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COME FLEET 


I Cars, Vans, Trucks, ' 
Contract Hire 
Finance : Nationwide 



COW1E FLEET DIVISION 

mad Office: 

c.jw L nLiS D .tl9 USEHYt - T0N Road 

SUNDERLAND SRd 7 ha 

TEL SUNOCTtAWD70«1. TELEX: 537MS 


No. 27,554 


Tuesday May 9 1978 


«&r 



BEARINGS 
m FROM 
“ POLAND 


FLT & METALS LTD. Trt. (01)-568 5125/S 


CONTINENTAL SELLING PRICE: AUSTRIA Seh.15: BELGIUM Fr^Sj DENMARK Kr.3.5; FRANCE Fr.3.0,- GERMANY DM2.0! ITALY L-500; NETHERLANDS Fl.l-Oj NORWAY KrJJ; PORTUGAL E*2D: SPAIN Ptaj.40: SWEDEN Kr.325; SWITZERLAND Fr.2.0: EIRE ISp 


NEWS SI MM \ rv 



1 W-II..J 

m .r.,,,, ; 


' 1 'v 

; ' " ;i. 






■= 




BUSINESS 


'• !|H 

. :,:: N 


Government loses 

GENERAL BUSINESS 

Norfolk Gats and as Opposition join 

sIick S 168 forces on tax cuts 


WHOLESALE PRICES 
(1970-100) 


slick 

inquiries 

ordered 


Hundreds of tons- of oil were 
being washed on to Norfolk 
beaches last night as anti-pollu- 
tion vessels continued to spray 
dispersants on to the slick 
coming from the Greek tanker 
EHni V. 

The French and Greek 
Governments have ordered in- 
quiries into the collision between 
the tanker and the French 
merchant vessel Roseline. 

The tanker was carrying 16.800 
tons of heavy fuel oil when it 
was sliced in two on collision 
with the Roseline. The after- 
section of the tanker, contain- 
ing about 75 per cent, of the 
oil. has been towed to Holland. 

Most of the pollution is coming 
from the forward section which 
was carrying about 4,000 tons 
of oil.. . About 1,000 ions have 
escaped so far. Back Page 

Namibia talks 

SWAPO leaders refused to take 
part m a new -round of UN dis- 
cussions on tbe Namibia settle- 
ment plan. SWAPO announced 
an hour before the talks were 
due to resume that its negotia- 
tors had been recalled to Lusaka. 
A statement said that the deci- 
sion was taken because of South 
Africa’s * air and ground mili- 
tary invasion'* of Angola. Back 
Tage' 

Propaganda row 

Alleged clandestine propaganda 
activities are expected to pro- 
voke a major row in the South 
African Parliament to-day.- Dr. 
Connie Mulder. Information 
Minister, wilt have to defend the 
activities ol his department fol- 
lowing a disclosure by Dr. Eschct 
R hoodie, foformaLion Secretary, 
that he has operated a serrel 
fund tot international opera- 
tions 'without Parliamentary 
approval.. Page 4 

Coalition threat 

Israel’s Democratic Movement 
for Change is threatened with a 
spjjl over demands that it with- 
draws from Mr. Benin's coalition 
Government. Deputy Premier 
Yigael Yudin. the DMC leader, 
has said he will fight those call- 
ing for his resignation because 
of his support for the Govern- 
ment’s hard-line foreign policy. 
Page 3 

Wiifdscafe report 

The Government has formally 
accepted all the. recommenda- 
tions of tbe. Parker report on 
Windscale, in preparation for 
Monday's debate, on, its special 
development order authorising 
the XSDOin. nuclear fuel project. 
Page. 8 

Seychelles ‘plot* 

Some members of the Kenyan 
Government had been involved 
in a plot to invade the Sey- 
i-heJles, Mr. Ogilvy Berlouis, 
Seychelles Interior Minister, 
alleged. He claimed that the 
invasion was to have been carried 
i ml last week by mercenaries 
sailing from Kenya and Somalia. 

Volcano risk 

Red hot lava poured down from 
the crater of Mayon volcano in 
the Philippines. Thousands of 
villagers arc ready to evacuate 
if church bells signal a major 
eruption. 

Briefly . - - 

Newsagents federation asked the 
Government to outlaw unofficial 
union action which disrupts news- 
paper production or distribution. 
Page 9 

Three white men Were remanded 
in custody arter being charged 
with attempted murder in 
Wolverhampton of a group of 
West Indians. 

The Provisional IRA warned that 
n would continue its, terrorist 
activities.-, for another ifta years 
if necessary, until Britain with- 
drew from Northern Ireland. 

Malaysia’s Information Minister 
has, banned tight pants and other 
■■indecent clothes" in television 
shows by local .artists- 


equities 

drift; 

£ lower 


• EQUITIES drifted, with tbe 
FT 30-Share Index, up 1.9 at 
11 ajn., dosing 1.4 lower at 
480.1. A 2.3 per cent, rise in 
the Oils sector left the All-Share 
Index np 0.3 per cent, at 217.03. 

• GILTS were easier with losses 
of l in longs. Government 
Securities Index slipped 0.30 to 
71.43. 

• STERLING tost 95 points to 
$1.8180 and its trade-weighted 
index declined to 6L3 (6L5). 

7Z1 STERLING 

V96i 1 — r — = 1 


_ £ AGAINST _ 
THE DOLLAR 



Output 

Raw 


(Home Sales) 

Materials 

1977 1st 

248 JB 

3413 

2nd 

259.2 

347.7 

3rd 

267.7 

3403 

4th 

272.1 

3303 

1978 1st 

278.9* 

326.7* 

1977 Oct. 

27 1A 

3328 

Nov. 

272.0 

329.9 

Dec. 

2723 

3283) 

1978 Jan. 

271.1 

324.9 

Feb. 

279J2 

3242 

March 

280^ i 

330.9* 

April 

2826' 

3372* 


Manufacturing ] 

Wholesale Prices , 


IHMt-KWfTH 
RATES OF CHANGE 


j««- 0*P< tJ foje-.lly 


2 


Provisional 

Source: Deportment of Indmtrv 


r [j Rdtfw MalcikiK 

4,1 ■ Mjiurf.iclurer*' 

J- ■ HonK- Prices 

6 - J Vn l A l h L 7 1 T L ^ ~V^ J IfVjVuY" 

1977 ©78 


BY RICHARD EVANS. LOBBY EDITOR 


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QEC JAW FEB MAB APR MAY 

The dollar's weighted average 
depredation narrowed to 5.11 
(5.20) per cenL 

• GOLD lost 51 to $1+21 in 
London. The New York May 
Comex settlement price was 
$172 (5173^0). 

• WALL STREET Tell 4.5.1 to 
S24.58 on interest rate fears. 

• U.S. TREASURY Bill rates: 
Threes 6.464 (6.46) per cenL; 
Sixes 6.9S6 (6.835) per cent. ’ 

IMF appeal to 
borrowers 

• INTERNATIONAL MONET- 
ARY Fund wants countries 
running into balance of payments 
problems lu approach ii for help 
earlier than they are doing ai 
present. Back and Page 32; 
Editorial Comment. Page IS 

• PORTUGAL’S tending rale has 
been raised to IS (13i per cent, 
as pari or ihe credit squeeze 
agreed with the IMF. Page 2 

• UA BALANCE of payments 
deficit last year amounted to 
$36.5bn, t says the IMF. Page 4 

• AUEW conference rejected 
any attempt by the Government 
to interfere with, close or run 
down British Leyiand. Back Page 

• ICI will face a union demand 
to recruit a set proportion of 
unemployed school-leavers into 
its white collar ranks when pay 
negotiations begin this month. 
Back Page 

■ OIL-EXPORTING countries 
borrowed as much last year from 
international banks as the «**- 
developed countries, while tiieir 
deposits with international ban** 
grew only slightly faster. Page 33 

• CB1 is expected to Tecommcud 
that companies should make it 
easier for workers to become 
MPs by promising to re-employ 
them and protecting tiieir pen- 
sion rights. Page 7 

• FRIGG' FIELD, which will be 
the mainstay of U.K. gas supplies 
from the North Sea for the next 
20 years, was opened by King 
Olav of Norway. Page 6 

• SHOE IMPORTS from South 
Korea rose by 167 per cent ,.m 
ihe first quarter, says the British 
Footwear Manufacturers' Federa- 
tion. Page 7 

• WHEAL JANE tin mine pro- 
duction ended yesterday. Pasc e 

• MOTORCYCLE sales were 12 
per cent, higher last month titan 
in April. 1977, the first indica- 
tion of a revival in the U.h- 
market for about a year. Page o 

• COMMERCIAL UNION is in- 
creasing motor premiums by 16 
per cent, on June 1, Results, 
page 29; Lex 


AX AMENDMENT cutting the 
-standard rale of income tax by 
Ip to 33p was accepted in the 
Commons last night when all 
Opposition parties combined to 
defat the Government. 

The amendment was passed 
by 312 votes to 304 alter the 
seven United Ulster Unionist 
jlPs decided to support the Con- 
servatives. Liberals and Nationa- 
lists in calling for tbe reduction. 

The cost of the Tory and 
Liberal amendment to the 
Finance Bill, strongly opposed in 
the Commons by Mr. Denis 
Healey. Chancellor of the 
Exchequer, would be £340m. this 
year and £370m. in a full year. 

The impression given by Mr. 
Healey before the division was 
that he would study the effects 
of Finance Bill reverses — there 
could be more to-morrow — on the 
public sector borrowing require- 
ment before reaching a decision 
on how to make up anv shortfall. 

He hinted that a strong 
candidate would be an increase 
in the employers' National 
Insurance contribution, despite 
the effect this might have on 
employment. 

He clearly rejected the Con- 
servative suggestion to stan- 
dardise value-added tax at 10 
per cent, because of the effect 
I this would have on the retail 
1 price index and on inflation, 
j What seems certain is that 
Idefeais in the Committee Stage 
I of the Finance Bill, however 


wounding, will not precipitate an 
immediate General Election. Mr. 
James Callaghan is determined 
to complete the session, and 
would have Liberal support in 
any motion of no confidence. 

However, for the first time Mr. 
Healey spoke without 
qualification of this being an 
election year. He went out of 
bis way to accuse the Tories of 
blatant electioneering by going 
for the nominal reduction in 
standard rate. 

The unexpected decision of the 
Unionist MPs shows that Mr. 
Enoch Powell and bis colleagues 
are by no means the prospective 
Parliamentary partners that Mr. 
Callaghan had hoped might take 
the place of the Liberals, should 
he decide to postpone a General 
Election until next year. 

The majority of Ulster MPs 
see no particular advantage in 
maintaining Mr. Callaghan’s 
minority administration in office, 
since Minisetrs have shown no 
iclinatio toward restoring self- 
government to Northern Ireland. 

Mr. Powell said that his 
colleagues would vote against 
the Government on political 
rather than economic grounds, 
and hinted that there might he 
a change of attitude if Ministers 
could give a pledge on future 
intentions toward restoring 
democratic local government in 
Ulster. 

•* We feel that our duty at this 


point, in our circumstances, is 
clear, and there wilt he no 
derogation of economic or 
political responsibility when we 
vote against the Government,” 
he declared. 

Mr. Healey accused the Tories 
of irresponsibility, and said a cut 
of lp in the basic rate of income- 
tax could not for administrative 
reasons take effect until the late 
autumn at the earliest. Thus a 
tax cut would involve payment 
of over six months' tax rebate 
in October or November, and 
would have two economic 
consequences. 

First, there would be a sudden 
increase in purchasing power and 
a demand for resources at a time 
when the U.K. economy might 
already be growing at a rate 
close to capacity, su that imports i 
would be sucked in. 

Second, there would be a large : 
increase in the Government’s 
borrowing needs with immediate I 
effect on the growth of the 
money supply and on the PSBR. I 

He said the Government would i 
watch the situation closely ini 
the coming months, and monitor 
movement of public-sector bor-l 
rowing requirement continuously 
to see if it was likely to exceed 
£8fibn. 

•if it seems likely to do so 
the Government will take the 
necessary steps to correct it" 
Parliament Page 8 


Raw material 
costs jump 
as £ falls 


Saudi Arabia may back 
nominal oil price rise 


BY RICHARD JOHNS 

SAUDI ARABIA will, it is 
understood consider a nominal 
increase in the oil price at next 
month’s conference of the 
Organisation of Petroleum 
Exporting Countries. 

At the end of the informal 
OPEC ministerial conference 
Sheikh Ahmed Eaki Yaraani. 
Saudi minister of oil, did not 
concede as much— indeed, he 
raised the question as to when 
market conditions would allow 
any rise in *real terms. How- 
ever. there appears to be more 
flexibility in the Saudi position 
than its public stance would 
suggest. . j 

Having proved its decisive 
strength at the Caracas meeting 
last December and at Doha a 
year earlier, Saudi Arabia does 
not want to jeopardise the spirit 
of co-operation which has been 
restored at the “ informal ” con- 
ference held here over the week- 
end to discuss longer-term pric- 
ing and production strategy. 

Moreover, the kingdom may 


feel some concession is neces- 
sary to satisfy hard-line member 
stales 'such .as Iraq. Libya and 
Algeria, which feel bitterly 
aggrieved by the erosiion of 
their purchasing power from 
petroleum revenue because of 
the dollar's depreciation. 

Tbe economic department of 
OPEC's secretariat has cal- 
culated the fall in the value of 
members' dollar trade weightea 
earnings from the beginning of 
1977 twhen the last across the 
board rise took place) urftil 
April of this year at 18 per cent. 

In a speech just over two 
weeks ago Crown Prince Fahd 
re-stated Saudi opposition to 
“ excessive increases." These, he 
said, were against the country's 
own interests but also involved 
taking "risks with regard to our 
friends in OPEC." 

In an interview with the 
Beirut daily Ai Bayraq this 
week-end. he expressed the 
Kingdom's confidence in the 
dollar, but be added: “Saudi 


TA1F, May $. 

Arabia's commitment to the 
dollar means that any compensa- 
tion would 'have to be In the 
form of a percentage 'increase." 

Publicly, however. Sheikh 
Yamani was still predicting 
yesterday that there would be 
nn rise in oil prices this year 
but acknowledged that some 
countries were “ asking for that 
and will keep asking when we 
meet in Geneva." 

A Ministerial committee of the 
six most Important members of 
OPEC to study pricing and pro- 
duction strategy for the future 
has been established. 

Heads of delegations of Saudi 
Arabia. Iran. Venezuela. Iraq, 
Kuwait, and Algeria are expected 
to meet before the Geneva con- 
ference. Sheikh Yamani believes 
that they will be in a position 
to submit recommendations in 
about a year when, it is hoped, 
the oil glut wifi be over and 
demand will have picked up. 

Men and Matters Page 18 


BY MICHAEL BLANDEN 

THE CONTINUED fall JR the 
value of the pound in the 
foreign exchange markets brought 
another sharp jump in the cost 
of industry's raw materials and 
fuel last month. 

The rise will work through to 
the retail price level in coming 
months and could make it diffi- 
cult to hold down the inflation 
rate during ihe early pari of next 
year. 

However, the overall trend of 
output factory gate prices 
charged by manufacturing indus- 
try is expected to remain favour- 
able for some time to comp. 

Officials remain confident that 
the Chancellor's Budget forecast 
of a drop in the year-on-year 
rate of retail price inflation to 
7 per cent by early summer will 
bold. 

The increase in output prices 
Jast month, at about 3 per cent, 
to an index figure of 2S2.6 
1 1970= 100). was rather more 
than the I per cent, recorded in 
March. 

Nevertheless, the year-on-year 
rate of rise in this index again 
dropped from 31} per cent, in 
March to 10? per cenL. and is 
expected to decline further into 
’single figures. 

The underlying trend, in- 
dicated by the increase over the 
last six months, remained at a 
low level of about 81 per cent, 
a year for the fifth month run- 
ning. 


material costs even in April were 
still 31 per cent, lower than a 
year earlier. 

Bui the »h:irp revcr-jil of the 
downward trend in the past two 
months makes the medium-term 
outlook for prices more uncertain, 
particularly if sterling continue.- 
to experience the recent 
pressures. 

It takes up to nine mouths or 
more for changes in the cost of 
raw materials to work through 
fully to ihe retail price level, 
though ihe reeenl rise could 
begin to he reflected in factory 
ante prices during the autumn. 


Continued 


Increase 


The trend of raw- material 
costs is more worrying- Last 
month, the figure rose by - per 
cent to 337— 1 1970 = 100). brinu- 
ing the increase in the past two 
months to 4 per cent. 

I The country is still gelling the 
benefit of tbe favourable trend 
Iwbicb. with the help of last 
year's strength of sterling, 
brought the input price index 
down by nearly 7i per cent. 
I between April last year and 
February. 

As a result, industry's raw 


Yesterday, the pound continued 
to slip against the dollar, ending 
with a loss of 95 points sit S1.81S0. 

The Industry Department 
made it dear yesterday inal the 
jump in the raw materials index 
was mainly the result of the 
decline in sterling, in a month 
when changes in the general 
level of commodity prices made 
little impact. 

Leaving aside the materials 
bought by the food, drink Mid 
tobacco industries, materials 
purchased by the rest, or manu- 
facturing industry also r*»&e in 
price by 1* per cent. Nearly half 
uf the increase was accounted 
for by crude oil. 

At the factory gale !e\el, 
prices charged for manuf jriu.’cd 
goods other than food, drink and 
tobacco also showed an inwase 
in lino with manufacturing 
industry as a whole at 1 per 
cent. This was the result nf rises 
spread across most sectors. 

■ In the food sector, howvvor. 
there was a rise of J per c?«J in 
ihP output price index in April, 
half of it accounted for by 
higher prices for bread. 

Raw material costs for fund 
manufacturers rose by 1 per 
com., mainly as a result of 
higher prices for home-produced 
cereals and imported oils mid 
oilseeds. 

Editorial Comment, Page 18 


Banks 
to ease 
ship 
loans 


By Lynton McLain, 

Industrial Staff 

THE I'LE-MUMi h.ink< h.»\e 
agreed in ease loan repayments 
by British shipowner- m art 
| a ll cm pi to help ilium ilinn;li 
liio world shipping reve-sinn 

According to innie.- annnitmed 
>csierd;i.\ li.v Mr. Edmund Dell. 
Trade Secretary, there i> t*» he 
a three-year moratorium on 
capital repayment- tor part «£ 
the llRSOm. of hunk loan.- to the 
industry outstanding under .-ee- 
tiun 10 of the Industry Act 197", 
Interest will continue pi hi. - pant. 

Must of the loans which will 
he eligible for deferred repay* 
j merit have been taken hv mh:i !1 
; companies operating n amp- 
vessels. 

Under -eetion Hi. the Secre- 
tary of Stale may. with the 
consent of the Treasurj, guaran- 
tee payment to llic kink*, or 
loans for building ship.- in 
Britain. More than ilOUin wj- 
duc fur repayment In the banks 
this year. 

The Grncril t’omu-il uf Bnfi-h 
Shipping welcomed the .immune 
mcni. 

Mr. Peter Walter.-, council 
president, said ta-t night: "The 
new arrangement- will help 
hanks treat shipping loan., like 
other loans, extending the tune 
of repayment when the company 
involved is **niiml ami well- 
managed with -good modem 
tunnageand a good future.’’ 

The plan is designed in help 
companies which hate short- 
term cash flow prohlems eau-erl 
by the world recession. The 
Government. through the 
Industry Act. has extended the 
maximum repayment time (lut- 
ing which it will guarantee the 
loans from seven years in 10. 

The maximum credit remains 
nl 70 per cent, of the ship enn- 
inict and the interest on which 
payment may not be del erred 
remains at 7|. per cent. 

The scheme is oirered with 
several conditions. In practice 
] it is likely to he nf use In only 
a small number of tramp ship 
owners. • Applicants must show 
that they have no recourse to 
alternate e sources nf finance, 
such as further hank loans nr 
cash injections from largo parent 
companies. 

Interest will stilt have to ho 
paid, and in every case normal 
repayments will start again hy 
June 30. 1982. hy which tint? 
the Government expect- the 
| shipping recession to he over. 

Lex. Back Page 


£ in New York 


I'li i yj* j 


S-M -l.-.Vr-kr-’i 

I in.HUh 0.“ 1 e..-b <li- i'..*£ kV*- m:* 
iimnihc l.'.'S l.le .li* I. ^ 1.: ','i* 
12 ii i ■ ■■ 1 1 1 1 - .a- - I.V I 1 -’ a.* 


£23m. bid for Pork Farms 


BY JAMES BARTHOLOMEW 

NORTHERN FOODS yesterday 
announced a £23m. bid for Pork 
Farms, the pork pies and 
sausages company. The offer is 
worth £20m. more than khe net 
tangible assets of Pork Farms 
at the time of the latest pub- 
lished balance sheet of February 
26, 1977. . 

Mr. Nicholas Horsley, chair- 
man of Northern Foods, said 
that he wanted Pork Farms 
becaiise it was “the Rolls-Royce 
of the meat, manufacturing 
industry.” He had known the 
company for more than five 
years and admired its outstand- 
ing progress.. Pork Farms' pre- 
tax profit had jumped from 
£278,000 in 1970-71 to an esti- 
mated £2.9m. for 1977-78. 

He acknowledged lhat he was 
paying a great deal of “good- 
will” the difference between the 
price paid and the net tangible 


assets, but the earnings made on 
those assets were the important 
thine. 

Mr. Horsley claimed that the 
two businesses have a lot in 
common, both dealing in cooled 
food with a short shelf life. 
Northern Foods is a dairy com- 
pany. with interests in milling, 
cakes and brewing. Both com- 

Ncws Analysis Page 37 
Lex Back Page 

panics suppfv Marks and 

Spencer and Sainsbury’s. 

Few claims are made that the 
merger offers operating advan- 
tages although Pork Farms 
could use Northern Foods flour 
in its pies. The main benefits 
are seen in terms of manage- 
ment and finance. 

Mr. David Sam worth chair- 
man of Pork Farms, wifi become 


an executive director of 
Northern Foods. 

Northern Foods has generated 
considerable cash in the last 
two years, with the last balance 
sheet including £11 m. of cash 
and investments.. The company 
made additional profits from its 
Ifqnid funds by investing in iocaf 
authority bonds last year. 

Tbe terms of the Pork Farms 
offer are four Northern Foods 
shares plus S15p cash for one 
Pork Farms share. There is an 
all-cash alternative of 675p per 
share. Last night Northern 
Foods shares elosed 3p down at 
92p, valuing the share plus cash 
offer at 683p per share. Pork 
Farms closed 198p np at 665p. 

The bid is almost certain to 
go through because directors of 
Pork Farms and their families 
controlling 52.7 per cent, of the 
shares have irrevocably accepted. 


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/ 1 


\ 



CONTENTS OF TO-DAY'S ISSUE 



CHIEF PRICE CHARGES YESTERDAY 


(Prices is pence unless otherwise 
Indicated) 

RISES 

Aberdeen Cnstrctn.... #? + 7 

Banser Eng 34 + | 

Brixton Eais 96 *£ ; 

Brown (Matthew) ...• 32j[ + ' 
Control bee*- T c 

"Sff A 3 + ? 

Marchwiri - JJ5 1 ^ 

Mill <nd Allen Irani- ltffl + * 
Mil ft ell Anus j Tport JS + “ 
More O'Kerratl + 5 

t^rec (C. II.) 4. jng 

iTjrk Forms - “2 T i 88 

Roberts-™ Pomto ••• I * 

Ulster IV -• 


Vernon Fashion US 

BP 850 

Shell Transport ®3 

Ayer Hitam 3S5 

De Beers DftL 339 

pancontinental 

Southern Kinta JOO 

Tasminex ............... go 

Trims, Cons. Land •— e 13 ? 
FALLS 

Treasi 112PC W9I ...UW3 

Greenwich lljpc 19S6 

(£10 pd.) 

S. Rhod, 6pe 'TS-Sl... £|6 
Nat, Carbonising — s® 

Pcntland 

Reed InWl. — JJjJ 

Scot. Universal lovs. H9 

Ranger Oil 

Hampton Areas 119 


European news 2s> 

American news ......w. 4 

Overseas news 4 

World trade news 5 

Home news — general 6-7 

— labour 9 

— Parliament ... 8. 


-The Post Office entering 

uncharted territory 18 

Society To-day: 

Bay of moonlight on the 

economy 27 

The disobedient Civil 
Servant 14 


Appointments I 

APMbrenttoU Advu. U-U 

Business Qppu. 12 

Crnuwwd U 

Entertainment Gold* 1* 

Eumncai) pplionc 33 

rr-Asnuric? Intflew 3* 

Home Contracts « 

Jobs Column U 

Utters Z? 


Technical page 

13 


32-34 




32-33 




. SB 

Leader page 

18 


.. 36 

U.K. Companies ...... 

- 25-31 

Fanning, raw material* 

... 37 

Mining 

30 

UJL slock market 

... 38 


FEATURES 

Paris ten years on 2 

Tanzania’s Economy 4 

Arthur Burns* new job ... 4 
UFk Aluminium Producers: 

A welcome for imports 32 
Dntrh shipping— Keeping a 
cool head at Nedlloyd ... 33 


Algeria losing patience 
over U.S. gas sales ...... 5 

FT SURVEY 

Frigg Field and the St. 
Andrew Fergus gas 
terminal 19-26 


1 

Le* - 

a 

u-u 

umb£iif 

16 

» 

Men and Matters ... 

U 

u 

Money Market 

38 

» 

Rating 

U 

n 

Saleroom — 

6 

31 

Sham Information . 

00,01 

7 

Stock Exeh. Report 

38 

U 

To-day'* Evenis 

27 

zr 

TV and Nadia 

16 


Unit Trusts jo 

Wetflwr 4Z 

Wirt* u 

World VaioQ of £ . . 30 

INTERIM STATEMENT' 
Comm. Union Amur. 3* 

PROSPECTUSES 
Tefatriu Groan .. 28 

Time and Wear CC 31 


ANNUAL STATEMENTS 

Minot Htrigs. 3 a 

Mare O’Fnmai ... 2> 

Reverse* CJMMftlcata 28 

Rash and Tenmkhts JJ 

Sham awr Fisher , •jg 

Tilbury Contracting) 31 

Ultramar 35 

Frizzed Grp * 


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2 



FSrrancMl'Tfttws Tuesday 


Italian doctor is 



latest victim of 


terrorist attacks 


Bank of 
Portugal’s 
lending rate 
up by 5% 


'Liberation,'* 4n |j 


By Jimmy Burns 

LISBON'. May 8. 


BY PAUL B5TTS 


ROME, May S. 


AS THE Red Brigades remained 
Mk-nt on the fate o f the former 
Prune Minister. Sig. Aldo Moro. 
terrorists shot and wounded in 
Mifim ro-day a 5”-year-uld doctor, 
Siu. Diego Fava. 

This latest attack is bem° 
taken as further indication that 
thi.* terrorists are not cODcentrat- 
iny alt their energies no Sis;. 
-Mnrr,s kidnapping, but seem 
determined to continue with 
their regular assaults on what 
they label ■*’ lackevs uf the 
s-i stem." 


the main political 


In the past few days, a prison 
doctor id Novara and two indus- 
trialists in .Milan and Genoa 

u'r a,su keen sunned down, 
while the Alfa Romeo car group 
and the Sit-Siemens electronics 
concern have increasingly biL 
come target? of icrTorisi attacks. 

At the political level, the main 
parties renewed, in the course 
of week-end rallies, their refusal 
to deal with the Terrorists, who 
are now threatening to carry out 
ihoir "death sentence” on' Sis. 
Moro for the former Premier’s 
so-called "political crimes." 

The Christian Democrat Chief 
'Vhjp Siy. Flaminio Piccoli. 
reiterated the ruling partv's 
appeal to the terrorists "to 
release iheir prisoner. The 
party- last week said the state 
'•-•luld show " generosity and 
clemency ’ if the terrorists freed 
Mg. Moro and there was an effc- 
ll '^; halt to political violence. 

The campaign fn r next Sun- 
day 5 regional polls, involving 
.'■nine 4m. voters nr about «>ne- 
tt*oth of the telectorate has 
r*een i via lively low-kev in the 
}»ake of i he Moro affair. Tile 
kidnapping has generated a 
large measure of solidarity 


between 
parties. 

Nonetheless, next Sundav’s 
polls will represent the first 
effective electoral test since the 
inconclusive June 197B general 
elections. 

While Sig. Moro’s kidnapping 
has dearly dominated the cam- 
paign with all parties presenting 
hard law and order platforms, the 
elections will also be an unpor- 
farit test of the country's mood 
following the recent unique 
political agreement in which the 
Communists directly support a 
minority Christian Democrat 
i.iovernment. 

.. J^ es P'te the controversial 
humanitarian ’ position of the 
Socialist party towards the Moro 
shiLr Ply condemned hy 
Inc Communists, the recent 
emergency political formula— 
largely inspired by Sig Moro 
himself— now seems to be grow- 
ing in strength. In great part ibis 
is due to the Christian Democrat's 
stand against the terrorists, 
which has hecn openly praised 
ny the Communists. 

Meanwhile. official figures 
released here to-day confirmed 
the continuing improvement of 
the country’s trade balance. 
Italy s trade deficit in March 
amounted to L’JOObn. (about 
fl-OmA. compared to L464bn. for 
the same month last year. 

In the first quarter of this year, 
tra de deficit totalled 
L40dbn. as against L2.3Mfan. 
during the same period last vear 
according u> the National' 
Statistics Bureau. 1ST AT. 

The improvement is in part 
due to an increase in export por- 
rormance but also to a reduction 
in imports, reflecting The current 
slow-down in industrial output. 


i THE BANK of Portugal la-day 
increased its lending rate from 
13 lo 18 per cent, as part of 
a general credit squeeze 
agreed with the International 
Monetary Fund (IMF) to 
follow the country's devalua- 
tion on Saturday. 

Although details on the 
credit ceiling to be imposed 
by individual banks will not 
be made available until to- 
morrow, one non-commerciai 
bank, Credito Predial Portu- 
guesa. carried a prominent 
advertisement in one of 
Lisbon’s leading afternoon 
newspapers lo-riay, offering 19 
per cent, interest rates for 
deposits above six months, and 
~ n per cent, for deposits left 
for more than a year. 

Differences over the scaie of 
the credit squeeze emerged as 
one of the main sticking points 
in the talks with the IMF on the 
terms which Portugal had to 
accept beFore being granted 
nearly SSOOm. worth of 
Western aid to cover her 
balance of payments deficit of 
$l.<abn. 

Along the lines of the 6 5 
per cent, devaluation an- 
nounced on Saturday, the five 
per cent, increase in the bank 
lending rale has been inter- 
preted here by official sources 
as the fruit or a “negotiated 
compromise," given the fact 
that the Fund is reported to 
have demanded an increase in 
the rate of more than seven 
per ccnL. 

Nevertheless, the increase 
in the rate is bound to hate a 
marked effect on economic 
activity in Portugal, particu- 
!ar!y in the industrial sector 
where many small companies 
may be forced out of business, 
thereby pushing up the rate 
of unemployment 


The insurrection of May 1968, writes David White, has left a lasting impression 

Paris : ten years 
after the events 


FROM a LATIN QUARTER 
print-shop you can now buy re- 
printed posters from the troubles 
pf May-June 196S at Frs.100 or 
Just under f 12 a copy. 

IF 10 years is enough to make 
political graffiti into antiques, it 
is also enough lo bring a 
flood of retrospection about The 
‘events" which shook French 
. complacency to its foundations 
iand had the Fifth Republic 
I teetering on the edge uf revolu- 
1 Dod. The May 19b’S jubilee has 
arrived. 

Newspapers, magazines and TV 
programmes are stuffed with 
reminiscences. A cinema is show- 
ing six hours of films made dur- 
ing the student riots and labour 
strikes. Former militants turned 
new pbilsophers " philosophise. 
A dozen new books have appeared 
on the stands, hy ex-combatants, 
i journalists, a former Inferior 
Minister, a Polic*.- Commissioner, 
and the 1968 Pa rise Prefect of 
Police himself. 

Yet amid all the regurgitations, 
by turn superficial and vague, is 
a France which has not yet fully 
digested what happened in 1S6S. 
why and what it meant. 

This week ten years ago was 
the turning point. The night of 
May 10 saw the first paving 
stones being ripped up to form 
barricades. About 50 barricades 
J ve j Jt up in the streets of the 
Left Bank, anti whar had begun 
as a protest on The ?rim campus 
of Nanterre turned dizzily into 
insurrection. . Three days later, 
workers were called out on strike 
In factories throughout France. 


wm up-.,,- • l*‘ 

people who voted in 1ft 
the Communists in th<* | 3 T f! ft 
unn. TOcre is the '>»(] 

unheard before lifts J3MJ 
tes* tangible changes 

and relations between - 




Hosts. 

Art opinion pi>]| 


this week in 
71110 found that J9fi& 

>hli*WfI as important a iLj®* 
1!*SS. when de Gaulle 
««• power. More people 
the -‘events "had had a ‘2g ■ 


effect m education, « «£!£5 ■ 

rr-lnfmrti.- m/I • in 


relations, and in cuItTjTafc,* 

. I ban those who thought m 
; wine, only the verdict 
** imns in- tween- parents umi -ft 
rrn u.is mi haianco aesa^* 
But i lie specific efi 

brought in tu allevlato - 
and student grievances Tuvcvf 
mixed rest i Its. The 196S\H 
agreements ;tceelerated /j2f 


^ress in family allowance*??! 
working eundilions <m.i 




BIS talks 


focus on 


stabilising 


currencies 


By Our Own Correspondent 

BASLE. May S.' i 
CENTRAL BANKERS of the i6p I 
industrialised countries returned! 
to the problem of how to stabilise 
their currencies to-day. hot with- 
out much apparent progress 
towards practical solutions. 

A participant in the closed- 
door meeting of central bank 
governors said that " nothing 
sensational " had' emerged in the 
talks, which continue to-morrow. 
The governors’ .meeting, held 
under the auspices or the Bank' 
for International Settlements 
(BIS) falls between the Inter- 
national Monetary Fund interim 
committee talks held at the 
beginning of the month in 
Mexico City and a series of other 
key encounters likely to focus 
on currency problems: the BIS's 
own annual meeting next month, 
the Bremen EEC summit and the 
seven-nation summit in Bonn 
scheduled for mid-July. 

Mr. William Miller, chairman 
of the U.S. Federal Reserve 
Board, is expected toattend next 
month's BIS meeting, the first 
time he will have participated 
in the regular Basle sessions 
since taking office in March. 

The main storm cloud on the 
currency horizon— the weakness 
of the dollar — has been 
alleviated by the U.S. currency's 
recent recovery on foreign ex- 
change markets. This trend has 
This has litfed some Immediate 
problems, and the Swiss 
National Bank, for instance, is 
envisaging the possibility of lift- 
ing its restrictions on currency 
import and stock purchases, 
although not immediately. Cen- 
tral bankers were reserved in 
their assessment of proposals for 
greater EEC monetary indepen- 
dence and a wider European 
currency snake, which were out- 
lined by heads of Government at 
the Copenhagen summit last 
month. 


Bonn demands better 
deal over A WACS 


BY ADRIAN DICKS 


WEST GERMAN agreement on 
iho purchase for N'ato of the U.S 
airborne warning and control 
system (AWACS) still depends 
an a more equitable sharing of. 
the cosls, as well as on U.S. will- 
insness to buy West German 
military equipment. Herr SSns 

Minister* S*- Geroian Defence 
Minister, said in a magazine in- 
terview published to-day. 

maio weapon which Bonn 
now hopes to sell to the Penta- 
gon is the Gepard antiaircraft 
tank. Dr. Harold Brown, the V S 
Defence Secretary’, made clear 
the cost reservations which 
Washington has over this deal 
—due m part to the fall of the 
^utschemark 
month 0 he ' ls “ e<) B °“" ■«« 

Herr Apel admitted that the 
chances for a U.S. order for the 
weapon were slim, but also re* 
peated that he would nor ask 

taS ia fun3i f ° r * *f e r su PP* em cn- 
^h?f n « D ? S neded for AWACS 
before we can see clearly en. 
ough to make up the bill.” 

Tw%«- 0ld week| y magazine 
ir?fau« 6 ® e while he remains 
in favour of the AWACS on straf 

from f rouo 5j s ' ** * ara a long way 
5° ac «Pting the 30 per cent 
share allotted to us Germans 

teJh e h A^° Uld then 

:° { “® Amencan one, which cer- 

temJy cannot make sense Nor 

Sfrt. ,t « ina - ke Wnse to Iet Italy off 
JjJto.Pawns only a million d 0 i- 


BON'iV, May- S. 


SwJJ" r * ,, tsider !hr troubled 


hopes that finals ppiovaf c an £ 

SSISJ 1 » Ll^V’-^-cc’sVni 


onb? * i5f iD if ter ’ s ren, arks come 
?? r days before NATO 
Defence Ministers meet 


coming summit meeting m Wash 
iiMon. In addition 'f'n.Utt* qth.i N 
°f West Germany s". jrtian 
l ho difficultie-i this wouli 
create for its medium -term "dr 

fi n ar i cial P ,un ninc. Hen 
spelle . d out greater detail 
than previously in public the 
5000 hopes to secure from 
Washington, he listed: 

r ,* h J ar J. of the AWACS. ami 
eivi'm-' t ha 6 ? V * 0 " itfs e( iuipincnt 

gYJff J he its sophUi- 

SSL, see radar and 

SJ, t l ro l , n «"P« b ilitiw. should b, 
hmlt in West C.erniany, 

® The NATO base for the is 
AWACS aircraft should 
be in West Germany. 

r hope seo U.S. 

bu 5 e r£ 2 IOr,cd in West CwntMy 
buy German trucks. 

lT wjll also hope to .v 
orders for West German eomr 
Pl ac . ed when the U.S. Fi?rw 
anrf teS l3Ce preseQ t telepbuni 

and telecommunications systems 

to?hJrh a JI y ’ H v err Abel re re rr pi 
l ^ at ‘ d,e U ’ S ’ W,|3C '' 
SWft.'ffilw* Ioras de 

two Of Herr Apel'' 

close aPDear tU be reIari ^ ,,t 
^™Iflri 0 T asre 5 ment - Two weeks 

iloJSL J * rry Einstein, a seS 

D?S e ^ f u Boei ^ outlined 
^n a P ^. Cka8e lrb,cb the U.S. aero- 

SIa b i! i3der of 

S Te;\" r / r ff J° be used, now 

of work. cl ®ariy-defined sharing 


^,fcS. s str ** ie settled 




mik 










[Front page story 

[East Germany has given front- 
page treatment in iLs main Com- 
munist Party newspaper to the 

Vlest German visit by Soviet 
President Leonid Brezhnev, and 
to a message from Mr. Brezhnev 
congratulating East Germany on 
.yesterday s 33rd anniversary of 
its liberation by the Red Army 
writes Leslie Colin in Berlin.' 


BY OUR FOREIGN STAFF 

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s.’ 


French post-election 
round of industrial . 
talks draws to close 


*r davk> com 

IKE PROLONGED post-election 
fliscussiops between the French 
trede. unions and Government 
and industry will be largely 
wound up to-day when tile em- 
ployers’ organisation, the Pat- 
wmat, meets the leaders of the 
Communist-backed CGT union 
■ moderate Force Ouvriere 

(FO). 

AU sides have-been careful to 
emphasise that the aim of these 
talks— with President Valery 
Giscard d'Estaing; with M. Ray- 
mond Barre, the Prime 'Minister; 
and now with the employers — 
has been to bave a preliminary 
canter across the industrial rela- 
tions landscape without embark- 
ing on tile details of salary neeo- 
tiations. 

,No- clear indication about the 
shape of such negotiation has 
emerged. The Government says 
it wants a return to free collec- 
tive bargaining, sector by sector, 
within guidelines. In practice, 
this will translate Into plant level 
bargaining, in many stace, where 
an effective sectorial- structure is 
lacking. 

The employers- on the whole 
are anxious to avoid nationwide 
wage agreements because they 
tend to exaggerate the gains in 
real wages resulting from in- 
dexation to cost ' of living in- 
creases. They are also keen to 
get more flexible working 
arrangements, for example by 
replacing the 40-hour week with 
a system, 'setting down annual 
working limits which could be 
applied -flexibly throughout the 
year. 

The unions are pushing for 


PARIS, May 8. 

unproved wages particularly at 
the lower end of the sale but 
their protests . against the 
Government’s modest recent in- 
crease in the minimnm Wage 
have been purely verbal . 

2t also looks unlikely that 
M. Andre Bergeron., the FO 
. leader, will win for his member- 
ship the fifth week paid" holiday 
he was so confident of -gaining 
as a reward for cooperating 
■throughout last year . with the 
.Barre government when the 
more militant unions were bank- 
ing on a left-wing ' election 
victory. 

. To his chagrin it is M. Edmond 
Maire. the leader of the Socialist 
inclined and loosely organised 
CFDT who is emerging as the 
key man in the Government's 
strategy, it- would clearly suit 
the Government admirably to 
take advantage of the CFDT's 
disenchantment with its alliance 
with the CGT.- and - its own 
newly-found enthusiasm for 
participation may also reflect its 
desire to embrace an idea which 
is particularly cherished, at the 
CFDT. 

The real indication of union 
sentiment will come when they 
have recovered from their elec- 
tion shellshock and when they 
have assessed how much money 
and will-power the Government 
is prepared to put behind its 
liberal serial policy. With un- 
employment bound to worsen 
and all indications being that 
the Government is not in a 
generous mood, observers are In- 
clined to think that the autumn 
may turn out to be a lot hotter 
than the present wintry spring. 


Dutch to keep Folkerts 


THE DUTCH Supreme Court to- 
day cleared the way for the extra- 
dition of two West German urban 
guerrillas, hut ruled that a third 
man, convicted murderer Knut 
Folkerts.. could not be extradited. 

The Court threw out appeals 
against extradition by Gert 
Schneider (29) and Christoph 
Wackeroagei (28), who were 
arrested .. in Amsterdam last 
November after a gunb&tlle in 
which both were wounded. Ail 
three are wanted in West Ger- 
many for offences which include 
membership of a terrorist organi- 
sation. 

Ur. Jacob de Ruiter, the Justice 
Minister, will decide in the next 
few days whether- to allow the 
extraditions to take place, accord- 
ing fo Dutch officials. 

The Court made an important 


THE HAGUE, May 8. 
reservation in the case of 28-year- 
old Folkerts, declaring that he 
could not be extradited for 
offences concerning the kid- 
napping of Dr. Hans-Martin 
SchJeyer, the German indus- 
trialist. last September. 

In their appeals, lawyers for the 
three West Germans asked «*e 
Supreme Court to rule out extra- 
dition because of the political 
nature of the offences for .which- 
they are wanted in their own 
country. But Holland’s Advocate- 
General argued that this would 
open the door to a flood of similar 
appeals by common criminals. 

Folkerts, a member of the Red 
Array faction, was given a 20-vear 
prison sentence by a Utrecht 
court last December for murder- 
ing a Dutch policeman. 

Reuter 


Sweden’s 
Premier 
says he 
may resign 

By John Walker 

STOCKHOLM. May g. 

Mr. Thorbjorn FaJIdin, the 
Swedish Prime Minister, is 
considering resigning lor “per- 
sonal reasons’* because he says 
of the humiliation he and bis 
family have undergone at the 
hands of the Press. The Prime 
Minister was specifically re- 
ferring to a sa lyrical article 
In the left-wing Stockholm 
evening newspaper at Afton- 
bladet earlier this year. Mr. 
Fall din took the newspaper to 
court claiming damages of 
SKrJ. But he lost his case 
and the court said the article 
was protected by the Freedom 
of the Press Aet. He now 
faces costs amounting to 
S-Kr .23,000. 

Mr. FaJIdin has said he will 
make his decision known at 
the next Centre Party meeting 
due to be held in mid-June. 
However, bis talk of resigna- 
tion has thrown the three 
Government epaiiliou parties 
into some cootusion and Mr. 
Ola Ullsleu. the Deputy Prime 
Minister, has called for an 
early decision. 

Io addition, the Prime 
Minister has been involved in 
a controversy over bis pre- 
election promise gradually to 
do away with nuclear power 
plants in Sweden unless they 
are made 100 per cent safe. 
Some of his coalition partners 
consider this attitude unrealis- 
tic and observers fear a serious 
crisis next autumn when the 
decision has to be made 
whether to bring another 
nnelear station on stream. 

So does the Government and 
when a suitable candidate is 
found he is nominated by the 
speaker of the House and 
Parliament then voles on his 
appointment. 

Tbe Government, Ifae first 
non-Scoliast one for 40 years, 
has been in power for about 
half of its three-year term. 
The current turn of events 
conld have far reaching effects 
particularly on the outcome of 
the next genera) election due 
to be held in September, 1979. 

The most recent public 
opinion poll, taken at the end 
of April showed that if a 
general election had been held 
then the three coalition 
parties would have polled 46i 
per cent, of the votes, against 
52 per cent, of the joint 
Socialist and Communist 
parties. The poll showed the 
Socialists Increasing their 
Strength, and the Centre Party 
continuing its decline. 


OVERSEAS NEWS 


Israeli coalition party threatened with split 


BY DAVID LENNON 

The democratic move- 
ment for Change, the second 
largest party in Israel’s n/ling 
coalition, is threatened with a 
split over demands by a size- 
able minority that it leave the 
Government headed by Mr. 
Hennbem Begin. 

The party leader. Prof. Yigael 
Yadin, the deputy Prime Minis- 
ter, is under personal attack for 
his outspoken support for tbe 
Government’s hard-line foreign 
policy. He said last night that 
be -will fight those calling for 
his resignation. 

The coalition controls 78 of 
the 120 seats in the Knesset 
(Parliament) , so even if all tbe 
15 DMC members were to leave 
Mr. Be gin’s Government would 
still command a narrow 
majority. However, disaffection 
within the Government would 
weaken tbe claim that its 
response to President Airwar 
Sadat’s peace initiative repre- 
sents the consensus of opinion 


TEL AVIV, May 8. 


is the parliament and the 
country. 

The DMC was founded shortly 
before last’ year’s General 
Elections by people dissatisfied 
over corruption in Government 
and what -they described as the 
general decline in national 
morals. . It brought together the 
youthful idealists of the Shinoi 
(Change) movement and older 
supporters of the discredited 
Labour Party, 

It had hoped to become a 
major radical force in Israeli 
politics with its platform of 
electoral and social reform, 
peaceful foreign and liberal 
economic policies. 

It narrowly failed to win 
enough seats to hold the sougbt- 
for balance of power, and eventu- 
ally joined tbe coalition oo 
terms dictated by Mr. Begin. 
The concessions which this in- 
volved marked the beginning of 
the party's decline in public 
popularity. 


The DMC*s secretary general. 
Mr. Ram Ron, confirmed that 35 
per cent, of the party’s ruling 
council are opposed to partici- 
pation in the Government. The 
focal point of their discontent is 
the feeling that the Government 
has been insufficiently flexible 
in response to the visit to 
Jerusalem in November last by 
the Egyptian leader. 

In recent weeks the opposi- 
tion within the DMC has called 
on the party’s four representa- 
tives in tbe Cabinet to stress the 
DMC willingness for territorial 
concessions in exchange for 
peace. In addition to these sharp 
attacks on the leadership from 
within the ruling council, hun- 
dreds of members have signed 
advertisements in the news- 
papers calling for the party to 
quit tbe coalition. 

A meeting was due to be held 
this evening in Tel Aviv, where 
members and former members 
plan to issue a call for the DMC 
to resign from the Government 


unless the Prime Minister 
softens his stand in the peace 
negotiations. 

The DMC is to-day divided 
into two camps. The idealists 
believe that it should be faithful 
to its principles, even if ibis 
means serving on tbe opposition 
benches. But the pragmatists, 
who are still a majority, believe 
that they can better influence 
Government from within, even 
if some compromises have to be 
made in the process. 

Professor Yadin and the other 
three DMC Ministers are strong 
advocates of remaining in Gov- 
ernment but they have failed 
to convince all of the parlia- 
mentary party or the rank-and- 
file that they are effectively pur- 
suing the party’s platform on 
foreign affairs. 

Tbe Issue is expected to come 
to a head next month when the 
party has to elect a new ruling 
council. It is expected that both 
camps wil] fight fiercely to 
strengthen their representation. 



Dr. Yigael Yadin 


Saudis say 
U.S. unfair 
on F-15s 

By Our Own Correspondent 
TAIF, May 8. 

SAUDI ARABIA has declared 
tbat its patience with U.S. 
attempts to link future arms 
supplies with Saudi oil produc- 
tion was not inexhaustible. But 
at the same time, Sheikh Ahmed 
Zakj Yamani, Saudi Oil Minister, 
stressed that Riyadh’s friendship 
with Washington was based on 
solid foundations. 

In a carefully balanced answer 
at a news conference here last 
night amounting more, to an 
appeal than a warning— Sheikh 
Yamani took the opportunity to 
clear up confusion over last 
week's reported warning by him 
on this score and subsequent 
denials. 

At tbe outset Sheikh Yamani 
stressed that it was “unfair" to 
link Sandi oil policy to the pro- 
posed deal for the sale of 60 
F-15s and that the Kingdom, 
whose friendship* with the U.S. 
was based oo “permanent solid 
foundations " was of fundamental 
importance. But be also spelled 
out the importance attached by 
Saudi Arabia to the principle 
involved in the purchase of the 
aircraft which is being bitterly 
opposed by Israel and is run- 
ning into Congressional trouble. 

He explained that “ because 
the F-15 is so important and 
because the Administration know 
that ... If we don’t get it we will 
feci tbat you do not appreciate 
our friendship and that you are 
not concerned with our situa- 
tion." 


UN troops in Lebanon to move 
in bid to avoid PLO clashes 


BY tHSAN HIJAZI 

UNITED NATIONS forces in 
Lebanon are to be redeployed 
under a new security plan and 
to avoid further friction with 
Palestinian guerrillas. 

The headquarters of the forces, 
officially known as the UN 
Interim Force in Lebanon 
(UNTFIL), have been moved 
from the offices of the U.S.- 
owned Tapline company at 
Zahrani, 20 miles north of tbe 
Litani River. to Naqoura 
immediately on Lebanon's border 
with Israel. Even the offices 
which UNTFIL maintained in 
Beirut are to be transferred tn 
Naqoura within the next 24 
hours, according io informed 
sources. 

Lebanese businessmen who 
were negotiating with UNIFIL’s 
procurement department on pro- 
viding supplies to tbe troops 
were told to-day tbat no supplies 
will be purchased bene and that 
they wiQ be obtained from Israel 
instead. “ We stand to lose about 
$4m* worth of business a month," 
One angry businessman com- 
mented. . 

Above all, the French 
battalion in the ancient port of 
Tyre, south of the Litani, is 
expected to be moved out of 
there, but no details were 
immediately available. 

Two French soldiers were 
killed and the battalion’s com- 
mander, Colonel, Jean Germain 
Salvan, was wounded in a clash 


with armed men in Tyre last 
week. Tbe gunmen were de- 
scribed as militant Lebanese 
left-wingers associated with 
radical Palestinian guerrilla 
groups. 

A meeting here on Friday be- 
tween Unifil’s commander. Major- 
General Emmanuel Erskine of 
Ghana and Mr. Yasir Arafat, 
chairman of tbe Palestine Lib- 
eration Organisation, apparently 
failed to solve tbe problems 
faced in the field or bring ahout 
a common definition of Unifil’s 
role. 

Unifil apparently decided on a 
course of avoiding friction. First 
news about the projected rede- 
ployment of the French battalion 
came yesterday from M. Louis 
de Guiringaud. the French For- 
eign Minister, who, however, did 
not give details. He said in a 
radio interview that the rede- 
ployment will make the mission 
of the French battalion easier. 

Observers here noted that Uni- 
fies decision to move further 
south appeared to be intended to 
bring the troops under Israel’s 
protective umbrella. 

Unifirs total strength cur- 
rently stands at about 4,000 
men. Two thousand more are 
expected to arrive here later 
this month as approved by the 
UN Security Council last week. 
The additional forces are to be 
contributed by the Republic of 
Ireland. Iran and Fiji islands. 

Meanwhile, Palestinian guer- 
rillas at tbe town of Nabatiyah 


BEIRUT. May S. 

in southern Lebanon last night 
engaged in artillery duels with 
Israeli-backed Christian militias 
at the towns of Marjayoun and 
Qlaia, according to eyewitnesses. 
The electric generator in Naba- 
tiyah received a direct hit and 
plunged the town into darkness. 

David Lennon writes from Tel 
Aviv: Tbe Commander of the 
Christian forces in South 
Lebanon, Major Sa 'ad Ha dad, yes- 
terday accused tbe UN of failing 
to keep the Palestinians out of 
South Lebanon and called for 
the resignation of the UN Secre- 
tary General, Dr. Kurt Waldheim. 
The morning newspaper Ha’Aretz 
to-day claimed that a new ter- 
rorist organisation, the Popular 
Front for the Liberation of 
South Lebanon, has been set up 
by Libya with Iraqi participation. 
It aims to fight the Israelis, the 
right-wing Christians and tbe 
UN. the paper quotes informed 
sources as saying. 

Israel, for its part, is concerned 
about reports that the UN troops 
in Tyre may be withdrawn to 
avoid dashes with Palestinian 
forces. Officials here say they 
are pleased with i be way tbe 
UN units have been acting to pre- 
vent the infiltration of Palestin- 
ian units into the area evacuated 
by Israeli troops: But there is 
some doubt that Israel will agree 
to name a date for final with- 
drawal if there are indications 
that tixe UN is backing away 
from confrontation jn Tyre. 


Egyptians 
ready for 
Arab 
summit 

ALEXANDRIA, May 8. 
President Anwar Sadat said to* 
day that Egypt was ready to 
attend Arab reconciliation sum- 
mit and that he expected no- 
thing to stand in its way. Mr. 
Sadat was speaking to reporters 
after a 90-minute meeting with 
President Jaafar Nimeiri of 
Sudan. 

The Sudanese leader had pre- 
viously visited Syria and Iraq in 
an effort in convene a summit nf 
Arab leaders split over -Mr, 
Sadat's peace overtures to Israel. 
General Xum-in Mid last week 
that he expect eil Ihe conference 
to lake place within eight weeks 
and offered Khartoum as its 
venue. 

Syria’s stale-run radio said on 
Saturday that hefon 1 an Arab 
summit could he held Mr, Sadat 
must renounce his peace initia- 
tive and admit its failure. The 
Egyptian leader only last week 
said that peace moves would 
continue, but to-day he told re- 
porters who asked him whether 
there were obstacles to the con- 
ference. “ 1 don't expect ( there 
to be), especially after President 
Nimeiri's tour." 

M We have no objections either 
to the date or the venue,” he 
said. 

Asked about the outcome nf 
President Nimeiri's talks in 
Damascus and Baghdad. Mr. 
Sadat said it was up to the 
Sudanese leader to reply to this 
question. General Nimeiri de* 
dined to comment. Reuter 


Swissair would like to help all businessmen 
successfully transact their most important business 

in the Middle East. 



In Istanbul, to which Swissair flies nine 
times a week by DC-8, In all fhe hurly-burly 
.you might easily forget one piece of business, 
'buying something for your nephew. One hint: 
The bazaar offers the 6weelesl loukoums 
end the most colourful Turkish deliaht. 





In Abu Dhabi, to which Swissair flies twice 
a week by DC-8, your hottest deal in the 
. heat might be quicW y picking up something 
lovely feryour love. One hint: Along Sheikh 
Hamdan Street you’ll find fine pearls, - 




hr Baghdad, to which Swissair flies 3 times 
a week by DC-8, bargaining for a proper 
memento might demand yourfull concen- 
tration. One hint: You’ll find wonderful 
copper work in the Safaleer Bazaar. 


In Beirut, to which Swissair flies twice 
a week by DC-8, the general bustle might 
render locating a present for your uncle 
your most difficult business. Onn hint. On 
Commodore Street you’ll find Ihe world- 
famous leather seats. 


W¥ 


talk! AriVf to which swtssmrTItes daily by 
DC-10; ft might bean Important duty (since 

you torgotlast time) to bring home a lasting 
anniversary gift to yourvvite. pne hint: In Ben . 
Yehuda or Dizengcrtt 1 


tobe found In i 


f Street diamonds ate 
I price ranges. 


tn Teheran, to which Swissair flies' six times 
a week by DC-8, amidst the press of business 
it might become your most time-consuming 
problem to bargain -for something genuine. 
One hint: Real Persian carpets are still to be 
had along Ferdowsi Street. 



In Cairo, to which Swissairffies twice a week 
by DC-10 and four times by DCS, in the rush 
of business you might find picking up a 
present for your son a ticklish assignment. 
One hint: The Khan el Khalil! Bazaar shops 
have the famous Cairo leather bags. 




In Dubai, >o which Swissair flies twice a 
week by DC-8, amongst your many engage* 
merits your most laborious assignment 
might be finding a nice trifle for your mother. 
One mm The souks have marvellous 
copper coftee-pois. 




^AtSATSSXSSSSL,. 

prices. 


YourlATA travel agerrf arSwissairwiflgtedfy 
provide all further information. 

For instance, onthe best connections via 
Switzerland. 

Subject Io timetable changeand government 
approval. 


In Dbahmr, Id which Swissair flies by DC-8 
three times a week, it may not be altogether 
easy to spot a little something for your 
daughter. One hint: In the vicinity of ihe 
Central Mosque In Dammam there are shops . ? 
celling detioate orientaljewellery. 


In Diinuoin, to which Swissair fifes twice 
. a week by DC-8, amid the throngs your most 
demanding transaction might be acquiring 
a pretty present One hint: Along Port Said 
Street you can discover splendid hand- 
woven travelling rugs. 


In Ankara, to which Swissairffies twice a 
week by DC-8, long conferences might make 
your most difficult business that of finding a 
aresent for grandpa. One hint: On Attaturk 


pipes. 


t- 


« 

J 



Financial Times Tuesday 'May 9 1978. 


OVERSEAS NEWS 


Propaganda row likely to 
worsen in South Africa 


«Y QUENTIN PEEL 


JOHANNESBURG. May S. 


A MAJOR political raw is weekend by Or. Rhoodie in of the Seychelles!, as well as 
expected to come to a head in response to an investigation of publications purporting 10 be 
the South African parliament to- his department but Mr. Gerald independent, 
morrow following startling Barrie. the parliamentary it is still not certain what will 
revelations about the clandestine Auditor-General and the be the response of Mr. Vorster 
propaganda activities of the country's most senior civil ser- ani j the National Party caucus’. 
Department of Information. vant. as well as by a parliamen- l0 the whole furore The issue 
Dr. Connie Mulder, the Mini- tary select committee and j s expected to be thoroughly 
filer of Information, will have several opposition newspapers, debated at to-morrow's cabinet 
io deTead the activities of his In doing so .be publicly criti- xiieetin^ and Mr Vorster is 
department following a dis- cised the auditor general, thought’ likely to 'take part in 
closure by his top civil servant, and accused his critics of under- n. e n a diamentarv debate 
Dr. Eschel Rhoodie, the Secre- mining operations vital ro the _ . . . 

lary for Information, that he has security of the state. Some °“ ! ?e r vers believe that 

for years operated a secret fund The nature and extent of will close ranks m the 

for international operations those operations is stfU unclear, fa ee <?f c °“£j h n°n 
without Parliamentary approval. Mr. Barrie simply accused the b w,?rth»; 

The debate goes to the heart of department of extravagant and ^_h dle n !, nd p!?,c' 
the South African propaganda wasteful expenditure, and of curhs on Press reporting, tnay 
effort to sell the government's making substantial payments — evcn be ProP 058 ^ /because of the 
“separate development" policies totalling some R500.000 newspa P er investigations, 
and Ibe strategy adopted by Dr. (£31:2,500) — without treasury It has already been announced 

Mulder and Dr. Rhoodie of clearance. that the department of inform a- 

ageressive public response to any Dr. Rhoodie now reveals that tion is to be reorganised, and 
criticism, combined with low- he was operating a secret fund probably broken up between 
profile lobbying of potential for which he was accountable other ministries, such as foreign 
international supporters. It only to a special three-man affairs. The loss of such a port- 

also concerns the standing and cabinet committee, and which folio is to some extent a repri- 

ainbitions of Dr. Mulder, for had never been approved by niand to Dr. Mulder. Unless Mr. 

long seen as the natural sue- parliament. This apparently Vorster is convinced that there 

cessor as Priui? Minister to Mr. financed undercover foreign has been further, as yet undis- 
John Vorster. within the ruling trips by senior information closed, wrongdoing in the infor- 
Na I tonal Party. officials isuch as one Dr. Rhoodie mafion department, it seems 

The existence of the secret himself made to see former likely that he will stand by his 
luod was made public at the president. Mr. James Mancham colleague. 





AMERICAN NEWS 


IMF report shows U.S. . ^editmay* 
$ 36 . 5 bn. payments deficit) raise short- 

WASHINGTON, May S. j IVaIU » 

THE INTERNATIONAL Mone* payments. Mr. Johannes outflow of capital in ' WJJ > By John Wylw 

tary Fund (IMF) in a study Witteveen, the outgoing very large inflow of fu NEW V7R Kv May 8,. 


in iSfi/ amounted to a massive meeting oi nuance ministers mat amouuuu^ «.« 

S36.5bn. The Ui. previously this situation urgently required incurring an overall mw I 


Kib-abn. Tie previously uus situation urgently requires incur* ms o-i,|o m ( its winlc, “ pause, are though 

reported that its international economic policy adjustments in payments deficit ot uodul * -i to provoke a -further 

payments deficit last year was both the "surplus" and the in 19*"6- crease in sharwerm interest 

about S205bn. on a “current- “deficit'' countries. If the world Id Japan, the IMF suid>sa>9. riiltfs in ^c pot too distaijt 
account" basis, which mainly economic recovery was to be sus- the overall balance DJ P a > mem- f„| U re. 
reflects trade and service trans- tained. surplus last year ' vaS . 'A tremor of tear that tt# 

actions with other nations. For the industrial nations as a $tt.75bn. up frum a-tbn.. in JUi ■■ vvdcrnl Reserve Board ttughf 

The IMF arrived at its broader group, the IMF study shows This increase accused. l»r , n be raisins in ^target nj, 
measure of the overall U.S. pay- that the overall international says, despite a npidiy «*PJn for frderJl funds the 

ments deficit bv including addi- payments deficits last year ins net outflow or capital iroiu rt . ser ves which banks lendeash 

tional factors, such as the big amounted to about S4.95ba. in Japan during last year. other — pushed up rates la 

increase in U.S. liabilities to from approximately S4.95bn. in West Germany s 0 '*raij u “ the sburt-term money markeli 

foreign monetary authorities. By 1976. But there also were very a nee or ^ V Ue last Friday atom* 

the IMF's reckoning, the overall big swings from deficits to sub- 1077 according to jnc iw Tbls nervouse no* stems trm 

U.S. balance of payments deficit stantial surpluses for Britain and report. was about $4.* » bn., up ,, realisation lhat creflu 

in 1976 was about Sllbn. Italy, while the surpluses for from S3.56bn. in 19io. demands are rising rapidly and 

Generally, the IMF study West Germany and Japan con- The IMF report also sajs that an uncer tainty as to how the 
shows that the international pay- tinued to 'grow. the surpluses of tne oil-expori- Fed.— under its new chairman, 

ments situations in the U.S. and Britain's overall balance of pay- ing countries ??...« iq 011 Shout Mr. William Miller ^opose 

other countries were seriously ments surplus last year, the re- creased last >c ar to accom module these pres- 

out of balance last year. The port shows, amounted to about S*®- 5 **"'. J-’n ThU^nuo Algeria sures wh c * 

pattern showed very large S14.24bn. In 1978, the UJC. bad a 1976. Within maintain mg Us hard line on 

deficits, particularly for the U.S. S9.67bn. deficit. slipped from a 1976 «“£P‘«s «U° inflation. . 

and some very big surpluses for Aside from last year's a deficit tast year, while Iran, indications this nmu 

other countries. improvements in Britain’s which had a small deficit in 197b. were that the Fed Is maintain- 

IMF officials have become “current account" situation, the switched into a relatively stron,. in? its current per cent 

increasingly concerned over the IMF study notes that there was surplus POSiUon or about Fed f un ds rate target, but the 

huge imbalances in international “a large shift from a small net S3.53bn. in 1977. av-oj conviction that Inis level can- 


Or. Connie Mulder 



AP-DJ 


Dr. Eschel Rhoodie 


Chairman 
Hua courts 
Pyongyang 


Blumenthal urges investment 

WASHINGTON, May S. 

UNLESS PRIVATE investment any and all efforts to open up encourage a trend toward domin- 
picked up there was little io structural issues of capital in- a nee by 


WE HAVE not reached 
it is nut even in sight. 


Dther countries. improvements in Britain’s which nao a smsu uea«i were mat me ecu w 

IMF officials have become “current account" situation, the switched into a relatively 5 tron n in „ its current per cent 
increasingly concerned over the IMF study notes that there was surplus Position or about jr^ f un ds rate target, but the 

huge imbalances in international “a large shift from a small net S3.53bn. in 1977. af-dj conviction that this level can- 

not In^t lone is causing some 

_ — — — . — ...... «.-.w ..— : an prehension in the money 

land was made public at the president. Mr. James Mancham colleague. Dr. Eschel Rhoodie . markcis. 

Tanzania’s economy Chairman Blumenthal urges investment | rhe” dcpre.ssmg impact oMj 

A WASHINGTON. May S. w inter ^ w^ih^ ^iave^bean 

HllO OOlirfSk UNLESS PRIVATE Investment any and all efforts to open up encourage a trend toward doutin- j^uV^tUin figures iowing 

pusn sor a ooiti aim cuuri ^ ^ T «*»» i* nta » ^~ a - es ° f capitai in - rs 

Pvnnov^na surest long-term recovery of The economy showed dan- skittish about economic fluctua- g^onaiv adjusted hi 

_ _ J V A 11^ U.S. prospects for growth, Mr.. gerous S ign S 0 f under-investment tions. and would lead to a dearth b tbe y me 

viQifmarv PYfiprimpnf ■ »« c W „e Se Trasuo ' 

’ iMuiuu. j cAjici iiiicii i P X' s c » t - f “ r. adin; lcc * ino ’ og, “ ,nnova - “ r ’ ah h ,' sb " i o t 5^,^ ^ 

completing a visit io the capital, capital investment of recent our flitul . c _- jj r _ Blunjenllial He said ifi:<r the U.S. depended cconnuii^tl now expect 

RY mabtim oiniwid urreuTi v iM n&o pc wi aam Pyongyang, has emphasised the years. Mr. Blumenthal, who was 3a id the capital structure of U.S. heavily on exports of research “ c busine™m».n will now 

BY MARTINI DICKSON RECENTLY IN DAR ES SALAAM importance to China of a good speaking m Bal Harbour, enterprise showed a question- and development-intensive nianu- f , rt ' wi " in inticioatlnn 

relationship with North Korea. Flonda. said: “We are under- a bi e tilt in the financial system faciured products. In nianu- i he cost nf money conlinuing 

WE HAVE not reached our goal, percentage of investment capital force and provides 7Q per cent c °' ina . MacDougall writes. He investing because it no longer towards offering more loans and factored products that were not . increase 

it is nut even in sighL But that has gone into creating modern of exports, presents the crucial 16 lh , 8 North K° r8 ?{* ,ine p r a >' s ®. n ° u S h t0 invest enough. ' i ess equity financing. research- and development- Thi , tur ' Wl | } p(It further 

is neither surprising nor alarm- in fra structure such as transport, test. Growth has been sluggish 0I ? the . ro,e the Ui5, as He ‘°r a thorough review Th e ra tj 0 or debt to equity intensive, the trade balance r. reSj jure on the munev supply 

in«. No country in the world is Great emphasis has also been with the average annual increase “ imperialist aggressor and of the tax structure tor the j ot manufacturing companies was negative. But spending on r , hc „ > , or six .-onsecutive 
yet fully socialist . . what placed on the provision of basic between 1967 and 1976 at 2.S per t* 1 ® Korean people, longer-term and said that he fiad risen from about 25 per research and development had „. t , p t. s f,f im-iviise in the Ml 

matters is that in ihe last ten social services — one of Tan- cent., about equal to the rate of In recent years. Peking has would like to see the double C enL in the early 1980s to 40 per declined as a percentage of taiullm" an ansre- 

years we in Tanaani-i nave taken zania's proudest achievements — population growth. avoided a hawk-like attitude on taxation of dividends receive C ent. at the end oF last year. G.VP since the 1960s. Mr. Blu- n;i t0 STShn This four-week 

some very important sl**ps and on the decentralisation of Contributory factors include K p rean reunification or the UJs. very close attention. That piling up of fixed claims menihal said. f ale o'f increase of more than 

towards our goals. Government. past Government neglect of pre * enc * ’ n the area, unom- Mr Blumenthal added that made U.S. businesses much more “ Our technological supremacy ^ per ct:nt \ vas on ,i lacior 

Thus wrote Presitlem Julius All these changes niav bear adequate producer prices. in-: c !rj>' u *1 L ' le . i ![ 10 there was no time in this Con- vulnerable to the swings of the isn't inundated by heaven. It can behind the Fed** recent r.ii- 

Nyprere of Tan/.aum last year in fruit in the long term: ‘decen- efficient attention to appropriate! a” L!„ Jhl ^r” 8 t0 undertake such an business cycle. - disappear. Unless we pay cloie in c of its Fed funds target rale 

a remarkably burnt and honest traiisaiion. for example could lech meal innovation. the|£ n pr ®,5, effort and the Administration Mr. Blumenthal said that the attention io it and invest in it. per cent, while another 

appraisal ..f his country *4 produce more efficient answers weather, and the upheaval pro- c„f, t h k - uriMirt i.iT ™ W3s therefore' strongly resisting reduction in equity capital would it will disappear." AP-DJ appears to have been 9 detcr- 

sucevsses and fai ure« in the tu i(lcaI economic problems. But hy the mass movement of ,7?bfStv ? * nnnatlnn r» demonstralc io 

decade since he H.iishua in lhf . S bort term. Taniania's P^sants into larger villages. Hua ? s risit comes at ,n impor- the Administration and Con- 

Declaration or Political Principles n rmv iii pattern at least un to Th e 31m of this movement was , “Uas visit comes ai an impor »rp«! that the Fed is nrenared 

set Tanzania firmly on the 1975. f J- nil rld 'the services sec- l 3 0 lr [’ ro, t ,,Qte . l . he communal ethic K- 0 V ea Th?US his Sun red fo tike vigorous action iH the 

socialist road tor. especially public admin istra- f’ ,d l 9 t* ke advantage of h s ■ slowing down its TOl* |1S)T) KlflCY absence of moves to trim the 

r;.v!s.ssr 01 ^ ^ w «^’ f ot udiuviug uidiige 

s/t sir f — e “itrF " ^sSr.'”^ K DAV,D LASC,LLES ■ , NEW Y0RK - May *• im. ^ ^ 

any African state : Uie attempt to have tv«>n and «mi • omsciu ll,u - Peasants are said to have . .. .. • this morninc from Mr Miller's 

create a coraptetely ceatttarion inefficient in our factorii and tn0vcd int0 viI,a Res since 1972 £ rt J«f-,®S W inv S ?n rhp PRESSURES for a big change in th^ FDIC, which, is due to. take interest rates than commercial predece^sor^Dr Arthur Burn'', 

society founded on pre-colonial IneBlcienl 10 our ketones and after years bf icnoring Govenh ^e f H ect “ 5 U.S. banking practices grow dur- effect on November 1. would banks. who Sd that "'e ha?"^ nofflnq 

African values stressing the com- meat exhortations to do so nf Romanfff who viSd L" 8 ? e week l n ? ^ a decision have far-reaching ^consequences. However, the League of Sav- but commendations Tor what 

an unity rather than the individual. _ . , President Nyerere acknow- jLshSJSn Lt month aTd is by th ^ sec0n dt>f .^ e } wa federal It would enable bank customers ings Associations has announced the Federal Reserve is doing" 

It would be premature to Foreign economists .tfe Ku^ to have disSLd ?ir C, ^^ P P^ b, ^ f0r / e ^' at - t0 °r drav [ C,, r ot itt taleiSion «n file a SSSw* in its conduct of monetary 

attempt to juuce the endeavour mmprflllv a prpp that U S Korea is due in Peking later ,? g commercial banks to allow accounts, so long as they have week in a federal count to pre- policy. But Dr. Burns called 

after t o litile Urne. But Tan- generauj ^ agree mat Without notice and dumped on month Hr Zbfeniew }? ttansfer money auto- enough in savings* to cover the V em the change from taking for a stronger anti-intlation 

zania's economic track rec-rd and a new spirit Of prag- !Sj n arp a fheltIr’ Braezinski, Mr. Carter's security matical, >' from savings to current draft At the moment banks do effect, on the grounds that it con- programme from the Admin)** 

current .shifts of emphasn in mat | sm U, bePll VTS “dviseTds to v^tt the Chinese . . . f . -. . , not Permit overdrafts, except in travenes a federal law which tration and for action to curb 

Government policy do point up ™“USm nas “C®* 1 jjjjj 1 * P k 5 capital on May 20 during a Far _ The ^ decision by the Federal special, pre-uegotiated cases, even forbids payment of interest on an increase in the federal 


XA pUUAl -H.VA M MUM. ^ T ^ ‘ , come Taxadon ' the corporate sector abnormally 

Pvnil0vana ?V| sest Iori S'terni recovery of The economy showed dan- skittish about economic fluctua- 

J fcl U.S. prospects for growth, Mr., gerous signs of under-investment tions. and would lead to a dearth 

* — . * A. Michael BluraentfiaJ, Treasury an d misin vestment, he said. "We of new small companies dedl- 

o % r f|£jf , | IfB All . Hua Kuo-feng. the Chinese Secretary, said to-day. aren't setting aside enough of cated to testing, generating and 

? IMlMldi J CApcl till OIL 3 Z T , Uie , r ' duced f SSSSl r adin; lcc * ino ’ og, “ 1 innova ‘ 

completing a visit to the capital. ca Pttai investment of recent DUr f U tui-o.” Mr. Blumenthal He said ifi:<t the U.S. depended 
RV USDTIM mnunw arrsMTi v im mo ec tii aiu Pyongyang, has emphasised the years. Mr. Blumenthal, who was 3a id the capital structure of U.S. heavily on exports of research 

BY MARTIN DICKSON RECENTLY IN DAR ES SALAAM importance lo China of » good speaking in Bal Harbour, enterprise showed a question- and development-intensive ntanu- 

relationship with North Korea. Florida, said: “We are under- a bi e tilt in the financial system fact u red products. In ntanu- 

WE HAVE not reached our goal, percentage of investment capital force and provides 7Q per cent. Co * ina MacDougall writes. He investing because it no longer towards offering more loans and factored products that were not 

it is nut even in sighL But that has gone into creating modern of exports, presents the crucial ^ ^e North Korean line pays enough to invest enough. i ess equity financing. research- and development- 

is neither surprising nor alarm- infrastructure such as transport, test. Growth has been sluggish ur ? l ^ e . ro ' e as for a thorough review The ratio of debt to equity intensive, the trade balance 

in«. No country in the world is Great emphasis has also been with the average annual increase “ imperialist aggressor and of the tax structure for the j ot manufacturing companies was negative. But spending on 

yet fully socialist . . . what placed on the provision of basic between 1967 and 1976 at2-S per d 1 '’ , d e r of “le Korean people, longer-term and said that he ji a( j risen from about 25 per research and development had 

matters is that in the last ten social services — one of Tan- cent., about equal to the rate of In recent years. Peking has would like to see the double cenL in the early 1960s to 40 per declined as a percentage of 

years we in Tanzania nave taken zania’s proudest achievements — population growth. avoided a hawk-hke attitude on taxation of dividends receive C ent. at the end of last year. GNP since the 1960s. Mr. Blu- 

some very important sl'-ps and on the decentralisation of Contributory factors include K p rean reunification or the LUs. very close attention. That piling up of fixed claims menihal said, 

towards our goals. Government. past Government neglect of presence in the area, unorn- Mr Blumenthal added that made U.S. businesses much more “ Our technological supremacy 1 


Pressure for banking change 


BY DAVID LASCELLES 


NEW YORK, May S- 


one of the holdest and most ^ president Nverere himself Tanzanians are defensive thu^lonr K °Tht' BY DAVID LASCELLES nfw york Mav q rale * 

visionary political experiments of ar ^ e d in hi S oamphleL “ We ? l,out this ^rcise. under which UVSCELLES • NEW YORK, May S- ^ 

any African state : the attempt to have been and still^re arosslv 1Ilu - Deasants 3 re said to have nrmf-in^mwnPM^nf . , - . this raorninc 

create a completely egalitarian inefficient in our factories and tnovcd int0 viI,a Res since 19*2 £ -.^S^anv cW ?n rhp PRESSURES for a big change in th^ FDIC, which is due to. take interest rates than commercial predecessor' 
society founded on ore-colonial ,neBlcienl 10 our Iaclones after years bf ignoring Govern- 5®. J5. e . U.S. banking practices grow dur- effect on November 1. would banks. ESI 


any African state : Uie attempt to 
create a completely egalitarian 
society founded on pre-coionial 
African values stressing the com- 


zania's economic track rec-rd and a R6W spirit Of pragr ^ viJla 3e file, without time W 
current shifts of emnhasn in u ne , prepare shelter for themselves. 


Government policy uo point up — : -- capital 'on May 20 during a Far ucwwuu u, iu C fcuriu special, pre-uegouaieu cases, even forbids payment of interest onj an increase 

linlh iichicvoiupnj, .0 fur and the gathering strength in “t d ? n 0t T Extern tour. chilrman Hua is f,°. r . P . 0r f?™ wb T?” '“‘‘"“"..tave bi* saving,. i.nuH deposit,. vm»tev„ th, I BuigM «tit 

major prul»iem.s Hut have come tu Tanzania in recent rhp nifSESf ’ pJnipft ^ °V *lnr probably now taking a tougher which regulates some It will also make it easier for court's ruling, though, the issue .The Fed's recem 

li-'ht. ianzania in recent have the physical JS ^"dne on the fc out of a 9.000 banks followed a similar customers to keep money In may well have to he decided by retlected in 

Foreign ccnn.. im .,is yenerally years U1 response to desire to improve relations with decision last week by the Fedora^ interest-earning savings accounts. Congress, where charges in the rates, and in 

avree ili:.i a neu spirii of prag- file relatlVClv sIlIE?ish £pt-pr° that North Korea, at a time when £***rve Board, which has 5. #000 rather than as a contingency in law on demand deposits have inflow of fun 

m at ism ha* been gathering UiereiUI\eiV SlUggJSll * 1 1 are? other neighbour States .Vietnam .banks as members. But both current accounts, thus altering been cooteraplated for some institutions. 

Mrengih in Tanzania in recent performances of agri- u “ of ^ f Cambodia" Afghanistan, are agencies are to be challenged in the profile of the money supply, time. kmd are duw 

ycr, in respond* io the rela- culture aild State FUll minv oeasants to move hostile, in a state of flux, or pro- the .courts i by the savings banks Although the new rules could The Office of the Comptroller ? third, so fai 

tively sluggish performances of A JoSISffrable de^ee'of pra- Soviet. 5,™ ° by the ^ c ^tly for tbe banks, because of the Currency has saidthat it lent Period I 

agriculture and slate run Indus- industries .... matism i< Ssn erident in the Cb £r S f; , «, , the . y wU have tn P a >' ou * more *s in favour uf paying interest because mom 

try- newrillaeesPeasan?sare sttU i n 1Qteres /’ ? ey are seneraHy in on demand depSsits. and the cum bins to Uv 

Tanzanians acknowledge that fareely farming on an indiliduai ANZUS exercises 5IS2J 1 !? u L n ! 933 „J° fa .™ u r °f change, since it FDIC commented last week that, Uons of fixed 

there has been a shift of workshops," and "agricultural basis an±Tor the moment there AustraUa and the United States P^tect savings banks during the wiJi increase competition with although it voted for the change, ments such as 

^iS r P p tI " e ™ SSafiSJw&Suss. is jjf-SaK astfvfflwr tte matter 

s^^ k s^!sr y fS‘!s S&sjj.Mssa ESSSS issffs&assrss. ^ — zxx 

socialist goal. It is not Rather . Kenneth Randall reports fromr^, 1 Ca * • •• •> California sa 


rs uf emphasn in ma t| sm h a c beptl r!?h? adviser is to visit the Chinese ac £? un ^' . . w v h i no1 p ^ rmit ° ver * faf * s * exce P t ,n travenes a federal law- winch tration and for action to curb 

policy do point up Has DeeU Bi t he ad fls that Tim .people “ it |j' on ft \ ay 20 dor mg a Far n J5S, l de fi?“ „5> SESft Z222F& . e . d ^ a . se ?: f^ n forbids payment of interest on an _ increase in the federal 


the country is now in a period dec,ined - fo ? H a f f2 m * ^ ° F TheeS« were 

of reassessing the best route to ^ lde va L nety of reasons mclud- mg agriculture towards one of proposed b y Mr Matter Mon dale, 
that coal and redressine some 1Dg . w S ak m«ntive*. shortage of settled production the u.S. Vice-PresidenL durrng 

nr' thMtaw ind hi ind'sor.K Earned manpower, periodic short- Tanzania is still recovering discussions with senior members 
uf rhe first icn vp-irs P S 3 " e!i of imported materials -ind from the disastrous year of 1974 or the Australian Government, 

it..,., worker di>ciplinarv urobleius. when dearer oil coupled with indudine Mr. Malcolm Fraser, the 


Steel ‘trigger prices’ increased 


BY STEWART FLEMING 


NEW YORK. May 8. 


nn'ihc need for individual incen- ^ 0 P ^hP S 'Tir'pS £?' SSu&M THE U.S. Treasury has raised by scheme will not emerge until in, 

V'Z " n . , ?n. f i!n n, ri ». n, J Jo iKS indLrfnl VmoAS?!! * d serious erternal payments prol^ activity in the past has centred 5.5 per cent. The “ trigger prices " June and July. This is because in. 
f.jLiruiL>. .mil on flu iok that _ - . . • _ i nn . i~.:riinn <n chqmii' on the Pacific. — desiyoeri tn nrntppr th«> ctppl Ihe Treasury exempted until wi 


plarx h But th. Government is trying icn, lading to sharply tightened on the Pacific 
the redevelopment nmems hard 10 rectify rhe pusition. The controls. 

y„ r ' -, n African coirntiv which emphasis n»w is on industrial Thanks largely to higher coffee v* _ j_ 

inherited few natural resources dwvipknc. Since 1975 there has Pnccs and tough import controls iVlultl nationals 


11,11 i reasury aaa raised oy seneme win not emerge until increase in the trigger price this a e TOr nousin 3 construmon 
5.5 per cent, the “trigger prices " June and July. This is because increase left foreign importers f ou, d hurt the economy later 
—designed to protect the steel Treasury exempted until with a bigger margin by which In J ' ear ' w "bile a 10 per 

industry from unfair foreign s L eel whi L h V aS b 5 ing 111 ey - could undercut U.S. , 'V 1 1 lhf 

mmnptirinn nn inteonfori ctDa . uuported on contracts whose producers. However with this . po “ tiea Rv popular for the 

competition-on integrated steel prices had been set before thc ^igger nrkes effert.ve % Administration. 

mill products such as sheet and trigger price system was in- from Julv lAha^marein wi!! be that ‘P 0 ! 1 ,arge us - banks 

nldla Stalled. ■ . __ ^ ^ , ViriVD rtntViOri tVir.iv n^nwn p<itna 


The Feds recent actions are now 
reflected in money market 
rates, and in a dwindling net 
inflow of funds into savings 
institutions. Deposits of this 
I kind are down bv more tbafl 
a third, so far. on the equiva- 
lent period last year, partly 
because money is now suc- 
cumbing to the superior attrac- 
tions of fixed income invest- 
ments such as corporate bonds 
and Treasury issues.. 

Responding to the tighter money 
market and heavy withdrawals 
on April, most of the large 
California savings and loan 
| associations, which finance 
house purchases, have raised 
their mortgage rates from fl| 
per cent, to 10 per cent. — 
the first rinuble digit rate since 
1974. A decline in funds avail- 
able for bousing construction 
could hurt the economy later 
in the year, while a HI per 
cenL mortgage rale will not 
be politico llv popular for the 
Administration. 


* iuuiea. narrowed again. The rationale 

i countries are orten The announcement provides The system sets levels for for the boost in trigger prices. 
Mr ^Cturistwoher steel industry with some various categories of steel the Treasury said, is that 


have pushed their prime rates 
to 8} per cent., the Fed is 
expected to raise it? discount 
rate shortly. In rhe mean- 
time. Treasury ■ issues are 
suffering from the general 
credit tightening and from rhe 
publication of the wholesale 
price index, which showed Inst 
week an annual rate Of in- 


i7 company . returned public Community \& now giving an j - me coun^ej had been more or I ness of the mech&nism- 


hc rise averaged 6.4 per cenL an dial d" i ihm-p "em phasis' ofTtbe ciosiireof the border with Kenya - 0 countries “S-It T , Th ««. ovec tbe week-end. Mr. Treasury is putting pressure on nriw 6 in bek ! W P. r 'ces set' early in 

year Imiwcen 1964 and 1%. TttW of priV uie enterprise. has seen a mini-boom in small they were treated S U of w - J- Ue Lanvey. the President foreign importers to raise their he iD increase P ri^ir week, with the result that 

bile It a Vera. soil 4.2 per vent. Furthermore, ministers have industries which would not have respect and justice by indus- °f Republic SteeL claimed that Pnces. making it more difficult aaai V - ■ r thj ?' Sif, J>er L ' e ”!: bond 

year between 19fii and 1975. been repeatedly stressing Lhat been competitive before. trialised nations he saiiL Their first four months of trade for them to under-cut U.S.- pr ces 3p tn _ atcr in the - ve,ir - 1995-^00 was yielding 8.49 

And though Tanzania has where possible pay should be There has also been some resentment provoked them into under the trigger price system Produced steel. The move U.S. COMPANY NEWS o*J^' ° n Fnday comparoi 

•hiuvcd a remarkably high based on worker efficiency. A improvement in agriculture, assertive and. in economic terms, which was introduced in follows an Increase earlier in — P er ce ob an pne 

vel uf capitai foriuaimn be- pilot piece-work project in the notablv of cotton, cashew nut and sadly irrational policies towards February, has raised questions “>e year of about 5.5 per cenL Gennett and Combined Com- Yields on medium-term Tr 

107*0 nnrl >kam U 1C • : i -- _ j U Vi » r- ■Aiirrin-tfaAni'l ahmit itc flFForifiirnrinuD in nrirflC CAt TIC nm... A. A UhlltlPQ ffBiP hr lin tn 


a year between 1967 and 1975. been repeatedly stressing that been competitive before. 


tween 1970 and 1975 there has textiles industry is reported to tobacco production, but it has muItinattonaJ companies, 

been no accelerated growth of have produced ‘a major rise in been scattered and Tanzania is 

GDP in response to it. At a time productivity. still waiting for a sustained rise ■* , 

nf sucli major structural change Agriculture, which employs of productivity in key export JOUTnallStS jailed 

that is hardly surprising. A large nearly 90 per cenL of the labour sectors. Thirteen Pakistani journali 


ever, that the real test of the 


Japanese cost of production, the ? r 5 suggesting that the U.S. Two new Treasury issues Tell 
Treasury is putting pressure on ? oa }‘f tr i ™ a >' us o the latest move below prices set early in thc 

foreign importers to raise their U*. . . lri "? t ‘ r price in order to week, with the result that the 

prices, making it more difficult - p increase their domestic new S2 per cent, bond due 

for them to under-cut U.S.- P r,ces aga in later in the year. 1995-200 was yielding 8.-I9 per 

produced steel. The move U S COMPANY nfwc w nt. on Friday compared to 

follows an Increase earlier in — ' — wo 8.47 per cent, on pricing. 

February, has raised questions year of about 5.5 per ccul - Gennett and Combined Com- Yields on medium-term Triple 
about its effectiveness. in steel prices set by U.S. nianu- munications in merger; Seven- £ “ ti,itie . s rose b y l| P t0 

Other observers point out, how- facturers. Up nrgesrejeetion of bid: strom? , s P 01 " 18 la st week, hut 

CT er. that to real tot of to Without a corr M poodio 3 rto at Ensorch-Pago h S ^ SndKta'SSt 


EEC and Japan in bank talks 


BY CHARLES SMITH 


12 months and fined f« taking 
• "■ "■ a 11 part in hunger strikes in protest 

n 111 nan If iQIITC against the Government's closure 

11 Uft UAmJLIV. o/ the Urdu language newspaper. 

iUusawaL Reuler reports from 
Lahore, Among rhose sentenced 
TOKYO, Slav S. w lNiz ar Osman i, -.ecretary-general 
of the Pakistan Federal Union of 
_ . . v . „ . Journalists, who was sentenced 

permeated the suggestion of overt disenmina- to a year's jail and Sued to.ouo 


Thirteen Pakistani journalists and . 

printing workers have been given ^ 

re mnnlhn qhW lolrinn FORMER FED CHIEF TAKES ACADEMIC POSTS 


Dr. Burns prescribes 

BY JUREK. MARTIN. US. EDITOR, IN WASHINGTON, MAY S 


THE EEC Cuiimiissioner for which has permeated the suggestion of overt discrimina- to a year's’ jail and fined to.ouo BY JUREK MARTIN. U.S. EDITOR, IN WASHINGTON, MAY 8 

Finance and the Budget. Mr. Japanese ccunomv for the past tion by the authorities against rupees. Muaawai was closed for 

Chnstunhef Tugendbut. arrives 3 r f ar . or »» foreign banks have the foreign community. What Printing a statement by Mr. AFTER DELIBERATING for a cerned- Dr, Bums restated his the Fed. Mr William j 

in Tokyo ro-ni"bt for three davs been affected by a sharp tali seenis likely to be argued by fidflku ‘ Ali Bhutto, tbe former month or so. Dr. Arthur Burns belief that the President should wrvly noted that if fae has in the past. Th» 

r M t JSi? luLnli Sfnnemi and lhc Mr - Jugendhat is that Japan has Pnme Minister. w -ho has been has made up his mind. It was cut his own salary of mum enffi by out “ bLtmiS’bSSs » has c,earl >' brought off « 

of Ulks with Japanese financial tu be earned on impact loans reached the point of being able condemned to death. announced this morning that the a year as an example and should in his direction oF mSSIf 1 * 5} ,n| - cw *P ,n landing the former 

Officials which are expected to (foreign currency denominated to afford a degree of relaxation f°™er chairman of the Federal invite members of his adminis- policy, “it will not iSSSrS Fed chairnian ^ the face of SU A 

focus mainly on the position of |® ans l,,ade by foreign hanks to of controls which could benefit VT„ m i • Reserve Board would be joining tration and Congress to take unhanov, " -make me competing oilers, including one 

European banks in Japan. Ja E?u? fQr t i ? n ban |^ and make their /(Caiand IffiOCS the American Enterprise Insti- similar action. Planned federal Further decline in tn* v i f rom .. l . hc notable Washing* 

11- T-M.^Hhoiv nrr.nr-.mmo because of the latter position in Tokyo mure closely New Zealand's Development tute, a Conservative Washington- pay increases should be cut by of the dollar aaainK^ihS^,' 3 ue tht P^-tank, the more liber- 

_ a r«»in,. ba.Wfl tbinlf tanlr nnW M . 1 vDe CUrretl- .lllv nr aniaH D...U 


Tta ta c k ,™™d_»Th,. ?? . k , ; ik,k - h oth fo rei? „ a „d sTbTS 


stepping in? tnat juagmem soouid be art mwic lime over the last year 

prescrip- deferred' by perhaps three But in the months to come lecturing on college campuses. 


a decline in the profitability and d °“ ll .f‘ l >'7 Jl11 subject to tight commercial banks and refuting an< j Company. Prices will be tJons for economic ailments, and months or more, on the latest there is no doubt that Dr. Burns 
loan balances or most foreign * n B ." ap j* n fr07 " l })® allegations of discrimination- fixed in light of prevailing nla^ be repeated several or them anti-inflationary programme. He will be expected, not least bv hi« 

banks tn Tokyo resulting basic- Ministry of Finance and the Page 5. EEC investment feet conditions at the lime of to-day. had nothing but praise for the new colleagues at thn ip' 


ally from the slack fund demand Bank o£ Japan, but there is no 


guarantee plan 


ket conditions at the 
issue. 


As far as inflation 


had nothing but praise for the new colleagues at the AE'i Sl'" 11 ' 1, mibk-Ata ^ 

is con- performance of his successor at come up with more prescriptions '** •KW 1 ?«Sn m u £r"S3ra ?' &*■ 

■ Jtvonii % -u.» t*id at Naw Yari- N.JC, '■ 












ui^> 



o 


. L --: -Financial Times Tuesday May 9 197S 


WORLD TRADE NEWS 


wmi — him ■■■■■rec 

EEC investment scheme 
may assist Third World 

.’I . BY ANTHONY ROWLEY HONG KONG, May S. 

• • ' *’•. 

1 '.; t x THE EUROPEAN Community is The EEC Commission recently jects and would be tripartite 

; considering a range of new in- submitted to the Council of agreements among the Com- 
vestment guarantee schemes Ministers plans for “specific muni ty. the host country and the 
•• designed to supplement “inade- measures to protect foreign in- investor. The EEC would aroi- 

• »..* quate ” national schemes and to vestments from undue inter- trate in the event of unilateral 
■ ' !r revive European companies' flag- ference by LDC Governments,” modification of the terms and. 

, ging interest in Third World in- Mr. Tugendhat disclosed. conditions of the investment 

' vestments. The Commission proposes “in principle, projects eligible 

These schemes, which may be action on two fronts. The first for the conclusion of a specific 
1 financed partly out of the Com- involves the negotiating of protection agreement should be 
_• m unity budget, were outlined agreements between the Com- undertaken by companies from 
‘"o' by EEC Commissioner Mr. m unity and individual develop- at least two member states and 
i, ' Christopher Tugendhat to-day in lng countries— or groups of them involve a large capital outlay, say 
bis inaugural lecture to the 11th —fixing the “norms of good $50 or more.” 

% - ! Commonwealth Mining and conduct” between the parties Community guarantees would 
.•.I/ 1 Metallurgical Congress being concerned. offer investors “financial protec- 

held hero. These include: u Transparency tion against Don-commercial 

•: ,| • The absence of adequate levels and stability of investment con- risks.” rn ^~ 

• . ,, f of foreign investment in the less ditions, a on-discriminatory i 

• developed countries (LDC’s) is ment of investment, the \ 



W. Europe plastics 
over-capacity move 

BY KEVIN DONE, CHEMICALS CORRESPONDENT^ ^ g 


Optimism on 
trade with 
Ivory Coast 


BY KEVIN vy~. — fRANKTOKT S. I 5j«0- - I „ K0KEA sh ,, td ' , blg » th e Ph.l.np.nc, 

WESTERN EUROPEAN plastics expansion P?^ s ' WHAT IS officially described ;- 3 in s hoe exports lo the Shoe distributors 

have iaken the first of demand, imports^and^ expor^ j ^ wwjji . * w boQSl British | lhc firsl quarter ur promised to morula 

step towards organising a volun- British Footwear ports to help mai 


Korean shoe exports 
to U.K. up 167% 


BY CHRISTOPHER DUNN 


as a campaign lo r*.‘V‘“ 

trade and other relations with tne 
Ivor? Coast, M. PInbppe \ace. 
Secretary' General of the Ivory 
Coast ruling party and effec- 
tively the country’s Vice Presi- 
dent, yesterday began a week 
long official visit to Britain. 


j aemanu, am r*-* - ■ — , — ----- 

pro auee i3 **«»«= 7„_“ ’ Th _ stu{ jv 0 nly deal with 

ESsTssa? i MJggRSS 

jgssx "S 

SfifflgEgpKS 

Slss S HSSeS” 

arrangement. ^plastics producers are far from . — 

Following recent J"*. =■ h _j on «jo best wav of dealing 1 ^Towever, partly thanks lo a 

rtUiWK^tMemeDnignj"; mwta, capacity j ^.T drive P ia the last -■ 

the EEC Commissioner lor ui in v Commission is British exoorts to Ivory 


Ivory Coast the former French 
West African colony, is now 
Britain’s fifth largest market in 
black Africa. Total Ivory Coast 
imports were some £720ni. in 
1976. of which Britain accounted 
for some £lSiu. 


U K. 6 dSrmg The am qwncrTr prSed"7o ‘monitor 
this rear the British Foul wear ports to help ill am lam I-.K. 
Manufacturers FederaUoo said P^“ e h gSrt. fell 15 per 

Federations figures also cenL to 33.4m. pair* . «r more 
showed a Tall in total firsl- than 40 per cent, of the U.K. s 
Quarter shoe imports, both by shoe consumption 

Js, sur from lasl jriajra iTiS-ss 

toSSsrpairfan S ^Krter shoe exports 
5 lffTper cent on last year, were unchanged at 5in. pai^^but 

° The Federation deplored the British shoe m*jeB h-»d - 

?,£?= ESJ 

sswutkJss as 

im ask the Govern- Shoe deliveries in the U.K. tor 


with Viscount isuenne wavi B uu», t surplus capacity trade drive in the last year. | cures _ _ 

the EEC Commissioner f wi P Commission is British exports to Ivory Coast ( as possible. G„vem- Shut* deliveries in the U.K. for 

industry. plastics matenals extremely re- fhis year are expected to be . « the first two months or the year 

manufacturers havr luctant to allow manufacturers to between £30-Mm.. aceprdine. sharp rises in shoe were unchanged, and overtime 

■ -* — s »«- ~ 


j(i:- 


- A 


World for minerals ana outer ment procedures. _ _ . modifications of tne conditions 

raw material^. Secondly, the Commission pro- defined in the specific agreement 

“ We have been giving very poses specific project agreements would have an adverse effect 
close thought to the question of linked to “Community guaran- on the viability of the invest- 
bolh the commercial and non- tees.” he went on. These wonia m ent.” 

' commercial conditions that need help significantly to improve tne investing companies would be 
1 '- lo be established to revive the security of all investment, out ag fc e d to pay a premium for these 
interest of multi-national com- particularly in mining and re- community guarantees (varying 
' nanies particularly European lated sectors. according to the type of risk) but 

companies, in Third World pro- Specific project agreements jf receipts from premiums were 
‘ : •• jects." would- relate to individual pro- insufficient to finance the 

— r.i, " • • . ' guarantees there would have to 

• " — be recourse to the Community 

l i Norway ship-building aid for the Community budget he 

- te BV -* Y r.iKTFR OSLO, May 8. would be “ very happy to see 

BT PAT tit) used to underwrite arrange- 

\ NORWEGIAN Government ment is likely to fall. (The ments of this kind," Mr. 
policy document on measures to Boyal Commission ggwgwgj Tugendhat added. 
aid the troubled national ship- a cut of 6,000 to e *^i n 

Sidling industry, published at years, while a minonty on 
the week-end, is less optimistic Commissjon eounseUed an eve 

as* s? ‘s^coEkk 

on ae s “ biKt SMSTSf ? 

ID It asks ParUament to anprove the various yards, and by 
increased allocations for some the extent to which the state can 
t“SS of finanrial support to afford subsidy which will 
Ih^nvirds but the aid proposed the yards competitive. It stresses 
th' an expected, and there that ship-builders should not pin 
is Sbasis on Living the social too many hopes on inverting 

■“iff 1 Smra? skirts the I«s alternative ™ployn«t for 
tnuchv question of just hew the yards than the Royal Com 
steeply ship-building employ- mission foresaw. 


ey i'uwcuuq i , — ” 

western Europe, future menL 

Singapore chemical plant doubt 

BY CHRISTOPHER SHERWELL SINGAPORE. May S. 

SraWBEnSSK: ^Breee^t on the ™ 
irtielhS construction wifi now go of the core complex, a SSI bn. 

Iffio^t^^k'thalV? aS^clud^Shell^d^Dow 


wir. im ports 0 to ^e^'.K.. notably Por- in February 1 was still in excess 

S, Mr ht visi.ed | m^'sweden. led, a. Ms, a>s ,a of shorl-ueu- 

Ivory' Coast twice in the last] 

six months, has said that Mr., 

Yace’s visit is part of a ^0"' 
scious campaign to better 
Anglo-Ivoirean tradins. as ueiii 
as political relationships. 

Emphasising that Ivory Coast, 
which has been governed by 
President Houpbouet Boign> 
since independence in I960, was 

nnri nnlitlPflHV flT10 


Australia steel 
export hopes 

By Kenneth Randall 

sinceTndependeh ce in I960, was] CANBERRA. May S 

economically and politically one i AUSTRALIA'S MINISTER for 
of the most stable regimes in c Dec j a | T ra dc Representations, 
Africa. Mr. Rowlands said that] ^7y it - 


Grandmet wins 
Jordan contract 




By Rami G. Khouri 
GRAND Metropolitan Hotels In- 
ternational, the overseas arm of 
the Grand Metropolitan Group 
that is now concentrating on di- 
ll hold management emi- 
Ihroughoul Hie Middle 
has signed two new man- 
-ement contracts in Jordan. 

end."”" ” ‘ „ npnfthp bT^elrtrf'bMhS!"*The group is also well placed 

The Ivory Coast had one of the week on his return Uo play a growing role in the 

most liberal investment regimes. ^ n d m 0 , J c h b les t rount j of dLs- future development or Hie snuth- 
with few restrictions on remit- from ™ EuroS ern Red Sea resort of Aqaba. 


russions in Europe. 


I K BOOT IS AS BIG AS ITS BONNFL 


U.S. delays may 
prompt Algeria to 
sell gas in Europe 

BY FRANCIS GHlUS, RICENTLY IN ALGIERS 

sgJMMS £ S3= fffSs 

33SSs2 fesMssi” ” 

SSaSL-rS'fi-fW «« 

in tiro months. M. Nordine Ait den ied it ever intea Jed J 1 
Laoussine, Sonatrach’s executive s0 and has repeatedly stated th 
viw president has warned that it does no t consider LNG t 0 be 

hii eountrvs patience over the m t he arena of oil politics, a 
tl S aas sales is fast running out. crU cial technical point. wh ’ch 
He* was referrina to the fod supports the Algerian a rgu; m 
that the Department of Energy is tha t it is impossible to 
in Washington has yel I° n iss .^ off gas as one can oi . 

«... i onthnnsution for ,-nt^rc are specially ntiei 


argument 
turn 

iii" Washington has yel lo^ off gas as one can ..... .LNG 
final import authorisation for , anke rs are .specially fitted ou 
two UKrior U5.-Algenan con- for the terminals they serve, 
tracts each of which would allow earmarked for Eas- 

ibc imports of 10bn. c0 I a b s e fllaily went to the Duich- 

metres of gas JgjJJJ 1 J?re German consortium Ruhrg as. 
the US. Final. decisions were Salzgjlter and Gasumc. Sona 

due in the ca^ of * e -JJj track feels confident a 
tract with El Paso last June, ana because 

in the case of one with Tenneco sUIldby contracts 

last September. The aeaaii tential customers and »s 

for final approval wasertend^d P egQtiatillg ^ others, all m 
in both cases until fte eua ^ Emrope, which ensures ^ at l J 

IS. “.Sftfciff A fte E3 - 


Open the bonnet of the Lancia 
1600 HPE and you are confronted 
by an im pressive sight A distinctly 
eager-lookingl600 cc twin-cam - 
engine (with aluminium ^ 
head and twin-choke car- 
burettor) which, on closer 
inspection, can be seen to 
drive the frontwheels. 

Clearly, you are notlook- 
ing at your average, run-of-the-mill 

engine. 

This is confirmed as soon as 
you sit behind the wheel. 

You quickly find that you are m charge ot 

quite startling performance. 

The top speed is an academic 108 mpn. 

. • ,1 A VlAV 1C PY_ 



cloth (though you can have PVC if you prefer). 

The biggest surprise comes, however, when 
you open the rear door to find that the sleek, 
quick HPE is, in truth, a practical estate car 

• . / A n . _ S' ■ i - rt-P 1 * i rerrr, rrA OMG PP 


:as per annum into ^"-consortium Ruhrgas. 1 X1C LUp " 7 _ . . x ■ lrUD r ; c fnitVl a nmcUCSil 

^'«if de » S’i sarsw tfflSr-JS The acceleration through a 5-speed box, is ex- quick HPE is, m ^ truth, a P ractl 

is sa w ‘^sJf X a cceierauori |i ^ all-round with up to 42 cu. ft. of luggage space. 

SsRS ISMSfi 1 dSctok- Although the rear seats look o 


potential customers and “ fllLaraLlIlg- JLI1C llOlAWLLix^, *7 ” 

SS?!TSK'4i n dependentsuspension,and4-wheeldiscbrak- 

eciHiuu jt w . u be producing b y the nud- ^ JT 

m§,1 A closer look at the interior also suggests 

S-i S E£r3 C ofet that you are in a most imusual car. 

S.S^ d tS155S?'?is* »si ir£L o! ^r t o c Zu7%?' There is a complete array of instruments, 

including rev counter, oil level, oil temperature 
’ oil pressure gauges and quartz clock. 

The accommodation is for five, with integ- 
Approva. power in u.e ra l headrests on the front seats and wrap-round 

wSsSsSS rS s to WS rear seats with tons of leg room, front and rear 
Een5p3™ ES. The upholstery is luxurious, hardwearmg 

the final decision wwvea that contracts are supposed to be 
deals now baveto be jg» beneficial to both parties. Clearly 

by the DepamnentfEn^ is Sonatrach is waiting to the 

rWffSSa SSSSigB TOTOSEEIHEiaNCmBEIAR^: 

lhc appr° va l °* tn e _f“, ma klne anv moves on trjing w England 

contract ^last ^^^audle had alter the El Paso I price. AinwtsfcWrtiianiSdi'Tpii ftAKia- 1 aB *‘ 

[rsisted ° n 0V J°?' cSSSs2SS h tmtt Closer relations . 

■i" reed to afi er .f Kffthat If the wo contracts with El {gWasa 

argument. It £%$!*&£■ ****** ^ 

issisi ss mm 


— / — 

*PricesmdudcVATatS^andc^tax'me^recl^ftdb^ddehverychar|es(UkrnajnlandKbuUNcIudcmim^^^^^^^^ 

Prices* of other Lancia ranges start at: Beta Saloons -£3,292.38, Beta Coupes u, 


L UJJ LU ‘t^Lu.iuui Sr 

Although the rear seats look continuous, 
they are, in fact, separate. You can fold both of 
them forward, or just one to carry a long load 
and a third passenger, happily side by side. 

So you see, a Lancia 1600 HPE is perfect 
for someone who would like a sports car but 
needs an estate car. 

Simplybuythebonnetfor irPPPPVI 
the sport and the boot for the | W 

estate. The most Italian car. 

Lancia (England) Ltd. Alperton.Middx.Tcl: 01-998 5555 (24-hour sales enquin 1 service). 

imber plates. 

Monte-Carlo costs £5.927.2— 


1 = L war nrice oi »»* v v i severed Tne u.s- BadnaBtww:'-*”* 1 * 

Srsf * £5 S -iii BBg&r-* 

secondly averasinfi the price P* ' V ear. The U-S. Biafliay:jiwp:.x > o , t"=- 

principle of u-S. second place wsi ywu ^ wSSrfluaseB , 

L e r>ic and its Cheaper Rvimbank Is prepareo . , BinnmahanrfomjjieDeiMi. 


domestic supplier UiS> crease jb !S?Tcon^ari?cur- 

AS <k St SSS3&&* as- ES!£«~i 

SSSSKWfig to S^ruo aua 05 compaidus are 

ditions would cleartn© concluded- Tq re tarowspod, 

olire a Reladons | _?«giJf.. n S l * 


S£S-sj? rs s»T” 

East Ecojornir ^«ident 

.weeks m ay beanother Arab^whrie M . n ^ r f° do ii Ver ed 

hinted the hold up: Ht seems the Energy ^ ln ^® T glis h. Never JS£S2Sciw«« «nBEdw«id*. 

reason for the Government s his ad *^ s «» ne i! S h been used on TeL2z«3» 
lo me that the L k^cImIIv before had ^Udnn in 


ssskSSWSSLSSSS » ■“f.a'SJ ssaasriZZl 

10 "a AWrlanEas U ba.lcaily occ«ion In 

stand on a .^ - h extent to an impor B ymbotism was pot chMwnRMiR** 6 * 610 ^- 
scopohucal. Tne M a A, ge na. The Bp™ Td:0SH31n «„ 

which Als^ n c r wfa the lost on any « flovm m from 


which Ala^ier^on whom the lost on^of 
^T^st S d U epend lor u mucb of njany^ „ ^ the ceremony, 
its impo rts ,s w 


Ch lcliel tT: Swan Gatatta. 

1et(a43S7S2n . 

ClMthoipac: David XhOtt Wo<C» 

7. +0472 63592 
CoIchasMn D Salmon Care. 

Tat 0206 4WE* 

Dnhwn; Denham Sfliice buiitfl. 
Te»2JL*»3i6 

Dfrity: Mjrl- P< Iclmfi MohDIS. 

7^-0132 413^X9 
DonoEten Sp nffAfl. Mdori 
TcfclritE BaibVJ 
O oreh»«r. Tics ion. 

Tfi 1120567411 _ 

Durtwim Seme* aiaiioo. 

7*1.0338814671 

Exftev: i uiVSu'II CadTog*^. 

7ei;0S92S44i4 

ExmouilK t'dYwO Langes. 

TeLCCia 52 77655 
Farahom Hmioios. 

7flMJ3292 82811 
FoBcbsumvkJ.O Flct£ . 

7et Limincfi (03031 8921 13 

Forest Row; Tityan. 

TehOM 292 3066 

GiltinfthMTCAuiCK-acMs. 
let tlSiwnr 10634J 62333 
Gleussuc Vtonei£.MoK»s 
Tel 0452413009 
. GuRdfoKfc PurWCxS. 

Teh 0463 60751 

HiUseworCb [SultoS): Nxnun KirKjUtn 

C*s. Teh 09867 3668 

Haa-ogna: AAlncqn s MoicrCenie. 

Ttt. 0423886351 
HstflektC Wrf,AuU>5. 

Tel 3071228 

Hereford? WMssJone Save? Subon. 

Huddersfield: LoAvaod Mow Gaiegc. 
T*tp484 23J4+ 


Ipswich; Coll Gji age, 

TPKI47J7e3 7 
KenflwortijjM ,l,wE,0S - 
T^i 0326530/-' 

Kettering: BujunMon Molds. 
Te:.053u7SCf2- ,J ^ _ 

Kiddemuneter: uotncie Depot. 

Kings Lynn: i ' S Cutwi «. 

LD5'Jfc02' - " • 

Leeds: &«»•>’ 1 « W-',’. 

Leieeetsr * Wraisflo. 

vu/jWU'lf . 

Lincoln: '■ .: -io>Lm.Mi!. 

VI 06.' 2:0 7 Aj , 

Liverpool. ^ aoi:i 

T<J.0d1 • 

LONDON 

N,W.7:HM^Fi£!f. 

lrtOI-969^'. . 

S.E-1 sVftieiioa '-ouMge. 
7 j).::I-02S162- 

S-E.11: iSorta only) D, B. AulSS. 

Tei.01 -735 8566 

S.W.1 : Psic weflenden. 

Tel. 01 -878 7018 

fi W7: iSmnW'Jiw Rotaihnk< 
a'Pdnrers. Tol '31-3737009 
S WlSlfii Sneot-Tet 01-37041 H 
liwil 9: UviH.iUrt 01-946 6665 
VV.1: FLY’.rtjn'--' ra '3**. 

Tri. 01 -335 5418 
INA 1 lie C»nwui*« n»4- 
T-M)1-99&OW2 
Y4Sk i i 

w L.a973622l7 
Maidenhead; LWij Muiw l>. 
T*l-0o28.':6t>0 


Manchester- Spom ^.uers. 
VL061224J323 
Meftffietd: RrgMwe- 1 ^ 

Tel: 0623 61 0330 . 

I^Mceetle-upon-Tyne: li- irl ? Moiis*. 
Teh 0632 734531 

Nert Hampton: biCbjii.w- .jiji* 

V. 000438187 
Norwich: Pwn’si \‘Mu: 

Iei 050^4634;. 

Nottingham: E uw reft F.io:wt 
T** CiCO “ 7 4V? 1 
Oxford: J 0. Bn. 

Isi.Omv i 
Paignton: F.c^k:. 
i .s.GJOT 6»2-- J 
PSnflboume: Au:o_,r. 
1tl:o746/332J_ . 

Peterborough: Pi’-LDuf&'jiin-iOfc 

Tt-i 073453146 
Plymouth: R Hmptf. 

VL07S2771133 
Bornaev; Roll^Of RcnfaCt'- 
7e ! :Cl794 &1S185 

St. Annet-oo-S«»:CLurcii Road 

GiTd» TeL 0253 7i6679 
St. Wes: Oute Valiev Mows. 

■»i 048062641 

St Leonards-on-See: ituWjetf'tr v . , 
tiaaqeiSl. Uonardsl.T-ji 0*3-4-0&,l 

Scarborough: Main 3 Kr^it- 

W. 0723 Win 

Sheffield: Machon Bam: Mein Co 
Ts! 0742 52488 

Sheriiema: C hiidi Gdreges ( &l lotxjme). 
Iri- 093581 3262 . ‘ . 

Southampton: Modem U3r4 U*-'- 

1,-i 0703 22828 

Southend: Tlvxpe Edv AulcfxxnL 
Tic 0702588200 

StanstedrThc Siaaced Moia Ca 
lei 0273814535 


Stockton on 

1. 1 06j: wiw: 


Or- on 6 Ro'.*. 


r»VQvi?& F'.l« 

mime-," i'.-i v«. .'0*44 
Stratford-on-Avon: i'i.'Ib Rik. 


Stoke on Trent:' 

iHinlcy' Icl 0>8 


•■ii C'C^wl.-iC.d')- 


Swindon: D". 1 1 
i.; r.i. 

Taunton. I 1 Sii.ul... 

T :' ,4:j:, i; : ‘-i 
ToIIdrI.vI.v- 
T. : l.:‘ ; .. p'3uSi 
Theydon 8oiK vVrwd L 1 j.« i.n j, 

1. {u-i.V.31 

Truro 1 P'.'-rvi PI.h,.- ij.iij._i-’. 

T- 1 '“D-.'.--] -' 

Tunbridge Wells: l. i luw.cl-v;. 

If-. tlCHJ 1 1 ! 

Wallasay: f h-wv Bikihiwi Wages. 

T.'-i 051 t.38dU4f> 

Watllngton: J.r.1. 

T.4 C-l-047 44.'3 
Warminster. Jan Mai Ji. 

Tel. 0965 214777 
Weytwidge: Tci t; Btoala. 

Vl-Bvllvsi I9114W.21 
WUmelowrVVi'imicw Uoiae. 

Windsor 113 Motor Co. 

Tci Ui-WITO- 

Wolverhampton: Wou: Mtlois. 

I.ji uVf'J2TB»7 

Whftet W r i.imlnnk-ap Mt4urs . 

t..i uy.jp 361 e2 1 

SCOTLAND 

Aberdeen* O'.ii Huioj-istii' Ustou 
V. o.'242'J34y 
Ayn *j'-. n ' '•’•i' 4 -n ! 1*.-' '-is. 

i. 6167' 

Dundee: P a C -i . . 

: v&UiVni 


riWUMoiorWage. | 1 I Tel 027981J535 1 

Personal Export: II you are eligible to purchase a Lancia free of taxes, contact our Export Department. 


Edinburgh: ulm He-Bi-ison .-.c'-TA 
Trfli'jl rJ592bt' 

Glasgow: OlrericiKJcr.rf.Ai.lcl'.'rs. 
T.iWl 9.1 J llfib 
Lanark: MnnsclKld MwWts. 

T>. I 05652632 
Morav: Ff N-d.D.v.:*. 

1. 103US7 

PertileBiS’"." 6'^- 
V, O.'Jl 20641, 

WALES 

Cerdltt-.S-' " .C’-'-'HP. 

I -I lC.‘7 JC‘": 

Pontypridd' . G -ij 

1 -i 014 «402 >k--.i 
Swansea: ~i -r.i.- !o L-.kMcn: 4 *. 

V 07“.; 34S-: 

Haverfordwest: hyc Rm- 
lei Dlo.'2-iou 

NORTHERN IRELAND. _ 
Bedfast: iio. ■>/ H-avr,' *< r.a 

V 04 A-' 4K4/ 

Limavedr 7 CopeDnd Care. 
1 l-L05D4J23873 

ISLE OF MAN 

Port Erin: S»U'?Gaian^ 
lit Ou? 4832021 

CHANNEL ISLANDS 
Guernsey: Sr. fwrP.'.r 
Da, I* MtH w:.. T.4- ME I J4CC5 
Jarsey-.S; hi'nx._ m .. 
ilulubOiA.'. TeLd:. .4 2r".’u57 
le.Uove Cukhoti i. 

Tel OE.WJr.73S 

A..YIO.-1 

j if."- :« r*c* 


ai 



<3 


Financial Times Tnesilay Mar 9 ’1028 




HOME NEWS 



Hammer 


to cool 


Frigg Field opens 


way to mutual aid 


BY RAY D AFTER, ENERGY CORRESPONDENT 


FRIGG FIELD, which will he the important if we are to succeed ol consumption, 
mainstay of U.K. gas supplies in harnessing the energy Norway's policy would take 
from the North Sea for the next resources of the world." account o! the country's own j 

( ‘20 years, was officially inaugu- Development of the Anglo- economy and energy supply in- [ 

dr ARMA\‘n HAMUfFR chair- 1 rated yesterday when Sir Denis Norwegian field has been an terests and also reflect the needs 

— 1 " ut ' l(lP us occidental ! Rooke * British Gas Corporation International affair. The Frigg of other nations. ! 


Housing 
output 
recovers 
in March 


By Sue Cameron 


By Michael Cassell, 
BuHdfng Correspondent 


Wheal Jane pit 
shut as Gold 
Fields cuts losses 


Bltmder 1 
by civil * 
servants t 


BY PAUL CHEBHHGHT 


man 


Pprrnlpnni arnuo' Vi-ted : chairman, predicted that It would group is a Franco-Norwegian Mr. Gjerde's speech came at a 

s - 1 J 1 set the pattern for future inter- partnership comprising Elf time when the British and Nor- 

national energy collaboration. Aquitaine, Total, Norsk Hydro wegias Governments are consid- 
The field, which is costing and StatoiL cring extending their collabora- 

£2 bo. to develop, is expected to The main production platforms (ton over North Sea gas colie c- 
meet about 25 per cent, of were built in Norway, Sweden, tion. 

Britain’s gas needs In the 19S0s. the U.K and France, while the one idea being discussed by 
The reservoir straddles the rest of the equipment came from officials is that unexploited gas 
U.K./Norwegian median line, a a much broader spread of gelds j n the Norwegian sector 
position which provided a novel countries. should be linked to pipelines on 

diplomatic twist to yesterday s Exploitation of the field—the the British side, 
inauguration — King Olav of biggest offshore gas find in the The extra supplies of gas 
Norway performed the ceremony world— has given rise to a unique would be carried to the ILK. 
on the quarters platform which international treaty between the where the Norwegian portion 
stands just inside U.K waters. British and Norwegian Govern- would be separated and trans- 
Today it will be Britain's turn menls. ported to the Continent via a 

when the Queen opens the St. TVflCioc+rtn* new cross-Channel link. 

Fergus terminal in Scotland lvUJeaTUiie Talks on this scheme are still 

designed to handle gas supplies Mr. Bjartmar Gjerde, the Nor- at an early stage, however. Even 
from Frigg and other fields in wegian Energy Minister, said if nothing comes of them, it is 
the Northerly sector of the North that Frigg represented a new and likely that small Norwegian fields 
Sex important milestone in the de- close to the Frigg reservoir will 

Sir Denis said in Stavanger velopment of North Sea re- be developed by means of the 
last night that British Gas had sources which would help to Frigg/SL Fergus complex, 
spent £40Gm. on the terminal secure a broader economic base The Frigg partners are be- 
and on-shore transmission lines, for Norway. lieved to be considering install- 

The total Frigg project was an Norway was permitting a mod- ing compression facilities on 
“outstanding example of the erate pace of oil and gas produc- their raid-line platform to cope 
kind of international projects tion. Even so, the output of oil with possible fresh gas supplies 
which will become increasingly was still ten times its own rate in the early ISSOs. 


j HOUSE BUILDING output made 


day iu defuse the raw with the 
British National Oil Corporation 
by publicly dissociating his com- 
pany from remarks by Mr. Bob 
MacAlister. one of the organisa- 
tion's most senior executives. 

Dr. Hammer, speaking at a 
BriUsh-American Chamber of 
Commerce lunch in London, did 
not name Mr. MacAlister. who is 
president of Occidental Inter- 
nationa] Oil. the European and 
African wing of the group, hut it 
was clear that he was referring to 
an attack by Mr. MacAlister on 
the Corporation two weeks ago. 
when he accused it of slowing oil 
exploration in the North Sea, 

The top management of 
Occidental “ was certainly not in 
agreement with what our senior 
official said. 1 ' Dr. Hammer said. 
He was quick to add that the 
executive in question was a 
•' strong-minded and valuable 
man.” The group needed men 
like this. 

“You are likely to have read 
about comments made hv one of 
our more senior people here in 
Europe on the subject of BNOC 
— views that are not shared by 
the tan manage meat of our 
company. 

“When strong characters like 
this deliver an opinion you are 
Tint usually left in doubt as to 
what it is. 

Although Occidental had 
’■minor differences now and 
acain " with BXOC, there had 
never been serious disagree- 
ments. 

If the full wealth of the 
British Continental shelf were to 
be realised, further incentives 
must he made available to oil 
companies. Dr. Hammer sug- 
gested that these " further 
inducements '* from the Govern- 
ment might take the Form of tax 
credits. 


Motor-cycle sales up 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


A STRONG recovery in the it is hoping that sales overall cent compared with the same 

U.K. motor-cycle marker led to a will be only about 5 per cent period last year. Last month, 

U! per cent, increase in sales be '™ ^hiem remains lhe * were down b * « cent 

last month compared with the t ^ 3.443 units, 

same period last year. decline occurred after new Total sales for the industry 

Tbe fieures have brought the speed regulations came into last month, including motor- 


a marked recovery in March 
after the very poor February 
performance. 

The Department of the En- 
vironment said yesterday that 
builders began work on 20.000 
homes in March, against only 

15.300 in -the previous month — 
the lowest -monthly figure. The 
March total was the highest 
since November. 

Private sector bouse starts 
totalled LL600. compared to 
9.100 in the previous month and 
11.000 a year ago. 

Builders started work on 
8,400 council homes, a rise of 

2.300 units on the month before, 
but 3,400 down on the level 
achieved in March last year. 

Total starts in the first 
quarter of this year were 12 per 
cent, down on the previous three 
months, but 1 per cent, higher 
than in the first quarter of last 
year. 


Private homes 


The number of homes com- 
pleted in March rose to 23,100 
from the February figure of 
20.500. The completions a year 
ago totalled 25.700. 

Public sector completions 
totalled 12,000, against 9,500 in 
February and 14.700 a year 
earlier, while the number of 
private homes finished remained 
at the February total of 11,000. 
the same figure as in March last 
year. 

Completions in the first three 
months of this year were 7 per 
cent, up on the previous quarter, 
but still 5 per cent down on 
the same period of last year. 

The Department also released 


BY DAVID CHURCHILL 


PRODUCTION at the Wheal only be solved by extra expendi- 
Jane tin. mine in Cornwall ture. Running « heal Jane at a 
stopped yesterday, and Con- loss. Gold Fields was not pre- 
soHdated Gold EleWs, the pared to make this extra com 
owners, confirmed that dosare of mitment. . 

the mine, announced on April The Gover^ent is understood 
26, would take place as planned, to have offered Gold Fields xo e 
— f . assistance in keeping the Mount 

•The prospers of an ecommuc Wellington pumps going, m addi- 
return at Wheal Jane are so tioil^ to payment of the temporary 
uncertain that further invest- emnloyment subsidy. But there 
ment in it cannot be Justified,” s-ems to have been no dlspasi- 
Gold Fddds said. tion to underwrite what could he 

nn *?°® continual losses. cvw , 

a "*5°*?* Gold Fields discussions vtthj " lg Committee that set 
between the company and Mr. t h e Government have failed to L, ant j a , c .-onoiiiies had be*« 
Alan Williams, Minister of State bridge the gap between the Gov- ! stjnnjl wono "" ls ■ naa 


misled 

MPs 


ill 


SENIOR civil servants in ^ 
Property Services Agency 
inaccurate information- to a Sofat 
Committee of MPs in 1975 wNi$ 
was investigating over-mannku 
and wastage in the Civil Service, 
The civil servants had claimed 
in evidence to the Puhlit 


first indication of a significant force last July, restricting cycles, scooters and raopeds, j figures yesterday showing that 


revival in the market since moped s to a 30 roph limit and came to 20,692 units. This corn- 

registrations began to decline so kilting the market for sports pares with 2L513 in April last 

about a year ago. models. year, giving an overall decline 

Although the industry accepts in the first quarter of this year for the industry of only 4 per 
that sales this year will almost sales of mopeds — vehicles of less cent, despite the extremely 

certainly be dawn on last years, than 50 cc— -dropped by 56 per heavy cut in moped sales. 


an estimated 9.000 homes were 
demolished or closed during the 
first quarter through slum 
clearance action in England. 
The total was 11,700 in the same 
period last year. 


More merchant shipping 
laid up by lack of work 


BY OUR INDUSTRIAL STAFF 


A FURTHER rise in the volume weight tons, or 4 per cent, of the 

rlc 


of world merchant shipping laid world dry-cargo tonnage, and 346 
up for lack of work has been 

reported by the General Council Ker tonnage ** £ h d 
of British Shipping. Ia ™ er *"“**■ . , 

lrt *v 0 T be British share of idle 

h.Jtc? "S£JS shipping rose by 500,000 dwt, to 

tnnnw E iSl. ^ 39 shi P s of 3Sm - dwt - 8 P er renL 

Thj 1 SIftJJrtinn th» rhS of *■“ merchant fleet, compared 

flifr SS P w *LJ£f Brit ^ h with 7 per cent - in February, 
fleet idle has also risen. Sweden had 3S per cent, of its 

At the end of March. 51.7m. fleet idle, Denmark 28 per cent 
deadweight tons, representing and Norway 28 per cent 

74 “ ,5 hl > 0r . ® P !L CenL ° f tte • 0i l tanker tonnage fixed on 
world fleet, uas idle. time charters of 12 months or 

The total was made up of 396 more rose in April to 2.1m. dwt 
dry-cargo ships of 13.3m. dead- from 924.142 dwt in March. 


Bank ‘had two exchange 
control black lists’ 


FINANCIAL TIMES REPORTER 


THE BANK of England operated The other defendants are Opening his evidence yester- 
two black lists in its exchange Adrian James, 32, solicitor; day, Mr. Wales . explained that 
control department, Mr. John Leonard Ash. 39, panel beater; he bad worked at the Bank of 
Martin Wales, a suspended bank Alfred Taylor, 61, builder: England since 1957 and had been 
official, said during the dollar John Robson, 57, commodity in the exchange control depart- 
premium case at the Old Bailey trader; and Reginald Atkins, 50, ment since 1965, after being on 
yesterday. ' company director. duties that had frequently pul 

The trial involves Mr. Wales, The Crown alleges that profits Jf.® Jj.® * DU<:l1 with ,fce Court of 
42. of Hunt Mead Close, Cbisle- of more than £lm. might have Dl £® ct °”- . ««. 

burst, and five other defendants been made by some of the j 

who deny conspiring to obtain alleged conspirators out of the E °£i“ ld athletics club 

money dishonestly from scheme to get dollar premium [®!L sls * or se 7 en -f* 5 *. atu J * d 
authorised dealers in investment rebates Illicitly on investment „ *} *?uf u 5 er » . f. Inter_ 

. currency between August 1. holdings if Scotland Yard had B ,r fi.TT etic ® As ^ 0C1 } h0a - 
! 1975, and April 30. 1976. not been secret! v tipped off. v Y nUl 5 1 .* 5U ?P ensi0 ° duty 

> - - : — 11 before this trial, he had been a 

superintendent signatory in the 



The 


Frizzell Group 




II 


In a difficult year 
we achieved an 
increased pre-tax 
profit of £1.829m 


If 



reports Norman Frizzell Chairman of The Frizzell Group 

Salient points from the Chairman's Review for the year to 31 December 1 977 


Increased Income— up £1.302m at 
£9.178m. 


«!# 


Uoyd r s Underwriting Agency results 
very satisfactory. 


increased pre-tax profits up £217,000 
at £1.829m despite continually rising 
costs. 


j]c Record profits from Shawlands 
Securities Limited. 


Jfi Finance For Industry Limited acquire 
44% shareholding. 


Substantial increase in profits from 
our French associates. 

The Dupont-Fauville Broking Group. 


Marine Insurance Broking company 
in course of acquisition. 


$ Continued progress by The Folgate 
Insurance Company Limited. 


§ Insurance Broking continues to 
provide the major income and 
profit contribution. 


$ Support pledged to newly formed 
British Insurance Brokers Association 
and The Registration Council. 


Copies af the report and accounts are available from the Secretary 



Registered Office: Frizzell House. 14-22 Elder Street. London El 6DF 



exchange control department 

“ But there are no circum- 
stances in which I could myself 
have given authority that certain 
investments were dollar 
premium-worthy.*' 

Questioned by his defence 
counsel, Mr. Robert Hannan. 
QC. about Bank of England 
exchange control procedures, he 
said: “There were two black 
lists in the department 

“ One was an internal 
memorandum which was a list 
of persons and firms, embracing 
for example individuals and 
solicitors, who were subject to 
penal restrictions under Section 
40 of the Exchange Control Act 
where obviously something had 
gone wrong. 

“ Our general instructions 
were that in these circum- 
stances, we should have nothing 
to do with any applications on 
their behalf. 

‘Less formaP 

“In edition to that lists, there 
was a less formal list of names, 
giving individuals, companies, 
solicitors, stockbrokers, private 
Individuals, security dealers, 
and all sorts of other people who 
were clearly under some sort of 
investigation. 

“Our instructions were that 
we should not deal with any 
application involving names on 
this list without reference 
further up the chain of com- 
mand." 

Mr. Wales then explained that 
one of the firms of solicitors 
alleged to have sent him letters 
abou the dollar premium 
system was not on any blacklist, 
as far as he knew, so he treated 
any such inquiry in the normal 
way. 


for Industry, had raised hopes ern merit's concern about local 
that a formula to keep the mine employment and the Wheal Jane 
open andght be found. contribution to the balance of 

Certainly, the Government, pavments. and on the other hand, 
having come round to the desir* Gold Fields' concern with the 
ability of keeping the mine longer-term profitability of the 
open for employment reasons, mine 

was prepared to continue talk- The immediate effect of Wheal 
ing this week. This suggests jane's closure, added to .the 
that the speed with which Gold earlier decision to close Mount 
Fields has acted has come as Wellington, is to put some S00 
something of a shock. people on to the labour market 

Some keep on hopu*. Mr. f n a >, ar ea where there is already 
Harry Stevens, Transport and per cen t_ unemployment. 
General Workers* Umon secre- j£ pressi ng his concern. Mr. 
tary at Falmouth said he would Stja ?ens said “We don't want to 

EaSKrlSXtiS ^ *«* in u,e p”^ 0 ” “ iiere 311 we 

general secretary , to geek do is export romers," 

another meeting mth JBr. Qnj. Bodmin correspondent 

Williams. -writes: Mr. David Penhatigon, 

oq | . the Liberal MP for Truro, is 

WHO. lost likely to raise the issue of the 

It is believed that tentative Wheal Jane closure in the 
interest in WbSral Sm'Sten Commons adjournment debate 
shown by another mining group. °n inursaaj-. 

Whether this could lead io a Expressing bis - annoy anceat 
bid for the mine or whether tuning of the Gold Field* 
the interest is confined to buy- announcement he said I was 
ing some relatively new equip- S JV ’ e n 

ment. is unclear. week-end that the » talks would 

A takeover bid seems unlikely, contmue well mto tius week, and 

The -major factor that has led £ h * 1 B0 ™ e lf . dl ^£1?“ ji” ald bc 
Gold Fields to withdraw, at a about VI ednesd^ 

loss of nearly £Sm» is that the Even after company 

amount of tin available is less 

than once thought Wheal J»»e. i fid on to the 

The turning point for Gold Indust 7 Department and was 
Fields was the closure of the assured again that discussions 
neighbouring Mount Wellington w ®£ e st *‘ 1 „ on - . - . . 

mine, owned by Cornwall Tin and Mr. Dennis Young oF Gold 
Mining. The tw f o mines face each Fields, said that the Department 
other across the Canton Valley, °f Industry was told about the 
near Truro. Both have bad to closure last Friday, 
cope with water seeping into the Half the workforce will be laid 
workings. off on Friday, but there will be 

Once the Mount Wellington work for about 30 men on re- 
pumps are turned off. on Friday, storing the area to an agricul- 
Wheal Jane is faced with an tural state. This will take about 
extra water problem which can a year. 


achieved in its southern region 
only because ;< considerable 
number nf troops bad been train, 
ferred to another area. 

But Dr. John Gilbert. Minister 
of State for Defence, told 
Commons recently that there had 
been no such troop movement^ 

However, the misinformation 
in 1975 effectively curtailed tfe 
committee's probe into why tli* 
scale of economies achieved j n 
the Property Scrvires Agency's 
southern region had not been 
fouod elsewhere. 

Last night Mr. Leslie Chap- 
man. 59. the funner civil servant 
responsible for achieving the 
economics, claimed that this was 
further evidence of the way in 
which his farmer colleague 
blocked his cost-cutting activi- 
ties. 

He was calling for a top-level 
inquiry into why these 
economies had been delayed or 
not implemented in other areas. 


Big savings 


Textile exports win 
praise from Varley 


BY RHYS DAVID. TEXTILES CORRESPONDENT 


THE Governmentfs commitment it had given through the tempo- 
to maintaining a 1 comprehensive rary . employment subsidy- 
textile and clothing industry in responsible for injecting mure 
tbe U.K was emphasised y ester- than flOOra. into textiles and 
day by Mr. Eric Varley. Secre- clothing to help secure jobs, 
tary for Industry. The new mill, largely equipped 

Mr. Varley was speaking at the with machinery built by the 
opening of a fflra. spinning mill UJC. -based Platt -Saco -Lowell 
by Carrington Viyella at Ather- group, will produce 45,000 kilos 
ton, near Manchester, the first a week of blended polyester 
new mill to be opened in Lanca- cotton yarn for use by Carring- 
shire for at least 50 years. ton Viyella’s Dorm a household 
He said that textiles still repre- textiles subsidiary, 
seated Britain's third largest It will employ about 100 
manufacturing industry, with people in single-storey premises, 
more than 800.000 employees and replacing two older multi-storey 
an output of f8bn. last year. mills. 

The industry also made a Mr. Varley. praising the corn- 
major - contribution to the party for going ahead with the 
country’s balance of payments, investment said: “ We shall con- 
increasing its- exports from tlnue to he vigilant in monitor- 
£l.lbn. in 1975 to nearly £2 bn. ing imports from low-cost 
last year. sources.** 

Tbe importance of textiles as It was vital for the industry 
an employer and its significance to maintain a high level of 
to tbe economy as a whole were investment and to conttinue 
accepted. improving productivity in order 

Furthermore, the Government to achieve greater competitive- 
bad shown this by the support ness. 


Shore extends city aid 
to 14 more districts 


im- 


Mr. Wales tol dthe jury that, 
to the best of his recollection, he 
had never met three of his co- 
accused, namely. Mr. Holmes, 
Mr. Ash, and Mr. Taylor. 

Earlier. Mr. Ash told the court 
there was never any intention, as 
far as he knew, to defraud the 
Bank of England, and the 
scheme was contrived by other 
people altogether to obtain money 
from potential investors quite 
unconnected with the dollar 
premium system. 

In later evidence, Mr. Wales 
admitted that he had met the 
other two defendants, Mr. Robson 
and Mr. Atkins, but only briefly, 
after they had come to the Bank 
of England’s exchange control 
inquiry counter, then adjourned 
to Balls Brothers Wine Bar 
nearby. 

I was signing 200 letters a 
week, and it would be humanly. 
Impossible to remember details 
oF every inquiry,” be added. 

“But ibere is no truth in the 
prosecution's suggestion that 1 
was taking a dishonest interest 
in their case,” 

The hearing continues to-day, 
with Mr. Wales still in the 
witness-box. 


A FURTHER 14 inner city areas able to declare industrial 
which are to receive increased provement areas and help corn- 
powers to help regen erate local parties. 

industries were named yester- Mr _ Shore said ^ 14 

Qay - newly announced '‘third tier” 

Mr. Peter Shore, Secretary for of inner city areas to be helped 
the Environment, said that the would have the same status as 
areas represented additions to the programme districts, 
the 29 partnership and pro- 
gramme districts already desig- 

nated for aid under the Inner 
Urban Areas Bill, which is ex- , 

pected to have its second read- HP ClOSGS WGll 


ing in the Lords- next week. 

The Bill provides for districts BRITISH PEROUEUM is to dis- 
covered to make loans of up to mantle its single-well satellite 
90 per cent, on commercial -structure WE on Block 48 in the 
terms for theacqutsition of land West Sole gas field because the 
and for carrying out develop- structure is reaching the end of 
ment works. They will also be its estimated life. 


Between 1967 and 1974 Mr. 
Chapman was head of tbe 
agency’s southern region which 
is responsible for acquiring and 
maintaining ail Government 
properly spreading over five 
counties. 

By rigorously evaluating all 
tbe agency’s activities in the 
region he and his staff halved 
the number of directly employed 
labour and achieved savings 
worth about £I2m. j year. 

Mr. Chapman claims in a bonk 
published to-day, detailing his 
methods of cutting waste, that 
be had tbe backing of three 
successive junior Ministers fur 
wider implementation of bis cosi- 
cutting programmes. But he says 
that senior officials delayed 
implementing the ministerial 
directives. 

Eventually, at th,e beginning of 
1974, he resigned from the Civil 
Service. Shortly afterwards, how- 
ever, the Public Accounts Com- 
mittee began probing into tbo 
reasons for southern region's 
success in achieving substantial 
economies. 

In response to a question from 
the committee about why 
southern's record for economies 
was far better than that of any 
other area. Sir Robert Cox. the 
Committee’s chief executive, 
included as part of his answer: 
"The southern region covers, 
among other things, the Aider- 
shot area, and in the years imme- 
diately before 1969 there bad 
been substantial re-deployment 
of military resources. There had 
been a lot of staff moving north” 


Discrepancy 


Dr. Gilbert said in a statement 
in the Common s last month that 
between 1665 and 1969 “ no 
permanent transfers of major 
units from Aldershot took place 
during the period in question.” 

Over the same period he also 
disclosed that the numbers of 
both civilian and military 
personnel dropped by only 350, 
to 11.950. 

The discrepancy in the state- 
ments came to light after a 
Parliamentary question from 
Mr. Mike Thomas. Labour HP 
for Newcastle . Central East. 
Officials in the Property Services 
Agency found that an error had 
been made in previous internal 
investigations leading to the mis- 
information being Riven to the 
Public Accounts Committee. It 
was being stressed in Whitehall 
last night, however, that there 
was no question of the mistake 
being deliberate. 

It was also felt that Mr. Chap- 
man's allegations of his cost- 
cutting ideas being blocked by 
other civil servants against the 
wishes of Ministers did not give 
an accurate picture. 

Other areas in the Agency 
were also carrying out economy 
drives at the same time as 
Mr. Chapman and were achieving 
substantia] savings by different 
methods. It is claimed. It is felt 
that Mr. chapman may have felt 
frustrated at not having bis 
particular methods adopted uni- 
laterally by the whole Agency- 
Feature Page 14 


Greek book fetches £26,000 


A 



SOTHEBYS HELD the second 
part of its sale of printed books 
from the Broxbourne Library 
yesterday. It fetched £239.515, 
to add to the £702,245 total from 
the first part disposed of last 
November. 

The Broxbourne Library was 
formed between the wars by the 
late Albert Ehnnan and was 
named after the town where he 
set up home. It is devoted to 
illustrating the spread of print- 
ing in Europe.. 

Yesterday’s sale covered towns 
alphabetically from Madrid to 
Zwolle. Including tbe first edi- 
tions printed in Metz, Mondavi, 
Nuremberg. Offenburg. Pqs- 
cbiavo, Rostock, Standi an o, 
Verona and Zwolle, all before 
the end of the fifteenth century. 

Tbe top price was £26,000. over 
five times the pre-sale estimate, 
paid for E rote mate, printed in 
Milan in 1476. It was the first 
book printed throughout in 
Greek and has the original goat- 
skin binding. In the Earl of 


Lincoln's sale at Sotheby's in 
1937 the volume sold far £355. 

Breslauer. the New York 
dealer, bought a copy ot the 
Saxon Chronicle of 1492, with 
hundreds of woodcuts, for 
£18,000, and a 1517 book by 
Melchior Pfintzing on the life of 


SALEROOM 


BY ANTONT THOfiNCROFT 


many 


Maxim 111 ten I, also with 
woodcuts, made £16.000. 

Other high prices were the 
£11,000 from- Breslauer again, for 
a map of the world by Pom- 
ponious Mela in 1471, which was 
the second book printed in 
Milan, and tbe £10.000 from 
Burgess, the London dealer for 
a first printed edition of Cicero 
produced in Mainz in 1465 All 


lists carry an additional 10 per 
cent, buyer’s premium. 

Some exceptional prices were 
also paid in a Sotheby's auction 
of gold boxes and objects of 
verm which totalled £173.755. A 
gold and hardstone snuff box 
made in Dresden !n 1777 by 
*f°oa°n Christian Neuber solo 
f°r £85,000 to a French collec- 
tor. This is the highest saleroom 
price for the maker. 

S. J. Phillips. . the London 
dealers, gave £14.500 for a 19tb 
century diamond and emerald 
Mri. a cup for Turkish coffee. A 
French gold snuff box of 1728 by 
Jacques Cotlin sold for £7.S00. 
*"5,8 Swiss gold snuff box made 
£5,200. 

A large late Meissen dinner 
service, decorated in puce mono- 
chrome with u Jodsc bouquet of 
flowers. realised- - £4,400 at 
Christie’s yesterday in a sale of 
English and Continental ceramics 
which totalled £78.979. -It 
nought by Davies, . the Loqdoa 
dealer. 










financial Times Tuesday May 9 lgVS 



Taxmen’s 


new 
approach’ 
attacked 

BY DAVID FREUD 

A CAMPAIGN against the Inland 
Revenue’s “new approach" in 
verifying tax returns was 
launched yesterday . by the 
■ Federation of Self-Eiupioyed. 

• The federation plans to help 
individual taxpayers fight cases 
where there is disagreement with 
ido Revenue and institute local 

campaigns. It has already sent 
members a leaflet telling them 
haw to handle interviews with 
tax inspectors, 

The “ new approach ” was 
introduced at the start of last 
year so that the 1,200 inspectors 
dealing with verification of tax 
returns under Schedule D (self- 
employed) could work more 
effectively. 

It restricts inquiries to cases 
where there is genuine concern 
that something is wrong. The 
inquiries are detailed and ex- 
haustive. 

Mr. Tom Tuite, assistant 
director in charge of the “new 
approach," said yesterday that 
since it started tile number of 
cases in which the return had 
to he adjusted had fallen by 
half, bat the amount of additional 
tax taken had risen. 

More than three-quarters of 
accounts examined had needed 
adjustment. 

The federation, claimed that the 
Revenue was tackling one trader 
in eight each year, which meant 
that every seif-employed trader 
would he examined by 1984. It 
had recevide a list of questions 
to be asked by a tax inspector 
covering a taxpayer's life-style. 

The Revenue denied that there 
was a target Schedule D tax- 
payers whose accounts were 
examined were never picked at 
random. 

No official list of questions had 
been issued from Somerset 
House, although the list held by 
the federation could have been 
an .“aide-memoire" compiled 
by an individual inspector for 
his own use, Mr. Tuite said. 


home news 


Jobs-back scheme to aid 
MPs from industry 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

to* 1 !* w „ up t0 10 years on at least the believe that their employment 
■fnr tho.v 0 i * e . * easier same terms as when he JefL policies should include positive 
1°*. This means he will be offered help for would-be MPs. but tbal 

w agre ^' * of the same or possibly few have been developed so far. 
! n 6 to re-employ them later and better status and pay If he T * , . . 

%£**** their peB * m the off. er end tit™ to „£j‘ ;*£“£ I 2?' 1 £j 

The idea has been tried out to 2%£Z «*■ 

shin s’E-iras ssS^S^S 

encourage more people with ®wts or seven years, whichever 

industnal and managerial ,fi the greater, instead of ICTs | c en * mana ° er a 

Dbwlfnninrty ten Years. talent to spare. 


experience to enter Parliament. ten years. 

Leading industr ialis ts believe Lord Carr’s committee was set Lord Carr's committee is also 
that there are too few such U P partly as a result of interest consulting tiie political parties, 
MPs, meaning that Industry's 8 eQ e rated by these schemes. It most of which seem to believe 
interests are not fully under- * s looking at ways of companies that Parliament would benefit if 
stood by the country's legislators, helping people to become company schemes encouraged 
The recommendation is members of local councils, the both experienced and mature 
expected to emerge from the European Parliament, and any people to try to become MPs. 
Confederation of British future regional assemblies, as Issues that the committee will 
Industry, which last autumn set W *U as the Commons. soon tackle include whether a 

up a working party on parlia- -j company should go further than 

mentaxy representation under V*Ulu3DC6 SOOH ICI and Shell and top up an MP’s 

the chairmanship of Lord Carr, Lord Plowden of Tube Invest- salary, which is just under 

the former Conservative ments and Sir Leslie Smith of £7,000 a year. 

Minister, who is now a member British Oxygen are members of This could lead to allegations 
of the confederation's council the committee, which includes of conflicts of interest especially 
and chairman of its education supporters of both main political If an MP gained parliamentary 
and training committee. parties. or ministerial posts, as could any 

ICI's scheme, which may be It has commissioned a survey attempt by the company 

put forward as a model, was of the attitudes and practices of regularly to brief its MPs. 
introduced last summer and some 500 companies and will Some industrialists are also 
built on existing arrangements shortly be preparing its report loth to commit themselves to 
tor parliamentary candidates to for presentation in a couple of helping people to become MPs 
have time off to fight elections, months to the Confederation's for fringe political parties such 
It applies to all employees council. It is hoped that guidance as the National Front or far-Left 
with- five years' service and pro- will then be issued to member groupings, and there arc also 
vides that when someone companies. differing views about the length 

becomes an MP, he will be The survey has shown that a of period that any re-employment 

guaranteed re-employment for large number of companies guarantees should last. 


Help for rural businesses 

FINANCIAL TIMES REPORTER 

NATIONAL WESTMINSTER Arrangements will be made for more than 20 skilled people, and 
BA NK a nd the Council for Small loans between £l,Q0O-£30,Q00. rural areas as including country 
Industries in Rural Areas are Interest rates will be subject to towns up to jo poo population, 
to co-operate to promote small negotiation and will depend on _ ’ .... 

countryside-based businesses, the financial circumstances of . Businesses providing extra or 
The bank will provide increased the particular client. improved accommodation for 

finance to applicants directed to The Council aims to set up self- tourists in the rural parts of 
it by the council. supporting and -prosperous com- development areas are eligible 

Loans for capital expenditure, muni ties. To this end it f° r assistance. Agriculture, horti- 
subject to a normal credit assess- co-ordinates the efforts of several culture, professional firms, retail 
ment, will be more readily avail- organisations and is particularly trades and statutory authorities 
able with a repayment pro- interested in promoting small do not come under the Council s 

gramme of up to seven years, businesses, to which it gives purview. 

Overdraft facilities can be advice and technical aid. 
provided for working capital Small industries are usually 
requirements. defined as those employing not 


Second 
opinion 
sought 
on Lloyd’s 
audit 

By John Moore 

MERRETT DIXEY Syndicates, 
the Lloyd's of London under- 
writing agent, has asked for a 
second opinion on an audit for 
the 1975 account of l_he troubled 
syndicate number 762 of Mr. 
Frederick Sasse. 

This surprise move follows the 
takeover last week of all the 
Sasse syndicates by Merren 
Dixey. Syndicate number 762 
still remains suspended at 
Lloyd’s until questions about its 
solvency are sorted ottt. It ran 
into difficulties last December 
when it became clear that a 
Brazilian reinsurance group was 
not prepared to settle claims 
under a reinsurance contract on 
1,300 property risks in New York. 
Since then the claims have been 
mounting. 

The fresh audit, to be con- 
ducted by Lloyd's panel auditors 
Baker Sutton, will be covering 
a period already examined by 
another Lloyd’s panel auditor de 
Paula Turner Lake for the 
syndicate — that of the 1975 
account. 

Just over two weeks ago the 
109 members of syndicate 
□ umber 762 were asked for a 
cash payment by Mr. Sasse. not 
only to cover the severe burden 
caused by the dispute with the 
Brazilian reinsurers for the 
accounting years 1976 and 1977 
but also for the 1975 account. 
Mr. Sasse explained that “un- 
fortunately both the settlements 
and outstanding claims notified 
during the third year of the 
1975 underwriting account were 
higher than anticipated and as 
a result there is a loss on the 
dosing of the 1975 account” 

A further cash payment for 
the 1975 account alone of about 
£6,000 was requested from a 
member who had underwritten 
a share of the premium of 
£40,000. 

The new audit will not change 
the deadline for payment for this 
amount, which is due on May 19. 


Enterprise Board worried over 
access to its books 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

PARLIAMENTS Public Ac- Accounts Committee showed no accountability through the 
counts Committee remained at signs of being diverted front us Department and its Secretary uf 
loggerheads last night with the wish, stated at a earlier hearing Slate, Mr. Eric Varlcy. 

National Enterprise Board over last week, to have an Auditor's But this was not siifticieni for 
the question of whether the General’s examination- The the Com mil tec's MPs who are 
Comptroller and Auditor General matter will now' rest till ibe using llic recent creation of the 
should have “ untrammelled Committee prepares its next National Enterprise Board— and 
access" to the Board's books. report in a few months Lime of <he British National Oil Cor* 
Sir Leslie Murphy, the Board's when it will put forward its poration — to examine ways nf 
chairman, said he would not be recommendations about what improving the accountability of 
able lo operate commercially should be done. stole-owned concerns. Thci want 

under the constant examination Last night's hearing of the to remedy what they regard as a 
by the Auditor General, who is Committee, which lasted more lack of sufficient aceuiinl a hi I ir- 
responsible for carrying out the than an hour, was at times ill- by ihe older nationalised mdus- 
Conimittee's investigations. tempered and testy. The central tries. 

At a hearing of the Committee point was that Mr. Edward Du Mr. Du Cann started the hearing 
last night he added that one Cann, the Committee's chairman, last night by stressing that (here 
foreign company now in talks considered that there was at was “ bo confrontation ” between 
with the Board about a sub- present **no parliamentary his Committee and the Board, 
sidiary ** would run a mile if accountability ” for Ibe Board. During lhe exchanges Sir Leslie 
all these things you are talking On the other hand both Sir said that Rol!s-Ro\i-c. which is 
about were lo come to pass." Leslie aDd Sir Peter Carey, the owned by Ihe Board, had " <ome 
But despite this firm opposi- Department of Industry's per- lean years yet to come." There 
tion from Sir Leslie, fully backed manent secretary and as such was noi on inimediale prospect 
by the Department of Industry’s the Board's accounting officer, of a " great upsurge '* in the 
top civil servants, the Public felt that there was sufficient company's profits. 


Hold-up mars record Coke works 
by Flying Scotsman 1 face c,osure 


BY LYNTON Md-AIN, INDUSTRIAL STAFF 

THE NEW Flying Scotsman service from Edinburgh to London 
operated by ibe 125 miles an boor high-speed train was 13 
minutes late arriving at King’s Cross yesterday, but still sfct 
a record between the two cities. 

The new fastest journey time between Waverley Station. 
Edinburgh, and King’s Cross should have been 4 hours SO 
minutes. But engineering work between York and Doncaster 
delayed the 10.10 a_m. train to London. Last Friday (he journey 
would have taken at least 5 hours 30 minutes. 

Yesterday’s performance was also marred by the late 
delivery of two high-speed train sets. This left four gaps in 
the planned service of 16 high-speed journeys each day between 
London and the north-east of England and Scotland. 

The trains would be ready in a few weeks, British Rail 
said. The main problem had been the late delivery of two 
kitchen cars from Western Region. 

During its record run son Lb the Flying Scotsman 
almost repeated the record run of the Mallard steam engine 
in 1938. This reached 126 miles an hour down Stoke Bank, 
between Grantham and Peterborough. 

But the high-speed trains would maintain 125 miles a u 
hour over long stretches, including going up the tong gradient 
of Stoke Bank, British Rail said. 


Financial Times Reporter 

TALKS BEING held between lhe 
I Notional Coal Board and (he 
British Steel cVirpuraliuu may- 
lead lo the closure of one nr 
ran re of the Coal Board's cuke 
works. 

The two urbanisations have 
agreed that British Steel will take 
1.25m. tons of coke over the next 
five years, less than half the 
amount which the Coal Board 
had huped to sell to it. 

It will also lake about 14m. 
tons uf coking cuai in the coining 
year, more than 3m. tuns teas 
than its previous consumption. 

The continuing depression in 
the U.K. sieel industry is one 
of the main worries for the 
Board, which faces a problem of 
how to dispose of the extra coal 
produced by the successful 
miners' incentive scheme. 


Key Markets to sell 
discount stores 

. RT CHRISTINE MO» 

KEY MARKETS, the food The company said yesterday 
retailing ‘subsidiary of Fitch that since then it had met 
Lovell, is. to pull out of discount serious difficulties in finding 
food stores and concentrate sites. The High Street War " 
entirely on its supermarket had “narrowed the margin gap 
operations and the expansion of on which the discount sector is 
its superstores. based.** 

In a deal announced yesterday, KD had made a contribution 
it has agreed to sell its KD Dis- to the group during the year, 
count division to Hillards, the but it was still in the experi- 
Yorksfaire-based supermarket mental stage and, given prevail- 
group, for £1.05m. .ing conditions in the industry. 

Included in the sale arc 17 the group decided to concentrate 
discount food stores plus 30,000 on areas of established expertise- 
square feel of warehouse facili- Next year Key Markets plans 
ties, A further sum. possibly of to increase its supermarket and 
the. order of £lm„ will also be superstore space by 100.000 
paid for stock once a valuation square feet and maintain that 
has been completed. expansion rate thereafter. In 

Yesterday’s sale agreement recent months Key Markets has 
conies less than a year after the its joint venture with Lewis’s on 
last annual statement by Mr. the “Super Key" superstore at 
Michael Webster, chairman of Northampton. 

Fitch Lovell, which described Hillards believes that the pur- 
the opening of 14 new KD dis~ chase of KD gives it a planned 
count stores, bringing the total geographical diversity and ex- 
to 18. At the time he stated panda its interests beyond the 
that group policy was “to expand existing retail business. KD will 
this division rapidly” and spoke be developed separately from 
only of the difficulties of Hillards and will possibly trade 
acquiring suiable sites. under another name 


Change hospital food 
system, Tories urge 

be catering should not be part of 


HOSPITAL meals should - ----- - 

taken out of the hands of the hospital boards responsioiu- 
hospital boards and entrusted to ties. It should go out to mue- 
independent caterers, a Scottish pendent tender in order to get 
Conservative Party report efficient catering management, 
suggested yesterday. “Waste is colossal, mainly 

The report, containing the because the food is often unsuit- 
findings of a survey by the able, and invariably ummagina- 
Scottish Conservative Women’s lively presented in unappetising 
Organisation, said that hospital and over-large helpings, 
food came in for a great deal “When people are ill small 
of criticism. portions of attractively cooked 

“It was suggested that hospital and presented 


Customers 
‘find small 
shops more 
convenient’ 

MORE SMALL modern shops 
were needed, Mr. Tom Lynch, 
president of the National Onion 
of Small Shopkeepers, said 
yesterday at the union’s annual 
meeting at Llandudno. Customers 
wanted a return to more con- 
venient shops. 

Supermarkets were booming 
not because they were cheap, but 
because there was no alternative. 

“ Britain :.is under-shopped in 
the highways and byways. More 
small modern shops would help 
the housewife to avoid having to 
walk long distances to shopping 
precincts. - 

v Shopkeepers looked to - local 
authorities to help protect them 
against unfair competition. 
Under this heading he included 
Sunday markets, and sales from 
mai-oider catalogues. 

“Local authorities should not 
allow houses to be used for any 
business purposes, such as sell- 
ing from catalogues and tupper- 
ware parties. They should 
circularise all houses throughout 
the country advising them that 
no business should be carried 
out.” 

MISS MILDRED HEAD, presi- 
dent of the National Chamber of 
Trade, said yesterday that pros- 
pects for small shopkeepers had 
improved sharply. 

She told the annual meeting of 
the chamber in Llandudno that 
the small shopkeeper could re- 
main a significant force in U.K. 
retailing, despite price cutting 
and diversification by the big 
chain stores. 

Even the largest retailers were 
now acknowledging the impor- 
tance of the specialist shop. 
There was a growing tendency 
towards “stores within stores." 
and large c hain stores increas- 
ingly preferred to keep family 
names on shops acquired 


CONTRACTS 

Coal grading plant ordered 

sa.ffisw.JH gggagSS SErS&sS 

at Rawdon Colliery, YorkSn by the mechwical eteefr cai^ wh j ch present a ftea]th hazard. The 

SS-BE SuSSSSS ittS&l SFSS&J&LSi 

Nattonal CMJ°BSd- . jjgjjj * ** ° n “ cr0ns ' 

Coal will be received from wearsByker ate in of 

Donisthorpe and Rawdon mines, upon-lYne, where a Construction work, mostly school 

and the combined nm-of-mlne J 1 ® Ti ^oiant w8l pro- buildings in the Midlands, but 

feed to the plant will be 600. ecssed daily. The l}^ " including a health centre, waste 

tonnes/hr. The plant will grade duce^wasio-derived ej as^.P ^ rec]ajaation pjant and an acti 
and wash the coal, and convey it for use ^ p ^£“ U £etils will be ceot ^ e '. H ' orth . ove I “g- “ 

as- .lo. sssfcssrs^s-s^ ££ 

August n« ( y«r. a-5 ff £®SE' If SStJSSSl 

toe DEACON- GROUP, of Tun- £^AM°W&D STRUCTURAL County Council 

bridge Wells, has started work GBAH Corporation for * 

on a £4m. contract to provide the to Kent, liquified DRAKE and SCULL ENGINEER- 

UDS Group with a departmental its irie ot ram. ^ a ^n- ING is upgrading the electrical 
store in Chatham, Kent The “fj™. Motherwell Bridge services in part of a seven-storey 
building will be let to UDS by Thework. over a office block in London, under a 

Fraser Wood Properties, part of Bng^nn-- mdudes fabri- contract worth about £I5G£00. It 
Ihe Deacon Group, The store will erection of covers that portion of Furness 

b izjrsk ftTss ws&lxsS'Ss. 

™ .a • WU1 ” dtr ae ^ Jtsna 


name of Allders. 


Board’s J- and J. FEB. of _Halifax._have contractor is Ashby and Homer. 


Opencast Executive has placeman obtained |£?f§f which the Cumbernauld Development Cor- 
ordef worth about fSm withEUC tototong ^ for 52 dweUanps at poration expert work to start 

TRUCKS for ten R-Sf SfeSL * for Bradford Metro, this month on the construction of 

dumu trucks for use oir the Wind* Cottj^Jey .. rgio.MO. 12 nest lactones in the Ward- 

JSB SS in Scotland. Each truck District Council^ ^ North iTlduSuia i area of the 

can carry more than 50 tons. BIRMINGHAM new town. The contract worth 

* oti^wv croup! has £426,000 has been awarded to the 

TVne and Wear Metropolitan contract Jith the Glasgow company. LAWRENCE 

lis is. a saw ofisffi ^ ° c *- cons ™- ,ct .o n - 


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to play your cards right 


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ritual that is both charming and 
obligatory. 

At meetings and receptions, 
for example, you must say it with 
cards. Business cards. The ex- 
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just good maimers. 

In fact, it’s a very useful practice 
which helps you to pronounce 
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UA&AN JUR LINES 


Name. 


AddroA. 


Position. 


Company. 


FTP22 









Financial Times Tuesday May 9 -l^g 


PAR 1.1 \\1 ENT AND POLITICS 



With the Ulster Unionists ranged against Budget policy . . . 

WpqIpv warns on effect 0ur duty 


Rodgers sees no easy 
answer to PL A crisis 


income tax cut 


BY IVOR OWEN, PARLIAMENTARY STAFF 


BY JOHN HUNT, PARUAMENTARY CORRESPONDENT 


^ icj fJpjJT 

^ % J VlVM.1 9 BY IVOR OWEN, PARLIAMENTARY STAFF 

ot Id income tsx cut says 

^ -*■ -*“■ 1MV ^ J ^ Rodgers, Transport Secretary, to should they matenaiisc. exit* id labour protests v 

^ D AtI7A 1J wafnVJo^f ^ejtre^r decj^d:^ 

BY JOHN HUNT, PARUAMENTARY CORRESPONDENT A 0 W Cil y£?°£3[ ha^beersaw'by'ifs IXtrSYTociJl Md Environ; now at least s* * 

chairman, Mr. John Cuckney, to mental aspects of the problem 

A WARNING that a cut of one “Action in any of these fields It seemed likely to exceed the "All of these risks will In- BY IVOR OWEN be heading for effective bank- B j n Robert Mellish tLab. a helpfUI contributie!? 

penny in the standard rate of would be undesirable. It would £8.5hn- laid dovm in tbe Budget, crease if the irresponsibility of . vvnt -vrfvr ,v j n . y * - , . Bermondsey) summed up the arf _ so j^ CE iho problem^ 

income tax could, mean in in- be a consequence I would prefer then the Government would take the Opposition leads to further ^CING decision of The Minister warned in the v i cw 0 f dockland MPS when he 10 05 . B . en> * 

crease in the National Insurance to avoid. All I can claim is that the necessary steps to correct josses of revenue as the Finance the Lister Unionists to Eo into Commons that no ca^ solution cr itjcised the record of the PLA After again unaert in tog tin 

surcharge paid by employers action in this area Would be less it Bill moves through the House." the lobby a gain st the Government was to band in the crisis facing anf j pointed to the contrast limited ^^btisterlsi 

was given by Mr. Denis Healey, damaging socially and economic- The cut of a penny in the he declared. 9P V*? , ^. co S5l ta T» a J^* n< f rae “ t ' the PLA. He had advised the between the “dead” .river and power over the FLA, he Stated; 

Chancellor of the Exchequer iiy than actions in the areas basic rate would, for administra- The Chancellor rejected all E®. 0 ** ."•*« (Down hi chairman that any proposals from choked and jammed roads as an “ This has been a develop!;, 

last night as the committee recommended by the Conserva- tive reasons, take effect by late the proposals which had been emPhaased tnat they had mainly his board should be designed to illustration of the lack of situation and has only bee* 

stage battle on the Finance Bill tive opposition. autumn at tbe earliest. It would made is an earlier debate by been influenced by political chart a path to viability and a adequate policy. brought sharply into focus fty 

got under way in the Commons. "I don’t want to take such then involve payment of six Sir Geoffrey for compensatory rather than economic reasons, secure future. faced with the * hc P resent chairman, who yen 

The Chancellor— replying to action but I have an inescapable months’ tax rebate in October or cuts in public expenditure to 11 was only m the closin^ While stressing that the wtir»n> mite uoon mile appointed last autumn and 

t h e r _._ 9 inservativ eitj unendmenl responsibility for the economy November. _ _ cover the" tax reduction. These f^eot his l^inmute speech Government has no executive r“er hShw in 


PRICE. WATERHOUSE have prepared to give any jriicrf* ^iWm. pSf *Sl 
been called in by Mr. William of what his attitude would be * A ™1 alone ‘ X h 

Rodgers, Transport Secretary, to should they materialise. ■ Labour’ protests v 

advise him on the financial fore- Butin saying earlier tint there Amid h2S ;# > 

casts made by the Port of Looion was no easy solution, he stressed. JJJkS? tike theheredimr^iS? 
Authority which lost £8m. last “We are very fully aware of the docker; like th ^ehereaitaryje^ 

year and has been said by its industrial, social ond emiron- now « I asl hM u^°^ ,buta 
chairman, Mr. John Cuckney, to mental aspects of the problem. th. 

be headine for effective bank- ... u«h»r* Mellish tLab, Mr. Kongers replica tn at this 


Moving Hie amendment lor 
the Conservatives, Sir Geoffrey 
• Hove shadow Chancellor, 
claimed that there was no need 
for anv increase in the National 
Insurance surcharge which, he 
said, would amount to a tax on 
joV.«. 

Sir Geoffrey said that the cost 
of a nenny’ reduction would 
mean CWflm" in the current year 
and LTTOin. iD a full year. He 
described the amendment as a 
“ token reduction " heralding 
the further changes that the 
Tories would make in return to 
power at an election. 

According to Sir Geoffrey, the 
cost of the tax cuts could well 
be met Viv appropriate reductions 
jn" public expenditure or the 
adoption of the Conservative pro- 
posal for a ten per cent. 03t rate 
for VAT. 

H? a relied that expenditure 
cuts were perfectly feasible as 
Mr. Healey, having cut public 
expenditure by £4bn. over the 
part two years, had now in- 
creased it by a similar amount 
in ihe present Budget. 

If the Chancellor refused to 
accept this, then Sir Geoffrey 



prise Board -would bring NEB will more 'than a debate on meW the Gover^erft Mr. Mg ™ very sitatS 

activitv to « eomnieie halt later economic judgment, he declared, assist the Authority. the strength of feelin^ arnon^ slmimiKl an > 


activity to a complete halt later economic ju 
this year. It would deny British .. Mr - Po ? ve 
Leyland and funds beyond the the beginn 
£450m. recently authorised and ? ar K ai 5 e ? t ’ 


r. Powell explained that from A. suggestion by Mr. Peter dockland fitPs and agreed that tia, p* . . 

beginning of the present VJggeis (C, Gosport) that the the decline on the Thames and H this were don M aj 

lament the Ulster MPs had final solution would have to io the Port of London bad been there was no 

— « .*■ - — “ U -ith verv far-reaching Port, based on Tilbury, should 


throw 100.000 people out of decided that they would use their include the closure of the upper tragic ‘ with very far-reaemn* .. Thl _ .V a .re- 
work. P voting powers to redress the docks— “the only question is consequences.” , . Jf ot P ro . s P er - 

H the money was clawed back. Political injustices suffered by when will they be closed." he He was sure that any analysis for d*u*™j** tnu,?h “ 
the NEB would also have & Northern Ireland. insisted - brought .an. angry and decision on tire problem dearly have to be JougL 


the NEB would also have to Northern Ireland. insisted — brought an angry and decision on the prowem ciem-ij nave w 

stop support for Rolls-Rovce just The decision already taken to response from Labour’s dockland must take account of our wish 

at "themoment when a huge increase the number of Ulster MPs. who called for an intensive to see the river fioun^h and the Port on the edee i albank. 

American aStines order was to MPS in the House of Commons effort to revive trade on the regain as much traffic ns ruptcy. the deeiuons vould 

bTwom had been a step forward, but last Thames. • possible.” have to be made as quickly w 

The proposal to cut £41.5m. in week’s local Government elec- Mr Rodgers refused to be Mr. Peler Temjrfe^IorT« (C. j>ossibIe 

selective assistance to industry tions in other parts of the U.K. rushed into any hasty coudu- Leominster) asked why the Gov- ^2?^® iribSiJL w 1 ? 

would be imnnfMihie because the had underlined another damas- sions. No proposals for closing ernment had taken no action George-Fnmn described the FLA 

fund? were SXad? Committed, ing deficiency. Northern Ireland u PP er docks had reached him whatever until all was collapsing as : a bank™P* *”* 

Sir Geoffrey had also proposed did not enjoy the benefit of froin PLA an «* was not around them. The problem first ing, 1 submit, jllesally. 
a saving of £iS0m. on municipal- democratic local Government 

isation and the Community Land A hint that the Government — /"“NY" -■ • jr*4 t 

Act but in fact, said Mr. if not immediately, then on some WhAFA AVfimiwr | T Al/OmVYfe0llT 
Healey, the total savings possible other occasion — might be able to kjllvf I C \ 111 ^1 Bll ^ VTII Y Cl ll llM CBlY. 
in these areas were far less than persuade Mr. Powell and his wr 


A 3)1 lev iUluLQOli 

Mr. Healey dismissed the Tory proposal as "irresponsible 
and electioneering." 


that. colleagues to take a different 

There had also been sugges- course came when he conceded 
tions for cuts in transfer pay- that democratic local govern- 
ments, This would mean cancel- ment could not be established in 
ling the increase in child Northern Ireland overnight 
benefit, an increase in school “ We would not expect more 
meal charges and refusing the than a beginning,'' he said. All 
rise in pensions during that was required was an earnest 


Shore explains Government 
backing for nuclear report 


BY DAVID HSHLOCK, SCIENCE EDITOR 


once more challenged him to let rate of VAT on the grounds that resources at a time when the “ a 

ihc people decide the issue at » would increase prices "at a economy may already be growing * y w<mLCU - 


ib°J e was r 'wb« ^Opposition rim b &y°™t™£ S £!S£n? a til ™ E GOVERNMENT has for- are accepted unconditionally. the Government accepted the 

w „_r n . at me 'JPPasiuuu remeuy woai was pernaps . the maUv aepflnt(H | ,ii- t h« rorrvm- Th^v in«lud» the reemtimetida- nr n«nle that Recuritv measurw 


second mnci i-ppnK- f.ir oially accepted all the recom- They include the recotomenda- principle that security measures 

injustice in Northern iri m en da tions of the Parker report tion that BNFL shonld put should be verified independently 


cullies that this would involve, to approve the reduction and the “I believe the committee _ „ 

"It may be possible, in spite House upheld this decision, then would be highly imprudent to {?• • 

of difficulties, to find something the Government must, of course, take measures now which would PU DIJC neaitft ^argument 


vai a «* Ktrnn«. the Chancellor. business. _ it so that a krypton clean-up Radiochemical Inspectorate 

ihiir Ju»a 4 th aroum'pnt ** in “ We that our dut Y at Ibis Tbe Parker report on last plant could be added “if reason- department will, in colla- 

v™,r T to . nn P oint - in our circumstance, is summer’s Windscale inqniiy, ably practicable.” boranon with the Ministry of 

cXl Sd U was a ? Mr ’ « and ^ ere wU1 be Published in March, rejected all Another reconmiendation Agricuftnro Fisheries and Food. 

^nnLtKn;»v S?r»;r n JLiinJwo^ derogation of economic or 17 objections raised against the accepted by the Government is responsible to Ministers for 

— — 0 - c— 0 — — sponabiliry the Chancellor had political responsibility when we project during ..the 100-day for more facilities for whole-bodv **»■ "^sks described by the 

Britain is considerably lower “ The Government would, growth of tbe economy and our p» 1 . shouldered because he VQte against the Government.'' inquiry and accepted all 13 monitoring of any members of inspector." 
than most countries^ in the thereafter, watch the situation hopes of keeping inflation under arguments presented' by BNFL the public wha^ear”that they Ic is thought unlikely that the 

European Community. closely as regards the develop- control meats were greater than public for the project may- have picked up radio- Government will, in fact, agree 

In addition, be said. Sir ment of itae economy in tbe Mr. Healey added that he n ®**“*_ . . .. . Wqvp rPCParrn In a written Commons reply activity released by the new t0 a ““ified pollution inspife- 

Geoffrey had failed to mention coming months and as regards could not guarantee that the con- Mr. Pardoe described the one- VY dYfc reSediUl Tes ?erd a v Mr Peter Shore plant. torate. 

twu other possibilities— "an any further irresponsibility in sequences would be as he had Penny cut as “not a major t701t J' i ’Secretary' for’ die Environ- Mr. Shore said the Government The last of the 16 recom menda- 

inerease in company taxation, the Finance Bill debale.’ described. The Conservatives reform of tax system. It was VCrQlCt SOOD ment. \So orders the inquirv, also accepted entirely the under- tions. namely, that outline 

Tor example or an increase in The outlook for the public would not have asked the House aj«ep in changing the balance acceded to MPs’ requests for a lying purpose of another three planning permission should be 

t us | ,p - fiu ‘ y .. ro,r lhose vll ° cutl sector borrowing requirement to accept such an amendment between tax on income and tax A DECrSIUN ^ on ^ the fuhire of detailed rep , y t0 Ae recoramen . recommendations, relating to granted for the project, was 

best afford it. was inevitably uncertain. But if except m an election year. on expenditure. 1 ^ tions of the Parker report. more fundamental organisational formally rejected by the Govern- 

Mr Ito? iSlrov UnH^r’ Twelv « of ^ 16 reconunenda- changes. ment when the report was fimt 

T r 1 £~* u -m j o g9 ~m Siiwtlni ^ in n rh^°r r. m mn nJ tions— those addressed to BNFL He has already announced published, but was replaced by 

I Cfc PlrfYlll" TH'Mtfic* CAlArbTlAlU TAVYHhIa vesterd?-' a C itse,f t0 the Government that he mil be setting up a new the special development order 

Li H DOUi lUlCiS 1 6-S010C11O11 IOrmilla K «i pr ^« pf-nt ^ s ory jMPS "" vot,nE on 


Labour finds re-selection formula 


Leyland Vehicles post 


Mr. David Kimbell has been a director of Mitchell Cotts been 


appointed 
E BUOY 


chairman of 
MOORINGS 


finish later this year, had been 

BY RUPERT CORNWELL. LOBBY STAFF makin g good progress. Two of " “ - - — .. -■ 

tbe devices under study had 

LABOUR HAS taken a big step the party for some while and NEC against an unfavourable ably will be seen as more of a progressed to trials in open APPOINTMENTS 
towards settling one of the most threatened to cause a damaging verdict, although purely on the success for the moderates and water, at one-tenth of working 

derisive issues between Left- and row at a possible delicate grounds of a technical breach of the unions, their new allies in scale. 

Right-wingers — whether sitting juncture just before the next party rules. matters of Labour Party organ- Replying to another question, ■ j _1 T 1 • | __ j 

MPs should automatically election. At last night's meeting, a move isation, who have been fearful Mr. Eadie said that research pro- ■ /"k\7~ B A yt|l 1/ ABY1/Y|AC| HACT 

undergo re-selection by their The new idea— significantly to switch at once to automatic that re-selection would permit grammes into other renewable IjCY lQ, | jW B W %LB 1 Mil 1^1 

local party before each general devised by a Left-winger, Mr. Joe re-selection was rejected by ten Left-dominated local committees sources, such as wind. tide, solar. . */ va-rw 

election. Ashton. MP for Bassetlaw — calls votes to three, with the only to throw out sponsored MPs. and geothermal energy, were 

\ compromise formula was for each member of Parli am ent support coming from three Left- But equaily important was now well under way. Assessment Mr- David Kimbell has been a director of Mitchell Cotts been appointed chairman of 
accepted last night in the face of to be reaffirmed by a special wingers. Mr. Nick Bradley. Mr. tbe argument that an MP. once studies had been made and appointed director of the overseas Group, will be director, finance SINGLE BUOY MOORINGS 

some opposition by Transport meeting of his constituency Frank Album, MP for Salford disowned by his constituency, published. division of UCYIAND VEHICLES, and planning. fDBV). a new U.K. joint company 

House's organisation sub-coin general management committee East, and Miss Joan Maynard would feel no need to remain But he warned that it would [° rrnerly 1 ™. ck an “ Bus - He vnll ★ formed by David Brown-Vosper 

mhec. U will now go before the between IS months and three (Sheffield. Brightside). loyal to the party at West- not be responsible to pretend res ^'i nst ?„ -^5 .market- Mr. M. H. Ho wart h has been < Offshore) and Single Buoy 

full National Executive Com- years after his most recent elec- The final decision to send the minster, with possibly devastat- that energy from such sources Entries oSXde ANiffn’pwr™? rrtSmh 88 S** r ; 

imitw. probably later this month, tion. Ashton solution forward to the mg effects for Labour in office, would be capable of sustaining niarketinn directo? for ^nSfiT„ ™°i f 

where ils chances of success look Only if this resolution is NEC was taken by 9 votes to 4, At the same time, the formula a domestic economy, let alone an 5£ OV erse?s Sdiary T CdmoS fit c. has^ ImoST denSe? rhSS? -r 

bncht. defeated will the MP face a full- with the additional opposition, of wiU offer, some recognised industrial economy. “It won’t international he™? £i£w!to fS sSiflT 8S uS3£>rHmM[ 

The split between the Left, scale re-sclection conferace at Mr. Enc Heffer. the Left-wing chance of ejecting an inadequate solve the problems of energy operate from London but will directors of Ricardo, have become o^rational responsfbQiiy for tiTe 

which has favoured rc-se lection, which he will have a place on MP for Liverpool. Walton. MP without the mstant counter- provision in this century, and report to Mr. Des Pitcher, manas- directors of G. Cussons new company ^ 

and Labour's Centre-Right which the short list, of right. He will The compromise offers some- charge of infiltration by may he only a little better in the ing director of Leyland Vehicles. * * 

has opposed it. has bedevilled also be entitled to appeal to the thing to both sides, but inevit- extremist agitators. next." ★ Mr. Robert L. Zorich, of the Mr. Peter Neville has been 

Mr. Halim Bahian has been petroleum department of the seconded by Antony Gibbs and 
— a -m ■« aw TT\ i •] a , ~m • -a appointed planning and develop- REPUBLIC NATIONAL BANK OF Sons to UDA MERCHANT 

Oil tanker like rogue SNP *? dr °p oU sSai r “ * &S- •» 


fDBV), a new U.K. joint company 
formed by David Brown-Vosper 


Oil tanker like rogue 
elephant on loose— MP 


as main platform 

BY RAY PERMAN. SCOTTISH CORRESPONDENT 


* Lord Auckland has been elected 

The Secretary of State has president of tbe CORPORATION 
appointed Mr. William M. OF ESTATE AGENTS. 
Cunningham as chairman of the * 

Board of Governor* of the ROYAL Mr. Cecil C. Barnett hoc 


OF ESTATE AGENTS Mr - John Austin has reiin- 

or estate AGENTS. quisbed his position as managing 

Mr m r u . director- of ATTWOOD STATLS- 

V/R.V 1/ Vfi'JLM. ■ W U V -i v ■ m _ NATIONAL ORTHOPAFTHr ^CS (GREAT BRITAIN) and with 

V ^ MORE EMPHASIS On the This calls for an attack on un- h0S£TTAjI ORTHOPAEDIC apmadUmMttt of the TUBE Mr. Peter Attwood has been 

alternative economic strategy employment and inflation + of rn SUbadiar f a PP° ime d vice-chairman of the 

sssrsss saesHi-s »r“ 

V" “<S. '»«■ ,™ r - Sll ofolTS.™ «d & USs. " " ” d '“' Csn, " on ta> “ H«. J- C^ron to b«om. 

\ amouth > saul id the Sand, about three miles oit LOflauet of tne tnaster ana crew f)p?p?nnmpnf ^ np w finanpivi ★ M " maTlacl^E , director of cmittI 

Commons yesterday ^ SLSS f J?? Mrs. Margo MacDonald. SNP’ system P based f on a Sparate Mr. P. H. Dunn has been ..Xl.^EEL. J ?*] *** !™22S*0« AND EADEM 


Mr. Stanley Clin ton Davis. “A Trinity House vessel and hoped ,0 take evidence from the Jg JSSti SSSTjEZ Sh po^d S appointed “*a "TUK of « fLONDON), a *SS*S^« 

rade Under Secretary had told four tugs. including two personne of the Greek ship day that oti had^Mt Xme of its SStS baS^ sottish lhe NATT0NAL employers* the ai y Sheffield Brick Group, 

im that the week-end collision equipped for spraying, are m Mr. Fell called for revision of ' ®- 1J .'2 s ' J?™* MUTUAL GENERAL INSURANCE “ABON GROUP. They succeed, * 


bv the French°and som,? l^.SOO tons of heavy fuel patched to the area so they E!f 0 ?* e r i n an? . not ^9 {00 ^ s ^ ^ at . ^ ov ^ men 5 w0 H^ d Mr. D. I*, Godwin has been tee ~ 

Greek '■in lliorilie-! n 'l f p om Rotterdam to Grange- could make decisions on the spot not realise unemploj^ identify tbe growth sectors m the taken lnt0 partnership with v r 

V»ri i. K .hi l iiv'il Li“>. . . . ■. i.i.. mm j « ._r_ merit atieiiAc ara crrtvnn? and pfrtnomu and "(vp thpm t\nnri v i “ r ,Lil Mr. 


Mr. D. Leighton Davies has 
been appointed chief executive of 
the newly formed RACIAL DATA 
COMMUNICATIONS GROUP. Mr. 
Davies, a member of the Board 


SSbJTiL^ e , wculive ofJSSpe for" MHRY^SSS nir- Peter Macadam, chairman 
Letra^et International. SYSTEMS. ilARINE of BAT Industries, has been 

+ elected chairman of the British 


que.-tion. Mr Dj\i> &jid that Uie nai5 ,< anCe flights are continuing, lonw." he declared. parly s economic strategy for an Mr. Simpson said that the Letraset International. SYSTEMS. ilARINE of BAT Induatries. has t 

E ‘ en * ”V e " 5r Ut .Jr “ By midday on Sunday, eislit Mr. Fell called for Govern- independent Scotland, which will policy did not depend on ril. „„. ha , Bf fh ,, _ + Mft2f-,» ch8 « rm3n - of the Bri 

?r1 e ..tu ^ ^ spraying vessels were in opera- ment assistance to help local ? e Presented to the annual con- although oil revenues would sir John r Grand? y ^ s - K WHUtaw has heen of 

.rom us bows. The larsir tion n jJ- Yarmouth, with a naval auihorities clear up polluted fcrence - make it much easier to achieve, anoninteri a Hirpr-rlv «^norpTvv!! appointed to the Board nf r.Tvnv si CHAMBER 

ifeZVoftihS' vessel acting a3 on-scene com- beache, before the start of the ffi* i,mW ° f BRrTro? ' a> ~nu«. re w ™, a X»n- <» 

off the Hook of Holland, await- mander< and succeP ded in summer season in four weeks. mT • . * uau« as secretary. «eay Ceddes. 

."The srnaHer forward-section smaller 2 slicks. ^Ven^'sprayui? th^chafa'of alithorky b for deal- ISO O TV 0111110 senes *££ ^ s ** *■» jsl \ Lsas? 

«« *22**?™ more than vessels arc there at present ing with oil spillages bad been , , ^ COocJtmesO. 5a^SS? or of lS J’nSSWt 

90 degrees to leave the bows some oil had come ashore well thought out. "There is a Cll H V A1*C1 VP CQ VC PflQr * INVEST ‘ hasretire^ as 

ajmost vertical with about -0 feet that morning on fiftpen miles of principal officer on the spot, and wllUV ClM V V j o<IY ^ X vtJF Mr. Ceorse BL Gunson has been 152X7 coa,PA1 ^Y. has re-appoSted^ 

above and some SO feet below coastline between Wfnterton and if an emergency arises he has ^ * ^ 


+ tiaues as secretary. 

Mr. A. M. L Salmon is retiring ». 




0Q June su ’ ENGLISH NATIONAL INVEST- Sir - Ca^ 

„ - . ^ MENT COMPANY. 1 has retired as vice-chairman and 

Mr. George Bt Gunson has been * has been re-appointed to. the 


tion front bench, demanded an no doubt on the matter. 


«»u uireviur ot imaustnsii. Mr. F. A Qtim.ir * u roe wares vi 

MITCHELL COTTS GROLtp. will (accounts). Mr. W. 31L the ALLIANCE TRUST COMPANY 

no longer use the title of monag- (personnel], and Mr. g w ^ SECOND ALLIANCE 

ing director and has been HowSon. Mr. fit. F. Johnson mV X COMPANY following the 
designated executive chairman. A. White (administration) ” retirement of filr. Charles N. 
Mr. K. N. Jenkins and filr. J. R. C. -*• Tj'Omson^ and filr; GeorffC T. 

Wren have been apointed manag- Sir, R. Maari, president nr Blr . St out and Mr. BolWA 

Ing directors, fiifj E. P. MacKenna, Single Buoy Moorings inc^ has tMQ^eompa ^° mt Inana * er *^ 







<_>.!> i 


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Times Tuesday May 9 -1978 


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lent 

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LABOUR NEWS 


Pay curb may hurt 
Labour’s poll effort 


Electricians call I Plea on I CM Service union 


for shorter 


Press moves to the Left 


»Y CHRISTIAN TYLER, LABOUR EDITOR 


’ ... V 

• v. -'X: 

■ • .. . (•- 
*'• '.r» 

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•' Vy I iv 

• i'i'. V 

•• .v. 


THE GOVERNMENT could 
suffer at the polls if it prevented 
trade union activists from bar 
turning freely with employers 
Mr. Moss Evans, genera! secret 
tary of the Transport and 
t.pneral Workers' Union said 
yesterday. 

He was commenting on the 
Prime Minister's May Day spetch 
in wbich Mr. Callaghan spelled 
the end of free collective bar- 
gaining under Labour and called 
for a “ new understanding " with 
the trade unions. 

Mr. Evans said that if trade 
union activists became dis- 
illusioned by the imposition of 
norms and percentages, ** then 
they won’t work as enthusiastic- 
ally as knockers on the door as 
they -would have done in other 
circumstances." 

But he ■ coupled his warning 
with a promise that the union 
would pull out all the stops to 
see Labour re-elected with a big 
majority, even though he him- 
self might be regarded “ as the 
greatest critic of the policies 
that are being proposed.” 

Asked whether his union 
would fight against another 
imposed incomes policy, be said 


the word fight was “a mis- 
nomer.” But he added that the 
TWU would support Industrial 
action by its member in public 
or private sectors who decided 
to challenge an imposed wage 
deal backed by Government 
threats of sanctions against their 
employer. 

Millstone 

'■ He said the 12-cnontii rule, 
which the Government hopes 
will be extended, " should not be 
allowed to become a millstone 
around our neck." Where deals 
were for 12 months they would 
be honoured. But ■anomalies 
sometimes demanded that a six- 
month deal or even a two-year 
deal was more appropriate. The 
rule should be allowed to ex- 
pire when the TUC’s commit- 
ment to -it under Stage Two ran 
out. 

Mr. Evans, who is now one of 
the six TUG leaders who confer 
regularly with Ministers, said the 
union had given him. free rein 
to participate in the private 
round of talks on the economy 
that have just begun. Since there 
was no question of an agreement 


Be alert for Tory 
attacks— Scanlon 

BY ALAN I* MCE, LA&OU5. CORRESPONDENT, IN WORTHING 


<oa Stage Four, it was “ common- 
sense " to keep the union’s de- 
mands lo the "fore. 

Instead of trying to impose 
jpay norms, the Government 
should give a lead on shorter 
■hours and better conditions, ho 
said. 

Other trade union leaders 
yesterday addressed themselves 
to the question of free collective 
bargaining. 

Mr- Walter Johnson, MP. presi- 
dent of the Transport Salaried 
Staffs Association, told the 
union’s conference in Torquay 
that trade union leaders who said 
it was necessary to get back to 
f ree collective bargaining “ must 
be living in cloud-t-uckoo land.” 
He said he was a supporter of 
voluntary incomes policy, pro- 
vided the Government acted on 
prices as well. 

Mr. Bert Hazetl, president of 
the National Union of Agricul- 
tural and Allied Workers, 
warned delegates in Southport 
that the union would need more 
industrial muscle than it bad to 
benefit from a return to free 
bargaining. The union did not 
have even a majority of farm- 
workers in membership. 

In Glamorgan, Mr. _Emlyn 
Williams, president of the South 
Wales area of the National 
Union of Mineworkers told the 
annual conference that miners 
would fight to restore the 
“ disastrous ” cuts in iiving 
standards over the last three 
years. 


workin g week disputes 

By Our Labour Correspom 


BT PHILIP BASSETT, LABOUR STAFF. IN BRIGHTON 


BY NICK GARNETT, LABOUR STAFF, IN SCARBOROUGH 


A SHORTER working; week, 
large increases in basic pay and 
better fringe benefits, were 
called for yesterday by the 
Electrical and Plumbing Trades 
Union’s annual conferences for 
private contracting and Govern- 
ment departments. 

Delegates representing the 
union’s 40,000 members work- 
ing for electrical contractors 
urged their executive to seek a 
SS-hour week, with a fourth 
week's holiday and a more 
than 60 per cenL increase In 
electricians’ basic hourly pay, 
from the present £1.75 to £2. 

The union's 15,000 industrial 
civil servants called on the 
executive to press for a 35-hour 
week, with a pay claim for next 
year based on a comparability 
exercise with craftsmen in 
private industry. Union officials 
believe the discrepancy here 
is about 25 per cent. 

The decisions are recom- 
mendations, rather than 
mandates, for the executive. 

Mr. Charles Morris, Secre- 
tary of State for the Civil 
Service, told delegates repre- 
senting electricians and 
plumbers in Government 
departments that pay for the 
Civil Service should be deter- 
mined by whit civil servants 
felt to be fair, and what "in- 
formed public opinion” felt 
acceptable. 


The latter, said Mr. Morris, 
was the same as saying what 
was “seen to be in the public 
interest." 

He referred to the rally and 
lobby of Parliament to-morrow 
organised by the Transport 
Workers to press the claims of 
its 80,000 members in the in- 
dustrial Civil Service. 

The Government accepted 
that "as a general proposition” 
fair comparison between the 

public and private sector was 
the right method for deter- 
mining Industrial and non- 
industrial civil servants* pay. 

No more, no less 

The application of that must 
be subject to any form of 
Government pay policy, 
whether or not it had been 
agreed with the unions. 

Under recent years of pay 
control, civil sen-ants bad 
received no more and no less 
than they had been entitled to, 
said Mr. Morris. 

Dons end ban 

THE Association of University 
Teachers yesterday called off its 
threat not to mark final examina- 
tion papers of university 
students. The move followed 
settlement of a pay dispute with 
the Government. 


By Our Labour Correspondent 

NEWSAGENTS ASKED the 
Government yesterday to outlaw 
unofficial union action which dis- 
rupted newspaper production or 
distribution. 

The 350 delegates to ^ the 
National Federation of News- 
agents' annual conference, which 
began in Bournemouth yestei^ 
day, unanimously passed an 
emergency resolution calling on 
the Government to introduce 
laws safeguarding newspaper 
supplies. 

Two weeks ago the newsagents 
held a protest march in Fleet 

Street. They believe continuing 
disruption in the industry affects 
their relationship with cusomers, 
and puts their livelihood at risk. 

Mr. John Shorrock the 
federation president, said dis- 
ruption of newspaper supplies 
appeared a direct result of “ the 
near breakdown in labour 
relations between the established 
printing unions and their 
employers.” 

# Sporting Life, the first Fleet 
Street paper to use new printing 
techniques involving computer 
typesetting, was not published 
yesterday because of "complex 
problems *' in these methods. 

• Leaders of the National 
Union of Journalists expect to 
meet management represent- 
atives of Thomson Regional 
Newspapers to-day in a further 
attempt to solve a dispute over 
productivity pay and the dis- 
missal of about 3S0 journalists 
more than a week ago. 


| THE CIVIL and Public Services 
Association. Britain's biggest 
Civil Service union, moved 
markedly to the Left yesterday, 
'when it rejected the Right-wing 
candidate, Mrs. Kate Losinska. as 
both its president and vice- 
president. 

The post of president carries 
prestige but little power. But 
the vice-presentia! election result 
is seen as a positive pointer to 
a Left-ward swing in the union's 
executive ejection, to be held on 
Thursday. 

The executive is at present 
srplit 15 — 11 in favour of the 
moderates. 

At the union's annual confer- 
ence here. Mrs. Losinska was de- 
feated in the presidential election 
for the third year in succession 
by Mr. Len Lever, who stood on 
no political ticket. 

Mrs. Losinska. one of the two 
vice-presidents standing fur re- 
election, was also defeated in the 
poll for vice-president by a broad 
Left candidate and a Communist 
Parry member. 

She said she was surprised at 
the drop in her vote for the 
presidency, from 95, $22 in 1977 
to 68,420 this year. 

Mr. Peter Coltman. the far-Lcft 
presidential candidate, tvho is a 
Communist Party member, polled 
i 37.059 votes. 

The Left Labour slice of the 
30.000 broad Left vote seemed to 
have gone to Mr. Lever to pre- 
vent Mrs. Losinska from being 
elected. 

vir. Coltman polled 97.S38 
votes in the vice-presidential elec- 
tion. with Mr. Reg Williams, the 


broad Left candidate, polling 
J323U. 

Lasi year Mr. Williams and M rs. 
Losinska won substantially, wirb 
no other contenders even close 

Mr. Lever polled 103.622 votes 
in the presidential election, 
marginally more than the far 
Left and Right-wins candidates 
together. 

In his presidential addrc-s*. he 
attacked the idea of a Pha.«* 
Four jneonips policy. The first 
Three phases of pay policy were 
“a compound of expediency and 
panic." he said, and were "an 
unwarranted interference inia 
free wage-bargaining.'' 

Settlements 

On pay. Mr. K«*n Thomas, 
general secretary or ihe union, 
said that tile outstanding balance 
of Civil Service pay must lie 
paid in 1979. and must be supple- 
mented by settlements within 
the 12 month* from this > ear’s 
settlement date. 

The Left suffered a defeat, 
however, in the conference's re- 
jection of a motion catting for 
withdrawal from the pay 
research system, winch deter- 
mines civil service |Kiy l>> com- 
parison with the private sector. 

The conference backed 3 
motion calling for full imple- 
mentation or pay research unit 
findings for the 1979 pay scttle- 
lueni. 

It also backed an emergency 
motion delaying aceepiance of 
the Government’s Phase Three 
10 per cent, dejl until ji is 
applied as normal to the union's 
controlled fringe hndiev 


MR. HUGH SCANLON, whose 
union spearheaded the resist- 
ance to the legal provisions of 
the Conservatives’' industrial 
relations legislation,, yesterday 
warned trade unionists to remain 
alert to future attacks f tom the 
same source. 

Tt seemed, he said in his 
presidential - address to the 
Amalgamated Union of Engi- 
neering Workers’ conference 
here, that whenever the Con- 
servative Party was bereft of 
policy, it turned its attention 
to ’‘union hashing" and 


immigration. Both had been 
overplayed. 

“As a union, we suffered too 
much and too long under the 
last Tory Industrial Relations 
Act,” he said. Trade unions 
must remain as alert as ever to 
ensure that they did not operate 
under a government licence. 

Referring to Mrs. Thatcher’s 
week-end remarks about trade 
union power, Mr. Scanlon said it 
was a reminder. to all what was 
likely to happen if the electorate 
was “ ever so unwise " as to 
return another Tory Govern- 
ment committed to such policies 
towards trade unions. 


Militant action possible 
by milk tanker drivers 


BY PAUUNE CLARK, LABOUR 
UNION LEADERS for 6.000 
.-.jnilfc tanker drivers plan to take 
a militant stance over their pay 
. negotiations if employers refuse 
^ to grant an increase above the 
Government's pay guidelines. 

Some union officials are talk- 
ing about prolonged industrial 
action. 

Pay talks affecting 65,000 
workers employed by members 
of the Dairy Trades Federation 
are due to resume to-morrow. 

But Mr. Jack Ashwell. national 
secretary in the Transport nad 
General Workers Union, plans to 
pull the drivers out of the 
negotiations if they are not given 
parity with lorry drivers in 
other industries. 

A 10 per cent, pay rise, the 
unions daim. would mean an in- 
crease of about £7.30 on basic 
rates, but the drivers are stand- 
ing out for at least £2 more, 
amounting to a total IS per cent, 
claim. 

Tbc union leaders, noting 
their success -last autumn in 
achieving wage rises above the 
Government’s 10 per cent, guide- 
lines for lorry: drivers employed 
in the West- Midlands, are 
threatening to revert to local 
negotiations . for milk tanker 
drivers as well. 


Mr. Ashwell said he was 
arguing for parity with common 
carriers under the Road Traffic 
Act, 1938 — a claim which the 
employers’ side is understood to 
have resisted as inappropriate to 
national pay negotiations. 

If the union carries out its 
threat to withdraw from national 
negotiations, it will undoubtedly 
raise the question of bow fur 
the Government is likely to place 
sanctions on local employers who 
concede to the drivers’ claims. 

The Milk Marketing Board is 
among the employers and would 
be expected to stick firmly 
within the Government's rules. 

After a reorganisation of the 
milk industry negotiating struc- 
ture earlier this year, the drivers' 
leaders are bargaining on the 
Federation's national joint coun- 
cil, while employees in milk 
processing and milk products 
manufacturing are represented 
on separate committees. 

Trades unions in the industry 
have asked for “substantial” 
pay increases. But, apart from 
the drivers, they are expected to 
accept a within Government 
guidelines settlement. 

They called a lay delegate 
conference on April 26 when an 
earlier offer was sent back for 
renegotiation. 


Post Office reopens 
talks with engineers 


BY JOHN LLOYD 
TALKS BETWEEN the Post 
Office Engineering Union and 
the Post Office on the union’s 
demand for a 35-hoar week 
have been re-opened, following 
meetings between Mr. Brian 
Stanley, the union’s general 
secretary, and Mr. Eric Varley, 
Industry Secretary. 

The union wants to take a 
proposal of some kind to Its 
conference early next mouth. 

So far the Post Offiec has not 

indicated that it will com- 
promise on any -working week 
shorter than the present 40 
hours. 

The uaioD, however, thinks 
it possible that agreement 
might be reached on Introduc- 
ing a shorter week in the near 
future. If does not want 
negotiations on hours to Inter- 
fere with its annual pay claim, 
which comes up in July. 

Officials point to the settle- 
ment on reduced hours agreed 
recently with the noises and 
midwives as a possible pre- 


cedent. They also see Lhe w-age 
agreements covering several 
years accepted by the firemen 
and, more recently, by the 
university teachers, as pointers 
to the possibility of further 
bargaining of this sort in the 
public sector. 

Some 51,500 people are now 
waiting for a telephone — and 
£7m. worth of telecommunica- 
tions equipment required for 
immediate service is lying 
unused because of the unions 
industrial action. Also, a 
farther £4O-£50m. worth of 
equipment fteedcdL for tele- 
phone growth in the next 
three to four years has not 
been installed. 

The effects of the action are 
becoming more serious. The 
waiting list has lengthened by 
1.300 In the last mouth, and 
equipment delivered but un* 
able to be brought into «?«'«* 
has crown by £2m.-worth. Now 
614 of Britain’s 6,000 exchanges 
are affected. 


Channel pilots’ dispute 
threatens hovercraft 


THE WORLD’S biggest hover- 
craft, the 300-ton Princess Anne, 
may be left idle at the end of its 
present trials -because of a p*tf 
dispute involving hovercraft 

pilots- . . , 

The Princess Anne is due to 
enter service with the British 
Rail subsidiary, Seaspeed. in 
Julv. But pilots are refusing to 
oncrate the new craft. 

Thev also claim that summer 
services from Dover to Calais 
and Boulogne will have to be 
cut drastically because of their 

claim tbey have 
fallen 25 to 32 per cent behind 

ships" officers, with whom they 

achieved pay parity id 8051 


that negotiations have broken, 

down- r. 

They are threatening 
to contract, which will *)“**“? 
frequency of Seaspeed cross- 
Chaone3 services this summer. 

Th B pilots claim that the 
Princess Anne’s sea trials are 
being conducted largely by man- 
agement staff. . 

When the trials are over the 
craft may have to be mothballed 
at the new £l2m. hoverport at 
Dover or returned to me 
builders’ yard at Cowes. 

The pilots are as^ng M’s to 
press Mr. Peter Parker the 
chairman of British 
inquiry into Seaspeed & in- 
dustrial relations. 


HeathrowThe new 

approach to flying has 


% 


g° 


s moving. 


H, 






X" 


to flying. ^ . 

It makes your 

well as easier. WPfOp' '7^' 

| ipy • Thefts 

OS SUT0 ^ 

you get through the airport . 

to your plane with minimum fuss. 

And bother. 

The new" subways with moving can travel light, 
walkways make travelling quicker All are play 

between terminals. their Dart in the 




m : • • 






•7 


7 




,V K; 




It only takes a few minutes 
from Heathrow Central Station to 
your terminal. 

New escalators. And new lifts, 
larger check-in areas. And you’ll 
find more trolleys around, so you 


All are playing W 
their part in the new approach to 
flying, at Heathrow airport. 

Find out more about how we 
can make your flying easier. Send 
for our free booklet, now 

Or talk to us at our Heathrow 
Information Desks. 


To: British Airports Authority Publications, Brochure Department, - Wellington Road, Chcriton, Folkestone, Kent, 
Please send me a free copy of the Airport Information Handbook. 

NijtfTIf* • r-:- 



Address. 


Heathrow 




THE JOBS COLUMN 


Two-way stress on the manager’s sanity 


BY MICHAEL DIXON 

ONE PERSON’S challenge is 
another person's pressure, that 
person’s pressure is somebody 
else’*, stress, and that person's 
stress may be my breaking 
point 

That sequence was quoted the 
other day at a session of the 
institute of Personnel Manage- 
ment’s London conference, in 
which John Morris, Professor 
of Management Development at 
the Manchester Business School, 
was taking about coping with 
stress at work. 

The quotation — produced by 
a speaker from the floor of the 
hail — challenges the notion that 
stress, particularly in jobs of 
the managerial type, is an 
objective phenomenon with the 
enrol lary that the greater 
degree of it a person can put 
up with, the better a manager 
he or she must he. This is 
evidently still a widely held 
idea, even though it takes but 
a little searching of one’s own 
experience to find evidence that 
the opposite is the more true, 
and that what is stressful 
depends to an important extent 
on the human being in the case. 

I doubt, for instance, that 
most readers could stand for 
at all long the job of a 
woman, interviewed some time 


ago by the late lamented 
National Institute for Industrial 
Psychology, who spent all day 
every day inserting at a 
bewildering speed those little 
cork discs which one used to 
find at the tops of toothpaste 
tubes. Yet she not only did 
the work well, but enjoyed IL 

Unable to understand why 
the woman did not find almost 
the ultimate in repetitive 
tasks boring, the institute’s 
researcher kept on probing, and 
finally the reason came up. 
“ Well, although you might not 
notice it yourself,’’ the woman 
said, “ it’s marvellous. You see, 
the corks are always coming 
up looking different” 

That example of the iwraan’s 
power to find its own interest 
in an activity may become an 
increasingly important con- 
solation. For if I heard 
Professor Morris aright, he 
expects a continuing decline in 
the average manager's pros- 
pects of changing job fairly 
frequently. 

The result appears bound to 
to be an increase in managers’ 
propensity to he subject to 
stress. The comparative absence 
of promotion will not only leave 
one doing the same old things 


for longer, but will also take 
away the external “ proof ” that 
one is winning— which In my 
experience is enough to make 
the intolerable s of the moment 
feel like mere pressure. 

But John Morris’s advice was 
not to defend by taking an 
advanced course in Yoga or some 
other aid to just bearing it with 
or without grinning. “If you 
accept the contradictions in 
your situation and turn them 
into rules of conduct then all 
you have is self-imposed stress,” 
be said. “We already have a 
world where the development of 
self-imposed stress is viewed by 
organisations as normal adapta- 
tion to circumstances. Much 
more of that, and well have a 
society where paranoia is 
functional.” 


Negotiate 


His prescription to managers 
whose- job conditions were 
facing them with the threat of 
stress was to seek to negotiate 
a change in those conditions 
with the people above, to either 
side of, and below them. “ The 
threat may be in tbe situation; 
but you can’t communicate 
effectively with situations — 
only with people. Talk! " 


Beyond this, he had a 
prescription for senior manage- 
ments which, unlike subordi- 
nates. have real discretion to 
change the organisations below 
them. 

The work of senior manage- 
ments generally be described as 
“pulling things together.” The 
work 'done below could be divi- 
ded into three main kinds: 
“ doing new things,” and “ keep- 
ing things going, ” and “ coping 
with failure.” 

Not long ago even in big con- 
cerns, the Professor said, 
almost every managers job in- 
cluded some activity falling 
into each of these categories. 
But to-day. although very few 
managers still did any one type 
of wor exclusively, the three 
kinds were being split up 
between different roles “and 
handed over to graduates of 
apparently ever-increasing epti- 
tude and ineptitude at the same 
time— eptitude in the thing in 
which they have specialised, 
and ineptitude in everything 
else.” 

His advice to senior mana- 
gers was therefore to resist this 
divagation and try to make sure 
that their concern's managerial 
jobs offered some opportunity 
to take part in all three kinds 


of activity to people who would 
like to do so. Unless organisa- 
tions did resist the tendency; he 
said, they would doubtless be 
manufacturing failure among 
their managers. 

Even so. Professor Morris felt 
that if an organisation were 
truly concerned about ensuring 
that its jobs were fit for human 
beings, there was no substitute 
for encouraging “openness, 
authenticity and trust” so that 
people who found aspects of 
their jobs becoming stressful 
could make the fact known and 
start negotiating ways around 
it, without fearing that they 
would thereby be judged incom- 
petent as managers altogether. 

“Time and time again,” he 
said, “ it has been shown that 
trust is just about the most 
important factor in understand- 
ing the performance of groups 
at work. Are they trusted by 
higher groups, do the members 
trust one another, and so on, 
are the telling questions. 

“There are still executives 
who refuse to believe it— who 
think th at conflict is the name 
of the managerial game. But 
people who insist on believing 
that ought to be made to face 
up to its consequences. They 
should be pnt in prison waiting 


to be shot Then we would 
know whether they were really 
willing to espouse the' cause 
of conflict” 

Hear, hear! 


Code-again 


AS A FOOTNOTE, it looks as 
though a number of readers are 
interpreting ' this column’s 
recent silence on the topic of 
the proposed code of good 
recruitment practice, as a sign 
that I have forgotten about it 
And while some think that 
oblivion would be the best 
destination for the proposal, the 
majority take the opposite view. 

The fact is that the code is 
far from forgotten. I have 
lately been going through 
comments sent directly to the 
Institute of Personnel Manage- 
ment by its members, while like 
those sent to me, raise some 
knotty points. 

Although I have still to 
discuss these with tbe IPM with 
the object of drawing up the 
code which it will sponsor, one 
thing is certain. The final 
version of the code win have 
to be ready by the institute’s 
annual conference in Harrogate 
this autumn, because I have to 
give a talk about it there. 


Financial Times Tuesday May 9 19 78. 

PROJECT AND 
DEVELOPMENT MANAGER 
-TEHRAN 

A large industrial group of companies 

based in Tehran but with extensive 

international Involvement, requires a lugfWevel 
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 broad ly-oased 
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. ... u 

Please send resume, with pnolograpn, 
detailing experience, qualifications, educational 
background, personal data and salary 
requirements in confidence and quoting . 

Bet. 168, toe 

Me A. Code, Grafton House, PO Bax 214, 

London NW37DH. 


Finance Director 


for the main hoard of a very substantial Public Company in 
the consumer industry throughout the ur. Headquarters are 
m 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 Atcheriey as adviser to the company. 

TYZACK & PARTNERS LTD 


MANAGEMENT CONSULTANTS 


IO HAIXAM STREET - , LONDON - WIN €dJ 
12 CHARLOTTE SQUARE - EDINBURGH IH2 4 DN 


IZ1 


Deutsche Bank 

London Branch 


N.M. Rothschild 

Asset Management Limited 

American 
Portfolio Manager 


We are looking for an additional member of our U.S. equity 
team. Based at Rothschilds in London, the workinvolves being 
part of a small group which manages specialist international 
portfolios and advises other departments on the U.S. equity 
content of their client funds. The ideal candidate will be aged 
27/32 and he or she will have had at least three years experi- 
ence in managing U.S. portfolios. A knowledge of U.S. energy 
and resources companies would be an additional attribute. 
The post, which involves regular research visits to America, 
offers real scope to adedicated money manager.The remuner- 
ation package is interesting and competitive. 

Apply giving detailed curriculum vitae and present salary to: 

The Staff Director, JVMjgk 

N.M. Rothschild & Sons Limited, 

New Court, St Swithin’s Lane, 

London EC4P4DU. 


Corporate Analyst 

Up to £ 7,000 


requires for its expanding 
business activities a 

Corporate Finance Manager 

with extensive experience in 
lending and related banking-customer 
relationships. 

Special skills in Eurocurrency 
short and medium-term lending, 
commodity trade financing and 
similar, sophisticated corporate 
business would be required. 

Age preferably around 35, some 
knowledge of German language 
helpful but not essentiaL 

Salary and fringe benefits offered 
will reflect the importance of this . 
managerial position. 

4 

Please apply in wiring giving full 
details of career and salary to date 
which will be treated in strict 
confidence to the: General Manager, 

Deutsche Bank AG, London Branch 

10 Moorgate, London EC2P 2AT 
Tel: 01-606 4422 


(Designate) 

NEWCASTLE UPON TYNE 

BELLWAY HOLDINGS LIMITED, a public 
company involved in the private residential 
sector and in property development, requires a 
finance Director (Designate) based at its Head 
Office in Newcastle upon Tyne. 

His/her responsihilitifis will cover all aspects 
of financial administration. Applicants should 
have flair and sound judgment with a 
■background in hanking or accountancy and 
currently be earning in excess of £12,000 per 
annum at a senior management level. 

Excellent salary, pension scheme, life 
assurance, company car and BUPA membership. 

Curriculum Vitae to: . 

The Company Secretary 

Bellway Holdings Limited 

Dobson House ■ 

Regent Centre GOSFORTH M 

Newcastle upon Tyne 

NE33LT 


TAXATION ACCOUNTANT 

HOTTING HILL GATE 

A leading Group of Civil Engineering Consultants and Architects 
have a vacancy in its Finance Department for a Taxation 
Accountant. 

Applicants must have a thorough knowledge of all aspects of 
Peifonal Taxation with particular relevance to Partners and 
Partnerships. Experience of other forms of direct taxation e.g. 
Corporation Tax. Capital Gains Tax and Capital Transfer Tax will 
be looked far. A member of the Institute of Taxation will be 
prefered. 

The salary to be offered will be related to the age and experience 
of the selected candidate and in the range £5.860-0,370 reviewabk 
in July, 1978. Benefics indude non-contributory pension fund and 
group PPP. 

Please apply in writing quoting Ref 1554 and enclosing a compre- 
hensive but brief C-v. to: 

N. W. RAMSAY ^ 

Director of Personnel. HALCROW 5*5, 

SIR WILLIAM HALCROW & PARTNERS #00% rfCgVfc 
Newcombe House f?7! 

45 Notting Hill Gate 

London W11 3JX VilEE- 



VW IMUA MMD tHt OUKaft MMN» 
»o* ikfsn fOn , ,HMI 

4CMiir«M»r Aoavimr 


A weH known. international West Mdlands 
engineering group wishes to recnita 
Corporate Analyst who wd join a small central 
team concerned with improving operational 
efficiency and developing long term plans- 
The person appointed wffl be required tocany 
exit analyses and investigations and to 
produce reports and recommendations on a 
wide range of issues from market evaluation 
and capital expendtura proposals to specific 
operating difficulties. Some travel wffl be 
involved. 


young economist’accowTtant (male or 
female) with some industrial experience and 


a genuine intBrastr 0 rBlyticaltachniqiss.A 
degree orequvatent formal quafificaHon is 
essential and there are good career 
prospects wffoh the group. 

The sala ry wffl be negotiable ifo to £7.000 
dependngipon age and experience. 

(Ref: B9534JFI) 

REPLIES mil be forwarded direct, 
unopened and in confidence to the cTtent 
unless addressed to our Security Manage? 
fisting companies to which they may not 
be sent They should include 
comprehensive career details, not refer to 
previous correspondence with PA and 
quote the reference on the envelope. 


PA Advertising 


6 HtgjiSdd Road; tt&asten, Birmingham BIS 3DJ Telephone 02145+5751 Tefec 337239 




EMPLOYMENT OPPORTUNITY 

MIDDLE EAST 


Aviation Company . 

(Under Corporation) 

requires a manager, who will be based in tbe United 
Arab Emirates, with the following qualifications: — 

1 — 10 years’ experience in airfreight — cargo and air- 
taxi fields. 

2 — Less than 50 years of age. 

3 — Salary according to experience and capabilities. 
Applications and resume with details of previous 
employment; scope of duties, full address and tele- 
phone along with a new photo to be addressed to: 

DEPUTY CHAIRMAN 
P.O. BOX 2417 1-SAFAT-KUWAIT 
Must reach us not later than May 1978. We offer furnished 
accommodation with car. 


Rowe & Pi tma n, Hurst-Brown 

Members of The Stock Exchange 


Senior Mining Analyst 
Base Metals 

We are seeking an i experienced analyst to join the mining section of our research department. 
The successful candidate will be responsible for the development of our research capability in 
the mam base meal companies as well as a selected number of the larger coal producers in 
N. America and Australia. A background of stockbroking research, mining finance or mining 
would be appropriate. 6 

We are catering an attractive renumeration package of salary and profit sharing bonus with 
non contributory pennon scheme incorporating good life cover. 

Apply with full C.V. to: 

P. N. Smith Esq, 

Messrs. Rowe A Pitman, Hurst-Brown, 

1st Roor, Crty-Sate -fouse, 

39-45 Finsbury Square, London EC2A 1]A 



INSTITUTIONAL 
SALES EXECUTIVE 

SPENCER THORNTON & CO. 

We are currently expanding our U.K. institutional sales team 
and have a vacancy for an experienced executive. We offer 
specialist research in the Electrical and Engineering sectors 
and a knowledge of basic analytical skills would be an 
advantage to the applicant. 

Attractive terms of employment are envisaged and applicants 
should write to Hr. C. C. Line, Spenthom House. 22 Cousin 
Lane. London. E.C.4 or telephone 0I-628 4411. 


A member of PA International 


DEALER 

A junior dealer required for a medium sized firm 
of stockbrokers. Previous experience necessary. 
Competitive salary. Write Box A.6353, Financial 
Times, 10, Cannon Street, EC4P 4BY. 



< 20 ? 




Wir suchen zum baldigen Eintritt 

Handler in auslandiscben Wertpapieren 

gin Bewerbermit mehreren Jahren Erfahrung und umfassender 
Kenntms der wichtigsten Markte wiirde unserer Vorstelluns am 
ehesten entsprechen. Gute Kenntnisse des Deutschen 
Englischen, moglichst auch des Franzosischen sowie die 
Fahigkeit zu selbstandiger Arbeit werden vorausgesetzt. 

Bewerbungmit Lebenslauf, Zeugniskopien und Lichtbild richten 
Sie bitte an unsere Personalabteilung, 

Unter Sashsenhausen 4, 5000 Koln 1 
Telefon (0221) 2091 390 













Financial Times Tuesday May g 1978 


NATIONAL ELECTRIC 
POWER AUTHORITY 

VACANCY 

The National Electric Power Authority of the Federal Republic of Nigeria requires 
well qualified and experienced Engineers for appointment as District Engineers in its 
Distribution Division. 

THE PERSONS: ? 

The persons we are looking for must possess a University degree in Electrical 
Engineering, or an equivalent professional qualification, registrable with the Council 
of Registered Engineers of Nigeria (COREN). In addition, they must have acquired 
at least seven (7) years post qualification practical experience in an Electricity Supply 
Industry. 

THE JOB: 

The successful candidates will plan, schedule and co-ordinate the planning, construc- 
tion, operation and maintenance of distribution facilities in a District Undertaking, 
and directly supervise staff engaged in these activities. They will also review and 
approve plans for distribution improvement and extensions, load readings, network 
studies and surveys in order to ensure that the quality of power supplied to 
consumers complies with statutory requirements. Other related assignments will be 
handled from time to time. 

REMUNERATION: 

Appropriate salary point in Grade Level 12 i.e. N7.104 x 216-N7J52 per annum will 
be offered to the right candidates, depending upon their qualifications and experience. 
The post also attracts several fringe benefits including housing and car allowances, 
leave grant and medical facilities for self and family. 

Contract appointment will be offered to non-Nigerians, the terms of which will be 
discussed at the interview. 

METHOD OF APPLICATION: 

Applicants in Nigeria can obtain application forms from the Director of Personnel, 
Electricity Headquarters, 24/25 Marina, Lagos, or any of the Directors of 
Operations/ Directors of Distribution /District Managers/ Undertaking Managers 
within the country; while applicants in the United Kingdom can obtain application 
forms from the Authority’s Resident Engineer, NEPA, London Office, Westminster 
Bridge Road, London, S.E.l. 

All completed application forms must reach the Director of Personnel, Electricity 
Headquarters, 24/25 Marina, Lagos, Nigeria, not later than Friday, 26th May, 1978. 





recruitment consultants 

35 New Broad Street, London EC21VI 1NH 
Tel: QT5SS 3588 or Q1-5SS 3576 
Telex NO.SS737A 


A key position open to a prime moveMipponunity to head up the London 
. operation within 3-S years and the prospect of equity participation after 2 ye»f* 

ffKh PORTFOLIO MANAGER 

LONDON £20,000 — £30,000 

ESTABLISHED INVESTMENTS RRM ASSETS UNDER MANAGEMENT WORLDWIDE EXCEED £3 BILLION 
We invite applications from Portfolio Managers, aged 3CM0. who have acquired at least 7 yean investment experience and 
not less than 4 years practical and demonstrably successful experience in managing large discretionary portfolios. Working 
with the Senior Director, the successful candidate will be responsible for the future development of a Tint class investment 
management team concentrating on the management of pension funds and jnnitutionaJ portfolios covering mainly dm U.K 
oik and equity markets. Close liaison will be maintained with “in house Portfolio Managers elsewhere in th* world. A 
strong entrepreneurial flair and the ability to operate as the major spearhead in developing the Arm s business in this sector 
is important. Initial compensation includes basic salary in excess of 00000 + a negotiable^ incentive and generous fringe 
benefits packaee. Applications in strict confidence under reference PM 3852 /Fr, to the Managing Director 

CAMP BELL-1 QHNST ON AS SO CIA TES (MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED, 
"new raoioVTOffit. Sn K2M 1NH - TELEPHONE: 01-588 3588 or 01-588 3576. ■ TELEX: 887374 


HAVE you experience 
m raising funds for 
divestment 

We are a research-based 
organisation in tie West End. 
If you have a proven record 
and can introduce us to new 
clients who might he in- 
terested in an exciting and 
expanding market the 
rewards could be consider- 
able. . . t . . 

Please write with bnef 
details, in confidence, to Box 
A.6349, Financial Times, 10, 
Cannon Street, EC4P 4BY. 

FIRST-CLASS OPPORTUNITY 

available to qualified student and 
export* need accounting personnel 

Contort Aloe Moore on 0f-628 269 1 


/s 


drake _ _ 
accounting 


COMMODITY APPOINTMENTS LTD. 
UrrS-Srtlooal Recruitment GPKialBB tor 
thr commodlW MarVets. Tel. Graham 
Stewart. OMM 1701. 


UNIVERSITY 

APPOINTMENTS 


UNIVERSITY OF 
NEWCA STLE UPON TYNE 

ALCAN CHAIR OF INDUSTRIAL 
M ANAGEME NT 

Applications are Intnied lor the Alcan 
Chair of tnddttriul Management whk* gas 
Men estmO In the Fac ultr Of En- 
oineertng from 1st October 1978 The 
Protestor win be responsible! tor de*eto»- 
ine m* existing teaching d Industrial 
Management to a wide ranee of engineer- 
ing undergraduates and will be expected to 
Bo-ooerate with relevant Departments In 
other Faculties of Uic University. There 
wHl be eccelletit opportunities lor co- 
operative activities with industry at post- 
graduate and post- experience level. 

Candidate* should have had experience 
o! University tcacnlnn and knowledge a! 
managerial responsibilities In the engineer- 
ing Industry. It Is also expected that they 
will have made personal contributions to 
the development ot the sublect. 

Salary wlU be in accordance with the 
Professorial scale £S.9OD-E1O.016 Per 
annum. Membership ol the aporoorlate 
University superannuation scheme wUl be 
required. 

Farther particulars may be obtained 
from the Deodtv Registrar. The University 
ol Newcastle upon Tyne. S Kenslnqton 
Terrace. Newcastle upon Tyne NE1 7RU 
with wham applications <t5 copies), giving 
the names ol not more than three referees, 
must be lodged not later than 30th May 
1978. f Applicants Torn outside the British 
isles may submit one cooy only). 


WANTED 


FOREIGN EXCHANGE BROKER, aged 30. 
ten years 1 experience with one firm 
(seven as active broken after three 
years' . absence seeks efferent outlet In 
City or West End. Write Box A.63SS. 
F ine ndal^TIwes. ID. Cannon Street. 


RESEARCH 

Northcote & Co. are expanding their research 
department and seek applications from 
analysts aged about 30 who have 3/5 years 
experience and proven ability in a specialist 
sector. Salary by negotiation. 

Please reply to The Research Partner, P.0. 
Box No. 548, Copthall Close, EC2P 2JJ. 


INSTITUTIONAL. 

DEALER 

Medium, sized firm of stockbrokers require a 
dealer with experience in servicing institutions. 
Competitive salary. Write Box A.6354, Financial 
Times, 10, Cannon Stret, EC4P 4BY. 


RE-INSURANCE BROKER 

A foreign Re-insurance Brokers Company intending, to start 
General Re-Insurance Brokerage in London, wants a 
experienced Reinsurance Broker to be in charge 
London office, which is intended to cover their ^OTatHmai 
Brokerage Operations, particularly in the Middle East 
Asia. Please apply through Box A-6325, Financial Times, 
cannon street, EC4P 4BY, giving full' detail- of background 
and minimum expected remuneration.' 


INTERNATIONAL MANUFACTURING CORPORATION 
SEEKS HARD-DRIVING 
MANAGER 

To Ornnise/Run Sales and Production in UK. 

Benefits, International Earnings. Only experienced* 
extremely hard worker* need apply. 

Send resumes and references to Box A 6356 
Financial Times, 10 Cannon Street, EC4P 4flr 


A TWICE WEEKLY 

JOBS COLUMN! 

Commenting to-day, the Jobs Column, written by Michael 
Dixon, will appear on Tuesdays and Thursdays. 

This is a step which we believe will benefit both readers 
and advertisers by increasing the versatility of the 
Financial Times as a medium for recruitment advertising 
2 nd associated, fields. 

For further details on advertising 
os Tuesdays or Thursdays 
telephone 01-24S 4601 or tt-34* 4*86 

finanoalib® 

~5 i&ptis Bt IS1NESS NEWSPAPER 


. ConsultantAccountants 

\ up to £9,500 


P rice Waterhouse Associates require accountants to join the expanding 
United Kingdom division of their international management con- 
sultancy practice. Vacancies exist for appointments based in London, 
B irmi n gham. Bristol . Edinburgh. Glasgow, Leeds, Manchester, Newcastle-upon- 
Tyne and Nottingham. 

You would be required to undertake a wide range of assignments both in the 
United Kingdom and overseas. Much of the overseas work is presently being 
conducted in developing countries and in this connection substantial overseas 
allowances are paid. t 

Consultants work closely with colleagues of other disciplines in developing and. 
implementing solutions to business problems with particular reference to 
company organisation, corporate plan ni ng, profit improvement schemes and the 
design and installation, of management information and control systems. 

"We are looking for qualified accountants who are resourceful and practical, have 
the flair and personality to deal with clients at board level and who would enjoy 
the creative challenge of problen solving in a wide variety of situations: The 
preferred age range is 26-32 and candidates should offer a minimum of 3 years post 
qualification experience in industry or commerce^ Fluency inFrench would be an 
advantage. 

Starting salaries will be negotiated up to ££JBQQ pa according to experience and 
ability. Training is provided in the techniques of management consultancy and 
the company spoheyis to develop its own supervising consultants and managers. 
Career prospects are excellent and can lead to salaries in excess of £12,000 pa. 


Candidates, male or female, should 
write for a personal history form, 
quoting reference MCS/1993 to 
Ashley S. Phoenix, Executive Selection. 
Division. Southwark Towers, 

32 London Bridge Street, London 

SE19SY. 


w. 


nee 

Waterhouse 

r Associates 


Free Lists of Vacancies 

Salaries £1,500 to £8,000+ 

To receive me of our lists of vacancies for accountants 'just ring, write or 
*=. - call at our office. When yon contact us please mention the reference number 
of tile list which will interest you. 


sef.MFioo Commerce & Industry 
A wide range of vacancies 
offering £3,50G-£8,QQQ+ in the 
LUL and overseas. 

Kef- QF50 Over fifty jobs for part-qualified 
accountants and bookkeepers 
tofii^OO- 


Ref.PFiw The Profession • 

Positions at all levels in public 
practice in Britain and abroad 
offering salaries to £8,000.+. 


Richard Owen Associates 

Cross Keys House, 56 Moorgate, London EC2R 6 EL 
Telephone: 01-638 3833 (24-hr. answering service ) 

Our service, which finds the- right jobs for hundreds of accountants ^ every 
year, is personal, confidential and free. Licensed in accordance with. the 
Employment Agencies Act 1973 No. SE(A)949. " 


Managing 

Director 

Instrumentation 

€.£15,000+ car + incentive package 


A rare opportunity has arisen within a 
diversified multinational corporation fur a 
high calibre Managing Director to assume 
total profit re-spun* Mil j * (ora small 
existing L'K operation involved in the 
marketing, design, construction, 
installation, commissioning and 
maintenance of process control 
instrumentation to the oil and 
peiroohentica] industries worldwide. 

Vie are seeking a graduate who is likely 
to be aged 38-46 years, possessing 
considerable experience at senior level in 
the instrumentation/process control 
industry, some marketing involvement 
and af? round business management 
experience. 

Reporting to the Group Managing 


1 tired or based in Europe, tin- selected 
candidate win be expected lu dot elup the 
1 ; K orgimisaikin primarily to the 
pefiocliciflfcnl industry in Unwin. fhe 
Nmlh Sea, the Middle En^t and North 
African terrilories. Some overseas uavel 
will therefore be involved. 

This post combines the unique ’ 
advantages of conimnndinga >nuiH rapidly 
expanding organisation togelhei wuli llu; 
benefits associated with senior 
managenteut in amqjor international 
corporation. 

Write nr telephone for an application 
form to Chris Jamieson. Linsdowiie 
Recruitment Limited. Design House. 

Thr Mall. London W5 5LS or lelepbune 
til -5 79 7540/6665. (keL OC. 339» 




/Ou DBA • AuOdaM ■ axnti - Bmpth • • BurCay • IMM - CHsntxr ■ CUM - Esmo 
JMi JohMMBug • KMA - Munpu - Kumm • laro« ■ Londan • Lmssai 
IMi. hbml' Nana- NN 1 M‘ - SmU - Sngqma - B)W*y - iMpM • iMmn 


General Manager 



Nigeria 


Our Client a British Company well known In 
the Telecommunications field, is currently 
undertaking large scale contracts overseas 
and requires a General Manager for Nigeria. 
Operations in Nigeria presently consist of 
two established Project Organisations but 
the intention is that these shall form the bass 
fora new Nigerian Company with 
headquarters in Lagos. 

The General Manager will establish sound 
contacts at high levels in the Nigerian 
Government and also with heads of other 
agencies and business organisations. He 
will play a major role imhe formation ol the 
new company and will be required initially 
to take control of negotiations with the 
Nigerian Enterprise Board. Thereafter he will 
be responsible for securing an increasing 
share of communications contracts that this 
rapidly expanding economy requires. 


c. £ 25,000 p.a. 


Applications are invited from men who have 
had high level andsuccessfulcommercial 
experience in one or more developing 
countries , have broad experience of 
contracting and have competence in 
administration and organisation. A 
University Degree is required, preferably in 
Engineering. 

Upper age limit approximately 50. 

This important post commands a negotiable 
package circa €25,000 p.a. plus pension, 
plus a furnished air-conditioned house to 
match the status of this post -servants, car 
and driver, home leave for himself and his 
family, all provided. 

Please write giving full relevant personal and 
experience details quoting reference 
GM/3913[FT on both envelope and fetter. 
No information will be disclosed to our 
Client without your permission. 


Urwick,0rr& Partners Limited 



FINANCIAL 

CONSULTANTS 

Circa £10,000 

Continued expansion of business has resulted in two vacancies with MLH Consultants Limited for 
qualified accountants in {heir thirties with suitable post qualification experience to assist clients in 
improving the profitability of their businesses and if appropriate in their re-oiganisation. 


One appointment will be for a senior man or 
woman with perhaps a merchant banking back- 
ground who wiD hewe the experience and contacts 
to execute merger and acquisition assignments 
on behalf of corporate dients and to advise 
them also on taxation matters: The successful 
app&antwl be based in London and should 
justify* salary expectation in excess of £10,000. 


A second appointment wffl be for a man or woman 
with wide practical experience in industrial and 
commercial enterprises who has the analytical 
skiBs to expose business problems and the 
presence to motivate management towards their 
resolution. The successful appficant may be 
based in the Midlands and will be looking 




Applicants should write in complete confidence to the Managing 
DirectotMLH Consultants LliL. 148/150 Grosvenor Road. 

London SWZV 3JV^ with relevant details of career to date including 

current salary. 


Consulting Group of Companies 


FIELDING, NEWSON-SMITH & CO. 
INTERNATIONAL DEPARTMENT 

We have a vacancy for a senior executive in our 
International Department to assist in expanding institu- 
tional business and possibly take special responsibility for 
activities in Europe. 

Candidates should have at least five years experience 
in international investment. 

Applications should.be sent with a curriculum vitae 


The Managing Partner, 
Fielding, Newson-Smith & Co., 

31 Gresham Street, London EC2V 7DX 






BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PRO FESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 
for Growing 
Companies 


If you are a shareholder in an established and 
growing company and you, or your company, 
require between ^5 0,000 and £1,000,000 for any 
purpose, ring David Wills, Charterhouse Development 
. Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 
curren tly making over £50,000 per annum 
J&h pretax profits. 


m CHARTERHOUSE 

Charterhouse Development, 1 Paternoster Row, Sl Pauls, 
London EC4M 7DH. Telephone 01-248 3999- 


ACQUISITIONS fr MERGERS BY AGREEMENT 



AMALGAMATIONS & INVESTMENTS LIMITED 


Our business is 
merging your business. 
Successfully. 

_36 CHESHAM PLACE LONDON SWT. 01-235 4551 





Chartered Surveyors 
NOTTINGHAM! 


Strand Lane 
Tel. 54272 


HELTON MOWBRAY: 
27 Market Place 
Tel. 47555 


MANSFIELD: 

45 Stock well Gate 
Tel. 35427 


M0m TRADE WORKS COMPLEX 


Comprising Repair Workshop and Spares Department. 

Modem Leasehold Premises fully equipped to full M.O.T. standard. 
All equipment less than two years old. 

Floor space 15.000 square feet, *' 

£12.000 per annum 

Lease and/ all equipment For Sale 

Equipment includes four post lifts, low bake oven, function 
tester, brake tester etc. Quote Ref. 0684 


75 NEW PRODUCT IDEAS FREE 


Each issue of Newsweek’s “New Products and Processes” 
Newsletter reports on 75 to 100 of the most exciting new 
products from around the world: includes complete information 
on availability for manufacturing, sales, licensing. Special 
trial' subscrip t ion offer for 7 months (8 issues) is just U.S.S60. 
And if the first Issue doesn’t deliver the kind of ideas which 
can mean substantial new business opportunities for your 
company, simply write cancel on your bill and keep the issue 
with our compliments. To subscribe or get more information, 
write today on vour company letterhead to: 

NEW PRODUCTS AND PROCESSES 
Newsweek House. Dept. MC26-I 
Wellington Street, Slough SL1 1UG, England 


TAX HAVEN 


INVESTMENT PROPERTY 


in Jersey. Channel Islands, producing in excess of £34,000 per 
annum. Shops and flats in first class order and condition. Rent 
reviews every three years. Offered ar £360.000. For further 
details: 

Phone 0534-25732 
or write Mr. J. Auty. 

La Fougere, Belvedere Hill. Sc. Saviour. Jersey, C.l. 


BUSINESS ABROAD? 


Swiss Management Consultants can help you . . . 

1. Mitigate taxation on foreign earnings. 

2. Establish foreign trading concerns. 

3. Provide sales and marketing assistance world wide. 
Applications for advice should indicate your particular interest. 

EXECUTIVE MANAGEMENT SERVICES AG 
Hanibuhl 8. 6300 Zug. Switzerland 


Crude Oil and Drilling Licences for Sale 


Better investment return 
through a multi-million 
commodities group 



CCMPUTEP.' 
TC5TE0 
PCfiTFCUO v 
UAMSSUENT . 




























. * . JL J . L.'.-J .sir- - . J - tZ, 


Building, Plumbing, 
Plant Engineering 


Well established company with its own products 
succesfully marketed in the building and plumbing 
trades and directly to factories in a wide range of 
industries, seek additional products to sell in these 
markets. Preference for products for energy 
conservation and fuel saving but other lines 
readily considered. 


Send brief particulars to Box G7880 Financial 
Times, 10. Cannon Street EC4P4BY 


INTERNATIONAL 
TRADING COMPANY 

with strong links in Africa, Middle East and South 
America would welcome contact with manufacturers 
seeking responsible representation. 


Write Box G.1S62, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


'PRODUCTION CAPACITY* 


A factory specialising in electronic high-quality light electrical/ 
electronic assembly and testing is looking for additional work to 
HU an intermediate shortfall in load. Skilled labour and supervision 
can be made available in the short term for global rates of less 
chan £3/ hour/ opera tor. 

We should be pleased to hear from any concern who could be 
interested in raking in excess of 2,000 hours of capacity. 

Up to 40 operators can be made available immediately. Long-term 
arrangements can be made where mutually acceptable. Work other 
than electrical/electronics can be considered. 

Write Box G. 1883. Financial Times, 10, Cannon Street, EC4P 4BY. 


COMPANY WITH SUBSTANTIAL CASH 


available wishes to diversify and seeks to invest in an established 
medium sized business requiring capital for expansion by way of 
equity participation. Preferably in the London area. Please write 
giving full details, which will be treated in the strictest confidence, 
to M. M. Sinclair, Elliott Norman Jacobs & Co.. Argyll House. 
246/250 Regent Street. London WIR 5DA. 


3 SENIOR EXECUTIVES 
SEEK FINANCE 

IB punch*** ettabKshed company with 
excellent profit potential in an industry 
» he re they have considerable expertise. 
Loan preferred but would consider 
equity with Board participation. 
Write Box C.1B90. Financial Timet. 
10. Cannon Street. ZC4P 4&Y. 


URGENTLY REQUIRED 

HOTEL. HOSTEL OR 


BOARDING HOUSE 
to purchase with minimum of 
60 rooms, within half-mile radius 
Baker Street. London. W.l. 
Principals only. 

Write Bex G . 1 895 . Financial Timet, 
10. Cannon Street. EC4P 4BV. 


DESPERATELY WANTED 

££m worth J.W.B, 43GL 

FOR EXPORT 
Immediate LC available. 
TOP PRICE PAID 


Product 

Development 


Engineering company has avail- 
able cash , resources and manu- 
facturing facilities to exploit 
mechanical engineering products. 

Write Bo* G.I89I. Financial Timet, 
10. Cannon Street, EC4P 4BT. 


DEVELOPMENT 
FINANCE REQUIRED 

We are reeking finance for a residen- 
tial property development In the Prin- 


cipality of Andorra. Non-U. K. resi- 
dents with convertible funds avaHeble 
are invited to write to us in confidence 


INYICO Si., 

At. Meritxed 114, Andorra fa VteiQe, 
Principal! t* d 'Andorra 


Write Box C.l 871, Financial Time*. 
»0. Cannon Street, EC4P 4BY. 


Arabian Light Esso Quality: To 5.000.000 p.a. at SI 2.42/barrel net- 
5 years contract with option. 

Basra Medium API 29: Spot 3.000.000 at 512^3/barrel net. 

Ocher grades and quantities available. 

Also licences for oil drilling rights. 

For information apply Bax G-I885. Financial Times. 

10. Cannon Street, EC4P 4BY. 


COUNSEL A AID In finance. Send S A.£. 
£T._ br ?£? lJ . r *- . CI L- S ” s - Woodfnoll 
Drive. Chislcnurst. Kent. 01-467 4513. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 

„ 30 Cry Road. EC I 

0f-d28 5434/5/7361. 9936 

COMPUTERISED payroll ear/ Ice. Write or 
P n 0 CAN SooMcecpJtiS A ftyro/J 
t ’ 3 1 !* London Road. Southend on 
Sea. Tel. 0702 354*70.. 


Who wants to be a 


NO AFF8LSATE YET 

SWISS OFFICE, 

experienced entrepreneur investigates, 
organises. controls your protects 
abroad. Tour requirements determine 
our stop*. Privacy guaranteed. 
Cipher 5362 to 
MOSSE-ANNONCEN LTD.. 

P.O. BOX. CH-8023 ZURICH 


INVESTMENT 

AVAILABLE 


COMMERCIAL REAL ESTATE 
INVESTMENTS 


COMPANY 

NOTICES 


Financial Times Tuesday May 9 1978 


ART GALLERIES-;! 


in the 

WESTERN UNITED STATES 

$2-25 million 

Equity requirements $500,000 
to $5 million 


OJL BAZAARS (1929) 
LIMITED 


(Incorporated In the Republic 
of South Africa J 


RtOND FINE ART, 51.- . 

liw. Mcm-frl. tO-«r T Sa..i& 


DECLARATION OF 
DIVIDEND 


Specific acquisition proposals available, 
subject to prior sale 


Syndication and Property Management 
services if required • 


Bank references furnished 
Contact 

RICHARD J. WOODS 

Connaught Hotel, London 01-499 7070 

MAY 9th - MAY 14th 


N«ric* « dm fin** 

dividend No. 93. ar tfre rate of 41 
cents per Ihire in retpcct of the 
financial year which commenced on 
I April 1977. hi* thu day been 
declared payable on 7 July 1*78. m 

the currency of the Republic aJS®** 
A/rici » all holder* of Ordinary 
share* registered in die book* of die 
Company at the el«e of buwnm on 
26 May 1978. Non-rotidoiu tbirc- 
&de? V*f is:, wiH be deduced 
where appliCibfa- 

Tha Regi*wf* of Members will be 
clt»cd in Johannesburg Un ?**‘ 
fn,* 27 May to 4 June 1978. both 
daces inclusive, for the purpose o» 
die above dividend. 

BT ORDER OF THE BOARD 
j. B. PARNALL. 

Secretory 


nuAWInvS. lunwjwvn mey, Vrifflm I 
9.30-6- SstS. TO-*. TM. 01-491 ?*& 




VOX CALLER IK. EtfUDHtOfi of Ufa 
inns PV 8rll«h MM CbTOMM 

Bay* lO-to. Saw. l«-L 


PORTRAIT PAINT***. ROT*! Society, 
B4Ni Annual £«HiBiMQi» at ratlta 
Galleries- The Mall. 5.W.I. Mon,-S*t 
itJ-5. UnlH 18 May. Adm. SOo. 


Registered OBictr. 
O.K. Building*, 
fio Eloff Street. 
Johan net burg 2001 




SCrfM. PKUBIIIV. wm.im wniBiwn Off Ota 

marine, imiitatv and sport teg M toco. 
enpMcri Points 1M rwtiwingj tad Who 
monels. 


London Registrar*; 
Hill Samuel Registrar* Limited. 

6 Greetooat Place. 
London SWIP I PL 

8 May. 1979 


WILDENSTEIN. A Loon EMMUan n. 

L5Cft S A TE ?S15L c E ^.o F 5®“w5J 


RETAIL OUTLETS 


We are a household name in soft furnishings with 150 
retail outlets, including store s-vvitbin-stores, and wish 
to expand our trading base by the introduction of 
complementary products and/or services. All replies 
will be treated in the strictest confidence and should 
be addressed to: 

The Chairman. Box G.1706 
Financial Times, 10 Cannon Street EC4P 4BY 
WILL HEADERS WHO REPLIED TO THIS ADVERTISE- 
MENT, BEFORE 17TH APRIL, PLEASE REPLY AGAIN 
AS THEIR REPLIES HAVE BEEN MISLAID. 


INTERNATIONAL 
DEPOSITARY RECEIPTS 
(IDR) 

issued by Morgan Guaranty 
Trust Cy of New York 
representing ordinary 
convertible Classe C shares of 

BRASCAN LIMITED 

A distribution of U.S.SQ.2S per 


depositary there lu* any applicable 
tutu and fee will be payable on and 
after April 28. 1976. upon pre- 

sentation of coupon no. 5 at any of 
the following office* of Morgan 
Guaranty Trust Co mp any of Now 
York: 

— New York (U5A1 ADA Section. 

15, Broad Street 
— -Sruiuli, 35. avenue de* Am 


American Importer Seeks New Products 

We are an importer and distributor of products for building 
maintenance sold through architect specification and direct to 
hospitals, nursing homes, industry and other institutional and 
commercial buildings. 

We stock in depth. We advertise extensively. We print our own 
product sales literature. Our sales force, covering the whole 
USA. is 22 men strong and growing. We are looking for 
another new or unusual product line in one of the following 
fields: preventative maintenance or repair, safety, or noise 
control. 

Our company president will be in London the first week of 
June. If you produce something chat could interest us, please 
send details to Box F1014. Financial Times, 10 Cannon Street, 
EC4P 4BY. 


—Antwerp, 82 f ranVriJklei 
— London. 33, Lombard Street 
— Pari*. 14. Place Vendome 
— Francfort. Bockanheimer 
La ndtsnae. 8 
—Zurich. Stockarscraise 38 
and at 



CLUBS 


EVE, 189. Regent Street. 73* 0557. * 
Carte or All-m Menu. Three Spectacular 
Floor Show* 10*5, 12*S a*d MS ang 
muale of Jonnny Hjwtttwoith A Frfr— ■ 


EDUCATIONAL 


Banque Gfnerala du Luxembourg. 
1*. rue AWrliwn. Luxembourg 


EDGAR ALLEN BALFOUR 
LIMITED 


ITS PEOPLE WHO MAKE IT 


A public company which has a high regard for its 
key personnel would like to hear from directors of 
private companies who would like to sell a majority 
holding for cash or shares or in the case of smaller 
companies, where a substantial cash injection is 
required. 

Reply in confidence to: Chairman, Box G.18S7, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


FUNDS AND MANAGEMENT 


Our company it able to offer bach die above co organisations wkh currant 
liquidity or management problems. We have worked with private and public 
companies over the past few years and -the relationships have proven beneficial 
co all parties. 

W c have money co mvesr in the right ventures and size is not a problem, ' 
Please write giving an initial outline of any propositions, which will be treated 
in the utmost confidence. 

Write Box C1B96. Financial Timet, 10 Cannon Street. EC4P 4&Y 


Notice Is hereby given that the 
Registers of Holders at the 7V". 
Debenture Stork 1947-92 wilt be 
closed Irom 27th to 31 St M*v. 1978 
Inclusive, for the purpose or preparing 
Interest Warrants tor the hail-rear 
to the 3 1st May. 1978. 

Bv order Ot the Board. 

G. fi. WOOSEY. 
Group Secretary. 

Sheffield Road. 

Sheffield. S3 IRA. 


GERMAN , 

Intensive Language Courses. 
Academy KUusenhoi Westphalia far 
students 1&-ZS vrs.. *» Icvek.. July and 
August. 3 whs. iBCiosive U20 
FRENCH 

lamsatc Courses in French Unirersttfea. 
Caen Greruble Nancy. 

All levels 16 years and over. 
From £220 for 3 or 4 weeks. 
Summer French Courses — Ahc. 
Bordeaux and Pari* colleges. O and a 
level pimils 2 or 3 weeks tram L219. 
Please apply tor 
EURO- ACADEMY (Dept. T). 

77a George Street. Croydon. 

TeL 01-681 2 90S. 


PUBLIC NOTICES 


UDOEVALtAVARVET AP 


BUSINESSES FOR SALE 


7'j% Guaranteed Notes 1983 
5. G. WARBURG & CO. LTD. announce 


FOR SALE 

Property Com piny, subsidiary of 
small Public Company 
owning 

freehold 40.000 sq. ft. Head- 
quarter's building in Central 
London currently producing 
approaching £40,000 pa. rising 
to £70.000 pa. when fully let. 
Would self for £200.000. cash 
plus £250.000 shares in quoted 
company (£150,000 mortgage 
available). 

Full dentil* will be tent only to 
Prlncfpofs. 

Write Box G.1B94. Financial Timet, 
10. Cannon Street. 6C4P 4BT-. 


FOR SALE 

PRECISION & PRODUCTION 
ENGINEERING COMPANY 

High turnover, hill order book, excel- 
lent profits. Modern factory. 4,200 
sq. ft., situated close os London end 
of Ml motorway. Low outgoing*. 
Plant consists mainly of fate manu- 
factured machines. 

For further detail* /principal* only) 
please write to: 

TURNBULL ASSOCIATES 

25 West Avenue, Rlvendew Paris, 
AHhorae, Chelmsford, Essex 


S. G. WARBURG & CO. LTD. announce 
that the second Instalment of Bonds lor 
a nominal value of US12..300.000 have 
been purchased to r redemption on 1 st 
June. ’978. USt2S.400.00D nominal 

Bonds will remain outstanding after 1st 


COMPANY 
FOR SALE 


June, 1976. 

So. Gresham Street. 
London. EC2P 2EB. 


9tfi Mav. 1978. 


For Sale By Auction 
12 BEDROOM HOTEL 
IN EAST COAST RESORT 

Fully licensed with 2 bars S rat- 
restaurant. Excellent position. 
FREEHOLD. Realistic reserve. 
Auctioneers: 

FLEURETS: 01-636 8995 


An 18-year-old Steel Stockholding 
Company located in cht Wok Mid- 
lands. The profits have shown con- 
sistent growth without losses to teach 
the currant level of in excess of 
£150.000. 

The Managing Director and principal 
shareholder Is prepared to remain 
with the company if required. 
Wri:e Bor G. 1809. Financial Time*, 
10, Cannon Street. E C4P 4BY. 


EARTH MOVING CONTRACTORS, Kent. 
Old established business with armual 
turnover £500.000. Pull details FRANK 
WOOD A CO.. Cberterttf Surveyors. 3* 
Watflno Street. Canterbury. 


FOR SALE 

WELL-ESTABLISHED 
EXPORT COMPANY FOR SALE 
Maximum annual turnover 
£700.000. 

Selling to Middle East & African 
countries. Located in London. 
Write Box G.1B92, Financial Timet, 
10, Cannon Street. £C*P'4BY, 


Are you a Stock Exchange Investor? 
Does your interest lie in the FaT East 
or Europe? is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 


SMALL BOAT • 
MANUFACTURING RRM 

withes to sell marketing and distribu- 
tion rights and retail showroom. 
£10.000 for goodwill. Ieas«. fixtures, 
fittings, eac. plus nock ax valuation 

(about £20.000). 

Write Box C.1893, Financial Timet, 
TO. Cannon Street. £C4P 4BY. 


Whatever your interest ... 
Wherever you are ... 

Ring London , Birmingham 
Liverpool or Manchester 


■LECTRONIC COMPONENTS Design and 
Manufacture Company lor sale with full 
order books and 1.500 so. ft. Free- 


hold Factory In East London. Details 
from Go I d-n berg and Co.. 39. Bruton i 
Place. Berkeley Square. London, W.l. 


■ uuwty jmuoic. buiiuun 

01-491 *101. Tefex 299198. 


PLANT AND 
MACHINERY 


BUSINESSES 

WANTED 


GENERATORS 


WANTED 


An established private company with 
seven-figure sales, good profit record 
and adequate funds, trading mainly in 
high value material for engineering, 
electronic and chemical industry, seeks 
association with a company of com- 
parable site, possibly manufacturing 
high-quality equipment in a comple- 
mentary field with the object of 
widening it) trading base and 

strengthening management. 
Principal, only should contact Auditor* 
ot Bex C.l BBS, Financial Times, 

10. Cannon Street. EC4P 4 BY. 


Over 400 sets in stock 
ikVA-700kVA 

Buy wisely from the manufacturers 
with full after-sales service 

CLARKE GROUP 
C 1-986 8231 
Telex 897784 


246 8026 

for the 

FT INDEX 

and 

Business News Summary 


Prfvatp company engaged in interior 
design and property modernisation has 
funds available up to £30.000 and is 
seeking to expand its activities by 
acquisition or merger with a business 
■n similar or related (kid. 


Write Box G.1BB6. Financial Times, 
10. Cannon Street. EC4P 4&Y. 


U.K. TAX-HAVEN-BASED 
SMALL MODERN 
PLASTIC INJECTION 
MOULDING COMPANY 
HAS PRODUCTION CAPACITY 
Wishes meet person who can introduce 
profitable business, working on profit- 
sharing basis, your share paid in any 
currency. 

Write in strictest confidence to 
Box 6.1884. Financial Times. 

10. Cannon Street, £C4P 4 BY. 


COMPANY 

DOCTOR 

AVAILABLE FOR 
ASSIGNMENTS 
LONG OR SHORT 
Impressive track record 


Should tins cap happen to fit you, you would be well advised 
to fix your sights on real property, in which 90% of all 
existing millionaires achieved their fortunes. All the signs 
indicate the i mm i n ence of another property boom; rising 
house prices, falling investment yields. City institutions 
buying farmland. To keep ahead of the herd in this fast— 

^ 3 f ke .l you n ^ d t0 , stud y the Property Letter, 
which gets to the very heart of the property business with 
down-to-earth, pungent articles providing y 0U with infor- 
mation, ideas and unusual approaches that you won't get 
anywhere else. The Property Letter could just possibly be 
a better investment for you than the property market itself! 
For details of a FREE TRIAL OFFER, write or telephone 
now. 


TR 5»S: AGENCY WANTED TO purcbxse 
Within London ™. a Mini how ail 
ucencea. Write Box G.18W2. Financial 
Times. io. Cannon Street. ECiP 4BY 


FORK , LlfT TRuCKS — USED MODELS. 
Excellent cfiolce of over 1O0 trucks 
Loading mafcci «nKlieO In manulael 
turera colours. Diesel, electric or gu 
operated stock of electric Pallet Trucks 
Ro*cb trucks and Towing trucks. Also! 
30 tons capacity container Handler conu 
diets with 20 It,. SO It.. 40 «. tivdrSE. 
Icallv operated spreader: £ 20 . 000 . uit 
sent on request. Trade ana export en- 
nu ries welcomed. Lira. raJuciran on 

3ZB-T7Q5. Telex 337032. 021 

“emerators 2-3.000 KVa „ew & used 
Immediately available. Keen comoetit^L 

rasy-Rd'&sF Lw - ,073s22 ' « 


Business and investment 
Opportunities 
Businesses ForSeSe/Mmfed 

Every Tuesday and Thursday 



WE. THE 
LIMBLESS. 
LOOK TO YOU 


Write Box G.1881, Financial Timet. 
10. Cannon Street, EC4F 4BY. 


IBM ELECTRIC 
TYPEWRITERS 


Firtory reconditioned and guaranteed 
by IBM. Buy. save up » 40 px. 
Lease 3 years from £3.70 weekly. 
Rent h-em £29 per month. 
Phone: 01-641 2365 


YOUNG, expanding and nrofttablc import 
and export company requires funding 
£ 100.000 against secured orders. 
Write Box O.IS39. Financial Times. 
10 Cannon Street. EC4F 4HY 

EDUCATIONAL CONSULTANTS. For 
advice on business. financial and 
property aspects of cdipol and educa- 
tional prelects write to Bui mess 

“X^.^Sfe™- P""™" s,reeL 
"■arS" Sm^d-SS 5 z ’SSS 


The Property Letter. Dept. 1LE, 

13, Golden Square, London w.l.' 

Please send me by mum post details or the 
FKKE T R IAL OFiEK tor the Property Letter 


NAME 


ADDRESS 


/3 a week. Prestige offices near 
gg*. E .* ti?anoe. Mewagc Minders Inter- 
tMtional. B1-6ZB 009s. Telex 8811725. 


1 Or phone 01-597 7337 (24 hour answering service) 


P? rsin 9 ,e column centimetre. Minimum 
^tirrofres-Forfurtherinformation contact: 

^%™e^ R ^fi r,meS,10Camon Street 


Donations and Jnfiunutiou: 

htojor The Eari of Ah caster, 
KCVO.TD., MhBand Bank 
Umltcd, 60 West SmithfieW, 
London EC1A 9DX, 


01-248 4782 & 01-248 5161 


FINANCIAL TIMES 

0JROPES BUSINESS NEWSBSiPER 


British Limbless 
Ex-Service # 

Men’s Association 


FOR HELP 

_ We come from both world wars* 
We come fromKenya, Malaj-a, 
Aden, Clyprus and from Ulsters 

Prom keeping file peace no less 
than from war we iimbleas look to 
you for help. 

And you can help, by hdping 
our Association. BLESMA (the 
■ Bntish Limbless Ex-Service Men* 
Association) looks after tho 
limbless from all the Services. 

It helps, with advice and 
encourMetrwtiit, to overcome tbe 
shock of losing arms, or legs or an 
eye. It sees that red-tape does not 
stand in the way of tbe right 
entitlement to pension. And, for 
severely handicapped and the 
elderly, it providis Residential 
.Homes where they can Jive in 
peace and dignity. 

EWp BLESMA, please. Wc 
need money desperately. And, wo 
promise you, not apenny ofitwitt 
be wasted, 




a- •: 



















Financial Times Tuesday May 9 197s 


v - j- *■».», ■«. 


' -■ I'fc,’ 1 


‘ v:., -:‘>V 

■! •'«* ! '.V 


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C: . , . 

McV^Ul •- 



13 


• MACHINE TOOLS 


ff., . ( ^ tlj, 




>'wT* 


Dialling for the 
finished product 


*V 


■ ;*4i! 






"C, • 


. • • V' t 



COLD-ROLLED formed sections 
are usually produced cut to 
icngtn and any holes, slots, etc. 
require a second Operation, often 
performed on a press brake with 
multiple tooling. 

In order to introduce fiexl- 
™Wy. eliminate second opera- 
tions and reduce handling, 
numerical control has been 
applied to the Odin cold roll 
forming plant so that lengths, 
holes, notches, etc., can he 
programmed-in to produce a 
finished product 

A complete line for continuous 
production of a cold rolled 
section with press-formed ends 
has recently been installed. This 


particular plant enables any 
length of component and quan- 
tity of that length to he pro- 
grammed. merely by setting 
dials. Programming can proceed 
while the plant is producing, 
giving uninterrupted production, 
and ten programmes can be set 
at one time, the plant producing 
the required lengths in batches. 

Any length up to 10,000mm in 
increments of 1mm and batches 
of 1 to 1,000 can be programmed 
merely by setting digital counter 
dials. 

Further details from Odin 
Engineering, Bodmin Road, 
Wyken, Coventry. Coventry 
615238. 







Milling head takes 
heavy loading 



COMPONENTS 


Ultrasonic 
flow switch 


PUT on the market by Bcstobcll 
Mcterllow of Baldork is an ultra- 
sonic Hows witch using floppier 
velocity measuring technique 
which is able to signal alarm 
conditions for velocities between 
Oil and 15 metres/sec. 

Most Uuids can be measured 
provided that they contain dis- 


Ram 


Industrial 

Filtration & Separation 




PFTHO-CHEMJCAr 


maruvTeTop f shor eI 
general industry 


"POWER GENERATION 


FRAM INDUSTRIAL 

LUntrsar.' |\jr.tyckjn. 

Mm Clam is iu-W_> 2?300Ct 


calibrated 0 to 100 and a slop/ 
run switch. 

rtosra'wgi™ °cio*d “w "m- 


delivered from 2 mierolltres upwards 
with a repeatability of 1 per cent, or 
heller. Various controllers are 
offered and an air supply between 
60 and 90 psi is needed. A top speed 
of 360 cycles per minute Is achievable. 
Applications could Include potring, 
microdot deposits, metering and trail s- 
fering reagents etc. many types or 
adaptors and fitting orifices arc avail- 
able. More details from Interfax, 
17A Kings Road. Sutton Coldfield, West 
Midlands B73 5AB. 021 354 5965. 


A Flame-free heat can be provided, 
though a blow-torch is the beating 
source, with this matrix pad of refrac- 
tory ceramic material that’ can mince 
the blow-torch flame temperature from 
1.850 degrees C and radiate it at 110 
degrees C. Several types of work re- 
quire even beating In the absence of 
flame. They include the laying or 
removal or plastic floor tiles, removing 
paint without burning the base material 
and shrink-wrapping. This device, 
which has been named the Tubo 55, 
has a gas takeoff or some 55 grams 
per hour, which makes it particularly 
economical in use. More from Camping 
Has (GB). 126. SU Leonard’s Road, 
Windsor. S5011. 


troll in the latter case the motor 
current is confront'd for lorquc/ 
tension applications. Feedback 
can be obtained by sending the 
motor armarure voltage or by 

means of a tachometer. 

More from the company on 
09064 21311. 


PHONAL 


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it par. M *0TO 
V cfs* 


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1026 


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LP 


V « I 


DESIGN 1 of a new adjustable 
milling head, the “ Novamill.” by 
l&car of Nahariya, Israel, has 
resulted in a more accurate and 
more easily handled tool. Used 
in combination with Iscar’s 1C50B1 
hardmetal formulation, it works 
particularly well tinder high 
loads. 

Iscar’s. main departure from 
current practice was to divide 
the pockets— the movable parts 
of the head that accept the in- 
serts — into two elements. One of 
these is no more than a low-cost, 
simple but very hard shim, while 
the other acts as secure seat lor 
the cutting insert. The precise 
positioning of the insert in the 
seat is assured by a three-point 
seating system. 

Should the tool be subjected 
to exceptional shock, in the 


course of the work process, that 
is first of all absorbed by the 
replaceable insert, and then by 
the shim. 

The new design has made 
alignment a relatively simple 
task, and one that does not need 
to be repeated every time an 
insert is replaced. The same 
head can be used with either 
4 or j inch inserts, the switchover 
handled by most machine opera- 
tors. 

Iscar’s new milling head has 
floating setscrews, to hold the 
inserts simply against the three- 
point seat and round wedges 
with a single flat surface facing 
the pocket -assembly. This adds 
a self-aligning feature that re- 
duces set-up time and distributes 
the load uniformly along the 
entire length of the insert's 
leading edge- 


• COMPUTERS 


e SAFETY 


particles — the doppler frequency 
shifL can even be measured from 
the interfaces due lo turbulence 
in the flow. 

A certain amount of logic is 
associated with the circuits that 
follow the sensor. For example, 
there is a hoid-on timer adjust- 
able up to 60 seconds so that the 
pump will not cut out on “ low " 
alarm before full velocity has 
been established. Also, the final 
relay can be made to drop out 
for up to 60 seconds to allow 
pump changeover and prevent 
relay chatter when flow fluctua- 
tions occur. In addition, pump re- 
start facilities arc provided 
should a mains failure be ex- 
perienced. A JOINING seal tu ensure a 

The unit can be set for “flow completely leak-proof gutter 
fail ” or “ excess flow " relay cut- joint is incorporated in an im- 
out. and by adding modules pruvod version uf the Hunter 
either condition ( and informed- Squareilu UPYG rainwater 
iate ones) can be hi qn ailed, system, the company reports 
More about the DS1/DS2 range The redesigning uf its suiter 
on 0462 S9222S. jointing brackets means that they 


No leaks 
from the 
gutter 


Terminals 
at Cadbury 
Schweppes 


Signals state of alarm 


Plug-in 
controller 

mSSmeYmodie%VtS C fn"«- jfly voTt^e 5S!!w ufS MdE T&^rS^Sn^iSmS ETffi Iw ’ ?0 Si® SceommSdateThc daU? 0 K P .m"i«n 

cess control alarm and shut-down Light emitting diodes on the tbe M is such that s^eral ^ ff JSwftd In «i"r a“d ^ contraction Tr i£ P i;5m* 5 
systems. front panel provide alarm and instruments can be stacked d nr torQue us i„^ ♦»,«, n 

The unit can accept inputs fault indication and each chan- together to create a line of scales lol siDEie phase SyTisior 

-e j-i- .4 Ur Aiun inbihil Ati ivhifik tha m cxi ci T rnrl tislitDC a * u P v r " 1 *- 


indicators and contact/indicators 
put on the market by Hartmann 
and Braun (U.K.J. 

The control panel space is 
DEVELOPED by GP-Elliott Elec- this enables control action “vot- only 144 b >‘ 36mm and most . of 
ironic Systems is a 19-inch rack- ins ” on the module outputs. Sup- this area is devoted tu the dis- 


are ruw held captive in 
specially c-huped recvSM.**, in- 
mead of ihe Xeoprrnn strips 
used to Torm the seal being ll\ed 
by nn adhesive. Si rips are firmly 
held in place under all con- 
ditions. including lough treat- 
ment during handling and in- 


- C N0TIC ? • MATERIALS 


front panel provide alarm and 

HARRIS Systems has brought off r _ 

something of a coop at Cadbary from a wide range of detectors, nel has Its own inhibit switch. 
Schweppes with the announce- either contact closure or 4 lo 20 More from the company at 61. 
ment of an order for over 300 mA tranducerg. and produces High Path, Merton. London 5W19 
interactive display terminals outputs for alarm/controi pur- 2LW (01-543 1241). 
worth £3m. poses. 

Over 40 distribution depots and Together with other units from 
14 factories are involved some company’s range, such as 
of which will have as many as control action and facilities sys- 
ten terminals. These will be tems, a complete alarm arrange- 
linked to a dual IBM 370/158 ment can be built up. 
mainframe machine at the com- The module contains only one 
pany s headquarters m Bourn- board, with an optional daughter 
v,ile - - board if more alarm facilities 


the model 
con- 


IN5TRUMENT5 


Hard finish for floors 


The terminals will be 
mainly for telephone 


used 


Indicator is 
compact 


sales 


are requivd- Each of l he two 


FOR INTERNAL use only, and 
suggested for industrial applica- 
tions where there is considerable 
wheeled traffic, or where im- 
proved working conditions are 
required in modern or re- 
habilitated premises, is the 
National Flooring Company's 
system, StabapbalL 

The material may be applied 
over low grade concrete without 
bay joints in new work, or over 
existing floor finishes for re- 
habilitation work and the system 
Is said to provide a dust free, 
jointless, hardwearing floor finish 
that U. quiet and warm in use. 

Developed originally in the 
Netherlands by Ciztdu Key and 
Krairter, NV, the flooring is a 
composition of Stabaphalt 
bitumen emulsion. cement, 
crushed rock aggregate and sand 


without additional water. 

It is said to be cheaper than 
mastic asphalt finishes or the 
overall cost of granolithic floor- 
ing. and has characteristics mid- 
way between these materials, 
therefore achieving the good 
balance of properties required 
for industrial flooring. 

A life expectancy of 25 years 
is promised, with minimal main- 
tenance. and constant wheeled 
traffic maintains the surface, 
healing any hair cracks arising 
from minor movement or 
Shrinkage. It can be washed down 
with mild detergents which are 
suitable for concrete (damaged 
areas may be easily repaired 
with Stabaphalt repair mortar), 
and routine maintenance is 
sweeping only. 

.More on 01-353 7051. 


Bell & Webster 
steel and concrete 
industrial stnictnres 



Thefielcan service to industry offers the design, man ufac ture 
and erection of precast concrete, structural steel or composite 
frames in Single. Double and Three storey construction. 
Brochures and details of the BeJcon service from;- 
Bell & Webstar Limited, (Conmete 

Es&ex Kd, Hoddesdon, Herts. EN1 1 QDR. Tel 62141. Telex 2414Z- 
BeUSc Webster (Steel Structure) Limited, 

Salti u *"*- R«L Brackxnills lad Este, Northampton MN4 0BD. 
TCI 060465212. Telex 312264. 


an Eteco Holdings Company 


\Wo 


Leading European Manufacturer .of Small 
Electrical Domestic Appliances 
10,800 Employees in 12 Plants 
Leading French Exporter of Domestic 
Appliances 

Exports account for more than 60% of the 
turnover 

TURNOVER FOR THE FIRST THREE MONTHS 
OF 197S 

an increase of 7.3%- — 


’- y 

- • . .I* - 


electrical wire&cable? 

‘/NDQEIH 


•H0 MINIMUM 
ORDER 


KOMMUKtf 

LENGTH 


Ttousandsaftypes^ . 

LONDON 01 - 5618 ™ ABERDEENW±) 32355/2 


MANCHESTER 


activity at the depots, 
cans. hoteliers and 
managers give their number 
the tele-operator who keys 
into the system and within a few 
seconds has the customer’s full 
name, address and the last six 
orders be has placed, on the 
screen. 

Ordering assistance can be 
given, and once the new order 
is keyed in, the depot printer 
produces a delivery note and up- 
dates the mainframe file for 
stock control and invoicing pur- 
poses. 

The delivery notes are made 
up into loads which are subse- 
quently re-entered on another 
terminal for load/weight calcu- 
lations. daily summaries and 
sales analysis- A further four 
terminals at Boumville, operat- 
ing ^on a time sharing basis to 
the IBM machine are used for 
budget planning. period 
accounts, and long range 
planning. 


channels is completely separate 


_ ... uiauucm ia mm pitiwi; 

ruoii- w jih jis own power supply and minimum 
store ■■ .. — 


VISIBLE space occupied by the 
housing has been kept to a 
in the lndicomp 2 


n? raring ‘SndFZSTl JSlSTSMSd S'SStiSS* 

SecoSSed and com^red ' g^ e ° rlvW of L1 Champion 

Current, voltage and resistance An unusual feature of the unit 
signals received from thermo- j S that it plugs In to a perma- 
couples, resistance thermometers neatly installed housing, so that 
and measuring transducers can in the event or a fault the motor 
be measured by the units. In is out of action for only as long 
addition, there are versions with as it takes to plug in another 
inductive pick-ups which make it controller, 
possible to signal the larger of Based on a 96 mm DIN panel, 
two limit values. Millivolt indi- the package contains thyristor 
cators can also be supplied. power output stage, speed con- 
More from the company at trol circuits, suppression and 
Moulton Park. Northampton protection components. Panel 
(Moulton Park 46311). controls are a large rotary knob 


without disturbance* tu the seal. 

The system rump rise-; i[ Inch 
angled box section gutters and 
2 l . inch square secimn down- 
pipes; the gutter profile has a 
cross s^cliunal area or S.23 
square inches which gives '»il per 
cent, more effective flow «i parity 
than 4t inch nominal half round 
profiles, and 20 per cent, greater 
carrying capacity than most 
similar shaped cutter sections. 

Available colours are grey, 
white and black and the com- 
pany says the system provides a 
particularly cieeant ami effec- 
tive addition tu period style 
developments. 


Say! 


British Airways just launched 


the cheapest scheduled flights 


• CONSTRUCTION 

Seeks out 
resonance 


you can bode to the States!” 


AN instrument known as a vibra- 
tory mobility meter bas been 
put on the market by 1RD Mech- 
analysis of Chester and is 
intended mainly for investiga- 
tory work on metal structures. 

Object of the device is to apply 
an oscillatory force to a specific 
point on a structure and measure 
the mobility — defined as the 
ratio of velocity to force. The 
result is continuously plotted on 
a chart recorder so that, as the 
frequency passes through a criti- 
cal value the resonance will be 
shown as a peak on the trace. 

A controlled sinusoidal force 
is applied by means of a hand- 
held electromagnetic vibration 
generator and tbe resultant 
motion measured by means of 
an associated accelerometer. -The 
velocity signal is filtered to re- 
move noise and harmonics, 
allowing very small velocities to 
be sensed. 

Apart from looking for reson- 
ances In bridges. lattice towers, 
oil rigs and similar fabrications, 
the equipment should also prove 
useful in the dynamic and non- 
destructive testing of car trans- 
mission systems, bodies and 
other components, of aircraft 
engines and airframes and of 
many other items fabricated 
from metal. Applications are 
also expected in the building and 
Civil engineering industry. 

More from the company at 27 
Newgate Street. Chester CHI 
IDE (0244 317557), 


SHIPPING 


Aids safe 
mooring 


STRAINSTALL of Denmark 
Road, Cowes, Isle of Wight, has 
acquired all British and foreign 
patent rights in the Alongside 
Mooring-Load Monitoring System 
lor very large oil tankers. 

The system, which was in- 
vented by George Elliot of the 
National Engineering Laboratory, 
makes use of transducers fitted 
into the mooring points on a 
jetty. These points, normally 
hooks or pulleys suitably 
modified so that the total load 
on the mooring lines is trans- 


mitted through the transducers, 
nectefl l 


are -connected by cable to a con- 
sole on which ail loads are dis- 
played in a suitable format- 
Audio and visual alarms can 
be preset at tbe desired load 
limit and the efficiency of moor- 
ing patterns is thus under con- 
tinuous scrutiny- allowing rapid 
action in the event of an over- 
load. Strainstall has developed 
a variation of the system for use 
with single-point moorings. 



POUNDSTRETCHERS USA 


Return fares to 

June only 

July, August, 
September 

Boston 

£156 

£186 

New York 

£159 

£189 

Philadelphia 

£171 

£196 

Washington 

£179 

£209 

Detroit 

£184 

£209 

Chicago 

£194 

£219 

Miami 

£209 

£229 

Los Angeles & 
San Francisco 

£249 

£279 


All feres shown are from Heathrow. Fares to New 'Vbrfc also apply from 
Manchester and Prestwick. Also available are Standby fares - 
from 0600 on day of departure at British Airways Victoria 
Terminal -to New York, for instance, from £149 return. 


Fly when you want to 
with scheduled -flight comfort. 

With a Poundstretcher USA, you can travel 
on any scheduledflight you choose and enjoy full 
British Airways comfort and service. 

Yet it’s cheaper thanany other scheduled 
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and stay in America between 
7 and 60 days. 

These unbeatable 
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need Govemmentapproval, 
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Ask your Travel 
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British 


airways 

We’ll take more care of you. 










Financial Times Tuesday May 9 2878 



disobedient civil servant 


BY DAVID CHURCHILL 


f>NE MAN'S fight against 
bureaucracy is an interesting 
but not unique story; but the 
saga assumes a new significance 
when that man is a former 
senior civil servant who has 
proved himself capable of ex- 
posing overmanning and wast- 
age in the civil service, quit his 
job when his superiors blocked 
the extension of his cost-cutting 
regime, ami then allegedly 
found himself facing a White- 
hall cover-up. 

In the past few weeks the 
Government has admitted that 
in 1974 senior civil servants 
misinformed the Parliamentary 
Public Accounts Committee 
which was investigating waste 
in the civil service. As a result 
nf this, the author of a book H 
published to-day .claims the 
MPs did not pursue their in- 
vestigation into why certain 
i«i>[ -saving measure, had not 
been widely adopted. And 
potential savings to the taxpay- 
er running into tens, if not 
hundreds, of millions were lost. 

It may not exactly be a Water- 
calc. but there is certainly a 
suspicion of a " Whitehall be- 
hind closed dours." 

The man single-handedly re- 
sponsible fur creating this 
furore is 59-year old Mr. Leslie 
t'.hapman whose book charting 
hi» crusade against the civil 
service is published to-day. Mr. 
Ghapman has spent must of the 
TUrO's trying to persuade his 
superiors, then Parliament, and 
now the public that there is 
ample further scope for effi- 
ciently pruning the cost of run- 
ning I he civil service. 

surprisingly. Mr. Chap- 
man's policy did not endear 
hi nisei f to his .-enior colleagues 
in the service. Tew people with- 
in any organisation arc pre- 
pared to admii that they waste 
money and civil servants arc no 
exception. 

Yet that is exactly what Mr. 
fhapman describes in his book 
as happening. And. moreover, 
he proved lhat it was possible 
to 1 -ut out thu wastage without 
impairing efficiency. 

Leslie Chapman joined the 
Civil Service in 1933 as a 2l»- 
yi*ar old but if was not until 
1967 that his story really begins. 
In that year, at age 47. he took 
over the job of regional d:rcc- 
b*r for the .-uiUh or England in 
l ho Mini. -Icy of Public Build- 
ings and Wurks. The Ministry 
has *ubsequcnlly become the 
Property Services Agency. As 
regional dirc-ior. Mr. Chapman 
was among the top I.OUft civil 
servants in the country and his 


salary nowadays would have 
been in excess of £ 11 . 000 . 

The Southern Region of the 
Ministry was responsible for 
providing and maintaining all 
Government offices and build- 
ings scattered over five counties, 
including Ministry of Defence 
installations. Mr. Chapman 
headed an organisation with 
about 5,700 employees and an 
annual budget or some £25m. at 
current prices. Part of his job 
was to liaise with the Treasury, 
the Exchequer and Audit 
Department, and other bodies — 
experience that was to prove 
invaluable later on. 

But back in 1907 it was the 
job in hand that dominated Mr. 
Chapman's attention. Adopting 
the " new broom sweeps clean ” 
management philosophy he 
initiated a fact-finding campaign 
of just what the civil servants 
in his control were doing. 

Thus one afternoon in May 
1967 Mr. Chapman paid a sur- 
prise visit to a defence depot 
near his headquarters. I asked 
lu see the records which showed 
how the directly employed 
labour force were deployed on 
lhat particular afternoon, what 
I hey were doing, and where 
they were doing it,” he remem- 
bers. 

He found that the bulk of the 
70 employees present that day 
were doing nebulous “ general 
maintenance work " which io 
fact in most cases "was nothing 
more than filling in time." The 
inescapable- conclusion was that 
■■ the amount of waste and over- 
manning was greater than any- 
one had suspected." And. con- 
cluded Mr. Chapman, ■* some- 
thing would have to be dude 
quickly to put this right.” 

His solution was to establish 
team* of three investigators to 
probe intensively into one depot 
at a time. These investigators 
combed through every job acid 
activity and produced sugges- 
tion-, for literally hundreds of 
potential savings. Many waste- 
ful practices went back for 30 
years or more, claims Mr. Chap- 
man. and had survived several 
changes in management. 

The savings resulted in sur- 
plus land being sold off and un- 
wanted buildings demolished. 
Typical savings included such 
obvious measures as reducing 
the standard or healing and 
lighting in infrequently used 
buildings and stores. 

One particular area or savings 
was achieved by ending the 
fleet of Government cars, sup- 
posedly for the use only »»r 
ministers and top civil servants. 



Mr. Leslie Chapman — he quit his job after his schemes 
for saving money were not accepted. 


but in fact mainly used by 
junior staff. 

Overall Mr. Chapman's South- 
ern Region halved the numbers 
of directly employed workers — 
in 2,000 — and by December 
1976 savings were running at 
about £ 12 m. a year. 

Mr. Chapman's achievements 
in pruning costs in his area arc 
undisputed by all concerned. He 
determinedly carried out quite 
expensive ell i-back.-, w j thou l 
harming operations or, as might 
have been expected, creating 
any industrial unrest 

It was in his subsequent 
attempts lo get his ideas adopted 
by other regions that is sur- 
rounded by controversy. In 
his book Air. Chapman details 
the wholehearted support he 
received front three successive 
junior ministers in the Depart- 
ment. But he alleges that it 
was the officials surrounding 
these ministers and his con- 
temporaries in other regions 
that effectively delayed and 
blocked the full implementation 
of his cosi-cutting ideas. 

As early as 1968 Mr. Chapman 
says that Lord Win ter bottom, 
the Department's Parliamentary 
Secretary. told the other 
regional directors that he 
attached great importance to 
Ihe cos I -saving work being 
carried nut in Southern Tlegrtin 
and urged them to adopt similar 
schemes. 

Bur. claims Mr. Chapman, 
"artcr he left the meeting if 
was clear lhat no one believed 
that economies on anything 


approaching the scale which I 
had described were available 
in the regions.” 

When Lord Wimerbottora 
left the Department, the mantle 
of support was apparently 
taken up by Mr. John Silkin, 
the -then Minister of Public 
Building and Works. Eventually, 
says Mr. Chapman, the Minis- 
ter's directives were reluc- 
tantly taken up by his officials 
and cost-saving programmes 
advocated throughout Die 
country. 

But just as progress seemed 
likely, a general election inter- 
vened and Mr. Silkin left office. 
Again the fight was taken up. 
says Mr. Chapman, by Mr. Paul 
Channon. the new Under- 
secretary of State. And again 
Mr. Chapman felt that there 
were delays in implementing 
the Minister’s directives. 

In the meantime, therefore. 
Mr. Chapman and his teams of 
specialists tried to spread their 
gospel by carrying out sample 
cost-cutting surveys in other 
regions. Individual successes 
amounting to substantial 
savings were achieved hut Mr. 
Chapman felt his colleagues' 
overriding hostility effectively 
doomed the chance of long-term 
success. 

So. at the age of 54. Mr. Chap- 
man felt his only option left 
was to seek voluntary early 
retirement. Before he lefi he 
compiled an extensive 
memorandum of his experi- 
ences which he sent to the 
Director-General of Organisa- 



tion and Establishments, the 
Number Two official in the 
Department of Environment as 
well as to Sir William Arm- 
strong. the then head of the 
Civil Service. Neither response 
was to his satisfaction. 

It was then that the 
Exchequer and Audit Depart- 
ment — the body responsible to 
Parliament for monitoring pub- 
lic expenditure — took an 
interest in the affair. They had 
previously interviewed Mr. 
Chapman and others about the 
savings being achieved in the 
Southern Region. 

Subsequently, the Exchequer 
and Audit Department sent 
what is called an audit refer- 
ence sheet to the Department of 
the Environment asking why out 
of £6.4m. saved by PSA in 1973, 
nearly half had come from the 
Southern Region. The matter 
was then published in the Comp- 
troller and Auditor General's 
report to Parliament on the 
Appropriation Accounts. 

This was followed by an 
investigation in April 1975 by 
the Public Accounts Committee, 
one of the most powerful select 
committees of MPs. However, 
the PAC's teeth were drawn by 
Sir Robert Cox. the PSA chief 
executive, who told Die MPs in 
reply to questions lhat the 
Southern Region had been able 
to make substantial savings 
because of a large redeployment 
of troops from the region, 
especially from Aldershot, to 
the north. 

However, this information — 
provided to Sir Robert by his 
officials — was untrue. Dr. John 
Gilbert, the present Minister of 
State for Defence, told the 
Commons recently: “No per- 
manent transfers of major units 
from Aldershot took place 
during the period in question." 

The unofficial explanation for 
this is that it was simply an 
error, compounded by the fact 
that the information required 
in 1975 went back over ten 
years. But the effect of the mis- 
information was that the PAC 
abandoned its probe into the 
reasons lor Southern Region’s 
success. 

While this episode was unfor- 
tunate. it does not, however, 
prove there was any concerted 
attempt to cover up opposition 
to Mr. Chapman's ideas. 

And though he was un- 
doubtedly achieving economies 
in his area, the PSA has 
also published figures showing 
that other regions achieved con- 
siderable economies by mlicr 
cost-saving techniques. There is 
a feeling in Whitehall that Mr. 
Chapman's attack was more in- 
spired by a frustration at not 
getting his own view accepted 
than by any concerted attempt 
to curb his activities. 

• Vour Oisobi<U-:ui Scrtant Mr Leslie 
l. I/a p" tan, Chauo aud Hindu, price UiQ. 
AO pflT-.-S. 


A FINANCIAL TIMES SURVEY 

ENERGY FOR INDUSTRY 

JUNE 14 1978 

The Financial Times proposes lo publish a Survey on Energy fnr Industry. 
The provisional editorial synopsis is set out below. 

INTRODUCTION Britain's total annual energy *J U { "‘J* 
over £l(ibn. Non-domestic consumers, including 

and transport, account for three-quarters of l h !? w?r ion°^* 

consumes around £6.5bn. of fuel annually A senna J mti« »dj w-Uon.U 
industry’s needs and how they could be affected by ctian 0 mg supplit-4 
and prices. 

ENERGY PROVIDERS A detailed look at liic prospects for various 
energy forms used by industry, with an assessment ol future ataiLaouity 
and possible pricing” structures: 

OIL This vear North Sea oil should account for over half of Britain's 
crude oii consumption (in net terms). By 19S0 the country should be 
self-sufficient in oil. 

GAS Virtuallv all of Britain’s gas now comes from the North Sea. The 
development of new fields has enabled the British Gas corporation lo 
market more aggressively. How long will gas supplies Iasi. 

COAL Britain's most abundant indigenous energy source, a fuel which 
will have an increasing role to play. 

ELECTRICITY A critical look at the electricity supply industry now 
that some of the major questions regarding coal-tired stations and 
nuclear expansion are being answered. 

SECONDARY POWER Companies on inlerruptable gas contracts must 
have stand-by energy facilities. 

CONSERVATION There are now over 3.000 energy managers within 
British industry, an indication of the importance being attached to fuel 
management and conservation. 

INSULATION The costs and benefits 

GOOD HOUSEKEEPING More immediate methods of saving energy 
can be achieved through energy audits, lagging, the increased use of 
thermostats and time switches. 

SAVE IT Some £10m. has been spent or allocated under the Govern- 
ment’s energy conservation campaign. A critique of the campaign’s 
objectives end success in relation to industry. 

GOVERNMENT LESSON The Property Services Agency hopes that its 
multi-million pound programme will ultimately save 35 per cent, on 
its 1972 fuel bill. 

INDUSTRY EXPERIENCE The following articles will look at the way 
the major energy using industries are facing up to higher prices. The 
articles will also review changes in hardware, management and con- 
servation attitudes which have arisen as a result of price rises and the 
uncertainty of future supplies. 

STEEL INDUSTRY FOOD. DRINK AND TOBACCO 

CHEMICAL INDUSTRY PAPER 

MOTOR INDUSTRY TEXTILES 

AGRICULTURE 

For information on advertising rates for this Survey please contact: 

Mark Skinner 

Financial Times, Bracken House. 10 Cannon Street, London EttfP 4BV 
Tel: 111-248 8000 Ext. 7152 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The eonlrnt and puhhcutiun dates of Surveys in The Financial Times 
are subject to change a l ihe discretion of the Editor 





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15 







' Knaiicial Times Tuesday May .9 1978 


' IV 


4 


The Management Page 


EDITED BY CHRISTOPHER LORENZ 


Europe confronts the small business conundrum 

: anri critical of the management of In Germany, 


THE fashionable concern for 
the plight of small businesses 
that has been building up in 
Britain in recent months has 
also been occupying the minds 
of bureaucrats and politicians in 
the European Commission and 
European Parliament This 
reflects a growing awareness 
across Europe that the decline 
of small businesses must be 
arrested and that it is these 
firms, rather than large corpora- 
tions, which are likely to do 
most to reduce the number of 
unemployed in EEC countries— 
which currently totals 6 m. 

So the work of Mr. Harold 
Lever, the Chancellor of the 
Duchy of Lancaster, whom the 
' Prime' Minister put in special 
charge of small firms policies 
last September, is being paral- 
leled in other individual 
countries and in EEC institu- 
. tions. 

At one stage last year 
Viscount Davignon, the EEC 


Comissioner whose brief covers 
small firms in manufacturing 
industry, even thought of pro- 
ducing an EEC Green Paper on 
the subject But that idea has 
faded because it has been 
realised that the problems of 
small firms are 50 diverse, even 
within single countries, that 
there is little point in trying to 
clamp an overall Common 
Market view onto them. 

But the European Parliament 
did debate the problems of 
small firms in February — for 
the second time. Xt considered 
a report prepared for it (the 
Notenboom Report) which pro- 
posed changes in tax and social 
security contributions. The 
Parliament also noted that 
some EEC competition laws 
have been changed to help 
small and medium-sized busi- 
nesses co-operate with each 
other. 

There are also EEC plans for 
the European Investment Bank 


to devote more of its casb to 
help small businesses; its critics 
argue that it has spent too 
much money helping small 
projects put forward by large 
companies. At the same time 
the European Commission’s 
staff dealing with the subject 
of sm ft l } firms may be enlarged, 
and consideration is also being 
given to how EEC regional aid 
schemes could help more. The 
scope of the EEC's “marriage 
bureau ” — the Business Co- 
operation Centre— is also being 
expanded. 

However, Viscount Davignon 
told the European Parliament 
that he was opposed to a special 
consultative committee being 
set up in Brussels (along 
similar lines to the somewhat 
moribund Economic and Social 
Committee). Here he was back- 
ing the overall view of the 
Notenboom report, which said 
that the EEC should pursue a 
policy “which is not directed 


at artificially favouring small 
firms nor at maintaining un- 
economic businesses, but at 
creating equal chances and 
enabling small firms to over- 
come the specific handicaps 
with which they have to 
contend.” 

As a result of all this political . 
interest in 1 he subject, various 
political and other small firms 
pressure groups are preparing 
themselves with European poli- 
cies. Among them is an initia- 
tive being launched by political 
parties of the Centre and Right 
from 17 countries both within 
and outside the EEC. They 
plan to stage a congress on small 
businesses in Brussels in Novem- 
ber. The British member of 
this group is the Small Business 
Bureau of the Conservative 
Party whose chairman, Mr. 
David Mitchell, a Conservative 
MP, will he helping to organise 
a meeting of the group’s work- 
ing party in London next month. 


The group.- first got together 
in Bonn 'last November, and is 
made up of small business 
sectors or “middle class 
groups " from the relevant poli- 
tical parties. The main coun- 
tries involved, in .addition to the 
U K., are Belgium, France. Italy, 
Germany and. Austria, and the 
motivation' of many of the repre- 
sentatives is more oriented- to 
an urgent fight for the survival 
of capitaUshL’i 0 general than the 
small businessman in particular. 
One of the objectives of the 
group ' is’ to influence the' 
European Parliament and Com- 
mon Market committees. 

Then there is the European 
employers’ : federation. the 
Union deS Industries de la 
C o'm pianaute Europeenne 
(UNICE),, which produced a 
report on' the subject of small 
firms earlier this year. Like 
many other small firm special 
interest groups, it admitted a 
broader interest in maintaining 


“ private enterprise and the 
market economy, which are the 
forms of economic organisation 
capable of providing both the 
greatest quantity and. the 
greatest variety of goods and 
services by the most efficient 
means.” 

The working party that pro- 
duced this report consisted of 
representatives from small firms 
and employers' federations, in- 
cluding the Confederation of 
British Industry, and from the 
various countries’ relevant 
financial institutions — in the 
case of the U.K. the Industrial 
and Commercial Finance Cor- 
poration. 

-This mixture of interests lay 
behind the report’s warning that 
small firms should be prepared 
to abandon their objections to 
outside providers of risk capital 
having an equity stake and 
managerial say in the business. 
The report was also somewhat 


critical of the management of 
some small firms, and generally 
backed calls for taxation re- 
forms and help with the avail- 
ability of finance. 

It opposed the creation of 
any speciat EEC institution for 
small firms but said the Euro- 
pean Investment Bank should 
increase its help for such 
businesses to match the pro- 
portion of the EEC’s total 

industrial output from small 

firms. 

This report reflected the 
detailed views of different EEC 
countries and demonstrated 
how, although there is common 
concern about the small firms, 
the reasons for that concern 
vary. While the French, for 
example, were among the first 
to develop a small business 
programme (in 1976). the 
Italians are the most vociferous 
about the failure of their 
Governments and banks to do 
enough to belp. 


In Germany, where the 
British concern about personal 
tax levels is not a major worry, 
there are considerable com- 
plaints about the impact ^ of 
competition policy and 
bureacracy. 

And it was tlu* Belgians on 
the UNICE working party who 
seemed specially keen to ensure 
that small firms realised that 
those investing in them would 

want a say in management. 

It is because of these diverse 
problems that no major EEC 
initiative on small firms is 
likely to develop in the forsee- 
able future. Nevertheless, 
there will be isolated items of 
concern, including for example, 
regulations on Value Added 
Tax. These will ensure that the 
subject stays on the agenda of 
the EEC Commission and the 
European Parliament. 

JOHN ELLIOTT 


TWO DAYS after Mr. Healey’s 
Budget announcement of a 
package of ad hoc measures to 
help small- and medium-sized 
business, the West German 
authorities quietly increased by 
an annual DM350m. their own 
programmes in favour of the 
■ small- and medium-sized sector. 

If account is taken of benefits 
’ introduced earlier but then 
repeated in his Budget by Mr. 
Healey, the size of the package 
- in the two countries does not 
look all that different 
But it is not the similarity 
between the policy of the two 
countries in this area — rather 
the huge gap between the two — 
which strikes a British visitor 
to the Federal Republic. 


Strategy 


Much more indicative of the 
German position than the extra 
DM350m. of assistance is the 
fact that during 1977 the coun- 
try’s credit guarantee companies 
approved their 50,000th guaran- 
tee to small- and medium-sized 
businesses. These companies are 
only one, though perhaps the 
most eye-catching, in the array 
of institutional and other sup- 
ports which the Germans have 
developed in favour of the small- 
and medium-sized business 
sector in the period since the 
country’s post-war economic 
.reforms. 

. More important than - apy 
‘specific institutions or pro- 
grammes, at least in the view 
of those Germans most closely 
concerned with the sector, are 
the basic policy analysis and the 
resulting strategy which lie 
behind- them. ; 


Given this sort of perspective, 
Ludwig Erhard is seen as the 
architect of the success of s m all- 
and medium-sized German busi- 
nesses. He assigned to them a 
crucial role in keeping sharp 
the competitive edge of the 
country’s economy. Add having 
cast them in such a key part he 
took steps to ensure both that 
they were sufficiently moder- 
nised and competent to perform 
it and that they were not pro- 
gressively overwhelmed by 
large-scale enterprises. 

By contrast, or so these 
Germans would argue, the U.K 
has followed ho systematic 
policy at all in this area and 
has only very lately woken up 
to its potential importance. As 
for the Italians and the French, 
they are thought to have pre- 
ferred policies of simply keeping 
alive, by a mixture of tax reliefs 
and subsidies, a basically tradi- 
tional and unmodernised “arti- 
sanal " sector — though it is 
conceded that at least in France 
such policies may be starting 
to change. 

If we exclude agriculture-— a 
special case if only because it is 
not exposed to market forces — 
small- and medium-sized Ger- 
man business is divided 
functionally into two predomi- 
; nantly industrial and three pre- 
dominantly commercial group- 
: ings. 

The two mainly industrial 
’■ groupings are.. divided .between 
(more or less’ continuous pro- 
r cess) .industrial undertakings on; 
r the one hand and enterprises :n 
* what the Germans translate as 
■ "craft industries and trades’ 
i (Handwork) on the other. 

It is in respect of ihese small 


The establishment of a guarantee scheme for bank loans to small 
U.K. companies is under consideration. Robert Oakeshott loo a 
a similar scheme on the Continent. 

How West Germany 
leads the way 


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and medium-sized “Handwerk” i 
enterprises that German small 1 
firm policy has been most highly 1 
developed. But, with one main 1 
qualification, the official policy 1 
covers all the main subgroup- 1 
ings. So the position of the 1 
"Handwerk’’ enterprises may 1 
be broadly taken as a proxy for 
the position of small and 
medium sized German business 
as a whole. 

The “ Handwerk " enterprises 
are exceptional 'because under 
German law only people who 
have passed, or 'been exempted 
from, their master examination 
in a particular craft industry 
or trade are free to set up in 
business in them. 

In aggregate, according to the 
central “Handwerk" organisa- 
tion, they account for a total 
’ work force of almost 4m. people 
for just over 14 per cent, of all 
employment) and are respon- 
sible for roughly 11 per centof 
the ’country’s : total output The 
average-sized enterprise has a 
workforce between seven and 
eight Tpeople. " There "are many 
one-man operations — a few with 
more than 1A0 on the payroll. 
Still, the totals make it clear 
that this is a sector whose pros- 
perity is bf considerable social 
and political significance. : 

The sect* is also unusually 
well organised .for ; anything 
which covers, as the German 
“ Handwerk federation does, 
more than : half a million 
separate enterprises. There are 
44 chambers of craft industries 
and trades distributed across the 
country; because of their 
responsibilities -for administer- 


ing master craftsmen and other 
apprentice - type programmes 
they are substantially Govern- 
ment funded- It is on this basis 
that the chambers have been 
able to build up impressive 
support services, though levies 
on their members contribute a 
sizeable part of their funds. 

This decentralised network of 
professionals is obviously of 
great importance in explain- 
ing the apparent prosperity 
of the German “Handwerk 
businesses. But so. for German 
small and medium-sized firms as 
a whole, are the country s 
decentralised credit institutions 
—its local savings and local co- 
operative or “ peoples" banks— 
its special credit programmes 
■at both regional and central gov- 
ernment level, and those in- 
triguing credit guarantee -com- 
panies. 

The most important effect of 
the special credit programmes 
is to reduce the cost of loans 
for approved projects to small 
and medium sized enterprises 
by up to about 2 per cent 
below market rates. 


The savings banks, which are 
closely linked with the local 
authorities, and the co-opera- 
tive or peoples hanks,, have the 
most decentralised and exten- 
sive network of .credit institu- 
tions in the country, with more! 
than- 80,000 branches. : Partly 
because they are thus closest to 
the grass roots and partly 
because they are not narrowly 
profit maximising . in their 
goals — which resemble those of 
building societies or of trustee 


savings banks in the U.K. they 
account directly or indirectly 
for up to 90 per cent, of all 
credit advanced to small and 
medium sized enterprises. For 
unlike the U.K’s local credit 
institutions — trustee savings 
hanks and building societies — 
they are not prevented by law 
from making loans to private 
businesses. They may lend 
their depositors money directly 
or they may act as the agents 
of central or regional govern- 
ments in on-lending funds 
available under official pro- 
grammes. 

The first role of the credit 
guarantee companies is to 
buttress and underpin the lend- 
ing of local savings to local 
small and medium sized enter- 
prises. In this way they protect 
•the local saver. But they are 
also of first class importance to 
the would-be borrower, whether 
the owner of an established 
small or medium sized enter- 
prise or the prospective entre- 
preneur from scratch. Their 
effect has.been sharply to re- 
duce the percentage of any total 
investment which the small, or 
medium scale entrepreneur 
must find. 



Ludwig Erhard — he was the archi- 
tect of a successful German small 
businesses policy 


In the U.K this percentage, 
at least in the small firms sector, 
would not normally be less than 
50 per cent. In Germany, mainly 
because of the existence of the 
guarantee companies, the cor- 
responding figure may be — and 
often is— as low as 20 per cent. 
Thus barriers to market entry, 
and to capital-intensive 

modernisation, are much lower 
in the German smaH firms sec- 
tor than they are in the U.K 
The credit guarantee com- 
panies first appeared in 
Germany in the wake of the post- 
war economic reforms, and were 
based on earlier models 

developed in Austria and 
Switzerland. In principle there 
is one such company dealing 
with each of the main 

categories of small and medium 
sized business in each of the 
country’s Laender (States) plus 
West Berlin. 


• i 1 1 


Their operations are res- 1 
tricted to small and medium 1 
sized businesses and they are l 
controlled by public regulation, 1 
in relation to the maximum I 
value of investments they may 1 
consider, and the maximum per- i 
centages which they may 1 
guarantee. 

Their capital is normally sub- 1 
scribed by a variety of public 
and private institutions: region- 
al and local authorities; the 
local (that is savings and co-op £ 
banks; the various ‘‘chambers’’ 
— of commerce and industry, 
for example, or of craft indus- 
try and trade; insurance com- 
panies and so on. Central gov- 
ernment is also involved, any 
guarantees extended by these 
companies being underwritten 
at 60 per cent, by the federal 
government. 

The maximum investment 
which these companies are per- 
mitted to consider varies from 
region to region and as between 
different categories of business. 
For example the current limit 
for the credit guarantee com- 
pany in North Rhine West- 
phalia which deals with “Hand- 
werk” enterprises is DM650,000. 
The limits are generally higher 
in West Berlin and in other 
I "border” regions and higher for 
. companies dealing with small 
. and medium sized industrial 
undertakings than for those 
. dealing with "Handwerk 
! enterprises- But in no clrcum- 
. stances may more than SO per 
. cent, of any investment be 
} guaranteed. 

I Small builders and others 
* who have had to arrange for 
; the guaranteeing of perform- 
1 ance bonds on a commercial 
l basis in the U.K will recog- 
» nise that the prices charged for 
5 similar services by these Ger- 
man guarantee companies are 


splendidly mudeat. There is a 
once and fur all charm* uf 1 
per cent, on the sum guaran- 
teed: thereafter l he charge w 
0.75 per cent, annually mi what 
will usually be a declining bal- 
ance. On ihe oilier hand, over 
the period of more Ilian ^ 2a 
years since they were first 
established, the actual had risk 
percentage has been below 1 
per coni. As a result, many— 
perhaps most— of the guarantee 
companies have now built up 
substantial reserves. In many 
cases the government indem- 
nity is now considered in be 
practically superfluous and to 
survive for a combination of 
inertial and public relations 
reasons. 


Prosperity 


It is important that .these 
credit guarantee companies are 
not working in isolation. Their 
success owes much to the array 
of policies and programmes 
which the Germans have 
developed to encourage and sup- 
port the competitive prosperity 
of their small and medium 
sized business sector. 

More narrowly, their excep- 
tionally low “bad risk" rate is 
partly explained bv the vetting 
and processing of guarantee 
applications. This will often be 
done, in advance of any formal 
submission, by the decen- 
tralised professional staffs of 
the local “Handwerk" chambers, 
of the local chambers of com- 
merce and industry, and of 
similar bodies. Though they 
should clearly not be looked at 
in isolation, they seem to war- 
rant considerable attention 
from Mr. Harold Lever and the 
Government in their review of 
possible incentives for small 
business. 


-nil P" 


ri Ii 


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hjT* mi cnTn^T^LiJ 








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A word for anyone who 
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A 


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Company. 

Address— 


Harrison* As distinctive a word now, as when the 
Thomasand James Harrison partnership was launched 

in 1853. . 

Not that, of itself, individuality is a virtue. But our 
particular brand has established us through good times 
and bad, war and peace. 

And a great many advances in equipment, techniques 
and systems. 

But, because we believe personalities should aid 
progress, we have brought our name into several 
consortia; a development in shipping that uses the 
most modern methods. 

For example, we’ve been bappy to associate ourselves 
with such successful enterprises as Associated 
Container Transportation Ltd. (ACT) and Caribbean. 
Overseas Lines (CAROL) a consortium which offers a 
direct cellular container service between Europe and 
ten Caribbean ports. 


And we have containerised the South African trade in 
association with Ellerman City Liners — by forming the 
EUerman Harrison Container Line (EHCL). 

It is in these ways, as well as by running an efficient and 
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Thos jas, Harrison Ltd, 15 Devonshire Sq, London EC2M 4 HA 





LOMBARD 


New York threat 
to the City 

-BY MICHAEL BLANDEN 

“IDEAS OF setting up an offshore Involved, she thought that the 
.banking centre in New York, proposal was “commendable for 


Financial Times Tuesday May 9 1978 

Dreaming of a long, hot summer 

AFTKl A LONG and exception- widely 'differ from state to state, and, Perth one may be confronted Riesling. There are not many extraordinary inereascinv.iac- MctUUia^^ 

a v y JjSL 8 H mmer ,!" thout ra*“» “d district to district, as they with them all, and topped up with European grapes producing drinking 10 Ausmilia m the different derived f rom 

the 1978 vint^e began earlier do in the much more confined a sparkling wine that the quality wines that cannot be 20 years. 

than usual, and, though perhaps wine areas of Western Europe, A u stra l ians call champagne and a found somewhere in Australia, story. In ItoMO. total saiw ^ thaa appellation 

smaller than the recent average, and of course they do vary, but brandy which they fortunately and this reflects the continuing wholesale lewl of table wi * >c >wa of Bordeaux— is shoi^ 

has turned put very well, with their staaiarity is more marked refrain from naming as Cognac, search for excellence at all levels that here include sparkuns approximately 100 vnu«2 

01 ,U K01 tg it m : d rt mtt . tt3t Urn ^ M t h my gjjgL^Ji 1 "SK 

■ VTOTflfi 0Q6 ntl? find thft S&IQC gi] Amo unripe TSStft IQra thnfifi tlflBSSSOBUMlDtsi tllp. I WAS 197^-77 t y ?i mam. tin lu fho martfit GftCh m/iML 

_ This MMt 1, not the » rofcS'mn* for irto.. JLPSJhtaJSS «™* ™« **.* tbe erttont million litres. By 197M1 con- 


moting the proposals, however. With this kind of reception, a generally .. finished in April, small may make not just red This has brought its problems: T7 vrtft rfo 

.-.they may be underestimating in number of leading U.S. bankers ““"JFj «*• picking has and white -table wines, roughly " over-planting and a recent switch IjApUl 13 

.their public statements the pos- are now hoping that the offshore c ° ntm “ e 5 int0 M £y- A vintage graded as claret, burgundy,*' ....... in taste to white wines from the . 

sible impact on other leading banking centre in New York appreciation can, however, be no Rh6ne, Loire and German— all ■ ■ • WINE red on which me expansion of A firmer export market wtmld 

financial centres including par- could become a reality -within “* ore “ tan a generalisation, for from different grapes grown in . demand was based. To help the help greatly the larger nrxas. Fop 

;ticuiarly the City of London. quite a short period, say two to “ as . “itch a Conti- the same vineyard— but also BY -EDMUND PENNING ROWSELL' - growers after the record 1977 gone is the dependence on the 

The aim of the nlan is to set :b LS5 years - * c ? untr y. and at least shany, port and, by the larger vintage the big private firms and u.K. for taking the sweet forti- 

» up a separate tsuc haveif w?th in The ma J? lB1 P a ?t would be to S? six^tatS ^hnne^ J22 jJ£ concernB ' sparkling wines and • the co-operatives took m more fied winCS rhat were once the 

*ul S baS s w™u“d h b"abfeS e con- S.ed^b^ow^br./ch^ “which « Quesn.l.od and fragmentary^”* f0 °; Thf^StoTve tad “'bold «nd 

-duct much nf the butine«s which hanks have created in f 5 ye jf m Tasmania. It is hard p paenne wiue that can be.exceUcnt- Then aspirations and even their short- back, and some remained on the seaside board in^ houses. More 

vi orwnt thpv i'-, trv niir i hrm/ph P la, - ,es such as the Cayman i° r th ® s ® of us brought up on XVtrdSOIlS - the Pinor Xoir gives a wine comings in a way unlikely to be vines. More long-term has been serious, our EEC membership 

■oD-rations : n offshore centres IsIands a° d *he Bahamas. These Mercators Projection to envisage __ „ . _« ' u, * t 1° more ways than one is a found In Europe. the chans*? from the fortified. has created a tariff wall against 

The nronoiSl rais« VSlSSk a! J? w a U : S - P 3nk tQ use M enormous dispersal of ° pale 'imitation of red burgundy. Moreover unlike in Euron* dessert-st/le wines that 20 years the entry of Australian wines, 

difftaultiei*- it would mean that address which is treated by the Australia s vineyard areas and historical, partly geographical. The ports are agreeable, but very where control of oualitv has boon affo accounted for over 80 per an d combined with high freight 
□imcuiiiea . it would mean tnai ir fl Horai Rourv. « a* the ereat distances that can Consumers, and their ■ retail .. rL j. i. r nere cun no i quality uas ueeu “““ “““ j 


financial centres including par- could 


; ticularly the City of London. 


quite a 


become a reality within ® , 1 °ra_^ an , a generalisation, for from different grapes grown 
short period, say two to Australia Is as much a cooti- the same vineyard — but s 


Tha nim ns _i. n three years. nent as a country, and at least sherry, nort and. by the larger 

•up a separate fax haven within 5 0nc ^ 1 “i sparkling wvnes and 


WINE 

BY EDMUND PENNING ROWSELL' 


. reiavpd m enable thorn to con- wi" ri ? 1JU » u-uMer us own T\ * -Zi. - . pean origin, incmaing t-anernet- delimited areas, no authnri*«i wines seems uxeiy id continue, where, tnese nave vi 

-dfict international busloei frem l» 0 P le t0 the offshore site. vineyards near Perth in Western and spirits, with the exception sauvignon and Rhine RlesUng. Srap7 varietiS* 1 no conSf^n This shift has encouraged a excluded on any scale the new 

2 Kei yEK ESI. Austraha and those to the north Jf imported drinks, and not tan which are usually of toe quality, mihimu^SgtiS generation of growers, who generation of vahlc wines. Haying 

. P f Sj^ey in New South Wales to rely on soou-ces thousands of and w hich in a blind tasting „ nermittfidriSd^ might be called amateurs where sampled a large number on the 

Arguments S.S£?M , S£SJ!r t be,wee ° i STSSuS 01 SWSSTMl^'SSS JSf J ^ S? MtS 

s 5-.U- - >a sj rsTSS ^ &&.*& rssar-pjss swm 

cerned_ to ensure that the off- v p . igno™ tkp Dotential J^ aI be expected. It might of wine, ard quite distinct types (the Syrah of the Rhdne) and stimulation have been given to sell their grapes to the larger the Australian wine scene and 

jn^aos b for the bao^s* to™esca e implications for other more bought that they would in Oporto and Jerez, in Sydney Cabernet-Sauvigon, Traminer and growers and wine makers by the concerns, such as Ltndemans. the wines themselves. 

from S the controls of the bank- established centres. 

. ina supervisors and of the They have certainly played -n ' __ " ” ■ ' ... . . - . ■ ' - 

Federal Reserve. More im- important part in the arguments 

mediately authorities will want which have been presented in TTfc * j j •!! j T ^ 1_ 1 _ 

to be sure that the suggestion support of the banks’ case to r^IOCWYT ■ W/l I 8 CjQT I nSI R 1 

would not involve any significant the U.S. authorities. They have JL IfiLfckVl'L ▼ Y XEJL OlvL/E, B laM IJl Uaftiillw 
loss of tax income. stressed the increase in employ- A. 

In spite of these obstacles, ment which would be brought 

:S££S££s pace for Hawaiian Sound 

. ago. At least a couple of states }!"* wouW present to re-estah- MT 
of the U.S.. Delaware and L ,s jj|. t :!! e CI J. y rf 5 rt ,^rt raterna r t *°rt? 

Florida, have indicated that they Da ° ^ QeaQ n«aners ot tne RARELY DOES Lester Piggott the Heath Stakes at Newmarket Warren Stakes at Epsom on hisi virtKA & BAUtr i tv«aiiiHn 

are willing 10 pursue the idea of worm - t eain up with a second-string on his last appearance. Striding reappearance, looks to be the [ coliseum, credit c*r«oi i-uo szmI m leslie bricusse and 

creating a lax haven for inter- Af UJr l r Sf n= ed « l£ C runoer and many racegoers at out impressively from the out- one for the forecast. I E ifSiSH l,< J2AT?ONAL w«a travelung muScshow 

• national banking. nhester tn-d av will h« iTf^reirtr.rt set , the HawaU colt— rated Rez Honinshead has his horses 1 ™'* A (,,t ™ Th " Tl “ — n “ p "‘ 


It would make it necessary to 
set up a comprehensive policing 
system to ensure that there was 
_oo seepage to or from the domes- 
tic economy. Tbc State and 


Piggott will set Improbable 
pace for Hawaiian Sound 


CC— These theatre* accent certain o«dtc 
earth m> Mteotione or at the .o<uc ottn. 

OPERA & BALLET 


THEATRES 


THEATRES 


HER MAJESTY'S 


economic anairs cabinet tne . . ... . set the Hawaii colt — rated vtn i mncViMir i i ha* vmrsoc I®® 1 *. *Frt. «ve» 7.30 th* two Fotori-.l «,» oerev. Grmnw, 

banks believe “ thev mav he able Chester to-day will be interested zJi?. . Keg nomnsneaa nas ms nurses Tomor. 7.30 u Trariata ibiwJ pctm.i greeted ov burt sheveicve 

oanKs ocuevc «rey may oe io e V ■„ superior to stablemate Sexton j Q fine trim and the well-drawn Jnur. * sir. next 7 jo count on-. i<u -it is packed » umunD Mint with me 

to siphon certain types of bank- «* see how tne nine-times eh am- oiakp >, ad lj- onoon^nts in 0 u , nn H » n ba ^ n > «*»» »<«•«* **•««»• my of ueraonaiity and ih«.r enwor 01 Bruce 

In* hnvinecs frnm F.nron*. ,rrrl ninn fam nn Tmnrohahlp in th* SL *7 Simm e, 8 Close SeCORfl tO ocrtormance. Forsyfl. » Son. Expr^a. ■■ The audience SHAW THEATRE. 


Ivtninn BJkO. Matt. Wad. A Stt. 3.00 
BRUCE FORSYTH 
In LESLIE BRICITSSE and 
ANTHONY NEWLEY S 
TRAVELLING MUSIC SHOW 
with Oerct. Griththi 
CM reeled bv BURT SHEVEIOVE 
" It la backed to buntino Mint with tne 


01-930 6605. SHAFTESBURY. 


Sh.itjewurv Avo WCS Hotbom end} 

Evas, et S.OO. Mats. Thun. Sal. 3.00. 
JOHN REARDON and JOAN DIElfCR la 
KISMET 

A SMASH HIT' TrllC MUSICAL HAS 
EVERYTHING." S. Mirror. 
CREDIT CARO BOOKING 836 6S97. 


Banlrma Ias bUainess ,r 0“ Europe and pion fares on Improbable in the trouble fully three furlongs out. Hazard ChW at Havdock last — 

HaCKlDg the Middle East which is now feature event, the Chester Vase. A , * r , {f5S itSf- Sofwe ofrivtoa 'fSEEL SiSS^ieSw. 

. ° conducted through European . . At the line, the Lambourn time out, looks capable oi giving (Garden ^ki 36 - ti30;u 

A recent report from the branches." Gleaming colt is C(J jt. a powerfully made stable the trainer ^another victory in the Tomorrow T *ro B sa«. tm- otdio Than 


\\ ristcm of Citicorp, had asked both expertise and geographical ' Although the Ryan Price- 

for moves to enable them to set position in relation to the world- — — — trained runner-up has since let 

up what are known as domestic wide time zones. For the Amen- the form down with a disappoint- 

mternatlona! banking facilities can banks, it will certainly RACING e ^ ort at Newcastle. I feel 

(DIBFs). remain among the most import- 1 v sure it would have taken an 

The suggestion has also ant outposts for international _ y dominic wir&ra extremely smart colt to have 
received the qualified backing of activities. »y»wir lowered the colours of Hawaiian ■ 

the New York banking super- Nevertheless, the incentive to |° u . 0( * 00 L he , d l^?li h i” e ®iu 

visory authorities, in the person expand in London will be Stakes, and I suggest he will 

of Mrs. Muriel Siebert. the noticeably reduced if the DIBFs two races this season has eone ^ his considerable winnings, 
state's superintendent of banks, get off the ground in New York, - , onB wav to iustifvine the The Queen’s Roberto colt 

In a recent statement, while and since the U.S. banks provide n raiBp s i aC f Duke of Nonnandy, a particu- 

Jnsisting that the banking depart- the backbone of the City’s euro- pra e 1 * „ ea m 1351 larly game winner of a nursery 

' ment would need more resources dollar, markets the result could sumnier °y Barry Hills. a t Newbury last September 

in order to cope with the extra be a marked relative decline in I was particularly impressed under 9 st 6 lb and easy con- - 


ctuwred." Sunday Telegraph. 


LONDON PALLADIUM. GC. 01-437 7373. 
,.°tS erv OpanlnB TMursaai-, May 25 at 7 tor U»e 
Summer Season Uo August 19 only]. 


responsibilities which would he the importance of London. 


by Hawaiian Sound's effort in queror of Crested Glebe in the 


' Although the Ryan Price- will not run again in Briti 
trained runner-up has since let His trainer. Steve Nesbitt. : 
the form down with a disappoint- given this undertaking to 
ing effort at Newcastle. I feel jockev Club, which 'held 
sure it would have taken an inquiry into the affair, 
extremely smart colt to have 

lowered the colours of Hawaiian ~~ 

Sound on the day of the Heath CHESTER 

Stakes, and I suggest he will 2 1 5— Sal boh 

add to his considerable winnings. * ,w ® , , 

The Queen’s Roberto colt 2.45— Overlook 

Duke of Normandy, a particu- 3.15— Hawaiian Sound** 

larly game winner of a nursery 3.45 — Obrazlsovy 

at Newbury last September . 

under 9 st 6 lb and easy con- - 4J5-0h SUnmle* 

aueror of Crested Glebe in the 4.45 — Petronisl'* * 


SHAW THEATRE. 01-388 1 JB4. 

ROOTS 

by Arnold Wnkor 
E»bs. 7.30. Mjc Tltur. 2.30. 

STRAND. 01-836 2660. Evenlnn € 00. 
Mat. Thun. 3.00. Sal. S.30 ana 6.30. 
NO SEX PLEASE— . - 

WE'RE BRITISH 
THE WORLD'S GREATEST 
L AUGHT ER MAK ER 

5TRATTORCMJPON-AV0N, Royal Sfcakc- 


wlth areal international company 
ALL SEATS BOOKABLE NOW 
£4.50. £3.75. £3.00. £2.50. £1.50 
Special Baokkna Hotline 437 2DS5. 


mriTnrr u.o. u.uu, iuc.au. fci.au 

THEATRES Spec i al Booking Hot li ne 437 2055. 

ADELPHI THEATRE. CC. 01-836 7611. LYRIC THEATRE- CC 01-457 «•£ Ew 
Ersi. 7.30. MWS.TJ.up. 3.00. Sal. 4.00. a.o. M ,I ThSt So. sit AO Md alSB: 


IRENE 

THE BEST MUSICAL OF 
1976. 1977 and 19781 
IRENE 

"LONDON'S BEST NIGHT OUT,” 
5um»y People. 

ALREADY SEEN BY NEARLY ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS 836 7611. 




JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES to 
F1LUMENA 
By EDUAROO FILIPO 
. . Directed by FRANCO ZEFFIRELLI 
“ TOTAL TRIUMPH." O. Mirrtir. 

” MAY IT FILL THE LYRIC FOR A 
Si HUN PREP YEARS." Sanday Tim es. 

MfAY FAIR. CC^_ 629 303 


ST. MARTIN'S. CC. 636 1443. E«D% 8.00. 
Mai. Tuei- 2.45. Sail. 5 and Q; 
AGATHA CHRISTIE'S ■ 

THE MOUSETRAP 
WORLD'S LONGEST-EVBR RUN 
26tb YEAH 

| l *LK ^ THE TOWN. CC 734 50S1. 
8.00 Otolnn. CUMItta- 9.30 Super Revaa 
RAZZLE DAZZLE 
and at 1 1 p.m. ■ - 
FRANKIE STEVENS 

THEATRE UPSTAIRS. 730 2554? Until Frl. 
Evn, 7,30 

SNARED EXPERtCHCC- 
-In OIckcAi 1 BLEAK- HOUSE i 


Wn. to w. Til: - Tn i 

GORDON CHATER " BrflHont E.N. In Sat * Sun. /SS.- ft' •"SS^SIte t 
BENJAMIN FRANIOIN II' — 4ltty».£S 

' . - ' by Steve J. Spears 


ALDJYYCH. 836 6404. Iltfo. 836 5332. 
ROYAL SHAKESPEARE COMPANY In 


'A coinpa&Mdnate, tunnv, hc.xoty ctoauent 
PUy.” Gdn - "Hilartoas.” E^td. "Wickedly 
a muling, E. Newi. Spdlllimd lng. " Qns. 

MERMAID. 248 7656. Renanrant 245 
2535. TOM CONTI, JANE ASHER in 
_ WHOSE. LIFE' IS IT ANYWAY 7 


VAUDEVILLE. 836 99S8. CC- Ew.at 8.00. 
Mat. 1u«.2.4S.St(.-S and.B. 

Dinah SHERIDAN. MOii^GRAV 

Eteliw SUMMERFIELD. Jaww. GROUT 
A MURDER tS ANNOUNCED 
THE NEWEST WHODUNNIT 
.. „ bV AGATHA CHRISTIE . 

.vrltb another ivtia- 


t Indicates programmes In 
black and white 

BBC 1 

6.49-7.55 a.m. Open University, 
9J8 For Schools, Colleges. 1Z20 
.p.m. Dechrau Canu Dechrau 
CanmoL. 12.45 News. 1.00 Pebble 
Mill. 1.45 Ragtime. 2.00 You And 
Me. 2,14 For Schools. Colleges. 


Gang. 

7.40 It Ain't Half Hot Mum. 
8.10 The Standard. 

9.00 News. 

9.25 Play For To-day. 


■*,04 Rapin'* from r*h<>«t»r Yea nuruieiu uciiiao news. 

Regional e Newf Sr LlSd llM To-night. Scene Around Six. 12.00 News I 

i except London)/ mb® um *- m - Weather / Regional Weather for Northern Ireland. 

School. t4.20 Champion the Won- News. England— 5.55-6.20 pjn. Look 

d*>r Horse. 4.45 Goober and the All regions as BBC 1 except at East (Norwich); Look North 


Newsround. 5.10 Stopwatch. Wales— -5.55-&20 p.m. Wales 5.45 News. HTV 

540 News. To-day. &50 Heddlw. 7.15 g. 00 Thames At 6. 130 • T1rnmirMr ^ 

5.55 Nationwide (London and ^ Crosnwads. _ _ __ _ Report Wales Headtoies. 2M Hoosepanr. 

South-East only). Worid. 12.00 News and weather 7.00 The Six Million Dollar Man. MSPopew. 520 crowreads. MOReport 

cm Nationwide f° r Wales. __ r,_„_ W«L 6.15 Report Wales. A3B Knnn er- 

6J0 The Feather and Father Scotland— 5-554LW n.m, , Report- gjo Armchair Thriller. MKe'^wSaiL^’izS^’wSSer. 

tW« S i C 9 fiwj ^ w J/t h / °fn r 9.00 ITV Playhouse. HTV CymmAVale*-Aa HTV General 

Life 12.00 News and Weather for Service except; L 20 A 2 S hi. Penawdao 

Scotland. «MW News. KewydOlon Y Dldd. «0 MPi Mawr. 

Northern Ireland - 3.*K5JiS 10^> Opium. ‘*8? Amm 

Northern Ireland News. 5.55-620 1120 Man and Woman. SB* iMiUSr D m iza» ju£ 

Scene Around Six. 12.00 News and 12.00 The Andy Williams Show, weather. 

Weather for Northern Ireland. j225 a-m. Close: Jo Maxwell HTV w«t-As htv General SerWce 

England— 5.55-620 pjn. Look Muller reads poetry by ii2SL 

East (Norwich): Look North Laurie Lee. West headU “ 1 - U5 * 30 Bep0Tt 


120 P4R. Report West Headlines. 1-25 ) HOU5C {see under W» and at the Pl cca- ALEC MeCOWEN'S ST. MARK'S ‘GOSPEL 
Report Wales Beadhpes. 189 Hooseparty. | g}|v Nlchol*' PRIVATES Suns. 7 -SO- Mona, and Tues- 8.15 from | v, CTpRlA__PALACE. 


ing Scotland. 7.40-8.10 The Good ^ ^V PI “ vh ‘ ‘ 

Life. 12.00 News and Weather for ®-®° IT ^ Playhouse. 
Scotland. 10.00 News. 

Northern Ireland — 323-325 J 020 Opium. 

Northern Ireland News. 525-620 1120 Man and Woman. 


Book Now. B38 4735-6. 534 1317. 
STRATFORD JOHNS 
SHEILA HANCOCK 
, ANNIE 

€«». 7-30. Man. Wed and SIL 2 -AS. 


Ghost Chasers. 5.05 John Craven's the following times: 


F.T. CROSSWORD PUZZLE No. 3,662 


mu 


S«. 8 LOST WORLDS by Wilson John 
Hair*. I fur. 

Many jmMm i dim seats all 3 wealres I 
day oi wrt. Car parts. Restaurant 928 bv 
2033. Credit card bkgs. 925 3052. pn 


fLeeds, Manchester, Newcastle); All IBA Regions as London 

Midlands To-day fBirmingham); except at the following times: — ^fYlTTr^R 

Points West (Bristol): South ° 

Today i Southampton); Spotlight aiur;i f* _us pjl Kew» and H gao Re pon. Ms 

Snnlh-Wpirt rPfvmnuthl /UlVlLlA Tea tune Tales. 5 JO Crossroads. 600 

Southwest (Plymouth). us ,Lm. AmUia News. ZOO Hoo«- 

Party- 5J5 Eimnerdale Form UO I ASTORIA theatre. Charing .X Rd. («nn, 

7 Atom Aflulia. 7-00 CHdHnisc of Oe w»n. “** 

But L Sexes. 7 JO Get Some in: 830 Armc hai r HaDs - 

... . Thriller. 9JM rrv Playhoon. UJO WeJ- cmn irc pivT 

All reigons as BBC-1 except at come Stranger. U25 a-m. AnUulogy. 3UU1 HtKIN 

the following times: 1 20 pjn. Sotnhern News. 2-BO Eouae- 

6.45 -7.55 a-m. Open Unirersity. ATV Darty. 535 Betty Boop. 5J0 Crosaroada. 

1020 On Union Business. . _ J t ... , _ 6J» Day by Fay. 7J» Emmeidala Farm. 

11 00 PLav Schonl ^r 20 P;"?- ATV Newttto*. SJ5 Laverro 7J0 Get 3^^ ta . hjo Southern News 

s „ 00 . . , and Shirley. MO ATV Today. 7JM txtra. UJ» DTWe-In. 1220 a-m. Ponce 

312s Other Peoples Children. Enunerdale Farm. 7 JO England Their surgeon. pa Weather, felknred fay 

2.00 p.m. Racine from Chester. awUuid: Camera In the Streets. UJO The Bock of Doubt. 

3.05 Having a Baby. WeU * KD - 

320 The Living City. _ TYNE TEES 

425 -7.00 Open University. BORDER . * _ _ rnn , Wnrrt N __ h Pjlwt 

7 HA Naue nn 9 T-Tonrilinne "■» a-m. Good Word, North £Ut new. 

i.WI news on 4 neaojines. tL20 Border Nows. 2.00 Ho BSC party. UO pj*l North East News. 5J5 Friends 

7.05 A Woman's Place? 5JJS out of Town, mo Uxdumwml Tues- of Man. MO Northern Life. 7 JO 

7 in NowtHav day. 7-00 Emmerdale Farm. 730 Get Emmerdale Farm. 7 JO Get Some in! 

Some In! 1130 BaretUL fl23S ajn. UJO Police surgeon. liOO Epilogue. 

8.10 Chronicle. Border News. 

9.00 Rhoda. ULSTER 

925 The Man Alive Report CHANNEL 120 p-m. Landmine. 438 Ulster News 

10.15 Living on the Land. 5.U PM. Flimnones. MO Channel Headlines. 535 Friends or Man. 6J9 

10 JO Late News on 2. News. MS Costal 7 JO Treasure “■ HI 


OLD VIC. 928 7516. 

PROSPECT AT THE OLD VIC 
New. season to Mar 20th 
Etleen AtWns as SAINT JOAN 


WESTMINSTER. 01-834 0283. 

. , SENTENCED TO L1PE 

by Makolm MuBoerltlse ft Alan Thornhill 
?T®ir Tomor. 7.45. Mats. Wed. 
3.0. Sat. 4.30. Opciu May 17. 


01-930 6692-7765. 
Ir*?- 5' 30 ' and Sat 6.45 and 9.00. 


“ A sturmtoa prodaetton.'" Sun. TNeflraiHi. Paul hL ^1'. 

• Today. Wed-. Thurs- 7.30. Se * n^lfo^JS5,SS- ntur> - 


.. ^ TWELFTH NIGHT 

TTZ* ■?!So. T,n, “- 

HmothrJw5^ JimM* SraUl ft W!NDMIiX ™ E A| 1l | CC. 01-437 6311 
SMITH OF SMITHS T J? ,ce E* | nhiry 8.00 and 10.00. 

imrnwUonM season Lila Kedrova, Jean ^Ti'i, S ^VP,5^S ^ 8 00. 

Marala In PAUL RAYMOND presents 

LES PARENTS TERRIBLES HIP OFF 

Mav 22-27 EROTIC EXPERIENCE OF THE 

THE TURKISH CLOGS .. T .. ^ MODERN ERA. 

M*Y Z9-Jmve 3 _’*«»“ unprecedented limits What (a 

Uf. Barca R rat* u rant, opposite The Old on our stages." Evg. News. 


_ DEEP THROAT 

oue to ororNUclming public demand 
Season extended. 


Vto—ceea before or after the show. 


320 The Living City. 

425 -7.00 Open University. 

7.00 News on 2 Headlines. 
7.05 A Woman’s Place? 

720 Newsday. 

8.10 Chronicle. 

9.00 Rhoda. 

925 The Man Alive Report 
10.15 Living on the Land. 
1020 Late News on 2. 


CAMBRIDGE. 836 BOSS. Mon. to 7b lira. 

B - D0 - "vwa ind °- M 

.. Bl * ck A#r1 «n Musical 

Tne Blrta are beautiful, bore and 
bouncing." 5- Mirror. 

„ THIRD ciREAT YEAR 

Dinner and topsartce salt £5.73 mci. 


GRAMPIAN 


WESTWARD 


ACROSS 

1 Have equal power to turn like 


1020 The Old Grey Whistle Test SFZ&SJt* ^ Ge^me ^ 

1120 Closedown reading. liB0 Bwuime. 

GRAMPIAN WESTWARD 

LONDON 9J3 a. ns. First Thins. LE PM- Cram- uo p.m. Westward News. SJ5 The 

plan News. 5JL5 Challenge of the Sexes. RlnL'-tanes. 6.00 Westward Diary. 7.BQ 

920 ajm. Schools Programmes S. 10 ® Grampian tmjj, MS Country Treasure Hunt. 7J» Charlle'fi Ansels. 

1 12a Reanv and Ceril Oarlnnn Fociik. 7JI0 Emergency. 1240 Reflec- 10.28 Westward Late News. 12-00 Oscar 

pm Si,ri9in „ m tjons. litB sum. Night Gallery. 12-30 Pererwn. 1125 Faith for Life. 

13.00 Pape rp lay. 12.10 pjn. Daisy. Grampian Headlines. 

Daisy. 1220 P arent’s Day. 1.00 VfiDf CtTTDC 

News plus FT index. 120 Help! GRAN ATI A 1 UKAJnlKL 

120 Crown Court. 2.00 After Nooa IJO PM. Calendar News. SJ3 Chal- 

I I I I I I M 1225 Sam, 320 CitV in a Dream ^ P- 1 ®- This ta Your RlsdU- 5-10 lenge of Ihe Sexes. MO Calendar 

‘ ... . 7Z — ,, 420 Paul 44S 5 IS The S^ 8 Nevf ‘ *** Crossroad*. MB 1 Em Icy Moor and Belmont editions'. 7j» 

7 Soldier in pub? Its reason- 1 J ,, o" V* Ma SP 1 C. W» ine Granada Reports. fcJO Emmerdale Farm. Emmerdale Farm. 7 JO Get Some Ini 


able! (7) 


Brady Buncii. 


7jm The Blank Woman. J2J0 Drive la. LUO Drive-In. 


soldiers forming part of watch 8 Mend station that is damaged 
(7-5) by deposit (13) 

10 Cuts between Orientals to 9 Hero with verse arranged for 




Auditorium. drtnfc and s " oke ' ,n “• 


W RXof CrMlt Card 

Mon.-ThBrj B.Fri. and SaL 5.15. a -3D. 
ENORMOUSLY RICH 

Mon- OHjjfY-3 aSM c Cunt«.v 
Supreme rritoton - 

" M LAnr- S u?«..*2 AKE W,TH 
i-AUGHTER. GiMrtfiin, 


V TMhl£, ? ld VIC'. 928 6363- 


CINEMAS 

sin. TO 2 E o5! 0 1? 1 B o Ve 8.?D R ‘- ,AI - Wk - 4nd 
Wfc - *“■ 

PLAZA lono. Camion Tim, 


Tubrt Can Won Town 


Open -June 21 svrrA. 


PR I NCt OF WALES. CC 01-930 a&ai. 
Monday to Friday at 8 p.m. 

Sat. 5JU) and 8.45. Mat. Thiira. 3 do 
"HILARIOUS COMEDY MUSICAL?" 

. _ The Sun. 

ROBIN ASK WITH 

m 

I LOVE MY WIFE 

"NAUGHTY BUT NICE WITH A LOT 
of LAUGHS." News of the World 
CREDIT CARD BOOKINGS of-93D 08*6. 



overshadow 1 7) 


whatever place (13) 


11 Let hang awry all along one 14 Humidity of firewood in 
side t7) eastern ship (lQt 


R A DIO 1 247m Haydn. Faure. Debussy. ProkoBe*. IDJB New*. 7J5 The Archers. 7.20 Tone tor 

* hmodraa Joseph Holhrooke and Leo Wurnuer iSj Verse. 7J0 Bristol Proms S (S>. 7 JO L 

(Sj SlerrBPhonic broadcast pan 1. 1L25 In Shon. 1U5 HwuaJ iSi Kaleidoscope. 9-fll Weaihcr. 10.00 The I A national Thudie PRonurnnu 

TraS?« oa ^ f" , . l2J0 „*- , S- Mid-day Prom 1 S 1 World To-nl«bt. MJO Not Now, I'm | " ■fflU**Sv A iiew , “™ 4"S?e rtiuto 

Travi* 9J» Simon Bates. U.» Paul pari 1: LJSri. Rachmaninov. LOO Neva. Listening Again. LU» a Book at Bed- 1 wj™,.**-” Horow Hohson (Drama). Imam 


DUKE OF YORK'S. 01->3E 5128. 

Eros. B.O. Mat. Weo. and Sat. at 3 00 
JOHN GIELGUD °° 

In Julian Mitchell's 
, . „ HALF-LIFE 


■vratoss »t B.op. Sii.it 5.0 and BM.' 2Jb5 ?,£?■ *S? W , *? n, S 


ALEC GUINNESS 
BEST ACTOR OF THE YEAR 

VJI 2 S 2 £ ,ub 2 L GB AioS 

. „ THE OLD COUNTRY 
A New Plav by. ALAN BENNETT 
Directed By CLIFFORD WILLIAMS 
» „ BCSTPLAY OF THE YEAR 
Mays and Players London critiu award. 


2b Scruiiinse fad retumin? ring 
'•>» ua^-it's dissraceful <101 

22 Eurth tenninal or just a alow 
mover l Si 

21 Liic-rally he is supple (51 

2fi I • ! 11^4 fnend In the cast for 
2u.?S i 7 1 

27 Drive back soldiers with 
bcaas (7) 

ZS Preparing feathers for scold- 
ing (M)‘ 

DOWN 

2 Omniscient always the cock- 
ney says l3-4i 

3 Added a verj' soft finish to 
edition <S) 

4 Eisbt sailors? <4) 

5 Wearing outside article or 
wearing' away f 10 1 

6 Chieftain’s making them ever 
shorter (5) 


alert (5) 

25 Right in the spirit to smirk 
<4) 

SOLUTION TO PUZZLE 
No. 3.661 


■KBcsaa SQetjas 
n - S:-3 ;.n m 

QSBBBEH aQQSHHB 
• ® .n - 0 0 -S'B . B 
aacHaciRESQu weep 
n n ei $ 

QQBJCQ GQaBQtoaZ 
53 - Q g-g * . ff5 

Bgccasao cncsic 
n w 3 son 

. gaaaQQQQBg 
JUrSLyP n e a- s 
HDEagnac e^dbchs 
g n n es o 
aanaEB imxmnn 


Fri. _and Sat. 6 and 3.45. 
— , STS? aKented. 

THE CLUB). A musical diversion 


SSSSgl- A _ l parklinp New French 

nS - Dl retied with Rn rase by Ym 

Snhtt it J E fS ne 2‘-,J Prom 1 -50 (n« 
snn .i. 3.3 5. B.io. 8-30 H tn moot hi. 

a ™ ^ ^ E ~ I930 S2S2I 

Iaralhnn?J5 La J!!*- An ?F Bancroft. MlttuU 

Til’niiSuiir" 3 H,-rb«T Rn»» film 

- T5I ?3 o"T.fo. PO,WT lAy prom - Wlc - 

' °SSr y”^X MA l ” KET 030 27M- 277 U. 

QM aMmj.. lira JUIIA <Ai. Sop. 
J? y -_ 2.30. SA5. a.45. Fearuro 

_ Jt 0 0D - 9 0 °- AH ,Mt * ««*■ 

LEICESTER SQUARE <930 61111. 
KIN?,ir ,e S °^ TE *« OT E THE THIRD 

$& 2fe%JK-yjr'- ,ir rs 


ersion | »!rts- Tues.-Saty. ’ Doora 'own 

.1 on,-. All sears may Ira booked 


RADIO 2 l-SMttt and VHF ^ ffi. EB8*SS£ U0 ^M^ s j 3 0 Q ^ 30 - 

Xcw. 5.02 Ray Moore iSi jj®” 1 f 38 <AU Wlw UJ3 Iau ™5St harold wNTm 

l.irh The Early Show, inciutlliu: LIS *' 3 l, f£rtto festival 1 S 1 . IL35 News. London. 12 jo* A3 Radio " 12.05 a.m, THE HOMECOMING , — — 

pause tor Thought. 7J2 Terry Woiwn B?j?°'» lc iLL s<:h “ bcr t Son£; ^ Question Time rrorti (he House of Com- JAHT— ‘M ID .. e J(CEL- j Rivi 

‘S', lucliidnc B.27 RMR Bui lei id. MS 5 VHF only-^^.oo a-m. and mans, los _a eK AjVdTj i , JSf t Tai5SS?.SS. i y c JffiS 1 

pause for ThotiBh!. 10.07 Jimmy Youilfi 5'®-7J0 p.m. Open Iruvertity. . , c j' N ,! »iQT H ^tt S 1 li L Xiit«Stl 

S-. 12.15 p.m. WasKOOors' Walk. 1230 RADIO 4 LOlldOll Broad CaStlllff — ^ HOT n BE missed . _ T wra. 

Me Murray's Open House is 1. indndiDR ^ „„ . ___ -.film andm T vnw GumE THEATRE. 01-437 1502. 

L45 Spans Desk. 23o David Hamilton 434ra. 330m, 2$5»n and VHF 4.61m and 974 VHF ? 

iB*_. Including Rm-inc from '^iesr»r: 2.45. L15 a.m. News. 627 Fanning Today. ” an l l "? Mu«c. LOO A.M.: PAUL !fi° | NfiTSf , - w J4U^A W«BNZI 6 

j ". •"■«• ^JO W-iEBonenr Walk. 535 Up to the Huur. ?J» News. 7.U Dew;, iW*-maU 0 n. Lravol. sport auN AYCKBOURN’S N?T Corned v 

Spans Drak. 4 JO John Dunn iS>. inelurt- TihIbf. 7-S5 up to the Horn: icdtatiauvdi. ?■ Brian Bayes _Show. ten times table C 

m - 5A5 Srwns Desk. 6M Sports Desk. 8.00 News SJO To-day 8J5 Yesterday P- 1 ®- LITC RbBonB. 3J0 George Thl* must b« the happiest laughter- 

7.02 Folk ?K iSV 730 Sports Desk 733 in Parliament. 4.M New*. M5 Tuesday lbC - ecparts. UO After maker In London." D. Tef. "An Ihmi*. i — — — — 1 SCENE 1 a. t ~~T~ 

On the TBiTO Beat tgi. tiB Nortrirw Call. 18.0B News, ujb Hctocb lor a E !wi with tan Gilchrist. MO Nudutlne Miiy enlovable evening.;' Snndjy Tim ra.l royalty. Crodit c»rds. 01 -*os aooi.l a*S 5q ' fWa,1 “*' r »•» 

n , n .i .... ...a .c mm ■ _ - -- - _ ! *'***■, u llh Hrtn Innoe 1 M 6 (VI ■ ma Uinki I MrinruVsTnuncJV Fuitfilnn^ 9 Aft r_u * 4 >a. ... 


Paul eddington. julia mckenzie 

BENJAMIN w Hi Trow la 6 

ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 


is 1 , as^v^wt aa 

THE GLAD HAND ' 210 , s t ^S- 8 «» S«itt BLais- 

by 5 non Wilson. World Premiere. — - Licensed Bar. 


Bnan nartlHMv. foriuding 12.00 News: Island Discs. U-5g weather. LOO The 134m and 9a.o VHF 

Tennis: fonhor cvpon. 2.00-2,02 «.m. World at One. UO The .\rthcrs. L« 6.00 a.m. Graham Dene's Breakfast 
N*ws. Womnn's Honr. Including 2.00 News. Show 1S1. 9JI0 Miuhail Aspel iS>. 12.00 

BATMn X 464m. Stereo & VHF ^ Liston wltii iloiher. MO 'V-ws. Date cash 1S1. 3.00 pjn. Rocer Scott 
R/ ILI|U J -iw-iiii, otrieu a, * nr Oucabons to iho Prime Minister «S>. 7.M Lnndon T^dny. (oeludln* Prime 
JtoSS aon. Weather. 7.00 News. 7.05 ■* live " (ram the House of Commons. Mlnisjeris QuhsUoq Time «S>. 7J0 Bryan 
Overture fS*. S.OO News. 105 Morning jjs Mon. y Box. 4J0 News. 405 Wolfe s Open Line 1S1. 9 JO Your Mother 
roneert iS) Rossini, Mourt. Brtiieu. Gardeners' Question Time. St^rr WoiddiTi Lflcc It uiih Nicky Horne a Si. 

4.00 Nm. 0.05 This Week's Cornpowr: Time. 5.40 SerendipUy. 555 Weaihcr. MO n.» Tony Hyatt's Late Show iSi. 2.00 
Purcell isi. MO Plano Recital (S) Bach. News. UO Just a Miauta fSu 7J0 mi. Duncan Johiioa's Niatu Ffichi (Si. 


Bwt Muyical or 1 
Bookinfts accented. Malor 


? BSrtti- 1 «— i«vHT _ ..rarag g.iw &,">« .Tfi tlf 

■ saw 

! « Jloimr. . Mt J»e«. »>« <a- JM fcfc "SSS,*S^ M ^ zr;-T-=- ” =™.. 


, WENDY HILLER 
DEREK DORIS FRANCES 

GODFREY . HARE CUKA 

WATERS OF THE MOON 


SAVOY. Q1-BM BOBO. Ctooii Tomer, » n 
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Oovent Gard«n 


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Gwyneth Jones 


by DAVID MURRAY 


Gwyneth Jones gave her “ first 

l don ^i‘ ecital ” on Sunday 
night, odd though that sound a- 

«®“»“ «h»t brings her 
to the Royal Opera House is not 
normally Lieder. With Geoffrey 
Parsons at the piano she sang 
Schubert, Wolf. Berg and 
Brahms, all with full-throated 
commitment It was, X think, the 
loudest Liederoh end 1 have ever 
heard. Given the sheer size of 
her voice, and of the auditorium, 
MUs Jones had evidently decided 
not to impose unnatural con- 
straints on herself: a reasonable 
enough decision, though Mr. 
Parsons is not easilv tempted 
iiut of his natural discretion. In 
Berg's rapturous Seven Early 
Songs, which suited Miss Jones 
splendidly, his careful tact was 
no substitute for the fervent 
abandon needed to match her. 


Miss Jones excels in whatever 
fits an operatic heroine at crisis- 
point — the effusive, the intense, 
the ecstatic: Wolfs spring greet- 
ing Er ist's ” was Sieglinde in 
full cry. Elsewhere ber touch 
is less sure. Granted that her 
climactic notes were apt to 
spread (and she was recklessly 
libera}' with them: there were 
several times as many as there 
were songs), the voice is seduc- 
tive On a grand scale, and the 
thrust of each musical phrase is 


sharply defined. But the thrust 
of a whole song is more proble- 
matic: though Miss Jones seizes 
a general mood confidently, she 
lacks the means to shape songs 
of more complex and ambiguous 
feelings. Wolfs inspired setting 
of Morike'5 “ Im FrilbJiDg,” for 
example, obstinately refused to 
come to life, despite any amount 
of facial acting-out 
In opera. Miss Jones can let 
us see what she is; in Lieder the 
words must carry, more of the 
burden. Only two weeks ago I 
was remarking that singers 
approaching the Lied repertoire 
from opera have the advantage of 
their range of dramatic colour — 
but Miss Jones’s vocal colour 
does not vary much, and her 
German vowels merge in- 
distinguisbably in the upper 
register. A trick of alighting on 
the lower edge of a note and 
then snuggling up to the true 
pitch was singularly unhappy in 
Schubert After Berg, the Brahms 
group suited her best (and it 
elicited- Mr. Parsons* most 
positive support); the literary- 
lyrical side of the repertoire— 
which is to say Wolf, above all — 
is really not her territory. There 
is much else in which she can 
be very stirring, and I must add 
that her silvery gurgle iu the 
Strauss “ Standcben an encore 
— was delicious. 



English Bach Festival 


Rinaldo 


by MAX LOPPERT 


Piranesi's * Vie./ ot the tomb of Cecilia Hat el la ' 


Hayward Gallery 


Sadler’s Wells 


La Fille mal gardee 


by CLEMENT CRISP 


The young visitors to the Wells 
on Saturday afternoon had a 
splendid time. The scampering 
down to the rails of the orchestra 
pit in the intervals to inspect the 
musicians— and be it said that 
under Barry Wordsworth and 
Colin Metters. musical perform- 
ances this season have been 
preferable to those obtaining at 


be even better when he abandons 
the trick of " talking himself 
through ” certain scenes: it may 
aid in preparing a characterisa- 
tion, but it is a nonsense in a 
mute art The body must speak, 
not the vocal chords. 

Marion T ait's Lise had bounce, 
and a pretty, mettlesome way 
with the dances. Carl Myers was 



Carl Myers and Marion Tait 


the Opera House on ballet nights 
— and the response to the fun Df 
Fill? were part of a baptism in 
ballet that 1 think absolutely 
vital. (I have yet to understand 
why the Opera . House Is so 
niggardly of ballet matinees: 
more opportunities for more 
dancers; more chances for an 
audience to see the Royal Ballet; 
more occasions when those liv- 
ing some distance from the 
capital can see ballet and get 
home without midnight journey- 
ing — these are very important 
considerations).. 

Saturday’s matinee was also a 
happy affair on stage, with 
Marion Tait as a sparky, naughty 
Lise, and Carl Myers attractively 
youthful as her Colas. This Lise 
is clearly a chip off the old 
block of David Bintley’s Widow 
Simone; there is the same bright 
resource in playing. . and the 
same determination of character. 
It is exceptional to find an artist 
as young as Bintley making such 
sense of a travesty role, but he 
is. unsurprisingly, excellent. 
There is a snap to his perform- 
ance. and also a clear feeling for 
the logic of the character, and 
something of that pleasure' in 
the matter of travesty humour 
that can be seen in such out- 
standing Northern comedians as 
Les Dawson, and in an earlier 
generation Norman Bvans. 
Bintley is a fine Simone, ana will 


an attentive, affectionate Colas, 
with a smooth manner for the 
variation in the corn-field duet. 
1 liked very much Brian 
Bertscher's manner as Alain: he 
plays the simpleton without too 
knowing an air. and that radiant 
innocence that was Alexander 
Grant's is happily restored to the 
ballet. 


£1,000 book 


award 


*' Unemployment ” and the 
plight of the “unexpectant 
teenager ** are the subjects of 
unique book awards sponsored 
bv the Odd Fellows M.U. 
Friendly Society. Tbe judges of 
the Odd Fellows M.U. Social 
Concern Book Awards will be 
looking for the book nr .pamphlet 
which makes the most useful 
contribution to -the finding of 
solutions for each of these prob- 
lems. 

The National Book League has 
announced the panel of judges 
as: Richard Hoggart, John Mad- 
dox and Aon Hills. 

The announcement and pre- 
sentation of the prize winners 
will be held at Odd Fellow® 
House, Manchester, on October 
18. 








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The permanence of Piranesi 


by DAVID PIPER,. Director of the Ashmolean Museum, Oxford 


Piranesi is a state of mind. He 
defined it in visual terms; even 
if his definition has been subject 
to varying interpretations since 
he was in his prime over 200 years 
ago, its validity has persisted. The 
state of mind is no doubt an en- 
during quality — or affliction — of 
the human condition. Far ex- 
ample. one etching (No. 206) in 
the exhibition of his work now 
at the Hayward Gallery, seems a 
brief for some more architectur- 
ally orientated Dante reconstitut- 
ing a section of the Inferno. 

The exhibition marks the bi- 
centenary of Piranesi's death In 
1778. It is far from the first, for 
Piranesi has been shown through 
Europe and America this century, 
but it is certainly the most search- 
ing to date. A Venetian, trained 
in Venice as an architect, his 
career was quintessential!? 
Roman, and Rome from 1745 on 
provided the raw material and the 
inspiration for bis visionary ait. 
He was architect — though never 
with opportunity fully to exercise 
his talent as such: he was 
archaeologist both of learning and 
heated dogmatic opinion — polemi- 
cist; a ■ designer of fireplaces, 
furniture, clocks; a collector, 
restorer, and dealer in antiquities. 
HeVbad dose English and Scots 
connections; they provided clients 
and \also allies— his friendship 
with, ? and influence on, Robert 
Adam 4 , was profound- He was 
irascibly an indefatigable worker 
but very difficult to work with, 
and some of his visions suggest 
a state akin to madness, or to 
hashish ot opium induced hallu- 
cination. ‘{So de Quincey diag- 
nosed; an implication now indig- 
nantly denied, but one neverthe- 
less recognised by addicts as 
bearing directly on their own 
experience.! - Oddly, the marble 
head of him here (Jjy the then 


young Englishman, Nollekens) 
has no manic aura at all, but 
seems the most solid senatorial 
image of a senior citizen of force- 
ful yet sober authority. But 
Piranesi was. of prints. Prints 
were his livelihood, for sale to 
the grand tourists (especially the 
British) the focus of whose 
travels was Rome, but prints 
was surely also his true vocation. 

His major themes were pur- 
sued consistently: themes of the 
grandeur and decay of antiquity, 
of transience and permanence — 
almost of the transience of 
permanence. The monuments of 
Roman antiquity are observed 
in drama (the influence of 
illusionist stage designers such 
as the Bibiena family persists) — 
a drama of light and sbade that 
is informed even in his topo- 
graphical work by far more than 
mere topographical accuracy. His 
scenes, as Horace Walpole noted 
long ago. “would . .startle 
geometry, and exhaust the Indies 
to realise.” The detail In them is 
inexhaustible, and no less so in 
the purely imaginary visions, of 
which the most haunting, most 
famous, are of course the Carceri 
— the Prisons, hugely lofty in 
their glooming, yet formidably 
claustrophobic, strutted with 
crisscross dizzy stairways going 
nowhere, laden with great iron 
rings, chains, pulleys; trapped 
with massive masonry and caged 
with bars, the sky an impossible 
aspiration aeons above. These 
visions are both exhilarating and 
deeply disquieting — indeed, I 
think they are only bearable 
because though most real they 
are transfused by imagination: 
it’s all in the mind. Their human 
inhabitants for example are 
never precisely characterised; 
they are just accents in the move- 
ment of the pictorial drama, 
really only shadows with no sub- 
stance. It is only in his very 


last work, the series on tbe 
temples at Paestum (in which his 
son Francesco was partly in- 
volved), tbat human beings 
become fleshed oui, participants, 
and there the whole atmosphere 
shifts, and the Doric ruins 
spectral though they be, are part 
and parcel of a rustic idyll where 
peasants graze their cows. 

Scholars and commentators, 
never less so than now, exercise 
great ingenuity and learning on 
relating Piranesi's genius to 
Classicism as to Neo-Classicism, 
to the Enlightenment as to the 
Gotha ck imagination, to the 
Baroque as to Romanticism. Like 
all great originals, he avoids the 
issue, enduring to rekindle the 
wonder of the generations. A 
selection here (which could have 
been a much larger exhibition on 
its own) indicates his continuing 
influence on his artist successors, 
even, practically, on architects 
like Dance or Soane. 

I would salute this exhibition 
as exhibition. It is in black and 
white, modulated by the multi- 
tude tones that range between 
those ‘ extremes. Piranesi's 
strength and subtlety contrive to 
make the few oil paintings 
shown (Pannini, a Canaletto 
studio piece) look almost garish. 
Watercolour versions of one of 
his prisons, ascribed to Gulin 
and to Turner, no less, transpose 
his black and white into almost 
ridiculously genteel English 
comfort The display (by Ivor 
Heal) is based on monochrome 
pale grey screens, with two . or 
three island groups in sharp ted: 
there is an element of maze in 
its disposition, not enough to dis- 
orientate the visitor, but afford-, 
mg sudden unexpected angled 
vistas and glimpses. A number 
of Piranesi’s big original copper 
plates, miraculously survived. 


float their shimmering images in 
low cases, almost as if in their 
acid baths. If (be problem, bow 
not to disfigure tbe hand with a 
measle of labels, bas been solved 
rather ruthlessly (by a discrete, 
very low uniform alignment, 
good reading for three feet 
dwarfs), the whole experience is 
a delight There is a Thomas 
Hope sofa: some sculpture, and 
although the Arts Council sadly 
found the two enormous marble 
candleabra in the Ashmoiean, 
concocted by him from various 
fragments, too delicate to travel, 
they appear in photograph. 

The selection, judiciously com- 
prehensive. is by John W.’Itnn- 
Eiy, and his is the catalogue. 
His, too. The Mind and Art 
of Giovanni Battista Piranesi 
(Thames and Hudson, £20) which 
is a fine rescension of present 
knowledge of Piranesi, lavishly 
illustrated— all the Carceri and 
all the Vediife di Roma. for 
instance. Of the quality of these 
reproductions, there would be no 
complaint— until you see the 
originals. His drawings are 
usually very broad and free, 
establishing light and shade, and 
disposition of masses— not the 
finished thing, needing only lo 
be traced on to tbe plate. It is 
the print— a word still so often 
taken to mean a copy — that is 
the original. As Piranesi said: 
“ If my drawing was finished, my 
plate would only be a copy.” The 
technique that could create and 
control such complexities with 
such assurance and freedom on 
to the plate is almost incredible, 
but the vibration, the vitality of 
tbe result in which the burr of 
the etched metal still shivers, 
t simply are not capturable in 
reproduction. So you must go 
and see tbe originals for your- 
self (till June 11). 


Contemporary music is getting 
a rather poorer showing at this 
year's English Bach Festival than 
m previous years; but in com- 
pensation Lina Lalandi bas pro- 
duced a splendid feast of pro- 
classical opera, with concert 
performances of Handel's ffmoido 
and Vivaldi’s Griseldn, and a 
staging of Rameau's Hrppolyte 
et Aricie scheduled for July. 

Rinaldo. given at the Queen’s 
Theatre. Haymarket. in 1711, was 
the first of Handel’s Italian 
operas for London. It is one of 
the richest musical])', one of the 

most spectacular in effects (both 
in the instrumentation and in 
the stage directions) and, 
dramatically, one of the least 
cogent. Tbe work was produced 
in. and bears all the marks of, 
baste. As this matters seriously 
only in the opera house, where 
we would expect a degree of 

consistency in character develop- 
ment and lucidity in plot outline 
□ot to be found in Aaron Hill's 
clumsy reworking of Tasso, 
Handel’s “ anthology ” of superb 
melodies (as Winton Dean’s pro- 
gramme note calls it) is well 
suited to concert rendition. 

With reservations which will be 
duly noted below, the music was 
well served by Sunday’s per- 
formance at the Elizabeth Hall. 
It was an “ authentic ” per- 
formance: the EBF Baroque 
Orchestra was playing period 
instruments at correct pitch. And 
playing them efficiently, apart 
front the probably inevitable 
squawking of tbe oboes, and 
apart from a perhaps less inevit- 
able meagreness in the quantity 
of strings. In heroic numbers, 
such as Rinaldo's brilliant “ Or 
la trombu,” with its irruption of 
four trumpets, the siring body 
was almost entirely obscured. 
Except for the sad loss of 
Almirena's “Augcletti che can- 
, tale.” with its delicious accom- 
« paniment of three recorders, cuts 
'were thoughtfully made. 

The conductor, Jcan-Ciaude 
Malgoire. made on the whole a 
more convincing impression than 
in past London appearances; 
j tempos were mostly aptly chosen 
' and sustained with reasonable 
sturdiness. Mr. Malgoire tended 
to lose one's confidence in the 
vocal ornamentation of repeats, 
which was presumably of his in- 
venting, and which veered 
stylistically from the wildly ex- 
cessive to the wildly inappro- 
priate. But it was all carried out 
with enthusiasm by a good team 
of singers, among whom only 
Eiddwen Harrhy as the sorceress 
Annida — the single powerfully 
drawn character, in a vocal line 
demanding glitter, passion and 
dramatic power — suggested any 
theatrical excitement in her 
arias. 

There was pure and tasteful 
singing from Marilyn Hill Smith 
(notably in a shapely account of 
Almirena's beautiful “ Jascia 
ch’io pianga”). Ian Caddy, and 
Paul Esswood in a conflation of 
minor roles. A source of in- 
terest was the South Bank debut 
of Carolyn Watkinson the young 
English contralto, in the title 
role (which she also takes in the 
Malgoire recording). Tbe voice 
is warm and clear, rather soft- 
grained in projection for a cas- 
trato hero (though the line is 
always firm) and not unfailingly 
true of pitch; the personality is 
winningly candid and unaffected. 
The libretto was generously pro- 
vided in tbe programme booklet; 
gratitude would have been un- 
spotted if it had not been so 
clumsily laid out and borne such 
an uncertain relationship to wbat 
was actually performed. 


The English Bach Festival 
investigation of the art of 
baroque dancing is of enormous 
value — the field is one in which 
ignorance and guesswork have 
up to now reigned 1 title 
challenged. Following last week’s 
opening celebration in the Guild- 
ball, the Festival Dancers were 
on Saturday evening trans- 
ported to the visually clearer, 
atmospherically rather destruc- 
tive sigbtiines of the Festival 
Hall, for a repeat performance of 
Bach's 6 minor Suite in the 
choreography of Belinda Qiiirey 
and Michael Holmes, and for a 
selection of dances from 
Rameau's Prmcewe de Xararre 
(in the costumes first seen at the 
Royal Opera House last yean. 
Whatever qualms one may have 
felt— and written accounts of the 
bullet de cour imply a much 
more heady and vivacious 
activity than were suggested by 
these rather demure movements 
— it was still an evening full of 
interest and enjoyment. There 
was neat playing by an instru- 
mental ensemble under Nicholas 
Cl 1:0 bury. 

★ 


Miss Lalandi is working her 
way through the Kuijken family. 
During last year’s English Bach 
Festival she gave a recital with 
the Kuijken flautist. Barthold, 
and on Sunday night ul the 
Purcell Room she appeared in a 
short early-evening prelude to 
Rinaldo with the violinist 
Sigiswuid Kuijkcn. 

They did nut actually perform 
together: but their two solo 
Instruments, clavichord t dis- 
creetly amplified) and baroque 
violin, were nicely comple- 
mentary: contrasted in timbre, 
but bolb small-scale in decibel 
range. 

Miss Lalandi played a group of 
Bach two-part Inventions, and his 
second French Suite, with that 
Inimitable expressiveness and 
freedom that always seems to 
characterise her annual offer- 
ings. Sigiswald Kuijken offered 
something almost as rare: 
accounts of a Bath sulo sonata 
and partita played on the 
baroque violin, which were not 
merely exercises in attempting 
to recapture vanished playing 
techniques. His interpretations 
had a breadth and perception 
which were firmly based on the 
text — marvellous to hear this 
music played directly, with no 
attempt to overwhelm us with 
romantic feeling. 

Where the instrument helped 
him (in the precise voicing of the 
parts In the A minor Sonata's 
Andante; in the flexibility of the 
passage-work in the fast move- 
ments) he revelled in the preci- 
sion it allowed him. Where us 
limitations hampered him (in the 
quadruple stopping or the D 
minor Chaconne and A minor 
Fugue, in winch it provided no 
extra resonance to aid position- 
changing, he transcended them. 
We look forward to Miss 
Lalandi’s recital with the third 
Kuijken brother. 

NICHOLAS KENYON 


Bennett premiere 


The first London performance 
of Richard Rodney Bennett's 
Spells, a work for soprano 
soloist, choir and orchestra, will 
be given on Monday. Mav 15 at 
the Royal Festival Hall By the 
Bach Choir with the Philhar- 
monia Orchestra conducted by 
Sir David Willcocks. The soloist 
will be Jane Manning. 


Rainbow 


Jethro Tull 


by ANTONY THORNCROFT 


Jethro Tull are the hardy 
annuals of British rock music It 
is ten years since Ian Anderson 
first took his flute to a concert 
to be backed by a band calling 
itself after an 18th century East 
Anglian agricultural reformer 
and on Sunday Jethro Tull 
reached London on yet another 
annual tour. Anderson is the 
only survivor from the original 
group but his latest music is as 
rural as anything from the last 
decade. 

Anyone knowing Jethro Tull 
only from their 14 rather un- 
even albums would have been 
cheered up by the Rainbow con- 
cert. Anderson himself is a 
witty front man who can enjoy 
himself at tbe expense of the 
band and the audience. The 
other musicians looked equally 
relaxed without getting sloppy. 
More to the point the length of 
the Jethro Tull repertoire 
ensures that they can present a 
varied act. Virtually every 
ject of rock music, from tbe 
light acoustic to tbe heavy elec- 
tric. from the lyrically fanciful 
to the over-pretentions, was on 
show on Sunday. 

Anderson may not have the 


best of voices but he dominates 
the band. Tbe one legged 
posture while playing the flute 
is kept under control now and 
more use is made of his guhar. 
He Is helped .greatly by Barrie- 
more Barlow cm drums and 
Martin . Barre on electric guitar 
but all six seemed in good form. 
The only disappointment was the 
inevitable encore of Aqualung, 
the band's theme tune, which was 
not attacked as vigorously as in 
the past. 

The songs from the new album 
with its more ~ country” feel 
showed up well, especially Heavy 
Horses, which, with its variations 
in pace and “ significant ” lyrics, 
just about summed up ten years 
of Jethro TulL The experiments 
of the past have sometimes 
pushed the band down blind and 
unfruitful alleys and have 
robbed them of a consistent and 
easily pfaceable role in British 
rock, hot the combination of 
visual antics, wayward creativity, 
and a solid devotion to a strong 
rhythmic line, has brought them 
a large and devoted following. 
The applause at the .end was 
happy and deserved for what was 
a very professionally produced, 
very genuine, rock concert 


Madisons 


Gotham 


Suddenly it is supper rooms. The 
success of Country Cousin, that 
Iqug limb of gay fun round the 
corner of the Kings Road, has 
encouraged lots of others, most 
notably Madisons, handy for 
Hampstead at Camden Lock, 
where producer Bernard Jay, a 
refugee from Chelsea.. is concen- 
trating on the same kind of 
simmering-under American act 
which made Country Cousin such 
a hit and miss affair. ^ 

• Madiaon* opened with Gotham, 
which had Impressed in the King's 
Road. Gotham is a trio of lads 
which mixes dose harmony sing- 
ing with some nice bitchiness 
about tbe audience. If you are sit- 
ting at the front, and are less 
solgiid than Joan Crawford, your 
meal will be pepxfered with good 
ns lured* insults. While they keep 


fire minutes for an answer” — 
Gotham is ideaL When they take 
themselves seriously as singers, 
especially when they all .grab solo 
spots, you start looking at tbe 
funny people on the next table. 
The act peps up again by the 
climax, and it is an extended 
climax, and as they stand there 
sweating and tronserless at the 
end of an hour plus stint yon 
feel yon hare bad your £3 worth. 

The meal costs a further £fi and 
is fine if you are wearing a 


strait-jacket Madisons goes tn 


up the frenzied banter — “ is any- 
one here on downers? We’il wait 


for intimacy, cramming more 
people Into a small space than 
seems credible, bnt it does mean 
that everyone has a view. There 
are also quite a few views on 
show, making this a jolly addition 
to a London, night time, scene 
winch has suddenly become 
positively bouncing. 

AT. 





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FINANCIAL TIMES 

BRACKEN HOUSE, GANNON STREET, LONDON EC4P 4BY 
Telegrams: Ftaantimo, Lon dot) PS 4. Telex: S86341/2, 8S3897 
Telephone: 01-248 8000 

Tuesday May 9 1978 


Industrial 
costs 



THE wholesale price indices rose for the first time in a year, 
for March were published on by 2 per cent. In April they 
the day before the Budget and turn out to have risen by 
so received comparatively little another 2 per cent The index 
attention. They seemed, how- for raw materials alone has 
ever, to reinforce the arguments risen by 4$ per cent, in the past 
for adopting a more cautious three months against a fall of 
fiscal stance than the CBI or 51 per cent, in the previous 
the TUC had recommended or three months, 
than the Chancellor himself A large part of this increase 
might have been willing to during April, as during the 
adopt only a few months before, previous month, was due to the 
when money was flooding into depreciation of sterling. The 
the official reserves. They Government intervened heavily 
sounded a gentle warning note last month in the foreign ex- 
about inflation in the case of change markets to brake the 
factory output prices and a decline and to demonstrate that 
rather louder note so far as it regarded the present price of 
the cost of raw materials and sterling (in terms of leading 
fuel for industry were con- currencies in general rather 
cerned. The former, though than of the dollar alone) to be 
continuing to rise at a steadily about right This will help to 
lower rate on the basis of a reduce the rise in import costs. 
12-month comparison, seemed to whatever happens to the world 
be levelling out at a rate that price of raw materials. But 
was still too high for comfort. Government policy appears to 
The latter had risen on the be that the exchange rate 
month, and quite sharply, for should move roughly in line 
the first time in a year. with the competitive position of 

The April indices show much U.K. exporters— that it should 
the same picture and deserve reflect the relatire level of in- 
to be examined carefully by flatjon in this country. In the 
those who arc pressing the process, it helps to set it. 
Chancellor to increase the F , 
borrowing requirement by more t-xciiangc rate 
than he proposed. Factory out- The best guess, on present 
put prices were then tOI per evidence, is that the rate o» 
cent, higher than in April of year-nn-year inflation reflected 
last year, against a comparable in the retail price index will 
figure of llj per cent, in March, drop further. But. these whole- 
If the more recent trend is sale price indices suggest that 
measured by looking at the rise it will probably begin to rise 
over the past half-year, how- again by the end of the year, 
ever, the increase turns out to with the actual rate nf increase 
have been 41 per cent. depending on what happens — 

Levelled nut sterling apart— to earnings in 

i^e\euea out Hie next pay round. While the 

While this looks more official aim of an average eam- 
encouraging than the year-on- mgs increase of 7 per cent, looks 
year comparison, the fact is that decidedly optimistic, there are 
the six-months' rate of increase two opposite reasons for hoping 
has remained at this same that the outcome may not be 
figure of 41 per cent for five disastrously larger than that, 
months in succession. It looks. To the extent that the falling 
in other words, as if the rate of rate of inflation affects expecta- 
inflation reflected in factory lions about the future, claims in 
output prices has levelled out the first and decisive half of 
at a figure which is still loo the next pay round should be 
high. The behaviour of indus- moderated. To the extent 
trial costs fur raw materials and that anxiety about inflation 
fuel, which will affect first out- remains a major concern of 
put and then retail prices — the those in work, an abnormally 
whole process takes something high savings ratio may make the 
between six and nine months to financing nf the public borrow- 
work through— is rather more ing requirement easier than it 
discouraging. In March they would otherwise be. 


‘With new communications technology, the Post Office will become 
caught up in areas from which it has previously been independent’ 

Post Office entering 
uncharted territory 


Financial Times Tues day May 9 1978. 

/ / — POST QFFiC^TwTTAXPHOTO/ijbTOr^ 


BY JOHN LLOYD 



T HE NEW chairman of the declare a profit on the past Thus if the Government agrees linked to telephones— is prob- it is nv ,t difficult to compile a sociologist., nu* next decades 
Post Office, Sir William financial ^year: internal esti- to the split, it will go against ably at least a decade away. But provisional list of l ho <*!e- will show cleauv iliac aa. Hired 
Barlow has had a gnod re£ l? e s suggest that Telecom- what it believes to be right, and Viewdata, which will bring a ments which would have to be societies are now more d*’- 
mn ’ nth c A mT , rh mm* nurai cations will come out also a very powerful union. If mass of information into every considered in the adumbration pendent on ihe cmrnnuniration 
first sue montns A muen more around post at around it does oot / it wiI , offend ^ home with a TV set, will soon ^ puch a policy. <>r fact and «r expertise Uian 

public man than his preaeces- £gQ m Qj ro at around £2 hl. Board, and an equally powerful be on the market,- greatly re- • There is a considerable range they arc on labour. To the tw« 

sor. Sir William Ryland, he has w hxch would seem to union. during tie need for such infor- 0 c equipment now bcinjt dements of land (as the d:ims 

reaped early benefits in popu- achieve the happy result of On balance, it seems unlikely matron to be sent by mail. developed by the Post Office and for food) and nicials <as the 

larity from getting round the avoiding both accusations of in- that the Government will act System X: The electronic its main suppliers, of which basis lor tools and weapons) 

regions, pumping hands and efficiency and charges of against its own judgment digital switching system is Viewdata is the best known, which have been the poles of 

peering at machinery. excess. Splitting the Corporation now being hastened on. stream with others include Confravision. social organisation, he adds C 0 r 

He has been helped by the yet all 'honeymoons come to would mean disrupting the ex- a greater sense of urgency than where conferences can take modern rimes, [he third pole uf 

fact that the usual criticism the an end an d Sir ■‘William Barlow periment in industrial de- before but that urgency can- place between twn groups of information. On this argument. 

Post Office attracts as - the be faced With a formidable mocsacy, which runs from the not disguise the fact that the people in different centres by communications will become the 

nationalised industry wtih the array of Post' Office problems in Board down to the local areas, U.K. has been, and is still, com- means of closed circuit televi- key industry of the future, 

most exposure to the public has near future., \vhat follows and is still in its infancy. Such paratively uncompetitive in the sion; Viewphone, its individual That view is sliiJ contentious 
recently been transierred to j s a provisional list of some df a decision will not, of course, booming telecommunications ex- equivalent: Telemetry, ihe ij Ut . jf j S n o longer merely 
Bl i* 1 Ley -? nd i c- urir ' more significant ones. make the pro-splitting lobby go port market That in turn remote reading of meters: Tele- sc j Pnc< « fiction. (Bell was pur 
more positively, bir wiiuam Thc Government: It is about away. It will continue to argue derives very largely from the command, the remote control «f j n charge ul thu Presidential 
has reversed the Kyiana nine months now since the Post that, as the businesses grow policies pursued both by the plant and machinery: Teleraail. .. committee of the Year 2UUU," 
P^f 01 n °i<nng “i 0 Office Review Committee ever more complex, their top Post Office and by its three the electronic transmission of anc j his recen r work is carefully 
centrally, and devolved it (Carter Committee \ presented managements should be main suppliers, GEC, Plessey letters via phone lines. Deci- reacl bv executive* in uumpatucs 

rapidly to the managements of jtg report ^ called f D r greater divorced to allow them to con- and STCL ■ sion s roust be made about when Hke 1TT anil jgM). What 'is- 

the p ree | Blce Dus ^® sses efficiency and courtesy, an centrate exclusively on their The three suppliers still do these media are to be brought n>l| contentions is that the e.\- 
p °. *• fe^ommumcanons advr j spry coimc i] on communica- own problems. not, as the Carter Committee on stream. pansion of commit meal ions in 

S” tions, and a split in the Corpora- Posts: Mr. Denis Roberts’ put it, " make a natural team." a Attendant on these deci- the next decades will be 

the Lompi^ties are sucm mat tion between Posts afld Tele- undoubted success has been Yet they will be offering, „ ions i s the definition of a enormous, 
no ouiMoer xo ine v-orporjiuou C M man fa l fa mm To a signifi- achieved in part because he has jointly, a system which requires «« post electronic” role for the a recent report by two Cam- 
h™,7w tJn extent— as enthusiasts for accepted, stoically, that his constant cooperation, because ser vices, tha 



agners engineering division * \ . Ty- \ 

at his post since January. 
brevity of his service makes g Y' '* 


match Ryland’s grasp of detail. 
But the initial effects seem 
good. 

The heads of the three 
businesses are themselves alt 
new appointments. The youngest 
— in years and experience — is 
Air. Peter Benton, managing 
director of the telecommunica- 
tions business, recruited from 
Gallagher's engineering division 
and 
The 

him the most difficult to assess: 
but it is dear that he has 
already hastened along the 
much-delayed ” System X ” 
project to the point where it 
is being confidently predicted 
that the U.K. will have its first 
fully electronic. digital 
exchanges by 1981; and that the 
rest of the world will have a 
chance to buy them a year or 
two afterwards. 

In Giro, Mr. Sam Wainwright. 
who came in last year from Rea 
Brothers merchant bank, has 


that is. how far bridge economists. Mr. Francis 



DENIS ROBERTS 
. .turn-round for the 
postal service 


SAM WAINWRIGHT 
. . . expansion of the 
Giro Service 


SIR WILLIAM BARLOW 
. . . all honeymoons come 
to an end 


postal 

and at what level and cost Cripps and Mr. Wynne God Icy, 
they should be retained. chose to highlight both this 

O Also closely related to de- problem and that »f ihe rc- 
cisioiis on the timing of the dueed need for maupower. and 
new media are the demands of to question the ability of the 
the exports markets, and the Post Office adequately to con- 
ability of the Post Office and irol th* developments nf the 
the suppliers to harmonise next decade. The report recom- 
these with domestic needs and mended the establishment uf 
constraints. an independent council with 

• It is inevitable that the de- powers to elaborate a enmmum- 
velopraent of these new systems cations policy, thereby taking 
will reduce the need for labour, a step further the central pm- 
How this fact is to be coped P'»sal in the Carter Committee's 
with is of great concern not report for an advisnry com- 
simply to the Post Office but mutiications council. Since 
also— since it is the UJC's Carter’s argument has not per- 
largest employer of labour — suaded either Post Office or 
to the country at large. The Government, th^re is less 
Corporation's policy will thus chance of the Cnpps/Godley 
be a major part of general de- one doing so. 
ci stems on employment policy In a letter to the “Financial 
in a period when technology Times,” Mr. Peter Benton 
will increasingly replace labour argued that the report was 
— the more so since the Post unduly alarmist on manpower 
Office is a leader in precisely projections, and said that 


THE PAST few years have seen totally unfounded. Whatever 
a steady growth in the influence their imperfections, the Fund’s 
of the International Monetary policies ace at least preferable 
Fund as the world's economic to the most likely alternatives, 
arbiter. A major faeiur has physical controls on the alloca- 
been the vastly increased need Lion of resources and trade 
for finance by deficit countries restrictions. But Dr. Witteveen 

aJso “lakes the general point 
of oil prices in 1. ( 3-i4. As Dr. jj, at „ 10sr countries leave their 

^sssi lb ms^ far t 

pointed oui in London yestcr- - ' ?M*r C ift in,e app -J 

clay, the current account deficits [ ^ r ?, stlc , ! an ^ 


of nnn-nil developing countries 
have recently been running at 


rapid action along the lines 
usually recommended bv the 


Conditions 


a level over three times higher T und is )ikely t0 be necessary 
than in the period leading up ,n aD }" tase — regardless of 
to the nil crisis. The share of “ conditionality " considerations 
assistance provided by the — ^ equilibrium is to be 
Fund, though still much less restored, 
than that supplied by commer- There arc, of course, obvious 
vial banks, has doubled over political and psychological rea- 
the past five years. sons why Governments wait till 

the last moment to go to the 
Fund. It is galling for a de- 
But it is n*»t simply the vcloped country like the UJS. 
increasing scale nf IMF lending to go cap in hand to Wasbing- 
that has strengthened its role. toil. It is even more ,so for 
It has now become common developing nations which have 
practice for Governments and little say in the Fund’s work- 
private banks to make offers of ings. To most developing 
credit dependent on a deficit countries, the IMF is a “rich 
country first negotiating a Fund man's club ” unlikely to be sym- 
loan and accepting the accom- pathetic to their interests, 
panving economic policy con- Indeed, one of the main 
ditiuns. In recent weeks Por- demands of developing coun- 
tugal has unlocked SSOOm. tries in the North-South dia- 
wurih of Western Government logue is (or a louder voice in 
credit by successfully negotiat- all international institutions 
jng terms with the IMF. Peru, dominated by industrialised 
on the other hand, has seen countries, most notably the 
its hopes of a S260m. commer- Fund, the World Bank and .the 
trial bank loan dashed by IMF G&tt. 
disapproval or its economic 
policies. It is not just over the unrealistic 
use of its own resources that . 

the Fund's decision is becom- I* ls unrealistic to expect the 
mg increasingly final. rich countries, which provide 

As Dr. Witteveen acknow- * h e money, to give up a pre 
le&ged vesterday. the growth of dominant say over the uses to 
the Fund's influence lias led it which it is put. “ Gondition- 
in to increasing controversy — ality. in one form or another, 
particularly over ” conditions- probably here to stay. But 

^JLssr^sr^ « e 

mL cnfe ta-e /ccused the needs of 

Fond of obstructing gtotrth by ^ “IJ! 

5“**"?. f®. succeeded in creating an atmos- 

(kmand restraint, exaggerating phere of greater munJa j trusti j t 

the importance of the price might bfi cag . fir Ja futur for 
mechanism; recommending ex- developin countries to seek 
change rate changes much too help before they reached |he 
readily and trjing to push b r i n ^ D f disaster. Then the 
through adjustment processes re niydies prescribed might not 
too rapidly. More general!}, the have to be so immediate or so 
Fund's intervention is likely to severe, That shnuld help to 
arouse fears in each section of improve the Fund’s Image in 
society that may have to bear the Third World. Fur tbeir part, 
the brunt of the prescribed aus- developing countries should 
terity policies. appreciate that there is not 

Dr. Witteveen has detailed necessarily any stigma attached 
answers to all these charges, to seeking outside advice when 
some of which he accepts as not in financial difficulty. 


that field. he was prepared to give guaran- 

caunily expanded the service to Carter admit— the Post Office business must run very hard the Post Office has broken up P As the television screen toes cm security of employment 
take on deposit facilities with a has shown itself willing to learn indeed to stay :n the same place the development of the various which most homes possess pro- fn his technical staff over the 

per cent interest rate edge efficiency and even manners — a and that, in the longer term, elements of the system among gressively ceases to be merely next ten years. He also main- 

over the clearing banks, and Is Code of Conduct, a pledge to decline is inevitable. The them (though they will each the receiver of entertainment rained that the Post Office, to- 

now poised to make substantial be nice to its customers, is challenge of the electronic eventually market the whole and information provided by gether with Government and 

inroads into that 40 per cent, of under serious consideration, message - carrying technology system) a practice made pos- public and private television the manufacturing industry, was 

the adult population which is Neither the Corporation nor from the telecommunications sibie by the fact that System contractors, and becomes a com- competent to deal with the 

*• unbanked.” the Government however wants business can be coped with for X is composed of a number puterised information terminal, complexities which lay ahead. 

Post should be the an advisory . council coming some years yet. but much of of semi-independent, inter- possibly part of a Viewphone '* r remain unconvinced that a 
Cinderella of the three. Its between them, so it seems un- telecommunications’ future locking modules. It remains to system, more futuristlcally still planning council, as proposed 

managing director, Mr. Denis likely to come to anything. But growth actually depends on re- be seen whether or not the a two-way shopping, bill-paying by Cripps and Gndlcv. would 

Roberts, appointed last year the proposed split between placing some of Posts' services, companies can. co-operate in an and even voting device, then contribute in any meaningful 

from within the Corporation Posts and Telecommunications Managing that decline, then, exceptionally tough market, the line between the Post Office way to these decisions." 
was. at the age oF 63, widely might yet cause some grief. becomes the central problem for ™w worth around £3bn. a year and the TV contractors will be That may. or may not. be the 
regarded as a stop gap appoint- Besides Mr. Carter and his the postal business in the 19S0s. and expanding by 10 per cent a difficult one to draw. All will case. But it is not merely the 

ment. But he refuses to behave committee, those backing the The management has been annually: the signs are still be drawn in. together with the competence of the corporation, 

like one: he has turned the split include most of the present fortunate in dealing with a far from good.. Government, into making deci- Government and industry which 

chronically unprofitable parcel Board and the Post Office union— the UPW— which has CommaiUeatfons policy: the sions on general communica- is the issue. It is that the Post 

service round to near-break Engineering Union, on grounds proved itself relatively co- question of tije nature and pur- tions policy, and more import- Office will find itself involved 

even, overseas mail is showing of industrial efficiency. Those operative in the matter of re- pose of the country’s communi- antly on the increasingly pro- in more and more areas from 

a ten per cent, growth in against include Mr . ■ Gerald dundancies, but if unemploy- cations in the future is to a found effect such a policy will which it has previously been 

letters and a four per cent Kaufman, the Industry Minister meut rises generally, that co- large extent the key to all the have on the country’s produc- largely or wholly independent — 

growth in parcels, and even the with responsibility for the operation will not be automatic, problems "Shove, but H the most live forces and the lives of its broadcasting policy, employment 

inland letter service has — for public sector. Mr. Eric Varley, Electronic mail — which would difficult to define precisely citizens. policy, export policy. Can they 

the moment — ceased to decline, the Industry Secretary, and Che enable letters to be transmitted because there is no agency In the view of Professor all he contained within the 

AH the businesses will Union of Post Office Workers, and received on keyboards which has defined it. However. Daniel Bell, the American competence nf the Post Office? 



Faithful hold on 
to their money 


General Workers Union: “We he assures me has now gone to have severe reservations 
seem to be permanently in the back home." Otaiba replied about allowing the small army 
red." It is a sentiment with defensively that the inspiration of western technicians needed 
which Margaret Thatcher would was purely “ poetical and into a region with many rocket 
James Callaghan has short-term doubtless agree. The party theoretical — to take my mind off installations. The best that is 
anxieties enough about finance, pS ys a peppercorn rent to the oil dollar depreciation. SDRs likely to be achieved is the 

with this week’s onslaught upon TC5WU; so Callaghan must aad all that sort of thing.” salvaging of some electronic 

the Budget at Westminster. In wonder whether, at the current The climax came as Yamani gear, 
the medium-term, with a general level of donations, it .will even led ten o£ the 13 heads oE 

election somewhere on the hori- be possible to pay the rates delegations in a sword dance, 

zon, he must be pensively strok- when tile new headquarters N °t on stage were Sid Ahmed 1 ngt at sea 

ing his chin about the Labour (due for completion in 19S0) is Ghazli of Algeria and Tayeh b, Yr v <a *‘ 

Party’s own finances. After occupied. ^ d ^' K ! arim "Some of. our dummies are miss- 

seven months of fund-raising for 0f c0urs6( m cxtnm t, there JJJ ‘“i' *£* That is the red-faced mes- 

the new party headquarters, is ^ wealth of the big “£ .OPEC ri Jf. d .7^ sage from the RAF air/sea 

Planned for a site m the unions to call upon. The ^ue base at Leuchars in Fife. 

VV a! worth Road £1 0.000 has National Executive Council is Sfitp ifit' thp in^l Officers there will be delighted 

been amimii affld' oct matpri White suit declined the mvita- 5 - ^ t 


been accumulated; estimated now brooding upon a scheme “ e “ l “ cu u “ if any of their dummies, ra full 

cost of the HQ is f 1.6m. General whereby the unions would form ' flying kit, are returned to them, 

secretary Ron Haywood has a co-operative to build the head- - Eight man-sized models were 

been explaining- to foreign quarters, then let it out to the dumped in the North Sea on 

journalists in London that the party . A cosy idea, but one that Awaifincr fhl» thflW April ^ 80 miles off ae Sco *- 
party cannot send reoresenta- nwaiuns UIC uia " tish coast as uart of a NATO 


party cannot send representa- would make it paia&1 u y plain 
lives to meetings of the Socialist who pays the piper 
International because of an 
austerity drive. - - - 

I was told yesterday from 


tish coast, as part of a NATO 

When I was talking last week s n e “^ "EJ, 

to Dr. Pyo-Wook Han, South But , a " 

Korea’s ambassador in London, JAF spokesman has revealed 
he said of the airliner that made 2? onl y * smaU-and unspeci- 
a forced landing on a frozen fied-m^hw of the dummies 
Soviet lake: “ We 


Transport House, where the 9nri qWtirds 

party currently lives cheek by °° n ° S ana SWOrUS 

jowl with the Transport and i n holding the latest OPEC _ . . .. 

conference in Taif,. a summer that the Russians had been se „ in the exercise. 

t resort 5,000 feet above Jeddah, most helpful about the whole He also admitted that one 

Sheikh Yamani did his best to affair, which began when the dummies bad been Fol 

add a measure of light relief to Korean Airlines polar flight hy a nsmng coat and anon 

all that serious talk about oil strayed off course and was hit been washed ashore at St 

prices. My colleague Richard by shells from Soviet inter- „ ® ws Harbour * appealed: 

Johns reports that after a cep tors. ! If »» «w® tian up we shall 

reasonably brisk dinner — All the cargo has been re- “ e deughted to have them back 
including the mandatory sheep moved and brought to Paris by at Leucnar9, 

on a bed of rice for each table Aeroflot But the plane still ... ■ ... - 

—delegates, security men and stands on the ice of the frozen 
journalists were ushered into lake, 600 miles north of Moscow, U/Ofid bSStGt 1 
neo-Louis Quinze chairs to and despite Dr. Han's optimism, " 

watch a folklorique pageant in I gather that it will stay there, a new car called the Gemini 
Taifs new £75m. Massarah As. the ice melts, it will quietly now beina sold Down Under, is 
("Happiness”) intercontinental sink down into the mud, out of described as having ** a uniquely 
Hotel. The show lasted four sight and out of mind. Australian blending of Japanese 

hou ^ ,Si When the pilot, Kim Chang- and German body styles.” 

Oil Minister Yamani mounted Kyu. landed with almost Visualise that The Gemini is 
the stage to say that the words miraculous skill on the ice, the a product of General Motors- 
of a song just rendered by Talal plane’s undercarriage was Holden, but the hard-pressed 
al Maddah, the Kingdom’s damaged. To raise it and instal Australian car companies as a 
indigenous favourite, had been a new one would require whole look more and more 
written that very morning by sophisticated gear. Then there towards Japanese ideas— and 
his counterpart from the United would be the difficulty of sometimes equity support — lo 
Arab Emirates, Dr. Mana al getting the Boeing 707 — which- help them sell cars. 

Just think what we could Otaiba. "He has dedicated it needs a long takeoff— in to the . • ys, ' 

save in redundancy payments.” to an ex-unknown lover— who air. The Soviet Union is likely C rOS&TV&r 




The next timeyou gp to tie % 
States on business take your wife 
anddoitthe cheaperway ; I 

If you’veal ways thought that crossing the Atlantic on the world's 
most luxurious ship, Queen Elizabeth 2, was a little exttar asaut.it 4 rim* '7; 

to think, again. 

In fact, crossing on QE2 can aaualiywtjtk out cheaper than regular^ ' 
airfares. ■ . ’<!>'■ 

The reason is a new special air/sea fire hyCimard and British Airwjfej 
which allows you to sail out on QE2 and fly home all for£3?5.0r,it‘youTT 

prefei; you cm flyout and sail home for the same low price. 

Here is a comparison between these new tares and normal air fjtcsiO 
JNew York firom London;- 


First ClassQE2 Air/Sea faxcround trip 

" iwMsssl 

I ( Fiwt . Class A ir rpuiod 'tpp ; . r £748 {Gaotorde £$6)j 

Tourist Class QE2AiriSea fare round trip 

£j95-f m 

Ecotiomy Class Air round trip : ‘.V. " 

"i 040:1# 


Bear in mind too tbat onrc on board QE2 virtuallv the only things .1, 
you pay for arc drinks. 5 days ofsuperb food and lii«h JiWare all indodid 
inthepnee- 

If you travel regularly to the United States on business, take yourwife. 
vrithyou on your next trip and sail onMvay on QJ: 2. You will find it mafes 
a nice change from tlic usu.il Transatlantic dash, and for the cost of an extra 
tare, sailing on this wouderfuiship U a marvellous opportunity foryou to 
enjoy the holiday of a Jhc-time together. 

CLE2CTQSSCS the Atliriticno less tixm 30 times betwecnApril and 'Li 
November Many of her voyages arc made overweekends so yourretum ’ 
journey oould easily take the (arm of a long weekend away. = : ! 

Be warned though, once you hive tried crossing the " " : ' ' 

Q£2 way it could easily turn into a tegular habit. 

For all the detaiis of this remarkable offer, 
contact Cunard or ask your travel agent about it, 

Cunard. S Berkeley Street, London Vi’L • ^ 

Tel: (01)491 3930. 

CUNARD GE2 



■S’. .• 







Brought 


Financial Times Tuesday May 9 1978 


FINANCIAL TIMES SURVEY 


Tuesday May 9 1978 


















Financial Times Tuesday May 9 I97S 


FRIGG FIELD AND ST. FERGUS GAS TERMINAL II 



Two Royal inaugural presences, an investment running into several 
billions of pounds and a thoroughly international participation all bear 
witness to the signiiicance of the North Sea Frigg Field and its associated terminal 
at St. Fergus in Scotland. This survey discusses its importance to Britain 
and Norway, the two countries principally involved, and the prospects. 


A world 



THE ROYAL inauguration of which has contracted to buy all large new supplies of fuel. Frigg is added. By the end Df this year. Sl latiun operations some 1,800 aged, somewhat spectacularly. Elf Aquitaine's No rth era 

i he Frigg Field and the Si. of the Frigg gas under two 20- is the first of these fields to be The St. Fergus complex. Fergus should be able to handle were working simultaneously in 1974. Europe and Frigg operations , a 

Fergus Gas Terminal in Scot- year supply comraers. has spent commissioned, but within a which might well also handle up to 75m. cubic metres a day offshore, supported by semi- This steel structure, built by The fact that the return 'is 

land — with Her Majesty the some £350m. on treatment facili- couple of years gas will also supplies from any future gas of Frigg gas. although the field submersible rigs (used in this the J. Ray McDermott group, “acceptable" — stockbrokers 

Queen and Norway'* King 01 a v ties at St Fergus and on new start arriving from Sholl/Esso's gathering network that is built is due to produce at an average case as floating hotels), three was being positioned in the Wood, Mackenzie estimates; a 

officiating at two separate cere- transmission and compression Brent Field. Brent, the largest in the North Sea, has been con- level of 43m. cubic metres a pipe-laying barges, a fleet of field when buoyancy tanks DCF return of between 10.. -and 


monies — seis the seal on one of systems. 


field in the U.K. sector, not only structed 


Europe's most ambitious energy Viewed from an energy angle contains substantial quantities Shared 


on a 500-acre site. day. This rate of production, supply and standby vessels, collapsed. The platform •‘jacket" 11 per cent — is largely thanks 
at present between which should be reached by the several helicopters operating slipped off its barge and sank to to escalation clauses contained 


development projects, even by the Frigg Field will eventually of gas produced in association British Gas and Total Oil Marine end of next year, is equal to between the platforms and be- the seabed, tantalisingly close in the British Gas supply cun'* 


North Sea standards. raise Britain's fuel supplies by with crude oil, but also a “gas (the operator for the Frigg about 30 per cent, of British tween the fiel 

The coils involved provide about 5 per cent, and save the cap." in essence a gas field group's transportation and ter- Gas's current supplies. For the a mini-submai 

tome measure of the import- balance of payments some sitting on top of the oil reser- minal projects! SL Fergus is first time in several years support boats, 

anee of the related develop- £300ni. a year by reducing the voir. une of the largest gas treatment British Gas salesmen have been Developments of this sort put to cut their losses and convert which means that the Frigg 

merits. A Franco-Norwegian need for oil imports. plants in Europe. Yet the whole engaged in a positive selling into perspective the sire of the the concrete unit partners have some reason to 

partnership of uii companies is Frigg also marks the begin- TrpJlfpH lystem can be run ar anv lime campaign to find new customers offshore supplies market which Howard Doris was again be thankful for the four-fold 

investing some £2bn. in the ex- nmg of a new era for natural A * cflicu |>y only a dozen or so operators, for the Frigg supplies. has developed rapidly, both in called on to design and build rise in crude oil prices in 1973. 

ploitation of the field, which gas supplies in the U.K. As the As with the Frigg gas. sup- Even ’ when maintenance. The field itself is not only the Britain (and particularly Scot- the replacement manifold com- North Sea gas prices are knpf 

straddles the U.K.-Norv:egJan latest Government “Brown plies of natural gas from Brent administration and service biggest of us type in deep land) and in Norway. More pression platform. Code-named a secret but it is thought that 

median line east of the Shetland Book" on offshore statistics will be carried by pipeline to staff arc included the hital work- waters (estimated recoverable than £2bn. is spent annually on MCP-01. it was built in Sweden British Gas might be paying 

Islands. Thai cost includes a reports, gas produced from the the St. Fergus terminal near force dues not cornc to much reserves are more than 7 trillion offshore equipment and services and installed in the summer of some lOp a therm for Frigg gas. 

• omplex of five main platforms southern shallow-water fields of Peterhead. Here the gas will more than 160. cubic feet or over 200,000m. in the U.K. sector of the North 1976. The price is complicated 

installed on the field, a 360- the North Sea last year be regulated, treated and com- Sume of the most sophisti- cubic metres): it has also neces- Sea alone. This figure repre- .j» because it pays a higher price 

kilometre dual pipeline system amounted to some 34.3 m, tonnes pressed to meet the require- cated communications) systems sitated unique treaties and sents about one-third of the .iJjitTOrmS for supplies from the Norwegian 

to the Scottish coast and a of oil equivalent which conser- merits' of the U.K. distribution in the gas industry have been unitisation agreements between total spent worldwide on off- . sector— gas which does not 

manifold compression platform vatively valued at present oil system. As natural gas does not installed to speed the flow of Government and commercial in- shore operations — a hint as to .There are two steel platforms necessarily have to bo. sold in 
which might well be used to prices was worth about £2bn. carrv the normally accepted ( or information between the pro- terests in Britain, Norway and whv the British presence at the on Frigg: one (QP) has been the U.K — than it- docs fur the 

boost the rate of supplies in Now British Gas is looking legally required) gas smell, SL ducers un the Held. British gas France. Offshore Technology Conference built by U1E in France to act captive supplies in the British 

future years. towards the more northerly Fergus is one of the places as sellers of the fuel and the Studies carried out by inde- and Exhibition in Houston at the as the quarters and nerve centre sector. Even so, Frigg gas 

British Gas Corporation, regions of the North Sea for where the distinguishing odour main buyers. pendent petroleum consultants moment ranks only Second in for the field: the other (DP2), taken as a whole is costing three 

LZZ : ■ - ■ ■ ■■ indicate that 6U per cent, of the strength to the Americans. also built by UIE, is a drilling to four times the amount being 

^ ™ reserves lie in the Norwegian Frigg in fact provides a good platform supporting 2,o00 paid for gas from the southern 

block 25/1, where the licensees shop window for the variuus tonnes of drilling and process- sector of the North Sea. 

mi. _ IT* 95 TT* are: Elf Acquitaine Norge types uf fixed production instal- equipment. In addition to While -no one would deny that 

I IIP I UTH Vll IPQ £1 I l£l V rSQPCfP (41.42 per com.): Norsk Hydro lations available. The facilities »U these units is a recently- Frigg is making a vital cunlri- 

J.IV/ -L vT VJ J.fXXJ.V/0 C* UlXJ JJJC&JLfcLV/ 1 32.78 per cent.): Total Marine comprise five major intercon- developed articulated flare ! plat- bution to Britain’s energy 


the operator for the Frigg about 30 per cent, of British tween the field and the shore, to its intended position. Despite tracts. It is understood thaf 

roup's transportation and ter- Gas's current supplies. For the a mini-submarine and diving- a winter of efforts to raise the the gas prices are partly linked 

tinal projects) SL Fergus is first time in several years support boats. structure, the partners decided to inflation and rising oil prices 


partnership of uii companies is 


investing some £2bn. in the cx- nmg of a new era for natural 
ploitation of the field, which gas supplies in the U.K. As the 


Treated 


straddles 


U.K-Nonvegian latest Government 


future years. 
British Gas 


towards the more northerly Fergus is one of the places as sellers of the fuel and the 
Corporation, regions of the North Sea for where the distinguishing odour main buyers. 


The “Two Miles a Day” Barge 


On the 6th of June. 1976. the 
combination derrick-lay Barge 


ETPM 1601 laid 12.377 feet 
of 32" pipe (2.035 miles= 
3.772 m.) in 24 hours, on the 
Frigg Pipeline, thus becoming 
the record holder for the 
longest distance of such pipe 
ever laid in a day. in the North 
Sea. 


This was the peak production 
of an overall excellent laying 
season, and a line techno- 
losical achievement. 


This was also the conclusion 
and reward of years of 
research and development, 
tight planning and heavy 
investment costs for ETPM. 
as well was the result of 
months of co-operation with 
TOTAL who placed their con- 
fidence in ETPM in order to 
have this major project carried 
out on schedule. 



1 20.71 per cent.): and the State- necting platforms and a flare form, designed by Elf Aquitaine supplies— and to British Gas 
| owned Statoil corporation (5.09 stack grouped on either side of an “ .. E J, of France. Corporation's growth — it does 


per cent.). 


Group 


the median line. (All the plat- Inevitably there have been present the gas undertaking 
forms were positioned with Ihe delays *p * he installation and with two particular problems. - 
aid of satellite navigation.) The commissioning of. these facili- First the Corporation has tn 
main production facilities were ues .' Hon V u J te ® parl [ , e assimilate the more expensive 


The Total-led group in the built in Several European 3?_ suPP 1 *®* without unduly loading 

U.K. 10/1 concession which countries. " *ts tariffs to domesUc aod corn- 

The two treatment platforms * , a „ u „ “S ™rcial customers. Sir Denis 


u.i\. 10/ 1 concession which 

contains the remainder of the 


reserves are: Aquitaine Oil and are made of concrete because, nroErammS Rooke - tte British Gas ^air- 

Elf Oil Exploration and Produc according to Elf Acquitaine. behind time mdiistrialfd^ns m * n - * as raid ^at ™ m0Sl of 
lion (Elf Acquitaine) with a they have additional safety b 'aJ ™3£r design **“ ^vestment in the natural 

tun.th,prfe ..howahitMinn arlvantaOWC In t IP PVPDf «if an “ unu ncamci, • . , . ■ 


shareholding between advantages in the event of an ^ ges aD(J th e complexities of 8“ conversion project has been 
Total Oil Marine with explosion and are able to sup- -—wt w hich in anv case is completed there should be - no 


two-thirds shareholding between advantages in the event of an 

them, and Total Oil Marine with explosion and are able to sup- project which in case - 1S completed there should be -no 
3*3 per cent interest. port : a ,2 h a r ri tlC fu_ w ^®^ on the frontier of offshore tech- reason why ?as prices should 

The partners point out that of equipment than the more no i og y — an these frustrated rise more rapidly than the 

the combination of physical and conventional steel structure. nPnn %« general rate *f mfl»Kn n V 

political geography has domi- The first uf these platforms — 


progress. 

In the event, the start-up date 


enerai rate of inflation. 
Secondly, British Gas recog- 


rr-LTsa s 


safety. Elf Acquitaine, in charge Point in Scotland: the second- hut ™, Rriri/h r-- ^ " V Dn ’ 

of offshore development, de- TP2-w aS built by the Nor- f-Ssly made 11 * " M 

cided to separate drilling facili- wegian Condeep group at arrangements on the basis that titles im! mg Iar ® e q “ an ' 
ties from the treatment and Andalesnes. ar rangemen is o □ tne basis that titles into the non-premium 


ties from the treatment and Andalesnes. it ■Shtiot receive Fries “as market non-premium 

accommodation units, a practice There is a third concrete unit un til January this S ^ear ma J^o L Conse ^ uentI 3 r - a f trig? 

which is gaining favour in other in the field, a drilling platform although it did receive the'fir-sr and Brent supplies build up 

North Sea fields. To. drain the (CDP1) built by Howard Doris flow In September 1977. s „°.^ e °j lt P ut the southern 


reservoir more effectively it was and Norwegian Contractors in This delay of some 15 months u “ wuie u* « w 

also decided that main produc- Andalesnes. Norway. This plat- imposed an economic nenalrv nf . ped 0131 in this way Britain 

finn finilillflc chnnU hw ..itvwl ..,4c nnt r... 11.. K k JJGIlOJIjr Ui U, j I I RC|>inn 9 hunt r. ( Ih. nlhnr 


fields will be trimmed. 


tion facilities should be sited in form was not originally course- Costs rose from an w ' 11 escape a bout of the other 
two places. intended for drilling activities, initial ocHmato . Dutch disease which results 


intended for drilling activities, initial estimate of £700m. to 


The result was one of the It was intended to sit half-way eventual £2bn. - The rate of ^ ro ° 3 usin ® l, P Sas resources tuo 

most ambitious development along the pipeline as a manifold return is kill acceptable quickly and indiscriminately, 

projects undertaken in the compression unit. However, it although considerably poorer D« r* f* 

North Sea. certainly for a gas was speedily converted to than the initial estimate " says UaTtfir 

reservoir. At the peak of instal- replace a steel platform dam- M. Jean Curutchet, director of Enei^gy Correspondent 


Work performed by ETPM-DLB 1601 on the 
Frigg Pipeline for TOTAL OIL MAKINE 


1975: Laying of 53.000 metres of 32 ' pipe between Si. Fergus and 
Frigg Field at water depths 0 to 515 feet, including the shore 
approaches of Lines No. 1 and No. 2 with heavy coated pipes. 

1976: Laying of 75,000 metres nf 32" pipe between si. Fergus and 
Frigg Field. 

—World record of 3.772 metres laid in 24 hnui> on 6th June. 
—Daily average laid on that section 2.495 metres. 




E.T.P.M. COURCELLUR li 33-35 rue (T Alsace Tel: 759.60.00 

92531 LEVALLOfS-PERRET Cedes PARIS (FRANCE) Tlx: 612021 


E.T.P.M. Services (UK) Limited 









4-'&: 


LONDON: 


Portland House. Mag 
LONDON. 5 IV IE 5B4 


Tel: 828 4103 
TU: 917914 


. • si 


vf '• 






ABERDEEN: 9 Albert Sired. 

ABERDEEN. ,\JB1 1XX 


Tel: 29281/2 
The: 739178 










REGIONAL OFFICES & .MARINE BASES 

BUSKIRE — HARTLEPOOL — I_\GOS — PETERHEAD — POINT NOIRE — PORT-AUX-FRANCAIS — TEHRAN 
FORT GENTIL — RIO DE JANEIRO — SHARJAH — SINGAPORE — STAVANGER — TCHENGUE — HOUSTON 


Frigu Field is the biggest gas reservoir to be exploite a in deep and hostile water* Tntai mi 

mediate manifold platform, sited on the pjpe^tetwm gw fieid and St. Fergus,' withkandst^ poundhlg 






B9 


i 








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Financial Times Tuesday May 9 1978 


royjv)- -w. 


Today Her Mai esty the Queen accompanied by £ - ; 

H R H theDuke of Edinburgh, officially inaugurates the p 

nurhomes. cook our meals, and fuel ourindustnes, now and for a very 


have coSributtd toSe success of this huge, multi-national energy ^ 

bSmd particularly to express our gratitude to the local community 
S3 aftoJwbo live dose to the route of (he newpipdmes andassoaated 

JHQ ali tilUoO vv , _ j tvT^^h-V» am T}-r»n-1 o-nr] f nr fli pi r rn-nriP/ratl nn 


installations in Sco 













1 


Financial Times Tuesday May 9 1978 


FRIGG FIELD AND ST. FERGUS GAS TERMINAL IV 


Energy policy 


i-' • -S; ? 


4 

HZ* 


Secretary of State for Energy Ru3sia “ d tbe Middle East 

Mr. Anthony Wedgwood Benn Our policy on the use of gas 

discusses Britain’s energy is tha ' it .‘ h0 “W ^ concentrated 

, . in premium markets such as 

prospects and options running domestic heating, industrial 

into the npvt renhirv process and petrochemical uses, 

mio me ne\l century. Premium demand is subject to 

' seasonal fluctuation, however. 

THE GOVERNMENTS pro- present R and D programmes particularly in the domestic 
po.*als fur energy policy, as set justify going on to the develop- sector, and the supply system 
■■nl in Hu* Green Paper* pub- mc-nt stage. has to bo matched to peak 

lislied in February, are in fine Department oF Energy winter demand. To assist in 
cnnlinuc tu develop and main- estimate of where our energy matching supply and demand 
lain all I»»ur components oF ihe may be coming from at the end and to provide the flexibility 
present L : .K. fuel economy — or the century is given in the needed for safety. British Gas 
•til. gas. cual and nuclear Green Paper as follows: — makes limited supplies of gas 
power — together with energv _ available to the non-premium 


- mi 

^ ■ - 1 


Multiple role for 
the terminal 




conservation, in a way which 
will allow for adjustment and 


choice as uncertain prospects in Coal 170 

the longer terra become clearer. Nuelear/Hydro 95 


m. tonnes market on an interruptible 
coal equivalent basis. 


THE BRITISH Gas Terminal at out on land. The Gas Corpora- pressure to the level of the stage so that should there b* 

SL Fergus, four miles north of tion insists that gas bought by national system. Ph emergency or a breakdown 

Peterhead on the north-east it must be 90 per cent pure Gas arriving at the terminal the supply does not have to be 

coast of Scotland, could become methane. This means that any not only has to be pure: it h3s cut off. Should the pressure in 

one of the largest natural gas other gases present, such as to meet other requirements such the supply drop suddenly, a re- 
handling plants in Europe, butane and propane, must be as calorific values, sulphur con- cycle valve automatically opens 

Altough initially designed to separated and that any other tent and pressure. On the site j n the compressor station and 

take gas from the Frigg Field impurities are removed. is equipment to check all these ihe compressors reduce speed 

through the 250-niile-long trunk To help extract impurities specifications — as well as blend- and can circulate the gas for 
Mr Anthnnv wixWnnri Bonn pipeline, it has also been agreed cylindrical rubber “pigs ” are ing equipment to mix the an hour or more to avoid stop- 

” that it will handle gas from forced through the submarine slightly different gases from ping the engines. The after- 

smt ha msnnfantiirpri Shell-Esso's Brent Field, 330 pipeline system under pres- different fields — flow rate and coolers come into operation to 
■nm niiT- miles to the north-east It could sure and are caught at the pressure controls and odorisins prevent overheating. 


, fmm nil n* ~>„i The tnu.-n oac w uie noiui-c©L u coma sure ana are eaugru ai tne 

ISSS!? - 22S2 of the sixties was made he receiving supplies in the near terminal in devices known as Plants. 


At present we cannot 


Natural gas 59-90 


quantities of associated gas 'ft 

could raise problems because ’ Ses^GaThfr The growth in importance of the "pigs” helps to separate OdOffllt 
such gas has to be produced o a North Sea Gas be- Fergu ^ efore it * even any hydrecarboSs or liquids ^UUiaill 


before 


large-scale 


future from other fields as well. 
The growth in importance of 


exactly which mix of energy l « Aie oil 150 

* Renewable sources ,rt 


sources, including conservation, 
will prove most advantageous 
in ihe year 2000 and thereafter. 


“ - — * — Z came available. Thar hnwpvpr ol - — ociuic u i* cveu any uyurocarnoos nr tiquias 

at the same time as the oil. Ia was - Vy^.. 0 :i’ officially commissioned — reflects present in the gas. The gas can Unlike the old coal gas. 

some cases it may be technically future y the nrice of oil tte realisation that gas is an be further purified by heat ex- natural gas has no smell, which 

possible to conserve the gas by , wh - . ’ ,» bp double lm P ortant source of fuel and change, pressure control and makes it potentially dangerous, 

re-injecting it, but in others it present level _ = , terms bv feed stock. even when it is refrigeration and by-products Domestic users may be unable 

will have to be taken or flared. p f 1 * i ^Tn merely the by-product of crude are separated out and liauified to tell if a tap has been left 


is in the near terminal in devices known as Plants. iWj, independent electricity 

ields as well. u slug catchers." The action nf ^ 1 supplies have been provided 

nportance of the “pigs” helps to separate (JfJorHIlt from the national grid, with a 

i it is even any hydrocarbons or liquids standby generator to operate 

ned — reflects present in the gas. The gas can Unlike the old coal gas. the different sections of the 
it gas is an be further purified by heat ex- natural gas has no smell, which , 3nt in ^ evenl of a pQW „ 
of fuel and change, pressure control and makes it potentially dangerous. , 


i f rnis i he nrnbl eras wit i ch are Dependi "S on the level of will have to be taken or flared. ^rend the eentunT wQl merel - v by-product of crude are separated out and liquified to tell if a tap has been left To monitor the progress of 
likely to a r£e As we move into demand * aDrt making allowances It is of course the Government s ms ^ e doubtful for base oiL ™nstrative of this is the ready for storage and removal on or unable to ditect leaks Sas through the plant there is 

I hr' next centurv ihe world’s for substantial further efforts on policy to minimise flaring It J{jad gNG manufacUire It is ro Department of Energy’s increas- by road or rail tanker. until too late. To overcome a mass of electronic equipment 

available oil wUl need m be ener?y conservation, there may was with this in mind that the ]-b ased Sat we shall ing reluctance to permit gas to Brent gas. which has butane this an odorent is added which connected to control centres in 

increasing! v resen ed for b * 3 " eed addition these ‘SSLEf'-.S; ”reb1b?y look fo7 future^s be flared ’ off a ? P^tforms. and propane present in larger gives the eas a smell similar London, the Midlands and other 

essential use* oartiL-ularlv in supplies for energy imports of dertaktng— Gas uatnering ripe- s u Operating companies are\ being quantities, will be handled a to that of the traditional manu- regions of Britain hy Post 

i ranspoN and ‘the manufacture up 10 4MDm - lonnes coa! hues— was set up to investigate Research imo g e of forced to look for new ways of little differently. Methane will factored kind. Office lines. As a back-up the 

nr petrochemicals Bv that time equivalent a year. Yet more the vmbiJlty of 3 as gathering advanced j gasification ex P IoitJn ° S* 3 reserves rather be extracted at St. Fergus, but The fact that St. Fergus aiso microwave radio system that 
our own supplies of oil will may be needed if all our options schemes m the No^ e m Nonb techjliqu0s undertaken by ^ than allowing them to be burnt it is planned that the other has to compress gas means that was previously in existence in 

have siaried^to decline. Coal are not successfully developed Sea. I am now considenn 0 its Brilish GflS corporation. At its m atmosphere. gases will be pumped through it has lo have aftercoolcrs. the South and Midlands has 

mav be able («> fill some of the ~~ a task which wil1 require very fina J reporL Westfield Development Centre Occidental is one of the first an overland pipehne to a gas which are not normally needed been extended mirth to St. 

2ap caused bv the withdrawal of great efforts - ■ 1 in Fife work is being done on Strops to consider putting separation plant at Mossranrran at landfall terminals. When gas Fergus, with connecting UHF 

oil from crude heat production One nr the major unknowns prQhlem a commercial scale using an gas into St Fergus in Fife. Shell-Esso has been is compressed, its temperature links to the new compressor 

Mill coal itself may be needed ' s indicated by the range given improved form of the Lurgi mean s of a spur line from its granted interim approval to rises and. if not cooled to below stations on the pipeline, 

increasingly a„- a raw material in lhese esl!matc s for gas sup- But this problem of how to process including the more Pip€r FieId t0 ^ main build the plant and already has 50 des. C. would damage the The w holc St Fergus ter- 

like nil. for ihe manufacture of plies ’ We canno1 « iv * a m °re absorb an extra tranche of gas advanced technique of slagging P>Pe*“e: others may follow. a contract to sell the products wrapping around pipelines. minal can be run bv a dozen 

transport fuels and perhaos precise estimate because we is purely short-term: as we see gasification. The work is being Some ^ugh • and ready treat- in the U.S. However, final con- Large fans arc installed to do nv & operators— so advanced is 

petrochemicals. smd'> Substitute <-’ aTinnl W be sure of the Jt our longer-term problem is a partly financed by the U.S. De- ment of the gas at the platform seo t has yet to be given by the thu job. iIS cf)ntro i fl nri mnnitnrin:; 

Natural Gas iSNG). extent of our gas reserves. For shortage, not a surplus of gas. partment of Energy on whose raay oe necessary to make it Secretary of State for Scotland There are eight separate eauinment When all the staff 

One nn«ihi„ lhe same reas0Q we do not yet 0n the other hand lon S-lerm behalf British Gas is expert- compatible with that already f although it should be merely a power units in the compressor needed to maintain a round-the- 

ba>ed on nm rjjr nZ nrhf know how long our gas su PP ,ies damage to other fuels could be menting with SNG production earned in the pipeline, formality) and it has not yet station generating a total of chick shift svstem inaintenancp 

* L, S" n “ ( lf n ,,r ?j. her will last caused by a short-lived peak in from U.S. coals. In the short but no great technical problems been decided whether a public 339.000 ho. They handle some 

men of fusion Lw^r ' Inri Total reserves remaining in gas supplies. Il ls normal for term British Gas expertise :n ara ^aised^and ^the potential inquiry will have to be held in- L4bn. cubic feet of gas a day. Jk?sTr^countcd un the to5 
pn l l ; p Th J[ a d known discoveries at the end gas supply contracts to cater SNG manufacture could be of benefits both to the country and to the proposed route for the but this figure could ultimately war kf orce i s Q niy ISO 
k- 3977 were estimated* to be for market fluctuations by pru- gre at value to countries like to the company are considerable, overland pipeline. rise to 4bn. The units will be 

34 7 rcF 1230 mtce) but visions under which sorae of the U.S. for which the need to These problems aside, the driven by industrial versions of 

muvrr h n ih.^r ^ S! » lon exploration is continuing, and the available supplies can be move 10 large-scale coal-based Porfc British Gas terminal will then the Maxi Avon and RB211 jet fL** 1 io “i* hUl 

w un are we believe there is raore-per- postponed for a few years SNG appears more pressing receive methane from both the engines. 

.. uf.u .f i:. e d “ - haps much more— gas a s yet These provisions, together with than for the U.K The St Fergus terminal is in Frigg and Brent fields. The end-product from the I?. 1 ? 


extent of our gas reserves. For shortage, not a surplus of gas. partment of Energy on whose ma * v b« necessary to make it Secretary of State for Scotland There are eight separate eauinment When all the staff 

ihe same reason we do not yet On the other hand long-term behalf British Gas is expert- compatible with that already 1 although it should be merely a Power units in the compressor needed to maintain a round-the- 

Icnow how long our gas supplies damage to other fuels could be menting with SNG production P e,n S earned in the pipeline, formality) and it has not vet station generating a total of shift wstem inaintenancp 
will last caused by a short-lived peak in from U.S. coals. In the short but no great technical problems been decided whether a public 339.000 hD. They handle some administration and other ser- 

Total reserves remaining in gas supplies. It' is normal for term British Gas expertise in ara raised and the potential inquiry will have to be held in- L4bn. cubic feet of gas a day. viL . es are coun tcd un. the total 


n povker and j- nown discoveries at the end gas supply contracts to cater SNG manufacture could be of benefits both to the country and to the proposed route for the but this figure could ultimately Lnrt fnrro To U onl v isn 
.es. liwae are of 2977 were estimated* to be for market fluctuations by pru- gre at value to countries like to the company are considerable, overland pipeline. rise to 4bn. The units will be I . , “ . r * 

*«..»EIIl S *a ,n ? re 34 ' 7 rcf t230 mtce> but visions under whicb sorae the U.S. for which the need to These problems aside, the driven by industrial vertinns of 10ta ‘ “ nd J,® 


-Thes'e" problems aside, the 'b^ihdu^v^^ ,,^1" 

v L* r y C u n ce r i ' W e do n o™ we believe there is raore-per- postponed for a few years. SNG appears more pressing 1 ^"tS receive methane from 'both 1 the eneines. 1 RB- \ jet thesiteMchatpresentbiit 

veP uhpJhi?fn In r I haps much more — gas as yet These provisions, together with than for the U.K The St Fergus terminal is in Frigg and Brent fields. The end-product from the ^ 

p.mnrmJ un discovered. It is possible Uiat our powers to defer production The Government’s objective is fact in two parts: the producer The British Gas terminal at terminal is delivered to custom- JESSUP 

, rihm l, p }“!!' i be total could be as high as from new fields until it is t o avoid too sharp a peak or terminal, where Total Oil St Fergus, which cost £38in.. ers throughout Britain through h !l iL.n mS i n ' 

b - . 0 . , n n "Jf . a) ,^ 80 tef <3^00 mtceti On our needed, should enable unavoid- \ 0 o rapid a decline in out gas Marine, as operators on the is unique in that it combines a network of overland pipelines. 

hv the' end ' t h present planning estimates of able surges in the supply of supplies so as to prolong the Frigg Field, will receive the gas a reception plant with a com- It is essential that the supply reduce lh ® inipa ^ . oFtb f pIat 

c’nno, be rni ied uoon o Vii^hr the resources available to us associated gas to be contained pe ri 0 d in which premium and treat it to meet British Gas pressor station. This is made of Sas should be reliable and on tiie somh side 

inm-iaMe thprolfijr 3 ri nt * ludin S Norwegian Frigg When the supplies of natural markets, including petrocherai- specifications: and the British necessary bv ihe fact that gas a number of snccial precautions 

' inereaiier. gas) and lheif fllture rate of gas approac h depletion ihey cals, can be supplied without Gas terminal. will be arriving at 600 lbs per have been built into the instal- ° 

We need in keep ihe nption depletion, we expect offshore will have to be progressively recourse to expensive alter- When gas arrives in the Total square inch pressure, whereas lation to ensure that this is the , er j, sup P‘"f * 

■if fast reactors open while at gas to be available for some replaced with SNG. It is natives. The best use of gas terminal it has already been the standard pressure in the case. already Deen maae a nome for 

Hie same time continuing with time beyond the end of the difficult to forecast with any and our other energy supplies partially treated offshore, but natural gas transmission grid is The design or the British Gas fJS 118, nerons 81111 ocner wua ‘ 

the development of fusion century, although supply rates accuracy when and to what ox- will have to be kept under re- the full process is sufficiently 1,000 lbs. Compressors are terminal enables individual me ‘ w m 

power— the next stage of which are likely to decline towards tent this replacement will be view and continually developed complex to have to be carried therefore needed to boost the plants to be by-passed at any Kay Peifliail 

will be the JET project located the end of that period. This necessary, but the best estimate during the coming decades, 
a i Culham— and with putting decline could be delayed by is that a significant proportion P„iiru-4 nmnitnur* Do ™. 


landscape. 


- vwu.u « uj 13 i.«il a ‘Energy Policy— \ Cmwillaiire Doca- 

m creased resources into the further imports of Norwegian of our gas supplies will come mcm-emd 7ioi. 

development of renewable forms gas. and of liquefied natural from SNG by the early part of D€x*to7»i>uiir ni sir <*u and <hs 

of energy, as Hie results of our sas: indeed even piped ga s from the next century. bl u£ nSi«Stoj <W F'rww* 


T75 Pignone pipeline 
compressors 

for natural gas transportation 

' 12 different locations 


Marketing strategy 

. * * % 

for the gas 

THE BRITISH Gas Corporation order to provide the capacity to by the fact that the corporation have more than doubled from 

is already winning the lion’s replace the gas when reserves is paying more for its supplies 2.6bn. therms in 1967 to 6.2bn. 

share of the growth in the UJC are depleted." Manufacturers of from the Norwegian side of the therms in 1977. Deliveries in 
fuel market. But it faces a main plant and domestic equip- field than for those from the the commercial market have 
major marketing effort over the ment in the electricity industry smaller U.K portion, whicb risen from 630m. therms to over 
next few years if it is to find were forced to cut investment, represents about 40 per cent, of i.5bn therms and in the indus- 
the extra customers to take the since only limited investment the total- trial sector the increase has 

rapid build-up of new supplies was taking piece in the coal British Gas is anxious to avoid been even greater with sales 
ll0m “““t any sudden increases in tariffs. Splj” MM ftta % 

Fng ? Field. British Gas’s present pacing and it plans that future rises therms in 1087 to more 

r p t roduc i l °; P° Uc y- according to Sir Francis, should be gradual in line with &b^ 1977 

from Fngg, the largest gas field is creating a precipice prob- the general rate of inflation ' ' * c , 

yet developed in such hostile lam of cnharttnHnn for ifonlateH *1 w w:_i 1 About 30 per cent of the total 








m&m 



m - 1 



65. in IJSSP. 


36 in Italy 


Eight of these compressors 
boost the North Sea natural sas 
at the St. Fergus Terminal. 


supines uy mure m a n a Lmru c„„ o 

and Hill meet over 5 per cent. p r : pp lower— mtfculMlv iSerS energy % nekifi : ll is now taM °2 

of primary energy requirements. A FlCe r-har^es as P it has reo^d the more than 40 per cent of the 

The field represents a new The ei ectrlc | ty industry has lom * t ’ hat were nece ssa!y to enep. 

SaP f ^ at maintained that the cost of pro- cover the cost of the natural «*“ * d 

fiP^rik m i/°iw1'ino ^fc duci ng gas is about 1.9p per gas conversion programme and market and it is obfainmg 

southern fields is pasain 0 its t b erm W hile the cost of produc- has written off the obsolete' gas ? dominant share of all new 

pe rr’, .. . .. ing electricity is nearer 8p per manufacturing plant system installed in both 

Sfi; {sr- t ^ ut £L e 5£ m sz ?■* "i and »“ 


'tm 


SI 



r 


r 


if. in USA 


12 in Aigenhna 


10 in Austria 


10 in UK. 


8 m West Germany 


W&KfCL 

n >'* «*-' t-- . n ; ' 

Hi®: • 

Mb.**#*. 


vided tbe opportunUy for i ‘te !” J hich «"*?■ S. "c^erTin 0^7^ “ SW^LS"!" £ 

embark on a complete change, ""smjssion costs, ,s higher. a mK - ke t for the rapidly mount- £ ? !?? 

srK « f 0 r it ~r t o ot % ^^^sssstz 

m.nufartured g ?ram co^r ? L ?„ ri « « in be ". e ?. rer 6p a therm, ZXn teWs Llll ot fas 

^ d^n^and flertWe° f 55 

end of the centurv and huvnnH have dictated a comparatively lMW . * mean and nexioie uei 

saarSS?? saar ■s nsf a w-ssy»- 

the flexibility °and security of ^though the exact price . is a SaIes la . a,e domestic market based on Frigg should come 
jr— a_ ri — v commercial secret, complicated ■**'- — 


v> 




p*. * 


c in f lorin Sea 


4 Off-Shore USA 


3 in Hungary 


Jm 


\ in France 


1 in Rumania 


A series of three different compressor casings, for 
powers from 5000 to 65,000 hp. has been 
developed since 1962 by Nuovo Rgnone. 

Tnree standard casings house impellers of 500-800- 
1000 mm diameters. Gas flows range from 36,000 
to 2.400.000 SCMD. 

A different number of impellers 0 to 4) may be 
mounted in the standard casings to meet the 
desired compression ratios. 

Revamping of the compressor to meet the changing 
pipeline characteristics can be carried out without 
involving the compressor casing and plant connections. 
Most of Pignone pipeline compressors are supplied 
complete with gas turbine drivers which the 


company manufactures under a "Manufactunnq 
Agreement" with General Electric. 

Nuovo Rgnone capabilities for natural gas 
compression go well beyond the manufacture of the 
turbocompressor sets - the Company has been 
awarded contracts for the supply of complete 
compression stations as “turn key* plants. 


Em Croup 



none 


2, F. Matteucci - 5Q1Q0 Florence, Italy - 
P.O. Box 414 - Tel. 055/43921 - Telex 58320 


distribution. 

The emergence of British Gas 
as a major force in the U.K. 
energy market has not been 
without controversy. The rift 
between the various State 
energy industries over the 
relative price of fuels has re- 
cently come into the open, with 
the gas industry facing a con- 
certed assault from the coal 
and electricity supply industries! 
which see their market shares; 
shrinking at a time when they 
can do little to halt their in-] 
creasing lack of competitiveness 
on prices. According to Sir 
Francis Tombs, chairman of the 
Electricity CoundL, gas should 
be priced at a level which 
takes into account the cost of 
its future replacement by other 
fuels. Otherwise it will damage 
the long-term markets for coal 
and electricity. 

‘if gas is to dominate the 
energy market," says Sir Fran- 
cis. "then its competitors and 
potential substitutes, electricity 
end coal, will have limited 
markets and will not be able to 
| afford the investment necessary 
on a very long time scale in 


When you’re IOO miles From the nearest jSg, 
land sound waves beconw prei t y Jig 

important. Good shore communications W# 

are imperauve. Nor jusi for safety, bur . 

for planning. data handling and control. 

In the Frigs Oil Field. Burmah 
lelecommunicationyDivisiOtt n rr , 
designed and installed one 
of the most complex # \ V jg§S§*5j 

communications systems * v ‘ * ' 
in the world, for Total Oil 

Utilising rrophosphefic ” . . 
scatter. microwave.SOLAS. * > 

sea 'air links, telemetry and Jjr 

emergency standby systems, this vast’ 
project is just one of a wide range of 
industrial and commercial communications-/!’^ 
systems now working efficiently thanks \ 

to Burmah know-how. 

Ifyoud like to know more ^ 

about us.conract Burmah 
Telecommunications, now. I 


CONTINUED ON PAGE VII 




When you’re 200ft. 

.above the North Sea 
m some waves matteij 
» more than others. 


Burmah 

ENGINEERING 


Telecommunications 
Projects Division, 


Burmah House. Sharstorv Road. . 
Manchester Mil 4TD. England. 
Telephone- 06I-99S 7021*. 
Telex: 668782. 















ul£ 



Financial Times Tuesday fllay 9 1978 


23 


FRIGG FIELD AND ST. FERGUS GAS TERMINAL V 


Prospects for reserves 


— « ib 

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:>• . 7 . 
v i i .„ . 

• 


there was a dialogue continuing i the Frigg formation, then the 
between the partners and the; latter will have a closed pres- 
Norwegian petroleum Direc-;sure system. This could cause 
to rate. drainage from the satellites 

The field known as North • towards the main field now that 
East Frigg is a much bigger rc- i Frigg itself has begun produc- 
senroir. perhaps containing ( i°S* . 

14bn. cubic metres of recover- According to the Oil Direc- 
able gas. Lying in block 25/1 5 torate. however, it is also pos- 

MOTHER NATURE has no Using this additional informa- good quality gas. It is low in between the U.K. and Norway, gas is underlain by oil. Indeed, and Esso's 30/10 concession i sible that the tuff zone is dis- 
regard for diplomatic niceties, tfoo El/ Aquitaine planned its sulphur and largely free nf Now partners in Frigg are it is thought that there may be (both in the Norwegian sector), ] continuous or that it may in 

Extensive exploration drill-in® in 6x81 wel1 on Mock 25/1- ' heavy or wet gases. Its coraposi- beginning to look at the possi- a gas connection between Frigg the field shows similar eharae- : some way allow pressure and 

rw« P , n— n= *-«. *< ksis*- „r An in« tva ootoi. nnrf KSer Frip^. Accordin'* tn (sties to Fries, some 10 miles i How movements between the 

the North Sea has shown that The strucl 

a number o£ the best prospects early s ? ismic 

lie directly beneath the U.K./ proved dus^rusePr'/oV'beatiir pur- AqVita’ine'sto could eventuaUy result in either could justify the development lion will flow into the Frig 

per cent ethane la and Frigg operations, has gas migration jft-m Eut T2S2?. JS5„.^ 1 riR 

fjoru, the bluest oilfield so far 
discovered in Western Europe, 
and Murchison are two cases in 
point. When companies begin 



drilled 


. om . M L uu..cu «u « total depth of *““« 140 metres from its top to to a P*** capacity of between Frigg are estimated to b> 

explore seriously m the about 15.000 feet, locatin' 1 a tbe underlying d! 1 layer. Finally 55m. and 60m. cubic metres a g.obn. cubic metres or which 

Western Approaches they are thin oiJ layer below the main 1,16 natural pressures of the re- day they could, in fact, handle some 6bn. cubic metres are nniififfu] 

likely to find reservoirs gas reservoir. servoir are good, as tests on a total of 90m. cubic metres a thought to be recoverable. Sub- A-HJULHllli 

straddling the U.KL/French While Frigg is now accepted 0,6 Brst weli showed - 

median line, the route of which as a gas field, the structure 
has 
years 

-Frigg is in 
an estimated 

in j * No ™ eeia * '«ssrs as; D «!ES>“ 

block 25/1 with the remainder a ,J“ bS£eK?S h^bwn ye “ s * ® igned between 01 e U-K - Frigg. The first two of these chet recognises that the Nor- S“dwriSni«ir is?er>-un- recovtry faelor for Frl SC »self. 

4 " . uon. narreJs of oil have been and Norwegian partners in have a much better chance of wegian Government is con- 


be about 


ment of the satellites is desir- 
able, even if there should prove 
to be no danger of drainage 
towards the main field, in order 
to get them into production dur- 
ing the life nf the Frigg trans- 
portation system. 

What any the commercial 
prospects of the satellites? The 
oil companies involved (Esso, 
for Odin and N. E. Frigg; the 
Petronord s rou P for E. Frigg. 
S. E. Frigg and Heimdai) tend 
fo be non-committal. A spokes- 
man for Norsk Hydro pointed 
out that these arc relatively 
small fields— “seen in relation 
to thy level North Sea cu*l< 
have now reached." An Esso 
executive said his company was 
studying Odin and N. K Frige 
and “hoped to come up with 
viable plans” Tor them. 


•the tuff zone and the Heimdai 
i formation, as well as on how 
j much gas and water the Heimdai 
i formation contains. A powerful JL/CtCriTlinC 

day without additional invest- sea well systems and pipelines . inflow of water will have the 

menl on the processing side. f0 Frigg may be used for the Th?^ SouUl ^ ast ”‘2^ r 5,^ r ,’ i eJTeei of maintaining the pn-s- 

The problem, he said, arose development although the Frigg vo,r ,s a tn ° re ,sure the Erigg formation, 

from drilling and production partners might want to see some ; 8 SSfc «?o°Tt : entirely or in part. In this event 

from the relatively small reser- reasonable cash flaw from its J.”* . drainage from the satellites 


; onl*y just been fixed after does contain a large amount of f'' < nmTYlittAf1 
rs of wrangling. arude oU by North Sea- stan- v ^ uuluullcu 

a similar posiUon- BaSf‘ of WashfnSSn N ?n A51 the reserves have been voire £at lii"Jn the Frigg viSn- current "heavy investmenT ^ ? J'jLfflii!!!* JSd Fngfi would be un- 

BO mt m latSt ’ LAh Comm «te d to the British Gas ity. There are three named fore embarking on more spend- of recoverable rosen-e, accord- likely 

in Z Sea d^toLiySnSS^ 2£ ^ rat ?“"“ nd . ern I 0 * par “ t ? daughters of Frigg: East ^iSS. ing. Oo the other haad, hey pSeum Direelurare i . If water drive is very power- 


This is because the water front 


in the U-K. block IQ/i. Named discovered below ^f nrwe § ian partners in have a much ueiwr criaucc m t> ke , an ■= ».«**- L . ert2 ; n un i e ss more u a« can be 

after the wife of Odin, god of ^ beiov/ the gas sands. l973 p o]]owill g ^ appraisal or development. cerned about the way the a id conllrmed “This iSoiS wili reath tht ^ we!I arpa n, " rc 

Norse mythoio-n- Abe fiplri w»* For 1115 time belng 0l1 the recoverable reserves by East Frigg was discovered in exploitation of Frigg might j ik nrosaect io be ni-eon rapidly than if there were little 

Norse myr aiogj, Abe field was reserves have been discounted independent consultants De August, 1973, in block 25/2, affect East Frigg. He thought {"JL* prospect to be pigeon Qr no water drive The ficW 

discovered on the Norwegian as an uneconomic proposition Golyer and MacNaughton the some IS miles from the centre that the risk to East Frigg was n .L„, v ^ ,* h„«v“thJmwIivI« : would then have to be shut down 
side in June 1971 by Eif Aqui- for three main reasons: 1 — field has been developed as a of the Frigg Field. Reservoir ''very small'' although, quoted - p ? - ' because of excessive water pro- 

taine, acting as operator for the tochni cal problems with prod uc- unit under a unitisation agree- properties are said to be com- in the latest Offshore Services i • *■ * 

Franco - Norwegian Petronord ing a beavy type of crude <23 ment ratified by a unique treaty parable to Frigg and again the magazine, he confirmed that 

degrees API) in such remote 
group ' and hostile waters; 2 — the 

Contrary to popular belief, broad distribution of the re- 
exploration veils are not drilled serves; and 3 — the relatively 
merely in blind faith. A good layer of the oil column, 
deal of geological study, assisted ? ome 30 to 35 feet thiok accord- 
by Seismic tests, is conducted in £ 10 Higgs, 
before an oil group commits The second well on block 25/1 
itself to a u wildcat " well cost- followed immediately after the 
ing possibly several millions of first and again proved the exist- 
pounds. ence of a gas formation within 

_ . an underlying thin layer of oil- powerful (that is, free pressure 

NnnttPfl The Frigg partners now THOUGH THE main Frigg interesting. local structures on a continuous mation. The Heimdai gas field. fl OW between the Heimdai and 

k7fMJllv<u embarked on a dual drilling pro- reservoir, containing an esti- There Is, however, a case for stratum of Eocene sandstone, which (for development pur- Frigg formations). 

Geologists employed by the gramme through the winter of “ated seven trillion cubic feet, arguing that if the Frigg satel- the Frigg formation, with poses) can also be regarded as j t Is not vet certain which of 
French companies had spotted 1971-72 and this showed that the was declared commercial as lites are to be developed at all, limited lateral extension. a satellite or Frigg. lies about t hese scenarios is the more 

what appeared to be a oronils- field did straddle the median early as 1972, no definite deci- they should be developed as The sand in the Frigg forma- 40 km. south of it and is a iLkely. An observation weli is 


ing oil or eas structure on early Iine as seismic tests had sion has yet been taken regard- soon as possible. Because of the (ion is partially consolidated condensate-bearing structure in teing drilled this year from the 
cei&imc mans well before the indicated; both the third well on Ing Frigg’s satellite fields. These reservoir structure the Nor- bas an average porosity of this formation. drilling and production platform 

*' 1 nc ii j <i a ~ rtrn tAnotfiAP tKnimht 4n iunntoivi iiroerin m Oil nirnM , iit»o1 i r» KolimiOC ^ i n- ikl • n _ .m 


The satellite fields 


U p. Auction, even though reservoir 
K.U.rpressure would still be high. 
The inflowing water would also 
"capture'* part of the gas. and 
prevent it from flowing towards 
the well area. 

A reservoir study carried out 
for the oil directorate indicates 
that Frigg's recovery factor 
could vary from 60 per cent, to 
90 per cent. It will he highest 
with limited water drive, and 
lowest if water drive is very 



DP-2. This well will pass 
through the Frigg formation, the 

tuff zone and the Heimdai forma- 

DIDCK 1 U/I m UA waters, a Atl told eieht exnlnration and The rapi d rise in North Sea t ° w ®f ds . frigs itself, now ttiat of a bout 95 per cent methane The Frigg and Heimdai for- Uon. It will allow observation 

block acquired bi the French aDDnd^wtns wwe S on the costs is makin S development of field is m production. The and has a relatively low con- maUons are separated by a zone of fluid movements and pressure 

crafo Toti/Elf/A^Xe ^ SEE fhJJ fou?^ on marginal fields in general less ^er production of the satel- den sate content. Between the consisting of sandstone and variations which could over a 

“£| JJ iS. ® !“ fi “ attractive than ever to oil com- 1,te s is delayed, the less they gas-bearing zone and the water- slate. This zone also contains period of time reveal whether 

ay be able to produce. bearing zone that underlies it some volcanic ash (tuff) and is (and how strongly) water is 

The Oil Directorate’s annual is a thin non-commercial oil therefore generally called the flowing into the Frigg formation 


allocation of block 25/1 
Total and its partners drilled 
appraisal well In the adjoining 
block 10/1 in U.K. waters, a 


the third round of licences in the Norwegian side and four- 'fkisTnoli^ t^H^fariV may be able to produce. 

including one dry one— Ih U.K. ns. nw«-«™ 


1970. 


perhaps to companies already 


V 


3 The French companies were waters - involved in development of report says that Odfn and East layer. tuff zone. during production. It 

’ 1 among the first in the North What they have shown is that .relatively profitable finds. It is Frigg are *' being considered for Beneath the Frigg formation The structure and extent of anticipated, however, that 
Sea to use successfully a Frigg is one of the largest off- tempting for oflmen to postpone development” and predicts that lies an older sand deposit, the the tuff zone — not yet fully observations will have to be 

Pen sophisticated seismic method — shore gas fields yet discovered taking the plunge on marginals, they will be declared commer- Heimdai formation (previous^ known— - will affect both the re- made over a period of one to two 

called the “bright spot” tech- in the North Sea, with estimated j n the hope that .technological rial this year. called. the Cod formation). This covery factor of Frigg and the years, from the time full produo 

nique — which under certain recoverable reserves of more advances or rising petroleum Geological evidence indicates is believed to have been de- effect its production will have lion starts, before a fairly 

conditions can detect the pre- than 200bn. cubic metres or 7 prices could in time change the that Frigg and its satellites posited ' continuously over a on the satellites. If the zone certain reply can be given, 

sence of hydrocarbons from trillion cubic feet of natural gas. economics,, of these fields and (East Frigg, South-east Frigg, very wide area, compared with is impermeable, and moreover The Oil Directorate annual 
changes in the density of rocks. What Is more, Frigg contains make them more commercially North-east Frigg and Odin) are the extension of the Frigg for- continuous under the whole of report says that early develop- 


Some pre-design work had 
been done, in determine likely 
development costs. The prob- 
lem was m find developments 
which were economically fea>- 
ible. while still taking account 
of environmental, safety and 
resource considerations. In 
addition Es.su hud heen in touch 
wirh both tin* Oil Directorate 
and the Frigg partners t since 
gas from Esso's satellites would 
have to go through the Frigs 
transportation system >. The 
company was keen tu reach a 
conclusion as soon as possible, 
but "there are other parties 
involved.” 

One of the other parties of 
course is the British Gas Corp- 
oration — the natural customer 
for Frigg satellite gas nnw that 
the scheme for a ^mail diameter 
pipeline to Norway has more 
or less been shelved Dn econo- 
mic grounds. Will the Corpora- 
tion be prepared to offer enough 
for the gas to make production 
worthwhile? 

The Norwegian Government 
may be willing to make conces- 
sions that could influence mi 
company calculations. Deputy 
Oil and Energy Minister Trygve 
Tamburstiien said recently that 
his Ministry was considering 
“special arrangements” that it 
hoped would induce companies 
to develop six marginal fields 
in Norway’s sector, among them 
the Frigg satellites, E. Frigg, 
N. E. Frigg, Odin and Heimdai. 
The special arrangements 
would probably vary From field 
to field, he said, and could range 
from partial tax exemptions tn 
dispensation from normal regu- 
lations concerning depletion 
rates. He said talks about this 
had already started between the 
oil companies and the Oil Direc- 
torate. 

Fay G jester 

Oslo Correspondent 



XPERIENCE 



ACTION 


• f,. 







Press started serving the gas 
industry soon after the turn of the 
century, (n those days, technology 
meant shovels and hand winches, lead- 1 
jointed pipes and bowler hats for 
safety helmets. 

Today at St. Fergus, the 
technology is obviously vastly superior- 
But the standard of service offered by 
William Press hasn’t changed. The best 
is still the best. 

At St. Fergus we were heavily 
involved on both mechanical and 
electrical engineering fronts. We laid 
the demanding Auchterarder to 
Bathgate section of the Frigg pipeline. 
We were involved in all the inspection 
of the Frigg pipeline in Scotland and 
manufactured special equipment as 
well. 

We’re also the leading British 
constructors of production modules for ' 
the offshore platforms. We’ve laid and 
maintained hundreds of miles of 
distribution mains. And converted 
almost half Britain’s 35 million 
appliances to natural gas in a . 
programme which could well be the 
unsung industrial achievement of the 
century. 

Back in the days of lead joints, we 
believed in progress through 
technology. And also in the highest^ 
standards of service. 

For us, it’s still the same. 



EXPERIENCE IN ACTION 

William Press Group of Companies 
28 Essex Street, London WC2R 3AU 
Telephone 01-353 6544. Telex 887832 > 



j 




Financial Times Tuesday May 9 1978 


*5f*:.!* .. .... , iy . 

'§WgmMm ^ 









:t- affc'^:; ; .^r :.“ 



FRIGG FIELD AND ST. FERGUS GAS TERMINAL VI 


Gas collection systems 


The safe 
end to another 


THE LATEST studies into pos- p^^:- 
sl-ble gas collection systems in \$& m . 
the North Sea have clearly V U 
shown that whatever option ;s 
adopted the twin pipelines from ' 
the Frigg Field to St. Fergus ; 
will play an important part. 

The bulky report from the ; • 

Gas Gathering Pipelines study j 
company, presented to Govern- > 
ment within the past month, has j 
still to be published. It will have ■ 
to have the wealth of confirien- 
y tial commercial information 

fi&ra WL extracted firet. But it seems that . 

wMJBV GGP has concluded that there .. 

is insufficient gas in reservoirs i 

Sieger Means People-Safety so far identified hut not yet j 

In most induslrial environments there is always the exploited to justify the construe- i 

potential of a highly dangerous leak of either flammable or tR1 " o£ a new ma j° r trunkline r 

toxic gas. s ^ e ™' . T 

An efficient and high speed response deteclion system 7™* wi!I be a blow p |f el ! n ® 

must, therefore, be installed to protect costtv equipment. But ?“*■ 1 ~ particularly British 
primarily, .he safely of the worker is of paramounl w "woufdTffeb^ocitfed /** 

importance. Mau| p mr liirie wkh the laying of such a line 







11 1 -A-'Wfl" ' ■M*jf pl of the unitisauon agreement 
-•■45? for the field, some 60 per cent. 


........ or the flow mil be through the 

-V • ‘ ' V. . ] Norwegian portion’ uf the pipe- 
■*t sy.-. „-/ • . ; line system, Thu free flowing 

■■ ■ ■ ■ •. .* • •; capacity of each pipeline is 

. 7 - ’ . about 30m. cubic metres a day 

which indicates how little spare 
capacity there will be in the 
* . :* Norwegian line without increas- 

... -Jf. **! '4 ins the pressure limits. 

— ■' ^ ■-{ Upgrading the line with com. 

; press mu facilities is well within 

- the bounds Df modern tcchno- 
logy— indeed. tentative prn- 
» .*• vision for this has already been 

•'£ - v made by the Frigg partners. A 
'«* much thornier problem will 
*- } arise with the disposal of the 




3- 


primarily. the safety of the worker is of paramount 
importance. ^ p roducts 

Two new products from J. & S. Sieger. These are high 





Jr ** r- 

jen. 

•V . 


Norwegian producers Mill 
Jh want r» sell their gas at the 
W mo*t favourable price. In cur- 
• rent circumstances that price is 
^ related mnre to the Continental 
f market than to tariffs in the 
U.K. Furthermore. ti is 






TwonPwnrnriMriciVnm I &s Sieoer Thes® are hiah and - the fabrication of aJlied One of the mini-subs used in the Frigg-St Fergus pi Inlaying operation returning to her mother ship after questionable whether, in the 

JhnXgy p“ occurs ™ d ™ the **■ j“ G a s “Sn, ZSTTS 

in Ihe company S research laboraiOry and fr°m^^_ uf the need for a new 800-mile 5ee ras that other fields to the Stockbrokers Wood. Mac- chemical industry. close to the Frigg Field com- large quantities of additional 

yeart Or iitiid eAperienoe. /'rSESwsk pipeline network which, with west of Brent might also be kenzie reported recently that Apparently GGP has taken a plex. According to recent Nor- g as j n ^ next few r years in 

ossa dated facilities, might have linked to the Brent pipeline, the Frigg partners might more cautious view of both the wcgian reports four of these V j e w of the supplies from Frigg. 

cost as much as £5bn. Apart from Cormorant, the charge 60 cents per million proven and probable gas re- known fields could contain some g rent -md the southern gas 

Such an ambitious system may fields that could he tapped are cubic feet to carry Piper gas serves and the possible rate of S5bn. cubic metres of recover- 

be built one day. assuming more Chevron's Ninian Field, and through its trunkline. On this production. On this assump- able p» a reserves: Odin t30bn.). ,p^ c answer to this problem 

gas is found in Ihe North Sea— Unocal's . Heather Field, both basis, says Wood. Mackenzie, tion GGP must also be at odds North East Frigs ll4bn.J. East — ant j j t j s a possibility being 

and there is a distinct possibility due on stream later this year. Piper partners would pay the with consultants Buchanan and Frigg <6bn.) and Heimdal pon^eped — is that new Nor- 

that another major gas field will as well as Amoco's North Wes: Frigg group S4.5m. next year. Cladier which, in a £3.000 re- (3nbn.>. This is quite apart from u . t ,^ an g as should be earned 

be discovered, in the mean- Hutton Field which has yet to There is a possibility that port on collection systems esti- the estimated 68bn. cubic trough British Gas Corpora- 

time, the Government is likely be developed. It is estimated other U.K. discoveries could be mated that by 19S5 production metres of gas in the big U.K./ Aim's distrihution system (for a 

to sanction a first-stage mini that the cost of pipelines for Jinked to the Frigg trunkline, from the North Sea could reach Norwegian Statfjorrf Field far- fee ^ lo a new pipeline which 

collection _ system. costing this network alone could exceed particularly now that the over 5m. barrels of oil a day. liter to the north. would be built across the 

perhaps £250m. to £500m. Such £70m. although compression chauces of a major new pipe- l2bn. cubic feel a day of IF sonic or all of this new gas j£ n q|j s f, Channel, 
a system would link a number facilities would raise the price line system seems to be rt-ced- natural gas. and up to 3Uiu. tons was to be fed into the Fries Cp l0 now British Gas has 

of fields with the Frigg and considerably. ing". In its mi'fl report on gas a year of gas liquids. system throughput capacity, jj Cen gainst the construction of 

Brent gas lines. Reservoirs in similar steps have also been gathering systems, consulting _ , . particularly on the Norwegian ^j, a 'pipeline. I! has argued 

remote locations, perhaps with f _L n wit i JJ ]east lw fie[ds engineers Williams-Mere drew KPPKOIlin^ line, would probably have to be lhar it would be tou cwy for 

too little gas to justify a pipeline , , 0 ^ p r ; a „ ninelines up one option which would con- ® upgraded by means of coni pres* g as .thirsty Cuntincuial users to 

link, might well be exploited in ri j j_ n rai tn S9 «>nrt sman nec t tl ie Beryl Field, the Bruce Buchanan and Clacher was in- sion facilities on Hie inter- suc j^ precious supplies from the 

!>nnlh«r u>„- N'm-al UCClUentai IS IO senQ , .. __ . t... lUnn.uaian tnntnr marliuh* nlarfnrm As lh«» rflinl .. .. .1 j .ii_ _ _ 


^ FS1 

Flammable System One, 
the FS1. is. eesigned with a 
high electronic density 780 

packing whilst maintaining I The 780 Sensor is the 

the eil important feature of latest in a ranqe of ... . . „ , , H 

ful I V independent detection A electroc&talytic sensors Ue 5?, ex , plo,ted l,J Occidental is to' send small Beryl Field, the Bruce Buchanan and Uachcr was in- sion ft«hties on ‘be 'mer- ^ precious supplies from the 

Ch^nneis If has flexibi/itV frnm I &S Sieoer and id dI10ther uav - No^el systems aiiant ities of associated Fleld and Totals discovery on eluding the Norwegian sector mediate platform. As the dual UK However, there is, another 

■PONT in arm icaSon AA ?d^aiiv suited tar usp in "T bcins *- ,0 * 15idered b >‘ ^ Sre from its Piper Field via block ^ with ** Fri ^ line - in J,s retkonin - howevcr ' ™* hue J are not un,tised ^ side of the argument. The Con- 

^-vir!n P jL—\ mduslr> ' and Comment ™ th? U to! ^.Uiams-Merz estimated that is right, fur it now seems new Norwegian gas would tinem is alw deveioping a dis- 

Opeiadon. \ hostile environments, experts include the off- a ‘ k * a new gathering network for the increasingly likely that at least almost certainly be carried sysKm t0 handle Kas 

s ? ore C0Dversi0n of sas into J" 1 { sviem f nr J I itc or the UJC. sector could some of the currently unex- through the Norwegian line sup p lies from places like 

electricity for transmission to carrv between Ibn. and 1.5bn. ploitcd Norwegian gas reserv-es which is destined to be fairly Kussia and North Arricai Maybe 

shore through cables. New ia " an cub ic f eet a day over a 12-vear will be transported to tlie U.K.. full with Frigg gas anyway. une day British Gas will be 

techniques are now making this Th ? P‘P er gas gathering sys- per j 0 d. This would be in addi- again quite probably through The Frigg Field is due to pru- p i eased t0 j, e connected to this 

option much more attractive. 1S being implemented as a fi on tQ fijp 6 m , t o 9m. tons a one of the Frigg gas lines. duce at a level of 43m. cubic Wlder sy S t cm when supplies 
3L^ieyE5l3taPhf^Dor^BHT771^TeieDhonp:Pbde6T61/7 l AUeraaliv,?Iy 0,0 gas cou,d p ov ^ rnmen Wmposed condition year of heavier gases — ethane. The most obvious reservoirs metres a day by the end of 1979 f F ' ri Brent and other 

^ Mqueltod offshore for ship- for increased oil output from p ropaae and butane _ which to be tapped in this way lie in -equivalent o about 30 per fields bec J^ exhausted, 

loex-^ioo^iaesvjasamnrooe I ment in LNG carriers or even the field. In essence the Depart- be US e d as the basis for quadrants 25 and 30 of the cent, of British Gas Corpora- „ 

converted into methanol or m ent of Energy told the Occi- a * ma jor expansion of the Norwegian sector, conveniently tiun's current supplies. lu view M\.U. 

ammonia. dentaJ consortium that it couid 

raise the peak oil production 
Yitgl from Piper by up to one-third 

providing an acceptable gas ^ # ^ - 

It is vital that offshore com- recovery facility was built. r | ^ * | J | 

panies look seriously at these Occidental's proposals, cost- I TYTi I 1 I ■■ tk *1 

opportunities for it is clear that ing over £S5in.. include using I \/\/ 111 I 1 | I , I I I I I I I I \ M 

the Government is taking an some of Piper's 90bn. cubic T T -A JL JL. k/X JL-M. 

increasingly tough line with feet of gas reserves on the A- A 

companies that want to flare — nearby Claymore Field — for 
and waste — gas produced in power generation and reservnir 

association with oil. As Mr. activation— with the remainder . -g ' if J "I "f 

Anthony Wedgwood Benn, being sent ashore via the Frigg -4- r~v 1 ^ g”*? 1^1 T n 

Energy Secretary, commented a system. The 35-mile-long Piper- I 111 I ill IJI 1. 1 B 1 I ft I ft , ft , | 1 

few weeks ago: “My general Frigg pipeline is expected to L'AxJL 14-&X1 XXIV V-A W' 1^ L/ 

objective is to ensure that aii be built later this year. A 

gas which can be collected The capacity of this spur line 

eC iTr I ^nn^v!^ uiWBllin^whit a* dBy** As"the pe^k production INSTALLATION OF the twin, 40 foot lengths must be shipped than 1.500 metres from the similar perforated wall (nf 

might be considered an integral of Piper °as through the line 360-kilometre, 32-inch lines from out in a continuous stream to coast The line at this point had Jurlan design) with six radial 

part of the mini collection i s expected to be about 21m. cfd tbe Frigg Field to the St Fergus tf, e i ay -barges where it is to be coated with particularly tunnels radiating out from the 

system. He was reporting that — reached next year — there will 1 ^ ndin ® site invol ' ed ^ lay j“ g welded together on board. As large thicknesses of concrete, central shaft. 

Shell and Esso had applied to be plenty of spare capacity for ?! n T iJL. T “ _ y n -. n * each pipe length is welded and making it necessary to buoy it The main purpose of the 

the Department of Energy for gas from other reservoirs. This ? e f i e 7!Smpte d offshor e m checked, the barge then pulls with flotation tanks released structure is to receive the 

their "SE ™ * Ife w?rS. ^ itself forward along its anchors either automatically or by mini- or spheres sent down 

morant and Brent oil fields. Tartan lies conveniently For the first time, the operat- Rowing the pipeline to slip sub. during laying. Once the the tine from the field to clean 

They want to transport the Cor- between Piper and Claymore mg company (Total) applied the from its back down a ramp of first sections were laid, it then out any hquidt i in the pipe and 

morant associated gas to St. and as a result of their' close technique of hyperbaric welding * stmger designed to ease the bad to be winched ashore, J ,e 'T pl ®J lo J 

Fergus via the Brent systems proximity Texaco has decided on the seabed to joining pipe pressures as it curves down to trenched through the dunes— £ ema,ttde L° f tl |f t^p to SL 

‘•FLAGS" pipeline now under to takea firm option on the use sections underwater. For the the seabed. which were then carefully spheres have a 

construction. Furthermore, it of the Piper-Frigg link. first t> me it connected the lines The operation can only be restored with the advice of tinuiea are, so nave to be re- 

— ■ ■ - - ... * to a platform using '"pull ia ” carried out in the summer experts from the University of placed after a certain distance. 

methods. For almost ihe first months and is easily disrupted Aberdeen. / In addition, the platform also 

time, it used a shipshaped lay- by even moderate waves and The same season also saw the acts as a central commumca- 
barge capable of handling squalls. The weight of_ the pipe fi rst use of- hyperbaric welds, tions point not only for the 

double pipe lengths. —in this case S inch X65 grade This technique entailed joining Frigg system but also other plat- 

[ _B # 0 ■! # I# Work continued over three st . eeI coated with concrete of sections previously laid by forms in the area, and has been 

JS ISUGnmAiM DJI ing MAJh g%||AA|gHkJ% laying seasons from 1974 to 1976 ** inches to 4} inches — and the barges together on the sea-floor equipped with tropospheric 

RJImB « IS 0^1 I 0 i W and. at the peak of activity, in- depth of the water puts enor- itself rather than more tradi- scatter links, rented from the 

H Hi ■ ™ ■■ M ■ m VvBnr Vlll eluded the cmplojment of three 1130113 strain on the line as it tional methods of hauling them U.K. Post Office, as well as- more 

I ■ pipelaying barges, two pipe- descends and the line has to be up and joining them in surface conventional radio cummunica- 

burying barges, two pocket sub- t eQS10ne d by special tensioners conditions on the barge. tions. 






Tartan Field. 


JLSS.SiegerLizL 


Vital 


m 


va 


SUPPLIED HALF OF THE PIPE 
DELIVERED FOR FRIGG SYSTEM 

- Diameter 32” 

-Thickness 3/4” 

- Steel grade x 65 

- Length 230 miles 


Vallourec - BP 180 - 75764 Paris Cedex 16 France 
Phone: (1) 502.1 9.Q0 - Telex: 611906 F Valre - Paris 


Twin pipelines thread 
through the deeps 


yrther success is In the pipeline. 



iiStl-SvtS -KsSBSSs; ism: 

=i= kS s H £», pas asyyar 

equipment and provisions. "”^0 raise ^euSs *** 

1977, the whole transportation the line). ° WQ less weldlDB chamber is lowered a dry atn f osphere The two 


system, including the two lines , ” 7 .. L over the two pipe end as the remaini ne nni'^eri tunnVir/«niiirt 

and intermediate platform half- A® ^ 1 1 th . s ? much in the No «h working room. Once made water „ . ^ *2}? 

way along, had cost some SlJ2bn. dld go smoothly, and gas tight and the pipe ends lines from other r p )h c at *L i 1tPr 

( excluding interest charges 1 — Weath ? r ' problems in getting are sealed, divers enter the t“ s ir “ 01 8elds at a later 
around 30 per cent, of the over- ^ ld of the delays chamber where they do the d ® te \ All ^ ady , a sr ee ™ent has 

all cost of the entire Frigg de- b “S. e ^fjvery and simply welding of a spool piece to join ? ' Jf" ^t“ ched w i lh 0c c id « n J® 1 10 
velomnent. ^ Jmtia * difficulties of learn- the ends in a “dry" environ- *h e gas from the Piper 

ing meant that only 56 kilo- ment. The technique sounds , eld l . nt0 016 Frigg system at 
RplnVPfl metres of the number one line complex but. in the event, “ 1,s P° int - 

IJC1U t CU was laid during the first season enabled the high quality of The platform has also been 

, of 19.4. The platform under con- welding necessary to be carried designed to take turbine com- 
These are, of course, simply struction in Norway for the line out with considerable speed and prossors (early planning sue- 

Statist^, much beloved by the had to be diverted for use- in accuracy. It has since been used' gcsied thaf sL? c "ht° unifs 
mdustiy and of rather less lb e field after the accident with on nearly a dozen occasions both might be installed each rated at 
nieamog to those outside. Frigg, the first drilling platform there, for “tie ins” and for pipe 25-30.000hp) to increase the flow 
after all, is one stagMlbe.t a cosls started soon to outrun repairs. capacity of bothTines a ?Lu-h 

major one— in the development initial estimates, while carlv The next vear tq-fi ^u.- ft, e this has stHi " h t Sn 

of offshore pipe construction plans to lav the two linec n’t * , e h . nB , * J ear ' l9, °- l b e stl11 10 bt hna,,y 

which staned a decade before S distant apart in order tn f"? ^ *”■“£ lhle °. ne dCC,ded ' 

in Ihe southern sector of the ea se the congestion problems a 233 Ur ki?ome a t!U he vf? h n " w K s . tands - therernre. 

North Sea and is already moving an d the chances of accident . .ITSS \u f . ^ T- ^‘* S has bl SS«r transporta- 

on to much greater distances from the anchors had to be re- second lJn ?i[ he hna f “ ree M” 1 " 4.°" s *? leni in th « North Sea. 
and much deeper waters. vised in the li®ht of the diflicul- nietres ^ ?' ie cunne ctiuns with the pipes virtually entirely 

But for the companies in- ties this might° throw up for the ?* 1 P J rod SfI n ® P ,atJornis were bur . ied along their length, a 

volved it has been one of the operators of other licence blocks Jl-ln i e * r y part of tl,e ni a°»fo1d point halfway 

must ambitious North Sea pro- along the route * 19 " seasonK a ' nns and a twin-system which 

jects so far while even for Total Once the operation v 0t i n th It also witnessed the installs- ® J * Sreatly to security Of 
it will probably prove the larg- swing, however. °it on? ^ otl of manifold platform, ^‘ eI1 as capacity. The 

est and most castiy exercise of ceeded with unusual soeed The ncar *)' halfway along the line, „“ e . s J operated at pres- 

Ihii decade. second Reason sa^und ^3 1W ^etre s from the coast Z " “SfiS 

It is not simply the distances kilometres more of number one and , 1S6 kilometres from the ; . 
involved or the depths of water line laid and 129 kilometres of GeW installations. JLEEZZtol JS 

(UP to BOO feet), it is aiso the the second line. The p,otf„™ C . G. Doris St be incre^d'to Jtlite 

immense logistical effort of de- The coastal landing of the design was constructed in metres per dav with enmnres- 
termining a route and organis- lines was performed in June and Sweden by Howard-Doris to sion. although the operators are 
ing the equipment and contrac- July of that year to minimise replace th* original struelure rather oov about giving fi“urcs, 
tors to complete the task m as the disruption to the coastal of similar design transferred to partly Tor reasons of commer- 
*!"? n ? lf sp ^ ce of t,me 35 p0:J dunes. This was a particularly the role as the first drilling plat- clal discretion and partly be- 
siblc. All the more so are pipe- tricky part of the project. A form. Standing 123-metres high, cause the question of oressun* 
laying is the most painstaking large quantity of rock had to it consists uf a massive central and velocity will reouire 


Congratulations to Tola! and 
Elf Aquitaine on their outstanding 
achievements in developing and 
ccTimirsicning the Frigg project 
under some of the most difficult 
conditions yet encountered in the 
North Sec. 

The frigg U.K. Group is also 
helping us to establish ihe first U.K. 
Associated Gas Gathering 
System, v/hicn will be jointly 
owned by the Occidental 
CcnrCTiium and Texaco. 

]5-inch pipelines will be laid 


this summer from the Frigg line to partners,' Texaco/British Gas and 

Piper and thence to Tartan, linking the Consortium, 
these oil tieids to the Frigg U.K. It works for us and it works for 

gas pipeline system. Britain. - — ^ 

The link will carry up to 90 

million cubic feet of gas per day / \ 

for eventuc I delivery to British Gas. OXY H 

Conservation of Pipers gas is ff/ 

scheduled to commence later this 
year and Tartan's gas in about 
two years' time. 

All this is being made possible 

! co '°Pp rat| on between U^lteliS«lm.<-i.AfedCte.'Tirel 

total Oil Marine Limited, its IfiaifiSsdLiifcd 


Tl^C5±fendC-T.xiffi/Jr 
C'cddent-alof Eton he.!' jperotadCellyCi 
(Bfffari 1 United 

TT^mionl'Jcfili 5^3 [jTi^i.Aled Ch&nfcd 
If ♦sthweoJLii'ied 


and the most sensitive to be blasted to case the passage tower perforated at the tup tn experience ' 
weather of all offshore opera- of the line. The barge, the break the wave forces and 

tions. The prceoated pipe in ETPM 1601, could get no nearer skirted at the bottom by a Bv a Correspondent 










Financial Times Tuesday Hay 9 197S 

FRIGG FIELD AND 


25 


Under several 



France. Offshore exploration is exploration and refining, in the 


ioofthe c<^per?tion tetwwn iatere i*’ * e other v Fr “ ch com - dwlopraenf * a/^eU^* wd continuing in the Bay of Biscay. Norwegian sector of the North 

Compagnie Francaise des acquisitions, two thirds of Sis but . early hopes have , not bcan Sea st has been a partner in the 


of the nlatfornw in th. Subsequent development has and production. shipping, fund new operations, with ex- The French companies’ major 

. Norwegian Frier? Fiat* ?k 0W L n .j per 0611 L of refi ning and chemicals, where ploration the top priority. partner in the Frigg develop 

' ,U Z the boundarv Tif# h!!!!LSI >S 5? s the field * n ^ the Norwegian it is an equal partner with The group’s most profitable ment is Norsk Hydro, which has 
'• n k anrf » sector and 39.18 per cent in Total in Ato Chixaie. discovery has always been the been active in fertiliser* and 

. % the - North s» ■? tIw P’S" sector- ' ^ statB * Last year the srouo suent gas fieU in Muitaine chemicals since 1905 and is now 

■ ! C/ symbol ^the toternltioMl SJ? v £) * A< ?utiune ^roup has some Fre.8hnT on^vestmeSt which provides 40 per ceu }r ol involved in industrial chemicals. 

;«.> flavour of thTcom^Zt fTl/^r SnL il ? Cluding ***** StS - tte natUral gaS COnSUlned “ Petrochemicals. Ught metals. oil 

‘ have developed the* field and S£ !*»*>» *** 

: also ^ 

'•‘.l e^urertmMhe^^Sv^of eas f e ^° ies T (CF J\"~ °J e r vlse hpEm-apr’ *A«ording ''{(>“£“ reaUaed - ^ group's main Petronord association with Total 
■ ••• (-r>ii]rT hA ° f f + ¥ known 45 T °tal— has a 25.7 per A lbin Chalandon chairman nf ^urct of crude oil is Gabon and and Elf Aquitains from the 

' i . .he ^nlu^dSay lven ££ N °? &£? ™ "Si dMW *?. ° f We * *“» in ; ** »" " ■* -« * 

that cooperation the field w£ SZi, , Y* ? UtoU ' tte of Production win be st an ^ !udlog Nlgeria - Con §° and more than 30 fuU or part-blocks, 

still fifteen months behind the hSwrPn? 011 COmpany ’ a™ual cost of Frs.4bn. to Cameroon - including six in which it acts 

'' original schedule when' it came p . . Frs.6bn. in the coming years. Total has suffered many prob- as operator, 11 has | a 6-* per 

1 on stream, and by then the Aquitaine, the Frigg The group could not finance that lems similar to those of its interest in the Lkofi&k 

original rough estimate of the °P er ®t° r - i® involved, either sort of effort let alone explora- French partner in the Frigg de- Fleld - 

amount the companies would w ! tl1 Total , or in partnership tion costs, without the sort of velopment. though it returned g-t . 

' have to invest 'offshore to get with others in 33 blocks around profitability that at. present to profit last year. Total, the tUOIUOlCX 

• the field into production had vj 1 ® coasts of the UJC. Societe there was no hope of achiev- largest oil company in France. r 

jumped two and a half times. National® Elf Aquitaine . is 70 ing. he said recently. ranks among the major inter- It was the discoverv of major 

« was no coincidence that the § er . cent * ° wned by toe breach Bringing the Frigg Field on national oil groups of the West- reserves of oil and gas in the 

group 0 F French corn- “!* te and ,s subsidiary of ti* stream had cost the field part- ern world and is “ eighth posi_ Norwegian sector of the North 
•: panics found themselves with itw Percent. State holdmg com- snme p^^obn of which tion “ terms of production and s ea that launched Norsk Hvdro 
, :r -’ licences on adjacent blocks in J any * lEnler P ris ® , de half had been borne by E1E. ninth in refining and marketing, which has a Si per cent. State 

theU.K. and Norwegian sectors, pf,^- es , et d’Activites bringing on stream of new The company’s investment in interest, into the petrochemicals 
I- - The French oil companies, Elf, ^ e “ , otieres). resources together with exist- developing production around industry with the building of a 

• Total and Aquitaine came j j "* • • >tia developments would give the world has shrunk in the past new industrial complex al 

- together early in the North Sea Jp OUDOGu E,f Aquitaine in the early 1980s’ 18 month-s. partly reflecting the Rafnes. Here the company owns 

•■-r.- search to apply for licences, an annual output of some 20bn. coming on stream of wells in a vinyl chloride monomer plant 

believing that such a con- The companies were founded cubic metres of gas and around Indonesia and the Frigg Field and has a 51 per cent, share of 

sortium would give them a in the years before the out- is m . tunnes of oil. This con- and partly because of its need an ethylene plant and 50 per 

' * ; stronger hand in negotiation break of World War II. when trasts with 1977 production of to reduce the weight of its debt. 1 cent, of a chlorine plant. It 

with governments. They were France was waking up to the n.gbn. cubic metres of gas and Its fields in Indonesia are now also has a third share in three 

::;^r also among the few companies heed to secure its own supplies 18.7m. tonnes of oil, showing fully on stream and last year it plastics plants that are being 

that- had noted the area on of hydrocarbons. As a result of the increasing importance of gas had the right to some 3m. built at nearby Ronningen. Con- 

ji* seismic maps as holding future initial exploration carried out for the company. tonnes of the 11.5ra. tonnes densate feedstock for the elhy- 

potential for exploration. They in France some gas deposits success Q { j 3St year’s ex- Jifted - 3ene J° lant is coming from the 

• ... were one of the earliest con- were developed and in 1945 the pUiratlan effons atone have Total’s major crude resources Ejcofisk Field. The recent period 

v sortia to make successful use of Bureau de Rechercbes added reserves of some 35,^. derive from the Middle East, of ver y h oavy investment has 

the seismic technique known as Petrolieres was created with a tonnes 0 f oi i and 4Qb n . cubic North Africa and more recently substantially built up the com- 

M. “ bright spot” a sophisticated strategy of exploring world- metTe& of gaSi but CQSt has Indonesia with the productive P« n - V ' s burden of debt, but this 

v>, method by which -the presence wide, but with special emphasis b^ h i g h at around Frs-BO per discoveries of the Bekapai and s“oula now begin tn rail with 

..... of hydrocarbons can be detected on colonial territories under tonne of oil equivalent. Over the Bandil Fields. The acquisi- t be Ekoflsk and Frigg 
under certain conditions from French administration. jhe j^j. tw0 years £lf Aqui- tion of Hanover Petroleum in Fields on stream. 

• r the changes in the density of The most successful early taine’s capital spending has sub- North America in 1976 has con- . Statcil, the smallest partner 

thP rocks. years of exploration were in stantiafiy exceeded net cash solidated the position gained Frigg. was formed by the 

: Having made the important the 1950s with the major gas flow. The development of the by Total’s existing subsidiary Norwegian Parliament in 1972 

decision to share the risks the discovery at Lacq in south- Frigg Field has-been the big- and Total now bas exploration t0 c ? re °/ the Govern- 

French group gained licences western France, and others in gest single item and the income in most of the U.S. oil States.' ™ent’s business interests in the 

.' in the first rounds both in the the Sahara and in Gabon, but which this is at last beginning to In the North Sea. apart from its development 'of petroleum. It 

U.K. sector, in a group headed in 1971 it had to face the generate will be put towards major interest in Frigg, it also 15 n0 . w 1116 largest single licen- 

, - by Total Oil Marine; and in nationalisation of its assets in debt repayment. It is expected has a four per cent, interest in | ee 111 the Norwegian North 

, .. Norway in a group beaded by Algeria. In recent years it bas to be five to six years before the Norwegian Ekofisk Field ^ with interests in 46 blocks, 

’’ Elf Aquitaine and including developed the status of an the field development starts to and it is involved in gas fields an “ It has been a - majority 

■ Norsk Hydro, Norway’s largest international oil company with show a profit and then the in the Dutch sector, both on- Partner in all blocks awarded 

, ‘ . industrial business. wide interests in exploration Frigg revenues will be used to shore and offshore. since 1973. Apart from its 

interest in Frigg it has a 40 
per cent, share in Heimdai and 
a 50 per cent share in the 
giant Statfjord oil and gas field, 
the largest discovery' in the 
North Sea, which is now under 
development. Statuii will also 

THE OIL industry’s demand posed that a European Com- Tropospheric scatter can be jug morale. have the main responsibility for 

for efficient offshore commun!- munications Satellite should be used for direct telephone links, In the Frigg Field there are petroleum development north 

cations is expected to grow built One transponder of this for data transmission and for five major platforms, plus a 0 f the B2nd parallel, when the 

considerably over the next ten bas already been allocated to telemetric links. The need for sixth unmanned flare stack for Government opeus up this 

1 3-ears— in line with increased the offshore oil industry. Oper* direct phone links is obvious, emergency use. Three of the northern part of its Continental 




Communication links 


and the UJC mainland- Com- shore structures, 
inunicat ion links between the The service area that would _ 

Frigg platforms and Norway are be .covered by the European I pIPfllCtTV 
via a satellite. — Communications Satellite would * , J 


technology. * -• - - " —that Is. super high frequency provided by the Post Office. It while the other two are Nor- 

In areas such'as the Frigg — this satellite oil service com- proudly points out that workers wegian. Two of the U.K plat- 
field. where fix^d installations munication service would, he on North -Sea gas and oil plat- forms are treatment platforms 
are possible, it is tropospheric fixed and it would serve pro- forms can have access to 355m. but the third acts as a com 
scatter which provides the links auction platforms, pipeline telephones in 67 different munications centre and living 
between production platforms booster stations and Other off- countries V— just like their area. It is physically connected 

fellows on -the mainland. to the other platforms by 

bridge and tbere is no gas on 
it, so it is " safe ” both as an 
offshore hotel and as a com- 

Tropospberic scatter involves extend from the Atlantic coasts Most data transmissions are raunications nerv ? centre. 'Hie 
sending up powerful radio waves of France and Spain in the telexed though it is possible to reception transmitter and link- 
at microwave frequencies from south well up into the Arctic send a| j d receivc information in up equipment are housed there 
huge billboard shaped trans- Sea in the north. It wou | d the form of a dial reading, as Although the tropospheric 
mi tiers. The beam is bounced extend to the Barents oea ui a printout or as a visual dis- scatter system used in the 
back to the earth’s surface off the east and to Jan Mayen play un u reading. The data North Sea was developed and 
the troposphere, a turbulent Island and Rockall in the west, channels are used for r el metric- produced by Marconi, it is the 
layer of atmosphere about 30.000 One of the problems with the and telemetry is one of Post Office which is responsible 

feet up — roughly the same antennae systems used for satei- ^ mosf interesting aspects of. for running the transmission 
height at which jetliners fly. lite reception in the North a 0^,^^ communications. It is a stations and maintaining the 

The beam has to he powerful is the weather. The 1063118 whereby information can equipment. The Post Office has 

because much of It penetrates have to be abie to survive winds transmitted in digital pack- a £5m. programme for North 
the layer and only 2 or 3 per of up to 90 mph and " ages and it is expected that it Sea communications, 
cent, of it is reflected down peratures that can cause the sea w jjj possible an increasing „ . . , 

again. Yet the little that scatters spray to freeze on impact, degree of remote contPol over As far as the manufacture of 
down to the surface can still leaving an accumulation of ice Qil or production . communications equipment for 

provide a highly predictable on the superstrorture. It is For exaraple te iemetry can offsb L ore £ US V S c°° 6erned - a 

radio path and this method of because of this that the compact t pi ’ J* ^J d IYI aumber of sy^ 6 »« will continue 

transmission is claimed to he antennae required are housed in to compete for fixed services 

99.9 per cent reliable. a radome. J“5l! : business as oil production tn- 


Kevin Done 


WHO ADVISED ON 
OPTIMUM MODULE DESIGN- 
GAS TRANSMISSION 
TIE-IN FACILITIES- 
CONSTRUCTION TECHNIQUES 

FOR THE 

FRIGG-ST FERGUS PIPELINE? 


PROBABLY 

PROTECH 



Protech International 
(UK) Ltd. 

Phoenix House, The Green 
Southall, Middlesex 
England 

Telephone: (01) 574 8171 
Telex no. : 934233 


The 


telemetry is going to be 


a creases. Mr. J. D. Rogers of 
Marconi Communications 


tropospheric scatter Tropospheric scatter, despite i. 

equipment for the Frigg Field its comparative cheapness, does r- . . 

j, as been manufactured by Mar- have limitations on’ its use — Tttje development of telemetry systems points out that com- 
coni at a total cost of about hence the need for com- emphasises tiie importance of pan jes will have both tropos- 
£lm.— indudine the price of the munications satellites. Not only communications for pro- pheric scatter and satellite tor- 

dish transmitters. This makes it does it require a stable reception auction in the North Sea. Any minals to chose from. But he 
fat cheaper than a special satei- base: it is inoperable more than failure can have far-reaching a dds that in the North Sea at 
liie which would cost around about 250 miles out to sea. The consequences for production present the low rental of 3 U.S. 
£3<)m to build, launch and ser- Frigg Field, however, is only schedules and even for the cents— 1.64p— per minute for a 
v j t . e ' 1 about 230 miles from the ter- safety of equipment and staff, tropo voice channel makes this 

But in some circumstances minal at St. Fereus. The trans- As far as the people working in the most economic system for 
communications via saiellite are mision centre for Frigg is at the North Sea are concerned, users of fixed services, 
the onlv option and the Euro- Mnrmond Hill in South it is dear that communications s Campmn 

pean Space Agency has pro- Shetland. ‘ are also important for sustain- due Uameron 


Marketing 


CONTINUED FROM PAGE IV 


i the domestic market 
re a major proportion will 
for central heating. A 
i 61 the new supply will go 
industry and the rest to 
uercial markets, 
le target rate British Gas 
set Itself for expanding 
is 700m. therms a year for 
next four to five years, and 
should, be sufficient to 
; the supply curve that will 
l up with the extra gas 
Frigg aod Brent. With 
f fields still to be utilised, 
as the Morocambe Field 
ie Irish Sea, the Gas Cor- 
don is confident 'that there 
already enough proven 
yes to continue sales to 
ireuium market through to 
;nd of the century at the 
it will be setting in the 
L9S0s of some ISba. therms 
ir. 

itish Gas has kept pushing 
to the domestic "market 
since the southern fields 
on stream in the 1960s. 
in the industrial market 
is been a different story 
ig the early 1970s it bid 
he gas from the Ekofisk 
but did not offer a suffi- 
ly attractive price and ine 
ivunt instead to northern 
any. • The hiatus this 


caused in the build-up of sup- 
plies, with the wait for Frigg 
to come on stream, meant that 
new sales to the Industrial 
market had to be held bade 
for a number of years until the 
end of 1976. 

It started to place gas in the 
industrial market again late in 
1976 but tbe big sales cam- 
paign began in 1977 and will 
last well into 1979. It has been 
particularly successful in the 
domestic market, partly because 
of the growing price differential 
with electricity. Domestic cen- 
tral heating is a vtial market 
sector because it counts for 75 
per cent, of present growth. De- 
cisions taken by local author!' 
ties in recent years mean that 
gas is now taking as much as 
80-90 per cent of the central 
heating market in new council 
houses, compared with a level 
of only some 50 per cent up 
to I97U. 

In all, British Gas is now sell- 
ing 500-600,000 central heating 
hollers every year, and if this 
level can be sustained it will 
provide a new market earfb year 
of some 400m. therms, about 
half of the additional gas avail- 
able. This is the most import- 
ant sector of the premium 
market and will be the easiest 
to sustain in the next century 
when the inevitable switch 
occurs to substitute natural gas. 


because it already carries the 
highest prices. 

British Gas is confident that 
room for growth in the domes- 
tic central heating market will 
be present for many years. Even 
after five years of the kind a£ 
expansion it is envisaging half 
of the country’s stock of coun- 
cil houses and a quarter of the 
domestic market will still be 
without central heating. 

In the domestic market it is 
electricity prices that provide 
the competition, but in the in- 
dustrial market it is more often 
oil that is the competing fuel. 
The average domestic price of 
gas is now ISp per tberzn, while 
in tbe commercial market, 
where customers are bigger, the 
price averages out at 17.7p per 
therm. The commercial market 
is set to grow at 150m. therms 
a year and the industrial mar- 
ket .at 200m. therms a year- 

Some threequarters of the 
industrial sector growth will be 
in special contract sales rather 
than in tbe tariff market, and 
fewer sales will be made on the 
basis of interruptible contracts. 
Users that have agreed in the 
past to take gas supplies on the 
basis that they can be inter- 
rupted at any time have of 
course been able to buy at con- 
siderably lower prices. They 
have been needed to help the 
Gas Corporation deal with 
periods of abnormally high 


demand, but it is now develop- 
ing other options for flexible 
supply such as emergency stor- 
age liquefaction facilities and 
perhaps its own fields such 
as Mo re cam be. which will not be 
subject to rigid supply con- 
tracts, Interruptible sales last 
year totalled some 2bn. therms, 
but this market will now be 
restricted. 

The Gas Corporation has also 
modified its general sales policy 
for industry iu recent years 
after some uncomfortable ex- 
periences stemming from early 
contract sales in the late 1960s. 
The most notable lesson came 
from the biggest industrial con- 
tract it ever signed, a 15-pear 
£250m. 900m.-therms-a-year deal 
•with Imperial Chemical Indus- 
tries signed in 1969. The con- 
tract remained virtually un- 
scathed by the OPEC quadrup- 
ling of oil prices and has little 
provision for reflecting the 
much higher production costs 
from tbe northern fields. 

The contract was recently re- 
negotiated. but from very low 
levels, and British Gas is now 
insisting that industrial con- 
tracts are made on no more 
than a three-year basis. After a 
year the gas price is indexed to 
the oil price and contract renew- 
als are only made on an annual 
basis. 

KD. 


MATTHEW HALL - TURN IT ON 






• * tv 

.v. .. ■>. 

"1. ■ • . . 





As managing engineers, designers and managers of 
construction of the St Fergus Gas Terminal for 
Total Oil Marine, Matthew Hall OTP is proud to be 
associated with this project — capable of supplying 
- one third of the UK gas requirement. 

Matthew Hall Engineering is the leading design 
contractor for North Sea oil and gas production, having 
a major engineering involvement in six production 
platforms and one onshore terminal. 


Matthew Hall Engineering Limited 
Matthew Hall House 
101-108 Tottenham Court Road 
London WlA lBT England 
Telephone : 01-636 3676 Telex: 23764 


MB 


Matthew Hall 

Engineering 

Limited 


Offering a complete engineering service to energy On and Offshore, 
Petrochemical, Chemical and the Protein Industries. 

Also: USA : AUSTRALIA : NETHERLANDS : BELGIUM 



Financial Times Tuesday May 9 1978 


FRIGG FIELD AND ST. FERGUS GAS TERMINAL VIII 


The horses 
tobring the 
North Sea’s 
riches home 


Catering for good morale 




r f SINCE 1 1 

Ml 1833 Jig , 

ZsM) 

\$SE 


What moves precious natural gas beneath the North Sea 
to the mainland? Powerful Cooper- Bessemer Industrial ' 
gas turbines and, compressors. Thus far, some 320,000 
horsepower in Coo per-B esse mer turbomachinery for gas 
production platforms in the North Sea. 

The world depends on oil and gas resources from 
places Kite the North Sea. And, energy producers operat- 
ing in the North Sea depend on Cooper-Bessemer turbo- 
machinery to bring it home. 




44 COOPER-BESSEMER (U.K.) 

COOPER * * 

industries O H>cos: 173 Sloone Street. London SW1X BOO, England 

jwuaiw_»j Telephone 01-235-9781 

Pints Atlantic Industrial Complex, Liverpool 


ONCE IT settles down to basic 
operational duties the Frigs 
Field will contain something 
like 340 men working In 
cramped, dirty and often dan- 
gerous conditions. One way for 
the operating company to ensure 
that worker morale — and there- 
fore productivity — stays at an 
acceptable level is for its cater- 
ing services to be of a high 
order. In this respect Elf Aqui- 
taine Norge, the operating com- 
pany for the Frigg Field, has 
dearly been at pains to mini- 
mise any risks. 

There are no less than three 
offshore supply companies ser- 
vicing the “ hotel " contract for 
the four main installations 
within the Frigg Field. Two 
Aberdeen based supply com- 
panies are involved. Chalk Drill 
Catering and the UJv. arm of 
Norway's Stravanger Catering, 
Scot Catering and Offshore Sup- 
plies. But the largest single 
slice of the Frigg Field supply 
service cake has been awarded 
to CD Catering of Norway a 
company whose antecedents go 
back as far as 1857. 

CD Catering (the CD stands 
for Christiana Dampkgokken 
which means steam kitchen In 
Norwegian) was absorbed into 
the Norwegian Farmers' Meat 
Marketing Organisation in 1963. 
With its vanguard of ten res- 
taurants in and around the Oslo 
area, the company has long 
associations with the catering 
trade, and was one of the first 
catering group’s to move into 
the offshore supply business. 

Two of the Frig? Field's 


operational installations will be 
supplied by CD Catering, which 
will mean that the company will 
be servicing just over half of the 
340 workers on operation duty. 
Its contract extends from sup- 
plying food and drink to replen- 
ishing bed linen, keeping the 
tig shop topped up and being 
responsible for cleaning and 

supplying the daily dose of new 
film shows. The company will be 
staffed by between 35 and 40 off- 
shore personnel working from a 
pool of around 100 engaged in 
an eight-day shift system. 


Priorities 


The company is at pains to 
point out thaL one of its 
priorities in worker relation- 
ships it to de-njystify the North 
Sea. “We need to create an 
image for the rig worker. He 
needs to learn to think of him- 
self as just- another employee 
doing a useful job. He has a 
commuter problem but the rest 
we think we can overcome." 



Success ultimately depends on the men on the rig. 


A chance to explore 
the best source of news 


Part of the trick of normalis- 
ing life offshore for CD 
Catering has been to make life 
on its installations slightly less 
utilitarian than might be the 
average for offshore living in 
the North Sea. The main Frigg 
Field platform has a bar 
(though it is still non-alcoholic) 
something that looks very like 
a dance-floor and until recently 
could boast a garden come 
greenhouse. But perhaps the 
greatest single influence that 
CD Catering's offshore tech- 


bear is through the introduction 
of the female element 

Among the 35 to 40 catering 
staff and cleaners employed on 
its two installations at any one 
time, possibly as many as 15 
can be women. The break- 
through for CD Catering came 
last autumn when a pilot 
scheme introducing women to 
rig life was deemed a success 
by everyone involved. The 
process of stabilising and lend- 
ing a homely atmosphere to off- 
shore installations is likely to 
be extended considerably 
according to the management 
team behind CD Catering. 

The company's main duties 
centre on the kitchen where 


starting with breakfast, working 
through lunch and dinner and 
extending to what CD Catering 
describes as the midnight meal. 
In between, its staff are on hand 
to supply coffee and biscuits as 
well as man the shop (news- 
papers, cigarettes, paper-backs, 
toiletries) and the library. 

Just what an overall supply 
contract is worth to a catering 
company no one is saying. But 
CD Catering were able to pro- 
duce turnover figures where 
projections for a full 12 months 
of normal operational running 
— once the additional workforce 
currently add-ing the finishing 
touches to the installations has 
been disbanded — indicate a 


nique has - so far brought to four meals a day are prepared turnover of Kr.l2m., or £12im. 


High emphasis on safety 


from the 1 North Sea 


North. Sea oil industry - 

grown enormously, both in 
offshore exploration and 
production, and in ancillary onshore 
developments. 

It is an industry that lives with fast-moving 
expansion, politics and projects which stretch 
•modem technology to its limits. Decisions 
involving millions of pounds arise almost 
every day and call for constant accessto 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, 
NSL is an exclusive weekly review of oil and. gas 


activities on all sectors of North- 
West Europe’s continental shelf. 
BSP*' Every weekNSL gathers all the 
&- m relevant information, interprets it, sets ifc 
in perspective, and provides a continuous 
well-referenced re coni 
This is compressed into a concise dozen or 
more pages that are essential reading for 
anyone involved in this dynamic industry. 


ONE OF the unique features the event of a platform shut- Maintenance men will visit the undertaken, and saturation for this purpose starting this 

of the Frigg Field is that it is down. platforms every day to carryout diving facilities. year. 

theoretically possible to operate Drilling and production will a thorough and continuous in- When the Northern Installer Total, as transportation 

the six-platform field system take place on the same platform spection programme, s goes into dry dock, as some day operator for Frigg. feels that 

from one platform, the quarters at the same time, however, a Elf Aquitaine men regard the it must, Frigg can, in emer- the sound design and construe- 
platform (QP). practice not normally regarded inspection and maintenance of gency, call on vessels from tion of its manifold platform 

This platform is the nerve as compatible with the highest the topside installations as rou- nearby fields as a member of and pipeline minimise its main- 
centre of Frigg. In addition to safety standards. But Elf tine, pointing out that they are the orange sector " dub. tenance problems. On the plat- 
housing the field personnel, it Aquitaine’s engineers are not dissimilar to those which A point on inspection and f orm (M CP-01) the four risers 
contains the central operating adamant that Frigg’s system is have been long in use elsewhere, maintenance which Elf fro™ the two pipelines are in 
and control room for the whole up to these standards because onshore and off. But under the Aquitaine engineers emphasise the diy, which reduces main- 
field, telecommunications with of the timing of the operations, water the difference between is the need to minimise the use tenance and inspection proh- 

Norway and Scotland, comm uni- The wells on each platform North Sea structures and others of divers. They regard satura- l®*os substantially, 

cations with vessels and other are divided into two clusters. Is more significant They are tion diving as expensive and, Th 0 pipelines are buried for 
fields, and the control gear for of 12 each, with a fire wall in larger and designed to with- because of its physiological most of their length. They have 

the production platforms. between. Before any well per- stand a far more hostile effects on divers, unlikely to be 0 concrete coating with a steel 

Normally QP receives elec- forates the reservoir all 24 are environment. The concrete 100 per cent reliable. frame inside it to give weight 

tronic power and fuel from the drilled vertically to a depth of structures are fundamentally and protection should any sce- 

first treatment platform (TP1). 500 metres to prevent a produc- different tion become uncovered. Zinc 

But it has emergency generators ing well being penetrated by So the operating engineers anodes every 170 metres are 


anodes every 170 metres are 


and fuel systems to permit it 000 which is in the course of have had to develop new pro- All saturation workers are expected to provide protection 


to be completely self-sustained being drilled, 
for extended periods and __ _ 


Mfor around £3 a week So why not try the facilities for shutting-down any {{323rd 


four-month, test. Complete and return the of the other platforms should ** lous thoroughness in doing so. wherever possible, especially on every year irom a sunace vessel 

coupon below and begin a four-month. the need arise. Production and drilling will The vessels on the field in- visual inspection work, and using acoustic side-scan sonar 

subscription, now. So the field could run for take place simultaneously for elude two supply ships. Rig eventually to use remote-con- and sub-bottom profiler 

Exploring for accurate information is rather s° me time with no men on the two years. But during that time Chief and West Osprey, each trolled vehicles (RCVs) for all methods. If this reveals any de- 

ke exploring for oil- Dainstaldna expensive other Platforms. In practice, there will be no need for a capable of delivering 10,000 gal- underwater inspection. At pre- fects a more detailed inspection 

ork. Thistkne. we thSkvou’Ilfinri von V p however, it is unlikely to do so. major workover on a producing Ions of water a minute. One of sent RCVs are used' to check will follow, using a submersible, 

ruckitiidi* Drilling crews live and sleep on well — the operation that these vessels must be on stand- around the platform bases for Using the manifold platform 

rue*, ix drilling patforms and even presents the main safety by at all times. In addition, the scouring, particularly the con- as a pigging station, caliper pigs 


grammes to care for (he under- watched by TV at all times and against corrosion for at least 20 
water parts of the platforms and it is the company’s policy to years. 

emphasise the need for scrupu- reduce diving operations The pipes will be inspected 
lous thoroughness in doing so. wherever possible, especially on ev0r y year from a surface vessel 
The vessels on the field in- visual inspection work, and using acoustic side-scan sonar 
elude two supply ships. Rig eventually to use remote-con- and sub-bottom profiler 


like exploring for oil: painstaking, expensive 
work. This time, we think you’Ufindyou’ve 
struck it rich. 


To: Subscriptions Dept (NSL), 
Financial Times Limited, 

Bracken House, 10 Cannon Streep 
London EC4P 2BY. 


1 




Drilling crews live and sleep on well — the operation that these vessels must be on stand- around the platform bases for Using the manifold platform 
the drilling patforms and even presents the main safety by at all times. In addition, the scouring, particularly the con- as a pigging station, caliper pigs 

when drilling of the field's 48 hazard. Maintenance work on operator has recently taken de- crete structures, and tests have are sent down the line to check 

wells is complete a handful ol the wells will be confined to livery of the Northern Installer, been made in a Norwegian internal measurements and 

residential staff will remain, minor wireline operations only, a multi-purpose monohuli ves- fjord of the use of similar Total is studying the use of 

But there are no residential Although the control room on sel, dynamically positioned, with vehicles for -cathodic protection several different systems of in- 
staff on the treatment plat- QP contains advanced and a total water-spraying capacity measurement The test results teraal electronic inspection- 

forms, which can be visited elaborate monitoring and con- of 40,000 gallons a minute. It have received the approval of the so-called “intelligent pigs-’ 


Please enrol me for a four-month trial subscription 
to the weekly North Sea Letter at £50 in the UK (£62 
overseas including airmail postage). The overseas rate is payable 
at current exchange rates in any currency freely convertible into sterling; 


Bruce Andrews 


| [ Cheque enclosed (Cheque payable to Financial Times Limited (NSL)) 
| | Please invoice me 


*BLUCKCATIT.\LS 

XiUlK? 


International spread 


Oraonjfraiwn 


Nature ul'Buainns 


of contractors 


Signature 


J Registered in London. No. B27590 j 










Humphreys S-^lasgo^ was the main 
contractor for Total Olf^Marine's Gas Treatment 
Terminal at St. Fergus, tfije largest of its kind 
in the world. As main tsorefractor, Humphreys & 
Glasgow was responsif&ifor process and 
engineering design, procurement, erection and 



Fergus Main Contract 


from QP by bridges. trol systems, they will duplicate has a 300-ton crane, invaluable the Norwegian authorities and ^ . ■, 

A predominant reason for visual inspection, not replace it. if a hyperbaric repair has to be RCVs will be used on the field UFUCe AHCu€WS 

designing the installation in 
this way was (he need for 

safety. A representative for “’W" . . • -g 

assssss International spread 

gas” and points out that gas, JL 

because of its volatile nature, is . 

more dangerous than oil. A 

There is another safety . f* A J 

aspect to the design of the in- 8 /'"ThT" 

U1 LUIllidVlUIo 

around 30 per cent of Britain’s 
gas needs. It is regarded as 
highly risky to do this from one 

platform. Facilities for produc- ^ PUTTING together the £2bn. of the Frigg structure were the Concrete Drilling Platform The main Swedish contribu- 
tion and treatment are dupli- Frigg Field development pack- manufactured by CFEM at I where the drilling modules tion to the project was the 

cated to provide alternatives in a S*. EU Aquitaine and its part- Rouen and Dunkirk before were the responsibility of the building of the intermediate 

— 1 — — ners have drawn on a wide being transported separately for Italian group Saipem. ' manifold compression platform 

variety of fabricators and equip- assembly in Stavanger fjord. A French firm, Constructions which can control and adjust the 
ment suppliers. Yards and fac- The completed structure was Metaliiques de Provence, under- gas flow from its location about 

lories in France, Norway, later floated vertically to its took the construction at its half way along the route 

Sweden and Scotland are among offshore location for instalia- Dunkirk yard of the 2.000-tonne between the field and the shore, 

those that have contributed to tion. steel deck which has been The structure of the Howard 

. the project, the largest and The flare stac k, which ^ installed on the concrete treat- Doris design similar to Concrete 

:he mam m ? st cbaJlen S in S *«*•“ de - positioned at a safe distance m l n * * at fie l d > Drilling Platform 1 at the field, 

velopment so far undertaken in of at least 500 yards from other while the 6.000 tonnes of equip- was built by Skanska Cementg* 

16 S GaS TrG3tm6nt the North Sea. platforms, was used to burn J?f?jL are f 3 hn . cated juteriet at Stromstad in Sweden. 

. - Equipment costs have been surplus gas during the period The 32 “ inc h steel pipelines. 

rgest of Its kind ; f a i or J aC ? r J"i- the - FnS ! ** plsnt was beins com- ° f which represented the largest 

. . . ' o budget. Wood Mackenzie and missioned. During production , The accommodatom and ser- single item in the development 

tor, Humphreys & Company the Edinburgh Stock- it is on standby to allow rapid bud 8 et - were bwight fro® 

, brokers who monitor North Sea re ] ie f 0 j pressure in emer- Vallourec in France and Mitsui, 

proce ss and ~ Euro , M ££■ 5 

nent, erect.cn and f m ^ ted ^ |30 V^|. "sr’SXT 

I tz rirrst Smmort 

— H charter semi-snhmersihie drill- uUDDOIl Contractors partnership at j ^ ^ 


1 




For CD Catering this works out Sea technology has had an no.- 
at something like £13.50 per comfortahle habit of nmnhj 
man per day — for the equiva- ahead of itself at a very rapid 
lent of four meals with dinner rate. 

alone extending to a choice of The upshot is that less than 
four hot dishes plus a cold perfect storage conditions caq 
buffet, cinema shows, full pose all sorts of problems for 
accommodation and free a catering company, especially . 

snacks. when the weather turns sour 

These statistics underline as is so often the case in aa 
one of the major economic area like the Fngg whi( * 
advantages of offshore catering, straddles the *nd 

namely a fixed, captive U.K sectors of the North Sea 
audience. Catering companies a full 225 miles off the Scottish 
are responsible for purchasing mainland, 
supplies which to a certain The cramped working condfc 
extent can be made through tions found on offshore installa- 
ble volume buying muscle of tious in the Frigg Field are a 
what in many circumstances far cry from those prevailing 
are major catering-orientated at its onshore terminals, notably ' 
parent companies. Thereafter the St. Fergus terminal soma 
distribution is undertaken by 40 miles north or Aberdeen, 
the company responsible for rig one of the largest gas treatment 
operation, leaving the supply plants in the world, St. Fer- 
group to pick up the thread gus is the reception point for 
once supplies are stored “on- c he two Frigg Field gas pipe- 
board." lines and the point where the 

On average, rigs take up North Sea product is delivered 
fresh supplies on a weekly to British Gas. 
basis — with enough spare The terminal is spread over 

capacity in storage in case bad something like 100 acres and 
weather causes the supply boats bas been designed so that it 
to hold off— and this fixed pat- be ab j e to process up to 40 
tern of events allows a catering ^ of Britain’s gas re- 

company to project its fixed quiremen ts. The plant is 
costs forward to a considerable S p ac j 0 ns, airy and remarkably 
and profitable extent. jfee of people— in stark coo- 

Offshore servicing is, how- trast to the cramped and over- 
ever, not all plain sailing, crowded atmosphere prevailing 
Storage at sea can often be on an offshore rig- So much so 
inadequate. On a rig space is in fact that the catering 
at a premium and often the arrangements at the British Gas 
number of working personnel end of the terminal centres on 
involved will extend beyond one lady, 
the numbers envisaged at an in T 0 

st alia lion's design stage. North Jettrey JSrOWn 


5VA 

VV‘: 


commissioning. Humphreys jihd Glasgow also 
built and operated thetfimpnd Construction 
Camp for 400 men. Jj? 

HUMPHREYS sJflASGOW LTD 


1 '^.. 




22 CARLISLE PLApE^ON&ON SW1 P 1 JA and 

PARK HOU§j^r#A'SK CIRCUS PLACE * GLASGOW G3 6AN 

... 




ft***™ 




period, the contractors had ; r 0 “ L meat ana compression platform accomplished "m- 

some 1B00 men working on the which is a Condeep design ^ 

field and it was necessary to C 11TlTinr f constructed by the Norwegian providld by B ro^i and b SS 

charter semi-submersible drill- ^UppOIT Contractors partnership at Oceanic Contractors and ETPM 

“ u “com- Union Mllstrielle d . Em „. 

modauon platforms. -prises, whose yard at Cherbourg gteel deck whTch was manuto* hy P erb ? ric welding of sections 

This was m spite of efforts to constructed two of the plat- hired at Stord also in Norwa^" an f oth * r operations was pro- 
carry out the maximum amount forms, also manufactured the the- Ak#»r cbinhniMw Y? ded by Taylor Diving and 

of work onshore or in suitable 800-tonne support frame and white the CoMex 

Sl red L ocat j ons Uke ^Wcated modules contain- the platform were provided by > action to the barges 

Norwegian fjords. ing some 2,500 tonnes of drill- French-Norwegian partner directJ y involved in the open- 

The separate flare stack plat- ®*? d equipment sb ip SPIE-Vigor. ti° n of laying and burying the 

form, for example, was virtually for Platform -. Drilling Total Oil Marine, another ^nes, a diving support vessel 

complete when it arrived at its ^. quipraent 5ti PP* y and ‘nstalla- partner in the Frigg consortium and t* 0 mini-submarines and 
location, it is based on a design 2° n wa J .. subcontracted to are responsible for the gas once their . support ships were 

devised jointly by Elf Aquitaine * °f e ?* while Lummus France jt has been treated on the plat- re< l ldred during the work, 

and Compagnie Francaise Comsip Enterprise designed f 0rms . They too called bn inter- ^together some 60 supply 
d'Entreprises Metaliiques the .system for removing sand, Q ational expertise in construct- tugs and pipe «trans- 

( CFEM I and follows tests on a *“^”*8 311 d extracting the the twin undersea pipelines P° r l e ra were also needed before 

prototype in the Bay of Biscay ^oodensates. which carry the supplies to the weJce ‘ completed last 

between 1968 and 1971, Lummus and Comsip together terminal at St Fergus in North- Bummer - 

Parts for the base and body designed a similar system for East Scotland. By 3 C OITesp OXldCRt 






W-, 


•*•1? ft , 


financial Times Tuesday May 9.1978 


M. 



SOCIETY TO-DAY 




Ray of moonlight on the ‘hidden 9 economy 


J >l.u , 

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H. 

f ■ 


" •Viu-r'W 

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^ 


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'.'■'“‘""Sfe 


IT IS just possible that Britain The very first bases its index 
js surviving the growth of the on expenditure. The second is 
State -by ignoring it. That is based, on income. In. 1955 the 
the Italian way, aud it Is not difference between these two 
necessarily a bad one. On paper, index numbers was half a point, 
Italy is unworkable. Its econo- which one could T?kp as reason- 
mic statistics in all save its best able evidence that aH the forms 
years suggest that it is .the filled in showing how much we 
verge, of collapse. Yet the spend matched up pretty well 
Italians seem, to provide, their with all the answers we then 
own pn We network pf arrange- gave about how much we 
ments. independent of State sub- earned, 
sidles', or taxation. If only some- For next 18 

~ «*.« - - 

. mere 0.9 discrepancy. 

The,' idea' that the same thing 


might be happening Tight here “ 

in Britain ie pmrinsllo twain. ® XWt*. lSKUlg 1970 


ini Britain is gradually begin- “ "*“» A /'° « equal 

nine to dawn 5T* mimbefaf *1°°; pr °* 

economists. To the ordinary fe.“L*S*" I cort m 
eye, it certainly looks as if many 169 ' 8 rf based on expenditure 


'i .■< , , ■ - 

•*V. 

J ‘ i.V 
-«•> £ 
a*. 

} :,i<1 z 

, 1 ;nt *h„' 



nary life of building workers, 
the hotel trade, journalism, and 
other easily definable areas; in 
most cases it is services rather 
than goods that are involved. 

But even in manufacturing 
industry, what the unit calls the 
“fiddle factor'* may play a 
larger part in industrial rela- 
tions than some managers 
realise. If a generally accepted 
level of pilferage, or work- 
avoidance, has been current in 
a particular plant for a number 
of years then the managers who 
have turned a blind eye all 
along should not be surprised 
when their bright new produc- 
tivity scheme is turned down on 
apparently irrational grounds. 
The under-the-table objections 
may be perfectly rational. 


people are doing rather better ?*** an ^ . ^ based on 


• • “ "« ai'. 

: "‘ -1 Ml t 
"■ v'llllv, V 

" 

_ Tl ’" PI» 

‘ , ■ ,n ' 1 M** 

’ — 'll tua 

and, 

V"-*" Pr Hj 

:v- ■;** 

, " ‘ ,hl ' l* 

, 5,;,, R -> 
■ : <VEfr. 


than our gloomy economic tabu- ^ ncome data. Were we be co Ha- 
lations indicate; to the ordinary . more cagey about our 
ear the amount . of barter, or earnings? 

under-the-counter, or VAT- Not necessarily This 3.1 
evading business that is taking difference might have been a 
place seems to have grown in flash- in the paw After all, it 
refcent years. Thie problem is was difficult to get such 
that, by definition, there Is no measurements right in the year 


way of proving* it 


immediately following the 
quintupling of the price of oil 
But the following year the 
difference was 2-9 — still more 

__ . _ than thrice the 18-year average. 

■■ £- so ; 5 f * for ■*??: ° n In 1976, according to figures 

page l 1; of the Rational Income revised by the Central 


Statistical 


a nd^penditure l966-197^eom- Statisticjd office ^ce the table 
pitabon publ’died tasr autumn 1 been quoting 

by Ibe CantraT Statistical Office ^ nnKiiah^ 
fHMSO £3:95)* there is a table 


Jeffrey 


was published, the discrepancy 
was higher than ever — 4.7. Last 
, _ .. . . .year it was “down" to 2.6, 

SSL 8 SXZSfJESSL *f- a tat this is HU subject to 


entitled Index lumbers' of 


gross national ^-disposable in- 
come/ ‘ 


These cambers count ™™! 0TL ]P every Tmnt cue 
umc uuuiwis ^ the spending index has been 
our annual production and con- tW “ 

sumption in eight different ? at mU( ? tagher ttan 


J 


ways, and it is interest- 
ing to compare the first two of 
them. 


earning ” one. 

It* would be foolish to- build 
anything much on this curious 


statistical fable. After all, the 
instability of currencies over 
the past four years has made 
the calculation of precise 
import prices difficult, and 
much of our spending goes on 
imports. The rapid rate of 
inflation over these years also 
made the match harder to 
achieve. 

Yet the Government statisti- 
cians do try to take account 
of “ unofficial income from em- 
ployment’' by adding a bit in, 
using their best professional 
judgment. They have control 
figures — the index based on 
output, which does not seem so 
wobbly— and they are not blind 
to what goes on in the world. If 
this is so, then the larger dis- 
crepancies between the expendi- 
ture count and the income count 
over the past four years must 
mean orre of two things. Either 
the relatively more unstable 
world has multiplied the 
number of gremlins in . the 
counting system, or they are not 
“ adding on " enough to com- 


pensate for the Italian, side of 
our nature. 

For the time being we can 
leave ttfee official figures at that. 
The Government statisticians 
are looking at “perks ” and 
“fiddles” as a matter of top 
priority, and we must hope that 
they find a useful means of mea- 
suring (a) their place an the 
economy and (to) whether their 
use really is growing. 


Fiddles 


Arguments in favour of the 
proposition that the unrecorded 
part of our daily business is 
becoming more important can 
be found in “ Policing the 
Hidden Economy — The Signi- 
ficance and Control of Fiddles,” 
which has just been published 
by the Outer Circle Policy 
Unit* 

It begins by reminding us 
that in socialist societies “the 
rigidity of central pi aiming 
creates the need for alternative 
informal arrangements to facili- 


tate production, and the control 
and rationing of consumer goods 
creates unofficial markets." One 
writer has estimated that as 
much as a fifth of Soviet eco- 
nomic activity can be accounted 
for in this way. 

In Britain, pextoaps half our 
economic activity is controlled 
or influenced by public officials. 
Even in the market sector. Gov- 
ernment control and regulation 
for tax, public order, health and 
other purposes is already exten- 
sive,” says the Outer Circle 
Policy Unit. 

Taxation, it goes on, has 
become an instrument of econo- 
mic management in general and 
incomes policy in particular. 
“We have therefore at least in 
embryonic form the conditions 
which encourage systematic 
collective fiddling.” This pro- 
cess includes taking second jobs 
— “ moonlighting "—as well as 
pilfering from employers, tax 
avoidance, and tax evasion, and 
the well-known propensity of 
plumbers, painters, and other 
small tradesmen to break out in 


a rash when offered anything 
but cash for their services. The 
unit defines it all as “ The 
Hidden Economy,” but on reflec- 
tion it is really pretty risible. 


The lump 


Yet how much is it worth to 
the economy? The new pam- 
phlet looks at one item in the 
necessary equation and by- 
taking such published evidence 
as exists, and slicing it all down 
in favour of a conservative 
approach, comes out with a 
current annual £I.3bn. lost on 
pilferage from employers, petty 
cheating of customers, and 
police time. 


If one had but the means it 
would be more instructive to 
calculate the value of cash and 
barter transactions <“£100 if 
it's cash, £150 if it's a cheque,” 
or “I'll do it for half a dozen 
bottles of whisky ”) to the 
economy as a whole. The official 
index of output is probably 
accurate enough in its count of 
goods, but its count of services 
is just as likely to- be -way out 
The unit's report suggests that 
“fiddles” are part of the ordi- 


It will be seen that once on 
the trail of this line of thought, 
various apparently different 
phenomena may be mixed 
together — tax avoidance with 
the “lump"; petty theft with 
“ moonlighting.” Since the law 
is arbitrarily applied (some 
employers prosecute, some do 
not) this apparently odd mix- 
ture is more sensible than it 
may seem. And the fundamen- 
tal point is not so much “ what 
is legal?” as “is it growing?" 
and “ why? ” 

The general tenor of the 
unit’s report is that fiddling is 
something that may be growing 
and should be stopped. It 
devotes much space to the pri- 
vate security industry. This is 
not out of tune with the Gov- 
ernment’s attitude; which seems 
to be to react by increasing the 
penalty for tax avoidance (and 
making the rules retrospective, 
if Parliament passes that bit 
of Mr. Healey's recent Budget), 
while encouraging the Inland 


Revenue and VAT officials to 
develop their powers and their 
methods of exercising them. 

There is. however, something 
wrong with this approach. Let 
us like it that what many 
■people assume to be true really 
is true — that the British are 
becoming less honest about tax 
returns, and more conscious of 
the advantage of private 
arrangements for increasing 
personal incomes. 

If this is so then what is or 
prime importance is not how in 
control it, but why it has hap- 
pened. And of course the answer 
is hardly a mystery. Taxation 
has become too onerous, even 
for the worker on nr possibly 
below the national average 
wage. A succession of incomes 
policies has made the possibility 
of escaping from this drear 
trap even harder. An extra £6. 
or £4 a week can he a sour joke 
when much of it is taxed away. 

The right analjtical stance, 
therefore, is to find out, firs.:, 
how much of the supposed 
growth in the “Hidden Eco- 
nomy" can be quantified and 
then, second, to delineate the 
lines behind which Government 
should retreat in order to ease 
the burden of State intervention 
and taxation. If the State were 
less of a presence, and lc<x 
costly, the need to find means of 
escaping its clutches would he 
that much less fell Tho alter- 
native is that Britain may 
become so much more like Italy 
that we will begin to suffer 
some of the Italians’ chans, even 
while everyone is making the 
best life possible out of a scries 
of deals with friends and 
acquaintances. 

Joe Rogaly 


* Obtainable /rant 4 Cambridj 
Terrace. Regents Park, Londo 
NW1 4JL. 




Jl ’ 

-k<! 


Railway 

investment 


Letters to the Editor 


•I ; 

•V »v 


•■ir. 

IV: 

, 


-. I? ‘ 




JJrmr 


\wb 



From Mr. Sffii BontxAt ... 

Sir.-r-By setting out alterna- 
tives for railway.- investment 
during the remaining depades of 
the century, Mr. .Peter .Parker 
may have, ensured that a consis- 
tent policy will be followed by 
whatever Government js. in 
power.- He may also Bave per- 
suaded those responsible- for 
overall -:tjattspoiti-'plMinmg to 
avoid- a ' repetition' > of the mis-' 
takes of the: 1955-65 period. when 
a comprehensive modernisation 
and electrification programme 
was abandoned' midway, . diesel 
superseded ele.ctric traction pro- 
jects on all but two trunk lines, 
the creation of a modern wagon 
fleet was postponed, ' and an 
unfinished modernisation pro- 1 
gramme was disrupted by the 
Beeching cuts— carried out after 
an appraisal -of railway econo- 
mies. which should have preceded 
the modernisation programme in 
the first place. 

The need to replace soon many 
of - the existing'' diesel and 
electric multiple units will' pro- 
vide an opportunity- for assessing 
the relative primary and main- 
tenance costs b£ these two forms 
of traction and’ their relative 
operational and ‘ traffic-creating 
benefits against the • relatively 
high" initial costs of ' Overhead 
and: feeder line installation. The 
French railways have . found that 
th'e extra- cost ' of . trunk line 
electrification is usually re- 
couped within 5-8 years through 
operational savings. To shrink 
from further electrification on 
the scale proposed' by the Rail- 
ways Board— which ' would not 
raise the proportion- of -our 
electrically -hauled traffic above 
the Continental average — would 
prove a false economy in the not 
very long run — quite apart from 
the dangers arising from an 
overall transport provision based, 
on oil. It would also be desir- 
able to concentrate the necessary 
work on the 1980-90 period, when 
our supplies of manpower and 
raw materials such as steel will 
be abundant, using -railway elec- 
trification as an anti-cyclical 
depression corrective; this would 
be better than to be- caught out 
by a worldwide -oil shortage at 
a time 'when our economy — let . 
us fervently hope-will be, fully 

stretched. 

It is -only too easy to see the' 
high -initial outlay tm a major 
transport project as. a barrier to 
its . implementation — as • the 
Secretary of State for Transport 
did when he ruled out a. revival 
of the Channel Tunnel project 
on- such grounds. In fact, a 
refusal- to contemplate the rele- 
vant* expenditure will result in 
no- real savings over the next 20^ 
30 years, since the .aggregate 
cost of the replacement «>f ferry 
ships, the expansion of Channel 
ports and the creation of 
adequate access roads will equal 
the cost of the Tunnel. This was 
the conrlusion -of the Cairncross 
Report. And Cairncross did not 
include -the cost of a. 'third 
London airport- plus feeder roads 
and railways which will have to 
be built, if the .growth in short- 
distance auc traffic cannot he 
mitigated by the creation of a 
direct rail link tp the Continent, 
Here again, discoanted cash-flow, 
considerations 'Should not be 
allowed to overrule the needs of 
predictable traffic flows. 

Ralf Bonwit 
Sorby. Kiln Lone, ... 

BtnjLeUi. Heath, . 
Mcmey-on-Thotnes. . 


It is important to recognise that 
the OECD report about Australia 
probably provides an inaccurate 
•picture about the real state of 
affairs because the OECD officials 
visiting the country are not 
.given unfettered acces to all 
sections of the Australian 
economy-. 

The views expressed in the 
. report are basically those of the 
.Australian Treasury which 
•appears to believe that inflation 
must be reduced further with- 
out regard to the serious prob- 
lems-' <lf ! unemployment and 
sluggish domestic demand.' 

The present Government has 
succeeded in reducing inflation. 
-It has done so mainly due to sub- 
stantially increased unemploy- 
ment, increased tariff and non- 
tariff barriers and slackening in : 
vestment, in demand-creating in- 
dustries. It has been helped by 
the fact that import prices con- 
.tinue to decline in real terms. 
It-’ has not been faced with the 
rapid escalation in oil and other 
commodity prices which con- 
fronted the Labour Government 
which came to power in 1972. 

There have been substantial 
overseas borrowings to prop up 
the Australian dollar and the 
federal Budget deficit for the 
1977-78 financial year wfii be sub- 
stantially. over the $A2J3bn„ for 
which the Government was aim- 
ing- 

While, there Is no desire to 
decry the basic strengths of the 
-Australian economy, the Govern- 
ment, no matter what political 
complexion, should not be afraid 
of an accurate impartial report 
on its economic affairs. 

It is regrettable to say that the 
present Australian Government 
is unprepared to have such an 
assessment made. It reflects 
adversely on .the OEQD. that it 
does not insist that it should have 
open and unrestricted access to 
all the sources of information 
which would enable it to assess 
the real -economic situation In 
Australia. 

K. ?. Baxter, . 

87 Boilanrt Street, Fisher ACT, 
Australia. 


members. Indeed those delin- 


chasing power are both neces- 
quent companies still anxious to sary and sufficient to allow fully 
sell their leasing contracts on the for inflation." Mr. Speer says be 
tax-free benefit motivation might wishes I would stop repeating 
perhaps wish to spend a little “ that constant purchasing power 
time studying the possible effects has nothing whatever to do with 
on their own tax position. The inflation;” 

Revenue may msh to take them Perhaps I have failed to make 
to task utilising the provisions of my meaning clear. It is current 
Section 44(6) Finance Act, 1971. cost accounting which I assert 
This section is concerned with the has nothing whatever to do with 
disposal value to be taken into Inflation. The fact is that infla- 


account where the sale takes place tion is a monetary phenomenon 
at less than market value and tie Any purported system of adjust- 


purchaser is not 
capital 'allowances. 


entitled io 
They may 


ing accounts for Inflation that 
follov 


lows the Sanditands/Gertrude 


further wish to consider the possi- Stein approach (“a pound is a 


bility that certain more adven- pound _ is a pound ") fails . to 


turous agreements may result in recognise this elementary point, 
the vehi&es being treated as anci hence Is utterly unsatisfac- 


stock-in-trdde thereby prohibiting to iy . , . _ 

In the past ten years the pur- 


entiUemenfito a first year allow- 1U . e past ten years ine pur- 
gjjpe \ chashing power of the pound has 


M. P. GculdA 
Johnston House. 

8. Johnston Rood, 
Woodford Green, Esses. 


Bureaux de 


change 


From the Marketing Manager, 
aiequepovnt Services. 

Sir, — In our recent letter to 
your newspaper we challenged 
Mr. Rost, MP, to produce his 
evidence supporting bis allega- 
tions that some bureaux de 


fallen by about two-thirds. Hence 
the urgent need for inflation 
accounting. If there were no 
inflation, there would be no need 
for inflation accounting; but the 
arguments in favour of current 
cost accounting (as opposed to 
historic cost accounting) would 
be unaffected. 

D. R. Myddeltou, 

Cmnfietd. 

Bedford. 


Responsibility 
of NEB 


Leasing 

benefits 


The Australian 


economy 




From Mr. K. P- Baxter 
Sir,-~I read with interest your 
report (April 2S) ■ about the 
Qrgamsation for Economic -ccr 

operation . -and Development 

recommendations for ‘ Australia- 


•From Mr. M. P. Gould 
' Sir,— Mr. T. Ring’s comments 
(May 8) confirmed that 1 was not 
alone in having taken, the trouble 
to investigate fully the tax implir 
cations of the so-called “ tax free 
gains” that were being bandied 
about by a number of those. com- 
mentators concerned with resi- 
dual' Jgw-'rfrig of motor vehicles. 

While to many It may appear 
surprising that the Revenue have 
permitted the Continuation of 
such- apparent - tax avoidance 
schemes to go unabated it is clear 
that it is not generally appreci- 
ated that In the Revenue's view 
they already have the legislation 
to attack most of the schemes 
currently in use as and when <»*e 
profits appear. Nevertheless, in 
' view of the often misleading 
advertising and articles that are 
found in the Press and elsewhere. 
I feel that it would have been use- 
ful if -the recent Budget could 
have tightened up ©a some of the 
areas where uncertainty exists. 

I have no doubt that other pro- 
fessional advisers who tike my- 
self are involved with the leasing 
industry have examined the >ax 
implications in depth' -and &J«o 
taken • due cognisance . of the 
Board; of Mend Revenue’s views 
on the interpretation of existing 
legislation. It must he recognised, 
however, that the continuing and 
blatantly misleading statements 
put out by a small number of 
leasing companies does jeopardise 
the legitimate benefits to be 
gained from .leasing by a large 
cross section of industry. I can 
only hope that the Equipment 

Leasing Association together with 

the Vehicle Rental and Leasing 
Association will attempt io 
emphasise the dangers to its 


v h ?^ + ch J r8e 20 per cent He From Mr - Stebbings. 

has yet to do so. _ . .. Sir,— In your leader (May S) 

As one of tiie pioneers of the y 0U say it does not necessarily 
bureaux de change business, we fonow that an agency such w 
at Chequepomt feel a certain neb should become a giant 
obligation to defend the business holding company with -a Govern- 
against unbalanced or spurious ment responsibility for supervis- 
crl _r C i?? 1 ‘ . J ing such investments as Ley land 

Until recently bureaux de and Rolls-Royce. Is it not so that 
change facilities' were a peri- business is too important to be 
pheral activity operated by the left to the politicians? I would 
clearing banks in a somewhat suggest that if our international 
cavalier fashion. To-day if industries had been insulated 
customers now have a choice of from political interference by a 
service (which in our- case board largely of businessmen 
extends to 24 hours a day) we (and I include trade undos 
would Eke to think that Cheque- leaders) such as tile present 
point was instrumental in its NEB. we would have fared very 
creation. much better. Sir Leslie Murphy’s 

The maintenance of this ser- use of the expression “ bridge ” 
vice is not without problems and seems very apt to describe what 
not unnaturally West End rents is needed to sift and translate 
and 24-hour staffing are costly, the ' pressures of political ex- 
Nevertheless the average London pediency into tbe longer term 
bureau de change operates on needs of business confidence, 
what must be some of the David Stebbings 
smallest margins in the retail 2. W upping Pierhead, 
sector and Mr. Rost’s allegations Wappmg High Street , Ed. 


. _ .illegal 

of 20 par cent are doubtful Of 
coarse, fluctuations occur and 
these are not confined to the 
bureau de change business. 

Unfortunately muddled think- 

ing can occur within the business lUI6IliplOyill6Ilt 


Causes of 


Frrm President Bxrkbeck 
yourselves dearly shows. Mr- -College Students’ Union. 

Stibbe Proclaims his ab^y to s^DSidLe^ (April 
“thnve” diarging a flat 25p for 2 g) in outlining “the case 
cashing cheques and criticises for sharing die burden of aa- 
S“L^e, of tirol las employment” floats once more 

excessive, _ In fact Mr. Stibbe, ^le old canard about decreasing 
operating in Dover, is more unemployment by reducing the 
sny transaction up working day/week/year. In fact 
to £6.25 than Chequepointis 24- the average number of hours 
hour.service in Leicester Square, worked per man in industry has 
As these transactions are a sub- hardly changed since the days 
stantial proportion of our busi- 0 f the ten hour day before the 
ness. Mr. Stibbe must do very First World War. What has 
well using his rate of 25p on his changed is the proportion of 


Dover overheads. 

M. A_ Jorden. 

47 Old Brompton Road, SW7. 


Inflation 
accounting 


hours worked at normal rates as 
‘opposed to hours worked on over- 
time. 

Tbe reasons behind this are 
fairly obvious. As long as it is 
to the employers' advantage to 
work employees for long hours 
(this is explained by Karl Marx 
in Volume I of Capital) and as 
long as workers are under 
financial pressure, as they will 
continue to be in a period of 
recession and inflation, it is un- 
likely that the two will agree on 
with the unem- 


From Mr. D. R. Myddeltou, 

Professor of Finance and 
Accounting, Cnmfield School 
of Management 

Sirr-It is all very well for Mr. work-sharing 
M. Speer (May 6) to talk about ployed, 
the need for accountants to The real causes of unemploy- 
“ develop a greater tolerance for ment are. in fact business cycles 
imprecision.” But I find it hard and economic crises. Work- 
to tolerate the imprecision in tbe sharing Is just another way of 
first sentence of his letter where avoiding dealing with the funda- 
be attributes to me views which mental economic anti social prob- 
are the exact opposite of those lems in our society. 

I hold. J. ToporowskL 

My letter (April 18) said: Bfrkbecfe College, 

“ Adjustments based on a University of London. 
general index of constant pur- Malet Street, W. GJL 


GENERAL 

EEC Agriculture Ministers end 
two-day meeting, Brussels. 

European Central Bankers end 
two-day monthly meeting, Basle. 

European Parliament in session, 
Strasbourg. 

CBI. Industrial Trends Survey 
(April). 

Mr. Erie Varley, Industry Secre- 
tary, bolds talks witb president of 
Boeing on-U.S. aircraft industry’s 
offer of collaborative programmes 
to UJC aerospace industry, prior 
to similar meetings with presi- 
dents of McDonnell Douglas and 
Lockheed. 

The Queen inaugurates St. 
Fergus gas terminal. 

Financial Times two-day 1978 
Euromarkets Conference ends. 


To-day’s Events 


Royal Lancaster Hotel. W2. 

Industrial Society conference on 
Profit Sharing— Employee Share 
Ownership, at Qnaglino's, S.W.l, 
Speakers include Mr. Robert 
Sheldon, Finnrial Secretary to the 
Treasury, and Mr. Nicholas 
Goodison, Stock Exchange chair- 
man. 

European Computing Congress 
and Exhibition opens, Wembley 
Conference Centre (until May 12). 

International Diecasting Exhibi- 
tion opens, Olympia (until May 
12 ). 


House of Lords: Scotland Bill, 
committee. Tuvalu Bill, second, 
reading. 

Select Committee: Scottish 
Grand Committee considers Com- 
munity Service' by Offenders 
(Scotland) Bill (10.30 am., Room 
14). 


COMPANY RESULTS 
Averys (full year). Bank o 
Ireland (full year). Richart 
Costain (full year). Lesney Pro 
ducts and Co. (full year) 
Mallinson-Denny (full year) 
Smith and Nephew Associate* 
Companies (first quarter figures) 


OFFICIAL STATISTICS 
UJC banks’ eligible liabilities. 


PARLIAMENTARY BUSINESS 
House of Commons: Wales Bill, 
third reading. 


reserve assets, reserve ratios- and 
special deposits; .and London, 
clearing banks’ monthly statement 
(mid-April). Retail sales (March, 
final). Hire-purchase and other 
instalment credit -business 
(March). 


COMPANY MEETINGS 
American Trust Edinburgh, 
12.15. British Aluminium, 7, 
Baker Street. W., 10 JO. Federated 
Land and Building, Winchester 
House, E.C., 12. Law Land, 
Howard Hotel, W.C., 12.15. Lyon 
and Lyon. Knottlngley. West 
Yorks, 12.13. Trade Indemnity! 
12-34.. Great Eastern Street, E.C., 
12. United Biscuits, Edinburgh! 
12: Zenith Carburetter, Stanmore,- 
Middlesex, 12. 



"You might need to know that Olio Sardines Ltda- of Sesimbra 
is wholly owned by Isaac Frisch of Bow. 


You might not know you can get 
facts like this from Dun & Bradstreet. 


Dun 'S. Bradstreet are involved in alot 
of things you might find unexpectedKnowing who 
owns whom is justone. 

Our publication caUed,aptly enough, ‘Who 
Owns Whom,* can give you business ownership facts 
from, here to Hong Kong, fromPortugal to Peru. 

And we have 47 more publications holding 
masses of international information for different 
business needs. . ■ ■ 

People still, however, think of us solely as the 
world’s largest credit reporting organisation. 

But were larger than that Our list of activities covers 
so wide a spectrum that at least one should be 
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I 


COMPANY NEWS + COMMENT 


More G Ter rail jumps £0.57m. to near £lm. 


AFTER RECOVERING Troni 
165,000 Id £ 4fl7.0«0 to the first half, 
pre-tax profit of More Ofemll. 
outdoor advertising aruup. 


of the con tide rue of its customers 
in ns supersiie medium, both in 
the U.K. and on the cum men i. 

The resulting improvement in 
demand has continued in me eur- 


cvpccted. The Board has dccclor- 


panics and expects to see :< arow- 
in^ return from markets in 
France and Belgium, with a >uh- 
siantial ini pro cement in ’'roup 
results for 1H7S 

The resuir is subject to lax of 
X502 .(Hhi t ,E!iii.0O0i. and ea minus 
per share are shown at KJ.Wp 
auainst S.7p previously. The divi- 
dend total is up Troin :s.04::Sp Vo 
:t.3«a7p with a final uf 2.3Wt7p. 


Company 


INDEX TO COMPANY HIGHLIGHTS 

Page Col. Company 


DIVIDENDS ANNOUNCED 

Date Corre- Total Total 
Current 'of spending for last 
payment payment div. year year 

Aberdeen Inv. * 1.45 Juno 27 L25 .• 2A5 2.05 

Bruton Estates 0.68 — 0-59* , 1.91 L71* 

^ S. Casket int- 0.8 June 26 0.75 — MS 

A* 1 More O’FeriaU 2.4 June 30 229 3.4 3.04 

J*. I III * C H. Pearce iaL L3 June 4 1J6 — 3.39 

llVMl cWXUl# Sabah Timber 1JS July 4 L01 1.63 1.48 

Tysons (Contractors) 2.11 July 1 2.11 2.11 2J1 

there are now signs of a slight Usher-Walker 2Jtl July 3 1-9 327 2.93 

improvement in prevailing eon- Dividends shown pence per share net except where otherwise stated. 


Page Col. 


ditions, he says. 


Aberdeen Invs. 

29 

5 

March we il Hldgs. 

28 

5 

Brixton Estate 

28 

4 

Myson Group 

29 

1 

Commercial Union 

29 

3 

Pearce (C. H.) 

28 

3" 

Farmer (S. W.) 

28 

4 

Sabah Timber 

29 

2 

Frizzell 

29 

T 

Sena Sugar 

29 

1 

Goode Durrant 

28 

6 

Usher- Walker 

30 

3 

Grovebell 

28 

7 

Weeks Associates 

28 

5 

Hambro Life 

30 

1 

Wilkins & Mitchell 

29 

5 

Magnolia Group 

28 

2 

Wood & Sons 

30 

2 


* Equivalent after allowing for scrip issue, 
increased by rights and/or acquisition issues. 


t On capital 


Brixton 

Estate’s 

surplus 


Marchwiel forming new 
holding company 


• UUUllllS; timil/auj of £40 per cent, due on June 20 

0 m. v and the balance of £48i per cent. 

Marchwiel Holdings. the the current year wall be not on August 15. 

McAlpine family’s construction less than 5p net, which Is Interest on the stock is payable 


Financial Times Tuesday May 9 1978 

Issue news and comment % 

Tyne and Wear £10m| 
stock at 98f % 

Arrangements have been com- There Is provision for payment 

S ieved for the issue by T^n* and in full on or at any time aftc ’ 
fear County Council of £L0xa. June 20 and this could be attra. * 
12 per cent. Redeemable Stock tive to family trustees, if 
1988 at £982 per cenfa lists open instance. Provided the gift-edge: ■’ 
on Thursday. market improves over the nei'i 

The stock is payable as to £10 few days, there is no reason why* 
per cent, on application with calls this issue sbould not go welL 
of £40 per cent, due on June 20 Pmsneetns Para 31 : 

and the balance of £48i per cent. *Tospeetus » 

on August 15. - -w t-« i g • 

Interest on the stock is payable l\UHSlO DJHC1HS 

half vearlv with the first navment . 


advance at 
S. Casket 


• comment ON TURNOVER ahead from a Ex PO f ‘s sales at £i.0am. showed 

sras-Taasr ss b® 


tal structure in a way which wiE ing Holdings Ordinary share. In of £4.0900 .per cent, due on Joseph Sebag has completed th'. 
give it dividend freedom for two the last financial year under the November 15. private placing of £3na. 

a £12.7 id . surplus over 1976's £S4m. years. g-rtgri n g Holdings* share struc- Brokers to the issue -are S, u i ar ? J Sr ar ^? n ?,i? an st -?" ’U ’ 

Th „ rhairninn th , f book value, boosting net assets per According to the group the ture a dividend of 3.4 d net was J. and A. Scrimgeour. Ntarfo Ltd. a new UJw^srered ' 

The chairman says that despite sharc to 132p. That valuation does move is designed to create a m»iH company. Its founders havr . 

conunuing competition domestic . lak _ amount of development better organisational framework; p mWn Marchwiel Board said • comment developed a new holoscopic photo- ’ 

ssussssas xss£l a bt&pk S2E5T2L. o£ ^ tbp bb*. have ^b ? 

now being handled the group is "S, in c n h ^ BrSton’S mu udaohmU tZiJEOd- Sd 1 Y*? 1 create a su ^i e ** and Wear issue hinges on the scribed for£I.5m. Ordinary £ 

constructing a new warehouse in ™’ii u * l j. 0 . n ,S?7 J to is^^PrSie?ce Sares wlSh ti TJ: i^agement structurewlnch movement of the gilt edged shares and £l^n- of 14 percent 

wtn enable shareholders to realise T 11 - be designed 10 dea l with market between now and next unsecured loan stock 1983/88 i, i 

capita] without affecting -their the increased and more complex Thursday when application lists traits of one share and £1 nominal 

present equity of the Marchwiel activities of the group. open and close. • The previous of loan stock at £2 per unit, 

group A series of internal changes Greenwich issue (88 per cent. . The company has been Incor- : 

A new holding company is to wil l take place to create a was left with the underwriters) is porated for the purpose of manu- 
be created. Marchwiel Ltd., which number of divisional holding now standing at a £1 discount and factoring and marketing in '■ 


and newspapers, toe various out- i namings 

door poster companies have been mg manufacturer. dLstrib 
benefiting from the upturn in ^^ilcr, rose from £43 
advertising. London jnd Pro- £4nb.3L0 In December 

vincial has already announced half year, 
doubled profits on sales one-fifth And directors say tha 
higher and now More OT'erralL "ffht of reasonably 
which holds roughly a-icnih nf *“ r ™LJ r ? dl ? B C0, “L ,U<1 
the outdoor poster market in the hopeful of a good n 
U.K.. reports prolits 154 per cent. year - Protlt last 

ahead on sales up by more than ,, .... 

a third The home market The hall-year result is afler de- 
? a round " 1 h ree>q ua rters* of " 'iroifp Aw, 


profits on sales one-fifth And directors say that in the sales efforts in Europe the group properties. But Brixton 's current Act M 

I roms on sa^s - ;e ' f . . f of rcasuuablv buoyant ls now seeking to establish ware- revenue is of far less interest 

"ids roughly a^enth nf ‘-■“■'rent trading coSdiUo^ they bousing and distribution facilities than the reversionary flow due to en joy fSS tn 


16 of the Com- building j 
as a result the specialist 


id civil engineering, «n une wten me market, me omy tor me re scarce, uunenslonal ' 
contracting, timber,’ roughly comparable gilt-edged Development Corporation (DDC> "> 
ors. extraction and' security is Treasury Si. per cent. Is .incorporated, in the state of 


■poster mar'll in th. hopeful of o good result for on the Continent. come by the turn of the decade 

fes fea{.r pre ““ rr 


nevi-ly constructed company will p i an t motors, extraction and security is Treasury 8i_ per cent* Is incorporated, in the state of ; 
enjoy freedom from dividend con- housing and development. Over 19W-S6. currently yielding 10.42 Georgia. DDC retains a 60 per .' 
trols for two financial years _ t>, e re will be two holding P er cent^ but this is a lower cent bolding in Nimslo with the ; 

fnll/iti'incr nom liotino Tha . . w «U nn HW. ■ ■ - ... . *■ 


i druunu mrtre-qudi i«ri s ' p-oc ^ni i ltil j ■ ‘ui . : 

wiles) lias provided l he bulk ..r L2 l 1 Wect 10 lax of 

the profits rise, thanks m Super- ( , , 

sites, the new marketing concept a -5ff r I? no» ,de ” d ls .^! p 

which offer, pre-selected -vt- =,nH =. 

rXe’lfei' 1 Permitting — of not less Oian ID 

iSpi,! «hih hliSSr double S K n ;.“ 
associate's profits contribution to 1 8ap ,s rorecasl for lbe >ear 
XI. 30.000. in addition, the French 


company (also operating m 
Belgium l is beginning to make 

profits Oom a joint arrangement "'*> . ■ a^iunsJ sa'ism* 'taxable* rrofit'of ance 's £5m., 15 year loan facility, ~ *" 

de velo w uDer^ites 'on* '?aJl w ay SCCS IUFther CRP^indSo^^buUdef « bolstered by a further 1 ^ 

stations throughout France The £'*. • »nd contractor. lifted from of 3 year money from three giitf / i|*hkt 

7“ profit nse ggL. - . ^ suss- ii°ffi n -£"sa; w eeKS sunering irOB 

markets* *A? ll l l 10p I up 'spi^the First-quarter 197S sales at And directors are fairly «>n- u .»?? . £ ®J fill 11 tlHIYia YTlQrl/of 

> hares arc "on a p e of 10.1 while ^? g “ oli ? t ^ roap < MouJdin g s > a !Z fi J* nt that . th . e fu,! resiJ J $ of the serond ha ff of the ^up's OUll 110016 UlSTKCt 

the yield is 4.S ner cent. This ahe ad of the same period in 1977 will exceed the previous years ■ n ®'* p™“Pf 

turn pares with 7.4 and 7.4 per and Mr - F. J. Wallrock. chairman, record £662.459. at Dunstable** where a total of EV| " VIEW of depressed borne sold and the procet 

cent, respectively for London and expecLs . l ° so® a satisfactory *"■ The tl ^ f y^ ar rgsult ,s 2i Ubje , C u 670 000 so ft. of warehouse and Prospects and a slowdown in ex- deposit in the UJK. 

Provincial. crease in both turnover and profits to tax of £169.(60 compared with *! a J, L h °} u ^ port growth Weeks Associates is 


Magnolia 
sees further 
profit rise 

First-quarter 1978 & 


Pearce & 
Sons ahead 
at halftime 


companies based on a geo- 

Even before the bunching of announcement." ' ' ^rridina" frnnr 1 """ J - 

reversions in 1979 and 1930, Shareholders are being offered ® J? iS f ^ r o °°L M h ‘ ^ , __ . * : . 

Brixton’s revenue account should eight Ordinary shares of 25p in wiel reports that overseas com- /i rnYmKAll 4/x mivniin j 

begin to show the- effects of recent the revamped Marchwiel and one P?«*“ remains keen making it |j_T(>V6D011 IO D1IFS11C ' • 

letrings overseas, where its 9 per cent. Preference £1 share difficult to obtain the volume of v T 

Australian. German and Belgian for every four Ordinary shares in work the directors would like at _ . . n ^ ... • J ,■ ’• 

.schemes are now filling fast- Holdings. acceptable prices. Overall, the f|Tfir|A AYflilTlQlFfcTl ‘ ; j 

Lettings towards the end of 1977 Preference holders are being directors say that until the final v V A|f UUiJAI/ U -J 

are expected to dip next year's offered three 9 per cent, cumu- outcome of a number of con- Every effort to expand and de- terest rates there has been in- ^ : 

development property outgoings ] a tive preference £1 shares in tracts is known it is difficult velop Grovebell Group will be creased activity in the property 

by at least £im. the new Marchwiel for every to make a forecast for full year continued by taking advantage of market and it is hoped that in 

At home, Brixion has so far 45 per cent. Preference £1 share, profits. opportunities as they arise, Mr. the near future Grovebell 


coupon 

Wear. 


stock than Tyne and remaining 40 per cent in tihe 
hands of the UJv. investors. 


TURNOVER 


See Lex 


SCOTT 


crease in both turnover and profits w tax ^ of £169.760 compared with 01 port growth Weeks Associates is 

for the whole year. £19 JBB0. ' et I® not enlovinv the «me hunvanr 


drawn just £im. or Royal lnsur- The dividend to be paid for See Lex V. J- AdvanL’the chairman, says Limited will be in a position to'Jf- 

ance's £5m., 15 year loan facility, in his annual statement.' dispose of its. industrial estate 'C 

which is bolstered by a further The potential in terms of de- at Farnham. This company contn- 

£6m. of 5 year money from three riii44/vvtiv«rr twn*M velop men t of new products and bated £8,091 to group pre-tax -t\ 

U.S. banks, Morgan Guaranty. yy CtKS S H U Prlflg J Tly If 8 markets of Gregory and Hephrun profits last year. 

Continental Illinois and Chase A Manufacturing, a Burnley based An analysis of sales and profit * •: 

Manhattan. The main home for "l 11 1_ _ 1 a maker of sheet metal ..products, by activity shows: motor and ft' 

this money will be the completion fill 1 1 flflfTlfk HI/irEPr has yet to be realised he says, caravan trade £3J8m. (£2.45m.) 

of the second half of the groups V * UA1 UVI11V UIIUAVI 'Rie company is part of Gregory and £80^08 (£40,573); other trad- 3p' 

£20m., l.Sm. sq ft industrial estate . . . . , , , , and Hephrun which was acquired ing activities £833,291 (£2B27) and V ' 

at Dunstable, where a total of P* ° E dppr^sed home sold and the proceeds placed on in 1977 for £I58A87. The trading £39479 (loss £4.774), and con- 

670,000 sq. ft of warehouse and P ro ^PWts and l a slowdown in ex- deposit in the UJC arm of this new subsidiary win firming £175,570 (nil) and £7,338 

factory space has been let to date, £ , B™* 1 " weeks Associates is be rationalised and new products (nil). Rent received amounted . . 


Weeks suffermg from 
dull home market 


Scottish Mortgage and Trust nearly complete. Additional man- A 2429p final was paid last time. 
Company has borrowed a further agement has been introduced and Mr. G. T. Pearce, the chairman, 
S6m. to finance holdings or U.S. the full benefit of this and other says the percentage of profit on 
equities and SBm. or premium measures taken, will start to have sales is less this half-year than 
currency has been sold. Due to nn effect towards the end of this in the similar period last year, 
an aseni-y error the figure in year. This reflects the depressed 

V-.-tc relay's report was given a> Group pre-tax profits increased market conditions in the con- 
$»m. from £459.090 to £607.652 in 19n. struction industry. However, 


More O’Ferrall Ltd 

Record results 

Significant growth and 
greatly improved profitability 

Group Turnover increased from 
£4.1m to £5.6m 

Pre-tax profits increased from 
£370,000 to £941,000 

Maximum permitted dividend of 3.3997p 
per share for the year proposed (interim l.OOp paid) 

Earnings per share increased 
from 3.70p to 1Q.64p 

The report and accounts will be posted to shareholders 
in early June 



1977 

1876 


OiOlJ 

moo 

Not rental income 

3.113 

4.533 

investment profit 

•m::7 

1.ST4 

Dealing profit 

M? 

«t 

Cross profit 

2J24 

1.955 

!nion.si and omxoittfn' 

HI 

165 

Inn-rest on develpmt. prop. 

•J.ttlS 

2.341 

Taxation 

•111 

rxi 

Making - 

-.l-U 

s.ow 

From capiiai reserve . . 

1.745 

2.242 

■Vo: profit 

i:*e 

1.109 

Dividends 


611 

Retained 

•K7 

W 


that the group's strategy to 
achieve growth remains un- 


•*’ to be given to extending product «epornng materially _ im- 
^ ranges, increasing exports, and Proved trading prospects for the 
“ to the acquisition of suitable com- previously loss-makrag Rawlings 
at panies. Broa - building and property 

fii ,. . . development subsidiary. • Mr. 

w Given tflw*. however, the chair- Lionel Robinson, chairman of 


J . and associated fields of activity to. £44,470 (£43.940) and profit c, 

C TOOfle I Jlirranr are being investigated. from leasing freefaeld property P.-. 

^ a resujt of the cut in in- was £8.691 (£13,713). 

poised for _ _ | 

recovery li 

Reporting “materially im- g 


Jil tinue the growth pattern: short- 


On propejius where dc^clopmc-Dr ins ^ r m prospects at home arc not future. 


expresses confidence for the ship- 
ping and confirming group’s 


t«n suspi-n^?d. 


encouraging and currently 


Rawlings’ 


High level 
of activity at 
S. W. Farmer 


group is using little more than stemmed and the overseas busi- 
6I> per cent, of total manufactur- nesses doin& we n_ 
mg capacity available. Mr. Robinson also discloses 


discloses] 


The chairman says that demand that the detailed examination of 
for agricultural equipment, which the Rawlings’ situation— started 
has held up well over the past when the shares were suspended 
four years, has turned down and last September— is almost com- 
remains turgid. Export growth plete and detailed proposals for 
has also become increasingly diffl - that company’s financial re-struc- 
cult to maintain. turing will be sent ont shortly. 

With overseas business becom- Revealing sharply reduced net 


„ cult to maintain. turing will be sent out shortly. 

, X, J 8 - L “? w A r With overseas business becom- Revealing sharply reduced net 

into 19/3 w itn a high level of j n£ , increasingly important a group borrowings— down from 
acLivitj. and there arc strong change In banking arrangements £16tn. at year-end to less than 
indications that the goup will be vas thought desirable and new Biol — Mr. Robinson states that 
extremely busy throughout the facilities agreed with Barclays improved liquidity had resulted 
year, AD. B. D. Fanner, the chair- Bank. At the same time a from the disposal of both the hire 
man says in lib. annual statement, medium-term loan of £300,000 was purchase and invoice discounting 
But he points out that the negotiated which has not so far 1 divisions, 
future for the steel fabrication been required but continues to This also enabled the group to 
and metal finishing group is be available. streamline Its London operations, 

dependent upon an upturn in the The rights issue and the record to reduce overheads and to con- 

U.K. economy with inflation under profits for 1977-78 on which no centrate on traditional shipping 

control and rising capital mainstream corporation tax »s and confirming activities. At the 

expenditure. payable, have transformed the year end shareholder's funds 

In 1977, v.hen Farmer gained liquidity position and the group stood at £3Jm. 
listing on the Stock Exchange, now has a strong financial base The group's overseas activities 
taxable profit jumped £190,000 to on which to build and one made a profit of £lm. last year 
£891.000. Air. Farmer says the adequate to meet plans for the and continue to do well 
group received the benefit of its immediate future. Substantial advances from 

new factor;- at Leeds in the year. In the year ended January 31. Goode Dun-ant to Rawlings are 
New equipment is currently m-oup ore-tax profits increased mentioned by Mr. S. D. Waterfall, 
being installed there and fabrica- from £48S.757 to IR98.1S6. The Rawlings* chairman in his state- 
tion facilities are being extended. CCA adiusted profit is shown ment. He details the treatment 
Further modernisation is also at £515,479. after adjustments for <« land valuation— which led to 
under way a; its Darlington and dooreciation £71.871, cost of sales a .»-09m. exceptional charge 
London factories. £175.700 and gearing 164,864. acm®* profits leading to the 

Farmer Imem3ijonal Inc. was ______ io~ n lL,^ r0 !f£i P^-tax loss— for 

formed in the year to develop MONKS TRUST m46Tn° niParCd ' Uth 3 Pn>fit ° f 

*"!?. JS-t.K- WM-di— have MM the 


BUILDERS MERCHANTS 

Strong performance 

• 1 977 a record year with sales up 1 1 % and net 
profit before tax increased by 6.4%. 

• In addition to die maximum permitted dividend a 
1 -f or-4scrip issue also recommended. - 

• DiY operation being^ further expanded. 

^My approach to 1 9787s one of cautious 
optimism. The opening months have been 


encouraging^?- 


Sales - 

Profit before tax- 
Profit aftertax •_ 

Ordinary dividend 
Earnings per share 
Asset vaiueper share 


- JCJ. Fisher, Chairman. 
-1975 1976 1977 

rooo rooo E'ooo 

10,297 13/799 1 5,290 

728 852 907 

• 336 402 421 

1.93p 2-1 2p 2.37p 

42p 5.1 p 5.3p 

38.6p .43^p 48.9p 


Fora copy of the annual report please write to 
. the Secretary. Sharpe & Fisher Limited, 
Gloucester Road. Cheltenham GLS1 8PT. 


The Annual General Meeting will be held 
at Brown's Hotel, London W.l. on Friday, June 30th 


Winding-up orders 


Orders for the compulsory Cbeilow Dene Estates, Saffron 
i tiding up of • t companies have Fashions. Kilburn (Plant and 


1 at 11.30 a.m. 


XI '..-nn 

jXT •foTD 

ATVSLft m T 


ntprim 1 III In nmril London factories. £175.700 and searing 164,864- Vm* prodis leading to the 

liLClllll I.UUfJ [iQlUJ Farmer Imernational Inc. was _ rir „ ]oss r tor r 

formed in the year to develop MONKS TRUST m4STn° niParCd * Pn>fit ° f 

. rpP o Pr ) Karjr tafflaj s-s ^ h« Thrmaiw h», ,^ia rt u,e 

; r ® ased a ~ sssr 1 j-'tss ssrs trzsdL - treat - 

“ 4 p Sassws? sss* «-« pai' 

!>cize any opportumty when that ^ v 

w to shareholders m3 y available. 

Winding-up orders 

n/tll be held b ^h\ and balances of £l.'J6m. Orders for the compulsory Cbeilow Dene Estates, Saffron 

i o r\*u l£0SSm.i. and current liabilities winding up of 77 companies have Fashions. Kilburn (Plant and 

■naay, June oUth were up from £2.33m. to £3.43m. been made by Mr. Justice Oliver Sales Services), L. IVL Life and 

with bank overdrafts ahead from in the High Court. They were:— Capital Services. P. and J rr^n. 

£0^7m. to £>J.G2m. Stag mill. W. G. Venn and Sons, don) Productions. Taylor" Broa. 

Mcvtmg. Bromley, Kent, June 1. G. S. and G. Construction Com- Transport (LUleshail) 
at 11.30 a.m. pany. R. D. C. Builders (Bristol). ,, 

— — . „ pungo. Superpubs. CoppenniU 

Properties, Gaston Builders. 
Graphic Arts. Methods, Measure- 

He only new South Bank theatre 

■ - ■ ■ a ■ agement Company, T. Tryrer 

its opening night sr « 

■ m u Trading Company. Moonraker 

to Crown House, ps???® 

^ ^ ww w Co^ Hickey and Keane. Packaging 

Tbpes. HarpdowTi. Manor Cos- 

, meties. 

London s new St. Thomas's Hospital couldn’t operate without its . Cranston Electric, cretain asso- 

mechanical services, installed by Crown House Engineering. wu^ins D ^ S t r a«2SL D2 s W iS , g. 

Tiiey i nclude the boi ler plant, a i r conditioning, refrigeration and the many lingers Radio.^ter-Rep™?;^); 

i specialist sen.' ices a givat modern hospital needs to perform efficiently. IiroctioS Rl ^mpM y> SI Svic ^ 

* Other outstanding developments include Edinburgh’s Heriot Watt Univereity, Cl Kingston Motor company ( sur- 

t lie Brent Cross Shopping Centre a nd the Nat West Tower in the City. Spieii™ *«En*SSf wLSjjlS’ 

CHE are winning similar contracts not onlv in Britain, but in the \L T t?S^ni C S5S5? C S2? I 

t, — r nn-im i i « . - 1 Middle East. Ainea and Australia. !" 3S> \ Ha ?t' el, . s an ti withers 



The Nationat Isn't the only new South Bank theatre 
Hiatu s owed its opening night 
JSm to Crown House. 


Results to December 31 

Group turnover 
Group profit beforetax 
Dividend per ordinary share 
Scrip issue, one for two 


. 1977 

frooos 

59,508 
2.815 
5.1 60p 


-1976- . 

frooos 

44,799 . 
3,303, 
4.S65p 


Cranston Electric. Gretain Asso- 
ciates, Dundas (Heating and 
Plumbing Contractors). Swin«- 
carla. Bed mins ter Knitwear, 
Singers Radio. Inter-Rep (UJK.) 
The Anglo-Saxon Marine Con- 
struction Company, AA.K. and 
Co. 


lassware including the 






.^u^.c-iu^mtrm^.npiuuer/Uitiinirgu s £i«iub v» abb umveissiLy, Kingston Motor Company (Sur 

Shopping Centre- « nd the Nat West Tower in the City. sSU™ 1L*SS5S: wUSS' 

ngsinnka- c-onuMcrs not only in Britain, but in the Ale"S;oi, c S"^ c It°il e r Se m^: 

Middle East. Airiea and Australia. Howeife and \vithers 

>...... . , . . (Coaches), Marian Works. 

vV e re big 1 n or her ways. Our subsidiary. Dema Glass, is Transttaiia. oceancrown, 

Bri tain's biggest supplier of table glassware including the and co. cBristSTDapS? HeiSrt 

well known names, “Thos.Webb” and “Edinburgh Crystal”. LKSSca.’ A B DoS*Sd 

If you want to learn more of what we do contact ^pif? u wSf , HoS n cSjp en .. 

our Chairma n. Patrick Edge-Partington at 2 Lygon Place, J?d 
London SWT W O.JT. Telephone 01-730 9287. a?* Keiiercrode. chinwS 

Higham Controls, Electrical Ser- 
— ■ Vices (Queensbury), John OWeiD 

m (Contractors). 

Crown House vD 

You may not see us, but we^re there. 1 53SS 


web known names, “Thos.Webb” and “Edinburgh Crystal”. LKSoicA.’ A B DoS*Sd 
If you want to learn more of what we do contact u \vSf , HoSriS n c^™_ 


^ , 1 J ? , I.I.J 1 . J. cicpuuiic 1 ou I - 

Crown House CD 


Points from the statement of the Chairman. Sir Campbell 
Adamson:— 

Sales per employee rose from. £25,600 In 1976 to £31.800. 
£1J9 million spent largely on Increasing output of existing 
plant. ■ .* 

Group remains committed to growth both organically and by 
broadening base of products'and services. 

For a copy of the report and accounts write to: Tha Secretaryr 

-Revertex Chemicals Ltd, Tampta Fields- Harlow, Essex: CM20 2AH. 


TMs advertisement is Issued ra compliance with the requirements 
of the Council of The Stock Exchange It does not constitute y 
an Invitation' to any person to' subscribe for or purchase 
any Convertible Unsecured Loon ..Stock ' 

THE TEBBITT GROUP LIMITED 

.( Registered in England /No. 165571-) ■. 

PROPOSED RIGHTS ISSUE OF £240.000 : IS:; - 

CONVERTIBLE UNSECURED LOAN STOCIC 1983 

The Council nf The -Stock. Exchange- has' admitted the above 
Loan Stock -to the Official List Interest at the rate of. 15 per cent 
per -annum will be payable ' on . the Stnck by equal half yearty 
instalments on 30 jxm* and 31 December In each year, except 
that tl »0 first payment of interest on the stock wifi be made on 
31 December 1978 In respect of the period from the date of the 
first allotment of stock to that date ( both inclusive). ' 

.Particulars, relating, to the Loan Stock are available in the 
Statistical- Seme* of Ex»1 Staxisttcai Services Limited and copies 
°[ obtained during normal business houre 

^Saturdays and public boKdays excepted) 'un to 
and including 30, May 1978 from: _ 7 up to 

ROWE RUDD S CO. LIMITED . 

• .’ .' . -.63 London- WaJI . 



Cy-- \j> 





Financial Times Tuesday May 9 1978 


29 





Good start 


jump 





as underwriting loss cut 


' * r, lH li " l 

' 4 -.p > 


»n!u 


"sue 


JF level of sales achieved 
by Hyson Group in the first 
qumer is maintained throughout 
1978 a “very acceptable" profit 
should result, Mr. R. E. Myson. 
the chairman, says In his awwnai 
statement. 

Order intake for the first three 
months was a record and sales 
are currently running at a -rate 
of £50m. per year, although there 
are a few pro b ferns of demand 
for certain products. Turnover 
of the heating, cooling and ven- 
tilation group last year totalled 
£4224nt, and profit before tax 
slumped from flXfflm. to H26J350. 
it} . While Mr. Myson says he ean- 
Plqft uot be euphoric about the UK. 
! economic outlook and the Euro- 
) peas subsidiary problem is not 
, completely resolved. better 
j liquidity is resulting from the 
, .. "• ■*. newly subscribed capital and 
assistance from Department of 
Industry and the European Coal 
end Steel Commission. And this 
is being augmented by Unproved 
' ’»• self-generated cash flow. 

- • 'i. He says that while losses in- 
• i curred by its French subsidiaries 

continued into the second half of 
last year various actions that have 
'■ and are being taken and the im- 
proved political and economic 

- situation should result In a 
, reasonable .improvement In the 

current year. 

a ' The newly acquired Sole dec is 
developing sales outside France, 
i. ’ • particularly in Germany, and 
with the anticipated upturn in 
the French market a useful profit 
contribution is expected. 

The acquisition of Soledec 
coincided with- the decision to 
cease supplying . the French 
market with radiators from the 
UK. and formed part of the 
group’s move to increase radiator 
sales in the UK. 

Demand for the group’s 
radiators has constantly exceeded 
supply despite the overall down- 
turn In the central heating 
market in Tecerrt years, . and in 
November certain premises, plant 
and equipment were acquired 
from the Receiver of Penrad for 


£325,000, a fraction of the cost 
of the assets. 

Myson has scrapped expansion 
plans at its Tunbridge Wells 
factory, and this location^ now 
to be sold. The Penrad assets 
are in Cardiff, and the Welsh De- 
velopment Agency has subscribed 
for £600.000 of deferred capita), 
the Department of Industry is 
providing interest relief and re- 
gional development grants and 
the Steel Commission a medium- 
term loan at preferential rates. 

Shareholders will be asked to 
approve the allotment of shares 
to the Welsh Development Agency 
at the May 31. meeting at Bury 
Street, S.W., at noon. 

Downturn 


at Sabah 
Timber 



mi 



• i s i!$ 


ON TOTAL turnover of £74.43m. 
against £ 69.43m., pre-tax profit of 
Sabah Timber Company dropped 
from £9.6001. to £7. 04m. in 1977. 

At halfway profit was £150,000 
down at £4Lllxn., pointing to a 
second half stump from £5.43m. 
to £2£3m. for tile 55.8 per cent 
owned subsidiary of Harrisons and 
CrosfieJd. 

The result was before tax of 
£3.46m. (£4 ,61m.}, minority 

interests of £4.974 (£8.647) and 
extraordinary stems of £0.74m. 
(£O. 60 m.). Sabah turnover con- 
tributed £5.9 lm. (£7.7m.) of the 
total. 

Earnings per lOp share are 
shown at 8.4Sp (LL97p) before 
extraordinary items, add a final 
dividend of lJ34p net takes the 
total to a mMipqim permitted 
1.634p (1.47S5&P). Retained profit 
was £3^61m. (£5. 14m.). 

1976 results have been adjusted 
for ED 19. 


Sena Sugar loss worse 
than expected 


THE Commercial Union Assurance 
Company reports a world-wide 
underwriting loss for the first 
quarter of 1978 of only £&sm. 
against a loss of £H-2m. for the 
corresponding period last year. 
Premium income at £334m. shows 
a reduction of 6 per cent, in 
sterling terms but allowing for 
changes in fates of exchange and 
the effect of the sale of the Aus- 
trian and German companies. last 
year, there was a growth o£ 
approximately 3 per cent in 

premium income. 

Investment Income for the quar- 
ter amounted to JE335m. — of 
which about £1.5n». came from 
investment of the proceeds of 
last December's rights issue — 
compared with £32 m. for the cor- 
responding period last year. After 
adjustment for exchange rates and 
the Austrian and German sates, 
investment income rose by 
between 6 and 7 per cent 

Life profits added £3-5ra. against 
£3m: and loan interest was lower 
at £5.1m., so that pre-tax profits 
jumped by two-thirds to 129.6m. 
Pre-tax profits for last year fell 
just short of £100m. The first 
quarter result is subject to tax 
and minorities of £10.7m. (£6. 5m ). 
and 1977 results are adjusted for 
ED19. 

The underlying improvement 
in operations in the US., the 
largest territorial account, seen 
in the past two years has con- 
tinued in motor, liability and 
workers’ compensation classes as 
rate increases have come through. 
However, heavy winter storm 
losses in the first quarter affected 
the first class. The statutory 
operating ratio was 99.0 per cent, 
compared with 107.4 per cent, 
for the same period last year. 

In the UK., there was an im- 
provement in experience in most 
classes of business except fire, 
where the £3m. cost of severe 
winter storms has been charged 
to tiie extreme weather provision. 
The motor account continued to 
make an underwriting loss and a 
16 per cent, -rate Increase will 
take effect from June 1. 

Underwriting was markedly 
less profitable in Australia due 
to severe competition, particularly 
in fire business. The situation 
in this territoiy is complex, but 
premium rates are being driven 


BOARD MEETINGS 

The following companies bare notified 
dales of Board meetings to the Stock 
Exchange. Such meetings are as m lit 
haM for tiff pumose of eoasMertog am* 
dends. Ufflml Indications are not avail- 
able whether dividends concerned are 
interims or finals am Gw afimmaonK 
shown Mow an based mainly on last 
year’s timetable- 

TO-DAY 

Interims: Cedar Investment Treat, Hall 
Bras. Steamship. Investors Capital Trust. 
Richards, Uni led Scientific. Westward Tele- 
vision. 

Averys. Bank of In- la ad. Barr 
and Wallace Arnold Trust. Booth Inter* 
national. Central and Sbeerwood. Richard 
Costain. ¥PA Construction, P. c. Hender- 
son. Leaner. MaJUnsoa-Dennr. Progressiva 
Securities Investment Trust. Wire and 
Plastic Products. 

FUTURE DATES 

Interims— 

Bass Ourrt id on ... 

Beiislord <S. and W.) 

RrocXbnnso 

Bnreo Doan 

Cardan Profile _... 


Lloyds and Scottish 

WE PC 

Midland Industries ... 

JMrbrefi 

Northern American Trust 
Peak Investments ... 

WeOeo 

Wbesso 

Finals— 

Amine HaMings 

Beanie (James) 

Brttttb Syphon Industries 
Chamber] In and BUI . 

Cockeedgc 

Dtmbee-Combex-Marx 

FTJtfl <W. C.I 

Head lam Sins and Coggins 

Hleid Bros 

Itter-CKy Investment .. 

J.B. B Hidings 

Newman Industries ..... 

Ocean Wilsons 

StoneMl — 


Mar S5 
June IS 
JWJ7 w 
June s 
May u 
May u 

May 24 
May ll 
May 3 
Mar IT 
May 12 
May IS 
May 19 

May is 
May 12 
May :« 
May 17 
Jmie 14 
May 15 
Mar li 
May 15 
Mar is 
May U 
May 11 
May 11 
June 12 
May 17 


down by the competition. 
Canada bas continued to make a 
small profit under the limitations 
imposed by the Anti-Inflation 
Board. 

Underwriting in the Nether- 
land has remained unprofitable, 
but most of the effect of rate in- 
creases already approved for 1978 
has still to come. These in- 
creases amount to 20 per cent, 
and it is hoped to cut losses for 
197S as a whole. 

In marine and aviation 
business, there is no lessening of 
competition in the London 
market, but the -1976 underwriting 


year, when closed at the end of 
1978. is expected to -produce a 
profit 

See Lex 

£4m. order 
at Wilkins 
& Mitchell 

MR. H. B. Villons. chairman of 
Wilkins and Mitchell. has 
announced a £4m. Middle East 
order for twin tub Servis washing 
machines; 

He also reports that both sides 
of the group operations are now 
healthily trading in profit after 
two disappointing years. 

Even the Australian subsidiary, 
which accounted for most of Wil- 
kins 10 . 61 m. halftime loss, is 
now starting to trade without 
further losses. 

Although uncertainly continues 
in the UK domestic 'appliance 
market Mr. Wilkins says there arc 
strong indications that confidence 
is returning to the market. Thic. 
coupled with the recent strong 
showing in the power press com- 
pany and improvements jn the 
Australian company gives the 
group every confidence for the 
fnture. 

Of the Middle East order, 
£2J>m. is for 20.000 machines for 
Iraq wfth Jordan. Egypt and 
Libya sharing the remainder. 

Progress at 
Aberdeen Inv. 

Gross revenue of Aberdeen 
Investments in the March 31, 19 78, 
year was £83,795 compared with 
£77,502 previously, and pre-tax 
profit advanced from £68,379 to 
£74952. 

The result is subject to tax of 
£26,689 l £24,777 1 and the asset 
value per 25p share is shown at 
62.69P (52.830). 

A final dividend ot l.-jjp tlJZap) 
takes the total to 2.35 <2.05p.). 


"Chi ben comincia, 
e alia met A deilbpra” 

(V(M begun is half done) 


Success in international trade and money matters 
begins with enlisting the services of a financial 
institution which has the world-wide experience and 
depth of resources which are essential. 

Crediro Italiano is highly qualified for this role. 

It can bring to your business the special skills, the 
experience and the resources which make it one of 
Europe's top banks, and place it high on the world 
ranking list. 

All Crediro Iraliano’s comprehensiveservices are 
readily available to you, simply by calling our London 
branch. 



!!) Credito 
Italiano 


1 7 Moorcnre, London EC2 R 6HX 
Telephone: 01 -606 901 1 Telex; SS3456/SSS075 Credit G 
Head Office: Milan 

Branches and reproenra r i ve offices: London , New York, Liv. Angeles, 
Buenos Aires, Caracas, Chicago, Frankfurt, Moscow, Pan •. 

Siio Paulo, Tokyo and Zurich. 


Even greater losses than pre- 
viously forecast are anticipated 
at Sena Sugar Estates for 1977. 
the directors state. They also 
propose to raise the group's bor- 
rowing limits from £29m. to £40m. 

In November, when announcing 
a ’ pre-tax deficit of £6-96m. for 
1976 they said a similar figure 
was expected for 1977 with the 
result that all the share capital 
and reserves of the company 
would have been lost 

They now report that it is 
impossible to estimate ' at present 
how much sugar will be pro- 
duced during 1978. because no 
■realistic dates can be given for 
the commencement of crushing 
at the two factories. 

The proposal for an increased 
borrowin': level involves an alter- 
ation of the Articles of Associa- 
tion of the company. Members 
were warned in November that 
the present limit on borrowing 
powers would be readied during 
April or May this year, and that 
earlier finandal projections 
could not be attained because 
of a fall in sugar production. 

• At that stage the directors said 
the company had been able to 
continue operating in Mozam- 
bique only because It had received 
full financial sunnort from the 
Banco de Mocambfque which had 
made advances on a quarterly 
basis to meet day-to-day expendi- 
ture of the branch 'operating, in 
that country and the London 
office. 

To ameliorate the situation the 
Board had put certain proposals 
before the Mozambique Govern- 
ment with a view to relieving 
the comnany of its enormous 
burden of debt to the bank. 


Frizzell buys 
control 


of broker 


Insurance broker and finance 
company Frizzell Group has 
acquired a majority holding in 
Brad stock Hicks, a marine broker 
specialising in hull and cargo 


insurance and subsidiary of Brad- 
stock PJunket and Crawley. /The 
acquired company will be re- 
named Frizzell Hicks. 

New capital raised during 1977 
as a result of an approach by 
Finance for Industry, will enable 
the company to expand by acqui- 
sition, Mr. N. R. Frizzell, the 
chairman, comments. In addition 
to the deal just announced other 
possible opportunities for expan- 
sion are under consideration, he 
says. 

Frizzell Group also reports an 
advance in profit from £2.61m. to 
£l£3m. for 1977 before tax of 
£968,000 (£923.000). Earnings per 
25p share improved to 6.4p 
(5-3p), and a final dividend of lp 
effectively takes the total to L98p. 

Insurance services contributed 
£L49m. (£L35m.) profit on 84: per 
cent (83 per cent.) of turnover 
and credit finance £337,000 
(£265,000) on the remainder. 

Net liquidity at year end was up 
£5.07m. ' (£lJ8m.) with bank 
borrowing lower at £3J9m. 
(£5. 5m.) and bank balances and 
cash at £696,000 (nfiSm.). 

Mr. FrizzeU says Chat although 
a beiow-average rate of profit 
growth was achieved for the year 
he' Is we& satisfied with the pro- 
cess in long term plans, and is 
confident that the group will con- 
tinue to grow along sensible lines 
in the future. 

At the beginning of 1977 when 
the company was seriously con- 
sidering a public flotation the 
directors were approached by 
Finance for Industry which 
already had an existing holding 
and offered to acquire a substan- 
tial holding. 

AUDIO FIDELITY 

Owing to an agency error it was 
reported on Saturday that the 
pre-tax profit of Adio Fidelity fell 
from £427,798 to £103.768 in the 
six months to October 31, 1977. 

The comparative figure was for 
the full 1976-77 year- . The profit 
for the comparative first half was 
£196,709 and the tax figure 
£994.75 not £228.509. 


How we went 

from strength to strength 


\ 


in 1977 


Extracts from Ultramarts Annual Report 

Ultramar Company Limited is a British oil company 
which owns exploration, production, refining, shipping 
and marketing subsidiary companies in various parts 
of the world. 



RESULTS AND ACCOUNTS IN BRIEF 


ALVA INVESTMENT TRUST — Results 
rear to February 28. 1978 already Known. 
Quoted invesonmu £L67m. (£L74m.J, no- 
quoted £42.833 (£35,15*1, unrealised aopre- 
dation fsss.oso Net current 

liabilities 130.950 (£334*3). Liquidity down 
I46.06S (us £38.389). Alls* Investment 
Trust bolds IX# per cent.; Practical 
Investment Fuads 10 per cem.; and Cora- 
bin Insurance 8.94 per cent. Meeting. 
Glasgow. May .30. at 1240 tun. 

ANCHOR CHEMICAL CCL— Resatts for 
3977 reported April 7 vltb prospects. Gram 
fixed assets £144ia. (fl.l3 m -), net current 
assets £899.153 (£435.480). Working capital 
up £209442 (£158.5671. Sartamer Industries 
Inc. bolds 14 per cent: Prudential Assur- 
ance 6 per cent. Meeting. Manchester. 
Mar 23, si 1140 njn_ 

BREEDON AND CLOUD HILL LIME 
WORKS— Results tar year to January SI, 
1978. reported April I. Group fixed assets 
□.17m, (£0.97in.). Net current assets 
ro.to. (10.590. 1 Despite difficult trading 
conditions the directors lure committed 
substantial rupds tor pi am re-codtaneat 
In anUrinodoo of an upturn in the con- 
struction industry. II is Hoped that ibis 
new investment urfil assist the company 
to demonstrate once again its trading and 
financial strength in the current year- 
Capita] expenditure contracted tor bat not 
provided lor £162.127 (nil). Amhoriscd by 
directors but not contracted tar £150400 
mil). Meeting, Breed on-oiwbe-HflJ . May 26 
at noon. 

COPE SPORTSWEAR— Board proposes 
that each shore of lOp bo subdivided tatn 
two shares of Gp, inc lud i n g item to bo 
issued by way of scrip. _ _ 
MRMAL -INVESTMENTS— Profit alter 
ux for year to March M. 19® OMS 
(£5.323). Accumulated h*se» , for 
umoscs at March » available fgfjnf 
future rental income amounted to SOU. 
Agreedrcntala oa oo annual taste from 
all the company's properties. Total 
m.ttO (04.506). Tenants an? being 
bought for the remaining tmlei space ‘at 
the company's multi-storey warehouse/ 
Storage premises a t Sou thampton.. 
DormaTs outstanding bomwjnsa 
tauTwr-ftce loans 

and Malaysian companies of £73.100 each 

" CLORO MINING hUD BUMMUM 
COMPANY— Results for. 1 97? alrcw 
fcomrn. ILK. oaotod tore«TTOntS OSBWn 
in 103 563). UtaUntCd CL297 (OL6M). 
cmWU assets HZ.SH cmil.BC). current 
liabilities 056^88 (£1<M80). N 2L^“ d 
tads down £148.546 tro 1.072 >- Ex plore- 
tioTt Company holds « .85 per com. Me«- 
lue. Cavalry Ctnb, W., Star *L ** 

^GENERAL INVESTORS ' AND 
TRUsreES-Ramtts cndcd Jam^ry 
Bj 1KB rcffUrii-d April 14. wetassy 

uSSst^Wte^'rru^cot SS^ per «M. 

-Ess 1 * 

SmSTari Jit idcipi will g-'-JjLtei 

nunuamed. Ri-rent i wo war! sanfflgioan 
trow iwoKcrs now tally uivea cd. n ^ thte 
addWonto foods 

MeeUm.. 1 - 3 , l-iarenci: l’onmm.y a»l, fee, 

“crmips "economiser CROUP 

tongtnwring preduci 

Seeaks tar 1K7 wurlM on Apni » 


prospects. Group, fixed assota ts.gam. 
f£X£m.). net current assets £S-«Sn)- 
(£3.66m.l. Year-end net liquidity down 
n «m- (bp q..93m.). Asdltors say It ir 
oat possible to determine what liability, 
if any. may arise in respect of ni3m. 
ckdm against E. Green and Son for 
aOesed negitgonoe fn connection wltfi the 
ma m i f ac mi u of sas-coirier bandies and 
benders. Meeting. Co nnaugh t Rooms, W C 
Jose 1. at noon. 

LB VALLONET INVESTMENT TRUST 
COMPANY— RmBi tor 17 momta ip 
December 31. 4677, announced Apru so. 
Quoted Investments £0.«un. («,S4jn.». un- 
onoted £46.900 0»D*m.). Net current 
assets SO sea (E7A35). Company ccmtroUed 
by Air CalL Meeting. Jersey. May '*■ 
at U# p.m, 

a AND J. QUICK (mats Ford dealers' 
—Results for 197? reported March 3ft 
Groop fixed assets A*™- (£ LBm.; . 
current assets B3bbl iXBJSm.). Current 
liabilities £5- 8m. (£5.38m.). Chairman says 
1578 should see the company maintaining 
ttx forward progress. Certainly the first 
(joiner looks good with *n dcpanmenis 
playing their part. Meeting. Manchester 
on May 23, at 11 aJD. 

STEEL BROTHERS HOLDIN GS (t nrer- 
nafutnei traders gni maaufaemrers)— 
Kesifin for 1977 reported April 25. Grow* 
fixed assets £2LI1 sl (£ZL91m-). Current 
assets £37.45m. teM.»PL). CmTent 
liabilities £28. 23m. f£27^1m.). Meeting, 
Datktae, on June 2 a/ «w»- 

SUNGEI BAHRU RUBBER GSTATES- 
Rubber crop in nine months to Marcs m. 
1978, was 1.2SL58? kgs. fcSS-\- 

Sales to date are 1,I1SJ61 (1.063.MOiat 
a net average price Of 4528p '5!J7 p 1 
per kg. miertm dfridend t same) net 

per lOp dare. . . 

TAYLOR PALLISTER (engiweriDg and 
marine ancillary eumpmenc)— Jtesnlw for 
1977 reported April 14 with Observations 
eo prospects. Gimp fixed assets F284.8J3 
(£243.535). Kei current assets £SS0.tft 
(£465.140). Meeting. NewaBtlfrapm-Tyne 
May 25 M M a.m. 

TO YE AND CO. (tadses, diocks, ete-)- 
ResultB lm 1977 reported April 59. Grow 
wSl assets fSMBSS (OSTfiSSf. N« cur- 
rent assets £L38m. (flJ 8 m.). Chairman 
nates that It Is probable that rwnlis 
for the current year will show an 
improvement* Meeting. Connaught Rooms, 
wc. on June 1 at noon. 

TRIPLEVEET— Resalts reported Apm 
11. Investments £27-72m. tOMSm.) of 
which listed Oij, OGJnw- ^ 

current assets CLOm. (ILfflm.). Dmdeoa 
eiwUi expeaed to be at bast ID P» 
SaL In 7P». Meeting. 117 Old Broad 
Street. E.c_ on May E) at 12.15 pjn. 

WILSON (CONNOLLY? HO LDIHG 5 

(bndders i— Resalis fnr 1977 

April 3L Gronp fixed assets 

16 . Sim.), enrrem assets 

; no -Dm >, current EabillttM E i, 2 S5" 

(£S.S4m.i. Increase In liquid fundE ED-<m. 

i£!4.SHi>. Meeting. May &>, Nonbanmtoa. 

^YORKSHIRE-GENERAL UIFE AMUR- 
jtflCE — Results for 1W7 report cu 
January 7. bmWKota ,css 
£ 2 . 26 m. (flAStii-). net enrrem liabilities 
QR3.DOO (S40.B6D). IMadhX » 

I393.DM < £49.609). Meeting- York, April 26 
at SI ajn- 


mm-:, sm-,.- 



&The g.as from a large field (Badak Reid) 
discovered in East Kalimantan, Indonesia, in 1971 has 
been dedicated to the Liquefied Natural Gas Plant 
which exports LNG to five Japanese buyers under a 
twenty year sales contract. 

»Wfe only started sales in August 1977 and at a 
level greatly below that anticipated for 1978.5 

Badak LNG Plant, Page 11 and Chairman's Statement, Page 3 


{•Total throughput for the Ultramar Groups 
three refineries in 1977 averaged 111,418 barrels of 
crude oil per day, which is a considerable increase 
over crude runs in the past three years. 5 

Refining Operations, Page 14 

•Vte have spread 
ourselves widely across 
the spectrum of an 
international integrated oil 
company. We have our oil 
and gas exploration and 
production, our shipping 
and road transport, our 
refineries and our" 
marketing systems with 
numerous terminals and 
gasoline stations. In 
addition we have made a 
start on our diversification 
ventures. 5 

Cha/mia/is Statement, 

Page 3 


Summarised Financial Results 
Sales • 

Cash flow from operations 
Operating profit before taxation 
Operating profit after taxation 
Earnings per Ordinary Share . : ; ' 

(before foreign exchange fluctuation^ 29.6p . ,17.1p 35.1p 32.3p- -20.6p 


472,652 571,875 275,344 251.454 171,728 

26,556 17,550 22,806 22.095 14,905 

24,709 12,323 19,741 16.167‘ 8,949 

12,598 7,353 13,587 12,503 7,964' 


Q Taking everything into consideration, we 
;;.„v expect the Ultramar Group to show a 
considerably better cash flow and operating 
Vi «v. profit for 1978 than for 1977 . 5 

Outlook, Page 19 


The Annual General Meeting will be held at 
Winchester House, 100 Old Broad Street, 

London EC2 oil Wednesday 24th May at 11.30 a-m. 

. W you would liketo receive a copy of the 1977 
Annual Report, pleasecomplete the coupon. 

To: T)ie Secretaries. ■ 

Ullraniar Company Limited, 2 Broad Street Place, 
London EC2M7EP. 

Please send me a copy of the 1977 Annual Report 




Name- 


Address. 


FT4 


jUmamar Company Limitedj 





1 


20 


Financial Tiroes Tuesday May -9^978 ■ 


Hambro Life expansion 


THE VALUE oE the Ion g terra their investment record last year. Mr. Wood says "the earthenware 
assurance fund of Hambro _Life The managed fund, valued at and packing materials group has 
Assurance rose by over £l50*n, flMa. at the end of the year is .continued Its policy of .ertendkig 
last year 10 EoOSra. accord inc to the largest. fund of its kind in and*-- Installing new plant - and 
-the report and. aeeoums- for 1977. -the . U.K. t1je offer price rose by machinery in order- to increase 
Premium -income Jumped by 17 31 per cent, in 1977. The property productivity, and to provide facili- 
pcrccnt. 'to 125m., Although sincle fund, valued at- £I04m. showed an ties for processing expanding 
premium payments fell on the increase of 17 per cent, in the. order volumes, 
iear. ‘ offer price, while the new Gilt- ■ T „ +lt . 

_ . edged fund started hist over- a ^ connection toitlr this e^pSn- 

■ investment income, rose by h .JgJ? ™ “| n 2SS 3 bf- «°7 ne? sion * ™efine» will be called -.t* 
:per rent, to £35m. and there was as ° .“ncreasea o> -7 per consider an .j^e^ io tte eBB ^ 

2£!**L ISS"! : Mr. Clay reports that- the com- ***** Arrowing powers. 

"!£ unre W!ly ha * further consolidated its - for 1977 pretax, profit 

SJl r with R osition as. one of Britain's major .from £209.892 to £233,189. 

-"urrcndJrs hem™ ^mlnwerjt Me - companies and innovators, balance date fixed assets w«re 

d r-m r Ith a total prwntum income of £0.58m. (£0.51mJ. and net current 

SH 1 ’ -S r T^fr 0 ton - £ P 3m - and sums insured in force assets £0-78m. (£0.64m.), 

.higher at I2j.fi.-n. There tia» 3 of about £1 qhn Hu rpnnrtc that # 

transfer to profit and Joss account new business durin^the first Meeting, Stoke-on-Trent, May 31 
of S.9fim. t already reported)- quarter oF this year** is running at noorL 
Mr. J. 11. Clay, jn his chair- substantially ahead of sales for 
mans statement, reports that the fi rst quarter of 1977 and the 
during the year the process of company looks forward to 
broad mg the types of business another successful year- 
written by the company con 


rose 

At 

were 


tinued. and policies placing prime 
emphasis on high life assurance 
cover accounted for 27 per cent, 
of new business as measured by 
initial commissions. This follows 
the Introduction of the new term 
insurance plan for the self- 
employed and the new whole 
life policy. 

Pensions business, both indi- 
vidual pension plans for key ex- 
ecutives and directors and per- 
sonal retirement annuity con- 


Wood & Sons 

forecasts 

prosperity 


Record at 

Usher 

Walker 


DESPITE A decline in second half 
earnings from £247444 to 
Mr. H. F. Wood, the chairman £232,125. pre-tax profit of Usher* 
of Wood and Sons (Holdings) says Walker, printing ink and roller 
in his annual statement that the group, ended 19«< up from 
tracts, received a considerable company continues to maintain a £478.444 to a record £499,125. 
fillip as a result or the iniroduc- strong market position for all its Turnover for the year rose from 

imn of the new Slate pension mam products and a healthy £4.5Sm. (o £5.4m„ and the result 

scheme. Executive pensions order book should ensure con- j s subject to lax of £265.843 

business now accounted for 28 tinued prosperity for 1978. (£251.7871. Earnings per lOp share 

per cent, of initial commissions He says that in spite of fiuctua- arc shown at lO.fifip against 10.49p 
and personal retirement plans a lions in the value of the pound A final dividend of 2.1199p 
further 21 per cent. ihe value of exports orders on takes the total from EL9264p to 

All ihc linked funds maintained hand is a record. 3.26S6p. 


MONEY MARKET 


Nervous conditions 


Bank of England Minimum 
Lending Rate S] per cent, 
(since May 3. 197S) 
Trading yrew increasingly 
nervous in the London money 


9 per cent, in MLR this week, of Government disbursements 
although conditions were gener- over revenue payments to the 
ally patchy, and it was probably Exchequer. The only, factor 
too early in the week to establish against the market was settle- 
a firm trend. raent for some gilt-edged stock 

Day-to-day credit was in good sold by ihe authorities on Friday, 
market yesterday afternoon, supply and the authorities ab- Discount houses paid up to 7| 
with discount houses buying sorbed surplus funds by selling per cent, for secured call loans, 
rates -for ihre&momh Treasury a large amount of Treasury’ bills and closing balances were taken 
bills rising to S’, l per cent, in to the discount houses. The mop- at 6-6J per cent 
places, and putting further up- ping up was probably slightly 
ward pressure on Bank of overdone however, and banks are 
England Minimum Lending Rate, expected to bring forward run- 

which rose by lj per cent, to down balances. hefor- closing it 7-7* her eent 

8j per cent, only last Friday. . Bank balances were in surplus * >erore ng ar J 7} P er “ nt - 
Yesterday’s bill rates point to- over the week-end. and the mar- Rates 
wards the possibility of a rise to ket was also helped by an excess nominal 


In the -interbank market over 
night loans opened at 7|-8 per 
cent, and eased to 6}-7 per cent. 


the table below 
some cases. 


are 


Mur 8 | 

»» ! 

Mv»Hnn 
I'efitlicatr 
■4 (l«.-|«p-lu< 

Inter! uink 

Autliiirily 

iK-|«Kita 

Local A nth. 
■Hfipit table 
ha>niL« 

Finance 

H«iu*c. 

Debits 

Company ! 
D«]n'r.lr> 

Dl* count 

market 

•tvpnrit 

Trea- nrv 
Bills <6 

Bhgihle 
Uaok 
Bills ♦ 

Fine Trade 
Bilk* 

t‘i\ i-miclii 1 

— 

63.-8 

_ 




7 1,-712 j 

&7tj 



- 



r.lat-i tint IOC- 

— 


73,-eie 





l 







1 >liiv*»r 

— 



_ 




' 









1 .l»V« IlitUlV. 


7U -8 U 

8^'fl 



8-fll; 

8 - 8 14 

7-73, 



_ 



i*nt- nuntlli... _ 

8. ..Bit 

8,r-8s t 

81, ai; 

858 8», 

8>4-8'a 

87 S 

75, 

84-85, 

8U-84 

83, 

1«" nn -ntlis...J 

8^-8.-., 

8^ 81, 

— 

85B-8U 

8:j9 

— 

T'g 

8 , **‘4 

8^-8 3b 

834-876 

Tli rev nn -nilis.. 

8.J-8H 

01, 9 

858-814 

■87b-BI 4 

8T 0 9!« 

93$ : 

8 

a,i 8 i: . 

BSe-Bfc 

834-9 

M\ iiu<nllii... • 


9.i 9 - 

9-93fl 


93995a 




83, -87b 

93 , 

' in^- ni**n«li-.-| 

ets-9,:. 

9 '4 -9;-;. 

— 

9U4ra 

954-934 

— 1 



— . 




»*ni- 

9.-.-9>4 

93b-9(4 


938-9 

03. . 10 

- 1 

_ 







Tu.i yrara 

— 


1036 10--, 

— 

— 

— 

— 

— 

— 

— 


l.iiol tuiihurtin.-: and finance h-nises sewn days 1 nmlre. other* seven (lavs* faxed Lnns-terro Incal authority mortgage rate 
jwnnnjllv iliri-i- year* I U-1I7 per cenL: four years Ui-ti prj- cent.: bvv years LM2J per cent. O Bank bill rates in 'able arc 
bin inn rat*-- for prim, paper. Utuini; rates fur four-month bank bill., $-»•■, per cent, four-month o-ade bills 91 per out. 

A'P-MVinu'e sdlias rjic« for one-month Treasury Dills Titi-S:,. per crnl.: two-monib S'io-W per cenr. and three-month 
S'.-S : iht tfi-nf. Approx 1 mat,- M-Uiiu; rate tor onomonih tanlc bills Sr i,- l i*. D per cent.: turn-month SJ-S} per cent.: and irrM- 
nvoith to per cent un-.-mnqUi trade bills M per cent.: lu.-a-nt*ic:h pe cent.: and also three-month 8E-8! per o»rt. 

Finance House Base Rates 1 published by the Finance I'mues \s«iciaTinni 71 per cent, from May 1. 1978. Clearing Bank 
Deposit Rates ■ f«-p -null suma at seven days’ notice 1 1 tor cent. Clearing Bark Base Rate for lending 7* per cent. Treasury 
Bills: Average li-t-rtci rates nf discount 8.CTJ3 per rent. 


BIDS tllD DEALS 




issue 
to complete 



preoccupy 
the gold mines 


BY PAUL CHEESER1GHT 

THE SOUTH African Chamber of complexity gold miiwng W Mr clnLwSS 

Miles . has managed to arrest, industry has me ? nr Sf^acceoted *last year as par^t 

although not conquer, the prob- have not been absorbed rapid!) . arrangement to keep the mini 
lem oErockbureS Ur. L. W. P. The Chamber's Beseareh an seen xne mme 

van den Bosch, the president. Organisation is conducting what at Swlr re<aimes talks with Emnernc 
ct at— ri in thTri, a mK«wo jtisckolinarv invcstfca: meot ^ resumes ^taixs win JMnpero r 

(ck. about buying the mine. The com- 

the 


Helene ot- London is to issue GIossop bas‘ * acquired further 

some £474,000 worth of convert- 12.590 shares. Total holding 

ihie Preference shares in order 1 to 420,000 [24JJ9 per cenL). 

pay. for "the last tranche qfrthe H. and J. Quick Group— L. J., ^ — . — r -— w . 

_- _ _ -- licn n director an ibv idis-(l«n of rockbuKts, Mr. L. W. P. The chambers 

(Textiles) and ut bi u x f r _. o 

Fashions. Tbe move is an altema- ^"vernon* Gniuo^TTie stated in the - Chambers latest cMJ« nmltl4ii«>plH»iy invcstfca 
live to a cash payment and will foUowing directors last week sold monthly report ■ ■ tions into the hazards of rock- 

free the company’s cash facilities shares as foUows: "S. Marks The claim comes a weak after bursts, which increase 

for further organic expansion. 28.000, L. Vernon 15,000, M. a rockburst caused the death of deeper mining goes. 

The preference shares (306.000 Kleiner 5.00% EL Grant 10,000. 20 miners at Bnffelsfonteiu, the 

Advance Laundries— London General Mining group's gold and 

and Manchester Assurance has uranium producer in Klerksdorp. 
acquired 2,500 8 per cent cumu- Rockbursts • are a geological 
lative £1 preference shares and phenomenon. The violent re- 
holds 44,960 shares. lease of ehergy causes rock dis- 

ruptions which in turn damage 
r* wjt an underground mine workings. 

R. K. IAYLUR They usually occur suddenly and 

Bros TOR REST 

Ur TEX il LES has been a preoccupation of the about 8101m. (£55Jm.) dur 


of them wkh a conversion right 
from July 31, 1979 on the basis 
of one for 10 and with a 12 per 
cent, coupon) have been placed 
with Institutions at 15op. 

Tbe move is in addition to the 
recent deal with Industrial and 
Commercial Finance Corporation 
which has an option to buy lzn. 
Ordinary shares at par at any time 
up to the end of this year. XCFC 

will pay 100,000 for the option. ’ 


$101m. 
Wyoming 
uranium plans 


pany*s shares were unchanged 
yesterday at 20p. 

★ ★ ★ • 
Freeport Minerals, the Dj. 
group, has declared a regular 
quarterly dividend of 40 cents 
(2i£pj a share. 


AMERICA’S Tennessee - Valley 


Deficit funded 
at Codemiza 


JAPANESE MINING houses are 


Robert Kitehen Taylor, the knit- 1 Wu^^sTniw^^ariy years^of ing ibc nExt s^ years to — put up Y3.5bn. (£8 Am.) to 


POCHINS BUYS 
BL DEALER 


wear manufacturer and textile this century, 
merchant, is to bid 96p cash per . “The fatality, rate cause by 
share for the remining 24.6 per rockbursts faas been held more 


uranium ore- from us central deficit incurred during 

Wyoming properties. the year to last March *• - Coni- 

The utility said that becmmng de Development Mnien 

■c ennner t h f» furirfft Will Kfl ILSCd ... _ /rt-j , 


Pochins 


auaic 1UI MIC 1DIUU1UIK AD pci i UI.MJUIJU uu uttu : , . -J, K- , |aa J m —• . — 

cent of RKT Textiles it does not or less constant, despite the sic- this spring the lunaswiu oe jisen du Zaipe fCodemiza) 
already own. This compares with ruficantly deeper levels at whicb to develop one upaergrounaTOine Codemiza operates a joint ven- 


per cent 


ha. a-rreerl In huv -74 Own. i.ms compares Wire nmcanuy deeper icveia ui auicu .w -------- -o--—--— uoaemiza aperaica 1 »en- 

of ^toe ° caoitoP of the share Price of 72p at its sus- our miners are working. In fact and eight separate ope n-pU mines rith ^ Zairc Government 

. ot ree capitaj ot •* (his in 'itself may even be viewed with maintenance shoos power- n-r nnn + nnnar . 


MeirfoD Motors, British Ley land R*”®" 011 1831 month. — _ - — c „ 

main dealers of Aberystwyth. - . va?den So.wh Mid. 

However, there has been a 
general reduction in mine 
fatalities from all other causes. 

Before 1910 mine fatalities 
were running at the rate of five 
for every 1.000 workers. Rock- 
bursts accounts for less than a 
fifth of the total. By this decade 


Pre-tax profit of Meirion for 1116 elimination of administrative 
year ended July 1977, amounted costs and simplification of the 
to £57,000 and net assets at that ? roup i£5P llaI structure resulting 
date totalled approximately from RKT Textiles becoming a 
£100,000. The Board of Pochins whoQ y owned subsidiary, 
says that Meirion represents an It »i«n appears that Taylor 
attractive investment providing needs the fast improving textiles 
an additional profit centre com- subsidiary alongside its Chart 


with maintenance shops power- produces 27,000 tonnes of 

‘nA?? “SrSFuS more 

than 12m. pounds of uranium con- diroers it has y “ e 

centrates from the projects by f unt js are coming from trie 

iinw ’ Codemiza shareholders — Nippon 

DniTNILITP Mining. Mitsubishi Metal, Srani- 

KUUlH^tir tomo Metal Mining, Down mining, 

Malaysian tin concentrate pro- Furukawa Mining and Nissho* 

due do a rose by 1,062 tonnes to fuat 

6.772 tonnes in March. Deliveries This the latest instance 


sssss? Mss*** sar-siSS". 

pletion with a further £45,000 in iriap a fntnn in nro.t-ir nmiitcltiin *nt-aj *, n i.-j ci..i v— — — j recovery in capital _ investment in 


accounted for about four-fifths 

pletion with a further £45.000 in After a lump in pre-tax profits I the total- tsw y^iand steel has agreed J 11 wi*! 1 '* 

cash after production of audited from £652.699 to £960.485 00 sales) Committees examining the prob- to^uT by 20^er cent, the amount fSLp-^a^Sl^idesDreS^S 
jS^wra. f ° r ** year of mAn-Iast year. RKT Textiles lem ■ Have been Bltttag .spas- ™ f roncentrate’ it sellff ^rotSSlra wSS 

July 1978. - is making further satlsfactorv i mnH ;>>niiv ever sines 190S and to the Japanese steel industry. Jave been fr^uem. spreadK 


SHARE STAKES . .exceed the £397 £38 earned in the 
Rlaneherter and London Invest, corresponding period of 1977. 
Trmd— B. S. Sheppard, chairman, 
has bought 25,757 shares increas- 
ing ^holding to 94.393 (9.42 i»r DAWNAY DAY SALE 

cS'n!!Sm™ f "Sd 1 ™: ~ 

ing Group has bought further aRTeed to seI1 lfs 

20.000 shares making total 885.000. Provender 


VVTIlis Faber — D. V. Palmer, 
director, on May 2 sold 30.000 
shares at 25Sp. On May 3 he re- 
duced his beneficial interest by 
5S.000 shares and his non- 
beneficial interest by 82.000 
shares. On May 3 H. E. Gum- 


is making further satisfactory] mod ically ever since 1908 and 
progress this year. Pre-tax profits! although the degree' of know- 
for the first half are likely to I ledge about rockbursts has grown 

j -v. J - to the extent that preventive 

measures like rapid yielding 
hydraulic props may now be 
applied, technology does not 
exist to ameliorate the problem 
significantly. 

But the industry has not been 
able in any case to apply the 
miller subsidiary,! preventive measures uniformly, 
of Trowbridge, to I the Chamber said. The size and 


Salisbury's 
Pauls and Whites, corn merchants 
and anim al feedstuff manufac- 
turer. Involved in the deal is 
South mead Rearers, the pig farm 
ing subsidiary of Sainsbury’s. 

Pauls and Whites says that the 


ass ffiffiM&at 

ments of 2.1m. tonnes this year. 

Japanese steelmakers are heavily 
ov^-t - stocked with .all grades of 
iron ore. NZ will -make up part 
of the deficit with supplies to 
Korea. 

■ * * * 

Mine 

Gold operation In Vatukoula. Fiji. Malania, ii tonnes "iMarch ss roioe> 
yesterday Started a strike over Tbailand. St tonnes tUarcti SI tonnes 


MINING BRIEFS 

CEEVOR TIN— April output: IBM 
tonnes treated produced 93 tonnes Black 
un. IncIudltlK 3 tonnes fane grade OOimii- 
Lrates. Marcti output BS tonnes. 

SAINT PIRAN— April production Of on 
conccntrerea by group companies: UK. 
. PmiuMP 1 tonnes treated 21.966k 170 tonnes ITS 

workers at tne Emperor wnt . tin m p taU t Man± sm laonesi. 


bel's non-beneficiaJ interest was acquisition win provide a natural 
reduced bv^ 60,000 shares. Reduc- extension to its animal Feed 
4 -- »»- « ‘ business in the South West 


World Value of the Pouud 


tion in Mr. Gumbel's interest 
accounted for by transfer of 
shares to the beneficiary of a 
trust of which he is a trustee. 

Wagon Finance Corporation — 
Duncan Laurie Investments con- 
sequent tmon the scrip issue now 
holds 1-250.000 shares. 

English Property Corporation — 
A. Uewellen. director, on Mav 
became interested in an addi- 


LONRHO / SUITS 


D. 


Lonrho should know jn the next 
few days whether its contro- 
versial takeover bid for Scottish 
and Universal Investments will 
be referred to the Monopolies ! 
Commission. 


• Tbe table below gives tbe latest available 
rates of exchange for the pound against various 
currencies on May 8. 1978. In some cases rates 
are nominal. Market rates are the average of 
buying and selling rates except where they are 
shown to be otherwise.' In some cases market 
rates have been calculated from those of foreign 
currencies to which they are tied. 

Exchange in the- U.K. and most of the 
countries listed is officially controlled and the 
rates shown should not be taken as being 


rional 150.000 shares. 100 000 The offer is due to expire on 

bought at 30|n and 50.000 at 3ip. Friday and a report from thei ,. . , . . , . ... 

MEPC-C. J. Benson, director. Office of Fair Trading is expected a Pf hcable t0 any particular trmisactinn without 
has exercised his option under to be delivered to the Prices "" ' 

^'nn scheme to acquire Secretary. Mr. Roy Hattersley. in 

lfi ^L share<; c, M - «r j t the next ri*’o days. 

Wettern Bros.— W. and J. 


Scheduled Territory: (0) official rate; (F) free 
rate: (T) tourist rate; (n.c.) non-commercial 
rate: (n.a.) not available: (A) approximate rate 
no direct quotation available; (sgl selling rate; 
(bg) buying rate; (00m.) nominal; (esC) 
exchange certificates rate; (P) based on U.S. 
dollar parti ies and going sterling dollar rate; 
(Bk) bankers’ rate; (Bas) basic rate; (cml 
commercial rate; (cn) convertible rale; (fn) 
financial rate. 


reference to an authorised deafer. 

Abbreviations: (S> member of the sterling 
I area other than Scheduled Territories; (k) 


Sharp fluctuations have been seen lately 
In the foreign exchange market. Bates in the 
table below are not in all cases, closing rates 
on the dates shown. 


As> co: 


TheFirst Quarter. 


Net earnings increased by 33% over the first quarter of last year. 


Three months ending 

February 28 


AVCO CORPORATION 

1978 

1977 

REVENUES Financial services 

Products and research 

Recreation and land development 

(Thous ands of dollars) 
$223,459 $190,981 

142.695 129,029 

26.221 18,762 

S392.375 $338,772 

EARNINGS FROM CONTINUING OPERATIONS 

EXTRAORDINARY TAX CREDITS 

NET EARNINGS 

S 28,067 

S 1.154 

S 29.221 

S 20,784 
$ 1.110 

S 21.894 

Net earnings per common share, primary 

S2.21 

$1.63 

Net earnings per common share, fufly diluted 

SI. 21 

$ .95 


AVCO DIVISIONS AND SUBSIDIARIES: 


FINANCIAL SERVICES 


Avco Financial Services, inc. • Carte Handle Corporation • Cartan Travel Bureau, Inc, 
• The Paul Revere Companies 


PRODUCTS AND RESEARCH 

Avco Aerostructures Division • Avco Electronics Division • Avco Everett 
Research Laboratory. Inc. • Avco International Services Division - Avco Lycoming 
Stratford Division • Avco Lycoming Williamsport Division • Avco Medical Products 
Division * Avco New Idea Farm Equipment Division • Avco of Canada, Ltd. 

• Avco Specialty Materials Division - Avco Systems Division • Ben-Mont Corporation 


MOTION PICTURES AND LAND DEVELOPMENT 

Avco Community Developers, Inc. * Avco Embassy Pictures Corp. 


Wnte today for a copy of our annual report. 


^7AVCO 

CORPORATION 

1275 King Street, Greenwich, CT, USA 06830 


Meanwhile, the battle of words 
between tbe two companies is, 
continuing with the latest de-l ^lace and Loeai U*ic 

fence document sent by three 

-SUITS directors opposing the bid Afff ^. wiBr . n A ,..h.ni 
to sharehoJdera yesterday. | x.rCuZTLuk 
The document is critical of a 
letter sent by Lonrho chief ex- 
ecutive.- Mr. “Tiny” Rowland, to 
the SUITS shareholders last 
week-end. 


A i genii. 

tn.lnrr ( FlVTV.-fa I r»H« 

.tiulomi ..... Lspininh 

Angnhu......... ktranm 

imlirax iSi... K.C»HW-*in 


Valae of 
£ Sterling 


B5.00 

10.(143 

7.342 


fl-4 lag 
147.55 
nju 
4.013 


VfSenCiiM... Ar. Pe - 1 Khi,- 1.400 


Place and Local Unit 


Herman' 


Wert 


Dent n>.-h mark 


MITCHELL COTTS 


Discussions are in progress be- 
tween Mitch eU Cotts Group and 
Mitebell Cotts Transport with a 
view to the Group acquiring 
those shares in Transport not 
presently held. 

The Group at present holds 
'7.01 per cent of Transport A 
further announcement will be 
made in due course. 


VusErftlta (Si. Australian S | 

iwrrla... SHnliinu j 

4mr« iPortu*. Es-txlo.' 

Bahamna (Si Bb. nbllar I 

(1an”Ia-l«-ili(S Tata j 

I Ufa rain lS|». Dinar 
Halearv- 1* — Spa. Peseta 
EUrfaadosiS) UaxfaadohS It 1 


1.60746 

27.35 

62.10 

1.3180 

2BJJ2S 

0.707 

147J5 

5.636 


WALKER OJ-K.) 

The listing of Walker Sons’ and 
Co. (U.K.) 8) per cent Preference 
shares was restored yesterday. 
Anglo-lndonesian Corporation in- 
tends to make an offer of 40p 
cash for this stock, other than 
the £25.000 (17.4 per cent) al- 
ready owned and wlilch was 
acquired by it at 36p following 
the share suspension. 

The Board of Walker's is con- 
sidering the terms and advise 
shareholders to take no action j 
for the time being. 


Belgium — - B- Fr*DC 

Bdfa* B 6 

Benin.., C.F_\. Krsnv 

Bermmte (Si.. Brtii. % 

Oltnr*D luHlan Bupee 

b*riKi» Bolivian Peso 


Uotenam <Sj. Pule 

limit •,‘m/einr: 

HrVjrsin L .--.S 

Uninci (M Brunei $ 

Bulgaria.: Lev 


Burma. Kyai 

Burundi Bunin.h Fmm- 


Menu 59.05 
i if nii59.00 
5.65S 
420.8 
1.8180 
16.7418 
36.38 


I.5D5E 

51.52 

1.8180 

4.2555 

1.71 


12.5125 

164.43 


Camero n Rp C.V.A. F*anr- 

(,'aoaila Canadian S 

Canary 1- Spaal-h Pe-eta 


420.8 

2.04475 

147.55 


l ape Verde I. 
(. s.rnrin l-.iJfi 
Cent. At. ltp .. 

Cbad — 

Chile 


v*|ie 4 Bv-uiW' 
Car. I. S 
C.F.A. Fran.- 
CJ'.A. Fran- 
IMYni 


1 515 
420.8 
420.8 


! (06,43.80 


BOC/AFRCO 

Boe lolernational bas received 
and purchased about 5m. Com- 1 
mon shares and 36.8m. of con- 
vertible debentures equal, to 
about 218.000 Common shares of: 
Air co Inc. this results from its 
tender offer which expired last 
Friday. BOC now owns 94.5 perl 
cent, of Airco. 

All Airco shares not owned 
will be converted into a right to 
receive cash at $50 per share and 
Airco will be merged into BOC. 


CIlilM 

Cn-uciMa..... 

ikKWW- Ilia. 
i.Wng»i B’lle;.. 

Costa Kira 

Catm .......... 

L'ypru* (^1 


Uamrunbi Vuao i 
C. P w . 

C.F.A. Fran.- 
l'.FA. Fran.- 
Co (no 

Cuton Peso 

CyriM £ 


i.'aSuKoknak. Knnim 


Oemmsk — 

IiiP.’uii 

Do m in r-a 
Dtrtuin. l>p_. 


Kronv i 
Fr. 

K. Carib>«n 8 
Dominican Peso* 


3.1554 
<F, 63.50 
420.8 
420S 
. 15.6348 
1.3307 
0.7050 
I n-'ni- 10.30 
.n.i20.« 

* iT, 17J5 

500 

4.315 

1.8180 


Ecuador slum* 

Egypt..— E^yjrtiaa £ 


PONTINS 


Poo tins, the leisure group, 
made pre-tax profits of £8.2ra. for 

the nine months ended December 
31, 1977. This figure was released 
yesterday in a document sent to 
shareholders of its new parent 
company. Coral Leisure Group. 

Early this year, Pontiu's bad 
forecast pre-tax profits of £73m. 
for the year to March 31. 1978. 
compared with £6.7m. in 1978-77. 

The hulk of Pantin’s earnings 
in the nine-month period came 
from its holiday centres in the 
UiL and overseas including 
Jersey. These account for profits 
of £93ra. on Sales ot £405m.. with 
UJC centres pulling m £2S.6ra. 

A consolidated proforma 
balance sheet of Coral and Pon- 
tic's included in the latest docu- 
ment showed marginal changes 
from that reported in the offer 
document. Net assets excluding 
goodwill per share were stated at 
Sa-lp against 60, 3p while total 
assets amounted to £153.3m. com- 
pared with £151. 7m. 


Elbk’iii* .— .. Ethiopian Bln 
Kq't’l Guinea Peseta 


Falkland is- f Falkland U. £ 


MO^B.27 
it P'47.25 
• ' , ’»)0.754 

iiTi 1.276 

iPiS.7876 

147-56 


1.0 


Faro IsL Onni>h hi ran*: 

FIJ U Fiji S 

Ftoltail— .— llarkka 

F more ... Freni- 1: Franc 

Fr. iTtrinAf" UFA. Franc 

Fr. Ciulam T>tr*i Franc 

Fr. Hb-. I-.... C.F.P. Fratu- 


Gabon- I'.EA. Fran. 

I'iarnUis IIhIuI 

Germany I 

lEaftl 


!■ Outnarl: 


10.317b 

I.55G 

7.68 

S.4ISB 

420.8 

?.4lba 

153.023 


450. B 
3.9706 


3.0 


GIbutr iSi l.'cilt 

GifaralMr i Ki. Gibraltar £ 
l i illicit Is...™ Au.-r. U'llar 

Gttwf. Uiui.4iani 

Urwnlmn. 1 Uujisli Kmanr 
Grenaila (S>_. K. Larr1l«an S 
Uiuulaliiii|ir... Ln.il 1 Franc 

linam t-.S, S 

□ laiteiratla.... Quetzal 
Guinea Uep... Slly 
Guinea Ubaan 
Gnuana Guyanese 

Haiti Gootxle 

Humluras Bep Lempira 
HoucKonfctS) H.K-S 
Hungary Forint 


8 


Value of 
£ Sterling 


3.80 


2.M.-UI 
1.00 
1.80746 
88.417 
10.3 17g 
4.913 
8.415a 
1.8 180 
1.8180 
87.388 
78.7196 
4.6859 
9.09 
8.66 
1 8.48425 

I I'.-om 72.66 
i (I) (tut 80.88 


Iceland (Si.- 

loiiln IS) 

Iniioaeala. 

Iran 

I"4 

Irish Bcpikl- 

Israel ... 

Italy 

Ivory l'«*t.. 
Jamaica 'St.. 

-<il|ati 

Jnrrian isfl 

Kampuchea. 
Ki-ii\a<Sl 

k'-ina iNlhi_. 
Ktrn i Stli..., 
Kuwait IM hi. 

LatW 

MIXIII 

L»— nhii...^... 
LsHs 

Ltliyii ........ 


I. Krona 
In-1. Uupee 
Uupiah 

Rial 

Iraq Ulnar 
Irish £ 

Israel £ 

Lira 

•J.K.l. Franc 

JanuucsltiJIsr 

Ven 

Ji4sl.in Dinar 
llii-l 

K’-nva 'shilling 

W.a, 

U..n 

Kiiu-nit Dinar 
Kii- l‘>4 F..I 
LlImiii-sc £ 

>. An 'om Km on 
LlhcT'an > 
Lil.yan Dinar 


469.8 
15.7419 
754.47 

(A1 128 
0.53785 
1.00 
S0.4 
1.57914 
4284 
2.4577 
409U 
0.553.- if 1 

21b 1J 
14.4096 
1.6948(11 
886.08 
0J0B 

588.8 
5.5287 
I -SB 70 
1.8180 

d'lO^ssr 


Ua-ln’nsni... r*wts« Franc 
laoxrmfarairc . Lux Franc 


5.5914 

69.06 


Kmc 

Ma-lelra 

Ma’ajtss.v kj-. 

SLaietal (S(. 

Ualania. fS).. 
UalUivu U.iSl 

Mali ttp 

Malta (Si 

Martinique 

Maiirltanla.... 
Mauritius i<i. 

Uaxiro 

Miquelon 
Monaco 


Uonaolla 


Mont-icrrat 

Morocco 

Mrtnabique . 


Paihoi j 

Fortuc'seKsciKlo' 
MU Franc 
Ku-nctn 
kiDKJfil . 

Mel Kupec 
Mali Franc 
Maltese £ 

Locai Franc 
Ouguiya ; 

M. Rupee 
Mest.nn Pcu> 
L'.F..t_ Franc 
French Franc 
Tucrtk 

E. Gsrribean S 
Dirham 
Mot, lascudo 


Fanru Is- — 

Nepal 

Netherlands „ 
Seth. Am 'lea. 


Sea Hebrides 


S. Xaland IS) 

Nicaragua 

Slaw K|«...... 

NlOTria i5).... 

Snrtray 


Aim. Dollar 
Sepelese Rupee 
Guilder 
Antillian Guild 
I Franc 

lAufltl. Dollar 
N'-Z. Dollar 
Conlnha 
C.FA. Franc 
Naira 

Srwtj, Krone 


Oman Sultan- ) „ 
ate nf (Sl>.. fewOttuuu 


Pakistan — I'lrat. Uupee 
Panama Bilbo# 


PapnaN.G.fSl Kina 


9.07 - 
82.10 
420.8 ' 

I. 5988 
4.3466 
7.1447 
841.625 
0.7250 
8-4168 
83.9 

II. 474 
41.38 

4ZD.B 

'0)5.E*44(fl| 

4.918 
7.80ibk.i 
80.248 


Place and Local Unit 


Fhra*uay~.„ 

K n - ,( 


Guarani 


emeu tS) a. Yemen Dinarii AlO.6208 


Peru Sol 

Philippine*-. Ml pss>o 
Pitcairn I 


l£ -teriinjE 
i New £eabind3| 
Poland Zloty 


[exc(A 1237.28 
18.8898 


Portugal Pffse. Evndo 

Piori Timor.... Timor U^cudo 
Principe isle. Pq»e. Bscudo 
Puerto Uico_ G.S. S 

Qatar (S) Qatar Byal 

Reunion 

lie do fat. French Franc 

Biiodeaia. Uliodmian 5 


Vklae ot 
£ Sterling 


227.18 


1.78355 

1 (C’miOI.n 
j mfii.w 

62.10 
82.10 • 
82.10 ' 
1.0180 
7.07 1 


c 

i> : - 


8.415 b 

1.2608 




kn mania 

Knaiula 

8c. Christo- 
pher (EJ— . 
st. Helena..... 
St. Lucia 1 Si.. 

st. Pierre 

St.Vincent(S) 
Sqivariiv Rl... 
Sam'* 'Ami., 
’an Mittinri... 
■jao Tome...._ 
>uuli Arabbi. 
tenuaai ........ 

^evrhelta- 

Slerr Le’nefSi 
in 2 * 1 -ire i" 1 . 
a<ili.runn l-TS. 
Sranad Kep.... 
■Mli. AirieaiHI 
S.W. Alncsn 
Terrilr.rie* Ml 


Leo 

liwanda Franc 


(cnH8.49 

in/cl'USJf 

174.48 


B. ijuilbau 9 
SL Helena £ 

E. Uarihiiean S 
L’.F.A. Fran.; 
B. tiaribheau S 
LVtlnn 
UAi. S 
Italian Lire 
Pc-e. K-cudo 
kyal 

i-.FA. l-ranc 
s. Kupee 
Lnine 

Hna>|Hc« 9 
Aii-tralhm S 
-Sutti >bi(hnn 
Kami 


S. A- Haul 


4.913 

1.0 

4-9IS 

420.8 

4-915 

4-55 

14180 

.1,5793* 

62-10 

6.28 

420.8 

13J8 

2.0 

4.2555 

1.80745 

IA11L444- 

■13870 


1.587B 


1.60745 
Z1J16 
4 £8 is 
3.2542 
156.0202 
1.60745 
1.79955 
12.79 
420.8 
1.181 18 
a^sis 


0.030 


18.05 

1.8180 


1.3176 


Spain Peaeta 

Scan. Pnrta In ~’ r 

Smth Arrii-a. Peseta 
Sri tanka fS.IS.L Rupee 

Su-lan kp. Soiliui £ 

Siirinaru S. Gilder 

Swart la nritS.l Ujineenl 

Swe'en. S. Krona 

Switzerland . . Strisj. Irani- ' ’ 

Syri» — £ 

Taiwan New Taiwan : 

Tanzania tS.l.Tan. Sfalllinc 

rTntllanrl Halit 

Toji. Up. C.F-V. Fran.- 

Toot* la. fS.j Ps’anen 
Trinltlart W.l.Trin. & Tob&Kn 

Tunisia Tunisian Dinar 

Turkev -Turkish Uni 

Turks * Ca... L’.*\ 5 

Turaiii Australian £ 

Uganda tS.j. Ui;. Shilling 

Ltd. States ... UjJ. Dollar 


147.56 


Untettay Urujiuay Pear. 

Did.A'bEmia. U.A.K. Dirham 

CJ.S^i-U. kouhle 

Cpper Volta.. l.K.A, Pranu 

Vaticaa — Italian lire 
Venexuela kollnr 


I'MmmNthi D*«j- 


Viernamn-'thi FbiPtre 
V|p*inl-*.Uj#. O.S. Dollar 
Western 

Samoa IS) Samran Tala 


Yemen Rv»' 

Yuj^wtavia ... New T Dinar 
Zaire'&p Zaire 

Zambia Kwacha 


147 JS 
29.02 
rA)0.655 
'3-2642 
1.6879 
6.421* 
S-B8h 
U17.1366 
(PJ69.B84 
- 14.485 

57-148 
420.8 . 
1.501a 
4.3832 
. 0.7581 a 
46.15 
1.8)80 
1.E0745 
. 14.10 
1.8188 

I icmi10£4 

(tel 10-a 
7J7 
1.77 
429J 

1.578Si 

7.81 

iOi 4^721 
rn4.iB88iD 
S.68H . 
1.8180 


I * 


I.S 


85.8939 ' 
1.(9521.3 . 
1.525B 


Thai part nf the French i-ommunit? In Africa formerly 
pari French IVest Africa or French Equatorial Africa. 
Rupees per pnuad. 

Tbs AuKoiva has replaced the CPA T r a n e. The ezebansn 
was nude nr a- rate of CFA FrsS to one iflik of tile 
new currency. 


3 General rates nf oil and Iron esporu 76J3G. 

Jl Basal an cross rates against Russian rouble. 

“ Rate Is the Transfer tnutxt < controlled), 
it Rate Is now baaed OB 2 Barbados f to ibe dollar. ■ 
— Now One nfflcul rate. 


TARTAN McCAUL 


The listing Of Tartan MeCanl 
Ordinary shares has been can- 
celled at the company’s request 
Over 93 per cent has been 
acquired by Corinthian Holdings. 


ASSOCIATES DEAL 

Laing and Crutckshank on 
Friday bought 50,000 Linfood 
Holdings at l39p for a subsidiary 
of Guinness Peat Group. 



“-I '** A. 

V. 

, 4S v‘" 
^ • 


> • , 


.V-- 


Thomas Cook Travellers Cheques 
The accepted name for money. Worldwide* 


tS 

' h t , 












ft- 


% 


py 




"■t 


r.s 


i, * 

j *V'; 

Mr J ( 


“Financial Times Tuesday May .9 1973 

■Hu u*t: of AnollcaUoBs will mu M .. _ 

and dose at any T£ c 1L“ :rf ?‘ TO - ” Ttansto. Uift May. ITJJ, 
Tiua iwfce fa mode fn nrrmtimcv »™e day- 

uiidrr un; uontfni Qmjcaf ofccu bu te* Treasure 

ABDlication has been madeto Uw 2 n ?£ r 

_ _ _ m» «« ..VKl rt “ '» ^ »«* 

^SgmZff TYIME AMD WEAR 
Q COUMTY CDUNCIL 

Issue of £10.000,000 
«JSL cent * Redeemable Stock 1986 
PRICE OF ISSUE £98 1 PER CENT. 

Payable as follows: — 

On Application £10 per cent. 

Or? 20th June, 197 S £40 per cent 

On loth August, 1978 £485 per cent 


31 * 


■ut: 


£985 per cent. 


"it. 


'•ill! 

•I. , l ? 


ril. 


" ,! "niij a 


. IV , 


•l.-l-v 


•n 

M ,J ^" 
t ,r ,-r, j 

Afar* . 


1 i* 

Her 

, ' fill , 


Interest (tau Interne tax) will be payable hatr-yearly on 05 th May 
. _ and 15lh November 

n nm Interns! payment of UMsa (less toe* me tax) nr OOB Slock will be made 
, . , ' on lSUi Navambcr, U7S. 

iff.JS”® "L.T ll 5? rt y* M the Time and Wear tkmnw Council and w issued In 
n.Tunaaxn: rate tec Local (.nrnnmcnl An 197V. tec Local AuaxiMii <smciu and 
Honiiii ticmarioiu J9T4 and u« Loans float •% v*c tmd Wean Scheme jsm. 

The- Stork i* an. facaMM falling mVm Pan U of the First Schedule to the 
- rn«fce Inrnhne ,b Art ion. 

Mauonal Wetastinster Ban* Limited. New Issues Department, p.o. Box 79. 
nrapers Cardens. 12 Tbrojanontm Arenac. London EC2P 2BD. as Banker in tee 
issue. is amhorLva br lie Tyne and Wear County council 10 receive appUcaUoas 
for tee above amount of Slock. 

*■ SECURITY.— Tljc Stock and Interest thereon will be secured upon all tee 
? ®*. CWBL The Stock will rank pari vwa with all other seenrtUes 
tamed or to be Issued by tee Council. 

*e. I Z ' n r P S?J’i lS,0K ™, R V R ^T A , YMEH I OF LOANS.— The council la required by 
aDd by A he *»«* *und 'Tyne and Wear* Scbanc 19W to make 
RMmjHlaie hwMm towards redemption of loans rained Tor capital expenditure 
and to make such returns in cannecnon therewith as may be required by tee 
Seereiarr of State for tee Encirotuncat. 

„ * , -. PURW,s ® 0F ISSUE.— The proceeds of tee present issue of Stock wlU be 

J ”**?' 0 " pla “ tcmpprarily borrowed to meet authorised oaptral 

expendiihre. 10 replace miranns debt and 10 finance lurtecr capital emendUoro 
Stock ' 0 ° cfray cneu - llhar£ ” “d ozonises or and incidenial to tee Issue of the 

4. REDEMPTION O F ST OCK. — The Slock wiD be redeemed ai par 00 Uth 
\o\ emoer. 19M. .unless previous)? cancelled by purchase in ihr oven nJirKei - or by 
ftcrtemrni wih Uic holders. 



Panarctic 
the ice 


beats 


BY ROBERT GIBBEM$ 


DRAKE POINT, May 8. 


'hiMi, 




*• LEGIST RATIO fL— The Stock when fully paid will be reststcred and irsnsferatee 
free ot coarse in amounts and multiples of one penny by instrument in wrlUne 
In accordance with the Stock Transfer Art 1WO. The Register of the Slock win 
br kem at c^operaiiee Bank Llmlled. P.O. Box iaN. Blandford Street. NcwcasBc 
Upon True .\£M 1A.V. 


*"d loth November by warrant which will' be scril by no si at’tee StockhoideTs risk. 
:• \i 1,1 l6j : r as ,! ol a ietnl account, the warrant will be forwarded 10 tec person first 


*■_ INTEREST. — Interest iless Incovne taxi win be paid baU-yearly on I5te May 


“«HIC 


-'■'‘it 


Ml. 


nair-'d in thu account unless insi ructions to tec contrary are urvcn'ln writlna. 

The Orel payment Per I1M stock of ttOfWO ik-ss income taxi wiD be made on 
1Mb November. 1978, by varnun in tee usual way to the holder * *1 resistered on 
Ulh October. 1978. 


»«*■ 
*' hirh ^ 

'* 'll* 

■■UfMj - 

|"1T!. I.j. 

■" 'ft 


HRim 

I iW 1 


« M. 


ound 


f L..-‘ 

• !i« 


?. APPLICATIONS AND GENERAL ARRANGEMENTS. — Applications on the 
Prescribed form, .accompanied by a deposit of fit per cent, of the nominal amonnt 
annllcil for. will be received at National Westminster Bank Umltcd. New Issues, 
neparmtent. P.O. Box 79. Drapers Cardens. 12 Thromnonon AvrotJC. London 
EC2P 2BD. 

Applications mast be for a minimum or £U0 Stock or i« maltlpUp of OM 
far applications op ta ELOfifi Stock. 

Larger applications mast be made le accordance with the fallowing scale:— 
AppHcaaona above ELMO Suck and up to BJ00 Stock in multiple* or £50U- 
Applications above £5.000 Stock and op to (20,000 stock in mottipteo af 5L00Q. 
Applicatlano above £20,000 Stock la muhloJe* of £5400. 

A seoaratc cheque drawn on a bank in and payable in the United Kingdom must 
accompany each application form. No application will be considered micas this 
condition fa fulfilled. 

In tee event of partial allotment, the surplus from the amount paid as deposit 
wtH be rcinnded id tee applicant by cheque. If no allotment is made.- tee deposit 
Will be returned In fnlL No allotment will be made for less than AM of Stock. 

ftatfonai Westminster Bank Limited reserves tee right to retain taralaa 
application moneys by means of a cheque drawn on a country branch of National 
Westminster Bank Limited to any applicant whose application was not supported 
hr a Banker’s. Draft or by a cheque drawn on* a Town Clearing Branch of a 
Bank in (he Cttr of London. 

Payment In full may he made on or at any ume after Site June. 1978. 
and discount at tee rate or £7 per cent, per annum win be allowed from that 
date, or from anr subsequent date of full parmeiH. 

Default in tec payment of any instalment by its doe dale wHI render all previous 
payments liable 10 forfeiture and (he allotment 10 cancellation. 

Each applicant to whom an aOotmem of Slock Is mane will be sent a 
it uouncc able Letter of Allotment, which musi be produced when insralmem 
payracnis are made. Letters of Allotment, which may be split no 10 S p.m. on 
~r)rh Aususi. 197S. will contain forms of rcnitnciarion which will be available 
up in 3 P.m. on 1st September. 1978. On payment of the instalment due 
on futh June. . mis, the Letter will be appropriately marked and remmed 
m the sender. When payment in full is made, the Lencr of Allotment will be 
aopropnaiely marked and remrnod fo tee sender, unless (be registration application 
form has been completed, in which case pages 1 and 2 only of tee Lexter will 
be relumed to the sender. 

Partly paid Letters of Allotment may be relit in multiples of £UM Slack, but 
fully paid Letters of Alfalment will be refit down to mniUpks of one penny of. Slock. 
Na Letter of Allotment will be split unless all instalments teen due have beea said. 
There will be on charge for splitting Lovers of Allotment. 

The Stock Certificate will be despatched by ordinary posi ai ihc risk of the 
ffrovfchoMcr'xt wiihoor further request ou 29»tt September. 197$. to the 'Brsi named 1 
reaisirrert bolder .11 his 'her registered add ref*. If between 1 m September. 1975. 
and ■-'2nd September. 1979. ihe Allotment Utter Is lodged at Co-opcralive Bank 
Limited P.n. Box IAS. Blandford Si reel. Newcastle upon Tyne NB» LAN 
ir.ih 1 lie lodKintt a gem’s none and address inserted in ter spec' pronded at 
the foot of pace 3. the Stock C.-mficat.- will be despatched to the lodging agent wi 
29 lh September. 1975. after which dale Allotment UUera will cease 10 be valid. 

A commission of 12 'p per nofl Stock will fa* allowed to rccncmscd hankers 
and qot-fchrolirnt on ailoimmia made in respect of applications bcanna their 
ci«mp and V.A.T. rcjdairmion number If applicable this commission will not 
however, be paid tn reaped of. an allotineni which arises out of an underwriting 
comm:ime««' 

s. STATISTIC*.— Relating to tee Tyne and Wear County Ctwncd:— 

Depute' Ion luid 1977 .. . . • ’1^?-!^ 

. . KalcaWc Value 1st April. W7 ■ ■ • . lUO.tBS^B 

Dr-jdii-'i of a rale of ip In 'he 0-1978-79 estimated Mn 
accordance with the Rato Product Rides 1974 and die 
Rate Product (Amendment » Rules WTTj 


PANARCTIC OIL. the Govern- water and ice at the shore-end. it 
ment-private industry consortium is sunk in the shoreline and 
handling oil and gas exploration covered with a thick pad of 
in the huge Arctic islands area, is gravel. The gas will be refriger- 
Oaring oft gas from the F-76 off* ated as it moves through the pipe 
shore well at a daily rate sufficient at this point so .the permafrost 
to supply the needs of Ottawa. is not affected. 

Drake Point is 3.000 miles north The gas is being flared off ai 
of Calgary on Melville Island. The the onshore 'end of the pipe as 
r-<6 production well represents a part of production testing so that 

break-through for ice and under- quantity and quality data can be 
seas technology for Panarctic, its detailed fully, 
contractors and engineering con- “What we have shown,” said 
sultan is. The experience gained atr. Charles Hetherington, Presi- 
wfll be vital for future develop- dent of Panarctic, ** is that not 
ment and production and for only do we have 12 to 15 trillion 
pipeline crossings. (million million} cubic feet of 

In a one-year programme. Pan- proven reserves in the Melville 
arctic teams first set up a modi- and Christian areas, but also that 


fled land drilling-rig on an icepad we can actually produce gas from 

hore wells with the under- 


over 180 feet of water. The ice the offshore 
in winter “ naturally ” reached a sea technology we have developed 
thickness of eight inches. Then for these conditions. IV e wanted 
through water flooding the ice to show we have achieved pro- 
was built up to about 22 feet. ducibility. 

The well was drilled to its “The next step is to show Lhe 
target depth of around 4,000 feet Sras can be delivered to southern 
from the ice pad. Equipment for markets cither by the LNG 
the subsea wellhead, including a system with icebreaking carriers 
blow-out preventer, was then of 140.000 cubic metres capacity 
lowered Into place while a 4 000 or Polar Gas Pipeline 

foot flowline (18 inch pipeline) through the islands and the main- 
as prepared and welded together lo a Pmdt near Toronto.” 
onshore. It also means that Panarctic can 

Later, during temperatures So on drilling offshore and 
down to 40 degress below zero onshore during the whole year 
(Fahrenheit), a channel was cut and improve the efficiency of its 
in the ice between the rig and a programmes, 
point onshore. The flowline pipe 11 has f , our "5* in operation 
was then winched out alongside and racentJ y m *de a new gas dis- 
thc channel, and the pipe was covery at Roche Point, northeast 
lifted into the water and sunk Melville Island, for.it* own 
into a subseas “ cuttme ” created account and partners including 
by a spS^loiSh^SledlfoSg ^pen* OIL Econ, Gulf Cril. and 
by jbp wjncfi PetroCanada. This is a new struc- 

.The pipe was finally connected w ** l hr E 

with the wellhead by the winch ££i , ° n - cob,c feer of *■* t0 

Panarctic consortium was 

carried nnt hv rSp nnr^ formed in 1968 just before the 
carried out by remote control p n ,Ji, n . o_ Hisrm-erie< in 

northern AlSa. About SCBOOm. 
Sh d C PUtCT ' (£290m.) has been spent by Pan- 

+v, AtlCT k ,l. arctic and partners in the islands 
As the pipe rises through the s in Ce . 

Proven reserves of 25 to 30 
trillion cubic feet are required to 
justify detailed planning of the 
Polar Gas Pipeline, while the 
smaller capacity IMG system 
could come on stream by 1983 if 
it proves feasible technically and 
is economic. The reserves to be 
lapped would be those on Melville 
Island. 


Tysons 

down 


to £0.5m. 



Civil Engineering and Building Contractors 


£000 


1977 


1976 


Turnover 


34,892 


>1.092 


Profit before tax 
Earnings per share 
Dividend cover 


2,110 


1.942 


51 .51 p 


2.5 


46.SSp 

2.6 


Retained surplus including 
deferred tax 


2,023 


1,164 


* 


* 


* 


Improved profit despite exceptionally difficult circumstances 
Maximum permitted dividend increase 
Outstanding work load up 13% 

New Nigerian subsidiary now handlin g contracts in excess of £25m 


A copy of the annual report and accounts may be obtained from 

Tilbury Contracting Group Ltd 

Tilbury House, Rusper Road, Horsham, West Sussex RH12 4BB 


C.oas.392 


tin Loan Debl-llri March. 1979 lEaamaiedi 
Provision Tor tee Redemption o l Debt. 1978-79 ■Estimated* 
JJ »v>- nun oT Uic County CouncH (PnreMKi IK'S, Is 
i Estimated * .- 


jmi. 3 ST .290 


Prospectuses and application forms may be obtained from:— 

NATIONAL WESTMINSTER BANK LIMITED. \<?w Issues IteparUiwm. P.O 
Box 79. Drapers GafiU-rv. 12 Throcmortoa Avenue-. London EC2P 2BD. and 

any of the principal branches of tea: Bank. . _ 

CO-OPERATIVE BANK LIMITED, branches in Durham. Newcastle upon Tyne 

jr^A^SCRIMGEOUR LIMITED. The Slock Exchange. London EC2N 1HD. 
THE COUNTY TREASURER, Sandjrford House. Archbold Terrace. Newcastle 
upon Tyne, NE2 1ED. . . , .. 

Aar, d> ford Hwiw, Br Order of tee Council. 

AridSoM Terrace. J- J. n.ARDNER. rjnrl Excniutc. 

N, ,■ irtli- n non Tyne, NE2 1ED. C. J. DAVIES. Cuwttv Treasurer. 

»h May. i«*. - ' y 


The List af Applications will open at 10 a.n». a« Tburadoy. Ilth Mil, 1971. aod 
wfll dose at *"v time thrreifie*- on the rente day- 

APPLICATION FORM 
for 


TYNE AND WEAR COUNTY COUNCIL 

12 per cent. Redeemable Stock 1986 
Issue of £10.000.900 Stock at £98} per cent. 


Tn. NATIONAL WESTMINSTER RANK LIMITED. 

LONDON EC2P =BD. 


I«i herein apply lor 


*£ 


pounds* «T Tr ue and Wear Couniv 

rnuneal 12 ' per 'cem.“ Redeemable' SUKk U36. oMfriJac M (He 

in the Prospectus dated flit May. 1978 and undertake to accent the same 
„r any less amount teat may be allotted lo me us and 1 ” s ‘ 

•-nflforaniy with the term* or ihe said Pres pees us. 1 W e re qmn teat 
or .Allotment In respect of Stock dMjd *i 

my our risk to U>e first written address and teat such mock be rejusierea 

tuy.our name's*. _ . c b*in;s 




XrfSd hereio™ oW tea. any aUoanent 

of arr.r*v??S ^osssrjrsr 

KsrwasJ: sa-sar- ^ 

resident outside those Terntones. 

Tern. ML'.VA TV mi 

TLEASE use block letters . _ 


First Nameisi itn fuUi 


Surname and desumation 
* Ur- Atm.. Mis* or Title > 


Address * m full including l»«sl rodei 


,'lr»e' i*s«i>> u.-luw are i0> u>» in ■•Jt oi .oiul .upPcanon*' 

Sl'JNd I I RK - 


Ural NrttKf ' 1 «« Ml ■ 


.Mirmim*- hhJ DOtiOinitmn 
.ter. Mr*.. M«s or Tillei 
AiMrrre m full 


PLEASE USE BLOCK I.ETT 8 RS 

ML'.V.t Tl'ftE ,3 i 


Kmai Aomn* 1 id WI 


vireatin" ftiid VevonaLna 
.ter. Mr* . MiW rt - Title* 
.tddi S3 s in bill ■■ 



•Apptic nufa be In maltWe. there- «* 

aww Sf-sss™ - 

above EM Steak and not caceedtati «*•*» <*• «**&•* 


fltt. 

Applications 

AppRouImu above BMW SmA ^SSld be' ddoted and reference 

s«s ff.ar.njaa 

* n BaSTof eSds Nonce B.C1. and Mjg. »«* 


s&nu stPi ftSjawVfi - ** »* 

are defined In il«Mt*rf England s^ouce^^^,^- ^ uniwi Km*dnm, tho 

/■fjiiSr ?ilawb. ^ Wp of M*n. rj« »gjjj* « 'and* nSjSS^tS' THE 

A ARPAKATE CHEOUe DRWJTH SACK APPLICATION NORM. 

■vaasswsjWS.^Sgj- «*r ™ ,! C0ND,^ "’" ,s 

This Kona should be rwn/tfeled anil sent mt— 

. RANK LIMITED. New l"*ue* Depart inont, p.» 

WATIlWAL ttESTMfViTER Ull(lon sc .p "BP. with a 

Ro* 79 . Drapers darifa^ l- ™ « Bawb Limited for tee mnauni of tee 


AFTER COLL.V.PSLNG • from 
£337.711 to £84.094 in the 5rsl 
h3lf a virtually unchanged second 
six months left taxable profil of 
Tysons (Contractors) down from 
£796.172 to £497,757 in 1977. 

Turnover of the contraction 
engineer dipped from £12. 16m. to 
£lU.olni.. and lhe result is sub 
ject to tax of £249^20 <£X91*5Bl 
and before an extraordinary debit 
or £68.375 (£34.000). 

Earnings per IDp share are 
shown down from S.IOp to 4JJ7p. 
The dividend is. unchanged al 
2,-liTop ner. 


Yoi;k Trailer 
and\EEC 


tonnage 

A decision 'by the Government 
to allow U.K. commercial vehicle 
maximum gross weights to come 
into line with the rest of the 
Common Market would have 
direct bearing on the welfare of 
York Trailer Company, formerly 
York Trailer Holdings. The 
directors hope the matter will be 
concluded this year. Mr. Fred 
Davies. the chairman, tells 
members. 

As reported on April 14. 4hp 
company expanded pre-tax profit 
for 1977 from £1.19m- to a record 
£2.74m. on sales of £36j21m 
( £21. 19m.) and first-quarter sales 
were on target for a budgeted 
increase in the current year. The 
net dividend is ‘ raised to 2.14p 
(IMp.). 

Net liquid funds at year end 
were down £LS4m. (flMn.) with 
hank overdrafts more than 
doubled to £1^5m. (£712.411). 

Capital commitments totalled 
£462.000 (£27.000) of Which 

£61,000 (nilt had been authorised 
but not contracted. 


York Transport Equipment 
holds 60 per cent of .the equity. 

The change in the. company’s 
name was made as part of 
reorganisation of the group 
structure. 

ILK. exports were up 30 per 
cent to £i4.14m. (£9.4ra.) with 
very high proportion in the 
form of components to trailer 
manufacturers around the world. 
An analysis of exports shows, in 
percentages: Americas 3 (13) 
Europe (excluding USSR) 23 (36): 
Africa 28 (26): Scandinavia 3 (4): 
Asia 7 (41: Middle East 23 (16); 
USSR. 12 (20) and others 1 (1). 

The commercial vehicle trailer 
industry in 1977 opened with pro- 
mise,' then burst into a boom, 
only to sink into' stagnation in the 
final quarter, but the benefits of 
York’s diversification, both in pro 
duct and territory, shone through 
the chairman says. 

The two companies recently 
acquired measured up to all ex- 
pectations. Under most difficult 
conditions. Scammcll Trailer* 
combined Its road to recovery. Ke 
tooling and plant re-oroanisation 
was set in train and this Is now 
nearly complete and its product 
ranEe is being broadened. 

Anthony Carrimore had ' a 
Rucce<sfu] year in its field of 
hydraulics and bodies, more than 
doubling both sales and profits- 
In contrast lo' past activities 
which almost entirely centred on 
export; this company, for the first 
time, made moves to penetrate 
the European and U.K. home mar- 
ket with most encouraging first 
results. 

Meeting, Northallerton, North 
Yorks, on May 23 at noon. 


STEWART 

WRIOHTSON 


Stewart Smith — the North 
American ' organisation of the 
Stewart Wrightson Insurance 
Group— -has opened an- office in 
Dallas. Texas. ' This brings' the 
number of Stewart Smith offices 
in the UJS. to ten. and addition* 
ally there are five in Canada. 


w- "j=s-»-r55i sr jsiip 

Itetxui!. ClKQUCB inuM ** ltusscu ' — - -- - 


°o*§ 




w hr mure o( 


MOSS BROS. 


Group pre-tax profits of Hoss 
Bros, the tailor and outfitter, 
amounted to £307,260 in the year 
ende d Jan uary 31. 1978. compared 
with £372,708 in the. previous year 
which Included an extraordinary 
credit of £166,406. 




I 


Financial Times Tuesday May 9 1978 , 



NORTH AMERICAN NEWS 


U.S. ALUMINIUM PRODUCERS 


Gannett and Combined 
Communications merger 


Strong 
rise at 


A warm welcome for imports 


communications merger enserch ~ 

” WAcmvrTiiv MavS AT A time when most industries scarcer. Aluminium -is also As a result. Merrill Lynch csti- di?cctl v behind 

gy lOHN WYLES Nfw YORK. Mav 8 WASHINGTON, May S. arc bemg distinctly cautious easily recycled, eliminating mates, energy costs as a per- U.S. le^ue. dir hemnd the 

} mn w LE 5 new yoke. May ». ENSERCH Corporation said a about their prospects, the North much waste. centage of revenues are about three giants. Alcoa. Reynolds and 

A XE\V power in the American Combined Communications earn- serve small and medium-sized foreign subsidiary it acquired American aluminium industry Perhaps the most gratifying the same for aluminium and Kaiser. r 


broadcasting and news ijj per ings have leaped from S5.3m. in communities and tend to have earlier this year helped to make stands out for its optimism. The development is the broader use steel. 

industry emerged this rao-nin" 1973 on sates of SS9.Sm. to few publishing rivals for local “possibly questionable pay lndus trys leaders have even of a lumi nium in the automobile If — - - - — . . . - 

With Ihr nf * S20 - 6m - on c,f S*28m. last advertising. SCrae on , record “ Sa y ,n - ^at wdustiy due to the need to concerned about energy, it does Aluminum, told the recent 

Ailh the announcement of a year ln thc same per j 0t j American Financial Corpora- ? enta to employees of a foreign they welcome more imports of reduce petrol consumption. not show it. When it comes to annual meeting that the avail- 
hetwZfn pnnt ‘ ipl S Gannett’s earnlnas have P risen tion. an Ohio-based financial Governmen t lD ^ pwt two aluminium because they cannot According 10 Kaiser Alu- resources, it is more worried ability of supply was. to his 

Combined rZraiiniSi from S28.8m. to S«9.5m. and its holding companv. said to-day it ho P e - to meet demand them- minum. its use in ears bus about supplies of bauxite, the opinion, the only serious res- 


N’everLhelcss. Mr. Cornett 
the aluminium industry is Maier, president of Kaiser 


Combined Communications. 


sales ’from to S557.9m. 


holding company, said to-day it years - . “PP e ' 1 

would vote its 1.5m. shares in In a report filed with the se “5?- 


Tv,. J . , . . l . * IU nuuiu l UIC US i.Jill. S'lJica ill a. “ _ __. , — -- — I w uic lan 

*Jl D prop0aaa deu ' , s j °" The two companies said ItHlay Combined Communications in Securities and Exchange Cornmis- ,. T “ 1S optimism shone through last three years. In 1978 each is based- 

ilrnfjOT-n cha aC «.i valued al that Board approvals in pnn- favour of the merger. si on, the Dallas-based diversified “ e quarterly reports from the Ir.S. car produced will contain At pres* 

around S 3 » 0 m would create one ciplc were voted at special meet- concern said a joint venture in four aluminium giants earlier an expected 115 lbs of alu- the bauxi 

of the largest newspaper and u this month. The messaee was 


Of the largest newsniner nnri . 'uiea a* special uirei- 

hLdcas "f *tJ£t3g u the the.dea! was 


which the subsidiary participated month. The message was 
made 10 payments totaUing ™ although the winter had 


increased by 35 per cent, in the raw material on which aluminium traiat on greater aluminium com 
last three years. In 1978 each is based- sumption. 

U.S. car produced will contain At present over 90 per cent of According to Kaiser estimates, 
an expected 115 lbs of alu- the bauxite used in ihe U.S. is he sa j d> aluminium production 
- capacity in the U.S. will grow by 


appear on the surface to conflict -nwuwuns »«««*■ - ine suosioiary. me couniry in these were put down to technical - be raised required io uuuu new 

With the ripnarimcni's lieu- rh:it The combined sales of the new AT THE request of Equitable which the payments were made translation and not to nrobiems 4 the likelihood of a very tight 

combination . should be dU- company will be higher than any General Corporation. Liberty and the recipients were not iden- in the industry itself 1 aluminium supply*deniand Sdtua- 

rnu raged between companies olh cr comparable newspaper National Life Insurance h tn tifled. The ENSERCH unit made The industry bases it 5 faith on minium, and bv 1985 the com- imported, mainly from Latin tion in the not-too-dlstsmt 

competing in the same and broadcasting company, hold open until the close of 50 per cent, of the payments, the aluminium’s cost, and on its pany expects this figure to reach America. But problems related future seems fairly certain, he 

geographic j I markets f„ r ‘annett publishes m daily news- husinei* on Thursday its pro- report said. growing acceptance. U.S. con- 250 lbs. to politics and pricing have made said 

afl ,, cvTi«er>. papers tn 30 slates and two U.S. posed offer to acquire by merger i n Dallas the company declined sumption of aluminium has been Other large growth areas are these supplies less secure, and Although remarks like these 

However, to-day's announce- territories. It owns newsprint -shares of Equitable General For l0 discuss the report. According rising at about 9 to 10 per cent, the can market where the the bi" companies are turning to have been criticised as attempts 

mcni Slid Ihai ihe need m interests. the international «0 cash per share. Liberty t0 ^ report ^ witb me SEC. annually since 1975. while aluminium can's share of the new suppliers like Australia, to talk up prices, no one has 

comply With Federal Com muni- research firm of Louis Harris National stated that it had been the payments were made in con- natl °nal production has been beer and soft drink market last Aluminium recycling is also denied the general implication, 

rations O'lmmHsmn rules on and Associates, a television informed that Equitable General nect i on witb contra cts totalling risin S at some S.5 per cent a year came to exceed 5(1 oer cent increasing. Last year Alcoa said Imports of aluminium (as 
limits of ownership, meant that station and a radio station. will call a meeting of its Board siD-Sm., which resulted in a net > ,ear - The demand growth has Alcoa elaims and the commercial that it recycled Mm. lbs of cans, opposed lo bauxite or alumlaai 

.would .’‘<•11 one or, is MM- Combined Communications of directors tins, wenk to act on loss for the unit acquired. brought capacity utilisation from aircraft industry whose demand equivalent to the output of a have risen steadily to the point 


i.ominumc.aion* nave snown i nouiie. ir i.urse* m uinb o; yei vein. rrn-:_ . uucer, saiu ar me company S last , _ . . — : — - — . - .v,* „„ r ,r 11 ,- m _t,i 

iheniselves in be rapidly grow- also has outdoor advertising Liberty National instalment annual meeting that the pres- -^ S s cem In the medium term is that ma w es a Kharp con 

ing. acqul-iit ion-minded cum- facilities in the U.S. and Canada, notes aggregating S50 per Eqult- Slum U io.* a Is«? SI, 1 TN- nor l o increase prices in the n ?f A for e lectrita ty its the industry will simply not be ^ 1S ^ 

panics in thc Inst few yes.,. -Most of Bonnet.', newspapers able General share. t™, eiumint™ indush, will be no ™ » P™'-. ah e o meet demand. K ' rom ° £ ha ? e g* 


BY STEWART FLEMING 


NEW YORK. May S. 


iii^. acqui'iiicn-minneu cum- laumip in me v.a. ana uanaaa. nines gsire;3unx pei J^yuxt- ’ tv. _i,_„ sures io increase prices lu Uie T7~ ^ — V~ . — — o., t nf rho otoni 

panics in the last few years. -Most of Gan nett's newspapers able General share. * lut binium industry will be no Vk* a «« T °' 3 ’ able to meet demand. u irh bas b p P7) 

figure is reckoned prior to a ^ 5 ,^ from fo _ stee , Jem, but this is not the case. a large increase in U.S. pro- industry, which has been 

■ Sl« e '* OI 25 ro .- stock spl, L, w 0 k lch plastics, copper or other com- According to a study made by duction capacity will come from damouriog for an end to ctawp 

T T 1 • J • J* bG AH? e !5 eCtlVe n D f AP ^ “V,* P®ting materials. Aluminium. Merrill Lynch, the securitira a U.S.-Japanese joint v^ture steel teapots- ^ Tj^S^sfeli 

W ATTAfl I I n ny<TAC hifl H*D10PTIAn Adjusted to renect the split, therefore, should have a good bouse, aluminium’s high energy called Alumax, linking Mitsui «oce is tlNit while me u^. steei 

T Cam" ^ i ilifckvN ftJiU 1 C Ilf HI the per share comes out at $LL 6 competitive position in a number consumption is mitigated by two with Araax. the successful U.S. iruitasto' is a high cost producer, 

iT ^ J against 95 cents. of high volume markets. factors.- One is that aluminium mining concern. In view of the the US. aluminium industry is 

ctrwadt in sMiwr vpw vnRxr g Agencies. The industry also believes that has a greater mass than steel, and expected continuing rises in still among the wona s xowest 

BY STEWART FLEMING NEn tORIv May S. the Qf ajuminium will can therefore be put to greater aluminium prices, the two com- cost producers. This not oifiy 

THE BOARD of Scren-Up has which founded thc company, to for Seven-Up shareholders. Chamnmn Snark broaden because the metal's ver- use. Another i s that the U.S. parties plan to invest some B500m JJJJ 111 ***»" ^ i m MT?‘ to 

advi«pii sh irehnuii>r< rr arrr*m rhp o/Tpr H imnlvinn rhe fmindin** fimiiiei v^nailipion jparK satile qualities fweibt. conduc- aluminium industry uses mamlv in plant able to produce over ai»o expects uiesc imports to 

the ssiom. vaWcQvcv offer for SiSJc * itef ' the Scvcn-Lp Mv. Bco WcUs. the** Seven-Up Champion Spark Plug says that resistan f l ° corrosion) cheap sources like hydroelectric 250.000 tons a year by MB* Jjj. £ S? marker^ebJ 

ihc nation'.-i third targes! soft .chares have been trading in thc chairman, said that based on because of an error in calculating ^ p T p ® ro01 ’^. alrr ^' ,e a s°lher Power, wh tie steel uses high cost Together A ^ a f,ia eX hJ!nw increjsin^ its own nrofiLabilitv 3 

drinks producer from the lobacco over thc counter market as high awtranecs “given to me by inter-company sales it overstated resources such as energy become fuels like oil and coking coal, capacity, this wuuld brio.* incrcasm„ p ty. 

and beer giant Philip Morris. :■« S45i and on Friday clu»cd at members of the Board, their first-quarter sales in its release — - — — — 

La* 1 week Philip MorrU S44. a clear indication that specu- relatives and trusts of the com- of those results, AP-DJ reports _ __ _ 

unnotincctl a $41 a .-.hare offer laiori are expecting either a pany's founding families and from Toledo. The company said \T ow cptiomp of Krvnrl frnrlmfT 1-^PrtrCTP l^PCinn 

fur Seven-Up only to have the higher offer from Philip Morris other closely held interests." he first-quarter 197S sales were ItCvt MllCiliC At W fllLc W Clll UOiltt ■ ■ flil I ilf? VJCUI & C T» C3I.UU 

company say that it did not or a rival bid. was confident that 51 per cent. $189.5m. instead of $202.Sm. as . ■» * • 1 , ^ 1=7 aliA.i ,1 

expect _ -harehnlders owning ’Ihc So »••• Un Bo:ird has sail of the company's stork would it had announced. Net income Jl G3.t M&fWlCk ^Amvi iaih XT XT T Tiiff-Atll Well aUcall 

over 45 per rent, of Ihe Mock, ihai it sees the offer as in- not he tendered for the Philip figures for the quarter were not IttflllA IIJ 11/111 J X? • XxlllLvIll TORONTO, May S 

who were related to the families adequate. It would he taxable Morris offer. affected, the company added. By Michael Lafferty J. fot r nwrvr thrn.ch An 


New scheme at 
Peat Marwick 


White Weld bond trading George Weston 
team to join E. F. Hutton weI1 t?™* o. Mar s . 


BY NICHOLAS COLCHESTER 


EUROPEAN OPTIONS EXCHANGE 


Vickers to decide soon 




4U. 

* , 

'.M. 

Jon. 

• L»|U-i\ 

Upl>*m | 

1 I'rw 1 


V... ! 

Onw- tn*. ' 

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l 13>< 1 - 

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S4S j 

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SSO ( 

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36 

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14** , - 

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, 

563*4 

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1040 • 

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9 

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mo 

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_ 



• no i ne tendered lor me fninp bgures tor tne quarter were not ICillll Ivl 11/111 A • 11UUU11 TORONTO, May R 

; Morris offer. affected, the company added. By Michael Lafferty J. FOLLOWING through on its 

PEAT MARWICK MITCHELL, BY NICHOLAS COLCHESTER optimism at the year end, George 

» -w r • ■ . 1 • 1 the worldwide accounting _ con- yoST of the international bond surprise takeover of the Weston, thc major Canadian 

VlfKPlS ifl flPPlflP <2nnn ee n u trading team of the London company. foods to forest products group, 

! v LKC1 s lu ticciuc buun - »>-« w* tb . ^ SSS! -S r or,s 1 250 per r ‘- rlse fn 

I BY ROBERT GIBBENS MONTREAL. May 8. will be members. can investment bank, is to join “ jlh ^ ^^00 ^ 0D e senior first quarter net profit lo SCT.rn, 

• Canadian Vickers the Canadian nuclear comnonent steel oro- Up t0 n0w national PMM the international ar mof another rae mber. In ail. five people will (some SUSfi.Sm.) on a sales rise 

I arm n f 3 ? h pi T v i r k p rc^ re ! du^and S^eDa^rinEeomD^T Partoerships have only been Wall Street bank. E. F. Hutton, be going over to E. F. Hutton, from SClbn. to SCItibn. 

arm of the U.h. Vickers group, d mp v , ef ? bound together by co-operation The move, announced by the headed by Mr. Michael Woolf ($US976m.J. 

says a decision will be made on ^ a ° at “ an dickers smd tnat agreeraeilts in what ra igh\ Geneva office of. E. F. Hutton a0 d Mr. Hugh Morgan. This brings lhe net Der shar _ 

]the bid for control of the com- believesa similar offer would be 1 rou 8 hly be described as a yesterday, follows the takeover Meanwhile an announcement frQm 17 cents for the first period 

I pany by Thursday morning. ma( i P to the minority shar^ partnership of partnerships. The of White Weld by Merrill Lynch is expected imminently of Credit of Jast year l0 5S ^nis P 

i Canadian Vickers confirmed that holers y * new scheme means that each Pierce Fenner • Md SmittL » is Suisse s purchase from Merrill ° Over the previ^ full vear 

v ^ ji m ~ .. Poof MarunnL* nirtnpp un a a linri^r^tnnrf that Mr T.vn^h nr a nor f-anr crtnkp . lllc iuu 


BY ROBERT GIBBENS 


■London. a share the market values' lhe national, as well as an individuai although his next employment is stake when it bought White 1 0 ov~nn. 

Thc Darent owns ?» ncr cent eauilv ' at areund srt7m national partnership. not known. Weld, and has since been cxplor- 

: of Canadian Vickers. a P leading (SUS15ra ) international partnership Late last week it was ing the possibility of continuing PetfOl liCCflCC 

1 * 1 will not trade and will be announced that Mr. Gary that bank’s arrangement wilh x v 1 

registered in Switzerland, its Shilling, the senior economist oF Credit Suisse but in vain. It is for* r { C A 

secretariat, on the other hand. White Weld in the U.S.. had understood that Credit Suisse ICC IU 113C 
; A XTi 1 I »ii ■]% yr a J will be based in Canada, which resigned. This news was the first White Weld will retain its cur- LICENCE fees for storing 

■ /X IF flPQl Wim VI nnilinPl supplies PHI'S first secretary- concrete sign of the widespread rent name despite the fact that petrol will be increased from 
I v» Aiii ivAVinuj^vi general. Mr. Walter E. Hanson, unrest in White Weld that in- it will be severing its ties with July 1 under Regulations laid 

! BY OUR OWN CORRESPONDENT MONTREAL, May 8. S’^JSTS'mS follttweJ Mcfriil Lynch ' S MerriU t***™"* Wt?ld ' before Parliament yesterday. 


1 BY OUR OWN CORRESPONDENT MONTREAL, May 8. ^ iVuX ^l be PMPs 

, A JOINT company to produce Monlupet, and first production 61-81 ^airman. 

i aluminium alloy diecast engine f r£,| h tile plant at St. Catharines, 

! parts has been formed by CAE Ontario, is expected late this ...... MADIfCTC 

Industries Df Montreal and year ' The tolal amount of the CAPITAL 7VIAR)VET5 

it,™ n,, > c!! f , j investment is SCT.am. CAE wilt 

Toromo. and La Societe Indus- provide thc finance and manage- Tlnllor CPPtnr 

J trieile el Fmancicre Monlupet of menL and Monlupet the technical 3CUU1 

I Nanlerre. France. CAE-Montupet knowhow. CAE is best known for 1 

Diecast is SO per cent owned by its electronics products, but is W63 aJQ 6SS 
CAE and 20 per cent, by also in the zinc castings business. 

— - ' r i continues 


Balancing payments between 
developed countries and LDC’s 


BY TERRY OGG 


Thu advertisement comp fie* with the requirement* of the Council of The Stock Exchange 
of the United kingdom and we Republic uj Ireland. 

Bsvdmer 

Istituto per lo Sviluppo Economico 
deiritalia Meridionale 

(J statutory body of thc Republic of holy) 

$85,000,000 

82 per cent. Notes due 1981 

Issue Price 100 per cent 

The following have a creed to purchase the Notes:— 

Dillon, Read Overseas Corporation 

Algemeoc Bank Nederland N.V. Chemical Bank International Limited Credit Lyonnais 

Hessische Landesbank-Girozentrale Itafian International Bank Limhed 

Sumitomo Finance International Trade Development Bank, 

Landau Bnndi 

Amcx Bask Limited Banco di Santo Spirito Banque Bruxelles Lambert S.A, 

Banque Gencrale du Luxembourg S.A. Banqae de Tlndochine et de Suez 

Banque Internationale a LuxembQorg S.A. Berliner Handels- und Frankfurter Bank Daiwa Europe N.V. 
DGBANK Euromobiiiare S.p.A. Gotthard Bank International limited 

D«uhcLe GeBossriuciiaRtbaak 

Istituto Bancario San Paolo di Torino The Nikko Securities Co., (Europe) Ltd. 

Nomura Europe N.V. Riyad Bank Limited Sodete Centrale de Banque Wardley Limited 

Yamaichi Internationa] (Europe) Limited 

The 8,500 Notes of US$10,000 each constituting the above issue have been admitted to die Official List of The Stock 
Exchange of thc United Kingdom. Interest is payable semi-annually in arrears on 15th May and 15th November in 
each year, the first such payment being due on 1 5th November. 1978. 

Particulars of thc Notes and i lie Issuer are available in the Extci Statistical Services Limited and copies may 
be obtained during normal business hours up to and including 23rd May, 1978 from: — 

Cazenove & Co. 

12 To henhouse Yard 
London, LC2R 7 AN 

Mu o. rr* 


Bv Mari. Camnhrfi THE PROBLEM for wo rid ments. The LDC’s are looking “Private capital still flows tn 

1 rHry t - arT1 P TC " monetary authorities is no longer for greater influence in the LDC’s but only to those who can 

THE dollar sector continued to th® slz6 of developed countries’ policy-making of institutions set maintain credit-worthiness,” he 
weaken yesterday, while the c urrent account deficits but the up to channel funds to them, said. “The private flows would 
D-Mark sector marked time. One J' ,a F j n which these deficits can according to Mr. Frimpong- have been much larger if the 
new dollar-denominated issue ^e financed and stable debt Ansah, and they are attempting world's economic conditions had 
was announced — S75m. for Occi- structures implemented, accord- ti> have the activities of the not worsened to the disadvantage 
dental Petroleum. In the D- ,Q 3 to.Mr H. Forsyth, chief international uistituUons more of L DC's who. as a group, have 
Mark sector, the industrial Bank f5 p "°J nis L^l 1 ^ a ^ ei ^j lD o bankers 10 ne 5? fi ' n ° automatic devices for 

or Japan's offering has now been Grenfell and Company Jhe * ■» SKSf 1 * 1 , > ^cycling tbeir reserve losses.” 

launched, as has a private place- L, ” 1 J‘ te l ^ . • Cern d ab Ut their infenor Mr. Azar concentrated on ihs 

incut for the Cuy or Johannes * lT - ™*?*"™* ) unienting 

burg under South African ® n T 3 bl !i Dr ‘ 

Government guarantee. d,rec ’ 

The terms or the Occidental Jr i 

Petroleum issue include an J ‘ F I mip ? n “ 


(launched, as has a private place- ^“ cu p npevfh WBC CCrned ab ° Ut ^ inferi0r Mr. Azar concentrated on the 

role that the Arab countries 
were playing in the provision nf 
financial and technical assistance 
to the LDCs. He pointed out that 
although there had been a 
decrease In the actual value o! 
funds provided in 1976 and 1977, 
the Arab world was still provid- 
ing more aid, in terms of its 
gross national product, than most 
of the developed countries. 

This aid programme began well 
before the oil price increase of 
1973 and. all that the price 
increase did was to multiply the 
dollar amount available for aid. 
He said that Arab aid peaked at 
U S. S8.4bn. in 1975 but in 1977 
tiie amount Is still expected hi 
be U-S.S7.0bn. 

Ke 4 ^ 01 . as was . l ® atl manager. linked lo world demand for agri- negotiating power in matters “ I don’t have the statistics but 
The terms of the Johannesburg cultural products and raw concerning their Interest, par- *t could be argued that the 

offering include a four year materials. Ticularly the worsening terms indirect benefit to industrialised 

DUJiet maturity ana a i* per “Since the 1973 Organisation and conditions attached to loan countries of Arab aid to the 

cent, coupon. Although Sou.b f 0r Petroleum Exporting Cora- disbursements. LDC's. exceeds the industrialised 

Afncan entities nave regularly panics (OPECi oil price increase. The growth In the number of countries' aid Contributions to 
tapped the D-Mark sector with developed countries have been development finance agencies the LDC's;* 

private placements in the forced to accept that balanced and institutions has been far Mr. Witteveen’s comments are 

year, it nas oeen tor smaller e Urr ent accounts are no longer from orderly, he said, and sug- covered elsewhere but essen* 
amounts at a tirae - possible.” Mr. Forsyth said, gested that the world should tially. he justified the IMF's dual 

The managers of the current •• interest has shifted to how “settle down and look at the policy of lending funds an stand- 
placement are RHF-Bank. the major problem here is build- question critically, in order io by arrangements only after the 
Richard Daus and Co.. Baye- ing up a stable, lasting debt evoI * e a ™>rc permanent receiving Govern merit had agreed 
rische Hypotheken und Wechsel- structure.” approach lo the resource trans- to certain conditions 

bank and Dean Witter Reynolds. Mr. Frimpong - Ansah had fer problem.” Mr Forsyth. i n ii a remarks. 

The terms of the Industrial touched on this ooini in his _ Tl \ e International Monetary agroed w;t j; the dm , u * 
Bank of Japan offering, fur spepch earlier in the day. Fund is cssentiallj a lender of aspect of the IMF's loans savin’ 

which Deutsche Bank is lead “Until The LDCs develop last resort and should not he th ; t lhe Fund had earned' « 

manager, include an indicated regional trade between them- regarded as a primary source of enviable reautatian for imnar- 
coupon of 5 per cent and a six selves, they will depend upon resource transfer. Mr. Frimpong- tialitv and accuracy in the field 
year maturity. their trade with more develoned Ansah said. However, he of credit assessment Rut he 

Also on offer in the D-AIark couniries to generate their suggested that the Fund should added that while the amount of 
sector is a DM50m. seven year srowth. Export of primary pro- Y? 17 carefully the special money the Fund actually gave 

convertible for the Japanese com- duce and semi-manufactures to h ; pm f Pt .. p f°^* most governments was small, it 

pany Nippon Shinpan. Indicated the developed world, however. Jems of the LDCs p distinct should not abandon its lending 

coupon is 3} per cent and lead ex P nses the L . DCs t® many un- : Ajj r pa f xnepts Position, as the provision of 

manager is BHF-Bank. stable economic conditions such ” 1 “ J? fi ' SHf 118 W was an important dtodp- 

as deflation, increased debt fo ™ 8 pf co-operauan and assist- line for the IMF creditassessors 

burdens and reduced pconomic ance required in so far as short The problems nf the LDTs 

Peoples Gas Where nipc relies needs are The prebffi of tti 


Petroleum issue include an "a. r £ mp ? n 5 

indicated coupon of Si. per cent. ^2? i e *SS“ °i be i ta S da ? 
on a seven year maturity. A ?“, k ,.° r f jnd . Mr R °S er 

purchase fund will operate lo Ml If Ctor 

sunonrt fhp nrh*p if if Talk ^ IDtenidlionalC 

b S". n /bird 

or fourth j-eunt. Thc ucdemrlt- g«»ncUI Times Euromortetc 
ing syndicate is headed by Dean Th ^ soeake« dealt with 
Witter. Reynolds International. th e rolT of both private aid 
S^wn£°%l^r B ES tradu puWteinsti/uttons i fSXItoSt 

niiin Dillon. Kidder oad trsdi** ««« 9 nF the lesser d^vpinn^rf 
tionaliy been lead manager for co?ntries. As each speake? 

Occidental offerings but did not p 0 j D ted out, the lesser developed 
appear in the management group countr ies are not simple 
of the last Occidental Issue, in economies to analyse and their 
January, for which Dean Witter performance is very closely 

T?K!S,,r„ linked lo world demand for agri- negotiating power in matters . “ * don’t have the statistics 

The terms of the Jobannesbur a cultural products and raw concerning their interest, par- >t could be argued that 

affenng include a tour year materials. Ticularly the worsening terms indirect benefit to industrial 

ounet maturity ana a i* per “ Since the 1973 Oreauisarlnn and conditions attached tn lnan countries nf 4rah aid tn 



Peoples Gas 'Where SucSS “ d The probS of X iSScI 

n , „ _ , ..... heavilv on international trade concerned. are very much tied un with the 

Peoples Gas Company, the utility, and does n0? have a sufficient He also suggested that the current account ^knbaliS of 


iruiu Odovui., , MC saio trial a ere-ni ae«l pas w mim ujat wuo very mark's B, n t Dr Fric 

report from New York. This been done in recent years to few exceptions, the general Hoffnim? D? SS&m Sufl 

brin-^s the six months net to promote resource Transfer to the picture in LDC s was one of [hat t he th- fived 

SlOom. 184.02 a share I against LDC's. but there still exists some widespread inconvertibility and exchange rateavSfm wm laraS? 

SMtu ISoW a Share ». Operating feeling of disappointment be- a worsened external debt situ*, due to deef^ons hv maSh Sti- 

revenues for the six months come cause LDC needs have nut been tion following reverses in their cal a.nhr.i * « VW S hv 

to 81-lba. against §89Qm. fully met by easting, arrange- Glance of payments. Sc rules of Brettoa Woifll 7 






33 



Us 


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" V. 

1 i-l l - ‘ 

■ i. 11 


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■ - . > 

... * 3 * 


.< . : 

- ....sj 




•TO. 
: l\- 


S. 

•:i* 

I. 

: 

• ••• i * . 

' u* 

‘‘d- 1 


v 


'sh 1 NN'eMir 

-.ilinii 


111 I ICO 

ii l iM’ 




LDC 






Financial Times Tuesday May 9 1978 


international financial and comrany news 


Boussac scheme for debt reduction 


BY DAVID CURRY 

THE FAILING French textile 
group Boussac has Inaugurated a 
vital week of discussion about its 
future by publishing a "miracle 
formula’’ to transform its capital 
. structure and commercial 
prospects. 

Published as one of the group's 
rare press releases, the scheme 
is clearly designed to influence 
to-day’s Supervisory Board meet- 
ing which is discussing the 
eternal subject of financial 
recovery and,, more particularly, 
Thursday’s shareholders’ meet- 
ing which will be asked to bless 
a scheme to transf orm th e group 
holding .concern fCETF) into a 
company of limited liability and 
thus mark a dear distinction 
between the personal interests 
of the Boussac family and the 
industrial assets of the group. 

On the personal level SL Jean* 
Clayde Boussac, the nephew of 
the 89-year-old M. Marcel Bous- 
sac, the company founder, is 
struggling to his own 


position as ** managing director 
for life” of the group under 
whatever new regime emerges. 

At the end of 1977— a year 
which saw losses rise to FrsJ07m. 
— group capital was Frs.90m. 
while medium and long term 
debts stood at Fr&26Gm. and 
short-term debt at Frs^Tlm. 
Transforming this arithmetic is 
the major of tbe tasks faced by 
M. Boussac. and M_ Jacques 
Petit, the recently appointed 
“ company doctor.” They 
envisage increasing capital to 
FrsL340m n medium and long 
term debt to Fr&fiOOm. and 
reducing short-term debt to 
Frs.287m. The first pre- 
requisite is for M. Marcel Bous- 
sac and family-controlled 
companies, to abandon the 
Fts.171ul credits they have out 
to the group in blocked current 
accounts. 

Tbe second requirement is that 
agreement be ■ finally reached 
with the state on the purchase 
of the Boussac horse-training 


estate the Haras de Jardy “ for 
a sum in excess of Frs.l50rn." 
While the state is in principle 
ready to take this land, its own 
valuation, taking into account its 
unsuitability for building aad the 
environmental opposition to de- 
velopment is well under the 
Frs.lQ0m. mark. 

Finally, tbe group wants tbe 
state to contribute about Frs.7Qm. 
in further loans to the enterprise 
and for it and the banks to con- 
vert into longer-terms debt the 
Frs.i00m.-odd owed by way of 
deferred social security charges 
and taxes. These debts would be 
reimbursed by tbe sale of non- 
industrial assets of the group. 

On the industrial front the loss 
of a further 1,600 jobs in the 
Vosges and the closure of five 
plants are foreseen to clear the 
way for a new effort at moderni- 
sation of equipment and product- 
lines. 

M- Jean-Claude Boussac has 
presented these options as an 
alternative to the most widely 


PARIS, May S. 

forecast poet-electoral solution- 
putting of the company into 
receivership. His task is difficult 
because be has to combat tbe 
scepticism of Government and 
bjmtep jn tbe light of the failure 
of previous definitive rescue 
plans. 

He must also convince the 
Government that a new judicial 
structure for the group will be 
matched by a new spirit of pro- 
fessional management 

Finally— and this is by no 
means the least of his tasks — he 
has to persuade his uncle to 
authorise the divorce between 
family and firm, to waive the 
debts owed to him personally by 
the group and to accept his own 
final retirement from the indus- 
try. 

In other words, the miracle 
cure will have to undergo long 
and sceptical analysis before it 
becomes a practical basis for 
action, although it may have the 
effect In the short-term of buying 
yet more time for the group. 


DUTCH SHIPPING 

Keeping a cool head at Nedlloyd 

BY BILL COCHRANE, RECENTLY IN ROTTERDAM 

BILLED AS one of the world's in associate company income; invested) before tbe slump into basically defensive — to maintain 
largest shipping and transporta- that the “ premium " new invest- the red over 1976-77. its market share on major liner 

groups, Nedlloyd (formerly ment is taken into the accounts The question now. unfortu- routes. 

NSUi found time recently -.o via a formula which means nately. is how long tbe slump Whether it can change Its basic 

stress the breadth of its opera- between FIs .2 7m. and FIs .28m. o will be extended by world ship- financial characteristics, with the 

tjons. These, briefly, take in the P and 1 through until 1982; building overcapacity. It is a preponderance of capital invest- 
uner and container shipping, and that tax credits are a sobering tbou2ht that South ment in shipping, remains to be 

earners and tankers and corollary fa) of Nedlloyd's Korea alone could satisfy four seen. As one observer put it, the 

drillships; ports and specialised deferred tax provision, still years’ world tanker demand wMfa U.K/s biggest land carrier, the 

transport, industrial services and Fls.297m. at the end of 1977 and w one nnuim?inn- National Freight Corporation, is 

international transportation. (b) its lossmaking areas, particu- years proaucunn, ana, Valuefl al eit her fgOra. or £100m. 

But it also bit on the shipping larly in tankers and bulk ~ _ and the latter figure is the cost 

bullet — opening on the “present shipping. 1976 1977 of ju^ one LNG carrier in the 

state of gloom for the maritime Finally, currency fluctuations (FIs. m.) shipping area, 

industry” and concluding on (particularly the weakness of the Operating result ... 137.6 46.4 NedUoyd appears phlegmatic, 

prospects: “. . . we consider that dollar against the guilder) Associates income 9.3 33.5 What it comes down to, accord- 


a substantial fall in net group knocked between FlsJOm. and - ing to finance director Mr. A. van 

profits has to' be expected in Fls.l5m. off net profits last year. “restment premium - Nil 24.4 . g a ,j ll#g t| on 0 f p losses 

1978." It might engender a warm, Corporate tax (—40.2) 7.5 and minuses. On the plus side. 

There are two ways of looking cos y feeling to say at this stage Net profit 102.5 9L4 it reckons to have an exception - 

at that. First, sourly: reported the 1978 net profit may turn — — — — ally broad geographical spread 

net profits bad already fallen out better than expected; and, Ships 1,764.6 2,367.0 of liner services; the associates 

from FTs.146.7m. ($66.5m.) ’o indeed, that any sort of profit. Ships under promise more, non-shipping can 

Fls.91.4m. in the three years to in shipping at the moment, Is a Construction... 5712 241.4 expand further at relatively 


assets 312.8 348.1 


end-1977; and the coincidence of considerable achievement. But ^ . 

□umbers in 1977 '' between the that sort of response is condi- 
operating and - reported net tioned by the histonjeai pattern 
levels (see table) looks like a in shipping where, traditionally, shareholders 

nice massage for a tired set of the good years amply made up fnnds 1,668.9 1,736.1 

accounts. for the bad ones. Nedlloyd was Net debt 502.6 

In fairness, it should be noted getting returns of 30 per cent. - - 

that loss elimination was partly to 40 per cent on bulk carriers 
responsible for last year's jump (pre-tax on total capital 


HttJe capital cost and. back in 
shipping, it does have govern- 
ment subsidies in the form of 
the investment grant 
On the minus side, there are 
854.6 tankers, bulk carriers (which it 
plunged into very heavily in 


Orders dip at Fischer 


SCHAFFHAUSEN, May 8. 


as Nedlloyd itself pots it, that 1973-75) and one ING carrier, 
since a large number of tanker w bich cost £70m-, is laid up and 
orders were substituted by bulk has an unfortunately rapid 
carriers, there is now also a repayment schedule for its asso- 
severe over supply in that elated borrowing, 
branch. ' So what of the future? 

Luckily. Nedlloyd is by no NedHoyd chairman Mr. B. E. 
means overextended- Its net Ruys was far too canny to go for 
J t . . . debt ratio, at less than 50 per the “ darkest before the dawn " 

INCOMING orders at Georg of the year, though a -modest of shareholders’ funds, is routine, looking at tins year and 
Fischer AG in the first quarter amount of short time working comfortably low in relation tD next But be seemed uncom- 
of this year were ten per cent, cannot be excluded- altogether. ’ itg international competitors and m only relaxed when he chuckled, 
below the level attained in the During the first quarter sales of jt s major ongoing investment, in and concluded: “the plusses 
same period of 2977, general steel castings to the German -eight ships under construction, is always gain in the end.” 

manager Robert Mayr told a motor industry have held up well ■ : 

press conference. This left order but there has been a further 
books little changed on the end- decline in orders for wheels, re- 
vear level of SFrs764m., which fleeting lower demand for goods 
was 12 per cent, above level at vehicles In the Middle East. . 
tbp rlose of 1976. The company’s annual report 

The current order book levels shows that it improved its 
should however be sufficient to balance sheet structure by repay- g, 1B8B 

ensure full employment at the Ing Sw.Frs.74m. of borrowings amev spe i«7 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


\ 


STRAIGHTS 


Bid Offer 


group's Swiss works for tbe rest last year AP-Dow Jones 


RUSH & TOMPKINS 
GROUP LTD. 

Summary of results 
for 1977 




1977 

1976 


£'000s 

£'000s 

Turnover 

54,441 

39,293 

Profit before tax 

1,271 

864 

Profit »ft«r Tax 

1,128 

837 

a r _ 

Earnings per share 

IQ.6p 

8.5p 

Dividend per share 

2.895p 

L569p 

Assets per share 

234p 

I92p 


Profit before tax and extraordinary items increased by 47%. 
Property values up by 31% to over £23,000,000. 

Dividend increased by maximum permitted and covered 3 times. 
Substantial reduction, in borrowings since end of year. 

Copies of tire Report and Accounts for 1977 

The Secretary, Marlowe House, Station Rood, S/dcup, Kent. 


Mi 

97 

Australia 8*pc IMS M 

Australian ML fc S» Wdc '92 971 

Barclays Ban It Sloe 1892.. Mi 

Bowaicr fttpc 1BP2 ... 97* 

Can. N. Railway Sloe issa 97 

Credit National Sloe 19M... 971 

Denmark fcpc 1884 ........ lflo 

ECS «DC 1993 Ml 

ECS Sloe 1897 954 

BIB Sloe 199! Ml 

EMI »pc 3889 98 

ErkMOn Sipc 1080 B8I 

ESSO Spc 1936 NOV. 1011 

Gl Lakes Paper Sipc 1984 9S* 

IJamersley sipc 199! 991 

Hrtro Quebec 9pc 1892 _. 931 

IQ type 1*7 ...... 97* 

ISE Canada 9* pc IMS .... 164* 

Macmfflaa Blortel 9oc 1992 98 

Massey Ferguson Pipe "91 961 

Micbeltn Bfcpc 1BS8 ... 103 

Midland Im. Pm sipc VS 99* 

National Coal Bd. Spc 1987 94* 

Aationaf Wstmnstr 9pe ’86 101 
Newfoundland 9pe IMS 99* 

Nordic lor Bk. Sipc J98S 98} 

Norses Rom. Bk. Sipc 1992 97* 

Norrtpe 84 pc 1589 Ml 

Norefc Hydro 84 pc 1993 ._ M 

Oslo Dpc 1888 ... IBM 

Pom Antooomes 9pc 1991 984 

Prov. Quebec Opc 1995 .. Mi 

Pros. SaskatdL Mpc 1988 99* 

Reed .ImernationHl Spc 1997 95 

RHM Spc IBM .... 93 

Selection Trust Sipc 1999 91 

Skand. Rnawkja 9oc 19W 994 

SKF SPC 1987 Mi 

SwedM (KMom) 8*pc 198T 96* 

Unbnd msentts Spc IBM ... 981 

Volvo Spc 1987 March M 

NOTES 

Australia TJpc 1SS4 95J 

Ben Canada 7lpc 1987 Ml 

Br. Columbia Hyd. 7*pc *85 Ml 

Can. Pac. Sipc 1984 994 

Dow Chemical Spc 1986 98 

ECS TJpc 1882 981 

ECS 8*pc 1988 951 

EEC TJpc mm tn 

EEC 7|pc 1384 98 

EMO Cozen 8* PC 1984 982 

Got averted 71 pc 1982 . .. 971 

KockOtU Spc 1983 .. ... 97} 

89* 

100* 
97* 
100 


97* 

9TJ 

94| 

98 

97* 

98* 

971 

98 
100} 

m 

98} 

994 

981 

974 

102 

99 
100 ) 

96* 

9S 

105 

961 

971 

1031 

09 

95* 

101 ! 

100 

99* 

98* 

97* 

9 GJ 

1914 

99* 

96* 

100 

95 

931 

99 

186* 

94 

97 

99* 

931 


964 

65* 

04* 

100 

981 

m 

96* 

871 

9M 

97* 

98* 


Michelta 8* pc 1983 
Montreal Urban Sloe 1961 
New - Brunswick Bpc 1984 ... 
New Bruns, Prov. 8*pc *83 
New Zealand 9}pr 1986 ... 



Th'ts announcement appears as a matter of record only. 

$35,000,000 

Dorchester Gas Corporation 

Senior Notes due 1993 

We have arranged t he private placement of these securities . 

Warburg Paribas Becker 

Incorporated 


Moyl97S 


Bid Offer 

Nordic lnv. Bk. Hoc 1984 98* 97 

Norsk Hydro 7*pc UK2 97} 96 

Norway 7{pc 1982 .... 96* 97 

Ontario Hydro 8pc 1987 .. 95* 96 

Singer Sipc 1982 106* 101 

S. of Scot- Elec Sipc 1931 991 109) 

Sweden nfdomi Vine 1983 97 97* 

Swedish State Co. 7|pc *83 97* 98 

TOmez 9* pc 1984 99} 160* 

Tenneco TJpc 1967 May ... 64* 93 

Volkawasen Hpc 1987 .... 95 951 

STERLING BONDS 

Allied Breweries l0*pc 'SO 89i 96! 

Citicorp IDpc 1993 .......... Bfli 9U 

Co um aids - BJpc 1989 891 90! 

ECS 9Ipc 1989 95! 94* 

Effi 91 PC 1966 93f 941 

EIB 9iDC IBM 931 94] 

Finance for ind. 9!pc 1987 Ml 9H 

Finance for Ind. lOpc i960 91* 921 

Flsooa 1IK PC 1957 94 95 

Gestetner llpc 19SS ' 934 941 

EVA 10PC 1968 .. 90* 91* 

R own tree 16ipc 1988 6BI 901 

Sears Iflipc IMS 96 91 

Total Oil Sipc 1964 93 94 

DM BONDS 

Aslan Dev. Bank Sipc 19S3 97 97! 

BNDE dpc 19E8 97 97: 

Canada -Hpc 1983 ....„• 98* 99 

Deo Norske Id. Bk. Bpc '« 98 Ml 

Deutsche Bank 4lpc 1983 98 96! 

ECS 5h»C 1990 . — 96 98! 

EIB Sipc 1990 96 96! 

EH Aaui Wine S*PC 1988 .. 96 K1 

Eurarom SIPC 1887 98! 994 

Finland Sipc 1BS6 98 981 

Forsmnrts 51 PC 19f>3 98 989 

Mexico 6pc 1985 9H 96* 

N orcein 5iuc 1169 190 l®»3 

Norway 4lpc 1983 991 100* 

Norway 4!uc 1983 37 i C84 

PK. Banken Sipc 1988 ..... 95] 96) 

Prov. Ooebec Bpc 1990 07* 98 

Raurartrakki Hpc 1988 .. 96* 97} 

Spain Bpc 1988 03* 901 

Trondheim alpc 1088 ...... 971 884 

TVO Power Co. 6pc 1988.. 97! 9S4 

Venezuela 6pc 1999 97* 981 

World Bank 54pc 1990 .. 98* 90* 

FLOATING RATE NOTES 

Bank or Tokyo 1984 7 Uu PC 99* 1D0* 

BFCE 1984 BJpc 99* MO! 

BNP 1983 8 1 tape 1001 191* 

CCF 1983 Spc 100 100- 

CGMF X9S4 7!pc 901 99; 

Credltansiall 1984 71 pc 99) 10BS 

Credit Lyonnais 1963 Bpc.. 106 1091 

DG Bank 1982 7«repc 100* 108! 

GZB 1981 81 tape ION 101} 

XML WestmUmer 1964 8pc 891 109* 

UOVdS 1988 TJpc MO) 100! 

LTCB 1938 Spc 99* U6* 

Midland 1982 Spc 101 1014 

Midland 19S7 7 Ha PC 99) 100 

TKB 1983 TJpc ]Q6 100) 

7NCF 1985 9*pc 99* m 

'HO. and Chird. H4 rnrepc 99i i» 

Wma. and Gfam'a *84 Sljspc 99) 1002 

Source: White Weld Securities. 

CONVERTIBLES 

American Express 41 K '87 88) SO 

Ashland Spc 1888 . ...... 9» 97 

Babcock & Wilcox flfpc *97 102| 1032 

Beatrice Foods 4)nc 1991.. 98 0) 

Bearrire Foods 1893 . 105 107 

Beet-ham 8jpc. 1993 96! 971 

Borden floe UK 3 mi 163 

Broadway Hale 4inc 1887... 79 80) 

Carnation 4 pc 1987 18 79) 

Chevron 5 pc 1988 186} 138 

Dan 4!PC 1967 80 81S 

Eastman Kodak 4}pc 1988 55 864 

Economic Labs. 4!pc 1937 78 794 

Firestone &ec 1988 _ 8S* S4 

Font Spc 19* 91 93* 

CenereJ Electric 4}pc 1987 6S4 88' 

cm* tie 4! pc I9S7 ... .. 77 784 

Canid Spc 1987 Ill 

cmr and Wcgicm gpe iS88 77* 79 

Harts Sue 1993 ... 168 Its 

Honeywell 60c 1986 88* B0 

ICI MPC 199! 8T1 88} 

INA BPC 1997 95 96* 

lnchcasa Hpc 1992 1155. 117 

ITT 4toc 1987 S3 844 

Jnsco 6 pc 1995 ..... 116 117 

Komatsu 7ipc 1990 136 139 

J. Ray McDermott 41pc'S7 1544 1SB) 

Mautunita Hpc i»so .... 170 1714 ' 

Mitsui r*pc 1980 ..... 151* 122* 

J. P. Motsan 41 PC 1987 ... 98 99} 

Nabisco iipr IftW 101 IDS' 

Owens nuxKa 4 )pc ust .. ]t» 117 

J. C. Penney 44pc 1987 794 61 

Revlon 4*pc 196T ' 113* 116 

Beynolds Metals Spc 1988 88} 88 

Sandrik 6* pc 1988 112 U4 

Sperry Rand 4* PC 1887 ..... 32} Mi 

Sotubb 41 pc I98i ..... S3 884 

Texaco 4* pc 1988 83 S<4 

Toshiba 8} pc 10P- 150 151) 

TS CO Spc. 1984 784 7» 

thrton Carbide «pc UB 2 96 on 

Warner Lambert 4}pc 1987 8S) 87 

Warner Lambnt Hpc 1688 78 TO 

Xerox Spc USB W 814 

Source: Kidder. Peabody Se cn ri de e. 


Elsevier to 
pull out of 
W. H. Smith 

venture 

ESEYIER, the Dutch publish- 
ing; group, End W. H. Smith 
are to end their five-year-old 
Dutch retailing venture, Sims, 
because of losses nuumg into 
"many millions of guilders.” 
Sims operates seven stores tn 
Holland selling books, records, 
anti other leisure articles. 

The retailing formula used 
successfully by ' Smith in the 
UJK. has not caught on with 
the Dutch public despite fre- 
quent changes In marketing 
policy, the two companies said 
in a Joint statement They are 
now studying whether the 
shops in Zwolle, Tilburg, 
Utrecht, Eindhoven and pos- 
sibly Enschede ean be Integ- 
rated tnto either company. 
Smith has substantial interests 
in Holland. Talks are also 
under way with other com- 
panies aimed at the possible 
sale of the Aops.- 

Elsevier declined to give 
details of the losses but said 
turnover or tbe operation was 
below FIs- 100m. ($25m.). 51ms 
has made losses since it was set 
up as a joint venture tn 1973, 

Our Gty staff writes: In 
London last night TV. H. Smith 
said the joint Dutch venture 
bad lost the company £l-25m. 
since its launch and £;m. in 
the last financial year. Sales 
have regularly fallen below 
target and have been insuf- 
ficient to support btgh Initial 
operating costs. 

The depressed state of the 
Dutch economy was blamed 
while Smith said the market 
for the multiple’s seven out- 
lets “wasn’t as hig as we 
erpecled.” Smith will continue 
to run at least one of the shops 
on an independent basis. 


Zanussi deal 
confirmed 

By Puri Betts 

7 ROME, May 8. 

INDUSTRIE Zanussi, Italy's 
leading domestic appliances 
group, confirmed to-day it was 
buying back the 20 per cent, 
minority share interest held by 
the West German AEG-Tele- 
f unken concern. 

Earlier this year, the Ger- 
man group said it planned to 
sell its shareholding in the 
Italian company. The opera- 
tion is expected to cost 
Zanussi some L20bn. ($23ra.) 
which is about the same 
amount the West German 
group paid for its 20 per cent, 
interest in Zanussi five years 
ago. 


B 1 S QUARTERLY 


Rise in third world lending 


BY MARY CAMPBELL 

INTERNATIONAL bank lending 
to less developed countries 
(LDCs) picked up sharply in the 
final quarter of last year, 
according to the latest data pub- 
lished by the Bank of Inter- 
national Settlements (BIS) is 
Basle. Indeed, bank lending to 
LDCs in the fourth quarter out- 
stripped new deposits received 
by the international banking 
system In the fourth quarter, 
changing these countries from 
net depositors, as they had been 
earlier in the year, into net 
borrowers. 

The amount of new bank lend- 
ing to the LDCs in the fourth 
quarter was $5:7bn and new 
deposits received from these 
countries was $4.7bn., making 
the LDCs net borowers of $lbn. 
in the quarter. This Slbn. net 
borrowing figure, however, was 
not sufficient to outweigh tbe 
net deposits they had made 


earlier in the year— over 1977 
as a whole the LDCs raised their 
deposits with international 
banks by Sl2_9hn. and increased 
their borrowing from them by 
Sll^bn. As the BIS ponils out, 
in sharp contrast to the pre- 
vious years, non-oil developing 
countries were in 1977 net sup- 
pliers of new fnnds to the inter- 
national banking system. 

The BIS also notes that the 
figures for LDCs and those for 
oil exporting countries (OPEC) 
in 1977 hardly differ, not only as 
to their borrowings from tbe 
international banking system 
but more surprisingly as to their 
deposits with the international 
banking system. New deposits 
with international banks from 
OPEC countries amounted to 

S13.4bn. last year while their 
new borrowing was S11.3bn. 

The BIS also notes that OPEC 
countries particularly built up 


their non-dollar deposits with 
tbe international banks m the 
last quarter of last year while 
the increase in their borrowin’ 
from banks was dullar- 
denominated- 

ln general the Euromarket 
grew at a more rapid pace in 
the last quarter of last year than 
in the earlier quarters. The BIS 
attributes this to three factors 
mainly: a re-acceleration oF the 
underlying upward movement in 
banks’ international lending; the 
weakees of the dollar uu the 
foreign exchange markets which 
caused banks and the:r 
customers to build up dollar 
positions for investment in 
stronger currencies cither for 
commercial, or, the BIS says, 
“for outright speculative pur- 
poses," and the customary 
seasonal impact of end-year, 
largely inter-bank operations in 
some European countries. 


Saab expects increased sales 


BY JOHN WALKER 

SAAB-SCAN1A, tbe Swedish 
truck, car and aircraft manufac- 
turers said in its annual report 
tbat 197S should see a growth 
in sales of about 10 per cent. 
This is based on the assumption 
that the business cycle is on 
the uptrend. 

The group operating profit 
after depreciation will be at least 
on the same level as 1977 or 
perhaps a little higher, the 
report stated. 

The forecast at the half-way 
mark last year was for lower 
earnings, but a remarkable 
recovery in the second half pro- 
duced a pre-tax profit of 
Kr.377m. (SSlm.) against 


Kr.309m. Sales rose by 12 per 
cent, last year to Kr.10.7bn., of 
which foreign sales accounted 
for 45 per cent 

Net adjusted earnings were 
Kr.34.45 per share compared 
with Kr-28.4 the previous year 
and the board proposes an un- 
changed dividend of Kr.ll. 

★ * 

AGA, the Swedish industrial, 
heat engineering and welding 
concern, says progress in the 
early months of this year Indi- 
cates total sales of Kr.3,5bn. 
(S756m.) in 1978 against 
Kr.2.4bn. last year. 

This is a rise of 12 per cent, 
compared with the previous year 
after adjustment for the battery 
and military electronics com- 


STOCKHOLM. May S. 

panies which were sold off. 

The operating profit of the 
AGA conecrn amounted iu 
Kr.243m. ($52.5)0.1. up 15 per 
cent oo the previous year, while 
group sales went up 12 per cent, 
to Kr.2.4bn. Profit per share was 
to be Kr.15 and the Board pro- 
poses an unchanged dividend uf 
Kr.5.50. 

★ * * 
PROSPECTS FOR 197S are not 
encouraging, according to the 
annual report of the A. P. Moeller 
shipping and industrial group, 
which said it would be difficult 
to find profitable L'mploynieni 
for many of the group's fleet of 
tankers and bulk earners, writes 
Hilary Barnes from Copen- 
hagen. 


Amfas growth optimism 

BY OUR OWN CORRESPONDENT AMSTERDAM. May 8. 


AMFAS, the Rotterdam-based 
insurance company, said it ex- 
pects further sound profit and 
turnover growth this year after 
the ** successful development " 
in 1977. Net profit rose 1S.S per 
cent. -last year to FlsJKMm. 
($13. 2m.) on a 15.2 per cent rise 
in turnover to Fls.lbn. Gross 
profit was 16.6 per cent higher 
at Fls.91.5m 

It proposes an unchanged divi- 
dend of F1S.5B0 per Fls.20 
nominal share on capital in- 
creased by 20 per cent, the final 
dividend is FIs.3.80 in cash or 


FI 5.1.60 in cash and FlaOfiO in 
shares from tbe share premium 
reserve. Profit per share rose tu 
Fls.15.39 from Fls.14.98 despite 
the capital increase. 

Allowing for profit-sharing by 
policyholders and interest rate 
discounts, gross life assurance 
profit rose to FlsJJ2.6m. from 
Fls.29.Sm.. while premium in- 
come was 16 per cent, higher at 
Fls.352m. The improvement in 
this sector was partly due to 
higher investment income, while 
there was a gratifying portfolio 
growth despti® the economic 
recession, the annual report 
said. 


Reinsurance 
group formed 

By John Moore 

ELUMA INDUSTRIES e 
Comercio, a leading Brazilian 
conglomerate with extensive 
international operations, is 
establishing a reinsurance brok- 
ing company with Willcnx 
Baringer and Co- the oldest 
reinsurance broker in America, 
and Robt. Arnold, a U.K. based 
non-Lloyd's broker 
The new company will promote 
the exchange of reinsurance 
business between Brazil and both 
the American and London 
markets, as well as manage on 
an agency basis Brazilian under- 
writing interests in London and 
New York. 


This announcement appears as a mailer of record only. 



Sogex International Lirrited 


Saudi Riyais 376 , 800 , 00 Q 

Syndicated Guarantee Facility 


For the 


Jeddah Four Desalination and Power Plant 
Saline Water Conversion Corporation 
Kingdom of Saudi Arabia 


Undertaken jointly by 

Sogex International Limited 
Franco Tosi, S.p. A. 

Mitsui Engineering and Shipbuilding Company 


Arranged and Managed by 


BankAmerica International Group 

Bank of Credit and Commerce International SA 


Provided by 


■MHMIIHXM* 


Banca Nazionale de! Lavoro 

Bank of America NT & SA 

Bank of Credit and Commerce International S A 

The Mitsui Bank,Limited 

Agent 

BANKor AMERICA 

INTERNATIONAL limited 






Financial Times Tuesday May. 9 WS : . y 


GROUP PROFITS 

£14-9m 

(including exchange differences 
on consolidation) 

1MMR£ 

£12 Bra 


l&Sm 



I 1374 1975 

1976 

. 

1977 



“■■■I 


Zaire 
company 
funded 
by Tokyo 

TOKYO. May 8. 

SEVEN JAPANESE companies 


LURIE RESIGNS FROM PRIMROSE 

End of a colourful era 

BY RICHARD STUART IN JOHANNESBURG 

DAVID LURIE, who recently ate growth, Abercom acquired sition of Aloe bas_now been 
resigned as r»hnimi»r> of Aber- the principal Transvaal-based agreed at a price of S2.75m. An 
com, b as now left the Board of bri * k group which it reorganised undisclosed zntomty ho»reg vn 
Primm&p TnHnrtr-ioi Tr n i<iin« under the Primrose banner. Aloe will be sold to a third party: 
ftmrose Industrial Holdings. Lurie and McLean soon realised Aloe was 50 per cent owned 



Barclays | 
National 
net hit by 
tax rise 

By Richard Stuart 

JOHANNESBURG, May & 


Advance 


sssF.fss vs ™oup y c e ^“ Frrra 

mrJZ -ill be used to «« sofficKntl7 lore shires to share “ MCtl Coreor atitm -, Wrih ito < «Jji™- , JnllIeil | year. But , 

19T7 r °u e I™S Sjl5.d" I1 S L band!* 1 teem* 1976, McLean severed plleSe Mynbou, Aloe beeame ijjmp in the *“ **“ 

stM'ml^'from a wirid tbit Mr. Lurie would P e , riph ^ “ lower rise in after taa profits, 

m a rte r cimv. J «, _ a ;j ppe be relinquishing his chairman- companies, leaving Lurie at the interests. . whlrh are 9 per cent higher at 

s&i&s BiSzrB witb 

• ^^VVioere 10 £ _ae ration ta- the g* SMSS* offoT 

z “re (Sodemlza), jointly with Prunrose Board closes a colour- nan iec »c now beimr affected famines Primrose earned 4.8c dividend trom aw 

SU 9m SS tuL 9-nnn PL ^ t£ £t 7 MoTlttr PSSfln SSSmlSB ended cents bg tarn 

produces 27,000 busing history. Mr. Lurie and contro i of Primrose, the Board, December. 1977. after earnings a repeat of last yea?J 

o f . copper ore annually in his parreer Mr. Murray McLean, at ^ request o£ u, e Johannes- of 19c a share for the full year dividend is a repeal oi iasty arg 

2, copper content for originally backed by Jun Slater, burg stock Exchange, suspended ended June. 197?. After-tan *naL 

suwly to Japan, the smelters developed ^ Abercom from a shell company’s quotation on the profits for the half-year were ba d n ^ j~^ he continuteg 

“St “J? a thnTin fi conglomerate strength of negotiations .to R0 5m., on turnover of R14.3m. ""J hi.Sss fall urS 

The seven are Nippon Mining, ?Wch was accepted by the acquire a gma n anthracite pro- Primrose shares have not yet Si® dlfficuLt^ecooS 

Mitsui Mimng and Smelting, investment community as one of dncer> Aloe Minerals. Despite been relisted on the stock Should me oimcu 

Mitsubishi Metal Corporation, the leading industrial counters. tbe change of control, agree- exchange, although dealings are Sres m cur bow e ve r, e arnlugs 

Sunntomo Metal Mining, Down in the course of its conglozner- meat in principle for the acqui- due to recommence to-morrow. crQWt h »n the’ second half could 

8 : - ■ be affected. In tbe last full 

Rimer Con,paD3 '- financial year, u> September. 



Hong Kong SE merger move 


*V ANTHONY ROWLEY 


HONG KONG, May 8. 




1 9 7 8- 

• '■*>. C. 


...and be 

recognised 

Minets earn record profib 
and a second Queen’s Award 


In a year when sterlings appreciation against the 
US dollar and other major currencies adversely affected 
the overseas earnings of many companies,Minets earned 
over three quarters of their 1977 brokerage income of 
£26.6m overseas. 

In fact over the three years 1974/75 and 76, 

Minets succeeded in doubling overseas earnings, a feat 
which brought us a Queen's Award this year for Export 
Achievement 

It follows our 1973 Queens Award, the first ever 
received by an insurance broker and now makes us the 
first in our field to receive this Award twice. 

Group pre-tax profits at £152 m represented a 23% 
increase on 1976, itself a record year with an 84% 
improvement on 1975. Earnings per share were 27% up 
at a record 16.03p. 

The largest single contribution to Minets profits 
came, as always, from North America where the marked 
increase in our business over the past three years 
continues unabated. 

Elsewhere, the Group continues to expand, not only 
in the UX. but also in Europe and the Third World, and to 
develop the sophisticated techniques and services 
increasingly required by clients. 

Future prospects. 

Reviewing the immediate future, Minets Chairman, 
Mr John Wallrock said: “For the past three years profits 
have been materially affected by fluctuating exchange 
rates and high interest rates. Assuming a return to more 
stable conditions I am confident that your Group can 
achieve its more traditional growth rate this year" 


SST* , WJ ™. n 3' - LJDWn In the course of its conglozner- meat in principle for tne acqui- due to recommence lo-morrow. erowt h ? n the second half could 

T — S^VlfS 

HftnP 1C OY1 $7 SE mfirffGr H1OV0 deb™'™ 

Advance at & » & I this amount. R7.5nj P was charg id^ 

Boustead " Y a*™ 0 "* «owu=y hong kong. May 8. 

vwu THE FORM of the proposed ing exchanges— the Hong Kong registered In the name of a tent of the bad debt provision ij®-' 

Bjr Wong Sulong merger of Hong Kong’s four stock exchange, the Far East unified exchange — this baa yet the half year just completed,; th&y 

L-n.r . , „ stock exchanges has become exchange, the Kowloon exchange to be decided — by the Hong direct comparison of profit 

KUALA LUMPUR, May 8. clearer with a decision to form, and the Kam Ngan exchange. Kong federation of stock ex- figures is obscured. • 

BOUSTEAD Holdings boosted its in effect, a new holding company The working party will become changes, and the Chairman of The lower tax rate last Sear- 

pre-tax profits by 75 per cent. which will absorb the existing the executive committee of this tbe Federation, currently Mr. resulted from investment aljtefu- 
last year to 15m. ringgits ($6.3m.) exchanges. merger vehicle. . "Peter Chao, Chairman of the an ces on increased leasing busjR. 

and is declaring a scrip issue ior The government-supervised A sub-committee is to be set Kowloon exchange, will head the ness in the Western . Bank , 
the second successive year. working party on unification has up, meanwhile, to examine the company. subsidiary. This reduced rate,* 

Last year, Boustead declared agreed that a company to pro- most pressing problem for the t,—** *nm*» prmindwork nn was expected to apply again this 

a one-for-one scrip issue, mote the merger be registered proposed new exchange: that of e ® . year. But while the tax rate Is 

doubling its paid-up capital to as soon as possible. finding a suitable site or pre- um fi ed listing and trading rules perplexing. the increflBed ' 

21m. ringgits, and it is proposing Initial subscribers to the new mises. by tbe Hong Kong stock ex- interim dividend is at the upper 

to make a ooe-for-ten issue in company will be the four exist- The new company will be cbange, there has been Utile pro- range of market expectations, 
June, following the Unproved cress so far towards unification, the share continues to trade 

results. The new issue will not, ._ _ r -_-, „ „ . and there are doubts on whether 0,088 t0 lts two yew high, and 

sre»jsaj!“ E a Mass Transit note offer y yielte * pr ° 5pertiv — r wt - 

A substantial part of the of January, 19S0 can be met The an in 

group's profits come from its BY OUR OWN CORRESPONDENT HONG KONG, May & government has threatened 

plantation subsidiary, Malakoff _ _ _ . _ legislation unless progress OVUKSI'UIVL lJNvr-aimawi^, 

Berbad, which reported a 1977 MASS TRANSIT Railway Cor Kong Government Interest will quickens on a voluntary merger, th® Soutsh African fishing group 

pre-tax profit of 8— m. ringgits P oration is offering $HK250m. be paid gross, without deduction however, and the latest move reports net attributable profits 

last year (4.06m. ringgits). (some SU.SJ>4in.) of 'five-year of Hong Kongrs 15 per cent, in- jj as seen in this light ire up from R2.7m. toR2.9m. for 

Tbe parent investment com- notes, with a 63 per cent coupon terest tax. , Meanwhile, the four exchanges 1977-78, writes Rlchaiti Stuart 

pany lifted " its pre-tax profits t0 banks and deposit-taking Hong Kong^s mass trmsit rail- are h aV j ng talks on sharing fro: i Johannesburg, 

from 3.1m. ringgits to 4.5m. companies here, on a tender way project is dueto begin trading floors, as a first step The dividend Is 6 cents against 

ringgits- ba818 - . . . . . . . . operations from September_nert toward5 fuU merger . S cents previously. 

The notes, which are not being year. Phase*!, unking p - - — 


ringgits. 


HONG KONG, May 8. 


_ _ offered to other types of finan- Kong island with the new terri- 

( T nnn vpor fnr cial institution or to the public tones, is due to cost $HK5£bn. 
vjvfvmj. JCfll ^jj have afl jggyg price not ($u.SJ55bn.) although a 

TTccn IV/ldlovciQ less than $RK98 per SHK100. and second phase is expected later, 
IVldifljMd will be in denominations of and a third phase is possible. 

8» Our Own rnir«mnrient SHK250.000. Tenders are open it is unclear whether the pro- 
By Our Own Correspondent until May ^ cee<Js of ^ curren, ^te tone 

KUALA LUMPUR. May S. The issue will be redeemable will be used towards financing 
ESSO MALAYSIA Berhad, an ^ 1983- although the MTRC re- phase-2 or towards redeeming 
associate of Exxon Corporation, *a ins tbe tight to redeem them existing debt of the MTRC. 
increased net profits to 6m before then at three months Bankers here favour a major, 
rineeitQ f*US25m i lasr vear notice, and at par. Principal on long-term bond issue by the cor- 
from 3 4m rinemts' in 1976 the notes, but not the interest, poration while the hanks have 
lf The com pany po i n ted out that b8 guaranteed by the Hong the liquidity to subscribe, 
a substantial part of its profits. 

iSSfu! rame ¥1 g ® Kowloon Wharf conversion 

». mi. a dffi JS 

HONG KONG and Kowloon will be June 30, the company 
o t ^a*'^ d ^ m h Wbgr/ g”d Godown Comply 1, sgid . 

a change in^e basis of provid- to exercise its right of com- * : the converewo pnee of one 

Seme ’ “* S’ n,erSiD " 0f itS J > “'" nomine? of loan stock, th! eon- 

A final dividend of 20 oer cent, 8 con y ertll> ? e version will involve tbe issue of 

.sdSrsXS 1040 stQCk ’ 1985 - 908m - ordinary shares - Taisi °s 

totS to 25 Per cenL aeaiitis According to Hong Kong Stock issued ordinary capital to 95.81m. 
ner cent nrerioSlv ’ ^ Exchange statistics. $HKlQ8£8m. SHK10 nominal shares from 

Baral sales rose by only B per ? f original ?HK120m. issue 86.73m. 
cent., to I3.7m., compared witb an 1S outstanding. The ordinary shares have 

increase of 14 per cent in 1976. Under the terms of the issue, traded actively in recent weeks 

Its refinery at Port Dickson pro- the company is entitled to con- at around or above the SHK1S 
cessed almost 12m. barrels, v ®rt the stock into ordinary level on takeover speculation, 
because of a plant turnaround, shares if the closing price of its Interest payable on the out- 
and this was marginally lower ordinary shares on the Hong standing loan stock this year 
than in 1976. Kong stock exchange exceeds would have totalled SHK8.7m. 

However, an extended turn- 150 per cent of the conversion The company paid dividends for 
around at its ammonia plant price of SHK12 for five consecu- 1977 totalling 65 cents per 
caused a 16 per cent fall in tive trading sessions. ordinary share, 

ammonia production to 43,500 The effective conversion date Reuter 
tons. 

The company's profits were 

fTWSMarSi Morgan Guaranty in Malaysia 

supply fuel to the National Elec- 

tricity Board at SUS12J per BY OUR OWN CORRESPONDENT KUALA LUMPUR, May 8. 
barrel. However, this contract 

ends in August, und tbe end of MORGAN GUARANTY has taken Tbe chairman of Fleetprint, 
this heavy burden should be a 30 per cent, stake in a small which controls the New Straits 
reflected in the company’s results Malaysian bank owned by Fleet- Tiine s publishing group, is Junus 


Commercial 

Union 

Assurance Company limited 

The Board announces estimated and unaudited 
profits for the 3 months to 31st March 1978 of £18.9m. 
(1977 £U.5m.) after providing for taxation. These 
results cannot be taken as a snide for the year as a 
whole. 

3 months to 3 months to Ym r 
31et March 3lst March IS. > 


1978 

Estimate 


1877. 

Esnmat? 
Restated 
Note la) 


Morgan Guaranty in Malaysia 

BY OUR OWN CORRESPONDENT KUALA LUMPUR, May 8. 


for this year. 



) The name 
that’s recognised 
for insurance around the world 


The 1977 Ki 'port and Acci «nnls. containing liie Ciiairman's Review. arc available from: 
The Secretary, M inet Huld mgs Ltd.. Mi net Pi uuse. bb Present Street,London El 8B U- 


Drop in demand 
bits FELS 

By R F. Lee 

SINGAPORE, May S. 
THE RECESSION in the ship- 
building industry has bit the 
leading Singapore ship and rig 
builder. Far East-Lev in gs too 
Shipbuilding Singapore (FELS). 

For the year ended December, 
group pre-tax profit fell sbarpiy. 
to SS9.6m. (SU.S.ilm.). In 1976, 
group pre-tax profit reached a 
record $S72.5nu despite the poor 
demand for ships and rigs. 

At the post-tax level, group 
profit was SS4.1UL, against 
SS5.4in. previously. 

Mr. P. H. Meadows, the ebair^ 
man, attributed the downturn to 
the acute fall in demand Tor ships 
and rigs, and under-utilisation or 
shipyard capacity. 

This also necessitated a cut- 
back in operations, and in the 
| workforce. 

j As a result of the lower profit, 
FELS is to out its proposed divi- 
dend payment by 5 percentage 
points to -0 per cent. 

Mr. Meadows also painted a 
bleak outlook for the group's 
operations. 

“For the future, the oppor- 
tunities for ship orders from 
Europe and for that matter, else- 
where are poor, mainly as a 
result or protectionist policies 
adopted in Europe, aggravated 
by the fall-off in demand, over- 
canacity. and fierce competition. 

“ Moreover. relative new- 
comers to the industrv sucb as 
Korea and Third World countries 
are confounding the market with 
prices that are still lower than 
th* lowest hitherto," he said. 

For the current year. FELS 
has hudgpted for a production 
revenue "lower than in past 
years.” 

Mr. Meadows gave no profit 
forecast for 1978 but he appeared 
to indicate another sharp reduc- 
tion in profitability. 


nrin , o ini Tin Sudin. who is also chairman of 

pr l ot , Sc f n ' e . rhad : ® the Malaysian Mining Corpora- 

U.S. bank openings in the Malay- tion, the Pern as-C barter Consoli- 
sian wholesale banking market, dated joint venture. 

Fleetprint bought the entire Last year, Morgan Guaranty 
stake in the Ban Cbiang Bank was appoined by Pernas as its 

last year, and has had earlier advier in the reorganisation of 

links with Morgan Guaranty. its tin companies. 


PREMIUM INCOME 

Investment income 
Life profits 
Underwriting loss 
Loan interest 

PROFIT BEFORE TAX 


PROFIT 

ATTRIBUTABLE TO 
SHAREHOLDERS 

EARNINGS 
PER SHARE 

SHAREHOLDERS* 

FUNDS 


£m. 

1,072.5 


33J» 

32.0 

127.7 

3.5 

3-0 

.142 

(2J) 

(11-2) 

(30.9)' 

(5A) 

(5.8) 

(21.2) 

29.6 

18.0 

99B 

! (10.7) 

(6.5) 

(32.2) 


I9.40p 


£598m. £423m. £5S4m. 



Joseph Sebag 
&Co 

have pleasure 
in announcing that 
they have completed 
the arranging of 
finance 
for 

Nimslo 

Limited 


a) The results for the 3 months to 31st March 1977 
have been restated to allow for the cbange, dur- 
ing the latter part of last year, in tbe Company's 
accounting policy for deferred taxation. 

b) The results of the Company’s overseas opera- 
tions have, as usual, been converted at rates of 
exchange prevailing at the close of the periods 
reported above. 

-World-wide premium income in sterling terms 
shows a reduction of 6%. However, after allowing for 
changes in rates of exchange and the effect of the sale 
of the Austrian and German companies in 1977, there 
is a growth in premium income of approximately 3%. 

In the United Kingdom there has been an improve- 
ment in experience in most classes of business except 
fire. The cost of the severe winter storms on the fire 
account amounting to £3m. has been charged to the 
extreme weather provision. 

The underlying improvement in the United States 
has continued with motor, liability and workers' com- 
pensation classes all contributing to the improvement. 
There were heavy winter storm losses in the first 
quarter which particularly affected the - fire class. The 
statutory operating ratio was 99.0% compared with 
107.4% for the same period last year. 

In Australia underwriting was markedly less 
profitable due to severe competition, particularly for 
fire business. Canada has continued to make a small 
profit under the limitations imposed by the Anti- 
Inflation Board. 

The underwriting result in the Netherlands has 
remained unprofitable, but most of the effect of rate 
increases already approved for 1978 has still to come. 

In marine and aviation business there is no 
lessening of competition in the London market, but 

, ,iHI 6 - Undenvritin2 when closed at the end 
of 1978. is expected to produce a profit. 


Insure with 
Commercial Union 
Assurance 







• :..1 .. 

11 'I.I- ‘ 


AEinaLife 
& Casualty 

Aetna Life & Casualty— largest investor-owned 
insurance organization in UJ>., with interests also in 
business financing, zeal estate development and 
investment management. 1377 earnings reached new 
high of 5418 mini mi or $7.76 per share on revenues of 
$8.1 billion. Assets and shareholders' equity grew to 
$20.8 billion and S38.00per common share, respectively: 
Annual dividend per common share increased to 
$2.20 with May IS, 1978 payment; fourth increase in 
last five-years. 


Allis-Chalmers 

Corporation 

A special machinery company serving diversified 
equipment needs wo dd wide for processing of solids, 
li q iTi rinarwi gagas; mjritTnitnral production: and material 
hanriiing ynri lawn and garden applications. Jointly- 
owned affiliates provide electrical equipment and . 
construction machinery. Per share 1977 ea rnin gs wen 
a record $5.52, up 22% from 1976. Sales in 1977 were 
Si .538 billion. Current annual dividend rate: $1.30. 
Return on shareholders' equity; 12.9%. 


Atnetek Inc. 

AMETEK {NYSE Symbol -AME) a diversified 
manufacturer of industrial materials and equipment— 
and a leader in pressure instruments, appl iance m otors, 
winery other process equipment— AMETEK 

reported sales of nearly $300 million in 1977. Earnings ^ 
—a record for the sixth consecutive year- w ere up 2 1% 
to 5172 nriDion or 53.32 per share. In 1977 AMETEK 
continued its 28 year record of dividend increases, now- 
paying 5L6D per share, a 5% yield on its 5.2 million 
shares which were recently trading in the 530-32 range. 




::X .V - ; * 

£ *1» s 5 i T ' *.a #■ Jr £&*&•&•,' ' a.'"- .V’ 

Consolidated Foods 
Corporation. 

Record sales of S2.89 billion and record earnings of 
$88.1 million highlighted Consolidated Foods 
Co r po rati on's fiscal 1977. The corporation will build 
upon its already solid base and continue to improve 
key areas. Emphasis will be directed towards now 
product development, geographic expansion, 

penetration of new markets and aggressive marketing 
programs. 



«»iU* 

•M •?* 


i.itttilcd 


in- 

• ■ y. i m • 


: • • t: 

Axiimal Report 1971;^ 

>■ _ ■..■Vi- ■ ' ' . ■ , % %> w fi 

Dayco 

Corporation 

Fiscal 1977 was the most successful year in Day oo 
Corporation's (DAY-NYSE) 72-year history. Ibtal sales 
were $573.4 millio n- Consolidated net income was 
S13.6 million. Since 1971,Dayco's earnings increased an 
average of 20%' on an average sales increase of 11%. 

Dayco, 360th among the Fortune 500, manufactures 
end distributes thousands of components and 
replacement parts vital to most industries. 


V GOULD 


Gould Inc. 

In 1977 Gould achieved a new record of $1.6 bil l ion in 
sales, and over $93 million in net earnings. 

Earnings per share rose 12% to $3.72. 

Gould Inc., headquartered in Rolling Meadows, 
niirwiiq , in an international developer and manuf acturer 
vqf electrical and industrial products. 


IU International 

XU International is a diversified company with major 
interests in land transportation, ocean shipping, 
utilities, Industrial products and services, distribution 
services, and agribusiness. Earnings in 1977 were S59 2> 
■roninn , ot $1.75 per common share on revenues of 
$2.3baiion.HTB dividend payout-90 cents per common 
share in 1977— increased for the 33rd consecutive year. . 
(NYSE Symbol: IU) 


Nabisco, Inc. 


Nabisco, Inc., a worldwide consumer products 
company, is best known as a manufacturer of quality 
cookies, crackers and snack products. Nonfood 
products include popular toiletry and pharmaceutical 
breads, as well as household accessory items. 



Northwest 
Industries, Inc. 

Northwest Industries -diversified -serving bask; 
industrial, chemical and consumer markets to ■ 
the United States -earning $129.4 million, or $8.40 per 
share, on sales of $1.9 billion in 1977 - compounding 
earnings at 20% a year since 1968 and earmngs per 
share at 25.9% -returning 20.3% on average common 
equity and 13.8% on average total capital -and paying 
a dividend of $2.85. 


Pullman Inc. 


Pullman Incorporated, a diversified, multinational 
corporation with annual revenues exceeding $2 billion, 
primarily engaged in the engineering and construction 
of industrial and process plants and the manufacture 
. and logging of transportation equipment. 


Singer 


Singer sales reached $2.3 billion in 1977 and income 
from continuing operations increased 27% over the 
prior year to $74.5 million. Singer stands at the forefront 
of technology in products ranging from sewing 
machines to simulators. Primary direction for 
development in the next 5 years will be through 
electronic applications to existing products in the 
company's three basic product areas: Sewing Products, 


and Services fox Government. 


Weslinghouse_ 
Electric Corporation 

1977 was the third straight year of record earnings — 
$2. gfi per share (including $24 provision for several 
uranium suit settlements) —up from S2.54 in 1976. 

Wide range of equipment to generate, transmit and. 
utilise electricity efficiently. Worldwide servicing. 
Technology and market leader in nuclear power. 
Many products to help large energy users conserve 
fuel, reduce electric bills. 


M 

Th Q fa/rts and figures behind 12 major US corporations 



Tb obtain a copy of any of the Annual Reports featured on this page, please send the coupon. 


r 

i 

i 

i 

i 

i 

i 

i 

i 

i 

i 

L 


lb: The Advertisement Director. Financial Times. Bracken Bouse, Cannon Street, London EC4P 4BY 
or Laurance Allen, Financial Times, 75 Rockefeller Hasa, Mew York, NY 10019. 

please send ins the following Annual Repoit/s. 

□ 

□ 


i 


Aetna Life 

8c Casualty 

□ 

Ameteklnc. 

I I Dayco 

1 1 Corporation 

□ 

Nabisco, Inc. 

□ 

Singer 

Allis-Chalmers 

Corporation 

□ 

Consolidated Foods 
Corporation. 

1 _1 Gould Inc. 

□ 

Northwest 
Industries. Inc. 

□ 

Westmghouse 
Electric Corporation 




n m 

1 1 International 

□ 

’Pullman 

Inc. ‘ 




Name. 


.Position. 


Company- 


Address. 



J 




I 


1 


Financial Times Tuesday May 9 T978 


WALL STREET + OVERSEAS MARKETS 




Interest rate fears hit early rally 


Dollar firm 


GOLD MARKET 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, May 8. 


The U.S. dollar gained ground 
over most major currencies in 
yesterday's foreign exchange mar- 
ket, partly as a result of the 
,„ g u«in uium uii 1 OPEC decision not to increase oil 

were cions of a possible future lifting I prices for the. time being. In 




Gold Biilliun. 

<• (too ouui'O) 

CMC S 172-172 


STOCK PRICES moved higher in Total Petroleum, lopping the dental Petroleum g to $18* and fina and American Retro fina rose, generated some speculative buy 

active trading, but some early actives, rose l to Sio and macro- Bow Valley J to S27J. but Canadian Pctrofina fell. ing of Bearer Shares On expects- 

aarns were lost later. Investors dyne picked up J to 81 «. ln Montreal, share prices were AMSTERDAM — Shares were 

were encouraged by indication* iriw fell s* i« s^ani «nri aotiwiw also firmer with Industr ials and firmer particularly in the Trans- ®t the share purchase ban on 

that the price of OPE oil will not traded qLnThif Banks hicher but Paperslowcr. port sector where Van Ommeren foreigners. Demand centred on 

rue for the time being. But thev gg* dechned S1 * to $18* and Rto AJgom VTg&Wera to Fls.117.3 and bearer eb ares of OerUkon-Buehrte, 

feared rising interest rates could *' at g^a rtse j w j,jle Alcan KLM FIsASO to FlsJ46. Inter- Ciba-Geigy, Nestle and Alnsuisse 

t "«£ r P n™i' ta i"!US lal tL?.rtr.,l — Aluminium at ml Cominco at nationals were higher, led by MILAN — The market closed 

The Dow Jones industrial ^ $27j; and Canadian imperial Bank Hoogovens up FlsioO and Royal mi-vM t q lower in thin tradin* 
Average after rising about five _ r oos nicked un 25 cents. But Dutch uo PIs.lJO. In Banking r-:-* l-»i. xmm.ui u™"*' 


LIRA 


ctregan I.IBA («■ 


Cl.«c $172-172*4 IS 17213-1 73 U 

UwnlnjE IS172U-173 SI 72-1723* 

Murntu^ (L*‘^tfl71.9S IS172-3B 

i(£94.442> 1(1^4.1871 J 

Aftero'n fi* , S |P172.2Q IS 172.80 4 

({£84.6671 |<£94.47a g 


OoM Coin [ 

ikniivbrkallj-.] 

Krugerrand' . !S 177- 179 


i»irti*.i79u 


i(£97l;-981s) ,i£97.90) 


Alcan KT-iw fTs.aso to FlsJ46. Inter- Ciba-Geigy, Nestle and Alnsnisse. j /(“e 


against Sw Jr.1.95. Using Morgan 


Closing prices and market 
reports were not available 
for this edition. 


OTHER MARKETS 


Aluminium at $31|. Cominco at naUonals were higher. ieu ny MILAN — The market closed Guaranty^ figures at noon in New 
S27fi and Canadian imperial B«k Hoogovens up IU* and Royal t0 lower m thin trading. S“£ ai toe SEA tiff wiiehl ted 

■* « (picked up Si ants - But Dugh up Fiat both Pirelli and Mom- JSwdeiSSSoV SmEfd to 
Noranda A dropped J to S23f. AJN gained TJg.50 J s $ m £ a £ «**»» were isolate! gainers in 5 . u g. ^ from 5.29 per cent 

PARIS— The market was mixed FK 1 ' 7 SSL? aiLns! 8 theSend £wer Industrials. Wl Privileged On Bank of England figures, its 

in very quiet trading with toe f*H were also recorded by Gist *^_. < j cpr S sscd J™*?* Improved to 90.1 against 


2Tv SurtrEn.. £ 55*55 SB4-56 

jtfBflU-SOU) t£29^-303o 

Old SoVmiimS 53-55 ‘SS3V55it 

lr£29i*-30U) U£28l a -30ij) 


for this edition. TOKYO-Share prices closed g HJ ^oneyfrom Sl per cenL Brocsd^BU^rf a^ NMe~ Asslcnrerioni Generali moved 895- 

lower in. limited trading, led by t 8 i pe r cent, having little PhOips put ^tTfIs .1 to Fls^G.L i 0y,eT m Insuranc !j Sterling suffered as a result of 

Daints eanv on was just -*«0 , ' ss * es - . ™ c e impact Banks, Foods and Oils State loibs were firm. while Mediobanca was unchanged Mnie commercial selling and a 

E; h c i a Is --- cl0Md 11 "•* sr s e Mrr »«-«■ . ^ jmsmsshs 

lore ahead O-Jfiat'SmBnt Electricals. Vehicles and Perood-Ricard gained folknving „ 0 new influSSs Sn tradta- S closed generally lower m fairly surrounding the possibility of a 
Transpons were f met tonally Cameras fell I on sporadic liquid*- announreraem^of^ higher J977 ChenjJcals< Scheite* gamed S5 S SSSTBS JE%wSutA 


gfl 1 ■ ■ -< 1g78 l 

’ Dec Jan Veto Max- Apr May I 


I ; j 

Child Coins ...; I 1 

flntenut'llyi 

Kmaerran.1 JSJ77-179 i$177l--179l| 

;l£971j -98*21 il£»7\«.«Bm 

Jk , ewSow'i*TWl$53-S5 !S531*-553* 

I(Jl 291*-301*I ii£29» 3 -30ia) 

Old Sur'rmi E 63-86 jS53*) -56^* 

ll«9l4-30'3) (£2915-301?! 
$20 Ifcgles. ... 15276 '* -379 1* lag773*-280 ** 


^rnnspons were fractionally 

sower. 

Airline slocks were among ibe 


Lameras fell on sporadic liquids- announcement of mgner uji* r.hpmtoalg Scherinz earned fir uovermnenr uc.«i 

tion and profit-taking in the dividends. Pechiuey Ugine Kuhl- Di£2 go a v^ij e Demag rose 1^13 50 5 V ?? e ?J 1 0c,< ? w « and pinfince b,il and di?3PPomtment 

- fj«h market factors, mann shed Frs.1 to Frs.S9 after SI WTita £ 


FOREIGN EXCHANGES 


3lBrkc< Kate? 


L , Ajr'« I 

fii(irvail | 


CANADA— Share 


declined by Frs.10 to Frs.316 and Mfincbener 
re- pocialn was Frs.6. weaker at h„ fh Rhpr , 


SHK7^5 while Hutchison Wham- some assistance although 
Rucfeversl che rung poa feU t0 SHKA325 and not easily detectable^ SterllBK 


fn S42. Teledyne 82 lo 898J 
J. Ray McDermott « to $27{. I 
advanced Si to $.121. Fa ire 
Camera rose $1! to $3->! 
Burrnngh.s was up $1 at S6S3. 
Prices were hreher on 


0 ,„ _ , , ’ If . iooa 1 r,ams outnumbered losses Jbi to mixed in bvely trading. Vieille ^ _ Financials were mostly hi^ier in oi.a, nu*.u K -«■ 

n J* 2 ™ tdync 82 lo JS 8 *^2d 128. OPI “A" rose 23 cents lo Montague lost B.Frs.10 to . 1 S? PE ?f HA P EN ^ M rxe d vnth a .- nrodncera T C lands and 61.5 in early dealings. 

. Ray McDermott « to S-m. NCR $101 and Sbaw Pipe Industries BFrs.L695 but FN put on B.Frs.5 v^p^fSfnsuS^rM posted a R1 P gain to R23.00 while Gold lost Si an ounce to 

*W eh,l j added 1 lo 97 ‘ aflor hoth had and Electrohel B.FrsiO to ™ost other gams vvere confined at S172-172J. The Krugerr 

SU to and reported higher earnings. British B.Fr.s.6.680. Union Miniere was unchanged. Commodities Ship- ” . De Beers nremium over its gold co. 

UP JL nt ,h. C° Iumbia , a weak spot losing BJraB but W '“d hi dost rials ail finished I'S 6^ t^R5 73 oSe” 55SI2? sligStly to toe con 

higher oil the 2 cents Cara Operations UCB put on B_.Frs.3S. CockeriU, metals and minerals were firmer close of 356 per cenL from 


.American mock nsenange. wiiu si.ou to Slai, Home uu siza which said rt-s first-quarter results — prices were ^rre^i- f ^ j ^ l ^ market ner cent, domestically and S^a per 

the Ann index gaining 0.7R to to $42 and Consumers Distributing were still bad rose; while Softua. tarty higher in quiet dealings. The nmeti^Sder af^eiL to tntSSnal dealtoS fmnr ^ 

140.63. V olume approxinialcd • 10 SUJ. Hudson's Bay Oil rose EBBES. Bruxelles Lambert. Elec- market drew some support from w “ qi»eny naroer as wen. cent, m m«r»au«nai 

2.3m. toniTs. 7.3 cents lo S42J, Canadian Occi- trafina and Asturienne feu Pelro- the firmness of the dollar, which AUSTRALIA — Generally higher 

■ — ■ — — — — — . — ■ — - • ■ ■ - ■ — after a slow start. BHP rose two 

... vv*v m raxrvnv Rises and Falls cents to JA6.50, The Wales 2 cents 

InHlPPC H.X.S-E. ALLCaiOIOM : K V 6 , AUy « | M«y3 t o $A5A4 and CRA 5 cents to 

■ ■■ : : — 1 : Ci9 Ot; nthar hnnt-ino- 


i 

\ 

^echii 
Drawing , 

Hi^rhts 

1 European 
Unit Of 

1 Account 


May 5 

1 Ha y 6 

Sterling 

0.668 798 - 

i 0.674487 

O.A. dullnr.._ 

3X2457 

1.23590 

(SuaaltaD , 

1.38046 

1.59302 

Austria srh ... 

18.2583 

18.4274 

Belgian franc , 

39.4985 

38.9414 

Danish krone 



7.00729 

Dencsebem’rk 

2.53706 

2.S6375 

Dutch guilder 

2.71120 

2.73586 

French franc. 

5.63731 

MJB. 

Italian lint.... 

1 1061.27 

1070.06 

Japanese yea. 


278.677 

XitrrraY krone 

6.61574 

6.66802 

Spain f^«eta.. , 

99.0444 , 

99.9035 

bvcdlsbicroae 

5.65568 i 

5.70347 

GirUa fhuv... | 

2.38118 j 

2.41484 


New York.... Bij 

B>2 J2.BM0-2.DM0 2.D44O-2.0456 
4 4.041^-4.00 1 4.Q6-4.Q7 

] Ini-up I?:... I 612 68.90-63.30 ."59.00-58.10 

L'niieatmccn 9 10.51-10.59 1 10.511- ID JZ] 

TnukfnM .. 5 3.78-2-8 1 3.79^-3.80: 

LLJkhi 13 81.00-82-50 82.00-82.20 

SlaUrkl I 147.20-148.05 147.26- 147.45 

Utlao Ill* 1.578-1,588 1.579i-1.6Mi 

Out. i 7 9.84V9.90 S.BS^.86 

Karis. 9ig 8.40-0.48 8.4 Hr.6.«i, 

SlnckfanlDi.. 7 B.4Ue-8.46ia 8.424.45 

T"k vi. il* 407-415 4081-410; 

Vienna 6** 27.15-27.40 27.50-27.40 

y.urii-li 1 1.554.61 (5.5Bt4.BEi 


1.8 165- 1.8270- 1.81 75- I.B185 
5.BM0-2.06W 2.0440-2.0456 


JlniMtel?:... I 61: 
L‘.i|ieDliiiavn 8 

rrnDthirt .. 3 

LiiJxKi 13 

llaUrUl... 8 


rtris. J file 

Sluckfaolai.. 7 

Ti.ky*. j 54 

Vienna 6*e 

Xuriclt. ...... .1 1 


z Rales given for convertible nrams. 
Financial rrane 58.W-59.10. ’ Rate lor 

Bru&Mld, April 5. irjs 30.80-39.10. 


OTHER MARKETS 

| ; ,\..i« IbiiKii 


Rises and Fails 

j 3J».v6 i itay* 1 M«y3 


NEW YORK -DOW JONES 


May I May j May May j 


5i-97j 63.60! 55.7 



, Mav • May; Mnr ; .May ! May ; Aj*r. , 
S i 4 1 5‘ | 2 j 1 1 2a ; 

B 

High i 

jo >in-w tvinpllal n 

la.tr ! High I La.tr 

Industrial... 

829X9 824.4 1 828.85.' 840. 18 : 844.33, 837.32 

! l ' : 

1 

844.33 I 

l ilibi ) 

; l 

742.12 i 1051.70 41.22 
LA-Ti .UI/H75) (£/7»2st 

H nieB'n.U" 

88.90. 89.08. 89.05 88.88 j 88.35' 89.01 

90.96 
rt.li , 

88.95 I — — 

i2.5» 

Tran?p.>rt... 

224.78-223.90 224.29 224.78 ! 228.61. 224.58 

2K-5I 1 
|1-hl | 

199.31 j 279.89 - 13.23 
id. li <7;2-60> . <2/7. -52) 

It. Ill 1C* 

108.85 108.01 106. 12| 108.39 . 106.43^ IQ5.36j 

110.38 | 
tCilt 1 

102.84 1SS.32 | 10.58 

|2£,'2l .(2t'i4.63) (28/4:43) 

1 ni-iinc i«*l. 

| ! 

42.680 37.830 37.600 41,400 ! 57X20, 52.650- 


; 1 

Ott'V- ( 

' j 



M.IBj 54.36 

l tU&) 


tone* trade* J 1,903 1.886 i 1.909 

Ulw 9871 687 671 

Palls. 5001 79 1 897 

irncbuurcd 4IE 410 441 

Sew Hizbi 175 79 122 

Xe«U>m- 2<V 30 I 23 


after a slow start. BHP rose two 
cents to SA6.50, The Wales 2 cents EXCHANGE CROSS-RATES 
to SA5.34 and CRA 5 cents to T 

?A2JJ5. Other banking stocks ; vnmkfart|Xew v*v Pan* _ j_ 

also firmed- Elsewhere in Indus- Ptankfuntl — 20C7-031 4S».0a-tb ' 

trials. CSR lost 1 cent to SA2.S9 New lark ije.17-20 - 2L74-77 • 

and Retailers also eased. Mwr ParL, |22i^4-2.i4| 4^ci-653 _ — I 


liioloil 'AuittlM'ru 


shed 4 cents to SA1.71. Among ( 


Minings, Uraniums gained, with Airst’daml iogjJms 2^2^31 
Coal and Allied rising 5 cents to Zoririi j 94^1-82 L97&877 


MONTREAL 


May May 

6 4 


Imlualrtal 

Con 1 1* inert 


178.28' 177.24' 177.291 177.5>i 181.47 <17/4 ( 
186.81 186.17; 185.25J 186.50] 187.85 <17*1 


182.90 <16/21 
170.68 (30/1) 


Coal and Allied rising 5 cents to Zoririi 
$A3.75 and Pan continental 50 to 
$AU.S0. Oils weakened, while 
Bougainville lost 2 cents to SA1.1S 
and HIM. BH Sooth and North 
Broken Hill finned. 


46.0a.1b 

2L74-77 


3J940W 12257^. 


7X0-05 


U.fcBU-fcTl 4.056-CfiJ | — 

H MM I 1 ttl.ll COI I AH ■w 


42.68-72 1 6X88-096 I 3.1*8485 i S8.!i27 


95.6666 

106.70-65 

46.10-15 1 

5L32-40 

207 

834.40-90 

14X4^9 

16.43A9 

4.0607 

3X85X9J 

88.^7684 

115.11-16 


AmDCitU.i 1.598-1.402 i.Lri;entlna.'IZS0-15«) 
Aiittirmlui. .'1 .6995-1. 9156' AunsTrw ... : 263-26.0 

Hmsil I 31-02-32.02 illrlgiuia SS-SOj 

Hinlnn- 1 ....[ 7.E7-7XS lllni'il ' 32-57 

n reei-e B7.5ai-69.50yr* nn* la. ....12.06-2.07 

Hon*; KoD{r'8.420S^.446qi>eiimitik..!l0.g0-0.41 
Iran I 126-151 Frame J 8.55-8.46 


Iran I 125-151 Frame J 8.55-8.46 

Kutrait | 0.601-0.511 ilicruiany. . 3.76-536 

Luxe l uh 'rut 59.00-69.10 uirmfn- I 08-72 

Malaysia. .i4.34Q 0-4.555 O' Italy -JI546-1586 


IN. /Mlanil.' 1. 7905-1.80 8fil4a pan ] 4.10-4 20 


— piinaapore. 


ibj 624-634 TVeUierl'nd 4X0-4.10 
'. .,'4.2290-4X4103' onvay — 9X3-9.95 


LLS. S In Toronto U2.73-T7 Canadian cents 
Oundian S in New York =88.72-74 cent-. V.S. S in Milan 8SSXO-60 
Sterling in Milan 1580X0.1880.76 


S. i Africa. .. |.S745-l.B997IPorrugal... 73-78 

ff.sf ^pain 145-14B 

Canada LSaitc'laa-lj 3.60-5.60 

CSl jfj» IIX2J-83* 


EURO-CURRENCY INTEREST RATES* 


il .o 

tLd-cont*..] BB.B9X8.92 |Yuj?>sl«viii)_ 54-3B 
Rate 8i*en for Argentina is a free rate. 


G*iM 

[□da atrial* 


134.41 196. 
218.8 818. 


818.7 (1/21 

819.8 (3/5) 


1B3-.0 (2 0/4) 
194.0 (15/31 


i lii.|* < in-m Anuusi \li 


. Ktv- * 1 Jib > WTB 
rlou* | Hlgb 1 Lott 


ln*l. tin. yicl.l 


ir tup.i lapprt-v.1 


AnstraliaiTi 477.23 478.41 . 480A3 j 441.43 Spain 

. I <2/Si ) (I/O? 

Belgium ij 101.18 1 ici 1 lot.cu ' 101.16 Sweden 
^ I I i3/bi I -E-bi 


ROTES : Overseas prices shown below 
esdode s premium. Belgian dividend*, 
are alter vrlihlioldlns tax. 

♦ DM50 denom. unless otherwise stated: 
yleWj based on net dividends p in- tax. 
M«i- I 1978 I 1978 ^ Ptas.506 denom. unless otherwise stated. 

5 1 Hisrb U 4* Kr.loo dewmi. tmiesd otherulse slated. 

! Hl * b I u w *h Fra. 500 denom. and Bearer shares 

it» is I lfn is I ?7 ac un)esa wh«rwise atated. S Yen 58 denom. 

Ssv ,17^ °*«rwlse sated. S Price at time 

MSXS l M7XB 325.74 of Suspension, a Florins. hSchflUDKs. 
^ d Dirldend after nending rights 


i Canadian I j 

Sterling I Dollar U.S.Dnllat! <i 


FORWARD RATES 


ufl 1 (c) 106.1b ! 109.15 £7X8 

| 1 (5/dl l 17/31 

■«)- 394X0 1 396-56 j 397.36 325.74 
{ ; (3/51 (5/li 


STANDARD AND POORS 


Jla.1 ■ Ma.v I SUV 

i 2,1 


in,.’! --.'iiipiuti n 
Hljli • Irf’ir 


Denmark i** 

, ifisll (6)21 

France (»t< 66.1' 63.0 1 63.7 47.6 

■ (36.4) (5/2) 

GermanyCti 770X 772X '812.7 765.8 

; (MSI <25/4, 

Holland 011 60.5 . 79X ■ *2.1 76.0 

ltoX> \4/4, 


i liMUHiruiltt 106.64 105.82 106.17 101.45107.52. 106.94 107.S8 


.. ! •**> «,.Lc j oSri, 'i-'I 1 ., add 'or scrip Issue, e Per share. / Francs. 

W,,e Switzer! dl/j 28L8 28L5 j 296^6 279.0 p Cross, dir. %. b Assumed dividend after 

tt, „ i Sr.* ' ! scrip and-’or rlghis Issue, k After local 


— taxes, m % tax tree, n Franca: Including 

Indices ana base dates (all base values Sf v * ? , , S ? are SDllL • % , D 'V 

90 except NYSE All Common — 50 parmcnL t lodL 


Holland oil 


StaudanU and Poors — lo and Toronto I d,r ' * Uncial trad me. Mlnonty 


300-1.000. the last named baa^d on 1973i. ^ ndJnlt - 


j lib I I <6.3, 111 l;73. (WA52I 3^ Kong 4oo5» ' 467.17 ' 461.33 3£3.44 

!(...inpo*iie • 98.53 95.95 96.26 97X5 ! 97.67; 98.85* 97.61 . 86.90 ; 126.85 4.40 , • drift <13/1) 

, . | : I 1 1 (l*> : l6.'3j lill.L'iji, <16/32, Xcalv I ; ii 60.01 60.10 f 63X6 Ki.to 


t ExdDding hoods. J-100 Industrials'. > Traded. J Stftor. c Assumed. 

4 400 Inds, 40 UUlJUes. 40 Finance and I ^ “ . nsmx. xd Ex dividend. xc Ex 


CO Transport. <S> Sydney aU Ord.|* crip *®? e - all- * interim since 

<H» Belgian SE 31/12^3. Cone aba km Increased, 



| May 5 

A nr. 19 

Apr. 12 

| Year ago -appro*. - 

Ind. dir. yield ^ 

! 5.02 

5.14 

5.56 

4.33 

1 nd. P K list i.. 

| 9.18 

8.94 

B.56 

i 10.37 

la-n^ In'll. K-ntl 

0.39 

8.50 

8.34 

7.71 


<o, 413-OE : 


,ic T, I « so im« itt, ran® diwso ivwi. j . 

416.11 , 364.04 1x31 Cotmnerabanic Dec.. 1933. (M).Amster- 1 GERMANY ^ 


(19/41) t4jl) 


Industrial 1970. 1751 Hans Sean 


Singapore • 304X6 304.06 305.19 ; 862.0 Bank 31/7/64 dim Milan C/l/73. tai Toteo 

,nl I l?.,f)l ll.-flh Nauf CT- dj t//3J Ihl Kfmlc TimM TQfUt 


(L«h New sE 4/1/68. tbi Straits Times 1966. 
(ct Closed (di Uaino SB sn/13/77 
re) SiodctMlm Industrial 1/1/fifi. (ft Swm 
Bank Cora (to Unarsflible. 



j Prx-e* |+ or 

May 8 

! 1 - 


OVERSEAS SHARE INFORMATION 


Inv. S Prem. $2.60 to £ II0j% (110%) 
Effective rate (1.8180) 47% (472%) 


NEW YORK 

• .Un, 


■ Mat 

St- irk 3 ; 

May 

1 

! .Sba* 

1 May 

0 

, Mar 

4 

C-imiug Ulaw.... 62U . 
CIV 1 hi ‘ n't tonal 4B't 

52 JB 
«7 

j JiUiiavManviMe... 

1 J+Hlt.11 .lolinM-n 

31 i£ 
74ii 

31-3 

74 


Stock 
IiVtIcki 


S't/4'k 

Wool wort 1 1.. 


! M s v « M : y 


At.! •••It Ml-tt . 
A.i.ln-tt-.iarai-h .. 

A.i 11* Lil> A law 

Ait l , i.»(ii*-t*.,.. 


S8: a l V r*, u . ■ 30 


V rocker N»t_ • 67t» 

V row 11 A‘IU-r<«i-li 3 1 Jj 
Uinmnn- Uukiiic 
mm- t'ru'bl.. 1 18 1 4 


A.'-.-an \uimiuiuiii ^7^4 


-Host 

,4'li'g. |.l|ili»ill... 

1 1" -cl 


.« :ii.-t I lnnil.nl... 42- 


.Mil* Lhslim-i - . ! 1:9 


t\l \\ I 

Amend* III-*- .. ] 
Amir. An him*.. 

X ■ner. Uiaiiilh... 
Ami”, linsilcx-t 

\>I»T. 

Arm-r.l tnliflnml. 
A met. l-lit. 1’iitt 
An pi. 1 *<*i »•*.'. 

A nipr.H.* ini-l*r»*l 
Auuc-. Mi*lu-nl.. 

A Milt, tl.4.4*. 

A "ip-. A*i . li*-.. 
A iii.-r. .MAii-Innl. 
.tii«.'l.in* 
Amur. T.-I.A |.|. 

A l*it4 pk .... 

ttlt 

AMP. 


An. :. .r1|.*-kn 

Mi::i*iI»it I' 
tnun.piiN I 

4.' . , 

.twnirn • *:i . 
tB*!- 

I.liilhil I ■- 1 

All. It . * .1 u*..i . 
a ■ 11 . * Um* I**.* 


27i i l 1.6 Ta 
2i': ! 221* 
ob'j 36 
30 29 

24 24 j d 

4** i 41; 
43', 42:* 

45 ■ 43 if. 

aJM 33U 

P2'i t>2 

33 '4 33'] 

l7-i • 17»i 

30<- 30U 

14 '« 14 >* 

. a0i; 
ZSt 23 U 
*9.i 29:* 

20 Vi 20' c 

11-4 11)4 

lv'a 16') 

30 A, 30 1 7 


i. nrli- Wrij;bl.. ‘ 18 U 

U»n* 2b 1; 

• iNxrt ln-UU>trnr*.. 42't 

J I tteiv ib-'i 

, I'd Mniiie.. 2b 

j I 'i'll.., w 10 's 

I Uii it -Hi tiii.-i . 18-') 

I LMroit t.ii*. -11... la -4 

L'lniu.m. IStuInu* 

U|.4 a, Jimir la -a 

Ihtfils E>|Uip 45 J i 

f'ljiirj ,W*ln 37!: 

Ik.ii-r i.'.n-i-ii 47 

16"* Uieiuxnl... 25 '1 

llrarn ItbU 

Utr**er.. 411, 


30 

301- 

| -J.ibn— a l_'i4Unn.' 

3336 

33i s 

ItevnoldrlL 

57 Tg 

a7'» 

alia 

1 -lij> Maam&Llut g. 

cbtt 

3.1; 

Hii-h'wm Mcrrell.; 

22^8 1 

all; 

31S0 

, K. Mart 

*5 

+5'a 

Ik -ci. well later.. .| 

3473 | 

a9'i 

39 >a 

: kai-erAninitmm 

3338 

331* 

l('4im It Haa*.....| 

3378 , 

10 't 

18 


2 

2 

l.'nyaJ Lhiicb 

(ITK 

B5«S 

25 

; ktfi'*rar**i 

421; 

10 

23 

9ta 

071; | 
»0i4 


Wupl worth . — 1 19ig 

1 Wviy.. 1 Mi« 

Xerox 481- 


Zenlih I la«i 10 . 



16 I - 
18 j 3.2 
18 j 3.1 

i _ 



TOKYO 1 


0b8 1+1 
088 :-r3 


I Girtehoffoim^ 191 1 12 

Hnp*ir Liovit ' 1 15.5 —0.5 , 12 


.18 - 1 Q U huni i 340 I 

ia I 40 - 1 453 -2 

1BJ6'6 9 t **‘° 598 l-U 

Cbinod ! 3/6 '4-5 

i»*i .\ipi--n Prim; 058 14- 1 

F.iji Phot, 088 :j-3 

" ! *!:* rib*. 241 1^3 

,7 I 75 Hon. I* -tlutoni 591 . — 1 

_ _ Hoiue Fm»l ) - » 

SB 17 4 8 i 228 —2 

17 3 5 "o-l-.k*.!, !iui20 -20 

14 ■ i 618 “2 

18 I 3 1 T-A-A. 4.630 T 30 

m i« go iwnnJBlet. PwJl.110 ' 

4 i L4 1 349 -3 

12 | 3X Kidwn. 283 —1 

19-57 ■»i'"lo-Veniniic ... : 3.660 


7L. 1 1 Kenneoei^tt i:3)» 

Si? Kpit M*Aicr 451; 

q . hKHIc Wmier 411* 

2fl J8 huuhen> L k3K 48 
la™. h,, W«/re. k4 

15aa r I f 8 '3 

a . l-en a 1 rati -. k . ...: 35 


Kuler tfyitem..J 20 ig 
aaaeway au-Ort...: -lOag 
I St. J->? Uiupnl*. 26-s 


23 fen Paper... - 287* 

< tanl. F» 1—.I* 1 411* 


I Utib>-Ow.Fiol...j !e7:a 


I Lionel liruup....-! 331; 1 32t 8 


It.'fi 1'n-n- 

l‘*i! 1.** 9.4 

h,:-li t-i-ni 
lfl'-W - *t-. 
Ilarl. r i*il 
I'*' l.-t I ■ 
K-3SI.T V * 


221; llh***er 

36 |ii, |% 4 || U4*ii 

29 |i|-ni.. lii-iiiki ne 

243^ Kcj* ■•- richer 

4 *c tj—t tirlinro.. .. 

42:^ Lit./nuui K->'«k. 

43 -t h*i-)ii 



jjji* Kl I'**-. Niti.i.*' 

I7.j ! t l,r " • 

30:4 I fcnn , »"».ii KI.ri n- 
14 J KinervMrPr'ieli- 
mi, Lniltan 

fc.M.1 

29:* t*oHlMKl 

K* n -h 1 L . 

ii.; 

lh , 1 h*\-n 

’ J Kh III III!. I IPim-i- 
fi - Fe-t. Hi-pl. »i 
■' j Fir,**l..|„. T,i»-.. 

*0 I F*l. N»l. Ifcml.'ll 
o^| | Hex' V*o . ... 

**'•' ! riiiiik-u- . .. 

7t’* 1 Kji'rhU r.tiin 

“S: 11 I Flu.,: 


I't-m.. In. 1 11*1 no 

Ka«l«- I'iclier 

tj.pt tiriin.** 

L**rnuui K-»I*U.. 
h*l-'-u 

K.li.1 I 

Kl l\»*i. Niti. I.** 
| Kura 

' KinervVirfrtnhi 

Lmluirl 

1...U.I 

hiiK , .*liuinl 

K*nmiL 

fc'to-i 

1 MMfl 

I KhiI(.IiiM IPU.fl* 


Litl> .Slit - 

LltluD Indllsu.... 
Ur4*kh«.iAin-r',i 
L-tie >ur (nda... 

■ L-na l*iami Lid. 
j L'limaui Lan-i.. 



Lu.*ki 3(me». . . 
L’ke Y‘uns*t’*Ti 

.Ua.-3ln.aa 

I Mart K. H 

• Mir*. Ranxcer . 



: Mararm.fi Un.. . 

. Maries llntian-l. 

| Uarabnli FieM .. 


■ssnta Fe ln.ia— ..{ 371; 

3 Mit Intm 6>, 

.‘Saxon ind* | 6la 

a.-hltt7 Urewinic.* 12as 
SchiumLen-er... 713* 

3C3I I 187 0 

3e«.-tt Paper. 141* 

seuvll Mrq 1 211 b 

aeu.lr' Uuyt Vc*t. 8lg 


20 ig j 193s 
40a8 1 qOi-e 
26 -b 271* 

2B7 S 281; 
371; 381; 

6*« 6 m 

6 la I 57a 

12at 12>1 

713« I 693| 
187q I 19 


CANADA 


19 ; a 1 20 ia 


I May Kept. >l-ir- 24:« 


Ml. \ 

MeUrrnu-tl.. 
llttlfc-ni-i-ii 1A-. 
M.-Grat* Hu-.. 
i .Vtnmi . ... 

: Merik 


aea Lonuiner*....] 31 1; 

3vaj(Taui ; K3*a 

•Sennelli.U. i...._: 14<g 

Sear U- ebui k <41; 

4BUCO 367 S 

shell Oil _.j a3ifi 

m.ei Trair-|»iri...| 41i» 

mum- 393a 

-iiintnlek'.irp a5 

Simplicity Pkl....: 13i* 

4incrr 1 <2I« 

.-luittih'iine. [ C47g 

j^otitroa 1 <ij 

Tuutrplnwo 311« 

I SnilbpiTi Oil, k*i 43 Tj 

j >jutbern l-„ 16 

1 Sum. Aai.Kei... s4'g 


Abmtn Upei. J 123 + 1 12t 2 

Afimea E«Kie«....| 4.80 | 4.9U 
AlcanAluiiihniW 31lg 30/a 

AUrr-nia Steel 19 Ig j 196a 

Aabeit'ja — T39i< r o9U 

Uiuik nl . M001 real! 19Sg 195 b 
B/ rnk A'nva Samis! 20 203a 

Uasic Ncw.iiroeaJ 37j 6Tj 
Bell TelepUonr— 56 66lg 
Bow Vmlteyln.1..J 273a | 26i 4 


6.31® Haq-cner 282.5 4 8.0 1 

Hmi-Usk. 133.7; +0.4 

Hoe^4i 46 ^O.l 

Horten 119.5 -0.3 | 

Kali ned .SaU ! 135 - + 0.5 j 

Kar*tartt : 296.5 +0.3 

Ig. Kauibr.f * 196.5-1.51 12 

iStf KMcknerDMUX-J 90.5 i - 

in,. KHU .1 173 —0.8] 12 

Linde- 1 333.5. + 0.5 ! 16 


5 7 V'U^Letsniic ...-3.060 

x'q Ujimii*Jiiib lii-i... 755 .—14 

_ Uiuu'iuln Bank... 278 

4* tlU»uLtalu llravt 1 139 T 4 
Va tlii-ulssbi fori'— 440 —3 

3'q tlit*ui A i.'o 330 1 

tlii»i»k<‘»hi 565 —8 


12 I 1*2 AC1UL i£3 ceot|...— 

25 ' 2.1 Art"* AmdsnW* 

20 1 2.7 Al| led Mut-Tridw. Inde 0l! 

18 i I G Ampul Lxploralu-D ! 

15 ' 13 ‘toipol I'etrolrum. \ 

12 I 2X A»».tc. Mineral* I 

18 I 1.5 Awr. FnlpJWr^rSl I 

• fo “ -V.*eoc- Ciin. ImliiMiie-i : 

| 12 | 2.6 Au*t. Fr-uinlailon Jnve«i_., 

I 30 ; 1.1 A.X.I 

' 15-1.1 AudinHx- ! 

. 18 12.6 D.nij'anvilhr L‘>ip(w 

I 15 ; 2.7 Broken HUI Proprietary ... 


t2.33 1+8.0 

tl.42 I 

10.79 I 

tl.15 ! 

.1.18 I 


' 1 1*32 
.7,20 

^oioi I iXe^ MiurtraOPi ills l^oiKailS ,6.06 

1 W A, ate. OP- 3.20 |VJ!v 18.25 


tO.71 l+d.OI 

10.81 +9X1 kianoMlau. 


t*eOi*ra« PP | 

S*jina t-'rnx OP....I 
t'nip l'E ! 


3.04 j-tJ.b2i4.10 ij.29 
9.88 +0.t8 3.23 7.99 
7.95 — 0.1 S|jXu 2X2 


ll-TS --0. OZ 
10.92 1+0.0 1 


Vale Itio Do-* l*P! 1-80 1 + OAK J.13 n. 13 


11.43 +0.01 
tO. 40 -0.02 


I 35 ' 0.6 I BH 3.111t h ; 


10-35 . 

tl.00 l 

tl.18 • .. 

15.50 '+O.OZ 


Vnl. Cr.U3.Hm. Shares tflj-m. 
Source: too do Janeiro SB. 


e" J Mppr-n Umith. 1.440 20 


20 ' 1.3 tarlum L'nitcd Bn/Wiy ... 

10 : 1.9 C. J. U.|e ' 

12 l 4.3 CSK (Sit 

IS ; 1.5 Cons. G.-UI field* Au«t ' 

14 | 2.1 CuOtaiucr t»l- 

i I-® O-mrim- 1 

JS 2-2 CWala Australia ' 


10.80 i 

11.88 1+0X3 
11.93 1-0.01 


‘^Prfi* j’+or 1 Dir. Uli 
Mays j Kroner j - i ; i 


iiSs M.o1 

!£« r*” S&d 


93.0 

62.5 


II aa 245 m .... 

!?*“ ‘ Kre.lrth.Mei. 107 .... 


f ?-SS :*®'°*J.VohH>.imhrXL , j 188.26-1.75 12 


ns | gits 

PtfW- - 1.860 ,-60 1 48 1.3 ! 

*n.yo Eieetn.-„. 255 |-5 I 12 | 2.4 5 * 1®.™ .lii:' ' 


Lnoenbmu 100.. ...1,480m ,.' 25 

Uifthanm. | 106-5 „ -I 7 


BP Canada I 143, 


Brascan — 


Brin™ _i 14,60 * 6.00 


a3jfi - 33 1 j 


4U» . 404, 
593g I 387 S 
a5 ! s4ig 


Caip»rj- Power....! abia 
Canulow Mme«...| I3lg 
Ooeda tVinenu.i 10lg 
Canada MV Lao_l 117g 
Can! mp BiikC.mii 277g 

Canada iralusi j tibia 

Can Piu.Hk 18 ■, 

Can. Pai-iiic (nr..- 191, 


MAM 175 I— 2 1 

Manne»njjuu> 156X + 1.5 - 

Metallic* 205.5—1.5 1 

MuncbenerBuck. 543 2 

Xeekeruiann....— 118 I — 1 
Fret!*** DM ICO- 108.5.— 1 
UbeinWe-i.ElactJ 162.3'—. 

S-hennc 251.5' +2 

3iemeo*. 27a.5,+0 

Sud Zuckor 246 j + 3 

Thyraen A .C 1 18a -*-0. 

Vatu- 17-S.5 — O. 

VESA 105 ,+0. 

VeremailVe*tbk 285a 


reliiMii Prelah — 9 In j— 14 j 5U : 1.6 I 

-’0i*enln._ 1,110 -10 I 20 OX ’ 

*»?> — 1.820 -20 40 ; 1.1 u‘„TJr : 


I 1 -**!! Storebrand 81 

1 1.38 J-OXI — - 

12.0I '^aiu JOHANNESBURG 


88.00i-O.75, 9 ,10X 


12.12 1 + 0 X 5 

tl.SZ 


108.5.— 1 J — 
182.3' i 25 


15 : 5-Z ml'tK. Marine 241 1 11 

o'? <6A«ta Chemical.- 370 -2 j 15 

| 4*5 CUE 2,120 1-10 | 3u 

_f _ '«yn..... 123 +1 I 10 

tokw Marine 50u '— 1 I 11 

I'okiQUsct FnwV.1.050 i_. 8 


r 20 , ?? i H H inker ^ 

; 5-5 I C.7. Australia _... 

10 | 3u | 0.7 Jennings Industrie I 

1 I 11 'll JooM (Dariill | 

; a 1 **n I^Timr OIL..— 


a5 1.5' +2.5' 20 j 4.0 ?■'*>' ! 

27a.5,+0.5 j 16 ‘ 3.0 cnfcyosMn ha ora... 147 


246 1 + 3 1 17 ! 3.5 

118a +0X; 1114.7 M-I»r.. 

178.5-0.5 i 14 I 4.0 


17 8.5 — 0.5 i 14 4.0 
105 ,+0.5 ; 12 6.8 
285a 18 3.2 


Source KUtfco Secnmies. Tokyo 


Can. «uf+r Oil.—! 
Carling O' KceteJ 


Vulkawaaen '■ 201.6 -OX: 25 : 6.2 


BRUSSELS/LUXEMBOURG 


5|tg ( >< nit hem Pa.-lfi-, ai.-j 


Caaaair Al+aua...| fl'« | 87g 

Clnrilain 1 193® ' 195; 

CijnliiK-o ! 27 ig I 271| 


8 , * 3 nennar 

12 a’q Metal* BxuertaUon... 

10 I 3 4 Holdinyc. ...» 

10 : 5 A Mo F ec Brnf-oniun 

20 12 S**'* - — • • • ! 

1- Nit-bolat lut^ntaiiunal 

A'ortb Broken HMing* ItOc- 

OaVhcUlfte 

Oil Searvl, 

Otter Kxplorati-a ! 

Pioneer C+awrete-.. . ... .. 
Revkiit A C. -laiaa 


10.15 Ml.01 

u.95 !+ax& 

tl.71 1-0X2 
12.35 1+0.06 
10.55 1 


AMSTERDAM 


+ or . Fr-. Vm. H. C. Sltah 




1 3*«iihcrnK*iin»v| 49U I 49 


hrii \ II 

11^11,1. -. 

- -It 

1I.-I ... 'l.-i 
1»"«- * A. IS-kt ; 
*-* ■nc 
l'..|*»- 1 a- «.|.' 

P i.l+l.. . 

P-. H.ii-i'i 
I'm .. 

Bra*. an ‘ . 

I s - •«!■■. Mi- *.. 
p--t. ivt. aim: 

I-- 'L-.avl.laT- 

l<M|lla«|. k . . . . 

P-.-i r,i* Lne 

Ho.-.ia 

Pi.-lillCI- < 'l A Mil 

ll.|T+. .I.^ll* 

I .“"III- 

Uti Ii.ii I7.1-.I -. 

I'a.ia i l;aii. I. ■' | l 1 


I a-.-rr.v 

t I'li * lla- 
I'al. 1 ■ ■ .31 1 1+. I- 

IK- 

l-a -*- ■ -I ■!.. 


t- .al 1 - V . . 

la-* 

1 3". 

(*-i--..iln-‘ 

jtt j 

22 , 

► tl'i ia 1 

34:; 

a«J.. 

f llau:«r ia 

52 

31 

Clii'niii.T. Ilk. 

43 

44 

Chr'.*S»gh I'-'o-t. 

2j ■ 

Zi i, 

C' - . '■IPM-ttli'ii' . 

31 . 

A2't 

Cl--a+ ■ 

52 

3lj| 

C-.r-biali..! . 

19. i- 

19.., 

Cn.J.'rr 

i la. 

Ill, 

t'w.ani* 

SFr 

•t - s 

Cl'.-. 

27 ij 

27ii 

Cm- tp. ■ . 

24 :« 

23, s 


A9’+ ! I’.M.I 

id-‘a ! Fi-i.i M.'l.e-.. 

39'i 1 .11. k. 

24'; } Fii.l.-r.i .. .. 
40.j ! Franklin Mm' 

19 1 1 h ri+ittifi M 1 iii-nii 
3t> i tnu-lin.il .. . . 

^ r J j t.vjua I ml* 

18.'. | », .A. I' 

4b >t 1 1 •min.'ll. . 

27U ■ lira, inter. Im. 

■dBij ’ii,.\.l.\ 

29I- ' lii'ii. lahiv.. 

13'; |f UviiBi.il>'- . 

15 ! Ceil. Klivlrk*. . 

55' 1 i'.Hiii.ra' Fi«*i». 
14 . u |li.wn Mil'*.... 
53 | llcncnn .M.it-.n . 

15ifl [Urn, Puli. Ltil. 

19<i • li'H. >lauai 

55 .'e 1 1 »vn. T«-l. m , * i . 

6 1 j ,111.11. Tver 

58 '4 I I'rniwn 

88 | ' • r* ■rjfiji Paa'iin' .. 

J4i 3 j tie: it Oil 

j® i l.’ll.'llo 

£^1 LI. t ., . 

Ijiij li— ivrar |.rr. . 

idi fs>i||Ji| 

If’.- •■ra-Tlt l... 

; l.i. Allan I'j. I.» 
jjq Mil. N"*1ll lv. 
| a '.1 , 

.. 1 ■ f i.iii a tl.,'*iri >i. 


Uerril. L\ 11. •/!.... 

19i; 

u>> 

M-w IVlp a 11-u.. 

=9^ 

CB.** 

MUM 

c6:j 

3b 

.Uitin Mii-j.i Mia 

31 

50!. 

M.fl.|i « 

t7.; 

bbi. 

M.nuant... . . . 

55 V 


'lo-vin J.F.. .. 

46 V 

«6.. 

U-lttH-ll 

-5;i 

45>* 

Mmt|4.v i.iii . . . 

40 - , 

39U 

''l-lH*-. 

493 

48 >4 


I 9»uOjian-< 54 *a 

tVl ban*l«rr-.’ kfll* 
I a},i.rrry Huu-n.... 17i^ 

fni ;5|4+rv Rain.. 40 

50-» jy 4 inb' i8.g 

°6 J + I Ttall'klM llminl*. k4 
*» *3 ! si.I.i.ii.Caiiii.niui 43 jj 
‘ , 6'3 I ?M. 1 *tl I minus.. 1 50'- 

4»M ' sill, till OtllM 69li 

4®'+ i /laud Ciivn 1 we... +1 
46*4 | Hertlit; Druu 15 -s 


kactt.l.'liviiniai. 
. Aaiiiviai t,nn... 


v-.au Uaihuret 1 28 7 a 

Ciin*i liner ilaa. — J 17Ss 
V'.j+eJtn lie.*onree>. 55* 
V.KUtn Ui./b 1121; 
D*.ir Unl.nt— ..j 9 

: 1 vm*. .11 Miner...; 6s:+ 

(t«*m lilnr. j 78 

j Urnne IViroleun.| tb5j 


ur'DirTH, 2.3BO +40 — — io.iu.m • 

1 Bn. Brx. La rub... 1.660 -10 . 6 j = 3.9 U.||. <u » !... 

J* 1 *®’*”**" - J-Syji --•••• Jto 6-4 West era Minnie iSOentai. 

I .M.i:. Cement.... 1.352 —8 lvlu 7.4 U'.«iIii-„i i h* 

Lin keril * 414 -6 — - — 

BUt* 2.525 . -45 177 ; 7.0 ' 

Klsluilel...* .... 6. 680 + 20 430 | b.3 PARIS 


Suutblauii Mining 

■Spar-jivi KxpluraLii.a. . 
. 7.*.|U .Si 


Ah- 1.1 it'IXOi I 

Akr*. »nj»t..._ .. 
Alp'm Bnk iFHOO' 
AMBV ( FI. 10... ..i 


1 - /° ! B+kerl ••U" * l,8vAJ 

102a +2.0 I aSfl , 3.5 ! Cement..... 1.352 


29.2+0.51 — 


AJIhV in.Wi.. B4 +ula '5 t 44 13.1 | ••• • VrXr ’■?** 7“” : «•? | KRR 

Atnndwnk IFI.WV 77.3a T 1.3 . 23.b 5.8 ! - N " 1 i ^ 6.8 


+0. 17 


> kenl * 


1 1.25 -0.01 
11.65 -0.01 


348 e 5.5 A23.S 6 7 ^v; 


k4l; I Uonumr-n Briilei' t-4^ j 245 ( 


44 'a j Uaniai 17l = 

60>« i DUT>a» Ilbtg 

70 | Faleiai'ce Aiet.ie.i 50 

+Oi 4 I Funl M..i..r Vafl-I 77 


llljeaki.n I 

Ifc.k.i W LKl'mi Fit'll 
lliiriirmTeilrrole, 


88.5-0.5' 23 i 6.2 |V B * •nn.-Hm-- 2.200 

120.5 +0.6 ' 80 . 6.7 “•T**' 1 h'tkn 

70.0 +2.2 : 26 7.4 { l,,l "*en 2^60 


-10 150 6.8 
-16 1 85 6.1 


lilierk* V i PI. 18i.: 202.5 —3.0 ! 27 X 2.0 ■ 2.050 

Knms.V.l'Jtnrer' 139.5 +U.1 ,' 57.5' 5.4 ( hiwIirthtiiL o.680 

Bunt :..mT-.t Fl.l'J 1 b5a ; 94.S' 5.4 | La M.ivulc Bet u e.. 6.010 

l.bi lina.lw (Fid) 31.8-0.2 • 23 ' 6.9 i Pa " H.iwintf, *.450 

HeineheuiFI.Sui. -i 99.0 + 1.0 i 14 ‘ 3.5 P«n4irm '4.1.75 

H.-aruif-oniFIXJ. 35 '-2.5' — I *'. W1 


nn.li.'lalrr — b^i 


I'ri.'g ; .Vat. IHmi: +■-. 'ii m : 
41.; i Nu.srme Iim Ism 
10 i Aati.iui M+i... :2 

db ' a : Aiii.ina. 41'- 

16A? jvvK. ai:i 

541* J N«|4ulta- lir.i-. . . 19!j 

bO>i j lea tn^ntiii K;. ,.^1-c 

^9'h . Si* tnii.auii Irl 3l'; 


?un t.!,. ' 

! ■•'iii.i ira.el : 

! svaies —... 

j Lwiini..siirv 

I'eutroni* 


IWtnr : 96*1 


reet 

I'enoev 


« inatlar , ris, 

Uiam leFakniiei 11-* 
v.uii Un i^uaaa * 27i« 
H»»rk« bki. C»a* 7 Ig 

| :24t 

dimvi.ni 'A‘ ! 4clj 

ftU'ittOu Day llmti Ir 1+ 


27 1« ; 27 
-''a t 7 
.-24t I 33 
4clj 40 


reaurw PeimieuiTi' 


du i+«i Ikv— . 
rl.i-iioi] On'iCrti 

I.A.C. 


j l9bg \ 19lg 


Ni ,.an ,ti. twn« 

1+ Ij 


Ir-tac.. 


1 Niagara Share. ... 

9J. 

9>4 

IVxaatiult 

It7s 

' -V 1- In ii«l nr*. 

l.M 

17 

lenaa |ii*|.ni 

.5 

>-n.-.kltlr:pn 

-6>« 

•+6>j 

I'exa* till 4 tia*..; 

• 0>4 

Ntt-rtu Nv. ba-.. 

39 is 

39 i s 

I'riaa l/tilitle* ...' 

lri, 

.'li:«t ?iai« 1’itr 

J+l* 


finir Idc. 

-71; 

Nlliu+ai tiriiim 

*T j 4 

27 

rimes Mirror. ! 

~7:a 

.Monnt UnE-.-rt 

<3iS 

zb 

Timken 

3-« 

V all'll Bidi-41. - 

201 1 

20 

Trane 

331; 

1 > * i.lrnia. IWrw 

Z41, 

24 

IraRMhcnua. 1 


Msilvv Mal.irr.. 

491. 

49U 

Tranv*' 

17 va 

i.'hio l^tivn. . .. 

I7:t 

IS 

Tran-- 1. 1 iwu. ...... 1 


u. tn 

Ib»; 

iblg 

Tnu-^ar Intf'ii 


1 •rcrw.-aiCLu+. . 

+4;; 


Iran, tt +l.i 

1 ra Teller* 

20 '3 

■>1 


P.V'* 

bj:_. 

li 1 Loiiiine-nai . 

20 'd 

■ lain* l.5;.» ...... 

I‘a.':il ■ i’.sj 

4U-- 

w 1 

I.K.M 

-8 


nui+mi UII 

"k»~ 1 


I 4z 

18 ! l-fl| 

.:4sa , a4sa 


t.iaf linailrt (FIO) 31, 
HeinekeuiFl.Sfi, ,| 99. 

HiaizuiPOxiFIXdi 35 
Hunter O.i FUiaV 25. 
K.L11. iPl.liXTi.. • 14 

Ini. Mulierliaj.-* 45. 
.VaaMea iKI.105.. i 34.5> 
Nal.NevI lm«.(FllO! 108. 
.\clCred BkiFIXO 54.3i 
Ned 11 W1 Bk (FCaCt 192.5 a 


sue Cea Baiiu(i+.. 2X55 —5 


146+4.8: — — 


45.5 + 1.5 
34.5a -O.l 


3n1ni...* _....'a,330 

wt-say 2.540 


!17u 
.142 
26a | 

7.5 i 
6.9 

*■7 

Meat* ' 

Art qin-lkviil'lV 

: 727 —5 
, 414 -3 S 







B1 C 1 





054 -19 - 

140 

7-l! 

iLS.S.IitnU .' 

[ 4b6 —3 ■ 


6.5 1 

C.G.E : 

■ 366.5 +1.5' 


— ; Fra, ^ 


+ 3B I — ; vie Uaucaiie... 
—8 SO [ 64 Meljfer-, 
Zto i _ ! _ Credit Com Fr 1 


< 1 1 Ig I lllfl 


191. '"■«>" .'»Uin.. 1.5s 

12* nftivsI'ttaUueJ 14 an 

'Ll. naaer Uc^vurcesJ l-lg 

LauntiuVia-ii ...| Sl4 

“f a Lubm« Cure.- b’. I 4.ri5 

,Z. Sltt-'nim'ii UkMdI.' 19 U 

llaraey tere Ufc .n; Ilia 

Ucliwvrr 1 t'l 

j 'i'"re t-.H'MJ ! 3>1 S 

Minra... .Big 

*9 j A Him LlllTijV.. '5^4 

AiUit-lewiiat... 29 t b 

Aiiriw. «»u * o'an 


C1.+ (FI. 30i 

Vau Ouiuiereo. .. 
Pakbr-ed (FI. BO). 
Philips (PI. 10).... 
RjnschVer\Fl.lC»3 
lt<-+>eeu (FI 30)...„ 


153 +0.4: 36 , 4.7 
117.3+7.3, 16 6.8 
42 j + 3.2 — I — 
26.5) + 1.0 1 17 ! 6.4 
79.51 + 4.51 — I — 
166 +2.0 [A258I 7.7 


SWITZERLAND ® 


vreusot Uii re. 

Diioir 

Fr. Pet roles- 


87.2 _ - 

836 —8 J 7.5 OX 


Pni+ I +or ; Dir. Yld. 


|FI.W)'J 124.8 + 1.8;— I — 


finreuiii rFl. 50>... 


A dor. ,r i- i 

To. Tif, liiralPutHuFl-SO 137.9 + l.L .53.761 8.4 Al« m| olum 1.105a + 1 

t?. 4 SlavenMir+ 246.2a +2.7' 19 7.7 »*' «.=4U -I 

*V* I ii 1 * Sterlo OrpiPlXti) lal ■ 27i' *.£. CiIk C ieixllFr.iCU 1.150 +3 

3>l, T.4..P.PS., Hkh..- 107*0 30,0.7 JV-AMm 815 -i 

si ' 2S- 4 Cnllnrr iFI. 20v. 115.7 +0.8 42.B ! 7.4 • l>v lletf bll -i 


DS v - Yl T lnletRl 1 62-6-1-9 b.7; 9.1 

+ »■ datura Hotel ■ 128.o-1.3 — - 

latarjw j 185.5 +2.5 16.77 9.0 

730 15.55 2.2 

b i 27 1.750 -15 sb.75: 2.1 

»□ «■£ Maiaon* PUeUtx.. 1.068 —10 5B.H: 3.7 

22 19 ^VHin 1.478 i-2 32XS. 2.2 


115X6 2,a 


| } i I tcl , vl , ii -H" 1,478 i-2 32XS. 2.2! 

I HnmeHA... 43? —13 12.6 2.8! 

; ■ | Mi-nLiiiix 166.9 +0.1, 3 'l.HI 


t lkinu'He*.lutSIi 39.4+0.6 20 1.2 1 5iiir*r 2.140 

lVektlgnMuJfenll 379.5a -0.5 33 4,2 [ ■•trtnreaii 1.590 

Ft'L'Iier itteorae,. 670 


I oavn.vhi F r , 3.85 


! Ilsl./illrtnll ■ . 
Ha. ms Mining... 

IUi|||«-'llti'*i'r. .. 

I Haul* ' ..rjitl . . 

1 linin' II. .1. 

HeillHClH 


Pa. in-- l.i. ill .,.* 
r-> . r» . a u. 
I'TI. \i„tv .*.. t.. 
I'fk.-i Ilaijiril'i 
lW'"H Im. . .. 
»Vii. I'", t. 
Frnuv.l. C 


Henlett IV-'kAPi. 


«1l:.+ >+T+H+..- 

gnvinii'Min;.,.. 

»■*+. O la 

» -'Igal.' I>ln... .. 
.'■Mist \lt,ma-.l.. 
■ .. .Iirl'ia •.,"*.. . 
t,..'i:ni:.ia I'nl. 

I om.liiat'.. ■+ tin 

iir.r'u;*: :.ai 
i .miHi.) i. -ii tiii 

v'T./n’t:. lnl.Min 
ka+.t'n'il. 1 1:1 I.Vi 
1 cr.n,.*aii ii.tr . 
C-'tiS'v.lrrr. u n.T 
« mi. l.i: In*. 


! H.-oK+Wke. 

Hon.+ircll ... .... 

| Hi/i'tcr 

' II-i |i.Cun , -Al"rr. 

H-jii .t>*ii lai.'iv 


F0'>vs lin^ .. 

; IVvfJfi- Gan .... 
Fek-aiw 


.‘.Hi •.■rnl.iry im 

i L.A.U 

, t »Ktiu 

■ Lt.l 

;u.»f 

: tnnnet 

tuliewr Nl 

i n ion mu/t)... 
L mrwi C^rlmie.... 
uuiufi Cummerii 
i mum Up Lam..' 
t. nioa Pacifie-..:- 


rttciiK- M.' +.27 | 2.30 


Hi.rrii.flii I'M.eil*. 75 000 I— 253/55U 
Li,.. ,?iiii.ii>.„ 7.s2s —25 55 


22 I 3.6 
16 j 5.7 
lu ■ 3.2 
5 I 3.7 
Su , 0.7 


rtinlais 161 ,~2 ] 

I'Ciliinev 89 '-1 | 

IVimal Ki.tiM ...., 276 — 0.5 1 

i’eu^iTri-CUrrani.. 376X+2 
P.».lflln 197 —6 


7.5 8.4 1 
7.5' 2.7 


May 8 


Rand 

+or- 

Anglo American Carpa. 


•1X5 

—6.10 

Charter CnnaolWaied . 


■1 20 

-HU® 













Kloof 




Buseuburg Platinum . 


1.33 





Somh Vaal 




Cold Kidds SA 


20.20 


Union Corporation 


4.50. 


De Beers Deferred .... 



+ B.IH 

BtyvttoruHzJcbi 



















+ 6. l.i 





WeJUom 


4.33 

-Oil 









Western Deep 


hJm 


INDUSTRIALS 


AECt 


2.65 

+ B.M 

Anglo-AniiT. Industrial 


920 


Bjrlow Rand 


S.Til 


OJA farcstOKRiS 


I 50 


Cume Finance 


O.K 

+ 8JR 

De Beers imJustrijI 


9.00 


Edsara Coosnld. Invest. 


l.M 

+ m'5 

Edgars Slopes 



-1.5B 

FedcraJe Vatksbelegeiacs . 

l.L". 


Crcjterauas Stores .. 


2j!5 


Cuardlaa Assurance >SA< 

1.37 

+0.02 

Hale Us 


2.115 


LTA _... 


l.Sit 

-0 05 

McCarthy Roduay 


e.su 


NedBznk . 


550 


OK Bazaars 


5.S0 

-it 16 

Premier Milling 


S.30 

+ 0 16 

Pretoria Omeoc 


3.20 


Protea Holdings 


1.13 

-0.*2 

Rand Mutes Properties 


tl.to 

-0X5 

Remwandi Croup -... . 


■i.M 

+ 0.65 

RetcO ... 


0X5 


Sage Boldinas - — , 


1.L5 


SAPP1 

>rao 

1. 90 


C C. Smith Sugar 


5.50 

+D05 

SA Breweries 


1~S 

-0.02 

Tiger Oats and Nat. MtOg. 

9.MJ 




LOB 

+0.01 

Securities Rand 

SU.S.0. 

73i 

(Discount of 36.30%) 


SPAIN * 




May 5 Per veto. 


Asland 

128 

— 


20:. j Hum tPIi.Aii'iiin 


11,;, . Hkium tK.F,'.... 
.- ’ ll.C. Indu in'- ... 

12* jIN.V 

18 ig j l n is..ta..ii Umii-L... 

39t. • Slw 

, 4: “ ! I us".'. 

27tj | Intcriv-nt kiiHrgi 
i Ij . I M M 


30 i fekta dicier 

+65* j ^ 

11 ; Ph-urr 

Isis i l ,r| rlv+ l>-i;r. ... 

.•4Jg i Phii+'v!. hi» hir. 

391. M..rr.* 


■ 1*5* I 

j * lined Bland*.,.. 

j i ■* lumen, 

J vM.' .+um 

1 1 : - h t — 


al'x [ iV-ilh-Leirolpupi, .9 
+4-. ! rtm. can. Fei ni ; ia'j 

tOsi ! rtuinn.. ; lie 

£».^ d i Pewirtev. Inn ' t.90 
d7i| j i ‘lure Can a yu.J u.92 
32 F'flcvrlV.rcn+ m' 1 +1*4 
1434 i'nvei Ci'i jr+ai'n! 16 

3 9 1; Pnc* j 13 14 

B Sjuettv Siurjjagij 1.2S 
4«1g liaoifer Oil J o4l 4 

48 1 lend stau J 1* 

Hi" AiKum [ 3OI4 

si? Bk.ul Can. I 29i a 

*S. '^ V “ Tra»l I US 


COPENHAGEN A 


lnteiT»*l ii, ....... 3.700 '+.25 

■leii.u.ii 'Fi. itv. . 1.4 3u a — 10 


^ 2'4 H* 11 " 442 8 

ST . 7 ttsliWI* 590 + 1 


•p .N ih. l£ui ... j. e. u5 

. l liV+ Gr '®y : ' rtt - «SaJ55PSS , iitl 


Auaerdakeu 135.50 11 


Buim'ser IV 424 +4 

Dauake Bauk 121.5 — j.5 

Heat A+lati Co. 159 (Ur— 0.5 


1 tJ+niUmil.. » 3.13a . + 36 

* Pireili -7lF •>'.<(»! a63 —4 
~~ 3*u lo, iFr. tt»Ji„ 3.4JU .—50 
8 -^ Lku ISit.Ler|:i 475 ,+ 10 
z-® >UimiU-iVi,ri(Xj, B75 -3 
"■* suuer Us tF.KKt- 332 '—6 


~12 21 • BiKW FmilenV... 92 

'■*'? +- ?"7 A.GnUilB 15U 

-10 ■«./ 3.9 An KreaiimiJ .... 1.64 

r3a 15 I/.4 siie. ’ 279 

2 tt ' ? S I r* 1 — ■+— "Ti* , 7b2 


— • * EqncD Bilbao 

27 ; 6.1 Banco Atlantico ll.MOi 

27 4.6 Banco OMrai 

9 ' 9.8 Banco Exterior 


15U.3— IX 14X5 9.7 1 Banco Cvunral 

1.640 — 10 I 39 : 2.il Banco Granada 1 1.000 > 

279 )+2 [ Bb.5 9.2 > Banco Htssann 

7b2 — 4 ' a«.t 3.4 I Banco lad. Cal. 11.000/ 


2b 1.9 ri+>m»ai Brandt.; 152.0 — 5.5 1 IS. 15 7.9 B. Ind. Ucdirerranco 


26 , 4.7 Ufcia*- ! 2o.0+0.2| 


FimnshflDkea.'.Z!' 13676—0.5' li TO'ft ' TVyS-'' 

Far. Bvsraier : 340 +1 1 r'c bm^lB.nliF.lOO; 350tf,+2 
Fl+. AtStT "I 70 75 Q 75; l S .,n'i ?^ 09 ,Ke ' PAftJMOO <-75 40 I 23 

HarUlrtiamk ! 1« Zo p towi Henk ! 20 I 3.4 

G.X’th'nH.(Kr9ui 260 . 0 ™ . 12 : li Zurlch Xat - 10.775 : + 100 , 44 j 2.1 

Stwrt Kami aa3Xtd +0.7S; la i 4.9 : : : 


12 ; 4.4 
14 ; 4.2 


; 1 Ivy 1. Tnjji I 

i -veytTe H'»c«itw+) 


;0t; ■ ,,| 'tilip.»Feirv.i , ni. 


I i’llahui t 

PiLu+V bi-im 

I (Hltufat 

! Pleraey Lt.< AtIR. 


40 <; i lint. I :■ 


• • IM.-- „ \.l . £2 

« • n* -i r -*i. .. ii-i 

< .+■*• 1 t||, tin*,. 39 
> •.-,.,.+-1*..+ .+ 

I -at armal Cr|i, at 
I'-ntlltenlalOil. 29 

< nntiaenuu'ieir. lb 

• 'wtifil Hal*. . 3t 

ti'TT Inrtufl— *j 51 


ip. 

11 

1 lull. tlnrii-,|+r . 

3u- 4 

oai; 

33. M 

| liitL Mill (ieu- 

-2 

22 -a 

Wo 

i lull. Mi-11 il.tt.i.,. 

+4 

42 

22 -a 

' (il«i . ... 

lb'; 

'« 

24 »l 

lull. I’ni*.' 

<1 ■ 

39 

3»i; 

• lit 

3a- • 


BJJi 4 

: (ill. U.*'l ■ | i<:r . . 

11 

3f» 

50<l 

: Inv. h-i. a M. 

31:. 

29't 

27i-i 

' ll>'"OI . 

1 . 

16i 4 

16*? 

• 1 ■■■»'» Hir- 

57l< 

31 

an. 

1C llili , rnai:..nfl:. 

12 " 

51 

5>'» 

i Jin. M’i.,i P r . . 

ii* 


I Pinnit'i.i 

• F..|.imac K't*' 

■ I'll. loliHne.. 
1 1'iia.iei ijamtle.. 

I’lih *i.»»e l.i««v 

Fuiliian 

1 Fnn 

VuflkPI 1 H.I* 

■ llnui’i \tum.-kti 

1 Kflvihenn 

I KC A 


33* 


4B5a 

41 1 8 

39 

! 1 V lifciualnrs,.,.: 

«C 

lZ>» 

+ Zt a 

, • -iviintfl h'-ect^.i 

1:84 

1334 

/3t; 

1 w-siwm. 

an 

hi 

l7Ja 

; n irneh Hmnni. 

i- 

07ly 


J itniKnUmitil. 

9 

dbl; 

alii 

| «f i» le-Man'men 1 1 



l-L 

■ it+.i.f«n,o .. .. 

*B 

^9 


■*otennus_ ( 

'met Canada. I 


JO j 5 5 STOCKHOLM 


Prue l + *u 1 
Krone ) — I kj. j % 


AG A .VblKcjoQt. 


'hemn lj..V!inr* 5.12 | 4.90 


'iriicn* (1. G ! t8i| 

'nniriti. I 

| ’lee- it Canaria...: 1:51 a 
1 'eel' Hfi.'fc him it 38 
1 rxw.T - Canada .. 1 38 jj 


Olietshnk ■ 74 . 76 - 0 X 6 ! la - 

Pmnttanji ldU.7o: ' — I B.0 

rrortutoauk 135 . 50 ' I 11 I 8.1 

wph. Bereadaen.: 376 +1 • 1 1 ! 3.x 

Stiperiofl ' 190.00’ +0.26' 12 I 6.3 


6.0 

8.1 MILAN 


Alrafiaral b(kr00j 
A»KA(k‘r.50).„ n | 


214 1-1 
157 1-3 
84.5rt — 1.0 


+ ui ,1/iv. Xi 
- : Iare . i 


A»KA(k‘r.eO).„ n | 84.b«l — I.Q 

Allas C.Tp W (kr&j UOitf..*. 

Uillero.<„. 1 82 L-3 

Berun..^ I 128 j — B I 

C«trtt>.,..„,„ I ltBxci— 1 


- I Orimlwt _.| 2s9 |. 


I W.Zl | .... . . . 

1 4.6 i E. I. ArajMtDesas 
1 4.9 j EsDacoU Zinc 
3.1 [ ExpC K10 Tiaio , 
, 5.0 1 F+caa * t.iMAt 


i3r a J tii<i<nln iKim.Bk.j la 


| U« public atee!..... 24 ij | Z47s 


1=^ 1 «>lem Ban.Tin . 7ig 
“:?» 1 tVtt+tero X. .Vmei; .7; 
... • tt'etierrj L'nlr»u... It -.i 

|o^ J"'*., libit ferti 201a 

1 "'« • Wraraen „*,.l *. I; 

iiSlt . «>>erhartjiM . . ' *4 ‘ 

9t; 1 Whir' poo *3 

401+ ■ White Con. lad., i S-'-'i 

28 1 3 U it'iaiu Cu j 19 1 r 

i47a l W.^cooaia jaieiL-.' 27 ig 


LinimCfliiFipcLii l+i 4 , 

I ia... fi. l. > n 1 


AMC : 91.0-0.15 

Uasb^i 1 410 —5.86; — — 


Kn+t'tux’B’ <lvS0| 1SS 6.3 ! 4.1 Gal. PrwlodCrt !” 


KrHamen “B’lKriOt 140 —1 


cStj j 1'aii’ Minim Oi> 

a 6 J Inatc.* ■ 

16lg J CnK-n (In* 

20 | CM. ’ixieMmi., 

1 11+ii.er Him ni.... 
a*.* I ""re 1 C'i*M Tra».. 
24 1 a I H'-iraHir*. ; 


VIENNA 


Fiat 1,968.5 +5X ' 15d 7.9 | K»*eite "B“ 


DraPriv ;i.642 +2 ! Ibu- 9.2 I Kafierata 1,112 


75.25 — 1X5-' — — jfitanxiwmee) 


Price j + jr : Div.;vi.t, lialceananr '10.349—1 ! 2U(J: 1.9 j Handle Auk eo.^ 3198)+ 2 


■ l«i’i-Jer 


— — 1 Hareism ' 120m 


16i« I 16(i 


CrediOin*Ult ' 342 

Ferininose 26Z i 1 

; 10 J 2.9 
9.t 1 3.4 

¥eaiprnt. u .tt — .] 96 1+2 I 

S*6.»x Daimler.... IB4 +3 
Vwt M«zne*it. ... 244 +2 1 

! 7i [ 3.B 
14 5.7 


’ [ U«|i^«im j 32.410 ! 1.200 3.7 I Hi. th'Ji lAuuiUi— 


3aailrikA.il* i 264 '+4 


Pirelli Si* 945 ;+l 


556 - — , — 


— • — I ■jJi.F. - B' kn j 

130 8.4 1 dka'i'i Ensk-llda.... 
80 8.5 Tanifriik 'B' Kret" 


LTddefaulDi ; 

VoJki (K‘r. 50, ' 


8U +1 ; 

It Ga— 1 | 

87.5—1.0 j 

sax- ... ; 

87.5 + 1.0 


J — 1 — Banco Popular 263 +10 

Banco Santander fJuOi 345 + J 

Banco tfnniijo il.Oodi .. 2U +12 

Banco Vizrara 2M +10 

Banco Zarasoaano . — . 382 +10 

mi..i.. BaaJtunlnn 261 +8 

iu. 1 t Banns AsdalucU — ZG - 1 

— . 1— Babcock Wilcox * 29 — 

6X 1 2.6 CIG — 77 4 2 

5 3.2 Draxados 283 +D30 

6 5.9 Inmoham/ 86 — 

6 1 4.6 E. 1. Arauwoes as 79JO + 4X0 

4 ' 4.9 EsnaaoU Zinc 112 +2 

y4 3.1 EXPC KlO Tlttlo UOJ* + J 

14)5.0 f«N3»«t.0W, . * 90 +S 

1J J 4.F Ptnena ilXOOt 75 +3X0 

6.5 - 4. 1 Gal. PrectOdM BE +5 

3 ■ 4.5 Grnoo Velazquez 141101 155 — 

a ■ 3 1 i - 8*M + 5 

4 1 a i ! nK'rtucro «7 +5 

_ 1 Olarra 15a +1B 

1 * I ^ -1 1 Pjpekra* Rcunwtas .* 77X0 + 3 JO 

2 **■ ' Petnliber * 129 + 1 

6 5 '(OX * PrtriMctW 212 +M 

S75' , i-»l Sa rnu FapaJera 72 + 2JS 

4 6 56 1 1" 1 *"- « +1 

B ' 54 1 125 +5 

lil-S.TeWoolca ...._ H +22* 

- +. ■ I Terras Boarench — . 183 +5 

y ft k o I Tafa »«* 130 + * 

— — vAl? j. Onion Elec, 8T.7S 


V 

s 

^0..* 


U ! 4.F Ptnnsa • 1.000 1 


4.5 I Grnoo Velazquez 14001 

, . j Ifidrola 

t:**.} Olarra 

+ n I Papek-ra* Reuiudaa .* 


Stt 
















financial Times Tuesday iviay 9 1978 


farming and raw materials 


37 








-TES 


Britain opposes 
Mediterranean 
farm package 


BY MARGARET VAN HATTEM 

BRITAIN TO-NIGHT joined 
Germany in opposing EEC Com- 
mission proposals for financing 
■a five-year plan for modernising 
Mediterranean agriculture. 

Mr.. John Silkin the Minister 
of Agriculture, announced at the 
Farm Ministers’ meeting here 
that Britain was unwilling to 
agree to the Community’s pay- 
ing more than 30 per cent, of 
the total cost of restructuring 
agriculture in ItaJys-Mezzogiorno 
region and the Languedoc- 
RoussiUon area of France. 

Nor would it consider pro- 
posals for additional aid schemes 
in Corsica and southern France. 

The meeting later broke up 
until to-morrow morning without 
agreeing anything, although the 
Danish chairman warned to keep 
the Ministers sitting through the 
night. 

Sig. Giovanni Marcora, the 
Italian Minister, complained That 
it was difficult to negotiate with 
Britain's Farm Minister absent. 
Mr. Silkin had left for home 
shortly after speaking in order 
to vote in a House, of Commons 
division. 

Differences over financing the 
package, which would cost the 
Community dose on 2bn. units 
of account over five years, have 
emerged as the biggest problem 
in the annual farm prices review, 
which was resumed to-day. 

The problem surfaced at the 
previous farm council in 
Luxembourg last month, when 
Germany 1 unexpectedly an- 
nounced that it would not 
support more than a 25 per cent. 
Community contribution for the 
proposed measures. Until then, 
Germany had expressed only 
vague reservations over the 


BRUSSELS, May 8. 

Commission's proposal that the 
Community should provide half 
the funds for the Italian scheme 
and 35 per cent, for the 
Languedoc-Roussilon one. 

.Mr. Silkin to-day denied 
accusations that Britain had 
made a deal with Germany, but 
added: “ We have not spoken to 
the Germans on this, but we seem 
to he pretty well agreed.” 

He also denied that the British 
stand was new — the 30 per cent, 
ceiling had been mentioned in 
Luxembourg, be said. 

Commission officials commen- 
ted that, while Britain bad made 
no secret of its general reserva- 
tions, it had not openly specified 
a 30 per cent, ceiling. 

Both Britain and Germany 
claim that the -overall cost of 
measures included in the farm 
price review is too high and have 
singled out the Mediterranean 
package as a prime target for 
cost-cutting. 

Both countries are acutely 
aware that whateyer the Com- 
munity does for French and 
Italian Mediterranean farmers, it 
could be called upon to do for 
Spain, Greece and Portugal, 
which have applied to join the 
Community. 

Meanwhile, Germany is pres- 
sing for higher milk and cereal 
prices, which would considerably 
boost the cost of the Common 
Agricultural Policy. Britain has 
indicated that it is prepared to 
relax its stand on a tough prices 
policy. 

The Commission has proposed 
a compromise price increase 
averaging just over 2 per cent, 
as compared with the 1977-78 
season. It would be the' lowest 
ever. 


Firmer tone 
in tea 
market 

By Our Commodities Staff 
A MORE buoyant tone was 
apparent at yesterday's weekly 
London tea auction. Prices 
for the main quality, grades 
moved up marginally and 
nearly all offerings found buyers. 

Prices bid were generally 
above the market's estimated 
valuation for the first time in 
several weeks. 

The average price for quality 
tea was 130p a kilo, compared 
with I27p last week. Medium 
quality was 6p dearer at 119p a 
kilo and plain 2p dearer at S4p 
a kilo. 

London tea prices have been 
depressed since the publication 
in February of a Price Commis- 
sion report which said that retail 
prices were too high. This led 
to a serious decline in retail 
demand, as housewives waited 
for prices to find their correct 
level. 

Few retail buyers now seem to 
expect further price cuts, how- 
ever. and the high street market 
is at last returning to normal. 
Improved retail off-take has 
brought a marked recovers- in 
confidence among the major 
blenders who are now returning 
to the market in force. 

India to start 
wheat exports 

By Our Own Correspondent 
NEW DELHI. May 8. 
INDIA WILL soon start export' 
ing wheat products for the first 
time to reduce heavy accumu- 
lated stocks. 

Wheat stocks have accumulated 
to over 18m. tonnes after bum- 
per crops for three years, aud 
are straining storage facilities. 
The main market for wheat 
exports is expected to he the 
Middle East 

Previously the only food 
grains India has exported are of 
better-quality rice. 


First rise in copper 
stocks for 14 weeks 

BY JOHN EDWARDS. COMMODITIES EDITOR 


'THE FIRST rise for 14 weeks in 
copper stocks held in London 
Metal Exchange warehouses Was 
announced yesterday. Stocks 
were up by 1,175 tonnes, raising 
total holdings to 551,475 tonnes. 

This compares with the all- 
time peak of 645,300 tonnes 
reached in mid-January this 
year. 

There was little reaction on 
the London Metal Exchange to 
the stocks increase, since it had. 
already been forecast last week 
and discounted. 

Prices wera buoyed up by the 
weakness of sterling and cash 
wi rebars closed £4 higher at 
£59L25 a tonne. 

A fall of 125 tonnes in tin 
stocks, cutting total warehouse 
holdings to a lowly 2,395 tonnes. 


was also in line with market 
expectation and had little impact 
on prices. 

Another increase in the 
Penang market over the weekend 
failed to boost London, since it 
was thought to be merely a 
catching up with the sharp rise 
In London prices on Friday. 

Lead and zinc markets were 
quiet. Lead ’stocks fel by 400 
tonnes to 61.500 tonnes, but zinc 
at 61,875 tonnes and LME sihrer 
holdings at 18,120,000 ounces 

were unchanged. 

It was confirmed that Cominco, 
which last week said the U.S. 
lead price cut was not justified 
by the supply-demand position, 
has been forced to come into line 
and cut its US. price by two 
cents to 31 cents a pound. 


Plea to cut potato 
plantings ignored 


UN call for world grains pact 


BY OUR COMMODITIES STAFF 

AGREEMENT ON an inter- 
national cereals pact that could 
become the legal instrument 

for achieving lasting food 
security on a global scale” was 
urged yesterday by the UN Food 
and Agriculture Organisation in 
Rome. 

The call came from a 79-nation 
committee of the organisation 
considering world food security. 
It recommended that any new 
international grains agreement 
should include provision for 
reserve stocks large enough to 
ensure adequate world supplies 
in times of widespread crop 


failure, and special help for 
developing countries in building 
up their own cereal reserves. 

It supported a proposal to 
create a new Food Aid Con- 
vention for. at least 10m. tonnes 
of cereals annually, compared 
with the existing convention 
covering 4.2m. tonnes. 

Meanwhile, leading ' grain 
exporting and importing 
countries were said to have made 
real progress In Geneva last 
week, where they discussed pro- 
posals for a new pact to replace 
the existing International wheat 
agreement. 

The interim committee set up 


in March to continue nego- 
tiations on a new pact is to meet 
again in London on June 5 for 
three weeks to draft a new agree- 
ment that would then be con- 
sidered by another negotiating 
conference tentatively scheduled 
for September. 

Mr. Arthur Dunkel. chairman 
of the interim committee meet- 
ings in Geneva, claimed that real 
progress had been made on the 
mechanism to be used to 
stabilise the wheat market. 

The sue of the proposed 
reserve stocks and where they 
should , be held was also dis- 
cussed.'\ 


BY CHRISTOPHER PARKE5 

BRITAIN'S POTATO growers 
appear to have disregarded 
warnings from the Ministry of 
Agriculture to reduce their 
plantings Ibis spring. 

Tbey were told earlier this 
year that, since consumption had 
fallen by about 13 per eenL, it 
would be wise if they cut their 
sowings by the same amount 
They may yet be forced by 
the weather to cut back a little 
though. Heavy rain the past 
week has prevented farmers 
from working in their fields, 
and by the time Lhe ground is 
dry enough, it may be too late 
to finish the plantings. 

A Ministry spokesman $aid 
that if rain had not interrupted 
work at the start of last week 
it seemed likely that the total 


acreage planted with potatoes 
would have been ibe same as 
last year. About 10 per cent of 
sowings remained to be com- 
pleted. 

This was "disappointing” be 
said, especially in view of the 
warnings given and the fact that 
there were still considerable 
doubts about how the British 
potato markets was to be 
managed ia future. 

Last year's crop is still 
covered by the British 
guaranteed price scheme, under 
which market returns are, where 
necessary, made up to a pre- 
determined level with deficiency 
payments from the Exchequer. 

Plans for a Common Market 
potato regime may spell the end 
for the national support system 
this year, though. 


Most sugar beet planted 


BY OUR COMMODITIES STAFF 

ONLY ABOUT 2,000 hectares of 
the UJK. sugar beet crop has still 
to be planted. This is I per cent 
of the record area of 209,000 
hectares contracted this year 
between farmers and the British 
Sugar Corporation. 

The Ministry of Agriculture 
reports that the beet already 
drilled is germinating well, and 
the sugar corporation says the 
recent heavy rain is unlikely to 
do significant damage. 

The corporation expects the 
beet crop to yield 950,000 tonnes 
of white sugar this season, com- 
pared with 700,000 tonnes from 
a 206,000-hectare crop last year. 
In France the national beet 


growers' organisation, a powerful 
voice in the market said that 
the bad weather threatened to 
reduce sugar production from 
last year’s record 3.92m. tonnes 
to between 3.1m. and 3.3m. 

The growers told Reuter that 
on. May 3 about 80,000 hectares 
remained to be sown out of a 
planned total of 525,000 hectares. 
Fields not drilled by May 15 will 
probably be planted with maize. 

After the farmers’ statements 
Paris sugar market analysts said 
doubts about the size of the crop 
in France and elsewhere in the 
EEC were helping to support.the 
market and encouraging some 
demand for futures. 


NORTHERN FOODS— PORK FARMS 


‘A £23m. offer we 
could not refuse’ 

BY JAMES BARTHOLOMEW AND CHRISTOPHER PARKES 


if a balanced diet is as 

healthy for the body commercial 
as it is for the human organism 
it stands to reason that the de- 
velopment of Northern Foods, 
whose takeover of Pork Farms 
was announced yesterday, should 
be vigorous indeed. 

Northern Foods, which has 
grown to its present stature 
mainly on dairy and bakery pro- 
ducts, now has a good plateful 

of meat — and gravy — before it. 
Pork Farms’ pre-tax profits fore- 
cast for last year is £2.9m„ com- 
pared with £1.95m. in 1976 and 
£777,000 in 1973. 

Profit in 1950 from the three 
original pork butchers' and pie 
shops run by Mr. Frank Sara- 
worLb was £15,000. 

Mr. David Samworth. chair- 
man of Pork Farms, is convinced 
though, that this family business 
is not going to be gobbled up 
and digested by the bigger com- 
pany. 

Clearly, he has been waiting 
for tbe right momenL in March, 
during another round in a long 
series of takeover rumours. Mr. 
Samworth was calm and dismis- 
sive. “We are just not inter- 
ested in selling," he said. Since 
the fairly owned 60 per cent, of 
the shares, he could afford to be 
cool. 

Among those reported to be 
interested were Thomas Borth- 
wiefc tonly recently recovered 
from having its nose pushed out 
of joint in the tussle for control 
of FMC with the National Farm- 
ers' Union Development Trust) 
and Unilever, which already has 
a substantial slice of the pro- 
cessed meat market through 
Mattesons. 

No dynasty 

"l wanted the firm to go into 
tbe right hands." Mr. Samworth 
said yesterday. “1 knew 1 bad 
Id sell at some stage." His two 
brothers have no children, and 
bis eldest child was only seven 
he explained. There was thus 
little chance of a dynastic family 
management being established. 

“It was not a question of if, 
only of when the takeover hap- 
pened,* 1 he added. "Northern 
Foods came along with a very big 
offer— a lot of cash — and it's 
hard to refuse an offer like that.” 

He aimed to sell to a company 
about five to six times as big as 
Pork Farms, because he wanted 
to be sure that his company's 
voice would continue to be 
beard. 

Pork Farms' star products are 
pies, pasties and cooked meats 
distributed through upper-crust- 


grocers such as Fortnum and 
Mason. The staple income, how- 
ever, comes from i he income. 
however, comes from the higbly- 
prized and jealously-guarded 
chain store outlets under the 
“ own brand " labels of companies 
like Marks and Spencer and J. 
Sains bury. 

A big advantage in the take- 
over. for Pork Farms us Mr. 
Samworth points out. i s the pos- 
sibility or using Northern Food’s 
cash to expand. 

But how should a company like 
Pork Farms develop from here? 
Mr. Samworth refuses flatly to 
consider the bacon business — 
that thorn in the side of the rest 
of the U.K. meat processing 
industry. But he sees bright, 
even brilliant prospects in manu- 
factured meat products. 

Pork Farms grew strung un a 
range uf high quality pics and 
processed meals during an era 
when consumption or butchers’ 
meat was on the decline hecausc 
of soaring prices. This era 
coincided broadly with the dawn- 
ing of the age of convenience 
foods. 

In spite of some of the un- 
pleasant surprises imposed on 
consumers in the past 10 years 
or so by the less scrupulous food 
processors, there can be no doubt 
that the market for ready- 
prepared food will continue to 
grow. And Pork Farms was- in 
there at the start with the grand- 
daddy of at] convenience foods— 
the pork pie. 

Much is made of. the family 
tradition or attending at least 
one of the company's four daily 
tastings, and Mr. Samworth is 
touchingly proud of the com- 
pany’s annual tally of medals, 
blue ribands and other valued 
knick-knacks collected in open 
competition with other meat 
firms. Last year, for example. 
Pork Farms collected more than 
50 first prize awards. 

Nobody can accuse Mr. 
Samworth of letting Pork Farms 
go cheaply. The price of £23rn. 
is 16 times Pork Farms’ 
estimated 1977-78 fully taxed 
profits. And the asset backing 
is minimal, tbe net tangible 
assets in the 1977 balance sheet 
being only £2.7m. ’ 

Retained earnings will have 
increased net assets since then 
of course, but Northern Foods 
Is probably paying more than 
£17m. of goodwill because of its 
faith in the earnings and the 
management of Pork Farms. 

The bid is therefore in sharp 
contrast with Northern Foods’ 
recent failed £l-2|ra. bid for 
James Shipstone and Sons. The 


Nottingham brewer was highly 
asset-rich, claiming in nun 
properties worih £21 in. but 
making pre-tax profits of only 
£2m. 

Northern Foods has made at 
least 12 takeovers during the 
seventies. The stock market does 
not normally take kindly to this 
sort of activity nowadays, but tin* 
acquisitions have, on the whole, 
proved successful 

Northern Foods’ profits have 
risen from I5.Hin. in 1973 to 
£17.9iu. in 1977 and it is one of 
the stockbrokers’ favourites in 
the food sector. 

Surplus funds 

Henderson Cmsthwaitc. fur 
example, enthuses a limit ” the 
tremendous rash-generating 
qualities uf the dairy busine.*.- " 
and adds: " Northern Funds is 
probably seeund in the trade to 
Asda »n terms of the successful 
deplo>meni of surplus funds." 

its "surplus funds " have 
been burning a hole in Northern 
Foods’ pocket. The company 
currently has more than IlUni. 
in fixed interest securities. Hav- 
ing failed to get Shipstone. 
Northern Funds was even keene- 
to buy something and bus there- 
fore been ready m pay the ful- 
some price for goodwill. 

To-morrow, hcwpver. Northern 
will make a further announce- 
ment about its instalment credit, 
leasing and hanking subsidiary. 
British Credit Trust. The niark-t 
expects That this will he a sale 
or all r.r pari of its interest, 
leading tu a new cash inflow. 

This could see Northern Foods 
hack on the takeover trail again. 
Its brewing ambitions are not 
.vet satisfied and it has slakes In 
Avana and Rukuscn. At least the 
takeover policy has (settled into 
a pattern and is now exclusively 
in the food secinr. 

There is a shortage nf medium- 
sized food companies to be 
acquired Though, and plenty » f 
other predators such as Imperial 
Group and Unilever on the hunt. 

OLIVE OIL 
PACT TALKS 

MADRID. May S. 

The International Olive Oil 
Council, meeting from Way S to 
12. is to continue preparations 
for a new international olive oil 
agreement. 

The agreement is due to be 
negotiated under the auspices or 
the United Nations Conference 
on Trade and Development from 
March 20 to April 6 next year, 
in Geneva. 


BASE METALS 


I'Bsed from 1709 will! one of tbe buyers 
_ . _ coniine out a setter and with Comes 

COPPER— Lower on the London Slew ■*'*'« 

Exchange. Forward roeval fell Initially was Tumour .<.425 tonnes, 

from rT06 to fltt! on short selling r.nd Amalgamated Metal Trading reported 
disappointed bull Inundation but buyers |hat iM ^ coming cann tor-bars traded o months. 
iame min the market as sterling M m,, j Jjentem't. 


Tl.V 

I L n.m. *.ri lent. I 

Offtcul I — ^Vaotti-.'in 1 

t+or 

High Gri 

Cam j 

ida £ ’■ £ ! £ | 

6525-35 :+139 :647DB0 

£ 

-17.5 


reported. Spinners were taking up larger 
Quantities of the raw material la an lid- 
pa non of a heller off-take. 


waiter. ert. , TI.?m w« tfavy pricim wlih « «*>•». *■.**; throe mouths i»l 
three influential buyers of cash racial 
and heavy svJlitu. or forward meul 
against it. In the afternoon the price 


copper! 

fl.ni. ; 

Oflletnl | 

+ W | 

|j.oi. 

UnoffioM 

t-H-r 


£ I 

1 £ 

£ 

£ 

Wirebars 1 

690-1 ! 

+3.78 

691-.5 

+ ■»■ 

jmonttuu. 

708-.3 | 

i+fi/5 

709-.5 

+ A 

Sml'm'nt, 

691 

+ 4 1 


• •• — 

Cachodm. 

&B0.5-1; 

+ 3 

681-2 

+ 8.5 

i month*.. 1 

698-9 | 

+2J5 

699-700 

+3J8 

belt I’m' oij 

681 1 

+ S 

1 — 


U.S.-Sint.. 



' 69 

-2 — 


US 


COFFEE 


6533 I+14S 1 - 


6935-39 1+129 ,6470-80 -17.5 
6390-6: 1+75 ■ 6370-80 —12.5 

6335 +143| — 1 

291665. )+ 25 j - i 

- 1 *537.50 ,+ 13 


4.3. 3. 5. 7, 7.3. S. Cathodes cash £<S0 3. 

Kerbs: Wirebars three months £70S. 7.5. * mouth* . 

7. 7.S. Afternoon: Wirebars ihrec month* Settlem’ t . 
rrus. 8.5. 6. 8-5. 9. Catiwd-s three 6traie» A- 

m oaths 1899. Kerbs: Wirebars three Abw xora 

months 1709. S. 7J. Homing: Standard cash £0.530, three 

Tin— SDofeUy lower over the day with months 28,379, 73. 98, 55. Kerbs: Stan- 

forwarimeUiJ Banins at 0.400 after a dard cash XMB3. 10, three mooUis 

higher Eastern price overnight but trading £8,983, Bfc Afterawju; Stacdaixi i^re 

around J0L380 on profit-taking. In the months £&3&>, 8ft ■ 8L_ Kerte. ® u ^J anl 

afternoon there was a lack of follow Bute mon t hs Will, 53, 40, 30. 35. SO. 
through, consumer demand was light leap Hewed n an uwty in a market 


Robtusias recovered well from a weak 
start. Preset Burnham reported. Com- 
mission House stop-loss liquidation was 
the principal cause ol the morning I all. 
Values at the dose were basically 
unchanged on the day. after trade sup- 
port had hailed earlier Josses. 


price fell to a dose on thi 
£6.330. Turnover. 1,440 tonnes. 


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EUROCHARTS COMMODITY REPORTS 

aasHgjS 



gold newsletter 

Thr interwuomi wltertn bM-*«£ 
tO-rfie-mimite intorewttor, and 
an OOW. 

haii ten, w»ms anti leweiicrr. 
MMueanSm month* at £20 per 
yrarluSA 540) from COW NevntetW' 
80 CMncere U«. WC2A 1DL 


(METALS) 

RON BONHAM RAYNER 

Spccliaiit in Charting and Trading 
Metals. Purveyor of. (high quality) 
meal options ** trading 
I £ J nontb -option*. Chare fce*- 
n, leaner Service- May bulletin now 
aval table. Write or phone: - 
Nipier Hew. <1* Nefna Read, 

Tel: 926® WW*T on 03742 798*7 


jj LONDON COMMODITY CHARTS 

1 S-, 10- and 20-day Moving Averajw 
I updated to Friday’* <=■«»«- 

{•FI«— -*-*a ^ ^ 

[ 1 enctee cheque for £85 D — 


NAME .... 
ADDRESS 


£363 but then traded for the rest of the 
day between 1307 and £306 before closing 
on the Kerb at U6SJ. Turnover. 2,923 
tonnes. 


COFFEE 

kesterdnyV 

Cloao J + or 

Bustneta 

Done 


£ per toon# j 

September „ 
November... 
J unitary 

1570-1571—2.6 
1388-1389 —0.5 
1294-1296; — 2.5 
1241-1242-1.0 
1210-1215-7.6 

1574-1566 

1390-1888 

1295-1272 

1243-1217 

1210-1280 


1170-1190—22.5 


1 



EEC DAILY IMPORT LEVIE5 aud 
premiums, effective for May 9. in order 
carreoT levy" plus May. June and July 
premiums, with previous in brackets nil 
in noils uf account per tonne j: Common 
wheat— S8.27. 0.66. 6.86, 000 nil. 

mL 0.4fli; Durum wheat— 129.13. 0.-A. 0.86. 
LOS 1 129.13, 1.32, LSS, «li: RM-fcLM. 
:.W. 2.64. 011 (S3JW. 1.15. 1.15. 5.14 1: 
Barley— 76.97. nit. oil. 0.66 (76.73. nil. nQ. 
nlln Oats— 77.88. nlL nil, nil (samet: 
Malic (oilier than hybrid for seeding}— 
7LS9. 9.W. 0.99. 1.M f 75.79. DJ3. 0 33. 
1.65C Millet— SO.OT. 9.33. 9.33. uU <90.97. 
nil. nil. oil): Craig sorghum— 60.73, 1.63. 
L65. nil >50.73. nil. nil, nCi. 

Also for flours; Wheat or mixed wheat 
and rye— 05.53 (13SJ96); Rie— 125.07 
038.07 >. 


RUBBER 


LEAP 

*JD. 

OffinUu 

+ or 

p.ni. 

Cnottictaij 

t+ca 

Uuii 

£ 

299.5-300 

1 £ 
—JS 

£ 1 

B99-300. 

£ 

-.378 

5 months- 

307-.S 

1 — 2 

3Q7-.B 

—a 

■jott'hn'm 

300 ! 

—.5 

31-33 1 


L'jS.Spor . 

— 1 

1 




Morning: cash XML £390. £299.5. £300. 
three months £305. 5J. 6. 53. 7. S. 7.5. 7. 
Kerbs: three months £307.5, 7. 7.25. After- 
noon; three months £307.5. S. 7.5. Kerbs: 
three months £397. 6, 7. 

. ZINC— Utile changed, moving in much 
the nni^ way ua lead, with Initial 
easiness, when forward metal went from 
£307 to £303. ton owed by a steadier tread. 
The price moved between £305 and Out 
before dosing on the Kerb at £306. Turn- 
over. 2.675 tonnes. 


Sales: 1.731 1 1^731 lots of 5 tonnes. 

ICO Indicator prices for May S (U.S. 
cents per pound i: Colombian Mild 
Arablcas 192.50 • 193.001 : unwashed 

Arab tear 169.00 i Barnet: other mild 
Arablcas 168.81 fMfcSOi: Robtwas 13S£> 
<139.00i. DaW average 152.16 <134*491. 
ARABICA5 — The market was dnU and 
tcamrelcss. Drcset Burnham reported. 

Prices i in order buyer, seller, change, 
business/— June SS8.00-lg2.09, +1.23. un- 
met ed; August IM. D0-1 66.50, -1.00. un- 
iraded: Oct. 150.D0-132.M. -L3S. no traded: 
Dec. 140.25-141.00. —US. MLB0: Feb. 
131.90-138.00. -0.75. untraded: April 130.00- 
134.00. +1.50. un traded: June 127.D0-13L90. 
— 1.50. un traded. Sales: 1 <3/ lots of 
17.2M kilns. 


EASIER opening on the London 
physical market. Little interest through- 
out tbe day, dosing dulL Lewis and 
Peat report that the VmUurstan nod own 
price was 211 <212) cents * kOo (buyer. 
June). 


No.t 

fNt'nky'' 

Previous 

Birainesa 

R.S.S. 

cloofi 

close 

done 

1 1 

1 1 



GRAINS 


a.m. >-}- orl pjn. ;t+or 
ZINO I Oflk-tal [ — OnoOcbJi — 


£ I I £ i 

2B7.5-&S —1.25 2B7.M.S -.16 
506.5-7 i~J7E, 306.5-7 j — 
898.F 


£98.5 -7 - 

- I I » 


*Mi ■ i 

i months-! 
a-msut "j 
Prea-Wen 

• Cents per pound. 1 On previous 
official close, t SM per picul. 

Meriting: three months £306. 6.5. T. B.5. 
Kerb*: AH Carries. Afternoee: three 
months £307, 7A 7, 15. Keriar. three 
ni mrin £307. 

SILVER 

saver was fixed Q.ft> an «mee lower 
for snot delivery In die Lo n d on buumi 
mwftat yesterday at 277.8 b. u-S. cent 
equivalents of tbe fixing le vels were: 
8PM 595,1c, down SJie; dtreMnondi 513.6c, 
down 2.6c; six -month 5TL3c, down aOc: 
amt 22-month 543.7c, down 2 . 6 c. The 
metal opened al 279.3-2$B-3p (SlMllict 
and dosed at 277.S-27S.8l> (SOWOWeL. 


LONDON FUTURES (GAFTA)— Old 
crop barley traded from 95 points higher 
in iMn conditions down to un ch a n ged and 
closed 15 lower with few hid* noted. 
Old crop wheat, after initial gains of 35 
points, closed 25 lower with no interest 
apparent, A eh reported. A'ew crops 
opened strongly on Tears of crop damage 
after the week-end rain, but heavy com- 
mercial hedging teas noted ct 5640 
higher on wheat and 25-35 higher on 
barley. As a result, ibo early speculative 
bnerest evaporated and values dosed 
e asier by 5-35 points. 

WHEAT | BARLEY 

[ Yesterday W + or [Ye*te»tiay*«j » <v 
M'oth vkwe I — - ! Hots ] — 


June...... 53.55-54.18' 

July < 54.40-54.75i 

Jlr-tiepti 65.0fr5J.15! 

Oct- Ded 55hfrc5.90| 

Jaa-Mr. 5B.KU6 95 
Aur-Jne! 57.B0-87.9tf 
Jly-Sop.' 59.8IL58.9 b! 

Oct- Dec 1 59.93-59. 55; 

Jin.UMrJDS5JI.D0: BUM1 

Sales: M0 (30fi> tola of U tonnes and 13 
lots of five tonnes. 

Physical closing Prices fboyersi were; 
Soot 5L5p 153.01 : June SLSp i5L9»; July 
53p 133.251. 

SOYABEAN MEAL 

tlarhet opened tmehangod • In thin 
trading, bat scattered buying drove prices 
Higher In mid-afternoon. A disappointing 
Chicago opening then caused the market 
to' dip again and prices closed at between 
ELM ahead and unchanged. 


Tiej.tenlay 

Close 


F-“! 


buBiiiec, 

Opne 


Mgy 

3epL 

No». 

Jan. 

Star. 



srwi :277.6p 277.4f."J.3 

J months*. 8B2.6p j-0.1 ! 285A|i.— OA 

mouths.. sBO.Bp f+0-5 ] — [ 

bnnuitb*. I 307p . +0 J | 

'LME— Turnover" M <lMf lots of 10.900 
ounces. Morning: Three months 2HJ. 
4.1. 4. Kerbs; Three months 283J. After- 
oooiu Three months 283.7, LB. Kent*: 
Three months 2S3.7. 

COCOA 

Values traded Qurtlly throughout the 
day, riiwtng slightly easier on b al a n ce. 
Gin and Dttffns reported. 

jYesttrtny’ei + « I "Sariuw 

COCOA Clow — I I*®* 


May . 
Jure. 


SoJiCunr'd 

.[HHkfrSS.Q 
'1864.0-55.0 

Sept. 1M5J-MJ 

Dec Jlt»U.Ma.h 

March '17MU-7Q 0 

Mnv..« 17J-JM0 0 

Jure Jl7M.606.fl 


[—5 jnl9mojM6.il 
JlZJJI19MJW4.il 
!-3.W'1fiW-*BS.O 
| + a.7B , li92JH79< 
I —1.75] 1784.1*- 6&JI 
: + 2-001 — 

' + 18.0117 10. 0-08.6 


Sales: LSI" (1A16> -lots Of 5 Umnes. 
uunuufosul Ckm Organisatiw <UX- 
cents per pound) — Dally Price May 3: 
1G0.5S . fl5L23>. Indicator prices Star S: 
Ifrday average 150-85 tlSLTit: 22-day 
average 154-49 <154L£6t. 


COTTON 


COTTON— UvareooL Spot and ship- 
ment sales amounted to US tonnes. 
Activity continued on a freer baidfc. with 
additional support cvfrfmi in African and 
Sooth American growths. 9*. w. TattersaU 


88.75 t— OJ5 82.65 — O.IB 

86.10 -O.10 80.65 — QJE 

88.50 — O.10 83.10 -040 

91.00 -0.10 86.55 — 0_2S 

95.55 _|— O.Ofi 88.10 __ M34S 

Business done; Wheat— May 994S-9&M. 
Sept- 86.3}. Not. 89.Ofr88.50, Jan. SLSfr 
9L0D. March 944683.70. Sates: 50 lots. 
Barter: May S3.i5-82.80. Sept. 81.25-83.60. 
Nov. 8L654Q.I0. Jan. SSJ5-55J50. March 
88.79-8840. Sates: SB HtU. 

IMPORTED— Wheat: CWRS .Mu. 1. 13! 
per ernu Hay £9445 Tilbury, li.5. Dark 
Northern Spring No. 2. 14 per cent.. 
May £83.00. June and July 04.25. tran- 
shipment East Coast. U.S. Hart Wittier 
Ordinary, Australian. Argenrine; Soviet 
add EEC trades unnamed. 

Mater: U.S., French tiro-half May 

£109.75. second- half May £106.00. June 
£105.50. transhipment East ■ Coast. S. 
African Trilow May-Jime £*L00. S. African 
While add Kenya Grade Three uwraoied. 
Barter, Sirstum, Oats: onquotod. 
MARK LAN E — Activity was limited due 
to tech of otters, but the lev trades 
reported reflected a sharp increase in 
prices- MlUng wheat delivered London; 
May DOS .00, June flWJW, July £106.00. 
DenaturabJc quality wheat drilrered East 
Anglia: May £88.30, June nffi-W, 'July 
£10343. Barietr delivered East Anglia: 
May 18843, June 13740. 

HGCA— Location ei-tarm spot prices: 
May 8. Feed wheat: East Suffolk JSL90. 
Feed barter: East Suffolk £&£& 

U.K. moneury co-effldem (hr the week 
from May 13 la expected to reawls un- 
changed. 

HGCA regional and UJi, overage ex- 
farm ap« prices for w«k ending May 4: 
Other mlUtas wheat— Eaatera £97,50, E. 
Midlands £07.70, V ■ Midlands £9540. w. 
East £95.40. ST. West £97.10. Scotland 
£5840: UJC. £9740; change +170; tonnage 
2.137. Fee<f wheat— g. East tSGJU. S. West 
£9349. Eastern £94.50. E. Midlands ewlio. 

W. Midlands £83.40. N. Eon teUO. N. 
Wen mao: U.K. IM.00: change +39: 
tonnage 6.111. Feed barley— 5. East 5SLM. 
s. West £S3AS. Eastern ££40. E. Midlands 
XSLH. W. Mtdtaunls £50.60. N. East £81.40. 

X. Wot £78.40. Scotland £8170; UJL 

S1.7S. change +78: tonnage <36. Matting 
barley Eastern £8649. E. Midlands £84.40. 
X. Safi Scotland £87.40: UJL. 

£56.70; change +10; tonnage 15,853. 


igpcrtonne; 

Juna MJOJM-MJ+O.TBilBl.OO-ra.Tl) 

August miJ-26.* +O.8E.T50. 50-21. 70 

October [l2fi.0frSB.fi +OM 128 JO 

December ... 122JB729J5.+O.I3 122.50-22.!® 
February ..... jt21 JO-24. J.+ O J5 — 

April Jl24JMB.ft+O.B5| - 

Ju ne i W.5frgf.0_ + QJ0 l — 

Sales: 97 tiiaj lots uf 100 lonnei. 


SUGAR 


LONDON DAILY PRICE (raw sugar) 
H0L50 (£180.501 a I0ime eif far May-June 
shipment- White sugar daily twice was 
fixed at £1M.00 teamc- . 

After opening at around pre-week-end 
levels, the market made uutdest gains in 
light trading andillmn, C. Czarnikow 
reported. 


sugar 

Prof. 

I'unint. 

Conn. 


Clwoe 


I'irvinu 

• . btminns 

Close 

Dune 


• • i: twiu* 

Aire..... IB6.28-C6.35: 1D5.B0-K.0B 10fl.4fl-04.a0 
UrtT.... 109.10-10.00 lOB.BfrW J5.1 tfiJs-OS JO 
ifec..... I14.10-14.3fl l1LB9.1iniMJS-HJM 
March . 121.10-21.25 tlB.TB-lSJO'iai^-lfi.fiB 

Slsy 124 JO-24.751 125 J5-88.7aj 124.76 

Aug...., 128^-28. b0; 128. 76-27 Jffl - 

151 .75-52.00' IM JfrM.75! __ 

Sales: 1 J 6 « fl.745» lots «f 50 tonnes. 

Tate and Lyle ex-nrSnenr price for 
pnaulaied basis white sugar was £S4L40 
(same) a tonne for home trade sad 
HSIAO (£160 A0> for export. 

International Sugar Agreement; Indi- 
cator prices. UA cents per pound fob 
and stowed Caribbean port far May S: 
Dally 7.33 isamet: lHu average 7 JSZ 
17J4). 

MEAT/VEGETABLES 

SMITH FIELD (petwe per pound)— 
Beef: Scunteh kitted Pdfe 3X0 to 57J: 
English hindquarters 70.9 10 72.0. fOW- 
uuartcra SSJ) va 41.0: Ulster hindquarters 
E9.0 W 7L0. forequarters 30J to 414 . 

Vesf: Dutch hinds and cuds 08.0 to 
M 1 . 0 . 

Lamb: EnuJtth aman new. season 63.0 
to 7S.0: Imported frozen.' NZ T*L 49.0 to 
50.0: P&l 47.8 10 48.5. PH 48,5 to 47 .fr 

Hosseta: English 50.0 to 68.1. 

Farit: English, under lWbs 3t.o to 46.0. 
lOfrlSOlbs 38.0 to 44.0. 12frl6aib» 36.0 b 
42.0. 

Rabbits nAJnnodi; English tame M B 


to B5.0: Chinese 42-0 to 43.0; Australian 
39.0 to 40.0. 

MEAT COMMISSION — Average Uuiock 
prices at representative marteia on May 
S. C.B. cattle TB.12p per kg.I.w. i+0frS>. 
U.K. sheep I6l.#p per kg.rsi.d.c.w. 
1+J4-2I. C.B. pigs 64.2p per kg. l.w. 
1+0.31. England and Wales*— Cattle 
average prUv TO.TOp t+0.47«: Sheep aver- 
age price isiJSp i + lt0i: Pigs average 
price 64.3p <+0.4 i. Scatlaad— Call hr 

numbers down 4.5 per cauL. average 
price 67.73 d Sheep down 25.0 

per cent., average price 14S.ip i+9.3i: 
Pigs up 2J9 per cent., average price te-OP 
I -r 0 .il- 

•No England and Wales number 
changes due to holiday last week. 

M LC— Average fat stock prices at repre- 
sentative markets far week ending May 6 
— GB cattle 63-23p per kg- l.w. (+1.1D. 
U.K. sheep 150.6P per kg. est. d.c.w. 
I+4JD, C.B. pigs 64-2? per kg. Lit. 
f-v 8.5 1 . England and Wales— Cattle num- 
bers down ILB per cent., average price 
99.64p (+J.4St: Sheep down 15.4 per cenL. 
average 151-Gp Pigs down 13.7 

per cent-, average 64.2p C+O.B*. Scotland 
— Cattio up 4.1 per cent., average SSJfip 
i+OJBi; Sheep doom 34.S per cent., 
average i42Jp (+3.4>: Pigs down 5.1 
per vent., average S4.9p (+0.1). 

COVERT CARDEN tpnccs in Sterling 
per padtage unless slated*— imported 
predace: Oranges— Cyprus: Valencia Lairs 
30 kilos 3.40-3-80. 13 kilos 3.00-3.89; Jaffa; 
Valencia Laics 3.93-4.40: Egypban: 
Valencia Lates 2.30: Moroccan; ■j.40-2fra; 
Texas: :tM. Ortaateues— Januican; 5J0- 
6.50. LMinu— liatian: 100120 =.66-3.70: 
Spania: Small I rays 23 30 1.30-1.30. 
Crapdnili — Cyprus: 15 kilos 2.00-3.00: 20 
kilos ff.2M.S9: Jaffa: SO kilos =.0fr3.90; 
U.S.: Roby Red 15 kilos ABO. aopIcs— 
French: Goldeo Delicious 20 lb M's 2.70- 
2.96. 72's 2.90-3.00; 40 lb 5.20-3.60. Cokten 
Delicious, lambic pack, per lb 0.10-0.32: 
Italian: Rome Beauiy. per lb 0.13. Ooldon 
Delicious O.lfrfi.12: South African: Dunn's 

6.00- 7.00. Granny Smiths 7.90-7.20. White 

Winter Pwnuin 6.80-7.00. 5taridtut Drii- 
cous 7AOfi.OO; Oiflean: Granny Smiths 
6.60-7.00: New Zealand; Cox's Orange 
Pippins 163/334 7.00-8.50: Danish: Per lb. 
Spartans OJOfi.ll. Pears— South African: 
Cartons. Paukbam’s Triumph 7A0. Beam; 
Bose 5.80: cases. Beurre Bose 6.30: Dutch: 
Per lb. Conference 0.14: Belgian: Con- 
ference O.ifrlfi.lSi. Grapes— South African: 
New Cress 0.30. Bariinka 4^0, Golden Hill 
B.S0: Chilean: 5 Kilos. Almerla 6.30. Bed 
Emperor iSfl. Banaaao- J ants lean: Per 
lb 0.14-0.15. Melons^Cflulean: While AM. 
Avocados— Kenya: Fume 14/24's 4.00; 
South African: Fuurtc 3-MM.oo. Straw 
berries— Callfontiau: BAfl: Italian: 0.30. 
Oalans— Dutch: Larue 2.06. medium l.so: 
Chilean: cases 4.0»-4ti0: Canary: 4J0-4-30. 
Capsicums— Kenya: Per lb (LSS; Canary: 
0J5: Bomxnian: 9.30. Cetera— American: 
2fs fifiO.. Porato e s— Canary: AM: 
Egyptian: 9J0-4JW; Cyprus: 4.70: 

valeacia: 4.30fi.7B. Tsmatees— Canary: 
LDM^O; Jersey: 4.60: Dutch: 3-OfrSJO: 
Guernsey: 5.09-SJ0. Cmrets: Cyprus: 
L50. Asparagus— 1 Californian: Per lb 
0 £ 6 - 1 . 00 ; Hungarian: Per bundle 0.70. 

Euglhch produce; Po tat o es - - Per 36 lb. 
Whiieu Rnls SJHK.TO. Lettuce— Per 12 
1.50-l.M. Beetroots— Per 28 lb 1.40. 
Turnips— Per 2Blb 1.00. Carrots— Per bag 

1.00- 1.40- Paruips— Per 28 lb ] .20-1.3). 
Outeits— Per 56 lb LafrSjfi Swedes— 
Per 28 lb 9JM.00. Rhuhgrto-Per lb. 
ouidoor 0.97. Cuctuubers— Per tray 12 24 

2.00- 2 40. Mushrooms— Per lb 0.40. 
Apples— Per lb. Bramltr's 0,ti-o.!7. L**- 
ions D. 10-6. 13. Pears— Per lb. Conference 
0.13-4.15. Tomatoes— Per lb. Engliah 9.33- 
0.44. Crocus— Per vrate. Kent o.sfi. 
Caullffowers — Per 12, Lincoln 1.40. Kent 
IjfriOO. 

WOOL FUTURES 

LONDON— Dull and reamreless, Bacbe 
reported. 

(Pence oer Mltn 


PRICE CHANGES 

Prices per lonne unless otherwise 
staled. 


Mav 8 4- or i .U«mb 

Itfid - i ago 


Hetia * _ i 

.Uuiiutituin £680 | 1:680 

KieenMrirt iei«. .9985-790 *950-69 

Cut'pervaibM'Jten>l£691.2B +4.0 X709.S5 
a iiMioths «fu. do. ^709J£+4.0 1X724.25 

Cash Cathode £681.5 +3.5 JC6B9 

5 luonlhs tin. do. [££99.5 +3.75:1' 7 14.25 

ttnld Troy i «. * 172.a7fil-0.fi 1S17B.B75 

ffind Cash. ^299.5i W15.5 

5 menlhs l£307^fr— 2.0 I1S20 

.Nickel I ? I * 

Free Market teiflbi.SX.B5 .$1.93 

I -2j05, ( -2.03 


Plahnum troy re.., £120. 
Free Market '£119.: 


■na]... ;rr .lsi 


,117.5 
, ,:iiB.a 

Quieluilver i761b.)|S127-a2 $130-ob 

Mirer troy oz. !277.6p i— O.l ;2BD.lp 

o moot hi...- ;283.6ri '-O.l 285 ii 

lln Caab ',£5,478 ‘-17.5 £6.0S5 

4 months -. £6.375 I— 12.8 £6.085 

Wi.tfreii i2£.04lt u.-u ,6 138-40 fi 144-49 

Zinnawb £29B / — 0.75:1^310 

4 HH-,mha £306.75 ;K5 15.75 

Pm.1 veers iSBfifl SOU 


Oils . 

I Vvnnui (Phil).— .'S5B5.' ...... 

liroundnur £744 

Unaeftl Criuleiv... £363 
I’aJmJUaUrmi ;$381ir I. 


... >550 

.... £600 
....£732 
. .. K323 
.... 9564 


Seeds 

Cupni Philip 154 lOv 8390 

Sv.vabean il ,S.i....|S302l5 1 + 4.0 15294 


Grains 

Barley KKC : 

Hume Futures.... £80.65 

Mu^e : 

Kr neb Au. 4 Am £10B.7fi 
Wheat t 

-Nu-lKed Spring £94.25 
No2 Haul Winter 1 ; 

English M iUIn K - £102 
Cams Sbl|uueni.... l £Z.IBS 

Fiirure July._ XL.BG4A 

(.'erffee Future I 

July ]£1.5S8A 

C.MIUU ‘A* luiiu...' 69.9e* 

Kubber kilo [ 32. 2 u I 

Sugar (Kaw i !£101£ i 

M'volto^H 64s klio...i 2BOp I 


— Q.B5j£80.9 

..,.£lC*fb 

+0.5 |£95 
!cB7.5 

— 12.0X1.990 
— 12.0j£l,91fi.5 

-0.5 !£1.3B4.5 

, >69.05e* 

—Os [47 

i+i.a Lcioo 
I *B74|. 


U.S. Markets 


* Nominal, i Unquoted. sMay-Jone. 
tMay-Aog. uJune. u Apa-Jnoe. ir July. 

vUay-Jttly. 2 June-July. a Per ton. 


Aunrelum 

BreasyWoo 

[Y«*erd'y»-f- or 
Close | — 

Business 

Done 

May 

i227.fl-28.fl U-60 


duly 

B60.O-oa.IJ : ...... 

. 

Dumber 

^Sa.u-aa.fl < 

— 


P8JM1.B i 

— 


P4sJHflJI | 


May 

|246.(Mt.O 1 

— 

Julv 

£4«.fr4uJ> ! 

— 

OoMvr 

I247.W0JI ’ 



FINANCIAL TIMES 


May 8 | May 6 [Month Kjc-- 1 tear hk>< 


241,2 7 I44BB8 j _8a9.44 | v 6 4.30 
(Base: .luftTlT 1030=106} 

REUTER'S 

May 8 May b illnntti a^n' Year age 

1465.9 1466.6 1 1436^2 |_1688.7_ 
t B ase ,- Se"weniber IS. l9si=lN> 

DOW JONES 

il"* "M*V~ j Hay I'MoiiUil >eur~ 

JulWa 8 t> auu J hj.ii 

tffiiH ....362 68 364.42361 93412.73 
Pirlura^ a 06,3frO.46^5g. lg ^eS.80 
(Avenge 1924-2fr2fi=tDfli 

MOODY'S 


I -May' j May {Mouth: 1W 
Moody’* I 6 b huh | auu 


jiptQ C4>niintYiH06.O905 .6 i 91U.3 82IJ 
1 December St. '1Sfl=iM\ 


Sates: Nd aamei lots of 1.588 kilos. 

SYDNEY GREASY— Close tin ortcr 
buyer, seller, business, sales 1 — M krnn 
eaa tract: May 338.5. 3393. 339Jfi3SJ. 87; 

July 340 . 0 . 346 ti. 341 . 9 - 340 A. S 3 ; OcL 344 , 1 . 

344.3. 344JKH4J. 3* Due. 349.9. 349 J. 

349.5-34S.5. SO; Mach 357.0. 357.5. 358.3- 
35 9.5. 86; May 359.5. 350.6. 3SL9-358.5. Sfi; _ _ 

July 383.9. 3SM, 364JM62.6. 19: Oct. 360. LONDON PALM OIL— Liose: May. 
365.0. 368,6364.5. 22. TMil sales: 2$S ion. June. July. Augosi 3M.OO-M.M. Sept. 

BRADFORD— Business remained on a 2M.9M30.M, Ocl sM.Be-uM.M. Nov. 3S9.09- 
ha/jd-ro-nioiKrt basis and continued very 91JM. Dec. 280.00-310.90, J*n. unquoted 
eontpi.'UUvr in Drier. Sales. nU (same. 


GRIMSBY FISH — Supply good, demand 
fair. Prices Der stone at ship's side un- 
processed: Sholf cod £3JHJ.£«.«i. co**' 

£2. 78- £3 .30: large haddock XS.8U 1 . . 

medium haddock £3.40-U.U. urull haddock 
£L«W3.oo: large plaice rtsa. medium 
plaice £4.WH3.w. ben small plaice 13.80- 
£4.70: large skinned doefisfa £5.00. medium 
skinned dogfish SS.49; large h-noon soles 
£7.90. medium lemon holes £6.50; rock fish 
ILSH 2 .M: reds ri.2fl-i2.40; saitho £IM- 
£3,30. 

★ 


NEW YORK May * 
Cocav— Va>- 1V3.D3 iij»r,.. July I4!>.«5 
■ lVl.Mi. Scpi. 14J.5j. Dec. 179 13. March 
134.:*. -May 131. .Vi. July 129.03. Sak-S: 
34H Inis. 

Coffee— - C ” iU)ittroi-i. Mji iTt.'m- 
ITatil 1 174.30i. July 1 3:. 31-11;.. it) itJJ.TI . 
S.-PL 137.00, Dei . tJ) 00. March 1:7.30. 
May 114.SU. July Hi. 00-113.09. Sept. II 0 . 1 HV 

111.00. Sales: 37U lota. 

Copper— May Js.30 l.fe. 1 tM June 3».rt) 
130.60'. July 30.3d, Se-Pi. to0.+J. D 11 .. M.W. 
Jan. G2.40. March 63.40. May M.J0. July 

63.40. Sept- 6fi.40. Dee. 67.90. Jan. to 40. 
March 89.40. Sales: 2.K00 lets. 

Cuttun— ! No. 2: May 57.73-5.s w t5T>0-. 
July fi0.fifrw.7b tis^Oi. Oct. «l.3i. Dec. 
82-90. March U.73. Stay 64.23-fi4.3d. July 
64.Sfr65.no. Ocl. 63£3 bid. Sales. 555.000 
biles. 

•Grid— May 172.00 1 175.30'. .tune 172.60 
(174.001. Juft' 1 73.60. Auk. 174.70. tli.:. 
176.90, Dec. 179.20. k-eh. ltd .19. .V?rJ 
ISLJ0. June 147.00, Aug. leO.GO. O.l. isj.ra. 
Dec. 195.00. bcb. 197.70. Sales; 4.453 luis 
I Lord — Chicago louv- 27 50 isame*. NY 
prime steam 24.04 asfcrd '74.110 traded'. 

tMalze— May 25014)501 ii5li. July 349- 
US} ISM.*'. St-pf. 247. Dec. 24V247.'. March 
235-254;. May 257. 

(Platinum— July 2lfi.4u-. , io.3n UiA.!h> 
ni-4. 21S 00-219.00 ‘221.6*11. Jjii. 221 JO- 

222.10. April £!4 9*d25.IO. July 
£)1.70. Oil. 229.20-211. 20. Jjn. 212 . 11 O- 

234.20. Sales. 776 kns. 

Stiver — May 3u7.2» i50d.3i)>. June 5“4 ‘O 
latlS. 201 . July 500.3*1, Sept. .715.5*1. D>x. 

527.00. Jan. 5.71.IW. .March JCSDJil. Mar 

547.40. July 356.00. Si pf. .7 64.60. Dr-.. 
371.70. Jan. WJ4. March 591.40. Sates: 
7,000 lois. Handy aud Harman soot bullion 
502.70 i 507.00‘. 

Snyabeaos— 31 ay 70v;.;n>. *727: ■. Ju'r 
K3fr695 1709'. Aon. 673-674:. SiPI. 657- 
63TJ. Nov. Sto-vll. Jan. 613-614. March 
SHfiSI. May 627. 

IlSovabean Meal — Mac 174. *0-174.5* 
1 276.40 P. July I7fl.00-1T6.7II 'ITT.Mil.. Aufi. 
173.30. Scpi. 171.G0-17li.5u, Ocl. luJAo. ifr. . 
164.70-174.0)1. Jan. 165.00-IfltLL'U. Marrh 
16S.00-1G9.IHI. May t69.u0-lh9.3ti. 

Sayabsan Oil — May 2dan>-20.90 >27.57 
July .2G.67il. AUK. 24. 25-24. SO, 

Sept. 22.9fr21.9.V llcl. 21.0.V2::.0ll. Dec. 
22.3fr22.fl0- Jan. 22. Vi. March 22.20. Mar 

5.20. 

Sugar— No. Jt- July 7.fc2-7.64 '7.55 ■, 
Sept. 7.S.+7.09 lifrt •. un. s.i»2. Jan. e.40 
bid. March S.SfrSH*. May 9.00-9.01. Jnly 
9.13-0.18. Sept. 9.39-9.37. Oil. 9.43-9.50. 
Sates: 1.770 hits. 

n»— Mo.ofrfrjfi.oo asked * fiiO.oo-frLi.ivt 

asked). 

"•Wboai— Jiai 1 'JW July wn-a»* 

I»3i). Sept. row:. Dec. -1111. March 213- 
3U3. May Slfrfrl*;. 

WINNIPEG. May &. riRyc-JIay 1W i» 
■1U2.30 bid 1 . July 101.60 but 'IM. 10*. iH-r. 
103.20 aiilied. Nov. UMJ50 bid. Du.. 103.SB 
asked. 

tIOats— May 36.70 . a7.no .. Juts >1.74 
>91.00', net. 7£.40 asked. Dec. 7h.4l» ashed. 
March 76.08. 

JTBarley— May TU 2't .70 Mi. July 79.00 
• 79.00 bid'. Ui'l. 79.10 asked. Di-c. 7>.40 
hid. March 7S.*a. 

HFUuccd-May 2i!.:'j) bid «252 M hid.. 
July 256.60 '237.20 bid-. Mel. 2 . 1 O. 50 . .Vuv. 
2ft). 00. Dec. 269221) OttcJ. 

■ ■Wheat— srtVIlS 13.3 p.-r • -tu protein 
content rtf Si. Laurence ttfl.uo ‘lul.'rii. 

Ail ci-uia per pound •.-*-»• j rehouse 
unless otherwise staled- - ^ per troy 
ounu-fi — 100 ounce lots. ■ HhieaRO l»mse 
SS per 109 lbs— Dept, el An prices pr.-- 
rious ‘day. Prime Meant I.o I). NY bulk 
took cars. • Cents per U lb busfe-l ex- 
Wd rehouse. 5.0M bttsbei lots. ) Ss tier 
troy ouocr for jo *>«. units uf 99 9 >-r 
vent punty delivered NY. ■ Cents per 
irpj ounce cx-warvboose. li Now El M 
contrat! in Is a short ton (or bulk !oi« 
of IM short tom delivered f.o.b. cars 
Chtraga. Toledo. St. Louis and Alton. 
** Cents per 69 Lb bushel m store 
-Coots per M lb bushel. Cnu* n"i* 
4S lb bushel ex-warehouse, it Cents w*r 
jfi lb bushel ex-warehouse. 1 000 bushel 
lots. PiffC per tonne. 


Cotton rrous 
uucc i j 

WASHINGTON. Hay 8. 
UNCERTAINTY OVER the 
197S-79 world cotton crop has 
led conon to be withheld from 
lhe market in some countries 
causing tbe tighness :n supplies 
of current season lower quality 
cottons, the Internationa! Cnttoij 
Advisory Committee reported. 
Reuter 


I 

J 





Financial Times Tuesday "Hay 9 


exchange report 



drift in absence of follow-through support 

lose t and 30-share index eases 1.4 to 480.1 


AciMHint Dealing l>ui<* 
Option 

"First tlcrhira- last Arrouni 

Dealings lions Dealings Day 
\pr. 17 Apr . 27 Apr. TA }tai 111 

Mai •• ,\lu> II May 12 May 22 

May 15 May 2.1 May2fi Jim. 7 

\n a i Tempt to extend last 
vii’ct',; rise m equities lacked 
iMn iict ion and from noon mi- 
liie lack of any fwllnw- 
illiou^li di'iii.irid was rcspnmubk- 
f"t .i dim mu tendency. similar 
milieu m Hriu.-h Funds fluid I 
i ho innuvr maturities down 
s at Mu - nlliaal close and a I it lie 
unite »;»s »u«.t m later, unofficial. 
li||-l|tO<s. 

Hoiii eqinhes and funds were 
e rad iijih airecied by doubts 
w hu her or imi interest rales had 
ye i ftwmvl :» new level. n«rw*us- 
Of's over la-l m-j til's vote m Ihe 
I'l’iniiiinis mi the I’i n.mce bill. 
Hie Lon federal ion of Driltsh In- 
dustry | ■ niM n l >M ica I i oik on ililfi- 
uil: export nwikcl pruspccls and 
v.iirne. .ibmit in-day’s clearing 

h oiks' eligible liabiliuo.s. 

An .inxioii': c>e was also hem -a 

t-ept on the trend m .sterling, so 
u v. .is nm surprint n” lliai reeenr 
lui\f(‘s of le.idim; equities d*-- 
• wed to defer any new ccnnniil- 

• meins urn 1 1 Midi jinte as some ol 
the problem'! are resnived. In- 
■ crust hi sL’i’iinrtaiy and summon 
-Ji-eks fa ih’d in abate, the latter 
b-inu hi-Miliehied by ihe uncx- 
pofied \i.i!'i In* rn Fond's a l; reed 
•■iT-’r for Pork Farms and the 
Ier:i:- fn in ihe pareiii enmjiaiiy 
of R|»T Ter riles. 

1 he n’.eiaM fiiieucit nm in llv 
i'T iiHhisfriat share index was 
f’-miod in in ^ 1 mer :: points, ii 
lie n- |p hi- her at Ihe II ant. 
■•:i\.’ii!alion ami l 4 easier ai Hie 
•■lose ol -ISO f. Till’ broader- 
hv i'd l”l V manes tndustnat 
•iionii md'*?; eased U.I per cent 
:n tail si rent: tli in tin* ml 

'•■eioi* loft ihe all-share index lip 
o" Pei cent, at 217.0:;. Rises in 
rP-v-f noted md us( riaN. al 1,'Mo-S. 

• o* i» ii mid their .siiprenuev nm 

I,:!!:. 

Gills uncertain 

\ reluct. nice in invest while 
i He iiirreni level of inioresi r.«ies 
re: II. lined in douhi jnd nervou.s- 
nos, ii'inainod <11111111 money 
•I’ppl.i— tin* lau-si clearin': hanks' 

• tie tide Mainlines will tie an- 
timiReed tn-duy — was dearly 
ii.M'coahli- n\ the itilt-ediied 
market. Price a small twn-w a.v 
t rule had lieen completed, qiinia- 

• ions • trifled lower and the lonuer- 

• !.:i\ , r| 1*, hi- 1 -veil l fully -.nr- 

ioni lei i’ll half of Friday's yams 
of ; wink- the shorts were 1 or 

*MMer The trend continued 
-e’T Ihe I •llia-f.ll dOM? of bu-lilc» 
follow in j ••lerlum's lale reaction 
1'i’iM‘ir.iimn, wen? hllle affected 
U' the anr.omwetuetvt of the £lttm. 
1,'ne and Wear 12 per cent. HitfH 

apart front the recently 

'••lied <> mint irli H J per cent. 
;;»m; -leek which, in Xld-paid 
fe;ru cave up } at IS;. p„rl nr 
1. 'union Authority stocks re- 


Traded options were fairly Hoop. Secondary issues he, d up a fall of 21 to 32p in Weeks Asso- Banking Group in 2973 saw' Pent- following the cash bid worth 96p 

•‘Clive with 762 contract.’ made, better with Anchor Chemical dates. _ _ Umd Industries lose a further 4 to per share for the outstanding 

Courtaulds and Commercial Union putting on 3 to 7Bp and Brent Highlight of the Food sector was lGp. National Carbonising receded minority from Robert Kitchen 
featured with 125 and J24 con- 2 10 224p. after 22Bp. ° jump of 198 to 663p in Pork 4 to 50p in sympathy with last Thylor. A. Martin met support 

tracts respectively, while 1 IJ ncrc HTV NL V benefited from Press Furms on news of ihe agreed cash Friday's announcement of Lasmo’s and put on 5 to 90p. while a week- 

done in ICC. Grand Mel 120 and comment anil pul on :i to UOp. or cash and share exchange offer North Sea dry well. Lesney Pro- end Press comment left tiling- 

P»P 850. both new .-.cries in which In sympathy LWT A firmed 7 to worth 1 B75p and 6S3p respectively duels eased a penny to 09 p in worth Morris 2 firmer at 34p. 

dealings stin ted yesterday, were l33p and Ulster Television A « to From Northern l'ouds, which closed front of to-day's preliminary Tobaccos passed a rather quiet 

Irudcd 44 and IS limes rcspcc- 60p. 3 cheaper at 02p. Elsewhere, results. session, but Bats Industries 


which the premium continued to activity. Quotation*.- .subsequently food stores from Fitch Lovell. Mills and .Alien rose 5 to 19Qp ok! Raa*a™ was.. ountArf 7 
hover around 110 pci- ceni. After drifted gently lower with Marks J- Blbby improved to 232p in following Press comment and h£h er folWno ^ thA 

louchin- 1 10* per cem following and Spencer closing 2 easier al response lo Press mention before More O'Ferrall gained 6 to UOp “'’rjr al ^ u 

-leriin-s ea.sineas. 11 came back 14 5p and Burton A a penny lower drifting back to dose unaltered in response ro the hetter-than- an ““* u 

i» sc life J up on balance al 1 i»l :it 11T P- the ,allcr despite favour- on balance at 229 p. Among Hotels expected results. Usher Walker. ^ 

|ier cenr. Yesterday's comer-ion able comment ahead of Thurs- and Caterers. Brent Walker were however, relinquished 2 to 50p on fillet Mines 

factor was titustH i'iiK7«5j. ‘ day's interim results Elsewhere, outstanding with a fresb rise of 7 the results. Among Newspapers, Minkin mad* an »nrfu 

380j I "I — ® t0 26Sp. . mog i. sections movioe narrowly 


FINANCIAL TIMES STOCK INDICES^ , 

— 1 vfTYT’P f*T5LL»rff| 

— "71 aai 7 lT 75 ;”^lAO', 7 I-H 71 ^?| 71 -W 69.47 

Qoverwwot S«. . 73 61[ ^ S7 

^ ,0r ^ r Wl\ IK 474.6 471.9 «*.*, 465.7 

“tr ZA Z* 143.9! 142.3 144.4 147.7 !« 

cw ***, s - w 5 - 72 i “• 

#13 s’™; s 7 iS s.sao, sosoj mu w 

' 10 =.m. Ii.’.*- U a «: 4M.4. Noon 4M.f. 1 P-“- 480 8 

2 u.m. 4PC.il. 3 p.m. 4P0^. ! 

UtM Index BlnWI BHfc. 

• B«eU onSjiiKT ^^corBaMOgMat Nil ^ \ 

a 

HIGHS AND LOWS S .E. ACTIVITY | 

.; 1373 [ dlnuf UmiuhMkw I 1 j Mll y I 

; Histi I Low I Hieb I | ? 8 ’ 8 '■! 


factor was (MRU.) m KTfijj. 

Com. Union firmer 


After moving beuifeii extremes 
nl' InUp and lifcp. Commercial 
Union closed 2 dearer on balance 
a l i.lb'j) following the lirsNiuarter 
lijures which were in line wilh 
cvpeciations. Iiaj;Je Star, however, 
ended 2 cheaper at i-»Sp and 
Knyals a penny softer ai :iS6p; 
Hi*- latter's lirst-quarier results 
are due tomorrow 
L'loxin;.’ earns of up to 5 in 
ihe major clearing Banks reflec- 
i-'d Ihe prospect «»f improved pro- 
tit margins when lending rates 
are raised m line with minimum 
lend mu rate. I.lojds and Midland 
bmh ended 5 belter al 2lHlp and 
:isnp ivspeeiivelj. Discounts were 
ifji*!im?il hanli-r. Alexanders. 25tip. 
Allen Uurvei anil Rnw. 450p. 
Smilli Si. Aiihyn. S2p and Union. 
:S2i>|i all :i|i|ireei;»li.'d 5, while 


280 1 F.T. - Actuaries Index 


1977 | | | 

SEP OCT NOV DEC 


IM78 | | 

JAN FEB MAR APR MAY 


UoTkbecv— 1 78.98 71.22 127.4 49-18 

Ul (i,I) |27.4» ca-l/SGl U/lt70» 

FUb. 1 Int....- 61^27 72.34 I 150.4 > 50.63 

HU, ,5/61 ;<2B/IW7J' 

! AQ7 X 433.4 i 549.2 i 49A 


— D«ilv I I 

Gilt- Edited.;.! 145.8 | 142J 

Industries....' 201.1 | SUB 
ripft-uUtlvB...! 40.3 1 28.6 
-fStala I 123.2 I 130.7 

0-dayAs‘nqieJ 


moved up 8 to 268p. . i9.li i5/6i ; (2B/IWS1» 

. Properties encountered further “Sier ^ l^quiet'SiDg 1 ^^ ind. Onl_...| 497.3 433.4 j S492 j SSaSllrt^ 152.6 194.0 

investment demand in early AL (2-s, ; OMffh i3fi*W urfoSSi,- wm ism 

ss?S^.*STffiS «* »* ST SSfeU^ »SS Si 

aiASr^-.MM 

«>m»“ IjSt rises were . 

ShU? SlnSh rL ^n the late trade f » H Owing rumours 

inue ..longb Estates rose o to talks over independence 

113p. Ollier firm markets included Maniiki, (qniith Afrir-i 

STSMi'M new highs and lows FOR 1978 

?nSe2rf a p%fi'£ ”"”“5 -n- «— -<->«. — ■ ■" ■“ N^v LOWS (51 

InX SSL" '*SS SSS “ Si 1 - ’ 


NEW HIGHS AND LOWS FOR 1978 


The (olio wins securities emoted in the 
Shire Information Service yesterdJf 


NtAV LOWS t'5) 

BRITISH FUNDS (11 


Medium-priced issues showed 
Securities put on lo 20p. president Steyn 31 better at 054p, 

pn - j,..-.. and SL Helena 20 Drnier at 72 7p. 

I5lr aavance while the marginal Durban Deep 

Leading Oils made further Rood put 0 n 8 to 226p. 

Ull nppr.-i-un.-u .1 wime — progress in a reasonable trade. South African Financials were 

Ci’rrurri and Aalitmal pur on 4 to Vernon t-ashion continued lo to 66p. Ladbroke improved 4 to SSISS.* 1 6 „r l S a » h «J« . bett . er *“* g" ta 

174p. Hire Puri;it.iM!> itave ground ,|ra\\ bvnelii from recent excel- 20.jp while Trusr Houses Forte SaOp following the placement of a business w'as mtnimal. De Beers 

nil concern ahoui ihe irend lo- lent Lradinj: news and finished a closed a peiiy dwre^t ? ^ ,h° C « i f «ln- were moderately active and finally 

wards dearer en.dn. Monrgair rurther 7 IiMier at 118n Foster p y ac3rer at - up - sympathy. Shell firmed S to 5S2p. a to the good at 339p fohotnng 

Me ream He >lu-d a penny to lOp Brov. gained 4 lo IMp as did U “ Up ‘ the >a«er s first quarter figures u.S. demand in the late trade, 

as did Wagon Finance, lo -Cp. Status Discount (o IWip. .Among RppJ T n f f.™ week- Fresh interest Transvaal Consolidated Land also 

u-liviiy ill the Brewery sector shoes improvements of 2 and 4 UU- aOWll lifted Siebens UJL 10 to 330p, attrarted some good buying and 

li'sAWd considerably and leading respectively were seen in Booth Publicity given to a broker’s while Lasmo steadied at 170p closed a half-point up at a 1978 

i-.-ues were r.nely altered, (inlrmatibnal). Gfp. and Ward adverse circular unsettled Reed after Friday's dry well setback, high of £13 i: half-year results 

Sei-i.ml-ime >io«k* to make pro- \\hiu% Top. International which lost 7 to Hop Ran S er > involved m the dry are expected on Thursday. 


NEW HIGHS (190) 

LOANS (1« 
FOREIGN BONDS Il> 
AMERICANS 111! 
CANADIANS (4) 
BANKS (61 
BEERS 1 61 
BUILDINGS 191 
CHEMICALS IQ) 
CINEMAS (II 
DRAPERY STORES (71 
ELECTRICALS (4) 
ENGINEERING (1 8) 
FOODS (II 
HOTELS «5» 

- INDUSTRIALS USD 
INSURANCE (51 
MOTORS l5) 
NEWSPAPERS (41 
PAPER A PRINTING 14) 
PROPERTY 131 

TRUSTS (291 

oils ai 

OVERSEA5 TRADERS (T) 
RUBBERS (4) 

TEAS <21 
MINES (E) 


Glasgow 9 >j*~ 'BO-S 2 

INDUSTRIALS <1> 

Hundelgh 

SHIPPING (D 

Hunting Gibson 

SOUTH AFRICANS (1» 
Rfx TnieToirn A 


RISES AND FALLS 
YESTERDAY 



Up 

Down sam* 

British Fowls - 

Corpn. Dominion and 

— 

a 

13 

Forclso Bonds 

13 

4 

a 

Industrials 

44 ! 

2 M 

*33 

Financial and Prop. 

2 U 2 

40 

21 C 

OUs 

lb 

7 

u • 

Plantations 

12 

1 

a 

Mines 

49 

a 

55 

Recent Issues 

4 

3 

u 

Total 

139 ' 

04 

UB 


ment or capilal reoraaniKiUon lifiecf Lunis New mark 7 to 170p. Industrial leaders generally demand was forthcoming for equities left London-registered 
Plan-, and a f.irec.isi of a doubled Xlhi i e press mention left Decca R drifted lower in thin rrading. Gill and Dufius which pushed Financials barely changed. — 

dit 1. 1 end; ihv 4.'.' per vein Hi mu- lp ,{ u . ;. on d a t 44Sp raid ihe "A” apart from Reckitt and Oilman ahead to close 6 firmer at 25dp. although Gold Fields dipped 2 to 

l.'"vc Preference shares ruse_ ;i similar amount dearer at 43Sp. w hich improved 5 more lo 4S0p on Investment Trusts closed firmer 168p owing to the lower bullion 
in 72p. Newarihill iiiiproi ed * in (•vesli iniere-t wn.s .show n in Rural continuing consideration of the fo r choice after a thin trade, price. 

t.VTp m -vmp.vthy. Rlchurd vv huh touched 228 o before set- annual report. Secondary issues EJJ.l.TJL advanced 7 to 290p and Coppers were neglected but 

(ostain lirmeil i» !•> 2‘.iop aheic.l t | mc al -j^4 p f ur a ' n .sc or 4- nn were featured by a rise of S to Mooloya revived with an improve- Platinums continued to reflect 

.if in- day's preliminary re<u1l<— balance Similar imnrmemcnts iiS|>. after 73p, in Mitchell Cutts meR t 3 at 3C P- Among Finan- Cape interest, with improvements 

•.•Ink* Aberdeen Const ruet ion wpn . recorded in lileclronic Transport on the disclosure that eials, Akroyd and Smitliers gained of 2 common to Lydenbnrg and 

aiided 7 to ii:i|i i;< fiirihd rc<nonse Rentals. 12Up. and Muirhead. lS3p. parent Mitchell Colls Group pro- * to 232p ahead of to-morrow's Rustenbnrg at BOp and 78p re- 
in i' 1 -’- tills laylnr U imdrow Enginecrinc leaders litiishcd the poses to acquire the outstanding iirst-haJf figures and H. and G. spectively. . Rp 

8 dc.ncr at :;s2|> and tiaV w iUi modoi looses, but 23 i»er certL of the company's d«ed a like amount dearer at A firm showing in overnight BP 

Tilbury Contracting .» up to 2bS|*. -oicciivc imerc-i was being shown equity it does not already own. l«8p. Firm markets last week domestic markets enabled Austra- *he 


ACTIVE STOCKS 


vuh a rv'*e of 2« l“ t »up. while cood at VAp. vrliocted favourable ment. Hoskins and Horton gained Following last Friday s late fall advanced ? to equal the 197S high ^ u ™. a , /• 

fresh demand added !> iu fbstocb «eek--end Pi-ess niemion. M. Mole 3 to lGSp. The chairman's bullish of a3 ui reacuon to the profits set- of nil, while Peko-Waliaend rose Barclays B^nk 

Johusi-n a i nap. Demand in ,amc in lire with a rise of 4 to statement helped Wilkins and back and omission of the final 10 to 4-kip. MTM Hold mgs gamed {Cl ••••••• 

front of annual results, due on :;ip. while Williams and Janies Mitchell to advance 4 to 41p. while dividend. Hunting Gibson opened 4 8 1 178p. but profit-taking loiv- 


C..V.T.-.: from Friday’s sharp re- ing I'.rmed a like amount U. 25 lp. United Wire, UOp. Turriff firmed city given lo the charges made Further scattered buying London and Penang. Rises ranged £1 7 “** — 2S6 

.:c. i.Hi on i In- iin.sMUlc bankruptcy In Chemicals. ICI eased 4 to 4 to 6Wp ahead of Thursday's pre- against its chairman and manag- interest was shown in the Textile to 10 in sticks like Ayer Hifam, Homon i Midlands „ 9R _ 

: *b«- b. per cent, rallied ::.v»p on ta^k or interest and liminary statement. In contrast, ing director. .Mr. R. S. Rubin in sector. Dealings were resumed 33ep, and Malayan Tm. 350p while ^ ew, _ nU/pd. i ,“f pni » 

•» ,'oiniN lo am I the per ITsoilv, initially firmer at ‘J5Mp. the chairman's report of a slow, connection with Lheli collapsed in RKT Textiles at 93p compared Southern Kinta put on a to a 1978 Marks & Spencer 2op 7 14a —2 160 

o «u 2 point- t.» £21. closed only .i penny higher at down in current trading prompted London and County Securities with the suspension price of 72p nigh of 190 p. Natwest ti t *s»a zya 


F T—ACTUARIES SHARE INDICES 


lomina- 

of 

Closing 

Change 

197S 

1978 

tion marks price tpi 

on day 

high 

low 

£1 

IS 

S50 

+26 

S«4 

720 

25p 

n 

582 

+ s 

5S6 

4S4 

niLpd. 

it 

26pm 

+ s 

26pm 

11pm 

25p 

10 

2S7 

+ 2 

2S7 

227 

£1 

in 

M 

+ 2 

57 

42 

£1 

s 

855 

— 

358 

296 

£1 

s 

354 

- 4 

365 

32S 

£1 

s 

300 

— 

302 

240 

25p 

25p 

s 

ISO 

+ 2 

184 

130 

P9 

1 

156 

+ 2 

159 

13S 

50p 

7 

113 

— 

113j 

S7 

£1 

7 

2S4 

— 

286 

255 . 

nii/pd. 

7 

28pm 

— 

30pm 

27pni 

25p 

7 

145 

- 2 

160 

136 

£1 

7 

295 

— 

29S 

234 


BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 


i'liMishcd by ihe Banker Research Unit and now available, this new 
u.iunie describes banking systems and credit sources in len countries 
et iho Far East. These are: 

AUSTRALIA. NEW ZEALAND. INDONESIA. 

THE PHILIPPINES. THAILAND. MALAYSIA. 

•SINGAPORE. HONG KONG, JAPAN and 
SOUTH KOREA 

"•Vriiicn by experts in each cmintry. each chapter defines and analyses 
ihe banking system; the dillerem types nf banks, the services oiTered: 
th».' >vsiem of batik and credit •■ontrol: banking le^islalion. interest 
tale.-: near banking acliviu and institutions: merchant banking: 
ii!M.‘>imeiit bankiny: ollicial and semi-olfieiai institutions: export 
lin.iiiee: ihe money markei-’. the capital markets, and a summary of 
.ill shofi, medium and Imtu-lorm sources of funds. 

Limp buuml. o40 A4 <i.:e pages. ISBN O PiiLWS 17 X 
Price i'JH.im in the U.K. $51!. uu i ml side Ihe U.K. 

Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
Hi CANNON STREE1' 

LONDON 1X4 V 4 BY 

newish- red in England No. -'J7500 


FINANCIAL TIMES 

i:i:vcki:.\ iiulm.. m. cwxon mkkki. lumihn ecjp jhv 

li-Ii'x: LUiiitri.il ■'vX6.il i MM"H97 .lilirriiM’iiirui*: .xs.>o;n Ivlegrams: Vinaniimu. Lundou PS4 

IVIf itliiniL-: «:-2|y 8000 

i''nr Share Index and Itii-inev-, News Summurx in Lundun. BirtniDgliam, 

Uvorpcif! and ManvheMrr. Tel: 216 Sirjfi. 

INTERNATIONAL AND BRITISH OFFICES 


OPTIONS 

DEALING DATES Talbex. Laurence Scott, Queens 

First Last Last For Jl° n a * nn Hou ^ 

Deal- Deal- Declare- Settle- ‘‘ ^nns^aJd’ T \Vebb' 

ings ings tion ment prouertv ftUdhurst 

"S4 ' whiiCnd tZZ’ WI ™ S 

S-rt fun i aJI i- iuii arranged in Phoentic Tun- 

Hay -3 Juh. , b Aug. 1 . Aug. 31 b ,. r Alpine Holdings and Reed 

ferrate indications see end of i nll . r national. while double 
Share Information Sere ice options were transacted in 
Money was given For the call Tallies. Town and City Propor- 
of Town and City Properties, ties and British Petroleum. 


LONDON TRADED OPTIONS 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Mon., May 8, 1078 


Fijurps in parcnthc'jef show number of lades 
'stocks per section 




EDITORIAL OFFICES 

Vni-lcrdam: !*.(■. Bex i2!'G. Amsierd:mi-ti. 

Mcil 12171 Tel: 210 533 
Birnuuuhuni: Kcurse Hhunc. Iliurcr Road. 

Telex 2.186.10 Tel: 021-134 W.I22 
llunn: I’ri'^lmus ll- 1 II i Ileiissailee 2-10. 

I flex SSK!l.il2 Tel: 2UHK39 

linixM-N: .13 Rue Dueab 1 . 

t elex 232KS Tel: ''li'-WCi 
Omi: P.O. fkix 2040. 

Tel: 92S3IO 

Dublin; S 1* if /.william SqitanB. 

TeicY .14 1-1 Tel: 7N332I 
Edinburgh: 37 Cwirge Street. 

'I c!e\: 724M I'd: 1-226 4120 
Frankfurt: lm S«K-I^cnkiger 13. 

Telex: 1 1626:; ITI: 3357311 
Joliaiiiicsluirg: I-.0. Hos 2128. 

'I elex S 4 1257 Tel: S3N-7545 
Lish'in: Prara da Alegria 58-ID, Llsbun 1. 

Telex 1253.1 Tel: .162 SOS 
Madrid: ISprondceda 32. Madrid 3. 

Tel: 4-1 ! 67T2 


ADVERTISEMENT OFFICES 

Birmingham; lironse llnu-«r. George Hnad. 

Telex 33865(1 Tel: 1*21-134 0922 
Kdlnbiirgli: 37 Geurgc Si reel. 

I elex 72484 Tel: 031-226 41311 
Frankfurl: lm Sachxen laser 12. 

Telex 16263 Tel: 55-1 66 7 
Lrcdx: I'vniianpnt Iluuse, I lie lientlmw. 
Tel: 05.12 154069 


Xl.iiu-holer: Queens Flou.”C. t*ucen Street. 

Telex 666812 Tel: 061-534 9381 
Moscow: Sadoio-Samuicchnaia 12-24, Apr. 15. 

Telex 7300 Tel: 234 3748 
.New Vnrk: 73 Ruckei oiler Plaza. \.V. 10019. 

Telex 6K390 Tel: (2I2| 541 4625 
Paris: 26 Rue du Sentier. 7.70112. 

Telex 220044 Tel: 236.574:: 

Kfc* de Jancim: Aienida Pres. Vargas 418-10, 
Tel: 25.1 48 IS 

Rome; Via della Mercede 55. 

Telex 61022 Tel: GTS 3314 
Stiiekhiilm: r « Sien->ka Uaabladrt. Raalanihs> 
xiigen 7. Telex 176113 Teh 56 60 S8 
Tehran: I’.O. Bux II- IS TP. 

Telex 2126.74 Tel: BSNM 
Tvkio; Sih H»uir. \ibun Keizai Shimhun 
Kuilding, 1-9-3 Olcmachi. Uibuda-ku. 

Teles J 27104 Tel: 241 2320 
Waxliinglcu: 2nd Floor. 1323 F. SlfCCt, 

S.W., Washington D.C. 20004 
Telex 440223 Tel: (2021 347 8676 


Manchester: tjiieens House. Queens Sireet- 
Telex 666813 Tel: 061-824 938! 

.New York: 7.7 Rockefeller Plaza. VY. IlHlts 
Jelex 423025 Tel: (212) 489 S30» 

Paris: 36 Rite du .'sen tier. 75002. 

Tdcv 220044 Tel: 236J0S.O1 
Tnkjn: Kasafiara Building. 1-6-16 Ccbikanda, 
Cliiyoda-kir. Telex J 271 04 Tel: 293 405(1 


SUBSCRIPTIONS 

Copies tdil a inn hie fr<nn_ ncw-sa-euis :ind lHHik«(nIls worldwide or «n regular subscription 
from Sulwcrijuitm lie pan men i. Fin an rial Times. London- 



21235 — 1751 

19L91 +0.8 17.79 

346.45 +15 18.43 

440.11 -0.9 1554 

310.95 +02 18.42 

16933 —03 19.05 

170.90 +D.4 16.49 

197.83 +0.4 17.08 

234.99 +0.6 ' 14 93 

17338 - 16.60 

124.19 +0.1 20.47 


24157 +0.6 1352 

264.00 -0.4 1532 

26139 +03 13.49 

196.08 - 2036 

19930 -0.8 14.23 

385-04 +20 1051 

133.01 -1.0 19.62 

11.02 
2024 

+05 { 23-57 
20.94 
1650 
1922 
-03 1122 

+12 1829 

-05 18.06 

204.70 1 +0.2 16.42 


8 

Kn 

Maj- 

5 

Thurs. 

May 

4 

Wed. 

Mav 

3 

Em. i 

PE 
Ratio ■ 

CN« J | 

Sxj 

Index 
No. : 

Index 

No. 

Index 

No. 

7.94 

212-27 

209.43 

20836 

8.06 , 

190.46 

18755 

186.41 

7.89 

341.44 

336.07 

335.13 

9.12 

444.06 

43731 

438.75 

7.08 

31037 

305.93 

30334 

7.15 

169.86 

168J1 

166.13 

8JL6 

17DJ7 | 


168.42 

838 

197.11 

19533 | 

194.76 

9.63 

23331 

232.60 

23131 

828 

173.45 

17ZJ6 1 

17159 

7.02 

124J2 

12285 

122,14 

8.70 

20679 

203 39 j 

20178 

1131 

24023 

23335 

23024 

9.90 

265 30 

263.14 I 

26337 

10.72 

26055 

257.01 

254J7 

636 

195.99 

193J9 

19230 

9.69 

20097 

198.67 

196.23 

13.75 

37735 

370.95 

37036 

7.22 

134 31 

13320 

13346 

1332 

188.86 

186.42 

IBS 24 

6.02 

188.14 

18436 

183.47 

5.51 

254.91 

249.77 

243.73 

6-25 

102J5 

10145 

97.60 

7,99 

193 73 

19126 

18927 

7.11 

264.44 

260.09 

25739 

11.15 

S838 

255.70 

25236 

6.47 

13 Lai 

12950 

13027 

6.81 

44134 

44L4Z 

437.46 

8.26 

2MU 

20137 

19936 








z£3te^glH3lte^2jgAjISI3grZT7ig7^7Bri7rnii 


105 K.l 1 . 2t>4 1« ! nr 143 t1 : 6.76 '2.2 72 9-7 


FIXED INTEREST STOCKS 


£ l 

2 * 

laid ' 5 

‘ Map'L £< 

i 5 . 

5 — 

1 Uifib : Low £. 



,« Xi.iai. (<•».. (•«» 

I .('i.w. L> ».«►.* hit Km. \imaUli- t-.. 

I'Jlsi i. uni. 

umiAiii- )'j «'-•>.». Cum. Cc’l.'.id t’rei 

tln'nr. Ut. .U’«t. V "'. 

i (•W'-Hi Ifc-p., ••(' U.i I’Cil. 1X6. 

*•'•••••• a '.»('«; I'.’q l >uii. 

UciLlff ij.i S’, ClMM. t’rf 

Umiv’hw, Uhici (1 lf**i. I’ll. Hr) 

I’mael •>:« ( him |'n 

taii4'\ I l.jj ( it,. I ns (.it. 

1,trs Msi«. 1 1' I imI. la-v 


RIGHTS'* OFFERS 


96w .... 
S99>i .... 
tlOp ... 
lOOf . 
27 

Si* — I: 

102) 

104]. .. 
KJ2 

lOOp .. 
99 
25 


61 FINANCL4L GROLTl IN) 

62 Banks 6».~ 

63 Duscnum Houses 1 10) 

64 Hire Purchase I5t ..... 

65 Insurance (LifeH 10) 

66 Insu ran ce (Compos ite> »7i 

67 Insurance Brokers i lOi 

68 Merchant BanlstM: 

69 Property (31 1 

70 Miscellaneous iT) 

71 Investment Trusl5<50i 

81 MiningFInaaccrti.. 

91 Overseas Traders U9) 

99 | ALL-SHARE I,VDEZf673> 


FIXED INTEREST PRICE INDICES 



FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red. 


PH. Tear 
May a£» 

5 (a^pnwJ 



9 : ' Hiah ! D>w 


23<5i 23)6 161pm- I2|iai Bmnu Bo«eri Kml 

j oi a 1.3. t«3U 11- tiiulouuii 

._ , — L’pin .Nil fh<M .'ImiOfr 

- . ; — • 50|<ut 57|’ioTli’ri/’<u 'Ii.IIro.l* 

5 5 19, 'S Mo l^> Lni"uii i HaiK^.^ur V«unn^- 

15 5 9.6 I'-'iO'i.-'i'i'ni ... 

16 Si 13'6 26p>it ll|'!M I’unuTA \<-i«nii 


^ or 

■ PriiM , — 

i Pi ! 


• 16ljpm til? 
! 130 -1 

I Nd ' 

! 38pm 

. 158 -8 

221-1,1.. _l; 
26 pm -i 


British Government 

Mon. 

Mav 

8 

Days 

change 

*• 

id adj. xd adj. 
To-day 1078 

Lo date 

1 Under 3;- ears — . — 

106 06 

-0.04 

021 3.55 

2 5-15 years 

116 97 

-054 

- 107 

3 Over 13 years 

120.61 

-0.41 

- 4.97 

4 Irredeemables 

13134 

-024 

— 6.08 

5 All stocks. 

11320 

-026 

0.W 3.87 


. .. 1 Low 5 years... .. 

2 Coupons 15 years 

date ^ 25 years. . 

7k" 4 Medium 5 years. .. 

3,w 5 Coupons 15 years 

2.07 25 years . 

4.97 7 His* 1 5 years 

8 Coupons 15 years. 

6 08 JjB 25 ygaix 

3.87 10 Irredeemables 


Uimdar-lMrS Enday TJmr,. ! J.L jl^hjrl Fridav Thum. Wed. T»r 

lodes I Yield 4 « ' / ! % r A JJ»> -Mjd A^U 

: J *■ I & 27 26 lapprtre) 


tWiimiL'idiiuii ndie usually lasi nav rqi maiiiu rrw> m sumo «ia*y *• (•muro 1S -Jri-vr. Red Deb & Loans f Ini 47 87 *12 83 sflax' «« 1 

ojSL-n -in uriiinL-L-uis tsiimaiL-. u Vsumen nnincini ann new. »i Knrvuast divm^nrj- “ <■ - uc Loans (laj 57.8/ .12.83 58.43 58.43 58.43 58.43 . 59.52 58.52 58.04 5450 

tovrr ftanm np urevunis year's wmin4*. r Diviuhiki :itvi vn*ln has-d nn arnsoL-cnis Investmem Trust Prnfe ftqx cm __ 

•ir -.'hi ..niciat LKimam Mr Wk oGmw . fisiir-s a «.imen ‘.On Hftwuneni irusi ran. U»1 53-87 13.33 5423 54.2B S4.8A . 54,84 54.84 54.84 54.75 60.63 

Tor vamxrsiun of shares nni non. ranking fur rtivlif*nrt nr raninna nniv fnr resiricr.(t 17 r nm l an ri fndl Pri»f< /”fl\ 11 9S 71 ns r> 

dwidcii.i^ : Hi j ci in once m public- p: n.in.1- unless odurwise iRCicaten. n Issuwi ^oon. auu idoi. treats. l-U» 7J.U3 tl.23 ,1.17 70(B1 71 0 , 7J _ Q1 71-< ji 

5jr L-ndcr. ij offered ro holders nf Ordinary ahares a* a ” riihis ” *“ Rifihis — 

by h-liy uJ eannallsailon. •• Minimum lender uricn rp Remrrnrfur.ed. w Issued tRedempdon yield. HI9IU and lows record, base dates and vaiou — . .. ' Tt c: 

m wnnemon u-itb reorBanisaiJfln merscr dr rahe-uver. ||,| imroducuon. ^ Issued iuucs, A new Iht of the consUiuanta Is available from Uie Publishers. are puhlhbed ta -SM" 1 ; 


10 lormcr Prdewnce holders. ■ Allotmftni l>:tiers tor CuUs-oaiai. o Prnvis'.oiul 1 Streei. London. EC4P 4BY. price iSp, by post 22 p. 
or parUy-paid a norm eat letters. * With uarrauw. ) — — — — — — — 


PobfixhBM. are muuisnea m 

''oonihers. the Financial Times. Bratkos hhih. Caw** 













































UlP 


'l-»\ 



Financial Times Tuesday May 9 1978 


39 


PROPERTY, 
BONDS 


GMiepaI *“■“»** Life lo& C. LtA* NPI Pensions Management I Ad. 
_ t5i .nurrtt-ard.EC4, 0lO«sm roRantolomewCL.WattinmCrou:. WX31971 «.nracerh U rchSt.ET3P3HH. 


L, 


Equity Fuiul„. — 15.1 370) 

Equity Al* »5 53 1 

JhrPMtrFil . 1466 im« 

Property Arc SH.7 160.8 

SclacuioFnni. afe.9 91 5 

ronreruhle- Futui . 129 5 utS - "” 

OMOngPund.-ll 120 5 l£ ■*” 

P*n*. Property .17X8 1804 

Ptra Selective . »« as, a ■ • 

Jw®- Security . „ IMS 34U 

Pnw. Uaiuped 1774 UJJ . . 

Pen*. Eouil> 1S2Q lAOo . 

WTOp Fd -Ser.4... 12S8 w» 

mw.Fd.Ser.4 ...1304 1 j?j “ 

«qulryFASw.4. R.9 34J il.' 

PConv. Fd.Mr.4. _ 1M7 116 5 

tMoney Ed ser 4... loan 114.(8 . "! 
Pnc« at Hay + .Valuation normally 

AJbany Life Assurance Co. Ltd. 
k avoid Burt ingtpn St, w.l, 

1 Sf-SUlO F«L A« I174X 

•F**ea lut Arc.. 1365 

ft-.. VGtd MoraryFd-Ac.. UU 
^CTlI,,. tUnUJlClOTJnLAcm . 302_2 

nv * saffi&=iss 


•1>!J 


Portfolio Fund I 

I.-M17 


OI-G34200 

KM«arfe» “°o»|:zl= 

- ‘\w S ’ ^° C ' !^o, * ew Zealand ins. Co. il.K.) Ltd.* 

0 1 0S1 wii “P* W* Maitland Hou*. Southend SSI SIS 0702 62905 

». U rash Fund ,. 1959 100.9} ..-.J - JuirjKwJui Plan 


<IL. Equity Fund.,.. 101 B 

<3 J >Jllt Fund _ no 1 

u L. 1ml. Fund U6.7 

GX. Ppty. Fund ..959 



[1324 13451 


SmaUCo'fFd [lffi.1 10751 +04) — 

' Technology pd 


Z Growth Sc Sec. Life Assl Sec. Ltd* 


Tuw. 


309.9 +0 31 — 
1055 -l.ffl - 
lUa +ib| — 
1C7S — 0 3 — 

'1085 

100.9 


18U 

M3 .7 

U94 .._. 

107.6 

^ S1-z 

Epinw PenFttAcc. 204.1 2148 

FWlFmAec — 1717 180.7 ..... 

CTd. Mon. Pro-Arc. . 1Z75 rta.2 _ 

3nU-Mn_PnFdAct _ 107.B 1135 .' 

Prop Pen Ace m 5 mi 

MW InvPetuAec..|19t7 

AMKV Life Assanoce Ltd.? 


1044 

Extmlne Fd.... _. 1103 

American Fd 100 7 

Far Can Fd. 11)2.1 

. _ (tilt Ed red Fd _ Eiffii 

^eir Bank Bray-nn-Thamev. Bertu. Tel -34384 Con.Depodt Fd. 55.9 

Flexible Finance J £1,053 I .....I — 

13S* sS 4 -^ Lvs 117 J - 2?^!. ich Uolon InsnraHce Grou p 

li. AS. Super Fd. ^.1 £7JP8 T „ M .J — PO Bor 4, Norwich NRI3NC. nfrOgSIQO 

_ , ‘ Matured Fund Efl7 6 ZU55( -0.1 

Guardian Royal Exchange Equity Fund [334 6 352jq+ijl 

Ql-43?5Mg Royal Exchange. E.C3. 05-2837107 I -■ 




Property Bonds l_p74 4 | — 

Hambro Life Assurance l imited V 
7 Old Park Lane. London, Wl 
Fvved lot Dep- 
Eqolty. . 


CUi Edged .. _ .. 

American Arc. 

Pen.FJ Dep-Cap.... 
TVoJF LDep Acr. 



AM&y Managed _ 1314 

AJffiyMgdTB- int.1 

AMEV Money Fd._ 1043 
AJ4EV Equity Fd.— 107.0 
AlffiJ'Fliwtflnt.^. 90 4 

aMEV’ Prop. FH *3 

ASffiyMKfPeaPd. 972 
AMEV MBcLPen.-B* 97 b 
Flexiplan (992 


for 


1978 


Arrow Ule .Assurance 
30. Pabridae Road. W la 
JieU4V.FilCptInt. .180.7 85. 

S«llJtFd_.SLUr t_ . W62 101 

?K® S&K ut 



Pen. Pro u Are. 

Pen. Man. Cap 

Pan. Man Arc. . . 
Pen ‘lift Bug. Cap.. 
Pen. CIK Eds. Acc.. 
Prn-BS Cap... .. 
Pen. B.S. Ace... . 

Pen. OAF. Cap 

Pen. DAF. Aec 


1240 

131X] 


17X8 

1809 


150.6 

369.3 


136 B 

1441 


168 7 

177 6 


119.0 

1253 

\ 

1227 

129 J! 

|| 

978 

103 C 


127.0 

1337 



147.1 

1553 

. 

2014 

•2lifl 


2510 

27X6 


2003 

2109 


256 5 

278X 

■ 

120.4 

1260 


1261 

1320 


1234 

1296 


139® 

146 8 


10X2 


102-1 



Fixed Int. FUnd W9I 157 7 +D.ri 

Deposit Fund 1058 1103 +DJ 

Nor. C’niL Apr. 3S- 1912 __4 


4-5. King WlH i an) SU EC4P4KR- D1/C8967B 

Wealth Au. (1119 U7.« +L2J 


74X 


Prop. Equity & Life Abb, Co.V 

lip. Crawford Street. W1H2AS. 01-4860657 
R. Silk Prop Bd I 1788 

Do. Equity Bd. 70 8 

Flea Money M7.9 


■33 = 

Co.V 

01-486 0« 

1=1 = 


— Property Growth Assur. Co. LULV 


l«on House. Croydon, CR9 1LAJ 
Property Fund 
Property FimdlAi. 

Ann cultural Fund. 

Amir FundiAi 

Abbey Vat Fund... 

Abbey Nat Fd.iV. 

Ineeument Fund 


U185WOS06 


I *t\\s 


Hearts of Oak Benefit Society 
01-7490111 1 S- 17. Taidstcek Place. WC1R6SV1 01-3875020 inunumm Fd 

Hearts el Oak p*3 38.4| 1 — Equity Fund 

Hill Samuel Life Assur. LuLY McnlSywj''*' 

- “ NLA Twr , AddlwnnbeRd., Cmv. 01-6864355 M^ncy Fund '.V - 

Barclays Life Assur. Co. Ltd. OPropens’iinju.-.iisLa i&q 

=S= Word Rd, 717. 01JSW5544 fiSSSStSS? ^.:R85 


fll 


Dsrclaybonds* 


□209 


japutr hzj 7 

Gut-edaed — -luoi 

Property P02J5 


a lHj , 


□077 


*" rr 'iu.-. x 

''URDU 

"■h. 

“ V 


127.S 

219.7 

325.9 

107.9 
333.4 +OM 

na^mjS 
99.9 
982) 

983 
94.4 
IMi 
11PX 


Moiwy 180 

MaiLtamjVccrun.. 94.9 

Do.Ialttnl Ol 

<,llt EdgPennAcc.- 953 

Do. InitimJ 913 

Money Pens. Ace.. 993 

Da. Initial |V7.1 

•Current unit value May 3. 

Beehive Life Assur. Co. 04- ¥ 

71. Lombard St_ DCS. 01-8231288 

Bit Horse May 2 I 12835 I | - 

Canada life Assurance Co. 




Actuarial Fund 

tillt-edned Fund ._ 
CUl-Edged Fd i.V, 
♦Rcute Annuity 
♦Jrbjneri. Aan'ty 



J — Prep. Growth 1 
1 — ■ AlIwTher Ac. 


Managed L'nlls 1639 

Managed Series A- 943 
Managed Series c_ 949 

Money Units U9S 

Money Senes A 96 6 

T^xed InLSer. A 92.7 

Pu.Mgd.Cap 1385 

7*ns. Mgri. Ace._ — IASS 

Pos.GuS.Cap 104 9 

Pns.Gtd.Acc. 1102 

Imperial life Ass. Co. of Canada mid, Pens. Lab. 

pSTFiTMw^rziSf ■ ml r.rj = 

Onll Linked ParUol; 

Managed Fund — MO * 99. 

Fixed lnt. Fd fe.3 180. 

Secure Cap Fd M55 

Equity Fiia<f_ (9S^ 


1781 




176 7 


. , 

746.9 




7411- 




■ 2523 




1521 


■ 

67 3 


__ 

671 


_ 

1712 




170.6 

■*■05 


1308 



1381 


. _ 

11X2 


__ 

1220 





1220 


, , 

179 2 

iH 

. ^ 

1433 


— 



L'IsJ 

WAH Weather Cap. . 

Vlnv.Fd.Uu 

Peucton Fd. Uls.. - 

Ctotnr. lev. Fd 

Cnv. Pis. Cap. I'l 

Man. Pent. Fit 

M*n. Pent Cap. ft 


Bdg.Soc.Cap.lt... 

Provincial Life Assurance Co. Ltd. 
222. Bithc.psgaU.E-Ci 01.3476833 


(1272 133 B 


1200 1273 


132.6 


- 3288 


1440 


131-5 


- 1427 


1322 


1445 


1324 


129.9 


119 6 

..... 


Ks 


MX 


M High St. Potters Bar, Hexta. P.Bar 31122 ^ , .a 

Kqty.cth. FdMaya _ i 583 I | — Irish Life Assurance Co. Ltd. 

R«ta»t_Fed- Apr. 6_ | 31*1 (+6^ — 1 1. Finsbury Square. £32. 01- 


Prop. Mod. Gth. fW32 

King & Shaxson Ltd. 

S2. CorahiH, EC3. 


Cannon 'Assurance Ltd.Y ' SaSSjfpSSiT 

L Olympic ny, Wembley HAB0KB 01-8028878 Prop. Mod. May 2... 

Equity Unita- 10695 — +0011 

Projwbr Uni to 791 - — ..‘j 

Equity Bond/Exec.. 0139 1205 +0.071 

Prop. Bond/Exec 03.05 1301 

BaLBd- 'EiGDC.'Unk. 32.92 1307 -MJUti 

Deposit Bond 11E3 136.7 ...” 

Equity Accum 174 _ +1; 

P ro p erty Ace uni. ... £1235 — . i 

lbutd. Arann 1369 — +M 

ZadEouify 928 9BJJ +0ffl 

2nd Property mil -1091 .. .. [ 

2nd Managed.,.. 960 101.6 *Qj\ 

2nd Deposit 96-2 US3J3 

=ndGlll-Z 18.1 * 93F _ 

2nd Ed Pton- Acc.. 942 99.7 +0.9| 

2ndPn> Prao/Arc. _ 1052 UU 
2nd Ugd. Pens, ACC 77 9 1050 +03] 

2nd DepPensiAcc 773 103.0 

2nd Gilt Pen*/ Aec. 883 93.4 

L&ES.LF 375 40.0 

LtESXF.2 .. — 265 2851 

CUrren value May i 


PTOv. Managed Fd..DXL0 U7.B.._I _ 

Prov. CashFd p03 1D9S ... J _ 

cat Fund » 1 115.4 m3 —0.(4 — 

d$ 

01-405023 

E^ = 


01-0288253 

440 Prudential Pensions Limited^ 

j 4 -« Holborn Hart,ECLV2N H. 01-4050222 


EqulL Fd. Apr. IB— 

Fvd.InL Apr. IB 

Prop. F. Apr. is 


Bond FH Exempt ..Q0638 10772} ..... I — 
Next dealing dale May T7. 

Govt Sec. Bd. .20 125001 — 4 — 

Langham Life Assurance Co. Ltd. 


01-8335433 Rpjj ance HSutval 
Tunbridge Well*. Kent 


Bel. Prop. Bd*. J 1969 


000232271 
I - 


Rothschild Asset Management 

01-026 43SG 

jiLn-"- 1 - 

Legal & General (Unit AasnrJ Lid. **»*! Insurance Group 
Kingewood Houae. Klnaxveed. IkdWMth, Hall Place. Liverpool. 051 22T 4422 

Heath B3456 Royal Shield Fd_ fl30 7 UBJ) | — 


.Capital life Assurance* 

VonUrton House, Chapel AMiUTlon 090228511 

Key Invest FdL. J 9S72 I ] - 

JHcemak er I nv Fd. . 1 10522 - | J — • 



360 

3*0 


292 

302 

d_ 

374 

39.4 

~ 

390 

35.4 

12*6 

1490 


Surrey KT2O0EU. 

Cash initial — .1951 . , 

a .Aecum. 966 10U +01| — 

idly Initial 1103 - 1246 +01 — 

Do. AccuctL 1203 1265) -5-6.il _ 

Fixed Initial 115.4 2213 -0-2 — 

Do.Aceunv - 1173 1233 -03] — 

Inti Initial 950 ‘ 180.0 

Do. Accum. 95 0 3TO.I 

Managed Initial Kl6.ffl 1222 .. .. 

Do. Accum. . 117.7- 12M -fl.! 

Property Initial 773 1825 

Do. Accum 950 IMF] 

SS1B1 Legal A General (t) 

— Exempt Cash blit _ 193.8 

— Do. Act-ton. ...96.9 

— Exempt Eqtj.lmt— 1125 

— Do. Accum. „ ... ,.1138 

— Exempt Fixed !mt 1061 

— Do. Accum 107.2 

Exempt Kngd. Ink. 1125 
~ ' _ 1130 


nfl Pension*) 


Charterhouse Magna Gp-¥ 

18. Chequer* Sq.. Uxbridge UBS EVE 
rhrthse Energy _. 

CTuthsc. Monav, 

Chrthse. Manage 
Chrthse. Equity. 

Magna Bid. Soc.. 

Magna Managed.... 

City of Westminsler Assur. Co. Ltd. 

Ringrtead House. 8 Whitehorse Road. Exempt prop. Imt ,hS0 

Croydon CR0 21 A. 01084 9684, Do. Accum. .(96.9 

West Propound— |S9 6 6271 

a 

1 

3 
:.7 

0 

13 
173 

.4 

: M ' - 0 . 

to new invnatoww t 
197.7 | 1 - 

City of Westminster Assur. Soc. Ltd. L ^ c 

20. Clifton St, BC2A 4HX 


Save Si Prosper Group* 

4. tit St Helen*. Lndn.. EC3P HEP. 0J 554 0809 

B01. lirv Kd 0255 132.9) 

Property Fd* [149.4 

•Hit Fd 11182 


1 = 


100.0 

2021 — 
1185 

UU 

1117 

1129 
1145 .... 

1190 

100.4 

102 6 | 


Deposit Fdt 122.3 

Cmup.PensFd.T-— 196.7 

Equity Pens. Fd 182 2 

Prop. Pens. Fd.- 2101 

Gill pens Fd 9L7 

Depos-Pens-Fd-t |973 

Price* on ‘April 28. 
TWeekJy dealings. 

Schroder Life Group* 
Enterprise House. Portsmouih. 

Equity April 25 1 Z140 

Equity 2 May 2. felfll 2215] 


V/ -mM-W VW 

SlE 


.1542 
1243 • 
u»l „.. . 
2871 .... — 

1923 +0J — 
■2212 - . . — 
960 -03 - 
1027 — 


070527733 


Managed Fund 
EquilyFund .. . . 

Farmland Fund— — t 

Man gy Wind 

Gilt Fund 

PULA Fund —I 

PensJdngd. Cap. 
Pam.Mngd.Acc — f 
Pena Money Cop.. 
Pen*. Money Aec.. , 
Pens Equity (Up— t 
Pen* Equity Acc— I 
Fund nureufly cf 
Perform Units | 


Equity 3 May 2. 114.7 

Fixed Int Mw2_. . 134.1 
Fixed InL May 2— 144.0 

Legal Sc General Prop. FA Mgrs. Lid figggfe-- 

II. Queen Victoria SL.EC4W4TP 0( 2489678 K&SSc.Mot2__1 1192 

LlriJPrpJ-d. Hay2_|10a0 10L71 1 — Mnpd-Flx-Apm Vn .7 

Next sub. day June ) , Monaged VfayZ M&4 

Life Assur. Co. of Pennsylvania . . MoS«y3May2~ir uht 

3042 New Bond St. W170BQ. 01-4O3B3B6 Jg.® 

IACOP Unit* [MM 1056) _....| - §03 

Lloyds Bk. Unit Tst. Mngrs. Ltd. H^^SyV' SI 

7 1. Lombard St, EC3. 01-6231288 Mu. Pn-Cpltoy 2... 1946 204.9) 

Exempt {960 MU) 8J0 Mn. Pn. AccTgay 2-[Z300 2422, 


120.7 
1412 

1345 H 

1470 
1122 

122.7 

m.o 

1605 
1585 


Telephone 01-884 0084 

First Unit*. -,ttlB6 

Property Uinta (543 


w=] = 


Commercial Union Group 


BR.tith.MoyO..— . 
l/pUEqty.May4 


St Helen's. 1. Undershaft. EC3. 

VorAnAeUL May ft I 53.98 J .. I — 

Da. Annuity Ut* — (1741 17.37} . ... ( - . 

Confederation Life Insurance Co. 

90, rnancery Lanc,WC2A IKE. 0141420282 

vEquUyFuitd....- . 


01-2837500 gJoDSLlgrV: 


129295 


1230 

12*5 

«... 

125.4 

1527 


;;; 

1442 

15X1 



1209 

1273 



Scottish Widows’ Group 
PO Box 902. Edinburgh EH185BU. 03I«S6000 
lm-JPlyRerle* ll ...T1037 103' 

lav. nr. Series *L~ fiB-O 103- 

ln v. Cash Apr. 38_p7.1 102- 

Ex. UtTr. May 3 IlSbJZ 1A2.' 

Mgd.Pra.May3 — {ZS93 259: 


Equity Pen. Fund 
Fixed Int Pen. Fd. 
Managed Pen. Fd 
Property Pen. Fd— 
^Protected In. PCI 


11430 3502 


17X3 18X9 


703 73.1 

■ re — 

2134 



1985 

„„„ 

1707 


138.8 


3976 




London Indemnity AGuf. Ins. Co. Lid. Solar Life Assurance Limited 
IBOO. The Forbuiy. Reading 5835 11 10/12 Ely Place Londca E.CJN oTI . VI3B2Kfi 

S3rfflar r ~-B? 

Fixed [merest [341 36.01 


Solar Managed S_ 126.7 

_ Solar Property S_.. siltz 

_ SolarEquIWS 1611 

. . „ _ Solar Fxd. fin. S___ 1152 

The London & Manchester Asa. Gp.¥ soiarcimh s w.7 

mncTin aoiarinu. a wj 
(00357333 solar Managed P_ 1265 


The 1 «o&. Ftolheslone, Kent 


Cap. tirowth Rind.. 

_ OExompt Flex.Fd. 

Flexible Fond 

nunnuin In*. Trust Fund- — 

01-086610 property Fund 


*J=* = 


Cornhill Insurance Co. LtA 
32.CornhUl.EC3. 

Cap. FbK Apr. 19.» 

<15 Spec. Apr. IS, — [47 0 
MaCth.FUAprJD _ |U14 
Credit A Commerce Insurance 
120. Regent St, Loudon W1R5FE. 01-4397081 

CACMngd.Fd UZ20 1320) ....4 — 

Crown Life Assurance Co. LtA* 

Crown Lite Hee, Woking, GUM 1XW04S82B0B3 1 nif-mutol Bond*-. [97 3 


2169 

1296 

sa 

3S3 

KL6 


Solar Property P, — glOJ. 

Solar Bqnby P.. .1161.0 

-Solar PXdJm. P 

Solar Cash f> 

Solar Inti. P P2D1QM3 


133.4) 

116.1 

1696 

12L3 

108.9 . ... 

104i +0.4 
1332 +01 

115.9 

169 5 +0^ — 

120.9 -03] 

105.7 ...1 

+00 -- 


AUTHORISED UNIT TRUSTS 


Gartmore Fund Managers * laWpi 


Abbey Unit Tst„ Mgrs. Lid. (a\ 

W4HiWrhou.saiM-,A’fh»htay. 02885841 - Sl Mu-T Vvr. EC3 A BKP. 

Abbey CapUoI— [329 3515+071 302 UtAjt»ncanTxt_ 

Abbey Inenme B9 6 «2l| +D ll 532 BnlinliTn.' Aw)_ 

Abbey Inv.isi KA.CM 6 369+01) 4J7 UonunorlitySharo-.- — 

Abbey CWTiit |45B 48.7) +0J] 3.78 'n Fur East. Trp*L..®.7 


Allied Hambro Group (a> (g) fzjl 

Allied Hambro Croup ifi- Emx 
01-388 2851 or Brentrood [0277 ■ £11459 

Balanced Funds 

AJJjrd )u. 1656 

Rrit Ind,-. Fund. — M 4 

Crtik&lnt 161 

Eleci 6 Ind Dev 320 
Allied Capitol — - 71.1 

H act bro Fund 1058 

Hambro Arc. Fit.. 119.6 
ImBse Fri wte 

High Yield Fd.I— 167.7 

High Income p81 

a. ft Eq. Inc -[MS 

Inter mti t u nl Fundc 
International [232 

See?-, of America.^, pi. 4 

Parttic Fund pS-2 

Spedxltst Fund* 

Smaller Co '*Td—,t33 9 


HwhUKdnteTxi... 
Income Hind.. 

Ini AEcncte;- 


(27.4 

295 

+c ; 

543 

584 

-0J 

1481 

359.3 

*10 

30? 

310 

-CJ 

575 

619 

■jji 

700 

761 

-0J 

13.75 

14X6! 

+0 15 

B56 

92 9rt 

+0.1 

321 

345 



Perpetual Unit Trust Mngmt.* lay 

MKw'tam 
.. .1 306 


<11 aanrai 431 Lnt St, Henley On Thames 

0 46 rpetviaiOp.t4h. — [38T 4l«( 

,ia| a™ Piccadilly Uni: T. .Mgrs, Lid.* larfhi 
076 VTjrri.-fti-Ilse.&OiiLnrulonKallEi-'S t3»uSU 


?£2 Erira income... — 

?'2 AmaUCo'xFVl 

i rt t'apiul Fund - 
1nLEn.-.Sr.W« 


316 
41 6 
47 0 
472 
37 B 
63.0 
578 
25 5 
125.5 


3JOI-OJ4 9*0 
444f +0J3 307 
'">+02 378 
— C H 3 22 
-0.H 2.59 
308 
456 
210 


511 

504 

405 


67 3\ -D 
617n* +0 I 


27f 



Int Km.-. 6c .W-rl. . 

_ PnialeFund 

Gibbs (Anl«ityl Unit Tst. Mrs. Lid. Afcumlp. Fund. _ 
in "so jin TcxhiMli'C'' Fund - 
ui-W-HIl n, r taj _ . 

Amen rail F □r4l...l&.5 26 8) -0 4[ 20 

axe 1*A.li.fariuiH-_|B- ^,V1 T “- 4 UM PTBCilFB! llMfCSt. C®. Lid.* (V IIC) 

5B Deallnj! -Tues. WWCd. «.Mnotteibun Sq.UT.|A2R.\ 01-CBS8S7 

4.43 GOVCtt CJOhnf* J-raeiie^Apr.^-IlgS IRTdf „..j 421 

77, Lmdon Wall. E.G2. OI-T08 Sfflft As-cunt-Umu J202.9 J50) . .. I *21 

7 98 s'hidr.Moyh 11342 ' M14J j zoo Provincial Life lav. Co, Ltd.* 

6 H DO. Accum Uidij-^05^ U* 222, HhiwiRg2ie.EC £ 01=17^ 

. Grieveson Management Co. Ltd. -IShO iS.t^+os] 759 

+0.4] 201 39 Crwham St, EC2POJS. pmdL Portfolio Mngre. LtA* (aHbHct 

45b Hotburn Bora. EC1N 2X H 


2nd Sinlr. Co'sFd., 

Recovery SH* 

Met Min. ACsSty — . 
Overseas Earning*. 


2.44 Bar 'tin. May 3 -—UJJ® 

i Accum. Uni b.i B5.J 

UXgn. May4 07*3 


2S-3123! IS DUwumUnltsiZ 

3 1 95 Endeav. May a — 

\j: m n f JJ C Accum. Uoiia*— 
In? *« tiiuebslr MayS-, 
+ ?- 649 {Aceom. Umtsi 


2084) — . 
2259 


» 

1745 

U0.7 

9L8 

940 


01406922 
1325x4 — J 436 

£r» Qailter Management Co. LtA* 

L79 The Stk. Exchange. EC£'« IHP. U1+B041TT 
2-U . Quadrant iWn. Fd. .TUO 6 103 Bd ... J 4 40 

Quadrunt lncamc_)ll9.9 1237} 1 C.13 

2M Reliance Unit Mgrs. UA* 


1824 
209.7 
782 ae 
1893 
96.2 

ExpL StalrOih Z4^092 *a2a|-+i.4} 5.45 3^ 

. lAccum. Unltti |715 747) ... „ — , 

Anderson Unit Trust Managers LtA Guardian Itoval Ex. Unit Mgrs. LuL Refianeo tiae-.Tunhndcc Wen -. kl 8892 =n 
158 Psochureh SL EC3M CAA 8538231 xi^^i g—im-j. wi pmi?? m n-c itn i OppwnnuIJiM — .632 676| ... ! 5.78 

Ansbacher Ihtit Mgmt. C®. Ltd. Henderson Admlnratration «3i tc) lg» Ridgefield Managemcm Ltd. 

INoDJcSL,EaVTJA 

IiK.MnaUUyFmid.p620 - 1720) . 

l .K. FmuU , M , 

Arbuthnot Securities LtA ia!(c> rSF. j. . Iwi 

37. Queen St. London EC4R1RY Q I -336 5281 [Hi 

Extra Income Fd._p051 113.7*1 +031 10 87 Hl^h Larvae Fund* 


523 

£23 


High Ine Fund. .407 
pArcosL Unllsi. . . 54 6 
iB>j% W-drwLUb . 54.6 
P iila ri n t Fund . ■ 2S5 

i Accum. L nltsi 37 1 

Capital Fund.. - 183 
Conunodity Fund _ 54 5 

lAcrum l-niUi 783 

i UPS WtirwI.U i — 470 

Ftiv&Prop Kd 163 

Giants Fund-- 391 

Accum Uoitai— .. 460 

Grawtb Fund 333 

l Accum. I'nliai 195 

Smaller Co '3 Fd. 27.1 

Eastern OtlnlL F4-. 24 3 
fP'-VfdrwLlTa.i — 19 1 

ForniCnFrf. 843 

N. Amn-. U InL Fdp9 9 


29.«of 


•ts sssuiu^x-l*, 


44 0 +D.bl 
591 +0 7j 
59.1 +0.7| 

-273 
48 7 - 01 
19 8 -05 

U “■ 

Si b* 

27.9 ..... 
431 +01 j 
49S+0 0 
361 +03 
426 +04| 


2631+041 
2S.|+03) 

3249+03) 


103 Of . . 
103 « - 


3*2 

883 


9« HlablnOHiie |5f I 

939 Cabot Extra Inc. —J56.2 
,?1X Secl*r Fund* . . _ 

“ w Oil A Nat. Res |25 6 

573 International 

It! Cabot — 

5 7» International 

3.21 world Wide MayS.. 

290 Oiuwtt Funds 


Ho'il 3 | N. r. Equity Ktind- 1164 8 US3cl +031 2M 

59 11 ^0. | BM \ Eryjy.Rcs TSC.UI1 4 .U*3 + l- J 


, Jiidcrflelif Int IT .I960 
Rnlwefielrt Income. [96 0 

6 06 Rolhbchild Asset .Hanagement tgi 
72-60. Gatehouse ft a. Avlet-bury <r5)6 r-Wl 


7.94 




+a*5 
-0 4 
-0 4 
-0.9) 


658 
177 
177 
4 07 


2 99 European 

299 Far dial.-. 


447 .’Vorth American 
1.48 AnGrw Mays. — . 

3 48 CsboLViwr.Sm.Co, 

Hill Samuel Unit Tst. Mgrs.t rai 


Oil 

330.0 

38.1 

40 6= 

70.6 

755 

3*6 

42 J 

U9X 

124 1 

500 

50 0[ 


15 14 I a a N.C Income Fund 1*8 0 

S SI 1 N V. InU. Kd. line. ^09 4 

21 *1 1 2 07 N ■’ InU Kd-.AeeHB9 4 

2H7 ? "' ! - Sm,,r Cw+FdllSaS 
165 Rothschild A Lowndes Mgmi. iaJ 
9-W si . Swithin* lame, Udn, F.-T4. O1-0W 4358 

New iT^. Exempt — [£212 0 1190! . [ 377 

+ ®j Price on .April 1 . Next dealibA May 35u 

1 60 Rowan l-nit Trust MngL LlA*iai 
im City Goto Use.. Fiuxbui? Sq,E>72 ui-«x>]088 
nsn American Mny-L_|b70_' _702J ..... | 0 92 

Sevuritirs May 


4£* Beech St, EC2PZUC 


DighVteld May 4 — 


317. High Hoi born. WCIVT.NL 01-8316232 764 

Archway Fund 179.1 8421 | 616 '(bi Capital Trual,- 29.9 

Prices at Apnl 36. Next sub. day May 10. ibi Financial Trust 925 

lb) Income Trust.— 769 

Barclays Unicorn LtA iaMg)*(c) 

Unicom Ho. 252 Romford Rd, E7. 01-5345544 t b * H W™dTM_l»® 


1629*5-0-1 

39 7l -r0.3| 
"32 d 

99lh3+0i| 

2BM 

5641+01 
3LW -rOJ 


01-808 anil •ActuulViuUi 


c in Merlin May 3 .M3 

2^ i L mtil |90 7 



167.2 ' 

70 21 


3 

1590 

567 0 



545 

575 

„ 1M 


750 

78 a 

MH1> 


743 

76-5 


- 

907 

95 Jj 



412 

723 

723 

396 

3.96 


4.M &«.JeitnynSn«et.SWL 01-A3IB252 

753 capital Fd IM9 6951 .... » STS 

5 04 Invoice Fd. m)4 74« . I 7SS 

7 72 Prices at Apr. S&. Next dealing May 15. 


364+O.f 
70.3 -04, 
553 -02 


Unicom America _tS3 .9 

Da. Alu4- Acc 65.0 

Do. AuoLlac. SL6 

Do. Capital 41 

Do. Exempt T*l 109 0 

Do. Extra Income _ 28 8 

Do. Financial HU 

Do. SCO 720 

Do. General. 300 

Do. Growth Acc. — 400 

Do. Income T*L S33 

Do Prt.A'nxTsL. 1350 , ... 

Price* al April 28. Next sub. day May 31 
Do. Recovery- 1 ...Ml 4 . 4401 +0 1| 51 

DaWTSS^TroSwo’ LK K 

RtsUn.FdJnc ...632 6504+0-1) 535 'tSl fc 

Do. .\ccum. - 123 .. 753 +0.1) 535 * 


77 B 
3334 
4411 
90 u 
Mil 


tax InwLV I a Kg l ' . Save Sc Prosper Group 

189 15. chnttopher Street E.CZ. 01-2477243 4. Great St. Heleo>. London EC3P 3EP 

1J9 Intel Jjk Fund — 1892 96 0) .} 650 88-73 Queen St. Edinburgh EH2 4NX 

K Key Fund Managers lid. laugl vuatns* u>: oi-ss* km or tm sas twi 
otoMTom Sa^e & Prosper Securities Ud,* 

346 lutrruaUona] FundK 
404 Capital F 


832 ZS.MHVSL.BCZVBJE. 
Sm Kiy Energy IttFd -1790 

JH K^y Fixed InL Fd 59 B 

4 * Eey Small Co'* Fd-lw.3 


79,5 

+02 

71 1 

+0J 

J«( 


R4 3 

+ 03 

635 


960 





4JM Capital 06 2 

6 TO I TU HU*' 

832 Univ. Growth |t* 7 

^ iBcreoaing Inraw Fund 

Kleinwort Benson Unit Managers* Xl^'J^Yundr 5 

' “ rin p-.j.mrkw rrj. OI-KLSRtWO High Return 

B8 4} . _ 1 5.01 income _ 

1 SS V - K FuMt * 7 

Baring Brothers & Co. Ltd.* iaMxl L & C Unit Trust Management UA* oi^^Fumbra' 1497 

BB,LemdmhallSt..EC3. 01-M82R30 Thq Stock Erhange. lh-US HIP «l W8 2800 Europe 

Stratton TsL . .. .(166 0 173.0) | 3 90 UtClntFd ....... 7 ln^ | .804 J?g» n 

Da. Accum. ^h05® 21451 | 3.90 LftClnllfcGciiFb.fMO 97.0| f 209 L - s - 

Next wibTday April aft. Lawson Secs. LtA Viaiio _ 

B i.b^.ww rr.pwav. wg wexy 

D, Buhopsgate. EC3. 01-5886280 *t Accum. Urtiwi— *19 1 

B-BatePr- Apr 25.1^00 19L71 .... | 308 *tiroi»tii Fund S6 2 

30B NAccum Unit*] — 613 
136 tttiilt and Warrant 35.6 

136 tAmerican Pd M - 

TtAccum Uniui 25 X 

—HiBh Yield -147.4 

Bridge Fund ManagersIKahei 

King William St, EC4R BAR 111-0234051 

Anter.G«n4.. B30 2S.1J .... 

lar." «3 536a .... 

Capitol Inc.t 33.7 369a .._ 

Cap. Acc t — 372 a Acei .... 

Exemptt 135.0 1441 .... 

InternU. Inc f— 155 365a 

Do.Acc.t-, .,,_.p7 0 10lf 


3891+0 3 305 
3 64=3+02/ 3 97 
70.M +0-K 215 

58 6dt+0.1| 6.96 


7071-0 41 
467) +01] 

46 91+011 
89O'+0:i 
80? -0.7 


.... 19L 

Acc.Vha.' r *AprJ2S ^ . |ZL25 226 

B'eute InL May 3 [1717 182: 

(Accum. 1 May! 1189.4 201. 

.Next sob. day 'May 18. •*; 


a 


26 7) 

■w 


HlRb-Mluimita Fund* 


Prira* May 3H&. 


*i Accum UtUtsi-.- [665 , , 

Deal. XMan. -Tues. tfWed. tThurs. •“Kn, 
Legal A General Tyndall Fund* . 

0272 32341 


Efcfl lfl xcT Select Internal. — 1249 8 ' 2636*0-1^1 

30M „ J 106 Sel^lnrome R4.0 56 994+06) 

757) 1.050 Scotbils Securities Ltd.* 

10 Scotbil 

1069 


797 

837 

498 

319 

116 

087 

427 

156 

298 

235 

7.09 



Scotch are; 

Scol Ex.tilh'6 KEB8 

_ Scot Eo.YId.*0 . .[1547 

669 38. Canyrifie Road, Bristol , . 027237241 Pnces oi April SS. Next sub. day May 10. 

!« .j&SSJuJdut “"Bf “3 ::i.| fir schlwinger Trust Mngrs. LuL iaKz) 
Next sub. day May 10. liocoiTaraiing Trident Trrntsi 


5.57 

368 


IS Leonine Administration Ud. 

2 Duke St, London W1M8JP. ot-4C«»0Ol Amtirwhl!"™ 273 

Britannia Trusl Management! a Kg> iS l S^+o^l 4 m e^«SS Mtal’bdrs.T. M.7 

wu u± * Ul ~LeM 

wa+oj] 4U Worthing. WcaLdo****' - ... 


(03W 83MI 


. 740 
_ 179 
UB4 
393 
« 19.4 
.... 6S2 


Assets po.z 

Capital Acc — B0 .7 

Comm A Ind 154 7 

CommadiV 

Domestic — 

Exempt 

Extra Income— 

Far East — 

Financial Seer.. 

Gold lc General 785 

Growth 795 

Inc.bGrowth— — ... MO 

tnt't Growth 593 

lcvest-TstShares _ <50 

Minerals 330 

Nat HI cfa toe. — _ 78J 

New Issue 35 0 

North American 294 

Prafesstcnal 995 8 

Property Shares 126 

Shield... _ *5 9 

Sanis Change _ — 29.9 
Unlv Energy .„|325 


588 +0 2j 
88.4 b +031 
40.7a +0.11 
10854 +33 
423 -0-1 
208 +0il 
701 +0*1 

84.4 +051 

85.4 +031 
796a +03 


37.6 

337 +011 

493 +0.1. 
32 2 +011 
34fl +ai| 


438 FlrsHBalncd-i— . 
522 Do i Accum i . 
436 Second (Cap 
768 rip 1 iArcxun. , _ 

434 Third ilnconte 

2S KiMUBte 

341 Do. < Accum.) 



O102iia&8 intnl lunwth 


54 Out *011 4.35 lnv.Tft.UntU — —.250 
74.4 *03 435 Market tender*. ... 294 

552 *02 31* 'Nd VieW - ..274 

687 +0 4 316 Pref 4.-GillTru3t_ 240 

83.0a +02 615 Property Shore* .. 249 
IMS +0.3 615 Sj»cl«SltTW_.- 262 

MB +02 7.66 IK- Grth. Accum. 213 

718 +0J 766 llJCGrth. Dlst. uB S 


147.3 


227a +0J| 
291 . .. 

27 la +02^ 
273 +03? 

330c +0 
421 +0 
33 S +0.., 
50.9 +0S 
269 +0J( 
336 +0T 
29J +0-2) 
253 . .. 

268 +0.« 

282C -01' 

22-9n +01 

20 3x2 — 


351 

394 

042 

4.39 

958 

9.49 

276 

454 

441 

592 

592 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnot Securities (C.I.l Limited King <e Shaxum Mgrs. 

P.O. Box ISA, St llelicr.leriry. OSM 72177 ] rharincCroM.Si llelicr, Jmay.''0UC>n74I 

Cap. Tit ‘ierxcx > . -11150 11904 .._..) 4» VaUey H*e. St Peter Port, t.rray. tWBt=4»9 
e , .... IThomn* Street, LOW- 


338 


lilHFUbdilerx*?. , , 

tilUTrustGoM'.. 11072 
GiR Knd. tiuent«ey|C4 67 
Inti, fart Seem. T*l 

nr-isterlicc II- - _ — 

First toll 1 184 62 184 fl{ 


Ncxl deahna date May id. 

Eart6toll.T.4-<TilillO 118 0) .. 

Ncet xub. May 11 

Australian Selection Fund XV 

MorLet Opportunities f'n Irish Yount! 6 
mnhujite. 1ST. Kent M_ Sydney 
L'SJI Share* . .. | -KSL48 | . . . | . 

Bank of .America International SA. Kleinwort Benson Limited 

35 Baulvi-ard Royal. Lu« embourc u D. 20. Fcm hutch St. EC3 

WMm;e-l Icwme-JH-VHDU HIU| . ..I 656 Eurimexi Ijii_ F. 
l-ncov at .May 4 Neu nik. day Mxv 10. UneniMn Inc. - . 

Bnk. of Lndn. & S. /America UA KHKarSaTluZ! 

4O0C. Queen Victoria St. 1X4. 0I<tDumi3 XRLnti Fund I 

AlcyanderFumt,..t5lS4B3 - 1 J — KBJnjwnFtwd.— 

Net aMCt value Mat 3. KB t _v Gwth.Fd 

fuenrt Bermuda 


0824I48MI 
9 21 rtf . [ 1200 

109 3 .. .. 1375 
96R „..J 12 0Q 


n 1 Baa woo 


•fmfondsiDML 


. LW _ 

B5 iS" 

SLSU.16 
3VS1328 
SL'S38 42 
jrsutM 
Sl-8477 , 
.(17.85 19901 


- 4 ) 


tiww 


339 

4 64 
4 6Z 
138 
204 
053 
0 7< 
368 
104. 


Banque Bruxelles Lambert 

2. Rue De la Refienre B 1090 hrurelt '1® Mt M lonoon poring acems only. 

Rena Fuad LF — 13827 3B84) — ^ 79 (J uj-j- rv irt> VfT Mktb. 

Barclays Unicom lnt tCh. ls.» Ltd. 0M=n« 

1 . Chari as Chwa.St llelier. JriTK 0M47.T41 UoydaTst Om:b^.|526 553*9 — .1 315 

1 nrersean Income —IV 6 Sill ...... I 10 B4 Nest dculiic Anre m» 15. 

U tu dollar TrUft—pl'MOIl . nil 425* aeouns 

Uni hand Trust.- — .. _imS| ..... j 4. bo Uoyiis Jntrnutfonal MgmnL S-A. 


•Subjert id fee and withholding axes 
Barclays Unicorn InL (1. 0. Mam LtA 


1 TbbmBL-.St.rM>uaia.x.IxkM. DGM-UOS l-lojUs IcL lm-omejsfJftM 

I'mrtini Au-LExl.. 

tv* a use Ml a , 

t«. C.rtr. Pacific. — (603 
Du inti Inrome 


(494 

532 

289 

31.1c 

WJ 

649 

385 

41.4a 

460 

495 


7 Rue do Rhone, P.l). Box ITS. 1211 Genera IX 

Lloyds Jut. Growth. lyFEIBG 3SLM ) 360 

SUM) — I 630 

390 MAG Grrap 

— Three Quays Tower nil) EC3R EBQ DI4CS 4SM 
850 
890 
ISO 


Atlantic May 2. Kl SZU 

A tut Ex. May3 ...... IVN390 

(•oldEvMnyn.. ..H>7» 

Island . 117 9 124 

i At-cnm L T mlb> 169 9 176 


Do Manx Mutual- |250 26 9| 

Bisbopsgaie Commodity Ser. Lid. 

P«* Bjx-tT UhirIj-.IxM. IH2+24911 

iRtH-.ipr.j ..ISPSKrii 3M .... I _ 

|-ANR1Ki-'Mj> a...&.D08 1.069j .... ] _ 

UWNT"SSav2 (£2-337 2 47« . . j 211 

• irutuiaHy iksued at 'S1Q and **£ltX). .. _ 

Bridge Management Ltd. -ft#* ■ ;; 

rn. box SOO. v.rand ravxnnn. Cayman ta. 1 lUcrxrv Apr IB .U4 96 

N"hishi Ma.1 a I Y 15 542 1 I — 31TJrt>+*., Apr aj.(tU 91 

P VI. 1U>X son. HunCkunu 

-MpfX'D Fd. ,Mnr Tt_.|U-?U 7* Uft) J ■ 0,75 

Ex-Moclc Split. 

Britannia Tst. Mngmt. |CX) Ltd. 

29 Bath bt— Sc. llelier. Jersey. OSJ4 



April* Kil A^jir 26 JSF4795 


Samuel Montagu Ldn. Agls. 

IH.Old Brood M . EC 2 OI-M8M04 

51 054 . I 360 
:itj( .. Lib 

lisa . . 20® 

543 t 0 77 

3 IT Jtf >+*.-. Apr U0.|tll95 12 571 . 1 •- 

Murrav. Johnstone tlnv. Adviseri 
1«t. Hoi>e St , < Slahiiuw. t'2. 04Ui:i M21 


Grtmth IrreM 

Inuil. Fd 

Jersey Energy 7 nl. . 
Villi' L L>lr. Trr 


-Hnpc si Fd I SVS52.6X 

-.na 'Murraj Fund . . I SUNK) 65 
j , £ -N\V. April 9U. 


ISS 

— 30a Hnnlevard Ttoyal. luxemlwurf 

300 NAVMav.’i 1 ILSIOJI i-C0a{ 


j 


1314 3441 

f72 3 7B2 

1380 350 1 

bls5fl2 SB 

Unu - 1. 9Tst Stit. [£235 326( .. 

Value May U. Next dealum Mjv A 
Butterfield Management Co. Lid. Negit Ltd. 

Pi.1 >u<« 1ST. Haitulum. Bermuda. Pont of Bermuda Bid ns, Hamilton, timid*. 

BuitTcts Equity. — 12 15 2.001 J 111 NAVApnl2B |M9J _ 1-0 I?| — 

Buttrev- Inrunr - |202 I9M | 7JB 


-1215 

- poa 

meet, oi Apnl 10. Next wh. day May 8. 
Capital International S-A. 

rue Notre- Dame, LuxembnurR. 

Capital lnt. Fund. . ] SV61607 1+0.25) — 

Charterhouse Japhrt 
1. Paicroo*ujrRoxr. EC4. 


Phoenix International 

PU Box 77. St- Peter Port, Guermev. 
Inler-Dol lor Hind 1238 ■ 248{. 

Properly Growth Overseas Ltd. 


AdlropfL— 
Adi ter Im- 
Fondit. 


565 

615 

506 


iMMW 
1*948 BO 

Fond Is -...[TOUlflO 02^+030] 

Emperor Fund. BI MU 2 4H | 

Hupann JSL^OO <uc| J 398 

Clive Invest meals (Jersey p LtA 
p n Rnx 331 St. Holier. Jertey D&M 373SL 


2>l Irish Tmrn. Gifarn Itar 
O1-2483B09 U S Dollar Fund. . I 5358827 
571 StCTl ins Fund- .. | £12880 


iltveGilt Fd. iC I • .19 BB 9 911 ... I X10O 

Clare Gilt Fd i J*y. i (907 9.90) .— .| 


Richmond Life Ass. LlA 
48. Athol Street. I miclav 1.0 M 
tx. The sdicc Trust IUKSB 108 

Kicfamonrf must 87. X8Z 6 142 

Do. Platinum ltd 1U0 111 

Dn itold Hd 99J 10* 

Da. Em 97 02 Dd .- 167.1 175 



Cornhill Ins. (Guernsey) Ltd. 

Pri. Ro< 157. st ruler Ihiri. (iuern-ee 

liUnl.Man.Fd (167.5 38251 -1 — 

Delta Group 

1*0. Box 3012. Nommu. BahamiL' 

Delta Im.May 2. (5166 1-74| .._.J — . 

Deutscher Investment-Trust 

PofU ach 2085 RicbrrctM 8-10 Hno Frankfurt. 

t'ancentra 2B1H j — 

lnt Keiuenfondk |D3tt420 71 Jo| | — , 

Dreyfus Intercontinental Inv. FA 
PU Box N37I2. Nassau. Bahamas. 

N AV April 26 lasUD ■ MU| . — I - 

Emson & Dudley TsLMgLJrsy.Ltd.- 


UD0 Rothschild Asset Management (C.I.l 

m.Bos 10. M Julians d Guernkey. 04a 128331 


511 

541 


1508 

160 4a 


51 2» 

151 

■^JOl 

134 8 

1421 


1282 

136J 


525 38 

27oSa 

+0W 


301 
T 30 
13« 
354 
4 71 


ofBq.Fr Apr. 38.. 

• if. Inc Fd Mail. 

OI.* toll Frit 

or.SmcoKdAprta 

• * f . I 'Qmmod iW* . - 
Of. LUr.CnmrtQ.I. 

•Price on May 12. >exi draliiu: awu 
7 Price nn May 8. Next rteoluuE May 22. 

Royal Trust IC1> FA Mgl. Ltd. 

PO Box 104. Royal Tsl Hie.. Jcrse>'. 0AM 27441 
R.T.lm'L Fd... .....Hi' 58 H 4*41 ...I 3 00 

It T. tor) «Jjy iFd..(8i n] .. I 3 23 

Prices al April 14. Next dealt nc May 15 

Save A Prosper International 


P.O.Box 73. St Helier. Jerury. 


053420501 Doallnf- In: 


ELD.IC.T 11140 12331 . .. \ -. 

F. A C. MgmL Ltd. Inv. Advisers 

12. Laurence Poa ntney Hill.Et-MROBA. 
ai-023 4680 

CenLFd. April 26,.| SUSS 09ft ] ( — 

Fidelity MgmL A Res. (Bda.1 LiA 
P.n. got 870. Hamilton. Bermuda. 

Fidelity Am AM--1 SUS23.93 
Fidelity lnt. Fund SUS20.02 
Fidelity Pac.Fd— SU543J4 
Pidolla> Wrld Fd _| SUS13.6Z |+0 

Fidelity Mgmt. Research (Jersey) Ltd. 

Waterloo H**.. Don SL. SI Heller, Jcney. 

U534 27501 

SerievAiintnl i — j 051 

SerienBiRiciftci.. I7J5 
Series. P iAmA*».i| 06.49 
First Viking Commodity Trusts 


a6(4ao501 


692 


+0ij ~ 


37 Broad SL.Sc. Heller. Jeraey 
I S Dellar-dcnomlnalrd Fundi 
DlrFXdJor -5l*»-3„ I9.5« 30 

IntenuiL Gr.*T^ ..663 7.171+0 OL. 

For Eastern** OT 39 a0«j-0S — 

North American" t. (3 69 3 90]— OOll — 

Sepro"*j— [13 68 34 

Si rrllaa -dr Dominated Fund* 

Chaa&el Capltal4>.-IZC95 24161 +3J] 366 
Channel IslandsO- 11480 156.M +391 498 
f onunod Apr. 27 — (u?.4 125.R ... I 


1385 


St. Fxd -May 4 1 110 9 1172 

Price* on *Moy 8 **May 3. ™-«ay + 
tWeekJy Dealms*. 

Sehlesinger lalernaiional Mngt. Ud. 
41. La MotteSL, St. Heller, Jersey. OSM 13588. 


— S.A.U. 


B SL. Ge«w*e - s St.. Douglas. I oM. 
0E4 4082 Ldn. Act*. Dunb 



SAOL. 

•'.ill Fd - 

loti Fd Ji 


latl.Fd Jersey — .102 1 

lntnlFd.Lxmbre. ...01032 . 10 


Lloyd’s Life Unit TsL Mngrs. UA J. Henry Schroder Wagg & Co, Ltd.* 


D5dl+Bj' 1ft 73-80. Gate boose Rd, Ajlisbuty. 02969M1 120.Uheapside.Er2 

48S+03 365 Equity Accnm (1505 158.4) 3.95 Capital May 2 197-7 

SI3^| 3S. M & G Group* (jMcKt* - iSfi‘ a V=”ZBo.1 

401 Three (Juaya. Tower Hill. EC3B 6BQ. 01828 45B8 i Accum. UnlUi B63 J 

186 See also Slock E x c hange Dealimfi. General May 3 |S12 

WJ American l*o 


2.78 » Accum Uritsi 500 

441 Australasian — 479 

4.74 i Accum Untui 48,6 

254 Commodity ... TOO 

- i Accum. Unus>. . 754 

The British Life Office UA* (a) Compound Growth i. W14 

Reliance Hae .TlinhrldRe Well*. KL OBSC 22271 59 B 

BL British Life 149.7 52-64+02] 551 Jrivldend - 1183 

BL Balanced* |442ft <73el | 564 i Accum. Unlu.1—. 2194 

BLDivIdend- [5.7ft . 44.M •• I 9.73 aS^an.'. J“ 473. 

•Price* May 3. Next deal me May 10. *"— 


Brown Shipley A Co. LtA* 
Mops; Founders CL. EC2 
BSUuiuMay 8...... B20.6 

Do. i Act i May 8 ...(275-2 


01-0008820 
232-3 +50) 404 
2H97| +73) A 84 


MAG Group* 

Three Quays. Tower HU! EC3R 8BQ O10M 4588 

gui 

EquHyBond- 1303 1377) 

Fam&TOOO" 1561 

Fnmflyffl-aa** 1753 

Gilt Bond— 1850 1110| 


ManCd Fund Acc—NBB 
Manfd Fd-lncm- J80 
Mongri Fd. InlL — J8.7 » 
Equity Pd. Aec _ — g.0 
Equity Ftl-lncrn — g.O 
Equity Fd. toll..— HO 
Propcrt^Fd. Acc. - Bt 
Proporty Fd-toctU- M.O 
Property Fd.lnit_ *50 
Inv TK.Fd.Acc. — MO 
3nv.TK.Fd. Incm — g.O 
lnv.Tst-Fd.Init.— gO 
Fixed lnt. Fd. Are. . B.O 
Fvd. InL FU. Incm. ».0 

Inter Fd. Aec HO 

Inter. Fd. I nun WO- 

lloncT Fd. Acc. M2 

Muncy FtLtoem— »2 

Dial. Fd. Incm. 983 . 

Crown BrL lnv.'A'. ..(1503 


5.9* 


104.0] +(L3j 
3B41 +03) 
IBJ +DJ1 — 
1SKSO 
100.0 .... 

10Q< 

100.0 ... 

100. c .... 

100. C 

100.0 — 
loot 
1000 
1000 .... 
mi .... 
inoo >.. 
moo .... 

1002 .... 

■ UOJ ..... 

183.9 +0.4 


— Managed Bd*" — PJ0.9 




. 162.0 

IF±Bd.*.l7B7 82. P — 

Rocovcry Fd. Bd * . [59 9 630 

American Fd.Bd--.K_B 543 

Japan Pd. Bd.* (Sd 54. lj 

Prices on -May 3 -’May 4. —May 5. 


Sun Alliance Fond MongmL Ud. 
Son Alliance Houae. Hceshsm 0400 MM3 

ExpPdJnL Apr. 12 . (£15350 IML40j — 


— luLBn.May3 


-f 03.43 I’ 


Sim ADiimce Linked Life Ins. LtA 

Sun AOiaaeo Hecar. Horsham M03MM! 

Equity Fund 1 13L2 117.11 +0.71 

FIxedlniereMFd. _. H»i 107.H ..._ , 

Properly Fund 1075 113jj 

International Fd. — 1045 Ufl.ffl 

Dcporit Fund 98.4 . Ulul ..... 

Managed FUad (105-6 Uii(+0j? — 


Merchant Investors Assurance 
125. High Street. Croydon. 


853 


Crusader Insurance Ce. Ltd. 

Vincula House. Tower Pi, EC3. 01 -0368031 

Gtb. Prop. May Z— .169.4 7t3aJ 1 — 

Eagle Star insurfMidland Ass. Selex aq. Op - (77 « 

l.ThroadneedleKUECSL 01-5881212 NelexEq Accum -0140 

!SSS , SlS c ?fcii 

Equity A Law Ule Ass. Soc. Ltd-* ixetexGtblne Aec„|47« 
Atnerebam Rond. Hi ah Wycombe 
Equity Fd . jm* I” 

property Fd — — |in5.D lto- 

Fisted Intexest F.„BPl4 

Old. Depoait Fd 1984 

Muted Fd. 



Property — 1515 

Propertj'I’ens.. — 157 5 

Bandy 578 

Equity Pena 3640 

Money Market 1408 

Mcmy MU. Penh. ... IMS 

Deposit ... 12* • 

DepCfcK Fenh 1M3 

l lari>P »«xf 104 0 

Manned Peru. 1M3 

inti Equity - 1006 

InU Managed. 1013 

NEL Pensions LiA 
Milton Court. Dorldna. Surrey. 

04}..--.. 

u.4.4 +1.6| 

64.® 

67.4 

490 .... 

50 4 .... 

5£>.i 

NelMacd.Fd. Ace^ |47.9 50.4 .... 

Next Sob. Day May a 
Far New Court Property see under 
RothaChlU Asset Matiagrmmi 


Son Life of Canada (U.K.) LIA 

2 3,4, C«+*par St_ SW1Y 5BU 01-8305400 

Maple U Grth. | 194.1 

Maple tX-Mansd... 132.4 

01-^601.1 MaploU.%S!Z..| 1273 +3 

DecsnL Pn. Fd. 1 197.0 


— Target Life Assurance Co. LtA 

_ Target Htmse, Gudmur Rd.. Aylesbui?. 

Bucks. Aylenbury dESfil 3941 


Man. Pond toe 

Man. Fund Acc 

Prop. Fd- Inc 

Prop. Pd. Acc. _ . - 
Prop. Fti. tor 


Fixed tot. Fd. lnc U05-l 


1003 10631 

1149 1203 

105-5 11371 

1060 104.U) 


049433377 NeiaxtithlncCap . W.9 
+ ^T _' NeJ Uxd. Fd. Cep.. (47 7 


C<ep. Fd. Acc. toe_ 
Bet Plan Ac. Pen.. 

Mil RM-PlanCapJVn 

KoLFlanM*n atx-_ 
Het.PIanHan.Cap— 
, Gilt Pen. Act... 
ClltPenCap, 


(988. 

(724 

§266 

ii 


1113 

*5H m 

Z2J.9 
1366 
■1300 


Transinternational Life Ins. Co. LtA 
a Broom BWca, EC4IW. OI-MC0487 

Tulip Invest Fd- — 039.9 14731 +32] ~ . 
Tulip Maned. Fd.— 1116 1170 +2-* — 

Wail-BondVill 11A9 320.91 +2W — 

Man. Pen. FdL Fop. . 1182 1244^ +3 0) — 
Man. Pen. Fd. Act .[S3 1316) +3J( — 

Trident life Assurance Co. Ltd.* 
Renalnde House, Gloucerter 0453385*1 


BASE LENDING RATES 

^Xr**™*^ 35 SsffiaS wf 

a P°Raok Ltd' 7 1 % Hongkong & Shanghai Ti% 

:::::: M ?I5 

SSSSSi? 0 "- ?*% !,5 

nf NSW 7*% London Mercantile ... 7i% 

Sr- M S5 n .^: fit 

l^chSeLtd- Ul !«S 

2JIJJ5 Holdings LuL S»% National Westminster 71% 

.r«ir E3St Jis 

si% ?!1 

Lapitol C&CFui. Ltd. 81% scblesiager Limited ... 7}% 

GayaerLW. | J E. S. ScSrwab 9*% 

Security Trust CD. LtA 84% 

■ Charterhouse Japhet... 74% she iUey Trust 93% 

Choulartom — ■ Siaudard Chartered ... 7!% 

C ' E- i-d!*£ R ri-Pdits " 71% Trade Dev. Bank 7f% 

Consohdated Credits... 7 % Trusice Savings Bank 74% 

Co-op«ative "Bank — 7!| Century Bk. S}« 

Corluthmn Securffes... Vriite a B ank of Kuwait 74% 

* Credit Ly0T, p“ s ,.i ar ' Rk 7i% * Whiteway Laidlaw ... 8 % 

The Cyprus Popular Bk- - i% williams t . oiytfs 74% 

nunean Lnwrte t Yoricsfirc Sank U% 

Eaftll Trust '*£ ■ Mi'mbvrs ut ihc Aereptuig Uoust* 

|i| • 3FSS-. «. — ro- 

• »il ’ 

■Antony Gibbs ^ oi r r s«a^ l avcr n.ooo 4*.;. 

Greyhound Guaranty... ti-o j Dl . marM j drwsitx 5”.. 

Grindlays Bank * 'fg ^ Rate alto applies to Strriow loA. 

■Guinness Mahon 'So — 


UlMpH ... 

0^0 127.9 


J4S 7 MX 
1065 uxa 

HlyttVSlJ 
GlftEdged 

1360 144X 

U90 3205 

1*5(1 1M! 

International 

990 1041 

1235 130.7 

Growth Aec. 

Pena. MnjftL Cap. __ 
Pena. Mn»t Are.... 
Fern Gtd-DepCop.. 
lhrpa.Gtd.Dep Acc. . 
pefrt Ppty.cap. _. 

Pens. Ply. Aec 

Tnfl Bond. - 

1240 1315 

127.4 134 9 

1130 1I9J 
1171 ,1M.( 

10J5 1070 

1052 11X4 

312.9 1193 

H64 1230 

34 9 36.9 


+03( 


■TrrfLG.r Bond — fW.J 

•Uaah value for tioo premium. ■ , 

Tyndall Assurance/Pensions* 
IS.L'anyufie Road. Bnxlul. (ETS32MI 

■j*ay May 4 

‘ 4 


property May 4 — . 
Deposit May 4- .. 
3.»uy Pen. Anr. 20 , 
O'trtilih.Hayi ... 
Mn.Pn-3-WMa>2 — 
Ho. Equity May 2. .- 
Do. Bond 

Da Prop-May 2 — 


Vanbrugh Life Assurance 
41-48 lladdox St, Ldn. WlftOLA. 

(1443 153.' 

2303 


. 12X7 


159.8 


1633 


1045 


126.6 



2432 


733 


1606 

rare* 

2532 


174 2 


854 

— 


ManofiodFU. 

Fixed Intent Fd.„.(to3.7 
Property Fd- 
CnhoFtoid'—, 


W94 

117.6 



Uitihrnfth ' Pensions Linilcd 
4 Maddox SL. Ldn. W1H9LV O1-404BS3 
Mknkgud. ... .: — waft _99 6! +8.11 — 

property-., fS50 

GuaraaMed see 'lus. Bora Rale*' table. 
Welfare Insurance Co. LtA* 

The Lea*. FpILcftonc, K*M- 0*0 57333 

WorjejTuaierFd... | tiU-3 I. I — 

For other lands. pl«« refer to The London 6 
ManclHmter Group. 

Windsor Life Ass nr. Co. Lid. 

Hlfih Street, Wind W Windsor 88144 

lute Inv. Fiona )67-5 ' . 73.01 | — 

FucureAhsdCtHai. 200 I J — 

FnroreAaad.t'dJabi ( 430 | .. — — 

Rrt.AMd.PMih - I £2A61„,[ - — 

FIku la*. Growth ~IUSS 11X1) ,~—J — 


Oceanic Trust* <ai ill 

Financial . 042 

Genoral 1B5 

Growth Accum 45.0 

Growth Income 35.8 

Kijh Income — 29.0 


Index 

Oversea* — 




Accum. Unltsi 47.7 

Extra Yield„„ B2.9 

i Accum L : nils'- Hfl.fi 

Far Eastern _ 480 

(Accum Ututsi — . 535 
Fundoi tov.Tft*-- 601 

• Accum Unltsi 7Z3 

General U60 

(Accum fniisi.— Z53.1 

Rich Income 1010 

. (Accum Untisi *65.6 

38 On) +03 . 4.28 Jnpaalnceme 3465 

315 +0-1 905 (Accum Unitsi W7.9 

315m +01! 3 49 Ma.cn tun 1*3 

269) 402 (Aceom Unlt»i „... 2440 

20ij 3.49 Midland.. 1626 

6094+0.9 3.96 LAceum. Ualtsi Ml 


4771 +0.4) 


308 

4.42 

430 


Performance B6.4 

Recovery.^ BL6 

ExmpJ-AiffU 10 — |6X0 

Canada life Unit Tst. Mngrs. LtA* 

2-6 HI Rb St. Putters Bor, Herts. P. Bar 51 122 [ ^Xccmu. Unltii'._ (1940 

- -l +0.2 435 i » — ■ 


22.9) +0ij 5X6 Recovery-.. 77.4 

63.6| .—7J 450 (AccumUnioii 783 

Second Gen. 1664 

(Accum. Unllai J4&2 

, Special 1549 


Can Gen Dial 

Do. Gen. Accum — 

Zb.Ixc.Diit 

Do. Inc. Accum 


Z74(l 
108.3 +0.7 
176 Q +1.1 
I567d +0 4( 


JS j Special I mxI Funds 

7«* ■ Trustee , f - _ 

7jj ! (AccnmllnltBi — P76D 


2101 , , 
26X9 +2.1, 
3733a +13j 
2668 +2U 

82.4 +(LM 
833 +0.« 
1B0L2 +2 S» 
2693 +3.C1 
165.0 +X7! 
2070 +X0| 


51-0 +01' 
5LB -0.11 
75J -Of 
• 8X1 +0.9) 
110X +lf 
60.7 +-0-21 
63 7 +01 
326.0 + 0 9^ 
233.7 +LW 
50.2 +0l( 
500 +01 
803 -0-6 
2280 -02 
52.0 +03 
570 +0.2 
64.6 +03 
775 +0.0 


1013d] 
123.4 — 
387.^ „ 
27XB .... 
, 84.5 .., 
1041 .... 
3L9u .... 

353 .._ 
1689 ... 
2333 .. . 
183 51 


01-2403434 


2.47 

347 

*75 

675 

346 

346 

232 

232 

432 

368 

5X3 


52 3+001 105 ' Accum. L'nlh.1 WOO 

»^+06) X05 Europe May* »o 

2,05 i Accum. L nils i_ .332 
ZOS -HeiftLChwFHApS 1439 
a 10 R’Spcc Ex-Apr II.. 1264 

410 *Rero\efy Apr. II 1178 0 

3 70 ‘Fur »\ exempt lamb only 

Scottish Equitable Fnd. Mgrs. Ltd.* 
70S 28 St Andrews Sq . Edinburgh 0315569101 
7BS Income Unit,. .. .IM.4 5Ui4 . ... I 520 
+97 Accum Units ..(55 2 53 7*3... ( 5 20 
2 97 Dcoilnj; day Wednesday. 

sjj Sebag Unit Tsl. Managers LttL* (a) 

l*UBox511.BcUliiy HhC~EC4 01-2383000 
fg Sebag i ‘apital FiL -132.9 343+031 3.89 

Sebog Income Fd. ,p03 3X71+0 4| 817 


aw.* +L8J 5n Security Selection Ltd. 


855 13- 19. Lincoln's Inn Fields. Wp 

ao) 


0103168300 


805 UnvIGtbTst Acc_ .(23 5 Z5.U ...,J 375 

if! UnvJtiLhTrtlnc_. (20.6 22.0( ] 


3 75 


tx« 178 Stewart Unit Tst. Managers Ltd. (al 


3 78 45. Charlotte Sq, Edinburgh. 

6-93 tStrwart American Fund 

S 7, Standard Unit* ,(630 

i n Accum. Units — 1685 

5 74 Withdrawal Units .[50 8 
b 34 ’Stewart British CWplloI Fluid 

4X4 Standard 11290 139 5) J 

A2A .Wua Unit*.. .. . 1470 . 159 9 .....4 
Deallnfi tFri. -Wed. 


67| — j 1 41 


350 

350 


(1437 


» “l 9 " 1 

|to0.0 ittiJ 
|1735 17*4 


15XM +10) 639 Sun Alliance Fund Mngt. Lid. 
W1 - 2 I +? -rt -9-15 Sun Alliance Use, Horahom OOl 


1027 


Chari bond May 2 — 

Capel (James) Mngt. LtA* ' SESJSt uSfc; 

100 Old Broad SL,Er3MBQ 01-5886010 Pew.Ex.MayB — 

capitoi W4 85.M j 437 Mann Life Management Ltd. 

IM^on 'M^'a Next deai.w 'Moy if W. Crarjw-* Way. Slrt cnage. OW858IDI Tanwrniwiiedi.w 

Growth Lulls... ri91 5171 I 


BOO Exp Eg TsLAur 12, |195 50 Z048M .. | 
§ OP eTneFamily Fd._ |«.B 10081 +0 3) 

11319 1392a* +40) 5.72 Target Tst. Mngrs- Ltd.* (aHg) 


0441304141 
454 
349 


31. Grceham SL. Eli 

_ 1335 

3.93 Tarc« Financial 


Dealings 02MHHI 


596 


Carliol Unit FA Mgrs. Lid.* <aKc) Mayflower Management Co. Ltd. |m2 

MUhUrn House, Newcastie-uptWJ-Tyuo 2IJ8S. H/LBGreahamSt. EL3V 7AU. 01-«MO#M W*. Act. L'niP. _.pra I 
Carliol — (10.4 689^. — I 4« Income Apr. 25 |W17 


Do Accum UniU-.f 

Da. Hi eh Yield \ 

Do. Accum Unite. -I 
Nexi den 


j Apr. 25 |1Q2.7 

General Apr. 25 . 167 6 




"Zl as Mercury Fund Managers LlA 


SO Tarcct Gill Fund . 
527 Tnrcel Growth 


Tarcw loti 
IKj.Rcim. Unit* 


Charterhouse Japhet* 

I. Paternoster Roar. EC4. 

CJ Internally. ZL6 2404 ... 

Accum- Calls SO 270U 

CJ. Income — 0.4 384 

CJ.Euro Fm 2S8 27.6a 

Accum Units 29 8 SI 8a 

OJ.Fd.Inv Tst 26.4 2BX4 . — 

Accum Unit* (290 310a 


Price April 10. 


30. Gresham MU BT=P 2EB. 
Merc. Gen May 3 — [175 7 
Acc. Cm May3. — |22B2 

^ sssatffflr-Bu 


01-00045.90 I"Sff1lW 


7.62 



U5 0 
285 

an 

30.4 


-a*. 

B? 


360 +031 
6SX +Q3 
434 -0 9 

2126 

282 0 .... 
120 4 . 

300 +01, 

301 -oa 
32.7 +Djj 

32.4c +0 4] 
3604a 
30 9c +02 

- 15 Xn 
zot +oa 


386 

4X2 

577 

596 

596 

300 

459 

164 

164 

359 

447 

840 

1154 

446 


335 ' Midland Bank Group 
335 Unit Trust Managers Ltd.* (al 
3M L"Mi*twipod House. Silver Street. Head. 
Serf deal me ' April 28 


a tr TjrsrtRr.31v3 - 

TRLIhtf 

2 ” Trl Prut. - - 
2.06 i-'oyne Growth Fd |190 

Target Tsl. Mgrs. (ScoLlandl lailhi 
, 75 IB. Athol I'fwcwit, Edin 1 - roll <20 OB=l 2 
Tareet Amec EacleCt.l 281J ... I 1-26 


434i 

63 


+0j| 

+od 


5.69 

1027 


Sheffield- SI 3RD. 
Commodity & Gen 1626 

Do. Accum 72 2 

367 
410 
277 

Do. Accum 24.7 

Income— 51-2 

Do. Accum 5B3 

Intoznatloual — - *75 

Confederation Funds MgL LtA* (a) Do item sox 

50 Chancery Lane. WC2A USE 01-3420282 wa 

Growth Fund 1390 43-8) J 4-37 EqutreEhmnip€*ir!_ 100.9 

_ IJO. Ar+iim - . - 300.9 

Cosmopolitan Ftmd Managers. 


Chieftain Trust Managers LtA*taKg) 

3031 Queen St, BC4R 1BR. 01-2462832 Do. Accum!'" 

American 6z£2J 244J+0.2) X65 Capital- 

High Income — Vw.7 43 8=4 >0 Jl 944 “ 

foliETOa£ioaafTltt_-.kjrl2S^ +0.1) 3J6 

Baste Resrve. Tst&o 2BD< +0ri 448 


6 0S Barbican Kay 4 

6.06 (Accum Units I 

X» BarbE>mLAprJ».. 

2 26 BuckmStoy* 

831 (Accum UiulM 

031 CoJcmo Kay 5 
55+ i Accum. Uniisi— _ 

- ........ 554 cinnld. May 3 .... 

-Prices at April SS Nett dealing Msy 31. lAfcum. Uniisi 

3a Pum Street. London SWlxOEJ. 0X2388825. Mind ro Fund Managers LtA Glen. May 2- 

C4Mmopoln.CtitFd.p7J lSJaf- 1 4.98 .Arthur SL.ELC4. 01-8231050 IteStaroMoylll 

Crescent Unit TA Mgrs. LtA (aKg» }SmSuS^rSi ""J la 

4 Melville Crtt, Edinburgh X 031OM4831 MgemnU,^ (Accum. Unitsi, 

Crescent Growth 24 9( +021 415 MIA Unit Trust mgemat. LUL 

Cres. Intcmftl.. . 

LYe*.High.Phx. 

Cres. Reserves 


Discretionary Unit Fond Managers is.CoptitaiiAx-e.Ei^RTBU. 

22. Blomf leld SL EC25E T AL 01-8384485 Mutual See. Plus— |50 7 54, 

Dlscluromc (1530 1652} . — ( 5.45 

E. F. Winchester Fund Mngt. Ltd. 

(lid Jewry. E rz 01-0062187 

Great Wlncheuter IIS 7 lail 671 

GtWlnch cr trsmuju.4 20. If .. .. J 408 


Tanset Thistle [40 4 

Extra Income Fa... |CTJ 

, ™ Trades Union Unit Tst. Managers* 

*77ri +0 S SCT 100. Wood Street, EC — UI-G28B01I 

4lil+tl5 S3 TUUTMnya KW0 5XZft| 5.® 

SSH In ri 3 a Transatlantic and Gen. Secs. Co.* 

325 Bl-98 New London Rd. CbelmriordOlMS 51651 

535 
535 
3.98 
431 
431 
5.77 
577 
692 

M2 
516 
5.10 
269 
209 
3.93 
393 
862 
675 
673 
528 
528 
850 
850 


290 +o a 

31B +«4 
54 7 -*0.3 
623 +03 
5L« +03 
SM +0.2 
650a +03 
491 +0.4 
M6.4 .._. 
106.4 ._. 


050 Old Wueen Street, S'VIH BIG, 01^307333. vang^ee^twS-. 

405 JCLA Units -P70 38.9) ,.„.J 437 (Aroum Unite./ — 

Mutual Unit Trust Managers* ladgi IaSSi. KmuCIZ 


175 2 

797 


11X4 

120 1 


B5.6 



79.9 

834 


973 


-M.o 

1242 

1301 

mmm 

149.9 

127.8 


50 7- 

54.1a 

■ >re-> 

555 

592 

-M ... 

506 

53 7c 

- 1l - 

US.l 

690 

- 1M - 

495 

5X9 


565 

59.2 


*7* 

502 


585 

616 

-are. 

69.9 

730 

P4- „ 

430 

*63 

_ [ 

US 

47.0 

^•a. 

594 

620 


78.5 

745 


654 

685c 


73.6 

785 

.... 


010064803 Wlek Uv MayS. — 

+0.5) 6.45 Do. Accum — 

I } | Tyndall Managers LtA* 
+03) 855 18. Uanynite Road. BnMol. 
IncfltneMoyJ- — 

31- St A wtrew Square. Edinburgh C8i rW0151 opftidMiw 

Income Moj; 4 - ... U« J M66j | 634 i Accum. . 

iA6nin.l'nithi.w.c 2D3-CI 1 b34 £x«upl ApnJ 38 ... 

EtoMin A Dudley Tst. MngmnL l.td. r - a ? ll Mi ?. 4 „ ^7 6 iSs "" I '; xcaiin U ,to J 

i Accum. i.-nti*< — 11+7.6 155.0) .._.J 3-35 i nvnscM*) !— . 


Mutual Inc Ta JW} 

Mutual Blue Chih- (42 7 463 

Mutual High Yld. (56 8 60 B 

National and Commercial 


3). Arlington St, S.W.1. 
Eimoo JMidley Tft.,1640 


01-4897551 
69.71 — J 300 


Equities Sees. LtA (a) (g) 

41BithOPSSnW,E£2 01-5882351 

Progressive (669 695ft| +0X| 4X0 



lAcrum LiuU' 

3 95 scot Tnp Stoy3 — 
395 i Accum Unite i 


LsnSm Wall Group 


48. iJracechureh SL-. 

N'.P-LCAUn.Txt-. 

I AMIS. UlUt5l' — 

NPI u‘ seas. Trust - 
lAccuro. Uiutsr* ... 

Equity A Law Vn. Tr. M.* lailbhei 0 %“ t to!* AaStos^iL a*«S riro * th -~ 

/unenhamPuL, Hiph Wycombe. 0 W 33377 National Westminster*(a> SiMDSjjiw'fil 

SquleiLow (663 69.7) +0J| 406 jflj, chespride. EC2V OEU. 01008 GOBL Dp Acnint..-v-— .j 

Rudiflitn r«ii »*t lia &> ■ .*gj «» v-mr «•- 

8-T.lrel and Yard. E3C4B6DH. 01-3480071 Financiai — — — S63 390] +0.2 

American W80 30.41 +021 100 Grcwthlnv™. gl fj* +03 

Capital To. 1134 l20.6d S3 4.03 L nc ?? > f.~ S? ^ ai 

Inrom^Td 1035 M0 ffl J S|R I’nrtfoHo Inv Fd..,. 707 • 75S 

rm Growth fU HW6 llliS — .] 201 ItoMWaaJ BilftI- . 58 * 6£S*f+04 

DO. Accum (1070 114 M -...j 231 NEL Trust Managers UA* (aHg) 


N92 

10*2 


1770 

I860 


1206' 

1260 


1684 

1770 


1050 

1X04 


1470 

15*4 


9*8 

99 K 


1176 

123 9 


2360 

3*70 

-re! 

2626 

2758 


1308 

1374 


1556 

163.4 

-re. 

157.4 

1654 

— 


027-23=241 

7B1 
781 
406 
406 
792 
792 
563 
563 
5-23 
5X3 
543 
543 
885 


849 
Efe« 

454 +03 
17.11 
200 


Friends* Priwdt. Unit Tr. Mgrs.* 
Pixliuo End. Doridtig. 


Friends Pro*. Unv,.(4X3 
Do. Accum 0*3 




Mllwn Cun. DorhtoR. Surrey. 

COW WM Sfc!5arHi'ijh'tor”.^'4 _ +04I 


7 jo Do. Accum. _ - — [19.4 
8,85 Hiub Inr. Pnpruy— jWLI g-*j 

40] Internationale — ..W* 33^ 

637 Special Sits -.(30.6 32-fl 

|“ TSB Unit Trusts iy) 

21, Chantry Way, Andover. Hants, 038482188 

Dealings to 02M 6KBH 


+0 71 .579 
+0.8) X79 
+03) 937 
937 
+0J] 473 

+53 4.73 

+•0-4] 70S 

+02I xxs 
+o3 2X5 


07US=rr33 


nbar ft Co . Ud. 

53. FaUMalL London SW175JH 01-8307857 
Fsl Vik.Cm.Tid. —B5.9 
Fst VlLDbUmTrf.no 00 

Fleming Japan Fund SA. 

37. nie Notre- Dome-, Luxembourg 

+T mg. Apr. 28... .( SUS4AJ3. | [~ 

Free World Fund Ltd. 
kuuerfield Wdg. Hamilton. Bermuda. 

.VAV April 28 I JUS17309 | | — 

G.T. Management Ltd. Ldn. Agls. 
ftp * Uto1dq j- Henry Schroder Wagg A Co. Ltd. 


•For East Fund . 

•Next sub. day Slay Jl 

Soo|:.""i X20 Schroder Life Group 

Enterprise House. Portomouih. 
International Fund* 

£Kqul|y, ... — 11153 

SEquit, . .G2L5 

IFbM lsi(TnL-..nM 8 

5 Fixed interest., (185X 

CManaficd .[127 3 

SManascd — — 



CheaaS May 5 .... SUK1133 J-0071 

Trafalgar Apnl 30 IUKU4.06 J+5il] 
Asian Fd May 1 - HS158* UIS 
DartlncFod. ... SA179 1 TO 

Japan Fd Mays . .(svstn nil 


01-388 4000 
256 


317 

540 

015 


072 


Sentry Assurance Inlemattenal LuL 
PO. Box 326. Hamilton 5, Bermuda 
Managed Fund , . ptMUN 1EM| . . I — 


177 


Tel 01-038 8131 TLX; 800100 Kl - 

G.T Pacific Fd. . .. I SUS32.76 |+001| XZ3 
Unoagcmcni totcrnatlaaal Ud. 
cx> Bk. of Bermuda From SL, Hamlin. Bmdn. 

.Vnchor'R- Unite.. BlirfJJ OM ... | 184 
Anchor Inv Fd .... (Sl'SI 16 4Jl( J 107 
t,.T. Bermuda Ud. 

I>L of Uermndn. Front St . NsnlU.. Bmdj 

Berij-racF. I 5US42.41 I „_.J 0.9* 

1 j.T. SFd . . ..) SUS6.91 | 

G.T. Mgt. I Asia 1 LUL 

Hutchison Hie, Horcuurt Rd, Hong Konc 

•IT. Asia F KHI'I (Q I «M . .1 

<7 T. Bond Fund ( SUS12J9 (+003) 

G.T. Management (Jerseyi LtA 

SttimRhoW Management Limited 

N.T. Arf aStorlinfr -g 3Z54 1346) 149 ro Rom 315, SLUellor. Jersey 0534-71400 

ZFiti&mm ConunodiW Trust ^190.15 9*1*1 I- 

vgtoid liM Snrinvrot Ueiweyt UA u» 

.\ncbor In Jsy.TK. .. (24.4 26^ ._._1 2.51 Queeiw Hse. Don. Rd. St Heller. Jsr .0334 2734# 

Gartmore ImK. LtA Ldn. Agxs. liS^oS - 

2. -SL Mary Axe. Lcmdon. EC3. 01-283,1531 j n p. Index TsL (U-44 1167)+0X0| — 

Gartmore Fond MngL (Far East) Ud. .. _ , __ _ _ _ . 

ism Hutchison Hie. to Hareourt Rd. H Kom; TSB Unit Trust Managers iC.I.l Ltd. 

H AmertcwT «..-&»!> .iS — I 1« J«| f 7 % ~\ 

Prices no May 3. Next sub. day May 10. 


Singer & Fried lander Ldn. Agents 
L7B 20. Cannon SL.Et'4. 01-248K40 

511 [wlatonds IMCtft 3S8U....| 658 

Tulq-oTsL Apr. 38-1 SUS535 00 | 


6X0 


21.M ws ?‘u3 Tokyo Pacific Holdings N.V. 

b$j3 f 4 u Inunus MnraGemenl Co. N.V.. Curacae. 

VAV per nhore April 34. SUSS046. 

Tokyo Pacific Hldgs. (Seaboard! N.V. 
InUmi? ManaECtnem in. NV„ Curacao. 

MAV per shore April -0L Sl‘!08 7B. 

T>ndall Group 

P.O. Box ISS8 Hamilton X Bermuda. S-27M 
nvereeosMaya _ pL'SUl IU.. | 600 

.Arcum L'niUi -JjL'SLn I«« . { 600 

3-way Ini Apr SI (ursmo 
2 New Sl. ML Helirr. Jeijrt 
^250 TOFJtLMoy 4— . . .g» 


3*0 

8-50 

250 

050 


.vner. Fd 

• Accum Shores*. 
Jersey Fd May 3 


£730 

7f 

l+bic 

0135 

12 K 

*0 li 

mo 

Ml 


300 

841 


1982 

2018c 

-2 * 

267 6 

2B38i 

| --ID 

1M6 

llO.i 

-02 

136« 

139 

<-02 


0534 37331/3 
” 600 


Inti Bond Fond -IR'SMK U 
Gartmore Investment MngL Ud. 

PO Ro\ 32. DouslasloM. 

International Ine. ..BO 6 
Do Growth . .(618 

Hambro pacific Fond Mgmt. Ltd. 

2110. L'Dimauuhi Ventre, Hone Kong 

Fa r East May :»_.... Pi IKH H U36d I 

Japan Fund .. BTMJP >51 I 

Ham bras (Guernsey) Ltd./ 

Hambro Fund Mgrs. tC.l.i Ltd. 

T 1 0. Box 88. Guernsey 0481-3832! 

Cl Fund (136 6 1455 

Intnl Bond SUMU4 75 107.9 

InLEquit)- SL'SllB 47 10.7 

InL SvRk. 'A 5URU02 10 

InL S«K*. -H - SUSft.05 X0-. - 

Pnces on May 3. Next dentine May 
Henderson Baring Fund Mgrs. LtA 
P O Box V4723. Nauau. Bahamas 

Japan Fd Vl 51721 BMft . ..I - 

Pncer- on Apnl 27. Next dealing dote May 10. 

Hili-Samuel A Co. (Guernsey) LtA 

8 LeFebvre SL. Peter Port Guernsey. CJ. 
liuemMyT-*.. .._. H52X 162-9>d +021 3.43 
Hill Samuel Overseas Fund SJL . 

37. Rue Kotro-Dame. Luxembourg 

(R«U» WH+0X3) _ 

International Pacific Inv. Mngt. LtA 
Kl Box R337. 36. Pitt St. Sydney. Aunt 
Jotelto Equity TM..ISX99 Ity .....J - 
J-E.T. Managers (Jersey) LtA 
PO Box l»L Royal Tsl fire, J«ney0334 37441 

Imty ExtraLlW—lUO 0 170. 0) ( _ . 

A* at April 28. Next mb. day May 3L 
Jar dine Fleming A Co. Ltd. 

46th Floor. Connaught Centre. Hone Kong Ena. _ _ 

Jardine Estn-TuL-.i SRK3*a99 |*UJ1) 300 GrSiSFd Anr30_| SUS605 J — .J — 

0.90 Mr.Eur.May3 plSMM 10*q 1 — 


700 
10 05 


Jardiae J'g^FdJt* 


... . ... SHK32U5 

JardlneS.tA. -- SHK33X2 
JardineFtofn.lntr.1 SHK9.46 • 
XAV Apnl 28. "Equiialenr StAl 
Next aub. May IS 

Keyselez Mngt.. Jersey LtA 


GiUVund May 3. - 
• Accum Shares 1 
virtue llnure. Douclm, btr of win. 0874 S50Z8 
MoxuqKd Apr.atl (1262 133.01 ... | — 

-UtA Intnl. Mngmnt. iC.I.l LlA 
14. Muir aster Street. SL Helirr. Jcney. 

UI.k.Fund. uvsnoos wmi ... 1 BIS 

United States Tst. IntL Adv, Co. - 
H. Rue AJdrinser. Luxembourg. 
US.Tstlnv.ettd _| SUS10.4J | 0.96 

Net asset May 2. 

S. G. Warburg * Co. LtA 

30. Gresham StreeLfiCS. 010004555 

t-m-Orf Fd.Mart | AVS9.J7 I ^1 — 


.lnL May 5 SUS1L91 


2J0 


Pit Box 08. SL Helier. Jeiw..lEqfi 0i-€MT07W Mi««.Trf.Mar20. 


Warburg Invest. Mngt Jrsy. LtA ' 
XChaniiBCKxtt.SLHeIiM.Jsy a 053473741. 
. ME Ud April =7_ISUS1126 UT 
(.'Ml Ud April 27„kl2J5 lXt 


Fonrelex 

Bandxeleit 

Keyselex tofl 


IPnXAU 

Prtztsa 

to. 35 


Keyvlex Europe .(£3 80 


Jwpantith. Fund. 
Ke>-selexJapan 
1 ehl !>•«(» i.*op. 


RSOW 

(OX 46 1X51 1 

1132-52 


15«| +16| 
37 Mf 

427 


£90 


417 

306 



TOT April 13 .. 

TMTUd Apnl IS 

World Wide Growth Management^ 
|na. Bitulciprd Kceal. luxeRihuurE. 
Worldwide itili Kd| H sl3 94 | ... .[ - 


NOTES 


438 

4-28 


G-T. Unit Managers UA* 
16. Finsbury Circus ET2H7DP 


For New Court Fnutf Homagers UA 
see Bothscbild Ak« HarogeflUOt 


3811 (hTS5 General 

437 rf.i Cle. AeenBV -\p5 

8 19 ibi TSB Income — .»X3 


GT.COp Ine »0 7 

Do. Arc . _ 971 

G T. Itw Fd i;«. _ 160.4 
i:t. t:s &G«n .. B9« 

liT.JiptnACtn - 28X4 
*GLPemtExJa_. 1318 

GT imTPUod WS.7 

GT. Four YdaWL_pl 

G. A A. Trust ta) (fi> 
6,R«yieigj) Rd, Brentwood 
UfcA. (3X2 


050 .... 
U3.Z .... 
17X1 ... 

1482c: 

2962 
1383 — 

1130 

564 


0MG3BI31 


h> f» ArCTjm f62.b 

TSB Scottish...—. 005 
- _ ibilxo. Atfunt... ..-1062 

Norwich Union Insurance Group (hi Rui u. (a . 

!>.<( Bov 4. Norwich NRI 3NG. ltt0223M 1 latW ***** ‘ 

Group Tro Fd . {J3B* 35021*101 495 

Pearl Trusl Managers UA (aHgdzi 

•Jfe nish Holborn. ftif IV 7EB i*i+o&&wl ... „ 

: Piearl Growth Fd-- MW.+O.R 4 46 Ktof; William St EOJH0AR 

tecum Unite 27i ,293+oj). 446 Uruu-I N# Ftotd_. W90 

1 Peorl toe Jl 6 3* (M *-0.3 6 72 w’tejert.rth Fnd - 09 

1 Pearl UujlTd _ 360 380} +oa 4 79 Do. Accum. _RJ-5 

! I Amin. Unite. . *l.4| + 02 I 479 wieter Growth Fund 

! Feltean Itoits Admin. Ud. (girvi • KiMWllharnSLEcMROAR 

'0277122730(1: HI FouwlainSt,3tonchrttor USI-KtebOas InrunmUnlth C89 

14.4>f *Hl[ 450 Fclitan Unite jgflJ R.8a)+0X) 505 Accum- Unite ___ [33 5 


, +051 355 
615) '0 B 355 
655) +0.4 6 79 
64 6} +0 5 6.79 

05 Ta vBS 2T4 
9L« +05 2J4 


W'arinc Street BrJiar-l 0222X5231 

1 hiUlster Growth- -I380 409|+02( 503 

I'nit Trust Account A Mgmt. Ud. 

U1 -0234951 
432 
442 
4.42 


sl-”1 


01O234SOI 
305) ... , J 442 
3551 —I 4.42 


Pnco riu twit inrlude 5 premium, cu-cpt where 1 odicaled 4-. end are m pence untoM otheroio* 
indiuated Yield.-. i*hown in lorf ralumni allow tar all huyinc e\penw+. a Offered pnerx 
include all e*prft.«e*. b TVdny s prices, e Yield based on offer price, d Estimated, c To-day - * 
npemac price, h Diunbution tree or U R_ taxev p Periodic premium Iruurancc plaob. 1 Slnclo 
premium insurance % Offered price Include' all expense* except agent's- niianlutm. 
1 Offered price fiH-iudex all e^penfes if bought througn nunuert x Previous day's price. 
¥ Net of tax ob realised capital Brim unless indicated by *• * Guernsey sro»*. a Suspended. 
♦ Held before Jersec tax. ♦ Es+niWUteion 


CLIVE IJWESTflIEXTS LIMITED 
1 Royal Exchange Ave„ London E>33V 3LU. Tel: 01-2S3 1101. 
Index Guide as at 25lh April. 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital 12S.14 

Clive Fixed Interest income 113.S7 


CORAL INDEX; Close 477-4S2 


INSURANCE BASE RATES 

t Property Growth 95% 

i Vanbrugh Guaranteed Si% 

l AddrcM sho.«:!i under Insurarn-t- and Propc riy Bond Tabic. 


J 



FOR YOUR COMPANY- 

CASH FLOW 
GUARANTEED 


Financial Times Tuesday May 9 1978 ^ 

HOTELS— Continued’ 


IT SHARE INFORMATION SERVICE 


flicfa L** I 


K* Ittl&U 

425 I 29] 5. 























































































































































































41 *> 







01,1 * Hi 


Financial Times Tuesday May & 1378 

INDUSTRIALS— Continued 


»■■■ !■ 


•>V 1H 


t. ! 




i J 


■i' 


9 


INSURANCE— Continued 


PROPERTY— Continued 


INV. TRUSTS— Continued 


£53>g{£43 
9i 


£ 

109 


Stack 

LK.IntfLInv*__ 
LH.C.lnt.l0p_._ 
Lmex.__ 

Lead tods. 
lirtoiBCJL. 
,t*Bu0B&.Z!Z 
LefaoffFobeUQp 

LetesHtet£_3 
Leigh W*.5p_. 

Le«B*Cto-.K?B. 

Lepi3RWpl0p_. 

L«TKyPrpds.5p 

Utnatlto . 

Udenlfln ...... 

LmdsayiWite- 

UndwSiiss 

Lan.fc \thn nrp 

LAsgHsshly. I Op. 

.bfflStoBTrans... 

;LonsdlLeEnKi*]_J 

brw&BQmrSb 

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1 Hathteons 7J*pc_ 
Maynard* 2S>.._ 
MMjnimrter 

MenImDtp5p 

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Melal Closures— 
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MEn.Mrstri.50p. 
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Morgan Crudble 
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N.CJL4S 

Segnch & Zenbra . 
NeE&Sp’Doa-lOp 

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Norcras 

Northern Ene._! 
Knrtan*Wrt.MpJ 

NarvicSecs-lOp 
t f&Wft5p-Z. 
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Office & Bed 

Qbex20p. _ 

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PentiandlOp 

Peutos IQn .. 

} oufficulasst 

Parocoo E?ai_ 
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Pitn> Boses Ul. 
“ladic Const. lDp . 

PleasuramaSp— 
PWymarklOp— 

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Prrt^dlvxSp 
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Reed tad £1 

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EecwickGroop- 

Rfisnw 

Bennow 

Rflg-gJ jlflp- 

flrampr md p; 

doT'.zzZZ 

Rotaprint 20p — 
Rowan&Boden. 

Royal Ware 

RuareiWAMOp.., 

gSSfe-j 

Sangersap 

Scioi Croup 

Schlumhergerjl 

SfiPcr tK . 

Scot. Heritable _ 
5col.ftUn.IiTW- 

54* SeanHdfB— , 
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Shama Ware 30p 

Stebe Gorman , 

Sitentm^stMto- 
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Swire Pacific 06c 

sjitooe 

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2 IWibrttlte— . , 
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i« Trans. un.U! 
Transport Dev. _ 
Tr8nrroodGp.3p 
Timer 4 New. GU 
Turner Cure. 5pj 

UKOInfl. 

LUctafta IPchMTs — ■ 

Unifies lOp 

Unilever 

a un-vN.vn.us.- 
Utd. Carriers lOp 
United Gstslnds- 

1 U. Guarantee Sp- 

■ Unoctowne. 

Valor 

VlncrslOp 

Vmteoftrp.30p.. 
ft'JUblwiElPp- 

Wade Potts. IDp. 
Waller Raff. 5p- 
Waterford 5p — 

Wats ham's 

Watson R-K-Mpju. 

Wecfewood 

Wpstc. Board 10p 
. WstmutftCtyP 
: WTociJLRRSl. 
Whatman R.ln^l- ' 
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Wills (Gedrfifil— 

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Winn Juris. 20p. . 

Witter tThwBnBj. 
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Wood Mall 

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1 M 

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159 

166 

24 

£ 227 y 

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2o2 

325 

2E8 

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186 

177 

102 

138 

258 

215 

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67 

260 

292 

132 

132 

173 

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240 

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MOTORS, AIRCRAFT TRADES 

Motors and Cycles 

26*-|-l | _ 

265-dJ jQ3.* c L7l 7.3 8.Z 

47 *1 - I — | — - 

6:.! . _ 1 — ] — 119 

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Bril Leyland 50p 
Gen.3Jts.rcHi- 
LouuCarlOp — 
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noils- -taywllts..! 
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High line 


Commercial Vehicles 


U |E.HF.(HMgsa_ 
49 FodeasiSQP' — 
9 Peak Ins eSS.H8> 

5712 PknonJ - 

55 Vork Trailer IQp- 


109 

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Airflow Stream - 
Amst'ng Efl.lOp 
Aseoe-Srt — 

AntonjoUw 1 

BloaselBrtK — 

[Brown Bros. lOp. 

Dana Carp. 

ipmttySOp 

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311* SupraGrooplftt 
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WoallieBd'J.i— 
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LArUustiHr Motor, 

344, ffiSGInt-Up 

35>2 (Braid &onp5p - 
40 (Brtt.CvAac.10p 
19 [CjGSJ. 10p_ 

84 (CaflynsSOp. 

29 L iCfliinore Inrs._ 
35 tajKie(Tj5p. 

74 fanisGodlrer-. 
68 

39 lDntton Forstuw. 
50^ Gates (P.G.; 

30 GtanBeld Laar- 
Hanger In rs 10p. 
Harrison lT£.l_ 
Hartwells 


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72 hfitrst (Charles)-. 

31 UessupclOp. 

65 |KamingMtr. — 
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48 teookM 

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56 

79 


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5.6 

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66 


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68 

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82 

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1 XO 6 

2.8 

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37 

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17.75 

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1.42 

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130 (Axsor.N 
165 AM.BookP.9h_ 
46 BPMHUgs.-A’L 
55 Bara Brothers-.. 
70 ffiacklA.6C.l- 

105 BrindPrat 

123 OttflnaWiU/ain. 

123 Da “A" 

265 DufrUaO'A'apJ 
67 E&DilAIIieil'A’ 
85 Gorioo ft Gotch. 
55 Borne Counties-, 
115 Irtdependeotf— 
122 LpocmPnil5ft>- 
4612 Marshall Cot . Kip 

228 News lot 

174 PEanonUnpnm. 
40 Pyramid tOp-_- 
153 RMtledgeiKP, 
13* SharpciWNl 

155 Thomson 

306 Hd. Newspapers 
23h WefcstmnihlSp 
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7.7 

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PAPER, PRINTMG 
ADVERTISINGS 


57 [46 


Asoe.hj«. — 
DaObpeCoOT.. 
Atthftwlhai-- 

Bentrose 

Bril Printing — 
Bran ning Grp — , 
Do RestritVie_| 
Bund Pulp- — 

CapsealsSp 

CanfUmtSir J.)_ 
CkapoanB»L50p- 
Ctay(Richardj._ 
CoErttD’.woJOp 
Cnller Guard — 
DdynMp 


DR6. 

East Lancs- Ppr- 

Euealyptus. 

PferryPick 10p- 
FTnlM HoidraRi- 
Geers Gross lOp . 
HarrunofcSons. 
JPGIOCU..--.- 

•sstaa,- 1 

BcOnqaodslevLJ 

Melody Mills- 

Mills ft ADeo 5flji 
(jiareOTerr. lOp 
>yftM.fiL._ 
esP.SCUJOp 
toxler Print Gtp_ 

ISsarohJ lOp 

SnriihiDridiCOp. 

j Hrmf rfi f (Jrftsg. 

(Transparent Ppr. 
(Tridanl Group— 
ICsbvWalkerlBp-l 
Wace Group 20p. 
IWaddingtoo (J l- 
72b [WaDDOUfilw . - — 
11 (WyamWmowJ^i- 


£10^ 

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65 
55 
70 
68 

101 

39 
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82 
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120 

51 

66 
72 

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PROPERTY 


45 MTd London IQp 
184 Alla stt Loo don. - 
7% Stares 

ajo Apex. Props lOp 
15^2 Aquis Sees.5p— 

59 Avenue CTse Mp 
24* Rank A Com 10p_ 
79 BeaomootProps. 
47 BeareriC.R«10p-| 
47Jj BeUwaj HWgs— 

81 BerWvHaStto- 

151 Baton IPercyr — 
200 BradfordProp. ... 
1512 BriLAnzanito _ 

28 British Land— 
118 Dal2peCnr.20(t- 
89 Briiton Estate - 
45>j Cap. * Crmnnes . 
U Da Warrants _ 
IP* Cardint: Group 5n- 

88 finTmpralOT.»p 

64 Ottn>vtticla!2I)p 

62 Da Op 20 b 

272 Chestertnla — 
ID ChownSeca- — 
233 OiarchV&EsL- 
47% OtyQHices— — 

52 OwkeNieknlU, 
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154 CaniBzchmgeiOp 

21 murNwltOp- 

75 nsfftDutlOp- 

60 DwJanlHId*S)_ 
11 tj Dm* Estates lOp-j 
47 Dvnn£tn>ulp... 
27 Eoe.Propi50p— 

E60 DoSjpcCnv..- 
£78 DaUpcCm- 
38 feu. ft Agency . 
17 fetL&Gen.20p- 
77 Csu-PropLlnv— 

76 Erans Leeds 

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7 Gil* ae I to- 

260 GbnfieldSecs— 
255 GL Portland 50p- 
30 GrewiRJlto— 
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5Z7 HumOMson-A.- 

22 Sstlelid7a.«^> 

211 BaMemerelOp- 

87 HKLradHSS5_ 
280 toy Property — 
25 laumropeulto 
37 Jotct 3 Invest— 
37^2 Land Invest — ._ 
190 LsmJ5en.50p— 
£145 Do.Starftre.'Sl- 
£325 DaSWCon*-®- 
£125 Do.RWGare.'K 
37 Lew Land 2to — 
L72 LendLeareSCc- 

77 Lee Prov apl to 
55 Lol Sot Prop- 

104 Ly«ooHdgs3lp 

LD5 l&C-— 

14 HarinEnatw- . 
36 Melnewlto- 
[45 MeEvSKsap 

51K JtdiOTttBlLlto . 

53 MounWen- 5p — 
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315 

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15 

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59 

89 

72 

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£240 

216 

170 

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119 

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fennel Props — 
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[Second City UJp- 

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5.9 283 
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3.7 375 
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1.4 73.9 
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1242 

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67 

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284 

274 

152 

150 

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2 ill’ V 60 


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3 21 1 77110 7 
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80 

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150 

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850 

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187 

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400 


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116 

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144 


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170 


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555 

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24 

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484 

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330 

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272 

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120 

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240 


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140 

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65 

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68 

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3151 


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280 

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315 

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19 0 

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83 


tf3 5r 

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96 

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128 

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66 

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336 

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70 

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250a) 

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£61 


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325 


512 

■*25 

112 72 

38 

3 8 

66 

BnflcunciS.i-.- 

78 

+2 

4 26 

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torhrcpeil — 
lacbwnt 

425 

■*■2 

05 0 

32 

5.3 

?1 

30 

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Z0.66 

63 

— 

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fa*aica Sugar. 

16 


— 

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— 

67 


70 

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6 55 

14 2 


Mitchell Crtti— 

43 


34 

17 

1?.0 

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tfgcnci Elec. . 

253 

... 

13 2 

6 

3 2 

68 


90 

-1 

IX 29 


s® 

175 


238 

4-5 

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7? 

58 

165 

Ita 'AS \ 10? - 
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200 

45 

§7.7 

7.5 

6ft 

27 

37 


14 43 

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Sehafe&u-flto ■ 

6 


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88 


150 

-1 

1Q3 5 

33 

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350 

Steel Brtcv 50?- 
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4100 


1J.0 

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40 

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42 

3 20 

ft 

9 0 

£87 

Do 8pr Cnc "SI . 

£90 


f92 

10.2 

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41 

L'. City Merc. Ito 

68 

+1 

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11.0 

1 7 

41 

Do. lOpc La 18p 

66 


(3.4 

3X2 

(2.7 


35 31 
4.3 
■91 
ft 

6 2' 
ft 

1J4I 

a 

4 81 

39, 

■604 

ft 

7J ! 

34 

i a 

180 


8 3| 


RUBBERS AND SISALS 


1878 

High Lm 


95 

57 

15 

51 

305 

71 

150 

57 

Z70 

91% 

95 

60 

47 
145 

94 

48 
73>z 
64 


75 

65 

Sf 

165 

53 

95 

57 

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65 

561; 

41»z 

29 

60 

48 

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37 


Stack 

Anglo-indfflies'a— 

BertamCtms.lOp- 

Bird 1 . Africa' 

Braxturalt I0p 

Castiefieldlto — 

Chersonese Krp 

•hmt Plants lOp — 
Gadek •Malay.' MSI 
Grand Central 10p- 
GuthrieLl ... . 
'Karri wUc Ett.Wp. 
Highlands SSur _ 
Kuala Kepor.s MSI. 
ttKuliniMSto . 
Irin. Sumatra li)p.. 

milaaefTSSl 

Maar River I0p_ .. 
Planiaicn HI V lDp 
ISongei Knan 10p~ 


Price 

93 
87 
15 
49to 
2 bO 
70 
150 
57 
10 
270 

S' 2 

91 

57 

43 

140 

89 

48 

69 

64c 


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254 

55 

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125 

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105 

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TEAS 

India and Bangladesh 


200 
385 
117 
24 
272 
272 
245 
420 
2*2 
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172 


1175 

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20 >2 

jig 

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3 g 

181 

138 


Asssm Dooara£I . . 
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Assamlnv&U 

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Jokaifl 

LonrtwnraeEl, 

McLeod Russel £3- 

Moras£L 

SingloHldgs I0p- 

Warren Plants. 

WiUtajasmtl 


20O 

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49.51 

59 

300 


hl6?5 

4.‘ 

117 

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3.1 

24 

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♦L9S 

1ft 

272 

♦IX (HI 

3ft 

272 


fJlUMJ 

6.1 

235 

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113.5 

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4.5 

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32 

228 


mo 

3.6 

172 

4-2 

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125 


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j'resrroer: 



Ths Nomura Securities Co./ Ltd. 


sfp* 

KWURA EUROPE M. V. LONDON OFFICE: 
Bjt-cs S.ir.roni H-.r. Mont we' I SfiL/re L.^cm tftji'. 
Lw,i.in pc.' ’• BL P^cnp' '.0! • 606 24't. 


High lm 


MINES— Continued 
CENTRAL AFRICAN 

I I I* «l «*ii. 


229 

71 

14’ 

f>7 

41 

15 


113 

73 


13b 

17 

157 

2 * 

22 ? 

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156 

4P 

£11 J j 

15*2 
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112 
51) 


30 

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55 

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73 

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73 

460 

350 

54 

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195 

61 

61 

190 

280 

1«5 

77 

200 

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195 


1:5 

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J»5 


125 

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79 

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749 

111 

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73 
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450 

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40 

50 

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47 

140 

230 

134 

55 

85 

74 
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10 

105 


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HaawnAvi'.ap 
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MeumLiclISc . 
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kiakbnrtci-SA! — 
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139 

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207 

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174 

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270 


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140 


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255 

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160 


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82 


75 

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11 



Kannntih; SMOfe 

69 



KiKincfta. 1 / . . 

460 


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350 

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54 


4W?7*6c 

Fenjtale.i .tip -- 

57 


b 5 

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195 


nwlD.-c 

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55 


pi 09 

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57 


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190 

♦ 5 

wrs 

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270 

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195 



SupreBR-'. uri' SHI 

72 


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90 


65 

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95 


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195 

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tfli 

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4 W 5 5 

lShia 
14 83 

1 it Jo 4 

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ft 10 9 
i«i:9 

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COPPER 

96 | 70 ]McsqaaRD50 _.| 85 |-2 l:QUc|19l t 


MISCELLANEOUS 


16 

300 

Jlii 

220 

46t; 

U1 

45 

162 


9 

??0 

Burtoi Jlnu^ lT*.-p 
I'lin* Murrh.lOc _ 

15 

245 

-1 

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26 

245 

Nonfai^lt'CSl . , . 

345 

-15 

— 


164 

RTZ 

204u 

-1 

95 

2.S 

30 

fehinalmL. CSl... 

34 




— 

750 

ThraExpin31 ... 

£10 


... 

— 

43 

retift ttiretalr ffp. 

45u( 


1 33 

ft 

120 

Yukon Cana. (31 

154 

♦i 

Q7e 

ft 


4-7 1 

2.2 


NOTES 


t'alr-a olirrulv iodiralnt. prim and nrl ditld/nd. are In 
pearr and draumlruumtis are Sa Cuiinated prire'earnwg* 
ratios and ten rr. are based on Iciest annnal reports and arrcuMB 
and. rtert pessiblr. me updated on half-yearly figures. P/E* are 
ralrntued an the b*Uo of nr: dlatribnrfan; hickrtrj figures 
indleate ID per cnl nr more difference if calculated on ■■nil'* 
di art (rattan. Cmrr are based oa -mnlraam'' dlMrtbutiBu- 
Vlclds are haarel m middle prim, are Riwn. adfaued la ACT of 
Sj per rent, raid allow far ralae 01 derlarrd disteibotioai and 
rights. Sec urines with denomiuciiuis other than eterllug are 
quoted inclusive of the Investment dollar premium. 


Sri Lanka 

185 11X3 lUnovaCl 1 180 | | 55 | X5| 


Africa 


500 

160 


390 

150 


jBiactjreSl j 

IRuo Estates 1 


450 

160 


50 0 
130 


MINES 

CENTRAL RAND 


385 140 jDurtenDecpRl - 
416 244 EanRandPrtLRl.. 
£361^ £29t« Raa±'cmi'3Ea.R2. 
178 78*2 (West Rand IU 


226 

299 

£324. 

113 


+8 


tQSe 

0350c 

Q13c 


EASTERN RAND 


93 
3 3 
351 
152 
391 
521a 
104 
73>j 
60 
780 
63 


57% 

18 

235 

76 

1271 

35 

67 

37 

■i 


Bracken K1 

EastDaaaRI 

E.R.aa mso — 

Crootvlei 30c 

Kinrn« BI 

Lelieffie 

Itoievale ROftO — 
S. African Ld. 35c _ 
VTaHontetoHl — 
WlnkelhaakRO — 
Wit. Nigel Zx 


66 


t025c 

X5J 

Z7J* 

331 

9 


12 

84 

*2 

019e 

U 

331 

+8 

ti?34c 

1ft 

41 


U73c 

X2 

84 

+2 

Q46c 

10 

45 

*1 




40i z 


Q25c 

0.4 

614 

+8 

tQ86c 

17 

40*2 

*b 

— 

— 


16.4 t 
X5 6.4i 
6.7 6.9) 


13 a 

6.D 

4.41 

32.7 


Sierlmr. denominated securities which include imesttnent 
do I tar premium. 

•Tar” Stock 

I lip hi and tons marked that ham S«c*-a adjusted lo alia# 
fur right., iv ucs for cash 
inu-nin since increjwd «ir resumed. 

Interim unre reduced pu;.v.'d or deferred, 
if Tas free to nnn-reaideiiK on application, 
ft Fiffares or report awailcd 
qjjtt I'ntiacii irturil! 

Prtrc at time of suspension. 

Indicated dividend after pending scrip and nr rights issues 
corer rclat« 10 previous dividend ur farce Art. 
c Free of Stamp Duly. 1 

Mercer bid or reunsoaisalian in prwfirew. I 

No* cotuporuble. 

Same Interna- reduced final a inter reduced earning* 
indlcidvd. 

Fonrn.1 divtrienif, corer on earnings updated by latest 
inienm staieoiem 

CVnc.” atloHS far eonteraon of «ft.ire« not nnu- ranking far 
dividends or ranking only fur reMrlcieil dmdcnd. 

Cbn-r dec» not allnar lie >hmv ; uhicli may al^o rank f.ir 
dlndcnd at a fuiuu- date. No p. £ nifio usually provided. 
Ekcltirinii: a final dmdeod ifecloraliim. • 

Reition.il p.nrv. ! 

No pur cafui- 

a Ta* free b Kigu rev Ha«ert on prospect us or nt her official 
ef.iim.il.- c r-nt* d rtnidend rate paid or paiahti- on part 
of capital- ruw-r Laird on drttdend "a full runit.il. 
e Kisfemptior vielit. ! Ft at yield g Assumed dn idend ar.d 
yield b Avu’iRid iliiidend and jn*tii oiler enp is*ur. 
j ffaytiwnf frwu capital %ouirc< k Kenya, m fnicriru tijrfii-r 
than previous total n Rights iv.ue pending q Earr.incs 
boseti on preliuuoary hgurer- r Australian currency, 
s Dividend and vivid exclude a special payment 1 ludiroieri 
divuiuad cover rolnles 10 previous dividend. P E ratio based _ 
on laie 4 anml al corning* u Forecast dividend cover based 
on previous year ' earnings, v Tax free up (o .TOp in the £. 
s* Yu-lit a Heir fur currency clause y Dividend and Meld 
based on mercer terras 1 Dividend and yield inrludr a 
special piiyment: v’over dor', not apply tu special rojmenL 
A Net dividend and yield B Preference dividend passed nr 
deferred, f CanJiiiim. D C’wvr and rt ratio exclude profits 
irf tf.IL avro.paci- subsidiaries E Issue price. V Dlridenrf 
and yield based on prusperUi - or other official estimates fur 
1BT7-78. G .AOTuramt dividend and yield after pending scrip 
nndmr rigbl-s larae. H Dividend and yleM bawd on 
prospectus it other official cellmates far 1878-77 K Figures 
based on pro'.peciu* ur «hrr nificinl estunnies fnr 107B. 
n DfvfrfvQrf and yu-W bared on pro* pectus or ofhvr official 
4. 5| eat non i-7- lor lira N Dividend and yield based un prospectus 
or Other ufiicial cJlmalen for 1079. P Dtctdend and yield 
based on pmspedin or other official antnuli-v far 1077 
Q Gross. T Figures i-.airar-d !• No significant t'urporamvn 
Tac payable Z frividend total lo dale H Yield based nn 
ossiuaptian Treason' Biff Rate stays unrhnnfctf unni matunfy 
of slock. 


ill 


*4 


FAR WEST SAND 


445 

931 

96 

313 

712 

238 

153 


£U3,B90 


502 

562 

527 

282 

£1312 

289 

£19^ 

241 

763 

201 


288 

764 


589 

154 

92 


EtyvoorS 

BuflcIiRl 

71% DeeltraafROiO 

214 Dooraftmtaa Bl _ 

EaaDrieRl. 

Etinrisrtnd 04 30e | 

OshrogRl — . — 

BartebeestRJ 

□oof Gold Bl 

Libation R1 

Sontbvsal50c 

StilfonternSOt- — 

Veal RetfsStc 

VcatcnpasIBi — 

□6% W. Dric RL — 

(152 Western Areas Rl, 

Western Deep R2 - 
Z?nrip m R1 


408 

432 

419 

206 

ai 

123. 


589 

163 


323 
878 
77 
242 
M2 
194 
102 
£30V 
460 
444 
448 
Z22 
£11% 
274 
OBJ a 
170 
727 
190 


+9 


«Mfic 

tQ130c 

tQ15c 

QV8c 


B jThis service is available to every Company droll in on 
1 $ y 3 Stock EschanKes throughout the United Kingdom for a 


h a 


1.0 
IS 
23 

32 
X0 
23 

33 
73 
l.K 

a 

hOj 69] 


O.F.S. 


« 

SP 

413 

134 

£1(R, 

769 

883 

199 

302 

£19H 


75 


80 


Olle 

14 

f.Il 1 ? 

ijiff. TPlif 

£15 of 


rtiZ40e 

2.7 

59 

PiSaaipfaMRl- 

72i z 




779 

Kanaony 50c 

295 



4.7 

66 

82^1 

878d 

;S 


05 

750 

Pres. Brand 50c.— 


16 

562 

Pres. Seyn 53c 

654a ( 

+91 

H320C 

t0U5c 

9.5 

703 


727 

+20 

25 

144 

Hnuel 

162 




liJ 

WeiknsiaOe 

25frd 

-1 

+Q35c 

l*»c 

IS 

£13>a 

fi'ftol drags 50c 

£161(Ol 


15 


9.4 


FINANCE 


525 

311 

£17%i 

780 

137 

284 

25 

£161 2 

£121: 

ISO 

158 

122 

£U\ 

3 
2 10 
42 
13»i 
-32 
292 
55 


|4?4 

246 

£14>( 

6a 

119 

(163 

17f. 

m 

nou 

no 

138 

126 

95 

860 

50 

$ 

29 

£11 

40 


.top .4ai foal 50c... 
.togloAmcrlOr — 
Ang Am- Go! a R1 „ 

Aflg-Vul 50c... 

Charter Cons. - 

jCtms. Gold Fields- 
[Earn Band C«a 10p 
Gcn.MtaingR2— 
,CcidFieMb.<A.25c„ 
Mo'bnrgCcBLBS.. 

Untile Wit 3c 

Mfaoreo SEDI.40 ~ 

NowWitSOr 

[Patiao N\" Fhi — 
teandLoadoalGc.. 
jSelertkajTniri — 

/Sratras 10c. 

Juvenninea3>p_„ 
[Traal.CaatXfljU- 
;IT Invert Bl- — 
l’9l«r«Tm.6Se. 
VcgdiS^ 


515 

+9 

QWc 

3.4 

294 

£154. 


SS 

XU 

1.1 

7M 



54 

129 


*7.5 

18 

160 

-2 


Xt 

17W«1 


1.05 

ft 

055* 


Q225c 

ft 

£U% 



IX 

Olh 

♦^4 


X2 

147 


13 

153 



1A 

105 

+4 

QJ5c 

U.6 

£U^ 

-In 


ft 

57 



3.0 

4Q0d 

202 

39 


14.0 

IT 

L 

17 

£131 2 

200 

*h 

BSi 

3.4 

1? 

265 


Q3Br 

1.6 

55 

+5 

Q7i a e 

xq 




5.5 


ai 


DIAMOND AND PLATINUM 


£374| 

90 

354 

ai»a 

74 

98 . 


£30 

Anglo- Am foc-Mc . 

£35*4 


9600c 

ft 

M 

fishCOTJ^rMt. 10c . 

77 

4-1 

197 le 

10 

285 

De Beers W ap 

339 

+5 

WWSr 

3.3 

925 

Do.4tocPf.H5__ 

£U 


920ft- 

3H6 

54 

Ljdenlwrfj UJje 

60 

+2 

jq? 7r 

10 

70 

fRkHaUOc 

78 

*2 

tV‘i< 

X4) 


SS 
9.2 
10 9! 

# 


Abbreviation-, d ex dividend: c cl scrip issue, r ex richts: a ex 
all, A ex capital di-anbulinn. 


“ Recent Issues " and “ Rights ” Page 38 


fee of £400 per annum for each security 


REGIONAL MARKETS 

The fallow i nc ii-o selection of London ijuplalirn* <*f -hare* 
previously tided only m regional market.* ITirw of in^h 
iro rueis mo:.! of nh.-t-h are- not officially tided m London, 
a re as quoted on the Irish oxchanfie 


9.11 

4.6J Albany Inv. ttOp 
AshSpiuninn 

Bert am. 

Bdff'wlr. EsJ. 5t>T 
Clover Croll .. •• 
Craig & Rose £ I 
Dyson (R. A. 1 A 
Elite feMeHdy. 
Evans FrttlOp 

Erered. 

Pile Ponte . . 

, Finlay Dkg Sn 
11 1 Gralg Ship. El 
4J HigxOns Brew... 
8.3 IG H.StM.Ll.. 
Ig UoluJcs\S5p.. 
Vtha Golds troth 

PearreiC H ' 
Peel Mills.... 


jQ^Sheffleld Bn cl. 


23 


46 


22 

. ... 

272 


22 


420 

„ 

41 


65 


57s 


13t 



50 


20 


150 


82 


147 


255 

+3 

55 


150 

+20 

19 


48 



Shtff RrfrvhM | 
Sinvlall (Wm 1 ....I 


IRISH 

Can v. 9*o ’8D;B2.| 
Alliance Gas .. 

Amotf 

Carroll 1 PJ. i _ . 

Clondalklu 

Concrete Prods.. 
Belton ilfldfis 1 

Ins. Corp 

Irish Ropes.—.. 

Jacob 

Sunhcan ■ . . 

T.JI.G 

Umdaro 


£921* 


75 


320 


92 


95 


132 

+2 

41 

-3 

148* 


125 


65 


31 

+i 

190ri 

95 



OPTIONS 
3-moniSi Call Rates 


llndual rials 
A. Blew . 

JA.P Cement.. 

8 . 5 ^ IU ... ..... 


Beer bom 

Boots Drue .... 
D -(Bowstcrs... 
“-3BA.T 

*8^ Brava U.i_ 

Burton -,V_ 


Debcnhams... 
.. Distillers 

“•SffiSsr 

EMI... 


Gen. Elerixic. 

Glaxo 

Grand Met 

G.U.S “A - 

IO.ZjGuafdlen .. .. 

HnwkcrRidd' 
House tri Fraser 



I.C.I 

23 

a 

"Imps" 

ICL 

7 

20 

9 

lavcrcbk 

7 

10 

75 


5 

Ladbrobe 

17 

35 

Legal & Geo. 

14 

15 

Let Service.,. 

1 

16 

LJoi-ds Hank-. 

22 

24 

■■Uris" _... 

5 

6 

London Brie 

5 

28 

Lonrhp .. . — 

7 

73 

Lucas lndr... 

26 

S 

LTDnSif.f. 

13 

HI 

-Moms" 

7 

10 

Mrki it Snncr 

11 

n 

Kidluid Bank 

25 

6i- 

N.EI 

20 

11 

Ntt P'esi. Rink. 

22 

16 

Cm Warrants 

10 

'1 

F&ODld 

10 

28 

Ple'.rey .. 

9 

40 

R.H.M 

S 

9 

Kaukurp A'. 

IB 

IS 

Reel Inti 

14 

13 

SpjlJef'-. . — . 

4 

22 

Trreo . ._ 

4 

70 

Thom 

22 

12 

Tru.-i Houses- 

15 


"Tuhe Invest. . 
Unilever . . 

Utd Drapery., 
Vickers . ^ — 
Wool worths.., 

Property 

Brit. Land 

Cap. Counties 

Intreuropean 
Land Sees. — 

MfiPC .J 

Penchey— — .. 
Samuel Props., 
Town Sc City... 

Oils 

Hnt Petmlerrm. 
BunnahOtl ... 
Cltanerhol! . 

Sbrll 

LUfnmar 

Mines 

Charter Cons . I 12 
Cons. Gold .. .J 20 
RiuT.Zinc.-... 


y, 

5 

5' 

4 

18 

w 

IB 

2 


s 

J 


A hvlcrtirn r>f iipnon*. traded is given on th« , 
Lon dun Stock Xxchangc Kcpon page j 









IJ-, If for your next 
rXlIXlcxpanskm. ! 
New Development 
Opportunities brochure i 
from: 

IfanRHcHm. 

; Hircdor uf Industrial Diaitopriwit. 

! KinrMrtinxni Hull Cbu Council, 

: 77 l-miffip. Hull. HU II NR 

\ Trt'phoiw WK4 1>£UII 


FINANCIALTIMES 



Tuesday May 9 1978 


Weatherali 
Green & Smith 


Chartered Surve>nrs*£state Agents 
London Leeds Paris Nice Frsnkf-jn 



France, Greece call SWAPO recalls ™‘ u:> 
tanker crash inquiries talks team Lifeboat 


THE LEX COLUMN 


BY OUR OWN CORRESPONDENT 


NEW YORK. May 8. 


BY PAUL TAYLOR, INDUSTRIAL STAFF Ai . , . . . 

THE SOUTH WEST Afnca The statement also cited the 
_ T „ „ _ , _ , ^ People's Organisation (SWAPO) round-up of SWAPO adherents 

THE FRENCH and Greek line to the forward section lo-day came dose to wrecking in Namibia, ordered under 

Governments ordered inquiries ^ COLLISION enabling it to be towed out to the year-long efforts of the emergency regulations by the 

yesterday into Saturday s colli- POINT sea - Western members of the south African adminis trator- 

sion between ihe Greek tanker \ r The forward* section has Security Council to obtain a general. Mr. Martinus Steyn. 

Eleni V and the French merchant N s * drifted some 15 miles south from settlement in Namibia. Ii said "this was aimed at coming rouna u> me view 

ship RosPline as hundreds of original collision point and In a „ ann0lin( . e nicnt made liquidating SWAPO and impos- yesterday that the banking 

. L ‘ u. he S un u"! \ POLLUTED ~ as strand S£ last night on the only an hour before a new round ing a “ neo-colonial puppet sector figures due this after- 

ihnni i nJin t „ , ffo k beaches. SSmouthI' - * BEACHES £ orton sandbank three miles off 0 f talks was i 0 have resumed in regime” set up under the terms noon will show growth of- more 

1 !£?! se !f ed rrm " .. , VAIWOU ™J HtAWica Lowestoft. the U.S. mission to the U.N.. of the -Turnhalle Constitution- like 2 per eent. for eligible 

after the unker ias cut in i wo ' ' I The first and subsequent SWAPO disclosed that its which was suspended when the liabilities during April than the 

rhu * * ' ,Ul 111 l> '° <5 attempts to secure a line failed negotiators had been urgently Western powers declared ii l per cent or less that has been 

b> the mlliiwin. ^ron? when the line broke. recalled to Lusaka. international unacceptable. thought likelv un to n^ Sn 

^ ,,f lhe p0 ! u,,on U u rt — ' ) Department of Trade officials Most of the learn. - including "Ail these sinister develop- discount houses that bid 

fL2S r ki?«S!?i!' he v«,h«w^ V were been to play down the pal- Mr - s f m Nujouia. the president merits make the prospects for a aggressively for Treasury bills 

nac " u?„ -ti ‘ r r, £? C,lfIton ; FEARS OF lutlon threat. They describe the already on their way back negotiated settlement in Namibia were left 2 wait 

Davis. Minister of Trade, -iir.it further pollution as " not particularly }° Zar ? hl *- Wbil1 was n0 L5j* a £ exceedingly bleak." it said. 2J Hi 

Last night anli-poliutinn J POLLUTION serious.” y* ,:iS , whether j D a se p ara te letter advising anxiously as the market rate for 

vessels continued lo spray dis- r I «_ r , jn(n rniri \rpc- SWAPO had finally slammed the tj, c Western powers of the hot bills rose into the band 

persanls on m the oil slick. ^ =1 -Jjj’ authorities ivwe do ? r . °o the pr ° p0 ^l s ^ orked SWAPO central committee’s corresponding to MLR at 9 per 

l-'ive divers hoisted hv nul in h?nd a n kmuS mtn the ^U^ nXm ‘ !£“2r decision to recall the negotiating cent. Meanwhile, gilt-edged 

helicopter on t r . the slippery night was awaiting entry into conduct of the Master and crew accepted™ 2 Soul! Africa. 3 fh^South’ African N mi?uiv Sid pn ,^, cased, and buyers are 

surface of the forward section. Rotterdam, where the oil will be of the French ship, and it is also Th stal ‘ emem said t hat tf, e SK-^SinifTiH ^S^SrioS “ till P y to appear oow m airy 

succeeded m the first stage of unloaded. hoped to take evidence from the decisfon Sn take part in new 2iJ.it * f ^ numbers until nest Monday’s 

"Effig, " ™ s sbnu,d st °P The forward section, contain- Personnel of the Greek ship.” fJgj2MS Mr N$»ma W Precis for suts trade figures are out of the way. 

H ' * urinLri inn about 4,0i)0 tons. Glted This did not 'appear to satisfy self had asked for— was taken the same time according A high level of growth in 

The collision is thought tu through 90 degrees on collision, some MPs, who called for tighter “in face of the grave situation to the Western delegates he eligible liabilities during the 
have happened six lo eight miles leaving the bows almost vertical control of tanker movements created by the military invasion told them of his organisation’s April banking month could 

off Happisburgh, Norfolk, in with about ‘JO feet above water round British shores, and a U.K. against the People's Republic continued wish for a ne°otiated imply that official support for 

thick fog in an area where there and SO feet below. inquiry into the incident of Angola” by South African settlement ° -— ** — '-**-* -- * 

-I"- 111J j° r sb, P separation uespite the attendance of up Air. Davis told them stricter based in Namibia. Seizing on this apparently 

Thft 1-1 win U B tr. or ,i v Id e*eht spraying vessels, some controls on tanker movements Jlie South African military positive element, they said in a 
rJri.'in.l"i^sM 0 n nn oil has found its wav on to a were a matter for international assault, against SWAPO guerrilla statement that they welcomed 
f 2£i* nTi rrnm nf ii 15-inile stretch of coast between agreement, and that he had no camps m Angola. was this expression and would pur- 

rvm«rm n ..tk i'lttcrdam to W mterton and Lowestoft. power to order a British inquiry unanimously condemned by lhe sue their efforts to obtain such 

^ f fh Tho nil u-vc hinu, n hv because the collision was be- Security Council last Saturday. a settlement. 

The Lir^er after-section of the Tin? oil was ^ blown L lieved lo have happened in Angola said lhe actual targets Dr. Kurt Waldheim the UN 

hSL'ilwH fnMfp wmd ^SfJh ^lm international waters. were refugee camps and that Secretary-General, said he was 

CPTlIi Hi 1 ho 1 1 1 1 • hns npen loll’d inp 1%1 KiQ v Allien <iiSCl mriCp f Vi 2 n cn/l roFirfip^p vupra •• ..An, nnrmnhnnfl l.. 

til the Hook of Holland, and last hampered attempts to secure a Parliament Page 8 SfE. *L 


COLLISION 

POINT 

r 




, i FEARS OF 

M> I FURTHER 

/ POLLUTION 


for shipowners 


The financial markets were - "** together with Royal’s Teamjtj 

3S..-S1 ‘S.XJE ^ex fell 1.4 to 480.1 

rjairi — 

like 2 per cent, for eligible (350i ^ - ] someihms. over £130m agam* 

liabilities during April than the /\ - * “ U 

1 per cent or less that has been j 'j P er CPnt- at la6p ‘ 

thought likely up to now. So / w ' 

those discount, houses that bid f \ Northern Foods/ 

aggressively for Treasury biUs 3<40hl A r ai . mc 

last Friday were left to wait *\\))\\ 1^ / a OiK r dnus 

anxiously as the market rate for (“WHOLESALE - \ / After failing tu secure contni 

“hot” bills rose into the band "PR ICE INPUT L /j 0 f Shipslnnc. the Nottingham 

corresponding to MLR at 9 per ~n~ INDEX rT _ \ L brewerv Northern Foods Ju; 

cent. Meanwhile, gilt-edged 330 MSi B materials _ V i ^ turned 'its attention to pork pi* 

prices eased, and buyers are ' &FURS / with a fogm. agreed bid -for 

unlikely to appear now in any Pork Farms. The only conncc. 

numbers until next Monday’s' — — i ion between these two potential 

trade figures are out of the way. 320 UT] M I I N partner s is that they are bmh 
.,A high level of growth in ' 7 n97a in the food fand drinks) area; 


eiigioie namuues aurmg tne | 'ZHJ Shipstone is assets rich and has 

April banking month could . .. _ nfit rec0ri j. p or k Farms 

^a^xsv! sydrsasjr abw * attr ss&nsriS’sus.' UJ " nsr- ravTsss sgss t wish tor satfsafti rjjj ^7 “ ceJJe ". ' nB Ltn 

^nu major ship separation Despite the attendance of up Mr. Davis told them stricter troops bss ^ ^c^'^.jitarv S ? izlrig 00 ^5 apparently impact on the figures. Moreover, deferment of cSt^re payments JJST riiore^an doubted 3 in 

a 1 ^* l gsy i s IT'ouTt JUTS? JESS -ZStSS-SSffiSSS SSSJfTS^JS'SSJU SS&TSfSZSr&Sf *r h tm * pi r emS a ” d s? SS? «:.£ 

‘ oil ^ 15-inile Stretch of coast between agreement, and that he had no camps m Angola. was r his expression and would pur- “® g,ven many pipping com- tangible assets at the date of 

n.ri! m , r I nm I ' oUcrda,u 10 Wmterton and Lowestoft.' power to order a British inquiry unanimously- condemned by the sue their efforts to obtain such D > e °t borrowing was larger than pan^ are not earning sufficient last balance sheet were lesj 

h r Tho nil u-vc hi nun ^chr.m hv because the collision was be- Security Council last Saturday. a settlement. of late. l0 cover their interest charges, t han £3ra The vast disparity 

Jer cnmammJ S iSr a Judden and un«n5*tef cEnie ,ieved 10 have happened in Angola said lhe actual targets Dr. Kurt Waldheim, the UN , , jt seems inevitable that some ^tween this and the bid pr£ 

r W nf X U ffha, hecn’iow^ In the" riS *■«««- ™ J* W fi L L feb ° at ^y! U.K. companies will go to the ^Txplainei hy tho high reSS 

he Hook of Holland, and last hampered attempts to secure a Parliament Page 8 ^ swXn'fSliuSSS* 11 ^. -J- . Tiie ^vernuient has finally wall. * on capilal at Pork Farms. 


killed and several hundred SWAPO’s withdrawal. He was i auru: h=ri' a lifeboat to -rescue 
others wounded. The raid has meeting its representatives who ■a unclied a , to . 


Against this depressing back- 


IMF seeks early approach 
from would-be borrowers 


! been widely criticised 
i 'Western Governments. 


on capilal at Pork Farms, 
Given the low asset backing, 


by remained in New York to those unlucky UJL shipping ground the Government's con- (on IK* 

discuss the situation. companies that are on the verge tinued heavy subsidisation n£ ™ k d ' emandin - 

— of sinking. Judging by the latest foreign ship owners ordering in {S L Fa?ms is 5 IWn * of S 

lay-up enures, the move cwnes the U.K. loots increaslnBly S’JJSSh LX 

J 1 • not a moment too soon. A year bizarre. At the moment the U.K. ^ “ mn ro tano 

AUfi TH/|ID1QP ago onlv five U.K. dry cargo shipping industry makes a far P 1 H rr ? nt - e3 . r : b ‘J 3 

illlU Uliliillov ships tmal , ing 156i0 00 dwt were bigger contribution in the Norihern FnndfJ 

laid-up. according to -the balance of payments than the « ^ods u 


Face Leyland malaise 
Scanlon tells unions 


BY DAVID FREUD 

THE International Monetary 
Fund wants countries running 
into balance of payments prob- 
lem- to approach it for help 
earlier than they do now. 

Dr. Johannes Wilieveen, retir- 
ing managing director of the 
IMF. iold a Financial Times con- 
ference in London yesterday that 
the fund was being seen increai- 
ingly »-> a lender uf last resort 
This meant it tvas approached 
only when a country's economic 
Mtu;<tion had deteriorated su fai 
tlul severe adjustment measures 
were required. 

However, over the last few 
years the IMF had relaxed tLs 
conditions and made funds avail- 
able over longer periods. 

Severity 

Dr, Wilieveen also reiterated 


BY ALAN PIKE in worthing u.K. tanker fleet has stabilised pre-tax for the first quarter is through a similar process lo 

Much of the difficult)’ asso- LEADERS OF the Amalgamated run-down met resistance TR-7 at iu5t over 2m ’ dvrt> toe itU * c l 0Se t0 ti3 . e top 0 f range H - B° ?n, er in reorganising its 

dated with the condRioos at- Union of Engineering Workers production would cease’ com- cargo fleet is increasing oE expectations, and there is a capital structure. As a 
tached to IMF loans, said Dr. were yesterfTy accused of a Sletely cauriSg redtS rapidly. substantial advance compared it gets t^dend freedom for two 

Witteveen. arose from the “total negation of trade union dancies The Government i s clearly with ^ same quarter Iast year * Y ears - The complex scheme of 

severity of the adjustment pro- responsibility" for failing to fight That was tbe situation which worried that if the situation con- The £8 - 9m - reduction in the arrangement involves the crea- 
ced ures required when countries the closure erf British Leylahd's faced union leaders when they timioc much Tnn?pr move *md underwriting loss accounts for tion of a new holding company 4 

needed help at a late stage. Speke assembly plant. met to consider the Speke ^nre T r K - the bulk of the f 11.6m. overall called MarchwieJ in which share j 

“I would hope that countries Anger at the passive official problem after a 16-week-Iong fnr „j t^c^iTniv impru v cincnt, while elsewhere holders will receive shares in * 

would increasingly recognise the union reaction Vo the closure, strike at the plant. wiu oe torcea to sell off tannage the rights is gue proceeds will place of those tbev now hold, 

desirability of approaching ibe due on May 26. exploded during Mr. Scanlon went on: “ British rockbottom prices to survive. hjjve ^ osted investment income Ordinary shareholders will 
Fund in the early stages of their •’debate on Leyland at the Leyland cannot continue at the Consequently, it- is now pre- b £15m f r th ™Ave e i*>bt new ordinary . 

balance of payment problems,” AJffiWs aonual cooference at present level if there is coo- pared to grant a throe-year £ “xhe' fb 


laid-up. according to -the balance of payments tnan tne 
General Council of British Ship- Lf.K. shipbuilders, 
ping. Currently, some 19 dr)' ^ • « tt • 

cargo ships totalling L5m. dwt Commercial Union 
are laid-up and while tiie idle Commercial Union’s £29.6m. 


to show it has bought well. 

Marchwiei 

Marchwiel Holdings is going 



t The attack was met by Mr. — m f 0 5f s ,? n “ m 011 ^ re P a >‘™ en j account remains slightly in the lative preference share fur every 

c v° r’ra nU m 'on ^ S J«; "1 Hugh Scanlon, union pres'ident. *« * da > of trade union acti- of L.K. Government guaranteed red however, with losses of four ordinary shares they now 
cautionarv device ^assure tiie who defended ! he position of the ® B - W ®3 es and incomes shipbuilding Joans. About £2. 3m.. after the brief move hold. 

availabflitv ” of C financing to *^V EW executive and the Con- fjl'Soo^'wirif Ev *h*n° f of suc t, a . re out I modest profits in the final Marchwiel maintains that the 

enun tries l \hat° did nof have £ S 1 ^ 1 ? half the total quarter of I977 . Holland con- reconstruction is necessary for 

immediate need, but felt it SdT™ !! .i,! understandin? ” * L.K. shipping debu and repay- tinues to be the problem area, good Structural and organtsa- 


Worthing. 

The attack was met by Mr. 
Hugh Scanlon, union president. 


underwriting shares and a 9 per cent cumu- 


j __ ___ nuKii onuiuii. uiiiuii uicaiuciu, 

rirntnarv^tt! Inhume who d Pfe nd ^ d the position of the 
cautionary device lo assure the 4IIirw « V4 ,,. llf i va ‘ nrt fho r nn . 


reconstruction is necessary for 


Dr. Johannes Witteveen 


Eft*" J* fUlUre * had been | eToS rfSpe^;h7p^tew a ^ro cians called & a week 

Io>t sight of. l kcep the p]jlI|t ftpe0 and a 61) per cent, basic rate 

’’ 1 think countries must once I He S3id the unions must lake " sc - • • and civil servants re- 
agaln begin to look upon the a i on2 an d hard look at them- peeled further interference 
stand-by arrangement as a line! selves if lhe “malaise’’ in Ley- with t * ,elr P a > determination 
of credit to be arranged before i and was i 0 he cured. system. Labour News, Page 9. 


SbS » » as , "z sras s ms vxza «« - lem - Lall ° ur n -- p ^ 9 - ^ z ^ pcr cent - »“ grs 

vigorously * i.i Ct world UI economic "Slt^ S Dr“ th \ViU«veen also f'rlen^^in ibTfourft * Seriin^X "jjo us and recurring in terry p- pressures on some U.K com- First quarter profits for insur- is likely that other companies 

c n= ?n°d n in rtM S 5 '^ those ctpS EJ! SffBSUS =U£ 552 -^ at com - 


Price-*’ i» contribuic more rates of growth. financing is actually upon them, nersuade deleeiites aeai ns t adopt- , j . 

v = isly world economic But 0, Witteveen also ” 0ui . £ fricnds in lbe fw.rtt. 

*.r°wih. hracketed dc\ eloping couniries estale can help in this respect attempt by the Government to and s h ou ld be settled hv dtf 

Ah hough they were mil named, with btrong economic positions not alwa)s portraying such interfere with, close, or run down outes orocedure” 
ho was clearly referring to. in the same category. This lm- occasion s as situations of crisis British Leyland. This was carried He pronosed a ton-level meet- 
jmong others. Japan and West plies a new way of looking at Qr confrontation." by 36 votes to 33. !„e between Gov erSLent uSm* 

Germany. H»s remarks rol low the role or countries like Korea fi> . .. .enort Pa-e 32 Mr. Edward Gilbertson, a and Srement 

the interim committee meeting and some of the OPEC stales by Conference re port Pa 0 e 32 /Merseyside delegate, said that fH-ntlfv^^ri^PKniv- 

of lhe 1JIF in Mexico a week the fund. Leading article Page 18 ?TcJEr identify and resolve difficulties 


those companies with ” serious including the U.K. but there are shares will allow existing 
short-term cash flow problems ” hopes of a return to profits in ordinary shareholders to realise 
will be considered. Holland following the go-ahead capital without affecting their 

"While the measures will for 15-20 per cent, rate increases interests. But if dividend ccm- 
obviously relieve the financial for 1978. trols are not ended in July it 


Japan may buy BAC 1-lls 


BY GUY DE JONQUIERES. COMMON MARKET CORRESPONDENT 


what bad happened at Speke, m the comimny 

— — ? here tb J workforce had now The of de i egates vester . 

become disillusioned and opted day can d0 , ittJe to change the 

* — ^ ^ * or redundancy, could not be position at Speke, now that the 

\ M f . lie 1 3u 5i ,fie l' . . .. „ 3.000-strong workforce has 

I" I I JS Scanlon said that every decidedtoacceptredundaocy.il 

TR-, produced at tbe plant had is ukely that the Confederation 

been costing the taxpayer £S50. executive will formally accept 

tincNT Management had said it was closure of the plant later Ibis 

' ,Ufcr “ impossible lo continue produc- week. 

tion at such ln*s. and talks had To-day. workers from Mersey- 
■ size nf routes. This approval has yet , been unable tr. produce adequate side will lobby MPs over imem- 
oflicials fo )>e given. .economies. ployment in the area, which has 

lat the> Mr. Usbiba is believed to have ! After deciding to close Speke, seen about 6.000 new redundan- 
at least, beep rather more positive in t Leyland had warned that if the cies this year, 
und per- assess tos the outlook fur a dpci- ' * ■ 


relevance to those companies heavily on estimat es, but taken parable schemes. 

Make Private Patients Plan 
i your company policy. 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


THE. JAPANESE mlprnal airline, reluciaiit in '.p.-cify the size nf routes. This approval has yet , been unable to produce adequate side will lobby MPs over unem- 
Tnj ma\ i.iicr jii order ibis the cxneelrd orders, hut uRiciats fo lie civen. .economies. ployment in the area, which has 

niinn.^r "f.»r uhi'p .i R M ■ i in., in Bruits suggest that they Mr. Usblba is believed lo have ! AfterdcviriinctocloseSpeke.seenaboutfi.OOOnDwredundan- 

v ! Ii i eon Id .iinnuni. intlially at least, been rather more positive in Leyland had warned that if the cies this year. 

’n Tr a in ' ,| « «'»•'»' six Airbuses and per- mwu« the outlook fur a deci- 

' V,.nmn it « L f ha i» s ‘ hrfl ” BAC One-Efanwiu. si on to purchase the airbus. | 

T-m-'m-.n !\irims«'.s ? Th<* os|iiiial«* of the pn«pcvlivc "hich could be flown by Toa . TJ • 1 

I m lip. jn ir u. .. purcbj'*v >»r BAG One-Elevens is without any adjustment to airline |-*r|r fc p \\ QT PThOll^P 

This was indicated by Mr. rather smaller than those rouies in Japan, A lltC TT aiLUlUU^ 

Nobuluku Ushiba. Japans recently eirculatcil in Tokyo. .Mr. Ushiba has also told Sir. j i • TBT A 

Minisier for EMernal Economic where officials have suggested Haferkamp that his Government TH Qf|'V r )Cf^ HT] I . A\ 

Relations, during a week-end tliat the order might amount to planned to table an improved B ” vr wx.* m, jl uj. a. 

meeting wuh ^ Mr. Wilhelm aircraft or more. tariff cut offer in the General BY LYNTON McLAIN, INDUSTRIAL STAFF 

Haferkamp. EEC Commissioner officiaN mav he Acreement on Trade and Tariffs 

fur External Relations, in Ham- deliberateiv taki'o" a cautious multilateral trade negotiations THE GOVERNMENT has asked pected to draw up a rescue pro- 

burc. Japan also hinted at an linc s ,n Ce Toa has°raadc it clear soon - Price Waterhouse, the account- gramme, aithougb the PLA last 

improved lari IT cut offer m forth- tha( ' j\ Wl j. purchase the aircraft Thc offer could come perhaps ants, to advise it on the Port of week presented a range of 

ennung multilateral trade talks. on jj. {f lfu? jap ancse Government before the end of this month. London Authority's financial costed options aimed at easing 

Mr. Ushiba was apparently approves a realignment of airline though Mr. Ushiba did Dot indi- £°ra caSls ' *** [Pi*ShL 

...i i i— i— ■— _ i ■ — cate how far it would go. Japan The move, announced by Mr. Tbe options are also contained 

expected the negotiations to be William Rodgers, Transport in the authority's confidential 

substantially completed before Secretary, in the Commons five-year plan, which includes 

the seven-nation Western Econ- yesterday, has come only days options for expanding activity at 

iituic Summit in Bonn in mid- after the PLA warned that it was Tilbury, as wrell as phasing out 
U.K. TO-DAY Cloudy, sunnv spells later Jl,, T- oe ^ r f ® ,a J bankruptcy. the Royal, MilhvaJl and India 

Max. ilHC. <6tF.i Last month, the EEC tabled a Mr. John Cuckney. PLA chair- Docks. 

nH U-.S NAT. England. I. of Man. Hsr of provisional withdrawals man. said on Thursday that the “ Speed is of tbe essence.” the 


More and more people from a] I walks 
of life are turning to health insurance for 
t he kind of health care they want. And many 
choose Private Patients Plan. 

We offer a choice of plans designed to 
meet, the specific needs of companies and^| 


individuals. And the choice is growing. 
So choose PPP.The organisation • 
already trusted by so many companies. 

Complete and post the coupon 
today lor details of your FPP company ' 
jxilicy. 


Jl suttaNcsoanY 

cwia jrertfH Aivt ano I liltw^i* 

j JlsuiflwsoaErr AimKiyS ^ 

^<>Cld2ax\^vuiC 

TheUMiewootfe 

Hoechst @ ? * 

1&44I Kodak 

Mm&F PJ ILFORD^ 


AiL^CE 




U.K. TO-DAY r.Iomiy. sunny 

SUNNY spells. Rain or drizzle Max. i l«C. tfitl--. i. 


;it first in England and Wales. 
London. S.E™ SAT. and Cent. S. 
England. Channel In.. Wales 


NAT. England. I. of Man, *W of P« 

V Ireland from its uri 

l)r>. sunnv. Max. 17-“0C. (63- m response 

USC.'. disappointu 


al BrSl * England. Borders. Edin- -ud the U.s! 

I' Tnella ' V and Lent. V , ,,ur P h ’ nu|, ‘ Jcr - Aberdeen The Garter i 
L. Anglia. aim lcih. ->■ , )r> >unnv p , 7riod? . j 3 av. LJC noi yet indiea 


England 

Some drizzle, sunny miervids j" \ 
Liter. .Max 13G iSoFi. rh ',' 

Midlands r': 


from its original tariff proposals i Authority, which lost £Sm. Iasi authority said last night, but it 
in response to what it considered I >‘ ear - had reached “the end of would not say wbon the report 
disappointing offers by Japan I the road.” H<* had been io con- from Price. Waterhouse would 
aud the U.S. ’ ! slant touch with Mr. Rodgers bo available. 

The Carter Administration has 1 ' abuiU Ih * d,ain on resources Earlier. Mr. Rodgers had 
not vet indicated what, if anv - caused by inefficient working at warned the Commons that there | 


improvements it plans to make P h l P on '* . up,ier duc ^: 


was no easy solution to 


Price. Waierhouse. it became PLA's crisis. 

■ar last ni^ht, will not be ex- Parliament. Page 8 


BUSINESS CENTRES 


Ydjv > 1 'dav 

MwUa«- 1 Midday 

-n *E t J.p\ 

Mrxamtna S J4 TS Lnmlnn ti 11 12 to ‘ r 

AraMrtm. c i: M , Lav.-mhrg. ■' 12 54 

\»hznr S 22 72 Madrid F W 6S 

rahfajti s 21 S4 1 MJlich^ir. C U 

Earivloua C Vi till Melbourne C 24 71 

B. ,-ur S -ja 7a I Milan C 30 

RvIUbi n II Ss|Mc«Mval S J7 US 

Belgrade C « 3 Mo* K tt « 

£‘-rUn C 12 54 Munich R • « 

Brmnnbam C 10 Wl Ncwcastl- S M if S “T" 


Lakes. SAV. and \AV. Scotland, toils offer. | /'nee. uaiertiouse. u occame 

GIbnuaw. t vni. Highlands. Argyll in an effort lo show that dcar iast n ‘A ht, will not be ex- 
Di-v. sunny period.-. Max. 16C Jspjn was responding in lhe 

. EEC's demands for a correction — , 

Moray Hrlh. N.E. Scuilanri. ,,f :t ? irude balance. Mr. Ushiba . T/^T nn 


'QrlKuJu&Lt 



Orkney, Shetland claimed that Japanese exports to 

-r'' Jiur ' n ' P er| uds. Max. HU ihe Community had grown more 
"E'- slowly during the first quarter 

HOLIDAY RESORTS *£? lmOT,u J«“ «" Ni ” e - 

; The European Commission was 

not yet able to confirm whether 
it* figures tallied with the 
»ccio f i: Kj.'jers^r c u ** Japanese statislics. 


Bristol 
FruMvlp , - 
Budapv>t M 
B. auvd S 
<’airn s 

I'^nJlIT P 

Colwsiu' *' 
• ton-nhon!! s 
i’ 

Hamburgh 5 

1-fdni.mr >' 


32 1 N»vr Yort «; U 53 Blackpool 


HOL ID AY RESORTS 

Y’dav , Y’day 

11 id -day 1 Midnla? 

•C -p j “C *F 

F I? tw-JcrsH}- C U i! 

F 21 Tu Laa Pirns. S 21 70 

C U gj Locarno C 20 69 

I <1 13 S3; Luxor S 3a loo 


ICI faces union call 
to employ jobless 

BY PAUUNE CLARK, LABOUR STAFF 
ICI will face a union demand to leavers of about 4} per cent will 






12 M.Oslu 
1 7 3?; Paris 
VI 7? | Pi-rili 
32 !» PraKih* 


p 0 D 

P T. .Willirt J'<« X 


S is M 0 14 37! Majorca 

C H 57 Bouiosn-j c e A *. Malaxa 

IT 17 fft Casliln. a. •; 20 hp-Malia 

44 10 30 fJtr- n». C 17 h^' Nairobi 

D o #• Oirln i 1 ia HI : N'apl.-s 


Tn « Pu1r.li mt- i; u r.7 : \] t ,. 


14 .11 IdIHI- ■- ■ u. .. . 

V» M‘<:ilwapnr.* V .11 w HW' >: W .» 

Ill .111 SOKr’If'liK K 1“ V| r ‘. *= !■» •« 

11 32 Sir.i«l»r». f l* tu^rasiar 27 7' 


i H-iipp'' 1 
HrbihVi 
M. K"lta 
,M hlire 

Lisbon 


i- I I 13 . Sydrt- f 
r m 3n Toliri.li 
17 •IT.- 1 \viv 
r 12 31 T.1M» 
v > <2 - Tu rum n 

S 2! 71 \ r.>riii.i 
F ll» nti.Surf.il 


X ii 7*1 iln.-nivr c |j 

X 21 7n l.iii, Imi-i n n 

X 22 7. 1 Inwnu'-w s : 


IP fri Skvwi 
12 .7i i>pd.-I'i 

!■» hr. nhod-* 

H 77 Salzliur< 
II *■„■ Trfnci-r 
11 32 Tunc- 
: 1 ^ V.,|,-i«ia 


- 1 70 Even if they did, the EEC recruit a set proportion of on- be part of a pay claim to be Name flamgmiwcsyagorog) 
mi® would be reluctant to concede employed school-leavers into its 

2= 72 than an improvement during a white-collar ranks when it Company rifayta»I»irl 

s a sgLrsi ’ssm ik ms ^ ° n a new SSi i'”E, a B i Addres 

s 3 hs£*ls SSr ' A - ' SS £or 115 M S?ra! “ a adminiitra - 

apOKCSIlian saio. Thi . u . rtllM rP rtainlv h p Thn mmiunr i. * 


•ffidmduais/Fainilies □ 




Occupation 


live staff in ICI. 


i* i<» ai. 1-. ill \lar. R Ii 7 ,’ v.-imn 

II ll 32 ■' Ii ■: l 

F 1 1 9 — Mir.li:- ► — I-'.nr >*— Qniidv 

D t 43 D— rin-.-L. 


73 . , 1 This would almost certainly be The company said yesterday it 

3r . Th® picture should be clearer j the first lime that union nego- already employed 700 more 

7.i ok July when Mr. Taker) Fukuda.jii a i ors j n an y industry have young people than it would nor 

£ Japanese Prime Mtmsier. visits sought to include in their annual mally take on. as part of its 

tt. Brussels immediately after the (pay acreemeDLs measures to contribution to ihe youth un- 

“ Bonn summit for talks with Sir. : force major companies to take employment problem. At present 
M Jfnkins. President of the . action on youth unemployment, it employs around i?.S0n youna- 
,,n Commission. (A demand for a guaranteed sters between the ages of 16 

Bank talks Page 4 . recruitment level among school and 18, 


Private Patients Plan 

Established l£uft. Qigamsed by lieProvidentAaociation lor Medical 

Rimscrcd sit ihe Poa Office. Primed hv s» ri, ~ ” 

b* the Fmaaeui Tlmn Ud.. Bracks 1 ’ tar *m! MbU»«l 

V C H <S Thr Em,'- , *®. n ‘ ,nn - «C4P 4BV. 

^ ^ ^uUDcwl Tunes l^d, 



protects