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Tnelnter^nal Meehanite Meta! Cftiid. 


No. 2.7,555 

Wednesday May 10 1978 


[ Henry | 
Butcher & Co h 


{Leopold Farmer & Sonsgjl 

Agents, Valuers, Surveyors and 
Auctioneers of Property and Plant 

London - Leeds - Birmingham 


news summary 



Moro’s body found in car 

Setback Gilts at 

in |,id new low; 

to save ?*““ 

fall 9 





‘ ‘ ‘*«A 

■ j r«!K 


to save 

, , fall 9 

nPSPllPC • GlLTS *«* weaker with 

losses up to one point on; the 
increase in money supply and 
There was a major setback last higher bank base rates. Gov- 
night in the bid to save East eminent Securities Index fell 
Anglian beaches from further 0-31 to 7L12, a low for the year, 
oil pollution when divers trying m EOUITIES rallv was short- 

tanker found they were working *!**. C ® 1 „ s B rve ?*. 
directly over a tank fuU of oil. ffiSSS^l SSktSS^ 

The divers, who thought they index lost 3.5 per cent, to 194.6L 
had been working over a dry 

tank, stopped work because of the • GOLD rose 53 to $173}. The 
explosion risk. It had been hoped New York com ex May settle* 
to row the section out to sea and ment pricc rose t0 $172.30 

sink «■ ($172.0). 

More trouble came wben a 

boom, aimed at preventing the • STERLING fell 60 points to 
oil from the tanker moving up $1.8120. Its trade-weighted 
river towards the Norfolk Broads index was unchanged at 61.3. 

* S °“ e gCt weighted depredation 

_ 3 ’ narrowed to 5.00 per cent. 

The ensis now binges on 15.U). 
exactly how much oil is left in 

the bow section, which contains 0 TJN PRICES surged £130 to 
three 1.000-gallon tanks. Back £$,605 a tonne on the London 

Carter policy — 

victory near U 

President Carter appears to be » A JL2I 

heading for another foreign waa — I « 

policy victory as Congressional — % SI 

opposition to his Middle East — 1 

anus package begins to melt. A V ~] 

cumproiiiive is being mooted ~T j 

which could ensure the sale of ~ I . f 

fighter aircraft to Saudi Arabia, ~~ ill M • J 

Egypt and Israel. __ -ALIA J . — 

Meanwhile. Palestinian guer- 13 01 it 

rilla organisations are increasing M00 _1 

their troop strength on the ~yy^" 

occupied West Bank and moving lr — 

in better equipment according to ' — **** 

Israeli security forces. Fatah 5.M d ___ *■.' ■■ '"i, 

and the Popular Front for the pec jaw fes mar am wg 
Liberation of Palestine are said 

tn he smuggling arms and ex- Metal Exchange — highest 
plosives across the Jordan and point since December and E6U0 
even through the port of Haifa, up on a month ago. 

Page 4 Page 33 

Hove still out mwNgnm closed off 

Rhodesia’s ruling executive 

rnuncil said last niqht it would • EUROPE must make further; 
not reverse the decision to dis- progress towards phasing out the | 
miss Mr. Byron Hove, the black green pound ” and eliminating j 
Co-Minister for Justice. But a currency instability, Mr. Royi 
-latemcnt said one rdember, Jenkins, president of the Euro- 
Rishop Abel Muzorewu. pean Commission, urged. 

** reserved his position " nn the page 7 

matter. Page 4 1 

THE Italian Cabinet called an 
emergeeny 'session lo-nlght 
after the murder of Sig. Aido 
Moro. the Christian Democrat 
president and five times Prime 
Minister of Italy. Sig. Bloro's 
body was found abandoned to- 
day in a car parked within 
yards of the Communist Party 
headquarters and the head- 
quarters of bis own ruling 

Italy's major trade anions 
immediately called a general 
strike until midnight 10-nighl 
and a further two-hour general 
strike to-morrow as a sign of 
grief and solidarity in the wake 
'of Sig. Moro’s mnrder. 

Train services stopped for 
15 minutes. Cinemas, night- 
clubs and many shops dosed. 
Flags were flown at half-mast 
and crowds gathered in the 
main squares of Italy’s cities. 
An estimated 50,000 people 
assembled in Cathedral 
Sqnare, Milan, and in Rome 
there was a demonstration at 
the Coliseum. Crowds also 
gathered ai Christian Demo- 
crat headquarters in the Piazza 
del Gesu. 

Sig. Giovanni Leone, Presi- 

dent of the Republic, addressed 
the nation on television to- 
night and urged firmness 
against terrorism. “Everybody 
shares in the gniit for the 
events which led to the murder, 
but wc must now protect 

A new chance for Italy and 

Editorial comment Page 20 
Timetable of tragedy Page 2 

The body or tbe 61-year-old 
Christian Democrat leader, who 
was kidnapped in a bloody 
ambush un March 16 when his 
five police bodyguards were 
killed, was round in a Renault 
4 ear, covered with a blanket. 
There were bullet wounds on 
bis head and chest. A post- 
mortem examination will be 
performed to-morrow . on the 
body to ascertain exactly 
when and bow Sig. Moro was 

As soon as the body was 
fonnd. Sig. Francesco Cossiga, 
Interior Minister, went to the 
scene.... II was two hours, 
however, before police 
removed the body from the ear 

because of fears that (be 
vehicle was booby-trapped. 

According to reports here 
to-night, Sig- Moro apparently 
may have been grazed bv a 
bullet daring the ambush near 
his home on March 16. 

Sig. Moro was unshaven, and 

there was sand in his shoes and 
turnups suggesting that he may 
have been forced or dragged 
across a beach or a building 

A big but fruitless manhunt 
has been underway since Sig. 
M pro’s abduction. It became 
the country's biggest anil 
longest peace-time police and 
army operation. The failure 10 
unearth any substantial clues 
ou the Red Brigades move- 
ment has raised serious doubts 
about the efficiency 0 r the 
country's • internal security 

The fact (bat the terrorists 
were able to-dav lo drop the 
dead body of Sig. Morn almost 
ai the doorstep of the head- 
quarters of Ihc country ’s two 
major political parties in the 
centre 0/ Rome has fuelled 
these doubts. 

Continued on Back Page 



Ministers face new 
Finance Bill challenge 

Sig. Morn's body lies in the hoot of a car after it> discovery. 

Money supply growth 
surges above target 




Gandhi success 

Mrs. Indira Gandhi’s Congress 
Party has won its first parlia- 
mentary by-election in Northern 
India, only a year after crushing 
general election defeats. 
Page 4 


Two climbers have become the 
first to scale Mount Everest with- 
out the use of oxygen, accord - 
mg to reports from the expedi- 
tion's base camp- The are 
Reinbold Manner, from 
Villnoess. South Tyrol. Italy, and 
Peter Habelcr. from Mayrhofen, 

Hotels hope 

Hotel owners on Spain's Costa 
del Sol Iasi night reopened their 
hotels and allowed employees 
hack to work, raising hopes of 
a settlement of a dispute which 
deprived holidaymakers of ser- 
vice for four days. Tbe hoteliers 
Had locked-oui workers who 
staged a week-end strike 10 press 
pay demands. Page 2 

Briefly . - - 

Norwegian explorer Thor Heyen- 
dahl and Egyptian desert expert 
Prof. Mohammed Abdel Fattah 
Kassas are 197S joint winners of 
1 he £50,000 PahJavi Environment 

Trize. ■ 

Leading snooker players Alex 
“Hurricane" Higgins and Graham 
Miles were fined £200 each by 
rournament organisers after a 
dressing room scuffle in Caer- 
philly, Wales. 

The Queen, accompanied by 
Prince Philip, inaugurate! the 
natural gas terminals of British 
lias and Total 1 Oil at St. Fergus, 

Experts have defused a bomb 
planted in Toulouse Stadium, 
where. France is due to pmy a 
World Cup warm-up sj«*cr 
match against Iran on Thursday. 

• WALL STREET closed off 

2.51 at S22.07. j 

• EUROPE must make further; 

progress towards phasing out the' 
"green pound ” and eliminating j 
currency instability, Mr. Roy 1 
Jenkins, president of the Euro- 
pean Commission, urged. 1 

Page 7 | 

• RETAIL sales volume was 1.8 
per cent, up in the firs! quarter 
over the previous three months. 1 
and nearly 3 per ceni. higher; 
than a year ago, reflecting con-| 
sumers' extra spending power. 
Page 6 

Civil servants 
closed shop 

• CIVIL SERVICE unions have 
been offered a closed shop withi 
wide exemption provisions by the : 
Government. Terms have been 
shown to Tory leaders. Back 

• TUC LEADERS will press the 
Chancellor to-day to .outline 
strategy for public spending and| 
the future use of cash limits,; 
which unions see as a wage ■ 
restraint mechanism. 

Page 9 

• POWER WORKERS' leader 
Mr. Frank Chappie ridiculed the 
idea that a productivity deal just 
concluded in the industry was 
within . the Government’s pay 
guide-lines. Back Page 


expected to sign a contract in 
New York to-day for jet airliners 
from Boeing worth more than 
£500m. Page 5 1 


is making ' a rights issue ° f 
10;Sm; ordinary shares at 345p 
per share on basis of one for 
four to raise £3&lm. 

Back Page and be* 

over rose 12 per cent to £62m- 
but pre-tax profits fell from 
f 10.07m. to -MSB. after a drop 
in currency gain, in the y par 10 
.lan. 29. 

Page 23 and Lex. 

accepted Monday's defeat on the 
standard rate of income-tax 
remarkably calmly, faced the 
possibility of a further reverse 
on the Finance Bill in the Com- 
mons to-night 

A Conservative amendment 
raising -die starting point for 
higher rates of tax from the pro- 
posed £7,000 a year to £8,000 
looks like attracting support 
from most minority parties, thus 
making tbe Government highly 

A. division sl-hos certain to be 
close, but the three Plaid Cymru 
MPs are expected to vote- with 
the Government,' saving Mr. 
Denis Healey, Chancellor of the 
Exchequer, from further 

An unknown factor is whether 
Opposition MPs, having lasted 
blood- once, will consider they 
have created enough havoc for 
the Government, and draw back 
from indicting more defeats. 

The cost of the amendment 
would be relatively low (£35m. 
this year and £45m. in a full 
year) but a defeat would be 
psychologically damaging follow- 
ing attempts by Ministers yester- 
day to emphasise the economic 
dangers of overturning the 
Chancellor’s Budget judgment. 

A more wide-ranging Tory 
amendment aimed at increasing 
incentives for middle and higher 
management, by rephasing the 
higher income-tax bands and 
reducing top rate from 83 per 
cenL to 70 per cenL. is unlikely 
to Succeed because' of lack of 
support from the Nationalist 

A Government defeat on this 

would be particularly harmful, 
as the cost would be £155m. this 
year and a substantial £335m. in 
a full year. 

The other major group of 
amendments to be debated to-day 
is on tbe investment income 
surcharge, when Tories will pro- 
pose raising the threshold from 
JEL700 to £2.000. This is not 
expected to receive support from 
most minority parties. 

The Prime Minister confirmed 
the Chancellor’s statement yes- 
terday that the Government 
would take nn decision on 
whether to respond to the £370m. 
standard rate defeat until tbe 
Committee Stage of the Finance 
Bill was completed and tbe full 
extent of the reverses known- 

With studied coolness Mr. 
Callaghan brushed off Tory de- 
mands for an immediate General 
Election after tbe unprecedented 

Mrs. Margaret Thatcher, the 
Tory Leader, challenged Mr. 
Callagban to treat as a matter 
of confidence an attempt to 
reverse the defeat nn standard 
rale in the Report Stage of the 
Finance Bill in the summer. 

“ If the Prime Minister thinks 
that 33p in (he £ us the basis of 
income-tax is irresponsible, why 
does he not lake the only course 
possible to change that basic 
rate?" she demanded. 

The Prime Minister parried 
the suggestion and accused the 
Opposition of behaving with its 
"usual irresponsibility.” He said 
the Government would just have 
to accommodate that as best it 

“ If it is necessary to take 
further steps the Chancellor will 
have 10 do so.” 

In a reference to io-day’s key 
divisions, Mr. Callaghan said 
that if further Opposition amend- 
ments on raisin" higher tax 
thresholds and cutting top rale 
were accepted, it would nor only 
increase the irresponsibility of 
the Opposition. “ but would also 
materially increase the difference 
between the rich and the poor." 

There will be one more Com- 
mittee Stage debate on the floor 
of tbe House next Tuesday on 
Tory new C.auses, including 
staotp duty anti -derenneni of 
payment on whisky duty, before 
the Finance Bill goes “ upstairs ” 
in standing committee next 

‘The committee will then meet 
every Tuesday and Wednesday 
until the committee stage is 

Mr. Enoch Powell, Foiled 
Ulster Unionist MP for South 
Down, insisted yesterday ihal his 
party’s support for the Tory 
amendment cutting standard rate 
by Ip did not signal a funda- 
mental shift in the balance of 
power at Westminster. 

But the decision of the seven 
UUU MPs to overturn Mr. 
Powell’s advice to abstain on the 
standard rale cut does not 
suggest thai the group would 
make reliable allies once the 
Liberals pull out of the Lib-Lab 
pact in July. 

• Tbe Government was defeated 
in the Lords three limes on the 
Scotland Bill, by one vote on 
forestry powers: 27 votes on air- 
port powers: and nine votes on 

Parliament Page 10 


THE GROWTH of Ihc money 
supply increased sharply lust 
month to levels well above the 
Government’s official target 

The indications are that the 
main measure, the sterling cle- 
meni of money slock on the 
wider definition, might have 
risen 2 per cent, or more m ihc 
month to mid-April. 

This would take the growth in 
the financial year as :» whole to 
about 141 per cent., compared 
with the target range nf 9-13 per 
cent. This target has been 
superseded by a range of 8-12 
per cent, for the current year, 
which will be revised on a six- 
month rolling basis. 

Preliminary indications nf the 
excessive monetary growth last 
month were one. of the factors 
which prompted the Bank of 
England 10 allow a sharp rise 
from 7! per vent. In S’ per cent, 
in ils minimum lending rate nn 

After yesterday’s figures and 
the increase in bank base rates 
to 9 per cent, the City markets 
expect a further increase in 

The is a big setback 
for the Government’s monetary 
policy. In his Budget speech Mr. 
Denis Healey, the Chancellor, 
was able to claim on the basis 
of the modest } per cent, rise 
on sterling M3 in the March 
banking month that the irend of 

monetary growth had come Hack 
to the desired range. 

He .said the increase lor the 
financial year, which fur lhe pur- 
poses (»r monetary poln-y ended 
in mid-April, would probably be 
just above the 13 per cent, ceil- 
ing bui below 14 per cent. 

The blest figure comes on top 
of the 12* per cent, rise in 

THE COST or overdrafts was 
raised yesterday as the big 
hanks announced an increase, 
in base rales from 7J per 
cent, to 9 per cent. At the 
same time, lhe hanks took a 
cut in margins to increase the 
rule offered on seven-day 
deposits by 2 per com. In 6 
per com. The increase will 
raise pressure on huilfling 
societies to lift iheir rales. 
Back Page 

sterling M3 recorded in the first 
U months of the year. 

The explanations of the jump 
m mone\ • supply arc nul cuiii- 
pletely clear. The probable 
reason is an unexpected increase 
in the Government’s borrowing 
requirement in u month when 
sales nf gill-edged slacks were at 
a low ebb. 

The indication of the money 
supply was given by the Bank 
nf England's figures of the 

eligible liabilities uf th>‘ bank; ig 

Eligible- li:< Ini! lie- ru-e 4nr t <!> 
by 3.1 per eenL to S4::.!ilui. T!:n 
figure is subject in .oj jiMm..-": 
including those ;n.»«le !•• 
seasonal influence*. l*i;i i!u\ - 

seems in In* nn reason !»■ 

' .-nr 

that the increase will 


• p 

substantially reflected 



money sun k. 

Figures putittahed 



London clearing bants 


that lending m the U.U. priv.-in: 
sector, the hi her possible mamr 
source iff unmet ary expansion, 
was retail vV.y uimli.-si Th- 
clearing banks said dial in tie? 
five weeks iheir sterling ::<i- 
vanci-s In the l >.K. private hec- 
tor rose l’159m. 

After allowing for i-nr..« I 
movements. the umierl;. i;ig 
growth was less than this figure 
and less than iri 
months There was. lmuc\oi .1 
substantia) increase in Imlilings 
nr niTin. in commercial lulls. 
Tables Page 12 
Editorial comment Page 2” 
Lex Back Page 

I in New York 

t ni,.i,i ii 
11* , 11, •lull- 

si. -l-is MW 

t*.l- ..I*..-- .h. 

1.*. I I'-.-.U 
-.Ts.i'-.f.' .Ii- 


e-: ■•. .1 
1 r l i- . 

..•1 ■■ 


Accept tax changes, urges CBI 



yesterday urged Mr. Denis 
Healey, Chancellor of the 
Exchequer, to accept the income 
tax changes that will be debated 
to-night in Parliament. They 
said they were needed to restore 
the flagging confidence in manu- 
facturing Industry. 

At a special hour-long meeting, 
leaders of the Confederation oF 
British Industry told Mr. Healey 
that their latest quarterly indus- 
trial ' trends survey, published 
yesterday, showed that general 
business optimism had slightly 
worsened since last month's Bud- 
get There were few signs at 
home or abroad that the present 
general picture of “stagnation” 
would improve. 

Tbe- tax change; being pushed 
through by the Opposition par- 
ties in Parliament would both 
help to restore general business 



t 1963 TO *72 Ti *76 187»1 

confidence, and would boost the 
incentive of middle managers, 
small businessmen, and skilled 
workers who had been de- 
moralised by not receiving as 

much tax help as they had ex- 
pected from the Budget. 

The confederation used the 
propaganda impact of tbeir 
gloomy survey, coming a day 
after the Government’s Com- 
mons defeat, to urge that a new 
approach was needed. 

They also said that their sur- 
vey, conducted among some 
2,000 companies within a fort- 
night of last month's Budget, 
contained “rather worrying in- 
dications” about redundancies 
and unemployment during the 
coining months. 

Led by Sir John Methven, the 
confederation’s director general, 
Mr. John Greenborough, presi- 
dent, and two senior indus- 
trialists, Lord Plowden, of Tube 
Investment, and Mr. Ray Pen- 
Continued on Back Page 
Details Page 12 


TWgJL a r i win divide 
into floors 

Sim-: ' 5 :S llf S :.@TSP: '«irDl s fram 4 , 020 sq.ft 

V" * P m. i&-/3' a * ‘1 annmx. 






-Ml ■ '11! B -IM-Br'll™,:.!* IIWM-HU" 

f* i approx. 

■j- SI HIP' ii iii f - ™ 



i Prices in pence unless otherwise 

Cnstain fK.) «J0 J 

Mitchell Colts Trnspt. 73 + 5 

Burnish Oil JS T « 

tv Beers Dfd. M7 + s 

East Driefontein - 

East Rand Prop. ... 31- + 13 

Thic-ss Holdings 216 + 6 


Trcfrt. I2|w MBS . - I1M 1 

EvcIlCQ. 12P C lfl9S wq - I 

t£3t» pd.) • -43 _ ]2 

Barclays Bank • 7 _ 13 

Rwphum nm r 

Ribhy H.l “F 

British Home Stores 


FPA Construction — 

Furness Withy 





icj - 



Pearl Assurance ... 
Redfeam Nat. .Glass 
Rowntree Mackintosh 

Royal Insurance 

Scot. Universal Invs. 


United Scientific — 

Vosper - 

Shell Transport 

155 - 6 


262 — 13 

555 “ L 
277 -7 
276. — 6 
345 -9 
2S3 - J 2 
268 - 5 
400 - 18 
376 - 10 
lift - 4 

156 - 6 
574 - 8 

European news --3 

American news 4 

Overseas news 4 

World trade news 5 

Home news-general 6-8 

— labour 9 

— Parliament ... 16 

Italy and the death of 
Signor Moro 20 

Lasers and uranium enrich- 

Technical page 16 

Management page 17 

Arts page 19 

Leader page 20 

ILK. Companies 22-26 

Mining 26 


Local council lotteries 

become big business 30 

Work-sharing in tbe EEC 3 

Transit ei: avoiding fa- 

.... 21 solvency 

AuM'KOnents ....... 




Byse Rates 


Homo Cwtncts 


BMuu Sac. R«W . 


Letters — ... 






Entertariamutt Guide 




Ear wow Opts. ...... 


- Men and Matters ... 


nr-AQMrlcs 1 adless 


Meney Market 


int!. Companies ...tvj 27-29 

Euromarkets 27-29 

Wall Street 32 

Foreign Exchanges 32 

Farming, raw materials ... 33 
UJL stock market 34 

Trudeau backs -away 4 

Labour re-selection 'accord 10 

U.S. Real Estate invest- 
ment Trusts 27 


Northampton 13-15 

& m- 

iri - 

vr - "p - vj .•••'• 

Automatic . -S* 

passenger iin% 'r, . ’ 

Filled carpet 
Bishopsgaloanrl Jf/i; 

Devonshire Row pP.' 

Richard Ellis, 



jVrri " '"^ London EC5V3PS 
• y/ • ' Telephone. 01-283 3090 

Ivetip.W.'JccUiiml iv«j,tf . 
t \i<KC HpIMid Hr-Up-,11 
.’-ojn.SoMl’iftiiicj. 4,1 j. 
WOUd&'.tnaullprr.l.'^ A 

artening U Radns U 

lame CentncW t SilcrMm 6 

Otters - — — . 31 s»*re lprenmUee ... 3fc-sr 

an — 3d Stuck Eke fe. Aeport U 

MTibere 1* To-day's Events 21 

leu and Matters ... 20 TV md Radi* U 

iMMy Market 2& Unit T rests 35 

For latest Share Index 'phone 01-246 8026 

Bulk of Scotland ... 2d 

C. T. Bewrina . .. 22 

COn DlscMrat Hdsn. 24 

Ce-mrallwc Sodely 24 

Falrbairo UnHIn ... » 

ijm and Lym .. .. 24 

Hamid Parry Milan 30 

Richard Ellis 

Ecevit will present Fishermen 

, to blockade 

amis shopping 20 Danish 

list at talks in Bonn harbours 

Italy humiliated by terrorists’ competence 


TURKEY is 10 submit an arms 
-iliopping list 10 We*4 Germany 
and ;iil! make proposals for 
German assistance in the manu- 
facture of arms in Turkey. 

Mr. Bulent Ecevit. the Turkish 
Prime Minister, who starts a 
four-day visit to West Germany 
(y-morrow, toJd a nows confer- 
ence to-day that during his talks 
w-Uh QvanccUor Helmut Schmidt 
In.- would take up the question 
of rhe supply of German arms. 

" We shall also put forward 
proposals fur German assistance 
in the manufacture of certain 
defence items and equipment 
and their sale to NATO countries 
and other States by Turkey," Mr. 
Jv-vvit said. 

A meeting was held at head- 
quarters of the Turkish General 
Staff in Ankara yesterday to 
draw up the shopping list and 
the projects for which German 
instance would be sought. Mr. 
JCcevit gave no details to-day. 

Turkey has been starved of 
arms since the U.S. imposed an 
anus embargo three years ago 
h-cnu«e of Turkeys invasion of 
'.■ypru>. Mr. licevit's Govern- 
liicnl i< drafting a new defence 
policy, one of the aims of which 
1 - in secure arms from a wider 
range of suppliers. 

Turkey plated an arms shop- 
ping list with the West Germans, 
including tanks, aircraft and 

ANKARA. May 9. | 

missile!;, more than tw o years I 
ago. But a deal could not bet 
completed because Bonn refused 
to guarantee* a long-term loan 
which Ankara sought. The same 
difficulty is expc-ciud to recur, 
hut perhaps Mr. Ecevit is count- 
ing on his special relationship 
with the West German Social 
Democrats for a better deal. 

Reuter adds from Bonn : West 
Germany will provide DM130m. 
i about $63 ni.l in credits to 
Turkey under an agreement 
signed to-day in advance Of Mr. 
Ecevit’s visit. Officials said 
the credits would be used for 
industrial projects including an 
iron ore plant and a cement 

Other ways of extending 
economic co-operation between 
Turkey and West Germany — its 
most important trading partner 
— are also expected to be dis- 

Bonn gave Turkey capital 
assistance worth DM3.1 bn. (about 
.>1. aim.) between 1939 and 1977. 
Officials to-day said other West J 
German aid to help Turkey j 
through its economic crisis would ' 
mainly be channelled through 
multilateral organisations such 
as the World Bank and Inter- 
national Monetary Fund. 

The two leaders are also) 
expected to discuss the Cyprus 
question. i 

Payments resumed. Page 5 


EEC uranium sources call 


should diversify its sources of 
uranium supply. EEC Couiuiis- 
X. tuier Mr. Richard Burke lo-day 
ir.ld the European Parliament 
here in answer to an IWPs ques- 
t:.*n railing for a shift away 
l non South African supplies. 

Mr. Burke, speaking for the 
Ciimnussinn. said South Africa 
r^nk^rl second among nou- 
'Vuumunisi producers, account- 
ing fur "0 per coot, of world 


resives. He went on to wami 
the Community, which in the t 
lSSOs will be 80 per cent, de-j 
pendent on outside supplies.; 
should not be “overly depen-1 
dent “ on any one source of. 

But he refused on grounds on 
commercial secrecy to tell Mr. 
Pieter Dankert (Dutch Socialist) 
how much South African 
uranium currently came to lb? 


THE EUROPEAN Parliament would be available to meet any 
lu-day passed a resolution shortfall. ! 

approving the Commission's In a crisis Britain should be 
pmns to reduce excess oil refln- ready to share its oil with its; 
ms capacity in the EEC. but EEC partners, he said. “ To look 
deploring its recent proposal (hat upon that as a threat to national; 
EEC oil stocks should be rut sovereignty and the right to 1 
from riu to 34 days' consumption, dispense national resources would; 

Defending the planned cut in be a wrong interpretation, dis- 
- tucks. Herr Guido Brunner. EEC playing excessive sensitivity. ! 
liners;. Commissioner, told 5IPs However. MPs supported rbe< 
yesterdav that sinrage was argument of Mr. Tom Norman-i 
immensely euxtly and that the ion (British Conservative), who' 
••op-um.-r ultimately had to introduced the debate and who 
>huulder tlie expense. Herr maintained Dial rutting supplies. 
I>nmn*-r made it clear that the to eight weeks' consumption 
Com mission's proposal was based would weaken the Community’s 
on the assumption that British position vis-a-vis the OPEC: 
North So.i oil. now on stream, countries-. 1 

By Hilary Barnes 

setting up an indefinite 

blockade of 20 Danish ports 
from midnight to-night. The 
blockade, involving 1.800 craft, 
will cut off Copenhagen and 
the island of Zealand from 
seaward contact with the rest 
of the world, but the Jutland 
west coast ports will not be 

“We will stay put until we 
are removed by the military." 
Mr. Leif Hansen, one of the 
fishermen's leaders, said to- 

Mr. Anker Jocrgensen. the 
Prime Minister, has appealed 
to the men not to start the 
blockade, which he said, would 
he illegal. 

The fishermen decided on 
their blockade when the 
Government refused to meet 
demands for larger fisheries 
quotas In the Baltic and finan- 
cial assistance. The Govern- 
ment has promised to put 
forward proposals at the end 
or this week to alleviate the 
fishermen's problems. 

The protest began last week 
when 400 Baltic fishing vessels 
converged on Copenhagen. 
Last Friday (hey staged a fonr- 
hour blockade of Copenhagen 
and several other ports. 

The Baltic fishermen's 
quotas have been cut severely 
this year. They claim they are 
in danger of going out of busi- 
ness unless they are allowed to 
catch more fish or receive sub- 
stantial financial aid. The 
Baltic men have been Joined 
by fishermen from other ports, 
and there were reports to-day 
that West German Baltic 
fishermen were planning to 
support them. 

The Government has 
promised to call a meeting of 
the Baltic Fisheries Commis- 
sion. which sets the quotas for 
Baltic catches, to reconsider 
the distribution of the Danish 
quotas, to speed up the work 
or the commission on the 
future of the fisheries, and to 
consider temporary financial 

But the fishermen, who are 
acting against the advice of the 
two fishermen's associations, 
called on the Government to 
meet their demands by (o-day 
or face the blockade. The 
protest is expected to disrupt 
ferry services between Den- 
mark and Sweden -and 
Germany as well as services 
across the Great Belt, which 
link the Jutland peninsula and 
the island of Fuocn to Zealand. 

U.S.-Soviet arms talks 

The Soviet Union and the 
U.S. have said that they 
agree ou much of the scope 
or a proposed bon on chemical 
weapons, but that they arc 
still divided about how to 
guard against cheating, Reuter 
reports from Geneva. 


DISCOVERY of the body of Sig. 
Aldo Morn in the centre of Rome 
is as humiliating for the Italian 
State and its security forces as 
the original capture of the 
Christian Democrat leader 55 
days ago. 

Ever since his disappearance. 
50.000 police, para-mi I itary Cara- 
binieri, and units of (be elite 
finance guard.?, backed by the 
armed forces, have manned road 
blocks. Searched areas of Rome 
and other cities and combed 
sections of the countryside. 

While all this frantic activity 
was taking place, including 
round-ups of Left-wing suspects, 
small units of the Red Brigades 
flaunted their criminal compet- 
ence by carrying un their pro- 
gramme of knee-cappings and 
Shootings, not to mention attacks 
j on a number of leading com- 

March 16: Sig. Moro kidnapped 
on way to work in an ambush 
that kills his five police body- 
guards. Red Brigades urban 
terrorist group claims respon- 
sibility and theaten to kill Sig. 
Moro unless Red Brigade mem- 
bers due to stand trial iu Turin 
are released within 48 hours. 
Trade union leaders call 24- 
hour general strike to protest 
against the kidnap, and Parlia- 
ment rushes through confid- 
ence motion in support of 

March 17: Hunt launched, con- 
centrating on Rome. 

March 18: Forty-eigbt-hours 
deadline passes. Red Brigades 
issue photograph of Sig. Moro. 

March 20: Turin trial opens 
amid tight security. Com- 
munist Party newspaper 
L’Unita says “top-level powers, 
probably even outside our 
country" involved in the kid- 
nap. and ruling Christian 
Democrats also hint at foreign 

March 21: Parliament brings into 
effect strict anti-terrorist mea- 
sures giving police wider pow- 
ers of arrest and of interrogat- 
ing suspects. 

March 24: Sig. Giovanni Picco, 
former Mayor of Turin, 
wounded by terrorists. 

March 25: Red Brigades issue 
communique saying Sig Moro 
was being tried by a People’s 
Court: "The interrogation of 
Aldo Moro is continuing . . . 
The aim is to clarify ihe im- 
perialist and anti-proletarian 

Catalan metal 
workers strike 

By David Gardiner 

METAL WORKERS in the pro- 
vince of Barcelona went on strike 
to-day in what looks tike the first 
of a series of stoppages after the 
breakdown of negotiations in the 
sector’s yearly pay agreement. 
Early reports From the main 
trade unions involved in the 24- 
hour stoppage indicated that over 
90 per cent of the 240.000 metal 
workers had joined the strike. 

The metal workers are the 
most powerful sector of Catalan 

panics like the Alfa Romeo car 
group and Slt-Siemenfl 
electro dies. 

The police have registered a 
similar lack uf success in trying 
to stem the wave of kidnappings 
for ransom which has afflicted 
Italy in recent years. The whole 
process of law and order has 
been called into disrepute by the 
appaling state of Italian prisons, 
the judicial system, and the 
apparent slowness and political 
interference with investigations 
and trials of a whole series of 
political and other crimes. 

In part this is due to the bad 
pay and inadequate training of 
the police forces, rivalry between 
various arms such as the 
Carabinieri and the armed pub- 
lic security police, the involve- 
ment of senior dements of the 

secret service in various right- 
wing plots and the strong 
political objections to the forma- 
tion of a unified police force in 
a country which endured 20 
years of fascist dictatorship. 

But the challenge represented 
by the Red Brigades goes far 
beyond a challenge to the 
security forces. They have de- 
clared themselves enemies of the 
Italian State, and of what they 
see as 30 years of Christian 
Democrat corruption - com- 
pounded now by a historical be- 
trayal of the working class by 
the trade unions and the Com- 
munist Party. 

The Communist Party', how- 
ever, helped to write the present 
republican Constitution,, has 
worked within it to achieve Its 
present respectability as a poten- 
tial Government Party and has 

insisted throughout this crisis 
that the State must not be seen 
to give in to its enemies, 
especially an enemy whose left- 
wing credentials it strongly dis- 

If the impenetrability of the 
Red Brigades is frustrating to 
the security forces, it is doubly 
worrving for Italy’s Left-wing 
parties. The Communist Party, 
in particular, has always prided 
itself on keeping its ear to the 
ground. This time that collective 
ear has picked up nothing. 

A highly organised, militant 
and violent group of self-styled 
revolutionaries with unknown 
sympathisers in factories, minis- 
tries, the means of communica- 
tions and probably In the security 
forces, is at large. It. is pledged 
to the overthrow of the entire 

Timetable of a tragedy 

policies of the Christian Demo- 
crat party." 

March 29: Sig. Bettino Craxi, the 
Socialist leader, joins with 
Christian Democrats in calling 
for tough measures to help cap- 
ture of kidnappers. Press 
criticises police for lack of 
results. Sig. Craxi says: “Law 
and order can only be restored 
fo lowing the effective reform 
of the police and the 

April 2: The Pope appeals for the 
release of Sig. Moro and offers 
to act as an intermediary. 
Christian Democrats criticise 
offer, insisting that no deal 
should be made. 

April 3:-' One hundred left- 
wingers detained under new 
anti-terrorism measures. 

April 4: Red Brigades demand 
the release of *’ all Communist 
prisoners," and Sig. Moro 
appeals in another letter for 
an exchange: “They cannot 
forget that my dramatic 
seizure happened as i was 
going to the Chamber for the 
consecration of the Govern- 
ment which I had worked so 
hard to construct.*’ The Gov- 
ernment replies to the P,ed 
Brigades that no form of 
“ blackmail " can be accept- 

April 7: Sig. Felice Schiavetti, 

a Genoa industrialist,' is 
wounded by the Red Brigades. 

April! 11: Red Brigades reject 
Press reports of a secret, deal 
with the Government Sig. 
Moro appeals in another letter 
for open negotiations. 

April 12: Turin prison guard 
killed in attack by terrorists. 
One terrorist captured but too 
seriously wounded to he inter- 

April 15: Government claims all- 
party support for *’ no deal," 
but some Christian Democrat 
members favour a compromise 
for humanitarian reasons. 

April 15: Red Brigades announce 
People’s Court verdict: “The 
interrogation of Aldo Moro is 
over. He is obviously guilty 
and has been sentenced to 
death." Government claims 
all-party support for 44 no 
deal," but some Christian 
Democrat members favour a 
compromise for humanitarian 

April 17: Caritas. the Roman 
Catholic charity, offers to 

April 18: Sig. Moro’s body “is 
at the muddy bottom of Lake 
Ducbessa in the province of 
Rieti,” says message apparently 
from Red Brigades. 

April 19: Frogmen search of 
lake fails to discover Sig. 

Moro’s body, 

April 20 : All political parties 
unite in not giving in to the 
kidnappers. Red Brigades com- 
munique denies Sig. Moro is 
dead and reiterates demand 
for the release of all “Com- 
munist prisoners." 

April 24: The Government 
rejects the demands: It was 
noted that the request for an 
exchange of prisoners was and 
is unacceptable because it is 
against the freedom of all. 
against respect owed to victims 
of terrorism, and against the 
legal system of the Republic." 

April 26: Sig. Giocarlo Mocbelli, 
the former Christian Democrat 
President of the Lazio regional 
government, is shot in legs in 
Red Brigadesrstyle ambush. 

April 27: Sig. Sergio Palmieri, a 
Fiat industrial relations execu- 
tive. is shot in legs. Red 
Brigades claim responsibility. 

April 29: Seven letters from Sig. 
Moro received by bis family 
and delivered to the President, 
the Prime Minister, the presid- 
ing officers of the two Houses 
of Parliament, to the leader of 
the Socialist Party and to two 
Christian Democrats. 

May 1: Sig. Moro's family pub- 
lishes statement condemning 
in strong terms the Christian 
Democrat Party’s continued in- 

ROME, May 9. 

political system and clearly in * 
position to strike again. 

This threat has pulled all the 
democratic parties together j Q 
defence of the State. The Stale 
has not ceded to the most appal, 
ling psychological pressure and 
Sig. Aldo Moro has paid for this 
new found solidarity with hu 

life. „ ; 

A new consensus now exists 
for a radical reorganisation of 
the security forces. But if the 
Italian State is to survive in 
democratic form it has to use 
this new found unity to tackle 
the corruption, the alienation of 
youth, the frustration of. un- 
employment, and all the other 
problems which have aermnu- 
lated. unresolved, during .% 
vea/s of radical hut incomplete 

transformation into an infim, 
irialised, urban society. 

sistence on refusing --an$ 

negotiation with the terrorists. 

Thousands of Italians demon- 
strate against terrorism in May 
Day parades. 

May 2: Sig. Andreotti meets 
Communist and Socialist 
leaders to discuss Sig. Craxi's 
proposals on negotiating Sig,. 
Moro's release. 

Mav 3: Some Socialists and 
Christian Deuiocrars under- 
stood to he In favour of 
granting concessions to ’ui3 
kidnappers. However. . the 
Government remains adamant 
that, although the terrorist* 
could expect “humanitarian" 
treatment if they released Sip. 
Moro, there would be n6 

May 4 : Officials say they 
believe the Red Brigades are 
deliberately trying to split the , 
country's political forces. 

May 5 : Red Brigades announce, 
in an apparently authentic 
communique, that they were 
"about to carry out the sen- 
tence" on Sig. Moro. 

May 7 : Sig. Moro says in a fare- 
well letter that the Red 
Brigades are going lu kill him 
“in a little while." 

May 8 : Red Brigades silent on 
fate of Sig. Moro, but a Milan 
doctor. Sig. Diego Fava. is shot 
and wounded by terrorists. 

May 9: Sip. Moro's body found 
in a car near both the 
Christian Democrat and Com- 
munist party’ headquarters. 

Moro's sacrifice. Page 29 

Spanish hotel owners agree to lift lock-out 


THE MAJORITY of hotels and 
restaurants on the Costa del Sol 
in southern Spain were closed 
for the fourth day ratio ing to-day, 
as the pay dispute between the 
hotel owners and the staff 
remained unresolved. The dis- 
pute has meant that ar least a 
third of the tourists in the 
Malaga area have left 

Tonight the Hotel Owners 
Association on the Costa del Sol 
agreed to end the lock-out which 
has been in farce since Monday 
but it was still uncertain whether 
I the hotel staff would agree to 
return to work before a basis 
of negotiation bad been 

A meeting of the trades unions 
involved bad decided In the early 
hours of this morning not 
to resume negotiations on a new 
pay agreement until the lock-out 
was lifted. The civil Governor of 
M a lug a is also understood to 
have sect telegrams ordering the 
lock-out to be lifted. 

The 4Rhour strike is said to 
have cost the industry Pts.l.fibn. 
(S20ra.). If a solution is not 
forthcoming by the end of the 
week, industry sources say 
the tourist season on the Costa 

del Sol. which has the highest 
concentration of beds in Spain, 
could be seriously affected. 

The dispute is about wage& 
But it is also a reflection of the. 
trades unions' desire to establish 
a strong presence in a sector 
where union rights have been 

a share of turnover. So in prac- 
tice this would be much less and 
take-home pay would amount to 
Pts.23.80D ($297). The botel 
owners have offered a maximum 
of Pts.23.500 ($293) per month 
and have also refused to have a 
single wage agreement covering 

AN urgent inquiry has been called for in Madrid following two 
serious accidents-— one on Monday night— in the city's Metro 
in which 227 were Injured. A state takeover of the private 
company, which runs the underground railway, has also been 

neglected- More generally, it is 
a reflection of the serious dis- 
content in the Malaga area which 
is suffering 12 per cent, unem- 
ployment, one of the highest 
levels in Spain. 

Hotel staff are currently being 
paid a basic Pts.18.600 ($232) per 
month plus a percentage of turn- 
over. They are seeking a mini- 
mum wage of PtsJ’S.SDO ($356). 
Although this is a 53 per cent, 
increase and well above the 
Government ceiling of 22 per 
cent for 1978, a spokesman for 
the Socialist-orientated union, 
UGT. pointed out that this in- 
crease was being sought without 

both hotel staff and restaurant 

The wage demand is merely 
seeking to align pay structures 
with those minimally offered in 
the industry. At present, wages 
in this sector are between 20 
and 25 per cent, below industrial 
levels, and there is considerable 
discontent among hotel staff for 
this reason. Dntil trades unions 
were- legs Used in April 1977, the 
cheap labour of the tourist indus- 
try hod no means of organisation 
and enforcing their demands 
without losing jobs. It was no 
accident last year that some of 
the most bitter' strike action was 

MADRID, May 9. 

seen during the hotel strike of 
August which affected a large 
part of Spain for over a week. 

From the management point of 
view, there is the painful realisa- 
tion that the days of an -industry 
based on the availability of cheap 
labour is now drawing to a close. 
It was the low labour overheads 
which enabled the botel owners 
to provide such competitive 
prices to the international tour 

The rise in the cost of labour 
and the increased militancy of 
the trades unions has caused cob- 
cern among the tour operators 
and added an elemeot of un- 
certainty to a previously stable 
market. According to union rep- 
resentatives. the hotel owners 
have been told to take a tough 
stand by the .tour operators — and 
it was this attitude which was a 
determining element in the 
decision to implement a lock-out 
on Monday. A spokesman for .the 
hotel owners declined to com- 
ment oo this allegation. So far 
there has been Kttle violent 
picketing and 19 people arrested 
over the week-end, were all 
quickly released. 

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We’il show the world. I 

Owen underlines 
importance of 
Soviet trade 

By Our Foreign Staff 
DR. DAVID OWEN, the Foreign 
Secretary, underlined last night 
the importance of trade to tbe 
success of East-West detente and 
specifically, to the maintenance 
of good relations between 
Britain and the Soviet Union- 

Speaking to a meeting in Cbe : 
Commons of tbe Anglo-Soviet 
parliamentary group. Dr. David 
Owen said that good relations 
with Moscow were a “priority", 
far the British Government. 
Detente, said Dr- Owen, was at 
liiues a frustrating and slow 
process and that there had 
inevitably been setbacks in 
East-Wost relations. But a 
dialogue at differing levels could 
help eliminate misunderstanding. 

A significant part of this 
dialogue, the Foreign Secretary 
ma'de clear, was bilateral trade. 
In 1977. the turnover of U.K- 
trade with the Soviet Union was 
about £lbn., he said, and British 
exports to the USSR totalled 
about £300m. Dr. Owen hinted 
that he would welcome more 
Soviet purchases of British 
goods, and that this would con- 
tribute •* not only to better 
mutual understanding ... but 
also to prosperity and employ- 
ment in both countries." 

The Foreign Secretary made 
no reference to the row over re- 
marks in Peking by Sir Neil 
Cameron, the Chief of the 
Defence Staff, which described 
Moscow as the common enemy 
of Britain and China. Tbe tone 
of Dr. Owen's speech was dis- 
tinctly conciliatory. 

Greek reshuffle hinted 

There were persistent reports 
yesterday of an impending 
reshuffle of the Greek Govern- 
ment to lake in dissatisfied 
Centrist MPs, our Athens corres- 
pondent writes. Government 
denials did nothing to quell the 

Newspapers said Mr. Constan- 
tine Kara oianl is. the Prime 
Minister, had announced his 
decision to reshuffle and broaden 
the Cabinet during a meeting at 
his home on Monday nigbL 


Barristers in Bayonne (64100) — 12, rue Thiers — Tel. (59) 25,03.82 
Sale at the Court of Bayonne on Monday, 29 May, 1978 at 14.00 hours in Four Lots 
of The Chateau of Larraldia in Villefranche (France) and its outbuildings 

1st Lot — Hostelry of the Chateau of Larraldia 4-sta r hotel, 21 luxury rooms with bathrooms, 
lounges and reception rooms, dining-rooms, annexes with restaurant, bar. lounges bedrooms, 
bar-solarium barbecue conference nrom. swimming pool, chapel. All conveniences, high standing. 
2 telephone lines. Outbuildings on 105,022 sq.m, of wooded land, lawn, parks and pleasure gardens. 

2nd Lot — “Le Cheval Roux ” Riding Club 3rd Lot — Mill of Povloa with *> aw uun 

with stables, maneges and accommodation on of land, situated in part'on 

214,791 sq.m, of woodland, lawns and walks. Satot.PierrTd’Irube? VUlefranche and on 

4th Lot Building plots covering a total area of 64,914 sq.m. 

the whole facing the Pyrenees mountains, 10 km. from the Biarritz-Parme 
Airport; atmosphere of calm and luxury with numerous nearbv nnsrih.i:u« 
for entertainment: Biarritz Cbantaeo golf 42S! teE coSl 
m Bayonne, bowling and two casinos in Biarritz and surfing on the eoasL 

Reserve price: 

1st lot — Frs,WOO.OOO 
2nd lot — Frs. 40,000 
3rd lot — Frs. 6,000 
4lh lot — Frs. 250,000 

SSSSS 1 * eXPeDSe5 ‘ miration duties and 

Only barristers of the Bayonne Bar may push up the auetion price. 
Compulsory lodging preceding the auction in order to bid. 

For further information, please contact: 

L Maiues P. Piquemal and A. HtunmeL Avocats vendeurs. 12 rue Th,w na-,™ uAvnrctfE 
(France) - Tel. (59) 25.0352 who hold a copy of the tender documpnto Thiers " 64100 BA\03 Sj __ 

2. or any barrister of the Bayonne bar. 

For visits, please contact: Maitre Ugalde, Huissier de Justice, Cite du Pai .ic nu - j - 

64100 BAYONNE (France) - Tel. (59) 25.0081. ’ Wle du PaJj,s - Cbernm dc Marbum 



■: fkt 

Financial Times Wednesday May 10 1978 


French unemployment 
thought likely to 
rise by almost 50 % 


seems certain to increase bv 
almost 50 per cent by the end 
of the year tq about 1 , 5 m. This 
is the figure accepted by the 
main unions as probable and, 
while there exists no Govern- 
ment projection of unemploy- 
ment, officials in the Labour 
Ministry are prepared privately 
to endorse this opinion. 

A number of industrial sectors 
with large workforces are likely 
to have to shed workers over the 
next few months as the Govern- 
ment insists upon its policy of 
giving priority to efficiency and 
profitability and sticks to its 

PARIS, May 9. 

determination not to help “ lame 

Textiles, shipbuilding and steel 
are the - most obvious candidates 
and there is no prospect of posts 
being created for workers made 
redundant since the whole 
emphasis of the Government's 
industrial policy is upon the 
development of France’s techno- 
logical capacity to survive com- 
petition internationally, particu- 
larly from new entrants to world 
markets like Korea and Brazil. 

In addition, the Government’s 
agreement with the employers 
last year to provide fiscal con- 
cessions for companies who 
recruited young people has re- 
sulted in a number of concerns 
taking on more people than could 
be economically justified. These 
companies are now readjusting 
their totals mainly by shedding 
older workers in order to main- 
tain young recruits in jobs. 

Indeed, although the em- 
ployers claim that the ** employ- 
ment compact " with the 
Government resulted in more 
than half a million young people 
finding jobs in the period prior 
to the election, the unions claim 
that there was no net increase 
in employment at all because of 
this phenomenon of job swap. 

Finally, the picture is made 
more sombre by the sheer arith- 
metic of school-leavers. Around 
600,000 people seek their first job 
each year, and the excess of new 
entrants to the labour market 
over retirements is running at 
(be rate of at least 200,000 a year. 

In the last two months, the 
seasonally adjusted figures for 
unemployment have begun to 
rise again after a brief decline 
around the turn of the year 
which enabled the Government 
to wage its election campaign 
claiming that the situation was 
under control. But the figures for 
notified vacancies, which is a 
more reliable guide as to the 
trend of the market, have been 
declining for more than six 

The present unemployment 
level of just over lna. is the 
result of recent modifications in 
the method of calculation which 
have slimmed the figures. In par 
ticular, to eliminate “fictional un- 
employment” between job 
changes a person does not get 
registered as unemployed on his 
first visit to a labour exchange 
but only from his second. In 
addition, a person ceases to be 
counted as unemployed from the 
moment be has accepted a 'job 
offer, irrespective of bow far in 
advance is the starting date for 
the job. For example, a teacher 
who accepted in May a position 
from September would immedi- 
ately disappear from the unem- 
ployment totals. 

It is estimated that these re- 
finements of calculation could 
make a difference of around 10 
per cent, to the totals. Few 
people give much credibility to 
the rival calculations done by the 
Communist-led CGT union which 
reckons that, on the basis of 
International Labour Organisa- 
tion criteria, the real jobless 
total in France is almost 50 per 
cent, higher than the official 
total. A number of observers 
would argue that the Govern- 
ment’s statistics understate real 
unemployment perhaps by as 
much as 25 per cent in compari- 
son with less meticulous methods 
of calculation used in other Euro- 
pean countries. 

The prospects for unemploy- 
ment have implications for the 
Government’s policy of restoring 
price freedom to companies over 
the second half of the year. It 
must face the prospect that if 
companies are allowed to post 
sharply higher prices this will 
inevitably provoke demands for 
higher benefits for the family 
and tbe unemployed and wage 
claims well beyond tbe severe 
guidelines to which M. Raymond 
Barrs is determined to stick. In 
turn, this could well provoke 
social and industrial unrest 
which could jeopardise the im- 
provement in France's external 
position and the confidence in 
her currency, particularly as the 
Prime Minister has renounced all 
tax increases before 1980. 

.There are some signs that the 
Government’s definition of the 
liberal social market economy 
which it has prescribed for 
France, has caused some- sceptic- 
ism within the administration. 
While the formal apparatus of 
price control may not be invoked, 
the Government may well be 
pressing tbe need to exercise 
price freedom within the res- 
traints imposed by the. global 
national interest. - 

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urges joint 
action on 
oil exports 

By Bruce Andrews 

HOUSTON, May 9. 
BRITAIN and Norway must 
work more closely together to 
capture a share of the export 
market in oil-related supplies 
and services, Mr. Trygve Tam 
Burstuen, Norway’s Deputy 
Minister of Oil and Energy, 
said in an interview here with 
the Financial Times. 

Mr. Tam Burstuen, who was 
attending the Offshore Tech- 
nology Conference at Houston, 
said there wen? areas in (he 
offshore market where the 
UJK. and Norway complemen- 
ted each other. 

“We ought to co-operate in 
the export market." he said. 
** Bat if we arc to do so 
successfully, we most first have 

better co-operation in the 
North Sea." He added that 

Norwegian and British 
Ministers would discuss Ibe 
subject at a meeting in London 
next month. He did not see the 
U.K.'s membership of the EEC 
as an obstacle to co-operation. 
“ We have to look at it in a 
pragmatic way." 

Mr. T am Burstuen. was not 
hopeful however, about the 
early prospect of Norwegian 
co-operation with the UJv. over 
a pipeline network for collect- 
ing gas from North Sea fields. 

“ We are not prepared to 
take a decision on this subject 
at the moment. We do not 
have enough gas. I think we 
may be prepared to look at it 
at the end of next year when 
drilling has taken place of tbe 
16 new blocks we propose to 
allocate this summer and 

In the meantime. Norway 
was still deciding what to do 
with the gas from the Statfjord 

Drilling starts this year on 
some of the new blocks, be said, 
the first being the so-called 
*• golden block," 34/10, which 
had already been allocated. He 
hoped oil discoveries in these 
areas would enable Norway to 
extend its oil production up to 
the 90m. tonnes a year limit 
established by the Government. 
Production from existing oil- 
fields looked like peaking at 
60m .-65m. tonnes a year in the 

The Norwegian Government 
was also looking carefully at 
ways of developing marginal 

“We are having a status 
report prepared on each of the 
yields." said Hr. Tam Burstuen, 
“and in August we will be 
ready to listen to proposals 
from the oil companies." 

It was not intended, however, 
to make any changes in the 
taxation system. 

Asked whether policy had 
changed as a result of the blow- 
out on the Ekofisk field last 
year. Hr. Tam Barsluen said 
Norway had increased its 
demand for better training of 
offshore personel, better organi- 
sation and better communica- 

** What weth ought could not 
occur did occur." he said. “ But 
while we can and must 
diminish the risks of offshore 
accidents of this kind, we must 
acknowledge that we can never 
reduce them to zero." 

Holland allows 
of terrorists 

By Charles Batchelor 

ALL THREE members of tbe 
West German Red Army 
Faction held in Dutch prisons 
can be extradited to West 
Germany, according to a ruling 
by Holland’s Supreme Court. 
The Court ruled that one of 
the men, Rnui Folkerts could 
not be extradited on the 
grounds of his alleged involve- 
ment in the kidnapping and 
murder of the German 
employers* leader Dr. Hanns- 
Martin Schleyer. but he could 
be extradited on suspicion of 
committing other offences. 

The Supreme Court turned 
down the appeal by Folkerts, 
and by Gert Schneider and 
Christolpb Wackernage! against 
» lower court ruling that there 
were no legal objections to 
their extradition. 

Mr. Jacob de Kuiter. the 
Justice Minister, is expected 
to decide within the next few 
days whether the extraditions 
will take plaee. If he decides 
they can, the three men ■ can 
appeal to tbe Privy Co unci L 
They have already asked the 
Minister of Justice to classify 
them as refugees and a 
decision is still awaited. 
Folkerts is serving a 20-year 
sentence for murdering a 
Dutch policeman. 

Looking for Industrial 
Properties in Frame? 

. , - rp«rirms_ including t! 

Frencn mausixiiu — - - 

These plants are located in various French regions, including the 
Paris area. 

Paris area. ... 

2M?S SfStt S3? ** “ 

• 1 rliiilv Witt 

ju France ana yiauuws ^ — * — ■ 

in addition, tins IteW. 

other measures. 

r, f 1013 PinsmMal 1 

■ansier or me 

For further jgSS^'SPEt “ “ 


Fewer hours for the same pay 


BELGIAN TRADE unions now 
seem well on the way to giving 
substance to their slogan “36 
hours by 1980." They are 
demanding a standard working 
week of no more than 36 hours 
by The end of tbe decade. Last 
week some 800,000 public sector 
workers wrested from their 
employer, tbe Tindemans Govern- 
ment, a 3 S hour week to start 
from next year (down from tbe 
present nationally agreed maxi- 
mum of 40 hours). This is likely 
to be a powerful blow to those 
private employers who have so 
far resisted similar concessions. 

The Belgian employers’ federa- 
tion, the FEB, has been voicing 
increasing concern at the unions’ 
progressive success In getting 
less work time for the same Day. 
Tbe unions — the socialist FGTB 
and the Christian -CSC federations 
acting together— say that overall 
pay must be maintained to keep 
up purchasing power and con- 
sumption in a stagnant economy. 
The FEB poiots out that tnis 
will inevitably raise unit labour 
costs that are already, along with 
West German and Dutch, among 
the highest in the European 

The Belgian unions’ drive for 
a shorter working week comes in 
the context of a wide push by the 
European trade union movement 
for "work sharing." This, the 
EEC Social Affairs Commissioner 
Henk Vredeling has defined as, 
“the organisation of work avail- 
able in the entire economy in 
such a way that all those willing 
to work can do so.” In other 
words, a better spread of work 
to soak up some of the growing 
number of unemployed. The 
spectre immediately facing tbe 
union movement is the 6m. Euro- 
peans (5.7 per cent, of the active 
workforce in March, 2978) now 
without jobs. 

But demographic forecasts 
show that the job market will 
get much worse between now and 
1985. In that period though, the 
EEC population will increase 
only by an estimated 4m., the 
□umber of those youngsters 
coming on to the labour market 

will rise by some 9.7m., as the 
post-war btfby bulge works its 

way through. 

According to the EEC forecasts, 
only in 1&86 will the situation 
start to right itself, with the 
number of those reaching the age 
of 16 in that year falling to 3i5m. 
and those reaching tbe pension- 
able age of 65 rising to 3.1m. But 
the enlargement of the European 
Community to take in the 
relatively young work forces of 
Spain, Greece and Portugal after 
that date might' even counteract 

Looking at the next eight or 
nine years, when the working 

Demographic forecasts 
show that the EEC job 
market will get much 
tighter between now and 
1985. The number of 
youngsters looking for 
work will increase by 
9.7m. because of tbe post- 
war baby bulge. 

population (the 15 10 65 years age 
group! will increase by 1.5-2ni. 
each year, tbe unions see the 
need for work sharing. The 
Brussels-based European Trade 
Union Confederation (ETUC) has 
been pushing for this to be 
examined at the EEC level. Pos- 
sible measures divide into two 
categories: those that aim to 
reduce tbe manpower pool, such 
as earlier retirement, longer 
schooling, and those aimed 
broadly at cutting tbe amount of 
work that a worker puts in. 

In general, all these measures 
only reinforce existing trends. 
For instance, total working time 
in Western Europe has declined 
an average of 1 per cent, a year 
between 1960 and 1975. But this 
has been the result of piecemeal 
improvements in working con- 
ditions. What the European trade 
union movement now wants is 
co-ordinated and accelerated 
action to solve the pressing. 

medium term employment 

The ETUC has left the national 
union federations to iuap out 
their individual strategies. The 
West Germans have sought longer 
holidays, the French earlier 
retirement guarantees, and it is 
the Belgian unions that have 
most vigorously pursued a reduc- 
tion of the working week. The 
importance to tbe Belgian unions 
of getting a shorter standard 
working week is that hours 
worked above that level count as 
overtime, are paid as sueb. and 
can be slnctly con trolled under 
Belgian labour law. Tbe demand 
for a 36-hour week was first 

tabled last September, and 
promptly rejected by the FEB in 
national negotiations. The 
unions, undeterred, decide to 
pursue their goal sector by 
sector. In January they won a 
crucial victory, getting a 3S-hour 
week by 1979 for some 5.000 oil 
refinery workers and tanker 

This was the first indue) rial 
sector to give way: previously it. 
had only really been the 
services, notably banking and 
insurance, that bad granted less 
than 40 hours. The oil companies. 
and the Government, which was 
officially neutral in the dispute 
but came up with a convenient 
compromise, were clearly 
relieved to avoid a threatened 
estoppage. It was only pressure 
from the FEB on the oil com- 
panies that brought this dispute 
to the brink of a strike. 

But as the FEB privately 
acknowledges: "We cannot com- 
pel our members to commit 
suicide.” After the oil sector 
settlement, it seems to have been 
easy progress almost all tbe way 
for tbe unions. A strike of 10.000 
Ford car assembly workers 
demanding reduced working 
hours was bought off by the com- 
pany offering a pay rise that the 
workers had not even originally 
asked for. 

But the unions have more 
than compensated for this set- 
back by subsequent victories in 
the retail, non-ferrous metal 
refining (a big sector in 

Belgium), electronics and metal 
engineering industries. Last 
week's public sector settlement, 
which has yet to be ratified by 
;bc union rank and file, provided 
tbe climax. 

Sri far, the union strategy has 
been noticeably selective — aimed 
at those sectors which they 
reckon can afford to pay mure, 
and leaving aside those swii as 
the textile and construction 
industries which probuuly 
cannot. The FEB also points 
out that only some 11 per cent, 
of tbe private sector work force 
have, since 1975. got negotiated 
shorter working hours. It is true 

The biggest criticism of 
the Belgian union policy 
of shortening the 
working week is that it 
does not increase 
employment. Demand 
is slack and management 
is glad to cut production. 

that the public sector ileal came 
ton hie to relied on mo.-i cl this 
year's private sector bargaining, 
nearly all completed for 197S 
collective contracts. Bur it is 
hard In sec further reiilielions 
from 3J> hours not lieecmunR a 
condition of the unions’ posi- 
tions in 1979 negotiating rounds. 

The FEB can justly complain 
that it has not had the support 
of Prune Minister Tinrie- 
mans that it might have ex- 
pected. Officially, his Govern- 
ment sat on the fence, until with 
the public sector negotiations it 
could maintain that posture no 
longer. The Prime Minister ad- 
mitted in pnhlic, though, that 
he thought “36 hours by J9SD " 
was going loo far, loo fast ahead 
of Belgium's EEC partners when 
Belgians already worked shorter 
hours than any of lht? others. 
But Mr. Tindemans has lo live 
with a coalition. Pressure from 
his Socialist allies and the fear 
that the rash of strikes, in sup- 
port of demands for shorter 

work mg hours, might become an 

epidemic combined to persuade 
him In give in 

The must idling criticism «f 
the nniun strategy is that it has 
failed in its elated ami — Jo 
increase employment. In noti- 
on e agreement, that fur depart- 
ment Mores, have the uninns 
been guaranteed that extra per- 
sonnel would be taken un. in 
other sector*, rumpany nunagL- 
mcnis are simply likely to 
reduce production, no great 
hardship given currently slack 
demand, or try to increase pro- 
ductivity. Belgian tmemploj- 
ment has certainly fallen I rum 
its peak of SiH.HUO in January to 
USQ.Qrib now. But that drop is 
due tu special luivorrtinenl work 
schemes have given snub* 
gfi.OiHi > ruin esters job-* since ihe 
start of 197S. The only way com- 
panies can be encouraged to lake 
on more people, tiie PER *.ij -. 
i» if “ »hnrl nine working" is 
introduced. Workers Mould :h<'n 
In.- pant because ihev would 
h** work i ua But this form 

of "pay sharing” fails, not Mir- 
prising!;. . M vvasn with th-» 

The ETUt: admits that a 
shorter wurkmj week vvd’. not 
by itself lead to inure employ- 
ment. It wauls Mipplemeni.irv 
iin-asiip-s such as overtime bans 
and control un » lives line in to be 
introduced sit an EEC level This 
might overcome fear* that inn- 
cessions made in .un- »-■ mill ry* 
might uiiderinm-.- its compel HU ►; 
price with Us EEf. neighbour*. 

The ETlb’. has found some 
limited support m the Kch-m-Is 
Commission fur a cuimiiuniiv 
approach in certain aspects nf 
"work sharing.” Mr. V redding 
has said ho thinks there i.% a case 
For an EEC initiative to control 
overt bile and shift work. 
Although he i« a long way from 
gelling member govern menu* 
approval, the idea lias found ,i 
favourable echo from natum.i! 
employment ministers. 

I-. I<* I 1MI e'*’tl l lr.| .lull (v.rfl 

Ills •■■»> ll'-ll.ll-'. I s '-I 

j>n lu-ikhi- «■!>•' m« -.iif' IV- .-mii'ii 
vinii-1 ,i.i, . r-ii-i at Nf» v-e. v ' 

‘It’s like getting into a 

every time. 

Authentic passenger statement 

We have one of the most modern, 
up-to-date fleets in the world, which is 
why we take extra speciaf care to keep 
it looking at its best. 

And with the care comes the service, 
with 17 flights a day, including three by 
the new widebodied A300 Airbus, 
serving Frankfurt and Diisseldorf. 

Other destinations in Germany are: 
Bremen, Hamburg, Hanover, Cologne/ 
Bonn, Munich, Nuremberg, Stuttgart. 
Consult yourTravel Agency or our 
Yellow BookTimetable for exact details 
of all our flights. 


German Airlines 



Financial Times Wednesday May 10 1978 




By Charles Smith, Far East Editor 
TOKYO. May 9. | 
JAPAN'S SYSTEM of hanking; 
rccuaiion* was criticised tu-duy| 
bj. the EEC Ceumtussioner for 1 ., 


Rhodesian Executive Zambians 
refuses to reverse ^ 

Sllt'lrillO Af WnVA Zambia has begun drawing 

v 3 C«-'L^ l/X XXU T V the $ 390 m. facility negotiate 

ihe InLernalinnal Monetary 


Progress on Mideast arms sales 

, „ WASHINGTON. May 9. 


PRESIDENT CARTER appeared t»r. Harold Brown, the Defence believed* " we^are A ra bi had^ever ^th re ii te n eiUo 

to^w - to be inching his way to Secretary, in front of the whkb ™ u id i ea d take action on the oil price front 

another substantial foreign House International Relations?" 1 ^™* 1 *,, if she were denied permission in 



~ . . — _ — . juwiuauuuii uuiouuiia onnloTnonl It weic uciucu i*— 1...MIVU ill 

Zambia has begun drawing from policy victory as Congressional Committee. 10 3 settlement. thc 60F-I56. 

the $3»0m. facility negotiated with opposition to his proposed Middle Senators Clifford Case and Mr. Vance characteristically 

the International Monetary Fund East arms sales package began j 0 h n Sparkman hinted that gave little away in ins testimony. Last week, in an interview 

(IMF) in March. Government crumbling. future sales of F15s to Israel obliquely intimating that Saudi w irh the Washington Post Sheikh 

sources said yesterday an Amid lobbying as intense as were beine promised to make Arabia was prepared to give the Yamam. the Saudi Oil Minister. 

KnR4Hrti I'ftmnptlMfnrV Rnancinz thoY wh4/>h nNi^iisil tha Pmima ili. 1 _e ii.* nnnncr^m nuimni’M. huf StreSS" ,nna.,rail tn hi" rfpllYprinn IlKT 

bias in' fjvour of domestic 1 unresolved io-ni S ht when the four Perhaps more significant is an tWs wMlToufLimka a compromise soJiirion was in the referred to “definite progress.” dismembered or its numbers lhat j t bad never formally been 

■ .uvju. uu — 1 10 03 arawnuus " re>M ourA ' usasa I air which might ensure approval while Senator Jacob Javits. a altered. 

nun transitional Executive Coun- official statement to-night stating correspondent writes. 

Tn an interview with the i C ! 1 rcfuj »^° reverse its decision the' foV members of the Execu“ “The^aciSty 'is 'to^be used for P* *%J5 rCl S5 l i? r 11 hud a PP ear i d P° ssi | dc la « 

Financed Time Mr Tu-endh^! 01 ^ fit 11,onth relievin £ Mr. Hove tive Council will 10 -morrow balance of * payments support. fc-J™* 1, Sudj ArabU and vvr c f nn 11T . woek that tne Senate Foreign 

S S’iSi b. ohwiiriiv of hls post afler 3 sever * hour J(ldres s a multiracial meeting at While it is expected to make only Egy-pt. \V BUHK SUClTlil^S St6p Up 3.011011 Relations Committee would pass 

T -vMn??' h- i mectin S- Mrewu in the operational area a relatively small inroad into the Central ingredients to such a ® r r a motion disapproving the sales. 

‘ nc Bishop Abel Alurorewa, leader North East of Salisbury. import pipeline of some $53 Qul, deal would probably include an RY DAV . 0 lfnmqm TEL AVIV. May 9. While not binding on the full 

Z** ?th« mstwme • af th( , Uniled MriCiin National This hard/% - SUSS ests the U4NC Z?«bia is dearly hoping that the Administration undertaking to BY DAV1D LENNUN Senate, this would clearly have 

w i iir^ P C iv-htivc Council (UANCi who appointed is on 'the brink of withdrawal, disbursement will help persuade sen more gophistocated F-15 PAT psthstiaN Guerrilla stration of the improved equip- influenced its deliberations. 

?S5TSf i . aj S£S£.“iV wSSMSilfc-Sffi "S£?$&j£i ^ ^ ***** KS£ Mh0DStae 552 

panics concerned undersiand rhe 1 < a id The L’AW warned after sa -' s four members of the Despite this, the symptoms of : nt? _ nri a written assurance that forces on the occupied West Bank Bank groups* committee is due to meet again 

rules. - Sundays ineelin- the TSrtv {£ Sreutive-includiilg the Biohop the ailing economy continue. “aUdf ArJbYa 2Slf nrt“S h?r supplying them with better Meanwhile the IsraH. Prime 

Japan', iijhUy regulated bank-' likely to XSnfe If tffi agree- ^ l * nded .£*^^££2* j£ mSSmEtetoffu to equipment according to Israeli Minister. Mr Menahm Begin 


Japan', ujhtly regulated bank 

security forces. said on his return here The Administration also be- 

The recent spate of daily bomb- yesterday from the U.S. that lieves that several members of 
ing attempts mark an increase in the cabinet would soon the 37-mau House International 
activity while the rocket attack discuss U.S. suggestions about Relations committee mav change 
on Jerusalem at thc week-end the future of the occupied West their minds and back the pack- 
was the most dramatic demon- Bank. age- 

mu was nni ' con-sisicm "IU1 uiv mipinru mere «a» no ummoeni — . : — rr : — Tnvutma mg seaaiurs cuuiciieu w«u mi. ~~ — , “ j „ r 4j,p nrv>nnipri West 

dignity jnd position of one of likelihood of UANC withdrawal, agreement and in ms absence.) ine company uoiess Cyrus Vmce . the Secretary of on Jerusatem a : the 1 hmM ^ future of the occupied west 

tilt* world - ■< ureal eeoRnmic! Hr. Ernest Bulle. the Finance • To-oight Rhodesian fore?s JSSSm^ ^ 100,000 State> wbo later tesnfied> w,th was most draniatic demon- Bank. 

powers." The reform of the ; Minister, was to-night said to be were searching through dense Vw “ ' wu ' were pam ' i 

Japanese hanking sysLem could; Hy ing to South Africa lo-mor row woodland close to the The accusation was made by 

noi ho regarded as simply a ■ with his white counterpart at the Mozambioue border for the J '‘ r - Fnday Ndhlovu. Tazama'a jl G ip VOtCS 

for approval of New York aid 

Japanese hanking system could; Hying to South Africa to-morrow woodland close to the The accusation was made by 
n<u ho regarded as simply a ■ h ’ s "‘bite counterpart at the Mozambique border for the Mr. Friday Ndhlovu. Tazama'a 
rldtnesiic issue because Japan had; Finance Ministry (Mr. David guerrillas who murdered two director, who said fuel 

outgrown ihi* point where It . Smith > to meet Senator Owen white women and wounded four ’“PPP es f or pumpin? stauons and 
1 -nuJd please itself m ihe regu- Horwood. the South African Fin- guests ai loyanga's Montclair 2rJ.* r 
lanon of i U financial affairs. an«e Minister and Mr. J. C. Casino Hotel. 15 miles from the Sfe nS£ 

Mr. Tuiwodhat s.ld .her, «, ; «* Pre ‘°™ of «oamb.,o, border. 5?^- 

a rising reeling nf dixatisracuon; . the nation's chronically short 

-iriil worry nn the part ot foreign foreign exchange reserves. 

Mr. Tuucndhat said there vvas , in iwozatuoique ooroer. 

a rising reeling nf di. -satis fad ion 

anil worry on the part of foreign ’ ' ~ - 

hunks in Japan at the degree /IT 1 1 1 1 o 

s'Snrr.rto^’.^v Mulder backs secret fund ! Kabul talks 

.!?,uouon s d, 0 h, r, vc ;;, 1 ,,om .o h o'| v Br ° WN CMMWPOMIWNT »HA.NNESBUKa May 9. 
crifis and that a Ini of con-!^* 1 ' KULEh apply when :h;* and paid out large sums of money 
si do ration of ilium. 1 problems i 'u’ure of South Africa is at stake, without Treasury approval. 


NEW YORK, May 9. 

Afghanistan’s President Nur ™SIDENT CARTER J* «; Jta* York, said y^terday that been in deadlock for 

BY OUR OWN CORRESPONDENT JOHANNESBURG. May 9. Moh^r^Tarak^Lsh ad |Sg Sited to become personaliy he had no* doubt that President weeks. 
RULES apply when :h;* and paid out large sums Of money in Kabul with two Pakistani, poli- involved in efforts to secure Carter could, if necessary, be in- Just 

ticians prominently linked with } Senate approval for 

rure Carter could, if necessary, be in- Just as Senator Prciimiirc 
new volved in rounding up votes in appears to believe that middle 

1 I id lu A rn^ imniPdhio con 1 s ’> who lollowed no ruk-e. Minister said Although Sis bad provide Mini guarantees action, given the fact that the 250,000 municipal employees 

r.-J-Jms fmm ihV Vm-.^^Lvmk' ■ hjd unlimited funds, and Were led to unauthorised expenditure Banpladpch n^ralvcpf) for up t0 15 years for $2bn< of e:c,sting federaJ - seas0D ^ Joa ° believe that they cannot rush 

n t ! t „ Japanese ‘^nk- answerable to am Parlia- he state had oat lost anv mnm^’ f >an ? ,aaesn paralysed city bonds cleared the House c( programme expires at the end into a settlement which they 

mi.mtimrh .d m , >»ent. he said. Dr. inllder woc Dr 5?ulder imSL LTe5er' ' ras Paralysed m Representatives Banking Com- of next month. know will be meagre, 

n niandm? in nc'niiaic wh «alb for his own that -press cbSScSw-assassina- MOffiS “2- inco^worters wnt ?*?*?♦ a substantial margin Senator Provmire has not yet Both sides are staging an 

Japan on banking problem*. This rt ''* , ?? ,al } dn - a . nd lhe disbanding t ion " had made it impossible for I on ’ suihe for a is per cent crucial battte ^l^be^in !5o scheduled hearing s °E his com- ""oe" C stron" ^ 1.1 Mr. Tuur-ndhai. that ” ft TO" i-" 1 ° £ Dr ; Eschel Rb °odie. head of the i increase. Reuter reports from gSS “gjiv uf e Senate mi«ee but be indicated to^ay hS 

f" ’tn /WV?! ' depjriTncm S&SE* SSSanMRifS SSmltJe" .£eS that the city will get a chance 

l ;ZhX ‘fticr £. : r «" d cnunicr-propaganda wou?d “no? bl dtaSSST im te dose^as^erks 'an™ offi? “ 3 " Kr ^} l A m J*™ 1 ". haS % it ?* keS SJSS ^eriGces over the past three 

plan ill.. Krtw .vin ir".l£ 1 w,lhoul parliamentary approval, medialelv. i workers faded to report for duty. » far greeted the case for mi t tee before there s any years. They have been limited 

‘■ un bLL— vi.ijun tiaa**| - helping New Y ork with a marked chance New York will be to cost-of-living adjustments and 

pr-uH-c f.-wci- cuncivte rc-ulls : rund for enuntcr-propaganda would not be dismissed 
Itan <!»■ BEC^SiSi u“d’l w, “’"‘ ,>,dialely. 

rwcf-liatiiins of February and , 

March i which were the result, , 

i:i:--u«n by EEC member gt [r™:: Election boost for Mrs. Gandhi 

moni-i | 




By Our Foreign Staff 


Mr Tnu^ndhai -jiil Mile c.«m-i 

pi.iin: .v’.tin-: Japan's hanking AIRS I.YDIRA GANDHI, former Uttar 

NEW DELHI. May 9. 
Pradesh legislative 

.iiflucncc means th:ii ii should She achieved Hu* when her favour. down from $Al.l4Sbn. for ihe 

bv , .v\ms in .»\wrt. rather than Congress ih Mrs. From Mrs. Gandhi's point of corresponding period a year 

import capital. The system Mohsinu Kidwai. detealed the view, tt was a great morale- earlier, 

could be changed -u as to allow- ruling Janata Parly candidate, booster as her Congress Party 

TT— ju , lack of sympathy. foreclosed. Both the Senator recent indications that inflation I ARGENTINA has ■‘illecallv" 

1 rade snrplus cut Mr. Michael Blumenthal. the and the Administration have may be running at an annual rate i necuoied a British island in the 

Australia's trade surplus narrowed Treasury Secretary, who is re- been urging the city and its of 7 per cent, are increasing i c n n»h Atlantic a denendenev of 
to S A 105m. in April, compared sponsible For guiding the employees to reach a responsible demands for a substantial pav the Falkland* Islands 'toud* for 
with SAlSSm. a year earlier. AP-DJ Administratton's proposals for setUement. but the Ulks have rise. T rhn Rrlri h 

reports from Canberra. Exports "J” f", J 

totalled SALOWbn.. down from ■ . Foreign Office confirmed yester- 

SAl-OWbn. In April 1977. Imports '• “ a y- .... t 

amounted to &A849m.. eomnarpd Britain has protested to 

•■"v ii • • i • ai* .Argenuna but so far the 

Dollar improves m heavy trading isfr^^p^rsE! 

a/ 1 previously uninhabited island. 

In London yesterday, the Falk- 

BY OUR OWN CORRESPONDENT NEW YORK Mav 9 lands Islands committee stated 

improves in heavy trading! 

The Congress (li jIso won two cal power in the country. 

I Hayward writes from Wellington. 

BY OUR OWN CORRESPONDENT NEW YORK Mav 9 ■ lands Islands committee stated 

y \ that the foreign Office had asked 

THE U.S. DOLLAR gained in meeting in Saudi Arabia of independent right lo make pol.Vv.J tboin R> keep silent about thc 
heavy foreign exchange trading OPEC Oil Ministers soothed but said that recent moves -a ro Argentine occupation, 
here this morning, buoyed by anxieties that the weakness of not ones we asked for'’ and ** are' A Foreign Office spokesman 
firmer U.S. interest rates and in- the dollar this year coaid not ones we have applauded." I said that Argentina established a 
dicauuns that OPEC may not in- prompt an oil price rise. Great He eschewed anv. public battle scientific station of about SO 

crease its oil price this year, comfort has been taken from with Lhe Fed, hut said that he people on Southern Thule in 

These developments, which lhe statement by Sheikh was worried that continued December 1976. 
have taken place over the last Yamani, the Saudi Oil Minister, credit tightening may pose a Southern Thule is part of tite 
— ten days, are helping to confirm tfa at *‘we don't think there will danger of “undercutitng the South Sandwich Islands, about 

Quentin Peel, recently in Transkei. reports on the Republics problems dollar acquired^ April when 6 . Traders report here that ^The Robustness of the dollar well to the east of the Falkland*. 

after two months of decline, it Middle Eastern countries have also helped the New York stock which are a British colony. 

A _ __ _ _ __ gained by slightly more than been far less in evidence as market this morning amid indi- Th e Foreign Office said: “ We 

2 per cenL against other major sellers of the dollar recently, cations that the powerful rally protested to the Argentinians, 
currencies. As a result, inter and that its overall firmness is in share prices of the past three i whose activities are purely 
vention by monetary authorities also being helped by the Federal week* is losing some steam, in- j scientific. The Argentine view is 
in Germany. JapaD and Switzer- Reserve Boards aggressive vestors are becoming more wary [that this is in support of lheir 
land b3s been reduced. stance on short-term interesi of rising interest rates and in- Antarctic programme, in which 

In early trad mg j in New York rates.^ Recent increases jn the dications of a climbing inflation ' the British^ Government co- 

SHOWPIECE of S'liiih African •<i!ici:il m l' mbit a. "* If the first year after independence area where the country boasts 
r»-.i =. |ioli<-.v of separate they wain iis io go to them — more than in thc previous real potential, remains a rela- 
ik'\eliij>iiif»m. jin.- Republic of begging, wv ha\c no sui-h inten- three years put together. Some Lively low priority, whereas me is rapidly degenerating lion." >a>s Mr. Letlaka. 4,000 new houses have been built expensive process of establishing 

iniu J tragic parody nf ihe pmb- The Tiam-kei tiovermneni. for the factory workers, black factory jobs— where 150 jobs 
loin- of Third World iev.*| ip- huuevcr. ha< a planned pro- and white. Independence cost around Rim. in govem- 

lucni. A com bin alio u or political imriouhtedlv hnmehi •* ntortt cnoTtHinn \s efwmnW* moa 

.;utucrac> and linancial inconinc- 
tvnee are leading lhe liupo-.or- 
:'bcd tribal homeland rapid:;- 
toward.-, .i financial crisis, ur even 

Avoiding insolvency 

m eany iraumg in .\ew rore rates, neceni increases in me aicaticms or a ciimnmg inflation ' pie criusn uovernniem co- 
nf Smith African »iin.i:il m Lmuta. -If the first vear after independence area where the country boasts morning, the dollar touched key Fed funds rate lo 71 per rate, but the performance of the ( operates." But the spokesman 

>“ «• «? ">™ '«»» in the SS ^1. JE*F£SS?,' , & ■ ws* *• «« £2^ M?’ 1 -asss? as ** IS” sass-s 55ri2SSS,J'2‘ 

mark, but laier fell back to the foreign exchange markets. Jones Industrial Average from occupation was illegal. 

2.095 on profit taking The Carter administration's an- close to a two-point loss on the The Falklands islands enm- 

, The Ti an>kei Government, fir*' SSS bliS ^ jfiSte W jS *1'*°"** f 2? exSesred" ‘JEJlav^t T ■ tSSf Sift 1 P “Uttee said the ArgenK occii^ 

him ever, ha-: a planned pro- and while. Independence cost around Rlin. in govern- £?-?** 3gB nf s cIImh " pSenchif 'tffnnSid -?!■- hfnrh^Hnfe iStv 01 ** 1 S by tio ° of Southern Thule was 

, undoubtedly brought a small ment spending — is strongly pro- f?T ? nr currv ^, C- J Stuart Eizenstdt, the president j. tunch-time to-day - typical of the steady encroach- 

boom lo thc local economy as moled Accordin® to ihe Baders here generally ascribed chief domestic adviser. Talking However, Uie stock market was ment by Argentina on British 

well as to thoseoftheneires? Transkei GoSeremlnt-and in Jbe in omentum to^iay to external to ihe^mocradc Party National unable to hold this gam and territory- in the south AtlanUc 
towns of “ Wliite" South Africa, the absence of reliable figures- fa f n ors MrtiB ,, sr , h * ® ddin « South Sandwich 

i:it» in-ulvcncy. 

Thc heart uf thc problem for 
Gluef Kaiser Mafan/ima. the 
lir-l Imui'.'l'Jiut leader lo accept 
independence. JS months ago. 

l> Mil- kick nf 
mP-in P-ci'^mlion of 
I'r;:!i-ki-i. Ii j- .< c.ipilal ntT«*nce 
for any Tran-fci-i.ui u* ipi-'- i'in 
Mu* -mi'iruiH m i ln> ••■■te. 
S-uh .i I ir.i--i-m.iii ihrcjt, lop 
<•1 .i f.u-iv.i, turn; complex of 
•‘Tisnti li-iu* l.ii inii mi livid iite fur 

• ii'Ti'iitii.ii oiiimni i- ..ri 
nib ;:lio:i nf tin* -ensilivily nf 

• i •? I-- si'- In i 'Ii if f Mal;n.-intii. 
Tin* ile-isr In prove his acn-une 

boom lo thc local economy, as moted. According to the 
well as to those of the nearest Transkei Government — and in 
towns of “White " South Africa, the absence of reliable figures — 
Chief Matanzima is now some 90 per cent, of the country's 
accelerating his spending plans food requirements still have to 
drastically, the latest budget he imported from South Africa, 
provides for an increase of although the homeland contains 
Government spending of well some prime agricultural land. 

t '. t« one , *L rd- , fr0l 3) ^° m - t0 Apart from two enormously 
KJ30ni. fCJ05m.). Rather more capital Intensive irrigation 
loan RlQOm. represents the schemes, the only notable ayricui- 
it ii module cost of capital spend- tural development has been the 

aaers nere generally ascrioed coier aoraesiic aoviser. laiKing However, tne stocu uiaraet was I ment by Argentina on British 
e momentum to-day to external to the Democratic Party National unable to bold this gain and territory in the south Atlantic 
ctors. Committee's national finance eventually closed down 2.51, with addin* ’that th»> Smith s a nrf«rir*h 

In particular, the week-end council, he stressed the Fed s the industrial average at S22.07. island's were not in the Antarctic 

— ; and were outside treaty limits. 

9 The British Foreign Secrelary, 

^ 1 v • i gw -g ---. | Dr. David Owen, will consider 

rrudeau shrinks from early poll|5a.~Sas” 

i said in the Commons yesterday. 

Chid Kaiser Matanzima 

Trudeau shrinks from early poll 

imuiedijie co>l of capital spend- tural development 'has beTri' the BY ViCTOR MACK1E OTTAWA, May y 

5, 'j \ n # thv -‘ oH renl year- Major encouragement of contour CANADIANS wbo had confi- Bui 1 won't say what year.” embarked on massive borrow- 
, ; ,rc 'I” 11 * - on r 030 ^ jted ploughing, which has alleviated dently expected to be voting very Liberal planners were dis- ings abroad to bolster the 
imciKinh “-o™- on Indus- the worst of the erosion caused soon in a general election have mayed when all their careful dollar. 

embarked on massive borrow-; 
ings abroad to bolster the ’ 
dollar. : 

Federal scheme 



nil* -no* u 

i- criaiily a 

S U.!J 


f.K’Kir mi 

til- decision In 



ulT dnilnm.iiu.- rol iti-«ns 

•■■■ it! 


diitli Afri< 

.i nn April “Ii. 




driving foiYi* 

l —in 


.ill ciTorv 

- :»i i.*ct»’i‘*.niir 



■ iiii'ni. 




Jlll'l tillJiK'Ul 




TratisVei arc 


fL«t r . i-j 

1 UlMtAtjl .-j 



or paruameni. He nas oegun io June approacnea in mia-Apni. a low-key reaction to the surpris- A ^ I 

Mr. Letlakj i.^ hudgetiny Tor Government in developing home- display symptoms of indecisive- Mr. Trudeau began lo talk about ing climb in popularity of his /VIlliraK II6tWOr(C 
J deficit nf some R96m.— the sum ,3 «ds. “You cannot disturb the ness and uncertainty, something waiting until the autumn or even pa rtv. “ it is just another poll R _» 
h- needs immediately io raise traditional tribal relationships." that the electorate in the past next year. Word leaked from ^id. “The one that reallv Bjr ° ur ° wn Corr espondent 
■ii in-:- iniernalional market. But according to one South African had never associated with the Liberal headquarters that their coonts is the one on election m / NEW YORK, May 9. 

he m also launchine several adviser. “Wholesale agricultural Liberal leader. private surveys and polls were day." Meantime in the Commons THE DEPARTMENT of Trans- 

"'I’.r- ftni St Jolv«| 

rlinics and dispen- development strategy (if the. - 

housing schemes absence of planning can four-year tetn 

/PvYt Eli.'.ib^Th 

On the strength of a survey car- African grant of Rll3.5nti-““ -- “ 

lied oat bv French consultins CCTWm.1 has remained constant j f °r an elecUon this year. 

s proposal*, 
f Britain's 
1960s, look 
drastic for 
has final 

mem is nearing tne ena Of ns iwwimc the voters. This was a ,-ai-' Srt:n ?. r " ,r oau. as a means of 

traditional four-year tem. The for calling the election on The Liberals trarlixlnnaiiv .? urb,n 3 the railway's increasingly 

i-.: i'i-.-iii l\ iK'L'nli.iliir.' fur .i iii.imr ' l ^y> /r c*i-»t!n? ahu«* R20m_ and the air- called a strategy) questionable. | ful * len1 ?. ii"* J£L 0 Ti,^?hi“’ dominate Quebec H - heru° "heir i f?.^^;- de,,,ands for federal 

’■■:i-rii.ii;..; loan. The Mi-i;-:er %f- ”•<»« cctcnsiun required to but there seems to be a distinct 

■ Km. i nee. Mr. T\«.*po I .-.-t l.i 1 .i. s Et«teodon _ a^.-dMinnidute international Rights reluctance in Pretoria to give 

ii.,-. mm i nerd thai .if _ V * . - -••• ■ - •• Transkei the aid or sort loans 

Tri mini. ti'«*j.oni.‘ i-. needed. 5Ki» Eii/dbQ«h The most grandiose scheme is which it cannot obtain from inter- 

M J • i ■ i • infurmeii sniirci-^ '■'< :ac-l for a new harbour at Umgazasa. national agencies. The South 

thji j-. much as RJi'Uin. (lI2.1:ii.) „ • - - -y ,. On the strength of a survey car- African grant of Ril3.5m. 

*»»:»> be Mitighi. Ai-wrdmy lu Hie 1 1 " ^y nl^ r J ried nut by French consulting (£70.9tu.) has remained constant 

•nurco in L'iiiI.ii.i. the r.ipiud. L.^i . 'm " '<i+ engineers, the Government has f° r years. According to cal- 

;h>- Transkei Government is r .lf-veliiam.-nm dc ' cirt vd to se: up a company to culutions by the -Transkei, it 

m-qfiuauns ihrmigh a G.di- !.l JL‘. !.' JJ-ilfhier dcwSS hl,Ud ti,e hariiour and an a«so- represents considerably less than 

SwrfK firtSss."?' «!& ,Sa * b ^ ssssss atasw? 2? .rac a M l &“ 

1 he f ipi 1 * ” ih„ ' th trapi’iny.’* in umi'pcndeiice: tne J*” 1 '® , dwws government to prove its vndepen- ymiling and convinced that they any politician. « TrnHe-m - • SBOOm. in federal <nhciHi.t< 

ilu r.ut tn«. 1" UniviTMt: nf I'ran.-kci. ihe K.D. pre planned, a? well as an mrtus- dence has meant that anyone vrould win easily Mr Tnideau decided to wait * Mr- Trudeau is now beginning berwenn tq-q race UbS d S 

servatives. they returned home Wp.v 11“ he decided to so. him to retire will slart lo build ‘Pi”*/ 13 * Sa! * Lake City and 
eager for the fray convinced The MF* are waiting. Tnere is There are those within the Lib’i W,ll,amsbur 3* Virginia, among 

u •« Wii Iiwtf w* nm “ that the Conservatives are ahead i ,i. fc;ies5 ’ wn,ch has final 

for an elecuon this year. showed to the astonishment of of them in ,n other 1 authority over 'Amtrak's structure 

L • - Government has for Two y«7s. “ XcwrdUigToTai- Mr. Trudeau appeared before the politicians that the Coriser- J? SjUf^tTSSSS I' and h wfa i Ch »dUIm “SE 

is . decided to se: up a company to culutions by the -Transkei, it the annual Liberal convention vatives had caught up with the. w ||| ^ won or j ost ^ Ontario, i ^o 0 !* 1 ® 38 determined to maintain 

C.ili- capital dev clopmuois ^.,ij d the hariiour and an a«so- represents considerably Iks than earlier «n the year and delivered Liberals. The two majo r par ties private Liberal surveys plus the t « lce i t0 ^ cir * oca ^ community, 

fir euted indu n s a triaT r aon; d a r a a fw the amount pa i d in^ taxes by JWJSA 5L“1L SS ^JS=JSS , JL 1 jrLS! nL -!?. r Gallup. Poll indicates that iS^\ J j|? r- 0 Brock Adams,. Transporta- 

wit hum intern rinnal 
•■..i'.i.fJ market.- bciMii-i- •«' riie 
JiiL-h priT.iium- di-uu ndc«1 nf H. 
'.'.iuci' Mnian.'ima i- cnntidnnt 

■ »f i ij-.hj l ho m.uicv ho need- 

“ ! .'.nnk >»»« li.ol lo.uo 

the ■.» link’ riling jn u-." h” -■■(Td 

■ n .i;i mioivioif wi ih !ho I*'in:m- 

Hu i;,o -.u ; I -an-hoi r.a.- .mh uiko a nan snare "unuru hoppers" who have *" . M, «. 7“ >vril |.,j 0 . on“Parl^™An» l “V c ”‘ c ‘ uua ^ ftJlr " n ^ne giu- ■ ■ 3,uu:, s 

jirnd.- -m io jcjl.i r progress *•» *np cmnpan-. fimneed in p.iri travelled from one independence the hoy istelooking Mr. Clark te^ottawS as to whmSi era i l S ucu l w *!° su =Sest priv- ! ol 5 ^ network, 

in ikiclepm.- whal ha- ncuv h-; hamdlna over the n mw I 1 “Ufa uni") celebration to another be a push-over on a d s J?. * IhuHhe time h« woe | 0 | ^ sl year. Ain Irak needed i 

iwon uvuv th;.r. :■« uopover^hed -ouare kilo metres of land. A in. Africa, promoting dubious { ,U ^ J °S S - Opinion polls appeared / nr nri cmnnp ihp think in terms of a leadership I federal subsidy to main- 

ection campaign as Prime £ ulua “ 1 economy couia not nmer. the former finance min- THp 

mister. A journalist who sufficiently improved to make isl er. who resigned from Mr rejected vesterdav 

■»tt« to writo 0 book on Mr. ’ Trudeau's cahioer in 1975 e m e^. STS?' aJSSSgirf 1 Ba^kSmU 

•udeau and was known to The slump In Government trig as the new Liberal leader, i to South Africa P AP-DJ reuorts 

mire the Prime Minister was popularity was generally attri- They know he would be hard to ; from Waslunstoii' The committee 

anted an unprecedented eight buted to the sharp slide in value beat. i approved a Bill' to expand the 

•nrs of first-hand interviews, of the Canadian dollar during - — — 1 Presidents authority to deleraiine 

£ book. Trudeau, a Book-ol-the- April. Canadians are not happy COMPANY NEWS j which naiions are eligible for 

anth selection, appeared on the with the way ihe Liberal Govern- ■ credit, and to require him to con- 

okstands in March, good ment has managed the economy. ,, e . . .... . ; ^’der U.S. national interest and 

n ing for an early election. The inflation rate has climbed LJ.a. charges *juii with member - 1 tne stand of the potential recipient 

In March he quipped, when again to near double digits; S “P °* uranium Cartel; j country on human rights, eraigra* 

\:ViC:i not want te n<? seen yt:i'?r Mgmfk-ant town. 15 new advice and the economic backing dence. thc irony is that the real In March he quipped, when again to near double dibits* sM P 01 uranium cartel; i ™«ntry on human rights, eraiqrs- 

• v .i :■>•■ wei-iiursia" Transkei. faeiur:«, admittedly un a very for development? on the scale independence of Transkei might asked when thc election would there arc over lm. unemployed’ Canadian Vickers talks off; Ford ' Tlon - nucI *nr proliferation, envir* 

ju-i-iirdinj lu one seconded South niudf.-t -talc, were installed la planned. Agriculture, the one be proved only by its bankruptcy, be called: "June is a likely date, and the Government has faces reeall order Pa«*e “*7 j ° n ! r,e . rrtal Protection and other 




Hie Bank of Scotland intimates that, as from 10th MAY, 
1978, and until further notice, its Base Rate will be increased . 
from 7-J/b per annum to 9 % PER ANNUM. 


The rate of interest on sums lodged for a minimum period of 7. day, will bn 6% per 

annum, also with effect from 10th May. 1978. 

’Yeah! You up in the corridors ol power ready to sign that order for a new fork lift truck. 

Battery elect rios rule- -OK? . 

"Alriflht, we know they cost more to buy. But who wants to drive a nois\ encjine-truck 
all day -exhaust fumes and all? Would you have one in your office? 

'It's the truck that needs to be tough, not the driver- and battery electrics are tougher 
titan vou think, especially with Chloride batteries fitted -OK? 

'So keep it clean, fellas" . , 

Chloride Industrial Batteries Limited, 

R O. Box 5, Clifton J unction, Swinton, Manchester M 27 2LR. Wm wrhW 1m I W0 Er, 

Telephone: 061-7944611. Telex: 669087 PURE POWER Yv 



il* 1 

Financial Times Wednesday May 10 1978 


Boeing wins £500m. order 
from Singapore Airlines 


SINGAPORE AIRLINES, one of powerful P and W JT-9D 7Q 
«ie most rapidly expanding air- engines, 
hncs in the world, is expected *^ e Plan is for SJA lo take 
to sign a contract in New York Z*}*™** o{ of ^ newer 

la-day for new jet airliners fmm J 47s Y ear « together with 
Rnoino .V »nine« from f our 737^ ^ a fn rther 
Boeing worth over §2.1 bn. six 747s in 1980, and one each 
i, Singapore) - or more than in 1981 and 1982. The options 
£500m. This will be one of the wo *»ld he exercised to ensure 
biggest Single aircraft orders del ^ e, T of one. 747 Jumbo in 
ever announced. from 1983 to 3985. 

SIA fiairi _ Behind: the decision- lies the 

dav T 3S ‘ ip0 i j e .- ve ? t ® r " airiine T s phenomenal expansion 

firm include in recent years, amountin'* to an 

*"*>*» of 30 P« w3~» year, 
short to 8 S Jet * wd l?F Recently, this expansion has 
With ODtinrMB^n^a* .P 73, slowed a little. to about 20 per 

Jumbo? Jnd tS-o bfir* f ent a y ® ar ’ but is ^ sufficient 

TWa . , wo ff /s ’ to cause it some problems on re- 

lne airline said that it pro- equipment. 

to sell its existing Meet The airline has recently begun 
ni seven Boeing <4<s equipped a new all-cargo service' between 
L h «,L ly m odels of the Pratt Singapore and the U.S. West 
and Whitney JT-9D engines. Coast at San Francisco, via Hong 
2'’fr 51 of years, and re- Kong, and it is due to start a new 
tbe ) atest , versions 747 passenger service to San 
01 ine 74«s, using the more Francisco in April next year. 

Hitherto, the airline has con- 
centrated all its expansion on its 
routes to Europe, but it now 
intends to develop also its links 
with the U-S- where It sees a big 
market in tourist traffic as well 
as in cargo, as the Pacific basin 
becomes more and more an 
American tourist travellers' pro- 

Another reason for Singapore 
Airlines' fast growth is good 
service. A recent independent 
survey of travellers named the 
airline as the most popular In 

• AN ORDER for a Rolls-Royce- 
powered TriStar from Delta Air 
Lines brings the Total bought 
this week to four. Saudi Arabian 
Airlines bought three on Mon- 
day, bringing their total to 13. 
The four together are worth 
more than £SOm.. of which some 
£16m. is for 12 Rolls-Royce 
KB 211 engines. 

U.K. sales to S. Africa down 


position last year as South 
Africa's largest export market 
but, as in 1976, was third behind 
the U.S. and West Germany 
among the Republic’s foreign 
suppliers. The UJL last 
occupied its traditional spot as 
South Africa's biggest source of 
imports in 1975. 

According to figures from the 
Department of Customs and 
Excise ( which exclude trade in 
bullion, arms and oil). South 
Africa imported goods worth 
RS44-7m. from Britain in 1977. 
roughly 16.4 per cent, of total 
imports, and RlS5m. lower than 
imports in 1976. Exports to the 
U.K. last year totalled RlJhn., 
almost 23 per cent, of South 

Africa’s gross export earnings. 
Exports to Britain in 1976 
amounted to Rlbn. 

Britain’s declining importance 
in South Africa’s foreign trade 
is illustrated by the fact that in 
1970, imports from the UJv. were 
22 per coot, of the total, while 
the proportion of exports for 
the U.K. reached almost 29 per 

Imports from the U.S. in 1977 
amounted to R974.6m^ compared 
with R1.3bn. the previous year. 
As with purchases from most 
other countries t including the 
U-K-), the drop was chiefly due 
to the deepening recession in 
South Africa. The few 
countries from which imports 
increased last year included 


Japan (from R599.?m. to 
R625.Sm.) t Belgium. Spain, Italy, 
South Korea and Sri Lanka. 

Exports to the U.S., however, 
rose steeply from R459.7m. in 
1976 to R7S7.5m„ raising it from 
fourth to second place among 
foreign markets. The rise was 
chiefly due to increased pur 
chases of Krugerrand gold coins 
and steel. The U.S. was 
followed in importance by Japan. 
West Germany, France and 

Among the countries that 
bought less from South Africa 
last year than in 1976 were 
Sweden. Finland. Canada and 
Venezuela. In the latter case 
the drop was entirely due to a 
sharp drop in maize shipments. 

Chinese steel mission planned 


AN IMPORTANT Chinese steel 
miss ion will arive on Friday for a 
17-day tour of British iron and 
sleet plants. It will be led by 
Tang Ke. Minister of the Metal- 
lurgical Industry, and is expected 
to meet the industry and trade 
secretaries, Mr. Eric Varley and 
Mr. Edmund Dell 

The group will also meet Sir 
Charles Villiers, chairman of 
British Steel, and Sir John 
Buckley, chairman of Davy Inter- 
national, both of whom went to 
China last autumn. The present 
Chinese visit follows up their 
discussions in Peking and the 
November tour of Britain by the 
Chinese Foreign Trade Minister, 
Li Chiang. 

The Chinese group is due to 
visit British Steel plants In Scot- 
land. Wales, and north-east and 
tbe Sheffield area. They will also 
view private sector equipment 
belonging to Davy International. 
Firth Brown, Osborn Steel and 

.GEC. They are expected to 
examine advanced technology, the 
production of special steel, 
research work and management 

Tbe Western world is currently 
inundated with Chinese delega- 
tions viewing advanced tech- 
nology. Another large group of 
senior officials lead by Ku Ming, 
vice-minister of the State Plan- 

ning Commission, is already in 
London, others are in France, 
Italy and the U.S. and more are 
due both here and elsewhere. 
Peking has already made it clear 
that foreign technology will 
figure strongly in its ambitious 
industrial development plans, so 
its present inquiries will in due 
course almost certainly lead to 
substantial purchases. 

Hart approves £50m. India grant 

for Overseas Development, has 
approved the allocation of £50m. 
to India from aid funds as a 
grant for the purchase by the 
Government of India of British 
goods and services for the power 

The grant will finance a wide 
range of new equipment spaces, 
components and materials— all 
available from Britain and re- 

quired in India for the further 
development of the power sector, 
which is needed for the future 
prospects of the rural economy 
of India, 

• The Export Credits Guarantee 
Department has guaranteed a 
£2m. line of credit which 
National Westminster Bank has 
made available to Cesko- 
stovenska Obchodni Banka, 


Hopes for home industry 

Austria's visible trade balance 
between 1975 and 1977 and the 
introduction of a special 30 per 
cent, value-added tax — the 
normal rate Is 18 per cent. — on 
cars from last January have 
combined to sharpen foreign 
competition for the Austrian car 

At the same time tbe Austrian 
Government’s plans for joint 
ventures and car assembly has 
aroused interest among Soviet 
U.S. and Italian car manufac- 

During the past ten years 
Austria has become an increas- 
ingly important market for car 
exporters. Its growing affluence 
was reflected in a jump in car 
registrations that raised the 
number of cars on the road be- 
tween 1968 and 1977 by 87 per 
cent, to almost 2m., among a 
population of 7-5m. 

That contributed to a visible 
trade deficit of Sch.7L4bn. 
t£2.55bn.) last rear, a jump of 
Sch.l9bn . . on 1976. Worse, in- 
visibles. mainly tourism, have 
failed to offset the visible trade 
gap as before. ; 

' Tbe Government thus began to 
discuss a hind of surtax on 
luxury durables, including 
cars. 'But in Austria nothing 
can be kept secret for more than 
24 hours, and the result was un 

unprecedented rush to the car 
dealers before the new. tax. As 
a result new car registrations 
last vear reached 295,936, against 
225.467 in 1967 and 185,167 in 

Consequently, car busines was 
almost all at the beginning of 


this year. January registrations 
were down 80 per cent, on 
December and 46 per cenL down 
on a year earlier. Economists 
estimate that the import bill for 
cars this year will fail by at least 
60 per cent, to Scb.7.9bn. That 
in tunr should help to reduce 
the aggregate trade defict from 
Sch.7I.4bn. in 1977 to Sch.63.5bn. 
this year. 

West Germany has tradition- 
ally dominated the market, with 
59 per cent of car registrations 
and 51.5 per cent in estate cars. 
France and Italy have also been 
doing well, with market shares of 
12.9 per cent and 11.3 per cent, 
respectively. France last year 
sold almost four times as many 
cars as the United Kingdom and 
about 12 times as many estate 
cars. Yet only a few years ago 
Britain was ahead of France in 
Austrian car imports. 

Last year Britain sold 6.372 
units, compared with 7,442 a 
year earlier. Despite the unpre- 
cedented buying spree, the UJC 
sold fewer cars than before with 
its market share falling from 5 
per cent, to 3.3 per cent 

Meanwhile Federal Chancellor 
Bruno Kreisky and the former 
chief of the nationalised holding 
company. OEIAG. Dr. Franz 
GeisL last year began to discuss 
launching an Austrian car indus- 

Austria was to produce a so- 
called “ Austro-Porsche ” in 
co-operation with tbe German 
concern, mostly for export but 
that project collapsed. A smaller 
project was completed with 
Renault setting up a foundry 

and component plant in Gleis- 
dorf, • Styria. Renault has a 51 
per cent holding and the rest of 
the SchJJOm. capital is divided 
between OEIAG, Creditanstalt 
Bankverein and tbe Elsaessiche 
Bank in Vienna. Talks are also 
going on with Chrysler and 

Public attention, however, has 
now turned to tbe Soviet Union. 

Last month the Soviet Deputy 
Minister of the Automobile 
Industry had talks with 
Chancellor Kreiaky and some 
motor companies and the Chan- 
cellor says there is a good 
chance for joint production of 
200 heavy lorry-dumpers a year. 

Austria would provide the 
diesel engines and electrical 
components. It might mean con- 
tracts worth Sch-lbn. for 
Simmering-Graz-Pauker, the 
heavy engineering company, 

However, it is ' doubtful 
whether another Austro-Soviet 
project— to assemble Lada here 
—will -even be comple ted, since 
Bytes prospects in Austria are 
not bright and exports may lead 
to complications with the EEC. 

The most successful venture 
so far appears to have been by 
the Austrian Steyr-Daimler-Puch 
company and the West German 
Mercedes-Benz company, for 
joint manufacture of up- 
market cross-country vehicle. 
The Scfc700m. plant, in Graz, will 
go on stream at the end of this 
year with an initial capacity of 

25.000 units possibly rising to 

50.000 a year. 

for imports 

By Metin Munir 

ANKARA, Slay 9. 
import transfers to-day after an 
interruption of 14 months. 
They had been stopped in 
February. 1977. because of a 
severe shortage of foreign 
exchange other than that Tor 
oil and other emergency goods. 

By the end of last year I he 
backlog had grown to $L5bn. 
Of that total, which has grown 
Hllle in the past fonr months. 
SUffibn. corresponded to 
imports that have been 

The transfers, by (be Central 
Bank, will be regulated accord- 
ing to a programme nf 

According to Finance 
Minister Ziya Muezzinoglu the 
list or priority goods “Is beaded 
by the urgent requirements of 
onr economy like iron and 
stccL petrochemical raw 
materials and products, coal, 
fertilisers.- pharmaceuticals, 
various basic requirements of 
our industry like spare parts. 

Apart from those, Mr. 
Muezzinoglu said, in particular 
industrialists’ awaiting trans- 
fers and other transfers of 
given sizes, which he did not 
specify, would be made accord- 
ing . to their chronological 

Mr. Muezzinoglu said his 
purpose was to meet the urgent 
requirements of industrialists 
and exporters, expand capacity 
usage in plants “which have 
come close lo slopping manu- 

He added that a $30m. fund 
bad been set up lo promote 
exports. Transfers would be 
increased with the availability 
of new resources. 

How much funds the Centra! 
Bank has available for import 
transfers has not been dis- 
closed but it is believed that 
tbe bulk of it consists of a 
$150m. tranche made available 
under a recent agreement with 
the International Monetary 

Japanese group’s visit to 
Europe seen as a success 


Tokyo, May 9 . 

NO MAJOR arguments tlt*\ eloped 
during the recent mission to 
Europe bv the Japan Federation 
of Economic Organisations 
(Keidanren) because the explo- 
sive problems which had existed 
during the previous Keidanren 
visit in October 1976 had been 
substantially solved, Mr. Tosh i wo 
Doko president of the organisa- 
tion said to-day. 

Mr. Doko, who Jed both mis- 
sions and made European head- 
lines when be took tbe brunt of 
resentment, over Japan's trading 
practices in 1976, said he felt five 
major sources or friction had 
existed at the time. 

These involved “ excessive ” 
Japanese penetration of the EEC 
markets Tor cars, ships, steel, ball 
bearings and colour TVs. All 
five problems had since been 
dealt with through various 
Japanese “ restraint " measures 
and no comparable difficulties 
had cropped up in other 

Mr. Doko said there had been 
demands for better access 10 the 
Japanese market for products 
during Keidanren's April mission 

but these did not develop to tbe 
level of confrontations. 

The major unsolved problem 
in EEOJapan relations — how to 
handle trade in farm products— 
was a problem for governments 
rather than for businessmen, Mr. 
Doko said. 

It had been discussed recently 
between Mr. Nobuhiko Usbiba 
(Japan’s Minister for Overseas 
Economic Relations) and Mr. 
Wilhelm Haferkamp (EEC Com- 
missioner for External 

Mr. Doko said Keidanren bad 
agreed at talks in Brussels with 
UNlCE (the European Federa- 
tion of Business and Employers 
Organisations! that Japan and 
the EEC should pay more atten- 
tion to multilateral problems in 
future rather than confining 
themselves strictly to bilateral 

He also said that there had 
been a recognition that ureas: of 

competition between Japan were 
likely to increase and should he 
identified as far as passible in 

Mr. Doko saw an advance into 
high technology as tbe solution to 

nvcr-invnlvemcnt by Japan in 
mass production and mass mar- 

He added that on the Keidan- 
ren's earlier European tour "we 
found that we knew’ less about 
Europe than »e had thought, but 
at the same lime more than 
Europe seemed to know about 

He noted the increase in num- 
bers of European business visi- 
tors to Japan since late 1R76 as 
a sign that this situation was 
starting in be correct «I. In a 
cautionary comment .Mr. lioko 
noted that Europeans including 
the Brussels Commission were 
hoping Japan would achieve a 7 
per cent, growth rale. The trend 
of relations from now on would 
depend partly on its degree of 
success in achieving this. 

The Keidanren visited Brus- 
sels in April al the invitation of 
DX1C.E “ rallier than bee.: use 
we felt there were any special 
problems in discus*. ' "-aid Mr. 
Doko. The mission then moved 
to London for talks with the CBI 
and to Sluckhnhn where an ex- 
change agreement on lechintingy 
was signed. 

Dell fears reaction to protectionism 


THE “ DEEP concern " voiced 
last week by Counf otto 
Lambsdorff, West Germany’s 
Economics Minister. about 
escalating protectionism, was 
echoed yesterday by Mr. 
Edmund Dell. Britain's Secre- 
tary of State for Trade. But Mr. 
Dell criticised Count Lambsdorff 
for omitting two important con- 
siderations in his analysis : -the 
EECs protectionist attitude in 
agriculture and the internal 
political pressures lo which gov- 
ernments are subjected. 

Speaking at a Foreign Press 
Association lunch in London. Mr. 
Dell said be shared Count 
LambsdorfTs concern, drawing 
particular attention to the risks 
of- retaliation by other countries 
arising from protectionist 
actions. “In our trade in 

manufactured goods." he said. 
“ there is indeed a real danger 
or retaliation if we use the great 
commercial strength of tbe Com- 
munity in ways which disregard 
the interests of our trading 

However. Mr. Dell pointed out 
that the threat was not confined 
to manufactured goods. ” I find 
quite as much objection among 
our overseas customers to the 
protectionism of the Community 
in agriculture." he said, adding 
that in that area tbe EEC had 
indeed received specific threats 
of retaliation. That considera- 
tion bad been omitted from 
Count LambsdorfTs analysis. 

There might, be conceded, be 
“ domestic political reasons ” Tor 
such coolness over competition 
in agriculture. But that. Mr. 

Deli argued, was another cun- 
Mderalion Count LamlfertrirfT had 
uniitied from his analysis. 

“ Sucll pressure* grow." Mr. 
Dell •■aid. “ especial!} where 
economic depression makes the 
problems of adjustment 10 more 
efficient compel 1 tors -u very 

He cited as an example the 
West German Government's 
support for such “ anti-competi- 
tive inarkel-sliann? proposals " 
as the U.N. liner code. 

Mr. Dell concluded that if 
trading nations concentrated on 
realistic appraisals of their 
economic circumstances and the 
kind ol co-operation they re- 
quired. “ 1 have some hope that 
we will find accommodations to 
maintain the structure of the 
open trading system.” 

GKN may 
win £190m: 
E. German 
plant deal 

By Leslie Colicr 

EAST GERMANY U exprclod 
shortly to sign one nf its 
largest runirarts with a 
Western company to built! and 
equip a factory producing 
transmissions for a ucu East 
German car. 

Guest Keeu and Neitlefuld 
(GKN) of (be L'nilerl Kingdom 
and Citroen of France are 
front-runners in negotiations 
for the £I9Um. contract. 

Boll] sides hate agreed to 
be paid largely in eomiieuva- 
lion: lhal is l» receive trans- 
missions from the plant, which 
would he built ui Zuiekau. 
where the tiny Trahan!, which 
has -a luo-Nlruke engine uuil a 
glass-film- body ami is Eastern 
Europe's cheapest car, is 

The East Germans fiaie 
been informed 1 tin 1 the l.K. 
has agreed in ensure the full 
credit in sterling. 

GKN ami t iirom teams are 
in East Berlin iiegoliatitig with 
the country's foreign trade 
organisation. Industrie- An la gen 
Import. Bankers from Morgan 
Grenfell and Credit Lyonnais 
are parliripaliiig tin their 
respeetiv e sides. 

East Germany has been 
lalking to Western car com- 
panies an and off for tears, 
among 1 hem General Motors, 
BMW and. most recently, 
Volkswagen, on tariniis pro- 
jects, hut- this Is the first time 
one or them lias rrarhed 
serious negotiations. 

The East Germans are also 
holding talks with Renault on 
a Tour-cylinder engine, which 
would be built under licence. 
The tuo-stroke engines power- 
ing the Trahaiil and ihe Marl- 
burg. the country’s mure 
expensive car. are regarded as 
prominent sources of pollu- 
tion and are lo lie replaced 
in a newly designed East 
German car. 

Tbe projected transmission 
plaul would also (urn nut units 
Tor a future Czechoslovak 
Skoda car. 

.'Financial Times Wednesday May 10' 1078 


Dock site Extra spending cash 

for fish . , , 

nifirtpf raises retail sales 




B y Paul Taylor, Industrial Staff 
PLANS TO transfer Billingsgate 

THE additional spending category rose from 109 in Febru- rose I per cent in the latest 
I power in the hands oF consumers ary to 115. three mouths, while sales by food ! 

I is being strongly reflected in the On a quarterly basis sales were shops rose 1 per cent j 

level of retail sales. up 2 per cent, in the three The hire purchase figures con- 





Southalls criticised 
for its high 
advertising outlay 

2 i-.i.ig Ilf UdJiSMrt x>nnii^b£Uit: i The volume of sales in the months January to March, com- firm the indications of a revival i > — - t-— i ° - TniinatiT" costs rose as 

fish market from the City or Lon- first three months of this year pared with the last quarter of in consumer spending. In the MR. ERIC VARLEY, Secretary of f h,k cent on individual 

don lo a new site in the West was L8 per cenL upon the pre- 1977. first quarter total advances were for Industry, and Mr. Edmund £2®* SLiSn/SPJ! H&E ,? P 

By Michael Donne, 
Aerospace Correspondent ' 


THE PRICE Commission yes ter- the fastest growing and most pro- 
day sharply crirised Southalls of fltable products, Panty Pads. Fas- 
B inning ham, the largest UJL tida and Lil-lets. Advertising 

-* <11 I*'S t « ^ KVi MUI. upuii 2011 . AVi Aiiuuouj, CU-LU OIL. HiUXUUlKI CT . Qnf «HiroFfJcinn wT«nrliintC 

India Docks were approved yes- vious quarter and nearly 3 per The volume of sales of durable 6 per cent higher than in the Dell, Secretary for Trade* yes- - advertising ana pro- proaucis. 

. — -• _ i. .. .1 *-* - * - - — * *■“— * *- - — • «■ - ■ • *» — - *- -* — 1 - J — a* — - — - - -* — - -• ^ • mOOOO. AHiMlllI 

icrday liv ihc Dockland Joint cent, higher than the level of the goods in March showed a decline previous three months. terday started* their exploratory monoD - Although some of these costs 

Conimillcc. |same period in 1977. The from the strong performance of Finance houses’ lending discussions on possible Anglo- The criticisms, which were nugnt result nenent to in e 

The scheme, which has the ten-; increase was spread evenly the previous two months. How- increased by 7 per cent, between Ame rican aircraft programmes levelled at the whole sanitary c°psumentneir mam enecta in 
live approval uf Mr. Peter across all the categories of retail ever, on a quarterly basis sales the two quarters, while retailers 1 with a meetiae in London with protection industry, were in- this type of marsiet are to appor- 
Shorc. Environment Secretary, trade. were 3 per cent up in the first lending was up 5 per cenL Mr. e h. BnuIIioun d resident eluded in the Commission's » on 016 overall maraei 

link will 
sea gas 

By Ray Dafter, Energy 

passed by Greater London | The final figures for March, quarter of this year compared On a month -by-month basis of Boeing’s Commercial Airplane report recommending that bemeeneja^^manufacturers, jinkins two new fields 

cil and local council dele- 1 published Yesterday, show a with the final Quarter of 1977. there was a rise from £201m. in nnmntnv Southalls ‘Should be allowed to 8hd to limit competition. lir n i nn un« 

Council and local council dele- published yesterday, show a with the final quarter of 1977. there was a rise from £201m. in Company. Southalls ‘sho 

-aiiw on the committee's Land* sharp upwards revision in line Sales by “other non-food" February to £2 12m. in March in r . ’ a __ Kac4ofl j ft *h& increase price 
Board sub-emu mi tlee without with the buoyant trend. The shops, which include department the amount of new credit ex- f e lv Pna i ,S j a », a,l€r p 451 per cent 

objection. index of the volume of retail stores aud mail order businesses, tended by finance houses. peen 01 3 But the com 

aM-s, sajnsw jaw . ssa> wsm=.“ 

^■SS, ttJS, nuay n ““ provi=ionai " u ““ o£ HIRE PURCHASE CREDIT AND RETAIL SALES »•*■« th4 d.s. «.af tt. « 

The London Fish Merchants' |*ales rose to 107 (1970=100. 
Association has chosen the new j seasonally adjusted), compared 
•ilc comprising Shed 36 and with the provisional estimate of 
.ibuut 13 acres on the north quay 1 106. 

or West India Dock. Under the This final figure is an increase 
proposals, estimated to costjnn the February index of 106.8 

Min.. Shod 36 will be expanded and the highest figure since 
lo provide offices, market and August, 1976. Nevertheless. It 
void storage space. is still far below the peak of 

There arc three mam possible 111 recorded in the first quarter 
-narcos or finance for the project, of 1973. 

The City of Lundon. which wants The steady increase in the 

But the company has agreed to 

characteristics, that advertising ^ Aberdeenshire 

costs sod such promotional costs fagm i«ra»J AberSeenshirc 

represent direct 

freeze the price of Lil-lets tam- “ Jf "*?. _ Vnn«ime r should pi P er Tartan fields have 
pons, one of its main products, S^dT^sSS I decided to collect the gas which 

(Seasonally adjusted) 

to -know what all three U.S. until the end of the. year. JLsS to the Snsumel- - Is produced with crude oil rather 

companies — Boeing. Lockheed The Price Commission em- P^5E?,EL£! than flare and waste it. British 

The Commission acknowledges ? are waste it, British 

New credit extended by 

Retail volume 

rm expectations 
■-iiuncil m seek an urban aid that a strong consumer boom 
•jrant in meet most of the most, will develop from ahout July. 
Thn Ci ly would ihen lease the Mr. Richard Weir of the Retail 

turn lease stalls to markcL or a 5 p er cent, volume gain in 
r r. 1 'lei's. ! sales from 1977 to 197S are look- 

Thi? Dcn.-irum-m r»F the En-juis increasmgK- likely.*' 
virunmcnt wuuld prefer the City 1 The underlying factor in the 

iiurkei out nf profits said to be personal 
•ivaiiahle (mm redeveloping the Figures r 
Fli! impair site. The City says showed t 


nev. market. 
The Iasi 


to inid-1978. 
A break-d 

■uthnrity and ask for funds front crease in sales from c 
1 he Ministry of Agriculture and and footwear shops. 
Fwhoru**. seasonally-adjusted index for this 

£m. - 



Total debt 







1974 lit 
























1977 1st 
























1978 1st 


















































and McDonnell Douglas— have to Phasises in its report its concern tb3t southalls would be unable Gas Corporation announced at 
offer the ILK., and equally “about the high level of. media jjat bouromu wouiu oe the laauguratl0Q o£ Sl 

significantly, what they will advertising and promotional \° cut in adver- Fergus terminal. 

need in return in the way of costs most of which do not rep- . . The Q aeejl described the 

guarantees on prices snd resent ^any savings to the con- fig decision to allow Southalls £2^bn. development of the Anglo, 

ffhflvPrfM SUmer. . kA«i,vioa IMnrwpcrifln Kttoo FipM f hp Ci 


industrial excellence in Northern Ireland 

' k: need in return in the way of costs, most or wmen do not rep- . . The Queen described the 

w e guarentees on prices and resent any savings to the con- j^f' decision t0 a u ow Southalls £2.5bn. development of the Anglo, 

d) Total deUveries. sumer. to Screare prices was because Norwegian Frigg Field, the sl 

The two Ministers and their Consumers in the sanitary pro- ^ company faced increased Fergus terminal and associated 

— r „ - — — advisers will collate the inform a- tection market were particularly coSts which, without price in- transport facilities as “ one of 

iSl « ,1T tion they get from the U.S. vulnerable to a lack ot read com- cre ases. would have significantly the most complex engineering 

chiefs— Mr. Sandv McDonnell. petiUon. reduced the level of profit- projects ever undertaken." 

inco president of McDonnell Douglas. “They have no choice but to ability. _ . Engineering techniques had 

ma.y iZ4 meets them to-morrow, and Mr. buy product. They purchase Even so, the Commission is been pioneered in the effort to 
103J 112 Rov Anderson, chairman oF mainly for reasons other than concerned at the “ markedly tap the Frigg gas reserves— 

102J 118 Lockheed, meets them next week price, and the prices paid reflect high level of profitability on “this huge store of energy.” 

1043 121 — and draw up a list of options high costs of advertising and pro- tampons in a market where She urged that at least part of 

104.4 121 for presentation to the Cabinet, motions." there is only one other supplier the North Sea wealth be rein- 

1043 125 which will take the final According to the Commission's and where there is little com- vested for the benefit of future 

decisions. investigations, Southalls .spent petition on price.” generations. 

1033 121 . £2.2m. in 1977 on advertising and SottfhalZs ( Birmingham ) Tij e Queen added that 

102.7 120 Analysis promotion, and this “formed a Limited. Sanitary Protection although more than one-third of 

103.1 118 .. .. significant part of trading costs.’ and other Hygiene Products. ^ nal j 0n ' s sas supplies would 

106.9 125 . Alongsidetiie list of American ^ g reatest proportion of ex- Price Commission. SO. price eventually pass through the 

,04 9 no Sr l to ii'c » en ' iito ‘ 6 “ 1977 w: ‘ 5 in w - ESSSL V“mSS hli 

oU S SffSSJLlSSJdil ««i. the tail, with rwnarkably li»l e 

107.0 117 French and West German indus- __ _' , damage to the Scottish country- 

■s — — — tries on possible transport air- T 04^14^0 £1 AlB IBl ^ e ‘, J- S v v° e ™°^ ern 

s~r«: De^rtmcrt of Trodr rrafr Drosrammes for the 19S0S. I ,PV I till 1 1 VM Ilfflwll development which has not been 

- The u s tcara8 have clearly JLU\Sj W f f II made at an environmental sacri- 

thought it worth their while to fice.” . 

come to the UJL in strength. Mr. T| a • Sir Denis Rooke. chairman nf 

Boullioun brought a top-level OCJ TYlQ1"u AT I*1C!AC! /■ IUA. British Gas. pointed out that the 

team with him, including Mr. lBl dll I\VyI f ItJViJ AfU /|| Corporation bad invested nearly 

Dean Thornton. the vice- f v £400 m. in St. Fersus and related 

president of Boeing in charge of gy TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT tr ^. sll,isS m i if on fa J iiibe ^ t . 
international developments. Mr. There were excellent pros- 

McDonnell Is also expected to tete car MARKET in the UK. If sales continues at this level, pects of more gas fields being 
have a top-level team with him rose by about 20 per cent, last the UJK. industry is well in found offshore. In the mean- 

to-day. month compared with a year reach of its forecast total for the time supplies from Frigg and 

U is accepted in the U.S. aero- ago. dispelling fears that the big year of 1.6m. units, although other fields in the northerly sec- 
■ CinllCl space industry that which ever British Leyland Superdeal pro- some dealers and component tor of the North Sea would help 

9 way the UJy. moves in coliaborat- motion this year had pulled manufacutrers have been saying to ensure that qas consumers 

ing on new aircraft programmes forward so many sales that regis- that they expect a decline in the ’would be able to buy the fuel 
cmiM nmfnnnriiv influpnrp the trations were bound to drop. latter part of the year. int o the next century. 

Leyland sales down 
as market rises 20% 


— : built with remarkably little 

_ damage to the Scottish country- 

1 _ JAixui. si ^ e> “This is one modern 

IPW IlllWfl development which has not been 

Tv made at an environmental sacri- 


• A/\r\ / Sir Denis Rooke. chairman of 

ftCPC / 1 1 British Gas. pointed out that the 
I IijviJ m4\J /ft Corporation bad invested nearly 
' v £400m. in St. Fercus and related 

[ INDUSTRY CORRESPONDENT ttansmission facilities. 

There were excellent pros- 
If sales continues at this level, pects of more gas fields being 

In the mean- 

Where superior 

could profoundly influence the trations were bound to drop. latter part of the year. wel1 inf o next century, 

success of those ventures. Even so. British Leyland has Ford recaptured market 

An Anglo-American venture, managed to capture only about leadership last month with a rAXJuUCllUH 
for example, especially if coupled 17 per cent, of sales, compared total of almost 31 per cent, about Gas from Occidental's Pioer 
WJ th a RoUa-Royce engine such w i t h almost 31 per cent in D j ae per cent of which came Field and Texaco’s Tartan find 
as the 535 version of the RB--11 March. Because of this decline, from cars imported from its would definitely be puraoed 
engine, could prove to be a imports have made a big come- Continental plants, while Vaux- ashore thorough the Frig» sys- 

| world-beater in the next 10' to 20 back, taking almost- 50 per cent hall 

10.4 per cent and Item. 

output & productivity 

make a growing 

• V frl 1 4. n iioK rt „Hn„ ttrim Woct ?! tfae ma r k ? t e° ra part! d with Chrysler 6 per cent It is understood that gas prn- 

em ^urral w^ld b^likek to ^ P6F CeD ? ° 10Dl ^ ' Japanese importers took duction from the two fields will 

oErto^U J ?ndusro formid- Prel'mipaiy indications are almos t 11 per cent, with Datsun lo about 90m. cubic feet a 
abfJ wnoetition which ^ey ^t Leyland is unpnrvmgjte leading 0Q 6.5 per cent and day. 

sm;, s s s l c sks 

z a %z r~t sraj-sir , ‘ u,p " , reaches lK masi - 

programmes. dominant market position which mar k e t ' *** Occidental has already started 

has been taken by Ford. ■ . to build its £85m. gas collection 

*ik.T 1 j 1 c omp Levland executives con- , - voLKswagen LsB is planning system. This includes a 35-mile 

Nuclear delay u.5^2? ?W D * 

, , , J the target of a 27 per cent nfb e 7te r ^ ° the manifold platform built by 

W11M unc^f - market share for.the full year. t ? e Fng ? Partners midway along 

Nuclear delay 
‘could upset 
energy plans’ 

'SSSS'lSSKn. saaTiriSsr' 

to be released officially within the new^W Plant ln P the ■ P ™ ducUo " trough this 1S- 

the next few days, indicate that 1 e VW plant m tne well spur line is expected ro 


enersv mans ' the oext few days, indicate that us 
*** * the total market will be over ^ 

By Ray Perman. 135.000 units. This compares ^ Bntish company s new 

Scottish Correspondent with 112.000 sales in April last tar ^ et l* 11 ® - vear ,s 1° sel1 <L300 

year and with 179.000 last cars aQd li fiht commercial 
FAILURE TO go ahead with a month, which was a record for vehicles compared with 50.SS9 
significant nuclear power station March. last year. 

I imvi into vc«u wuutr 

new .Tartan's gas should be on stream 
71.300 in about two years' time. 

Since 1969 the industrial 
performance of Northern Ireland has 
been significantly better than the rest 
of the UK. 

Productivity up by 37 per cent, 
output bv 14 per cent, these are figures 
on which any enterprising company 
can profitably build* 

in other ways too Northern Ireland 
is an attractive proposition for the 
expanding industrialist. 

The general enthusiasm for growth. 
A consistently better record of 
industrial relations* 

The most generous portfolio of 
Government grants and incentives to 
be found anywhere in the EEC. 

Above all a total commitment to 
the highest standards of industrial 

And we still haven t mentioned 
Northern Ireland s diverse industrial 
base, the varied skills of its people and 
the availability of what has been 
described as “the most sophisticated 
Government training machine in 

Theres such a lot going for 
companies prepared to expand into 
Northern Ireland. 

programme could seriously 
damage the ability of the U.K. 
to meet demands for energy by 
the end of the century. Mr. H. B. 
Greenborough, president of the 
Institute of Petroleum, says to- 

He projects in an article in a 
re\«iew of the North Sea oil in- 
dsttry possibte future energy 

Fair Trading Office 
studies car dealers 

Advantages of 
setting up 
U.K. offices 

Financial Times Reporter 
THE RELATIVELY low cost of 

d-^t'ry possible "future” energy Br STUART ALEXANDER labour in Britain, with a "well- 

demand on the basis of high and STEPS to curb the activities of and some are real rogues. So. em* work ‘ the 

low assumptions of U.K. some car dealers may be taken I am planning to take action in IrLvLj “ #?!!?. J! L—f 

economic growth and matches this summer by the Office of Fair the near future to curb their SSeflSi?? 
them with possible levels of Trading. Details have not been activities” ti 5 £ n E 

energy supply. released, but talks are being held r i 1 th S, by 1116 

energy supply. released, buf tn m \ being held r ! ishin ^ offi ? es in thp by 

One of his principal conclu- with local authorities and motor S haI? Ve be the disSssine W nossihle L< ?? I0 S ° f 0ffices B ^ eaU ; nn nn 
sions is that by the year 2000 trade associations. ° e . r _ T be bureau is sending 10,000 

onlv the lower of the two rn. . courses of action with local copies of an illustrated brochure, 

demand projections which ♦K^ b ?r ni0 ' e follows a survey by authority trading standards de- “An Office in Britain,” to over- 

assumes a growth of 21 per cent ° T !f lil nrl5rt^ tlV fn^ SS o?! P art ments and l hope to make seas concerns, mainly in North 

• y«r m tt, Sarulaflureni deaferf Sd an announcement ln early July;- America and Europe * 

met from indigenous energy i garaces Introduced in February Tentative proposals have been Pointing out that Britain has 
sources. Even this assumes that fuj/ -n,i- showed that out of P ut 1° the Society of Motor a wealth of managerial and ad- 
there will be an accelerated 50 305 complaints in 1976 onlv Manufacturers and Traders and ministrative expertise and a pool 
nuclear, programme and an 30' per cent, involved dealers and tbe ^ otor Agents’ Association, of well-trained and experienced 
optimistic view of tbe level of 3ara g es belonging to associations Yesterday tbe society said that sta fL tbe • brochure adds: “ A 
fossil fuel *t4>pues- supporting the code. Of 477 con- it agreed with Professor Borne’s advantage to companies 

ec ^® omi ‘® ® row ’„ ,'*** victions. only 5 percent, involved conclusion that more most be ^tting up offices in Britain is 
—3-4 per cent, a year^tne co ^ e members. done by the trade to tighten up , th £ comparatively low cost of 

^Conservation* could beflinoor- “Although I recognise that l be HI ?® d ®? n i ^ onlv 

It s not surprising that so many new mand aQd . 

e °ConseraatiSi U could l b? e iinpor- “Although I recognise that pubit^wal^adi 1 
tant in the pressing energy de- some reputable traders do not P UD11C was raa ae more aware, 
mand and it should be looked belong to these trade associa- Biti it rejected any suggest! 

! aware Not only are the salaries 

, Professional and office staff 
suggestion relatively low, but so also is the 

projects have started here. 

Read what some of their managers 
have to say in "Ask any businessman 
whos already here". . . an anthology of 
views from the boardroom. 

upon as an additional energy 1 {f ons ' th e figures underline just that car dealing should be | company’s liability for statutory 
resource, says Mr. Green- i! 5 ™ big a nsk a consumer taices limited to companies which had j payments to cover oenSnn? 

borough.’ ' in dealing with a non-code firm agreed to abide by the code. | healS^H^cial^r^ieel iliSrimZ 

Coil should also be seen n h, G V „ e r S°u d Eorto 0, ^S^V Tb “ “ f •» ^‘eck., re- SmSion^ bS2S"25^‘ S 

having a vital part to play in oF F.I? SdtoS^Sd by the code wou,d mean! able to benefit by 4 he relatively 

J? l f etu, ^riri ntains ^ e ? erEy ° eed f- vesterdav f F d 11131 't would be impossible to low cost of diving compared with 

There was a need for a sygnifl- yesterday. support sales of very cheap cars, many other countries ” 

cant increase in investment in “Garages and dealers outside A deal of h n ^ I 

order to substantially increase tbe code aeemmt fivr nniw 15. r>o-c . great deal Of progress had 

■ uniuii uiiuiuo cusrigj uccuh. , . — 

There was a need for a sy^nifi- yesterday. 

cant increase in investment in “ Garages aQd dealers outside 

order to substantially increase the code account for only 15 per be en made in thP tin 
production. cent. o£ nude and yet. V the SS EftA 

Broxboume books make £1.3m 

£20,000 plan 
to save 
Wheal Jane 



it will pay 
you to take a 
longer look 

4 BjscJ on n-juKsup r.-. and including 

1 l.v TnflnirrrT'jI T\m f 

views from the boardroom. 

Then ask yourself Whether you can Policy. Bank of Scotland. The “ This must mean that many guarantees on secondhSd^aw to save 

afford not to take a longer look at Mound ’ .. s ta pdarda by main d ealeTS - Wheal Jane 

Northern Ireland. Broxbouine books make £13m fjpESl Sffi 

whlch f?ces c1osupe and the ]09S 

THE F/NAL part of the Brox- Quaritch gave £12.000 for a copy Christ Child of the earlv 17th ?T 41S T, he cash W ! U kcep 

bourne Library, the collection of oL tile Life of the Twenty Three century. ' the nearb >‘ Mount Wellington 

early printed books gathered Fathers, printed in Utrecht in A " grasshopper " ring, dating s ? Ine f ° r , anot ' r,er two 

. between the wars by the late 14S0. A book about rural life, from the opening of the Royal and wve Wheal Jane fro,n 

uid mciuoing h. Albert Ehrman. sold at Sotheby’s printed in Venice in 1472. went Exchange by Queen Elizabeth I Qo T odin E; 

— — — ■ . yesterday for £371.400. All told for fiO.OOO. realised £4500. This hitherto * n j meantime a county 

IDndapmenc Organization for Northern Irelmd,' H Z A ^ » f raid - w “ 1 « ntDI 7 wSf suSSHS "biVto & 

Iti: Fndusirial Development Organization for Northern Ireland, 
Ulster Office. 1 1 Berkeley Street. London W1X 6BU. 

Telephone: 01-493 0601. Telex: 21 W 

Reuse send me a copy of "Ask any businessman who’s already here? 
Also send me further details on the opportunities for indiwtrin| expansion in 
Northern Ireland. 

yesterday for £371.400. All told 
the Library brought in £1,313,160 
for John Ehrman, the son of 

The highest price yesterday 
was the £35.000, plus the 10 per 
cent, buyers’ premium, paid by 
Breslauer, the New York dealer, 
for a copy of the first book 
printed in Verona, in 1472. which 
was profusely illustrated with 


diuia v* IWUCLL LdViUL, IIUW vVia T _ — ----- 

brings the known . number of °r- ‘^ aae 

“grasshopper" rings to seven. ? ie L ds - „ 


Id a sale of coins, and bank 
notes at Christies yesterday a 

auiw at I^nriaaes yesieroay a I„_* - .77 

late 5th-ceatiiry BC Electrum Iast month. 

Stater from Cyzicus sold for 

£5,800. n 

A superbly detailed model of HPJlIJ 

Mount Wellington's shut-down, 
costing 325 jobs, was announced 


VethPrlanrtc fipiirp* nf thp fntir au^ruiy ueiaueu moqei Ot 

woodcuts of contemporary war S2J™” niOOO at 9X1 ^th- century man o' war 

machines. The price was almost si » fashioned in bone by a French 

four times the pre-sale estimate. S ,I 2S5 u relnd^ 0 rii of alt Prober in. tbe Napoleonic wars 

Bres alter a sn acouired. fnr or sculpture ana works Oi an m j feir pj j«n 


Breslauer also acquired, for °;.^uipmre ana w^tks oi an * old , 
£32.000, a psalter which was the whlcb totalled £L>4.9b9. Phillij 

only book known to have been Bieretorfer, the German dealer In 
printed at the Cistercian Monas- from Munich, paid £5i>00 for a works 

A superbly detailed model of |>G2DtV Cllflfc 
an 18th-century man o* war 
fashioned in bone by a French cfllflv nlon 
pnsoner in. the Napoleonic wars ‘ 3luu J pi«U 
sold For £4.400 to Davidson at AREAS of outstanding natural 
Phillips yesterday. ibeautv — =nd their nffattl imnace 

Phillips yesterday. 1 beauty— *nd their effectiveness 

In a sale of furniture and i 3s a method of conserving and 
° f ,, art - which totalled J improving the landscape— are the 


tery in Ztnna in Saxony. South German gilt bronze group £129318. Fortescue paid £6000 subject of a two-vear Cmintrraide 

The works of Lactantius. the of Sl Michael and the Devil of for an 18th-centurv Dutch waiW* 


for an 18th-century Dutch walnut [ CoDimission-spooatrred study, the 

second and first, dated, book the late 17th center and £5-00 and marquetry china c a bin« aod resulta ofTltich wSl guide he 

3 Heppe,- Commission in its® 12 future 

1405 — made £15.000. while group of Sl Christopher and the white mahogany library table. ! policies. 


y f were f m- NORTH SEA gas supplies are to 

Commission's be boosted by a new coUection 

Motoaiis snoum oe auoweu ro with ^ trunk pipelines between 

i n o C , re3S ? P r i C “ by an 3Verafie of " J£S the Frigg complex and the St. 


• Financial Times Wednesday May 10 1978 


' 1 I'U 

• J ) 

■ 3 . 

't: >i' 

- L; 






on Bill 

By Maurice Samuelson 

TWO EXPORT bodies sponsored 
by tbe Government clashed yes- 
terday over plans to curb the 
Arab boycott by introducin'* 
legislation similar to that 
recently adopted in the U.S. 

A third body expressed fears 
that the moves could cost 
Britain's balance of payments 
£2bn. a year in lost Arab orders. 

The Council for Middle East 
Trade and the British Overseas 
Trade Group for Israel presented 
diametrically opposed arguments 
to the House of Lords select com- 
mittee studying the Foreign 
Boycotts Bill. 

The Bill, drafted by Lord 
Byers, the Liberal peer, would 
bar companies from answering 
questionnaires from the Arab 
boycott office. 

Lord Limerick, chairman of 
the council, said that the Bill 
would deprive companies of the 
freedom of choice' about where 
to trade, and would put all 
Britain's exports to the Arab 
world potentially at risk. 

It would antagonise and unite 
Arab countries who would turn 
elsewhere for consultancy ser- 
vices. automotive products and 
consumer goods which they now 
obtain here. 

This was disputed by the 
British Overseas Trade Group 
for Israel, originally set up be- 
cause the council, in compliance 
with the boycott, did not deal 
with exports to Israel. 


Mr. Michael Sieff, the group's 
chairman, said that Arab custo- 
mers bought British goods be- 
cause of their quality, and that 
they would not switch their 
trade, sterling balances or in- 
surance business elsewhere. 

Because of “ ungrounded 
fears” of the boycott, British 
companies were not involved in 
major development contracts in 
lsrat<, such as a £400m. power 
station now under construction. 

Earlier, representatives of the 
Middle East Association, a pri- 
vate body ' with 450 members, 
told the select committee that 
£2bn. a year would be lost to 
the balance of payments if 
Britain adopted anti-boycott 

Arab customers would cancel 
contracts overnight said Lord 
Denman, the association’s vice- 
president. “Meddling with the 
boycott problem can only harm 
British interests, and the sooner 
the Bill is put to bed the 

Jenkins urges end 
of green pound 


EUROPE must make further 
progress towards elH&mating 
currency instability towards 
the phasing-aut of the “green 
pound " and other artificial units 
of exchange, Mt. Roy Jenkins, 
President of the European Com- 
mission. said in Manchester 

Mr. Jenkins claimed Europe’s 
currency instability had been a 
major factor in the poorer indus- 
trial performance of the Com- 
munity in recent yean when 
compared with the -two other 
major world trading blocks, tbe 
U.S. and Japan. 

At a time of severe depression 
the EEC has bad to deal with 
currency fluctuations not only in 
other countries but internally as 
well, placing an extra strain on 
it There was now a strong case 
for creating a zone of greater 
stability linvolving some if not ail 
the EEC currencies. 

His wain. concern over 
currency variations, however, was 
the effect on the Common 
Agricultural Policy. The creation 
of money compensatory amounts, 
such as the “green pound," to 
counter the effects on con- 
sumers wi thin certain countries 
of higher farm, prices had 

resulted in an administrative 
barrier to trade. 

Different price levels for 
fanners in different countries led 
to a distortion in competition and 
in the use of resources and there 
should now be an orderly 
phasing-out of the compensatory 
amounts system. 

Mr. Jenkins, speaking at a 
seminar organised jointly by the 
Sun newspaper and the Institute 
of Grocery Distribution, de- 
fended tbe Common Agricultural 
Policy against what he claimed 
were unjustified attacks is 


, Food prices in the shops is the 
U.K. had increased by only 6.4 
per cent, over the last 12 months 
- — lower than the overall rate of 
inSatioo of around 10 per 'cent. 
The EEC Commission’s farm 
price proposals would result also 
in an increase of only 0.5 per 
cent, in prices in tbe shops over 
the next 12 months. 

The Common Agriculture 
Policy had also produced stability 
of food supplies for the consumer 
and of income for the farmer, 
avoiding the danger of erratic 
changes in fanning production. 

Mr. Jenkins said that although 

surpluses represented a serious 
problem their size was often 
exaggerated and that in many 
cases the lakes and mountains 
of different products amounted, 
to no more than a few weeks’ or 
days’ supply. 

He also firmly rejected 
charges in Britain that the Com- 
mission had ever wanted to kill 
off daily home deliveries of 
milk. Europe as a major milk 
producer had a vested interest 
in insuring a high level of milk 
consumption and the Commis- 
sion bad proposed four months 
ago not only that the essential 
functions of the milk boards 
should be retained but that tbe 
system should be made available 
in other member states. 

“ To our regret tbe " other 
members hove not shown much 
enthusiasm and the system will 
probably be limited in the first 
place to Britain. 

“We have proposed no cut-off 
date for the milk boards, we do 
not wish to abolish them after 
1982, and all that is envisaged 
is a review before 1983 to see 
whether the systems cannot be 
generalised in the Community as 
a whole." 

A more critical view of the 

“ Phase-out green pound." 

role of the EEC in agricultural 
policy was given, however, by 
Mr. Dennis Landau, deputy chief 
executive of tbe Co-operative 
Wholesale Society. 

The emphasis should now be 
changed from support for 
inefficient agriculture towards 
support for efficient feeding of 
the people. 

Tbe effect of the system as 
operated at present had adversely 
affected the food chain, leading 
last year to EEC wheat and 
beef prices twice as high as 
world prices, to butter prices 
four times as high and skimmed 
milk pric es sir times as high. 

l'here was an urgent need to 
develop the agriculture policy 
into a common food policy. 

BP sees 10% petrol price rise 


A RISE In petrol prices of about 
10 per cent, was presaged yester- 
day by BP, third biggest brand 
name in the' U.K. 

Tbe company said that over 
the next few years petrol prices 
would have to increase from the 
present range of 70p to 78p a 
gallon of four-star to between 
TSp and 82p a gallon. 

It refused to say when 
motorists might expect the first 
increases or how big they would 

be initially. 

There were strong indications 
that BP was waiting for the two 
brand leaders — Esso and Shell — 
to take the initiative in ending 
cut-price competition and in put : 
ting prices on a more realistic 

The company claimed that in 
real terms petrol prices were the 
same as they were in 1973. Many 
retail outlets were able to keep 
prices at an artificially tow level 

— sometimes as little as 68p for 
a gallon of four star — only 
because they were being sup- 
ported by oil companies. 

BP reported that over the last 
year it had had a nil return on 
its £500m. investment in U.K. 
petrol marketing and it believAi 
the picture- to b> equally bleak 
right across the industry. 

Mr. Geoffrey Sheppard, 
manager of BP's retail division, 
said that over the next few years 

the imbalance between supply 
and demand was likely to even 
out, especially as the number of 
car owners in the U.K. was ex- 
pected' to rise from the 14.7m. to 
16.5m. by 1982. Research sug- 
gested that expenditure on 
petrol was one of the last things 
people cut 

“Petrol demand over the next 
five years may well increase at 
the rate of between 2 and 3 per 
cent, a year.” 

to hit 

Spfflers 5 


Peak District 
limestone plan 
given go-ahead 


j MR. PETER SHORE, Secretary 
i for the Environment, has ovor- 
jriden the objections ofthe Peak 
• District National Park and 
' granted planning permission to 
Imperial Chemical Industries for 
MR. THEO CURTIS, chairman of ' the development of a limestone 
the Federation of Bakers, claimed: quarry at Old Moor, three miles 
yesterday that “ misguided "least of Buxton. 

Government intervention in the His permission comes after 
bread industry had helped to! the recommendations of Mr. 
force the early closure of 
Spilters’ baking interests. 

He told the federation's annual 
meeting in London that the 
bread industry had suffered 
badly under general pricing 
policies set up by tbe Govern- 

Spillers said early last month 

™ L-f *9 fion 1 and Permission for the develop- 
™ i m e n t was given by the Council. 

for Ibe land under its 
jurisdiction, in 1974. 

The Peak Park Joint Plan- 
ning Board originally refused 
permission. This 
an appeal by 1CI. 

Keith Sergeant, the inspector who 
held a public inquiry into tbe 
proposed development between 
March and Julv 1976. It was 
granted yesterday. 

The quarry will cover about 
500 acres, of which 3S0 acres 
are in the National Park. The 
remainder are in the Derbyshire 
County Council planning area 

workers redundant by closing 23 
of its bakeries and selling the 
remaining 13. 

Mr. Curtis said that this would ^ 

have been avoided if discount j planning 
controls on bread sold by bakers > prompted 

to large retailers bad been re- which has now proved success- 
tained, as the bakers urged. f U |. 

These discounts had suddenly! 
been abolished early in January! Ampnitv Incc 
last year, subsequently boosting > loss 

retailers’ profits at the expense j ICI welcomed The grant of 
of the bakers. i planning permission, pointing 

The Government bad been i out that the group now bad 
warned consistently in the past I limestone reserves which would 
two years that its attitudes had [last into the next century. Pre- 
destructive implications, but theiparation of tbe site for develop 

warnings had been ignored. 

The Government had not 
realised that wider implications 
were involved than underpricing 
of bread in supermarkets. 

Tbe large-plant baking indus- 
try had suffered particularly 
severely under price codes 
operated by the Government. It 
had also suffered through its 
legal inability to take effective 
measures to counter the market 

ment will start in {he next few 

But tbe reaction to Mr. Shore’s 
decision from the amenity’ 
groups like the National Parxs, 
the Council for the Preservation 
of Rural England and the 
Countryside Commission ranged 
from disappointment in anger. 

They do not. however, have 
_ any means of appealing against 
‘the decision. The planning pro- 

power acquired by its retailer! cess has run the full 
customers. I They can seek redress 

in tne 

High Court only if the Secretary 
of State has not observed tne 
established planning procedures 
—the substance in' the decision 
is beyond appeal. 

Nevertheless Mr. Shore's 
decision i a likely to add fuel to 
the debate on the role of the 
National Parks. While it is 
accepted that the mruept nf 
National Parks is approved by 
all poliliral parlies, the feeling 

remains that individual planning 
permissions are eroding Iho 
amenities ihc parks were estab- 
lished to offer. 

At the same time the amenity 
groups feel that the Government 
should cranl permissions fur 
limestone develop mem only 
within the viuilcxi uf a national 
linu-sione policy. Tins dors nut 

Limes] one is used in the manu- 
facture uf soda a>h and high 
quality lime. Mr. Shore t»ld ICI 
(hat production of surplus for 
Use in abrogates .-noulil be kept 
to the minimum 

The new quarry will he nest to 
Id's existing Tunstead Quarry, 
from which limestone i< ukon 
by rail lu vhern works in 

The grounds for the •-■.rant of 
planning permission rest on the 
national interest and the lack. «n 
the basis of present knowledge, 
uf any alternative sources 

“ 1 have cinue to the rnllelu- 
sion that although the proposed 
quarry- would inevitably have 
appreciable effects un the 
national park, un visual amemn. 
on the local residential environ- 
ment. and on agrictillun-, the 
accumulated weight of the con- 
sequent objections would tint be 
sufficient to lip the scales against 
its importance to the national 
economy.'' Mr. Sargcant con- 
cluded in his report to Mr. 

Meeting at Waldorf 
properly arranged, 
says Bank official 

Talks with 

team start 

By David Freud . 

TALKS WILL start in London 
to-morrow on whether the. U.K. 
will keep the standby credit 
guaranteed by the International 
Monetary Fund in being for the 
re6t of the year. ' 

The existence of the standby 
credit binds the U.K. Govern- 
ment to the policy guidelines 
agreed with the. fund at the end 
of 1976 and reaffirmed last 

The talks between a fund team 
and the Treasury will last about 
10 days- The Government has 
still not decided whether to cut 
free from the standby — an indica- 
tion of tbe low priority attached 
to the talks. 

The Government might not 
decide until -the talks are well 
under way. 


Whatever the decision, how- 
ever, there will be no practical 
consequences. If the standby 
lapsed the U.K. would retain its 
own mon/y supply target and a 
public sector borrowing require- 
ment just below the official limit 
agreed with the fund. 

Retaining the standby until the 
end of the year— when it will 
lapse anyway — might help to 
calm the foreign exchange 
markets, which have been jittery 
in the past few weeks. 


A SUSPENDED senior official of 
the Bank of England Said r at the 
Old Bailey yesterday that a meet- 
ing which be had with a solici- 
tor’s clerk at the Waldorf Hotel 
after office hours was quite 
properly arranged to discuss 
routine exchange control proce- 
dures. ' 

Mr. John Martin Wales denied 
the meeting had anything to do 
with the scheme in which the 
prosecution say he took part, to 
deceive the authorities of more 
than £2m. worth of foreign 
securities and their entitlement 
to dollar premium rebates. 

The Crown had told the jury 
that police were watching bis 
movements at the time after a 
tip to Scotland Yard about a 
suspected fraud plot 

Mr- Wales, aged 42, of Chisle- 
hurst, Kent, who was earning 
nearly £9.000 a year when he was 
suspended from Ms duties in the 
exchange control department in 
1976, has pleaded not guilty to 
conspiring with five other men to 
obtain money dishonestly from 
authorised dealers in investment 
currency between 1975 and 1976. 
AH have denied the charge. 

He explained that Mr. Patrick 
Walsh, a solicitor's clerk from 
East London who is also alleged 
to have been implicated in the 
plot, rang him at the Bank uf 
England on March 16. 1976. to 
inquire about exchange control 

It was late in the afternoon 
when the inquiry, was made, and 
he (Mr. Wales) felt at was in- 
appropriate for security reasons 
to have anyone calling at the 
Bank's offices after 5 pjn. So 
he arranged to meet Mr. Walsh 
between 7.00 and 7.30 that even- 
ing at the Waldorf Hotel on his 
way home, as it was not too far 
from the Bank. 

Mr. Wales said: “We had a 
technical conversation about 
exchange control, and I told him 
I would do uiy best to assist 

“He explained he wanted 
guidance about residential status 
for a client, and I explained tbe 
yardstick used by the Bank to 
determine such matters. I fold 

hkn that if he had any doubts 
he should consult his clients 
own bankers.” ’ 

Mr. Wales said the conversa- 
tion ended on that note, but 10 
days later he met two other men 
whom he now knew were also 
supposed to have been involved 
in tbe alleged plot They came 
to the Bank with a routine in- 
quiry, and be took them along 
to the wine bar below his office 
building as it was his lunch 

Later, Mr. Wales said, he 
found that the two men. who had 
introduced themselves as finan- 
cial advisors, were Mr. John 
Robson. 57. commodity trader 
and Mr. Reginald Atkins, 50. 
company director, who are 
accused with him. 

He knew nothing about their 
background at the time he me t 
them, and he merely gave them 
general guidance on foreign 
security regulations. 

The hearing was adjourned 
until to-day when Mr. Wales will 
be cross examined by the 

Insurers get 
repair bill 
for £342,120 

were ordered by a High Court 
judge today to pay out £342.120 
to repair a fire-damaged 19th- 
century building which could be 
replaced by a modern structure 
for only £55,000. 

The mal tings at Stonbam 
Parva, Suffolk, was being used 
as a grain store and cattle Feed 
plant when it was severely dam- 
aged by fire in November. 1973. 

Mr. Justice Forbes said that 
the owners had insured the mak- 
ings in 1972 for its full reinstate- 
ment value of more than £500.000. 

The insurers— Phoenix. Royal, 
Sun Alliance and London 
Insurance, Norwich Union, and 
Fire and All Risks Insurance — 
were granted a six-week stay 
pending consideration of an 


Test track for Leyland 

WORK - HAS started on a £3jm. 
icst track complex in Lancashire 
for Leyland Vehicles U will farm 
part or a £33.7m. Veh,c ^ 
Engineering Centre to be 
developed on a 350-acre site at 
Moss Side, two miles west of 
Leyland- Main contractor is 

There will be three nsin 
circuits, totalling over 5 km„ with 
straight sections, loops and inter- 
connecting strips, turning dimes 
and a central area service road. 

Belgian ***& , 

surfaced sections are Included, as 
uell as conventional asphalt sur- 
faced roads. 

There will be areas Spr noise, 
steering, braking and other tests. 
A water trough «'U1 provide for 
l_,l. tests and there will be 

test hills Of different 
The high speed circuiC ^ 
for soeeds Up to ,a n, P n ‘ "J* 
connected to a br ? kiJ ?f ip ^ raJ2h i 
with wetting faculties. a 
marshalling area and track work 

shop form part of the Monk 
contract, together with a 3o-inetre 
man bridge on the main access 
route. Formed embankments, 
security and noise attenuation 
fencing, and extensive land- 
scaping are Included. 


contract to distribute non-perisfc- 
able groceries, wines andsptfttf 
io aH branches of Cater Bros, tne 
foods division of Debentams. 

June 5. Cater Bros, has 40 super- 
markets and foodhaitis spread over 
the U-KL Cory will use aJJ** 

IS articulated vehicles — mosuy 
28-ton gross tractors iwtth traHera 
between 27 feet and 33 feet 
based at Radlett, Hens. 


KENT INSTRUMENTS is to supply 
a second metering station complex 
to tbe Suitom Voe oil terming 
in the Shetland Islands- The 
station, worth £*nu, wiH deal with 
liquefied petroleum gas from 

Brent and Ninlan crude. 


ceived a £150,000 order from 
Stone and Webster for automatic 
cleaning equipment, said to be 
the first of its kind, for four new 
PVC reactors. These are to form 
part of the expansion project for 
British Petroleum Chemicals at 
the Barry plant In South Wales. 

An urban traffic control system 
for Norwich has been ordered 
Norfolk County Council. Although 
capable of driving 200 units of 
street equipment, the initial in- 
stallation will control 120 on- 
street units, comprising 50 traffic 
signals and 70 Pelican pedestrian 
crossings, All Norwich traffic 
signals will be 'synchronised to 
minimise traffic delays. The 
system will monitor the operation 
of the controllers and will submit 
them to a diagnostic test each 
day. Installation is to be com- 
pleted. in 1979. 

If your factory is in one place, and your 
customers are all over the place, you could have 
a problem. 

It has been known to lead companies into 
investment in physical distribution at the expense 
ofthe more profitable parts of their business. 

That’s where Superbri^ (alias BRS) can help. 

We’re everywhere your customers’ premises are 
- with all the facilities to match any distribution 

We have both the dose appredation of local 
needs and the nation-wide resources (over 
150 branches) to ensure the right help with any 
transport problem. 

It can be anything from a one-day, one-truck 
rental ... to a total distribution service. 

For we see oursdves as transport problem 
solvers, finding solutions that fit individual 
problems - unlike those who do it the other way 

British Road Services Limited 

-just say ‘Superbriz* 



Northway House, High Road, Whetstone, London M20 9ND Telephone: 01-4461360 

Financial Times Wednesday May 10 197S 

buys 20% 



U.K. growth running 

at 5% — brokers 


Changes to 
shares plan 

a 'a GROWTH in the first three 

CTO BT O months of this year has been 

consistently understated by 
j official statistics and may have 

ACCESS. Ilie credit card cem S! 

Erin-^nkJ TVX I gS£."S>c 

stake in Eurocard Internationa'. : T “Pfirms assessment ts in 
the European credit card system.; ™* r " w j contrast to that of 

ntMiiui; oanivs. nas pain an u«- ( . ltv hmknrs 
disclosed sum for u 2u per cent.; u g! brokers, 
stake in Eurocard Internationa'.: T “Pfirms assessment ts in 
ilie European credit cord svstem. mar " e d contrast to that of 
f .rtr— I ‘j ifiAcm- \ . * most other commentators oi cr 

Sd c T& ? ^■S-ST. !5 

-=- «■"»»«£' ' . j ELS# S .£»£ 

The move is another step m a! W i de ] y criticised for being 
series of deals involving Euro-i over-optimistic 
card whereby Access and other n .,„ u.- 

leading financial institutions Govett. by contrast. 

plan to rationalise the credit 
card a? stem in Europe. 

The dej! would nuke nu differ-! 

encc m facilities for Access card-j terest 

Hoare Gove It, hy contrast, 
say that the only way growth 
through the year could he 
throttled back 1i> 3.5 per cent, 
would be through higher in- 

Conversely, if interest rates 
were raised the short-term 
implications would be difficult 
while ’* excess" growth was 
squeezed out. “ hut in the 
slightly longer-term conditions 
would become rather more 

The firm concedes that all 
the direct official' statistics 
point (o an extremely weak 
economy, hut feels it can over- 
ride this data because or the 
“very strong tendency for the 
Central Statistical Office to 
revise upwards their initial 
estimates of any economic 

surveys taken in that year 
shows a pattern which normally 
develops in years above 
average growth. 

• Imports of raw materials 
other than oil rose by abont 
4 per cent in real terms last 

By John Elliott, Industrial Editor 

CHANGES to the Government's 
proposals for employee share 

Suicide verdict 
on building 
society chief 


lS? a SSiaiiee 1 7lU no^blfore HAROLD JAGGARD. build- “It is clearly a suicide note” 
nn i forward society chairman, committed Mrs. Jaggard agreed- 
E£52! Bt £ ert if5 1 mSKuc suicide hours after auditors Mr. Arthur Nudd, accountant 

4 per cent io real terms Iasi Z Nicholas suicide after auditors Mr. Arthur Wudd awoun a^ 

year, the reverse pattern to chairman o£ The Stock sP ott «* that S&Sm. was missing and auditor to the Grajs. told 

.1. A n ,i uooaisoa, Chairman, ot roe aiots. f u. th> Innnpst that on the day 01 

‘to win 


holders in the short-term, the' 
company said yesterday. But out-! 
Ms m Europe should increase: 
steadily as Eurocard expanded. I 



Eurovard. which begun operat- 
in'.; in IMijS. until now lia« been 
controlled by A B. Finan.-i 
Vendor. une of .Sweden's largest 
finance ohu panics. Eurocard sub-, 
idiaruv; operate throughout: 

Europe ‘ , 

Beremly 1 h»* lni-jl eonii'anies [ 

hale been laken out hi- leading. -w- r 1 1 • 1 

!!?;= s=?Hi! UN proposals for disclosures 

Aqricolc in 1* ranee, commercial i — # • ns n • ® m 

:S.r*i«“S by multmationals ‘unreahstic’ 

Germany . 

Since 1973 Access cardholders [ ARNOLD KRANSDORFF 

^' iho' 70.000 1 ' Eurocard 'omlcis ' SERI0 ^ S misgivings have been starts next Wednesday. Then, definitions and practice to 
.hrou-Jiuut Europe. ‘I expressed by the International they wilt consider the latest ideas deliberations. 

would be necessary lo slop 
I he money supply expanding 
beyond the 8 to 12 per cent, 
target range for sterling M3. 

If M3 growth targets were 
relaxed the firm says “ we 
would face a reasonably 
favourable shon-lerm outlook, 
hut the medium-term prospects 
for inflation and ihc balance 
of payments would be far from 

There is also a wide range 
of conflicting evidence from 
various indirect indicators. 
These include: 

• Unemployment daring the 
second half of last year and 
this year has been falling while 
unfilled vacancies have risen 
strongly — factors difficult to 
equate with economic stagna- 

® The strong rise in private 
sector non-resident ial invest- 
ment last year and the evidence 
of fhe investment intentions 

that normal in the final stages 
of weakness when there is a 
rundown in stocks. 

O The Statistical Offices' own 
analysis of cyclical indicators 

points to last year as being a 
year of above average growth. 
• The Government’s tax 
revenues were extremely 
buoyant particularly expendi- 
ture taxes, which implies 
spending must have been fairly 

The firm concludes that it is 
likely that last year showed 
growth of between 2 and 3 per 
cent, overall rather than the 
stagnant growth officially 

“An acceleration, therefore, 
at the end of 1977 bronght 
about by rising real disposable 
incomes and an easier 
monetary environment, could 
have taken the rate of growth 
to over 5 per cent, a year in 
the first quarter of 1979." 

preferred to call “ productivity f have 1 

, sharing.” rise’s mi; 

But some improvements could no more, 
be made, the first of which was Dr. 

F«?«i CliairmSUl from his society’s accounts, a the inquest that, on the day of 

Exchange. _ coroner decided yesterday. Mr. Jaggard ’s death, the Grays gy RICHARD MOONEY 

Speaking to an Industrial Mr _ jogg^ 79-vear-old rhair- ledgers had been checked, and 
Society conference in London. maD ^ the Grays Building a discrepancy bad been found, 
he welcomed the income-tax con- Societ y t took a ^ overdSI Mr. Jaggard had beenmf ormed^ TBKmUB 
cessions contained in the Bill and i eft a POte for his third wife. Detective SupL George Raven compau ye 
for the share ownership form of Helen. It read: “Don’t go to the toid tbe bearing that he was t* 

profit sharing which he said he bathroom alone. For 40 years satisfied no outside agency® 1, SD j t£ . 0 f Hi 

preferred to call “productivity t have tried to out snmebodv person was involved. Mr. spue . 1 

5hW" rtrtiSSSfc W? iSKS had been rserious^y 

But some improvements could no more." worned ■L rTe ®?? ar iH e ^. +rt , „ . 

be made, the first of which was Dr. Charles Clark, the S^^^u^c^tMilriedRe” 1 he M hi rJetar nM?ii 
to allow the tax concessions to coroner, made his decision after b6 ?® me pnb c ’ d !« e ?i? r ° a „ir 

apply to cash handouts to era- the eight-minute bearing during Sai f^ n .. nts t0 be shown to the 22, , Lmnauii 

ployees as well as to money which Mrs. Jaggard said that ?£rSi^deS Tt theS 

used to buy employees’ shares, her husband had been seeing this month vriil 

Arrangements ought also to be doctors for a heart condition. a £6 5m! deficieucym the ° 

made to include foreign and sub- Asked whether he bad any stress Hnipru^ book assets of £llm 

sidiary companies which were problems, she replied: “None at p 0 ? ic ?inq5iri« £«w tiJt about BriSS b feh S 

unnecessarily excluded at alL £200.000 in cash is missing. , 

Pr^ nt - ,,, . Mrs. Jaggard said that on The thefts, involving a period 0W V. ei 

The Bill’s proposed maximum March 17 she returned to their stretching from the late 1930s, have to mate 

annual handout of £500 per borne at Brentwood. Essex, after wer e covered by false entries in w b* c * 1 s, de on 

employee was “ unrealistically visiting her daughter in London, the society’s ledgers. and W " 1 operate- 


HE HEAD of a leading fish 
company yesterday forecast 
that Grimsby would win. the 
“Battle of the Humber,” in 
spite of Hull’s undoubted 
superiority in the handling of 
freezer trawlers. 

[r. Mick Coburn, managing 
director of Findus. said at the 
official opening oF a £1.25m. 
fish processing factory in 
Grimsby that it was unlikely 
that both would survive as 
major ports in view of the 
inevitable decline of the 
British fish catching industry. 
Trawler owners are going to 
have to make up their minds 
which side of the Humber they 
will operate-" 

low and did not allow for the The curtains were drawn, and accumulated compound interest Mr. Coburn based his confidence 

responsibility carried by senior Mr. Jaggard’s car was still in accounts for much of the £6.5m. 
executives." A limit based on 10 the garage. She found his note The Grays affair is likely to 
per cent, of an employee's gross on the kitchen table. lead to the setting up of a per-' 

salap- would provide a more At that point, the coroner pro- manent fund to protect building] 
realistic incentive. duced the note and commented: society investors. I 

xt Wednesday. Then, definitions and practice to guide 
consider the latest ideas deliberations. 

salap would provide a more At that point, the coronei 
realistic incentive. duced the note and comme 

He thought that the tax treat- 
ment ought to be “ more liberal." 

The Finance Bill says that shares ' Tfi /r • T • 

would have to be held for 15 .N]9" VI SI I ,511110' 

years before all income-tax liabi- iTiaUllti/ 

lilies would be cancelled. Mr. I* n • . • 

Goodison thought this ought to iftf" ITIOAHiIVPC 

come down to seven years with J-t/X UlUvlIll v 

perhaps a high rate oi tax during FINANCIAL TIMES REPO] 
the first four years. 

Finally, any restrictions on an BRITAIN bad become the 
employee selling his shares reward society " in which i 


i h rou "ium i, in cunjunc- 1 Willi regard to nun-financial authority over international to be included in all cumpanies' i 
Hon with ihc world-wide \ isa information, the chamber su.'s urcouuuug a nd reporting stan- annual reports.” , 

I nicrnaiiuna l civd it card achcine. that lo attempt io develop univer- To attempt to develop uni- 

SJ| Principles are “ over-ambi- versal principles to be appUcable 

^ . M»u.> and unrealistic " and it calls S nal i^Xtiun 5 across a number of different ln- 

C nrmsmn 2" Referring ro ibe U.N's n m . dustries and in different environ- 

To attempt to develop uni- 


THE DEPARTMENT of Industry; involved, 
has iiublishod a reused Cor- The ch: 

iinu.> and unrealistic "and it calls JJJ " across a number of different la- 

on vhe UN lo allow mure time to Tul TT N v n ,. n dustries and in different environ- 1 

SZIS fu ” dan,c ” ,; “ ‘ ssues n, enls . w« .- both nverambiUo^s | 

imol ' ed - i such as environmental perform- and unrealistic. - . 

The chamber comments are ihe ancei. the chamber says that it The chamber’s submission in- 
considered response by industry was surprised at the extent to eludes a long list of “real con- 1 

rosion Prevent tun Directory. The ; considered response by industry was surprised at the e? 
first edition _u us published in j m the UN proposals. These come which the I'.N. had felt 
.November 1975. . U p fr> r adoption at the founh make precise proposals 

inally, any restrictions on an BRITAIN had become the “no depends. Pf 

iloyee selling his shares reward society ** in which it was “ It appears to be that the dl 

ild be removed. At present no longer worthwhile to work Government spends far too much The 

Finance Bill provides that an hard. Sir Maurice Laing. presi- time legislating, restricting and fn 

>loyee must hold the shares, dent of the Federation of Civil entwining us in bureaucracy.” Gi 

•ugh a specially created trust Engineering contractors, said in People at all levels with vary- sti 

at least five years. London last night. ing degrees of ability aod skill in: 

Sir Maurice said that he be- had “switched off” because it 

lieved that the lack of incentive no longer paid them to be 
-r . • was the outstanding reason for “switched on.’’ ILXI 

WPW retina the country’s post-war decline. It was up to Parliament to T 
^ V* Tv 1 tllUIte - This is why we are producing re-introduce a system of incen- Last 
n * so little and our productivity is tives which encouraged, people Tr 

r alliarinnc 50 low - *t is not through lack of and companies to make every ca 

uiUuliUllo investment, lack of ability or effort ws 

^ . lack of skills, it is because of “Before and immediately fn 

a j Ux / lack of incentive." ’ after the last war. we were third Hi 

JL/UA Commenting on the iecent in the international standard of tic 

in Grimsby's future on the 
belief that in a world of 200- 
mile limits the U.K. catching 
industry would have to 
concentrate its development on 
the near-water fleet. In this 
field Grimsby's potential is 
superior to Hull's. 

“At present, the Hull fish 
market couldn’t cope with that 
sort of expansion, whereas 
Grimsby could. 

“I also believe that, without too 
much difficulty, Grimsby could 
provide as good facilities for 
distant water fishing." 

The massive investment by 
frozen food producers in 
Grimsby and the superior cold 
storage facilities were other 
important factors. 

New rating 
in 1982 


able to cerns” which have been ex- ~ ur Budget. Sir Maurice said that living league, and now we are 

bearing pressed by industry. It says it THE next general revaluation of h ..j *:.i u— 

Orrn:./on Pre cent ion Oirec - 1 i-ussion of the Commission on 
tor;/, cd’tcrl bp Dr. P. J. Baden. I Transnational Corporations at a 

the Chancellor bad not taken the 16th. Our fall has been rapid 

ist week. British United 
Trawlers, Britain's biggest fish 
catching company, said that it 
was moving its remaining six 
freezer trawlers at Grimsby to 
Hull as part of a rationalisa- 
tion plan which will cost 265 
oo shore jobs at the two ports, 
190 of them at Grimsby. 

HMSO. &*.*. 

Ill-day meeting in Vienna, which 

y. ./A 

r . '• • ' -7- ry: 

r ;• ; 

Shore, Environment Secretary. 

fL?b.. t Stoc^ r ort^!) e i!i a® Com- COIUDlltCrS Will COOtTOl 

mons written reply: “ The pre- -*• 

sent valuation list for England ’■T 1 _ _ J J 

and Wales dates from 1973 and f OFU SD3F6S RDU S3ICS 

is becoming steadily more out of A V U W WUU aftlva 


deferredwhile^e I*rfeld c5m- F0RD ^ 15 launching a new sales invoices for cash sales or 
mittee on Local Govermneot computerised system to help its advice notes for. credit 
Finance was sitting and while vehicle dealers to control their customers. These show part 
we have been considering its Parts- service and sales depart- numbers, a description -of the 
report. But it is now time that ! parts.. retail prices. VAT and any 

work was started towards } The system, known as DARTS, f ' or 

when expansion plans are put 
into effect 



Mr. Coburn said that where fish 
were landed would not affect 
his company’s operations in 

Hull was the “spearhead" of 
Findus’ development work 
- with under-utilised species, 
and with regard to its other 
processing operations it always 
has the option of shipping raw 
material supplies from Scot- 
land and the north of England. 

"VIR " “J dLaLIbU 1UC SJT3LCIIJ, IMIU'VII 0 3 U.llUg, 

another general revaluation.' | has been developed jointly by a PP*® ved K ade customers 


:V> ^ , A 

' • V » . i • 
PS- -- -W* * :s- 

m \ . \> / j , ^ 

Best egg buy: 
size 6 white 

Ford aod Kalamazoo Computer 



When parts sales are con- 
cluded. the stock record is up- 
dated and the information sent 
to Kalamazoos accountiog and 

system through a_ number of 


By Christopher Parkes 

point-of-sale terminals which 
will provide a link with Ford’s 
national data communication 

hoped that the system will speed 
up service invoices. 

Ford is planning to introduce 

-. ; ■ - i 


SHOPPERS seeking best value 
for money at the grocery egg 
counter should ask for size 6 
white eggs — If they can find a 
shop which stocks such small 

In a survey carried out by 
the Eggs Authority, this grade, 
which usually goes to catering 
companies and hospitals con- 
stituted the best buy in terms 
of pence a pound. 

The average price of 36p a 
dozen worked out at 28.6p a 

nearest eggs at 32p a pound 
were brown size 4 which can 

Ser T^,^l C hr^ StOCk le?elS DAM^, which cost Kalamazoo 
in their own branch. £300.000 to develop, throughout 

The terminal also produces its European dealer network. 


Industrial lung disease 
compensation survey 

I THE POSSIBILITY of compensa- The diseases take many years 
I lion for sufferers from asbestosis to develop, so that employers 
:and other occupational lung can have gone out of business 
, disease, where there is no era- the particular employer can 
I ployer to claim against, is to be be hard to identify, when The 
examined by an inter-depan- illness is disclosed. 

1 mental working party being set 

best he compared with the old ! up Mr. Harold Walker. Employ- Tta f; 0Iim,issit>n 00 

Write today 
for this 


This man aims to invest 
T50Q000 in anewpioduction 

medium grade. 

The survey comes about four 
months after the storm of com- 
plaints which greeted the intro- 
duction in Britain of the 
Common Market egg grading 

nient Minister. ' Civil Liability in its recent report 

The diseases to be studied found , tiie ^ ue5tion of such com - 
include the miner's lung disease, pensation difficult to tackle, and 
pneumoconiosis, which .ilso th e departmental working party 
affects slate quarry men, and the is apparently to see if it can find 
lung disease that cotton workers a solution where the Royal Com- 
1 can suffer. mission failed. 

Chef dismissed after ‘culinary 
disasters’ tribunal told ^ 


The Stale of Maryland. '‘Home’" 
of ihe world-seaport of Baltimore^ 
and Baltimore-Washington 
International Airport. Located 
within one day's rail delivery 
trom Baltimore are 37% of all 
U.S. manulacturers, and'35% of 
the nation's consumer market. 

aim to 

UNSEASONED ratatouille and kitchen of any world-class hotel, pepper in anything. 

other “ culinary disasters ” led to said Mr. Boswood. 
the dismissal of a commis chef i two-vp 

By April 6 Mrs. Hobday had 
had just about enough of Mr. 

Tnorc* comes ii poiiUtvliuii every successful and expanding 1 
com pa ny need' l i nance. It may be for anew- production line. 

;i lanorr or j plot e ol machinery ll mr can't be iii mneed out r.[ 
cd>iil!«»wi-r v.tpilul.YdU need ;i decision, and von need it quickh; 
AsiiiiliaiV when von need Co nils. 

me dismissal or a commis cnei After a two-year course in naa Just aoou i enougn of Mr. 
from Claridges Hotel, an Indus, ca^rijj, at Grimsbv College of EMdge. He bad not finished 
trial tribunal was told in Londoa Technology, Mr. Elvidge had some dishes on tinie - There was 
yesterday. started work in October. 1976 ? row ^ ?? told her he had no 

Mr. A. R. Boswood. counsel for jjj. g rst th ree months werp in interes t ,n bis work and was only 
hoWLsa'd lb, t.c. tb« Mr. Ker aid he was entire ? 3t ““Wees for his own 
Richard Elvidge was a trade -. lti .r 9Ptorr -1 convenience. 

union shop steward was not the S fish ^d a ^nSr pcrlod ,“ Mrs - U « hd ^ educed to 
reason he was dismissed. in tl)e foMl)Wed H flood of tears and was found like 

reason he was dismissed. 

Mr. Elvidge is cl arming he was 
unfairly dismissed. 

Three major railroad lines. v 
350 highway common carriers, 
and Maryland's excefient highway 
network provide quick access 
to markets. 

Maryland has overnight Irnc'iC ^ 

access to 31% of the US. 
population, and 34% of lha 
nation's manufacturer, l 

It uras while he was in the that by the head chef She told 
potage that Mr. Roliand. the bun “ a t «toer Mr. Elvidge went 

li.i-t berjuse ( '.n ui !•» isn't tn io «.il tin; bit* b;uik> docs not rneiin j over 

It was when Mr Elvidge took ^ had his firat «r *. did." 

rer J bc . D:in ^ h h0l ' £ d , 0tu J vre T for complaint as Mr. El vidse did . Mr - 

Elvidge did 

he would have to go. 

was finally told 

JiiMt'i f«irol lllf’iilihvi pi’uk^Mi.'iiKi!. at the Cattsere. a siibsidiary nol seem t0 care about bis^work i 3 . 6 J*»ve to go. At no 

, f , . . r- - , restaurant Tor light meals, that That slato f a ff airQ time was his union, the Munici- 

i n fan our - i;v » I vi*s n< very defmile advantages. Flexibibtv things began to go seriously for/briefperindv.-hil? he wS pal General Workers, men- 

i um i n g sen it o to meet cuMomer needs. Speed in giving ' a sauce. M. Roiland asked u , oned ®i? er JO*™ °r anyone 

■ - r, . v i ® f ^ The restaurant msnj 3 cr him rn move to thp m^in hnre else. None of those concerned 

s«.m> oil ci edit ananncmcnls. hlficicnt supervision of the hesan to notice things were main “ ors with thn ripnicinn v* us_ 

j 1 1 adj um i ng m.t\ iir* m meet customer needs. Speed in giving 

decisions' oil credit urrungcDiCTiLs. JiUicicnt supervision of the began to notice things were SwerVarlicr T«iV U veS r With the decision' tt ”dis'^is”‘£S 

dav-io-du v sen ice. .And they're backed bv a2S5-vear tradition of ww?. wrong with the dishes. Mr Elvidge re f Use ^ ^ yJng he knew he belonged to the union. 

m’‘!iwihUlvnwmmI^iri* ‘ ’ ^ T mn ” dishes were not wouJd rather ] eaV e Clandges ? toey ^ hllDwn kt would not 

»U1^ a nt IU\ personal seniCL. nrooer v nresented. The herrmes havp mode anv 

So why not contact John Acheson at Coutts notv 3 and find 
out iiov/ a better banking service 

properly presented. The herrings altogether. have made any difference, 

were not cut to the correct size 0n April 3 he WSB absent from Three days later ^ere was a 
and their tails were left on. hj s work, the fridge door was strike but about 80 Per cent of 

Maryland can 'arrange up to 
100% financing of land, buildings," 
machinery and equipment at 
low interest rales tor long terms, j 
Write or phone today for our { 
brochure and for our assistance. ' 

George Van BusMrk 
European Director 
Maryland Department of Economic 
and Community Development 
Shell Building 

60 Rue Ravenstoin, Doits 10 
1000 Brussels, Belgium 

Phone: f02) 512.73.47 

Cun bcijj your company i 



"you will hear from her that warning- also exclusive negotiating rights 

Mr. Elvidge seemed incapahle of on April 5 a customer cam- Mr. Frederick Mand, restaurant 
doing even the. simplest things plained that the ratatouille was manager at the Causere, was 
carefully and properly; for n 0 t up to Claridges’ standard. It asked in cross-examination bv 
example, cutting the herring was taken to M. Roiland who took Mr. Andrew Collcnder, for Mr. 
the correct size and shape." it to Mrs. Hobday and it turned Elvidge. about the ratatouille 


g S*, A Jyjf/nyn. LllL curr,:t - 1 size ana snape. it to Mrs. Hobday and it turned Elviage. about the ratatouille 

\ r ^■TSbZ> / l' / ZyLJ €\X r Jf/ Mr - . Elvidge also failed to out that Mr. Elvidge had made which had brought complaints. 

v eniulstiy the mayonnaise. if’ Asked if he thought that too 

.^.^4 Mr. Elvidge was a young man There was no seasoning in it, little salt or seasoning was worse 

5eaOIl a great personal tradition not very good at his job and no salt, pepper or garlic. Asked than too much, he replied: "The 

clearly not able to accept the about the seasoning. Mr. Elvidge customer is always right it 

lU*ap*!**.S« afeSMBr.VS food, To lie S nal put^sa’lt^or ^ 

VHKBM1A ,**.*il 

Corporate senice based on a great personal tradit ioa 

\ ^num 




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0 OFF® 

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■ -*i 1 

Financial Times Wednesday May 16 1678 

labour news 

TUG to 
on cash 

By Christian Tyler, Labour Editor 

TUC LEADERS will to-day 
press the Chancellor to outline 
his strategy for public expendi- 
ture and the future use of cash 
limits, which unions see as a 
wage restraint mechanism. - 

Hr. Denis Healey, accom- 
panied by Mr. Joel Barnett, 
Financial Secretary, will be 
- meeting the TUC economic 
committee in the wake of the 
Government’s defeat In the 
Commons on the Finance Bill. 

Although public expenditure 
and cash limits are the subject 
ou tbe agenda, it will be a 
chance for Mr. Healey to lest 
TUC opinion on his plans for 
another bout of Indirect wage 

Senior TUC leaders have 
met Mr. Healey- privately once 
since the Budget, for discus- 
sions on the economy at large. 
Then the Government was 
criticised for lack of action on 
jobs and public spending; Wish 
the TUC firmly set against any 
Stage. Four deal, the question 
of even an '‘understanding*' 
appears to have been stren- 
uously avoided. 

To-day tbe TUC is expected 
to ask whether the underspend- 
ing of 3-4 pee cent under the 
cash limits .. regime is a 
permanent feature of the sys- 
tem . and to press for the 
relative level of public expen. 
diture to be restored to Its 
1973 position. 

The Chancellor’s Budget gave 
the TUC almost exactly what 
It asked for on tax cuts, bnt 
little in response to its demand 
for a further £2bn. to be direc- 
ted towards jobs, pensions, the 
social services and construc- 

Leyland union 
man resigns 

By Our Oxford Correspondent 

MR. JOHN POWER is to resign 
as ‘ convenor for the Amal- 
gamated Union of Engineering 
Workers at Ley land’s Park depot 
at Horspalh, Oxfordshire. In 
return the company has decided 
not to sack him. but to take him 
back after a week’s suspension 
without pay. 

Mr. Power Is also resigning 
from all other union activities at 
the depot as part of a settlement 
reached at talks between man- 
agement and Engineering Union 

Last month Mr. Power was 
dismissed after an inquiry into 
travelling expenses and the deci- 
sion was amended to a suspen- 
sion on pay, while his appeal 
was heard. ' ■ _ 

When suspended Mr. Power 
had to give up his seat on the 
joint management and union 
committee negotiating bargain- 
ing reform s. 

Farm workers’ 

Redundancy deals 
not ‘selling jobs’ 
says union leader 


EMPLOYEES who accept redun- 
dancy payments should not auto- 
matically be condemned by 
fellow workers for “ selling jobs,” 
Mr. John Boyd, General Secretary 
of the Amalgamated Union of 
Engineering Workers, said yes- 

He was replying to a claim by 
Mr. Jimmy Reid, a Left-wing 
delegate at the union's annual 
conference, tbat the Redundancy 
Payments Act had become an 
albatross around tbe necks of 
union officials, with some mem- 
bers prepared to sell their jobs 
as soon as they got “the whiff 
of- severance pay.” 

Mr. Boyd said that often it was 
the changing pattern of industry 
which led to workers being made 
redundant They should not be 
accused of selling jobs, and be- 
traying the next generation when 
they did not have something to 

Tbe conference passed a num- 
ber of resolutions on unemploy, 
ment and Mr. Boyd indicated 
that the AUEW would put a 
motion on the subject to the TUC 
in September. 

Delegates reaffirmed the 
union's policy that when redun- 

dancies are declared in. any fac- 
tory all overtime in thta particu- 
lar work grade should be banned 
until the redundant members had 
found new employment. How- 
ever, a resolution which would 
have led to the TUC being urged 
to seek legislation restricting 
overtime to five hours per week 
was defeated. 

The conference called for more 
Government measures to tackle 

youth unemployment— which ii 
described as “a crime against 
young people” including further 

training schemes, grants to 
school students who continue 
their studies beyond the mini- 
mum leaving age, and restora- 
tion of the levy grant system for 
industrial training Boards. 

AUEW leaders will approach 
tbe Engineering Employers' 
Federation and attempt to negoti- 
ate a mini mum annual intake of 
apprentices based upon the size 
of companies. 

Delegates criticised private 
and public industry fur not creat- 
ing more jobs through expansion 
and urged the Government to 
legislate for a “statutory mini- 
mum level of investment in the 
manufacturing industry.” 

More than 1,000 Merseyside 
trade unionists arrived at 
London’s Enston station 
yesterday and marched 
along Arundel Street be- 
fore dispersing and making 
their own way to West- 
minster to lobby North- 
Western MPs. They were 
protesting about (he spate 
of plant closures and 
redundancies in Merseyside 
wbere unempoylment is 
almost twice the national 

Thomson and unions 
agree to arbitration 


te today £100 target 

FARM WORKERS yesterday 
instructed their union leaders 
lo demand a minimum wage of 
£SO for a 35-hour week from next 
January, and . £100 a week by 

The executive . of the National 
Union of Agricultural and Allied 
Workers had recommended 
support for £60 and £80 respec- 
tively. but this was rejected at 
the union’s annual conference. 
The present basic rate is £43 for 
a 40-hour week. M 

Mr. John Hose beat off a Left- 
wing challenge to be elected 
president of the union in place 
of Mr. Bert Hazel!, who is 

THE THREAT of a nationwide 
strike by journalists on Thomson 
Regional Newspapers seems to 
have ben averted. Agreement 
was reached yesterday between 
management and national union 
leaders to g oto arbitration in 
the dispute over sacked jour- 

The formula does not tackle 
the problem of continuing local 
difficulties over productivity pay- 
ments within the group which 
led to the sacking two weeks ago 
of 380 members of the National 
Union of Journalists. 

After deferring a call last 
week-end for a strike throughout 
the group, union negotiators led 
by Mr. Ken Ashton, general sec- 
retary, accepted a new formula 
for a return to work. This will 
be reported to-day to the Thom- 
son group chapel and negotiators 
will recommend later this week 
acceptance at an emergency 
meeting of executives. * 

Two weeks ago. more - than 
3,000 journalists in the group 
staged a one-day strike to pro- 
test at the. dismissal of 77 
journalists in Herael Hempstead 
who had been working to rule 
over a productivity pay claim. 
This was followed by ihe sack- 
ing of more journalists else- 
where in the group for taking 
similar action. 

• The Mirror Group daily news- 
paper Sporting Life is expected to 
be produced tiwlay after failing 
to appear on Monday and yester- 
day because of problems over the 
introduction of new technology. 

The loss of between 170,000 and 
180.000 copies was the result of 
technical teething problems and 
did not arise from a labour 
dispute, the company said. 

New staff were said to have 
had difficulties of familiarity with 
the new system. They had under- 
gone training to prepare them for 
the new technology but had 
nevertheless had problems in 
getting used to coping with the 
especially complicated layout of 
the paper. 

• Leaders of the National 
Society of Printers. Graphical 
and Media Personnel are to seek 
a meeting with management of 
the Times newspaper group to 
discuss a management threat to 
suspend - publication of its 
national papers if industrial rela- 
tions -problems are not sorted 
out by November. 

Mr. Owen O’Brien, general 
secretary, said after an execu- 
tive meeting that the union, 
which claims 1,500 members in 
the group, would wait to hear 
what management had to say 
about plaivfc for new technology 
and training of employees before 
making its own proposals. 

Reject tough Stage* Four 
says railmen’s chief 


Union would be prepared to 
negotiate reasonably if the 
Government gave top priority to 
tackling unemployment and the 
“creeping de-industrialisation of 
Britain.” Mr. Bill Ronkesley, 
president of the Associated 
Society of Locomotive Engineers 
and Firemen, said yesterday. 

But they would certainly wisn 
to negotiate higher wagps, a 
reduction in the working week 
and the abolition of overtime. 

Mr. Ronksley, Left-wing leader 
of the small hut powerful union, 
was addressing its annual con- 
ference in Dunblane, Perthshire. 

He said that Ministers and 
some union officials were convas- 

sing the idea of an even more 
restrictive Stage Four of income 
policy. The whole trade union 
movement should reject it 
Labour would jeopardise its 
electoral chances unless it made 
a commitment to pursue a dif- 
ferent strategy when returned. 
Its present Parliament weakness 
precluded socialist policies, be 

• Another rail union voted for 
an end to wage restraint. A 
motion calling for an immedi- 
ate return to free collective 
bargaining was carried by the 
delegates of the Transport 
Salaried Staffs Association at 
thetr annual conference. 

Call to end 
pay delays 

By Our Labour Editor 

insist that next year their 
national wage agreement should 
be put into effect on the same 
date in every part uf British 
Shipbuilders. At present it has 
to wait for local pay anniversary 

Mr. John Chalmers, general! 
secretary of the Boilermakers, 
said yesterday he hoped that if 
the Government imposed another 
incomes policy it would allow 
this move. 

The unions have been told that 
the outline of an. agreement for 
this year had been cleared by 
the Department of Industry. This 
follows concessions under the 
pay guidelines to engineering 
workers in their recent deal. 

Minimum rates of £57 a week, 
moving to £60. for skilled men, 
and £43, moving to £45. for un- 
skilled. as in the engineering 
deal, are likely to emerge for 
the 86,000 shipyard workers. 
Average earnings are about £78 
and £58, according to the em 


By Nick Garnett, Labour Staff 

THERE WAS no prospect of a 
Conservative government form- 
ing any rewarding partnership 
with unions. Mr. Roy Hattersley. 
Prices Secretary, said yesterday. 

Referring to the week-end 
speech to Bow Group Conserva- 
tives by Mrs. Margaret Thatcher, 
Tory leader, during which she 
said the rule of law was threa- 
tened by union kangaroo courts, 
Mr. Hattersley added that Mrs. 
Thatcher had chosen “to drag 
out and dredge up all the tired 
war-cries of the old anti-union 

The Tories - did not want a 
partnership with tbe unions. Mr. 
Hattersley told delegates to the 
radio and television servicing 
conference of the Electrical and 
Plumbing Trades Union in Scar- 

Earnings levels were still the 
roost important element in infla- 
tion. Nevertheless, Mr. Hatters- 
ley did not conclude that in the 
wage-round after August “ we 
can or should ” have a wages 
policy modelled on tbat of the 
past few years. 

Tether argument over procedure 

former Financial Times 
columnist, suggested yesterday 
that the industrial tribunal hear- 
ing his unfair dismissal claim 
should subpoena all members of 
l he committee set up by the 
National Union oE Journalists 
and Newspaper Publishers 
Association to inquire into bis 
dispute with Mr. Fredy Fisher, 
the editor. 

It was ibis dispute — over the 
editor's control of the Lombard 
column which Mr. Tether wrote 
for 21 years— that culminated in 
Mr. Tether's dismissal. 

Mr. Tether, 64, seeks remstate- 
ment. . , 

He was questioning Mr. Lionel 
Morrison, an NUJ member of the 
"disputes committee yesterday 
about the meaning of the com- 
mittee's Endings when Mr. 
Thomas Morison, counsel for the 
Financial Times, protested about 
the line thut was being taken. . 

Mr. William Wells, QC. 
tribunal chairman, said he ana 
his colleagues were also 
ina relevance in relation to tiie 
matters which they had to decide. 

Mr. Tether said: “I would 
submit that the evidence as to 
what the committee meant and 

whether they saw the disputes 
procedure as being at an end is of 
the greatest relevance, to the fair- 
ness or otherwise of my dismissal- 
- 1 feel the court should hear 
it — even if it is necessary to 

subpoena the entire committee 
“indeed it should surely be 
contrary to the interests of 
justice if evidence as relevant 
as this were excluded because of 
procedural difficulties. 

Mr. Tether said that the 
■sensible and just ‘h-'M Jo do 
would be to allow Mr. Morrison 

tD give his evidence, and. if tae 
Financial Times felt that he had 
not presented the position 
correctly, they should feel 
to call a witness from the kfa 
side to give his account: 

Mr. Tether said that the Finan- 
cial Times had featured the 
events of the disputes procedure 
as being one of the .. 
important factors contributing 
to tbe decision to dismiss him, 


His alleged refusal to abide by 
the decision of the committee naa 
been cited in .their case to the 
tribunal as one of the three 
causes^of the breakdown hi the 
working relationship that led to 
the decision to dismiss. 

He said there were three issues 
in- respect of the events of the 
disputes procedure. . 

The first was the question oi 
whether there could be said to 
be a decision of the disputes 
committee with which he could 
reasonably be said to have 
refused to comply. 

The second was the question 
of whether the newspaper could 
reasonably have interpreted^ 
disputes committee's findings as 
denoting that the 
attributing blame to him i for ii- 
inabitity to achieve a working 
relationship between 

The third question was 
whether the newspaper could 
have reasonably beHevjd as a 
result of that finding that iw 
disputes procedure was at 

ell Mr. Tether said that the tri- 
bunal would have . C0 !»J2 
whether the Financial Times 
could have reasonably and m 
good faith acted on such asmop 

tions if they were going -to take 
the very important decision to 
dismiss him on the basis of 

The disputes committee find- 
ings had been expressed in ex- 
tremely vague terms, and had 
the Financial Times been acting 
in good faith they would have 
gone to the committee or at least 
to the NPA members of it and 
asked what tbe findings meant, 
whether the dispute was con- 
sidered to be resolved and 
whether tbe disputes procedure 
was exhausted. 

Mr. Morison asked the tri- 
bunal to note that Mr. Tether 
had again made specific allega- 
tions about the paper’s good 
faith. He would subsequently be 
adresslng 'the tribunal on costs 
and would base that argumeni 
on certain facets of the evidence 
— and these remarks would be 
included ns relevant to the ques- 
tion of costs. 

He submitted that all three 
Issues mentioned by Mr. Tether 
were matters of argument and 
not of evidence, and that there 
was no suggestion anywhere 
from the union side that the dis- 
putes procedure had not been 

Ur. Morison said that. If the 
tribunal heard all evidence 
whether it was relevant or not, 
the case would become totally 
oppressive for his clients. 

The question before tbe 
tribunal was whether or not the 
dismissal was unfair. This bad 
not been the question before the 
disputes committee, and, in any 
case, if it had been, the tribunal 
was in no way bound by any 
decision of that committee. 

It was wholly - unacceptable 
that there should be a long 


inquiry into what was in the 
minds of the disputes com- 
mittee, by calling all six 
members to give evidence. 

Unless Mr. Morrison had 
authority from tbe other 
members of tbe committee to 
give the view of the whole com- 
mittee to tbe tribunal, then be 
should not be allowed to give 
his personal view of it. 

Mr. Robert Norris, senior! 
national organiser of National' 
Union of Journalists, was asked 
by Mr. Tether to comment on 
the claim that it was well under- 
stood in Fleet Street that an 
editor had tbe right to change 
the jobs of his journalists with- 
out their consent. 

Mr. Norris replied tbat it was 
not the union's view that »his 
was an automatic right There 
had been mucb public debate 
about an editor's prerogative. 
The union recognised the special 
position of editors, but reserved 
the right, and had exercised the 
right, to challenge decisions 
when it considered them ques- 
tionable or wrong. This had been 
the subject of arbitration and at 
least one industrial tribunal hear- 

Mr. Norris, who represented 
the union at meetings of the 
joint Newspaper Publishers Asso- 
ciatlon-NUJ committee set up iu 
an attempt to resolve the dis- 
pute between Mr. Tether and Mr. 
Fisher, the editor, said various 
ioterp relations were put on Mr. 
Tethers relationship with Mr. 

The Financial Times contended 
he was acting unreasonably, and 
tbe union contended he was act- 
ing reasonably. 

The hearing was adjourned | 
until to-day. 

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Financial Tunes Wednesday May 10 197& 


Third reading Premier declines offer 

iven by MPs 
to Welsh Bill 

to test confidence 


Callaghan urges 
realism over 
PLA cash crisis 


ALTHOUGH THE Wales Bill critics of the Bill on the Govern- 
completed its passage through ineni backbenches, Mr. Nril 
the Cuinuiuns last night. MPs on Kinnoek (Lab., Bed well!} ) 
:<ii sides questioned whether it dashed with Mr. Foot when, in 
will lead tu the establishment of winding up the debate, he 
.< Welsh Assembly in CardiiT. The reminded the Government ranks 
third readme was carried hy -9- that the Bill honoured pledges 
votes in 2iM a Government given by the Labour Party in the 
majority 2S. two general elections in 1974. 

Supporters and opponents of irr. Kinnoek intervened to 
the Bill conceded that the pro- declare that the Bill did r.yl 
vision requiring thal the referen- represent the genuine demands 
'imn on the devolution proposals 0 f the Welsh people, as the 
tuust produce a “Yes" vote, rt? sult of the referendum would 
equivalent to 40 per cent of the demonstrate. 

Welsh elector ate to be effective, 
could prove to be a built-in 

Earlier, Mr. Francis Pym, Con- 
servative devolution spokesman, 
asserted that the Bill had few 
genuine supporters on either 
ide of the House, with some 

‘‘srlf-desi ruri” mechanism. 

Mr. Gwjnfur Evans, leader of 
the three Plaid Cymru MPs. 

‘ h n VhnS^Vd f Labour backbenchers” not "''dis- 
!SioM« 7 WS 5 fe Of the suising Je faet that the.yere 
tinvcrmiient in advocating Welsh ^renduro** 1 lklll€d off fa - ' hc 

He described this as an 
abdication of Parliamentary 
responsibility. “ To pass the 
buck to the Welsh people and 
wash our hands of the matter 
is id fail in our duty." 

Never before, said Mr. Pym. 
had there been an occasion when 
the House of Commons had been 


He w.-is sharply reminded by 
Mr. Michael Foot Leader of the 
Cnmimms. that the 40 per cent, 
provision had been written into 
the Bill a* a result of a Govern- 
ment defeat. 

Ministers werest HI opposed 
t" the 40 per cent provision, but 

they had to accept fhe decision , . . , .... .. . „ 

of the House of Commons. The t0 P a ? s legislauon which it 
40 per cent, hurdle should be did not believe in. so that the 
seen as a challenge which the P en Pte whom it primarily con- 
WH»h people could overcome. cerned could reject it. It was 

While accept ms Mr. Foot’s a novel and dangerous doctrine. 
pn,ifon. Mr. Evans continued to Mr. Pym conceded that the 
fittest nm the iincerifv of the concept of a Welsh Assembly had 
Government as a whole alley- strong support in Wales, but that 
in» thal \W Prime Minister, support did not extend to the 

showed few signs yesterday of 
any political hangover from 
the Finance BUI rout, but 
cautiously declined Mrs. 
Margaret Thatcher’s invitation 
to test another all-party 

The exuberant Tory leader 
suggested that If a 33p tax rale 
was irresponsible — as the 
Prime Minister had declared — 
ihen the Government should 
try to raise it again on a vole 
of confidence. 

“A very interesting 
suggestion,” Mr. Callaghan re- 
marked. “Extremely In- 
genious ... I shall give 11 very 
careful consideration.” 

Labour MPs, fizzing as if they 
had been dosed with some 
political alkaseltzer, jeered 
Mrs. Thatcher’s apparent reluc- 
tance to initiate the vote of 
confidence herself. 

Bat Mr. Norman Tehbit 
(C Chlngrord) urged the Prime 
Minister, If he would not 
venture into the lobbies, at 
least to take an outing to east 

Mr, Callaghan could then 

explain to the people why he 
clung to office when he had no 
other support left, he said. 

There was no doubt Who 
would get the better reception 
ir the two of them went to face 
the people together, Mr. 
Callaghan retorted briskly. He 
bad been “quite happy” with 
the local elections, he said in 

But the situation was not 
satisfactory, he agreed. “I 
shall go to the country for a 
clear majority for a Labour 
Government whenever I think 
it appropriate,” he added amid 
Labour cheers. 

Until that time came, the 
Government would take any 
necessary steps to put right the 
effects of the Tories’ irrespon- 
sible behaviour. 

Millions of people would not 
benefit from the tax cut, Mr. 
Callaghan said. But if the 
Tories pursued their present 
course they would widen the 
gap between poor and rich. 

It had not escaped the notice 
of Labour MPs that Mrs. 
Thatcher herself would 
benefit — and they had a merry 

discussion of whether she 
deserved a bonus. 

Dr. Edmund Marwhan (Lab. 
Code) recorded that the Tory 
leader had asked 294 questions 
in return for her £9,500 salary. 
“But since only six or seven 
could be described as positively 
constructive, she has virtually 
no eligibility for a productivity 
bonus,” he said. 

Parliament required a strong 
and effective Opposition, Mr. 
Callaghan replied with a 
patronising smile at the Tory 
front bench. “I think the 
Right Honourable lady earns 
every penny of her salary con- 
sidering the Opposition is so 

much of a one-man band.” 

“I’sn’i that one more man 
than the Government has got,” 
Mrs. Thatcher snapped. 

Hr. Callaghan looked almost 
as hurt by that as Air. William 
Whltelaw. But both regained 
their smiles as Hr. Joe Ashton 
(Lab Bassetlaw) recalled that 
Mrs. Thatcher had watched the 
Cap Final last weekend and 
afterwards named someone 
who was not playing as her 
man of the match. 

of £10,000 
for vaccine 

TAX FREE lump sum payments 
n/ f in 000 for children and adults 
BY IAN HARGREAVES AND JOHN HUNT severely damaged by vaccine.. 

THE Prime Minister yesterday in simply meeting its wages biU. were announced by Mr- David 
- - - - MjrCaliagban tfild MPs that Ennals, Social Sen vcesSecretary 

ilr. Rogers would consider the in the Commons yesterday, 
matter thoroughly before the But there was only a Modified 
Government reached a verdict, welcome from Mr. Jaw Ashley 
Mr. Nigel Spearing (Lab-, (Lab., Stoke S) who has led a 
Newham S.) asked for an campaign for compensation tor 
assurance that as part of the jjj e children. He saw the pay- 
inner urban programme the ment as an interim measure and 
Government would examine ma de clear that more would be 
every possible means of seeiDg expected later, 
how far the facilities could be For the Opposition. Dr. Gerard 
maintained and usefully used Vaughan questioned the value- or 
for the whole of east London- a fixed amount it bore no rela- 
According to Mr. Spearing, the y,j a j 0 the future needs of 
use of commercial criteria to individual children, he said, 
assess the future of the docks Announcing the payments, Mr. 
was doomed to failure because g nna ] S said they would not pro- 
our Continental competitor empt rights 0 f those who had 
ports already received support sU ff ere( j damage to take action 
from the State and from m- ^ Nor would they pre- 

divtdual cities. _ emp t decisions the Government 

tJiat would make on the Pearson 

threw his weight behind a sola 
tion based on harsh commercial 
realism to resolve the Port of 
London's cash crisis. 

Mr. Callaghan said in the 
Commons, that commercial 
criteria must be the test 
against which the future of 
London’s upper docks were 
judged. "There will be no long 
term future for this country if 
we continue permanently to sub- 
sidise facilities for which there 
are no use," he told MPs. 

His remarks followed 
Monday's less decisive Commons 
statement by Mr. William 
Rodgers. Transport Secretary, 
but provide strong support for 
the line which Mr. Rodgers is 
taking in private. 

This line, in broad accord with 

Mr. Calaghan agreed 

that of Mr. John Cockney, chair- closure of the docks worn a nave Committee reconuoienadtinn that 

Thatcher and Steel on losing 
side in political levy vote 


do-ipjtr represent in? a Cardiff 
const i in eiu-y. had not said one 
word un devolution in ail the 
time that rhe issue had been 
before Parliament. 

The Plaid Cymru leader 
sire-»ed that in practical terms 
only S3 per cent, of the Welsh 
eli.croraU- could bo expected to 
participate in the referendum. 
l. r a 60 per cent, turnout were 
achieved — not many more had 
voted in the Common Market 
referendum which had had all 
the advantages <»r nation-wide 

Press and television publicity — 

those toting ‘’Yes” would have 
to be in :i two iu on-* majority 
•»v--r -.ho-e voting - No." 

Bill introduced by the Govern- 

He alleged that the three Plaid 
Cymru 6IPs. although welcoming 
the Bill- were hoping that ii 
would oot work, so that the 
resulting damage would bring 

AN ATTEMPT by Mr. Richard 
Page (C. Workington) to intro- 
duce a Bill allowing individual 
trade unionists to choose which 
political party should receive 
their political levy was narrowly 
defeated in the Commons yester- 
day by sly votes (200-194). 

The Bill was strongly opposed 
by Labour MPs and denounced 

for the port, of] of which involve 
closing the East End docks on 
the upper river with the loss of 
more than 4.000 jobs. Even if 
immediate closure is decided 
upon, a substantial Government 
grant wfU be required to main- 
tain the port’s liquidity. The 

Mrs. Maigaret Thatcher, leader feeling among rank-and-file trade EKhn. Tataf *** ^ *** between 
of the Opposition, and Mr. David — . . 

Steel, the Liberal leader. 

a serious effect but audea gjjnuia be strict liability 

“Docks have been closed xn the fflr severe damage by vaccine, 
past and will. I have no doubt. Mr _ Ennals said the £10.000 
be closed i» the *“*“£*: payments would be made to those 

we must not underrate roe damaged by vaccines recoin- 

impact of closures of thjs sort xneQded for the benefit of the 
on the life of tbe community, community, whether children or 
Following earlier criticisms aduUs , s j nce j u iy 5, 1948. 
from Mr. Spearing and others jj e ingtanced vaccines against 

„ -jerer — e „ that the PLA figures showing fljphtherla, tetanus, whooping 

Mr. Cockney has presented Mr. likely losses by the upper docks coafl h poliomyelitis, measles. 

2T5 “£S5 ESS! “J c ®™ te , ai a,r 1 Iuftori^“- •- rubell,. tuberculosis or sipallpoi 

man of the Port of London 
Authority, is tbat the upper 
docks must be closed either Im- 
mediately or over a period of 
about one year and the PLA's 
activity centred upon the con- 
tainer port of Tilbury. Mr. 
Cuckney revealed last week that 
the port, which lost £8m. in 1977, 
was heading for bankruptcy. 

accurate, tne authority is to u _ t0 ^ when routine use 
produce separate accounts for cease{ j ^ jj e recommended, 
the docks in question.- Hp Ennals said lie initial test 

Mr. Ennals said the initial test 
would be the receipt of attend- 
ance or mobility allowance for 
conditions which could be 
attributed to vaccine damage. 

In the meantime, the Govern- 


Call for bonus 

closer the realisation of their hy Mr. Jeff Hooker (Lab., Perry 
ultimate objective, a separatist Barr) as “crazy and stupid." But 
Wales. among those voting for it were 

Mr. Page, who was trying to not only establishment-orientated Shore, Environment Secretory, 
introduce the Bill under the 10- but a mere extension of the whose department is committed 
minute rule procedure claimed Government of the day," be to a programme of revitalising 
that rt would reinforce the argued. inner cities and who has a large 

fundamental right of freedom of If members were given a choice P"*®"** c,„ ? n d PoS 

choice. It would also bring a of party he could foresee a situ- d ^Stepney and IPopk^ 

greater understanding between ation where the relative move- before full Cabinet until the c„i „u_ en-ir i whn 
the political parties and the men ^ of coustnbutions between p, * ucaif ha-« completed discus- ®alnsbury (G, Hove) wiw said who 
trade union mSSSSt the parties would be token as an ^ ^ ^ “3T pensioners had.been ^ 

“I believe there is a growing ln ,, 1 £ ato t r Effectiveness of next U ’eek, Addii^r to 

political policies. pressure fw speedy action is the 

no decision yet on whether the eluding strict liability in tort for 
£10 Christmas bonus to pen- vaccine damage, 
sioners will be granted again 

this year, Mr. David Ennals, . • 

Social Services Secretary, said in AnilV CflDfflinS 
the Commons yesterday. “ ^ F 

He was replying to Mr. Tim THE NUMBER of Army captains 

' resigned prematurely in 
1977 was 277. compared with 175 
confused last year by first being the previous year, Mr. Robert 
told there would be no bonus Brown, Army Minister, said in a 

Scotland Bill heavily mauled in Lords 

Uiiii ., 5(1 per cent turnout, the Lnrds last night when the 

a four no majority would i>e Scotland Bill was again Heavily 

roquiivd lo clear ihe 40 per cent, mauled. 

hurdlv. An amendment deleting a 

Mr. Evans -said he reared that provision to include forestry 
tho *.'i"vonimcnl was just taking among the devolved responsibili- 

Wales for :i P.-irliAiiiAnrnr«.- r 5 .I 



PEERS INFLICTED a string of Assurances by Lord ftfcCIuskey, 
defeats on the Government in Solicitor General for Scotland. 

that the role which the Govern- 

poliry and strategy,” he declared. 

Two former Conservative 
Secretaries of State 
Scottish land. Lord Campbell 

From the Labour benches, Mr. difficulty the authority 
Hooker said he could not imagine experiencing later this 
a more stupid use of the 
10-minute procedure. Under the 
Trades Union Act of 1913, which 
Mr. Page was seeking to amend, 
funds could not be used for 
political purposes unless 
for Scot- approved by a resolution of union 
of Cray, members. 

wffl be 

and then finding out that there 
would be one. 

Commons written 

reply yester- 

Labour candidate at Hamilton 
predicts Nationalist decline 


for a Parliamentary riJe. ties of the Scottish Assembly 
;i <u>!.'ined publicity earn- was carried by one vote. 73 to 72. 

paign over the next two months, 
puppori.-d b> all Ministers and 

There were majorities of 27 peers, 
and nine against the Government Lord Dulverlon, 

merit planned for the ww, u ~.. — — 

Assembly in forestry matters who spoke from the Opposition . The Bill is unnecessary, 
would not prevent the Forestry Front bench, and Lord Glenkiu- ^“Ply because, 11 a member does 
Commission continuing to dis- glas supported the amendment. no J want . P a ^ lev J’« “ e does 

charge overall responsibiUty for Both maintained that there *»{**[£• ^“two years, the THE LABOUR candidate at failure of the SNP campaign in Mr. Fred McDennid. 

certification officer had received Hamilton, where a by-election is regional elections, Labour is Mr. Robertson, like Mr. 
only 21 complaints from union expected to be held on June 1, confident that it will hold off the Donald Dewar, the successful 

members concerning the levy claimed yesterday that the Nationalists, who won the seat Labour candidate at Garscadden. 

If the BiU were approved, the Scottish Nationalist tide had “ 1967 but l° fit it in 1070. At the is to the right of the party, a 

unions would be forced back to turned October. 1974, general election, solid supporter of Mr. 

forestry policy 
Britain failed to 

throughout was no good reason to devolve 
satisfy Tory forestry when agriculture was 
retained among the matters 
who moved reserved as a responsibility of 

ait sut-miier* »( i he Labour Part" when amendments were ap- the amendment, argued that the Westminster Parti ament, 

would pvrMiadc the Webb proved to remove Scottish air- divided legislative authority for The Government can be 

Nationalists tu take a different ports and inland waterways from forestry would lead to a diverg- expected to try to reaair most whero ‘"thev A*? 

\ j-.'W. the control of the Scottish ~ r "«”««' ~r 1 ...1 — woere tney couia not use tne 

One .if the 

the position of the last centnry. 

most persistent Assembly. 

an all-British, 

~ Labour's majority was 3,300. Callaghan’s Government and a 

Mr. George Robertson, former Th e SNP candidate is Mrs. strong pro-devolutionisL 


of policy. "Britain needs of the damage when’ the Bill cot • * bai ™* n f *5* Far S McDonald: senior Hamilton he said, would be 

1-Bntish. national forestry rehirns tn th<» Ammons --- 1 - in Scotland ami a ■ offl- cha iSian of the party. She a key bade in Labour’s fight to 

S al l °wiJi e a J5 e TT^T. a «?{#t lieed5 3 from Labour of defeat the Nationalists in 

more than 4 per cent to win the Scotland. He intends to make 
seat In the local elections last independence a major issue In 
?£25 m - I ? mat0D — “ d “ ere week there was a swing of 9 per the campaign, 
it woum ena. ceJQt _ ^ ^ oppoS |t e direction. “This is a decision the people 

Following the successful The Conservative candidate is of Scotland have to make. They 
defence of Garscadden in a by- Lord Alexander Scrytngeor and have to say whether they want 
election last month and the the Liberals have nominated separatism or not," he declared. 


When you're doing business in the Far East, it helps 
to have the right connections. 

It's important, too. to have convenient travel con- 
nections. To arrive fresh enough to ensure a successful 

Connections like the four SAS express routes with 
9 weekly flights from Copenhagen. 

SAS has a. way and a day to suit your timetable. 

. j . , ■ ■ i - .. — . - 'n'j/M-?'-.- ■ 

, iL.'i'Ji'ii. ,1/joL'. I m- u., gsuU 

ucclioii* ioiivt-a A\v'a- 


voice in - Parliament. 

Mr. Rooker also protested that 
Mr. Page had made no mention 
of companies which made 
political contribution. The 
housewife buying soap-powder 
could not say that she did not 
want part of her money passed 
on to a political party, he said. 


Harmony rules as Labour fixes 
gaze firmly on next election 

Mr. Joe Ashton ... his Left- 
wing credentials helped. 


THE Labour Party is now suffer- 
ing from a pronounced outbreak 
of peace within its ranks — a 
phenomenon that is, of course, 
not entirely unconnected with 
the likelihood of a general elec- 
tion within the coming six 

The Common Market con- 
troversy. which has bedevilled it 
for a decade, has been laid to 
rest, and the National Executive 
Committee has grudgingly 
agreed that the party should fight 
the first direct elections to the 
European Assembly In the 
summer of 1979. 

On economic matters, too. 
there is comparative harmony. A 
meeting of the Parliamentary 
Labour Party saw the remarkable 
spectacle of a grateful Mr. 

Healey blowing kisses to Mrs. 

Audrey Wise, in the past one of 
his most virulent Left-wing 
critics on the backbenches, after 
the lady's most kind remarks 
about his April Budget And now, 
most important of aiL agreement 
is in sight on that explosive 
issue, whether sitting MPs should 

Cr m “ a 'co U ^ a “ e S“ leC !ISte f-rti." considers- 

between general elections. a h lth ®“ efa 

The scheme that will go to the -?L be ™T 

NEC laiter this month— and pre- triumnh d h«t^ 

sum ably be approved— is a com- “SSf* 2? Sf 

promise between Left and Right. ^“f e h r p ***** J, 0 * 11 * 
though perhaps tilted towards J!j“ J “ “! J he * 

the latter. The former have ™ 1 a r L r ?™^VolV? tents “ d 
dropped their insistence that a P ur P° ses i “^ant defeat. 
full scale re-selection conference The difference in interpreta- 
sbould be mandatory. But the tion was only to be expected. For 
Right have accepted that an MP’s the argument aver re-se lection 
job is not a sinecure; tbat he crystal uses the conflict between 
should be readopted at a special Labour’s socialist and social- 
mid-term meeting of the local democratic wings — in other 

party, and that, if unsuccessful, words, between the party In 
he should have to join a new Parliament and Government, 
shortlist of candidates. with its enduring centre-Right 

Labour’s rule book will thus be majority, and activists in ihe 
changed, so that an orderly pro- field, who believe that only with 
cedure will replace the present strict constituency control of 
choice between re-adoption on MPs can the socialist millenium 
the nod in the scramble after an dawn. With it is bound up the 
election has been called, and the row over far-Left “ entryism M as 
typical unsavoury and endless activists move in to take over 
struggle to winkle an MP out. general management committees, 
Just how important is the and seize the power to oust a 
agreement reached by the NEC’s sitting Right wing MP. 
organisation subcommittee on The deal does offer protection 
Monday may be measured by the against this threat The re- 
fact tbat re>seiection drew more adoption process will only take 
resolutions and amendments (70- place normally once in the life of 
odd in alt) than any other issue each Parliament, between IS 
at the 1977 Labour conference, months and three years after an 
In the strange parlance of such election. No management coin- 
occasions, the topic was M re- mittee member may vote unless 

he has served for at least 12 
months, and ample rights of 
appeal, albeit only on procedural 
grounds, are provided. 

Two things seem to have led 
to the compromise: the common 
desire, stemming from the 
proximity of an election, not to 
rock the boat and hand the 
Conservatives ammunition for the 
“ Red peril ” arguments that will 
feature in their campaign, and a 
recognition of the facts of Labour 
party life. 

The two-stage, optional, re- 
selection formula was un- 
doubtedly helped on- its way by 
the Left-wing credentials of its 
author, Mr. Joe Ashton. MP for 
Bassetlaw, who leant heavily on 
the warning that a Labour 
Government could be wrecked 
by the maverick votes of a hand- 
ful of MPs. disowned in their 
constituencies, who would have 
nothing more to lose. 

Even more important, though 
was the role of the trade unions, 
with their enormous inbuilt in- 
fluence in the party who backed 
the compromise. Only three Left- 
wingers voted for immediate and 
automatic re-selection for every 
MP on Monday night: the others 
realised that whatever happened, 
the union regiments and their 
block votes would carry the day 
at conference, and went along 
with the Ashton device. 

The 10-3 outcome testifies to a 
new reality in the party that on 
matters of Labour’s internal 
organisation, the unions are in- 
creasingly siding with the 
moderates. This alliance has 
already forced into being, against 
the wishes of the Left an Inquiry 
into party structure which will 

deal with the “entryism 


Why are tbe unions aligning 
themselves with the moderates. 
After all, on economic issues, 
such as pay policy, they ore far 
apart The answer, quite simply, 
is money and the influence it 
allows them to wield. 

As Labour’s membership 
withers and its organisation 
decays, the unions more than ever 
are the paymasters. Thanks 10 
Mr- Moss Evans's TGWU, the 
impecunious party can stay on 
for a concessionary rent in its 
Transport House premises; and 
at the end of the day, it will 
probably be union funds that 
help pay for the new Labour 
headquarters, In Walworth Road, 
south London. 

Also, of course, unions sponsor 
around 100 MPs, about a third of 
the Parliamentary Labour Party. 
And nothing do they relish less 
than the idea of seeing reliable 
loyalist MPs ejected by GMCs, 
and replaced by ones of a very 
different hue. “Basically,” says 
someone closely involved in the 
reselection debate, “ they don't 

“e a miners’ man 
chucked out of a mining seat, 
and some lecturer put in instead ” 

Not everyone, and least of all 
the Campaign for Labour Pariv 
Democracy, which insists on extra 
accountability of a Labour M? to 
his local party, will be happy. 
Bnt that’s the way it will almost 
certainly be. Back In Downing 
street, Mr. Callaghan must be 
having a qoiet chuckle. Maybe, 
on pay policy, the old magic isn’t 
working as well as it used to. But, 
on reselection, the unions are 
doing him proud. 



Old jrnwn: Mr. A. Shaw. Aahridge Management Cofle Ee . 

*7 n Mtauun? ! k L r> MBE - MP - ; W - VWteiS. Fellow 

CoJLraS aSS? PSV’t’ H * P8r “X es ’ J - P ” Cha «nnan. Matrix 
Corporate Affairs, T. Secretary General-Uranium Institute. 

28 JUNE 1978 
ffnqvirfes to; 

Miss C, Boswell 

Ewcuont 29 Octagon H!,h Wycomb,. Bods. 

Telephone; 0494 33171 

ftmnng - our many country-wide property 
services, there may be one that you don't 

know about. . ^ . 

So here is a quick run-down on the way 
that Savills people spend their working days. 

( VpiTriftr cial Department 
We help companies to find the right 
premises in the right places at the right 
rents ynd on the right terms. 

We advise Pension Funds and Insurance 
Companies on direct investment in 
commercial and industrial property (a 
highly attractive field, but you have to 
know what you’re doing). 

We acquire, sell, manage and value 
commercial and industrial holdings ; 
manage development projects, advise on 
lease renewals and rent reviews. 

Agricultural Department 

Finding and managing estates for 
private individuals is an important aspect 
of our work, as the country life - is 
immensely attractive and the financial 
benefits can be substantial 

We advise Pension Funds and Insurance 
Companies on the acquisition and sale of 
agricultural land. 

And for all our purchasing clients, we 
offer a nationwide management service 

through our country offices and associate 

Residential Department 

For purchasers and sellers of houses and 
fiats we go to endless trouble to find the 
right place and to get the right prioe. 

As well as the activities of these three 
basic divisions, we provide a range of 
services through our overseas offices. 

Consider the wealth of information and 
experience which is available through all 
these departments, and you’ll quickly 
realise that when we say we do more than 
scratch the surface, we mean it ! 


The complete property service. 

20 Grosvenor Hill, Berkeley Square, London WIX OHCi. 

Tab 01-499 8644 

Banbury Beccles Chelmsford Colchester Croydon Fakenham Hereford Linco ln Harwich Salisbury Wimbome 

Paris & Amsterdam 

Associates in Scotland. Represented in Guernsey. 


Banking figures 

la 1 * table D in Bank or England Uuarlerly Bulletin) 


l— Banks 


little better’ 

Financial Times Wednesday May 10 1978 

Details of trends 

, RvnF _... nj - res po ml on is. All figures are £cn*mas« o n 
5^10. -How the r^po** to 

the survey carried out Iasi Fcbruu . ■ More Same Uxt 




■glhlc liabilities 

L ! .K. hanks 

London clearing hanks 


+ 723 

Scull ish clcarm;,* bank.* 


+ 43 

Northern Ireland banks 


+ 4 

Accepting houses 


+ 51 



+ 168 

Oversea** bunks 

American banks 


+ 76 

•lunane.-c banks 


+ 23 

m her bunks 

• 2.974 

+ 191 

Gun- .Tl iu. 11 s 


+ 35 

Total eligible liabilities' .. 


+ 1.316 

Reserve assets 
L'.K. batiks 

London clearing hanks 




S'uui.-b ■■Ic.-rii;-' bunk-* 

3 3.1 


Vrliiein Ireland banks 



I Iiou.-cs 







Overseas banks 

American bunks 




.) .'i 1.1 n b.-nks 



"Ilmr i'i?rM"j< banks 





Total reserve assets 




Constitution of total reserve assets 

Rjl.mcc; vtiib Bunk of England 

Muin-v ai i;;i ii: 


+ S9 

1 nfi.T 



- 67 

_ 4 

T :i\ i-i cue ccriMlculc.s 

l : K.. Nurlijern Ireland Treasury Bills ... 
Uih'-i' b 'K: 


+ 124 

i.ncul uxiiburily 


+ 10 


+ 58 

Rr: - i--.ii 'iiMvrninpnt * tucks with one year 

nr Ic.-s in lin.i] maturity . . 

01 her 



Total reserve ass c 15 

6.1 11 

+ 92 

Ratios % 
L.K. banks 

London clearing banks 

Si-uili:!) clearing bunks 

Non. horn Ireland bunks 

V'-opting homes 





- 0-2 

- 1.0 

L»vcrseas banks 


Amrr.c.-n hunks 


- 0.9 

■L-i-KincM* bunks 


- 0.9 

‘ Iif*i nwr-rus banks 


- 0.8 

<..unwmum bunks 


- 5.4 

('■•miiiiicd ratio 

13 9 

- 0.2 



P— Government siock holdings with 


tii.-in on« ;.ivr but Iws thao 18 months lu 

ii:i;'l ii..i ittri i> amounted to 


- 1 

— i "naiu-o houses 

Elivihle liabilities 


- 8 

R'-son." assets 


- 1.1 

Ratio 1*7.1 


- 0.1 

S:i"i'nl deposits at April 19 w-’re ill 

1.247m. (up 

mm. i for banks 

••I '.Mhn 1 unchanged 1 for finance 


- Interest-bearing 

;iblv liabilities were i.29.397m. tup 



THE APRIL Budget failed to 
boost confidence about prospects 
in manufacturing industry, ac- 
cording to the Confederation nf 
British Industry's quarterly 
trends survey which was pub- 
lished yesterday. 

In a report of the views nf 
about 2.U00 companies ques- 
tioned in the fortnight after the 

Export trade 

Companies completing these questions have direct exports 
exceeding £10,000 per annum. Number of respondents 1.425. 

Are aou more or kws optimistic about jour 

export prospects Tor the next 12 months M „ 

More Same Lew N A normal, only 13 per cent, (m&inly 

than jou were four months ago T8 57 24 1 in electrical engineering) say 

(12) (55) 13) (1) they are ahnvA hftnnal 

Sudgcl of April 11, the Con fed era- Excluding seasonal variations, do you consider that in volume terms: 

" ' ‘ ’ ' Above Below 

normal Normal normal N-A 
13 39 45 3 

114) (47) (38) IS) . . 

„ Excluding seasonal variations, what has been the trend over the This was reinforced by 70 per 
Id-istrv has again been one of four ™omh.s. and what are the expecied trends for the next cent, of companies saying they ih)Your present storks of 

agnation or little belter." four raonULS * vitb resard Expected trend over n0 J L . had four ™ nths ‘ finished soed* are 

next four months * # ‘ L 00 hana - Six months ago 

£f»ur months ago about the „ene 17 83 20 

. situation in your industry (ij») 

More Same Less N j( 

n,! vou exncLt lo authorise more or lr>^ 
camia! expenditure in the next 12 months 
“Ji >™ iiUioruied in ihe P»> raoollia 

on: 23 

tai Buildings (23) 

(b) Plant and machinery fjjj 

show a decline in new orders, 
especially in textiles, although 
there has been an improvement - 
in some areas as diverse as heavy 
industrial plant and furniture 
and bedding. 

While 45 per cent, of com- , ... 

panies regard Iheir present total is your present "*{25* J* 1 ”*! ^iSJcifirv 

order books as being below (that i>. arc you working below a .sun if at n rj 

full raLe of operation) 

411 29 § 

(37) (291 (9) 

36 33 I 

(32) (33) (|) 

Yes Xo X. A 







lion says: “In terms of capacity 
working and of past trends in , . . . 

now orders and ompul. ihe p»mi apart .rder book ■ 

general picture ia manufacture 


Higher activity is nut expec- 
ted in the next few months 
because output is likely to be 
limited as a result of poor 
demand in about SO per ccnL of Volume 
the companies questioned. 

In addition. “Export prospects 
are weak with firms experiencing 
deteriorating price competitive- 
ness in depressed markets." 

they are above normal. 

“ Such figures illustrate bow 
any revival in demand Jins yet U> Tour 
to reach the manufacturing 
sector.” the confederation said. 


four months 

Excluding seasonal variations 

do VOU consider that m volume term*: 
vh»wp Below 




N A 

(a) Your present total 



order book is 



lic.ns than 





N A 

lb) Your present slocks of 





finished .goods are 




Volume of total new 




Average prices ai which 
export orders are 

Up Same 


X -V 

Up Same 


X -A 



■ 54 














































- » issa.-s?as 

On capacity working. 66 per 

cenL of the companies report 

that they are working below v . . , „ . 

a satisfactory full rate of Numbers emploved 

ES: Volume of 

next four months, with recard to: 

”1 rend over past 
fotir months 

Ex peeled trend over 
next four months 
t : p .Same Duvvn N A 

companies the proportion is 73 
per cent. The position is 
noticeably worse " for inter- 

There has. however, been some What factors are likely to limit your ability to obtain export orders mediate industries rather than 

improvement here compared with 
the last survey. 

for producers of 
consumer goods. 

capital or 



Contrast . . r 

blocks of: 

This picture oF around two- (a) Haw materials and 
thirds of manufacturins in- brought in supplies 22 

manufacturing in 

. , „ . dustry reporting below capacity 

A few of the specific Industry working has continued since 

over Uvc next four months: 

Deliver.' Quota and. Political or 

Prices dates’ import economic 

It appeared that employment (compared with overseas Credit or licence conditions 
in manufacturing industry — competitor-) finance restrictions abroad 

which accounts Tot one-third of 17 9 1 7 37 

the country's workforce— -was (93) (IS) t3) (12) (33) 

probablv falling. . — . - 

On ihe brighter side, invest- 
ment intentions remain quite ins in the survey which together 
strong. Cost increases 
becoming a lb lie widespread. 

and the financial position „ __ . _ _ 

manufacturing indurtrv does nut mentl” about export prospects than was has” also ~btTeif " noticeable 

appear to be worsening. * Qn t |, e basis of previously- case Ihrce or four months change in the trends on sto'kfi. 

th c e su rSey re anLwe is * an d official “In the short term, however. u Ke^nrSrmefdos^ErS 
statistics, the report concludes: there , is little that is eocourag- ^i'SSX 

■* are most 
largest coin- 

total new 

of which: 
Domestic orders 

Volume of output 

Volume or domestic 

lb) Work in progress. . . 

are employ some 3m. people. groups, mainly at the capital January last year and reveres ‘ «,• . . > . 'Z- 

cad. The figures recnided “point goods end of manufacturing, also t h e pattern of cyclical recovery ,c> Fimshcd D ° ods 

of firmly towards lower employ- seem to be a liltle less gloomy ^ carIier business cycles. There Average cost* per unit 

net Htnnf *■ - iKr.iif ovnftT'l nrn.'nflfK Inun WU 4 1 . .. . .... . - 


Average prices at which 
Domestic orders are 











i— > 




(— 1 














































( 121 














































■ 1 “ 

















































The general si 1 nation shown hv "We would expect employment ing about current trends in the 
the surrey is that- instead of »n manufacturing to be falling volume of new export orders or buoyant- among the i 

anv resurgence of general busi- between the end of last year of export deliveries. panics. This leads the coofftdera- 

.. -, een and August. This is rather sur- T j, e survey shows that there Don to forecast that the volume Le5, * 1 , « dnl \i‘ 

the P; |s r ,T !7.' a ?nmst the backarojnd ij as ^ een an improvement since 0 f private manufaeturin® ipvest- ft4) #4-*» 

' or m U,e Mie January survey in the balance meffSu “ffl? Wh^facto^!. 

llore economy as, a whole of companies- reporting that they the H* months ending in Ocrober. months: u ,. t „ 

3go. The report adds that lower have been able to raise average aD d that a similar picture will Orders .skilled oihcr Plant Credit or .Material." or 

less employment is already most pro- prices at which export orders be repealed in Die followin'* 1*J or ^ ur labour capacity finance componcr*; uilier 

’(•nn nnnncnrl nmnnn fhp lanp^f pOin- arp hnok'Pd ® -r. . .v. 

ness con6di*ncr*. there has been an d. August. This is rather sur 
slight weakening since 

Pudgpt. While 17 per cent. . , 

the respondents were more economy as a whole 
ontiinistfr jhan four months a^o. 
thoui 20 ner cent, were 
buoyant. Tit is h.i'anre hetv'een nounced among the largest com- are hooked, 
the two grnups nf —3 per cent, panics and in industries such as 

Approximately how many month. s' production i>' accounted for by. 
your present order book or production schedule: 


4-6 7-9 10-11* 13- IS Lhiin IS N A 

15 5 2 1 19 

(15) (I) (3) (5) (2) (IS) 

re likely lo limit your output over the next four 



(77) ( IS) 


. ,, . .. , , P-'imes ana in industries suen 1 as g ut t jj c position is still “below The confederation 'includes Factors likely to limit your capital expenditure authorial ions on 

s marg'nallv wn*M»» th.-in the +1 metal manufacturing, chemicals jj 0th t h e average for the 1970s Q..pcr( 0 ns on cornorate liouWItv buildings, plant and machinery over the next 12 months: 

is nwii- wm 1 MU- T 1 ‘•"V", J UOtn ine average ror me lUtUS Questions on eornnrate lioiivtltv 

net- cent, rrcnrded when ih- la t and allied industries, anu food. ^ what u . as | ooked for when p V p^ ifv 

(si I have adequate capacity to meet expected demand 

still far from busy.' 

the companies replying to the 

a little less than was expected 

“The survev shows that nrice slv months aon.” 

(ii) Inability 10 raise external finance I 


(iii) Shortage of managerial and U' statf 2 

and overseas, pressure on coin- Confidence about export pros- ning of new export orders as at . nan ., r " nr j n ri n tin-> and the 
nctitiveness. " damaging inter- pccts for the next 12 months is any time since 1964 when we ,f es P in tries ' are 
fgrc^<■.o•■ hv the Ccvemniont in not strong, although iherc has began lo ask questions about .7,“..’ rn V “ ' h -, r ti 1( , 

the affairs of indu^r.v. and poor been an improvement in the past lotenilal impediments to ex- '* s * tPU . fnr „i 

^-orituHvity prafiiabilUy and (our months. ports. Two-thirds of exporters of 235£rtn” electro. 

nccn:ivcs. “Between the two surveys there manufactured goods expect that eus3DLeriu - 

This is rc Heeler! ir. the section has been a marked swing from . .m L'B/ Industrial Trends Survey, 

lealing wnh tn.plujmcni which widespread pessimism at the be- export orders will be 1 united be- April. 1978. Mo. 68. lull Res tv 'a. 
-hoW' a strong trend towards a ginning of the year to sligh'iy 1° tb05>e Annual subscription C50 1 CEf 

re I in-: ion in job, in the 2.000 greater op ti mi -m now among the ot >cas com pernors. members £30 ». 21. TothlU Strcei. 

manufacturing companies reply largest employe) s. In general total order books Lendon, S.XV.l. 

(iv 1 Shortage of labour 

( v ) Other 

(c> !\l.v capacity is not adequate to meet expected demand hut 
I do not intend increasing my capacity. Thi?i is for the 
follow mg reasons: 

fi) Not profitable because of the cost of finance .. 






London Clearing Banks’ balances 

as at April 19, 1978 

THE TABLES below provide (he first 
monthly indication uf I lu- trends of bank 
lending and deposits, ahead of the more 
comprehensive hanking and money 
supply figures published later by (he 
Bank nf England. Tables I. .2 and 3 
arc prepared by the London clearing 
hanks. Tallies I and 2 cover the business 

nf (heir offices and their subs { diarlcs 
(excluding Scottish and Northern Ireland 
banks) in England and Wales, ihe 
Channel Islands and the Isle of Man 
which are listed by Ihe Bank of England 
at railing within (he hanking sector. 
Table 3 covers the parent banks only. 
In this, it is comparable with the figures 

produced by the Bank nf England, which 
show the reserve positions of ail the 
hanking sectors subject to credit control 
Minor differences here arise from the 
exclusion from Hie clearing bank figures 
iT Cou(tc. a subsidiary or National 
Westminster but a clearing bank in its 
ou 11 right. 

TABLE 1 . 



CWnj* on 



1 1 MVR. 11 II.S 

flit- £lll. 

till. Ini. 

MitIiii 1 ! liriiihilv 

I K. banking srvinr 


4 . 703 

1 l\. iiri-.aic 

26 :l)» 

+ 938 

1 K. imblii" s.-r'-ir 


+ ll '!1 

1 iv press rcsiiii-ni". 

2 . 1.16 

- .13 

t i*rli!ii-;ili""t nr U''|n>.sil 

2 .::p» 

- 19 

r. 6.::^6 

+ 1.771 

uf whu-li: K is I m 


- 9-18 

rune Inu-. I ll's) . 


+ S 32 

l'ur»**".'H i-urn-|f> i|i"i:usiis: 

r.K. linn Kin;: wmr ... 

3 ..VI.S 

- 18 

• i|in‘r LJ\. r.M’r|i"iiis 


J- 118 

I'iTm’ i' rrsfili-iijs . . 

li).i . '2 


t ruilic.ilvj, u( ilvpusil 


+ 71 

1 ll(*l»lsi|s 


+ 562 

52 .:i 35 

TST 2 

Ullicr lubihlio* 


+ “l*.'l 

‘lUI'Al. LI.MMLI I ILN . . 

61 J 72 

-*- 2. 131 

A '•SI "IS 


Os li~ and balances with Bank 
or I.irdaud 
M.irXrS In. inv 


+ 116 

Disco 11 in marker . . 


- 23 

l : .K. banks . .. 

5 'J1H 

+ Cb8 

< erKlirales i»f ileimsit 

Ml 17 

+ 163 

1 immI :<ullniril j<-s 

1. 51 

+ .17 



+ III 



Treasury hills 

Ollier lulls 

Spr*c::i| deposit* with Rank »t 


In* r>u»icnls: 

Rriirsli (tiiv eminent slocks 

AH’ anri-s; 

C.K. private sccior 

L'.K. pub.' ic »c«*icr 
Overseas reside ills 

Ollier sterling assets' 



oulsund.ii 1 

£111. £111. 

Change on 


l-Woigr. currencies 
•Ua .'-rl loans: 

L'.K. banks and 


i •*r l ideates ot 


A. i«. 1 net's; 

Y.K. p.-ii air v»cn»r 
I'.K. |jii 1 i!ii- si-cmr 
Oicrvas rcsldi-uls 

1 .07 S 



21 1 




3 !.:■( 

Ollier fiin-ijn nirri-nry assris* 
Ti'I'AI. ASSI.IS .. 

+ SH I Accept a ni-e> 

“ Includes Mem? in mi? per: sc in 

S 3 6 


21 . 1 1 T 
5- 170 

1 11.3*17 

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+ 142 
+ 117 

+ 22 
- I 

+ 153 
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- IS 

- 29 
+ 47 


+ 238 
+ 4 

+ 21 

+ 2(12 
+ 344 

+ 210 
- 1 

+ 367 
+ S 

+ 2,4 j ( 

“ 11 

New plan for site of 
Manchester station 

A NEW proposal has been made 
for the future or the 23-acre 
.Manchester Central Station 
site. aL the centre of uncertainty 
and controversy since the 
station closed ten years ago. 

Cllr. Arnold Fieldhouse. leader 
or Greater Manchester Council, 
disclosed . yesterday that bis 
council had received an ap- 
proach from the present owner. 
Mr. George Robinson, a . Man- 
chester "demolition specialist. 

Mr. Ficldhouj’e said: “Certain 
proposals have been made to the 
county council with regard to 
its future and tbc<c are being 
given the most careful considera- 
tion.” A fuller report would be 
given when the council's policy 
committee met on .May 22. 

The news bronchi reaction 
from Cllr. Norman Morris, leader 
of Manchester City Council, 
“.Inch has been trying to acquire 
ihe site since the .station closed 
and has recently been negotiat- 
ing with Mr. Robinson. 

” It is monstrous that two local, 
authorities should be used in 
this way. The interest of the 

public will not be served by a 
Dutch auction between two local 
authorities. This is nut the way 
that public funds should be 

Manchester City Council’s con- 
cern — and that of the region s 
industry and commerce — was 
mat tiie important Central 
Station site should be developed 
as an exltibition and conference 
centre “and not split up Lo suit 
private interests.” 

Earlier' yesterday Mr. Field- 
house said at County Hall that 
aTtcr negotiations and discussions 
by the city council over so many 
years he “ would have thought 
the public were entitled to expect 
some Lbing to have been con- 

Mr. Morris said: “There is no 
justification wliatcvcr for u ;t 
provocative insinuation that de- 
lays in public acquisition of the 
site is the fault of the eily 
council. It has been entirely on 
ihe side of the owners. It is the 
city council's duty to ensure 
that the price paid for this land 
docs not exceed the figure the 
district valuer lias agreed.” 



: . MM Shortage of internal finance ; * j* 

(iii) Inability lo raise external finance Al 

liv) Shortage of managerial and technical -.tali t 

tv) Shortage of labour *{* 

cvy Other 


(d) None or the above is applicable 22 


Standard Chartered 

announce that on and 
after 10th May, 1978 

the following annual rates 
will apply : 

Base rate 9 % 

(Increased from 7.1%) 

Deposit rate ... 6% 

(Increased from 4%i 

Standard Chartered 

Bank Limited 

May, 1 978 

This advertisement appears 
as a matter of record only. 













OiiUNndiaj sn 






























Twlal dcpoxils 



+ 322 

lu 2 12 

+ SS0 

11. uw 

+ 575 


+ 467 


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Cash and balances with Bank of 



+ 116 


+ 17 


+ 69 


+ 53 


~ 9 


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.Market loan*: 

U.K banks and discount market 


+ 616 


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- 17 

■*- 96 

+ 63 

( Klicr 


+ 498 


+ 36 




+ 47 


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+ 257 


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+ 4 


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British (iov eminent slocks 


_ *1 ■* 


- 4 



+ 26 


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+ 56!) 


+ 103 

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+ 42 


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Pareni banl»> uni?) 

lible liabllilio 

erw iisscls 

itic nitin l'V»! 


3.237 + 


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+ 214 



+ 15 

133 + 1 1 


+ 93 


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1 2.9 


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1 ZJ3 

+ 0.7 


- 0.7 


BASF Overzee N.V. 

Curasao, Netherlands Antilles 

U.S.$ 50,000,000 

7V2 % Notes due 1982 

unconditionally and irrevocably guaranteed by 

BASF Aktiengesellschaft 


Deutsche Bank 


Morgan Stanley International 


■ 111 hv 

''ill, . 


‘I.', Si 
l". '1», 


Financial Times Wednesday May 10 1978 


Wednesday May 10 1978 



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Last year’s decision by the Government to curtail the pace of 
expansion of Northampton to a more realistic rate has reduced 
uncertainty in the town and lifted morale and confidence. 

Time to 




NORTHAMPTON, the thriving 
East Midlands centre, which, 
still retains its market town 
mentality, is adjusting to a 
more realistic rate of growth. 

Since Norman and Plan- 
tagenet times, when its location 
at the centre of England made 
it an obvious choice for the 
home of Parliament and the 
Exchequer, the town has 
managed to footer its anonymity. 
Industrialisation of the boot and 
shoe trade in the last century, 
under the rigid non-conformity 
of benevolent factory owners, 
heralded a new period of 
economic growth which saw the 
town develop gradually to a 
population of 120,000 by the 

But the real upheaval came l^PvipW 
in 196S when Whitehall com- 
mitted a reluctant Northamp- 
ton to expand its population by 
more than 100,000 in little more 
than a decade in order to act 
as a safety valve for the 
expected rapid' growth of 
London. Though 60 miles from 
the metropolis, Northampton 
was charged with helping to 
alleviate the housing burden. 

The town was promised ex- 

pansion “ at a white hot pace." 
a Development Corporation was 
appointed, and record house- 
building targets set. Fanciful 
figures fixed by central govern- 
ment were always regarded 
locally more as an aspiration 
than an aim, but the progress 
achieved has been dramatic. 

Already some 4.5m. square 
feet of new factories and ware- 
houses and L2m. square feet of 
offices have been built to create 
10,000 new jobs. Two new 
shopping complexes, the 
Grosvenor and Weston Favell 
district centre, contributed to 
a 25 per cent expansion nf 
retail floor space in little more 
than three years. 

Dual carriageways have 
scythed through open country- 
side and some 13,000 houses 
erected to create a whole. new 
township, the eastern district 
But it is only in the last nine 
months that Northampton has 
began to reassert its' expansion 
path. The statement by Mr. 
Peter Shore, the Environment 
Secretary, in September 1976, 
that the Government was re- 
assessing the role of the new 
towns, created .a prolonged 
period of - uncertainty and 
damaged investment confidence. 

Government concern about 
the flight of jobs from Britain's 
declining inner city areas meant 
the future of Northampton, 
originally designated to act as a 
counter-magnet to growth in 
London, was subject to thorough 

'"‘‘The tide had dtearly turned 
against the new towns, and for 
a time we did not know whether 

it would mean sudden death,” 
says Mr. Basil Bean, the 
general manager of the Develop- 
ment Corporation. Tall and 
bespectacled. his cautious, 
almost academic, air reflects a 
background in finance and new 
town corporations. "We were 
told to explore a range of 
options from a complete halt 
through to continuation of The 
programme as before." 

In the event, Mr. Shore 
announced last July that expan- 
sion was to continue but at a 
much more realistic rate. The 
target population of 230,000 by 
1981 was cut to 180,000 by 1990. 
"Paradoxically, the decision has 
given the town a boost It has 
dispelled the uncertainty, and 
lifted morale and confidence," 
says Mr. Bean. 

From his office block, which 
looks out across sweeping new 
highways to the Bradhnills in- 
dustrial estate, he is able to 
point to new factories going up. 
“In the eight years of expan- 
sion, we have never been busier 
in terms of inquiries for fac- 
tories, warehouses and offices," 
he maintains. In recent months 
incoming companies have 
signed for 40 acres of industrial 

Such overt signs of quicken- 
ing industrial activity at a time 
when the national economy re- 
mains firmly on a plateau are 
largely due .to Northampton’s 
special circumstances. Located 
midway between London and 
Birmingham, the town is 
astride the motorway network 
and provides an ideal centre for 
service and. distribution trades. 

In -spite of the lade- of mobile 
industry Northampton can still 
draw upon a growth sector of 

\ ^ X COBBY ^ 


r BurtonuSner Viands 


\ ^iX' j • BEDFORD/ 

N,\a J ; tewKtca 

/« 'maxi* > « 

.V-—- Amplhfll 
. ~ -- ' -Stony Slntairt^S^ ' 

: : 'f • iChfe'd -■} ^ **«» «. 


f; ■ 



This Report was written by Arthur Smith. 

seven small industrial units let 
in one' week on a private 
development, six were for 
companies in service and dis- 
tribution. The Development 
Corporation has also taken an 
aggressive lead in seeking jobs 
from overseas and has already 
attracted 23 companies from 
ten different nations to its in- 
dustrial sites. 

Mr. Leslie Austin-Crowe, the 
chief estate officer, is currently 
on a three-week promotional 
tour in the.U-S. Efforts are also 
concentrated on six European 
countries: Belgium, France, 
Germany; Holland, Denmark 
and Sweden. The Development 

Corporation will follow up an 
exhibition in Hamburg this 
summer with seminars in 
Frankfurt and Dusseldorf. while 
this month some 80 French 
industrialists will be brought 
over to see the town. 

Hie influx uf foreign com- 
panies, like Carlsberg and Levi 
Strauss, and the fact that 
Northampton has been selected 
as the U-K. headquarters of 
operations, such as Rockware 
Glass and Diversey. has made 
surprisingly little difference to 
its character. “I liked North- 
ampton, .as it was — a country 
town where everybody knew 
everybody else. Strangely, that 

has not changed," says Mr. John 
Barnes, an outspoken Conserva- 
tive councillor. 

From the leading opponent of 
town expansion a decade ago. 
Mr. Baines now finds himself 
chairman of the borough’s 
development committee respon- 
sible for promoting growth. 
“Expansion has worked belter 
than anyone could have antici- 
pated. despite the interference, 
vacillation, and bureaucracy of 
Whitehall.’’ he maintains. 

He is lavish in his praise of 
the co-operation between the 
borough council and the 
development corporation. The 
Government required North- 
ampton. as an established in- 
dustrial town, to enter a unique 
partnership arrangement with a 
Whitehall-appointed Develop- 
ment Corporation. The two 
public bodies have extended 
co-operation to the point of 
sharing offices and staff and 
promoting common pro- 
grammes. Indeed, after re- 
organisation of local govern- 
ment. in 1974. the partnership 
was broadened to bring in the 
County Council. 


The most imm ediate problem 
for the three partnership bodies 
is the town centre: a funda- 
mental reappraisal of land use 
has been made necessary by the 
sharp cut in target population. 
Not only has the expansion pro- 
gramme been phased over a 
longer period, but the shops and 
offices that a town of 180.000 
people can support are much 
less than those for a population 
of 230,000. 

Prospects for further retail 

development, with the exception 
of one or two relatively small 
prime sites, look poor for at least 
the next decade. There is also 
a massive imbalance between 
the land at present allocated 
for office development and the 
likely demand. Northampton's 
grand hopes of becoming one of 
the most important office 
centres outside London col- 
lapsed with the property boom 
in 1973. Rents have shown little 
improvement over the last five 
years and some 400,000 square 
feet of accommodation is cur- 
rently vacant. 

Constraints were also plared 
upon the employment potential 
of the town centre by the 
political decision taken in 1974 
by the Labour council to aban- 
don plans for "an expressway" — 
a central distributor road that 
would have cut a swathe through 
the built-up area of the town 
displacing many hundreds of 

Within the limited funds 
allocated for highway pro- 
grammes over the next few 
years, it is thought that the road 
network will be unable to cope 
with more than 40,000 central 
area workers. The town already 
claims 26,000 employees; spaces 
within existing empty office 
blocks could accommodate at 
least another 3.000 and outline 
planning consents, granted but 
not yet built, would provide 
3,600 jobs. 

The dilemma which con- 
fronts the local council is the 
use to which it can put the 
formerly high value office sites. 
There is already more than 
enough land for retail develop- 
ment, while factories and ware- 
houses are usually difficult to 
attract to central areas. 

"We have an inner city prob* 
lem.” says Mr. Barnes. “We 
have large derelict sites in the 
central area, caused not by firms 
moving out but by our action 
in clearing the ground to deal 
with the 230.000 people the 
Government told us we should 
have." For the moment the 
council has allocated £50.000 fur 
an M operation tidy up " — a pro- 
gramme of landscaping and tree 
planting to improve the worst 
areas of wasteland. 

In the longer term the aim 
will be to achieve a cut back 
in office sites. Some land can 
be used for car parking and it 
is hoped to promote housing. 
Attractive sites close to two nf 
the towns oldest churches are 
currently on offer to private 
developers — a move, which if 
successful, would encourage the 
first speculative housing scheme 
in the central area for some 40 

The partnership bodies are 
now thankful that the first few 
years of expansion were so 
hectic. The basic infrastructure 
has been provided. Mr. Bean 
sees the role of the Develop- 
ment Corporation less as one 
of pursuing aggressive expan- 
sion and more one of consoli- 
dating advances already made. 
"1 think in the early days we 
had to put the emphasis upon 
physical development— the pro- 
vision of bricks and mortar, of 
good housing— and I think we 
stand comparison with the best 
of the new towns. Now we must 
help to pull the town together 
and create a community spirit." 

Indeed. Northampton has at 
last been given the time to catch 
its breath and look forward to a 
more orderly pace of expansion. 


on growing 

Growing is what Northampton is all about. Growing in size and growing in 
status, with investment, particularly from abroad, increasing in momentum. 

Since 1970 the population has grown from 133 000 to 147 000 and will keep 
on growing to 1 80000 under its planned expansion programme. 

Northampton is a well established business centre. Major new office and 
factory developments are now taking place and are attracting more foreign 
investment. Internationally known firms such as Carlsberg and Levi Strauss have 
moved into the town alongside others like Avon Cosmetics and British Timken who 
were already here. Carlsberg’s new brewery serves the whole of Britain and Levi’s 
have established their UK sales and marketing head office and the 
largest computerised clothing warehouse in Europe here. 

Investment has come from many parts of the world, 
from Argentina, Belgium, Canada, Denmark, France, 
Germany, Holland^ Italy, Japan, Sweden and the USA. All 
these countries are represented by firms who deal in world 
wide markets; firms who were quick to evaluate 
Northampton’s potential in terms of opportunity, 
location, communications, well established facilities and, 
of course, value for money. Over 200 firms, including 
more than 20 from overseas, have moved onto the 
new employment areas since expansion began. 

With sound industrial and commercial 
foundations, an excellent employment 
situation and one of the best labour relations 
records in the country, our established town 
has much to offer. If you are seeking growth 
and a new base from which to expand in world 
wide markets take a look at Northampton. You 
will be pleasantly surprised. 

For further information contact 
Leslie Austin-Crowe, Chief Estate Surveyor, 
Northampton Development Corporation, 
2-3 Market Square, Northampton NNi 2EN, 
Telephone Northampton.(o6o4) 34734* 



Financial Times Wednesday May 10 1978 

lore than a new look... 


Encouraging industry even better service 

The new Gelders Spetra livery, now being 
seen on ourtrucks all over Europe, heralds the 
inception of ourtotsl world-wide 
freighting operations. We’ve always been known for 
our specialist European door-to-door service, 
but now we include-on the same highly efficient, 
personal, and fast basis-Deep Sea operations 
and General Forwarding, to complement our existing 
world-wide Distribution and Storage facilities. 

Geiders UK Transport Ltd., 

South Portway Close. ^r 

Round Spinney Industrial Estate, Jr ^ 4 

Northampton NN3 4RB. 

Tel; 01304-43651 Telex:31130Z W 

NORTHAMPTON HAS polled toll, although some companiest fo lose skilled men, months. He views the trend of anv quickening of economic Corporation currently has 

off a number of coups in attract- such as Church with its; quality .Another complaint voiced by not as a sign of any upturn in activity is already on the move, around 1UO.OOO square feet of 

ing new employment to the products, have managed to. show the local engineering industry business activity-most emdn- factories under construction, 

town: the latest big name to profitable growth. ' • j ; is that incomes policy, and the eeriug companies are stfll n offering units of between 1,000 

announce plans for develop- Announcement of a £4.5m. constraint it has placed . upon operating at only around 75 per IjfJttCr and 40,000 square feet, 

meat is the Midland Bank which industry aid scheme last month labour recruitment; is acting as cent, capacity— but as a res- „ ' • sites varving from half an 

is to locate its staff training has helped' to boost confidence, a positive dtag^on productivity, ponse to rising living costs. Mr- Anthony Hewitt, ot acre t0 50 aC ^ s> ^ available on 

college on the Moulton Park The state assistance is welcome *' Wage restraint is all very well « These chaps are faced with "Wilson and Partners, estate ^ gg_ year ground lease. The 

industrial estate. Barelaycard, less for the money involved and if it is holding down unit costs, higher rate demands and other agents, says demand is better rati0ll is j^ng £3 000 per 
Rockware Class and Diversey more as an indication of but if if is causing lack of household costs. Their only than for four years, and a few year for sitcs ' ot mor - 

have alreariv eet’aihli chert koarl. Government ('/vrnmitinpiw tn effort and Ineffiraenrv it ia -in. Aotanna ..j *■«._ cnnmlative developments arc rn ,nn _ _ 

as an indication of but if if is causing lack of household costs. Their only 
sent commitment to the effort, and .inefficiency it is In- defence at a time when the 
>f the industry. ■' flattortaiy," the managing direc- Government says we can pay 

ivuuvnmt oiiu jjiversey '“**»«* oil an muicautm ui uih u il vaavuuug lauv w naus&imia COSTS. TfiOlT only Luau iwi npre & year for SltOS Of mortf 

have already established head- Government commitment to the effort, and .inefficiency it is in- defence at a time when the speculative developments are three acres £3 100 an acre 
quarters in the town. Over future of the industry. •'* flationary." the managing direc- Government says we can nav now under way. Rents have ^ and' three a™ 

Foroi tm HnwinaniAB' 1 * NflrthllTnnt/m'r 'in fha fnr ftf MiA Torero nnmmanw mein_ 3. j.. * «■ etosHllV ilfl f mm thfi SdD * 

Groupage- Full Load$-Storage- Distribution- Deep Sea. 

mercial and industrial premises wa ? network.’ New clearways way skilled workers are drift- which they .attribute to the than 200,000 square feet of The Corporation, recognising 
are currently reported to be at * rom tbe Ml give ready access log out of the Industry was rapid influx of new white collar warehouse and light industrial the importance to industrialists 

an all-time high. to ' Purpose-built industrial given by another company jobs. “General accounts, sales property last year at rents of of the immediate availability or 

But tho ™ ^tes. London and Binning- which had lost four of its most and credit control derks are between £1.10 and £1.25, By the floorspacc; is currently proraor- 

nani« wiH hp thm \Fs, ,3.7" hai ? are withiu an hour’s drive, experienced toolmakers. They like gold dust Salaries have end of 11515 year rents for ins 1116 toWT1 in lhe us > as P 31 * 

earn in th* w’n LS t - wha e motorway also offers kad left -to do completely un- shot up from around £3500 a smaller units are expected to 0 f a campaign which this year 

i* nrmTi a q y* cl5 route to Castle skilled work for a small up- year to £5,500,” one lar'e rise to £1.50 and to £1.35 for will see renewed efforts tn 

tion and corJi ' » w Donnington and Luton airports, holstery firm where they could employer maintained. ' ° buildings of more than 5,000 attract companies from the Con- 

wntiid iik^tn. C< L? eCt0r ' ' Even without the incentives flick Tip £78 a week, compared Local ' industrialists, in line square feet. tinent of Europe. Northampton 

About Your Company’s Cars? 

-Are v«u realising the true value of such costlv 

uccause or us natural uirector. me outflow ot laoour of tfle property market, one of supply of ready-serviced sites the town is to meet its popula 

^namoer ot Commerce. advantages. Overfull employ- has increased in the last three the first areas to feel the benefit and advance factory units. The tion target 

Any anxieties expressed are men t rather than unemployment 
in part a reflection of wbat is a ^as been the 1 problem that has 
national problem of the failure confronted the town since the ' - ' 

of manufacturing industry to The present level of "W" "W" • *1 j 

lay down new capital; they are jobless, -at 4.1 per cent, has - I I y-v "1 "w /-v -4 -4^% />, -44 I -r -4- 

also an entirely predictable remained fairly constant over : * ... ■ ■ fill ^ I T1 TT | VJ | I .... 

reaction from a town which has recen t months and is weU below 1 ■ I \ J Lilli I I £1 III €JL I IV W L 

prospered on the Victorian the national average of 5.9 per . 

ethic of hard work and enter- cent- 

prise. Prospects are good, says Mrs. * . 

The trend away from menu- Maureen Millers, deputy • "m A * 

s-ssPsSs remains hectic 

for Expansion approved by the th ?- deSpite tte 

Government in 196& This set has been able^mept^nl?^ “AT LEAST ffie pmiic buying able in a place like Norfhamp- the Corporation, at the invita- authorised £1.5m. for mortgages 
the target that Northampton, requirement* of. „Ili has rtopped, ? bat the housing ton. However, the Development tion of the local authority, will and improvements grantsand 
which in 1956 had only 47 per finug 6 * 1 oming market is stfla hectic. That is Corporation has taken the inrftia- undertake a small housing pro- the Council believes it can play 

° f Ji S i! n servrice The area where shortages ° f r^ rt ? aiript0 ^. s bl “' ** ^akme a ^urce direct ject within the borough an important role in helping 

trades, would by 1981 have over- described as “ desnpratp ” hv ® es ** rnis of agents _smns approach to the people it boundary. This marks a signi- people on low incomes to own 

“ atl ° nal avera ^e of is M P the LnS b^es it can heip. Earlier ficant advance in cooperation TbLe 

?n P® . cent : t0 have Sl f out of engineering' trades. Mr n f^,°. na ne ? fSm this year a series of exhibitions because under the strict terms ^ u 

10 workers m such employment ^ paper talk about whether and to h^d in 12 London boroughs of the partnership arrangement, h J h t L Ca ?S^ 1tl 5 d ® ^‘ n 

Expansion afrAasss ttKgfisrzi SS££Sf i 

expansion workers ifoK ^ =35 ^ "° n ^ 

remains hectic 

□rofessional *t>rxrirt>c har? uarsn in ms com- really began to take off. pro- k,L ° 

rapid? ^ from 15000 to 2?000 TT* ^ ^ lack of skilJed P ert y APlS moved into £o rt SSi “ ■ W E!!2!? Wifll 
Numbers in distribution alsi?^ v St ! C, i mP 5 ainS 1 ? at “ V™** b^^ to ^“5? 22^? ei,i 5 < T*** 

creased by 20 per cent to 12,000. TimSI ^ ®“ pl ° yers ’ shoot upwards. hpM ,in *"* * nun ' 

while the manufacturing sector roUerWin P ..°P iak}ns »» about the 

We specialise in Auction of any Size of Car Fleet 
ancl offer the finest Service Available, which 
includes Transporter collection, etc. 

Join the many educated Companies lour current 
vehicle sales exceed £lm. permonth), 
who now recognise this as the easiest and most 
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collection of Buyers from countrywide. 

Northampton Car Auctions 
Brackmills Industrial Estate 

Tel.: Northampton (0604) 64041 

wrhile the manufacturing sector roUer bearing inVif* lts Opinions are mixed about the M * . , 

remained fairly stable. The S Sc KS iSt 11 likeIy “»P* rt o£ Govern- *** f* 0 4,1 

biggest drop was in North amp- u1 ^ 0 meat’s latest intervention to t0 the Govern 

I ton’s traditional footwear Indus- i nrnmpe 5^ limit mortgage advances. Local EHfif? °J eu^uragmg the 

try which 

a JtxD - ™ “ According to the Northampton 

staged in co-ope ration with the w? || Association of the National 

teal housing departoente* were Jp ||Uer Federation of Building Trades 

held an aid centres and town Employers, contractors have 

llalis • The development could faced a difficult time over the 

Northampton has also had to herald a much fuller involve- Past two years in the wake of 
respond to the Government ment of the corporation within public spending cuts and the 
policy of encouraging the new the town. Certainly the local general lack of investment 

tr\ <a l t i N irtf wiavi-w ^ __a.v : < i 

UAVip nm rn LUcUIip- fhpi r Osrir^urr ... . , KLLC9L iULCl VCI1UUI1 IO _ v- . , w * w^uioumu muiuj a vw-ui «uiu luc 

ton’s traditional footwear Indus- i nrnmp . pay ^ ructq res by limit mortgage advances. Local 2^ cy of en . t ? luragmg ^ new fbe town. Certainly the local general lade of investment 
try which, with the rag trade, inmmim* building societies are still inun- 5J™® t p . att r ?^ . Ina 5 iy “P*® authority would not be averse confidence, 

saw the loss of several thousand i 0 offerh be€n abIe dated with applications^ but * s ^ d 7 anta ®S d T fam if® mihr to the ldea ma^ng use of Companies have been operat* 

jobs to take the workforce to Labon^.mo^l ,-. some agents suggest demand the Corp oration as an additional ing ^niy around 60 per rent. 

ce -. , capadty, a fact which has been 

little more than 5,000 
Footwear, which 

3E£f!IE2!E\ w 50016 agents suggest demand "£*5* largest group the Corporation as a 

. , turnover m North- may h ave moderated a little teiK * s be retired people, but source of finance. 

«.« S5SLSf33SM?55 ^ tte ^ “ of ^ ^ c “* 

--™. - » ™ W over , - ----- taSe 

immediate post-war period the past few years as workers . S . lgns 11161 ae u»u*et was employed and handicapped are ^? d ® dear 11161 11 P etrtive tendering for work, 

employed nearly 13.000, has have moved from plant to plant ^suuung to tighten became So moving capped are wants to slow down - council However, Mr. Geoffrey Field, 

been overtaken by light engin- in search of higher earnings. last autumn. Among of thelS 700 ne-.v houses ®“* *** Association secretary, re- 

eering as the principal industry. Companies, -such as Timken, factors influencing Increased bust in Nor thamp ton n 2 ^ 7 t0 , £3ra * P° rts indications of an upturn 

In recent years, lower consumer Express Lifts and Plessey. 2*““^ ^ ^ ris e in earnings 1970, 6 000 haveblen under- < J_ b,ui * ,U[ areu ™ 1 316 becoming apparent “At 

demand and cheap imports which have extensive apprentice S 1011 ^ 1 P?®? bIe under the rel a- taken by the Developmental . cou “ l1 ^ ?> e moment nobody is getting 

have continued to take their training facilities, have tended A^bdrty 0 f the Phase poratiou. Around 60 ner cent t0t ^ , n to drop 10 lo ® eicated. It is more of a 

Three period of incomes poUcy. Jrf the ^farnmSto e JT eeD 200 feeling than a reality as yet” 

~~ Locally, demand had also held tlon's* rented accommodation h ff ved on 0,6 bouse- But the one area where he 

i v w a V up well because of the steady have resettled from London. twSl Lj 0 ^ does wmxde that activity is 

| H I j* A f 10 flow of new companies There is close co-operation on to - provl<3e fnnd5 for quidseuing is private housing. 

; m 14 wl B 111 sewing in the area. The town g™* 5 - «>e estate agents, tte 

I 1 I*. I 4 B B BB 15 8150 ‘ popular base for sales ment E Corporatioi! and ae ho,lslI, S “O' builders are conscious that the 

J VV representatives because of its WnT^.m^r^n^ rl,^, 6 - aatl<lps - The Government has market is still on the move, 

s on the MI, halfway between London and n^rork” 6 *“ * “ otonray ^p er an ^ e ^? - ' le aT'iS PR ORT.^MS WTTTT PPOFTT ABTT TTY 

id is directly served from junctions 15 and 16. ./ Pn ” J a °” a . m range antton^T^^es the CorpSS v„r.“~7 wll « rxtlHrU ABILITY 

L mdustria 1 output is within J 00 miles radius. fieanSv^ tTe^ & £SZ£fi££!t pSSSSTtiPi SSTSSSJTS^JSSSSr A 

1Dg outstandin S selection of offices, factories « i™i/^h^.5i7 S£*,£L i? m - 

n» rS?i e f Ct0 rj )f tte market > from the borough waitiMjlS Write Box T.488L Financial Times, 

This f ° r «■« tot time 10 ' EC4P4BY. 

shortage of housing. 

For the past two years or so 
there has been relatively little 
business in individual proper- 

’ B W !! es costing upwards of £35,000. 

Ml 1/ llPf t| il I However, the high prices such 

IV I I J | ■! . | /B | . houses are fetching is tempting 

BB4 “ore property onto the market 

jp Auctions have again become 

, j7 _ popular and there are always 

Offices above the new DUS Station kee .u buyers for accommodation 

which offers a large garden or 
a paddock. Anything with land 

ning part of Grosvcnor Centre is at a p™® 1 * 1 ™; whereas a few 

years ago at least two acres was 
required, now only half an acre 

rime nncitirm is em5ugh 10 P^b tbe price up. 



intnicJiaieiy available 
in unui centre 

Northampton is on the MI, halfway between London and 
Birmingham and is directly served from junctions 15 and 16. 
>0° o of the UK industrial output is within 100 miles radius. 
It has the following outstanding selection of offices, factories 
and sites. 

Northampton based management consultant available for 
assignments long or short connected with profitability, cash 
flow, management information systems, budgets, costing, re- 
structuring or general management. 

Write Box T.488L Financial Times, 

10, Cannon Street, EC4P 4BY. 


Grcjfriars House 

200 000 sq ft of offices above the new bus station 
Bclgrave House 

73 000 sq ft forming part of Grosvcnor Centre 
Anglia House 

27 000 sq ft in prime position 

Other properties from 500 sq ft to 10 000 sq ft 

and still 


Immediately available 
in i own centre, district centre 
and campus locations 

Town centre site of 3.5 acres 

For up to 300 000 sqfi [or can be sub-iinided to a minimum 
of 100 U00 sq ft) 

Town centre sites 

Two for 30 000 sqft 

District centre sites 

For up to 100 000 sqft at Weston Fared Centre 

Campus sites 

60 acres available at Moulton Park 


Ail with car parking, offices, 
toilets, gas fired warm 
air healing and ail mains 
sen ices 

Remaining Units now available on Phases I, 2 and 3 
Simsqfi 5000 sqft 12 500 sqft 20 000 sqft 

Reservation now being taken for Phase 4 

Comprising S units of 10 750 sqft each which can be let m 
various combinations 


Choose from the wide range available on four employment 

There is a wide range 
of houses io rent or buy. 
Northampton has all 
the facilities of an 
established town. 

For further information write or phone 
L Austin-Crowe BSc FR1CS, Chief Estate Surveyor, 
Northampton Development Corporation, 

2-3 Market Square, Northampton NN12EN. 

0604 34734 

Probably the surest sign of the 
renewed strength of ithe housing 
market is the fact builders are 
again buying Land. Agents 
report that sites with planning 
consents are arousing a lot of 


The Development Corporation 
is actively encouraging specula- 
• tive housebuilding as part of its 
social objective’ to achieve an 
equal balance between private 
ownership and '-rented accom- 

Mr. Basil Bean; the general; 
manager, reports: • “ Demand 
from' speculative builders has 
gone up dramatically and there 
are no signs of it easing off." 

In order to promote individual 
housing ideas, the Development 
Corporation wiil sell plots of 
land in an- exclusive district, 
dubbed by tie ' locals as 
“ Beverley Hills." A quarter-acre 
site casts >£9,000 and the pur- 
chaser Is responsible for making 
the building ^ arrangements. 

The Development Corporation 
is also an important building 
agency in its own right as one 
of its principal aims is to help 
reduce London’s severe -bousing 
problems by providing homes 
and work for families from the 


There is a formal mechanism. 

going strong 

the New and Expanded Towns 
Scheme, ‘ established to try to 
match the people in housing 
need with accommodation avaM- 


*'*>e • 


Sfrf-r | . 

a ni*;.- 

Financial Times Wednesday May 10 1978 



Conflicts in regional policy 

Northampton’s wider role with- 
in the Government’s regional 
policy has been aroused again 
by comments in the latest re- 
port of the East Midlands 
Economic Planning Council 

The Council warned of the 
** veiy real risk of fierce com- 
petition ** between' Northampton 
and the nearby new towns of 
Milton Keynes and Peter- 
borough for a limited supply 
of jobs, people and capital. 

’‘Such competition is undesir- 
able and will be likely to lead 
tp a waste of resources at a 
time of severe constraint in 
public expenditure,” the report 


The sentiments expressed 
have been repeated increasingly 
over the past decade as the 
reality has gradually dawned 
that neither population growth 
nor the economic expansion 
postulated in the early 1960s 
are likely to be achieved. 

Northampton, somewhat to 
its horror, found itself dragged 
into the ambit of official 
regional policy with the pub- 
lication, in 1964, of “ The South 
East Study,” a report commis- 
sioned by the Government The 
document anticipating a 3.5m. 
population growth in London 
and the south-east over the 
period 1961 to 1981, argued the 
case for counter-magnets to 
attract jobs and people away 
from the metropolis. 

By 1968, Northampton, Mil- 
ton Keynes just 15 miles away, 
and Peterborough 60 miles dis- 
tant. had all been designated 
new towns with special res- 
posibility for helping to deal 
with the south-east problem of 

In addition, the county of 
North amptqn shire had obliga- 
tions to London and Birming- 
ham through three other ex- 
panding towns. Corby, 15 miles 

SSd t a N nw a ^Z n i^950 Si m NORTHAMPTON CURRENTLY centre to rise to 40.000 from There is also a potential con- 
order to reduce its dependence has “° ulld 400 - 000 square feet the current 26,000. The other flict between the interests of 
upon the steel industrv as the of °® ce acc o nun odation standing important change is the Govern- the borough, which is respon- 
sive biggest employer. By vacan ti but It does not face the ment cut in Northampton’s sible for central area projects 

Wellingborough, and by April 
last year agreement had been 
reached to cut the town’s target 
population for 1991 from 83,000 
to 60,000. 

The move against Welling- 
borough reflected concerns 
which applied equally to 
Northampton. The GLC had 
reached *Se position where it 
wanted to reverse the policy of 
exporting jobs and people. The 
fear was that the enterprising 
and _ Skilled were migrating, 
leaving problems of unemploy- 
ment and social imbalance. 

Some statistical justification 
for such arguments was pro- 
vided by the 1976 review of the 
South East Strategy, which 
found that population, rather 
than growing by 3m_, was likely 
to remain static or decline 

The implications that such 
trends might have for North- 
ampton became a real issue in 
late 1976 when Mr. Peter Shore 
the Environment Secretary, 
announced that he was to con- 
duct a review of the policy of 
dispersal of population and 
employment from the inner city 
areas of the conurbations. 

His action, which posed 
serious questions about the 
future of Northampton and hit 
investment confidence, was a 
response to the fears of those 

who argued that decentralisa- 
tion had gone too far. Not only 
bed there been a fall jn the 
birth rote, but the planned 
efforts to disperse population 
had been accompanied by a 
much greater voluntary move- 
ment of people than anticipated. 

Mr. Shore made it clear that 
it was the Government’s inten- 
tion to give higher priority and 
to direct scarce resources 
towards the inner city areas. In 
spite of this, when he announced 
the findings of his review of 
the new towns to the Commons 
last year, be gave the all-clear 
to Northampton, Peterborough 
and Milt cm Keynes to press 
ahead with expansion — but at 
a reduced pace. The population 
target for Peterborough was cut 
by 20.000 and for Northampton 
and Milton Keynes by 50,000. 

As a gesture towards the 
higher priority of the inner city 
areas. Birmingham and London 
have been given precedence 
over the new and expanding 
towns in the award of industrial 
development certificates. 

However, the Government is 
fully aware that its whole 
regional policy has been 
devalued by the number of 
special cases. In the pecking 
order for the limited amount of 
mobile industry are a whole 
range of assisted areas, graded 

in order of priority from the 
special development areas 
through to the intermediate 

While Northampton, as a 
designated new town now comes 
near the bottom of the list of 
priorities, its advantages must 
make it a very attractive 
alternative to companies which 
might otherwise be persuaded 
to go to areas of high unemploy- 
ment Not only does Northamp- 
ton offer excellent communica- 
tions at the centre of the 
country, but Government money 
is being pumped in to provide a 
modem and efficient infra- 
structure of roads, . industrial 
sites, and public sector housing. 

Within the county itself 
Northampton Is still competing 
with Wellingborough, . Daventry 
and Corby for new employment, 
and the latter two should 
certainly take precedence. The 
Northamptonshire Council has 
identified Corby, with an un- 
employment rate double thc- 
county average, at 8.7 per cent, 
as a town desperately in need 
of new industry. But, *part 
from merely drawing attention 
to Corby, there is little the 
planners can do to ensure 
development takes place there 
rather than at Northampton. 

The East Midlands Economic 
Planning Council-, after con- 

Northampton town centre: a mixture oj old and new. 

Major office 

l^"wemnrto^h J u4‘c aWi chronic oversupply situation planned growth from a 230.000 

BT 3 PSS& ?r M °" * 1981 ,0 180 ' 000 “ 

local authority had signed an ♦ Si 19flL 

overspill agreement with the "Jff* tt £28H! tl, 5 The dramatic change in the 

London County Council to pro- 20? f5?22!^.i_J2 situation has confronted the 

and the Development Corpora- 
tion which has ambitious plans 
for “ campus sites ” on its out-of- 
town industrial estates. Some 
83 acres have been allocated at 

vide housing. In 1964 Davenfcy K^fSoS town with decisions. It ““*»*“*,*" 

•truck an S®****?. 10,00u Sit niw STSKS , ... hlllllL 

Birmingham City CountiJ to and 30,000 Square feet for land originally designated . rara l setting. The Anglia build- 

provide housing and employ- The present imbalance is due for office development, and in f society has already re-ioca- 
ment for people relocating from to two large office, blocks' which accept the fact that the Brian- J®. “j.® 

the West Midlands. have hung on the market for «W rrtirn, to be ejected have 

With hindsight, the optimism more than .12 months now. * .announced plans to build? resi- 

about employment and popula- Around 73,000 square feet of “ H 1 ® short term, the local dential stafl training college 
tion prospects indicated by the Belgfave House, which forms authority, can keep its options a jjj e t0 accommodate up to 250 

various arrangements now part of the Grosvenor shopping °P e ®. .»*«* retain flexibility le 

seems incredible. The fact complex, still remains available, within its plans to allow for any 

soon became apparent in the The other project is Greyfriars unexpectedly high upturn in 

late 1960s that national econo- House, a 3 00,000 square feet development Nobody, 

mic gTowth was lagging well office building above the town’s brieves that the boom condi 

sidering Mr. Shore’s revised 
population targets for North- 
ampton, Peterborough and 
Milton Keynes voiced concern 
that the three developments 
(each falls within the ambit of 
a different regional planning 
council) should be co-ordinated 
as closely as possible. The 
Council underlined the need for 
Northampton and Milton 
Keynes, in particular, to ensure 
that existing investment was 
fully utilised. 

Doubts that even the revised 
population figures might be 
“ optimistic ” were expressed by 
the Council in its latest survey 
of the region. The argument 
was put forward that new jobs 
could not be expected to in- 
crease in the future at the rapid 
late experienced between 1970 
and 1975. However, the Coun- 
cil took a more sanguine view 
of Northampton's prospects, 
pointing out that encouraging 
industrial and commercial 
developments in the town sug- 
gested its new targets might 
not be “too wide of the mark.” 

One of the arguments which 
Northampton, in co-operation 
with Peterborough and Milton 
Keynes, has sought to rebut is 
that the new towns have taken 
large numbers of jobs from 
London. In a paper presented 
last year, the three towns main- 
tained that their total employ- 
ment growth since 1970 had 
amounted to 37,000 jobs, of 
which only 6,000 came from 

London. Over the same period, 
nearly 30,000 people have 
moved to the three towns to 
give a ratio of one job from 
London to every five people. 

Looking to the future, the 
three see the greater part of 
their employment growth com- 
ing from the expansion of 
established firms and services, 
and from companies attracted 
from the south-east but outside 

“ In so far as firms do move 
from London, we expect them 
to be mainly in the office rather 
than the manufacturing sector. 
Furthermore, no matter how 
public policies may be changed 
over the next few years to try 
to hold firms in London and to 
attract others into the inner 
areas, it is inevitable that some 
will move out. We suggest it 
is far preferable that they be 
enabled to move to the new 
towns rather than to places in 
Hertfordshire, for instance, 
where development pressures 
are already greater than the 
county planning authorities 
wish or are able to absorb." 

Such arguments make it dear 
that Northampton, whether it 
likes it or not, has now cleariy 
been sucked into the general 
debate about overall regional 
policies. To that extent, future 
growth and development will 
depend less upon local initiative 
and more upon the role 
allocated to the town within a 
wider regional framework. 

| More than 4’000 people in Northampton 
and Daventry- producing bearings for 
the United Kingdom and exporting to 


■ 4>rupitaii«i 

Timken bearings sold iVEffiDROUB.BEAB.NGs 
around the world. Manufacturing in Australia, Brazil, Cana- 
da, England, France, South Africa and the U.S A BT i?) 


19 Market Square 
Northampton NN1 2DL 
Telephone: 0604-22311 



Branches an Bedford . Kompiion . A sc toy Guee . Sr. Neots 

§axmt Imt 


M0 Bedrooms iff with private bathroom, colour television, radio and 
. telephone 

# V $ 

Saddle Room Restaurant open for luncheons and dinners 

Sportsmans Bar, Lictfc Mermaid Coffee Shop. Banqueting and Conference 
facilities lor up to 400 

••• V -,i 

Wedding Receptions and Private Parties. All enquiries welcome. 

* V * 

Saturday Evening Dinner and Dance open to non-residents 

s'f $ * 

for reservations, please telephone 


Using the density of 
Anglia • development, of 
workers to the acre, the Moulton 



UAJV aWirui WOO "vj» UAH VC UU1HUUA auu«C lUWU H ” _ _ _ , .. ■< nrnnfA 

below the 4 per cent annual new bus station. Failure to let toons of .the early 1970s will be iobs 

rate posited la 1964, and that the block, which was undertaken repeated and the warning has ^und lO.SW white couar j^s 
jobs were simply not being by the borough council, is cost- already been given that many —a matter wlucn «uses some 

created at the required rate, ing householders the equivalent provincial towns have the DevSS 

of Id rate in lost revenue sites arid facilities to meet planners. However, tneueveiop- 

oi ip rate ra lost revenue. ^ * men t Corporation would counter 

Daventry was the first to feel 
the impact of reduced expecta- 
tions and in March 1976, the 

The Development 

rnywtn _ such a demand should it arise. _ „ ^ . 

tion, which acts as letting agent take™ priority. 

Birmingham Council, concerned for the local council, maintains “ availability of campus 

.k...4 inha -fannt tha Mia* oannnr Jlamraainna nra ho. reuwJa •UUUJ1Q XO.DU nBr 


about the loss of jobs from the that serious discussions are be- ? , modation might attract develop- 

city, passed management of the ing held with a number of ments that would otherwise be 

overspill scheme back to the potential clients. One reason ■**“ L™* Tost to the area-the Midland 

local authority. Birmingham for the delay is that a single Bank scheme is an obvious pro- 

made it clear that while it was tenant is sought for accommoda- tost ject not suited to a high density 

happy to export population to tion which would be ideal for S2d wbat ?hey bdteve to bl <* ntral 
help solve its bousing problems, any major corporation re-Iocat- r“7T~. w . 1 Tne * oeiieve io oe 

longer wished to lose any ing from London. The fully air- the highest rental yet achieved • 

itiy which could be re- conditioned premises, on offer '^■ 50 exc ^ , ^ e ElUpuHSlS 

vL if. the West Midlands, at £355 a square foot, have ^ te ^f 4 - 000 _ . w .- pll the 

pedestrian access to the bus Pnor *° ™ company says The emphasis which the 

it no 

located in the West Midlands, 

G«^S°“nam cS“unS”^d eS - ac “ mm0 -“ i “ oritaal Plin » «®» 

to renegotiate its deal with plra, and market square. ** En,T, ‘' tni 

The interest being shown in 

belgrave house, 

73.000 sq. Tt. ilr-emdlEtontd 
offlees Imne4)n»hr •" 

from tO.OOO W- ft fc«*rt«w wiinl 
loci tion with TOO <*r forking tptott. 


Th« farmer Angl U Building Society 
ho»i oOet. "27,470 *q- ft. of I* 
GtuO offices with the oeoeRt w > 

e lram car park, central heating and 
n light fictlngi throughout, 2 llfw. 
conference room and canteen. Immedi- 
ately available,. 


A new warehouse / Ind iawral d*vel“P- .. 
ment of 43.I3S aq. ft. available jn 
Autunro I97B and divniWe riM'mS' 
from 4.800 *d- ft. 

Wc »r« currently UMVructtd on SO 
Shop -pralltitei, M office property 
OOtalUng *16.000 sq. ft.. IIS lAdto- 
trW ooita mailing 107.600 *q- ft. 
nffth over 550,000 »q. ti- to ha Wit. 
jfl In die East Hidhnda. 

S, spencer Facade, 
N m thm yt nn NN1 5AS 
Tefeptooer (0604) XUS17 

was going for between £3 and development raises the import- 
£3.35 a square foot ant question not only of whether 

wnvtv-nin+nwv chnumiPH- The jSfltness of rents over the such a concentration is-, prac- 

*** rfAwiftnmpntq is a ^efleo- past flve y®* 1 ® a considerable tical but whether it is socially 
yEZTjFK ? £ ® 5!? £ disappointment to those who desirable. There must also be 
Swffl SL "a hadr^commended Northampton coffiiderablejou^ffi -Wfte 

months. The 

office market, ®s one ^ tbe most important capability of the town to pr ovi de 

m Development by; 

Wilson (Connolly) Properties Ltd. r 
WESTGATE, Industrial Estate 

Phase III 92,400 SUFT. 

> High Quality Offices 
*.Headroom 20 ' 

* Excellerit loacfing Facilities 


Wilson & Parfflere 
0604 22817 

IT. I.rt nnrnn^T oKTtor ootside London, dericsl labour' on the required 

usu ally the l^t P™P^y toelopment pleu lor the scale. 

eeonu^c activity has ffigon to central area, drawn up in 1971, qiw response of the town 
before time contained lavish provision for council has been to allocate 

’developers* “yJ wcommodation-and the So.000 to improve the worst 

beady timing was right. Northampton, areas of wasteland in the central 
dlvTSaatoncede^the collap^ tust 60 miles to the- north of area. While it considers alter- 
■P i^mSSSboSi ™ lS5 ^on, was able to take naU ve uses for the longer term 
Ss^eS^ffii^re^ languish, advantage of the property boom ^ce sites. Thenr will 
nas seen omce gu ^ atfcPact companies seeking obviously be an increased re- 
in addition to the collapse of oew accommodation. quirement for car parking as 

the property boom, two tnaez. ^ msh of development trade builds up. The potential 

factors have encouraged a saw complete office for light industry and ware- 

reexamination of tons*? nfSm'Bp'Rfc® in the town rise by L2m. housing is considered limited, 
prospects. In 1974 the decision feet 1 9 7 o > to take Companies have tended over 

was taken to abandon plans i for total to around 2^5m- Bat recent years to move out and 

expres ^^ T ,^ ® for the last three years new central sites are usually too 
e S*f L projects have remained stfll- fragmented to make industrial 

whmb would have prowded the town has begun a schemes fully viable. 

SpmenS" o^eJH weh fumlemeutel raassessment <tf The biggett Uft for tte 

■on** ■ JUnriine the future office plans. Northampton office market 

^ SS m setting new guidelines for wonW be m clinch • ted on 

numbers employed in the town office development, the council Greyfriars Bouse. A letting on 
v J ia aware that it is swapping that or Belgrave House, would 

horses in midstream and there take a large part of the surplus 
is no likelihood of ever realis- capacity off the market in one 
ing the aspirations raised in swoop. The next major block 
tile 1971 plan. The local is Anglia House, the 27.000 
authority has already reduced square feet of accommodation 
the office job content in some vacated by the bnilding society 
planning applications, but much when It moved to Moulton Park, 
more radical long-term action is Some agents argue that a gap 
required. is already appearing In the 

Existing empty office blocks 10,000 to 30,000 square feet 
have space -for 3,000 workers range and that new develop- 
while sites with planning con- ment could now prove margin* 
sent, but as yet unbuilt would ally profitable, even at building 
provide a further 3,600 jobs. One costs of between £20 and £25 a 
fear is that other potential office square foot There is thought 
sites, if proceeded with, could to be a demand for such 
create another wave of perhaps medium-sized property, pro- 
6,500 clerical jobs. vided it has good parking ftcill- 

Ihe significance of such ^ es *4 sufficiently seif, 
growth- can be appreciated when contained to offer the tenant the 
it is realised that the North amp- ^PPytim ity . to develop a cop- 
loosin' re County Council struo- porete identity, 
tore plan, which comes up for The first sign of any new 
examination in July, estimates start on office- development 
that offices might account for would really set the seal on the 
only 5,0 00 of the IS, 650 increase revival in confidence albeit 
in -jobs required by the town . tentative, which agents are 
in the period up to 1991* currently reporting. 


01 88Z 4633 

and Efficient 

New Offices 
20-56,000 sq. ft. 

To Be Let. 

A new development in Cfrftonvide Road, 
combfiBig ease of access and an abundance of cor 
parking within a spadous landscaped 
working environment. 

Centrally sited -midway between the town centre 
and its motorway link— in an expanding business 
area: dose to Rockware Glass New Headquarters 
and Northampton DevelopmentCorporation. 

By-Pass town centre congestion (and cost!) 

-and move direct to Clrffonville Road: 
an ideal office location. 

Spacious landscaped location 

Direct link to Ring Road 
Easy access to Ml M45 M6 


Good Road connections to 
Birmingham and Luton airports 

A flexible, efficient and truly economic 
development is offered- purpose built to 
tenants' requirements. 

London 1 Hour Road or Rail 
Excellent Staff Availability 
Abundant Housing Opportunities 
Parking for 140 cars 

Joint Sole Agents 

JOWSUKC Wilson & 
■■ Partners 

Chartered Surveyor 56-60 St Giles Street 
103 MountStreet, London W1Y6AS. Northampton, NN1UW • 
TeL 01-493 6040 Telephone: 0604 22B17 

A Development by 


hterionefEitcta Unwed 


Aid to the roofer 

l SING THE Hewlett Packard 97 
programmable calculator. Auto- 
mated Building Components 
(ABC> has developed a cal- 
culator programme, called the 
Autocut, to provide a speedier 
and more accurate way of 
'■sri mating cutting details when 
ik-^nin.y tratber roof trusses. 

The programmes cover .ill the 
Kij-ie truss types and are 
"•'•'Tried «m iRilivtfitiaj- magnetic 
'•■jrils tiled in j plastic folder, 
f acv ary available lo licensed 

Gang-Nail fabricators, says the 
company, at a competitive price. 

Said to reduce a job normally 
taking hours to a matter of 
minutes, the selected truss con- 
figuration is fed through the 
HP 97’s reader mechanism and 
information is received regard- 
ing span, sizes of top and bottom 
chords, web sizes, overhang 
lengths and cantilever sizes. 

More front ABC. The Trading 
Estate, Faro ham, Surrey GU9 



Shredder reclaims waste 

KV-Tri'.UES and reclamation 

concerned with the 
ivpnvccwiRg ur waste plastic 
.oil similar material* have 
nil crcd an increasing market for 
•! F-rili di-made range iif .-hred- 
is: i n j i.- hi nc*- . says the maker, 
Vani'^vu. 165 Garth Road. 
Murden. Surrey. 

Tli,; nuehmei were originally 
ink-ndod far .-hredding wade 
jikI vardhtiard but have 
m-uved in he eviienifly efficient 
i'»m handling polythene sprayed 
malenais. u-.iile J tended iiijlc- 
i‘i-f i Vmulay. leather and foam. 

Tin' latter materials are now 
quickly reduced to a finely 
shredded composition, easy to 
transport and ideal for reprocess- 

Tito of the larger machines 
in i he range are fitted with pinch 
rollers enabling bulkier materials 
10 lie squeezed directly into the 
hiah carbon steel cutler head. 
The -tandard machine. TVilki 
31k. VI. has a 9-feet in-feed con- 
veyor and a take-off conveyor of 
y feel which can be replaced 
with a take-off hopper for air- 
conce; or extraction applications. 


Fluidised bed idea 
licensed to U.S. 

AN EXCLUSIVE licence is about developed by Apollo ensure that 
to be signed between Prncedyne, major heat release an the two 
which has . been building and does not take .place dose to line 
selling electrically heated supporting tiles. . 
fluidised bed beat treatment Extra combustion «r ® r ' u f' 
furnaces in the TLS. for some gas mixtures ns anjectea ax 
15 years’ and Apollo Heat of the various bed heights to achieve 
U-K. under which the latter's controlled combustion and tnu» 
gas-heated fluidited bed tech- regulate bed temperature and 
nology, demonstrated in some bed gas composition, 
nine plants to date, ‘is to be Indeed, the precise c ‘‘ nl "' 1 




Telephone Rodditch €€ 414 . 1 
Telex 337125 - ! 


on electric 

' t 

OD 0 1-965 5544. 

Embedding the sample 

THE u-d [inn i»r embedding/ 
•iir.unnny metallic sample.- in an 
.i:'pi<>iin.«T|. n ia tonal before 
-rnnlin^ :i;»d M.inshinu fur mcial- 

l-"jrjpl»u- | hi i-pit-ps is dmu- away 
: i h in :i:i alunnutic mounting 
pm mi ihc market by 
Mi' Services Labor a- 
bTios of Eel el i worth. Surrey. 

Ml i lie operator has in do is 
i hi- iiuchim. 1 with ^penmen 
anil mountin'.: male rial a ml pre- 
■vi lhe L-anirols for the required 
ib-atui'i .uul c>u>ltnu «terU»d». 

The press can then l>«; left 
aiuiie In follow Lltmueh the heat- 

itm and coolinq cycles and main- 
tain a constant pressure through- 
out i ho Period. .V lamp and 
jiifliM*.- alarm signal the end of 
the process. 

Tlii- pneumatic pressure sys- 
tem. which is electronically con- 
n-oiled. can apply a maximum 
force ••? 27 N (2.8 tonst to the 
mnuminc cylinder, provided by 
feed fnnii 3 normal laboratory 
airline at 5.5 bar (SO lh/s«|. inch). 
No attention of any kind is 
needed during the mounting, 

Mure on 073784 2461 1 . 


Tapping an optic fibre 



RISK OF information leak! 
from discarded document*. 

exploited. possible with the Apollo design „ _ . 

The compMy recently took is, in the opinion of the eom- J* « 

part in a demonstration. of its pany’s managing director, flir. y Cf 11V 1W 

equipment comprising two plants R. W. Reynold son, the most ^ 

in an automated line at the new important characteristic ; oE the fOULOWI’N-O A successful 
premises set. up fcy OTO Fluid product He told the Financial seminar earlier this year, the 
Heat T reatm ent (Minium Times: “ We can offer users Electric Vehicle Association of 
Tool), capable of carrying out whatever temperature they want j; rea t Britain is- planmng to )toJd. 
treatments in the tango 200 to in whatever gas they want ten more during 197b at provin-. 

1050degil. with throughputs of With the operation at OTB dai centres. 

500/600 k£ per hour. There Is Fluid Heat, the company expects The association, in co-operation 
a cold-quench fluidised bed and many companies to become u ^ th t he Electricity Council and 
ancOlaries such as tempering familiar with what its equipment lhe Area Electricity Boards, will 
furnaces, qtieaeh tanks and wash- can do. It also has installed present a second seminar on May . 
Log equipment plants in France and Sweden and 1S JJS a feature of the Materials 

»$ Though the {adneijde Of ffuidis- has Swedish and Japanese Handling and Factory Equipment 
ing is not new and fire application licensees. , Exhibition. Belie Vue, Maoches- 

of a flahfieed bed with Ids rapid And as knowledge that the ter f Maj . i5-x9>. 

Shown here is the first model to be Installed In the projection of abrasive material from a and even hearing o t materials Apojdo design is operating subjects include: lhe source oF 

(he XJJv. of the Abragir 62 rotary’ table shot turbine. Shot, sand and dust pass to a system placed, in 4t to metal component successfully and efficiently ■with vehicll? power, butteries, their 

blast machine made by Sisson -Lehmann of which _i eans a ud reevcies the abrasive prior lo treatment has been known for low capital cost and particularly uSC care development; the 
France. It is set up at the Hamilton works of . nmiection Freedom from dust is one some time, Apol o tae a number economical use of high cost Bp ptf ca ti 0n a ad uiaiotenance of 

George Taylor and Co. and was provided *0^" projeclio. Freedom from t k one of s^ojfican* ****1 patents on energy, demand for the equip- ££‘, ric control equipment; the 

through the exclusive UJK. agents P & S Shot character! sue of jne equipment and another is jtsownmefiredctf achieving dose ment will grow. electric road vehicle to-day and 

Blast and Finishing Equipment of Park Royal, Its high throughput which can iuclude relatively coo-trod of bed temperatures. More from Apollo at 62 Foilcy tu _ morrow . a nd the electric fork 

London. In this new equipment components fragile components. More from the U.K. supplier Apart from, ensuring that the Road, Ackletou, near Wolver- truck j a warehousing, in produo- 

are placed on a rotating table and cleaned by on 01-963 3344. incoofing gases are evenly- and h&mpton. West Midlands w\ fi tion in( j jn ^nrice industries. 

— — finely dtetrftated, «he tedmiques 7JL. Ackleton 602. Fu ‘ u details from E. V. A. 

^ DcctTAmru construction and can simply be Headquarter.-:. 50 MiHbank, 

“ clipped on where needed. No ' H I nndon SAV1P 4RI). or from the 

nr • w insertion loss is produced in the | |A$)|W 11T| CfH5)ll TIJlfTS Institute of Material Handhog* 

T appmg an optic fibre x ^ k ? mdJ1 pai l d c on the « «- e hiB io " 

* r r bv the Science Research Coun- SMALL PARTS tn the machine can result depending on the 

A POTENTIALLY significant re- of Oie fibre and signals are c il and the Ministry of Defence, shop and metalworking Indus- cutting pressure, type of abrasive SECURITY 
search project is under way at coupled to it by attaching a has reached the point where a tries can now receive high material and size of nozzle w 
University College. London, in small split-coaxial piezo-electric colour television channel and a precision cutting, debarring, orifice used. . y| 

which signals are being injected modulator to the outside plastic separate audio channel have cleaning and polishing with an The powerful flow of abrasive 1 1 nm/ C 

into pulsed optical fibres with- cladding of the fibre. • been successfully injected into brasive blasting tool from Epak powder from the patented modu- kX v v UUV » T w 

out breaking or physically Input data signals arc modu- a fibre and retrieved at the far Electronics, Pool House, Ban- lator is said to remove burrs . 

interfering with them in any lated on to different suivcarrier end. croft Road. Reigate, Surrey (073 from small parts such as screws 

way. frequencies and fed to these The technique works only in 72 49268). and valves: intersecting holes or ijvLl vU 

lo practice this might mean transducers which produce one direction — there is no Known as the Micro Blaster, blind orifices can be cleaned p , SK Qp- information leakage, 

for example, that telephone calls acoustic signals within the gi asa - question of the signals being the tool is said to operate at without affecting the outside discarded document*, is 

or data streams could he ’’added” in turn causing phase modu la- extracted from fibre in this way. higher speeds and with greater edges and burrs can be removed ,. • __. p j sr a hi"h capacity 

tn a fibre link anywhere down tion of the optical signals. The More from Professor D. E. N. reliability and less wear than from threads with no change in -re-designed for 

!ts length for reception at the technique will work with either Davies. Department of Electrical comparable models. It produces pitch diameter. In assembly computer urinl- 

ia T ..... single or multi-mode fibre. and Electronic Engineering. a precisely controlled, high-speed work, small amounts of stock can m of rex. iutro- 

ln the ILL work bght from The input transducers have University College. London stream 0 f abrasive particles be dislodged to improve fittings. i ; ouinutershred 1600. 

a gas laser is fed in at one end been made with a “clothes peg" VC IE 7JE f 01-387 7050). which are directed through the Another application is for duclne lts Laniputertnrea 

pencil-type hand piece on to engraving nameplates and dials-. The machine has a 16 inches 
areas as email as 0.01 inches either freehand or using a wide throat and wll jccept large 

diameter. A variety of effect, stencil. ClntTStaf « fcS ‘ttolSK 

• DATA PROCESSING Ss »&"/! “Swidi 

. printout and 25 sheets of large 

Improves IBM 34 storage 

° per minute, ensuring rapid 
AN ALMOST five-fold increase is 1.031 million bytes per second, destruction of long computer 

in maximum disc capacity and a compared with S89.GGQ previ- wins with printout being 

diskette magazine facility for'ously. shredded into i inch wide strips, 

the System/34 computer have The new diskette facility has Further from Of rex House, 
been announced by the General five slots, two of which hold Stephen Street. London WU 
Systems Division of IBM United magazines and three uccommo- jEA <01-636 3686). 

Kingdom. This means the date individual diskettes, 

computers can have either 63.9 Magazines are containers that 

or 12S.4 Megabytes of storage, can held up lo ten diskettes, a INSTRUMENTS 
compared with the previous Typically, processing begins with 
maximum of 27.1' Megabytes, the first diskette in magazine 

The new diskette magazine drive No. 1 and can automatically g fiaOjjTC % |1 1 | W 

is supported as a sequential proceed, diskette by diskette. TI 

save/restore device. Both are through each magazine. This aw £ 1, 

offered with all System/34 main provides up to 24 Megabytes of 1st 11 IB 

storage configurations. on-line data. Apart from afford- AWiUl 

Average access time for each ing a very' flexible on-line storage ^ intrinsic difficulty with many 
spindle, based on aH possible facility it also allows a 125 kilo- 0 f t hc cable fault locators on the 
disc accesses, is 27 milliseconds, byte transfer rale load dump ula rket that make use of pulse 
or 13 milliseconds faster than device which for example, can reflection techniques is that the 
previously announced 27Mb back up an entire 27 Megabyte , lSC illoscone traces they produce 
models. The maximum data system in 15 JSS uteS n i a?- ocnn require a certain amount of in- 
transfer rate on the new model More from IBM on 01-93a 6600. ^rpretatinn and skill in 
■ ’ accurately determining the dis- 

Motorola on micros ' Cossor Electronics. which 

developed one of the first 

AT A forthcoming conference in unveiled are a true 16-bit pro- transistorised equipments in the 
London (Hi microprocessors to be cessor at present rather 1960 s under a Royal Navy com 
organised by Motorola 4he com- mysteriously referred • to as traeL has refined the technique 
pany is expected to make * Max" and also the 6S05. by removing the oscilloscope 
an noon cements about several which is another single chip display altogether, 
new devices. system which, although it will Instead, the instrument has a 

Probably the most important have a smaller instruction set digital display which ensures an 
will be .the -6801. a single chip than the 6S00, is expected to accuracy of one per cent, corn- 
device with 2k bytes of read-only be ** very cheap.” pared with three to five, per cent, 

memory. Instruction set will be The seminar, to he called previously. It can be set to make 
compatible with the present Mircoforum, will take place at measurements on any cable type 
6800. but Btere will be more the Institution of Electrical by simple selection on a thumb- 
instructions and they will be Engineers on June 19 and will wheel switch, 
carried out more quickly— a include a presentation by Colin The increased accuracy of lhe 
25 per cent saving in execution Crook, an Englishman who is instrument can save time and 

time is expected. now Director of Upe rations for money, because ever-increasing 

Other devices likely to be micros at Motorola in the U.S. labour and materials costs make 

errors of a few feet expensive 

rri a j ■ when locatins buried cable 

1 WO I8pC ClriV GS fdl Weighing less than 10 kg. the 

USB.- ^ 

[areas as small as 0.01 inches either freehand or using a 
diameter. A variety of effects stencil. 


Improves IBM 34 storage 

Digits show 
cable fault 

Two tape drives 

London to 

Los Angeles* 1 400 

San Francisco 


A 'A .A ’1'A- y 

Right No. 




PA1 25 r 



PA: 23 


LATE ? ^ ntrod ^ tions . of P ort . U P 16 eI r ht ttf. nine ; internal rechargeable batterv 

magnetic tape systems from track transports, and cither of or f rQm an e v te n4i nr <sun»iv 

Data General operate at 800 the two types ran be added and Se from £™omn^S a?feie 

bytes/inch (mode! 6027) or 800 freely intermixed. Pinnacles Harlo? eS rSS 

and 1600 bpi (model 6026). More on 01-575 9231. 558 ( 027 9 26^2, QU 

Both models employ vacuum " — — — ■ — — — . . 

column design and process the 
tape at 75 inches/sec; transfer 
rates are 120k bytes /sec at 1600 
bpi and 60k bytes/sec at 800 

The controller, which is 
microprocessor-based, can sup- 






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riesr. And .eivx.- you a really comfortable 
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On a Pan Am T P. 

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You'll have a choice of two mon ies, 
current or pre-release. Eight stereo 
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national regulations.) 

A choice of main courses in 
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If you're thinking of heading ^Vest, 

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Fan Adi's People. Their experience makes the difference. 


hand tools 

their grinder / polisher — the 
grinder is Intended for .sharpen- 
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of hand tools whilst huffing and 
finishing' of many items is 
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machine— comes, from Denford 
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Safety features of the new 
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armourglass eyeshlelds and 
lo-vo light units. 

Pedestal and cabinet models, 
fitted with either 8 or 10 inch 
diameter wheels, are available. 
Operating at 2300 rpm. the 
machine is powered by a Q.6KW, 
three or single motor, and 
housed in either a pedestal or 


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a 1 




rstttM t&rask 

*' Tfl : 

5| TI0*, 

' urn* 







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t. . «S ill* 

.- +& 
r 53» 


Fiaancial Times Wednesday May 10 1978 

The Management Page 


Accounting is often referred to as the inter- 
national business language, writer MICHAEL 
LAFFERTY. Yet there is no international rule 
book and in many cases not even national yard- 
sticks exist to guide companies or users of trans- 
national accounting information. ■ 

The United Nations Commission on Trans- 
national Corporations came up against this 
problem when it tried to study the activities of 
multinational companies a few years ago. So it 
appointed a group of international experts to look 
into the matter. The experts reported at the end 
of last year, proposing that the United Nations 

should issue a set of minimum disclosure guide- 
lines for multinationals. 

Next week the UN Commission on Transna- 
tional Corporations meets in Vienna to discuss, 
and possibly adopt, the experts’ report It will 
also have before it a lengthy submission from the 
International Chamber of Commerce, co-ordinat- 
ing the multinational companies’ views, which 
opposes the experts’ proposals. 

In this article Professor Edward Stamp 
argues that multinational companies are mis- 
guided in their opposition to the UN proposals. 
*In particular he takes issue with the views of 
Sir Henry Benson. 

Professor Edward Stamp 

THE United Nations Commis- 
sion on TransnationaJ Corpora- 
tions is meeting nert week to 
consider the report from the 
UN Group of Experts on “ Inter- 
national standards of accounting 
and reporting for transnational 

The group of experts’ pro- 
posals have already aroused 
considerable controversy, and 
executives of many trans- 
national corporations have ex- 
pressed opposition to them. 
The International Chamber of 
Commerce and the International 
Organisation of Employers are 
apparently preparing to resist 
the UN proposals, and many of 
the objections to the UN Report 
were brought into focus by Sir 
Henry Benson in an article he 
wrote for the Financial Times 
on March 22. 

Why opposition to the UN’s 
disclosure plans is misguided 



Sir Henry argued that the UN 
proposals go too far, that they 
are doctrinaire and take no 
account of realities, that they 
are likely to be used as a 
political weapon by Communist 
republics, that the costs are 
likely to exceed the benefits, 
and that the requirements for 
non -financial disclosure are 
especially formidable. Sir 
Henry thinks the scale and 
scope of the disclosure require- 
ments are over-ambitinus and 
are likely to be discriminatory, 
and he questions whether the 
UN ought to be involved in 
accounting developments. He 
suggests that on the contrary it 
would be better to leave it to 
the International Accounting 
Standards Committee to reach 
agreement on measurement 
standards before developing 
extensive new disclosure 

Sir Henry Benson’s views 
deserve the most serious con- 
sideration. . I know of no one 
who has made a more impor- 
tant contribution to the 
development of international 
accounting standards than he 
has, and in fact it was under 
his formidable leadership that 
the Internationa! Accounting 
Standards Committee was 

formed and got off to such a 
successful start. 

But I believe that Sir Henry's 
concern is misplaced. . The UN 
proposals are by no means as 
radical as he fears, and it is 
notable that his successor as 
chairman of the IASC (Joseph 
P. Cummings of New York) was 
a vice-chair man of the group 
of experts that produced the 
UN proposals. 

It is of course perfectly 
reasonable to argue that radical 
proposals carry with them the 
danger of creating too much 
resistance, so that desirable 
progress will be slowed down. 

However, as I shall explain 
shortly, I do not believe that 
the UN proposals are radical. 
Moreover, multinational cor- 
porations in the rich developed 
countries must consider the 
potentially damaging effect of 
their opposition on the attitudes 
of moderate leaders in Third 
World countries. The UN pro- 
posals were drawn 'up by a 
group tbat included men like 
Mr. Cummings (chairman of 
the IASC, and deputy senior 
partner of Peat, Marwick, 
Mitchell in the U.S.), Mr. 
Gyllenhatnmar (president of 
Volvo), Herr Havermann (a 
leading German accountant), 
and Mr. Pieter Louwers (chief 
internal auditor of the Philips 
Group in the Netherlands). 

Third World leaders like 
President Nyerere of Tanzania 
(a man with immense influence 
in the Commonwealth as well 
as in the underdeveloped world; 
are not likely to he impressed 
if proposals emanating from 
such a distinguished group of 
experts are dismissed by multi- 
nationals as “ doctrinaire." ** im- 
practical." or in Sir Henry 
Benson’s words, “ vague, useless, 
or positively misleading.” 


Sir Henry reserves his last 
phrase for the UN proposals on 
non-financial disclosure. Yet 
these are modest and tentative, 
and in fact fair far short of 
recent British proposals, let 
alune current practice in the 
U.S. . . . 

Thus, The Corporate Report, 
issued nearly three years ago 
by the Accounting Standards 
Committee and largely endorsed 
by the Department of Trade, 
contains four pages of suggested 
contents of an employment re- 
port that are considerably in 
advance of the UN proposals. 
And The Corporate Report pro- 
posals are certainly practical: 
they were drawn up by the 
finance directors .of two very 
large British ~ manufacturing 

Similarly, if one looks at the 
remaining UN recommendations 
in the areas of non-financial dis- 
closure. they consist of modest 
proposals for • information 
regarding production, invest- 
ment programmes, organisa- 
tional structure, and environ- 
mental measures. It will be 
easy for multinationals to pro- 
vide this information, and none 
of it is likely to. be damaging. 

For example, the UN proposal 
for the disclosure of information 
on environmental measures Is 
only one .sentence long: “Des- 
cription of types of major or 
special environmental measures 
carried out; together with cost 
data, wbere available." 

to, ccnturi.4, the .City ho, Wen 9 mc«l TUC help you, S eHtoon abandonee of 
k *. of .he finest tooted meets' jjllfia j *«9«toW« “" d *?'<■*• 1 

with of iiV^TOtt'eoVked meet,' a ". d '“f 

M ssaJ~t“ 


Compare this with the enor- 
mous amount of information 
that is now being disclosed 
by major American corpora- 
tions. A recent survey of the 
1976 annual reports of the 500 
biggest U.S. corporations 
showed that a substantial 
number include “ social respon- 
sibility disclosures." This infor- 
mation deals with such mailers 
as pollution control; protection 
and conservation of the environ- 
ment; energy conservation; fair 
business practices; employment 
of minorities, women and other 
special interest groups: em- 
ployee health, safety and train- 
ing: community involvement; 
product safety, etc., etc. 

In view of all of this it is 
difficult to argue that similar 
Information cannot or should 
not be given about multi- 
national operations in Third 
World countries. The fear that 
the information so disclosed 
might be used to political 
advantage against the multi- 
nationals really does not stand 
up to close examination. It 
seems to me highly improbable 
that there is anyone in the 
Third World who could deploy 
such information any more 
effectively than, say, Anthony 
Wedgwood Benn or Ralph 

Moreover, multinationals 
which have established them- 
selves in Left-wing under- 
developed countries did so 
with their eyes wide open. 
The governments of such 
countries axe quite capable of 
demanding whatever informa- 
tion they wish without any help 
from the United Nations. And 
If they need accounting exper- 
tise in developing their- shop- 
ping lists of information 
requirements there are plenty 
of public accountants available 
who would be willing to sell it 
to them. 

One wonders, in fact, how 
serious this problem really is, 
in practical terms. It would be 
a sorry reflection on the man- 
agement of multinationals if 
these modest UN proposals 
really do represent a threat to 
their operations in under- 
developed countries. 

One element in the resistance 
to the UN proposals is un- 
doubtedly the instinctive 
tendency towards secretiveness 
in the British establishment. 

The thalidomide affair, the 
Crossman diaries. D Notices, 
and Colonel B. are all examples 
of the sort of thing I mean. 
Businessmen have much the 
same sort of tendencies as 
Whitehall mandarins, and in the 
field of accounting disclosures 
this leaves considerable scope 
for improvement. 

Indeed, one can argue that 
without some kind of govern- 
ment intervention many of the 
disclosures now being made by 
British companies would still be 
waiting to be introduced. Thus 
the 1967 Companies Act re- 
quired the disclosure of sales 
turnover. Until that lime many 
companies did not provide this 
figure. Since 1967 disclosure of 
sales turnover has become 
virtually universal, because it is 
mandatory. There is no doubt 
tbat the provision of this in- 
formation is useful, yet it is 
unlikely that it would be gene- 
rally available without this 
mandatory requirement. 

Indeed, one stiil looks in vain 
at most British company reports 
for information about the com- 
pany’s cost of sales and gross 
profit margin. This information 
is generally not given, and the 
reason is very simple; it is not 
mandatory to give it By con- 
trast; in the U.S. and Canada 
where the provision of such in- 
formation is required one finds 
that virtually all companies 
produce it, to the considerable 
advantage of readers of com- 
pany reports in those two 

One result of this is that 
British companies .like ICI that 
are required to file reports with 
the SEC in the U.S. disclose 
their cost of sales and gross 
margin figures in the American 
reports, even though they do 
not yet give this information to 
readers of their British reports. 

It is noteworthy that neither 
the Accounting Standards Com- 
mittee nor the Stock Exchange 
has done anything* to improve 
this situation, and auditor pres- 
sure (if it exists) has been 
equally ineffectual. 

It is very easy to dismiss calls 
for stricter disclosure require- 
ments by arguing that the costs 
will be heavy and the benefits 
small. Yet if one reads through 
the UN proposals it is difficult 
to believe that any multi- 
national company, aided by its 
computers and Its excellent 
financial control system, would 

Sir Henry Benson 

have any real difficulty in meet- 
ing the UN requirements. It 
is much more difficult to place 
a value on the benefits, just as 
it is difficult to measure the 
benefits obtained from such 
things as police forces, libraries, 
and gardens. Or. indeed, the 
benefits from the disclosure by 
British companies of their sales 
turnover, and by American 
companies of much additional 
information besides. There is 
no way in which costs and bene- 
fits can be numerically matched 
in such areas of decision 
making, but to suggest that any 
changes should wail until such 
measurements do become avail- 
able would be to put off reform 
until the Greek Kalends. 

The intervention of the 
United Nations in these matters 
has been questioned, along with 
the suggestion that a prolifera- 
tion of proposals for reform is 
merely confusing. Yet it seems 
to me that if the OECD and the 
EEC are entitled to produce 
proposals or to introduce re- 
quirements then the UN also 
has a perfect right to take some 
action. In fact it could be 
argued that the UN is the 
natural co-ordinating body, 
since its constituency is world- 
wide. whereas that of the EEC 
covers only rich countries in 
continental Europe. 


In my view the OECD pro- 
posals are inadequate, and those 
from the EEC are taking an un- 
consciounably long time to 
come to fruition. By contrast 
the UN has provided us with 
much food for thought and it 
has done so with an admirable 
sense of urgency. I agree with 
Sir Henry Benson that the IASC 
has a crucial role to play in 
future developments. So also 
does the United ’Nations, as its 
Secretary-General has recog- 
nised. Tliey should try to work 
together in a fruitful partner- 

Britain has a part to play in 
all this, as a founder member 
of both the UN and the IASC 
There are many people all over 
the Third World who look to 
Britain for inspiration and 
leadership. I hope that in this 
new debate initiated by the 
United Nations British accoun- 
tants will not be seen to let 
them down. 

Edirard Stamp FCA (Canada) 
is J. Arthur Rank Research 
Professor and Director of the 
International Centre for 
Research in Accounting at the 
University of Lancaster . Pre- 
viously he iras Professor of 
Accounting at Edinburgh 
University, and has also been a 
partner in one of North 
America's largest accounting 




On retirement 1 kept one insur- 
ance agency which has since heen 
used only for nty own car and 
house policies. In each case the 
premiums are paid net of com- 
mission, a total saving of just 
over £50 a year, and the Tax in- 
spector Insists on raising an 
assessment on this sum. Is this 

Your tax inspector has appar- 
ently overlooked (or misread) 

the judgments in Way v. Under- 
down (HX Inspector of Taxes) 
(No. 2) (49TC2361. 

In the light of tbat case, and 
after discussion with the inland 
Revenue, the Consultative Com- 
mittee of Aceountam-y Bodies 

issued a note on the tux posi- 
tion of agents: and policyholders 
in Aprit of Iasi year. You should 
still be able to obtain a copy, 
by sending a stamped addressed 
envelope to the Publications De- 
partment. P.O. Bu\ 433. 
Chartered Accountant Hall. 
Moorgate Place. London. EC2P 
2BJ : ask for lea lid TRl h J-J (Tax 
Liability on Insurance Commis- 

Your situation seems to fall 
squarely within the e.\c in p lions, 
and you should have little diiti- 
culty in getting the £50 assess- 
ment cancelled, when tho inspec- 
tor realises hi* oversight. 
Meanwhile, you may find re- 
assurance in these extracts from 
the CCAB leaflet: 

“1. Cum miss if ms received bn 
an agent o n his oicn insurance. 
An individual . . . taxpayer who 
is entitled, as agent of an insur- 
ance company, to l urn missions 
on premiums on policies effected 
on his own account is not liable 
To tax on them as income in bis 
hands. . . . 

“2. Commi-wHiris received by a 
policyholder instead of mi agent. 
If a policyholder who is not ihe 
insurance company’s agent in re- 
lation to the policy pays directly 

lo the company a net premium 
(after deducting the commis- 
sion) in respect or the insurance, 
the agent is not liable to tax on 
the commission which he has 
not received. . . 

Change of 
revenue practice 

Each year for taxation purpose* 
the computation of rents and 
expenses of flailcis 1 lei hate 
shown a deduction of 10 per 
cent, wear and tear allowance 
calculated on tbe gross rental 
income. This year, the first time 
for over 20 years, the tax 
Inspector has disallowed it. and 
wrote “ 1 would advise you that 
the 10 per cent, wear and tear 
allowance should be calculated 
on It) per cent, of the net rents, 
not the gross.” Has some new 
law been passed on this matter? 

There is no specific Icgi.-datum 
un this point, and it is hard to 
foresee what altitude the Cuurls 
might take if a case went to 

However, although the current 
policy of the Board of Inland 
Revenue is to restrict tb* 
nominal weaf-and-tenr allowance 
to 10 per cent, of the nei rent 
(exclusive nf rates i. we knuw 
Ihal this new policy has been 
modified to allow existing agreed 
bases of computation to continue 
in appropriate eases. You should 
at onee point out t tactfully) t-» 
the inspector that ii i* not tint 
Board's intention that longstand- 
ing agreements between Revenue 
and taxpayer be un ilate rail y 
repudiated, and that yours is a 
case where the established ba-is 
of computation s'huuld continue 

No legal responsibility ccn ce 
accepted by the Financial Times 
for the answers given m these 
columns. Af/ inquiries will he 
answered by post as soon as 
pos si We. 

Hill Samuel 
Base Rate 

Hill Samuel & Co. Limited announce that 
with effect from Wednesday, May 10th. 197S. 
their Base Rate for lending will be increased 
from 7£ per cent, to 9 per cent, per annum. 

Interest payable under the Bank's Demand 
Deposit Schemes on sums of £500 up to 
£100,000 will be at the rate of 6i per cent, 
per annum. Interest rates for larger accounts 
will be quoted on application. 

Hill Samuel &Ca Limited 

300 Wood Street 
London EC2P 2AJ 
Telephone: 01-62S SOU 

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(Tick tax)' 




FT 4 

' Post to: Eric Sprin gate. Business Systems Marketing, Sperry Univac Centre, 
London NW10 SLS.Telephone: 01-9650511 extension 3359 or 01-961 29S1 




Financial Times Wednesday May 10 197S. 


triple A 

Searchin g out some colourful survivors 



V, HEN •'Mr. DeiiU Healey 
i:iin«iinn-d in his Budget Uiat 
r.riijin ua* umncL to issue $350m. 
'■ -i rJ h hoods un the New York 

iMI'ital market, it uiuc to most 
MMiieUuas of a sur- 
i*Ms™. it hjd ncier been dune 
hi furo and the W.v York market 

• an w :j dltlii'till place for firsi- 
'•hiicr?. But iiuw liiai Lhe bonds 
ii ,i~ Veil sold and all the dutu- 

signed, a i*. evident Lbdt 
■■u::e apart from loc money the 

• Tiv.^wy ruUvd. the issue 
h-i- d-iae Br:l a in some yood 

i u: ..‘art. the i-sliP ft jus Su 

ure lai^eM ul ii*> kind the 

■ >. i : bad *:;en‘ that it hroushr 
* •!■»;. :»n firmly t u the nelieo of it 

■ «'.:iriiunny ni*t noted lor its 

• ii -i- ul y.'u^rjyihv or ririiep or 
'■ >rii! atf::ir. ; . The jinisneetus for 
:•’•' nond.> L’nsan. "The United 
hiii-M'iit. i-nv^rina ;<n area of 
.•iiMruMinjiL'Iv sr|iiaic 
tin!*.—, run i jir i ■**?- the main island 

\ i; •.vi Britain, with Us nunier- 
-:i -in ..!!«' i- i.ff-lion: island-. 
«••* ‘ iti-t tn e.t'v had 

‘••I - 1 ; f » n. 

Britain, coming to the market for 
the first lime. wjlb. as one invest- 
ment banker pul it. “an economic 
turnaround that could be talked 


It was fortunate that Uie float- 
mentation put out by the prospec- 
tus and by Moody’s stopped short 
at the end of 1977, while sterling 
was Mill strengthening, and be- 
fore the recent more disappoint- 
in? (rend in the balance of pay- 
ments- But the fact was that 
the Bank of England’s “road 
show " — the word used to des- 
cribe a tour undertaken by a 
bond issuer to drum up interest 
—achieved what it set out to do.. 
When the bonds were offered (or 
sale no take advantage of Fast 
changing conditions the timing, 
was shrewdly altered by Morgan 1 
Stanley, the Investment bankers 
who led the issue), they carried | 
one of the lowest spreads yet 
seen on foreign sovereign bonds 
and (hey held their price in sub-| 

sequent trading. 

\ui ('veryone way prepared toj 
say that this happened because! 
Bn lain was a better bet than 
he fun. 1 . (It was widely rumoured 
here a couple of year.* ago that 
i he British Treasury decided 
a cams l issuing bonds' on learn- 
ing that it would not get a Triple 

rating. i Some observers noted 
that the traditional links be- 
Iween ibe U.S. and Britain 

SEEDSMEN nowadays sell 
Snapdragons with flowers like 
Hyacinths, Sweet Peas which 
are neither sweet nor fit for 
Pea-sticks and Nasturtiums 
which are too compact to trail. 
Have we lost anything better 
while they pursue these new 
varieties? Sometimes, plainly, 
we bave not. Much praise is 
given now to the really old 
Roses, yet the best still seem 
to me to be The hybrid shrubs 
which were raised this century. 
Soon, we may have proof. Per- 
haps the most remarkable pri- 
vate collection of old and for- 
gotten roses passed last year 
on its owners death to a top 
Midlands rose-breeder. 


He will be choosing the best 
from the hundred or so old 
types and will offer them again 
in a year or two to gardeners. 
So far. reports are that the 
romance was greater than the 
merit. Many have sighed for the 
" true " old Tea roses, hating 
the new Cracker-bunda hybrids. 
Many turn out. in these last 
survivors, to be tender, .spindly 
and stale news. On the whole, 
we are better served than our 
grandfathers, having saved 
Lbeir best and added to them. 

Not so with the primrose and 
its cousins. Looking back at the 
first commercial seed-list for 
the public, issued In 1730. I find 
that it offered no less than 25 
sorts of Auricula. -In the 
Georgians* balance of trade, 
auriculas. were a British export 
to Europe, They became union- 
ized. one might say, in the mid- 
nineteenth century, hut they 
cannot be held to have suffered.' 
In the age of Engels, they were 
the forking man's flower. The 
show-reports of Lancashire 
sroers’ clubs are a remarkable 
tribute to the textile-workers’, 
skills in varying these tantaliz- 
ing plants. The Auricula asks 
to be cross-bred, • striped, de- 
fined. toned - up or down and 
matched, in contrasting colours. 
It responds to a careful choice 
OF hybrids: the. dream, in the 
1870’s was an Auricula lined 
with a thin dark ray on each 
petal against a. light back- 
ground, nowwhere smudged or 
poorly defined; Leisure was 
scarce for many in Lancashire, 
but their auriculas remained 
the envy of Europe. I have the 
fine comment o£ a German out-; 
sider, contrasting the grime of 
the northern chimneys and 
sweat of tire English Victorian 
looms with the one small, con- 
centrated patch oE light, left in 
the English workers' home 

lives, (he believed) by the 
smallest of garden flowers. 
Auriculas, maybe, will be 
offered in lieu of wages by the 
time we reach Phase Sis. 

Where can you find them 
now? Through dubs, still, far 
they have not followed the tex- 
tile-trade to the Far East. But 
the numbers in the catalogue 
ha\ r e fallen away:, you are 
offered Mixed Hybrids and left 
to your own devices. • 

Be warned that Alpine 

easy as any in the three inch 

Fortunately. Auriculas - will 
come up quite easily from 
seed. There are no tricks, but 
the plants are far happier in a 
cool place and respond, with 
me. to fortnightly watering 
with liquid manure from April 
through to August. They hated 
the drought, but may have been 
saved by stones round their 
roots: it is a good plan to put a 
few in pots, especially ii you 



Hybrids are a single colour. 
Florists* Hybrids.- • the better 
double colours.'! have had some 
fine nameless varieties from the 
lists of the Waterperry Horti- 
cultural Cenrre. Wheatley, 
Oxford who art heirs to the 
lifetime's stock of a prize 
Auricufa breeder, recently be- 
queathed on his death. But even 
the fine old Blaireide Yellow 
has been disappearing from the 
nurseries. Buy it whenever you 
can, for it is a superb clear 
yellow flower, still as good and 

grow the less hardy Florist 
sorts. A very wet winter may 
upset those with (be best mealy- 
grey leaves, but you can keep 
them safely in the greenhouse 
which you have given up heat- 
ing. At dose quarters the 
flowers are more. enjoyable. The 
smaller ones are' not spoiled by 

In' the same class, but hardly 
less elusive, are the old double 
primroses and the many named 
single varieties, quietly going 
off the market Barnhaven, 

Brigsteer. Kendal. Westmore- 
land supplied me three years 
or so back with some which X 
had long believed to be lost 

and with seed. too. of tttj'f. 
exceptional ”Swlwr Dollar 
strain of FolgaitffcB*. D* rtIC J , J 
larly rich in the dark chocolate 
and crimson shades. None 
the doubles is easily kept for 
long, so you must dmde your 
plants as soon as they hate 
flowered. Grow on the new 
pieces in the cool and damp 
sites which they prefer. They 
are not too easy. Mane Crousse 
is often to be met and still a 
very good double with winch 
to begin. I prefer it to the 
similar Bon Accord Gem. be- 
cause the double dark flowers 
have a slight silvery-white 
edging. Far the most noble is 
the glorious Madame Pompa- 
dour, exceptionally full and 
deep if you can possibly find 
her. A buy at any price, as is 
the splendid old Barrowby Gem. 
a clear canary-yellow, single but 
upright and remarkably early 
into flower. Beware of the 
birds which arc drawn to this 
colour, so have the black 
cotton to hand. It was still on 
offer this last year in the out- 
standingly well*P resented list 
of C. G. Hollett. Greenbank 
Nursery, Sedbergh, Cumbria, 

who lists over 50 varieties. «i 


To grow good primroses, you 
need shade, damp and the stub- 
bornness of a born collector. 
But I am still surprised every 
spring by the beauty of the 
commonest of all, the mauve- 
purple single Wanda, twice, as 
fine a flower if you keep it nut 
of direct sunlight and use it in 
clumps along the edges of dark 
borders. For the scent, which 
it lacks, ingwerens of East 
Grinstcad, Sussex, will still sdT 
you the true Oxtip Primula 
Elator. whose yellow flowers 
hang in odd onesided bunches 
If you find a green-flowered 
Primrose, do not hesitate to 
pay up for it. 

The loss 

Even the good double white 
is now very scarce, while hose- 
in-hose varieties are mostly in 
private hands. Yet no foreign 
growers have taken over the; 
running. We have gained, may; 
be. with out modem roses, bnt 
in the loss of the best garden 
Primulas we have turned our 
backs on a famous old export 
and cut ourselves off from the 
most alluring early spring 

tt , ncre a cuupie oi year., ago mat 

i~s"GSDeCPJS liu- e,i . tish . Treasury decided 

- steams 1 . issuing bonds on learn- 

Y 1 .*:*• i:uj><tiT.iiii lhan that. il in *4 that it would not gel a Triple 
•'••■ j-.-u an irniion «*n the fact that ’raliflg.l Some observers noted 
:' ei-i>iii>mic .'iluation has ihal the traditional links be- 
•:r-.-ju j U -■■lueiiiiai from the iween ibe I'.S. and Britain 
.. i ! i : .-i • \».\n\, ago. u hen the helped, as well as the fact that 
• S i’lv.-* .• ride n ulT as a dead ihr issue gave investors a chance 

to diversify into securities offered 
V>: 1 1 Hi.* pro. pectus bad in a brand new borrower. 
- -'d I!;:::/. [.■ -j> jl«uut Ernain. Spreads were tending lo decline 
■ :ii i -,i- !h..-:iv Has taken up In in are. case. One banker eora- 
•• ;> server- i mi in giving monied: "It sold because of its 

Be Sweet’s class should see 
her through in small field 


‘•■■nds a i vi pic A ruling, price, nothing else.' And it re- be SWEET, on whom Pat length Sundown winner, in ment an that running will pseb- 
j>>k-. mi..- of New mains true that in political Eddery earned a four-day sus- opposition. However, her un- ably see him home. 

CC — These theatres attest certain credit . 
cards -by telephone or at the box othce. 

i *!*-■' 1 1 oho of New mams true that in political Eddery earned a four-day sus- opposition. However, her un- ably see him home. 

mam bund rating lerm.s. at least. Britain s stand- pension for careless riding when doubted class should see her Wednesday's 1 16 000 

:vn-w; \\,uhJ-.-<. Ivul ih« \« « i»r from strong. forcing his way through to win through on to-day's terms which Mecca-supported Dante Staked on OPERA & BALLET 

" < Ii .• stability Bui in the present atinoiphere the Princess Elizabeth Stakes at have her rape ting that Sundown tfie KnaveWre -looks like beine coliseum 01.240 ms* 

"'■:-dc«i «v ibe birring pnlitii'iil of .in'.KMy about the L'.b. it has Epsom a fortnight ago. looks all scorer on level terms. th» season’s most informative SE seLrv«^ m-Sas 0 si«1. 

•Mi ui-iiiiiiinD. the iimnnc iMhlnobl* 10 point to se t to sain <k«md.tmi|w» „ h» —“*<««. W-SH- 



Yamhkina in that mile and 110 Sea pigeon> the conliortab i e all be in the line-up. 
yards race nas only three conqueror of Kibarbaro in the An unexpected runm 



• 1-: . .iiicr .< 'nn-J adjiiMmeni ^.5 • 1 Yari.shkina in that mile and 110 Se p; oeon t », e rnnifortablc all be in the line-up. 

1 !■] 1 1 ! i" f V^'/'iTido iV/ m re'-ent CllGS >ards race has only three— conquer0 r of ’Kibarbaro in the An unexpected runner ft 

h,- .'innved iron, a T},.- optimism about the L'.K. L 0r . r ^°^. D 5„ e „wI 

•i.'-i rues im- in rl.iijim in restraint, expressed bv Mr. Walter Wrist on. !* L .' rt S n 10 c L? se ’ ^ ut ^ t ^ ou ^ t . Saturdays Lin gfield Derby 

■ ;U- „f vner-.v self- head o-t Citicorp, tn his testimony RACING ,h!f 

-.j'i- it-p. . jhiI Jniik s u» fun her ii.i Uu- Congressional joint com- t0 .®'J' e ti* the SKF Prices lightly made ch 

• -n i-iii.- iM'iM-if -nicni with milloc (discussed m this column »Y DOMINIC WIGAN ifrtr/hMrf ^ u-in^ e nU AS p U i ed 'r^ w ^ ose ^fn rSt iQ-i V ' 0 | 

■ !*,..»,-•■ There followed k„t month by Peter Riddell) is DOMINIC WIGAN jhort head hr nw from Mim came race in J3 

ii, h**;td:n-’- as ij-.i nnu instmee of this ton n Kenapton a Campbell-Gray triumphing at Epsom, has 

' ■ '-•’i.l:l. m- rinpr.'f’ in Ureal bnun in Wall Street lianker< t ^ ieeD6 Prize ,0J>t t^kin 6 x S rhe«ei 

in “ .in*! ■Strengthened report .1 general renewal of Lake Naivasha. Langness and timeout. instead of taking ttiChestei 

.. .-."i .he::.*! interest 1.1 Britain. Apart from Princess Eboh— lo beat to-day. In the one two-year-old event a minor training seioacK 

Y!::.. :;i :y jinke Briu-h readers the Mirce-s of the bond sale for five, including the Princess on the card, the Red Dragon — ■ ■ - -- — 

.. 1 r-.p.-iiiv n M>tiieuh.ii belter there 1- a ^rouih uf L : .S. port- Elizabeth runner-up. were with.- stakes, it will probably pay mv^rnt 

'N'tiain ■imii the one Ihey know. f»Ji» invotinent in Britain, drawn at tne final dcciaiation backers to row Id with the twiiv uuaiM 

‘•it - . i : in .‘ilc .* gnud sturj. The Perltap- the greatest accolade of stage. raced Joleg. This stable mate 2.13— Joleg‘““* 

v. nn buy bond- in the all. Britons have even been listed fie Sweet, neck runner-up lo to Hawaiian Sound, a slight dis- 2.45 — Man hunter 

1 -’ — .;nd tiic? live on 1 he plain- among the rich foreigners snap- Cherry Hinton in York’s Tad- appointment in the Vase jester- 2.20— Assured 1 -* 

■f l >■■■:> .\s- * >11 :s- tn New- York ping up I'.S. real estate with caster Stakes last September, day. nearly got up to beat 3.50— Be Sweet* 

-in .- led ihvj are un to their new-found wealth— rather will not have matters all her own Friendly Neighbour at Sandown 4.20— Araphos 






"Ingrid Bei-gnun mikes the swee rad la hi — 

— ufioswilahle tlvarimw. Oi*l» MalL sHAFTES»URT. CC. B36 659S. 

"Wenov Hiller n supcrU. Sun. M)rw. <h«fr«tiui-w Ace. WC2 -. High Holborn «>di 

— — — Ems at 6-00. Mats. Thurs. Sat. 3 00. 

"iSnings J B.<« ;u Mat SF . o We^ A S.L 3.00. KISMET „ A . 


jea i-iseoH, me L'onuurtaMie — - — and Tues. 7.00. te nim di 'FlBani ■ 'Fri. an™ on Y nEWL E VS ^ 

conqueror of Kibarbaro in the An unexpected runner for that 7-. 3 0 p ?« r . <i . rtn **-_ AmpM- Mats tor travelling m«ic show 

corresponding event a year ago. other important Epsom test. pl*rf * ’ ' “* * ® Directed b» burt SHE YS'-° > '®' ^ 

is certain to go close, but I doubt Saturday's Lingfield Derby Trial, . ^4onaPit5 l '*?nd to *he5^^ enttSlT of* arw-e 

if he has quite the class neces- i, Whitstead. Captain Rvan *adl«m wells THeATRE aufliwe 

sary to give 4 Lbs lo the SKF Price’s lightly made chesnut. * sadler-s mus royal ■SSa*^' — — — : 1 ^ ~ 

Cesarewitch winner. Assured, a whose sire. Morston. won the K M , in' s to R Th‘ u “ . T £o*f^s#i. 7.M.VSS: 

short head winner from Palmers- same race in 1973 before IlL_ Dr *3T- F f; ^ 8 ro 5lli«u*L ' tjir rocky horror i show ■ 
ton in Kernpton's Campbell-Gray triumphing at Epsom, has been prom Mon. , KATHAiu!u >>1 DiuKers iSoS th e'er eat rock *n’ roll musical 
supported Queen's Prize last re-routed to the Surrey course KerjI ?- ,nd,a - .... , r «« 

EVERYTHING." S. Mirror. 

SHAW THEATRE. 0'*3B8 13S4. 

bv Aronld Wesker 
Evgs. 7 .30- Mai. Thur. 2.30 . 

STRAND. 01-B36 2660. Etenlngs 0 00. 
Mat. Thurs. 3.00. Sat. 5.30 and 8.a0. 


instead of taking in Chester aEter 


»hissg . And here uas like the Arabs in London. 

way with Lake N’aivasba. a seven last time out and any improve- 

2.15 — Joleg-“* 

2.45 — Man hunter 
.‘1.2(1— Assured'-* 

3.50— Be Sweet* 

4J20 — Araphos 

4.50— Royal Emblem 


ADELRHI THEATRE. -CC. 01-836 7611. 
E*9&. 7 JD. Mats. Thun. 3.00. Sat. 4.00. 

1976. 1977 and 7 970! 

IRENE - . 


Sunday People. 


ALBERT. • 836- 3878. P»rtv Rates. Credit 
card DVgs. 036 .107.1-2 llrem 9 a.m. to 
6 P.ta.1. Mon... Tuas.. Wed. and. Fri. 
7.4S'Tlnin. .ana Sat. 4J0And-B.0O 
“ A 


Opanlna Thurtdav. May 13 at 7 tor the &»eare Theatre JQ7B9 J.271I JKWtj 
Summer Season -to August 19 only). .remediate 1 * **■£■£'» 

Sub*. Mon.. Tues.. Thurs. & Fn. at a. TAMING OF THE. SHREW May 1 R 

Subs. Mon.. Tucs.. Thurs. 6 Fn. at 8. 
Weds, ana Sau. 6.10 and 8.50. 


in a Spectacular 

. vitth great WU*- national cotnBiit* 
£4 SO. £3.75. £3.00. £2.50. £1-50 
' Special Booking HotlM*- 437 2055. 

(Mat.). 24 (mat.j. June 1 [mat.> THE 
TEMPEST May 23. 24. 75 

Rec orded booking into. <07 8 9 6919 1 1. 

ST. MARTIN'S. CC. 836 1 443. E«OS B.OO. 
Mat. Tum. 2.4S Sab. t, and 8. 
26th YEAR 

3686. E*t. taLK 
and 8.30. g oo 

ABLE TO SEE IT AGAIN." Dally Mirror. 

ALDWYCH. 036 6404. Info. 836 53S2. 
repertoire, Toni-jht . 7.30 HENRY VI 

esumna rssxrjn 

bl.u-ti and while 
r Indicate- prucramnirs in 

BBl 1 

« si. in. i.iprii tiniverMty. 

!*.3S r.i; ‘-i-bufL. L'ollvccs. Itl.43 
mi \ikI 1 1 .no for Schools. 
‘ -•'■■■ 12.15 [Mil. Mn|-d.i\ .Yew-. 

pi-bill.' Mill 1.45 Baupus.-. 

2 R l * ’•if *», iiinil-. < .iilleistM. 3.10 
fiiMii i'lu'.slcr 3J3 
't-!- ;1 \-'w. tin England 

. • ,vr>; I.iindmii Play 

1'he Canal Children. .1.05 3ohn 11J10 Parents and School, 
t vaion's Ycwjvound. 5.10 Think It. 55 -Weather. Regional Yews, 
of a Number. ait bbt.i 

■* - >uri,uir AJI Regions as BBC-1 except at 

3.40 New.*. the following times: — 

JnH anU Wales— 5.10-5.40 p.m. Bilidow- 

fi -n ’ ■ car. 3^0.20 Wales To-day. 0.50 

sin iff. i tiiy- h-jv viim- flvddiw. 7.10 The Rockford Files. 
6 0 "Th.. r-'iifi f d |;.i„" '! ; 8JH1-SJ0 In Our Nature. 11.35 
rin^ Dori ulv J ° Wt ' sl “ r ' Nevnt. Weather for Wales. 

How. 4.45 A Bunch of Fives. 3.15 HTV^ SiSl prtMuci.on. - con. 

J,- "rm 111 ' ' Wltlu- HENRY Y| Fart 2 itomor.l. Part 3 

C -vi ! v! a,e tartn - UO p.m. Report tt'esi Head II nos. L25 <Fn.l. RSC «im 8t THE WAREHOUSE i may.” bdP. "mianout.” e.wo. - »Mc«ea-r 

a-4o News. Report waks Headllnet. ZM Howpaiiy. privatisin' El Hm **' " SoetlMn ^ 1 * - Q” - 

6.00 Thames at 6. 3.20 survival 5.1s Havoc. tl» Hwpon parade P tW . -O* 5 PRIVATES ON 

4" on r*.nA.. l'iha- 4 ll’.urf L 1C DAnnPt tl’Alrie 141 1C Tk.« 

MAY FAIR. CC. 629 <3036. 

Mpn. to Fri. eO. Sat. S.30 and a.45. 
GORDON 'CHATER - Brilliant." E.N; in 
by Stev« J. Spaars 

-A compaw*oiut<!. funny, fterceiy ctoauent 
olay." Gdn. ■■Hllariou*.'' E.5td. "Wichediy 

THEATRE UPSTAIRS. 730 '2554^ Untit Fri. 

■ ‘ ..wssS® re... 

tin * part* In RBMrtoirei . _ 
Sat. A Sun. 4 p.m. A 8 n.m. all 4 Bart* 
In 2 days 1 6. 

«h0 Coronation Street. ""« L MS Repon wale?, id 05 nie 

7.00 European Champions Cup fl„ 0on "?i. c 4 ^ I ambassadors. * t •: -oi-ase 1171. 

Final. MJ5 aim. Weiuhci-; * ™ PrauUrt ' I Hi9htty_ at B.oq:- Mate. wmb. 2.45. 

X.30 The Liter Birds. 

8.00 News. 

9.25 The Dick Emery Show. 
10.00 Sporisniahl. 

car. a^wrb.zo wates to-day. 6.5U Final. Tiw wV,.*.,,- UE r ™ KUB “- 

Heddiw. 7.10 The Rockford Files. 9 13 noor^c and Mildred H, ' alh r ' 

8JH1-SJ0 In Our Nature. 11.35 945 n *lT Cymr ^ a Sr^ s HTV J 

y. u „ u'anW tnr. ii'.in, ...i ... , . Service csccpt: 1.Z0-L2S u.m. Pcaandau 

New.. Weather for Wales. lO.lo Club Mirror Acts of the Newyildion y Dydd. <uo Miri Wau-r. 

Scotland— 5.55-&20 p.m. Report- Year Awards. «i*4A5 Un Tro. t.004.15 Y'Drdd. 

ing Scotland. 11^0 History Is My HJ3 Cinderella from the Sea. htv West-As htv Ginerii 

Witness. 12.00 News. Weather for 11.45/Night Gallery. uoepu mm. Report West Head- 1 apolld. 01^437 2663. Evenings bjjo. 

Sen hand ■ 12.15 a.m. Close: Jo Maxwell Unes ’ ^DM-30 Hopon West. I miu. Thurs._3Jj0._Sat. s.oo and s.oa. 

Scotland— 5.55-620 p.m. Report- 

_ Sate. 5.00 and 8.00. 


The Wqrtd>tantoin- ThrHIer. 

■‘Seem* jfte -pl*F . aaainr - te in fact in 
utter and total iov." Punch. 



-titf i:;itkn\ l.nmels. 4.40 10^0 To-nmhl. 

12.15 a.m. Jo Maxwell 
■r Muller reads poetry by 
. Laurie Lee. 


DONALD SINDEN Ireland .*! 33.^ « n m T jjucuj uj Actor of the Year. E. Std. 

XoXrriSd ^ tJ^'a . Laurie Lee. SCOTTISH A ¥,H8 VrflVSb 

Scene Around Six. SJ5-IO.OO Spot- All IBA Regions as London 1J5 p.rj. News ««! n»d report. 2JJ8 •• wickedly®^ furnt-"”™*. 

light, n -55 News, Weather for except at (he following times:- §3f- Mr 1 »L ,, i l g. W-MJ wicK ED t.r Rih .M^ nm«. 

Northern Ireland. Alvr'fT* 011 wator. sloo Scotland Today. u»os ARTS TH * A tom stoppard’s" 836 21 3Z " 

Emr land S 554 «l n m lank A IN Ll Ll A The Discreuon trf Dominic .VreJ. ILU DIRTY LlNtN 

Ea<l t Norwich >■ Look" North *^2* p-w- Anelia N«v«. 2.W Uouscwnr. L * le Cal1 11J0 pro ^- e,0,,riljr Snooker. “.H ilar ious . • • *«* lt h" T n lin r*V Tltll “' l 

. - 1 , 1 wwr .vui in j,. Andr William; Chnv a ic Mr Monday to Tlturway 8.30. Friday and 

• Leeds Manchester. Newcastle): an<J «jh m ims 55 ^OrmimiM samrd*/ at 7.0 ana 9.15. 

Midlands To-day (Birmingham): Discretion or Dominic? ajt*i. il« SUUlJhlLKIN ~~ 3 

Points W r 0St (Bristol!: South Music m Camera. 12 A5 ».m. Ttt Bis L2B p.m. SouUkto New}. 2JM Houm- imiw^ "hteiSeai R^uuramJ B SiV7?a' 1 *»oV l 

To-day (.Southampton!; Spotlight Q ue4U0n - g"nr. 2J5 Chcke:. 5.16 Belly Boop. Nearest tube Tottenham 'Ct. Ru. Mon.- 

South-West (Plymouth). ATy S SA *&ST % ^STkJ^JS^rS^JSS 

nur -> , l-a P-™. ATVV.M-*. 3LM Benrl'* SSw? “ifi? T."?®! DcvIl 

BBC 2 . M°A. l&fuSS, ^S L ,0reMSC by ThC ^ IB. pr«„ ,,Jgao. Dinner-Top 


* Hilarious . . see It." Sunday Times. 1 n 

Monday to Tlturwav 8.30. Friday and ) 01-0 p„ 
Saturday at 7.0 and 9.15. p ! 


«l»k Now. 828 4735-6. 834 1317. • 

ANNIE • .— 

Evas. 7.30. Mate. Wed. and Sat. 2.4*. 

LYTTELTON flpraseer'uTn stauoi: Tcn't. 

7 AS PLENTY a new play Bp David 
Hart. Temur. 7.45. Cedi oom Farce 

COTTESLOE (Gmail auditonumi: Fri.' aed w.oumcriD ftl are /V7HX 

EL* LOST WORIJJS b * WU * 0n J «’ n WES ™" l «ir?ENCED TO LIFE “ 
Marty eacedent cheap seats all 3 * lan ^rif nl !l'n' 

theatres day or perf. Car oarlr. Fws. Evenings T 45_^M»te. Wed. 3.0. 
Restaurant 92B 2033. Credit cord bhaa. Sat. 4.30. Opens May 17. 

01-S36 21 3Z. Restaurant 928 2033. Credit card bhsa. 
? S 928 3052. 

BBC 2 

fi.4» -7.55 a.m. Open University. }S Uh, In ll - D0 Cln >i"eiia of me Sea. iu» 

10 J5 Gharbar. unre in. TYNE TEES 

11.00 Play School. BORDER ’-25 n.m. Tbe Good Word followed by 

2.00 p.m. Racing from Chester. +1.20 p.m. Border Sev%. UO Houie- SSf*- L i°. p-,n 4 

455 Open University. 5 ¥ ««■ rSIt 

, , ELVIS 

Scot prices £13iJ-UJO. Dinner-Top 

price seal £8.50. Hall hour before show 

any available ton-price tickets £2.50. 

Mon. -Thurs. and Fri. 6.00 p.m. nerj, 



.D VIC _ 928 7616. 

New season to May 20th 
6He-o Atklne u 

' ■ stunnmp production *' Sunday Tele. 

Tadsv. Thurs. 7-30. 


‘an outstanding revival" The Times. 
Fd. 7.30. Sat. 2.30 and 7.20. 
Sunday at The Otd Vic May 14 
Timothy West. Prunella Scows in 
International season 
Ula Kedrova. Jean Marais in 

WHITEHALL. 01.930 6692-7768. 

Ev«i. 8.30. Fri. and Sat. 6.46 and 9 -QO. 
Paul Raymond presents tne Sensational 
Sex Revue □! the Century 

Due to overwhelming public demand 
Season e, tended. 

WINDMILL THEATRE- CC. 01-437 6312. 
Twice Nightly 8.00 and 10-00 
Open Sundays 6.oo and 8.00 
PAUL RAYMOND presents 


" Takes to unprecedented limits what la 
permissible on our staaes." Eig- News. 
You miv drink ana smoke in the 

7 .30 Xewsdaj. 

8.13 BioM.-opr Days. 

8-35 Landti-apo of England. 
9.00 c:ajl Jfj Bluff. 



LIE P.m. Channel \e ,-t. " JJ5 Priotels UB P.m. Lunclmme. J.2D Out of Town. I 

of SUn. 6.00 Channel '.'ot'R. tlO- The ajj Ulstor News Headlines SJ5 Solo I Chichester. 


-DO p.m. perl. Mav 22-27. 


THE YEAR May 29-June 3. 

ID AWARD '-*,££?* l J5Kii ,r *S? WYNDHAMS. 01-836 3028. Credit Card 

SBE b * forc me M,ow Bkfls. 836 1071-2 from 9 a.m. to 2 o.m. 

^ orm AIR. Mmt-l Park. 486 243, . M^-Tha^ B^Frl^nd Mt. B.I! S. 8 JO. 

I * 8,30 A MIDSUMMER NIGHT'S , ORE. AM trom VERY FUNNY." Evening'' News, 

an Musical h n»BK T i < f Minr O'Malley's s mesh- Hit Comedy 


1 i/f or. THE SONNETS jQing repertoire Ji/ly 17. Supreme comedy on s«v &nd religion.** 

at £8.75 inti. PHOENIX. 01-836 2294. . Eventngs B.15. "MAKES YOLT SHAKE WiTH 

Friday Sa5HC d ? y 6 -° LAUGHTER " Guardian. 


T tw. 2 * S M, I . 3, , a .' GARD tyt 'li'HSu.iu.cuSn tS.-pJS* 11 ln YOUNG VIC. mear Old Vie>. 928 6363. 

Dinner and^* wp-piwi* «<at^ A M.75 ind. I PHOENIX. 01-836 2294. Evenings B.15. 

Friday and _Safurday 6.0 and 8.40. 

SJO piav or II.p WppL- -'Thn N »»■ W. 6.99 RowrlS. MJ5 Tbe Sweene*. lon.uhl anp Mi- 11 Th 25* J?“?tyvse. Ton.ght its R ”al sAakw^arUcr^ny 

JfS*t Boy.- ' Thc ^r a £TS?- x jrL'SS£ sSU t & «Mig»Nc. _ on '' - — ” 

11.25 Lace New>. 

Arena: Theatre. 

1S.D3 a.m. Closedown; Keadmg. 

in Frunch folloned by Epilogue. 

. HAVE DIED.' Sun. Times. "SHEER 

COMEDY. 01-930 ZS78. DELIGHT." E Stand. .."GLORIOUS 

fcven.t.a.S AO. Thurs. 3.00 Sat. S.10. a. 30 \ CONTINUOUS LAUGHTER." Timed. 


ii.03 a.m. Closedotin; Keadin?. GRAMPIAN , WESTWARD 

H 14 I 9 21 a in Firm Th,n. uo an 1.26 p.m. W«yard News. 3JS Friends 

m—Us London ■ ss«. 5 S : S« ? 5 &« 

IH- BO BB Today. MS Polk-? Nevsnoa. 1 M» The 

RK 9JS0 Schools Pragnunmijs. 12.00 Dis-rellow uf Donu.iic Am*. UA5 side MedicaL 1Z48 aum. Faith for Life. 

B iD D9 Here Comes Mum fie. 12.10 pjn. Crampian Heotllints. 

■ I M Dai>y. Daisy. 12.50 Sounds of rDtwtni YORKSHIRE 

« Britain. 1.0(1 News and FT index. UK.4PIAUA jjb D .m. Calendar Newa. 300 The 

'• «uf tne rv.t. at 1.29 Help'. 1^0 Cnmn Court 2.00 1 “® P- m - This Is Yuur RUJIL 3JI Un- UUe and Times trf Lady Docker. 4JIS 

length till ATier Xnnn 1 General Hnsnital t aF n‘-'«t World. JJO The Jeuons. 500 Cartoon Time. 505 Mr. and Mrs. 6.00 

- ti. . i. _ i ... .i . . _ •** uciwrai ninpiun. , n< , . B- , r .j 

1 •■’r- 11 ■ ■' L ^ ll ' - 1 ' ' i' 1 3 TIiom.' 'vd in (il-'UOSLtion " °n TTip Rolf HtpHc shnw ^lili a il^ ^1*^- 6-BO Viranaila Repons. Caieodar (Ernley Moor ant! Beimoni - 

.'t»\ i-lim iu'CUltnt ih> ** V. ‘ n ui.^usiuun inc KOIf Harm Nnow. 3^0 Gibbsvill-. U.4S Police Surgeoa. editions'. 1805 The Discrerion of DRURY,, lane, 

j I.!- 'ill jntl >hi' „ ,a . lne fclectric Theatre hnow. 4J0 12.U a.m. Oscar Peterson Presents. Dominick Ayres. 11/6 Dana- night B.OO. M 

6 F?r h i ! ° :,C ^ ,lh 3 Cl,Untr > — - *' A rare, devy 


length tin 

CRITERION. Credit Carpi. gib 321 E. 
Evenings B.O. Sate. S-30. ajo. Tlwr. 3.0. 
. . in SIX OF ONE 
■ formerly "Sextet") 

"VERY FUNNY." S. Tel. 

*' Rlprrarlnc triumph S, Exurecs. 
Ev. Std. Award and S.W.E.T. Award 
Wed Mat. Still Seats morn euo 

CAMDEN PLAZA 1 QPP. Canwen Town 
Tube). 485 2443. Metvlllc'i elMsIc 
Resistance thriller THE ARMY IN THE 

n«B nut . ann xiu iram 1 1 (hjimiwc i » « i , , . . e o -V 

RSC also at the Aldwych and Warehouse SHADOWS (AAL 3.10. 5.45. 8.25. 
Ttveatrw. ' 

Ma^ired.^Sat. ITd”. waterman 

A CHORUS LINE PRinirr OF WALES rr ni urn nen, ?£S' SIE T, 2 »*A1. CHARIOTS OF THE 

devastarlnti. myous. astonishing 8681 ' a j U ^ * w T l ? 9S ' 2 -P°‘ 4-S5. 7.53. 

runner." Sunday Times. Mwwiy to rnaay at B p.m. 3; final DAY! Georae Burnt "oh GOD" 

Sat. 5-30 and has. Mat. Thurs. 3.00. fAj. prw«. 2.00. b ta. n T." ™ 

. .. HILARIOUS COMEDY MUSICAL." *■ Benolucri t IBM Part 2 <X)7 Prg«. 

B36 8243. MOD. to Thur*. _The Sun 2.30. 5JO. 8-15. W 

0 . FfI» Sal. 6.15 and 9.00. ROBIN ASKWITH 

PRINCE EDWARD. CC. (formerly Gtslffoi. 
437 6477. Prev iew s Irani June 12 
Open June 21 EYlTA 

CLASSIC 1 , 2, 3, d. Oxford St. (Oop. 
Tottenham Court Rd. Tube). 636 035D. 
i. Bertolucci’s 1900 Part T «Xi. Proas. 

4.15, 5.15, 0.1 5. 

*« i 'r.-fi I-. i-ur «•< iiit'liiilr uric- 
••i i 'I-'I * -i i ■: I'L-k ir.-KH-iliri iT) 
,i \ I'JijMscivr iiiIIl-J Slim 

> i* « •.■[■.•i-uavl in trivi' 

1 -9 1 

:: - % :• tlinv: th-iin- th.i; n 
i i iii l Il.uiilel > 

i ."i f 

! ! ...I, .i j'i.-. i in nr- p!,no in 
l..i!'. i 4 ' 1 

it ^-ti. iiiom i" tiic i , !U , r 

t'l, ill 

S r i'.pl 1 ,iii hr-ii l iii Nr.v Vurk 
— I b *.■ iclrut 1 5 » 

■i \ fur liif r».tiii'n >>f nld 

,• i i«"* 1 4 i 

! 'i i- -vi’. Im lilt i 

i . ' 'r.-.v t-n (r.r* hr.irt i^-n> 

.. • • i * 1 1* "I '. I lily ti.'! - a I ilii’J- 

%•••*!•; [7> 

* J ■•• i;jii !v ••••; :*-d fur ct«’r 

• •» ■ 

i • ‘iii. ■* '.ul.Cti (>IIl* 

.-■t -r liir ,-iih' ' H * 

>' .V J'Jli 'I MIL' i'l’l 'I.LpL'ni''.' l6> 


; ’ i;hitT -fi up tiir in 'laucc iu 
Sl‘2.iI prulL’^-iOR t5) 

2 i • ■•-■V'-Ddnui.'ri \» nii a? *-- •? r ■- thins 
’mcUiiirU in Trrritunal 
i>-.*«U\il!UR I ~ ) 

title i “ i 

. A turn "f i.rCL'Ipltation far R\D|0 1 YoBT M, dx,-ek Omio* »5». part 2. unqinre iSi. 7.B3 \va< TJBS The Archers. ' chLss me ~ ” Thl — 

Which 111' save (1.0.3) ,, _ *-« '*••«■*■ ’ Th , Weed's Composer: 7.28 File on f. 9M Tlw 3Ulk and Hones- is D “,^ ,e ^ , Do “fIi B2 sm liV'im T gnn' 

1 1| \,y| •, ni | iM | un in the sanlt'v * SiereBPhgnic broadcast Purtxll 'S'. 9.55 iiusic for Organ (S». BuTond ihld Wilderness. 9.00 Science Now. oh ! "CALCUTTA 5 ! * 

- . * paint. 5.80 Am. Ridm -J 7J12 Date Lon IB Jo cvllo and Piano RedtEl: BDccbenin. *J0 Kaluldostoou. 9 JSH ll'eaUkr. 18.00 "The Nudity fs uunnlns." Daily Tel 

*- >- Y _ , , jr»-.w 9J» Simon "Bji.'s. UJI Paul Schumann. Kodaly iS t . U.4Q BBC Thf World Tamahl. UJO Front Muir 8th ScmaHonai Yew. 

iu L'I'IK liif .1 IP in Hi I? with 3 mt'ludai VJ io Nci»sb..-n. Scosilsb Symphony or'.hcatra: PreBonev. Uo.-s Inio . . . Serious Music. 11J0 A — 

Mllllp in nncra tf 1 * > B m ' T ' >n, ■ 3Ia , * ,, "rn. «.Jl Kid Schocch. Beethoven ijii. 1M p.m. Mens. Book ai Bedlime. U45 The Financial GUKe OF YORK'S. OJ-836 3)22 

■)-. TV,.. .. .1.., . ,r .jitewSHia. ■•34 Wwhrai. 7.00 l.B Canc.-n Hall Chamber music: World Tom?hi. U30 Today in Pariie- E »a»- fl -°- M-l vifod. ojd sat »:; 

0 ti, .,*■ ‘ ,|, - ,ur LM IsLW Ul lOPj-LIj T9j.:. 7J3 Listen lo the Band <.S< Janacefc. Raid rg, 2.05 The Kxonc menL Ltioa >eivs. n'aa a.m. Inshore 

i i. - 4) 'M VKt .. 10.82 John Pvel -S.. 12.DB- Sound pT . . . -S'. 2,i 0 American Choral >'arcea$i. ,n J malf-u™ 

17 C'.lt'M. J llia.-e V\ '-It'Oinc to 3 „ Muyir i S*. 3.18 Karajan Conductors Com- »np Rnriio Inmlnn a national, theatre PRODUCTION 

. | l Vhf Rnd-.u 1 and 3— S.8B a.m. With petition 19.. .?•. 4.50 \insic tor Hanjai- DISV^ KatXlO LiOIlQQQ B'lll.antW witty ... no one iho j)e 

IU ^ .• , UC , e ;. i;.«'i R iJ3 a n , .«lwJ L u:., , 1 . dinrd .S'. &0O Bjiilrinic * Library 20fim End 94 J VHF 

iy T)rmcd J "un in time Of JS* 7“ 2 s».ne Sow.ihins Snuolv >*-. a . « Ilumewanl Bnnnd. tbJOS .Neurj. ejm a m. As Radio - 6J0 Rusn Hanr “ S?™ £7^o ^ 

nm-syuv t7» . »■« Amenta Bnuni .cominucC.. J6J0 s L ” ad, ° — 

1 LOVE MY WIFE . r— nuvi. mu r. ■ . q . . 

"NAUGHTY BUT N'CE WITH A LOT tub- does.) Progs, ir 1.50. 


'■ B'lll.ntW witty ... no one should 
mitt it. Harold Hobson 'Drama). Instant 
credit card reservations. Dinner and top- 
price seat £7.00. 

OF LAUGHS.*' News of the World. 

QUEEN'S THEATRE. CC. 01-734 1166. 
Eraiunes at a.i*0. Sai. ar 5 0 and B.30. 
Variety Ciuo ol Gb Award 
Plays and Players London critic, award. 

RAYMOND REVUEBAR, CC. 01-734 1593 

riwt a ixi. Pr w . 

C Br5SJ?M C i l I5fw str 5ri' vv ? - 499 3717. 

Mh-BUes.) Progs. « 1.50. mol Sun.'. 
3.55. 6.1Q and 8.30 Last Weeks. 

3.55. B.1Q and 8.30 ' Law Week .: 

s’ ' rtey Mac U ine. Anne Bancran. Mikhail 
•?i-* s JL n . , i2. v ...i n a Herbert Ross him 

T.D5 ™ SP, N g i q° IMT tA1 - W k. 

P ES* N e"*™*" 1 KET 1930 2738-27711. 
FfliMa. Vanessa Redgrave m a 
‘Al. See. 

niS* s y A° B W e S- 45 ' B-*5. Feature 
° V tli4jiifa 6,00 ‘ 9 - 00 ' An 5,4,4 «*'«■ 

U-. Earlr ShOK ; .S.-flutatiVn* 8 »>auw jfrev S5 ^ gffilf 'SoS^ ^ 

IvT TlmsU. Ul Tcrrr Wogan <S Radio > VHF only; fc«L7JB 8JR. ni , ' ^ „ “ . 

-i ® ullr,m ' ,?- 4 SO-7J7 p.M. onon Lnivcrei-j'. London Broadcasting 

Iir ihousni. 10.02 Jimmy 1 nuna 'Si. T> a nrn a ■>«« m .Jn, •» vnir 

1215 BJtt. H'3K8onirf Wal!:. 12.30 Pv'.- RADlO *4 . &SUI1 and 9 1.3 VHF 

Murra.-‘ "sea ^ House -L. ir.cludmc 434m. 22dm. 283m and VHF 5 M Homing Anisic. 6-00 A.M.: 

Xu. u.tiKL' 

0 rflvH m m s-G5 
5 ••-83^0^12:- -B - M n a 
E_Ci- 3. -0 Q , c -n 
O H : H 


n n n a an h 


a m m n 
sBHannBti Baaansg 
e... cj a 0 b a 
■ -jaagagBEBBSEE' 


0,-836 4601. 

3-0. SaL 5 M 8. SO.' I REGENT THEATRE. CC 01-637 9863. 
TIMOTHY WEST. GEMMA JONES Red- price Frees, tram Tom or. 

MICHAEL KITCHEN (all Kite El an 

In HAROLD PINT Eft'S EvBt. at B.30. 

, , THE HOMECOMING ObCIi May ,5111. 7.0. Subs. 8 30 

LFNT| L V VrrTr^nmyniTr-M.^'. E J fCEL ‘ Fri, and SaL 6 and B.C5. 

JWS^E^IBsT^S^R^wS'Rf'!. -■ ■ 

Gen. -not to 8 E misseo." Times. ^aSBLmSfmo w23*£2& 


ILOBE THEATRE. 01.437 *.592. Theatre Group presents 

tfoi. a. IS. Wed 3.Q. Sat. 6.0. 6.40. THE TIMPEST 

10.S2 ! ic Son I’ll Read Thai Acnin. jjeve*. I1J>5 .tomeihins invaiinc, Sdme- 
UJfl Hud' rt Gr-«. UJQ Tennis-. WCT u** appaUrib. and 

jiiirning srerj-'. u.oo Capital Radio 

AI 7 P.m- fl sm. 11 d.d. (imn St” CUDS l f iSSEH* MUAHE 030 fi,1T. 

THE FESTIVAL OF ildm, S*?' .B'QM. Wy. OcMn open 

EROTICA il?: 00 Sjt* only I 1.05. 4.1 S. 7.4S. 

Funy Air Conditioned. You may 11 is um Doors *o«" 

drink ana Mioke m tne auflUo rium, taint* ’b io j n ' mav b * booted 

tEGCNT THEATRE. CZ. 01-637 9863; N ~Ma v -r 

Red. price Pre*v Irom Tom or. STAB ARCH (733 201 1 -21. 

7&w w ss , isr&L i &. 

THE club: ~A~ musical rfj^Tilon. |f«^T AWAY^Asip. fSrt* Dl r *fi«: 

Tues.-Sof’*. a.BJn. .’No peris Mon5.i. -c=-. r L ' cotlMid Bar - 

PIP SIMMONS SC£NE 1 4 2 i-^. r - I w . -Jti. titiTT s 

Theatre Group presents 439 4470. LeK ~ **■ ,Wj,rdour **■*■ 

always # w«‘25> e v «vth,nc you 

ROYAL COURT. 730 174S. Prev Tfln't i BEX 7*. - ™ KNOW SBOUT 

194di and 95^ YKF 

SIJUk-j final U-K Brian MaHheu' :mro- Saaelinjps. u no \. Mi hip p.m. Tou (LBB air, -Graham Dvn?*a Breakfast maker ... . . 

Cut's Round MidiUKhl. iziLlUdlns ti.DO and Vann. l£2T HiHSe a nd BracHo:. Shuw iS*. 9.BG illchad AupcI 1 S 1 . IZJIO t'hl* cnjovable evemne." Sunday Tim«. royalty- Credit Cams. 01-S05 8004 . 2 437 -un 2 ' 3 ’ 4. Oxioro Cireu* 

iNcvj. T'-nnis: rurUlf." repon. 2 . BO- 1,08 Th-; World j; o.i..-. i_M The Archers. Dave Cash iS> LOO p.m. Roser Scon — MorHtay-Tnurtdav . eve ning^ Brfio. Fnaav; 7 . c-ctie 0, v/,id*, 

1 2.8, a.m., ix woman's Hour mclodtei 2-M »i. iSi. 7JB London Today »5>. 7J0 Bryan Greenwich theatre, ssa 77ss. E rg 4 . 3 M l^o? «! lcs "** 6-M- lover V™S?^£Ss. 

RADIO ^ 4Wm. Stereo & VHF 2.* i-'" 611 »«1» Mother. >-08 News, tvoireg Ooea Line <Si. MO Mclr 7.30 mji. S at. 3.0. arms and the billy Daniels v n I z‘ ^Tiii^f-rJiiSP 

K.-iUlU 3.65 Afwmoon Thcaire. 3J0 choral Horne s >our Moiher WorIObT Like ti *J* N - R Coined* bv George Bernard bubbling brown sugar 1 ! 45 ’ « J °. D f, Y * C,I * L «**• t*TovV 

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Financial Times Wednesday May. 10 1978 



* i". 


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" tl H 

•'**> Ol!N:V 
• ‘*1 

. •.-..'.V '3 

Where the best films are 


The opening seminar of the 
Brighton Festival last week was 
organised by Humphrey Burton 

w“!L“ n ?, d “ Tb « Arts Into The 
Eighties. it brought together 
aspiring young film makers 
rcTTiemn people) and well estab- 
lished television people and a 
discussion occurred of a sort 
that has become quite familiar 
in recent years. 

The film people complain that 
the British film industry has 
been brought to its knees and 
reduced to a shadow by a com- 
bination of unprincipled distri- 
butors. ignorant and mean 
Governments, and the leech tac- 
tics used by television in buying 
up old movies cheaply and show- 
ing them free to huge audiences. 
They claim that Britain could 
have a thriving film Industry 
again if only more Government 
aid was forthcoming, if only the 
distribution system were 
changed, and if only television 
would stop its beastly underhand 

To prove the feasibility of a 
successful modern film industry 
they point to examples in other 
countries; Italy and France used 
to be favourites but now the 
fashionable example is Australia. 

Television people respond to 
ihis in various ways. Many feel 
great sympathy since they have 
a deep fondness for the cinema 
with which they grew up before 
the age of television. A few 
brave souls .remark . sharply that 
if old movies could make money 
in the cinemas- then they would 
be shown there instead of being 
sold off to television; adding that 
the world does not owe the young 
film lions an industry of their 
own and that if they want one 
they will have to create the 
demand by exercising and prov- 
ing their own abilities. 

But the most telling response 
is that of Gus Macdonald of 
Granada Television: “The 
British film industry is alive and 
well and it's called television.” 
There are. several truths in this 
—not least the confirmation that 
television has, indeed, bad a lot 
to do with the reduction of 
cinema audiences. 

It also points to the fact that 

while gifted film makers in 
France. Italy and Australia may 
have had no choice but to go 
into cinema because television 
offered no significant alternative 
(television in those countries 
lacking some of the freedom 
traditionally claimed by British 
television, perhaps, and for this 
and other reasons being pretty 
mediocre) in Britain such people 
have tended in the last 20 years 
to go into television: actors, 
writers, directors . and tech- 

Clearly commonplace cinema 

(not Star Wars, not Ai No 
Corrida) will have a tough time 
so long as a nation's television's 
service provides very high 
quality entertainment at home, 
as British television often does. 
Any intelligent French, Italian 
or Australian viewer offered, for 
example, the choice of drama 
that has been available on tele- 
vision in this country in the last 
couple of weeks would .no dobut 
go green with envy. 

Taking the best first, last 
Wednesday's “Play Of The 
Week “ on BBC2, When The 
Actors Come, turned out to be a 
magnificent piece of work writ- 
ten and directed by Bon Taylor. 

1 say “turned out lo be” be- 
cause the billing was less than 

“On a cold day in January 
1850. a group of travelling actors 
arrive out of the snow- at the 
remote country estate of Count 
Horvath in eastern Hungary . . 
it sounded like an area we had 
visited before, not infrequently 
with the Hungarians themselves 
whose film industry was always 
rather keen on groups of people 
wandering around in snowy land- 
scapes bumping into fur-clad 

To be sure Tayror’s play was 
concerned with the same themes 
of social justice, revenge, class 
animosity, and the terrible 
legacies of war which have con- 
cerned many Hungarian film 
makers. But Taylor's was very 
much a television play, and a 
most superior one in both con- 
tent and structure. 

It is worth emphasising the 

fine construction because, in this 
post-Pinter age, there is a ten- 
dency to accept that a play is 
whatever any writer happens to 
say it is. Thus BBC2’s “Second 
City Firsts" transmitted some- 
thing called Mucking Out on 
Saturday which could not by any 
stretch of charitable imagination 
be called a “play.” Consisting 
entirely of two men chatting in 
a pigsty jt looked like a student’s 
exercise in dialogue writing 
which should never have gone as 
far as actual production. It can 
surely not have kept anyone 
away from the cinema. 

Because of television’s bias 
towards verisimilitude in drama, 
perhaps induced by the medium’s 
heavy use of news and docu- 
mentary material the well 
crafted play seems often to be 
considered passe. But When The 
Actors Come proved again that 
there are valuable qualities — of 
irony, symmetry, universality, 
resolution — which do not appear 
by magic when you use the 
minimalist technique of putting 
in front of the camera haphazard 
scraps of “ real life.” 

Killing, the second in ATVs 
series of “Scorpion Tales,” was 
almost (but not quite) too neatly 
constructed. Bob Baker and 
Dave Martin's story about Mark 
Hawkins, a computer pro- 
grammer played by the busy 
Jack Shepherd, involved the 
character in late night games 
with his pail the computer, sup- 
posedly playing the world cur- 
rency markets- with . money that 
lay idle for a couple of hours 
while in transfer. Eventually of 
course he really did it, made 
£2nu took off for South America, 
and discovered on the airplane 
the lady systems analyst (an- 
other intelligent performance 
from Angela Down), who had 
been investigating the computer, 
ready with her policeman hus- 
band to blackmail him for a 

Tbe approach to over-neatness 
resulted from the necessity to 
justify that pnn-brella title 
“ Scorpion Tales” by building 
an unlikely sting into the tail: 
the lady, whose husband bas 
been harbouring unjustifiably 

Brian Cox and jane Lapotaire in ‘ The Devil's Crown * 

jealous thoughts about his wife 
and Mark, does start an affair 
with Mark, employing exactly 
the terms used in the “ game.’’ 

“ Let’s play our game.” 

“ OK.” 

“What’s it called?” 

“ Lover ” 

u I want to go deeper ..." 

But. such a contrived twist 
could be forgiven r even admired 
in such an amusing play. 

ITV is currently running 
another set of single plays from 
Thames Television under the 
title “ ITV Playhouse.” (In most 
countries you would be lucky 
to find one single original TV 
play during the week — never 
mind three or four continuing 
collections of single plays run- 
ning simultaneously.) Last 
week’s. One . Of The Bays by 
Anita Bronson, began by annoy- 
ing me because it seemed to be 
a heavy feminist tract aimed at 
the easy target of boozy rugger 
players. Also there was a central 
illogicality which remained 
throughout; no woman of such 
taste, intelligence, abilitv,- and 
virtues as the djvorcee, Mapeie, 
would ever take, up in the first 
place wfrb such an unredeemed 
slob as Ted. Yet in the end the 
play impressed, mainly through 
the acting, particularly from 
Diane Fletcher as Maggie. 

So far ** TTV Playhouse” has 
been an oddly mixed series, with 
yesterday's nlay. Two Daus That 
Shook The Branch oddest of all. 
With such variations in quality 
I doubt if the umbrella title 
alone is enough to keen anyone 
at home on Tuesday nights. 

The Devil’s Crown on BBC2. 
however, is beginning to exert 
that same repetitive attraction 
which previous meaty history 
serials have built. up. This one, 
produced by Richard Beynon. 
owes more to a French series 
called Les Rots Maudit* — shown 
here in 1974— than to Elizabeth 
R or Henry VII. and something 
to ChurcfeiZTx People, perhaps, 
in the way that it Is made en- 
tirely In studio. 

David Myerscongh-Jdnes's de- 
signs are reminiscent' of the 
elaborate illumination and 
colour detail of a mediaeval book 
of hours, and there are times 
when there is simply too much 
design for a small screen. Yet 
slowly it is beginning to exert a 
very special charm. Jane Lapo- 
taire is both subtle and sensual 
as Eleanor, and although Brian 
Cox looks and sounds uncannily 
like a young Albert Finney in. 
tbe current main role. he. does 
put Over the “hunting and 
whoring ” side of Henry . ll’s 
character with splendid vigour.- 

However, series such as this 
only start to contribute seriously 
to television's threat to ' the 
cinema when the viewer becomes 
heavily involved with the per- 
sonalities. and -is this series it 
has been Jack Shepherd-Cagaiu!) 
who has done most towards that 
with a portrait of Becket that 
makes the man . unusually 

Since it involves royalty, 
religion, politics, money and, 
according to modern versions, 
even sex, tbe Henry /Becket story 
has almost endless potential and 
sure enough writer Ken Taylor 
and director Alan Cooke have 
made it fresh again. I shall cer- 
tainly be watching Episode 3. 

Once upon a time the Cookes, 
the Taylors, the Shepherds and 
so on would have been working 
in cinema and we should all have 
gone out to see their films. Now 
they work in television and we 
can all stay in and see them. 
However, that should not worry 
us much more than it worries 
Luis punuel . or Stephen 

Sadler’s Wells 



Lynn Sejm our bas revised and 
somewhat tightened the struc- 
ture - of her Roshotnon for 
Sadler's WeUs Theatre Ballet 
The result last sight proved en- 
tirely beneficial; it now seems 
even better argued in its shape 
and more clearly delineated as 
to drama. 

The narrations of the three 
characters have gained in 
energy, and tbe roles are given 
exceptionally good perform- 
ances. If t particularly praise 
Desmond Kelly's account of the 
Bandit it Is because it contrives 
to be authentically Japaneses: 
postures, grimaces, bis maniac 
delight in sword-play in the first 
tale, could be transferred to a 
Kabuki drama without too much 
culture shock. It is grand play- 
ing, matcher by David Asbmole’s 
very controlled and "inward” 
view of tbe Husband, and by 
June Higbwood's richly varied 
presentation of the three aspects 
of the. woman. 

With Pamela Marre s evoca- 
tive forest setting, and Bob 
Downes’ atmospheric score. 
Rcuhomon makes tremendous 
sense. An explicit eroticism may 
not suit every audience, but it 
has earned a permanent place 
In the repertory — not least - for 
Lynn Seymour's tearingly funny 
view of men as a nice of 
attitudinising television wrest- 
lers in the middle section of 
the piece. 

The evening also brought my 
first view of the SWRB revival 

Wlgmore Hall 

of Ashton's Dream. T feared that ! 
the stage at the Wells slight j 
cramp the ballet's delicate styi?. 
and the transcendental choreo- 
graphy wreak havoc of the ! 
dancers. ICot so. Because the, 
company come fresh to the work. ; 
they restore an innocent charm 
that has been lost at Coveat 
Garden, and tbe lovers’ quarrels) 
and the fairy darungs have aj 
quick, happy vivacity to them. 
Margaret Barbieri was at her 
best fllirting with Bottom, and 
Alain Dubreuil's Oberon is so 
intelligently played that he! 
surmounts choreography which 
does not suit him. 

Very good the Puck of Br:an 
Bertscher, merry and ebullient 
and fleet of foot; absolutely out- 
standing, and worth going a long 
way to see. Ronald Emblen as 
Bottom. 1 do not recall Bottom's 
account of his dream belter 
done, with its combination uf j 
gleeful innocence and wild; 
surmises as to wbat had ; 
happened to him. It was a heart- 
stirring performance from a fine 
artist. I 

About the opening Concerto 
Braocco it suffices to say that j 
clouded violin playing wa»i 
matched by blurred dancing. If | 
the ladies of the cast had been j 
selling flags in aid of crippled 

a premium. 

doggies they could not have been j .. * 

more ingratiating. Baianehinian \ *t-. *V 
speed, clarity, alertness were at- ^ .- " 

Poppy Hands and Rod Beddall 

Colin Carr 


Riverside Studios 

The Tempest 

Early in the last work in Colin 
Carr’s recital last night, bis A- 
string snapped, and the nso did 
his only spare string. .While an- 
other was being sought, some of 
tbe audience might well have 
decided that it was time to go 
home. Nobody (1 think) did; as 
cello recitals go, that was no 
mean tribute.. -Carr will un- 
doubtedly go on holding his 
audiences in their seats for many 
years to come, since he is only 
21, and already a performer with 
complete technical equipment 
and remarkable communicative 

. His programme ranged con- 
fidently over sturdy Brahms (tbe 
op. 38 Sonata), fitful Shostakovich 
and a virtuoso set of variation by 
Martinu on a Rossini theme, with 
an ingenious arrangement of six 
of Falla's “ popular Spanish 
songs” as a bonne bouche. In 
the Brahms, the clean intensity 
of his attack seized the attention 
at once: not a matter of furious 
sawing, but of expressive convic- 
tion, and sterling security in all 
registers. . In. the alto range, 
Carr's-tone was almost vocal, and 
used with the effortless freedom 
of of a first-class singer. He and 
his excellent partner Kathryn 
Stott invested Brahms’ quasi 
Menuetto with so much sub- 
versive wit that it might have 
passed for a Mahlerian Scherzo. 
Miss Stott is. by the way. a 
pianist of parts, who rose admir- 
ably to' considerable technical 
challenges of all the music. 

The Martinu Variations were 

new to me, and a happy find. 
Much of the work is inventively 
funny, and both players set about 
it gleefully. Carr exploited a 
dazzling range of colour, always 
to a sharp musical purpose. In 
the Falla song-arrangements — by 
whom? — his phrasing was so 
vivid and plangent that one 
resented the routine octave- 
transpositions and similar litiva- 
tions: they were otiose. As Tor 
Shostakovich's Sonata. Miss 
Stott’s left band lay heavily 
upon the already clotted texture 
of the first movement, but in the 
scherzo she proved that even the 
“Sabre Dance" wasn't an original 
idea of Khachaturian's, and 
Carr’s glissando harmonics 
sounded marvellous. The final 
Allegro, if not a persuasive con- 
clusion to the work, left the 
satisfying impression of a 
thoroughly musical collaboration. 

Mike Westbrook Brass 
Band in England 
and France 

The Mike Westbrook Brass] 
Band has a full programme in. 
May. On Saturday and Sunday i 
next it appears at Dudley Spring I 
Festival in the West Midlands. | 

On Monday May 15 the band] 
leaves for a 10-date tour of ] 
France with The Orchestra re-: 
turning to England for Whitsun j 
week-end. for appearances at the ; 
Serpentine Gallery, Kensington- 
Gardens each afternoon of May! 
27. 28 and 29. starting at 3 -SO p.m. 1 

The Pip Simmons Theatre 
Group is ten years old and their 
first attempt at Shakespeare can 
bo best (and most kindly! 
approached as a lively failure in 
a period of transition. For many 
years the group thrived on 
assaulting their audience with 
its own liberal assumptions about 
the Chicago riots. Negro slavery 
and. most recently, the horrors 
of life in a Nazi concentration 
camp. The prime problem would 
appear to be one of material, 
and in selecting Shakespeare's 
drama of magic and redemption, 
of slavery and atonement, the 
company falls, not too spectacu- 
larly. between two stools. 

The smaller of the two River- 
side studios proves a spacious 
yet more manageable venue than 
the larger, with customers 
squatting on raised planks in 
front of a sand pit adorned 
with bits of old wood and billow- 
ing white muslin. Upstage. 
Prospero in a Robinson Crusoe 
straw hat summans the storm on 
a moog synthesizer. The 
political details of the text are 
jettisoned by labelling him “ the 
deposed King of Milan " (not the 
Duke) while his adversaries, 
making a splendid mock-majestic 
entrance in red cloaks and blow*- 
ing trombones, are a trio of 
Gonzo. “the usurping Kine of 
Milan”. (an amalgam of Alonso 
and Gonzago). Antonio (an ambi- 
tious duke ” (more like Shake- 
speare's Sebastian) and a female 
Ferdinand (Gonzo’s son) in pert 

As usual. Simmons's interest 
is in mobilising his stage action 

ro distil images of power, sado- 
masochism and sevual confusion. 
Ignoring all purist objections, 
the resultant brew is less than 
beady, plummeting too oftrn and 
too easily into scrappily arranged 
set-pieces, most notably y fugato- 
style sextet for the characters 
presided over by Prospero and 
his recalcitrant Ariel (played by 
Sheila Burnett as a sullen, 
clarinet-playing nymphet with 
leaves in her hair). 

The poetry is ransacked for 
musical pegs on which to hang 
some excellent music by Chris 
Jordan, very few of the main 
speeches left intact. The best 
number is reserved for the 
abjuration of Prospero's rough 
magic, but as the character is 
played outside of that as a mono- 
tonously tetchy school in aster, it 
packs little dramatic punch. 

The one survivor in this 
unhappy hotch-potch is Rod 
Beddall's Caliban, a bald and 
tattered retainer forever sidling 
up to Poppy Hands's regularly 
naked Miranda with lascivious 
intentions. These she staves off 
only to disappear to another part 
of the stage and find herself sub- 
jected to a more frontal declara- 
tion of interest by Jessie 
Gordon's itchy - fingered 

Ferdinand. There is a half- 
hearted effort throughout to en- 
gage the audience by treating 
them as dumbly conspiratorial 
islanders in Ihe regicidat japes, 
but the old Pip Simmons magic 
is palpably not working its spell 
and. without that. Prospero him- 
self has little chance of success. 


Chichester Festival Theatre 

A Woman of No 

by B. A. YOUNG 

Oscar Wilde did not call this 
play a comedy. He called it "a 
new and original play of modern 
life.” and 1 suspect that he 
thought of it rather as Mr. 
Osborne thought of Look Bock in 
Anoer, a cry of indignation at. a 
current injustice, namely the 
laws concerning bastardy. 

He chose the absurd melo- 
dramatic plot about Mrs. Arbulh- 
not’s illegitimate son, Gerald, 
and his unexpected encounter 
with his father, because this was 
the kind of plot that was expected 
b> the audiences of the day. But 
someone in it had to speak out 
on the side of reform. Who 
could it be but the witty peer 
to whom the clever lines were 
to be allotted. Lord Illingworth, 
the hoy’s father? 

In this production the director. 
Patrick Garland, has latched t*n 
to this point and made Illing- 
worth o serious character. There 
is plenty in the text to support 
this view, but it does make the 
part difficult to play, kci h 
Baxter has not found the ngJH 
altitude yet: he is over-serious, 
positively pompous, and -»}s 
witticisms drop like lead, ut 
an extra disadvantage that so 
many of them are so well-known 
out of context.) When he needy 

only to be serious, as )n the b g 

scenes with Mrs. Arbujbnot in 
Act 2 and Act 4. he is ’ 

disappointing only in that he »- 
not the character we are expect- 
ing to meet 

Where Mr. Garland has gone 
wrong, it seems to me, is to make 
so many other people serious as 
well. His interpretation^ Is in- 
teresting. but the performance 
much lfis so. Even Rosie Keiv 
Ske's Lady S bitfield discusses 

the need for square chms on men 

as if she were talking of Home 
Rule or something. con- 
sequently. the plW drags un- 
mercifully. p ,a j; ,n i * fuU * 
hours with two intervals. ■ 

Those who are the most meant 
to be taken seriously, Mrs- a. 
ArbuthnOt and the Ammon 
puritan Hester, are as des- 
perately serious as the text pro- 
poses. Sian Phillips keeps Mr>. 

Arbuthnot on a low emotional 
level and. gets away with it. But 
even so pretty and musical a 
puritan as Gayle Hunnicutt 
cannot keep us from seeing wbat 
an unbearable prig Hester is; but 
she is surrounded by prigs, not 
the least of them poor illegiti- 
mate Gerald, whom Tim Wood- 
ward cannot help makmg unlike- 
able, for all bis good intentions. 
Lord Illingworth would have 
cured him of standing with bis 
hapds in his waistcoat pockets 
like a butcher, but in America 
Hester will only tell bin) it 
doesn't matter. Love is the 
only law — a pronouncement so 

opposed to anything she has said 
before that one can. hardly 
believe her to be earnest in her 
puritan principles. 

The society ladies come out 
much better, with Ambrosioe 
Phiilpotts a splendidly sympa- 
thetic Ladv Huntstanton. Marea- 
retta Scott a pompous Lady 
Caroline, and Barbara Murray 
best of all as the wicked W* 
Allonby whom I suspect Wilde 
was using as a secondary vehicle 
for his own wisdom. The society 
scenes, designed by Peter 
Farmer, struck me as somewnat 
under-fumished, but Mrs. 
Arbuthnofs happy English home 
in the last act looks positively 
palatial alter all we have heard 
about her poverty. 

£1,000 book award 

“ Unemployment " and the 
plight of the “unexpectant 

teenager" are the subjects of 
unique book awards sponsored 
by the Odd Fellows M.U. 
Friendly Society. The judges of 
the Odd Fellows M.U. Social 
Concern Book Awards wBI be 
looking for the book or pamphlet 
.which .makes tbe most useful 
contribution to the finding M 
solutions for each of these prob- 

The announcement and pre- 
sentation of the prize winners 
will be held at Odd Fellows 
House, Manchester, on October 


Covent Garden 

Peter Grimes 


The striking simplicity of 
Elijah Mosbinaky's production of 
Peter Grimes, revived on Monday 
at Covent Garden, throws into 
sharp relief all the inhabitants 
of the -Borough, the fishermen 
and their wives as -well as the 
higher echelons of the town 
society so superbly characterised 
by Benjamin Britten in his 
music. This is particularly true 
of Grimes himself; seen against 
tbe sand and the sea and the 
sky which make up the sets 
designed by Timothy O’Brien and 
Tazeena Firth, Grimes takes on 
an even greater Importance as 
the centre of tbe opera as an 
individual and as a symbol of 
the eternal outsider. 

The two singers so far heard 
iti this production, Jon Vickers 
and Richard Cassilly. have been 
dramatic tenors with heroic 
voices. Now a lyric tenor, 
Robert Tear, takes over the role, 
subtly altering the balance. Pre- 
dictably, Mr. Tear sings “Now 
the Great Bear and Pleiades” 
with a wonderfully fine-drawn 
line while his final -monologue 
is keyed to a tension that very 
nearly' breaks the smooth flow 
of' tone, but never "quite does. 
Less predictably, he is more 
violent In his argument with 
Balstrode at the end of the first 
scene of Act 1 than either of his 
predecessors, and be also treats 
his apprentice. more roughly than 
they did when preparing to go 
fifhiag in the second scene of 
Act 2. 

What Mr. Tear so far does not 
convey is the sense of menace, 
of cruelty, that the townsfolk 
feel or suspect in Grimes, and 
which sparks off their manhunt 
But it is already a most accom- 
plished performance that will 

surely grow in depth and 
subtlety. On Monday there was 
also a new Balstrode. As 
Norman Bailey was ilt Jonathan 
Summers sang - the . part He 
makes a sprightly, young-middle- 
aged merchant skipper, whose 
good sense, humour and kindli- 
ness are very evident The role 
is vocally most rewarding, as 
many other baritones have dis- 
covered. and Mr. Summers, in 
firm, resonant voice, does the 
music ample justice. His words 
are also admirably clear. 

Other newcomers to the east 
include Norman Welsby’s dapper 
Ned Keene and Malcolm King's 
stentorian-voiced Carter Hobson, 
both of whom fit -well intj -the 
production. Heather Harper, 
though she must have sung Ellen 
OrfonJ more- often than any 
soprano since Joan Cross, the 
first Ellen, always finds new and 
interesting inrights on her 
character. John Dobson has be- 
come a powerful Bob Bole?, a 
bigot maybe, but a completely 
sincere one. Patricia Payne’s 
sepulchral Mrs. Sedley, Eliza- 
beth Bainbridge’s comfortable 
Auntie, tile two forlorn Nieces 
of Elizabeth Robson and Anne 
Pasfaiey. and Fortes Robinson’s 
marvellously self - confident 
Swallow are all excellent 

David Atherton conducts; he 
encourages the chorus to sing 
with a whole-hearted fervour that 
is in danger of lifting the roof, 
and he obtains an equally en- 
thusiastic response from the 1 
orchestra. In the orchestral in- 
terludes the clarity - of texture, 
even at the height of the storm, 
allows an exceptional amount of 
instrumental detail to be heard, 
though the. sweep, and flow of . the 
music, like tile rise and ebb of 
the tide, remain inevitable. 

Cutbacks at the National 

The. National. Theatre is 
having to reduce its acting com- 
pany and the number of new 
productions because of a con- 
tinuing. cash crisis. ’ About SO 
actors and actresses have left 
during the past six or seven 
months, bringing the company's 
total down to between-. 95 and 
UO artists, depending on the 

size of productions. 

Touring plans . have been 
baited and tbe number of pro- 
ductions has already been 
slightly cut. New productions 
will 'also be reduced. 

Although grants have gone up 
to £3^68,000 this year, the sub- 
sidies are- not sufficient to ; -cover 
all needs. • 



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Financial Times Wednesday May ID 197S 


Telegrams: Flnantiino, London PS4. Telex: SS6341/2, 883997 

Telephone: 01-218 8060 

Wednesday May 10 1978 

The challenge 

to society 

Moro’s sacrifice gives 

Italy a new chance 


HE DEATH of Sig. Aldo 
Moro removes from the 
Italian political scene the 
most complex political person- 
ality, and one of the most 
influential since Alcide de 
Gasperi, the “father" of post- 
war Italy. 

Sig. Moro. a southerner with 

THE COLD-BLOODED murder There is no evidence that 

of Aldo Moro will send shock- active members of the Red . - 

waves not only trough Italy Brigades number more than a a strong political base in Bari, 

Westero^sSv 1 In “wS? handful Claims that their sym- was bora in 1916. and entered 
• v esiern society in human .. ■* chri^Hnn npmoenif politics fol- 

to rms.his f ate is no more tragic ^ 3 * rs spread wide f y Siring a dStioguished academic 

than that of scores of other through Italian society are un- devoted to law which he 

kidnap victims who have met posable to verify. What is un- was to follow more as an 
gruesome deaths in recent deniaMe, however, is that academic and university lee- 
months. What makes Signor modem Italy is a fertile breed- hirer than a practitioner. 
Morn's death especially shock- ing-ground for revolt against Senring ini tiaUy as Foreign 
mg was his position as one of the traditional establishment. under Secretory in one 

Iialy’s most powerful and re- Successive Christian Democrat fES**? ^erTGo^Snmento, 
spected political figures, at the Governments have failed to sin Mora aSied wS “he 
pinnacle of one of West achieve a long overdue Iran* christi^ Democretic hlererchy 
Europe's most important demo- formation in the country's anti- to become Prime Minister five 
cracies. His eminence under- quated bureaucratic and social t j mes and secretary-general of 
lines both the enormity of the structures, and recent years jjis party 

. . the conservative-revolu- 
tionary paradox. 

elected leaders. 


not surrendering to the terror- 
ists. in spite of intense internal 
pressures to negotiate for the 
release of Sig. 3Ioro coining 
from the family of the former 
Premier and his closest allies. 

This stand was dictated In 
parr by the other political 
parties supporting Sig. Giulio 
Andreotti’s minority govern- 
ment They staled quite 
explicitly that on no account 
could they tolerate a defeat of 
the State. The fiagbearers of 
this intransigent position were 
the Communists, who even 
sharply criticised a series of 
“ humanitarian proposals ” by 
the Socialist party which in- 
cluded an amnesty for political 
prisoners convicted of minor 

After 55 days, repeated 
threats to execute Sig. Moro, 
numerous communiques and 
With Moro letters purportedly written by 
stood, the prisoner urging the political 

Red Brigades' action and the have seen continuing economic Rll \ hjs really distinguishing „ . 

inability of a modern Western crisis. The university system is mar k was his ability to plot. t0 ^ ay private ^ 

society to guarantee the security coming apart at the seams, and “ n d subrequently to deal with, ^. ew whe . r ® - vou t ? UU Y’ ™ Prisoner urging roe poimcai 
of its elected leaders. the problem of youth unemploy- Smotox noHtiral and social althnu ® h >? u ™ght not always forces to agree to the terrorists 

»enl » « defpera.e u any- in Ialv storing in ft. ap 2™ C, . ate “ ^ ™ ** «'<=?» ° f .« 

where in Western Europe. The earl/ 1960s when the Christian De sP lte own strong ties named prifdmr* an increasing 
if Signor Moro had been security forces appear to be Democrats lost their seeminelv ^' Ith the Roman Catholic Churcn sense of frustration appeared 


Prior to On Friday night faced with the 

ro had been security forces appear to be Democrats lost their seemingly Roman Catholic Church sense of frustration 

kidnapped for money, like so lamentably incapable of coping permanent hold on power. It °ig. Moro stood to the Left of to overcome^ the Red 

many other prosperous Italians, with criminal, let alone political, was he who charted then the Centie of his party. Prior to On Friday night, face 

the authorities would no violence. so-called “opening to the Left” H! e kidnapping, he was virtually repeated refusal of the govern- 

doubt have allowed his family There has always been a in Italian politics, when the 0ie . auto !? atlc , choice of all the ment to negotiate the release 

in strike a deaL But in violent streak in Italian society. Christian Democrats accepted “ ai ? pa T^ es Preai ' Mor0, jf rr ° r l?^ 

his vase. liis abductors made It has not always been so (however reluctantly) the 11601 of the Republic when the cryptically announced. ^ e 
it clear From the outset ruthlessly efficient. There is Socialists in » «nwMi»i«P present incumbent. Sig. have nothing more to say. 

... governing it. * . ^ *'*«=■■ 

that iheir objective was to growing evidence that the Red coalition. Shortly before his Liovanm Leone, retires at the The events of the last 55 days 

declare war on the State ” Brigades are linked to other kidnapping on March 16 he bad ? nd . °. tpls f* 31 - He had neve ^ seem to have strengthened the 

—n challenge so provoea- international terrorist move- charted an even more contra- M’ d,ca “£ d , wi, ether he wan tea solidarity between the country’s 

live that no Government could ments like the West German versial political advance — a the 3°®» buT it was certainly main political parties and the 

give in to it without risking Baader-Meinhoff gang. It is a governing deal with the his for asking. minority Government formula 

incalculable political and social chilling prospect for everyone country's powerful Communist Almost uniquely among top agreed in March, if only in the 
iron-sequences. Even to have living in a free society if such (PCI) forces, which saw the Christian Democrat leaders. Sig. short term. Even the campaign 

negotiated with the kidnappers underground networks are 

would have been an admission allowed to take root So far, 

or the State s vulnerability to however, international co-opera- pariiamentary^alliance! 
terrorist attack. Despite under- tion against terrorism, whether a proven vote-getter in his 
slandable heart-searching, and a between Governments or police own constituency, and a man 

certain wavering in the last few forces, is still in its infancy — w bo always maintained the 

days, the Government stood despite numerous expressions of closest contacts with the 

firm. It was right to do so. good intent. Vatican, and particularly with 

the present Pope Paul. Sig. 


Significantly, the toughest re- 
si stance to any kind of deal oluChmull 

latter enter for the first time Moro personally was uncon- for an important series of local 
in some 30 years the ruling laminated with any suggestion elections next Sunday reflected 

of financial corruption or politi- this mood. The campaign, 
cal sharp-practice. He was unlike previous ones, has been 
Machiavellian certainly, in the relatively subdued and devoid 
time honoured Italian tradition, of the usual bickering. Yet the 
but (again to quote a Com- elections, involving some 4ra. 
munist Party admirer » " a man voters or about one tenth of the 
very much of his word." electorate, represent the first 

The long-ruling Christian effective test of public opinion 

. - - * 

\ . .a": . v j 


13 U Be 


Aldo Moro. photographed by his Red Brigade captors last month. Prior to the kidnapping 
he was virtually the automatic choice of all the main political parlies as Italy's President. 

it will 

Moro simultaneously 0 __ „ . , . . . 

throughout the agonising weeks Nevertheless it is a hopeful to maintain '* appropriate" links Democrats are not just under- since the inconclusive general duct or the Communists, wno parties that some tiling must quest 'mn is whether 

nf Sr. Moro s captivity came sign that throughout the world with the Communist Party. The standably bereft at the news of elections of June 1976. lo-day appear as a "respectable change in Italy. All the parties effectively occur, 

from the Communists. Their Governments are beginning to PCI leadership looked upon him his death, but many of them The Communist Party has Party of government." The openly admit lhat serious mi s- What many people have 

attitude no doubt partly reflects realise that to give in to as one of the few established feel instinctively that they have openly praised the Christian Communists, for their part, nave takes have been made in the failed to grasp is the not 

traditional Communist commit- terrorist blackmail Is to invite Christian Democrat politicians lost one of their sheet-anchors Democrats’ firm refusal to give increasingly criticised the auth- past, but insist that the country negligible support extremist 

ment to the priority of the further attacks. There is with whom it might he possible as a political party, and one in to the Red Brigades, and orities for their failure to halt is turning over a new leaf. This and certainly student groups 

Slate’s interests over those of equally an increasing awareness to “do a deal.” which in present-day Italy it despite the political paralysis ll, e growing wave of politically- is reflected in the new " emer- enjoy, or at least have enjoyed, 

the individual. But it also that to over-react with repres- Sig. Moro combined two un- will not be easy to replace. inflicted by the kidnapping, the inspired violence which .has gency ’’ formula and the until the death of Sig. Morn. It 

reflects the importance they sive counter-measures is to usual attributes in Italian politi- The spot where Sig. Moro’s Government has none the less afflicted the country. -• declared intention to- make it is generally considered here 

attach to dissociating them- undermine the democratic cal life. He was both a political body was found to-day — about attempted to enforce the By the gesture to-day, the Bed work, especially following the thal the Red Brigades, whose 

selves from the lawlessness of values that are under assault, realist and a supreme political 100 yards from the Communist commonly agreed programme to Brigades wanted to inflict their death of Sig. Moro. Measures active elements are put at 

the extreme left A major plank Yesterday. the Vatican strategist, a man who seldom Party headquarters and some bring the country out of its cur- , . . . , . , a°aiiist the *** t0 taken to destroy the a mere 350 people, have a 

of their strategy is to convince described Signor Moro's death made a decision lightly but, 150 yards from that of the rent social and economic crisis. h t pastures on which violence and wide-ranging network of 

Ironically, it is this very bid for othes to follow suit, and if | and they were legion, liked to who kidnapped 
respectability that has opened more serious efforts are 
up the gap un the extreme left made to combat terrorism 
which the Red Brigades are try- international level, then Aldo 
ing so hard to exploit Moro may not have died in vain. 

former tinuing. although there had 

• - «lt lilt UI|l*LX^iMt.D. Ul 

In many respects, they irahal:ini . e between 

people disillusioned with 

now point to his own peculiar Premier 55 days ago in a bloody been fears that Sig. Moro’s kid- appear to nave succeeded. They dustrialised North and the Communist Party, which as the 
n at strategy for reaching political ambush in-, which five police napping would have led to a have demonstrated that as a de p ressed South, and the shock- parly’s Secretary-General, Sig. 

. , . i i j- j «n u'pmvn fnrro *ht»v have ur i : t, „ . .7 . p 


decisions. bodyguards died. further postponement subversive force they have at ing human miseiy in the urban Enrico Berlinguer. has 

He would work out on sepa- From the beginning, the Red But although the political their command an organ isat um ghettoes uf many major cities, paradoxicallv called M a con- 

The labour movement has servative _ and revolutionary 

nuw indicated its willingness rhis is " ot Ita ™ntr*dic. 

. , tion . it seems. For as a 

to moderate wage claims and 


IT JS NOT surprising that the become, if anything, rather less 
financial markets were upset optimistic since the Budget 
yesterday. The first reason was Th^ see i rns t° be partly because 
the combined success of the 

rate sheets of paper every con- Brigades bad clearly sought to forces so far have shown the Sv> closely knit that not even 

eeivable implication of a single provoke the sort of reaction will to maintain a united front 3,1 unprecedented police and 

political decision in order to which could have plunged Italy against the terrorists, the death arm >’ manhunt has been able 

ascertain the likely extent of into a state of chaos. Sig. Moro of Sig. Moro is hound to pro- tn unearth any substantial dues 

any initiative. had been the architect of that voke severe tensions within the 00 tpe movement. 

It was this style of decision- unique political formula — rati- various parties. In the case of Public opiniun reflects a 

making which endeared him to fled by Parliament on the very the Christian Democrats, the growing mood of fear and 

the Communist leadership, day he was kidnapped — which vocal faction which has tracti- exasperation at the apparently ally in the South. On the sur- insignificance in the face uf the 

which itself has always looked now sees the Communists tionaily opposed any deal with uncontrollable deterioration oF face at least, the political tragedy which has afflicted the 

well beyond a particular poli- directly supporting a Christian the Communist Party will doubt- law and order in the country, parties seem intent to put aside family of Sig. Aldo Moro, the 

tical act towards a possible Democrat minority government lessly make itself heard The For the first time, however, their traditional differences. All families of the five bodyguards 

long-term partisan gain. One Ibis did not happen. The ruling Red Brigades, their argument there does seem to be a genuine the signs indicate a common killed on March 16 and all the 

Communist source said here party maintained its stand of runs, are in a sense the pro- consensus among the political will- for change. But the big other terrorist victims. 

mass .party, the Communists 
accept the principle of labour inevitably are conservative, 
mobility to help the economic Yet at this very moment, all 
recovery of the country, especi- this pales into relative 

it was less expansionary than 

.. .. „ ... . . hoped, partly because the tax 

opposition parties at \Vestm.n- benefit t0 m}ddIe raanagein ent 

^ler in amending i he Finance was so s mall. and partly because 
Bill to cm the standard rate export prospects in a depressed j Old Ladv 

the world market remain hleak— v,u J 


of income tax by lp in 
pound. While lower taxes are 
always to he welcomed, this 
particular cut will be of rela- 
nvely little benefit lo anyone 
ton will add 1340m. (£370m. in 
a lull yean In llic public scc- 
ini- burrowing requirement. 
Since the City was already wor- 
ried ahum the Government’s 
ahiliij to finance the PSBR as it 
siuuri' and since further cuts in 
taxation may still be forced 
(I trough, there now wide- 
-pn*ad lalk >*r still higher 
in tore.-. I rales. 1 1 is encouraged 
by l he faer I Mar the Chancellor 
v.*ems in no hurry in propose 
the i-uls in public expenditure 
«n- the rise in iinlireci taxation 

world market remain bleak- 

though the fall in the sterling makes 3 S2lC 
exchange rate has caused some 

slight revival of hope in this To move into a building vacated 
last area. Much the most by the Bank of England must 
important constraint on fuller always bestow a touch of 
use of capacity remains the grandeur. This fortune has just 
inadequacy of demand (though come to the Bristol and West 
there appear to be significant Building Society. It is in the 
shortages already of skilled process of buying. Cor an un- 
labour) and it is expected that disclosed sum. the Bank's impos- 
numbers employed will continue ing property at the bottom of 
to fall. Chancery Lane. This used in 

The CB1 mentions three be the Law Courts branch of 
bright spots in the picture, ‘the the Bank, but since December, 
firmness of investment inten- 1975. it has stood empty, silent 
tions. the modest reduction in and barred. Behind a massive 
cost increases, and the absence gate across the main entrance, 
of any further worsening in the into which passers-by have 

, , , , . financial position of companies, thrown their jetsam, stands a 

tiiar. would restore the pre\iuu. But j uves(jrjetlt intentions can Kafka-esque sign: “Please an- 

be changed, especially if interest nounce arrival and ask for 
rates rise temporarily high. The details.' 

cost position is worsening with it was when I rang Thread- dency of Barcelona — in the first 
purely the very drop in sterling which needle Street and asked for universal suffrage elections to 


would not work with Arino. buffalo at a range of two yards. 

But Nunez scraped home as He also played tennis against 
his supporters intoned the the Wimbledon champion. Tony 
Falangist hymn " Cara al Sol." Wilding, while an undergraduate 
In the glow of victory, he has at Cambridge. Now liis main 
magnanimously withdrawn the sport is studying the small type 
23 libel suits he had pending in the back of the FT with 
against Catalan journalists. He magnifying glass. " Call in and 
believes that the money he had see me one day." were his pan- 
spent on bis campaign — 70m. ing words. ** And don’t forget 
pesetas (£500,0001 according to to bring a few tips." 
some estimates — was well 

invested "in the future of 

One prominent local banker _ , 

said that Nunez was wrong for This column recently reported 

Floating an idea 

Barca because “he thought that Ja P a , n .t? c ar ?J° 1 , £ I in ^ 

money could buy anything." He possibility of bulletin, 

should know. On acquiring a a5 n>orts out at sea: iheir 

CBl gloom 

famous local newspaper, he experiences with the guerrilla 
asked how much it would cost to I?^ a ° ed Narita airport near 
sign on two of Spain’s most To **o has apparently stimulated 
famous philosophers, both of j£' s interest. A reader in 
whom had been dead for several Monaco points out that the 


There were other, _ 

financial reasons for gloom, the CBI wanted for competitive d etails of what they proposed take place in a Sp anis h soccer 

When Minimum Lending Rale reasons, as shown in the latest do ing with the place that news club — that has really concen- Pyp qm fUg hall Iasi week from 7! to S3 wholesale price indices. And the 0 f the sale to Bristol and West trated the Catalan mind. won 

per cent., instead uf the 9 per regular delay in passing on such was revealed. This marks a Barca's presidency is only Somebody who has 

increases may well have some 
effect nn company profits. 

■ cm. generally expected, there 
was a feeline lhai ii had a little 
further l" rise her«-re a tern- 

pi rv P'-'ik SIM- me.; to have 
liri-n reached and the 
m. -nt .in 1 :! be;: in seirng -deck. 
Whev. the cleaving 
ji.Hn-Ji-d Iheir mu*- V'-ter. 

■•lav. n appeared thal they shared 

Trade figures 
Market sentiment tends to 
muve from one extreme to the 
hanks 0 th er . Mr. Healey has at least 
made the PSBR mentioned in 
the Budget a firmer target than 

Japanese are also the only 
nation building flying boats. A 
company named Shin Meiwa has 
constructed 15 four-engined 
machines — about the sue uf a 
Hercules transport — which are 
in service now for man lime 

This must evoke a wave of 


break after 90 years. The Law second in prestige to the presi- scored 96 and is far from out 
Courts branch had been a legal dency of the re-established is Captain Nelson Zambra. 4iii _ m 

necessity since Victorian times, autonomous Generalitol, Cato- When he was a boy at Highgale nostaieiaVinon*’ enthusiast wh.', 
because it accepted cash lodg- Ionia’s traditional government. School he played cricket against recall Britain's ele°ant nosier 
mente for the courts. But when All newspapers and political an MCC team captained by p rin£ . H cc n rm « hnaTs in ih.-. 
the new Supreme Court Funds parties have taken sides in a W. G. Grace. “ I bowled him d , vs this “ trv h ' |d . Vfj 
Rules became effective on campaign that proved far less several overs without being in ' j he cons i ruc ti on 0 f 

December 15. 1975, the branch gentlemanly than last June’s knocked about too much," mar hrnes Rut h 3V 

,i mnlir J J rr -1 nonaral cld.-.H nn ^ Tha IssHino '7-irr-iH— . nAn || n J T J "MinmB. XJUL CU-fiay. 


■lav. ii appeared mat siieysn-uyi t h e Budget a firmer target than simply became redundant. The general elections. The leading Zambra recalled when I talked .-u 

this point of view, fhc bankidi before and it is difficult t0 Bristol and West founded in candidates were Jose Luis t o him yesterday. However. * ,I I 

liqiirea K-n-d yesterday, more- 
over. showed a verj' sharp rise 

believe that he will want, in a 

time of high unemployment and to follow in the Bank’s foot- 

in eligible liabilities, though dou j,tfuI competitiveness, to steps. Its slogan is: “Join the 
special factors may nave been 0 j^ set reductions in direct Money-building Society, 
partly responsible for this. personal lax with higher com- 
Meanwhile the Confederation panv tax or higher employers’ 
nr British Industry, which wan- insurance contributions. Since 
led a much mure expansionary he has almost certainly pitched 
Budget, with larger cuts in his inflation forecast rather too 
d i reel taxation offset by a low, moreover, perhaps in the 
general increase in VAT. has hope of influencing wage 

nriMui ana west, rounaea in vwiuiiwies were »-“*=> iu nun yesietuay. nuwever. K _ _ n fllt , irA fnr 

1850, seems eminently suitable Nunez, a non-Catalan, and one although Grace did not hit him j ; nromotino their ..i I 

trt fnVImir in tif 9 VP I Knnrt nf KnilHoiS U'Hft civ fha nantuin'c mdTYInrisc ^ C> " ^ I Ci 

Right wing score 

1S ® S nr) ^ My Monaco correspondent. 

lii-M 9 f fl u, mi i®- J - H - Millar . claims some exprr- 
Zambra now lives a few miles . ■ - ... 1 ‘ 

Use m this esoteric field, in 

of a select band of builders who for six, the captain’s memories u . . 

mushroomed fume and „r the great man are not with- Kro,? enoine "' ,h 

fortune under Franco. His nut reservations: “ w *‘ P P 

main opponent was Ferran very popular.” 

Anno, backed by the National- 
ists and Progressive banking from Alton in Hampshire and 
circles. He also bad Strong his main interest these days is 
Anyone who watched last support on the ground from the tire stock market “ What else 

Saturday’s Cup Final and PSUC, the Catalan communist is there to do at my age?” he 

wondered if British soccer has party. wanted to know. “ I hope you’ve 

published a survey nf industrial negotiations, he may also have acquired almost religious over- No Catalan ’ artists and got a few good tips for me.” 

trends that scorns' to justify the underestimated tax revenue and tones, should pause to note how Singers would turn out for According to his bank manager 

disappointment already expres- overestimated the size of the the game stirs Catalonian Ians. Nunez's galas, and be had tn in Alton. J. R. Minnett. he ■ r ™ ^ . . - . 

serf bv its spokesmen. The least PSBR But the markets are Barcelona FC — “Barca” for its import a French group instead, scarcely needs any: ’’ There are di * re . L ‘ om ' 

spec] tii* bur often the most unlikely to settle down until the 2m. passionate followers — had The only Barca player to side few bargains that escape the JJL Dia „ v atIvaniaoe< 

revealing question which it puts immediate outlook is dearer three titles within its grasp last with him was the Dutch star, captain’s attention and he has [ , :* hnats " it « nirM*" 

tn iis members is abnui changes than it is at present. The next month, only to finish with one, Johann Cruyff; somewhat been known to correct our own * * ?. . 1 ‘ 

in their sencral optimism about major hurdle is the April trade the Spanish Cup. But it has gratuitously since he was due to brokers from time to time." ' ° e w ^ 

the business uutlnnk. The latest figures, due to he published at been the off-the-field actirities retire the day after the elec- In Mozambique, in his youth, 

survey suggests that they have the beginning of next week. of the candidates for the presi- tions, Cruyff” stated that he Zambra once shot a charging 

Jupe 1939 he sold the Air 
Ministry its first long range 
American military flying boat. 
Urging that we should nut unco 
more trail in Japan's wake, lie 
says: ” Maybe you could do 
declining aircraft 


Our Regular Savings Accounts 
are exceptional. 

To begin with you can varv your monthly 
payments up to a maximum of J* 50 and VOU 
canpayup to three months in advance. 

\\ hat s more you can draw some cash out 
once a year without penalty - ideal for 
holiday saving. 

Regular Savings earn interest at 6.75" u 
caJculated on daily balances and worth 
JU.23 „ to a basic rate tax paver. 

to^df vou*more° Ur 

dJ LriSS* m ° rC rCasan ,br choosin S 

Building Society 

loin the Leicester Investors. 

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' nl>tr)3|^S2 

'•• ' Ph-Mfcs 

fifties Wednesday May 10 1978 

A cottage industry nuclear bomb 

BY DAVID FISHLOCK, Science Editor 

P A RT JA M EN T WILL vote on 
Monday for the second and pre- 
sumably final time on the Gov- 
ernment's decision to expand 
the Windseale factory for repro. 
cessing spent nuclear fuel. As 
was the case late in March, 
when MPs supported the deci- 
sion by a 3—1 majority, the 
main case against the project 
will be not one- of local safety 
or amenity but the international 
issue of proliferation 'of nuclear 
weapons: Plutonium, the by- 
product of 'reprocessing - spent 
fuel, can -be used as a nuclear 
explosive.' 2.7. 

Rut there are ways of obtain- 
ing nuclear explosive other than 
building a £600 m. reprocessing 
plant The director of Los 
Alamos, the ' U.S. national 
laboratory where the first 
nuclear bombs were designed, 
privately warned a top-level 
audience in *OxfOrd a few days 
ago that one. of those ways 
could, become a “cottage in- 
dustry” within a few years. 
Moreover, in- contrast with 
plutonium and - reproces- 
sing, with enrichment there are 
no deadly levels of radio-activity 
to - discourage the would-be 
bomb maker. 

The Government’s, case on 
plutonium has been that neither 
in scale nor in kind does the 
Windseale project increase the 
risks of proliferation.' Rather, 
by undertaking reprocessing 
commercially for foreign custo- 
mers will it decrease the incen- 
tive for them to build their own 
reprocessing plants. It is a 
point conceded even by wit- 
nesses testifying - against the 
project at the Windseale in- 
quiry last s umm er. 

The Parker report* on Wind- 
scale dismisses proliferation as 
an argument against the pro- 
ject, principally on a strict legal 
interpretation of Britain’s in- 
ternational obligations. Never- 
theless, as the report dearly 
shows, proliferation of nuclear 

explosives remains a much more 
real fear than other aspects of 
safety, no fewer than seven of 
which were raised by opponents 
at the inquiry. Some oppo- 
nents have already indicated. 
however, that they believe that 
plutonium and reprocessing 
may not be the real danger of 
proliferation, and that- uranium 
enrichment, the route of the 
Hiroshima nuclear explosion, 
may be the more serious threat. 

Nuclear opposition groups in 
Britain have announced a “ Stop 
TJrenco campaign, to begin 
this month: Urenco being the 
Anglo - German - Butch consor- 
tium engaged in uranium en- 
richment in Britain and Hol- 
land. . Their antagonism has 
been aroused by a £10 0m. con- 
tract Urenco signed last year 
with Nuclebras. a state-owned 
Brazilian nuclear group, to en- 
rich uranium fuel for that 
country’s first two German-built 
nuclear reactors. Brazil has 
refused to sign the Non-Pro- 
liferation Treaty <NPT) form- 
ally foreswearing nuclear 

New threat 

For Urenco and the three 
Governments behind it. the 
worry is not the proliferation 
potential of its present tech- 
nology, but the fact that this 
technology might be super- 
seded within a few years by 
one commercially more 
attractive and much less resis- 
tant to proliferation. The prob- 
lem comes at a time wfoen 
Urenco is about to undertake 
a big expansion of its gas cen- 
trifuge enrichment capacity ; 
and at a time when the UR. 
Government has just embarked 
on a 53 bn. investment in the 
same technology. 

The new technological threat 
is laser enneunent. the most 
eieganr way yer proposed for 
executing a very difficult task. 

The task is to separate atoms of 
the rare isotope uranium-235 
from atoms of the far more 
abundant isotope uranium-238 
present in uranium ore. The 
two kinds of atom are chemic- 
ally indistinguishable. Until 
now the successful ways of 
“ enriching " by increasing the 
presence of the fissile uranium- 
235 component have exploited 
the sUgbt difference in mass 
(weight) of the two isotopes. 

The first uranium A-bombs 
were made from uranium en- 
riched by the gas diffusion pro- 
cess. a method of filtering 
- uranium gas through a long and 
tortuous path so that the 
heavier isotope gradually got 
left behind. The very scale of 
this process, requiring huge 
volumes of hex gas and vast 
amounts of energy to pump it, 
was itself a safeguard against 
M cottage industries ” and clan- 
destine attempts to proliferate 
nuclear weapons. 

In the 1960s a new enrich- 
ment technology began to look 
promising enough to earn the 
label “ poor man's route to the 
A-bomb.” Technically, the gas 
centrifuge was a much more 
exacting way of separating iso- 
topes. by centrifuging uranium 
gas at immense speed. The 
commercial attraction was that 
given good centrifuges the 
energy required could be one- 
tenth or less than that required 
for gas diffusion. The primary 
safeguard against proliferation 
was— and still is — that the en- 
gineering skill and effort re- 
quired to make large numbers 
of reliable centrifuges remains 
beyond the reach of most 

Laser enrichment is funda- 
mentally different from gas 
diffusion and the gas centrifuge, 
both of which exploit the slight 
difference in mass. The idea is 
to maxe me desired Isotope 
more disinguisbabie from the 
other, by artificially “ exciting ” ' 

it with a light ray. If the idea 
can be made to work it could 
offer at least three compelling 
advantages ■ over established 
methods of enrichment 

• It should require only about 
one-thousandth of the energy of 
gas diffusion. • 

• It should give almost com- 
plete separation. 

V It should reduce the process 
of enrichment to the scale of a 
“cottage industry.” 

For these reasons it can be 
assumed that most nations with 
nuclear aspirations— peaceful or 
otherwise — are researching 
laser enrichment to-day. Britain 
(at Harwell), the U.S., Soviet 
-Union. France. West Germany 
and Israel are among those 
which have publicly acknow- 
ledged tills interest. For these 
reasons laser enrichment pre- 
sents one of the most serious 
thr eats of nuclear proliferation. 
Yet the critics of nuclear power 
have been reluctant to acknow- 
ledge it because it makes non- 
sense of their professed fears 
of plutonium proliferation. 

What is more, the technology 
is very difficult to “ classify ” or 
even restrict to the public sec- 
tor. The principle promises 
ways of separating many useful 
isotopes— of no military signi- 
ficance — much more readily and 
cheaply, for use in medicine, 
research and manufacture. Such 
materials by weight can cost 
upwards of 300 times the price 
of gold. The laser techniques 
are close to those just beginning 
to excite chemists, who see 
lasers as potential industrial 
energy sources that might be 
used to stimulate a specific reac- 
tion very efficiently. In Britain, 
ICTs central research laboratory 
at Runcorn is experimenting 
with a veiy powerful laser that 
may one day afford, say. a better, 
way of purifying a premium pro- 
duct such as a ding. In the 
U.S. several industrial com- 
panies have been in the van- 

A high-power carbon dioxide laser beam strikes sparks 
from titanium metal in an Industrial application for United! 

guard of uranium enrichment 
by laser: - Exxon, Avco-Everett, 
Jersey Nuclear, for example. 
Exxon and Avcu are jointly 
planning a pilot plant at Rich- 
land, Washington, apparently 
with the blessing of tbe UR. 

As is the case with other 
methods of enrichment, only 
broad principles of the laser 
technology are being disclosed, 
for commercial as much as for 
political security. There appears 
to be intense rivalry between 
two laser techniques in the U.S. 
Both take the uranium in the 
form of a vapour and arrange 
for this vapour to be Eradicated 
by a laser beam of very pre- 
cisely tuned wavelength. This 

wavelength is chosen to “excite"’ 
only the atoms of uranium-235, 
briefly electrifying them so that 
they will respond to. say a 
magnet. In this way they can 
be pulled cleanly out of a 
stream of uranium vapour. 

Technologically, the two 
techniques differ considerably. 
One works on metal vapour of 
uranium itself, a metal which 
boils at a forbidding 2.200 
degrees Centrigrade. The other 
works on hex. a compound 
which vaporises at about 60 
degrees. The former promises to 
yield the more compact enrich- 
ment technology, although both 
appear to require lasers of 
unprecendented power and pre- 
cision for commercial scales ot 

operation. In fact, the common 
factor they share is that they 
present a particularly difficult 
and fascinating scientific chal- 
lenge which, if solved, may 
open up a whole new kind of 
chemistry, based nor on heat 
to accelerate reactions, lint on 
precision injections of laser 

For nations already equipped 
with uranium enrichment — for 
instance the U.S.. the Soviet 
Union, and France — the biggest 
attraction of laser enrichment 
may be to make further use of 
large stockpiles of "depleted" 
uranium. The vast bulk o£ 
uranium enrichment so far has 
been carried out by gas 
diffusion, a process which can 
economically extract only 
about two-thirds of the fissile 
atoms. The residue or ■■tails" 
from these plants therefore con- 
tains 0R-0.3 per cent, of 
uranium-235 which, if extracted, 
would permit important 
economies of fresh uranium 

Laser enrichment is the one 
technology which promises tu 
be able to do this. Britain's 
present stockpile of J0.0QU 
tonnes of depleted uranium, 
mostly accumulated f rum the 
weapons programme of the 
1950s. still contains enough 
uranium-235 lo run (lie 6.000 
MW of advanced gas-cooled 
reactors in operation or under 
construction in Britain for 
eight years. What is more, the 
extraction of residual uranium- 
235 will in no way diminish the 
value or this stockpile as a 
potential fuel fur fast breeder 
reactors for this process de- 
pends on different nuclear 

In the U.S.. which, of course, 
has far bigger stockpiles, the 
Department of Energy, it was 
recently reported. Is already 
talking of three to five last-: 
enrichment plants in the 

1390s. recycling depleted 
uranium .it a price expected id 
be competitive with the mining 
and refilling nf fresh ore. Tlii-t 
Claim must he seen in the con- 
text of a country po>>cs>in: 
about 50 per cent, of tin* proven 
uranium reserves outside the 
East bloc. For other-— such 
as Britain. West Germany, 
Israel — lackinu indigenous 
uranium, the incentive to make 
fullest use of all imports, all 
the stranger. 

Does laser enrichment inevi- 
tably raise a hig now 
proliferation risk'.* So important 
may laser-stunulared reactions 
prove to chemists that it will he 
impossible in keep the under- 
lying technology secret. In iliar 
respect it differs from rencm-e-— 
inn which is of interest only 
for nuclear purposes. But 
enough seems in he known 
about a laser enrichment t» -ay 
that although it may he mnipj-'t 
enough to rail a eurf.ige in 
dlislry. it will never hcco:ii>- a 
“bucket simp" operation The 
combination of t«‘i-!iii'<!ii>_:c* 
needed is far too si>pfii>iii-.ivri 

A more omh.irras-Miie situa- 
tion may arise as .i c*»n-eii'i.-iu c 
of the exercise Pro-udcu: Curler 
launched last autumn m .in 
endeavour lo find mo-li-ar t-' 
nohigies intrinsically mure re. 
sis) ant in pr"J i feral u»:i io.m 
reprocessing. Sonic -hi n.itnois 
are participatin'.: in the Inter- 
national Nuclear Fuel I'v-’e 
Evaluation, only live of uhich 
arc known for to h.iic* 
nuclear evn'osivt‘9. *».»ine nf the 
live — including Britain — imw 
fear that it iimv not !»•* pn— ibl.* 
to demons] rate com- mem civ 
why a certain tcchuolngv — *a\. 
a thorium fuel cvi-'e for 
reactors, nr laser enrichment — 
is a proliferation risk, without 
pointing a would -be bumh- 
nuikpr rinwn the verv nath titty 
would wish lo ourricaac. 

* tiic it luiiM-'iiii- (> 111 ( 111 , 1 , ij.u..-.- i: r i* 

- \! 

.. r- : is 

.. 1 •. K> 
.• . • .-a' 

« . f 


■ ; « t ■ * * 

Letters to the Editor 



[22 tbe 

Of profit sharing has implica- 
tions for the British situation 
which may escape many of your 
readers. Briefly, tbe new centre- 
. right Government has already 
From Mr. P. Cox. (after four months in office) 

Sir, — In his letter (May 4) Mr. « made significant changes to its 
Webb highlights the attitude of left wing predecessor’s plans for 
Advisory Conciliation and excess profit sharing.” 

Arbitration Service in support of Is it not inevitable, when 
the TUC-Ied large unions. The Governments interfere in the 
Situation is worse than he fears, details of business, that such 
Earlier cases of managerial wasteful and inefficient moves 
and professional unions, such as wilt follow any change of Govern- 
UJv. Association of Professional meat? To make confusion worse. 
Engineers and the Engineers and yon say that the scheme 14 will 
Managers Association, seeking take effect retroactively from 
recognition which have been January, 1977, although many 
referred to A CAS, have all been companies are already distribut- 
dealt with in the same way. In jpg dividends from 1977 profits.” 
spite of major support by the Again one recognises the danger 
staffs concerned for these unions, of retrospective legislation 
ACAS has shied away from nearer to home! 
making any recommendation Business (that is, managers 
which might upset the cstib- and trade unions) must be able 
lished pattern of shop floor union to plan ahead, and adjust their 
domination. policies to a realistic appraisal 

The frightening aspect as far of their future situation. This 
as the future health nf the sort of arbitrary and unreason- 
country is concerned is that in ing change in policy makes this 
the particular cases, the impossible when such a funds- 
Engineering Employers Federa* mental aspect of personnel 
tion and British Shipbuilders policy as a profit sharing scheme 
appear entirely indifferent to the depends on the whim of Govern- 
submergence of their managerial ment 

and professional staffs in the The only solution is for 
labour dominated unions, and Governments to refrain from 
have supported the TUC repre- this level of interference in 
sentatlous to ACAS. This will business. The lesson should be 
help towards a quieter tife for heeded by tbe liberals and Con- 
negotiations with unions but will servatives, who advocate Iegisla- 
do nothing to aid the economic tion on profit sharing, and by 
development the country needs, the Labour Party, who cynically 
Unless employers are prepared bought Liberal votes with dis- 
to recognise and encourage the criminatory tax advantages to 
leaders on whom our wealth and favour some schemes — and cer- 
wcli being depends, we cannot tainly not the most effective, 
expect anything other than a Incidentally, a better attitude 
continuation of our slow by Governments might be 
deterioration. encouraged by more responsible 

We have a difficult task in the reporting in the Press. You des- 
next few years to adapt tiie ^be (May 4) the recent Marks 
economy to accept 'the major Spencer bonus as a * profit 
technological advances which are share scheme,” no doubt reflect- 
now upon us — the siticon-c'aip i Cg the company’s own descrip- 
revolution is one major facet— tion of it to their staff. Of 
and this will require ail the skill course any. payment to era- 
and leadership we can command, pioyees can be described as 
Does Mr. Mortimer, of ACAS. “profit sharing.” is not 
recognise this and if he does hns use f u i to apply the term indis- 
he the courage to help us in the criminateiy. In brief, the Marks 
right direction? and Spencer sebeme seems to be 

attract substantial crowds by 
virtue of their rarity in the town 
concerned. Lancashire will play 
one of tbeir Benson and Hedges 
Cup games in Watford and the 
interest already aroused in the 
area indicates that tbe fixture 
will be another valuable money- 
earner for the sport. 

The authorities are, at last, 
taking cricket to the people 
instead of relying on the loyal 
support at traditional venues 
(often in rural locations, poorly 
served by public transport). 
Tbeir efforts are not to be 

R. Bayllss, 

10, Dorchester Court, 

Chalk Htir,-. 

Oxhey, Watford. Verts. 

Shipping in 

are big desert antelope dis- 
tinguished by their magnificent 
boras. The World Wildlife Fund 
has for some time funded pro 
jects for the protection and 
management of the last remain- 
ing herds of addax and scimitar- 
horned oryx in Africa's Sahelian 
zone. In Chad these animals are 
legally protected. 

Apart from killing by nomads 
who hunt the antelope with dogs, 
and nets made from antelope 
tendons, one of the most serious 
problems facing these highly 
endangered species has always 
been shooting by armed forces 
engaged in guerrilla warfare. As 
the conflict intensifies it must be 
hoped that the status of the 
addax, scimitar-horned oryx and 
other threatened desert species 
will not deteriorate further. 
Janet Barber (Miss). 

29, GreciUe Street. E.CJ. 

... Spencer . 

a bonus patd this year (with no 
undertaking ever to repeat the 
payment), from which tax is 
deducted, and which is paid in 
the form of shares. Employees 
arerfree to sell the shares imme- 
diately if they wish. Surely the 
payment of a bonus in shares in- 
stead of cash Is not of itself 
sufficient to warrant the term 

Sir. -I must apologise for “profit sharing"? 

S"5BS«i “b^wood.** - . 

conciliation (May 4)-the open- Amersham, 

ing of the second paragraph Buckmahamsture. 
should of course have read that 

Peter A. Cox. 

Three Gables. 

10. West View Road. 
Warlinghanu Surrey. 

Arbitration and 

From Mr. J. Webb- 

From Mr. G. Borucick. 

Sir, — We read Lex’s comments 
(May 6) on the “U.K. shipping 
crisis.” with interest Crisis or 
not, there can be no doubt, as 
he wrote, that some companies 
are running into serious financial 
difficulties. Indeed, it is true 
to say that a number of little- 
known minor concerns have been 
in trouble for months. 

Yet only last September, at the 
annual conference of the TUC. 
Mr. K Nevia, general secretary 
of tiie Merchant Navy and Air- 
line Officers’ Association, spoke 
of the “ modern and prosperous” 
British shipping industry and 
claimed that British shipowners 
had enjoyed a “bonanza” and 
“excess profits” because they 
“ have not had to pay the 
European rate for the job"! 

The March issue of the 
MNAOA’s journal. “The Tele- 
graph,” we noted, reported on an 
order being placed for a new 
type of bilge monitor. It 
disappointed us to learn that it 
was not intended for the general 
secretary’s own use. 

G. J. Bonwick. 

Mercantile Consultants and 

17. Chestnut Avenue , 

Wokmoham. Berks 


Sounder footin 
for cricket 

From the Hon. Fixtures 

there was a majority ^ response 
in favour of representation OF 
the Association of Polytechnic 
Teachers in two of the three 
polys and not (as. 1 bad it typed) 
all of the three. . rural me 

I trust that tbe fact that the secretary. 

Polytechnic of North London Watford Town Cricket Club, 
was mentioned as the lone dis- Sir,— Many cricket followers 
renting voice later in that para- must h a ve shared my disappomt- 
craoh. an d in Alan Pikes article ment with Trevor Bailey s re- 
on Page S in. the same issue will marks (May 8) that in the 
have undone the damage. Benson and Hedges Cup com- 
Alun Pike’s article ^ nicely potion, “matches against two 
underlines the “ Catch -~ ^ minor counties t eam s . . . have 

The price 
of gold 

From Mr. H. Inrine-Fortescuc, 

Sir.— Mr. Adrian Gray (April 
28) is right to draw attention to 
the quite sharp fluctuations in 
the price of gold. The recent 
fail-to $170 an oz. has of course 
been caused by the UR. mone- 
tary authority announcement to 
sell gold from its stock at regular 
intervals. This coincides with 
regular International Monetary 
Fund sales and, more recently, 
with the Indian Government’s 
decision to off-load some of its 
gold stock. 

If we look at gold’s price fluc- 
tuations since May 1977 (approxi- 
mately $140^180) we sec that 
there is a certain degree of 
stability about the mean at 8160. 
I believe that gold, as a long- 
term hedge against paper money 
devaluation, has no equal though 
I must admit that Governments 
can depress the price by selling 
rrom stock. 

H. Irvine Fort 6s cue. 

The O Id Dairy House. 



unaernnes tue ” minor counuee iwm s - • - - — 

aspect or recognition — that a nCB iigjbie appeal." 

union without national negonar- ^ current balance of play- 
ing responsibilities finds dim- j_ £ power has, in these games, 
t-ulty in getting recognition tor pn) a U ced predictable results 
local negotiation— without which which jj ave subsequently aroused 
it is unlikely to obtain the recog- p^oug little comment, but the 

nition for national negotiation. facttfeat ^ scope of the com- rips- u j 

necessary for it to be recognised petition has been widened In this J, fl0 auuaX aHQ 
locally and so on and on in a manner must be seen as a com- 
i-ircular trap. ' “ 

Borftmn Houxe. 33 High Street 
Hampton. M iddlesex- . 

Sharing the 


F^m Mr. B. Coir JgS’SeKr EITITniiSiil ocour- 

Kgar JBTllSgAJ! inarches 

lUlUIUbl * . . ■ 

mend able move by the authon- 


in order to put cncket on to 
a commercially sounder footing 
—the basis of Mr. Bailey s article 

—such schemes to attract awider 

audience deserve the fnjjwt con- 
sideration. The three onwlay 
competitions all jnvoWe some 
matches on grounds where first 

k the changes 

the oryx 

From the Head of information,. 

World Wildlife Fund. 

Sir,— The increasing military 
activity in Chad reported on 
May S has not only serious 
political significance. 

Some of Africa’s most 
threatened animals are found 
in Chad, including the addax 
and scimitar-homed oryx, which 1. Great Cumberland Plate, UM, j 


From the Managing Director, 

Sir.— I was interested in tbe 
letter from Mr. Tony Ring 
(May 3) alleging that your 
survey on the leasing industry 
did not deal clearly with the 
legislative position. X think 
there Is some misunderstanding 
surrounding the use of the term 
“residual values.” The leasing 
industry in the United Kingdom 
is running at an annual level cf 
£600mu, the bulk of which is by 
“full pay-out leases,” that is 
where the “residual value” is 
nil. The ability, however, to 
enter into a lease where a pro- 
portion of tbe Initial cost is 
deferred to the end of the lease 
term (“ open end lease ") is 
clearly extremely attractive since 
in practice it represents a fixed 
term loan at. a fixed rate of in- 
terest and often not . from the 
usual sources of credit 

The confusion as to the posi- 
tion at the end of the lease 
arises from the misconception 
that the proportion that is left 
until the end of the term (“ resi- 
dual value”) is a guaranteed 
price at which the car will be 
sold back to the hirer. This is not 
the case: the vehicle can never be 
so Id to the hirer as this wuuld 
convert the leasing transactors 
into a hire purchase agreeraont- 
The residual value is merely tbe 
amount which the lessor com- 
pany expects to receive in ordei- 
to repay its principal outstand- 
ing, and it need not bear 
relevance to the market value. 
The legislation ■ already requires 
tbe ear to be sold at full market 
value and in practice repj'abre 
leasing companies will rebate tbe 
bulk of the excess of the market 
value over the residual value 
badt to the hirer, which amount 
will be treated as income and 
assessable to tax accordingly. 
The open end lease is attractive 
irrespective of the hirers’ tax 
position or the cost of the car. 

Moreover, Mr. Ring states that 
there is no tax advantage in 
leasing cars of less than £5,000 
in value, but in fact genuine 
leasing, companies are able to 
take advantage of first year 
allowances, and the financial 
benefit of this is incorporated in 
tbe leasing rate, thus enabling 
the hirer to- obtain an advantage 
which is otherwise excluded by 
Section 42. Finance Act 197L 
regardless of the value of the 

it is interesting to note that 
some SO per cent, of all company 
cars in America are leased, and 
with some £3bn. being spent in 
the United Kingdom on company 
cars and their running it ir im 
portant this valuable financial 
tool be available to end 
thoroughly understood by 
management and their advisers. 
Michael Goddard, , 


Treasury issues details of 
Central Governmem financial 
transactions, including borrowing 
requirement (April). 

European Parliament in session. 

TUC Economic Committee 

Publication of Government con- 
sultative . document — “A Review 
of Monopolies and Mergers Policy” 
(Cmnd. 7198). 

Mr. Roy Hatlersley. Prices Sec- 
retary. addresses Electrical Con- 
tractors' Association annual con- 
ference, Eastbourne. 

Transport workers lobby Par- 
liament on pay. 

Amalgamated Union of En- 
gineering Workers’ conference 
continues. Worthing. 

Civil and Public Services Asso- 
ciation conference continues, 

Society of Civil and Public Ser- 
vants’ conference discusses pay, 

Today’s Events 


House of Commons: Finance 
Bill, committee. 

House of Lords: Solomon 
Islands Bill, third reading. Scot- 
land Bill, committee. 

Select Committees: Expenditure 
(Trade and Industry sub-commit- 
tee). Subject Measures (o pre- 
vent collisions and stran dings of 
noxious cargo carriers in waters 
around the UJv. Witnesses: De- 
partment of Trade (10.30 ajn. 
Room 16). Unopposed Bills Com- 
mittee meets on British Railways 
Bill and Union Theological Col- 
lege of the Presbyterian Church 
in Ireland Bill (4 p.m. Room 9). 
Expenditure (Social Services and 
Employment sub-committee). Sub- 
ject Employment and training in 
the new unemployment situation. 
Witness: Mr. Albert Booth. Em- 
ployment Secretary (4 p m.. 
Room 15). Public Accounts. Sub- 

ject: Appropriation accounts. 

Witnesses: Department of In- 
dustry*: Scottish Economic Plan- 
ning Department; Welsh Office |4 
pm.. Room 10). Overseas De- 
velopment. Subject: Re-negniia- 
lion of Lome Convention. 
Witnesses: HM Treasury (4.30 
pjn.. Room 61 . Expenditure (En- 
vironment sub-committee ) . Sub- 
ject: Planning procedures. Wit- 
ness: Mr. Reginald Frce'mn. 
Minister for Housing and Con- 
struction (5 p.m„ Room 5). Par- 
liamentary Commissioner for 
Administration. Subiert: Review 
of access and jurisdiction. Wit- 
ness: Sir John Bancroft. Head nf 
the Home Civil Service (5 pm. 
Room 7). Race Relations and 
Immigration. Subject: Effects of 
EEC membership on race rela- 
tions and immigration. Witnesses: 
Officials from Department of 
Health and Social Security and 
Department of Education and 
Science (5 pm. Room 11). 

Afcnvd and Sjiii| 1 ht< (half- 
year). Allied IrKh Ranks i full 
year). Royal Insurance (lirs-t 
quarter figures). 

RTR. Caxtnu Hall. S\V. t2. 
Gibbons Dudley. Riniunuhain. 
12.15. Gibbs and Dandy. Luton. 
113(1. llcwiti (.1 ) mid Sons 
(Fenlnn). Stoke un Trent, 13. 
Ihstock Johnson, I lyric Park 
UoteJ. S.W.. 12. Jardine Japan. 
3. Lombard Street. E.C.. 12 

Ottoman Bank Great Eastern 
Hotel. E.C.. 12.30. Royal In- 
surance. Liverpool. 12. Robinson 
(Thomas), Rochdale. 12. 


Deborah Baillicr ( violin i and 
David Miller (guitar). Guildhall 
School of Music and Drama, 
Barbican, E.C.2, 1.10 p m. 

I/mdon Alozari Player-, con- 
ductor Harry Blech, in pro- 
gramme of Morart and Haydn, 
Royal Festival Hall. S.E.l. 8 

The R-range from Redif oil 

"Sets new standards in data entry and 
distributed data processing systems” 

R-range consists of six computer 
hardware families and seven systems 
software products. Mix hardware with 
software and you have a tailored 
solution to data entry and distributed 
data processing requirements. 

Asyour requirements change,you 
can change the mix 
without conversion 
|, problems. Hardware and 
software are compatible. 

R-range provides a logicaL cost 
effective path from simple data 
entry to versatile distributed data 
processing. A range which is simple 
to understand and practical to use. 

The feature content of the 
R-range reads like a wish list. The 
last wish is always reliability. The 
hardware and software have been 
operationally tested for 12 months 
with complete success. 

To get the full story; complete 
the coupon. We will arrange 
demonstrations, send you 
literature or arrange for a 
representative to visit you, 
whichever you prefer. 

□ FIcAm 1 send me rhe inU«nii.<ci« m file. 

□ Ple.ise ask your represent.) rive rm*.i!l me and. 
arrange uiiappointiiietir. 

□ Please arrange a deiiumstrati. »n. 


Position _ 
Address _ 



with you all the way 



Rcdifon Computers L united, Kelvin Way. Crawley, Sussex. 
Telephone: (0293) 3121L Telex: 877369. 


Financial Times Wednesday May 10 1978 


United Scientific well ahead halfway 

nf ii-.idm" .-Hid including results 
from the recently acquired Optic 
Electronic* Corporation. pre-tax 
I to fils Of United Scientific Ituld- 
i n us were ahead by -Vi per cent, 
fur ihe six months to March 31. 
li'78 from 1*1. him. to Jfl.Sim. 

Turnover jumped by IP4 per 
C*.-nt. from Hi "7m. lo £I2.KI m. 


and hrulil 

fur i 

both lurnot-n’ - • tn that or the first half 
Pfiilii for i lie whole of the 1076. < 7 
yon i- v»as a record £2.73 m. 

The forward order book for the 
yr»u;i .,i ihi- end of April stood 
ai 127m.. which currcnily repre- 
sents jusi over 12 months turn- 

The new factory (or the pro- 
ilucuon of laser raneefinders at 

capacity for ill*.* output of thia 

Un capilal increased from a 
scrip_ and a nyhts issue the 
interim dividend is effect ivelv 
raised from n.SrUSp lo 2p net per 
-■i:< share — last \ears final was 

© comment 

S; ripping mu optic Electronic. 
United Srirn title's half profits 
arc nnl> ::7 per i-eni. hi” her on a 
sales gam of 4;; per cent. — reflect - 
inn volume gromh of about a 
lifili — white, the shares stand on 
a premium rating. Moreover. the 
(ureca-i implies unchanged profits 


Aberthaw Cement 






Lesncy Products 











Bank of Ireland 



Mappin & Webb 



Barr & WAT 



Medical Sickness 



Booth (Intni.) 



Mercantile Credit 



British Northrop 






Cedar Inv. Trust 



Progressive Sees. 



Central & Sheerwood 






Costain (R.) 



Rush & Tompkins 



Electrical & (nd. Sees. 



Smith & Nephew 



Fa m ell Electronics 



United Biscuits 



FPA Construction 



United Scientific 



Henderson (P. C.) 



Westward TV 






Wire & Plastic 



• comment 

interest charges and u cur 
gain of £30.0utl. Jtjainsi a 
previously of £130.nt)0. Sales rose Westward TV 
by only 3.5 per cent., continuing Wire & Plastic 


Dale Corre- 
nf sponUinc 












July 1 


3.8 L 


Bank of Ireland 


July 7 






July 3 




Barr & Wallace Arnold ... 


-July 6 




Booth IntL 

2.9 L 

July 31 




British Xortbrop 


July l 




Cedar Investment 



June 5 




Central & Sheerwood 


July 3 




FPA Construct 






P. C. Henderson 


July 1 




Investors Capital 



July a 




Lesney Products 

1 .S3 

July 3 






June 29 












June 1 




Ltd. Scientific 









June 20 




Wire & Plastic 


July 1 






Mallmson-Denny falls 
in second half 

Sellars aims for 
full listing 

Irvine Sellars, a private clothing ended January 197S, 
relitH chain w considering the amounted io fS.Winj. 
possibilities of setting a full Stork including NAT. 

Exchange lisung within the next There is an exceptional profit 
B moirt ef £409.573 ideb.t £1M.319) on 

Reporting full vear ornfiis for properly sites. Apart from retail- 
the year tu January 28. 19?*. the in« the company » m Ihe busi- 
founder chairman. Mr. Irvine ness of ** buying and sellm« 
Sellars, said yesterday that Ihe property, and the latest figures 
final decision of whether lo go show property uxrU of I2m — 
upon ins basically retail outlets, 
and the Mr. Sellars said he was con- 
*t. But if sidcrin*; opening between 15 and 
the 'market looked strong enough 20 stores thus year. ThLs would 
the company would ?o for a list- involve an investment of up m 
in£ regardless of his own position, nm. which would be financed 
‘ The company w hich trades jnwu the company's own resource.-, 
under the " Mates*' fashion names Thi , company is also looking at 
and operates through jj retail ^ possibilities of acquisition-^ At 

outlets on a nationwide basis, was pn! J^ lt a couple or unquoted 

set up by Mr. Milan m » n< * companies are under examination 
was one of the pioneers of dual rPl3i j operations. .\lso 




crease its market share. On ihe 
olher hand. ils international 
division showed no significant 
headway after Lhc good increase 
in 1(176. With both sale- and 
orders at home and overseas 
currently running ahead of 1076 
levels. Averys is looking for 
further improvement in pre-tax 
profits this year. At 14Sp. the 
TURNOVER FOR 1077 of Averys shares _yteld 6.1 per cent, on a 

the sales so overseas, should con- 
tinue to provide the bulk of 
earnings, while Gate, the trouble- 
some U.S. cosmetics outfit, should 
continue its recovery though 
there are still problems. Compcti- 

ner n son“al B hv^ n ^'lfriTnml aims* was one o. mo pioneer. u , uu,, 

year's rmproveraenfis unlikelv to FOLLOWING AX increase in the overseas increase in both. The .-imhi ScHars is thinking in terms of 

be matched in l!i/J> while row firsi half from £4^7m. to £4L65ni. overall effect, coupled with the Carhmn eloilung bold at me same rcvePSinB into a listed company as 

material costs and inlere-*t rates Jlaliinson-Denny. the interna- high cost of money in the early s*oreL t , u . ai a way of gexting a full Stock 

are rising again At Son the tionol timber group, fell in the part or the year, was to create an 

shares yield 5.7 per cent', and latter half and finished 1977 with increase in 1977 interest charges, P cr 

.land on a historical p e of 721. taxable profits down from a peak and their reduction is one of the Merchant iwnK nas i.« per nm.. sidl?rC( j. 

ssv- * - 

There was an extraordinary * . \ n thony Montagu and own resources — there is very IttHe 

The directors .-tatc that after a debit this lime of £0.43m. (£0.48m. “P - D - A . * “ existing gearing — though a 

good start in 13n, there were a credit) which is wholly related to v-^. ..rdVv the chairman medium term loan is under 

number of problems to overcome thc^ appheation of the stronger 3nnouncc j‘ pre-tax profits or negotiation which could raise in 

failing sterling price 

timber v.ent with the lowest level the group's overseas assets, 
of U.K. demand in the building 

tore*- . , ... a w av of getting a full Stock 

At present, the founder owns fiu E , ch<inR< . Vistins . possibly a m M 
cr cent, of the eapitaL>. lKllU , com pjny would be ertn- 
[erehanl Bank has U per cent.. s ; rfl , r0 rt 

l<ireca-i implies unchanged profile " a—* ,'r" 25- , 

from United Scientific in ihe $?, J . fr ? m 

-e. -nd half and the -hart-i fell ' l K1 J . 

1 -J p 1.1 MUS|>. giving a prospective 
P c of 17 (maximum lax charge) 
while the yield is around 1 per 
cent. Uiejrly. if United Scientific 
to justify this intin 
h.ive to gel back on ihe growth 

which manufactures weighing 
testing and measuring machines. 

14m. to 

rose from £l4.B7m. id £ 1 5.4 m. 
with £6. 39 m.. against I5.7m., 
coming in the first half. 

Earnings are shown at ISiip 
--‘■■■Vn per 25p .-hare and the 

1 di\ idend total Is lifted from 

p-e of 

Margins and 
imports hit 
Booth Inti. 

for the year the area of £tm. 

21% growth 
for Smith 
& Nephew 

AFTER RISING from IQ. 33m. to 
£u.64m. in the first half, pre-tax 

start in J3<i, mere were a credit) wnien is wnouy related to v.-st Tdiv the 

ler or problems tu overcome the application of the stronger ore-l u 

e last eight months: a sharply exchange rate of sterling as at To,., , ciivt 

g sterling price of softwood December .71 to the valuation of ■“!—«» 

Wellco £|m. rights 

trade for many years, causing a 
squeeze on margins in that sector 
and a measure of stock loss. 
Nevertheless, the result of the 

• comment 

Not a lot was expected from 

profits or 'Booth international year in U.K. and Europe was an f° r the timber cycle was working 'V e, lcf» r ?y b/rtjnn^ ^manufae hiring: 

Holdings) -hide and skin mer- improvement overall, they say. A gainst it Timber prices were SSi Sldln- e£ division 

chants and tanners— 1 in ished 1977 few individual companies in the r j ,,lm 2 due Scandinavian f*.' ■ proposhifl a £330,000 Also cash is needed for invest- 

down Trom £1.16m. to £l.i>5m. on group soli under-performed, and devaluations, and the movement tract -- f,-oni sha re holders. ment in relocating and expanding 
turnover or £32.4!im. against of them the majority already of sterling was not working in the ra . ri .,|, J ^ssue on the basis of the company’s Midland's dimribu- 

£26.ini. shows an Improved situation in «* rou P* favour. The groups f * , " VCI1 ig proposed at a tion depot and to establish a 

exposure to the overall weak urn- f ** r f J-rL* 

company's produdt 
<o;i!ic:iI li rc-cu nt ro I equipment 

mainly fur military usei has con- T , inio . . 
iinu-.-d in grow, with sirong TrUiiu nrufii " 
inicre-t from South American luv. ,1 <n-.-aii„- 
fioternmenis. The Taunton fac- S!>i * r ‘ — 

tnry has now come on stream £‘?. ni 1 b 1 “ fore “* 
and capacity Tor the laser ranee- tax * ; 

Under, for which there are large .v.-i 
orders, is double lhar of <iy Te nmi«nii>:s 
nionihc aeo. Meanwhile, the < - r, -' i,,J5 

acquiMlmn ..f D.ilbs-ba>ed Optical i',!k" m ‘*v.d.nd 
Eieciroiiic giics ihe company a pi-up.i-. i Hna! 
c nance ;o break into the L*.S. SuM-ni m:iry do. 
de f vnte market, although com- RclJIII,J 
piqiiion will make this difficult, 
pariicularly for the laser range- • Comment 



mu tv. 
is c:» 



.’ '01 

7 *14 

l 11?- 

1 4:*j 


BARTER sales to 

Smith and Nephew 
.Associated Companies rose 
aim ccnl - ■WS.STni. and taxable 

sr. 141 advanced 2n.s per cent. 10 I-i.-iam soys mat i-ji. was anomer uuuu provision for the trade indebted- Ausirajian economy. ,\ustranan ^ ' iin iiice the repayment this *”L , 

Opera, in- profi,. S“ r fll bui . UJ-'J "*>» »f the ernupa Easlern aub- profi|a drwped from £327.000 « T fTA.mi o7%Tr clii! Kgl’San’Slo? inrores? of ™'!SS 

from £4.46m. lo £4.7Sm. and the f®®** i ,nd ifh K**,* brines in medium term sterling. £^-21.000. bo Malhnson ha< done Unseourc d Loan Stock 197S. Tiir^ver L U^orl^J 

urn increase at the taxable level was JJ ,w Je* ere faced «u« ero^dn accounting for a terse pari of the enough to bring fuil year ^ directors consider that the 7“^?' , 

4.744 aided by an exchange gain of sheepskin margin-, ana the j n profits m that area. profits just below expectations. j ncrc;iSO d borrowing ba.-e. * .** __ 

a i4i rtfl.000 compared w ith a loss of |m fiort or cheap ieatner. shoes Earnings per 25p .share are Stock losses in lhc la-'f financial crc aied throu°h Ihe rights issue. An interim dividend of n.l,.,p 
"• 6 “; £150.000. Interest amounted to : * nd clothing. down from S.ii2p lo S.ftip and the year were around £Jm«.00u. while w jjj sufficient to meet Ihe 1 0.1 623) is declared and the Board 

4 !1] £730.001) ( ££33.000 1 and associate Wiili the problems vf the di; idend is JiTled to 2.792:(p currency movements which demands for additional working is forecasting a final dividend «r 
6...VJ companies gave £424.000 second half continuing the group I2.5p) net. vvith a final of l.542.1p. alTected some medium lerni cup)T:« I deriving from a con- U.93p making a total Of l.lllep 
i£2G7.00ti/. has made a poor start in’ l!>7s In the second half or 1977. the ECGD finance and »tan up costs tinuing increase in the level or tll.op). 

\fter lax of p i ■'•nOOOO an ^ a,) >' et Ibere are ft-vv signs directors state. Australia suffered elsewhere took out another 

(WSMiO) arid minoritv "profits of any major improvement. How- severe national economic proh- £500.000 between them. In the 

£0 000 (£-*5 000 1 the attributable l?ver - "' ilh lbe wide ranse of its lenw. particularly in the building balance-sheet, distorted by the 

balance was £3 2Sm t£2 77m \ business the directors fee! well trade, from which the group's erratic stock position of tractors. 




to improving 

Avery h* uncxitinp 5 per cent, rise 
in pre-tax profits last year com- 
pares with an exceptionally sirong 

lti7»» which had the benefit nr deferred lax Had provision been of aI , enlinn lM (M 

, three non-trading factors— includ- made Tor this the attributable technical performance 

. and mg an exchange gam of £lm. This balance would have been £2.2Sm. 

Harrisons and Crosfield h.ive ^c( t j me t ite group incurred an ex- »fl.91m.) and earnings 1.52p 

up J joint company which will change | 0<s of some £100.000 I I^Sp>. ^ 

varry on the burinei-s oj their which fell in its important second For the last full year profits of GOODE DURRANT 
prviiuu-ly -CD jraie Tyneside glass half. Excluding these exceptional this manufacturer of surgical 


rilkingliin Bmihers 

Yearlings up to 9 \% 

The coupon rate on this week's Alid Devon Di>lriL-t Council has 
hatch of loc3l authority yearling raised £3 m. of variable rate bonds 
its suppliers, created a large stock more promising. Demand is pick- bonds is up from 91 per cent, to doled May •"». 1982. 

surplus at the year-end. which is mg up. and currencies are once gj per cent. The issues are at The Borough or Wolverhampton 

now being satisfactorily reduced, again working in the group's par and doled May 16. 1979. and Blackburn Borough Council 
they explain. favour. In addition four of last This week's issues are: City of i iaV c raised Urn. apiece of van- 

A significant short-term result years six lo-s making companies Exeter i£lmA. Adur District able rate bonds daled May 4, 

of these problems was ihat at the are now making profits. At 4SJp Council i£Vm.). Citv of Cardiff 19S3. 

year end. while U.K. stocks and the shares stand on a P E of 3.S,- (£i n) ). Cites ter-lc-St reel (£!m.), 

later borrowings had been held con- and yield 9 per cent., which b Cumnock and Doon Valley 'Dis- 

stant. there was a considerable allractivc. 

cil’r-d lilil-.-rs Ujlkcr Millican. home, where it managed to in- 2.409«p was paid. 

fact thts should have been IS. 6m. 

L' 1 !.;?". i .r ■ ■ m f'/vi iivt. i 1 5 :. *if j . #vi”iM /Vii:i,i/i u/ , .c.*;ti.v?/uftMcJtici.'iil'L , ltilt u 

BujumHi the upholstery of 
Brirish newesr minis ;ue rigiJ 
tibreghiss sc,it> tr« mi BTR. luere.isiivi 
u>e of fihrejiki» i> vuie of rhe rensonb 
tor ourgrowch in ivecnr \cm>. 

BTR’s hhreghix pn »Juer> and 
components lire supplied ro 
ai>rv)iner> rouritl rhe world who 
need a tough, light maturia! for a 
wide winery of use>. 

\X e supply thousands of other 
product^ ro rhe engineering, 
era, eneryx and mining 

indusrrics worldwide. Viral 
component for cars, trains and 
planes. Hv»ses ot all types. Heavy- 
Jury con\ evor belting. Oil 
platform s reel -work assenihiies. 
Rublxr, plastic and engineering 

We re confident we\ e got rhe 
righr mix ro cam- on growing. Sales 
ro key industries and worldwide 
manufucruiv and disrribuhon. Abovi 
all. an operaring philosophy rhac 
actively encourages growth. 

- 5 # /sj 

B TR Limited, Siiv ertow n Hou^cA’iacent ^qu. ire, London S\V IP 2PL 

trie! Council i£5tn.). Northampton 
Borough Council (£2m.). Borough 
Council of Gateshead (£jm.i. 
Metropolitan Borouah of Sand we 11 
UEtni.). Stroud District Council 
i£*m.l. London Borough of Red- 

PL A gives 

The Port of London Aathoriiy 

Westward TV up so far 

NET ADVERTISING revenue of the last accounts cash and Stefi ^ rio-’m'^h^aroSete wl f hc# “ ****** MUen of the 
Westward Television for rhe half deposits were shown at £926.000. rminrii ' ff'inlS- 14 = m - Fon Slock matunns on 

year to January 31. I97S. rose The three aircraft already bought inihian Uni nril " I’ri' m , August 1. 197S. that repayment 

from £2 5rtm. to £3.67m. and trad- cost £600,000. The question Tor EfJjSJ nj^ict Counc I iC' "ill be made in fuU on the due 
ing profit was up from £610.000 to shareholders is when this opera- \i,u«k.S iJLtifwh date 

£932.000 after depreciation or tion can justify the investment. ‘ P , . . .... 

£108.000 against £77.300. The Board hopes to give more S“J ^ None or the remaining £19 1 in. 

After Exchequer 
compared v 
£200.000 rJ 
emerged as 

Mr. Peter Cadbury, the chair- tinues buoyant "and revenue rent, bonds dated May 7. lUSo" at existing problems.* 
man. says he has every reason to should easily top £7m. implying par- Under The Pori ... 

suppose that. “our annual trading profits close to £2m. .Ashford Borough Council has Authority i Borrowing Power') 

accounts will show a similar in- before the levy. At 23 Ip the raised £im. of 11! per cent, bonds Revision Order 1971 .Section 5+ 

crease m revenue and profits.' 1 prospective yield of 11 per cent, dated May 6. 19S1 at par. fu. port Stock issues are 

is at the top end of regional com- The Borough of Milton Keynes "secured on the assets for the 

panies. with a fully taxed pros- has raised Urn. of 11| per cent time being of the Port Authorrtv. 

nective p/e of 728 is a high enough bonds issued at par and dated on the port fund and on flic 

ratln « i - Ma y 5 ' 198 2. revenues of the Port Authority.? 

nf l^rndon 

paid from net profits of £300.141. 

The chairman adds that Air 
Westward is a diversification that 
he has every reason to suppose 
will strengthen the company on 
the financial side, and over the 
next few years make a substantial 
contribution to profits, w hich will 
not be .'Ubject to the levy. 

.Sub-j tan fial increases, he says, 
have been made in the company's 
production budget, and nearly 
£400.000 has been added to the 
company's expenditure pro- 
gramme so far this year. 

0 comment 

Westw aril's advertising revenue is 
riding un the crest of a wave. 
Revenue is un by 43 per cent, in 
the six months to end January 
compared with industry figures 
showing a 32 uer cent, increase. 
.So the earlier forecast of 
approaching £7m. for ihe year, 
imolyins an increase of 23 per 
cent., is already looking out f f 
date. Trading nrofifs are up 51 
ner cent, but after the Exrheouer 
levy the gain is whittled down 
to under 14 per cent. Hence the 
programme of diversification into 
non-levy profits. However the 
airline business demands a fair 
lump of capital investment. In 

so site 

6Uy secretary told me to play soli A boss -secretary team, as in every successful 

■*. +y, e T efti TfOrfc done} partnership, needs to be carefully matched by 
could get tne experts. 

That is why we at Senior Secretaries, would never 
dream of sending you an applicantwithcwthaving: 
first met you and Taken stock both of your 
individual personality and the particular needs 
of the job.That way we manage to keep round 
pegs well away from square holes. 

If you want a secretary who's right for you, 
we're the people you need to contact 
We also pride ourselves on having the best 
temps in the City. 

Tfele phone Bridget O'Brien -Twohig, 

Joanna Dyson or Elizabeth Belton on 01-606 161L . 

A perfect match for every boss. 

Senior Secretaries, 3/6 Trump Svraet, LondouECZV 8DD. 

Bowring is engaged throughout the world 
in insurance and re-insurance broking; 
insurance underwriting; credit finance and 
leasing through Bowmaken merchant 
banking through Singer & Friedlandei; 
shipping, trading and engineering. 

We are continually improving 
our expertise, developing new 
ideas and probing new 

reports Mr. Edgar Bowring, M.C^ Chairman, in his annual 
statement accompanying the report and accounts for 1977. 
"1977 has been another record year and the Group has 

more than doubled its profits in two years. This 

demonstrates the Group's inherent strength and the abilitv 
and expertise of its executives and staff to exercise ^ 
initiative and adapt to changing circumstances. 

I am confident that this progress will continue. Given a 
favourable climate, the Bowring Group should ao m Jddfm 
to the country’s wealth at a faster rate than tlfe rate of ^ 
inflation and should maintain the contribution lEhtahwa 
are making to invisible exports." wnien we 

197 7 
Awarded to C.T. Bowing 
(lnsunn«) Holding* Ltd. 

Copies of the Report and Accounts may be obtained from 
ihe Secretary, C.T. Bowring & Co. Limited. 

The Sowring Building, Tower Place, London, EC3P3BE. 






£1 ,088m 

+ 15% 

Profit before tax 
and extraordinary items 




Earnings per share 
before extraordinary items 

11. 7p 


+ 32% 

«, . 


■ j ->. 





ti : 






1 »*' i.i.- . 


. ■ Il NHt 

t be 

■ H- 

1 ■•‘■'a 

I*.’ ‘ 1< - C- 


•- •!Ml„Up a 
" '■'••U'd fc 

H‘ RiQj. 

: ■ !'■ n* 



. ■■ 

•’ r: 


\ til'cv 


. • . If 



a ,.,j _ 

•■.I * . 

,^ e 



financial Times Wednesday May 10 1978 

Central & Sheerwood 
£1.37m. expansion 

Lesney down £2m. after 
currency adjustments 



" u, h 

" Vl- 

"’■i z 



‘ C, 


u > 


1 ’K . 


' *'r 
'" "I!.! k - 

PRE-TAX proJiLs of Central and 
Sheerwood ruse from £3^4m. to a 
5S% nl £4 -Um. for 1977 after 
a B ainst £1.4ttm. at bair- 
J!" 1 ?-.. Tl | e directors then said 
tnai the level of group trading 
indicated that second-half profit* 
would exceed those of the first. 
They now say that the present 
level o£ activity in the subsidiaries 
indicates that the continuous and 
considerable growth - . in group 
profits should be sustained 
through 1978. 

• Earnings per 5p share before 
eslra-ordinary it ems are- shown as 
fi.S2p {4.02pj and the dividend is 
stepped up fo 2J3391p (2.1Q75D) 
u-sth.a final. qt L22B9lp net.. 
«o«" tax ■*«*»* an< i turnover, 
£&tS2m. .fi53.05m.). include 
Photopia . Internationa] for its 
accounting period of eight months 
i>j end 1977, amounting to £6.05m. 
And £0.6-kn. respectively, and ex- 
elude the results of subsidiaries 
-disposed of. during the year. 
•/The directors slate. that Newton 
•Chambers Engineering again in- 
creased. profits substantially and 
Ransomes and Rapier, despite the 
continuing depression of the con- 
struction industry had another 
very successful year . exporting, 
both directly and indirectly, over 
55 per cent, of turnover. 

Spare capacity still exists in 
noth ‘ companies they" say. and 
there are interesting prospects in- 
cluding the potential arising from 
technological innovations in New- 
ton Chambers Engineering and 
the re-entry of- rtansomes and 
Rapier into the field of walking 
draglines. The first of the giant 
draglines to be delivered in 1978 
to the U.S. is at present being 
erected in Pennsylvania and 
should be in operation in June. 
No profit arising from walking 
ji rag lines is. included in the 1977 
figures, they add. 

• The Holcombe group, which 
now- includes in addition to the 

Dunn aluminium casting com- 
panies the merged Trisueo Red- 
Tyre heating app lian ce business 
anti Dawson MMJ», achieved fur- 
ther significant increase in profits. 
Prospects for 1978 in all of 
Holcombe’s activities are excellent, 
directors state. 

The profit performance of the 
group's latest acquisition, 
Photopia International, lived up to 
expectations at the time of offer, 
they 'report, and should make a 
valuable contribution to group 
results in the future. 

The financial services division 
increased profits si gnificantly In 
the somewhat improved financial 
climate and the printing and pub- 
lishing companies performed satis- 

around £500,000. while tbere was 
a first time contribution from 
Photopia (eight months) this 
would almost have been balanced 
by the group disposal of its 60 per 
cent. Stockfis stake during the 
year. The balance sheet has been 
strengthened by disposals and 
i eorganisation and net short-term 
debt is down from 2m. j 0 

£971,000. The dragline contracts 
sfaouldl be showing through in the 
P & I account In the second half, 
so it is hardly surprising that the 
group is looking forward to an 
overall improvement at least as 
good as last year. At 5Zp the 
shares yield 7 per cent and stand 

on a p/e of 8. 


Profit before tax -. 


Net profix . . 

Minority interests* 

Enrs-ort. debits 



• And - profits of subsidiaries prior to 
actfuisniun, tndudJna £243,000 of Ptetopia. 
t Profit. 

Z 320 












TURNOVER for the 52 weeks to 
January 29, 1978, of Lesney Pro- 
ducts and Co-, the “ Matchbox " 
toy group, rose by 12 per cent, to 
£62J.nx, but, with a currency gain 
of only £Q.5m. compared with 
£2. 9m- last lime, pre-tax profits 
fell from £1 0.07m. to £S.02m. 
Ignoring currency gains profits 
are 5 per cent higher. 

At midway profits stood at 
£2.47m. against IS.09m. including 
£0.47m. (£L16m.) of currency 


After tax. on the ED19 basis, of 
£3.3lm. (£4S2m.) full year earn- 
ings are shown at 14.07p (I5.72p) 
per 5p share and the dividend 
total is lifted from 2.6p to the 
maximum permitted -904p net 
with a final' of 1.84Sp. 






Nei Interest paid 
Profit before tax 
V.7L tax 


Even without the benefit of 
profits from substantial walking 
dragline contracts (still to come) 
Central and Sheerwood has 
managed to push pre-tax. profits 
more than two fifths higher. Over 
40 per cent, of the latest overall 
improvement has been provided 
by the crawler cranes company 
Ransomes and Rapier which 
turned out around £3m. in taxable 
profits, thanks mainly to exports, 
which now account for 55 per 
cent of sales. Improvement was 
aLso seen in the -Holcombe Group 
which is dow benefiting from 
reorganisation and at .'Newton 
and Chambers, which pushed its 
contribution up from £300.000 to 

Electrical & Industrial 

set for progress 

■■The profit rise by Electrical 
and Industrial Securities in 1977 
reflect* advances by the Kontak 
and- Finch Watson subsidiaries 
more than offsetting the dedine 
-by Hick Hargreaves which fell 
short of its target due to indus- 
trial action during September. 

: The Hick Hargreaves profits 
(which fell from £665,000 to 
£476,000) also had to bear the 
cost of machinery installation and 
improvements to workshops and 
changes in plant layouts and all 
of this was carried out while 
maintaining production. Pros- 
. peels for. this company are excel- 
lent and stops are being taken 
to secure a higher level of out- 
put. states Mr. II. Q. Wallers, 

Ar Kontak. where profits rose 
from £275.000 to £457,000. a serious 
downturn in demand for jet 
engine products was offset by 
demand for hydraulic components 
for the agricultural equipment in- 
dustry. Some slight improvement 
in demand for - Kontak's engine 

components is now apparent and 
its. range of hydraulic products 
appears to give some degree of 
protection from the downturn in 
the world demand for tractors. 
The chairman sees scope for 
future development of Kontak's 

Profits of Finch Watson 
(suppliers of equipment to the 
footwear industry) were more 
than doubled from £103.000 to 
£247,000. The chairman says that 
progress in this company is mainly 
due to growth in its merchant- 
ing activities rather than from 
an increase in production. Blost 
of Finch's output continues to be 
exported lo the Middle EasL 
Africa and South America. 

Other uses for this company’s 
machines are becoming significant 
particularly for the manufacture 
of baseballs and soft balls for 
the U.S. markets. 

Our specialist loss 
assess oxs will take a look 
.• at your present insurance 
J cover on buildings, 
'plant, machinery, fixtures 
^and fittings and negotiate 
i your claims -including 
1 any consequentialioss. 
Can you afford to take the 
' insfc of not consulting us? 

Summing up the chairman says 
that the group’s prospects for 
1978 appear satisfactory and all 
companies have clear growth 
prospects: As cash was used for 
the acquisition of C F. Taylor 
group profits-- will be almost 
wholly earned in the operating 
companies '.and not supplemented 
by interest from large cash 

Including interest receivable of 
£12tL226 (£174.083> group pre-tax 
profit increased from £1.3m. to 
£1.41m. in 1977. 

Prior to the Taylor acquisition 
the group had short-term deposits 
of £1.76m. m.filrn.) and bank 
balances and cash of £0.IIm. 

It is intended to procure a pro- 
fessional valuation of Taylor’s 
properties this year. E1S states 
that the acquisition will give rise 
to an increase in group reserves 
of £l-2m. subject to the outcome 
of the revaluation. 

Meeting. - Brewers’ Hall, EC, 
June 9 at noon. 

Midterm rise 
at Cedar 


Revenue of Cedar Investment 
Trust rose from £563,818 to 
£594^550 in the half year to March 
31. 1978, subject to tax of 
£205,907 against £209,406. 

The interim dividend Is lifted 
from OAp to lp net per 25p share. 
Last year’s total was 2.5p and pre- 
tax revenue came to £1.36m. 

The net asset value per share 
deducting, prior charges at par 
but treating loam stock as fully 
converted was 86.4p at the half 
year end (89Ep at September 30, 

PSIT earns 

more and 

pays 2.8p 

l Net profit of Progressive 
Securities \ Investment ' Trust 
emerged as £69.727 for the year 
to March 31, 1978, compared with 
£60,160 after a tax charge of 
£44.625 against £46.600. 

The figures exclude results of 
subsidiary -Kestrel Securities 
which turned in a pet profit of 
£10.002 compared with a loss last 
time of £8,468 ' ' , 

Gross income for the Trust was 
ahead from £124,678 to £182,872 
and the dividend is increased to 
2.8p (2.5p) net per 50p share with 
a final of l.Sp. 

Beecroft Sons 
: & Nicholson 

; 71 South Audley Street, 

* London W1Y6HD 

Tet 01-629 9333 Telex: 281988 

Established 1842 

Utd. Biscuits 
hit by bad 
U.S. weather 

Profits of United Biscuits (Hold- 
ings) in the first half of the 
current year have been adversely 
affected by had^ weather in the 
li.S. and the effects of the UA 
coal miners’ strike, which. 
rupted- its Keebler subsidiary s 
output in January and February, 
Sir Hector Laing. the chairman, 
said at the annual meeting 

yesterday shareholders that, 
because of this, the profit increase 
for the first half is likely to be 
less significant than that exported 
in the second half, but that a 
satisfactory increase is anticipates 
for. the year as a whole. 

Mercantile Credit Company, a 
member of the Barclays Group, 
reports record group operating 
profits for the six months ended 
March 31, 1978, of £13 Jm.. com- 
pared with £4.4m. for the first 
half and £15.9m. for all of 1976-77. 

The profit has been further 
increased by a credit made in 
1974 and in 1975 against the pro- 
perty portfolio. In September. 
19>i, a credit of £L2m. was made 
from the provisions. 

Profit before tax for the sir 
months is £15.7m., compared with 
£4.4m. for the previous first half 
and £lS.lm. for all 1976-77. 

Results have been assisted by 
a higher level of business com- 
bined with much lower costs than 
a year ago. However, the current 
cycle in interest rates is beginning 
to move into a less favourable 
trend, say the directors. 

i me 














2 . 2 « 







Overseas Ux 

»i craft 

Exlra-ord. debits 




♦ Credit. 

Profir and loss accounts have 
been translated at the average 
rates for the period in place of 
closing rates. Had this change 
not been made profit before tax 
would have been £301.009 lower. 
Balance sheets continue to be 
translated at closing rates. 

Following ED19 provision for 
deferred tax no longer required 
£3.5m. has been transferred to 
reserves. Had this change not 
been made, the tax charge for the 
current year would have been 
£1.05m. greater. 

Extraordinary items comprise 
adjustment on translation to 
sterling of earnings and net cur- 
rent assets of overseas sub- 
sidiaries of £0,91 m. debit <£1.17m. 
credit) and surplus on debenture 
redemption of £99.000 (nil). 

The fuliowuis Cumpaiuc: lute nblifiod 
dales Of Board mreUn»i i ■ Uk- si. id: 
Esctaansp. Sncb meetings nrc uuailv 
hold for the purpose of tun-ifrrina divi- 
dends. Official iDdicaUrina are nr.: avail- 
able w&eihcr dividends cancernot] are 
tnicrlras or Anils and the -uh-divt vjnns 
rltnwn below arc based mainly uu List 

laterims— AXroyd and Smnlu-rj. Pn-tnna 
Pirn la ad Cement. TncuWll?, Uellco, 
ClwirBC Wbliehouse. 

Finals— Allied Irish Bank-:, bhhun'ssiv 
Truk, Brllisli-Bonren Pc»r:>leuiii Syndi- 
cate. Dentond Sumpm*. E^ivrnaJ Inu-M- 
mem Trust. J- ' Foritr. Heal. Jersr.*y 
Geccral lnve*anieni Tmr. Kr.\ inter- 
na Ilona 1, Queeuc Moat Uou.rfs. SeUnvonn. 
Thinl Mile Investment. Transatlanuc and 
General inrsnonHs. 


Inter im s— 

Eas t Dnefontcln Gold Minins . June 13 

Herman Smith • — — May it 

Kl tof Gold Mining r June 13 

Coalite and Chemical Products... Jnne 1 
Doornfontem GoM Uliung June )3 

Hintou t Anjosi May lb 

Li barton GoW Mftlns — June 13 

VclilLr>.VoU Gold MIDiiUi June 13 

Wesr Driefonietn Cold 3!unns ... June 13 

Mr. P. M. Tapscoti. the chair- 
man.' says the balance sheet 
reflects the impact nr continuing 
corporate expansion. Gross 
investment in fixed assets was 
£4.2m.. of which about half was 
absorbed by new buildings in the 
L'.K- and the rest by new- plant. 
At the year end. lived assets stood 
at £I5.89m. (£lS.43m.). ner operar- 
ing current assets were £23.5fim. 
l£i7.66m.) and nei short term bor- 
rowings came to £364.000 (£5 Him. 

Mr. Tapscoit >iaies tltal 
against the background of a 
continuing world recession, the 
company made good progress. 

Success in the international toy 
market has now spread far from 
the original small 'Matchbox’ 
models, with an important place 
established both in model kits and 

in dolls as well as in powered 
toys such as ‘Speed Track*. The 
success of Vogue Dolls in the 
UJ5. since its purchase during 
1976/7 has been particularly en- 

The parallel development into 
industry has been furthered by 
the recent conditional contract to 
purchase Meta! Castings DoehJer 
at Worcester from its American 
parent. This acquisition carries 
Lesney from zinc into the com- 
plementary aluminium die casting 
field and meets the corporate ob- 
jective of around 15 per cent to 
2D per cent of sales from sorces 
other than toys. 

Certain holders of Restricted 
Voting Ordinary shares have re- 
quested that their shares be 
granted voting strength equal 
Ordinary shares. 

After consultation with their 
advisers, the directors have de- 
cided that it is not appropriate 
io put separate proposals to 
posals to this end. The circum- 
stances in which the B.V.S, would 
become Ordinary shares are 
already defined in the articles of 
association, says Mr. Tapscott. 

Mr. Leslie Smith, the managing 
director, says Lc-ney feels in a 
buoyant mood- It has made a 
good start io the year and has 
developed its product range in 
some considerable depth. 

Lesney has been working on 
development for the last four-io- 
five years and this year will be 
spending £3.5 m. on moulds for 
new products. “This constant de- 
velopment over the years is our 
success." says Mr. Smith. 

The company is still looking 
around for acquisitions inter- 
nationally both in toys and in- 
dustry. members are told on cur- 
rent year’s profits Mr. Smith says 
“They must be positively better 
than this year.’’ 

See Lex 

This week Drivers Jonas are 
publishing their latest quarterly survey 
on the West End office market. 

It provides details on availability and 
rental levels which will particularly 

interest those currently looking for or 
disposing of office space in the area. 

Free copies and further information 
are available from Edward Hawkins or 
ChristopherTaylor on 01 -930 9731 . 

Benjamin Bowring 

would have been proud of us 

Benjamin Bowring, our founder, 
was bom 200 years ago. It is significant 
that his characteristics of initiative and 
probity, enterprise and individualism, 
foresight and endless capacity for sheer 
hard work have persisted throughout 
Bowring history. 

His initiative showed itself early- In 
1803, fresh from a seven-year appren- 
ticeship, he opened a shop in Exeter as 
a watch and clock maker, jeweller and 
silversmith. He also took part in the 
wholesale trade, was active in local 
affairs, supported charities and, in the 
face of bitter enmity, stood up for his 
dissenting principles by working to put 
an end to the slave trade. 

; His -enterprise took him and . his 
family to St John’s 1 Newfoundland in 
1811- The shop which he opened there 
had become by the end of the 1820 s a 

concern which traded on both sides of 
the Atlantic. 

By 1846, when Benjamin died, the 
business was established in Liverpool as 
Charles T. Bowring & Company, and 
in 1849 it entered the insurance field 
and expanded steadily over the years. 

Benjamin Bowring would be proud 
of today’s global, multi-million pound 
organisation. . He would see in. our- 
present success proof of the ability to 
build on sound foundations combined 
with a readiness to encourage innova- 
tions which have always been the mark 
of the sturdily individualistic Bowring 

He would he particularly proud of 
us in this bi-centenary year, for the past 
twelve months’ activities have pro- 
duced record results. 

These activities are world-wide 


and include insurance and reinsurance 
broking; insurance underwriting; credit 
finance and leasing; merchant banking 
shipping; trading and engineering. 

In presenting the accounts for 
1977, our retiring Chairman, Mr. Edgar 
Bowring, said “This year we are cele- 
brating the bi-ceritenary at the birth of 
Benjamin Bowring, the founder of our 
business, and therefore I have no 
reluctance in repeating again the words 
which he wrote in 1841 to his sons, the 
eldest of whom was C. T. Bowring, 
wishing them ‘Every success which can 
be expected to result from combined 
industry, from careful speculation and 
from unanimous determination to 
forget the interests of the individual in 
the better interests of the whole’. I could 
not express my wishes to those succeed- 
ing me in better terms? 


T D». ■ a i * ;i.J 

C. T. Bowring & Co. Limited 

The Bowring Building, T ower Place, 
London EC3P3BE 

Telephone: 01-283 3100 Telex: 882191 

Awarded toCT Bowtmq 
(Insurance) KoMngs Ltd. 





FPA passes on final 

Turnover for 1977 of FPA 
Construction dropped from 
£23.63 m. to ESLSGm. and profits 
before tax fell From £413,000 to 
£270,000 after I1B7JQO0, against 
£207.000, for the first half. 

With lax taking £118.000 
(£213,000), full year earnings are 
given as 1.92p (2.55p> per 2.1 p 
.share and there is no final divi- 
dend leaving the interim of Q.5p 
net to compare with last year's 
total of l.uap. The directors 
consider that the group's 
resources should be conserved Tor 
current trading. 

Members are told that future 
prospects arc very much 
dependent on the return or a 
healthy climate in the building 
industry. The ability to respond 
quickly and strongly when this 
happens is enhanced by the 
achievements in recent years in 
reducing borrowings and in 
curtailing loss making operations. 

Reductions in borrowings of 
£l;3m. have been achieved during 
10i i. Because of high interest 
costs in recent years which have 
been written off as they have 
been incurred, profitability has 
depended greatly on the incidence 
of disposals of property develop- 
ments. At the time of the interim 
.statement in September. 1977. 
substantial progress had been 

made towards the sale of 
property developments. 

Completion of all but two sales 
has been delayed until 1978 
although in the case of one other 
development where the sale had 
been agreed by the year-end the 
directors have considered it 
appropriate to value this in the 
I9n accounts at an amount equal 
to the realised sale price. The 
effect of this has been to include 
in the results for 1077 a profit Of 
£117.000 which would normally 
have been credited in 197S. 

In pursuance of the commit- 
ment to dramatically reduce 
involvement in property develop- 
ment, the directors have made 
provisions in respect of two sites 
which no longer justify further 
investment and of which early 
disposal is intended. 

A number of property disposals 
which have been, or are in the 
process of being, completed since 
the year-end have contributed 
modest profits. But more signifi- 
cantly. have helped towards 
achieving a further reduction in 

FPA Developments, a wholly 
owned subsidiary, has acquired 
lor a nominal consideration of 
£1 the outstanding 50 per cent of 
the issued share capital or FPA 
Devcre formerly an associate. 

Substantial agreement of terms 
had been reached by end 1977 
from which date the agreement 
became effective. FPA Devere 
is engaged in property develop- 
ment, the bulk of its working 
capital being already provided in 
the form of secured loans from 
FPA Developments amounting to 
£L34m. At end 1977 there was a 
deficiency of assets attributable to 
the shares being acquired of 
£332,000 and losses before tas to 
that date were £16.560. The 
directors of FPA Construction say 
the acquisition will rationalise 
the group's property development 
activities and be a source of 
future profits. 



Armstrong Equipment has in- 
creased its involvement in the 
automotive replacement parts 
market by the acquisition of 
Gand Frictions. This now means 
that Armstrong will manufacture 
and sell a range of brake shoes 
and linings, disc pads and clutch 

It is not proposed to make any 
major policy changes to the role 
originally adopted by Gandy in 
the market place. 

Richard Costain ahead 
by 55% to £36.2m. 

Financial Times Wednesday May 10 1978; 

Hestair warns 
on first half 

DESPITE AN exchange loss of 
£2m„ pre-tax profits of the 
Richard Costain group Of public 
works contractors, etc., jumped 
by 55 per cent from £23.31m. to 
a record £36.2lm in 19 < i on turn- 
over 21 per cent, higher at £432 m. 
Stated earnings per 25p share are 
up 60 per cent, from 28. Ip 10 45p. 

In September, reporting first- 
half profits up from £7.6tn. to 
111.52m. the directors forecast 
full-year profits comfortably in 
excess of those for 1976. 



Trading profit 

Conerai trading 

3tnu] , 

Property sales 

Interest payable 

Pr^t tafm tax 


Net profit 













S3; .0(0 














The Co-operative Bank Group 

The following are extracts from the statement 
of the Chairman, Sir Arthur Sugden 
Building Foundations for Further Growth 

In a year marked by significant developments for the Co-operative Movement, the 
Co-operative Bank Group achieved good results which will help make possible further growth 
of Group activities. Group operating profit rose by one-third, reaching £4.0m, to provide 
retained earnings of £L8m.This improved result was attained by continuing to apply the basic 
Co-operative principles which characterise the Group’s operations and in spite of increasing 
competition for retail funds from within and without the banking sector. 

Co-operative Bank limited 

The past few years have seen the Co-operative Bank take an increasingly important and 
refreshingly different stance within the British banking sector with a consequent unprece- 
dented growth in business in particular market areas. The main emphasis of activity has 
been on servicing the requirements of Co-operative Societies. Increasing support for other 
corporate sectors was provided during the year in a variety of deposit-taking, lending and 
advisory functions. Of particular note is the fact that lending to Clubs more than doubled. 

The number of personal customers joining the Bank during the year rose by well over one-fifth. 

In circumstances in which tariffs generally have been raised and there are indications that 
increasing costs could cause them to be raised even further the Co-operative Bank has 
decided to keep its free service throughout 1978 for those personal current accounts 
maintained in credit and has reduced its Personal Loan interest rate, maintaining it at the 
lowest available on the market. 

The Evolving Movement 

Throughout the past year, discussions have taken place between Government officials and 
representatives of the Co-operative Movement on the appropriate role for a Co-operative 
Development Agency. The Co-operative Bank Group could have an important role to play 
within the Agency's sphere of operations, both as a provider of finance itself, and increasingly 
of finance-related advice linked to the further development of Co-operative operations. 

I have been particularly impressed during the past few years by the dedication and enthusiasm, 
touched with the necessary amount of idealism, which characterises the newer aspects of the 
evolving Co-operative Movement. 

F. G Finance Limited 

Despite the abnormally high cost of money which prevailed throughout most of the first 
half of the year.K C Finance Limited improved its overall performance and its pre-tax profits 
l or the year, Continued development and growth in the traditional business of the group - 
personal and industrial credit and leasing advances were more than one-half higher than in 
1976 - was assisted by the overall reduction in rates during tbe second half of the yeac 

Annual Report 

Highlights from the accounts of the Co-operative Bank Group for the year ended 
14th January 1978. 

Total assets 

Operating proiit 

Exceptional item 

Group profits before taxation 

Group profits after taxation and 
minority interest 

Share capital 


Head Office New Century House Manchester M60 4EP 
City Office 80 Comb ill London EC3V 3NJ 

The Principal companies of the Group arct 

Co-operative Bank Ltd- Co-operative Commercial Bank Ltd, 
Co-operative Bank (Insurance Services) Limited. 

F.C. Finance Limited 

1977 £000 

1976 £000 















The Co-operative Bank 

To minorities 

Extra-art. detdut 


Pref. dividends 27 

Arid, for Ordinary — 14.<rr* 

Ori. divide ads 1 -2S.1 

Retained 12.73* 

•Loss, t Mainly differ., oc.-s on trans- 
lation Oi overseas eumreios a tA the 
amortisation of premium pti acquis: nun. 

An Interim dividend of 3.45S7p 
per share was paid in October. 
1977. the maximum permitted 
under current lesislation in re- 
spect of 1977. As noted in the 
interim statement, in the absence 
of unforeseen circumstances and 
assuming freedom from con- 
straints. it would be tbe intention 
to pay in August. 197S. or as soon 
as practicable thereafter, a special 
dividend of not less than 6p per 
share net. It would also be 
the intention, provided that the 
level of profit in respect of 1978 
justifies It. to recommend divi- 
dends in respect of 1918 totalling 
at least lOp per share net. 

The directors intend to recom- 
mend a scrip issue of one new 
share for every two held on Hay 
SI, 1978. The new shares would 
Tank for the special dividend but 
the proposed rates would be 
adjusted accordimjly. 

Orders on hand at end -March. 
197S. were in excess of £700m. of 
which around three-quarters re- 
lated to international operations. 
The directors expect both turn- 
over and profit for 197$ to make 
a further advance. 

Mappin & 
Webb up 
to £3.7m. 

ALTHOUGH SECOND half profits 
declined from £2. 79m. to £2.57nu 
the £0.5tn. first half advance at 
Mappin and H’cbb. retail jeweller 
and silversmith, allowed pre-tax 
profit for the January 31, 197S, 
year to rise from £3.4m. to £3.fi7m. 

Turnover for the year climbed 
from £21.I9m. to £27Slm. After 
tax of £1.97m. f£1.7m.> net profit 
was virtually unchanged at £1.7m. 
The result came after interest of 
£0.32m. (£G.2!im.). 

The company is a subsidiary of 
Sears Holdings. 



The Treasury announces an 
issue of about £4£>tn. of 9} per 

cent Treasury stock J9S1 as a pay- 
ment on account of compensation 
in respect of the unquoted securi- 
ties of the following companies; 
Scott Lithpow, Scott Lilhgow Dry- 
docks. Vickers Shipbuilding 
Group. Vosper Thornycroft 
tUJv.», Vosper Shiprepaircrs. 

This follows the recent 
announcement by the Minister of 
State that a payment on account 
has been authorised. The issue 
will be at a rate of £100 Treasury 
stock per £9S,v< compensation on 
account, and is repayable at par 
on April L 1981. Interest will be 
payable half yearly on April 1 and 
October l 

Barr & 
W.A.T. tops 

BETTERING a forecast 20 per 
cent increase, taxable profit of 
Barr and Wallace Arnold Trust 
for 1977 advanced from fl.lm. to 

At midway when the directors 
made their projection the rise 
was from £604.000 to £902,000. 

Full year earnings are shown 
to have risen from 22.18p to 2S£p 
an J the final dividend is 
3.7 1 65 p net. This with a supple- 
mentary payment of O.Oollflp 
makes a total 3.76~69p (3.3275p). 

The company's interests lie in 
tour operations, car sales and a 
computer bureau. 

P. C. Henderson re-establishes 
margins in second half 

A shortfall in first half profits 
is likely at Ucstnir this year. Mr. 
David Hargreaves the chairman, 
says in his annual statement, 

He savs that while la 1978-79 
the weakness, in the markets 
served by the engineerim: divi- 
sions is likely to persist, the 
employment bureaux and con- 
sumer products division are set 
to do well. 

These divisions earn most Of 
their profits in the second half, 
and so any sroup progress is 
expected to be concentrated in 
the second half, the chairman 

Because of the Harness of inter- 
national trade and the recession 
in the U.K- it is necessary so be 
cautious in assessing the coming 
year, he says. 

In the special vehicles division. 
Its new double deck bus has been 
successfully launched with over 
150 orders. Several other pro- 
ducts. including a refuse collec- 
tion truck, should come to 
fruition this year. 

While the year may not be an 
easv one for ihe division with 
home market demand low and 
coed export orders harder to got, 
the directors believe the sales 
organisation is equipped to win 
a ""stood share of the business 

On ihe farm equipment side 
the short term outlook is not 
buoyant, with farmers taking a 
cautious view on new capital 

Potato prices arc weak as are 
orders for potato planters and 
banes lers. But sales of soed 
planters, cage wheels and hoes 
are beginning to recover. 

There is much to be done to 
make this enlarged division a 
leading farm equipment supplier, 
but the foundations have been 
laid and a product development 
programme is underway, says Mr. 
Ha« reaves. 

In the U.S. the Stanhay Inc. 
subsidiary is considering how best 

to Achieve local assembly. This 
will make it more competitive, 
and It has already made good 
progress in its direct distribution 
operation os the east coast. 

Among consumer products. Its 
Kiddirnift operation U set for 
profitable growth and Hestair 
Toys has recently launched new 
ranges of dolls and action figures 
and the range of jigsaws has been 
raised, with export sales 55 per 
cent, higher. 

With employment bureaux, \t 
new branches will be opened this 
year, and the budget for 1978-79 
Is for further progress In all 
sections of the business with 
emphasis .on finding suitable 
promises in the south cost of 
England, particularly London. 
Hestair has also successfully 
launched itself into the executive 
and overseas recruitment fields. 

In the January 31, 197S year 
Hestair increased taxable profit 
from £4.02m. to 14.26m. A current 
cost statement shows this reduced 
to £3Jm. by additional depreda- 
tion of £0.67m- and a cost of sales 
adjustment or £i.2Sm.. offset by 
a £0.99m. gearing adjustment. 

At vear-end fixed assets stood 
at £S.U4m. (f.vnim). current 
assets at CJT.OOm. (£lUJ29m1. 'and 
current liabilities £21. 84m. 

Mr. Hargreaves points out that 
stocks are at £16.45m. f£1 1.39m.) 
partly owing to supply uncertain- 
ties. He points out that companies 
in the group for the past tuo 
years increased stitcks III per 
cent., less their increase in sales. 

Debtors also rose from 15.44m, 
to £in.35m.. partly owing to less 
favourable Middle East contracts 
and partly because of high export 
Invoicing at year-end. 

Deferred tax provisions were 
written back in the year and 
allowed o £2.4 ra. reduction In 
goodwill to £2 m. 

Meeting, Hyde Park Hotel. SIT, 
June 1 at noon. 








First Aaif 

9.0 W 


Second hair 



Tradlr.g prefii 



Hrsr half 


Second half 



Carrot: cr lasses 

* £1 


S:ock obsolescence .. - 


Profit before tax 





jlioontr profile 


Fiara-ori. deb:t 




>1 I 








Overseas currond-fs convenoil 

at aver- 

ace rates Tor ite year. 

ffcton version of 

first-half profits at rati 

.S ILV-d 

for the 

whole sear uroald have 


in neg- 

liathie cturscs to arm-half 


A drive to re-establish margins 
has successfully turned an un- 
exceptional first half into a satis- 
factory outcome for the 53 weeks 
to March 4. 1978, says Mr. Pat 
Gaynor. chairman of P. C. Hen- 
derson Group, as he reports pre- 
tax profits of £l.S3m. compared 
with £1.38m. At halfway a decline 
from £330,000 to £452,000 was 


The improvement is princi- 
pally attributable to higher 
volume in the UJL domestic 
market and to a temporary 
respite from the high rate of 
materia] cost increases which has 
been a feature of recent years, 
he explains. flaon-s. as would the u<* or ists rates to 

_ ... convert 1977 rurrerw'7 fl cores. . Realised 

The directors have devoted a 
lot of attention to a review of 
operations. As a result, they have 
taken a number of decisions. 

Alone of the overseas companies, 
the industrial door subsidiary in 
France has performed poorly. It 
has not shown the expected move 
towards profitability and there- 
fore the directors are currently 
reducing its scope and ambitious. 

In addition, they have ration- 
alised the door closer product 
range and have discountinued the 
existing design of industrial rol- 
ling sb utter doors in favour of 
the products made by Shutter 
Contractors of Enfield, an estab- 
lished manufacturer recently 

net tosses on remittances to the U.K and 
provision for unrealised lows on currency 
balances ovmandim: at year end • ProHt 
** Prior year charge reduced from E7>H,rwo 
foUovna* adotxioa of provisions of ED T9 
on deferred ux in 1“7> t Provisions 
against future reorganisation costs and 
losses of Henderson France S.A. i Credit. 

These decisions, which Mr. 
Gaynor is confident will bring 
substantial benefits to future 
group profits, have necessitated 
special charges which are shown 
as extraordinary and exceptional 
item? in the accounts. These pro- 
visions are expected to cover all 
anticipated costs and losses 
which will arise from the action 

StaLed earnings per lOp share 
are 16.3 p fI9.3pj and the final 

dividend is 2JU1p net for a 
4.355p (3.93$p) total. 

The group is a manufacturer of 
sliding door gear. 

Richards looks 
to second 

Turnover for the half year to 
March 5], 197S. of Richards 

increased from £3.1 9m. to £6.07m.. 
but profits fell from £553.000 to 
£304.000 subject lo tax of £154.000 
against £184.000. 

Earnings are shown at L24p 
fi.4p) per lOp share and the 
interim dividend is 0.25p (0Jt2p) 
net. L3$t year's total was I.035p 
and pre-tax profits were £768.000. 

Mr. A. R. Robertson, the chair- 
man. says the diversification into 
fancy, or specially constructed, 
yams for the knitwear Industry 
received an enthusiastic initial 
reception and promises well for. 
the future. In the meantime the 
penetration and development of 
new markets inevitably l3ke time 
and cost a great deal of money. 
Trading profit was. therefore, 
affected and the company also 
lost over £25,000 of Regional 
Employment Premium which 
bellied ihe first quarter of the 
previous year. 

Rush and Tompkins expects rise 

THE . INCREASED emphasis 
placed by Rush and Tompkins 
Group, upon its construction and 
development projects In the past 
year or so should be reflected in 
rising profits in the future. -Mr. 
D. Palmar, chairman* says in bis 
annual statement 
Both projects take time to pro- 
duce the results which should 
reflect the rise in the value of the 
group’s assets from less than )50p 
when the property market 
collapsed four years ago to 234p 

The group is gradually increas- 
ing its programme of industrial 
and commercial developments and 
several schemes which were held 
in abeyance have now started, he 

The contract reported at the 
year-end to sell a recently com- 
pleted industrial and office 
development has now been com- 
pleted but proceeds were not re- 
ceived until 1978 and the borrow- 
ings shown in the accounts do not 
reflect the transaction. At end- 
1977. borrowing reduced 
from £569.000 to £332,000. 

Although income from this 
development will be lost no sig- 
nificant reduction Is expected in 
rental income in 1978 and the 
group will benefit from a saving 
in interest on the amount of the 
proceeds. Mr. Palmar says. 

As reported on April 21. group 
pre-tax profit rose from £864,000 
to £1,271,000 in 1977. and the 
net dividend is lifted from 2.569p 
to 2.S9op. The success in increas- 
ing construction turnover by 
more than 20 per cent, has been 
helped by the regional structure 
which is now beginning to show 
results. With the acquisition of 
Reed and Mallik. all civil en- 
gineering contracting is gradually 
being brought into one division. 
The revival in private house- 
building came too late to have 
much effect on the results. 

The residential land bank has 
been written down by a small 
amount because physical condi- 
tions have reduced the number 
of bouses which can be built on 
one estate. But a further £540.000 
has been provided against the 
bank's value to reflect the diffi- 

culties being experienced in 
obtaining certain planning con- 
sents within a reasonable time 
at the optimum densities. This 
provision may not eventually be 

A revaluation of the property 
portfolio from an adjusted £ISm. 
in 1976 to a total current open 
market value of about £23.5m 
underlines the quality of the in 
vestments. Mr. Palmar adds. 

The target remains to have a 
third of construction turnover 
overseas and the directors are 
continuing their efforts towards 
this end. 

Of the company's shares. 47 
per cent, are held by the directors 
and their families and 38 per 
cent, by institutions, banks and 
nominee companies. 

Meeting. Sidcup, Kent, June 13 
at 2.30 p.m. 

New Issue 
May 10, 1978 

All these bonds having been sold, this announce- 
ment appears as a matter of record only. 

nnounce- KB 

Sparebankenes Kredittselskap A/S 


DM 40,000,000 
6% Bonds due 1990 

- Private Placement - 





(Securities) Limited 




Interest Rate Change s 

Williams & Glyn’sBank 
announces that with effect 
from 10 th May 1978 
itsBaseRate for advances 
is increased from 7 Vj% 
to 9% per annum. 

Interest on deposits at7days’ 
notice is increased from 
4% to 6% per annum. 




The 282nd Annual General Meeting of the Proprietors of 
the BANK OF SCOTLAND was held yesterday in the Head 
Office of the Bank in Edinburgh. The Right Hon. Lord 
Clydesmuir, Governor of the Bank, presided. 

The Governor referred to the statement, which was issued 
to the Proprietors along with the Report and Accounts, and 

A year ago I said chat if the downward trend of interest 
races were to continue, banking profits would be markedly 
affected. 1 derive no pleasure, I can assure you, from the fact 
that this did happen.. During the financial year to 28th 
February last there were no less than 14 reductions jn minimum 
lending rate and seven consequential reductions in our own 
base rate. The lacter was lU” at the beginning of the year 
and 61°; at the end. In the face of such a massive drop, it is 
surprising that our earnings held up as well as they did. The 
increase of I in minimum lending rate announced by the 
Chancellor in his Budget speech has. however, now triggered 
an upward movement in short term rates generally. The further 
rise or I* '. 9 announced only four days ago can be expected to 
accentuate chat trend. 

I prepared my statement- before the Budget and confined 
myself to saying that any concessions in the tax field would 
require to be very finely tuned. Although there may be dis- 
agreement about the way in which those concessions have been 
allocated my reaction is one of relief that they do not in total 
represent a threat to continued control of the money supply. 
My criticism of Mr. Healey's package is that his proposals do 
not go far enough to lessen the impact of the higher rates of 
‘tax and restore incentive to those groups on whom so much 
of Britain's recovery must depend — entrepreneurs, senior man- 
agement and the proprietors of family companies. 

In other areas, the Budget should alleviate a number of 
problems. 1 am thinking of the help which changes in taxation 
should bring to farmers and small firms. These form very 
important parts of the Group's business and we would hope 
that the Chancellor's encouragement to these -two sectors will 
bring about a progressive improvement in their performance 
in the future. 

We in the Bank of Scotland are, of course, acutely con- 
cerned with the Scottish economy. Notwithstanding that we 
look for continuing growth in the profits of our subsidiaries 
and of our international operations, we are fully aware that 
the basis of the Group's prosperity still remains our domestic 
banking business. We draw our strength from the countless 
deposits that are garnered by our branch network and the 
multifarious advances, large and small, in which these deposits 
are deployed throughout the country. There is overwhelming 
evidence that we and our fellow Scottish clearing banks are 
still the .mainstay of all commercial, industrial and agricultural 
activity in Scotland. That Is. of course, a heavy responsibility 
but. without being complacent, 1 believe that we have carried 
it well and have kept faith with the nation. Certainly, within 
the Bank of Scotland,- we are alive to the fact that our pros- 
perity is affected by the fortunes of the Scottish economy so 
chat, even taking a very self-interested view, whatever we can 
do to foster growth and the development of new enterprises is 
bound to operate in the longer term to our own advantage. 
From quite selfish reasons alone, therefore— though we have 
many more creditable ones — we are eager to support private 
enterprise of any kind in Scotland and we need no exhortation 
to encourage us to do so. Indeed. 1 doubt if there has ever 
been a time when the Scottish banking community were more 
aware chan they are to-day of the vital part they must play 
in the creation of a healthy economy. 

Although, if one looks around, there are plenty of causes 
For gloom, yet it would be quire wrong not to see also the 
more hopeful side of things. 

In the Bank, we have shared in a number of success stories 
in this past year and have seen our money put to work in the 
creation of new jobs and new products. 1 have no reason to 
think that the success stories of the next twelve months will 
be any fewer in number and I sincerely hope that we shall in 
Fact see more.” 

Lord Inchyra proposed the adoption of the audited accounts 
for the year ended 28th February 1978 and the Directors* report. 

The motion was carried. 

The Governor moved chat a final dividend on the capital 
Stock of the Bank be declared at the rate of 5.449p per £1 of 
stock and that it be paid on 22nd May 1978 to Proprietors on 
the register ac close of business on 28th April 1978. 

The motion was carried. 

The Right Hon. Lord Clydesmuir, K.T.. C.B.. T.D., 

LL.D-, D.Sc.. The Right Hon. Lord Balfour of Burleigh. C.Eng.. 
F.I.E.E.. and Mr. T. N. Risk. B.L., were unanimously elected 
Governor and Deputy Governors all for the current year. 

Mr. J. A. Lumsden. M.B.E-. T.D., D.L.. The Right Hon. 
Lord Polwarrh. T.D.. D.L, LLD„ D.Litc., D.Univ., CA.. Mr. 
M. F. Strachan. M.B.E.. MA.. and Mr. C. F. J. Younger. D.S.O.. 
T.D., who retired by rotation, were re-elected as Directors. 
In the course of his remarks, the Governor paid tribute to 
Sir Alastair Blair. K.C.V.O., T.D., who retired on having attained 
the age of 70. 

A proposal that the remuneration of members of the 
Board Should be increased by 10% to £2,750 was duly carried. 


Messrs. Arthur Young McClelland Moores & Company- 
Chartered Accountants. Edinburgh, and Messrs. Grahtms, 
Rincoul and Company, Chartered Accountants, Glasgow, were 
rc-appointed as auditors. 


A vote of thanks to the Governor was proposed by Mr. 
Kenneth Ryden, Master of the Merchant Company of Edinburgh* 

!r 0$ 



hfl Times "Wednesday "May IT) 1*978 

Demand down 
at Aberthaw 



m: {St 

Bank of Ireland at £43m. 
—finance house deal 

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Hold ‘ 



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' I 

ALTHOUGH it W1AS anticfoited 
that home trade deliveries of 
cement an 197s would be about the 
same, an tile previous year the first 
quarter has revealed deHvenes 
belo wthe aaone period of 3977 . 

This reflects the adverse 
weather conditions in February, 
Sir Maynard Jenour, the chairman 
of Aberthaw »nrf Bristol 
Portland Cement Company says 
in his annual statement Be says 
that although it wall not be easy 
it is hoped the company vwBl make 
up this shortfall in the remainder 
of the year. 

Overall it is expected profits for 
1078 wfll be below last year’s peak 
£l.S6m. pretax figure. 

Sir Maynard points out that the 
price of natural && has been 
substantially hseneased and k con- 
siderably above tiro equivalent 
price of coal. He says it is not 
known if any further cement price 
Increases will be allowed das year, 
and adds that any increase would 

be unlikely to be sofBcJetJt to 
offset the gyw Bcf y hi gher produc- 
tion cost. 

Aberthaw is currently negotiat- 
ing to convert to coal, and the 
cast of conversion wfil be met 
from interned sources and medium 
term bank loan. 

It is hoped that the group watt 
benefit from increased profits an 
1979 providing the negotiations to 
convert to coal prove successful. 

The chair man says that further 

Quantities of cement efinker hare 
beeu exported m 8 k current year, 
hot adds that competition remains 
severe and it Is uncertain .whether 
any further contacts will he 

Work continues on new project 
demfopmeatt but be saps it is sgifl 
toe early Co forecast whether a 
product can be nude which w4H 
be commemaS? wteWe. 

A current cost statement with 
accounts shows the 1977 pre-tax 
profit reduced to £L33Hn, (fiUm.) 
by a fOfiSm. (£ 0 . 42 m.) cost of 
sales adjnsaneat, and additional 
depreciation, of JEO.G&n. (£0L5Sm.) 
offset by a f0.4m. f£0.7m.) gearing 

Meeting, Cardiff. June 2 at 
122Q pjm. 


The Wigham Poland Grotqj has 
changed the name of two of its 
sub si diaries in the life and 
pensions division, better to reflect 
the changed nature of their 

Wlghazn Poland Pensions 
Brokets becomes Wigham Poland 
Pension Consultants, and Wigham 
Poland Financial Services is now 
Wigham Poland Assurance Con- 

A new company has also been 
formed within the division, 
Wigham Poland Trustees, which 
offers full corporate trustee facili- 
ties for all pension arrangements. 

Medical Sickness Annuity 

The Medical Sickness Annuity 
and Lite. Assurance Society last 
year increased its holding of gilt 
to take advantage of the high 
yields, available, thereby increas- 
ing the overall yield on funds to 
10.S per cent, from 9.9 per cent. 
This is revealed by Dr. T. C. Hunt 
in his chairman's statement 
accompanying the annua? report 
and accounts for 1977. 

The Society also continued to 
invest in property and has 
financed a storage building and 
drainage wo'rks oh the fann in 
which it first ventured Into 
agricultural holdings. Dr. Hunt 
believes that institutional invest- 
ment in farmland hy supporting 
fanners can be' of 'benefit to' both' 

The accounts for 1977 of the 
Society show that premium in- 
come increased by 15 per cent, to 
£5m. and investment income by 
17 . per cent, to £3.7m. Claims, 
expenses and taxation totalled 
£5.3 m. — £0.5m. higher than in 1976 
— so that the long- term fund at 
the end of the year stood at 
£S73m. against £34m. at the 

Dr. Hunt reports that the sub- 
sidiary, Permanent Insurance, had 

another successful year, with new 
premium income up by 2S per 
cent, over 1976. This company has 
now started to pay dividends to 
the Society, an amount of £30,000 
gross — a dividend -of 15 per cent. 
— being paid for 1977. 

The other subsidiary. Medical 
Sickness Finance Corporation, con- 
tinued to help doctors and -dental 
surgeons with finance for the pur- 
chase not only of cars and equip- 
ment, but also ether items such 
as caravans and boats. During 
1977 a total amount of JELTSm. was 
advanced under 1,063 agreements, 
with 83 per cent of the sums 
advanced being covered under the 
life assurance scheme arranged 
by the "Society. The Corporation 
continues to be a profitable 


j. Henry Schroder W&gg on 
May 8 sold 417 Wheatsheof Distri- 
bution and Trading Ordinary 
shares at 190p on behalf of 

Laurie HHbank sold 33,603 
Northern Foods at 92p on behalf 
of discretionary investment 


The Shareholders of the Bank of . 
Credit and Comment International 
S.A. at their extraordinary meeting 
held in lAixembourg on Monday, 17th 
April, 1978 declared a cash Dividend 
of 10% for the year 1977, payable out 
of retained earnings for the year, to all 
Shareholders registered with the Bank 
fas on 23rd December, 1977. 

Bank of Credit and Coemmerce 

International SA, 

I (HAD OFFICE: 39 Booicwd R»viLuxnnboin®. 

LTV International, N.V. 

5% Guaranteed (SnbOTflfinate4) D^entoes Doe 1988 
(Guaranteed on a Subordinated Basis by and Convertible 
on and after February 1, 1969 into Common Stock of 
The LTV Corporation-) 

Notice of Atfjnstauait of Conversion Price 
NOTICE IS HEREBY GIVEN that the price for conver- 
sion of the above-mentioned Debentures into Common 
Stock of The LTV Corporation was adjusted as of February 



May 10, 1978 - _ 

Hiah lights from the Review of the Chairman 
y * Mr. Michael Lyon 

■ 3 & Pre-tax profit for 1977 £635,526 on sales of 
£6,174,699, another record year.. 

* Final dividend of 3.5p, making a total of 


* Earnings per share 12.90pf!?.47p)« 
and ship repairing components of the 

- Group continues. . _ 


nature of the Group is under constant 


Copies of the Report and Accounts are available 
from the Secretary. 


Bank of Ireland yesterday 
announced the purchase of British 
Credit Trust, a finance house, 
from Northern Foods for £1K 
and at the same time unveiled 
pre-tax profits for 1977 showing 
an increase from £S2.5m. to 

British Credit Trust prorides 
instalment credit finance for 
motor vehicles and other con- 
sumer durables as well as offering 
leasing and banking services 
through 26 UJC branches. It 
made pre-tax profits of £L5m.- in 
the year ended September 30, 

The attraction of BCT for Bank 
of Ireland is that it balances the 
bank’s existing finance house 
business in England. Bank of 
Ireland Finance (U_K.) currently 
specialises in finance for industry 
Whereas BCTs emphasis is on the 
consumer side. 

Mr. John Bourke, Bank' of 

Ireland's' chief financial officer, 
said yesterday that the bank 
wanted to offer a complete 
service. Admitting that the latest 
upturn in interest rates made 
finance houses less attractive pro- 
positions, be said, u< We do try to 
think medium- to long-term.” 

He said that finance business 
was very stable and all the banks 
now took it very seriously. 
American banks had recently 
been trying to Increase their U.K. 
instalment credit sides since the 
market here had considerable 
scope for farther growth. 

The traumatic experience of 
1974 convinced Northern Foods 
that BCT should be under the 
wing of a bank rather than a 
dairy- to-bisroits group. Since 
that time BCT has recovered sub- 
stantially and Northern Foods has 
been able to obtain a much better 
price for the company than it 

would have previously. 

On Monday Northern Foods 
announced the agreed takeover of 
Pork Farms, the meat products 
company, which could involve a 
cash outlay of flOm. to £20m. Mr. 
Nicholas Horsley, chairman of 
Northern Foods, said yesterday 
that the proceeds from the BCT 
sale would keep bis company 
liquid enough to invest ' freely 
where opportunities arose: 

The consideration for the sale 
consists of £3,410,853 capital stock 
of Bank of Ireland which is to be 
placed in the UJC. and Ireland. 
Additionally, Northern Foods has 
received ' an £800,000 interim 
dividend. •' 

The bank's earnings for 1977 are 
shown at ?L2p (57J3p) basic per 
£1 of stock and 67Bp (5L7p) fully 
diluted. The final dividend is lOp 
net for a 15p total compared with 
an adjusted il25p for 1976. To 
reduce disparity with the final the 
interim for 1978-79 6J>p. 

1977-78 1878-77 
£000 SOW 
42 ,832 53.561 

36,754 2&S6S 
7.098 S.376 

— LSSfl 

Opera ting profit ...... 


Subsidiaries .... 

Additional provision 

Prof* before tax 

Tax 17.826 12,966 

Net profit 25336 13,533 

To minorities - 306 680 

Attributable 2SJBB 18.953 

Dividends 5J86 3.790 

Retained — M.U4 J5JS2 

The balance sheet shows fixed 
assets at £73B7 hl (£59. 91m.), liquid 
assets and investments at £942m. 
(£744m.), advances less provisions 
of £l.07bn. (£0Abn.), and deposits, 
current and other accounts of 
£LS5bn. (£1.59bn.>. 

Inflation adjusted accounts give 
pre-tax profits ' of £3&36m. 
(£29.94 hl). 

-Adjustment has been made to 
reflect the actual realised and un- 
realised profits and 
experienced during the year. 

The amount required to allow 
for the fall in value of money 
during the year has been cal- 
culated by applying, the increase 
in the Consumer Price Index (92 
per cent.) to capital and reserves 
at the beginning of the year. 

pays 6p 

DESPITE A second half downturn 
in turnover from Jt 1.81m. to 
.Sam. British Northrop held on 
to the greater part of its £209,000 
midterm profit gain and finished 
1977 with a taxable figure some 
£155,000 ahead at £500,607. The 
company is re-entering the divi- 
dend list with a payment of 6p. 

At midway when reporting a 
profit of £373,000 (£164,000) the 
directors said that the group had 
a healthy order book and they 
were confident that profits for the 
year would ex ce ed those for 1976. 

They now say that world-wide 
economic conditions have made 
trading difficult, particularly over 
the second half, and while this 
situation has continued into the 
first quarter of 1978, the com- 
pany’s operations arc nevertheless 
being maintained at a profitable 

Stated earnings per 50p share 
were 26.6p (17.7p). Turnover for 
the year totalled £3.46m. (£3 .58m.). 
Profit was struck after interest of 
£178,154 (£344,606) but before tax 
on properly income of £37,853 
(£37,377). Comparative figures 
have been restated. 

Record profit— up 25 % to £L 34 m 

Tear to 

Year to 

















O-i. J 







SO; a 

Pre-tax Profit . 


Attributable profit 
Dividends — Ordinary shares 

19T6 figures restated to reflect capitalisation i^aue and change of 
accounting policy in respect of deferred taxation. 

Points by Sir John L^vcson, Chairman: 

Main 1977 objectives^-to increase profitability, broaden capital 
base and improve dividend — accomplished. 

Search continues for appropriate acquisition opportunities. 
Company well placed to make further progress and reiterates 
forecast of 5p net dividends this year. 

^ Realistic growth targets set for turnover and profits. 

Copies of ’J:e Report a::d Acro'jsL s vailable iLcrr. 
Lhe Secretary, Fairbaim Lawson Limited. 

P.O. Box 32, Wellington House, Leeds L31 2JL 

more personal than the decisions you make 

The ultimate decision in any organisatioiimust 
reston you andyour colleagues, as people. AlBankers 
Tnjst in London we have one man to help you. Plus 
700 more to back him up. The Pyramid is the symbol 
of Bankers Trust Company, one of the world’s largest 
banks, witha solid tradition in the world of corporate 

: We have a high proportion of skilled personnel 
working on direct client contact 

This means we can afford to devote a great deal 
of time and trouble to studying the needs of those 
corporations with which we work. And we work with 
a great many of the companies in. The Times 1000. 
This dose co-operation would not have been possible 
without the knowledge we have acquired in over 50 
years of continuous operation in this country. * 

We have the intuition, ability and fiairneeded to . 
suggest ways to handle business matters that straddle . 

the globe. We -cut across international boundaries 
because we are part of a worldwide networic We are 
active 24 hours a day. We have one of the most active 
and professional foreign exchange operations 
anywhere and a Foreign Exchange Customer 
Advisory Group which is always available to help yon 
with your decisions. 

We give you the edge, the manoeuvrability you 
need, whether it be in connection with short and 
medium term finance, ECGD backed and other 
export financing, documentary credits, commodity 
deals, intermtioual insurance, corporate trust pension 
fund management; loan syndication, or project 
finance. We actfast'- 

Indeed, wherever you encounter the Bankers 
Thist Pyramid, you’re dealing with a full service bank 
in the foflest sense of the word, with the capacity to 
raise, lend andmanage money anywhere in the world 

L Ian Donaldson, VP. in dmi£e of 
ComnxMfitits Group. 

2 . Esrae Homutl, VR in durge of 
International insurance Group. 

3. Gordon Thomas, VJ* m c ha rge 
of Financial Service &oup. 

4 . Peter Denbow, Vi* in charge 
of United Kingdom Leading, 

5. Allan J.Keix VP. in charge oT 
London and South of England 

6. Stuart E. Reidec VP. in charge of 
International Group. 

7. Donald R. Caise, Y.P. in charge of 
Energy Group. 

BankersTrust Company 

9 Queen Victoria Street, London EC4P4DB 
Telephone: 01-236 5030 Teles: S88191/2 

Hail qa n B aiNwl^foth aC n Hi taitSi y doBUh tat^fal^JoaaadBgimPehHB and* (tprtunUtivc office in Mancbestse Other biaoriics: Milan. Pjris, Bslirain, Tokyo, Singapore, KiA-juanrt fTY 

AflhUCniattnng]Banfcini;N'eta , pftnfbBBglC$.saD'a rilBri e< ] affiIi.EirE 5 .-Er!iI i eprasfin!ati\e offices in nver jU mamn^nn si« « vniinmK ^ 


Financial Times Wednesday May 10 1978. { 


Scottish TUC 
joins battle 

The Scottish TUC has written further letter to SUITS share- 
to Mr. Roy Hattersley, Secretary holders in which he gives details 
of State for Prices and Consumer of the request from Mr. Lawrence 
Protection, urging him to refer Banks of Save and Prosper that 
Lonrho's takeover bid for Scottish an additional director should be 
and Universal Investments to the appointed to the SUITS Board. 

Monopolies Com miss ion. 



compared with $9.3m. in the 1977 
first quarter. 

A link between tbe two marries 
cash with technical expertise, 
although the returns are not 
likely to be seen for some time. 
Tbe announcement from New 
York said that the agreement 
covered a programme which 
would take place over several 

Phelps Dodge first announced 

to run at between 
cent a year. 

6 and 7 per 

Roxby Downs 
gold find 

Mr. Jimmy Milne, general secre- 
tary of the Scottish TUC, said that 
the unions were extremely con- 
cerned about tbe serious conse- 
quences a takeover would have for 

Scottish employment. He added . A syndicate of institutions led 
that the STUC was unhappy at °7 Charterhouse Development 
the prospect of any takeover of a Capital ha a paid £3.1m. for a sub- 
Scottish company by a multi- stantial minority holding in 
national concern* Te 5 iJe . Wallcoverings Inter- 

The oiler closes on Friday and national. manufacturer and 
Mr. Hattersley is expected to wholesaler of textured wallcover 
announce his decision on whether ir1 Ss- At the same time Textile 
the bid should be referred to the has acquired B. Brown tHoIbom) 

Monopolies Commission either to- 2 . related business with corn- 
day or to-morrow. pleraentary activities. 

Meanwhile, Lonrho at the re- Charterhouse formed the 
quest of the Takeover Panel has syndicate and has invested 
revealed that its stake in SUITS S' 5 .?- 00 ®; Its partners are British 
has been increased to 40.04 per Bail Pension Funds (£Lm.), 
cent. Given that Lonrho already Elec tra Investment Trust 
held 29^14 per cent, of SUITS (£750,0001. Charterhouse Develop- 
before tbe offer and that it has meat (£250,000), Industrial and 
subsequently received provisional Commercial Finance Corporation 
accordances from the Fraser (£237,000) and Estate Duties 
family trusts represent mg around Investment Trust (£100,000). 

9 per cent., this response looks Textile Is said to hold _ 
poor. dominant position in the U-K. in 

However, Lonrho is being coy the distribution of textured wall- 
about whether the 40.04 per cent, coverings and in the manufacture 
figure includes the Fraser family of textile wallcoverings, particu- 
siake. No doubt Lonrho is hoping larly Mura weave hessians, much 
that a numher of institutional of which is exported. The com- 
and shareholders are holding fire pany was formed in 1974. Pre-tax 
until Mr. Hattersley’s statement, profits are expected to be 
Mr. ■Tiny” Rowland, chief approximately £1.7m. for the year 
executive of Lonrho, has sent a ended April 1978 , 

Chippa and Fleasurama 
agree on £1.2m. 


Williams Hudson Group, the ment between Fleasurama and 
private company run by Mr. Chippa enabled the former to 
David Rowland, appeared yester- enforce a sale to Chippa in cer- 
day as one of the guarantors of tain circumstances. 

com £? ny which In 1973, Pleasurama went to 
has agreed to pay Pleasurama court to make Chippa buy the 25 
-l-rn. as an out of Court settle- per cent stake for £1.1 6m. The 
J action proved successful in the 

Williams Hudson was previously High Court last year, but Chippa 
involved in Plcasurama when it appealed. The out of Court settle- 
built up a 29 per cent, stake and ment was announced yesterday 
soM it to Grand Metropolitan in after the appeal hearing had 
1U(<. Then \VHG established a already got under way. 
further 11 per cent, holding in pj ea surama will receive less 

time^J^gh^r 3 ^ invitations The" exact aS sum ie !S al £i ™ H ? ssurae ,ia , bmdes of *700,000. in respect of 2.537,408 “A" Defer- 

*°The *£1.2^ " ouTof Court^settle- ™ ^ " ? S3? 3"S gJlnSWciSTS SS. 

ment announced yesterday was the interest on the paymenT up uStU reu2g ti5 JffJl? SSfin opS| AC ^ 

“J, r Z St&sM 

cent stake in Mayfair Casinos. interest from now on. The last year thehotel and i45iauram Sdime. ° 

ChioS a °Mr^Hv e h Ca -- n0Va Club ,- wm be 0n Marcfa «■ bSsrnesrmJde an ooerSfng S 

Uuppa alreadi has ia per cent. 1979. n * ai y, nt tj. tvi» 

flp jf , air -'ll" 111 n .h W S° me * j- Mr - Edward Thomas, managing levels of depreciation, amortisa- 

?!„; J?* ' n.?, 300 P" direc, ° r Fleasurama. said tion and working capital charred Colonial Mutual Lire Assurance 

ance as ? vuarnntnl^rh. **** the settlement was by IUC may not be applicable has extended the date of its offer 

a L guarantor of the settle- u per centl ,ess 11130 the under the new ownership. for the London-based London 

E?"L ' vliG . ,s 5 est PJeasurama could have hoped Meanwhile THF has finalised its Australia Investment Company! 

an equity for. The proceeds will be used bid terms of 86.50 a share for from May 12 to June 13 and re- 
in davelonm* *h- company's Colony Foods. duced its' desired level of accept- 

ances from 90 per cent to 60 per 

Given the recent level of tine 
prices this would suggest buoyant 
results for the year, but at the 
half-way stage there was in fact 
a setback. Net earnings were 
SM9.5m. (£2. 16 m.) against 

SM12J23m. in the same period or 
the 1976-,< year, because of 
increased tax payments and [ 
reduced capital allowances. 

Other monthly output figures; 
from MMC were: 

GOLD HAS been found at tbe 
Roxby Downs copper-uranium 
prospect being explored by 
Western Mining, but details 
molybdenum discovery in provided in the group’s latest 
January. The first four diamond quarterly report do not suggest min-n 
drill holes intersected lengths of (hat, ar this stage, tbe find can Ayer Kitaa — 

mineralisation between 3,000 and be considered of commercial Berjua:ai 

5,000 feet. The holes formed a significance. 

sides of 800 feet. Roxby Downs is in Sc 

ineralisation is con- Australia, and analysis of diom 
tinuous, substantia] quantities of drill hole RD 19 showed that the Maiaran 
ore ranging from 0.29 per cent, interval from 422 metres to 435 £;“• J^Lv 38, 
to 028 per cent molybdenum, metres assayed 13.4 grami w DCT 
depending on the cut-off grade, gold per tonne. 2 per cent, copper T.w=i:ah Hrbr"”" 
are present, the company said at and 0.07 per cent, uranium, 
the time. This is the first occasion when 

Since that time Newmont significant gold values have been 
Mining and Esso Minerals have encountered at the Olympic Dam generally lower trend on a month 
disclosed what could be commer- prospect on Roxby Downs, by month basis: 

cillay viable molybdenum deposit Western Mining stated. Drilling 
British Columbia. was suspended towards the end 

Tbe property, held 55 per cent, of the quarter to April 4. but is tJJSSL 
by Newcont and 45 per cent by expected to start again in the 
Esso, is at Trout Lake, about 25 current quarter. 











Ayer HitUi 











37 | 



15 j 




21 1 

Lswer Perak 




Mala ran 




S:ha. Kin la Cons. 




S:h.i. Malayan _ 




Sensei Eesi 




T<wsl:ah Krte - . 




Trocob Mines 




Output from the Gopeng group 
has, meanwhile, showed 








Go?ens — .... 

— ISH 








_ 14 








interested in taking 

stake in Mayfair. in dcveloniog the 

Pleasurama wanted to sell its existing business. 

MayfaU- had Williams Hudson Group has a 
no JL rna r , e , profits , J* 1 ®! were policy of not making any corn- 
expected. A clause of the agree- ment to the Press. 

WILLIAM REED “2 L s . * ™ fc 

xarrv'C ac-aix! By Ma 7 2 C^ifL had received 

DU X 3 AviAllt acceptances from 41.43 per cent 

In its fourth acquisition since The offer price remains SA1.57 
the year end, William Reed, the (equivalent to 144 p) with the 

carpet group, has paid £500,000 benefit of the investment, cur- 

cash for a British subsidiary of rency premium, or 97p without), 
a French group which specialises 
^weaving, dyeing end SnUhtag SHARE STARES 

... - , ..... The company Is Giron Freres Imperial Group — Sir Alex 

-♦ ar-n d * n CT s will move 9 loan stock. It is bidding 36 KeUock (Great Britain), of Accrington, a Alexander, director, has disposed 

* „ near f. r regaining a full shares plus 44 convertible ir- subsidiary of Stefim of SL of 45,000 shares at SGp. 
quote on the Stock Exchange if redeemable subordinated variable Etienne. It had net assets of General Accident Fire and Life 

us proposed Terser with rale unsecured loa nstock plus £523.438 on June 30 last year. Assurance — Kuwait Investment 

ocigTavG Assets— of which it cur- £1.58 cash for 200 Belgrave taking into account deferred tax. Office has increased its holding by 

reniiy holds just over 50 per ordinary shares of either class. The company will now trade as 50.000 shares to 12.05m. (7.3 per 

cent, is successful. There is an alternative offer for Pendle Velvets. cent). H 

The shares of KeUock, Belgrave the Ordinary shares which includes I n February, Reed paid Automated Seen rity (Holdings) 

an dnnother subsidiary Lothian *™i of redeemable cumulative £009.000 for _ the Newbridge — K. M. Coupar, director, holds 

^ock moving to 
regain full quote 

Investment Trust were suspended Preference shares, 
at the beginning of last year afler 
! he status of the companies CATERING DEAI S 
ailered with the lancb or KeUock fflv 
Factors in which all three inter- ADltKlLA 
related companies had a stake. Further details were revealed 
Since then the companies have T^frday of two separate deals 
been tidying up their complex ,nTolvin B British companies which 

for the 

carpet yarm spinning mill In Ire- 15,500 Ordinaiy shares and 1,937 
lmid and £771.000 for a subsidiary g p er ccnt _ cumulative redeem- 
of Rivingtan . T . w ® able Preference shares, 

months earlier it bought Berwick St Simpson-J. P N Meneers 
Carpets of Bolton for £560.000. director, has sold 21.422 
____ Ordinary shares. 


BOC International 

Peak £0.35m. 
for Wire 
& Plastic 

On turnover of £I.73ra. against 
£1.46m. Wire and Plastic Products 
reports pre-tax profits ahead from 
£263^22 to a record £347.009 for, 
1977, after £162,554. compared 
with £103.417. at the six months 
staje. The directors then antici- 
pated being able to maintain the 
level of trading and profitability , 
rate for the rest of the year. 

Stated full year earnings are up, 
from 5J4p to 7.8 lp per iOp share 
and a final dividend payment of 
L34p (L23p) lifts the total to 
2.l4p (1.93p), the maximum per- 
mitted, as forecast. 

Tax takes £131,959 (£132.697) 
and result? for 1976 were subject' 
to an extraordinary debit of | 
£2,672. The amount retained for 
19< • came out at £141.657 against, 

Farnell to 



Philips Electronic and Asso- 

I »■ ui ~ V 1 ~ arA af tnmntinfr *_ * 1 / . utici ua uuuai yesterday ciated Industries — On May 2 in- 

relatlonship and last year -Bel- CTt £ r ' completed the merger of Airco creased shareholding in Rediffu- 

gravo acquired Lothian Invest- JJ? 1 interests i llc .*i nt0 th e group.*' sion to 7^18.000 shares (over 

raents. The next stage is a h« ™ B °C has acquired enough 9 per cent.). 

•ivre-cr between KeUock and a gre£l t 4 4 m shares In a recent tender offer Fodens— On April 28, ITC Pen- 

Bclgrave which under rule 183 bSfor^he filonv 'FSs t0 ^ ive abo “ r D5 cent, of sion Trust jointly with ITC Pen- 
(2) will allow the shares of the restaurant effin. M^anwhile^v- Airco - 11 expects to make an sion Investment s held 459.105 

enlarged croup to be dealt on the offer to shareholders who still 10 per cent. conv. red. cum. 

Stock Exchange— but it will have aluminium manlier hMwnra have their Aipc0 wrlificatex next Preference shares (410J05 shares 

to wait for a full quote. clnSTo i^ shieholdere out wk to surrender them for the shown in last accounts). 

Mr. Nick Oppenheim, director of lining the terms for its proposed ^ share in cash to which McLeod Russel— Assam Trading 
KeUock Holdings said yesterday takeover of the hotel and they ar ^ entitled under the (Holdings) has recently bought 

that, under Stock Exchange Rules restaurant business of Interstate mer 6 er P lan - 17,000 shares. Total bolding 

the company should technically United Corporation, the U5. pub- y.... m * 1,474,035 (36.6 per cent), 

have to wait until KeUock Factors lie food group. rll-KALIYINt Beralt Tin and Wolfram — 

hud been trading five years before The circular contains an esti- Forward Technology Industries BakeUte Xylonite has acquired a 

the group could regain its quote, mate that Heywood's pre-tax announces that shareholders of further 100,000 shares. Total hold- 

However. the group clearly hopes profits foe the year ending April Radyne have approved the capital 1,620,000 (about 14J2 per 
that its tidying up operation will 30. 1978, will be in excess of £lm reorganisation referred to in the cent). 

reduce this waiting period. Heywood has agreed terms to offer document containing the Saint Piran— Bought on April 

Kellock is making an offer for takeover IUC's hotel and offers by its subsidiary, and tbe 28, 210,000 A Monk and Co. shares 

Belurave's Ordinary and A restaurant business with net offers have been declared uncon- making total interest 2,920,000. 

Ordinary shares and for the com- tangible assets of 85. 1m. The only dirionaL Consolidated Plantations 

pany’s V*l per cent, convertible consideration is that Heywood Acceptances have been received Directors’ holdings have changed 

. as follows following recent scrip 

issue: Tun Tan Siew Sin — 18.800 

UTEr-ga: and 5-250.980 non-beneficial (pre- 

»TBSM| worn viously 4,700 and L312.745); 

C aK M *£fsk wav D M - Gold 20^00 (previously 

^ T w. Macdonald 11.700 

(previously 2.925). 

British Electric Traction — 
Group-Captain H. Dun das, direc- 
tor, has made a partial exercise 
of the option granted under 
share option scheme and in con- 

Ise in MLR indicated 

Bank of England Minimum 
Lending Rate 8} per cent, 
(since May a, 1978) 

. . 31, 1978. and use the 

Discount houses buying rates an exceptionally large amount of n JJJ? 1 acquire 40,000 1 realisable funds to aid group 

r three-month Treasury bills Treasury bills from the discount Ordinary shares. liquidity. 

The directors have every con- 
fidence in the future of Farnell 
Electronics, which given a reason- 
able level of economic stability 
is certain to maintain its record 
o-f continued growth. 

As reported on April 26. tax- 
able profit for the year to January 
31, 1978 surged from £1.97m. to 
£3.i4ra., on turnover ahead from 
£14.13m. ro £1821m. 

Mr. A. E. Long, chairman, 
reports that A. C. Farnell had an 
extremely difficult year and this 
resulted in turnover not coming 
up to expectations. Farnell 
Electronic Components, continu- 
ing to contribute the lion’s share 
of group profits, once again 
achieved record results. In ad- 
dition Farnell Audio Visual, in it? 
first complete year, produced 
satisfactory results; both turn- 
over and profit bebg well in 
excess of budget 
The investment in Tandberg’s 

Radiofabrikk amounting to over 
£44.000 has been written off fol- 
lowing its takeover by the Nor- 
wegian Government after last 
year's heavy lasses. This was not 
expected. However. Tand berg's 
outstanding indebtedness to the 
group has been accepted by the 
Norwegian Government and con- 
tinues to be paid within the terms 
of the original agreement 
As it was not possible to find 
a practical solution to the prob- 
lems which had beset Farneli-KF 
over the past years, the directors 
decided to cease production on 
January 31, 1978. and 

for three-month Treasury bills Treasury 

continued to point towards a rise houses, an d a small number of 
. . ...... ... of 3 1 least * per cent to nine per local authority bills. 

Trie sharp rise in total eligible cent, in Bank of England Banks carried over run-down 
liabilities announced yesterday as Minimum Lending Rate, but an balances from Monday, there was 
part of the mid-April banking even higher rare was suggested a fairly large net take-up of 
figures, is unlikelv to be well re- ® ap,i er In the day. Sentiment in Treasury bills to finance, and the 
nr ivo-i hv 1 ho mnn ™ ,ate business was slightly better market was also faced with a 

ctnoj by ibe London money however, with longer term rates slight rise in the note circulation, 
market, even though the final easing from their highest levels. Discount houses paid up to 7J 
imp'ict on the money supply may Day-to-day credit was in short per cent, for secured call loans, 
lx; k-ss th.rn the bald figures tend supply, and the authorities tried but closing balances were taken 
10 suggest. Publication of the to soothe market sentiment The at 1-2 per cent. In the interbank 

rose to 

, „ , .... ... closing at 

irrrgc rise was one or the major are expected to cany forward lj-2 per cent 

factors behind the very’ nervous substantial surplus balances. Rates in the table below are 

conditions. The Bank of England bought nominal in some cases. 


Mnv 9 | 

urg ! 



<■1 i.(e[teri>irte 





Lrtcs! Antb. 










Bills d 




Fine Trade 

*>\<Tt:i^iM : 






k-HV* ii»l:n.-.. 








1 1 !« >' " n»* I-'-.. 






• 'll* 1 1,1' ■mil. 









1 ■>.! |I»-IIT|k...I 


■ — 






’lltiv ll-.l 

84, -91, 


0 t 6-8 i 2 



a is-84 



J-l . 'Ill'll* ll-k 1 

9a 9 .9I, 


878-0 la 

9i9-ai £ 

91a -97a 


94-9 Ac 

A inc Ti*"iiUi>.‘> 



■ — 

9 3ft-07* 


**,:>• \ ■«, 

9 r ;.ioi fl 




3 • %■»«*-_._.! 

103S- 101c 








i.k-.-jI auihvr'tw* and finance botincs st-sen dais’ notice, orhers sorer days' fixed. Long-term local authority tnorutaxe rate 
ru'-maiH- mr.e fiars u«U per ««.: four years llMli n-r ,-it : f.v- yean K-iai *Bai* SS r«« m iStem 

u pr ii? 5fl papor -. Swing «I«B for foor-monm tuk WUs SM per cent.: tout-mouth trade bills 9s per eeiu. 

Anprc.imak- selUiu rau-i for ow-oiomh Treasury bills Sl'a-t-is per eem.: rwro-monUi Si-8?|* per cent and ihree-msmh 
' v ‘ •‘-pprosimato seUing raw tor onc-mo nih tan* brl's it-5932 Df r cent.: neo-mom h 8 Tik pci cent: and mree- 
’ d 1 ■T"-*-* t, ’ r ron:. oru.-niunib trade bills Si per cent.: two-month ft per cent.! and also three-month 61 per cem 

Ba ^* au * *!«bllshed bp the Finance Houses Association. ,5 per cent SlgSuB Bank 

WBL aw,nfl Sr lenU ft 


& Kodak 

K. Ki-dult 

E. Kodak 

y.. Kodak 








Alicia one 



Sm Ned 

N«r fftsl 




li. Li. Shell 

R. D. Shell 

R. D. Shell 


•- : nilefer 







<; kc 







f 50 

Ft 10 
FI 40 
Ft 10 


700 p 



3 SOp 


Cl> we Vol. 

12 '4 



» * B 

24 L) 


- Z1 « 






3. SO 
















Close VoJ. 

121 , 






„ lla 


31 4 , 



12 50 


Close Vol. 



















iai ( 
a j 4 
15 1 3 
8 la 










£51i 4 



¥ 349.50 
F 109.60 

P 125.20 

FI 15 

— 848p 

— ;247p 


Getty joins Phelps in 
molybdenum venture 


GBTTY OIL is entering a joint miles from Revel stoke, and has In December Sir Anri Parbo, 
venture with Phelps Dodge to been under investigation since the Western Mining chairman, 
evaluate and possibly to develop 1976. told shareholders that it was 

what appears to be a significant The deepest hole yet drilled, likely to be at least a year before 
molybdenum deposit near Pine according to Canadian reports, ore reserves were compiled for 
Grove in southern Utah. has proved so far to be the Roxby Downs. 

The announcement verterdav ric 5 wt - Mineralisation 1,800 feet The shares in London yesterdaj- 
underiin^KScy^S ^ 15 * U3P ’ 

mining groups to linkwith ca£h- Sm^Sg-bd SSSFS&r 1 “to ngS 
nch oil concerns in the develop- G r ogn f«et TT!„L 

ment of natural resource pro- Otter boles’ have apparently HlgU Olltpilt 
Jecis ' yielded grades which would mean . 

The Joint venture brings the discovery of a commercial 31 Dclllluiai 

obvious advantages to both the deposit. iminitm J mjnnTTrTrnv nil 

U.S. groups. Getty Oil Is diversi- This find, added to that of ^CTHCMaGH PROW^CTTO^ff all 

lying Into a mineral which has Phelps in Utah and that of US 
seen a consistent rise in price and Bora* and Chemical, a subsidiarj’ 

growth in demand, although more °f Rl® Tinto-Zine, m Alaska, Corporation, ^feU P 

slowly in the years of interna- ““W provule the basis o£ a con- with the No. 2 dredge out of 

tionaf recession. siderable expansion in North action for ten days, total output 

tm. . „ ^ .. American molybdenum capacity for the year was considerably 

Phelps Dod,, e. on the other which, hitherto, has been based higher than in 1976-u. 

hand, with an income founded on largely on the operations of Axnax The latest statistics from MMC 
copper, has seen profits eroded by and the by-products of copper show that in the 12 months to 

the depression, on the inter- mines. April. Berynntai’s output was 4.975 

national markets and a downturn Research has continued to find tonnes of tin concentrates, com- j 
in demand. In the first quarter, new applications for molybdenum pared with 4.244 tonnes in tbe 
net earnings wereS5.6m. (£3.Q8nO and growth in demand is expected previous vear. 

rvmiTtQrflri with 40 in tha 1077 in ■*«** C 7 map ~ /4- — 

Redemption JVofrce 

Hamersley Iron Finance N.V 

1 0 % Guaranteed Debentures Due 1982 

Uaeonditionally Guaranteod as lo Principal *«xd Interest ty 

hamersley holdings limited 

Sinking Fund provided 

said issue ox the folloivint; distinctive numbers: 


9441 1125R 13S52 153JCS lTSfiO 11358 21649 23051 25075 UMOV 29GI3 X15H6 SWtfi 
S444 11261 13693 1SK<8 17331 19380 219731 23054 20013 28012 29031 31G05 -13741 
94A1 11203 2 3725 13K23 17402 19428 22085 23678 26014 28049 206.12 SI Kid 33U04 

9489 luak 13749 15633 37419 11429 21700 =3&‘0 20036 2BW3 31ICAO 33814. 

P499 11311 1H7B9 15541 17445 19433 21718 23712 2BU77 HIUIW 29883 3IH52 33830 

95U1 11318 23805 15648 17458 19444 21747 '23734 26080 28070 28.184 3HMt 

952U 11350 13333 15713 1747T 19481 2173V 33743 2HU95 2WV<4 2»«*9 3tWS 33B«:* 

9527 213B9 33907 15771 17483 3SH95 21786 23744 26112 S8109 208HB 31730 33SIU 

9537 11371 13949 13773 17545 19S11 21817 23784 MHS 28120 29K19 31739 33822 

9541 11378 13996 15797 17554 19638 21830 23769 28149 28124 29901 31781 33334 

9549’ 11384 14021 15812 17566 19674 21837 2*809 2G1GU 28132 2*K3 31090 33978 

9580 11454 14043 1M13 1757S 1WIB3 21344 23R1T 26175 38143 ^4T 31K1tJ 3«C7 

MBS 11455 14136 15840 17624 181721 21850 -3KG 20183 2HJ57 290*10 31!Wfl 34(133 

961S 11475 14154 15873 1763 1 19744 41898 2394G 26219 siS&A 2l2i2f 3^4 

WW4 11317 14171 15394 17849 19744 21902 23967 20253 28t» 30000 31970 34080 

9687 11536 14175 15896 17669 1974B 21951 2406B 26292 SHIM 30012 31998 3408*5 

9711 11540 14178 150SH J76K4 19749 21955 £4129 2G3I3 38190 30031 32jm Milk 

9712 11548 14277 16073 17G87 197815 21957 241W SOTO 2RS4Z 30045 32fm5 34135 

28T 1E082 1708*4 19803 S19C3 24292 2KJ79 28278 300811 33100 34154 

9M8 11920 14355 
9930 11821 14356 
9933 11927 14370 
9961 11980 143 _ 
asms 12021 14373 

489 3092 5393 
497 3108 5410 
S10 3120 54 SC 7T3Q 
528 3150 5492 7772 
583 3180 5513 7773 
650 MiW 5515 7801 
692 3269 5544 7881 
893 3272 3377 7S98 
*700 3277 5653 7905 
702 3287 5687 7917 
740 3339 5690 7957 
776 3360 5736 7974 
799 3385 5785 797G 
805 3419 5798 7979 
840 3433 5853 MIS 
879 3444 5874 8020 
565 3449 5916 8034 

1000 3477 5930 8081 _ 

3017 3481 5939 B075 9B3T 11813 1428’ 

1081 3499 5992 8076 

3098 3506 6004 8089 
3208 3582 6011 3136 
3250 3580 6023 8167 
1289 3830 6039 8170 
3301 3659 0074 8191 
2311 3660 8082 8203 

3312 3888 8109 8219 

1352 3888 6130 8220 10070 12055 14374 

1392 3700 6136 8253 10073 12074 14379 ... ^ „ 

3405 3744 6152 8306 10081 12079 14441 16239 17953 30153 22343 244B7 2 06 IB 28009 3026 J 32361 34X18 

Una IT- JJESi :«!ur iT:7i :.™ ;i..E. ~ "1«: -wm 28624 3U280 azaw 34394 

~ 30294 32321 3442S 
30319 32522 34434 

3 0372 1*2562 34540 

2538 3887 8396 10211 12200 14470 16386 18104 20291 22425 24040 267S7 28743 30377 32582 345SU 

1628 3882 6320 8452 10243 12211 14473 16410 13173 20317 22430 246.W 26803 28765 30398 32610 34350 

1677 3924 6332 -jmu -hbik nn?m uum i-rii uwi 

167B 3946 6346 
1725 3962 6395 

1761 4106 6424 8562 10299 12275 14C23 16 S3 1 18279 20417 22480 24759 M938 28844 30305 32836 34738 

1824 4115 643® 8571 lOStS 12365 14043 10532 18307 20419 22510 24775 26945 28868 20537 32840 347BO 

1842 4123 6449 8383 10109 1237? 14660 16623 18349 20425 22525 24625 26979 28899 30557 32858 34TR3 

1956 4124 6197 8584 10344 12392 14706 16629 18360 2043S 22532 24887 27009 28909 30604 32860 347.14 

1982 4135 64W 864E 10381 12406 14721 18713 1B3I2 20450 22365 34918 27103 2834a 30692 32897 3481* 

1965 4149 6503 8653 10437 12410 14748 167=2 18410 20462 22578 24924 27109 28965 30684 32908 34815 

3967 4167 6569 8708 1W64 12421 14754 1672G 1W32 20529 22671 24964 27158 29001 .10718 32Ji=7 248] S 

1994 4193 6608 8733 10470 1=406 14813 16730 1*479 2039G 22673 25014 27162 29021 30737 32033 34*28 

1999 4JSS 6683 OS XEii: 7, a , D mig nncni ncn>wi <i?tm -HMu- «■>«■: mui -un-» 

2000 4244 0731 8808 

2009 4262 6763 8810 

2015 427B 6864 Bail „ 

2038 4279 6867 8849 10604 12682 14048 16767 1R552 20704 22876 25080 27=81 29118 30875 33060 34883 

2051 4283 6875 8876 10430 12688 14964 16778 18583 20707 22878 25112 =73177 29128 30801 33067 3410(1 

2083 4288 6949 8879 J0642 12725 ‘14965 16795 18586 20714 22972 25121 273X1 29X62 30909 *«H» 34952 

2072 4288 6962 8915 10656 13753 14973 1679T 18567 20795 22981 25136 27307 29109 30920 33071 34901 

2109 4323 6994 8916 10674 12709 149BO 16807 18600 20807 22589 25192 27371 29174 31*9=1 33073 34973 

2199 4495 7004 8920 10693 12773 15005 18814 1M04 =0859 =3055 25=03 274=7 =9177 3U9S9 33080 34038 

2214 4527 7005 8921 10097 12B69 15014 18818 J8641 20900 23063 =5=00 2T42K 29232 30962 33081 

2304 4588 7065 8937 10702 1=933 15023 1 6K43 1RC49 20971) 230G9 =5213 =7451 29241 30909 33096 

2336 4808 7077 8947 10710 1294= 15043 16853 18774 =1037 23086 25310 =7493 =9=51 30974 331**0 

2352 4645 7103 89C7 10737 13050 15046 18388 1S79S =1051 =3142 2536= 27537 29273 30932 33103 

2505 4825 7405 8998 103U6 13158 15039 17035 18968 21137 2.1247 25917 27642 29434 31171 33269 

2513 4923 7412 9030 1118=5 13179 15152 17049 18981 21272 23258 =5530 27053 =9425 31=119 33378 

2544 49=4 7417 9004 10833 1318 1 35177 170S9 18985 21327 ’23283 25547 27B63 29426 31281 33281 

The Debentures specified above arc to be redeemed for the said Sinking Fund at the option of the 

bolder fa) at the W.C.G. Corporate Bond Services Department of 'Citibank, N.A., Trustee 
under the Indenture referred to above. 211 Wall Street, 2nd Floor, New- York, New York 10043 
or (b) subject to any Ian's or regulations applicable thereto, at the main offices of Citibank, X.A. 
in Amsterdam, Frankfurt (Main), Genera, London (Citibank House),. Paris, Tokyo, and Citibank 
(Ei-lihiim) S.A. and the main office of Banquc General*: du Luxembourg SA. in Luxembourg, the 
Company's Paving Agents, Payment at the ulticis reienvd to in (b) above will be made by chock 
drawn on, or transfer to a US. dollar account maintained by the Holder with a bank in The City of 
New York. On the Redemption Date such Debentures *-hall become duu and payable at 100rT> of the 
principal amount thereof plus accrued intense on --.lid principal amount to such date. On and after 
such dale, interest on the said Debentures iiill kj-*' to accrue. 

The Debentures specified above >-1*uuld be preiviiled and surrendered at the offices set forth in the 
preceding pjracrjpb on the said dale loyetber with all inicrc't coupons maturing sub>cfiuent to the 
Redemption Date. Coupons due June 1, 1'J.'d should be detached and presented lor payment in the 
usual manner. 



May I, I97S Truatea 

•Mr. N. HChamberlen, Chairman, in his statement reports: 

• Profits up 60% for two-year increase of 125%. 

• Shareholders' funds up 25% to £7,227,722. 

® Maximum permitted dividend increase. Consideration of special 
interim should dividend restraint be lifted. 

• Bonus issue of one new £] cumulative preference for every 30 
ordinary shares held. 

Highlights from the Consolidated Balance Sheet 

Shareholders' Rinds 
Loan Stock 

Capital Employed 1 

Associated Company 

Current Assets 

Balances of banks and cash in hand 
‘Bills discounted (less refcatej 
Certificates of Deposit 
Short term loans etc. 


















Current Liabilities 

Loans secured on assets of the Group 378,934,976 
Deposits etc. 16,343,533 

Proposed final dividend 418,717 





35 , 202,844 




20 . 995.224 





6,064 S92 

6.29$ 21 4 

Copies of the Report and Account s may be obtained from: 

The Secretary; Gfive Discount Holdings Limited. I Royal Exchange Avenue. London EC3VSLU. 

Edited by Denys Sutton 


Publi,h«d month,, price £2.00 Annua, Sumption £25.00 (intend) 

O,,™* .nbscnpnon OHM USA s Canada A,r Aml,«d tH 

Apollo Magazine, Bracken House. 10. Cannon Street. London. EC 4 P 4Br. Tel: 01=248 8000 

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1 * 

** Iihvij 


•. v; 


Financial Times Wednesday May 10 1978 


INTERNATIONAL financial and company news 



U.S. charges Gulf 
with membership 
of uranium cartel 

talks end 

Aftermath of the property collapse 


THE U.S. Government 

WHEN one of the largest Uj>. ing source of business. The Trust beginning of this year, when they trying to negotiate a three-year Fargo Mortgage bus begun to pay 

real estate investment trusts had no corporate relationship accounted for just under X ner extension on S53m. worth of dividends again. 

MONTREAL, May 9. (REIT), Chase Manhattan Mort- with Chase Manhattan Bank, but cent, of Chase's total loan debts to 17 banks. Bankers Trust But there is still enough un* 

CANADIAN Vickers has asked gage and Realty, defaulted on its the bank was a major source of portfolio. Mortgage Investors was last re- certainty for the Chase Tru>t 

the Toronto and Montreal stock obligations on May 1. it caused funds, and it is still its invest- So presumably Chase decided ported to be renegotiating affair to send shudders through 

exchanges to lift a tradina halt surprise in some areas. ment adviser# i to pursue this policy with Chase SI 12 m. worth of bank credit, the REIT industry and the mar- 

in its shares following termina- The crisis in the REIT Indus- The trust specialised in short- Trust even though it risked bad over half of it with its sponsor, Ret for it* securities. One 
tion of aeouisition taErk between try was thought to be a thing of term mortgages for such things publicity in the process. (The Bankers Trust, the ninth largest analyst of the industry cont- 

™ u . ., Britisfa-h asert Vickers which the past Most of the trusts with as resorts, the riskier but more fact that the bank has no eor- u.S. bank. menled: “We thought that Chase 

The Justice Department suit w mi certain finances went under profitable end of the market. At porate responsibility for the Tri-South Mortgage owned by would support the lrusL But it 

NEW YORK, May 9. 

traced ffrand jury investigation U.S. middlemen. Middlemen are Canadian Vickei 5 saj^ 
of the .activities of the alleged companies purc hasing urminw AP-DJ 
international uranium cartel of f 0r resale and inclnde manufao- 
which ptifwasa member. The tnrers of nuclear reactors, 
complaint filed in a criminal in- -p 
formation suit allegs a mis- rSttSf* fh.? 
demeanor. If Gulf were : to he 

found guilty it would thus be s _ decision to. single out 
liable for s' maximum fine prosecution when its 

$50,000. Canadian subsidiary could not uaiu . 

While this penalty* might not and di d not act alone with Genescorthe , 
he a heavy, burden for a com- res P cct t0 the foreign marketing combine, with .. 

Wlto size of Gulf, which is time going 

the fifth largest U.S. oil company, ^ V01 T. “ ly ** * JL- S12-5m. loss in the same period better times slow in coming, would come to the rescue. But it 

—T UiD.?aian ( idvprmnpnf nJTftmun. » * a *1 * it.*.#, itnwn * _ . , , 

reduces loss 

_ _ — . protege «*«. di -dend as it fell ‘over Siotto. 

But the Chase episode was a into the red. 

reminder that the REIT crisis Although the trust's predica- attracts a public outcry. Chase creditors on S54m. worth of relationship' 

nnf uinC tTJAWTl in tha mnehnt ... _ _ _ .-#« JL _ J.Lt. A u r n . r 

ment that white they sponsor 

REITS, they have no corporate 
with them, and 

Canadian subsidiary could not 1 ™ ses ^ f f!5 ment was known in the market, wtu come up with the ’money, debts. A number of smaller therefore, no obligation to bail 

JSi. quarter are reported by trusts wtoch had enough bactang it wasjvidely assume dthat when M no t. it will quietly let the regional bank-sponsored REITS Sem out 

" ““ -So far. it must be are also reported to be trying to The faCt thal i, aIlks havi . 

has been no outcry, sort out their obligations _ to usually appoinled iheuiselves as 

However, Chase cannot have sponsor banks, with varying invcstmeni adviser* to the 


national uranium 

Questions about what WBIcn was in default, has signed ™“" d - ‘hv banks also have tu live 

iuus ii* uouuuib muu auuuu ««**™*«i «iru wc u.o- uiu«l wm year ine company reports mat nau kuuwu. m general posi- . , . .. now ipnn uoroomi.m ,. .is " lin Inc * eninarra-ssins ia*‘t 

to take now, Gulf has to be con- explicitly excluded from the sa Jes from continuing operations indtistry analysts wary, and tion is clear. Like all banks, happens if other bank-sponsored ™ mil it* lht . v farcd u «, r , t . u,an mu>t nut 

scious of the ■ implications of a arrangement," adding “under are ahead some 3 per cent at Chase Manhattan Bank silent. Chase has been striving tD rc- REITS run out or cash — and participaun Q bank*, and is n f the property bourn. Their 

judgment in this case for the such circumstances we feel it $243.5m Bank-sponsored REITS sprang duce its exposure to- REITS in most of them have been in expected to be turning in a REITS clitf less well than ihu«.e 

other suits it is fighting. is inappropriate to challenge the up around 1970 in response to the last three years, and will trouble. profit again next year. Con- of. say. i he insurance corn pan ie-. 

These suits include one in activities of Gulf even on a i> avTr , rt n,l dine the property boom. Chase Trust continue to do so. Outstanding First. Denver Mortgage In- linental Illinois Realty cut ils who had more ex oerti-e when it 

which Westinghouse Electric, a limited basis.” ivajiuuuu &upa was typical in that it was loans to this segment have been vestors. for example, a mid-west debts from over S222m. to came in real e-iau*. .uni i!u* 

leading producer of ' nuclear It claimed that the' charges Raymond International, the heavy launched by a major Bank, to cut from $731m. at the begin- REIT with assets of $63m. SS3m. and is described as on agonising aftermath has tasted 
generators, Sued Gulf and 28 were “completely unfounded." construction concern turns in take advantage of this fast-grow- ning of 1976 to S31Sm. at the recently announced that it was the Ions road to recovery. Wells longer, 
other domestic . and foreign Allegations about the opera- lower first quarter profit at . 

uranium -producers and their tions of an international uranium S4.1_m. Cor 78 cents a share) 

agents claiming that they had cartel forcing up the price of against SS.4m. or $1.28 a share on /^ rtn fi#lnnon 
conspired- -to fix the price of the fuel have been under inves- sales ahead by over 100 per cent, L>UuliUvllLc 

uranium, ea using it to rise from tigation by the grand jury for 5114m- However, average 

around $12 a pound in 1972 to 18 months. The evidence which shares in issue have risen to 5L2m. of- AnriprcnTI 

over 340 a pound in 1976, an surfaced about the cartel has from 4.3m ^ agencies report from ^uuviouu 

increase which brought Westing- suggested that the' Governments New York, 

house face to face with losses of of Canada, France, South Africa n 

hundreds of millions of dollars, and Australia, together with PetTOJHDC ahead 
Westinghouse subsequently leading producers such as Rio p^mrn atstf ppportg » «« 

cancelled contracts 1o supply Tiuto Zinc of the UJ^ sup- ?“ 

uranium saying it could not meet ported the establishment of a 

Abbott sees rise in earnings 

Fed seeking 
bank details 

these obligations and is in turn uranium 
being sued by its customers. carteL 

producers dub or 

Ford faces recall order 


NEW YORK, May 9. 

cent, increase in net income for 
the six months to March 31, at 
S26-llm. or $2.21 per share on a 
fully-diluted basis, against 
S22_9m. or $1.94 per share, a year 
earlier. Revenue in the six 
six months was $4S5m„ a rise of 
11 per cenL, Agencies report 
from Long Beach. Second 
quarter net income was a record 


HOUSTON, May 9. 
WITH A confident prediction 
that it will “comfortably sur- 


By Stewart Fleming 

NEW YORK. May !». 

ABBOTT LABORATORIES, a long term IS per cent, target, currently enjoyed by contexn- As part of a continuing effort 
U.S. leader in the production of Within that. # the international poraries like Baxter, Johnson & to extract mure information 
nhnrma political* enn. operations are moving about one- Johnson, Pfizer and Merck, from U.S. and foreign eonuticr- 

p * third faster, with Europe leading noting that Abbott after a 35 per cial banks. Federal regulatory 

sSVRmSSSSSSJS s !lt a 2L2rJs?? "r pro * sr® ■ ^tV 

Andpmon davton the food 2 U - ®‘“ mn 5 s «> nse ^ug, which livened up the final this time last year was now com- more detailed financial infonr.u- 

^ JX,® 01 ® ttan 15 P« r v* 1 - 111 months of 1977. was similarly fortably in the upper third of tion from U.S. banks with mcr- 

and refated products concern, 
reports third quarter profits 
slightly lower at $12-8m. or 
91 cents a share, against 
$13 Jm. 
same period 

Sales In the latest quarter 
were also lower with $242nu 

London yesterday to talk to insti- 

FORD Motor Company may be Jibe Safes Administration said fSy .... 

ordered by the ■' Government to tests had revealed that a rtilut e d against $L06 per share going against the $275m. last 
recall 1.83m. of its small Ford 5?^?f 

S or 98 S f TS InvMtore, was at pains lart year were S?6. h A ™ ott - other ^ fP SreTgn ’ ‘oD 

riod of last year. e m Phasise the role of AbbotVs projections for 1978 are in the hanking tm its management : disci- 

i *v , _ international operations in this area of $4.70. The management, pbnes. For example, of last on condi tic 

Pinto and Mercury Bobcat cars Sjjft teaS^fSmtiwowihSSS revenue S25 f 8nL * up 8 per 
following a preliminary study in* 0 f the fuel tank. Two fires were cent * on 11115 previous year ' 
di eating that in a crash they may also reported firom . rear-end T - „ 

he prone to fuel spillage and crashes involving vehicles travel- 1/1 V S merger t&UKS 

fires. ling at 35 miles an hour. LTV has requested a meeting 

This conclusion by the Depart- . The agency said that Pintos t h e Justice Deartment to 
ment of Transportation's and Bobcats have been the sub- discuss further its proposal to 

National Highway Traffic safety jects of 29 lawsuits or liability merge with Lykes. The meeting 

Administration was conceded by claims against Ford.' In addition j s scheduled for May 24, AP-DJ n* • 

Ford yesterday to be “ quite reports have been received of reports from Washington. Last HS6 

serious ” but further comment is 38 rear-end accidents involving wee k, LTV officials had expected ° 

being withheld until the com- Pintos which have resulted In that the Justice Department nf T aa«t C 

pany has studied the findings in fires causing 27 fatalities and 24 would announce a merger dec!- “ •> J-A/v 

detail. cases of non-fatal burn Injuries, sion soon — possibly this week. 

a year ago. -Second quarter 


This brings the company to 
$34J>m. or $2.47 at the nine 
months stage against operating 
Income of $34fim. or $2.61 a 
share for the same period of 
last year. 


. active in the first quarter of this the ratings for its" industry in seas branches. 

Chmrman Edward J. Ledder, in year. the U.S. The new regulations arc likely 

Abbott’s earnings per share Abbott, among other things, is t0 “ ffect about 150 banks with 

*> — - — offices and will come 
for quarterly reports 

condition and income dated 

years forecast therefore, is in no way con- year s 15 per cent sales increase. Decemher, 197S. 

Last year international sales, cerned about a share price lately some 3 per cent was accounted The Federal Reserve and the 
accounting for 33 per cent of the in the $58 to $59 area, for p/e's for by price increases and 12 per Comptroller of the Currency wilt 
company's worldwide total, rose of just under 15 at the historic cent, by volume. Its increase in require that banks' “call 
by only 11 per cent against a 15 and around 12.3 at the projected “ headcount ” (labour) was 2.6 reports " which are uvuitahto to 
per cent increase for the group. JeveL per cent which, allied to volume, the public, will give a fuller 

The group sales prognosis this In fact Mr. Ledder was happy left comfortable scope for im- breakdown of the bank’> domes- 
year is something better than its to point to the higher ratings provements in productivity. tic and foreign operations 

Firestone firm on closure 

NEW YORK, May 9. 

TtfwlrliAPff hnnec - LOEWS Corporation the in- 
IjUuuiccu uupca d us trial holdings company with 

MR.-ROY ANDERSON, chairman interests In tobacco, hotels, 
of Lockheed Corporation, ' said theatres and insurance, reports 
the company hopes to resume -first quarter operating net 

Decline in margins threatens 
traditional market freedoms 


THE DRAMATIC decline in be disciplined all the more by Taking up Dr. WalUch’s earlier 
margins betweo lending rates high credit standards as they point about the ability of Euro- 

AKRON, May 9. 

F IRE STONE Tire and Rubber cates that Firestone Will proceed dividends reasonably soon but prrat Jmwn cMtoimiig opera- an d the banks’ cost of money in expand in these markets. The markets to be self regulating, Mr. 

has told its Swiss subsidiary that with its plans to close the plant set n o speofic time for the turns soiialy aheaa *t 5*34 per ^ syndicated loan market is Euromarkets have given Post said that corporate trustee- 

it will not revoke its derision to by July. But the company will resumption, Reuter reports from sfr^as^^^i-ivforthe first threatening the traditional free- evidence of what a market ship represented an important 

dose its Swiss tyre-making still have a marketing and sales Biffhanlc.^ Lockheed has not paid P^i « mst year, in rac iateCT dom Euromarkets have enjoyed, system can achieve when it is aspect of the markets’ self- 
operations. force in Switzerland. carti dividends smee 1969. Sam e^SfSSSL *2?*- 1 4 ! Dr - c Wallicb, a member allowed to operate freely, sub- regulation. 

The company had announced Goodyear _Tire and Rubber ^ He added that Lockheed may «ir ir»r , 4 , 1 ” iJjIb * of the Board of Governors of the ject only^ to prudential super- “In an international market 

me coniutuiy uau nimuuucni uhwjsw — - — — “-4 cMin, «, mh . «* uuoi u Ul uuvciuun ui me jcei UUIJ iu piuucuun HI au luiciiuuuudi jiiuikcl 

its intentions to close the Swiss said^ ^meanwhile, that it began begin ^ro^^otio^ ^?£ shmreT 61 ^ ° r a United States Federal Reserve vision. The continuance of this such s the Eurobond market, no 

plant in March, but agreed to a $5fim. expansion of its tyre of its Dad> 400 commercial plane 

meet with representatives of the wire plant in Colmar-Berg. — a shorter, more economical _ In the year ago quarter, 

Swiss Canton of Basle last month Luxembourg, to increase produc- version of the Tristar L-I01I. If investment gains eame to 

to explore the possibility of tion of its radial truck tyres sold production does begin, it could $19.7m- to bring the final net 

avoiding the plant’s closure. in Europe. cause a drain on earnings next to $34fim. or $2fi9 a share. 

* To-day's announcement indi- AP-DJ year Agencies 

This announcement appears as a matter of reconJ onfy. 

Institute) de Gedito Oficial 

Madrid, Spain 

US. S10Q00Q000 

Seven Year Loan 

Managed By 

Algemene Bank Nederland N.V. 

Bank fur Gem einw!rtschaftA.G./ 
Internationale Genossenschaftsbank AG 

Barclays. Bank International Limited The Long -T erm Credit Bank of Japan, Limited 

The Sumitomo Bank, Limited 

Westdeutsche Landesbank Girozentrale 

Co-Managed by 

Canadian Imperial Bank of Commerce Chemical Bank 

The Dai-lchi Kangyo Bank, Ltd. European American Bank & Jrust Company 

Provincial Bank of Canada (International) Limited The Sanwa Bank, Limited 

TheTaiyo Kobe Bank, Limited Toronto Dominion Bank 

European Banking Company 


Co-ordinated by ' 


First Boston (Europe) 

European Banking Company 


29th December,1977 

system told delegates at yester- freedom will depend on the res- government authority, no super- 
day’s Financial Times Euro- ponsibility with which it is imposed regulatory authority document and which is nourished 

markets Conference. used." exists to step in and solve the and made effective by common 

“Supervisors, commercial Dr. Wallich’s warning came P r Pj 3 ' e ,?J® raised by default,” be |aw.” 

bankers, central bankers and after the delegates had listened said. To be sure, any failure • lestedays conference report 

perhaps even the public have to a speech on the information an obligor is likely to appear quoied Dr. Andre Ccn>syincnt. a 
worried periodically about the needed for the smooth operation jj 1 a court sometime, somewhere, member of the c\ecuti\e coin- 
soundness of the Euro-borrowers, of the Euromarkets, delivered by ® ut ^ fi 1 ®! instance, tiie mitieo of Kredietbank SA. 

and the possible inflationary im- Mr. Christian Hemain, London bond holder turns to the insti tu- Luxembuurgcoise, as saying that 
plications of the market." he editor of the French newsletter Lons that are most directly in- the Eurobond market was obso- 
said. “ First and foremost, the “ Agefi." volved with the issue. The lele and overpriced. H e was 

subject to worry about to-day in Earlier in the day, Mr. Barry essence of the bond holder’s pro- citing these as criticisms made 

the syndicated loan market is Hesketh, managing director of tection derives from the trust liy others, and qualified or 
spreads.” _ Forex Research, had told dele- wbich 15 created by the trust rejected them later in his speech. 

Dr. Waliich said that” there gates that, based on the Forex 
could be explanations for the research, the pound sterling will 
low spreads. “ At the short end, fail against the dollar during the 
a one-shot deal, and a very low rest of this year and the early 
spread, could be made in the months of 1979. Thereafter, it 
hope that the funds can be em- will remain relatively firm for a 
ployed more productively later, while, and perhaps strengthen 
and this course may be prefer- towards the end of 1981. 
able to locking them in for a 
longer period at a not much .. 

better return. Prediction 

business or ongoing relationships General forecast of major 
with the borrowing country, J? a °,I eaientS 0ver 

hopes of regulatory preferment that thi» 


although not justify, extraordi- 

narily low margins. I would not b y 1981, .although it could 

accept a bank’s explanation of an 

uSjimifiably on L the forecast to 

eroimds that th*» h»nt harf tn German Mark is forecast to 

S£> IS sha£ marked approach the T>W to the doUax 

The implication that SSSe P 1 ® by “P* ^ th0 ^ gh ■“ J °5 
some banks orerlend, all others term. weakening is expected m 

ought to do the same, obviously tbe 5 urrent , rat f’ 

pofrits towards troubled whl <Sv may , ba T e overshot lts 

Dr. Waliich, indicted that ereL ,. 

spreads below I per cent were The ltal *an will move 
difficult to justify on the basis close to L900 to the dollar by 
of return on capltaL “A spread 19S0 * to™ stabilise or even rise, 
of 0.7S per cent does not even The French franc is seen as being 
cover the ’cost of capital of even relatively strong, although weak- 
a very modestly capitalised bank, en tog to around Frs.4.8 to the 
plus a reasonable return on risk dollar by 1981, and to Fr&2.4 to 
premium.” he said.’ “Banks that- ^ over s 3 ? 16 

are putting on loans at ’such a period. The Netherlands guilder 
spread, or even less, must have “ forecast to remain steady or 
substantial funding advantages or appreciate slightly against the 
income and other benefits from dollar, and to weaken ma rgi n a ll y 
the loan, aside from the spread, against the D-Mark.” 
or they are diluting their earn- He said that there was little 
Inge.” reason for tensions within the 

He said that an appeal to the - snake that could lead to a break- 
principle of marginal cost pric- down because of the relatively 
ing— that is, any income above small movement of the guilder 
out-of-pocket expenses, ■ ' is against the D-Mark, 
income to the good— in not con- But he did hedge his bets 
vincing. “ There are risks to be slightly by pointing out that the 
taken into account, and there path towards the anticipated 
is the bank's balance sheet with figures would be bumpy, and as 
its capital, ratios lost to be con- tbe current account was becom- 
sidered. A measure of cost that ing a less important part of the 
Ignores these legitimate com- total balance of payments picture, 
ponents of marginal cost under- tbe capital account could start to 
mines the application of a sound have more influence in exchange 
economic concept” rate determination,, and -this 

Banks in the Euromarkets could affect some of the figures 
enjoy a degree of freedom' from mentioned, 
control that Is unusual in He also pointed out that the 
domestic banking systems, forecasts were the result of a 
although they, and particularly number of key assumptions plus 
the U.S. banks, are by no means a number of other forecasts, 
on supervised and regulated, be. The final speaker of the cou- 
said. “'The volume of lending ference was Mr. Herschel Post, 
In Euromarkets is less directly a viec -president of Morgan 
controlled by central bank action Guaranty Trust Company of New 
than is tbe volume of domestic York, on the .responsibilities of 
lending. Hence, banks should the trustees of Eurobond issues. 


Registered Office: Rue de la ChanceUerie 1. Brussels 
Brussels Registre du Commerce Nr 13.577 


Shareholders are invited to attend the Annual General 
Meeting which will be held on Thursday, 25th May. 197S. at 
10,30 am. in the office of the ,k Socicte Gem-rale de Belgique.” 
30 Kqe Royaie, Brussels. 

■ •» AGENDA 

1. Reports by the Board of Directors, ihe Auditing Com- 
mission and the Legal Auditor for the financial year 1077. 

2. Approval of the annual accounts closed as of 31st 
December, 1977, distribution of tbe profit. 

3. . Discharge to be. granted to the Directors and Auditors. 

4. Statutory appointments. 

In -order to bo admitted to this meeting owners of bearer 
shares must deposit their shares not later thou Friday, 19th 
May, 1978, with any one of the foliowing banks: 

In Belgium: with “Soclete Generate de Bunque,” in Brussels 
or any of its other offices and agencies: 

Banquc Beige (France),” Rue Voinov 12. 

In France: with 

In the Netherlands: with “Amsterdam-Rotterdam 
Heregracht 595, 1001 Amsterdam. 


Owners of bearer shares will be admitted to the meeting 
on producing a statement from one of the above banks 
mentioning the identity of the owner of the shares and 
certifying that the shares will remain deposited from 19th 
to 25th May, 1978, inclusive. 

Owners of registered shares must advise the company not 
later than Friday, 19th May, 197S, of their intention to attend 
the meeting or to be represented. 

Proxies, conferred according to Article 30 of the Articles oF 
Association, must be deposited not later than Friday, 19th 
May, 1978, at the company's registered office. Rue de la 
ChanceHerie 1. Brussels. Proxy forms are available tc share- 
holders at the company’s registered office, and also at the 
above-mentioned' banks. 



Financial Times Wednesday May 10 1075 



Plans for wider share ownership 


PARIS. May 9. 

Slide in 

By Adrian Dicks 

BONN. Slay 9. 

MANNESMAN?*.', the West 
German steel pipe, plant con- 
struction and engineering 

TOE PARIS Stock Exchange has vertible "bond issues raised only meat fund. It also says it will eantly improved their perform- 
christened 197S the year of the Frs.l.$8bu. Around Frs.8bn. was make it easier for employees to ance in these respects. (It claims 
equity. That is the main message raised in equity capital without buy shares in their own company. 63 per cent of companies who 
in the latest report (for 1977) oi appeal to the general public anil But it bas not promised to meet could present consolidated 

the Bourse watchdog commission Frs.49.6bn. came from convert- the bourse's demand for the accounts do so already.} 

Qie Commission des Operations tional fixed interest issues. doubling of the tax bonus from It also promises to work on 
de Bourse (COB). . On the secondary market the 50 per cent, to 100 per cent— a the problem of bringing order 

It describes the envemment’s s ! tUation w “ equally dismal measure which could cost into the barely-regulated realm 
promise to rehabilitate tne «- n f® et *uities accounted for Frs_2bn. a year. Not is it clear of take-over bids, particularly by 
equity and to encourage savers to c ? n1, of tran . sacl ?2!?f whether the substantial tax setting ap a control commission 

return to the equ Upmarket xs a S ain st 73 per cent, in 1909 advantage enjoyed by bonds over and by preventing companies, — -- ~ „ 

absolutely ewenti^ to the bef ? re lhe creation of a market equities will be adjusted to the protecting themselves from bids! «re«P. reports a 28.7 per cent 
Bourse? survival as an instr-j. ,n bonds of “aunties of up to benefit of shares. After all, semi- by hiving off chunks of their j drop In profits from DIHZlfcn. 
ment of naniral fnrm^tinn Wiin- sev . en V* 3 ™- The government is government institutions and equity to group companies. i in 1976 to PM154m. fSTTm-) 
out such ineenthS? U the dis- seT l ously . concerned about the state-owned concerns are the Finally it wants to see leglsta-: for 1977. Alter transferring 
eoiulihrhim herwpPTi fivo-i . un J dercap,tal,sat,on of French main money-raisers on the fixed- tion to protect savers frnmi DH50m. to reserves (DM35m. 
interest wuHHph and industry — particularly the vulncr- interest market fraudulent investment prouosalsi less than In 1976), there is 

will pS (.vpn wnwp Tn^ ability of smaller companies— The COB urges the government offering miraculous returns oni DMIMm. available for dlstrf- 

i get e\eo worse, u note.. und {he restora tion of company to press ahead with other capital. ! button. 

The 1977 figures illustrate ihc finances has moved to the cenlre reforms which have been gather- It claims two feathers m itsi The Board will propose a 
COBs traditional preoecupati.m. or its economic strategy. ing ministerial dust for years. In cap for last year its rocommen-j DM3.50 per share dividend. 

While total issues reached It is pledged to permit the particular it wants the long-pre- dation that hotders of more than 
Frs.61.3bn. — a record — only 16.- introduction of Preference shares pared legislation insisting on the 5 per cent, of companv canital 
per cent, of this was accounted in France to allow companies to presentation of consolidated must be named in the annual 
for by increases in equity capiinl raise capital without diluting accounts, improving the contents report, and its capaign to pro- 
and no less than S3.8 per cent, by control. It will also allow of accounts and regulating the vide earlier and better informa- 
bond issues. Quoted companies individuals to deduct from their delay in presenting them to be tion for shareholders called to 
raised no more than Frs.I.lbn. taxable income money subscribed reintroduced in parliament, extraordinary general meetings 
by appealing to the general to new equity capita) or placed aitbougb it says that over the to consider changes in corporate 
public for new capital wbile con- in a blocked equity-based retire- years companies have signifi- structure. 


Improving outlook for Ericsson 



Bouygues looks 
for growth 

By Our Own Correspondent 

PARIS. May 9. i THE GENERAL market situation (Sllfiui.Vcompared with Kr.406rn. countries, the report said. The 
THE FRENCH construction con-; fr ‘ r investments in public tele- in the previous year. This makes order backlog amounted to Kr. 
corn. Bouygues expects that half i P none networks has been a profit per share of Kr.S.S4 coin- 290m., down from Ki\32Qm. at 
its sales this year of Frs.4bn. I depressed, but the trend seems to pared with Kr.6.65 in 1976. The the same time in the previous 
will lie realised overseas, against i improving, and is expected to dividend remains at Kr.5. year. The order intake during 

only a third last year. This!** 0 . so through 1978. L. M. the first two months of 197S 

strong overseas growth will have | Ericsson said in its annual report FaffCrStci showed an improvement The 

been achieved in the three years l . The order backlog should & board recommends: a reduced 

since the company decided that i increase by about 20 per cent. In its final report. Fagersia, the dividend of Kr.4 per share com- 
the only way to maintain its d-( l, »s year, but the concern is not Swedish special steel and rock pared with Kr.8 in 1976. 
velopment was to look beyond ) making a profit forecast at this drilling equipment manufacturer 
the French market. stage as there are too many cur- forecast a continued loss but at TJ 0 n/?oIc?Konl- 

The relatively uninviting pros- rency, cost, and price imponder- a lower rate than, that ex- IianaeJSDallR 
peel of the home market is illus- ables. perlenced 

Irnted in forecasts made by 
Bouygues on the bousing mar- 1 increase 
ket. It sees a very rapid decline I largely 

in the market for apartment 'signed with Saudi Arabia in uuring lsve. it made a prt- Barnes from Copenhagen. The I 
buildings and a strong growth [-January. The group's order back- tax profit of Kr.41ra. Sales in bank will have a startin'’ capital' 
in the demand for individual I log a mounted to Kr.S.fibn.. 21 per 1977 amounted to Kr.l.3bn. 0 f Luxembourg FrsSOOm The 
houses. However, the growth cent, over the 1976 figure. showing an increase of Kr.lSom. w ill primari'v be con- 

in demand for houses will not | Group sales in 1977 totalled over the previous year. c> rned with raisins*' finance for 

compensate, in terms of activity. 1 Kr.7.Sbn. compared with Kr7.3bn. Despite the devaluation of the the group’s Danish customers’ 
for the downturn in the market] m the previous year. Profit Krona, Swedish costs are still Handeishank is Denmark’s i 
for collective units. j before tax amounted to Kr.552m. higher than many competing largest commercial bank. 

In 1974, some 240.000 lodgings 
were constructed in blocks of 
some sort or another. This year 
the company expects com- 
pletions to be no more than 
180.000 and by 1982 to he down 
to PO.COO. Over the same years 

compared with DM7 for 1976. 
West German domestic share- 
holders entitled to the Lax 
credit will receive a total of 
DMSJ59 per share. 

Mansesmann also announced 
to-day that it has signed a 
contract worth D3I60-70 hl with 
China for the delivery of over 
60.000 tonnes of pipe during 
the second half of this year. 
A spokesman stressed that the 
pipe was not intended for any 
single specific project so far 
as the German company was 
aware. The order is .to be 
made up of an assortment of 
small - diameter piping and 
tnblng of varying sizes, quali- 
ties and specifications which, 
the spokesman added, might 
be used by the Chinese in 
any of a wide variety or pos- 
sible industrial processes. 

It Is understood that China 
is not buying auy large- 
diameter pipe of the sort Lhat 
Mannesman n is supplying to 
the Soiiet Union from its new 
Muelheim works. 

In its earnings and dividend 
report to-day, the company con- 
firmed a 1 per cent, drop in 
total sales during 1977 to 
DM11.7 hu. Earlier (his spring 

Currency movements hit 
Philips in first quarter 


PHILIPS, the Eindhoven-based 
international electrical group, 
reports lower first quarter profits 
although volume sales for the 
opening three months of 197S 
rose in line with expectations. 
Sales by value were once again 
adversely affected by currency 
exchange movements. 

Volume sales rose 7 per cent, 
in the first three months, in 
accordance with expectations, 
and Philips confirmed its earlier 
forecast that it expects to 
achieve this rate of growth over 
the year as a whole. Sale: by 
value rose only 3 per cent, to 
Fls.7.21bn. from FIs. 7:01 bn. 

As forecast in last month’s 
annual report sales in the home 
electronics for sound and vision, 
domestic appliances and personal 
care products sectors were much 
higher, substantially above the 
average of 3 per cent. But the 
figures for industrial supplies 
and miscellaneous activities, 
which include pharmaceuticals 
for human and animal health 
and crop protection prodnets, 
were below the level of the first 
quarter of 1977. 

Trading profit showed a 22 per 
cent fall to FlsAlSm. from 
FIs 534 ql Profit before tax 
showed a sharper decline of 2S 
per cent to FIsJMSm. from 
FIs.346m.. partly due to a slightly 
higher net interest charge. After 
tax of FIs J 12m. (FIs.l63m.> and 
minority interests of Fls.Mm. 
C FIs. 27m.). net profit was. IS per 
cent, lower at Fis.l30m. 

Net profit per share fell to 
Fls.0.69 from Fls.0.S7. On the 
basis of US. accounting 
principles, profit was 41 cents 
compared with 47 cents: Net 
profit as a percentage of share- 
holders’ equity fell to 4.9 from 
6 . 2 . 

Trading profit fell to 5.S per 
cent, of sales from 7.6 per cent. 
In most sectors trading profit as 
a percentage of deliveries was at 
about the same level as in the 
first quarter of 1977 but in the 
industrial supplies division it 
showed a marked decline. This 
was mainly due to the sharp 
increase in pressure on selling 
prices, continuing cost increases 
and reduced use of capacity. 


Afier-tax profit fell to 1.9 per 
cent of sales from 2.6 per cent. 

Trading profit as a share of 
deliveries rose in non-EEC 
countries in Europe, Latin 
America and Africa. There was 
a substantial decline in Holland 
largely due to the impact of the 
appreciating guilder no the large 
volume of exports. Trading pro- 
fit also decreased in the other 
EEC countries however. 

The level of stocks developed 
satisfactorily falling to 30 per 
cent, of sales on March 31 from 
31.4 per cent, a year before. The 
number of employees fell by a 
Further 1.700 after the decline 
of 7.700 in the whole of 1977 to 
an end-year total of 384.500. The 
workforce in Holland whs 
reduced by 700 while the com- 
pany sbed 500 in the U.S. 

Sales rose most strongly in 
Latin America and Asia. Sales 
in Europe matched the in- 
crease in the concern as a 
whole while in the US. and 
Canada they tell, due solely to 
movements in exchange rates. 
Sales also fell in Australia due 
to the economic situation in that 

$200 m. Swiss bank loss 


Hefty losses at 

PARIS. May 9. 

Sharp recovery 
at Olivetti 

By Our Financial Staff 

OLIVETTI, which last month 
announced a major capital and 
boardroom reorganisation, 
reports a sharp recovery lu 
profits Tor 1977. 

On gronp turnover 21 per 
cent, up at LI^70bn„ the inter- 
national mechanical and elec- 
tronics group has lifted net 

Robeco to set up new fund 


ROBECO expects to set up a 
publicly - quoted property fund 
later this year, using the 
FIs.240m. fSlOSm.) property 
portfolio which it hopes to buy 
Trom Pakhoed bolding together 
with an existing portfolio of 
around FIs. (50m. 

The Fund, unofficially known 
as “Rovasco." would be elosed- 
ended unlike the other three 
Funds In the Robeco group. 
Investors would be able to huv 
shares in the fund on the Stock 
Exchange. This structure has 
been chosen to avoid the need 

for a daily evaluation of the 
portfolio value and for the fund’s 
managers to repurchase shares 
which might require the sale oF 
pan of the portfolio. 

The new fund would be in- 
rested in a wide range of com- 
mercial property in Holland and 
abroad. The present portfolio 
includes offices, factories and 
supermarkets in Holland and 
Germany. The portfolio which 
Robeco hopes to acquire from 
Pakhoed includes a fund. Hexa- 
Ion, which is heavily invested In 


the U.S. Of the total Pakhoed 
portfolio of Fls.240m.. nearly 60 
per cent, is in the U.S. Together 
with Robeco’s own direct invest- 
ment in Hexalon of about 
Fls.40m. the new fund would 
have about Fls.lSOm. invested in 
the U.S. 

Robeco hopes to conclude talks 
with the troubled Pakhoed group 
over the purchase this month. 
It refused to comment directly 
on the size of the new fund but 
said it would not be dispro- 
portionate to the other funds 
in the group. 

Oce opens year on weak note 

GENEVA, May 9. 

it forecasts a rise in the indi-jA LOSS of around 8200m. was companies in Geneva. Panama 

SS0S0 sjwSfirss si«r losses «« «. 

The company and group j collapse of the Geneva bank, to circumvent numerous Swiss I }*■“£“■ lJL re iSf 7 rt I SeTlm lhe pro^Ls are 

Leclerc and Companv. legal requirements related t 0 France for 197/. The crisis- or some w».im. tne proms are 

The liquidators sot the excess banking active ! ridden French retail, mail order; t0 hc set asidc ,u 0r reserve*. 

Issuc aimed at 
burdeu of 

accounts for 19i< were well up 
on 1976. even though only a 
quarter of profits were attribut- 
able to overseas work. The real 
benefit of this will come with 
the completion of a number of 
overseas projects in 1979. Com- 
pany profits in 1977 were 
Frs.35.7m. fS7.Siu.). against 
Frs.l6.S3m. in J97fi. after 
sharply increased depreciation, 
and group earninns came out at 
Frs.50.15m.. against Frs.18.2iu.. 
again after much heavier de- 

iue liquidators set me excess banking activ» tv. * **'*'“ , u 

oF liabilities over assets at some The records of the hank which and sma11 311,15 Sr°uP in curred. .Last mouth Ih; 

Svv.Frs.394m. — more than ten ha nd?orf some Sw Frs 1 5hn in [2L los * af Fps - 32 - 7 “- in l976 - ^ : vei ed . 3 rl *“» 1 
times the level expected when handled sa ™* Sw.Frs.l.abn. in October new management at' reducing the 

the bank was closed a year ago. cbenl investments, were main 
As a result it is not expected tained in such a haphazard 
that creditors will receive more manner that they could not be 
than a 9 per cent, return on their relied upon to provide a true 
claims. picture of the situation. In 

In making their report to a addition, the liquidators did not 
local court, the liquidators apparently obtain the Full 
brought out a long record of co-operation of the staff in their 

criminal mismanagement within attempt to re-evaluate 
the bank linked to a string of financial position. 

Manufrance suggested that the 
company could possibly lose 
around Frs.l20m. in 1977. At 
the time it was stated that some- 
thing like Frs.200ra. in aid from 
the State, creditors and other 
sources was needed in order to 
get the company back on to an 
the [acceptable financial footing, 
i Agencies 

This announcement appears as a matter of record only . 

JOth May 1978. 

U.S. $25,000,000 

Teollisuuden Voima Oy-Industrins Kraft Ab 

(TVO Power Company) 

(Incorporated in Finland with limi ted liability) 

8 1 % Guaranteed Bonds 1988 

Unconditionally and irrevocably guaranteed by the 

Republic of Finland 

Abu Dhabi Investment Company Kuwait Foreign Trading Contracting & Investment Co. 


BA.I.I. (Middle East) Inc. 


Merrill Lynch International & Co. 

National Bank of Abu Dhabi 
Nomura Europe N.V. 


Union de Banqnes Arabes et Frangaises — U.B.A.F. 

Union Bank of Finland Ltd. 

Wardley Middle East limited 

ABN Flounce Limited A1 Ahli Bank of Kuwait (K.S.C.) American Express Middle East Development Co. S. A.L. 

Arab African Bank Arab Finance Corporation S.A.L. Arab Financial Consultants Co. (S.AJL) 

The Arab and Morgan Grenfell Finance Company limited Arab Trust Company KJS.C. 

Banque Intercontinentale Arabe Burgan Bank S JLK. Citicorp Internationa] Group — Bahrain 

Daiwa Securities (HK) Limited Deutsche Bank AktiengeseDschaft European Arab Bank Limited 
European Banking Company limited Euroseas Banking Co. (Qatar) Limited First Boston (Asia) Limited 

Fuji International Finance limited Gulf Bank BLS.C. Hambros Bank limited 

XBJ International Limited Kuwait International Investment Co. s.aJk. 

Kuwait Investment Co. S.A.K. Kuwait Pacific Finance Company limited LTCB Asia Limited 

Manufacturers Hanover Asia limited Mitsubishi Bank (Europe) S. A. 

National Bank of Bahrain National Commercial Bank National Bank of Kuwait 

New Japan Securities International (HK) Limited Nikko Securities Company (Asia) Limited 

Nippon Kangyo Kaknmarn Securities Company limited Orion Bank Limited 
Riyad Bank Limited Saudi Arabian Investment Co. Inc. Sumitomo Finance Internationa] 

Taiyo Kobe Finance Hong Kong Limited Trident International Finance limited 

Union de Banqnes Arabes et Europeennes-— U.BA.E. UBAN — Arab Japanese Finance Limited 

Socicti Anonym* 

Union Bank of Switzerland (Securities) limited Westdeutsche Landesbank Girozentrale 
Yamaichi International (Europe) Tiwitrea 

accumulated debts which had 
risen to around L800bn. The 
equity funding is to lift group 
capital from L60bn. to LIOOliu. 
with the new deputy chairman 
— Sig. Qirlo Bcnedctti taking 
up the largest slice of the new' 
shares. , . 

Sig. Benedetti will subscribe 
some H5bn. and emerge with 
a shareholding of some 20 per 
cent, in Olivetti. 


$250m. bond 

By Francis Ghil£s 

MARKETS WERE quiet yester- 
day ahead of the Association of 
International Bond Dealers* 
annual meeting: the easier 
trend continued in the dollar 
sector, although turnover was 
better than oh Monday. The 
only real news was the announce- 
ment that Australia would be 
floating a 9250m. Yankee bond. 

The Province of Newfound- 
land issue was priced at 1001 
with terms otherwise unchanged. 

In the D-Mark sector, the 
Seiyu convertible was priced at 
par with terms otherwise 
unchanged. A DMIOOm. issue 
announcement expected from 
DG Bank yesterday for a Euro- 
pean borrower will now be 
reconsidered at a meeting of the 
Capital Markets Sub Committee 
next Friday. 

Commerzbank is expected to 
launch a DM40m. private place- 
ment to-day. 

Japanese companies are set to 
raise a record number of bonds 
essentially denominated in 
D-Marks and Swiss francs in the 
three months from next July. As 
many as 27 companies have 
applied for approval from the 
Ministry of Finance in Tokyo: the 
amount of these bonds will be 
worth S600m., one-third up on 
the figure for the equivalent 
period in 1977. This figure will 
however, be less than that of 
bonds floated by Japanese com- 
panies in the three months to the 
end of June. 

More of these bonds will be 
denominated in D-Marks: 70 per 
cent, of the total in the three 
months to September, as com- 
pared with an average of 15 per 
cent last year. 

James Forth writes from 
Sydney: The Australian Govern- 
ment will file with the U.S. 
Securities and Exchange Com- 
mission later this week for a 
proposed offering of a S250m. 
Yankee bond. This borrowing is 
the latest in a scries of fund- 
raising operations since the 
middle of last year, all aimed at 
shoring up Australia's reserves 
and preventing a devaluation of 
the Australian dollar. 

Speculation against the dollar 
continued early this year and this 
resulted in substantial capital 
outflows, which prompted the 
Treasurer, Mr. John Howard, to 
state last March that Australia 
would not hesitate to borrow 
beyond the Sl.Tbn. indicated last 
year it that were necessary to 
prevent a devaluation. 

Australian Eurobonds slipped 
in the secondary market in 
London yesterday by a quarter to 
half a- point. 

OCE-VAN de grinten NV. the 
Dutch reprographic equipment 
j maker, said pre-tax profits fell to 
' Fls.12.lm. (95.4m.) from 
j Fls.l3.5nt. in the first quarter of 
197S, Reuter reports front 

Sales totalled Fl8.295.37m. 
(Fls.lS5.62nt.t. and net profit per 
share Fls.4.2 tFls.4.14 adjusted). 

Operating profit was Fl.IS.0lni. 
(Fls.16.18m.] after depredation 
of Fls.17.64nt, iFls.12.lSm.). Pre- 
tax profit is after interest of 
FlsJUTm. (Fls.2.fi2m.). But in- 
cludes exceptional credits of 
FIs.294.000 (Fls.30.000). Tax 

totalled Fls.4.9nt. leaving Fls.23m. 

Comparisons are for the 
original group before last year's 
merger with Ozalid of the UJK. 
the company said 1978 results 
should equal those for 1977. and 
business is developing satisfac- 

Araev expansion 

AMEV, the major Dutch insur- 
ance group, aiuW~for‘ further 
expansion this year and results 
to date are favourable, reports 
Reuter from Utrecht. The annual 
report explains that the non- 
insurance activities share of pre- 
tax profit rose to 23 per cent, 
from 18 per cent In April the 

company reported a 1977 net 
profit of Kls.71.4m. up front 
Fls.60.7m. in 1976. nr Fls.13.59 
per share against Fls.11.57. 

Dip at Gist-Brocades 

Dutch bio-chemicals and pharma- 
ceuticals group. Gist -Brocades, 
reports a 7 per cent, dip to 
Flsl9.5ra_ (SS.Sm.) in net profits 
for 1977 and expects a further 
decline in the current year. The 
dividend is being cut to Fls2 a 
share from FIs5.22. The company 
blames heavy interest costs, cur- 
rency problems and delays in 
the purchase of two U.S. com- 

For information only 


for their activities in the 
Kingdom of Saudi Arabia 

US DOLLARS 100,000,000 


arranged by 





and provided by 


















Agent Sank 





ter Debut for two African borrowers 

Financial Times Wednesday i&y 10 1978 



‘* ds i ,;ii 

ft| »A3| 

l"’;’ lr 


■ ^HjTWO African coon tries— Bots- 
wana and Mauritania — are 
to i entering the international mar- 

for the first time. The 
m S V®spublic of Botswana is raising 
.. ^:S45m. for seven years on a split 

;r H ■Vr ll ., l ->. Spread funder 2 per cent, rising 
I ‘IitO <V t0 2 per «*«*■ and then to 'over 
«i„.' pas'll per cent) from a' group, of 
1 tyVbanlM led by First National Bank 
• 4! n tik Of Boston. Other terms include 

‘p i" ,r ^ three-year grace period. 

' V The funds will be used by tbe 

' : 1 Mh^l “ Government to acquire a further 
1 ’ '.ii;,,,..' ^20 per cent equity stake (it will 
"n receive 30 per cent, free of coh- 
" •; }r., r [^JUiSideration) In a new mine being 
developed by De. -Beers. 

, " 4U,.j. ,.'*5. Mauritania • is also raisins 
■'V** 1 ' w!i tl i.. , > s lSm. for six years, on a spread 
‘‘ 1 ,!; *! «*r ^ fP oC P er «°L with a two-year 
!ri linii ^ Brace P° ri od. The borrower is 
Bimque Arabe Libyenne Mauri- 
:r : iii» f iAii. :jinene fBALM) in -which the 
'-■$ stale of Mauritania has a 49 
"•<* j fll | ' 1r <^per cent, stake,, the. other 51 per 
.3 :cent. belonging .to the Libyan 

“ ilhi 

I!:.. tbArah. foreign -Bank (LAFB). 
ip. tTn > • The State' of Mauritania is' 
‘ fi'ii T I j Aiiaranfeeing’ 49 per cent of -the 
' :;i N^.loan. and the LAFB 5t per 

■ m -. cenL The Libyan ■ presence 

— «Sst . : — 

Property group 
passes dividend 

HONG KONG, Mav 9. 
•^TKRim, v has reported a net profit for 
■ ^lSTT of SHKl.Sm. (some SU.S. 
,, f 400.000). In 1976, net profit, 

... ,0I al fe.aftor the inclusion of SHK12Jm. 

■ l ' 1 ;' ,l> ai. win extraordinary items, was 

•• *n ini* l‘s. jT$HK13.4m, The' dividend is again 
.' ' ' • 1‘un di^pa^setL- • • " 

• t , i« , A;ii 1 in ft. Turnover 'was' . ?HK240nv 
a, <* fu5i:iSU.S.52m.), ' compared with 

: , ^8^x236.4111, 

" Net earnings a share before 

explains the spread obtained by 
the borrower, half-wfiy between 
the spread of i per cent which 
Libya would pay jf it came to 
the market and the 2, per cent 
Mauritania would pay if it were 
guaranteeing the whole loan. 

Scandinavian borrowers con- 
tinue to raise large loans: in 
Sweden the state-owned ship- 
building company Svenska Vary 
is raising S200m. for seven years 
on a split spread of { per cent, 
for lheJirst three years rising to 
l per cent. These terms. are a 
little harder than those for the 
recent Swedish oil company 
loan, because this time round 
there is no state guarantee. Lead 
manager is Orion and the loan, 
which has been fully under- 
written, is being syndicated 
among 13 banks in all, none of 
which is a U.S. one. 

Meanwhile the Kingdom of 
Denmark is raising DM400m- for 
seven years on split spread of 
3 per cent, for the first two 
years rising to J per cent. Lead 
manager is Compagnie Finan- 
ciere de la Deutsche Bank, 
which is also arranging a 

DMlOOm. fixed interest loan for 
Rio Metro. The ■ interest paid 
by the Rio Metro is 71 per cenL 
Compagnie Financiere de la 
Deutsche Bank will provide 
DM90m. of this figure and 
Bayersche Hypotheken the 

Legal difficulties delayed until 
last week the signing of the 
S23Dra. seven-year loan for Yaei- 
mientos Petroliferos arranged 
last autumn. Managers for this 
loan, which boasts a split spread 
of 1A per cent, for five years 
rising to 1; per cent, include 
Bankers Trust International, 
Chemical Bank. Manufacturers 
Hanover, Morgan Guaranty and 
Wells Fargo. 

The Italian stale company 

Crediop is arranging a S175m. 
eight-year loan, with an option' to 
extend this maturity to ten years: 
The borrower which has pro- 
vided a state Guarantee is paying 
a spread of 1 per cent, for eight 
years, which would rise to 1J per 
cent, if the option is taken up. 
Joint lead managers are Citicorp 
and Westdeutsche Landesbank. 

A $20 m. five-year loan carrying 

a spread of U per cent, has 
recently been signed for the 
Luxembourg subsidiary of STET, 
the Italian state telephone com- 
pany. Lead manager' is London 
and Continental Bankers. 

In South East Asia, borrowing 
continues apace: the 3250m. club 
loan for the. Philippines has been 
increased for the second time. In 
a first stage it was increased to 
S4^0m^ and now it has been in- 
creased to S500m. It Is not ruled 
oat that the S300m. for the Korea 
Exchange Bank and the Korea 
Development Bask should also 

be Increased. 

Another active borrower in the 
area is Indonesia. It is in the 
process of organising a 825m. 

seven-year loan with Wells Fargo 
is believed to carry a spread or 
1 per cent, and a grace, period of 
two years, terms which would be 
the softest ever For an Indonesia 
credit. Meanwhile Bank of 
America is lending Indonesia 
S2&5m.. or which R9.2m Is 
accounted- for by U.S. Exim 
credits. The borrower is paying 
a spread or 11 per cent on the 
commercial tranche of the credit. 


Cautious approach to options 

' rnvimL. extraordinary items were 1-2 

FjthutfJ cents, against 0.7 cents. 

'' i-v tha The company reported losses 
“■* ' 1 ''‘mmoni faOf SHK800.000 from the sale of 
r V.» uim frfhotef pronerty (against a profit 
" not Wnf SHK.4.2m.). ■_ _ ' . ' 

‘ ' i»:iicfi Reuter 

United Overseas Land 

k United Overseas Land group 

net profit fell to SS230.000 
III HP ISU.S.1 00.000) in .1977. from 
**”lv $S2.21 hi. in 1976. The parent 
company loss ' was SS470.000. 
j ir attains!. 3S2.11m^ rewirt* Reuter 
'■ U3 .from Singapore. The first and 
•: ,, f.; final dividend is cut to 2 per 
. . v\«j cent, from 6 per cent. 

The company said that the 
, , • » . reduction in group profit and 

5 liisl-nrocadelo's incurred bv. Ihe parent 
.. company were mainly due to 
. 'Ve^ibe continued depressed resi- 
fcdential property market. 

* • =• • '• 

THE introduction oF options deal- 
, ings in Japan is being treated 
(with caution by the Tokyo and 
other Japanese exchanges, pend- 
ing the outcome of the review by 
the U.S. Securities and Exchange 
Commission designed to deter- 
i mine whether it is possible to 
maintain fair and orderly 
'■markets in options, the Tokyo 
\ Stock Exchange has said. 

At the same time, some 
Japanese securities companies 
have grown less interested in the 
idea of options trading now that 
tbe Tokyo marker is booming 
without the stimulus which it 
was hoped that options would 


The Tokyo Stock Exchange is 
continuing to study a draft plan 
for the introduction of options 
trading, but no early decision to 
go ahead is expected, according 
to the Tokyo exchange. 

The draft plan was worked out 
by the Japanese Securities 
Dealers Association in Novem- 
ber, und was based on the find- 
ings of a survey mission sent to 
the U.S. and Canada in April 
last year. 

The plan recommended that 
options trading be limited 
initially to stocks of about ten 
companies, each capitalised at 

Hong Kong Land growth 


HONG KONG Land's' earnings 14 per cent. Mr. Newbisong says 
and dividends will continue, to that as a result of the SHK30Om. 

!■"» - ■ — « - S d 'SoJl “ iiSiJS 

income from longer-term invest- ^ntls 19S5, the group has 
tnejus, such as its central dis- sufficient funds available from 
trict redevelopment scheme, Mr. existing resources for its current 
D. K. Newbigging, the chairman requirements, 
says, in his annual report. Tbe main increase in. lurn- 

As previously reported, the over came from commercial ren- 
group profit after tax amounted lals— up from SHKJSOra. in 1976 
to SHK229.S0m., an increase of to SHK224m. 

TOKYO, May 9. 

Y2bn- or more, paying annual j 
dividends of Y5 per share or i 
more, and with market prices 
above Y100. Reuter 

* + + 

Nippon Shin pan Company 
Limited, expects to report a 33 
per cent, increase in volume and 
a 26 per cent, rise in net earn- 
ings for the fiscal year' which 
ended March 31. according to Mr. 
TadasM Enomura. executive vice- 
president, AP-DJ reports from 
Frankfurt- The forecast was 
made at a Press conference held 
in Frankfurt to discuss a DM50m. 
convertible bond offering, which 
the Japanese consumer credit 
concern had previously an- 

Mr. Enomura said the pace of 
the rise in volume and profits 
exceeds the average over the last 
five years of a 25 per cent, 
annual increase in turnover and 
a 15 per cent, annual gain in 

“Until recently,’' he said 
“Japan’s financial policy revolved 
around chemical and heavy in- 
dustries as the, nucleus of the 
Japanese economy. We believe, 
however, that the consumer 
credit industry will become a 
new element in the core of 
Japan’s economy." 

■" • *= STRAIGHTS 

. .-'i-nf jrc Alcan Australia sjpc 1»8 

• .n: AMBV spe lost • 

. . ■ Australia SJpu 19** 

• ■ ; c At wnrlMii if -AfSi 3Jfie W 
'• :•-! iV: Sari-toys Ran* ^1* IW... 

. .. A-1IUU1UT IBW -• 

?;■ Can. N Railway N'-a> JiSS 
: ■»!> t. 'CivOit NatiiHutl K'ov 10w*... 
OcunnrV won 1PS4 

_—ECS apt 1993 

.ECS Slut- 1W>" 

- — EIB Stpv 19M - 

EMI 91 D*. IIM 

KPfJSDn Sim- 19s« 

Eno bpc ISSfi Nnv • ••• 
r.t., Lakva Paper :p-- lf54 
Hamersley *ipv 1993 ■■■• 

Hydro Oup&pc 9Pt- 1992 .... 

ICI slot- 1RT 

_ _ » lsE Canada flipc tW* 

■f /A\t Uarrnlllaii Wo*-di-l Pin: 1993 
|( B \ Ma-.wy FcTaus*m »:pc TM 

I VJi ' Uii-Mm r.pv 19s« ~ 

Midland Ini Mn. Slot- 93 
National Coat Hd. Spv 19S7 
National Wwmiwir. “w 
NovfDundlanil Opr 19S9 
Nb-dii' Itiv. Bk Stpv 19kS 
Norec-a Korn. Bk. Sloe 19W 
Norpipo sjpe 19S9 
Norsk Hydra >;p«- 1992 ... 
Oita flpc 18SS . ...... 

Pons Anomnnra 9 tk- t9PI 
Piw. Om-hPL- 9pr 199^ . 
Pror. S-jRkairh. sjpr IW6 





m .. 





















n \ . 



Ml 911 
W--- 97t- 

9i ■ 
wm ■ 




100 ! . 
95 i 








Reed Imrmauonal 9pr 1B97 
Rinu opt 1993 ... . 

Sel>*cT!ou Ttvst ??pc lB«d) 
Skand. ETuUlda 9pc <an 

SKK Spc. 19B7 .. 

Sw-.'ien •KMomi SJpc T37 
United Umnln Dpr I9SS .. 
Volvo spc 1957 March ... . 


Auitralia 71PC 19S4 ........ 

Bell Canada "Jw 1937 .. . 
Hr. CuJiinibia Hvd ;,'pc *SS 
Can Pj‘-. Sipt 198* 

Dow Chcnilen) fipc 193s . 

ECS 7ipv 1M2 

E»“S SIPC 19S9 

EEC 7!pr 19S2 

EEC r.’iH- 1*W 

Emin tlutwU SIpc 1 BP« •• 
r.otar erkt-n 7:.* 19*2 

Km Surtis Spc ■•s‘1 

Mh-Jwlln S' pc 1953 

it od i real 1 'rhan s!pc 1981 
New K ruin wick fipc 19W ... 
New Bruns Prov fiftic "S3 
New Zealand Si pc 19Sff . 
NoriHc liiv Bk. TSpr 1984 
Norik Hydro 7*pc 19S2 





. 99! 









100 } 






••• 931 
9 a 






















Lloyds 1983 Tlpc 

Norway Tip*.- 1S82 



LTCB 1983 Spe . — 


. 931 

Midland 1SB2 Spc 

Sinjjer «iw 1932 \. 



Midland 1D87 TUifipc 



ORB 1933 7ipc 


97 1 

SXCF 1955 Si pc 



Srd. and Cblnl. *84 TDjaiw 



Wins, and Glm's “94 Si u-PC 

Tennero “Jpc lWr Mas- .. 



Source: While- Weld 

VolkBvaccn Ijpt- 1B8T 




jssnitf 1 

esc group 

The leading 
. banking 
.in France 

Credit industrial 
et Commercial 


74 London Wall EC2M 5NE 
Telegraphic address: 

Canonicus Ldn EC2 
Phone 63S 57 00 (20 lines) 

Telex 8S6 725 Canonicus Ldn 

Foreign exchange [ 

telex 888 959 Canooex Ldn . j 


Allied Brewerlrs lIHpc '90 89* * 90* 

Citicorp l Opt 1993 90* 91* 

Coanaulds DJpc 1989 S3* SO* 

ecs B.-pc 1989 ra: mj 

KJB Kpr IMS' 93.’ »« 

EIB 9^W 1993 931 94* 

Finance for Jnd Otpc 19S7 90* Ml 

Finance far Did lOpc 1959 91 92 

Fhons 19* pv 19S7 Ell M2 

Geapmer llpe 19SS 99} Mi 

IXA 10PC 1BS8 — S3: 9M 

Rowniree 10}pc 1988 . .... *0! 901 

Sears I0*pc 1988 53: MJ 

Total OQ 9* pc 1984 - S3! KU 


Aslan Dev. Bank S}pc 1988 97 97* 

UNDE 6iPC 1956 Ml 97} 

Canada dec 1DS3 n 95! 

Den Norake Id. Bk. Spc '90 98 951 

Deutsche Bank 4|pc 1983 98 »- 95> 

ECS 8*PC 1990 932 96} 

EIB 3}pe im 951 96* 

Elf Aquitaine' 5*pc 1988 ...' 952 967 

Euraimn 52pc 19S7 952 99' 

Finland 3U>c L98C 93 95.' 

I' o remarks >2pr 1MD 98 BSl 

M^uco 6 pc 198S 95* Ml 

N proem 5 Tpc 19S3 lta) IMi 

Norv.'ay 4 !pc Iff-'S 99* IMS 

.Nonray Cm 1983 97* 9S* 

PK Banken a-Vc 19S8 .... . 903 

Prov. Owbw aof 1JPB 974 98 

Ramaruuftki 5!pc 19SS ... Mi 97! 

5aahi 1985 95 MS 

Tronrthi nn iix .... 971 93 

tvu Power Co t-v i9is . vn ns 

VenezqeJa Bor '9S8 B7i 99 

W.wld tank *gpr tsao 98 9S2 


Bank Of Tokyo 1984 7 ij ibPC 9»r ■ IMI 

BFCE 1984 &Jnc 991. 100'. 

RNP 138S*l lfc pc loot ini* 

rCF 193 Spc 1 00 100! 

CCS14 1984 •tP r ... 

Credlianstali 19S4 7*pc ... 

Credit Lyonnais' IMS Spc .. i"d 
on Bank 19S2 713I6PC ... 180* 

GZB 18SI 31 it Pc. ... -t • IMir- 
. ZntL BTesfmfnsrer 1884 Spc BBS 




American Express 4*pc "87 88* 

Ashland 3pc 1956 . ...^ 95* 

Babcock & WUcn fcbe ’97 1B2 
Beatrice Foods ttpv 19W... 98 

BoaUioc Foods 4!nc 1992 105 

Betcbam 6Jpc 1992 96 

Barden Spc 1992 . ........ UW 

Broadway Hale ttpe 1987... 78* 

Carnation 4 pc 1967 - 77* 

Chevron Spc 19S8 136 

Dan 4JPC 1987 . 79* 

Eastman Kodak 4 !pc IMS 84* 

Economic Labs. 4.’pc 1987 77* 

Firvstone 3pt IMS 82 

Ford 5nc 19SS 9M 

General Blccric 4ipc 1987 Ml 

GIU Pile 4;pc V9S7 781 

Gould 5pc 1857 ... 1121 

Gulf and Wcsiero Spc 1958 87 

Harris Spe '992 167 

Honeywell tae 1988 8Si. 

ICT Glpc 1982 ... BJ 

IKA Ope 1997 • — 944 

Inch cape •8Jpe 1992 113 

- gj 


rrr 4,*pe is.” 

Jusco «W 1592 
Komaiau 7*pc i960 
J. JfUy McDermott 4!oc "87 1©I* 

Matsushita fiJoc 19M iSTj 

Mitsui 'ilk' 1890 .... 121 

J. P. Morcan 44pc 1997 .. »S 
Nabisco Sipe IB8S — IM* 

O irons nUools 4* pc 17S7 .. US* 
J. C. Pt-anc4 4:p» !f%7 .. 79 

Rninn 4!pe 19S7 1U4 

Reynolds MulaJs imr 1888 M 

SMidvik Blue tBSS ui* 

Sperry Rand 4'm- 1987 . ... Bl* 

Squibb Hpe 17^' 82 

Tes.ii.-o 4-}pr 19SS S2* 

Toshiba BUw 1892- 1SK 

Ty Co. Jue 1954 75 

tTnion Oifbfde 4:w I3fi2 . . SB 
Warner Lambert 4tp- 1P97 S3 
Warner Lamlvn Cpc 1988 774 
Xcrot.3pc.lKS 70 



10 w 








100 ! 

■ WS! 
' 96 










Sourw: Kidder. Peabodr Securlifas 


Racal Electronics Limited 

has acquired 

. f f 

% ‘ 


TheVadic Corporation 

We initiated this transaction and assisted in the negotiations 
o?i behalf -of The Vadic Corporation. 

Warburg Paribas Becker 


t !s 

t * 


■ Mm 197$ 

First half 
advance at 

By Wong Sulong 

reported a 27 per cem. rise in 
profits for th eflrst half or its 
financial year, in spite of its 
failure to make a break- 
through In the beer market. 

The company said (hat ils 

withdrawal Train ihe beer 
market in January is not 
expected to affect profits for 
the current year. 

Pre-tax profits for ihe six 
months to February increased, 
lo 10.7m. rluggits 
while sales rose, by 18 per 
cent, to nearly TOrn. ringgits 
(S29m-). The company pointed 
out that the .first Half of its 
financial year, which coincided 
v«iih (be festive season in 
Matavsia and Sinnapnre. is 
normally the more buoyant 
period and that *atp* during 
the second half arc not 
expected fo maich Ihe recalls 
achieved. ..... , r 

An Interim dividend oT la 
per cent, is declared, compared 
with 12.5 per cent, ror Hie 
interim dividend in 1977. 

Alcan offshoot 
oians evpansion 

By Our Own Correspondent 

KLt.VLA LUSifLlw .Hay 9. 
ALLOW. Ihe Malaysian asso- 
ciale of AJcan of Canada, 
plans to double iis aluminium 
extrusion capacity through a 
10m. ringgit <USS4.2m.) ex- 
pansion plan, tu meet the 
growing demands Tor alu- 
minium in Malaysia and 

The company's plant out- 
side Kuala Lumpur currently 
turns out some G.5Q0 ions of 
sheet prodnetb, and 4,300 ions 
or eslrnsfon annually. The 
expansion will be on extrusion 
facilities, and capacity will be 
around 84100 tons a year once 
new plant Is installed within 
18 months. 

Alcorn's managing director, 
Mr. Donald Criily, said to-day 
the 10m. ringgit? would come 
mainly from the company’s 
internal cash resources and 
medium-term loans on ihe 
Malaysian market. 

He said 19 per cent, of tbe 
company’s products arc ex- 
exported to Singapore and it 
is hoped to increase this to 
30 per ceuL within a few 

Following approval- by the 
Govcrumen! Tor a general 
price increase, Alcorn last year 
recorded an afler-lax prufli or 
1.40m. ringgits (USS610.000) 
compared io 500.000 ringgits 
in 1970. The company early 
this year declared a (ine-for- 
two scrip - issue, raising its 
paid-up capital, to 10.87m. 

The Alcan Compauy of 
Canada holds 34j per cenl. of 
Alcorn's equity, while another 
37 per cent, is held by Malay 
Financial institutions and the 
■remaining .equity held by the 
Malaysian and Singapore 

Vehicle financing downturn 
curbs Custom Credit 


■ CUSTOM CREDIT Corporation. 

■ the finance arm of the National 
1 Bank of Australasia, managed 
! to lift earnings only 3.6 per cent. 
I in the March half-year, from 

SASJEra. to $A8.5m. ($US9.6m.i. 
Custom Credit's directors said 
the increase was actually 10.2 
per cent, if allowance is made for 
the increase last year m the 
company tax raie and Thai they 
. consider the result satisfactory 
j in view of the lower level of 

However. Custom Credit lapsed 
well behind the industry leader. 
Australian Guarantee Corpora- 
tion. a partly owned subsidiary 
of Ibc Bank of New Soulh Wales, 

which lifted gross receivables 
16.3 per cent, to SA'J.4bn. and 
profit by 2S per ccnL to SA22.4m. 
(Sl : S25.3m.). 

Custom Credit's gross receiv- 
ables rose 19.3 per cent., from 
SA93Sm. to SAl.lbn. over the 12 
uomhs to March, or this con- 
sumer finance, mortguqc loans 
and wholesale financing for 
motor dealers ai counted for 
7B.9 per cent. Leasing accounted 
for 14.3 per cent.. 

Real cslate bridglm: advances, 
joint venture loans und develop- 
ment land accounted for only 5.3 
per cent., with the balance or 35 

per cent, in short dated >iecurt- 

SYDNEY. May 9 . 

Losses written off during th* 
period amounted to SA3.85m. 
and reflected the level of unem- 
ployment and tower economic 
activity. The group's provision 
for doubtful debts was increased 
by SA750.000 and totalled 

The directors 1 said the lower 
demand in consumer durable* 
was particularly evident in molur 
vehicle financing, while demand 
was ntsn tuw in iho real estate 
sector. Xu real upsurge was ex- 
pected in demand for consumer 
finance in the short term, while 
leasing finance could he adier>ely 
affected by a reduction in the 
investment allowance. 

Profits recover at OK Bazaars 


A STRONG second half, which 
included an exceptionally good 
Christmas season, has enabled 
OK Bazaars to match last year’s 
profits for the financial year 
ended March. At the haif-wjy 
siagc. profits were 21 per cent, 
lower, but this deficit was mule 
up in the second half to allow 
for an overall net profit of 
Rll’.Zm. (S 2 4.5m. >. exactly 
lo 1977 results The 3 cents cut 
in tbe interim dividend has be.-n 
compensated fur by an equivalent 
increase in the final, ruslorirq 
Lolal distribution to an un- 
changed 5S cents, which is 
covered l.S times. 

These results no longer include 
profit*; from OK's Rhode m an 
operation which was sold in 
October last year in exchange 
for shares in Delta Corpora- 
tion (previously Rhodes; :n 
Breweries i. The effoci uf 
deconsolidating Rhodesia was tu 
reduce profits by 3.3 per cent. 

At the interim stage, u wis 
considered “most unlikely" that 
earnings for the full year would 
match (he previous year's level 
!n the event, profits im-rcaM-d by 

9.9 per cent, in the second half, 
on a sales increase of only 

6.9 per cent. But while margins 
widened in the second half, pre- 
tax margins for the whole year 
were down from 4.4 per cent, it 


4.2 per cent. Total turnover is 
now R5411H. <S620ni.i. 

The satisfactory .second-half 
performance is attributed to 
effective eusl cunt rot. including 
control uf shrinkage a:ul 
pilferage, while the belter 
margins were due to better 
-ranging and an Improved 
merchandise mix. OK shares put 
on 20 cents nn the strength of the 
rc-'ull? ami are nnw trading at 
ti20 cents. 17 per cenl. higher 
than a niuuth ago 

The results bode well 'or 
OK's parcni. S.\ Breweries, South 
Africa*.-, largest induct rial con- 
cern in turnover terms, which is 
scheduled to release its pre- 
liminary profit figures lo-uiurrow. 

Sharp gain at Cadbury India 


CADBURY INDIA, the offshoot 
of Cadbury Schweppes, raised ns 
after-tax profits in 1977 by over 
40 per cent., to Rs.5.94m. 
(8700.000), on sales up IS per 
cent., to Rs.166.fiin. ($20m.). The 
company has recently diluted its 
foreign equity participation 
under the Indian Foreign 
Exchange Regulations Act 
(FERA). and a further dilution 
Is (n band. 

The future of the company has 
been a matter of controversy*. 
Despite Leftist pressures, the 
Government has honoured its 
commitment to allow all foreign 

companies (including those 
operating in nun-essentin] sec- 
tors) to continue operations if 
They diversified their activities 
to areas acceptable to it. 

The first Cadbury India 
diversification project (100 per 
cent, export-orientated > for the 
manufacture of cocoa butter 
substitute went on stream in 
October. The project is based 
on “sal" seeds, abundantly 
available in forest belts or the 
backward stairs uf Madhya 
Pradesh and Orissa, and pro- 
vides employment to tribal 
people. In the first three months 

Reverse for Dunlop unit 


DUNLOP INDIA, the Dunlop 
Holdings subsidiary, has reported 
a sharpL fall in profits for 1977, 
with pre-tax earnings down by 
85.5 per cent, to Rs.l*2.2bn. 
(S1.5m.>, from Rs.S3.9m. in 1976, 
and after-tax by 76.1 per cenL 
to Rs.llm., from Rs42.5m. 

Revenue was reduced 4.6 per 
cent, to Rs.l.67bn. ($200m.). from 


The decline in revenue, the 
company says, results partly from 
a lower volume of sales and 
partly from price reductions on 
some products. It is associated 
with competitive conditions in 
the market, particularly in the 
case or truck tyres, in which 
“substantial under-utilisation of 
capacity has hit the industry as 
a whole." 

BOMBAY, May 9. 

of commissioning, exports of its 
products retched Rs.Bin.. and in 
1978. the export earning* from 
the plant would exceed Rs.40m. 

The company proposes to pro- 
duce apple juice concentrate 
based on Kashmir apples, a large 
proportion of which is wasted 
every year. 

The first phase of dilution, 
implemented in July, last year 
bought foreign equity in the. 
company down to 60 per cent. 
In the second phase, this share 
will be reduced lo 40 per cent. 

* * 4 p 

tralia. which is 62 per eenl. 
owned by the U K. company, is 
confident that 197S will see a 
satisfactory rise in both sales und 
profit aver 1977. the chairman Sir 
Rupert Clarke told the annual 

The group earned SAS.TTm. on 
sales of 8 A 171. 56m. in calendar 
1977. Group profit fell margin- 
ally in tbe first quarter, he said, 
but ihe first half profil should 
equal that of the corresponding 
period last year <8A3.41m.t. and 
sceond-half trading should be 
more profitable. 


This announcement appears as a matter of record only. 


U.S. $70,000,000 MEDIUM TERM LOAN 



Guaranteed by 

The Federative Republic of Brazil 

arranged by 


co-managed by 

European Brazilian Bank Limited-EUROBRAZ 
Merrill Lynch International Bank Limited 
Standard Chartered Merchant Bank Limited 
Toronto Dominion Bank 

arid provided by 

Banco do Estado de Sao Paulo S. A., London Branch Bank of Montreal International Limited 
The Bank of Nova Scotia International Limited The Bank of Yokohama Limited 

European Brazilian Bank Limited - EUROBRAZ 

Merrill Lynch International Bank Limited 

Euro-Latinamerican Bank Limited 


Intermex International Bank Limited 


Provincial Bank of Canada (International) Limited Societe Generale de Banque S.A. 
Standard Chartered Bank Limited . Standard Chartered Merchant Bank Limited 

Toronto Dominion Bank 

Agent : European Brazilian Bank Limited - EUROBRAZ 


Financial Times Wednesday May 10 197S 

Town hall lotteries become big business 

THE BOOM in town hall 
lotteries is here. Littlewoods. 
I lie Liverpool-based pools giant, 
has just broken into the £l00m.- 
plus-a-ycar local authority lot- 
tery business by launching 2U 
lotteries for the Greater London 
Council and most of the London 
hnroughs. This was the bigsesr 
single lottery launch since local 
authorities were given the 
power to raise money in this 
way just over a year ago. 

Littlewoods has joined its 
rivals Vernons and Ladbrokes— 
and a host of smaller companies 
— in one of the fastest growing 
sectors in the economy: 
gambling. . 

Over the past year 2B2 local 
authorities — more than half the 
total number in Britain — have 
encouraged local citizens to lay 
nut 25p a ticket in the hope 
of winning up to £1,000 in prize 
money. About lOp nr the ticker 
price finds its way lu the local 
authority in use on community 
projecLs .such as extra sports 
facilities ur travel scholarships. 
The rest goes in prizes and the 
cost or administering the 

In addition, at least 361 
chanties, snorts clubs, and other 
sHicial organisations have 
registered with the Gaming 
Board to run lotteries under the 
1976 Lotteries and Amusements 

With applications for register- 
ing new lotteries being made at 
the rate of 40 a week, the 
original estimated total turn- 
over For ail public lotteries this 
.'car of at least £100m. is likely 
to be comfortably exceeded. 

It is market size — much larger 
than had been expected when 
the go-ahead was given 
hv Parliament — that has 
Inrrri in the hig betting 
••rcanisalinn-. And with 

the possibility that the legal but in the process the betting 
limits on the gross takings of a companies have virtually estab- 
lottery will be increased, the lished a national lottery organi- 
competition will gel even fiercer, sation against the express inten- 
Local authorities have been lions of Parliament, 
only too pleased in most cases This is shown by the fact that 
to off-load responsibility for although Little woods is organis- . ,.. t 
running their lotteries on to the inj 20 lotteries in London — 
big specialist companies. Lack- selling up to SQO.QOQ tickets a i?!!® 
ing the expertise and resources week — the other major com- 
or these gambling organisations, pan j es will be seeking similar 
councils would mid themselves or evcn n realcr ticket sales In 
hard pressed to run a lottery London 
efficiently with only £Jm. turn- udb'voke's Casheade lottery, 
a k- v organising f or example, is already selling 

a number of lotteries, the major almost i m . tickets a week in 
companies can spread their London even though it only 
overheads over a much greater &cts on behaIf of three London • 
turnover. boroughs. Its ability to 

The lottery promoters take challenge in any area where 
over-all responsibility for find- Littlcwoods has Lhe local 
ms agents, printing tickets, authority franchise is due to 
publicity, organising draws, and the loophole that, for national 
paying out prize money. All charities, tickets can be sold 
the local authority has to do is anywhere in the country, 
nominate a worthy use for its When a charity like the 

share of Hie revenue. The (5 IX. National Society for Mentally Mr. Peter 

ror example, is putting £25.00rt Handicapped Children stands lo 
rowards selling up a resident sa in some £2m. a year from its 

rllMfri* rnmnont' n I T nnilnn'e f a i , ■ . « _■ v# . . 


«q?iec.v - •*'£* 


IriTK Kiri: 

Mr. Peter Moores, chairman of Littlcwoods, pictured with the GLC chairman, Mr. Lawrence 
Bains, at the launch of National Lotteries. 

thearrp company at London s iq lotteries— each registered at coin. If three identical eharac- second chance to present it a time and give a first prize of 
t>ld Vic. a different branch — for doing ters are revealed the ticket is a again. Subsequently the Govern- £1.500. II four lotteries are 

9-j c . . little more than lending its winner. For small prizes such ment put forward its own, held a year, ticket sales can be 

rromaointv name to the lottery, it is hardly as 50p or £1 the winner can similar, proposals which forced £40,000 for each with the top 

surprising that the gambling claim his prize from the vendor Mr. Page to withdraw his draft prize being £2.000. 

In return the promoters ex- boom has been welcomed with of the ticket. Larger prizes have legislation. Although the Most lotteries are of lhe 
pect to take about 3 per cent. open arms by types oE l0 be claimed f,- om the town Government's Bill became law we ekly variety which guaran- 
or sales as profit. F or a weekly organisation. hall or agent's offices. in August, 1975. it did not come tees more winners and is there- 

lottery with £10.000 turnover. The public's imagination has The other common types of into force until April. 1977. f 0re more popu i ar . But a sea- 
this represents some £300 a undoubtedly been caught by the lotteries are a straight forward One of the main differences s i<j e lovrtl- f or example, could 
week. But for a company like - instant-winner” type of lottery premium-bond style draw, or a between the Government's and hold alt 52 lotteries during the 
i L (5?i « - u pe :i l r 12 n which is far a,lt1 aw ®y the mofit mixture of the instant lottery Mr. Page's Bills was the limit summer season to take advan- 
i uu lotteries by the end of the popular. For 25p. punters can and weekly draw. on the size of the lotteries. Mr. tase of holiday-makers, 

year, this could mean annual buy, from newsagents, pubs. The opportunity for the Page had put the limit for gross Tha 

profits of up to garages and a multitude of other public to support its local town takings for any nne authority B«nnnn 

But there are already rum b- retailers, a ticket which shows hall or favourite charity came at £5m. a year, or around 

Imps in somir quarters that the stra j 3 ht away if you are a mainly as a result of the tuck £100.000 a week. But the the ? re ticaJly split 40 per cent, 
lotteries have become too com- winner. There is a 13 to 1 of a single MP. Mr. Graham. Government's Act set the limits to the local authority or charity, 
mercialised. They were set up chance of winning a prize, £rom Page, Tory MP for Crosby and at £10,000 a week, or £520.000 40 percent, as P nsw j»* and the 
original ly as a means for local 50p ro fi.000. a former Minister for Local a year. remaining 20 -per cent, to cover 

authorities and charities to These tickets, which vary in Government, twice won Lhe For less frequent lotteries. or .Sanisers expenses and cuin- 
receive extra income for specific format, involve the purchaser ballot For private members’ Bills the turnover for any one lottery mission. Littlewoods. on a 
community projects. These pro- uncovering numbers or lei tors in the Commons. After his Bill is higher but still limited. weekly lottery, are guarantec- 
jeds are certainly receiving the on the ticket by rubbing aivay to set up local authority lotteries Promoters of no more than 12 ins a return to_ Lhe promoting 
benefit «»r the lotteries boom: the surface with the edge of a failed the first time, he used his lotteries a vear can raise £20,000 Council of £4.125 a week, while 
■ — • ■ — ■ — — — — — , Ladbrokes pay £4.000 on maxi- 

mum sales or 40.000 25 p tickets. 

Thus a local authority or 
charity can net over £200.000 a 
year for very little work. 

Marines van Roymerswoele 

Chestcr-1 e-Street District Coun- sists largely of specialist 
eil. which was early in ihe security printers who either 
field, lias had over 40 draws have traditionally run smalt 
with sales averaging £7.000 lotteries or have entered the 
each On this basis,' net income market ro help local. authorities 
is likely to be around £450.000 which do not work through on* 
a vear. Nottingham Citv Coun- or the big companies. About 
eil however, sold out its firsr a quarter or councils, in Tact, 
week or 40.000 lottery tickets arc prepared to run theu; own 
within 4S hours and. if this is lotteries to ensure that all pro, 
repeated throughout the year, cecils, after expenses, go to the 
it would receive £208.000. stated purpose. 

The problem Tor the lottery Vet such lotteries which, are 

companies is ihat prizes and usually i ui « « monif.1 ly c ir even 

expenses are related to Lhe *»««»>;/ bam*. are n « «* 
actual, not potential, sales. It "instant type, and are not 

is Tar this reason that most P r °™g as successful as the 

promoters keep prizes below n^^.^^nereial operaao^ of 

rAwtmlcrinn lotteries for a charity of sports 

L^OlSlUllc>510ll organisation being set up in 

Ladbrokes anticipate, retam- S'bi^Zpani™. ? ^ * 
ing between 1 and 3 per ccnL D, ° 

net as profit from each scheme But the next obvious step Is 
depending on the level of ticket towards setting up a national 
sales. Commission to agents- lottery, to benefit such areas as 
Ladbrokes has over 3.500 the Health Service and with 
nationwide — is believed t 0 be prizes of up to £300.000. Lad; 
about 7 per cent, although this broke’s Cyril Stein believes that 
varies from lottery to lottery, lhe present lottery’ system will 
About £70U a week goes on he the forerunner of a national 
printing and administration lottery and says his company 
■and the balance on commission would be prepared to run it 
and the rest of the operation. To a certain extent, however, 
Vernons launched its instant big lottery’ promoters are 
lotteries towards the end of already running national 
last year. It now nins 82 lotteries m that they sell the 
lotteries, of which 6S are on sf™ 0 tickets all fl'er ® ri t a, 3- 
behalf or local authorities. Only the name is different The 
Since it started, Vernons Same is still the same, 
estimate that over 2Um. tickets This is a long way from the 
have been sold, netting £2m. £4m.-plus which the Littlewoods 
for prize winners and £2m. for lottery will make for the 20 
the council or charity. London councils taking part. 

Ladbrolics launched its first And if the present restrictions 
lottery last February- and on lottery size are lifted then 
claims to have S3 now — one the profits to local authorities, 
more than Vernons— but caicu- punters and promoters will rise 
lates that the total will top 100 accordingly, 
later this year. Mr. Cyril Stein. The report of the Royal Com- 
chairman of the Ladbroke mission on gambling, due our 
Group, estimates that in the j a ter this month. ttould 
first full year of operation its recommend such a relaxation, 
lottery ticket sales will exceed And the Conservatives have 
200m.. raising some £20 m. for already indicated they would 
the sponsoring organisation. favour such a move, if returned 
The rest of the industry con- to power. 

There have been 
a few Changes 
in Banking since their Time - 

for instance, the Development 
of the Euromarket. 

Lloyds Bank 

Interest Rates 

Lloyds Bank Limited has increased its Base Rate 
from 7 &% to 9% p.a. with effect from 
Wednesday 10th May 1978. 

The rate of interest on 7 -day notice Deposit accounts 
and Savings Bank accounts is increased 
from 4% to 6% p.a. 

The change in Base Rate and Deposit account 
interest will also be applied from die same date 
by die United Kingdom branches of 

Lloyds Bank International Limited 
The National Bank of New Zealand T .imitpH 

and by 

Lewis’s Bank Limited 

Hie work! of finance is getting more 
complex by the day with floating currencies, 
new debt instr u ment s and an increasing 
demand for int e rnational funding being only 
some of the newer developments calling 
for ever grea te r pro f essional banking 

With Bayerische Landesbank as your banker, 
you can rest assured that you'll get all Ihe 
necessary financial experience you'll need and 
more - you'll have a partner who combines 
personal friendliness,, the type Bavarians are 
known for, with professional drive. 

As one of the largest “universal banks' in 
West Germany, bankers to the State of Bavaria, 
and with a balance sheet total of close on 
DM 60 billion, you'll know that we have the 
financial capacity whatever the size of your 
project. Our refinancing ability for DM 
loans is strengthened tjy our authority 
to issue own bearer bonds. In addition, ? 
we have the management capacity to 
put together worid-wide syndicates. 

For Euromarket lendings, be it for short- 
term trade financing or medium and long- 

term capital investments, our subsidiary, 

Bayerische Landpsbank International SA, 

Bayemlux for short, is at your service. As inMunich, 
in Luxembourg too you'll find the some high 
professional standards seasoned with Bavarian 
friendliness and that this rare combination is 
appreciated by a demanding clientele is best 
reflected in the fact that Bayemlux's balance 
sheet total increased from DM 3.75 billion to 
almost DM 5.2 billion during the lost financial 
year ending September 30, 1977 Our invest- 
ment advisory services in Luxembourg have also 

S sd recognition particularly in the field of 
interest securities and other investment 
certificates. And our money market and foreign 
exchanae operations complement our Euro- 
market facilities. 

When you are looking for a partner in the 

Euromarket you can't do better than 
Bayerische Landesbank. 

Bayerische Landesbank Giroxentrale 
8 Munchen2, Brienner Strasse 20 
fr> TeL: 2 17 Tl, Telex: Foreign Dept 5 24324 
f Cables: Bayern bank Munich 
3 S.W.LF.T. Address: BYLA DE MM 


With effect from the close of business 
on Wednesday 10th May 1978 
and until further notice TSB Base Rate 
will be 9% per annum. 


Central Board; 

P.O. Box 33, 3 Copthall Avenue, London EC2P 2AB. 




International Banldiig with Bavarian Drive 
and Bciendliness 


mms moth 

Ford Main Dealers 


1977 1976 

£'000 £'000 

Group Sales 67.331 ' 51,64 

Profit before Tax • 2.774 1,571 

Retained Earnings 2.597 1,461 

Earnings per share 62,Sp 35.5 1 

■¥; Dividends increased by One for one bonus issue 

permitted maximum , of ordinary shares 

tC- 1 978 First quarter profit 
Of Cl.l 00,000 compared 
with £606,000 in 1 977 

Copies of the Chan-man's statement and the.i277jcport stn ? 
accounts can be obtained from Tfto Secretary, 273 BaBards 
Lane, North Finchley. London N12 $N$. 

,,f i \ m 

>1 . 1 

- "I! 1 ' 

r t 


- -EhmncTal Times Wednesday May 10 1978 




17 direct flights / 
from the UK 
to Norway 






haven t . 
got the details 
ring. 01-680 1011 





M9SS M97S 

Flew3miliian passengers lastyear. 



.1 ' 

••'rr: 1 
it Ilf; . 
J t3{ 

•' V. 



■* rr 

"•■if • 


. SacUtt Ammne 
Registered once Luxembourg 

Notice of annual general 


The Annual General Meeting ol sharo- 
hotders el Pin- Holding - SA. will be 
held at it* registered oftte - 'at 10. 
Boulevard Roosevelt. Luxembourg, at 
3 o’clock p.m... on May 30. 1978. 
lor the punxuc of considering and 
voting upon the toi lowing matters: 

1. Acceptance of -the Directors' and 
Com tnlssaJ re's- reports and 
approval of the financial state- 
ments for the year ended Decem- 
ber 31. 1977. 

St Application 'of ' the net profit, 
declaration of a dividend for 1977 
and of Its date of payment. 

3. Discharge of 
the Commissi 

the Directors and 

ilssalne with inspect to 

the sear 1977. 

4. Statutory nomination. 

5. Determination of the Directors' 
- compensation for the fiscal year 

— - 1977. 

fi. Determination of the Ccmmls- 
5*lre*s compensation lor the fiscal 

- . -year .1977. 

The hearer shores’ may be deposited 
etther at the re g istere d office of the 
'Company In Luxembourg, or with any 
banking or financial institution agreed 
by the Company. Depositary certi- 
ficates must be received by the Com- 

pany -at Botte Postal* Nr. 408. Luxem- 
bourg. prior to 

May 25. 1978. 

No depositary certificate is reaulred 
yrftft respect to mistered shares. 



BROWSE AMD DARBY. 19 Cor* St- W.i. 
SICKERT. Mon-Fr). 10.00-5 JO. Sat. 
10.00-12-30. Last we«k 

•• !\:h ivi! 1 . 

‘ ■■ ' ; • i 


*.■ s;i 

SociAtA Anonyme 
23, avenue de la Porte-Naive 
RjC. Luxembourg B 73fl' rs 

Pursuant :to. a resolution of the 
Annual Gehtral Meeting orShsrw- 
holden' fold on the 25th of April 
1978. payment of USSOJO per stare 
will be made on efce 25th May 1978. 
with posxibiffty of reinvestment in 
shares, without fraction. at the net 
asset value calculated on the same 
date. For that purpose Shareholder* 
have - to introduce their application 
'before. Che. puroenc deter . . 

Paying agents: 

— Sana, CoatmeTclale Italian* in. 

Milan; ■ ' ■ 

—Band deHa Svtatn kaKxua In 
Lugano and in Zfirich; 

— Bjnqoe de Parts et dea Payi-Bas In 
Parti. Amsterd a m, Brussels. Geneva 
and London; ' *• 

— Banque de ' PIrtt ’ef "del Pays-Bas 
pour le .Gfand-Duch€ de Luxem- 
bourg' In Luifembourg. 






National . Westminster Bank Limited 
gives notice that .. qUIras may now be 
lodged -for- the -eighteenth dividend due 
24 April 1978. on the Deposit Certificate 
at the raw of E0ai7l0S per 
unit. United Kingdom income Tax n 
shown below will be deducted unless claim 
are accompanied bv an appropriate Inland 
Revenue declaration-- 

Gross Dividend of DM1.10 per __.-i.__ 

unit . . £0.289473 

23 per cent. German Tax . . £0.072368 

United Kingdom Income Tax 

Claims should be WWit 
Services. 5th Floor. Dramrs, GerdeK. 12 

No 20 provided on the back ol the 


The Bank ol Adel aide's Transfer Books 


By Order o. ^ R ^~™ |FFORD . 
Gee era) Manager. 

COLHAGHI. 14. Old Bond Street. W.I. 
and 20th Century and L. S. Lowry 
DRAWINGS. 10th-30ra May. VOno. 
9.30-6. Sats. 10-1. Tel. 01-491 7408. 


FOX GALLERIES. Exhibition Of the paint- 

ings by British and European Artists 
from 1700-1 96S. 5-8. Cork Street. 

London. W.I. Tel. 01-734 2825. Week- 
days 10-6. Sats. 10.1. 

PORTRAIT PAINTERS. Royal _Soclety's 

84th Annual Exhibition at. The Mall 
Galleries. The Mall. S.W.1 . MwL-Sat- 
10-5. Until 18 May. Adm. 50p. 

Mr. Jt H. Bartlett, at present 
managing director of the UX 
{■has been appointed - managing 
director .of the group's .new Euro- 
pean region, responsible for the 
manufacture and .marketing' of 
its. consumer products range 
throughout Europe.- At the same, 
time Mr. Richard Arinltage, 
deputy managing: -director . of 
Wilkinson Products fUX). takes, 
over special responsibility for 
sloping the tools, . hoa$ewafes 
and scissor business in the UX 
including True Temper tools - in- 
both the UX and continental 1 

Mr. P. A. W. B. Eve card-- hfis. 
been- appointed ‘ president -of 
held the position of chairman. for' 
29 years. He retains Ms director- 
ships, Mr, R. 0. Steel has becf^ne, 
chairman. . He was a director of 
Everards from 1968 to 1975, * 

' * ‘ r V'- 

Mr.. Peter '.'A.'. Armstrong" .has. 
Joined J. H. MINET AND CO." ak 
a director and as - managing 
director of the aviation -division.. 

★ 1 . - - i 

Mr. David A. RnsseJJ has been 7 

appointed chairman and manae- 
Ine director of the ROSSER AND 
RUSSET.L GROLtP on the retire- 
ment of Mr. D. Russell Naylor. 


Mr. G. J. Berwick has been ap- 
pointed “map financial controller 
of RRIDON and also a member 
of the company's executive com- 
mittee. Mr. B. S. Neech is now 
group chief accountant 


Mr. John Low has been ap- 
pointed a director of PIG IM- 
member of the Dalcety Group, 
and also becomes a deputy chief 
executive of the livestock 


Mrs. Elizabeth Keenan has been 
aonointed chairman of the 
AUTHORITY'S Local Advisory 
Committee for Independent Local 


St-. W.I. Modtm Minting*, sculptures 
Ml d graphics by Intern this intomational 
artists, wide range of price*. Toes^ 
Fri. 10.00-5.00. Sets. 10.00-1.00. 

W1LDENSTEIN. A Loan EXMMtton of 
days 10-S.30: Saturdays 10^12-30- Until 
26th May. Admission 30t> In aid of the 
CRy ol Binning ham Appeal Fuad. 147. 
New Bond Street. W.I. 



Full ServJ.ce, is pur Business 

• Law and Taxation. 

• Mailbox, .telephone and 
telex services. 

• Translations and secre- 
tarial services. 

• Formation, domiciliation, 
and . administration of 
Swiss and foreign, com: 

Fdll confidence and discretion 

3 m Pferre-Fetto. 22SM Guseva 
Tel. 38 05 4B. Telex 23342 •_ 

.f.. .--'-'I >X.*1 


£3.000.800 Mils i «ued 10.5.78 at 
27-6«tfas% to mature Mi Aogist 1978. 
otal a plications £21 m. Total outstandkig 
£Sbl . 

BUIs teased 10 May 1^8 £4.7n«j- et 
8 »b% maturing B August 1978- Applica- 
tion*; totalled £5Dm. Bills outstanding 

£7300.000 bills issued 10.S.78 at 
to mature 92 .71. Total I nolln 
tions £G0m. Total outstanding £13.Sm. 


£1 .000.000 bllte teWMl, te£ 
fl»c% to mature 9.8-78. Total applica- 
tions £8m. Total outstanding £3m. 


. Smote 

Per colum* 
line . cm. 

£ £ 

Commercial & Industrial 

Residential Property 
Appain tmesis 
Business & Investment 
Opportunities. Corporation 
Loans. Prodncaon 
Capacity; Businesses 
For Sale/W aMed 
Bdueadon. Iloiors.’ 

Contracts A Tenders, 

Personal. Gardening 
Hotels and Travel " 

Book PuMteben 

Premium pesttfoas avaBaMe 
CM Ini mom size 40 column cats.) 

ELSO per stnglo culunm cm. extra 
For further dctoUs write to: 
Classified Advertisement 

Financial Times, 

10, Cannon Street, EC4P 4BY. 

4J8 14.00 

1.00 8.00 
•4.50 ItOO 

SJ5 W.00 


Senior posts m Wilkinson Match European region 


A- ; 

^ j 

Radio in the Teesside area. - She 
succeeds Mr. Nigel Moir who has 
retired. Three new members of 
the Local Advisory Committee 
are; .* Mr, Malcolm- Thompson; 
Mr. Peter Rowbotham and Mrs. 
Rosemary Pease. - 
■ ^ * 

ift. ‘John Gorash. has been ap- 
pointed . chsirmatf .'of' CHE4TAIN- 
rfiKij CORPORATEfJN from -May 
15, wa& iax Roger MarthL (chair- 
ttian and chl^f -executive ‘of Shii!it> 
GobautPohtwJodssony, bwimes 
ylce^\alnnan r , '. Jtfr. 'Marcel 
Jjevottpae, 'eseedtive vice-presi- 
dent . mid . -cbqirqiqn of the 
-apectfmg^ eoronuttee ’ of Certain- 
Teed, will. he prpSd?nt,«nd ^Htef 

patty, ^Sami-Gobain-Font-a-Mous- 
nan. • ' 

1 1 

ft^r, Richard, Bliss, chairman and 
chief executive officer of 
can Express -hotematiodal ’Bank- 
fn? Corporation, and Mr: Bernard 
KeHy,‘^ raariaginc director of 
Compaejfie' Monegasqne "de 
Banqrue, have been appointed 
directors of INSTLCO CORPORA- 


Mr. Alex Hurst -has been ap- 
pointed managing director of 
He joined FTB as a director in 

' ★ 

Mr. John E, Newnham has been 
annointed chairman of the 

TION for a two-year period. He 
succeeds Mr Nonnas H. FiniU. 
Mr. Albert R. van der Eb has 
been made deputy chairman. 


Mr. Terry 8. Day has been ap- 
pointed managing director of 
FLOTEC GROUP, a Subsidiary of 
Petrocon Gronp- 
• * 

Mr. R. W. GoodaU. Mr. H. Tuley 

and Mfc. BL Thompson hare been 
appointed to the Board of BURY 
B. L. Allen, Hr- C. C BafiUctr and 
Mr. J;- R.' Mayhew-Sandefs have 
resigesd. Mr. . GoodaU has 
become chairman. Me. Tuley, 
deputy chairman, and Hr. G. S. 
‘ Crainer conthtues as managing 
: director- • 

• - * • : 1 *" 

Mr. V. BL Hysd has retired from 
-the Board of THOMAS BOLTON 
AND SONS. „ ■ 

: : Mf. A. i Newman, executive 
-director og ALAN J; RIDGE AND 
-C0„ is to’jetire -at the end- of this 
anonth:. • ... 

iMr-. sdg ■ Ranuen has' been 
appointed mariaglng director of 
-NORSK-: HYE^O • WR). ' He 
Succeeds Mr. VfiftL 'T. ^orcnscn. 

...7 > ’ . t 'de 

" ' Mr. R. D. TJ Lyle has retired 
irom. tUfei trtrtnership . of- DE 
ZOETE ’- AND 'SEVAN, • TStock- 
■bujfcefs, ■ bitf fem ahft” associated 

With the '3TBL Mr. A. B. Sladen 
has ■ also ' resigned from the 
spartnersHp. ' Mr. D. Lord arid Mr. 
J. 1 M. 'Whitman have ■ become 
partners. ^ 

Mr. R. C Wichenden has re- 
signed as a director of ALFRED 


The Ministry of Agriculture 
states that Dr. P. Lees, Professor 
J. E. Carless and Mr. T. Bound y 
have been appointed members of 


Mr. J. E. Peters has joined the 
as managing director of Norton 
and .Wright Ltd. He .was pre- 
viously a director of the British 
Pritlng Corporation. 

Mr. E. Wagner and Mr. D. R. M. 
Peimock have joined the Board 
Marshall BcBow has been 
appointed chairman and con- 

tinues as joint managing director 
with Mr. E. SL Hyman. Mr. W. P. 
Rao and Mr. D. S. Cohen have 
resigned from the Board. The 
changes follow the acquisition of 
the company by G. M. Pfaff A.G. 
from Stafiex International. 


Mr. W. Bennett has been 
appointed technical director of 


Mr. Brian Barker has been 
appointed sales director of 
AUDIO AND VISION, a subsidiary 
of C. A. Moon (Holdings). 

* 1 

Mr. John Philipps has been 
appointed director of personnel 


Mr. L A. Denney has joined the 
Board of KEXMELEON as group 
managing director. Hr. K. G. MU1 
has retired from the position and 
has become chief executive con- 
cerned with international market- 
ing. Mr. Denney also joins the 
Boards of member comp anies 
Brans International. EEE and EEL 
Mr. J. Barren moves to the Board 
of Kenmeleon as group manufac- 
turing director and be has also 
been made a director of EEE and 
EEL Other directors appointed 
to Bram International are Mrs. 
J. Watson Todd (sales). Mr. R. 
StrnthJe (development) and Mr. 
J. P. Marin tyre (purchasing). 


Mr. Bill Bewfey has been 
appointed managing director of 
THORSMAN & CO. (U3L). a 
member of the Ericsson Group. 


Mr. M. W. Watt has been 
appointed to the Board of C. R. 


Mr. Sam Caddick, commercial 
director, and Mr Harold L. Peace, 
sales director, are to retire from 
the Board of JAMES WILKES at 
the end of this month. 


Mr. G. A. Culver has rejoined 

the Board of the BRITISH BANK 


Hr. P. A. C. Seymour has been 
appointed general manager of 
PANY from Hay 12 and will con- 
tinue as the company's actuary. 
He will also become a director or 
Target Trust Group from the same 
date. He succeeds Mr; R. W. 
Tayior, who Is leaving to take up 
another appointment 

Sir. P. S. Ovenden is to resign 
as company secretary of BOURNE 
12 and from the Board on May 
3L Mr. BL J. Halt will become 

secretary from May 13. 


Mr, John B. Bailey, a former 
sales and marketing manager lor 
PANY, has returned to the 
company as marketing director. 
Mr. Malcolm Jones has been 
made production control manager 

at the Dewsbury works. 


Mr. Terry Hennessey, men’s 
wear product group manager for 
the UJK. branch of the ’NTER- 
TARIAT. has been appointed mar- 
keting division manager for UX 
and Ireland. He replaces Mr. 
Tony Gould who has become 
branch general manager for the 
UX and Ireland. 


Mr. Ian Hamilton, general man- 
ager 4 Stansted Airport, has been 
appointed general manager- 
passengers services at HEATH- 
ROW AIRPORT from May 8. Mr. 
Alan Proctor, deputy external re- 
lations manager at the BAA’a 
head office In London, has been 
made general manager (desig- 
nate) Stansted and will take up 
his post in July. 


Mr. Geoffrey Sharpies has been 
appointed chairman of the Air 
Transport Committee of the 

31r. fi. H. Bartlett 

Merseyside Chamber of Com- 
merce. Mr. Sharpies is purchasing 
manager of E. R. Squibb and Son>. 
The new vice-chairman of the 
Committee is Mr. John Saunders, 
an architect with a practice in 


Mr. Harry Gadd has been 
appointed chief education and 
training officer of the ENGLVEER- 
BOARD from July I. He succeeds 
Mr. Joe Moon, who becomes direc- 
tor of the Board on that dale. 
Since 1973 Mr. Gadd lias been 
responsibility for the aerospace, 
industrial sector manager, with 
instrumentation, office machine 
and equipment and light corn- 
ering industries. 


The Secretary for Trade has 
appointed Mrs. Romaine Hart and 
Hr. Mamoan flassan as part-time 
members or the NATIONAL FILM 
three years. 


Dr. Anton fa Perraaelll has been 
apointed an ammclaic director of 
BANK. Dr. Permzzelli Mas pre- 
viously with Istiluto Bancurio 
Italiano In Rome. ' 

M National 
m v a Westminster 

NatWest announces that 
with effect from Wednesday, 
10th May, 1978, 
its Base Rate is increased 
from 7|% to 9% 
per annum. 

The basic Deposit and 
Savings Account rates 
wilf be increased from 
4%’ to 6% per annum. 

’ 425 





Midland Bank 
Blase Rate 

Midland Bank Limited 
“"announces that with effect 
from Wed. May 1 0th '1978, 
its Base Rate is increased by 
. U% to 9% per annum. 
Deposit Accounts 
Interest paid on accouhlB held 
atbh&nches and subject to 
7 days“ not ice of withdrawal 
; is increased by 2% to 6% 
per annum. 

Midland Bank 

Bank of 

New South Wales 


Bank of New South Wales 
announces that with effect from 
Thursday, 1 1th May 1978 
its base rate for lending 
will be increased from 
7i% to 9% per annum 

Bank of New South Wales, 

29 Threadneedle Street, 

London, EC2R 8BA. 

Incorporated in Australia with Umited liability. 


The Royal Bank 

of Scotland 


The Royal Bank of Scotland 
Limited announces that with 
effect from 10th May 
1978 its Base Rate for 
lending is being increased 
from 7i per cent, per annum 
to 9 per cent, per annum 

The maximum rate of interest 
allowed on Deposits lodged for a 
minimum period of seven days or 
subject to seven days’ notice of 
withdrawal at the London Offices 
of the Bank will be increased to 
6 per cent per annum. 

Base Rate 

With effect from 10th May 1978 
Base Rate will be 
changed from 7£% to 9% p.a. 




Co-operative Bank , 

: > c With effect from 

'v! May 10th, 1978 
the following rates will apply 

—Base Rate Change 
From 7|% to 9% p.a. 

AJso : 

7 Day Deposit Accounts 6% p.a. 

1 Month Deposit Accounts 6£% 

>brkshire Bank Limited 

Reg. Office: 2 Infirmary Street 
Leeds LSI 2UL 

Clydesdale Bank 



Clydesdale Bank Limited 
announces that 
with effect from 
10th May 1978 
its Base Rate for lending is 
being increased from 1\% 
to 9% per annum. 

Coutts &. Co. announce 
that their Base Rate for 
lending will be increased from 
7i% to 9% per annum for 
balances in their books on and 
after 10th May, 1978 
and until further notice. 

The Deposit Rate on 
monies subject to seven days’ 
notice of withdrawal will 
increase from 4% to 6% 
per annum. 



The Hongkong and Shanghai Banking Corporation 


The British Bank of the Middle East 

announce that their base rate for lending is being increased, 
with effect from 10th May, 1978, 

To 9 % per annum from 71% per annum 

Financial Times Wednesday May .10 197$ : 



Down again on tighter money fears Forward £ weak 

gold market 


Sterling . continued to lose a Her sianding at 6L2 at noon and 
ground, and the US. dollar fin- in early trading. HulliAii.- ' - 

,a Hue •Hilii'n. 

it,-*... S 172 MTSI- 4171 W3-, 
.Sl7Hsj7aU ; NtMut7J 

NEW YORK, May 9. Tshed below its best levels of the Gold rose 5i lo S172J-173* w »imn£n«V:»ra.M 

day in the foreign exchange mar* quiet trading. 


1TH.44Z. . 

Alfii'n ritVSltU.TO 

,L9&.eS3l : tM,667) j 

r.«m. j 

tZS' sne^ nwi sm-ita | 

K (J -97i. flfltj. ■ t47i;-8SU) 4 

v„S,,*Kn-. #M-S5 sM SS . 

wjh joiij irssaJi joi,j 

lifal Niiv'uik. S 53-55 *53 53 

.1'29 h 304 i -£ 29u<J0<ii : 

SVffijaa ffiEMfeES S^MS. SSSS . if 

Reserve System for clues 
possible tightening of mo; 

The Dow -Tones Industrial 



| lul l WAB llWB* 

,TiUa|wKUMhB 4— 

~' 51 10 822 07 and lhe expected to finalise a $475 m. con- dividend, fell 43 francs to changed bullion prices and a lack CRA three to S/UL23 Coals firmed SwJrs.lil725, compares 

~ Indcx * a sed 014 to 53.BS. tract with the U.S. Air Force for Frs.1.435. legrand lost Frs.25 to of Interest. Mining Financials W jQ. Utah an ^ Thiess ahead al- Svr.Frs.1.11780 previously. 

The Trancnn.t , nn t. OTI, • w , <m= i wu.ra-_.i_ unm — , n_~ : : ,LU ? c > rot... no 

The_ Transport Index lost l.M to 27U transport aircraft. Frs.1.725 - and ftlaison Phenix were mostly higher reflecting to- though Oakbridge fell 3 cents to The US. currency’s tradc- 

an . d . Stocks rei» i.44 10 pri . i plunged Fre.55 to Frs.1.013. cent producer rises with Amgold sai. 63. Most mining stock gained weighted depreciation, as calcu- 

->f£L . h v ° ,unw narrowed i.o st^k fccLan"e in aetiv<TcradJn " A * aMa, " e fell FrsJ3.7 to Fr*43W up 70 cents, to R.26.73 whUe most {rQrn th« oimbht fin&ncs in toted by Morgan Guaranty of 4fl . 
SS& ™*EnSJ?£Ei Eu to Srz ■*•« «"! L ab -°-Vi “ M* metal prices. New York, narrowed to 5.00 per ««. 

Q 14 ana tteaouie xosr i>ts.iz to pts.oiB. amer gains were about ia cents, metal prices .New York, narrowed to a.00 per 

Yn 4 82m. Poc,ain and Teletnecaniqoe both Dc Beers rose 10 cents, to RjS5 ZURICH— Stock nrices closed cent from 3.11 per cent., while 

Monday. d TOAVK^mr^har*. nri „ M - dema 2 d> Co " i r e ^, issu « slightly higher following specula- the dollar’s index, on Bank or 

ns leader. FRAiNkFURT-bhare prices featured in a firmer Metals and tion ^at *: he government might England figures, rota to 90.3 

Dec,ines ,ed advances 328 hq. 18. Voimn# frifto 4 82m! Podain and Telemecanique both' Dc Beers rose 

Concern about lighter money Sl aSSndJS 5 '%^o?J£™telter ^ FR^KFUOT^'liare prices featSS? lT** 
"as underscored by White House rosp i were mixed lo firmer on balance. Minerals sector 

aide .Stuart Rbeiutar. w-hn tnlri f 030 , ‘ ^ after disclosing that wlth tParf i nt , lk-olior inu-i.rHc »h» nJ i. 

tion that the government might r n - J 
relax its ban on foreign stock fro™ no -‘- 

ro« Tom | h977 1 I I’ f .. 11973. 

rose to wx l-IZ.'-Qn- rta Wt apr uot 

TOKYO— Share 

mixed in active trading, with the l h e latest banking figures, show- 

Toronto Composite index down 1 2 In « a sh ar P rise in eligible liabili- 

at 1,091.8. but advances topped *.ics. The twelve month discount i4«iiwss 

declines 225 to 206. Eight sub- against the dollar widened to ■ 

m-nurM- .KM nn fi Ml PCfltC fmlTI 4.05 AOnfC I BIUlIMIt .... 

economic repovprJ 1 ^ 5 ^ 1 undercut QTIfFD MflPKFTQ MAN^^Inin*- 'n\v> C f^ ie ri\n— while Ambercom slid off 10 mixed in active tradin«>. with* the the latest banking figures, show- 

Prices began drifting lower after although Banks Chemicals 1 and i?.- ; ?^iTL With rakc0Ter prospecIi Toronto Composite .Index down liJ ing a^sharp rise ineligibJeUabili- — .- 

the opening i„ an extension of 1 Electricals were barely changed ®t 1 V 091 ^- hut ad^anrcs topped i*5 .Star"" 1 

TOKYO— Share prices closed apart from AEG, which lost BRUSSELS _ Belswn share declines 22o to 20b. Eight sub- * h * do ] la C ' ’« ned 10 ta“ i 

TUESDAY’S ACTIVE STOCKS tower, led by export-orientated DM1.30. Sobering was firm ad- Prices were mixed in lively trad- fioups rose, including Golds, up 6^ce nts tarn 4.J «nj \ a u Z>*U • 

cbj«i*c i^ues and the Tokyo Stock Ex- vancing DM4 to DM2555. Public Reserve. Unerg. Sidro. points to 1^01.8 on higher bul- .^ n ™ ,a, ? d ^have imnr . 

siocks ciosins on change index closed at 411.10 authority bonds were 50 pfennigs Cockerfll.. Hainaut - Sambre, bon prices. But Oils fell S.9 lo supported sterling when _ it fell Uani-ii Rnme i 
c - ,r3,,,: ' 1 P r, “ day down US Electricals Vehicles weaker WagDns-Uts, UCB and Clabecq L390.5. to a low point of SI. 8080-1^095, Pwii«-iu-in tk j 

PbnnW'Sh.cpJS * and Cameras fell throughout tbS AMSTERDAM - Share prices rose However, Sofina. Cobepa. SL ^ S ] sir^h 0 ^™ l evel -°J S1 f i1 ® 5 - Jw!."?.?'." j 

FnuiKial Coro. sctTwi m +i session on sporadic liquidation. closed mixed with Dutch Inter- Roch, Aatixrfenne. Viellle a °d Multiple Access shed 10 cents 1.814^, ihe firmest Point of the n,^,, | 

Howard Johnson Co. jo n — } Sony lost Y30 to YL800. TDK nationals weak except for Rural Montagne. Bruxelles Lambert, to 34.40 after its acquisition of day. the pound closed at SI. SI la- jaiwne%r im. ] 






Rneinc enrpn. .. 400.400 
PianniuR Bcsrch. Cp. n4r.700 
• X.l Financial Com. S4.".T«0 
Howard Johnson Co. 2j2.fiJ0 

*;«Uf Oil Corp C49i0fl 

■T. Ray McDermott 240.300 
kaneb Scrrlws Inc. HT.4D0 
Pan .American Air.... 213.300 

Fixon Coro 2JCS00 

Soars Ro«huck Co.... 2IT.SO0 

Slocks CIosIob on 
traded price day 
400.400 49 -2’ 

Ja(w now .« 

— * ■ Electronics lost Y30 to Y2.090. Dutch, which finished unchanged. Ebes, Gevaert, . Comet ra and GB Channel Seventynine received a p- 1 1.8125 i a fall of 60 points on the l'r« ; f.6S084 

Canon fell Y12 to Y4S1 and Nissan Philips last 0.80 guilders follow- fell. Petrofma and Canadian 

Motor shed Yft lo Y808. Mat- ing Die announcement of lower Petrofina rose, but American 
susbua and Sanyo Electric were than expected results for the first Petrofina fen. 
also weaker. Recently-selected 1978 quater. Akzo and Hoog-Ovens AUSTRALIA — Industrials con- 

guilders follow- fell. Petrofina and Canadian Pro'aL Pacific Pet dropped SI day. Its trade-weighted index, as 
sment of lower Petrofina rose, but American IS SST « a " d calculated by the 



Rises and Fails 

i o cents to 341 while tVcstburne England, was unchanged at 6L3, 1 
gained SI« to S24? and Atco “A” 
rose SI to S12. 

In Montreal the Industrial index EXCHANGE CROSS-RATES 





I. 22391 

J. 37528 

j 275.795 
I 5.68514 
i 2.43386 

CftMOun- • J 

■ I i»l *-• i*n*-‘ 1 1 : 4 

KnijirrMrt-l.. <176 ; j-t7H.' j 5177- 170 

L-971;. 98»i) .C97: ? B8«-j : 

.W^dr'isin >55U S5U >55-55 . 

,1-291 ■ JO'ri !C39 >i 
r»M S-.,‘rKn- S5JU SS'4 s 53-65 


SJO KnslY". ... M7l»',-279 , » S376K _B79i t 


\.-m l.,rk .. 



llr % i,M-l»r- - 

■ •■ri-nlin^'-n 
FniDkiurr .. 


Alaiii iiU.... 





T.*m* . ..j 

Vn-niM .. . 

1 '■»":• 




t.aa^fi 1.8 h? 

! »*_• 


4 04 4.o: 


• hS.&l hS.Ia 


IU.W lO.ra'J.' 


J./ri' S.Ht.i 

; >*> 

M 5S-«:.Rd 

l d 


: in- 

1.^70 !.a*Q : 


■t.a a fi.d9 1 


a.Sdra B 41? 1 


a.5(M.-a.4j -i 


405 412 


!?.J0:?.4Q ' 


J.M.'-i to ;i 

a.Srt'vj.S His, 

NEW YORK -dow jobes 

lla.r . Dm- i Uar , .Mar ' Mar May 
9-3 : & i 4 - l 3* : 2 

Inrfurtnal... .822.07 824.58 828.05 824.41 828.83 840.18. 844.33 I 742. 12 
... ll/l» 1 i2»i2. 

HmeBii.K* 56.80 88.88 88.90 89.05 89.0a 65.55 ( 90.86 i 88.BQ 

.. ! '41, .! ,9/0, 

I iKib|an I... 221.51 225.41 224.78. 225.80 224.29 224.78 1 226.51 1 I 
„ I illbi . i9i, 

• I'lHiey 104.84 J05.48 105.85 105.01 106.12 106.55. 110.96 . 102.64 

' iSflt 1 22.21 

|S>ltu.* i-L-inpiiai a 

! High I lam- 





9J. ! 

8 | 


4 . 

Hlfth | 



53.82 1 



54 J6 






1 *j 3 i 

! llray 9 

Mur t 

Mar 5 

iMtie* traded.- 

..1 1,023 




-I 650 




- 828 



♦. nchanaci 

-j 445 



New Hiithg 



..1 — 



slipped 0.90 to 177.72 and Banks 
Shed Q.S6 to 254.S5. The Compo- 
sile Index declined O.fiS to lSo.29. 

ADLAN* — Stocks showed wide- 
spread losses in thin trading lack- 
ing any stimulus. LIquigas led 

May ’J ‘t'rankiHii.|Nrw V>*ri» 

ra uLriirf t- — • 2.095096 

l«Mbl»U VlUM «»‘iu . . /ut-h-ll 

49.09 19 I fi.415Av : 

Kau-s sivrn !<»r f^nwrnble Irah-*, 
Linauojl framt j4.L3.Vi.ij. 


\.4,i lUtn 

'ryniitna^ 1.395- 1.397 Vr;rmiiu. IJM IfitrS 
AiiitmliK ..;I.597I-I.5I3Q .25.528.0 

I'ln.'il. ... 31-02 5 2.02 THaiu-,i . 1 68^60 

IT ■■ In ii' I . . : 7.69 7.69 'Uin.-Il : 3JJ8 

(iirriv. . 07.513 68.958 ( niNiiiii.. 2.03 2IM 
Hong K-Hi[i 8.40-3.42 ij .11, . .> 

Iran 124-130 I'miin- 8.35-fl.ab 

kimait .. . ■ 0.499-0.503 Iitrinanv. .) 3.. ’5-1. Si 


1051.70' 41.22 

.11 (2/7,52/ 

( omliuiel 

Tm.lio^ \o|, 


50.860 54.680 42.880 37.520 3 7.800 41.(00 . - I 279.88 13.23 

i9i* li.-girf, nS.Tw-Ji TOROBTO L«n>i» 

102.84 183.52 ! 10^8 

12231 <30,4.69, (3fid,K, J0HABBESBUBG 

: (..«■!. i 

, May | 31*r » Jlar 31* r — 

9 ; & 5 t.' - 4‘ , Hlgb 

in.ri 178.62. 176.28 177.2* 181.47 117,4, 
' 165.29 185.97 185.81' 185.17. 187.85 ,17.4, 

TOROBTO f.ppi|»-Mle 1091.0 1095.0 1091.4 ' 1087.4 lOSSJI .S/s, 

194.2 192.9 194.4 , 

221.1 220.0 219.5 ' 

214.7 fl-2, 
221.1 (9.-6, 

162.50 .1"!', 
170.69 .iO i: 

145.0 <=:■ a, 
1S4.4 y\i j, 

I n,I. ii,\. ylri.j ^ 


Ywr auii iRppni^.t 

Australia'^) 479.52 . 477.23 . 450.53 , MIX-, B p* in 
O&i . Il/tU 

PtrellLs and Avsienrazioni Generali >,,,^.1, 34.1s2.274, 1 1 2175-976 ! 4iwj54 ' .'.(.rt-ro i 

also eased. Gene rale humobilairc - - — - — — rr, , ,rr~. . 

^■G nd KONfi-rS‘ce e r r drifted «»»«“ 

lower in a quiei dull market with 

no fresh factors to affect activity. EURO-CURRENCY INTEREST RATES* 

NOTES : Overseas prifes shot™ Mow •„ , „ „ . 

cxdudi, S prHiriium. Rvlclan dtaktand* M«> 9 Mrrliug ; Ttallar [Dj>. Unllnr iiinT,lr:> , 

an? afior wlditioldina tax. — 1 _ „ — 7 

♦ DM50 dvnoni. unle-s nihirwec slated: I»)i/‘rt term . 9-9t? 7-B 

yiolds ha-'.-d '»n net dividends plus laa. fil*>*nni«v I}*'!}- tI ’ T*- 

V Pi as. 500 denom. unless aitai-nviv siok-d. M.mtli ll-lDz 7in.7,| 7^-7>3 A.. ■*,; 

4 Kr.lihl denom. uoli-s^ uihenviv.* sldt<?d. 1 Ii- . llJe-H'Ji 7J,-8 

Frs.500 dunam, and Dearer shan.-s wix m.-iill,-. .. ll.j-lSU! Bia-Ot" 8-6M " 4,V4.; I 

unless otherwise Mated. *i Yen 31) dannm. Uney mi 12 13- 13 i y Biy Bia Big-Sa^ 1 4.£-5 i>_ 1 

uniesii Mln-ru-lM saaied. S Price at time : ■■ " “ ‘ 

fi.'tirHu.... 1.5615- 1.588b !*••• • >iii»l. TO-flj 

i .v '144:. -14, ^ 

I muuln -*w H.'Uil-l ■ 3.M 1 b) 

fAI l .ra . i.60 (82 

I -S-.s.iu 83.B6 Sfl.99 7 iv-litt 541 S5j 
Hate civrn t>ir Araenonu i; a lire taip. 

May 9 


St crime | Ddllrar 

iDjS. Dollar 

I >111 ra 'll 



}»)/.. rt 1 prm 

9-91; 7-8 

, 714.713 



7t« -71; 



M.rait I. 

ll-lllft 712.71 b 


9.. 4.; 


Tin is.- lit- 

. life- 11 -j, 7-4-81* 

76* -a 


11 1ft 

H.ft-iB'*: 8i a -ai« 


4,; 4. 


.'ne i trail ... .. 

12 1 3 - lSjft: Bi'g-B&a 

8la-84g 1 

4. £ .5i4 



U. liemiau 

>,■« 7'. >, • 0.65-0.55 1.65 1.3&t.|-ni 

Muni ml . 0.65-0.55 <-. 1.25 1.15 ■-.|i|ii 

Ain-i'iMniO'i 1 -j • . !•<■■ 7l'..6li i, pwi 

Hni-H-l> . 35 25 |mi US 70 ■ ,„n 
t \p|i'nll^/i . 3 U ■ 5 1 ; airi'.i,. U'-IU/ ■•l-.'i'is 
KtraliUliirl ;2 "-b l-'n |-f t'*i> .8-7 )4. pm 
la-1 VI,.. .. 50-200 ,L> 150 500 ■ . 

ia/6 ainwraii 

i M«v ; 3Iay 3l*y 31*r i Jwy 1 Mav , 

3 *a|s! 4 io ;2 : High 1 Luir • Hi-h , 

;iiHlusirm| k 106.92. 108.25 108.64 105.92 106.27 I07i.43jlo7.92 1 &5.&/I I 134.64 i 

• Hyh ! la nr 

)C»m|«nite ! 95.90 9G.19 98.55. 95 96.36 97.38' 97.97 
• i : i d/&> 

Ind. dir. yield 
ln-1. P.-t Kan,, 
leiuiT Uirt-1. Ri'U.I yield 

j 107.92 i 95.54 134.64 ' S.52 

J tl'Si ! <6, 3) ill/l;73>!l30/6.‘32| tr... 
J 97.97 ; 86.90 i 125.85 | 4.40 
I (1/6) i i6,5) 111 1/1/73); (1/6/32 , t, b | p 

Gemanyilt, 712.6 
Holland i*p ?0.5< 

l!0/2) (26/4) 

• ilUJ:) ' 14/4, Mumj iwwu on ia,a/ 

Honk Rone a-M 46a.24 4t>I.<!3 ' 363 44 I boats. t 400 industrials. 

^ ^ MOO imls.. 40 Utilities. 4fl Finance and 

t,.i. mm. enm .'AS I iril* M Transport. (SiSvdne.r An fird. 

Belgium (3/ 99.97 101.16 10L16 loj'.K Sweden w 3BOS0 j 394 £0 is»7 * W K of suswitfian. n Florins' >■ ScluJImet. liuro-l-rrmh <1 -pun t rales: ivtHDy S7u4«| b Per vent.: seven ■dV K-Kpvr wnr.: la-lv,,.. ..-50-200 ISO 500. .. m 

^ .o.i. IIJOIMU «*.ai -■/-*’ rCpnls j Dividenid after nondiHB ri=his aiii--»«u»iiih >.-9 p.-r t»-nt.. ihrcc-mu:.ih 914J per went: six-monih 9.-10 per ceat.: Ma.lri.l, . . [<*r 80 .. .1,-. 40 140 -tl- 

rarl’dl/ - 2E6J)I ««1 f wj',1 and or scrip Ksui?. e Pur shar-?. I Francs, lui-jvjr 14-la. ii*-r v'lil. . Milan.... X 6 Ii.-p.l,- 7 12l,i.-,l,- 

zeriait .j Cross, mv. t*. n .-Vssmiwd dividend afier LonMt-rm liurodnllar deoosiu: wo years ‘^is-.'-us oer cent: three scars tu/„ 2 'j 4 -m S , 7: ; 

. , ’i*' 4 ' * *>■•*• scrij, and.-or ruth is issue, k Alter local Si|b-e«ib P^-r Cum.: lour years «ifi-6»in per «IM.; five years SJ-yj per cent. i<* ns |Sj «-.|an : 4. 3' |..n 

— (axes. wit. tax free. « Francs: indudins The follow nw nominal rarwt wen; mxned for London dollar certificates of deposit: >1 '..kiit,la„ Ucivimi.^ 2 i, 

vos ana base dates tall base values tiolku: d\v. p Nam. 0 Share split. * Die. mw-month 7.4-i-T.W per «?ni.: nn/e-monih J^O-7.70 per ei?nt.: six-month 7.9>S.(Xi per \ Wuna. .. 16-6 gm(>ui S0-2U 

except NYSE All Common - 50 and yield exclade special naymepL i lodi- ocut.: one-year s.lD-S JO per cenL Zun.-I... 3^-2,.,..,.,,. H 1 ' at 

ards and Poors — in ana Tortnno «i«l dlv. w Lnofflcial (radius, r Minority MU'ia* are notninnl cadi ns rate*. _ .. . „ ^ 

Ml), tho last named nased on 19,-5. holders only, u Mcrccr penduw. - Asked. Short-term rates are call for sterling. U.S. dollars and Canadian dollars: two Siv-munrh r.^rw.mJ .l.,Ujr Jj*;:.iSc u:n 
luditVK bonds ./m industrials Rid 1 Traded. ± Seller. : Assumed, days' notice for puildi-ro and Swiss (rants. I'-'-montli il 53 .s. 15 c pin. 

Standards and Poors — in ana Toronto (ca led div. u Unofficial trading, r Minority 
300-1.000, the last named based on 1975/ I holders only, u Merger pondim:. " Asked. 

Teur H/ji, «appm\.) 

IU1. !S.^?S 11 5^i,c^gi El^ 

Japan mi 411.10 , 415.08 1 4j|AI 364.04 fj, | GERMAN 

Singapore 3«.w : 504.K . 3.».|9 . 2*2:0 s abSSfflff* £ wnw t 2 w 

,fifc 1 1 ,wo > New SE 4,iy|» ttu Straits Tlm« Wb6. 

tr) Closed. W> Madrid SE 30/12/77 

if) Stockholm Industrial 1 /V 53 . <f> Swiss AW* 

Bank Corn, fui Unavailable. Atluuialer 

Bid. ) Traded. 1 Seller. : Assumnrt. 
dn d I w Ex riRbU. xd Ex dividend. xc Ex 
Ord I scrip Issue, xa Ex all. * Interim since 

Six-month farw.inJ •l.iliar JJbJ.ISc p:o. 
l.-montli iL&>E.4jc pin. 




Mav May 
*>1.- k m H 

.\ Ijvir-. . .. 59 U 58> j 

.V.Iiln/sv^rHpli .. 21tj 2lij 

Vet iw ljle.tcas: 391; 395r 

Ail - Prmlueis 277g 2756 

Airv*> 50 : 50 

AlirainAliiiniiiluiii 271; . 27Sj 

Alira«. 46tt 46tg 

Attep. laulluni... 18' 4 . IB'i 
Allegheny Pi-uer 18 1 «i lBtg 

AllieJ l 1 4218 42.-8 

Allied Stores. .... 23Sg = 24 l e 
Allis* L'lw liner*,.. 28:j 28^3 

A MAX 1 36.8 37t a 

Antemibt Hera~ .. ' 31>r 32 

A n itr. Airlines 1 .. 12:^ 13 Sq 

Amer. .. 46ia 481,, 
Amer. Unw.JrfLM 467 a • 44J, 

Amer. La 39^8 40lj 

A tiler, (.'rananil.l 27 ■ 273g 

Auter. Klee. hi« 22 sb . 22 1; 
Anier. 36 36l a 

A itier.H«mie I’m <1 29 ■ 291; 

Amer. .Medliratl... 241; 24i< 

Aiui-r, Xlivtorra.... 4-ls 41^ 

Aiiier, .Nut. 43l; 43 ij 

.» mcr. Strain laid. 441^ 43 bb 

Amer. Sti>r>** 32 33 

Amer. Tel. A Te*. 62 6 1 ."a 

Aiuetek 321; . 3259 

AMP 17^, 17. d 

AMI* 30Jq 30^1 

Aui|ra/\ 14)8 14^5 

tn.-li.-rH-Lmc. 291, 29 

A, i\i en-ei IVu-i-li. 23 25 

Armen Mivl... . 29'; 29 's 

AM 20 19T., 

A-raiiieia t'll . . II.* 11*4 

I6tj 16Jn 

\ dila,i>( • ul. . . 2Bsi 30 >4 
411. Ill- -III lee I.. 50..; 5H« 

\iil>i Lhtlra l’r*i. .. 29>i 29 

.Mi.' 9':- 91; 

Vtui 26-8 27' i 

V * -ul I'i* * lii.-i - . 52 v, 53ie 

Itaii i.inra Kltra-t... 25's 25 

Jlranli Aiurniu. .. 23 j, : 23 .'a 

HnnkeiraT'r. N.V. 37i 4 . 381; 

IhrirarrUil _ 29tj | 29 in 39 :a i 39*4 

lnv.SPrem. 52.60 to £—1101% (1I0I°&) 
Effective rate (1A120) 46i% 147%) 

3lraj- | May 




Braver. Hypo.—.. 
Buyer. \ ere»n*l«k. 
L ibalnt.AeiLurt- 

Itwtnee K.—l.. . 23!,8 ; 2414 
ttflniillii'livuMi 3B'4 ■ 38 '< 
Kell i HmitcII.. 20i, 1 2014 

Iti-iii I ■ x _ 35 14 • 35 Jq 

VtOpM V*«h 'U* 3 < n 3',) 1 

Ik'tlifrtieni M«l. 22 tj, . 22i0 

Bm.-k i IkvkiT- 18 I84i 

Hivfli)* ; 49 > 461; , 

lV*i*e •;ra'c*»e : 26 . 28 1 4«i HQ 1 4 . 28 1 4 I 

lu.ig Wnmer.. . . 1 29 ^4 • 291s ! 

l'm/irti Itii I 13 '4 12> 'a 

llmraran ■ \" , 15 Wig 

Brni-.'l Myer... 1 33 >,j 3Mi 
Km. 1 Vi. aim: . I 5i 9 ; 1519 
Bii>:kVTflV-l.:M'-.. 32 ' 31)4 

1lrtin>n n-k 15 15'8 

Jillr-iril- Ellr-.. . 18 ja 1 9 j a 

Budil 33"i 33 : b : 

llut-uH Wrat'.-ti..., 6'a 6U 

Buriiuni"" Nt-liu 37aa . 37rs 

Bnrn.iifilii. 67. j 67 iq 

1. miipLvIl 34^4 34is 

t. aiiraiilran Fm.-UU- I 6I4 16'i 
1 niial JiHiiil.ilpli.. UJa ■ U#4 

( rariutbwi 28 271; 

i ra, tie 1 At Civile in ■ 12i; 12>3 

1 railer Hanley .. 181, I8<2 ! 

I rater, uila* rrraiT* 54', 53 t 

».-U> 521,. 521, ; 

i VluntM." tVn ■■■ .. 39 ' 1 39 

i viiliil X S.W.... 151; 15t-j 1 

< Vinnili-ed 23'^ 22^4 

1 .lira A in-mll... 33 341, 

1 Im- eJIrailli/u mn 31ia 31^8 
1'heinnKl Bk. .N) 42-'-4 42S(r 

iJhorlraiih IVwl.. 33';- 23 -m 

1 lie*.les , .v-tciii... 3B; 3 It; 

L'hnuc'i Mrirt^e... 511a < 31l< 
Oarmiall'i.T : 20 ’ ZO'j 

Uhrjsler 11 ; IXtg 

f inctitnn I 2tj I 21j 

Cm.;-. Milracrtm...; 28 | 27 

liCIn’iTi Z4 Sb 241* 

fill* swve ' Mi® 1 SO,* 

■ tty Ini feting.... 15 • 153e 

LVeaCvta 403j 4 Us 

L'.'Upite Palin 1 20Jfl I 20 >s 

l.'ullins Aitman„ 12 J 115* 

l iilumtiiH fin.-* 1 27 14 l 27ig 

t nliinibia Put....! 195j 19*; | 

I'lim.lnsl'iuifARi 18 1 18 1 3 j 

l.iiml'uMHUi hnu. 38 >0 383( 

(. .■niluirtiPii Ki... 145s . 143i 

»“ii.'«'ili E*lw*n 27U • 27tg I 
i H ‘Hi nil Re! Z15 . 2 1;* I 

t uni ni.r-aii. liili.-.. 40 • 401* I 

1 *■ iin u-JlrrSeltniv 11'* • 11 5a I 

s‘ CMiniiia tiller... 5I»4 

CPC I ufn’i lotml 48t4 

58 rg Cmne 29 

2lsj Cnieker .Nat ' 27 

39S* ». nurn /ellerhacii 31U 

273$ Uiin/iiiiiHb'nxiue 39Je 
50 Cmtu* WriyUt.. 1 18i; 

Itano 25 v 

,2 ,* I'ari luriiibines.. 41 tj 

}?* L>we 28-- a 

^“'4 Ltel Jlonte 25 

Ueltomi 10 j a 

^2;? IteoUtily Inter... 18i d 
Detroit fcill-mo... 15i* 
tL a D lari icnd Sbamrk 27 

, DhAapbuue 151; 

133g Digit* K*iuip 46 la 

48|a UUneyiwalt) 37 '4 

46*4 I hirer C.g-pn 461; 

40 ig Uo« Cbeniicml.... 35i 4 
273s Drnvih 281; 

22i« Dresser 40'-a 

361 a DuPont 113U 

29 Je Dymu Industnes 19Vg 

24i< | Pli-hrr 193* 

4i 4 tgu,, Airimea. 9^8 

433g J bjuinuui K<idsk.. 51 14 
43>8 | trail, n 373., , 

£[ r 1 25 

32j, El IW< Aat. D«r 171- ■ 

17* . KUra 33 ! 

3Qj, 1 Knierx.ii Klcetne 34>4 1 
14ia 1 EinervAlrKr'i^lii . 44 43 

og ' Km I ira it 37 

25 2> ( 

5a r. ! Eiijivflmiil 26 

197. i 261; 

llii 20 

lfita ! E%. .... 47'rt 

an, i l"«irelilM l.'aumru 35 m 
27.? I l-'Hd. Don. £t| 381., 
Si.- - Ki*w|.hw Tin.*. . 14i4 
oi° I l% *l. Ml. U—t-n. 3B. a 

a S = j Ele«i tan , 325* I 

S'* jPImik.rae , 25 ; 

2S 3 | Fl..ri.l« Puuer • 29'; I 

2j, a Kin* *r. 364a I 

381; K.M.C • 23. 8 1 

291* Fnnl J|ut,.r. ’ 49 'a J 

39*4 Knroni.v.1 Mel*.... 20 l a I 

24 1 j K,*\U*tf 33 | 

381-4 Kiankllu Miui....- 9I> 

Kraifiira tmtra llsg 

li.A.F i 12i> 

limiiiea ; 41^ 

(•Mi. Amer. Im.. 9 ig 

tl.A.T.A • 28l = 

Men. Caine 16t; 

Men. llyuaiiili-v 53), 

Men. faiectni- 51 

tieiiL-rat F.i«ls. . 20V 

(.■'-nen<l Mill*.. .. 29 

fteiN'ml Meters... 621; 

■'•ell. Pill*. Llil. 10^4 
Men. r*i|^Ml.. 2814 

MeiuTel. El«*-t.. 29 

1 ten. Tyro 25 Ss 

1 ient^iru. 7 t a 

McMipn IWi-tiir- .. 27‘4 

Mettv Oil~ 1711; 

33 m 



38 1-.- 



3 B.r , 


223s 1 


25 ; 


29 1; I 

29 Jfl 

36Ja 1 


23. 8 • 


49'ft J 


20 -. 8 1 



32: a 








113 b 

9'S ! 97g 

281; ! 287g 

161; I 16Sg 

28Je 1 28 

51*4 ■felni-.AlrauiillL 1 ... 31-4 

48U -••■liiiraiii 74*2 

29.*$ •Ivtuis. .11 t. uuiiui. 327; 

37 J<>* Maiiiiiaiinr'e, 355j 

3114 K. Mart Cnrp. ...! 24Ag 

39 1; KralraerAinniioi'in 33 ig 

I8A4 Kaiber Industries 1 l;.j 

K*iherSl«/l j 22 14 

4??? k*v His 

Si h Keuna-on. ■ 25*i 

Kerr MrGce ] 45l a 

Kl-'-le Waiter 3U4 

7of? Kimberly Clerk.. 48 ig 

15^ S’HPW* I 222-4 

as Kwrt ' 44 ; 3 

16 t b ? W Cn ; 33 

LenSlrauas. 34^4 

37^ Libby Ote.Food...- 27i, 


25i a HB9* 1 , frrtup-.-' 33 

28U Lilly iKIi) ! 437 a 

ail, Litton iUdllsL...| 191; 

113i a Li«rkhe»IAln.T'li] 24is 

20 Line filar lints.. .| 1944 

jgj. Leut Isjanit Ltd.! 187 b i 

Iq 1 Uranviiina land.. 1 327j 1 

51 u Luhrist.i 39 'f I 

37i„ r^n-ky fitoreb.. . 14 j 

* L’hc Vuiuyl'ttu, 6I4 . 

25Ss MacMillan 13 | 

J7s s Maey |{. H 405s ! 

5314 Jltm. Hram-ier. 374* I 

34 '4 Vtaf, 35 l a 

44'= ' llaiwllinn On... . 46 \ 

37i.i I Marine Miiiimiit. 14^4 ■ 

| MATshati KieVil ... 23 

j May Dent. >l,.re*- 24,'; 

VILA 46 

McUei-iiMl. 28 

Mclh.iiueii Dwiji. 3l""g 

.11.4/ mu Hill .... 22 14 

Menuirev 414i 

Mcn-k 531; 

Merrill Lyu.-ti I8I4 

Mtraa Petn ,ieu in.. 38An 

MUM 37i a 

Miiui Min^.V. Ml- 5 1 If 

VliJjil Cory. 6614 

Alimsanin 62 ig 

J.p 4b 

.Mi^unila j 44 l a 

MurphrUII I 41*4 

Arahiwu [ 4814 , iieiril,'ral_J 291* 
NbUonai Can i 17 ig 

123,; 1 X-ti. Iilhiilierra... ; 22ig 
4l7j f .Vat, Service lint.- 15 
97 8 I Atlinnm Mrt/I. .. 32 

287g .N stoma.- 4Q7> 

16Sg Xclt 511 j 

541g Ne|,tuiic liu|k . . , 19 

5OS4 \cw Knraiauii E/,: Zl~a 

28 \e« Knplraii-1 lei 33 M 
28< a Vutnant Miguink 

62i* V imp, is share. ... 10 

IB's I A. 1^ liMiistne**.' 17 

28lg [ V.iri'.ikiWci'-m 26i» 

29 Ar-nb Aral. Gu*... 40 
255g I At bu ararera Pur 243e 

6 (g Mlr-terl. .Virlme- 2&a4 

44.-3 1 45'g 
33 1 32 i a 

lieciiirj • 44J, . 44^ 

l.VyutJds Metals.! 31 l a 31S« 

Iteym.l.t- U. J 56ii> , 56i9 

I.I/-II ra.41 Alerroll, 22Sg . 22i>a 
It.s-kaell Inter,... 33S 4 : 34 Ig 
Kohnii Uw ] 33 .' n \ 3373 

K.*v*i Dutch 1 56,'g t 57 M 

KTK I 16 > I6I4 

IBiwUram. | ll: 8 1 li; 9 

Ky'iT System....; 2038 1 20 1; 
Sufenvv Stnros. .J 39Ag ) 4038 
St. Minerals.' 25ig [ 25lj 
fit. Kejfls Paper., j 287g • 29Ja 
mantra Feltnti> M ...i 36ig ' 371a 

Srain Invest ... ! 6*i i 6lg 

fiaxnn [nils. 57g 6 

Selilttz Une*r|n|>..i 3.21s i 12^8 

■Sclilnoiheiiter ' 71/ g | 71 la 

SCM ' 19 19 

.Srmt Paper. ! 14*1 141; 

Souvil Mrs 22 21*4 

SeUrtr' Duet Vw! 81® Stg 

SeraCtmtatnen,....; 32 ij , 32*i 

Seagram.. — 23S t 23ij 

SeranetCi.U., ; 13i, I I37g 

Sear Bwbi*.-k.^..i 24 ig ; 343« 

SKDCU ! 381; 37*4 

Shell Oil ; 33 S* . 33ie 

Sbeii Tnni-gion... 411* , 42 

Signal 39 1 4 ; 39 ig 

Sujtirtle Ci^p 34J, ; 35 1 8 

Sini|rilcllv l*ral...,‘ 13l 4 ! 13I» 

Singer 2ii 4 ; 2113 

ranntiiKiiiu* 66dg ! 65i» 

Suliln.n ! 3 2i s 

S.aiUvl.m/1 31 I 31(f| 

Southern Cki. tn* 24J 4 ' 25 

Soul bum 161g 1 16 Ig 

fitlin. Arat. Ke-....f 34 Sg 34 
rauillliem PHiriti,-. 3ll a 31i4 
SoutheruKrailuaii 471^ 48 >b 

finnibiaiM ... 26 | 25 7 a 

s'n't Bail shares. 1 365a • 26ia 
Sperrv Hntcb_. 17sg 1 17 J4 

Speny Kami I 39% i 395 4 

:?quib : 28 14 I 28 '« 

UTkiiirartb - 195j 


N-eim 477a 

Xraprau 1613 

Zenith 157 b 

I rrt* J 1 ? 19c.) 794 is 
C8.Tr.»-ISl7ra,7e }80ig 
Ljj. 90 Davbillr., 6.45*, 


Abittbl Prapci | 12 Tg ; 127; 

Attnkn taulc ; 4.85 | 4.90 

AicanAtuimuiuiD. 307g 31 tg 

Alfionia Steel. .....i 195a ' 19*g 

AaUMtoa i 40 j 39*1 

Ihuik.-it Mont run, lflij ’ 19L 2 
Bank Xuvra Scot-iaj 20 ; 20ig 

Uraab- bemumJ 5*4 ■ 55g 

Bell Telephone.. ..{ 55Jg ' 55T a 
Buw Valley Ind..J 273a ! 27lg 

BP Canada 1 14ag I 14ig 

8 Conttiuninii 72 

— - Daimler lien/ 296 

195, Itesusw 04E 

4i t Hriimg; 154 

48 i; DettLSi'lie Hank.... 290 
I6I4 IbTMlUtT llratik. .. 24C 

16>g pycktrtietl Zmnt. 146 

94a* f!iiteh»l?tii»iia 191 

807a Hapax Liui.i 115 

6.38* Harpenur 282 

H*vclft 134 

Hugravli 43 

Hciteu 120 

Kali und Sralr.. ... 135 296. 

127; Kanfbvl 199. 

4.90 Kk>:knerLililiO.- 91. 

31 i s k HD i 174 

19K, Kmiij 98 

3gi, Unde 235 

Sundrart Bramis: 23:* ■ 24 

Std.U ilCal iionn la 435, 431* 

st/L ( 'll I ad Irani.. I 49&g 50 in 

Std, i 'll Ohio ! 661; 68ta 

stranil Ciiemksii.j 40ig 41'g 

Sternnra Drujj.... 1 15J« 15»3 

■*tudrt«ker...._..1 55)2 567a 

! 41 J 4 42i a 

fiua-i-trand ' 451, 45 14 

Svntev 27 26>e 

rccnmcviiir..,^...! 11 11 

let. iron iv , 407 a ( 41*8 

I'euaiyue ' 98 1, , 95i* 

*Vtev J 47$ I S 

rw«v/ ' 325a j 329a 

Tw* I'crroieunil 111; j 11 

I'mn'n 1 9a 1. I oci. 

I'aacn 1 25 l a 

Teurguli ig 1 8 

L'xw Inrai.m ' 73ig 

IcjjmUilrt. Uas.J 31 ig 
Texas L tiliHes ... 191; 
Time 1 ni.-. 451, 

19 Is t 19 5a 
734, 743g 

171 1 ; j 1711; j Aiirtmi Simon.... 

9ni» ,n. iKra-i-leini*. IVtrul. 
IS; . IS? KjkIUa Mather.- 

Olii*. WibMU 

iS? 1 I Ulm 

Vtlnvfrt Kao. -i.rp 26 

I C.illilh- 27t a 27 i a 

kii*hli1>-li W. K.... ; 2S- :, i ! 22b$ 

! Omdyenr Tin-... I6I4 ’ 171; 

1 281a 27i 4 

[ tJra.s. u . I. 36^4 271* 

liL At Iran I'ai-IVj* 01; 8 ‘4 

: •■rt. .V.ralli linn.. 23*4 23 1; 

UreylhHiret 13<g 13>4 

Midi A West mi..- 141a 13>g 

1 ii nil 1 Hi 23 i; ' 23 <3 

llraMliiiDnti.- - - 61 60 

Hniiint MIuIiil-.... 33 -b - 33S; 
Hnrni».-I|t'wr... 15‘; ; 154a 

Hum* t4*n/t 53 'b , 52Ja 

fli-in/ 0. J 371a l 377a 

Heublein 26 ir . 261| 

Hewlett IV-krani. 73 '.a 1 74 )g 

Hoi 1. ley I oils 18!g | I8I4 

HonieBtakc ’ 34*2 ! 341a 

Hijoevwel* 51 J® J 51 Jg 

H. »rer — 12>y I27 a 

Hcep.Ciiriu.tmvr. 301a 30 

HiHiraton Arat.iiH.; 25'a 25T a 
HunttPb.A/Cliui 115; Us, 
Hu turn (B-K.1 1 lQI), lgyg 

I. C. Indu*ui»e.. 24 U 1 241 a 

IM 397.? I 30J. 

lunerwM Itanil.... BSig a5ig 

Inland Steel 39 | 39 i h 

Irtblm.* 14 is 1 14 1 9 

Inti.-iisnit knaruj 1 8 Bti 

IBM 260.25 259s; 

Mill. Flat ■■ill's. .. 2414 23ij 

8 <4 mm: JM 11 1 ■>....• 23jfl . 24i s 
23 1; j **«ell> t-nniu.. 62?a 6IS4 

13>4 . oaoi* lUimras.. . 20 j; ' 20is 

13>g P*ita*t»raa 23Jft 23i« 

23, a IW.-llic Luluiii^ . 187; 18 -a 

60 Pa.-. Pwi. A U . 20.'$ 207g 

33s* ttm.\iiill\ni,iAir 7*j • 7 

155* Parker Hamiilin.. 25 M 25 Jg 

52Ja Peab*.-ly iui 243* . 247; 

377 a Pen. Pit. XLl — • 21Je . S 1 1* 

261| Peony J. C 38S; ! 39*; 

, Pennell 28ia I 28^4 

7oi PeoiBca Dniy .... . 87; ) 8tg 

i?. 4 Pei'plen Graa _! 34/* I 341; 

reptco ; 30Se j 297g 

271; Tloife iMIrror g 28), 

25 'i Timkca • 611, 

20*a Trane ! 34 

25 TranMnenea. • 155a 

491g Tramara*. I 16 ig 

17^4 I'Lraural- 1 357 a 

16ij, | Imii-m, latr’n 24 Ja 

- Inu is W orld ,\|r. 19 J; 

24i 4 [Im'dlers j 331a 

61^4 1 InCcucinental ,| 1B»4 

j 1 n ccutinenial .| 19 

i£-V' ■ 3 ?»- 

! aJlbtgfiuurv Ko>; 31>| 

L.A.f 36 i n 

CvltUM 27 lj 

ll'l 21 


Um lever 36Ja 

Liiiicvor M 511; 

CnitHU UjincTj/Tj... 14i>4 

tin iuii Cajt>lu«..„ 40 
Canto Uxnnierm 8 
Uiiioo oil Cam .. 49I4 

31*ft 31lft 

191= 194, 

4514 . 47 tg 

23ig 28 
51lg i 51 Ig 
34 34 

1558 157a 

16 ia 171; 
357 3 35 U 

24 Ja 241- 
19J; 201; 

35Ja : 33sa 
1B»4 I 195a 

B rowan ; i 67 r I 16 7g 

Brlnm t4.40 | «4.60 

Craigs ly P,. uer...., 37ig ! 365* 
Cramtkiu. Mtnca...l 12-g i 13 
Cra/iaila Cetnenu.; 10J« ; 104 
Ca lira, ta Ml Lan..; HU | 1 1 i s 
t. - Biil„rp 8iH.Com 1 27*2 : 271; 
CiLuradra Iminsi....; 10'g ; 191- 

Con Pai-i/i.- 10 1 4 . I8I4 

Cran. rte.-iHi' l„v... 19i« ' 19 ij 
C-rau. Super nil....; 585a > 59 ** 
Carling* I'Keete..' 4.35 ! 4.05 
Craxsair Al/estu,...; 10 97 a 

Ctneiimn : 105* jg 

Cuininoi j 27*; ; 27 :? 

C.„i» Uratlmr.t-. • 29«g 291* 

Ciinsimiei t..«ra. . n i; 
l.ra/oeka l/imi|ircerl 5': ' 5ift 

Cijptram Hu ll ; 121 4 j {12 I b 

Ikhm iMiniLn., j 9 i 9 

Donlann llruea_. ! 69*2 : 691 a 

Horn .Units j 805 « ! 79 t 3 

Dome Petroleum 667; , 67i a 
u/nmninn Brtdgirt 24 Hi ! 24 1* 

L*oiutrar 17Jg 17Je 

13 1 131; 

Fralonu'-e XufcleJ ZOJfl ! 20*8 
Port Mut>.r Can.. I 7712 i i77ig 

U«D«trar _.„i 26>* , 26^4 

tilraui ltfi’n knife 12 lli a 

‘•lull onCrananra. 265* | 27U 
Hra*rkerSi.i. Umi.j 71ft 1 7tg 

H.j.'iiieer 32 la 1 32 J, 

Hi. me Oil *v* 41 • 415* 

•lu.ison Bav llnir 161ft I 16 14 

d ii.Im ttrav 195; 195* 

dihlson Oil A Mas 42 1 43 

!-4.C. 18 I 18 

I niuiY. 55 I 34ij 

Imperial Oil 19 ig 19 j* 

la *» 38ia I 181; 

•flat , ns* , HJUj 

lnlan.1 AauUrais. 105* j 1054 
Ini |*.s Pi( v LlneJ 145* I 14ig 
Kratser liesouroeaJ 16t* j 145a 

LAurl I’m C-erp,...! gi 4 gi 4 

04, U« l.V-ni'll'.J 4.40 I 4.3B 


SI A A | 

.Veckennranu • 

Prousnv; DM 100.- 
llh emWfrt. Klcel. 1 

SrJienay * 

fiiemeiu 1 


!+• *-t ■ 









■ _ 



! 1.9 


-0.5 1 




+ 0.5 


i 6.9 









291 m 

-0.1 1 


. 3.1 



• — 






+ 0.2 



-u.b , 

28. 1! 

2 4.7 






+ 2.5]i 






3.1 ' 


-1 ; 

28. 1! 

} 6.9 




; 1.4 




1 3.2 




, 5.2 


— 0.3 


, S3 


+ 1.1' 







+ 0.J, 


1 4.2 



; s . 7 



1 3.3 


+ 1.3 


j 6.0 


-1 | 



+ 1 1 


1 3.4 




235 1 

-1.5 1 


, 3.4 

.480 s> 


! 8.4 


+ 0.7I 


j 3.3 

177 1 

+ 2 • 


' 3.4 


-3.1 ■ 

14 1 

i 4.5 

201 . 



' 2.5 


-3 I 


1 1V 



— 1 

1 — 


t1 i 

— 1 




25 , 



+ 4 ! 

20 > 




16 ' 



t 2 



_ Vsalit l« lran»„ 
1.9 Crauun 

I , IVl T»| + .W I 
1 Yen ( — I 


481 12 

Dm Niiiixii Print! 555 



. 576 




- 3 

1 lra.ll.l-* MkIihn... 



Hini+e ♦"•■»! 


'. It»ih.. 


r -5 


+ 10 



ra 15 



+ 10 

Kaifmi , I'ra 


+ 10 










llil 7H'/illra In 



Hit -.utn- III lank. 

• 278 

’ .. - 

Mitsiilastii He.* 



VI nsiilii-lu * „r}i. 



If item X Co 





Ai|.|a*ll lienwi.. . 



Kigga.n Slmifen. 



■Mean .Hrtnr*-.. 






~*iiyg KieeLrie.. 



’eki'.ui Prolan.... 









Crambo Marine-.. 


tale. ia UipujichI. 






I'okhj UHrinr 


l.itnoKicit Hnu- >1.050 

Lokyo aranyo 



lokvofibl ha ran... 





14 • 2.1 

12 ! 1.2 AC MIL ***«■«« 1 

25 1 2.1 1 Acn.n Aur i*alia .. 

20 1 2.8 Allieil Mui-Trid^. Imlra SI 


Anrt. X ' — 

Prtiv +>‘t l.*u. S.'.L 

Krtmer* — ' - -i 

rtjy-»en V.n 1 19.62al g-1.6 11 i 4.6 

S'rattra ; 171 -1.5 14 j 4.1 

CUM • 106 ' -r 1 12 5.8 

Syrcin-X Wet Bk 284ifl — l 18 ' 3-2; 


All.. Id iFIJ». 


203.6 + 1.1 < 25 6.2 

i«r DU .'V l.l. 

||<V.|4, M . ■! I.r ; 9 86 ■ 20 

Source iVikfco Securities. Tokyo 


A/UM 2.360 

B>4. Urx. Unii<. .. 1,540 
Uekeix - IT 1,800 

C-B.K. Cement.... l.ra 60 
CiK'ltenl 424 

1,540 -20 

1.800 j. 

i 18 1.6 1. \ n>i«>l F tipi. .rail, *n 

2 1 IS ! t.3 1 Am |r*l I 'el n.'len m 

j 12 : 2.5 I .Vrawra-. Mineral* t 

1 .VI ' **«*P Psiwr SI ; 

fu I 5, i A*d<. C-H. Imiin. tries . . 
m 1 ’ f , I Au*t. Inreat . 

5 . 13 1.0 ymliiiMti.. 

2 ! , 0 1 A “fi * 

? 75 Blue Metal ln.l 

1 , ' „ Z UuURaiivllle C..|i,ra-J' 

1» • 2.7 Kntkim Hill Pn.iirivirarr ... 

3 35 0.5 BH Smith. 

* l.hrltiiD loiiei Hrratr,'. . 

... }0 1.8 C.J.CU. 

}Z 1 «-4 CSll fSll 

la I.b i*. .ii*. lanUIAel.U Aurat 

... 14 2.1 C/.nlraiuer fSlt 

, fc ' n'? «W.dne Hintiniu 

1 }«, n'a •Arairafa Australia 1 

1 irt ' in Uuukip Uul*l«t (SU 

1 48 J'S ‘ 

. 4 ‘ f'2 KJ2. Industriera .! 

I i £ ■ oi %£Z2S£" rVnm I 

1 ; 40 1.1 |£2*?tor 

~! ii 1 al u*.i. Awtraiii::::::.:::::::: 

11 i 11 Joaera (DravltD 1 

a 1 3D Letuirar OiL J 

12 I 1 g Metals Kxponatkm 1 

J 10 £4 MIM H,ddi4«m ] 

.... 10 1 3.4 Mvy« Mtntwnwm 

20 1 1.0 — • 

— — Xk*h"lras Interuaie/nra).. ..; 

Tokyo Vurtlt tajr- 


uUSearvh . 

j DHtr Kti'lvnii-gi 

. __ Pi-.neer Ccm-rete... 

' Dtv. Jieekitt A C-drurao. 

* 1 tr-. %'t.j. U. C. SI'vcIj . . .... . 

\el ; Sudtblraait .Mfoinx ' 

S|*rt*n, KrapluratUd*... ...... 

. — — li.dli tSl 

6J . 3.9 Waltiiu.. . 

..116 ; 6.4 Western .lliniae iW triu-r 
,100 I 7.3 U'.v.|*r<,rt!i» 

Brruuii Urauk 

{0.72 *0.01 Ibmr^urn 

10.81 . Cm In tv, nl , 

?2.30 ; — 0.03 Kt*t*,o-.. 

♦1.42 ■ .. .. KrtMitkiwM/n .... 

94 ra 1 
63.0 -0.5 
108.0' . .. 

108 r I 

•'’■tinvl.rniiil .. 


89 5- * 1.9 ; 

Xu i 1.8] 

15 0.5 

♦ 1.42 • .. .. Krodittraaieii .... 108 ,1 II 

tO.79 { .. .. .WkHv.«r*4.,K'. 188.0 -0.7b 12 
f 1-15 I ... :. •Snrot.rainl.. .. 89.5' *■ 1.5; 9 

♦1.18 J ... . j 

Ihil. : ! *"**«. 

7 1.48 i’g-O.OSi I’tlra*' • +-..I I'll. 

♦0.40 • • . • 'Ini 9 1 pi* - 1 in. 

♦0.36 ,+D.O I [ 

♦ 1.06 J Vr*Hnra.... 1.02 -O.OSj.lra, 

11.19 UO.OI] ttancoti.. Uni.'il... -.30 .. 

♦6.58 ,-*0.08 J Itauev* Ilrau. 1.2U :.1C 

♦0.81 +0.01 , 8 »ibu Miumrra up 1.93 -U.Lfij.12 

♦ 1.85 -0.03 ta.jwAuiei.uP.. 3.15 . .'.at. 

tl.94 1+0.01 1 Prtndmtrab HP.. .. 2.96 U.10 
♦2.90 +0.02 : Suu m Cni; OP.. • 5.78 - OAld.2* 

12.46 1*0.01 1 I'uim PL 7.90 . .. 

♦2.35 ,-tfl.Oil 'rale Kin Lkvf I'P 1.58 
(2.24 --rO.04 i ... . 

♦1.45 1+0.05 1 Vol. Or. 107 dim. Slum t o. i-.'m, 

tl.38 • Suurcv: Kin tie Jatviru .Sii. 

Jl.OO ,+OJBi 


{1.52 ...... MIMES 

♦2.10 tO .02 May 9 1:311.1 h 

♦0.74 [tO.OI AobIo American Corpn. ... .i.itj 

;2.20 1+0.05 Charier CoosoUdaicd J in 

— i Ea*l Dnelontcvn 10.115 

11.87 1 Eisbunt i.rr 

IS 1 Harmony j.ou 

ru.isfi Kloo, , Du. |\l>l. 

1.02 -0.01 J. Ira, . Ii /fc 

+•30 . . .. I.r, /.39 

1.2U :.1C jia.M 

1.93 - U.Lfij. 12,d.L*2 
3.15 . 
2.96 -u.«.£ 0.10 i.58 
U.7B -'> J 27 
7.90 . .. „.a«. 2.53 
1.58 J.i4 .1; : .2i 

^Zi.eiif i i 6 - 

+ 8 ,100 I 7.3 
-10 - - 
-250 177 1 7.8 

A litem HiiL-iFlioti' 349.5 + l.'fi 'A23.5' 6.7 Klertrnliel...- 6.670 n 10 ;43U , b J PABK 

AMh'V iFl.lU, B4.5 — O.S ■ \,44 l3 0 ^*Knq no Aral ..... 2.503 I/O b.8 "ARI5 

AmroVaS Si^; 1 7TM M I fiS S ltmd-Bm..._ 2.020 {-180 150 7.4 

Bijenknrf • 87.0—1.5 125 15.3 Gernert-, T-324 |-06 | 8S o.( j|. 



H.ibouen ;2,260 ! 170 7.5 

69.8 —0.2 | 26 7.4 ,own -'"W 2.O70 !+20 ]l42 ! 6.8 I Uente 4g_ 

Blvei icr V(F|.20>.; 206.0 +3.5 I 27.5 1^9 Krtdletbraok 6.680 1 1265 | 0.7 AinquoUeeid't'lel 400 I— 

Konu A'.T. Bearer, 140.5:+- 1 '■ 

KuruCitDiTsi FI. 10 65*0 j 

fils-t Breraden /F10' 32.4sf +0.6 
HeinekeniPI.2*’*. 99.9 +0.9 1 
H.jn,jyveii~,K1Ji!0> 33.9' — 1.1; 
Hunter D.i KI.100, 25.6+0.4, 

K.L.M. . Fl.lOOi... 147.3 + 1.3 ! 

+ 1 37jl 6.4 -U Poyrale Belg-e.. 6,060 +40 >305 | 5.0 Air LUjrdd 

! 94.8] 6.4 P«o Holding 2,450 i SAM AqnH4ine_ 

+ 0.6! 23 t 6.8 Petmiinra 4,305 j+30 :174 I 4.0 81 C 

+0.91 14! 3.6 see Gen 8an 4 ue.J2,fl55 j (304 ; 6^ Heayguea 

— l 1 ' _ 1 _ Gen Be4tic,ne'1.990 j+10 U40 j 7.0 Hj 3^V. Gerrira 

+ 04 12 I 4 7 5,5,1 '2.985 J--45 1215 1 7.2 Carrot our .... 

+ l!3! — i- ;2.5SO ! + IO JA2WI IJO G-G^. 

— 1 East unvlontcta : 

{1.87 l ElsbDrit 

<i 15 I Harmony 

In" fi !“"• Woo ‘ 

♦t'ftB Ln'n* HnstcnburE PTannum 

♦2 34 'taS? Soaui Vial 

IS '§5 ■ 01 Gold Fields SA ; 

m '? 6 > Union Curporjiion 

iffiS 'Jin', Uo Beers Deferred 

io'fo 7ft Blyvooniiulcht 

*0 18 irt‘2s Eaal Ba0t ' «r 

m'si Frw: Slaw Gcdukl ; 

*2 83 In'll Hraiitl I 

*□68 -Zoos Prosufriii stern I 

^.zo .-0.01 Wo!kom 

m'bo iji'iw wr, - ,,H Drleruntrln 3 

♦0B6 M j'* ,onl Haitfins* 

?S:lo ^:Ss VVcB, ' >rn Dw P 1 

. I 1 ' 65 . _ ,+0 - M INDUSTRIALS 

AECt .. . .... 

Analo-Anier. JtJduwrlal ... 

• Barlow itaod , 

rmiivTTT CNA liwcwmeMk 1 

- ifWi i C* 1 ""-’ 

’ "° De Reors Iodustn+1 ! 

1 41+ O fi Edgars Conraotidoted lov. _ 

14 Pi ikI s*ra Edttnrs Stores !( 

LS ! 16.S 5!b KJ-’f* 1 ® Voltebdesjtincs . 
3.7 t 2fiJl6l 6 0 1 ® re *J* nnaos Stores .. .. 

> sKm 222!*“ *'*“*'** ,s " ; 

Pnee 1 or lii'v..Yi,i. 
Fra. ; — j Fra. j * 

4l;j 0.6 
UK 6.3 
L6.b 5.6 

299 _ 7 c 1 ia i, c ; Kcavraie valksoet 
436.3 —13.7*26261 6.0 OreaU/rmaos Ston. 
473 -9 UJ6' 2.7 S^t an A,wrau 
690 1 + 35 } 48 f 6.8 

i-ezlm-aa ! 7 A 1.6 

357 ' — 9.5 • 8.6 

18ia I 181; 
11&* i Ilia 

Ore (FI. BJi | 153 ' 36 , 4.7 

lan Oumieren. ... 119.0:+ 1.7. 18 6.7 1 SWITZERLAND • 

»V* p|(»? LlneJ 
il'er l!e*JunreaJ 
.uriPm i.W*rp,...| 
4 .Iran Com.'D'.J 

Me niill'n Hloedi] 191a ' 19 'n 
Massey FergUHmt H^E l ll5g 

Mrlmjie ; 221* | 22 

Miwro » nri j 32 ig ‘ 38ij 
>..ruii>ln Minn*...' 25^j •' 25i* 
■Vorcen Liteirajj...' 15^3 ! 13:g 
A(li<i.T>.|erfran-..- 29 lg 29 1 ; 
A ii nia.; mi * Goal 32i- i 30i a 
‘Athii.,,, iHr'ai.i 4.00 : 3.95 
Pkelnei.u|HNsrU.i 2.30 ' 2.25 

rtiellra-Pct rmoun,| 371* 38>, 

fan. Un„, PeL'rnJ 33ia I 33^ 

? tie j ti6 

tW-Hera llr-plJ...) 4.00 ' 3.80 
L'lnee Cun A Utl.J 0.92 '. Q.87 
Pia/erl level opml’i 2l3o : 21 
ft/nei i.'.irponu'nj 15t e 15J» 

*** ' 13 12T a 

*€W*ee blUTEectn 1.19 , 1.25 

16>g j 145a 
Qig 9i« 
4.40 j 4.35 
11+2 I U&g 
221* 22 

Prakhoe.1 (PL ZOi.i 
Plllll[ira |F1. 10,...., 

flobeeu (PI Stf, J 

flnlliuv. JKI. 60i... 
Il-rooio i FI. 60/ ..; 

41 ' — I — j 

25.7 -O.B - 17 I 6.6 
82.5, -r 3.0 ' — I — 
165.6-0.4 .\2SB- 7.8 
124.0 -0.8 . — ; — 
132.0-0.1 14.6,3 

K-'iemo iFI. 60/ 132.0—0.1 14 5.3 Aluminium I,145*aj + 40 

It •ntlDun-bcFl-2'j: 127.9 53.7518.4 HBC.V 1,580 ! + 40 

Slai enhiiry 251.681+5.4; 19 17.6 CUftitielayiFi.lOw 1,170 >20 

£teviu (iquHA'i 131 27g 4.2 l**..; Part. Ceil..' 840 , + 25 

Tnkvi.Pa//. HliM.S' 108.5 81 + 1.5 1 30 . 0.6 »*'. IU.t! I 614 J+3 

l uilei er (Ti. 2d..j 1 15.Z — 0.S .42.8 ; 7.4 Curalli >ni»-r. 2.165 ' - 25 

ViKlugi;p>.lnt«1i 59.5 -u.l ' 20 j 1.2 NwHorarail- 1.620 : + 50 

West Inn' Oil. UraiiK. 384. Sid +5.0' 33 ; 4.2 Pl***l'ei itii-'iaei. 670 • 

Dome/ 823' -IsW.S O.a Grtup 

. _ Kr. Pciroiea^ 126.0-0.1 1*. »l 1.2 

> ® Gen. Ov+radeolau-l 108.0 1 aas, 4.a »^Pi a0,4,l,S * 

IVire i + .,r I Div. YM. ImMral i 61.9,— 1.1 3.7 9.3 ti G. Smith Suiur'‘.V.’.‘..3. 

P'-*. • — . i . {. JaixiueaBuiei ; 122 -6.5 - 1 - SA. Breweries 

iSST. JKc«~ - •«- ««* 

,§ , 1 1 iffir.' KSti-:: i:3?5 -rli 1;'l ii s«uri„« R an,i , 

22 , 1.8 M^eiiti “ir 1.444 - 34 52.65 2.2 j (Discount of 3< 

22 K.gj UW Hmneij .., 476 —11 lZ.tT 2.6 

22 1 i.b | llnoHnes 165 —1.8 fi ‘ 1.9 ' 

16 H W« IM -2 1935' 18.5 i 

1U . ■ ® 7 -2 T.5 8.B! enrara. m 

Securities Rantl SU.S.0.731 
(Discount of 36.25% J 

UuITman I’lCeit-.- 77.000 +2000 55o , 0.7, 

2Z 1 | Moullnei 165 —1.8 

16 3.7 I itaril** — 159 —2 

lu . 3.1 j tteehmry 87 —2 

5 1 3.7 > Pei tual-L’icranl .... 268.9 -7.1 

— — 7.5 2.8 1 

l l etiHeui-Ciii>«ii..l 365.0 — II bI 15 4,1 ’ 
IV*- lain , 186 — ll ( — - 


May 9 


«... o Kroner 1 + ° r ; 1 +‘"' , w 1 ' PirtHi fiJP<P.UA>] 357 1+4 15 

' lav 9 Kroner , - ; .„ 0 SHn-Jd.; (Pr.&UI.. 3.450 >50 26 

bSSSSTw"” » : !s AilSSSiS wi fi 

DwStoBMk 12 15 ~ ! 13 Isa S. .Her Lira tF.IOO* 344 [ + 12 14 

tLt WiCn"" 1 isln;? 1 A I7S *>'•■«»»• ‘fr.dSOij 80M.+ 18 10 

ii j]| s 

iz^so.:’:.' 1 iS *“-«-■ »*» ** 

G-Vth’nH.iKrW.i 260.5' +0.5 i 12 i 4.2 ’ 

MVS ;+*o rfBb./ 0.0 j ■ u 7 V 

‘.■eilihnuli./K -JfiO.iS. 180 1+45 ' 15 ' 17.0 

I’in.llt Ml* /K.lviH HS7 l+( * ira > ra, n OIMM 

; +4U; IS .4.5 

UIIIMUII Lilli.. 49J. 495a IbtOiror t|i| ! Mi. 

Union Ptarflie 47la | 47i* iteed sum.!!!!!!!!! inij 

Danrake Bank I 121.5 _[ 13 

Perkin Elmer.—.' 19Jj 

Pet „■ 43 

Pti/er — ; 313a 

I'ucljjs Df>i u e : 217g 

Kbila idithrn Kle.l 181* 
Pbiii|.Xi.n-nj.„.... 64 

PhilhpsHelnil'ro. 33t; 

Pllrbuty * 383 { 

Pituey Bone 83Sg 

PIltsU’D ‘ 22 3ra 


Unue.1 brand*.... 

Ls Uatn*i.r|t. 

Lain ,i*i«ni 

i-s Mi h*. 

' *» i 

1. . leelin.i»v'e»- I 
I. V Indum neo,..,| 
t nyinia Ki«l.„. 

VVraiiCWW. 1 

Pliaaer Lt»l A nif. 17lj . 175g I Warner- C. 


1 iiiirtr 

22 1; 

22 m 

lull. Mult it- 

*’■■41. hdlW-Hl N.Y. 




t II rail Fraraift. . 



I nil. rra;a.T 

* ..n-atl Nut. fin-.,,. 


387 0 

1 Iti ... . 

g'-.U+linUT Prt«rl 



Jill . K«*'lilif 

1 ..miueuift] l.i'ira. 



Ini. let. 1 

1 niinnwiifilMit .. 
1 ■int/'il r»m • 

L"-*i»*r indue— ...1 

j I.II1N IW'I 

I r; InrenwU iiLfii. 

p. dun >i.i ' 3 llj 

I'nl-HIHI- HI*-*:... 15 tg 

Pit. luilurainro.. 27s; 
1'iiriw l.ipnible... 82 1 j 
Puli. * Llira.i. l 22'.; 
Pullman ' 304; 

!'««•% n se 

QlKt.lT Oft,. 22 l; 

llaj.iil A niert'*iiT' 9+t 

knithe.111 41 j; 

KVA 271, 

Iral'iMil.lie til eel.... [ 24I a 

W'smer-Ianii^ri.l 29 

W'rasiif. Man'ii ,mi 1 231a 

W.«, a .Krarft.. , 275s 

W' rratni. Hap "-T| * 38t; 
IV naem A . \ me. - 271* 
Wmivrii L'ltiuii...' 16 
» -1 Umbra.. Bin.-: j 19 U 

26 U 

tt'embraeiiner .. . • 23^8 

Whiri!*"'' : 23U 

W|/itcCrm. Ind... 1 221s 
William Co.........! 19i* 

irtnvMiain Eleli-.i 271s 

iteed suia— loij 

lUo Algura 30 

Umj»I Con. 29 4* 

Uoyral Trust I 18 i 8 

T-eptro ICaouroer- 74, 

i«»4rtinn.., _.j 26ij 

Mien Lmiaita. I 141* 

durnu G..Mnn- j 5.12 
-lebenaO. l« 28 

'llltgOI4lh_ • 51, 

aiecioitiumlii.. 25s 3 
i6.-pUra.-k Iron 2.49 
leuioiCanHUra.. ! 39 

j l'divnil>> l.HHu.BV.. Ill; 
L'miiscran Pipe L/-| 145; 
L'rans Uirairrl Up ' 91* 

'noar, J13lj 

V'lluil Ob. i 101; 

L H ol s.rajeV lur- ' 7ss 
"'.•"kci Hlmui....; 32 1< 
W wi L.stral. Tne>. Ilia 
M .■ral.iii (jura 164a 

not available, t Eld. t .Vdied. 
t Traded. Q New gteck. 

fra 1 *, Q 

of, j iq TVtenioi*ui*|i»....; 
as I an Tliuiuaiin brand/.l 

ia S3 Utiuor 

14 4.1 

10 I 4.3 

10 12.8 STOCKHOLM 
40 23. 

lraO30— IQ 
273 6 

7&1 —11 

188 [-4 


Hr lee | +m 1 JJ/v.iV, 

Xifll Krat/el 

24S.5*d ■ 


j 4 !b 


75.75-1.0 1 



150.50;— OJ2E.! 



Pro* iiidnnfc 




3oph. Bercndseu. 

377 >1 ! 




190.60 +0.iOi 



r tn [Du. i’,.1 

- I Lire r i 

AO A AWKr.&Oj... 209 1-6 
AltaLavElUiKnO 155 j — 2 
.VSNA (Kr. W) — , 85.0 d' +0.5 
Atta* Co{KQ(Kr2P 129m— l 

HlUenhJ 82 I 

Uirfnrs- 125 -3 

Vanin - 192.ra t l— 6 

Cellul.xu 233 [—6 ; 


Mav > 


+ ” r 

1*1*. > i>l. 

** • Q 

1 r--l:(Hii'iaH ... 


10 2.9 

IVti nim irv . 


9+ . 3.4 



+ i 

58 . 8.2 



ra 1 

tteyr Uam.lur.... 



7. 3.8 

V «'|I ... 


- 5 

14 ! 5.8 

A.MC 90.75 —0.251 — _ Klw.4 ltiX*B iKtat 

iktrativti 406 — 4 i — _ Ki-teftwm'il’tlvtoOi 

P"*l ’1.906 -2.5: 150 7.9 Imooiii- "II" 

I*.,. I'nv jl.642 : : loo Fnneratra i 105 -7 ' 

1 74 1.15 -. • — fiotnuera iitve.i • 47.5-1.5: 

Kleel’ItiX ‘B" iKtal! I50.rar- 6,3 4 a 

Ki-teftw* ‘H’tKtsOI 138 1—2 s !j 4 !s 

' a* Hittw-n Exterior 

Sr. Hjnco Cen.Tjl 

25 K u ” anwi Grjnjda U.OWt 

isa 5 I # i “ a|,eu Hlspjini 

la-iai 0.1 Banco Ind. ot, \l.iMdi 
— i . Z. H. tnd. Meditemneo .. 

Banco Popular 

Banco Stint ander tiiili 
Banco Cm min tl.OWi . 

— — Banco Vizcaya 

w*v.i»i . Banco ZortKUuno 

Kr - [ t Banhonion 

“■T7 ^ aaia Andnlucla 

3-5 j 2.6 Bahedck Wilcox 

5 3.2 CIO 

H 5.9 Draft ad, i.-. 

6 4.6 InmobaruT ...’ 

* ^-9 E. t- ArjKom'sas ... 

y+ 3.2 Espatioia 2iuv 

10 ; 5.2 Evpl. Id.* Thud 

10 , 4.3 FevWi tl.OOdi ... . 

6.3 j 4.2 P.-nu&i t l.iMOk 7" 

6 i\4.5 C.aL Pr.-raudoi* 

8 . 3pi!. : r , . l|W V vla<ijuv; t-inm 

al Uidrtla 

„ ; ' * Ihirdiicro ... 

.144,5 -0.5, - _ MraraUm ’ 120*tf....^. . 1 

.‘^QQ 3.7 M/vlh'h Owiiilu,.; 63 •' — 2 1 

- — Siii.lvik .X.H : 254 —10 

- - S.K.P. ‘W Kn. 78 1-2 

130 6.6 aland Ka*klMa...[ 141xk — 5 

80 S.6 Jnn.t.ilk ‘B’KretS 85.0—2.5 

- - I'zlrlehoim 52D —2.5 

; * Vnlvn fKr. 0t>i ( - -8fi.5--a.O 

— — ' — .Mi-ili.stmum : 32.410' '.1.200 3.7 I MnCh-h DouiraU.,., 

53 '-2 j 6.5 10.3 i o 1 ' 1 ,hir * * 

254 _io 5.7a, 2.2 ! e L ' ,r ' ,k *," -J 

78 1-2 tj 3 gi;™ PawUra 79 -2 

141xfc — 5 a I s'.7 ! ma ?‘ - SO - 

85.0.— 2.3 & i 5.9 125 ■ — 

5BD-2^ .. , Teli-lonlca «.» .+.*.« 

-85.5- -2.0 6i70lra rT!,a Uo,,, - - nrti IM 

f-o Utmm Elec jjjq “- *» 

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125 • 

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" 15 - 1V- : 

. t\- ••• 

‘ * “V 

FARMING and raw materials 

* 3; _ , "*• P£ 

, ■’ ■ I [l ■ ■ ^ 

• Rv*?: 

-% I J; 

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, ' ' 1; 

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1' :»AT£S 

s Farm talks move 
towards climax 

Sterling grain bill * 
‘lost Canada $82m.’ 

by M argaret van hatteh 

‘AFTER. ANOTHER <tav of 

Inconclusive • talks, 'EEC 

Agriculture Ministers negotiat- 
ing the annual farm price 
review broke off. early th£ 
evening in anticipation of a 
crucial marathon session to- 
morrow. • 

The Commission is expected 
to table later to-morow ns final 
proposals representing a com- 
promise between the different 
national positions. Reaction to 
this should determine whether 
there Is to be a settlement this 

Although there has been no 
apparent progress to-day on the 
biggest problem area — the 
financing of a Ubn. imTfa of 
account package of aids to 
Mediterranean producers, on 
which Britain and Germany say 
the proportion of proposed 
Community spending should he 
cut — the shape of the Anal 
agreement Is beginning to 



At this stage, no single issue 
appears big enough to threaten 
the entire package. The' &ct 
that British and German 
opposition . to' the ' cost of the 
Mediterranean projects has 
emerged so late in the pro- 
ceedings — five months after t&v 
proposals were first pot for- 
ward — suggests a bargaining 
ploy rather *inm fundamental 

British and German officials 
'privately admitted as much to- 
day. Moreover, both countries 
have been careful to avoid tak- 
ing ■ a hard-and-fast position 

Other thorny issues — milk 
and cereal prices, pigment sub- 
sidies, wine, the CX milk 
marketing Boards — though not 
resolved, appear to be of 
secondary Importance - •• and, 
therefore, even less likely to 
cause a breakdown. 


THE CAN ADLAN Wheat Board j 
has told how it lost SCSl-Sm. on 
sales of l-2bn. bushels of grain j 
to China between 1961 and 1978 i 
because of the fall in the value 
of the pound. ^ 

In its latest issue of Grain i 
Matters, sent to Canadian t 
fanners, the Board says China 
insisted on paying in sterling 
for all grain contracts between 
1961 and 1976 and that payment 
be deferred, 

“With the declining value of 
sterling in later years," the 3 
Wheat Board says, the result 
was “a net- difference of about i 
SCSUm. between the spot Cana- ; 
dian dollar values at time of sale « 
and the Canadian dollars ] 
actually received." j 

China-watchers in Hong Kong 
say millions of Chinese commune { 
members in two eastern pro- 
vinces are fighting a persistent 
drought which, is threatening 
wheat and other crops. > 

In Anhwei Province 3.2m. . 


people started anti -drought 
operations a month ago to 
irrigate parched wheat fields and 
sow sorghum and maize. 

In Kiangsu Province 2.5m. 
people were moved into anti- 
drought work in a bid to save 
wheat, maize and cotton crops. 

• Canada's coarse grain 
supplies for the 197S-79 crop 
year are likely to be at least as 
large as those in the current 
season, according to a new 
report on prospects. 

"Overall, year-end stocks of 
coarse grains for the 1977-78 crop 
year are likely to Increase by 
about a third from levels at the 
beginning of the year,” the 
report said. 

Domestic use of coarse grains 
is not expected to show much 
change from 1977-73 levels and 
the carryover may rise further 
next year if exports do not 

Sugar pact unlikely 
to meet schedule 

Milk stance threat 

THERE ARE still serious doubts 
whether the International Sugar 
agreement reserve stock financ- 
ing scheme will be brought into 
effect on schedule . on July' 1 
reports Reuter. 

Delegates 'attending Interna- 
tional Sugar Organisation meet- 
ings in London point out that 
Japan and the U.S. have yet to 
pass tiie necessary legislation, 
and the Soviet Union has so far 
said it will not implement the 

As a result, next week's meet- 
ing of the Executive Committee 
and the full council may post- 
pone introduction of the stock 
financing fund, delegates stated. 

This fund would be used to 
help countries finance the re- 
serve stocks that, along with 

export' quotas, are the "key 
economic clauses of the agree- 
ment. - 

In Washington it was reported 
that the Senate finance sub- 
committee on sugar and tourism 
has scheduled hearings - this 
Thursday and Friday on U.S. 
participation in the'Jntemational 
Sugar Agreement 

The sub-committee, is expected 
to review a Bill authorising U.S. 
participation in the agreement 
and setting up a companion 
domestic sugar programme, in- 
troduced by 28 Senators,' led by 
Senator Frank Church. 

Senator Church has said he 
will oppose any move for U.S. 
participation in the agreement 
until a companion domestic pro- 
gramme is in effect. 

MR. JOHN SIL KIN’S defence 
of UJL Milk Marketing Boards 
in the price review talks has 
been undermined by a European 
Parliament agricultural commit- 
tee’s resolution which calls for 
the Boards' abolition and says 
they are incompatible with Rome 
Treaty competition rules. 

This was the claim made to- 
day by angry British Labour 
members of the committee, who, 
said that but for the insistence 
of Conservative Party Whips on 
keeping all their members at 
Westminster for last night's 
Commons vote on tbe Finance 
Bill, tbe seven to three vote by 
the Agricultural Committee 
could have been overturned. 

The presence of Tory MPs at 

Westminster also kept Labour 
members of the Euro-Parliament 
committee there. 

Mr. Mark Hughes, the U.K. 
Labour MP who is tbe 
rapporteur of the agricultural 
committee, said all six U.K. 
members of the committee had 
been expressly asked by the 
Milk Marketing Boards to vote 
down last night's resolution. 

Tabled by German, Dutch and 
Belgian MPs. it argues that tbe 
boards are monopolistic and dis- 
tort trade in EEC milk products. 
It also claims that the high level 
of liquid milk sales in the U.K. 
is due to the efficiency of the 
distribution system not the 

U.S. opposes palm oil expansion Mexican coffee 



THE U.S. .would not support 
loans through organisations such 
as the. World Bank for farther 
palm oil development in major 
exporting countries; according to > 
Mr. P. R. Smith, assistant secre-' 
tary for marketing services in : 
the U.S. Agriculture Department, , 
reports Reuter 

in a speech, to the National 1 
Cottonseed Products Association, ’ 
Mr. Smith commented: “We do 
not feel obligated to provide any i 
money to countries abroad to-' 
develop tbe production of any i 
commodity that is now in over- i 
supply." 1 

He forecasts that, within tbe 
next decade, world protein and 
oi) supplies .would be abundant, 
and vegetable oil would be in 

The world potential output of 
fats and oils for 1978 is forecast 
at 52.6m. tonnes, 4.6m. tonnes 
above last year,' and world ex- 
ports are forecast at‘ 17.4m. 
tonnes, 750,000 above last year. 

Vegetable oil prices are 
stronger than anticipated owing 
to the weakness of the . U.S. 
dollar, and tbe less than expected 
oilseed, production in India, the 
U.S.SJL, China, and Brazil/? J 

The current situation is 
neither stable nor typical. Mr. 
Smith declared. Malaysian palm 
oil could account for about 18 
per cent of total world edible 
oil trade by 1980. if tbe Govern- 
ment is successful in promoting 
palm oil production. 

Mr. Smith said. Malaysia has 
asked in the Multilateral Trade i 
Negotiations that import duties 
on palm oil be locked in at zero. ! 
The oilseed industry is currently 
a free-trade area, but the UiL 
could raise tariffs to three cents 
a pound. 

NEW YORK, May 9. 

MEXICO WILL probably re-open 
coffee export registrations with 
sales for the next 30 days limited 
to 150,000 bags, coffee sources 
said here yesterday. 

They said that the country will 
apparently open registrations at 
the 17U25 cent level, fob 
Laredo. The country's minimum 
registration price is expected to 
change weekly, based on the 
average of the Brazilian and 
Colombian indicators minus 
5 cents, they added. 

Reuter • 

Tin prices 



Sy John Edwards. 

Commodities Editor 
TIN PRICES surged ahead 
again on (he London Metal 
Exchange yesterday. Despite 
some late profit-taking in the 
afternoon, standard grade cash 
tin closed £130 up at £6£05 a 
tonne — its highest point since 
December and some £600 
higher than a month ago. 

Yesterday’s rise was attri- 
buted to an unexpectedly 
sharp increase in the Penang 
market overnight when sup- 
plies had to be rationed 
because of strong demand. 
London values were further 
boosted by a continuing short- 
age of supplies Immediately 
available, and the weaker lone 
of sterling. 

Other base metal markets, 
however, were quiet and sub- 
dued. More North American 
lead producers followed the 
cut in tbe U.S. domestic price 
of 2 cents down to 31 cents 
a lb. 

Hudsons Bay of Canada an- 
nounced it was lifting its 
European produced price by 
$26 to 8575 a tonne in line 
with tbe- surprise increase by 
Noranda at- the end of last 

In Lusaka, Mr. Kingsley 
Chinkuli, Zambian Mines i 
Minister, said that about 99,000 
tonnes of copper was being : 
held up on the way to world 
markets because of transport 

He urged the 4,000 white 
miners on tbe copperbelt not 
to panic over Zambia’s present 
economic crisis. 

Workers call 
for watch on 
farm sales 

Financial Times Reporter 

FARM WORKERS want the Gov- 
ernment to keep a watch on 
buyers of farmland to ensure 
that it is used for agriculture. 

They are worried about 
thousands of acres of rural land 
being bought up for other pur- 
poses, or not used at all. 

Delegates to the conference of 
the National Union of Agricul- 
ture and Allied Workers at 
Southport told their executive 
to ask the Government to restrict 
future sales of all agricultural 

The conference expressed con- 
cern at tbe increased buying of 
agricultural laud by institutions 
here and abroad. 

Mr. Donald Taylor, from Kent 
said it was believed that about 
75.000 acres of prime agricultural 
land were being acquired each 
year by people who had no 
agricultural experience and no 
intention of fanning the land. 


Making the most of layers 


EG GFARMERS is Britain who i 
handle their own sales through i 
wholesalers and retail shops make 
far bigger profits than their com- ; 
petitors who leave this part of 1 
the job to packing stations. 

A report just published by the : 
University of Manchester on egg : 
farming- shows that the profits 
of the first group were almost * 
double those of farmers selling i 
to packers. > 

“ The simple reason for the far l 
superior profitability of the pro- i 
ducer wholesale/retail (FWR) i 
units was that although their 
extra costs of marketing added 
over 3p a dozen to total costs, i 
tbe extra returns from marketing < 
added over 6p a dozen to total j 
returns." the paper says. 

But the author, Mr. David 1 
Burton, also notes that birds i 
belonging to egg farmers who £ 
bandied their own marketing i 
tended to produce fewer eggs for i 
the same amount of feed than 
birds on farms owned by men 1 
who left the selling to packing 1 
stations. Presumably this is 1 
because the first group of pro- < 

ducers had less time to look after 
their stock. 

“ This suggests that if produc- 
tion standards are to be main- 
tained or improved, any en- 
visaged marketing ope ration 
should he kept fairly simple," 
Mr. Burton counsels. 

His investigation showed that 
45 per cent, of the packing 
station suppliers under study 
made profits of less than 
50p a bird while only 10 per cent 
of the FWR farmers felt into 
this group. 

On tbe other band, more than 
25 per cent, of the FWR men 
earned above £1.50 a layer and 
only 5 per cent, of their counter- 
parts could match this. 

Noting that farmers could cut 
feed costs by 15 per cent, by mix- 
ing their own rations. Mr. Burton 
says “profit margins on units 
using purchased feed were 
extremely low on average." 

His analysis also emphasises 
the importance of pushing laying 
hens to tbe maximum per- 
formance. He shows that pro- 
ducers achieving yields of more 

than 250 eggs a year from each 
bird earned “well over three 
times " the profits of those 
averaging fewer than -40 eggs. 

For all the prufit advantages 
in by-passing the packing station 
route to tbe market, as well as 
the danger of allowing husbandry 
standards to slip because of the 
extra work, a PWR farm need* 
almost twice as much labour per 
1,000 birds as the simpler unit. 

Packing station suppliers also 
seem much more likely tn benefit 
from the economics of scale, 
certainly up to the 20.000-bird 
unil. “On the other hand." Mr. 
Burton remarks, "there was Jillle 
evidence of economies of scale 
within the PWR group." 

He concludes that ir the ess 
industry continues its meat 

trend towards t.-on trail ion, the 
first to go lo ihe wail will he 
smallcr-scale specialist egg 
farmers — packing station sup- 
pliers who buy in ready-made 

* The Economic* of Egij Produc- 
tion, by David A. Burton. Vnticr- 
sity of Manchester. Price E 2 .&K 

. . . and the best use of pigs 

THERE IS an old saying among 
farmers that every bit of a pig — 
except the squeak — can be put to 
good use. True us this may be. it 
is evident that a good deal of the 
value of most pigs slaughtered 
in Britain goes down the drain 
or into the incinerator. 

A study of tiie use made or the 
more unpleasant portions of the 
animal suggests that they could 
be worth about £3m. a year. 

It is estimated, for example, 
that British abattoirs produce 
about 45,000 tonnes of pigs’ blood 
a year. Three-quarters of this is 
dumped into the drainage system. 

In 1975 the U.K. imported almost 
6.500 tonnes of blood powder and 

Most pork hone produced in 
Britain finds its way into tbe 
domestic dustbin at present. 
Imports of bone meal have been 
about L25m. tonnes a year. 

The study also suggests other 
national economies that could 
be made for instance, in the 
greater use of pigs’ glands for 
pharmaceuticals. Imports of 
such parts in 1975 cost £15nt. 
Although synthetic insulin is now 
common, there is still a market 
for animal pancreas glands for 

making the “natural " product 

And. uf course, certain Eastern 
countries are cited as bia- 
spenders on gallstones tor their 
reputed aphrodisiac pincers. 

The report conclude* that, 
since the world needs protein, 
there must be greater interest in 
extracting it from the more 
“ marginal " sources. And there 
is a need for a serious economic 
inquiry into all aspect-, or the 
recovery of by-products so often 
thrown away by modern 

Form Business Ret icle \o -f, 
Untrersify of Exeter. Price £1 

Soviet study for Guyana alumina plant 

THE SOVIET Union is likely to 
conduct the feasibility study for 
a proposed 600,000 tons alumina 
plant to be set up here as part 
of the expansion and diversifi- 
cation . of the local bauxite in- 
dustry, according to reliable 

The Russians have a team 
here studying possible assistance 
in the field of mineral exploita- 
tion, and a protocol on the 
alumina project is expected to 
be signed before tbe team leaves 
in another few days. 

The sources could not say for 
a fact whether the Russians 
would finance the construction 
of a plant, but pointed out that 
this had usually been the case 
where they - conducted the 

It was noted too that whenever 
the Russians finance such a pro- 
ject, they usually take some of 
tbe product in part payment for 
tbe loan. 

Guyana's present alumina 
.Capacity is about 300.000 tons, 
'and it is believed that expansion 
Of the output can lake place 
either at the major operations at 
Linden or at tbe smaller works 
in Berbice County, using con- 
ventional high-grade bauxite 
already mined at both locations. 

On the other hand, it might 
be feasible to exploit what is 
believed to be very considerable 
reserves' of lower grade laterilic 
ores readily available in the 
Linden area. Preliminary 
studies tn determine Jhe opti- 
mum processing -techniques for 

May n. 

such ores have already been 

Alumina expansion is one of a 
number of projects being con- 
sidered by the Bauxite Industry 
Development Com pa n>. which is 
the holding company for Guy. 
mine the Guyana Mining Enter- 
prise. Guymine has absorbed 
the operations of the two 
formerly North American-owned 
companies which were not 
nationalised in 1971 and 1975. 

One is for an aluminium 
smelter to be sited in the Linden 
area on the Demerara River and 
which is linked to a proposed 
hydropower scheme-— both cost- 
ing nearly £500m. The target 
date for this project has now 
been pushed forward. 


n A er unTTi f C 1703 4. ‘ Xert: Wlrebax*. three months LEAD— Barely changed. Values wwj 

JdA&JD MEIAJLj £ 712.5. ,12, 12.5 13, i2J, 12. qtfcUy firm \toniu*boui the day will 

COPPER— Manrtwltjr llnwr In verv 
quiet trading on the London Metal ex- 
i-bangc. Forward metal traded between 
in I and frits, with small volumes 
traded. and touched Ils bJpb point for me 
day m the afternoon before utminit 
easier tn dose at £712 on the -late kerb. 
Turnover, 27.B36 tonnes. 

I'OPPEIl! *.in. i+t>r | It+iS 

curt-biii Q facl 4 i _ j Unofficial j — . 

£ fTT £ IT 


Cash J 6 BA- .5 +3.75: 699-6 +4JS 

3 moatlwJ 71I-.5 +3 j- 7134-4 + «.5 

SettVm'at J394.5- +5.5 — 


Castr 684.5-5 +4 685-6 +4 

3 months.. 708-.6 r+3.76 1 7034 +4 

Settl'd* nt 605 +4 — 

U-S-Smuj — ■ — 64 rr — 

Amalgamated Metal Trading reported 
that in Uk morning mb srireham traded 
at £893. 90S, M. three months £711, 12, 
U. 11.5. Cathodes cash £884-5. three 
months £JW, 2.5, 1.5. Kerb; Wlrebara. 
fhree months £713. 12.3. 13. Afternoon: 
Wlrefaare, three . nnmuu £734. 14.5. H, 
13 S. 13, UX Cathodes, three months 

£703.5. Xarb: Wlrebaxs. three months 
£712.5. .12. 12.5, 13, 12 J, 32. 

. TIN— Gained, ground. The rise In 'he 
■ Penang price coupled with a. wnak p<mnd 
agahm. the dollar saw forward standard 
menu, open firmer at £8.430 and rise in 
£8.488 before casfine hack to dose sc 
.£6.435.00 the late kerb owing to oroflt- 
taktag and the lank of any physical 
demand. The backwardation widened in 
£358 at one point reflecting the tightness 
of the'' nearby position. Turnover. Z.UO 

tonn es. . |+ orj p.10. jl+or 
TIN OffWnl — Untffiria.j — 

High Grade £ £ £ I* 

tw, 6590-6804-66 6595-6154-150 

3 months. 6470-00 +KLS 6465-66 .*85 
Settlem*t. 6600 +86- — •• — 


Cash 6590-6®) +6S 6596-616+730 

3 months. 6460-5 +70 - 6446-50 +7Z-B 

Settlemt. 6600 +86 - 

titzsltbE- 191603 +18 — .' — 

How York ...... ^537.60 

Morning: standard, cash £6^88. 85. 90, 
93, 90. three months £6,450, 35. BO. 85, 
60- Kert: Standard, cash £8,802. three 
months £8,485, 70. Afternoon: Standard, 
three months £8.480. £6 .55 8 . S3, 48, 30, 
40, 43. Kerb: Standard, three months 
£8,445. 40. Si 

LEAD— Barely changed. Values wr* 
qtflcUy firm \ throughout the day with 
forward metal touching £309.5 In the after- 
noon rings before losing ground to cloxe 
U COB on the late kerb. Turnover. 4.438 

| *.m. |4-or p-m. |14nt 

I. MAX) Official — Unofficial! — 

81.00: AUg. 166.09-67.08. +125, 165.754&J5: 
OCT- 151.50-53.50. +1.50, nntraded; Dec. 
141.50-41.90, +1.0T, un iraded: Feb. 130.00- 
35.00. —1.08. DMradid; April mOMM.OO. 
+843. nntraded: Jane 127.50-32.00. +0.75. 
nntraded. Sales: 17 (1) lots of 17.250 

U.S. Markets 


Cub 501-1.6 1+1.5,893.6-5*0.5 +.5 

5 mouths.. 509+ .5 +2 oOS.n-9 ,+ 1.S 
Settfinj’nl $01-5+1.5 — J — „ 

V^Ldpor J - i | 31-33 1 

Morning: Cash £301.- £20fl-3. 1. three 
months £308, 15. 9. Kerb: Three months 
£508-5. Afternoon: Three months cm 3, 
9, L5. Kerb: Three months £308. 

ZING— Modestly higher, mainly reflect- 
ing the firmness of copper and some 
modest short-covering. Forward metal 
moved narrowly to close at £S08 on tbe 
late' kerb, after. lunching £389 at one 

Point. Tnmovc r. X300 tenon e. 

I aan. )+■ cwj p.m. |t+or 

ZING Official — CnofficbJ — 

1 Royal Exchange Ave, London EC3V 3LU. TeL; 01-283 1101. 
Index Guide as at 25th April, J978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital 128.14 

Clive Fixed Interest Income 113.S7 

CORAL INDEX: Close 469474 


t Property Growth ‘ 9i% 

T Vanbrugh Guaranteed, 8{% 

t- Addren shown under Insurance and Property Bond .Table! 

I.G. Index limited 01-351 3466. " . . Three month Silver 285.4-287.7 
29 Lament Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures 

2, The commodity, fixtures- market for the smaller investor 

Ouh £ £ 

. - 238-5-8-6] + 1 fflfl-S-BOO-S'+a 

imonrin- 307.5-B i+l 408.5-.?5]+147 
U’menL-.- 899 JS 1+1 — 

Pim.We« — _ | ZB _ I 

Morntag: Three months KBS- Kerb: 
Three months S3SS, 9. Afternoon: Thr?c 
months £389. Kerin Three months £308. 

“ Cents per oonnd. t On previous 
offi c ial dose, j JlM per plcuL 


Silver was fixed 1.05c an nonce higher 
for spot delivery In tbe London bullion 
m*rk« yesterday at 278. B5p. UX cent 
eqnfvalems of the fixing levels were: 
Spot 694.6c, down 9.5Ci three- month 
5H.Bc, down 0.8c; idx-moniti 521 -2c. down 
file: and 13-momh 543.0c, down 0.7c. 
The metal opened at 277.6-27B.8 p 15036- 
5941c) and dosed at 27VM8»p (W7-508ic>. 

SILVkE Bullion 
per. fixing 
Otgroe. pricing - 

L.HJL H- Of 
doui — 

Spot. 870.69pU-7.86l 280p [+2.9 

4 months.. I 2B4.B5p U2J55| 2S6.45f> +2-66 
smooth*- uB2.B6p k-2.55] — ) — . 

Smooth*. I 31J.4p 1+5-4 i “ i- — - 

— tME^Tornover''l3£ “fD0)"~lou of lO.fluo 
ounces.'. Horning: Cash 279.3. Three 
months 385. 5A 5J, Si 5.4, 53. Kori>: 
Three months 3U, U Aftcra-on: 
Three months ssafi. 6.7. 6.6. 6J. as. b.b. 
6A 6.4. Kerb; Three months 286 Jl. 6.6. 
6.7. 6-6. 6-5. 

crop options opened 35 points lower but 
trading started at 30 lower aod lair- 
•readier sellers helped set barley down 
to 78 points lower where steady com- 
mercial buying was noted. By the dose, 
despite a good hedging market, values 
ringed about steady between 48 to 55 
points lower on new crop barley, Adi 
reported. New crop wheat found good 
support at 50 lower and dosed steady 
between 43 to 30 points tower. Old crops 
were generally neglected bat Hay barley 
found good commercial short-covering at 
45 points lower with strong country 
selling noted. 

Yesterday's + or Yesterday- + or 
M'nrb vlrwe — diose _ 

Mar 98.40 I — 0.56 82J» L-0.46 

&opL. 85.75 't— j.W 80.10 -O Sb 

JVur. B8.15 f— 0.35/ 63.55 -OS% 

Busmens done: Whoa I— May 98.404&41], 
SepL B5.a3-SS.70. Nov. 88.l»8S.05. Jan. 
90.70-50.30, March 93#im.l0. Sales: FB 
lots. Barley: May 82.SWEL2I1. Sept. 88.13- 
78-85. Nov. 82.6O-S2.50. Jan. 85.153S 05. 
March 87-50^7.65. Sales: 117 lots. 

IMPORTED — Wheat CWRS No. 1, HJ 
per cent.. May £93.73 T (Hurry. U.S. Dark 
Northern Spring No. 2, 14 per cent., 
May £S5.50. June and July 154.50 tranship- 
ment East Coast. U.S. Hard Wlntor 
Ord inary, Australian. Argentine, Soviet 
and EEC grades, unvoted. 

Maize: U-S./French May UD5.75. Jane 
£1(6.25. traashrpment East Coast S. 
African Yellow May-June £81.00. S. 
African White and Kenya Grade 3 

Barker. Sorghum, Oats: Unquoted. 
HGCA — Location ex-farm spot prices: 
May. 9. Feed wheat: Gloucester £83.30. 
Feed hariey: Humberside £83.00. 

Gloucester mum. . 

U.K. monetary confident for the week 
from May 15 is expected to remain mi- 

SUGAR +90; n MaJoniaf^iW. ^amiuo»-4^Muir". PRICE CHANGES 

LONDON DAILY PRICE iraw snsar> 3.80-4.00; Jersey: 4.50; Dutch: 4 M i; 

£102.30 iBOl-501 a tonne cif lor May-June Guernsey: 1.60-4^0. Carrots— Cyprus: Price* per tonne unless otherwise 

shipmeur. While sugar dally price was , - 40 - Asparagus— Cahlonnan: Per wand stated. /"-f w 

fixed at £109.00 (£103.091. 0.W-1.8B: Hmc a nan: Pcr htmdle B .70 ; SllQQ Y* SHlH 

The market opened sllgbilr above kerb ^ idtl dll U 

levels but ea^ed later roUowioB agency Whites Beds » .M--70. Lcnaoe— Per I-s Hay 9 a. or MhiIIi “ 

reports that implcmcniatloti o[ the ISA j-O-l-JO. *" 1978 — . agu 

stock fee mleW be pusiwned Mr 13 Turfl^fr—Por 2Wb 1.00. CMrats—Pi-r 

months. Losses of up to too points were J** rOt^t-fO. _ Parsnlps—Pfr^ s-m I.I- ; LUvUd 

recorded at odh stage but pnees recovered ‘ Wr m , 

by tbe dose. C. Czarnfitow reported. ■ 2S-lb IjM.W. Rhaharb Per poind. tiraraU 1 1 

or ciow.. U. outdoor 0. 07. Cucumbere-Per rray 12 -« ,. fiaQ AOCDfl 

i .. 1 -SO-22IO. Musli roams— Per Pound p.M. A 'u^ni..^. ...... AJOT i. L680 PvlWPfl 

AlnnnniiiDi ..£680 i £650 

I . I nuiirainu— m uuuuu P-»W. „„H nr .ri. 1IW inen n, 

_PreI. YeitcnM. Previous | Ih.niiere Applew-Pcr pound Bromley's 0.1W>.:7. .. S^SSftiT-r-X--. i-flo? 

X per tonne 

10BJBD-06.9<|UML25-06.B6|I07.40-OG-20 L S'-55- nt 1 i2’Mi™ 

Apples— Per pouna uramiey s .,].Tr isiivMB s ii ttrsoO s 

Laxtons 0.10-8.13. Pear*— Per pound Lon- l fi7lire l iS‘?fl715 7% 

fcrenco 0.13-0.15. Tematoes-Per pound J -Sm’?.! an 'rmt'” 

English D3M.SL Greens — Per crate. £5Bo.6|+4.0 -1691 

Kent O.M. Cauliflowers— Per I2s Linen In in^oUn du. j^VM.6 + ^-°^706.5 

L40 Kent Gold Troy o*.w ITS. 126 +0.76iS 175 J?S 

MEAT COMMISSION— Average fatwock |5|rK ™ {taJo L 


MEAT COMMISSION— Average fatwock 

NEW YORK. Ma\ 9. 

PRECIOUS S1ETALS li-.-li! -tcady i..r 
most ul the iv.Mim. but dvi-il <>n an 
easier Mite as a ieadtiti; C>iiui:t|.-h >ii 
House recommend i-d ■■>•11111.+ DoL lau- hi 

B pneos ar represenuuve markets on May * months J£308.7Si+ 1.6 2:3 19.25 the day. Copper riosvd t..w .jii chart:? t 

114.6j- 1UD)J 14.18- 14.S0-1 15^-14 J6 c.a^-Carilo OS.fiSp per kgJ.w. «+DJ52i. NieLel — ! : | • 7 sclUm:. Cucna tfaviil >yi ir.ide arbitral 

U.Nrf— Sheep per Free JdsrLet, fail Lbt^l.95 |.„ SI.93 selling. Sugar rased un lucal m-Uiiu in 

184-5Q-24.7K126.65-26.58 . I ST .9 n*5! I .9 OS falrhr Ushl v.lnm.- tL-i.-h- r^n.irr. 


r+33.9>. G.R^-Plgs cttp per ks. Lw. I -2.05| 1 -2.05 fairb lUu vulume. bad* repurt-. 

SHiS’SS 1 .iPS -8 " l+0ji. England and Wales— Cattle num- , , , Coco*— May I30.2j Hj3.0j>. Jut l47-'i 

WJ.7Wg.Wi__is2.tto bere down 28J per cent., average print Platinum inre oc..l£120.5a . £117^8 ,, ' ,s ^2 5,, ., Sept - ,u - lw - Uec. 13UM. Mareh 

Sales: 1,356 ilJMSt lota of 50 tonnes. ES.BSp I+L14t: Sheep down 34.7 per cpi?t.. Frw Market. (£120.5 i'+0/7 |£l.l7.B> ' M,li ’ I30 - 15 > 8Jk-». 

Tate and Lyle ex-refinery once for average price 16ilp I+13J»: Pigs ouv-n Quicksilver i76ib.t(SL27 33 ki3U-S6 ,5S 

granulated basts white sugar was £342.40 16J per cent., average price S4Jp «+B.j>. Silver crov oz. 27B.65t |+ 1 ffiiJ01.2i> CbUbc— ■■ c " Cuntract: May Kjuu- 

fsatnui a lorme for borne trade and Scotland — Cattle numbers down 13.n per j „i>>nth- '204.9Si +2 S6 IJ 0B.In 1I3 - W ''T-i.stai. July lOiw >1.72 h:>. 

£162.50 rltn. Ml for export. nmi.. average price fiS.Dap f0.44t: b.Wp ^ CaJl i£6.605 I + lSOltrB 837.6 D«. 123 20. March 21s nivtin.un. 

iMortwtinMl Sugar Agreement: Indi- down 46.6 per cent., average price luuutii' *i».477.6r ! +72.5'e5 - B55 May 1 13-00- 110.00. July m.-XMl— 3«. s»-pi. 

cator pncea, U.S. cent* per pound Tob f+83i: Plas up S4.5 Per cent., average S6-48 ' '^144-43 m IHM11.39. SjJe>. 3Sfi lm>. 

and Mowed Caribbean port for May S: price 04-7p 1+0*1. /.im-nwh l£300 "j-' alb"' 8308. S Copper— slay 37.W June Vi.:n 

Dally 7.43 lfiday average /-AT r TO\1 i nwtiUih '2^98.625 +1.875 C314.5 I5S.70*. .Inly SSJ8. Sept. 5u.HU. rVv m in, 

I*- 521 - i.Ul 1 U|t PtiKluctw* 16660-080 | 2*550 Jan - March "'-.9u. May ■ri-jn. .lulv 

WOOL FUTURES L^RPOOL COTTON-Spo, »nd 'n.r»- Oil, i . Sa"rt, S « w. ^ JaU 1,7 , ‘"- 

TT ULIL mem sales tu Liverpool auHHiotcd to 356 fniimut (Pl.ili S595* !. S&OO 

1 Pence per taloi tonnes, brtn&lng the loial lor the week t. round nut LtT744 1 ....£782 b u to^39fi' li.T ru^ ^ 

Auatralwu pTttalvnl^a-fi 
Greasy WnoB Close I — 

Mm Ka.0-29J1 LSJM — - dualities, me na tor aim -iuiut Seeds 1 ’ 

JoS-.-.J'.'.'.- 830-8-MJl — Middle Eastern Myles was leas insist COL pwi,p ;S405v 5.0 ,S39£ 

October 235.0-6946 — di^-abeui il as.) — IS295L- J-8.5|S50C 

a^.=“|S = • I S. African esw 1 : 1 ! . 

Bfe"dsssvsi i it“str citrus sates 

buyer, seller, business, sales — Micron . # Nu. I Hed Spnng;£93.75 : _o J 1*35. 

Contract: May SM.O. 838-8. 830^-339.0. 22: fyx Ml Cl A .No2 Haiti 3\ inter- ; 

July 3WL0 . 340 X. SS: Oct. 343 0, H I 1 I INK Englmli MIUiu K .. £102 ! 137. 

344 J, 344.7-344 J. 47; Dec. 348.0. 3«J. AAkJW/ lion Shipment.... £2.017 SI.OiL'2.1 

349J4N0.1. 47: March SSSJ. 353.3, 337.0- „ tt mrrar A Simon KnuireJuly^ I&1.9SB Uw.5|£B.O 

3552!, 3S Mar MS.0, 339.9, 339JM3S.0. 110: Di ru r- o Oiffe* Future. — 

Jnly 362JL 302.5. 3834462.0, 21; Oci. JOHANNESBURG. May 9. July ici.594^ +6.0 (£1.3! 

363.5. 364.0. 364>3C4jO, 9. ToUl sales: SOUTH. AFRICA'S CitTUS exports Cotton -A’ Index... 70.6^ : + 0.7 [69.0* 
3® mis. this year are expected to be KuM^r M'" B2.Bp!. ...i47i 


^ e ,“ e a aims En:t, “ se in .ssss-.jsrr-., •«»-- 
rrs: si n ." M Sjr i s; e s Ctoai 197 s o^ge cn. P « isst-istjarBs t- 

7Q_D, forequarters 3SJ to 4DJJ; Eire hind- estimated at 35 -9 in. 15 kg 

quarters 98J> to 724. foreamrtm 88.9 lo cartons, compared tO 30.6m. _ 

Dutch hinds and nds 99 9 to cartons lafit year. Grapefruit pro- 

ie» Sr' duction is likely to rise from FINANCIAL TIMES 

to IS£ wfSTolo l «£fh 5?a lemon crop from 1.6m. lo 1.7m. 

Perk: English, under t» Bk 3S.B In cartODS. 343.44 |241.a7 i B3B.88 j 365.B9 

494. loo-iso lbs 374 to 44.9, 129-169 lbs Mr. Ray Haupifiieisch, co miner- ibouT - inly CiRaaigin 

30.0- to 434. _ Ciai man ager of the CitTUS 

<P S EtcbSgt. expects competition REUTER’S 

Impertod Produce: Oranges— Cyprus: on overseas markets to be fierce. Mnv9 \ JUv 6 iMonUTw Yrer«au 

Valencia Lares M kiiM S.4WLS8. is kilns Britain is once again expected ; — - — 

J v 1 S; I* uS to be the major market for Sou(h wtJlj jHj, w m 
2jo: Texas: a.M. ©mniqnw-jamsieam African citrus this year. In 1977. ■'*«««"•»'■ !**■ naisiow 

urovn^t illi n: lepfias,, j.w- t be U.K. took about 26 per cent ivjui JONF c 

3.80; Spanla: Small trays 35/oOs 1 2»-LoO , - tot _. p „ nDrts West in 00 

Grapefruit— Cyprus: IS kilos mj.00: 3D T “f l0W1 “ hi nidHTlw 

kilos 3.2M2M; Jaffa: so uioi xoo-j.M: importance are likely to be j , a ; b »bq I Z 
OA: Ruby Red ju kfloa <.«. Prance. Germany, the Benelux 1 I H 

French: Golden Deuclong 204b $48 3.M. a nd Iran spot ....36l.S4582.68 l 364 HS410 2i 


-Bumdmk W> far to 681 tonnl-. F. W. Tatter-^II Liuwvd t'n»t«iv|..IJM61 ..-So 23 

Done reponed. Fair misreHaocnus trading pniuj Mea> an |S670io U I I.O.S576 

developed In tim market with renewed 

interest in S. American and .Urican - j j , 

_ - qualities. Tbe call for Turkish and ultor ! ! 

_ Middle Eastern Myles was lev, insist euL r „ fJJA Phillp ! s «» y —5.0 S395 

— Sii^-Bboui il J5.I — 152931- J— 8.5 |S500 


t S. African 
t, citrus sales 

■r™ . • 

a to rise 

By Bernard Simon 




U BA NON RELIEF FUND re-opwwd ft»f 
relict or rcfnotw from Soeth+^banon. 
Help oruenttv Weded tar food and 
rctuW Ration. Fonda ImmodlaWv »■“»- 
(erred and Utilised under control expert 
voluntary worker*. No deduction tar 
expetuec. Please send a gift: LOluuwn , 
Relief. Bible Limte Society iesu iB54). 
P.O. Box 50. Hlflb Wvcombc. Bucks. 

EVE. - T99,- Ruflent Straut. 754 0557. A U 
Cute or All-In Menu. Three SoectBcaw* 
Floor Shows 10.45, 1245 and 1.45 and 
muafe Of JohnnY Ha wk e* worth a Frienw- 

GAKCOVLE. 69 Dcani Street. London, W.l. 
Show at Hldmvht and 1 bju. 
Moiw-Fri, Cioced Saturdays. 01-437 6455 

(Yestarday'si + tw JBushiess 
OOOOA- Clow — Won* 


May __0ra5JMJO 

Inly '.15254.27.0 

depb- {1860.Q-S8-S 

Dae — ^,27854464 
March (7760 jmD 

STEADY opening on the Loudon 
physical market. Little interest through- 
out the day. closing slightly easier. Lewis 
and Peat reported that the Malaysian 
codown price was SUN ( 211 ) cents a kilo 
(buyer. June). 

Sin.1 Hfest’ntaj 
HJS.5. close 

Previona Bnrtnew 
clow done 

March 17684-68. 


July ) 588,0. nw 

—851 118804-50.0 
—164) It 08 4- 1 798 
—11 17764-504 
-1641 1726.0-294 

June 1 5S.B6-64.S9i B3^-64.1E — 

July- J 6440 64.6S 54.4044.75i — 

JlT-itaftj 64.86 6448 68JB.6n.l6l 66J644JS 
Occ-Dec] 66-Ba-S5ia 5645464a 6545-5645 
Jan-llr. HL5S 5S-ES) 5B4S4G.M 57405548 
AprJnet 57.66 57.7S S740-67.M S840«7.7D 
Jlv-Sep.1 68.75-5045) M4MB4U 5846-68.70 
(let- Uwj 6945-00401 694M9-^J E04&4940 
Jan- Marl 8040414^ 60.9541^ 61.BD 

Sales: is" OMi Iota of 15 totuea. 

Physical dosing prices {toyem were: 
Spot 524p tsamo: June 954p (SLSji; 
July 52.T6p (53.91. 


. The maritet openetl lower following 
weaker Chicago markets. Activity was 
stow throughout the Session with values 
dosing on a steadier lone encouraged by 
Chicago, SNW Commodities reported. 

Sales: 3488 (14171 lots uf 5 tomes. 
IntteHUanl Cocoa Organ Isathra fU.S. 
cent* .par pound i— Dally price Ma; 8; 
; 13140 <15343). indicator prices May 8; 
15-day average 150.56 115045 j; 22-day 
average isui tlaLtti. ■ 


Market Reports 1 
Inter Conrsiodifies 


Sp&ahUstslnFimdamenlai Research 

T« JiHerCoounodltiesLId 
' 3 Qovds Avenue, London EC3N 4 D5 " * 

Telephone: 0HC1JIU 

please swd Me yonrMaikieiRepbrti lor 4 weeteftfe ofidazge 
and witbont obUgatltm- 


.Telffiihoiw No , 

Robtatis traded uiwenifully to a 
narm raase lor the wfaolo session in 
poor volume. At the dose values were 
Up to tiO higher on toe day. Dresel 
Burnham Lambert reported. 

lYettaotay’aT ~ r 

C0F4SB 0toe +° f 
£ par tonne 

iluy 1HS3-1583 1 + 12.0 1506-1679 

Jnly 1394-1395 4-6.0 1400-1889 

September- 1296-1297' + U 1303-1286 
Ntivamber._ 1246-1246 +4^0 1243-12IB 

Jannaty 1210-12121—1.5 — 

XarabJ-^i... 1175-1195 -7.5 1195.1185 
May 1170-1200+5.0 — 

Soles: lines (1,7511 lots of S tonnes. 

ICO todteatar Driest; for May 8 Hi S. 
cents per pound): Colombian IfDd 
Aishleas . uaua (samci; mreashed 
AraWcas «fl.» (samel: other mild 
Arab leas 1£RJ7 (168411: KobUSU« 1»B0 
I13S401. Daily average 15140 (iSC.IGt. 
69/C No, lfi-Sragar - Su — 

ARABICJtS— The marfetn was otdrny 
steady with interest focused on' the two 
aearty uosCloas, reports Drexel Burnham 

Prices (In order buyer, seller, change. 
bastoessJ-^Jtme, UU5-BJW, +946. 181*0-. 



M ■ : II itaWB— rtLir lum prill' --it'diu .-ft 

I . I 1 irjdi-u I*4.m ask I'd 1 

ffije ruSXXZ £80.10 i-d46’£8d.4 ?&? 

{ 1-0 (£105.75 M ^;£iJS?iiS5lDS. onu 

.^ffite^ 3 - 751 - 0 - 5 ^ 5 - 25 a ss 

knclu.1. 31.^«J£102 ita HCSi.1 

l«,i« 6bipuiwit....i£2.B17 2B.Q:L'2.12B Sj ,‘' . . , 

Jan. til. no. March irj.W. May ■“.mi, .tutv 
+1 90. Scut, tij.M. Di-c. o.-.+i. Jan. i>7mi. 
March fis.uo. Sale. l.Aw Ini'. 

Cotton— No. 1' May Cxiurcif. Juli uu uw- 
RII.1D, i. On. Ul.fiS ii.I.Jji, Dli*. i«l ;i- 
Kl-0. Marcti 04.11. Mav nl.Oj. July «U.!5 
bid, Oct. ii4 jn bid. Rales bah'-. 

"Geld— May IVIJH ilTJiMn. .luiu- 17’ ni 
iI7J.fi9i. July 17348. viik. 114.98. nc:. 
177.10. Dye. 179.40. Vrh. Irl.Sil. April 
!S4.3n. June 1S6.W, au. iso jd. iu-i. tyj.-ju. 
Dec. 194.90. Kcb. 197 -W Sjh.'-- 4.1'W 
i Lard— N l-u- Yurk bnn- sicani :t«n 
traded ■ 34.08 asked*. 

■Maize — May 2J3-'.'jJ', ' J5 ii; ■- July L'.s'.- 
Jjl I2IMI. Sept. 3-U1-349'. DiT. 

March LW. 1 . .May rwE-isw. 

SPIatlnwn— Julr 2H. 4u-Jiu SO ■'JTfimii. 
Oct. 2to.1u-JIS.4o <219.110 ■. Jjti. '.“JUjab 
220.5 0. April 222.M-222.SU. Jub 2J4.Rb 
•223.10. net. 22s.uo-iW.tM. Jan. Jtu fiil-1;'.. tm. 
Sale-: 1.234 Inis. 

Augnat .m, 

Peeem&w . 
Fobnairy w. 
April .. n „ 

Jui ta 


.. 12848-284 — 14D 129.1 D-9$40 
.. 128.5*28.7 -O4MT2940-27.60 
„ l»40-8B-n- 048 12548 8640 
.. 1 22,00-25 J5 +OJ#| 122.68-21. 89 
.. 125.00 

..1*648484—1.26 — 

,.'124.60.274— 0.261 — 

(977 lots of 1« tonnes. 


da> r j May (3 
9 8 

1 until 
atto afiu 

SpfrCommtrl9O5.3jB06 .0 l 9Q6J5 
(December SI. 1831=1857“ 


DUNDEE JUTE — QakaT Prices c and ( 
UJt for May -June shipment: EWC £384. 
IrwD £388. Tcssu- BTB £382, BTC £382. 
BTD £S8L CaTcntttt Sstda easier. OuoU- 
Uon3 c and f U.K- for May khiptnenL 
KHtt 4Mn. £BU0, 7J-ox £743 per 100 
yards. June hom 7 aod. £7.83. July a«.« 
apd £748. B Twins. 127.48. £2742 8102 
£87.75 for the respective! shipment periods. 
Yam and doth steady. 

CHINA MAY BUY 1 1 s Barley — May 79 40 bid >79^0*. July 

8.80; It&Uan: R«“e Bpannr, per pound ty/^nr tdAAT TIDE MOODY'S 1 -S0 DtfC ' 

0J3, Golden Delicious UMttS. African: MuKfc |KUl\ C/Kjfc gST ' afire Mumhi^r asked, 

Dtum'e 648-748. crannr Smiths 848-7.00. /'avthpdda Q Momiv'a 9* x iiFImuead— May Sal .30 bid '233.20 Lid*. 

White Winter Pearmam 8484L80. starting CANBERRA. May 9. aioouya 9 a ago | agu Jub , M l25C . Wl . Oct. 238.00 a*4cd. 

Deudous 7404.00: Otbegn: Granny AUSTRALIAN Industry ana S p hkC4mmtI .bo& siooe o Bosjt^i Nw - Dec - :5S W hid - 

smitte uu <X£* commerce Minister, Mr. PhiUip ■.twhrab-scwRs 13.5 p« cent, nrmem 

Orange Pippins iflSflM 74mo; Danish: t h a had received hfeft- ‘owemoer m. ibsi_mo, wn{lfM ^ sr 1JWTl3Scl , 1U0M ,100,001. 

Per ootRKL Spartans WMJL Pear*— Lyncb, said be bad recmyed niglt' _ A J| wmB ggf pound «■«' wnonxn 

s. African: Carton?. P^Wb Triumph level MSUranceS that China unkK othenratu stand. “ S* per irur 

740. Beu rre BMC Per pm^ would import considerably larger B unc«-JtM ounce lulv 1 rjncaan loosw 

SS"^ Q U =,nJitier of Ausmli^ iron ore * Ko^alS SL?',”;,!! {Si."Sv K 

840. Bazltoka 4JB. GoB«. Hm 8.S: if prices were competitive. ffcaS. r Cento per 36 ib bnhrl 

aV ^ Mr. Lynch said in a statement warohouw. s.m bushel into. js„ 

SSSTfiltoJi Melon*— cSlawf'wtoie released on his return from a GRIMSIY FI5K~-5 wpI» good, demand mi. °mlrity f ' dclrvered NY* “cS S-r 
Gl Avueudoo— Kenrti - Puerto 14/Jte visit to China that the Chinese ta\r. Prices per suxw at ship's side, up- 2£i* efr warehouse ' n Vow 

y^' 8 ^ih.', 1 8l n^r required significantly Increased ln ;s ■ bulk lots 

SSffito£2£™WMJ5-^ oJS%£m quantities of ore to meet steel SSo& snS SSnS SiiSo.^taSr^S anu\ 1 c l jra 

^ KMa !S Kilrlrt 
aSm? «“ “■ 5.S *a?aa 

280p i;.r..'*74r buito-n: 304.40 .acra. 

L ; SayabtMs— May TIB-TIj i;in;i. July 

784 1 isWi. Auu. fiSS-fisV. Sept. irL+ron, 
*NominaL iUnqnoted. aMay-Jmw. Nov. tilS^il. Jau. vC3-£4. March tiau-bJJ. 
t May-Aug. u Jane. ■< AprlMtme. wJuty. May 635. 

V May -July. 2 Jimc-July. xPer ion. Iiseynbau Meal— Ma> nfivi 1 !74.r<i>>. 

Jul) ITtiOU-l T&.3H I ITU. -ill'. Aim. ITT Jv. 
177.28. Si'pL IT2..T0. Ort. UiT.ju-tor.UO. Dec. 

Jau Ibfijo. SIrtR'b iw.utu 

_ 109.30, Stay 172.30. 

FINANCIAL TIMES Soyabean Oil— May 27.W-2i.Jo ‘26^1 ■, 

May 9 | May B IMootli c*;o( Year ago sept. - 24 < 4fr?.L43 . ' "«k+ ' liivl^jlr 

oa» 44 1 341 '27 i mo ftft M -- 30 - Mjrch V '* Mai ' - :W - 

IBfilj 7 1 _Bjg.B8 | S65.B9 Stoar—No. 1): July rJ4*7.ju •#>.!. 

(BkU: 1qh> 1, IK3=I«n Bcpl. 7.S2 i7.S». "cl- 7.!G.7.9j. Jjp. S.4U* 

S.42, Atari'll K.754.76. Mjv S '.W-S.Oii. .lulv 

REUTER'S 9.ns-9.1fi. Scpl. B.'.'j. Uel. 04+S 4U. Sales: 

May 9 ] May B | Month agopearaau M7 a+.-d .Mil.il0-i4u.HB 

jWfl WjjiH Wrwu t£«WUr Mr 

(Base. -SmHMnbor lit. Iiaisiooy i308l*. Snil. -TQi-l-aOti:. Dev. 3t3;-3I3, 

tmw inure March 317. May SIS 

_ ww juncj WINNIPEG. May + 1 Rve-Ma> HCJO 

Uoo 1 May 1 Mnv MimiliTYeSrr bid iHH-fiDi. July toil ilfll.M bid', 
Juno- IQ ; s aao ] HUH Del. 10340 Qikcd. Nuv. lirj 30 OKill-, UlC, 
j- 1D3JM nom. 

Spot ....1361.54 382.68964 B5'4 10.22 T.Oato— ilav S7 j!U bid <M>.78i, Juil' 61 48 

Futuwt gjgdggjg a Jgjg s J61879 .60 bid iSl.Tfii, OCt. 7S.1Q j*ked. Dcl. To.M. 

(Avaraee iW+25-2«=ib0i March 76. ee. 

22 Barley — May 79 JO bid >79J!P>. July 
MOODY'S 79JM 1 79.00), Oct. S40 a*ed. D«. TV.I.D 

- — W... * "*ii 7 . .. ^1 :o — asked. March 79.60. 

Mootlv'i 9* y SiFlaMOaB— May 231.30 bid <L'SI.U bid>. 

y a a hup l M gu Jub) , 25R.M b, d Oct. 238.00 a-ied. 

SpfrCMnmryb06.3f906.0 BOfijWs Nw ' Dec - "' 3 - w hid - 

— ^ Wheat— SCWRS 334 pw cent, nrmcin 

tifrcetnber 91. 1831-100) content cif St. iJuTiatre itiOM iltiO.wi. 

^ Ail rews bit mnmd i-s-KaiWHjnsa* 

unkM ntbcnriw stand. per truv 
ounces— iOU ounce lulu. 1 rjncauo loosn. 1 
* Vs pbr 100 lbs— Dcpi- of As. pnes pre- 

vious day. Prune ileam f.n.b. NY hulk 
took cars, t Cunts per 36 lb bnshul ws< 
H-arcbonso. 3.M» bushel tots, JSs pur 
romnv ' _ uoy ountv for at oa. unfix or M.8 pur 

cent Purity delivered NY. ' Cents tr 


May 8T Sfiy" SlMooiL «fiof Year ago 

343.44 j 84 147 [ hd9.88 j £65.B9 
(Base: inly 1, 1R3=I0C) 


"May 9 rMaylTjMoDUi a^j~Tear« H i> 


^Uiii ‘ May I Any ruiini 
Jpnc~ 19 8 I bjh> 

Spot ,...|361.54 362.68364 B5410.23 
Future t 1348,46134 8 .06)3 55 J6|379 .SB 

(Averase tM+25-2«=iBfl) 


Financial Times Wednesday May 10 1978 


Dearer money trends and CBI survey upset markets 

Gilts extend falls late to £1— Share index down 9 at 471.1 

of any takeover 
Induced profit’ 

Account Healin' Hales pending Rale was not enough. selling following a Press report lack of support. Gussies A ended JeTt Suits 4 off at 115p; uncer* The gbgttrce 

Option Corporations were dull and that the company is faced with 10 off at 2SSp and British Home tauity srill prevails a |tfi whethw aevetopmente - h . h 

•First Ueclara- Last Account amoa e recently-issued Fixed a price war involving its brands 6 down at lfSp. while Mottereare the Office of Fair Trading will taki^mF^rn^ Witty 

Dealings lions Dealings Hav Interests Tcbbiti 15 per cent, of whisky sold on the. Japanese declined 4 to lfiOp. Elsewhere, recommend that the bid be re- round 

Apr 17 tar 27 Ynr 28 TUav'lO Convertible insa. which was market. Leading Breweries- turned Cope Sportswear receded i to SSp. ferred to the Monopolies down on the dayat Zwp. Epse- 
Mav 2 Mav'n Mavis ftlav 2X ° lT,?re d to shareholders by way of easier, with Allied 82p. and Scot- Among Shoes. Booth (Inter. Commission. • IB . „ 

Mav 15 Mav‘»3 Mav*»B Juii 7 rlLrht5 ’ made an uneventful debut tish and Newcastle, 6G]p.- record- national) gave up - to C2p in with Lonhro dosing unaltered SJSSLMEE? iJE? 

. JL ..t- a* premium, in nil-paid form, ms tosses of around 2. reaction to the lower annual a t 7Qp. the share exchange offer is Bros - ^ave up 4 to 13Gp_ 

from is S JKSrnSSVflSff. * ,n «**■ £■ 100-worth of stock. Special reasons wen behind the earnings. currently worth around 128p per !“*■£ 3*™: 

The market in Traded Options bigger price movements m Build- Occasional selling and lack of share . Honse of Fraser declined Co™*® 1 *!* drifted off to close 4 
was much quieter with contracts inq issues. the surrounding dull- support made for dullness ui the « t0 I43p Elsewhere Mitchell chea P ef at lt9p. while falls of i 

[Dialling 49:i compared with the ness overshadowing the March Engineering leaders. Tubes stood Cotts -iyansport improved 5 to were marked against Nottingham 

The prospect of yet a further 
ri-e in interest rates was cause 
for initial concern in slock 

Con feder 

. ..r..V,r.r. \ V. . previous day's 7«2. Over 7 
>t.slLrdd,V A cheerless { . em of vf , st|i ,.,i., v \. dtv.l.tviN 

Over 70 per recovery in housebuilding 

were ^landing 4 easier 

uilding. out with a loss of 10 at 362p. fbpforam^ ay advance of 13 Manufacturing, 124p, Lister 43p, 

SSL** »! ; « «« sinre i wS ?LSo*d aat the !S.J!r2^J!!5JSL£P5S 

. [ii[ . . M(iw 4( t ftispsctivch' 

si nek was offered and. although in a reasonable two-way busi- 
inerail selling pressure was only ne.Ns. the investment currency 
h -nt. losses in the funds after market again traded within a 
the iiflici.'ii close were stretching narrow range with the premium 
In :i full point, while leading in- closing unchanged at 110* per 
dustriaU presented doublc-lisurc ci-nt.. after I10J per cent. Yesrer- 
losscv ex rending to t:;. days conversion factor was 0.6S24 

Hearer money fear.s had become tu.iiSffii). 
evident before tile announcement Canadian Imperial Bank were 
of clearing bank base-rate in- quoted ex the right' issue with 
ci vases in n ncr cent, and there the new shares at llBp premium. 
wj< Speculation that Minimum Antofagasta Railway showed re- 
l.enriinc Rale wmild rise acain newed firmness. I he Ordinary 
this Friday, perhaps Vo tit per shares rising l la EIS. 
cent. The CBF pointer to ‘weak , ... 

exports and a lack of improve- DiUlKS QUll 

ment in [he general business rising market or late in ____ 

-inialion aroused further pessi- anticipation of on increase in base Ri_ h _„. 
mism. lending rates, the major clearin'* 





immediately 2D4p, and 
better-than- Secondary 

John Brown. 

issues also 

Barr and Wallace Arnold Trust reflecting .. iTT1 

"A". S4p. both hardened a penny annua ] results, OIL Bazaars un- 
in response to their respective proved more to 36ap- 
trading statements. Lesney Pro- ^ T * e ___ 

ducts touched 67 p on initial dis- OiOiCu (jUIGtiy uTBl 
appointment with the preliminary Mining markets again passed a 
f™?* 8 to very quiet trading session. South 

unaltered at 69p. -Hoover A . African Gold shares ended the 
however. lost i to 323 p and BTR day a shade firmer on balance 
cheapened 6 to 275p. A dull owing to a modest amount of 
market since last week's Mono- u S interest in the late trade but 
polies Commission rejection of business throughout the day was 
the Rockware and United Glass minimal 

bids, Kedfearn National Glass re- _ ho L., lvirt „ followed an 

aie * d SSSta£? P s?»ii>2 , M£ Id 





« I 

^ J 

Government beer.. 




Fixed Ituereat 




InduBOial Opdlnars;— 




□old. Mines.,,.. 




Orri. Dir. Yield 




Horn togs Y’HSiriiUin 




P/B Batlo(neUri) 




Destine* marked ...... 


5,41 z| 


Kijuitv turnover £in... 


98. &o] 

Equitv harcaim total.. 



17.444 1 



May j May K y* v 


?1.40i 9l.«i 
73.95 73.! 





• 6.70 
5.580) -5.0S0J 
98.G0| B4.20j 100.171 65.3d 

6.66) 6.69) 

L7.05] 17.15 
7.84; 7.80 






■ 9.83 

10 a.m. 4142. U a.m. 47a". Noon 4..I.J. 

C D.m. 4"J.ij. 3 p.m. 4ITI.3. 
Latest Index 01-246 8026. 

* Based on S2 ncr ccni. conwralion rax. 
Bads 10ft GovL Seci,. 13.T0/26. Fixed Ini. l«s. 
Mines 12 9, id. SE Avlivity Julr-Di’C. 1!N2. 



Ind. Ord. Vir'X. 




[diiRe lloiipilal ion [ 


J High , 


fi V li , 

| Uw 



! 9 

i * 

Cion. Jj«M— 


1 75.56 

71.12 | 

127.4 j 


! —Daily 

[ 163.9 

1 14545 . 


(9:S) , 

(9/1/36) j 


j Imliisnica ... i 

I 219.4 


Fixed lot....] 



150.4 I 


j Speculative...! 

' 39.7 

! 40.3 


(9(5) 1 



| Totala. 

1 135.8 

! 123.2 

led. Ord 



435.4 1 

(2 IS} 





i b-Va.y.\v' VB4iC| 
i liill-Kilgel ... 

i ladOntrlals 



152^ . 
' 196.5 

Gold Mines. | 


130.3 ] 

442.3 | 


[ Speculative... 




ifi;5> ! 

i i22f5'7Pi l l2» i d0-71i 

i T»-r«i 



316p. of interim results. . . . . . 

gave Little of interest occurred in Gains in the heavyweights 
the Motor sections. Among the rarely exceeded i. w'r 1 .. 
leaders. Dnniop gave up 4 to 76p, rontein that amount higher at tJ3 
while Lucas eased to SSJfip before and rises °f { wW Mimnon to 
settling at 298p for a loss of 2 on Hartebeest. £10j. Vaal Reers, £11 4 
balance. and Free State Geduld. £15). 

Newspapers and kindred Medium-priced issues showed 
trades made a dull showing, Driefonteln 13 firmer at 655p. 

.low n 0...1. Mill roll Lo a fresh low while Nattiest were a similar tinued lirrn j y * addin- 4 to 3SBp better at 66p. Among Ship- favourite Mills and Allen ended demand and East 
fur ih.. year. amount lower .n 2S3p. after 2S0p. and FaiSIwh put builders. Vosper, a firm market 7 down at lS3p. responded wuh aujmprovement 

KjIIic 1 ’ in leading equities were Midland also shed 12 to :tfiSp. and on 5 , 0 7 5p ^ er reneW cd interest 0,: ,ate - 030:16 back 6 IO 15B P- Initially easier on higher interest of 13 at 3Lp. 

-hori-iivcd ;md the F.T. Industrial Llojds 10 to2S0p. Bank of Scotland Elsewhere? Magnet and Southeras The announcement of the pro- rate fears, leading Properties l up at 

' irdmary >hare index seltlcd !» fell 10 ito ,-HOp .after 2bBp. Bank nut on 5 to l8Sp and. following the Pb sed rights issue and staged a modest rally to close the overall trend. Kinross de- 

!*mnl< down at ilic day s worst or Ireland receded S in :;b2p fol- annual results, Malliuson-Denny accompanying dividend forecast virtually unchanged on overnight enned 7 ™ 

.il 471.1. Secondary issues rarely lowing the results hul Allied Irish ril m e rf t0 e i ose without alteration prompted marked dullness in levels. Quiet trading conditions A lone feature in otberwnse 

■••wnpetl the easiness, while the edged forward 3 to IS0|> in front at 50p arter havin'* been a shade Rowntrec Mackintosh which Jell again prevailed with most of the subdued Financials was persistent 

KT-.NeUtories bank sub-section of 10-day's annual figures. Mer- easier p c Henderson A closed away steadily to 397p before business being transacted in early American buying of De Beers 

index mirrored the narrowing of chant Banks cased throughout with a penny better at tiOp despite the settling at 400p -for a loss of 18 dealings. Great Portland Estates which lifted the shares 8 to 347p. 

m.irgin in b;mk deposit and base Guinness Peat 5 lower at 22up j awer pro /j ts on tlie day. Elsewhere in Foods, eased 4 to 276 p but. in contrast, “ Amcoal*' attracted Capeinterest 

r.'tc-. wuh an abme-average loss and Hambrott H down at ITSp. Still General uncertainties rieDrecspri J - B*bby encountered selling at Englisb Property found support 3nd closed another 10 higher at a 

“‘•‘■viiawiues oepressco j « j __ *** .. - v — House- 1978 high of 525p. Heavyweight 

a little Financials showed GFSA 4 up at 
current talk and “Johnnies” a similar 

ui Mti _ e in mortgage amount better at £115- Anglo 

..ciiuenlly mcriaken b> oilier loikip. . . \Ve iVh eased 3 to" l'sVpT" i rTcon t ras u Metropolitan 2| to 11 In. Against rate ' in the” near future. Else- American Investment Tnist put on 

•veins. In front or to-days hrst-quarler Brenl firiued 4 XQ artd Wo| . the trend. Wheeler's Restaurants where. Haslemere. 225p. and a half-point to £&>} reflecting its 

ijuures Royal Insiirunce lost 1U ,i en lioIine Bronie 3 to l'J3p. r "fe 20 330p jn an extremely Property and Reversionary A. 291p, bolding m De Beers. , 

in 3. Up. arter 372p. while bun thin market, while demand was j ns1 4 anc j 5 respectively while London - domiciled Financials 

Alliunre ended a like amount T 7iJ Jseipnfifir* Hnwn seen for Epicure, which advanced Peaohev shed 1 to 77n were hardly changed throughout. 

Fitm glantai ‘>f ih 0 latest vicar- easier m imp. after rasp. Guardian u ‘ u * . , ZT U 'J W11 21 to Inn. reacney sneu ^ 10 ny. Among Coppers, interest waned in 

1112 banks' clt'Jiblc liabilines Royal Exchange declined n 10 23»p Apart from Thorn, dowri S at Miscellaneous Industrial leaders fi;ic nniotpr ZCI and the shares eased a penny 

threw [lu* market 111 cilt-edgcd and Eagle Slur 5 in 143p. Coni- ; kVJp. losses were limited to a repeated Monday's quietly dull »|ujcici to 14p, while Messina shaded 2 to 

m»o fresh uucvrtalmy and mercial Union :: 10 t5:ip. l ,pn ny or so in the Electrical trend but yesterday, closing falls Oils passed a decidedly quieter Sip. 

< Aicndctl earlier falls, centrally after 1 j2p. despite favourable leaders. Elsewhere. United were bigger. Beech am led the session. After the previous day’s The more speculative of the 
i*i :. to i<ntun> I a point in business comment on the h'rsr-quarier Scientific. 14 lower at 3U$p, retreat with a loss of 1.1 to 647p rise of 26. British Petroleum eased Australian issues moved ahead in 

alter tlie ofiicial cIom:. Before- profits performance. Elsewhere, reflected disappointment with the and Unilever fell 8 to 51 Op. while vi to 844p. Shell closed. 8 lower line with overnight Sydney and there had been muted nun thru Lire shed lb In 3 lop half-yearly xldtemenL while the Glaxo shed 7 to 555p and Turner at 574p. Lasmo. l«6p, and the Melbourne markets. TAsminex 

•tpumiun ihar the figures might following [he annual report and interim results accompanied by a and Newall 5 to 173p. The "Ops." MfiOp. both relinquished 4, advanced 5 to 85p for a two-day 

!n»i be too bad and some cheap Pearl gave up ii (<■ 236j». Among rights issue and dividend and pro- announcement that Lonrho has and Ultramar, 26Gp. cheapened increase of 15. while Mid^ast 

‘ ' ' ‘ the 


_ market 

j.i»t week's rise in iUininutni Distillers, down tl at 1 7£»|». met drift lower on small selling and menla which expires” on Friday at 5fip. ” of late 

Gilts uncertain late 

nut itc ton itiju .mu some cncap reari gave ui> to .\mong rigms issue ana aiviaena ana pro- announcement that Lonrho has and Ultramar, 2t>up. cneapenea increase or 10. wntte mm- 

buying had reduced earlier falls Brokers. Willis Fuller. 2.~>7 p. and fits forecast left Wefieo I] cheaper received just over 40 per cent. 6. Bumtah, steady at 54p for the Minerals jumped 7 to 32p; 

:ii but 1 1 the iong> and .shorts. C. E. Heath. Tell 13 and 10 at 24p. acceptances in respect of its offer most of the session, improved in latter holds a number of sh 

.ilfhiiirJi ilimbis persisted that respectively. Leading Slorcs continued to for Scottish and Universal Invest-' the late dealings to close 2 higher In Pancontinental, a firm ma 


Tha fallowing securities Quoted 10 tnc Clin I . islands Cap. Wlfen tnv. E 
Share Information Sorrkc vnterdav Electrical & General Maledie Inn. 


SUingei Krlan 

wtalnod Mw Highs and Lows for 1978 


AltUMMMtl "flpdBJjfi, 

Baker inti. Manf. Hanover 

citterB cANAo,2arn p i etn,lei,m 

Hudson's Bar 

ANZ mhM? ,rish 


Cotta In {*■' Mottlnsham Brlclc 

Fairdouqh Const. Wilson (Connollyi 



Brent Cfiems. WoKtenholme Brorue 

Vernon Fashion Wilkinson Warburton 

Waring A Gi'low 

Allied insulators Unltoch 

Newman inds. 


Anderson Strathclyde Haden Carrier 
Angto-Swiss Mole IM.i 

Ash A L.1CV FtanwmK Sims 

Banra Cons. Williams & James 



Epicure Wheeler's Rstrnts. 

Alpine Hides. Fogarty iE.) 

Barr a Wallace Mettov 

Arnold A Morroll (Abel) 

Booker McConnell Williams U.) 

Chubb Wood (A.) 


PAPER >2) 

IPG Ogllry A Mather 


Lend Lease 


Edworfcs 5.A. Breweries 

OK Bazaars 


Tara v 


Argo fnv. Family Inv. 

Can. A Foreign Gen. Stockholders 

Muar Rltor 

NEW LOWS (32) 


Trcaa. lO'-oc *79 Trcas. S'40C ‘82 
Treas. TH-pc ‘81 E*ch. 9i,pc '82 
Trcas. 9 *jpc '81 E\ch. Shoe '83 
Each. 9 '.-pc '81 Treat- 12pc '83 
Exch. 3 pc '81 Funding 5-I4PC '87-91 

Exch. ll-'.oc '81 Each. 12oc '9S 
Treas. B'.-oc '80-B2 War Loan 3'jpc 
Treat. 14oe '82 

Spc Stock '77-82 

Glasgow 9 >,pc SO-B2 LCC 5"pc "77-81 
Southern Rharinia 2i»nc "65-70 

Audio Fidelity EMi ft"oc Cany. ‘81 


Jones Grp. Wolf Elect Tools 

Sykos . H.l 


White ley (B. S. 8 W.i 


Dunlop Zenith A 

Collett Dickenson 


Manchester Liners Reardon Smith 
OILS (11 

CCP Nth. Sea 


Sena Sugar 


Up Down Same 

1 n 5 

2 29 34 

U1 586 802 
<1 225 254 
1 21 12 

3 10 29 

.44 21 52 

— 10 12 

240 9M Ull 

British Funds .... 
Corpns. Dam. 
Foreign Bonds .... 


Financial and Prop, 



Recent Issues 













marks price (p) 

on day 



Shell Transport ... 

23 p 



- S 


- 484 





- 6 



BATs Defd 


















- ■ 9 



Barclays Bank ... 











— 7 



Lucas Inds. 







Marks & Spencer 




- 3 



Nat West 







Rank Org 




- 4 



Scot. & Univ. lnvs. 




- 4 







- I 



Imperial Group ... 




- 2 


71 \ 

Midland Bank ... 







Notice of Redemption 

General American Transportation 
International Finance Corporation 


*1 h'T IS UKkl'.HY (Il\ EX dial. CiliUnil;. < i.-rmvrly Fir.i X.ili-nal t 'iiy Bank'. Principal 
J' i; it .V.ciii iiinicr tin- J'aving Aucikv .Vac-meiu il.ikil .1- uf June 2. I 'T-’. drawn i*»r redumption 

.1' iiv 1. I"7s. i In - ' j:ij|i i lie •i{a-r.iti(iii m the .-ir.iiir.v Fuinl, L.S. S5UO.W0 principal amuunl ui the 
i.ii'i i •ia, I'l-.iiin-." ill -j luiluuiiig iiL-liiKli(e icjmiu-i.-: 

* Boau -.iiiitt-Kir. c.iLlcd include mr<ni<.i\ euU immlfer... in l !0 piece lots i 









































S3 00 



















TIi'" Bi*:ul> rpei.ilivd arc to be rolivnn >1 fi-r iii-- .-.ii-! Sinking Funfi at the Corporate Bond 
Services Department of Citibank, N.A., 111 Wall Slreei- — 2nd Floor. New York. New 
York 10043, .uni l he ci'iico:- ni ALvuu ne li.wik X< i|i rjjnil \\‘. P.i'i. Bux ui'.'. -imn t *J. 

lii' leril.iiii. Xi ilnrl.'iii'i- : m' I!k.-"i*.-i- S..\ . -:i linuli-i.inj IP.-yal. T.*" 1 . !!"\ 422. Luxenihcurg; 
liiii'liu" X.ifii ii.ili- ■ fir I'an-. In. lUnilex.iiJ - P.ili'-i:.-. I'.iri.. 7 *"». 1'iain.u: L''in! Hank S.\ . JJ7, 
1 " i I.i r."i. 1! IC'IM. lirii-.el-. llvluiuin: i ' Ciiili.iiJ. Hou-e. Srnuiil. L-'nfh-n. WT.'lt 
] !!]:; U in.. i (.'■■miin-ru.ile [talian.i. I’ Della 7,.i|j i- J«Jl_ I Milan, lialy: Dar..<* ui Konia. llircziunu 
* • i.’r.ile. 7* JKlena I" in. Indiana. Rome. i!:i!_* : a- tlie LV'iupdii; ** ageiu .md mill buenine Jue 

:niti paiafilc i-n June 1. l‘»7X at (lie r.-*l« laipihni price vi per "f the principal aniuuul ihureru' 
phi . i tme.l tnl.-ii/'L in June 1. ITTN. « 'u am! allei" J-U.i; 1. 1"7J interest vis tlie Naiil BomU will 
c* .:•»* In .ic'd il>" 

l iii" -ai'l Unn'ic -li'iiilil he piv.-ruleiJ >ui,v;i.icrc , il at the i - fiiM- h.-t sr>ri!i in ihe preceding 

;• ir r.T.ipli nil (In- -ant dale uiili all iniuv i ■.•••upi>i* ma lining .'‘fii-e-jueii: n> ihc n-i|» nipiinn *late. 
Ii ...iili . ••i:in*n- aie ii"t aiLn'Iini p.iinu'lii will !<•.- tii.i'le unh" (if ••■ii the <Mi(i.iy in (lie Paying Agent 
Him!. :n the aniixiiiL m ill.- unit]:inire>l nu-in^ L>a;puu-. 'Hie •i‘Up<-r..- due June 1. 197,4 .-liuuM 
t." prc-el:ieii Ivl i nen l in (lie u-ual m.itin-. r. 


M.f I \ PCS Principal Paying Agent. 

Barclays Bank Limited and 
Barclays Bank International Limited 

announce that with effect from the close of 
business on loth May, 1978, their Base 
Rate will be increased from to 9% per 


The basic interest rate for deposits will 
be increased from 4.",. to 6% per annum. 

The new rate applies also to Barclays Bank Trust Company Limited 


Keg. Office: 54 Lombard Street, EC3P 3 AH Bc5.xv.4W3g. 920 and , 0*167. 


DEALING DATES Queen, Moat Hocses, Ault and 



For Wiborg, John Brown. P & 
Seltle- Deferred. Reo Stakis, Carding 
ment Group, British Dredging. Mettoy 
July qa 1 and Racal Electronics. Puts were 

\ua"t Any 17 arranged in Reed International. 
17 Awp Nat West Warrants and Beechams, 
^ , J - , while double options were trans- 

For rate indications see end 0/ acted j n Rp<:d internalional. Lad 
Share Information Service broke Warrants. Beechams, 
Stocks to attract money for the Mettoy. Talbex and Peko-Walls- 
call included NalWest Warrants, end. 

Apr. 25 Ma>' 9 
May 10 May 22 
May 23 jun. 6 








tv'**.-:!* Cliwing. 
('Iiiimii pi in* • "(Ter 1 v..i 

I On-llq:' 

MfTer • V..I 

1 CiMin»- 
: .iiiw ! Voi. 






Colli. 1'Hlml 
CiUii. L'liiuD, 
(1.111. (iiiW ; 

l'«llf. Hull I , 

L'mirl auMs r 
L'niirUiiii Is 
(• M 
1; i:« 


(•WMIpI M^l . 
li'KIIll Mvi. 



f ■i.Tjii f««. 

Ijtii.l .-Ss- 
U«rLs L 
.11 ml.- A ?ji. 

51.. -H 

1.. |o'. 




, 126 

; 142 





i 89 










i 80 





, 231* 


' 25>* 






1 12 






• 25 


169 p 




: 141* 





21 1« 

- - 

22 l s 

. S3'2 












. 101? 













" 41 




24 J 


■- ■ 


1 35 1; 





25 la 










1 n 



IS 1; 











a J j 




















— • 

202 1. 



17 1" 


22i : 






13 >2 







1 181; 





7 !■; 



























l- -i iL- : S 

IVkv.* -- 

~~ Hyh I Ijin 

1J6 I'.l’. 2».4 Ui life -Mg*'.biv 139 ■— 4 .6.75,2.2 7.4 9.4 



= r 3 -=■ 

~~~ Huibi Uiw 


1 1 

j ~ t + ,iT 

■■ l-.f. 

rlOO IM*. 
loop r.r. 
lo.ii r.r. 

** - it >i 

20 s 

>-t»4l MM] 
IIU)|. ll)M|i 

rm ' } 

‘ilji .liiwi. I IM*. Iil.xrj, 2ii.l. Pii 95iji — lj 

Vniti. h(|ns- Ini Fin. Innnii. «£ ;:9S><; 

Vrniilagf iU.' 101-^giiil l.'um. I’m ' !!□(<.' 



25 3 


£»a Grwui* i* li * L. ui 

. Bun*. *>l i 

11, ‘1 





EblpJonh .* L'mi.-- 





9 t> 

luttl -I.i ^ 



28 r 

1021 « 

Si •1l* iw*|.-r, V.Vji 

i‘l i:<m. 






I00[. • 

I00p I’ll lii nl 7.'.<* (."■ mi. I'li 

r.i 1 . 

a j 


-i • Ihui*-. Klhi i ii 

* I *'.. I.i 

1 1 ‘ > 




t l*iu 

lpu» Tcblirr Ii>» L'uv, 

l U>. ],", 




8 6 


■47 ).. -1- . 1. 

■ •> • 

i — 1 3 


lpm .. .. 

H7ls -h 


5 — •,1 

I "(re z~ liVliliia-. 

I'rur : ■= LIhia 


i-f i^ii ; Li.iv 

jCUiaiB" f u 
; ^riw • — 
i e: i 

56 ; 
O J ' 

Sc 24 . 

ljU Cl 5, 

72 ’ 









23'5 23i6 Ibi|uii lOpni'. Brown Jk'icri Kent 

a.'o - 81.91 1*0 -112 - t*uiit ini-li 

; 16pm —in 

128 ■ 2* 

— — !55i-iii M(iin -(.'LiiHiUiin Iiiiwnsl Unk 33 v , m • _ _ 

— — ' 2|HI»' ,M fJcrlhriLfl limit Miaiun j ,\-j| . 

— 102 1 37 Mirilnmls 97 _l'j ” 

5.5. 19/3' uy ' Uir l^hi'li.m 1 ilmirlu-U'i Awilhm.v.. 138 

15;5' 9,6 I2jpni ?ii(.™ ^..'22'u pur 

16.5 15/6 3j|n*i I Jiini'Tumor A .WuhiI 23jnn — 5 " 

A* Ml- "IS'IJIIV MS* >ur iIkjImiu TIW ■« Vtamu <1nr» •• M^-rirr> 

■wv ■!* m •Mm I w- vsiwut^ 4 N«-*tnfri rtmAcnn arm vieln. a divlrtinn 

h.iw.-i umvi'no 11 »r .« ftirnmcs * nivirt^mi jnrT vieln haswi on umsuccnrs 
111 -Hhi ta >*iiiinia*r.- »>i IS,’* u (Imw 1 hnnirHS ..ssiim «4 > i:-i M 

lui «.iiii*cn>mn nr >hjr«; imr /hiw raukins fur itivulonn or renklrta unis Mr rustrtcieo 
mvia-inis ( funnii ww in puMic. t<i P-mx- iiuIhsf ortipru/rsif iMicaivd, 1 lnsnwi 
by icnncf. n oil-? run hui/ivn at Untinar* ihar/>R as * nahiv " ** Ri^hn 

bv H»I III iMpnjl&ailon r* Mimitium lemler onto 4 S BDinrmnuced- (l laKiurf 
m cunimcuun i< uh rcurganisatiou merscr qr iah*f-over III! inrraancuijn. “I (wnod 
ro larm»*r PreJurgno- noW>-rs. JR Aiiqimeni Iwirrs (Of fulIy-uaJdi. • ProvtslOflaJ 
or o^nb-pa/d aliuuaoDi letters, it Wuii womuits. 


These indices are the joint compilation of the Financial Times, ihe Institute of Actuaries 

and the Faculty of Actuaries 



figure* in parentheses show number of 1 

slocks per accdon 1 

Tues., May 9, 1978 




CAPITAL GOODS 1 170)... 

Building Materials 1 27 1, 

Cnatractiiig. Construction i2Sl. 
Electricals 1 15) 

Engineering Contractors 1 1-V» — 

Mechanical Engineering (71) — 

Metals and Metal Forming f 17). 
l DURABLE) (52) 

LL Electronics. Radio TV <l5i — 

Household GockIsiIZi 

Motors and Distributors > 25) — . 



Wines and Spirits '6- 

Entertainment. Catering <17 • 

Food Manufacturing'll 

Food Retailing 1 16i. 

Newspapers. Publishing 1 13> 

Packaging and Paper' I5i 

Stores '39i 


Tobaccos 1 3i 

Toys and Games 161 


Chemicals 1 19i._ 

Pharmaceutical Products i7 • — 

Office Equipment (6i 

Shipping' I Oi 

lfiKeUiMOM 'Mi- «... 

LVDt STR1AL GROtT (195 1 ....... 

210 23 








192 20 





- 1.0 

- 0.8 








- 1.1 


- 2.0 
-2 2 

Yield % 
■ Max. i 

Oils (5 1 






- 1.0 


Banksrtf) . 

Discount Houses i «J> — 

Hire Purchase i5i 

Insurance iLifei 1 10t 

Insurance ‘Composite! <7>_ 

Insurance Brokers UOi 

Merchant Banks 1 14i 

Property (31 1 

Miscellaneous iTi — 

Investment Trusts (SO) 

Mining Finance 

Overseas Traders i I8i. 
















- 0.1 

- 2.6 


- 2.0 



- 0.6 


- 0.8 

- 0.1 







15 90 

15 78 

14 48 
















• irrws 


• ALT 
at 34"* 

6 26 
























-Net . 








8 28 















6 02 

10 69 











HI 91 

173 38 
124. W 

206 57 
196 08 







169 74 



























377 55 




234 05 

146 14 















203 59 
257 01 
193 19 
370 95 
133 20 
186 42 
184 56 


474 87 


197 A5 
345 60 









196 23 








228 96 

163 62 

























174 44’ 
18517 ■ 
203 84 
299 65 
118 05 





















Hr. llort. Ac. Gross Red. 


Mon. | 
May ] 



'approx. l 

British Government 


Day's , 
change 1 

id adj. , 

xd adj. 

to date 



a sa 
10 H 


a 45 

10 M 

i 10.81 






Under 5 years 

5-15 years..... 

Over I5years 

Irredeemables.—. .. 

All stocks... 





113 J6 


-0 34 















Medium .t jears 

Coupons !3 years 

25 years ! 












High 5 year> 

Coupons 15 years. 

i 25 years 

! 1113 








Irredeemables J 1116 | 



Tuesday, Mar 9 

luiie* • Yield 
N«l • HI 




Tliiir*. Wy. jTufMUiri FriilMi 1 
May • May J May Anrii 
4 l 3 : £ . Si 

TIi lire.' j Tear 
Apnl . agii 
HI . Itapprux) 

2tl-yr. lied. Dob & Loans (15) 
Invebtment Trust Prefs. (15) 
Coml. aod iodl. Prefs. (20) 

&7.77 112.85 
63.46 13.53 
70.59': 18.94 

37,87 ! 



S8.43 58.43 
64^5 ; 54.29 

5U.4& 5E.45; 68.52 
54.69 ; 54.84 ' 54.84 

71.05; 7L23- 71.17 70.81: 71.01 







d ? ^,a, ar ^ v £L Ura * nd «M**i«*eiU Changei arc gdbllstwd to Saturday 
lnm PDb,tSJwrS ' **“ ***“ ” ousc ‘ 

• - L. 




' ; *'l 
; ;; -2: 
■’* "■ I'M 

- . V 

i97 8 

W') 1 Alls 
1- &*.<, 

•■ * 

S ** 

i a- 
u . 
* 3 , 
U . 


,• • nil 

• J> V 

.. ; :j 3’:' 


Financial Times Wednesday May 10 1978 




£” 1PTa! Porffollo Lite Ins, C. fid* SPt Pensions: Management Ud 
- - - • OJJWBIU “BMtnolWMwCt .Waltham Cro«. »»1971 «.U n K«hu re h&..F>.^P3H» 






Property Fd, 

Pi Op frty a«. 

Sricctlre Food 883 

Convertible Pond _ 129 7 
»aowv Fluid ... Uft5 

Phis Properly mo 

Poor. ScImhT- - 134 

Pfas.Swurtw.„ M „ 1347 

P«i Managed — J76.0 

Pen*. Equiiv,_„ 

*Prpp .W.Scr.4.^ 1258. 
•Man Frt Spt .4 na n 

TEffDifrFd Ser. 4. 374 
JKnni:.Fd.Rer.4_ UBJ 
VMoDryFd.S4r.4_. UR.I 


32J -U 
154J +0J| _ 
1H9 *0: 

93.0 *li 
136 6 -0.2 

ULO — 
as *14 _ 
1<LE *-02 
185 3 -31 

167 6 +7 L 

132 5 . I __ 
140.0 -2 7 — 
JS7 -10, .. 
lit 7 -0.1 — 

IMS . I - 

= ’SsJWrSffif " W 7 “ 

Panto Jin Capitol, 
fires ham Life Ass. Soc. lid. 

dealing June I. 

_ New Zealand Ins, Co. (1-.K.I Ud-V 

0702 63655 

Pnres at Slay 3, laluatioo normally 'fues. 
Albany life Asounmce Co. Ltd. 

3L Old BurUnpou St- W.X 

Growth & See. life Ass. Soe. Ltd.* 

Weir Bank Hr»> rm-Thanje-. Rerla. I*.'. 34284 
iinible Fiuanre.-I CL053 

l-indhunkSecj. .1 5471 

1-jndhanle Ses Arc.fU4.9 117.1 
G.6 S. Super Fd _.| 17 *78 

Guardian Royal Exchange 

Anp-riras Fd . _!lt? 9 

Far Fault'd 10U 

'■!»: VdredFrt _ !lD7 8 
«"» IHtpaml YO }459 

Norwich Union Insn ranee Group 
F* 1 Box 4. Norwich XRI 3\t.. (WUISOO 

Managed Fend 







107 a 



M3 7 
119.4 ..... 

107.6 ...... 



214 8 






Ol-WWffl Royal L\chanee'.E.C3 

fcquily Fond _ . MI 

Equih ' PmJUAer. 204.1 

FuedlPeruAre 1717 

GltLMmvFrnJVwr.. 1275 
InU.XnPnFd.itcc-. 3*37.8 
Prop.Fen.Ace. — . IZL5 
JTple lBvPeuAcc_|l92.7 

AMjkv Life Assurance Ltd. 4) 

AMEV .. 

A.W3V Mocry Fd. > [1043 
AMEV Equity Fd._.uff7.0 
AMF.V PniB. Fd H63 

m*™ RssS’?Sc;b«. 

1S16| — 4 — DrpoMl Fund 

Nw. 1‘niL Apr. !5... 

2165} -2 0 

3*8l! -« 1 

3} - 


156 2! -LS\ 
1050 no 

Property Bor rlt 074 4 

Hambro Life Assurance Limited V 
Old Park Lane.Londan.w i 01-4310031 Phoenix Assurance Co. Ltd. 

4-5. King william SL.EL-4P4HR. 01-6269878 

Fixed InL Dep 

Properrr — 

Managed Cap 

Managed Are 


1 Gill Edged . 

American Ace . ._ 
Pm F.I Dep i:ap_. 


168 7 


Hsr„ Alma Rd. Reigace. RrigaM4010L pS^ron^fa^" 

5 Sng=Bf -m^iz 

Fleuplan Ntl 

113 a 


" 4 

— Fei . Muir Arc 65 

PmGiUEdc Cap.. 
Pht.liill Edc- Are . 
Pro. B.s I'ap .... _ 
PWJ.B.S. Arc .. . . 

P« D.A.F. Cap 

Pro. DA F. Arc ... 

139. B 




ISO 4 





mi ..... 


133 7 


2120 _.. 
271 6 ■ . 
210 4 .... 
270.1 .... 
1268 ..... 
132* ... 
1296 ... 
1462 ... 

3 El 5 

_ EZ-'r.lTi. Ask ~.l '74.6 

_ Eb-r.PhEq.& J7L5 75.1 

~ Prop. Equity & Life Ass. Co.V 

“ SIJM-mwfrird Street. WIH2AS. 01-4880857 

_ R Silk Prop. Hd. . _ I 178 8 J I — 

I« EqiUtl Ctrl 708 .... — 

_ fltr Money BeL.. ( 147.9 { _ . .j — 

— Property Growth Assnr. Co. lld.V 
“ l^*»n Hmi^.i.rnidott. CRP li U i»] 6HK(«J6 

.Arrow Ufe Assurance 

30, l x bridge Road. W I J . . 

SeLVtFd Cp.UnL.M3 85. 

’ rj ’• ’■-■ * *“ -0.3} 

Barclays life Assur. Co. Lid. 

252 Romford Rd, E.7. 

Properly Food 
rru|«-riy Fund 
Aitnculiaral Fond 

4<nr. Fund- A- . 
-AhbofVal Fund . 
-W.cyNat.Frt >A- 
In'.t^imemFund _ 

Scl Mk_Fd.Sl.rol_ 96.0 
Pen. Mgd. Fd- Ea.— H&2 
PraJIgd-Fd-FL 1345 








1202 -05 
1155 -0.4 
2H7.9C .. .. 
1135 -D2 
mu . . 
1002 +DJ 
912 +0.2 
«« +0J 
916 +52 
104-7 -0.1 


Money Pen*. Aer._ 994 

Do. Initial _W71 . 

M ComsiL unit value May 10. 

Beehive Life Assay. Co. LW.V 
TL Lombard SL.EC3. 

B'.k. Horse May I ., 12115 I ..... } _ 

Canada Ufe Assurance Co. 

2-6 High Su Potter* Bar. Hens. PAar 53122 

EQCy.GCfLFdJIfayZ.. ( - 585 ( f — 

KetmLFed. Apr. l..| 1162 } — 

Cannon Assurance Ltd-V 

Hearts of Oak Benefit Society 

01-TW9U1 35-17.T«rii4ocJi Place, WC11I BSH- 01087 5050 ini^awnl kS-Ta.’ 
-0-?) — Heart* o{ Oak |»J 38.4} .„.| — FqunyFund- 

Bill Samuel Life Assnr. Ltd.V ■ Sw.Sj Fnmt.'^-E 
Ni-% Tw-r.. Additxambr fUL, Cim. OI-48S-W55 MWir.r_Fpnd JA< _ 

« Property L’nits _ DJI D 158 

m k-w rxAi ProprrtySerie* A _ U0J) 1053 . — 

01-534 5544 Managed Units US 9 172J5 J — 

Masaged Series A_ 96 J 10L1 

HanaitedSrrtexC.. 94 9 999 

Money I nrta —1195 12S8 

Money Series A 966 MLS 

Fm-dlnLSor.A 92 7 97J 

Ptu.Sted.Cap 138 5 1«8 .._. 

Pn*. Med. Ace 3455 1532 

Pn«. Ctd. Cap 1049 UDJS 

Pna.utd.Ace. (1102 1160} 

Imperial Ufe Ass. Co. of Canada 

Imperial Houie. Guildford. 71255 

r.mmjtpd M»*5_ piB 772/ _..../ t- 

Pens Fd. SteyS K«6 703 -..J — ’ 

.. _ unit Linked portfolio 

03-623 1288 Managed Fund 194.0 -99.01 1 — 

FUcd lnt. Fd. . 1955 IMA I — 

Secure Cap. Fd. .1955 10051 1 — 

Equity Fond (95.6 . 1006} ] — 

ti-uanal Fund ... 
■■ill-L-dcrd Fund . .. 

• ■•It-FdBrd Fd. i A- 

• Hutu— Annuity—. 
61 Timed. Ann'!}..... 
Prop. Growth fnii 
AH WlhrrAf. L'U.1 
V Ml Weather Cup.. 

Wine Fd. 1 1. 

Pen -ii in Fd. I ti._ 
Fimr pens Krt.. 
i"n\. Pin Cap. lx 
Man. Pen* Fn. 

Man Pens. i'ap. «'L 
Prt-p Pens Fo . 
IVepPeru. Cjp.l'ln 

Rocs Soc. Pen. Cl; 
Ba e Soc. Cap l.'t... 

178 1 
176 7 
742 1 
152 3 
67 3 
67 1 
368 6 
121 1 
121 l 
174 2 



hi L Aamtit. 

S Z 133 81 
I 127 J 

102 7 
144 5 

Abbey Unit Tst, Mgrs. Ltd. (a) Gartmerc Fund Managers V ihhr) Perpeiual Unit Trust MngmLV lai 

72^0, Gatehouse Kri. A: ■ie* bury. 

Abbey Intjome . . . W.l 

AbbwIm.TrtFuJ3t- »i 

Abbey C*n.TW — H5.1 411 

Allied Hambro Group /at (ft) is) 

Allied Hambro Group lai igi tun 
01588 2851 nr Brentwood iflCTTi 211450 

BlhKCd Foods 

Allied I « [MJ 

BrlLInda. Fund... IU5 
Grth&lnr. . p56 

Qrct. fi ltd De«K4 

88805041 2. SL Mart Axe. EC3A 8BP. 
?B8 niAmericanTW. _. W-7 
RrlUatiTit i acc.) . 
ComnVKiitj Share . 1*76 
u. Far East. Trust WJs 
Hlcft IncofficTW ... £8 
Income FunE --TJ* 

I ns. Acenctw _. - » » 
lntl Eawoptl'd.— WJ 
.jilrtll.T«.iAc*l l»-6 

01-2833531 48 Kart Si . Henley on Thames 



Hambro Acc. Fd. „,|H7 7 
linear noth 

High Yield Fd 167 8 

HJata laconic 87 5 

ABTEH Inc... — (313 
iBMnadaad Fundi 

lijUo-natjooal J252 

Sacs, of Amertei — p37 

nKlficnmd p7.l 

Specialist PUA 

Smaller Co '* Fd. —133.9 
SndSmlr CoXRL. 415 

Recovery Sit* B2 

Met Min. 4 Cdty. ... 386 
Overseas Earning* 57 S 
Btpt. Sadr. Co's #p086 

6921 -101 
67 9 -10 

38.1 -85 

347b -0 4 
752H -09 
111.7 -15 







Gibbs l Antony) Unit Tst, Mjgs. Lid, 

040 P petu* hip. Gth-...- }387 <U! ! 366 

Ira Piccadilly Unit T, Mgrs. Lxd.v WMh) 

Oft WardgteRse.Sea London Wall ECS 8380801 
*■•4 Extra Income . -KIJ 317] -0.11 1 40 

ig PmollCoaFd. £3 « 

fS I'spltsi Fund - -|47-7 51 

IniKns.* Afoets+WO SO 

Pri'fi? Fund —.-(571 


-.-J Mi 0» 1 

Deal me •Tw». tri ed 
12601-201 4a GOTrlt ,j ohll ^ 

Q2> ... 7T. London WalI.ECS. 


Arrumltr Fund — 

33. Blomlleid R.KMWL U I ^88 41 1 1 Ku " d ; 

laiAG Inwun e* -(400 43irf J 820 American Fund . 

ISLv 0 . RfShp" " 1^1 _2aS 1 oS Practical Invest Cfl. Ltd.9 !>'KCI 

ft.BlooawhuiyM WCStSRA C1-&X8883 
ITsrt.r.iaprSS £415 \ 421 

fllswasn 4«ua.lnft.s. .P829 215^. [ 

. _ . | 206 provincial Ufe lnv. Co. Lld.¥ ,... 

Do AccunL.Unit-...R«^_ «**1_ -1 2.06 ^2 Hlahopssae. E i. 2 tG-seroual ucxnndurnind. 

Crolifiel'nlu -|79 5 852a* -041 322' N.H awi talue Ma« 

HlsnUKome -11872 114 94 -O.fl 7 64 

Arbuthnot Securities IC.I.) Limited 

I’a/btiaM.-Sr Ih-hre.jenrf. 053475177 

l*jp Ti-1. i Jer*r> ' .1115 0 119 M } 420 

Sr\i dealing lout- n»- w 
E3M Lin!] Tsl ■<- l>_un D 118 0} . . I 3 18 
Ne« Nth. Mj» 11 

Australian Selection Fund W 

Martii ilppertitnilMr. « f Jfivji Y.kiI'C & 
Outii* ash-. 12^- Kmtl *B Sidnir 
1 Ml Shan-*- I 61. SI 48 i .. I 

Bank of America International S.X 

*■ h'Mlr la.-d Rti.tal l.nv-tnbi'.iic 1. 1 1 
UJitfiui'xi I icviim* ISI-'US ItCr. | [ 656 

Priii- ail M<<t 4 Next -uh rtav M.. m. 

King & Shaxson Mgrs. 

I LTiflrtncl'fiMi, SL Ilelier, Jmtr.i0334}T3741 
Valltr Um. Ml. I’cirr Port (imw. lOfffli 5470* 
! TtuiDUL' Sim Dt'iiRhfe.I.O V -0854' 4858 
itlhFVndrJrrw »2J 1280 

«.iB Tr-.iil iI.nM >. 1071 1091-01 12.00 

tail) Kiul. t»u*Tti!ei|l467 96*) . . | 1208 
lntl. liovi. Srm TjJ 

nitt IB54J .... I - 
1184 52 184 911 

rtr-i Sli-tlmC . ..|1846 


Kirin non BmMin Umitrd 

aiLkVnihuhhM UTl 

6 33 fs^K^-jaa 



6 71 Next dealing day May lb 

26 9}-o)| 2js Grievesoo Mfnag«nent Co. Ltd. 

421 (link, of Latin. & S. America Ltd. 
^M.giHfr- 1 . t.+isSt .Kl.4. iilU.n-2113 

BtRuH Yli May4. gjl 
•Amin. 1 nits'-—- ®“+ 
Endeav.M^®— JJJ? 

(Accvun. Units) JM4 

Crnchstr. May 5 — >+* 

i Amlin Dnllsi 

IjiABrsls. May 3— Wff 
lAccum. UnHM pu 

M2 d 
OT.fl . 

185 U -0.71 
IBB U -071 


99 3 ,LH 
72 If 


. . w, .. ...... i Actum. unit i — 797! i 284 Reliance Unit Mgrs. Ud,¥ 

Guardian Rl»al Ex. Unit Wgns. Ltd. Reliance Hw . Tunbridge Wem.Kt 089= =7 1 

AatoSnli.T. J47J 513} +05} 450 SHStoSSelPi 52c. i'.“. K S SIS ~o| S29 

iagiGn«rthlHT«...^0 91 -1^ 444 SrUorde-T.Int _ W3 42.M} -oil 529 

Anthacher Unit Mgmt. Co. 

1 Nobla SL, ECSV 7!A. 

Inc. Monthly Fund. P62.0 17Z0| 

t'.SL Funds 

Arbothnol (Securities 1 2d. UHCl 

37. Queen SL I carton ET4R I PY i‘t-238 53B1 

Provincial Life Assurance Co. Ltd. 

223, Bishupigale. Hl’lL • U I -247 6533 

Prcn-. Mansard Fd.. 11118" 117 7| 

Pror. Cash Fd _btM3 

Gih Fund SO. 0248 



1. Olympic Wy. Womblry HA80NB 01-8028878 .M^y 2 — 

Eijuity Units. . _ 
Property Unlts...._, 
Equity Bond.X2ccc_ 
Prop. BondlkM — 
B*L Bd.'ExocJUait- 

- Deposit Bond 

Equity Actum. 

Property Accum. 
Mnod. AgC mrl . . 
2nd Equity 


DS ' 




2nd Property 

2nd • 




2nd GflT Peas.'Ac«!m90 
, L*ESJJ , _ 



virtue May 


ill +005 
2326 HUB 
1374 +0JJ7 
1162 +02 
— +1 

916 +0-4 
1092 +D_i 
3D2J +0.5 
MU +0J 
94JJ: +0.8 
1002 +0.5 
111.9 +02 
104J +05 
1033 +02 
942 +02} 

*05 +oi*( 


Irish life Assurance Co. lid. 

11. Fhztbiny Square. EC 0I-428B253 

BIm Chip Mar 1— pai . 74J{ } 4.40 Prudential Pensions Limited* 

Hulborn Ban. ECtSHNH. 01-4050322 

EquiL Fd. Apr. IB., £2330 

Ftd.lnL Apr. IB p861 

Prop. F. Apr. U 

Managed Fund — E 


prop. Mod. gul Uni 

King A Shaxson Ltd. 


Bond Fd. Exempt— 110658 107.: 

Neat dealing dale Ms 
Gart.gec.Bd. 0192® 125J 


-4 - 

1-anghnro Life Assurance Co. Ltd. 

Reliance Mntnal 
Tunbridge Wells. KsnL 
ReL Prop. Bds.__| 196.9 


I - 

Rothschild Asset Management 

_ Langham H*Holmbrook Dr. NWt- 01-283 SZU $l Swi thins Lane. London, ECA 014064356 

- S C. Prop. Mar 31.. 0143 121 M --l - 

= ^^tFdl^ 9 = Meat SudTMv JuneM 

Legal A General (Unit AssurJ Ltd. Kw*! Insurance Group 
KuKSwoqd _ House. Klugswood, Tadwvrth, *** «?•>. LiverpooL 

Capital Ufe Assurance? 

CoaiaUm House, Chapel AabWtno 000238511 

Key lnv eat. Fd. [ 9872 I — J — 

Psc eraakcrinvj f - J0SJZ { — _ 

Charterhouse Magna Gp.¥ 

18 Chequers Sq, Uxbridge URSINE 52181 

_ Bnl. Inc. Fd 

Property Fd. 1 —.. 


Deposit Fdt 

Comp Rens.Fd.T_ 


39. « +1.4I 

lM ‘ D 12«6^ + ° 4 ~ 

01-854 0664. 

C7inhM Energy . _ . 

Chrthsc. Money 

Chitbae. Managed- p8J) 

ChrthsaEbufty ~ 

Magna Bid. Soe 

•Mx fwe Mimp il 

City'af Westminster Assur. Co. Ltd. 

Klngalead Home. 8 Whitehorse Road. 
Croydon CB02JA. 

West Prop. Fund— .159.6 
Managed Fund ..— . 170.7 

Equltj- Fund 77.1 

Farmland Fund. 701 

Money Fond.. — 1203 

Gill Fund—, BA 

PULA Fund 173.8 

Pans. Mngd. Cap.— UM 
Pena. Mngd. Ace.— 1173 
Pena. Money Cap.— 46.4 
Pens: Money Acc- 48.0 
Pena. Equ it)' Cap— S2J 

Pens. Equity Acc „ 54.1 

Fund currently c oa«a to new investment 
Perform Units.-.— 197.7 ] .. — | — 

City of Westminster Assur. Soc. Ltd. 
Telephone 01-881 MM 

First Unit* 018A 124- 

Property Units — _ |S43 

Surrey KT208EU. KurhOralhSMSfl Royal Shield Fd. 

Cash loitlaL 9S1 M&i — 

Do.Arpiim . _ % t 10L7 J — 

Equity Initial-. . . 116,6 1223 1 — 

Do. Accum. U8J 1246 

Fiard Initial 1153 UU _ n 

Do. Accum. 116.7 122.5 -0.4| . — 

lntl. Ittlllal 942 99 JB -8.2 

Do.Aeeum. — --_. 94.B 99 8 -02 

Managed Initial — 1152 1213 -0 9| 

Damon 117.0 1232 - 0 J 

Property Initial — WJ KE-5 

Do. Accum. M3 1841 J 

Legal St General (Unit PetuloasiLid. 

Exempt Cash IniL. (952 1009 

Do. Arcum. 96.9 102.0 

Exempt Eqty. Id it.. [U2J 11B3 

Ilf. I • MM. 



1103 -.... 




Do. Accum. - - 1133 

Exempt Fixed ImL 106.1 

Do. Accum. 1072 

Exempt Mngd. ImL II? 5 

Do. Accum — 1132 

Exempt Prop. InJL . 952 
Do- Accum ... ■ 91.9 


051 2=74422 
139.9} +L6I - 

Save A Prosper Group* 

4. GlSUlden t. Lndn- EC3F3EP. 01-554 88» 

Equm-Pcn^. Fd — 

Prop.PenaFd pUl 

Gilt Pen*. Fd. RD 

D*-por-Pcn*.Fd.t._ 197 3 




on May ID. 

T Weekly dealing*. 

Schroder Ufe Group* 
Enterprise House. Portsmouth. 

132.91 ..... ~ 
1582 .... — 

123.1 -0.7 — 
128.4 +0.1 
2873 . 

i “ 2 - 
2211 .. 

96.1 -01 


Equitv April 35... 


FI serf InL May 2. 

Fixed InL M*y 2.. 

Legal A General Prom Fd-Mgrs. Lid 

ILGueen VictonaSt,EC4N4TP 01-2680878 KfcSfic.MwS-'.T 10L71 | — Mngd.Ft«Jlpril25_ 

Neat sub. day June L Managed May 2- — 

Ufe Assur. Co. of Pennsylvania Mon£a3«y2™ 

38-42 Nrw Bond SL, W17 DRQ- 01-6038805 

LAOOP Uuito— ptHW 1058/ _.r - . 

Lloyds Bk. Untt TsL Mngn. Ltd.-. g&SSi® a - 

TL Lombard K..EC3. . . 01-8221388 Jfa Pn.CpuMm.-2.- 

Exempt- —1963 1013} } 830 Mo.Pn. AccTgayL. 

W =1 = 

Commercial Union Group 

Scottish Widows’ Group 
PO Box 902, Edinburg b EH185BU. 831-8598000 
InvJte3erie« l.t_pD3u7 

law Mi CmiM 1 )*: IflftA 

Lloyds Ufe_ Assurance 

30, CUflun St, ECSA 4MX . 

Bh.Gth.Unr8 12924S 

Opt3EqtyTMay4_ 1230 1295 .... 

o5t3Emy.M*y4.. 1253 1321 .... 

Opt-H^Maya 1527 1603 -Jj 

St. Helen's, L UnderohelL ECA 013HB75D0 OptJnSLhSiZBMA 

D?'^^ L uS!^|l7.« a, 1737) 7"} - London Indemnify & GnLIns.Co.Ud Solu- Life Assurance Limited 

18.20, The Fortuny. Reading 58351 L lO.'lSHy PlaceLcmdon E.CJN8TT. 013C 2805 

lnv. Pfy. Series 2 'i.. 983 
tor. Cash Apr. 28^L. 973 
Ex. UtTr. Marsll 1362 
Mgd.P*j3-May3 — _ 2593 


1032 , 


142.0 , 


Confederation Life Insurance Co. 
50. CSmaeoy Lane. WC2A 1HK. 

VKqutty Fund.. . — 
¥ Managed Fund — 
Porsonal Pen. Fd... 
Equity Pen. Fund- 
Fixed InL Pen. Fd. 
Managed Pen. Fd.- 
Property Pen. Fd... 
¥ Protected In.. Pal 

W 4741 

W »* 


?«««* 35WSST::- 

. Solar Managed S_Q25.7 

Solar PropertrS — (U02 

Fixed Interest—-- P4JL 

The London & Manchester Ass. Gp.* Solar cub si 

Solar Kxd.Sil.S — " 

Corn hill Insurance Co. Lid. 

32, Cornblll. AC A 
Cap. Feb. Apr. 15— 


Credit A Commerce Insurance 


£j=f = 




Hl|1 , 





Cap. Growth Fnnd. 

OEScempt FlexJW 
♦Exempt Prop. Fd. 

OExrl lnv. TW. Fd.. 

Flexible Fund 

Jnv. Truat Fund — . 

Property Fund 

MAG Group/ 

Throe Quays, Tower HiH EC3B SBQ 01-8=0 4588 

130-1 137.7} 

Family 70W 1561 

Kami !r 91 -88" 175J 

Gill Bead— — ~|lM.6 

038357333 ISf jS££aT=fgCi 

Strfar Property P„ 1102 

Solar EqmtyP 158.5 

Solar Fid InL F — 1143 
Sol ar Cash P;— ..993 
Solar Ina 960 

132.41 — L0| 

1673 -23 

S O 3 -13 

1MJ -0.4 
132-1 LI 


166.9 -23 
120.0 -0-9 


1043 -0.«! 


1Kb Regent SL, London W1R BFF- 01487081 SSJiSggS^”® 2,1 

GbCMngd. Fd_i_.}l22.0 1323} i 

Crown Ufe Assurance CO. LOLf 
CYowu LHe Hoe, Woking. GU21 1XW 04B82 5883 Iiimrn ntnL Boad*”.N73 
Maim'd Fund Acc. _ (97.9 1533} -L0} — Managed Jd^** — 1130.9 

Slang'd Fd. Intm - 97.9 
Vang-dFUInit — .. g.7 

Equity Fd. AM JBB 

Equity Ptt. In cm-_. g3 
Equity Fd. Init . — K3 
Property Fd. Acc. „ 

Property Fd. tocm_ «.0 
Property Fd. toll. _ 953 
lnv. Da. Fd. Act — g3 
lnv.Tst-Fd.lncm.- R3 
lnv. Tst- Fd. lnIL — 953 
Fixed InL Fd. Ace.. 963 
Fid. InL Fit toon. .(963 

ffiS :« 


mi . . 

99.5 -0A — 
9912 -flij — 
1083 — 

1802 — 

1082 — 

1002 ...... 

1031 -M 




63 Of 

^ . Bd** 1566 

Ex Vieftl Fd. Bd -_ 70 7 
Recovery Fd. Bd*.. 59 9 
American Fd. Bd.* . 518 

Merchant Investors Assurance 
123. High Street, Croydon. 






lnterO. Fd. Acc — - g3 
InterTFU.tocm.-_ W.O 
Money FU. Arc.— g3 
Monty Fd. Inctn. — B2 
DisL Fd. Incm. 98 0 
Crown Bit lnv.'A -. P . 5 03 

Crusader Insurance Ce. Ltd. 

Vincula House. Tower PL. EC3. 01-8288031 

tlth. Prop. Ma,v2-_ [69.4 763u| | - 

Eagle Star buur/Mldlaud Ass. 

1 . Threadneedle SL. EC2. 

Eagle, ‘Mid. Unit*. -150.9 


Equity Fean 

Money Market 

Monty NkL Pena. — 

Da peon Pea*— — 

Managed — . 

Managed Perm. 

ImL Equity—— 

IntL Managed 





138 3 

NEL Pensions Ltd. 

Mi Itoo Court. Dorking, Surrey. 

01-3881212 NeiS Kqf A°cu mTZ[ll63 
52.8} -0.9} 5 96 

Eqoity A Law Life Ass. Soc, Ltd* Nei«rGt>i inrAcc-)«7.4 . 40S 
Amrrshum Road. High Wycumbe HM 38377 t S| - - 

isUSSfcsr Roto z MSEd;?8:SafcW »S'"" 

gilj j - Next sub. Day May % 

3 -oil 

Gtd Depox: 
Mixed FBL. 

it Pd. . 

3203^ +0.4} 
6431 .. 

67 a ... 

Far New Coart Property see under 
RuthichUd , 

Sun AJUanee Fund Wangwi. Ltd. 
Sun Alliance House. Horsham. 04036(141 

Sun Alliance Linked Life Ins. Lid. 
Sun Alliance Hoose. Horaham 0(0984141 

Equity Fund lua.2 116Bf~lJf — 

FlxedtoterextFd._ 101.7 1872 -0-4 — 

PropertyFnnd 1075 1132 — 

InternaUcmal PtL _ 105.6 1112 +15! — 

Deport! Fund 95.9 1813 ...... — 

Managed Fund [305.5 UL1J-D2] — 

Son Ufe of Canada OUL) Ltd. 

2. 3.6 CoekspurSL. SWI Y 3BH 01-330 MM 

„„ Maple If. Grtb [ 194.1 

m-mMOIVI MaploLLM*ngfl.-.| 332.9 

01-0889171 Maple Li Eoty. 127.3 

— ■ Paras! FnTFo. [ 197.0 

" Target Life Asanranee Co. Ltd. 

— Man. Fond toe 0003 1061} . 

— Man. Fund Acr 1369 120 6 

— Prop. Fd. Inc. 1055 1117 

— Prop. Fd. Arc. 1353 

Prop. Fd. tov. 1060 1060 

Fixed 1m. Fd. toe MSI 1111 
Dep.Ffl.Acc.toc_. 98.0 103.S . 

• ReTFIanAe.Pen.. 7L5 782 -1« — 

9011 ReLPfamCnxPen-.. 59 1 667 -03} 

_ ReLHscfflManJtec.- 1266 1M9 

_ RKPlanM«n.Cai)._ 117 1 3234 

_ 13 lh Pen. Are. 129.5 1366 

__ GDI Pen-Cap., [l232 5o.o| 

IT Tkunsinteniattanai Life Ins. CO. Ltd. 

— 2 Bream Bldgs- EC41NV. 01-4056487 

Tdtip Invert. Fd. Q39.9 147. 

jaaaaaftc =sj % 

Man, Pen. FU. Cap.. 1332 126 

Man. Pan. Ffl. Arc!. ^52 13L 


A.B.N. Bank 7 i%'«Hambros Bank 9% 

Allied Irish Bank« Ltd. 71% ■ Hill Samuel 5 9 % 

American Express Bk. - 7}% C. Hoare & Co. *1*2? 

Amro Ban^ s % Julian S. Hodge ......... 10 % 

A p'Bank Ltd. 9 % Hongkong & Shanghai 9 % 

Henry- Ansbacher ...... 9 % ■ Industrial Bk. of Scot 7*% 

Banco de Bilbao ...*...* 74% Keyser Ulknarm ...... 9 % 

Bank of Credit & Gmce. 9 % lawwsley & Co. Ltd.... 0% 

Bank of Cyprus 74% Uoyds Bank 9 % 

Bank of N.S.W 74% London. Mencantile ... 7J% 

Ban Jue £ Belge ttd. ...... 74% Edward Manson & Co. 104% 

Banque du Rhone 8 % . Midland Bank 9 % 

Barclays Bank 9 % ■Samuel Montagu «4% 

Barnett Christie Ltd. - S4% * Morgan Grenfell.. 9 % 

Brenfi' Holdings Lid. 84% - National Westmmster 9 % 

Brit Bank of Mid. East 7j% Nonwch General Trust 7 j % 

" . . 0(r P.S. Refson & Co. ... 74% 

5 Brown Shipley.-^- * * Rossminster Aceept'cs 74% 

?S??ifS I PiSn , TS t Royal Bk. Canada Trust 71% 

Capitol C & C.Fln. Ltd, 81% Schlesinger Limited ... 9% 

Caywr LtfL | % K s Schwab 9i% 

Cedar Holdings -8 % tenuity Trust Co. Ltd. 84% 

■ Charterhouse Japhet... 9 % Shenley Trust 91% 

Cboidartons ..... 7J% standard Chartered ... 9 % 

C. E. Coates ............ 10 %. Trade Dev. Bank 7*% 

Consolidated Credits... 74% Trustee Savings Bank 9 % 

Co-operative Bank * 9 % Twentieth Century Bk. 84% 

Corinthian securities... 9 % united Bank of Kuwait 74% 

Credit Lyonnais 74%' whiteway Laidlaw ... S % 

The Cyprus Popular Bk. 7J% Williams & Glyn's 9 % 

Duncan Lawne 74%- Yorkshire Bank 9 % 

Eagil Trust 9 % u Members of the keeepttar Homes 

™S i U«5S'fcS!'..- n% - ». i-momh 

First Nati Fin. Cotpn. 10% t 7 -diqr departto.on sums of X 10 . 00 O 

555 Sff *«. «-■ - •» SVrjt Ar mm 

I Antony Gibos ■*)5> j cau awaits over SLOW <%• 

Greyhound Guaranty... i4% 5 Demand dmosus n«. ' 

GrindJays Bank I! R»io au» applies to sierting M- 

t Guinness Mahon. 74% teas 

Trident Ufe As suran ce Co. LULV 
Rentlafle House. Ghmeerter .045C3S$4l 

0203 127.91 

144.7 1532 — 

1477 1564 _... 

_ „ ieao_ 8*5 KS . VVt 

Uk. Sanity Fund- 105 D 1113 -L5j — 

tnahYglJ..: 060 .3443. 

MEdged. ■- 1173 3265 . 

Money 1223 3265 . 

Imernatlpnal 99.0 lMt . 

Ftacal 1233 330-7 . 

Growth Cap— 124 D 1333 . 

CrowthAraZI^Z 1274 134.1 . 

Pens. Mo *d_ Cap... 113 0 - 1193 . 

Ptnx KuSii- Ate. — n?2 1293 . 

Fssa.flJdJJopXbq*. 3SX3 1073 . 

— -I 

BWl— )992 - I.— Oli - 

ish value for £100 premium. 

(Tyndilt Asairan ce/PcnBi odsV 


H 8 S£= 


i Cae&x I nv . Slx'i 4 _ . 
MilPdA-W Kay 2 — 
^■Equity May 2_. 

Do. Bowl, 

Dn Prop. May U __ 








' W- 3 . 



174 2 


— -J 

Vanbragh Ufe ABSurtutce 

*1^3 Maddox St, Ldn-WlRfiLA. 
Managed Fd. [143.6 



Vanbrugh Tensions United 
141-43 kUdS ox SL.LdD.WlR SLA O1-4B048S3 

MBBHtf ari was 9* .... 

EquHy M* U 0 .H-..J - 

Guamiteod am ‘Ins. Base JtaLea' table- 

Welfare Insurance Ce. Ltd.9 
[ThrUas, Folkentonc, KccL 03£D 57333 

Moneymaker Fd | 10L3 I I -- 

for mtmr funds, please refs r to Toe Umoao & 
MancJunler Croup. 

|Wmdsor Ufe Assar. Co. Ud 
iHigbSmcLWisdror Wind*or6Sl« 

LUoBw. Plana 

Future AaattGibiai. 


Flex. lav. Growth 

Visdror wmdK 


Extra torome Ffl 1090 
Hlah Inc Fuad _ , 406 
frAmim L'tdiai . 54 6 
WMrwLLta ■ 54 6 
P r wto rence Fund— 254 
i Accum. Unit* i„ . . ST 7 
Capital Fond. . 113 

Commodity Fund .. 54J 

t Accum. L'nltai re 5 

tl0*b WdnvLU . 47 1 

FlatPron Fd.. 170 

Clanto Fond 39 4 

I Arcum. l’nltai. . . 956 

Growth Fuad 333 

i Accum. li oils i 39-2 

Smaller Co's Fd. . . 169 
Eastern A lnIL Fd. . 243 
■evW’dnri.UU.i .. 191 

Foreign Fd 263 

N. Amur. A tot. Fd. 29.7 

1136s -01, 
43.! -Oij 
274 - 81, 
48 6 -01] 
58 Bn 
067 b 
S ite .. 
1*4 +03( 
427 -0 4} 
492 -Oil 
35.9 -0-2 
423 -03l 
29 2u -02) 

913 .. _ 
322a -0^ 

. Ud. Hpndermn Adminisiriiion lai id igi ijjdgpfieM MrtUKBMt Ud. 

01JS23Kra. Premier IT Mtm AjSJtovJelph Rnad. H naira. . ^ -w+d Krm^lv si Manet 

i .... I 9.M Brcnnrood. Bum =aa m!™ KrTm *^ «.■*»«« 

CaplGrtWhtor. _ gJJ « It -041 

Cap Growth Arr... B? 6 4?ij J 

Income & Amcu - plB • 33 9} -0 3| 

-0 31 


— _ -Banqne Bruxelles Lambert 

a* a PnrfL Portfolio Mngra. Ltd.* |MbKeii+ r bp Do Ij Hegenre B moo 

taSra 2» Hoi bon, Bars. EC IX =NH OlAOSBZSjKeaiaFurrtLF— 11831 LB881 .4! 

• ACCuminiu. BSi-. ^ 768 rradeMtol l«30 1305^ -20| 442 ' 

Qailtor Mnngeinent Co. LULV 

180 The Stk Exehoiute. EC2JC 1TTP. 014004171 
J® QuadnioiGen. Fd. .1104 7 IMAdj +4.3 JB 
m Quadrant Income... P23 2 Si.fl -3.4J 7.91 

IhmiiMh-i Lac 
iluornwn iw .. 
1 ) i> Amin 

KB FhrEust Fit 

KKlnll Fund 

KR Japan Fund . 


bifilH-t Her ent du 

•l nifomli'DM,.... 


»S bZOj 
713 J5j 

srsioto ! 

51 M128 J 
51 SJ0 42d 
$1 Sll 40a 
. SIS474 -ODV 
17.90 U 90] > 0iC| 

lit 82.1 Awe 

+01 117 


7 04 
0 53 
169 , 



Batrcla,vs Unicorn InL (Ch. Js.i Ltd. 

1. Chan mr Cross. St Hclirr.Jny. OXH 73741 

Oimva*lnrnme — r..l i* 5 

r i486 
l' n idoliar T nut _Z Sl¥ll 


KB act u London paying agcoia onlv. 

Lloyds Bk. iCJ.i VfT Mgr*. 

P.O. Box 1ST* SL lleli cr. Jersey. 0SM 27361 

Llm-ds-toLO-srax-B^b SSJaf } Ilf 

Neat dealing dale May IS. 

Uaibcnd Tni'i — — |iii 9 M 7 lBoit} 800 Lloyd* Intenutiouel Mgmnt. SA. 

-Subject fo toe and withhold..* ton . R ur da niurae. PO. Box 179 1=1 1 Geneva IX 

Barclays Imicorn InL (I. O. Man) Ud. utffdsiDLGroinh.|srClM 35139} f 16* 

1 Thomas SL. Duucfcn. I o31 Dd=(48Sd Uvyd* lot- Income. 3UM I 630 

t.'iliCori AH<-1 EM. .{49 4 
Pn. Aud.Yir _ 28 J 

pn iirtr. Pacil.v 60.7 

ra> ]tn! Inn'mt-.— 38 5 
I*, i .4 Mai f‘l _ *60 
!*■ Manv Mutual .[25.0 





5 73 








62 So 

SI: 03 ! 

High Income Fflirta 

High I ncom e g*4 

Cabot Extra Xne. ..._po 0 
Seder Fonda 
Financial A m. - 

Utl & Not- Ret -PS6 

Cabot- . 
lniernatnmal .. 

World Witfe Slav*../ 

D 1 J 

nC 380 

Far fiaat 2* 

North American — B3 

AtnCna-Mayr 5 U9X 

CabotAraerSm Co. ]30J» 

HOI Samuel Unit Tst. Mgrs.f ui 


IT I96 0 203 « . ] 242 (Bishopsgate Commodity S*r. Ltd. 

5® RjdrrticWlnronw.1%0 103 . 1 8P 1 1' i . Mn* 4= IHnlfla* lntl. 1*14=3811 

m Rothschild Asset Management igi i = "|*i'ooa loui 
?w 7=00 Gatebnuvc Rd . Ajleahun <1=903041 J VT- -M.n = |U3J7 2 4791 ) 211 


M A G Group 

Three Qutn*. Toner Hill nil 6RQ »'.«» 4M« 

scats :h * 9.011 • 

"K76J ISM 


.. , « 1 « 
-15) *148 

- Samuel NoaUgu Ldn. Agto. 





2 S 2 





Antral Ian.. 

40 4c -oa 
74 9 -0 6) 
412 -0 1| 
50 0 . 

ilrv Fund [163 2 173 6d 

M . Eno Rd TH 111 3 U14 

X C Income Fund 296 5 155 *a -1 

N l‘. lntl Fd -lot i 89 1 94 8 -0 

.VC. lntl Fd i An- ' 89 1 94 8 -0 

NC Sodlr t'lqr. F'djlSl 9 16171-0 

i» Roib&cbild & Lowndes Mgmt. IB) 

43V SL Snllhlnx line. Ldn .EC 4. 01-6=84334 f 

NewCT Exempt— 1012.0 119 01. 1 377 

Price on April 17. Next dealing May IV 



161 Rowan Unit Trust Mngt. Lid. Vi a i 

2® , ' , l7lmlellpe..Fmshur> sq,EC=. U14J06100S 

Archway Unit TsL Mgs. Ltd.? liNr) 

317. High Hoi boro. WC1V7NL. 

Areba-ayFIfful ..-J**;. . ««J -..I 416 

ibiBrltubTnnt — 0468 

oca Amencan May 4 . .167 2 
U - 9W hrcuntie* May B . 11*6 9 
High Yield Maj 4 -B«5 

Pncca at April U. Next sub. day May 10. 

Barclays Unicorn Ltd. (aKgMci 
Unicern Ho. 252 Roodord Rd. E7. 01-5345344 
Unicom America. (33 8 363-02] 184 

Do.Aart.Acc 157 71 C 188 

Do. Art toe.— ..52a 563 +aij X 

Do Capital . ..*52 705 448 

Do. Exempt T*L - 107.6 . UU< -L 
Do. Extra Income .. 27 * 588H -0 

Do. Flaaaclal 59 7 643 -0.' 

Do. SO0 711 

Do. General 305 

Do. Growth Acc. 403 

Do. Income Tat zzj 

-Do. Prt. A’na.TsL. 1350 

157 Iri -3 S| 


. 01 9 +01 


47 in -1 4 
288c . , 

55 7 +0 71 
31 -0 Jl 

i Accum 1-niU.- 

r*.'.' Merlin M>) 3 . . ml 
2 95 ' Arruta. I nrlsi - 190 7 






*** Royal Tst. Can. Fd. Mgrs. Ltd. 

466 54. Jermyn Street. SW I. 

7 51 rapiUJFd - .165 4 

517 Income FV1 .po9 . 

7 79 Price*- at Apr. =B Next dealing May- 15. 

S 3 .- 

1 1| Capita] Truxt. -|3?9 
ibi Financial Tru.rt.l9J 2 
ib> Income TVurt. -P64 

i hi Securl W TTurt + g 0 
.hi High Yield T«_ [29 5 

Intel.f (aH£) Save A Prosper Group 

IV Chrt rtopber street. HC2 OI 3477243 4. Grrat SL Helens. London ET3P 3EP 

Intel. Inn. Fund |892 96 0} .. | 650 t»73 Queen M, Ed inbo rgh KH2 4NX 

in Key Fimd Managers Ltd. taMgi foaiinjy. tu oi 554 WCQ or col 2 M 7»t 
•J® 23. Mila st.ECZV 8JE. 0146)87070. S*' - * A Prosper Securities Uif 



lacrrwlng Ixnar Fart 


7 53 

to.Fd-. 742 
Gen— 665 

« Key Exempt Fd. — 1363 
Key income Fund— 78 9 
Key Fixed Ju. Fd._ 190 

789} -0.61 348 Inrm»aiWui»l Funds 

70 7 -0.7 4 94 I la pilot. . Q! 

144 9 690 |.TT B 

83.9 -0.4 837 Vuk-.lUtwtlh— . ..}*£ 

636 .. 1205 





57M+4I8I 786 

2 ^ 6 } 


I 04 

Baring Brothers A Co. Lld-V uxx) LAC Unit Trust Managemrnt LULV orrmai Funduu 

ULLamdenhflllSL.ECJL 01^1882830 The Stock Echaagr. BC3N 1 HP. 01 -ABB 2800 Europe.. 182 B 

Stratton Trt. 0663 173.01 | 390 L*CIoc.Fd 033 7 137 9j .._..} 804 J«l«“ - fiJ4 

Do. Accum P»I» 2143 4 390 LJkClntl&GeaFd.lMO 97.3 J -209 *’> — - - P67 

N«,*«Cda,Aprua. ^ Lawson Secv Ud- VtoKc) SSSodSS - !^.. gs 

4621-0 7} 506 




B. Biibopagate. E.C2 
B~gU*Pr. **M*y 0-JJ. 

Arc. Os “May 8 1220.1 

ffgate I nL May 3„ W1.7 

(Accum. i May 3 [U94 

Next nh. day "May 18. 

Bridge Fond ManagersVtaMc) 

King William SL.EC4R BAR 01-8234851 

tRaw. Material* — 
*i Accum. UniU) — 
-Growth Fund-—. 
■lAccorn. Ufllui . . . 
TtGUl and WarranL 

^American Fd 

UAceum Units) — 
-HlghYirid— .... 
■wAccubl Unit*!— 



















661 Fmaneial Sec* .-._|7LB 
j® HlKb-Bilnhniun Fonda 



Select Internal. 
Select Income 

L -SP 


76 H -04 
72.3 -0 I 
777} -08} 

26L6d -2M 

562^ + 0.11 









g® scotbits Securities LtiLF 


10 69 

,-pH Scotia arc* ..... . 

American It Getut. 


Capital loc.T .. 







Do. Acc.r 


255 .. 

54 Ja +0.7} 
35.9a .. . 


1 U 

130 Legal A General Tyndall Fond? 






ia Canyngettaad, Bristol. 

.Scot Ex. GthAf 02X0 

Scot Ex. YW.'O — p347 

027232241 Prices at April 38. Next sub. day May 10. 

“3 15 Schlesinger Trust Mngrs. Ltd. (aMz) 

Next tab. day May 10. ilnccrporattog Trident Trusts i 

DMUng'Tuea.tVed.jThur*. Prtce* May 3/4)5. 

Britannia Trust Hanagement(aKg> 

3 London Wall Bti 
Lonxlon EC2M 9QL 

366 Leonine Administration Ltd. 
2. Duhe SL, London Wl M SIP. 

LeoDtst [731 

Leo Accum. [885 

140. .South Street. Dorking. 


5.15 Exempt High Y1d_ 

25 6 

4 68 Exempt Mkt Ldn. OS • 

a London WaU.Bulldtosa, Lo^ooWal^ Uoyds BL Unit Tst. Mngrs: LML¥ (a) “"Si 

Axael»_. — M.6 

Capital Act 502 

Comm 8>Ind 54.1 

Commodity^....... 742 

Dqwu^rtic — 372 


HIxtra Income.—... M2 

Far East.— 192 

Financial Sees. M2 

GoM&Genaral_. 792 

Growth — ... 785 

Inc. 6 Growth 72J 

tori Growth pSJl 

Inre*tT5LShaEes^ 144.9 
Mineral* BL2 

Nat High Inc- 

74 J| 

531 -0.6 
582 -0.7 
796a -02 
39.9a -Oi 
1076a -0.9 
422 -02 
206 —02 
692 -12 
«2 +0.7 
M4 -It 
783a -12 
632a -02 
482 -02 
335a +02 
825* -L9 
373 —03 


5K1 —82 
13.4 — OI 
48.6 -0.7 
3L9 -03 
341 -021 











Registrar's Dept, ‘ 'raring -by-Nea, 

Worthing, West Sussex. 

Inc. lONiWdrwl. ..D82 




Second tCapij. (510 

Do. ■ Accum. l 

Third (Income) 


Fburth lExtoc) 


809 - 

01-823 1=88 total Growth *72 

532ri-0.g 443 lnv. Tat, Unit* M9 

732 -a: 443 Market leader* .. 789 

54 8 -0 4 3.30 ‘Nil VieW 37.4 

68.2 -0 5 320 Prof. * Gilt Trust- 340 

86.9=1 -XI 624 Property Share* . .Mb 
1X90 -15 624 Special Sit Trt. -.360 

641 -0.7 7 77 U.K. Grtb. Accum 3X1 
7LU —071 777 U.K.Grth.Dut. .... (U6 

226ml —0 151 

291 .. . 

269a -02 

267 -0 9 
30 Js -02 

42.6 -02 
32J -02 
501 -01 

268 -O) 

311 -05 
296 -02 — 

253 . 1184 

265 -03 243 

28.0m -0 2 2.69 
22.7 b -02 5.90 
20 Ob -02 5.98 









*b 2 Lloyd's Life Unit Tst. Mngrs. Ud. J. Henry Schroder Wsgg A do. Ud-¥ 




7280.Gatefaouse Rd. Aylesbury. 
Equity Accum. . ....(1505 1S»4| 

New laaue. B4.7 
North Ameri ia m_p9.4 

prote s rin n al W87.8 

P ro pa rt y Share* —025 

Shield Si 

npy rimnii __[296 
Uatv Energy [324 

The British Life Office Ltd.* <■) 

Reliance Hxe. TanbridrH Welta, SL 088823271 

BL Britfadi life 1468 5LM-XM 551 

BL Balanced* to 4#*d +12I 551 

BL Dividend"-. [421 46 Off} +04} 954 

•Prices Miy. 10. Next deaUag May 17. 

Brown Shipley & Co. LUL? _ 

Mngnr. Founder* Cl, EC2 014008530 FarEartern.—. 

BS Unite May S..— gMJ» Z32M .1 484 

Da (Acc. J May 8 [2752 289.7] J 484 

Oceania Treats u) „ 

Financial 35M -0^ 390 

General — — 19j*d-02^ 442 

Growth AcatOL 4731 -0.41 429 

Growth lamac — 327 e| --»J; 

0=065641 1 ao, Ctteapalde. EC 2 
....| 595 <topital»Jw0 Dooi 

15? M & G GronpV tyUcHzl income MiyOZZZ 185 4 

495 Three Quays. Tower Hill EC3ft SBQ. HKDS 4588 lAccum Unite) 369 9 

Sm i1m> Stock Excbiocc Dulino. Ocjo*pmI Msy3, W 2 

«0 ^S25+0jr LXO 'Accum DSu) pOO 

ESaopt- April 10. — 

604m -0^ 
223 -02} 

JED (Accum Unitm.. ... WOO 

447 AuatreUunan 4&1 

4« lAccum. Unitii 48.8 

■“*- Commodity— - 7L0 

(Accum. Uni tsi.. _ 765 
Compound Growth. 1033 
Conversion Growth 566 

Conversion Inc NUt 

Dividend Ut6 

(Arcum. Unllci *19 9 

European 472 

i Accum. Unite i . .. - 476 

Extra Yield 0.6 

(Aceum Unite) UX7 

(Accum Unite' ... B-9 
Fund oflnv Trta _ MJ 

(Accum Unite! 725 

General — . 166.8 

(Accum. UdIUi. — 254.7 

Hteh Income W22 

lAccum. Unlui... .. 1662 

429 Japan Income M54 

956 i Accum. Units' M67 







Magnnni 1964 

(Accum Unite* 2*4.9 

Midland 163.1 

(Aceum Unite i Z7O.0 

Recovery 775 

(Accum. Unite l 783' 

Second Gen. to7J 

lAccum. Unlui Mt.7 

Special 155L8 

Canada Ufe Unit Tat. Mngrs. Ltd.* 

20 Bab SC, Potters Bar. Uerta. P. Bar 5112= rAncOT. umteT-^ SbO 

Can-GenDirt B7.S “ “ * ** 

Do. Gan. Aceum — W.7 

65.0 +0 41 
78 0 +03} 
18X0 +1X1 
276 4 +1 B| 
Utl +04| 
177 ( +0 6} 
1556a -IXf 
1570 -1» 
2102 +0^ 
2621 +0X1 
173.7a +0j 
2876 +03 
825 +03 
_B.4 +0.7 

278.9 +lij 
1669 +0.91 
2887 +1 a 

53ti ...J X10 » «>»»a ¥4r4 

512 402 208 tAecum.unltei._- 
52.0 +02 208 ■Pen(«Ch*rF(tAu2att619 
763 +10 407 S'Sp+cFbiApr.n.-Pto.; 

822 +11 *07 "Recovery Apr U.|UBD 

1X1 0 +0 9 364 “For Ua « 

S3 +04 9u Scottish Equitable End- Mgrs. UrLV 
1263 +0 1 7 83 28 St Andrew* Sq.. Edinburgh 031-558B101 

ZM2 +2J 7.ja Income Unite }#95 527tl + 13 5X0 

583 +D.I 297 Accum. Unite. - .{56 4 HUM+lS 5X0 

509 +01 2 97 Iiealinx day Wednesday. 

liv e +i'o 824 Sebag Unit Tsl. Managers Ltd.9 III 
S3 "*23 1-32 PU Bex 511, Bcklbry K*e^E.C4 01-230 5000 
S74I+C41 245 setag Capital Fd . . |3= b 34ij -D3j 3.« 

J2 Sebag Income Fd.. 129.8 31^ -03} 829 

exempt funds only 

4 m 

538 Security Selection Ltd. 
qa? 15-19. Lincoln'* Inn Fields, WUi QU3I0B3S-B 
807 UnvlGthTslArc- M5 ZSR... I 3.75 

123 VmlGthTStlnc„.&b 22fl . . ] 3 75 

Stewart Unit Tst. Managers Ltd. HI 
3.77 45. CbartoOe Sq.. Edinburgh. Q31-S263Z71 

{3 tSKewait American Fuad 
| Standard Unite — 1636 676} .„ ,J L45 

Accum. Unite _ 
Withdrawal Unlti 

Special laed Fund* 

Do. Inc. Dirt - 


(Aceum. Unitsi — 

4 TO 

f fl -Stewart British 

421 Standard 

421 Arcum. Units , — 

Dealing tFn. -Wed. 

637 San Alliance Fund Mngt. Ltd. 

+n«7 Sun ADlaneeHuL. Horaham 040384141 

777 wsfis^&^x 58 



777 rmeramuyFU — (W.* 100. 

5.72 Target Tst. Mngrs. Ltd.? MW 

31. Gresham SL. ECS. Dealings- 0208 S0I1 

Capel (James) Mngt Ud¥ (Mom. itohvZ- |p»2 18L 

100 Old Broad St. ECZN1BQ 01+5680010 Pena. Ex. May 8 pL3X9 139 

Capusl B0.4 »*J —.-j AM ManaUfc Management Ltd. 

PMrae on MuX Next dealing May 17! St George's Way. Stevenage. W38501P1 Turgot Commodity. D32 

Growth Unite PL5 5421+23} 375 

Carllnl Unit Fd. Mgrs. Ltd.» (age) Mayflower Management Co. Ud. ma% 

MUburn Houxa, Ncwcaxtl&uiMm-Tyas 31105 14I1B Gresham St, EC2V 7AU. O1OOO8OB0 ® Do. Acc. Unit* Z77 1 

Carllol — H6* BLW J 468 Income Adt 20 QB8.7 U8X1 I 144 Target GUt Fund - 115 0 

«g| “J a 5 -rg * ^ - -J " TaSJSr*::: ™ 

DO. Aceum Units .-M.f 523 .....4 835 Mercury Fand Managers Ltd. no Tteinv Units... M3 

Next dealing date May ”. . DO.Greatmm St. B31P3EBL. O1B0O45S5 Ttow tov. _. N 9 

Merc. Gen. May 10. 0760 19941+23] 436 TaTOKPr. May !0- U7X 

ACT £7(9. May 20 2522 346 M +3 2 4J6 Si 

01-3482000 Merc. IuLMuy 10 ... klb 653] -BA 231 rowMSemSh'™ - " UJ 

2J6 Accra. Uta. May 10- M.1 553-0.6 2a Coyne Growth FU ..}»8 

276 .. ^4 gx| ... are Target Trt. Mgrs. (Scotland) laXW 

7« — ,75 )8. Athol Crescent Edln- V 031SSB82T2 

335 Midland Bank Group . Target AmerRagleCbX .. I i Mi 

35 Unit TVust Managers Ltd-V U> Target Thi«tie_T7j49 o (aons-M 574 

Gourtirood Rmue. Silver StreeL Head. Extra Income Ffl. _}59 1 43 6} -02J RLM 

Charteritouae JqdMtO 
U Paternoster Row.EC*. 

CJ. Internin'] 026 24 

Accum Units—.— 26.0 77. 

CJ. Income n.6 3 

CJ.Euro.FUi fell 27 

Accum- Unite RJ 31 

GJ.Fd.lnv. Trt (6.4 28 

Accum Unite — — {29* 3X . ..., 

price April Mi Next dealing April 

35.7 -OJ 
643 —OH 
402 -02 
2X63 +3.9 
2871 +51 
120.4 ... 
sal -03 
326 -O I 
32230 —02 
165.4« +5.C 
3B.7a -02 


202 -0 4 

















Sheffield. SI 3RD. 
Commodity fcGen. Mrt4 

Chieftain Trnst Managers LMLF(aNg) 

3W31 Queen St. BC4R1BR, 0I-M829S S^aSJST^Z-S? 

1 wJ i4S Caphel 

| -0.3 9.4B Do. Accum. „ 


431 Do. Accum. 


HlKhlmnno -- 
IntemHouelTrt— j 

Baric Baota. 

IlMTWial „ 

Confederation Funds MgL LULV (a) Co. Accum— 

SOCbancoryLono, WC3A1BE 0UM303B2 CJ? 

Growth Fund. 1408 4kg +10} 446 ISmwBSiiii-".~pa9 

DO. Accum* — — 1106.9 

ConoopoUtan Fond M a na gers. 

3a Pant Street London SW1X 0EI. 01-2838825. 
CaamopotoGthJFd. |I72 

Trades Union Unit Tst. ManagersT 





672a# -021 
. 77A -03 
4U -03 

613 -0 5} 

b44a —06} 



6. JO Barbican May 4. — 7752 
6.10 (Accum Unite.) 1134 

m tSStSEzM 

8-2 lAccum Unite)— W3 

CotomnMaya 12*2 

534 (Accum Urrite) 149.9 

534 cumid.May3 |5tL7 

■Prices at April 28 Next daaUng May 31 lAroum Units) —|553 

ESSMBE? “t™ Step 

aa = j m sss aedB 

Crexceid: Growth— 285 -M 6X1 MIA Unit Trust XgdBBt. Ud. Van*Hy. May 9 [716 

Ba 239 OW Queen Street SWIHftjti 013807331 Vaa©tieMg75 — fas 

2* PM 813} +2X1 416 MooaatUMfci — 

Mnt °* 1 unit rn * t Mto ** ers * <aMt) tSSMfczi I 

XMacRtsnany Unit Fond Managers 15. Copthau avc., ec=si 7bu. 01-0004303 wick div. &uyi — gs.4 

22.BtoorftoicJ SL.EC2M7AL 0U384985 Mutual See. nus_.g02 5331-03} 630 Do. Accum —|7U 

Disc Income D»3 1612! — -I 5.45 JEggStaSKIpJ S3 43 bl( Managers Ltd.T 

E. P. Winchester Fund Mngt; Ltd. Mutual High YId_.|563 toil -6.3 6“ l8,Canyngel&Md.ftoirioL 

SuUSb^ ^^07 Comroer^l S®,- 

Groat Winchester- 067 1121 | 671 3L St Andrew Square, Edinburgh 03 ijmpisi UW 

GCWlncirw O-sea^U.4 SxJ ...,.| 438 Income May 4 — -|£J! . 14*6} i 634 isB-tStei. 168.4 

LAeeum. Uhtwi 0938 2D10I I 634 Kxcmpt Ann 1 20 . 1050 

Emm A Dudley TgL MngmnL Ltd. Cal*. Mar4... - — J 3M (Accum UnStai — . 1473 

BSSSSSh »n firs 1 JasSSSaffiwS»;U5 ggte is 

OI4ES4200 (Accum. Unitsi . — 1262 6 

120 II 

i U 100. Wood Street, E.C 2. 01-8280011 

322 TUUTMaya [49 0 522^ -1 3 42 

3J7 Transatlantic and Gen. Sees. Ce.V 
327 BI-OB New Landau Rd. Chelmsford 02U3M61 







8S9J „..., 


55.te +L« 
7U +22 
554 +1.4 



7 +2X 



623 ... 
743 .._ 


0272 SMI 

*a. Gncechureh st . BC3P aun 

Eqnities'Secs. Ltd. (a) ig) n.p.i Gih.un.Tw. . 

41Bmwpfxate.EC! 01-5882851 {ffi*. - 

Progiroslro 1652 , U*4-QJ] 4X4 

Equity & Law Un. Tr. ALT (OKbKc) ; ® ^ 

£g * NBti0Ml ******** 

Framlington Unlt Bfgt. Ltd. (a) 

5-7. iTOUmJ Yard, EDtB SDH. 01-3188071 Ftara52: 

tot Growth Fd. 
Do. Aceum. 

1M Growth lnv. 

435 Iricnme __ 

538 POrtfOUnlny- Ffl. — 

1J5 Scot Cap. May3 . IpO t 

3.95 (Arcum Unitsi [155 6 

»ro Srt*.lnc.May3 PJ74 

Z - 7D Laajhm 1MI Group 

Capital Growth pis 

Do. Accum |ras 

Extra Inc. Growth- 0*3 
Do. Accum. — ■ ..—(421 

WL Cbeapside. EC2\ 003. 01408 ODOR 

Capital tAocum.1^- 655 429 JWielal PFrty — &S9 

“ <52 70Jjd-l!a 743 Do. Aceum. .092 

560 SMHlII 4.99 Klgb to* Priority 
W9 H71 -l 3 JJ9 IntenteMoaal- — »7 
g-6 MJj -Ojj 649 Special Slta. 003 

SS UriveSalFdiinTr. 582 6&M -0 IS TKt Unit l^GStsISyS 

NEL Trout Manager! Ud.? tailg) ^ Ch ^ I SS^StaM^- 
Frlenda* Prurdt. Unit Tr. Mgnty HfliMQBaLDMlcU^SurraB- _ _ (byr®(>«ral — «« 

aa A'rlxtar High Inc. . _ j«».9 SxJ-oij sS (“Si raBtocoocH" Wl 

frie nd* fto v. P te-igj 4«3u|-06) as* F« New Caort Fnad Huamro Lid ibi Oo. Accum U9 

Do, Aram. }KU ^-0^ 434 AsselM^Se^t "M mgr - - gj 

G.T. Unit Managers LttLf Norwich Union Insurance Group (b) WawtM 

10, Flnxbury Clreux EX2M 7DD OI-OasBUJ FO Box 4, Norwich. NRl 3NG. 000382300 Jr. V~ -r~ Vrif. 

iH ;si is sspaa-iSU sss^rs* ao.*,^^- 

nafc: si jgfc as £2 SSSJSSJSSSiii ?i5SS« "*”>• -- 

G.TiJapan AG4n.« D73 2913 -42 140 PearlttooiwthFd — B.6 2*4rtj -0^ S Cl Kl ng WUla»a EC4RBAR 

+GtFtasJirtFtf Ota 1383 ADO Arcum Unite. -03 5.01 FridrxHae Fond— [W0 

G.T.lm'LPund M87. U53 2XB Faaritoc M6U| -04} 6JB WlelerGrth. FBd _JW.4 



G. A A. Trot (a) (g). 
5, RgyUh^tSiL, Bcenwood 

® 2 331 _ ___ 

6 njrei 436 Do. Accum. 

Wieler Growth Fund 

JTilCBfl Units ADflill, M4 (fXl) vi mWihmm gr ann+w 

(0277)23000 ML Fountain St, Manchester . OBi-SaaSOBS toeomeUnite .1289 

3C0a|'riL4| 436 Pelican unit* — — fOOJ >63s4“0J} 5J» Accum Unite j»3 * 


yinaliv I'.-unl ,u -sin aiul -'ll 11) 

Bridge Management Lid. 

Pn lir-\ -iilS. Grand L'jvnuii. I m 91 an l(. 

\ l 4 q.i Uji . .. | >15342 j .. . | 

lij'.ii. Ko\ .Wl. IJor.c Kini* 

X . r>ivir K.1 Mil- 'I (SKIS 71 lit*; j 075 

Ex-Siork Split. 

Britannia Tst. Mngmt. (CTl Ud. 
:»Rjthsi_s: Helirr.JprM-r- u-.u 73114 




Butterfield Management Co. Ltd. 

"H-'i IW. lUmillun. Brnniidi, 

Biuln+x Equift — 1215 2 88* I 1 91 

hunri-.' Ini-unii- .(2 02 >951 . I 738 

ITin-- at April l« ,\i‘\t «iih J.iy Ua>- 8. 
Capital International N..V 
.17 rje >(4re Dnmr, lJivrmlH.jis, 

•'apiiullni Kunit... } 51S1687 ; | — 

Charterhouse Japhet 
I. Pairrnw-liT Hiw . Fi' 4 

1 14.1 lid Bni+IV.K CJ 

Apolin Kit :l - 'MI2S 
Jiir4i-rt April it .. iliKSlk 
II •tilt* >pe)N ..H 'DU 
ll7Jer»m .tpr. IF . £4 96 
1 17 J rv« i J. A|ir.D4. Ul 95 

Murray, Johnstone (In*. Adviser > 

liailoposr.iiU^m.r'J irt'.-SSlV' 

-I June SI. Kit. . I SI SJ2 61 . ; — 

•Murray Sunil. ..I 6VM0 65 1 ■— 

• April :ui. 

Nrgil S.A. 

10a Bouk-iard RihbI, l.i:t+mhn irg 
NAVim:- -I 6LS10 38 

Negit Ltd. 

Hank id Brrmuda HUls* , Hamilmr. R.-c-da, 
NAV.M*nl31 . fL4 91 - ! . i — 

Phorniv Internal Ion nl 

191 Rii\ 77. St ivtrr Pint, iiiirtn-r' • 
imrr lVitljrtiinrf f2J0 J4S| f — 

Property Growth Overseas Lid. 

Vliioiia I 'SIM » 11 M 

lU.icrbo MM M« KM 

ti«di> i-naioo sis 

klhiperor Fund Si ST ft 2<ai 

IlLspann -tUsUR «te 

Irish Tiiwii. ilihraUnr 

ul 34850M 1- S.1 tellur Fund . | Sl'^8 27 

SU-rllriK run-1 ... | £12880 

-c :o| 
-u ;d 
■ o:n 


S 14 



Richmond Life Ass. Ltd. 

4ft Mho] sitri-l.lKMCtos. LUAt 

Clive Investments (Jersey) Ltd. 

P >.(. Knx ICO. St. Ilclli-r. JcrSc? . 053437081. 
niu-niHKil..i‘Il.)988 991} .. . 1100 
t in eCsltKd.iJv.-<. (937 9«j . ...J 2130 

Corn hi U Ins. ( Guernsey i Ltd. 

Pn. Ei-v 157. si. pi-n-r Pun. liuetDirtr 

luinl.Mnn.Kd. p67J 182 5} ] — 

Delta Group 

P.u. Box 3012 Nassau. Bahama' 
rA-ltn Jus . Slay" ...|S136 ! 74( . — 1 — 

Deutscber lu vest men t-Trnsl 
FtnUnrh 3685 Dn+rrewr 0-10 an) FranUnrt. 
runrtHRi. .. __ IMUUVD TOTM-OJOJ — 
lnl KralrnIonds._.|liMH30 7V5l|-02oj — 
Dreyins Intercontinental lnv. Fd. 

r>i. Bov NIS7I2, Nassau. Bnluina-t 
NAVApnlSS-. . JtlSUS UX=| . ... | — 

Emson A Dudley TsLMgLJrsy.Lld. 

• x iTheKilirrTnixl 
Mivlunund ilond 07. 
Ill PUlinumlUL — 

Do Gold Hil 


112 B 
99 8 

•Gii> «ui« 
i . 


Rothschild Asset Management tC.I.) 
]■ i.i.Kn 5A St. Julians i t.Uticniwv. 0481 28S31 

iirinryil . 

1 1 ('lull Filt. 
i •<* Srni'eKkiAprSH. 
ill' I'ommiMHi)-. - 

Apr 28. 511 
Marl... 1588 


160 4d 
i jy 
142 B) 

U6 a 

OC Mr.t'nmin>-r...(S2SJ8 27(Wid 
Price m Mav 12 Next 
tPricc on May 8. Next 

7 50 

Price tm Mav it Next ■Iralmi: April 28. 

dealing *ui 22. 

Royal Trust (CI1 Fd. Mgt. Ud. 

Pn. Box IW4. Roval Trt ILxc.. Ji-ner. OSH *47441 
HT.Iai'l Fd. ..IP Site 1M! | 300 

RT InflJi.. >FiL m TO ) 3 XX 

ITim m April 14 Next dealing Maj 15. 

Save A Prosper International 

1*0 Uax73.Sl.lL-lU-r.JiTu->. 

a. SI SZ393 | ... 1 — 

ltd. S( -.920 02 | J — 

l_ SUS44.12 .07* - 

a_.. SIS1337 -0.051 - 

L.D 1 C.T. ill* 0 121.3} ... .1 — 

F. A C. Mgmt. Ltd. Inv. Advisers 

1-2 Laurence I’ountncj- Hill, EC4K DBA. 

III. 823 4880 

CenLFd 3la>'3 J Sl’SSJfl 1-036} — 

Fidelity Mgmt. A Res. (Bda.) lid. 
Pit Umx 870. Hamilton. Rermada. 

Fidelity ,\mA.-«. _ 

KiitolKt- tot. Fund. 

FiUeliiy Far Kri . 

Fplrlity WrJdbd 
Fidelity MgmL Research I Jersey) Ltd. 
Waierbra Use . Dan St.. SI . I leUer. Jcney. 

KiM 27561 

Sene*. A ■ total i — ) 13 51 
Scrte-s R iPxciDe-...| CTM 
tones D i,\dlA*s i| 1X6.49 

First Viking Commodity Trusts 
H .to George's St. Daupliu*. lo.M. 

WSM 4682. Ldn. AglK Dunbar fc Cn. ud - 
.7a Pall Mall. Lou dun SW175JIL 01-030 7857 

Krt VJkCntTrt_-l»9 37.80J | 23| 

Kst Vk DbLUpTrt .(80.00 

Fleming Japan Fund S.A, 

37. rue Noire Dame. Loxembdorg 

Klmfi.M«y0 1 SUS4636 1-0X77} — 

Free World Fund LUL 
Hulierflrld Bhlg. HamiUrm, BenmidA 
NAVApnISB 1 SLS173.B9 | .... J _ 

G. T. Management Ltd. Ldn. Agts. 

053420501 Dealing li' 

J 692 


CunmM/. Alff =7 ..{XZ94 125.71 { - 

SlFMl.May4 . -|llD9 117 jd I 1185 

Fnci- on *May 8 "May a "'May 4 
I Weekly t ten I me - 

Schlesinger International MngL Ltd. 
41. La MulcSt., St. Kelicr. Jerscs- 053473368. 

37 Broad St , SL Holier. Jervey 
1‘Js. Dollxis^Jm ami Baled Funds 
]UrF«d1nl'*Mn>3. 195* 1011J 

Iniernat Gr.*t 1661 717] 

KarFoMMU"! .. [3739 4043} 

Nnnh AimTiran't .13 6 9 3 99) 

iii>pro"i.. .—|1368 1496} 

Strrilni-deaominaird Funds 
i , hanneU'abiiatO...Q29 5 241 6} 

— I’haniK-l lsljml»+_|l*82 156 6} 



III It Fd . . . 

lntl. Fd Jerspv 
Intnl Fd Umhn: 
-Far EaM Fbncl .... 


)t0 83 






'Next *ub. day May 13. 

J Schroder Life Group 

Enterpriso House. Portsmouth. 
Interna! haul Fonda 

{Equity. |U53 1225 

SKquIrv.. .. _ .... 12X4 129.6 

tFIxcdtoiercrt 134.8 1433 

* Fixed Interest - 1052 1119 

managed 1273 US 4 

Utonaged 1U3 1205} 

U 80 



E" Uradon ^ J- Henry Schroder Wagg & Co. Ltd. 

li t! I’ aciile Fd, 1 5US12.79 f+0 03} 175 J*2KC'« EC f’ o-oxx « i 0I5 ®^ 

it laierartlonal LU. 

r ii Hk. oi Bermuda Front St, llamltn. Bmda. 
.\luhnr'BLniU_.-tUSIJ3 DM | X84 

Anchor InL Ffl pX5406 , 43lJ I 187 

G.T. Bermuda Ud. 

Bk. id Rrrmuila. Front SL. Hamlin . Urartu 

llerr-PacF. . 51S4Z41 1 .. | 0.94 

C, T SFd 1 5VS6.91 J . . ..| 0 72 

G.T. MgL (Asia) Ltd. 

Ilulchirtci 11 m.-. Harvnurt Rd. Hong Kong 
li I V-iaK . ... pHVBK 84W( .. . I 17£ 

FbeapS May STRUM 

Tra/aJcar ApnIJO./ SLSIMM 
A*um rd. May 1 P'nSM 

Darling Fhd - SA179 

Japan Fd. May* . 515629 




Sentry Assurance Internationa) Ltd, 

FO. Box X& Hamilton 5. Bermuda 
Managed Fond .. (St'SlUtl 1 63)11 . J — 

Singer & Fried lander Ldn. .Agents 
2U. Cannon Si , W4 ul -2480648 

Dekolqad* |tUWB._ H3IJ-010J 656 



«1 T Baud Fund . ..]U 3U6 '■Wl 

G.T. Management -Ijcrscy > Ltd. 
lima] T-.1, 1I«.. Colomberie. Si. Heller. Jrner 
t,T. Amu Sterling- 10234 1146} ... | 149 

Rank of Bermuda (Guenuryi Lid. 

31-30. Lc Iteto-i, Guernsey. D481-2E33n • . 

Berry Par SL-lc K3.M 26520} .... | 1.13 

AnrhnrGih Edge _p84 489] ..... 1234 

Anchor I nJ*y.TsL,PL4 263| ... | 297 
Gartmore InvesL LUL Ldn. AgU- __ 

2. Si. Mary Axe. London. EC3- 01-2833531 Japi.'iodtrxTrt 
Garmurr Fuad MngL (Far East) Ltd. 

1503 Hutchison 51+-. io Horcourt Rd, HJtuni; TSB Unit Trust Managers (C.I.) Ltd. 

Ja™ 1 Frt L '’ 7#L “KMWI UjS-i'nJl OH BwtteelleRd-sSLttevioBr.Jureey. 0SM73UH 
Japan bd....._--_.B3lW» anartLIW OH }455 473... I 581 

lied I (,2fi Gueroiicy Fund — 1455 479} . I 501 

-wi ... . • Price* on May 3. .%(« sub. day May 10. 

Tokyo Tm. Apr 28 

Stronghold Management Limited 
PU Bo* 3IS. St Holier. Jersey 1)53+71480 
Cnmmodlty Trust.. 190.15 94 89} .. I — 

Sarin vest (Jersey* Ltd lx) 

Queen* lire. Don. Kil. St. HeUer. Jsy TO34 27J40 
.\menrsn Ind.TSt— K8.2Q »371— n.131 — 

Capper Trvst. |I3 0^ 110 ^* 0 OT| _ 

N. American Tq.„ HI "SMU 

toil. Bond Fund pTSUK 

L'amnare lavnthntvl Mngt. Lid. 

&US&56MP-. 2l.« Tnkyo Pactnc Holdings .N V . 

Do. Growth- — [W.B 6S4„-.| 4 60 

Hambro Pacific Fund Mgmt. Ltd 
2110. Connaught Centre. Hong Kong 

Far Kart May 3 ffitKUA UM I - 

Japan Fund (St'StW rjsf - 

H umbras (Guernsey} Ltd/ 

Hambro Fund Mgrs. iC.I.r Lid. 

P.U. Hot 88. Guernsey 0481-28521 

inti mis MaoBRemeni Co N V. Curacao 
NAV pur share April 24. SUS30 4G 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

InlimiF Mmutgrinrnl Co N.V- Ourflrao 
NAV per share Apnl 24 5US3S7B 

Tyndall Group 1 

P.U. Box 1256 Itondltaa 5. Benmtda. 2-37W 

ri.Fuud 136 6 3455(4. ..J 390 

Intnl. Rond 51*10475 107M - -1 8 58 

lnl Kqmty SIS 10 47 10 7« .... I 2AD 

InL Svj>. "A 51 S XD2' . X05| | 830 

InL Sifts. -B- SI'S 1.05 1 oi| . . | 250 

Prices on May Next dealing May hi 

Henderson Baring Fund Mgrs. Ltd 

P.U. Bo\ N-T723, Nivau. KabamoN 
Japan Fd. .lUNUfl 

pA,-. a.n It, HI "T y.ri rii April 27. 'Next dralioc^Mc Mar 10. 

HlU-Samuel a Co. (Gnernsey) Ltd 

8 LeFebvrc SL. Frier Port -Gaenuay. C l 
Guernsey T»L |WL8 1572af -5.8} 339 

Hill Samne) Overseas Fund SJL 

37, Rue Notre-Damr. Luxembourg 

jjcsub wai ~nsi - 
International Pacific lnv. Mngt. Ltd. 
*xi Box R337. 50. Pill St, Sydney. AusL 
Jaiclin Equity T*t_|SX99 209| } — 

J-E.T. Managers (Jersey) Ltd. 

PO Box 104, Royal TaL Hoc, JerdcyOSSf 27441 

JeneyExlrnLTn-llU.S 178.8} J — 

An at Apnl SL New- sub. day May 31. 
Jardine Fleming A Co. Ltd 
40(h Floor, CtQ naught Centre, Hoag Rang 

in erean May 3 BIT-112 

■ Arcum. L nilui . .. BTS1 72 
3 wa> InL Apr. 20 111 <=£9 

2 New SL. fit. Heller. Jerrey 
TUFSL.XIny4 „.K738_ 
lAccum SharPNi . Q135 
inu-r Fd ... 80 0 

I Arcum Shares' BO.0 
Ji-nrj Fi! May) W02 
iXnn-J. Arc 1-tx.i 267 6 
Llili Fund May □ _ . 1086 
1 Arcum Shares' . 136.4 

12 0 ! 



201. Sv 

283 Bu 
110 6 






Jardine Etlit, Tot — 

Jardine Pm. Fd.**. 

NAV April 28. 

Next sub. May U 
Kcyselex MngL, Jersey Ud 

SHKM0.99 , ... 
SHK32U5 | _ 


EOulralut SU^'MSG 


K S 

2 30 

Victory Howe. Douglas. Isle of Man. MM 23020 
Managed Apr 20 (1262 133 W I - 

t-UL Intnl. MngmnL (C.I. I Lid 

14. Xlolrasier St reel, to llclu-r Jersey 
i i.B. Fuad ... _ ./si iuea uz«r. 1 aa 

United Slates Tst. Inti. Adv. Co. 

14. Hup Aidnncer. Luxembourg. 
f.S. Trt lav. FBd... | St'R10«3 | .. i 0.96 
Net asset May 2. 

S. G. Warburg & Col Ltd 
30. Greobaiu Sln-et, KU2. 

■ -nv. Rd. Ffl May 8,1 Sl'R937 

biino" InL May 8-1 R'M6« 

(Ir.SliFd. AnrJ0„l 3CSU5 
llrUurilay 3 BUSUN D 

Warburg Invest. MngL Jrsy. Ltd 

l.rharing Cross. SLilelicr. Jsy. Cl 0S34 73741 
CMFUd. April 2S-I1VSBH .12JBI 
UMIUd. April 27„fiiK 12661 

‘"J* 1 " ““s-i “'-‘"■i CMI Ltd. April 

1*0 Box 98. SL Heller. Jersey- (Eng. 01400 W7B ' MialsTrtHnrJa) — |tlX44 



BomWct _____ 

Koy*elcx tot' 1 

Key telex Enropp_p.E)i 
Japan i!ih Food 
Key-Hex Japan — 

Lent. ,V4ncls LAp. . 


D77! +0.75} 



gsBB sins49 

eui^ 51 ;;;;; 

,« TMT April 13._. _pl"S955 9W. 

TMT Ltd. April 13.. fo 74 VHl . 

386 World Wide Growth Management* 

— KUl Boulward Ruxal. Uixmibourg 

- World uritK* Gth Kdi 51S3390 l-3(W — 


Prie*- 'to n*a include S imtixuiiih exeeri whi-re indicated 4 and are in ponce unb-x'ishcrwiso 
Mirticaieri VI Pld* % txho«T in last column' alton tor aU buying t-\pi'nH-*. 1 ' Klcrcd prices , 
inrludi- a!I expcnM-A h Tn-ttavN price* e Yield baM-d on nffi-r price d Lffimaied t To-doy'i 
opening price b Dirtribution [rey nf V-'.M taxi'- P PiTlodle premium inxu ranee plan v x Singlw 
pn-miuin InMirani-i- a Uttered price- include.-, ail experxex except agent .x rnmntiiii-ini. 
v iKtorot! price inrluths. alt i-xpmu-s ii bnuebi ihrmieb managers t Pr+vMoa day - * pnea, 
V Nut of tax on reolu-cd canial uun> uoleai indicated hi 0 ! tiuenuey grov- 0 SuxpendnL 
♦ Mold hriore Jerrt-v lax t Et-subdliHon 




<81-858 8212} 

381, Greenwich High Road, 

Gruenvuib SEW SUL. 

'Deposit Rale 5.25. Share Accooats 6.W. 
Sub'pu. Shares 8.75. Torm Shares 2 jrt. 
S% above share rale, airs. 1*» above 
share rale. 

(BL-99S 8321) 

15 IT. c&tartc* Nigh Road. 
London W4 2NG. 

Dep«( Rate 5,75, share Accounts »a 
Sub’jra. Shares 7J0. 


& Sterling denominalcd securities which include investment 
dollar premium. 

* Tip" Slock. 

* Highs and Low* marked thus have been adjusted to i^o# 
lor rights issues (or cash. 

t Interim since increased nr rvMimc.i 
t In ten in since redutrd. passed or deferred. 

U Tax-free to non-residents on application. 

* Figures or report awaited. 

TT Unlisted security. 

f Price at lime of suspension. 

5 Indicated dividend alter pcrJInc senp or.d or rights issue; 

cover relales ip prenous dividend or forecast. 

— Free of Stamp Duly. 

* Merger bid or reor g an i sation in progress. 

* Not com parable. 

* Same Inienm: reduced final and. or reduced earsinga 

* Fom-ast dividend; cover on earning* updated by Inert 
interim siniemvnt. 

t Cuxit allow* for cMiveraion of shares not now ranking tor 
dividend* or ranking only for numeted dit idend 
ft Cover docs not allow for shares which may also rank lor 
dividend at a future date No PE ratio usually provided. 

* Excluding a final dividend declaration. 

* Regional price. 

U Nu par value. 

■ Tlx free, fa Figures based on pra*ppetini er other official 
estimaii' e Cents d Dividend rale paid or payable on part 
of rspiloJ. rt«j-r liunJ on dindrnd on full capital 
t Redemption yield. f Flat yield g Assumed dividend and 
yield, fa Assumed dividend ami yield alter scrip issue, 

T Payment from capital souires. k Kenya m Intenm higher 
than previous trtal n flights issue pending q Earnings 
baaed on preliminary figures r Australian currency.* 
s Dividend and yield exclude a special payment t Indicated 
dividend, cover relates to previous dividend. P F. ratio based 
on latest annual earnings u Forrcasi dividend- cover timed 
on previous year s earnings, v Tax Ircc up to 30p in the £. 
w Yield allow-* for ruirency clause y Dividend and yield 
baaed on merger terms * Dividend and yield include a 
special payment- Cover does not applv to special payment. 
A Net dividend and yield. B Preference diriilrml passed or 
deferred. C Canadian D Cover and P E ratio exclude profit* 
of lt.K- aerospace subsidiaries E ton- price F Dividend 
and yield based on prospectus or other official estimate* for 
1877-78 n Assumed dividend ami yield after pending scrip 
and'or rights issue H tilvidend and vioid based on 
proupcclus or other official esti males for 1978-77 K Figure* 
based on pros-pectus or rtbrr olficial estimate-, lor IPTS. 
B Dividend ami vleld bared un junspectu* or other official 
eitimairc lor IF7B N Dividend and virld based on pru'-pertu* 
or Other official estimates for JPW P Xbildend and yield 
based un prospectus or other official estimates (or tin 
Q Cross. T Figure* assumed. C Nn significant CVyrrofullcn 
Tax payable Z Dividend total to dale H Aiehl board un 
aaniraption Treasury- Bill Rate lay s unchanged until maturity 
of siork. 

Abbreviations" «d ex dividend- v; cx scrip issue; r cx rights, 1 a cx 
all. 4 ex capital di*iributi>ci. 

“ Recent Issues " and " Rights " Page 34 

This service is available to every Company dealt in or 
S tock Exchanges through oat the United Kingdom for a 
fee of £400 per aumun for each security 


3-month Call Rates 

Industrials H I 23 Tuhpfnve.d ;. 

A. Brew 01; •■Imps'' . 7 I'mlfifr j 

A p. cement.. U Iff- SO Lid. Drapery.. 

B&B 4 7 Viclcerv. ... | 

Bnbroefc. . . 10 KCA S Wool worths ....I 

Barclays Bank. 25 Lad brute.- 17 

Bd-<- hum ,,,,,,,, 38 Legal fc Gen.. 14 Property . 

Boot* Drug 15 L«c Service.... 7 Bnt.Lan«l- •. I 

Bmmtere. to UoydsBnnk^. » uap.CounueJ 

BA.T 24 Urfs" - 5 

British Oxygen i Ixindwt Brick. 5 
Brown CJ. i 20 Loarto. 7 


lntrrarapcaa ; 
Land Secs 

Barton ‘A’-..... 13 Lueasfnds. — 25 urpr fi 

Cadbury*. 5 LymMJ.i 13 Keacbcy''""'1 

Couri^AjItJ* — 10 ~Maas 7 SamuelPritps.. 

De ben ham* 10 Mrka. & Spncr U Town & City 1 

DiatiUen. 13 Midland Bonk 25 '- " 1 

Dunlop..... 8i; N£.l ffl oils 

Eagle star U NaLWHl Rant. 22 _ . , 

EJt.I 18 Do. Wo mm lb 10 Rnt.Prtj*lMjis_ 

Gen. Accident 17 PtODfd ID Hannah Oi l . 

Gen. Electric.. 18 PJ«w**\. . ~ 4 OtartcriinU__ 

Uluo_ 40 R.HJ1 - 5 hfj*H 

Grand M« 9 Rank Ore. 'A'- 28 Ultrama r . . 

C.D-S.'A* 18 Reed Inti. — .. M 

Guardian 28 Splllm 4 aline* 

G.K.N 22 T*»0 « Charter Coas.1 

Hawker Sldd_ 20 Thom .... 22 ConvGoldZZJ 

House of Fraser 12 Trust House* . 15 BinT'/iiw | 

A selection of Option* traded is given on the 
London Stock Exchange Report page ' 


Charier Coas. I 


The world’s finest 
umbrella frames 


Fox— a member of the Raine Group, Sheffield 

Wednesday May 10 1978 

ofthe Marine Industry 
Automotive Products limited 

Civil Service unions 

offered closed shop 


THE GOVERNMENT has offered than good to relations with the executive will face a censure 
Civil Service unions a closed unions, which are already angry motion-to-day on its Jack of 
shop with wide exemption provi- with the Government over pay action in gainin' 3 a closed shop, 
sions. The lerms of the offer and preparing for a pay battle in Another mntm« Tails for thp ex- 
bave been shown to Conservative the next wage round. omer motion tails tor tne ex 

leaders but it was not im- Leaders of the unions involved 

ecutive to organise industrial 

,, * - — -- — - — — t UwAUvl O ul L 1 * C UUIUUU tn v UJ V CU 

mediately c ^ ear uight believe that the conditions, made acClon to secure one. 

whether the Opposition has a f ter 12 months of talks, have The unions coverin? 
agreed to them. 


rates up 
to 9% 

By Michael Blanden and 
Michael Cassell 

RquIz’C til if I ^SKiS S e Uhn n ff,r revealed widespread implications for trade higher grades of civil servants. 

DalftlVo Utli I voliertav «« a ion- wav towS union membgrstap agreements m the Society of Civil and Public 

1 ‘ A 15,0 3 .v way . , the whole of the public sector. Servants, the Institution of Pro 

1 hUh^ The offer ca i la for a b . aJ . l I ot of fessional Civil Servants, and the 

hoCA nion m?mbere Tot be a11 400 * 0 - 00 t ba * ie ser ’ Association of first Division 

OdSC nSred^oin iKure entiants va ? ts . '"eluding 50,000 non- civil Servants, representing to- 

MWkJV iluo tbeser^ice— ^h^offerdoes umonlscd . staff > tbou S h n0 gether 218,000 staff have all 

not apply frthrhighe? nianag? suarantee is given of an agree- made it clear that they are not 

ment grades— could ref icse^ to ™ ent be ! n 3* Implemented even interested in the introduction of 

join a union and pav the equiva- any vote taken was m favour, any form of closed shop, 
lent of union dues into a charity. A bailot ‘"chub"? non-union The Institution of Professional 
Existing union members ii the ™“ ber * P I? bab ? b * r £ Civil Servants which holds its 

service could drop out, and pay ]ec . ted outright by ail three conference next week, will coo- 

money to charity instead, while UD| ons. • sider an executive motion 

civil servants with religious ob- Mr - Ke " A “°. mas ' AS??!? 1 opposing any wage restraint 
jections to union membership secretary of the Civil and Public policy which does not apply 

would be free of anv financial Services Association, who 15 ex- equally and effectively, to all 

penalty. * pected to make a tough attack sections of the Community. 

Given the wide exemptions, o" the proposals at the union's Meanwhile 1,300 Government 
which resemble the Conserva- conference in Brighton to-day scientists in the union plan a 
iriip ,.,ot r e. .. -lives' aeency shop proposals of said that he was “appalled" at half day protest strike to-day 

...... . *u..^s.rL !thc 1971 Industrial Relations the offer. He said it was worse over manpower cuts in research. 

Aci wheve the charity option was than would have come from a The scientists, who claim that 
included, the unions concerned Conservative Government promotions have been cut by 

are expected to protest strongly. The association has 180.000 more than half, are employed in 
The feeling yesterday was that Civil Service members out of a the Directorate General of 
At the same nme. the -banks] the offer could do more harm potential 200.000. The union's Research, 
took a cut in margins lu increase 

raised yesterday as the big banks 
announced an increase in base 
rales frum T[ per cent, to 9 per 

the rale offered on seven-day 
deposits by per cent, to 6 pet 
cent. The increases will raise 
pressure on building societies to 
lift their rates. 

A decision will not be taken by 
the societies until June at the 
curliest. But they arc expectin 
a sharp drop in intlow uE funds 
and any further increases in 
interest rates generally could 
bring a move Inwards more ex- 
pensive mortgages. 

The increase in the bank loan 
rales will pur the cost of over- 
drafts up in between 10 and 14 
per cent. It had been generally 
expected alter last week's jump 
in the Bank of England' 1 ; 
m minium lending rale From 7‘. 
per cent, to SJ per cent. 

The decision by the banks, led 
by Barclays, to move up to 9 per 
cent, helped to confirm expecta- 
tions in the money markets that 
MLR could rise again. Rates on 
Treasury bills yesterday were 
pointing lo an MLR of 9 per 
cent., and early in the day some 
market men were suggesting 
even higher rates. 

The building societies offer 5J 
per cent, net on deposit 
accounis at the moment and. 
although this remains very com- 
petitive with the banks’ new 6 
per cent, gross, the movement 
feels that its rales are slightly 
out of line with the market. The| 
banks, ihev point out. will now 
be competitive on large sums. 

This in itselT would not be 
likely to precipitate- interest rate'- 
adjustments Tram the .societies, 
but they race sharply falling re- 
ceipts because of competition 
from National Savings and be- 
cause of a seasonal reduction in; 
the inflow of funds. 

at pay 

By Nick Garnett, Labour Staff, 
in Scarborough 

Rowntree makes £36. lm. rights 
issue to aid expansion 


power workers’ leader, yester- 
day ridiculed the idea that a 
productivity deal just con- 
cluded in the industry was 
within the Government’s pay 

Mr. Chappie, general secre- 
tary of the Electrical and 
Plumbing Trades Union and 
leading union negotiator, aid 
that the self-financing part of 
the deal was “an illusion.” 

Self-financing productivity 
agreements are exempt from 
the 10 per cent, earnings limit 
of Phase Three. In the ease of 
the 90,000 power wokers. an 
avenge 7 per cent, is added 
to the basic 10 per cent, 

In a speech to the union's 
electrical supply conference at 
Scarborough, in which be 
warned the Government not to 
try to enforce any farther 
“fixed norm” pay policy, Mr. 
Chappie said power workers 
would not be asked to put in 
any more effort than they were 

Hie deal was based on sales 
or electricity and sales of 
appliances, and the latter, at 
least, were falling. “I can’t 
see how you can get a produc- 
tivity scheme oat of that,” said 
Mr. Chappie. Somehow the 
Electricity Council bad man- 
aged to work one out with the 
Department of Energy. 


At one point he read out 
some of the more complicated 

ROWNTREE Mackintosh sur- pitched at 345p. and underwritten £43.2m. and shareholders' funds 
prised the stock market yester- by J. Henry Schroder Wagg. was only £57 .3m. 
day with a £36.1ui. cash call to mixed hut generally favourable. The balance sheet reveals that 
its shareholders, less than two The shares finished the day 18p workine canitai ivam-ements I 

years after its last £l'J.4m. rights lower at 400p, but in the main |*5 year rose bv nearly G5m ’ 

issue and only three months after dealers were happy about the ^ company says that a' P 31-15 of the agreement, to 

it had raised flSm. in foreign group's timing and the fact that further increase can be expected i Chuckles from delegates, 

currency bonds. the money is for further expan- ^ ,. edr in n n with .£ e ex _ 

The company said that there sion after three years of recovery pan sion programme already corn- 
had been a significant upsurge and then profits growth. pieted. 

in its capital spending. Last year The 59.1 per cent forecast divi- ,, 

the confectionery and groceries dend rise — to 13p net for 1978— .. Aloweve ^ P 31 * of the rise last 
group spent nearly £114 m. on new was also well received, despite a M me was due to an abnormal 
plant and expansion. £8m. more warning that dividend control Increase ID . 6tQciiS correct an 
than the previous year. regulaitons are still an unknown unusually low position and this 

This year it plans to spend factor and might possibly pre- ^, ni n0t f>T V c kely P ° 
bout £3Sm. and this is the sort vent the increase if they are u 115 year * the company 

of annual level that can now be altered. sa,a - 

.. oup. 

not just a “sudden spike, 

company said yesterday. rights issue was not absolutely shares, or 15 per cent, of the 

The money is to be spent necessary at the moment.” At equity. Both trusts have adopted 
throughout the group, but there the December balance sheet date, a policy of reducing their hold- 
will be special eiahpasLs on ex- borowings stood- at £57m. (in- ings in the company and it is not 
pandin.? production of Kit Kat eluding February's bond issuel yet known whether they intend 
and Yorkie confectionery bars, against shareholders’ funds of to take up their rights. At the 
The market's reaction lo the £123.5m. At the time of the last last rights issue they took up 
one for four issue, which is rights issue borrowings were only a portion. 

expected from the group. It is More important however, was The two Joseph Rowntree 

the the company’s claim that “a trusts between them hold B.5m. 

Oil pollution fight setback 


, . , . - . , . . ! HEAVY OIL continued to seep 

In April, net receipis the , from g* wn?ck of Ue Greek 

movement readied about £350m. 
hut thi->c are expected to fall to 
loss than J.-’fltim. by June, so that 
Middies will be dipping iiuiie 
heavily into liquid funds lo 
finance the Utah lending pro- 
gramme lu which they are com- 
mit led. 

tanker Eloni V jesterday pol- 
luting ihe beaches of East Anglia 
as divers attempting to fix a 
second tow line lo the bow 
suffered a major setback. 

They found lhat they were 
welding directly over a full tank 

When ilii* societies meet inland work had to he halted 
June there could he a move In because of ihe risk of an 
rai.-.c Ihe im os I or s' rate slightly, explosion. 

while leaving the SJ per cent. | . . _ . . . 

mortgage rale alone. Bui some i 

societies may call Tor a more nat 1 on 1 1 > * as > l »nipossible to 
Militant ml increase in mvo* j *ominue wi i h i he operation to fix 
inns' rates, villi .■ mortgage rate ; ll me J : f 1 c - e J ni !. lt 

increase of .mMlung up to l per w - 1s L al '. n ""P^'de to undo the 
lvnJ 1 1 I work alrcadj done. 

Whether the Government' “Everjune here i- very disap- 

covers 35 miles of coastline. 
Council workers have been 

Later at (he conference, Sir 
FrancU Tombs, Electricity 
Council chairman. lamented 
the falling sales of a range 
of electrical goods, and said 
that last year the sale of elec- 
tricity itself bad risen less than 
I, per cent. 

The Department of Energy, 
rebnlling Mr. Chappie's claim 
last night, said: “ As far as we 
are concerned, the deal is self- 
financing within the guidelines 
— and also self-correcting with 
a review every three months. 

“It is based not only on 
sales of appliances and electri- 
city. hut also on the utilisation 
oF existing resources, ir they 
can sell the same amount of 
electricity for less cost, that 
will count, too.” 

Turning to Incomes policy, 
Mr. Chappie said that enforce- 
ment of a fixed norm would 
lead to a confrontation between 
power workers and the Govern- 
ment reminiscent of the 1974 
battle between the miners and 
the Tories. 

of the area's £20in. tourist 
industry — and are confident the 
oil can be removed. 

But a boom designed to slop 
oil flowing up river from Great 
Yarmouth towards a bird reserve 
broke. It is not known yet how 
much oil went up with the tide. 

So far most local wildlife seems 
to have escaped the pollution. 

Department of Trade officials 
will face some tough questioning 
by a Commons rommiUce to-day. 

The committee is the trade and 
industry sub-committee or the 
Expenditure Committee, which 


her |i 


would allow iiuirc expensive' pointed. Nniluu? has chanced '-*** a helicopter to look at the holds its first public hearing into 

ninrlgaces .ii such a politically • but we have lost a day. problem. tanker safetv. Although the 

-enssfne l lino remains to be “The diving manager and the In an emergency one tow could mec ting W us’ fi\ed before the 

swell. ' tug company manager have taken u /> ed but there is risk of it :\inoco Cadiz and Eleni V 

b^ rcakin?. disasters Trade Department 

I .. uTS. .fa? now , °? es bn , ' ov, ‘ officials are bound to face ques- 

much oil there is left in the bow yons about ihe incidents. 

: section of the Eleni V. three The committee is due to report 
miles off Lowestoft. on the pollution threat posed by 

he oil is seeping out Of the tankers to tlie British coastline 

ihrce 1.000 gallon tanks every a nd the adequacy of existing 

time the bow section is buffeted clean-up arrangements. 

; b.v wind and tides. It may also examine the ques- 

It had been hoped that by last tion nf shipping separation routes. 

Comimied from Page 1 

Moro’s body found 

A L'ummunique has n»f been 
rclcasrrt by lilt- uHra-LcD Red 
Brigade terrorist Knmji which 
mi Friday night announced il 
was about (u carry mit “death 
sentence " nn Sic. Itloro for his 
so-called “political crimes.” 

This followed the repeated 
refusal of the Go\rnimenl and 
the country's political forces lo 
tine in lo terrorist demands Lir 
the release or i:> named 
prisoners — including Sip. 

Reualu Currjo, the ideological 
leader of tin* snhiersive moie- 
nicnl on I rial in Turin— in 
rxrhuiiBc for Si?. Moro's free- 

Italy's puli lira I p.-irlii*; un- 
animously rondcniucii the 
assassination. Si? Bcnigno 

Zaccaanini. w»crriary.?cneral nr 
the Uirisihtii Democrat Pariy. 
ordered all partv hranrh 
offices to remain open to-night 

and lo flv the pari v fiag at half- 

mast. He said: “ Moro's faifh 
in rrredom .still lives in our 

Si?. Enrico Rerlinguer. Com- 
munist Party leader," expressed 
his profound indignation 

Thr family of (he former 
Premier asked to-night (bat no 
Stale funeral nor public 
demonstration he held. In a 
statement the family said: 
“The family ctosrs ilsrlf In 
silence ... Lei history be the 

Sis. L'g" l a Malfa. veteran 
Republican Party leader, said 
in-nighl lhat the riraih of 
Sig. Moro represented a “ chal- 
lenge and an open declaration 
of war agaimd the Stale-" 

The only consolation for the night tuas would have been able which do not exist at the spot 

lo tow the section out to deeper w-here the Eleni V collided with 
waters and sink it. the French merchant vessel 

he only other option is to pump Roseline, 
the oil out. but this is difficult John Moore writes: The cost 
and costly. of pollution to the East Anglian 

. Earlier, after Hying over the coast by the Eleni V Ls insured 
first time in about 311 years ' area Mr. Stanley Clinton Davis, up to £27m-. in the British iosur- 
the Communist Party directly Under-Secretary for Trade, urged ance market. The hull of the 
supports a minority Christian ' holidaymakers not to cancel their 13,000-ton Eleni is not insured 
Democrat administration. That , bookings. The pollution now in the. London market. 

agrot-mcm — largely inspired 

authorities is that ihe assassin- 
ation of Sig. Moro failed to 
precipitate the slate of chaos 
iiupi-d for hy the terrorists and 
lo destabilise Ihe political 
framework in which, for tfic 

DRY with some sunshine, 
likely in the E. later. 

London, SJE^S-, N. England, Mid- 
lands, Channel Is. 

Mainly dry, sunny periods. 
Showers later. Max. 17C.(63F). 
E. Anglia. E.. N.W. England 
Sunny intervals, rain later- 
Max. 15C-16C (59F-61FJ. 

SAV., N.W. England, Lakes, 
[Wales, I. of Man. S.W. Scotland, 
Glasgow, Cent. Highlands 
Dry. mainly sunny. Max. ISC- 
19C (64F-66F J. 

Borders, Edinburgh, 

Mainly dry, sunny 
Max. I5-19C (59-66F). 

Moray Firth. N.E. 

Orkney. Shetland 
Mainly dry, sunny intervals. 
Max. 13C-14C (55F-57FI. 

Argyll, N.W. Scotland, N. Ireland 
Mainly dry and sunny, rain 
possible later. Max. 17C-1SC 




Outlook: Mostly dry with sunny 


hy Sig. Moro— was ratified on 
the day when the former 

Premier was kidnapped. 

In <pitc of intense internal 
pressure^ from it* own party, 
the nitiuirily Government of 
Sig. Giulio Andrcotli main- 
tained throughout the 55-day 
captivity of Sig. Moro a firm 
and intransigent stand of “no 
surrender to terrorist black- 
mail." openly and unam- 
biguously supported hy the 
Communist*. Italy's second 

largest political party. 

Our Foreign Staff adds: The 
murder of big. Moro prompted 
a flood of messages of sym- 

; Continued from Page 1 

CBI tax call 

I cremes in employers' national and £t)75ra.' in a full year, 
[insurance contributions. During the talks the con- 

! This was one of the options federation leaders also gave their 
[raised by Mr. Healey in the thoughts for the next stage of 
| Commons on Monday night. the pav pciliev. 

Yesterday he was told that a 1 »»•», ' , . 

;per cenL increase in the con- - ideas, to be considered 

mid-day 1 

mid -Jay 




























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Nov York 



















B Aina 























Rli dr J o 







Komr . 



























Fra nn furl 








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Tel Anv 












II Kon« 































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— — — » KVI vuiu HiV-ttfOav HI Liip bull" _ _ . | 

pathy and outrage from West ;tribution. while raising £700m. ®PBfederatRffl s council 

Euro Dean countries, the li.S. ’ for the Government In a full next involve, toe setting 

year, would increase labour a 

European countries, the U.S. 
and international organisations. 

The Queen sent a message i costs to such an extent that it sc,ecr committee which would 

new Parliamentary 


review the country’s economy 

to Sig. Leone raying she was | could cause 40.000 jobs to be lost me eo l mci ? s 4 a “ D ™ y 

shocked and saddened by the i with at least 35.000 of these end- wh , at coul d be 

news of Si?. Moro's death and j iny up as unemployed. It would aBor d e d id price and wage rises. 

a>kcd for her condolences lo also adversely affect exports and But ntl fir m levels for pay 
lie passed to the former profitability. 

Premier's family. Mr. James 
Callaghan sent coles or condo- 
lence to Sig. Moro’s family and 
to Sig. Audreoltl. 

norms have yet been set by the 
The confederation said they confederation, which is operating 
would prefer lo see the tax on workin? assumptions that 
Changes financed hy cutting company wage bills will rise by 
public expenditure and by intro- S to 9 per cent, in the 12 months 


described the killing as a con- 
temptible and cowardly acL 

added tax rate. target “ norm " for 

They estimated that this would of about 5 per cenL 











73 Jerwy 








Lac pinu. 




























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CapcTmoi B 
































SS 1 Rhodes 































I Of Mall 









Monetary targets 

under attack 

Oh dear! The April banking 
statistics are even worse than 
the v ‘ dooto-and-gloom " mer- 
chants had been predicting. A 
3.1 per cent, rise in eligible lia- 
bilities could mean that sterling 
M3 grew by as much as 2 pet 
cent during the last banking 
month and the Chancellor’s 
Budget prophecy that the figure 
for 1977-78 will probably be 
“ just above the 9 to 13 per cent 
range " now looks decidedly 
optimistic. The immediate ver- 
dict of the financial markets was 
to mark down the price of long 
dated gilts sharply, and sterling 
dipped in sympathy. 

There is no easy explanation, 
nearing bank advances did not 
look particularly buoyant 
although there was a substantial 
increase in their commercial 
bill holdings. The outflow from 
sterling does not seem to have 
had the sort of impact some 
observers bad been anticipating 
and it seems that the PSBR was 
even more buoyant than ex- 
pected as Government depart- 
ments tried to avoid under- 
spending their year’s target . 

There is no doubt an element 
of truth in the last explanation 
— this time last year the April 
eligible liabilities rose by a 
surprisingly large 2.5 per cent 
Nevertheless, the latest figures 
are bad and provide a severe 
test for the Government's well 
publicised monetary targets. 

The period of uncertainty 
over interest rates is far from 
over and some hawks in the 
money markets are talking of 
a 10 per cent. MLR. Clearly the 
Bank of England has to give a 
lead if it wants to start selling 
gilts again in the short term. 
The only consolation is that the 
latest growth in the banking 
figures occurred while MLR was 
at 6{ per cent It is now 8$ per 
cent and for the first time in 
a long time investors are earn- 
ing a real rate of return on 

Index fell 9.0 to 471.1 



^Clearing Bank 
Base Rate 

I— Rate 


For the second year running 
Richard Costain has rounded 
off Ihe major U.K. contractors’ 
results season with record 
results. This time pre-tax 
profits are 55 per cent higher 
at £36.2m. and well ahead of 
most expectations, with group 

per cenL, despite the fact that 
a 60 per cenL, though de clining , 
chunk of the total was earned 
on overseas orders. 

But at Costain, overseas work 
has increased stiU further, and 
now represents around 70 per 
cent of sales and perhaps 
three-quarters of profits. The 
widespread and well-developed 
nature of all this activity is un- 
doubtedly the main factor 
behind this year's results. All 
the main overseas areas seem 
to have turned in excellent per- 
formances. In terms of local 
currency, Canadian profits (in 
which Costain has a 49.9 per 
cenL associate stake) are 45 
per cent up, while Australia is 
20 per cent ahead. Nigeria is 
up one-third, and the Middle 
East contribution has increased 
by 60 per cent. 

On top of this the U.K. pic- 
ture has improved, and Costain's 
house-building side has broken 
even at last. 'Hie figures have 
also benefited horn Costatn’s 
highly liquid position (it had 
around £50m. net of short-term 
loans, in the bank at the 
balance sheet date) with in- 
terest received up £lm. at 
£34 rn. for the year. 

Against this background Cos- 
tain should be able to produce 
pre-tax profits for the current 
year of around £40m. Although 
the shares put on lOp yesterday 
to 3Q0p the historic p/e on a 44 
per cent tax charge is still 
below average at 6.6. 

turnover a fitth up at £<32m. R OWI1 tree Mackintosh 

In contrast. John Laing 
recorded a 30 per cent profit 
improvement, while at Wimpey 
the increase was 15 per cent. 
The main disappointment has 

Rowntree Mackintosh’s £36 m. 
rights issue is a stroke of 
opportunism. If any confec- 
tionery company needed a rights 
issue it was its larger rival. 
Cadbury Schweppes, not Rown- 


Even an expedient switch to 
an average rather than closing 
rate basis for currency trans- 
lation — helping pre-tax profits 
by some £300.000 — has not pre- 
vented Lesney’s results from 
showing the scars of currency 
movements. Thus currency gains 
dropped from £2.9m. in 1976-77 
to £0.5zn. in 1977-78. and pre- 
tax profits are £8.02m. against 
£1 0.07m. This still appears to 
leave a small underlying 
improvement, however, and 
similarly the 12 per cent rise 
in turnover could reflect a small 
volume gain, all of which 
reflects a creditable perforin, 
ance in a fairly dull year for 

Currency factors apart, pros-, 
peris are usefully better for 
the current year. A - general 
improvement in demand has 
been noticed, probably reflect- 
ing a world-wide move by the 
toy trade to restock the pipe- 
line which has become depleted. 
Meanwhile Lespey is. moving up 
market, launching its car racing 
track sets in various countries. 

Certainly the group has been 
investing heavily, capital spend- 
ing reaching £4.2m. last year 
while last month's purchase of 
Metal Castings Doehler eost 
£2 .3m. The hope is that pre-tax 
profits could move back above 
the 1976-77 peak this time, so a 
p/e at 69p of 4.S. on a 41 per 
cent, tax charge, should ease 
significantly. Meanwhile the 
yield is a decent if unexciting, 
6.4 per cent 

Is your Share Register 
eating up your profits? 



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eating up wages, office space, equip- 
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Yet for a modest charge you 
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We have computer facilities and 
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The computer updates registers 
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It s essential reading for any 
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R.-bimcM Jt in? Roar office. Primal by st. ciRn.-n.-* u *~ ~ 

by ihe I inanoAi Tm,„ Lid., Bmckea Hmi*. 

6 The fuunaal Times LUL, isn 



tree. It is less than two yean 
since its last rights , issue and 
Rowntree’s balance sheet is now 
in a far healthier state than it 
was then. However, with its 
share price breaking into new 
high ground it was clearly not 
going to miss a golden oppor- 
tunity to bolster its share- 
holders’ funds. The dividend 
has been increased by 59 per. 
cent, which looks a trifle mean 
given that there will be signifi- 
cant ea rnings dilution. But 
Rowntree has turned in above 
average growth before and 
there is no suggestion that its 
profits growth is going to tail 
off sharply over the next lew 
years. This year profits could 
rise from £4l-5m. to close to 
£50m. and there is a good 
chance that in 1979 it could 
overhaul Cadbury Schweppes, 
whose turnover is nearly twice 
as large. So an ex-rights yield 
of just, under 5.0 per cent is 
not too stingy. 


6 ;1 



■'-I V 


r * -