas investment. 

For example, your corre- 
spondent says in the article that, 
despite the strike of clerical 
workers, the management of the 
national airlines has maintained 
about 70 per cent of normal 
Aer Lingus flights. On this basis 
it is difficult to understand how 
you can state in the same article 
that the strike bas crippled Aer 
Lingua flights for six weeks. 
Other international operators 
have also been able to maintain 
their scheduled flights uninter- 
rupted by the strike. 

The article is similarly contra- 
dictory in relation to the tele- 
communications dispute. The 
telephone and telex services of 
some industrialists have un- 
doubtedly been seriously dis- 
rupted. There are. however, a 
great number of industrialists 
and others whose communica- 
tions have been maintained 
during the dispute. Your 
correspondent accepts that m 
the Dublin area, communications 
have been erratic rather than 
blacked out and be subsequently 
assessed the strikes as irritations 
that people could live with 
rather than crises. This could not 
possibly form the basis for a 
statement that Irish Industry 
was dismayed to find itself liter- 
ally cut off from the outside 
world." Youx correspondent a£o 
appears to be unaware of . the 
acceptance by both trade umons 
and management of the .1976 
national wage agreement which 
provides for procedures includ- 
ing provision for a cooling off 
period which must be followed 
bv trade unions before emfcarK- 
inc on industrial action. 

The IDA wishes to emphasise 
that it is fully conscious of (he 
difficulties created for industry 
bv the strikes. At a very early 
stage of the disputes we issued 
statements to the Press drawing 
attention to the loss of business 
which would result from their 

continuance. We continue to 
stress our view that the spikes 
are hindering tbe national job 
creation effort. This must be 
obvious to all sections of the 
community- But this is very far 
from from your correspondents 
suggestion that the disputes have 
rreaied a state of crisis in i indus- 
try The implication in the head- 
B and t«t of the article that 
a fear of industrial anarchy 
twists grossly exaggerates th 
Situation^. U-K. and 

u s companies in Ireland have 
generally lost fewer man-days 
pe? 1,000 workers from indufr 
h-ial action than manufacturing 
industry in their own countries. 
It is, therefore, a complete mi** 


statement to say that the tele- 
communications and airlines 
disputes have radically affected 
Ireland's credibility as a loca- 
tion for overseas industry. 

Last year the Irish economy 
expanded at a rate which was 
twice as great as the average 
for the EEC and this expansion 
is expected to accelerate this 
year. Concurrently with this ex- 
pansion, the rate, of inflation in 
Ireland has been declining 
rapidly and is now at an annual 
level of 8.2 per cent The infla- 
tion rate for 1978 is expected to 
be under 7 per cent. In the IDA’s 
view a re-eraergence 6f the infla- 
tionary trends of two years ago 
would be a far greater threat 
to Ireland's industrial develop- 
ment than the temporary prob- 
lems which arise from time to 
time in industrial relations. 

P. J. Long, 

IDA Ireland- 
Lansdoume House. 

Dublin 4. 


The house 
market 


From Mr. A. Donovan 

Sir, — Recently your correspon- 
dents have pointed out that new 
houses only represent a small 
proportion of bouse sales — some 
15-20 per cent, is suggested. 

Tbe residue of market trans- 
actions is made up with sales 
of existing houses, mostly by 
vendors who are buying or seek- 
ing to buy another property. A 
major cause of recent "prob- 
lems ” in tbe residential property 
market has been a change in 
attitude by many of these pro- 
spective vendors who decline to 
put their properties on the 
market until they have bought 
another property. Tbe supply of 
available houses for the time 
being has almost dried up— and 
tbe shortfall cannot be made 
good by builders because of tbe 
time lag In acquiring and 
developing land. 

Although there are areas 
where special circumstances 
apply, overall there is not a 
shortage of houses and flats. 
Later this year we are likely to 
return to a situation where the 
□umber of second-hand houses 
coming on to tbe market in- 
creases sufficiently to cut out tbe 
present “panic" buying and to 
deter those moving house from 
speculating • by holding their 
existing house off the market in 
anticipation of a further in- 
crease in value. 

We will then arrive at a situa- 
tion where- the majority of those 
contemplating moving will not 
look at any property until there 
Is some interest in their existing 
bouse and this- will lead to 
stagnation - in the residential 
property market 
A. F. Donovan. 

31, Stanhope Rood, 

Croydon. Surrey. 

Mortgages in 
cities 

From Mr. J. PetHfer. 

Sir,— It may be that Antony 
Harris (May 2) is content to 
dream of a Utopian world in 
which everybody has a “cottage 
with an acre," financed by 
benevolent building society offi- 
cials, but the rest of us have to 
live with the actual lending 
policies of these organisations in 
the real world, in my case an 
average, mixed area of inner 
NDrtb London. 

Whatever abstract arguments 
Mr. Harris may put forward in 
favour of the societies effect on 
the economy (of which I do not 
claim to be a judge), there is 
little doubt in my mind about 
the effect of the societies on 
large areas of London. Many 
people have' found great diffi- 
culty in housing transactions as 
a result of narrow minded social 
prejudice on the part of sur- 


veyors and branch managers. 
This was typified in tbe case 
of a friend who was refused a 
house mortgage because the area 
was “ subject to vandalism." This 
sort of snobbery (for that is 
really what it is) is justified by 
recourse to arguments about the 
need to preserve "security of 
investors funds." 

J. M. Pettifer. 

II, Freegrooe Road, JV.f. 

Nothing to 
rent 

From Mr. AT. Bdxtch 

Sir, — In tihe current debate on 
land and bouse prices, a very 
important .point has been over- 
looked. The various rent Acts, 
which go back to World War L 
have progressively dried up 
what used to be an enoromous 
source of accommodation — 
houses and flats for rent. This 
sector bas now been reduced to 
two sources, the luxury fur- 
nished house (or flat) and the 
council house (or flat). Tbe 
former is for the wealthy, the 
latter for the new industrial 
serfs— the council tenant who, 
in exchange for patronising the 
Labour Party, is given a sub- 
sidised borne at tbe expense of 
everyone else. What is more, 
the cost of erecting these 
socialist barracks is such (hat ut 
bas, in the past, attracted a sub- 
stantial proportion of the 
nation’s construction iodustry. 

Ttae prospect for the homeless 
is bleak; so much so, that it has 
oblfiged local authorities to house 
the homeless in hotels. For those 
without a home, the alternative 
is to" buy your own home or 
demand that the tax payers 
house you at artificially depres- 
sed rents. 

A free market an land will 
only work when the above 
abuses have been abandoned, 
the rates and taxation system 
baring been subject Co funda- 
mental fiscal reform. 

N. A. Biliteh, 

6 Rusholme Road. 

Putney, S.W.15 

Accountancy in 
industry 

From Mr. R. Bullard. 

Sir. — Z would refer to the 
article by Michael Lafferty, 
entitled "Looking to efficient 
financial control " (April 27), 
wherein he comments that the 
one person who can solve the 
nasty problems associated with 
business financial control is the 
friendly local chartered account- 
tant. 

While applauding the advice, 
1 feel that, save for the incre- 
dibly small business unit, surely 
the needs of business are better 
served by a full-time accounting 
member, trained by industry to 
tiie needs of industry. Full-time 
involvement is essential, because 
the ever-cbangiiig business 
environment requires constant 
and immediate interpretation of 
results, systems modification and 
installation, and speedy assess- 
ment of opportunities and 
vulnerabilities, while maintain- 
ing overall financial control 

Tbe person, in addition to 
having tbe necessary traditional 
accounting skills, would- have 
had grass roots business appre- 
ciation through considerable 
exposure to the industrial 
.environment and baring been 
actually involved in such areas 
as personnel, marketing and pro- 
duction. Such accountants, 
experienced and versed in the 
needs of business, can only but 
assist employer and employee 
morale and are surely to be 
found In the ranks of the indus- 
trial trained accountants. 

R. J. Bullard. 

Laburnum, Old Salisbury flood, 
Abbotts Ann, Sr. Andover ; 
Hants. 


Chinese trade delegation led by 
Mr. Ku Ming, Vice-Minister at the 
State Planning Commission, 
arrives in London for three weeks 
of talks with Government officials 
and industrial management. 

Mr. Leonid Brezhnev, Soviet 
President, continues visit to West 
Germany. 

King Juan Carlos and Queen 
Sofia of Spain end three-day 
official visit to Lisbon with rati- 
fication of ten-year treaty of 
friendship and co-operation with 
Portugal. 

Sir Geoffrey Howe. Shadow 
Chancellor of the Exchequer, 
speaks at West Midlands Conser- 
vative Association tax seminar. 
Swan Hotel Yardley, Birmingham. 

RniMin(> workers' union lnaifent 


To-day’s Events 


meet to consider their attitude to 
a pay deal. 

British Leyland shop stewards’ 
combine meet on impending 
closure of company's Speke. Mer- 
seyside. plant 

Inter-union talks resume in 
effort to end pay strike of clerical 
workers at Shell oil terminals. 

Amalgamated Union of En- 
gineering Workers’ engineering 
section conference ends, Worth- 
ing. 

Mr. Edward Heath MP gives 
Federal Trust for Education and 
Research lecture — “A World of 
our Making''— at Royal Society of 
Art# John Adam Strnot IV P.3. 


London Chamber of Commerce 
trade mission in Algeria until 
May II. 

Sir Peter Vanneck. Lord Mayor 
of London, attends Fortiers' Com- 
pany dinner. Mansion House, 
EC-4 

PARLIAMENTARY BUSINESS 

House of Commons: Private 
Members' Bills. 

House of Lords: Solomon 
Islands Bill, committee. Protec- 
tion of Children Bill, second read- 
ing. Medical Bill, consideration of 
Commons amendments. Debate on 
Community Land Act. 

COMPANY meetings 

Alliavce Trust. Dundee. 11.30. 


Church, Northampton. 12. Clifford 
(Charles). Stourbridge, 4. De- 
soutter. Hendon Hall Hole!. N. t 
12. Montagu Boston Investment 
Trust. Winchester House. E 
12. New London Properties, Dor- 
chester Hotel, W., 12.30. Pye 
Holdings. Hyde Park Hotel. S.U\, 
12. Ransnmes Sims and Jefferies, 
Ipswich, 3. 

OPERA 

English National Opera in final 
performance of Carmen. Coliseum 
Theatre. W.CJ2. 7 pan. 

MUSIC 

Prince of Wales attends Elgar 
Foundation concert. Royal Albert 
Hall. S.W.7. TJJO p.m. The Royal 
Philharmonic Orchestra is con- 
ducted by Sir Charles Groves and 
Donald Hunt 




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UNHID DC'.v DXIONS TRUST !.]?• RTET?. 
ffiFaarlieapiUuiJunlCSi'iru.TcIOl-UIjjOJO 




26 



DIVIDENDS ANNOUNCED 

Date Corre- Total 


Current 


payment payment 


Date Corre- Total 
of .spending for 


Troubled Serck off £1.54m. at halfway 


HIT BY a sharp profit fall in 
calves and heat transfer, the two 
main activities of the group, pre- 
tax profiis of Scrck declined from 
14.4m. to £2 ,86m. in the six 
months lo March HI, 1978. despite 
a sales rise from £3S.lm. to £44m. 
However, the directors say they 
expect i he second-half results to 
show an improvement over those 
now reported. For the last full 
year profit.* totalled 

Low uorld-w ido demand caused 
h Dili's volume reduction in the 
valve companies during the first 
half and this together with 
increased costs led to pressure 
on margins. Demand was good 
in heal transfer but ihu eifei-i of 
industrial disruption in ihe first 
nuarier was .substantial and 
opera ling costs were greatly 
increased. 

The outlook for the rest of the 
year suggests inal although the 
valve companies are unlikely to 
rio well in a market which seems 
certain tn remain depressed, some 
•»f the first quarter's lost output 
in heat transfer will be recovered 
and a better performance is prob- 
able. The group's other com- 
panies traded satisfactorily in ihe 
first six months and should also 
have an improved -econd half. 

Earnings per 23p share are 
stum n ai i!.Sp ill.-lpi. The net 
imcrim dividend i> raided fnmi 
’Jp io 2 2i» — last year's final pay- 
men i hemg .1.94p 

Profii w.i- struck afier higher 
mic-iv-t of £410.01111. against 
i'Hfl ihh). Tax look £1.31m. 
l £2. 19m.). 

e comment 

Industrial strife, a drop in over- 
se:ii demand, ihe cost of the 
capital expenditure programme 
and Iasi year's massive slock 
build up combined to end Serck 's 
sequence of record profits. The 
second half profii will be nnlv 
slightly boiler ilwn ihe first half 
re-till giving a inr.il well belmi 
l.isi year's jire-tas 19 Ifni. The 
mfiisirial strife took the edge ofT 
ihe h'-ai transfer division while 
I lie drop in ov erseas demand 
caused i sharp reduction in ejrn- 
tn-s from ihe valve operations. 
1 .:■«*! year 'he oier-eas sector c»n- 
trihu !,, d 4n per cent, of loial sales 
and yj per cent of profits. ]n- 
creasorj competition and a 
.si rcnci heiung pound have 

•mimed margins in this sector 
in the current year. 

The interest hill in the first half 
rt'll i, cled Hie lift in bnrrnirinsji 
required In finance the capital 
expend i lure programme and the 
<*xee»<dve shirks. Borrowings will 
cnniilHie to ■.•row in around Ml per 
cent, of -H-irehnldors' funds bv 
} •'•• r mid. The «iin-k acrum illation 
| I'd 'ey v as reversed in .laminrv 
.■■nd storks should start to fall 
f r «m the miilrilp of nevi month. 
The sl*are price dropped in 
S'p. The annualised earning rale 
of «.Sp :♦ share gives a relatively 
h»?h p e nr 12..1 but the gross 
.'told t.issuming maximum annual 
dividend increase > is 119 per 
ccui. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. Company 

Page 

Col. 

Aberdeen Construct. 

24 

4 Mettoy 

26 

5 

Bamfords 

26 

2 Mothercare 

27 

A 

Bibby (j.) 

39 

■ 5 Osborn (Samuel) 

24 

5 

Border & Southern 

30 

8 Natl. & Commercial 

27 

1 

BP 

28 

Peachey Property 

27 

5 

British Sugar 

26 

7 Porter-Chadbum 

26 

3 

Capital Annuities 

28 

7 Scars Holdings 

28 

7 

Cartwright (R.) 

27 

3 Serck 

26 

1 

Dual vest 

28 

4 UD5 ■ Group 

30 

6 

feedex 

24 

2 United Wire 

26 

4 

Harrison (T. C.) 

27 

1 Wemyss 

26 

6 

Kearney Treckcr 

28 

4 Wilis (George 

27 

3 


Aberdeen Construction ... 2.82 

Aldfnnd - 5.3 

Bamfords OM** 

British Sugar irtL 1.65 

Dares Estates 0.5 

J. A. Devenish inL 2J3 

Dual vest 258 

Feeder 0.79 


the effects of s very depressed Fundinvest int 1.04 

contracting and building industry. Guardian Inv. Co. 1.95 

Production was interrupted in j. C, Harrison 2.75 


Downturn 
at Aberdeen 
Construct. 


Mothercare 1.9 

National & Com. Bk. int 1-38 

Peachey Property int. 1 

Porter Chadbom ......... 352 

Save & Prspr. Lbd. secant. 5.19 

Scott's Restaurant 153 

Sears Hldgs 2.5S 

Serck int. 25 

W. A. Tvzack inL 056 

UJ35. Group 3 


VVllOUUVM United Wire .... inL 21 

AFTER A slight decline from Wemyss inL 5^ 

fiJttm. to fl.TTm. at halfway, pre- George Wilis O' 


July 2 2.53 

July 14 55 

June 23 O SS 
July 3 1.3J 

SepL 1 — 

July 14 2 

May 31 2.02 

July 7 0.72 

May 31 0.93 

July 7 1.0 

July 4 2.46 

July 1 05 


July 3 L73* 

July 3 155 

June 20 nil 
July 4 3.42 

June 1 451 

July 10 1.73 

— 251 

Aug. 7 2 

— 0.36 

Aug. 2 2.7 

July 3 l.S 

July 3 4 


Financial Times Friday May 5 1978 

3 British Sugar up 

last 

W in first half 

o.ss 

4.75 S 

— HELPED by last year's beet crop, The company processes the 

5.9 the best for four years,. British beet crop as It is harvested during 

4.12 Sugar improved pre-tax profits the first four mouths of the fiscal 
154 from £7,ism. to £7.6Sm. for the year but the sugar is sold 
2.4_ 24 weeks to March 33. 3978. throughout the year. First half 

255 despite pressure on sales margins, figures reflect only the sales 
3-7 Sales, which were higher at income and cost of production of 
0.74 £155.3 m. against £l3?J>m.. are on sugar sold during the period, ths 

4.5 target to give a total volume for directors explain. 

1.9 . the year of lm. (900,0001 tonnes. - 

2.84* Production for 1977/78 is up at • COlHITienT 

599 to s % (0 - 67m - ) ton,, “- the direc - Brt.fah Sugar’s unexciting 7 Mt 

4 77 ,, • , - cent - 1136 m Interim pre-tax 

9 97 were under pressure in profits wim both 

the first half because of competi- production on target Indicates the 
251 l ,on frp L m Continental imports, impact of sugar imports and the 
‘■51 due to the "overvaluation of the p i ul in anima i feeds ia St * 
green pound,’" and a reduction m ^ its aIuuin | report noted 
4 S »he prices from animal reeds, but this year . over-valuation of the 
a'nq second half profit should beneht cre en pound continues to proi-lfa 

10 75 - a3 ast ye ? r ' from sugar price Continental sugar Imports with 
. «■« increases in the last quarter, ft, 0 competitive edge here. British 
. , , mainly due to the green pound sugar clairt1s that with EEC suqar 

Bf Q 111 «4airilim4 nn rtF 71 Mf Aflrif fWt . . . - ■ .. . . 


Ju?LCU lUt Jtuji aitu Jfiuit U * “ »vmww ifliucu iw 

disparity with final, il 0.480601p final expected. ** For 15 months on equivalent 1.3p last time after f _ bou V l0 •*,<. cent vr;r i 

capital increased by rights. adjustment for scrip issue and con8UTnDrinn or about ^ | 

* -P* 1 *; ™*\ tonnes. And following the ghl I 

IVfpttnv hpff'pr at £2 8m xv!? de from record profit of have dec,ined *»y some 20 5? 

IVlCllUj UCllCl a l ^.Olu. the half year took ce " L ab ° ut 163 P" 1 Co " ne - ! 

and still going strong * »» net } j 

iliiu oLUl gvllig JU Ullg p Prior to EEC entry, the interim fr0 ™ j£2 P er w 9 t , I to ^ 4 - 9 . P » ’ 

report was published in July, in 3 ®5 ond " a J* should ns j 

INCLUDING a share of associates* and carry trade. Mr. Katz says. the form of a Tull year profit fore- Hec * “J e °J e cre «i ! 

□rofits up from £27,000 to The company has adopted ED IB cast. Now because EEC price pound devaluation of per cent. 1 

£196 000, Mettoy. toy maker, in its treatment of deferred tax changes take place on July 1. the >n July. However, as the sugar • 

reports taxable earnings for 1977 and the Inland Revenue has effect of these in a competitive Price increases planned for July;. 

. “ . AM ru? • . i A _ _ n F AV - - 1 * J M AH/tA.fl nwl., 1 ro imllbalu t ft .HUVA inti imnn— ' ' 


falls to 
£821,01 


directors say. t£ 2 S 2 B72) and a £144.513 credit 

Tax took 1130. 700 (£28.9371 and ^ finance 

earnmys per 20 p share emerged ch-^-ppe 

SSaS s. 

sr r , A rrM 'r^W- ^ 

T P te coS.^eay has adopted ED SLr^Sl 


ended 1977 down from £927.000 to 
£321.000. Turnover for the year 
jumped from £1 5.28m. to £20. 65m. 

After tax of £203.000 f£5B7.000i. 
net profit was almost unchanged 
at E35S.OOU against £560,000. 

A final dividend 0.79p nvl per 
lOr- share takes tlie total from 
1 — ri3p to a maximum permitted 
1.375p. 1976 results have been 

adjusted for ED 19. 

Directors say the second half 
improvement was due to a 
restoration of feed milling 
margins, the continuing success 
of ihe engineering division and 


Porter 


comment 


Mettoy better at £2.8m. 
and still going strong 


lakeTVe'Voui' ‘from 01~*O ~ ?JlnE22 SVoTS^t a" time demand remSfe^buoySS 'but • Comment JiSr “7? 

maximum permitted Q^ - J /X|T1 when margins are under pressure margins, particularly in exports. Most toy companies suffered from -ariTer 5 enab 83 1 lo be ^ n l' 7 °!? .? p .™*nf cU e p/e of ^ 

U prf su ts bave been (down more than two pointsl. were being affected by the destocking by retailers prior to '«ued earlier. or 5.7 fully taxed. 

ED ?2‘ J w ,» UATOTiiNrn TAV4R] F pqrnlnsi Competition has been fiercest in strength of sterling. Christmas, so Mettoy's results—- 

*l e j 8 “ nd ._ ha J 0 f £715 411 against £722tt33 in the the hui } din e dirision f around 50 jf r Katz now says that current coming after Berwick Tempos ol 
■ i.i i <i w, cut was due to a '"'Vj . , Ch’«dto™ per cent, of profits in 19*6) where orders and despatches are sub- per cenL downturn in the second _____ „ ^ 

revtoration of feed milling se^nd half left Porter Oiadbu n proQts are substantially down on crantiallv higher than last year half — are surprisingly good. Jf A _.i. 

margins, the continuing success with fulltime ProAj the previous year. In the civil he i. confident thaL subject Second hall profits are a fifth [X| ji K COIll I f|PIl| AT 

nf ihe engineering division and ahead from £1.130pJJ to £l^n. Ill engineering division sales were a to unforeseen circumstances 1978 higher, giving a full year increase -L ^ A-J J-F V/UllilUVill. VfX 

improvements m pronts on the for the year to January 5 1978. third higher but profits were SiKwate ^ new ^reoorS^^' s^es of 16 per cent. Almost half the i • • . . 

piu breeding and marketing bales were up £J.89ra. at £12.9oin. bareJv ahead. A similar pattern is recort “ m saJes annual ' profits rise has come from QpnlPVinCT f^QrOTpI* 

operation. In November the dlreclors said evident in the concrete and cJrpH parnines ner 25n were associates, bolstered by the V T lllfii 

in line with Us policy of that the increase in profit for the extractive division. Meanwhile, 147n ni7nl and the net total acquisition of a substantial inter- ° ° 

expansion l eedex has recently first six months, to £561.700 the company is going ahead with iivid end is sieoned up to a est in Fair Play (Mettoy's French Sir Leslie Murphy chairman of No date was "iven for the ouhlic ‘ 

completed ihe purchase or the , £ 407.600i. was largely attribut- the 300.000 square foot office com- maSmum ne rmitfed 2 lSTp (19p) distributor). The balance comes Z OotarSn of Ferrflnii vvho^ nrnfiu • 

Green Hammertnn Chick ab i e t o the brewery equipment p!cx in Aberdeen, which will SflSSk 1 o 0 IUd la to be from a good exports performance iSnHrieSr th? in 1977 Increawed bv ?S,riv « ' 

Hatcheries, near York: and the and pIastk . s divisions. They evenniaJiy cost at least I8m.. in p^ d Tn res^t oF 1976 foUowinl (up 14 8 per ceSt. in spite of a wiU he to Sr Snt “ ut S? I^lic sai? i£ 

..uuundins minority interest m anticipated hetier performance in >pue or news that Occidental has ?bT c har^ iTta? rate stronger pound and poor trading f “f J i^S malt" was now in the ScT, 

its engineering subsidiary. thc sct . ond iia if but warned that deeded not to become a future ^^Jf^ Jere beUer at £11 57m in Canada), and a small pickup Sc merchan? banta who are di 

Rowlands Engineers. the interruption of essential sup- ten.nL At 85p. the shares are on bu7 thl diafreian sliys at home. The rump of the cussiSgThe timinc 

plies and services might affect ■ P'« of 3.7 and yield 8.5 per K"l?o!n business. Corgi diecast models EntL^ Leyiand and Rolls-Royce) «"£*■£ T provision in the 

Extra time ™ TT , iro susrssjrap-s TrB sint” 

adds little . ^ end ^ ^ BHESrHr — y ^?n ra L»eK 

toBamfords“ permined “ ^ lre ■ ^-Rasjrar'Sss 

B-'U 1 aJaaaSIU’S Profit for the previous vear in- fn.96m.) and bank balances JJ behts ieSiSmid ** for The ^o^ver. Sir Leslie refused to claims that the consortium has no 

FDR TTTF. 1a mnmh« »« th n »nri eluded £R7 00n reeinnal emnlnv- lower at £205.000 (fl.lflm.). make a P rofit forecast for any of case and no provision is therefore 


its engineering 
Rowlands Engineers. 


V . niuiripaieii neirer pcriormance in “• news uuu un-iuemwi nas 

subsidiary. tbe second half but warned that decided not to become a future jr, 

the interruption of essential sup- tenant. At 85 d, the shares are on 


Extra time 


f* 1 maximum 

Bamfords 


After tax of £587522 t £577.0421 
earnings per 20p share for the 
year advanced to 21.2p compared 
with 16.98p. A net final dividend 
of 3.S1876p lifts the total to a 
maximum permitted 557076 p 


Profit for the previous year in- (£1.96m.) and bank balances of redesigned foi 

FOR THE 15 months to the end eluded £87.000 regional employ- ll^r ||||r~ lower at £205.000 (£1.19m.). British markeL Other 

of 1:177 Bamfords. manufacturer ment premium which was not pay- q q a CU rrent cost basis on the product changes should hi 

of agricultural machinery, fencing able for 1977-78. AS FOREWARNED at the end Hyde Guidelines profit is reduced boost market share. The 

materials and grey iron callings. Thc righis and equipment for or the last full year. United Wire to £2.3ra. after extra depreciation rose 2p to 47p for a p/e 

shows taxable earnings of £976560 production nf PoLaria ire refrigera- Group encountered ' a continued of £144.000 and cost of sales of on a low tax charge whil 

on sales of 119.75m. tinn equipment were purchased lower level of demand for its £372.000 but before an after-tax yield is seven per cenL 

Because of a chance nf year end from Genera! Motors during the traditional wire and paper trade gearing adjustment of £93.000. 

ihe evtenderl accounting period year and manufacture of the products in the six months to The decision to invest in the 
look in an additional low volume units are now in full swing at April l. 1978. This resulted in company's French distributors r 

•wiles quarter and as anticipated Robinsons and Porter Lancas- turnover some 6 per cent, lower has brought immediate success W/ Anurro 

the final three months onlv added Irian. i\Ir. D. C. Bamford. the at I6.02m. and a fall in taxable with both increased sales and T T Clll Vi3»j 

some £2H.ono to the 12-month chairman reports. profit from £936.000 to £642,000. profits fully up to expectations 

profit, reported in December up Investment in the Shepherds Present indications are that The current vear should see fur- *-*4-*>. 

from £0.76m. to a record £0.9 5m. spares division of Chadburn second-half results will be mar- ther developments in this area TlirPl'Jl^r^ . 

Home market sales increased Bloc tube resulted in a consider- ginally better than those now re- Mr. Katz says. xvi.vvMDi.kj , 

substantially but exports were able expansion of the diesel ported, say the directors. For To widen the company's ran^e 
affected by adverse weather and spares service, while marine the last full year profit turned in of toys for girls it has signed a Til / /TT1 

economic conditions overseas and interests held up despite the at £1.8Bm.; from which a 2.89p contract with Knickerbober Toy / 111* 

by rapid currency exchange world-wide recession in ship- final dividend was paid. Company to act as their exclusive astpr -tay „r cv«i non 

Ouclualions. Nevertheless export building and new and improved This year's interim is lifted ILK/^stributors for soft toys f2o nrefir if VVeiSS, . 

sales again represented 50 per telegraphs were introduced with from 18p fo 2p net to reduce dis- The group ^so plans to enter the SeTcompi iv S 

cenL at production success. parity. Half-year earmngs are crafts products areas during 1978 wrnnnn wxorwin 

Sales for the first quarter of Clayton has extended its crane given at 4.1 P (5.4pi. \ s knoi™ aareemem was Si 0 ; 0 ?? 

the current year show an increase repair and servicing operations Aftertax of £311.000 f£499.000i reached with RoSale Mouldings * 1 September 30. 19.S 

but thc forward order position and .Senar continued to increase and an extraordinary debit this recently to take over that com- Revenue is expected to 


lower at £205.000 (£1.19m.). 


On a current cost 


CAPITAL CRAY 

The offer hy Capita! For 
fndutlry for Cray F.lertmnics 
hns b.-en ac'-eplcd in respect of 
1 .245. St 7 sin res. Shares o\» neri by 
I 'FI and acceplanres tola! 7.23m. 
1 72.8 per ceiu.i and the offer has 


lHui.l. D-ieUL AaL* M aaiwc a piviu iuicvooi iui tinj vi vase ailU uu U UltrriTI 

basis on the 5 ri SSr JESS companies in which the warranted. On the profit side 


£10m.-£15m. 


Wemyss 

forecasts 

£0.27m. 


results. 


Pmflf before lax 

Losses io parembesea NEB Investment 


be necessary to meni division still suffered from (£436.000). 



jina }juj uiumtu oil tuuib, uiuiuu^ /n flfl T — — 

and trade names involved. The ULUopi. 

directors intend to develop this An interim dividend of 5p (4p) 
line of products which will to reduce disparity has been 
strengthen the company's position declared. Last year the total was 
as suppliers to the wholesale cash 10.75p. 

Sami. Osborn unchanged 


Holdings has recently buOt up a unchanged at 97p. 
strategic 29.99 per cent stake, yes- Osborn is paying the ma: 
terday announced a static trading dividend of Up net (ip). 

performance for the first six 

months of the current year to 
March 24. 

Sales were virtually unchanged 
over the comparable period at 
£18.4210., against FI 8 -2m. Pre-tax 
profits, however, after a rise in 
depreciation charges from £335.000 
to £425.000. dropped by £300.000 
to just over £lm. despite a. reduc- 
tion in interest ebarges from 
£528.000 to £387.000. 

Below the line net loss on 
translation of overseas currencies 
deepened from £183,000 to 
£381,000. leaving a net attributable 
loss of £102.000. compared with a 
£374.000 profiL 

Presenting the figures yestei^ 
day, Mr. Bernard Cotton, the 
chairman, said that unless cur- 
rency exchange rates became vola- 
tile again, he expected to see the 
second half performance mirror 
that of the first but without 
further increases in the currency 
figures. On the trading front 
there will probably not be the 
same improvement in the second 
half as there was last year. 

Mr. Cotton confirmed that there 
had been several discussions 
between Osborn's directors and 
Aurora since the latter acquired 
a near 20 per cent, stake formerly 
owned by Johnson and Firth 
Brown. The stake had originally 
been said to be a trade invest- 


COMPANY 1 

1977 

1970 



lm. 

lm. 

Im. 

Subsidiaries 




British Lerlsmd " 

3.19 

71.79 

4tW 48 

Bull Molors 


— 

05.. 

Data Recording Insirumeni 

0.S5 

— 

3.14- 

Ferranit 

6.14 

0 49 

sji7 

Herbert 

o.n 

fl.sS 

aw 

Insac Data Sysh'Di 

« 0.150 

— 

L43 

Kcland EltiClrtes 

o.oa • 



0.10 

Mollarf EnsuicormA 

D 1H 

— 

0..7S 

RollS-ROKi- 

3U.13 

13.' S3» 

aw.iti 

Sinclair Radionics - 

(I.JOi 

— 

r* 

Systems Pruurammuic Holdings 

0.04 

— 

r.: 

Twain* and Kcfd 

mi*.i 

— 

n.M 

United Medical Laiomauonal 

*0.011 

— 

0.7 

Associates 




Asenudwrk 

B.n? 

8.0! 

0.4! 

Aqua lisa Products 

lO.lT-’i 

— 

on 

British Tanners Products 

1 0.97 ■ 

— 

.7.8 

The Cambrldnr Insiruincuis 

11.07* 

818 

J.S3 

R. R. Chapman 

0.0a 

— 

0B5 

Computer Analysis Pry»trammers 


— 

0.55 «•_. 

HydraroU 

rO.IM ) 

— 

aw 

ICL 

7.21 

2.1S 

1108; 

Mayflower PackaulnK . 


— 

8.13. 

North East Audio 

— 

— 

0J4 •• • ' 

Pairmei InternarionaJ 

ro.oi> 

— 

Mt' r. 

PUcrafr 

o.n 

0.14 

o.sT - 

Reed and Smith luiernational 

0.3 

0.01 


Sand i aero 

0.04 

0.84 

0.17 

Systlme 

0.K 

— 

6.3 

Twinloefc 

10.02* 

— 

LO i 







rSIJkl 


make six exciting years at 




Highlights from the 1 977 statement to shareholders and 
employees by Mr. T. A, Maher, Chairman of Pentos Limited 



These last six format/ ve years have been 
exciting and rewarding forall who have 


ment but the recent talks showed worked with Pentos, and we are proud of 

that Aurora was now interested in nur achievements 
closer co-operation between the our acmevemenis. 

two companies. Ourkey corporate objective is to earn a 

Q f M Au55 rt i£f^BrS5S ri tK retum on total fu " ds em P | °V ed significantly 
talks which, he said, involved dis- abovethe industrial average. In 1 977, forthe 

var - v , in " degrees of fifth successive year, the return was in excess 
co-operation up to and Including ' ... , 

a merger. He was still awaiting of 257a. Our performance over this period 
a response from Osborn. would consistently have justified a position 

whether he would be offering in the top 1 5% of companies featured in 
Aurora a seat on the Board or "Management Today’s” profitability leaque, 

Atkinson's proposals. U is Our emphasis on strong asset management 
believed that in the case of a bid means that we finance real growth from our 

SSf iniereSs 5 S^n^rol own resources which provides added 
as much as 25 per cent, of the 
shares. 

In the market yesterday 


security for employees and allows for an 
above average dividend for shareholders. 
Three events were specially important to 
Pentos in 1 977. We acquired Dillon's 
University Bookshops, one of the largest 
academic bookselling organisationsin 
Britain ; Halls received the 1 977 Marketing 
Award for its outstanding success in 
developing the market for aluminium 
greenhouses ; and we opened on time the 
.newAkerman & Jeavons engineering 
factory at Greet in Birmingham. 

Our future prospects are good and 
we expect further growth during the 
current year. 


Brasilvest SA. 
Net asset value as of 
MtH April. 1978 
per CrS Share: Cr825.263 
per Depositary Share: 
U.S.S13.509.79 

per Depositary Share 
(Second Series): 

U.S 41 2,6 86.53 

per Depositary Share 
(Third Series): 

US4 10,796.39 


Six years of sustained growth 

€ million 

1977 

1976 

1975 

1974 

1973 

1972 

Total sales 

41.80 

36.42 

29.52. 

14.70 

1.79 

0.65 

Exports 

fi.59 

5.64 

3.30 

1.21 

0.50 

0.04 

Pre-Tax Profit 

3.26 

2.96 

2.25 

1.88 

0.29 

0.05 

Net assets per 






share 

Earnings per 

63.50p 

59.1 Op* 

37.21 p 

36.1 6p 

21.29p 

16.97p 

share 

*Resu:ed 

15.56p 

14.48p* 

9.43p 

7.60p 

3.28p 

0.79p 


The Secretary, Rentes Limited. New Bond Street HoSSSEl 1 gJT 









I ‘IV. 


p 


" I. 


Ir. 



)X ip 



financial Times Friday May 5 197? 

Low interest rates knock U.K. boost 
National & Commercial Mothercare 


n 



• r 

si.'' 


AVERAGE volumes of both de- 
posits and advances at National 
and Commercial Banking Group 
were higher In the hair year to 
March 31. 197S, hut base rate 
fell sharply from 13.02 per cent, 
to 8.58 per cent. The resulting 
law^r interest earnings together 
wrtti increased operating costs 
were only partially offset by a rise 
in a commission and fee income 
and at the pre-tax level earnings 
.were depressed 15 per cool from 
£31. 12m. to £26.27in. 

The surplus included a share 
of associates’ profits up 23 per 
cent, at I4.97m. (£4.04m.) mainly 
due to Improved . results from 
Lloyds and -Scottish and Finance 
for Industry. 

Tax took £13.78 m. (£l5.Sm.1 and 
net profit emerged at 112.49m. 

for earnings per 25p 
shore nf a.Sp (8.8p). The net in- 
terim dividend Is raised to l.S75p 
il.25p). Last- year's final was 
l.3829p paid from record surplus 
of 164.09m. 

H iK-jf ar Yew 

. 1W7-B 1976-77 1975-77 
sow cm am 
Op-raOna profit ... 31.383 37.875 55.932 


Share ut anovi. 

Pre-tax profit 

Tax 

.Nni profit 

PrvJ. dividends . 
A’tntalable ‘ .... 
Ewra-ord. debus 

Prd dividends 

Retained 


4.571 4.040 $.143 

2U» MJ15 MMS 
13,775 15JHK1 33.933 
tS,4M 15311 38.182 
37 27 54 

12.471 133G5 30 JOB 

148 1387 2.779 

' 3.088 3 .SOB 5.M* 

9 341 1U.B08 21.411 


BOARD MEETINGS 

The loDoiclne cmapanirt have notified 
dales of Board meetings to the Sock 
Exchange. Such meetings we usnadfcr 
held for the purpose of cans) Garina divi- 
dends. Official Indications are not avail - 
aMe whether dividends concerned are 
Interims or Btnls and the Hi b-di virions 
shown below ora based on last 

rear's tractable. 

TD-PAY 

Interims:— G. R. (HoMlngsi. Hlgoons 
Brewerr. SDvertbarne. Sunscl Bahru 
Rubber Estates. Ulster TeJevWou, 
Unodmunp International. 

Finals:— Audio Fidelity, Moss Bros., 
James NeUl. QvenstoDP Investments, 
H. C. Slingsby, Thomas WarrtaRion. 

FIXTURE DATES 
iDtcHlfK 1- 

Cedar inveatmem Trust May 9 

PenUjLBd investmmi Trust Stay 18 

Rank lions McOousali May 18 

Spooner Industries May 18 

Stag Line , May 12 

Flash;— 

Beales tjohm May 12 

BltbOMgate Tnui - May 10 

Chloride Jn» la 

Cltv o! Oxford Inreet Trust May 17 

F.l’.A. Const run loo May 9 

Findlay ‘Andrew R.i May 11 

Heal May ie 

London and European May 11 

London Trust May 1? 

Panto «P.i May 16 

Progressive Securities Invest. TW. May 8 

Rradicur international . Hay 17 

Sphere Investment Trust May 18 

Whitbread .. May 17 

Whitbread Investment May 13 


See Lex 

London and 
Provincial 
Shop improves 

From gross rental income of 
I P12.912. against £550.515. and 
aflcr interest of £199,832. com- 
pared with X31S.354, taxable profit 
or London and Provincial Shop 
Centres (Holdings) climbed from 
£109,093 to £220,758 In the Decem- 
ber 25, 1977, half year. 

The result is subject to tax of 
£114,794 (£87,928) and earnings 


per }0p share are shown at 0.98p 
(0.75pT. 

The interim dividend is., up 
from 0.301p to 0.331 lp and direc- 
tors expect 'to pay a final of 
0.480601 p for a 0.SU701P total 
(D.73791p). If dividend - restraint 
is lifted a further increase of at 
least 50 per cent is proposed. 

Directors say that gross rental 
income far 1977-78 is expected to 
be approximately £1.07m. (£1.061X1., 
including £54,000 from a property 
sold in January 1977). 

It is estimated that group profit 
for the year, based wholly on 
investment income, will -be in 
excess of £500,000 (£437,188). At 
the present levels of ' interest 
rates, development outgoings 
incurred during year should be 


wholly covered by Income from 
investment properties. 

The group development prt»- 
grarame is proceeding satis- 
factorily and it has negotiated 
a surrender of Imperial Chemical 
Industries, lease of Dulux House, 
Slough, which was let at £30,018 
per year. The building has now 
been re-let to ICL at £137.590 per 
year and has been income pro- 
ducing since March 1978. 

An independent professional 
valuation of the -whole of the 
investment properties of the 
group will be carried out as at 
June 24, 1978. It is estimated that 
there wili be a substantial increase 
in overall value of the properties 
held for investment and also the 

group's net assets. 

Near £lm. 
record at 
G. Wills 

AFTER RISING from £110.000 to 
£445,000 at halfway, taxable profit 
of George Wills and Sons (Hold- 
ings) more than doubled from 
£424,874 to a record £986.510 in 
1977. 

Mr. Jack Reynolds, chairman of 
the international trading group, 
says (he export division re- 
emerged as a major contributor to 
profits after its recent setbacks, 
while ati other divisions made 
satisfactory contributions. 

Accounts indicate there has 
been a good start to 1978, and 
directors are aiming for a con- 
solidation of the 1977 achieve- 
ment in the current year. 

The result is before tax of 
£447,157 (£179,5871, minority in- 
terests of £25,655 (£16.320 and 
extraordinary profits of £32,650 
(nil). . . 

Earnings per 25p share are 
shown at 10.09p against 3.91 p last 
time, and the final dividend of 
O.7202p takes the total- payout for 
the year to L5542p (1.39l5p). 


T. C. Harrison doubles profit 


GROWTH in the U.K. side of 
Mother-care's business offset a loss 
made In the U.S. and helped pre- 
tax profits for the 53 weeks to 
March 31, 1978. to improve some 
16 per cent from £L1.95m. to 
£13.SSm. 

The UJv. performance was by 
far the better of the company's 
three geographical divisions and 
gave a 21 per cent profit Increase 
on turnover 27 per cent, higher. 
In comparison Europe expanded 
2 per cenL on a 59 per cent, sales 
advance, whereas the U.S. in- 
curred a £281,900 loss on a 173 
per cent, turnover upsurge (last 
year an £84,000 profit being 
earned). 

Around £l.31m. of the group's 
£1.94xn. profit rise came in the 
first half o£ the year when pro- 
gress from £5.12ra. to £6.42 m. was 
reported- Exports for the 12 
months totalled £10. Mm. 

(£SJ52nU, Of Which £7.Q2m. 
(£4.1 6m.) was despatched to 
group companies overseas. 

Earnings per lOp share are 
shown to have risen from 8.62p 
to 10J6p and the dividend is 
effective iy lifted from 2.644 75p 
to 2.92165p with a final of 
1.903 65 p net. 

European subsidiaries accounts 
are for the 52 weeks to February 
25, 1978 and the U S. (Mothercare 
Stores Inc.) for the BO weeks to 
February 24 (24 weeks to Decem- 
ber 31. 1976 J. 

A breakdown or stores trading 
at March 31. 1978 shows: U.K. 
171 (187), Europe 17 |13) and 
U.S. 138 (1101. The directors re- 
port that during the last six 
months five new stores have been 
opened in the U.K. and four in 
Europe. In the U.S. 13 new 
Mothercare stores were opened 
and three Mother-to-be stores 


1876-77 

£008 

M.9W 

70.001 

7.735 

3.167 

S33 

12.996 

10.311 

1.951 

-84 

6.388 

5.S23 

5.13 

*35 

5,540 


closed as planned. 

Sales (exchidinK VAT» 
UK. 

JB77-7H- 

£000 

lK.wn 

4S.B8C 

Europe 

u s 

10.714 

8.fi57 

Inmsaent income — 
Pro-tax profit ............ 

»r 

15p8>l 

U.K 

35.083 

Europe 

1,059 

U.S. loss — 

231 

Taxation 

7,336 

U.K. 

7,123 

408 

If S credit 

184 

Met profit 

6.545 


INCLUDING a nine-month contri- 
bution from Peterborough Motors 
• of £484,915. taxable profit of T. C. 
Harrison jumped from £1 Jm. to 
;t peak £2 .32m. in 1977 on turn- 
over ahead from £27.87m. to 
£45.A4m. 

Mr. T. C. Harrison, the chair- 
mao; says the current year has 
started well with profits consider- 
ably in advance of the compar- 
able period, and, while be does 
not anticipate the rate of profit 
presently being earned to con- 
tinue. he is confident the group 
will achieve record results. 

He says the sale of new and 
used motor cars continued to be 
ihe biggest single contribution to 
1977 results, showing a material 
increase over the, previous year, 
de-spue a recurrent shortage of 
vehicles. 

“We also suffered from vehicle 
shortages in the commercial 
division in the medium van range. 
However, we still achieved unit 
. sales increases in excess of the 
national average . and an 
encouraging increase in profits. 

“Our agricultural division which 
hitherto has been insignificant in 
terms of group profits is now, 
ftillowing the merger with Peter- 
borough. one of the largest Ford 
irnctor dealers in the country 
and we look - forward to an 
important contribution from this 
division." 

Despite the continuing depres- 
sion in the construction industry 
the earthmoving division made a 
satisfactory contribution. 

Mr. Harrison says profits from 


the hire purchase and leasing 
activities were material, with hire 
purchase benefiting Frpm the 
reduction in the level of interest 
rams and leasing enjoying an 
excellent year. 

After tax of £1.13m. (£0.58m.J 
and extraordinary profits of 
£84,210 (nil), attributable profit 
was £1^7m. (£0.52m.). 

Earnings per 25p share are 
shown at 15.73p (10.47p). and a 
final dividend of 2.747p takes the 
total to a maximum permitted 
4.0S7p (3.0978p). 

At vear-end fixed- assets were 
up from £2.68m. to tAJ22m. and 
nei current assets were ahead 

from £2.02m. to £5.1Sm. 

!#TT 


Turnover — • 

i'.jr 

Commercial 

Eirtbrnonn* 

Asrtcnkural - 

UP and learinis 

Profit before tax 

Car 

Commercial 

Eartbmovlns 

A sn nil I ural 

Illre purchase 

Tax 

Net profit 

Extra-ord. proflt 

drui'D prnfl-« after tax 

Ord. dividends 

Retained — 


moo 

45.037 

MS 

?4» 

7.7« 

5.306 

1.393 

1X5 

995 

IMS 

3*7 

301 

533 

USB 

1.IW 

94 

i.tes 

310 

BS7 


UN 

am 

27.873 

533 

135 

5-164 

.. W7 

U8! 

533 

125 

US 

SOT 

694 

528 

520 

ITS 

344 


• comment 

Stripping out the Peterborough 
Motors' acquisition from Ham- 
son’s figures still leaves a very 
buovant picture with trading 
profits two- thirds higher. The 
trading split shows good growth 
from all divisions, but on a com- 


parable basis new car volume 
remained surprisingly static, com- 
pared with an increase in new 
Ford registrations of getting on 
for 5 per cent. Harrison was able 
to compensate on commercial 
vehicles sales with new vehicles 
up 15 per cent. Earthmovlng 
equipment also sold well, given 
the state of the construction 
industry in 1977, and volume was 
up by a tenth. 

The outlook this year for motor 
dealers is still buoyant But the 
expected increase in car produc- 
tion could knock the dealers’ profit 
margins if demand does not ex- 
pand. The signs are that 1973 will 
not repeat last year’s trend where 
the supply of Fords lagged suffi- 
ciently behind demand to keep 
profit margins moving up. How- 
ever. with a full 12 months to 
come from Peterborough, profits 
this year could be in the region 
of £2.Sm. At 126p the.shares look' 
fully valued with a yield of 5 per 
cent and p/e. of 7£„ ■ . 

R. Cartwright 

“We have made art excellent 
start to the year throughout the 
group." said Mr. J. C- North am, 
chairman of R. Cartwright (Hold- 
ings) manufacturer of door and 
window furniture, at the AGM 
yesterday. 

He expected conditions to re- 
main good For the rest of the year 
although the “mini-boom" ex- 
pected a few months ago had 
proved to he a “false dawn." 


- Prom, t Chaise. 
See Lex 


Dares Estates, 
recovers 
to £48,000 

After a tumround from a 
£45,461 loss to an £8.8S9 profit in 
the first half, taxable profit of 
Dares Estates ended. 19* j at 
£48,000 compared with a break- 
even last year. 

Turnover for the period was 
£2.47m. (ELStkn.) and the profit 
was struck after debenture 
interest of £47,000 (£53,000) and 
loan interest of £39,000 (£42,000). 

Dividend is restored with a O.op 
net per 10p share payment The 
last dividend was 2-35732p paid for 


1972. Directors of the build in? 
and property group s-y the divi- 
dend reflects not only tne refill is 
Cor the year bur also the improved 
liquidity and excellent prospects 
for the current year. 

The result is before a £40.000 
(£5,000) tax credit, and extra- 
ordinary profits of £191,000 
(£140,000). 

Earnings per share are shown 
al l-32p (O.OTp). and after extra- 
ordinary items ai.4.isp i237p>. 

A professional vatuawm <>F the 
group's properties is being pre- 
pared ami will be available when 
accounts are published. 

Peachey 

£ 874,000 

halfway 

Peachey Property Corporation, 
which is in the process of dis- 
entangling itself from its recent 
turbulent history, jeyf-rday sur- 
prised the market viih pre-tax 
profits of £874.000 fm- the six 
months to December 2.1. The com- 
parable period Iasi yc.ir showed 
losses of £190,000. 

There has been n small uplift 
In gross rents mow £I.S7m. 
against 11.77m.) Inn rhr* major 
iterjis are a £383,tMMi drop in 
administration expenses and a 
new method of acctiunting for 
trading properties. 

The company now di-nngmshe* 
between trading properties and 
those held for inve-imc-m. and 
the surplus on revaluation of 
trading properties sold during the 
period has for the first time been 
taken to the profit and loss 
account. This accounted for 
£354.000 of pre-tax profits. 

The sharp drop m administra- 
tion costs refiec.ls both the 
stringent controls of the new 
management as well as the 
elimination of provisions for con- 
sultancy fees of at feist £ 100.000 
on the Brighton project (written 
off in the last account's!. 

Interest charges have ■ also 
diminished from Il.U3m. In 
£823.00 and there were no ex- 
ceptional provisions tins time. 

After tax of £4firt.09ft i £7,000 
credit) and an ••\ira ord inary 
£62,000 incurred in the recent bid 
defence, attributable profits are 
£316,000 less a £1X0.000 transfer 
to resreves largely re h ted to the 
valuation surplus on tradin. 
profits. 

Peachey is paying an interim 
dividend of lp net per share (nil! 
and has promised a final of not 
less than the same r mounL 

The chairman. Lord Mais. says 
the group is currently consider- 
ing the offers received for it* 
Park West block of flats. Disposal 
of the non-propert.v interests is 
proceeding well and should be 
largely concluded by the year 
end. However,, the new manaein? 
director, Mr. John Brown, warns 
that the. second hair will not 
benefit to the same degree from 
administration cost reductions. 



APOLLO 


Edited by Denys Sutton 


The world’s leading 
magazine of 
Arts and Antiques 


Published Monthly price £2.00 
Overseas Subscription £28.00 
Annual Subscription £25.00 (inland) 
USA & Canada Air Assisted $56 

Apollo Magazine, Bracken House, 
10, Cannon Street, London EC4P 4BY. 
Tel: 01-248 8000. 


IMSNEV-lffkltKET. 


Signal on interest rates 


A 


IV 



Bank i»f England Minimum 
Lending Rote 7! .per cent, 
(since April ti. 1978) 

Bank of England Minimum 
Lending Bate is almost certain 
in rise at to-day’s Treasup' bill 
endor, following the action of- 
- hP authorities in the 
.money market yesterday. The 
’ inly question which remains to 
tc answered concerns the extent 
if the increase. Suggestions in 
he market ranged between St 
. f x‘r cent, and 9J per cent, with 
'|Ii level of 9 per cent— first men- 
66 inneii ut the beginning of the 
reek — still put forward as the 
noht likely outcome. 

The market has been trery 
icrvous about the future level of 


M«r* 


\,.i in. hi 

•i*V- wlicc. 
•1»v • «r 

I,,,'. H.Tf K'O. 
n.. iiiiiiilli..- 
H- . >11.1111 li . 

link 11101,1 >1 

i\ ni<-iii!i ... 
Hi*- ii n-fl K li - ■ 


interest rates for some time, and 
yesterday the authorities removed 
some of the uncertainty by lend- 
ing a moderate amount to me 
market for seven days, .as a 
signal on interest rates. 

The message from the Bank of 
England was that short-term In- 
terest rates have increased in the 
U.S. and U.K, and domestic rates 
generally stand well above then- 
normal relationship with 
Treasury bill rate and the MLR 
The method used to intervene 
in the market was Intended to 
indicate that the authorities will 
not seek to prevent the restora- 
tion of a more normal relalion- 
staip. 

Day-to-day credit was in short 


supply, and the total amount of 
help given to the market- was 
large. Apart from the moderate 
amount lent to eight or nine dis- 
count houses for seven days at 
MLR, the Bank of England also 
lent a. moderate amount over- 
night, to the same number of 
houses at MLR. The total, assis- 
tance was probably overdone, and 
bailKs are expected to bring for- 
ward above target balances. 

Banks brought, forward surplus 
balances yesterday, and the 
market was also helped by a slight 
fall In the note circulation. On 
the other hand there was a not 

take-up of Treasury bills to 
finance. . 

Rates in the table below are 
nominal in some cases. 



animal feeds. 

PIG PRODUCTION. 



AGRICULTURAL 

EQUIPMENT 

MANUFACTURERS. 


GROUP PROFITS POP « W“»BRR 

-Re-stated As published 

20 '|1? 15 927 15, l27 

S S- J8 










v; • : 






. m : : 

■v;^: . 


‘.■vfMMi 


' , /'."’V-.C-.-i : ! 

■. v -:2V?vl -•••- 




OF ADVICE 



.Ivif'l'ho Complete Picture’ a bn x :1mm 
' l ''llvscrihing ail our properly services. 
I : write to-Aj.M.Hunth\ F.Ili( 'S. 

HiehardEffis, 64ComMI, 


£0m-. 


| : /irinf irion EC3V3PS. Tel: (Tl-283 3090 




Mm 


Richard Ellis 


Ch arter^ d Surveuo rs 


a 

j 





28 




LIMITED 

One of the UK's largest retailing groups whose trading names include 
Richard Shops. John Collier, William Timpson and Ailders Department Stores 

Results for the year ended 
28th January, 1978 



1978 

1977 


£000 

£000 

GROUP SALES (excluding VAT) 

331,269 

295,817 

PROFIT BEFORE TAX 

19,158 

16,178 

DIVIDENDS 

7,781 

7.323 

1 978 Figures subject to audit. 




GROUP RESULTS Grouptrading profit at £19.1 58 million shows an increase 
of 1 8.4% aver the preceding year. 

ORDINARY DIVIDEND The Directors recommend a final dividend of 3.0p 
per ordinary stock unit (2.7p) making a total dividend forthe year of 5.1 p (4.8p). 

FASHIONS AND FOOTWEAR Richard Shops. William Timpson and John 
Farmer alt produced improved results and indications are that this year will 
show further progress. 

MENSWEAR The introduction of an extended merchandise range and our 
substantial shop modernisation are confidently expected to produce an upturn 
in profits. Our programme of factory closures is now complete. 

DEPARTMENT STORES This Division brought in higher sales and profits. 
The programme of development forthe Divfsion will lead to progressive 
increases in sales and profits. 

HOME SHOPPING This Division showed sales growth and increased 
profits. A drive for sales and agency growth is producing encouraging results. 

EXPORTS Export and overseas sales, mainly from duty-free shops in airports 
and on ships, have improved to £48.9 million, an increase on the previous year 
of £1 3.1 million. 

PROPERTY A professional revaluation of the Group's department stores and 
shop properties, which will show a substantial surplus over book value, will be 
completed during this year. 

PROGRESS REPORT The year has started well with all divisions producing 
higher sales and profits in the first quarter. Whilst it is too early to forecast with 
accuracy the outcome for the full year, a continuation of the present trend 
would produce a significant improvement in results. 

The Annual General Meeting will be held on 11th July. 1978. 

The final dividend will be paid on 2nd August. 1 978 to all Ordinary Stockholders 
on the Register at 14th June. 1978. 

Copies of the Report and Accounts may be obtained, when completed, from the Secretary, 
Marble Arch House. Seymour Street. London W1 A 2BY tOI -262 7755). 


BP spells out benefits 
of Soldo control 


Financial Times Friday May "a 1978 

54% growth 
from Sears 


*Y RAY D AFTER, ENERGY CORRESPONDENT 


THE MAIN features in tho 
preliminary profit statement by 
Rears Holdings are a 54 per cent. 

THE TWO major oil pipelines in in SohJo to almost 54 per cent, licence areas; a further .ESOm. profit rise at pre-tax level. a 

which British Petroleum has an but berore this can be achieved would probably be spent this year, property revaluation throwing up 

interest are now being operated extra pumping facilities will have Referring _io general trading a surplus of £l55m. over book 

at close to their maximum levels, to be provided on the pipeline to conditions, Sir David said that in va j ue am i - proposed one-for-one 

As a result BP has now taken a raise the capacity above the 1.2m. the first quarter product sales . . 

barrels a day mark. increased by just aver 1 por 5tr| P lssuc - 

i « , fm- cent- * 3Ut crude oil sales With turnover some 23.7 per 

«™s' d .s;*r. 4 ssKr 

in the 


controlling interest in its U.S. 
affiliate. Standard Oil of Ohio 
(Sohio) and is providing well 
over half of Britain's North Sea 
supplies. 

These points were made by 
Sir David Steel, BP chairman, at 
the annual meeting yesterday. He 
told shareholders that the Trans- 
Alaskan pipeline was now 
operating at nearly 1.2m. barrels 
a day and, in conseqeunce. BP 
had this week earned a majority 
shareholding in Sohio, subject to 
formal confirmation. 

This Ls a milestone,” said Sir 
David. “What we have this year 
is a 50 per cent, share not in a 
company limited to production in 
Alaska but in a fully-integrated 
U.S. oil company” Sohio, be went 
on, bad strong refining and 
marketing interests and sold more 
petrol than BP achieved in the 
whole of Europe. It was also 


tbe past month the company' 
Forties Field in the North Sea 
bad been producing oil at its peak 
rate of over 500.000 barrels a day. 
This means -that output from 
Forties alone i& now accounting 
for more than half of Britain’s oil 
production. 

Referring to the group's other 
North Sea developments Sir David 
said that oil from the Xinian Field 
would probably be delivered at 
Sultom Voe in Shetland in 
October: the smaller Buchan Field 
was expected to be brought on 
stream next year: and some 
£I.25bn. was to be invested in the 
Magnus Field which would be 
capable of producing about 
125.000 b'd. • 

The BP chairman pointed out 
that the company's output of 


pared with the corresponding profit row; from f42.5m to 
period last year. There had been This follows an advance from 
some improvement in operations £l5m. to IlS.am. at the interim 
in mainland Europe where lart stage. 

EXi* Tax for the year took £3rt.3Bm. 

t | P HoH,S mirhfi <£!S.04m.> lor staled earnings per 

sUoic than might nave been ini , , •> \ wHiph 

expected following rhe weakness ' 

of tbe dollar.” There were also 


signs of the general understand- 
ing of Lbe destructive nature of 
trading at marginal prices. But 
there was still a long way to go 
before operations in Europe were 
yielding an adequate return. 

The depressing trading condi- 


after an extraordinary debit of 
£i.44m. this time came through 
at 5.5p. The dividend is stepped 
up from 2.31 p lo 2.5Sp net. and 
in the coming year the directors 
plan to introduce interim pay- 
ments. 

Of the total surplus over book 


tioo* in the chemical sector bad values from the property rcvalua* 


the twelfth largest coal producer North Sea oil contributed over 

£Ihn. towards improving Britain's 
balance of trade laat year. In six 
years the group had invested 
£1.1 bn. on exploration and 
development in U.K. offshore 


in the U.S., ah important paint 
at a time when the BP group 
was developing its coal position 
worldwide. 

BP is due to increase its stake 


continued into 197S and there was 
little hope of improvement until 
industrial activity throughout 
Europe revived. 

Overall, however. Sir David 
expected 1978 to &how an improve- 
ment in many of ihe group's 
activities although nuiuh would 
depend on the success of govern- 
ments in stimulating increased 
Industrial growth. 


KTM now surging ahead 


tion. £108m. relates m freehold 
properties and leaseholds over 25 
years. This sum has been written 
into the balance sheet, giving a 
net asset value per share of Rtip. 
If the £47in. surplus on the 
shorter lease properties was in- 
cluded the net asset value would 
increase to 9?p. 

Following the substantial in- 
crease in group reserves, as 
already stated, the directors are 
recommending a one-for-one scrip 
issue. 



1*77-7* 

1976-Tt 


two 

X9M 

Turnover ■ 

ffsl.WS 

7».'.SSa 

i-uotwear . 

1L.4LI 

3M.M7 

□(.'parifnenraJ Mon'S. 



i'lr 

244.44!, 

VK.‘M 

F.iueinui-rins 


«i. Id: 

Hot or t cim-lp . . 

1D4^2S 

45.941 

Lie. beibnt oDlcos .. 

2!i9.D17 

IM..-.H 

propt-m 

IU sos 

fCSIt 

Linen hire, etc 

3-.STJ 

4.7.2J0 

Less laterruU talus .. 

i.tic 

mu 

Trading profit 

774.74* 

M.im? 

Footwear 

41,'JW 

want 

Xh-pjrunental siurm. 



Ole 

21. tW 

J9.«*7 

Kraunconru 

•l.tii 

at 

Motor which* 

■J 7 il 

.'rj4 

Uiciini: ulfici* 

43i* 

7 . yti 

Property 

4.4*4 

:.4«i 

l.ifii-n Urn-, etc. . .. 

•l.'.'jS 

■t-’M 

1 merest. rwlil 

11 Pin 

*r.s 

Nun-iradmc ticnitf* .. 

1.772 

T. .-11 

Profit before u> 

as .511 

42.4M 

TlIK .... 



Profit after r.ii 


14.4 11 

Eair.i-oni. debit 

:.i.+u 

__ 

aunonry pnHU 

7 tl 

*7.064 

Attributable 

24-VI.7 

M.4P7 

I*rvf dividends .. ., 

ur 

r.r 

ArinbULibk- to tint. . 

M.iijfi 

KSIIt 

Dividend 

11.572 

10.3M 

To reserve-. .. 

I3.1W 


• Low * Include* approximately c .im. 

in rowed of Silwek a ml Col Liu: =ii>ci* 

acquisition on Me run 1 

. 1977. 

Trad ilia . 

losses of ihe irtahlaoder 

knitwear division 

i u s. > (or ihe period 

lu dlspO-al mi 

Juts SI. 1977. anraunreil in E.SSm. 

i firs-rr 

W.Wm.' and have 

bf"ll d- 

■duei'vl. 

1 [XsonhaJ Of Highland* 

r. '* i Surfilu » un 

di‘-P"sal of prupeny 

and mil: 

fNlincUIS 

£.'.8ni. ifS-Mni.i. surplus oil ndcini’llnn 

of loan capital U.S3in. 

i ro.iiin. 

■ . LVSl 1 

of closing down cvriain 

rr.idilU: DcUvuln 

io.Xju. ■ and cxchauui* differences 

11.6301. > The 

exihantio 

' ct liter- 

cnees Included aruv mutiUy tin Ih 

irons- 

latum min sterUnc of uvi 

Tsois uei 

current 

assets. A further deficiency of 

11.4m. 

1 lure- 77— surplus fl.an l 

re lull ns 

in Used 


av«'l:» h-ss nuuciau-d burrowing,, liu 
been dealt with (hruu.il ri-Mus. 


BY ANDREW TAYLOR 

THE MUCH rescued Kearney and 
Tracker Marwin machine tool 
company, which all but collapsed 
in the early 1870s. appears to be 
back on its feet again. Last year 
KTM earned record trading 
profits of more than £Lm. and the 
company is now to return to the 
dividend list for the first time in 
five years. 

KTM chairman Mr. Ken Lane — 
one of two -Vickers men drafted 
on to the Board when Vickers 
bought 86- per cent, of the com- 
pany's voting shares in 1976— said 
yesterday that the machine tool 
company was now self financing. 

The company -was subject to a 
series of rescue moves between 
1972 and 1976. when the Vickers 
group (which bad previously been 

called in by the Government to 
supervise management of KTM) 
acquired its stake for around 
£1.3m. At the same time the 
Government agreed to wipe off 
debts of 15m. and to inject a fur- 
ther £2m. into tbe company. 

Since then the company's for- 
tunes hare been improving 
steadily. After fust about break- 
_ even in 19 <a pre-tax profits 
in 1976 rose to £490.000 despite a 
sharp drop in turnover in that 
year— as the machine tool demand 
cycle bit a low ebb. 

Mr. Lane said yesterday that, 
by comparison with 1976. the 
machine tool trade cycle was 
rising last year— particularly in 
the Uiv.— but he felt the cycle 


mg of management controls Nations conferences," he said, 
since the 1976 rescue package. The group's links with Kearney 
The latest balance sheet shows net Tracker in the U.S. .ire still 
borrowings of almost £l.Bra. com- declining. The group has said 
pared with shareholders' funds of that with the development of its 
£4.4m. Cash balances last year own "machine tool centres." one 


Capital Annuities 
to wind up 


rose from £282.000 to £12m 
Stricter management controls 
are also reflected in the contain- 
ment of working capital require- 
ments with stocks and debtors 
last year increasing within a 
range of 121 p?r cent, to 15i per 
cent.: sales were over 50 per cenL 
higher. 


of which has won a Design Coun- 
cil Award, it will no longer dis- 
tribute KT machines from the 
U.S. 

Around 4(1 per cent, of all sales 
are to the automotive industry 
and KTM has recently won an 
im-portant contract to supply 
British Leyland. In the current 


fn a chequered career during year the company expects to see 
tbe early 1970s tbe company was a further advance in profits 
linked with a number of Govern- although it expects that the next 
ment and financial institutions peak in machine tool demand to 
including the IRC anti the In- jje lower than in previous cvcles. 
dus trial and Commercial Finance -m e company, however. stiH has 
Corporation. The company was some way to go. Mr. Lane said: 
formerly a wholly_ owned sub- w'e -have stopped the bleeding, 


Dualvest 

advances 


sidiary of Kearney Treckcr in ihe niw ue . must look 

ILS- which stiU holds the other recovery to health.” 

14 per cent, of voting shares. 

By 1973 the group was report- 
ing pre-tax losses of £2.4m. while 
borrowings of around £ini. com- 
pared with shareholders' funds of 
less than £lm. 

The fact that KTM was one or 
the few U.K. manufacturers of 
high technology sophisticated 
machine tools prompted the 
Government to attempt to save £417x50 j n 
the business — first through the 
IRC and later through the 
Department of Industry which 
still owns around 800.000 KTM 
non-voting shares. 

Around 50 per cent of KTM 


would probably “peak-out” next f 3 !® 5 ** generated from the manu 


winter. He said however that the 
group was now much better 
placed to deaf with the next re- 
cession in the industry. 

The improving profit trend has 
also been helped by the tighten- 



ritish Sugar 

rlerim Report 1977/78 

For the 24 weeks ending March 13, 1978. 

The unaudited results for the first 24 weeks of the Company’s financial year 
are as follows: 



24 weeks ended 
March 13, 1978 
£000 

24 weeks ended 
March 14. 1977 
£000 

52 weeks ended 
September 25, 1977 
£000 

Turnover 

155,336 

137,456 

268,267 

Profit before Tax 

7,678 

7,175 

20,468 

Profit after Tax 

7.163 

6,908 

19,133 


The Company processes the crop as it is harvested 
during the first four months of the financial year but 
the sugar is sold throughout the year. The first half 
profits reflect the sales income and the cost of pro- 
duction of the sugar sold during the period. 

As already announced, sugar production at 
950 , OOO tonnes of white sugar equivalent considerably 
exceeded last year’s total of 695,000 tonnes. Sales are 
on target to give a total sales volume this year of 
1,000,000 tonnes compared with 900,000 tonnes last 
year. 

Competition from continental imports, due to the 
over-valuation of the green pound, and a reduction in 
by-product income has resulted in sales margins being 
under pressure in the first half of this financial year. 
The second half profits, however, should benefit, as 
last year, from sugar price increases in the last quarter, 
mainly due to the green pound devaluation on July 1. 
Interim Dividend 1977/78 

The Board has declared an interim dividend of 
2.5p per 50p share, inclusive of associated tax credit, 
payableon July 3. 1978, to shareholders on the register 
at close of business on June 6, 1978. 


The comparisons with the previous year, adjusted 
forthe stock split and capitalisation, are as follows: 


Inclusive of associated 
tax credit 


1978 1977 

2.5p 1.965p 


Net of tax at 34% 


l-65p 1.30p 


The Directors expect, in the absence of unforeseen 
circumstances, to recommend a total dividend forthe year 
not less than last year (1977 — 7:1969p gross per 50p 
share). 

It has been the practice in British Sugar for 
historical reasons which originated prior to EEC entry, 
to publish the interim report in July, in the form of a full 
year profit forecast. The EEC price changes take effect 
on July 1. The effect of these in a competitive market 
has become increasingly difficult to predict at that date. 
The Board has therefore decided that the interim 
report should now follow the more usual practice of 
reporting only on the Company’s half-year results. This 
enables the interim report to be issued sooner. 


4 May, 1978 


Gerald Thorley, 
Chairman 


British Sugar 

Corporation Limited 

P.O. Box 26, Oundle Road, Peterborough, PE2 9QU. 


facture of machine tool centres 
which are computer linked and 
perform a wide range of engineer- 
ing functions. It was this aspect 
of KTOTs business, more than any- 
thing else, that fuelled Lhe 
Government's determination that 
lhe company should not fad. 

Mr. Lane said yesterday that 
Ihe company had suffered first 
by being the wholly-owned sub- 
sidiary of a company whose head- 
quarters was rhe other side of 
lhe Atlantic, and more so by its 
later involvement with the 'diverse 
interests which had come together 
to save il. “ Board meetings at 
that time were more like United 


BY ERIC SHORT 

The Policy holders Protection 
Board -has decided not to appeal 
asainat ihe High Court's dismissal 
in March of Its application for 
tile Implementation of a scheme 
which would have enabled the 
Board 10 have allowed Capitol 
Annuities, a small life company, 
to trade off Its existing policies 
providing at least 90 per cent, of 
the secured benefits. 

Tims Ihe original application 
made In April 1976 by lhe com- 
pany itself for the voluntary 
winding-up of Capital Annuities, 
will go Iorward. No dale has yet 
been announced (or the renewed 
hearing of the application. 

However, the PM ley-holders Pro- 
tection Act. 1975. ensures -I hat 
policyholders will receive at least 
90 per cent, of their benefits rnvd 
l-hc Board will ensure continuity 
or cover. This means thai 
annuitants will continue to receive 
the annuity payments on the due 
duie.H bu-t at 90 per cent, of the 
amount in rheir contracts. 

Capital Annuities has about 
3.000 policyholders who are 
A final dividend of 2.2S2p net almo-t entirely annuitants or 
por 50p income share takes the guaranteed bond holders. At pre- 
total to 4.635p against 4J21p last sent, the Board has been opera l- 
lime. iny an interim payments scheme. 

Net asset value per capital financed by a levy on life corn- 
share is shown at 347Jp (290jip). pany premium income, paying 70 


for a full 


After rax oT £251.403. compared 
with £236,858. reienuo of Dualvest 
increased from £370390 to 
the March 3L 197S, 

year. 


per cent, of the amounts due on 
income, death or maturity pay- 
ments. From mid-May these pay. 
menu, with a Tew exception^ are 
being increased tn 00 per cent, of 
contractual benefits and as ,<oon 
a i» possible thereafter a " lopping- 
up " payment wdl be made la 
rover rhe 20 per cerK. deficit on 
past payments. 

Tho only exceptions arise in lhe 
case where the Board con.-idcrs 
the original benefits are exce.-snc, 
in which case the Board lias lhe 
power to scale down such benefits 
lo a realistic level and pay «u per 
cent, of this reduced benefit. But 
:*t present Ihe Board cannot pro- 
vide any details of any .scaling 
down operations. 

As far as beneficiaries in ihe 
home owners scheme are con- 
cerned. negotiations are in pm- 
grass with an insurance company 
for them lo take over the con- 
tracts and continue on the original 
terms. 

The Eoard yesterday emphjs- 
is-ed thaf when a winding-up' 
order is made, k will ensure that 
each policyholder is offered con- 
tiiHJity of insurance with effect 
from the date of winding-up order 
for the benefits reduced in accord- 
ance with statute. 


BANK RETURN 


tax. iiurms 

Capita! 

Public DepmK... 


ASSKTS 


Xiinuiissl xOiiiw 
A/o. 


Li AbTLlTlTs 


"] VVf-'inn-'av 1 

i+i i-r 

I Mav 3 ' 1 

Lie, 1 . ‘ — 1 


i.,r v et.-k 

G DEPARTMENT 

1 £ : 

H 

.1 14.W3.KCh 

— 

28^10.^; + 

3.',29.66S 

..i.26f. ha.?.r».n 

— 

.' 38«.22?.552 + 

8^64.582 


i.;?*.ho8 

i2..Vcl.SSe.543 + 

14.7.N.U4S 

. IdSC£.0itt.03f + 

02.2la.ij0d 

ieo.0W.33J - 

j4JL'.77i 

.' r.ty.z.r ij + 

2 .')<!• u»*4 

17.Sla.02i-- 

J.loP 4 in 

l*-5.cl- - 

2 

2 ..-ai.8E-.h43 ♦ 

14.J.-.-«.. ; 4> 

I'Kt'.VKl >! K>T 

L 

j: 


Nnios Issue-1 


•>l !«■>.-* -‘1 

In Cirvinathiii. 

a.dr’.I’l.rtT.' - 

l'jJ.l Vl.J |,l 

In Bank'c Uepi 

li.tlo.a 2 c - 

j. I3r!.4 lu 

.V?aK11 






Other cl. 

7.:4t 9C4 UrlJ 

•?7 

Uther Sec urn k— . 

'rdv'.O-.U.'lj: + 



M0u.C-.iJ.ew- - 

IUU.IAP.UIJlI 


GREENDANK INDUSTRIAL HOLDINGS 

Growth Index Since Rotation 



The Chairman, Mr B K Thomas, says of 1 978 
" . . . the current order book and sales to date indicate 
the likelihood of another satisfactory year" 


AGM:- 
10th May 

Dunkenhalgh Hotel 
Clayton le Moors 
Nr Blackburn 



Accounts from: 
The Secretary 
Gate Street 
Blackburn 
BB1 3AJ 


INTER IDEX 78: 

May 23-26,1978 
Basle/ 
Switzerland 
International 
Exhibition and 
Symposium for 
the best choice of 
location for 
effective world- 
wide economic 
activity 


Bas/e/Sivftzer/and, May 23 to 
26, 1978 ; at Inter -Idex 78, 150 state 
and semi-state organizations tor 
the promotion of economic devel- 
opment representing 15 important 
countries transmit first-class infor- 


mation for the choice of the right 
industrial activity in the right place. 

The goal of Inter - Idex 78 is to 
provide to interested industrialists 
from all over the world concrete 
decision fundamentals forthe eval- 
uation of a location, and to bring 
together those offering free pro- 
duction capacity and those inter- 
ested in utilizing it. 

The exhibitors from Austria, 
Belgium, Brazil. Canada, Denmark, 
Federal Republic of Germany, 
France, Great Britain. Ireland. Israel, 
Italy, Netherlands, Spain. Switzer- 
land, USA are grouped in national 
sectors and every organization 
participating can supply tailor- 
made information for the special 
needs of industrial firms concerned 
with the choice of location. 

An important part of Inter - Idex 
78 is a symposium devoted to the 
basic problems of economic devel- 
opment in the individual countries 
and to corresponding solutions. 

Inter - Idex 78 is supported by 
a committee of patrons comprising 


leading personalities from politics, 
industry and trade from the coun- 
tries participating. 

INTER -IDEX 78 

The ideal information exchange for 
the choice of the right location in 
15 important counfries 

May 23-26,1978 

in the halls of the Swiss industries 
Fair ■ 

Basle 

Switzerland 

Information: 

Inter- Idex 78, 

P.O. Box. 

CH-4021 
Basle/ 

Switzer 
land 









29 


r < 


Financial Times Friday May 5 1978 

MINING NEWS “ 


MLM invests in coal 
expansion plan 


rj [q The John Lewis 
LT Partnership ; 


department stores 
and Waitrose supermarkets 


BY PAUL CHEESER4GHT 

. MIM HOLDINGS is to spend 
$ Alton. (X6JSm.) in the first stage 
of a plan to boost the export 
capacity of the coking coal opera- 
tion m Queensland run by its 
subsidiary, Collinsville CoaL 

This first stage involves, the 
- expansion of the open-pit mine 
and takes in a coal washing plant, 
.the provision of water and power 
■supplies and die purchase of 
equipment. 

The launching of the pro- 
gramme at this time reflects not 
only the generally held and 
optimistic assessment of the 
future international demand for 
coking coal but also an increasing 
confidence in the Australian 
mining industry now that domes- 
tic inflation is coming under 
closer control. 

Ultimately MIM plans both 
apen-pit and underground mines 
[or Collinsville Coal and a scale 
af production which will require 
i new port 20 km. north of 
. Bowen, where some facilities 
already exist 

By July next year, Collinsville 
Coal will be producing 200,000 
!otwes of high quality material 
■or export “The company plans 
lltinsately to produce for export 
l.Sm. tonnes of coking coal from 
^olIinGVille and 2.5m. tonnes of 
teaming coal from the Newlands/ 
Sastern Creek area 80 km. south 
if Collinsville,” said Sir James 
i'oot the chairman of both the 
larent and subsidiary companies. 

At present Collinsville Coal is 
traducing 850,000 tonnes a year 
or the domestic market In* the 
last its plans for export have 
teen inhibited by an inability to 
.tfTer supplies From stockpiles. 

‘ Tie development programme will 
ibviaio this difficulty. 

In London yesterday. MIM 
■' hares were 375p, • 

OUTPUT SLIDES 
AT ROBE RIVER 

Poor demand from the steel in- 
lusiry for Iron ore has caused 


a sharp reduction in the output 
of the Western Australian pro- 
ducer, Cliffs Robe River. In the 
1378 first quarter, coarse output 
was 2m. tonnes compared with 
3.7m. tonnes in the same period 
Of 1977. 

Pellet output was 549,000 tonnes 
against 2.2m. tonnes and fines pro- 
duction was 1.4m. tonnes against 
2,29m. tonnes. The fall is taking 
place against the background of 
plant expansion to raise annual 
capacity to 19.8m. tonnes from 
15,8m. tonnes. The work is nearly 
half complete. 

The venture is owned by Robe 
River Ltd. an Australian group, 
with 35 per cent., Cleveland Cliffs 
Iron of the U.S., with 30 per cent, 
Mitsui Iran Ore of Japan with 20 
per cent and Cape Lambert Iron 
Associates with 5 per cent. 

Meanwhile, another Western 
Australian producer, Hamersley 
of the Rio' Tinto-Zme group has 
announced' that it wff] offer 10.5 
per cent. 10 year debentures to 
the Australian holders of its 
AS13.39 8 per cent debentures 
which mature at the end of May. 

RTZ RHODESIA’S 
EARNINGS FALL 

Hit by the depression in nickel 
and copper markets, 1978 first- 
quarter net profits of the Empress 
mine of Rio Tinto (Rhodesia) 
have slumped- by 51 per cent, to 
£170,000 and the interim dividend 
is being omitted, reports our 
Salisbury correspondent. The 
group says that it has begun to 
sell its nickel stockpile but 
revenue from this will not start 
to accrue until the curreq,! 
quarter. 

The parent company reports a 
9 per cent, decline in the past 
quarter's earnings to £245,000. the 
fall having been cushioned by 
satisfactory earnings from its gold 
and emerald operations. Rut it 


has suffered from the fall in 
Empress profits and the Joss 
incurred by the engineering sub- 
sidiary, Tinto Industries. 


URANIUM HOPES 
IN WYOMING 

Production at a new uranium 
mine in Wyoming could start in 
1982, if a 520m. (£10.9ra.) develop- 
ment programme is successful. 
Rocky Mountain Energy, the 
operator, stated that a joint 
venture would delineate further 
ore reserves and provide data for 
mine and mill designs.. 

Rocky Mountain Energy has a 
30.3 per cent, stake. The other 
joint ventures are Mono Power, a 
unit of Southern California 
Edison, with 39.7 per cent, and 
Great Basins Petroleum with 30 
per cent. 

MINING BRIEFS 

KILLINCHALL TIM— Output (or April. 
47 tonne# I’M arch 60] unmest. 

PAHANG CONSOLIDATED— Output or 
lode tin concentrate# produced and. sold 
for April KM tonnes i March ]3S tonnc&t. 


OIL AND GAS NEWS 


Philippines oil to 
Bow in 1979 


> r 
) 


fHE PMUmNES will start 
i reducing oil commercially in 14 k- 
e co rid quarter of 1979 . folkiw-ing 
he installation next April of u 
42m. (£2Sm.) production platform 
*iih a maximum daily capacity of 
0.000 barrels, according to the 
-'hilippine Petroleum Association. 

The association's president, Mr. 
use. de Vbneclar: ‘whftMF' plal- 
>rm, to be owned . jointly by a 
roup of Fttipinu and American 
rms, is to be set up in the Nido 
eld off Palawan, province, 250 
liles south-west of Manila, where 
ie group struck oil in two drill 
ite> in 1976. 

The drilling consortium is 
eaded by the Oklahoma-hosed 
ities Sendee Company, which 
long with some -Other American 
nns will own 52 per cent, of the 
•1 production facility. Its four 
Uipino partners, including Mr. 
! Venecia's Land Oil Resources, 
LU share the rem ain ing 48 per 
■nt., be sakL v..\ 

He added that a number of 
•lematkmai and U.S. banks, 
chiding Chase Manhattan, have 
fered to finance the platform 
id that a FlHpiiw-American 
oup is to announce on May -12 
Houston, Tessas, the winners of 
trmational bids for the 
JtfoJTO. 

The platform Is for the West 
do No. 1 well, two and a half 
ie s wesi of another well, Sou-Lb 
do No. 1. Roth Sowed oil at 
Uy rates of 9,549 and 7.300 
rrcK respectively, during tests 
t year. Mr. de Venecia 
ienbed the flow rales as 
mong the highest in the south- 
U Asia." 

* * * 
inpan. the Soviet Union and the 
iied States aw to meet In 
kyo later fhis month to roxu- 
te plans for a $Ubn. east 
•epia natural gas development 
iject. a Japane&e spokesman for 
project said yesterday. 

'he project caUs for Japan and 
United Stales each to be sup- 
*d with an estimated lObn. 
tic meters of natural gas a year 
25 year.-* starting in 1383 from 
» reserves near the Siberian 
» of Yakutsk. 


ESULTS AND ACCOUNTS IN BRIEF 

SSL 

Tied Aorll 87 wua comments oa Pros- * .#S2-S*> 

* cmim toted assets cam. increased by fTO.fltm inM.aoo accn-aM-*. 


- i suits i or year id 
T ied Aorfl 87 wild comments oa pros- 
i Crouo ttwd assets E 
■4m A. Not current assets C433.2SS 
■531. Increase in Bel overdraft 
ufl itrt.WW decreased). \London Tnwt 
pans- Irolda IS 3 Per cvn!. uf the 
ij-. Moiiins 25 HaniPtfead UikIi 
■ l. NW. on May S3 at noon. 
sNERAL AND COMMERCIAL 
EsYhENT TRUST— Rpsnlw *»»«« 
Vbrnary S*. WW. rt-puned Anni M. 
il liiTt-sinu-niN al mid-inarh..'t vaiuc 
K. £ 7 .U 9 m. iL't.4nn.». abroad B.i£n> 
m i. unlisted al dJrrerots vahjKhM 
.tt<i .ons 547i. com-m 
'.lT.il. liahltuu-s cn.s-3 ,E %? 5 7i 
m milnveswd funds C11.4W 
stir, iiicrcawi. Prcscni revenue 
mus rtuiuinjj hlshor man 
j.reriare hone lo lucres* «ridriKl 
□mm rear. <*■ Walcrloo 

-. b.W.. on May 23. « noon. 

■COCK AND WlLCOX-RewlW for 

niwrieu on -'wi 1 \f. ,n D £L.££ 

jry siarcna-in »' ,rh 
S Bsrd wn**ts ' 

curriiil assets JESj-Tbi. 

nri-rdrafi* reduced by th - JM- 
US PM Mall. SW. May 

impH 01 MOTOR NOLBMfiSL- 
Us Hit IE7 rcoortvi **ȣ*> ^ *'5 
■vanons on prosuecW. -US? 

s iD.Am >. nM SSPJFSu? 

l its arm.) Hank oveMrnltf £L4Sm. 
m > worKitug capUnI locnuad Iff 

JSSmr h «im. Hymomh 

A 31. 11.43 am- 

' 'ICENTROL ■micmaaomu rcsoorns 
ra trail anrt s»odi»ctWn ■JW}- 
R* (M W77 reported ApnM4 wren 
Mt>#ry MiemeW. *8 wn» 

pc-.asirjs-sacs 

^"ES?.™5S:r u S^» 

f \«A¥ 3 FACXACINC— B eSiUH *« <0,, 


Summary of Results for the year - 
ended 28th January 1 978 

The business of the John Lewis Partnership belongs to 
those who work in it- the whole of the-equity of John 
Lewis Partnership Limited being held in trustrfor that 
purpose. The profitthat remains, afterthe payment of 
interest on loans and fixed preference dividends and 
after profit retentions, is distributed as Partnership Bonus . 
among all those who work in the busi ness in proportion 
to their year's pay. " 

Sales increased by £67 million to £437 miniori.(1 8%). 
Department store sales rose by £38 million (17%) and 
sales in Waitrose supermarkets by £23 million (20%). 

Profit after interest increased by £5. 6 million (24%) 
but there was a sharp increase in taxation. Retentions 
totalled £1 2.3 million and the Partnership Bonus- 
distribution was £8.8 million -18% of pay. ■ 

For copies of the full accounts please telephone - 
01 -637 3434 Ext 6221 or write to Chief Information . 

Officer. The John Lewis Partnership, 4 Old Cavendish 
Street, London W1 A 1 EX. 


John Lewis Partnership Limited 
Consolidated. Results 

Sales (including VAT) 

Trading Profit after depreciation but before interest 
Profit after interest 

Balance after taxation and preference dividends 

Use of balance: 

Pensions Funds contributions 

Profit retained : to oFfset inflation 
for development 

Partnership Bonus 
As a percentage of pay 

Capital employed at the end of the year 


1977/78 197S/77 

£ 000 's £ 000 ’s 

436,813 369,721 

32,311 26,401 

29.110 23,522 

25,693 23,754 


152,676 134.053 




Si 


CO 




Dr 


y 





At t toe Tokyo meeting, a follow- 
up to one held in Moscow in 
March, the Soviet Union is to 
submit its final feasibility studies 
on the project and a>k the United 
States and Japan for development 
funds and related mate rials. 

The three nations are to build 
a 3,000 km. pipeline between the 
ga* reserves and the Siberian porr 
city of Olga, where the gas is to 
be liquefied for shipment to Japan 
and the United Slates. 

★ * ,- * 
Nigeria's crude oil production 
dropped to its lowest level in 
March when it averaged 1.52m. 
barrels' per day.- according to 
figures released by the Lagos 
Chamber of Commerce. This is 
the lowest in five years. The de- 
cline has reflected lack or demand 
among major consumers and in- 
creasing competition from Nonh 
Sea oil. Meanwhile. Nigeria has 
cut ihe price of her crudes by 
an average of 21 cents per barrel, 
the second price cut since Decem- 
ber last year. 

* ★ * 

The Danish Trade Ministry 
said that U.S. oil consultants, de 
Goyler and McNaughton estimated 
that Danish North Sea natural 
gas fields could contain 120bn. 
cubic metres of gas. In March the 
Danish concession holder. A. P. 
JUoeller. said it had estimated 
that the fields contained a maxi- 
mum 75bn. cubic metres. 

* * * 

Regan Offshore Internationa], a 
unit oF Hughes Tool says it has 
completed the first subsea well 
from an ice island in the 
Canadian Arctic. The well was 
drilled and completed for Pan- 
arctlc Oils in 180 feet of water at 
a location north of the magnetic 
North Polel 

Hr * + 

The Italian State oil firm,.ENI. 
said its subsidiary Sal pern signed 
a contract with the EK Aquitaine 
group of Prance to drill Tor oil 
and gas in the Mer d’lroise at the 
western approaches to the 
English Channel at a depth of 
500 feet, 120 miles from the 
French coast. Saipem will use its 
semi-submersible ' scarab four 
drilling platform but no starting 
date for drilling was given. 


half of Britain’s 




y 



9 


Sir David Steel, 
Chairman of BP, 
speaking yesterday 
at the AGM, said .... 

* 'Again last year BP*s 
efforts produced over half 
of the UK’s North Sea 
oil, and this contributed 
over £1,000 million 
towards righting Britain’s 
balance of trade 

The Trans-Alaska pipeline is now 
operating at nearly 1.2 million barrels per day 
and in consequence BP has this week earned 
its majority shareholding in Sohio 

However, one cannot help feeling 
concerned that the present temporary surplus 
of crude oil in the world has tended to 
encourage complacency about the longer 
term position 

Today BP not only continues to trade in 
substantial quantities of OPEC oil, but also 
has a predominant position in the production 
of oil from non-OPEC countries. ” 


1977Besufts 


Total sales vofeatrie • • 175 million tonnes 

Sales process - • - over £14,500 million 

Profit before UK tax 

£824 million 

Net profit 

£358 million 

(before extraordinary items) 


Earnings per stock.unit 

92.6 pence 

Dividends per stock unit 

22.1 pence 

Return on capital employed 

9.8% ■ 

Return on Stockholders’ funds 

11.2% 




cash decreased by H0.978 1 H-MUHl 
increase i . IK 1 ! Inflow of foods CDS.6D0 
iCW.afifll. Alter adjustments on depre- 
ciation fK.MO. ns of sales «b,w», less 
Rearms flO.OM. CCA pre-tax prom £374.000 
<MSG,M0 historical). Meeting, Belfast, > 
Mas 23. noon. 

FUNDI N VEST — Interims dividend 
i wap lO.OTBpt tui on account of rix 
months lo March 31. 397S. Cross income 
£551.299 (OtU&U Net revenue '7T6 fCz 
t ff agwv after interest and esnewex 
134.477 U22.mt. but btfore tax ftO.M 
ifus.wn. Net asset value per 25p, 
capital share Mt> M March 31 «tC4p at 

S *CUMULUS* > IHVEFT.B.T TRUST » 
CUMULUS FINANCE COMPANY -For 
six month* la March 31. W7S. lotal 
■revenue £53. STB unMK Interest and 
,- menses £33.184 ■£«.««»; tax O.B3 
(rt.flSS); and net remme £lB.67t iCi 
EarnJiiKS P*T . 2SP share D.Mp I8.«ni. 
Nt-r asa-ls Him- i a ■«">■» a* 1 D 2L*j ,arc 
•So (32pl. Wholly-owned subsidiary, 
cumulus Systems, nw «fflselWawd. drawn 
profit before la* or f 1.4M illO.TMi. 

DERBY TRII5T— Net asset value per 
rsplial bharc for quarter to Mareti 3L 
HW*. £7.43. AEuiwt £3.4a, al at Derem- 

M*YIM *s 8 — Tarno wr on tsm .3ft: 

SfSum. Pre-tax pro® CM 95 

.,u«hi Tm— oflrreat I3O.01S iBTiSili 
is' Prior year credit X.690 mill. Add 
S^SnSmtry ««n rsrro i£5 Net 
SnftO&JS? Itassnt. Ear-nines per 
SSre 1«P '13.401- DIvMon) 5P «4-hp» 
gut holders have optton to 
t» lira of dividend. 

•lTIFUND— G ross revenue fur > ear 10 
uSS »T»nr ES5fi .nr t£3tiOM>. Net 
r»v!nne £313 000 fflTS 5?T* after all 
gSVm- “drains tax o< £112.781 
(£103 GBSl. Flnal on “‘TO™*' ahares a-3o 
<7.2P» »ra on capital share* , 

SSSrtSWF !■**» ait 2 «»> , 

siorre RBSTAURAKT-For HITT sales 
. mi ere . pT^-ias proHf 

miu iC1£.BS3> TaS £34.000 t£7S.OOOt. 
(Krotil £41.184 i £87.083*. Jjmto w; 

‘share 18.47H t2(L«iP». «« dividend 
I.93270P tl.TSrapl. 


BP Group’s capital expenditure -1977 


U.K. 39 :: 


M&a 

AMERICA 21% 


REST OF 
THE WORLD. 
79% • 


REST OF 
EUROPE 21% 


Europe 

The surplus of shipping and distillation 
capacity in Europe resulted in unprofitable 
trading conditions. BP is taking steps to 
tackle this.problem, including temporarily 
closing its Rotterdam refinery and laying-up 
five supertankers. 

The USA & 

BP’s stake in the United States 

increased in 1977 with the completion of the 

Trans-AlaskaPipeline- System and the start 
of crude oil production from Prudhoe Bay. 

... Sohio has made progress in its ^ 
discussions witLthe Stateof CaKfomia 
about the building of the Trans-US pipeline. 
Such a pipeline will ease the.problems of 
marketing Alaskan, crude. 

- Profits from the United States are 
expected to ris&substantially over last year’s 
level -of some £30 million. 

Stockholders : ^ 

TheGraup ; g^ained 70,000 new 
stockholders in l§77 a - following the sale by the 
UK Government of 17.2% of BP’s stock.This 
brings the total to 204,000 including those in 
the United States. Dividends paid for 1977 . • 
amounted to £87 million, representing less 
than 2% of capital employed. A further £30 
million has been reserved for dividend 
distribution when government policy allows. 


North Sea 

BP’s production of North Sea oil will 
continue to increase, with the Forties Field 
now producing 500,000 barrels per day. and 
with the commi ssioning of the Ninian Field, 
in which BP has a significant stake. 1978 will 
also see the final repayment of the Forties 
field loan. 

In the long term, the government will 
take 75% of all BP’s North Sea oil profits by 
way of taxes and royalties. 

Investment 

Overall investment will run at some 
£1,250 million in 197S and. in the UK sector 
of the North Sea, will include starting on the 
5-year programme for the development of 
BP’s Magnus Field and continuing the 
development of the Buchan Field. 

Further investment is also planned for 
BP’s refining and marketing activities in 
order to improve profitability. 

Our return on capital employed - 
9.8 per cent - is unsatisfactory to maintain 
our business in the face of inflation. 

A Continuing International Role 

1978 is a year in which we expect progress 
on many fronts .We shall continue to trade 
and explore world-wide, and to extend our 
interests in other forms of energy - for 
example, coal - and in other activities such as 
mineral exploration, nutrition and the sale of 
technology. 

With a track record for finding oil 
which is the envy of every other oil company 
in the world, we look forward to the future 
confident in our efforts to find and develop 
more of the world’s energy. 


If you would like a copy of the 1977 BP 

Annual Report please return the coupon. 

To:The Secretary. 

The British Petroleum Company Limited, 

Britannic House, Moor Lane, London, EC2Y9BU. 


Address.. 


The British PetioieiAn Company limited 












so 


BIDS AND DEALS 


. Financial Times 

UDS ahead £3m.: begins well 


Advertisement 


PSESS RELEASE 

Toronto Dominion Bank 

Mr. CD. Malmaeus, formerly Super- 
intendent, Europe & Africa, Head Office, 
Toronto, Canada, has been appointed 
Manager, Eurocurrency Marketing and 
Syndication. Mr. R. A. Pearce has been 
appointed Assistant Manager, Euro- 
currency Marketing and Syndication. 

This new department, located in the 
Regional Office, Europe, Middle East and 
Africa, London, will focus on the develop- 
ment of lending opportunities in the 
syndicated Euromarkets. It will also be 
responsible for co-ordinating overall 
activities in the London market for other 
geographical areas outside the Europe, 
Middle East and Africa area. 

pnfl Toronto Dominion bank 

EUtJd where people make the difference 

WtiiiUv..d**j»ein!.c<ea CAN 'iid -billion Head oil ice -Toionlo- Dominion Centre, 
r.vomo Canada Regional OMictf-S'urope. Middle E*-.t and Alnr a 
Si Helen .. 1 Ui'dervJuir. London £CoA SHU. Telephone 01-283 OOll 

O THERINTERNA TIONAL OFFICES 

Frankfurt Las Angeles Jakarta Mexico City Abu Dhabi 
New York Chicago Bangkok Panama Dubai 
San Francisco Singapore Taipei Sao Paulo Teheran 
Houston Hong Kong Tokyo Beirut 


Mardon spending £3.3m 
on American expansion 


Mardon Packaging . Inter- 
national. the jointly owned 
packaging vehicle of Imperial 
Group and B. A. T, Industries, 
has acquired the Western Litho- 
graph division of Diamond Inter- 
national Corporation for S6bn. 
(£3.3m). 

The acquisition has been made 
by Mardon's 75 per cent, owned 
Canadian subsidiary, Lawson and 
.Innes, as part Of its expansion on 
the American continent. Mardon 
also bought Michigan Litho- 
graphing of Grand Rapids, 
Michigan, in March this year. The 
combined turnover of the two 
newly acquired companies was 
about $24m. in 1977. 

Western Lithograph is a web 
printing company based in Los 
Angeles. Its activities will be com- 
plementary to those of Lawson, 
making the group "one of the 
bigger North American web 
printing businesses” according to 
Mr. John Allan, croup financial 
controller oF Mardon, yesterday. 

Mardon hopes that the applica- 
tion oF its expertise in web print- 
ing will improve the profitability 
of Western Lithograoh and that 
the combined size will also bring 
advantages. The Fact that the 
market for web printing in CaK- 
romia is growing also added to 
Western Lithograph's attractions. 

VICKERS 

Vickers yesterday confirmed 
that it had received a bid 
approach For Its 72 per cent, con- 
trolling ii>tcre<t in Canadian 
Vickers— which in its last balance 
«heet showed net current assets 
of *C25m. <£I2m.l. 

Last year profits af the 


T.C.Harrison 

Foid. JCB, Vdiuhalt & Bedford Main Dealers. Ftsei Sales. Vehicle Leasing. Hire Purdu.e 

Record profits for eleventh successive year. 
Pre-tax profits increased by £1 ,21 2,000. 
Maximum permitted dividend. 

Earnings per share increased by 50%. 


Canadian subsidiary fell from 
£2. 6m. to £2.4m. reflecting the 
problems, within the Canadian 
economy. The subsidiary's largest 
profit contributor is its nuclear 
engineering interests. H also 
produces steel products and has 
a large ship repair business. 

UNITED BISCUITS 
BUYS MOO COW 

United Biscuits (Holdings) has 
acquired Moo Cow Bakeries and 
its associated companies for 
Xl.ldm. cash. 

Moo Cow Is a Frozen food manu- 
facturer supplying the U.K. cater- 
ing trade with a range of gateaux 
and dessert products under the 
Moo Cow label. 

Mr. Ian Miller, the managing 
director of UB (Frozen Foods) 
has joined the Board as chair- 
man. The acquisition represents a 
further »stension of UB's in- 
terests Into catering. 

SINGLO BUYS 
BOULTON POTTERY 

Singlo Holdings has acquired the 
fixed assets, including Freehold 
property and stock of. Boolton 
Pottery of Newton Abbot, Devon. 

The tola! consideration 
amounted to £.'15.00*1 in cash and 
the issue of SO.OOO Single ordinary 
shares. The book values of the 
assets being acquired amount to 
approximately £45,500. 

No meaningful historic profit 
or loss figures are available in 
respect or the assets acquired. 
The business will be amalgamated 
with that of Singlo’s wholly- 
owned subsidiary, Purbeck 
Ceramics, and will continue to 
be managed by Mr. W. Bo upon. 

Its products will increase Bur- 
beck's product line and it is 
anticipated that the whole of the 
output of Boulton will be sold 
through Pur beck's existing 
outlets. 


Counties Construction for £72,000 
cash. 

WCC (formerly David C. Elmer) 
is based at Witney and operates 
a building and contracting 
business In the Oxfordshire, 
Birickuightunshire and Gloucester- 
shire areas. At January 31. 197S. 
WCC had net tangible assets of 
£263.000. and is expected to earn 
a pre-tax profit of not less than 
£50.000 in the current period end- 
ing September 30. 

Tt is the intention of Nash that 
WCC will form a building and 
contracting division. 

D. B. VOSPER IN 
JOINT VENTURE 

Single Buoy Moorings Inc., of 
Fribourg, Switzerland, and David 
Brown-Vosper (Offshore) have 
formed a new U.K. joint company. 
Single Buoy Moorinos (DBV) 
which will incorporate DBVs 
single point mooring buoy in- 
terests. The major shareholder 
will be SBM Inc. 

The new company will under- 
take contracts For the design, 
construction and installation or 
offshore mooring buoys and other 
projects in the North Sea. and 
will also provide an engineering 
capability to support SBM Inc. on 
projects in other parts of the 
world. 

MOORSIDE/ LONDON 
& ST. LAWRENCE 

Completion of possible merger 
negotiations between Moorside 
Trust and London and St. 
lawrenee Investment Company 
now awaits the decision of the 
special tax commissioners — who 
met on April 27 — on certain lax 
matters relative to Moorside, the 
directors state. 


AFTER RISING From £3.37m. to 
£4.4m. at halfway, taxable profit 
of UDS Group ended the January 
2S, 1978 year up from £16.18m. 
to £1 0.18m. Turnover for the 
period climbed, from 129552m. to 
mi27oL 

The current year" has also be- 
gun well with all divisions pro- 
ducing higher sales and profits 
in the first quarter- While the 
directors consider it too early to 
accurately forecast the .full year 
outcome, they say a continuation 
of the current trend would 
produce a significant improve- 
ment 

■Riey say that in 3977-78 
Richard Shops. Williams Timpsorr 
and John Farmer all produced 
improved results and indications 
are that this year, .will „ show 
further progress. 

Menswear sales showed an im- 
provement in the autumn which 
has since continued. 

With the introduction of an ex- 
tended merchandise range, and 
the efTecr of substantial shop 


modernisation the directors arc 
confident the current year will 
produce an upturn .In profits 
from the mensweor chains. The 
programme of -factory closures is 
now complete. 

The department store division 
brought in improved sales and 
profits. The extension to Allders’ 
of Croydon produced higher re- 
sults, and the development pro- 
gramme for the . rest or the 
division will lead to progressive 
increases In sales and profits,' 
directors say. 

. The home shopping and mail 
order division showed sales 
growth and increased profits and 
a drive for sales and agency 
growth is producing encouraging 
results. 

Export and overseas sales, 
mainly from duty free shops in 
airports and on ships. Improved 
to £4S-9m.. a £i3.1m. increase. The 
fall in the value of the li.S. 
dollar deferred a corresponding 
Increase In earnings from this 
source, which should come 
through this year. 


A professional property 
valuation, which will show a sub?* 
st an rial surplus, over book value i[ 
will be completed this year, 'll | 
Attributable profit was £15.43 dJ ' 
(£1 5.3510.) and - earnings per 25 * 
share are shown at 8.7 p again* i, I 
8p last time. A final dividend ofv 
3p -takes life total payout -to Sin' < 
(«p) net * .:i 

'• See Lex f; ; 


Border and 
Southern 


After, tax of £468313. compared 
with £484,209 previously, profit oj 
Border and Southern Stoekholfag 
Trust rose from £711.541 u 
£$04,111 in ihe March 31, lsfn 
year. 

Net asset value per 50p shar* 
is shown. Bl 386 .2 p (340.7p). Dir?<v 
tors propose subdividing tha 
shares inio five 10p units. The in. 
terim dividend has already bee. 
announced. 




National and 
Commercial 
Banking Group 
Limited 


Preliminary Announcement of Results 
Six months ended 31 March 1978 

The directors of National and Commercial Banking Group Limited report the 
following results for the six months ended 31 March 1978: 


1977 

£000's 


1976 

£OOOs 


outlets. COWIE SELLS 

COLMORE STAKE 

HAVEN AUTOMATION t_ cowie has sold its holding of 
The John Wood Group has 1499,368 shares in Co I more In- 
acquired Haven Automation U.K. vestments for £3S5,0SS cash. Pm- 
and Haven Automation Ireland ceeds will be used to expand the 
from the Welsh based Richard Cowie group- 
Hajes Investment Group. 

ta e.« e TAYLOR PALLISTER 

tricai and instrumentation ser- London and European Group 
vices to the petro-chemical indu^ has parc hased 188.950 shares (27.7 
try throughout the U.K., Ireland per cent.) of Taylor Pallister. the 
and the Middle East, as well as engineers and marine ancillary 
in the manufacture of a wide equipment manufacturers, 
range of control panels and elec- ,21 . . ... „ 

ironic test equipment for the LEG bought 183-4o0 shares on 
home and overseas markets. April 28 and -».a00 snares on 


tronic test equipment for the 
home and overseas markets. 


Turnover 

45,637 

27.872 

Profit before tax 

2.315 

1,103 

Earnings per share 

1 5.73 p 

1 0.47p 

Dividend pershare 

4.1 248p 

3.66p 


The acquisition wOI strengthen May 2. East Rand Consolidated 
the Wood group's range of con- sold ils holding of 180,9oU shares 

struction and maintenance ser- <> n April 28- 

vices to the oil industry both on 

and offshore, as well as signific- - — — — — 

antiy adding to the growing 

manufacturing capacity in the 

specialist electrical fields. T1 


"The year has started extremely well. I am confident 
that subject to unforeseen circumstances the 
Group will again achieve record results in 1978". 

T. C. Harrison, Chairman 

TCH 

Copies of the Annual Report can be obtained from GROUP 
the Secretary. 53-67 London Road. Sheffield S2 4LD — ■■ 


HARDY 

In order to simplify the capital 
structure of- the group. Hardy 
and Co. (Furnishers) is making 
an offer of £2.50 per share in cash 
for the 4,955 Cumulative . Prefer- 
ence shares of £5 each not already 
owned in its Irish subsidiary com- 
pany, Millar and Beatty. 


Rumours 
denied 
by Bibby 


ASSOCIATES DEAL 

J. Henry Schroder Wagg 


" The J. Bibby and Sons’ share 
price slumped by 13p to 222p 
yesterday after the chairman 
designate, Mr. Leslie Young, stated 
and that there was "no foundation 



Henderson 

North American 
Gross Fund 



Henderson North American 
Gross Fund offers a simple 
method for wholly exempt 
pension funds and charities ro 
invest in the important US and 
Canadian markets which we 
believe represent good long 
term value. The Fund is 
managed on a day-to-day basis 
by our North American 
specialists in an organisation 
with over 30 years of American 
investment experience. Since 
the Fund was reconstituted as a 


North American Gross Fund on 
the 15 th November, 1976 it has 
outperformed the Standard 
and Poors Composite Index by 
I4° 0 . The composition of the 
Portfolio which is invested 
60% through a dollar loan is 
as follows : 

Consumer Non-Durable 3 6" * 
Consumer Durable 8 0 o 

Money Sensitive g° Q 

Natural Resources 12% 

Industrial Goods and 
Services 10% 

Capital Goods 25% 

For further details of this Fund 
(dealings are weekly on Friday) 
and.the pension fund 
management services we offer, 
please contact Colin Day, 
Henderson Administration Ltd* 
11 Austin Friars, 

London EON 3ED. 
Telephone: 01-58S 3623, 


Co. yesterday sold 30.000 Wheat- whatsoever in the latest output 
sheaf at 19fip and 7,500 at 195p of . h ) 6 rumours.’ Speaking at a 
on behalf of associates celebratory luncheon to com- 

memorate thet group's centenary, 
J. F. N4SH Mr. Young suggested that there 

j IT Nash Securities has are People who have perhaps an 
acquired the capital of Western “ unvested interest" in starting a 
- rumour. 

He admitted that there was a 
very narrow market in Bibby 
shares and this contributed to 
their volatility. He estimated that 
the quantity of "floating" shares 
is probably no more than 10 per 
cent of the totaL Approximately 
57 per cent, are held by the Bibby 
family and Tiger Oats. From time 
to time there have been rumours 
that Tiger, a highly successful 
South African company, might bid 
for Bibby, which is currently capi- 
talised at £18m. However. Mr. 
Young reiterated a statement 
made by Tiger In October 1976 
that h had no intention of in- 
creasing its stake beyond 30 per 
cent other than in the event 
of an offer being made for Rihby 
by a third party. “That situation 
still stands to-day," said Mr. 
Young. 

On the current year's outiook 
Mr. Young predicted further pro- 
fit growth. "I am expecting a 
lower profit out-turn in feeds and 
seeds; a modest gain in farm pro- 
ducts and a more significant gain 
in both edible oils and paper and 
converted products.” He added 
that he saw no reason why the 
group should not achieve an 
average of at least 15 per cent, 
annual growth in earnings per 
share over the next three years 
and would “significantly increase” 
dividends if restraint ended. A 
50 per cent increase “would not 
be unreasonable.” 


Operating profit 

The company and its subsidiaries 
Share of associated companies 

Group profit before taxation and 
extraordinary items 

Taxation 

The company and its subsidiaries 
Share of associated companies 

Profit after taxation but before 
extraordinary items 

Preference dividends 

Profit ea rned for ordinary shareholders 
before extraordinary items 

Extraordinary items less taxation . 


Ordinarydividend (3,090) (2,809) (5,918) 

Retained profit 9.241 10,909 21,411 

Earnings per 25p ordinary share 5.5p 6.8p 13.4p 

Interim Statement 

The unaudited operating profit of the company and its subsidiaries amounted to 
£21 ,303,000 for the six months to 31 March 1 978 and this compares with a profit 
of £27,075,000 for the corresponding period in the previous year. After adding the 
share of associated companies' results the Group profit before taxation, of 
£26,274,000, was Just over 15 percent, lower than last time. 

Although average volumes of both deposits and advances for the six months to 
31 March 1 978 were somewhat higher compared with the corresponding period 
last year average base rate fell sharply from 13.02 per cent, to 6.56 per cent. The 
resulting lower net interest earnings together with higher operating costs were only 
partially offset by a rise in commission and fee income betweervthe two periods. 

The increase of 23 per cent, in the share of profits from associated companies was 
largely due to improved results from Lloyds and Scottish Limited and Finance for 
Industry Limited. 

Half-yearly dividends on the 11 per cent, and 5% per cent, cumulative preference 
shares have been declared by the directors at the rate of 3.85 per cent, and 1 .925 per 
cent, respectively. These dividends will be paid on 31 May 1978. The directors 
have also declared an interim dividend on the ordinary shares for the year to 
30 September 1978 of 1.375p per share compared' with 1J25p per share paid last 
year. This interim dividend will be paid on 3 July 1 978 to those ordinary share- 
holders registered on 26 May 1 978. 


6 months 
ended * 
31 March 
1978 

6 months 
ended 
31 March 
1977 

12 months 
ended 
30Sepr. 
1977 

£000 

£000 

£000 

21,303 

27.075 

55,952 

4,971 

4,040 

8,143 

26,274 

31,115 

64,095 

(11,232) 

(13,613) 

(29,511) 

(2,544) 

(2,190) 

(4,422) 

12,498 

15,312 

30,162 

(27) 

(27) 

(54) 

12,471 

15,285 

30,108 

(140) 

(1,567) 

(2,779) 

12,331 

13,718 

27,329 

(3,090) 

(2,809) 

(5,918) 

9.241 

10,909 

21,411 

5.5p 

6.8p 

13.4p 


4 May 1978 


J 0 Blair-Cunynghame, Chairman 


The Royal Bank of WILLIAMS & GLYN’S 

Scotland Limited *£ BANK LIMITED 


CREDITO COMMERCIALE 

MILANO (Italy) 

Chairman: dott ing. Carlo PESENTI 
Vice-Chairmen: dott. ing. Ettore LOLLI, dott ing. Giampiero PESENTI 
General Manager: dott. Giuseppe LAZZARONI 
Capital and reserves Lit. 56,680,954,902 
BALANCE SHEET AS AT DECEMBER 31. 1977 


LIABILITIES 
Deposits 


Equivalent 
in million 


1,490,728,283,240 


ASSETS 
Cash and 


Equival 
in mill 
£ L 


Contingent Liabilities 
Capital and Reserves .. 
Net Profit for the Year 


174,151,715,501 

117 

199 

BanKs at sisht 

201,390,876.533 

136 

136,662,853,364 

92 

156 

Official Reserves 

183,374,727,406 

124 

54,208,466.928 

37 

62 

Government and other 


4,061,614,708 

3 

5 

Securities 

480,148,123,980 

324 



Customers 

Premises and Equip- 
ment 

Others • 

Contingent Liabilities 


595, 2S5, 963,676 

26,989,309,408 

235,961,079,374 

136,662,853,364 


KiWWlJi 


Administration Limited 


1,859,812,933.741 1.255 2,128 

Contra Accounts 55S.804.80 1.733 377 639 Contra Accounts 

2,418,617.735,474 1,632 2,767 

Net profit for the year: Lit. 4,061 million lire i increased by 33%) out of which 
— Lit. 1,500 million distributed ( Lit. 250 per share: previously Lit. 120) 

— Lit. 2,450 million passed to the Ordinary Reserve 


L859, 812,933,741 1.255 2 
Contra Accounts ...... 55S, 804,80 1,733 377 


2,418,617,735,474 1.632 2 


i 



31 





111 



av 5 


1* 


vve| 


Financial Times Friday May 5 1973 


,i 


\ . § \'\J 

h.i ■” ■;* ; ' 

' i-., 


T : ‘H(i 
ii'rn 


INTERNATIONA! FINANCIAL AND COMPANY NEWS 







lesuits 

378 

• • ‘ t • *! i 


AMERICAN NEWS 

White Weld 

economist 
quits post 

By John Wyfes 

NEW YORK. May 4. 
MR. A. GARY SHILLING, senior 
economist at White Weld, and 
Co., has resigned his post in what 
is believed to he the first major 
defection since White Weld was 
acquired by Merrill Lynch in the 
middle of April. 

Mr. Shilling, a highly respected 
figure on Wall Street, is under- 
stood to have handed in his 
resignation soon after Merrill 
Lynch's surprise $50m. purchase 
was announced on April 14. A 
former employee- of.. Merrill 
. Lynch, he moved to White Weld- 
after a rumoured poUcv dls* 
aereement with Mr. Donald 
Regan, chairman- .of’ Merrill 
Lynch. 

Merrill Lynch has been reluc- 
tant to discuss staffing changes 
following the acquisition, but 
Wall Street has been alive with 
stories OF White Weld analysts 
both bunting and being bunted 
for . other positions: There is 
considerable overlap between 
analysts in tbe two companies, 
as indeed there was at tbe level 
of senior economist, a post filled 
at Merrill Lynch by Mr. Alvert 
Gox. “You only need one 
economist,” said a source at 
Merrill Lynch this morning, con- 
firming that Mr. Shilling, had 
left. 

Meanwhile,. Credit Suisc's 
option to buy out the 31 per 
cent, stake in the European 
Investment Bank, Credit Suisse 
White Weld (CSWW) now held 
by Merrill Lynch, becomes 
effective to-morrow. Although 
Credit Suisse, CSWW and 
Merrill Lynch have been dis- 
cussing possible areas of co- 
operation. Credit Suisse is con- 
fidently expected to exercise its 
option during the 10 days 
allowed by the original Merrill 
Lynch-White Weld agreement. 


LTV first quarter loss 
worse than anticipated 


BY STEWART FLEMING 

LTV. the U.S. conglomerate 
which is seeking to merge with 
Lykes th create the third largest 
steel producer in the U.S., to- 
day announced a heavy first 
quarter loss of $25m. 

The LTV figure is almost 
identical with tbe lass of £25.9m. 
which Lykes itself announced 
earlier for its first quarter. The 
proposed merger is being 
ex ami ned by the Justice De- 
partment on anti-trust grounds, 
but most analysts expect it to be 
approved since it is being pre- 
sented on the grounds that 
Lykes could be forced into bank- 
ruptcy without the alliance. 

While Lykes* problems were 
we! I known, and LTV itself 
suffered a loss of S59.4m. in 
1977, partly as a result of the 
costs of closing several plants, 
the first quarter figures for LTV 
are worse than many analysts 
had anticipated. 

LTV. which achieved notoriety 
as Ling Temeo Vought. one of 
the. most aggressive conglomer- 
ates beaded by Mr. James Ling, 
has in recent years cut back on 


the range of businesses in which 
it operates, and is now engaged 
in aerospace, foods and steeL 
Jones and Langhlin SteeL Its 
steel subsidiary, is the seventh 
largest producer in the U.S. 

In its quarterly earnings 
statement. LTV said that both 
its food and erospace units re- 
ported operating profits, but that 
the coal strike badly hit its steel 
business, with Jones and 
Laughlin reporting an operating 
loss of S15.5m. for the quarter 
compared with S3.1m. loss in the 
first quarter of 1977. 

Analysts point out that in 1977 
the company’s food and aero- 
space businesses also found the 
going hard, with the food busi- 
ness losing money in 1977 and 
Aerospace profits down by 
around 12 per cent at tbe 
operating leveL 

LTV officials say that they 
expect to share, in tbe recovery 
in the steel industry which 
major companies are predicting 
for the second quarter. Heavy 
steel demand has recently lifted 
operating rates in the industry 


NEW YORK, May 4. 

to around 90 per cent., accord- 
ing to the American Iron and 
Steel Institute, and LTV says 
that M on the basis of continuing 
strength in the markets for 
automotive and oil goods, as 
well as the absence - of further 
penalties from -the coal strike, 
the company expects its steel 
operations to improve sub- 
stantially during the remainder 
of the year. 

It added that there was a 
further decline in operating 
income from its Vought aero- 
space unit because of fewer 
deliveries of military aircraft; 
but its Wilson Foods unit 
reported an operating profit in 
the quarter of $1.7m. against a 
loss of Sl.fim. a year ago. with 
improvements due entirely to 
fresh meat operations. Meat 
prices, especially in beef, have 
been rising sharply recently. 

In spite of the brighter fore- 
cast, -analysts say that assuming 
the merger with Lykes goes 
through, the company is still 
facing a difficult period. 


Arabs ‘may buy Corco refinery’ 


BRIEFLY 

Steady progress 
at Ahmanson 

REPORTING FIRST quarter net 
profits. H. F. Ahmanson says 
the per share amount comes to 
SI. 14 against 83 cents last year. 
Monarch Machine Tool was simi- 
larly ahead with S1.12 against 76 
cents while Chicago Pneumatie 
Tool showed 95 cents, up from 
:’.9 cents for tbe previous year’s 
first period. At Maryland Cup 
Corporation, the gain was from 
55 cents a share last time to 5S 
cents this year, while Niagara 
Mohawk Power came in wilhTS 
cents against 77 eenis. 

Also for the first quarter, 
Jefferson-Pilot Corporation re- 
ports a gain to SI cenls a share 
fmm the 75 cents last time while 
Emery Air Freight showed 65 
cents against 53 cents. Charter 
Com pan was also ahead wilh a 
net of 14 cents a share against 
. a net from continuing ojtvr.iUmis 
Iasi time yf 6 cenls. Soul I ktii 
N ew England Telephone reports 
a j-'am with SI.43 going against 
$ l .05. 


AN ARABIAN group, - First 
Arabian Corporation, is reported 
to be discussing the purchase of 
a controlling interest in the 
Puerto Rican refinery of the 
troubled Commonwealth Oil Re* 
fining Company. 

Mr. Roger E. Tararaz, chair- 
man of First Arabian, a Luxem- 
bourg-chartered holding company 
controlled by Middle East inves- 
tors, confirmed in an interview 
published in the New York 
Times lhat he had discussed the 
possibility of buying into Corco, 
which has refining operations 
and petrochemical plants in 


Puerto Rico and which has filed 
for court protection under the 
Federal Bankruptcy AcL 

First Arabian’s discussions 
were with Tesoro Petroleum 
Corporation, the Texas-based oil 
and gas company which holds 
36.7 per cent, of Corco, the larg- 
est single holding. 

Meanwhile, a U.S. judge in 
San Antonio. Texas, has removed 
a federal bankruptcy judge 
handling Corco’s proceedings 
under Chapter 11 of .the 
bankruptcy laws. 

The removal, which was 
ordered hy Chief U.S. District 
Judge Adrian A. Spears, fol- 


NEW YORK, May 4. 

lowed a motion filed by the 
Puerto Rican government alleg- 
ing that the judge concerned. 
Judge Bert W. Thompson, had 
made derogatory remarks about 
Puerto Ricans. 

A further motion from the 
Puerto Rican government, re- 
questing the transfer of pro- 
ceedings from San Antonio to 
San Juan in Puerto Rico, will 
be heard in the San Antonio 
court on May 15. Although 
Corco is based in San Antonio, 
it operates a Slbn. oil refinery 
and petrochemical complex in 
Puerto Rico. 

Agencies 


Boom in retail sales continues 


LEADING U.S. retailers have 
continued to produce rising sales 
figures for April, with the 
notable exception of F. W. Wool- 
worth. whose consolidated sales 
for tbe 4 weeks to April 25 at 
$404m. Showed a decline of 
OR per cent, in last year’s com- 
parable figure of S407iu. 

Sears Roebuck saw its gross 
sales for the four-week period 
lo April 29 increase by 13 per 
cent, on the 1977 Ggure to a peak 
$l.52bn. a boosting the lulal lur 
ihe 13 weeks lo that date by 13 
per cent. lo a record $4.52bn. 

J. Penney Featured with 
a 19.6 per cent, increase in April 


sales from the 1977 level, making 
a first quarter sales gain of 20.5 
per cent. Volume for the four 
weeks to April 29 was a record 
S715m.. against $598m. for the 
comparable period last year 
which included Easter, while 
first quarter sales reached a 
peak Sl'.17bn., against SLSObn. 
luM.-year, . 

K Mart Corporation reports 
from Troy, Michigan, that sales 
foi; the four weeks ended April 
26 were S7 93.9ui., against S738.6m. 
for the same period last year. 
This boosted figures for the 13- 
week period to that date by 12.6 
per cent., from S2.02bn. to 
S2.2Sbn. 

Meanwhile, in Chicago. Mont- 


NEW YORK, May 4. 

gomery Ward, a unit of Mobil 
Corporation, said sales for the 
four weeks ended April 29 rose 
8.4 per cent to 8373.1m., S344.Im. 
a year ago. First quarter sales 
rose 6.5 per cent to SL08bn from 
Sl.Olbn. a year earlier. 

In St. Louis. May Department 
Stores reported April sales of 
S170.4m., an increase aT S.2 per 
cenL over last year’s $157.4m. 
For the 13 weeks, sates increased 
7.1 per cenL to S508.4m. from 
8474.7m. 

Carter Hawley Hale Stores 
boosted its April sales by 2L8 
per cent., from S97m. to 811822m. 
This boosted first quarter sales 
by UB per cent, from 5307.9m. 
in 1977 to $344 .3tu. 

Agencies 


Upturn at 

General 

Dynamics 

ST. LOUIS. May 4. 
REPORTING an increase in first 
quarter profit General Dynamics 
Corporation, the major U.S. air- 
craft and building materials con- 
cern, says that its aerospace units 
and the Quincy shipbuilding divi- 
sion were the major contributors 
to earnings. The company’s coal 
raining operation, however, had 
“ a substantial loss H during tbe 
quarter. . 

Net profits for the company 
rose by 4.7 per cent to $l9Rm. 
or $1.86 per share during the first 
period compared with the same 
period of last year. 

The company notes that the 
1978 first quarter includes a 
$l-9m. credit equal to 18 cents 
per share received from Federal 
Express Corporation. This 
amount was in payment of a loan 
previously written off plus past- 
due interest mid dividends. 
Agencies 

Du Pont in 
Conoco deal 

WILMINGTON. May 4. 
DU PONT the- chemicals major, 
has signed a letter of iDtent with 
Continental Oil on the formation 
of an oil and natural gas explora- 
tion partnership in Texas. 

The proposed joint venture 
calls for a total 8130m. expendi- 
ture over a five-year period. 

-The proposed partnership, to 
be called Con o co-Du Pont 
Exploration, would be operated 
by Continental Oil and owned 
two-thirds by Continental and 
one-third by Du Pont. 

AP-DJ 

Teledyne 
stake sold 

CINCINNATI. May 4. 
CERTAIN American Financial 
Corporation subsidiaries have 
sold 445, 050 shares of Teledyne, 
according to Mr. Carl H. Lindner, 
chairman and president of 
American Financial. 

The sale, to Teledyne. was 
worth about 540m. based on the 
current market price of Teledyoe 
stock. Tbe purchase price is pay- 
able in cash and notes. 

AP-DJ 

Phoenix Steel 
predicts profit 

WILMINGTON. May 4. 
PHOENIX STEEL Corporation 
president Mr. Eugene D. Hug 
told the annual meeting that the 
company “ can achieve profit- 
ability in the second- quarter ” of 
this year, marking the first time 
the company has had a profitable 
quarter since the first period of 
1975. 

The positive outlook is due to 
increased volume and ‘ continued 
progress in our operating effi-' 
cicncy." In the second quarter 
of las! year the company had a 
net loss oE S3.ini. on sales of 
£22 -2 m. 

AP-DJ 


Heinz offer agreed 
by Weight Watchers 


BY DAVID LASCELLES 

f 

H. J. HEINZ, the major food 
company which is in the process 
of building up its home base 
after years of expansion abroad, 
to-day announced that it had 
reached an agreement in prin- 
ciple to buy Weight Watchers 
International, a large diet food 
maker, based on Long Island. 

This is Heinz's second acquisition 
this year, underlining its new 
interest in the U.S. market 

To-day's announcement said 
that Heinz would buy Weight 
Watchers for $24 a share, total- 
ling S71m., subject to. the 
approval of the Boards of both 
companies and to the satisfaction 

of Heinz “ as to certain aspects 
of Weight Watchers’ business. ** 

Weight Watchers’ sales last 
year were S39.2m. and produced 
earnings of 53.7m. As its name 
implies, the company capitalises 
on the enormous market created 
by weight-conscious Americans. 

It operates mainly by selling 
licences to food manufacturers to 
produce diet foods in line with 


NEW YORK, May 4. 

Weight Watchers’ specifications 
and bearing the Weight Watchers 
trade mark. But it markets 
these foods mainly through 
weight loss classes, which it 
runs either itself or through 
franchises both in the U.S. and 
abroad. 

However, one of the conditions 
attached to Heinz’s acquisition is 
that Weight Watchers amend its 
licence agreement with Food- 
ways National, the company 
which Heinz bought in February 
for approximately S50m_ in order 
to avoid conflict. 

Foodways. whose sales reached 
538m. last year and earnings 
S3 -9m., is a major producer and 
marketer of frozen meals, 
bouillon cubes and sugar sub- 
stitutes bearing the Weight 
Watchers trade mark. 

At the time. Mr. R. Burt 
Gookin. vice-chairman and chief 
executive officer or Heinz, said 
that the acquisition of Foodways 
would open the way for Heinz 
into the weight control and nutri- 
tional fields. 


Brazil investment rise 

RIO DE JANEIRO, May 4. 


BY DIANA SMITH 

FIXED investment in industrial 
projects approved by Brazil’s 
Council of Industrial Develop- 
ment picked up' by an average 
9 per cent, in the first quarter of 
1978. 

Tbe total for the period was 
5426m.. compared with 8389m. in 
the first quarter of 1977. Official 
figures show that an 80 per cent, 
drop in fixed investment in pro- 
jects for the basic metal and 
intermediary metal industries 
was offset by a 90 per cenL rise 
in fixed investment in capital 
goods and a 796 per cent, rise in 
investment in non-metallic 
sectors like cement paper and 
pulp. 

Investment ia the car and car- 
parts industry rose by 102 per 


cent, in spite of restrictions on 
fuel; however, reflecting the 
Government’s call for a decrease 
in consumer demand, investment 
in consumer goods projects rose 
by a modest 20 per cent. 

In contrast to the first quarter 
of 1977. when no projects were 
approved in the chemicals, petro- 
chemical, and pharmaceutical 
sector, a total of SS7m. has now 
been approved. 

Three foreign enterprises — 
Union Carbide, which plans lo 
set up a ethyl-cellulose plant 
(S27.8m.j. Hoechst, which plans 
an organic pigment plant 
and Dow ' Chemical, 
which plans a research centre, 
account for the bulk of this 
increase. 


Tyco lifts Cutler stake 


TYCO Laboratories has bought 
an additional 350,700 shares of 
Cutler-Hammer common stock, 
boosting its ownership in the 
company to 1,416,200 shares or 
about 24 per cent 

According to a schedule 13D. 
filed with the Securities and 
Exchange Commission. Tyco said 
it bought 179,700 shares on Mon- 
day and pn Tuesday another 
171.000. The Tuesday purchases 
on tbe open market were at prices 
ranging from $47.50 a share to 
$48. 

Last Friday, a Federal court 


NEW YORK, May 4. 

denied injunctions against Tyco 
and Koppers from purchasing 
additional Cutler-Hammer shares. 
Koppers at the time owned the 
equivalent of 21.1 per cent, of 
Cutler-Hammer’s stock, including 
650.000 convertible preferred 
shares. 

Koppers had no comment on 
Tyro’S purchase. Koppers said 
it has not purchased any addi- 
tional Cutler-Hammer shares 
since last Friday when a Federal 
Court denied injunctions against 
Tyco and Hoppers from adding 
to their stakes. AP-DJ 


■■■■■. - 


Advance at 
Can Pac 
Investments 

8y Robert Gibbcns 

MONTREAL. May 4. 
CAN ADLAN Pacific Investments, 
holding company for the non- 
rail interests of the Canadian 
Pacific Group, earned $C53.5m. 
(SU.S.47.5m.) or SS cenls a share, 
in the first quarter against 
$C4S.2m. or 72 cents, a year 
earlier. 

Improvements came in the oil 
and gas, iron and steel forest 
products subsidiaries, but most 
of the increase in earnings came 
from S7 per cent, uwned Pun- 
Canadian Petroleum, because of 
high production of oil and gas 
and higher prices. 

Mines and minerals operations 
earned less and the bold subsi- 
diary showed a net loss. The 
improvement in earnings overall 
is not expected to he the pattern 
for the whole year, the company 
says CPI continues to be in- 
terested in further expansion in 
(he U.S. because of a continuing 
unfavourable climate in Canada. 

Royal Bk. of Canada 

THE Royal Bank of Canada, the 
largest bank in the country, is 
offering SCfiOm. uf eight-year 
debentures at par in the 
domestic markc-t through an 
investment group headed !*>• 
Wood Gundy, writes Hubert 
Gib bens from Montreal. 

Canadian Bank rights 

Canadian Imperial Bunk of *'.mn- 
raercc proposes a 1-for-S rights 
issue at $C24 a share lo riiis** 
$C104.5iii., Reuter reports fmm 
Toronto. The new share offer 
is not being registered in the V S. 

Beil and Howell 

Bell and Howell is optimistic 
about its future. Mr. Donald X. 
Frey, chairman and chief execu- 
tive officer, said in remarks pre- 
pared for the annual meeting. 
AP-DJ reports from Chicago. 

Imasco-Koffler 

lmasco. the tobacco to foods 
group, says that more than 9n 
per cent, of the class “ A " and 
class “ B ” shares of Koffl-.*r 
Stores have been tendered under 
its offer which has been extended 
until May 31. AP-DJ repents 
from Montreal. Assuming all 
Koffler's 7.2m. shares ore 
tendered, the offer has ;i total 
value of S65m. 

Alcoa price increase 

Aluminium Company of America 
(Alcoa) is leading an increase 
in the price of can sheet alumi- 
nium. with a 3.4 per cent, rise, 
it was confirmed by Mr, Jack 
Diederich. Alcoa's general man- 
ager. product sales. AP-D.I im- 
ports from Evansville. Customers 
were .informed of the rise on 
Tuesday. 


U.S. QUARTERLIES 


ALBERTA GAS TRUNK HILTON HOTELS 

TELEPROMPTER 


First Quarter 1171 H77 First Quarter 1911 1977 

SC SC S S 

Revenue 106.0m. S6.0m. Revenue 141.0m. 121.0m. 

Net profits 18.0m. 15.0m. Net profits ‘ 20.0m. 13.0m. 

Net per share... 0.49 0.43 Net per share... 1.54 0.88 


First Quarter 11W 1977 

s s 

Revenue — — 

Net profits 2.0m. 1.0m. 

Net per share... 0.15 n.07 


STRAIGHTS 

Alian Australia 6! pc inns 

AM tV fim; 19ST ... 
AiMrjIla Klpv IWK 
Australia a MAS. BlDc U 2 
Euri'layn Bank .''.pc 1902... 
Kimai.ir 91 |n.* IBM 
Call. N. Railway Slur ISSS 
I'n'iiJi Naiuuial J»'pc Iflsn... 

P-timarb dll' Ulb< 

Kli; ■'.'pc IW 3 ..... 

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liriuTsou Mpc W« 

li'iM spe I*Wli Nni , 

«!|. I-iki't Po|ut «;» ’IN* 
H.nnrrKli'r S' pc 1992 

ll'.iirn ijiu-hif Htii- 1102 .. 

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SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Masscr Kcntitton MOt- '91 

Muth-lm 9; pc IMS 

Midland Im. Fin Mpc '92 
National CuaJ Brf. ?>pr 19s« 
Naiioiui Witmnsir. 9nc ‘Sfi 
Ni-wfanudlaiM Opr 19S9 
Hurdle Inr Bk. Mw IW 
Nurpi-i Kum. Bk >lpc 1992 
Norplpc *?pc IK-V ■ • 
Nnruk Hvdro «Jyc 1992 . 

Osin 9|»c IK59 

Pons Amoonmcs Bp*- 19*1 
Piw Qu«'h«n' 9w , '«o 
I'rnf. Swskjrch. 9; pc I kb 

Hi"! I 111 i- r. Min* I Ml 9|K W-T 


Bid 

Offer 


BM 

Offer 

Sr 

■w 

nHM 9pc UK 

Mi 

94 

nr; 

lfCi 

Si'li-rdon Trust Sipc 19RB .. 

91 

92 

tel 

99 

Skand. Buakilda 9p»- ism 

9S4 

10W 

Mi 

9iJ 

SKF Spc lflb7 

Mi 

94 

imj 

inj 

Sweden (K'ltomt St PC 1987 

964 

97 

SOS 

1001 

United Blaculis &tv 1989 .. 

99 

991 

sn; 

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Volvo 8 pc 1967 March 

93 

931 

974 

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m; 

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NOTES 



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9«5 

Australia 7 ? dc 1994 

96 

981 

w: 

101 J 

Bell Canada 7Jpc 19S7 

97 

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911 

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Can. Pac. Sloe I9S4 

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Shareholders of Aktiebolaget Volvo 

The Ordinary General Meeting of Aktiebolaget Volvo 
will be held at the Swedish Trade Fair, Alstroemersalen, 
Gothenburg at 4.30 p.m. on Thursday 25th i May, 1978. 
Shareholders who wish. to attend the meeting should 
notify the Company by-not later than 1 2.00 noon on 
Monday 22nd May, 1 978 either in writing or by 
telephone. 

The Ordinary General Meeting shall be convened to 
consider matters to be dealt with in accordance with the 
Swedish Companies Act and the Company's Articles of 
Association including the reception of the Directors 
Report and audited statement of accounts, the election 
of members and deputy members of the Board and the 
Auditors and the declaration of a dividend in respect of 
the year ended 3‘1 st December, 1 977. it is proposed 

shareholders registered on 29th May, 1 978. 

In order to take part in the Ordinary General Meeting, 
dwphoiders must be registered in their own name at the 
Iwedish Securities Register Centre (VPC) not later than 
1 2th May, 1 978. Shares registered in the names of 
nominees should be temporarily re-registerec I m the 
names of the shareholders.themselves to enable them to 
participate. 

By order of the Board 
BengtAlbrektson, 

Secretary, 

AB Volvo 

S-40508 Gothenburg, 

Sweden 

Tel: 031 -59 11 16 (Legal Dept.) 


April, 1978 



Bid 

Offer 

ECS 84 pc 1950 

85i 

96* 

EEC Ttpc IK 

97 

971 

EEC 71 DC IBM . — . 

W 

96* 

Ensc GulzoJt SI DC 19M - 

87> 

98 

CouverXen 75 pc 'PSJ _ 

97* 

984 

Koch urns Spc ISW 

97J 

9SJ 

Mirhelln 84pc 19S3 . . 

991 

100* 

Montreal Urban Sltrc 1SS1 

1004 

10U 

New Brunswick 8pc 1984 ... 

974 

BS1 

New Bruns. Proc SI pc S3 

1994 

101 

New Zealand 81 pc 1SS6 . 

994 


Nordic Iiw Bk. Tine 1964 

• BS4 

97 

Norsk Hydro 71 pc 1982 _ 

• 074 

9S 

Norway 7*oc 1SS2 

9» 

97 . 

Ontario Hydro 8 pc 19S7 ... 

9H 

Mi 

S toper 81 PC 1982 ... . „ 

HKH 

101 

S. of Scot. Elec; Sioc 1BS1 

OTJ 

loo) 

Sweden iK'donn 7 ‘pc I9R1 

87 

97! 

Swedish State Co 7Soc «2 

974 

SS 

Telmex Wpe ISM 

991 - 

im 

Teuneeo 7;pc 19S7 Mu ... 

S4i 

93 

Volkswagen "Ido 1967 

m 

96 

STERLING BONDS 



Allied Breweries 104 DC '9u 

m 

9U 

tailcorp IPpr 1993 

91] 


Coortanlita 9!pc 1989 

994 

9U 

ECS 9*pc 198S 

944 

954 

E1R 9ipe 19SS 

94* 

93* 

E(B 9ipc 1BK .- 

94 

3a 

Vlnancv for I ml. 92 oc 19S7 

91 

52 

Finance for inrt. looc US8 

914 

Ki 

Flitons IWoc 19P7 

84* 

934 

i Cesteincr Hoc 1868 

84} 

934 

INA lBpC IKS ... 

90J 

9IJ 

1 RowTUrre IBlPc L98S 

BOt 

BU 

Sears l«i»c IBRS 

90* 

81* 

Total Od 9it>c 1964 

53 

94 

DM BONOS . 



.Asian Dev. Bank Sioc 1SS8 

87 

971 

BNDE 8 Spc law 

96 

96] 

Canada 4SPe 19S3 

98* 

99 

Den Norsk? Id. Bk. 8pc '90 

974 

984 

Deutsche Bank 4Jnc 1983 

97* 

98* 

ECS 5Jpc 199U 

m 

964 

EIB aioC 1930 

fai 

98 

Elf Aquitaine Si pc IBS8 ... 

952 

96 

E lira term 54 pc 1SS7 

97* 

9S* 

Finland 5{pc 19S6 

97* 

<86* 

Forsmarks atoe 'B9G ...... 

974 

994 

Mexico See 1985 

93* 

96 

Nonym Sloe 1969 

m 

1004 

Norway 4{pc 18k3 

99 

J00 

Norway 4St»c 1963 

«7j 

HI 

PK. Bankcfl SJpc 19tf 

.954 

B0 

Prov. Ooobec Kpc 1BTO 

964 

97* 

Rauumatti aloe 1SSS _ 

96 

97 

spam one isss 

951 

96 

Trondheim tine mss ..... 

57* 

SS 

TVO Power Co. Spc J9S8 .. 

67i 

BS 

Vetiewela 8oe IBSS 

M4 

971 

World Bank SJpc 1990 ..... 

98 

toi 

FLOATING RATE NOTES 



Bank of Tokyo UK4 7bjf,pc 

9N 

ion- 

BFI-.E 1964 SlDC — 

99] 

100] 

BNP 1983 SIbpc 

inn 

IQli 

CCK 1983 8pr 

XCHJ 

100* 

CGMF 1984 71 pc 

99* 

99] 

Creditanstalt 1884 Tipr ... 

894 

1001 

Crcdfl Lyonnais 1982 fipo.. 

IM 

IOC* 

DC Bank 1983 715fepc .... 

100* 

loot 

CZB !99t filiAtac ... 

IM! 

10U 

IniL Weelraift&ier 1884 Spc 

59] 

100* 

Lloyds 19S3 7Ioc 

IM* 

100* 

LTCB 1983 Spc 

PSJ 

100*. 

Midland 1982 8pc 

]0l 

101* 

Midland 1987 TU^pe 

96* 

100 

0KB 1933 7Ipc - 

IN 

106* 

SNCF 1965 Pipe 

m 

99* 

StcL and Ckird. '£4 7U]£pe 

99* 

180* 

Wins, and Cffn’s *84 8l»pc 

99i • 

1061 : 


Source: Wime Weld Securities. 


CONVERTIBLES 

Amen can Express 41 pc "S7 

87* 

SB 

Ashland Spc 13SS 

951 

97 

Babcock b WUcox fljpc *97 

991 

19» 

Bearrics 4 ends 4 5 Or 1992... 

■9S 

99* 

Beatrice Foods 4lpc 159i .. 

105 

107 

Beech am OJpc 1992 ... 

95! 

96* 

Burden Spc 1992 

108* 

102 

Broadway Hale 4Jpc 19S7 .. 

7G 

n* 

Carnation 4 pc ISS7 

78 

79* 

Chevron ape ISSS ......... 

137 

136* 

Dftrt 4*pc 1SS7 _ 

71H 

M 

Eastman Kodak 4* pc 1963 

841 

SS 

Economic Labs. 41pc 1987 

774 

79 

Pirwsiooe 5pe I88S 

S2 

S3* 

Ford Soc 19M . . 

91* 

93 

1 General Electric 4inc 1987 

Sfi 

ST* 

GIBrtie 41pc 1887 

Gould Spc 1987 _... . 

Jr 


U2j 

114 

Goff and Western 5pe 1HS 

Sfi 

67* 

Harris a PC 190S 

Id 

165 

HomtwpU Soc 1986 

SS 

!«* 

i ci fjpc iras ... . 

87 

SS 

INA 6PC 1W7 

84* 

96 

loctalie fltpc 1992 ...._ 

114* 

11 j* 

ITT 4ipc 1997 

S3 

S4J 

Jtaro Soc 199J 

112 

in 

Komatsu 7]pc 1098 

127*' 

re* 

Soom.-; Kidder, Peabody Secnrltics. 





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T-GOBAIN-PO 


1978 News Bulletin No4 

- Notice of General Meetings 

Notice is hereby given that the Annual General Meeting of Compagnie de Saint- 
Gobain-Pont-a-Mousson will be held on Thursday. June 1. 1978, at 10.00 a.m. 
in the Centre International de Paris, Palais des Congrds, Porte Maillot/ 7501 7 Paris, 
for the following purposes : 

Shareholders will be asked to receive the Directors' reportend to approve the parent 
holding company's financial statements and the Auditors' report for the 1 977 financial 
year. Including retained earnings and net income for 1 977, the meeting must decide on 
the appropriation of 621 .9 million francs. The meeting will be asked to approve the 
following appropriations : 

• appropriation of 0.4 million francs to a special reserve for long-term 

’ , capital gains ; 

• distribution to shareholdereby way of dividend of 288.1 million francs ; 

• appropriation of the remainder to retained earnings, which will thus be 
increased to 333.4 million francs. 

‘ This dividend, which is applicable to coupon No.f35, will be payable frbm June 20, 1 978, 
on 29,700,000 shares. The net dividend proposed will thus amount to FF9.70 per share 
which, including e tax credit ('avoir fiscal') of FF4.85 for those entitled to it, corresponds 
to a total return of F FI 4.55. 

Last year, 288.1 million francs were payable on the same number of shares, 
corresponding to a net dividend of FF9.1 0 and to a total income, including the 
tax credit for those entitled to it, of FF1 3.65. 

Shareholders will further be asked to approve the revaluation, in accordance with the 
French budget law of December 29, 1976, of the parent holding company's 
non-depreciable assets, which represent almost the entirety of its fixed assets. 

These assets have been revalued in the amount of 2,536 million francs. As a result 
of this revaluation, shareholders' equity at December 31, 1 977, after taking into 
account an increase in reserves of 41.4 million francs arjd in retained earnings of 
4.6 million francs, but before taking into consideration eamings for the 1977 financial 
year, amounted to 7,81 0 million francs in comparison with 5,408 million francs 
‘ at December 31. 1976. •. 

it is also proposed to rescind the authorisation given the Board in 1977 to issue bonds 
in France or abroad up to a total nominal value of FF5Q0 million, FF100 rjtillion of 
which remains unutilised : and to renew the authorisation in respect of anamount 
not exceeding FF500 million. 

The meeting will be followed by an Extraordinary General Meeting which will be 
asked to renew the authorisation given the Board of Directors in 1977, to issue, 
at such time as the Directors may deem it appropriate, in France or abroad, 
convertible bonds up to a total nominal value of FF500 million. Shareholders will 
also be asked to renounce, in respect of any such possible issue, their pre-emptive 
rights to subscribe to the bonds, except for an issue taking place in France, in which 
case shareholders will have priority to subscribe during the first three weeks following 
the announcement of the issue. 

Those shareholders wishing to attend the meetings or to be represented there must 
deposit their shares at least five days before the date of the meetings at the Company's ■ 
transfer office (62, Boulevard Victor Hugo, 92209. Neuilly-sur-Seine, France- 
Telephone (00^3) (1 ) 637 1 0 00; Telex 620585 Gobain) ; or with a bank or * 
brokerage house and request an admission card. Shareholders in the United Kingdom 
may deposit their shares with Baring Brothers & Co. Limited, 88 Leadenhall Street 
London EC3A 3DT. 

rrtTTtn 

SAINT-GOBAIN-PONfr-A-MOUSSON 

For further information, write to : The Director of Externa! Relations, 

Compagnie de Seint-Gobain-Pont-4-Mousson, 54 Avenue Hoche, 75365 Paris. Cedex OS. 



I 

■o 

O 



r/i 


J 





32 


Financial Times Friday May 5 1978 


M 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


LENDING TO ALGERIA 


Financing Sonatrach until 2005 


BY FRANCIS GHILE5, RECENTLY IN ALGIERS 


SONATRACH. the Algerian State 
oil company, intends to raise 
$3.1bo. in foreign loans this year, 
a further S3.2bn. next year and 
StJ.Sbn. in 19SQ. By 2005 it will 
have raised, if ail goes well. 
$17.3bn. in h3rd currency. Mean- 
while repayment of foreign debt 
wilt rise from S122m. annually 
to Sl’.OSim. in 19S4 and 19S5. 
Thereafter it will decline, falling 
to less than Slbn. after 198S. 

These figures ensure that 
Algeria, which has been an active 
Euromarket borrower. will 
remain in the top league for tho 
next decade, the period in which 
its loans will be concentrated. 
These figures appear in an 
exhaustive study — “The Hydro- 
carbon Development Plan of 
Alceria — Financial Projections. 
1976-2005 " — prepared by Sona- 
trach and Bechtel Corporation, a 
major contractor for Algeria's gas 
industry. 

This report, which is itself 
based on DeGolyer and 
MacNaughton's •'Report on Oil. 
Gas. Condensates and LPG Re- 
serves of Algeria" completed 
last August, is currently being 
presented la bankers and senior 
officials from central banks and 
export crcdii organisations 
throughout Europe. North 
America and Asia. Dillon Read 
is advising Sonatrach throughout 
this operation. 

The report stales that if de- 
velopments. in the gas sector 
particularly, go according to 
plan, the net foreign exchange 
inflow to Sonatrach over the next 
ten years will oscillate between 
SSbn. and Sflbn. every year {last 
year that figure was just over 
SdbnJ). Costs however will be 
incurred essentially over the 
next eight years (S5 per cent, 
of the projected $33.4bn. invest- 
ment). 

Foreign revenues from oil 
will be 'greater than those from 
gas only until 19SI. Most of the 
investment will go to the gas 
sector, and demands on the banks 
will be large. 

About two-third* of the hard 
currency Sonatrach needs in the 
next three years is expected to 
come from export credit organi- 
sations. Most see no difficulty 
in lending the amounts Algeria 
needs: the US. Eximbank is 
prepared to double its present 
exposure in Algeria, which is not 
far shnrl of SBOOni.. if contract* 


32rBnot197EU&3- 



in.ThiHinuriffDMkinni Puin awTM.nrwiii 


. .. v <x .. . y .... ^ 


SONATRACH 


tty r ■ •*. /ft. .... y’lfy % . </.. W, 


EXCESS OF FOREIGN EXCHANGE EARNINGS 
OVER FOREIGN DEBT SERVICE 





mmm 

•to&Sf’aevb 


1976. 1S80 


isste; ms 


2000 2005 


currently being negotiated are 
confirmed. This is a remarkable 
development considering that the 
bank did hardly any business 
with Algeria, which is now its 
seventh must important client, 
until the beginning of the 
decade. 

The Japanese Eximbank 
should bavc- no problem either, 
especially in view of the fact 
that Algeri absorbed 10 per 
cent, of the exports of Japanese 
capital goods Iasi year, and looks 
like repealing that performance 
this year. The Canadian and 
Italian expert credit organisa- 
sations have all made room for 
more Algerian risk. 

tn Paris. Coface tthe French 
export credit agency » was faced 
with a problem of a different 
nature, at least until recently. 

Algeria was not using all the 
facilities Coface was prepared 
to offer because, a-, a result nf 
had relations between the 
French rfnd Algerian govern- 
ments. French contractors were 
being awarded ever fewer 
contracts. 

The UK’s Export Credits 
Guarantee Department has 
easily been the most cautious, 
but there are signs of a re- 
appraisal. The U.K.'s trade with 
Algeria is small but the depar- 
ture of a British mission to 
Algeria last Wednesday sug- 
gests that attempts will be made 
tn increase it. 


Sonatrach is currently nego- 
tiating at least Slbo. worth of 
credits in the international 
financial markets. The smallest 
loan, for 6170m:. is being 
privately arranged. Two $250m. 
loans are being arranged, one 
managed by a group of six 
banks, the other by Torontu 
Dominion. All three will carry 
the guarantee of the Banque 
Algerienne de Developpement, 
the only one of the three leading 
Algerian banks the charter of 
which allows it to give a 
sovereign < State) guarantee. 

Attention is currently forcus- 
sing more than in the past on 
the nature of the guarantees. 
Banks are divided on the ques- 
tion of whether, in a country like 
Algeria where ail major com- 
panies (and certainly all 
companies which borrow in hard 
currency! are state-owned, it 
really makes much difference 
whether they gel a ?.ovpreian 
guarantee or one from the two 
other leading banks, the Banque 
Extcrieure d'Aleorie (BEAi or 
the Banque Natiunale d'Algene 
(BN'A l. 

Those who insist that a 
sovereign guarantee is of the 
higher quality have good reasons. 
One is that it makes the package 
look more attractive in the mar- 
ket. Secondly, it makes the hunk 
management's task with its Board 
of directors — in the case of 
U.S hanks — much easier. 


Those banks which arc more 
relaxed about the kind of 
guarantee they get argue that ail 
Is in the hands of the State in 
Algeria. If one Algerian bor- 
rower, particularly Sonatrach. 
failed to pay. it is by no means 
clear that those banks which have 
loans outstanding under a sover- 
eign guarantee would be at an 
advantage — and be repaid 
earlier — than those with loans 
outstanding which carted a BN A 
or a BEA guarantee. 

They also point out that any 
hiccup in repayments would 
have immediate consequences 
through the play of cross default 
clauses: supplier and export 
credits would dry up overnight 

M. Seghir Muslefal. the 
Governor of Algeria's Banque 
Centrale, argues forcefully 
that in the event, whicb he 
regards as unthinkable, that an 
Algerian borrower should de- 
fault. the arguments about the 
respective value of the guaran- 
tees whicb Algerian banks 
provide are legal niceties whicb 
mean little. He argues that banks 
which know Algeria well view it 
as a serious partner, which has 
always been scrupulous in its 
behaviour. 

Some bankers, who agree with 
him wonder why giving sovereign 
guarantees is such a sticking 
point for Algeria. They also 
point out however, that this 
would not necessarily give 
more security, it is the Banque 
Centrale which holds the 
reserves: were there ever difficul- 
ties. none of the banks which 
give guarantees have their 
hands on bard currency. The 
circle is thus squared. 

Apart from the question nf 
guarantees the. other major 
problem troubling bankers is the 
confusion in the way Algeria 
and. in particular Sonatrach. 
comes to the market. 

Deals are often negotiated 
without apparent co-ordination 
and without information about 
one loan being passed on to the 
banks arranging the others. 

This is a Long standing com- 
plaint ithoiit the way Algeria 
handies its relationships with the 
Euromarkets and banks are 
disappointed that, despite the 
creation last year in Algiers of 
a committee to co-ordinate 
foreign borrowing, it lucks as if 
confusion will continue to pre- 
vail. 


Second half 
downturn 
for Cold 


Storage 


By H. F. Lee 

SINGAPORE. May i. 
GROUP PRE-TAX profit at 
Cold Storage Holdings slipped 
by about I per cenL to 
$821.43 m. (SU 5.9.2m.) In the 
year ended January, 2978. 

The preliminary statement 
by the group gave no indica- 
tion of the reasons- for (be 
decline, however, which came 
on lop of a 7 per cent, increase 
in turnover to SS193.5m. 
(SUJ5.S3m.). 

Al the interim stage the 
group, which Ls a leading food 
wholesaler and retailer in 
Singapore, reported increases 
id group turnover and pre-tax 
profit of 9 per cent, and 3 per 
cent respectively, and forecast 
a marginal improvement in 
profit for the full year. 

The second half appeared to 
have been more severely 
affected by [actors cited by the 
group then as affecting its 
profitability in the first hair — 
increasing raw materia! costs, 
price restraints and increased 
competition. 

The directors have proposed 
a final dividend nf 6 cents per 
Min share, making a total of 
105 cents Tor the year, un- 
changed from the previous 
year. 


Insurance side fuels rise 
at Australian Guarantee 


it*’ 


J i *' 


BY JAMES FORTH 


SYDNEY. May 4. 


Jardine sells 
Khinco unit 


AUSTRALIAN Guarantee Cor- 
poration — Australia's largest 
finance company, and a partly- 
owned subsidiary of the Bank of 
New South Wales — raised group 
profit 27.6 per cent, from 
$A17.5Sm. to SA22.4Sm. (SU.S. 
j 25.4m.) in the March half-year. 
The directors said that the 
growth had been achieved 
despite subdued demand. In 
fact, earnings outpaced the 
growth in receivables, with gross 
receivables increasing 16.3 per 
cent, to SA2.42bn. and - net 

receivables by 15.4 per cenL to 
SALSGbn. 

Tbe directors forecast a slower 
growth rate in receivables in the 
second half-year, and expect that 
the profit will be broadly In line 
witb the first half's. This in- 
dicates an increase of almost 14 
per cent, in earnings compared 
with second-half of 1976-77. and 
a 20 per cent, increase for the 
full year to September, from 
SA37.44m. to $A44.Sm. 

The continuing strong .per- 
formance by AGC points to fur- 
ther solid growth by the Bank of 
NSW. which owns 53.3 per cent, 
of the financier’s capital. Tbe 
bank, whicb is expected to repnrt 
within the next two or three 
weeks, normally receives about 
35 to 40 per cent, of its profits 
from AGC. The interim dividend 
is held at 3.75 cents a share, and 
is payable on capital increased 
last year by one-for-ten and two- 
tor-five cash issues. 



OVERALL ECONOMIC GROWTH SLOWED 
DIVERGING TRENDS IN BUSINESS DEVELOPMENT 
DESPITE DIFFICULT SITUATION GROUP 
RESULTS SATISFACTORY 


The following is a summary of the Annual Report 1976-77 includes companies concentrating on specific product lines as well 
mi b wit ted b;> Uic Management uf Thyssen Akliengesellschaft to as regionally oriented wholesale and retail firms, was moderate, 
the unnuai tnectuig o/ Shareholders. Sales in trading and services totalled DM9.9 biliiun in 1976-77. 


In uur 1976-77 fiscal year overall economic growth slowed 
down again in most Western industrialised countries The 
economic situation in the world steel industry continued to be 
disappointing, inadequately utilised production capacities led to 
further intensification of international competition. 


The individual sectors of the Thyssen Group comprising steel, 
specialty steel, capital goods and other manufactured products 


Thyssen Production 
The output of all the Thyssen works and factories went down 
by an average of 4P& in 1976-77. la the year under review 117 
million tons of crude steel were produced. The share of specialty 
steel m this figure rose from 14 .3% in the preceding year to 15.8% 
in 1976-77. 


as well as trading and services developed differently. Despite 
the difficult situation in some markets the results of the Group 


Thyssen Investments 


as a whole will make it possible to pay a DM 5-50 cash dividend 
per DM50 >haru. 


The investments in tangible and financial assets made by the 
Thyssen Group in 1976-77 totalled DM954 million. 


The overall economic outlook for our major markets at home 
and abroad indicates only slight improvement in sales in the nev; 
fiscal year. The Thyssen Group is availing itself of all the 
possibilities ii has in the wide range of its products and services 
to offset business risks. One of the major aspects of this approach 
continues to be the adoption of measures aimed al the improve- 
ment of our international competitiveness. 


In 1976-77 a total or DM4K1 million was invested in tangible 
assets in the steel sector «»f the Thyssen Group Thyssen 
Edelsiahlwerke invested DM103 million. 


Economic Situation and Markets 


Thyssen Industrie AG adopted a great number of measures to 
rationalise production and maintain the company's high engineer- 
ing level. Production capacity was increased in promising sectors. 
The investments in tangible assets at Thyssen Westfalische Union 
were mainly made for the expansion of heavy cable manufacturing 


Since the beginning of 1977 diverging trends have beconi" 
rudent in the development of business in the industrialised 
countries uf the West, in the USA ecunom.ic growth declined 
only slightly. The same holds true for Japan, although its 
previous rate uf expansion was not regained. In contrast, in the 
Federal Republic of Germany overall economic growth tempor- 
arily came to a standstill in 1977. Tbe economic .silualiun in the 
other countries of Europe has also remained unsatisfactory. 


A* the sled crisis lingers on there is growing wilpngness 'in 
the part uf governments in a number of countries to Protect 
I heir steel industries through subsidies and market interventions.- 
In the USA an extensive aid programme is particularly aiming 
at a substantial reduction in steel imports. 


Results 

On the whole,- the Thyssen Group achieved still sufficient 
results in the 1976-77' fiscal year, with the individual sectors 
making differing contributions. The steel sector clnsed with a 
significant toss which is mainly due to the unfavourable develop 
men is at Thvssen Ntederrhein There has been considerable 
improvement in the specialty steel sector as compared with las) 
year when it almost broke even. Profits made in the capital 
goods and other manufactured products sector compare w'th that 
of last year, with Thyssen Industrie obtaining better results. A 
maior contribution- tu the results again also came from the trading 
and services sector as well as from the remaining sector including 
other companies in which Thyssen AG has a holding. 


A-* there is 1 1 1 tic chance al present fur the world economic 
growth tu accelerate quickly no immediate lessening of supply 
pressure can he expected in the international markets. In 
sc\ oral traditional production areas sled companies are therefore 
faced with the necessity of introducing structural adjustments. 


Thyssen Sales 

Although the market situation was partly unfavourable, the 
companies of the Thyssen Group managed to book orders worth 
more than DM 19 billion in 1976-77. a third of which was accounted 
fur by foreign markets. Those branches of the Group whose 
business depends on the uutomutive and other consumer goods 
industries were able to increase iheir order hookings partially. 


The external sates achieved hv the domestic members uf the 
Group amounted io DM19.7 brllion. Export sale? ro?p to DM6.6 
billion in 1976-77 as against DA16.0 billion the previous year, ihu.? 
raising the share accounted for by exports from 29% to 33",,. 


In 1976-77 the steel sector of the Thyssen Group registered a 
total of DA17.2 billion in sales. 


Sales developments in the markets for specialty sieH were 
■c favourable in 1976-77 than those o! plain carbon steel. 


CONSOLED \TED BALANCE SHEET 
AS OK SEPTEMBER 30. 1977 (SUMMARY) 


30.9.1977 
Million DM 


ASSETS . 

Fixed asset? 

Gross tangible assets 16.433 .8 

Depreciations 11.772 6 

N'ei tangible assets 4.66 1.2 

Financial assets 1.135.4 

5.79K.6 

Current assets 7.415.4 

Tola! asset s T. 13.-J12.Q 

LIABILITIES 

Share capital and reserves 3.527 5 

Individual reserves 3.B48 0 

Financial indebtedness 2.948-3 

Either li abilities (incl. dividend) 3JSSJ1 

Total liabilities 13.212.0 


In the capital goods and other manufactured products .sector, 
with its widclj differing market developments at home and abroad. 


Copies of the Annual Report and Accounts in English may 


we succeeded in hooking well over 3<V. as against Lite previous be dbfoined from the Company and front A ji/ Rothschild & Sonx 
> car. Total sales in this sector in 1976-77 diminished bv 5% to I-ld.. New Cnurl. St. Suithln's Lane. EC4P 4MJ tinrf from S. C 
DM 5.0 billion. lV'arburp & Co. Ltd.. 30 Grc.-dtam .Street. EC2P 2 EB ond Kaliannl 


, , . Westmitmter Bank Limited. Stock Office Services. Drapers Gardens, 

tne overall development in trading and services, which 12 Throtftnorlon .lrenue. LC2P 2ES. 



Jt !L thyssen aktiengesellschaft 

» « vorm. August Thyssen-Hiitte 


By Our Own Correspondent 
SINGAPORE. Hay 4. 
JARDINE HATHESON AND 
CO. (South East Asia) has 
agreed to sell its wholly owned 
subsidiary, Khinco (Singapore), 
(o a private local company. 
Office Equipment Manufac- 
turers. for SS4m. ($US1.7m.) in 
cash. 

Khinco. which Is involved in 
manufacturing steel furniture 
and storage systems, has an 
issued capital of SS695.558 and 
last year sustained a loss of 
SS 116.637 (SUS50.000). 

Khinco was uriginaRy 
acq aired by Jardiae for 
SS4.33m^ including an element 
of goodwill which has since 
been written off. 

Jardine stated that the finan- 
cial Implications of this trans- 
action have heeii taken wo 
acounl in fixing (he terms of 
i he offer already announced io 
acquire the minority sharehold- 
ings in Jardine Mathesun and 
Company (South East Asia). 

The lotaf consideration, 
which will he adjusted tn 
relieet Khinco 's actual net cur- 
rent assets at the date of com- 
pletion of (he sale, is to he 
settled bv an initial deposit or 
SSt.Sm. and the balance in 
three annual instalments with 
Interest chargeable. 

The proceeds will be applied 
to reduce (he group's debt and 
interest charges. 

Jardine decided to sell the 
subsidiary because it fell that 
as the group’s only light 
industrial operation, Khinco 
was not compatible with other 
group companies activities and 
ihe management concentration 
and support required were not 
justified. 

0 Our financial staff writes: 
The reconstruction of Jardine 
Mathesun (south east Asia) — 
plans for which were 
announced last month— will be 
carried out by the issue to the 
minority shareholders of 
SHK2.90 nominal of Si per cenL 
guaranteed unsecured loan 
stock. 1985 for each cancelled 
Ordinary share, under pro- 
posals released by tbe Jardine 
group. 

This will involve the issue of 
SHK39.l3m. nominal of the loan 
stock by a newly incorporated 
Singapore company. Jardine 
Malheson lu vestments (South 
East Asia), which will he 
wholly owned within the 
Jardine group. Shareholders 
not wishing to accept the loan 
stuck, for which quotation is 
being sought on the Singapore 
and Kuala Lumpur stock 
exchanges, are offered a cash 
payment at “a small discount” 
on the nominal value of the. 
loan stuck. 


The directors said that demand 
for the group's services had been 
generally at a more subdued 
level. A reduction in the infla- 
tion rate bad also influenced the 
overall growth io dollar terms, 
and the Board considered that 
the growth in receivables and 
profit was ** most satisfactory." 

Unlike many other major 
financiers. AGC had a relatively 
small involvement in property 
during the boom years, and 
escaped the effects of the col- 
lapse In the property market 

Bad debts written off rose from 
$A6m. to SA6.7m.. which repre- 
sented a steady percentage of net 
receivables, while the provision 
for doubtful debts was increased 
by SA2m. to $A21 Jin. 

.The ratio of net receivables 
giving regular monthly repay- 
ments of principal and interest 
(hire purchase, personal loans, 
mortgages of owner occupied 
dwellings and commercial leas- 
ing) was 69 per cent at tbe end 
of March, an increase of 2 per 
cent since September last year. 

The finance group contri- 
buted significantly to the profit 
improvement mainly as a result 
of increased income flowing from 
a higher receivables base. 

The insurance group again 
made a solid contribution, lift- 
ing earnings from $A4.1m. to 
3A4.7m. General economic con- 
ditions and severe competition 
within the industry caused a 


small decrease in gross premium 
income, which totalled $A34.6m. 
compared witb ?A34.9m. a year 
earlier. 

The result was after forgoing 
interest of $A3.7m. on real 
estate loans where recovery of 
interest was considered doubtful. 
A total OF 5A2.8m. was forconc 
in the same previous pi*rM. 
Loans in this category have been 
written-down to $AS4.5m., nr 
only 1.9 per cent, or group net 
receivables. This is well below 
the percentage of problem real 
estate loans for many other 
financiers. 


Fall at Bank 
of Adelaide 


By Our Own Correspondent 
SYDNEY. May 4. 
THE BANK of Adelaide suffered 
a slight downturn m group 
profit for tbe March half-year 
despite a 10 per cent, increase 
in gross income. Profit fril 
from SA3.53IH. to S A 3. 46 m. 
($US3.9m.>. This appears lit bit 
largely due tn the wholly-owned 
finance company. Finance Cor- 
poration of Australia, wlm-li 
reported a 5 per cent, dri-line 
to SA2.lm. for the finl-hair. 

Gross income for thi.- permit 
rose from SA20J2m. tu SA22.Vui. 
The decline interim dividend is 
maintained at 7 cents a share. 


Seacorp lifts profit and dividend 


BY WONG SULONG 


KUALA LUMPUR. May 4. 


SOUTHEAST ASIA Development 
Corporation (Seacorp). the 
Malaysian finance and investment 
company, has reported a pre-tax 


The group's turnover increased 
by 10 per cent to 2.3m. ringgits 
5962X 


(SUS962.000) while its three 

major subsidiaries — a discount 

profit"*" of 4.6m'" ringgits (SUS bouse and two unit trusts— also 

turned in creditable results. 

About 42 per cent, of Seauorp's 
equity is held by Malaysian Inter- 
national Merchant Bankers Ber- 
bad. 


1.9m.) for the year ended Janu- 
ary 197S— 40 per cent, higher 
than for die previous year. 

A final dividend of 25 per cent 
is declared, raising the year's 
total from 35 to 40 per cenL Since 
1974. the company’s dividends 
had risen steadily from 15 per 
cent. 

On current market prices, 
the shares yield 7 A. making it the 
second highest yield finance stock 
on the Kuala Lumpur and Singa- 
pore exchange. 

The pareni company’s perform- 
ance during the second half was 
particularly encouraging, with 
pre-tax profits amounting to 
I.57iti ringgits, compared with 
277,000 ringgits in the first half. 


NBT sale 


THE NORTH BORNEO Tinner 
Companies is selling off its hake 
of S.55 per cent in Harper 


Giifilan Bertaad. the trading com- 
pany. ami is using the proceeds 
for its reforestation programme, 
writes Wong Suiong from Kuab 
Lumpur. The buyer is the 
Private Investment Cnmpuny fur 
Asia (PICA). 

NBT will soil its 1.15m. Ordi- 
nary shares at 3.10 ringgits earli. 
and l.D5m. loan stocks at I 12 
ringgits each. A capital gain 
nf 914,000 ringgits Ls exported 
on the sale worth some 5-4in. 
rinesits (SUS2.3m.). 


First long term 
loan raised in 
Malaysia 


By Our Own Correspondent 
KUALA LUMPUR, May 4. 

A CONSORTIUM of IS Malaysian 
batiks and financial institutions 
have issued, for ihe first time in 
the Malaysian capital market, a 
long term loan amounting lo 
50m. Ringgits ($US20.9m.). 

The loan, for 15 years, is for 
the National Electricity Board 
and is managed by Amnah-Ciutse 
Merchant Bank. Previously, 
funds raised in the Malaysian 
capital market are of short or 
medium term duration of up to 
10 years. 

The interest rate for the NEB 
loan is believed to vaury from 
7 and S.125 per cent, with 7.95 
per cent, as the average. The 
Malaysian prime rate is 7.5 per 
cent., and the very favourable 
rate which the NEB received is 
a reflection of the high liquidity 
facing Malayan banks. 

The Malaysian Treasury to-day 
announced its first loan stock of 
650m. ringgits for 197$. It bffers 
four securities with a three, five, 
10 and 15-year maturity, bearing 
yearly interest rates 'of 6.125. 
6.375. 7, and 7.625 per cent, res- 
pectively. 

Last year, the Government 
raised 2bn. ringgits ip tbe -local 
market through Three loans, all 
of which were over-subscribed, 
despite lower interest. 



All-time 
Record Results 


19 


The Chairman included the following comments in his 
statement published with the 1977 accounts: 

“I am pleased to report new record levels of turnover and 
rofits for the full year 1977 following the excellent results of 
"76. I would like to express my appreciation to all employees 
and distributors at home and overseas for their contributions 
to that achievement. 

"The level of orders received thus far in 1978 is above the 
average for 1977. inflated costs, although at a lower rate than 
previously, together with a limited scope for product price 
increases, will prohibit a similar enlargement of turnover and 
profit in 1978 to that achieved in 1977. ” 





1977 

1976 


root) 

£'000 

Turnover up 26 3% to 

16,996 

13.456 

Pre-tax profits up 395% to 

3568 

2557 

Net profit after cax attributable to 
Ordinary Shareholders 

1,781 

1.229 

Earnings per Ordinary Share 

1938p 

133Bp 

Dividend per Ordinary Share inclusive 
of tax credit 

836p 

7.62p 




Desoutter Brothers (Holdings) Limited, 
— London, W.W.9. 

The Internationa! Pneumatic 
Power Tool Specialists 


Domtar Inc. 


has acquired the California gypsum and related 
w allboard manufacturing facilities of 


Kaiser Cement & Gypsum Corporation 


Wd initiated this transaction on behalf of Domtar Inc. 


Warburg Paribas Becker 

incorporated 


Mmr 1 97 $ 




-.V 



t ■- ■ 


Financial Times Friday May 5 1978 


— * .m.i.:^u. u .^v/ii u_i ^ v/ni i rvi i x j ^ ±i ??.o 


J Se Heavy Fiat 
j| investment 
programme 


Hoechst sees problems continuing 


FORWARD TRUST LIMITED — BANKERS 

DEPOSIT RATES 

Depositors are advised that with effect from 5 May 197S, the following 
rates of interest will apply: 


Br RHYS DAVID 


FRANKFURT, May 4. 


lirUsir dmlTi C HOECHST, the . West German to DMl.OSSbn. ($5 24m.) from Hoechst worldwide from Hoecbst’s main' strength In 

Mr cm ■ chemical croup, is expectins an- DMLSTSbn. DM189ni. to DM24lra-, though 1977 was *5®“* pharmaceuticals. 

By Paul Bctu otfw difficult year in .1978 with Sales in the first quarter of these figures include non-reeur- representing some 16 per cent 

sales and profits unlikely to lm- 1978 amounted to DM5.8S0bn. ring costs of a number of of turnover. 

ROME, May 4. P™’* Much on the disappointing against DM5B4bo. a year ago, closures. Fibre losses have been n _ c«_ minRt Mid the chemical 

RESPITE the Fiat group’s com- re w lt V i977 i , . . and were only marginally ahead cut back In the U.S. industxymi&ht see some growth 

mitment to invest some 7 v eak ri de “ a ° c} aud the strength of the quarterly average for the Dr. Sammet said the coming . r i 978L but dedining 


NOTICE OF WITHDRAWAL 

7 days 
1 month 
3 months 
6 months 
12 months 


(DEPOSITS OF £1-£25,G00) 

~4%* “ 


coainnanoi rne ' munms uy auu uulhui wiuu .nmid kj»1pk mIom! un 

based company called to*dav 50106 of problems already to DMfo7m. (S75.7m.J. relief, but a return to normal Although group sales edged up 

for “ realistic attempts * by Acting the fibres sector have The main problem area' for would still be slow. Hoechst Jn the T ? r5t . q, f art / fj4 

by Ihc Italian authorities to s P*L ad “to plastics. Hoechst — the first of the big itself has already closed down Hoechst ao parent, at 

solve the structural weakness . S‘oomy view was given three German chemical cjjb- several units and reduced its em* DM4. were uowu o.- per 

of the country's economy. m Frankfurt by Hoechst man- panies to publish its results in ployment in this sector by 25 per cenL and export saie were i.o 

ailing this any development Boa £? chairman Dr. detail — remains fibres, which cent. - per cent lower. A profit upswing 

could be severely threatened RaU Jotal sales for the last year accounted for around 8 The other main worry is the m jgjeut 

he told the annual share- |™“g ™£ dwid * in 1977 reached per cent, of total sales. On the rise of the D-mark, which makes leading to 

holders meeting. Sig. Agnelli sU ebt!y from German side, pre-tax losses on it much easier for chemical capacity— currenuy aq o u t <5 per 

also advocated a community DM2S.485bn. Profits before tax, fibres last year increased from imports to penetrate the German cent, in Hoe^st Au and a 

industrial policy focused on however, were down more steeply DM62m. to DM157m. and in market and hampers exports, reduction in costs. 


•Applies to existing deposits only. New deposits at seven days’ notice are not 
accepted. 

© Forward Th st 

For further information apply to: Forward Trust Limited. Deposits Department, 
PO Box 362. 12 Calthorpe Road. Birmingham. B15 1QZ. Telephone: 021-454 6141. 
Forward Trust is a subsidiary of Midland Bank Limited. 


! Rank 


BY ADRIAN DICKS 


MANNHEIM. May 4. 


» car ) 

videi£- 


Alfa-Laval outlook dull 


Brazil boosts 
foreign debt 

By Diana Smith and 
Francis Ghilds 


uits 


icchnologically advanced sec- _____ 

. tors and he stressed the need __ 

i f k Export strains at Brown Boveri 

ast year Fiat reported a profit 

r , nr( ^ ?Li L63h r- against L66bn. in BY ADRIAN DICKS MANNHEIM. May 4. 

- 1976 and effected investments 

totalling Ll,00lbn.. In large BROWN BOVERI the West Ger- In one recent deal which he power station contracts in Brazil 
. measure. however. Flat's man aflualate of the Swiss group, did not name, Herr Goehringer that have been under discussion 
reported profits are due to the expects a further rise in sales in said Italian competitors had for several years, as well as firm 
• ■. group's healthy financial post- iSTS, but the chairman, Herr undercut the company's best offer orders for domestic nuclear 

. tion rather than to the per- Hans Goehringer, warned that by over 25 per cent. plants that have been delayed 

i . formance of its various opera- West German engineering com- At the end of March BB. whose by Wesr Germany's long political 

. tional sectors. The dividend i> panies are " now truly facing main lines of business include hesitations over atomic energy. 

LI 50 per share plus a bonus difficulties'* in their major export heavy electrical equipment, Herr Goehringer said that 

»sue of one Preference share markets. power transmission and switch- airhmiPh the industry could— and 

for every 100 shares held After the end of 197S. the BB gear apparatus and nuclear plant, ^ 

( whether Preference or management expects to see some bad an order book worth musl underslami these delays. 

Ordinary). run-down in foreign sales from DM6.7bn, This was about ^ must begin to see firm orders 

iat unit car sales last year P* r cent - of last year’s DM200m. more than a year come in by the end of the year, 

totalled 1.3ra. representing a DM3.8bn. total for which, .they previously, but Herr Goehringer or face the prospect of laying off 
. 1.4 per cent, increase. Exports, accounted. Competition from underlined the difficulties of workers. The position has not 
■- particularly to the European so ^ currency " countries, parti- close comparison since a few been made any easier by a slower 
market, represented nearly 50 cularly Italy, had now reached large orders could easily distort outlook for other lines of heavy 

- per cent, of the total. Accord- a P° ln t where the company could the picture. machinery in recent months, 

ins to Sig. Agnelli. European not . ^kht back, especially on For the current year. BB hopes typefied by a smaller number of 

car demand increased last year ma j° r industrial plant contracts to clinch several such orders, orders from OPEC countries in 

| hr 6 per cent., white in the with a lead-time of several years, including large conventional 1977. 

lm U.S. the increase totalled 10.6. 

®V|J per cent, with Italy rising 

rtaiian Alfa-Laval outlook dull Brazil boosts 

market totalled some 1.2m. p ; j r ^ 

last year around 20 per cent by WILLIAM DULLFORCE STOCKHOLM. May 4. IOlClgB 0601 

down on pre-energy crisis 

levels. Domestic demand this ALFA-LAVAL expects, lower Laval would have showD ears- By Diana Smith and 

year was expected to total earnings this year. Investment ings of KrU73m. for 1977, Francis Ghilis 

Uni. units. trend8 are still weak in m0st against Kr.277m. in the previous tq^ recently simred or 

, S ,l yJTpSS?SJi wEEt ? ranch “t In which the ‘over the past two years earn- du * f or ■»/»!■« within Se next 

grouped in' the Teksid su^ f a ™ aad da,ry equipment and ings havc faiIed ^ keep pace couple of weeks wtJJ bring 
sid 1 ary. reported relatively industrial separator group is with the growth in sales, which B v t S m|I 0SS foreign debt t0 
satisfactory results mainly due active, states the 1977 annual climbed 12 per cent, last year aD0 . “• , . • 

1o Fiat’s steel renewal pro- report to Kr.4.2tn. ($902m_). The profits . 0* the $lbn. worth of foreign 

gramme which concentrated Alfa-Laval made • a similar stagnation is explained by fall- currency loans for State-run 
Dn the production uf special forecast at the beginning of 1977 ings margins. In order to main- enterprises currently at the 

steels. but succeeded in turning in an tain its competitive edge and signing stage, over S550m. ia 

almost unchanged pre-tax profit market shares Alfa-Laval has coming from the World Bank 

Italian banks expand of Kr305m. (866.3m.) after had to refrain from taking out and nearly SlOOra. from the 

, •* • adjusting for the book-keeping the price increases needed to Inter-American Development 

oJlCpOSlt bases changes introduced in the 1977 compensate for the Swedish cost Bank. 

R*THE "CONTINUING trend of account It shows a net profit increases. The 19 per cent In- A S70m. ten year commercial 

F. bank profits and expansion of after tax of KrJtim. against crease in the order intake last bank loan for the City of Sao 
deposits In Italy was confirmed Kr.64m. and the Board proposes year, which left a year-end order Paulo, under guarantee of the 
/ ; today in the balance sheets of to. pay an unchanged - dividend book of Kr.2.3bn. t up 9 per cent, Brazilian Republic, has now been 

f i| three . important commercial of Kr.5 a share, making a total suggests, however, that Alfa- signed. Managed by European- 

ban king institutes, writes Paul payment of Kr.41.6m. Laval has succeeded in holding Brazilian Bank, the terms of this 

- Betts rrom Rome. The most significant of fhe its market shares. loan were negotiated several 

’hi* Siena-based Monte dei book-keeping changes is the The company’s competitive months ago. With a margin over 

Paschi reported net profits of switch to depreciation according position has . been improved by inter-bank rates of 2 per cent.. 
L7.7bn. and an increase of to plan from cost-calculated the devaluation of the krona, but it is viewed as the last of the 

nearly IS per cent, in deposits depreciation. If the latter had “not- enough tn-^giv^. completely high spread loans .for Brazil. 

. which totalled some L6.784bn. continued to be applied, Alfa- satisfactory profitability.” Proceeds of this loan, as of ? 

> at the end of 1977. ... $30m. loan for the same bor- 

inoiher Tuscan hank, Banca 1T . . • . • ;• 1a. rower, which offered 2$ per cent, 

r. :« Toscana, reported 3 36.6 per \ OlVO T)r6S6IltS ODtlBUSUC rCDOlT aDd was si B«d earlier this year, 
cent, increase in profits of ^ ** * are to go to the Sao Paulo Metro. 

f.S.Tbn. Deposits totalled by JOHN WALKER STOCKHOLM. May 4. The other loans currently 

1.2,556im.. or a 26 per cent. • . . . , . • . . . . ■ „ . under negotiation for Brazilian 

rise on the rear before. DURING 197S .Volvo should cycle coupled with high Swedish borrowers, each of S50m. for 

Tie irend, however, was not as reach a higher level of profit- costs has led to a heavy pressure ten vears. are for the Slate of 

marked in lie rase of the ability than last year, according on the company and problems p arH n3 and the Rio airport. The 

Banco di Sicilia, which reported to ihe annual shareholders with the Dutch company Volvo former is being arranged by 
profits of L2bn. last year com- report. Car BV has strained Volvo s Morgan Guaranty and the latter 

pared to L2.2bn. in 1976. The low level of the business resources. A positive agreement being provided by Canadian 

with the Dutch state has been banks. 

- - r ■ — entered into which is virtually a ' 

partnership. The agreement is f . i , 

lFIAIVQ RH&RD CHANGES for four years from 1977 and will J-AICaS ISOIS Snead 

/CIHU 9 DVHrtw w provide for stability in the com- Net profits of Lucas Bols rose 

pany. 47 per cent. ^ to FIs.24.6m. 

— ^ T> 1 • j • • i ^l_ „ Within the group there is a (SlLlm.) in 1977 on sales 25 

rVlIlTlPlSin^ tflkG un good profit capacity in trucks Pf “ftjg « ^s-W-lrri. 

rUlllILldUS L<U%.C up 

, - suits Of Volvo Car BV and 715.3.02 to Fls.3.60. The re- 

Volvo Penta axe not satisfactory- suits for last year incorporate 
I Off- 1 ril 11111112* But the work carried out in 1977 those of the Swiss-Italian group 

o has laid the base foe good orofit- Cynar which Bols acquired last 

( ability and a rise in production, year. 


THSANNOLNCXV IE<\ r.-\m:4Rs.A5A \ I.ATTTR OT RECORD ONLY 


FIELDCREST IRELAND TOWEL 
PROJECT FINANCING 

US. $ 41 , 000,000 

TERM CREDITAND EQUIPMENT 
LEASING FACILITIES 


)EIAG’S BOARD CHANGES 

Politicians take up 
the running 


FIELDCREST IRELAND LTD. 


Managed by: 

BANK OF IRELAND 


— - Funds Provided by: 

BANK OF IRELAND 
CHEMICAL BANK 
CFTIBANK N.A. 

MANUFACTURERS HANOVERTRUST COMPANY 
NORTH CAROLINA NATIONAL BANK 
CHASE AND BANK OF IRELAND (INTERNATIONAL) LTD. 


APRIL1978 


BY PAUL LENDVAl iN VIENNA * 


ICmP* 1 

*fists 


ion 


IE RECENT managemont 
anges nt the top of Austria's 
vyest industrial entity OEIAG, 
».■ hoidinfi company for the 

■ -loll* of nationalised sector in 
i . -vis country, marks a significant 

angc «n both management 
ylr* and pci’sonality. 

OEIAti's new director general 
a quiet 41-year-old, politician, 
tfltlU-wlisl Mr. Oskar Gruenwald. 

las taken over from 67-year 
^ d Mr. Franz Geist who for the 
5 si seven years has run OEIAG 
a style synonymous with both 
ruthless push far mergers and 

■ 'floral rationalisation within 

nationalised sector as well as 
1 is po ken criticism of what he 
ten described as political back- 
at driving. 

For many years a director of 
e West Gentian steel company 
icins t ah!. Mr. Geiat was re- 
llf-d to his native Austria in 
>ri 1 1970 by Chancellor Bruno 
visky. He immediately took 

* ihc reins at OEIAG a com- 
n.v 1 hat at the last count bad 
iahour force of 115.000 and 
cuunlpd for something like a 
ih of Austria's aggregate indiis- 
inl output. 

The high points of the Geist 
a were the merger of the two 
it iona list'd steel companies, 
7 f-si and Alpine followed by the 
erger of the special steel sub- 
Juries jn 1973-75. The agree- 
rni between the natiunalised 
in concern and Siemens of 
•rmrinv about the setting up of 
1 enu-ns Austria in which 
* CIAG has a 43.6 per cent, 
murity interest came about 
ider the guidance of Geist. 
Chancellor Krcisky had said 
ihiicly that fieist would have 
mained at the helm of the 
31AC had it not been Tor ms 
slstencc on structural changes. 
mever. ihc sort of revamping 
the nationalised industries, 
imaged by Geist would have 
■Cn opposed both by the com- 
mies concerned and tne 

gional lobbies. 

GcLsl was abo the initiator of 
A'hwhly controversial “ Austro- 
#iehe " project which would 
involved the manufacture 

-some 30.000 raw. hawd on 
tow bow provided by the Ger- 
® firm and primarily sold 
As “ Porscbe " has re- 
»pd tu allow the use or me 
■Md name and as the Volks- 

r werke have declined to 
with marketing and ser- 


vice abroad, the project has had 
to be shelved. 

Ceisl points out. however, that 
the much-publicised plans have 
engendered major new orders 
from overseas for Austrian sub- 
contractors and Chancellor 
Kreiaky has revealed that 
talks about the setting up of 
assembly plants are being con- 
ducted with Chrysler. Flat and 
other foreign producers. 

AJJ this however Is in the 
incidental side-play compared 
to the major tasks that OEIAG 
currently faces. Mr. Gruenwald s 
appointment as director general 
coincides with an extremely diffi- 
cult trading period for the hold- 
ing company which is ex- 
periencing severe retrenchment 
among many of its basic indus- 
tries. 

The flagship of the concern, 
Voest-Alpine with a labour force 
of some 80,000 has been badly 
hit by the steel recession. Both 
the parent company and its 
special steel subsidiary, VEW 
posted substantial, losses last 
year and after a period OF short- 
time working, massive layoffs 
mav prove unavoidable. 

This sombre background which 
explains why the lOuft 1 member 
board at OELAG has just been 
strengthened by its second 
socialist Me. Walter Brauncm 
wbo for 25 years as chief shop 
steward of Voesl and has been 
a socialist MP for two decades. 

The appointment of a workers 
director to the board of a com- 
pany which after all runs the 
entire steel and iron industry, 
the oil industry. ^rg e segments 
of the heavy engineering and 
electrical industries and most of 
the coal mines as well as the 
non-ferrous metal industry could 
have far reaching varifieaoons- 

Meanwhile, Mr. GruenwaW is 
a man of consensus with pels 
haps more understanding for 
labour and four workers parti- 
cipation " than his predecessor. 

Under Mr. Gruenwald, who 
joined the OEIAG board in 1972. 
life may become less hectic and 
more predictable than under Mr 
Geist, But regardless Df the 
Sch^Sbn. investment programme 
just approved by tbc super *** IT 
board for the nationalised sector, 
high-cost producers, primarily in 
steel and special steel, will no 
] oncer be able to ride out the 
international econMic smrm 
under the convenient umbrella 

of OELAG. 


TliT# 


•1 (1 • 


iliTt 


•ira 


•1 


• rcra 


•I* 


ire 


.Balance Sheet at 31st December 1977 

Expressed in UAE. Dirhams. (US $1— Dirham 4 approximately) 

ASSETS 

Cash, balances with banks and money at call and short notice 

Deposits with banks 

Investments 

Advances, loans and other accounts (less: provision for bad and 
doubtful debts) 

Debtors and prepayments 
Fixed assets 
Preliminary expenses 


Five Year Record 
DEPOSITS iT»l Billkdu, Dh. ’ OlHOO nuDnaj 


3977 
8,651,260,142 
3,607.634 «4 82 
938,937,122 

2,705.163,420 

164,711,850 

32,608361 

5,488,349 


1976 

4.415.726.387 

1,682.885^87 

39,718,502 

1,103,657,735 
- 300.617,472 
20,466.655 
4.090.970 


Dh 14,005,704,326 Dh7J67.163.308 


I Established in 1968, the 

National Bank of Abu Dhabf 
has developed as the leading 
bank jn the United Arab 
Emirates. 

Services extend from 
managing and participating in 
Eurocurrency loans and 
Eurobond issues. Foreign 
exchange. Trade finance and 
Personal domestic banking. 


era ra<4 or:. 


LIABILITIES 

Share Capital 

Authorised, issued and fully paid 1.000,000 ordinary shares 
of Dh 100 each. 

Reserves 
Capital reserve 
Contingency reserve 
General reserve 
Retained profit 

Shareholders’ Interest 

Subordinated long term loan from die majority shareholder 

Government loans 

Current, deposit and other accounts 

Proposed dividend 

Creditors and provisions 

AiHtiii**. \Vhlnrnf Mumn & l x. 

If you would like to receive a copy of the 
National Bank of Abu Dhabi's 1977 Annual 
Report and Accounts, please contact our Head 
Office, Sheikh Khalifa Street, Abu Dhabi or our 
City Branch, 90 Bishops gate, London EC2N 4AS. 


LOAMS A>D AD\ANrf,S t tJli milWl 


PROFITS l Dh-nullnwl 


100,000,000 

7.000,000 

15.000. 000 

70.000. 090 
323,746 


300,000,000 


7.0o0,000 


20 . 000.000 

509.128 . 


192,323.746 

127.509,128 

773£QO,OOa 

— 

353,750,009 

' 4,500.000 

12,659,678,660 

7,093.961^38 

25,000,000 

25,000,000 

196,151^20 

• 316.192.242 

Dh 14.005.704,326 

Dh 7.367.163.308 


1.IS4 


40- 



1 

| 

& 

0- 

15.1 

■mi 

74^ 

m 


Offices 

U.A.E. Head Office: 
Sheikh Khalifa Street. 
Abu Dhabi. 

Posl Address: P.O. Box 
No. 4. Abu Dhabi. 

United Arab Emirates. 
Cable Address: 

Almanraf. Abu Dhabi. 
Telex: AH2 266 and 2267, 

London (City Branch): 
90 BishopsRate. 

London EC2N4AS. 
Telephone: 0 1-626 896L 
Telex: 8812085 Masratp. 
Cables: Masrafritj-. 

Extensive branch 
network in the 
United Arab Emirates. 
-Overseas branches; 
Alexandria, Bahrain, 
Cairo, Khartoum. 

Muscat Port Said. 

To be established: 
Amman, London 
(Weal End). Paris, 

Sanaa. Trim's. 


1973 2271 075 197S 


1973 1974 B7S 1978 »77 



NATIONAL BANK OF ABU DHABI 

“The businessman s bank ” 






Financial Times Friday May 5 1973 


WALL STREET + OVERSEAS MARKETS + FOREIGN EXCHANGES 


Well above worst after heavy trade Pound steady 


GOLD MARKET 


BY OUR WALL STREET CORRESPONDENT 


l.iii'l Hill Imn. i 

Once asain trading tn y ester- were closed. Favourable reaction i u-w. 


NEW YORK, May 4. 


WITH FURTHER unfavourable Some analysts, however, noted NationaJ Semiconductor 1| to Steel*, Heavy Electric Machines issues showed mainly an easier markets op ^ ed Ncw Y k 
economic news cominu to lisiht the market's rebound Trom the S2ol. and Shipbuildings, however, ended disposition. Public holidays in most financial 

M'd ay. Wall Sireei suffered day’s low and said that it appears Bates advanced 1* to S47J — higher, spurred on by irtstilu- industrial leader BHP receded centres kept business at a low 


i<i'd ay. Wall Sired stiffen'd day’s low and said that it appears Bates advanced 1 \ lo S47J •— higher, spurred on by _ irtstilu- Industrial leader BHP receded cen ires sept ousmess at a low 

anniher ■iharp read ion in heavy to be irrepressible now. having the company said that it has had k°nal buying in aniicipauon of a 4 cents w §ar. 5S. but ICE Ausl/a- level. Sterling opened at S1.82S0- 

earl} 1 rad ins. bui iaier managed also had to contend to-day with no firm merger offer other than recovery in domestic economic Ma recouped 5 cerii.s at SA2.15 and $t£290 and most business took 

lo recoup mort of the initial Tall, ["are major Banks raising their the previously announced bid by activity. _ Container added 4 cents at SA3 »4. place after the Bank of England’s 

The Dow Jon*» Industrial A\ nr- Prime Rates a quarier-point to Koch Industries Resources stocks. Public Works Among Stores. Woolurortbs put announcement that it will not 

:ige. after >eyr L - relay's 11 -pnmr the new level of Sf per cent. TWF AMERICAN SE Market Value Lssue5 - Textiles and speculative on o cents to SAI.B4. but Mycr seek to prevent the restoration 
decline, fell afresh lo SI.7.S4 K Mart put on •; to $25* in 7^1 afi“ ■*- heId 10 a firmer slipped 3 cents lo S A 1.72. Su S ar> of a more normal relationship 


day’s foreign exchange market to the IMF gold auction prompted . m ItbSVn"* 

remained very quiet with a little some covermfi ^ short pwumn.s M E llll J llt .; ; s 1 Jg l ;.}B islvS-so 1 
more activity being seen after and the metal closed 5-} nigner <‘.■ 94.585 leaa.Qfio, j 

markets opened in New York, at S173|-I)4i. aiiitu'ihuY-s 173.30 si7u.49 & 

Public holidays in most financial — 1 -.cfl4.674. '■*183.369, | 

centres kept business at a low L £ STERLINij « 


'* £93.080, 

Sl7u.49 

'■*■‘93.369. 


!■■■<■! Culll.. ■. 

1111 IH . 

Kiicie'Tmiii.. st"7is- 1791; ‘*175. 177 
icav-sa. .CS6-97 

V* N^'iini. >33 rS SSZb 341* 

,CUS 30 1 <£2v.30i 

nl.l Su rifUf *53 -5 '32b 04 S, 

£29 30- iiLSS 30. 


<3211 04 S. 
1 1 £29 30. 


bc-rorc recovering la 824.41 for a heavy trading, after reporting a mnwil ^harplv forward to 138.79 J had CSR 3 cents firmer at SA2S5 between MLR and other short- 

L-v S - N .r? f l,. lh P di,y °. f , 44 “ c .l h S '^Percent, rise in April sales- f or a Fresh rise of 0.72 on balance J DK Electronic registered an and Bundaberg a cents up at term interest rates. However, the 

W sR Ml 1 nmmnn I n rffv fin i whnn i ha pnmnmm -«Im aianit - . . . . anvarinG rtf VCR sf \ * Till riid £ 1 :: irt _■ • *. rt ^ 


an early livc-lo-one le3d. Turn- the 1977 level 


mvr amounted 10 a7.32ni. =hare-. 
:«lmn-l matching iC"terdav’rt 


_m. =hare-. Scars eased j lo $2-1 J. J. C. 
ierterdav s Penney t to $391. and F. U\ Wool- 
uonh \ to S20i. but Carter 


SS4J and Houston 00 and Minerals 
1 to S25i. 


Analysts said the market. Hawley Hale added 1 at £lS] — all 
which was already in a consol id a- re ported higher April sales apart 


OTHER MARKETS 


lion phase tliia week after the from Woo (north. 


sharp rallying movement since Marshall Field rose 1| to 8241 . TOKYO— Many 


urae Seance Of Y6Q at V-.110. as did SAG.JO. day’s ranee against the U.S. dollar 

In Financials, AGC hardened 2 remained very narrow at SLS255- 

\ — it Stock markets in the follow- cenLs to SA1.65 on the profits S1.R305 and attention was more 

this iug countries were closed improvement, while its major inclined towards dealings in for- 

■l to ySteiSTv fur Ibc Iscension shareholder. Bank of NSW. re- ward sterling. The nound spot 

trals £t„ L! -ascension „ amed s cents to 8A5.40. ANZ rate closed at S1.82SIM.R2M. a 

AurtrL. Denmark Bank added 6 Ce ? lS 31 ? A2 - 8S ' but rise Of 30 points. On Bank Of 

=3 rLTri'. Nat ‘ ODaJ Bank ,ost 6 cents to England figures, its trade weighted 

’^ ,heri w SA2 ' 49 - mdey showed no change at 61.5. 

aouEfl Ames, sueaen. suit- Renlson Tin rose 20 cents more n level held throughout the day. 
^eriand and Mesl Germany. | 0 $A6.90. still responding to its The 12-month discount against the 

higher tin production news, while dn"ar widened lo 4.70c from 
rose Pioneer, at Yljsno. while Casio Central Norseman Gold moved 4.5-ic. 


_ £ AfiAWST . 
TOE DOLUS 


to*™ B«A«I tngUiv. 


G.ilil ti-lri* .. 
il.il^n.st'iu . 
Kiuucrninil .. 


y^ivSir'iiinii : 5 

■Ei9 30- 

Mill Si-v'n-u*- >53 r5 
-V2H-30. 

Kitem— S277 iBO 


»I17i -179k S173-177 

V97-&B- IV96.97. 


~lra« ma 

MUM Zt OBH1 


S3^|.a41, I 
:LiW-30, 
>52b-54>« 1 

:Va9 JOr 

S275irZ7Bi, 


. .19781 

FEB MAH APB MAT 


FOREIGN EXCHANGES 


m>d-.\nril. «as furl her depre<*J-.-tl but R. H. Macy slipped 11 to S40i initially, with investors welcom- added Y10 al YtilO. .Mitsukoshi forward another 30 cents to SAS 10 j r j se ; n (j, e y jj wholesale CURRENCY RATES 

by a Gou-mmom report, tel past'd — analysis said there were ing the outcome of the Japan- Y9 at Y5S9. and Tuklo Marine Y5 on higher bullion prices and Lhe I oriees index left ihe dollar in a 

before l he opening this morning, rumours circulating that Macy LLS. summit talks in Washington, at Y505. IMF auction. 

inni ihu wholesale Price Index wanted to acquire Field, hut Macy but a reaction j-et in later on SPAIN — The rallying trend of Among Uraniums. Pancontinen ... .. *».«««.- 

for \|>ril rose 1.3 per cent., which had denied making any purchases profit-taking to leave a rather late became much "more forceful tal. after the strong speculative m DM2.07 rrnm r>M‘ > 97921 pnd _ Bight* ' j 

exceeded Hall Street estimates, of Field slovk. mixed picture at the close. Turn- yesterday. All seccors were in rise, relinquished 30 cents at finished at SwFr1.94S0 against £■> * 

— — — - — _ .Associated Dr>- Goods lost 1; to over was a moderate 270m. demand with several stocks being SAIlhO on profit-taking, bul 'SwFr.l.SSSS Using Morean ~ 

THURSDAY'S ACTIVE STOCKS S233 on its expectations of a first- shares, while the Nikkei-Dow over-bid. and the tone at Ihe Kathleen Investments finned 2 Guaranty figures, the dollar’s ■ , iSISI* 7 

I lians- quarter loss. Jones Average was just 0.99 close remained strong. The cents to SA1.67. trade weighted average deprecia- ' " ' 137323 1 1 

ir?d ri ‘"n 0 rT ,,i IBM receded 2; 10 S2fi0t higher on balance at 5.542.09 and Madrid SE Index moved ahead >n_M. still on the disappointing 


Markn l.'atet 

UjiiiL 

Italic' ll»Jk’» 

- ! Sjum.l Cb-w 


THURSDAY'S ACTIVE STOCKS 

I'han; 


Special 

Drawm“ 

Rights 

Urn * 


... ii T. 1 
Wn.r T' 
H. r.ul. s 


*l«l'*4 

Cloflui'; 

on 

iraded 

pruc 

dav 

ind Ki.-ei. r,:aoon 

a- 


! .i ud Til. ir:.l00 

K 

-» 

XV, HilO 

Ir>; 

+ 1 

Mmurs s.-l Tin 

n.'l 

-1 

W..rld \ir. "-;.::nn 

n; 


■il:j .*■¥. J/Hi 

i: 

+ ; 

C'.IIU-W J 

It: 

-1 

J.'O -:i«i 

J.i. 

+ ; 

Air'i i. -; ! :« n,hi 

in. 

M 

m.'.vi 'J;;. 7,ln 

Jl 

+ 1 


-j American Telephone 


illhO on profit-taking, bul -? V Fr. 1 9635 Using Morean 

ithieen Investments firmed 2 Guaranty figures, the dollar’s ; , 2 SI 35 

nts to SA1.67. trade weighted average deprecia- t * lu ;‘iti 1 , J i!37823 

MLM. still on the disappointing tion. on noon rates in New York, \usina m h .. 1 11 . ». 


European 
btu- Q 
Ar'^MUl" _ 
’ .May 5 


Srwr Y->rk .. Si- '.l.oJBS- l.sJOfi 1.8234 Ijyj 

Ui>mrr«>... «le 2.aL3«j.a.0friU iOSOMJiij 


802! Tokyo SE index recorded a 3.28 more to 103.16. w hije Lhe third-quarter report, shed another J widened to 5.36 per cent, from iiriuian ir» 


to S 4 $ Merck marginal net gain of 0.57 at 412.82. Bilbao SE Index jumped 5.19 to 4 c*nt-s to SAl-90. 
r%, Motors. Cameras and some 1 1 1. OS. _ t 


!' £ :,nd AI|I « 1 Electricals fiSed lower Z EMM were particularly CANADA— Stocks showed 

- * 4 . . late profit-taking, with Sony, strong, heartened hy the Cabinet’s “™ ,er f tendency at yesterday 


5.06 per cent. On Bank of l, sni~u tr.nio 
England figures, the dollar’s Index !! e ' n ^ 
re! I to 89. s against 90.1 on Wednes- rV^.i. h^. 
dav. Elsewhere the Canadian u.ihn >m. .. 


Indices 


K.Y.S.E. ALL COMMON 


NEW YORK -DOW JONES 


Mn V ' M«v 
4' &' 


M«t Unv 

S' I ! 


S3. GO 53.72 54.19. 54.36 64.36 
; . 1:S> 


)>’iies tnultfl 1.888 

lli-e*. : 687 

fmi* 79 1 

I niiimnye.! I 4>0 

Nt-iv Hlsbi | 79 

30 


624.41 826.95 3*0. IB B44.la.SS7.32 32B.S2 B44.13 

■ lOi 

09.06 89.05 90.es 08.96 89.01 05.01. Wt.ab 

: .4 |. 

225.90 224.29 224.78 225.51 224.59 222.14' 225.61 

<!-&• 

105.01 106.12 106.53 106.43 106.36 105.B9- 1 10. ii 
1 i5> 1 1 


l/'U 

: Hitfti ' 

Ijin 

742.12 

1061.70 

41.22 


• 11; liiii- 

f2~i o2i 

g-.-jS 

— 

- 

iU“>i 

193.51 

275.66 

13.23 

.9 1, 

i7i2-i*»i 


102.7-4 

163.32 

10.54 


MONTREAL 


— . J _ „ Oils and Gas put on 5.0 to 1.385.2. the many financial centres that 

3 Aiai -2 hut Banks receded 1.14 to 256.02 

~~ 1.888 1.909 "T .907 SEi."* 1 *’* aM llinerais 2 ' 6 10 EXCHANGE CROSS-RATES 

g|7 • 571 657 Great-West Life Atsurance 

jumped to S92 — Investors Group. 

;:::( 79 122 12S which aujifi 50.1 per cent, or Great- r „ u ^ u ,n aJUmm oum.ii 

30 . 23 26 Wests shares, said it is consider- V ori • - ; 2l.794?2 .5 

ing an offer for the remainder at Fun-* !^2i.t-t-».j4.4.6lfe&-i32e5' — '.l 

“ S9a a share. IItukHi. t, JSj?6-til j2.37-42 I 7.itu4X5 


. «ir_ ' lhu->i ami'irr , 

i Wednes- Fl#ni .,, . 
Canadian iinilm 'm. .. 
.701 U.S. •lapemeM' veil, I 
!CntS Virmyki’iif 

oncidered - 1 

new of j*«t |«« irMn* B ... I 


li. a. 

n.n. 

iiji. 

iiji. 

iiji. 

n^. 

1060.64 

276.171 

n. ik- 

98. 9666 


0.674467 
I 1.23390 
| 1.3930& 

] 18.4274 

, 39.9414 
1 7.00729 
I 2.56375 
2.73686 
i iiji. 

1070.06 
| 278.677 

I 6.66802 

j 99.9035 
; 5.70347 
2.41484 


I in -4 fr. In an 4 

Uni'-n-l-J. . Slj 

!.''<|«-iiliiti’('ii a 

Eraiikiurr.... 5 

l.i*J - m ) 15 

llailml I 6 


4.U3-4.06 . 4.WMJ4- 

bH.ua-b6.2J | b8.BU.S9Ji 


10.34- 10. 5H IIQ.54MBU. 
j.77.;i.80; 1 Ani-ijT 
76.au. iT.«l ' Tl.ti.11a 


Gisi-.II ; 13 76.9U.r7.WI 1 77.24.77a 

II nil ml , 8 147.75 14*. 15 147.90- 147 M 

Mllnn Ml* t.542'. 1.946.. l.btlMJu. 

ii.i<> .7 ! a 1)4-5.83 . sJ4J4j^' 


can- : 9 4 

>tik-L lull lit.. 7 
Tnkv> ! S'l 

Vifimn | 5lj 

7mii'ii i I 


b.4S'.-B.4G 8.42 . j -A43j 

408- jib 4104.411a’ 


27.15-27.40 | 27. IB 27 •, 


. Rjii's Kiicn Inr L-oni.-riibU: Iraoa 
Fiojn>.ls! frail'. - fly. lift- jB.'.'il 


OTHER MARKETS 


Fran blurt 'Scw VuS 


Luuilva :.\iiiDl'<l'iii 


Knuillml* 

>e« York j 


,\.iii>. I>'ain 

.V ii-t-iil him . 1594 li‘.8 ‘ IrurilKim. Ii*bB-13Jg 

.liiHimltn. .1.(082 1.6245 Mi-Mih.. . 2t5«j 
Hin.-il... . jl 32 II»|miuhi 68-994 

Eniiaml. ... 7.71 1 . 1 2 'Ilin^ii 

irri’a-tf 67.618 69.292 ) 'nnm Li . . 2.0S2J7 

Ili'iiU Kim^i' I.4B00--.4BJ5 I 'viimiii-k..|l0.iBt.U 

Iran 135-151 'Em ii. j 9.35 S.6 

Kuwait.. . U. 302-0.512 j) .i-r>imm ..'J.;s-3.S 
r.MVMii.'a-, 6B.90-S9.0fl GiifS'i | bb-7; 


31 nv I liar 

3' ! 2’ 


S95 a share. 

HONG KO.VG — Stocks picked up 


2.0ri6-0i»5 46.01-1 V ; h.4lt^4S; o.TOl-fcOl • UAoMd Uto.9O4i.0O K „ 'l,’” ' u a"-0 512 :..-r.i.,ni 
- I SLUMS ^jOfltO'liMU L339ft<3 0 ii »r.2* Zi 91JKU0 Uvini'.’a', 5B.9d-59.00 't.ii-A-. .. „"l 

4^16&.«S5 — :6.44 la-46 Va; Xlr.«£..'j3 .256.107 JJ3 Mjiiavan„ 4.6525-4.86801 Ini v l l5*5.teS 

. J2.JI-42 I 7-ito-Oj : — | td.iS-M t4^-hl . 10.4H-&n V /ealaii.i J./399-4.r 162-laiuin |4.IIWa 

A.78;-19t : I.B»EaS» a^MO 'S?.a.^9.uu' - ■ 4AJoJ-Wi , mi bjuul, .\»l- e. <5-11.35 N-UhtTiJ «aC1| 


VniM 'dn-.t I06.l04fc) i2.2a«-22^|47.98-45.04.6.Ssra^XN4.U?4&4to!Jrt — IU.32W75 Sui..R.l. 1 rr .'4.3M5 4^2655 V.-mni- ijui-jw 


In.luHrial 

i.mnl'iuel 


I 1T7J4 177.29 177.50' 177.52 MAI ili.a. 
I 186.17 196.25 105.30 C-'&.OO I8 /.n5iI E*. 


1b2.sU i I*?:-' 
170.63 -ai l> 


I0A0NTO -tile 1007.4 7036.2; 1086.5: 10H2.6 10-1.4 il/ 4. 


from a weak opening to display y.im-'ii t ...,j».*j9-6S£ . i.rf6&<Kj67b. 4a^>52^aj ia.07o*-<»taij jtK&l^aoii gLtt^gg — 

irregular movements at the close l\->. s in Tocvntii l 112.72-76 ..anadi*.i cenu 

after quieter trading. l.nnidiiiii S in .\ew Furk^SS.rO-Tl '-eiif*. l .a. 5 iii II linn SAt.80-7.ii1 

SleHiUR ia Milan 1532.00-1584.30. ' I(i4em f»r Mnv 2 tUale* I'itVIbj 3 


4. Amt'* ...;l. 5746-1. 5ab/ ; r,inuMBi... 73-70 

r.'rf ! : s i«in 145. i4i 

i aiiniln.... ■'irn.-'lnnil 5.50341 

»>l. .- I42*1U 

l .y.'tol s.| 86.69 68.72 ,1 inio-ilavip 44 jj 


57.520 37.600 41.400 37.020 52.850 35.470 


■20<4/)3h (2a<«.'42i J0HANNE3B0BG 

t.'iiu 

— — Inilu^uial. 


in I 194.4 
lei ■ 219.8' 


195> I8S.6 
218.9 217.5 


it ./ it 

219.6 i3i6. 


I05.U 1 1 j-4| 
\?4.a i U:5 1 


U ^, a r rt r,= | EURO-CURRENCY INTEREST RATES W 

arr 41 Mr wi'lttinlmna ran 


Rale given fur Arscnnna k> a free ran. 


Iii'l. >lii. vwbl i 


luit ns 1 .' inypi"\.i 


Austraiiai*:' 477^2 479.48 4S0J3 - 441.45 Spain M| 105.10 . luLSS • lOo. 16 , :i.:t 

. (2/6. . (1/00 ! I ' - =>• '**») 

Belgium 'P> i« 101.00 lOIDu. 90J.-U Sweden ter, <n , *91.96 j9iJto-JS.7- 
(3/&1 1 12/19) *3 o> _ ij-Ii 

Denmark i" i«* ■ 90.12 So.li 94.01 SwttMrl'dt/i iri 2H.2 £*Jd 278.V 

i9/l| ' (ri/21 : 1 ■ i»4-4. ■ao,4> 

France itt* in i ki.* ft./ 4i.o ' 

1 ' 1 2 b A; 1 /3/?i Indices and base dates tall base values 

Germany i m 711.4 iLj.i ; ?co.o too i^ccept NYSE All 'Common — 38 


STANDARD AND POORS 


-lll'.f —■•■■■ | .1 IMI Q 


M»\ . Mu' 

■* o 

May Mai , A|,r. . \v". 

- 1 ' 29 27 

Hujii I/'" 

Hiali L--u 

: 1 '■•lu+ii mi- 10b.SC 106.77 

-.• ••■■■)■• •■!■ 35.93 96.26 

107.43 107.92 106.94 1D5.7I 

97.25- 97.67 96.83 95.06 

107.-2 =&.5i 

1 1 ip ■ it:3i 

57.67 6b.a0 

ll.Dl l*i|il 

144.64 3di2 

• 11.1)3' iJ0+-32i 

• 125.85 4.40 

'll 1.75. «|jtts2i 


Mn% A 

A,-r. Ill 

\|.|. 12 V 

in, -a mu 

Ind. ilu. i ,. l.l \ 

5.02 

5.14 

5.36 

4.33 

1 Md. P K limi" 

9. IB 

8.94 

B.5b 

10.37 

loli^ li'ii 1 . K' ii'1 i i.d'i 

8.39 

8.3U 

B.34 

7.71 


Belgium •!> 
Denmark)" 
France 'tt» 
Germany^' 
Holland <**■ 


Sweden *«■; 
Switserl'di/i 


ileW- ba>e<i nn net rflT«feni 1 s plus <u 
♦ DMDl rfen'im iinle-.’ ••rbrr Wlv varert: 

V Hiax *«' rfvru.m .inh-ss niHerwrae suien isburt term .J 
A Rf ***** *»encim nnl<-ws mnerwise vaiwi ■, ^ nutU'c: 
-t-l-reami dpfwim and Bi^rer anarw tjumla 
nni*ts nthprmar flaiefl I Yen SD aereim <n irw . numih^.! 


anaaiaa . uui'-u . 

Dulbir It'.S. Lh.'llar Guililer* ! 


IV. liuriimn 
mark 


FORWARD RATES 


9ii-10is: 

9-10 ; 
9 i a - 10 
lti-lOi* 


£97.95 10 ^:^ 


1 irm t-jf. „■ ■ a/ Divitem .ifier Or ml ins nshi> 

Stl- £*-.** r *SA jnd.or scrlo wsue •< Per cnar» ■ Kran.a 
I ■ 'ja; ) j Gross m* h Assum«i 'tivinenn afi>*i 



dlu- ru. •ml) | 'Mirre nmnlln 


i l-JSi il-o/ii 
c2.l 76.0 
ilO^ii <4,4, 


scrip arwl-nr nehis is«'ie *r Alrer mcai 
Indices and base dates tall base values uses im% raa 'r»— „ Krancs inclurtmw 
100 except NYSE Alt 'lomnion — 38 M nlUc rfiv i Nnm u Stiarr <plir « niv 
Siandards and Pnorj — 10 and Toramo mn vi^in oxefurir special oavrnem ■ tnrfi 


.TDu-i.oou. tltc la«i nam'd bated on 197.>> 
t Excluding bondb . 400 Industrials 


Hong ivong 456.10 4W/J25 «bl.Pj l ♦*> Inds.. 40 Utllllirr. 40 Finance and 


lUH ij 
Japan < 
Singapore 


■2f * eaud 


il&i (13/1) ->n Tranapon. it i Si dm-J Alt Ord. si Rt nchfs 
60.04 6 j pc or it Belsian SE 31<12 « i-*i Couentiaecn 'mo w 
<b/o. ■tu/l ■ SE t l-TJ *'*i Paris Pours.- WM n>’re»«wi 
in -4tr l| sm Cm »•*» Coniine rrbznk Dec., tavj ij'.i Amwi-r- 


•alert rlio n tlnnfHriai tratline M1nnn»» 
wiiit*r< nnlv u Morspj o-nrtins 4dtxi 
- But f Traded r Toller - Titan mm 
ti Rt nchfs t.I Et rfividonrt rr Rt 
■ mp i4ni» ta Et all « Inrenm sinco 


one-momh 7. JO-7. ^0 per rent.: ihroc-m 
per cent.: on., ycjr S.0O-9.I0 per cent. 
■Kbit-s arc nummal ca/Hns rjfn« 
Shon-iorn 1 rati-i are call mr st> rl 


mi *12.32 m ;*ln.l| ma.\h 
. li->/4) (*/l» 

I 302.79 503.29 30o.W VCS) 


dam. Industrial 1970 <" i Bjd« Sen* rccuAMV * 

Bank .11 -7.64 f : ril* Milan -J 1 73. <<t> Tokyo) MtRriAlNT 
New SE 4 t.fiS >ln Straus Times 1966 


TOKYO 1 


■ ei Closed fdi Madrid 
< ci Stock hoi rp Induimal > ’I 38 
Bank C«rp. i«n Usara liable 


15-75 

Ml Sulss 


Ihn 1 - 


•’Pri.-w ! + ur ! Ulv.'Yln. 


A I 'I "I I IjiIio 
•\* lilie»«'ura|'ii 
Acini Lilc A ( *" 
All I'mlm-I* 
Ain-*- ... . 

Alcili Vliiiiiiiiiiiin 
Ahm - 

\.!i-“ l.ii'I'iii". . 

\ I i* I ii-ii x |V>n>-r 
Mild ■ lieiiu -ii. 
\llll-il >1 

A ill- ■ lutlini . 

\ 11 \ \ 

Ann i Till Hi—- .. 


Tun i, \ Ii lllii— 131., 

.\ifit-f . Ilinli’l., . il l( 

A nun. III. inli*. I 4b 

Amer. ■ mi. . . 40 

Ane-i.i. i tiimiiisI .6'j 

Ann- 1 . K'iv. I'.'V z2'c 

Ihhl-i. I .I’ll’- ib 

Ainei .Hi'i’n-1'i.'i i9 

\ iim r. Mi .limi. . Wi; 

Aunr. M.Imi-..., hi- 

Ai.ier. Nul . lia*.. 42.* 

A iin-i. Mmi’tHiil, 43i/ 

A ii- 1«. aJlj 

A Hurt. In. a l«- .. c2 

A •■■■ Ich .... 33b 

Mil 17 >i 

A ill* JOG 

.. . ll io 

An. Iii'l ll.a-l.lliu. db'.- 

\i|iia-t|.i-l Iln-’-li. ad 1 ■■ 


I -I’tiil’l ■ <1. 

\ii I7i. Iii i, i. 
\.>l" Mmn r 

i. 


ifu ri’.in-i-- 

lliil I in. Y Ki 1 
Hi ' ik \nnii'i. 
Il.nki-i-. 1 1. \ . 
IMiIti • <il. 
lii-lni rianiiu 
15. ini • E’.-l 

Mi ki-li- 

lfc-n .1 II. -hi n. 
|l. ’..In 

111 H|;ln I l ’-ll' ‘ 

])«•( ll.f'lti'rii ^l,-| 

11... k fl Hi- l — 

I'- I III. • 


m 


ll. • V 
I'. 1-1”) llll-l' . 
Ini I%|. \MI: 
lin.-k'.iii Inn — .. 

I- >»"k 

lix . « in * Ki-ic . . .1 

llinl-1... 

Ilui.it* Mnl'-li. 
IMii lin^i'-i. Alin. 
Ii... n '..al.. 

1 H III )'l— I >I1'|'.. 

« anailimi IV-iii' 

• anal l>inl”l|-li.. 

1 .t. Pin I n »n . 


Cnruilli: (* IR.-+. . 

3-3 4« 

321" 

LPL 1 Ill'll lli-ilH' 

-7 

47 



i9.g 

Cnn.-ker.AM 


47U 



32 

ui- Lublin- 

39 H 

i9ta 

(.mil?* Mnjihl.. 

18 

18 ig 

Mnua 

-5 

+51. 

Mur, Iii, iii'l ni-.. 

41*. 

411, 

Mi ere 

+b'i 

+ 8 lg 

I*i-i Mi'ini- .. 

-4': 

ca 

■ lell'iui 

ii 

f'k 

L'eiu +|.i i luli-i . 

18 

17.g 

M«rt mil lull h 

JL5i 

13^) 

nui ."lie lurk 

i5'! 

tb'i 

1 l|<-Jii |'li"iu- 


loU 

Uimm *i|,n|s.. 

rt4-g 

44flj 

Mi'iiel iMnlli.. . 

i7 

cfiig 

l/i'ier i «'i 

"bn 

47lt 

tk-n Llu-nilcal. . 

+ 4-4 

+4ia 




_ 8 >j 

Mrt— "er 

4 , v, 

41 Ig 

Mn P.UH . . 

I i4>b 

1141? 

M.l U+' lu.lii-.lni~ 

20 '» 

1714 

hajiu 1 i’n-hi-i 

19 g 

20 Ig 

r/i-i Ail-line". . .. 

lOi, 

9Sg 

rjo-l Eumi Kieiek.. 

32 

92 


a7: g 

a 8 U 

K. li. A 

+5Jg 

+ 5Je 

l.l Pe«ji .Nei . iin- 

17 ij 

17ik 

J .ll rn 


321J 

bmel"+Hi l-.lo-lii' 


C4Js 

Kiiu-i l 111 Pi Ii: I ii 

43 « 

4b 

hm luu I 

;big 

35 io 

h. * 1.1 

2 >4 

2.4 

Cllrlrtlunl. . .. 

rfb'i 

fib 14 

Ivtiimi k 


cl 

Mini . .. . 

i«>a 

19 'j 

h .vu .. . 

rtl'j 

-7w 

Pnu« In teu,' in 

3‘>H 

s 2 

fi.'l. IK-l'l. 

-. 8 ' + 

iSi? 

*irc"l*iie Ini-.. 



r-i. *«l. l+i~i"ii 

^8'4 

fiBij 

i I. ,i * *ii . . 

ft’ft '* 

Sl *1 

1 lllll kit,' . 

.31 + 

•09lg 

Mi-M.Jm Pi.W.-I . 

29 U 

291; 

t'l'HH . . .. 

.-5 

: Si, 

P.31.4 


-3'e 

r>u.i *|»i"i.. 

49 i 

49-g 

KlMi.Mliri-l Mi'n . . 

201 " 

2 u 1 3 


;3 

c.3'* 

1 rank ill *1 uu . 

9't 

8 >j 

t’lirl-in Mimiim 

- 1 V. 

2 li.I 

Pniclutid . 

491" 

c 8 ij 

J N')IJA 1 >1,1 - 

1 1 i) 

I Mr 

«..\.P-. 


I 2 ig 

ii^niii-l | 

41, j 

42.4 

i n , ll \mw . 1 ni . 

to 

10 

li.A l.l... 

■ dN 


i .eu t«li • 

lf.'.l 

tb'v 

In'll. Ml rrunl.'. 

54ic 

52., 

in'll Kin 1 1 H- . 

aO'k 

all. 

1 • curie ■ 1 •--!- . . 

S9U 

•:y if. 

I'Crii'i* 'li 

+ U,s 

i9i ? 

1 i. iicrji' *1 "1 "l ■ .. 

6b'4 

6 . 1 .; 

lieu. Pulv 1 In... 

19 

19' 8 

luu. >lj;llei 

i7’i 

■id 

lieu. li--. P i'-rt 

29 

30 

• ii'ii. Tin - 

ibij 


inni"’ 1 

blj 

7la 

■ ■Ci’lgUI l><rt|u-„ 

t7 

2613 

•■HI* Mil 

165 

167 

I ill Idle 

47l! 

37 <4 

1 lie'll li ll II F.. 

2di v 

fi2i, 

■ ..••IllKI fir.'. 

I VI, 

l'.i? 

i ni |M 

j7j . 

SSraj 

\ i pi*^ 1 W . i; 

27 = i 

27i-.. 

Ml. Allen l'« f. a 

8i, 

e j 

1 1 rl . N"ll1i 1 1 - -I r . 

dd:i 

23 h 

Iiii'I ll-'il'i i 

iii* 

13), 

/.ui, Mi-. .3'i +3i( i 


Jehus .Mam tile. 


Her ion I *5 

Iteynolda Metalhj »0** 

HeyuoMsK.J i6aji 

llUJiVu lierreli ' *a>« 
Um-saell Imcr... 33 ij 
tiipfara A Hast.... j 34 


b'.-miccTlI. . .. 
ben 'Iciier. . 
kl'J'lf "'a It l .. 

(Vlllllfl '■ L Il’tK 


It'.nai Lhildl J 37 U 

1(7 B lb ia 

Itliai. G)"' 11*6 


WivjinortU ; 301* ] ZOl 4 

—..J a »0 4 

NeniT aB I 48 ia 

Z«t«u 164 . *64 

Zen Ii L Ka.lic | 164 I 157? 

U.-.irvn- t% l*v ■ r9*.4a 

liTiwidjiisifc iBJ's t814 
U.a. so Mat bill-. bSH. 6.37- 


Att. 85.8 -0.2 i - i - 

Aniau Voirii... 466.3-1-3.5 18 11.9 

KM tV i 227.7 —0,8 18 i 3.9 

«A ' 135 +0.? 19.78 6.9 

«*>er 137.8 +1.3 lb I - 

barer. Hr I*. 278 +1 18 ! 3.2 

Uayer.Vereinnbk • 295x1+4 18 ; 3.1 1 Hitachi . 

CUalm.Ned.wn*.. lbi — — 

(A>m men h*nL ' 225 +0.5 17 7.6 

I Urtnitiumou ' 72.6—0.2, — — 

Daimler Beur- ■ 295.5 -O.B 29.121 4.8 

Desuusa ’ 250ad +0.2 17 . 3.4 


— Bon,la Mirtura 
7.6 Uuuae Form/.. 


AL 11 IJ. >23 cciltl (0.70 .+0.01 

Aviv* A ii >l rails 10.80 

Alltel llui-tnlu. I ini u* M' t2.55 

Ani|m» bxpi"iatkia *1.42 -0.01 

Am|*si ret r. >ieu in tO^M 

A-pwbs. Minerals ' tl.lO +0.05 


*2.55 

*1.42 -0.01 


A*»hj. Pulp Pa[.T &1 fl.18 

A«*V. f«n. Industrie* tl-75 i-0.01 

Aun. Fnunilat-inn Invert.. ; *0.91 I 

A..X.I ! tl.43 I 

Audlm.-. *0.42 '-0.01 

— I — .Vu t. On A l^n. ! *0.55 | 

IO ■ 4.6 Blue Metal lu.l ; *1.06 +0.01 

18 12.6 U.<ui!niirille *1.18 ' 


Ida. Far.' 


Degmoa ' 250*1+0.2 17 , 3-4 

Demag ■ 1»4 .—0.6 14 4.6 

LleuUcLoBaftl....' 295.3-0.7 18)5.1 

Dreulner Bank....: 242.5ai + 0.1 28.12 6.8 

I'.rckerb'ilf Zemi. 149.0+5.2 4 i 1.3 Kul'diu 284 i— 1 

fi ul et+iffni ilia • 190.1) — 0.3 • 12 ! 3.2 u\uh+C«nimic ... 3.630 

Ha|w-; I . . .J 114.9-2.9 12 l 5.2 UjUii.IiiIp Inti... 760 -9 

Harj^uer 1 278.0 + 2.3 i 9 .3.3 MiL-uhlabl Hank.. 278 


U.V’ier svweni....' I64g 


nillW . 

leil Mians*..,. 
LiiiiivOw. *.«■.! 


^41? | c4 


.-iiucnay Miivs.. • -Oi? 
M.J-w M Incntis. *7I« 
■M. Uc4c» huart.. . *84 
Nima Kr In-ts 384 

Mu- linvsi Iv. 

bSV'Q lu.ts 5>'j 


CANADA 


■x-hui* i»»i'» ilia.' I2>« , 12&8 


IJKgd Dump 

Liilv 1 bin 

Un-in imiu-t....' 
LncblireiiAirci 'll 
Luueaur l(I>l>... 
U'Uti Iniaisni Liil. 
Dainiana Ijnnl.. 

Lulu is," ..... 

lAK-k.i Clines. 

t.’ke Viine-i'an 
ila.-Mii'Hii 

u. h 

Mlr%. Hain'iei ... 


>3ilumln/ri:ei„..., 89 s * 


iGM 1 19 

»rtl E*|«r 14 U 

Sniril Miv Bl J i 

bcudi' L»u«rt Ve*i, B 


a5ia [ 35 Js 


ilnia Hi. 11 MU... . 
Maiiov M Miami. 
Unr-lmll Kiel’ I .. 1 


'la\ >l"rc» 4 jj 

ML A "*5- » 

McDcrmi.il +*>■? 

'I Li'inifii Ikiiy. 31!) 

'I ijni'. Hid. .. i2 

\l + lll"|’-\ . . " 43 In 


4»? . a4i* 
■»5-» | +614 
+*>■; j eSij 
314 31 4 

i2 | 41 4 

4315 ' 42 


Se* Coo uimers ... aO<a 

seoiiMiu ■ *3 4 

NearlirtC-U.i ' 144 

■Sear Ituei-ui'k : 244 

sbDcu j 35 hj 

Shell Mil • 33 Ij 

»U«i' l'n«n-i»'rl ... 40^1 

Suroa _....■ 38?g 

nude Corp. j -4 Jij 

Si 111 (rtip.-ili Pal.... 134 

siiuier I aai 2 

>iiiilliKuiic I 64 

Sjiurvfi — 3a 

'I'Utll'In'Ml 51 ■« 

CH.niLheni U . K" u 

imnllrtmOi IP 4 

-slim. Xal. lie ... - e3'>A 
-sMillH+n J»a .A . airs 


Alilll"! I'nfan 1. I 5 

e “0 A*rm.-i» tae'e +Ji 

6 xnauAiuiiiiuiuiii i07g 

\ inpuna Jjiee ’ lrig 

70 L g LOse»t..i i.9>4 

J® 1 * bank «i Al'jntica Ibig 

”4 Uank Nui* ST'tim, 2u3« 

Baaic lieM.'iin«s.. 57g 

a Urn Telephone... ■ 

Bow Vailei ln»l...i *5i« 

31 la 

23Sg Canada 1 l4i 4 

141f Bruv-aji | 17 

241 ) Unncn ,„< *6.00 

341 j Calory p.-iwer-..i j 6 
334 Caniriuw M iws.. ..I 134 
40as Cana. I* «.cuienl..i 9!g 
08 /g vaiiH-ia MV U 11 ..I 114 
o4J 4 Caul nip BiikLJ*oi| t7ie 
l.i, Canaila imlufl... J It I* 

fc2*a Gau Pai'ilHi j Iblg 

tas. Lau. Pa.-itii> Iu».. 19 4 

can. eunerUI-... 534 


fiiilebuffniiun .... 

Hal*-: I.'oy-I . . .. 

Harj.^uer .' 

Iloei-li-l 

Hue^-h . . 

H'.rien 

h'ali uii'l aialr .... 

har-ia-n 

Kaulliui 

Krwknei DMltc. 

ft HU 



Linde 


13 I 2.6 1 Broken Hm Pmnrieurv 


278.0 t 2.3 1 9 

133.3 +U.B 1 lb 
46.3+ O.o < 4 

119.5-0.5 1U 

134.5 9 

293.2 +0.2 2D 
201 + 1 12 

90.5 + 1.3 - 

176.5 + 0-2 12 

93 -1 ' - 

2a4A) 16 


Uiisui'i+Jii Heaiv 133 

4.3 *1 Uaulrfsln C.-n--. 438 

4.2 'lllsin 2 C«». 528 

3-4 tliuuku- In 569 

3.4 \i(.v ul Him" 1.470 

6.0 Mppuu blii □(.«!).. 666 

— 'I -an \ii’lur> 824 

3.6 Pioneei 1.890 

— Sali\ 11 Eievliii 258 

3.4 •3eki‘ui 925 


13 0.5 
12 0.9 
le 1.0 


1 U>»eiil>mii ICLL.. 1.51X1*1 1 25 8.3 Mu-oidu.. 1.080 ■ — J 0 


48 | 1.3 
12 * 2.5 
an ! 1.6 


0.6 ®H 

1.3 Lfertun l Miles! Rieweri ... 
1.8 C. J. Cnii- 

4.5 C-UiM- 

1.5 Ci-n-. tiniillteirf.-Aii’i 

2.1 Cmiiainer 

C'dl/lllc Kiel 1 lit 

“■** Cusiain And ran* 

Dun. iii liuiilor (SE 

} 0 KMJUII 

*•* Bhier ir mil Ii 

K J.. I mluni nes 


*6.58 i— 0.04 I iWii-jsl" Kin.-i 


Pn.-e l + uflOirrmi J, 

1 nii J — jCniz 1 % „*« 

1.07 ;+Uxa,.l* 'IIJI - 

+■*0 * 

1 20 • : .it iiiji 

2.00 n-U.' tr i.li 'D.00 S" 


*0-80 linn... i 20 1 ! .li iijjj t." 

rt-85 , bci^n Mmonn Ml 2.00 -U.' tr . 13 >bJX) '?"• 

Impis Alnv. MI-.., 3.20 +0JUl.^ 't25 >. - 

12.95 .-+0.01 iVir.il.m-- IT.. . | 3.06 l+U. 71 ..It jiS7 c- 

1 V’Ual'lli up.. I a.eo ,-u.ia.jBs Wl : - 

*2.34 .+0.W l,,,,. Pi: 8.10 

T2.23 -0.02 '"'e ■* ••• M.. e PI 1 1.58 --u.s* .13 1.2J + : 


Luiihaum ' 

MAN 

Banue uiaun 

Metal Iris 

Muuchener IbtcL. 


104.5 -r 1 1 

175.5 -0.5 ' 


l-b Jen. I*tvi>cnv Inui 

?•? Ilmt.en.lei 1 


*2.23 -0.02 

*1.35 +e. S 

*1.38 

*1.03 ■ ... . 
*2.05 . . 

* 2.10 i-i. t 


V’il. Cr 97 ifiin. Shares 43. Ini. 
S'Mirce: Rju de Januro SE. 


*1.52 : 

*2.08 j-u.OJ 


JOHANNESBURG 


Brauvui | 17 

llnncu *6.00 

Ulfil)' P'-iwer„..i +6 
I'arririiiiv Ahiret,...| 134 
Camilla «.cuwnl..i 94 
LaiiH.ia MV Lsii.-I 114 


Aeckeniiauu 116.5+3.5] 

Pro-raj. DM ILO.I 1U8.5 -1.3 


itlieniW'ert.Bievi.l 181.3+1 ! 

x-henjDK 241 ' + 4.5j 

>ienien* 273R+0.2- 

■suii /iicker. J 243 —2 

Thriven .Ui. j H7.80 +0.2 

Cana 174.3 

VKBA i 104.5 

V ereiu-A. tre-i Bk| 286*1 

Vniimwaaen..— J 202 — 0.6 


3.4 
; 4.3 

i'ai+ji'j Marine.... 
l^kiela Clirmimi 
1'DhL 

241 

370 

■ + 5 

11 

15 

i.6 

tbjiu 

• 120 

;+ 1 

lu 


I'okiu Manoe... . 

505 

• + 5 

11 


MAicKltx* Potv'rl.050 

1 

8 

6.9 

Lukyo 3U.VU 

! 318 

1 + 3 

12 

4.1 

Liikvfiahi *«nra.. 

! 146 

1+2 

lo 

2.9 

1'TSV... ............. 

•' 142 

.+ 1 

lo 

3.5 

inyoia tlnbe.... 

■ 990 

i— 10 

4 


l.C.l. Almira [la. .. 


J+oningr 1 d 4 ,l*i lien 

Iune> 1 bail'll j 

CenuRi-t Oil 

Utdala Espnjrecii.'n ! 


Micr Bnipnrium ,' 


174.3-.. 14 1 4.0 
104.5 12i3.7 


Source Nlkfco Seam lies. Tokyo 


Vq .News , 

— Nichuljui Inieniali'.'iuil 


j |J BRUSSELS/LUXEMBOURG 


varUnifil'Kael*.. 
LJ»*-)ir Al«alu>...1 


^pniitiemUaiiwai] 49 


lies n 1 Lincli.. 
'U-a Prt *>•>+,■ in 


*l,iui M mii.v >li_ 

30>4 

V|"»'i, , ..r|. 

ob-'i 

Madoaui". ..... . 

35 ig 

M'licji, .1.1*.. 

rtbi? 


nutilU<aiM 1 +4 j« 

ri'w’i Ban-hare- ** ij 
>(* 1 -*^ Huli.-li... j l7>» 


> I m ri' Kaii.i j 5U4 j 594 


Nil. Mi*l II -i 
VU.Sem ■ 


v*l 


40-, 

\i 

. 

OCflfi 

Nn*l ll’IT 1 •• 1*. . 

20>, 

\m*i 

hue In In I hi. 

-i: 

Vs'.s 

huc'eiul lei 

3ij? 


"■|Ui6 *71* 

Maui la ni Urali'l*., a4lj 
M- 1.0 nCai in .iti la! 44 I 4 
•t'l.OII Indiana..' PO <4 

-bl. L*il Ollk) 70 

tauff CJn-aiwa ' '04 
Merlins llriiD... > lssg 

•li+idaLtr -6jg 

-UB ll' -2 

+mIi.i 1 raim 45 1 * 

'nilcs +bl| 

I eeiiiimi lei? 

■ ek,ii<ni-. 'Oag 

iwim- 914 

Ida • 4 j 

l«mv Afc’i 


l35 3 , 15 ig 
- 6*8 ; +55g 
'2 j u2 
454 43 

<,blg I c. 6 
Ibln I IO 

-0> a • 41 


'.'lueiiain... 19*g : 19Xi 

Cvuu'iKii *7 4 tt'iie 

Lilli' liHIhlit'l j * 8*1 ! <84 

I'nii'Umer Onv..; 1 1 4 I lit; 
Caaeka lleaouices' 5sg | Big 

iV-ilam Kteh 1 12's . 124 

Mk.«i li.'vmi ..... e 4 | e*4 

UeuiM-n Mines...! 695g ; 69"g 

INini Mines- *7lj 1 7 

Uuiue Peuvietuii' b 6 I c 6 lf 
Oi'niinn-n BHdkse. +44 I t+ 4 «g 
INuiiiai ! 174 17»g 

LlU(.lll I la I* ! 1 J In 

*aie"ir-e Mcklc.i UO'a 1 201 ] 
tup.1 Muua-Caa.-i 764 | 764 


AMSTERDAM 


. | Ui 

1 Pen* 1 lui: Pr-.lYiil 
j Pi'. . — 1 Vei | f 


bekert . 1.800 


ikyo .Nortlr Bnrilen H’ iln-i-iMi 

Oakl/rfd|;ti._ [ 

0,1 buan-li ! 

Oiler ExpliiniiliNi 1 

. Pioneer Li-n. relv 1 

J. ■(„ Kie-kiri a Coi man ; 

*r . Yi" U.c. bietK* \ 

v>l j « MaiihJaini AJ liiiuv ; 

" | j(*is>» Kxiilotaiion ! 

6; I ?■? WrtlloBa 


10:74 M , MINES 

*2.15 +0.05 “ ay J 

*0.26 I A 114 I 0 American Curpn. .. 

*1.25 i Cbanor Consoiidarcd 

!*-« -M. 

S jc 1 Harmony 

M ssr 

fio srssr PUu r 

!9'8? Souih Vaal ' 


Gg|d ••wM* sa 
U nion Corvoranon 

•*n 1 1 ■ n .. n „ * s.f 


De Beers Deferred 
East Rand Ply. 


-0.02 1 Free Srale Ceduld 


President Brand 


*0.65 j+0.02 Presided* steyu i 


A Ji. -til iEi.A'i 

VkJviF'.aii 1 


99.Sic +0.3 ! -21 


27.3 +0.9 - - 


VL>eni BukiPi.A*/ a 40. 5 —0,6 A23.& 6.9 K>e--tnibei ! a. 660 

\ il KV i*'. .a/I.. .. 04 .I -+U.I ;.\j 44>13.1 Fabrvinc \«t '3.500 


Ainryitank I Kl.'Jlh 1 
Uijenknii ! 


221 1 <Ii : , *-° li - B - Inou-Bm^.. 2.210 

87.6 +0.1 I *3 5.2 Meraeri 1.426 


UukalVert'uiiriOij 119.5 1 80 6.7 Hirf.+keu .."::.:.. ” 2.330 

Umbrniletiensie 6d.2 +0.2 1 X6 | 7.7 Imen-uni 2.050 


N w\.-jni Midn-. .. . 

E 

V. I~ 1 ll- 111:1 Ties . 

li 

N.irlnlkk ** e»ten, 

4.6 

.Ni'rtli Mel. (ia-... 

36 

'Mill Male, P»r 

->* 

Nilieen Airline* 

27 

.Vilinnl Huv+ri' 

aa 

.*"IT"n P'minn, .. 

20 

m Tiileaiiti IViri'l 

24 

'-'ml vi M.illier 

48 

■ >liii' pill'nll, . ... 

18 


I'd id'' Lcrhi .nc 
1-1 . I'ln.k Li 
I’m XiuW— .. \i 

I'aihi-i Hciiiiiim 


r«-'H' Pbiisrfeiini 1 10ig 
+5 

leiHM/iill 18*g 

rejs liirt.m.M... 75ln 
le\H» Ult.V li*;..: lsg 

rexan L-ltliiis-i ., J 194, 

I line I lie. 1 -»7 

rimea Mim«r rfiig 

Timken— j 52 4 

fniir | a4 

Iran-mierK* 15 ia 

1 ranso" 17»g 

Iran- l-iiiun a5»g 

Jran-nai MaHr'n. 

imun W.srid An„ 204 
I'raieiien- 32. e 


lOig I 9“g 

+ 5 , 251, 


Cirtisla' ■ +■ 4g 

Uibiii VeJ'wkniie ll*g 
•.■uii un Cauaila 2 ? 
Ha«k+i 31.1. Can.' 7 

H" ill. •»-... ..' .*3 

mi -A'.. . 40-4 

■ in .^iii iig.i line 1 >2 

Huiu.ii Hay i9lg 

Il'Mx.'n UU Alfg .1 i2 

i-.v.c ; x 4 

lln.l'- j .-4ig 

I int-.-rial Oil ■ l 8 '/g 

I 1/+11 I 8 I 4 


Khntim v Ip J;bi. 283.0 + 2.5 • 2 2.0 1 ,-mn.atawi c*n 

Lunia X.V .Bra irr 139 ; +0.5j 37.5' 3.4 s 

Kuna.-uni l'-l P-..i> final 9a.« a. 4 J?®*” 


Ci'l Bnsi«r, 1 Fill. 
Helneveni H.2bi.. 
Hocgfi'ien- il'iJMi' 
Huniei Li.(h .luu, 
h.L-'L in.l-.4A ... 
un. Mmieniaui. . 
Naanleu (F-.IOi. . 
Nal..\+sl 1 11 - . 1 P 1 I 0 


cam 3.* 

31.5-0.1 32 | 7.0 j 
97.7+O.Bi 14 1 3.6 
3U.9 -tO.6I — ! — I 


1 j 3 -®*8-®| 12 ; 5.0 tulina 7_....:o.350 

14a.8 t0.4 , - . - hs tar '2.540 


Hi'i “n'? IraetC'ii h nl.'... 2! 7 50 

ad 0*1 -0.1 1 I2.3i 3.7 Uu J 926 


-j-7 — B— I 'H»l 2.340 +45 - 1 - i'.QtbiSI. 

Dia.jYd. b, 4 . UrK . Un 1.670 *20-6.1 3.8 

bticri , 1.800 Itt 6.4 Western "ii ViiVru: VbO - enii 

u.B.K.(.e>i,eat-.. 1.360 --34 lOO 7^ 

c<i.-kcrt- ., — 408 +4 I — -. 

EBB- 2.670 .+60 |l77 6.9 

Mwtnfin...,. 0 . 66 O !— BJ .43o 6.5 DARK 

F*brV4.ic \« -2.500 +15 11/0 

li.B. Inoe-Bin-.. '2.210 ; lbO 6.8 Pn + ' 

Iseaaeri ....1.426 -+14 ‘ 86 6.0 Mav 3 I *'r-. ] 

H< H adieu 2.330 140.1/0 7.3 ! j 1 

lidersvm .2.050 - 10 '142 j 6.9 Kettle 4j.~ • 723.0 

kireiiiei/wok ... . »\650 —SO 263 • a.* AimitMfcwdYfj 416 

lc lb>.v*i« Ueh/e.. 6.010 „IJo3 • 3.1 Ati Ul|*d I. ■ 311 

l%u H-idtiig ,2.450 +30 'a!. 2s] 3.3 XquIbMii'... I 448.9 

I’rtivlioa ...... .4.235 -26 .1/4 4.* 81 C. ' 490.0 

-va-Oen (J«iii|ue.. < 2.S60 ' — lo 204 63 Bi-uinue I 657 

vs lien Bei- 2 V)ne 1.990 ,—10 140 | 7.0 d.iS..N.Oem- .' 477 

relina . .a.350 ..... 2l3 I 6.4 '«rrs+'«ii ... j 1.568*1 

2.540 It 10 i.%2«l 7R C.O.K., 36a 

I'ntcikm ft-eet.... 2.750 -10|l/U,6.2 C.I.l Avsie* . ...J 1.130 


Stilrnnieir, 

IVelkum 

Wes’ nrli-rruirem 
Wen cm Holdings 


*1.27 1 Wesiern Deep 

f 1.64 j+0.02 


Rind +*- 
j.W -Mi 
3.10 +8U 

U.00 

l.ro -Mi 
S.M -US 
SOS 

*7.70 — 8J8’ 

1^5 
■ 15.00 
7.6S 

29 JO 495 

4JB ±tS 
- -W 

a to --ts 
27 . 1 m i 
lcsu • 

tjo.M -*-«a 
390 

4. S3 -T-*l/ 

mm -V; . 

112.25 -jiW 


gc, -.yj 


l*ail Hfihlrng ,2.450 

iVt ivllna . 4.235 


In CuiiliaeiitAJ .1 19‘.i 


I a: W 

'Jill i ell l lire K-.j 



L AISI.U 

I lil 


1 u.iai j llSg 

Iiiuuj.i ,\at. Ga».., 1 - 5 
luCp-rPlieldae^ i45g 
Ksi+er Kesnurves^ I- Sg 
Liiiri Put Curp,... 9lg 

Ij/iig*. Com.'B'.. 4.2u 
M >■' nn ii'd Bloc liJ 19U 

Mgs-i.-y Feaiuaonj 1 llj 

M'.liu'vnc. «.ik| 

I'oqili i 2 ^i 

N'iniiiilB Mlnn>...| tbig 
Nvr.fii Eurru. 1 .. ■ ' 5--. 

A, Jni. 30 

■Nuifia.- ini A Un, 1 8s* 
• 'm. 1 - ',<1 Pei -" m. 4 .05 
Pk'.-iiM.- 1 . ofipe' 11 2.30 


I 8 I 4 I lBflg 
113g I UI 4 


SWITZERLAND • 


Niil..\+d lie .(Fill) 106.4 +o.4 I 48 4.5 Ln Mi(i" fi"lOi : 788 
VnarMlUkiFiJA) 53.2 e + 0 . 1 ! 21 ; 7.9 Vieuie Uouieeuel 1.705 
Ned fllal BLiF J9f 190 J.- I d 1 22 | 5.8 - 

M.+ 1 P 1 . i/ji 151.5' T 1.0' db 4.7 

Van Nftnnienai : ill.b'+ ..5' 18 1.2 

Pbkhefei iF..a/,' *8.7' + i.6:- - SWiTZERI 

Pbihfrt.Pi.Ki. ! 23.8— 0.1. 17 6.7 

Kjutfi-b VerfPi.liw 74.7 — O J — — 

IMani (PL aw..' lob. 6—0.1 1 A 25* 7.7 M*i' 3 

IK'im.® l Pi. oft... 124.2 -0.3 - - 

UurenwiKi.dui.. Ia2.u_ 14 I 6.3 

Ku>*iDuti-lu Pi .21'! 127.4— 1.0. »6./5| 8.6 .UumimuDi. 

Slaved I H inj ; 240.4*1 —1.6 • 19 7.9 BBL'*A'.„..> 


-2 I 3U 
't 30 I — 


M.+ 1 Pi. i/ji 

Van i^mmereu—.: 
Pakhued iF>. SA/rJ 
Pbilifrt 1 Pi. K'i . J 
Kjcbi-b VerfPl.lOOj 
IMv-u iPL sui... ■ 
IKuiU'.ti tPi. oft...! 
Bure-nt* (Pi. 3ui .. 


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3U I 6.3 Club Uedlie* 

j Crodit Cum Kt'i*! 

Uieu-nrt Ijtire 

Uunu 

Pr. PeLrnipn, 

Geo. O'-i-ldemaie 


1 Price J-f or| DIv.iTkl. 


Iroetal 63.5 +- 0.7 

Jacquea Borel^...! 123 | + 3 
Uaigr-^ : 182 1-8 


■ 1 . 1 10 a: 

1.545 —10 


b 8.7 
10 5.3 


Uaig*-. • 182 —8 18 .rr 9.3 e„,£. - * ™ ID 

L*OreeJ.._ 720 1 + 6 16.96, 2J 

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Tnky«i Pa.-.H(.ia>! 108.0 3u : 0.7 

Cniie+t-i iH. _C',.; 115.8-0.8 42.8: /.4 
V iklun li'e-.l niiSI 39.0 +u.3 2u • 1.2 
M'estlanMn. Baiik; 379*8—3 33 > 4 ,‘z 


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IVtw n timer 

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Pliilif VJ"ni> 

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l'i- lei / -Bi/il 


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Cnikvi Bran-i*.. 8Sg 

Us Kanwriv 32*g 

l/Sli vy»u m ; 24 ag 

L'Bsde 27 

Us steel *7 

L. 41 1 g 

CV l n>Ju uiriea.... 42ig 
\ iryiiHg Elect— 131 4 

\V+ fifteen 21 

Hamer- C.roiinn.' 4713 
H am c i-Lrt'iii+*i' Ab’n 
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M'ertf-m Baih-vri .5Jg 
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l’aj ihi'PiMn'ieiiin, iBaa 
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I'lnci- l an ft iril,. *■ .92 

l’l«. erl/eielul-irtl, ek- 

P"*ei Con»rt* l n l 16l| 

I'rlrr tan 

Wuc'ml- siurjjKrtJi 1.2B 

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Kern I Stan I 10 

L'l-f Alipim | aO 


COPENHAGEN *■ 


Pi if* ■+"■! 
hinuier.- — 


Mnter-lnheii 136.25 11 8.1 *HH« 'aft.. 4.WU 

Bui m'+r ll 4A0 la I a.6 Ui. Parts CVrl* **53 —2 

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159.76 -:r +• 60 12 7.5 "Ju-er l. it (F.IOUiI aa8 

Piuan 130.25 +0.25 la ■' 10.0 */• '«■» 'Fr. «0r 784« 

Pur. By.j>ener. . 339.50 +0.50 12 ' 3.a a "i« B*nft«P.iOO a*+8n] +3 

Pit. i*a|iir. ' 80.75 -0.75 8 j 9 9 -wis* Hie. PJ 0 O 1 . 4.450 i— 50 


0^7 Dp. Ai. Cert 1 820 : j ua 2.7 

i.il ■ 615 I — 2 : 22 3.6 “«*«“» 

1.2 i-.mIH S.ii>* 2.145 -5 16 3.7 

: 5 j *s a g-te, 

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II... I-V1I..II 1 . . ;7.a 15 b5 O. I Kwl k • Tta-hniiiin 

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NndVlr. U>A.. a.b95 +5 n+a.:: 2.8 u..i wlll 

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* 15:18.0 

— "'i" 1ST 'Si*: ~ 2 

8.1 -■ii'ft-n f li. -pD'.. 3.450 ......... 2b 1.9 lln.rnvrti Kmiiji 

3.6 Hi. Pirwlfl* **53 —2 . 26 ! 2.8 1 i;*in..+ . 


495 '-5 18.B! 2.5 

169.9 +3.4 3 : 1^ 
163.8 +0.4 lu.85 12.2 
89 1.4 7.5 8.4 


INDUSTRIALS , V . 

AECI ...... s.C 

Anclo-Amer. Industrial ... 9 . lb *i 

+ ..r - urrYTr 5?. rlow Rand w t-w 

! _ :p|L'i ■ Inwamwnia — * 171 *. i+ta 

1 M ,:u| Tlf FinailC.' 0.67 ■ J: 

723.0 + 4.2 41 + 0 6m IndusTrial ... *9(ffl +1® 

311 +12 lb.bl S.S J4P 

490 0 -dV-wH’ I t r ‘ U ' n * ! i! j#c. 

sssr : SA * i-u 

.668*1 75 I 4.4 LTA # 

3l.a; 8.6 MfC’rih* RndVvay n'-n ±|i)< 

j 5&r ( 5.2 VedRkUr ® H J i 

I 12 ; 3.7 uR Bazaars . ... <« +«j) 

ll^b 2.7 Pn-m.er uilimr .. nS 

, 1’2 9.3 Pmnna r emenr Z\7Z 7^ * 

I - Pruiea *»o Wines ... .' , 7 i Mfl 

1 7 .5 L 0.9 Rand Mine* v+npcriica 1 '+gO 

'14.10(11.0 ^emnrond* Gfbl^ Lo 

• 8.2b[ 4.3 ByIco ... g -i 

9 -° wi° Minss »■« Z 

1 &.rr 9.3 £,.£• Sou,h s»wr "'.'.t" sjo 

ii :: J5 ** 

39 “ I:? vSZ ** 9 an * Nat »'« - if 

S isj)i i'.i SecirrHies Rand SU.S.0.7S^ 
x«n» ^ Discount of 36*%) ™ 


| 1.&68«d. M 7b | 4.^ LTA 

.. 31.3* 8.6 MrCrtrihv RncKvay """" 

I 1 -)^ * IO j 58./: 5.2 V+dP*nlr 

I ' 14 ; 3.7 OK Bazaars 

423.0 +9.3 11^5 2.7 Premier Mill, nr 

' V4 9,3 Ppn ' nr i* Ceroepf " ZJZZ . '* 
- ^ r,,, '’ a R o Wines ... ,‘ 

824 +.16 ,7.5 J 0.9 Rand Mine* Prnik-riiea 

188.3+0.8 14.10,11.0 Rrmhrand* Croup 

188.0 —OA! : 8.2b, 4.3 Relco 

iM®;* 7 ! t 7 90 aw-*- *~E 

182 '—2 16./?- bs Sn Uth Snpar 


5.^ ' 

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fe ifliZ-: 


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llniwu Pbt-mx.. 1.080 -9 39.2 3 7 Mm^„ 0aS an<1 Na * 

UiehMin -M” . 1 41(1 u.- o a v p • . 


7 ,’ 2-7 SPAIN 

la 4.1 .. 


fl.yal ML.irt Crtn.l 29^ 


I 5 , 9-« K*" 11 " Tevlini'jue! 435 

" ! KaluUle 580 

*1 i i*5 Kilim* Pinilt-m- ... B8 

?'? 3C U'llmlii '.148 

■*?./ £.* Skia KirtMinurf .... 1.64 

15:18.0 , U1V . 2g 3 

«*? ' ?'« Tevnie-.fimqiie....; 760 
Zb ' 1.9 i'|i,,rn</rti Kniti,ji.: 195 

SIS 

14 4.1 


435.2-4^ 27 6.2 Banco Bilbao . 
mtZnrt a ? 2- n « Aibnilm uoooi 

BB.5 —0.1 \ 4 10,1 Banin c.-nimi 


88.5 — 0.1 j 4 10.1 Runt-n Ci-mral 

i^in + 7^ 3-8 rianen t-: a, or, or 

+ 10 | 5U 2.3 Ranee General 

“P8 —11 , 25.5 9.4 Bairn Granada 

760 —a 25. a' 3.4 Ranm ni-.mm 


io ! is STOCKHOLM 


Pit. i*!i|iir. 

Handledank .... 


80.75 -0.75 8 
123.75 +0.60 12 


Ciiinii Bank .2.620*1—5 



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Brti-i • Alimu-nii 

L’ulKe-n 

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Alien Canada 14l 4 

alierrin U.Miue+j -*.90 
AitrlvJli U. 0— ... +7U 

'tlll^NW J * l 6 

sieei ,.ii CaiuriA... c5 
»l*vii Ku>to l nm • a.-*0 

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1 ihii9C«iiPi*vLii l Ig 

I'ihii* Hixinl Uf> ; 9ig 
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l II Kjfl <t»» I *8 

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w.-ii L+jsM r™>. 5 

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U..Vrii'iiH.(KrU)' 1.60.0 1 12 I 4.2 Zurich Ins !l0.6S0!+50 


40 I 22 
20 ; 3.4 
44 2 JO 


And KkI.^i 

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I'rt rat hunk 


74.00 -0.75 12 - 


AGA AMKr^Oi , 210 


Prtvathnuk 130.7S - I 8.5 

Prorw-Auik 135.50—0.25 11 ! 8.1 

Bere»'d,eu. 374.5 +0.5 , 11 ' 3.2 ” ILAN 
aupett.*- 191.25 +3.7B 12 ' 6.3 — 


AIIaLara .1 til Krai 
ABK.ViKr.50i 


■rl | Die. ;Y 
: Uirt-; * 


VIENNA 


AMC 91.76 +0 

Da-U-Ki [ 411 +2 

Fmi._ 1.905 

!>.. Pm 1.635- -4 


91.76 tO.® — : — 
411 +3 ; - j - 


210 +2 
lob i+5 ! 

A SKA (Kr.&Oi I 86*1' +2.5 ! 

.Vrlgs Cnpctrfhir25 l33nH + 3 I 

Billeru.1 t.... 1 87 i + l 

Bnfora 130 i + S 

Cawln. ! 1 k9tc+2 

l.'rt'ulirrtl 2o9 I 

Klert’lui-b'iKeft 156 |+4 
Bnmiv'B’iKitOI 141 | T j 


—11 25.5 9.4 Ranrn firanada < I.OODi 

—c \ 25. a' 3.4 Banco fii'.iuno 
+ 2.1(16.15 7.9 Ranm Ind Cai. •i.Oimi 
■ i 0.1 j — , — R. Ind Medir+rranco ... 
Banco Ponular 
Banco Santander i-'jni 
Ranra lirauljo 1 1.000 ■ . 

Banco Vi/caya 

+ m , uir..i. Banco ZaneoMno 

— . i h. . - Bantunlon 

! Banust Andalncla 

+ 2 ' 5.6 I 2.6 rfi 60 ** W,1 «« 

+ 5 <5 xn LiC 






5 i 58 Dra Rados 

~ i a -8 I rnnuku.i 


Inmohaoif 


4 1 4 6 1 E 1 *• Ar aftoneMs 

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15i/i 7J K-rnc -*B" ' *50 [+B 


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145 +8 ! - - 


lbO- 9.2 Pa^erstn - 


— . - Orgnjffsifreei 

200 1.9 H*ur| ie-leiiikrii...- 

— — ll/ialoi . ... 


I'nruiiln prices Muuirrei nrr,+ 


MinivnulO blelc.l 57 '4 


18', ; udi jva!lii>le. 


» Kid t \afcea 
1 New staeft. 


i.t+ lil ni,- tall .... 

IVnne+Ne 

"rie lx 

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lull Uigll+ 11 . 


[ Mcdi.-taniai 32.410 1,2011 3.7 I Uu (hi t/uiu-Lu— 


1 +.b M- ■nielli'' -ii 128.25—1 — | — 

; S' 3.- l/iVi'Hil'nr Use +1 

1 >6 8.1 Pirelli ft CV 

- - P-neHi Si* ‘ 944 -3 

/ 3.8 "-ii ci V i -o' -a I 550 +5 


— I — -amirik A.ii 

.K.P.'H’ft’r- 

150 6.4 ilsnii Eir-kiMa... 
80 8J TamUiL 'B' KrfiO 

— — L lidcbol m 

■ Yikli ■■ >Kr. JrtJi 


110 1 

50.0 

312*1 -l 
120m +S 

68 -2 

265 

81 

lrtSd-1 j 

89.0 .J 

S6.5 i 

84.0-0.5 ! 


Ji ; J , Esnanola Zinc 

U l BO ^ Inl ' Rl ° Tlnl ° — 

H a" ■ 1. 0001 

J "i \ an F>, HKa 11.0001 

n a 2 , UI PWL-Mlns 

3 1 *' B V-lnauez iinoi 

a } 3. 1 Hldroia 

4 I i.b hinnliiero 

_ ; _ Olarra 

lb ' j.2 Pnpel'-raT Reusidag 

a ; o./ Pu'rtllhpr 

o .3 9.7 Pcrroieus 

3.7a I / ? Sarrin Papg)+rj 

4 ^ Smacp 

'c I’d 

3 , 5 6 

Turras HoKieneh 

. B . ' 7 :; Union Elcc 


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33 








Financial Times Friday May 5 1978 


. Friday May 5 1978 


Platform 




Taller than the GPO tower and broader at its base than Trafalgar Square, the central 
platform for the Ninian oilfield adds another chapter to the North Sea saga. Built 
of concrete, it also presents a competitive challenge to the normal steel structure. 


Another 

North 

Sea 

giant 

By Ray Dafter 
Energy Correspondent 


THE TOW-OUT from Soctland’s 
Sound of Raasay of the giant 
central production platform for 
the Ninian oilfield this week 
has added yet another dimen- 
sion to the North Sea develop- 
ment programme. 

This concrete platform weighs 
605.000 tonnes with its ballast, 
making it the heaviest man- 
made structure ever to have 
moved on earth, according to 
its -builders, Howard Doris of 
Loch Kisborn. Trafalgar 
Square would not be big enough 
to accommodate its -base. - 

The structure, together with 
all its deck equipment and the 
installation charges, is costing' 
the Chpvron-led consortium 
£2SOra. It is an integral part 
of a field development project' 
costing no less than £1.6bn: 
when the three production plat- 
forms, pipeline and Ninian’s 
share of the Sulloin Voe oil 
terminal in Shetland are taken 
into consideration. 

A measure of the project’s 


size Is that ft is the biggest 
single Investment that has ever 
been overseen by Chevron’s 
parent. Standard Oil of Cali- 
fornia. Not that Chevron has 
always been the operator for 
the Ninian development. 

.Chevron took over as lead 
company in 1975 when the pre- 
vious operator, Bunriab ‘ Oil, 
found itself in deep finaneial 
difficulties. Burmah had 'dis- 
covered the big field in 1974 
and subsequent drilling proved 
the structure to be one of the 
biggest in the UJC North Sea 
with' some 1.16bn. barrels of 
recoverable reserves, according 
to latest Government statistics. 
It was not surprising then that 
one of the toughest moves Bur- 
mab had to take in its financial 
restructuring was to sell Its 
original 21.6 per cent, stake to 
British National Oil Corporation 
(BNOC) for £90m. 

Participants ' in the field, 
which straddles the northerly 
3/8 and 3/3 blocks, provide an 
interesting cross-section of the 
types of companies now in- 
volved in North Sea explora- 
tion and development They 
range from big independent oil 
groups and a State oil company 
to a chemical group interested 
m acquiring feedstock and a 
small investment company 
which has had its future 
reshaped by the Ninian success. 

The consortium now com- 
prises British Petroleum (15 
per? cent). BNOC (21. per 
cent). Imperial Chemical' In- 
dustries (18.2 per cent), Lon- 
don and Scottish Marine Oil (9 
per cent.i k Murphy (7 per 
cent.). Ocean Drilling and Ex- 
ploration (7 per cent.). Ranger 
(6 per cent.), and - Chevron 
(16.8 per cent). 

These companies hope that 
they will begin' to see some 
return on their investment later 


this year for production is 
scheduled to start this autumn. 
On current reckoning the first 
oil should flow from the 
southerly steel platform this 
autumn with the central plat- 
form being brought on stream 
later in - the year. But as past 
experience of the Ninian pro- 
ject has proved it will be diffi- 
cult to stick to that timetable. 

Indeed. Chevron had hoped 
that the southern platform 
would have been on stream in 
May. Foul weather throughout 
the winter months has delayed 
the installation and pre-com- 
mission in g work, even with the 
round-the-clock working of some 
1,100 men stationed offshore. 
During one particularly bad 
spell they could accomplish 
only ten days work in a four- 
week period. 

This is where a gravity 
structure, such as the central 
platform, has an advantage. 
Virtually all the deck equipment 
— 20 of the 22 modules — has 
been installed and connected in 
the sheltered waters of the 
Raasay Sound between, the Isle 
of Skye and the Scottish main- 
land, A steel unit could not be 
towed to a field with 24,000 
tonnes of equipment on topi 


Confidence 


Mr. Albert Granville, manag- 
ing director of. Howard Doris, 
displaying his characteristic air 
of confidence, believes it will be 
“ touch and go ” whether pro- 
duction from the southern plat- 
form will begin before output 
from the central structure. 

Chevron had hoped originally 
that the centra] platform would 
be on stream first After all, it 
wil] be the hub of the produc- 
tion system, the collection point 
for crude from all of the produc- 


T he tow-out begins. 


ing wells on Ninian. (Chevron 
has made contingency arrange- 
ments for pumping the oil. into 
the pipeline to Sullom Voe with- 
out the central unit) 

As with so many North Sea 
projects, delays and cost escala- 
tion problems have occurred. 
They have arisen because all 


those involved have under- 
estimated the size and com- 
plexity of the. challenge, because 
fast-moving technological fron- 
tiers haw called for last-minute 
design changes and because, in 
spite of its size, platform con- 
struction is vulnerable to bad 
weather. 


The centra] platform should 
have been towed to the field in 
June last year according to the 
original schedule, but following 
some re-design work the target 
was amended to August last 
year. Various problems put 
pressure on Howard Doris. Early 
in the programme it was decided 
that tile lm. barrels of oil 
storage space was not needed 
after all, in view of the pipeline 
proposals, so the storage com- 
partments were modified and 
filled with gravel and other 
solid ballast Construction of the 
Loch Kishorn site itself proved 
to be more time-consuming than 
originally planned. Storm 
damage in October 1976 and, 
more recently, a crack in the 
steel deck structure, have added 
to Howard Doris's headaches. 

Even so. by taking advantage 
of a sheltered winter berth, the 
construction team has managed 
to make up for much of the lost 
time, something that might have 
been more difficult with a more 
conventional steel platform. 

All this has influenced the 
structure’s purchase price, of 
course. The original Howard 
■ Doris bid for the basic structure 
(without the topside equip- 
ment) was £60m. It is estimated 
that the final cost wiH be three 
times that figure. 

Some 60 per cent, of the extra 
cost has arisen from Inflation 
indices written into the con- 
tract; around £25m. has been 
added as a result of changes in 
the deck design; £20m. more 
has been spent on the steel 
skirts that will pin the structure 
to .tiie seabed; about £5m. to 
£Gm. has been added to the cost 
by the need for wintering in 
Raasay with the remainder 
being spent on speeding up 
construction, to catch up on 
time lost through the 1976 


storm and delays on the con- 
struction site. 

Other operators are now 
learning from the experience of 
Howard Doris and Chevron. No 
one would question that the 
central platform is an Impres- 
sive giant, a notable technical 
achievement for all concerned. 
It was conceived in 1974, before 
any field in the U.K. sector had 
begun to produce oil. But in 
view of tbe present state of The 
art, would it be built again? 
The answer is probably no. at 
least not in its present con- 
figuration. But that is not to 
say there is no immediate 
prospect for new gravity plat- 
form structures, as some recent 
reports on the offshore industry 
have suggested. 


Interested 


A number of big oil groups 
are still interested in the major 
load-carrying capability of con- 
crete platforms, particularly for 
fields in deep waters. (Ninian 
lies beneath some 450 feet of 
water, for example.) Companies 
will be looking for structures 
able to carry heavy pieces of 
equipment; units that might 
well be replaced or adapted 
during the life of the field. 
Operators might want to instal 
gas handling or enhanced re- 
covery systems while tbe field 
is in production, for instance. 

There is no reason why 
future concrete structures 
should be of tbe size — and cost 
— of the Ninian central platform 
Howard Doris, for instance, has 
designed a gravity tower com- 
prising a load carrying deck 
supported by a prestressed 
articulated concrete column. 
This column, suitable for water 
depths of *300 to 1,000 feet, 
would sit on a baH joint con- 


nected to a fixed concrete base* 
It is thought that at least one 
offshore operator is interested 
in introducing such a system un 
a North Sea field which has' still 
to be developed. 

In the hope of winning such 
a contract Howard Doris is keep- 
ing on some 300 of its 550 
employees at Kishorn. The 
group is also hoping to estab- 
lish part of the Kishorn base as 
a service terminal for the North 
Sea although on the face of it 
the site would appear to be on 
the wrong side of Scotland fur 
such a facility. 

. Even so, delivery of the 
Ninian platform could signal the 
loss of over 1.000 ji»bs — direct 
employees and staff of sub- 
contractors. As with the other 
three concrete fabrication sites. 
Loch Kishorn is now without a 
firm contract. 

As a result of the depressing 
state of the gravity platform 
market, the concrete fabricators 
are asking the Government to 
insist that oil companies give 
them a full and fair opportunity 
to compete for any future pren 
duction platform orders. They 
are concerned that they are 
being prematurely dismissed 
without having a chance to sub- 
mit competitive tenders against 
those offering steel structures. 

It Is a tough market, not 
helped by the surplus of fabri- 
cation facilities— a legacy of 
wildly optimistic forecasts by 
both tbe Government and the 
oil industry. Builders of con- 
crete platforms hold a trump 
card — their ability to load pro- 
duction equipment on to decks 
in sheltered waters. They now 
wart to see if they are allowed 
to rejoin the game and play 
that carcL 


concrete 


(Phillips) 


1975 1976 

Prigg CDP01 Frigg MCP1 
(Total) (Total) 


Their fourth and biggest -the 600,000 tonnes 
Central Platform - is on 


The world's largest concrete gravity structure was designed and builtfor 
the Ninian partners: 


Chevron Petroleum (UK) Ltd. 

British National Oil Corp. (Ninian) Ltd. 
I mperia! Chemical Industries Ltd. 

BP Petroleum Development Ltd. 


Murphy Petroleum Ltd. 

Ocean Exploration Co. Ltd. 

Ranger Oil (UK) Ltd. 

London 8-Scottish Marine Oil Co. LtdL 


Howard Doris' experience with these high- 
technology concrete marine structures is now also 
being applied to new design concepts for more 
marginal fields. Moreover, the £30 Million Kishorn 
yard has broadened its capabilities by the full 
development Of additional facilities for: 

• INSHORE LOADING OF MODULES. 

• HOOK-UP AND TESTING OF DRILLING 
PRODUCTION AND LIFE-SUPPORT SYSTEMS. 

• COMPLETE INSTALLATION OF ELECTRICAL AND 
MECHANICAL INSTRUMENTATION. 


Services Available: Berthing Quays and Cargo-Handling 
Facilities; Tug and Barge Support; Electrical and Mechanical 
Workshop; Bulk Fuel Storage; Customs Facilities; Bulk Mud 
and Chemical Handling; Accommodation and Catering; Offices 
and Telecommunications; Railhead Facilities; Air, Road, Rail 
and Sea Access. 


hill) 

HOWARD DORIS LIMITED 

13-14 Buckingham Gate, London SWIE 6LB. Kishom-by-Strathcanron, Ross-shire, Scotland 
Telephone 01-8284311 Telephone 05203 361 

Telex 883105 Howdor G Telex 75315 Kisa 





36 


Financial Times Friday May 5 0978 


Land and Marine 


congratulate Chevron and Howard/Bovis on 
their achievement with the Ninian Central Platform. 

For our part on the Ninian Project -at the other 
end of the line -we pulled the Ninian pipeline 
oshoxe lo the Shetland Isles. We also laid it across 
the 4Km. water crossing between Culness and 
Firthness in the Shetlands. 

Prior to this we brought ashore the Forties 
pipeime, the two Fngg pipelines, the Coromorant 
pipeline. More recently we brought the Flags 
i Brer.n pipeline into Scotland, and the Marathon 
field line into Eire. 

We have clone similar things with underwater 
pipelines for oil, gas, water, sewage and 
effluent disposal in 24 countries worldwide. • 

20 yea rs'expene nee covers over 500 projects 
either designed or constructed. 


ninian central oil platform n 

Goodbye to jobs as well 


Land and Marine Engineering 

The Link between Land and Marine 

P- = ■ SroHiL.i--io.ior. Wi:idl rwyaide, L6.t 4T*7, England. 

"1»: 1 It- fO-X 1 lok-3: ini-. Lv:u :i. Broir. borough. 6^9442. 


a member of the Royal 80s Kalis Westminster Group N.V. 


TO THE PEOPLE of Wester after the platform has gone and 
Ross the tow-out of the Ninian preparing for fresh work, un- 
Central Platform from the less new contracts can be scc- 
lnner Sound of Raasay. where ured by Howard-Duris the yard 
it spent the winter and spring will close and employment in 
up to its neck in deep water, the area will revert to its tra- 
was a matter for pride, relief ditinnal pattern, 
and regret. Pride because. The first that local people 
although outsiders who came heard of the project was in late 
to use the area’s natural ad van- 3973 when the British civil en- 
fages were largely responsible gineering company, John 
for building the biggest move- Howard, identified Loch 
able structure on earth, a lot Kishorn, a sea inlet on the 
of local effort also went into its Applecross peninsular, as a 
construction. It may now be likely site for a platform yard 
late in delivery and have other and at the beginning of the 
criticisms levelled against it, following year applied to Ross 
but the platform has been com- and Cromarty' County Council 
pleted successfully and that is for planning permission, 
a feat which has never been In November 1974 Howard 
equalled. formed a joint company with 

The tow was also a cause for the French design firm C. G. 
relief because — like every other Doris, which had designed 
, industrial process introduced Howard’s first concrete platform 
into previously unsullied coun- for the Frigg gas field which was 
tryside — the scoop: ng-out of the built in Norway. Later that 
Howard-Doris yard from the month the new joint venture 


TOWING 

ROUTE 


A** 


BLOcksf 

S3 


' rtjSullom Vbe 

xJ&Lerwick 

SHETLANDSt**""" Su p p *y Ba ”> 


ORKNEYS 


<s -m 

0 ^ h * 

If xifcbKishom 

* 0^ 


Aberdeen 

JoeratrofY-, Centre) 


tonnes and covers an acre in estimates that some 300 of the 

area, was manufactured at the men working directly for bi s 
_ ■ . . . . company are *' travellers who 

J. Ray McDermo^ard at Aider- ^ ^ aUer ^ 

sier on the Moray. Fir*. .and a project and will 

brought b> barge around the moye to other sites w here the«* 
Scottish coast to rhe _ Inner . g for ^em. Most of the 
Sound. Supported on either side ^ — the loca j men — are being 
by barges, it was floated o\er the fc on the payro || working oa 
top of the platform which had gnd livi|I? irt hnpe m 

been ballasted low m the water. neur will be woo. 

When exactly in position, tne 
ballast tanks were evacuated and a 

Ninian Central bobbed-up to en- Prnrnicp 
gage the deck. This precise luuiiai. 

manipulation of a structure ’‘We have a special res pun si. 
weighing some 600,000 tonnes bility to these men because we 
was repeated each time a module promised them work. We in-' 
i of up to 1,600 tonnes) was tend to honour that promise, . 
loaded from the crane barge on- partly because we like to do 
to the deck. what we say we are going to do , 

Before the tow-oat began, and partly out of enlightened ' 
employment on the project had self-interest:— I am still very 
dropped to 1.309. with just less optimistic that we will get an- ; 
than half of this figure em- other order. j 


built in Norwav Later that , r . . ... . . . , . . ... ployed directly by Howard- More than just local employ, 

month the new’ joint venture 1110 str H cture - Slip-forming the 'water until— at a total height Dor j s ^id tlie remainder for ment depend on that optimism 
received* a SL order froS then . slane ,? ^ van con- of 156 metres-U became too big mb<ODtrskciors . Many of the proving justified. Com muni- 


rock face and the construction received a £60m. order from Si? w^khen s ^ScL°n”‘ SSSf 

of the platform itself had their Chevron operators on the was over j^ e b ase was floated to be towed to the Inner Sound, p n ._ VIH i nn° location in the inriudin-e the Kvle railway line, 

opponents There were argu- Mm an Field and was gran^d ouC of a dock t0 ^ first wet ^ree miles from the Skye coast. S-n FieW on h^ok-up work a Uie area 

ments with churchmen over consent to start work on the - r - rom nanirivf»[v shallow There witha suffirient fienrti of Nliuan * ie . 10 ?“ nook-up wont a vital time weween me area 

Sunday working aj legations yard. Slt ®* *n comparatively shallow mere with a suihcient depth of or .-grouting” the platform, and Inverness— could find it 

that the «rd had grownout The task was a big one. An waler / V ?. T * oe ° a “ enable work to be com- thnt is mhag any spaces be- difficult to survive without the 

of all proportion to its original access road had to be con- JJJ lS0m - h,gh of ^e base and the sea bed income generated by the build- 

promised size and disputes structed over a 2,000 foot moun- P latform - was mated with Us steel deck M ^ th conrelc. ing of the platform. 

over the effect it liad on local tain pass and some 1.25m. As the height of the structure a™ loaded W1 *h modules. Mr. Albert Granville, manag- p p PPma . 

life. There are those who were tonnes of sandstone and peat increased, it was sunk lower in The deck, which weighs 7,100 ing director of Howard-Dons, x\aj rciuidn 

glad to see the platform dis- had to be moved to form the 

appear from view and hope drydock which, although larger 

that it will be Kishorn’s first than Trafalgar Square, was still 

and last venture into the oil dwarfed by tbe scale of the sur- 

industry. rounding mountains and cliffs. 

A rail terminal and jetty were /'“N * g j 

Regret Southern YllfttlQTTTi OTl 

But for most of the local Strome so that ce me nL steel and ^ yf- y l B W X _LX JL v A- Jk- -R- JL JL V/ XX 

people who watched it go, the other materials could be JL 

platform's departure was a brought via the single-track 

signal tor regret and concern, line from Inverness and loaded ^ 

In an area where for decades on to ships for transport to the 1 __ B — J. ^ 

the unemployment rate was kept site. One of the conditions of PTfOO T|| JT\ \ f "J I I I I IT||T1 

at a reasonable level only by the planning consent was that I 9 L jj I | fl I / /\l IIL I. \ I I I I I 

the constant migration of young Kishorn be treated as an island, w J- ^ A A ^ J ***■ w a 

people to the more prosperous to prevent local roads becoming 
cities, the platform provided overloaded with construction 

fhan 6 tr3 f ' ^ . . THE FIRST oil should flow next year. of the Ninian Field, which is in hand, and one of these. Lnch 

LTdJpnfmm t ] A Was op f ned on *** from the Ninian Field in the The Southern platform was roughly pear-shaped, some 12 Kishorn, becomes vacant with 

T f hP on th mT ^le of bkye to supply aggregate autU mn when production begins the first element in the three miles lung and stretching across the completion of the concrete 

I Jnri T TI rhp r a i ihlirt thp l5 h ifJ ^ ^ f froni Southern platform, platform development of Ninian the boundaries of block 3/3 Ninian Central platform. The 

!?rri a^nd^the fwn^wet sites OriginaUy the field was set to in be ordered in November (held by the Chevron con- three remaining steel fabric* 

li ed and from the ne-irbv iparHnS ^ Wlt ^ £ come on stream this month after 1974. It was designed as a self- sortium) and block 3/S (held tion yards. Nigg Bay (Highland 

JSSt, C Tl the 21.000-tonnes steel Platform floating structure, because for by BP). Fabricators), Methil (Redpath 


BUILDING PRODUCTS LIMITED 

We’re pleased 
to be assodated with 
Howard Doris Limited 
in this project 

The complex construction of the 260 reinforced 
concrete slab and dome sections of the Ninian 
Oil Platform was successfully completed by 
Anglian at their works in Lenwade. Norwich in 
May last year. The construction of the giant 
Jarlan/Break water units was overseen on site by 
a management team from Anglian. 

Atlas Works, Lenwade, Norwich. Tel: 060544 291 


Southern platform on 
stream by autumn 


Caledonian) 


jf-rtif _ _ j il. , ... . urJKiuauy uie nciu was bCL 10 u» ue ui uncu in muvciuuci uiciu u* tuc v.utuuu vu»- -- - 

li ed and from rhe ne-irbv ip-HinS^ Wlt ^ *I! an ^ 2 )f f h .® come on stream this month after 1974. It was designed as a self- sortium) and block 3/S (held Uon yards. Nigg Bay (Highland 

island of SkvJ wire ab] e ?oC *52 the 21.000-tonnes steel platform floating structure, because for by BP). Fabricators) Methil (Redpath 

ir.hc alongside the “travelling Rp?i«h%i r inclu ^! n ° r Jj e was ‘ installed last summer in heavier, taller steel towers this The platform was justified on De Groot Caledonian) and 

mej” Tho ^conJerae ^ aw 5.1 ll S R ISrfsrfS record tiBie - But the start has system has decided advantages the basis that it could tap Ardersier (McDermott) can lake 

far"e conduction g *' been held up. Chevron, the over structures that are another 100m. barrels uf oil some comfort, however, from 

“ \ P . Princrr!" f , }f field operator, puts the blame launched from barges. from the field which is trapped the fact that any platfurina 

The problem now is that the Co"»t J«don of the platform fop the delay partJy on the es . >The tower was designed by in Tour different producing ordered over the next 12 months 

yard s future is uncertain. There was in three distinct stages. The n .. ; .ii D ™-on» woaiher enrmm. r wriobt thn znnps. ear-h nnp of which has a for the U.K. sector of the North 


record time. But the start has system has decided advantages the basis that it could tap Ardersier (McDermott) can take 
been held up. Chevron, the over structures that are another 100m. barrels uf oil some comfort, however, from 


field operator, puts the blame launched from barges. ' 


from the field which is trapped the fact that any platfurina 


RMC 


A member of the Ready Mixed Concrete 
Limited Group of Companies. 


OCEANIC CONTRACTORS INC 

WOULD LIKE TO CONGRATULATE 

THE NINIAN GROUP 

ON THEIR TREMENDOUS ACHIEVEMENT IN 
FABRICATION AND FLOAT-OUT OF THE 
NINIAN CENTRAL PLATFORM 


yard s future is uncertain. There was in tnree distinct stages. The pecia n v seve re weather encoun- CJB-Earl arid Wright and the zones, each one of which has a for the U.K. sector of the North 

as »? et - no fo ^ ow ‘ on 0rt J er wl ^ e ba i? ia 2 tered in the North Sea during careful tipping of the massive unique recovery profile. Ninian's Sea are likely to be steel struc- 

the Ninian contract and the meter and 18 metres high) which winter. But it has also been platform to the upright position period of maximum production tures. ‘ccording to stockbrokers 

numbers employed on the pro- gives the gravity platform much concerned ^ it has had ^ __ performed at the end of the is expected to be 1982-83 and this Wood Mackenzie, as many us 12 , 

ject have dropped dramatically, of its stability, was built in the WO rk on the modules, 275*nile tow from Nigg Bay— has been prolonged and en- platforms could be ordered over . 

Although there will be work dry dock. The nine segments ^hush should have been done in was carried out according to banced to a level of some the next year or so, including J 
fnr an indefinite period for were cast in timber frames siDng ^ fabricati0Q yar ds. procedures developed by 360,000 barrels a day by the some smaller structures. Among 

some local people tidying up on the steel skirts at the bottom ^ a ficht tQ meet ^ latest Chevr0a in the 195 o s f or Santa addition uf the third platform, the orders foreseen are plat- 

. .■.,■■■■ ■ ■ production deadline of the Barbara Channel platforms off The Northern platform with forms for Mesa PetTuleum’s in- . 

fourth quarter this vear. Chev- the Californian coast. By con- a jacket weight of some 12,600 shore Beatrice Field. A more's 
ron has expanded its offshore trast the concrete Ninian tonnes is the smallest structure Indefatigable gas field, Shell/ 
workforce. Staff working on the Central platform will be towed ordered for the Ninian Field, Esso’s North Cormorant Tern 
Southern platform have built up out in an already upright posi- and because of its compar«Jive and Fulmar Fields. BP’S Magnus 
to as many as 1.100 men. and Uon. lightness it will be floated out Field and Phillips' Maureen ' 

two support vessels, the Borg- The cost of the Southern and launched from a barge. The Field, 

land Dolphin and the Viking jacket alone was £60m. and the jacket will cost £40m. with the 
Piper have been engaged at the „lopside equipment from hell'- extra equipment modules total- flrHgrc 
field, 100 miles north-east of the copter deck modules to work- ling a further £35m. It will have 

Shetland Islands, to accununo- shops, accommodation and drill- the capacity for drilling 25 wells. In addition, orders can ba 
date the growing workforce. ing and production modules but at this stage of the pro- expected for Amoco's North : 

The Chevron consortium added a further £50m. to the gramme only 12 are being West Hutton and Phillips' 
finally opted to build three plat- Ninian bill. ..The jacket, 553 feet planned. It is always possible, Thelma Fields and the develop- 
forms to exploit the estimated in height, stands in a water however, that a decision could ment of the perplexing Brae .. 
L16bn. barrels of recoverable depth of 448 feet and has been be taken later to drill more Field by the Marathon group , _ 
reserves of crude from Ninian. designed to withstand winds of wells in order to extend the should go ahead after prolonged i 
the third largest field dis- up to 105 knots and 100-foot plateau of maximum production, appraisal drilling, 
covered in the U.K. sector of waves. Some 42 wells will be It is hoped that this jacket For the moment the Nigg Bay 
the North Sea. Orders for both drilled from the Southern plat- will be floated out from High- workforce totals some 2,300 men, 
steel jackets, the Southern and form, which has a production !and Fabricators yard in June not so far below the peak of 
Northern platforms, were capacity of 180,000 barrels a so that it can be piled and 3,000 reached when the yard 
placed with Highland Fabrica- day, rather smaller than the secured in place before the was building two platforms for 
tors for construction at its yard Central platform, which at its worst of the winter weather BP's Forties Field and well • 
at Nigg on the Cromarty Firth, peak should be capable of pro- begins. The deck and nine above the Idw point of 800 m 
The Southern platform is now during 276,000 barrels a day. modules, including the flare reached last summer. But the : 
undereoine the time-consuminE boom, will be constructed over yard needs more work urgently, 

final hook-un work It was TTnnirinc-f ^ ne3tt 12 months for Highland Fabricators, formed .-., 

flnntcrl nut Niorr Tlavvarrf HCSVlCSl TleXt ye&T. Production COUid i Q 1971 by BrOWn and Root of;' 



RlcDcrmolt Scotland, a subsidiary of Oceanic Contractors Inc., fabricated the steel 
Deck Section with plan dimensions of 79 x 55 metres and a load-out weight of 

7,100 tonnes. 

The Deck Section design consisted of four main column trusses, with skid beams to 
accommodate 20,000 tonnes of modules. This was supported by eight 
leg truss units, 4 Legs x 100" and 4 Legs x 72" diameter pipe,- arranged circularly 
engage and tie-down to the upper part of the Jacket Section. 

Transportation skid beams were attached to the inner leg sections, 
enabling the Deck Section to be loaded-out and tied-down onto Oceanic’s transporta- 
tion barge Intermac 600. This mammoth barge (500 ft. length x 120 ft. 
width x 35 ft. depth ) which has been used on several occasions in transporting large 
North Sea Jackets to location, was used to transport the Deck Section round the North of 
Scotland via North Orkney to Toscaig in the Inner Souid of Raasay, 
where the transfer from Intermac 600 occurred. 


■ t* ▼ , 

til ; ' 



The Southern platform is now during 276,000 barrels a day. modules, including the flare reached last summer. But the 

undereoine the time-consumine boom, will be constructed over yard needs more work urgently, 

final hook-up work It was T Tom Trior- f- the ne3f t 12 months for fitting Highland Fabricators, formed.-.. 

rrstrm ^fe s — ,„ ta was sait-; 

sy ..VS2S The &IT££S£?S?2£ '■ 

rr:X m £ h “S Glenschuiman. Chevron (UJC) deck . The* Dutch construction n^ty if work afa t^e when • 
SouL^ tf secure ^he director. During the g^p. HCG, is building the there were few platform orders 

nlatform to rihe La bid wis “Mast year IS modules, workshop and accommodation 0 n tbe horizon. Securing t)w • 

platform to the sea bed was constructed at six different sites modules, while Hariand and order for the weU-head module , 

July* last year* 6 and*" 1 the^lMt ^ rr?? Wolff at BeIfast is ranstructin e for the Northern platform, due 

July last year, ana the last were lifted into place at the several others, including the for delivery in ^orinc next vear. 

module part of the drilling Nin i a n Field by crane barge, drinill g. production and water fs Se of Se fiS ^ 

ZZeZlf Motor Ui| heaviest single lift totalling injecUon modules. Orders for success in this area It . 

tiie end of uctober. 1,2,0 tonnes the helicopter deck and flare actively pursuing rig repair / • 

But the fortunes of North It was always a possibility j, oon , ^ s tlll to be placed. work, much of which is usually , 

Sea operation are at best un- that the Chewun group would The total cost of exploiting carried out in Holland aai 

predictable and the time gained order a third production facility the northern extension of the Norway. Its first customer : 

last summer has vanished dur- to drain the northern end of the Ninian Field is estimated at earlier this year was the Trans- 

ing the hard winter months, field and as far back as 1975 it some £200zm, one of the smallest world 58 semi-submersible rig. •• 
Delays were compounded last was looking fnr a yard that items in the massive fil.Bbn. i n addition Highland Fabric* 
month when construction work could deliver during 1977. It total field development costs, tors is promotin'* its own design 

on the platform out at sea came considered alternatives, such as But the Northern platform has 0 f integrated deck which is • 

to an almost complete halt in sub-sea completion, but it wasn’t been of vital importance to the designed to be fitted out like* 

an industrial dispute over until last year that it finally builders. Highland Fabricators, process plant with all the nece* 

bonus payments for craftsmen, weut ahead with an order for When the order was first mooted sary equipment before float out. 

Despite Ihe dispute, one of the another steel jacket from High- by Chevron, it was seen in some The complete structure would 

biggest so far on a North Sea land Fabricators. quarters of the oil industry as be transported to the jacket, 

platform, the time has been The decision not to go for a carrot to the Nigg workforce already installed in the field, by ™ 

made up and Chevron is still sub-sea well completions— a for speedy delivery of the barge and floated into position 

hoping to start production from total of 12 were considered— Southern platform, which was 0Ter the platform tower. Tbe! 
the Southern platform in the was taken for three main then nearing completion. In the system is designed to avoid i - 
autumn. reasons. Chevron felt that sub- event the first jacket was margi- many 0 f the offshore craneag*l- 

Meanwhile the steel Northern sea technology had not been nally delayed by a three-week and hook-up costs. But whatever, 
platform is being constructed on sufficiently proved, that the strike, but the production t h e success of this deck system ' 
schedule at Highland Fabrica- down-time caused through schedule was not seriously the yard’s prosperity which 
tors’ Nigg yard, and Chevron failures, maintenance and re- hindered and the second order f 0r three and a half years la* 
hopes to float it out to the field pairs might undermine the went ahead. rested heavily on the two Niniao . 

in June. The job of securing field’s profitability, and that It has kept the Nigg Bay yard jackets, now depends most ! 
the 15,000 tonnes structure to there were unacceptable in work at a time when the erucialiy on attracting new pla* ‘ 
the sea bed with steel piles will environmental risks. As a result platform industry has been f 0nn orders, and they cannot 

be carried out during the uf installing the third platform, going through a lean period, come S00n enough 

summer and the platform’s nine the Chevron group should be Only four out of eight yards in v" 9 ri/>nA 

modules should be installed able to cover virtually the whole the UJC have recently had work Ivevin JLIOI» 


Kevin Done 


OCEANIC CONTRACTORS INC. ARE ONCE AGAIN 
PROUD TO BE ASSOCIATED WITH YET ANOTHER MILESTONE 
IN THE HISTORY OF THE OFFSHORE HYDROCARBON DRILLING INDUSTRY 


SLIPFORMING BY 



Tileman & Co. Ltd.. 131 Upper Richmond Road, Putney, London SW15 2TP 
Telephone: 01-789 2241. . Telex: 267524. 








»-.! -3 


A 






*■> 1 ' 




financial. Times. Friday May 5 1973 


37 


NINIAN CENTRAL OIL PLATFORM III 


1*1 


Transport shuttles by sea and air 






A FEW years ago a helicopter 
over Shetland Was quite an 
event. Nowadays S umb urgh air- 
port Is . so busy and crowded 
that helicopters sometimes have 
to “ stack ” overhead, 

Xn au Industry where perhaps 
more than any other time really 
does mean money, fast heli- 
copter transport has a crucial 
role to play. 

However, because of factors 
like weather and capacity, off- 
shore, supply transportation 
must be flexible and thi s means 
there is a growing need for 
. specialised platform supply 
vessels. With everything from 
personnel, clothing, food, con- 
crete and piping to transport 
from shore to platform the off- 
shore operator must have a 
wide range of supply vessels, 
aircraft and helicopters if he 
is to operate efficiently. 

North Sea drilling rigs and 
production platforms can be 
like “mini cities" with up to 
1,300 people on board at one 
time and they must be kept 
supplied with tools, equipment, 
fuel and the requirements of 


day-to-day living If costly 
delays are to be avoided. 

The basic rule of th umb used 
by Chevron in the Ninian field 
is that helicopters move' per- 
sonnel while ships move 
freight. But because of North 
Sea weather the roles are- often 
reversed. Ninian’s transport 
needs are handled from Chev- 
ron offices in Aberdeen and a 
Chevron official said, “what we 
try to do is to keep the heli- 
copters for moving people 
rather than freight, but we 
have moved everything by heli- 
copter” 

Chevron operates a mixed 
fleet of helicopters out of Sum- 
burgh airport to the Ninian 
field 100 miles away. It con- 
sists of one Aerospatiale SA 330 
Puma capable of carrying- up to 
20 people or 5,511 lb of cargo, 
one British Airways Sikorsky 
S61N, three Bristow Sikorsky 
61s and two Bristow S-58 Tb, a 
smaller version of the 61. 

flying time oat to Ninian 
averages 1 hour 15 minutes for 
all but the Puma which is 
slightly faster and can make the 


311 


Output fed to 
Sullom Voe 


OIL AND EVENTUALLY gas 

I from the Ninian field will be 

stored and shipped from the 
Soliom Voe oil terminal now 
under construction In a Weak 
Inlet to the north of the Shet- 
land mainland. Lake so many 
projects in the development of 
. the North Sea, it is massive in 
scale, involves many features 
• novel in engineering and tecfa- 
- nology and is vastly complicated 
by the fact that the site is 
among the most - remote in 
- Europe. The nearest commercial 
■ airport is two hours' drive away 
and, until the oil companies 
began work, roads in the area 
• were little more than tracks 
used to farm vehicles rather 
' than contractors' lorries. 

The terminal Is being built at 
'• Caltack - Ness, a promontory 
/ win& jute out into the Voe, and 
. is about SI miles north of 
Lerwick, the’ main. Shetland 
. town. Work bn the 800 acres 
' site began in February 1975 and 
is now wen advanced, although 
. bad weather and other factors 
... have caused frequent hold-ups. 
Crude oil from the Ninian and 
later the Brent, Heather, 
Huttos, Cormorant, Dunlin, 
Thistle and Murchison Fields 
V will enter the terminal through 

.. two pipelines which are already 
laid, and will be stored in 15 
surface tanks and loaded out to 
tankers across three jetties. 

When facilities are complete 
the terminal will also be 
. . equipped to handle gas, which 

will be processed and stored on 
the site. At present the design 
capacity is some 1.33m. barrels 
a day through the two pipelines, 
but when the 32 oil. companies 
which are partners in the pro- 
ject meet again to discuss the 
matter, it is possible they will 
call for another phase of 
development to increase this 
figure. That will inevitably also 
- mean a dramatic jump in the 
cost, which now - stands at 
£672m. 

Schedules for work on the 
project, which - is being 
coordinated by British Petro- 
leum. have been notoriously 
difficult to stick to. The 
inhospitable Shetland climate 
'proved to be just one of the 
operators’ worries and they have 
tiso had to contend with 
ndustrial disputes and the 
iemands of the Shetlands 
Islands Council, Unique powers 
:o control development on the 
iite were gained by the Council 
<vhen it successfully promoted 
he Zetland County Council Act 
n Parliament in 1974. and since 
hen it has used them to ensure 
hat disruption to the islands’ 
vay of life is kept to a 
ninimum. 


of the agreement the total sum 
accruing to the Council could 
top. £25m. The assumptions 
made in these calculations are 
fairly conservative and the 
actual amounts may turn-out 
to be substantially higher. 

The negotiations over the 
siting of storage tanks particu- 
larly caused delay, and the 
project is now some two years 
behind its original programme. 
However, the impact of this 
slippage has been partly offset 
by delays offshore, which mean 
t&at first oil from Ninian will 
no't' be received until the end 
of the summer. 


Deadline 


Shared 




The Council, for example, 
nsisted that there should be 
me shared terminal, rather than 
i proliferation of developments, 

hat storage tanks should be 
ereened to lessen their impact 
in the environment, that a rigid 
inti-pollution agreement should 
>e signed and that Shetlanders 
hould share in the prosperity 
iperation of the terminal should 
wing to the oil companies 
Jnder an arrangement finalised 
n March, the Council win 
■eceive a levy of lp a tonne on 
til passing through the terminal 
’the amount is indexed for mfla- 
ion in both retail prices _ and 
world crude prices) in addition 
o substantial other payments 
» cover disturbance caused by 
he construction work and the 
fast of providing the port facili- 
aes, which the Council itself 
till own and run. 

It has been estimated that 
ifleomo from the levy alone 
»ttld be £1.5m. a year by 1981 
lot December. 1977 prices! and 
ffc*c over the full 25-year ine 


Throughout last winter, BP 
and its subcontractors worked 
against the clock and the 
weather to meet a much earlier 
deadline. They had expected 
crude oil to start flowing 
through the pipeline in late 
May or early June and were 
fighting to be rea&y to receive 
it with the first four storage 
tanks and to load it across the 
first jetty. It was no secret 
that the race was a hard one. 
but by the end of last year 
BP was confident that it wonld 
be. able to synchronise the 
commissioning of its first phase 
at the terminal with the com- 
pletion of work on the Ninian 
Southern platform. 

The delay offshore has given 
the construction team an 
unaccustomed breathing space. 
Four of the 15 storage tanks 
envisaged in the present plan 
for Sullom Voe are now 
complete, work is well advanced 
on another two and several 
more have been started. The 
first jetty— which will eventu- 
ally be devoted to liquid natural 
gas rather than crude oil — is 
complete and ready to load oil 
out to the tankers and there is 
a chance that a second will be 
ready by late summer. 

The extra time available also 
means that the power station, 
which will provide all the ter- 
minal’s needs, could also be In 
operation by the time first oil 
is received through the line. 
Had it come in May standby 
generators would have had to 
have been used to pump crude 
into the storage tanks and out 
to the jetty. 

Initially Sullom Voe will be 
able to handle only “ dead " 
crude, that is oil which has 
already had any associated gas 
removed from it at the platform. 
Process plant necessary to 
liquefy and treat gases will not 
be ready until July next year, 
and this gas presents the oil 
companies with a problem. 

The Department of Energy 
looks on gas as an energy source 
only marginally less important 
than oil and is reluctant to allow 
it to be wasted. Chevron, the 
operators on the Ninian field, 
have permission to flare off gas 
at the platform for a period of 
six months, so that the delay in 
commissioning treatment facili- 
ties at Sullom Voe should not 
prevent oil from being ex- 
tracted. But what will happen 
after this if ihe terminal is still 
not ready to handle gas is still 
a matter in question. . 

At one stage Chevron con- 
sidered a proposal that some 
sort of floating treatment plant 

perhaps a converted tanker- 

should be tied op alongside the 
terminal to cope with gas until 
onshore plant was complete. 
But that plan, which got no 
further than tentative thinking, 
met With disapproval from the 
Shetland Islands Council and, it 
is understood, from BP, and has 
now been dropped. 

So the problem of gas 
remains. Reinjection into the 
oil reservoir is a possibility and 
is being considered, but so tar 
no conclusion has been reached. 

Ray Perman 


trip In 1 hour. This gives a turn- 
round time of between 2 and 
21 hours for the helicopters, 
considerably tester than by sea. 
Almost all platform personnel 
are flown by helicopter to 
Ninian from Smnburgh, the 
exceptions being Norwegian 
maintenance and marine crews 
who are 'flown direct to Ninian 
from Norway. 

At present there are between 
12 and 40 flights per day out of 
Sum burgh to Ninlan’s southern 
platform, but tills number will 
obviously increase as operations 
expand. The logistics of heli- 
copter flights are worked out 
in Aberdeen by the transport 
department in conjunction with 
the offshore installation 
managers. 

By midday every day the 
transport staff are told what 
personnel movements are 
planned for the following day. 
By 2 pan. a priority list has 
been drawn up in Aberdeen to 
meet these requirements and 
this is telexed to the installation 
manager. He then has until 6 
the following morning to make 
changes in priorities depending 
on his own assessment of per- 
sonnel requirements which can 
alter very rapidly. 

The helicopter fleet also per- 


form an emergency foie. British 
Airways is appointed by the 
Government as the air sea 
rescue service and in the case 
of a “medi vac,” or medical 
evacuation, it is their Sikorsky 
61 which deals with the situa- 
tion. In normal periods one hour 
is allowed for take off, but in 
the case of a medical emer- 
gency the helicopter can be in 
the air in 15 minutes. 


Accidents 


All platforms will have off- 
shore medics capable of dealing 
with all but the worst accidents. 
Where a doctor's advice is 
required this is obtained from 
Lerwick by telex and if 
necessary the doctor will join 
the- helicopter at the Norscot 
helipad to fly to the field. 

The essence of helicopter 
operations is speed, reliability, 
flexibility and, most important, 
safety. Every helicopter is 
equipped with survival suits 
and lifejackets. 

However, it is the weather 
that posed the biggest threat 
to helicopter operations. At 
Sumburgh the main problems 
are wind gusting- up to 50 knots, 
mist and fog. If the blades 
become coated with ice the 


weight grounds a helicopter and 
in winds of 50 knots the engines 
cannot be engaged. 

In these conditions personnel 
may have to be moved by ship, 
but the sea Journey takes 12 
hours so often the personnel 
wait in specially built chalet 
accommodation in Lerwick for 
the weather to lift 

Delays are also caused by 
sheer lade _of space at Sum- 
burgh and problems with the 
radar. Normally fixed-wing 
craft land once every four or 
five minutes, but if the radar 
is out of action “ flow control " 
is put into operation. This 
means one landing every ten or 
12 minutes and stacking 
problems develop. 

The fixed wing aircraft used 
by Chevron are there for two 
main purposes, first to trans- 
port personnel between . the 
mainland and Sumburgh and 
secondly to “ weather watch ” 
the area when helicopters are 
grounded. Almost all the plat- 
form crew begin their trip to 
the field aboard the fixed wing 
craft At present Chevron use 
two De Havilland Twin Otters 
operating out of Aberdeen and 
capable of carrying IS men 
each and two Dan Air Hawker 
Slddeley 748s operating from 
Glasgow or Teesside which 


carry 40 people each. 

They are soon to be joined 
by a Viscount 700 operating out 
of Glasgow and Teesside and 
capable of carrying 60 people. 

The Chevron sea transporta- 
tion fleet is divided into four 
main categories, accommodation 
vessels, supply boats, specialised 
ships and emergency craft All 
are on long- or short-term con- 
tracts from their owners. 


Numbers 


The need for accommodation 
vessels, which can also be used 
as supply craft, arises from the 
numbers of people involved 
when drilling and production 
begins. On the southern plat- 
form there are at present 1,110 
people. 112 of whom live on the 
rig itself and the remainder 
live on two semi-submersiUes 
anchored alongside. 

A similar number will be 
required to man initial opera- 
tions on Ninian central and 
because the platforms' 
“ optimum ” population is 
between 120 and 140 people 
there will probably always be 
a need for some form of addi- 
tional accommodation on board 
semi-submersible®. 

At present Chevron has two 


seml-sufrmerslbles anchored 
next to the southern platform. 
These are the Norwegian 
Borgiia Dolphin and Viking 
Piper which was used 
previously as the Ninian pipe- 
laying barge. A -third barge is 
due to join the fleet soon. 

These barges are anchored 
in position next to the plat- 
forms and because of weather 
conditions they are apt to shift 
their anchors, so Chevron has 
two anchor handling vessels on 
short-term contracts equipped 
with stern winches capable of 
replacing the anchors. These 
craft double up as extra supply 
vessels. 

Chevron has five supply 
vessels on two-year contracts 
at present. These include 
specialised platform supply 
vessels owned by the big 
Dutch North Sea operator Smit 
Lloyd. They are highly 
manoeuvrable wide-beam craft 
featuring large deck space and 
bulk capacities. They are about 
2.000 d.w.t. and are capable of 
high pumping rates of up to 
100 tons per hour at 250 feet. 

This rapid pumping facility 
makes them . particularly suit- 
able for pumping out fuel, 
water and the other liquids re- 
quired on a production plat- 


form. In addition Chevron use 
a similar Norwegian Bugye 
supply ship and two smaller 
British Ocean Inchcapc 1.0S0 
ton supply vessels. The British 
ships have pumping capacities 
of about SO tons per hour per 
100 feet. 

The supply ships are used 
for earning almost everything 
to the field and the large deck 
space on the specialised supply 
vessels makes them particularly 
suitable for carrying heavy 
machinery and the high quanti- 
ties of casing pipe required 
during drilling. Since storage 
capacity on board a platform 
is limited the ships make fre- 
quent journeys, averaging 1.5 
sailings each per week. The 
single journey time from Aber- 
deen tu Ninian is about 20 
hours. 

For emergency evacuation 
Chevron keeps three or four 
converted trawlers, capable of 
accommodating 200 people 
each, in the field at all times. 
As yet the company does not 
have any specialised pollution 
control craft although it says it 
is looking at the possibility of 
a permanent vessel for the area 
fitted with fire-fighting equip- 
ment. 

Paul Tavlor 



Nep tun's floating crane “ Hebelift 3 " rigged with the 160 metre jib working on the Ninian Central Platform in Loch Kishorn. 


The Hebelift 3 at Kishorn: 
Total wt. of material lifted- 
18,000 ts 

Heaviest item lifted: 

320 ts to a height of 138m. 
Best working period: 

28 lifts in period 
of 20 hours 


NEPTUN offers a total marine service on a truly 
international scale. Heavy-lift transportation, 
ocean towage, the laying of mooring systems, 
heavy and high lifts . . . they’re all part of the 
complete NEPTUN operation. 

Next month, NEPTUN will take delivery of the 
first of two new VLT 23,000 h.p. tugs, 
unquestionably the largest in Europe. These will 
augment the already powerful NEPTUN fleet of 
tugs, barges and sea-going cranes. Both offshore 
and inshore, NEPTUN is becoming more and more 
identified with marine project management of 
the most comprehensive kind. NEPTUN is at your 
service and available for consultation now. 



EXHIBITING AT 
OTC HOUSTON 
STAND 1375 


U.K.: 

Neptun Transport and Marine 
Services (U.K.) Ltd. 

3-3 Queen’s Square 
Middlesbrough 
Cleveland TS2 IAN 

Tel: 0642 217341/2 
Telex: 587300 

Nop tun Transport and Marine 
Services (U.K.) Ltd. 

49 Charles Sued 
London WlX SAE 
Tel: 01-493 5525 
Telex: 262374 




II 


Financial Times Friday May 5 1978 




The Giant Kinian field master platform undertaken 
by Howard Doris Ltd nt Loch Kishom contained an 
estimated 1 50,000 cu.m of concrete containing 17,000 

tonnes of Pozzolan. 


NINIAN CENTRAL OIL PLATFORM IV 


The partners in the field 


fpnoljn was specified :n die cvacrc.c t<> increase 
resistance to sea water attack, thus giving a longer, 
rrouhlc free life, better piunpubilny, easier slip 
forming, smoother surface finish. 


1 


and hence increased operating efficiency. Reduction 
or the cement content reduced the temperature 
problems. All these advantages at no extra cose. 


Your construction proicce may not warrant the high 
standard;, met by Howard Doris Ltd but it is a 
comfort to know that your concrete could have the 
advantage? of Pozzolan. 



SSISflfeSf 


Specify Pozzolan for your 
itnportani structures. 


Suppliers of quality insured p(a Pi».r.ul:m tn Ajrrcmcnt Certificate 75 283 

Nicholas Street Mews, Chester. Telephone Chester 49104 

Plants : 'Nottingham. Warrington. Gainsborough. Telford. Alloa. 

Mowa?®! Doris 


who have ehosen ©or 


aid Storage Systems 

For their 400,000 tonnes concrete oil production platform in 
the Ninian field, Howard Doris appointed John Grist Ltd 
to design, supply and commission Ihe entire installation to 
of Mead-store -rehandle and transport by floating silos, 
the cement and pozzalin needed at both dry and wet 
construction sites. 

Just one example 01 Ihe conf toence placed in our unrivalled 
experience in Ihe area of pneumalic conveying and materials storage 
equipment acquired over many years We manulacture an 
extensive range of steel Silos with capacitie s up lo 2.00*3 tonnes 
cement, and a proven pumomo system based a round our Auto 
Airttow low pressure pumps which between them brought an entirely 
new level ol ease, ef uciency and economy to the business ol bulk 
conveying and storage 

Our combination of Ihe most up to date equipment and techniques, 
and our somewhat oid lashioned standards or courtesy 3nd personal 
service could well be the answer to vour problem . . . 

«i iiiit mini 

John Gris* Lid.. Hicnoale House. Hawl burs'. Kent TN18 4AP 
Tel 05085 2673 Telex 5570*5 


THE DEVELOPMENT of the 
Ninian Field has mirrored, more 
than most of the big North Sea 
discoveries, the pitfalls and 
opportunities of oil exploration 
around the world. The com- 
panies lhat have tome together 
to exploit the U.K.’s third 
i largest oil discovery range from 
members of that exclusive oil 
club, the Seven Sisters, through 
the State-owned interests of the 
British National Oil Corporation 
(BNOC), to Imperial Chemical 
Industries, one of the world's 
largest chemical groups, and a 
clutch of independents that in- 
clude in their midst London and 
Scottish Marine Oil. an entre- 
preneurial venture founded 
largely to give the financial 
institutions a direct way of 
investing in the Nnrth Sea. 

Now missing from the list, 
however, is Burmah Oil, the first 
operator of .the Ninian Field, 
which was forced to bow out 
prtun a timely and sell its major 
share in the field tu BNOC, in 
the struggle to extricate itself 
from severe financial difficulties. 

The company that first made 
the discovery that has become 
known as the Ninian Field was 
British Petroleum, acting on 
behalf of a group that included 
Ranger Oil from Canada and 
London and Scottish Marine Oil. 
which later merged with its 
partner Scottish Canadian Oil 
and Transportation early last 
year. The find was made on 
block 3/S, about So miles east 
nf Shetland. But further drill- 
ing showed lhat the field 
extended well into the adjacent 
block 3/3. an exploration area 
held by Bunnah Oil, which sold 
its share to BNOC in 1975. 1C1, 
Chevron Petroleum. Murphy 
Petroleum and Ocean Explora- 
tion. 

The field has been developed 
hy the participants in both 
blocks. Chevron took over 
responsibilities for the field in 
March. 1975, and BP has bandied 
the construction of the pipeline 
and acted as chairman of the 
committee of management. 

Chevron, the Standard Oil 
Company of California 
(SOCAL), has had something of 
a chequered career in the U.K. 
Only an the last few weeks 
remarks by Mr. George Keller, 
vice-chairman of SOCAL, have 
sparked a cow with its State 
partner in Ninian, BNOC, which 
he accused of being an “alba- 
tross " that was making no con- 
tribution to the British economy 
but was responsible for a slow- 
down in North Sea development. 

His remarks have since been 
played down, but the growing 
sense of unease between some 


of the world's biggest oil com- 
panies and the State oil 
corporation, which is establish- 
ing an increasing and dominant 
presence in North Sea develop- 
ment, bas been reflected in 
comments from other oil com- 
panies, such as Occidental. But 
Chevron is not a newcomer to 
difficulties with the U.K. authori- 
ties. 

Back in 1969 it applied for 

planning permission to build a 
£35m. oil refinery on the Clyde 
estuary. Along with another 
refinery application by one of 
its future Ninian partners, 
Murphy Oil of the U.S., Chev- 
ron’s proposal ran straight into 
a full-scale argument about the 
way in which the Clyde estuary 
should be developed. At tbe 
time there was fundamental dis- 
agreement about whether the 
emphasis should be on industry- 
or tourism and about the 
nature of the industrial projects 
that should be permitted. 


Grew 


As the years went by the cost 
and the scale of the proposal 
grew. By the time it was turned 
down after a lengthy public in- 
quiry in 1971 it had become a 
£50m. 100,000 barrel-a-day 

refinery. Chevron doggedly re- 
entered the lists in 1973 pro- 
posing to build a £65m. lo £S5m. 
7m. tons-a-year refinery at 
Jlunterston. also on the Clyde 
Estuary. But by this time the 
Government was insisting that 
it was only Interested in a re- 
finery development if it led to 
the building of additional, more 
labour-intensive industries at 
the site and Chevron's proposals 
foundered again. 

Chevron’s name is relatively 
new to the oil scene in the U.K., 
because for many years its 
marketing interests were bound 
up with another of the Seven 
Sisters. Texaco, under the 
banner of Regent. In the late 


1960s when the two giants of 
the oil world decided to 
separate their U.K. interests 
Regent was the third largest ail 
company in the country, owned 
75 per cent, by Texaco and only 
25 per cent by Chevron. 

Chevron, the sixth largest oil 
company in the world, began 
trading under its own name in 
the U.K. almost exactly 10 years 
ago. when it took over 93 of the 
petrol stations owned by the 
Caltex joint venture, which had 
traded under the Regent name. 
Standard Oil of California and 
Texaco had been associated 
together in joint marketing 
operations in the Eastern Hemi- 
sphere ever since the late 1930s 
when they formed a partnership 
to exploit Saudi Arabian oiL (It 
fell to SOCAL to discover the 
vast reserves of Saudi Arabia, 
after Texaco. Exxon and Gulf 
bad all turned down tbe oppor- 
tunity). SOCAL found itself 
with an abundance of crude oil 
but insufficient market outlets 
with the opening up of the 
Saudi reserves, and it was a 
natural move to go into joint 
venture with Texaco, which at 
the time was rapidly expanding, 
had plenty of markets and was 
glad of a new source of oil. 

To-day Chevron still has no 
refinery facilities of its own iu 
the U.K. to process its Ninian 
crude or to support its chain 
of petrol stations, but elsewhere 
in Europe it has connections 
with five refineries at Frank- 
furt. Pernis, Trecate, Rome and 
Feluy, and controls more than 
6,000 service stations in 
Europe. Apart from its U.K 
licences it is 3lso active in ex- 
ploration in Europe in Den- 
mark. Holland, Spain and 
Portugal. Last year an interna- 
tional consortium for which it 
is operator, made the first off- 
shore oil find in deep water in 
the Gulf of Valencia. 

Taking in the group's world- 
wide interests Chevron supplies 


about 6 per cent of the non- 
Cammunist world's market for 
refined petroleum products, 
which arc derived from crude 
oil taken from areas from the 
Arctic to the Middle East and 
Australia to South America. 
Formed from the break-up of 
the original Standard Oil group 
— a move ordered by the U.S. 
Supreme Court in 1911 — 
SOCAL has grown into a com- 
pany that last year produced, a 
total of 3.4m. barrels of crude 
a day worldwide and averaged 
daily sales of 2.4m. barrels of 
refined products. As in the late 
1930s it still has an abundance 
or crude and a shortage of mar- 
ket outlets. 

Unlike Chevron, with its 16.8 
per cent, share in the Ninian 
Field, which traces its origins 
back 100 years to the first com- 
mercial oil well drilled in 
California. London and Scottish 
Marine Oil ( Lasmo j with a 9 
per cent share only came into 
existence in 1971 and it did not 
become a publicly quoted 
company until last year. 

Lasmo dales back lo a meet- 
ing in 1964 between Jack Pierce 
of the Canadiau Ranger Oil 
Group, which also has a 6 per 
cent, share in Ninian, and 
Michael Belmont, a partner in 
stockbrokers Cazenove. They 
gradually put together an insti- 
tutional consortium to bid for 
exploration concessions. By 
1970 they had collected a group 
of 30 leading insurance 
companies and investment 
trusts to form the consortium 
SCOT. Scottish Canadian Oil 
and Transportation; In 1971 
this was enlarged by Cazenove 
and other backers to form 
Lasmo in order to bring in more 
substantial institutions. 

By 1975 they were still 
unquoted and largely unknown 
oil companies faced with the 
task of raising from the public 
the larger part of their share 
of the development costs of 
Ninian, a total now put at 


The maintenance 
programme 










7.1 Lti« 


JLWETj 




IMENT FOR 
D STRAND 


3,500 tonnes of GKN STABILIZED strand is being 
used in the construction of the Loch Kishom oil-rig 
-the largest offshore pre-stressed concrete 
structure ever to be built. 

The outstanding mechanical properties of 
STABILIZED strand result in high load capacity, low 
relaxation, excellent consistency and resistance to 
fatigue and stress corrosion-maiang it the ideal 
pre-stressing material for offshore structures. 

The STABILIZED range covers strand from 
7.9 nun to 19.3 mm, and Compact STABILIZED • 
Strand is available in 12.7, 15.2 and 18 mm. Please 
write for full details, or see us on stand 15-21 at the 
1978 F.I.P. International Congress and Convention 
at Wembley, April 30-May 5. 


NORTH SEA experience to date 
has tended to strengthen the 
emphasis laid by operators on 
the need for adequate inspec- 
tion - and maintenance pro- 
grammes. There have been a 
number of occasions, probably 
more than expected, when pro- 
ducing platforms have had to 
shut down for repairs. 

Shut-downs are very expen- 
sive, even when brief. Cash 
flow from production ceases: 
operating costs continue. In 
addition to the need to con- 
form to the requirements of the 
authorities, therefore. an 
operating company has every 
incentive to do all it can to look 
after field facilities in the in- 
terests of itself and its licence 
partners. Chevron, as Ninian 
Field operator, is no exception. 

If there is a difference be- 
tween Chevron and other North 
Sea operators it is that, al- 
though Ninian is Chevron's first 
North Sea field, the company 
has been working offshore for 
some 30 years and has been an 
operator in virtually every 
major offshore oil province in 
the world. 

This experience, says Chev- 
ron engineers, does not engen- 
der a feeling of know-it-all 
arrogance. rather one of 
humility. Inspection and main- 
tenance has top priority in 
Chevron, says Warren Breiner, 
operations supervising engin- 
eer, because tbe company 
knows what may happen if it is 
neglected. “An ounce of pre- 
vention is worth a ton of cure.” 

But that ounce of prevention, 
though valuable, will also be 
costly. And is usual in the Nortb 
Sea, most of the work will be 
undertaken on contract and 
Chevron acknowledges that 
there is a sizeable continuing 
market ahead on Ninian for con- 
tractors of many kinds. Long- 
term contracts are not 
considered appropriate and 
most work will be placed an 
a job-tu-job basis. Neverthe- 
less. it is foreseen that efficient 
competitive contractors could 
well bo active on Ninian with 
little interruption throughout 
the field's productive life. 


Weather 


[MSOMll 


uSl W 



P.O. Box 56, Pengam Works, 
a Cardiff CFi 1RW. 

8 Tel: 0222-33033. Telex: 49316. 

A member «>f GKN Rolled 6 * Bright Steel Ltd. 


The principal difference 
between maintaining an off- 
shore and an onshore instal- 
lation is the offshore operator's 
dependence on the weather. As 
in construction, so in operation; 
bad weather can hinder or halt 
the arrival of men and 
materials and hold up the work 
itself. For example, last winter. 
<*hen derricks were being built 
on the southern Ninian plat- 
form. appalling weather meant 
that in one 30-day period only 
30 hours of work were possible. 

So Chevron's inspection and 
maintenance programmes for 
the Ninian platforms are 
planned to peak annually in 


the middle of the summer 
weather window. 

Each programme covers a 
five-year period up to the time 
when the platform's certificate 
of fitness is due for renewal. 
During this time every item 
on tbe platform will have heen 
examined. The more sensitive 
areas — pipeline risers. for 
example — will be looked- at 
every year. 

The programme is designed to 
be flexible and to be modified 
as experience grows. Should 
specific items give cause for 
concern, the intervals between 
each inspection will be reduced. 
Conversely, since the pro- 
gramme. Chevron insists, is an 
unusually stringent one, it may 
be possible to increase the 
intervals between inspections in 
areas found to be trouble-free. 

Visual inspection is. 
supplemented by built-in moni- 
toring and protection systems. 

For example, Ninian’s steel 
platforms, Like all steel 
platforms in the North Sea, 
have cathodic protection 
systems designed to safeguard 
the structure against corrosion. 
In Ninian's case, sacrificial 
anodes are used uutil the plat- 
forms become operational. Then 
an induced anode system takes 
over. Anodes set in the seabed 
are activated by current from 
the platform generators. One 
of the advantages of this system 
is that it means a valuable 
reduction in jacket weight. 
Another is that it can be 
monitored by observing current 
flow from the platform. 

To give an early warning of 
any damage to the steel struc- 
tures, such as faulty weld or a 
broken strut. Chevron is about 
to instai a system on the 
southern platform which will 
indicate changes in rigidity. 
The system will be experimental 
at first but, if successful, will be 
fully installed on both Ninian's 
steel platforms. 

On the concrete central 
Ninian platform damage by sea 
action or fatigue is considered 
less likely. After all. one of 
the points made in favour of 
concrete platforms is that they 
are comparatively maintenance- 
free. Nevertheless, the 
concrete structure will be care- 
fully examined annually. 

And an immediate and 
rigorous examination of buth 
steel and concrete structures 
will, of course, be necessary if 
they are subjected to impact — 
hit by a ship, for example. 

Under no circumstances is 
any monitoring system regarded 
as a substitute for periodic 
visual inspection, says Chevron. 
In the case of the subsea parts 
of the installations, this will be 
done by divers, manned sub- 
mersibles and remote-controlled 
vehicles (RCVs). 

Chevron is particularly inter- 
ested in the use of RCVs — 
underwater “robots" carrying 


TV cameras for Inspection and 
capable. of carrying out certain 
manipulative functions — and 
has rested several different 
types. 

The use of divers will be 
avoided wherever possible, not 
simply because they tend to be 
expensive hut because the com- 
pany is greatly concerned by 
the risks involved, particularly 
to saturation divers. Neverthe- 
less it is recognised that there 
is no practical substitute for 
divers in a number of subsea 
operations. 


Charter 


£1.6bn. Owing much to the But in 1972 it was granted 
ingenuity of their advisers, interests in three licences and 
Cazenpvc and Morgan Grenfell, has since drilled several wells in 
Lasmu and SCOT broke entirely the U.K. sector as operator 
new ground by creating a new With BP. Chevron and Esso 
kind of security in the largest Exploration Norway it has 
private-sector issue ever made participated in several other 
on the London stock market, wells in the North Sea. Tn a 
The security. Oil Production small company like Ranger the 
Stock, offered the- investor a Ninian discovery provides a 
direct stake in the value of the great addition to its reserves of 
oil extracted, and was offered oil and gas liquids. Its share 
in conjunction with fixed- of proven Ninian reserves is 
interest loan stock. The move estimated at some 57.8m. 
was entirely successful and barrels. At the end of 1976 it 
raised finance for the two had proven reserves of 6.7m. 
companies to the tune of barrels in Canada and 528.000 
£75.7ara. barrels in the U.S. 

In January last year Lasmo Ils 5?120m. financing deal to 
and SCOT merged by means of f ur, d i 15 share nf Ninian 
a share exchange offer which development was another novel 
effectively made SCOT a wholly- package, virtually arranged no 
owned subsidiary of Lasmo. Six *he back oE Chevron.^ Chevron 
mouths later it was launched as will purchase Ranger s share of 
a public company. Lasmo has Ninian oil throughout the life 
still of course, to make any °f field and in return 
money, but once the oil starts Chevron has guaranteed 
flowing from Ninian its outflow Ranger s obligations under us 
of cash will he reversed, and 8120m. bank loan, 
profits are likely from I9S0. T.he biggest shareholder in 

Ninian. however, is ihe Slate- 
Sppkill? owned BNOC with 21 per cent 

jCCAiug j t act j U i rci j j fs interest in March 

Lasmo has signed agreements »* bought «ui the 

with the Belgian oil company share lurid hy Burmah Oil fur 
Petrofina for the sale of crude ab ™/ f9 J ,n - . A1 ""S with ip 
up to the end of 1982 but for the J ha r* the T mUe 

four vears from 1979 it has also Fie , ld ' f" hich 11 « operator- 

tn sell to outer outlets u rw Njnian wi „ mark , he 
develop. Wien the snbstantutl „ le it is , ; as an oU 
cashflow develops from the trader 

Ninian oil Lasmowill be seek- Bv 19g0 it wi ,| be handlin * 
ing other investments , in bet v-een SOO.OOO and 1m. barrels 
exploration and production and a dav of equity and p art i c ,p a tir>n 
,s likely lo participate in future mule from ^ North S ea and 
licensing rounds. this w jjj jj e to by ml 

Since inid-1974 Lasrau has taken as royalty. The tola! will 
received advice and technical be a significant one even in 
services for the Ninian project world terms. BNOC will be con- 
from Ranger Oil of Canada, trolling perhaps as much as 7 
which also has a six per cent. io per cent. of the world’s 
share in Ninian. Ranger carried total output of tow-sulphur 
out its first technical survey of premium crude. Apart from its 
the U.K. sector of the North Sea position as an oil company, 
back in 19W. but was unsuccess- BNOC’s advisory and monitor- 
ful when it applied for produc- ing role in offshore affairs has 
lion licences in Lite first round grown rapidly in the last two 
in 1970. years, often to the unease of 

CONTINUED ON PAGE VI . 

BiCC General Cables Limited 
make Ninian woric- 
with a iittle help from ourfriends 


BICC General Cables Limited — the sole suppliers of cables 
that power everything from drilling to the accommodation, 
lighting on the Central platform. 

Projects of this magnitude demand the very best cables. 
The installation of our wide range of cables on this platform is 
a prime example of our expertise and technology being 
applied successfully in onerous conditions. 

Associated products and services of our friends — Balfour 
Kilpatrick. Van trunk, BICC Pyrolen ax and BICC 
Components — operating companies of the BICC group 
made it possible for BICC to supply Chevron with a complete 
electrical installation-package. A package to ensure 
productivity, efficiency and safety on the platform. 

Our products. Our people. Our involvement — with 
specialists from procurement agencies, contractors and 
specifiers. From early research through to planning and 
construction. Working as a team, with a team. 

Together we did it for Ninian — together we can do it for 
you! 


To provide services essential 
to the inspection and mainten- 
ance programmes, Chevron is 
about to charter a dual-purpose 
monohull ship, equipped to the 
company’s specifications, which 
will be stationed on the field 
on long-term contract. 

The ship will have fire-fight- 
ing equipment including a 
water - pumping capacity of 
30,000 gallons a minute. But it 
will earn its keep as a base lor 
inspection and maintenance 
operations. It will have air 
diving capability and will be 
capable of accepting modular 
saturation diving equipment, hi 
Chevron s view, this is prefer- 
able to a ship with permanent 
saturation facilities since it 
saves the considerable cost of 
maintaining facilities when they 
are not in use. 

But Chevron has deferred the 
decision to order a large and 
advanced semi - submersible 
maintenance support vessel 
similar to that recently de- 
livered to Phillips Petroleum. 
Phillips SS, and to those which 
other North Sea operators have 
either ordered or intend to 
order. 

“We are first going fo get at 
least a year’s operating experi- 
ence on Ninian in order to 
assess our needs more 
accurately." says Mr. Breiner, 
“we may then order a suitable 
semi-submersible.” 

In the meantime, with the 
arrival of the monohull support 
vessel, the company considers 
it will be adequately equipped 
to carry out its inspection and 
maintenance programme and 
will be well covered on the 
safety side. 

The Ninian Field's installa- 
tion phase will continue for 
more than a year' aud during 
that time there will be large 
vessels on the field able to help 
in an emergency. At the 
moment there are two— the 
Borptond Dolphin and the 
Viking Piper. 

Chevron is also a member of 
its North Sea sector club — the 
“red” sector club— formed to 
ensure co-operation between 
nearby operators in the event 
of a major incident such as a 
large fire or a blow-out. 

Bruce Andrews 


People who make things work 

BICC General Cables limited, Leigh Works, . 
LEIGH Greater Manchester WN74NB 
(An Agency Company of BICC Limited 
and a Member of the BICC Group) 



TENNANT INSURANCE SERVICES LTD., 

Congratulate 

HOWARD DORIS LTD. & 

THE NINIAN GROUP 
on their unique achievement 
in the construction of the 
NINIAN CENTRAL PLATFORM 

We are proud to have been associated with this contract as 
insurance brokers to Howard Doris Ltd., and to have arranged 
the required insurance cover on ibeir behalf. 

Tennant Insurance Services Ltd., arc The Building and 
Construction Insurance Division of Tennant Budd Ltd., tat 
Lloyd's) and offer a Comprehensive Insurance service lo lie 

Building and Construction Industry. j 

l 

Enqntrurt: ! 

Saracen's Head House i 

93 Fenchurch Street London EC3M 4EE • 

Telephone: 01-481 8451 - Telex: 957631 







39 




Financial Times Friday May 5 I97g 


NINIAN CENTRAL OIL PLATFORM V 

Delivery by seabed pipeline 


- .. THE DISCOVERY of the 
Ninian oil field over 100 miles 

• i •, ■ cast of Shetland confronted the 
.... oil industry with one of its 

: S re ate st challenges in terms of 
. oil collection. 

'•••. The main factors affecting 
choice of oil collection and 
i .. . transportation systems are costs 
; : " and safety. The costs factors 
. can also be subdivided into 
l “ capital costs, operational costs, 
‘ iP| maintenance costs, the costs of 
delays in productive capacity 
, . , because of systems failure, and 
Jd the North Sea in particular, 
‘ ; weather. Safety factors, how- 
ever, are more difficult to esti- 
male since they depend on an 

- evaluation of the lately results 
« of a systems failure. 

The bulk of the costs in- 
volved in pipeline transporta- 
. tion are related to capital in- 
'i vestment whereas with tanker 
transportation, which provides 

• *. the basic alternative, the 
-v. majority of the costs are opera- 

tional Where recoverable oil 
reserves are high, as they are in 
Ninian, the higher investment 
cost is justified in terms of 
, sheer oil volume. 

• In the case of Ninian the 
safest and most economical 
„ method to collect and distri- 
u . bute the oil was to lay a 36-inch 
.. diameter pipeline along tfie sea- 
. .. bed, a formidable challenge but 
one that was met and con- 
quered with few problems. 

British Petrolemn announced 
the discovery of Ninian in 
~ January 1974 but even before 
that extensive seabed surveys 

- had begun from the Brent field 
for a pipeline to the planned 

- oil terminal at Sullom Voe in 
' the Shetlands. A variety of 

techniques were used to 
evaluate possible pipeline 
routes. These included echo 
' sounders to measure water 
depth, side-scan sonar to reveal 
possible obstructions such as 
rocks and wrecks, and the 
>' boomer" to send low fre- 
quency signals through the 
water and the 6rst 50 feet of 
seabed to reveal the. structure 
of the ocean bottom. 

Samples of the seabed were' 
collected using a vibracorer, 
~ underwater cameras mounted on 
mini-submarines photographed 
ar eas in detail while current 
meters were used to test the 
speed and direction of water 
flows at various depths. 

It 508 Ivor the final section of the 
pipeline ■ across the land, 
permission had to be obtained 
from local landowners. Conser- 
i vationists were consulted about 
restoration works and archaeo- 
logists were asked to advise on 
the best route to- avoid 
Shetland's, historical relics. 
Once the survey work was com- 
pleted the final route of the 
pipeline was decided. 

The total length of the ocean 
section of the Ninian pipeline 



tested using X-ray and ultra- 
sonic methods. 

Each join was wrapped in a 
strip metal sheathing filled with 
bitumen and reinforced steel 
fabric. As laying proceeded the 
anchors were hauled up and 
moved on by tugs while Viking 
Piper “ crawled forward ” on 
its anchor winches leaving 
another section of completed 
Pipe. 

Apart from the tugs and 
supply boats bringing fresh 
supplies of pipe there were 
other craft involved in the 
operation. A . survey boat 
mapped the precise position of 
the pipeline and a two-man 
Vickers mini-sub made a video- 
tape recording of the condition 
and attitude of the pipeline as 
it was laid on the seabed. 


Refit 


Future concrete platforms i mil almost certainly be much smaller than the Ninian 
structure (left). Howard Doris has designed a gravity tower (right) that could 
be installed on new North Sea discoveries. 


is 158.15 kilometres starting at 
Ninian central and stretching 
westwards before bending 
south round the Pobie Bank to 
landfall at Grut Wick on Lunna 
Ness. The pipeline crosses 
Lunna Ness to enter Swining 
Voe, a 4 kilometre-wide stretch 
of inland water, at Cull Ness 
reaching land again at Firth 
before running parallel with the 
Brent pipeline for the remain- 
ing stretch to Sullom Voe. The 
total length of the land section, 
excluding the water crossing, is 
12 kilometres. 


Links 


A trunk pipeline, 24 ins. in 
diameter, links the southern 
platform into the Ninian pipe- 
line via Ninian Central. A 
further trunk line, not yet con- 
structed, will link the northern 
platform in a similar manner. 
Vet another trunk line will link 
the Union Oil Heather field into 
the system adding an estimated 
extra 50.000 b/d to the Ninian 
throughput. 

There are 13 companies in 
the Ninian Pipeline Group, with 
British Petroleum acting as 
pipeline constructor. The total 
cost of the pipeline is sgd to 
be £160m. Despite the cost, the 


alternative collection system 
involving deep-water single 
point moorings to service a 
shuttle of oil tankers, was not 
considered economically viable. 
Pipeline design work began in 
May, 1974 and in January, 1975 
BP signed a contract with 
the Swiss-registered Viking 
Offshore. 

The pipe itself, 40-ft lengths 
of thick-walled high tensile 
steel, weighing a total of 60,000 
tonnes, was supplied by four 
companies — Kawasaki Steel of 
China and three Japanese com- 
panies. Sumitomo Metal, NKK 
Fukuyama and Nippon Steel. 

After shipping to Inver- 
gordon each length was coated 
with an anti-corrosion wrapping 
and covered with concrete to 
give further protection and, 
more importantly, to weigh t be 
pipe down in the trench. The 
pipe lengths were then stock- 
piled in the Norscot supply 
depot in Lerwick run by Norscot 
Services. 

Pipelaying began in June, 
1975 using the semi-submersible 
barge Viking PipeT owned by 
Viking Offshore. The special 
design of the 550-ft. craft 
enabled it to ride through the 
large waves of the inhospitable 
North Sea rather than over 
them. 


Apart from the weather the 
major problems on the ocean 
pipeline section were the depth 
of water, sometimes more than 
500-fL deep and the seabed 
which was irregular and boulder 
strewn. 

The first section to be 
tackled was the most difficult. 
Within half a mile of landfall at 
Grut Wick the seabed drops 
270 feet There were the 
inevitable teething problems, 
mostly related to the anchor 
winches which were eventually 
completely refurbished during 
a winter refit in Hamburg. 

During pipelaying Viking 
Piper had to support 1,200 feet 
of pipe in a carefully con- 
trolled “S” shaped curve. A 
stern ramp or “stinger" 
supported the pipe and con- 
trolled the shape of the curve 
so excessive strain was avoided. 

On board, tensioners capable 
of exerting up to 300,000 lb 
tension, held the pipe in 
position. The maximum 
tension was in the region of 
260,000 lb. Twelve anchors 
grouped in sets of three round 
Viking Piper held the craft 
steady while pipe lengths were 
welded together on the “firing 
line," the welds were then 


The first 66 kilometres of the 
pipeline were laid by the end 
of October, 1975 when Viking 
Piper went to Hamburg for a 
refit. Pipelaying began again 
in April 1976. On May 23 the 
final 93 kilometres or pipe had 
been put down on the seabed. 
For this final section Viking 
Piper had averaged over 1.86 
kilometres per day. Despite 
waves of up to 8 metres high, 
not once did the pipeline have 
to be placed back on the sea- 
bed. The record for pipelaying 
was 254 lengths per day and 
BP officials describe perform- 
ance on this section of the 
project as “very good." 

Once Viking Piper had 
finished its work on the main 
pipeline it began laying the 24- 
inch pipe to the southern plat- 
form while the main Ninian 
pipeline was pressure checked. 
Viking Piper was followed by 
the CTeek. a trenching barge 
owned by Santa Fe which began 
work on April 27. 1976. The 
Creek continued trenching into 
1977. A trench was made using 
water jets, high pressure air and 
a sledge making several passes 
to achieve he required depth. 

On land there were different 
problems with which to contend. 
William Press were awarded 
the contract for laying the 960 
lengths of pipe with the excep- 
tion of the four kilometre Cul 
Ness water crossing which was 


handled by Land and Marine. 
The top soil on Shetland is 
primarily peat on a clay subsoil 
and apart from the obvious 
problems of cutting through 
rock it was the reinstatement of 
the peat which provided most 
of the land section headaches. 

Conservationists and the 
North of Scotland Agricultural 
College provided some of the 
advice in this area. The peat 
was sometimes 15 feet deep 
while depths of 9 feet wore quite 
common. Having reached the 
clay or bedrock a trench 7 feet 
deep and 5 feet wide was dug 
ensuring the pipeline was 
always buried to a depth of at 
least 3 feet. 

Particular care and attention 
was paid when planning the 
land route to the need to protect 
fiora and on Lunna Ness the 
route was also altered to pre- 
serve the remains of an old 
monastery. 

Work on the land line was 
started in three different sec- 
tions. One of the most difficult 
areas was the cutting through oF 
a high cliff where the line re- 
emerges from water at Firth 
Ness. For the last 4 kilometres 
the Ninian pipeline shares a 
common route next to the Brent 
line parallel to the new Sullom 
Voe access road. 

After careful reinstatement 
using lime and slag before re- 
placing the peat, and seeding to 
prevent erosion, much of the 
land pipeline scar has not 
healed. Where the line ran 
through dry stone walls these 
have been rebuilt and soon the 
heather will return to mask the 
pipeline route for ever. 

Much of the ocean section of 
the Ninian pipeline has now 
been in the sea for two years. 
Although it has been subjected 
to periodic tests, and will con- 
tinue to be surveyed by sub- 
marine at least once a year when 
in use, the final test comes when 
the first oil is pushed through 
the line using pumps on the 
production platforms. 

The line's maximum through- 
put is about 950,000 b/d but 
actual throughput from Ninian’s 
and Heather is likely to peak at 
about 360,000 b/d in 1982 pro- 
viding plenty of spare capacity, 
for more discoveries. 

Paul Taylor 


If you ever think of 
pulling submarine 
pipelines at the 
Straits of Magellan 

(or somewhere more 
hostile), why will you 
think of 

Land and Marine 

because we are 
doing just that! 

Over 1500 tons of our specialist equipment is 
now on its way to the Straits of Mag ell an - 
including the 200-ton pulling winches that pulled 
the Ninian pipeline. 

When you are basking in the sun of the 
Northern Summer, think of us in the gales, 
snow and ice of Magellan’s Midwinter. 

We’re not too keen on penguin pie, and hope 
to be back for Christinas dinner. 


The 2,990,000 bpd platform ticket 

In the North Sea alone we have 
supplied deaeration tower packages to 
deoxygenate upwards of 2.000.000 bpd 
of well injection sea water for secondary 
recovery of crude oil. 

These platforms use Eta deaerators: 


Beryl 
Brent A 
Cormorant A 
Heather 

Ninian (Central) 
Ninian (North). 
Ninian (South) 
Tartan 
Thistle 


Mobil 

Shell 

Shell 

Union Oil 

Chevron 

Chevron 

Chevron 

Texaco 

BNOC 


IF you require further information 
please contact Dr. R. Burgess 


Process & Effluent Plant Ltd. 


The Levels, Brereton, Rugeley, 
Staffs WS1S 1RD. 

Tel: (08894) 4524 Telex: 36519 


* Ninian pipeline be £l60m. Despite the cost, tbe them. uuc, uic 

Set among a cluster 
of major finds 


:q (If 


THE NINIAN Field, the third 
largest in Lhe U.K. sector of the 
North Sea, lies some 90 miles 
north-east of the Shetland 
Islands in one of the most pro- 
lific offshore oil producing areas 
an the world. 

The field is located in a 
cluster o l major finds, all of 
which have been discovered in 
the East She Hand Basin which 
straddles tbe U.K. /Norwegian 
median line in Otis northern 
port of the NorLh Sea. 

These discoveries — Brent, 
Thistle, Cormorant. Statfjord, 
H union', Murchison, Heather, 
Ninian, Magnus, Dunlin, ana 
Tern — will contribute most to 
Britain’s oil and energy self- 
sufficiency in the 1980s. Most 
«f the crude Stem these heads 
vnU be transported ashore 
through wo pipelines: the 
B reiki, and Niman lines to 
Sullom Voe m Shetland. The 
proximity of these fields will 
probably give rise to common 
cas gathering facilities as well, 
indeed Shell and Esso ;o wners 
or the Brent Field and Brent 
gas pipeline have already begun 
discussions with neighbouring 
operators. 

Reservoirs 

But the development potential 
of the East SbcUands Basin has 
been far from exhausted. It is 
known that smaller 
that small) reservoirs very close 
to existing fields are there to 
be exploited - discoveries hke 
North East Thistle and North 

Cormorant. . ■ 

Most of the oil m this region 
Is thought to 1'0 in 'O'* depths 
o( between 9.000 end 12,000 
feet It is an area that has 
rewarded exploration groups 
with a far higher rate of 

success than the worldwide 
average. Between 1 9>0 and 
: 397? nu less than 227 explora- 
tion and appraisal welte were 

drilled by seim-submersibie 

rigs, of these wells, 43 


discovered oil or oil and gas 
condensate. The success ratio 
of dry holes to discovery wells 
was running at an impressive 
3:1 during the period . 1970 to 
1976. although with many of 
the best features explored this 
ratio slipped to 7:1 in 1977. But 
even this achievement was well 
above the world average. 

According to an analysis by 
British National Oil Corpora- 
tion (BNOC) there are a few 
remaining structures to be in- 
vestigated in this region of the 
North Sea. While the features 
are likely to be relatively small 
they do have a high poteotial 
for successful discoveries. So 
exploration staff within the 
Corporation believe that some 
34 per cent, of tbe exploration 
activity on the U.K. Continental 
Shelf will be concentrated in 
the East Shetlands Basin. In 
future years the emphasis wiU 
swing to new areas with the 
result that the East Shetlands 
Basin will account for an esti- 
mated 22 per cent of explora- 
tion drilling next year and only 
9 per cent in 1981. 

The Ninian Field was 
discovered and initially 
appraised in 1974 when it was 
becoming clear that Britain was 
on the threshold of being one 
of the world’s top 10 oil 
producers. In March the BP/ 
Lasmo/Banger consortium drill- 
ing on its block 3/8 encountered 
a substantial thickness of 
oil-bearing sandstone. Another 
well drilled on the block that 
summer tested an oil flow of 
3,100 barrels a day. 

But the consortium’s neigh- 
bours — Burmah (now BNOC), 
I Cl Chevron, Murphy and 
Ocean Exploration — . were 
having even more success with 
their drilling on- block 3/3. in 
April they had completed an 
exploration well which tested 
on flow rates of 2,600 to 8-00 
barrels a day. The second well 
on the block, drilled immedi- 
ately afterwards confirmed ine 
structure as an important find 
for this time oil flowed at ratqs 


from 3,900 to 9,350 barrels a 
day. 

Further evaluation over the 
next two years, when four more 
wells were successfully drilled, 
proved the Ninian structure to 
be a tilted fault block running 
north to south through licence 
blacks 3/3 and 3/8. 

The oil reservoir itself is a 
Middle Jurassic sandstone, a 
widespread formation that is 
productive in other northerly 
parts of the North Sea. The 
total oil column is approxi- 
mately 2,209, feet thick for the 
highest point of the structure 
is about 9,300 feet below the 
seabed and the oil-water contact 
occurs at about 10,397 feet 


Estimates 


According to petroleum con- 
sultants DeGolyer and Mac- 
N aught on the amount of 
oil-in-place within tbe Ninian 
structure is a shade over 3bn. 
barrels. Estima tes of recover- 
able -reserves vary between 
900m. and 1.2 bn. barrels. The 
Department of Energy’s latest 
“ Brown Book " of offshore 
statistics quotes the operator’s 
estimates of proven recoverable 
reserves as Ll6bn. whereas 
North Sea analysts at stock- 
brokers Wood. Mackenzie, have 
opted for a figure of l.lbn. 

All the participants have 
agreed to proceed with develop- 
ment on the basis that 30 per 
cent of the recoverable reserves 
lie in BP’s block 3/8 and 70 per 
cent lie In Chevron’s block 3/3, 
The initial rate of production 
expected to be attained in the 
fourth quarter of this year, 
should be in the region of 
50,000 to 60,000 barrels a day. 
Output could rise to 150,000 b/d 
next year and peak of 360,000 
b/d in 1082. This peak rate will 
be short-lived, however, and 
after a period of only one or 
two years production will begin 
to decline at an annual average 
rate of about 15 per cent 
The central platform— the hub 
of the production system— will 


account for a major share of the 
expected oil flow. Lummus, in 
association with Crest Engineer- 
ing (U.K.) and Humphreys and 
Glasgow, has designed and 
supervised the fabrication in 
British and Dutch yards of the 
modular superstructure which 
will be capable of accommodat- 
ing 42 wells and two drilling 
rigs. 

By the early 1980s the cen- 
tral platform alone should be 
producing oil at the rate of 
276.000 barrels a day. Water 
injection wells will help to 
maintain the reservoir pressure 
to boost oil output In view of 
tbe unsaturated nature of the 
reservoir and tbe uncertainties 
surrounding the amount and 
effectiveness of the natural 
water drive, the Ninian part- 
ners believe that the field can- 
not be produced economically 
without some form of pressure 
maintenance. 

Reinjection of gas might 
have been an answer to the 
problem, but it was found that 
there was insufficient natural 
gas in the reservoir to perform 
a full reinjection programme. 
Furthermore, the Ninian part- 
ners were concerned that re- 
injecting gas could harm the 
oil reservoir. 

Consequently, water injection 
was chosen. All this means that 
the platforms have been de- 
signed for. simultaneous drill- 
ing, oil production, gas liquid 
recovery, water injection and 
crude oil transfer. The central 
platform will handle 220,000 
barrels a day of injection water 
quite apart from the 276/100 
b/d of oil. Furthermore, the 
central platform will serve as a 
Junction for the shore pipeline, 
the gathering point for oil from 
the other two Ninian platforms 
as well as for oil from the 
nearby Heather Field, and as 
the junction for a regional, tele- 
communications terminal. This 
helps to explain why the cen- 
tral platform is such a monster 
installation. 

Ray Dafter 



Major reinforcement, shuttering and scaffolding contracts are 
our speciality — and they don't come much bigger than the 
Ninian Central Platform. We are proud to be associated with 
this important project and have a part in shaping the future. 
Congratulations to Howard Doris Ltd. on a job successfully 
completed and our best wishes for the tow to the Ninian Field. 
Sincere thanks also to our J ,250 employees, whose loyal effort 
made the job possible. 


Fergus & Haynes Civil Engineering 
Limited handled all the steelwork on 
the Ninian platform— cutting, bending 
and fixing steel reinforcement: erecting 
essential formwork; fixing rigid and 
flexible ducts for pre-stressed cables; 
erecting entire scaffolding and providing 
maqy other services. Fifteen years as 
a company creating bridges, motorways 
and tlie Plymouth frigate and submarine 
complex among other civil engineering 


work has developed our experience. 
Current work includes motorways, a 
power station and petru-chemical 
contracts in the Middle East. We have 
our own plant and machinery. We have 
a highly trained labour force available. 
We formed Seagull Offshore Enterprises 
Ltd. as a specialised service to the 
industry. The bigger the job. the 
better we like it — bear our name in 
mind. 


FERGUS & HAYNES CIVIL ENGINEERING LIMITED 

4 Kings Road, Chmgford. London E4 TEY Telephone: 01-529 7147fS/9 


Fergus & Haynes 







Financial Times Friday May 5^1978 


NINIAN CENTRAL OIL PLATFORM VI 


• 9 


Victuals and other supplies 



for men on the rig 



The main pipeline pumps which will 
transfer oil from the Ninian Field were 
supplied by Mather & Platt Ltd. 


This major project is one of a number 
of main pipeline pumping schemes in 
the North Sea for which Mather & 
Piatt equipment has been specified. 


rnather+Platt 


Centrifugal pumps. Electric motors. 
Suppliers of pumping equipment to 
the oil industry throughout the world. 


IT IS no easy task to care for room containing pool tables 
the bodily needs of several plus the sort of infrastructure 
hundred men isolated for at needed for dart, chess and table 
least two weeks at a time in tennis tournaments. To make 
the very eye of the Noah Sea up for the lack of direct tele- 
some 110 miles off the coast of vision — the platforms are out of 
the Shetland Isles. But Scot range of U.K. transmitters — the 
Catering and Offshore Services, operating company, Chevron' 
which has just won the “hotel" intends eventually to install 
contract to supply the central video TV sets, 
platform of the Ninian Field, Scot Catering plans to 
faces the prospect with operate on the centra) platform 
equanimity. with a qualified catering staff of 

Those in the offshore catering 16. Its equipment will be 
industry cannot have been sur- among the most up to date with- 
prised by the news that the in the North Sea complex and 
central platform contract had the company hopes to “set 
gone to Scot Catering. The com- precedents wherever possible in 
pany. which is a U.K. subsidiary the quality of our merchandise.” 
of the Norwegian group Scot Catering's management is 
Stavanger Catering, already sup- only too aware of the keenness 
plies the first of the three instal- of the competition for offshore 
iations destined to operate in supply contracts — both from 
the Ninian Field. If the com- this country as well as from 
pany s supply contract is overseas, 
eventually extended to the 


third and smallest rig — which 
should go into position later 
this year — Scot Catering will 


Pedigree 


It is clear, however, that the 


MATHER & PLATT LTD 
ROTATING MACHINERY DIVISION 
PARK WORKS 
MANCHESTER MJ0 6BA 
Tel: 061-205 2321 
Telex: 667193 


have something like 45 eni- company has the sort of pedigree 
ployees working in the Ninian neet *®£ * or * a ® es 


Field supplying everything Ninian Field. In the 2i 


from food to bed linen. 

Between them the three 
, installations will house some 


years since it was formed by 
three * ts Norwegian parent, Scot 
snTOA Catering has been expanded 


326 beds spread between four- * nt0 . operational unit 

and two-man rooms. The m °bi Using some 4-a employees 


I central platform itself will jdI over the world— on inshore 
match the south platform a * d land-based cons traction 


CW 26688 


{already in position) with 1B8 sites as we ^ as on °^ s hore 
beds: its off-duty facilities will installations. 



extend to a 50-seat cinema 
together with a recreational 


eat cinema The company’s operational 
recreational parameters on the Ninian con- 

tracts are defined by the under- 

taking to provide a “full house- 


Where it all started. Opening stages of construction at the Howard Doris Platform Yard, Loch Kishorn. 



A.N platform 


SIS 








S BETTER IF OTHERS 
I THE TALKING ... . 

K NU&m's precast 

umts-atriump" 
«f transportaftoi 


brethren. In general, at least shore caterers with a problem of last September. 


Grand catering ball firmly back in the 
cater- supply company's court. 


kepnine and ianatorial service" «»«•«, ^ . 

■’4h un meverv dav Its rfiain two-**®* 55 ' supplies are stored shifting population — shifting in Metropolitan’s industrial cater- supply company s c< 

at suDDlv is long and difficult on a ris ia case of emergencies, the geographical sense as well ing activities returned “greatly Sea Hotels makes 

* * * *" ® cAmmd n n nffrViAm in ■ a tl-.it n it) ■ • 1 mkhiUahi- t n Ua ■ rtpra'lcnrl TVPii Ivfo 1 1 halnmn t no . a 


and the company has to worit J? ,. 

within a flexible framework. But staJlatiOns is desenbed as "up 

once the Ninian rigs settle down “ 


on a ng in case ot emergencies, tne geograpnicai sense as wen ing acu vines returned greauy § ea Hotels makes the point 
Food served on offshore in- as in the actual numbers to be increased profits" helping the sea s t ora g e can a t j^es 
stallations is described as “up fed and watered. group to push its overall pre- inadequate. On an oil rig space 

to the standard of a luxury when the eentra , nIatfnrm Ux returns up to nearly £7Sm. is ac something of a premium 


once the Ninian rigs settle down V 1 * ^ . °*_ 3 luxury when the central platform ux return* up to nearly 8m. j s a t something of a premium 

to full production one of the bo *\ Bxpenenced observer ^ under construction at Loch ™ d expa ° d £ sales . bas ® t0 and often the number of 
major economic advantages of W1 ,* tak f this statement with Hishom, some 2.000 men had to Registered in Aber- personnel involved will extend 

offshore catering— forward, fixed f !t , to ta * Ie ' £ u j ® e be catered for dailv. They deen. Sea Hotels has built up its beyond the numbers envisaged 

costing — wiil come into force. worked a three-shift. 24 hour ® les ar ° u " d 1 ff m * mark when an °,f sh S" installation 

Within limits, an offshore sup- f^ore fare or the size of the B then the central pJat . since Grand Metropolitan went was originally designed- Less 
plier has a fixed, captive audi- P^‘pf s - Self-semceis the m- form faas moved £rom d dock into the offshore catering busi- than perfect storage conditions 

ence. and it works from a supply an ad htc‘ to floating dock, to a point one ness ,n J9 ‘ 4 - Apd althou f h *** «" P° se t aU sorts of Problems 

base that is replenished just » B U ? ^e earlv momms mile off the coast and finally to company reties on parent cum- for a catering company, especi- 
once a week. affa,r - , But early-morning ^ pany buying muscle for much of ally when the weather turns 

Ttmi uHuither will Hrnn an nrra- menu planned for the Ninian its success it lias of necessity sour as is so often the case in 


Bad wenther will drop an occa- ' V™"* S^SlSSS ^aite a fixing point in the its success it lias of necessity sour as is so often the case in 
anal spanner into the finance ST d dinner mrtend Ninian Field. At present, it is .“■ intel " ed a. large measure of the North Sea. 


sional spanner into the finance J . aQd - • ^ en J Ninian Field. At present, it is P“ nta,pea a 

director’s figurework. especially »■ choices of hot flanked by an accommodation Lnd ^ e / ldem ^ e 

d^shes^^l^s re ^^o°ptio S naJ f cold module providing living «££•>* 
the catering industry at large is r quarters for workers putting the exploratory r 

renowned for its resilience in iaDie “ ^ Sm«htr.s tn rh P »i 9 t. san,e frei 


flanked by an accommodation wbependence. Curiously, very few vending 

module providing living Offshore installations of the machines are found on rigs, 
quarters for workers putting the Wjoratiiry type move around There are drink dispensers. 


renowned for its resilience in xa ®“* nrMP „ f finishing -touches to the plat- with some frequency and supply which offer water and squash 

the face of sudden upsets, and At their present sta^e. with demands vary with weather con- free of charge and in this 


by 






I Oori* 


" 


*»**»*•** 
■ chM M«f 










***?*_ vt *« I" - 
*■*22 1 I 03 JHW 


Meanwhile we have been quietly getting on with 
some other equally challenging projects. 

May be you have an interesting shipping 
problem on which we could offer you some advice. 


me race or suuucri up&eis, anu f ueiiMnua »arj wiui wwmw ton- iree or cnarge ana in inis 

the offshore practitioners in the full operational schedules suu ■ • ditions. At the same time any context it has to be remembered 

noble an of putting food and some months away, the offshore The task of supplying the num ber of differing national!- that very little cash actually 

drink on the table are just as installations within the Ninian mammoth onshore army of ties have to be ca-tered for. Sea changes hands out at sea. For 

nimble footed as their onshore Field continue to present off- workers at Kishorn fell to Sea Hotels finds that many of its safety reasons apart from any. 

Hotels which is the -offshore supply purchase demands do thing else, offshore installation* 

catering arm of Grand n0 [ uver-lap with the needs of are “ dry " with alcoholic drinks 

Metropolitan's industrial cater- Grand Metropolitan central nnr available, at least in the 

Soon. Sea Hotels' buying chain which is geared t«i U - K - sectors. 

K s\ T T n I S i ,nkS 2 ? the f ! ,ruun ln ! ta i la : larse*and-hased hotels. items like newspapers. 

l-'XX V/X VJ tiuns will come to an end, but Once the right supplies have cigarettes and toiletries can he 

the company s experiences pro- been purchased the task of dis- bought at the rig “shop" and 
CONTINUED FROM PAGE IV vide an illuminating insight into tribution is undertaken by the tobacco has the advantage of 

the workings of an offshore 0 ti company — the operator of being duty free, 
the partners with which it is Oceaj Drilling and Exploration catering company.^ ^ ^ tbe_ offshore installation.^ But Jeffr y B OWR 


Our activities include: 


S3 Worldwide chartering by specialist Baltic Exchange brokers. 

( Average 650 fixtures yearly from 500 ton coasters to 60,000 ton 
bulk carriers). 

□ Project movements from works to site anywhere in the world for 
large, heavy and awkward plant, equipment installations, etc. by 
charter, liner or specialised vessels. 

E Technical supervision, cargo superintendence, marine design 
and consultancy. 


A CA Coasling and European chartering ■ Deepsea chartering 

vT I v ^ I Lmer btiiDpmq VVorlcmicte projects 
<»jn .-ii |Th Sunley House. Gunthorpe St., London El 7HW 

Xbu tiAiiSi H LI V Telephone: 01-24 7 3232 (20 lines) Telex: 885328 886287 (5 lines) 


operating commercially. CODECO) is 51.9 per cent 

„ . _ .. ^ _ . a owned by Murphy. 

But it appears that its influ- Ninian is the biggest item in 
ence can only grow. Since the Murphy’s capital expenditure 
fifth round of offshore licensing, programme and for a small oil 
it has been granted a 51 per eom p an v it has added greatly 
cent equity interest in virtu- tQ Ug f eser ves of crude. The 
, al1 blocks allocated. In North Sea field is the biggest 
addition, the Government has s j n >»] e par t 0 f its reserves at 
taken steps to give BN OC the jj4 m _ parrels. It is followed 
first right of refusal to be in- reserves of 87.6m. barrels 
volved in any farm-in deals, a j n j ran ^ 43 i ni barrels in the 
move that nas created a good v s and 2 5.8m. barrels in 
deal of concern among other Canada. it has been under- 
North Sea operators. And ta ^i n g various related capital 
under the sixth round it expenditure programmes tn 
appears that oil companies may onsiire that the large b, flux of 

b f i.° pa> at least d share North Sea crude can lie success- 
®NOtis exploration costs. f U ji v integrated into its refining 
although details will not be and ’ marketing operations, 
known until later this month. Earlier this year it announced 
For Imperial Chemical Indus- a joint project with Amoco tn 
tries the exploration for and build a £75m. catalytic cracker 
production of oil is a secondary at Anioco’s refinery at Milford 
activity to its main occupation Haven, South Wales, 
of being a chemical company. 


In the financial year ended storage out at sea finds the 


A chance to explore 


from the I North Sea 


But with about 50 per cent, of 
its £4.6bn. annual turnover 
based on oil-derived products, 
it is clear that it has a big 


Process 


project 


interest in lioth knowing (He !T ^ 

n.— .h.ni.n.. ... ... ... i.J... crude through the refinery, and 


fib 


KN support 

Ninian in a 


mechanisms uf the oil industry ““““ ” Vh™ «,™,n 

as participant and customer. WItho “ f ! 


and in havmg a certain security ca P? cit - v “ 

or supply Tor its large pur- P^ncrs to produce more -petrol 
chases or oil and gas for both and iess heavy fuel otL 
I fuel and feedstock. _ T^} e 5 na , ^mian partner, 


than seven years the ' 

North. Sea oil industry has - 

gIve grown enormously, both in 
lce6 d offshore exploration and 
?rall prrxiuctian, and in ancillary onshore 
two developments. 

•trol It is an industry that lives with fast-moving 

expansion, politics and projects which stretch, 
ner, modem technology to its limits. Decisions 


Il .1 first entered exploration cent., has already established a 
in tie early 1960s in a search pre-eminent position in the 
for gas in the southern sector North Sea. In Ninian it is the 
of the North Sea. Now with chairman of the management 
its IS per cent, interest in the committee, operator of the 
NmianFteld and its access to Ninian pipeline and manager ’•f 
tlic Thomson Organisation’s Suilom Voe Terminal in 


British Petroleum with 15 perl involving millions of pounds arise almost 


every day and call for constant access to a wide 
range of up-to-date, accurate information. 

This is what the North Sea Letter & 
European Offshore News(NSL) provides. 

Produced by the Financial Times Limited, 
NSLis an exclusive weekly review of .oil and gas 


£Hg^&3j£=>’" activities on all sectors of North* 
West Europe’s continental shelf. 

Even.- week NSL gathers all the 
2 * relevant information, interprets it, setsifc 
in perspective, and provides a continuous 
w ell-referenced record. 

Tliisis compressed into a concise dozen or 
more pages that are essential reading for 
anyone involved in this dynamic industry'. 

AHforaround£3 a week. So why not try thfl 
four-month test. Complete and return the 
coupon below and begin a four-month, 
subscription, now. 

Exploring for accurate information is rathe? 
like exploring for oil: painstaking, expensive 
work. This time, we think you'll find you’ve 
struck it rich. 



GKN are proud to have supplied thousands of tonnes of 
reinforcing bar for the construction of the Nmtan oil platform. 

If you would like details of GKN reinforcing bar 
write or phone now. or see us on stand 15-21 at the F.l P. International 
Congress and Convention, Wembley. April 30th-May 5th. 


share of crude from ihe Piper Ihe Shetland Islands. Eventually 
Field, it is covering some 20- through two pipeline systems 
-0 per cent, of its needs From suiiom Voe will be receiving 
11s own resources. Apart from n jj f rom some of the biggest 
the North Sea it also has fields j n the North Sea inciud- 

,D J e ^ SlS J" e ??, loraUoQ leajses in? Brent. Ninian. Thistle and 

off the U.S. Atlantic coast in Cormorant 

ihe Baltimore Canyon trough The North Sea already accoun- 


£ 


i Tn: Suhnrripl ions Dept t NSL), 
Financial Times Limited, 

1 Bracken House. 10 Cannon Street, 

London EC4P 2 BY. 


k'-'.'.'-.'S 


and in the Gulf coast area of 


Mississippi, Louisiana 


ted for 12 per cent, of BP\s sup- ! 


plies of crude last year from a I 


: I : 

l 


Reinforcement Division, GKN {South Wales) Lid., 
Castle Works, Cardiff CF1 1 TQ. Tel : 0222-33033. Telex : 4931 6. 
A member ot GKN Rolled and Bright Steel Lid. 


Texas. ICI also has a half-share worldwide total of 169m. tonnes, 
m a refinery on Teesside. sup- Productinn frora its North Sea 
pl.es a Cham of petrol stations rortie FieltJ incrMwd tlJ sl)me 
mamly ,n the Itiorth of En-laod 20m . tonnes bllt liftIn2s fr()m 
and last year it emerged as a 0PEC s0UrMs provided 80 
slgnifieant oil trader in its own of the ^ crude 

Sh rnS, 3 S 0 oil ««pply- The and last 

woith £69m. platform in the Forties Field. 

The U.S. Murphy Oil Corpora- the second largest discovery in 
tinn has two stakes in ihe the U.K. sector of the North 
Ninian Field, one directly Sea. came into production a year 
through Murphy Petroleum, ag o, and BP is now planning 
which has a 7 per cent, share the development of two more 
in the field, and another North Sea fields, as operator, the 
through Ocean Exploration. Magnus afld Buchan discoveries, 
which also has 7 per cent, of _ 

Ninian and which as part of 1V.CV1I1 JJOHC 


Please enrol me for a four-month trial subscription . 

to the weekly North Sea Letter at £50 in the UK (,££2 
overseas including airmail postage). The overseas rate is payable v 

at current exchange rates many currency freely convertible into sterling. 


| | Cheque enclosed (Cheque payable to Financial Times Limited (NSL)) 
j | Please invoice me 


“BLOCK CAPITALS 
N’anv . 


Nadir.. -.if |tu,w;-r 


Registered in London. No. 227590 











•Financial Times Friday May 5 1978 


farming and raw materials 


India seeks 
§ builders for 
grain stores 

NEW DELHI, May 4. 
THE FOOD. Corporation of 
India will invite world tenders 
for the construction of 3.2m. 
tonnes of modem grain storage 
capacity, officials told Reuters 
here. 

The World Bank will contri- 
bute to the financing of the pro- 
ject, which will cost - about 
Rs. 3.500m. Work Is expected to 
start a year from now, 

■ The Food Corporation has 
6.3 ul tonnes of covered storage 
capacity at present. It has hired 
' another 6.5m. tonnes of storage 
from private sources and at one 
time stored another 7.5m. tonnes 
of grain under makeshift 
arrangements in the open. 

The corporation's grain stock 
is now below 14m. tonnes, hav- 
ing reached more than 20m. 
tonnes last year. 

The Government plans a re- 
serve of lira, tonnes and opera- 
tional reserves of between 3.5m. 
and S.Sm. tonnes, depending on 
the season. 



■ World olive oil 
glut forecast 

WASHINGTON. May 4. 
WORLD OUTPUT of olive oil, 
excluding sulphur oil; in the 
3U77-7S crop yeaT is forecast at 

1,354,000 tonnes, the. U.S. Agri- 
culture Department, said In its 
weekly roundup, reports Reuter. 

This 3s- 2 per cent more than 
the 1976-77 '. production of 
1;329.000 tonnes. 

Supplies will remain “ exces- 
sively high " • throughout 1978. 
because high prices and price 
supports are diverting demand 
to cheaper products. 


‘U.K. can strike 
fish bargain 
with Norway’ 


BY CHRISTOPHER PARKES 

THE ' GOVERNMENT should 
sidestep Common Market rules 
and strike a bilateral bargain on 
fishing rights with Norway, 
according to a House of Com- 
mons report published yester- 
day.* 

British trawlermen stood to 
gain catching rights for 50.000 
tonnes or more of valuable white 
fish in Norwegian waters. Mr. 
Hamisb Watt, Scottish Nation- 
alist MP for Banff, and a mem- 
ber of the team which prepared 
the report, safrf yesterday. 

The paper on the. decline of 
the fishing industry in the UJ\ M 
prepared by the Commons Ex- 
penditure Committee, notes that 
the EEC Commission , and the 
Council of Ministers seem unable 
to agree on a negotiating stance 
to be adopted with non-EEC 
coastal nations. 

The EEC. as well as attempting 
to share out fishing rights in its. 
own. 200-mile zone, is keen to 
negotiate rights for Community 
fishermen in non-EEC waters 
with reciprocal rights in the 
Community zone for fleets from 
foreign waters. 

The report says: “Norway-and 
the U.K.. if left to themselves, 
would probably find it easy to 
conclude a bilateral deal which 
would suit them both." 

The Foreign Office had warned 
the Committee that such a deal 
would be contrary to Britain's 
EEC treaty “ obligations.’* But 
the report points out that the 
Danes have already struck bi- 


lateral bargains with Norway and 
Sweden to enable Danish traw- 
lers to catch herring in their 
waters, so any departure from 
SEC practice would, not be with- 
out precedent 

The Ministry of Agriculture 
commented bluntly that it was 
the EEC Commission's job to 
negotiate access to third country 
waters and that was what it was 
doing. 

The all-party committee also 
throws .its weight behind the 
Government campaign to guaran- 
tee a fair share of the fisb in 
the U.K. 200-mile zone for British 
trawlers. And it stresses that 
the ultimate target -should still 
be a 50-mile fishing zone re- 
served exclusively for Britain." 

The Minister of Agriculture 
has been negotiating recently 
over the -EEC Commission's 
complicated ''compromise pro> 
posals. The old claim for a 
50-mile zone has been all-but 
forgotten, and changed, to a 
claim on a “variable belt” 12 
to 50 miles wide. 

Conservation of fish stocks is 
essential, says the report. With 
careful management stocks 
should recover so that one day 
they might support the British 
Fishing Federations' “ optimis- 
tic forecast •* of a L5m: to 2m. 
tonne British catch. Landings 
last year were 900,000 tonnes. 

* Fiflh report from the Expendi- 
ture Committee: The Fishing 
Industry HMSO. £2.35. . 


Lead price cut ‘not justified’ 


BY JOHN EDWARDS. COMMODITIES EDITOR 


ST. JOE. a leading U.S. lead 
producer, confirmed yesterday 
(hat it was cutting its domestic 
price or corroding lead by two 
cents to 31 cents a lb. in line 
with the cut announced pre- 
viously by Asarco and Bunker 
Hill. 

However, other producers are 
reported to he reluctant to fol- 
low on the grounds that the 
market situation"does not justify 
u pnee reduction at this stage. 

The case against a price cut 
was put by the Canadian pro- 
ducer. Coininco. but is believed 
to be supported by other North 
American producers. 

Mr., H. T. Fargey, executive 
vice-president of Cominco. 
claimed in Vancouver that de- 
mand for primary lead was 


strong in all Western world 
markets. 

He said producers’ stocks of 
lead worldwide were 75 per 
cent, of normal requirements 
and only 50 per cent, in the U.S. 

Lead production at present 
wasn't adequate to meet smelter 
demand. He predicted a further 
tightening in supplies during the 
next few months as the produc- 
tion cuts introduced to bolster 
the market also affected lead 
output in many cases. 

Earlier this month the Inter- 
national Lead and Zinc Study 
Group forecast that lead mine 
production this year would 
remain at about 2.6m. tonnes and 
that metal consumption, includ- 
ing use of scrap supplies, would 


also be much the same at 3.8m. 
tonnes. 

Producers' stocks at end Janu- 
ary were estimated at 187,000 
tonnes, slightly above the Janu- 
ary 1977 figure but well below 
holdings two years ago. 

It added that supply and de- 
mand were in close balance but 
lead concentrates were in tight 
supply. 

Asarco, however, claimed that 
it had been forced to cut Its 
price as a result of poor demand, 
accumulations of unsold lead 
and the availability of cheaper 
price imports. 

London prices, which are 
already below 31 cents equiva- 
lent. cased yesterday with the 
cash quotation closing £3.25 
lower at £301.5 a tonne. 


Sugar price 
forecast to 
reach £140 

By Our Own Correspondent 

THE WORLD priee Tor raw 
sugar will reach £140 a tonne 
by the end- of this year, pro- 
vided the U.S. ratifies Ibe 
International Sugar Agreement 
by the end of June, Mr. Gordon 
Jackson, bead of Australia's 
sugar marketing agency, 
claimed In London yesterday. 

■ -Mr. Jackson, general manager 
of CSR, which handies all 

A astral la's sugar trade, based 
bis forecast on tbe ISA target 
for (be end of the year or 11 
tJJS. cents a pound. And be 
claimed tbat bis forecast was 
supported by futures market 
prices between £130 and £140 
a tonne for October delivers'. 

He was also confident that 
the U.S. would ratify the agree- 
ment in time for the deadline. 
But in any case. If there were 
delays “for technical reasons” 
be thought it likely the dead- 
line could be extended. 

His forecasts had no visible 
impact on world prices in the 
London Market yesterday, 
however. 

The daily price for raws was 
rat £1 to £100 a tonne and 
futures prices slipped again by 
around £1 a tonne, mainly 
influenced by confirmation that 
the Indians would try to sell a 
further five cargoes of whites 
for July-August shipment to- 
day. 


41 


New Zealand 
wool values slip 

WELLINGTON. May 4. 
THE AVERAGE price realised 
for gTeasy woo! sold in New 
Zealand in the season to March 
31 fell to 190.95 NZ cents a kilo 
from 225.40 in the same period 
last season, according to the 
New Zealand Wool Corporation, 
reports Reuter. 

Sales to March 31 were l.Olm. 
bales of greasy and 24,946 bales 
of scoured wool, weighing 
163,907 tonnes and realising 
$NZ296.28m. 

Tbis compared with 1.05m. 
bales of greasy and 23,635 hales 
of scoured wool weighing 163,886 
tonnes and worth SNZ371.91m. 
in the same period of last 
season. 

At the end of March, the 
corporation’s stockpile was 
214,070 bales, compared with 
1 03.801 bales in July last year. 
• The Australian Wool Corpora- 
tion reports that its stocks fell to 
1.12m. bales in March from 1.21m. 
at the end of February and com- 
pared with 1.15m. bales a year 
ago. 


LIVESTOCK EXPORTS 


More sensible to slaughter in U.K 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


THE EXPORT of live animals 
from the U -K. has been the cause 
of rising emotions. The latest 
manifestation has been Ihe more 
by dockers to stop the trade. 

The objectors, led by the 
RSPCA. complain that travelling 
times are unnecessarily long, 
that the rules Said down under 
the Balfour Agreement for the 
management of stock in transit 
are not observed, and that finally 
the conditions in slaughterhouses 
are not of a standard enforced 
in tbis country. 

The objectors have as allies 
British slaughterhouse interests 
who object to losing possible 
trade, and those British fanners 
who purchase calves for rearing 
and find that the competition 
from the foreigners makes their 
own stock much more expensive. 

Cruelty 

The Ministry of Agriculture 
recently produced a report of 
fairly anodyne character recom- 
mending that the trade, under 
certain safeguards, should be 
allowed to continue. 

Evidence of cruelty and 
neglect has been mainly con- 
cerned with excessively long 
journeys, particularly for sheep, 
contravening the original agree- 
ment that stock should not 
travel further than 100 km. 
from port of entry. 

Tliis evidence has been col- 
lected by RSPCA representatives 
in unmarked cars following the 
miscreant lorries for great dis- 
tances. Official investigations 


such as one by two West Country 
MPs accompanied by the Press 
and 'film cameras have naturally 
enough found little wrong. 

But before considering the 
problem it is as well to put the 
trade into perspective. The 
transport of farm animals is as 
old as farming. The drove roads 
from Wales and Scotland into 
England certainly go back to 
mediaeval times. 

They were replaced by rail- 
ways, and now by road transport. 
There was a considerable trade 
from Ireland which continues 
and also from the Continent 
until it was stopped by disease 
restrictions a century ago. 

To-day cattle and sheep travel 
from Northern Scotland to the 
South of England, a journey 
quite as long as any they are 
likely to face on the Continent. 
Many, of them will visit fairs or 
markets two nr three times in 
their lives — a source of much 
more stress' than a single cross- 
Channel journey is likely to be. 

Transport ’ from rearing 
districts to finishing farms and 
from there to markets and 
thence to slaughterhouses are 
part of the present farming 
economy. 

In contrast to the internal 
U.K. movement the export trade 
is very limited indeed, being at 
present restricted to rearing 
calves, some of which travel to 
Italy by air. sheep for slaughter, 
and store cattle and sheep. 

The main export outlet for 
store cattle is to Ireland, which is 


also the source of almost all 
imports. Caltie exports to 
Ireland originate almost entirely 
in Ulster, and involve no more 
than a lorry’ journey. This 
market fluctuates according to 
the balance of MCA and subsidy 
advantages. 

Bull calves have been . very 
much a growth sector. From 

22.000 head in 1973 to 378,000 in 
1977. These are mainly Friesian 
calves destined for fattening in- 
to veal or occasionally young 
bulls for slaughter. 


Replaced 


About half of these went to 
France and a third to Belgium 
and Italy between them. These 
calves are valuable animals, cost- 
ing at least £100 a head on destin- 
ation. No one on either side of 
the channel is going to risk loss 
through neglect. 

They have to be inspected at 
the ports of departure, and be 
of minimum weight of 50 kilos. 
They arc inspected on landing 
by veterinary staff and after 
that there is no cbeck at all. 

This export movement prob- 
ably adds to tbe already con- 
siderable stress on the young 
animals which will probably 
have been sent from their home 
farms to markets, then to 
dealers’ premises. Tbe passage 
to France would be no worse — 
apart from tbe sea crossing — 
then a journey from for instance 
South Wales to Eastern Scotland 
which many have to make. 


In the case of calves the animal 
welfare anxiety also concerns the 
alleged inhumanity of some Con- 
tinental housing and slaughter- 
ing techniques. But it is difficult 
to see how anything can be done 
to control alleged abuses in 
other sovereign states. 

Live sheep for slaughter have 
increased from 135,000 since 
1973 to 373,000, but 40 per cent, 
of these go to Ireland, with 
Belgium and Germany taking 
most of the rest. From the 
latter countries they are often 
re-exported lo France, which 
operates a very strict control of 
direct imports from the U.K. 
Live sheep exports only repre- 
sent the equivalent of 15 per 
cent, of total sheepment exports. 

There is abundant scope for 
increasing tbe export oF British 

store caftle and sheep to the 
EEC which is limited only by the 
various health restrictions main- 
tained by national Governments. 
Without these rules they would 
have to allow the Tree movement 
of stock over their frontiers. 

There is complete free trade 
in many European areas now. 
For instance a million young 
cattle are sold hy France lo Holy 
every year. Eastern bloc stock 
are also imported. 

A sensible solution would be 
to grew the calves into vc:il on 
British farms and slaughter them 
and Ihe sheep in British 
slaughterhouses and tben export 
the meat. But as long as we re- 
main subject to EEC rules it is 
doubtful if any positive action 
to this end could be taken. 


Rain slows Soviet grain sowing 


BY OUR OWN CORRESPONDENT 


SPRING SOWING i^i the Soviet 
Union is proceeding at a slower 
pace than in all but one of the 
last six years because of wet 
weather in European Russia, 
particularly along the western 
frontiers. 

The Communist Party news- 
paper Pravda reported today that 
by May 1 crops were sown on 
5I.5m. hectares, 34 per cent of 
the crop area designated in the 
plan. Of this area. 29.6m. hec- 
tares have been sown with spring 
grain. 

In 1977, 56.3m. hectares or 36 
per cent, of the crop area includ- 
ing 31.9m. hectares of spring 
grain, had been sown by the 
beginning of May and the pace 
last year was, in fact, sligbtly 
behind that of previous years. 
The 1977 sowing is the slowest 
since 1970 except for 1974. 

U.S. agricultural experts who 
closely monitor the Soviet har- 
vest however, said it was too 
early fo draw any negative con- 
clusions from ihe slower rate of 
this year's spring field work. 

The area already sown with 


winter grains is 37m. hectares — 
about the same as last year. 

Pravda reported that the plant- 
ing of cotton and sugar beet was 
almost complete. Sugar beet has 
been planted on 3.3m. hectares 
or 88 per cent, of the total crop 
area and cotton on 2.83m. hec- 
tares (94 per cent).. 

Sunflowers have been planted 


MOSCOW, May 4 

nn 3.4m. hectares (76 per cenL). 
potatoes on 763.000 hectares. (23 
per cent.), and vegetables on 

568.000 hectares (46 per cent.). 

Maize for bolh gram and silage 
has been planted on 3.7m. hec- 
tares or 20 per cent, of the 
eventual crop area, of which 
1.7m. hectares, has been planted 
with maize for grain. 


Aim to double rice crop 

BY OUR OWN CORRESPONDENT GEORGETOWN, May 4. 


AN AMERICAN firm of inter- 
national economic and financial 
consultants is studying tbe local 
rice industry with a view to a 
possible U.S. loan for its expan- 
sion. 

Officials of the Guyana Rice 
Board say the plan is to more 
than double present production 
to 300,000 tonnes, but no target 
date has been fixed. 

The company, Checchi and Co., 
conducted a similar study 


a decade ago and its findings 
resulted in a SI2.9m. " soft ” loan 
from USAID, which was used to 
double production tben and erect 
stores. 

Tbe present study is taking in 
both tbe possibility of expanding 
production and also rehabilitat- 
ing the main export facilities of 
the rice board, which were 
destroyed In a fire last August. 

The Checchi team is due to 
report on its findings by tbe end 
of July. 


South African 
chrome exports 
expected to fall 

JOHANNESBURG. May 4. 
SOUTH AFRICAN rhnmu* 
exports in 197S are not expected 
to reach last year's level, accord- 
ing to the Standard Bank 
Investment Carp.. reports 
Reuter. 

Exports of chrome-ore. concen- 
trates and sand totalled about 
1.5m. tonnes in 1977. earning 
R 63 .3 in., the bank says in its 
latest economic review. 

Last year export volume in- 
creased 24 per cent, over 1976. 

But this year tbe negative 
effects of weak foreign steel 
production are expected to be 
aggravated by a high and in- 
creasing level of stocks of 
chrome and ferrochrome abroad. 

South African production of 
chrome totalled 3.3m. tonnes in 
1977. an increase of 37.8 per 
cent over 1976. 

Domestic sales totalled 1.2m. 
tonnes, a 35 per cent, rise over 
1976. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


COPPER— Modestly firmer un the I -on- 
don Mi-iai Kxctungc. Forward twul 
(ipfticd marcuulUr firmer ar ms .uni 
muu-d ahi-dil 10 ih<- djyi Inch uf ins 
on tat »o fresh haying iq the nbsviuv oi 
any veiling. Honrvrr. in tbe aflrnwoii a 
h'dirr o Dental; on- Convx was fnllOMi-d 
fir Mup-Uiu> v-Uinc which dvptvwd that 
nurfcfl and I/mdon came off in sympathy 
In lIdsi 1 at £7lo . j nn the lau- kerb. Turn- 
nvnr: 9.01 lonnrs. 


OiM.S. three months mu. 1«.3. 17. J6.5. 
13, 14.3. Kerb- Wiretai-s. Hire* months 
£714. 13. IS. 12,5. 12. 11. 11.5. II. M.S. 

TIN — Bare hr changed follmrinx a H‘i- 
smuhlj- active day's tradinc. Forward 
nu-l.il opened a shade ..-asler oi bui 

ih.-n fell to £U.I30 ovcIur lo profil-iakuui 
and a lark of follow Ibronuh from Un- pn - 
r reus dav. in ihr afternoon prices re- 
sponded to fresh buylm; which took for- 
ward material up lo W.250 More renew-d 
urntii-iakuiK pared ihe price to W-40 
on t I k- lau- keit*. Turnover: i.'Jia tonm-s. 


LEAD— Easter reflection tile trend in 
copper and news tiiat Si. Joe Minerals 
had liii 115 producer price in Unc with 
other U.S. producers. Forward metal 
opened at £310.5 and rose to £112.5 in 
the i-arly afternoon before turaim: easier 
to dose at 1310.5 on the late kerb. 
Turnover: 4.000 tonnes. 


i, 




fM-; 

_ |MM. 

GuoffieLa.' j 

T-H-r 

! 51 

' £ ; 

£ i 

£ 

Wire bar*. 

1 i 



1 4'li ! 698-5-8 

+ 5 i 

696.S-6 

!*2‘4 

J iimmti-.. 713.M 

>4.5 

3141.6-8 

; + 3.b 

tteur'm'nl t>96 

‘♦5 1 

— 



CaChodM-j 




l tiir 666.5 

■+4 i 

685.6 B.6 + 1.5 

6 'iinurii-,. 700.6-8+4 

704^-5. 5.+2-S6 

Seui'ni'm' 6E6.fi 

■ + 4 f 



U.li-.-SlIIL... — 


W 




• ' fijii. 1+ «<r, f.m. fr+-ir 

TIN 

} (.iffH-lm j — |Unnffi -w j — 


Amalgamated Metal Trading reported 
that in the raurmng wuh. wire barf, traded 
al £093.5. 9*u three m twite, 1712.5 13. 13.3. 
n Latitude.-, three months £704.5. Kerb: 
Wireban. cash £098. 96.3. three monUu, 
£.'14. 13. ti.. - ;. Aficrnoon: Wlrebars. ca-n 


High Grade c ! •' *•' i £ 

0*11 1 £255-60 -67.6 6300 10 +7.5 

i imaili-v 6210-5 l-SS 62+5-B +10- 1 
ttrtUeiii'l.- 6260 {—70 | — 

L'Sb. 1 !^ 6255-60 '-67.5 630a- 10 +7.6 
a Huntin' i 6B10-5 j — 56 i 6245-8 + 10.5 
Srtueoi'i.l 6260 70 ; — 

Hindi- K..I 1(1-98 ' + 2 I — ! 

New Y««rk' — 1 __ _ 

- Morning: Standard, cash £8.253. o0, 
three m unite: £6.200. £6.193. SO. 95. £6.2US. 
10 , 15, HI- Kerb: Standard, ihnf: monilis 
£0.210. 13. 29. Afternoon: Standard, ca^n 
Iri.m three niniitits QkCM. 35. 40. £■. *■>>• 
M. 43, 30. 43. _ Kerb: Standard, three 
mnnilis £6,243. 33. 40. 


LK.Ml | 

*. m. 
Officii* 

|+ <«• 

1 p.m. :t + or 
L'nollk-mij — 

IWi 1 

5 a tooths- 
hetV'lm'ni 

ti 

501-2 
all .5 \ 
302 

1 £ 

!-i 

Li" 

ti ; f 

301 a -S.28 
311:5 j+4 

31-33 i 


ARAB I CAS mw a lacklustre perform- 
ance. wuh values brio- irreimlar aualnsi 
the previous etore. reports DBL. 

Prices i In order buyer. seRer, change, 
business >: June 1V.50-1S3.25, —1.13. 

untraded: Aus. W7.DD-lfi8.00. -0.25. 

167.00: Oct. 151 .73-154 50. -0-12. unleaded: 
Dec 141.75-143.00. +0.63. umraded: Feb. 
VY.0A.135.H0. -3.0(1. umraded. April 
12K.0D.1S3 00. -0.7a, umraded: June 127.00- 
132.09. same, umraded. Sales: AM’ 

ICO Indicator prices lor May 3 iU.5. 
corns per pound ■: Colombian Mild 
Arabic** 197.00 1 193.50 > : unwashed 

Arabics k 160.00 iffil.flO*: other nufd 
Arablcas 170.79 <773 *7i; Robusias 139.00 
( . ). Daily avenge 154.90 (15&5S). . 


recovered 150 points from the lows by 
the close, reports C. Czarnikow. 


Muir 



' 

Pn-i. 

:V«»ieni«v'», 

PrevTHU. ! 

BuMIlirsa 

Cumin. 

I Ulmtr 

Uk*e • 

IliHle 

I.Vuin. 

i- 




Moraine: Cash £301, three mnntii* 
£110-5.- 11, 10.5. 1L5. Kerb: Three 
months £311. 10.5. Afternoon: Three 
mouths 1312. US. Kerb: Three months 
£311. 105. 10. £309.5, 70. 

ZIHC — Fractionally easier In quiet 
t radios. Forward m alert a I opened at 
£319 and came off id £309.5 before ratiyins 
in £313 hi (be afternoon rimes. However, 
ibis trend was reversed following Uw 
downturn In other metals with the price 
falll 03 -10 touch £30S. 5 before dosing 
ai £399 an the Isle kerb. Turnover: 
4.K5 t onnes. 

p.m. it+or 
Unc-Wcia- i — 


GRAINS 


aim: 


LG. Index Limited 01*53 3466. One mouth Gold 174.2-175.7 

29 La moot Road, London, SW10 OHS. 

1. Tax-frvc trading on commodity futures 

2. The commodity futures market for the smaller imesior 


Edward Billington (Commodities) Ltd., 
appointed 

North of England Agents for 
Rudolf WolflE & Co Ltd 


This new association means that we can now 
provide instantaneous prices and executions on 
the London Metal Exchange in addition to our 
existing range of commodity brokerage services. 


For further information contact: 
Edward Billinjrton (Commodities) Lt«L, 
Canard Building, Liverpool, L3IEU 
Telephone: 051-236 1222. Telex: 629 594 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 
Residential Properly 
Appointments . . „ 

Business & Investment Opportunities. 

Corporation Loans. PjoduriJon capacity. 

Businesses for bale/Wanicd 
Education, Motors. Contracts & Tenders, 

Prrsonal. Gardening 
Hotels and Travel 
Rook Publishers 

Premium positions available 
(Minimum sUe 40 column cms.) 

£1.30 per single column cm. extra 

| Vr further detail* terite to: 

Classified Arivortiscmenf fto™|«r 
Financial Times. 19. Cannon Street. EC4P 4BY 


per 

single 

column 

line 

cm. 

£ 

£ 

4.50 

34.00 

2.00 

S.00 

4.50 

14.00 

5J25 

" 16.00 

425 

33.00 

2.75 

10.00 

- - 

7.00 


->ILVBU 

p« 

troy «. 

Hu>-Um 

fixlmt 

prteine 

■+■ <w 

L.M.K. 

CIOM 

+ « 


277.95f 

+2.M 

27B3Sp 

+ 0.8 

i month*.. 

383.65p 

L+2JI 

2B4.9p 

+1.2S 

inuoLbn— 

• 90.05m 

+1.85 

— ■ 

•ami 

tnitinihr. 

3o6.10ti 

+1.S 


— 


.in. |+ nrj 
UfflciA | — | 


LONDON FUTURES « GAFT A i— Weaker 
physical iiiarfcois and a lack of buyers 
have forced both old crop opanufi lower 
with May wheat posiujk losses of SO 
points and Uar barley 45 noinu in Lhin 
coDdIU>>nK. New crons came under steady 
hedee preisure on ibe warmer cnnduiun* 
prevailing and losses o! 35/45 points were 
reeKtcred by the close Ui fcanireleu 
condition?. Aell reports. 


BARLEY 


1‘ iwr r.rtiiie 

Ana I1C& 50J 6.55 l06.4tB6.B0 lu/.C0-44.25 

I «cl 108:50 00.40 I IO.23-l0.aa IIO.ESOB.lU 

lieu. ....[II5.I5 .5 26 M4.2i-14.3J1 14.&0 l2.2i 
March . 120.4a.Jj.76 lkl.05-yi.20.121.b0 19.60 
May.... IS5.75-iS.90: 124.25 24.7 1 JUS. W-26.00 

An-. 1i7.4 -27.75. l28.2S-2a.60 127.00 26.00 

<tet |18l. 00-21.50:151.75-32^5 - 

Sales: 2.402 fl.754 * lots of 30 tonnes. 

Tale and Lyle ex-refinery price for 
granulated basis while sugar was £242.00 
i same i a jomic for home trade and' 
£180.00 i £101.001 for export. 

International Sugar Agrement: Indica- 
tor prices, U.S. u-dls per pound. lob and 
stowed Caribbean port for May 3— Daily 
7.45 (7.50 1, 15-day average 7.58 i7.38i. 

WOOL FUTURES 

LONDON— Dull and featureless. Bacbe 
reports. 

• Pence per Mini 


6.00. Pauioes— Canary: 4.00; Egyptian: 
4. DIM. 30: Cyprus 4J0. Cucumbers— 
Dutch: 14-ID‘h 2.00. Toma lues — Canarv: 
MHM.su: Jersey; s $0: Dumb: 5.70 5 Ni: 
Guernsey: S.RD.fi.00. Carrots— Cy onrs: 
1.2ft. 

English produco: Patatocs— Per 36 lh.. 
Whiles/ Red* 2.40-2. SO. Lettuce— Per 12’* 
1. 5n-I.ru. Beetroots— Per 25 lbs 1.40 
Turnips— Per 25 ltw 1.U0. Carrnli— Per 
bap 0.90-1.30. Parsnips— Her 2S Ib^ 1.20- 
i.m Onions— Per sk tbs 1.50-2.50. Swodcs 
—Per 25 lbs 0.5IM1.GO. Rhnbarb— Per 
piiund, nuidiH>r 11.07. Cucumbers— Per 
troy 12'24’s 1.60.2.20. Mushrooms— Per 
pound 0.4V- Apples— Per pound Bramley's 
0 11-0.17. Laxinns 0.10-0.13. Pears— Con- 
ference 0.13-0.13. Tomatoes— Per pound 
English 0.46-0.50. Greens— Per crate. Kent 
0.50. CaullFtowcrs — Per 12* Lincoln 1.50. 
Kcni 1.80-2.40. 


PRICE CHANGES 

Prices per letme uuless omerwisr 
Stated. 


Xla.r 4 r + nr r M»ntli 
1 474 I — I SRn 


JUTE 


299 .5 i * 299-500 -1.76 

308.5-9 • 309.5-10 -1 

399.5 • I - ! 

■ ! <u : 


Cash 

nnioUks.. 

H< in. Wen 

Mnrnim:: Cash 1298-5, three . nmnths 
£309. 10.; 11, ID. Kerb: Three monihs' 
£309.5, 10. Alter noon: Three month* El 3. 
12.3, ti., 11. .10.5. 11. 10. Kerb: Three 
months £368. 8.5. 9. 

- Cents per pound, t On previous 
official dose, t su per picuL 

SILVER 

Silver was fixed 2.05p an o trace hlnher 
fbr spot delivery in rhe London builwn 
market yesterday al -77.95p. U.S. cenL 
equivalent* of ihe fixitm level* were: 
Spm ,508.1c, op 3-5c: three-month 515.5c. 
up 42c: six-mouth 323.6c, up 3.1c; and 
12 -month 546.1c. op 2.6c. Tbe metal 
ipened ai 277.8-r78.8p ( 597}- 509c i and 

dosed at 279J-28DJIP i5ll-5124ci. 


WHEAT 

iVerierriav ■! + ■■' Vemeirta,-. m 
M' nilil : — • bwe : — 


Mhv 

sepi- 

Nfiv. 

Jnii. 

Mvi. 


98.20 -0.60 81.90 —0.45 

85.75 - .45 80. ZO '—0.40 

88.25 —2.40 82.60 — O 35 

90 75 -0.45 8b. 15 —0.40 

94.20 —0.46 87.55 

Business done— Wheal: May ffi.4MS.ll. 

Sept. S6.00-85.7D, Nov. W-SO^-SD. Jan. 
90.X5-go.50. March 93.45-93.20. Sales: 63 
lots Barley. May rejOJH.OO. Sept. 
Sd .20-80. S3. Nov. S2.tfW2.60. Jan. RS.25- 
K.20. March S7.55.S7.33. Sales: 79 lots. 

IMPORTED— Wheat: CWR5 No. one IV 
per cent. May £33.50 Tilbury. U.S. dark 
northern Spring Mo. iwo M jut cent. May 
IE5. June and July £84.50 traashitOTenl 
£asi Coast. 

Maize— U.S. 'French first half May 
£106.73, second half May non, June 
£105-60 transhipment East Coast. 

Barley, 5oeghum. Oats— A]] unquoted. 

HGCA— Location ex-farm spot prices: 
Peed wheal: S. Lines. £94.00: Feed barley: 
S. Lines. £81.90. Wiltshire £*4.50. 

The U.K. monetary coefficient for the 
week begumms May S will remain 

rniiihanpwi- 


.Vn»traiian 1 
Orm-v V.yoil 

VksLenl'yii^ ..r. 

Uh«e l — l 

Bii-JlU-n* 

Ifcint* 

May.,,.. 

i 1 

227.0 

Jmy ,..J 

160.U -i_.0 ' 


f letutrr , 

u j.+a.-.O ; ; 


LHs.-cnil«er ...1 

iao.u-41.9 ; - 


.Mhji'Ii 1 

i4D.U-4fc.II J 1 



Mae 

:4S.U-4«.D 1 



Jull 1 

246.0-49.0 | | 


lA-tKlW | 

ri&.u-bO.O -Oi 

— 


RUBBER 


LME— Turnover 132 USll" lot*"nf "10.000 
ounces. Mwiiiiig: Three months 254.1. 4. 
3 J. 4, 4.1. 4J. Kerbs: Tliree " monliis 
as+i (J. 4.4. AftenwHiu: Three montte 
2S5J. SJ, 5.1. 5.5. 54, 3.1. 85. HA 
KerbK Thm 1 months 286, 849, 4A.B5. 

COCOA 

Afirr a quiet mornlius. a strong New 
York oncnlns produced a sharp rally ’fitn 
September tradins np to Ibe liuiL reports 

Gill Mi Duff us- 

— YeHt nine's, + ur | Uoainria ' 

COCOA l Chao [ — i LHme 


STEADIER epenhuf on the London 
physical market Little uuerea timmeh- 
oui tin- day, ctoslnp easier. Lewis and' 
Peat report ibai the Malaysian Rod own 
price was Hi (213i c-enls a kdo ibujcr. 
May. 

i 1 ! 

,Vn,l • Pmi« Ywl'nlajp'id Btrstuuft 


K.Si.S. - i+ow 


rtnw 


ilmie 


Nii.oO’tntr'r ' . 

«kv 2C67.6 70-0 + I6.fi Jl‘95.P-»68 

July 1-99.0 2000 +85 & M154HS7B 

,1916.5 17.5 >+20.01038.ir1&aO 

L41.b-43.il : + 18.0 1 53X 1660 

March .1790.0-96.1) I + «.B: 1808.' -»79J 

M»v (1746.0-80.0 I +10.0 1776.8-1775 

July :i7W.0.aB.0 ! + 5.0 ll74OJ-l710_ 

" Sales: 2J51 (S.42Sf tats o( 5 tonflea. 

International Coen OrswtittUon (UA 
rents per pound'i— Daily wl« M*F * 
150.13 IM947. Indicator prices May 4 
liday Bferaxe ISSM il5f-XU, 22-day 
avcrace US. 00 f 155. 49). 


Jiiut, 54.60-55.26 54.45-54.55 65.60.66.10 

July 66.60 56.00 . 5 26 :5 46. - 

.lit -tieiil 66.95 .5 U 5 8 -*A W B6.50- l fi J6 
o.'i. tire :B.50 :G.'6 ,6 40^,9 4 j' 67.2iL5G.60 
Jhu-Mi. 57.36- 7 4 7.60-i7Jp 63.6iLc7.50 

\pr-J.,c' bA. 15 oB-20 ,8 15-sD SO; 56.70-b8.t6 
J *\ ••‘hii. 5S.1--5B.1; 3 20-aBa' 59.15 
Oil Ure 60 10-60.15 GO 26-60.2 ■ SO. 60 BO. 15 
Jail-Mar BI-05-bMO. bl-26-GOJo 81.16 61.10 

Sales: SOS <3S8i lots af 15 lonncs and 
41 i five i ai 7 tonnes. 

Physical closmfi prices (buyers' were; 
Spot Mp i52.7bpi; June 33p taamei; July 
53.jp i same j. 

SOYABEAN MEAL 


COFFEE 


I Y«i entity + or 
I Clow I — 


Uininn* 

lime 


Kobuslas had an unspeeianlar mom- 
inc. with only the ala ad tares In the near 
May position to Stimulate tin crest, reports 
Drcxel Bum Dam Lambert. This Interest 
continued Qirotuffi Ibe afternoon and in 
the absence of dflwdon Irani uw physical 
morkel values at tiw tiMe were *> 10 

XSJ pp on balance. 

YaJeitiay'v i ] 

t '!■ we ! + .w! hiimnreu 


ifpertunne > 

June ; 128. 80-29. B +0.40 I28JJO-28.80 

AuCuvt 'l27.Bi-2e.fl— 0.16 129 2 j-27.U0 

Odu«r HM.Bj-iBJ — 0.15 12BJKL 24.10 

Uemober _.. 120.63-21.4+ 020 — 

Fei*ni«^ - 1121.00-25.0 +0^0 — 

A..m ! 121 35-25 J +0.75- — 

June -j122Jlii.27-0-i-0.75i - 


(.UKt'KK 


— Him: 


SUGAR 


8 |iei lirtine 


u.y ; 1546-1549 + 51.0! 1062-1520 

.Uiv I 1401 140M + 10.0. 1419- lew 

Si'Weiui>e< ..j 16 10 la20 + 5.5 j 
vKwnimr. 1255- L260 +4.S ll270.liM 
iaSZ- 1220-185B +6.B [1222-1220 

1 1805-1210 +5.0 ! - 

K . ... 1106 - 1200 + 5.0 1 1195-1 MS 


Sales: 1,481 UW tals of 5 tonne*. 


LONDON DAILY PRICE <rav -rnsaf) 
£1M.M (£101.00 > a tonne c'd for May June 
nblpmcnt. White nour daily price was 

fixed «t £iog.w (noa.oo>. 

TermiiMi qnoraunns were tmtully 
unrtunsed but prices dectinsd later 
fa&owina reports that India was bmtinB 
huts for a further fire cargoes of wfahsa. 
Lasses of np ro 1M points were recorded 
hm. later. Impronns New York notations 
yumnLiied short covering and the market 


Sales: Two (nll> lets of 1.500 hitos. 

SYDNEY CREASY rin order buyer, 
seller, business, salri— Micron Contract: 
Mar 339.3^39.5. 3M.3-394. 24. July 342.fi- 
3C.7. 343.1-3+2.0. Si; Oci. .IW.b^lo.D. 

3M.M43.0. 83: Drc. Ail. 8-351. 5. 353.0- 

35L0. 82; March 3593J0D.0. 30D.5J5B.5. 
47: May 3SL2-7frL3. 3D3.7J6L0. 25: July 
386J-368A 367.0- AST. 0. S: OcL 3fi7. 5-368.0, 
3D9.OA87.lt. 19. Total sales: 321. 

MEAT/VEGETABLES 

SMITH field ipence ppr pound; — Beef: 
Scottish killtxl side* S3.6 to 56.0: Ulster 
hindquarters 69.0 tu 71.0. forequarters 38.0 
U> 4L0. 

Veal: English fats 72.0 io B0.D; Dutch 
binds and ends 94.0 tu 98.0. 

Lamb: English unalL new season 66.0 
to 7B.0. Imported frozen: NZ PL 4SJ 
to 49 j. PM 47-5- to 48.5. 

Hossets: E nglish su.O to DD.0: Scottish 
50 A to G0.0. 

Pork: English, under 100 lbs 38.0 in 
45. D. 100-120 lbs 37.0 10 43.0, 120-160 lbs 
37.0 tn 42. D. 

NEAT COMMISSION— Aserace fatsiodc 
prices at renrreenl alive markeifi nn 
May 4: CB caltie 69.53p per kg. Lw. 
i-H. M». U.K. sheep 135-Op pw -»B. phi. 
d.c.w. r +6.71, gb titan ®JfD pa- kc. 
I.w. f + Oji. England and Wales— CaUlc 
number*; up 4.5 per cenL. average price 
Tn.wp i + i.84i: Slwn up 9.0 ner ceni.. 
arerace price 157.0p ■+7.Si; Pigt dnwn 
0.9 per rent., avernct- 65Jp i + 0.9i. 

Scotland— Cattle te' >-8 per cent., 
avcracc 67.35p « Sheep flnwn 24.0 
per cenl.. averaut- 145^1p i+2.Bi. 

COVENT CARDEN-Wcre tn Kterllne 
per paciract- -exccpi where nther.dM? 
slated. Imparted produco: Or an (jet— 

Cyprus: Valencia Laics. 28 fctios laWJiD. 
15 Itilos 3.0B-3.M; Jaffa - Valencia Laic-. 
fi.75-4.!*: Egyptian: Valencia laics 2 40: 
MumcMn: -j.M-2.7n: Teias: 3.20 

Ortuiques— Jamaican: 5.J+B50. Lemons 
—Italian; lOOtiM'!, T8M.TB; spams: 
Small uays 33- oO'-** 1-20-7 .38; Californian: 
3.59-4,00. CrtlP efru It— O' pros: 15 kllufi 
2.20-2.60: 30 kilos 3.00-2.80: Jaffa: 20 kilns 
2 .70-3. 70: U.S.: Ruby Red 15 kilns 4.M. 
Apples— Preticta: Gulden Delicious 20 lbs 
M's 2.58-2.78, 72* s 2.70-2.80: 40 lbs 4J0- 
a.60. Gulden Delicious Jumble hack, pit 
pound 0.1041.12: Italian: Rome Beamy, 
per pound 0.131. Gulden DeBclima 0.10- 
0.12; S. African: Dium's S30-TJH, Granny 
smiths 7J30-7.40. white Winter Feannwn 
'7.10. Starkias DeUduus 7JMJ0: Chilean: 
Granny Smltiu e.GO-7.00: Hew Zealand: 
Cos's Ora nee pippins I8S/2SI 7.00-BJ0. 
Golden Dclioous 175's B-60; DmUsH: Per 
pnupd Cox's D.i+41,16. Spartans o .to-ij.il 
P ears S . Alrlcan: Cur-time, Packhym"* 
Trtumoh 7SJ- Reurrc Hnsc j.uo: Caww. 
Beurre &nsc fl.10-8-20: Dutch: Per pound 
Conference 0.14: Betalan: tout err nee 
B.lOrO 12:. Grapes— s. African: New 
Ctwu KJO, Barlinka «.W. Waltiiam Cross 
0.20; Chilean: 5 kilns. Almerla gjo. Red 
Empeiw uiO. R ananas— Jamaican Per 
pound 0.1+0.15. McteBS— Chilean: Whin- 
4 00. Avocados— Kviu a: Vuertr- 14.24*% 
160: S. African: buene .1-»-3.flO. Straw- 
berrios— Spanish: 0.30: CallfortUan: 0.30; 
Italian: 0-30. Onlms — ouich: Largr 2.00, 
medium 1.50; Chilean 1 cases 4W-L2I1: 
Canary; 4.004-50. -Capsfcuiiu— Ketua- 
Per iMimJ 0.40; Canary: 0.38.. . Celery— 
Spaaish: lis.-M's 3J04-80; American; J4*» 


DUNDEE JUTE— Quiet but firm. Prirefi 
c. and f. U.K. for Mav-June shipmenl: 
BWC £200. BWD £SM: Tossa: BTB X3 «. 
BTC £292. ETD X2S4. Calcutta goods 
steady. Qnauuoas c. and I. U.K. prompt 
shlpmcm ID+zs 4n-inchL* £10 29. TI^uis 
£7.66 pit 100 yards: May ri0.29. ri.96: 
June £10 30. £7.96. " B “ twills E2H.0S. 

£29.23. £26.46 for tile r-spwfliv.- shipment 
periods. Yarn and ciatb steady. 

* 

GRIMSBY FISH— Supply fair, demand 
good. Prices 31 ship's side, unprocessed. 
p-T iw ffik'li tod H.39-Ii.0D rodUliii? 

1 4 rev haddock £4 Oft-ti 00. 
medium CS.ni.i4.j0. small £2 30-Ci ::n. 
medium p'.aW l3.S0-£4.-Ju. bi-si small 
£1.40 £4.30. l»r«L' shined doefisb £5.i*o. 
medium £1.30, large lemon soles r: M. 
medium £0.00. rortttsh £2.00-£2.4(J. reds 
B.jo-E.M. sailhc EL70-IS.40. 


Metals l 

A !u mull inn '££80 ! £6811 

Free nvirkci u-n.,;«s56. 100 : 9860-60 

C>i|i|x‘ri-a%li \V.Hh».l695.7S +2.!6 £700.5 
pii» mills tin. It: « 14.79 + 2.5 ,£715.25 

L*,h (Vttinsfc K606 j+ 1.5 +-6SZ.5 

& mi nulls ri>\ ilit. !t705 I + 2.2b 11706.2b 

•G»M Tn»y n/.iS 1 ?6.875l + 8.75$ 173 876 

Lead i'a>b ^301.5 (—3.25 £309.75 

i HWHiTli- .C311JZ6;-4 14.76 

Sb-Upi t i it 

Free Slarkei icii HiJ»1.95 >>1.9 

| -2.05| i 2.04 

Platiumn rmj- o+.Jt.‘120.5< I [£117. a 

Free Market :£120.BS:+ 1.85 C117.05 

Viui'k-iner i7nili.i sllf7.ja! Jil30 , 

-silver m>\- •« i2 »7.95| i+ 2.05'4b2.b6, 

0 luiiutlir !8B3.6d^j+2.3 U87.5j|. 

Tin Uesl, — £o.305 1+7-a »L,.715 

til- £b.246.5 i+ 10.5 C3.i52.b 

W. .irnn.i52}.til s 13 1 ■ 142 1 6145-50 

Zinevw.li -££99.5 — 1.76:^313.5 

1 nu>i ill,- £3 9.7 »— 1 !c318.2a 

I'n.liiver- :66B0 900 I--550 

Oils 

ln’.'Bui I l'li ill ip59D< 

liniuiniiiiil JIi48 

Linv-el (.luhMi i.,X&b3 
I’hIiii Malaiaii ,>571 h 


1-20 


kb in 
£732 
MlO 
aa59 


New exchange 
will help 
Thai exports 

BANGKOK, May 4. 
THAILAND will set up a com- 
modities exchange, but no dale 
has yet been set for its estab- 
lishment according to Mr. 
Thapawa Bunnag. executive sec- 
retary of the Board of Trade, 
reports Reuter. 

The Board is now studying the 

exchange's establishment with 
the Commerce Ministry, the 
National Economhs.and Social 
Development Board, the Kaset- 
sart University and commercial 
hanks. The U.S. has been asked 
to send experts to give advice. 

The proposed exchange would 
help farmers get better prices 
for commodities and would 
smnoth trading in agricultural 
products, he added. 

At present 75 per cent, of 
Thailand’s foreign exchange 
comes from the export of agri- 
cultural products. 


Seeds 

1 mu* Philip '*410' ,+ 2.5-8400 

Siiinbem it J?.I....|>296.5 j-2 '8283 

Grains 1 I 

Jmrk-y KbU ' ; 1 1 ; 

Hi.iiio Kuiure*.... £80.20 1 — 0.4 ; £7B.45 
Mm/* 

fr null Xu o An, £105.76.-! -£lu4.76 

WliiMl. 

I lti-i spriiin JaiS.SDB! £94.5 

Xn2 Hnnl M'lnicr. ; I 

Kii:,1ibli Millluu-.X! jE.- i.97.£5 

U**owt £>Uipni«+n.... 0.033 & +2o.Sf£2.019 

Future Jure- [Ul.BSa.6 +2fi.5|i:i.917 J, 

UuITw Fiibire ! ; 

July !>: 1,401. 5 +10.5|j;i.3DB 

(.Wiiwu '.V IuiIca.,. 1 69. /Sr* d8 .8 #v" 

KuuU-r kilo. | S3 - :+ 0-26-4 6.75 

alusw lR»w> [ £1^0 j— 1 jt98.fi 

Wijultofja bia kUn..J £80., 1+1 <E'f2y 


• Nominal. t Unqnoiud. V Uoy-Jime. 
i May-Aus. u June, v AnrlKJime. u Axinl- 
Uay. z Per ioa 


Philippine copra 
exports rise 

MANILA. May 4. 
PHILIPPINE COPRA exports 
rose to 48,878 long tons, worth 
S18.S2m., in April from 14,759 
tons worth $5.19ra. in March, 
reports Reuter. But they were 
far below ihe 09,061 tons 
exported in April, 1977. 

Crude roconur oil exports In 
April totalled 70.990 tons, worth 
S41.39m.. compared with 60,781 
tons. S38.70m., a year earlier. 

This brought total copra 
exports in ihe first four months 
of 1978 to 147.000 ions. com> 
pared with 1SS.0QO tons in the 
same part of 1977. 

Coconut oil exports rose tn 
287,486 tons (3151.9m.) from 
216,093 tons. 


FINANCIAL TIMES 

* THv Jlilwilii oiiui Vtumi.i 

24^66 'ZA9.72 ] _/d5.66 [ 6 9,96 
^ iBa*-' July 1." 1982=100* 

REUTER'S 

Mfi.V 4 • May 5 Miniili Ywtr"ajjir 

1456.1 [1453.6 1429.2 ! 1701.5 

" ■ Base: St-yiiimbiT 18. 1931=l00i 


Ui>» : lla.\ 
■Inn,- : 4 


DOW JONES 

Mhv . J|....ibry«r 

a ' mm I +!!■> 


1463.53^60.00 460 56423.34 

rinii_re -i 449 . 35 |j+ 6 . 6 i; 448 . 74 jfl 7 .ia 

tAverase 192+35-26=: 1 00 1 

MOODY'S 


MuuAyV 


llay May (MuutbjXau 
4 i j v.11 


dpie Uiumncv l904.2i904.9l 906.6 908.0 
iDncemBer 31, 1931=1001 


COTTON 


COTTON— UverpwiL Spot and aUlpref-nt 
taL'& amounted to 1,137 tonnes, brtn&imt 
|hp total Tor tite uwH so far to 1.367 
lonnus. reports' F. W. TatiersaU. Snbtian. 
ual increase- in ujk'nuibns aucurml. 
mainly in Mlddti' Easicm uualtiloa. North 
and Sonin American growths msdu addi- 
tional procresH. ultb su&uincd mierew 
In U.S. quallik-a. 


VEGETABLE OFLS 

PALM OIL— London, llv. Juuc, July, 
Aus. 300.00-330.0(1. Scul. 300.08-330.00. Oct. 
29O.00-KO.0. Nov. 280.00-315.00, Dtc. 384.00- 
310.00. Jan. unuuolcd. 


NEW YORK. May A. 

Cocoa— MOV 157^3 1 153^5 <. JuLv I34.«0 
1149.751, Seui. 13U.00. Dcc.-ltt.j0. Marob 
13BJ0. May 136 05. July 153.ro. Sates: 
1.002. 

Coffee— 1 - C " Con ire cl May 175 Pu- 

176.00 1 174.113 •. July I5t.50-151.ri U+ldOi, 
.Sent. 13S.UI. Drc. Lts.OO. March 120.20. 
May llfi-35- 116.75, July 1 14.00-1 16.D0. Scm. 
112.50-1 13 40. Sale-: 345. 

Capper— May 38.20 ■ 58.90 >. June ."4.70 
1 50.40i. July 3J0. Reni. H0.3D. Dvc. 61 Ml, 
Jan. G1.3D. March ii3J0. May 64.30. July 

65.30. Sept. 00 JO. Dec. 07.80. Jan. fiS.uu. 
March 69.30. Sales; 4JD0. 

Cotion — No. 2: May 37.40 i5U.Mii. July 
63.7+58.7! ■ 58.48 •. Ocr. 60.63-UU.li3. Dec. 
CI.72-6L7S. March B2.S5. Mar 63.35-03.55. 
July 83.7044.00. On. B2^U-S3.9u. Sales: 

140.000 bales. 

"Gotti— Slay 173.40 tlTl.SO'. June 174.10 
(172.20J. July I75.1U, Aup. 17B.UI. ucL 
rs.eo. Doc. ISO. 90. Kcb. lSi.W. April lSli.Od. 
June ISS.7U. Auk. 181.4U. Del. 194 jM. Doc. 
197.00. Feb. 193.SU. Sales: 5.707. 

tLard— uhlcupn loose 22.50. NY prime 
«team 24.00 traded 1 24.00 >. 

TMaize — May 23U-25I ; i24<;i. July 24>*- 
249 1245*. Sopi. 217.' -2471, Dec. 24S-2472. 
March 255. May 237!. 

IPIalinum— July 220.00-22 O.W >217 ifl-. 
Del. 22J.00-22J.7U i21tl.K0l. Jan. 22D.50- 
22U.70. Apnl 229.1)0. Jail 22 1.9+232 10. Uci. 
*34. yti-£tii.5P. Jan. 257.50-239.50. 

■Silver— -Still Wa.Tn i3iM5U<. May 
lUi.Ol) 1502.90). June 3U9.I0 i525.00i. July 
512.71*. Sept. 7CU.0D. Doe. 331.50. Jau 
553.50. MnrcJ* 543.60. May 35I.9U. July 

300.30. Seiu. 3*iB.:n. Dec 5S2 30. Jan. 
ssii.ru. Marrh .193.70. Sail-*-: 7.7ml 

Soyabeans— May 71 b:- 7I7! *714 •• July 

ass-701 i6So;>. aus. urs-ors:. scpi. o4j- 
+12. Nov. ol3;-6li. Jan. am. March b_'5S. 
May ft3u. 

Soyabean Dll— May 27.40-27.50 •27.43i. 
July 26.53-26.60 <20.45 •. A UK. 75.CD-23.u5. 
Sept. 24.50-24.45. Oct. 23.i9l-22.70. Di-c. 
=:.I6.23.00. Jan. ^1.70. March 22.5r22.G0. 
May 22.30-22 40. 

r Soyabean Meal — May 1742.-0-174 7# 
1173.20'. July 17U.40-I78.3U '174.311.. Aus. 
174^0-175.00. Sepi. 171 4». uci. 184^0-104.70. 
Dee. 1B3-2IM 83.00. Jan. ifi4Jili-lii4.50. March 
IWJ.70. May 167. 50-1 6S.00. 

Sonar — Nu. II: July 74CI-7.54 >7J8i, 

Sept. 7.79-7 SO i i.SOi. OCI. 7.04-7.93. Jan. 
4.4D-S.4E. March S.75-S.76. Ma* S.91-*>3.1. 
July S.fiS-S.IJ. Sepf. S2a-SJ0. Oct- S-!> 
9,45. Sales: 2,450. 

Tin— 022.73-327.00 Asked 1 325.00-327.00 
ecki’di. 

-Wheal— May 297 .294 July 300-3004 
429741. s« pi. 3031, Dec. 3091. March 3l4i* 
8142. May 314J. 

WINNIPEG. May 4. * Rye— May 101.50 

|»[1 198^0 bid'. July 99.M iBS^O asked', 
Oci. lDL’.IO bid. Nnv. 102.00 bid. Dec. 
IDS. 50 nam. 

’ Oals— Mi*" 55.50 i$5.90 bid'. July 
79.S0 a!+ed 'TPJIOi.'Oei. 77.50 asked. Dec. 
<5 50. Muruft 75.00. 

uBarlev— May TSAI bid 'TSUd bid', 
July 79.00 asked '78.30-78.40 bid*. Oct. 
Tfi.tki bid. Dec. 7S.10 tud. March TS.iW. 

«i Flaxseed— May 219.20 bid '2ls.uo bid'. 
July 254.00 <252.50 ankcd*. Del. 257.70 
asked. Jinv. 25S.IKI bid. Due. Zod.'JU aAed. 

5‘ Wheat— SC WRS 13.5 per cent, pruieiu 
r. ml ei it nf Si. Lawrence 160.34 'I5B.49'. 

AH icims pit iwund ex-warehouse 
mill-** 01 berime slated. • Ss i*-r Iruy 
ouiiecs— 1DU euuee lots. ■ Chicago loo>e 
« per 100 lbs— Dcpl. of Ail. prina pre- 
vious day. Prime sleam lab NY bulk 
tank care. : Cents pi-r 36 lb bushel «- 
ware bouse. 5.000 bushel Iws. 1 ffi per 
troy ounce far 50 01. units of 09.9 per 
cenL purity dvlnerrd NY. T . Cents per 
troy ounce cx-warchouBe. I| New “ B '* 
contract id k a short ion for bulk Inis 
of 200 short ions delivered f.o.b. cars 
Chicago. Toledo. St. Louis and .Alton. 
— cents per 69 lh bushel in store. 
« Cents per 24 lb bushel. 32 Cents per 
46 lh bushel ex-narehoase. f! Cents per 
56 lb bus be! cx-p-arehoasc, 1.00B bushel 
lots, to SC per tonne. 


brazil will not 

IMPORT RUBBER 

RIO DE JANEIRO. May 4. 
BRAZIL'S Rubier Administra- 
tion has denied Press reports 
that a Brazilian company had 
contracted lo buy 10,000 tonnes 
Of rubber a year from Nigeria, 
reports Reuter. 

All rubber imports must be 
authorised by the Rubber Ad- 
ministration. an official Govern- 
ment agency. 


t 




42 


Financial Times Friday May’S 1978 



Higher MLR indications thwart early rise in markets 

- _ _ „ _ __ __ __ _ ______ GnvAmmcnt Sere. frivol 71.481*71^73 71.221 7l.S4j 69.' 

Equity leaders weU below best— Gilts shed initial gains ===) B 5 3 3 3 3 S 


Account Dealing Dales and finally sustained losses ex- closing a net 2 up at 245p. Richard ing director, had left the Group Among Hotels and Caterers, Lending Rate indications reversed 

Option tending to $. The reaction once Costain and Alarcbwiel firmed 2 in order to join competiiitors Prince of Wales put on 10 further the trend and prices all hut re- 

* First Dc clara- Last Account y " ain came too late to affect Cor- apiece to 280p and 2SSp rcspec- NSS Newsagents; the latter im- to I65p. while Trust Houses verted to overnight levels. MEPC 

Dealings lions Dealings Dav portions, occasionally * better, tively. Pochlns continued to re- proved 4 to 11 Dp. Among Shoes, Forte 2Q5p. and Grand metro- still closed 3 up at H3p after 

Apr. 11 Apr 27 Apr 28 Mav'lA wllUe n ttard 9J pec cent, spond to the interim figures. Ward White moved up 3 to Tip. polltan. lllp, firmed 5 and 2 114p, but English Property closed 

Slav n Alav 11 Hav" i f Ma v preferenct * staged a quiet debut rising 5 more to 122p. and Aber- Apart from Thorn, which respectively. Scotls Restaurant, marginally easier at 30p with 
XhZA among recently-issued Fixed deen Construction finned 2 to 83p closed 6 dearer at 3Wp, Electrical however, reacted 25 to 425p on Land Securities a penny firmer at 

■‘Mew um, '■d«iiD« y n 1 w ukeBUM i nter vsts to close at 100p; the despite lower annual profits, leaders failed to hold earlier the lower profits. l%p after 19Sp. Hammersoo A 

frem 9J8 a,m- two business days e*rikr. stock was i-ssued to Ordinary A. Monk closed 4 dearer at lfllp. improvements and finished the touched 550p before closing a net 


Mav " Mavll Ma v i9 m-V *n Prefer encc staged a quiet debut rising 5 more to I22p, and Aocr- Apart from Thorn, which respectively. Scotts Restaurant, marginally easier at 30p with 

H|, V 2J1J ai9«r oc . among recently-issued Fixed deen Construction finned 2 to 83p closed 6 dearer at 3Wp, Electrical however, reacted 25 to 425p on Land Securities a penny firmer at 

Mew ume'" uk “u' interests to close at 100p; the despite lower annual profits, leaders failed to hold earlier the lower profits. l*16p after 19Sp. Hammersoo A 

tram 9J8 a,m- two business dors earlier. stock was "-ssued to Ordinary A. Monk closed 4 dearer at lOlp. improvements and finished the touched 550p before closing a net 

Equity and Gilt-ed^ed markets * h » h ?W«* wa 7 oE n " h ^- ? f ‘ er l«3p on speculative buying day a few pence off on balance. Rarffpom fall latA 3 better at 545p. but Great Port- 

demonstrated ^ a^am 6 yesterday ■ Vi** K° od business was done following bamt Iran’s increased Scattered improvements in KeQIearn taU Jate land were unchanged at 286p 

their current rensitirtty the ,n Traded Options as recorded m share stake and Enth rose a Uke secondary issues included Electro- miscellaneous Industrial leaders after 270p. Peachey Property 

former onenin" a shade 'easier L ota * contracts of 63a. Marks nd amount to iSp in a_ thm market, components, up 4 more at 402p, encountered early investment added a penny to 79p after the 

and soon rallviri'' qu he noticeably Spen ” r . w T e f^ !?“, act,v ,f.’, ha r f£!r Carron firmed * to ®P- after 4ft6p. and FarneU, which put demand and. with stocks in short expected return to profit at the 

herore closin' 1 only marginally •L ll J acted I0 ? d * al ?‘ * hl .!® Gr 5« In quietly traded Chemicals, on S further to 2o0p. supply, double figure gains were half-way stage, but there was 

firmer while® the funds moved e / Jiif lCl clawed 3 firm€r at 352p after Most of the Engineering leaders soon to be seen in places. How- some disappointment that the 


GiVN-ntncnt Sm ■ 71.401 71.481 71.27 71.2ft 71.321 7l.S4j 69.76 

Flso.1 Inter** 73^3j 73. 9 5^ 73.81 74.57[ 74.3d! 74.47, 70.03 

Imln-irixl Ordinary...! 474.6] 471.9! 469.fc| 466.7] 467.8 ( 457.8| 443.3 

GnMinnw : W3.9: 142.2, 144.4; 147.7! 146.2; 141.4] 116.0 

Oni.tilv.lwW | 5.66; 5.69| 5.72: 5.77] 6.75 5.87: 6.19 

iinuoEB X , UI*Uuim*l| 17.Q6j 17.15 : 17.2$! 17.39, 17.10- I7.4b| 16.91 

1VK Kntu>(nehf!l. 7.84: 7.90| 7.76: 7.6ft 7.8ft 7.70| 9.25 

ItatliRjp insrked ‘ 5.180; 5.330> 6,050| S.OObj 4.727| 6.1101 7.431 

lv|iiity tiirnprer Cm...) — ; lQO.1T 55.36! 87.8ft 82.5ft 66.70i 110.90 

gqi. il V baqp un* tidal.. 1 — j_l7.93si 14.49ft 16.941: 16.416' 14.09si 21.292 

10 ajn. 470.X 11 a.iu. 4^.5. Noun 4W.3. 1 p.m. 473.0. 

2 p.UL 47S.G. 3 p.m. 477.3 
Latest Index 01-246 MB6. 

• Cased on 31 per cent, corporation us. NiI=7.7B. 

Basis ion Govt. Secs. IX 10 S. Fixed Ini. IMS. lnd. Urt- L-TX Gold 
Mines 11 B 33. SE Activity July -Dec. 1W1 


HIGHS AND LOWS 

I 1918 ISInee Coiiipiiatl'Hi , 


miner, unnv we tunas raoven ,= 7 f„it r ,„-~a h« in with 124 

unchanged s, ” ,u remained quiet, but 10 eon- 
Thf> ch ffjv' ed 0r S ^° ltJy che , er on tracts were done in the «00 series 
ln^i.l-.'rioT l- r.,rfLor«4 which was introduced yesterday. 

uirf^iv-c e r?t tt ,, A new 1:10 series in Courtaulds U 
Wednesdays dull late irend at m be Pr p ated fo .dav 

the outset but small institutional , . 0Q "f’ . . 

demand soon caused a smart turn- Much less Interest was shown in 
round which owed a good deni \ he investment currency market 
to coniinuinu short shortage and In f featureless trade, the 
artempts. often unsuccessful, to premium moved between K*2 per 
cover existing open positions. c ? n , t K ar !i d ll0 -. pe , r ce , nt ‘ r ^ n most 
Completion or the buying was yf ,he and do3ed at V° pE r 
followed by a period during « n '. which represented a loss of 
which prices held steady until 7 °- ri the o'crmght level, \ester- 
ihe Rank of England statement ,ft«--f rs,oa fartor was 

rccardinc Minimum Lending l, - b ' ,8 iu.nnii. 

Rate. This indicated that the .. .. 

Rank would not prevent the rate Insurances better 
to-day coming more into line with Insurances encountered in- 
ecncral market rates, a develop- creased buying interest and closed 
meni which led to the majority firmer throughout. Brokers were 
view that an increase of 1J per again popular with Sedgwick 
cent, to P per cent, was very’ Forbes and C E. Heath both 


W- 


FOOD RETAILING- 

F.TrActuaries Index— 


probable. 


dearer at 403p and 


The day’s events were summed 277p respectively. Minot improved 
up aptly by the FT 30-ehnre index. 6 more to 196p and Willis Faber 
down T.fi at the first calculation, gained 4 to 2>72p. Leslie and 




1 i 

1 



\/V 


r 


rY 



j 





fl977 




19781 


ever, prices eased In the late sale price of Park West was not 
afternoon and dosed well below disclosed. Tn response to good 
the best. Reckitt and Coiman at annual profits and the confident 
473p, held on to a rise of 17 statement on current year pros- 
following the annual report, pects. Dares Estates firmed 1] to 
Beecham touched 661p before lOp. 
closing 7 higher at 655p and 
Glaxo ended 5 dearer at 55Sp. l.i aw 

after 565p. Boots added a Uke U,1S DC101V DeSt 

amount to 216p and Scottish and r ., ... r.u— 

— | Universal Investments closed 4 tl i n, SJ JL 1 a * ^ fo mr| ' 1 " 
in t ha 'T.inri t i oort tko cn a inn an s remarks on cur- 


Hi«h ; 

[ I*"* 1 j 

| High i T 41 W 

7S.5B 

71.82 ! 

127.4 49.18 

f-i/ll 

(27/41 | 

iWl/Jd) (3.1.7h) 

81.27 

73.81 | 

150.4 50.53 

Ift’ll 

l8/») j 

lSbrtl,4?J[ (3/H76J 

497.3 

433.4 : 

549.2 1 49.4 


iSril 

ll«iH/Vn| itijiMdDi 

168.6 

130.3 

442.3 j 43.5 

ih.oi ■ 

•h.'li 1 

■2=/b'Tbir/^t' lu.Tli 


S.E. ACTIVITY 


—Daily I • 
«m.Bri|W.I ...I 151.4! 157,4 
In-insTrici-... I 190.6 < 192-4 
S|», ulnlUv.. ; 26.4 I 32.5 

Total* ] 117.9 I 121.1 

o-.lav A\ 'mn i ] 

U ili-E.I K .nl.. ' 153.2 I XS7.3 
lii>Iil»rrul*.. • 195.0 190.9 

i 30.9 i 39.5 


into m m 


to the ^ood at 1220 the latter wwiruuuis reinafhs an cur- 

awaiting'’ Trash developments in encouraged a $2.73 rise in the Selection Trust closed 4 up at 

the Lonrho bid situation. Else- J?" bullion price to $173,875. 388 p. 

Where. Redfearn National Glass ‘ 2, *K" S “ , e, 2£. °ci u Turnover in shares, however. . Coppers responded to a further 
became a late dull feature, fall- !L*H“T 5“ was on a much reduced level improvement in the metal price, 

ing 27 to 288p, after 270p. on jSlISLr ‘SrSi n?i owing to the closure of Cape and Roan Consolidated put on 3 to 
disappointment with the Mono- SSSfTJj, 5 % h ? fl V fl J 8> «i.hJ!! Continental markets for the 6S{^ while za hardened I to a 
polies Commissions’ finding that ° a " d , biebens _\ scens j 0 n Day holiday. Never- 197S high of 14p. The continuing 

the proposed bids from Rockware S*l“ 0p v bot ^. 1 smal theless a reasonable London and weakness m overnight domestic 

and United Glass would be L^ r “ Ve “f nt ^ wh li e l™*® 1 ™ U.S demand for stock enabled markets prompted small selling 
against the public interest and 4 t . to 0 170p . aft f r , , 0f the Gold Mines index to recover of Australian stocks. Coozinc 

should not go ahead- Rockware lllf j North Sea-onentated stocks, 57101439 Rio I into fell 6 more to 204p on 

gained 34 to 113jp following the Cfctte Petroleum continued to re- ’ . ,' he heavyweights West further consideration of the 

statement ***** comment and rose 2 to L-^red w th a point chairman’s warning of sub- 

Buraper annual profits, a 100 SmvJTS ^SBOn"* Resonrces gam at £1SJ. while Free State stantially lower earnings Oils year. 

«oent*de’iiia.s t F.™«, ^ J2SXT ,SR3S“» .Si'S 


down T.fi at the first calculation, gained 4 to 2G2p. Leslie and P£f ceni> st 'np issue and a size- Despite recent denials Fnrne« Gcduli 

6.7 up at the 2 a.m. measurement Godwin at 100p, held on to the S54p, while Flsons put on 6 to 348p relinquished earlier gains to close a “ le P™Perty revaluation surplus withy continued to surge forward priced 
and finally only 2.7 up at 474.6. previous day's speculative rise after 350p. Laporte added 2 to little changed on balance. Against a • sa P °* * J? on speculative buvin« fuelled bv dm, er 

the best closing level since of 10. Composite beneficiaries 106p in further response to the the trend. Hawker finished with a 5[. r '“= p * ^ Sears. Still bene- hid hooes and after touching 2S8o 13 

January 27. Siiuarinn stocks were included Guardian Royal Ex- annual profits, whfie Hickson and rise of 6 at 212p. after 2l6p, tram favourable comment c i 0S€( j in hiehcr ai 2S0n for a Sou1 

to the forr. particularly Furness change. 6 up at 228p and Phoenix, Welch and Brent rose 4 .to 192p while Vickers held on to a rise of aftead forthcoming interim *h ree j av advance of 31- F W ’<? mirr °! 
Withy and Redfearn National a like amount better at 254p. and 218p respectively. 3 at ISlp helped by news of the results, ICL rose 10 to 280p fdr -ssodated concern Fashion and and G 

Glass, [he latter falling sharply Major clearing Banks dosed c . 7 further bid approach for its 772 ^ two-day gain of 22. Compton JJJSl I haSSST 3 to S n in were 

following the Monopolies Com- wuh only modest Improvements. StOTCS 3CtlVC per cenL interest in Canadian ^ebb at 34p, recorded a Press- cvrnnathv P IHJ 

mission ruling against the two Midland firmed 5 to 370p and Stores had their busiest day for Vickers. Elsewhere. Staveley rise „and George rimment on the annual rcoorts ®® n * ta 

proposed bids. NutWesr - to 290p. National and some time with dealers reporting found favour at 233p. up S. and n 5 ed a ,f°. Mp fo,,ow *ntr b e jno(j c p^arson to advance 10 c,osed 

ft . . . T . Commercial touched 74p in reac- a good investment demand for demand in a restricted market doul ? ,ed Preliminary profits. . . g , ’ . p ears0n i,,-,™,,, 1o at 709 

Gilfs uncertain late non to the lower interim eamines the leaders. UDS closed a counts left Victor Products a similar Metfoy were - better at 47p, aLso Lorn 


r.. lt . - . . Commercial touched 74p in reac- a good investment demand for demand in a restricted market lb® 1 doubled preliminary profits. . iq , ‘ j p ea ° ftn at 70np. 

Jilts uncertain late tmn to (he lower interim eamines the leaders. UDS closed a couple left Victor Products a similar Metfoy were 2 better at 47p aLso J° s e' 7 3 t P 0 m D FJs^hcre t^F^i London-regislcred 

Briiish Funds moved similarly before doting unchanged on the of pence dearer at 92p, after 93p. amount dearer at _120 P . Peter "««»• Diploma jgfc AkrSd and Smithere r^S- 


illj respectively. Anglo-Vaal but Utah Mining Australia gave 

continued to make headway and up 10 to 320p. 

closed another 10 to the good Tin shares were quietly firm 
at 7onp. reflecting the recent upturn in the 

London-registered Financials metal price in London and 

drew strength from the* firmness Penang. Tmprovmenls of 5 wore 
of the U.K. equity market. Rio common to Malayan Tin. at a 1078 
Tinin-Zinc were actively traded high of 325p. Southern Malayan, 


commitments wore deterred until Loading issues dosed below the closing unaltered at 146p. but but disappointment with the half- s decisl01 ?, no1 t( J 8° Consulate found suDDort aeain 

the situation regarding MLR best. Bass ending 2 beter at lfflp. Mothercare. on disappointment yearly statement left S. Osborn ahead with a new rail tunnel. ^d n!fi nn -« more to 45o S 

becomes clearer to-day. Con.sc- after Hmp. and Whitbread “.A” 3 with the results, fell to 148p and 2 cheaper at 92p, after 88p, while Motors made further progress. Rio-iiLnod %fnrtnn were j^milarlv 

qucmly. quotations of both the dearer at 97p, after 97Jp. Dis- ended a net 4 down at !52p. Serck eased a similar amount to but gains were less widespread at ‘» fip Tobaccos made 


quenuy. quor.niions Ot DOin me <uci wis- enaeo a nei •» a«»n ai c»icu a siuiudi jmuum w --- a-";- ” ‘ ^ »iuu|iinu fte-,re.r at -’Rn Tnhnei-nc maria 

shorts and longs were defensively filers touched lS7p before closiDg Elsewhere. Church found support 86p on the setback shown by the than of late. Among Components. SStL 

lowered, with the latter ending without alteration at 185p. at I«2p, up 6, and Bourne and interim figures. Lower half-yearly Dowty stood out with a fresh rise r>8n and thr> nTfarrari “oTKn' 

at ihe overnight levels. The The firm tendency in Buildings Hollingsworth gained 4 to 84p profits also prompted dullness in of fi to I86p. while Lucas firmed ^ined 9 and fi respectivelv whl ' urcn- uwi B uvujtrt- oi in'*- 

shorter maturities also suffered was maintained In a reduced in a thin market. Martin the W. A. Tyzack which eased a penny - more to 296p 3nd Tamer Manu- c n ^ p L7*f l %:7 rilie ine$ ings lion ment 

from speculation that the turnover and leading issues Newsagent on the other hand, to 21}p. .Shipbuilders were note- faeturing gained 3 further to I12p. ^ „ AS. «ii p-- Apr. 25 May 9 Julv 20 Aug. 1 

announcement of a new tap issue turned softer in the late trade, lost 7 to 231p on the news that worthy for a rise of 6 to 156p Elsewhere. T. C Harrison, a good Ai ar Mav 10 Mav 22 Aue. 3 Aug. 17 

may be made at to-days close AP Cement touched 24Sp before Mr. R. G. Schweitzer, the manag- in Vosper. market of late, moved up 3 to Kas :t r ? yj? 30 . L - astJeB ^ ld gave M 6 Allc 17 a uc at 

i- BIbby. down 13 more at 222 p. ta- For LSi ^ of 


at gup. looaccos maae DEALING DATES 

.SiSrtS First Last Last 


OPTIONS 

BALING DATES Hadcn Carrier were dealt in for 

Last Las t For the put, while double options 
Deal- Deelara- Settle- were arranged in Royco and 
ings lion ment Nurdin and Peacock. 

Hay 9 July 20 Aug. 1 — 


AHNANCiALTIMES SURVEY 

Channel Islands 

June 16 1978 


encountered fresh Tfifna crease in the annual profits and «ined that much to 180p follow- For ro 

SSSSTto iTbtt ‘he eneo-n.-in- slattment on ■"* •>u y tn« m n ,h,n .Sho, 

following the chairman’s fresh current tradin„. Hnliic hpffpr nf* Rel 

denial or recent talk or a bid Apart from a Fresh gain of 7 iaOJOS Oeuer of »e» 

from Tiger Oats. Elsewhere in to 147p in Saatchi Saatchi. price After losing ground for the two /- 
Foods. J. Sainsbury contrasted movements of any consequence previous days South African Golds , ’ 
with a further rise of 9 to 1R7n were hard to find among News- staged a good recovery following *j u *. ” 
in response to the annual results, papers and kindred trades. the outcome of the latest Inter- Anders 

while United Biscuits put on 3 Small buying took leading national Monetary Fund auction. Valor. 


.Shore luforination Service 
Money was given for the call 


Polymark, 


RISES AND FALLS 
YESTERDAY 


i»miv uuiwo Diacviis pui on o small uuymg iook leaning nauonai monetary ruua aucuon. -“■ 7 *- J rt i 7 u Rcccnl Issues 

to Ifilp following news of the Properties higher after a slightly The auction produced an average Whites and Premier Consoll- 


acquisition of Moo Cow Bakeries, easier openins but Minimum price of $170.40 per ounce and dated - Oil. Burnt ah 



.Up Down Same 

British Fundi 

Carpus., Dam. and 


.22 

SI 

Foreign Bondi . . 

11 


52 

Industrials 

45b 

208 

835 

Financial and Prop. ... 

1W 

75 

293 

OUs -i.. 

7 

1 

IS 

Plantation 

a 

6 

14 

Mines 

47 

19 

5b 

Rcccnl Issues 

6 

2 

12 

Totals 

MS 

343 

XJS8 





I^SS, 



For further information please contact 
Steve Nevitt 

Financial Times, Bracken House, 10 Cannon Street, 
London EC4P 4BY. 

Tel.: 01-24S 48S6 (Direct Line). Telex: S85033 FINTIM G. 

HNANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys in the Financial Times 
are subject to change at the discretion of the Editor. 


FOOD PRICE MOVEMENTS 



May 4 

Week ago 

Month a?o 


£ 

£ 

c 

;.\co\ 

D.inish A. 1 per l«m 

. 1.000 

1.110(1 4-211 

1 .0170 

British A.I n«;r lull 

1 .CMi.'i 

1.lll|.-| all 

l.03-> 

IrMi Spift-ul per liiii 

. l.Oli.i 

1.1 Hi3 4 

1 .113.1 

I'Kicr A l per tun' 

. 1.011.1 

i.Uli.l --.30 

1. U/i.-i 

UTTER 

NZ per III- 

. ii.4i 1 1 :.j 

11.41 11. .12 

11.4111..-, 2 

Fiigli-.li |wr i.-w 1 '• .. . ..... 

liT.^7 

67.27 

«.i.ii;i 

L>. mi'li -.ilivd |ier cwti .. 

. 70.1.“i. 72.42 

7tU.-i 72 42 

70.13 72.6 


chees w. 

NX per lunui: . • 

F.n^lwli chuddar Irade per 

tonne 

EC.US- 

Home produce: 

Sr.w 4 

Size 2 


BEEF 

Scniri«h killed sides cx- 

KKCFi 

Eire (orequurlurs 

LA hi: 

En«h‘»h 

N£ PLvPMs 

MUTTON— EnislKli euu«. ... 
PORK— tan weights) 


53.(1 .tfi.O 


fis.i) 7i:.o 

47. ."i ■H.j 


2ii.ll 42.0 


1,202-10 


3.40 3.H0 
4.30.4^0 

Week ago 
P 


■VJ.Oofi.O 
37.0. 30.0 


311.11 45.0 

34.11 3.1..* 


POL’Ll’KV — Broiler chickens 34.5 :iii u 34.li 35.." 

* l.unrinn F”" Exchange price per 120 eggs, 
f V*ir deliverv April 29-Ma> 


1,21342 


3.40.3.00 

4.00 -4.60 

Month ago 
P 


52-0 55.5 
38.0 40.0 


40.0 50.0 
43.0/46.0 

35.0 43.5 
32. S 35.il 

V Delivered. 


ACTIVE STOCKS 

No. 


Stock tion 

BATs Defd 25p 

Furness Withy ... XI 

Grand Met. 50p 

Marks 4 Spencer 25p 
Sears Holdings... 25p 

1CI 11 

Beecham 23p 

Shell Transport.. 25p 

BP £1 

Lucas Inds £1 

RTZ 25 p 

Rank Org 2op 

Unilever 25p 

Barclays Bank ... £1 
GEC 25p 


Of 

Closing 

Change 

1978 

1978 

marks price ip) 

on day 

high 

low 

13 

276 

+ fi 

276 

227 

13 

280 

+ 10 

MS 

206 

13 

111 

+ 2 

113 

87 

13 

146 

— 

160 

138 

13 

714 

+ 3 

73i 

54* 

12 

352 

+ 3 

365 

328 

11 

63.-» 

+ 7 

B7S 

583 

11 

560 

- 3 

366 

484 

10 

S0+ 

+ 2 

8B4 

720 

U> 

206 

+ 2 

296 

240 

10 

204 

+ 9 

210 

164 

M 

242 

— 2 

255 

226 

9 

518 

— 

548 

476 

S 

350 

+ 2 

338 

296 

8 

248 

0 

278 

233 


FT— ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS Thurs., May 4, 1978 
GROUPS & SUB-SECTIONS 

Figures in parentheses show number of bay’s 

. stocks per section W0 ’ 



LONDON TRADED OPTIONS 


Option 

Kx’rriNr CUtsiDg 
prkrr- | otter | 

VuL 

Clinlac 

utter 


| Clmlugl 
i «Ocr 1 

VoL 

Kquily 

dfnt 

BP 

75U 

80 ) 

8 

96 ’ 

2 

•no 1 


806p 

BP 

BOO 

45 | 

10 

63 

1 


1 


Ctnn_ tin Ion 

140 

16 1 

8 

21 

— 

j 231 S 1 

1 

150p 

Com. I’ul'iu 

160 

B 

9 

10 

24 

f 131* | 

• 

1>HU. tiulO 

160 

20 | 

2 

27 

— 

I 29 , 

5 

170(i 

L’lMiy. O..I.I 

ieo 

10 1 

— 

15 


; 18 | 

2 


C-iurtniihU 

too 

24 li | 

29 

25 

31 

, 26 1 

— 

123f. 

L'i nr nan M i 

110 

16 

■ 

17 

— 

19 j 

5 


Cmirlauld* 

120 

9 

3 

12l! 

— 

; 14i 3 ■ 

— 


t. KC 

2 no 

38 

3 

43i 2 

— 

49 



25 ip 

i:ki- 

240 

23 

— 

29 

3 

• 37 , 

— 

.. 

Clii: 

260 

12 ■ 

20 

20 lj 

2 

: 26<s ! 

— 

„ 

(imml ^lii. 

100 

17l a 

49 

21l~ 

7 

23i, 

13 

lllp 

CirHluJ .Vlfl. 

11U 

9*4 ; 

64 

15 i z 

20 

18 1 

4 


id 

330 

32 • 

14 

37 

50 

■ 42 . 

17 

353p 

ICI 

360 

14 1* > 

28 

21 

4 

! 251* • 

11 


Lmi'l 

180 

23 

8 

27 

— 

29 l- 

15 

196p 

Iji nil •Srti'. 

200 ! 

10 | 

31 

IS 

10 

; 20 


MhtL' .L 5iji. 

140 

in* ! 

11 

18 

11 

1 20U 

14 

146|t 

Harks A S|._ 

160 : 

4 

6 

7 1 

49 

. H'J 1 

9 

flii-ll 

500 i 

74 



83 

2 

89 ■ 

1 

562(1 

Miell 

550 , 

35 

5 

47 j 

3 

, 59 

— 


Midi 

Tiilsl!. 

600 

11 ■ 

313 ! 

21 

219 

. 34 

5 

103 

- 


RECENT ISSUES 




17.73 

17.76 
19.00 
15.89 
18.72 
19x16 I 6.21 

16.76 833 


20339 
233.65 
263.14 
257.01 +1.1 

193.19 +03 
198.67 +1 2 

370.95 
13320 
186.421 +0.6 


Wed. 

Tueit. 

Tucf. 

May 

May 

May 

3 

2 

2 

Index 

Index 

Index 

No. 

No. 

No. 

208X6 

205.72 

205.13 

186.41 

183.98 

183.76 

335.13 

326.23 

326.14 

438.75 

434.42 

430.99 

303-24 

29913 

300.47 

16613 

16176 

16189 

168.42 

166X1 

16527 

194.76 

19120 

19050 

23131 

226X7 

224.74 

171 J9 

17121 

170.91 

12214 , 

119.79 

12019 

20178 : 

199.74 

19855 

23024 

227.04 

226.83 

26337 

25836 

255.69 

25417 


250.62 

19230 


19039 

196-23 

19248 

191.97 

370.86 

36586 

360.99 

133.46 

133.69 

13150 





NEW HIGHS AND 
LOWS FOR 1978 

The following sccunrics Quoted In rhe 
Share Intormalion Service yesterday 
attained new Highs and Lows for 1978. 

NEW HIGHS (181) 

COM 'WEALTH A AFRICAN LOANS lit 
AMERICANS lH 
CANADIANS ill 
BANKS it> 

BEERS <7i 
BUILDINGS (91 
CHEMICALS ifil 
DRAPERY A STORES <9) 
ELECTRICALS HZi 
ENGINEERING (281 
FOODS It? 

HOTELS >6) 

INDUSTRIALS (27) 
INSURANCE ISI 
MOTORS 19) 

NEWSPAPERS t1> 

PAPER & PRINTING <31 
PROPERTY <2 1 
SHOES it) 

TEXTILES (7) 

TOBACCOS (31 
TRUSTS ilB) 

OILS (S' 

OVERSEAS TRADERS (2) 

TEAS (3> 

MINES iSl 

NEW LOWS (18) 

BRITISH FUNDS (ISl 
Treas. lO'-uc 197S Treat. 8'-oc 80-82 
Trees. 11 ;PC 1979 Troas. 1 Joe 1982 
Trcas. to '.‘dc 1979 Treat. Variable 82 
Treas. 11 "dc >981 Treat. fl'iDC 1982 
Treas. 9'ibc 1981 Etchqr 9 'ipc 1982 
Ecch-ar. B'i=c 1981 Eachar. 8’ipc 1983 
Eichqr 9'.pc 1981 Treas. 12ec 1982 
Eftnqr. 12 'jDC 1981 

ENG1NEFRINC >1) 

Bron» Eng'o 

INDUSTRIALS (2) 

Same: kl.i Elbiof 



FIXED INTEREST STOCKS 


a : 

ff 


in?, i 


if? 

--- 

“ JC 


Htsiu: i<>» - 

Slru-k 

! -2? 


9l|. Aii'n-. KLnttiw. Irl - 

s.-e.r*..\iiier. h-:|ir*».« IpI Fl". Varnnic 


U|i I0tf|i ' \| I'liiAae i'i.» luics ini L’um. I'rei ; 

Igp.l |LIJ|I ,(lritlnri' Our. ‘.Jim. Mol. -nil I'rei. . . 

ill.. I j7 :ni,ir< Mtliu . Ill' 1*1. Mnri. 

91,; HTf I i roe'll' Hi llaur. ft oil nil II;. K'nL 
lH|r lul|rl.1l» J Ullri IWfc Llllll. 1-nn 

rfji • LU| ' Ucivle- ■ j -i I'i I’n ■ 

i • i , ■ i-.- 11 - Wmei r j lien. Pn. l«o4 

0\> 1 liWf. irirtani mm. I*n 

A, 1 ei . Ihii^s.Iuj v i in. Iju>. Iji. i+*» 

it?l T» .Ter* II- Heh. I9W* 

“RIGHTS” OFFERS 


89 | ALL-SHARE INDEX (673) 


62-05 

5.66 


4.71 30.92 
7.41 6.89 

632 8.15 


htilETfll 


161.64 161.41 

19510 19184 
195.67 197J8 
14036 140.94 
13322 133J9 

12638 ] 12422 12536 
333.94 335.69 
7739 77.62 

212.75 21333 

106.48 10631 


20234 20231 
9031 9204 

308 92 309.72 


211.46 20923 20845 


16032 

191.00 
197.08 
141.94 
13 1.24 

125.01 
329.69 

7664 

212.20 

105.29 


202.45 

9232 

305.79 


207.90 | 185.87 


FIXED INTEREST PRICE INDICES 


1aL»1 I ] 

Ueotini-. IB7B Cl«mg + nr 

Late Stock Pri.* 

O j p /Uigii j !<«»■ 

— j — j Upon 12pm,Brijwu Bnreri Kent ... 14pni ... 

5j 5 31/5; 12J I ills |iiulki«ji:i. I 127 +4 

— I — | 2vim! .\i' llwlkiul liild UialnK,„„., n ,„.. 1 y.i| 

5/Sj tfl/5 15ft j 128 jLi'n-innk iLanrlie-tcr A.-uraucc,.! 136 

15:5 9fft] 2i|.in l2^|‘iii , M>pni ] 22pui— 1 

16/6i 13:6 3Zftm‘ I Ifmi .Turner Jt Newell 1 22pm ... 

av.jl 1.0 M I ir I'.Vatiunn-l* I 89 


British Government 

Thurs. 

May 

4 

Day’s 

change 

ifc 

xd adj. 
To-day 

xd adi. 

1078 
to dale 

1 Under 5 years 

106.10 

"-^035 

— 

333 

2 S15years_ ’ 

116.73 

-0.01 

— 

2.07 

3 Over 15 years 

12028 

’ — 

’ — 

4.97 

4 Irredeemables 

13L65 

— 


6.08 

5 • All stocks-.-,. 

113.66 

-0.06 

— 

’ 3.78 


FIXED INTEREST ■ 
YIELDS 

Br. Govt Av. Gross Red. 

Thurs. 

May 

4 

Wed. 

May 

3 

1 Low 5 years. 

2 Coupons 15 years 

3 25 years 

8.45 

10.82 

1133 

8.44 

10.81 

1132 

4 Medium 5 yean. 

5 Coupon* 15 years 

6 JS> years 

10.73 

12.07 

1226 

10.70 
- 12.06 
1227 

7 High 5 years 

8 Coupons IS years 

9 25 years 

10 Irredeemables _ 

1108 

12.62 

12.99 

nos 

1102 

12.62 

12.97 

1103 


5/5] 10/5 1 Lift | 128 jUn ■inn k llaneliotcr A-«uraui.-c..j 

15:5 9:6] 2S|.nvL2ipnr>nijM ] 

16/6i 13:6 22imi‘ lijmi.TiiniiT i Ncvnill 1 

2V, a! 1.0 . ir j '.Vaniuui.lt ] 


Thumb!-. Alai- 4 W,«|. TuMhiy, Frlrluv I Thura. , We%1. Tiie*riii.\ illiwrUy YtHr 

.liny liny j Ar.nl I Afnil ( April April' \ April’ 

luitfx i Yield 3 2 j 23 j :i 7 i* i mji|«ii' 


Rcminciatian oate uaiwJIv lam na* lor deallnit free of siamo dunr. i» Figures | 
Uasui nn pniaiK-cius •.•enmaiv a Ansumed dieidenil anil yield, a Fnroeagr diyniond- i 
t-nver nawrt nn umviiHis vvar's earn ins*; » Dlvidunil and ncbl based on nrosneciuj . 
nr oi T ut nfhriat i-yuniaier: (nr uCruss i Kitturn* .-iiniim^ i ilw-r «u.«.. 

lui iTonwraan ni stun* nnr nnu- nnkina »nr dividend nr rankirm only for resirleied 
dindend^ 1 Plaeinp inxv in public, pt Perm; tinli^y uiherwisc indica'ed. n Jssw'd 
bv lender. || imcri.4 io holders oi Ordinary shares as a " riahis ’’ Hinhrs 
by wav nf eaniiallsalion. r* Minimum render once. 55 RoInmxJneod. M issued 

in l oiineeiiou wild reoroamsauon monipr or iafce-ovnr IIP fnfrortueiian. ~] issued 
io lormer F*n:li,R’nc»* holdera. B Alloimoni Inih-n lor (uUj-aalii}. • Provisional 
or oartli-paid aliotmcoi leuers. * With warrants. 


15 !i0-jr. Red. Deb & Loans (15 ) 68.43 U2.71 58.45 ; 68.45 ] 58.52 .' 58.54 j 68.54] 58.54 ■ 58.54 54.87 

16 Investment Trust Prefs. (15) 54.es <13.07 54.89 i 54.84 ■ S4.B4 : 54.80 : 54.75 54.61 64.61 50.61 

i • ! I 

17 Coral, and Indl. Prefs. (20) 71.25; ie.84 71.17 i 70.81' 71.01 70.98' 71.01 I 7L01 70.84 7108 

• . I • i 1 I 1 

t Redemption yield. Highs and loan record, hose dales and values and consilium changes are published In Saturday 
issues. A near list si the const Haems Is available hum the Publishers, the Financial Times, Bracken House* Cannes 
Street, London, EC4P 4BY. price Up, by post 2?p_ 























































43 



Financial Times Frftfay May 5 1975 


v--y- 


INSURANCE, PROPERTY, 
, BONDS . 


V Ufe Assurance Co. Ltd. 

, Pool’s Cburehj-anJ,EC4. 01-3680111 

tyFVi ad SI- HM , 

tyAcr Z45 • 3U ' 

.wry Vd MA liafl . 

srtyAee. 1517 3£0J ..... 

■ttvoFund. .. . 84.9 91_s ' 

nrdblc Fund _ 1295 U6q 

tw^ind 1205 lS.« ' 

..wnperty — 1718 Upc 

.sclccrtve sz.0 ■■— 

,s«wity.. — 0*5 . iSS 

172.4 am ’ .... 
poo UO( 

125.8 132.5 

aw 1575 

. w _ uo7 J22:r 


Manage^ — [172.4 


Sttsx: 

i- F+. ser. A . 

ityFd Her. 4 . 
i-.ra.Wr. 4 


SSSS^Sl wii fe !“■ C J£1 m Pea,l0&s Ltd. 

"«***» 


rf Fond Q401 mu j _ 

*«** H«y 3. M dealing June L 


Ponteii6ttpiui'^[4U — ’47jj _ 

Gresham life Ass. Soe. Ltd. New Zealand m. firTT . ru* 

3 Prince of Wales fcd.. IT mouth. 020a TB76B3 u ^ Ltd .T 

G-LCwhFtind hS9 100 « l _ J 10 ” 8 ®. SooLbend SSi SIS OTtEKSM 

G it raff , ga - - ~ a * — 1 in.iw~.im.w_i.*.- ' 


us 1 

c.uIml.Fuod 1107 

C4* Ppty. Fund_._ 93.9. 


wy Life Assurance Co. lid. - .. 

d Boriington sl. w.i, 01-437 owe ®^ r “ a Royal Exchange 

IBM +2.7] 


Kiwi Key Inv, Plan .1132.4 

— Small Co’* Pa aim. 

Technolocy Fd____ inn a 

— Extra IncTra 993 

“ American Pa 106.4 

Grewth & Sec. life Ass. Soc. Ltd. ? SSl&fc- 

Weir Bank, Bray -o^Tbame* Berta. TbL 34284 Can. Deposit Fd.__ 95-9 
FlrahteFinonofl^f Iim 

LandbankSfecx. I 54jl I-i. 

Leodhank Scs. Ace.014.9 117.9^ -3 

G.&S. Super Fd. _| ££870 


SB 
11? « 
107.8 

3 » 


fin 


«y r 4 Aec._, 

■dint Act- 

MouruKrtAc.. 
w[l; .ManjiAiaii . 

'.l.FtLAcc 

e Inv. Ace. 

x Bw.Fd.Ace. 
It.FeiLjfccC— .. 
Ion. Pen, AfiC.. 
fn PhFdAee- 
Pen Acc. 


mi 

uu 

1155 

1022 

ini 

1584 

awi- 

171.7 
127 JL 

107.8 
121.5 


M3J +a.7i 

xum +0.11 

1074 +1.3 
1254 +0j3 
144.7 +LH 
ZMJ +3.71 
1B0.7 +QM 

uu +0.3 

U3J +141 
1271 +D.W 
3fl25|+2il 


Iirv , .PenAcCu|192,7 
SV Life Assurance Ltd.? 


Norwich Union Insurance Group 
ro Bax 4, Norwich NR13NG. 0603X2200 

Bbras^Pund — 1204 5 TUI A +1.01 — 

Equity flrod.- JJ23 Mi +£3 - 

Property Fund 123.0 " I3u +051 

01-2837107 Pbced lot Fund 1495 1S75 -MU 

XBL6J J — Deposit Pund_ 1049 110.C 

. Nor.Untt Apr.l5_P^ 19L2 

Hambro Life Assurance Limited ? 

7 Old Part Luc, London, W1 01-4000031 PlMMUliK As&nrbuce Co. Ltd. 


Royal Esehanfle, RCJj. 
Property Bond* jU4 A 


Fixed lot Dap.. 
Equity 


“ JJnpsrty, 


WtaasadCbp 

NmuSadAcc 

-Otmn] 


cut Ed Bed. 

American Acc. 

H»a, Aim* Rd .Rftl gate. Ralnte 401OL Pea^iSoAS.'!! 

m«+53j _ Pon.PrOFT^p._ 
uu io'jj _ 

1W1 

93J ... 
unj 

382.4 

102.4 
1BSJ .... 


» Manured 1319 

_. 208.1 
. *' Money FA — 3JDU 
t' E quity Fd.„ 157.0 
.iTPlxcdlnt^ 904 

V'Prop Fd 943 

. VMfdFeit.FU. 97.2 
l' MKd Peu.-K' 97 A 
lap 9R2 


1245 
17U 
3405 I 

136.0 

148.7 

119.0 

122.7 
975 

127.0 
1*7.5 
2014 

258.0 


Pen- Prop. Acc 

, ^a.3fsn.Cap DDQ3 

+15[ - . Pen.Man.Aec 

+0,7 — Pon.GiHEdg.Cap.._ 

1 _ BOT.aiitEd*.Ac£.pEi 


■w life Assurance 

(bridge llMd.W.11 ' 
LFd.Cp.Uat. .180.7 
fc.Fd.SLUnt.-NR2 lm.; 
dcd.Fd.Eq-.luR2 119. i 

IfrLFd-— FX_(ll45 118. 


Pen- 8. S. Cap 

Fen. RS. Act — -,_fl595 
Pen. D.A.F. Cup. __ 
Pan.DJUF.Act 


1SJ.2 

1B2JL 


35U +0.U 

180.9 +a.a 

149 J +0 4 
1445 +3.B 
1775 +371 
XOJ +Z« 
1292 +0.1) 
1031 +3.q 
133.7 ..„J 
1555 .1 

211.C 

2715 

210.9 

Z7B.1 

1261 ...... 

3325 

129.6 ..... 
3445 


Property Fund 

P ro p ert y Fund i ai., 
Acrtcultml Fnnd. 

Acrit Fund fA I 

Abbey Nat. Fund.- 

laweitraff nt . _ 

15-17. Tariatoch Plaee. WC1H0SM 01-3876020 ^g^d F<J - IA1 
|343 38-fl — 4 — . Equity Fund (A/ 


. *5. King wmiam Si, EC4P4HTL 
Wealth Am pin h 

EbY.Ph. A3B_ r~ 745 


01-4250878 


— Eb1.PhJCqi. 


1UI.-.J - 


Prop. Equity & Life Ass. Co.V 

118, Crawford Street, W1HSAS, 01-4880657 
RSklkProp.Bd.__J 1715 . | +3 

Dp. Equity Bd [ 70J 

Flex Money Bd ) 347.9 

Property Growth Assur. Co. Ltd.? 
Leon Ho ow, Croydon, CB8LLU' 01-4800606 


oi -"To oiii Hearts of Oak Benefit Society 


— Sana* of Oak. 


— I - 

.'lays Life Assur. Co. jUd. 


dtnfonl Rri- E.T. 

syboada 1 [120.9 

y UX0 

deed 1599 

tiry-.— -.. — 107 5 
L .tcd — 1040 

-^etajUxirta. .. 94.9 - 
ulial .. 935 . 


HID Samel Life Assur. Ltd.? - UmvFwdiAj™ 

NLA TWr- Addlscombe Rtt, Crto>, 014884385 A^iarial Fund__ 


+15^ - 


w 

iSiS +0.91 


01-534 5444 


Property Series A - 

Managed Unit* 

Managed Series A-' 
Managed Series C- 

fixed Int. S«r. A 

Pn»- Med. Cap.„ 

Pns.SSd.Acc.-_ 

Pns.Ctd.Cap 

Pns.Gid.Arc. 


5630 

1943 

«U 

TU95 

Nkb 


3585 
105J 
1715 

inu 

i33 ^ 

uu ”... 


PUM.9 
111 02 


97.4 

UBS 

1143 


id = 


103.1 
99.91 
. 9gH 

itogM>8ACC...|g3 ' . 903 

yPeni'Act^wJ 104.2 

dual [97.1 iazj| ..._ 

•Current unit raluo May 3. 

^llve Life Assur. Co. Ltd.? 

'■ tn hard SL, EC3. 014231288 p “*- Fd A »S 

(arm May 2 — I 12835 1. J — 

tfia-Llfc Assurance Co. secur«c«p. Fd „ 

ign SI- Pocttn Bar. Betts. PRar 51122 Equity Fund 

LrttRA^Rrl j — Jtrfoh Life Assurance Co. Ltd. 

■ - ■. ; . . - 11, Finsbury Square. EC2. 

- wn Assurance ud.? • BlaecupMayz l»9 

■Tie Wy.. Wembley HAMNB 01-8028878. ManajcKTYtiad 


Gfltedjred Fund 

(Hit- Edited Fd. IAJ_ 
OBotlre Annuity 
Olnaaed. Ann *9 | 

Prom Growth Pens: 

Allwiber Ai 


At UUJ3272 


_ 9A11 West her Cap.. 

_ ytnv.Ftf rjt! 

PeodonFd.Uta.-_ 

Cony. Pens. Pit 

Cnv. Pm. Cap. Ul| 

Mbl P ens. Fdi_._ . 

Man. Pens. Cap. m. 


1781 

176.7 
746.9 

741.1 

1523 

1521 

462 

665- 

168.7 


mb 
137.9 
UU 
1ZLI 

uu 

1792 
143-5 
i ft'AmdUes Lid. 


Id 


120.4 
^■1326 
128.8 
MAS 
131.5 
X422 
U22 
3445 
3324 
129.9 
1 1X95 


«- 


Imperial Life Ass. Co. of Canada Prop . Pens. . 

Imperial Route, GoUdronL 71255 ■5S&&S' &£H I S 1 

Managed Fbh ^bjS j ’Provincial Life Assurance Co. Ltd. 

PlsedlnLFd. B52 - 1003 ,_.J — 222,BiatoopsgMe l E.CZ 01-8476583 

Prov. Managed Fd-UllS 117: 

Prnv. Cash Fo. ELD4J lm. 

GDI Fund 30 fU55 



m* 3 * - 

mil+ood 


+0141 - 


y Units {04.69 

'rty Units 991 

y BondiKiec.. Q1 
BandtExK OX 
dL/E\ecfUnit. Q2 . 

dt Bond UU 11411 , 

y Acnun 171 — 1 +2j 

.+t>- .\ccum. OIB — 

Actum LBS — 

quity 920 963j +L0| 

rowity 1032 lgl ' 

tanaged-.. — 95.4 X8O.3 +0.4[ 

epomt- 942 UJJJI 

«.llL 885 • 932 

q. Pc ns. 1 Act , 92.4 975 +L0| 

■nPem.'Ace.. 1852 1113 - .j 

ltd. Pens' Acc 97.2 102.9 +0.4 

f’Bp.Pcns/Acc. 973 1D3L« 

adt PensJAcC. B83 99.4 

Sl.F 57.0 * jqjs ..... 

5XF.2 24.0 28.0) .... 

Currant value May 3. - 


Prop.Rhid.May2— . 175.6 
Prop.B10d.Gth. 1932 


ii-i 

Id. 

0I4B8839 


0151235433 Reliance Mutual 
167.721 J — ■ Tunbridge Wells, Kent 
- ReLProitBds. | 


0BBS 3371 
.._.4 - 


Do-Aecnm. 1965 

Kquifa- Initial — 114.9 

ital Life Assurance? ^MtnmaiZZZI us’l 

(on Houae, Chapel Ash Wton 000228511 So-Aecum.-— - — 1346 

S^p5t| && z 


oi^Bassss Prudential Pensions Lhnltedfi 

AOO Hqlboro Bars. SXIIN 2NH. 01-4058222 

EqntLFd.Apr. 10... 

Fad. InL Apr. 19 I 

Prop. F. Apr. 19 1 

King St SfUBSOn Ltd. 

B2.CwnhiU.EC3. 

Bond Fd. Exempt — J3 _ , 

Gort. Sec I Bd t -Sf9^“ullS - **■**»»*>■— 1 *« 

l^wghnm Life Assurance Co. Ltd. Rflthschild Amet Maamgement 

Wisp CSP) Man Fd|?52 7?JJ —3 - ■ ^ Group 

Legal & General (Unit Assur.) Ltd. New Hall Place. Liverpool. 0612274422 

Klngnraod Bouse, KinSBWood, Twhnwth, Royal Shield Fd 1130.7 13831 J — 

5^j^° 6EU - m, 


Do. Accttm. 


rterhouse Magna Gp.? 

1 *' wqueraPq, Uxbridge UB81NE 

■ dwEnergy 1946 5891 

t V a».Motiey--Z9J 23 —> 

l * w Managed. 57.4 . MAI 

oe Equity — 534 3 Mf ...... 

ka HUT Soc 1244 

ia Managed. 149 8 


32361 


Property Initial — N7 J 

Do. Accran. B0.« 

Legal Me General OMt Pensions! 

UM 

1W.4 
1ZL.9I 


ai7i 


lOLbjgHg 

123.S 4-iail 
+Lffl 


Exempt Cash IniL . 953 

rta-Aocwa. 965 

Exempt Eqty.Inb- 1146 

Do. AcenhL 115.4 

Exempt Fixed Init 115.0 

Do. Accnia. 114.4 

Exempt Mofid. InlL 1143 

of M-rstmiuster Assur. Co. Ltd. 

Mood Souse. 6 WhUeharae Rood. Do. Accutn. MS 

CaaCRPaiA. 0108*8884. 

62.7 

Ja_ 

Stj 

J 


102.BJ 

1043,1 


Bal.lnv.FU 


Save & Prosper Group? 

4, GLSLBetenX Lndn- EC3P 8KP. 01-654 8800 
1326J 
1582 
IMS 
wax 
2073 
3SS2 

771 X 

HI 

DeposJensJ^d-f |973 1B27 

. Prices on 'April 28 

TWeaUy dealings. 

Schroder Life Group? 

Enterprise House. Portsmouth. 

Kqutty April 25 _ 

Equity > May 2.. 




EqnitySMmrS 

Fixed Int Kay 2._.. 


Prop. Fund — IftV 


Utod Fund 

S Fund _J57. 

sswSPasd - 

A Fund. 

.K9gd.Cap.-~' 

. Hogd. 

:33Sfcgl 

Equity cap.... BL4 
Equity Ace. -B4.7 
tl currently closed to-n 
■ xm Units...— -I - 197.7 



Legal & General Prop. Fd. Mgrs. Ltd 

11. Queen Victoria SL.EC4N4TP 01-3489678 KltSGlUMay2 . 

UAGPrp.Fd.Uay 2- tuoo 18L7I I — KasSc. May2..,._ 

Next sub. day June L MngtlFls.Apni 25.. 

Life Assur. Co. of Pennsylvania 

39-«a New Bond SL.W170BQ. 01-4038383 

.LACOPUntta fiooo 1B50J | - 

Lloyds Bk. Unit Tst. Mngra. Ltd. 

7L Lombard St.,EC8 01-6231288 BSPn. Acc.M»y2_ 

Exempt [96 JJ MU{ — J 810 Jfa.h.fttSwL., 

,, " . „ . ____ • Mn.Pn.Aoe. May 2_| 

Lloyds Life Assurance 
90, Cllfion St, EC2A 4MX 


urni427Ta 

2MA 

2103 2ZL3 

114.7 1287 

1381 - 1412 .... 

1480 15U _... 

m.B 139.7 
14L0 145.1 ..... 

1192 125J 

127.7 134J 

1484 1472 .... 

106.6 U2J 

136.6 122.7 

113.0 1191 ..... 

152.4 1405 

z: 

129S 

1984 284.9 - - 

2380. 2*22 




•f Westminster Assur. Sac. Ltd. 

Jtawe 014584 8084 

IWta ... .—1116 6 328B — J — 

-MWL’nm. — p83 57 j) —4 — 

mercinl Union Group opLBBSan May 8_(M82 

(Um'a 1. UMtanhaR, BC3. 01-3837580 optJ Dept - 4 “l“ 0 * 

fur UJI 

1(K12 Ely Place London RCJN6TT. 0IM22DQ6 

IS! s&SSSlzOSi • 


Scottish Widows’ Group 
PO Box MR Edinburgh BH185BU. 091-6966000 

InvJTy^eries I [‘ 

Inv. p?. Series 2 — I 
Inv. Cash Apr. 28_B73 
ExULTr. April 19. [132.9 
Msd.Fen.Apr.3B_ M8& 252. 



16-38 The FOrbuiy. Reading 583311 
ederstisn Life Insurance Co. Mnncyi Manager.__m.4 J4.7J 

anrery Line. WG2A 1JBE. 01-3*2038= jP 1 feg P" 5 »4l +0 


as| 

789 — . 


Sp3 

2154 
1985 
1787 
135.0 
357.6 

thill Insurance Co. Ltd. 


|ty Kund- .-.- 
«<cd Mint! 
■no' Pen Fd.. . 
yH-n Mttui.. 

1 IKL Pen Fd 
groPwi-Fd... 
■ru Pk-n Fd.. 
a« lad In. POt 


r I i r M St G Group? 

17031 1_4 - - ■» 


raMll.EC 8 
--eb. Apr 15— 

+c Apr. 15 __ 

JuPdJVpr 20- P413 190 

It A Commerce Insurance CBnv.DjpdiUri 
e-iwit M. London W1R3FE. (R43B70B1 BqolfjyBO ' 

enwi iu — imo “"I 
m Life Aasorhnce Co. Ltd.? . GUteSotf^ 


Fixed lnierect. [34.0 ■ » 

The London Sc. Manchester Ass. Gp.? 

The Lena, raikrotiroc; Kent 
Cap. Growth Ftmd- 1 
•Exempt FlanraJ 

pSfMiS: 

Flexible Fond 

ltw. Trust Fund, 


01-0265410 Property Fund 


2345 


1287 . 



874 


143.7 


• 108.7 



1303 



813 



Solar Equity ^ 1403 

SolarFxdTnt S 1188 

Solar Cash S 987- 

Solarlnti.S — 982 

Solar Managed p_ 124.1 
Solar Property p„ 110.1 
Solar BjidtyP^ — _ 1601 ■ 

Solar FxdJnLP 1183 

Solar Cash P 993 

Solar lull. P [982 



Three Quays. Tomr BBH EC3B BBQ 014Q5 45B8 


dFd.]ntL._ 

f Fd. .4cr 

fFvl lnem..- 
vFa iniL. 

It Fi.Vw .. 
rt>FU Toe ta- 
rty Kd ini' 

K Kil Acc 
it. ML Inctn. .. 
8 Kd. I nil _ 
Int Pd Ait. 
.iu. Fd-Inem. 
■d Acc 


- Rrt. Inv.'A'— 


N7.9 

97.0 

960 

W.0 

1030 

103.0 

1010 

MO-3 

+5-3 

+03 

95.0 

ua< 


950 

100.I 


95.0 

uac 


W.D 1 

low 


95.0 

MOJ 


99 0 



95 0 

u^x 


950 

low 

low 


95.0 


w 

3B80 

1028 

+0< 

W 7 


+0H 

95B 

uo; 

+0J 

Bi 

■ 1QOJ 

+0 1 

1027 

-ej 

li»5 

— 

— -1 



Sun AUianee Fund w, "g T " t Ltd. 

Sun Alliance Boon. Honham. 040384141 

= 

Sun Alliance Linked Life Ins. Ltd. 
Son Alliance Bonae. Horsham 0*0384141 


_.ja* 

- American Fd.Bd.' 

Japan P«L BA* 

z race* on «May 

— Merchant Investors Assurance 


FiusuvufiwnLu. 
Deposit Fund- 

Managed Fund __ 


-MOJL 

JSi 

95.9 

uas 


U87 +02] - 
1063 -53 - 

U32 _r7] — 
nq? -031 — 

lmj 

1108 — 


— • Pr op erty Pons. 
= 


842 


‘ ader Insu ranee Co. Ltd. . 

la||ouxr.TowcrPL t EC3. . 010980031 

rop Btay 8_.. 169 4 763a( . ,.J 

f Star Insur/Mldland Abs. 

-adncnUe SL. ECS. 

Mid UIUU..-PL4 



150-3 


. - 1563. 


. 55-9 


1592 


140-3 • 


180.7 

M-1 

1277 

n| 

- 1382 

Mil|i 

■lasts • 

(iiH1 

155.0 


100-9 

lfM „ 

300.9 • 

—— 


Sun Life of Canada (U.K.) Ltd- 
2. 2 8 Cockapur St_ SW1Y 5BR 01-8305400 
194.1 
1503 

1257 . ^ 

2973 J +1.4] - 

Target Life Assurance Co. Ltd. 
Target Houae, Oatdbouse Rd- AjrteaboW;. 
Burts- Ay feabury (0206) 99(1 


Maple LX Grtit. 

oioaaorn 

SffiS.'fe’ffi---: 


Man. Fund Die — 
Man Fund Acc_ — 
prop Fd. I nc. . 

ProP- ACC. 

prop. Fd. Inv.. 


ess = 

SSs^iu-t 
106.0 1080 


NEL Pensions Ltd. 

Milton court, Dorking. Samy. 
NclttEQ.Cn.-iHu 177.4 K-t .... 

014M1218 Nri«EaXccun».-Ki£s. 11SJ +24] 

5331+031 898 

494 -~ 

50.4 

302 


iy & L>w Life Ass. Soc. Ltd.? &d5cra^AR«g7-* 
ham Ro«d. High Wycombe owawn 

T> Kd - 1090 

lnlrtnt K.. ..H061 
■it 1*8 ..58*^ 


*jwil 



111.U +0M 
VOS +ox] 

la . 

flt+13 


N*J Mx8 Fd. Ac+.-.|47.9 50« — 

Noxi Sub. Day May 3 
Mar New Court Property are under 


base lending rates 

■ Hambros Bank 


■ -rindint Kd, InnfcOSJ. 

• Den- rd. Acc.Iue_.m3 
Ret Plan Ac. Pen. -|75J 
SOU Ro*J}anC«P-Pen_. 

_ jtct-FlinMrn.Arv.- 

. Ret_HuiiMWi.Caji-. 

ClltPen. Acc.-__„ 

— Gilt Pen. Cap. 

= Transintenathmal Life Ins. Co. Ltd. 

— 2 Bream Bldga, EC41NV. 01-4066407 

— Tulip Invert- Ftl I134R '144, 

Tulip Maned Fa — [l(W3 115, 

Man. BondFd Q12.4 UB 

Bfxn. Pen- Fd. Cap.. 0158 121 

Min. Pec. Fd. Act.gH.9 128 

Trident Life Assurance Co. Ltd.? 
BeasIadeHmtM.GlonrMler 0*58385*1 

MgEEEp 

EquuyIAniericxn_lB85 193] 
uX&luln- Fund _ U0S.9 11221 


7*^ 


B.N. Bank 

-lied Irish Banks Ltd. 

.liericau Express Bk, 

nro Bank 

. t* Bank Ltd 

-?nry Anshuchpr 

imMi do Bilbao 

tnk of Credit & Cm<w. 

ink or Cyprus 

ink or N S W. 

inriuc Bel-’p Ltd 

iniiiip d:i Rhone 

in-lays Bank 

i nil'll Christie Ltd. .. 

■pinar Holdings Lid- 
■ii. Rank »I Mid. East 

own Shipley 

mada Perm’nt Trust 
ipitul c. & C Kin. Ltd. 

tyrer Ltd. 

•dar Holdings 

JarterhoUiC Japhet... 

loulartuns 

E. CoatPS ; 

msol iiin ted Credits ... 

mperalive Bank * 

irinUjian Securttlcs... 7|«& 
edit Uionnais -■—■ ■■ 'j “ 

'p Cyprus Popular BK.^ 

JOcan Lawrie 

'Eil Trust 

nglish Transeonl. ... 

t*l Loudon Sew 

Ir?; Nat. fin* Corpo 

n^t Nat. Set-6. Ltd. ... 

,J iPny Cibhs 

^houRd Guaranty... 

fmdlays Bank *- ■* 

’■iHmess "Mahon... *•«. 


7}% 

7}«% 

7J«% 

7*^ 

7?% 

m 

rjt 

7}% 

7i°5 

m 
s % 

7i^ 

S}% 

7J^ 

Tt^ 

s % 

S "6 

7J “S 

7*% 


r»% 

71% 

9 

7i% 

10% 

9i% 


... 71% 

Hill Samuel § 74% 

C. Hoare & Co f 7*% 


Julian S. Hodge 
HDQgkoug * Shanghai 
Industrial Bk. of Scot 

Keyser UUmann 

KnowsJey & Co. Ltd.... 

Lloyds Bank 

London Mercantile ... 
Edward Man son & Co. 
Midland Bank 

■ Samuel Montagu 

■ Morgan Grenfell 

National Westminster 
Norwich General Trust 
P. S. Refson & Co- 1 -.- 
Rossminsler Arcepfcs 
Royal Bk. Canada Trust 
Schlesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Sheniey Trust ...... 

Standard Chartered ... 
Trade Dev. Bank 
Trustee Savings Bank 
Twentieth Century BR. 
United Bank of Kuwait 
Whiteaway Laidlaw ... 

Williams & r.lyn’s 

Yorkshire Bank 

of the Accepting 


S4% 
7*% 
74% 
7*% 
9 % 
74% 
74% 
9 % 
71% 
74% 
74% 
74% 
74% 
74% 
74% 
74% 
7?% 
94% 
S4% 
94% 
74% 
74% 
74% 
84% 
74% 
S % 
74% 
74% 

Houses 


Committee, 
r-tiay diporiis 

?+l»y drnositj oa El f ra __ 

and under no to f25,000 «<6 
and. over £2S.0«» 5' 


l-month deposit j 

mono 


710; j Call deposui over f 1.000 4ft. 

ilo? * DetnawJ •»«*»“ Wl - 

also applies to Sterna* 


iso. 



1217 

+ 0.9J 

1598 

+4.4 

3633 

-Ol 

,1043- • 

+03 

■ ill 

+02 

733 

■Tzi 

' Sit! ■ 


, 85.4 - 

— 


CtiLDmAcc..n052 

— — KH 

PBbs. Pty.Acc.___ £16.9 

TrtJL Bond B89 

•JWL GJ. BOM — .J993 

"Cash value for pidaiixnL 

Tyndall AssunneefPensiAiig? 

■ triatol. DZ723Z341 

Safflte= 

aiaiHwf 

PraearJUi* 

Deposit May 
3rti-ayPcn.Apr.2fi. 

0 , 8MiJnv.Si*y : i- 
MikJ>n3-WMsy2_: 

Do. Equity May S-_ 

Do. Bond 
Do. Prop. Mays 

Vanbrngb Life Assurance 

41-43 Maddox: SL,Ldn. W1R SLA. 

ManagMFd. 003 in 

SquitrFd.. — ___ B69 238 

lornl. Fund——, M 

Fund — 1^78 

Vanbrugh Peiudoss limited 
4143|Iadd«8L.Lda.WIBSSiA - 0I-4W4923 
Managed 

|8re?lni«S* 

Property. 

Guaranteed m 'Ins. Ben Hates* table. 

Welfare Insurance Co. Ltd.? 

TTjcLcs*. FolXcsionn, fjorO. 020357333 

ManC3lB8fc* r Fd._I 100.7 1 . _..| •» 

For ^ 





London it 

Group. 

Windsor life Assur. Co. Ltd- 
lHiehStreeLWindwr. Windsor SW** 

u2SU.»S 5-.-.-PA ^ -7101 ..-.J - 

ssss^sssT ■* i--l- 

BSiSS-asid-i 


JkMl 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tst- Mgrs. Ltd. Is) 

72-60. GMcbotwo RcL Ayictbltip. . ■ 02065041 
Abbey Capitol—— ' 

Abbey Income— - 
Abbey inv. Tst. FiL, 

Abbey Gen. Ttf — , 

Allied Hambro Group fa) fg) It) 

Allied Hwnbro Group U> tti E*rex 
DL588 2851 or Brentwood Sc77> ZI143B 

Balanced Fuads 

Allied 1st ... 

Brit. lnds. Fund. 

tilth,* 1H*. 

Elect. <E Ind. DovJ3Z2 

Allied CapUal gSi 

Hupbro Fuad atia.'s 

Hambro Acc. Fd |H*I 

Inceme Ftmda 
High Yield Fd__L.I66.7 

Hleh InCMDe — — 167 f 

A-H.fiq.lnc. 

Inicnatioaal Faadg 

lutemailonal 

Kecx. of America— 

Pac die Fund 

Specialist Ank 
Smal I er Co.’s Fd. —B3.4 
2t>d Stair. (Va Fd. . *0.9 

Recovery Sits. M3 

HetMiiLAC-diy— 38« 

Overseas Earning*. 574 
Ex pt. Stair. Co's 4P061 

Anderson Unit Trust Managers' Ltd. 
13E Fenchunh SL EC3M 6AA 8239231 

Andenen U.T. 1*5.8 493^ — 1 464 

Ansbaeher Unit Mgmt. Co. Ui 

J Noble St- ECS V TJX 0J-623637R 

lac. Monthly Fond. U62.0 172.0) .-...| 866 


Gartmore Fond Managers f (aKg) Petpetml Unit Trust MdgmL? fa) 

01.903531 48 Han St- Henley on Thames 0*9128888 


& SL Mary A*r. EOA 8BP. 
' (zTAmcricanTxt...-. B7.1 
British Tst. i Au*-.i_ 582 
ConuncMhiv Share.. M5JI 
M Far Ea*t. Tnu*- 30.9 
.Jlijsh Income Tst— 57.0 
Income Fund 75.0 

liu- AflCncip* 13 SI 
loll E»om pi M. — B88 
(EifntL Tst. (Acc.1 _| M2 



057 P-peiualCpGlh— ,p87 414|+1*| 366 

3 in Piccadilly Unit T. Mgxs. LltL? (aXh) 
0.74 
869 


Wardc’te Osc^SSt London Wall Ed 0380S0I 


i k Extra Income BLJ 

?5 Small co's FA fiiz 

?-5f Capital Fund— 

9^1 InL Eron. A AflJDtS.. 

■ LW Prit-atoFuod. 



42.1 
dO. 

24 1 

Dwilinc^Tiies. tTW 
Govett (John)? 

77, Uradon WalL E.CL2 ' 


*7.7 

*6.9 - 

367 

62.8 

578 

255 


3341 +D2[ 
45.9 +o3 
5W — D.J 
MB 

4L2S 

Z7.4 -0J| 
2*2 


9.40 

313 

3.80 

330 

3.09 

310 


4.94 

X.U 

220 


Gibbs fAntenv) Unit Tst. Mgs. Lid. Aerurohr. Fund — , 

28 Blorufield Su EKSH 7NL. 014984111 

ia.A.G.I nro nui--_p9^ --I «S rarEaa,, a-"— 1 

twAGiFarSrt'I!^? 2*J 030 Practical Invest. Co. lid.? fyke) 

44, Bloomsbury Sq.WClAHRA - 0I : 6E38B83 
Practical Apr. 20 _g435 l g.7^ „..,.j| 4 21 


■ Fraction! Apr. 28 _ __ 

01-5885(00 Accunt. Units. -_-,S02.9 .2158) | 421 

fhldr.Apr.st JIM.* 1&H I 225 Provincial Life Inv. Co. Ltd.? 

“K^l dcJ^ day awS.""' 222. BLshOjBjate E.C2. 

25 i Grierescm Management Co. Ud, |Su U*'^ 7^ 


58 Gresham St, EC2P2DS. 
Bar’gm. Maya JWM 

i Amini. Uniisi [215.7 

Blun. May 4 [174 X. 


eti * <Arrui8 Units) BOO 2 

571 Uqdesv.May2__-.IU43. 


<Accum.Unilsi__ 169.7 
Graclutr.Apr.26_ 90.9 

lArcum Dmlst 93.? 

tio&Brsla. May 3 — MR 
I Are urn. uniisi |7I3 


2084 

225.1 

1823 +*.i 
269.7 +4.3 
1826a 
189.3 
95.2 
981 
723 
74? 


Oi-toOjro PnjjL Portfolio Mngrs. Ltd.? fa)0»(e) 

454 Holbom Bats, EttX 2N H 01-4058Z22 

736 ITudcnUsl— 1 123.8 1303df +L5) 440 

768 


4.40 

813 


533 

533 


Arbnthnot Securities Ltd. faKe) 


87. Qbc«b SC London BT4R 1BV 
Extra Income Fd_.p04 8 U33«d +6.4| 

Hlgb lac. Fund __ *02 

. I’aiU; 54.1 

fffa^ WMrwLLlts.) 543 
Preference Fund— 255 

lAecunL Units)— 37.9 

Capital Fund 18 7 

Commodity Fund - 545 

lAmlm. Unltal 185 

. 10% Wdroi-U. i 47 Jt 

Fin-&PropJ?d- 165 

ClnnlB Fund 37.0 

lAccum. Units) 45.1 

Growth Fnnd. *3i 

l Acc inn. Unlu-» (39.1 


Smaller Co's Fd 26.7 

Esstam A Inti. F8 . 243 

(OK WdrwLUIsj 189 

Foreign Fd. M3 

N. Amec. A InL FU.B95 


- 435 
585 
585 
275 
405 
203 
586n 
84.7*1 
5164 
179 
422 
' 486 
35.7 
42.2 
28 94 
26.1 
2o.a 

3IA* .....J 


Hi 

-8ffl 

+0T 

+ 0 ? 


151 

151 

160 

LOO 


1 79 Quilter Management Co. Ltd.? 

L79 The Stk. Exchange, EON 1 HP. - 01-5004177 

?■§£ .Quadrant Geo. Fd.. [1005 '10384 — J 

|g Quadrant Income-. 1 119.9 I233| — i 

2.84 Reliance Unit Mgrs. Ltd.? 

Guardian Royal Ex. Unit Mgrs. Ltd. Rel iance Rgg-Tuo bn dgeWellt.KL OBSCSSTl 
Royal EwbanBC, EC3P3DN. OMttBIl SlUjiil * ® 

iasjGuoEtBilllTcL-|B75 -905|+06| 446 SSSSȣ|SS^Sj 42*3 =oi| 

Henderson Administranon (a) <c> (g) i 

SISil 1% MSd d ir«S:K- J81-SISJI i 

33 j| +ol| b.ia Botbscbild Asset Management lg) 

7260,GstehcxiM Rd- Aylesbury. 03M5941 

vtfgges&dm 

H^a sg-BSWtfM? “aa 

^.01+OJl 231 N.C.IoU-Fd.tAcc.K9 94.6 

i79 N.C. Smllr Coys FV$50.4 UAj] 

164 Rothschild & Lowndes Mgmt. ta) 

446 SLSwt (bins Lane; Lcht. EC*. 02-62S435ff| 

New CL Exempt — K112.8 119.81 1 3.77 

'Priea on April 17. Next dealing Hay 18 

Rowan Unit Trust Mngt. Ltd. Via i. 
CUy Gate H*e- Finsbury Sq„KC2. 01-0001006 


IX Fund* 

Cap. Growth Int — ml , 

01-2365281 Cap-Crowtb Aee_|**L ■ 

lnwi Income Ic Assets |315 

Rich lanme FundR 

II gffitssfcia 

12. C9 Sector Fttndfl 

12.09 Financial tc ITU P3.7 

_ -Oil U Nat. Res (25.4 

5.73 Intcraatlanai 

5.73 Cabot U16 

5 73 International U8B 

331 wreld WimApnSB.fR 4 

Oversea* mads _ 

2-9B Australian — JL7 

1| RBBr=IS 

North American 383 

AmGrss. Apr 28 — 120.9 


•HI 23 



+Lli 

=s| 

+031 


257 

256 

466 

17B 

1.78 

4J3 


CabotAjner5m.Co. |588 
HID Samuel Volt Tst. Mgra-t W 


Archway Unit Tst. Mgs. Ltd.? (aWc> 


■45 Bcee h St .. ECSP ZUC 
lb) British TVust .-...11527 


228 

466 
1U 
11# 

0 50 American May* 

Securities iday 

Hlgb Yield Hay 4 — (545 


ay Mo 


317, High Hoi born, WCTV7NL. 

krebway Fttnd [79.1 I , . . . 

Prices at April 38 Next sub. day Hay 18 


01-8316*33. ‘SiSEIlFfe 


365 


Arc'bwiy FVnd__[79,l 882| ...J 6.U «g«p<dl.arTra*t — GM 


. . Capital Tni«_.. 29.4 
ibi Financial Trust. 99,6 

_ _ ... - fbi Income-Trust, — m.6 

Barclays Unicorn Ltd. (aj(gj?fci ibi Semnty Trust ._ su 
Unleorn Ho. 2S3 Romford Sd.E7. 01-534 65*4 (biHlfib Yield Tri- [29.4 
Unicom America- 133.7 362] -fl.« 184 InteL? (a)(g) 

Do.Ansl.Acc 45.7 71_fl -0.4 USB 

DolAMLIdc. 521 563 -03 X® 

Do. Capital.— 452 763+0.9 448 

Do. Exempt TSL 107.0 Ilth +0.7 4D5 

De.Enu.UMmc _ 276 29Jts +0J 846 

Do. Financial 595 643 +03 5UOO 

Do. MO 712 • 77.1 +02 5 87 

tin. Gen eta] :_ 30.4 - 32.«M +S J &J5 

Dol Growth ACC - *01 43.4+0.4 4.08 

883) +06 621 

Mil 4.94 


U3- -03 

97.0* +L0| 

nn ^■ il 

3lS 


0141388011 'AcciBB.Unlta)__._ 


Sj+ Merlin May 3... 
3 [OB (Accnm. UciUl. 


75.# 

743 

SB.? 


8 92 
412 


702 +6- 

57.5 +Z^ 723 
781 +l3 723 
783 ,r_| 3.96 

955 —J 5.96 


Royal Tst. Can. FA Mgrs. Lid. 

4« St Jermyn Street. S.w.L- . 01-6208252 

7 61 Capital Fd [65 9 6951 — ...I 3 75 

513 Income FU b.9 748| { 755 

721 Prices at Apr. 28 Next dealing May 18 


Save' & Prosper Group 

15, Christopher Street. ECX 01-237 72+3 8 Great St. Helen*. London KC3P 3EP 

Intel. Ibv. Fund [B82 95.0) +1.0[ 655 68-73 Queen SL. fidinburab EH2 4NX 

Key Fond Managers Ltd. UHfi) Dmllnga ub 01-554 saas or 031-sss 7351 


Do. Income Til [815 

•Do. Prt A'na. TSt-_ll3S 0 ... 

Prices at April 38 Next sub. day May 3) 

Do. Recovery W03 44 J1 +0.3 5.46 

Do. Trustee Fund _ 0115 1203 +0.9] 5.92 

Do. Wldiride Tri.*ljw6 579-O.y 157 

BUUnJdJnc -K3 64 9*9 +0-3 5 43 

Do. Accum. [713 7431 +021 5.43 


35. MUbSL. ECSVa/E. 
Key Energy In Fd...JJ3L5 
Key Equity A Gen. . 663 
♦KeyExempt Fd. - 063 
Kev Iixyme Fund- 
Key Fixed Int, Fd._ 

Key Small Co’s Fd- 


01-6007078 Satire Se Prosper Securities Ltd.? 


78.a +om 

S:g r L< 

95.o| +02 


357 

4.95 

890 

837 


Ktelnwort Benson Unit Managers? 


Baring Brothers & Co. Ltd.? (aKzi 
88 Lredenhall Su E.C2. 

Stratton Tfct._ [166.0 

Do. Ac rum. 1235 8 21451 4 3.90 

Next boo. day April 28 


28 Fencburch SL, EC3. 
K.B. Unit Fd. lne.-BZ-4 
♦K J5. UnitF (LAc.— DM 6 
KB. Fd. [uv.Tst6.-p25 


lnicraattami Fond* 
CapitaL-... 

LTtf r 

Univ. Growth- 1 

iMraesiBi lucerne Fund* 

High-Yield J53.6 

High Income Fond* 


01-8238000 High Return 


UU 


521 

5.01 

438 


Income. 




UJS. Fund* 

LAC Unit Treat Management Ltd.? 142,9 

01-5882830 The Stock Echange. BC2N 1HP. QI-588 3800 Europe «u 

173 K J 390 L*CInc. Fd.. 


3.10 
389 
228 

57.7ti| +02] 7.04 


69 7| +02[ 
46.1] -»02| 


829 

848 


LAC bill tc CcoFd . IHj 2 '-.'."I 8W 

Lawson Secs. Ltd. ?(a>fc) 


Setter Fund* 

Blshopsgate Progressive Mgmt- Ca? sa George St. Edinbingh EH2 aiC- m 1 220 3911 SSw* 15 ' 


4621+031 527 
8841 1 321 

mil +0.4 i.u 
793-0.4 0.88 


0. Blahopegate. E2L2. 

B'gaiePr.'*Apr2S_ 

AcTuta.**Apr25__[ 

B'galclnLMay 3 1717 

(Acctun.lMwa 1 189.4 

Next rah. day •liar 18 

Bridge Fnnd Managers?(a)(c) 

Kine WiUlam St- EC4RSAR 01-8234061 



Dl-»802ao 

•GroutbFbsd.- 


136.6 

41.1 

554 


i Acctitu. Units' [60.4* 


81 = 


67S 

675 

3tn 

321 

1.84 

058 

D.58 

1029 

me 


76JJ -Oil 
7141 -Oti 
76 3 +0^ 


432 

159 

3.02 


Bridge Inc.* 493 

Bridge Cap. Inc.t ... 33 7 
Bridge Cap. Are.t... 37.2 
Bridge Exemput— 135.0 
BridgelnU.Inc.t_ 155 
Bridge Inti Actt- 172 


53.4a 

35.9* +0.g 
396 +0.S 
3441 +2.W 
165a +0.4 
182 +0.4 


669 

3.42 

342 

557 

3.68 

3.68 


Bridge Amer.Gttt4T 552 

Prices April 25 m. 

Dealing *Tues- tWcri, tThttn. 

Britannia Trust ManagementfaHg) 

3 London .Wall BttUdinga. London Wall 
London EG2M SQL _ 01-0380478/0479 Registrar's Dept. 


652 

ttGiltand WairanL 3S2 386 

tAmerican Fi M.2 25.7 

jlArcuni Uniisi 251 267 

"High Yield 472 51W -0.41 

•*i Accnm- Units) ...|fi65 72J| +02] 

Deni, tUgn. *Taes. ttWed. #Thur». —Prt. 

Legal A General Tyndall Fond? 

18 Can ynge Road. Bristol. . 0272322*1 

Dis. April 12 1552 ' 58.41 | 527 

lAccum. Unit*)-— -M2 7261 .... 

Next sub. day May 10. 

Leonine Adminis tration Ltd. 


Financial Sem. 
mgbOllihni m Pbnda 

Select InLeroaL [247.6 2613rd -0.2f 

Select Income 1522 55,7«j| +0.4] 

ScotbitB Securities Ltd.? 

ScQtbit* 138.6 4151 +0J| 

Scctyield .605 543 +o3 

Scotdurea ..[562 684] +0-2] 

Seat Ex. G(h'« 0288 239.61 j 

Scot. Ex. Y18*0 054.7 162 S —.J 

Ibices at April 28 Next mb. day May 10. 

Schleslnger Trust Hngrs. Ltd. (aj(z) 
nncanxmting Trident Trust*!. 

.... .. (0305188*41 


237 

725 


4.05 

740 

426 

225 

766 



fSSST^z 

Financial Secs— 
GoJdACencraJ. 
Growth. 


Inc. 8 Growth— 
ItrtT Growth . 


InvestTBLGhares- 
Mlnenua— 


M2 - 

*95 

545 

735 

37 2 

1016 

393 

193 

64.0 

7831 

72.9 

S8V 


NatSjSiMZZI wl 

New lame 387 

North American— 29.4 

P rof essi onal *90.4 

Property Shores — 123 

Shield *53 

Status Change 295 

Univ Energy (32.0 


•73.7 +»3 
53J +0.4 
580 +0.4 
795* +0.1 
405a +05 
1067n +1J 
421 +0.1 

. 20.7 

-681 +BJ. 
83.1 +5.9 
880 +5.7 
7B.4» +03 
«3n 

471 +5.1 
335 +03 
843* +03 
373 +03 
317 -02 
5053 +2-7 
132 +03 
483 +8.% 
•. 3LB +53 
34A +«3 


545 

439 

437 

531 

424 

729 

938 

349 

848 

3.43 

432 

7J3 

249 

329 


1*0, South Street. Dorking. 

2 Duke St, London WmaJP. 01+86 SOI 

Leo Disc [753 79.8) +0 8) 4.94 Exempt High Yld.- 24.7 

LeoAccum — IM.7 84 9| +0 8) 426 Exempt i.®t- Ldrs.* 28.4 

Lloyds Bk. Unit Tst. Mngrs. Ud.? (a) ~ 

Goring-bor-Seo, Inc. 10*6 Wthwi..— .&! 


Worthing. Wett Souex. 

First (Rained . a 1093 

Do. lAccum.]—— 683 

Second (Cap.) 568 

Do.tAccum.1 U3 

Third Un cornel M.9 

Do. f Accutn. 1 1102 

Fourth (Exlncj 593 

Do. (Accnm.1 1663 


01-6231288 In tnL Growth- *73 

332x1 +021 843 Inv m UnH*. __ M.6 
- 732 +5.9 4.43 Market Leaders— 289 

54.6 +53 357 ‘Nil Yield' 27.4 

67.1 +03 337 PretaGih Trust.- 245 

869a +0.7 6 23 Property Shares __ Z83 

1189 +0.t 623 SpociolSlLTat 259 

M2 +02 7.72 UR. Grth. Aeeuin. 20.9 


223rf-0J[ 
29.1 
269 b 
25.7 

SJ.7* +53j 
423 

32 7 .... 

sas -D3] 
265 


mm 

27 tag 
18?«i — 0.4[ 


L42 

14* 

877 

842 

921 

938 

2.78 

4.41 

4.48 

1X54 

247 

271 

681 


714+0.4 7.76-;UJL Grth- Dlst.___ p8S 
Lloyd's life Unit Tst Mngrs. Kid. • " Nm * nb: ^ 

7250. Golehoure Rd_ Aylesbury. 020655*1 J- Henry Schroder Wage & Co. Ltd.? 

Equity Accum. 0503 158*1 ...„.[ 3.95 ESft.Cbeopside.£CR , • 014*°2O* 

344 M & G Group? (yMclfc) SS.& H>A*H ....T ?*? 

831 Three Quays. Ibwer BIO, SDR 080.01028*588 Income Hay 2 
^ ^ Soc^bIbo S tock&changeJjyallnBa. -tAccum. units) 


286 

427 

285 

848 

450 


The British Life Office Ltd.? <a> 

Reliance B«.. Tunbridge Wells. KL 0882 22271 

BL British Life H82 51.4tt -D.l| 564 

BLBolanced'.-_ — |44J2nl 473ad .....J 5 64 

BL Dividend* -. — |4L7>4 4424 - J 9.73 

Prices May 8 Neon dealing May )0. 

Brown Shipley * Co. Ltd.? 

Kngrr Founders Ct. EC2 0J -600 8530 

BS Units May 3 K15.1 22651 + LS 4 45 

Do.(AccjMsy3 — [2480 2824 +14 865 

Oceanic Trusts la) _ 

Financial @33 

General 


(Areum.Dniui 

Austral uti an — *85 

(Areum. Units) *88 

;■"* Commodity - — W3 

u ' f Ace urn. L'nitsi 74.9 

Compound Growth. 1011 
Conversion Growth 565 
Conversion Inc 59.5 

Dividend U6.9 

lAreura. Uniisi 216.7 


SUr^f* 153 GwerarMn-fi. 

525J ~03l 153 fAficum. Units) - 
— ' 2®8 RoropelIay4._, 

2.0B lAccum. Unltal. 

*33 "PenACh arF dAp25 1163.9 
4.13 S*SpecRxApr.Il._C26.4 
3.74 •RecovenrApr. 11..J1780 


Growth Ac cum . — V 
Growth income — f 
High Income. 

Index. 


355 +D3 
193* +03 
*67 +0J 


Overseas 

Performance— 

Recovery 

SxmpL April 10. 


+S.JJ 


37.1nl 
312C 

^ +04 
202 
593- 
■ 223 
63L6 


+04 


431 

428 

533 

533 

938 

357 

457 

249 

821 

531 

430 


European- *6.9 

1 Ac cum. Unit*) . *7.4 

Extra Yield. BL* 

■Areum. Units 1 1095 

FOr Eastern *84 

(Areum. Vnltsi 531. 

Fnnd of Inv.Tsts 59.9 

lAcrum. (In I In 71 9 

General 163J 

LAccum. Unitsi 2493 

High Income — 100.9 

fAccum. Units) 1642 

Japan Income— __ 1439 

(Acruni. Units) 1472 

Magnum 1938 

;s; 

(Areum. Units) 2653 

Hec overe_ — 7TA 

(Accnm. Units) 77.8 

Second Gen. 1635 

(Areum. Uni la) 2*45 

Special 152.7 


Canada life Unit Tst. Mngrs. Ltd.? . 

Z-6 High SL. Potters Bar, Herta P. Bar 51 122 W CTU, ®-™ t81 1192.0 

Can-GenDisL B7.6 39.6J +0.JI 841 " 

Do. Gen. Aceum— .[45.6 48q +0.5I 841 

Do.Inc.DUt — B3.9 366d| +0.i| 758 


Paine. Ae gmn — ) 


SpeeUllsed Funds 

Trustee 

1 Accnm. Unit&i 

753. Chari bond May 2_. 


Capel (James) Mngt. Ltd.? 

100 Old Brood SL, BC2N 1BQ 



Priea on May X Next dealing May 17. 

Cariiol Unit Fd. Mgrs. Ltd.? foXd 
MUburn House, Newcastie-upon-Tjne 
Cariiol [6*4 68. r ' 


ChartW. StoST. 
■Areum. Units) — 
Pen*, fix. MayS 



1182 
1809 
2633 
XL 2 

uao 

30 5 | 
333 



2*7 
675 
675 
3.46 
346 
232 
241 

422 

...... 358 

533 


33a *Fbr tax exempt fund* only 

^ Scottish Equitable Pnd. Mgrs. Ltd.? 
7i94 28 St Andrews Sq_ Edinburgh 001-5600101 

299 Income Unit* MB 4 5L5«4 1 5 a 

2 99 Aceum. Uniu. |s§2 587fl j 520 

8.43 Dealing day Wednesday. 

250 Sebag Unit Tst. Managers Ltd.? (a) 
PO Box 511. BckJbiy. Hse , E.C.4 01-2345000 

Sebag Capital Fd. _[322 33.71-031 3 97 

2Jo Sebag Income F8_|297 3Ll] -.71 832 

Security Selection Lid. 

15-15, U ncoln’s Ion FI rid*. WC2 01-831 SSB6-9 

121 UnvldfaThtAcc— D35 25.11 J 375 

ltd UavlGU>TMInc_.^5 220) J 3.75 

3^ Stewart Unit Tst. Managers Ltd. (a) 
7.94 49. Charlotte Sq.. Edinburgh. ■ 031-2203271 

7-5* tStewut American Ftmd 

Standard Unit*-.- ..K35 67.B| -L1J L45 

Aceum. Unit* — —|685 733] +0-' 

Withdrawal Units ..[505 542[ -11 

-Stew art BriUah Capital Fund 


831 Stiradord. 


11295 


JM=J 


530 

330 


S55I MannUfr Management Ltd.'"' 

00^ I. .. I 759 Sl. George's Way. Stevenage. 


Aceum. Units ...... .1475 

Dealing tFrt. •Wed. 

Sen Alliance Fnnd Mngt, Ltd. 

Sun Alliance Use, Horsham. 040 3 8*141 

(kjsm± w* is 

Target Tst. Mngrs. Ltd.? (aMg) 
OC38E01O1 31.ChT0bamSL.EC2 Dealings. 0280 5M1 


DO. Aceum. Units. .r 

DO. High Yield. ) 

Do. Accnm, Um I* _> 


Ch ar ter how se Japhet? 

Palenwcier Row, EC8 
CJ. Intern all. _ 

Accnm. Units-. 

CJ. Income. — 

CJ. Bum Fin— , 

Ac rum. Uitiu._ 


Growth Units. [49.1 51.7] _..J 3.93 Sggflfr 

Mayflower Management Co. Ltd. 

' M/lSQreriiais SL, ECZV7AU. 015008000 Targeta-MOV 3 — 

I Income Apr. 2S [302.7 lffllj 8.44 

7d 8« G«eralA^- (67 6 . 7 l3 I 527 


IS 


Mercury Fnnd Managers Ltd. , 

30. Gresham St. EC2P2EB. . .01-0004950 Po.lteinv.Umts. 


Price April 15. 


L22.6 

24 JW 


260 

27 JW 


33.6 

351 

1M1 j 

H8 

27.6a 


29.8 




26.4 

7W 9? 


29.8 

fty 


Next dealing 

April 


Merc. Gen. May 3 _ 075.7 

JV*- tits. May3 22* Z 

Merc. InL May S |621 

01-0*83909 Arem-Uts. May 3 — [665 
L76 * “ 

1.76 
7.61 



Target Irtil — ._ 
Do.Reinv.l 
Target Inv.. 


3S4 

354 

28 


MercJSxt Apr27_ 1203.4 
Aceum. Vxa. Apr27.|2*28 
Midland Bank Group 
Unit Trust Managers Ltd.? (a) 
Couitwood House. Silver Street, Head. 
Sheffield. SI 3RD. “ 

Commodity & Gen.. (U 8 
Do. Accnm. . . |712 

Growth PSJ 


3g. Target Pr. Mey3— . 

— - 

Coyne Growth F1L.. 



Chieftain Trust Managers LttL?tai(g) ^ M t 

aa-ai Queen Sc, EC4R 1 BR. - 01-3482932 SniuT UIn ' Ss 

American -1S®J5 24 8-02} 156 Do. AreSim” 293 

High Income <40.4 43.4rf +0J 9 S3 I Sj 

Intrenmional Trt_..Ign2 24 « +0 Jl 337 Do. Accnm. 57 2 

Basic Scarce. Trt-PSJ 273] +02] 434 UHentatlonal 473 


Do. ACcum. 


Confederation Funds Mgt. Ltd.? (1) HighVieitL_ 603 

50 Chancery Lose, WC2A IHE 01-2*20382 
Growth Fund ]395 *L8| 1 857 ~ ^£~2 

Cosmopolitan Fund Managers. ' * Prtl>eB ■* APri 1 “w 3L 


4I75 Target Tst. Mgrs. (Scotland) (aHb) . 
19. Alhol Crescent Edln.3. 03 1-229 862 LT 

Target Amer£agleB62 263 I 126 

Target Tbiitlc D95 4243+0.41 5.77 

-- Tel- 0742 7084* ti«^i«TW Fd. _[59.0 63.4] +01] 3033 

665id +o,4) su Trades Union Unit Tst. Managers? 
*- 550- 100. Wood Street, E.C 2. 01-8288011 

TU IT May 2 — — 1496 522u( | 5.42 

327 Transatlantic and Gen. Secs. Co.? 

) 77 p] .gp New London Hd. Chelmaford 8S45 51053 


76 6 +0.4 
41.4 +0.1 
438 +0.1 
• 29.4 +0.1 
315 

535 +03 
61 2 +0J 
51 1 -02 
541 -02 
6«2« -01 
68.1 MU 
1064 
1564 


?-S Barbican May 4 — 
S37 (Areum. Units.;--— 

fS (Aceum. Uni 
cS ColemoApr.28 — 
eu f Aceum. Uni (si— _ 
554 Camld.Mar.3- 


3s Pont Street Limd^SWlX Sa? "DLaas K25. ?* lnater Fund Maii^ers LW- . — 

-I « ffi£- H ^:^& £C4 -363| “Tig 
Crescent Unit Tst Mgrs. Ltd. (g)(g) Exempt tpiN-Ri. «■« -J &a vScStkMwir 

4 Melville Cres- Edinburgh 3. 0Sl-2as*S31 MLA Unit Trust MgMnat. Ltd. CAccum UalUO— 

CnscmtGaOTth_.ja.fi as +041 fa Old Qneen Street SWiH 9JG. ObflOTm 

|S75 389| | 837 ^Ae cuax Unltaj (445 


MLADnUs- 


DlsereHonaiy Unit Ftmd Managers 


«.S Mntnal Unit Trust Managers? (a)(g) 

16 Copthall Ave- EC2R7BU. (Areum. Uni W—PSJ 

Mntuai See. Plus W9.7 S3. 

2C.BlMnQel<JSt.,EC2M7AJ- 01-0384485 Mutual Inc. Tst HlJ 75 01 -0,2] 

— ps3« 1 s* Sil-d 


°Mp0f5? WiekDiv. Apr. 28 _ 


657 Do. Areum. 


752 

1134 

B55 

79.9 

973 

122.0 

b 2 


i35‘ 


553 

50.6 I 

65.1 

493 

563 

475 

583 


m. 


g Tyndall Managers Ltd.? 

■52 tfCanynge Road, Bristol. 

Vm a 


TL F. Winchester Fond Mngt lid. National and Commercial iu«un+May3 

Old Jewry. BC2 01-6062167 3LSL Andrew Square. Edinburgh 031^580151 

Great WinehMler— Q57 182] 671 hupmeMay* I14L4 10b 61 -4-3 JH 634 

- 20J1 -I 9 88 (Areum. LaltS) |l93 6 ISi-S eSi April M-iL 

+l -*f f» t Aceum. iWDi — 


GLWlnch ’er Q j*easP*4 


huomeMay* I14L4 

(Arena. Lai tsi 1938 

Cant, bur* . . . 1 101 a 

Emson & Dudley Trt. MngmnL Ltd. (Areum^mtat. — 11475 I530|+i6| 3J5 craynpiM 
20, Arlngtoo su s.w ]. Olriwrasi National Provident Inv. Mngrs. Ud.? ‘Accnm. v 


EmSOB Dudley T*t.]64.B *97] \ 350 

Equities Secs. Ud. (a) (g) 

Blshopsgate, EC2 01-5832851 

Progrearire [655 685* [ 415 

Equity ft Law Un. Tr. M.? (aKbMc) 


'SB* 


4S. Gncecburrh SL EC3P3HH 01-023*200 S5JE57Vv!iE?" 

N.P.l.Glh Un.lht_K4J . 46 Wf ....J. 395 

(Areum. tinUsi* E38 573 ._J 3.95 

NPIO seas. Trust _UL0 . 128.^ 170 

(Acrua Units/” - _ (229.0 270 

"Wch on Pill 27. Next dealing liior 85 
'races on Mar 8, Noxt dealing May 17, 


Equity* law ]M-7 6828^ 1 

FTunUngtim Unit MgL Ltd. fa) 

5-7, Ireland Yard, EC4B8DH. 

Capital Tbt M34 1M5_ 

Income T»__ |W38 llB^j +2s » 

InL Growth Fd. — Q|86 11123+3.3 2 
Do. Areum. 11073 11454+321 2 

Friend#* FrovdL Unit Tr. Mgrs.? 


ATS 181. Cheapside, KC2V 6EU. 01-800 am 
CaptUKAccumj.— 1 ""' 

Extra lac.. 

Financial— 

01-3480771. Growth lav. 

+32] 8(0 lucoiw 

558 Portfolio Inv. Fd._ 

■ Uwvwsoi FtUdj 



(Aceum. Units'. — _ 
ScoL Inc. M«y3.. 
London W0I1 Group 
Capital arovnh._. 
Do. Aceum. 

Extra Inc. Growth- 
Do. Aceum- — 
428 Financial P^rty— 
7.41 Do, Accnm 


set High lac. raprtCF_„_ 
488 IntRnadoaal._ — [30.7 
645. Special Sit*. 


|g' TSB Unit Trusts (y) 


1205 

SIS 

1470 
945 
117.6 
236 0 
2626 
130.8 

763 
‘ 1 
365 

42.0 
157 

14.0 

603 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbnthnot Securities (C.I.) Limited King ft Sbasson Mgrs. 

P.0.BM184. St Heliw, Jersey. 053472177 ] rhanncC«Ki.SL Hetiivr.Jersfy.iIXM-TXil 


420 

3J8 


Gap-TaLiJerteyi JU5.0 U95d| ] 

Nett dealtite date )1av 16 

Ga»t&lnU.T*MCI 118.0] 

Next sub. May 1L 

Australian Selection Fnnd NY 
Market opportunities, em Irish Young * 

Outbwxlte. 127. Khnt St . Sydney. 

USS! Shares | SU5L52 | J — 

Bank of America International S_\. 

35 Boulevard Royal. Unemboorc G b. 

Wldiiwest income -IJLSWBS DUll ._. | 637 Eurtww* Lux. F. 
•Tices at April 27. Next tub, day May 3. uuernsey Inc 

Bnfc. of Lndn. ft S. America Ltd. * "" 

4OA8 Queen Victoria St- fiCV 


Valloy Hse. SL Peter Part, (•nu>y. i0Wl» 247TB 
1 Thomas Street Dourias, 1.0 M. uxt'4- W0 

••lit Fund 1 Jereej'i -19^2 1 12 00 

Gilt Trust 1 Lo.H. i — [1072 10*3 11 75 

Gilt Fvl- Guernsey (£967 908] - | 13_W 

Inti. Omit. Srea. T»L • 

FlratSterUnc— I1B46 • 

Flrainti (18432 184 91] 


1834] -.-.j - 


Klein wort Benson Limited 
S0.FenehnrehSc.EC3 OUtanriOO 


Alexander Fund — pus*13 — ■ J — j — 
Net asset value May X . 

Banqne Bnuclles Lambert 

Z. Roe Do la Regenre B 1050 Bnueris 
Renta Fund UP — 11,833 1579) 4 7.91 

Barclays Unicorn Ink <Ch. Is.) Lid. 


KB For East Fd. 
Oldhmmia KBIntLFund^- — 


K B Japan Fund— .. 
KB.US.Gwlh hd.. 
Benmida-.. 


si'siaia 
5LSU 17rt 
SUS3042 
$L'S11 40*1 
. SUS4.B0 , 
11790 IB AN 


3-51 
464 
4 62 
138 
zn 

053 

079 

167 

9.04 


•L^ntfntnti IDMi 

•it8 ad as Loudon payimt acc-nta only. 

Lloyds Bk. 1 C.I .1 U/T Mgrs. 
PO.BmU5.SL Heller. Jersey (tSMETMH 


1. Charing Cross. SL Helter, Jrsy. 053473741 ^““^N^fdtJSc’dale ^ 

Overseas locome_|485 ' 5141 ......| 1085 

'Si — Lloyd* International Mgmnt. S.A. 
•Subject to (re and wtthboldins taxes “ Bl *e du Rhone, f' p- lTD^^l 1 Genera IT , 
Barclays Unicorn Int (l..O. Man) Ltd. lSt hl^e JdTfc u j 640 

lThoimsSL.lwuKlaa.loJJ. O63448S0 


Vnicont Ausx. Ext. . 

DO.Aust.Mln. 

Do.Grtr Parilic 

Do. Inti Income 

Do. I of ManTfcL 

Do. Manx Mutual 


+L1 



170 

1.90 

830 
B 90 
L50 


M & G Group 

Three Quays, Twer Dill EOR SRQ 01 «W +B3 


.IlianllcWny 2... 
AusL Es- May 3. 


fti'sru 

Bl'9148 


Gold Ex. May 3 Bl > 7 63 


island — 

l Areum Uniisi 


p4 7 
1 162.fi 


Bishopsgale Commodity Ser. Ltd. 

p.o.Box4=.tmuclBs,io-ML oos+saou Samuel Montagu Ldn. Agts- 


ZB 
2M 

8 Kb ... , 

1221 +ltf *3 60 
1724 +L^j *5.60 


ARMAC*Apr.3 

GAZ«tHO“App.3_, 

COUNT" Apr. 3 IOL298 24 

Ori^suly Issued at *S10 a 

Bridge Management Lid. 

P.O. Box 508. Grand Cayman. Cayman la. 

NTmluMayS 1 >13342 | 1 — 

GJ>.Ol Box 500. Hone Konc 
Xip00ara.May3_gm» ]||| Ji4i[ 073 

Britannia TsL Mngmt. (Cl) LltL ' 
30B8thSL.SL Holier. Jersey. OOMTOiM 



114. Old Broad SL. EIV-. 

Apollo Fd Apr. 2G.. SP07.9S 
JaofogtAprtllS — SHK1BJ6 
117 Grp. Apr 19 ..— HSHla 
] IT Jersey Apr I9..|f4.96 
117 Jrsy O'x Apr. as 

Murray. Johnstone (Inv. .Adviser* 

163. HopeSL, Glasgow, C3. win Mri 

•Hope St. Fd 1 Jl -vW.61 I I — 

■Murray Fund. ...1 ll'sio 65 | _....] — 

-NAV April 31*. 


5 00 


Growth Invest 00.9 3341 

lntnLFd. — 32.9 TOM 

seyEnena TsL. 1361 147 B 

UmvaL Dir. Tst n'S30* Slfl > - 

UniraLSTSL£te....|£2lS 226| { LOO 

Value April sa. Nest dhiUnc May 6 

Botferfield Management Co. Lid. 

P.O. Box 195. Hamilton, Bermuda. 

Buttress Equity — |2l5 2 08] | 191 

Buttress Income [202 195) ... | 7 38 

prices at April IP. Next sub. day Uay H, 

Capital International SA. 

37 rue Notre- Dame, Luxembourg. 

Capitol Int. Fund | SUS1652 i 4 — • 

Charterhouse Japhet 

1. Pattswotar Row, ECt. 01^+B3 »b» 


4 00 . Negit S-A. 

loo ]0a Boule+urd Royal, l+ixemhourg 

NAV April UI ] 5k'S1044 J 4 —• 


1 

1 1 


Negit Ltd. 

Hank o( Bermuda Bldc^., H.milllnn, r.rm<*x. 
NAV April 14 03 26 - 1 4 — 

Phoenix International 

PO Box 77, St Wtr I’ort, Guernsey. 
Intot-Dollar Fund. ]230 2.401. I — 

Property Growth Overseas Lid. 


Adiropa 

Adi verba. 


Fondak- 

Foodta—— 

Encx-ror Fund. „ |SL'SL8l 
H upano .. . llVSB.41 


_ razfio 
■ ratauo 

100040 

I moon 


1131 
SB 3* 
Jt« 
2Z.M 
291 
eu 


575 

537 

640 

5.9L 


38 1 rtih Town. Cl Uraltar 
t) S. Dollar bund- | 51SES27 
tUerliaG l-'utul 1 U2850 

Richmond Life Ass. Lid. 

48, Alhol Street, Do a Hi or, LO M 


1 xiTbe Silver Trust 


TboSUv 

trhmond 


1061 

0816 . 


— _ Da. Platinum BcL— .11123 


L98 


Du Gold Ud 

Do Em.97.D2 Bd._. 


WJ 

1660 


10B6| 
19LU 
llfl 3 
ltM.5] 
174 Ej 


iGiludiiri 

""j _ 


0654 2OTI4 

+og — 

+0 7| 1070 

-ON n 51 


Clive Investments (Jersey) Ltd. 

Kothschild Asset Manatnnent (CJ.) 
{. live Gilt Fd- iC.I.i. |4M *-Wj •••••j J700 p_q.boxSB, Sl Julians CL Guernsey. 04B 1 2R- ! 


O l'. Dir Comdty.T JS24B7 2646 m] 


-Price on May 


[511 

150.0 

5LZ3 

134.8 

1282 


54.11 

160 M 

142ffl 

1363) 


3 Cl 
7 JO. 
:» 
3.54 
473 


ClKe C1U Fd. Usy.).|987 

Corn hill Ins. (Guernsey) Ltd. 

P.O. Box 157. SL Fetor Port, Guernsey 
intnl Mon. Fd. |1675 18251 | 

Delta Group 

P.O. Box 3013, Nassau. Bahamas. 

Delta lav. Apr. 25 _ 1*1.62 1.70] J 

Dentscher Investment-Trust 
Postlach 2885 BiebersosaeB-lu OOOO Frankfurt. P.O. Box 1M. Royal TM. Use., Jersey. 0534 27+11 


OA'JQa.Fr. Apr 3 
O.U Jnc.Fd. Mny 1 - 
O.l'Jntl.FdT. — 
OCSmCoFdAprtS. 
Q.C.Commodjp-- 


Ne\t dcolinc April 2.8. 


t Price on April 21. Next licalmp Mar 8 

Royal Trust (Cl) Fd. Mgt. Ltd. 


Coneenira 

InL RentBofonds. 


20301 , 

nifl — I - 


rum 

Dreyfas Intercontinental Inv. Fd. 

P.O. Box N3712, Nassau. Bahamas 

NAV April 25 pUS13 a M£| — . 

Emson ft Dudley TsLMgtJrsyJLtd. 

P O. Box 73, St. BeDer, Jersey. 053420SB1 

E.DJ.CT. — 1 1145. 12L3[ | — 


R.T. Int'LFd —KLS9J16 f<W . ...J 3P0 

RT. InCJ. Usj'.i Fd.. (39 9jj .. .( 3 21 

Prices at April 14. Next deahne May 15. '■ 

Save ft Prosper International 

Dealing to: 

37 Broad St- SL Heller. Jersey . 05S*.20f«l 

I'A Mhrdrenbaod Fuads 


F. & C. Mgmt. Ltd. Inv. Advisers 

1-2. L a urenc e Founlaey HULBC4R OB A 
01-623 4880 

Centra. April 2B_| SUS5.9W | I — 

Fidelity Mgmt. ft Res. (Bdaj LUL 

P.O. Box 670. Hamilton. Bermuda. 

Fidelity Am. Ass— | 

Fidelity lm. Fund .. 

Fidelity Pac. Fd 

Fidelity WrldFrf— 

Fidelity Ster. Ftls_ 

Series A Oninl.) __ 

Series funsriaci— 


SUS239S 


SUS192B 

||H , 

5US43L34 

SUS3330 



036~ -ora 


£735 

. .. 

£16.49 




IMrnuflofMayJ-pJ* 

Internal, Gr.*t (6 62 

FkrEuunq I37JB7 

North Amuteont .0.78 

■ Sepro-t [1366 

Stcrttng-dgpondnxird Fn 

■ Channel Capital*-. [224 9 
. tThannel Iilanris*-. |1453 

Commod. Apr. 27. .119.4 

SLFxd.Mav4 (110.9 

races on 'May 


io.llf 

7.16 .._. 
40 95 ..... 
4.00 

1-9.961 ... 

‘ 236 H -0 SI 


6.92 


169 
. 5C3 

lWd -66] lifiS 
May 3 —Mny 4. 


3528] —Of 
25 7] +01 


t Weekly DealroRv 

~ Schlesinger International Mngt Lid: 
~ ■ 41, la Mode SL.SLHelier, Jersey. 053473S1W.' 


First Viking Commodity Trusts 
8, SLGeorBC'* St- Douglas, LoJM. 

0624 4882. Ldn. ARts/Duubar It Go. UdS 


SA.I1— 

SA.O.L — 

GOlFd. 

ISffiiJESfc 


128 .- Schroder life- Group 
Enterprue Houao. Portsmouth, 
taienttoesl Funds 

{Equity— — — " 

5 Equity — 

C Fix rd Interest.. 

SFfxwf Interest — 

£MinitCCd 


S3, Pan MaR, London 5W175JH. m.8O07657 *Por Ea* FUnd-. 

PW. Vlfc. Cm.TsL — 155.9 37B0j-ft2« 230 

Fri.VUHiLOR.Tst _lS.H0 B4.00] J— | 

Fleming Japan Fond S Jt 

87. ruo Notrr-Dame. Luxembount' 

Flms.Apr.aa 1 SU 54633 l — 4 — 

Free World Fund Ltd. 

Butterfield BJdg. Hamfiti®. Bermuda. 

NAV April 28 1 SUS17339 1+125] — - 

G.T. Management Ltd. Ldn. Agts. 

Port* Hse- 18 Finsbury Circus, London ECS. 

Tel: 01-828 31 3 L TLX: B95IOO 
aT Pacific F«L_...| SUS12.65 l+Uffl] 123 

BUnggtmeBl In fo rpmfimiai X4lL 

c-'o Bk. of Bermuda Front SL. Hamltn. Bmda. 

Anchor's' Units—. BPSOA B«j+0ra[ U14 

Anchor XnLFd PUS(» Ulj+ilBj L87 

G.T. Bermuda Ud. 

Bk. ol Bermuda. Front SL. Hamltn- Bmda 
- - SUS42.41 - 

SUSA 74 

G.T. Mgt. (Asial Ltd. 

Hutchison Hse- Harcourt Rd.. Hon* Kong 

G.T. Asia F BHlllZ (4M+O.OH 1.78 

G.T. Bond Fund.— I SUS12J2 [-Soil . S.ll 
G.T. Management (Jersey) Ltd. 

Royal Tst- Hse.. Colon berle, SL Helier, Jersey 
G.T. A%ln Sterling [0254 13461+0251 1*9 

Bank of Bermuda iftwrayl Ud. 

31-33. Le Poliet, Cumsgy. 0481-20288 _ 

3X1 


P B6 
a os- 

233 +*U 
107 -I 
29 10 B3 — 0-OS| 

100 .... 
.\eu am. day May 1 1 


I q u 3 

uxo 

3 S3 

Too 



070537733 


i 


_ 4 


J. Henry Schroder Wagg ft Co. Lid. 
i20.cbwpside.E-C2. oicaa-nxxi 


Cheap} Mar 2 1 Sl'SUAJ 

Tralslaar Mor.3t _ 5USU8.B5 
Astio Kd. Slay I RIOS** U7« 
Darting Fnd. ....... BA179 1 9ffl 

JapunFcLHay 4— ..pL'S629 676[ 


-DOS 236 


317 
5 40 
0.1S - 


-031 


0.94 

024 


Sentry Assurance International Ltd. 
P O. Bax 330. llamllton H. Bermuda 
UaoagedFtmd ISCSI U*8 UEH] 4 — 

Singer ft FTiedlander Ldn. Agents • 
20, Cannon SL.EC4. 01-2489646 

Pc kalends SON | 6 5? 

Tokyo Tst. Apr. 28._ [ SL1S35.00 ] L77 

Stronghold Management -Limited 

P.O Bo* 315. St Heller. Jersey. 05M-7I«7*' 

Commodity Trust -I93.B9 98 Mi — J — 


Surinvest (Jersey) Ltd. (zj 
Queens Use. Don. Rd-SL Heller, Jsy. U534 27343 
Amenranlnd Tjt,_|£A33 ^Siaj-dfDj _ 


Berry Psc Stria- — [251-5 0 763 
Anchor Gilt Efl^o — [£9.79 9 

Anchor In-Hv.TU.-P42 23.' 

Gartmore Invest Ltd. Ldn. Agts. 

2. SL Mary Aie. London. EC3. 01-2833931 Copper Trust ItlD.BZ 

Uriuor Fend Mogt (FOr East) LW. Jap. Index TaL |EU21 1L54|-(USIJ _ 

1503 Hutchison Hse. 10 Harcourt Rd. HJCang .. .. „ . . , 

HKfcPoc. u. T sl ... iDffizjra 2.4M . — .1 X.7tf TSB Unit Trust Managers iC.U Lid. 

K5SS 8 ¥,'S — ) ? ™ Bagatelle Rd.. SL Saviour, Jerjev. 

,»?=J & asaE5to::|8l Sol :: J 

GManoretnv«aneni Mnot- Lid. prices on May 3. Next jub. day Mar 10. 

P.O Box 32, Douglas, loM. ^ 

International Inc. -120.6 21 9 
Do. Growth |6LB 65 


062423011 

113 

-I 038 

Bambro Pacific Fond Mgmt Ltd, 
2110. Connaught Centre. Hong Kong 

Far East May 3 ItUKUIt 1XM J _ 

Japan Fund. [Sl ; 56.99 7J7| .( — 

Hambros (Guernsey 1 LldJ 
Hambro Fund Mgrs. (C.I.) Ltd. 

P.O. Box B6, Guernsey 04&1+MB31 

CL Fund [138.0 147.0J 3.90 

Intel. Bond SUs|uW,75 107.9*1 J $30 

InL Equity 3^500.07 10 7w .—J .250 

InL Sags. 'A' SUS&.02 I« J 8 AO 

InL Sags. 'B' SU9US LOO] . . | L50 
Prices on May 3. Next dealing May 10. • 

Henderson Baring Fund Mgrs. Ltd. 
P.D. Box N4723. Nassau. Bahanum 
Ja^uroFd. .-....-JStTSUU _ VVH . 


Tokyo Pacific Holdings N.V. ; 

Inuuus Manage waul Cu - N.V- Curacao. £ 

NAV per shore April 24. SUS50.48. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
inti mi* Management Co. N.V- Curacao. 

NAV per share April 24. 51S3678. 

Tyndall Group ' 1 

P.O. BOX I2S8 Hand] (on 5. Bermuda. 2-27*0 

Overseas April 9B..|n.'SLll 117[ I 6.00 

(Aceum. Uiutsi Bldit 174} J — 

3-waj' InL Apr. 20 ... &.'£529 265q .. ...| — . 

* New SL. SL IW ter. Jersey 053437311-3 


TOFSL April S7.._ 
lAecum. 


\prU27 .. W-W . 4.n 

Sharesi— 0105 1190 

TABClF .April 26— *0 SMO 

lAccum Sharesi HO 84.0 . 

Jersey Fd April 26 192.6 2042 . ... ( 7 00 

INm+J. Aer.Firei. »».» 2C3C J -- 

Gih Fund April 28.. 108.8 110 8 . |10 83 

lAccum Klioresi .136 8 134 2] 

Vlciery House. Dooglas. Isle of Han. 007+ 90=9 
Managed Apr. 20 —11262 133.0] | — 


oa A Price 27. Next dealing data May a 

Hill -Samuel & Co. (Guernsey! Lid. 

LeFCbvre SL, Peter Port Guernsey, CJL 

Guernsey T sl H52.7 163 4] +L3] 3<L 

HUl Samuel Overseas Fund S.A. 

37. Rue Notre- Dame, Luxembonrc 

(HSafl lLHf-O.oq — 

International Pacific Inv. MngL Ltd. UJ-B-Pund -.fii'sias 

PO Box R23T, S6, Pitt SL Sydney. Auri. 

Javelin Equity Tri. (52.02 213) 4 — 

.E.T. Managers [Jersey) Ltd. 

PO am 184. Royal Tst Han, Jersey0534 27441 

Jersey Extra!. TM—Q435 lSZOf I — 

Aa at Mar. 31. Next sub. day Ape. 28. 

Jardlue Fleming ft Co. Ltd. 

*tth Floor. ConnauBbt Centre. Hong Kong 

JordlBeEbtn.Tri._l SHK22 9A3 ) .] 310 

0.90 

2_an 

JartlnePlem.InLt.( SHK936 
NAV Mar 31. •Equwalent 
. Next oub. April 38. 

Keys el ex MngL, Jersey Lid. 


600 



Utd. IntnL Mngmnt (C.I.1 Lid. 

M. Mulcarfer Street. SL Heher. .leracy. 

ULQ ... ,| 815 

United Slates Tsl. IntL Adv. Co. 

14. Rue AJdrinecr. Lnxetnbourg. 

DJ.Trt.lnv.Fnd.. | 5US1035 ] 4 0.95 

Net asset Slay 2. 

S. G. Warburg & Co. Ltd. 

30, Gresham Street. EC2. 01«na 4635 

Cnv.BdFd.K»'3_ | SCS958 
Engy. InL Maya . ... 1 SC5166S 

GrNLSFd.Apr.3D....| SUSbBS 
Mr.EurJ4ar3-...— IttSlU* li«(+0 

Warburg Invest. Mngt. Jrsy. Ltd. 

1. Charing Cross. SL Helter. Jsy. U 053473741' 


:+oj£] _ 


CMF Ltd. April 27... 
CML Lid. April 27.. 


[7131776 

P235 


PO Box 9B.SLHeJier. Jersey.. (Eng. 0140S 70701 MtaJnTsLMara)_._.|EU04 


Boutaisx . 


FOoselOx.. 


13M — 
12 m 

K*y**lex Iirt'l _(£635 7« 

Keystdex Europe- IOBO 427 +<L05( 

Japan Cfia. Fund— ..BC5S79 3S* 

KcyxelexJapan — .611^ 12.60 

Cent. Assets Csp f £132.49 +01121 


2.90 TUT April 13..-. 


- TUSTUrL April 13...JM.74 


p:s*a 


1151] 

13.66 

1172 

9M 

9W 


417 

9« 


World Wide Growth ManagnaentQ 
Ufa, Boulevard Royal, Luxembourg. 
Woridwids Glh Fd| 5USUB3 | 4 — 


NOTES 


po.1 


6 02 
AB2 
10.01 
ha 

4.82 

. 452 
+fl3‘ MS 
-03 215 
+04 4.96 


Prices do oat include 5 premium, except where indicated * and are in pence unless otherwise 
Indicated. 1 ields 16 1 shown In last ouuami allow for 411 buying erpeoan a OUered prices 
■Delude all espeAMs. b To+iny's prices e Yield bared on otter price. d-'Esu.-nated. g Tods;, v 
opening price h Dtitrlbuiipn Tree of U.K taxes, p Periodic premium Insurance plans, s Bins!*.' 
premium insurance, s Ottered price iacludea all expenses except agent's conunluion. 
v Ofiercd price Includes all expenses If bought through manager* j Previous day * price" 
1 V Not of tax on realised capital gains unless indicated by *. 9 Guernsey graft, fi Suspended. 
♦ Yield beiore Jersey tax. 1 Evsubdi vision. 


NEL Tnipt Managers Ltd.? (aKg) 

Mill oa Coan. DorkJng. Surrey. 


Pbtbam fifed, Dorking. 
Friends Prtw.Uta.-WL 
DaAccnaL- — p3- 


Xefstar 


*ai=] 


03W5053 NttsUrHighlnc—f 


51 


64 2x) 
522 


iG-T. Unit Managers Ltd.?. 

18. Finsbury Circus EC2MTDD 

aT.Ckp.Zuc- (2-5 ’ «• 

Da Aee — _ 950 101 

■ Inc. Fd tin™. 1573 167. 

.. UAfcCen — 1393 *» 
,aT. Japan *iGcn_ OTJ 
UGL Pen a. Bal'd — 1318 
IG.T. IwH- Fund — 1017 
G.T. Four VdsFd— B3i 


For New Court Fund Managers Ltd. 
see Rothschild Asset Management 


21, Chaatxy Way, Aadover, Hunt?. 0264 B21B8J 

?fi 

690 

277 
277 


-o4 bm •» ImSXZ: 


(b) Dol Aceum.- 


1442 

473 


500 

59.? 

eve-- 

68.4 

643 


615 

65 3 


79.5 ■ 

84 Ad 

+0J 

153 


+04 


PI-8288131 P-O. Box 4. Noren cb. XR1 3NG. 0003 22200 
378 GroapTkLra (335.7 3534/ -f23| <90 

Pearl Trust Managers Ltd. (a)(gXzl 



Ulster Bank? (a) 

WarinpStreeL BeUasl. 
fbi Ulster Growth _..|37.4 


(C323S231 
40 a] +031 5J2 


ft- A- Trust la) (g) 
la, ftaylnigli Rd- Brentwood 
|G. L A PU» 


2S2Hij*hHolboni,WClY7EB 
Pw! Growth ra._BL3 24 

Aceum Uniu p 28 

Peart Inr ™_Q0.9 333. 

PnortCnltTsL pB5 38 

(Aceum. Unit*' m.l 48 

Pelican Units Admin. Lid. (gXxl 
(OaTriJSnMO 81 Foqntaiu St. Manchester 0G1-SW5G85 



0I-40S8H1 UaW Trait Account ft Mgmt. Ltd. 


33.M 457 Poiitaa Uaita JMJ. B6Ja| +03] 5J9 AwSuniS 


King William SL EC4R PAR 
Friars Hre. Fund_[138 0 
Wider Crtli. PDd....tea o 
Do. .Accnm. . — . — [333 

Wider Growth Fund 

Km* William SL EC4R 9AA 
Income Units — - 128.9 


~B . Bd 


01-6234851 
442 
4.42 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchanse Ave.. London EC3V 3LU. Tel.: 01-2S3 1101. 
ladex Guide as af 25th AprU, 197S (Base 100 at 14.1.57.) 

Clive Fixed Interest Capital 1118.14 

Clive Fixed Interest Income 113.S7 


CORAL INDEX; Close 472477 


INSURANCE BASE RATES 

t Property Growth 

t Vanbrugh Guaranteed SA% 

t Address shown under insurance and properD’ Bond Table 


> 






























































































































































^ INDUSTRIALS— Continued 

, v *.:• 


... 'V .w 

;:vSM 


‘i.s 


Sack 

H - jr . b JUgaj,, 
WTBtMp— 

BSili 

P«Basia5_ 

MjcSftAcIlOp 

pt'EaBBEi 

K ~* bia«CarTlOp. 

Ji£pufwpi5p._ 

Ua»flyl*rwte.5p 

LrtRUZtlQn 

LiitenlOp. 

123 


U»f3«iTrans„ 

auntie DbiytsL.I 

SEIBffi, ... 

ssssl: 1 rf 

MadaHaneCjx„ 
MrifcideBRlOp 
MtfitayL’A— 
Uaepbn^MiD.i. 
BWmeTusysSjp. 
KflgBQUaGrowiu, 

H-Tjntf An tl Tflp I 

EU.SupUB.£lJ 


an 


' ^Vl|| i? 


s<. 



w«M ^ i- ™ 


INSURANCE— Conffaiscd 


rutuKAi i -4xiulililTOI 


BV. 

i-Bladt 

ziMsUsssansTUpc. 
S4fljnnrdsEp._ 
Bedmlnsiffl-iOp. 
Katonfp, 

Hcta! Qagnres— 


WtQtM'&dC. 

> &5’santo5pe&MJ.. 
KboamectiOp- 
Morgan Cronue 
Monall [Abell.... 
Most (Koto I0p_ 

Honira lflp 

MsaonGp“fip„ 
NaxhtJ.PjSec 
Natan (B.*Li_ 

ItZSKtal 

Jp'oeerlOp 

1 be« Equip. I0p+_ 

NeueyGroapfL. 

S(?FdM _ . 

Northern Eng. _. 
Norton tWrtlOp. : 
Korvic Secs. 1(h). 

No-SsvfiSp 

OcnPmuneCv.. 
OffireAHeeL 

Qnrn2Gp __ 

i OwaatooelSzc. 
PAjUBofcfiifflfl- 
ParterKnoilA - .. 
Pads & Whites— 

Peerage Ito 

FadtadJup 

BatCilDp 

> Do.MCt.la.BSS : 

P«rocflnI3a>_ 
FfeinipsPaeST 
Phots (Lral 

r £L 

ffitnV Earns Ln.. 

KSS: 


femeflDuH.50p.l 

IPrej*(Wtt.)5p_j 

IBO 

ftOT.lanEds.3 
F nlhran’R^-l 

1 ftRafi I 
. mat 
i Rldtostl 

BsErfalU. 
KaadiHs. 

Bgpfcttfc i 

U2ass_ 
IKe.sp„ . 

■Kuui 

Kralnc-WiL 




rSl 

(Scot ACn. lavs.. 

iPeroHWja.. 


+1 


i+5 


+1 


-1 


-I 




+3 


+2 


-b 


-1 





ScttefcP.R.-- 

samurffi.wj&j. 

SpesuLW.j 

Soils. Potto 

» DoSWiCwijt 

SfcdfesW 

SaKftariture- 

Steedey 

Stehn Mas!. HK $1 
SerfisglMMzpJ 
Soeklate— — 
SUmUfHMgL. 

: SawneiFV . 

Sunt^MSm.MjJ 


bS»| 

Jarir* PEcifieflDc 

‘gsafe- 

kTtoC5Vit5p 

r«*Suk.W™ 

. J Tent — -•- 

hn rnrfalra-H.fflp . 1 
2 £ZVt rtans.Un.USSL 
hi Fnnewiril>«_ 
r 3*1 lYawrood Gp. Sp 
XtnKr&Nn.Il- 
Turwr Cur. 6 p 

UHUlctl 

Utonsnltensl! 
IhctalQp—. 

UbUctct 

UtfvN.VJLE— 
Cul Canton Wp 

United Gas Indt.. 
U GwcaBlpeSp- 

Unoehiron? 

Valor.. 

VinrrsWp. 

YujtenGrpZto- 
WBiftwsllL 
WadcPWtf.Wp-. 
WeJSerKnr.Sp-. 
WateriondSp — 

ftafcbaa’s 

VfttwoRJLUW.- 
Wedswod --— - 
Wean. Board Kta 

IPcrmi! MrfTtvP 


fflnicv.'OU.! „ 
ftTiiieCJuW&B.. 
WWtecwftap-.. 
ifflilfiej’ hS 4w. - 

vnJkcsii.v— - 

... . „ Wllfcinsihh-heU. 

J2 foil UMhkfl' 

'■ kE9 Dc-Wpctaw— 
jb mDtonpCi.1 — 
47 WiDSt&XKfiei-r, 
£4 WibooVstealOp.] 

34 ■ RlfterffluaBa- 
19 Wood Br 5W3 5 b- 
24 WoodfAitterlop 

95 Wood Hall 

| «i 2 peu«5p — — 


J 52 


+S 


+2 


■m 


+i 


+i 


i+i 


+3 


+1 


Set !P»|&'s|BE! 

$ H 8 

S9 * 

U I 

« 133 

5JliS 

5.7 55 
5.9 95 


M M 


QSSlitlna - 


2.75 
1320 
4 JO 
Q20KJ 


K5.44 


fif 




I! 


95 

10.6 5.9! 

6.7 12 
9.4 32 

8.8 55 
9.4 50 

..55 55 

**S 9 » 

9.4 « 
17 » 
22 , _ 
65 63 

7523.4 


25 


62 U 
8.7 54 
30174 
15.9 0221 
93121 

93 i 

4.9 9 . 0 , 
17.7 23 
— 23jl 
4.6 54 } 
5.2 84 1 
56 57 
44 4> 

lu] 1 

Pi 

llfl.7 — 
22 7.7 
34 53 
84 
51 

3.S .... 

ta 741 




n 


Jif 

Si £71 

fl 631231 
Z 57 72 
* U> 20 
10(lO4(l5.1 1 


SJ3 


UU10.6 27 

M 


aSST 43 7J 33 g 
t055 57 56 253 ^ 


Stock 


5% 303 1257 




* or 

Dkr 

Price 

- 

Net 

540 


20.15 

102xd 

+2 

13.42 

860 

IB 


rr 

£26^4. 

-1 

44 

•w 




Price 1 — 


14 




MOTORS, AIRCRAFT TRADES 


£W,b62 


20 |Britte)-|aDd50p 
185 Gra.lBi.1Ms- 

37 LoCaCrlOp 

5b Raianl Mt.5p„ 
RoU*fl£5teVflrt_ 
VuEmSiS 


and Cycl 

es 



25r 






255 

-10 

Q34c 

1.7 

7.5 

46 

89 

£141, 

+2 

— 



+1 

3R1& 

,012% 

24 

C6 

r?a 

51 


7.S 


Commercial Vehicles 


49 Fodens 
9 Peak 

57 b Flutei- .’. 

55 YocfcTtntario?. 


110 


hZ17 

6.4 

3.0 

58 


53-25 

5.7 

85 

Mlj 

*h 

0.5 

29 

75 

77 

h3.25 

35 

t.5 

70 

+1 

U4 

* 

4.7 


Coaqranents 


Prtwfflda&Iw.l 

&p.Iar.{cFin.£l-j 

Prop-Part^rip— 

Prtp.6Ser. , A’_ i 

Ptap.See.isv»p4 


meSajdProp— 

D(X‘A' 


Rum &-Itonpltos 

SanntdPrtTK — 
S«tKeB^).20p 
1 SeamdCfijlOp- 

' vrti gafE 

, DoWtav.-SO 

{Slock Comem- 

3q’lB,lm — 

1 IS wire Properties 
Town Crane — 

Town*CHym»- 

TraficrdPark — 
CXPmpeity 
UULimPnqi— 
WemerKtata— 
VantonllBr.a^J 
WeW>y«)Sp 
W^attflH-P.a^ 
WtBttD&tS 


4 « 

Mv 



Net 

Cft 


8634 

13 

iiwi 


ex 


$59 

L0 


( 34.69 

15 

rr 

+ 1 X 8 

— 

— 

— ~ 

— 

— .. 

glO~ 

15 


cLO 

15 


2 X 0 
td 21 
U .94 

tb 

L 2 

+b 

+L 73 

19 

+r 

2 X 7 

18 

-1 

+2 

sr 

13.4 

14 

+2 

3.95 


-1 

ft 

l 


0.01 


+1 

+ 3.65 

1.4 


507 

12 


2.66 

15 


Htt 

16 


hd 0.48 

25 

-h 

l 5 

* 


Sf!i 


tSf, TRCSnUGntfanei FINANCE, LAND— Gondnoed. 


- 3.M - 


413 

-W 

IA7J1 
SU) 


5?J 


6.0(150 1 

_s 

28 343 
(,& 

Ui * 




46 UUivPDds. 


2 H, (ftwiraSnaMp- 
‘ DauaCorp 


5^2 Bii.m 

4«2 EaftABdetUpL. 

240 tilfWlnA ft 

31V, Sqxa&omUltL 
95 

55 miHCta«dra. 

86 Woodhead(JJ 

92 IZemtfrA'SOp 

Garages ant Distribctors 

I tesgsLi iw 

hm 

IS* «bl+to' 

35b SrtkKh, 

40 Jartftr 


56 

-2 

(1764 

z? 

+2 

+4.47 

66 

4l 

+204 



4.69 

131 

+2 

704 

70 


3X7 

2JU 

+b 

17.06 

£»b 


90atc 

186 

+6 

+4.21 

ftfirn 


S3 

120ni 

+4 

7 85 

9 


0X5 

54 


tO 71 

296 

+2 

ta.23 

52d 

-1 

tl S8 

112 

+3 

3.59 

70* 

+1 

3.08 

97 

+1 

+h3.41 

•95 

v-1 

4.4 


SHIPBUILDERS, REPAIRERS 



jC.G5R.lBp. 

84 f&BsmSOp— 

! [Ceimtffelnw.. 

_ fenttoePcnhinr- 

U’Bi'fe: 


72 Hartwells. 

LL3 BeriyrJ^)^ , 

88 BenmlBz,GrpL-| 
£128 D 0 .lDpcQ 1 v._l 
72 Horst (1 


+1 


+3 




r ,HteSSh zs 

PerasiaeMtr. ■ 
■OJHbs. 

IlSz 

3 TjW^jraSfr. ife. 




\-h 


538 

L65 

♦062 


83 5.7 
— 226 
2510.6 73 
2A 1QJ 7ll 
« 8J 
4J 51 
23 64 204 
57103 28 
21 7J102 
52 7.7 05^ 
45 65 3.6 
55 5.6 4.9 
28 95 57 
26 82 7J 
45 3.7 87 
IS 6-1 la 3 
!17.4 59 3.9 

te ii I2 

3 2 85 52 

. S3 4 ^ 102 

, 213 f66 . 

A 126 

4.4 56 
57 9.1 45 
42 62 5J 
52 55 36 
59158 86 
62 20 33 
— — 129 

♦” 44 * 

« 4.E A . 
p.S 2JJ 55 
, - - 25® 

27.9 L5 23 
« £.0 « , 

8.4 3.8 »3\ 


206 £nnw*Wilhy£ll 
175 bwt»agSteE.cT 
O. L3S0p_] . 
fUa-CrSeMFitoJ 


1117 (Ocraal 
91 


SHIPPING 

I ISLIi 

& 


sa 


+2 




ui 


LM ? 3 | 


4154 


16b lADebonaKW— 

60 BoothOimi 

59 Kootaefirlnre.— 
93 GanarScoedair, 
29 Eeafisn-SwSp- 
64 HStons20p 
47 K Shoes 


36 2a**etHlh.2Sp_J 


—I + 2 VJ 


38 _ „ 

40 CUvtr 
46V, PtttanI _ 

33 Stead * Son ‘A’_ 

57 StrocgtFiteer 

41 SjlO . 

27b ruwW&ElDpJ 40 

66^2 W art White 7 

24 WennalOp 


500 

f439 

mm 

430 ‘ 


SHOES AND LEATHER 

fjjio.lj I2 

2410.0 24 

ts ii *e 

f.7 59 £3 
23120 51 
3D 27 5.7 
27 6,2 95 
4J 7i 43 
li 73125 
2410.7 60 

la % tx 

ib 5.8 £3 


SOUTH AFRICANS 


51 


172 


NEWSPAPERS, PUBLISHERS 

IW ] 


tAn.BookP.2to_ 

QPHBUeL'AC 


2^6 
5.8 45 
95 45 
-(157 
73 54 
73 5.4 

lhtb 

54 82 

52 9.6 
9152 82 

83 67 
(LO 29.6 
66 61 

53 50 

1 ” 


p 

I 70 

n23 r^iKn« w m < mt, 
1123 Ila'AHM 
E65‘ Dark Mail 'A' SDp- 
(67 KlfiiAJlWA-, 
85 GonfcnfcGotcfc- 
I 55 HcneCoonties- 

■ 46 b Marshall Ca»l^ 

[228 Newslnt 

11174 PeaneaLaagBaal 

■40 PyranUdHlp 

J153 . Rattte dffi&SP. 
(134 Ssarpeft™ 

■■klSS n»c*cc 
(352 (306 UtdNewJi 

WebSersPoEap 

Wils£mBrot20p| 


18 

s 


z 


+1 


-1 


a) [AbecaaBaaO- 
120 AngoAni.lB.21 
63 AnglTalaiSSc 

28 EdwcstaMc 

62 Grtd FUL?.2bc 
95 GrtEns a A’50c_ 
_ tlOO EtnlctfaQaiKL 
340 (288 0£Baz**n50e_ 
135 PrisnnlOiXs.- 
135 Esfiwlm'A5Bc 
._ 58 5A.Brews.20c_ 

560 M45 BgerOatoRl 

65 55 Ur&c 


+1 


57 . } SJ 
24 7X 58 
56217 22 
29 52 66 
52 73112 
05 1 93 

54 | 57 

u 

43 124 20 
23 73 62 
♦ 53 ♦ 
% 10 J 


H^Lw} Stmk | Price i — 

.56 |Ce 8 arlBr.. 
to btells. Inc £ 1 . 

(500 Ds.Cap_ 

1 55 1 46 bm^wf— 

26 (CR 7 &C 0 BL Inc- 
76 Da to. (£11 — 

48b oyfcrer.Inv.-, 

85 

62 bydOitord — 

76b (aawrtwuse30p. 

6 b bfexiInvs lOp- 

ST DaT 

>212 Cohraa] Secs. Did 
[160 CDndnentl&bd 
94 [taatiian Brin- 
116 Qateltpa niPp-J . 

68 Crossfrfm— 

24 cnmnhalm- , 

38b DaiaeilaElgQpi 
3i 2 Do.(Cap.)Mp_| 
iehmtsxeCarD 
JeisTjLlnc.1 
Doit, 

Ipmibdnii't- 

[134 .(106 (DnsUfflCooi'cL 

Du Coia 

DaFarSweni 
__ , Do.Pmsier — 

61 DntveStlK^P 
163 Do, C«p 8 al EL- 
55 Dundee fcLoo-- 
86 b Edbta«hto.TsL 
H94 Edia.InR.Dta_ 

96b EeetralDT.TB.-. 
3e<LAG«__ 
b55UtxnsH. 
BnUK.Y.Itast- 
Eng. 6 ScoLlBT_ 


PdSOp— 

StcSSSnst! 

fatiktav.ftt- 

!Pn *lrkCoLZ 
37 tF... ! . 

35b PDBdmveat Inc- 
49 DaCsp. 

98b G.T.Ja 
120 

73 GeaCoosolitod.. 

125 General Fliafe- 
97 IjOaConalOp— 

1 72b [Geo. _ - 

72b SeaSTUdnUbP. . 

1 84 GtogavSnUB^ J2 
71 aeodewclnr— 90b 

68 Da-B°. 88 

60b Gtaunarrayln*.. 

56 Do.® 

97 (Ootetav. 

55 

65 

90 GL North’ll Inv— 

67 (keerfriarlrv — 

56 GrejhamlnVi 
48 Group bwatnrs. 

69b Gfflrftaiir.TaL 

78 Haeafcros 
26 Hamt«In?.Mp 

^ SSSffi-v. 

68 Do.“B* 

£8U IcotmxHS 

600 Da© 

42V, Industrial tdGen. W, 
105 (at-Pac-StHKM- 170 
65b iDtaratelln* — 

147 hJU*T.W.AjIl_ 

107 - (nv. in Success _. 

62b InrasUn'to.- 
174 ImriaL&L&p.- 
[103 tanfcKJapai— 

70b ItefimSecHRS. 
fib Jew? Ed. Pf. Ip 
Jersey Gen. £l_ 

44 ^aw_IiT.bc.lflp| 

(125 ^ ... 

75 [Late View Inv. —I 
[Lsnc.61im.lnv. 

ESln 


textiles 


ADtodTaaffle | 

Atkina few— * 

BenteaaiatoZT 

Beckman A. topi 
Btockwoodltotl 
Bocri StfW, Mp f 




tame Paper — 
DaDbneGonv- 
AaH&MtaiB— 
Benffasa 

Brit Prin&ra— 


Clay (Richanr 

CcflcttCKRiICp 
CutaGrart — 


w 




331 5.71 7.9 
29| 64| 52 

!« 2 . — 

4X 73 35 
57 3.6 233 

mw 

111 63 &I 
221 7X1 9.9( 


25103 52 1 
23153(4 

21 U 8 / 

25 83 73 

35 103 4X[ 

t st 

I1102 L 

^ MS 

3 X 72 ( 53 ) 
liH .2 7 X 
54 22133 

SHU 

6712X12611 

|5 25 ll 6 
24 62102 
3.9 4.7 61 
22 | 62 85 

28 4 X 162 
4 - 28 * 

27 56 5X| 
2410.8 4 X 
43 1 X 182 

29 93 U 
0.4 

22 75 8 J( 

132 au 

? S H 

26 9 X 55 
13 112103 
* 3.1 ♦ 

ii ?i IjI 

68 33 | 96 


PAPER, PRINTING 
ADVERTISING 

^01 


pJ 441, 


1+^ |2X9„! *A 


p-z: 10 : -1 


61 HarnscnfcSons. 

tub ire was.— 

(64 (OTfreriGraS 
LAP.Prater! 
McCarqnedaleU- 


iMeWyMffla. 
bemsA^H 


[110 SQDstAliraSOp 
76 MraeOTorlOp 

45 Oxley Print ftp- 

87 SaatririlOp 

78 Sadfi>iDnd)20p. 
HM amrfitiJeflsn. 1 - 
67 rranspareiilPlS 1 . 
57 MdantGram 
49 Esher Waiter 1 . , 
. 30 WaceGrocp20p- 
|206 WaddingtanU.cl 
73, Wa 


+2 


+2 , 

12 7.4 

* 

la ai| 
ix Txj 

25 lO.fli 


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13.01 |J3.« 6ffl 57 


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■TRUSTS, FINANCE, LAND. 
Investment Trusts 


1453.4 

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45 195 
2335.9 
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lBjUj|l32p70 (148 Waaranlnr. 


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53183 
5X30.4 
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23 64.4 

53 290 

43 327 




26 Yorb.*Lanes_ 
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69 tyauBECoUnvXL 


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156 134 
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115 4> 


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7.0 269 
4,7 30.7 
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1 7.0 10.9 
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3XW66 


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P.1K>. 

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Na.an«.i 2 id> 

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Smith Bans. 
SUm.PatBKaOc 
, SoezFnNPfOO. 
TraaMUTilpJ 
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Price 

67 

51 

£32b 

15 

320 

13 

26 

193d 

£67b 

V 

£50 

57 

9 

£47 

950 

24 


+1 


a 


+1 


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-25 


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NR 

0.68 

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a , 

3.02 

Q425 

14.91 


Cvr 

I 


ah 

I 


OHS 


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117B 030 


ttt$iebeMiUl.i£l 

(DaacoftfoCnv. 


rDp.7pcCnv.a_ 1 

[Wee&Nat lOctt. 


DoPfetOrdlOe— 1 146 


fWoodsidfiA50t_ 


89 

W 

804 

71 

51 


56b 

21b 

£22 

400 

144 

14 

28b 

184 

0X3 


370 

20 

ZLO 

14 b 

£26% 

lb 

£46b 

560 

560 

62 

330 

£63 

170 

262 

149 

146 


70 


-2 


+2 


+2 

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+2“ 


13 

21 

1138 

139 


1633 

22.10 

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+143 

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♦zo.x 

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111 


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15l7 , 

4.9% 


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6? 

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5X 

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4.4' 

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4 

6.01 

4 

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161 


60 

42 

7 

9.9 

10.0 

97 


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42 

m 


24 


43 

lira 


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64 
421 

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65 

61 


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3.« 15 


5.a 


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45 

555 

9.6 

66 


29.3 


15.4 

8.7 


OVERSEAS TRADERS 


(Atriam Lakes 

fAnS.Agrtt.50c_ 

Z-l 

64 P mSgi+ rTW |JB 

QB&DuSds — 
a.Ntha£M— 
ffri^ns-Crota. 

.) — 



Nigerian Elec. _ 

, _ fowSmsas-aip, 
&75 Kt^-Zoch-Mp^ 
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teBgK tfJL nDp . 

Daawto.’Bl. 
|P.City»eraH)p. 

, DaKtaeLalto 


19.0 22 25 
11 2.7 345 
4.7 4.9 45 
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8 S 2 I lx 3-° £l 

23 85 69 

3 2 5.4103 
63—4.6 

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75 6.0 3.4 
75 60 34 
13 t 65 

33 I<jl0.0 

* 4.B] * 


UU"* 


_ 19.0 - 
110) 17 7 .9 
31^12.8 


RUBBERS AND SISAI 5 


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Stack 


5 UI 


BlrdCAirica]. 
Bradwanim 
Castlefieldu 
Chersoesell 
Cons. Haras lOp 
Gartek (Malay. 17 
Grand Central if 
Guthrie £1 

BgraapriBy.Btl 

: Hlghlimrto MM 


48 UalateSMS 

30b UoarRivcTlOp. 



+ 

Div. 

. Price 


Net 

93 

-1 

2.54 

87 


35 

■ 15 


__ • 

50rt 


77 

290 

-18 

k2.B 

70^2 


Z75 

139 

+2 

ITS 

. 57 

10 




270 

42 

tin 15 

. 90b 


3X5 

91 


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2.41 43 
15 61 

E. El 

L 8 
- 22 
f 85 
18 5.7 

— 53 

— 4.9 
15 4.8 

h S:? 

# « 
33 15, 
2.0 4Xl 
1.9 3.7 


.TEAS 

India asd Bangladesh 


1 200 175 Assam Dooms £1 _ 
385 280 AsEEnF+KtierCL 

115 104 Assam Invs.C 

l 20b BrqirePIantt 10p_ 

• 212 JokmfJ 

272 222 longbometl — 
245 180 Md^odBasseia. 

420 390 ltanmO 

b 22 Sngk>ffidp.lOp_ 
: 181 Warren Ptoots.— 
I 138 [wfitomsontl- 


195 

295 

112 

272 
272 
2S . 
390d 

228 

170 


+1 


5.9 7 .4 

4.9 83 
3.7 95 
L612X 
35 67 


6ji 5ii 

15.08 
F172 
3.0 
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27 


BX 


4.9 5.9! 
32123! 
35 8.6 
4.7 XO 


Sri Ijic&a 

185 |123 (LmaivaQ | ISO |+1G| 55 | 151 45 



mms 

CENTRAL RAND 


45 275 
7X 18 J 
55Z7.0 
4.4 33.4 
25 442 
7.6 182 


385 140 DurtanlteepRl— 
416 244 E23fttadPrp.Rl. 
£36b £29b RandfoEfQ&tB=. 
178 78b WetfRmdRl 


226 

307 

£33b 

109 


0350c 
Q13c 



EASTERN RAND 



HarievaieBC30 — 
S. African Ld. 35c _ 
37 VlaBotfeinRl — 

517 WintelhaaiKfl 

31 [Wit Ni^el25c 


65 
' 26 
336 
■ SI 

' 3 J? 

42 
82 

43 
39 

615 

40, 


-1 

1-1 

+1 

+U 

+i 

♦1 

+1 


FAR WEST RAND 

+Q 46 c 
W 30 c. 


BnfieJsEJ 

: Dee&raal R620 

DoorrinrteinBl _ 

EastDrieRl 

□andfrafidGUIOt 

BstargH] 

HartebetstRl 

KtoofCoMRl- 

fihantm R? 

S&etbvaal50c_ 

Stflinntcan50c 

VaaiB aefea fe 

■ — zz 

Western Areas HI. 
WesteraDeepIQ_ 



IX 14.0, 
LS 64' 
12 43 
10 335 

64 383 
17 8.4 


13( 8.4 
L4 67 

61 35 
17 72 


1C 

15 
23 
32 
10 
63 
35 
75 

16 
67 
Z« 
10 


OJF.S. 


75 tFneShteDev.SOc 

Olb FXGetoWSOc 

59 FX-BaalplasIUJ 

79 Hflunouv 5Qp ' 

2X| « (134 [66 UrtneBl 

74.4 1 0^4 [750 Pres. Brand 50c_ 
Pres. Steyn 50c — . 
S.HeJenaRl—— 

.199 m Utdsel 

in _ I _ 1302 1390 WeDamSBe.. 


£19%[£l3biWXi]Ui2igs50c — 


83 

"sr 

299 

81 

B49d 

623d 

71B 

160 

263d 

Elibd 


+*» 

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+a 

+17 

tii 

+3 

+9 


82 

95 

LLO 

4.4 

91 

19 

9.6 

ax 


15001 


FINANCE 


Finance, Land, etc. 


1X7151 
55 269 

8 a 

60 253 
4X215 
4.7 265 


Qtf AJoqtlSBitbtnJ 

|5 tanxaT*.*ii 
& 2 AjSfesdrltv. V 
19 EsitoaiuAltew. 

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mob Contra mt lp. 
13% 

fcbneB «ae-.I| 

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piiaaiGaLfc 
lFhuficafcIocLl| 


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-2 120.0 




+1 


45 


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4.71133! 64 
69 


0.99 

172 


+164 43 75 4 X 


010 - 


55,60 

85114 


4X1 


X6f 


424 )Al«ABLOoal50e- 
246 Ando Amer. Klc_ 
4 £14b Ane.Am.GohlHI- 
621 Ang-VaslSOe. — 
119 Charter Cws. — _ 
163 Coes. Gold Fidds.. 
17b East Hand Con. lOp 
2 El4 Gen. Mining R2 

2 £1®, GotoPidlis5AS5e_l 
, QD JtfherECoiH.Br 

158 Middle ffilSc. _ 
226 SfinaraSBM.«_ 

95 New+ni50c 

1 S60 Patino NVFbX _ 
50 Rand London 15c_ 

375 Sdectwnttei 

161 SednutHte 

29 SBvenmnes3i®_ 

3 £21 rnniromlifRI. 

1X2 DC. Invest R1 

238 UaioDCcn'isLXSSc. 

(V«ds92d 




MINIS— Continued 
CENTRAL AFRICAN 

'+ ori Div. 
-1 Net 


HRS 

High Levs’ 

155 (FJc«Rh50c.-_. 


Suck 


220 

24 

73 

147 

83 

41 

14. 


17 

52 

122 

7S 


10 


KhodnCoralS#. 

Roan Corot m 

.. ssasp- 

32 tWankfeCd Hhl_ 


2aja.Cpr4SrftM. 


Price 

178 
19 
68 
.146 
80 
S7 ' 
- 14 


+3' - 
+1 QUO 

-riofB 

+b - 


TH 
riT Gr '« 


24.0 

45 

Ts 


16.4| 9.0 
14(173. 


AUSTRALIAN 
10 
104 


AfS*s25c — 
^ztudviltoiOToea 
EH South 53c 


148 Cjjbuip RiohntoSOL'.. 
GM. KalpotrfielL 

aaaws: 

ULMHUffiSOc- 

Mount Ljell2Sc 

Neroetal 10c 

North B.HiU50c__ 
Nth.KXcnri>— — 

JParific 
Panron 



35 [w^Cn^fle^I 


74 

204 

50 

126 

13 

ITS 

22 

2b 

106 

9b 

150 

34 

£11 

17 

445 

116 

40 


QBc 

Q10C 

1.45 

Q9c 

Q$c 

tQlle 




62j 3.1 
All 17 


3.2 


17 


19 


4 M 


4.8 


151 4.7 


4.6 


11 


14[ 36. 


TINS 


, 24 AnaL Nigeria __ 
240 AyermianSW— 

, 45 BerahTm 

[209 BerJuctaiSMl 

Geeror— 

ffj Gold & Base lZbp.. 

220 GopragCons. 

[130 Boogtnns 

78 wrtoir 


Jjtote&edEtng»r 

[PtfjuingSUl 

KfiintFirao..— 

47 ’ (SotfiCroRylOp.. 
140 [ South Fiirt8» - 430 
Sthu Malayan an. 

teuageiBeaSM5„ 

Su^msCwp SMI 


an 

[rrs&ofa£U] 


24 
315 
. 52 
265 
140 
9»2 
235 
160 
SO* 
11 
■ 69 
460 
325 
54 
• 57 
193 
57 
57 

.180 
260 
195 
72 
W 
• 95 
190 



96 


COPPER 

70 - (lieariiuHOXO [ 87 | — |«30c| 19| + 


MISCELLANEOUS 


16 

MO 

385 


9 

220 
245 
210 064 
46b QO 

m 1 — 
45 


162 to 


Burma Mines 17ljp. 
CmK.lh 2 rcfa.lOc_ 
NorthgattCSl __ 
R.Ti 


.Sabins iteto C$1. 
750 iTara Error. 51 — 

43 BBGrac£i 


16 

245 

360 

2 § - 


153 


-1 


Q30c 

95 


L33 

Q7e 


26 73 * 
XI 11 

0 22 . 


NOTES 


Ltelna itewiK tntafaM. price* and Mt dtvUndi We to ' 



Tldto m teate on nrtdte I riee* > b* grew. nUJaM to ACT aC 
M per coR. cad mOom ter valor •! declnoi dtatrikaOna as»4 
righto. SanrUta wltli JnniU uUtoni nftmi Hi— Hirtlnf in 
qoMad <«* — * — o I the lonmat JjJ1 — jnteto 

A Sterling denominated MCuritiM which Inctade linwtutel 

Hnllar pffsmm. 

• “Ihp“ Stock. 

• Highs and Loire marked thus hove been adincted to allow 
for rights launto foe cash. 

t Intenm sines lncronsed or muaad. 

• Interim since reduced, passed or deferred. • 
tS Tax-free to non- rest donu on appUcatton. • 

4 Figures or resort ewaited. a 

1+ Unlisted •ecurilj. ' 

£ priff m HTpw of mspeoston. 

5 Indlrated dWidend after pending »crip and/or rights vroot 
cover relates to previous dividend or toracut 

*• Free of stamp Dcly. 

+ Mover bid or reorganlsatfon In p w gto- 
4 Not compuroble. 

4 Same Interim: reduced final and/or reduced earning* 
indicated. 

i. Forecaot dividend: cover on asrnlnto updated bp l e t aa t 


9 Cover allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 
t Cover does not allow for shares which may also tank tor 
dividend at a future dote- No P/S ratio usually prodded. 

V Excluding a Seal dividend declaration. 

* Beglonal price. 

II No par value. 

a Tax free, b Figures based on prospectus or rihor official 
estimate, c Cento d Dividend rate paid or payable on part 
of capital; rev rr baaed on dividend on toll capital, 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield, b Assumed dividend and yield after scrip Uane. 

1 Favmrnt from capital aourcea. k Kenya, a Interim higher 
than previous ictiL n Sight* issue pe n di n g 4 Barelnga 
booed on preliminary Dgaroi. r Australian currency, 
a Dividend and yield exclude a special payment t Indicated 
dividend; cover relates to previous dividend. P/E rrtlo baaed 
on latest »rrp«"i earufnga ■ Forecast dividend; cover b aa ed 
on previous yea's eenungs. v Tax tree up to 30p to the £. 
w Yield allows for currency clause, y Dividend and yield, 
based on merger terms. 1 Dividend and yield include a- 
special payment: Cover docs not apply to ipnctol paym en t. 

A Net dividend and yield. B Preference dividend pnaaed or 
deferred. C Canadian U Cover nod P/E ratio exrlud a profits 
of UJv. aeroepcce subndtorica. E Isaac price. F Dividend 
and yield based cm prospectus or other official e atimet ea for . 
1977-78. G Assumed dividend and yield after pe ndin g scrip 
and/or rights iraue. B Dividend and yield baaed on 
praqiectus nr other official eattoa t eo for 1878-77 K Figures, 
baaed on proapeeto or ether official estimates tor 1878. 

If Dividend and yield based on prospectus or other official 
estimates Tor 1972. N Dividend and yield baaed on proepectna* 
or other offlcisl cstlmntee for 1879. F Dividend and yield 
based 00 prtwrec&B or other official estimate# for 1977. 

Q Grass. T Fig ares ssnuned. U No significant Corporation 
Tax payable. Z Dividend total to date. H Yield based on 
assumption Tteosuiy Bill Rate Mays unchanged until i mi | h|ij 
of stock. . 

Abbreviations- ale:: dividend; box scrip issue; vex rights;* •* * 
all: f ex rapital distribution. 


“ Recent Sssocs ” and “ Rights " Page 42 


This uerviee in available to every C cmpauy dealt In oa 
Stock Exchanges throughout the United Kingdom for a 
fee of £203 per ranra tor each security 


REGIONAL MARKETS 


are as quoted on the Irish exchange. 


Albany Inv. 20p 
Ash Spinning _< 
Bertnm, 


BdgMtnEsLSOp, 

Clover Croft. 

Craig & Rose £ll 

assi'&sgj 

EvanfiFi'kJOp 

Evered 

FJfeJ'owe , 

7 lnlnyPtg,Bp„ 
Gralg Ship. £l_ 
Higsons Brew„. 

LOXLStBL£l_ 
Holt (J 0*0 25p._ 
KTtha Goldsmith 
Pearce(C. E.}_. 

Peel Mills 

Sheffield Brick 


S3 
■ 45 
22 
170 
22 
415 

49 
65 
57 If 
13b 

50 
20 
1M 

S2 

145 

2S2 

55 

130 

19 

48 


-1 


Rheff. ReCrshmr.l 
SinduII 


IRISH 


Ctrav.Ki tjo« 2.| 
Alliance Gw— 
Arooa 


Carroll fPJ.i 

Cloadalktn 

Concrete Prods.. 
HektonOOdgs.) 

Jra.Corp. _ 

Irish Eopoa .-) 

Jacob. 


Sunbeam 

TJLC 

Unidare 


£93 

75 

320 

88 

97 

128 

44 

148s 

123 

65 

32 

190S2 

95 


ii 


3 


+9b 


OPTIONS 
3-montSi Call Rates 



DIAMOND AND PLATINUM 


90 

ifflllXl 


(Angb-AmJav^Dc-. 

BSSBKL-< 

Da4QpcFLBS M _ 


•ff 

338 

£U 

58 

74 



1G2 

M 

10.9 


* 

■t 

399X1 

LW 


Babcock __ 

Barclays Bunk. 
8e«haoi^_ 
Boots Drug 

Bowatera 

BJV.T— 

British Qjygea I 

Brown (JX 

Burton ‘A’ „ 
Cadbcrys—, 
ComtaiUds 

Iwbea2uuns_i 

Distillers 

Dunlop 

Gen. Accident 
Gen.'Ekvtrtc_ 

i Glaxo I 

Grand Set , 

CUS'A- | 

Guardian 

G.K.N 

Hawker Sidd. 
Haute of Prsara. 


JCJ.. 




Imrresk 

KCA 


Latbroks-, 
Legal It Gen. J 
Lex Service—] 
Lloyds Bank.. 
Lots" 


6b 
ia 

9 

10 
25 
33 

15 

16 
24 
6 
20 
13 

5 
IB 
23 
13 

6 

18 

17 
38 
40 
9 

18 
18 

20 (Thorn- 
12 _ 


London Brick. 

Lonrbo 

Lncas latte. - 
LyocsiJ.j— 

“Slomfl" 

pir£c.&S| 
Jutland 

mxu 


Kri. Vea. Bank- 
Do. Warrants: 
PfcODtd. 
Plessey — 
RHU 


RankOxK. A -[ 
Bocdlufi — 
Splliers. 
[Tesco — 


Trust Houses. 


Tube Invest. —1 30 

Unilever « 

Utd. Drapery-, 
Vickers—,. 

Wool v/utbs 


(Frapcxty 
Brit Land 
Cy. Countiea, 


ItfRiiiopUB 
Land Seea— 

MEPC 

Peachey ] 

Samuel Props.. 
Town tCity— 1 

OUa 

Brit Petroleum. 
Bamob Oil—. 
Charter ball 
Shell 


Ultramar- 
Mao 

Charter Con*. 
Cons. Gold 
Rio T. Zinc 


r* 

5 

4 

U 

P» 

10 

2 


22 


A selection of ... 
London Stoe 


fell I 


traded ia'gives on the 
Report pafo 


4 

J. 


V 








FINANCIAL TIMES 

Friday May 5 1978 


j 

B 

e: 

i 

• 1 

i 

;s 

SCOTCH WHISKY 


B 

e : 

i 

• * 

i 

;s 



CHAIRMAN REJECTS INVESTIGATION BY AUDITOR-GENERAL 



may face 



BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


THE POSSIBILITY of a major 
political row developing over 
the Parliamentary accountability 
of the National Enterprise Board 
increased yesterday, when Sir 
Leslie Murphy, the Board's chair- 
man, warned that he could not 
operate effectively if the 
Comptroller and Auditor-General 
investigated his work. 

The issue was raised on Tues- 
day night at a hearing of the 
Commons Public Accounts Com- 
mittee, and last night Conserva- 
tive MP* were forecasting that 
Sir Leslie would come in fur 
lougli quesiioning again at a 
further meeting of the com- 
mittee on Monday. 

The committee wants the 
Auditor-General, who is respon- 
sible for carrying out its 
investigations, to have access to 
the liniiks fir the Board. 

With some £tbn. of public 
funds, l lie Board now accounts 
for about ^!0 companies with 
:snn.i)f)Q employees. But Sir 


Leslie said yesterday that such 
an audit would impair the 
Board's ability to operate com- 
mercially within its dearly 
defined responsibiliteis. 

The issue has developed at a 
politically sensitive time for the 
Board, which has been making 
some progress recently in per- 
.s jading Conservative leaders 
that it should not be abolished 
if the party wins the next 
General Election. 

It coincides with publication 
of the Board's annual report, 
which shows improving results 
for many of its investments 
with an overall pre-tax profit, 
excluding the special problem 
ji'ca of British Leyland, of 
£34.3m. in 1977. 


Detailed 


The report also contains a 
detailed statement of the 
Board's investment and mana- 
gerial policies. 


There is now growing confi- 
dence within the Board about 
its viability, and Sir Leslie is 
specially concerned that differ- 
ences between the policies of 
political parties should not upset 
its operations. 

In his annual report he says 
that “ the lack of consensus be- 
tween the main political parties 

concerning industrial policy may 
have contributed to some extent 
to the puor performance of the 
U.K. in the last 30 years." 

Yesterday, he added that the 
Board was continuing talks 
.started in recent months with 
Conservative leaders in an 
attempt to reach ‘"a consensus" 
on the Board's future. 

The row simmering over the 
ritie of the Auditor-General may 
damage the prospect of such a 
consensus. 

Although bp was careful not 
to threaten to resign over the 
issue, Sir Leslie made it clear 
yesterday when he launched the 


Board's annual report that he 
would have to reconsider his 
position should such an audit 
take place. 


Argument 


I am not going to get into a 
further argument about whether 
our investments or forecasts are 
right," Sir Leslie said. He 
.stressed that he was already 
"completely accountable 1 ' to the 
Secretary for Industry for run- 
ning “ a commercially operated 
company with public money " 
according to guidelines approved 
by Parliament. 

The idea of an investigation 
by the Auditor-General “horri- 
fied " him. Such an investigation 
would require Parliamentary 
approval but, if it were to hap- 
pen, he would find it difficult to 
operate as chairman. 

The general investment policy 
that has been developed by the 
Board since Sir Leslie took over 
as chairman from Lord Ryder 


last summer normally involves 
investments of not less than 
£100.000, according to the annual 
report. Generally the Board 
expects to have an equity stake 
of not less than 20 per cent 
It has "a firm policy of not 
interfering in matters of day- 
to-day management." hut it sets 

up a system of agreed regular 

reporting from the company. 

It also usually requires a five- 
year strategic plan, revised each 
year, and the management to 
appoint one or more directors 
to the company’s Board. 

in some cases it also wants to 
approve certain senior manage- 
ment appointments. 

These criteria, set down for 
the first time in the annual 
report, have emerged in the 
Board's dealings with companies 
as diverse as British Leyland 
and Fairev Engineering. 
Editorial Comment. Page 20: 
Rolls-Royce backed. Page 6; 

NEB holdings. Page 26 


U.S. wholesale price rise 
is biggest for three years 


BY JUREK MARTIN. U.S. EDITOR 


WASHINGTON. May 4. 


U.S. wholesale prices recorded 
I he biggest rise fur well iivei 
three years Iasi month, unce 
a cam hi ch lighting the growing 
national debate over the inlla- 
tmnary threat lo the economy. 

The Producer Price Index for 
Finished Goods — successor to the 
"Ul wholesale price index — rose 
b> 1.3 pci cent, m April. 

This is more than double the 
h.i't per cent, increase of March 
and the biggest monthly increase 
since November. 1974 

Although food was once again 
the major factor, rising by 1.9 
per cent, in the munth.'ihe rate 
»if increase in the prices or other 
gouds doubled tu 1 per cent in 
April. 

The Labour Department look 
the muiMial step of puinting to 
•me specific case, noting that the 
increased price of jewellery 
alone, stemming fruiu ihe surge 
in gulf! prices *u far this year, 
had accounted for 0.3 per cent, 
of the overall rise in the index 
last month. 

i'u»r ihe first four months of 
the year, wholesale prices, as 
measured by ihe new index, have 


heen rising at an annual rate of 
about 10 per cent., clearly a dis- 
turbing level. 

Wall Street was sufficiently 
impressed this morning fur the 
Dow Junes industrial Average tu 
fall by over 10 points in. the first 
hour, though a subsequent rally 
later nearly halved the initial 
loss. 

In a speech lo the National 
Press Club on Tuesday. Mr. 
Charles Schultze, chairman of 
the Council of Economic 
Advisers, said that he thought 
the underlying inflation rate in 
the economy was now running 
in ihe 61-7 per cent, a year range. 

This, because uf rising food 
prices, might get rather worse 
in the short term before settling 
down later in the year. 

He did nut even bint at any 
change in the Administration's 
ami-inilationjry policies and 
argued strongly that the tax cut 
package, which some see as in- 
Halionury, should be retained 
if reasonable economic growth 
was to be achieved. 

He maintained that abandon- 
ing the lax package would have 


only the smallest favourable 
impact on the rate of inflation. 

Tci-day's figures, however, may 
strengthen the position of those 
inside the Administration who 
believe that a more vigorous 
sectoral approach to inflation 
may be called for. 

One such advocate. Mr. Barry 
Bosworth. head of the Council 
nn Wage and Price Stability, said 
earlier this week that corporate 
records would be supoenaed and 
professional fees scrutinised as 
part of the anti-infiationary 
drive. 

He also urged corporate exe- 
cutives to restrict themselves to 
5 per cent, pay increases this 
year. Mr. Bosworth's approach 
may gain some support. 

Mr. G. William Miller, new 
chairman of the Federal Re- 
serve, has already pushed up 
interest rates and called for a 
reduction in the Federal Budget 
deficit. 

He has also urged that the tax 
package implementation be de- 
layed by three months from its 
planned October inception. 

Money supply Page 4 


Union plans anti-EEC move 


BY PAULINE CLARK, LABOUR STAFF 


LEFT-WINGERS in ihe Associa- 
tion of Scientific. Technical and 
.Managerial Staffs plan lu bark 
Labour candidates for the Euro- 
pean Parliament who are in 
sympathy with the union's a nit- 
Common Market policy. 

The plan, set out in a paper 
by ASTMS. is to be put lo the 
union's annual conference iater 
this month. 

The union said yesterday' that 
ii hnpcd in form a Parliamentary 
Gemini Mire in Brussels similar lu 
Ihe union's rum mi lice uf 30 MPs 
at Wt—tmiiisiiT. 

Tlii- union esiahlishes rinse 


cunlaci with lhese MPs. fr mi 
w'huni n seeks representation 
and support on matters closely 
affecting Us members. 

Mr. Rugc-r Lyons. ASTMS 
national niliecr. said last night 
that the MPs who would be put 
up for election by the union 
under the proposals would not 
necessarily be anti-Common 
Market. But the union would 
back those who were opposed to 
any further strengthening of the 
powers of the European Parlia- 
meni. 

The nn nui has made clear its 
anti-EEC policy and its plan to 
back selective candidates is iis 


Exporters to Japan 
have more chances 
now, Fukuda claims 


BY STEWART FLEMING 


NEW YORK, May 4. 


way of making the best of the ! 
situation. 

Mr. Lyons said that the union 
was worried about ibe number 
of directives going through 
Brussels, which closely affected 
union members' livelihoods. 

The union would be in 
Brussels on May 21 to fight 
plans for unifying oil refinery 
policies. 

It was also concerned about 
the imposition by Brussels of 
qualifications required for its 
members working in pharma- 
ceutical laboratories and 
factories. 


Speke offered better pay-offs 


BY ALAN PIKE. LABOUR CORRESPONDENT 


BRITISH I .KYI, AND yest.-rduy 
•dieted re‘ i«tril n'diind.incy term** 
io ihe 3 .*.hh 1 men >vhn will lose 
i heir ji*»k .ii lh«* Speke av-eiiilily 
plain tin- numih. 1ml made them 
i ondi i mnal nn Ihe peaceful 
cbi-nru or Hie f.iciory. 

The company -aid that if there 
i . iippositiuii lu the closure nn 

May “t'». nr in plans lu lransfer 
TK7 production in ih»- Midlands, 
only statutory requirements 
under the Redundancy Payments 
Act and limney in lieu nf notice 
will be paid. 

t'nricr yesiordiij new scheme 
plans fur long-term financial 
support and relocation allow- 
nnci-s will l»e replaced by an 
adduiunul ex-gratia payment of 
12 weeks pay iur all employees. 
Thi-. -ay- Leyland. represents 
an average increase of ahuur 
i'900 

The 1 1 mu ■.•dial ■? reai-limi i>n 
Mitm-v vide la -I nighi was lh.il 


ihe new redundancy terms were 
little I idler than the company's 
original offer. It seems likely 
liiai they will be rejected at 
tn-mnrrott's mass meeting at 
Spoke. 

About 500 workers at Ley. 
lands Longb ridge. Birmingham, 
plain were laid off Iasi night 
because of disputes al the Castle 
Bromwich body plant, where 
4.noo are idle. 

Terry Duds worth adds: Tbe 
group clarified its attitude 
towards political contributions 
and commission payments in a 
statement yesterday which says 
tha i it will nut make payments 
to Government officials and that 
commissions must be “commen- 
surate with the services 
performed." 

Thi*; firm policy guideline, 
given in the 19i< report and 
accounts, follows the “slush 
fund" ruw over alleged commis- 


sion payments last year. 

The commitments, which 
include nbedience to the laws 
and regulations of every country, 
and a ban on political contribu- 
tions. were “ reviewed and 
re-affirmed” last year. 6ays Ihe 
group. 

The accounts, which tlie 
auditors have signed only on 
the basis that “adequate" 
Government finance will be 
made available, show that the 
company paid £110.000 in inin- 
pensation to former directors last 
year. 

it is proposed to confine the 
Leyland name to the trucks 
range and to change the group's 
name to BL Ltd. A new plain 
logo without the Leyland initial 
has been designed for the group. 

Lcyiand's new foundry chief. 
Page B 


MR. TAKEO FUKUDA. the 
Japanese Prime Minister, 
claimed to-day that opportunities 
For exporting to Japan were now 
greatly expanded and that “the 
Japanese market is about as 
open and accessible us the U.S." 

In what was hilled as an 
important foreign policy speech 
in New York. Mr. Fukuda called 
on the Americans to respond to 
the recent lifting of some 
Japanese import restrictions by 
redoubling their efforts to pro- 
mote American exports to Japan. 

He stressed Lhai he counted on 
continuing U.S. leadership in 
areas such as currency stabilisa- 
tion and the efficient utilisation 
of energy resources. 

Mr. Fukuda's remarks con- 
trasted with a lengthy statement 
in the New York Times on Sun- 
day by Mr. Anthony M. Soioman, 
the U.S. Under-Secretary for 
Monetary Affairs at the Treasury. 

Mr. Soioman said: “ In spite of 
the recent pledge by Japan to 
ease import restraints on certain 
products of special interest to 
the U.S.. several restrictions con- 
tinue to limii potential American 
exports to that country” 

He listed these as higher 
Japanese tariffs un manufactured 
goods, high protective tariffs nn 
such item.* as computer equip- 
ment and sirici Government 
procuremeni rules. 

Mr. Fukuda'.- remarks to-dav 
underlined the modes! progress 
made yesterday in bis talks with 
President Carter in Washington. 

Mr. Carter commented sub- 
sequently that the talks had gone 
well. However, while it was clear 
that the discussions were less 
abrasive than earlier sessions, 
neither side was completely 
satisfied with ihe outcome. 

Mr. Fukuda reiterated to-day 


the Japanese commitment to a 
target of 7 per cent, real growth 
this year, which he said was ** far 
higher than the growth target 
of any other developed 

economy." 

Tbe .Japanese Prime Minister 
announced that his country would 
aim to douhle its aid to develop- 
ing countries in three years 
instead of the five originally 
planned. It wouid also improve 
further the terms and conditions 
of this aid. 

Mr. Fukuda placed consider- 
able emphasis on the steps Japan 
had already taken to contribute 
to world economic stability. 

“Japan's contributions include 
the effort to expand domestic 
demand by speeding uur econo- 
mic recovery and thus indirectly 
to buoy up the world economy. 
Despite obvious difficulties we 
have adopted a highly stimula- 
tory national Budget depending 
as much as one third on a bond- 
financed deficit." 

He stressed the importance of 
Japanese-US. co-operation, which 
be said was virtually a precon- 
dition for the success of the 
multilateral trade negotiations 
3nd the July economic summit. 

Underlining ihis view he 
called for new initiatives in the 
area of science and technology 
3nd outlined specific proposals 
he had put to President Carter. 

He said he had suggested that 
Japan and ihe U.S. should estab- 
lish a joint rund for the advunce- 
mem of science and technology 
io serve as a framework for 
international co-operation in 
these areas. 

He suggested "nuclear fusion 
and solar energy as particularly 
useful areas for joint research 
and development, since both are 
considered to be ultimate energy 
sources for the future." 


THE LEX COLUMN 


Ending the MLR 


v 

- 


uncertainty 


•■ii 


Money Market opinion last 
night was tending to settle 
around 9 per cent, as the right 
level for Minimum Lending 
Rate. Arguably, this is a littie 
higher than is really justified, 
but tbe discount houses never 
like to do things by halves, pre- 
ferring to hoist rares to a level 
from which they are at least as 
likely to fali as to rise still 
further. In the interests of sell- 
ing gilts, too. the Government 
will be seeking to establish that 
rates have reached at least a 
near term peak, and a new short 
tap is likely to make an early 
appearance to confirm the new 
yield levels. But it could be 
that the authorities will wait for 
calmer conditions (on Monday, 
say) rather than rush out a tap 
this afternoon. 

If MLR moves as expected it 
will be an unequivocally 
favourable development for the 
Stock Market. Much better an 
adjustment now than that the 
market should have to live with 
the fear of a sharper rise in the 
autumn, perhaps after an elec- 
tion. The contrast with the 6J 
per cent. MLR ruling before the 
Budget underlines, however, the 
financial risks which the Gov- 
ernment has been taking. The 
crucial question now is whether 
the trade figures will show an 
improvement. 


^ b e ar ound £17m.. putting the 
_ , An a c. shares on an undemanding 

index rose — to 4 / 4.0 prospective D/e of just under 

12 . 


.1 i 
ii i 


Nat. & Commercial 




ST 

RATE OF MSCOOfT 

8*. 

k _ 


ELIGIBLE M 


BANK /f 

7' 

_ BBLLS^A^ - 


Jmsji f 

6^ 



TREASURY 


«. - bills , 


JAN FEB MAR APR MAY 


prospects for 1978-79 encourage 
hopes of progress here, however, 
and the betting side also has 
scope for recovery after a poor 
second half. So with Sears cap- 
able of producing over £S0m. 
pre-tax this year the shares look 
sound value un a fully taxed 
historic p/e uf 11. 


Sears Holdings 

Shares of Sears Holdings rose 
5p last night to a five-year high 
of 71ip, though in fact pre-tax 
protits of £65.5m. (up from 
£42.5ra.) do not appear to be 
greatly in advance of recent 
expectations. A major factor 
was the loss elimination in the 
U.S. after the disposal of the 
Highlander knitwear business: 
the remaining U.S. interests 
produced a second half trading 
profit, and the overall loss 
reduction for the year was 
£8.4m. (the residual loss of 
£1.26ra. should be turned into a 
profit of £2m. or so this year). 
And in the UJC. the footwear 
division scored a one-third 
second half advance thanks to 
favourable (that is. bad) 
autumn and winter weather and 
signs of better consumer 
demand for the lower priced 
items. Experience elsewhere in 
U.K. retailing was mixed, ln»w- 
ever. Selfridges advanced from 
trading profits of £ 10.5m. to 
£13m„ but even here trade 
slowed after the tourists left in 
October, and the provincial 
Lewis's chain suffered a setback 
from £3.5m. to £2m. 

Better consumer spending 


Mothercare 

Mothercare yesterday joined 
the band of retailers tor whom 
the past year's trading has not 
lived up to most expectations. 
Analvsts had hoped for profits 
as high as £15m. pre-tax, but 
the best Mothercare could pro- 
duce was a 16 per cent, improve- 
ment at £13.9ni.. alter tbe 26 
per cent half-way increase. A 
sharp fall off in investment 
income from £832,000 to 
£297,000. adverse exchange dif- 
ferences uf £212.000, stock mark- 
downs— up 100 per cent, at a 
cost of £1.6m. — and U.S. Insses 
uf £281,000 are the main factors 
here. 

In the /U.K., however, 
Mothercare is still showing use- 
ful volume growth. Of the 26 
per cent. Increase in U.K. sales 
to £S8.7ra. the company says 
existing space accounted for 8.7 
per cent- additional volume, 
with must of this coming from 
the increasingly popular 5-to-10 
range. New space brought in a 
further 2.3 per cent., while 
price rises were just over 15 
per cent. Europe showed good 
progress, though currency move- 
ments mean profits are un- 
changed at £ 1 in. But in the 
U.S. things have not been easy 
and Mothercare now talks of 
1930 before breaking even. 
Still, current year profits should 


A mere 15 per cent, drop 
in National and Commercial 
Banking Group’s interim pce- 
tax profits to £26.3ni. is no mean 
feat given that the group’s 
average base rate slumped from 
13.02 per cent, to 6.56 per cent, 
that there was only a fractional 
improvement in margins and 
lending remained sluggish. 
However, the shares closed 
unchanged at 75p where they 
yield 5.3 per cent. 

At the operating level profits 
were over a fifth lower and had 
it not been for an extra Xlm. 
from the associates, principally, 
Finance for Industry and Lloyds 
and Scottish, the out-turn at 
the pre-tax level would, have 
been less impressive. The 
adverse impact of lower interest 
rates was obviously offset to 
some extent by the 30 per cent, 
or so increase in commissions 
and fees in 1977. But this is 
not going to be repeated this 
year, and in the absence uf a 
sustained upturn in bank lend- 
ing it looks as though the 
group's overall profits will he 
of the order of £6<)m. t against 
last year's £64. Ini.) even after 
base rates are jacked un next 
week. 


k..* 

lit 


!!•)(- 


Ill ^ 


UDS 


Profits from UDS rose by £3m. 
to £19.2m. in 1977-7S and the 
previous ' peak of £25.7m. 
(reached in 1974-75) could well 
be passed this year. Production 
of men's suits is now in balance 
with the group's retail require- 
ments — it retains only two fac- 
tories. compared with seven a 
few years ago — and menswear 
sales have been rising by over a 
fifth in recent weeks. With an 
improving trend in women's 
clothing and a turn round ul 
about £lm. likely lo follow fror 
the run-down of Swears ai. 
Weils, profits from the multiple 
shop division should be signifi- 
cantly ahead of last year's re- 
turn of very roughly £8§m. 

Sales are also picking up fast 
in the department stores, which 
made profits of about I7m. last 
time. They could be up by about 
a quarter so far this year. 

However, recover)' hopes are 
already in the share price at 
92 p. Anxious to rebuild its divi- 
dend cover of 1.7 times. UDS- 
has only put the net payment 
up by .6 per cent., leaving a 
yield of 8.7 per cent, and a fully 
taxed p/e of over 14. 


British Rail ‘needs 
to replace assets’ 


Weather 


BY IAN HARGREAVES AND PAUL TAYLOR 


BRITISH RAIL is running into 
a serious problem of aset replace- 
ment and will need to increase 
investment by 30 per cent, a 
year in the decade from 1981, 
Mr. Peter Parker, the railways 
chairman, said yesterday. 

This was the long-term chal- 
lenge facing Government and 
the industry, be said, presenting 
an annual report which showed 
better results for most uf 
British Rail's activities. 

The passenger side uf the 
railways saw a 3 per cent, in- 
crease in traffic last year, while 
rail freight, despite slightly 
reduced volume, cut its operat- 
ing loss from £27.5m. in 1976 
to £5.5m. 

Overall British Hail returned 
a net operating surplus, after 
grants, of £27m.. against £5.3m. 
a year before. Turnover as a 


whole was up by 16 per cent, 
at El.Tbn. 

Mr. Parker said that the 
longer investment was frozeo at 
about £2$0m. a year, the steeper 
would be the climb to catch up 
on arreas of maintenance. Over 
75 per cent, of diesel and 
electric multiple unit trains, tbe 
work -horses oF non -express 
services, are over 16 years old. 

On fares, Mr. Parker said 
there would be an autumn 
review and this is thought likely 
to lead to a January increase. 

Whether London commuters 
will face higfaer-than-average in- 
creases again next year remains 
unresolved, though indications 
vesterday were that British Rail 
still insists that the Government 
pay extra grant to cover any 
artificial ceiling on these fares. 

Details of- report. Page 7 

Editorial Comment Page 20 


Kattersley criticised 
over 1975 ‘cod war’ 


Rhodesia peace hid to continue 


U.K. TO-DAY 
SOME rain in most areas. 

London, E. Anglia, SJE.. Cent. S. 
England, Midlands. Channel Isles 
Outbreaks of thundery rain. 
Max. 16C (H1F J. 

L., N.E.. Cenl. N. England 
Showers. Max. 13C (55F)— 

W. Midlands, S.W. England, 
S. Wales 

Bright intervals, showers. Max. 
14C l57F). 

N. Wales, N.W. England, Isle of 
Han, S-W. Scotland 
Mostly dry, bright intervals. 
Max. 12C (54FJ. 

Borders. Edinburgh, Dundee, 
Aberdeen, Glasgow, Cent High- 
lands. Moray Firth, NJE. Scotland, 
Orkney, Shetland 
Outbreaks oF rain, brighter 
later.. Max. SC-10C (46F-50F). 

Outlook: Becoming mainly dry 
In W. Further rain in E. Gener- 
ally rather cold. 


BUSINESS CENTRES 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


BY CHRISTOPHER PARKES 


IUR. ROY HATTERS LEY. tbe 
Prices Secretary, was given a 
public ticking-off by an all-party 
Commons, committee yesterday 
f«r his handling «f the 1975 "cod 
war" with Iceland, when he was 
a junior Minister at the Foreign 
Office. In a report an the decline 
uf ihe fishing industry, the 
Commons Expenditure Com- 
mittee also accuse* the Foreign 
Office in general uf having been 
“ unaware" uf the importance »f 
the fishing industry tu Brii.iin. 

The Common Markei's fishing 
policy ciimes under lire. ton. 
while the (Invcriuiicni's stub- 
bornness in the present attempt* 
to revise it are singled uut fur 


praise. 

The report says that Mr. 
Kattersley did not take enough 
account of evidence which 
showed Icelandic fish stocks fall- 
ing to dangerous levels. 

Had Ik* paid closer attention 
“ he wouid surely have accepted 
the need fur a heavy cutback in 
the British fishing effort in 
Icelandic waters and could have 
negotiated accordingly." 

This would have avoided at 
least in part, the " iraumaucally 
sudden loss of access lu fishing 
grounds " suffered by the trawler 
Heels of Fleet v:rw id. Grimsby and 
Hull. 

Fish deal with Norway, Page 41 


THE BRITISH anil American 
Governments are to 'continue 
with their efforts to convene 
a round-table conference on 
Rhodesia by sending what 
would appear to be a semi- 
permanent mission of officials 
to Africa to negotiate with the 
warring parties in the Rhode- 
sian dispute. 

Dr. David Owen, the Foreign 
Secretary, told the Commons 
yesterday that if the U.K. and 
the U.S. gave up lhelr efforts 
to negotiate a .settlement in 
Rhodesia. there might even he 
a civil war between black 
nationalist groups. 

Despite the continuing oppo- 
sition of most of i he Rhodesian 
parties to the idea of a round- 
table conference. Dr. Owen 
said that Air, John Graham, 


deputy Under-Secretary ai Ihe 
Foreign Office, and Mr. Stephen 
Low, U.S. Ambassador to 
Zambia, would stay on (heir 
new African mission “ for as 
long as is necessary " to carry 
oaf the preparatory work for 
round-table talks. 

These talks, which should be 
held “at the earliest possible 
moment," would be attended 
by all the parties concerned, 
by Dr. Owen and by Mr. Cyrus 
Vance, the UJ5. Secretary of 
State. 

Warning or the dangers of 
a rapid worsening in the 
“bloody" war in Rhodesia, 
Dr. Owen endeavoured to ut 
a brave face on (lie prospects 
for an ultimate agreement. 

There was now more com- 
mon ground, he believed, 
between the signatories to the 


internal settlement and the 
externally-based Patriotic 
From alliance. 

These included the recogni- 
tion uf the need for the Inte- 
gration of the guerrilla forces 
Id a new Zimbabwe army, 
some areas of agreement on a 
governing council during the 
transition to independence and 
the greater possibility of agree- 
ment to a UN presenee In 
Rhodesia during that transition. 

However, Trom the tenor of 
hLs remarks yesterday, it was 
clear that Dr. Owen now 
recognises that earlier Anglo- 
American hopes of convening 
a conference within weeks 
cannot now be realised. 

Inside Rhodesia's guerrilla- 
land, Page 20: Parliament, 
Page 9 


Vdjy 

mid-day 

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61 





by 


'far,- 


CRUSADER 


Who are pleased to announce 
their new U.K. contracts. 

. Caisader administer a large 
portfolio of U.K. and overseas 
group employee benefit schemes 
using an efficient computerised 
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HOLIDAY RESORTS 


Ajaccio 
Aiders 
Biamrz 
Black pool 
Bordeaux 
Boulogne 
Caa-ibliH-a, C 
Towtt S 


Corfu 
Dubrovnik 
Haro 
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fruemsey 
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lfi fll [Timis 
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in .'41 1 


5 
F 
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17 63 
20 68 
13 H 


lfi 61 
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M 

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S 17 63 

s n 7« 

H B 4*i 
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aP 


S— Sunny. F— Pair. C— Cloudy. H— Raju. 


For full particulars write lo: 

I 1 

Douglas W. Scott Manager, Group Sales & Service Department 
• Crusader Insurance Co. Ltd., Vincula House, Tower Place, 

| London EC3P 3BE 

j / am interested in the following Crusader Booklet (•S as reqd). 

Companies »ilh 5-50 employees Q 
1 Companies with over 50 employees Q 


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Name. 


| Address. 


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FT 



A member rt in* Bwwj ijrcue J 


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