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FINANCIAL TIMES 


No. 27,556 


Thursday May 11 1978 


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NKVVS SUMMARY 


general 


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Minister £ gains 

li cents; 
Gold 
up $1 


• EQUITIES made a technical 
rally, despite tbe effect of 
April's banking statistics and 
speculation over a rise in Mini- 
mam Lending Rate. FT 30- 
Sfaare Index, down 2 A earlier, 
closed 3J9 up at 475.0. 

• CELTS almost recovered 
early losses, closing some i 
above the day's worst. Govern- 


resigns 
over 
Moro 

Sig. Francesco Cossiga, Italy's 
Interior Minister, resigned last 
night' in ihe wake of the killing 
of kidnapped former Premier 
Sig. Aldo Moro. 

The Interior Ministry said the 
decision was “irrevocable" but 
there was no immediate reaction 
from the office, of the Prime 
Minister, Sig. Giuiio Andreotti. 

Sig. Cossiga has been criticised 
for the failure of the security 
farces under, his control to com- 
bat the latest wave of political 
violence and the Minister said 
he assumed complete responsi- 
bility for the Government's stand 
during the 54-day hunt for Sig. 

Mora's kidnappers. Back and 
Page 3 

Divorce for 
Snowdons 

Princess Margaret and Lord 
Snowdon, who : separated two- 
years ago, are to be divorced. 

Kensington Palace said proceed- 
ings were already under way and 

the Princess, in hospital with a 

suspected gastric complaint. 

Queen's ^solicitorf CD The Vie -«■“ ““ 
married in I960. °* U t0 7L0L 


Two- vote victory for 
higher tax rate cut 


BY RICHARD EVANS, LOBBY CORRESPONDENT 


60 


F. T. G overnment] 
Securities 
— Index 



70 


(7977 


1978, 


-L 


-L 


DEC JAN FEB HAR APB MW 


Liverpool win 

Liverpool last night became the 
first British soccer club to win 
the European Cup two years in 
succession when they beat Bruges 
of Belgium LO at Wembley. The 
Scottish international Kenny 
Dalglish scored ihe goal. 

Dalglish and bis Scotland col- 
leagues made another gain when 
the Government announced that 
the Hamilton by-election would 
take place on Wednesday May 31 
— to avoid dashing witlr the 
World Cup opening ceremony, 
which is being televised live from 
Argentina the following day. 
Parliament. Page 11. 

Envoy’s appeal . ; 

Arkady Shevchenko, the former 
Soviet UN diplomat whose wife 
is reported to have committed 
suicide in . Moscow, has appealed 
to the U.S. to help bring his 
teenage daughter to the U.S. 
Page 2 


• GOLD rose $1 an ounce to 
$1741. NY Comex gold May 
settlement price rose to $174-40 
($172.30). 

• STERLING gained 1} cents to 
$1.8245. Trade weighted index 
unproved to KL5» ($1-3). 
Dollar’s weighted depredation 
widened to 5.31 per cent (5.00)., 

• WALL STREET dose# up 
0.09 at 822.16. 

• UN COMMISSION on Tran* 
national Corporations is likely to 
adopt a compromise solution, 
possibly establishment of .an 
intergovernmental group, at its 
meeting on disclosure guidelines 
nest week; Page 6 

• UJK.’s IMF standby credit is 
likely to remain in being for the 
rest of the year. Treasury talks 
with a Fund team start to-day. 
Back Page 


MR. DENIS HEALEY'S Budget 
calculations received another 
substantial blow last night when 
MPs voted for a Conservative 
proposal to raise the starting 
point for higher tax rates by 
11.000 to £8,000. 

The cost of the amendment. 
£l05m. in the current financial 
year. £150m. in a full year, 
makes it much more probable 
that the Chancellor will take 
retaliatory action to meeL the 
shortfall in tax revenue. 

Last night's defeat by two 
votes. 2SS to 286. comes after 
Monday's reverse on the Ip re- 
duction in standard' rate, which 
will cost £340ra. this year, £370m. 
in a full year. 

But the position was compli- 
cated last night because of a 
Government claim that the Tory 
amendment was defectively 
drafted, and would have to be 
altered in the report stage of 
the Finance Bill in the summer. 

According to Ministers, the 
amendment, as well as raising 
the threshold above standard 
rate to £8.000, has a ‘Tipple” 
effect throughout the higher 
rates 

This increases the cost con- 
siderably. The estimated cost of 
a simple increase of the stan- 
dard rate- band to £8,000 was 
F J ra. a year. 

Apart from the effects on the 
Budget strategy, the significance 


EFFECT OF THE VOTE 

Salary: 

Married with 
no children 

Annual increase 
in net take 
home pay 

% 

£10,000 

£93 1A 

£15,000 

£293 33 

£20,000 

£418 4.0 

£25,000 

£457 3.9 

In addition there would be £]J0 
more a week after the Ip cut in 
the standard rate. 


of last night's division is that it 
exposes once more the relative 
weakness of the Government's 
minority position in the 
Commons. 

There remains every chance 
that Mr. Callaghan can con- 
tinue in office into the autumn 
because of the support of the 
Liberals on a vole of confidence, 
but his prospects for continuing 
beyond November are becoming 
decidedly dimmer. 

One great relief to Ministers 
is that there is little prospect in 
the remainder of the committee 
stage of a combined front of 
Opposition parties inflicting 
further major defeats on the 
Government. 

Ministers will wait to see the 


total damage done to the Chan- 
cellor's Budget calculations 
before reaching a decision on 
what action to take. Mr. Healey 
has said he will move swiftly to 
correct any sign of the public- 
sector borrowing requirement 
approaching the Budget limit of 
£8-5bn. 

The most likely candidates for 
retaliatory action are an increase 
in the employers' National In- 
surance contributions, increased 
company taxation, and raising 
stamp duty on both Slock 
Exchange dealings and higher- 
priced bouse purchases. 

The defeat was caused partly 
by the failure of two MPs who 
normally support the Govern- 
ment to turn up. They were Mr. 
John Robertson or the Scottish 
Labour Party and Mr. Frank 
Maguire, the independent Irish 
Republican. 

Mr. Bob Parry. Labour MP for 
Liverpool Exchange, was absent 
sick but unpaired. 

In the Opposition lobby were 
the 13 Libera] MPs. 10 Scottish 
Nationalists, and nine Ulster 
Unionists. The three Plaid 
Cymru MPs voted with the 
Government. 

The key division was deliber- 
ately postponed hv the Govern- 
ment Whips so that MPs could 
watch the European Cup Final 

The Tories were later defeated 
on amendments aimed at raising 


Whitehall and 
GEC dispute 
threatens jobs 


BY MAX WILKINSON 


the startina levels at which A —G™- PLAN to create L000 

gsr i-*" -issja-w". JEffSSJ: 

fmm pi vno m s'* non w.i« , operation of paj policy t 


_ the Government and the General 

a w the 

from £1.700 to £2.000 was i °P t-rauon d. pay rules, 

defeated by 2S8 votes to 275. a j The Government is refusing to 
Government majority of 14. ! give investment aid for a now 

The Opposition then decided furniture factory ai Runcorn 


not to press a further amend- 
ment raising the starting point 
for those over 65 from £2,500 to 
£3,000. 


unless it obtains agreement un 
detailed conditions relating in 
pay policy. 

, This is the first time it has 

Another Conservative amend- come to light that a major in- 
ment which would reduce and ! d us trial project has been put in 
simplify the higher tax bands j j eo pa rdy by a company’*, being 
and cut the top rate from 83 per I reluctant to accept the" Govern- 
cent. to 70 per cent, was rejected 1 mem's pav polu-v rules, 
by 284-278. 

In the debate Ministers went 
out o ftheir way to stress the 


dangers of introducing further 
tax cuts, particularly throughout 
the middle and upper ranges. 


The investment ,1s planned by 
GEC-Schreiber which is 67 per 
cent, owned by GEC. 

Difficulties are also looming in 
negotiations between GEC and 


But Sir Geoffrey Howe, the [ihe Govcrnmenl over a farther 
Shadow Chancellor, argued in an-CIQin. project to build washing 
effective speech that if the top- j machines at Rhyl. North li ales, 
rale tax burden were reduced : However, this project is believed 
significantly people would take not to have^ been approved 
risks, invest more and work! formally by GEC and negotia- 


harder. and the country would 
benefit enormously. 

Mr. John Pardoe. the Liberal 
spokesman on economic affairs, 
insisted that the changes should 
be seen as the start of a wider 
reform of the tax system. 

Parliament Page 21 
Borrowing requirement Page 6 


j tions on a grant ore at an early 
stage. 

Five Ministers arc involved in 
discussions with the company, 
and it is possible the issue will 
have to be resolved in the 
Cabinet 

GEC has told Whitehall that 
pay policy clauses which the 


Benn seeks more control 
over N, Sea development 


BY RAY D AFTER, ENERGY CORRESPONDENT 


. v MONOPOLIES Green Paper 

Hailsnam trSlg[GCXy CRUS for tougher attitude to 

mergers based firmly on the 
need to preserve competition. 
Back and Page 32 



The wife of Lord Hailsham has 
been killed in a riding accident 
in Sydney. Australia. Lady 
Hailsham, 64, was with her 
husband on a private visit when 
a horse threw her on to. a road- 
way. She died in an ambulance 
nn the way to hospital. 

Ml P's damages 

Mr. Reginald Maudling has 
accepted " substantial damages " 
from The Observer following the 
newspaper's use. of Mr. 
Maudlins's photograph alongside 
an article alleging corruption by 
MPs. The article specifically 
■stated that Mr. Maudiing was 
nol one of the three MPs re- 
ferred to. 

Sadat rejected 

Syria has rejected an attempt by 
Egypt's President Sadat to heat 
the Arab rift caused by his 
Middle East peace initiative. Mr. 
Sadat offered to ‘‘ Treeae " the 
initiative but Syria's President 
Assad is reported to have 
insisted it must be dropped 
altogether. Page 4 

Briefly - * - 

nu- threat of further oil 
pollution in East Anglia receded 
.ast night as two slicks from 
he wrecked tanker Eleni V 
I rifted out to sea. Page 6 
\ man found hanged in a cell 
it Castlereagh police station, 
Selfa.si. was named as Brien 
•laguire. from Lisburn, 
tbout 1,000 Right-wingers 
lemonstrated in Pamplona, 
.‘pain, after the funeral of 1 a 
"ivil Guard killed when his jeep 
.. /as bombed. 

our people died when a build- 
•i::ig collapsed in Istanbul's Beer 
■■.\issstge Alley; 

■r-.'hree men jailed after an IRA 
Mot to blow up the QE2 were 
efused leave to appeal m 
ondon. 

omposer Irviog Berlin, 90 
‘■ j-day, says be would tike to 
M rile yet another ' Broadway 
-viusical. 


Ford takes 30% 
of car market 

• FORD UJL took 30.9 per cenL 
of the British car market last 
month, ahead of British Leyland's 
16.7 per cent Peugeot is to 
launch a new model in Britain 
later this month. Page 7 

m CIVIL and Public Services 
Association Left-wing polled 
78B per cent, of votes to swing 
control of the national executive 
22 — 6 in its favour. 

Back Page 

• - CONFIDENTIAL working 
party report to be discussed by 
BSC management and unioD 
leaders contains proposals fov 
radically strengthening workers' 
participation in the steel 
industry. 

Page 10 

• BUILDING INDUSTRY may 
face strike action after TGWU 
shop stewards rejected a pay offer 
of just under 10 per cent.. 
previously accepted by their 
officials. 

Page 10 

• BASF, the West German 
chemicals group, is to channel an 
increasing amount of its capital 
investment overseas. 

Back Page and Page 29 

COMPANIES 

• HARRISONS and Crosfield 
announced an agreed £116m ; bid 
for the 73.6 per cent, of Harrisons 
Malaysian Estates it does not 
own. 

Rack, Page 28 and Lex 

• ROYAL INSURANCE COM- 
PANY first quarter pre-tax profits 
were £28.6m. f£27.5m.) after 
underwriting losses of £l-im- 
(£lm. profit). Page 24 and Lex 


MR. ANTHONY Wedgwood 
Benn. the Energy Secretary is 
planning to extend stale control 
over North Sea oil development 
under controversial new licence 
conditions proposed yesterday. 

The proposals for the next 
round of exploration licences 
have- angered many in the oil 
industry. There was an Imme- 
diate warning that a number of 
companies would refuse to bid 
for the 40 sixth- round blocks 
which are to be offered later this 
year. 

Mr. Ben said yesterday he was 
determined to- use the next 
licensing round "to strengthen 
British control, over »ur own 
offshore oil resources." 

The proposals were designed 
to obtain the fullest possible 
benefits for the country while 
provoding opportunities for com- 
panies to play their important 
role as partners in the North 
Sea venture. , , _ _ . 

The State — through the British 
National Oil Corporation or the 
British ' Gas Corporation — will 
again have at least a 51 per cent, 
stake In all blocks. ■ Under the 
proposed sixth round terms, how- 
ever. oil companies are being 
invited to. offer the State corpo- 
rations an even bigger stake in 
operating groups. 


rtm e 


n 4 


iHIEF PRICE CHANGES 

.Prices in Renee unless otherwise 
* indicated) 

RISES 

isiUlers 1 ® 

lys (Wimbledon) ... loO + la 

unless Withy 268 + | 

a wiser Siddeley ... 212 j- S 
enderson (P. G.) A 89 + J 

rMicy Products ... 72 + 3 
ultinson-Denny ... 53 + 41 
oss Bros. 102 t 7 

OF.l ™> + f 

seal Electronics — J 2 
?ot. &-Untvcrs. Tnds. 120 + e 

aveley Inds. — t !L 

'heeler's Restaurants 390 + 60 • 
Hrnsons Malay Erts. + 7 


YESTERDAY 

Lunuva 210 + 30 

Slebens (UJC.) SM + JJ 

Ayer Hitam 3oa + 30 

Doomfontein 271 + 20 

Geevor 145 + •* 

President Steyn 687 + ** 

Rustetiburs J# + £ 

Tronoh 202 + J 

Venterspost 186 + 10 

FALLS 

Treas. 12 pc 1983 ...£1031 - i 
Akroyd and Srmthors 21B - « 
Harrisons & Crosfield 4f7 — 18 
King and Shaxson ... a8 - 4 

Royal Insurance - 370 — j 

Smith Bros. - 3 

United Scientific ... 300 — » 


In another new move, the 
Government is inviting com- 
panies to pay for at least part 
of the oil corporation’s explora- 
tion and appraisal costs. The 
industry has always opposed the 
concept of financially carrying 
the oil corporation through the 
risky exploration phase. 

Following pressure from the 
U.K. Offshore Operators’ Associ- 
ation the Government dropped 
.this proposal from its fifth round 
licence conditions and the oil 
corporation wg? made to pay its 
way. 

Now private companies are 
being asked to make an offer on 
the amount they are willing to 
contribute towards the oil 
corporation's costs. The clear 
implication is that companies 
which offer the most will be 
favoured when applications are 
considering — assuming that they 
meet the other stipulated require- 
ments. 

Companies are also being 
asked to give tbe oil corporation 
the option to buy all or a sub- 
stantia] part of their sixth 
round crude production, subject 
to a six months written notice. 
At the same time they may be 
required to accept an option to 
bay a large part of the oil 
corporation’s crude. 


Mr. ‘Benn said other criteria 
that would be used in judging 
applicants- included their record 
in providing training for work 
offslyire. their attitude to trade 
union ren. L, station offshore, 
and their m ..ihcial and technical 
competence. 

Independent rompanies have 
expressed concern that the con- 
ditions will force them out of the 
sixth round of licences. Mr. 
Wedgwood Benn said, however, 
there would be no discrimina- 
tion. A new proposal allowing 
the operatorship of offshore 
groups to change after the ex- 
ploration phase would assist 
independent companies whose 
prime interest wav that of an 
investor. 

The consultative document on 
the proposed licensing conditions 
states that the oil corporation 
should be made operator on at 
least six of the 40 blocks and 
that where it was -not an opera 
tor it should have the right to 
assume joint responsibility for 
all public announcements and 
statements concerning the 
licence activities. 

Application fees and licence 
rentals are also to be raised by 
25 per cent under the proposals. 

Continued on Back Page 


Big Iran contract gets go-ahead 


• BY ANDREW WHITLEY 

A FOUR-PAGE protocol agree- 
ment signed in Tehran by -British 
and Iranian government repre- 
sentatives has cleared the - way 
For work to resume on Britain's 
largest single contract in the 
Middle East. 

Contracts .for construction of 
the . Isfahan ordnance complex, 
which will turn out a Wide range 
of ammunition as well as parts 
(such as gun barrels) for.. Iran's 
Chieftain tanks, are expected to 
foBeW tiie protocol, which sets 
out tile broad lines of the neces- 
sary. co-operation between the 
two governments. 

The .value of the work may be 
around £700m. Eighteen months 
ago. the cost of the overall pro- 
ject was put at £770m. Since 
then Iran's Military industries 
Organisation has been re- 
structured. 

Some work is expected to go 


to Western European or U.S. 
contractors. But the signing on 
Sunday, coming after some 20 
months of difficult negotiations, 
means that the lion's share will 
almost certainly go to the 
Wimpey-Laing consortium work- 
ing through Mi U bank Technical 
Services, the British Govern- 
ment’s defence sales agency 
abroad. 

The means of payment have 
not been finalised yet. But a 
"parallel" oil deal on the lines 
of that worked ont by Iran with. 
America’s General Dynamics 
and Ashland Oil over the pur- 
chase of the F-16 fighter looks 
most likely. 

A parallel oil deal means that 
the UJv. Ministry of Defence has 
to find an oil company willing 
to purchase quantities of Iran- 
ian oil over and above its 
normal take, to the value of tbe 
contract work to be undertaken. 


TEHRAN. May 10. 

The funds Iran obtains from 
the sale are then put into a 
separate account to pay tbe con- 
tractors. ■ • 

The British embassy in Tehran 
said to-day that work was 
resuming on the project after 
various difficulties had been over- 
come. Tbe protocol was signed 
by Hr. Ron Ellis, head of over- 
seas defence sales at the U.K. 
Ministry of Defence, after a final 
meeting with the Shah. 

Last November agreement was 
reached over a smaller package 
of work at the Isfahan complex, 
and- this apparently paved tiie 
way for a return to overall 
responsibility for Britain. 

Tbe project has a long and 
chequered history,* going back to 
1975. Site work began before 
a formal contract 'had been 
signed,, as is frequently tbe case 
in Iran. 

Oil exports fall. Page $ 


CONTENTS OF TO-DAY'S ISSUE 


European news 

American news 

2-3 

4 

Technical page ...... 

12 

InU- Companies and Euro- 

Overseas news 

4 

Aria page 


Wall Street 38 

Home news— general ■ 

6-8 

Leader page 

22 

Foreign Exchanges 38 

—labour .. 


U.K. Companies ns... 

24-28 

Farming, raw materials ... 39 

Parliament 

11 

Mining 

28 

UJL stock market 40 


The Government's new com- 
; petition policy 22 

Economic Viewpoint: 

Monetary mismanage- 
ment 23 


FEATURES 

Business and the Courts ... 20 
Financial hope for battery- 

powered vehicles 32 

Soviet fight against pollu 
tion 


Marcos’ painful lessens ... 4 
Brazil: The radical! Church 4 


FT SURVEY 


2 Israel 


334); 


APMlntnumts 

APMlouneius Advti. 

■oluM Advts. 

4D 

14-17 

U 

Lnmbant 

Men ami Matters ... 
Money Markets 

» 

22 

2k 

20 

. Weather 

Base vending Rales 

. M 

42 

ANNUAL STATEME 
Banc. Naz. dcL Lav. 
Clbte and Dandy ... 

rrs 

XL 

2k 

Economic IndlcvLwv 
Entertainment Guide 

2S 

20 

29 

Saleroom 

Stare luTamimJea ... 

7 

424) 

41 

J. A. Dovenlsli 

Pretoria Portland 
Tricsvftle 

2k 

2k 

2k 

Guardian Rojrt Each. 

X Hewitt (Footm) 

25 

2k 

Jobe Column 

la 

3 ■ 

Today's Events ...... 

TV and Radio ... 

2? 

20 


Royal insurance ...... 

zr 

Lax ; 

« 

Unit Trusts 

<02 

U:K. 5. Bonds «... 

H 

SA Breweries — ..... 

V 


For latest Shore Index 'phone 01-246 8026 


Doctors win 28.5% 
pay rise by 1980 


BY DAVID CHURCHILL 

BRITAIN'S 75,000 doctors and 
dentists who work for the 
National Health Service are to 
get pay rises of 2S5 per cent, by 
1980 lo bring their earnings into 
line with those of other pro- 
fessions. This was the main 
recommendation of the Review 
Body "OiS doctors’ pay whose 
report was published yesterday. 

The Prime Minister last nigh! 
accepted the report in full. This 
means 10 per cent, rises back- 
dated to last month with the 
remaining 1SJ5 per cent, phased 
over the next two years. 

Such a two-stage deal is 
broadly similar to the increase 
announced last month for tbe 
Armed Forces following their 
own Review Body report. Similar 
deals have also been negotiated 
with the police, firemen and uni- 
versity dons. 

The doctors’ 28.5 per cent, 
increase is intended to restore 
the earnings relationship to 
other professional groups that 
existed in 1975 before the 
present round of pay policy 
began. The doctors and dentists 


will also get further rises over 
the next two years, in addition 
to the 18.5 per cent., to take 
account of the increased cost of 
living. These will be calculated 
by the Review Body in its next 
two annual reports. 

Mr. Pnvid Ennals. Secretary, 
for Social Services, juMerdai'.j 
refused to say when the balance 
of the increase would be paid. 
But the British Medical Associ- 
ation warned last night that it 
would seek Implementation as 
soon as possible, depending on 
what incomes policy emerges 
this summer. 

The BMA is worried that it 
could be caught out with a j 
phased increase, as has happened j 
before. U points out that doctors 
and consultants are still £2.000 ( 
a year worse off than the Review i 
Body believed appropriate at 
present 

The structuring of the 10 per 
cent riae is also likely to cause 
Continued on Baek Page 

Editorial Comment, Page 22 
A special case for treatment 
Page 8 


Government wants to attach to 
its grant arc not provided for in 
the Industry Act and arc irrele- 
vant lo the social and financial 
issuer Involved in the invest- 
ment. 

The Government has been 
making provision of its financial 
aid conditional on acceptance of 
the pay policy for some tune. 
Earlier this year. Ministers ex- 
tended the conditions to Govern- 
ment contracts. This caused 
widespread opposition from in- 
dustry anil rinplnyriM' organisa- 
tions hul il has been accepted 
reluctantly hj most comp.nnes. 

GEC appears to be >ayinc that 
its proposed investment, which 
ft considers to he financially 
marginal, should not he ham- 
pered by such condition*, 
especially since the rompany 
proposes to bring murh-noeded 
jobs lo a depressed area. 

The extent of the Govern- 
ment's proposed support for the 
Runcorn project is not known 
but could be about rs in nfflciaN 
indicated lhai the amount of 
money offered was not a source 
of disagreement and that the 
hold-up centred on pay policy 
clauses. 

Sir Arnold Wet ns lock, manag- 
ing director of GEC.. yesterday 
refused to comment, and Mr 
Ghnjni Sehnfh«r. managing 
director of CiEC-Schreibec said 
only that he hoped to make an 
announcement next week. 

The Department of Industry 
said: “We have made an offer 
to GEC and are awaiting us 
reply." 

It is now clear that unless 
agreement can be reached fairly 
rapidly GEC could withdraw* 
from the project, which would 
then collapse. Negotiations are 
complicated by the fact that 
GEC altows great freedom to its 
subsidiaries. In this case a sub- 
stantial investment from GEC's 
central funds is required. 

Possible difficulties over the 
investment at Rhyl arise at pro- 
sent over the location of the 
factory. 

For the most efficient produc- 
tion it would be sensible for 
GEC to site its new factory close 
to its present Hntpotnt washing 
machine works ar Llandudno. 

However, ihe company is con- 
sidering u plan to provide johs 
at Rhyl, where they are more 
urgently needed, even at the 
possible expense of efficiency. 
Negotiations with the Govern- 
ment arc believed to centre on 
how mueh grant should be paid 
Inwards this social objective, and 
the feasibility of splitting pro- 
duction between two sites. 


£ in New York 

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NORTHAMPTON 
' The handsomest and best buib 
town in all this part of England' 

Demid Defoe 

Over 250 years ago the author of "Robinson Crusoe” visited Northampton. The 
town he saw had completed rebuilding after a devastating and tragic fire had destroyed 
whole areas. 

Today his description is as true as ever. Many of the important and historical features 
of old Northampton still remain, though the dirt-tracks the mail coach used to travel 
have been replaced by more modem transport systems. London and Birmingham are now 
only about an hour away by motorway or rail. 

The town which so inspired Defoe continues to develop. It offers the ideal 
commercial and industrial location and an excellent labour relations record. Since expansion 
started in 1970 over 200 successful firms, including 20 from overseas, have chosen to share 
in its growth and history. Northampton Development Corporation provides also for the 
housing and social requirements of our newcomers, improving and supplementing the 
town’s many facilities. 

For further details phone 0604 34734 or write to: L. Austin-Crone. Chief Estate Surveyor, 
Northampton Development Corporation, 2-3 Market Square, Northampton NNl 2EN 




\ 








l 

I 






r l Kurr,\i> i\ n vv o 


ENNIA nv 

(Established at The Hague) 


Shareholders are invited to attend the Annual General Meeting 
of Shareholders to be held in the “ Residentiezaal ” of the 
Promenade Hoiel. Van Stolkweg 1 at The Hague on Friday 
the 2nd June 1978 at 10.30 ajn. 

AGENDA 

3. Opening. 

2 . Minutes or the meeting of 2nd June 1977. 

3. Report of the Management Board for the financial year 
1977. 

4. Discussion and approval of the annual accounts for 1977 
as confirmed by the Supervisor)- Board, 

5. Notification of retirement and appointment of members 
of the Management Board. 

By reason of reaching the age limit Mr. H. Gerrttsen will 
retire from the Management Board at the end of Decern* 
ber 197S. 

At the end of December 1979 Mr. H, Buiter will likewise 
retire from the Management Board by reason of reaching 
the age limit. 

The Supervisory Board intend to appoint Mr. P. J. M. 
Machiclscn and Mr. J. F. M. Peters as new members of 
the Management Board with effect from 1st January 
1979. 

Mr. MachJelsen is now General Sales Manager for the 
Netherlands and Mr. Peters is Finance Manager. 

6 . Appointment of Supervisory Directors. 1 * 

In conformity with Article 14, pax. 3 of the Articles of 
Association Mr. R. van den Bergh. Mr. J. Engel friet and 
Mr. W. T. Kroese are due to retire by rorstion. The 
Supervisory Board intend to reappoint the said gentlemen 
and to appoint Mr. H. Gerritsen as a new member of the 
Supervisory Board with effect from 1st January 1979. The 
Workers’ Council is in agreement with these intentions. 
The appointments and reappointments will become 
operative if the Genera! Meeting of Shareholders does 
not exercise its right to make recommendations and raises 
no objections to the proposals. 

7. Vacancies in the Supervisory Board in 1979. 

At the Annual General Meeting of Shareholders to be 
held in 1979 Mr. .1. Bartels. Mr. G. Gerritse. Mr. W. T. 
Kroese. Air. A. S. Nolst Trcnite and Mr. J. R. Smits will 
be due to retire. 

Mr. Kroese will not be eligible for reappointment on 
account of reaching the age limit. 

The number of vacancies to be fulfilled in 1979 is 5. 

The Supervisor) - Board intend to reappoint Mr. Bartels. 
Mr. Gerritse. Mr. Nolst Trenitc and Mr. Smits. 

S. Appointment of Auditors. 

A proposal will be made to reappoint Moret & Liraperg 
as Auditors. 

9. Any other business. 

10. General. 

Holders of share certificates (BDRsl of the Company are also 
entitled to attend, and take part in the discussions, but they 
may not vote. Ad mis.' ton will be by presentation of written 
proof that their certificates have been deposited at the office 
of a member of the “ Vereniging voor de EITectenhandel " 
in the Netherlands or. in England, at the office of “Aigemene 
Bank Nederland N V.” in London. 

The share certificates must be deposited not later than the 
30th May 197$. 

Holders of shares or share certificates (BDRst may obtain 
fri*p copies of the documents to be discussed at the meeting 
at the Company's offices in The Hague. Amsterdam and at the 
offices of Ennia Insurance Company tU.K.) Limited in London 
The Hague, 11th May 1978. Management Board 

* The information required by law concerning the above- 
mentioned gentlemen is available for inspection at the Com- 
pany's offices at The Hague. Amsterdam and at the offices of , 
Ennia Insurance Company fU.K.) Limited in London. 


Karamanlis David Satter, re 

SlfflOPC WALKING ON Lake Baikal in 

winter or early spring is like 
s walking cm a cracked glass floor 

The iw k several feet thick and 
V* V* UUv JJULIV' so perfectly translucent that well 

m m . out from shore, one can see 

Ministers Mo?. * e “• 6o “™ 50 

_ _ _ _ . . Framed by forested hills which 

By Our Own Correspondent sk)p|? ^ ^ 

ATHENS. Slay 10. lake - Baikal is one of the most 
. acanic spots in the Soviet Union. 
SIR. CONSTANTINE KARA* beauty has inspired’ legends. 
MANUS, the Greek Rime prompted the construction of 
Minister, Unlay resbafflad his hotels and rest homes, and even 
five-month-old Cabinet to take lured Japanese couples who have 
in two Liberal politicians come to be married there. 

? ° J!?, » | 1 *JS Now. the lake, which is the 

fir s s? sis me 

InE New Democracy P/jf*?- protection in the Soviet Union 
ram whit*, despite the lack of scope 

thl here {or independent lobbying. 

5«we to have 


David Satter, recently in Siberia, reports on Lake Baikal’s problems 


aikal’s problems Swedish 

eswks disposable 

an indication of high-level sym- * 

patby for environmental protec- * 

Son but not a definitive sign of IHCOH1C 
action. 

The Baikalsk plant was a major p VI 

project of the Komsomol youth T9 1 1 

organisation and because of the a.**** 




V \ ' V jvA-^cr v.-ptoss expea moo m si 

o p organised hy the 

OUM-Hff | ■ d v- v,i ‘V 1 Agriculture with ii 

rxo m»- i— y \ '• report back to th 

1 " ,mm Party Central Comr 

basis of their dat 

rm ® i fT* 1 A passed in 1969 whi 

The Soviet fight 


economic sector, and Mr. Atfaa- 
n as si us Canellopoulos (53) was 
made Minister of Finance. 


been won. 

Lake Baikal reaches a depth 
of one nHle and is unusually 


organisation and because of the ***•*,/ *■ **** 

controversy, the Komsomol spon- 
sored a number of meetings to By David- White 
consider the future of the lake, 

inviting scholars from Moscow -PARIS May 10 

State University. Finally nn 

expedition of scientists was SWEDISH FAMILIES face a 
organised by the Ministry of drop in their real disposable 
Agriculture with instructions to income for the first tune since 
report back to the Communist the war. This is among the 1978 
Party Central Committee. On the forecasts for Sweden, presented 
basis of their data, a law was in the. latest report of the 
passed in 1969 which is now the Organisation for Economic 
existing safeguard Of the Baikal Co-operation and Development 
environment. (OECD). 

The law forbade the floating Sweden’s immediate future, 
of wood in Baikal or the rivers the report says, hangs on the 
around it and stipulated that sub- speed at which world trade 
merged logs were to be removed, increases. If trade falls to 
There was provision for a special accelerate, the Swedish Govern- 
water conservation zone of some ment will find it hard tn keep 
five miles around Lake Baikal up full employment at the same 


Mr Georcp Halils <60) who * ,1UU — nve miles aroumx Lake Baikal up run employment 

became MtofcteTof Cn-ortbu. ISLS'VV 8 ,‘tf w °° e The gradual degradation of the including Prof. 1 W IgipljBa, the where no timber must be cut and time a s repairing the deficit iu 


general election, has taken iSr * .■ Dy s .°i n ‘ and animal population. Mr. Yun the novelist. The cellulose piani slopes steeper than 25 degrees.. Warning that Sweden may 

over the Foreign Ministry , con ^ti 1 & fifth of the p p armU ziix, a laboratory chief went into operation in 1966, The Baikalsk plant was to be have in the end to follow other 

from Mr. Panayotis Papali- * w t ter , so at th e Institute of Limnology at despite the protests, however, reconstructed by the end of the countries and accept a smaller 

gouras, who resigned for health Baikal, said the lake has well before its planned water year and new factories strictly use of industrial capacity, the 

reasons. ca ^ f ** photographed from toe 2.000 varieties of fauna and flora treatment facilities were m order, regulated with none to be estao- OECD depicts 1978 as a year of 

Mr. i nann ic Boatos (53). Sfl * 6 at 143 to deptlls of 2-000 which are found nowhere else and The operation of the Baikalsk lished where they could pollute consolidation. 


until now Minister of Finance, ‘“7“ T v which even a small change in the pulp mill precipitated a confron- the lake or its rivers. Oo the negative siae. gross 

replaces Mr. Atoanassios Talk raJS., >,2, SSnL laJre ’ s ch emical make-up can kill tation between forces In flje The results of these measures domestic product is tikely to 
adooros as Minister of Agri- fSSIf 1 ^ Amma} s peculiar to Lake Baikal Soviet Government sympathetic have been encouraging. Fish stagnate, business investment to 

culture. pemaps tne severest threat to uujude the nerpa, the worlds to environmental protection and stocks have recovered as has the continue its decline, and domes- 

The appointment of Mr. f e it* on]y . freshwater seal, the omul, those anxious to push 'ahead with sea i population which now num- tic demand in the private sector 

Mitsotakis as economic over- SL22? SSLSLJS a salmon-like whitefish which is industnal development at aU bers 70JW0. The Baikalsk plant to drop by about 4.5 per cent 

lord reflects the Greek ^ ' ake s pnze calch ’ a ? costs ' Tbe plan ^ was ? e , onl . y stm P um PS 12,000 cubic metres This is In contrast to the public 

Premier's concern with the pVi ™ an impact on the golomyonka, a transparent fish industnal enterprise on the lake's Qf treated effluent an hour Into sector, expected to act as more 

economy wl«?cb has m»t been SSI that bears about 2,000 live young, shore. But between 1967 and mid- the lake but Mr. Parmuzin said of a stimulus than lwt year. What 

doing as well as expected. JSSr tJSH °L£S Aa industrial activity pro- 1968. it poured 383 tonnes of that despite its brownish colour, with tax cuts, the Government's 

inflation remains a nagging ^ seeded, fish stopped going into black slime consisting of fatty this liquid was clean enough to budget deficit is expected to be 

problem, the balance of pav- nearby rivers to put roe. the acids, methane, and organic drink. In fact 50,000 people from almost double last years at 

raents has worsened and there and cell u> ose catch of Baikal Omul declined sulphides into the lake, creating the wooden villages around the S.Kr.33^bn. (about £4bn.). 

has been a lack of investment. P tS! SL. from about 10,000 tonnes to less numerous islands of alkaline j a ke take their drinking water The current account of the 

Mr. Mitsotakis was a success- , bmb ? r . ™ d »stiry ai aD half fa at in 195, aBt j the sewage, one of them IS miles f rom the lake directly. balance of payments is likely to 

rnl Minister of Coordination Sf 8 fC. ner P a population also declined, long and. three miles wide. Tbe Aithoueh conservationaUst sen- remain at last year’s deficitlevel 

in the mld-SIxties. His newly* JLS * ■ 19 c ^i nd Inwased the ^ pollution of the lake Limnological Institute reported h^S aDoeS to have Mrrted » f SJvrJ4.75bm, tbe report says, 

formed NeollberaJs Party won secolltf wSv?' B wl? a™ ap P eared 10 be a continuous if that animal and plant life near th day^fn the case offtake But there U some good news Tor 

only 1 per cent, or the vote War P. s m ° d ?™ rather slow process until plans the plant bad been cut by a third ^fcai thi CO st wShi<*h F^ny Swedish exports, despite a bleak- 

in the general election and has iiWlS? were announced »,“• late to a half. per cent of to^ca^ of th- outlook for shipbuilding and 

two seats in the 300-member ^ d ° 1950s for a major cellulose plant As the danger to the lake Baikalsk ^ pfiit was spent on iron-ore mining. Improvements 

Parliament. on the southern shore. The plan became evident, scientists and effluent purification 'Ae con- in productivity are likely to give 

Mr. canellopoulos is a pro- into thn* 3 seemed to presage industnal Isa- conservationists increased their struction reach ^through Si ■» Swedish products a better com- 

fessor of Economics and served £,” bv th^ w^ter denri^^thi tion of J, he lake b « s,n and e ^ oked effo ^? t0 f® 1 . 1 attention to the obriato the n«d petitive position, helped by last 

as Minister or Commerce In ES a? 5 m scattered protests from prominent problem of its continuing de- n 0 7ttog Io4eoata Rim per MU Augustus krona devaluation, 

the caretaker Government SS e °SJSffS wato/Jer square sciGDti,ts “ d pobUc spoliation. The fact that earlier The productivity gain, forecast 

STZ'JSZ ? f raster of bark. Many logs sank. production deferred, cancelled to 5 per cent- should a so 

the military dictatorship in covering up fishing grounds _ or relocated for environmental help to boost profits, especially 

1974. Hewas U n der.-.ccr 1t ar J B t ”„n “"«.»!««: COMECON’S TROUBLES IS 

of Co-ordination in 1964-65. mated 1.5m. cubic meters of The north Baikal- Angara river expected drop in households real 

timber had sunk in Lake Baikal TTTOOTTfc 1^1 M region, located at tbe western income — of about 2.5 per cenL 

Plan to combat IJibbK DlaHSed for S!f, 

. _ . including meat packing and area in tbe Future. As develop- . Inflation over the whole year 

VAT PV5SClflfl lumber plants sprang up along _ _ _ ment proceeds, tbe pressure to >s likely to be tittle changed 

/“A A . vasitfll the Selenga River Lake Baikal’s rfTTT|«^iirr4*Bn o take fuller advantage of the f r< ” I Vj ast years 11.5 per ce 1 **- 

BRUSSELS. May 10. main tributary, and the majority jM'§H§wwig| 1 bIh 1 ww 18 area’s mineral, timber and fish but the rate is expected to be 

THE EUROPEAN Commission of them emptied raw sewage into v 1 1 bJiJAVr v Y Y Y S.M resources may grow. Soviet on the decline after mid-year, 

proposed to-day that EEC co- the river as did the industrial officials in 1974 told members uf Sweden may be able to hold 

oncratioit on combating tax city of Ulan Ude. BY LESLIE COUTT BERLIN, May 10. a scientific council charged with “£, Wl ? l * s unemployment rate, 

evasion should be extruded to Indiscriminate timher cutting drafting stricter limits on the offering new local government 


On the negative side, gross 


or Co-ordination in 1964-65. mated 1.5m. cubic meters of 
~~ timber had sunk in Lake Baikal 

Plan to combat At the same time. 50 factories 

w 7 . _ . including meat packing and 

VA I PVflCIHTl lumber plants sprang up along 
inn. cvasiifl l the Selenga River Lake Baikal’s 

BRUSSELS. May 10. main tributary, and the majority 
THE EUROPEAN Commission of them emptied raw sewage into 
proposed to-day that EEC co- the river as did the Industrial 
oncratioit on combating tax city of Ulan Ude. 
evasion should be extruded to Indiscriminate timher cutting 


USSR blamed for 
growth slowdown 


BY LESLIE COUTT 


BERLIN, May 10. 


the area of value added tax began to sureed to steep slopes wj. c L owDOWN in overall AerienHure and food nroeAttimr use of Baikal’s water to direct li> J° b * ^ compensate for a drop 
(VAT). A Plan for cooneration around Lake Baikal leading to ' Auction the m^otov * J! !.?? nf P Jh?SS efforts to finding the level of ! n fact0I >; workforces and a small 

to control evasion of direct water and wind erosion, a flow ^ f u ^° n ,h •“SSJS; .7 maximum non-poUuting use of 


iu vvmrui etirnuii hi uirecr water aiiu nmu nuw»i. ° trrnurrh mfn in »ha Purnno^n r- n .-, maximum non-pouuiing use or ■ 1 w ‘ — . 7 , ■ 7 V 

taxes, anp roved by the Council of silt into the lake, and the loss ,a iTo f ? E / «, ? e k nnar ?' the lake. it warns that underlying labour 

of Ministers last November, to the Baikal basin of a signifl- {J®™ "“J. 1 fJ? d i 9 P e # r “" L of a,! labour ia The researchers at the Limno- conditions may deteriorate, and 

provided for an exchange of cant portion of it* water reaulat- 5q 7 f fi fim ,L* 11,6 Soviet Umon - logical Institute seem confident, criticises the kind of lahour 

information, inquiries by one in« capacity. Thi«= upset the ii: 0 or In Poland, slowdowns in however that with the anti-ool- market support measures which 

country to be made for the «*hemlcnl balance of the lake c ^J? p f eh nI?5i lve efler gY production detracted lution legislation and the lake'-s so fa r ^eo taken. These, 

benefit of another, an-dthe pos- which began to >he-v increa^-d , ni "; from econmic grwth. Industrial formidable self cleaning capacity. • Inflation In March increased 

sfblHty of sending tax con- quantities of sulphates, mag- u SSL i*. «« output expanded by an impressive Baikal is safe, in its parity foe for the. third successive month 

•rollers on missions abroad. nmium hvriroxide and nitrates ^conoraie Kesearen. ine insn- g5 per ceDt - hul electricity pro- the foreseeable future Appro- In the major non-Communist m- 

Rcnter m its waters. SnaiSf iritb a 4 mV cent rise ductl0n r0se ^ 5 P er ce0L priately in light of its beauty. Austria) nations, according to 

to th. “narioSl oroduTto New electric P° wer stationa ® nd optimistically from the con OECD figures It s a.d consumer 

L -T ] r qr ^ i . cou,d nt>1 begin Producing on servationists'. point of view, the prices rpse OS per cent on aver- 

ll or JT"_r" romw™ countries. £c h e dnle. ; Overall eleerrieitv nrn- Lake Baikal district has been age to March in its 24 member 


country to be made for the 
benefit of another, an-dthc pos- 
sibility of sending fax con- 
trollers on missions abroad. 
Reuter 


Extracts from the Statement by the Chairman, 

Mr. M. J. Babington Smith, at the 111th Annual 
General Meeting held in London on 10th May, 1978 








In Turkey, political developments during the year 
included a general election in June and the establish- 
ment of a new Government under Mr. Buienr Ecevn in 
Decemher in these circumstances n was not possible 
to continue our ettorts. with the authorities, to reach a 
solution for the future of our business in Turkey. 
Nevertheless inendly contact has been maintained 
with these authorities and we hope that once the im- 
mediate very considerate economic problems with 
which the Government are faced are resolved, we shall 
be able to resume our dialogue 

Our branches in Turkey have, within the framework 
of our Convention, further developed their business 
anri have operated successfully especially in the field 
of foreign transactions and authority was given tor the 
opening of lour new branches in the country bringing 
the total to 97 

HOTEL PROJECT — ISTANBUL INTERCONTIN- 
ENTAL. The intercontinental Hotel. Istanbul, pro- 
duced trading profits during the first full year of 
operations although the tourist business was not as 
successful as had been expected. The share oi our 
subsidiary. Istanbul Turizm ve Otelciiik. in these profits 
was nor. however, sufficient to cover the whole of 
their expenses. We continue to believe that, given 
time, our subsidiary will show satisfactory results. 

SOCIETE NOUVELLE DE LA BANQUE DE SYRIE 
ET DU LJBAN. In rhe Lebanon during 1977 our 
associaie. Soci6t6 Nouvelle de la Banque de Syrie et 
du Liban. made a steady return to normal. The repu- 
tation enjoyed by the Bank is reflected in a very 
considerable increase in customers' deposits. 

Compromised accounts did not exceed (he estimate 
that we made at the end of 1976. in spite of the 
various difficulties our associate showed a profir after 
setting aside ail necessary provisions. 

BANK OF TEHERAN. In Iran, the Bank of Teheran 
continued to expand in 1977. in spite of the falling off 
in economic activity following the steps taken by the 
authorities to combat inflation. The capital of the 
Bank of Teheran, of which we continue to hold about 
was increased during 1977 from Rials 5 billion 
to Rials 6 billion. 

TURKEY. The year was a disappointing one for the 
Turkish economy ; the growth rate of the Gross National 
Product was estimated at only 5.0 % compared to the 
programme figure of 8.2 %. 


■ncorporaMd >n Turkey with Umced Lability 


The foreign trade deficit rose to a record 
$4,433,000,000. imports at $5,796,000,000 rose by 
$667,700,000 (13V„), whereas exports at 
$1,753,000,000 were $207,200,000 (10.6%) down 
on 1976 

Remittances by Turkish workers abroad rose only 
fractionally from $982,700,000 in 1976 to 
$984,600,000 in 1977. 

There was an overall deficit on travel and tourism. 

The current transactions deficit was estimated at 
S3.362.000.000 which was in large part covered by 
short-term private ioreign credits. 

At end December 1976 the Central Bank's buying 
rate tor Sterling was TL26.40; at end 1977 it had 
fallen to TL34.70, and in 1978 was further adjusted 
downward to TL45.75. 

BALANCE SHEET. The Bank's Auditors, as a result 
of a merger in 1 977. now practise under the name of 
Dearden Farrow. 

Last year the Balance Sheet figures had been in- 
creased. in part, by the depreciation oi the Pound 
Sterling during 1976. In 1977, however. Sterling 
appreciated against many currencies and the Turkish 
Lira was devalued against Sterling, but in spite of this 
the Balance Sheet total is up by some 5%. an indica- 
tion that our affairs have continued to expand. 

PROFIT AND LOSS ACCOUNT. This year the 
Profit and Loss Account shows a profit of £2.223.000 
against £1.976.000 in 1976 representing an increase 

124%. These figures take into account, of course, 
the adjustment made in respect of the change in the 
value of the Turkish Lira introduced on 1 st March 1 978. 

From the above profit must be deducted £650,000 
of 1977 profits awaiting transfer and £600.000 must 
be added in respect of Turkish 1976 profits. This 
results in a total of £2,203.151 standing to the credit of 
Profit and Loss Account. Further, as shown in the 
Report accompanying ihe Accounts, your Committee 
has decided to transfer £650,000 to Reserves. The 
balance available is £1.553.151 and from this your 
Committee recommend the payment of a dividend of 
£2.80 per share requiring £1 .400.000, There will be 
payable, in conformity with Article 40 of rhe Statutes. 
£295.78 per whole share to the holders of Founders' 
Shares requiring £63.889 and a similar amount to 
Members of Committee, leaving £25,373 to be carried 
forward to next year. 


’ Uite nofes hSr t hit this S5 per cent " bul electricity pro- the foreseeable future Appro- to the major non-Communist m- 
Soare* Irifh T 3 tir Sol rise ducbDn r0se b * o Dl V 5 P er cenL priately in light of its beauty. Austria) nations, accortting to 
to th- -rS?oatiorS oroitoS! New electric P° wer s^ons and optimistically from the con OECD figures It said consumer 
nf w£t*rn ’toduxtrial eountriu cou,d not be ^ n Producing on servationists*. point of view, the prices rpse 0.8 per cent on aver- 
Rnmanto hS the hlSSst Schedale - : °™rail electricity pro- Lake Baikal district has been age in March in its 24 member 
-mwth rstP ^ to Eurnnpan Auction in European Comecon set aside for tbe future as a states. The figure was 0 ./ in 
riomocon ofV ner cento and^the ros% by somewhat less than 4 pe r zone of recreation and rest" February and 0-6 in January. 
USSR and Czechoslovakia shared ““J; la?l year ' ■■ 1 ■ ‘ 

toe lowest ratos of 4.5 per cent. Berlin Institute says that f <s^ a» \ 

All toe other European Comecon tower increases to industrial pro- f !?■**! - 

countries except Hungary, failed ductivity this year will mean ir ¥ 

to arhievp their tarset growth the slower expansion of industry " n - 

figures, and the averaee deficit in ail European Comecon coun- P 

tor the smaller European Come- tries, except Bulgaria. _ This is ^ I 

con countries wrr 1 per cent, why agriculture will play such 

while it was 0.5 per cent, for a key roie in economic perform- wir - 

toe Soviet Union. ance this year. ri 

A whole range of factors were Raising animal production is 
to blame, according to toe the most difficult goal to achieve > ’’■Rh 1 £n 

institute, including earthquakes for European Comecon in farm- ' HfBf V r 

in Romania and Butoaria. bad ins. where gross output last year / P-l j'L 

weather in Poland. price ranged from minus 63 per cent. * 4 « -alK/ " 

increases in totra-Comecon trade. Bulgaria and 3 per cent in the a tftii 1 H 1 2 i/Wsr 

® iwrsK a^'Tn’Vo^nr.i 1 ; tne enuoi it aiiv|^r 

insiffficient e quantiv’ aUd inferior s ?nre “l^anTexports^f TO||| ||2.V£ ^ 

USS^JTiSS ST J! cTplt r a d c r o°n P ^ p 5 t?on Pe o r f C S^ £ W ^ • 

materials, and errors in planning du P cis%S feom Vlifef toX Grtti "° to B 'T*'** 5 . 85 international termini It i* 

and carrying nut investments- USSR to 69 kilns in Pnianri and appointment at the other end economical to acquire and 

me?n e s th?oS JZJgSSl S Crechosl ovakla SS of the country or somewhere operand pro**., the finest 

Sreers tor ° 9S0 - witi Saroe W East Germany. in Europe can be a tirinp. aircraft in its class, 

he able to be met.” accoitiing to 1136 highest increases to frustrating and irritating hassle. If you would like to get to 

the Institute- In order ~ to personal income last year were in And at the and of it all you your business destination in the 

achieve the targets. European Hungary and Poland (7 and 74 have one or more top executives shortest time, be able to work 

Comecon countries would have per cent) compared with 5,5— 3.5 who have not only wasted whilst travelling, and to step 

to accelerate growth by 1-3 per per cent, to the USSR. Bulgaria. valuable hours in transit but are out of your aircraft just a 

cent, this year In practice, Czechoslovakia, and East Ger- also in a far from Ideal condition short car Journey from your 

however, they only aim tn dupli- many, toe Institute says But to negotiate and take decisions appointment-you should Talk 

“saasy ssas-si * ssssssssss 

the heart of Comecon growth, officially given as 5 per cent. In Time is money the economics and prwtica rty 

and the Snviet Union itself says Poland. The alternative that more of applying one of today s most 

that improvjns efficiency is rhe In foreign trade, expectations and more companies are ' valuable business tools to your 

wpakesi itok in the Plan, that tbe Eurooean Comecon adtopting is the use of a corporate enterprise. 

Fnmr^n countries could pay for their aircraft, and the choice of many " i /"? 

other European Comecon coun- imports of Western plant and b the Beechcraft Super King - • * _ j l 

ES£2 * h £t tthefiv^e? were P daXd b hpi nCr f ^?h eSrP ° m Air 200 C <ConvertibS-o fine ^ ^=fzfcl /3 

SSTfaJ 81 Realistic' roSTSJK twin turboprop, felly . ZlH LLZJ 

been established for tbe current meant ^ PoIa ^ has bad to buy 

ye f r ;, . . . . S4.5bn. worth of grain in 1977- facility of either 12 seatar AmH ivatfwd Hem wta 7BY 

Inatisrnar expansion in all ]q7 a whi j- th _ c„=i A , >j n j nn "comfortable cornmuter ' or th (OS 273i 7aei i To*« 201502 

European Comecon countries, fonnls ofTain 661 saat "flying boardroom" 

again excepting Hungary, was in Mmc period . configuration. This aircraft is TOC CSB S OTS IBQ retf tan 

faster than overall growth. The Soviet defieto in trade with well known for its abHity to flUa^VKhaBeeCKim 

l a U^S 0ds -*£ r0 .u UCt !i n Western industrial countries is V fly into small airfields as wall “S*®eT Air” (d^) / 

toe fastest. w ,th toe cbemtcais sahl by the Ins titute. to have 

and building materials sectors been equal la*»t year to its grain ■ 

neadang the pnmary producers imports, which were worth l.lbn ^ . 

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Wife of Russian defector 
to U.S. commits suicide 


BY OUR OWN CORRESPONDENT 


MOSCOW. May JO. 


Copies of the Report and Accounts may be obtained from; 

The Secretary. Ottoman Bank. Z;'3 Philpot Lane, London EC3M 8AQ 


MRS. LIKINA SHEVCHENKO, said be could give no details 
wife of Mr. Arkady Shevchenko, about his mother's death but 
the Soviet UN official who Soviet sources said her body was 
defected to the U.S. last month, found in a wardrobe at the 
committed suicide on Monday, family apartment. A merca: 
according to hec son. Gennady, examination showed she had 
He told correspondents by pbore taken an overdose of sleeptoe- 
that "sbe killed herself for the pills, the sources said, 
sake of our familv honour." Mr Gennady Shevchenko 
The psychological pressiiTe on works in the 'Soviet Foreign 
tbe families of Soviet defectors Ministry. He said the family has 
is enormous and Mrs. Staev- had no contact with his father 
chenko. 49. who returned to since the 47-year-old Under 
Moscow alter her husband's Secretary at the UN and former 
defection was said to be senior adviser to Mr. Andrei 
depressed about US. Press re- Gromyko, the Soviet Foreign 
ports that her husband had been Minister, announced through his 
working for U.S. intelligence and U.S. lawyer that he was not 
had been involved with another returning the Soviet Union, “1 
woman. want to talk ro him.” the vouaser 

The young Mr. Shevchenko Mr. Sbevcheofco said. 



Base Rate 


BANK OF CREDIT AND COMMERCE 
■INTERNATIONAL S.A. 

and 

bank of credit and commerce 

INTERNATIONAL (OVERSEAS) LTD 
announce that from 10th May, 1978 
their base rate is changed . . 

from 7£% to 9% p:a. 

1 00 LeacJenhali Street London ECJA 3A D 






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.Financial Times Thursday May ll- 1&7S 




Soares 

defends 

IMF 

accord 

By Jimmy Bums 

LISBON, May 10. ; 

IN A SPEECH oa nationwide 
television lasting for. more than 
an hour to-night^ Prime Minister 
Mario Soares defended his 
Government’s recent agreement 
with the International Monetary 
Fund and urged the country to 
demonstrate its confidence in 
the Government's economic pro- 
■ gramme. 

“There is light at the end of 
the tunnel” Sr. Soares said, 
noting that although the $750m. 
worth of Western • backed . aid, 
which will follow agreement 
with the Fund, was not the 
ultimate solution to the country’s 
problems, it nevertheless allowed 
the Government to look forward 
to the future .with confidence. 

The opening-up of credit lines 
would prevent Portugal in the 
immediate future from having 
lo resort to selling her gold 
reserves, which Sr. Soares 
described as the country's “ last 
line of defence.** 

In his speech, the Prime 
Minister described the govern- 
mental alliance of Socialists and 
Christian Democrats as a govern- 
ment of national salvation, 
underlining that It had both the 
capacity and the will to survive 
□□til the next legislative elec- 
tions, due in -1980. He implied 
that were this Government to 
fall before then, democracy in 
Portugal would be greatly 
imperilled. 

Looking back over the past 
three months, since the new 
Government took office, Sr. 
Soares paid tribute to the moder- 
ation and capacity for dialogue 
shown by the Communist-domin- 
ated trade union movement 
Since January, he said, Portugal 
had experienced a remarkable 
industrial peace, including a 
notable reduction in the number 
of strikes. Absenteeism in fac- 
tories so far this year had fallen 
considerably compared to last 
year. 

Looking to the future, he said 
the survival of democracy and 
the capacity of the country to 
.pul] out of economic crisis de- 
pended on . international co- 
operation and on a spirit of 
“national solidarity," with the 
collaboration of all social classes. 

He did not give details of the 
letter of intent agreed between 
the Government and the Inter- 
national Monetary Fund, saying 
they would be -revealed by the 
end of next week by Sr. Vitor 
Constaricio, the Minister of 
Finance and Planning. 


NEWS 


UNIONS FEAR EMPLOYMENT PACT MEANS REDUNDANCIES 


Bonn may 

France tospend£ 500 m. more on jobs! increase 

public 
spending 


BY DAY1D CURRY 

THE French Cabinet to-day de- 
cided to spend an additional 
Frs,4,33bn. f£S00m.) this year on 
measures to prop up employment. 

The lion*s share, Frs.3.5bn., 
will be devoted lo paying for the 
national employment pact, first 
negotiated with the employers 
last year to encourage the re- 
eruitment of young people, and 
to finance the renewal of the 
pact in a form to be outlined 
next week alien consultations 
-with both sides of industry. The 
remainder of the money will be 
devoted to improving the 
machinery of Government em- 
ployment policy. ’ 

Tbe new expenditure will be 
paid for largely by stepping up 
tbe increase in the prices of pet- 
roleum products due to come into 
force on June 1. Petrol,* is likely 
to go up by 26 centimes a litre. 

The tax levied on companies 
to finance industrial and profes- 
sional training will rise from 1 
per cent, to I.I per cent, of the 
wages bilL 

The Government Is also to 
issue a Frs.3bn. state loan. 
The ferms have not yet been 
settled but last year’s state 
issue linked the capital to the 
European anit of account. 

The Cabinet also approved 
the release of Frs.l35m. in sup- 
plementary credits to compen- 


sate victims of oil pollution 
resulting from the wreck of the 
Amoco Cadiz in March. 

Tbe measures were presented 
in' the form of a supplementary 
Budget. Other supplementary 
Budgets are likely to follow, 
since the original estimate of 
the public spending deficit of 
Fr$.8.9bii. will almost certainly 


have to he doubled. The Govern- 
ment has promised to accelerate 
the improvement in purchasing 
power and benefits at tbe bottom 
end of the wages scale. But the 
41 per cent growth rate on which 
the original .calculations were 
based, is likely to .prove over- 
optimistic. 

Tbe main element in the em- 


Morocco missiles deal 


BY DAVID WHITE 

FRANCE IS to supply Morocco 
with an anspecifietl number of 
Crolale anti-aircraft missiles, 
it was learned here lo-day. The 
deal follows a number or other 
contracts for French and UJS. 
equipment to back up tbe air 
defences of Morocco, which is 
committed with Mauritania in 
(he conflict with the Algerian- 
backed Polisario guerrilla 
movement in former Spanish 
Sahara. 

IUL Louis dr Gulringand, the 
French Foreign Minister, this 
week played down the French 
role in clashes last Wednesday 
and Thursday, when French air 
force Jaguars helped Mauri- 
tanian and Moroccan troops in 


PARIS, May 10. 

an action against a motorised 
Polisario column. Contrary to 
other reports, the Minister 
said, the clash took place 
within Mauritania's recognised 
borders. 

The Crotale deal was con- 
firmed by Thomson-CSF. the 
French electronics company 
which makes the weapon in 
conjunction with Malra. A 
spokesman declined lo give 
details. 

Morocco has already received 
Fouga strike aircraft and 
Puma helicopters from France, 
is taking delivery of Mirage 
F-l interceptor jets and has a 
batch of Alpha-Jet tactical sup- 
port aircraft on order. 


ploytnent pact was relief from 
a’ proportion of social security 
charges for companies taking on 
ypung people, coupled with in- 
dustry's pledge to do its maxi- 
mum for recruitment to enable 
the unemployment statistics to 
be stabilised during the run up 
to tbe general election. 

M. Raymond Ban*e. tbe Prime 
Minister, promised in his 
economic policy statement to the 
National Assembly last month, 
that he would provide for 50 
per cent relief of social charges 
for small and medium com- 
panies' recruiting people below 
the age of '26. 

- Industry claims that the 
original pact provided jobs fur 
650.000 people. The unions argue 
that this was paid for by the 
laying-off of older workers and 
that a sharp increase in redun- 
dancies can now be expected. A 
number of observers doubt 
whether industry - can comfort- 
ably absorb more manpower, 
without -compromising the 
return lo profitability, which M. 
Barre has said, is an urgent 
necessity. 

The Cabinet decided to intro- 
duce early legislation to protect 
and increase shareholders' 
rights, and to improve the 
quality of information divulged 
by companies. 


Danish ports blocked 


Compromise oyer Moro funeral 


BY PAUL BETTS 


FniKciu. TlVOL puhfiitad d*!Iv ueew Sun- 
div, jad holiday*, U~S. -.utwcrimlon S2m.(<0 
lair rrdsbtl SJSMW tair mil). Nr. antram - 
rrcond elan Donate dim at . New York. N Y 


iTHE ITALIAN Government bas 
| agreed to the request of the 
family of Sig. Aldo Moro not to 
give the former Prime Minister 
1 a State funeral -The kidnapped 
I Christian Democrat leader's body 
was found in central Rome 
yesterday, 55 days after he had 
been seized by members of the 
Red Brigades. 

Sig. Moro’s family expressed 
the wish last night of “closing 
itself in silence ” and asked that 
silence be maintained. While the 
ruling Christian Democrat Party 
would have liked to make a hero 
of its murdered president, it bas 
resorted to a compromise to meet 
the wishes of the family which 
was increasingly critical of the 
party's handling of the affair. 

A memorial service' is to be 
held in the Basilica of St John 
in the Lateran on Saturday, after 
a private funeral at Turrita 
Tiberma. near Rome; where Sig. 
Moro had a week-end house- His 
body will be buried in his native 
Puglia. , . 

Some 24 hours after the find- 
ing of his corpse, an overriding 
sense of grief and outrage con- 
tinues to -prevail. -A two-hour 
general strike was called by the 


unions to-day and labour leaders 
addressed an emqtional rally in 
the rain in Piazza San Giovanni 
in Rome. 

Other rallies took place 
throughout the country, while a 
constant Bow of people filed 
past the Christian Democrat 
Party headquarters in Piazza del 
Gesu. only yards away from the 
spot wbere Sig. Moro's body was 
found dumped in the hack of a 
car. 

in Parliament, the Communist 
President of the Chamber of 
Deputies. Sig. Pietro Ingrao, paid 
tribute to Sig. Moro. Throughout 
the country Christian Democrat 
local branches have been flying 
Bags at half-mast 

Newspapers devoted almost all 
their pages to tbe murder, while 
radio and television have been 
transmitting reactions, interviews 
and comments. Sig. Moro’s 
family requested that no national 
mourning take place, but it is 
as if they had not been beard. 

A post-mortem examination of 
Sig. Moro's body was performed 
this morning. It showed that he 
was shot from close range by 
two. different guns with silencers. 
He was standing. £tp and was hit 


ROME, May 10. 

by II bullets, seven of which 
were found m bis chest. He was 
not drugged at the time of his 
“execution," which occurred be- 
tween ten and two hours before 
his body was discovered. 

As security forces continued 
their searches to-day, it becomes 
increasingly evident that they 
have no substantial information 
about the Red Brigades. The 
general mood of fear that poli- 
tical violence is ' becoming un-. 
controllable was rekindled when 
terrorists struck In Milan this 
morning. A group calling itself 
the Armed Communist Popular 
Front shot and wounded in tbe 
legs Sig. Franco Giacomazzl a 
50-year-old -official of the Mont- 
edison chemical group. 

In Turin, in tbe course of to- 
day's hearing at the trial of 15 
members of the Red Brigades, the 
movement's ideological leader, 
Sig. Renato Curcio, brought 
proceeding to a halt when 
he declared: “The act of 
revolutionary justice performed 
on Aido Moro is the highest 
possible humanitarian gesture in 
this class-snlit society.” He was 
immediately dragged out of 
court' 


Kyprianou will 
hold talks 

By Our Own Correspondent 

NICOSIA May 10. 

PRESIDENT Spyros Kyprianou 
of Cyprus announced to-day 
that he will visit London next 
month for talks with the British 
Prime Minister. Mr. James 
Callaghan. The visit is part of a 
campaign to influence foreign 
countries; especially the big 
powers, “ to persuade Turkey to 
withdraw - her troops from 
Cyprus,” as called for in the 
UN resolutions. 

Mr. Kyprianou. who was speak- 
ing to delegates attending a 
Commonwealth Communications 
Symposium here, said Britain, 
both as a guarantor of Cyprus’s 
independence and as a perman- 
ent member of tbe Security 
Council had a very important 
role to play. 

"Unfortunately, during the 
events of 1974 (the Greek army 
coup and the Turkish invasion! 
the UJL simply watched and 
since then has not done what we 
thought it would have done . . . 
we are disappointed with the 
U.K., stand, but there is time to 
correct .things." Mr. • Kyprianou 
said- •: "• • 


| • By Adrian Dicks 

I BONN. May 10. 

! HERR HANS MATTHOEFER. 
Itbe West German Minister of 
1 Finance, hinted to-day that the 
j Bonn Government may be pre- 
paring itself for a further rise 
in the public spending deficit 
next year. Presenting a supple- 
mentary budget proposal worth 
DM939m. (£34Tm.). which the 
Cabinet agreed to-day. Herr 
Matthoefer rejected “ rigid 
formulae" in the area of public 
spending, and said he fell that 
puiup priming must ' depend 
more on the current economic 
.situation. 

I Including the supplementary 
budget's requirement of an extra 
DM70Siu. is borrowings, the total 
new public debt in 197S is 
expected to he DM31.5bn. — up by 
I DM.lObn. from 1977. The 
figure drew predictably caustic 
criticism from Herr Franz-Josef 
Strauss, tbe Opposition finance 
spokesman, who said the coali- 
tion Government was once again 
“taking refuge in debt." 

Herr Matthoefer defended the 
budgetary position as “not 
defensive, but one that offers 
assurances for the future.” The 
majority of the supplementary 
estimate is to fund a DM31 4m. 
coking coal subsidj and a 
DM348m. investment programme 
for coal — the Inner figure being 
the Federal Government's two- 
thirds contribution to a DM582m. 
a year programme announced 
last month. 

In addition, DM53.Sm. is to 
be spent on assistance to the 
troubled Saarland steel industry. 
DMlOOm. on the capital increase 
being carried out by Salzgitter. 
the Government-owned steel com- 
pany. DMSTro. on smaller re- 
search and development pro- 
grammes for steel, coal and 
energy research, and DM25m. on 
emergency aid lo the bard- 
pressed fishing industry. 

In another decision to-day. the 
West German Cabinet approved 
a programme which will make it 
possible for work on a part-time 
basis to be introduced among 
civil servants— a measure that 
Bonn hopes will help reduce the 
number of unemployed. As 
many as 160,000 new jobs may be 
created, according to the Interior 
Minister, Herr Werner Maihofer. 
He explained that while the cost 
of two half-time jobs was about 
DM20,000 a year greater than 
that of one full-time job in the 
public service, this difference 
was no greater than the strain 
on the unemployment benefit and 
social welfare system of one per- 
son remaining jobless. 


ALL SEA TRAFFIC between 
Denmark and Sweden, Norway 
and East and West Germany 
was halted yesterday when 
: fisherman using 1,800 fishing 
! vessels blocked 20 ports for 
! right hours, writes Hilary 
1 Barnes Trout Copenhagen. 
Prime Minister Anker Jorrgcn- 
sen told (he fishermen that the 
Government has suspended >11 
consideration of measures to 
deviate their problem*. Be 
said that the Got eminent 
would not be forced inio action 


by the pretest and lhai (he 
forces of law and order would 
be used against the fishermen 
If the hlockarie were repeated. 
Police yesterday merely regis- 
tered all vessels taking part in 
the blockade, with a view pos- 
sibly to lodging charges later. 
The fishermen started the 
blockade at S o’clock in the 

morning aficr the Government 
refused to meet demands for 
bigger fishing quotas in the 
Baltic and financial assistance. 

Bitter skippers Base 39 


THE EEC FARM PRICE REVIEW 

Late-night 

tackles 

BY MARGARET VAN HATTEM IN BRUSSELS 


THERE WERE I wo hia m. itches 
1 occupying the attention nf Brus>- 
■jsels last night: First, the Euro- 
i pean Cup final between Liverpool 
j and Bruges, beamed from London 
I and playing on all the television 
i sets here. Then canto the big 
. north-south clash, the final round. 
| it was hoped, in the annual EEC 
! farm price review. 

| The nightlong farm talks have, 
[over the years, become :i part of 
tbe EEC ritual, and the fact that 
lUy took place last night was 
perhaps a reassuring sign that 
in spite of all (he outward signs 
of intracability — also part or the 
j ritual — things had not yet moved 
outside the bounds or normality. 
' The ministers were due In 
resume talks at 11 o'clock, when 
the Commission would table its 
final set of compromis? propo- 
sals. There was no real reason 
| why they should not have been 
! resumed' at a more civilised hour 
— say at 10 o'elock thi.; morning. 
Since the negotiations had 
already dragged on for five 
months, no one could seriously 
claim that liming had suddenly 
become important. 

But the price review gives the 
ministers the chance lo step into 
the international stadium .and 
plav their well-rehearsed moves 
before the biggest audience 
many of them are likely to get. 
So they will play it for all it 
is worth. 

The more-seasoned players, 
such as Herr Josef Evtl. the West 
German Minister, and Mr. John 
Silkin of the U.K.. appeared 
confident, sure of their strategies, 
well able to pace themselves 
through the entjjess cups of coffee 
and piles of sandwiches. 

Less experienced players, such 
as M. Pierre Mehaignene of 
France and Mr. Poul Dalsager of 
Denmark, the Council President, 
appeared equally determined, but 
their staying power was yet to 
be tested. 


The rWurev, Agriculture Coin- 
missioni-i 1 Finn Olav Gundrlach. 
had recently weathered bout of 
heavy criticism and spent ihn 
past few days insisting loudly 
that tbe game would be played 
according to the rules, in thix 
case a maximum average price 
increase nf 2 per cent. But there 
were strong doubts as to whether 
he would l<c able to control the 
German and Benelux players, 
who were mil to secure at least 
3.5 per cenl. tor their over- 
productive northern constituents. 

Much attention was focused 
on the Italian Minister. Sig. 
Giovanni Marcdra. who had 
staked his reputation no winning 
for Hie Mediterranean producers 
a 1.9lm. unit nf account package 
of market support and restruc- 
turing measures. 

He was expected to meet heavy 
blocking tactics from the British 
and Germans, who would he try- 
ing to manoeuvre for a settlement 
in principle that would allow the 
details of the package to be set 
aside for settlement later. If 
Big. Murcnra failed to score, the 
whole mulch threatened lo end 
in a draw, necessitating a replay 
later thin limn I h.. nr oven referral 
to the EEC sutiimit in Bremen 
on July 6-7. 

The atmosphere' ahead nf the 
late mat eh was subdued. The 
ministers were reported to ho 
sleeping peacefully in their 
hotels, and Mr. Gundelach had 
retired with 20 or so officials 
and experts to the top floor of 
the council building to put the 
finishing touches . to their pro- 
posals. laying down the ground 
rules. 

Orders went out for extra 
supplies of whisky, caterers were 
building their sandwich- moun- 
tains. the television crews were 
setting up. and the security 
guards were In position. It would 
be a very long night. 


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FRANCE 


WEST-GERMANY 


GREATBRITAIN 


BELGIUM 





Every railway in Europeneeds 
some support from the taxpayer. 

But ours needs less than most* 
Eachyear the Government 
requires British Rail to runpassenger 
services which, although unprofitable, 
are socially vital. 

Like the commuter services in the 
SoutihEast. 

For three hours every working day ■ 
they bring 400,000 people in and out of 
Sjfc* Central London, but inevitably for the 
restoflhetimelhetrainsareunder 
utilised. 

Our contract with government is 
to run these services at a price which we 
■agree each year in advance. 

In fact, we’ ve met our contract for 
the second year running, and beatenitin 
1977 by £2^000,000. 

Which is no mean achievement in 
these inflationary times . 

PoundforpoundBritishRailafe 
giving the nation good value for money 
Especially when you take into - 
account thesodal and environmental 
advantag^lhatcan’tbemeasuredin 
moneyalone. 

British Rail 

The backbone of the nation. 

*Soui'.s. IK Sulisli'^ilWrce Ot tfifr ITw vpivirtjpTiinii-ifiyi Iiiru- 1'- 1 " 1 pr :i" «.},■! jVfiuWOn. ' 





Financial Times Thursday May 11 19TS 


VI K.^ I NEWS 



Major Japanese sectors 
cut production capacity 


BY CHARLES SMITH, FAR EAST EDITOR 


TOKYO. May in. 


LARGE SCALE scrapping of pro- out but electric furnace steel tions for such cartels on a case 
duct ion capacity in four major capacity will be reduced by 16 by-case basis. 

Japanese industries will be car- per cent, over the next 'ten The recession industries law 


Sadat offers 
to suspend 
Mideast 
peace effort 

By Ihsan Hijazi 

BEIRUT. May 10. 


U.S. nuclear co-operation 
urged with Japan, UK. 


BRAZIL 


BY DAYID BaL 


Washington. May 10. 


THE US. should co-operate with USSR have prototype Tartars of much 

Japan and possibly Britain on a this type of about 250aiW and Iteration terras t i£ . 

full-scale nuclear fast-breeder already generating electricity "^ n °? rhp w S d m Vmwh hS: 

pilot plant or risk losing for The U.S. has a programme to around the *or.d in much larger 



Bishops 
move for 
change 

By Sue Branford in Sao Paulo 


- - Industry - _ 

Specific Industries Hit by Struc- tor where big cuts are planned the government the power to 
lural Recession, the new mea- is urea fertiliser (production compel the scrapping of facilities 
sure applies tn shipbuilding. capacity to be reduced by 40 in certain industries and penalise 
electric furnace steel making per cent.). companies declining to partici- 

(but nor integrated steel mak- The State-owned Japan Dev el- pate. ■ Participation in -the 
ins), aluminium refining and opment bank is to put up YlOhn. scheme, as eventually drafted, 
artificial fibres. i?44.4m.) worth of funds to pro- is voluntary, and scrapping of 

Under it. the Government will vide guarantees for loans ro be facilities will be applied to the 
provide emergency funds to com- made to companies participating four industries specifically 
panic* which aeree to scrap m the schemes. Recession cartels mentioned in the law. Applica- 
caoacitv bv specified percentaacs ro he formed in the industries tions for Japan Development 
over the next year or so. Pro- concerned will be authorised by Bank funds under the law are 
ci--e details of scrapping nrn- the fair trade commission which expected to start coming before 
grammes have yet to be worked normally has to approve ap plica- the end of this month. 

UNREST IN THE PHILIPPINES 

Marcos’s painful lessons 

BY DAVID HOUSEGO. ASIA CORRESPONDENT. IN MANILA 

FOR A DICTATOR as mindful of younger than Mr. Marcos was from the regions. In anticipation 
his puhlic image as President when be first became president that his measures will no longer 
Marcos of the Philippines, the 12 years ago. * have so smooth, a ride. Mr. 

last two months have been a The election has also left the Marcos has been using the time 
ojtnful experience. The cam- military uneasy. The speed with since the elections to rush 
paten for the general election which the Opposition campaign through 3 number of decrees 
on April 7. the first real test of gathered momentum was a that would in future come under 
public opinion [here has been “nasty” shock to the military legislative scrutiny. 

In the five years since he im- and to the business community What Mr. Marcos Is hoping for 
posed martial law. revealed a far with which it has strong inter- now is a further breathing space 
deeper resentment against his locking interests. For the senior In which increased outlay in 
regime ili.rn cither he or his officers, who have seen the development will win him 
opponents had expected. armed forces expand more than popular appreciation tor bis sub- 

Soon after that blow Mr. fourfold in the past five years, stantial achievements in the last 
Walter Mondale the L‘.S.' Vice- the lesson drawn is that further live years and toe his economic 
President arrived in Manila to opportunities for puhlic debate programme. before risking 
tell Mr Marcos politely that a and dissent risk makinc martial, another test of public opinion, 
great manv people in the ad- law the focus of attack. ■ Hls strength in managing what 

ministration and in Congress The militsrv . was deeply amounts to a further transition 
believed that there had -been involved in the rigging that period- Is the appeal that his 
massive riggin" of the election, ensured Mr. Marco* a handsome flamboyance and political skills 
He added there was little chance viernrv. It is no coincidence that have with- Filipinos,, 
of Congress passing additional the first intimation that local The opposition was divided 
militarv’ nr aid allocations Tor elecrin ns— originally to have and dispirited before the election 
the Philippine? unless Mr. been held after the national el“r- and remains so. Apart from Mr. 
Marcos could project a less tions — mav he postponed tn 1W4 Aquino who has a political touch 
repressive style. ba« come fmm »h«* R*erfft- ir y for that matches that of Mr. 

Neither event has shaken Mr. Jinn Once Enrile. Marcos, the more seasoned 

Manms’s firm grip on the coun- For Mr Mnrco« ‘be election among them lack the stomach for 
try. But his hopes of a steady neither fend“d off U S. nres«iir» a fight and do not see Mr.. Marcos 
passage from martial law to a nor hac it guaranteed him a mal- offering them another election 

coni rolled but popularly elected — ■■■■■ until the distant future- They 

covernment seem distant. He is Government troops shot dead are overrawed by his skills un 
now astride a horse more gj Moslem rebels and wounded outmanoeuvring them, as he has 

S3 ' In a bid to rescue 37 done again since the election, 
hostages taken from a captured The one institution with the 

ferrvboat in the southern Power and independence to 

Philippines. the Defence cballenae Mr. Marcos is the 

.... Department said yestfrtav. CaJrtlic Church but he car. put 

support that emerged during the Reuter reports from Manila. under. pressure. The Jesuits 
campaign for the ihe Opposition The hostages have’ sf HI not B ” d 

Laban l People’s Power) Parly heen released. The Govern- UP an active battle «r!Xb the 

in Manila— the only area which nienl’s losses were II killed and 
they seriously cuniested— re- 4« wounded Jo four bnf’1es. «n 
fieri ed a genuine note of di$- the island nT Rnsilan. 350 miles 
content. It sprang from resent- south of Manila, 
ntent acainst lhe pace at which 


envisages a joint; 
hicb the U.S. and 
would build three 


BRAZILIAN bishops have re* 
affirmed their support for a 
progressive role tn be played by 
the Church in preparation for a 
meeting later this year that will 
determine the position the 
Church takes in Latin America 



renewed their commitment to a 


difficult to manage. 

The election has left in its 
wake a number of problems that 
Will continue to trouble his 
regime. The strong burst of 


a t si g n iffca n rd ep a rt ure f r o ml h e of .«Tu That: ‘‘Th* United The advantage of choosing j 
Carter Administration’s current States is being left behind Japan. aud possibly Britain, as 

nniif v u-hich is to ban much only in the evolution of uie a partner would be that neither attitude of the UUoonc Church. 


President Sadat was reported 

tn have offered to suspend the policy which*’ te' 7o“ Yan~"mucb only in tne evomuon m uw a partner ^ t 

joint political and mititary com- f ur th' e r commercial work on fast technology but aUo in its ability country is currently co-operating l The bishops produced a docu 

nuttws Egypt formed with Israel breeders at least until the out- to influence what is going on in i* ihe European fast breeder *ment tn which they state the 

and to confine Egyptian contacts enme ‘i two-vear Inter- Lhe rest of the world.” Demon- programme of France. West I Positions to be defended by 42 

with the Israelis to the UN. Nuclear Fuel Cycle strati on plants of the kind pro- Germany and Italy. But both of their number at the third 

He also promise j to keep the Evaluation begun last autumn, posed in the report would be nn have long experience in tbu basic general conferonee oF Latin 

Arab states Informed about such reactor is one that a large scale. Because they technology of their own. Japan Amenran bishops to be held in 

contacts. produces more nuclear fuel than would produce plutonium for bas made good progress in build- in October. 

However Iraq has indicated it (t uses. Britain. France and the their own use they would be ing its ssoiJW Mouju breeder ! 

prototype reactor and Is I suiannes ror enuren action in rnc 

extremely interested in the tech- 
nology. 

Mr. Gray said that new plants 
W11 . _, no .. ,, „ , n on the scale envisaged would be 
BY STEWART FLEMING NEw YORK. MjJ 10. a natura | successor to “precursor 

, E U.S. should eliminate A 51 per cent, limit is placed gjjjjg" cimeh rSoTpS. 

terday launched the strongest regulations limiting the amount on savings accounts with savings isstjl j j n limbo and 1 resuU of exploitation 

attack against President Sadat’s of interest that banks and sax-- and loan associations and sav- gj*® now under considers ; lnduatriaUscd countries, and the 
initiative so far. He said Arab ings and loans associations can mgs banks, with the celling £ s fn a P , nk.nt I need for structural chang 

interests bad never been in su pay on deposits. Mr. 

uch danger since the crusades. Heimann. Comptroller ot me «* «wi»mm«c-> uc-himio. rii n ,»h Mr Grav said this f nnwever. me initial anciim 

President Nimairi has heen an Currency uraed yesterday. which generally involve a com- ^I , " cn nr “‘V r ’ "E b p S , fl t t,nc> F ‘> r Puebla, which was drawn up 

an Araba tour as bead of the The Comot roller’s Office is one m 1 !t,nept ro keep the deposit ir new Pjant »ou o oc J Cclam, the Latin American 

Arab Leaeup “solidaritv rnni- ~c «> >k«. ..tinmi •joani>isc place for a year or more. prelude to a larger l.UOOMW ^, Iscnpal ’ GouncH, under the 

Mr. Retmann argued that ^ ^ on the ; guidance of Bishop Lopez 


was not interested jn any kind 
of Arab summit Radio Baghdad 
has started a new programme 
beamed to Egypt which attacks 
President Sadat and bis 
initiative. 

Mr. Assad in a speech at a 
teachers’ rally fn Damascus ye 


Interest limits ‘should go’ 


next ten years. 

The last conference, held in 
Medellin in Colombia in 196$, 
elaborated a new, radical doc- 
trine, the so-called ” theology of 
liberation.” Third world under- 
development is seen a-? the 
bv Uv 1 
d the 
je is 


initiative so far. He said Arab ings and loans associations can ings banks, with j.,<r for , | ar , er alternative plant ! neea * or * 

interests had never been in su pay on deposits. Mr. John rising to 75 per cent, for other to one orminallv proposed for proclalmed - 

much danger since the crusades. Heimann. Comptroller of the iyp« of consume^ deposits; J®”*' ° R|V “ P 8 Mr ‘ G |: av ^ ^ aid this! However, the initial document 

President Nimairi has heen an Currency uraed yesterday, 
an Araba tour as bead of the The Comptroller’s Office is one 
Arab League “solidarity com- 0 f three national agencies 

SSftSSS ^ 00^-^“ a7oliSi Trujillo. co^na^ Coum, 

strategy on the Middle East pro b- departments regulation inTestlna in mo ney market in- that 

Presidenr-Sadat said this week ne 's S ^en SS Mr Heffiiarin 

^ e h?m at i? "S|{5 r S :l hS regulxtiuns ' penalised “the ”§uf be' said any move to lift in developing breeder licensing) h church’* 

ini be ready to alteid m Arab peop] * who « u,d least to the restrictions should be done standards and procedures. At politicaMnvahement indirectl” 

Z reafly 10 • tend ^ Ara be penalised ” in an orderly fashion to avoid the same time much deeper con-; P®' 1 *'" an v acnin 

Observers noted there is a new The regulations liuut to 5 per the danger some . tontajm- «dn»d«B \ Sy thJ church to din« rt! 
igeraess _ on (he part of Mr 


Sadat, to improve tics with the 
Araba states: 

Meanwhile French troops of 
the UN peace-keeping force 
were to-day completing their re- 
deployment in -the Tyre area in 
southern Lebanon. At rhe ?ame 
rime the Palestine Liberation 
Organisation (PLO) has said ‘t 
will take action against unruly 


commercial bank can pay on 
regular savings account. 


a prudently offering interest rates need for “an international fuel ^ “J™ 1 mic 

a so high as to weaken their cycle authority responsible for ; and ,oc^ L conomic 

capital base. the control of fissile material.” * ll 1 “ c,u " 


Democrats reject delegate role 


BY JUREK MARTIN, US. EDITOR 


WASHINGTON. May 10. 


In contrast, the Brazilian 
: document is radical, nil hough 
! contradictory in some aspects. 
•The Brazilian bishops hope that, 
as the largest delegation, they 
will be able to halt the conserva- 
tive initiative. 

The bishops' document reflects 
the changes of position of the 
Brazilian Church In recent Years. 


elements why have been creating . ... 

trouble for the force. LEADERS of the Democratic primaries and caucuses before was made clear that Mr. Garten ® razil seen, after 'the military 

Reuter writes from Washing- party to-day rejected a plan being entitled to delegates, had no personal interest in thei““R . JJ® TrJ”,;! 

ton: President Carter is oreoared IwS. »!*“ Under this plan, which had debate. The White House aide, "““her ^ of Latin Amencan 

Approval he J) P f 'hU rnurnS! President Carter to be chal- would have^to’win 15 per* ‘cent Haisoo man between the Admin i- ; Jo^^p^Q^ca^svstemTof 

Middle East aircraft package, the iene« d »n fhe party primaries of ihe primary or caucus vote stratinn and the Jewish com-jws^ ire ponwaijyswnw^i 

White House announced to-day. and caucuses ID 1980. in the first month of the election inunity, who resigned in protest 

A White-House spokesman also season, 20 per cent, in the -gainst the President’s Middle 



corruption has grown and the | eab i e Assembly. One of his 
Marcos family and their asso major reasons for railing the elec- 


believes the church must live 
with different political systems 
In practice his overriding fear— 


dales have enriched themselves: tlon was jhe ‘-American argument ZZeltui PresTd“nt 3kfaren*l 

d :!l! ke ,.? f L *l?. e . h, .^_.^ n ^f dliess that new aid appropriations could p | av - s Qn — is that the regime •; 60 F-1 5s Administration planned (regufationl' 


which Mrs. Imelda Marcos. be Ror through Congress more f uriber nenalise church 

the President’s wife, has used easily if he could demoostrate Xnls sanction dWot% or S 
her powers as governor of lhat martial law was offset by a rherd Vith lareer farnilv K 

m?Ptirv for h y hSS ,{w P°“ ular . l - V olecred legislature. n mg programmes to bring down 
niii.tnn for the brutality that This is important because any tlie h - {s , h birth rj . e 

tney have often demonstrated in settlement of the terms for Neeotiating such a transition 
enforcing martial law. and a .American use of the air and neriS would be less diffiralt if 

r*ci' fiw W ?S?" l ta en iS?h af Kr r bases ■ in Philippines J fr Mercos did not have sucb a 
over five >ears in which Mr. will m practice require Conares- -i aree - hacklo" of oroblems with 

Marcos h.«s held supreme power sionai approval of a larger mili'-wijfch w contend In the 
vU. ® f of rar >' aid budget. But though southern island of Mindanao he 



lhe continent have been progres- 
sively influenced by the doctrine 
of national- security that, by 
eivine absolute importance to 
ih** State, has diminished th*« 
.-.ecurity or individuals.” And 

con tempi a ted. to candidates Tn primaries and lutafJirf , « f r P L h l ° “PP 03 ”' 00 is maintained hy mechanisms of 

He said Congress would receive caucij!ies hut considerable His- obta,ncd - bul lp » ve s application uwidr the party . The latest institutionalised vinlonne - 

a formal letter containing assur- crellon is left to The individual KeniJ^of’ " «rh, r ,^tt H ' ard : the ^amlc^ this process h*< 

*u_. -u. of the Proposal had Kennedy of Massachusetts a i; jpd r 0 the PiultinUentinn »'f viola- 

... w , ,haI ** would be much healthy lead in the esteem of Iti(> ns of the most elementarv 

to sell it would be used strictly " ~ ”’ 

for defensive purposes. * - — - -- — 

Mr. Jodv Powell, the White c a . u,i C d a* start of the year the primary and caucus season Jerry Brown of California wins 
House Press Secretarv said the when a parly reform commis- when most delegates to a party re-election comfortably in 
President’s action was based on 5 ,‘ 0n bad proposed that candl- convention are selected. November, he will entertain a 

a desire to avoid a bitter and da,es [ nr the Presidential nomin- The White House had not presidential bid (though the 

protracted dispute over his plan a ’ iDD be «0“i red to win a much pushed the reform proposals very same poll gave Mr. Carter a big 

to sell the 60 F-15s to Saudi hl Sher percentage of votes in strongly and, this morning, it lead over Mr. Brown). 

Arabia. 

The plan includes the supply] 
of 15 F-15s and 75 F-16s to Israel. 

F-5Es to 


BY OUR FOREIGN STAFF 


from Tel 

celebrates 
with a 

r>£™ „ , %7. A.’LX.'S t ^|.1AMA,CA ta devalue* , th. 

put h::n m I'n-on. ha> been On t!m uther hand Ihoucli Mr abandoned in 
ipn.iiiMnc "n thc.-.e grievances. Marcos m theory has ul! the seems to be an 
Tn , "u'h behind Kirs mi .'hargos powers he needs to make the Philippine arm? lo crush the 
hi .-ulivi-ixiiin and murder. Mr. .Assembly do his bidding, in pruc- niQv»m»ni hv force. 

h; -1 -- m-maced to capture ttee a numher of the^e elected Individually none 
unii'li -ynip.iihy by depicting s*?c tlu- inieiun Assembly as a problems pn.v* any 


Jamaica devalues, raises taxes 


The S240m. IMF loan, vffiich Socialist policies which, it is mass hiedia. 


The driving force behind the 
new analysis was Dorn Helder 
Camara, the “Red Archbishop 
of Recife in north-east Brazil. 
In 1967. and 1978. he led the 
struggle for human rights aeainst 
the domination of the State. 
According to Father Joseph 
Co. iblin a Belgian theologian, 
new working m Chile, no other 
; bishop in rhe western world 
i dun, c this centtirv has bppn «;o 
Istifiei.' hy the authorities and the 


Of these j dll?rs wll , be joinod by thousands attached to a 8S40OI. loan which 

. .. -. - . ■ - — — - p • — — »hreat to j _ r r nrn „, r lin dHP.»mund fi-htni-.- Ihe country is seeking from the 

jVliM.V'i "i. Ire:,u ' d hur no1 s,er 'o^ards mnre countable President Marcos But afler an| haw been InvTtedtomareh International Monetary Fund 
; ibui-H-d. Ilia- 4iirress means govcrniwiit. They include beere- election in which his ypannentsLn ■, rV ,i (IMF). 

In.:! uh.-ih.-r .Mr. Marcos keeps (ary Patera- 1. the Minister for for the firsi tune tnsted blond It^ ' nitv dnlJ,,n f naI,onal Mr Ertc Bel! the Finance 
,,5:i ,n .IT.-’f. o,- lets him ’free, Iiulusiry. a handful ««( judge, would be to think thev | ur V}J- -. innil , nfl MinSter said Sit the nei rate 

r.a k s ^ ** tsirtss ss-tS? v - 


The mysterious 
Henrique 
young priest 
Heldor. w>s 

Iplav and llv-pasi in JeriisaJem | v<?ar The moves are part of a desperately needed to shore up and ihe threat of an" imminent ! one epis ° de ln che campai?n 
'tomorrow momtn*. Today’s sul | ser,es economic measures the hattered Jamaican economy collapse of the econo mv. 

i fis, 


as now beerlj^p,^ rh r o U '»ho'ii the country Jamaican dollar and abolished Mr. Bell said he hoped would he claimed, have caused rising ’ pnrdtr Father 

'he face of what; Th ‘ ccnrT ^ p j^ L . e 0 f th e cele- ,he ti*'0-tier foreign exchange approved by the IMF Board unemployment (now around 30 :Pe !T” a -A?* J* yC , 

n attempt hy tbe| brat j on5 wi} | - nc a ni jij tan - ji- > s, em inlrodured in April last within the nexi seven weeks, is per cent.), spiralling inflation I wnrk,ne ’v" , , h 


against him. 

Gradually ibe struggle against 


B-80 


Moslem 
minority 
flees Burma 


Australian uranium talks 


BY KENNETH RANDALL 


during the holiday. 


Transkei ends 
S. Africa pact 


CANBERRA May io. 

MR. DOl'G ANTHONY. Minister The park is on Aboriginal land! 

MORE THAN 1 to .000 Burmese 1 For Trade and Resources, an- and. was to be managed co* 

Moslems have crossed into • noun 

Bangladesh from Ar.ikan pm- bour s ... 1-1M 1U a ..... „ 

v-bve in ihe I >st 10 days, out ; ., n m Prom|S ,. bad been arr .. n .. ed HS. C 5?® !|1 * ? nd lbe Govern-; announced to-day that ho was The devaluation— the fourth tn 
r»..i*(\i correspondent reports. i,....., ' off the i,,tesi cn.-is ? ? . nt \ National Parks Service. : cancelling hls country’s non ] months — followed the closure 


■ nut auu nnuuiivi, jn- -.1—. iv uc ii,u.ia 0 vu tu- 

need to-night after eight operatively by the Aboricloal > 
r? of , 3 )fo io Darvm that a ? e ^ le ^J. nr ?V ?b i h f. Northern; 


By Our Own Correspondent 
JOHANNESBURG. May 10. 

CHIEF KAISER Matanzima. the! further 15 per cent. 
Prime Minister oF Transkei I coming, year 


of 12.9 per cent, on the old 
“special rate" of 1.35 and of 
32.25 per cent from the basic 
rate of 1.05 

Mr Bell told Parliament the 
Government would continue to 
move the exchange rate to main- 
tain competitiveness and there 
were indications that the cur- 
rency would be devalued by a 
in the 


Th«*> jiv di.-.-cribed by Burma js ; 
in i-:'ntiiv minui iiy put havr been , 
living in iii.il rmintiT fur -cxcrul 
•.cru-iaii'in.- 


JAMAICAN 


Jamaican S per 1)5. S 


i-ooh 


1-201 


1-40H 


1-60 1 


yZ Ter 
spawn 
imrodund 


ZTm 
*7-1 “IT 


_a 


1977 1978 


But Aboriginal __ ___ ______ _ __ 

« '■ the"hrea“k“in martt’* on .Monday 7or""an (Time Minister Michael Man- The restrictions have angered i L**"".™” 

5 • i l u G o veri ! men ‘; d, P lc,mat,c relations on April 10. Indefinite period. The Finance leys People's National Party Jamaica's partners in the Carib- i br t church - b 2 s been f a, . ni ng 

v , .. . ^ .... nad threatened to No South African military air- Minister also announced .TSlSOm. (PNP) has come under strong bean Community and Common !e d aTnonB the oonulatirm. 

Aboui KrtuO people criiss the T.i- difficulty cone rnd nun- dcla _ passage f of ihe legislation j craft would be allowed to over- |n new taxes, affecting such criticism from the opposition Market (Caricoml and halted all 
jiofder doily and Bangladesh is ag.ment of Kakadu National in mj* port of demands for the i fly hi* countrv. and no naval items as petrol, cigarettes and Jamaica f_ahnur Partv ann rh^ aitemnts in oat- thn 


ihrean.-ning the Government’s ZZ-uJ"* 1 :. aggression pact with South | of the local foreign exchange 
plan- l«»r uranium mining in the 
Northern Tcrrrtury. 


of 2m., have been aggravated bv- , ,-u„ w »u * ,.. TOinB 

:s-:S5Sr~!«SK=3 

OS? and*' mun^.^a^i^’ look an openly h ? Stile *- Ml " 


years, and 
pillar of the economy, has been 
in decline. 


tude towards the authoritarian 
aspects of Latin American niili- 
Tho k-Mvii. . ;tary regimes. The church cam- 

Vided th^ «51w hr?obi^r h » aS p »^'' pa1 ^ against institutionalised 

^onnm^ e a °r!H‘»i >n ^)?2«t P S l T in the { violence (which is dubbed 
economy and Is expected to H^ rstIuctuI ^ sin « in lhis year’s 


form well in 197S. 

However, the severe foreign 
exchange difficulties which the 
country has been facing (last 
year the Bank of Jamaica’s net 
foreign reserves were, reported 
to have reached minus J$200ra.) 
have provoked the Manley Gov- 


document) has been gaining 
impetus. Earlier this year, the 
human rights commission of the 
Archdiocese of Sao Paulo pub- 
lished a study in which police 
i violence and the systematic use 
of torture were documented and 

re™rtSon“. ,n,POM teV6re ‘ mpor ' ! fh?Tm"erty S” «S.£5 


10.000 political exiles, launched 


. - . n , . ... .. - his country, and no naval items as petrol, cigarettes and Jamaica Labour Party and the attempts to get the island’s 

i i vine ih«.-m ii-inporary sanciuarv . Park whore isio-t of tn«* terri- Noriuem Territory. s executive: ships would be allowed into alcohol. local business community for hls economv moving again 

but has protested to Rangoon tor: - s major uranium discoveries .n have a say id the manage- j Transkei territorial \* , aters, even ^ 6 again, 

and the l : N. | have been made. ;n -’ nt In emergencies, he S3 Id. 


fc.. 



Serious rift threatens Janata 


Peru austerity 
package aims 
to cut spending 


BY K. K. SHARMA 




NEW DELHI. May 10. 



By Nicholas Asheshov 

LIMA. May 10. 

TN AN EFFORT to cope with its 1 


Retail sales 
in April 
rose by 2% 

WASHINGTON. May 10 
RETAIL sales In April In the 
U-S. rose hy 2 per cent, on a 


NYC labour 
settlement 
dead-line set 


Fast-developing economic crisis. ; ' n ™'., -J * p y 

the Peruvian military mnrern.; ^5L s ?I , . a,lr ’*^ us, .® d base t0 1 Mr. 


Mr. Mora]] Desai. the Indian 
Prime Minlcter tairave). and 
Mrv Indira Gandhi 




ground among the population. 

Denunciations of the country’s 
striking social inequalities have 
become routine. Dom Angciicn 
Sandalo. bishop of the poor 
eastern zone of San Paulo, com- 
mented during the May Day 
commemorations that “5 per 
cent of the population has every - 
thing, while the other 95 per 
! cent, lives in captivity, in the 
most shameful conditions.’* 

In other parts of the country, 
bishops and priests have rega- 
vAT>tr » ■«„ 1 ,arly denounced the widespread 

NEW YORK May 10. , hiring of gunmen by landowners 


to evict peasant fanners. 

The Government is clearly 


i:i*» Mi uis! or.- in-'Hidc- - •<>. :he fpehnq uf the Ministers Mr>. Indira Gandhi’s cam* wore between Peru an 

-..ft.iii. a. hyavy^ei-sht* .i> Mr. in Thp part*, ihcii the Siee) Minis- rocoamsed yqd senior Janata national Mon clary 

r''fn ; i'T.(lC*. Mmtsli-r tor. Mr. Patanaik. .went to the leaders admitted in private ihar reached, or should 

:£3 ln ’ i:, V ! J * ,! H - 1 N:n:- extent nf issuin-j .■ statement de- unless thov lake heed of tm- new stand-by credii 


- leadership. , 

Mrs. Indira Gandhi’s cams wore I between 


ler "f Fodm-c. .rOii Mi. Rijn P..i 
n:i:k. Minnie 


Hess they iakp heed of im- 
no^nemg ihe manoeuvring and ’warning." it “mav in* tun rati* in I 


and the ln 
y Fund has been 
be soon on a 
iy credit amusement. 
A deal with Lhe IMF would 




THE US. Treasury . Secretary 

ec*»«K - »>- Mr - Michael BlumenihaL saidl — 

the Commerce De- I to-day that New York city leaders 1 uneasy with the political course 
panment reporteiL ; have agreed lo set a Mav 20 tb e Church. Whilp ihe presi- 

Thv April rise came after deadline for settlement of the deni. Gen. Ernesto Getsel. refuses 

to be ' drawn into an open 
polemic. General Joao Baptists 
Figueiredo, who is to succeed 
him next March as the fifth suc- 
cessive military president uf 

.pie. „ pn * In an _ jj . j mbm. lUBn i,iiainintcs iur i Is more outspnjen. He 

tor- Si” ,1 f *235?- 1 New York, unless progress were i < ? mmented recently: - ( believe 
een. 5WH i, V,»A hv 7s oer^SS snDn ,n wwlrtn S labour! e^gerated emphasis on 

- - ■- - --’ S - D . pr rPnf - talks and other problems racing,' st,c,a, Qw«rtion* has led parr of 

the city. ! the clergy to become involved in 

AP-DJ I harmful political activities. The 

■ | church recently produced a docu- 

' -! meni on national security Ln 

the same way. the high command 
could publish a .document op 

_- — ■ 1 th«*nloey." 

Philip Morris raises hid for j Dom. Paulo Eva ns to Aims. 


U.S. COMPANY NEWS 


5even-Up: ITT heads for 
records: Credit Suisse exer- 
cises CS-WW option Page 30 


Archbishop of Sao Paulo, 
retorted: “Perhaps it would not 
be a .bad idea at all for lhe 
generals- to study a little 
theology.” 




•V u 



I. 

t,| ... ,J 'r 


•i . 

- ..‘."A. 

: ; . ,,1| T 

' 1 S 

1 • ' <•' i. 


,• i -l ' 




' U- 
, ' i ’ 1 > . 


.i , ‘i* 

“'i v ■ i 

' 1 •’ 'C ; 


.' n ^ 
m; t 

i‘i- . . 


- ■ !lns.. 




"'MV 

” '.h^v 


•• . T 0\ 
*' - 


• 4.- 

' " *' CIV 

' on 


I' • 


.r. 
* f 
hi;. 


Financial Times Thursday May 11 1978 



"Ol< ID I’ll AX) K NEWS 



new 



to order 



BY DAVID CURRY 


THE 0RDE7R- STARVED French 
snipbuildins industry faces a 
sudden deterioration in its posi- 
tion with the news that a Swiss 
concern. Allfis, is likely to be 
forced to cancel orders for 12- 
small cargo vessels placed with 
French yards. 

Allfis has been unable to raise 
pe money to authorise work to 
d®Eh> on the 3,300 dwt vessels, 
or which eight were- to have 
been built at the Saint- 
Naza ire yards of Chan tiers de 
1 Atlantique;. part of. CGE’s 
Alsthom-Atlantlque group,, and 
four at the Nantes yard of 
Dubigeon. 

in anticipation of the 
Swiss decision; Chantiers de 
I'Atlantlque has cancelled its 
orders with sub-contractors ifml 
is shifting its 7,000 workforce 
from a 42 -hour to a 34-hour week 
from August. 

Dubigeon has shed 500 people 
over three years. Workers are 
likely to be retired as they reach 
the age of 56 years and 8 months, 
The technique which has been 
widely used in the steel industry. 

Although Chantiers de I’Atlan- 
tique still has a significant order 
hook there is almost nothing 
hey and the horizon of 1980. Due 
for delivery in 1978 are: four 
16.400 dwt container vessels ft>r 
a French shipping group; a 
.47.609 dwt container ship for 
South African Marine; and a 
20200 dwt roll-on/ roll-ofF con- 
tainer ship for a French 
customer. 

In 1979 and 1980 two liquefied 
petroleum gas (LPG) ammonia 
carriers will be delivered to the 
Arab Maritime Petroleum Trans- 
port Company and two liquefied 
natural gas (LNG) carriers to 
the Algerian National Shipping 
Company as well as a 550,000 


PARIS, May 10. 


super-tanker for the French 
Cojnpagnie Rationale de 
Navigation. 

It is negotiating with a French 
company to buiid two refriger- 
ated. container .vessels to carry 
bananas but wili probably have 
to build them for its own account 
and lease the vessels for 15 years 
at about FrsJ20m. a year each. 

Dublgeon's books at its Nantes 
yard carry three 30,500 - dwt 
chemical carriers for delivery 
over the next two years and two 
vehicle - carriers. The company 
also has on its hands the two 
submarines ordered by South 
Africa whose sale was forbidden 
by the French -Government in 
response to the United Nations 
arms embargo. 

The French Government is 
trying hard to work out a 
formula to restructure French 
yards and to reduce capacity, but 
has made little progress since 
its ideas do not ' coincide with 
the pattern of alliances favoured 
by the' yards. The main col- 
laborative venture is between 
Chantiers de la Ciotat and 
Chantiers de I’Atlantique. 

French yards’ order books 
reached their thickest in 1975 
at 6.19m. gross registered ton- 
nage (grtl hut at the start of 
each of the next three years 
declined to. respectively. 4.64 ra. 
grL 2.8Sm. grt. and 1.74m. grl. 

After booking 2.64m; grt of 
new orders in 1973 the intake 
was more than halved the follow- 
ing year. It collapsed to 1RO.DOO 
grt in 1875. tn a mere 19.000 grt 
in 1976 and was even lower last 
year at 15.000 grt 

Over the past three years 
French yards with annual 
capacity of about 1.6m. grt have 
failed to book a single foreign 
order, a fact blamed on their 


relatively high prices and longer 
delivery limes than most foreign 
competitors. Tbey also suffered 
badly in 1977 from customers' 
financial difficulties. The bank- 
ruptcy of Multinational Gas 
hurt, in particular, the CNLM 
group. 

French customers ordered 
only three ships in 1976 and four 
vessels the following year for a 
total of 19,000 and 79.000 grt 
respectively, and the bulk of 
1977 ordens were, in any case, 
placed overseas. 

The French Government has 
tried to help the yards by set- 
ting up purchase financing faci- 
lities and extending aid, and 
clauses have been added to 
financial agreements signed by 
France with foreign countries so 
that part of the credits granted 
would be allocated for new 
orders placed in France. 

The direct subsidy of a maxi- 
mum 15 per cent, of price to 
yards to enable them to lower 
their sales prices has been 
resumed but the subsidy is not 
automatic. 

French yards, however, com- 
plain that the subsidies fall 
short of those granted by other 
countries and that Norwegian 
and Swedish owners in parti- 
cular benefit from much better 
financing terms. 

Meanwhile, the crisis at the 
Marseilles yard of France's lead- 
ing shiprepairer, Terri n. is no 
nearer resolution. The com- 
pany’s receiver is faciRg a strike 
by the 4JD00 workers against 
plans to make 825 people redun- 
dant. In the face of a strong 
local political campaign in 
favour of the yard it is thought 
that a formula of early retire- 
ment and retraining may be 
preferred 


Iran’s oil 
exports 
fall again 


By Andrew Whitley 

. Tehran, nay 10. 

IRAN'S OIL exports have 
declined for -the third monlb 
running to the lowest level of 
the year. Figures today from 
the National Iranian Oil Com- 
pany (NIOC), say exports of 
crude and refined oil in the 
month to April .29 averaged 
<L&m. barrels a day. 

NIOC changed this month 
from the Gregorian to the 
Persian calendar for statistics, 
so exact comparisons are 
difficult But latest figures 
represent nearly a 4 per cent, 
decline from March. 

Offtake by the 14-member 
Western on consortium led by 
BP declined by more than 8 per 
cent, to -their lowest level of 
the year. The figures, coming 
shortly after the break-up or- 
talks between NIOC and the 
consortium on' a new long-term 
agreement, will increase pres- 
sure on NIOC for an early 
settlement. 


PROTECTIONISM 


U.S. warns developing countries 


BY jUREK MARTIN 


WASHINGTON, May 10. 


THE United States has warned 
the leading developing nations 
that it will retaliate if they con- 
tinue to apply protectionist trade 
policies. 

The . message was given 
specifically to Brazil by Mr. C. 
Fred Bergsten, the Treasury 
assistant secretary, in a speech 
in New York to the Brazilian- 
American Chamber of Com- 
merce. . But it was made clear 
that Brazil was representative 
of a group of countries, includ- 


ing Mexico, South Korea, Saudi 
Arabia and Iran. 

The thrust of Mr. Bergstea’s 
argument was that nations like 
these five, whose economies have 
expanded rapidly over the last 
generation, may find themselves 
in an analogous position to that 
of Japan today. 

He specifically compared pro- 
tection afforded to domestic 
Br azilian industries and the sub- 
sidies granted to Brazilian ex- 


porters with similar advantages 
available lo Japan: the U.S, lias 
of course in recent months been 
pressing Japan hard— with some 
success — “to liberalise its trad- 
ing practices.”' 


The existence of such prac- 
tices, Mr. Bergsten said, “can 
jeopardise the openness of the 
entire trading system.** He 
went on; *Mt is no! too soon to 
ask whether Brazilian policies 
might have somewhat similar 


effects (to Japan) in the future. 1 * 
He noted that some current 
Brazilian trading practices run 
directly foul of the U.S. 
countervailing duties Ian’s. The 
Treasury’s authority to waive 
imposition or countervail ins 
duties expires in January next 
year with the result that addi- 
tional levies would have to be 
exacted on a variely of Bra7ilinn 
products unless Brazil ceased 
subsidising its exporters. 


Trade barriers ‘may 
lead to world war 5 

By Dal Hayward 


S. Korea plea to Australia 


BY KENNETH RANDALL 


CANBERRA. May 10. 


EEC steel curb 
this week 


Continuing uncertainty over 
Iran’s oil earnings appears to 
be holding up the final drafting 
of Its ambitions sixth five-year 
plan. Current expend! lure 
targets may also have to be 
embed, as total exports Ibis 
year are also running well 
below budgeted levels. 


WELLINGTON. May 10. 
AMERICAN VICE-PRESIDENT 
Walter Mondale was warned by 
New Federal Prime Minister 
Robert Muldoon that agricul- 
tural protectionism applied by 
I most of the great industrial 
nations might lead to a future 
world war. 

Mr. Muldoon made his attack 
on what he called “the perni- 
cious agricultural protectionism 1 ’ 
at a state luncheon in Welling- 
ton to-day. 


• Financial sources in Jeddah 
predict a sharp fall In Saudi 
Arabia's investment abroad 
this year now that the country's 
oil esorts are running at more 
than 30 per cent, below 1977’s 
average. Our Foreign Staff 
writes. Last month's exports 
were 6.2m. barrels a day com- 
pared with, an average of 9m. 
barrels a day in 1977. One 
effect has been to reduce the 
surplus of oil in the world 
markets. 


Marcos hits again at 
industrialised nations 

By Our Own Correspondent 


MANILA, May 10. 
PHILIPPINES President Ferdi- 
nand E. Marcos criticised protec- 
tionism in developed countries 
anew to-day as he called oh them 
to help accelerate the economic 
development of poor nations 
through more investments and 
by transferring some of their in- 
dustrial facilities to the Third 
World. 


SOUTH KOREA is pressing Aus- 
tralia strongly for action to 
redress the trade imbalance 
between them. The Korean 
Minister of Commerce ant) 
Industry. Mr. Gak Kyu Choi, ex- 
pressed his Government’s con- 
cern over the situation at the 
joint trade ministers' meeting in 
Canberra this week. 

The Korean delegation was 
critical of both obstacles to their 
exports and Australia’s failure to 
buy more goods in the categories 
which are free of restrictions. 
Mr. Choi also protested at the 
loss of “developing country” 
tariff preference for a number 
of Korean exports to Australia, 
and the possibility that such 
preference might also be with- 
drawn from certain iron and 
steel products. 

Mr. Choi acknowledged that 
Australia had been a reliable 
supplier of a wide range of raw 
materials, especially iron ore 
and coking coal, and expected 
demand would continue to rise. 
There would also be new demand 
for materials such as steaming 
coal, .bauxite and alumina, nickel 


and uranium. 

But this would only make the 
trade balance problem worse. 
The Koreans “ requested 
strongly” that the Australian 
Government should take appro- 
priate measures “that could lead 
to increases ” in Korean exports 
to Australia. One suggestion was 
the purchase by major Aus- 
tralian raw materials companies 
of Korean ships, mining equip- 
ment and rolling stock. 

On the general question of 

protectionism, the Australian 
team, led by Mr. Douq Anthony, 
the Minister for Trade and 
Resources, repeated their argu- 
ment that present measures were 
temporary and essential to avoid 
market disruption. 

• South Korea’s trade deficit 
widened to $465m. in the first 
four months of this year, up 26 
per cent, from a S3 Mm. deficit a 
year earlier, AP-DJ reports from 
Seoul. Exports for the January- 
April period totalled $3.637hn. 
fob. up 2S per cent, from a year 
earlier. While imports amounted 
to S4A02bn. cif, also up 28 per 
cent. * 


By David Buchan 

STRASBOURG. May 10. 
AN AGREEMENT restraining 
Australian steel exports to Ihc 
EEC in 197S will be signed this 
week. Viscount Etienne Da vie rum, 
the EEC industry Commissioner, 
told the European Parliament 
last night. 

He said EEC steel companies 
collectively- lost £1.fi2bn. last 
year. The cumulative loss 
emphasised the urgency fnr re- 
structuring the industry in 
accordance with the “ general 
objectives for steel for 19S5," 
which the Commission hopes to 
ptihlish in July. 

The export curb follows trmq 
negotiations, made more difficult 
by the public row between 
Brussels and Canberra over 
genera] trade. 

He said the Commission would 
not raise minimum guideline 
prices for si eel products on the 
internal market unless the mar- 
ket could absorb the increases. 

Brussels still hopes to raise 
the guideline prices hy a further 
10 per rent, this year. A first in- 
crease of 5 per cent, was made 
in January. 


Japan wins Polish order 
for roller bearing plant 


BY CHARLES SMITH 
JAPAN’S largest bearings manu- 
facturer, Koyo Seiko, has secured 
a Y12.5bn. (about £28m.) order 
from Poland for a roller bearing 
plant, in the face of competition 
from one other Japanese and 
three European, companies. 

The order, the second to be 
secured by Japan from Porand 
for a bearings plant, is being 
taken as evidence that the 
Japanese industry is still highly 
competitive in- export markets, 
despite the revaluation of the 
yen. 

The plant to be located in 
Poznan, will have an annual 
capacity, of. 12m. sets and will 
come into production In October, 
39SL T It will be-one of,- -If not 
the largest plant of its kind, 
according to Koyo. 


TOKYO, May 10. 

The company said that SKF 
(Sweden), LNA (West Germany) 
and N a della (France) competed 
strongly for the order. The 
Japanese bidder was NSK, the 
company which operates a ball 
bearing factory near Durham and 
which secured Japan’s last major 
bearings order from Poland at 
the end of 1975. 

The Koyo plant will be 
financed through supplier’s credit 
with payments spread over eight 
years and an . interest rate of 
7.5 per cent. The order sub: 
stantially increases Poland’s in- 
debtedness to Japan for thjs type 
of trade financing. The NSK 
plant (or rather plants since the 
earlier order covered . * two 
separate . installations) cost the 
Poles YlSbn. 


India lists banned areas 


BY K. K. SHARMA 


NEW DELHI, May 10. 


THE INDIAN Government, 
offering guidance to foreign 
companies wishing to invest in 
the country, . has finalised a 
comprehensive list of industries 
in wbich foreign collaboration 
will not “normally” be permitted. 
The list will apply to new 
investors and does not affect 
existing foreign collaboration. 

The decision to list “banned" 
areas was taken after the with- 
drawal of .international Business 
Machines (IBM) and Goes- Cola 
from India after their refusal to 
comply with requirements on 
“Indianisation” - of . ownership 
under the Fo reign Exchange 
Regulation Act (FERA)- . 

The list has : been formulated 
by the Ministry of Industry in 
consultation -with the Depart- 
ment of Economic . Affairs and 
the Direct orate- General of Tech- 
nical Development The hope is 
that all uncertainty about gov- 
ernment policy on. foreign 
investment and foreign collabor- 
ation will now .end. 

A team of American business- 
men headed by Mr. Orville Free- 
man suggested such a list on a 
visit to New Delhi, last winter. 

The Ministry of Industry is 
preparing to delegate powers to 
administrative, ministries con- 
cerned so that the latter can 


dear proposals for foreign col- 
laboration subject to guidelines 
being drawn up. But any pro- 
posal requiring equity participa- 
tion by foreign companies will 
still have to be examined by the 
high-powered Foreign Invest- 
ment Board. No proposals to 
amend or modify FERA 
requirements is intended 
The “banned" areas come 
under the following broad beads: 
metallurgical industries; electri- 
cal equipment; electronic com- 
ponents and - equipment: scienti- 
fic- instruments; transportation; 
industrial -machinery; machine 
tools; agricultural machinery; 
mechanical and engineering 
.industries; commercial office and 
household equipment; medical 
and surgical appliances; indus- 
trial instruments; mathematical 
and drawing instruments; ferti- 
lisers; chemicals; dyestuflfe; drugs 
and pharmaceuticals; paper and 
pulp, including paper products: 
fermentation industries; food 
processing industries; vegetable 
oils and cooking fat; soap, 
cosmetics and to Bet prepara- 
tions; rubber .industries leather 
and leather goods; glue and gela- 
tine; ceramics; cement and 
gypsum products; .timber pro- 
ducts; Don-scheduled items (such 
as clocks and pencils) and agri- 
cultural industry- 


Malaysia seeks investors 


The Malaysian Government, con- 
cerned about the shortfall in 
private investment over the past 
three years, is sending - an 
important mission to Europe next 
week, Wong Sulong writes from 
Kuala Lumpur. 

To emphasise its importance, 
the mission will be led. by the 
Deputy Prime Minister ■ and 
Minister of Trade and Industry, 
Dr. Mahathir Mohamed, who . is 
also chairman of the Cabinet 
Committee on Investments.- 

The team will arrive in London 
on Monday and go to Birming- 
ham, where Dr. Mahathir will 
open a two-day investment semi- 
nar on Wednesday. It will con- 
tinue to Frankfurt on May. 21, 
Paris on May 24, and Copen- 
hagen on May 28. 

$133m* Saudi plan 

Ebel Ban of GBttingen, West 
Germany, has won a 5133 m. con- 
tract to build an officer-training 
.academy for Saudi . Arabia's 
National Guard, James Buchan 
writes from Jeddah. The 30* 
month contract involves a prac- 
tically self-supporting community 
qn the outskirts of Riyadh with, 
a generating plant, water and 
sewage system 


houses using precast concrete 
components. 

- The Export Credits Guarantee 
Department has provided insur- 
ance for the project and support 
for the requisite performance 
bond . and advance payment 
guarantee. 

Singapore loan request 

Singapore Airlines Is to ask the 
United States Export-Import bank 
for as much os $360m. towards its 
record $900m. purchase of 19 jet 
aircraft from Boeing, AP-DJ 
reports from New .York. The 
company expects to be able to 
pay for the order. 


Algeria deal.. 

Algeria^ national oil and gas 
concern -Sonatrach and- the US 
Flour . Corporation have con- 
cluded a $336 m. agreement for 
the development of Algeria's 
AJrar gas field. 


China trade order 

. Isuzu Motors, Japan's third 
ranking truck maker, said It has 
received a Y3bn. order from 
China for 1,300 trucks- and a 
Y1.4bn. order from the. Republic 
of Tanzania for 500 trucks. 


£21m. Libya project 

The Ulster-based concrete and 
structural engineering company 
McNeill has won a £2Im- housing 
contract for the Libyan Govern- 
ment owne odGeneral Budding 
Company, Benghazi. Alan Watson 
writes. McNeill will build 700 


Scotch in. US. 

Tax payments . on Scotch 
whisky in the UJSk the biggest of 
the ;worid markets for" Scotch, 
jumped, by 19 per cent in the 
first quarter of this year com- 
pared .with the same period of 
1977. 


Announcing TWA's 


all wide-bo 



service 


Only TWA gives you a choice of 747s and IQlls to New York And, whichever wide-body you choose, 
the emphasis is very much on comfort with plenty of room to move around. 



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Introducing 
TWA's new 1011. 

The transatlantic TriStar... 
it’s built for comfort. 

The combination of 
powerful Rolls-Royce 
engines together with the 
world's most advanced 
flight control system make 
it the quietest smoothest 



*This service is a707until June 8th. 


wide-body in service today. 
’What’s more, the 1011’s computerised 
all-weather navigation /i] 
system offers improved 
schedule reliability too. ,± 


morning (first flight of the day) a 74 7 at 
midday and another 1011 in the afternoon. 


every 




TWA carries more scheduled passengers aernsstbe AtlanHc ihan any oilier airline. 



‘fi: 


* 









Financial Times Thursday -May 11 1978- 




HOME NEWS 


>ridgend 
orders 


go 


to ILK. 


Bjr Kenneth Gooding and 

Robin Reeves 

FORD said last night that it 
already had ordered machinery 
worth £lSm. from U.K. manufac- 
turers for its new engine plant at 
Bridgend. Glamorgan. 

The sum compares with con- 
tracts valued at £20m. placed with 
U.S. companies and others 
totalling £10m. which have gone 
to West Germany. 

The company gave the details 
in the face of growing concern 
□ bout its purchasing policy for 
the £250m. Bridgend plant. 

itlr. Rhion Jones, prospective 
Labour candidate for Merioneth, 
called yesterday for the National 
Enterprise Buard to investigate 
the apparent failure of British 
machine tool companies to win 
orders fur the Ford project. 3nd 
to suggest what could be done to 
ensure similar opportunities were 
no: lost in the future. 

He said: "The whole of Wales 
has rejoiced over the Ford expan- 
sion. Eu: we don't want to see 
Welsh factories merely as outer 
shells crammed with foreign 
machinery, especially given the 
very generous financial assistance 
for company expansion in 
development areas.” 

The U.K. taxpayer might well 
he indirectly subsidising Ameri- 
can or German machine tool 
companies which were in compe- 
tition with the British industry 
— now partly controlled by the 
board. 

Mr. Jones said that he was not 
criticising Ford or asking for a 
reduction in the Welsh Develop- 
ment Agency's financial aid for 
the scheme. 

So far the two major contracts 
placed for the Bridgend plant 
have gone to American com- 
panies. Joseph La nth is in supply 
a .i'9.75m. cjlinder-head line and 
Ingersol a £7 .25m. cylinder-block 
line. 

Ford said that rho equipment 
it needed could not be obi ai nod 
in Britain. ” If we can obtain the 
machinery we need in Britain we 
will buy it here." 

■* As rime goes on. there is no 
doubt that the value of orders 
placed with British companies 
will overtake these for 
American machinery." Ford 
said. 



BY ARNOLD KRANSDORFF AND MICHAEL LAFFERTY 


A COMPROMISE solution, pos- 
sibly establishment of an 
inter-governmental group, is 
the likely outcome or next 
week’s meeting of the United 
Nations Commission on Trans- 
national Corporations, which 
will consider adopting wide- 
ranging financial and social 
disclosure guidelines for multl- 
nelionaJ companies. 

The solution was indicated 
yesterday by Mr. N. T. Wang, 
who heads the Information 
Analysis Division of the UN 
Centre on Transnational Cor- 
porations. 

He was in London for 
informal discussions with 
Government officials before 
going to Vienna, where repre- 
sentatives of the 48 countries 
on the Commission hold their 

fourth session from May 15 
to May 26. 


A report by experts on Inter- 
national standards of account- 
ing and reporting is a main 
item there. 

If the experts' proposals are 
endorsed the UN may recom- 
mend that memfier-Govern- 
meoLs act to enforce the dis- 
closures °n multinationals. 
This now seems premature, 
with multinationals opposing 
the UN proposals and calling 
for more time «o consider what 
they mala Lain is a highly com- 
plex matter. 

Consensus need 

Mr. Wang said that the UN 

Commission did not expect that 

“ every country would like 
everything ” in the experts’ re- 
port. But Ihc group had done 
enough good work to ensure 
that most Governments would 


not wan! to bar? it. 

While the so-called develop- 
ing countries were probably 
ready to endorse the new dis- 
closures, the same was not the 
case with the industrialised 
nations, he said. 

As the Commission could 
work only through consensus. 
It was necessary to avoid 
polarisation of views as for as 
possible. Consequently, a pos- 
sible way forward might be 
establishment or on inter- 
governmental group. 

The ** general thrust - of the 
UN disclosures ‘ would be 
accepted by most . multi- 
nationals “fairly soon.** “If 

only they could overcome the 
psychological aspect of this 
they would realise that an 
ability to report compliance 
with UN disclosure standards 
coaid be very advantageous.*' 





BY IAN HARGREAVES. SHIPPING CORRESPONDENT 


AN URGENT review of the 
Admiralty's hydrographic survey 
resources is to lie undertaken 
because of fears that out-of-date 
charts on British coastal waters 
could present hidden dangers to 
shipping. 

This is the latest move in a 
controversy which began in 1975. 
A Government-sponsored study 
group ihen reported that £30m. 
wa« needed to supplement Lhe 
Navy's surveying activities for a 
programme of high priority 
hydrographic investigations. 

Mr. John Archer, the Under- 
secretary in charge nf the De- 
partment of Trade's marine divi- 
sion. fold the Trade and indus- 
try sub-enmmittee of the Com- 
mons Expenditure Committee 
yesterday that it had now be- 
come clear the naval surveying 
force was seriously over- 
stretched and was not providing 
lhe level of service required by 
merchant shipping. 

The first of a series of meet- 
ings of officials f rom Govern- 
ment denartnien's involved will 
take place to-day to re-assess 
priorities and inform Ministers 
of the costs of remedying the 
position. 


Mr. Archer confirmed that the 
situation has improved little 
since 1975. Only about 30 per 
cent, of Britain’s main shipping 
lanes have been surveyed to 
modern standards. 

This means that most charts 
arc based on either no survey or 
lead-line soundings of Victorian 
times. Since then there may have 
been movements in sandy sea- 
beds. apart from the risks 
created by the wrecks of two 
world wars. 

Commander John Paton. the 
Government’s hydrographic 
adviser, told the committee that 
the main areas of concern were 
lhe east coast at the approach to 
estuaries, and areas of the west 
coast, where it was feared that 
undetected pinnacles of rock 
could exist. 

Closer monitoring of ship 
movements in the Channel will 
be discussed between Britain and 
France to-morrow at a meeting 
called to consider the Amoco 
Cadiz incident. Mr. Archer said 
that cover may also he improved 
in the Anglesey and Milford 
Haven oil-loading areas of Wales. 

The Government is to publish 
a White Paper on Monday which 


will propose increasing the maxi- 
mum fine for contraventions of 
shipping rules from £100 to 
£1.000. 

The Llberiao Government 
inquiry into the grounding of the 
Amoco Cadiz off Brittany in 
March will start in London on 
Tuesday. 

Paul Taylor writes: An attempt 
will probably be made to-day to 
tow the wrecked forward-section 
of the Greek tanker Eieni V 
away from beaches in East 
Anglia which have been polluted 
with oil over the past four days. 

Last night divers using weld- 
ing gear were expected to fix a 
second shackle and line to the 
tanker wreck. It is then hoped 
to tow the wreck initially to a 
nearby buoy and then complete 
with the 2,000 to 3,000 tons of 
heavy fuel oil still believed to 
be in three bow-section tanks.- 
round Scotland and into the 
Atlantic, where it will be sunk. 

Although Trade Department 
officials said that little further 
oil escaped yesterday, oil con- 
tinued to reach a 40-mile stretch 
of coastline from Winterton in 
the north to Aldeburgfa in the 
south. . 


Higher 
bank 

charges 
on way 

BY MICHAEL SLANDEN 

CUSTOMERS OF some of the big 
banks may face increased 
charges as early as July in con- 
sequence of last month's report 
on the banks by the Price Com- 
mission. 

The banks are saying very 
little about their plans to change 
tariffs for customers. It is 
thought that at least one may- 
have reached a .decision on in- 
creased charges but the others 

may wait until the end .of the 

year before making any changes. 

•Timi is running short if the 
bank* want to bring in new rates 

on July 1. Increased tariffs 
have to be pre-notified to the 
Price Commission, which re- 
quires a 28-day waiting period 
before the banks can go ahead. 
To give fair notice to customers, 
therefore, the banks will have to 
move soon. 

Lloyds look 

The Price Commission report 
effectively opened the way for 
the banks to seek higher charges 
by accepting that their present 
rates were not excessive. Only 
one bank, Lioyds. responded at 
the time by indicating that it 
would be looking at the scope 
for justifiable increases. 

The Commission’s report has 
started a debate within the 
banks about the appropriate 
method of changing their per- 
sonal current-account tariffs. 
One move the report suggested 
was the payment -of interest on 
current accounts. 



Healey’s 
forecast 6 


BY DAVID FREUD 

THE UNDERLYING rate of in- 
flation remains on target to meet 
the Chancellor’s Budget fore- 
cast, according to the Price Com- 
mission. 

The commission's Index of 
price rises notified to it in the 
six months to April fell slightly 
from the previous month’s level. 

The index reflects rises that 
will be felt in the shops in about 
three months — July — so that the 
Chancellor's prediction of the 
annual rate of retail price infla- 
tion falling to about 7 per cent, 
this summer seems assured. 

The commission index for the 
six months to April showed a rise 
of 3-6 per cent., equivalent to an 
annual rate of 7.3 per cent. The 
annual figure for March was 7.5 
per cent A year ago the figure 
stood at 17.4 per cent 

Tbe index is based on price 
rises notified to the commission 
by Britain's larger companies. 
The rises cannot be made until 



28 days after notification and in 
practice the time lag is greater. 

In April, there were 250 notifi- 
cations, compared with : 400 in 
March. Tbe total value of the 
increases notified fell from 
£370m. in tbe earlier month to 
£300m. 

The commission’s index is not 
directly comparable to the official 
retail price index, which includes 
fresh foods, the effect of tax 
changes and most price reduc- 
tions. There are also differences 
in the composition of the goods 
and sen* ices. 

However, the commission’s 
index has proved a reliable indi- 
cator in the past of the slowing 
down or speeding up of price 
changes. 

The increase in raw material 
costs since March, caused mainly 
by the fail in the pound, is likely 
to be reflected in the commis- 
sion index from July-August 
onwards. 



same as 
last year 


BY MICHAEL BLANDEN 

THE GOVERNMENT’S borrow- 
ing requirement has started the 
new fiscal year at a level much 
in line with tbe figures recorded 
a year ago. 

The central government 
borrowing requirement in April 
is estimated at £445m., close to 
the £448ni. recorded in the same 
month last year. The total central 
government borrowing require- 
ment for tbe whole of the current 
financial year was forecast in 
the Budget at £7.9bn. compared 
with the out-turn of £4.4bn. in 
the past year. 

Spending 

This new figure may help calm 
some of the fears aroused in the 
City by the indications of a sharp 
rise in money supply during April 
given by Tuesday's banking 
figures. 

However, it remains clear Lhat 
there was a sharp increase in the 
borrowing requirement in March, 
to a revised figure of £t.27bn., 
probably reflecting end-year 
spending by departments. 

Part of this total will have 
affected the banking figures for 
the past month, which were made 
up to mid-April, and helped push 
up the money stock in a period 
when the authorities were selling 
little gilt-edged stork m fund the 
borrowing requirement. 


Savonita claims— inquiry reorganised 


BY JOHN MOORE 

LLOYD'S has reorganised its 
internal committee of inquiry 
looking into the Savonita claims 
dispute between two of its 
brokers. This came after a 
request by one of the brokers 
in volved— Pearson Webb Spring- 
bett — that an Independent 
examiner should be appointed to 
the four-man inquiry team. 

Mr. Clifford Clark, chairman of 
the London court of arbitration, 
lakes over as chairman of The 
inquiry team from Mr. Frank 
Barber, of the Lloyd's syndicate 
Morgan Fentiman and Barber. 

Mr. Barber's syndicate under- 
writes the defamation insurance 
business of Willis Faber, the other 
broker involved in the dispute. 


Mr. Barber remains on the 
committee with Mr. Ivor Binney. 
a director of C. T. Bowring, 
brokers: Mr. Peter MiHer. of 
Thomas R. Miller, another broker: 
and Mr. Charles Skey, of the 
Edwards and Payne underwriting 
agency, part of the Bland Payne 
group. 

Tbe inquiry hoard, which is 
looking into and reporting to 
the committee of Lloyd’s on all 
the circumstances concerning 
the handling of the Savonita 
claim as they affect the firm, is 
hoping to have the report com- 
pleted at the end of July when 
a statement will be made. 

Mr. Clark’s appointment to the 


team is a move to formalise. -the 
structure of the internal inquiry 
after Pearson Webb reserved Its 
legal rights to pursue a possible 
libel action against Willis Faber 
after the inquiry. The appoint- 
ment also has been made to 
remove possible ground for alle- 
gations of conflict of interests 
against the team. 

The Inquiry was set up after 
allegations had been made in the 
Commons by Mr. Jonathen 
Aitken. MP. on the settlement of 
claims on 301 Fiat cars, which 
had been resinsured on the 
London market. 

Pearson Webb, which was 


handling tbe claim for fire and 
damage to the cars on board the 
ship Savonita. decided not to 
press the claim after a loss 
adjuster's report and legal 
advice. A fraud squad inquiry is 
in progress on the claims. 

Pearson then was dismissed by 
Fiat and replaced by Willis 
Faber, a larger firm of Lloyd's 
brokers ■ which Mr. Aitken 
alleged, began pressing the 
underwriters to settle. 

The London Insurance com- 
munity eventually agreed to pay 
$500,000. Lloyd’s proportion of 
that settlement was $183,571. 


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IBM Reports. : ; , : j 



computer. 

House hunting is always a 
headache, but the Greater 
London Council has a bigger job 
than most Its Housing Scheme 
involves allocating council 
houses and Hats as fairlv as pos- 
sible amongst thousands of 
people who need homes urgently. 
People like teachers or transport 
workers, essential to the capital, 
as well as others whose growing 
families, illness, change of work 
or adaptation problems oblige 
them to move. The council 
currently receives about 1500 
requests a week tor urgent accom- 
modation. 

The fact that the council 
can cope, is largely due to an 
IBM computer system, installed 
in 1974. Housed at the GLC’s 
headquarters in Central London, 
the computer is connected by 
Post Office lines to terminals in 
8 district offices. Into the com- 
puter are fed details and personal 
needs of families seeking re- 
location. This data is stored by 
the computer, and updated 
regularly. Based on the GLCs 
allocation policy and each 
family’s situation, tire computer 
helps establish a priority order. It 
then searches through its data on 
all the houses and flats available, 
matching families' requirements 
to property characteristics in 
accordance with the priority 
scheme. The computer even 
helps communicate the solution 
to the applicant It automatically 


prints out a letter inviting the 
family to visit the suggested 
location Following this, it keeps 
track of whether or not the 
suggestion was accepted. If it 
wasn’t, family and flat go back to 
be matched again 

Sometimes two families 
seeking help are ideal for each 
others’ houses. The computer is 
also programmed to recognise 
this, an J print letters making the 
suggestion for a mutual exenan^ 
The GLC savs the number 


ge. 


of allocations they can deal with 
has doubled thanks to this 
system. And since the computer 
provides a more scientific 
matching process, there is now a 
higher acceptance rate of the 
allocations made. 

Plans are in hand to extend 
the system for lettings enquiries 
to ten more districts. And just 
recently, the system won the 
British Computer Society’s 
award for the UK system of the 
“Greatest benefit to Society”. 



There are over 90,000 IBM 
employees in Europe. They work 
at 7 research and development 
laboratories, 7 scientific centres 
.(which are usually associated 


with local universities), 14 manu- 
facturing plants, 26 support 
centres, over 150 computer cen- 
tres and over 300 sales locations, 
throughout Europe. 




Antwerp is one of the 
busiest ports in Europe. When 
the Antwerp council acquired an 
IBM computer the port became 
one of the system’s main areas 
of activity. 

The computer is used for 
the entire port administration. 
This includes the control of 18 
warehouses containing equip- 
ment and spare parts needed to 
keep the port in operation. The 
computer produces invoices for 


IBM employees benefit 
from our full employment prac- 
tice: when skill or work load 
requirements change, employees 
are retrained so they can move 
to different sectors of our busi- 
ness. All IBM employees in 
Europe are salaried... and all share 
excellent benefits plans. This 
advertisement, “IBM Reports” is 
designed to help you better 
understand how the products 
and services these employees 
produce are used in the United 
Kingdom and throughout Europe. 


all port sendees, such as the use 
of tugs and cranes, and the 
renting of mace in the ware- 
houses. It also checks on all in- 
coming and outgoing ships to 
simplify loading ancf docking. 
Back on efiy land, the same 
system is helping to keep the 
town of Antwerp in smooth 
running order. Tne computer 
calculates the salaries, taxes and 
pensions of all council workers, 
about 12,500 people. It computes 
the private pensions of over 
8,000 others and helps with a 
yearly census of the total popu- 
lation of Antwerp. It maintains 
a register of inhabitants and 



situation. It does the entire 
council’s book-keeping. It issues 
reminders for medical check-ups, 
and handles all administration 
for general elections. 


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Financial Times Thursday May 11 3978 



Government may be 
ready to support 
Wheal Jane rescue 


BY PAUL CHEESER1GHT 


THE lingering hopes of keeping 
open the Wheat Jane tin mine 
in Cornwall now centre on the 
possibility -of a takeover by 
Saint Piran. the London group, 
which has a majority holding in 
another Cornish tin mine 
South Crofty,. and national 
property and building interests. 

Saint Piran has been havin'; 
talks with both Consolidated 
Gold "Fields, the owners of 
Wheal Jane, and with the 
Government, air. Gerald Pen- 
filly, the South Crofty manag- 
ing director, had discussions ai 
the Department of Industry on 
Tuesday. Company geologists 
have visited Wheal Jane. 

The idea is that Saint Piran 
would take - control of both 
Wheal Jane and its neighbour^ 
the Mount Wellington mine.- 
owned by Cornwall Tin and 
Mining, but operate only at 
Wnoal Jane. Government 
assistance would be forth- 
coming in the event, of firm 
indications that a mine would 
turn out a 'viable economic 
proposition. 

The managements of Mount 
Wellington and Wheal Jane 
said separately last month that 
their mines, were to close. 

The Department of Industry 
has been exploring for "the last 
fortnight at least the possibility 
of bringing the Mount Welling- 
ton and Wheal Jane mines to- 
gether in a single operation. But 
the respective managements 
have not changed their positions 
— that the quantity and quality 
of tin available are not adequate, 
to make a profitable mine. 

Mr. Alan Blair, chairman of 
Cornwall Tin ' said yesterday 


from Geneva, that as. in his view, 
a truly economic mining opera- 
tion was not possible it was 
essentially a matter of the 
Government deciding to keep a 
mine open for social rather than 
commercial reasons. 

This appraisal, from which 
Gold Fields would not dissent, 
led to a breakdown m the talks 
between the two companies for 
some form of joint venture. 

Pressure on the Government to 
pull together a rescue package 
has continued unabated, how- 
ever. Yesterday Mr. John Pardoe. 
Liberal MP for Cornwall North, 

and Mr. David Penhaiigon, 
Liberal MP for Truro. In whose 
constituency many of the Wheal 
Jane workers live, saw Mr. Alan 
Williams. Minister of State for 
Industry. 

Afterwards, Mr. Penhaiigon 
said merely that he fell there 
was now a 50-50 chance of Wheal 
Jane staying open and that the 
Government had indicated its 
willingness to help financially. 

This willingness is likely to 
be influenced by geological 
assessments of the tin potential 
at Wheal Jane. The Gold Fields 
conviction that supplies are in- 
sufficient to make profits at exist- 
ing prices Is not universally 
accepted. Should the Govern- 
ment accept that Wheal Jane is 
potentially profitable, it will be 
rejecting the Gold Fields reason- 
ing. 

If Saint Piran does take over 
the mine there will have to be 
substantial capital outlays, to 
probe and prove the existence 
oF ore reserves away from the 
existing working parts of the 
mine, while accepting' only 
limited revenue. 


Ford captures 30.9% 
of U.K. car market 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


FORD U.K. captured the lop 
three spots in the British car 
market . last month, with the 
i Fiesta pushing into third place 
| behind the Cortina and the 
! Escort. 

{ With sales of 9.667 units, the 
Fiesta had its best month since 
the car was introduced in 
February last year. 

Ford's- performance pushed it 
to the top of the British market 
once again, with a market share 
of 30 9 per cent- ahead of British 
Leyland on 16.7 per cent. 

About one-third of Ford’s sales 
— 8.8 per cent. — was accounted 
for by cars imported from its 
Continental plants. 

With total registrations at 


156.038, the month was the best 
April since 1973 and 21 per cent 
ahead of last year. 

For the first four months sales, 
at 604.993 untts. are 26-5 per cent, 
up on the same period of last 
year, and are running at an 
annualised rate of about 1.8m. 

Registrations of Japanese cars 
continued to rise last month in 
spite of the new agreement 
between the U.K. and Japanese 
Government Jo limit shipments 
to last year’s level. They were 
40 per cent, up last month .and 
have increased by 86 per cent, 
to 69,696 units over the first four 
months of the year. 

The Department of Trade said 
yesterday that it would be watch- 


ing the Japanese sales closely 
over the next two months as the 
limitations of shipments, which 
take six weeks at sea, begin to 
bite. 

“We are naturally concerned 
about these figures. We expressed 
our deep concern about them to 
the Japanese early in May. We 
reminded them that we were 
expecting a sharp decline in both 
shipments and penetration soon. 

“ The Ministry of International 
Trade and Industry repeated its 
assurance that it intended to 
fulfil its undertaking to reduce 
both shipments to the U.K. and 
the penetration of the' U.K. 
market’’ 


Pilots’ pay dispute 
threat to Channel 
hovercraft service 


BY LTNTON McLAIN, INDUSTRIAL STAFF 



U.K. CAR REGISTRATIONS 

April 4 months ended Anri! 

W78 % 1977 % l»78 % 1977~ 

% 

Ford*' 

42,016 

30.88 

35,484 

3158 

165,744 

27.40 

129518 

27.03 

British Leyland 41 

22.656 

16-65 

22JJ07 

1959 

144557 

2354 

117,997 

24.68 

Vauxhalt* 

14,143 

10.39 

9,907 

852 

48,057 

7.94 

45512 

. 958 

Chrysler* 

8.162 

6.00 

7,095 

6J1 

39559 

659 

27,722 

' 550 

Total British 

69,519 

5U» 

6U97 

5456 

323,606 

53.49 

270535 

54 43 

Datsun 

8,741 

6.42 

6508 

5.79 

42,077 

655 

25,127 ~ 

556 

Renault 

8.199 

AQ2 

' 4522 

4.71 

26,950 

4.45 , 

21,113 

4.42 

Volkswagen 

5,424 

3.99 

5,023 

4.47 

20,683 

3.42 

17.450 — 

3.65 

Fiat 

4,069 

2.99 

5.T09 

455 

25,222 

4.17 

23526 

4.88 

Total importst 

66,564 

48.91 

51,060 

45.44 

281592 

4651 

208533 

4352 

Grand total 

136.083 

100.00 

112557 

100.00 

604,998 

TOOJJO 

478,068 

10050 


* R 8° r « faelmit car* from crnnpMfc*' Continental associates which are not included in the total British figure, 
t Ffenrv includes imports from all sources, Inciudinf can from Continental associates of British companies. 


BRITISH RAIL hovercraft may 
be forced to operate only a 
quarter of its passenger-carry ing 
capacity over the English 
Channel this summer. 

After last year’s loss of 
£599,000, the potential loss of 
more revenue-earning capacity as 
the peak summer season 
aproaches is causing concern on 
the British Rail Board 

Sea speed pilots are refusing to 
operate the new. 410 passenger. 
55 car SRN4 craft, the Princess 
Anne. British Rail had hoped to 
introduce the craft between June 
1 and July 4. flying From Dover 
to Boulogne and Calais. 

The pilots arc in dispute over 
pay, claiming to have fallen 33 
to 30 per cenL behind the cap- 
tains of British Rail Sealick 
ferries. 

This is in spite of agreemenr 
after arbitration in a similar dis- 
pute over two years ago that 
hovercraft captains should gel 
071 per cent, of the pay of a 
ferry captain. 

Pilots have threatened to srep- 
up their action. Ail IS pilots 
have refused to attend the one- 
month conversion course for 
operations on the new super N4 
craft The trials and certifica- 
tion. to be finished by June 1. 
have been done by management 
pilots. 

The operational pilots have 
refused to take the dispute to 
arbitration. 

A second problem concerns the 
French Sedam IS 500 craft. This 
has been at the centre of formal 
talks between Britain and France 
after accusations in a French 
newspaper that Britain was 
deliberately sabotaging attempts 


to introduce the craft. » 

This has been denied by 
British Rail a partner, with 
French Railways in Scaspced. 

But there have been problems 
with the N500 and it is now nine 
weeks lale entering service. This 
has left Seaspecd with only one 
hovercraft, the Princess Mar- 
garet. able to take 2$0 passen- 
gers and 28 cars. 

There have been disruptions to 
the training programme and 
French pilots are thought to be 
less than confident in Dying the 
big era fi into the Eastern bocks 
at Dover. 

Steering on land is thought to 
present difficulties for pilots with 
insufficient flying hours The 
craft relies on underwater 
rudders and movements of the 
flexible rubber skirt for -parking. 

The bow of the craft was dam- 
aged a mouth ago when it hit 
10 feet high waves. It has been 
repaired and the craft will enter 
service on July 5, the day after 
the new purpose-built west 
terminal opens at Dnvcr. 


Giro base rate 
increased l Wo 


Nuclear 
waste 
storage 
in rock 
‘feasible’ 


THE NATIONAL Giro base rate} 
was increased with efTert-froin ! 

yesterday from 7i per cent to 
9 per cent, as a result of the 
raising of the minimum lending 
rate last week by li per cent 
The interest paid nn deposit 
accounts rises from 5 per cent, 
to 7 per cent. There is a bonus 
of } pier cent, a year on the 
minimum balance in accounts 
over a six-month period. 


Food industry 
complaint 


MU. DERRICK HORNBY, presi- 
dent of the Food Manufacturers’ 
Federation, yesterday blamed 
low profitability in the industry 
on Government intervention. 

He told the Federation’s 
annual meeting is London that 
a big Improvement in profit- 
ability was now the industry's 
first aim. and' called "for the 
abolition or price controls. 

Co-operation with the Govern- 
ment to devise an industrial 
strategy could be threatened by 
more State intervention.- 

Mr. Edward Bishop. Minister 
of State at the Department of 
Agriculture ahd Fisheries, said 
in reply that food manufacturers 
had to expect closer scrutiny 
than other industries because of 
public sensitivity to food prices- 


Senior Bank officials did 
routine work, court told 


WORKLOADS in the Exchange 
Control department of the Bank 
of England were so heavy" two 
years ago that some of the 
routine work had to be done by 
senior officials, the jury in the 
dollar premium case at the Old 
Bailey were told yesterday. 


Mr. John Martin Wales, 42, a 
suspended Bank official, who is 
accused of conspiring with five 
other people to obtain Invest- 
ment currency rebates dis- 
honestly between 1975-76, ex- 
plained that it was this pressure 
of work which led him to become 


engaged with a file over an 
applicant named Keith James 
Guardi en who is alleged by the 
Crown to be a fictitious person. 

“ 1 was trying to help my staff 
in dealing with a backlog of 
work and so I involved myself 
in cases which in more relaxed 
times would have been dealt 
with by junior members of the 
staff.'* he said. 

Mr. Wales, and the other 
defendants all deny plotting to 
obtain money dishonestly from 
authorised dealers in investment 
currency. 

The trial which is expected to 
last another two weeks con- 
tinues to-day. 


Peugeot brings 
305 model 
to Britain 


PEUGEOT IS to launch its new 
305 model in Britain this month, 
priced at between £2.998 and 
£3.598. 


The car. introduced in France 
in November, will compete in the 
medium-range saloon market for 
vehicles of about 14 feet length. 
It is driven through the front 
wheels by a transverse-mountod. 
die-cast aluminium engine, rated 
at either 1,290 cc or 1,472 cc. 

The 304 saloon win cease to be 
imported, but the 304 estate 
range will continue. 


U.S. air talks continue 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 
MR. ERIC VARLEY, Secretary These include the possible 
for Industry, yesterday continued development of an Advanced 
bis talks w ith U.S- aerospace Technology Medium Range trans- 
industry leaders on future col- port (the ATMRI. and the bigger j 

bhnraliw nroprimmiu uihnn ha iitfLiugi rVTifln I 


Job centres 
success 


laboralive programmes when he 200-^ar DC-X-200. 
met Mr. Sanford McDonnell, The -McDonnell Douglas plans 
president of McDonnell Douglas for the 1980s could be of even 
Corporation, in London. greater interest to the U.K., 

Mr. Varley met Mr. E. H. however, since they are believed _ 
Boullloun. president of Boeing's to include military collaboration! 
Commercial Airplane Company, — fo resample, on the future i 
on Tuesday. versions of the Harrier, jump-jet ] 

As with the Boeing meeting, for the U.S. Navy and Marine j 
neither the Department of Indus- Corps, and on new missile j 
try nor the company disclosed programmes, 
the content of their discussions. The U.K. is already closely 
but it is widely known that Mr. involved with McDonnell Douglas I 
Varley wanted more details of on the AV-SB Harrier for the I 
the various programmes now Marines, and is sharing in some 
envisaged by McDonnell Douglas missile work, for example, on j 
that might be of interest to the the Harpoon submarine-launched! 
UJK. . anti-ship missile. I 


HIGH STREET Job centres are 
attracting 21 per cent, more 
vacancies notifications from em- 
ployers than their traditional 
counterparts the employment 
exchanges, according to a study 
published by the Manpower 
Services Commission. 


The cost for each job placed 
by the jobcentre for the six 
months ending last September, 
at 1976 prices was £30.50, accord- 
ing to the Commission. At 
employment exchanges that had 
been restructured as jobcentres 
the figure per job was £32.50, and 1 
it was "considerably higher " for} 
the remaining employment ex-; 
changes says Mr. Alan. Brown, 
chief executive. i 


By David Fishlock, Science Editor 

THERE ARE no big worries 
threatening to invalidate the idea 
of storing highly radio-active 
nuclear waste underground in 
hard rock, says Britain’s “ watch- 
dog ’’ agency for radiation. 

its study pinpoints the need, 
though, for several years' more 
scientific research before uncer- 
tainties are resolved in tiiree key 
areas of geologic storage. 

The £20,000 study, hi the 
National Radiological Prelection 
Board, was funded by the EEC as 
part of u European investigation 

of nuclear waste disposal. 

One area of uncertainty is said 
to be the need Tor mure informa- 
tion on geological activity — from 
earthquakes to the heat and 
radiation cffeels or the waste it- 
self — which could aiFi-ei a sub- 
terranean waste repository. 

Another is the integrity of the 
waste — presumed to bo stored as 
solid ingots — and whether, for 
example, deep ground waters 
might attack the glass ingots at 
the temperatures and pressures 
prevailing. 

The third area of uncertainty 
is surveillance of all the various 
pathways by which radio-activity 
might leak into (lie urn iron meat . 
The Board finds that more data is 
needed to make detailed 

mathematical models of proposed 
silos. 

Mrs. Marion Hill and Mr. Paul 
Griiuwood based i lieir study on 
a hypothetical waste repository 
containing all the highly -radio- 
active waste Iruiu Britain's 

nuclear activities up to the year 
2000. This is put at 2.000 ingot. <> 
of vitrified waste, in containers 
about 3 metres high and 0.5 
metre diameter. contained 
within a cube of rock of about 
250 metres per side. 

They suggest that as an added 
precaution against leakage 

should, say. around water pene- 
trate the repository, it might be- 
lined with a material designed to 
absorb and retain particularly 
dangerous nuclides. 

The researchers say that their 
assumptions at this stage were" 
broad and conservative, though 
less so than in a study published 
by the Board a year ago exam in- - 
ing the feasibility of disposing of 
highly radio-active wastes on the 
seabed. 

A third study, in hand.' 
examines the possibility of stor- 
ing wastes beneath the seabed. 

Preliminary assessment oj the 
radiological protection aspects of 


disposal of high-level iraste in 
Joi 


peolopic formations, by 31. D. 
Hill and P. D. Grimicood. NRPR 
— R69. Stationery Office . price £3. 


• i. 

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IBM Reports. 


Swedish nursery school staff have 





Since the nursery staff of 
the municipality -of Taby have 
been relieved of most of their ad- 
ministrative work, they have more 
tiine:to spend with the diildren. 


The change came about 
because Taby municipality asked 
IBM to help improve their 
administrative routines. Now the 
IBM Datacentre deals with the 


•■krt* ft 







calculating of fees, the billing and 
record keeping. Practically the 
only administrative work left for 
the nursery staff is to fill out and 
send in a simple attendance 
record. 

Everyone seems to be 
content with the new system. 
Parents pay to the municipality 
through the post, so their rela- v. . 
tionsmp with nursery staff is 
happily free of money problems. 
The staff themselves say they are 
more relaxed arid have more 
time for the children, who in 
their turn get more and better 
care. The system also gives die 
municipality a dearer picture of 
expenses and attendance at the . 
nurseries.’ \ 

In other words, grown-ups - 
and children alike benefit from' : 
haying a computer system take 
care of as much aspossible of - . 
the nursery administration. • 



A new computerized water ' 
resource system in Luxembourg 
helped rignificantly in 1976’s 
severe summer drought The 
:m was able to help plan a 

- i ton Ann 


the treatment stations, the five 


treatment phases, pumping to the 


receiving reservoir, an' 
tionoftb 


aauy supply of 82,000 m , using 
surfac 


^ race water from the Esch-sur- 
Sure dam instead of Luxem- 
bourg’s traditional underground 
.source. This allowed the region 
to cope with the extra demands 
the wells couldn't meet \ 

- The IBM computer controls 
water feeding from the dam to 


istribu- 

he watei; which provides-, 
.oyer half of Luxembourg's daily 
needs.|It also has built-in alarms 
to control reservoir levels and 
water quality. It keeps day to day 
data on consumption in different 
areas and produces graphs to 
illustrate these. 

. Luxembourg’s Water Re- . 
sources Management say the 
'system means that they can now 
answer the differing demands of 
every area with water' of consis- 
ly high quality. 



IBM UK and the future. 


IBM UK is 


growing. 

so are its headquarters. Or 


, And 

3 quarters. upened 
in 1976 at North Harbour, 
Portsmouth, these occupy a 125- 
acre site on land reclaimed from 
the sea by IBM as a major part 
of the Portsmouth Harbour 
reclamation scheme. Already a 

« • iY* f r ■ 


second major office building is 

blethe 


planned which will double 
space available. ^ 

North Harbour is just one 
example of IBM's rapidly expand- 
ing investment in Britain. There 
have been laige extensions to 
the manufacturing plant at 
Greenock, Scotlancfand to the 
development laboratory at 
Hursley, near Winchester. The 
first phase of a new marketing 
centre at Warwick has been 
completed, and the second phase 
is well under way. Work has 
begun ori extensions to the 
manufacturing plant at Havant 
in Hampshire. And a technical 
centre is under development at 
Greenford Green in West 
London. 

. Since 1951, IBM United 
Kingdom has grown from one 
office with less than 100 em- 
ployees, to an employer of over 


14,000 people, nearly all of whom 
are British. Their activities have 
introduced new technology and 
associated skills into the United . 
Kingdom. Among the 48 loca- 
tions they work at is the largest 
IBM development laboratory 
outside the United States. 

In 1977, IBM .UK’s tax pro- 
vision was 53 million pounds. 
Profit after tax was 57 million 
pounds, and capital investment 
was 89 million pounds. 

IBM is working in the 
United Kingdom to provide data 



offer commerce, industry and_ 
government new, more effective 
ways to increase their produc- 
tivity. 


jr 


f- 






Financial Times Thursday May. 11 197g ■ 


COMPANY NOTICES 


ALLIED IRISH BANK5 
LIMITED 

Notice is hereby given that the 
Transfer Books of the Company 
will be closed from 6th to 9th 
June, 1978, both dates inclusive* 
for the purpose of preparing 
warrants for the Final Dividend 
in respect of the year ended 
31st March, 1978. 

By Orderof the Board, 
D. B. Motyer, Secretory 

3/4 Foster Place. 

Dublin 2 
Ifrft May, J978 





mmSM-BORNCO PETROLEUM 
SYNDICATE LIMITED 

rBAKKD S HER EBY given that tM 
BOOKS of the above Campim 
ri'I, ■* tJOMd (ram to June 

1978. both d BT s intiuai.e. 

Bv Order ot the Board. 

RUSSELL LIMEBEER. 
„ Secretaries. 

RCfUtiM OEcn 

*■ Broad 5 1 root place. 

London EC2M 7EP. 

10th Mav. 197B. 


art galleries 


8LONO FINE ART. M. SaCJnrlllC St., 
w.l. 01-437 1230. MAXWELL BLOND 
Painting* and Watercolours Untl* 3 June- 
Mon-Frt. 10 -G. SaU. 10.1. 


BAOWHE AND DARBY. 19 Cork 5t„ W.l 
SICKERT. Mon.-Frl. 10.M-S.30. Sat. 
10.00-12.30. Last uraek. 


COLNAGHI. 14. Old Bond Street. W.l. 
BRITISH AND FRENCH PRINTS 19th 
and 20th Century and L. S- LOWRY 
DRAWINGS. I0lh-30th May. Wknvi. 
9.30-G. Sab. 10.1. Tel. 01-491 7408- 


FlELDBOURNE GALLERIES. S3. Oueens- 
grove. N.W3. ART IN RELIGION. 


fox Galleries. E»hibition o> the oam:. 

iWS Bv British and European Artists 
Iron 1700-1965. 5-6 Cork Street. 

London. W.l. tel. 01-734 2626. Week- 
days 10 - 6 . Sais. io. 1 . 


0MEU. GALLERIES. Fine British and 
French MODERN PAINTINGS and 
Modern British MARITIME PICTURES 
40. Albemarle Street. Piccadilly W.l. 


PORTRAIT PAINTERS. Royal Society's 
Ba:h Annual Exhibition at The Mall 
Galleries. The Mall. S.W.1. Mon,S*L 
10-5- Until 18 May. Adm. S0p. 


WIL05NSTE1N. A Loan Exhibition ot 
TWENTY MASTERPIECES FROM THE 
NATAIE LABIA COLLECT ICN WP-lr- 

cUv* 10-5.30: Saturdays 10-12.30. Until 
:sm Mav. Admission 30 p In aid Ot tnc 
Citv of Birmingham Aopeai Fond. 147 
New Bond Street, w.l. 


EDUCATIONAL 


Rising fuel supplies 
give industry hope 
of price stability 

BY RAT DAFTER, ENERGY CORRESPONDENT 


Mortgage GPs call for 
cuts hit treatment 
house on p a y claim 



BRITISH INSTITUTE 
OF FLORENCE 

New intenuye course in tha Italian 
Language. 20 hours a week from 
Mi i 30 co Juno 23. 

Apcly 

BRITISH INSTITUTE 
LUNGABNO GUICCIARDINI 9 
FLORENCE S0I2S 
Tel: 284 031 


NOTICE OF REDEMPTION 

EUROPEAN COAL AND STEEL ^ 
COMMUNITY i ECSC‘ FRENCH FRANCS 
125.000.000 10*„ BONOS DUE 
JUNE IS. 19B2 

The Commission oi me Euroeean Cym- 
munities informs herewith the bearers 01 
bonds that x select .on by lot lor redemp- 
tion ol a principal amount OI FF.S.D00.OD0 
has ncen made In the presence ol a 
Ha - . ary Public on April 26. 1976 at the 
BANQUE D£ PARIS ET DE5 PAYS BAS 
POUR LE GRAND - DUCHE DE LUXEM. 
BOURG S A. — LUXEMBOURG. 

Numbers ot Bonds selected by lot: 
19e34'20d33 enclosed 

Principal amount onamortned after 
June IS. 1978: FFIIS.OOO.OOO. 

From June IS. 1978 me Bonds 

seiecied by lot will no longer bear In- 
terest. The oonds presented lor reimburse- 
ment should be accompanied by coupons 
ot IS June 1979 and tallowing and wHI 
be oavablc in accordance with the ’arms 
and conditions shown on tho bonus. 

THE FISCAL AGENT 
BANQUE DE PARIS ET DES PAY-BA5 
POUR LE GRAND- DUCHE DE 
LUXEMBOURG 


INDUSTRY and commerce, 
which spend an estimated £6bn. 
each year on their energy needs, 
can expect a respite from big 
increases in fuel prices for at 
least the next L2 months, accord- 
ing to a report published to-day. 

Cambridge Information and 
Research Services report that 
the prospects for more stable 
energy .pricing are better now 
than at any time since the 1973 
fuel crisis. There was also evi- 
dence that the initiative on con- 
tract pricing was moving away 
from the fuel companies and 

hack to the business consumer. 

The report. Energy for Indus- 
try and Commerce. 1978, points 
to three reasons for the expected 
pricing stability: the surplus of 
nil production arising from con- 
tinuing world recession and new 
supplies from areas like Alaska 
and the North Sea; Britain's 
improving energy position aris- 
ing from new oil and gas pro- 
duction: and dampened U.K. 
energy demand caused by slug- 
gish economic growth and con- 
servation measures. 

The most likely threat to this 
period of fuel supply security 
and stable prices came from 
within the U-K. “The elimina- 
tion of our balance of payments 
problems and the rising North 
Sea revenues could spur infla- 
tion. stimulating fuel price rises 
and increasing' labour disrup- 
tions. 

" In this context the Govern- 
ment's handling during the next 


few months of the mounting In- 
flationary wage claims would 
appear to be crucial." 

The report .looks in detail at 
the pricing prospects for the 
main energy providers: 

OIL— It was expected that pro- 
duct prices would remain at the 
present level except in certain 
cases where companies might be 
buying very small quantities or 
where competition in a particu- 
lar sector of the products mar- 
ket was stronger than average. 

The general result would be a 
reduction in oil product prices 
In real terms. 

GAS — Renewals of contrasts 
had led to some big price 
increases. Now this process of 
renewals was coming to an end 
there should' be greater pricing 
stability. 

. COAL— With less than 10m. 
tons -of coal a year now sup- 
plied to general industrial users, 
prices would need to be reduced 
if the coal industry was to win 
back markets from other energy 
suppliers. This seemed unlikely. 

ELECTRICITY— The rate oF 
price increases was expected to 
slow down. Even so, electricity 
costs would rise in line with 
inflation or, perhaps, at one or 
two percentage points below the 
inflation rate. ■ 

Energy for Industry and Com- 
merce. 1978: Cambridge Informa- 
tion awi Research Set-rice* in 
a.ssocicfion with the School of 
Fuel Management: 8. 1 forfeit 

Passage, Cambridge CB2 3PF ; 
£12.50. 



TO THE SHAREHOLDERS OF 
GRANGES AKTIEBOLAG 

Tha Annual General Meeting; oi the 
Comeanv will be sold at Kir ComDjnvs 
Heart O-btc at Gustav Atolls Tditj IB 
Stack halm, on 1st June. I97S at 4 00 a.m. 

AGENDA 

In aoiitlon to mailers prescribed bv 
the S*-x'iih Corn-? wins Act aitd bv the 
Company's Articles ot Association there 
w li be presented *or consideration bv the 
Meeting — 

■ I) the Annual Report ana the 

Auditors' fceaort tor the Company: 

■ III tne Consol ‘dated Accounts and the 

Audlrers - Report tor the Group: 

Hill a resolution in respect ol the 
adoption ot the Profit and Los* 
Statement and the Balance Sheet 
as well as, the Consolidated Prtrtt 
and Loss Statement and the Con- 
solidates Balance Sheet: 
tlv) a resolution in respect ol the 
appropriation ol the Comoany's 
Proir or Loss according to the 
adopted Balance Sheet and dis- 
charge Ol the Directors' and the , 
Managing Director from liability: i 
iv) the election ol Board Members 
and Dcoutv Board Members: 
ml the election ol Auditors and 
Oeoutv Auditors- and 
ivlli a proposal to amend the Articles , 
pf Association to re"c<» the present 
activities ol the Company. 

ATTENDANCE AT THE MEETING 

In crd.v In be presen: jit the Meeting 
a snarenniner must inform me Secrrtarv ■ 
tne Bearn .ft Directors >plther In writing 
or bv tplepnone* o’ his intention to be so 
"»■ lalcr rh.in J. (10 o m on J<ltS Mav 
1078 Fuirtnerm?re « snareholder who 
wishes to , Die at t*e Meeting must be 
imi-!ered <" the Sharphnlriers' Rnglsrer 
l(p! bv the Securities PeoiSIce Centre 
i" VjerrtepaDpersrentraien u«C A9 ’■) not 
later tnjn 2 Tnn Ml. T97B 

A sharehnlder whose shares are regts- 
Irr-i in a nominee ".ime sum as that ol 
a bank trustee or si-tuntic* .-epjrtment or 
a private steel broker i" locrvaltnlngsar- 
renistrprade ”> must ensure Uni hts own 
name is entered m the Shareholders’ 
Register in offer to he entitled to vote 
at the General Meel'ng 

Further inlerm.ition may Be Obtained , 
from "he Ctmo 1 — 1 landau knpnl:— 

5 G. WAhRu-JG s CO. LTD.. 

Coupon Onnidmnnt. 

Sr AlhanS Hu s, 

Geld*- Ifh 4-reef 
London CC2P 7DL 

THE BCIABD OF DIRECTORS. 

11th Mi- 1978. 


LEGAL NOTICES 


CILESTA INVESTMENTS LIMITED 

NOTICE of m eeting o f creditors 

NOTICE IS HEREBY ~ GIVEN, pursuant 
to Section 293 ot the Comoanies Act 
1943. that a meeting at the Creditors ol 
the abo-c names Company will be held 
at >1113 Holhorn Viaduct. London EC>R 
1EL cm Friday. 2nd June 1973 at 12 noon 
lor the purposes mentioned in Section 
293. 294 and 29S ol the said Act. 

A LEW. Director. 

Dated 2nd Mav 1978 


LA UREL POR CH 

NOTICE OF MEETING OF CREDITORS 

NOTICE IS HEREBY GIVEN, pursuant 
to Section 293 o' the Companies Act 
1948 that a meeting tf the Cred :?rs ot 
the above-named Comoanv win be held ai 
1 1 1 3 N liber* Viad-irt London EC ' P 1 EL 
an Friday. 2nd June 1978 at 12.30 cm 
•or the purposes moe-*sipH In Section 
293. 29« and 255 ol tne said Act. 

A. LEW. Director 

Dated 2nd Mav 1978. 


NO. 001427 0# 1975 

In Hi* HIGH COURT OF JUSTICE 
Chancery Division Companies Court In 
the Mailer Ot SOUTHWARK WELDING 
COMPANY LIMITED and In the Matter 
of The Cotnoiaies Act 1946 

NOTICE IS HEREBY GIVEN Out a 
Petition for the winding up at the above- 
named Company by the Rich Coon ot 
Janice ’can on the -Hh day of May 
IRIS, presented to the said Coon he 
I. S ft G. STEEL STOCKHOLDERS 
LIMITED whose mustered office 15 
situate at 10 Harmarte!. London. S.W.I. 
and that the said Petition is directed 
tn be hoard before th? Cmin sltnnx at 
'h.‘ Royal Courts of Justice. Strand 
London tVCL* 2I.L. on the lXth day of 
June 1KB. and anv creditor or romnbu- 
:ory of the said Company d- si rents to 
support or oppn» the raak'nc of an 
Order on ih-- said Pennon may appear 
at the I line of ht-amu Id p-rson or 
by his Counsel for that purpose, inrt 
a copy ol th- - IV'iMon will b* tum sh.-J 
by the undcrsiruod to any creditor or 
contributory or ihe said Company reqmr.nc 
such copy on payment of the retnilatud 
charge’ for the same. 

K1NGSFORD DORMAN ft CO.. 

14 Old Square. 

Lincoln's Inn. 

London. W.C.2 

Solicitors Tor the Petitioner. 

NOTE.— Any person who lotends to , 
appear on the h-urlnc of the said Petition 
must serve on or send by post to the 
above-named, notice In venting of his 
in'cnuon so m do. The notice mas state 
the oame and address of the person, or 
if a Art)!, the name and address of rtv 
Brtn. and must be signed by the persor 
or firm, or his or their solicitor ftf any' 
and must be vi-ved or. il posted mor 
he sent by post in anfflclcn: time to 
reach the above-named not later than 
four o'clock in ihe afternoon of the 
9th day of June 1978. 


Title change boosts 
engineering’s status 

BY DAVID FISH LOCK, SCIENCE EDITOR 


THE IMPORTANCE of engineer- 
ing in the activities of the Depart- 
ment of Industry has been under- 
lined by a change in the title of 
one of its top officials. 

Dr. Duncan Davies, a deputy 
secretary and chief scientist in 
charge of Us £25m. a year 
research programme, becomes 
chief scientist and engineer, res- 
ponsible for the science and 
technology group. 

The change is in line with the 
Government’s growing • aware- 
ness of the decline in public 
status of engineering in Britain. 

But the new title “does no 
more than reflect reality.” in 
that research management is 
onlv one of four main activities 
of his group, said Dr. Davies yes 
lierday. 

The other three activities are 


CONTRACTS 


to help shape Industrial policy, 
to maintain an awareness of the 
technological activity of the 
U.K.’s main oversea? competi- 
tors. and to support the depart- 
ment as a major purchaser of 
technology investing about £lbn. 
a year in the Government's in- 
dustrial strategy. 

In regard to policymaking, the 
science and technology grnun 
had set ud its own “think-tank.” 
said Dr. Davies. . 

It had also set up a committee 
of directors of its research estab- 
lishments. to make greater use of 
them in shaping industrial 
policy, but also to oh fain “feed- 
back" from Whitehall for their 
research programmes. 

Dr. Davies stressed that his 
research .’establishments would 
be moving much deeper into 
engineering problems. 


By Michael Cassell, 

Building Correspondent 

TEE Government -imposed cat 
in building society lending is 
having a .marked impact on 
mortgage availability, accord- 
ing to the bouse building 
industry. 

The latest state of trade 

survev by the House-Builders 
Federation among 250 member 
companies reports a sharp 
deterioration in the volume of 
mortgage funds during April. 

According to the house 
builders, the trend of gradually 
improving mortgage avail- 
ability and processing has now 
swung “suddenly and sub- 
stantially ” in the opposite 
direction. 

Demand for private housing, 
however, is now more buoyant 
than at any time in tfae last 
Few years. 

At the time of the last 
Federation inquiry in January 
no builders reported a wnr> cu- 
ing picture for mortgage 
finance, hut hy the end of last 
month nearly half said the 
situation had deteriorated. 

More than two-thirds of the 
companies Involved com- 
plained that delays between 
application" for loans - and 
funds hemming available were 
lengthening. 

Th*» average period, accord- 
ing to some builders. Is now 
12 weeks. 

Brickipakers 
‘could halve 
fuel bill’ 

By Michael Cassell 
THE BRICK INDUSTRY could 
eventually halve its energy con- 
sumption — «av»ng the equivalent 
of over finQ.iV'ft tonnes of coal a 
year — according to a joint report 
from the Department of Energy 
and the Demrtnient of Industry. 

•j>4 report savs the industry 
could save energy by recovering 
some of th** enemy fo exhaust 
gases from kilns and by adding 
rnrhe-naceou* wastes to clays and 
shales to reduce the fuel required 
in firing bricks. 

The report also suggests ths* 
producers could increase the 
level of perforation in bricks, so 
reducing the mass which has to 
he fired, and by increasing 
insulation levels at brickwork?; 
1* says all of these measures are 
being exploited .at <=nmp work 
Energy Audit 2— the building 
brick indvstnr Free from Depart , 
m'-nt oi Energy Library, Thome-- 1 
House South. Millbank, London 
SW1P -iOJ 


BRITISH RAIL and Esso have 
signed a 10 -year contract worth 
up to £50m. in freight charges for 
'he transport of 22ra. tonnes of 
refined products. 

* 

'YILLETT (part of Trafalgar 
House Group i has been awarded 
4 contract worth over £l.3m. by 
*he London Borough of Sutton 
for building !44_homes. at Mar- 
shalls Road Sutton. 


Contracts totalling about £500.000 
have been won by N. G. BAILEY 
AND C0„ Bradford. The largest, 
at about £250.000. is for electrical 
and cabling installations at 
Ballylumford power station. 
Northern Ireland. 


FERRANTI ENGINEERING has 
an order worth over £250.000 from 
the South Western Electricity 


Board for transformers to be in- 
stalled at the SL Paul’s substation. 
Bristol. 

* 

Orders received for the new 
JOHN CARR range of timber 
windows include two totalling 
over £250.000., The largest is for 
505 houses at Broadficld. Craw lev. 
being built by RT?rsha!l Andrew 
and Co., and Is worth £174.000. 


MOTOR CARS 


197B RANGE ROVES. White Power err- 
ing. Delivery M.Tejge Only. £9.420. 
Tol: Pcwsev i067261 2S4S. 


PUBLIC NOTICES 



NOTICE OF REDEMPTION 


To the Holders of 

GOULD INTERNATIONAL, INC. 

9% % Guaranteed Notes Due 1983 
Issued under Indenture dated as of June 15, 1975 

■ NOTICE IS HEREBY GIVEN that pursuant to the provisions of the above-mentioned Indenture, 
$625,000 principal amount of the above described Notes has been selected by lot for redemption on 
Juhe 15, 197S at the principal amount thereof together with accrued interest to said date, as follows: 


BY DAVID CHURCHILL 

DR MICHAEL WILKS leaves has an allotted .five minutes of 
bis Chiswick home just after tfie doetor ■« L lim £ ri at hia 

eU'hr o'clock every morning, Dr. Wilks arrives ai nut 
SriSs the start distance to his surged si ■ »*outSJ0 . «<*«•£ 
central London practice, and »nc. i {ll s h i >a I SJ5 e K 50 , m0 nth 
dogs not expect to return home for which he P. JS aitVwviuh 
untii at least 12 hours later jjj in g L " f S unded by the Depart- 

In the meantime, he will prob- flf Health— is bright and 

ably have to deal with about 80 attRur ti ve . 

patients from all walks of life Before morning surgery starts 
and take, decisions which, while af nJne 0 - c j oc k. he opens his 

not always a matter of life ana ma jj flnt j pi an s his schedule for 
death, will be of utmost import- the dav Over the next two 

ance to the person concerned, hours he will see about 25 
In addition, he will have to patients and deal with several 
deal with some of the ever- more on the telephone, 
increasing amount of paperwork Hi$ appointment system 
arguable necessary tn keep a allows him to allocate ertra time 
bureaucracy the st*e of the for particular patients. After 
National Health Service fune- his rcguiar surgery hours ne 

Zoning will fit in special cases, such 

In return. Dr. Wilks, aged 28. as .a medical examination for 
will expect to earn between an insurance company policy. 
£8.000 and £9.000 net this year— Between about 11.30 and 12.30 
about tbe average for a general he corresponds or talks on tbe 
practitioner. But according to telephone tn consultants, social 
the independent Review Body workers, and others about par- 
report published yesterday, he ticular patients. Then he leaves 
3nd his colleagues in The medical the surgery to visit on average 
profession need almost 30 per five or six patients who are loo 
cent, more just to restore their ill to attend the surgery. If he 
standard of living to that of has time he .grabs a quick snack 
three years ago. in a local pub. - 

Not surprisingly; the Govern- After lunch, the clinical side 
me nr has remained unmoved by of the ‘work gives way .to the 
this and has offered only a 10 per paperwork. This is the time- 
cenr rise in earnings, with a when the innumerable -forms for 
commitment to meeting the each patient — especially the 
Review Body’s recommendation tom plicated system to reclaim 
ov^r the next two years. certain expenses from the 

The -medical profession is Department of Health and Social 
likelv to respond to the Govern- Security— are filled i ft. 
mint's decision to ent doctors” 
real income by almost 20 per 
cent, with its traditional dire LallCll OUl 

warnings about wholesale resig- _ ..... . _ 

rations from the Health Service Dr. Wilks, in addition, has to 

n- industrial action from some fit in time for various committees 
militant sections of the profes- which be is a member, mclud- 
sion , ing the powerful t.eneral Medical 

Less certain, however, is how Services Committee responsible 
far fhe public is prepared tn fo r negotiations with the 
concede th3t the doctors are a Department. And. as he runs 
soeeial case. ■ Sympathy for fhe b* s practice single-nanacd. he 
“handworked genera] praefi- ^ as 1° , carri ou * suC b tasks as 
tinner" seems to have evaporated calculating the tax ana national 
ov^r the last few years. insurance on ms receptionist s 

Not only hes the militancy of wages 
innior hospital doctors tarnished tbe middle of the afternoon 
the image, but the continual —unless he is catied out m an 
complaints hy doctors shout emergency he carries out a few 
their incomes has not been ™re house calls. TTien he sees 
appreciated hy a puhlic whose some patients needing longer 
ifving standards have also been consultations before starting his 
erod-H evening surgery, from 4.30 to 

6.30. At a typical evening 
, . , surgery recently, he saw 37 

LritlClSmS patients and spoke to six on the 

telephone. 

Public support has not been Afterwards there are usually 
improved by the widespread a few more home visits to be 
difficulty nowadays actually to made before Dr. Wilks can go 
see your doctor, since most now borne to his wiFe and" child. Even 
operate an appointments system then he is liable to he called out 
which, in effect. requires in an emergency in the middle 
•idvance notification of ..illness... of the Jiight.. though. It does nqf 
It is no wonder that apocryphal happen often. 

-.tones circulate of doctors play- - White there,, improbably no 
*nc golf while student doctors such thing - as an. average - 
md commercial deputising ser- general practitioner. Dr. Wtlkfr 
vic«s try to cover for them- is more unusnal in that he works 
Dr. Wilks, aware of people’s by himself. Elsewhere the trend 
criticisms of doctors. h 2 s ensured is io replace single-handed 
•hat his recently instigated general practitioners by group 
appointments system is flexihle. practices or health care centres. 
Patients aro still seen without an But the latter especially are rare 
appointment although they may in London because of their cost, 
have to wait. » Although ..he _wocks. almosl 

He was forced to bring in an exclusively _ for the . Health 
appointments system because of Service, he is still self-employed 
the sheer number of patients — a freedom he considers an 
on his regisfer — 3,100 compared important part of being a general 
with the averaee of about 2.000 practitioner. In return for con 
for most general practitioners, tracting to 'work for the service 
Before the appointment system however, he receives a- basic 
was introduced, there was no allowance of £2.595, plus anotber 
control over the numbers which £515 for agreeing- to be on-call at 

might tiiiyi up for the twice-daily nicht.. ' 

rtirseries. Now. each patient The rest of his income is 


Notice of Redemption 



“Would you like a second 
opinion on bow overworked 
and underpaid I am 7 " 

geared mainly to the number of 
patients bn his lists. This so- 
called capitation .fee ranges from 
£2.45 to £4 a year depending on 
the age Df the patienL 
• On average, this fee means he 
receives about 31 p for - each- 
patient seen. Other work, such 
as family planning or dealing 
with temporary residents, is paid 
for at varying rates. 

Dr. Wilks docs not do much 
private practice — ail hough he 
could do a considerable amount 
■in his area— but he dops carry 
out some - duties for the local 
police. 

The DHSS also refunds rent 
and rates (in Dr. Wilks’ case his 
loan interest) and pays about 70 
per cent, of receptionists* wages. 

Out of his total income Dr. 
Wilts has to pay tho remaining 
30 per cent, for his receptionist's 
wanes; £50 a month cnnilat repay, 
meat on his loan for premises: 
all other running costs for the 
surgery, including medical sup- 
plies. hearing and lighting: and 
anv other costs, such as petrol. 

This year, for the first time he 
experts to- receive about n.l.nno 
in income. But aFt"r deducting 
his outgoings it will leave him 
with between IS.000 and £9.000 a 
year. 

As the British Medical Associa- 
tion save: “ It is surety net 
unreasonable far. them To want 
their pre-tax in coves to be 
brought hack in line with the 
earnings of people who in 1975 
earned cnmpnrahle Incomes.’' 


.Vo - 


suropcar 

^OTent^icar inLondori,^ 
.^Bri^of^oufbamiJtori^ 
^vlaricheslet^asgow^ | 
v£dinbd^®BifrrAngham^ 1 
^Gatwjcfe^afhrow^^ 

wmMW 

.- . -■ ■ ;. ... > “-'.s'; V. 


Dow Corning Overseas Capital Company N. V. 

8 Vi PER CENT, GUARANTEED DEBENTURES DUE 1986 
NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of June 
15, 1971 under which the. above described Debentures were issued, Citibank, NA. (formerly First 
National City Bank), as Trustee, has drawn for redemption on June 15, 197y through. the operation 
oi the Mandatory Redemption Provision of the said Indenture, -$1,000,000 principal amount of 
Debentures of the said issue, bearing the following distinctive numbers':' "- " 

COUPON DEBENTURES- OF- $1,000 FRDICXR&&- AMOOHT - 


NOTES OF $1,000 EACH 


M16 1433 2657 3905 4944 6043 700B 8031 8962 

23 1437 2660 3933 4948 6057 7023 SUM 8973 

62 1449 2720 3939 4950 6065 7M8 8029 8998 


9970 11028 12114 I2B34 14854 -161 69L 17550 18844 

6979 11031 12115 13875 14860 16189 17568 1B69L 

10025 11042 12117 13677 14905 16204 17374 1S876 


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for the 

FT INDEX 

and 

Business News Summary 


: 360 1505 2582 3701 4636 5888 7036 

— =5M 37S4 <6G8 5M5 70 ^ = 

2630 3756 4674 5914 7053 
SOI 1554 2633 3762 4683 5934 7064 

3797 4686 5961 7110 

38 IS 4760 6003 7123 

97 3»27 4779 6030 T14S 

0 23S7 3834 4815 6093 7144 

716 IS''* 2663 3*79 4829 6101 7161 

728 1710 2888 3895 4906 0137 _ “ 

753 1729 290S 3B99 4933 6139 

766 1779 2962 3360 4989 617 

816 1617 2979, 3378 5045 623 

351 1854 3036 3980 5087 6239 

872 1521 3077 4023 5143 0242 

909 1935 3076 4052 5163 626a 


919 

1951 

ar >?2 

4053 

5181 

6233 


962 

2013 

2095 

4053 

5166 

6328 

7427 

goo 

2047 

3105 

4082 

52B2 

6350 


3003 

2096 

3143 

4143 

5287 

6364 

7493 

1015 

2113 

3169 

41i;* 

5290 

6415 

7549 

3064 

2118 

3221 

422 1 

5351 

6419 

7573 

ao:*2 

220.1 

3241 

4253 

5355 

6498 

7653 

31-.6 

2205 

3293 

4250 


6529 


3143 

2D I' 5 

3316 

4325 

5402 

6598 

7696 

1202 


3331 

4366 


6623 


3207 


3409 

438B 

5476 

6630 


3228 

2317 

3414 

4405 

551G 

6684 

7812 



2371 3415 441S 5524 6739 7B33 
2420 3426 4450 5S33 6750 7870 
2449 3505 4458 5570 6766 7940 
2487 3531 4502 5615 6812 7971 
2516 3541 4508 5684 6816 7980 
2522 35C4 4538 5709 6923 8032 
2528 3582 4579 5780 6927 S058 
2541 3569 4C02 3790 6973 BOT5 
2566 3652 4614 SB10 6380 8115 


62 1449 2720 3939 4950 6065 7048 8029 8998 10025 11042 12117 13677 14906 16204 17374 1S876 

82 1450 2733 3944 4956 6068 7064 8061 9009 30053 11050 12118' 13700 MOST 16226' 17506 18897 

111 1472 2757 3959 48W 6T©2 7006 8082 9011 10054 11058 12128 18728 14971 T6229 17619 18008 

231 1578 2767 3979 4992 6097 7072 8084 - 9035 10089 1IO50-J2167 13741-14976 16243 17620 18D16 

137 1652 2794 3996 5029 6108 7077 B0B5 9039 10003 11099 12178 13743 14979 1 6262 1 7628 15120 

177 1658 281& 4»«a 5110 6122 7098 8132 9045 10098 HIM} I21B5 13851 15051 J6273 17747 18950 

1« ie59 2846 4010 5115 6165 7100 8123 9069 T012t 11101 1215B 13803 "1B085 IB305 J7750 18950 

194 1720 CBS2 4013 5123 616H 7101 8124 9098 1 0168 lllll 12223 13866 16125 16307 17771 1893B 

195 174 2 2853 4019 3141 8183 7102' 8166 9100 10192 11118 “12260 .13807 13129 16387-17776 18964 

2i>8 1741 2856 4042 5157 6222 7103 8182 9120 10193 11129 12303 13872 15140. 16374 17783 18965 

227 1752 M32 4008 5167 6232 7131 8189 9129 1 0252 11132 12342 13884 1524.1 16413 17850 18966 

263 1773 2913 4071 5186 6253 . 7137 8196 -9145' 10278 11134 12358 138P2 '15244 16430 17855 1*976 

305 1788 2947 40B9 5193 6258 7148 8215 9148 10279 11142 12371 13918 132521 10446' 17860 19009 

328 1877 2957 4132 519S 02TQ 7149 8259 9154 '10297 mel 12408 139M 15254-104711-17881 19018 
337 1901 £964 4145 520i 8280 7163 P204 91 P9 10300 11213 12592 13970 15255 18525 17v 05 13031 

360 1914 2998 4150 5218 6302 7194 8278 9210 10310 11257 12564 14021 15314 TES43 17927 10054 

376 1M9 3009 4157 5224 8311 7207 8296-9219 10379 11264 12840 1404?-. 15318 16345 17071 19004 

477 1974 3042 4173 5231 6331 7210 8303 9220 10390 11268 12847 14083 15382 18577.17073 19CB2 

611 1087 3055 4243 5296 6334 7210 8340 9253 10408 11286 12552 1408T 13372 16530 '17983 13087 

674 1089 30S2 4273 WOO 6353 7238 8421 9255 10427- 11297 12S62 140S2 15370 16612 18606 19106 

eas 2000 3112 4300 5312 6385 7259 8422 9281 10429 11332 12708 14112 15378 1662R 18010 19107 

700 2041 3131 4310 5313 6300 7205 8438 9336 1044S 11342 12710 14113 15391 30038 18030 19110 

713 2050 3154 4330 5396 6419 7206 8451 9386 10450 11346 12747 14211 15406 16640 JBB38 19120 

74? 2108 3216 4371 5402 6459 7283 -6454 9414 10460 11365 12790 14239 15411 10684 18045 19135 

757 2109 1258 '4391 M89 6483 7110 8409 9420 . 10489 11418 12793 14255 15423 16R98 JB050 19150 
795 2110 3277 4425 5191 6532- -7311 8470 -9442 10494 11428 13880 14271 15448 1 9899 18076 19182 
Sll 2285 3345 4443 5512 6537 7318 8480 9454 10507 11470' 12899 14281 13481 16729 18090 19190 

810 2236 3373 4304 5510 6583 7320 8490 9471 10543 11474 .12978 14305 15474 16796 18094 19135 

832 2305 3391 4509 6526 6610 7337 8492 9470 10547 11475 12079 M3S3 1B4B7 MIS 19 18111 19241 

833 2325 3407 4510 5S44 6R15 7488 8499 0477 10552 11491 32987 14354 19488 1 8865 18117 1 9250 

846 2329 3419 4520 5E84 6632 - 7472 8908-9483.10558 It 509 .12990 14382 ISMS 16870 18118 19257 
853 2135 3422 4 538 5530 6034 7484 0500 B4P2 10382 11581 13002 14381 15507 16874 1*138 19253 

875 3358 3467 4539 5611 6694 7530 8510 9525 10376 11582 1300B 14412 15908 10)11 18235 1*132 

DC 1 men T-"n iCffi HK51 fl-rm -mi o , c a™ iiu,, ,.crn -an., iTJ.o ixZii *?_rr 


832 2305 3301 4500 5526 *610 7327 8492 

833 2325 3407 4510 5S44 6015 7488 8493 

846 2329 3419 4520 5584 6632 - 7472 8500- 


On June lx _lhc .Votes deiignatcd almvc will became due and payable in such coin or cur- 
rency ^ot the Lmtcd States of America as at the time ot payment shall be legal tender for the payment 
01 puDlic ami private debts. Said Moles will be paid, upon presentation and surrender thereof with 
all coupon* Jpporuimng thereto maturing .liter the redemption dale, at the option of the holder 
either <at at the corporate trust office of Morgan Guaranty Trust Company of New York. 15 


101B 2374 3S2* 4658 5707 0746 7547 8555 9583 JOfiHT 11645 13030 14434 13508 18968 1«277 19415 

7004 2402 3530 4W5 5719 6778 75R0 8566 9600 100!>0 11644 13043 1443ft 1639*1 iB319 1.1444 

1072 2411 3571 48s* 5723 6779 7576 8385 9606 10698 11727 13048 14480 35666 J6988 10415 19479 

low 244! 3a76 4668 3711 0790 7579 8596 9622 10717 117S8 13067 14433 15733 ITOWl 18422 10525 

1®0 2445 3591 4700 3772 6737 75W 8648 9844 10727 11010 13005 14521 15750 17031 184M 19538 

1120 2474 3600 4701 5792 6812 7642 8802 W»5 10730 11820 13137 14529 15T52 17070 18435 15574 

3617 472H 5 in; 08X3 7663.8682 97TH 10764 1J832 18156 14533 15803 17118 184B4 195M 
:iae Z514 ?U2 4742 5804 682r 7880 6699 S707 10764 11833 13108 14S56 13820 17174 10494 m 

1S00 2517 asm 4775 5P.07 8857 7683 8733 9709 107 BO 1JB66 13170 14682 15821 171 Tft 1 S 551 lSdS 

1104 2518 3"63 47M 1126 6R3S 7635 8746 9752 10793 11874 1317L 14589 15833 .17185 18500 1 0729 

1232 2J46 3600 4797 5827 6S87 7712 07S8 9738 10807 11878 13183 14634 1SM8 37301 18578 ilflra 


main officc of Banquc Internationale a Luxembourg S_\. in Luxembourg. Payments at the offices 
reierred to in (b i above will be made by check drawn on a dollar account, or by transfer to a dollar 
account maintained by the payee, with a New York City bank. 

Coupons due June 15, I9“S should be detached from the Notes and collected in the usual manner. 
On and after June 15, 197S interest shall cease to accrue on the Notes herein designated for payment. 

GOULD INTERNATIONAL, INC. 


1316 2607 3759 4889 5851 6919 
1343 2611 37afi 48«M 3*06 0920 
13W 2838 3809 4899 5540 6937 


794 6804 9803 10670 11994 13320. 14702 1B047 17333 1S6F4 10043 

817 8808 9*72 10S8B 12019 13328 1472ft 18054 17373 1809 1 19S53 

820 .8819 9877 JOS0T l#HO 15423 14737 100M- J7411 1P703 1MW 

as ss? !£2s jss -jss ^ 


Dated: ilay 11,1978 


By MORGAN GUARANTY TRUST COMPANY 
OF SEw TOF.K. Trustee 


NOTICE 


Tbe following Notes previously called for redemption have not been presented for payment: 

^306 509 322 843 3933 4781 9005 18791 18850 21113 24004 24205 24341) 24354 24491 

,850 3953 9613 10023 18801 20990 21467 24006 24306 24345 24361 

-72 738 839 3950 4001 3391 10025 18803 21113 22691 24291 24333 24551 24443 


l-’59 2839 3815 5946 6M5 7863 8880 9007 10994 12068 imu 14730 Ibl/JU 174&4 18730 19080 

1270 2M7 3825 4927 5965 6977 7004 8691 9931 10968 13080. 13573 14767 16130 17455 18757 19380 

ISM 25J9 Wm3 49T%9 WUR 7001 7913 8834 9941 U0Q5 13081 13635 14796 1613C 174W 1877S 

1422 2608 3609 4943 6032 7002 8002 8899 M«S 11020 12087 13B31 14025 16151 17472 1B840 

The Debentures specified above are to be redeemed for the said Mandatory Redemption at the 
W CG-Corporate Bond Services Department of Citibank, N.A., 111 Wall Street — 2nd 
Floor, New York, New York 10043. and .the main offices of- Citibank, NA. in Amsterdam, 
Frank fort. Main, London. Milan, Paris, Citibank f Belgium) S.A.. Brussels, or Banquc Internationale 
a Laasmbnuri;. Luxcmbnur?. as the Company's paying agents, and will become due anti pa v able on 
Jutio IS. 107 & at the redemption price oi 100 per cent, of the principal amount thereof. On and after 
such date, interest on the said Debentures will cease to accrue. 

The said Debentures should bo presented and surrendered at the offices set forth in the preceding 
paragraph *>n the said date with all interest coupons maturing subsequent to the redemption date". 
It -’Uch coupons arc not attached payment will l*c made only upon the delivery to the Paying Agent 
of funds in the amount of the unnurtured missing coupons. The coupons due Juno IS, 197S should 
De presented lor payment in tile usual manner. 

For DOW CORNING OVERSEAS CAPITAL COMPANY N/V. 

By CITIBANK, N. A., 

Trustee. 




May 11. 197S 




















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; Financial Tiraes Thursday May 11 1^78 




uilding industry 



6T CHRISTIAN TYLER. LABOUR EDITOR 

THE BUILDING INDUSTRY Although the TGWU has far revolt after a lon*> and iotense 
may be hit by strike action fa I- fewer members involved in the debate was that there was in- 
low.ng rejection yesterday of a acvcemenl than the Union of sufficient consolidation uf suudIp- 
P-y nffer of just under 10 per Construction, Allied Trades and ments into basic rates, and that' 
cent, by lay representatives of Technicians, which lias accepted the uiiaranieed minimum bonus i 


Matthews ready to 
fight union over 
Express closed shop 


BY MAX WILKINSON 

THE CHAIRMAN of Express "The management requires all . j'ikelj uTretiir" in this financial 

Newspapers said yesterday that jouroaiiits joining the staff to be: year Mr _ Denis Healey, the 

he was prepared for battle if members of the NUJ and t°; Chancellor, told TUC leaders 
necessary over a elo>ed*shnp remain in good standing there* yesterday. 


British Shipbuilders’ 
man attacks Varley 

, by NICK GARNETT. LABOUR STAFF 

MR RICHARD W HALLEY. ' has maintained that tbe vatjiaR 
British Shipbuilders’ new dlree* -settlement rates are baaed on 
, . tar of personnel made a sweep- ability to pay for each o£ the 

COVERNMECT underspending ! | ng 3lt: ,cb yesterday on the Gov* corporation $ constituent com- 
because of cash limits was not enuiu * n t's “ nonsensical " Inter* panics. 

ference in the corporation's pay The figures, aid Mr. Wballry. 
negotiations. were Inexplicable, and the varia- 

&1r Eric Varley, tbe Industry tions had “ no logical explana* 
i Secretary, had been told, and tions." The- Confederation of 


Healey 
‘will not 
underspend’ 

By Christian Tyler. Labour Editor 


the second largest union. the offer. It is unlikely that any was still too low. j agreement between his company after." He said after meeting the TUC ; would £ u l0 | d again, said Mr. Shipbuilding and Engineering 

Shop stewards of the Trans- agreement for the industry can This suggests that there mayi ar, d the National Union of luur- In return, the chapel has i economic committee he ■ agreed j Wtaalley. that under no circum* Unions has y' 

Workers’ ho signed without ihe Transport still be scope for reworking the na lists. ' agreed to recommend f°. r . with the unions that underspend* 1 


also criticised the 

r r »rl and General Workers’ he signed without ihe Transport still be scope fur reworking Vhi» na lists. agreed to recommend [ or with the unions that underspend- j Jj'J'ncp^musr the Government re- Government’s handling of pay- In 

Union overwhelm i nely rejected Wurkeis. deal, within the guidelines But The Daily Express chapel membership journalists which jing .. vaS « as bad as overspend- j( S yoic of virtually dictui- the industry, 

a deal accepted bv their oili rials The National Federation of TGWU officials were still assess- f union branch) ha? signed j the company employs or wishes : in g - Not all the shortfall was j j ng varying levels of pay offers Thfi delegates were told that 

and recommended to them as Building Trades Employers said inc »he position last niahL clnsed-shop agreement with tbe to employ, provided they are due to.cash limits. The financing j tQ t j, e corporation's various seC tiuns of British Shipbuilders 

the best obtainable. h» v| night that it could go r.o The present national agree- i management under which all qualified for membership. . of export credits and the salo of j y ards _ would have to close unless there 

The union's regional com- further without breaching the menl. which covers about 750.00U ncwl> employed journalists The prospect of a clash , gp shares had been among the i • Paj . settlements, tightly cun- 1 nnieress -toward iob 

mttiere will draw up plans fur Government's guidelines .A ' —■* ,h£ - ‘ — — 1 1 - ' T " 


. . , , • ■ . . workers, expires ai the end of 

industrial action. Whether tins spokesman saad this had been f P h _ liu . 

heennies an official national cam confirmed by tbe Department uf 11 ... ' F ■' h ,B x 

paten appears tu depend on Employment. recession and severe uiiemplov- 

whether the TGWU executive Parr of the reason for the merit will temper the decision 
receives demands for backing. TGWU national committee's reached yesterday. 




ore participation for 

suggested 



BY PAULINE CLARK, LABOUR STAFF 

FROPuSALS fur radically be ■■ national steel joint con- apparently there was concession 
•siren-jit honing workers' participa- re re me uf Corporation represen- from the management element to 
lien in th<‘ steel industry arc tail i**«>-i and uni-on mem hers .it uni tins' eventual aspirations for 
c.intainerl in a confidential work- bulb .national and area level. Be- 50 per cent, representation, 
mg party report to be discussed cause' its job wouid bo advisory* The TUC Steel Industries Com- 
by BSC management and the rather than decision making, the ntittee has put the report on its 
industry* union leaders. balance of seats allotted to hoth agenda for discussion at its next 

The recommendations of the sides is unlikely to be controver- meeting a week to-day but joint 
ten-member management and slal. discussions are unlikely to start 

union working group fall short. A national joint executive until June or July. If this goes 
however, of meeting the BSC's committee wtndd be composed, smoothly it is felt in some 
ric?ire for a unified pay nesuliat- apori from the BSC element, of quarters that the new structure 
ing structure in ihe industry. probably .the entire member- could be set up by the end of 
The report, recently circu- ship of the 17 member TUC the year, 
kited, as a “steel contract" Steel Industries Committee. The report arises from a joint 

plan to members of the TUC The next tier involves creating decision last October to set up a 
ste'.'l industries committee end divisional joint committees — a working party to look at the 
BSC management recommends a structure which the unions feel kind of participation needed *o 
top to bun um joint employee is particularly vital because i: cope with the urgent problems 
and management consultation represents the key to dosing the of revitalising the loss-making in- 
structure in the Corporation. consultation gap between exist- dusiry. 

This would supplement and ing works councils and the hoard. While some union leaders see 
hack up a proposed, new board A series of departmental joint the report as a major step tu 


4 — The prospect' of a clash 'gp shares had been among the 

would br* forced \o jomthc NUJ between Mr. Matthews, and thfi j special factors last year. | trolled bythe Department of In- n.^ihimv 

But vesterdav Mr. Vidor MJJ is not immediate because he ^ statement afterwards said: diistrv, have ranged in British ' , 

Matthews said he was completely Mid hi- would not seek to re- if hat Mr. Healey and Mr. Joe! Shipbuilders from 81 to 10 per Some res irici he iprjen cus were 
opposed to the principle of «icn. negotiate the agreement until an ; Barni .„. Financial Secretary. cent . ♦‘,. al 2!! olurP L« appa iin^uim 

an agreement, tf he wanted to occasion a rose when the ^company • rea fR rme d a forecast that public; Mr. Whalley. speaking to dele- there weie managemeni 
empiiu- a journallsl who was noi fished to hire a iion-M»J journa-.jjjjppjjjjjrure u-ould increase by U a te*i to the shipbuilding and re- deficiencies in trying lo mam* 
a member of ilu/xUJ and who l’ 15 *- "l have not had to lace the g percent. in real terms between j pairing conference or the Elec- tain production. 

-did not wish lo become, a mem- P™ blel " yet—bui if it comes, 1 11 ^ 77*8 and 197S-9. ' trieal and .Plumbing Trades — 

iber he would go ahead. in spile w nuld face it. Mr. Hcalev made nn attempt to Union in Scarborough, said ro- 

of the agreement and face ihe Many of his executives did not ra j se ihe thorn v question of srriclions on ihe corporation's 
consequences. share his antipathy 10 the dosed-. V aacs in the next bargaining ; ability to negotiate, even within 

Mr. Matthews was sneaking at a shop principle, although they round, but said that the more, the 10 per cent., had damaged 
meeting of the Institute of were aware uf his views. given in tax cuts the less there I the workforce, spread distni-t mprpaV TUr~pner.il 

Journalists, a rival uF the XU.T. 0 The two defectors from the 'would be to spend on sendees. between managers and the shun MR.LEN Ml- ‘ J- -J-" rd ‘ 
which has been excluded by the Newspaper Publisher*’ Associa-' Unions are seriously alarmed floor, and helped spawns series g^rerai?. jCsteraj* iidCkM 
closed-shop agreement. He linn — the Mirror Group and at the ^underspending on capita) 

lr was a mailer - of 


Murray 

firemen 


of “fair wage" claims which Britain's firemen in their fight 

added: “ lam prepared to take un News Group - an- u. he in- account— mainly ihey MS’, due j the; corporation afford, jjr » wnrkin? wnek by 

an institute memher and respect eluded in ntaiu for ur-ent meet- ■ to ocal authorities cutback in The British Shlphu liners Rojra Anvoniner. 
h?s^ S&5 USES z iScmbcf ut fiS Of rtE of the j would “not tolerate “ such in- mw concern, he -said, that no 

the institute.” next Few months on problems way it robs private manufactur- 1 terference again. 

However, tbe agreement signed Facing Fleet Street. ins ind ustry of orders. The Department 

by the Express management last 
September says in clause 91 i|: 


of 


firm proposals had been put 
Industry forward hy the local authorities. 


Boeing deal 
backed 
by Scanlon 


By Alan Pike, 

La bour Correspondent 
A STRONG suggestion that 
British aircraft workers should 
support American rather than 
European co-operation in the 
industry was given yesterday by 

hacK un -J proposed, new ooara A senes or departmental jotut tne report as a major step tu- ! ^ P nl i ^,t, nt ft 

uf members, of whom roughly committees is ai>u proposed to wards their aims for rhe industry,] union o 

;t .third would be workers' rep re- maintain close contact with shop other* regard it as too much of 
sen: at: ws if unions accept the floors at local level throughout a compromise. 
uJTtr nf six scats made recently tbe industry. One criticism is that conflict 

by Mr. 'Eric Varley, Industry* Unions admit that the between the unions in the in- 
Secretary. structure can oniy offer workers dustry will become more exposed 

Central to the report is a pro- a real measure of control if it and more troublesome than in the 
pool to create a formal joint is coupled with an extension jf past Ii is well known that there 

management and union fo runt at worker participation at Board are often differences nf opinion 

d!l levels of the industry for level. To this end the working r»n the TUC Steel Industries Coin- j expected 
consultation jnd for negotiation party agreed un representation imliee. but at leasl a semblance; opinion 

in all areas except pay. of one third employee represen of unity can be maintained undor I workers on T j, e 

At the top of the tree would tatives on the Board although the TUC umbrella. 1 


Engineering Workers. 

He told hts union's annual 
conference at Worthing that 
partnership , on tbe Boeing 757 
project would not mean the end 
of a British aircraft industry- 
while European co-operation 
might nor produce the number 
of jobs which some people 


miners 


boost output 


BY JOHN LLOYD 


of aircraft 
future of the 
industry depends largely upon 
whether they work for Rolls- 
Royce. which would benefil from 
the involvement with Boeing, or 
British Aerospace 
Union leaders have tended lo 
fear that .a Boeing partnership 
would rob the British industry 
of its independent reserve of 
. . . , , , technology, and have demanded 

accused yesterday of ranking , t ^ a , gritish Aimravs replaces its 

" mon ^ worst em ^ oycr ? c IH! Tridents with the BAC ID rather 
the country as more than 1.500 ; rhan rhe Boeln 2 737. which the 


Civil servants 
in pay protest 

By Pauline Clark, Labour Staff 
THE GOVERNMENT ' was 



mud: 


'he Tran^ert and General -jp a rc<n'utinn which 
Wwrfccr*’ Union O'JbMc services 1 , 1 ,,^,.,^ . T hc financial, indue- 

ji" trial and acricullural policies of 


committee on behalf nf 


A further wanting note vi»! flq.one members employed by tbe th “ community as having r- 
struek In Sir Derek when he Government derriinent.nl effort” on the 


iri'iut-'d to th:* imliKirv's other per cent ri-c u\er ihe 
pruduciiun co?ts <u then- area. period la-ii j.»ar 
Sir Derek K’ra. (.-hamuati uf 
ih-.» Nalmnal t'ual Beard, said at 

Amies ley eullicry, .Vottinghnni- Jt jmitled “an immediate problem- The- Government workers, | workers nf the United Kingdom 
.-hire. .: : n in north and yf 3eeuriri -. uur ltsar fc clj , when 1 vran * to hr ’ reaU ' ,i j*" a soecial It j nsm icu*d ihe executive to 
. .eiiingh.,.ii>ltiii? io>e by ■ h -nd rise on pay * are 3,50 Pressing plI r Sue withdrawal from ih» ET*X 

.,5 per u nt. itv.-i thesamo penud lh<? 0 nun. 1 . .lu s ,i?h -nd. for 3 , oh creation scheme Forj ; V n rt urapd the Eurouean trade 
I;:m >'•';» r — more than L1U.UU0 energy t> a<mnUant d.-i-nce workers who are n>rra1-i, in tan movement to do likewise, 

tcniv-. But the hoard believes demand, ened -with the lo-s of - 10.000 

However, iai'-r proviylonjl will rise in the early IflSfls. : jobs because of defence cuts. 


Dismissed chef ‘spilt onions 
on Moor 5 at Clarsd 

Mr I! IGli. -MID ELYIDGE. Ihu missal. AI. Holland said Lhat v ticti 



Seamen 
seek pay 
freedom 


ci»nitii!< chef who wa? diMtiisscd 
fr«iiu Clarulgo lintel, botched 
tin- j,>!» uf L-til 1 injg up vegetables. 
>1 Andre i\i»l!.u'id. the bead L-hcf. 

ut .it :m indii’trul tribunal in 

I. vmlon ?,.*?liTd.iy. 

M And, -i 1 i:,iT|:rut. wlm ? tar led 
;n :he ,-;uering in.tii-lr? in Paris 
v. lien in* w.t- 1-1. %:u,i things 
>i .irn*,l 1 1» .*y wrung fur Mr. 
KA-til-.-e when hj wurkeil in the 
;»;ii ■*i. , vll< , :i 

II«- w:i> ni'Ti:’-; vngvt.iblea m 
■'.ill (Mftruni *1 ’i'n" .said M. 
n,.i'.iu,!. 

Uc >t'oke in .’Jr. L'.h -Ugo ;i f"w 
tiiue.-. «-nre after .-nm,.' uf ill? 
w>rk »-■ *n til n<i| !.*e used 

'* 1 •■■lit mm »hj’. after l'*u 
r i-.i i- - ji cutleKi'. training, he 
-b»*i lid Viiuw tirltvr. but In* did 
r*,‘i -rein In lake much iivlici'. 

II. * n,'Vi t nine ■•11 1 the vegetables 
nclit. .sin! the ntber I'hefs v'uiiUl 
*. .1 nioii:, 1 : 1 - hi> uurk " 

Mr Givtdie. whu-e >li-im?»al 
-t irb'd ;i livn-weeV .-trike l!ie 
I'n’iel. is claiminc imlair r||>- 


nuived to thi* sauce section Mr- 
Klviriue would stand with one ii*g 
on :i chair nr sii on a table with 
1 'lie teg oil the bin while pcel.ng 
onion-, and half ui them '.‘.eni 
on th*' Ilnur 

“ Hi* sbnuiij have hern sir rid- 
ing up. and I told h:m if he 
could Dni stand be should slay 
at home " 

31. C'llland. cross-examined tiy 
Mr. Andrew Gnilander. instructed 
by ih>- to norj’, mid Municipal 
Worker- t iiion. siul he did iml 
kitijw Kiv.dge v.as recruiting f»»r 
tbe union ,,r tiiat be m.i., kno.vn 
by the staff .it f.larulge's an 
“Jack Jones " or "Joe Guritile?.” 

K.irlier. Mr. Hieh.ird Ednions. 
secretary ru BunJies. the Lundon 
chili, t. ilked uf tbe difference 
between working °n two-juar 
iMlcriog cmir?cs, such a* the one 
at Grim-hy College of Terh- 
nolnuv which Mr. Elvidce had 
;,1 leiiileil. and working in t.ic 
kitchens at Ularidge'?. 

On leaving college he had !l '’ 
smfeh to working fa:jj and 
haril 


I THE LEADER of Britain's 33.000 
must pay seamen urged a return to free 
said Mr. ! collective bargaining yesterday 
after being asked'* 1 * upemng *»f tbeir union’s 
herrings should be conference in Aherdepn. 


“ At Ciaridge's lie 
a iten non to detail.' 

Edition. 

isp-ved v-ith iheir tn il< on or off. 1 Mr - f general seer e- 
fThey are off at Claridcc's.) ! ,ar >' «* ^e National Union nf 


a- in rf. niniinn ,h . i. ' Seamen, said trade unionists had 

i, nf nSr Sf'hij kitSfijS ' ma ' ,e " "■ h * , » n «» l “ ntr, '" ,unn 


hut would drlecaie 


made 

10 reducing the rale of inflation 
r..i,i,»< «.M n m i B ui the opportunities provided 

v n'vifn n lrv d h ^jthmuRh wage restraint had not 
‘ d " . ' s ’ er n ' resulted tn greater investment or 

Adding salt to dishes was some-] j,jgfo 9r outpii:. 
thing :hai had 10 he learned: ' e Maintenance of .strict wage 
it was a matter o. experience. : controls fi'uni this year onwards 
He agreed that in the heated ! would be "unreasonable and un- 
atiii,is-*hore of the kiu-lien tent- i realistic." Mr. John Freeman, 
per- became frayed, and sjid tha» : chairman of the Northern 
violence in the kitchen was a i Ireland committee of the Irish 
very .serious matter. “There pro Congress uf Trade Unions, said 
l-n;v-v and a lot of hut water : yesterday at the committee's 
jnnui.” ; annual conference. 

Mr Edm^ns. railed bv rjarid- ; 0 South Wales miners rejected 
m "iv*» evidence said: " A ' any Phu v c Foui extension of the 
comnltiim i>*- a customer about social coniract and urged the 
foud in Clundge's. or a place Government to remove pay bar- 
lik.« it. would bo j vorv serious gaining restrictions. Confer- 
matter, espociallv with there 'ence delegates in Porthcawl also 
Wing a small clientele. agreed to press tor a £110 basic 

The hearing was adjourned - wage for coal face-workers, 
until to-day. • irrespective of incentive bonuses. 


Union official admired Tether 


T:!K SENh'Jli nJJJiriiM r ,»f tbe 
Nationai l nu-n uf •buirn.iliil- 
teld ai: indu-i.s.it iriU.iu.il in 
Li-n.v'n ilia i In- li.iri ilc eloped 
p(>r : :<in;il udiiiir.ili»n for ?.fr. 
i.‘ tbiribm Ti-lhor. thv* fur'.lU'l* _ . _ 

F:n.’:u-ul Tuiirs polumnist. and Involved 
fur his principles. 

Mr. I' "hurt Nuvns v j: g\vitv; 

« w !di*nei' tu the tribunal, which 
is hearing Mr. Tether's unfair 
tt ; smix«jl claim, about the 
unmn- invulv-rnieni in Mr 
Tother's (bsputi* with Air. Fredy 
Fishe '. the editor over the 
e-ii'ur'> cntrul of the I.omnard 
it'lu'ur. **- hi i'!i «:i- written by 

Mr Toi'ier fur Jl ri-ai.s. 

?.ir T'lht-r. IH. v. .is di-:n:'*-ed 
uionl’i. .i It** tin-.*- -u-'k • 
i'i-* I'ei.u-n: iii ih«- li'M-’inj 

i.s 1> ■:: , '<-:i 

.i-'r'-i! Uy Air. 

•I.'nh-m.* y.if-.'r. 

« i* AD M irk 
‘ it'.UM" l,f I ill* 

.•!!«, •.- I*r:i n*-:i < .it 
me. All Teihe: 


Tetligr" •< ciiiplu.Miienl -huiild r>c h.-bers A-suciation-XLM disputes Air. Nome “General view— 
icrtii'itated Thi.- woy.J have i iuiiimive he contended that Mr. ' ye?.’ But the characters in this 
been •■nttro’y mi* uf line with Tether v as acting re:«o:t-.ib5y bo- particular drama — Mr. Tether on 


thi* procedure which had been 

adopted. 


A i-h:s;i«.*l father did no! have 
thr* .iiitiicrity m nreept a Ui*- 
itiisSul. Mr. Tether's case had 
boon m’tnvd lu Ih^ unmn's 
executive which wouid cither 
cunlimi or I'Csi.-t hi^ di-nns-al 
Mr. NnvrtJi said he hj«l i,ecmne 

pervmally u-.volvi-l m the ca-c. , , • , , 

He ib'veb.tpcd a -en-e uf .olnitrj- soecial position 


for Air. Tether and hi? ;*r.:i 




Ti 


Nii-r.- 

ahull* 
lion.- h" h 
,-.i d»- W.-y 
• ‘i.itu- 

> Fin.ro ..t: 


’’•id i •'■iir|.M;»*,l I !-•- a i n ■ • >n 
'•'■•ill Mr. x.ui di* W'jx r'> full- 

du : hi? ,m— 

Mr N •••.—«» -.ml in* *»:<- :>iisiti*«* 
' 1 n df* V..'\ i> ■ H-ii n<it i ■ -I I 
h;.:i h»* had .ir. cpietl i!ui Air. 


lion 
ciph 
H 

, » il!' 

I :i r*- 
d: 

n.ifiun.i’ 
Ifx.lt ! I 
gutr.j u, 
made 1, 
th 

«i->-g.i in 
'.":• -tu.-n 
Mnn-ou ,• 
■■' d Time- 


he was .* journalist nf one side and Mr. Fisher on Ihe 
u’iiirh unique independence. He other— look i: out or the general 
.vting rca-iinablv in not view." 
dOccptin? an iibhgauon to con- Mr. Murison- “Tn your know- 
vul? with Mr. Fisher. led^o there lias never been a 

V.-. Mnnsun asked Mr. Novrto c'nnllettjso to the risjhl of an 
tu MinpUM' that an article written editor on the exercise of his pre- 
by an mdcperidcnt juurnalbi rogative over ' material to be 
appeared in hi? edit or to be so published '' *' 
d-'H'i-l of quality th.n it should Mr Xorri? replied that there 
i appear. AA'a.s the editor then had been one disciplinary hear- 
unliged l*i imhlLh it'.' inc against an editor over what 

hi- published and where tltc union 
fell he hail abused his preroca- 


ld he d:?c ii—i*.i t’u 


ruii;;| 
■'-* ih:«t. 


>ir. i 


ihe urmn'? ign>-rjl ixrf 

iiid ii «' a- dei.-ub'd i’i.r th, 

-■ ?!l«i".if| £ii oof; 1 ■• «;•• 

'*>--«-:i:i ■- ■• Ii i- 
:iii> ■ir-_:i:ii'5.iti.-n 
uur. lev *5U' '.jvi'-tg -V'j-e'j': 


un 


tli> 
II' i 1 


K'n ii' 


Id rj'i 


ml Timi'# 

; : In* :i»— r 

it 

■I ■ * Mr Hi a- 

uiom'I tr>r th n Finart- 
Air Nivt:- -.*:u th.is 


I, - 1 ,.r| 

vp.-.e 


p residing Ilr. Tcth-r- 
in th,’ .Yew .-paper Pul> 



N'ffrts re plied that he iin<. it was th**. content of the 
:!H iMb'guricjllj answer .-.rticlc which rjii.-cd th«; ditti- 
He W.,s ,'.'b -eii.u- that the <.uU>. The editor Was aecitsed 
n - lj-v v a.- based on the ,jrtgi;nlm-j m.-itiwial which 
>: , ' ,,, ::i: pi>5iJion nf A;:'. Trtluw. en '-mi raged discrim in.it iim 

AU M-n-on then a«ked whether rjcml grmiri.ls. 

'* ?,,, d ihr disputv- At r . Mr-ri-.n “Leaving that 

th::! t ■•.■»• u:sy »f Mr. Tutiu r > mu of u ibi>n> ha? been no nthrr 
;Vinrs ih» »*ditur view ,.-:i-e in v:hiHi ihe unpin ha? 

-oughi tu impugn an editorial 
1 do not dcc'»i;.n made by jn editor." 
At*-. Xcutt?: “I rannru 
that; I cannot rernll anv to 
mind.'* 

Blit editors wi»rfi being rbal 
prerogative lcn-:'’d .ill thr time, he added. 

The hearing continues to-day. 


vhonid /c overridden 
M.\ N" ,, i“i* rcptlvd. 
funk 1 -a;d that." 

Afr AInri-o:» =aid’ " That •••mild 

bi- ** lieliy inmn-iuent with the 
g**n«’r.i;;\ arerptod view nf the 
Y' .f Ih j: .in -'dilnr' 
v.f- -jcrosar.ci.” 



New Issue 
May IT. 1978 


This advertisement appears 
as a matter of record only. 


CAISSE NATION ALE DES TELECOMMUNICATIONS 

Paris 


U.S.S 75,000,000 
9% U.S. Dollar Bearer Bonds of 1978/1993 

unconditionally guaranteed by 

THE REPUBLIC OF FRANCE 



Union Bank of Switzerland 
(Securities) 


Deutsche Bank 

AtmnggnOViirfl 


Soci6t& Generate 


Banque Bruxelles Lambert S.A;' ■ 
Caisse des Depots et Consignations 


Banque de Paris et des Pays-Bas 
Merrill Lynch International & Co. 


Alahti Bank of Kuwait (K.S.C.) 

Arne* Bank 

UkuKjC 

The Arab and Morgan Grenfell 
Finance Company Limited 
Banca Comma rciale Italiana 

Bank Julius Baer International 

Lmnwi 

Bank Gutzwiller, Kurz. Bungener 
(Overseas) 

Leaned 

The Bank of Tokyo (Holland) N.V. . 

Banque Frartqaisedu Commerce Ext6rieur 
Banque Internationale A Luxembourg SJL. 
Banque de Neuflize. Schlumberger, 

Mallet 

Banque de I'Union Europknne 
H. Albert de Bary & Co. N.V. 

BayerischaVereinsbank ' 

Berliner Bank 
AicMnoassUcctun 

Caisse Centrals des Banques Populairas 
Christiania Bank og Kreditkasse 
La Compagnle Financiers 
County Bank 

Unatcd 

Credit Industrie! et Commercial 
Credit Suisse White Wetd 

Landed 

Den Danske Bank 

4 1 1671 AMiwMcab 

DG Bank 

DwtscHe Genoewwcbatabank 

Dresdner Bank 
AUrtngfficHschatl 
Euromobiilare S.p.A. 

Cowpaenia Euroosa imermobdure 

First Boston (Europe) 

Umaed. 

GenossenschaftficheZentraibank AG 

Vienna 

Greens hields 

Incorporated 

Hesslsche Landesbartk 
-Girozentraie- 

In dustr iofaank von Japan (Deutschland) 
AkbangOMltaclotl 

Kidder, Peabody International 

LaiWEd 

Kredietbank N.V. 


Kuwait Financial Centre SJLK. 

Landesbank Rheinland- Pfalz 
- Girozentrale - 

Lazard Frdres & Co. 

McLeod. Young, Weir International 
bended 

Samuel Montagu & Co. 

Li mind 

Nonddeutsche Landesbartk 

Girontntraic 

Orion Bank 

L«nmd . 


PKbanken 

N. M. Rothschild ft Sons 

brneed 

Schroder, Munchmeyer. Hengst ft Co. 

Smith Barney. Harris Upham ft Co. 
tneorpomed 

Sodflte Generals Alsacienne de Banque 
Strauss, Turnbull ft Co. 

Swiss Bank Corporation (Overseas) 

limned 

Verbend Schwai?erischer 

Kantonalbanken 

Warburg Paribas Becker Inc. 

Westdeutsche Landesbank 
Girozentrale 

Dean Witter Reynolds International 


Algemerie Bank Nederland N.V. 
Amsterdam- Rotterdam Bank N.V. 
Amhold and S. Bletchroeder. Inc. 
Banca del Gottardo 

The Bank of Bermuda 

Limned 

Bank Leu International Ltd. 


BankersTrust International 

Limited 

Banque Gftnfiraledu Luxembourg SJL . 
Banque Louis-Dreyfus ... 

Banque Populaire Suisse S.A. 

Luxembourg 

Banque Worms 

Bayerische Hypothoken- und 
Wechsel-Bank 

Job. Berenberg, Gossler ft Co. 

Berliner Handels- und Frankfurter Bank 

Cazenove ft Co. 

Citicorp International Group 

Compagnie Monegasque de Banqua 

Crftdit Commercial de Franca 

Credit Lyonnais 
Creditanstalt-Bankverein 

Delbruck & Co. 

Dillon, Read Overseas Corporation 
Praxel B urnham Lambert 

InRVpcvttOd 

European Banking Company 
Lrened 

First Chicago 

LRTMCd 

Girozentrale und Bank 

der asterreichischen Sparkassan 

Akuenge&lsctMn 

Hambros Bank 

Lmtjm4 

Hill Samuel ft Co. 

limned 

interunion-Banque 

Kjobenhavns Hands Is bank 

Kredietbank S.A. Luxembourgeoisa 

Kuwait Foreign Trading Contracting ft 
Investment Co. (S.A.K.) 

Lazard Brothers ft Co., 
brnnod 

Lloyds Bank International 
brnnod 

Merck, Flnck & Co. 

Nesbitt, Thomson 

Lm»d 

Den norske Creditbank 

Paine. Webber, Jackson ft Curtis 

Securities 

Limited 

Privatbanken 

Urbasdskdi 

Salomon Brothers International 

LniMd 

Singer ft Fried lander 

LraiH 

Society Bancaire Barclays (Suisse) S.A. 

Societe Genbrale de Banque S.A. 
Sumitomo Finance International 
Trade Development Bank 

Vereins- und Westbank 

AknmQMailseltoli 

M. M. Warburg- Brinefcmann. Wirtz ft Co. 
Westfatenbank 

A H anfl e maacmn 
Wood Gundy Limited 


A. E. Ames ft Co. 

Umatd 

Arab Financial Consultants 
Company S- A. K. 

Atlantic Capital 

Cor deration 

Bank of America Internationaf 

Limrod 

Bank fur Gemeinwirtscheft 
AktiengesoHsehsfi 

Bank Mees ft Hope NV 

Banque Arabs et Internationale 
d'lnvestissement (B.A.I.I.) . 

Banque de I’lndochine et deSuez 
Banque Nadonale da Pqris 
Banque Rothschild 

‘ Baring Brothers A Co.; 

Untiled. . 

Bayerische Landesbank 
Girozentrale" 

Bergen Bank 

Biyth Eastman Dillon ft Co. 

iniBTVBianal Lrwcd 

Chemical Bank International 

Lmuied 

Commerzbank . 

.AIoienset«Qschaft 

Continental Illinois 
Loniod 

Cridrt Industrie) d 'Alsace at de Lorraine 

Credit du Nord 
Dai wa Europe N.V. 

Deutsche Girozentrale 
- Deutsche Kommunalbonk - 
Dominion Securities - 

Unwed 

Effectenbank-Wartuira 

Akueng««fi*eliatT 

Finacor 

Robert Fleming ft Co. 

Untted 

Goldman Sachs International Corp. 

Handelsbank N.W. (Overseas) 

Lmned 

E. F. Hutton & Co. N.V. 

istituto Banca rio San Pbolo di Torino 

Kleinwort. Bensorl 

Lmwed 

Kuhn Loieb Lehman Brothers 
International 

Kuwait investment Company (S A K.) 

Lazard Fibres et Cie 

Manufacturers Hanover 
Lmaod 

B. Metzlerseel. Sohn ft Co. 

Nomura Europe N.V. - 
Sal, Oppenheim jr. ft Cie. 

Pierson, Heldrlng ft Pierson N.V. 

Rothschild Bank AG 
"J. Henry Schroder Wagg ft Co. 

Lfittllfttf 

Skandinaviska Enskilda 8ankan 
Sofias S.p.A. 

Societe Sequartaise de Banque 
Svenska Handelsbanken 
Trinkausft Burkhardl 

J. Vontobet ft Co. 

5. G. Warburg ft Co. ltd. 

Williams, Glyn ft Co. 

• • *v 

Yamaichi international (Europe) 

united .. 






- 1 - 









: r s 

u ni 


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•'I l 1" ** 


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v nun 



1 1 ■ ■ *0 r.-,. 


'ATJONS 



33 




;<«* ' 
.ti ill v ••• 


... If 


,.o. *-*■*' 




U±P 


" ,^ me s Thursday- May. 11 1978 


11 


PARHAM ENT AND- POLITICS 




force change in starting 


40% rate of tax 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


THE GOVERNMENT last night 
suffered Its second major defeat 
of the week on the Finance Bill 
when, by a narrow majority of 
two votes, the ■ Conservatives 
forced" through ‘an amendment 
raising the starting point for the 
payment of the 40 per cenL 
higher rate of income tax from 
£7.000 lo £8,000. 

• The- Ulster Unionists, the 
Liberals and the Scottish 
Nationalists, joined forc&i with 
the Tories to. win the amend- 
ment by 288 votes to 280 during 
the committee stage of the Bill. 
Only the Welsh . Nationalists 
sided with the Government. 

Triumphantly recalling that 
only on Monday the Government 
had -been defeated when the 
basic rate of income- tax was 
reduced by one penny. Mr. Peter 
Bees, . a Tory Treasury spokes- 
man. told the House: “ It may 
well be that the walls of Jericho 
are lying in ruins. My right 
honourable friends have 
demolished them.” 

The Conservatives were also 
pressing another amendment to 
raise the consequential levels at 
which taxes are increased and to 
reduce the number of higher 
rates from nine to four. 

This -would- -mean that those 
earning . . between £8,000 and 
£10,000 a year would pay -at 40 
per cent.' those "between £10.1)00 
and £14.000 at 50 per cenL. those 
between £14,000 and £21,000 at 
60 per cent, while those above 
£21,000 would pay at 70 percent 
The top-level- of tax- would be 
reduced from 83 per cent to 70 
per cent 

According to Sir Geoffrey 
Howe, shadow Chancellor, • the 
cost of ttu$\ngithe starting point 
to £8.000 vvoukl 'bef7E40m. in the 
first year and thg- changes in the 
other rates. £1 55m. in the current- 
year. The two amendments 
together would therefore amount 
to- less than £200m. in the- ffhit 
year. 

But, from the Government 
front bench. Mr. Denzil Davies, 
Minister of State at the Treasury, 
said that his department 


Boyson argues 
for tough 
unions policy 


Tory peers 


score new 
Assembly 
Bill win 


estimated thai the cost of both 
amendments together would be 
£190m. this year And £385m. In a 
ruH year. 

Mr. Davies said that If this 
was added to the cost of the 
penny reduction In the basic 
rote of income t3X' made on 
Monday, the total cost this year 
would he £573 m. an<L in a full 
year. £7S5m. . . 

- The Minister maintained that 
the amendments being proposed 
by the Conservatives • would 
brihs meaningful financial 

benefits only to those earning 
over £15 000 a year. “The Tory 
party, on the evidence of theac 
amendments. i« a smail nrossure 
croup Tor the well-off.” he 
declared 

Sir Geoffrey, however, accused 
the Government nf Irving to 
make “ a society of drab 
indifferent equality in which all 
motivation and incentive will 
have been destroyed." 

He said that the cost to the 
revenue if the two amendments 
were approved was less than -one 
third of a pennv in .every, pound 
of public spending this vear and 
one-twentith of the planned In- 
crease in public spending this 
year. 

This “ modest figure " could be 
covered three times over if the 
Government were prepared to 
accept the Conservative recom- 
mendation for a single rate nf 
value added tax at 10 per cent 

He also argued that the amend- 
ments would mean.ln real-terms' 
that -the person earning over 
£25.000 a year would still he 
shouldering a hleber tax burden 
than after the Chancellor's first 
budget in 1974. 

The Conservative proposals, 
would substantially increase the 
willingness to work, invest, and 
take risks and would reduce the 
tendency towards tax avoidance, 
said Sir Geoffrey. t 

It would release aeyerel hun- 
dred thousand taxpayers* from 
the higher bands and wonld be 
a way of saving on the huge 
increase. which had taken place 
in the numbers employed by the 


BY RUPERT CORNWELL. LOBBY STAFF 


Inland Revenue. Lever. Chancellor of the Duchy that the Tory party are so con- 

He maintained that, contrary of Lancaster, and- economic cemed about to-day.” 
to figures given to the House, adviser to the Prime Minister. Those on £15.000 a year would THE CONSERVATIVES risk 
earlier this week, there had been that the Government were aware gel an eytra_£500 a year — £10 a losing the next election if they 
an increase of 20.000 in Inland that tax rates were loo high and week On £25.000 a person would flghi it on a platform of courting 
Revenue staff between March, that the Chancellor of the Ex- get an extra £1.500— £30 a week, and currying' favour with the 
1974. and the end of la-;i year, chequer was Hiving priority to For those on £50.000 ii would unions. Such a policy of appeasc- 
He . estimated that the reduced remedying the situation. mean almost £5.000 extra a year, menl will earn not cooperation 

25 per cent Lax band introduced There were jeers from the “ It wont help the skilled but contempt, and could see the 
in the Budget would add another Labour benches as Sir Geoffrey middle-manager in industry, parly ending up again with a 
100.000. listed IS well known figures in I'm surprised lhai the Liberals minority in Parliament. 

If the number were reduced sport, pop music, literature and are prepared to vole for that This view is vigorously 

by 20.000 this would mean a sav- the film world, who had left the kind of amendment. expounded bv Dr. Rhodes'-Boyson. 

ina to the taxpayer of about country as a result of high laxa- “It shows an abysmal sense Tory MP for Brent North and one 

iJtihu- in the salary bill. lion. These ranged from James of Justice and fairness from the 0 f the party's most boisterous 

He claimed that the present Hunt the racing driver, to Conservative Parly.*' spokesmen on the radical populist 

high rates of tax were penalising Richard Burton, the actor and He believed that 40 per cent. Ri^ht in 14 Centre Forward." a 
thoie wilh special skills and re- Len Deighton. the author of spy or the total .--uni rrom the new hook published to-day. 
sponsibilities skilled workers, novels. amendments would ge ro those •■Centre Forward” is described 

managers and other enterprising Rep Ivins for the Government, on unearned Incomes. Much of on its cover as a “radical Con- 
P^nle. Mr. Davies said that Sir it would go lo people paying sera live pro cram me.'' For Dr. 

“To have singled them out fnr Geoffrey's “ extraordinary Schedule D tax— professional Boy-sort this consists or less. Gov- 

tbe imposition of »3x rates, speech ” had illustrated The kind people, and small traders, not ernment intervention and inter- 

higher ihan anywhere rl«e in the of Budget which the Tories to those in Industry. Terence, less taxation, and a 

free world is shepr lunacy. would Introduce If they were Mr. Davies alleged that the sharpie' reduced role for the 
“To continue with these rates returned to power._ main object of the Conservatives trades' unions 

4 - was “ to inflict as much damage His economic diagnosis is that 


. tints*'*''" i,y - ' 
»V ' ' 


is to demoralise them. These He said the Tory “mini- 


rates have never been justified. Budget” proposed in the two as possible upon the economy in Britain is in the position of West 

nothing to the rke hope that the apprnbrium Germane before 1949— “ a drab 



Dr. Rhodes Boy.son 


The burden has hf*p n Imposed by amendments gave 

stealth — four years of record married man with two children for that will fall upon the deseiTof control i n Hatiun. ~iow 

inflation carving people up into on £50 a week. A married man Government productivity and broken morale “ 

hicher ?nd higher tax rates. on £80 a week, would qet 33p. a “They are confident that His solution is to denationalise. 

“We have experienced in the man eamlns £10.000 a vear would those elements in the City who decentralise and restore the he to imprison their mouthers in 

last four vear* a savage and con- benefit by Ei.fiO. a week. have piously preached financial freedom or the individual, secure a low productivity, low standard, 

tmuinz recuction in post-tax dif- “You have to start at £15.000 a rectitude will be prepared to under the rule or law declining Socialist socu-is. 1 * 

ferentials. year before you really get a abandon that principle if they The most striking section deals 

Thin has occurred in spite of benefit from .this. It is people see the fat henefils that will 

assurances from Mr. Harold earning from £15.000 to £50.000 enme to them.” 


Treasury view ‘ludicrous 
and hypocritical’ 


Instead. Dr. Bu»on advocates 
with the unions and the reforms reforms which would make all 
that should be introduced by a union contracts binding, with the 
Tory government The downfall right to damages lor breach “as 
of Mr Heath in February 1974. in in all other lawful contracts in a 
the Bo.vson view, was caused not civilised socictv." 
by dislike on the part of voters Meanwhile, pickets should be 
for his stern attitude to the limited to a maximum of six at 
unions, but by their doubt that a place of work and legislation 
the Tones had the will to push introduced to ban the closed 


BY IVOR OWEN, PARLIAMENTARY STAFF 


on to full victory. 

The unions, says the MP. were 
largely responsible for ihe 
country's economic malaise. It 
was a myth to suggest even that 
thev raised the standard of living 


vhop. An end should he made 
to supplementary henefils to 
*tnker«' families — “now a pre* 
oost protts perversion of .the 
Welfare Stale." 

Dr. Boyson argues that ihe 
of conciliation machinery 
ACAS should he checked, 
while the tax exemption enjoyed 


Investment surcharge 
win for Government 


LABOUR backbenchers subjected Britons had the highest rates of A wealth tax — he regretted of their members. “Thp pay of u “ 

Mr. John Pa rdoe. Liberal spokes- tax imposed by central govern- the fact that there was no sign unorganised typists has. since 

man on economic affairs, to a ment of any industrial country of the Government introducing the war. risen faster than that of 

constant barrage of Interruptions in the world. It was not just the one — would also be a key in- organised miners.” bv j, n j ons n nd thnir privilege of 

when he explained why Liberal pop stars who had become tax gredient in the tax reform which Dr. Boyson adds: “ By their immunity front actions b for 

MP* would be joining with the exiles, but many businessmen Liberals wanted to secure. close ties with the Labour Party ,ipf ama ti'on should he halted He 

Conservatives to vote for income-, and professional men who were Mr. Douglas Cranford . (SNP. and regular pronouncements on . canvasses the idea of 
tax reductions designed to bene- able to go abroad because of Perth and E. Perthshire) said tls almost every subject apart from measure5 t0 Q Ut | aw strikes in 

fit middle-management and top the mobility of labour arising party would support the amend- immortality, they have become a ^ services which “hold the 

executives. From Britain's membership of the meat to ease the tax burden on mechanism for transforming * bH t ransom." 

~ u „ - - , . ppo middle manaqemenl but vote society rather than for tniprov- f 

He insisted that these changes EEC. — . — ihe proposals which ing the conditions of their Centre foncord. a Radical 


THE LORDS yesterday continued 
lo maul the Scotland Bill, 
removing yet another of the 
powers devolved to the propused 
Scottish Assembly. 

Peers backed by 14 votes a 
Tory move In lake away control 
over road licences and permits. 
These involve bus services. 
Voting was 93 to 79. 

On Tuesday the Lords removed 
a series uT powers including 
those over airports, forestry and 
waterways 

Lord Camp hell of Cray (C) 

said the road transport responsi- 
bilities should be reserved by tnc 
Government as. he argued, the 
border between England and 
Scotland could become an 
obstacle If there were different 
systems of road management. 

Lord Morris called fnr the 
retention of the present common 
national approach lo licencing 
and (he maintenance of 
standards. This was what the pas- 
senger road transport industry 
wanted 

It was also in the best interests 
of passengers generally that there 
should he uniformity of approach. 

For the Government. Baroness 
Sledman said she wanted to 
devolve responsibility on matters 
oF close everyday concern to the 
people of Scotland and this 
clearly applied tn bus services. It 
would “ lame the Assembly ” if 
it were denied competence on bus 
services. 

Under the Bill, ihe Assembly 
would be respon-ihtc for road 
service licences covering issues 
like fares and frequency of 
services, hut it vnuld nut have 
control over public service 
vehicle licence* or freight 
operators' licences. 

The Government was ensuring 
that “the construction and 
safely standard* nf vehicles will 
continue lo be dealt with in the 
U.K. as a whole." 


—first advocated by the Liberals Reductions had to be made in f®®. 1 ! 1 ? 1 


—should be seen as. the start of the highest rates of tax, but con- ^RignerTncen tit e* were^eedeH “‘MMhey succeed in destroying Htiode^ Boyson. Maurice Temple 

a Wider TP fcn*m of 4 he t»Y system, ilria'nihla nnliMoil nrKhlame war* Digger inceil Lives were HePuP ., J I. ’ :n o r . A eft oc 


Conservative Programme by Dr. 


k^m> 3 £m M.'wnsffi’s.'ssa “ “■ 


years, would see ihe threshold by the Tact that when the last JSHEFto *u2l*in exhiifu 
lifted <mbKtnntiaUv ahnvA Kiinnle- required lo.usiain existing 


BY JOHN HUNT 


Scotland 
in- 


THE CONSERVATIVES were de- 
feated when they moved amend- 
ments in an attempt to raise the 
starting levels at which -invest- 
ment income surcharge becomes 
payable. 

An amendment to raise the 
starting point for those under 65 
from £1,700 to £2.000 was de- 
feated by a majority of 14 (288- 
275). The Conservatives then 
failed to press a Further amend- 
ment putting up the starting 
point for over-65s from £2.500 
to £3,000. 

Mr. Peter Rees, a Tory Trea- 


THINKING ABOUT AN AMERICAN 
SALES OFFICE OR PLANT 9 


MARYLAND 
WANTS YOU! 


sury spokesman, wanted to know 
why the investment income of a 
retired shopkeeper or w farmer 
should-be treated more S barsbiy 
than the income of a civil ser- 
vant . who had. an inflation' Rroor 
pension. 

Mr. Joel Barnett, Chief Secre- 
tary to the Treasury, said "that 
the cost of the Conservative 
proposal would be £30m.-in a 
full year. He pointed out tbat 
91 per-cent of. people wilh 
investment income. would not be 
paying the surcharge. 

He also estimated that a 
Liberal amendment to throw out 
the higher rate of surcharge of 
15 per cent would cost £120m. 
in a full year. - 


lifted substantially above supple- Conservative Government left dale’s m dim o rove" ihe' ‘nr£ 

SSm'wK^o l nli*r«rt.”o„ S‘e .T-T* ” "Y pSS. o‘f "fr,=X 3 ne^ on?I 

income-tax was only umea on roe cent- and not the 70 per cent M r non Thomas fLah Brisini 
mid^e-mcome and upper-income now supported by tbe Opposition NWK T^une Groupchatima?. 


Mr. Pafdoe 


fr 25 t hench \ . „ said The Tory move was a blatant 

Ue There could be oo disguising example of class interest. He 


descri b0d 

attitude of Treasury Ministers in the fact that if the amendments wa T^smTirised ° lb at* l h e'L i beral 

nnnnci no r rtx> MriPMiciifino * fnr ■ ^ i r ■— - ..... «_■ ,r * ■ . . 


Jobs proposal worth 
studying, says Booth 


BY SUE CAMERON 


.VST “*■ ALBERT BOOTH. Employ wore put into practice it would 


ment Secretary, said yesterday be best if details were worked 

out through the normal colicc 


ve T hi § h after-tax increases, going into the .lobbies supporting 
crpus and totalis hypocritical- • Nevertheless; -it -should be done, them 

nnchv hut: « ™ time, people Inflation bad a more ^re that the idea of employees taking « 

whn IrttSJKffi 541 everv *evel of Income needed- effect on the low-paid than hiuh one year off In four so as to pro- |. JL,jJ be possible to Icsls- 

the lop rales of tax were too high. . j^oposaLs ^o^reforoinV the 61 !*!! reckoned thai a man arn- Vid l, ^ op . porluniUfci ’ J. alL ’ ,hE re-allocation of jobs 

h.,i «i«ct proposaLi tor retormin„ tnc tax He recKoneo mai a man .arn ought to be considered. for employees returning to work 

for- afler a year off. This had 


Write today 

forthis 

fact-filled 

PLANT 
AND OFFICE 
LOCATION 
DATABOOK. 



The State of Maryland. 
of Ihe world-seaport of Baltimore, 
and Ballimore-YVashing ton 
international Airport Located 
within one day’s rati delivery 
from Baltimore are 37% ol aif 
U.S. manutacturers, and’35?& of 
the nation's consumer market. ' ' 


THree major rai'road lines. • ’ • . 

350 highway common carriers, 
and Maryland's excelleht highway., 
network provide quick access - 
to markets. 

Maryland him overnight truck 
access to 31 % of the U S.- 
population, and 34°a Of Ute 
nation's manufacturers, 

Maryland can Arrange up to 
100 °o financing o! land, buildings, 
machinery and equipment at 
low interest rates tor long terms. 

write or phone today for our 
brochure and for our assistance. 

George Van Buskirk 
European Director 
Maryland Department of Economic 
and Community Development 
Shell Building 

60 Hue Ravensteln, Soils 10 
1000 Brussels, Belgium 

Phone: (02) 512.73.47 


Maryland 



of- Lancaster, who believed that t0 be c ' onvinced ^ the overall earners. 

'SmSISSi pr °l ,osaLs for reforming the lax He reckoned thai a man .arn- 0UEht t0 bB ccms idered. 

Sb^MPs^ C d WOul !l he M 2 ^ d ’° r ^ IrS'™?* 0 3 !. 3rear ' y h 7.« ,uid The suggestion was put 

The nmpnrimpnm wre he‘riB ^ im be lo C^ ,lct! advantage of the rapi l.i) wart j ] ajjt week by Mr. Terry already been done for married 

nn ^d hv ihTro Jl h! ,he basi £- ra,e ° r 10 ** ** T J-'ami relaxation m the -Budge! Duffv . oie new president elect women returning to work afler 
opposed by ihe Government, he cent, or 2o per cenL over a three- would benefit by something .ik^ „ r lhe Ajualsamated Union of orecnancv 

said, because .of the stand taken vear perltjd and . ultimately, m £3.800 a year, from the Tory pro LEineeriJTgWoTkere. pregnano. 

.by. half a dozen people in. the reach a position where everyone posals and tbe Budget combined Bonth told a 

CaoineL was entitled to keep a half «»f “Over half the manual worker* seiect Coinmitteee in 


pregnancy 

But lhe Secretary of State did 
Commons not beiieve this was the best way 


Mr. Pardoe emphasised that what they earned. 


« Select Coinmitteee investigating of Implementing the kind of 

earn less than this, be declared unemployment that if the idea scheme proposed by Mr. Duffy. 


1* t 



VtY ^ 


Promotional and technical 
literature for export 
sales to the 

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of the Middle East and Iran 
must be translated and typeset 
in the idiom and style 
the market demands, 
by specialists 


BRADBURY WILKINSON 
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Plans for Scottish Parliament 
unveiled by Nationalists 


Call for EEC 
regional 
aid changes 


PLANS FOR a separate Scottisb 
Parliament, complete with Its 
own Prime Minister and Cabinet, 
were published by the Scottisb 
National Party, yesterday. 

Under the proposals. Scot- 
land would have Its own civil 
service, public boards, and 
Ministries, and public involve- 
ment in decision-making would 
be ensured. 

The plans, to be submitted Tor 
debate at the SNP*s annual con- 
ference In Edinburgh on May 
25-27. envisage the creation of 
16 Ministries. including a 
Ministry of External Affairs. 

The document-- states that 
Ministries need not be vast face- 


less bodies. “They need neither 
be large in themselves nor ex- 
tremely numerous. Self-govern- 
ment will enable us to diminish 
bureaucracy and make govern- 
ment more comprehensive and 
accessible- to tbe ordinary 
citizen. 

“ As stated in our constitu- 
tional proposals, the total num- 
ber of Ministers ought never to 
exceed one fifth of the total 
number of members of Parlia- 
ment” 

Initially the SNP proposes .that 
Scottish Ministries should 
parallel the existing sub-depart- 
ments of the Scottish Office and 
existing British Ministries. 


But after a period of transition 
the system would need adjust- 
ment and change. “That will be 
a task for Scotland's Parliament 
and Government to accomplish 
io the light of experience.” 

The document reaffirms the 
SNP's commiiment to setting up 
a Scottish system of government 
based on open decision-making, 
democratic accountability, and 
respect for the rights of indi- 
viduals and minorities. 

*' Parliament, as the supreme 
elected body representing the 
people of Scotland, nniat exercise 
effective control ovpr govern- 
mental power in all its manifes- 
tations.” the SNP declares. 


Wednesday poll at Hamilton 
avoids World Cup TV clash 


-BY PHILIP RAWSTORNE 


THE HAMILTON by-election is 
to be held cm Wednesday, May 31. 

to avoid a clash with the televised 
opening Df World Cup football 
in Argentina the next day. 

Though by-elections are usually 
held on Thursdays and Scotland 
do-not play their first match until 
the Saturday, Government Minis- 
ters have decided not to rLsk any 
distractions from the critical 
political contest. 

Hamilton, where the Scottish 
Nationalists ra3de their first 
political breakthrough in a by- 
election II years ago. now repre- 


sents an important test of the 
SNI^s ability to sustain its chal- 
lenge .to Labour. 

Mrs. Margo MacDonald, senior 
vice-chairman, of the SNP and 
one of its most appealing cam- 
paigners. has been given ihe task 
of capturing the seat from Labour 
and stemming the apparent 
recent decline io the Nationa- 
list's Fortunes. 

She needs a swing of more than 
4 per cent, from Labour to over- 
turn the 3.332 majority won by 
Mr. Alex Wilson, a former miner, 
In October 1974. 


Mr- Wilson’s death at Easter 
caused the by-election. Mr. 
George Robertson, former chair- 
man of the Labour Party in Scot- 
land and a full-time union official, 
M'iii now defend the seat. 

The Conservative candidate is 
Lord Alexander Scrymgeor and 
the Liberals, by one vote in the 
local associations and against 
continuing oppnsition from party- 
leaders, have decided to enter 
the fight, nominating Mr. Fred 
McDermid, a surveyor, as their 
candidate. 


Financial Times Reporter 
REGIONAL differences wilhin 
the EEC have. increased rather 
than diminlFhed despile all the 
money spent in this fipld 
according to a pamphlet pub- 
lished to-day. 

If there is to he a “true and 
effective policy.” says Mr Mark 
Swifi. nf the Fabian Society, 
the Enroppan Commission will 
have to be reorganised, the sire 
of the regional fund increased 
and aid concentrated on the 
areas most in need. 

In addition, methods of grant 
ing aid should be diversified and 
disincentives introduced to re 
dnee Investment in the better- 
off areas. State investment, he 
argues should, he channelled lo 
the poorer areas. 

Mr. Swift believes the share 
of the regional fund going to 
the various countries should be 
revised and the number of 
beneficiary regions cut back. 
Britain. Italy and Ireland shnuld 
be the principal beneficiaries, he 
declares. 

Two disincentives should also 
be introduced-^ community de- 
velopment certificate for new in 
vestment above a certain level 
and a payroll tax on all ern 
ploymenl in the most congested 
areas. 

A Regional Policy for Europe. 
-Work Swifi- Young Fabian Pam- 
phlet 48. Dartmouth Street. 
London, S.W.J. 70p. 


Plan to acquire 
Short Brothers 
shareholdings 


Land Act costs 
‘appalling’-Tory 


THE Community Land Act was 
costing £100,000 an acre for 
bousing. Nr. Tim Renton fC- 
Mid-Sussex) claimed in the 
Commons- yesterday. This was 
an appalling waste of money in 
pursuit of doctrinal Socialist 
aims, he declared. 

Mr. Renton said tbat only 33 
acres had been released for 
bousing in 1975-77 under the 
Act. Yet. the administration and 
staffing costs were £3 .5m. 

Mr. Guy Barnett, Environment 
Under-Secretary, said that anyone 
who knew about running large 
enterprises recognised that ‘cos 1 ® 
of .the kind you have described 
have to be incurred at the start 
to order to get the growth of the 
scheme later.r. 


Shore pressed on lifting 
of home loan limits 


By Our Parliamentary Stiff 
GOVERNMENT 


BY OUR PARLIAMENTARY STAFF 


RESTRICTIONS ON building 
society lending will be lifted 
when there is no longer any 
danger of feeding lnllation in 
bouse prices. Mr, Peter Shore, 
Environment Secretary, told the 
Comm oiu yesterday, 

Mr. Shore said that lhe 
restrictions on mortgage tending 
agreed in -March applied for three 
months.. “We will look at the 
situation again. I. have no desire 
to retain any limitations on the 
building societies' lending pro- 
gramme any more than they 

have” 

The -‘ restrictions -.would be 


lifted “just as soon as we are 
satisfied we are noi feeding in- 
flation in house prices.” 

Mr. Michael Heseltlne, 
shadow Environment Secretary 
said that until the Government 
made clear -its attitude io build- 
ing society lending after the end 


of June it was injecting a degree 
the house- 


of uncertainty into 

building , programme. As house 
prices, bad increased by IS per 
cenL over the last 12 months, 
tiiere was an element of slam- 
ming the stable door after (be 
horse bad bolted in the Govern- 
ment's proposals* 


thE GOVEKjVffUSiYT is to 
acquire two. minority sharehold- 
ings in Short Brothers; Mr. Don 
Concannon, Minister of Slate Tor 
Northern. Ireland, said in a Com- 
mons written answer last night. 

The two shareholdings arc 
Harland and Wolff .Limited *nd 
Rolls-Royce Limited (in liquida- 
tion). Both hold 350,000 
Ordinary voting shares of £l. 

Mr: Concannon said the Govern- 
ment intended to acquire the 
shares to bring Short Brothers 
completely within the ownership 
of the Northern Ireland Depart- 
ment of Commerce amd the 
Department of Industry. 

The first step -would be to 
acquire the Rolls-Royce share- 
holding and a consideration of 
£20.000 had been agreed with the 
receiver of that company. Sub- 
sequently. arrangements would 
be -made to acquire the shares 
held by Harland and Wolff for a 
similar consideration, 



General Mining Group 


COAL MINING COMPANIES’ REPORTS FOR THE QUARTER 
ENDED 31 MARCH, I97» 

(Both Companies are incorporated in the Republic of South Africa) 

(All figures are subject to audit) 

Shareholders are reminded that quarterly results are not. necessarily indicative of the 
results which may be expected over a full year 

TRANS-NATAL COAL CORPORATION LIMITED 


Tons sold "0G0 


GROUP INCOME 

Net income from mining and allied activities 
Add: Financing and sundries 


Deduct: Taxation 

Outside interest 


NET GROUP INCOME 


CAPITAL EXPENDITURE 


Quarter ended 
31J7B 3112 77 

5.035 5.24 1 

Comparative 
Quarter 
previous year 
31 3 77 

5.203 

9 months 
to 

31.3 78 

15.558 

R(OCO) 

RlOOO) 

RlOOO) 

rioao) 

7,759 

8.429 

7J03 

23,! 47 

927- 

<360) 

1-080 

891 

8.686 

8.069 

8.583 

24.038 ■ 

1788 

2.557 

1.125 

7.551 

1.030 

IJ2B 

1.575 

3. GOO 

4.868 

4.184 

5.863 

13.487 

4JO0 

2.292 

1.362 

7.844 


NOTE: * Includes R4IB.000 in respect of export surpluses. 

Possible future receipt of surpluses cannot be predetermined. 
On behalf of the board 
G. CLARK > 

S. P. ELLIS i 


Directors 


THE CLYDESDALE (TRANSVAAL) COLLIERIES LIMITED 



Quarter 

ended 

Comparative 
Quarter 
previous year 

9 months 
to 


313.78 

31.12.77 

313.77 

313 7B 

Tons sold ‘OOO 

i .120 

1.179 

1.075 

3.401 





— . - 

INCOME 

R(000) 

RlOOO) 

RlOOO) 

RlOOO) 

Net income from mining and allied activities 

1.569 

1317 

1.454 

4.973 

Ocher income 

234* 

52 

107 

348 


1.803 

1369 

1361 

4.421 

Deduct: Taxation 

721 

536 

622 

1.746 


.. 

____ 


- 

NET INCOME AFTER TAXATION 

1.082 

833 

939 

2,675 


sr=,^ 



BJC - ' 

CAPITAL EXPENDITURE 

211 

182 

- 286 

694 


NOTE: " Includes R205A0Q in respect of export surpluses. 

Possible future receipt of surpluses cannot be predetermined, 

On behalf of the board 

D. GORDON 
G. CLARK 


| Directors 


Secretaries: 

General Mining and Finance Corporation Limited. 
6 Holiard Street, Johannesburg i.tJOl. 

11 May. 1978. 


London Office: 
Princes House. 

95 Gresham Street. 
London. EC2V 7EN, 




• r h i e : r ;i: — JSTi iV^ — » 




.. X 



'{l 


• -.V 




jr • 





Financial Times Thursday May 11 1978 




The big new; 
■ name in' 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


• SERVICES 


Heat loss detected 


A NEW company called BL can bp calibrated by reference in 
Ttermojiraphic Surveys has been an external standard contained in 
soi up iq provide h service in »b»' scene, 
infra-red imaging to industry Many of uu» applications will 
Joint owners are Bjeld and involve thp Joss of heat from 
Lauridsen of Denmark and Tylin buildings — badly insulated 
CAE. a Tate and Lyle subsidiary area* shim- up very clearly. But 
Both companies have a thermo- it if also possible ;o determine 
graphic background. for example the condition of 

The company is employing furnace linings, chimney stacks, 
about £40.000 of AGA Thermovi- reactor vessels and storage tanks, 
sion equipment from Sweden and Underground pipes carrying 
will carry out comprehensive not water or fluids can ho 
surveys at a cost of abuul £60/ quickly monitored for break- 
hour. down of insulation or leaks. 

in effect, the equipment pro- corresponding hot areas occur 
duces a hlack and white televi- on the surface and can be seen 
sion picture, not of the visible by ihc camera. Repairs there- 
light coming from a scene as fore become a let quicker and 

with normal TV. bul of the infra- Je*s expensive because a hole 
red or radiant heal coming from can he dug in the right place 
the various purls of it Hrst lime. 

The company believes that in In electrical plant, faulty 
a world shat is" becoming increa*- connections can be identified 
ingly concerned with energy immediatelv dur- to the resistive- 
waste, such equipment will find iu»- heating produced: appli- 
increasing application. cations rang* from printed cir- 

On the p id urn. hot jrc.»> show l-iiji boards in electronics to high 
up as while and cold one.-, as vclune -wuchgear and trans- 
hiack. with a grey scale in minion lines, 
hnween. By electronic process- Mure From in'’ company a 1 20 
mg of the <isn.-4ls. isoiht-rms can \Ve<i Strept. Buckingham MK1S 
be imposed on the picture which 1HE i02S0_ 4500i. 



MATERIALS 


• MACHINE TOOLS 


Collecting the dust Automatic 


turning 



A RANGE OF dust collecting Slip Pads from Spirig to the *****£■> HWiNcffNi 

materials using a special plastic range of specialised materials FRONT LOADING single arid 
with verv tuab «urface adherence « offers lhe electronics, multi-spindle chucking auto- 
coeffilent w a " ation Md other P redsion matic turning machines built on 

coefficient, has been developed industrh , s . has been de- the unit construction principle 

j> Ernest Sping of Rapperswii, ve loped from the dust control and made in Germany by EMAG 

-Switzerland, who has appointed materials, sajs the company, to GmbH. West Germany, are to bej 

Teknis as U-K. distributor. offer very high coefficients of marketed in the U.K. by. Alex- 
The material 15 said not to surface adherence which can be under Marear and Cd. Th er * r 

migrate alaucisers or give off used to resist slipping of com- Offered as options are a unaer-uoor 

hazardous vinyl chloride com- ponents on work surfaces. pendant - mounted _ computer 


NOTTHERN ENGFNEBBNG INDUSTRIES 


A Mr "CEB or . . ; . : 

CLARfcc- CHAP WAN 
& KfYfiOL'-c PARSON'S 


There is a choice of either 
ider-Boor or built-in chip 
mveyor equipment. Full 


HUdruuui vmyi cnionao com- ponems an wore suriaa». ^uuum ■ ui««uvs« - -..u,,* k. 

pounds which can contaminate The material, if contaminated numerical control unit for email details of these Marear 

the very clean area user? are with dust. dirt. etc., may also volume turning of complicated obtained R . 


irk very ciean area user? are who oust. air*, etc., may vuimuc tuuuus Richmond 

trying to produce. It has an be cleaned with a mild detergent parts and integral automatic House, ranssoo » . 


f'v .; •' 

•: JtA- 

... 7.. T-.; ' . ;';U ;♦ 


“jins 10 produce, ti nas an oe cleaned witn a raua aticigeiH. Kam «„u two 

ami-bacterial agent which allows when the tackiness collapses loading and transfer equipment burrey. iwu 

it to be used in medical applies- rampletelyA-however. „the full for mass production. There is a M 

lions. The “tackiness** is a “grab** is restored when the choice of beds, headstrokes. a AVIATION 

physical characteristic of the material dries. swarf removal systems, slide __ 

compound, and dirt and dust Suggested applications include drive units and controls. 

may be cleaned from the mat by sorting of small components. As a contribution W high VfEICJI 3 

washing with mild detergent and retention of dropped compn- accuracy, the temperature with- 

drying with a squeegee. nents. prevention of loss of in the machine is minimised by frtgf 

Available in a varietv of sizes screws, washers, etc., in sensitive mounting most of the spindle If jf illd ICol 

and thicknesses I'Snun and Smnri areas *j riv * e ? u ^ ne . nt °“ tside T , VC ir'e:irn .aecificallv bv 

the material may oe welded (hoi- More information from the headstock. The latter is mounted 

air as ‘In PVC welding) into company at Teknis House. Mead- on wide hardened and ground Modular -mSS 

larger areas. row. Godaiming. Surrey GU7 bedways for swings over bed up control sterns in military / 

Teknis has added the as Ston- 3HO. Tch Godalmlns 3432. to 550mm diameter and turning cm! airborne __ 3 PpJ > ^ons. _ an 


Teknis has added the 3S Stop- 3HQ. Tel: Godalmlng 3432. ^ supply inwrruptor simulates 

Eight different inclined bed breaks in 400112 power supplies 
Oaairtlr wnnoln rwf aamamI-a units allow 16 basic ronfigiira- in the voltage range from 90 to 

LJU1CK repair OI concrete Ilona and the company quotes 140V 

v A v r MAJl one example: on the twin It has four time intervals: 

AN epnxy-bascd concrete repair applied by trowel, hardening spindle lathe, a double bed three are preset to 

kit developed by Protective overnight to form repairs which design enables long workpieces Interruptions between oO and -SO 

Materials of Chessington needs the company claim? are generally to be machined on one spindle milliseconds. The rourtn pr**- 

nn primer and so can make superior to the concrete itself, using a long slideway and tail- selrable by tno user between 

quick repairs to concrete floors This chemically resistant stock, while access to ibe front lm/s and 1 second. 

Thousands of feet or pipework carried out by Dec Cec Contracts and other- concrete items. material is also suitable for pro- is maintained for the other Modular Power. ZS sun atreer, 
a 1 Walls" icc cream plant at or Dartford. Kent, wns to Called Patch Pack, the kit con- tecting concrete where attack is spindle, if required, by using a Waltham .Abbey. Essex. Lea 

Acton. London, have been clad improve insulation or the pipe- sists of a resin, hardener and a likely hy water, oils, grease, short bed unit. \ alley (0992) 7119—. 

in tailormadc aluminium casings work and at the same lime graded filler in a single pack all some dilute acids and volatiles, 

secured by stainless steel seir- achieve a dust-free environment, of which is intended to be used More from Oakcrofl Road, 

tapping M.Tews. Main purpose The pipework carries ammonia, at one time. The material is Che sain gton, Surrey ffll-397 


Quick repair of concrete 


• INSTRUMENTS 

Push-button analysis 


THE la lest lilira-i lolel/v i>ible in -11 fictions, to be recalled for 
scanning spectrophotometer from Us '“ on. 


of this work, which has heen steam and hot water. 


mixed in a few minutes and then 3344). 


Pjp L'nicam. S PS-200 combines 


A high standard 


optical 


■ T pc rfnn nance is achieved h> 

the benefit^ of keyboard open*t- p ,„u each of iho instru- 
inz wish inimipreeiwwr control njpnrs with a master grating 
and adiancp rja ia handling i.nlwr Mi.in a reproduction. In 


9 COMMUNICATIONS 


iVavpIensth scanmn-* is * * * v/vaixi 

, . . . , mirroi* are silica coaled, anu thf J 

Inniatrd b;- keims m the niunnch ruinator and beam splitter , _ . , 

required <mp and atari -.ia\a- areas "f ihc instmincnr are her- THULoli Satellite Business telecnmmunii.3lion* is a» least and transnuss-ion. ,0 per cent, of as the IBM/SBS customer set 

b-nglhs*. bandwidth chart and nn ticnlly >ealvd. Systems - * main project, accord- SlOm. the costs and the product lie in seems to be mainly targeted on 

scan speeds, and pressing the Among the major factli ties that m M n. industry sources 1 * run- Dorn the Series l system the “ no man’s land " area. If this larger companies, many of them 

“ start " bur:«n. The proce>sor can be added arc .1 procram enn- cch^dnic with field tn-<i* 3 cnieial telecommunication* area can he kept open. IBM in multinational, the PTT's might 

lh*:n commands the monochrome- tiol module, a data control unit. J, v _ . . . » 10-0 P rodu, A from IBM. li 1 .- the IBM the U.S has flexibility of options, have to face pressure to allow 

'or 10 move to the start point and a dal:i *. 11100 ! and remote dtI ' In hr?l t<uarter ,lf version of the IMP 1 Interface and a large market into which to such solutions, 

and ihc chan to advance in a cundui interlace a stellite m the third Message Processor » found in move -pv Audom counter s tratesy 

major and line Scan recording Mur* from th* company at 1 Mart . er of 19S0 - and an opera- packet switching networks, a very Thf . iess developed countries would he the RroupioB together 
will then Proceed automatically. York Street. Cambridge lOCT Ta8i U «u-!!I« Hml * switch capable of mav unwilling; and unable of the PTT's initially fn Europe, 

“* " , ' nua "*' >uch ?«*" c.s! “*,2 2 SKSTc^Slb^^.S SS-'in'SJSSlUJ “ put “ p * comparable 

Dual-role tachometer - i 11 

W til 1 Uly lALllUlllVlvl If is quite clear from the way from end deuce when IBM in mmnutins. Growth, therefore KirSur-.i-o *,n#i mam.. 


adthlmn. the grating and all the 


Competition for international services 


major an 
will then 
The unit 


chan to adiance in a cuniioi inmrlacc a ?»teuite launch in the third Message Processor! found in move -pjj. Audom counter 

nd 1 m.' Scan recording Mor* frr.m tho conip^nj at ? ; ” r A er f ?. f . I 88 ®,’* *"1 ?* cke i 5W L t , chin8 °«workt. a very Thf . iess developed countries would he the grouping 

n proceed automatically. ^ ork Mrcct. Cambridge l,ona 1 1 , up m lhe t fir f r limit switch capable of mav i, e unwilling, and unable of the PTT's initialK in 

it will remember such SSsfifii. 0Uir e [. JJ®I P Sl ,n ® n S!"! 1°. expansion, behind which IBM is because of lack of Trained staff, in order to put up a‘ coi 

coast L b. coverage, opinion as pu rung considerable resources nftor infrairruciiirp, and nf n .f «.-*»* H v 



in,, *■■•'•»» “i- upcfuiion uKrvieefi puiuiiedii 

n inn-i in «*on , P ut,n 3- Growth, therefore hardware and software manu- 

LATEST portable lacliometcr adlivHve tape may b c attached SBsThat IBM~ ^"Yn'ie'chnologlcai awaited ** IBM Plug" - the SV' computer S!durt!v which can 

from Havant lnsirumcnis mea- »o linearly moving items. control, so KBS imiM have, standard office 'product inrerface. perce i ve P t he coming pattern about the attitudes of larce 

' U ^S M . r0tatl / 0nal V** from a™™* 1 , s; 01 PP; - ,,>nt. within :t. some v.ews of the And by 1982. just in time for the heing able and vv Si to mate EurOTean comDani-s when thlt 

Hi 2000 rev. /mi n.. linear speed in and rhe effective r.nce i= mx future a* .een by IBM To SBS launch, he expects n will be ^‘ fwiich to offerlng a seroiS findTsBsXrin? i n /S.erica 

feet/min„ and can also an as an inches. Dixon Doll, of the DMW group, possible to connect a computer ° t , Jnri no 5 JS.?„ IZllinn nn .S 

it,m i-ounter on a production More from L'nu 3. U’esMield*. jpeakinc at a recent London centre to SBS via that interface Certainly this would make the h . ri _ - Fiirnne 

conveyor. Horndean. Hunts. tHomdean conference. SBS i., but one and Series 1. cn-rentiy unpoptHar views of ^ 

It uses a solid-state light "020 J piemen: in an IBM attempt 10 Howard Anderson of the p ^ re . Audom. ex Plan Calcul a .- h i 'iHSf/J:, 

source and a phot ode: eetur to m..ve further into cummunica- Yankee Group tends to regard 9°, I1 . sullfln J l ® ,1 

measure the time interval -r T moos, and it will not he SBS not so much a? the key the E ®C. worth thinking about mechanics, the body 

between successive passes nf » HlUTlirilH 1, restricted to US. cmnmuniea- system in IBM's long term ™ re . d ? ep ;; *1? J ,el,eves . lhat f H?nwfnr t0 <sn^^^ d 

reflective patch nn Hie rotating XXlliniQll? tmns. He said »hat IBM would fanning, as a U.S. bargaining SBS ir but the first stage in an tbjn? ah 0 ,it S The hn»i? rmnlJS 

“bject. The result is shown on v continue ro pursue its a item pi counter. He does not see IBM P ,an for * no i versa l com- ,.L.|*5 0 J ^nimter 

a four digit liquid uystai to get into international satellite expecting much profit from SBS, Cl ^!?,u Un,ca u 0n ji ne, ,V ? 0 .l?' if h« Jri nn U ?rv ■ u , u . ... . , . . . ... 

display. IlicICl services-. rather that SBS gives IBM a voice B - v ability ro handle all the P rob,era when coping with he is demjmstratmg in this 

A. me 1 I..W nuuunjl .wli p, r „ N , h . .... PH Dorn, nn rhe other hand, in the reguhied tplMoomunics. ennp «* . .5'™'"*'... ™ Snd. iV .hn^ *'-|™ncti , re tartr«Mt« 


•V: 


a four digit liquid ciystai JTIAfAr to get 

display. Ill V ICl servici 

At Ihe slow rntalional «meeds p , T , >v . _ , pH 

r-f up io nn- rev./mm . the di<- Electronic? i hanrt h*M 9 ,c ‘ n 

K «rus *r» 


. is? 


speeds lh,- measurement is made - , en rineenn- 

sa «* hc,n? & sri™. n "s-™ “ 

neld a Ho for une *econd. rMU y,.h , n .i 


Sum lari;. nuMaUlscd 


an, ‘ 4 7 ,,# P"«'- , rvn’Sd [ ,pm™n n !u t hin rt \™.- "ThaT™ mans .and turn, out «.» all inclusiv. DP solutions'. . 
iiilb nnme ,'nd i! European PTT‘ S indicates that ’ r * ^ 3 ?«r> profitable one. Users would become simply 

i,v-L hum Jiil v **•' fnd-to-rnd service will i )P -Said'es have shown that if one subscribers to a distributor! 

di-L.-ih n?. in2S»2 h fl ; *Vnwti when it makes *»{«« the total costs involved in service, the IBM global DP pro- 

a d!*ilai iLED? diKlS * :,ie of exisltin B arrangemenis and telecommunications, equipment cessing network. And of course. 

The Therm 214d has Ii' claimed fac1,iti . es - ^ in 3 charged on,— 


Howe ^ 
ff » cBnmrcM ® o n . 


All these securities having been sold, this announcement appears as a iaaiter 0/ record only. 


MANUFACTURERS AND DESIGNERS 
□F INDUSTRIAL WEIGHING MACHINES 
& PROCESS CONTROL EQUIP. 

The right weigh to Profit 
-the World over 


| Sen.} JOryour maler >ais handling 

I Prcf »l Improvevneni Package to . 

Howe Richardson Scale Co. Ltd. 


ArnjirfeKd Ber.K\cod Est Nomnglum 
. Tel 6U8JS1. 


a« curacy ,.f I 'per cent, over The ,h * sai,,c bas “ as olhcr Ullrd 
range 1U in 99.9 per i-ent. with 3» r ' ,ev 

0.1 per cent, resolution. No fur- ^BS. meanwhile, seems to be 
iht-r conversion of reading-' is developing as predicted in the 
required by referenen to cha>*i* documents a filed with the FCG. 
ur lahic-. The OPES I Customer Premises 

The mtiruiiteni '.*iil operate Earth Station i wilt have :* 
t rum the main- if required, and generalised inierfaee tu whirh 
there is 0.5 vuli uiitput for ihc all clashes of communication 
operation ul a rwurder devices can connect, wherher 

Sltuv fr**m t;i»- i •■Hipanv ,n i:t. analogue *ir digital, image. 
Cunningham li: 1 . Rua*l. St. oriented, modem ur hard wired 
Albans ALl oBX rSt Allans SBS .mru a? cusinmers v h <.•**• 
22333 1 mi mini: hi -pend .innu..n> '-n 


electrical wire&cable? 


NEW ISSUE 


April 25, 1978 


•NO MINIMUM 
ORDER 


• NO MlHiMUM 
LENGTH 


Tliousanclsof types and sizes in stockfor rrimediate deli‘/ery 

LONDON 01-561 8118 ABERDEEN (0224) 32355/2 

MANCf-ESTt • /- e •-? f 5 

TRANSFER CALL CHARGES -3LADLVACCEPTED 
I-iHr EMEHGEm:- 1 - 1 JUWBEB ot 6.vr 3*6-' Evr *iQ3 


¥16,000,000,000 



IIIFI 


yiTiIi 


•I® 


[YDURCAPfDUL COSTS CAN EASUYKI 
SAVED IH ifSS THAN 12 MONTHS. 


■ilUiU 


RED NACIONAL 

DE LOS FERROCARRILES ESPANOLES 


Yen Bonds First Series (1978) 

Guaranteed bv The Kingdom of Spain 


due 1990 
Coupon rate: 6.5% 
Issue price: 99.15% 



Re cycling water could 
save you 50p per 1000 gallons. 


Water i* expensive . . . 

7. i*. 1 - co>ts rta : b. >1 :o l~:C v e :.;. - '.e'-'r ‘s 

ci -t n-.: \ O'j approx. 56 p- ocr 1.000 It iv .'o; --MSiSe' /. 

I:% ‘..iti*r u- oa fo* - roobnn ill pi ,*M lie: If- -.c* CO:-t ou vrry 

at a!' - r\- rf CVClrnq ,T V. I i: T d 'CoaltfC''.' Coo:-. - To-.-.l. CO ii j Cirj 
cm: -d'a'T»dii«:dll .■ — ov-i P0 p> - r c? u mi r-q ■:* r:os; 

F u i ;hcf m o i o . y; j ti’ i ; h h t ! i r i • -c vcl ?d cine : ~o: ■ : v : he si.;r. *? c c- r ■ o-: : « c a :'i J 
cioqijirfj erfee: O't voui tbo: Wotj:-; r. ;■.■.■ : & tci cf:?n h c :. 

F.lav »ve talk to voj furth-'r o:- how A 'Cocetcch" Coe Tc ..c:' can 
actually save you money? 


:ou re look ire a' grace. Ace IS. 

p.-i a v/irner Jjdo c;een Self. Hoi af skiing, 
Tenong.r.ance'rg.toolbaH, ice-skating, life 
saving A i:ros?-COUnlry skiing contes* 5 in* for 
5-';ain in rhe 1976 V.-mfer OlymoiCS for the 
D sableo *nrl blind s j nce he was len. . 

Hriv: cjo ; oi: Q« * lo os that good when 


'CooltecH 

cooling towers 


Largely It’s vour o.vn drive and 
ri°[Prm.nalion. -nd partly it s training Mike is 
th? living proof that rehabilitation and 
training for the blind realty v/orks. 

Training !he blind to live and work ‘like 
you and me - i? the hfework o f the RN!B. 
?*ease help us to carry an vilh il through 
your legacies and donations. 


The >"ikko Securities Co., Ltd. 

The Nomura Securities Co., Ltd. 

Yamaichi Securities Company, Limited 

Daiwa Securities Co. Ltd. \ 


The Nippon Kans>'o Kakumaru Securities Co., Ltd. New Japan Securities Co., Ltd. 
"Wako Securities Co., Ltd. x Sanyo Securities Co.. Ltd. 

Merrill Lynch Securities Company j Okasau Securities Co., Ltd. 

Tokyo Branch 


Osaka ya Securities Co., Ltd. 
Dai-ichi Securities Co., Ltd. 


Yamataue Securities Co., Ltd. 


Loeb Rhoades Securities Corporation 

Tokyo Brandi 


— 


Koa Securities Co^ Ltd. Koyanagi S ecu rides Co., Ltd. Marusan Securities Co., Ltd. 
Tokyo Securities Co., Ltd. Toyo Securities Co., Ltd. Yachiyo Securities Co.^Ltd. 
The Chiyoda Securities Co. t Ltd. Ichiyoslii Sccuriu’es Co., Ltd. 

The Kaisei Securities Co., Ltd. Kosei Securities Co., Ltji. 

Maruman Securities Co., Lid. %feiko Securities Co., Ltd. Mito Securities Co., Ltd. 

The National Securities Co., Ltd. Nichiei Securities Co., Ltd. 

The 1oi.o Securuie» Co., Ltd. Town Securities Co., Ltd. I 



274 GREAT PORTLAND STREET. LONDON WIN SAA 
l’-«r:h9 C :ns-c? •*«. :?75 changes up to a total cf 

i t30.0CO«'“ «■> eng: *-tn CsruitT'jr.sfer Tgv 

Regiy.eream at:»"q»ns«v.:’.b:rs Ha'.)ir.j|l>isi5:arice Act'543. 


Banco de Vizcaya, S. A. Credit Suisse White Weld Limited Salomon. Brothers j 
Robert Fleming & Co., Limited Westdeutsche Landesbank Girozentrale ! 


J 






i 








\0L tS 


A range of International 


Map by George Philip and Son Lid. 0 1978. 


services no other bank can oiler. 




International Finance. Competitively. B A 

Short-term and fixed rate medium-term B 

finance covered by ECGD guarantees. • ^ 

Negotiating or discounting bills. Acceptance 
credits, Eurocurrency finance, Export factoring. 

International leasing and Instalment finance. 

International Branch Network. Competitively. 

Being the exclusive U.K. member of European Banks 
International (EBIC) Midland can offer their clients the complete 
facilities of seven major independent European banks with 10,000 
branches throughout Europe and a world-wide network of joint 
ventures. 

International Transfers. Competitively. 

Foreign exchange, spot and forward contracts. 

Clean payments, mail transfers, telegraphictransfers 5 drafts 
Bills for collection, documentary credits. 

International Corporate Travel. Competitively. 

Exclusive to Midland, direct access to the world’s largest 
travel company— Thomas Cook — a member of the Midland Bank 
Group. 

The fastest growing company in business travel providing 
the most comprehensive business travel service including foreign 
exchange in 1 50 currencies, travellers cheques, V.LP, Service 


Competitively. 


International Merchant Banking. 
Competitively. 

A complete range of international financial services 
from Samuel Montagu, a major Merchant Bank and 
a member of the Midland Bank Group. 

Eurocurrency credits, bond issues, corporate and 
investment services. 

Samuel Montagu are also major market makers 
in bullion; foreign exchange and Eurobonds. 

International Insurance. Competitively. 

Every aspect of insurance and reinsurance. 

International Marketing Services. 
Competitively. 

A unique range of marketing and export financ e 
services through the London American International 
Corporation limited, operating in over 100 countries. 

Information on regulations, tariffs, documentation 
procedures and exchange control. 


|y To ensure your company 
■ j* makes the most of its 
international opportunities, 
you really should talk with us. 

For a prompt answer, contact 
George Bryen, tel: London 
6069944.Ext 4057. Telex 
888401 or contact any of our 
branches throughout the U.K. 

TESTUS 


cards and 870 offices in 145 countries. m _ _ _ _ _ _ 

Midland Bank International 


Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tel: 01-606 9944. 



DeUversI 


'•T,5.7 ■vi'ftJT 




14 


THE JOBS COLUMN 


Salary surprise • Credit • Travel 


financial Times Thursda y May 11 1973 

CORPORATE 
FIMANCE EXECUTIVE 


BY MICHAEL DIXON 


A MID the enthusiasm for man- 
agement education in this 
country a decade- ago. some 
voices could be heard crying 
that we must beware of letting 
our new vision of the impor- 
tance of good management 
blind us to the still greater 
importance of successful busi- 
ness. 

It seemed to me a sensible 
warning then, and still does so 
to-day. Which is why I have 
an uneasy feeling about the 
results of a study just com- 
pleted by Tony Vemon- 
Harcourt of Keyser UIlmann T s 
remuneration services unit 

The study took 101 big 
private enterprise companies in 
the construction industry, and 
statistically broke down their 
top U.K. managers' pay in two 
ways. The first was by their 
employer's, turnover. The 
second was by the number of 
people the company employed 


in this country. 

Since Quoted companies’ 
accounts now give figures . for 
directors and senior staff in the 
U.K. with total cash remunera- 
tion of £10,000 a year or above, 
Keyser Ullmann took as Its raw 
material the most recent annual 
reports available from the -101 
concerns. 

These showed that, in .all, 
about 500 directors were in the 
£W.0flo-plus bracket, as were 
some 1.100 non-directorial staff. 
A comparison with the previous 
period's reports from the com- 
panies, indicated that In the 
interim the number of directors 
entering the bracket had in- 
creased by only just over 1 per 
cent. The £10.000-plus collectors 
among the non-Bnard managers, 
on the other hamL had in- 
creased by no less than 40 per 
cent. 

This, however, surprised Mr. 
Vernnn-Harcourt less than did 


another finding. 

Of the two alternative 
statistical breakdowns, he — like 
1 — would have expected the one 
based on the companies' turn- 
over to show the greatest in- 
fluence over munificence of pay. 
But instead, the study found 
numbers of U.K. employees to 
be the better indicator, as the 
-summary -figures In the table 
.illustrate. 

May, this mean: I wonder, that 
the limit is now, not the sky, 
■but the walls— that ' the prime 
factor in companies' executive- 
pay policies has become the 
bureaucratic yardstick of span 
of control as measured by num- 
bers employed, instead of the 
organisation's . success as 
measured by sales ? 

Fortunately for my optimism, 
there 7s no reason as yet for 
believing that a general ten- 
dency is depicted by this study 
(a full report on which Is avail- 


able for £19.50 frbm Tony 
Vernon-Harcqurt at 25 . Milk 
Street, London EC2V SJE— 
telephone. 01-606 7070). The 
construction industry might be 
a law unto itself. 

But we ■ shall know for the 
better, or the worse before long 
because Keyser Ullmann is 
planning to do similar surveys 
over the next few months, first 
in the -engineering and indus- 
trial holding company sector, 
next in- consumer-goods manu- 
facturing and retailing, and 
thereafter in. financial .services. 
I hope, to keep readers in- 
formed of- the main findings as 
these .become available. 


International 


TYPICAL TOP EXECUTIVES' PAY 


Range of turnover 1 

Below £T5m. 

£15m.-£25m. 

£26m*-£50m. 

£51iru-100m. £101mj-£200m. Over £2 00m, 

£ 

£ 

£ 

£ 

£ 

£ 

Chief executive 

16.000 

19,000 

21,500 

28,000 

24,500 

36,500 

Senior director 

13,750 

16,250 

21,250 

21050 

21,250 

23.750 

Director 

13.750 

13.750 

16^50 

16,250 

16,250 

21,250 

Senior staff under 10,000 

about 10,000 

10,000 

10,000- 

10,000- 

about 15,000 





15,000 

15,000 


Numbers employed 

Below 1,000 

1.000-2J500 

2001-5400 

5,001-10,000 

Over 10,000 

£ 

£ 

£ 

£ 

£ 


Chief executive 

16300 

24,000 

25000 

30.000 

40,000 


Senior director 

13.750 

18,750 

21,250 

21,250 

26,250 


Director 

11,250 

16.250 

- 16*250 

18,750 

23,750 


Senior staff under 10,000 

about 10.000 

10.000- 

15,000 

15,000- 





15,000 


20,000 



DAVE MASON JOHNS, of PA 
Advertising, is looking for an 
international credit manager on 
behalf, of. a European division 
of the U.Sr-owned textiles 
group, Burlington Industries.. 

The. ■ whole - group's turnover 
is put .at.roughly £l-2bn., of 
which the . division concerned 
presently ' ■ contributes about 
£10&in: -The new credit chief 
is expected to play an important 
part to lifting the figure to 
£150m. sales income a year by 
the vezy early 1960s. 

Based in the U.K. — I gather, 
probably in London — the 
recruit will have a department 
of about three people working 
here. But the responsibility 
will alsrt cover similar depart- 


ments working In Germany and 
Italy. Between these two 
countries, the customary delay 
between delivery and payment 
is said to vary from almost 
immediately to. around six 
months. - . But the division's 
average record at the moment 
is apparently about 80 days. 

The prime task of the job, of 
course, is to devise and execute 
.procedures " and policies to 
improve this average. But 
^ince customers' customs are 
tricky things to play with, sensi- 
tive judgment of credit-manage- 
ment based on consummate 
-experience, preferably with a 
multi-national organisation is 
the main qualification. 

Fluent English and French 
are basic needs, and a further 
language -would help.- Some 
idea of travel involved is given, 
by the way. by the fact that 
the newcomers direct reporting 
responsibility will be to divi- 
sional treasurer . Sergio Ron- 
colini. whose base is some 50 
miles south- of Rome. 

The age indication is 30-40. 
Salary, on the other hand,, is 
not disclosed. Even though 
guessing is complicated by the 
fact that the division would 
certainly consider English- 
speaking candidates from other 
countries, however, I am going 
to risk a personal estimate of 
the likely figure. Let's say up 
to £12.000. Perks negotiable. 

Applicants should write out- 
line details of appropriate 
experience to Mr. Mason Johns 


at PA- Advertising, Hyde Park 
House, 60a, Knightsbridge, 
London SW1X 7LE. 


Accountant 


The U.K. subsidiary of a major American Investment bank wish to 
employ a young executive of between 25 and 35 years of age whh 
extensive experience in the mangement and placement ofeiiro- 
currency syndicated loans, public issues, private placements and 
other sophisticated corporate business. 

Prospects are unlimited for the successful candidate- Salary will 
be negotiable between £10.000 and £15.000 with certain other 
fringe benefits. 


A TRAVEL *' buff ’? wfro is also 
an experienced commercially 
minded accountant is managing 
director. Bruce -Lyon's idea of 
the most likely candidate for the 
new chief finance specialist at 
his Twickenham Travel .com- 
pany. 

Although having but 45 
employees, the concern turns 
over about £500,000 a month in 
selling a wide-range of holidays 
and likewise, including speciali- 
ties such as wild-life trekking. 
The main need, he says, , is for 
someone demonstrably able to 
cope with ail aspects of cash 
control, and foreign currency 
dealings, involved while super- 
vising the routine accounting in 
the hands of a staff of five. An 
accountancy qualification is not 
essential, -but would be all to 
the good. 

“ Age is immaterial," says Mr. 
Lyons — who, incidentally, is 
interested In computerising the 
accounts it this could be done 
appropriately — “so long as the 
experience and energy are 
right" 

Salary range £6,000^7,000. 
Applications in writing to the 
ML), at 22, Church St., 
Twickenham, Middlesex. He 
may be telephoned with 
inquiries at 01-892 7606. 


We have immediate vacancies for loans .administration clerks, 
' internal auditors. Bank of England returns clerks, credit analysts, 
documentary credits clerks, and foreign exchange clerks. 


..These positions are open to male or female applicants. 

BSB Banking Appointments 

131-153 Camtw Strut. Lmfat EC4N 5AX Telephone 01-& 7317 & 02 -62392(2 


Recruitment Consultants 


FIRST NATIONAL BANK 
IN DALLAS 

require an 

INTERNAL AUDITOR 


We are seeking an accountant to be 
responsible for the European Internal Audit 
Office based in London. The position offers a 
wide range of experience in banking with some 
overseas travel. ■* Candidates should have a 
recognised accountancy qualification. 

Salary and fringe benefits negotiable. 
Please apply in writing, giving details of 
your qualifications and experience, to 
Miss G. Bock 

FIRST NATIONAL BANK IN DALLAS 
60 Aldermanbnry 
London EC2V 7JT 



(with Partnership Potential) 

£ 10 - 12,500 


Our client is a very well-respected and long -established 
firm of stockbrokers in the City, with a tradition for servicing 
both its private and institutional clients with profession- 
alism and thoroughness: * 

In order to develop further its institutional bias, it has been 
decided to recruit two Senior Analysts into the Research 
Department 

It is inten ded to sp rea d the a reas of special isation, p referred 
sectors being Stores and Food Retailing, Financials, 
Electricals, and Building.. Ideally, therefore, candidates 
should have some working knowledge of these sectors. 


although this is not an exclusive prerequisite, 
in any case, you will probably be in your later 20's or early 
30's, with at least 4 years' research experience and estab- 
lished contacts in the City. The emphasis will be on com- 
municating the high quality of research to institutional 
clients, thereby consolidating the firm’s undoubted 
reputation. 

The term s a re designed to prove very attractive to candidates 
of relevant background and partnership potential - they 
include a high basic salary, structured profit-sharing, and 
annual bonus. 


Please send a detailed c.v. to, or telephone, PeterWilson, F.C -A. 
stating dearly those firms to which you do not wish to be introduced. 
All applications will be treated in strict confidence. 
Management Appointments Limited, 

Albemarle House, 1 Albemarle Street, London Wl. Tel: 01-499 4879 


FINANCIAL 
CONTROLLER 
c. £11.000 + Car 
Our client, a muttl-iMtlanal cor- 
poration. orgentlv seeks an 
ambitious Qualified accountant 
.i 20 - 40 ) wtio has had consider- 
able experience In Um private 
handling sector. Directorship 

0 respects. 

UJC. EQUITIES 

£0.0 DO + neg. 

Highly motivated Individual 25* 
32. with research or sales exp. 
to loin expanding Institutional 
Sales desk cH large firm and 
promote work ol certain highly 
regarded analysts. Partnership 
prosoects. 

TREASURY 

C. £9.000 

Banker or aualffled accountant 
with experience of Treasury 
administration and appreciation 

01 money market operations to 
lom a major finance organisa- 
tion. 

INSURANCE OR 
CHEMICALS 


£7.000-41 0.000 
On behalf ol two well known 
medium sited Arms we seek 
two eanerienced Analysts— -one 
M Increase research and sales 
coverage of Insurance sector, 
the other to become responsible 
lor rhe chemical sector. 


Stephens Selection 

33 Dover Street, London W1X3HA. j 
01-193 0B17 

Recruitment Consultants 1 


FINANCIAL DIRECTOR 
DESIGNATE 

London Wl cd0,0( 


cd 0,000 + car 
+ bonus 


The Financial Director will join a young team managing the 
Growth of the business. Key areas are the development of a complete 
system of management information and the streamlining of the 
accounting function, probably through computerisation. With a vital 
role in business development, the position will broaden as the company 
grows. 

A young and outstandingly successful advertising agency with 
a broad range of major company accounts, ourclient is already 
profitable, turning over £3 million, and expects to treble in size within 4 
years. Applicants (male orfemale) should be qualified accountants 
aged 27-33 with commercial experience. Please telephone or write to 
David Hogg, ACA quoting reference 1/1682. 


EMA Management Personnel Ltd. 

Bume House. 88/89 High Holborn, London. WC1V 6LR 
Telephone: 01-242 7773 



MiddleEast- 
Sales Executive 


$ 

£ 


m 

in 


Reuters Ts fnlemafionalfy renowned. Its progressive 
marketing over the post decode hes led to rapid 
expansion at sophisticated services to the business 
community throughout the world. 

A product range which is target/ based on a . 
worldwide real -lime computer network serves the 
Securi ties. Commodities and Money markets as wefl 
as mutti-noiional corporal ions. 

We are now looking for a Sales Executive to be 
based in Bahrain responsible to Ihe Area 5ales 
Manager. Candidates should be in their late 20‘s or 
early 30’s and have an excellent sales record. Ideally 
they should be single. They should have either 
experience in Ihe computer hardware or service 
industry or first-hand experience of Securities, 
Cammed i lies or Money markers. 


Career development potential is excellent and 
provides opportunities for moving into soles, 
marfceimg or general management. A first-dass 
remuneration pottage will be provided including 
salary, commission and overseas allowances plus the 
normal benefits associated with a targe International 
company. 


Please 'phone Malcolm Bain on 01 -353 6060 for an 
initial discussion or write to; 


Hertfordshire based to £8,000 

the European subsidiary (turnover £100 accounting systems review. The position is based in the 
: a major US pharmaceutical corporation. . UK and would require about six 1 0-day trips abroad 
rig the importance of effective commercial each year. The person appointed will be a qualified 
inships with their fast-growing third world accountant, ideally aged under 27, who can 
3ns they have now created a function that show flexibility, communication skills and the ability 
le full range of commercial skills including to thrive in extremely demanding environments. The 
ancial analysis of markets and costs, and prospects and fringe benefits are excellent. 

Mrs, Indira Brown, Ref: 7 9087 l FT 

Male or female candidates should telephone in confidence for a Personal History Form tot 
LONDON: 01^734 6852, Sutherland House, 5/6 Argyll Street, W1E 6EZ. 


Our clients are the European subsidiary (turnover £100 
million) of a major US pharmaceutical corporation. 
Recognising the importance of effective commercial 
relationships with their fast-growing third world 
operations they have now created a function that 
demands the full range of commercial skills including 
planning, financial analysis of markets and costs, and 


wers 


Recruitment Bmvlice. 

REUTERS 

S5 Fleet Street. London F.C4P 4AJ, 
England. 


.. Executive Select ion Consultants 

BIRMINGHAM, CARDIFF, GLASGOW. LEEDS, LONDON, MANCHESTER. NEWCASTLE and SHEFFIELD 


FIRST CLASS OPPORTUNITIES 

available to qualified vtudena and 
experienced accounting personnel 
Contact Alec Moore on 01-62B 2691 


ACCOUNTING 


SHEPPARDSand CHASE 


«# ,a -•*•**»( v .. , m v. ,»<u t fuN W Hg T Tft 


Members of The Stock Exchange 


Stockbroking in the 
Channel Islands 


Investment Analysts 


An opportunity has arisen in the firm’s 
office in St. Helier, Jersey for a senior 
investment assistant. The position involves 
advising clients on all aspects of investment 
with special reference to the advantages of 
Channel Island accounts. 

Applicants must have Jersey residential 
qualifications, and several years' experience 
in stockbroking or a similar investment field. 
The initial remuneration is attractive and 
effort and ability will be quickly rewarded. 

Replies, which will be treated in confidence, 
should be sent to:- 


Owing to promotion and expansion, vacancies exist for 
analysts with at least two years experience. 

Of particular interest would be candidates with 
knowledge of the financial sector or European markets. 
Good opportunities exist for advancement both within 
the UK, and overseas. 


Applicants should anile enclosing curriculum vitae to 
D. W. J. Garrett, Robert Fleming Investment Management Limited, 
8 Crosby Square, E.CL5. 


__ _ ROBERT FLEMjNG 


M. J. Rogerson, Esq, 

Sheppards and Chase, 

Clements House. Gresham Street, 
London. EC2V7AU. 


Eurobond Settlement Clerk 
Phillips & Drew - Brentwood 


JUNIOR EUROBOND DEALER 


An international investment bank located in Mayfair area seeks 
a Junior Dealer wish 6-12 months' experience to operate in the 
field of Japanese convertible bonds. A knowledge of Schwelzer- 
Deutsch will pe an advantage. The salary envisaged will be 
around £5.000 per annum, plus free buffet lunch. 

Applications In writing to Sox A6346, 

Financial Times. 10, Cannon Street, EC4P 46 Y. 


There is a vacancy for a Eurobond Settlement Clerk at our Brentwood 
Office. Experience of accounts work woiild be an advantage. 

We offer a competitive salary, bonus, 40p luncheon vouchers, con- 
tributory pension scheme and IS days’ annual holiday rising to 25 
days. This year's holiday arrangements will be honoured. 

Please write giving full details of experience to: — 

Staff Manager, Phillips & Drew 
Regent House, 1 Hubert Road, Brentwood, Essex 


BARCLAYS MERCHANT BANK 


Corporate Finance Director 
Assistant Director 


Barclays Merchant Bank intends to appoint an additional Corporate 
Finance Director and Assistant Director to take part in its expanding 
activity in this field. 


The emphasis at BMB is on its thorough and practical knowledge of 
industry and its requirements. In serving the needs of industrial clients, 
Ihe Bank draws on the resources and experience of the Barclays Group. 
We are seeking candidates for these pasts who have already been 
closely involved with industry. The people we want will combine the 
highest level of personal qualities and intellectual competence with a 
substantial record of achievement in corporate finance work. 

Replies . are invited, from men or women, who currently hold 
responsible positions in the Corporate Finance Department of a 
Merchant Bank or Stockbroker, or in an accountancy of law firm 
which handles this kind of work; or similar positions in industry. .’ 

Candidates should have a qualification m accountancy or law, and will . 
probably also hold a degree or MBA. 


The preferred ages for these positions are in the range 34-42 for the 
Director and 30-36 foe the Assistant Director. 


The salary and other benefits offered will be attractive and 
competitive;- 

Replies, enclosing fidl details of qualifications and experience, vriR be 
forwarded to the firm of management consultants advising on these 
appointments. Allreplies will be treated in complete confidence, 

JWT Recruitment Ltd. (CF/FT), 

40 Berkeley Square, London WlX GAD. 


>4Jtt 







15 



19; 

rE^ 

UTIVJ 

' h 'u 
CJI 

% 




>!Utt ^Uh 



Financial Times- Thursday ' May 11 1978 


OPERATIONS ANALYSIS 

BANKING . 

London EC 3 £6-8000' + 

major benefits 

A principal international commercial baric, our client is 
strengthening Its operational- analysis faction creating new career 
opportunities. 

There are two opportunities within th&ftncflon: one is for a senior 
analyst to lead small teams In systems examination and operational ' 
-r©jriew ; the other is for an analyst who will undertake similar work 
abroad travelling 100% of the time and living, of course, at the bank's 
expense, 

' Positions offer excellent opporfmfftes for promotion both in the 

UK and overseas. Applicants preferably aged 24-32, and either male 
or female, should have wide experience In bank operations although It 
is possible that a chartered accountant with bank audt experience 
could be suitable. Please telephone or write to Stephen Blaney 
B.Comm. ACA quoting reference I/T69T. 


EMA Management Personnel Ltd. 


Telephone: 01-242 7773 




Opportunities in International 
Corporate Finance 

County Bank, the wholly-owned merchant bank of National Westminster 
Bank, needs two farther executives with the potential to make a contribution. - 
to its growing international corporate finan ce and eurobond activities. 

The first requirement is for an executive with significant experience in 
international corporate finan ce - preferably in the eurobond market. He or she is 
likely to be a graduate, aged between 26 and 32, with a professional qualification in 
law or accountancy or equivalent. 

The second requirement is for an executive with some experience in 
international corporate finance or banking, who would like to gain a greater 
experience in this area. The successful candidate is likely to be a graduate and/or 
have a professional qualification or equivalent He or she is likely to be aged 
between 24 and 28. 

Candidates for both jobs should be internationally orientated, be keen to 
travel, and preferably fluent in another language. 

Salary and benefits will be highly competitive. 

Please write in confidence, with a concise career resume to: 

D. Woodward, 

County Bank limited, 

11, Old Broad Street, 

London EC2N IBB. 



A member x>f theAiationai Westminster Sank Group 


ContoUerandMteiml Auditor 

An important international ofg ^nryafi nn located in Borne, Italy has requested our assistance in the 
recruitment and selection of two qualified executives in the financial and accounting areas. 

y/p an» gpftKng fmm g nalifieri candidates from hoih developing and developed co un t ri e s . 

CONTROLLER Reference-ES530 

Tbe Controller will have responabiSty for supervision of all accounting activities of the orga np a tr oii, 

‘ reportingto the Director of Financial Services.' 

C anriktnres should have a high level of professional qualification — Chartered Accountant or equivalent 
pnH a university degree — and a minimum of ten years' successful experience, preferably with 
an organization mgaggri in international operations, .which should include preparation of 
monthly financial reports for management and the development and implementation of accounting 
systems nnd procedures. -Experience in pfaTwiinjg and implementing mech an ization of a cco untin g 
systems is deshed. 

INTERNAL AUDITOR Reference-ES 720 

• The Internal Audhorwill be directly responsible for p l annin g and carrying ont.faanaal and operational 
internal auditing for the organization, reporting directly to top managem ent, and will be involwd in. 
liaison with the organization's external auditors. 

Candidates must be professionally qualified, preferably a Chartered Accountant, with a background of 
auditing experience gained in the internal audit function of an international group or with an 
in ternation al yndft firm, and shook! have had a minimum of five yeans engaged in planning and 
managing audit activities. 

Specific qoaliScations which apfJy to tie two positions arc: 

- age from 35 to 50 years; . 

— fluency, both tjMkeaand written, in Engfish is essential- as well asm one . other langua^sucfe as 
French or Spanish or Arabic. 

Salary and total remune ration, which -will be net of tax, and other terms of employment will be fully 
consistent with the levels of responsibility of these positions, and with the quali fi cations and experience 


.If. 1 1 Tm lT4.-i i v.^'l fii real »Try..-. a » <y-:i »>> ET-. n-i-v 


Applications, which will be treated in strict confidence, should contain ‘detailed 
curricula 1 vitae indudingpeisonalpartkxilars and qualifications and experiencerelated 
to the position, and indicate the reference number of the position applied for. 
Applications should be sent as soon as possible to Price Waterhouse & Co., MAS 
Department, Via Aoiene 30, 00198 Rome, Italy. 



Commercial Geneml 

Manager DIRECTOR DESIGNATE 

c. £15,000 p&plus-and fringe twiefits. Central London 


This ban unique oppprtunity.through a new top 
level appointment to share in tho development of 
ayoung but ra pidly expa nding company, owning 
and publishing African periodicals. 

TheChairman spends much time travelling inter- 
nationally. He wishes to delegate responsibility for 
all aspects of the business except editorial and art 

work to a Commercial General Manager. A Board 
appointment is envisaged In due exturae. The 
delegated responsibilities will include advertise- 
ment sales, circulation soles, production (sub-* 
oontraeted),finance and accountlng,offlce 
administration and personnel management 
Candidates, inthe age range of 35-50 years, 
should preferably have a University degree or 
comparable qualification andshouldbeableto 
demonstrate:- 

■ practical experience of managing Torpronx 

at general management level. 


■ experience in, or responsibility for market- 
ing and selling, prate rably of services. 

■ a good understanding of financial and cost 
control and budgets Jn practice. 

■ experience in managing several depart- 
merits, and of organising for Improved 

. performance- 

Experience in the publishing and printing trades 
an advantage but not essential. Fringe benefits 
include car. Service Contraetand assistance with 

relocation costs. 

p/egse reply to us quoting reference CG! 1290! FT 
on both an va/ope and fetter. Meo and women are 
Invited to reply. Letters will be forwarded, 
unopened, to our Client, tf there are any 
companies to which you do not wish your applica- 
tion to besent p/ease indicate this in a separate 

letter addressed to t/)B Security Officer. 


Urwick 


_ , ■ I .1 Bay lie. House. Stoke Pcges Lane 

Advertising Ltd s/^suw 







Orion Bank 


c - £ i 3> 00 ° 


Manager 


Orion is an international investment bank with assets 
ex ce eding £1 billion and a substantial loan portfolio. 

Orion now offers a rewarding opportunity for a person, 
aged 27-35 years, to lead a young* dynamic team of account 
executives, credit analysts and loan administrators. 

The successful applicant will probably have a degree or 
professional qualification and should have gained a sound 
practical understanding of credit analysis, loan administration 
and the drafting of loan agreements and syndication 
memoranda, preferably from within an international banking 
environment. After initially working with the current Head of 
Department, the person will assume full responsibility after a 
short period, and, as Head of Department, will be reporting 

to an Executive Director. 

In addition to the opportunity of promotion in the • 
medium term, Orion offers excellent fringe benefits including 
non contributory pension, free family private health scheme, 
free life assurance, subsidised house mortgage ferility at 2^%. 

Applications, which win be treated in confidence, should 
be accompanied by a curriculum vitae and sent to; 

The Personnel Director, 

Orion Bank Limited, 1 London Wall, London EC2Y 5JX 
Tel: 01-600 6222 



Management 

London up to £7850 

British Gas, one of the largest and most successful 
growth industries in the United Kingdom, has two key 
vacancies in the Treasurer's Department at its 
Headquarters in High. Holbom. The vacancies offer 
high potential fix: enthusiastic c omm ercially moti- 

vated young graduates or accountants. One post involves 
assisting in, and at times carrying die responsibility foe, 
the management of the Corporation’s sterling loans and 
investments in the London Money Market. (Reference 
F/223801). The other post involves advising on foreign 
currency exposure management, exchange control, ex- 
port credits, fo reign exchange dealing and the nego- 
tiation and administration of foreign currency loans 
including project fawnw. (Reference F/220201). 
Probably in their kue 20’s, applicants, male or female, 
should possess a financial background and relevant' 
professional qualifications, and have acquired sound 
commercial experience. They must be self starters who 
can communicate effectively with senior management, 
and show flair for commercial negotiations. The airrent 
salary range (under review) is £6700 pa to £7850 pa. 
Assistance ’will be given with relocation expenses, where 
approp ria te. Write, giving full details of age, quali- 
fications, experience and current salary, quoting A 

the appropriate reference number, to the Senior 
Personnel Officer (London), British Gas, 

59 Bryanston Street, London W1A2AZ. 

Closing date far applications 27 May 1978. 

BRITISH GAS 


Accountant 

c.£7000 


Opportunity in Group Finance with Charterhouse, 
a City Group involved in a wide variety at 
enterprises. 

The young Accountant would work in the Group 
Finance Department and be engaged in the area of 
management end control of the Group’s financial 
resources. 

In addition to this opportunity to see the Group 
■from the centre, the job will enable the successful 
candidate to keep his/her accountancy skills up to 
date. 

Good performance should lead to early promotion 
within the Group. * 

Applicants should be qualified accountants aged 
around 26. 

There is air attractive range of benefits. 

Please write to: Peter Wtil I um, Personnel 
Consultant. The Charterhouse Group Limited, 

■ 1 Paternoster Row, SL Paul's, London EC4M 7DH. . 

I CHARTERHOUSE 








iTTV'-V 

S,*" K 


mmm $ 




Ashbrittle Limited 

[Y^Y).) International' 

Recru ;t men t Cornu I rants . 


TTTTTiT’TTTT 


SALES AND TRANSFERS 

-An Exciting Opportunity 
Up to £7000 + Profit Share 
North of London 

★ We ire' a small,- well established service industry , company 
operating successfully in the fields of recruitment and 
management consultancy. 

★ In order to implement oiir current policy of expansion and 
diversification we require a highly ambitious financial, entre- 
preneur. preferably a Chartered Accountant aged 27 to 35. to 
set up and develop a company broking division. 

★ Relevant experience- gained with a Merchant Bank or on 
the consultancy side of an accountancy firm rs essential 

'although full support in the planning and early operation of 
the division w!H be given. 

★ . Why not telephone our Chairman Mr. R. 5. Jefferies In 
strict confidence for a preliminary discussion or write to us 
at the address below. 


• Ashbrittle limited, 'Seabrook Houser, 'Wyllyoffs Manor,’ 

D.'irkes lane. Potters 60 r, Herts. Tel: Potters Bor (STD 0707^42406 


foreign 

Exchange Dealer 

Major U.S. Corporate Bank 
Toronto based Aged 25-35 

Our client, a leading New York bank seeks an experienced Foreign 
Exchange Dealer to re-locate permanently to Canada and assume 
responsibility for its Canadian subsidiary’s Toronto Office, Foreign 
Exchange Dealing and Treasury operation. 

Candidates should have at least 3 years’ Foreign Exchange Dealing 
experience, a proven record of achievement and be currently active 
in the market 

Remuneration will be commensurate with experience, initiative 
and ability and a starting salary of between CS20-30.000 will be paid, 
together with a comprehensive range of fringe benefits including 
a pension scheme and a house-purchase scheme. Relocation 
expenses will be met in full 

Applicants should write, in confidence, enclosing a full personal 
history and indicating to which companies, if any their application 
should not be referred, to: 

L.Duskwick,Esq., fRef: CRS/48),Lockyer. Bra dshaw& Wilson Limited, 
North WestHouse,ll9/l2 7 Marylebone Road, London NYVi 5PU. 

LBW 

LOCKYER, BRADSHAW & WILSON 
LIMITED 


Head of 

Finance Planning 

£?840-£ll850 

This appointment which is open to both men and women, arises in the Central Finance 
Department of the Post Office. 


The Job 

Involves responsibility to the Director of 
Central Finance Planning for: 


The Successful Candidate 
who should already be filling a senior post 
in financial management, will have : 


* the co-ordination of medium/long term * extensive relevant experience : 

financial plans : * proven ability to control and give leader- 

* .financing the capital programme ; ship to support staff ; 

* pension funding. * communication skills of a high order, 

both oral and written ; 

* an economics degree or Business 
School background. 

It is unlikely that anyone not already in their mid-thirties will have had the appropriate 
experience. 

For this London-based post the mitial'salary will be in the range quoted above. Other 
conditions are of a high standard. 

Forfurther irtforinaflori'andanappH cation formwrite, or telephone: ' 

W. Cockbnrn. Director, Centra! Finance’ Planning. 

Post Office Central Headquarters, 23 Howland Street, London W1 P 6HQ. 

Tel: 01 -631 2495. 

Closing date for receipt of applications 23 May 1978. 

The Post Office— 


IE] Reed Executive 

The Specialists in Executive and Management Selection 


Commercial Director 


Leisure and the Consumer £ Five Figures plus car and benefits 

The Board of a successful Northern Company wish to bring in a talented executive 
whose skills wOl complement their own. They already have a wealth of financial, 
spectafist production, and personnel expertise and the company has been a front 
runner in its market sectors for over three-quarters of a century. Highly developed 
business acumen, sensitivity to the human resources aspects of management, 
and a successful record at or near board level are prime candidate requirements. 
Suitable industrial backgrounds include retaling, catering, food and leisure. Tbe 
salary wffl be negotiated well into five figures, together with substantial benefits. 

Telephone 0532 459181 (24 hr sendee) quoting Ref: 33 51 /FT. Reed Executive 
Selection Limited, 24-26 Lands Lane, Leeds LSI GLB. 

The above vacancy to open to both male and female candtcuies 


London Birmingnam Mancnesler Leeds 


Jonathan Wren • Bank i ng Appointments 


The personnel nm-uli.itu \ vica'inu ( m Ui-ocK with the banking profes-itm 


CR EDIT ANALYST c. £6,000 

Our client seeks a person in his/her mid 20's with 2/3 years 
previous Credit Analysis experience, preferably gained with a 
U.S. bank. Candidates should also have knowledge of Eurodollar 
Syndications, and fluency in French or German will be an 
added asset 

Contact: Norma Given, Director 

INTERNALAUDITOR £6,000+ 

Our client, a leading international bank, seeks an experienced 
internal auditor who has good all round international bank 
experience. The ideal candidate, will be an A.I.B. and will be 
not older than 30. This is a position with good promotional 
prospects and includes a considerable measure of responsibility. 

Contact : David Grove 

YOUNG RANKERS to £4,500 

There are currently, several opportunities available for young 
bankers with experience in various departments of international 
banking. Among the areas where vacancies currently occur are 
Foreign Exchange, Accounts, Eurobonds, General Banking 
(including Cashiering), Reconciliations, Bills/Documentary 
Credits and Loan Administration. Salaries range from £3,000 
to £4,500. 

Contact: Norma Given, Director 


170 Bishopsgate London EC2M+LX 01-6231266/7 8/9 




16 


Financial Times Thursday May 11, 1978 


Financial Director- 
Euiope 

fortheEuropean subsidiary of an international industrial group. 
Turnover is well into 8 figures and a high proportion of it is 
exported from countries of manufacture. 

The appointed candidate will contribute significantly to the 
general management and policy formulation activities. Respon- 
sibility will be for all accounting and related functions, includ- . 
ing financial planning, currency exchange arrangements, and 
computer based control systems. 

Probably aged 35 to 45, candidates must be qualified account- 
ants with proven senior level financial/accounting manage- 
ment experience within international manufacturing organisa- 
tions. Their preference should be for working in a vigorously 
directed environment. 

Salary around £12,000, car, re-location help to Midlands. 
Please write - in confidence - to G. E. Howard ref. B.29415. 

This ■i/'fS'infmrt: is Apt* ft) it UK jrJ T 7 W*I. 

iL 


Management Consultants 

Management Selection Limited 
Union Chambers 

63 Temple Row,. Birmingham B2 5NS 



Cummins Engine Company, the world's leading independent 
producer of high speed diesel engines, with combined US and world- 
wide sales in excess of $1.3 billion, needs a Business P lanning 
Specialist for their European headquarters based in Surrey. 

The iob should appeal to MBA's with experience of Financial/Market 
analysis and planning, who seek an appointment to lead in the con- 
ception, analysis and planning of business strategies for the UK, 
Europe, Mid -East and African markets. 

Salary is negotiable. 

Please telephone $1-629 1844 at any time'' or write-in confidence - 
for information. G. V. Barker-Benheld ref. B.8027. 

7 «i> i* •■/•tit;-* WiifjMd 


Management Consultants 
Management Selection Limited 
1 7 Stratton Street London W1 X 6DB 



OVERSEAS 

DEVELOPMENT 

hNOVV-HOW: viMl to developing ( famines 


Financial S^anasemerut 
Analyst 


Jamaica 


To develop courje, of ltudy and tr?i*iin« in financial administration. Applicants under 5S 
years of *£? should have University decree tu Economics or Accountancy qualifications and 
cnn-.Hcrjble experience, preferably in both public sector and private corporate finance anr 1 
.id mi mi era non. 

Appointment 2 years. Salary I U.K. taxable) to be arranged plus tax free Overseas Allowance 
in scale £1 .535-0,510 pj. 

Thr posts are whollr financed by di-- British Government under Britain’s programme of aid 
to the developing countries. In addition to basic salary and overseas allowances other benetfis 
normally include paid leave, free rairnly passages, children education allowance and holiday 
viL.ii s. free accommodation and ni.dical attention Applicants should be dozens of the 
United Kingdom. 

For full details and application form plaase apply, quoting ref. 32SD stating post concerned 
and giving details of a.'.e. qualifications and experience to:— 

Appointments Officer. 

MINISTRY OF OVERSEAS DEVELOPMENT. 

Room 301, Eland House. 

Stag Place. London SW1E 5DH. 

HELPING NATIONS HELP THEMSELVES 



INTERNATIONAL ACCOUNTING 

Corporate Audit and Operational Review 

Based in London c.£7,Q00 + Car 

Occupying a dominant market position, our client is a Smultimillicn 
engineering group which manufactures and distributes a wide range of 
products. 

Reporting direct to New York the successful candidate will be responsible 
for the audit and review of the accounting and control systems oi the European 
subsidiaries as well as acting as adviser to local controllers 

Candidates, male or female in the 26-35 age group, should be motivated 
qualified accountants with a working knowledge of French. 

For further details please contact Neville Mills A.C.I.S. or 
Timothy Folder A.I.P.M. quoting reference number 2152. 

'Jcnnvtjy rta Jnirrn#£>\err’' 

Douglas Llambias Associates Ltd. 

*i0 Swn loiw-p W.TJ'RnKS T*: Cl SJb ; 

12; S' Yj> vr-v.-; vh'.V ;n ; 

•J. CMUr- P: 3 :v E.S..-.J ..- -it. EH 0 7AA 7*.. C-J 




EAL 


MERCHANT 
BANKING 
AUSTRALIA 
to £20,000 


- One of the largest and most successful 
Merchant Banks in the Far East seeks a 
Managing Director for a new merchant 
banking operation in Australia. Salary 
negotiable to equivalent of £20,000 
sterling plus good benefits. Location, 
Sydney. 

Candidates, probably aged 35 to 45, will 
have broad -based international financial 
experience. Knowledge of Australian 
financial markets is essential. Candidates 
should be seif-motivated, determined and 
energetic. (PW.470) 

Candidates should write briefly and in 
confidence to the Managing Director. 
Executive Appointments Limited, 18 
Grosvenor Street, London W.1, quoting 
reference. No identities divulged without 
permission. 


Broker 

Consultant 

Linked Life Assurance 

A rewarding opening currently exists with Gresham LHefor 
a man or woman experienced In broker consultancy. 

The successful applicant will be responsible for selling a 
recently launched range of unit-linked policies in London and 
the Home Counties. Applicants must have a successful sales 
record In insurance with the ambition and motivation 
necessary to take advantage of an excellent “ground floor" 
opportunity.- 

We offerasarting salary of up to £7,000 per annum 
depending on experience plus benefits including production 
bonus, company car, non-con cributory pension and health 
schemes and a subsidised mongage plan. 

If you are interested in this challenging career opportunity, 
please. telephone or write to 

i- ew * s - Director, Gresham 

[rA*.‘ : Life Assurance Society Ltd., 

ftp*" ^ I 2 '6 Prince of Wales Road, 

^ Bournemouth. BH49HD. 

Gresham Life T «i:(W>w«»Ext.m 


If vou are a problem solver with Iheabiiit/ to think laterally across 
the.spectrum of accountancy and economic issuesthen here is an 
unusual opportunity io gam valuable experience. . . 

An important independe.it Government Agency now needs a 
Chartered Accounum to analyse and investigate (he 
performance of major UK Organisations in manufacturing 
services and distribution 

A^ed 23-33 and with proven e^penence -n a professional iirm or 
commercial environment al a senior levei. you will become 
involved m various multi-di-crplmary reams assessing prices, 
costs, margins and profits m a highly varied field. 

Experience in DCF lechmques and invest meni criteria as well as of 
special investigation war) and an awareness of current accounting 
trends will be a distinct advantage. 

For further details please contact: 

B. Barker on 

(01) 235 7030. Ext. 210. 


Professional 
& Executive 
Recruument 


Applications are welcome from 
both men and women. 


Investment 

Manager 

Geoffrey Morley & Partners Ltd was formed seven 
years ago to provide an independent and personal 
investment management service for pension funds. 

Funds under management now total some £1 20m. r 
and are growing fast. 

A young, ambitious investment manager is required 
to whom the scope for initiative and responsibility 
provided by a small firm appeals. 

The successful candidate will be able to 
demonstrate a proven record of achievement, and 
should quickly progress to become a Director. 

Salary and profit sharing bonus will be generous, 
and fringe benefits include a contributory pension 
scheme and BUPA. 

Preferred age 28/32. A degree or professional 
qualification is essential. 

Reply in confidence to Geoffrey Morley at 27 Great James 
Street, London WC1 N 3ES. Tel. 01 -405 41 51 . 



ACCOUNTANCY 

ASSISTANT 

(«,57 2-tf,842) plus 1777 supplement 


To a« as Deputy to the Head of Loans and Investments 
Section and to de3t with bonds and mortgages, mainten- 
ance of rcsiscers. issue of certificates. correspondence and 
computer input. To maintain and reconcile Loans Cash 
Book and other' duties as required Must have experience 
p* accounting work sc a senior level, including computer 
input and resultant tabulations and be able to supervise 
staff whilst working under pressure 

Uosin; date. 29th Mar Ref. f*| P ; 2 '97. FT 

f9t oc pi, in;, so form telephone out heu» r«, u .> n ,ni 

service 01-837 sr send kei icnra to the Cf-f 

_ 'Semite. London 3?-ou?h o? Oimrf-,. Te»n Hall. p w ' 

Lo-iJo* NWI .PIJ. i 'nl i nr (::: a-d asoropriare reference numpe’. 


camden -an actual opportunity employer* 


•«*“**" *v wvtnd on t»m bm of their aatMlct 

lor the pom regardless o! ««. net S metal i 

***° rs»a«ryd Mne p a w— with 

"tinwri innbMn «r* w rl en ma 

to Spot, 



Financial 
Controller 

Overseas Operations 

A major engineering company situated in North Hertfordshire, seeks 
a financial Controller to report to the Financial Director and be 
responsibleforthe management and direction of teams ofmanagement 
accountants working on large overseas engineering contracts. The 
successful applicant will also be required to liaise with and advise 
senior management to Director level both in the UK and overseas. 
The seniority and nature of this post requires that the successful 
applicant will have had previous experience of overseas operations. 
Applicants must be qualified Chartered, Certified or Cost and 
Management Accountants. Opportunities for overseas service will 
arise but the position is based in North Hertfordshire. 

The salary and conditions of service offered are attractive and in 
keeping with a major company. 

Applications, including full details of career to date, will be treated in 
strict confidence and should be forwarded to R. M. Marshall (ReM25j 
Robert Marshal! Advertising Limited. 30 WeJIington Street, London, 
WC2E 7BD. Please list in a covering note, any companies to whom - 
you do not wish your appficationfonwarded. . 


ar 


Robert Marsha!! Advertising Limited 



Managing 

Director 




Textiles 


c. £12,500 


Our client is a successful and profitable industrial group and now 
requires a Managing Director to control the activities of two 
medium sized companies manufacturing ladies tights in the 
Midlands. 

The Managing Director will be totally responsible for the profitable 
direction of both companies and will be expected to personally 
control the sales activities with major store groups. 

Candidates, male or female, must therefore have substantial 
experience of the knitting industry and have held a senior line 
appointment, with profit responsibility, at or near Board level. - 
However, the personal qualities necessary to conduct negotiations 
at all levels with large and influential contract customers are also 
vitally important. The preferred age is 40 plus. 

-The rewards are excel lent and will include a truly negotiable salary 
of'around £12,500 p.a.. quality car with a reasonable element of 
choice, pension scheme, life assurance. BUPA and relocation 
expenses where appropriate. 

Please write in confidence to John Anderson, as Advisor fo the 
company, quoting reference 820 at •. *’ ’• 


•John Anderson^Associates ■ 

Norfolk House, Small brook Queensway. Birmingham B5 4U. 



GRADUATES . . . 

Investment Analysis 

In a major financial organisation such as ours. Investment Analysis is a key function. 
We are one of the country's largest insurance groups, with funds of more than 
£1.000 million. 

For long-term career succession we wish to recruit two able young graduates as 
trainee analysts for our small professional investment team. Training will cover all 
aspects of the investment function including stock market operations, company 
financial analysis, overseas investment and will involve meeting stockbrokers and 
industrialists. 

Candidates should be graduating in 1978 or have graduated in 1977 with a 
.ground of Economics, Business Studies ora similar discipline. 

Starting salary will be around £3900. Success in training will lead to excellent long 
term salary and career prospects - with valuable fringe benefits. 

Please write, giving brief details, or telephone for more information and an 
application form to Tony Bristow. Recruitmem Adviser, Sun Alliance Insurance- 
Group, 1 Bartholomew Lane, London EC2N 2AB. 

Tel: 01-588 2345 ext. 1229. 



A major manufacturer of Precision 
Engineering products, world leader in 
its markets and a member of a well 
known British international group, 
seeks a Financial Accountant 

Aged ideally c 30 and qualified, you 
must l>* e.\perienced in all aspects ■-.? 
financial accounting, in computerised 
systems and costing in an industrial 
environment, prr-feraok engineering. 
Candidate i above tha ideal ago vviil 
also Pe seriously t cm isidered. 

Reporting to the. Accounting Manager 
and controlling a department uf 3 you 
will prepare and interpret financial 
information, forecasts and budgets for 
Company and Group Management 
using fully computerised systems. 


Ybu will also make available costing 
information as required. 

Based west of London, this position 
offers outstanding prospects, which 
are not confined tc the Company itself, 
fin an accountant seeking involvement 
and the opportunity to be creative - 
The salary is negotiable and conditions 
employment are good. 

Piease write ro Richard Varcoe 
i.iucTirig FT V}4i showing how you 
n met the specification and enclosing 
cieiails of your career to date. . . 

Lee Jansen Recruitment Ltd, 

Manpower Consultants, 

5 Lower Temple Street, • 
Birmingham B24JD 








SfsC 






.IP 


m 

* 


C „ i 

n'_ . '.'m ... it 

j 


■Ml 

mil 

ruuiiUM 

ill 

t 

m 

II 

Li 

i 


K 

icial( 

jOi 






firn-rsn 


This well established, profitable, cxrmpntercornpany,pan:ofa public 
group based in Sussex, is seeking to appoint a qualified, appropri- 
ately experienced accountant to the management ream, 

"WhilsE there ■will be day to day financial control responsibility, using 
computer systems and competent staff of an existing Accounts 
Department^ priority for the person appointed will be development 
of the business. Substantial growth from the present turnover of 
£12 rn. is envisaged requiring contact with financial and other organ- 
isations both in.ih.eUJC and overseas. 

The Financial Controller will be responsible for a wide range of 
financial presentations to Boards, Empl oyees and Customers. To the 
starting salary, which is negotiable, wfllbe added a car and relocation 
expenses, as well as other fringe benefits appropriate to such an 
appointment. 

Please write with adequate particulars, in confidence, to John 
Fmnigan , Personnel Services Division o£- 

jjSjSk Spicer and Pegler & Co., - 
Mb Ul Management Consultants, 

VUrV 3 Bens Marks, 

^3^ London EC3A7HL. 



Ourdlemisa&irppeanDM^ofBuifiiglon 

Industries Ina, a major US manufacturer. They 
are currently seefchg a emit manager to be 
responsible for credit and collection poficies 
and procedures applicable throughout 
Western Europe. The credit manager wffl 
report to the top management offlre cfivfeton. 
"The level of sales and receivables b such as to 
require the Itigheststandards of professional 
management — and a sound knowledge of 
Europam tradng practices and terms. The 
candfciate wffltherelbre have at leastten yearef 
experience in credft management-- of which 
three to four will have been In international 
work, and wffl currently be occupying a fairly 


senior management posfflon. As some travel 
wffl be required he or she should have 
knowledge atone or more European 


Salary wffl be fully negotlaife aojoreffl^g to £®e 

and experience and wffl be accompanied by a 
reafefic benefits package. Ref: S3686/FT 
REPLIES will be forwarded direct, 
unopened and in confidence to the client 
unless addressed to our Security Manager 
listing companies to whom they should not 
be sent. They should include 
comprehensive career details, not refer to 
previous correspondence with PA and' 
Quote die reference on the envelope. 


PA Advertising 

Hvtfe Park House, 60a Krrightsbridge, London SWIX 7LE. Tefc Of >235 6060 Telex: 27874 



A member oiPAIntemaBond 



Fmancial Controller 

fivefiguresalary+cur 


f 4 J he company is a household name in this country and in many other countries of 
M - the world. The products are brand lead ers. Theirs is a high volume low margin 
a ■ business with a turnover in the United Kingdom of about £50 million. 

La ter this year the chief financiafbfficer will be promoted and the searches begun for 
his successor. Responsibility for accountin g and finance, with the emphasis on dollar 
reporting, is direct to the chief executive. The financial controller is also responsible 
for providing guidance to the operating divisions and for early identification of 
opportunities for expansion. '* ‘ 

The requirement is for a qualified accountant, probably chartered, with a record of 
achievement at management level in a consumer product multi-natioiial company. 
Familiarity with US accounting practice would be an obvious advantage. 

Location North London. Age late thirties or early forties. The salary which is 
negotiable will be of interest to those earning£12,i500 or more. There is a ounpany car 
and a bonus. 


Please write in confidence for a job description 
and an application form to David Prosser, 
Executive Selection Division, Southwark 
Towers, 32- London Bridge Street, London 
SE1 9S Y, quoting MCS/368B. 


A® 


nee . 
/aterhouse 

t Associates 



‘M I LH NATION A- 1 


Manager 

SAUDI ARABIA 

from £16,000 tax free + generous fringe benefits 


Our client, Thomas Cook, are wodd. famous for the travel and travel related 
services they provide. In joint venture with a leading Saudi business bouse, they 
plan to . enter the Saudi Market, and intend to make a new appointment 
responsible for the profitable development of this vast market. _ 

Candidates, preferably. with some commercial qualifications and ■with experience 
' in overseas business, must hove marketing knowledge and: must hava held 
profit responsibility. The right personality, commercial outlook and adoptability 
to die difficult • working environment are considered more important than pnor 
travel industry knowledge. ' . 

For an. exceptional candidate, salary would not he-a limiting factor. • 

Apply for an application forth, quoting ro£. to Interi ^^ ona ^ 

Recruitment limited, demence House, St Werburgh. Street, Chester. 
CTHr uPY. Tel: 0x44-3x7886 (Ansadbnc after S-oopihJ 1 •' 

Officesin Landon 4 Chehter, Jeddah, Amsterdam, Br ussels, Milan, Parfs. 


S.W. Essex 


at least £8;0QQ + Car 


Our riv«*f is a major shipping company, with extensive plans fox expansion m. 


tha TJX into related -fields. ■ -ji . 

Toservice this planned development, anew subsidiary is being established 


lr^,w wiM r - u ?i 1 1 [ ,, i 1' 1 1 11 ; t. i "‘r f 1 






CONTROLLER 

(.£8,000. 

New appointment. 
Leeds. 

EMI Social Centres Limited, a division of EMI Enien±>nments 
is one of the largest Companies of it £ kind in Great Britain. 

We now want a qualified male or female Accountant, aged 30 
to 40, with at least five years experience at senior level and 
s sound knowledge of sophisticated accounting systems. 
Reporting to the Finance Director and heading an experienced 
professional team, the Finance Controller will be responsible 
for tha financial and management accounting functions. 

This appointment offers challenge and excitement with 

opportunities for innovation. Promotion prospects are 
excellent within the EMI Group end benefits will include full . 
relocation expenses. ■ 

In the first instance apply in writing with brief details of your 
qualifications and experience to Mr. John Lehaney, Finance 
Director, EMI Social Centra Limited, Cavendish House, 

92 Albion Street. Leeds LSI SAG. 


EMI 



A member of the EMI Group. International leaders 
in music electronics and leisure. 


C. £ 10,000 p.a. 

Senior/Intemal 

Auditor 

LONDON 

International Manufacturing 
Company 

Chartered accountant, graduate or 
equivalent. Fluent English plusenher 
French or German essential. At least two 
years accounting or audit experience 
preferably with an American company. 
Based in London bui'must be prepared for 
extensive European travel. Career 
opportunity for a young man or woman 
leading to Financial Controller or 
management appointment, possibly- 
located in Europe. Fringe benefits include 
pension-life cover, B.U.PA and 
re-location expenses. 

Suitably qualified candidates please phone 
01 -493 71 1 7 for application form quoting • 
MRD 8026 (24 hour answering service). 


IURD 


Management Recruitment Division 
BOYDEN INTERNATIONAL LTD. 

11/15 ARLINGTON STREET. LONDON. SWT A 1RD. 

UlNDOY PATHS. HHISSEUS. GENEVA. ROME. MILAN 
MADRID BARCELONA! TOKYO HONC KONG CARACAS. - 
MEXICO C1V\ . $AO PAULO. AUCKLAND- MELBOURNE 
SYDNEY. JOHANKESSLRO AND TIUWLGHULT THE USA. 


Chief Management 
Accountant 

Overseas Contracfs-UK based 

c. £7500 pa. 

Our client 3 a large engineering concern situated m a rural /urban 
area of North Hertfordshire whose business activities have an ' 
overseas hading bias. 

7hev now seek a Management Accountant to head up a 
Management Accounting Team. This will involve responsibility 
for a!i aspects of financial control in respect of production and 
development contracts and liaising with and advising senior 
management in the UK and overseas. 

Applicants must be qualified accountants with experience of large 
overseas contracts. 

The position is UK based, but some short periods of overseas 
service will be required with the ORjonunityof kmger periods arising. 

Salary is ^.indicated and conditions of service are appropriate to 
a major company. 

Applications, including full details of career To date, will be treated 
in strict confidence and should be forwarded to R. M. Marshall 
(Ref 124i Robert Marshall Advertising Limited. 30 Wellington Street, 
London. WC2E 7BD. Please list, in a covering note, any companies 
to whom you do not wish your application forwarded. 


Robert Marshall Advertising Limited 





British 

Waterways 

Board 


Assistant Pensions 
Administrator 

Watford *£4230/4687 p.a. 

Candidates should have experience in pension fund administra- 
tion. For this interesting post, a good standard of literacy 
and numeracy is required, together with die ability to com- 
municate at ail levels. Applicants should have a knowledge of 
pension legislation. It is desirable that the. applicant is 
studying for a professional qualification or is qualified. 

* includes London Allowance. Good conditions of service 
including contributory pension scheme, inter-change arrange- 
ments available. Luncheon facilities. 

Apply, in writing, stating age and details of qualifications and 
experience to Principal Personnel Officer, British Waterways 
Board, Willow Grange, Church Road. Watford, Herts, 
WDl 3QA. quoting reference M/33. 


Flnanci a l An ahjst 

A(H‘2»-28 c.m>00 


ry ea-Land Contnincrships Limited, which is a subsidiary of the world a 
largest containerised shipping company, seeks a financial analyst 
for thc-ir now office in London. This is onp of several new fiuaucial 
career appointments planned in Europe in 1978. 

Reporting to the Financial Accountant, the now man or woman is to ho 
concerned with the analysis of budgets and accounts fur IT K opera t icuis. In 
addition there are requirements for investigations, problem solving and 
report writing in the sales, operations and financial Areas within UK and 
Europe. 

This appointment- will suit qualified accountants preferably aged between 
25 and 28 with at least, one year's post qualification experience. Those who 
are graduates who have had experience in a large professional firm of 
chartered accountants -or a large multinational company will have an 
ad van tags. 

It is essential thatall applicants should be prepared torelocatewithinUK, 
or to Europe. USA or elsewhere on promotion or for a career move. 

Initial salary is around £8,000! Promotion is on merit and accountants may- 
be considered for positions in sales, operations or line management if they 
wish to broaden their career when they have successfully proved 
themselves. The company has a positive , inter-company management 
development programme. 

Candidates, male or female; should 1 /. 

write for a personal history form, lyripp 

quoting reference MCS/1996 to Roland w J-V” 1 

Orr, Executive Selection ■ Division, . . A - \ /QTf^rnOl 1 SP 

Southwark Towers, 32 London Bridge V/ \/ , . 1 

Street, London SE 19 SY. ,8 \ '* ' ” T Associates 


jrTIYj First International 
Bancshares limited 

EURODOLLAR DEPOSIT DEALER 

Owing to internal promotions the above position will shortly 
become'vacant. We are looking for someone with a minimum 
of three years experience in Eurodollar Dealing pins a general 
knowledge of the Foreign Exchange Market. CD trading 
experience and a working knowledge of French would be 
desirable. 

We are a progressive wholly-owned subsidiary of an American 
Banking Group and offer excellent fringe benefits including 
free medical care and a non-contributory pension scheme. 

Salary for this post is negotiable. Please write giving details of 
your career to date as well as details of your present 
remuneration to: 

Maureen Cooling, 

First International Bancshares limited, 

3 6 SL Helen’s Place. 

LONDON, EC3A 6BY. 


COMMODITIES 


P&O Group 


Finance Director 

Swansea £8750 

Escombe Gwyo, a member of " Experience with development 
the P & 0 Group, seek a Finance . : and implementation of 
Director for their travel •* ;..irian%eraen^ 
operation. There are 40 retail - systems is essential and 

outlets throughout the country, ' previous knowledge of the travel 
including London, but the industry would be an added 

accounting processes are based advantage. - • 

in Swansea. Salary: circa £S,750 plus car. 

A qualified Accountant with Applications in confidence to : 

considerable commercial W. A. Williams, 

experience is required who would P&O Steam Navigation Co., 
be responsible for the complete Beaufort House, 

finand.il control of the St. Botolph Street, 

Company’s operation, London EC3A 7DX. 


Chief 

Accountant 


Surrey 


To £9000 


commodity 

TRADER 

Expanding West German firm of Commodity 
brokers, specialising in private clients, seek a 
commodity trader with several years’ experience 
in this field. The job will primarily entail the 
placing of business through London and New York 
and as such a knowledge of German is not 
necessary. Attractive salary and benefits to the 
right candidate. 


A leading international company in the entertainment 
industry needs a Chief Accountant to improve and take 
control of the accounting systems. 

The company « highly profitable end diversifying. It requires 
flexible, firm management able to cope with change and 
expansion. 

The ideal candidate is likely to be. a chartered accountant,; 
about 27-35. with demonstrable success in running an 
accounting department of ten or more staff. Experience of 
U.S. reporting requirements or of the entertainments industry 
will be regarded as assets. Proficiency in a foreign language 
will be helpful. 

Write in sufficient detail to make an application form 
unnecessary, quoting T866 to Sean Hesketh. 


EXPANDING CITY 

MERCHANT BANK 

seeks the loltowtns ml: 

1 LENDING OFFICER for negotiating 
leam. Ability to write nullity 
letters ana loan agreements essen- 
tial. as well as experience of laco- 
to-facc Interviews with customers. 

2 CREDIT ANALYST tralnoo to 
American method! with minimum 
of two years' experience. 

Excellent salary, trtnse benefits ana 
career prospects tar keen jppHcabta 
with appropriate knowledge. 

Rina 01-S38 4070 mmcslaw in 


YOUNG FOREIGN 

EXCHANGE DEALER . 

For American Banking Concern. 
■2*3 years experience. Salary net 
less than £5.500 pju plus ex- 
cellent benefits. 

Della Franklin 
ALANGATE .AGENCY 
'* 248 407T or 236 0691. 


<ui:Di.Om SCHt.EME.N15: OpowtunittM 
lor someone with counts knoyileaoe of 
the wtlrmc to slon tnc Clt» once of 
a leading Foreign Hottu. 22 -29. £5.000 
nog Monica urove. hccruitmepc con- 
sultants. Ss4 6542. 


WANTED 


AMS 


Arthur young 
Management Services, 

Rolls House. 

7, Rolls Buildings. Fetter Lane, 
London EC4A 1NL 


In the first Instance please apply to writing with 
curriculum vitae to KH ADVERTISING LIMITED, 
Ref: 14670, 37, Fleet Lane, London EC4M 4YA. 


STOCKBROKERS 

ASSOCIATE. MEMBER - ATTACHE 

Well-financed, progressive Arm with excellent back-up 
busmen exceptional record. ete_ has vacancy for the above. 
Only those with solid and established quality business need 
apply. Replies will be dealt with at senior partner level and 
in strictest confidence. 

Write Box A.6357, Financial Times, 
in. Cannon Street EC4P 4BY. 


FINANCIAL WRITER- 

Interns clonal unsocial ortwuuttan 
requires cspertanesa DnsiKlal - writer, 
to . write umprehentivt economic 
aitalvset. in report orlal style, oa the 
rnrlot* principal. Industrial coontrles. 
on a per article basis. ' 

The organteatloD will provide the 
reawen material required to write the 
articles, to be written about various 
countries, a* designated, by-monthly, 
the article* to be written about a 
single country. In each case. 

The sixcessiui applicant will "have a 
Background In internatKinai enanclal 
resorting. The fee W writing me* 
anicie, of aporasiniateiy two ttawsand 
-rnrds. Is £100. 

fiM: reply, sending resqnte and 
examples o* w^rk tot , . 
















BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PR OFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


75 NEW PRODUCT IDEAS FREE 


Each issue of Kewsweek's “New Products and Processes" 
Newsletter reports on 75 to 100 of the most exciting new 
products from around the world: includes complete information 
on availability for manufacturing, sales, licensing. Special 
dal subscription offer for 7 months (8 issues) is just U.S.86Q. 
And if the first issue doesn't deliver the kind of ideas which 
can mean substantial new business Opportunities for jour 
company, simply write cancel on your bill and keep the issue 
with our compliments. To subscribe or get more information, 
write today on your company letterhead to - 

NEW PRODUCTS AND PROCESSES 
Newsweek House, Dept. M.C26-I 
Wellington Street, Slough SLl 1UG, England. 



OF INTEREST TO ARAB INVESTORS 
NON-FERROUS METALS 


A non -ferrous scrap mcul Compsny In cho M'dlands seeks additional working 
capital. The capital could take rtw farm of equity participation or any ctlier 
form. The Company has virtually no borrowings and is currently purchasing 
it's own freehold factory. Turnover is approximately £3-£4m. Thu is an 
opportunity lor an Investor to get m on the ground floor of a Metal Coir pan/ 
shat it really going to grow subs antially. 

Write Boa Q.190Q, Financial Tima, 10, Cannon Street, EC4P 4SY. 


Wet! established company with its own products 
successfully marketed in the building and olumbing 
trades and directly to factories in a wide range of 
industries, seek additional products to sell in these 
markets. Preference for products for energy 
conservation and fuel saving but other lines 
readily considered. 


Send brief particulars to Box G1880 Financial 
Times. 10. Cannon Street. BC4P4BY 


BUSINESS ABROAD? 


Swiss Management Consultants can help you . . . 

1. Mitigate taxation on foreign earnings. 

2. Establish foreign trading concerns. 

3. Provide sales and marketing assistance world wide. 
Applications for advice should indicate your particular interest. 

EXECUTIVE MANAGEMENT SERVICES AG 
Hanibuhi 8. 6300 Zug. Switzerland. 


PRIVATE HOSPITAL 

NEAR LONDON 


BOURNEMOUTH 

Unique opportunity to acquire 
purpose built holiday flat/ 
permanent flat complex to be 
appointed to th? very highest 
standards. Excellent position 
and superb potential investment. 
Price £250.000. 

Contact*. 

HOTEL DEPARTMENT. 
GOADSBY & HARDING, 
37/43 St. Peter’s Road, 
Bournemouth. 

Tel: 0202-23491. 


ACQUISITION OF 
INSURANCE BROKERAGE 


FOR LEASE/SALE 


COLD STORAGE— FREEZING 
—FOOD— FISH PROCESSING 
AND CANNING COMPLEX 
CHARLES CRAZE LIMITED. 

78 Tower Raid. Epping. Essex. 
Epping 73657 any cunc or 0279 320 JH 


OUR SURFACE COATINGS 
ARE SIMPLY SUPERIOR 


For roof repiin. floor ind wall 
protection or durable decoration 
thore'% nothing do march our unique 
r-nge oi Iqwd plastic CMtingi. 

PLASTICS AND RESINS LTD. 
Crrlml Road. Wolverhampton 
VTO 1BU. 'Phone: 0902 53215 


MANUFACTURING LICENCE 
SOUGHT 

Sound, wciUbatked private company 
in South Weir Development Area seeks 
werk under manufacturing licence. 
Join venture would o* coranrered. 
Product lor manufacture mutt be 
luliv designed and developed and in 
the light 17 medium engineering range. 


Small Lloyd's Brokers seek to 
acquire: — 

Insurance brokerage with well- 
balanced portfolio — Commission 
income not less than £30.000 — 
based London or Home Counties 
preferably — continuity of present 
management desirable but not 
essential — Merger with other 
Lloyd's Broker would be con- 
sidered. Please send relevant 
details in strict confidence: 

Box G.I867, Financial Times, 10. 
Cannon Street, EC4P 4BY. 


LAND PURCHASED 
FULL STUDY COMPLETED 
Detailed planning consent granted. 
Heady to commence building. 
Financial participation invited. 


Principals only to Box G.1903, Financial Times, 
10, Cannon Street. EC4P 4BY. 


HONG KONG, TAIWAN, KOREA, JAPAN 


If you require quotations, samples, suppliers goods manufacturing 
to specification, or have any buying enquiries (LM0. or International) 
S contact: 


NORTHERN IRELAND 
Sales. Storage. Handling ana 
Distribution Service to Hard- 
ware Merchants. Builders Pro- 
viders. Agricultural Dealers. Let 
us help you cut your selling and 
distribution costs in this area. 
Write in strict confidence to Managing 
Director. Bor G.1914. Financial Tunes, 
fO. Cannon Street. E>*-IP 4BY. 


Ijps WTERMATIORIAL PRODUCT LOCATION 

FreTpost, Leeds LS2 1YY or Tel. (0532) 444382/503794. 


PRIVATE COMPANY 
WISHES TO 
PURCHASE CASINOS 
IN UNITED KINGDOM 


Write Bor G.1917, 
Financial Timas. 

10, Cannon Street, EC4P 4 BY. 


HOLIDAY CENTRE 
CORNWALL 

Superb waterside location with 7 acres 
of foreshore to sandy estuary, nucleus 
of a full-scale leisure complex: — 

1. House— 4 bedrooms, 25- 
mecre heated swimming 
pool. I) acres meadow, 
slipway and foreshore £90.000 

2. 2.4 a ires with boating 
lake, car park and boat. 

store £40,000 

3. 75-unit holiday site 3 
acres, plus 5.4 acres and 

farm buildings £90.000 


NON-EXECUTIVE DIRECTOR 


Additional 45 acres and 15 acres of 
foreshore if required. 

5AUTELLE AND HICKS 
Surveyors A Valuers 
Newquay, Cornwall. 


10. Canon Street, EC4f* 4BY. 


Director with * background of law and 
banking but having considerable com- 
mercial experience wishes to extend 
Che number of his existing non- 
executive directorships wh eh at pro- 
lent include both public and private 
companies. 


PRESTIGE CARS "WANTED 


vince the Managing Director, in writ 
mg. in strict confidence. 


EQUITY SHARE FOR SALE 
in established registered Nursing 
Home for elderly, post-opera- 
tive. convalescent and chronic 
sick patients. 

Ideally uturt.d within ten minutes of 
M4 Motorw.r. Set in own grounds 
and having fully qualified Matron and 
trained staff. 

Write Bor G.f°0f. Financial Time*. 
Ip. Canro.i Street. EJMP 4Br 


Write Box G.I906, Financial Times, 
10, Cannon Street. EC4P 4B>' 


CREDIT AID LTD. 


We specralne in Commercial Credit 
Collection and Crcd't Consultancy. If 
you have any debtor problems then 


Copywrinngjransiatlon and 

Typesetting for Advertisements, 
Point of Sale. Brochures, 
Contact: David Mealing 
Pan-Arab Publications Limited 

01-439 3303 


To All Company Directors 
Transport Managers and 
Private Car Owners 
Are you obtaining the best pr-ee for 
your low-mileage prestige motor-car f 
Wc urgency require Rolfs-Kove-. 
Mercedes. Da.mler, Jaguar. Vanden 
Plas. BMW. Porsche. Ferrari .Maserati, 
Lamborghini. Jensen Convertible, 
hover. Triumph and Vol*o cars. 
Open 7 days a week 
Collection anywhere in U.K. Cosh or 
Bankers draft available. Telephone us 
far a firm price or our buyer will caff. 

ROMAN OF WOKING LTD. 
Broolcwood (04867) 4567 


contact: 

A. B. BADENCCH. OCA 
D. VV. CLARK. ACA 
4 Nrw Bndge St»e»t. London. EC4 
01-353 7’22 


ISLE OF MAN 

OFFSHORE TAX SAFEGUARD 


FIH?:SC»L C NSliS.TAST 


EBM ELECTRIC 
TYPEWRITERS 


Graso the opportunities In a low tax 
area. We srcei.il ,e in me formatioi 
of campjr.-i i.Kiudi-is nominee 
aoo.'lnunei: secretarial ee-erfca. 

9vncr.il ■limit v wgri- :«vt and auncral 
consult-’n.v ■iic’nd.-'u loiwp.ioiI 
Ola-C-nenc. 

Full He’ll. is t'om P A. 1PQWN 

BROTHERS LIMITED- Victory House. 
Pros nurt H,ll. □cuilas. Ill* of Man. 
Tel OfiZ-l ?i6Sl. Teles. 62*41. 


SpecU’uts in unusual or difficult 
financial requirements or invest- 
ment problems. 
XENIGLEN LIMITED * 

2 Berkeley Square. London, W.l. 
Tel: Cl -499 5123 


DEVON COUNTY COUNCIL 
SURPLUS TELEPHONE 
EXCHANGE 

Persons interested in tendering for 
the purchase and removal of an A.T.E. 

’ -' v 4 telephone e-change with 550 
Extension and 46 Exchange Lines, 
should wr-itc u rhe Counry Supplies 
Officer. 2, Tniihjm Road, Marsh 
Barton. Exeter, for details by June 2. 
I,T B. The t .change whieff is cur- 
rently in use is to bi replaced later 
rh-t year. 


INVESTMENT 

AVAILABLE 


Factory recondtiunod and guaranteed 
by IBM. Buy save up to so p.c. 

Lease J year* from CJ.7JJ weekly. 
Resit ft am £2V prr month. 

Phone: 01-441 2365 


Private CJmpany rngaged in interior 
design and e.-oferty mpdcmnatian has 
funds available up to £30.000 and >s 
seeking (a e»Psnd its ictiv-r>es by 
aiquiM'on or merge* with i business 
in similar a- 'elated field. 


CASH FLOW 

PROBLEMS 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EKPfisW -*J s r.Cj ISOLATIONS LTD. 
JO City Road. E C.l 
Pl-PiS r "«J4.\5.'7JM. 99J6 


Write B«» G.I636, F.'.sanciol Times. 
.10. Canaan Street, £C4F 4B>. 


Consult the Specialists 
BENNETT FACTORS LTD. 

York 0904-38331 
Small Companies Welcome 


BRITISH PR EXPERT 
ITALY 

Has represented major British 
concerns with great success- is 
seeking new Client, not exclud- 
ing sales representations. 
Write Be- C f’fffl. Fi.ioneifll Times. 
10. Cannon Street . EC-«P <8* 


A MAJOR BRITISH 
PUBLIC COMPANY 
if forming a compensation 
department to increase its 
British-Eastern European Trade, 
ngcrus ire taing sought who have 
meaningful international contacts in 
the iood. chemical and textile indus- 
tries and who on sell internationally, 
on commission (in minimum lots of 
• .’P Gtiv i , raw materials. pul* 

processed materials and goods for 
reoil safe. It you know chat you 
can sell in these seators, then con- 


mg, in strict confidence. 

Write flax G.191S. Financial Times. 
10. Canaan Struct, EC4P 4fl Y. 


Consolidated Credits an 
iiscouncs Limited, 
helse* House, 
entham Halt Road, 
a-idon W5 I DR 
■ el: 01-998 8822 


NO AFFILIATE YET 


GLUiHOUiE ANb MARINA (.omj.in- ' 
iar.,j;p. nttrr. clu-ts io iii.asio. able ■ 
10 vuoiviiii.it v»or’. inp caaita, -Vrtiv i 
Bo> C-ihOT. Fn.iru.jl rimes. 10, Can- 
non Slivei. ECJP JB'i 

REPUTABLE EUROPEAN re-injurant 

broken, sres partner-. mtfl niptmie tor i 
mint .cnierv with their Sojn.in snh- 
sldiarr. Pnncioils only. Wr.tv E-b» 
J.I017._ Financial Times. 10 Cann-j.fi I 
Slrrnl. EC4P 401 . I 


5WISS OFFICE. 

expcricnc.-d eni-vprvneu' -n-efcigjici, 

organises. loncroii »ou< ?-o|o^u 
abroad, isur i 'qai‘<.sit.itt J-'n -i.iit 
our l^CP? Pr.vaty guiranlena. 
J.Pher S-li to 
MCSS S -A K NONCEN L T D . 

PC'. BO C. 01-9023 7'JR»"4 


MORTGAGES * FEMORTCAGES lor 
E—<a:..cs £.20.000-— SO 030 NO FEES. 
Palmer CanL-, Ass-oci stes. JOZ 6651. 


| U.K. ENTREPRENEUR IN PARIS WO' 5 
I hd-Xa for Imoor.itvea.-:. V/r tv Boa 
I F 1012. F-nannat Times. 10. Cannon 
Street. EC4P 4BY. 


Financial Times Thursday May il 197^ • 


Company Owners 
and Businessmen 

use your time more 
profitably by freeing 
yourselves from ad-, 
ministrative duties. 
Entrust the execution 
of your affairs— finan- 
cial, administrative, etc., 
to 

PROFINOR SA., 

who will carry them out 
consistently, punctually 
and with discretion. We 
offer you a first class 
service. 


i<9oooo©©oeoo«ooc»ofi©os©»«oo«oo»oe«ooo©5e®®5scosseo«©oS5ec«®®««- 5 ®»o{- 

o 
o 


European Round Table 


. of exceptional interest 
will be held in the premises of the 
French senate on $-9 June 1S7S. 

Participation is restricted to senior executives of significant companies. 


Speakers are: 

MJVL J. Attali, A. Bergeron, J. Bidegain, J. Chaban Delmas. Y. Chotard, 
J. Delors, J. Fourastie, A. Grosser, J. Lecanuet, P. Moussa, 

A- Peyrefitte, C. A. Sarre. 


1, Place Saint-Gervais 
12QT Geneva 
• Tel. (022) 31.89.82 
Telex 28 465 ORGE 

CONSULT US! 


|g For information: 

! o Dr. Stephane Garelli, European Management Forum 

jg CH - 1223 Cologny / Geneva Telephone: 022/36 02 43. 

lIoeoaeseseMesseeessseesssessssM^sseseiesefiMflWsessssMeseosas: 


TAX HAVEN 


SALES BY &L9C7g0?$ 


MANUFACIURIA OF FIN EOT dUALITY 

H*-lJ C.rr cJ t'iqliS.11 RWOdtKlif' 

OJItO n.«- ... mtur- -linnet lo Obt."‘- J.i 

rriburiin ibrou^nju! :"ii" U.-. 1--.1 

Europe. Gi.ctilpr convei rt ed »,U 

vis.tinu London Mj* I# :o 2? Please , 
wnfc lb Bo. G 1890. F.m- ,jl T muS 
10. CAnnoi »r«<L EC4P 4BV. 


IMPORTANT AUCTION ANNOUNCEMENT 
APPROXIMATELY £2 MILLION CLOTHING SALE 


A. L (jOLD^A-A & S0j\S (Aurlioneers) Lid. 


START AN IMPORT. EXPORT AGENCY. 
N'a rvpilal rcauircu. E',tatt>*nc4 over 
SO years. Cllenls in G 2 ^ounlriv. Send 
farQi" S A E. — Wade. Dcor. F. P.O. Bo> 
9. Mario jrounli. Will;, 


DESIGN AND MANAGEMENT. Let us 

create t new intcr.or tjr vow oiti/e. 
re C.’:.G4I rrardreom. ■-hoo. restaurant 
or Hotel Wu devgn plan jnd manjnc 
vour pr^ieet irsm -.tart to tin-vK Phone 
Gordon L-nnsav Grouu 01-MS sjao 

OVER 40,000 SCHOOLS AND EDUCA- 
TONAL ESTABLISHMENTS van be 
trachea hv mail The Educanenai 
Addresunq and Mallinu Servue. Derby 


ELECTRONIC COMPONENTS. CcHOn ano , 
Manul.ictu.inc Company to- vale v»,:h 1 
lull order dools ana 1.S00 :a- ■: free- 
hold Factorv in East Londcn. D«a Is ■ 
tram Goloenbcrg and CO., a?. SuMn 
Place urr>v., Snu-r.- 1 nndon. w t 
0 1 -19 1 410: Telcv 299199. 


WANTED. FIRM QUOTATIONS E«- 

B-rnded Warehouse. Fc>,w:one Ot 1 
Leading Brands Vhh.vaw.. Also Pom- 
morv Dry Sac Curouji no. P P. ‘ 
M.trwahj. 15 An* Str.t:. Ra.hdJlc. 
UlKi. 


will sell by auenon without r«?Sf»rve 
ATJKElil AUimON ROOMS 
ON WEDNESDAY THE lTlh 
AND ALSO ON THURSDAY THE 15th OF MAY 
at 11 a.m. each dey 

a tot3l of approximately fil.OOO.OOO-wurlh of 
LADIES' AND GENTS FASHION CLOTHING 


Hruie Rranill. Surrey. RH1 1DM. 
Mprvtnal 2223 


COMPUTERISED oavroll scrv-<«. sVnte or . 
ring C S N DaokVer-nn^ & Payroll ' 
Co.. 214 Lono an Roac. souincn; on 1 
SAl. To*. 0702 394 370 


This will consist of (quantities given are approximate,)! 



The last legal way to 
MAKE A FORTUNE 


No longer is it possible to build- up real capita! out of income. 
Our taxation system has put paid lo that. The nr. iy ]<val w.iy 
to make a fortune is to build up a prnfiiaMc Purine*?. Eut 
tn do this these days takes a lot more than appreciation of 
manufacture and marketing- This n where the Como/ny 
Direvior's Letter cuinec in. Tt specialises rn the “ wnnKle.,"" 
of business life, ihc little techniques and appreciation* «pj: 
can i*ia!:e all the difference lie tween uinaerate and otitstar.d- 
m" performance. Things like: The MibMaiitial tax ,vl. 

vantages or incorporation, v How to xtaff your business with 
puhiir funds! <* An extra ll'T» mi >»ur nioiiev. *The real 
bi'iielh> of tax havens. S How m nuke ; mir -taff w ni K : 


T'tjr del a i I.i uf .1 FISKE TRIAL i'Fl- KR. i| if - citigpm. -,r 
pliaiir <ffI-5U7 7337) t*_*4 Ilnur aif'V.ermc *;iirviee i 


10.000 LADIES HOODED CARDIG.AN5 

10.000 L.VD1ES BELTED CARDIGANS 
2.W0 GENTS BUTTON C \RD1GANS 

15.000 GENTS PCLL0\XRS 

22.0011 LAD2ES ASSORTED PULLOVERS 

5.000 LADIES TABARDS 

2.000 GENTS DENCH JACKETS 

b\il00 NYLON JACKETS 

10.000 ASSORTED SKI J ACKETS AND ANORAKS 

3.000 .ASSORTED DENIM SAFARI SUITS 
mono ASSISTED DENIM JEANS 

3JKMI GENTS GOLF SUITS 

2.000 DEN13I SHORTS 

70.000 GENTS CASUAL/SWEAT SHIRTS 

35.000 TOWELLING SPORTS SHIRTS 
b’.CiM LADIES ASSORTED CASUAL SHIRTS 

5.000 LADIES ASSORTED. DENS 31 DRESSES 
!.Ai‘GI'. AN ri fY DFNJM. SSILWIE & tJTITKP. ]{ ATS 

QCANTm ASSORTED FOLIM.T & DUFFLE BAGS 
V\S\ OiHhK ii'KMs lot: XI IE ROUS TO LIST 


\:i :.i - ■•r:ind new and are nffeied ^ pis feci and they 

"■* ■ | !'■>; i" “-mi iin:h small ,md large Buyers. 

.Ilf; I (mm:- 


To. Cum pan;. LuroctorV Lcti'T. Di'pi. l*:\V. 

I-’. Gulden Square. Ixindun IV! 

Plctoc tell n»c mure about jnur FREE TRIAL OFFER 


, . the auctioneers. 

A. E. fiOU»M\N st SONS ( AUCTIONEERS i UM1TF,U. 
THE AUCTION ROOMS. 134 CliEETHAM fi!LL ROAD. 
MANCHESTER. MS 8PZ. 


Name _ 


fcle phones: 061-832 7865 or (161-832 J00. Telex 666815. 


ALL GOODS ON VIEW FROM THURSDAY THE lJUh MAY 
TO TUESDAY THE 16lh MAY 
FROM 0 A.M. TO 6 P.M EVERY DAY 
INCLUDING ROTH SATURDAY AND SUNDAY 




INVESTMENT PROPERTY 

In Jersey. Channel Islands, producing in excess of £34.000 per 
annum. Shops and flats in first class order and condition. Rent 
reviews every three years. Offered ac £360.000. For further 
details: 


phone 0534-25732 
or write Mr. J. Auty. 

La Fougere. Belvedere Hill. St. Saviour, Jersey. C.L 


American importer Seeks Hew Products 

We are an importer and distributor oF products for building 
maintenance sold through architect specification and direct to 
hospitals, nursing homes, industry and other institutional and 
commercial buridinga. 

We stock in depth. We advertise extensively. We pnnt our own 
product sales literature. Our sales force, covering the whole 
USA is 22 men strong and growing. We are looking for 
another new or unusual product line m one of the Following 
fields: preventative maintenance or rcp.air, safety, or noise 

control. etc 

Our company president will be in London the first week of 
June. If you produce something that could interest us. please 
send details to Box F.1014. Financial Times. 10. Cannon Street, 
E C4P 4ET 



I 

m. 



F 

D 

R SA& 


WESTERN CANADA— 

SCAFFOLDING RENTAL 

FOR SALE 


Company specialising in the rental of scaffolding and shoring 
to the construction industry with over 20 years’ operating 
experience. The company dominates its present market both 
in sales and technical innovation and is an authorised dis- 
tributor of Western North America’s largest scatfolding 
manufacturer. 

Present owners will consider either a management contract 
with prospective purchasers or a partnership arrangement. 

Principals only should contact: 

JOHNSTON, RICKARD, CRAWFORD 
Chartered AccoantanSs 
CANADA . Tel: (604) 684-S484 


SOUTH HERTS 

THRIVING PRECISION ENGINEERING COMPANY 
FOR SALE AS GOING CONCERN 
7,500 sq. ft. Leasehold Premises At Low Rental 
TURNOVER £120.000 


Price required around £125.000 

To include all Plant and Machinery. Fixtures, Fittings, etc. 
■ Stock At Valuation 


Full details frurn 

HARRY BALL & COMPANY ' 

30 MILL STREET. BEDFORD 
Telephone: Bedford 6724T 


WESTERN CANADA— CRANES 

Construction Crane and Hoist rental company for sale 
The organ isation is the major supplier in its present 
market and the authorised distributor for two lead- 
ing international manu/actuiers. Growth prospects 
are excellent. 

Present owners will- consider either a management 
contract with prospective purchasers or a parOier- 
ship arrangement. Principals only contact: 
JOHNSTON. RICKARD. CRAWFORD 
Chartered Accountants 
CANADA Tel. (604) 684-8484 


FURNITURE MANUFACTURING 
COMPANY FOR SALE AS GOING 
CONCERN •. 

LONDON AREA 

Long established with good profit record. Founder 
now retiring. Turnover £650.000 with potential io 
do double. Modern factory on long ground lease. 
Quick sale at £575,000 includes factory valued at 
£350,000. 

Principals only, please write to Box G. 1805, 
Financial Times. 10. Cannon Street. EC4P 4BY. . 


ELECTRONICS COMPANY 


GROWING 

PHOTOTYPE SETTING 
BUSINESS 


Good spread of prestigious clients. Highly productive working 
staff tN.G.A. affiliated) creating maximum turnover and 
realising high nett profit potential. Existing management 
can be retained. 


Well established, business engaged in the develop- 
ment,- manufacture and sales of a commercially 
proven range of electronic leisure products. Based 
.in London. Selling world wide* .-Present turnover 
approx. £4.000 000 p.a. r Past profits' record, and 
enormous- potential. Good management team ai.J 
fully trained staff. Full details from: 

Box T.4WP. Financial Timex 

10 Cannon S’ re it. i'C4P tf<Y 


Price for outright purchase of company — £120.060. 
Write Box G.1904. Financial Times, 

10. Cannon Street. EC4P 4BY. 


HIGHLY PROFITABLE CHEMICAL 
BLENDING COMPANY 


GARAGE BUSINESS FOR SALE 

Two garages situated in prominent South Lancashire 
positions. Two leading foreign new car agencies. 
Quality used car trade. Excellent workshop facilities. 
Combined turnover £2.5m. Leasehold premises. 
Ideal proposition for an established motor trader 
who could develop the full potential of these outlets. 
Low capital outlay. 

Write Bon: G .1.497. Financial Times. 10, Cannon St., EC74P 4BY. 


WITH SPECIALIST RETAIL OUTLETS 
currently pxporting with cooridcMbU. furinw potential. 
TURNOVER IN EXCESS >>F fll5f>0t» F.A. 

Write Box G.llill. Finjnci.ii Tf-nes. 

10. Ca.-nnn S'rc.-^l E»Ve 4P.Y. 


COMPANY 
FOR SALE 


An IB-year-old Stenl • Stockholding 
lonpany looted *n th* VV«i Mid. 
isndi The profits ha*« tho— n con. 
SIStant i'a«*th without lOtSrt to roach 
iha currcoi ic««i of in excess of 
150.000. 

fh* Managing Orrecto- and prmzips: 
tluiehsldc' is prepared to remain 
with the company if rcq-.-ired. 
Write Boa G.18S9. Financial Timet. 
IO. Cannon Street. E C4P Jfli'. 


FOR SALE 

Controlling mte-est in Quoud Com- 
P* n r. Mam dealers in motor parage 
bus.ness m Provinces. Directorship 
*»a.Ubl-. Price si-:* £200.000. Pnn. 
ciOal-. with Banker-, ibla to supsunnatr 
suicafie tunds ap|/iy Managing Director. 
Bjr 1902. Fi.ianc.jl Times, 10. 
'-nnem Sr-eer. F*"<P aBY 


FOR SALE 

A GROUP OF COMPANIES 5CON31ST1NG OF:— 

1. TECHNICAL STAFF EMPLOYMENT AGENCY O LI.CC0.L00 

2. COMMERCIAL STAFF EMPLOYMENT ACCNCY T/O «0.«.M 

3. COMPUTER SOFTWARE CONSULTANCY T/O C50.0C3 

Thu group is lot i tad n tssc London, oa-raung from nr.e location .n leasehold 
offices, which are ail fully equipped including own in-house eomp-Jic-rs ate All 
che companies have excellent prospects lor future expansion, eurrondy they 
enjoy a good share if iho market, producing cood 'profits. 

Please sente In confidence to Bo. (■ !9?9. 

Financial Tima. 10. Cannon Street. EC^P4flY 


BUSINESSES WANTED 


MAMUFACYVAING/ 
ENGINEERING GOs. 

FOR SALE 

Turnovers £50k-£500k 

Prod tuple or Accumulated 
irod ng Ian situetlons 
Management Assistance Services, 
3B Arkwright Road, Hampstead. 
London NW3 BAA. 


FOR SALE 

Haulage Company in Liver- 
pool area. Annual Turnover 
£300.0 no. Modem Fleer of 
Vehicles. Yard and Offices. 
For further details ajtjihi tc. 
Bnj- r, ]9f>P. F inuncial Times. 
1«. Cannon Street. EC4P 4RV. 


Public Company with £ISI. to invest wishes to 
■acquire for CASH eilher 100% or pari shai eholdinq 
in company or companies engaged in importing/ 
expnrting/wholesalins/retailing. 

Ail replies will' be treated in the strictest confidence. 


Write Box G.190S, Financial Times. 
10, Cannon Street. EC4P 4BY. 


CENTRAL LONDON 
WHOLESALE COMPANY 


Long iJUDiished engineering cqu.pmeni 
company, emnoaer or SOif.QUO p.*.. 
M -S00 sq. Ir. oi warehouse, thowr- 
room and oificei on a new 20-year 
lease at 7.000 p.a. 

Write for further details to Bo* 

■j.! 89£. financial r.m«%. 10. Canno-r 

Street. if.iF 


ELECTROPLATING AND 

ENAMELUNG BUSINESS 

Opportunity to acquire estabi shed 
company in the London arex due to 
rile pending retirement of the Manag- 
ing Director. SO staff. Turnover in 
oxccu or £430.000 Enquiries r D : 

TRAIN SCOTT ft CO.. 
Chawterea Accounhmi;, 3 u o-i* Road. 
Barking, Essex. IGI I 7NF. 


LARGE GkOUP OF 
CLEANING CONTRACTORS 


wisn to expand their activities and 
.would be in teres red. in acquiring com- 
panies winch are ottering cleaning and 
maintenance services, including iani- 
mnal' filpplie*. 

. • . flepfiqa. tor . — ... 


EXPARDIN6 GROUP 

OF COMPANIES 


ALLEN 5TANLEY 
CONFIDENTIAL REPLY 
SERVICE, 

4 Drury Lane, Solihull, - 
V/«t Midlands. ESI 33 D 


a f e • interesreef in' acquiring 

lurcher' plane or tool fc'fre 
businesses 
..." • flaprier. rir . 

ALLEW STANLEY;'; 
CONFIDENTIAL REPLY 
SERVICE. . 

4 DrJry 'LaiK, Solihull. 

' West Midlandr. «9T 30 D 


PRINTING INDUSTRY 


WELL-ESTABUSHED 
EXFORT COMPANY FOB SALE 
Maximum i"nui' turnover 

- £700X10 

Selling ;o Middle Easr & African 
countries. Located in London 
Writs da* C 189,'. Financial i-mrs. 
19. Cannon 5tr#et, EC<P f. 


Spasialiu --p-oduttio-i buunec .with 
t/o aporax. C’50.000 p.a. Greare. 
potentiil. High productivity equip- 
ment and low staffing ratio. Inter - 
ntliOnil reputation. For ui« around 
-jlIP 000 1 P-uu.fili only apply m 
itrior canfidonce to: 

Bos G t9!J, F.nanoal fimes, 

10. Canaan Street. £C4P 4B». 


£lm. AVAILABLE 


WANTED 


For purchase ot sound bunnost 
with good management -nd a 
product range caoab.c- of bemg 
exported. Please forward details 
in strictest confidence to; 

Ref. 1150. 

BUSINE55 SALES LTD.. 


Lapin Hone, STD Watford Way. 
London N.W.l. Tal: 01-900 0911 


An u-.(jp...ncd privuir company wirti 
vrv.:>ui'.gure sales, gooo p-oni ■ record 
.-nd Mlea-uacc tunds, trading man|i in 
n-yr. vaiiie maional lor engineering, 
u.uctromc ar.d :h*pnc|l industry, »e<kl 
asioeiafion with i iompjns of com- 
parable ilze, powio:> minu'Jtui ins 
h ih-q-ia|it> -tquipmirnr in a :omple- 
•wentfj fi,-id w'h «he object ol 
w.dumng ■ >ts trading base and 
strengthening management: 
Frlr.cifiSli onl. lioulif tonfuct *v4ltar* 
V. Bor i.7 ficonaieJ Times. 

W Cannon ltr#n. 487, 


HOTELS AND LICENSED 

PREMISES 


PLANT AND 
MACHINERY 


WAITED 


WANTED 


BOURNEMOUTH 

3-i:*r Hom. Si oedrooms wish cn 
suite ^achroomi. Itiiljr i.:ensed with 
rocattil and bar loun^r. ecennvc 
mod-rn resuurant. 3 rut d.-nu 
lounges, superb kitchrn quarters. 
Excellent car parking. Price: l 290. 00C 
with fire precautions completed. 
Cornea: 

Motel Dept., GOADSBY A HARDING. 
37/43 St, P>(*r‘i Road. Boumvnsmilh. 
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! l, r Financial Times Thursday May 11 1978 


1 lie Market i ng Scene 


Tesco joins the Texas trail 


EDITED BY MICHAEL' THOMPSON^OEll 



BY ELINOR GOODMAN, DALLAS, May 10 

ihP ,? ee ^ e ^ of old hand at exhibitions. she was 

described by one of her enthu- 
? s ^ ne t. w ®? P ro_ slastic attendants as the “most 

Texas of the ufs FgSTmHJJ! .. food processI>r ta tie 

S£rS v-i s Mraws 

bifoi b in RriPhtftJ ,?“ k its siw - the Ujs - market wil] 

braieh ?F ?h? vSi u lke r alWfl y s provide for Europe’s 

branch of the local chamber. of retailers. Last year, food sales 1 

• in the U.S. reached Sl62bn. and 
*££L! ! S2K5l t,v t ™ orn ; w,thin a market of that size 
i a n e ?,i had lhe t5v 0,ce there is no single formula for 
attending 10 Ideas workshops. IF success. At one end of the 

They did not make it to the right scale, for example, the German 
theatre, they could have bought discount ALDI is taking sales 
a l ape recording of the session away from local supermarket 
and taken it -home with them, chains bv opening irs own par- 
Tbc number of people at some tieular brand of no-frills cut- 
individual sessions was bigger price operation. But in other 
than the entire delegates list ai places, other companies are suc- 
the IGD, and there was no hang- cessfuljy building sales by in- 
ing around — no breakfast woma creasing their customer services 
be served, the programme said with the addition of attractions 
sternly, after 8.30, and delegates such as consumer, advice 
were asked to rate sessions on a bureaux. 

scale of 1 to 10. . It is not only the si zc of the 

At noon, the floodgates to the market which permits tihs free- 
exhibition floors an the vast dom. While opinions vary on ' 
Dallas convention centre were what exactly is happening to net 
opened. There, in an area four profits, depending on which set , 
times the size of the average of figures you use. there is no 
Carrefour hypermarket, were dou ^ 1 11,31 L'.S. retailers’ gross ' 
displayed wares of the U.S. gro- P rofits 1,01 u P d " 

sr r r d d ssrs & s.2 e 

marathon. Interred between l^n^nger tho'Sime ' 

?o"o sKJsrS’iSSs rk a 'iki ei srU “•* did 

manufacturers. The longest g ut tbeT are not having to cope 1 
queues were generally .at those with lhe j al , ^ deman( j that has t 
stands showing the new kind of ^gn p i ace ^ Britain. The i 
automated scanning checkout general feeling seems to be that I 
where computer executives except in isolated preas such as 1 
showed off the wonders of the Los Angeles and parts of the i 
scanning system with the en- Mid-West price competition has i 
thusiasan of schoolboys who had lessened over the last year. Gross J 
just received a' new train -set. margins are now said_ to be ' 
Amid it all, -the Elsie Borden generally easing up again as re- l 
Dairy Company’s ovine answer tailers anticipate the imposition s 
to the Brooke Bond PG chimps of statutory price controU. des- i 
placidly chewed her cud and pile an assurance from President i 
seemed oblivious to it alL An Carter to the contrary. 


Instead of putting all the 
emphasis on price, retailers are 
using other forms of promotion. 
Games like bonus bingo are big 
in some areas, while other chains 
are asking customers to collect 
liti receipts in much the same 
way as they used to save trading 
stamps. The figures suggest that 
stamps themselves made a small 


occupation with the threat 
posed by take-away food oper- 
ators. though this may well 
become more of an issue in 
British food retailing if con- 
sumers have more money to 
spend. In response to the same 
demand for foods which require 
a minimum amount of prepara* 


(Last year, food sales in the U.S. reached 
$ 162 bn., and within a market of that size 
there is no single formula for success. 

While U.S. retailers may be worried because 
they no longer enj'oy automatic sales 
grdwth, they are not having to cope with 
the fall in demand that has occurred in 
Britain. 9 


comeback last year— from 10 per 
cent, of supermarkets giving 
them to 13 per cent. — but nobody 
seems to expect them to recover 
m anything like the SO per cent, 
penetration they achieved in the 
1960s. American retailers to-day, 
it is said, want promotions they 
can move in and out of according 
to competitive situations, rather 
than ones which demand long- 
term commitment. 

Developments discussed at the 
Dallas convention were a blend 
of the familiar and the unfamil- 
iar in terms of European mar- 
kets. On the unfamiliar side 
there was the extraordinary 
growth of tbe convenience stores 
of the ki nd run by the Southland 
Corporation under the name of 
7-Eleven. There were more of 
these shops — most of them very 
small by British standards — 
opened last year than super- 
markets. 

Unfamiliar, too. was the pre- 


lion by the working U.S. house- 
wife. microwave ovens are far 
bigger sellers in the U.S. than 
in Britain. 

The Americans are also more 
advanced in the use of automatic 
scanning systems than tbe 
British. Even so. they have not 
exactly swept the nation. Des- 
pite all the talking, only 250 
stores or so arc now using this 
type of checkout. 

But tf the Americans still lead 
the way in this kind of develop- 
ment. two of the trends which 
are currently worrying relailers 
in the U.S. are European exports 
— limited range assortment 
stores similar to those run in 
Britain .by Kwiksave, and un- 
bonded goods. 

It was tbe German company 
ALDI that introduced the con- 
cept of limited range stores to 
the U.S., but there are now a 
number of homegrown imitators. 
The U.S. supermarket estab- 


lishment seems to believe that! 
such stores will never make big ] 
inroads in the States, where cus-j 
tom era expect their goods to be 
wrapped for them and demand j 
a smile from the checkout 
assistant almost as a right. But 
with food price inflation expected 
to pick up again this year, prices 
are still a keen issue and varia- 
tions on the box store are emerg- 
ing all the time. 

The advent of retailers’ un- 
branded lines, similar to the I 
products fibres introduced in; 
Europe by Carrefour. is another; 
aspect of the same ball game. In [ 
the last 13 months a number ofl 
chains in the Mid-West have] 
come out with unbranded j 
generic lines which arc packed 
In deliberately plain-looking 
wrappers and are considerably 

cheaper than most traditional 
own-brand and branded lines. 

Again, the U.S. grocery estab- 
lishment, at least as represented 
by the panel of grocery trade J 
magazine editors that addressed : 
other journalists on the subject.] 
seem opposed to them. Their] 
view is that they are cheap and 
nasty products which offer the 
consumer no benefit. 

Tbe fact that U.S retailers 
should be so concerned about 
two developments which 
originated in Europe is itself an j 
example of tbe way things have 
changed over the last 10 years. In ' 
the early days of self-service.] 
Americans had a clear lead in I 
the development of new food* 
retailing techniques. Now thc| 
situation has been at least par-i 
tially reversed. Certainly onej 
British retailer thinks he could 
beat the Americans at what was 
once considered their own game. 
Among the British visitors to 
Dallas was Ian Maclaurin. Tesco’s 
ebullient managing director. His 
purpose in being in Texas was 
not merely to attend the conven- 
tion. He was also looking for a 
local supermarket chain to buy. 


St. Bruno stiD hoping for our 
magnanimous approbation 


BY MICHAEL THOMPSON-NOEL 

NEWS THAT OGDENS, the Imperial Tobacco 
subsidiary', was on (he look-out for a new 
5 l Bruno Girl was bound to capture head- 
lines in the pops, and so it did. It was also 
certain to generate an avalanrhe of applica- 
tions. and so il has. in the past ten days, 
hundreds of telephone calls have been 
received at the production company, plus 30 
to 40 letters a day. Four or the calls were 
from men. 

But behind the froth of the St. Bruno 
Girl's image lies a deadly serious market 
tussle. In the year to last October, sales or 
pipe tobacco reached 10m. lbs worth £l20ra. at 
RSP. At present, market leadership is shared 
by St. Bmno and Gallaher’s Condor, which 
have around 20 per rent, each, with Benson 
and Hedges Mellow Virginia the third member 
of pipe tobacco’s Big Three. 

Naturally, they’re heavily advertised. 
Last year, db a MEAL basis, the expenditures 
were £395,100 Tor St. Bmno. £333,500 Tor 
Condor and £441,500 for B and H Mellow 
Virginia out or a total in this “wcior or £2.7 m. 
But the TV campaigns for the Big Three 
brands differ conceptually. The Condor ads 
ping personal satisfaction, tbe Mellow Virginia 
campaign seems to concentrate on the 
aromatic qualities or pipe tobacco, while Si. 
Bruno is sold on a platform of social 

acceptability. 

Thns the Girls. The agency involved is 
Savino anil Co. When it took over (he St. 
Bruno account in March. 1976, St. Bruno's 
brand share had slipped from 20 to around 17 
per cent, thanks to some catchy but negative 
advertising over the preceding seven years. 

In Nov ember. 1976, Savino hired (he first 
of (he S(. Bruno Girls, (he remarkable SuJlna 
Judd (see picture) who received £10,000 for 
12 months' work which involved numerous 
promotional appearances as well as lisping 
beautifully into camera: “Show me a man 
with St. Bruno in his pipe and I'll show him 
my magnanimous approbation.” Girl No. 2 — 




the policy is lo change them after 12 month*— 
was the equally delicious Sandra Dickinson. 
Girl No. 3. who will start work early next 
year, will be encouraged to lake an even 
more humorous approach. 

The Savino agency, now billing £2nu 
readily agrees that (he original inleutiou of 
(be campaign was to attract attention; now' 
that it has. It hopes Girl No. 3 will continue 
to edge St. Bruno's market share in an 
appropriate direction. The short-list for the 
Job is now down to four, though further 
applications will no douhl receive attention. 
Si. Bruno Boys need not apply. 


Banjo pick-up for Bates 


Man on the road now costs £12,000 


BY RUDI GOLDSMITH 

THE LATEST SURVEY on the 
cost of salesmen carried ont by 
Sales Force reveals a consider- 
able fail in the annual pattern of 
cost escalation that has appeared 
in recent years. Go-operating 
companies’ returns refer to the 
year 1977. .but rather fewer com- 
panies co-operated this time, 38 
as against 49 In the 1976 survey. 
Overall costs are 1S.3 per cent 
up on that year, as against those 
of 1976 which showed a cost rise 
of 2S per cent over 1975. Some 
of the specific cost features 
which are worth commenting on 
are as follows: 

Salesmen's remuneration : The 
increase of 10J8 per cent. in ilie 
12 months, of 1977 appears par- 
tially ttr reflect their changing 
role — that is, the assignment to 
them of more difficult tasks, 


coupled with the progressive ex- 
clusion of simple functions such 
as shelf filling in supermarkets 
which are now being bandied by 
women merchandisers. This has 
led to the exclusion of many 
junior salesmen and accounts for 
a part of the average rise of 
salesmen's remuneration. 

Car depreciation: This clearly 
reflects the conventional account- 
ing procedure of recovering the 
original purchase cost of a 
vehicle over its life. In the 
more correct financial sense 
that a company continuing in 
business has to replace its 
assets, this depreciation ' figure 
understates the inflationary 
impact of the cost of new cars. 
It is in very simple terras-- a 
good example that a - true, 
business assessment is no longer 


There’s more 
to America than 
L.A. 

Los Angeles. 

Glamour capital. Instantstardom. 
The glossy symbol of California. Sun- 
shine. Sand. Booming cities all around. 
Small wonder Cafifornia’s a tempting 
target for your U.S. advertising. 

But remember this: The Wall Street 
Journal reaches more California decision- 
makers than any California daily. 

And beyond Hollywood Los Angeles, 
San Francisco, and the rest of California, 
The Journal reaches millions more. 
Decision-makers in business, industry, 
finance. Coast to coast, every business 
day. For The Journal is America’s 
national business daily. 

To reach the Pacific Coast — and 
far more — advertise in The Wall Street 
Journal. 

For it’s the media star to which you 
can hitch your advertising wagon. 

The Wall Street journal 
The all-America business daily. 

Represented by DJJMS. In London, call Ray Sharp at 
353-1 847;ih Frankfurt , call Joachim Nunvar at 16 1 1 ) 74-57-40. 
Other D JIMS offices in major business centres around the 

world. 


being reached by conventional 

KS REPRESENTATIVE BUDGET FOR 1 2 MONTHS 

to ignore the cost problem of December, December, 

replacing assets. iqti; ta?? 

Faster car replacement: In 

1977 cars were being retained ... _u_, * * 

for an average life of 2.15 years Cost of recruitment (advertising, 

(2.3 in 1976) and were discarded Interviewing, etc.) 104 96 

after an average mileage of Remuneration (Including bonus, com- 
21,000 a year. The average mission, prizes. National Insurance 

purchase cost of cars was just and company pension) 4.485 5.240 

w hr °!L»f Company vehicle — depreciation . 391 477 

cars ifc*ed by salesmen sprvirp ami rpnaire 2^0 

under 1500 ec and almost one- ' “ mec ■*“ repairs -J3 2oO 

third between 1500 and 1.750 cc. ««nce, insurance a n d n 0 n- 

Ford dominates the fleets of insurable damage 138 Ia8 

reporting companies, accounting loss of interest on capital 228 245 

for 60 per cent of the lotal. Expenses for operations from home: 

with Levland a poor second, at 1976—39.5 weeks @ £36 ..1 \ 1,422 . — 

18 per cent. The jnost surprising 1977— 40 b weeks £42 - — 1705 

finding was that For all intents hf ,V Pl " " 

and purmv.es. there were no Expc . l ^f r s r ® r “Potions from hotels. 

foreign cans in these fleets. ® £ “® • 550 7\. 

Car service and repair costs: weeks @ £127 ■ — 406 

The low increase in car service Sales Manager (inclusive of secretary, 

and repair costs appears to expenses and overheads) 421 545 

reflect a policy of faster car Area manager (Inclusive of expenses 

replacement. The loss of interest and overheads) 1,315 1,389 

on capita) in respect or pur- Wages calculation 35 46 

chase has risen by 75 per cent, analysis 308 347 

£?jL r this """Eg* Secretarial (including overheads) ... 318 515 

cLntemcteTb,” decline ih S ““°”' Ty <d ’ Uy “ pen ? 

interest rates between 1976 and *I*h» 5, postage telephone out, 

last year. accounts) 318 437 

Salemens’ expenses: A further Training 147 190 

shift towards keeping salesmen ■ 

working largely from their home TOTAL 10.443 12.046 

base has caused a fall in the- : _ i 

average annual cost of “awav- 

from-horae” expenses. The -■ 1 ’ 111 

actual cost per night of a repre- 
sentative staying away from agers are now expected to supeT^ per salesman’s working week has 
home has of coursp increased, vise larger territories than risen to a startling £275. This is 
but the mini her of nights so previously. considerably higher than the 

spent has . declined and salesmen Sales analysis. secretarial weekly cost of a contract sales- 

are now expected to service a and internal administration: man. who. inclusive of personal 

’.rider radius of customers from Expenses, under these headings, remuneration, expenses, car 

tb»ir home base. have risen much more than pro allowance, campaign planning 

Sales management: There has rata during the 12-month period and supervision during a 
been a shift to national sales and this rise follows a consistent campaign is available at £190 a 
management and away Trom area pattern of many earlier years, week when working from home, 
management. Certain area II is quite clearly a feature of Clearly a contract salesman 
management duties, such as key current sales management think- does not by himself save the 
account service of multiples, ing lhat calls have lo be more fixed costs of national sales 
appear now to be handled to a thoroughly planned and followed management, but even after 
greater extern by key account up with good administrative making allowances for these 
salesmen who do not have other assistance. costs it is surprising how the 

management functions; with the It makes good economic sense relative rales have separated 
decline of sales forces, aiea man- that, as the cost of salesmen over the years. 

: increases, their work has to be — 7m — — r~- 

> r t more thoroughly planned and Goldsmith is chatrnwn of 

\ xi«i Act- directed. As more and more bales Force. 


1976 

1977 

£ 

£ 

104 

96 

4.485 

5.240 

391 

477 

233 

250 

138 

158 

228 

245 

7 ,.- 1,422 



• r — 

1,71)5 

5S0 



■ — 

406 

421 

545 

1.315 

1.389 

35 

46 

308 

347 

318 

515 

318 

437 

147 

190 

10.443 

12.046 


i THE TED BATES AGENCY, 
which has taken some knocks 
recently, has received an impor- 
tant pick-me-up with confirmation 
that Mars is putting at least 
£2.5m., including an estimated 
£l-2tn. above-the-line. behind its 
biggest-ever U.K. launch. The 
product is the Banjo chocolate 
snack bar. which has already 
been extensively tested and 
should achieve sales of at least 
£16m. by the end of the year. 
The hope is that Banjo sales will 
eventually match those of the 
Mars Bar ilself. 

m LEO BURNETT has backed 
out of the eightelrong short list 


for the £1.5m. New Zealand Lamb 
account, saying clients should 
not judge agencies on the results 
of three to four week’s intensive 
speculative work hut on their 
continuing contribution to their 
existing clienjs’ businesses. 

• HARRISON McCANN, the 
McCann-Erickson satellite formed 
just 15 months ago. achieved a 
142 per cent, spurt in MEAL 
billings in the year to March 31. 
and is now virtually on the £10m. 
mark. David Wethey, ex-Nielsen 
and Interpublic, has joined as 
head of client services. 

• BURTON CLAIMS its current 
advertising is increasing the 


chain's appeal to the yntinjer 
male markel. and is spending a 
further £320,000 between how 
and mid-June via McCormick 
Richards. 

• ROYDS has picked up the 
£350.000 Dublin-based R and I; 

business. The shipping line says' 

it is about lo embark on major 

development. 

• FELICITY GREEN, managing 
dtrcetnr of Vidal Sassoon Europe.* 
says that the autumn launch of 
the new range of Sassoon hair- 
care products will be bucked by. 
heavy advertising via Rowe 
Downton. The account was pre-; 
viously with Dorlands. 




I 


I iw c£ 

\(Y\ t .r . companies turn to computing 

1 ’ dbraairf „ their data records, far more 

\vv\ ^ s P erific an <l detailed analyses 

' ■ u /J!!. \ become available, which in turn 

^ \ yield invaluable pointers to sales 

\ \ potential. 

i I Comparison of cost between 

\ it contract salesmen and permanent 

\ J \ representatives: in an. earlier 

- \ "V — S \ survey by Sales Force companies 

, 1 V recorded a growing awareness of 

] \ vacant territories and the need 

■ / \\ rully to service them, even dur- 

S 'i/ fi ftjiJ ing vacation periods. As vaca- 

\ \ tion times are extended, and as 

V>V\ \ progressively more salesmen are 

fc\ f\ \ entitled to four weeks* annua! 

/ \ \ holiday, a serious territory ser- 

^s N / \ — - — i vice prohlem has -come to be 

•, ■ ~~~T\ \ recognised. 

(./ I /A In cul wwey, only 27 per eenL 

■\J ■ . of an average salesman's time is 

now spent on calls on inde- 
'. M®ota plan. TpujV dev seu pend^ni retailers. -with a similar 

in London vw ]DM- the .argest amount of time being spent on 

_ independent overseas media calls on wholesalers, bead offices 
brokers in the UK. and key accounts. The remainder 

w ip Jr a of his ,i|ne ** dedicated to 

. . multiple branches. 

■ IfjWfl Given (hat the average sales- 

man now spends only 43.8 weeks 
the worldwide media consultancy # yeaP 00 lerr itory as against 

ck-m-.svvt ini W-5W Oioi 44.5 in 1976, the inclusive cost 


Sales Force. 











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Take groceries, for instance. In 52 out of 83 TGI food categories Southern 
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You can reach that muscle on Southern Television. 


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Company. 

Address— 









Financial Times Thursday May 11 1978 


LOMBARD 


Supervising 
the Banks 


Why the Brick ruling is taking a battering 


BY MARGARET REID 

CONSIDERING the City's nar- 
row ©scape From disaster in the 
1973*74 secondary banking crisis, 
it is strange how little stir was 
caused by the Bank or England’s 
recent paper about the resultant 
"lifeboat" rescue For the Wilson 
Committee. 

The paper contains a few 
touggets of new information and 
is not entirely devoid of self- 
criticism. Moreover, the process 
of self-analysis promises to be 
taken a stage further. For the 
paper says that " the question oF 
the lessons learnt from the 
secondary banking crisis and tbe 
support operations will be dealt 
with in evidential papers to be 
submitted by the Bank ... in 
due course." 

Learning process 

' It is thus appropriate to 
suggest directions in which the 

learning process might be con- 
centrated. 

First, though, it is worth 
noting that the recent paper, 
while justly claiming general 
success for the operation, docs 
not explain why the Bank 
judged it necessary to he 
so protective for so long to 
virtually defunct large secondary 
banks long after the crisis had 
passed. There is also, as yet. no 
tally of tbe likely ultimate cost 
of the whole operation to this 
public body — it will certainly he 
far beyond the £5m. acknow- 
ledged as a realised loss to date. 

What the paper makes clear is 
that the Bank's channelling of 
loans into the rescue — a differ- 
ent matter from the final money 
bill — was greater than has often 
been ihrumht. 

No! only did it contribute 10 
per cent, or the lifeboat loan 
1 ot.il of £l*bn. at its peak 
l£l 20 m.l_. It also put out an 
extra £S3m. in the worst days ar 
the end of 197-1 after (he big 
banks had made their "thus far 
and no further" decision and 
berore the total amount needed 
started falling. Then the Bank 
also itself shouldered another 
burden, as the paper indicates in 
paragraph 37. It paid off the 
“relatively few" outside deposi- 
tors in collapsing banking com- 
panies. itself taking over these 
debts, which one can guess must 
be of little value. The three 
companies concerned are be- 
lieved to have been London and 
County Securities. Triumph 
Investment Trust and Cannon 
Street Acceptances. The Bank 
•also later provided backing 
■running into a number of lens 
of millions of pounds — a good 
dr»nl of which may be unrecover- 
able — for Slater Walker and 
BdwanJ Bates. But not all these 
various sums were outstanding 
at the same time. 


The Bank's paper dwells on 
the complex variety of statuses! 
— authorised, Section 123 and 
Section 127 — which various con- 
cerns in and around the banking 
field had come to have bv 1973. 

The Bank has tightened up its 
supervision of banks in recent 
years and legislation has long 
been awaited to implement the I 
While Paper of August 1976. 
"The Licensing and Supervision 
of Deposit-Taking Institutions.”; 

Under this, lop class concerns 
would be authorised by the Bank 
of England to call themselves 
banks, while other deposit- 
taking bodies could only operate 
under a licence granted by the 
Bank. 

This system will no doubt have 
merits. But It is fair to ask 
whether the decisions to be made 
by the Bank of England as the 
regulatory authority under it 
should not be subject to some 
system of checks and balances, 
given (heir high importance. 
After all, the Bank itself gave 
Edward Bates, which afterwards 
required expensive rescue, 
authorised bank status right at 
the outset of the secondary 
banking crisis. And.' earlier, it 
had allowed Slater Walker to 
retain the authorised status of 
Ralli Brothers (Bankers) which 
it had taken over and given its 
own name. Both were afterwards 
shown to have contained the 
seeds of disaster. 

One point which is not often 
made is bow difficult it is 
for a supervisory agency, how- 
ever eminent, to swim against a 
prevailing tide oT opinion and 
resist being swayed into undue 
euphoria in its decisions at times 
of a buoyant financial climate. 

A cross-check 

Would it pot have been bard 
for the Bank of England to have 
denied authorised status in 1971 
to Slater Walker, when its repu-i 
lation and that of its chairman.) 
Mr. -Mm Slater, were at their! 
zenith? Would not a negative 1 
decision then have looked like; 
the bloody-raindedness or official-! 
doin': Vet afterwards the in- 
vestigating accountants' report 
published by the company itself 
in 1976 pinpointed “ inherent 
weaknesses" in Slater Walker 
bank's policies. 

The Bank of England docs of) 
course carefully take soundings, 
hefore reachine decisions on 
supervisory questions in particu- 
lar cases. But might there nor 
be a case For its being obliged, 
in connection with proposer! 
authorisations formally to con- 
sult with another hody — the new 
Council for the Securities Indus- 
try. in ultimately widened 
shape — as a cross-check that 
would throw up any well-founded 
dissentient view? 


THE ILLINOIS Brick decision 
of the U.S. Supreme Court, 
restricting claims for treble 
damages to direct purchasers 
injured by a violation of U.S. 
anti-trust laws was passed 
□early a year ago on June 9, 
1977. The derision ruled out 
such claims by those injured 
indirectly — for example, because 
i the first purchaser passed on to 
them the price increase result- 
ing from monopolistic practices 
or illicit price agreements. 

The date is of some import- 
ance as several of the numerous 
legislative proposals— designed 
to overturn this Supreme Court 
decision and give the right TO 
sue to those right down the dis- 
tributive chain, as far as the 
final consumer, would provide 
for retroactive effect back to 
June 9, 1977. 

Most of the Bills were intro- 
duced last summer, almost 
immediately after the Supreme 
Court decision, indicating the 
strength of the reaction gener- 
ated not only by the consumers’ 
and lawyers' lobby but also by 
certain State administrations 
which were hoping to recover in 
this way some of the excessive 
costs paid for public works and 
supplies. However, the legis- 
lative efforts of those trying to 
expand the right to sue for anti- 
trust violations made further 
progress this spring when a 


House Subcommittee Staff Draft 
led Representative Sciberling to 
introduce a more modest, and 
therefore more generally 
acceptable Bill (H.R.107S3), 
which deserves the attention of 
all who are doing business in 
the U.S. This could include not 
only businessmen who have an 
agent there but also those who 
happen to sign, a contract con- 
cerning supplies which never 
touch U.S. soil in a New York 
hotel. 

Even when restricted to the 
parties directly involved in a 
commercial transaction— as it is 
now — the possibility of private 
criminal prosecution with the 
prospect of cashing the fine 
created" by Section 4 of the 
Clayton Act has • led to the 
growth of a sizeable litigation 
industry. In some cases, par- 
ticularly when an action is 
brought on behalf of a whole 
class of persons whose business 
or property has been injured by 
a violation of anti-trust laws, 
the only, profit goes to the 
lawyers involved. 

It is therefore understandable 

that the Supreme Court is 
reluctant to increase dramati- 
cally the number of those who, 
or. on whose behalf, such actions 
can be brought. It resisted 
taking into consideration the 
‘‘passing-on’’ of the excessive 


price ten years ago when it was 
used as a defence by the United 
Shoe Machinery Company 
against a treble-damage .suit 
from the Hanover Shoe Com- 
pany. Accused of monopolising 
the industry ana refusing to 
sell machines. United argued 


Shoe ease. It has been asserted 
that the Federal Government 
alone stands to lose $205m. in 
pending suits as a result of the 
fUinots Brick decision. A heated 
public debate followed between 
tbe supporters of this decision 
and those wishing to overrule 


BUSINESS AND THE COURTS 

By A. H. HERMANN, Legal Correspondent 


that Hanover suffered no 
damage as it passed any in- 
creased costs on to its 
customers. The Supreme Court 
did not accept this defence. 

In the more recent Illinois 
Brick case, the shoe, so to speak, 
was on the olber foot. Here the 
Court denied the State of 
IHinois-and 700 local authorities 
the right' to bring a treble- 
damage suit for price-fixing 
against the Illinois Brick Com- 
pany. except when they pur- 
chased the building material 
directly From the company. In 
other words it ruled that ** pass- 
on ” could not be used offen- 
sively, much on the same 
grounds as it ruled: out its 
defensive use in the Hanover 


it by legislation and it has now 
been coolly reviewed by the 
America Enterprise Institute 
(Legislative Analysis No. -22, 
95th Congress). This study 
analyses .the . Bills pending 
before the U.S. legislature and 
also lists some -alternative 
proposals! . 

• One of the most disputed 
problems is the effect of the 
Olinois Brick decision on the 
Hart-Scott-Rodino Anti -trust 
Improvement Act of 1976. Pro- 
ponents of new legislation argue 
that by denying indirect pur- 
chasers the right of suit, the 
decision undercut , the enforce- 
ment of the anti-trust laws by 
attorneys-general of any State 
who were authorised by the 


1976 Act to bring suits in the 
name . of the State to recover 
treble-damages for injuries suf- 
fered by individuals. Opponents 
of the proposed legislation 
argue that this type of “ parens 
patriae *' suit by the States has 
not been attacked but that the 
Supreme Court left the door 
open to further judicial inter- 
pretation later. 

There is, of course, an almost 
general agreement that those 
who can pass on the higher 
price resulting from monopolis- 
tic practices have no urgent 
cause to sue. On the other hand 
the victims of the price 
increase— in particular the final 
consumer— may not be inclined 
to pursue the small claim as an 
individual, and might also find 
such a claim much more diffi- 
cult to prove. The last legisla- 
tive proposal (H.R-1Q783) would 
therefore enable businesses, in- 
dividual consumer, and State 
Attorneys to sue" for damage 
passed on. However, the objec- 
tion that such a piecemeal 
approach to legislation gives no 
thought to the effect which a 
.flood of new suits would have 
on the entire judicial system 
seems to be valid. 

A number of alternative sug- 
gestions have, therefore, been 
launched. The most radical of 
these is to replace the cavil 


penalty— the triple*damages-*y 
a fine imposed in criminal pro- 
ceedings. This would require a 
minor legislative amendment to 
enable the Federal Trade Com- 
mission to impose fine* higher 
than $USIm. for corporations 
and $US 100.000 for individuals. 

Less radical alternatives in- 
clude the limitation of the 
offensive “ pass-on to Govern- 
mental purchases, to suits 
brought by State Attorneys, or 
to fixed percentage markup 
cases. Another proposal would 
allow pass-on based actions only 
jn cases of price-fixing offences. 
Still another proposal tries to 
eliminate complications by 
restricting such suits to cases 
where the product is not 
altered on its way to the 
consumer. 

The debate is clearly far from 
concluded. But whether the 
Illinois Brick decision of the 
Supreme Court is allowed to 
stand or new legislation over- 
turning it is adopted, the con- 
sequences for business will be 
important and will reach beyond 
the frontiers of the U.S. The 

U.S. developments are also 

likely to influence, by their per- 
suasive effect, the development 
of competition law in both the 
EEC and Germany where these 
laws are. like those in the U.S., 
of a penal character. 


Ormonde distance could suit 
Crow better than Hot Grove 


ENTERTAINMENT. GUIDE 


BOTH CROW and Hot Grove, 
from the respective camps of 
Peter Walwyn and Fulke Johnson 
Houghton. are particularly 
strongly fancied for to-day's 
Ormonde Stakes at Chester, and 
the race could well be the high- 
fight of the whole meeting. 

The likely outcome is a victory 
for Crow, the winner of the 1976 
St. Lcger and the runner-up in 
lhat year’s Prix de I’Arc de 
Triomphe. 

This good-looking Exbury colt 
whose best effort in a largely 
disappointing season last year, 
came when he finished fifth of 
*26 runners — little more than 
four lengths behind Alleged— 
has been working in brilliant 
style since joining the Seven 
Barrows string, and it will un- 
doubtedly come as a blow to con- 
nections if he is beaten to-day. 

In tbe belief tbat Ibis search- 
ing 1 mile 5 furlongs trip will 
bring out the best in him. I 

CHESTER 

2.15— High Bird* 

2.45— Crow ““ 

3.45— Royal Pinnacle*** 


take Crow a progressive sort 
to outpace tbe four lengths 
West bury Slakes winner. Hot 
Grove. 

Tbe remaining five runners 
seem out of iL although it would 
not be a surprise to see Old 


RACING 

BY DOMINIC WIGAN 


Bill, a disappointment at New- 
bury last time out running con- 
siderably better than his John 
Porter Stakes form might 
suggest. 

Barry Hills, so often the most 
successful trainer on this historic 
and unique track, could provide 
the answer to (be Dee Stakes. 
He saddles the High Top roan 
Royal Pinnacle, who came so 
close to pipping the subsequent 
2.000 Guineas winner. Roland 
Gardens, in Ladbrokes Blue 
Riband trial at Epsom last time 
out 

Incidentally. Hills will run his 


1.000 Guineas winner Enstone 
Spark, next in tbe Coronation 
Stakes at Royal Ascot before 
challenging for the Nassau 
Stakes at Goodwood. 

Yesterday. Chester un- 
doubtedly belonged to Sea 
Pigeon. The eight-year-old be- 
came tbe first borse of his age 
to land the meeting's centrepiece, 
tbe Chester Cup, and he did in 
style. 

Behind as usual until the final 
stages or proceedings, the Peter 
Easterby-trained gelding came 
with a wet sail to overhaul 
Assured in tbe final half furlong. 
At tbe line be was going away 
from bis field under the steadier 
of 9 st 7 lb. 


Planning lobby 

MEMBERS of tbe Northern Eco- 
nomic Planning Committee, led 
by the chairman. Sir Maurice 
Sutherland, will meet Northern 
MPs of all parties at tbe Com- 
mons on Tuesday to discuss 
regional topics. ] 


CC— These tt*e»tr«* ecceot certain credit THEATRES 

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always available da* ol SS mSSt! 

COVENT CARDEN. CC. 2*0 1066. — - MAJES TY* CC 01-930 6606. 

69031 h “■ 3Q0 - 

BEL* 30°“ ln A “ T ^N Y R NEWLE y*S° 

Wed. next* 7.30 RifloIUto. . Sat-. 7-00 travelling music snOW 

Otello. 6S Amphi seats lor all Deris. TRAVELLING MUSIC smu™ 

a. a dable from 10 am . on Directs by BURT SHE VEcOVE 

SADLER’S WELLS THEATRE. Rosebery “ It is packed to bursting point with the 
A*eT BCl. 837 1872. Last oerfs. personality and sheer energy <» Iwt 

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Eygs. 7.30 Sats. Mats. 2.30. Tont c heered." S unday Tele g raph. 

concerto' BaracLO. R alb o -n o n -The Bream rTjV.,... road THEATRE. 352 74 SC 
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THEATRES THEATRES 


Mats- yyea.4;, — - at-B-00. Mats. Thurs.. vat. 3 00. 

' WENDT MfLLER REARDON a .rtJO AN OIENER m 

OEI UK DORIS FRANCES .. SMASH H IT. THIS MUSICAL HAS 

GODFREY HARE CURA a EVERYTHING ” S NJIrror. 

WATERS OF THE MOON CRED IT C ARO BOOKING _B3 6 6S97._ 

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. Evenings 3.00. Mats. Wed * Sat. 3.00. STRAMO oi-bts 2660. Evenfnus B.OO. 


KATHAKALI Dancers Irom Kerala. India. 

THEATRES 

AD EL PHI THEATRE. CC 01-836 7611. 
Evgs. 7.30. Mats. Thurs. 3.0 Sai. 4.0. 

THE BEST MUSICAL 
of 1976. 1977 «no 19781 

” LONDON- BEST NIGHT OUT." 

Sunday People. „ 

ALREADY SEEN BY OVER I ■ ONE 
MILLION HAPPY THEATREGOERS. 


afeii ? w cA W , sr , ai .» .ai A Bwiff. & 

ALBERY. 836 3878. Party Rates Credit 'cauVT BLAKELY^ 

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bv EDUARDO FILIPPO 



7 as p m. Thurs and Sat. 4 30 end 8. CO. 
■A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MIJJJCA!.." Fin Times. 
.Rh ROY HOOD -ard F JOAN ¥ TURNE b R 


"CONSIDER YOURSI 
ABLE TO SEE IT AG. 


t Indicates programmes in 
black and white 

BBC l 

6.40-7.55 a.m. Open Unlvcrsitv. 
9.41 For Schools, Colleges. 12.35 
p.m. i.»n The Move. 12.45 News. 

1.00 Pebble Mill. 1-45 Chigley. 

2.00 You find Me. 2.36 For 
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for England (except London). 3.55 
Plnv School. 4J!0 The Mole and 
n Carnival. 4 25 Heads and Tails. 
4.40 Laff-a-Lyni)>ic.s. 5.00 John 


Craven's Ncwsround. 5.05 Blue 
Peter. 5.35 Magic Roundabout. 

5.40 News 

5.55 Nationwide (London and 
South-East only) 

6.20 Nationwide 

6.55 To-morrow s World 

7.20 Top of the Pops 

8.05 Wildlife on One 

8.30 Happy Ever After 

9.00 News 

9.25 Lvric-s and Music by Irving 
Berlin ifiOih birthday cele- 
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10.15 The Prince of Wales pre- 
sents Face Values 


F.T. CROSSWORD PUZZLE No. 3.664 


115 BHfl 16 I 1 17 


i23 


124 tan 2 5 26 


ACROSS 

Frill I on (Jiickuey’s stairs 

1 8.3.5 1 

Evcr> bmly round 3 tnwn in 

Sent land « E> 1 

Finished tcM sunnier than 
average ifli 

l>as|i nver wilh an airy 
bjlute (3.4 i 

friuii’ squad bu 1 - time and 

d;.-taiice (71 

Sigh i a- to a nut her kind of 
Jimt (5) 

Everybody puts embargo on 
rugby players (3.6 1 
Dries one Soils loch have to 
have stale quality? * 9 1 
Tropical f ■ nil for dad to 
handle (5i 

Failure in keep appointment 
will bear examination (5. 2) 
Fail lo see one will m 3 to go 
tu embassy 1 7 1 
Fu» over share of worship 
f 9 1 

Fashionable dog lo suffer (5) 
Everybody fit. well behaved 
and suitable (3.4.3.41 
DOWN 

Wonderful time when dales 
were plentiful /5.4) 
Everybody goes up m mother 
to see (he animal (5) 

Cut hand signal 10 radio 
hand (5.4 1 

I* >nulh (coder obliged 10 be 
piivcrty-Ntriken? in) 

Itevire wired for getting to 
£■ m* with documentary sec- 
urity (5. 4) 


7 Perfume which upset artist 
is nothing to mother 1 5 1 

8 Ship outside frequently be- 
comes conciliatory (7i 

S Boss making a mistake? ( 6 ) 

15 Just placed lo scold inferior 

1 5.4 1 

17 Endure chap elected No. 11 
at Lords (4.3.2) 

18 Mu-ic enabling holiday island 
nickel club to get over one 
round f 9 1 

19 Master takes Mark a bit of 
makeup i7) 

21 Achieve score ai Tvm-kcnham 
without cheer (fit 

23 A charge to sde coral island 

( 5 1 

24 Twisted hip a studenf puts 
in medicine hurtle (5t 

26 Cast has broken member's 
support to) 

Solution 10 Pu/zle No. 3.663) 


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□HBETBBQB EDEED- 
E • E ? . -0. H--0 
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EgnraasH HaananE 

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11.05 To-nisht in Israel 

ri.45 Kegronai News' Weather 
“ AD Regions as BBC-1 except at 
the following times: — 

Wales— 1.43-2.00 p.m. Mr. Bcnn. 
4.40 Crystal Tlpps and Alistair. 
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9 25-10.15 Down Under— Here We 
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for Wales. 

Scotland — S.55 p.m. Reporting 
Scotland. 6.15 Conference Report 
(Scottish Conservative Party 
proceedings). 6.25 Join-BBC-l 
London for Nationwide. 8J04.00 
Current Account. 11.46 News ant! 
Wea*her for Scotland. 11.48-12.13 
a.m. Bonn Comhraidh. 

Northern Ireland — 3.53*3.55 p.m. 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 11-45 News 
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England — 5-53-6.20 p.m. Ixiok 
!E»sj (Norwich): Look - North 
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Midlands To-day ( Birmingham 1 ; 
Points West (Bristol); South To- 
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South West (Plymouth). 

BBC 2 

j 6.40-7.55 a.m. Open University 
11.00 Play School 

2.00 pjn. Racing from Chester 
4-55 Open University 

7.00 News on 2 Headlines 

7.05 The Engineers 

7.30 Newsday 

8.10 Living in the Past 
9.IK) Gardener’s World 
9.25 Israel — A Promised Land 
*10.15 Midweek Cinema: 'Top 
Hat ' starring Fred Astaire 
and Ginger Rogers 

11.30 Late Nows on 2 

12 . 00 - 12.10 a.m. Closedown 
1 Reading) 

LONDON 

9JW a.ni. Schools Programmes. 
I2.no Gammon and Spinach. 12.10 
p.m. Da>sy. Daisy. 12.30 The Child 
Wants a Home. 1.00 News plus 
FT index 1.20 Help! 1.30 Crown 
Court. 2.00 After Noon. 2.25 The 
Cnwz. 3—0 Quick on the Draw. 


RADIO l 247m 

(S> SurwhMlc broadcast 
5-03 a.m. \< Radio 2, 7.82 Dave Lee 

Travis. 9X0 Simuit Bst»s. 11.31 I'd il 
nun.' 1 : in.,:i|.jin^ i: Vi pm Xvwlvv. 
2.00 Tout Sink burn Ol Kid J .■nv.'ii 

..." ,v-t*-si>*ai. 7 JO Ctniurry 

"Uib 'S' 'Iuitk Karim ?■ 10 J 12 : .mn 

Pi-.-r 'S'. 12.HL2.02 a.m. ,t» Radio : 

VHF Rati lot l and 2—5.00 a.m. Hun 
Kj-IIl' 2. ini'iudins ! U p m Good l.isi 
:ik. 10.00 With Radio l 12.00-2J12 a.m. 
•V-rh Radio J. 

RADIO 2 1.500m and VHF 

$.80 a.m. News Summary. SM Rjv 
vt-uir-- -S' «»tlh Th; Early Show, im I'i,l- 
rn* o.l3 Pjuti- (or Though!. 7J2 T-'rf 
1 '.'WJn including 8.27 Racing Bnl'-n 

jnii S.43 Pant-? for Thought. 10J12 Jini irv 
Yunus 'S'. 1245 p.m. Waggoner* WyW- 
1233 Pole Murray's Open Hoit.-.- iS> ir,. 

'udinc MS Sports Desk 2J0 D.isirt 
llamiknn -S' including R.ictu;; inn 
Chc"ir. 4.33 tVa^guiaTy' Walk, fi.as 
Sports Oo*l 4^0 John Dunn «S> lnclu.1- 
■nn \ r. Sports Dcilk, L.45 Sports O.'.ik 
C;«b 'SI. 9.02 FoUnrrave 
'.t' Sp ?T' M-B2 Funny You 

shouM .Lst-. 10J0 Si*r Sound Esira. 11.02 
Tenure WCT Singles hnnh a ro<ri' 
U.o Brian Manh- w introduce.. Round 
] M.'JntchT. in :!ud'ng liM ?.V Wa , in d T :n.t 
ijurrhi.T n-aon.. ’00-2.02 p.m. K.ut 
s:i=:i::ar>. 

RADIO 3 464m. Stereo & VHF 

.'Medium Wave only 
IbJ5 a.m. Weather. 7.08 News. 1.05 
Hi '.-n arc 'Si 8.00 Seui 8^5 Morning 
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l.'JlTOOSv,- PuncJl iS '. 9 JO A I -ale 

Sommer Ftilival. pan I ISI. MAO 
•Vords . 'talk i. 1S.« Festival, pan 

.■ iS' 11J0 .inhn Dow! and *onp reri-a( 
■S'. UM tJtt. Bru=kner. Symphony No. 


3 30 The Sullivans 4.2ft Little 
House on the Prairie. 5.15 Mr. 
and Mrs. 

5-45 News 

6.00 Thames at 6 

6.35 Crossroads 

7.00 The Six Million Dollar Man 

8.00 Get Some In! 

8.30 Armchair Thriller 

9.00 What's on Next? 

9 JO This Week 

tft.ftO News 

I0J0 Anniversary ’Concert 

IL30 Drive- fn 

12.00 What the Papers Say 

12.15 a.m. Close: Jo Maxwell 
Muller reads poetry by 
Laurie Lee 

All IBA Regions as London 
except at the following times:— 

ANGLIA 

1-25 p.m. Anglia News 2J8 Won-n 
Only. 4 JO Rocker Robin Hood. 4.4S The 
Advoniurcs of Black Ccauiy. 5.15 Emiti.T 
dale Farm. 6-00 About Anjlia. 6J8 
Arena. 7.00 Enirrprlw. 7 JO The Six 
Million Dollar Man. 11J9 Tbe Sir»eis 
of Sao Francisco 12J8 am. Tbe Living 

Wort. 

A TV 

1.28 p.m. ATV \ew%dcsk. 4.20 Ta-zjn. 
5J5 Happy Dav<r. 6.00 ATV Today. 7.09 
KaravrrdaV Kami. 7JI Challenge or ihe 
SOYcs. UJO The Royal Windsor Ho.->« 
Shoiv. 

BORDER 

fl.20 p.m. Burd>T NVks. 5.15 Lajile. 
6.00 LuokarDuod Thursday 7JXI Emmer- 
dale Farm 7. 0 The Elornc Woman. 1UB 
Man and Woman. +12.00 Border New* 
Summair. 

CHANNEL 

1.18 p.m. Channel Lunchtime Xch-s nnd 
Whai’s no wiK-re. 6.00 Channel Wyi 
6.18 Elephani Boy 10J8 Channel '.-i'e 
Nows LUO TV Mat It: “The Woman 
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in French. 

GRAMPIAN 

9JJ a.m. FIM Thing. 1.20 p.m. 
Grampian News Headlines. 6.00 (Jramnian 
T.iday 7.00 The Sis Million Dollar Man. 
1AJB Music in Camera. 11.08 Reflecuons 
LLOS str-.vis of San Francisco. 12.00 
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Headlines. 

GRANADA 

UO s.m. This Is Your Rush l. S 10 
Whai s New. 5.15 Crossroads. 6 JO 
Granada Xenon*: 6J8 Enunnrlale 

l ami. 7.00 Cci Some In! 7Jo Danner 


in Paradise, iijo what'i On. lioo 
What The Papers Say. 

HTV 

1.20 p.m. Report West Headlines. 1.25 
Report Wales It-adlincs. ZOO tV’om-n 
Only. 3 JO Beryl's Lou 4.20 Return in 
ihc PTanei of ihe Apes. 445 Breattime. 
5 J8 Crussroads. LOO Rcpon West. 6J5 
R-oort Wales. 6J0 Get Some In. 7 JO 
Mr and Mrs 7J0 Danger in Paradise 
11.30 Dan August. 

HTV Cymru.'WaJes — As HTV General 
Service except: 1J6-1-3 p.m. Penaw.lau 
Neu yddion y Dytja 4J0 Mtrl Mavr 
4J54.45 WsJJbeihna. 6J0-6J5 V Dytd. 
6J0-7J0 Sports Arena. 

HTV West— As HTV General Service 
except: UO-UO p.m. Report West Dead- 
lines. 6J5-6J0 Soon West 

SCOTTISH 

1J5 p.m. News and mad report. 2.00 
Women Only. 5-15 Teatitue Tales. 5J8 
Crosaroads. 6.00 Scotland Today. 6.36 
Gamo-^k Way. 7 JO Emmerdale Farm. 
7 JO TbingummyliK. JJLJ8 Man aid 
woman. UJO Laie CalL 12 J5 ajn. Star 
Maidens. 

SOUTHERN 

L20 p.m. Suuibern News. 2.00 Wown 
Onlr 2J5 Sowfhspon Presents CWW , 
Kem v Hampshire. 4J0 Dynomurt the 
Dun Wonder. 4.45 Tbe Lost Islands 
5JS Belly Boop. 5J0 Crossroads. 6.60 
Day by Day. 6JQ University Challenge 
7J)0 EmmerdaJe Farm. 7,10 H.vv.tli 
Five-*?. UJO Southern News Extra I 
11.40 What ihe Popers Say. 

TYNE TEES 

9JS a.m. The Good word followed hy 
Norrh Ea« News Headlines UO u-m. ; 
North East News and Lookaround. 2JKT 
Wom-n Only. 6JT0 Northern Life. 7.00 
Emmerdale harm. 7J0 The Rio.nc 
Woman. UJO Man and Woman. UJO 
Epllonue. 

ULSTER 

LZO p.m. Lunchiime. 4.18 Lister New 
Headline.-. 4.20 Clue Club 4^5 Ll-.-l- 
Hotise on the Prairie. 6.00 G later 1-lr. 
rision News. 6.05 Crossroads. 6JC 
R-poria. 7.00 Emmerdak- Farm. 7.3C 
The Sis Million Dollar Man. 11.33 Litiu 
and Growl ns. 11J5 Old House N<*w I 
Home. UJO i-m. Bedtime 

WESTWARD 

12.27 p.m. Gus Honeybnn's Birthdiys 
1J0 Westward Mews Headlines. 6.00 
westward Diary. 10.28 We«M.ard I -si* 
New*. UJO McMillan and Wife. 12J0 
a.m. Faith for Life. 

YORKSHIRE 

1J0 p.m. Calendar News. 6.00 Calendar 
'Em ley XToor and Belmont editions ■ 
7.00 Emmerdale Farm. 7.30 Emcrgon. y 
I6J8 Club Mirror Acts of the Year. 
U.30 Man and Woman. 


ALDWYCK. 8X6 6404. In*a. 856 5532 
ROY AL SMAKESPCAM COMPANY In 
rwrroire. Tor.gb: 7.30 HENRY VI 
Part 2 ' The belt Stukewwe oroOue- 
tion | have e*cr seen. F. Times With 
HENRY VI Part 3 fFri.). ctKnpie»e trUogr 


BRUCE FORSYTH Mac . n, ur , 3.00 Sat. S 30 and 8.30. 

In LESLIE BRICUSSE and NO SEX PLEASE— 

ANTHONY NEWLEY'S WE'RE BRITISH _ 

TRAVELLING MUSIC SHOW THE WORLD S GREATEST 

iwidi Dcrelc Griffons LAUGHTER MAKER 

" It .?'£"& **£ burstlng^potnii with the ' STRATFORD-UPON-AVON Roval Shake- 
pcrional.tr and *H«r energy m Bruce J mare Theatre f07B9 2271 1 >. J'tJoia 

Forsvth." Sun. Express "The audience, IHMMglgdv ) JSitgW VI 

I TmS.'l? a 2A%«JL e ju5“ THB 

ilNG'S ROAD THEATRE. ^ 5 ,?, 7 ^5S I TEMPEST Mar 23. 24. 25 tmat 1. 

Mon - -is , n i5 i?Y 0 ' hobrIr ■ uiovif B ’ 3 °‘ i RetQr0ed hooki n g Info (07 B9 69i91 ). 

NCWV E |N R< fTS C ^th ROCKING YEAR ST. MARTIN'S. CC. 836 1445 E«9S- BOO. 
THE GREAT R O CK W BOLL MUSICAL Mat. Tu«l 2.45. Wl S and 8 

ONOON PALLADIUM. CC. 01-437 73« *THE ^MOUSETRAP 

&s& T ^"v«? j uy: worlds araS® 1 " bun 

S “wtd»! ,0 a"d T Sal»V « n 6 r i'o"4 s.'so*. TALK OF THE TOWN. CC. 734 5051. 

THE TWO RONNIES B.OO Dining. Dancing 9 SO Super R c «ue 

in a spectacular RA22EE OAZ2LE 

COMEDY STAGE REVUE and at 11 nm. 

ALL SEATS BOOKABLE NOW FR ANKIE STEVENS 

Special ■ ooiclng ^iotl'l ne 4 *37 205 S S° THEATRE UPSTAIRS. 73^2354. Until Fn 

YRIC THEATRE. CC. 01-437 3686 Eve SHARED EXPERIENCE 

B. Mai. Thurs. 3 0 SaL 5.0 and B.30. In OiCktns's BLEAK HOUSE 

JOAN PLOWRIGHT rm 4 parti in Repertoire) 

COLIN BLAKELY Sat. & Sun. 4 o m a. B o m. all 4 parts 

and PATRICIA HAYES In in 2 flan 16. 

bv EDUAROO NA LIPPO VAUDEVILLE. 836 99B8 CC Evs at 8.00. 

■ Directed by FRANCO ZEFFERELLI Mat Tues.. 2.^0. Sat. S; and a. 

"TOTAL TRIUMPH. ' l 0 Mirror. Dinah SHERIDAN. Dulne GRAY 

MAY IT FILL THE LYRIC FOR A Eleanor SUMM|RFIELD. James f g R0UT 
_J^DREDJfE^-J_Sunda_v JTunes^ A MURDIER^S ANNOUNCED 

IAY FAIR. CC. 629 3036 b, AGATHA CHRISTIE 

Mon to Fn. 8.0 Sit. S.30 ? nd 8.4 S. •• Re-enter Agatha with another who- 

GORDON CHATER " Brilliant E.N. In dunnit hit. Agalti.i Chr.«nc is siaUrlnn Ihe 

THE ELOCUTION OF West End vet an Jin w,«h another 01 her 

BENJAMIN FRANKLIN Rend 'Shiv ingenious murder mvneries*’ 

ov Steve J. Spears Fella. Barker. Evening News- 


NOW IN ITS Sth ROCKING YEAR 
THE GREAT ROCK W ROLL MUSICAL 
LONDON PALLADIUM. CC. 01-437 7373 
Opening Thursday. Mav 25 at 7 »or the 
Summer Season 'to August 19 onlv*. 
Subs. Mon.. Tuea.. Tnurs. and Frl. at S 
Weds and Sals, at 6.10 a»d 8. SO. 

THE TWO RONNIES 
■n a spectacular 
COMEDY STAGE REVUE 
ALL SEATS BOOKABLE NOW 
£4.50 £3.75. £3-00. C7.S0 £1 50 
Special Booking Hotline 437 2055. 


Directed by FRANCO ZEFFERELLI 
. "TOTAL TRIUMPH. ' l O Mleror. 
MAY IT FILL THE LYRIC FOR A 
-HUNDRED YEARS” Sunday Times. 


ELF LUCKY JO BE . MAY FAIR. CC. „ _ 629 3036 

AIN." Daily Mirror . Mon to Fn. B.O Sit. 5.30 -nd 8-4S. 

I GORDON CHATER " Brilliant “ E.N. in 

4. ln*o. 836 5332 THE ELOCUTION OF 

IRE COMPANY In I BENJAMIN FRANKLIN 

7.30 HENRY VI I by Steve J. Spears 

Shakespeare oroduc- 1 "A comnsssiP"»»e. funny, n-wcei- efoouent i 


day Sal. RSC also at THE WAREHOUSE [ M rRM A ID. ZCB 7RS6 R— taurani 248 

•see under Wl and at tjje foecadJIlv . 28JS TQM CONTI. JPNE ASHER In 
Theatre in Peter Nichols PRIVATES ON WHO'E life is it anyway 7 

PARADE. 


play." Gdn. "Hlllanous " E.Std. -W.Ckedlv I VICTORIA PALACE 

amusing" S. Navs. - Spellbinding-' Ohs. Book Now. E28 47J5-B 834 1317. 


STRATFORO JOHNS 
SHEILA HANCOCK 


ALMOST FREE. 485 6274. ” Distant 

Encounters " bv Brian W. Aldlss Tues- 
SatS. 1.15 p.m_ Suns. 3.00 and 5.00 om. 
No sh o w Mondays 

AMBASSADORS. All 836 , IL 71 ' 

Nightly at 8.00. Mats. Weds 2.45 
Sats 5:00 and 8.00- 
PATRICK CARGILL anft TONY ANKOLT 
m SLEUTH 

The Wodd-tamau* Thriller 
bv ANTHONY SHAFFER 
” Seeing the plav again *n tact an 

utter and total loy. Punch. 

APOLLO. 01-437 2663. Evenings 8 00 

Mats. Thurs. 3.00 Sat. 5 00 ana 8.00. 
DONALD S1NDEN 
Actor of the Year E. Std. 

” IS SUPERB." N.o W 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
” WICK EDLY FUNNY.” Times. I 

ARTS THEATRE. 0T-S36 2132 j 

TOM STOPPARD S 
DIRTY LINEN 

" Hilarious - see it.” Sundav Times. 


ZB35 TOM CONTI. JPNE amtH m ANNIE 

The Mm Wed. 4 hd, 5^2.4,. 

Evgs 8.15. Matfoees Fri. ana Sac 5 75. WAREHOUSE. Donmar Theatre. Covert 
From M.iv 17 Wed.-SaL 8 JO Mats. . Garden. 836 6808. Royal Shakespeare 
.. cr n S J1 'aS j-t emvn 1 Company Ton'1 3 00 John Ford's 'T1S 

fth* c ¥ «P W AM S «5I~ i ,,TV SHE ^ A WHOSE Isold out) Ad* 

Suns. 7.30. AH soan soW Won. and | hkq«. Aldi^vch 

Tu«. B.15 fA lew seats still available 1 - . ■ lyY{Ln ' 


Tues. 8.15 fA lew seats still availab le 1 — ■ ■ - ■ 

NATIONAL THEATRE. 928 22SZ WESTM,NS IpS; 


WESTMINSTER. -01-334.0283. 

Sr UVI S, n ' M 7 0 ^ t W: 2 cherry 5* Mmcoim E M^“j. * Ala^ Tban.1,111. 
sr. mat.) & 7.30 THE CHEHkt Prevs Fm-nlno* 7IS Mars WM 3 0 
ORCHARD bv Chekhov trans by Michael Satf 4 30 Ohm May 17 S '°' 

Fravn. Tomor. 7.30 The Country Wife. >at. . a.ju. upen» _ wav _i / . 

LYTTELTON (proscenium stage': Ton'1 A WHITEHALL, 01-930 5692-7765. 

Tomor. 7.45 BEDROOM FARCE bv Alan Evas. 8.30 Frl. and Sit. 6 4S and 9 00. 

. _ ■■ _ . Peul Raymond oresems 'he Sensational 

COTTEELOE (small auditorium): Tomor. A Sex Revue of the Century 

Sal B LOST WORLDS bv WHSOP John ^ DEEP THROAT 

Haire. ' Due to overwhelming public demand 

Many excellent cheap seats a' I 3 theatres I Season eatended 

dav of oerf. Car oar* Restaurant R28 ; 

2053. Credit card b*gs 929 7052. WINDMILL THEATRE. CC. 01-437 6312. 

' Tw.re Nlohtlv S 00 and 10 00 

OLD VIC. 928 7616.1 Onen 5undavs 6 00 and 8 00 

PROSPECT AT THE OLO VIC ! PAUL RAYMOND drtsents 

New season to Mav ?0ih. I Rip o*F 


(HITCH ALL. 01-930 6692-7765. 

Evgs. 8.30 Frl. ana Sit. 6 45 and 9 00. 
Paul Raymond oresems 'he Sensational 
Sex Revue at the Century 
DEEP THROAT 

Due to overwhelming public demand 
Season extended 


E'leen AlVInS as SAINT IOAN 
"A stunnlno production. ” Sun. Telegraph. , 
Todav 7.30. 

TWELFTH NIGHT 


Monday to "Thursday 8.30 Friday and I •' An outstanding revival.” The Times. 
Saturday at 7.0 and 9-15 I Fri. 7 30. 5»l 2.30 and 7 30. 


Sundav at The Old Vi< Mav 14. 
ASTORIA THEATRE. Charing X Rd. cwun Timothv West. Prun«Ma Scales in 
folly IlfensSd Rwtaurantl.^OI- 734 4291 SMrTH OF SMITHS 

Nearest tube Tottenham Cl Rd Mon ■ International Season 

Thurs B.OO P.m Fr.. and Sat. 6.00 Lila Kedrova Jean Mxrnis In 

and B 45 Instant credit card- booking LES PARENTS TERRIBLES 

ELVIS May <<-2i • 

'• Infectious, aooealing foot- Stomping and i „ __ JHE TURKISH CLOGS 

heart- thumping.” Observer. Mav »9- Jure 3 

ELVIS ! La Barca Resrauratt ooposite The Old 

cear orirex £1.50 -£5 S0. Dinner-Too • v'C ooen before or after the shew, 

price seal £8.50. Half hour bet ore show . 
any available toP-orice tickers U50 , 

Mon -Thurs. and Fn. 6.00 n.m. pert j 

OI,IW BIST MUSICAL OF THE 'EAR ( 

EVENING STANDARD AWARD 

— — ; — 'PHOENIX. 01-536 ?294. Evenlnos 8 16 

CAMBRIDGE. 836 6054 Mon. to Than i Fr.dav erfl Saturday 6 O and S.40. 

8.00. Frl Sat 5 45 and 8.30. ■■ TIM BRDOKE -TAYLOR. GRAEME 




Open Sundavs 6 00 and 8 00 
PAUL RAYMOND dm e«S 
RIP O c F 

.HE EROTIC EXP*R!FNCE OF THE 
-MODERN- FRA 

Takes to unerecedehred limits what H 
permissible' on our vage." Evg. News. 
You nur drink and smoke In the 
■ Aud it orium 

WINDHAMS. Ot-836 3028. Credit Card 
BSgs. 83S 1071-2 from 9 a.m to 2 am. 
Mon. -Thurs 8 F" and Sat 5.15. 8.30. 
” ENORMOUSLY RICH 
very FUNNY.” Evening News 
Mary O'Mallev's smash-bit Comedy 
„ r ONCE A CATHOLIC 
Supreme rn-redv on ie« and religion." 
Dally Telegraph. 

MAKE4 YOU SHAKE WITH 
LA UGHTER- Guardian. 

FOUNB VIC inear Old Viet. 928 6363- 
Ton loht 7S5 Royal ShaKesofMre Djmiwnr 
W^CBETW Hold otir. Only returns on 
eoori. 


CINEMAS 


IPI TOMBI 

Cxot-ng Black African Musical 
"The girts ar- beautiful bare and 
bounc'ng." S. Mirror. 

THIRD GREAT YEAR 
Dinner and too- once seat £8.75 'ncl. 

hi Chester! . 0243.81312 


CARDfN m^V ex la-tfoi.” _0_Mall in ABC 1 * 2. SHAFTESBURY AVE. 838 


THE UNVARNISHED. TRUTH 

The H'i Cnmcdv bv • RflYCE RYTON 
"LAUGH WHY. I THOUGHT I WOW D 
HAVE DIED.” Sun. Times -SHEER 
DELIGHT." E. Stand. "GLORIOUS 
CONTINUOUS LAUGHTER.” Times. 


T3 at 2.00 & 7.00 PfCCADILLT. 437 4S06 Credit card bltOS. , rAMDEN. PLAZA foop Camden Town 
2 at 7.00. • 836 1071-3 frnm 9 a.m -6 Pjn. EWL B. i TubM. 485 244 3 - Melvllln't rtacch- 

NO IMPORTANCE j 5*1. 4-4 5 4 8.15 Wed. mat. 3. Siitance thrllle? Melyine s classic Re- 

I Roval Shak-sosare Company n THE ARMY IN THE SHADOWSixxi 

01-930 2578. AN OUTRAGPOUS ADULT COMEDY 3 10 S 45. L2B. M ” MMn IT. 


CHICHESTER. . 0243 813*2 

Today and May '3 »1 2-00 & 7.00 
Mav l 2 at 7.00. 

A WOMAN OF NO IMPORTANCE 

COMEDY. 01-930 2578. 

Evening 8.00. Thurs. 3.00 Sal. S 30 B SO 
MOIRA LISTER TONY BRITTON 
Margaret COURTENAY Dermot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
” Blackmail armed robbery double bfod 
and murder.” Time* " A nood deal o f 
fun." Ewi*ng New». 


Afc ***** Skit" 

5in ,H 2 E oo C °| , ?0 VE a 10 * " L ' A '- ^ 

! : Qn 5W ^ E ,n EY - ?n ie ! M Wk - an « Sun. 

Ia?.° 11^15°' ° ,D ' LJ,C lhow Fn ' •"« 


Rovat 5hak-so«jrE Company R 
AN OUTRAGEOUS ADULT COMEDY 
by Peter Nichols 
PRIVATES ON PARADI 
“ B rrijr'i irlumnh.” S Evoress 
BEST COMEDY OF THE YEAB 
Ev. Stfl. Award and S W.E T Award. 
RSC also at the A'diwrh and Warehouse 

Theatres. 

PRINCE EDWAPO. CC. I former* Casino) 
437 6B77. Previews 1mm June 12. 
Ooen June 21 EYTTA 


"0." (Si. LOO (Sews 1.05 Gasoir 
Cassado cdta and oiano redial is*. 2J0 
Non'h Urrtu-stras of ihe world --Judnh.” 
uraio nn li»- Arm . ■ Aw I iSi 2J0 TVfc 
h> Hncur Kisko 3.00 •■Judiih.” .\r-i ?. 
3.55 In .shon ualki s.os Ymih 
Ilri hveiras. "Jiirinh” Art 3 1S1 4J5 Th- 

Panl Socfier r^immissluus 'S*. tj.dS 
Hom.'vraril Bnund tk.85 TN>h-<. n.io 
Humuv ar( ] Bjund >rontinocdi 
lines: The Wider World. 7.JD p rn .\ r i- 
Siting Guan-.-i. 8.00 Live frum ihe R-ir*l 
K'-Mit'al Hail, purl I: Mono iS- 8J3 
Antimonv hr Sciucu <S. 150 n 4l . 

trnni m.- Rural K v «tval (Jail. p ar r ;• 
MjIiIit 1S1 10.00 Drama .Now 1S1. 1105 

JJtUan Piano Ducts. 11.1S Sews. U.lO- 
11.45 Tonnthr'* Schubert Sons 

eac^S 3 VtiF **-**» b-™- ond 
5.4S-7J0 p.m. fJifcu UnivL-rair. 

RADIO 4 

434m. 530m. 285m and NUF 
S.lS e.m. ^ew3 lull Kanmng Today. 
635 Up ro 111.- Hour. 7.00 AVics. 7.10 
Today. 7J5 Up lo ihe Hour 'contlnu.-d ■. 

TfcvA 8.1D Today. 8JS VeatcnJay 
m Parliamcm 4.08 Nest*. 9.05 They? 
Vou Have Loved 10.08 News. 10.05 
Prom our own Correspondent. 10J0 Daily 
Service. 10.45 Momliw S'ory. U-OO 
News. 1U5 Down Your Way. 114$ 
Closed World of Love. 12.00 News. 
12-02 p.m. You and Your* 12-77 Just i 
Minute i S i . 1225 Weather: programme 

news. UO The work! at fine uo The 
An-hers US Woman’s Hour including 
1 00-Z.02 Votes. • 2.45 Listen inrh Mn*!n-r. 

3.00 News. 110 Questions to ihe Prime 
Minister "live" from the House nf 
Commons US Wildlife. 4.00 News. 4.05 
Jock dr Man io Preasrly. 4JS Story Tim.' 

5.00 PM Reports. 5.40 Serendipity. S.SS 
Weather: programme new*. $.so New*. 
•jo nram of Britain »r* 7.oo .xr- v ? 
7.05 The Archer*. 7J0 Checkpoint. T.45 


Tn Irving from Arthur; Both birthday 
vjluie to Irv-ma Berlin from .Arthur 
“ Si - John EMod Wllb I hr 

BEC Sound Archives. a.«5 Analysis y.30 
Kaleido^nDc. 9J9 Wcath-. r. X03H Th ■ 
ttiirid Tdnutht. 10 JO Any Aaswen; 1L00 
11J5 The Financial 
World Tonight. luO Today In Parila- 
men! 12.00 \?k-s. 

BBC Radio London 

206m and VHF 
5.B0 a.m. As Radio !. 6 JO Rush Hour 
4.00 London Lire. 12.03 p.m. Call to. 
including i.oo London News Desk. 1X3 
206 Showcase. 4.03 Home Run. tial 
Lunk. Stop. Listen 7 JO Black Londoners 
3JD Soul 76. 10.Q] l ate yigbr London. 
12X3 As Radio 2. 12.05 a.m. Question 

Time from the Rouse o( Com.-nanr 
UH— Close: As Radio 2. 

London Broadcasting 

26lm and S7.3 VHF 
5.00 B.m, Morning Music, i.00 AM: 
non stop news, information, travel, span 
and reviews. 10.00 Brian Hayes *aww 
LOO- p.rt. LBC Reports 3X0 Ceurac 
Cate's 3 O'cloeV Call. 4X9 LBC Reo-ins- 
conilnues 8X0 After Eight urfrh i.rt 
Cllcfarlsi. 4X0 Nigh (line. 1X0-5.00 a.m 
Mahi Extra. 

Capital Radio 

194m and-93.8 VHF 
5.00 a.m. Graham Dene's Hrcakfast 
Show *S*. 9.00 Michael Asuel t5> 12.«a 

Dave Cash iSi. jJo P.m. Ro^er 
• S». 7.00 Lord Quo rgu- Brown's Cap-:j| 

Comrarmary iS». 7J0 London Today iSi 
7 JO Bryan WoKl's Open Line (Si. 4.00 
Nicky Horne's Your Mother Wmildn't 
Show »Si. 2.00 «.m. DUncan .tohns-jn’i 
UkP n (S' 11.00 Tons Myall's Lai- 

Xijhi FU^hi (S). 


CRITERION. Credit Cards. 930 3216. Oacn June 21 EYTTA 

Evmidvs S.0 .5f t * IT | S S ril 8 -VEAR“ r ' 1 PRINCE OF WALES. CC. 01-950 
NOW IN ITS 2nd . Monday to Friday at 8 p.m 

LESLIE FHILLIP5 s 3() >nd B-45 Mj|t Tftur 

.. S Tel LONDON AND BROADWAY*! 

„JJERY FUNNY 5. TN COMEDY MUSICAL HIT! 

SECOND HILARIOUS YEAR HILARIOUS ” The Suit 

DRURY LANE. SIO 8 - |»enr . - ALL 'juST GODo'cLEAN 

eight 8.80. M Hi" < Ww *. , . n J S»t 3.00 FUN - D«ilv (nnn. 

A CHORUS LINE CREDtT CA RD '8 QOk InGS 930 t 

A ri pA iDVOft?- IJsOnlWlllQ ..i i wn! _ m . m ■, — . 

«i7nrwr ■ sZwv Time*. QUEEN’S TVEASIE. .- CC. D1-73A 

— — Ev9« *-0» Wirt ».o Sat.. 5-0 and 

DUCNE5S. 336 3243 Mon. to Thurc ALEC GUINNESS i 

Eves. 8 00 Pr*. S»i. 6 15 and B.OO. BEST ACTOR OF THE YEAR 

OH • CALCUTTA ! Variety Clu6 o* GB Awlir4 

■*Th* NutlitY Is stunnlno" Dally Td. THE OLD COUNTRY - 

8th Sensational Year. A Ntyt Wav hr ALAN BENNE' 

~ Direct—' by CLTFFOOO WILL1A 

DUKE OF YORK'S. 01 -MS 31 72. BEST PLAY OF THE YEAR! 

Evp* 8.0. lilt—^cVELGUD ** 3 ' 00 ' ■"«< Wavers London tr'tke : 

in Julian MU'hetr* Raymond RBVU^BarI gC. Ot-7j4 

HALF-LIFE _ At 7 P" 9 a.m- il B m. -coen 

A NATIONAL THEATRE PRODUCTION PAUL -RAYMOND ■or-vmtv 

" Brilliantly vlttv . . no on# should THE FESTIVAL 'OF • - 

miss it.- Harold Hobson 'Drama). Instant EROTICA 

credit card reservations Dinner end loo- Fully 'Air Conditioned. You. may 
price seat £7.00. drink ang smote in the auditorium. 


'ARAM ■ I CLASSIC 1. a. s, 4, Oxford St lOu. 

Court Rd Tube) 6 36’ 0310. 
THE YEAS J, Bertolucci S 1900 Part 1 (Xi Proos 

^Aemjd' i 15 5J5 B.IS. Lafe show 11.15 £m. 
and Warehouse p*n«.« Waivrm.n 

SSne jSX » CHARIOTS OF THE 

brmerv Casino) S22 5 to 55*'®““' 2 0 4,55 7 ' SS ' Lj “ 
v7TA Jun * 12 

— ..i — ® 05 ' 8. SO. Law show 10.35. 
01-930 8681 f-," er 7ofoea;s 1900 Part a (XL Frogs, 
e. C ... „'* ■ P-'" , M 2 3D 5 20 8 15. Late show n.tp p m. 

Sat. S 3D and 8. 45. Mat. Thur. 3.00 ... 

LONDON AND BROADWAY’S CUREON. Cur2o» Street W.l. 499 3737. 

COMEDY MUSICAL HIT ! MON AFFAIRE .iXI. /English 

■* HILAOinuS "■ The Sun sub-tifie*) Proas at 1.50 /not Sun). 

I LOVE MY WIFE 5S5. 6.10 and 8 30. I vu^lv. 

-ALL JUST GOOD CLEAN 1 nrtem 

FUN " Daily tvoreis. ciVV* 1 ?,.. W*** THEATRE t9M 

CREDIT CARD SOOk INGS 930 0846. '*?,£&*■ ^hlrlfor MacUlne AnA Bangraft. 

«©is?¥4«fc.isBia 

■ MwSS.^raPv.iui -a£J5K M i lr°i 

Variety Club- o* GB Award . . QpEON • Haymarket. (Ue 273B''3T711. 
THE OLD COUNTRY • - JWt 'Fonda. Vanessa" Rurarave Ufa Fred 

A New wav far ALAN BENNETT ' zumnuim film JULIA foSS 

Director by CLTFFOOO WILLIAMS 2.30. 5 . 45 , 8,46, iSyJ^ff 

BEST PLAY-OF THE YEAR! . « 00_ -9 00 Late ShOW^W wE! 

Plavs and Players London critic# award . Comm. 1.1 .43 p.m. Feature 12.DO. Aii 
RAYMOND R8VUEBAR. CC. 01-734 1S93 Seats b fcble af'Thea trg. * 

At 7 °paul Sun , 6 5&Sr UBsm- Mo <§so «im 


3-Tnee~ Keognive in a wed 

annMwjm film JULIA lAI^ Seo. Progs. 

. Late Show Sot pros. 

SSSf’l.AV* 8 Feature 12.DO. AJ1 

seats bfcblg ar' Theatre. ’ '- 


A NATIONAL THEATRE PRODUCTION PAUL RAYMOND -Ar-soms CLO*£ BWCOUN TIBS OF TMIE THIRD 

" Brilliantly wlttv^ . -»o one should THE FES TIVAL 'OF • - . 1 KIND.J^LSSTi75S..Sy- T M,'S 

m.*s it." Harold Hobson /Drama). Instant CROtiCa 1.05. 4.15. 7^5 • Late SUi. iw? ??? 

credit card reservations Dinner and too- Fully Air Conditioned. You. may Doors ooen 11 is gn mi 

price s eat £7.00. grlnk and smo ke j n the auditorium. he booked ,ww 

FORTUNE. 836 22JB. ftrpi. B.O. Thurs. 3. R£G8 *L CC. 01-837 **G3. j OOCOn" MdrtM Arrh ‘ , ,, 

Sat. 5.00 and B 00 ,*«*■ from TofHWK • 1 STAB wjUMuh iwW, 

Muriel Pavfnw as MISS MARPLE in W' R«J» S’ «« Evas- at; B.30 r 1 4.35 7^ cn® «*?*- 'jj?- 

AGATHA CHRISTIE'S _ Ooen May I Sth. 7.0 Subs 8.30. 1 oiofo "Si' 

MURDFR AT THE VICARAGE Frl. and S«. 6 and B.4S. I vVte ’ ■ “ atS 1 Wco,f WEPBt 1.30 pert. 

Third Great Year Tuf « MO a ‘ J •— ■ I w *' a - 


ir iwfc CLUB. A nuidcil ■ . I ' ’ . 

01-856 4601 IUYERSIDE STUDIOS. r748-ljS4) So. 437 Blfll. 

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EN Thaarro Craw — win J Lite ^gw .Sat- 11. 5S- -Seats BJfble- 

FO-S the TEMPEST ftjr. From Mav 23 M« -BrCKrti 

I ANXIETY CAI. Bo*. OBtt NOW 


GARRICK THEATRE. 01-836 4601. n.yc«.wc sruuios. <748- 3354) 

Evgs. 8 Q: Mat Wed 3.0 Sat 5 30. B 30 Tues-Suns. B o m fNn oerts. Mons.) 

Timothy wekt. g?mm a jones __ "if «mmohj 

MICHAEL KlTTHEN Gwm* —rants 

In HAPOLD PINTFO S THE TEMPEST 

THE HOMECOMING nnvAi COUNT ' r y n " V tV- ' ^ ~ ~ n , 7 M, T . J Y ' , ^7, 

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LFNTLY ACTED PRODUCTION.-' □. Tel 
"AN INWHAIISTIRLV RICH WORK" 

Gdn. “NOT TO BE MISSED" Times. I 

GLOBE THEATRE. 01-437 1 5 “2 

Evqs. Bit, wed 3.0 Sat 6.0 8 40 

PAUL EnOlUGTON. IULIA MCKENZIE 
Beniamin whitrow in 
ALAN avrKivnuRN'S New Comedy 
TEN TIMES TABLE 

This gluts he the hiimiKl fouufafer. 
■•ftr In London " D. Tel. "An irresls- 
tiblv en wvable cyening," Sundav Tunes. 


W « Wl, GLAD HAND 
bv Snap Wilson World Premiere . 

RO^ALTY^ credit Ci'rris. 01 -dfl's 8004 
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' a l.mif-d' nerind only): 


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bv Don Taylor. j ALICE'S BOYS I 


5 439 E 4«7 q Lc,c . twaroour St *. 

- everything VflU 

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4.2S. 7.40. Late-SHOW Fri. 
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T. 2. 3. % Oxford Circus, 437 

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: Financial Times Thursday May 11 1978 

\ English Bach Festival 

Vivaldi 

S by RONALD CRICHTON 


21 


New York Theatre 


Wilde on the defensive 

by 'FRANK LIP SI US 


year— a* fact ^likeKf^n° ,d this 5 r 001111,3110 and strings, made, 
the organisers n S e fhi 0 w eSC i* p ? tJle dee P er impression for the : 
SSL SSS5? ® n 8i« h art with which Vivaldi parcel 







1 H[ ATREs 


'It 

■’•‘■'"saJ!. 


' S . •' m?** : 


ocv. 


•» "-I *M- \ 

‘ 1 • 1 rr.|t|.|i 

• : 
■ V.OII 1 

1 >*. ■•irmi v , 

• 1 - fc ■ 

• • 'i. 

• -r 1 irtf 


1 

:i,im 


i' 

..«• l<Js ) 


. lb VVS.'l 


Ust everything out iS precisely i 

i S2o5? to P h^ ra iS?t main . 7 contrasted sections, varying '• 

1 To nipht thov nffdr™ 8 - mu»c. speed, rhythm and instrumental - 
I colour 60 tort toe most chatter- 

i same &iizaoetn Hall, a concert some Venetiar snssin or English 
perfonnance nnder John Eliot G^V ToSt 1 *Su£ 

\ T f v?. per * 2 .. La listening. The work is worth 

! wa^n^ami^f L ht S tn ^ u . t ® hearing for one movement alone,! 

i SS •E??%r2fi W,H 1±e “ c ™“ ded eril w in Sieiliana; 

I ecture rhythm in which the soloist, 1 

I Ster^iSi T P l n Helen Watts - WM especially' 

• -rv" TSlSi. 1 ^ *h R of 1156 satisfying. In attendance on = 

1 v ,.j we up-to-date Miss Watts were the EBF! 

. likely to Baroque Orchestra conducted by 
fa “||!* r t0 concert- Michel Corboz — the viola d'am ore 
fnfi?-*** «^ e ^ of Kochel ’s obbligato in the “ Gloria " did ! 

ca L a,0 S° 0 - not strike a very powerful blow 

Praise to the EBF for not far authenticity > 

taKlng the easy way out and The “new" Gloria made a; 
merely handing out platefulls of scrappy effect by com pari- < 

Vivaldi’s concertos (though this son, though the same 1 
programme began with “Spring - " brightly packaged virtues 1 
if?. 1 ? ™ Season* with. John were present in lesser degree— 1 • 

Holloway as soloist). In his talk, couldn’t get out of my head a 
Mr. Kyoto made high claims for sentence in Michael Talbot's 
uie vocal music, not entirely article on “Vivaldi’s Venice" in 
norne out by the two works we the April Musical Times about 
subsequently heard though they the "visitors in huge numbers.- 
•LI-* 1 * 11 u ie ?v made one who ... frequently departed with 

wonder why that part of bis out- a memento, pc-vhaps a painting 
? 1 “, e “ more thoroughly or a musical score." The only 
explored. What promised to be number that went much beyond 
the more interesting of the two undeniably artful ear-tickling 
was a Gloria, RV 588 — not the was a second Sieiliana. this time, 
familiar one in D (589) bur with rustling accompaniment for 
another in the same key. with an violin and violas — “ Qui sedes.” - 
identical “Cura Sancio Spiritu" sung by Miss Watts again. The; 
i t- horus at the end which remaining soloists were Jennifer) 

• °PP® T ®otty is not by Vivaldi but Smith. Anna Bernaitdin and 

• G. M. Ruggteri. Edmund Barham — all of them' 

As it turned out. the other good, as were the trumpet and 
work, a Nisi Dominus (RV 588) the oboes. • A one-man play about Oscar 

■ ! Wilde in the last year of his life, 

Dir-ersions and Delights presents 
Vincent Price “ as Sebastian MeJ- 
mouth bn the 28th day of Novem- 
ber. 1899." This conceit, writ- 
ten by John Guy, and performed 
at Broadway's Eugene O'Neill 
Theatre, makes Wilde out to be 
a lonely, ailing exile, forced by a 
! need of money to stand pseudo- 

The English Bach Festival has lated and varied the pace, of his j IHES? 
regularly championed the music rhythms, while mainlining the ! Li? Sit?’r ambHMuLdoies and 
of Greece-its ancient chants, melodic flexibility which is the j “J, g 1 * 5 5.“lh 

its folk music, and its new com- essence of the chant; it -was a ! 

positions— but. it can scarcely fascinating if necessarily some-j - I j? 10 j5£« M ^ r IJS !L «- b jSE2 ,C S 
have provided before now such what baffling demonstration. 1 wL^arrthTShe 

an ascetic celebration of Miss „ The music of Dimitri ; seem hardly the 

Lalandi’s native land as Tues- Terzakis has drawn from Byzan- 10 Ef ^u" f 

day’s concert in the Elizabeth tine chant its -distinctive altitude ; J?f r ilv the vnhc comic— a Lennv 
Hail. Two British premieres of to pilch; Teraakis believes that ! J? r jli* ■ „ Set Jnd rtetmSS 
works by Dimitri Terzakis jjnote chromaticism i is no more | fj e?ancc _Gay uses Wilde’s bril- 
(which are the only new pieces likely to succeed than distort- 1 fftP np * tv- the suit 
from any country being pre- cism andhls earlierworks (sucb^^^^^'-i^j^^i^ins large 
seated in thu year’s Festival) as Stlchirom which the EBF, jn lhe , maki WIWe . a own 
rubbed shoulders with a group premier in 1973) explored free . vindictiveness and powerlessness 
of folk songs from Mount Atbos. movement around specified I more significant than his wit and 
and a large selection of tradi- pitches— rather as the earliest I c h a mi if Wilde could condemn 
tional Byzantine chants for solo chant notation specifies not a , his own society for wilful perse- 
cantor. sung by Lykourgos sequence of -.static notes. butl cu tion he could see Americans 
Angelopoulos. different kinds of movemeet f f hree generations later as equally 

It is as hard for the unini- between notes. ■ Terzakis’ aim: 

tiated to understand a rapid has been to create works which. „ . Ps*<™» wit] annP9r 

sequence of Byzantine chants as ®“ be J^tened to honzontally KOOKS t'age Will appear 
it would be for a Russian to dis- ptber than vertiially, as inter- , to-morrow 

er. tangle a random selection of locking “melodies” rattier than* ivmuuuw 

piainsong ofiRce hymns and Mass 35 0 set,ueooe ? f barmboios. ,• : 

ordinaires sung by the monks The. results, in the two Pieces » preoccupied with issues of Vie- 
of Solesmes. ’ The mixture of heard on Tuesday. Nomm and ; torian morality, obswiring his 
periods and styles is extra- Liturgta Prolana. sounded less . talenls ^ the effort at least to 
ordinary. Besides the simplest original than the theory would i defend rather than condemn him. 

pre-lTth-eentury pieces (of suggest. In the. first- the tliwbres j -Vincent- -^fice, though more 

whiclC we heard' some attractive chosen (clinnet, cello, santoiiri ^stately and older - than one would 

examples newly trnhscribed by a sort of ureK; P‘“balom--^na ^pg^ - 0 f Wilde at 46. has a 

Mark Dragoumis), there are percussion using p. edommantly . presence that conveys 

elaborately meUsmatic pieces i the elegance and eloquence of 

from the IBth and early 19th the man -.> ,! is ^ ard 1o ,hmk of 

centuries which sound more than S™ ' Mr - Pricers particularly funny, 

a little corrupt, and the positively i but lbe p,ay does not de "!®" d 

cheerful Kratimaia — rhythmic i u - ,n the -second act, as Wilde 

vocalises using nonsense syllables “JSI SS i « e «S more frail and affected by 

ralher than texts. 



Record Review 


Sounds of the Times 

by ANTONY THORN CROFT 


•The Last Waltz; Warner Bros; 


K66076 

nope & Anchor Front Row Fes- 
tival: Warner K 6607 7 
Saturday Night Fever: RS 0265S 
123 



evening 


by NICHOLAS KENYON 


co-ordinated. . In the second, the 
use of microtonal pitches was 
Transcriptions of the chant in perhaps inhibited by tbp very 
■ the West have made its rhythms English contribution of the 
! uniform, but the Greeks clearly s&Jtarello Choir; at any rale, the 
i disagree fundamentally with piece emerged as a wan echo 
; such Western .scholars as Egon of the Byzantine sound-world. 
] Wellesz, and the Greeks have an rather than as a powerful devel- 
| unbroken, continuously develop- opment of iL Yannis toannidis 
f ing tradition on tbeir side, conducted both works with neat, 
; Angelopoulos strongly articu- Grecian grace. 


his absinthe. Price is particularly 
adept at portraying his decline 
and pitiful end. If only the play 
coulji have shown more of the 
man before his demise. 

Of all the struggles in Julius 
Caesar, none seems greater in 
the production at the Brooklyn 
Academy of Mnsic than director 
Frank Dunlop's tussle with the 
conventional interpretation of 
the roles. Casting against type 
and Shakespeare's lines, he has 
a small, somewhat mincing Mark 
Antony deliver the “Friends, 

Tight security will be in force fte < s^j^on wuld be be ^ e ®° j i^Th^S U SSmatic\of« S 
when millions -of pounds worth £250.000 and £500.0°0. Half of , Aust i n Pendleton. Richard Drey- 
of Indian gold^from Colombia tlus will be met by Benson and \ Cassius, is not lean 

goes on show for the first time Hedges and the remainder an<J hunRry . h _ ls rather paU ncby 
in London in November. shared between the Academy , makes gestures with stiff 

The unique treasure will be and Times Newspapers. I limbs. George Rose plays a 

the centrepiece of the Royal The Academy attracted 637.000 I Caesar in the decline of his 

Academy’s main winter exhibi- visitors to its 16-week Pompeii ! powers, hesitant though stately, 
tion “The Gold of EJ Dorado” Exhibition last year and. Sir j embarrassed despite his having a 
will* be the most comprehensive- Hugh said it hoped to attract stature obviously greater than 
show of its kind, outside South 750.000 people to the IS-week those around him. 

America. El Dorado exhibition which will The unusual and interesting 

Sir Hugh' Cassonl president of open on November .18. Admission come so fluently to Frank Dun- 

the Academy, said the cost of will be £1.20. lop that he can work with almost 


Indian gold on show 


Vincent Price as Oscar Wilde 

any combinations and changes. 
He is always supported by care- 
ful staging, which in this case 
provides a crowd of imposing 
dimensions; it * immobilises the 
noble characters when they 
usually flout around the un- 
adorned stage in graceful white 
togas. It makes a stunning effect 
in. the open arena stage used in 
the production. But interesting 
as the casting might appear, ii 
seems a strenuous effort, as 
though the director were mak- 
ing the best of limited resources 
and purposely courting contro- 
versy. This impreetioD is only 
enhanced by one of the mast 
unusual prbgramme notes I can 
remember: 11 The production will 
be in a permanent state of 
change. ... We will be rehears- 
ing and re-rehearsing continu- 
ally. It will be a work in pro- 
gress: every day we hope, mak- 
ing new discoveries." There 
were. I am afraid to say. tno 
many new discoveries, or at leaSf 
too much of an effort to have 
new discoveries, the night I 1 was 
in Brooklyn. 

Based on Feydeau's first 
success written when the play- 
wright was 30 years old. 13 Rue 
de U Amour includes all the 
elements of coincidence, romance, 
bumbling husbands and clever 
wives that were to mark his 39 
successes in a 39-year career. 
Adapted by Mawby Green and 
Ed Feilbert for the Circle-in-the- 
Square repertory company, the 
production - has the florid 
gestures, handsome people and 
beautiful sets one might cxnec* 
of the Comedie Francaise. where 
Feydeau farces are still a main- 
stay. ' 

With Louis Jourdan as the 
debonaire doctor out to seduce 
bis best friend's wife, there 
could be no more romantic a 
Frenchman, and Patricia Elliott 
handles the wife’s role with coy 
gusto. The rest of the cast 
especially Kathleen Freeman bf 
the concierge at the trysttne 
place, do an admirable job with 
the paces required of them by 
director Basil Langton. 

It is just not great Feydeau 
Hard as it is to believe, there 
are subtleties to be mastered, 
and master them Feydeau did 
Here, however, every move is 
telegraphed, every line exag 
gerated. like an evening of 
watching a dog chase his own 
tail. 

The Nighty Gents, a play about 
a once-proud. cohesive gang of 
blacks now down on their lack 
and self-esteem, opened on Broad 
way with high expectations after 
a short run in a repertory 
theatre. And the play does have 
its moments: the gang recalling 
its harmonic days singing an old 
pop song, a flashback where the 
gang leaders father, played by 
Frank Adu. tries to bring his son 
back into tine, the gang leader's 
own fluctuation between despair 


The tremendous demand for 
I tickets for Bob Dyluii's London 
[concerts next month is gratify- 
j ing. A Dylan revival is long 
over-due for he is undoubtedly 
the most important popular 
artist of the past two decades, 
much more so than Presley or 
the Beatles. They made musical 

I breakthroughs, and produced the 
best songs of the week*, but 
Dylan used music lo hammer 
home the social revolution of 
the period, the arrival of youth 
as the creators- of the moud of 
the times. Part politics, part 
poetry, part philosophy, Dylan's 
songs are the contemporary, and 

necessarily more populist and 
democratic, equivalent of philo- 
sophers. ancicnl and modern, 
who by influencing intellectual 
elites could, m the past, shift 
society. Dylan's work, however 
incoherent nod derivative in 
melody, is the statement of an 
inarticulate, if educated, genera- 
tion. 

There are no recent Dylan 
recordings but be appears on 
I The Lost Walt?, a ibree-albuni 
'set of the final public concert 
* .'of The Band. This is an interesi- 
ing. if ralher disquieting experi- 
ence. with The Band surround- 
ing itself with artists like Joni 
Mitchell. Neil Diamond. Xeii 
Young. Ringo Starr, and Eric 
Clapton, and a film crew to im- 
mortalise the occasion for 
cinema-goers. Inevitably it 
sounds like the requiem for an 
era: all those immensely ru-h, 
ageing musicians getting to- 
gether for a last meeting of the 
victories to their credit. They eiders. There is an establish- 
are now just unemployed — and | men t complacency about the 
even worse, made to seem music, which is quite lacking in 
anachronistic compared to the ■ imagination. The Band was 
well-dressed, rich, gun-toting ! always a ralher heavy-footed 

drug dealer whom they had : combination, and it manages to 


'wave is basically unsophisticated 
music, going hack to the roots 
of rock and very antagonistic 
to any pretension, or intellectual 
effort most of K is rubbish. But 
the past IS months have proved 
that the new wave can be fresh, 
idealistic in an anannii- sort of 
way. and teeming with the 
energy which i> so notably lack- 
ing from The Lasi Wuii- 

Us virtues arc well captured 
on From /foie Fexiirul. a live 
double album recorded at the 
Hope and Anchor pith in Isling- 
ton. The sound quality is above 
average for those occasions and 
the new wave bands manage a 
wider range uf music than might 
he imagined. They ail keep to 
short, sharp, bursts of noise, 
derivative or I960, but oHen 
with politically slanied lyrics. 
The main difference from' lhe 
live album of The Band is lhal 
there the artists are going 
through the motions before awed, 
reverential, fans while at the 
Hope and Anchor the gap 
between bands and audience 
seems minimal. 

The most intelligent, and often 
older, new wave band, like The 
Stranglers. Wilko Johnson, and 


throw the establishment but 
which could change it for tt$ 
belter. 

Yet another double album 
nicely bridges between the other 
two. While The Band appeais 
to suburban young marrieds with 
a glimmering ef education and 
the new wave is for the younger 
comprehensiu? crowd. Saturday 
Sight Fercr is for the disco set, 
which these days could be any- 
body. it is the soundtrack from 
the very successful flint, mainly 
scored by the Bee Gees. Since 
the plot centres on a Brooklyn 
second generation Italian deacL 
ender whose only life is bis disco 
dancing, the music never seemed 
to make the most <»f it< chances. 
The background soundtrack to 
the moralistic Looking /or Mr. 
fiODtihur emphasises the import- 
ant rule of music Tor to-day's 
young inure effectively. Even io 
Ftfrer is currently the best sell- 
ing album m the U.K. and :rft 
hut inescapable. The songs are 
catchy, but are not unproved by 
the falsettu voices of the Bee 
(lees, .lion? thuu a Woman gets 
an airing on lhe album both 
from the Bee tiefs and from the 
Tavares and lhe American disco 


and enthusiasm, played vigorously 
by Dorian Harewood. 

Unfortunately, the play hasTar 
too pat a> presentation of pust 
glory and present decline to 
carry any conviction. The. four 
black men had at one time been 
n respected gang, with numerous 


looked down on in the gang days. 
He adapted to the seventies, 
being smart, stylish, successful, 
and unscrupulous. Seeing the 


drain lhe life from the guests. 
Only Dylan sounds as if it 
matters^ with spirited perform- 
ances of Forever Young and I 


lesson to be learned, the gangj.Shatt be Released. Neil Young 


leader decides they should jump 
<(he drug dealer, but, not being 
criminals at heart, they ultimately 
botch the job. 

The author. Ru-hard Wesley. 


makes the most of Helpless, with 
Joni Mitchell descanting in the 
background, but most of the 
others sound as if they wish they 
were back in iheir swimming 





works too hard at hringing home ! pools watching the reunion on 
obvious points, turning street i lhe video recording 
characters supposedly living ini As one generation ponders a 
Newark-one of the worst east I narrowing future anoiher attacks 
coast ghettos — into Everyman-! it vigorously from behind. We 
type symbols. The one exception.! arc not so proud nf the “new 
and a great assei to the evening. , wave " as we were of the Beatles, 
is Morgan Freeman as a drunk i but the aggressive nihilistic music 
old man who reminds the gang ; of what was punk has proved it 
of the future in s,tore for them } is more than a publicist’s inven- 
Hi$ impassioned speech begging tion Indeed, the recording in- 


Bob Dylan 


Savoy. 





by B 


YOUNG 




Felicity Browne and Jonathan 
Hales must have been going in 
for some shrewd analysis of the 
box-office figures at London’s 
theatres, for Alice’s Boys is con- 
structed firmly. -on the Agatha 
Christie principle. The suspects, 
in a closed environment, are four 
members of a spy-ring <if I may- 
use such a term of our own M16). 
and the victim Is a fifth member, 
found dead under a 'bed io cir- 
cumstances that would - have 
aroused more surprise If they had 


been in any way different. 

The writing - is better than Miss 
Christie or the adapters who 
shelter und er. her name habitually 
achieve, and the authors have 
had a trip on two band-wagons 
at- once by combining a whodunit 
with- a spy story. The production 
. is really far better than the play 
.deserves, but by mating a taut 
-suspense tale with what can only 

be called ■ all-star casting a 
wholly pleasant and wholly un- 
important evening Is achieved. 

It would be wrong to retail any 


details of the story, but the cast 
is certainly mouth-watering. Alice 
is a man: it ls a code-name for 
the head of the spy “family," and 
it Is no less than Ralph Richard- 
son, coot in deportment, tele- 
graphic in speech, commanding 
in mien, his only weakness a 
habit of taking his petit point 
on duty with him in his brief- 
case. His five boys are Henry 
(whom we only see dead), Bertie, 
Dan, Sally and Toby. 

If 1 were M; or C. or even 
-Colonel- B. I should have ruled 


..-f 

mi 1 *, r. 


, 1 ’ r + . 

j 


* a* r. 

■■ r \ "■ . 




,,-iv 



Onrtme CvcfavCL 


j Ralph 


Richardron ,**— ) ~ ™ 


that to have four such people 
living in a flat together would 
have attracted loo much un- 
desirable attention, for they are 
a rum lot as spies go. 

Bertie, played by Michael 
Gambon, is a coldblooded killer 
who hides his talent, under what 
Mr, Pym calls a faux bonhomme 
personality evinced in bis drink- 
ing and constant singing of Irish 
songs. Dan (Michael Jayston) is 
withdrawn and calculating 
where Bertie wears a Chinese 
dressing-gown with dragons, 
Dan wears a monkish babiL The 
third man is Toby (Gary. Bond), 
a lady's man and gambler, who 
is having a fling with Sally 
(Joanna van Gyseghem), their 
female colleague. 

Who, you will. ask, is Mr. Pym? 
Mr. Pym comes -from M15. who, 
it appears, is in constant rivalry 
with MIS, and he is investigating 
Henry's death because Henry 
bos actually been a double 
agent, a double agent of an 
unusual kind, working both for 
MI5 and MI6. Bfr. Pym is 
played so well by Geoffrey Keen 
that it seems a shame that tele- 
vision should have kept this 
actor off the. stage so -much. The 
contrast between the M16 colonel 
and the MI5 policeman (if that 
is wbat he is) in their different 
attitudes' to discipline is an 
enjoyable study. • , 

1 cannot say that the unravel- 
ling of. the knot 'is done with 
any special skill: indeed 1 was 
only modestly convinced by the 
conclusion. Bnt the production 
is a. little jewel of its kind under 
Lindsay 'Anderson's direction, 
and the lack of intellectual 
pabulum should not deter any- 
one who just needs a jolly good 
evening out 


not to be ignored is a high point 
of the play and gives an indica- 
tion of the author s abilities when 
he lets himself escape the con- 
straints of bis own unfurling 
plot. 

— -V • — ... ■ 


duslry was initially very reluc- 
tant to embrace the nasty, rude, 
musically incompetent kids from 
the streets. Now they have, and 
the whole thing i.s beginning lo 
sound quite good. Since new 


The Pirates, take most of the 
honours, but there arc nice per- 
formances from lhe Tyla Gang 
and the Steve Gibbons Band. 
There is plenty of life still in 
new wave, especially for those 
hands who follow their own 
inclinations and avoid the advice 
of managers and politicians. An 
album devoted to one band can 
be a suicidal experience, bui 
picking them off in small spasms, 
as in this compilation, is a good 
and optimistic introduction to 
music which will never over* 


group wins hands down. The 
instrumentals derived from the 
classical repertoire, such as 
Fifth of Beethoven and Night 
un Disco Mountain, are damag- 
ing to lhe brain if not lo the 
ears, but songs like If l can't 
/rare you by Yvonne El liman, 
and the identification of the 
music with the film, make this 
the kind of album which will 
represent the 1970* for most 
people when both The Band and 
the new wave have been washed 
away. 




Midland Bank through its 
Representative in Moscow now 
offers its full range of Group 
services to companies wishing to 
develop their business in the 
U.S.S.R. 

Advice on all aspects of 
International Trade, includingExportFinance and 
Eurocurrency operations, is available as well as 
guidance on specific projects. 

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Full office facilities will shortly be available at 
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■ Jr — 


Financial Times Thursday May 11197$ :- 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON KC4P 4BY 
Telegrams: Fiiumtiroo. London TS-1. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Thursday May il 1978 







a sli 


the screw 



MERGER ACTIVITY 1963-77 
Acquired 



THERE ARE different opinions 
about pay restraint, whether 
statutory or voluntary, in the 
sense that snme people think 
that it does more good than 
harm in principle and others 
think precisely the reverse. 
There is almost universal agree- 
ment. however, that the degree 

of rigidity in any pay pul.cy 
likely to help in the control of 
inflation is bound to produce 
anomalies, and consequent in- 
due ency in the allocation of re- 
sources. The longer the policy 
is maintained, the worse the 
anomalies and the more serious 
the practical consequences of 
the inefficiency. This is most 
obviously the case when a par- 
ticular group feels strongly that 
it has been unfairly dealt with 
in relation to others. 

In seeking tu enforce a 10 
per cent, guideline for pay in- 
creases during the current 
round without the support of 
the TUC. the Government has 
found itself pushed into de- 
manding at least ihc semblance 
of greater rigidity than would 
otherwise have been necessary, 
especially w.th regard to those 
claims in the public sector for 
which it has a special respon- 
sibility. This, though necessary 
to prevent the breakdown of its 
policy, has been particularly 
hard on l he better-paid, whose 
real incomes have suffered most 
from the combination of infla- 
tion. pay restraint and progres- 
sive taxation, and on those 
groups whose pay is normally 
determined by the recommen- 
ds*, inns of an independent 
review hudy. 

Service pay 

One such case occurred 
recently over the pay of the 
Armed Forces. The appropriate 
review body found that pay in- 
creases ranging from 19 to 3S 
per cent., with an average of 32 
per cent., were needed to 
restore service pay to levels 
comparable with those of 
civilians. The Government 
accepted the recommendation, 
but would allow only 10 per 
mil. (plus a couple of special 
extras! for she moment, with 
full restoration of differential:: 
to he carried out in si ages over 
I he period to April 1930. 
Whether this w'll suffice t«» 
siym the rising tide nf resigna- 
tions remains in he seen: since 
servicemen cannot resign when 
they please, the result may be 


ail the more serious when it 
become s appa rent. 

Doctors and dentists are in 
a similar situation. The review 
body was warned that the Gov- 
ernment could allow nu more 
than a 10 per cent, overall in- 
crease at present and has made 
Us recommendations on this 
basis — though not, as the pro- 
fessions requested, giving each 
group a flat 10 per cent, but 
at tempting to rectify .some of 

the anomalies that have 

emcrLCd. It finds, however, that 
to restore pay in the'e prefer 
sums tu the comparable outside 
level ruling' in 1875. when it 
last regarded relativities as 
about right, would require an 
overall increase of 28.5 per 
cent. The calculations produced 
by the professional bodies Imply 
the need for an increase higher 
still. 

Confidence 

Comparability, of course, is 
a slippery principle. The review 
body recognises that other fac- 
tors must be taken into account 
—not least the changing state 
of the market for different types 
of professional skill. But the 
10 per cent that is being en- 
forced on those whose re- 
muneration should in principle 
be determined independently 
compares with a probable aver- 
age outcome for this pay round 
of 14-15 per cent. Those to whom 
the loophole of “ self-finanrine 
productivity deals” is not avail- 
able will feel all the more 
unfairly done bv If they happen 
In have read this week how the 
general secretary nf the electri- 
cians* union described fhn 
h*cher productivity for which 
his mem hers are to achieve 7 
per cpnt. on lop of the basic 
in per cent as *' an illusion.** 

Fairness apart, the fact is 
that the emigration of quali- 
fied U.K. doctors has continued 
dose to -the higher level which 
was reached in 1974 and that, 
since much the same date, the 
output of male medical gradu- 
ates has remained unchanged. 
The Government, moreover, has 
now been given a plain warning 
The review body declares that 
unions its full proposals, hrmich' 
up to date, are nut into orac 
tire by the spring of IfWO. it 
will no longer he possible to 
maintain confidence in the pro- 
sent review system — nr the 
confidence of the medical and 
dental professions in their part 
in the Health Sendee. 


T HE Government's review 
of merger policy — a con- 
sultative document pub- 
lished yesterday — was prompted The table 
by a growing disenchantment when die 
with the economic and social * The c« 
consequences of the mergers 5ine « tne 
which have taken place over 
the past decade. 

Some of these mergers were 

promoted by the Labour Gov- 
ernment itself in 1964-70, 
through the work of the Indus- -, 9fi5 . en ^ 72 
trial Reorganization Corpora- 18 muwtr 
lion. But It is clear from recent rc f eren cts 
speeches by the Prime Minister 
and the Prices Secretary. Mr. 

Roy Hattersley, that, in their 

view, the creaf.nn of very large _ , 

companies through mergers Totals 

and take-overs has gone too far. * 

They are evidently impressed 
by academic work which points 
to an apparent increase in con- 
centration both in the economy 
as a whole and in individual in- 1973-ond 77 
dustries: there is also evidence 29 merger 
that a good many of the large- r ®f«rences 
scale mergers whicb took place 
in the 'sixties failed to produce 
the expected benefits. 

Since 1965 the Government 
has had extensive powers to Total* 
control mergers, but they have 


BY GEOFFREY OWEN 


MERGER REFERENCES 1965-77 

The table shows what happened to mergers referred to the Monopolies Commission between IMS, 
when die legislation was strengthened, and the end of. 1977. 

-The Commission found by a 3 — 2 majority that Che merger would be against the public interest. 
Since the Act requires a two-thirds majority, the Secretary of State had no power to take action. 

FOUND NOT 

WITHDRAWN FOUND AGAINST AGAINST PUBLIC 

BEFORE REPORT PUBLIC INTEREST INTEREST 


merger where either the 


Year 

Number 

of 

mergers 

companies 
—index 
of prices paid 
in real terms* 

1963 

588 

100 

1964 

940 

134 

1905 

1.000 

146 

1966 

8U7 

140 

1967 

763 

216 

1968 

946 

362 

1969? 

907 

176 

1969'; 

646 

SOI 

1970 

793 

238 

1971 

884 

164 

1972 

1.210 

357 

1973 

1.205 

213 

1974 

504 

141 

1975 

315 

64 

1976 

355 

79 

1977 

482 

117 

* Cun 

rent prices 

deflated bj 


“*«*** - - FT Actuaries 509-share Index. 

acquired company naa at iea*i *|j a5e d 0 n company accounts 
a 25 per cent- share of the mar- up , 0 19 g g . 0 „ financial press and 
ket (except where the size of other sources thereafter, 
the market was less than I4m> ^ mrrc; Buntncas Monitor >rr. 
or the worldwide turnover ot - 

the combined companies was 

£350m or more, of which a signi- tury monopolies), the commit- 
Scant proportion arose in the considered the case for 
UJC., and where the gross value enabling Ihe Commission to in- 
of the assets to be transferred vest; gate large companies as 
was £I6 h». or more. such, but decided that this 

In the second stage the would be too complicated and 
potentially anri - competitive time-consuming. Instead, the 
mergers would be examined in power to investigate oligopolies 
more detail by the Mergers — that is. sectors in which four 
Panel. “Firms would be ex- or five companies account for 
-pected to provide convincing the bulk of the marker — 
evidence of offsetting benefits should be extended. This might 
and the probability of their include an amendment to the 
achievement, if reference to the Fair Trading Act which defines 
Commission was to be avoided, oligopoly in terms of structure, 
and this would be the oppor- though the legal implications of 
tunity for sponsor Department-? this need further study, 
to explain the case for proposals The pract j c ai effect of the 
being supported in accordance recomillcn dations. if they are 
with the industrial strategy. The implenien ted 1 ' will not- be 
Panel would consider whether dramatic. Large companies will 
the benefits expected, in terms fin{ j ^ somewhat harder to 
of increased efficiency, export nd in ^ u.K. by acquisi- 
potential, etc., would offset lhe tjon . mergers Like GKN/BirficJd 

detriments from **“ ?* iu motor components and BICC/ 

effect on competitor . and would p^ rolcnax ln cabl which werB 

3l so take into ^coun othei^ii^ |he Comraissiont 

possible detriment*., such .as mhfhf hal * hp „ n h!ni . fcnd „n the 


AGAINST PUBLIC 
INTEREST 


Marley/Redland 
Burmah/ La porte 
Reed/Bowatcr 
Sesre/Tjmpson 


Tarmac/Wobeley Hughes 
Gtynwcd/Armitage Shanks 
Whessoe/ Capper Neill 
Bo water/Hanson Trust 
London & County/ In veresk 
Sears/Nottingham Mfg. 
Norvjc/ Canning 
Associated Eng./Serck 
Sketch tey/Johnaon 
Provident/ Cattles 
R /R edf earn 

Derrttron/BEC 


Ross / Assocd. Fisheries 
UDS/Burton 

Barclays /Lloyds /Martin* 
Rank/De La Rue 
British Sidac/TPL 
Beecham /Glaxo 
Boots /Glaxo 


Davy/Br. Roll makers 
Boots/House of Fraser 
Eurocunidian/ Furness Withy 
Amal. Industrials/Morris 
Pilkington/UKO Intnl. 
Babcock /Morris* 

BP /Century Oils 
R ockware/ Redf earn 
United Glass/Redfeam 


BMC/Pressed Steel 
Dental Mfg./Amal, 
Dental 

Dentists Supply/ 
Amal. Dental 
GKN/BIrfield 
BICC/Pyrotcrunr 
Thom/Radio Rentals 
Unit ever /At lied 
Breweries 


British Match/ 
Wilkinson Sword 
Eagle Scar/Sunley/ 
Grovewood 
Charter/Sadia 
NFU Dev. Trust/ 
FMC 

Dentsply/AD Intnl. 
Fruehauf /C ran e 
Fruchauf 

Smith Bros./Bbgood 
Bishop 

Weidmann/Whiteley 


been used sparingly. In con- possible detriments, suen as h a v«’ been Woi-kod on the 

rrast to pr.ce-fixing agree- and is as much concerned with with evidence that at least half neutral policy, with much collapse or me nnn nemg new C rtteria. The same applies 

inenis and cartels, there has increased efficiency and other of all mergers which take place greater emphasis on compel!- acquired or loss or jobs In to horizontal mergers which 

been no presumption that aspects of economic performance are unsuccessful, which led to tion. “The first test would be rescue cases, which might arise make an uiigopnijstjc Industry 

mergers are bad in themselves, as with market power. the review of merger policy whether a significant reduction from abandonment of tne pve>n more eoncen trated. Put 

Only a liny proportion of the a similar case-by-case jud?- by a working party of officials of competition was foreseen, li fnerger or from the delays thgse have beeo at 

mergers which could have been ment is made by the Office of and Government economists. it was. we should look critically ' n |? erent „ in a commission evpn without the proposed 


referred to the Monopolies Com- Fair Trading and the inter- Their conclusions, set out in at the prospects of benefits reference. t ... guidelines and amendments to 

mission itliat is. those involv. departmental Mergers Panel in the consultative document, sup- accruing to the economy and In addition to these non. p a j r Trading Act: It is 
ins assets exceeding £5m. or a deciding whether to recommend port the need for a tougher weigh up the balance of advan- statutory guidelines (at present btful w j, ether increase 

A critical assessment no such guidelines exist) the niim u„ r moronr rpfpr. 


combined market share of at approach out they are less rage, a critical assessment 5u«u««.= 0 ■■■- . . h uf mprecr re f er . 

least 25 per cent.) have hoen „ w radical than might have been would similarly be made of report suggests amendments to wiI « h a _ ,_ r2e ac ;u„ 

•o referred: in the 1965-72 S ^LrTC»»*MawiHw?/*r ST - expected after recent Minis, cases where there would be a the Fair Trading Act 19*3. re- com ‘ inee suseests 

period there were no more than terial speeches. They are evolu- significant accretion of economic qmring the Commission to pay ' ' . . 

two or three references a year. MA tionary rather than revolu- power through further acquisi- closer attention to the potential The proposed changes will 

Public policy became some- y Mr ^n» tionary: no change is contera- Hons by large companies." impact of mergers on compel i- remove some of the uncertainty, 

what more hostile to mergers 1909 16 plated in the pragmatic, case- The report suggests a two- Hon. The set of considerations which companies have often 

n 1973. when Sir GeofTrev 1924 22 by-case approach. stage process for the Mergers sbi out in Article S4 of the Act criticised, in the procedures 

Howe was the responsible 1935 24 In particular, the committee Panel. First, the secretariat should Include (a) the desir- followed by the UFT and the 

Min ster at the Department of 1940 22 rejects the much-canvassed would carry out a quick assess- ability of minimising the detn- Monopolies Commission. But 

Trade and Industry. The Tory 27 it l ea t jj at burden of proof ment of the possible effects of ments oF reduced competition the judgments which both 

Government was concerned at 22 in merger cases should be re- the merger on competition, increased concentration, and bodies will still l^ve to make 

pace at which industrial !??2 2* versed. They point out that if either through the creation of the desirability of restruo- are extremely difficult. They 

concentration was increasing; • ™ such a change were made, the sn increased market share or hiring to improve the inter- are required to predict the con- 

even before the establishment 1970* 39 Mergers Panel and the OPT through the undue concentra- m*ponal_ competitiveness of sequences of mergers on lndus- 

nf the Office of Fair Trading in 1971* 40 would feel obliged to refer all Hon of economic power. Mergers mdustry- tna * efficiency, and there is no 

November of that year, the 1972* 41 mergers except those for which that did not have a significant The report says that this reason to suppose their _ predie- 

number of references was • Due to a change in statistics, clear and unequivocal evidence effect on competition would revise ^ procedure would in- tions are any more reliable than 

stepped up. these years are not strictly com- 0 f benefit could be identified in generally be cleared on a “cir- cr * ase the -number of merger those of professional managers. 

Over the next few years, parable with the earlier ones. the short time available for the culated paper" basis. references, perhaps up to four it may well be that half of all 

while the fashion for big a ~* w * J ‘ * -B - examination of proposals prior The guidelines for judging a a * ^/e are now: mergers go wrong: the problem 

mergers was in any case tend- ' , to a reference decision. This significant effect on competition ' m Phes some la-20 merger is deciding which half. Yet the 

in? to fade, the Government to the Government that a parti- would put an enormous load on might be; references a year, and the num- exercise of Judgment on a case- 

showed a greater willingness to cular merger should -be referred, the Commission: since ihe Horizontal mergers — any ber mergers turned down by-case basis is preferable to an 
refer horizontal mergers which As the OFT's recently issued majority of mergers are neutral merger which increased the would presumably Increase m automatic or legalistic approach, 

had a clearly detrimental effect mergers guide puts it: “Each in their effects, there would be combined companies’ market proportion. which bans an mergers ot a 

•n competition (like BP/Cen- case falling within the scope of a waste of time and resources, share In the U.K. for a partial- "This would be likely to certain type or above a certain 
Jury Oils) and conglomerate the Act is looked at on Its own An alternative proposal — lar product to 25 per cent., deter mergers, particularly be- size. 

mergers which were larking in particular merits and not in fhat the burden of proof should except where the size of the tween firms in the same market. The Government's committee 

“industrial inaic” Hike Bowatcr/ accordance with any fixed rules be reversed only in mergers market concerned was less than except where a really coiwinc* j S right in its restatement of 

Hanson Trust). or assumptions." involving very - large companies £4m. or the value of the gross ing case could be made. Alto- competition as the primary 

Some of the proposals were The effect of this approach, —is also rejected. The choice assets taken over was less than gether, there would be likely goal of merger policy. As long 

dropped after the reference was according to the critics, is to of size threshold would be £lm- to be fewer and better-thought- as the new guidelines are 

announced. But the table of let too many mergers through, arbitrary: the much more Vertical mergers— any merger out merger proposals coming applied consistently, and wilh 

merger references shows that As a result, they say. the pro- severe treatment of mergers where either the acquiring or forward. Such an outcome would due regard for commercial 

companies which submitted cess of concentration continues, above the threshold would have the acquired company has a 25 be in line with the evidence oh realities (including, of course, 

themselves to a full investiga- competitive pressure in more a distorting effect on companies' per cent or greater share ot mergers that we have reviewed." international competition), busi- 

tion had about a 50-50 chance and more sectors is reduced attitudes towards mergers and the UJC. market for a particular Noting the market power ness should have no cause for 
of obtaining clearance. For the and very large companies would not necessarily be in the product or service, and the wielded by large companies in complaint. 

Commission is not biased occupy an increasingly domi- public interest. merger involved' the acquiring many sectors of industry (the 

against mergers as such. It takes nant position in the economy. Instead, the report recom- company taking over a signifi- 100 largest companies are said J "n.-ir of mm^nbra amt mt * a * r * 

a pragmatic view of each case It was these criticisms, together mends a shift towards a more cant supplier or customer. to account for some 700 statu- a , ' naau QIte-c “ or,,,,,tfnt HUSi0 


SHARE OF 100 LARGEST 
ENTERPRISES IN UK 
MANUFACTURING NET 
OUTPUT (%> 


The crisis in 


to account for some 700 statu- “ «”?*»** 


THE DISMISSAL of Mr. Byron 
Hove, who for a brief two weeks 
«as Rhndesian jomi minister n[ 
, Justin* Law and lias pre- 

v: filed the sigiiaume-i tu the 
Rli-id-.-iau i menial seilletncni 
■.u!ii a iiiajur i-ri-is Critu-s nf 
i hr March :: a.reemem ln-tweeu 
M*. Ian Smith, the Rhodesian 
Prime Mim-U-r. and ihe black 
“ inierual " lenders Bishop 
Muzorcua. ih«- Rev. Siihnk- and 
•'luff Chiraii. P"ini ■•m that 

-luce i 1 . vines vim im-liule the 
leaders of ihe Pairiniic From 
nhn control ill" eiiemllas. il 
I. tile Impe nf slopping Hu- 
war nnr of eaniin-i vv ides p read 

.nit-mai nma! roc'igmi mn. 

Him the Hove ismic now 
ihrvaiens the utj existence o( 
I'm .-iiterinl -e:tlvme:it. Bishop 
MiiMivny. v. tu> .inpi.iinied llio 
i nr.ilon-ba*>ed tiarrisini- m the 
tr.-’. pi are. m::j or may nut have 
iic-n party to l:;s iliMiiissal. Mr 
U;«vi- was formally diMUHsed 
tivL-.v.ise nf Ciiifravms. which 
!i>- rclu-rii retract, to ihe 
i.JTect ihciv v.mil.i have io 
be P"-iliv v d!«cr:miiMt:iin in 
fj'our el African^ m the police, 
jud. ciary and civil -ervieo. Tins 
•..a. he!ii I.V- his whue co- 
in:;!; 'ter. Mr. Hilary Squire?, to 
e- ■uraveue ihe March :t agree- 
nnm. n ii.i when the m^iier 
e;i"ie Hie s.o.ir man K\ei.-uir.e 
i ’■ -il noi only Mr Simili lm I 

!!»■• Rev. Srii'de HTi.l Chief 
agreed i li.it Mr. Si|U|rea 
wa< riitht. 

Fragile 

Buhop Murorrwa •».iys ?he 

decision to dismiss Mr. Hove 
was taken in his absence, bul 
what maUer.s now is whether 
the Eish«p will implement hi> 
threat in withdraw from the 
internal seiiMneftt. While he 
is currently reserving his piwi- 
t:e:i o?K?rvi>rc iri Salisbury see 
Hie Executive Omneir-i deeisiou 
oh Mondav not to rptn-tafo .Mr. 
Ho vo. .md i lie Hi -hop's relalia- 
«nrv stai.-niem ve^ierdav caatin" 
d-.uibj un iho a u ri-»-m cut's 
v.duhiv as cvideiw-Q ifmt he 
\viil pn'ivibiv quit 

If the Bi -hop ilnt-s nor in the 
end withdraw « jio mado simiJar 
throats when iho .igreoni V |,f Wl1> 
hv.n-z no j»iT ial*-.i earlier uj Js 


year), the Hove incident will 
still have shown how fragile 
the internal settlement is. But 
if he goes it is probable that, 
whatever the wishes and efforts 
of the other parties. The March 3 
agreement will collapse. 

But once that is said, there i* 
no cor tain tv as to what might 
happen next. Now that the 
white Government has accepted 
thi* principle of majority rule, 
and has !j-.-gun. however hesi- 
tantly. to put U into effect, ihe! 
central i--uo in Rhodesia has 
become the cunie.sl for power 
in an independent Zimbabwe' 
between rival hlark politicians 

it may be for example that 
■mine of Hie Bishop’s lieutenants 
will try to continue with ihe 
agreement, but lacking his sup- 
port they are unlikely to suc- 
ceed. On the other hand, it is 
hem;.: sugyesli-d that Bishop 
Rlu/orewa. who has a deep 
personal antipathy towards Mr. 
Joshua Xkomn. joint leader of 
Hie Pal nolle Front, may try to 
rcsurreci laiks held spasmodic 
ally over the past iwo year- with 
Mr. Nkono - *- partner. Mr. 
Robert Mugabe. 

Little comfort 

There i« prociou« little com- 
furi m all uf this fur ihuse whn 
!iupi- fur a stable and demo 
era lie tran.-fer of power in 
BhodoMa As liie black pofi 
tic iu lib manoeuvre for power, 
ihe guerrilla war intensifies. 

Rhodesia will undoubtedly 
head the agenda in a series uf 
key meetings which British 
Govern men i Minister? will hold 
in London in the next few days, 
as President Sir Serelse Kharua 
uf Botswana follows President 
Kenneth Kaunda of Zambia on 
visits to the British capital. 
Both men — and President 
Kaunda is to go on to Wash- 
ington to meet President Cartel 
next week — will undoubtedly 
urge the adoption by all parties 
in Rhode-ia of the Anglo 
Ami.TKan >ci {lenient proposals. 
These may .ir may not be the 
right solution a: the moment. 
But the current crisis at luasi 
.-ugre-is that ihe British and 
American s flV ernnients have 
b-cn right to keep their options- 
•ipcn on the interna! settlement. 


MEN AND MAHERS 


First choice 
at the LSE 

The London School of 
Economics has just appointed 
its first aassociaie fellow. He is 
Jack Jones, who lists his educa- 
tion in Who's Who as “elemen- 
tary school. Liverpool.” but is 
no stranger to the higher 
reaches of education: since 1970 
he has been a visiting fellow 
at Nuffield College. Oxford. I 
learn that the idea of having 
up to six associate fellows has 
been discussed Tor some time 
by the LSE appointments com- 
mittee. They will nut have a 
•■•lipend or any set duties, but 
will give the regular members 
of the academic staff "the fruits 
of :heir experience in practical 
affairs.” ti is also hoped that 
they v if| do some writing. 

Can the LSE'* statement that 
Jack will be giving ihe pro- 
feSsors the fruits of his practi- 
cal experience be seen as an 
admission that economists somc- 
tuv.es lack knowledge of how 

Iho real world actually works? 


that The Ends of Power is 
firmly in the current bestseller 
lists. 


Food for thought 

Visitors to lunch with Sir 
Charles Forte nowadays receive 
an unexpected — and moment- 
arily bewildering— girt as they 
are departing. It is a copy of 
VV’ Ends oi Power by Bob 
Haidemau. onetime aide of 
Richard Nixon. 

One guest so favoured at a 
recent luncheon was Kenneth 
Cork, senior partner of Cork, 
Gully. He says: "I wondered 
for a moment if there was some 
ulterior significance m the title. 
But 1 wanted to read the book, 
so I didn't mind being given a 
copy. " Cork then realised that 
Sir Charles owns Sidgivick anti 
Jackson, publishers in Britain 
of the Haldeman memoirs. It is 
indicative of how Britain's big- 
gest hotelier ho s lately been 
captivated by his ventures into 
the world of books and maga- 
zines, He is especially proud 


Things fall apart 

We have grown accustomed to 
little other than dramatic and 
violent news from many in- 
dependent African countries, 
but 1 have just been given one 
graphic illustration of how time 
can erode the institutions left 
behind by colonialism. It comes 
From Dr. Esmond Martin, an 
American academic. He is one 
of the few outsiders who have 
been given access to the great 
collection of manuscripts in 
Zanzibar since 1963. when the 
island achieved independence 
and was rocked by revolution 
a month later. 

“I am probably the last per- 
son to have read some of the 
historic papers in the Archives, 
because they were disintegrat- 
ing before my eyes," says Mar- 
tin. Documents held on the 
island include bundles of letters 
from Dr, David Livingstone. Sir 
Richard Burton and many other 
19th century explorers, who 
used the island as a base for 
journeys into the African 
interior. "The air conditioner 
in the repository broke down 
years ago and no spare parts 
have been obtained. So the 
papers are failing apart as the 
salt air and humidity attacks 
them." 

Martin is a specialist in East 
Africa htoory and lives in 
Nairobi. His book about the 
dhow trade. Cargoes of the East. 
came out a few weeks ago. He 
has worked in many African 
archives and stresses that what 
ha< happened in Zanzibar i s not 
typical. But the island's collec- 
tion. including the official papers 
of British consuls throughout 
the Victorian era, is a unique 
record. 

When Martin opened old note- 
books "seas of injects Tell out.** 
Half of the documents he a*kcd 
for cnuld nut ho found. Once 
he was allowed into the main 
repository. “Lying against the 



" Government oil policy has 
always had a (oueh of ‘ Going, 
Going, Gone ! * about it ! ** 


walls are many large oil paint- 
ings. sume nine feci h.gh, of 

the former Sultans of Zanzibar. 
Many of the portraits have been 
mutilated by heavy scratches 
across the faces." Among the 
stack of paintings he noticed 
one of the Queen, left behind 
by the British administration. 


High rise 


No doubt made bold by the 
Price Commission's benevolent 
report on bank charges, the 
profit-conscious Post Office is 
applying a 100 per cent in- 
crease to the fee charged Hon. 
Members and Noble Lords who 
cash their cheques at the post 
office counter ln the Palace ot 
Westminster. The parliamen- 
tary journal, "House Magazine." 
says that Mr. Speaker has 
agreed to the charge suing up 
from 2lp to 5p, ag from this 
week. I wonder how this 
strikes those MPs — notably 
Peter Rost— who have been 
campaigning againsr the growth 
of profiteering cheque-cashing 
"banks.*' 


Thumbs down 

At a Congressional hearing 
this week, Congressman Donald 
M. Fraser, a Minnesota Demo- 
crat, has startled his fellow 
legislators on the House inter- 
national relations committee 
with the revelation that present 
U.S law permits the export ol 
such “ crime control ” items a.* 
thumb screws, leg irons and 
electric shock batons to 
countries that may violate 
human rights. The Congress 
man's " find." dug from an 
immense list of exports, hi 
produced indignation, a provi- 
sion from the Congressional 
panel to ban such exports to 
“human rights violators.” and. 
naturally — headlines for 
Fraser. 

How many instruments of 
torture are actually sold by 
American firms to human right.* 
violators, ur for that matter, to 
anyone? Nu one really knows. 
The Commerce Department, 
which keeps the commodity con- 
trol list of exports, has checked 
and found that the sale of such 
equipment eannn! be tabulated 
because it falls under “ basket 
categories.*' Thumb screws, for 
example, would be listed under 
"iron and steel products.” 

."We don’t know how much 
activity there is in this area of 
crime control materials export 
ing," sqvs a department spokes 
roan. “ We export no crime con 
trol equipment to Communist 
countries or South Africa — 
with the possible exception of 
metal detectors for airports. 
“Any activity there is probably 
exists in more exotic areas like 
he detectors and photographic 
or ballistics equipment.” 

However active the' trade 
may or may not he. human 
rights violators will now have 
io look for their thumb screws 
elsewhere. 


Observer 




VJ f 










-Financial Times Thursday May -11 1978 


23 


ECONOMIC VIEWPOINT 


The dear old Duke of York 


!tVTX*H REGRET, but without 
lipology* this column must con- 
f*nr itself yet again with 
.iionetary management — or 
I’sther mismanagement The 
'3ritish authorities are not alto- 
Mr u-i, ti , rether to blame for the latest 
. in^^wcimtimop of the Grand Old 
‘' ’jini'j ar 'ii llu :,uke of Yorfc up the hill of 
rates, because it . has 


... 

'•een necessitated partly by 
vents in New York: the Fed 
ias become worried because 
, J(1 'he TJ.S. money supply is 
PParently rising out of control 
.. f. T gain, and has responded in the 
. ... , :i * raditional way. London, while 
‘ 4 ri »< POU°d is wak, can only fol. 

i-, u bj, However.. the fact - that 
, -' J ^ /OHdon rates have to rise fur- 
, " : ••rhr.v her and faster than those in 
. " !■-, Jew York is our own fault The 

. 1 £ Iritlsh market is so shell- 

" -''fei-i v hocked by the mismanagement 
1 f recent years that it will now 

l » s e spond only to explosive ges- 
■’ ■'"i ures. 

And so it is likely to continue 
, ' J, '. , r l i Jl a long as the authorities rely 
n deliberately destabilising the 
■"■•i narket to achieve what ought 
:i ii,. . if 0 fae 311 orderly process of fund- 
" ' :m| 2 ' n 2- Although the numbers are 

• as dramatic as they were 
.*■ i, arj, j B 1976, this Is about the most 
iv |. t a j;* Mamaging of all the successive 

• l ’f-N ti!^ pisodes ' since has carrI ®d 

>:i;i kr ,n 8-term interest rates into 
" 1 'hat are prospectively large 

’Positive numbers in real terms. 


‘•huh, 

"■“"'■"■ft !ven those who think that we 


i . iM " "^re stuck at about 10 per cent 

• , .. r " ^nfliition for ever cannot regard 
. •. . 1 ..;. '* ilt yields at just .under 13 .per 

• • - -,. r '^ent as historically cheap in a 

. ' fee Prassed economy. 

:i ji Certainly industry does: the 
‘. , ' i /decent remarks of Mr. Terry 
•' ■■ ..iiHnu I, eckett, the chairman of Ford 
i! j ‘.K., should hang over the desk 
! wr$. f every monetary official. Bof- 
1 • *•' i tf owing for investment purposes 
.•r." ; v i ; ven at floating rates has be- 
,ome what be calls “a forbid- 


dingly expensive switchback," 
so that investment can now be 
paid for only from retained 
earnings or Government grants. 
Industry has .virtually been cut 
off from the financial markets 
except to raise equity or finance 
quick-moving stocks. 

It is of course an article of 
faith in the Treasury and in 
Thread needle Street - that 
interest rates have no effect on 
industrial investment decisions; 
this' - has been demonstrated 
again and again by research in 
the past However, that research 
was done at a time when 
interest rates were relatively 
immovable. It simply does not 
apply when interest rates are 
in real terms almost entirely un- 
predictable, for what is now at 
stake is not the cost of funds, 
which cannot be forecast but 
the risk of a ruinous rise of 
the cost 

The fact that rates are getting 
more and more unstable in real 
terms, although the real econ- 
omy is drifting sluggishly back 
towards some form of stability, 
is the result of a compound of 
policy errors and management 
errors. The biggest errors have 
recently been made in the U.S. 
rather than in London, but that 
is no ground for complacency 
on this side of the Atlantic: 
American foolishness has been 
condoned and encouraged by 
British officials. The wildly 
excessive expansion of domestic 
credit in the U.S. has been 
allowed to continue unchecked 
and uncriticised as long as the 
weakness of the dollar and the 
vast interventions of foreign 
central banks have mopped up 
the excess liquidity crested in 
this way. 

In the last few weeks, how- 
ever. a mere pause in the 
dollar's decline has exposed 
what is going on: the check to 
the qutflow across the exchanges 


has allowed most of the growth 
of credit — which has probably 
slowed down recently — 10 
appear in the domestic money 
supply. The Fed, under ils new 
chairman, is at lenglh taking 
action. 

If the aim is to bring DCE 
down to a rational level, the rise 
of rates will have to go a good 
deal further, for the U.S. econ- 
omy has become a glutton for 
credit. More probably renewed 
weakness of the dollar, a re- 
newed outflow and renewed 
intervention will restore the 
illusion of mnnetary restraint 
For a little longer, until there 
is a still bigger crisis. 


Numbers 


Incidentally this chain of 
cause and effect has at last been 
noticed on the other side of the 
Atlantic. The Bank Credit 
Analyst, which although it is 
published in Canada has a con- 
siderable influence in Wail 
Street, has published an article 
which explains the concept of 
domestic credit expansion to 
U.S. readers, probably for. the 
first time for most of them. It 
has also worked out the relevant 
numbers for more than a 
decade past, with the revealing 
result shown in the chart. 

There is room for some tech- 
nical argument on the numbers 
used, but the broad picture is 
unmistakable: the Fed, while 
preaching monetary restraint, 
has in practice permitted a 
potential money growth which 
has at times been twice as high 
as the recorded figure. As long 
as the U.S. was simply satisfy- 
ing a foreign demand for official 
currency reserves, the excess 
was willingly absorbed; but 
each episode has ended in a 
dollar crisis. 

The most recent episode 


could have been checked last 
year by a relatively modest rise 
of rates, but any such notion 
was regarded with horror no I 
only by authorities such as the 
OECD in Paris — which perhaps 
welcomed the fact that the U.S. 
was offsetting what OECD saw 
as excessive restraint in Dther 
countries— but even by the 
Bank of England, which would 
never permit such things at 
home. 

It may seem illogical to attack 
the Bank for doing at home 
what I have just attacked, the 
Fed for failing to do. and 
moving early to check an exces- 
sive growth of domestic credit; 
but here the issue is not the 
underlying policy, but the way 
of carrying it out. The policy 
aim has been broadly right, but 
the cost has been excessive. 

The Duke of York policy — 
which means basing funding 
strategy on contriving an end- 
less series of bull markets, inter- 
rupted by sharp crises — inevit- 
ably carries a steadily rising 
real cost. After Lbe first crisis 
of inflation a recovery was per- 
fectly credible, and the whole 
episode was achieved with 
interest rates which were, at any 
rate on a short view, heavily 
negative in real terms. After 
the 1976 crisis it was seen that 
the profits of such a bull market 
were not reliable, and rates had 
to be pushed right up to the in- 
flation rate to get the market 
moving again. This time round 
it is seen that the crises are 
part of the system: investors 
require a large positive return 
on their money to come back 
into the market. 

A number of alternative tech- 
niques have been suggested. 
One is to rely on the yield 
curve to ensure that savings 
institutions find it excessively 


Two Measures of Monetary Expansion- Domestic Credit Expansion 4 " & Money Supply %) 

25>; 


25 


f^ncreasa of Bank Landing to Public & Private Sectors, Notes * Coin in Circulation 
with the Public, plus Overseas Lending to Pubfic Sector. ■ 


Annual * Change of D.C.E=J)i 


(Projected^* 





-ns; 


•'(^Annual 7 e Change of IVfe 


(Target) 




re 7 1 1 U 1 1 III* I I l I [ 1 1 L- 1 

i960 ’62 64 66 ’68 70 72 74 76 


5 

+ 

D 


expensive to stay liquid: this 
would ensure steady funding in 
a stable market. I doubt, how- 
ever, that this particular horse 
would run in a world in which 
the world’s biggest currency is 
managed In such a destabilising 
way. Unless the dollar is stable, 
short rates are bound to be 
volatile. 

A second- approach is to keep 
a much tighter rein on the 
banking system, by disqualify- 
ing Treasury bills as a bank 
reserve asset, so that the 
authorities could use a full 
range of market instruments to 
fund their oton borrowings, as 
is done in the U.S. 

A less radical tightening of 
control could be achieved with 
a good deal less drama simply 
by a different approach to mar- 
keting Government stock itself. 
One possibility is to hold a 
monthly auction, which would 
ensure that the long rate 
quickly mirrored shifting finan- 
cial expectations, and might re- 
duce the need to manipulate 
short rates. The authorities al- 
ready have become much more 
flexible in their management 
of the official '‘tap” stocks. 

However, this would do 


'•SY.f- 


nothing to reduce the cost of 
long term borrowing, or rather 
its large unpredictability. For 
this purpose some alternative to 
fixed-interest borrowing is re- 
quired — as was tacitly admitted 
in the (largely unsuccessful) 
launchings of floating-rate stock 
last year. Some stock carrying 
a relatively predictable real 
rate of return, indexed either 
to the GDP deflator, or — to 
avoid effects spreading right 
through the economy — to a 
single commodity produced by 
or held by the public sector, 
could be a great help here. An 
oil bond nr an electricity bond 
would appeal as an asset to 
pension funds, and to industrial 
users of such commodities with 
surplus funds: it would improve 
portfolio balance and reduce 
uncertainty. 

The danger to be averted is 
not so much an excessive 
burden on the taxpayer — 
though the current cost of ser- 
vicing the £]2bn. of long-dated 
stock issued since the great in- 
flation set in currently is more 
than £Ibn. more than the cost 
of servicing indexed bonds in 
the same amount — but of 
perpetuating a high borrowing 


requirement more nr less fur 
ever. 

This arises in three ways. 
First, quite simply, a large pro- 
portion of the £5bn. or sn now 
paid out gross in inrerest on 
Government and similar slocks 
goes to funds which pay no tax 1 , 
and which must be persuaded 
to reinvest it in public sector 
stock. These funds have become 
overloaded with fixed-interest 
securities, and require ever- 
higher returns. 

Secondly, the result of cheat- 
ing savers in the past — the sup- 
posed triumph of borrowing at 
large negative interest rates — 
has provoked higher personal 
saving, which has to ho offset by 
higher Government burrowing. 
This may right itself when 
savers have rebuilt the value 
of their portfolios in real terms, 
but the losses have been so 
heavy that we shall be paying 
for this illusory saving of pub- 
lic funds for some time to enme. 

Finally, and roust insidious, 
is the effect to which Mr. Bec- 
kett has drawn attention, ir the 
public funding requirement is 
large, and managed in such a 
way that the cost of borrowing 
is hnth high and unpredictable. 


industry is effectively crowded 
out of the financial markets and 
relies either on internal finance, 
enhanced by grants and tax 
allowances. Dr on NEB»type 
public support. 

Better management of the 
financial market is only one 
element in reducing this enor- 
mous burden on the public 
finances (which, if investment 
allowances are included, largely 
explains the obstinately large 
public need for funds). A re- 
covery of profits, cm -' hi raged by 
Ihe true measure of costs pro- 
mised by inflation account sng. 
must play a lar:** paw: and a 
reduction of inflation does have 

the ment that it reduces the 
tax loss throu-'li stock relief, 
even if it increases the real 
cost of servicin'.: long m!t». An 
avnidam-e uf the kind of fi>ca! 
mistake made in the proenl 
Budget cuu Id jImi help re- 
duce drama. 

Bui what is required abme 
all is an understanding hy the 
authentic, of the real cost 
financial in-.f.ihilit> — ulneli is 

much more important than the 
average I «*rel of interest rate — 
to the economy. Stability used 
to be a prime and well .1u>tiii«->l 
objective in the management of 
the markets, until the rsv of 
nu me lari ■-ill made it unfa--Mii<it- 
aide: monetary control mu-.t he 
imposed, and willingness to let 
interesi rales move sharply was 
presented as a pr**-l of virility. 
IJke nearly all stark choice-- in 
economics, this was based on a 
false prospectus: in fact we 
need both kinds uf stability, 
though they arc at times 
nml ii. illy evelusne. and difficult 
compromises arc necessary. The 
real illti -ion in einnonuc 
management is the illusion that 
there are easy answers. 

Anthony Harris 


r. 


• ■ u •nil's 

: ... is*. 

vs».| 

"i i 

|Later start 
: :j;m pensions 

• ■ N-.iyom the managma director. 
i "i dmmistration. Industrial and 

< . i -j laikogenicut Sennets. 

• ■ 1 r-i* Sir*— A confusion occurs in 
'./fee: eople's minds about pensions be- 

• -rjp ause it has in. the past been very 
i . ‘iMnmon to insist that the in- 
' . t'srvice benefits— that is, those 
hlle in the employment of a 
: ' f - impany before retirement— shall 

• -'it » contingent on beirig'a member 
‘ the “retirement plan." A 

.,;rv ?cond confusion, occurs when 
... i tnsidering the nature of the 
?ncfits — retirement pension is 

>w generally accepted as a form 

deferred pay. not a reason 
..e.-i" : r retaining the long service of 
. •.,« ■ t employee. 

„.j£ A practical solution, now being 
. opted by a number of schemes, 
1 to provide “in-service" 

• •' ,v nefils from age 18, but not. to 
•i .'- wZ . mlt employees to parficipa- 

. i ;••••* m in pension schemes until 
... ~,-i y 35 or 40, giving no allow- 
.... ib‘ 'Ce for earlier years Jmt with 
. more rapid accrual rate, to 
ll " aduce the previously envisaged 
trel of pension at retirement 
. :e. The costs will only be 
: arqinally higher when com? 
ired as a percentage of the 
tal payroll, and - as stated by 
mr correspondent. Mr. Fergn- 
□. May 8, administration will 
! *'mt>ler. ^ ; ..‘ 

?iv.or; * v3nflf:Zt Is certainly doubtful .whether 
| .mn 15 uer cent- Will. stay with 
lie rmplover their whole work- 
l;ig life and it would be un- 
pasonabte to expect- anyone to 
» so tied down. -This is another 
»rv good reason *or starting 
■ I ?nsion‘ arrangements' at” a; later 
!;e. to .which can be added a 
n'rd— most ’ people - In their 
'irlier years havemore pressing 
Innmitments in the setting^ to- 
!»ther of a home and starting 
! family. 

! It has not been . my experience 
at even . . a ; . majority of 
nployees have ■ favoured ■ an 
!irly age stiu:t to pension build 
a if they have had the position 
td the -different possibilities 
i early explained. . 

P Cleuiinson. 

»yfleld. St. Leonards, Tiing, 
t f fts. 


Contracting in 
lor out 

ram Mr. H. Stocm. . 

Sir — While not agreeing 
iitirely with all of Mr. Newton s 
irlier comments (April 23) . i 
wpriiDnot allow Mr. Moffatt s.subw- 
:■ \ jjeat assertions (May 4) to go 
.'•■afnchalJenged. A , 

In . making cost comparisons 
• '</ 'tween 1 contracting-in and out, 
3 W many companies have 
jnulnely allowed for the reduc- 
on in the overall 7 per cent 
ational Insurance contribution 
tving to 41 per cent- over the 
mi 30 years? In any event 
is" pre-supposes that the full 
- per cent saving Is >n fact 


Letters to the Editor 


The vital difference is that the 
state Mini is available at a fixed 
price, while the second Mini can 
be exchanged for anything from 
a moped to a Rolls-Royce with 
fewer statutory restrictions than 
apply to the contractedrout 
Princess. 

This demonstrates the" potent 
tial flexibility of contracting-in 
plus topping-up, which surely 
holds attractions for employers 
who do not necessarily wish -to 
provide a Princess for ail em- 
ployees but, according to choice, 
a Mini plus, anything up to a 
Rolls-Royce. 

R. K. Sloan. 

(Director and Regional Actuary) 
Martin Paterson Associates. 

9. Albm Place, 

Edinburgh. 






per cent aa*iut, -- ---- 
railable to the contracted-out 
• , heme, whereas 24 per cent- 
= itually goes to the members 
• id would have to be clawed 
^ 1 ick by way of increased mem- 
, ‘rs’ contributions. 1 believe that 
a decision to contraet*out taken 
Lj f the publie sector employers 

1 ' j ould largely be disregarded in 
l Is context, as they are surely 
? it subject to normal commer- 
9 ftl financial criteria, 
i To suggest that contracttng*ont 
I : the only logical- decision for 
e bulk of employers already 
f J rering a “ superior private 
msion scheme”’ is to J 0 * 8 ® 
sole point of the In/out debate, 
mtinuing Mr. Moffatts analogy. 
e choice is not between a state 
•ntracted-in Mini and private 
,itracted-out Princess, but De- 
ceit two Minis. and t one 
, lincess for the same total cost. 

t 


Consequences of 
mass unions 

From Mr. G. Wansbrough. 

Sir,— The very interesting 
article (May 8) by your Labour 
Correspondent Alan Pike does 
not cover all. the economic issues 
Involved. 

The mass unions covering all 
the* employees In an industry 
naturally tend to give preference 
to the welfare of the greatest 
proportion of their membership, 
which naturally consists of the 
less skilled operatives. II is this 
process which has- led to the 
narrowing of differentials, so 
that it has become less and less 
attractive to men to make the 
sacrifices and face the hard work 
Involved in learning highly 
skilled workmanship. It is similar 
to the process of equalisation 
which has so much undermined 
the position in this country of 
those economic leaders, whether 
in public or private seetibns of 
industry, who -receive in this 
country so much Jess" reward for 
their services .than .either they 
deserve, or cad earn overseas. 

It. Is undoubtedly in the 
interest of the whole community, 
and certainly in the long run as 
much to the .interests of • the 
lesser paid as to the others, that 
we should become in every; way 
more efficient. .There can be 
little doubt that separate unions 
bargaining for tbe more skilled 
workers — for example, tool room 
workers, as well as managers and 
the. like — should . establish the 
requisite differentials. 

It is as plain as a pikestaff that 

if an industrial revival develops 
in this country on a scale likely 
to lead . to reasonably full 
employment, we will run into a 
shortage of skilled labour which 
may fatally Imperil tbe revival. 
A major cause of the foreseeable 
shortage of skIHed labour will 
have been ' the reduction of 
differentials -caused by the mass 
unions. 

All power to the elbows of Mr. 
Lyons and his like. They, and 
the bargaining units which they 
would develop,, are tbe best 
friends there could be to the 
improvement, of the standards' of 
living of the less fortnnate 
members of the community. 
George Wansbrough. 

Udimore Cottage, 

Otterboume Hill, Winchester. 


With a whole three months of 
carte blanche enjoyed by ex- 
ecutives. secretaries— and the 
odd temn-r-the final total is as 
predictable as the weather. 

As a small company we are 
less able to suffer abuse of the 
telephone facilities even if such 
abuse is perpetrated by Well- 
intentioned types who have an 
inability to conclude a conver- 
sation. 

The Monitel — or even a 
simple dock— can make all but 
the most , garrulous, more pru- 
dent. But it affects only the con- 
scientious and does .nothing to 
tackle the rea\ problem. 

We have achieved peace of 
mind by the simple addition of 
Post Office digital meters to all 
our lines. Normally, with a free- 
for-all for exchange lines, the 
buck cannot be passed back to 
individual executives. We have 
solved this by giving them all 
their own lines for outgoing 
calls and reserving a reduced 
number of switchboard lines for 
incoming calls. 

Clearly this would be imprac- 
tical in a larger company but for 
the small company it works. The 
cost of the few extra lines and 
the metres is more than offset 
by the saving in charges. The 
weekly tally of telephonic ramb- 
lings is enlightening. Everyone 
has been horrified at the cost 
and ope well-meaning but talka- 
tive soul discovered he was 
using twice as many units as 
nay one else in the company. 

The. meters are no new Idea: 
but they do provide peace of 
mind. Apart from the possibility 
of a clandestine operator call — 
which would show up on the 
bill, anyway — our system can 
withstand tbe onslaught of even 
the most unprincipled users. 
Michael Evans. 

4, Hammersmith Broadway, W.6. 


down telephone meter was 
specifically to cater for this 
sector and results during the 
first few months of selling the 
units proves this to be a very 
worthwhile market indeed. 

With equipment available in 
the U.K. ranging from £50.000 
right down to £26 and perhaps 
as low as £15 in the not too 
distant future. Busby had better 
watch out! 

Y. Craven. 

Pinnerwood Management 
Consultants. 

Pirmmcood House, 

Ptnner, Middx. 


Cutting the 
cackle 


Telephonic 

ramblings 


From the Mcmngmg Director, 
Murray Evans Associates 

Sir,— The Monitel telephone 
costing unit (Executive’s and 
Office World, May 8) raises a 
welcome discussion on the whole 
question of individual telephone 
usage in any size of company. 

Opening a company telephone 
bill ranks in horror potential 
pnly one or .two points below 
slitting a tax man’s envelope. 


From the Marketing Director, 
Countdown. 

Sir, — John Lloyd's article 
“How you can cut down on 
those "phone bills " (May 8) gives 
but a foretaste of an entirely 
new minor industry currently 
being created in the field of 
controlling, monitoring and re- 
ducing the cost of telephone use, 
particularly in tbe U.K. where 
the Post Office charging system 
is both complex and expensive. 
Already, there are five different 
manufacturers' equipment on tbe 
market competing, not only with 
one another but also with the 
Post Office's own efforts in that 
direction. 

Two . basic approaches are 
apparent, one tackles the prob- 
lem’ at the switchboard by de- 
termining specific use and giving 
detailed information for manage- 
ment analysis. the other attempts 
to assist actual users of the phone 
to _ cut individual costs at tbe 
point of origination. 

Mr. Lloyd is perhaps less than 
correct in thinking that a device 
sitting beside the phone is more 
readily saleable to private sub- 
scribers than to businesses and 
that the latter will be better 
served with switchboard monitor 
ing. Certainly, large concerns 
will benefit from knowing where 
their "money is being spent and 
by discouraging unauthorised use, 
which can rise as high as 25 per 
cent of total costs, but those of 
us tackling the problem at the 
user end of the line are not SO 
much interested in learning 
** What has happened ” as in 
- stopping n .happening." 

. it is important to remember 
that between the larger business 
firms and the private subscribers 
there lies a very large number 
of small companies and pro- 
fessional concerns who also need 
to save money and cut waste. 
Our design brief for the Count- 


Land tax and 
expansion 

From. Mr. K. Hanson. 

Sir. — I wonder if the Govern 
ment is aware of just what effect 
development land tax is having 
on industrial expansion and tbe 
labour market. 

We have recently had a case 
where industrial clients of ours 
with approximately 50 per cent 
of their output going for export 
wished to enlarge their factory 
with, unfortunately, only one 
adjacent area of land suitable 
for such an extension. This is 
privately owned and irrespective 
of the fact that our clients are 
prepared to pay way over the 
market value for the s/fe. the 
owner having done his sums so 
far as capital transfer tax but 
more particularly development 
land tax is concerned, finds that 
the amount left in his pocket 
just does not make economic 
sense and consequently he is not 
prepared to negotiate pending 
possibly a change. -of Government 
and hopefully a more realistic 
rate of tax on development land 
values. 

The consequences of this 
disastrous legislation just in this 
one case is: (a) A loss of work 
for the construction industry: 
(bl A loss of further exports for 
the nation; and (ct A lo'ts of 
additional jobs that an extension 
of the factory would have 
created. . 

And as good neighbours, the 
cumbersome enactments of the 
Community Land Act are cer- 
tainly not the answer. 

Kenneth E. Hanson. 

Dacre, Son and Hartley, 

Station Road. Otley, 

West Yorkshire. 


Complying with 
car standards 

From Mr. 31. Honey. 

Sir. — There is a considerable 
mixture of opinion regularly ex- 
pressed as lo whether Great 
Britain should, by import restric- 
tion. protect our own motor 
industry against Japanese and 
certain European imports. As 
one who drives a high U.K. mile- 
age each year. I do seem to 
observe foreign vehicles which 
do not comply with the generally 
recognised British Standards, 
particularly with regard to the 
colour and position of side, head 
and direction indicator lights. 

There is no doubt that exported 
British vehicles have to ‘comply 
with the general standards of the 
country to which they arc des- 
tined "and this undoubtedy causes 
considerable difficulty to tbe 
British vehicle manufacturer due 
to diversification of markets. 

Am I right in assuming that 
we are a “soft touch” as im- 
porters, whereas the conditions 
faring our exporters an? to say 
the least a little tougher as aT* 
our own regulations on vehicles 
produced and sold in the U.K.? 
M. C. Honey. 

.973. Old Bedford Road, 

Luton, Beds. 


GENERAL 

International Monetary Fund 
team begins talks in London with 
Treasury officials on UJ-i. standby 
credit guarantee. 

National Union of Mineworkers' 
executive meets. 

London Chamber of Commerce 
Taxation Committee meeting with 
Labour Party Committee to 
discuss Finance Bill. 

Prime Minister attends Labour 
Party rally in Manchester at start 
of four-day visit to North-West. 

Mr. Roy Hattersley. Prices 
Secretary, speaks at American 
Chamber of Commerce lunch. 
Savoy Hotel. W.C.2. 

Mr. Christopher- -Tugendhat, 
EEC Finance . Commissioner, 
meets Goyferrior of Bank of Japan 


To-day’s Events 


in Tokyo to discuss possibility of 
greater access to yen financing by 
European banks. 

Freedom of the City of London 
ceremony for Marshal of the 
Royal Air Force, Sir Arthur 
Harris. Guildhall, E.C.2. 12.13 p.m. 

Amalgamated Union of 
Engineering Workers' conference 
continues, Worthing. 

Civil and Public Services 
Association conference continues. 
Brighton. 

PARLIAMENTARY BUSINESS 
House of Commons: Iron and 
Steel (Amendment) Bill, second 
reading. Co-operative Develop- 


ment Agency Bill, remaining 
stages 

House or Lords: Trustee 
Savings Bank Bill, second reading. 
Debates on enlargement of EEC 
and on North Sea oil licensing. 

Select Committee: Expenditure 
(Social Services and Employment 
sub-committee >. Subject: Employ- 
ment and training in the new 
unemployment situation. Witness: 
Mrs. Shirley Williams. Education 
Secretary (3 p.ra. Room 16). 
OFFICIAL STATISTICS 

Provisional figures of vehicle 
production (April). Finished steel 
consumption and .stock changes 
(first quarter, provisional). 


COMPANY RESULT 
Matthew Hull and Co. (full 
year). 

COMPANY MEETINGS 
Appleyard Group. l.eed>, 12. 
Beat son Clarke. Sheffield. 12-10. 
J. Bibby. Liverpool. 3. Corah, 
Leicester. 12. Met nil rax. Birming- 
ham, 1 1.43. Moulton i Knitting 
Mills). Leicester, 12 Rose diamond 
Invcsimeni Trust. 41. Bishops cate, 
E.C.. 11. Royal Worcester. Brovin's 
Hotel. W., 12. Rubermd. Dor- 
chester Hotel. W\. 12.13. Smith 
and Nephew Associated Com- 
panies. Grosvenor House. \V, 
11.30. Henry Sykes. 443, Woolwich 
Road. Charlton. S.E.. 12. Unicorn 
Industries. Windsor, 2.30. Williams 
and James (Enaineersi, 
Gloucester. 12. 


Don’t the people who 
create the nation^ wealth 
deserve to keep some 
themselves? 


Whether you’ re in business for yourself, or an 
executive doing a vital job.you may well feel you're 
getting a raw deal nowadays. 

Suppose your income is £10,000. 

Not so long ago, you could live well on that sort of 
money ..and set aside enough to create wealth 
for yourself. 

Today, high tax levels and inflation have made 
life more difficult Indeed.The Economist Intelligence 
Unit has estimated that anyone earning £10,000 


COOOS MfriNCOME 
241 


20| 


I Si 



.14 


IB 


22 


2S 30 


EjDOOs 6 10 

GROSS INCOME 

Sourea: U^K.TaySgyingafortbgjji gjiT Paid. Pub. E.I,U.ltd- 


Salary needed to enjoy the 

same standard of living 

Salarv before lax 

Saiaty before la*: 

January 1971 

January 1?7S 

€ 

L 

2,500 

6,500 

5.000 

14,500 

7.500 

28.500 

10.000 

43.500 

15.000 

59,51X1 

Based on a married man v.itn two children. 


A comparison of net earned income aftertax in five major 
industrial nations, (Example: a married man with two children.) 


seven years ago needs over £40,000 to enjoy the 
same standard of living today. 

Yet the problem isn't insoluble. If you know 
how, you can save money that would otherwise go 
to the tax man, and use it to pr ovide for your 
own future. 

Today's tax structure, if you take advantage 
of it properly, can help you to create wealth for 
yourself. But, with tax regulations changing frequently, 
you need the help of experts. 

This is where we come in. At Equity & Law 
we have.l 34 years' experience of successful money 
management We can prepare a plan for you that 
will ensure you are able to accumulate capital free 
of personal taxes, so that instead of you financing 
the tax man, he's helping to finance your future. 

Talk to your financial adviser, or contact us 
direct for more information. But above all, don't 
delay. For every extra day that passes you would be 
paying money to the tax man that could be working 
foryou instead. 


Equity&Law 



Equity & Law Life Assurance Scxiety Limited, 20 Lincoln's Inn Fields, London WC2A 3E51 






i . - 


Financial Times Thursday May 11 


COM PAN \LN KWS 


Current 


Selincourt tops forecast with £4.23m. 


Akroyd & Smilhers ...int. 5 

Allied Irish Banks 5.69f 

Bishopsgaic Trust 4-2J 

British -Borneo Petroleum 4.46 

Peri tend fi.fi" 

External I nr. Trust 2.5 


payment payment 


RECORD PROFITS Of £4.2:Jm. 
before tax for the year in 
January SI. HITS, arc announced 
by Selincourt. the textile and gar- 
ment manufacturing group. This 


onc-for-four rights issue 


cent, of total U.K sates (1:1 per 
fcnu. 


capital. 


stated carningfi arc up from f>.44p 
to 8.7p. Had tax been charged at 


INDEX TO 

COMPANY HIGHLIGHTS 



Company 

Page Col- Company 

Page 

Coi, 

Akroyd & Smitbtn 

25 

7 Hepkinson HJdgs. 

27 

2 

Allied Irish 

77 

1 KCA Inrnl. 

24 

6 

Aquas aitum 

77 

2 Lee Refrigeration 

24 

3 

Bishopsgate Trust 

77 

3 Modern Engs. 

24 

8 

British Borneo 

25 

4 Perry (Harold) 

25 

3 

Burmah Oil 

24 

S Queens Moat 

27 

6 

Bunde (T.) 

27 

7 Richardsons W 'garth 

27 

6 

Camrex 

24 

5 ‘ Royal Insurance ■ 

24 

7 

l’ 

Deritend Stamping 

24 

2 Sheffield Brick 

25 

4 

External Invx. 

. 25 

4 Transatlantic A Genl. 

2* 

1 

Foster (John) 

24 

5 Travis Sc Arnold 

27 

1 

Guardian Royal 

27 

4 T ricoville 

25 

3 

Hall Bros. 

24 

4 Wadkin 

25 

2 

Heal & Son 

24 

4 - Whitehouse (Geo.) 

25 

3 


2 at IL30 j m- 


Hall Bros. 

better 

mid-term 


J Foster 

2.5 

July 12 

Jersey General 

s 

— ■ 

KCA International 

.Nil 

— 

Queens Moat Hotels 

0.2 

— 

BoIJncourt 

O.Ttf 

July 3 

Sheffield Brick 

2.1 

— 

Soot bend Stad 

0.65 

— 

Third Mile Inr. 

Transatlantic and Gen. 

0.5 

June 26 

Invs. 

2.25 

July 4 

Tricnville ..int. 

0.9 

— 

G. Whitehouse Int. 

0.91 % 

Juno 16 


Corn*- 

Total 

Total 

spondins 

for 

last 

djv. 

year 

year 

5 

4.44 

7.5 

6 

3.6 

6J25 

5.25 

4 

6.74 

6.1 

6.02 

9.97 

9.02 

2.1 

4.75 

3.75 

1.63 

2.5 

1.63 

7 • 

13 

11.5 

nil 

0.1 

nil 

0.13 

0.33 

0.13 

0.56 

i.ast 

o.yfi 

1.85* 

2.85 

2.23' 

0.32 

0.35 

0.32 

i nil 

0.09 

nil 

2.1 

4.5 

3.75 

0.7 

_ 

1.32 

1 0.81 

— 

2.09 


Royal suffers from 
U.K. storms claim® 


tui? ADVERSE weather condi- But at present there are no rate 

in the l! K this winter increases iu the pipeline. the 
luJhed'VyS toumnSe into an review being made In Septe*^ 

undenvrit'ng Ioks situationfo ynderwritine outside the tft 
ItLSrUTK a 0f .o« e on y ?he moved front WE 


w oMC? 1 m** com pared" with the first quarter oflS77 to iiftjj 

* S for the coi«s- ofJBJfc the .Mn? of .ft 


mi unis written ruac 

marginally lo 2319.9m tram £31am 


only accounts 


. — 'C. 


Elsewhere, the unde; 


but. excluding the effect of " *K*L. *£* s 


change rales, premium growth slightly lower despite the 9*01* 
J-g S Its per cent. Pre-tax profit* weather, but profits in Aus*g 
2M . nareinallv over 1077 were down because Of the setttt. 


Dividends 
* Equi 
increased 


7 GROUP LOSS or Hall Brothers 
- Steamship Company was reduced 
from X68.9G3 to £58.000 for the 
4 six months to February 28, 1978, 
•- after all charges. Turnover for 
' „ the period was up slightly from 
1 £358.661 to £380.000. 


John Foster profit 
jumps to £0.84m. 


area of operations. continued to “r .tL “1 

im Drove with an overall under- *• *J?**!2* 1 **■ 


l m rK%rom ot* flL5m compared 

quarts r^°of 

n- = „„„ ...imd Investment income rose 


ratio being 97.5 per cent, against Investment income rose by^ 
IifMJl per cenL . P** - renL to Ci.Snt. Bur tt& 

This continuing improving growth was held back by ifc 

trend in the U.S. was achieved effects of movements m exchflnjk 


"°“ ,d haVC Pile fabr.es- for carpets, fur 

JS*.rFZ-£ r .2'.* mn m SSd growth*! *" particularly iftS 


amount to 23 Sn (17.8pi. 


latter tvio areas. Filigree, the net 


AH the textile and uarmonl curtain subsidiary, also showed 


companies in the croup traded promising figures. Borrowings 
pro. 1 1 ably during the year. The .-,,-e down to £8Sni illO fim ) or 


current year has started well, and iifi per cent of shareholders' 
all the indications are that further funds \t l'6p the p c of 2.0 (5 7 
progress will bo made, say the fully taxed 1 and yield of 7.3 per 


directors. 

G mu p reserves stood at £!i.4fini 
at ihe year end and afier a write 
back or deferred tax mainly in 
capital allowances or £1 14m.. less 
an adjustment to property sur- 
plus of i'tv'Utfio ami losses on 
ro reign exchange adjustments of 

mo.uuo. 


cent does not look demanding. 


1st. quarter 
sales rise 
at Lee 


The directors slate that at ni-e. 33 weeks t& March 3. 1978 from the yield ia U-3 per cent, covered making losses. The turnround chairman of RuyaK considte f‘i 
sent tuo of the comoanv’s vessels *387,850 to £$38,598 on turnover 2.7 times. in business came from the com- that the results achieved -provigg 

are operating on period time of ^13.8m. against £12.04 m. mercial side or the operations a reasonable start to the jnmt v 

chju-i ers at rates which reflect the At midterm the directors anti- __ T .« primarily in the property account, considering the severe wcatbflr 

continuing depressed state of the cinated that the full year profit |/ £ A 1 rif I ‘General liability and workers circumstances. But he pointed out 
market, hut which arc slightly would be significantly greater l\v/l compensation recorded a marginal that the results of one quiu% .. 


are operating on period time ^la.fim. against £lL.04m. 
char! ers at rates which -reflect the .^t midterm the directors anti- 
continutng depressed state of the cipated that the full year profit 
market, hut which arc slightly would be s^tfiramly greater 
better than current voyage trad- t “ an .those of They now 

ing. say that the result is due mainly 

One of these Lime charters will 1® export business and that the 
expire in May. 197S. but the other ««™rt order books are at a 
continues throughout the re- satisfactory level, 
reminder of this financial year. Slated earnings per -Jp share 
A I though repairs and surveys con- are more than doubled at O.Sp 


KCA Inti, 
recovers 
to £ 1.96m. 


profit while motor was somewhat jnnuld not be taken ns a rohftbj, 
*—«■«- ,: ' , ator of the outcome for tho 


belter. '-•■ator of 

The group experienced its whole year, 
wont claims experience in the 
l*.K. an the fire and householder 


over ?0 years. The January 


e comment 

.Sclincoiirt's profits advance of a 


Record 
£1.8m. at 
Deritend 


Refrigeration, says that 197S first 
quarter sales show an increase of 
13 per cent, and the directors are 
hopeful of another successful 
year. 

Market requirements are still 
gradually changing and, with the 
introduction of new styling and 


Heal falls 


third is much «s expected bear- IN THE YEAR to February 23. . , rh 

ing in min.1 Iliv riqhfs issue fore- 1M7S pre-tax profit of Deritend two nq>» models, the 0 roup u. well > B 1 ntn«“ M manufacturing ”of' " mohair T he result includes a £3Jim. 

MW. The garment manu fad 11 r Mumping Company jumped from placed to retain its present pom- f||p rPfl cioth-i. wonted sulfl^s and oSier l£2.39m.Hoss from Algerian drill- 

inc activities have shown the most C1.22m. to a record £I.79m. on tton and to take advantage or any 1 VU rlbrii * in S contracting, a £2.5m. release 

ernwih with their contribution to ritrnover of £2724m. compared uplift in demand. REFLECTING substantial Josses ' from provisions fnil). and profits 

profits rising from 52 to HO per with £23. 23m. previously. the new models are in the incurred in the course of m from dri,,in G 111 other areas of 

rent., while textiles meanwhile Directors say order levels in the growth areas of upright freezers rationalisation and reorganisation. ™ COItlmeni £4 .44m. (£1.9m.j. _ Overseas tax 

hovered around the 4D per cent, rorgine divi.-ion have Tallcn since a nd fridge, freezers and will Heal and Son Holdings reports a With the U.K. textile market still fakes £1.4m. (£0.4 5m.) and last 

mark. Tho advances from car- last year and results from the reduce L*c’s dependence on cheat pre-tax deficit of- £928,000 for ihe very flat. John Foster has had lo year there was a El.Gfim. transfer 

mom manufacturing mainly re- sector util not be maintained in freezers, says the chairman. year to January 31 1978 com- rely entirely on overseas trade for from deferred tax. ' 

(loci earlier efforts to get wshui us 1M7S-7U. , reDorted on \Dril 14 ore- pared with £25.090 for the Brow th. Fortunately, demand from Earnings per 2ap share of ihe 

subdiliarics l« sho\» a reasonable The profit of the fnrgme. cast- ^ n ro tits slioped from £1 77m previous 12 monllu Some £390.00(1 the more affluent Japanese and nil servicing and contracting 
return MacDougall. the Sent, Wt mu and electrical m Mafia tmn and f ,n ‘ B^on tu^Vr of !f th! iS. SsVSted TSim nS Hnng Kong markets is still very wuj. ■« shown at , f-P- An 


£0.9m. into 
the red 


There was an extraordinary de- £i5ggoO to £638,000. Premium f 

bit for the period, of £134,010 Turnover of ^ group-which accounts is c 
(£3^338 credit) and is arrived a l w ‘ rormorlv known as Berry factory show 
after a provision of £150,000 for Wj{ ,g ins an( j Company and is index-linking 
diminution in value of the invest- un JJ r offer from major share , contracts. 


growth 


ment in the associated company. 

Principal activities of group are 
mohair toptnaking, worsted spin- 
ning. manufacturing of mohair 



IS7S 

General omniums 

. £m. 
3i»'a 

L’udorvt ntiug loss 

l.i 

I'S. profil 

fca 

£1*0 who IV loss 

1.6 

I«li|t-I«rm profit* .... 

1J 

Invcomoni income 

27-8 

Associates . . 

as: 

Profit before tax 

2U 

Taxation 

. 11. L 

Minority 

o.!j 

AttrifiniafiL' 

I7J 

New Ufr 

fvnodlca! prrtnlutns 

' IS . 

Sinfllr premiums 

37 

Nt-w suns assured ....... 

SMI 

New amiual annuities 

KLT 


The result includes a £!.2m. 


ciothV. worsted stiiLi n« s an d o titer 1« from Adrian drill- 


comment 


ing contracting, a £2.5m. release 
from provisions (nil), and profits 
from drilling m other areas of 
£4 .44m. (£1.9m.t. Overseas tax 


Burmah shareholder grohp P 1 
to press for documents ■ ■ 


BY MARGARET REID 

The Burmah Shai 


to £1.64m. in 1977 oo turnover of of the loss resulted from non- Hnng Kong markets is still very group ore sno . -• p- ' The Burmah Shareholders renegoUatetl in the. autumn L 5f 

£26.7 m. 1 £22. 19m. l . At the year recurring items. strong, providing the -bulk of a mrerim dividend ^or Q tip ha ; s been AclIon Group ,.s lo move a resolu- UJ74 with an interest-earnaS 

end there was a deer-asc in liquid However, the directors say that *2 P?£. cent, rise jntolume sales pa id. t j on at ft urnu ,h Oil's annual meet- covenant when Burmah's cifeh 

r _ r hm Ab_. . e Mn Airt - ■ 1 - «... . . .. aF hum ji T 1I1; p nth nnit T hP .ill last Unit!. : _ •!... m m3 • : ...... ■ §■ , - 


tfi.ss „f £42.1)00). helnud b% t«« lax or 032.000 i£feU.,-S2) Re- ^nd s o f £Q«Vm £39^43 t radin-* conditions have recen ly of high-quality cloth and the 30 last lime, 

buoyant export demand while la ined profit came out at £491.539 ot xo * im ' ‘ ^ SS5 % Mtel htSJieSS * I" cent, increase in turnover. 

Trim-ca tho French Mibsidiarv. ti:!tS.l3l». increase). shown a marked improvement. ^ ro1ume> plus a huiher 

roniinun.1 to recover wi'h prutiN Earnings per 5tlp share arc LC\ profits arc shown al Turnover for the year -mowed mn h 9 j r mTii.ni m aroun sales. n,.u,„.» ..-. n 


increase). 

CC.\ profits arc shown ai 


of ERUtt.OOi) 1 £420 non I Meanwhile sliuwn ai 26. Ip f2QSpt. The final EU.SSm. (£0i4m.l after adjust- litDe change at £1 1.33m. improve margins by more .Mauri a a Imi 

among the steadier textile com- dividend of fi.STp (6.02p) takes ments for depreciation — £187,1100. (£ll2[rti.) and there wag a Lax tj- a n two points, and year-end RvIim*. - ironi prov. 
ponies Walker and Rice, which the total from 9.02u to 9.97p. cost of sales — £698.000 tXI.OHm.). credit of £120.000 (£8.000). profits are 116 per cent, higher. <j|^!.^ ir P rofi.V 


bably accounts for around half of 


• 

1977 

1978 


[>wa 

XMB 

THmutiT . . • 

Dnllinu i.onrracnm?— 


17.722 

Alevriao Ins* 

3.S10 

2.3S7 



— 

Oihi-r ar-.'is 

4 439 

1.901 

fnb-r prafi-s 

LJ7 

*311. 

Imrp.-M orhi-r uiLomc 

2S 


i.ivvrh.-ads 

1.933 

3.143 

Assoc. Iivi* 

— 

TS3 


MW 

tJ.aai 

UVerWJJLi IU» 

1J93 

433 

From dHk-rrcd lax 

— 


Nvi pro Hi 

_ 582 

t 1,792 

To unnarilii-s 

— 


Ksiraordlnan. frofils... 

42 

T4J18 


iptq iiig requiring the disclosure of flow .situation must have beta /. . 
0W8 documents about the company's known and its cash crisis ftas J.. 
17 ,T2a takeover of -U.S. oil interests in imminent. ; 


hich financed the mote. links m the story which -the 

Renegotiation of the - terms of resolution, to be put an a reqttbi- * 
ie - 3420m. - , originally worth Don backed by a sufficient nom- 


Burmah. now headed by "Ur. 


udiin mi uiisiJiiu . . - , .7 : 

with rescue aid and ,he resolution, having 

77.firn holding denied access to Die papexa™ 


SAB 


luiai o ^ D l*p«ial of asiuc. 

effects of lower consumer spend- Disposal 01 on Base 

ing and cheap imports, hitting uunuany 

both yarn and cloth sales. The Algerian losses 

important UJv. market is not d | Vld ;. n d!i " 

showing any signs of revival and ffinni ord ' 

export orders are currently slighl ly Retained 

lower than a year ago. So. there Loss. 



— 

243 

Algerian losses 

— * 


Aiirlbmahle 

604 

te.0S3 

Preference dividends 

32 


'nu-nm Ord 


— 

Rclnlncd 

533 

76.113 


Bur mall shareholders group disclose much • 

243 believes that Ihe information in °Vh p’ ° h ' 

iMt t hp dnruments minhi havp a hear- The shareholders group hai : 
“ \nn commissioned a report by stop- 


" v i"g on the case in which Burmah ijYn" consultants H. P DrTS 
- is suing the Bank of England for ™ Buraab's iSnkePflect in^74 
Ihe retur " »' th - Sc ™un. Which hi 


THE SOUTH AFRICAN BREWERIES LIMITED 

1 1 "corpora led in the R ..-public of South Afneut 


Plus dividends, of the BP shares, ^ised" £00.000 from ^mop 

Th«i« urn nnu unrlh ahnii n ... ...... . 


Camrex. foresees growth;: SpE 'fissS SawSSJ 

sEFsrKS Modern 


Sir. Alcit Cameron, chairman, says marine coating 01 erseas and has 


Preliminary Results and 
Final Dividends 


for the year ended 31st March, 1978 


fnrmance in 1977 he points to the p ale i n s hip buildinR and shipping au i umn 19 ' 4 - ... . , Order book for the steel wa* • 

improvement in profit lo sales industries P in these countries. To replace the original covenant and metal treatment division --df - - 
ratio from 7.6 per cent, to S I where there is adequate work at rela V ns Burmah s debt to its Alodcrn Engineers of BrisW 55 : 
per cent, which indicates the in- present the interest rate was (Holdings) Is at a higher lend *r 

creased efficiency achieved. As ramrex (Marine Groun) had a ra ! sed and a n ? w , c , oven a n f that than at the same time last year 
reported previously pre-tax di mcX tbue ^Lt jSr with mt6r ? s ? cost ^ should not exceed says Hr I. W. Adler, the etaflf- » 
profits for the year rose from 2" J. hudeet a * er a,n P ro P° rt,on of P rofits was man. although margins are ^jam * 

inriim. m £l.9r, m. on turnover pl L21 “ ° Xt D * ’ substituted. underpressure. _ 


FINANCIAL RESULTS 


Consolidated Income Statement 

The unaudited results of The South African Breweries 
Limited and Us subsidiary companies for the year inded. 
31 -t March. 1!»7S. compared with those for the previous 
year, j* as follows: 


decided to move to a twice-covered dividend position. On 
the basis of the improved earnings, the Board has declared 
a final dividend of S.O cents per share, making the total 
dividend distribution for the year 11.0 cunts, which is 16% 
greater than that declared in respect of the previous year. 


ft 7«m. To £1. Win. on turnover P T LroVS Sr thieved underpressure. < > • 

showing little change at around rw7«H r^F n TTie shareholders group claimed Modern Metal Treatment tt- ewv- 

£24m. by Camrex Cotroirton Engl neere, ye5 terday that the renegotiation perienced unforeseen difBcuhte . 

Tho reason given for the static the l0 ? ns a*re®ments “must during the second half oF WW**-. 

turnover is the change to asso- --»™L rnliS hare constituted a suicide deal for and he says these accourtt to 

dated status of one overseas sub- w «« Burmah ; that it was improbable the reduction in the profit of tto ssvr. , 

sldiary and the dosure of 1 §Irvi^ that l ^ e . *«pHcations if the group from £319.037 to £252.10 H t - 

anoiher. Total turnover of the » t n i?nih « L^nV renegotiation were unknown, to at pre-tax level: “fierce comp# M-uv 

overseas companies was £S72m ? he Government: and that it was tion and disruption of work fftw to-,-.- 

t£109?m ). of which direct ex- JS fftlf rewlSTta^W inconceivable that, it was the adversely affected the omaB 




Improve- 


1978 

1977 

ment 


R tn 

R ni 

“f, 

Turnover 

1.512.4 

1.4152 

7 

Prnfii after taxalmn 

67.fi 

fi'2.6 

8 

Outside sharehulders and Prefer- 




rnee dividends: 

14.7 

154 


At; riluii. ride t« Ordinary share- 




holders 

52.9 

47.2 

12 

Effect of fic.'ountinc policy 




changes 

3.7 



Adjusted earmnqs aflrihulahie 




iu Ordinary shareholders ... 

49.2 



Earnings per Ordinary share 





Cents 

Cents 


Before accounting policy chances 

24.1) 

215 


After accounting policy changes 

22,3 

— 


DivhliMid*) per Ordinary share 




Interim 

3.0 

25 


Final 

8.0 

7.0 



11.0 

05 

16 


FUTURE PROSPECTS 

An improvement in overall economic activity is forecast 
for the coining year and. in line with this, improved Group 
earnings are expected. 

For and on behalf of ihe Bond, 

F. J. C CROXJE (Chairman) 

R. J. GOSS (Managing Director) 


norts from the UJv amounted to uUce Deiter resuils in 13 ,a - banks which had precipitated profitability." ' j 

£6 7lm. f£«n8m.). Group fixed assets at December Burmah's crisis. Mr. Adler adds that the buiW-J 

The year was the first when re- 31. 1977. were £S.28m. (£3.8Bm ). Mr. Jonathan Stone, honorary ing services division will make ■ 
suits nf the Industrial activities The significant change arose treasurer of the group, yesterday contribution to profits this year- 

those in the marine partly through the discontinuance described Burmah's excursion into As at December SI. 1977. art 

field. This, savs Sir Cameron, of operations at Protec and the ihe tanker field in the earlier liquid funds Increased by £140.1811 

"ndnrsp.x the directors' policy to' change to associated status of 1970s as "the largest speculative compared with a -£112JIR 

»vnand the business outside the Camrex Contractors (Singapore), tanker operation in the world.” decrease, 

shinning and shipbuilding P 16 ?® reduced the net book value He could not understand how the Meeting. Bristol, on June 2;a! 
industry. by £400.000. loan agreement could have l>een noon. I 


2 .lan Smuts Avenue, 
Johannesburg, 2001. 
10th May. IflTS. 


I 


industry. 


!N BRIEF 


DECLARATION OF FINAL DIVIDENDS 


NOTICE IS HEREBY GIVEN that on 10th May. 197S. the 
Directors declared the following final dividends op account 
of the year ended 31st March. 1978. payable on or about 
7th July, 197S. to shareholders registered on 26th May. 
JUTS: 


ORDINARY SHARES 

A final dividend nf S.O cents per share, which together with 
the interim dividend of 3.0 cents per share paid on 30th 

hnnomhor lOTT enneocoot« .. FV.- fk A IT n 


December. 1977. represents a total for the year of U.0 cents 
per share Hast year's total dividend 9.5 cents per share). 


PREFERENCE SHARES 

Final dividends calculated in respect nf the six months 
ended 31st March. 1978: 


Ari'uunling Policy Changes 

The Board has decided to adapt a more conservative me thud 
nf accuiinliug Inr IJie furetgii -ubsidianch cwneiaP.'d wilh 
mir Hhode-iun interests' by dvconsnlidating ih«?ir assets and 
lialuliiu-s and bringing lo aecount income bnlj as and when 
receded. The effect of this change has been to reduce 

earnings in ihe rurrent year liy Rt.Im. 

Additional replacement depreciation nf R2.rtin has been 
rhjrced in the current year mt enhanced rcplaccm.-nt 
values of fixed a«i:ls in the liquor mteirsts of ihe Group. 


Class 

Nominal Value 
per share 

Dividend 
per share 

Cumulative 

R2.U0 

6^i cents 

7.0*T, Convertible 

Redeemable Cumulative 

Rl.no 

3.5 cents 

s.n% Redeemable Cumulative 

R1.W 

4.0 cents 

T.0 1 ^ Cumulative 

Rt.00 

3.5 cents 


COMMENT 

Earnings and Diiidend 

Earn ing- aUrihulahle In Ordinary shareholders, before 
adjustments in roped of aceuununs pulic> change.-, in 
cum par i sun with (he previous year, mi reused hi R3.Tm 
or !2 H ,r iu lotal R52.7in representing 24 i-eiiL- per >harv. 

The increase in earnings was brought about by a significant 
improvement in the profits »f the B«er Di\i«;nn which 
maintained its market position and achieved better profit 
m.irgms ihun in the previous year. StellenbuKch Win" 
Trust, in a depressed wine and spirit market, abu did well 
in better their previous year's performance. Within the 
diversified interests uf tho Group which. »n aggregate, 
cunt r i billed profits at the same level a> in the previous year. 
Snuihem Sun and Shoe Corporation achieved satisfactory 
niufii imprnvemenis and Rholuow and O.K. Bazaars turned 
in creditable performances in substantially maintaining the 
previous year's prnfii levels, inemuc from investments 
cRelco and UDC) and the Group's furniture interests was 
botuw that of the previous year. 

After adjusting earnings by R3.Tm for the effect of 
accounting policy changes, famines attributable to 
Ordinary shareholders were reduced to R49.2ni. equivalent 
to 22.3 ceuts per share. 

Because «»f the adoption of the mure" conservative 
accounting policies referred u> above the Board ha? 


Tim foregoing dividends are declared ;n the currency nf 
the Republic of South Africa. Warrants in payment will 
bo posted on or about 7th July. 1978. to members at their 
registered addresses nr in accordance with their written 
m-t ructions and will he desoatched from the office of the 
Transfer Secretaries in Johannesburg la all payees except 
those to whom payment will be made from the office of the 
London Secretaries of ihe Company fBarnalo Brothers 
Limited. 99 Bishopsgate. London ECZM 3XE). 

Any instructions which will necessitate an alteration in Ihe 
office from which payment is to be made must be received 
on or before 26th May. 1978. 


Payments from the office of the Lundon Secretaries of the 
(.om pa ny will be made in United Kingdom currency 
calculated by reference to the rate nr exchange ruling nn 
26th June. 197S, or at a rate not materially different there 
from. 


South African Non-Resident Shareholders' Tax at the rate 
of 12.633*7) and United Kingdom Income Tax will be 
deducted from the dividend.? where applicable. 

The Transfer Bunks and Registers of Member? m respect 
of the shares which are Ihe subject of this notice win he 
rinsed from 27lh May to 4th June, ]978. both dales 
Inclusive. 

By Order of the Buard, 

B . C. W A I GEL, 

_ _ . Group Secretary. 

" Jan Smuts Avenue, 

Johannesburg. 2001. 

10th May. 1978. 


FIRHIN AND SONS Chatties, hut ions 
and ml, .rarr ornaments ■— Results for MOT 
n'DOri'.'d April IS. Croup Raw, asv-K 
njn.Sfi'i iEN7.rK> Nift current as*-is 
r*i3.499 i £A26..'.ir ■ CCA profit tietorc ut 
CSST.Mn piigifUHii. alter cost of sail’s 
ndju«tn]»m f-9 OOn I'M.IKiQi. addiLorul dn- 
oreeiation IIP 000 »f:5.B00i. and arirtiiK 
arijiisuntm CO.OiK? irUDOO, Outlook fnr 
19TS encoursurtua. vrtih sales lor first 
Quarter a; high lord. FurlJier Increase In 
orofil anticipated MeeUna. Bimtumham 
Jane 2. at lg.IS p.m. 

JE5SEL TOrNBEE AND CO. Ibilt 
broKers and banlt.-rs >— Hesu I U Tor the 
year ended April j. 1974. reponed April 
J”. t>lU^ tfiscuinied £19S asm. tflM.nini > 
—British Governmctu Treasury P.»Hs 
£S0.!Msn. ill 10 "Jin. i ; cnnimercial arid 
niher Dill*— >l*irUii4 tilo.SSm. <173.C6.ii.. 
and U.5. dollars 12. 73m ilP.33m.i .U^m- 
!aa. 10. Comhill. E.C.. Jane 14. ai 3M 
p.m. 

BARLOWS i packers and warehousemen- 
— Dividend 7 Sfijp i samei rur 1977. Turn 
over ilao.TCl f£33J.43'ji. ProHr fas 191 
1 SW 4601 before us EJ3.3S1 ■ 524.731 » Es- 
ira-ordjnair eredJ's £2 J73 <oi,.. Eammas 
our Cl <hare 9 ip MMSp. 

POCHIH'S i ii hi Id mu civil eo^meentiB 1 
—Results fur six mootns to Xovcmbi-r .10 
i9.i. re pone-i April ifi. me dirrciorj 
«ir ihai present rc-sul n reflect Ihe sis 
nlfieani coninbulion lo pmfijs nf ms full 
I9IJ-T* *ear aruuuK from a dewlopm-nt 
or-jjcci which has Juw: hi -on completed. 
Pnifir for 197^77 ii-ir u'ws a record 
t477.IH)U. 

FAIRBAIRN LAWSON lEncmeerms 
Ddckjgina. otficc luniimrci— Results inr 
I9n and prospoeis reported Apnl .‘B. 
Fixed asSe's il 94m iC.Mn.i. nei ctir.-v.it 
asseifi i7.48pi. ifjiKIni.,. lleetinii. Lcudi. 
lent- I at 12.15 p.m 

MOSS BROS. nienjwcjr tatl'-irt— Result- 1 
Tur year t-i Januitry 23. I97X. alreadi 
tuown. Fix.iJ lasect il.tfcim. iit.fiUu.i. 
nvi tum.ni av>et» £1*5ni. <ilJ]ia.i. Nvi 
liquid rond.i Inereavid Oy 10.23m. 
•Cu.Wm. •7roseu.-n.uI Securities holds 
11 ii p-.*r cent, or equity und KTudctilia! 
Avurance Company j 4fl per cunt, Meel- 
inj. 20- Kiug Street. W.C., May 31. at 

11.30 a. in. 

THOMSON T.I.1NE CARAVANS— Rcaulis 
for 1977 reported April 1$. Croup fixed 
ussfiLj Dtt.747 f£3J7JVtli. nel curn-a: 
dadcis £335.512 (£1JJ37.R()7V Wor'-titU 
capital decreased bj £1W.3M i£9fl.'A5 
increase i. Metling. Falkirk. June 1 at 
noon. 

third MILE INVESTMENT— Turnover 
1977 £753,956. Profit £72.2*1 alter all 
charecs including tax of £33.100. E&rmnss 
per 25s share 2 ftp. Final u.4950, makuti 
u.»p. 

SOUTHEND STADIUM— Xcr receipt w 
fur 1977 L134.5M iilM.9.17), less toiallsa 
lor tax SCI.302 <£67.279 1. Pre-'ax profll 
£126.719 ■ £H5.20Si includes renu receiv- 
able £37.45* HWBITI. Tax I63.«w t £59.930 > 
Ordinary dividend o.347p rosimi net per 
jp itmrc. 

LIDCN (MOLDINOSJ •uhlieviond farm- 
lure i— Resalts for year id November su 
1977 rciejnert April 22 Group fixed 
asocts £S15.5$4 i £767 its i. nel current 
is«ls £397,0*1 ME-nna. Wei- 

bndue, Sumr, May 31, £1 a,m. 



Opportunities 


PRIME MW^JR SELF CONTAINED BULQNG 
Banking Hall and/or Offices 

4,400sq.ft&3luxury flats 

WantFbssessksnLorglfiase FbrSale 


REVERSIONS 

ON SIMILAR ADJACENT PROPERTY 



FufI Details from 
Joint 

Agents ^ 


Charles Price & Covppany 

N°1 Berkeley Square, London W.l. 
01-493 2222 Telex 267383 


mn 



| , , — ill ii mm i ii ; 








IJ&fi 


.Fmancial Time S Thursday May ll 1978 

£ 2 . 26 m. midway deficit 
by Akroyd & Smithers 


25 


British 

Borneo 

lower 


A TURNROUND from a £l0-41m *——*—•**—— * 

a profit to a J3L2Bm. pre-tax loss is _ _ _ _ „ 

i£t reported by Akroyd and SmUbws, BOARD MEETINGS 

i„ . »ecKS to Marco 31. ISiS. Turn- at Board mccimss to the stet* 
' i. .over, being the aggregate value of ?■?■■■*. such mc-eiutfts are usual* 
sold bargains, rose from £13.l4m_ r *L ,or J he 5"w* of constdensa divi- 

lj'^ £J5 54JJJ ■ ^ Oflins. fllflolal IflritMliAAr mmm. nitl ai'lll. 

: — uivmrui 

QIS- mienms or finals ud rhe & tab- division* 
Moim below art based mainly on Iasi 
Fears timeiahte. 


: . The -directors say the dis- 

. . ” -i :. % Tippoiming results .reflect the 
. '■ li I" ’ v difficult market conditions. As 
" ■•!,., ‘ v-J^own, the year began in a con- 
• | IS'-Zusetl atmosphere which was 


TODAY 

... .Muwu.finc Hiuui was „ ,wertB »J Bunon. Capias Profllf. 

■ 5S£a?'i£ , St«SS 

" : 'l K lty°ph>nB and these conditions eon- *&ia, Transvaal Ctunoli dated Load and 
: i,. ^.ttinued throughout the period ^P’ofatlon. Warier Estates. Jotm 
..1 .! IK 'However,, trading in the last “"“S: _ „ 

i sysra 

V/sanstactory, they say. but it » Frau, cieves. Matthew Han. Htehcmfi 

r ftw more than usually difficult to lDT ^sunenr Tmst. non Ltord ixnenuinooaJ 


AFTER ADVANCING £12.800 to 
£Q47m, at halftime, usable profit 
of British-Born eo Petroleum Syn 
dlcate ended the March 31. 1073. 
year down from £767,534 

proposinc the 

Anthony Am an Dividends and interest on in 

vestments contributed £493.891 

(£504,144) of the total and the 

aWu ji'hpiher dividends cwiircnMd are moiinn wap -i.5Stf.420 and against short terra interest, other income 

the election of Mr. Am an 5.329.544. and profits on the realisation of 

investments yielded £399,506 
against £405,700 last time. 

The result is subject to cor- 
poration tax of £123,550 (£240.444) 
and tax on franked investment 
income of £132,031 (£123.651). 


lo put a nominee on ihe Board of 
the company at the Annual 
General Meeting. 

A proposition 
election of Mr. 

as a director ^as defeated on a 
poll. Voting in favour of the 


Tricoville 
up 29% 
so far 


""'Hid' 


l.„ 


( forecast the actual results for the In ‘ er -°w n*«un-ni. J.e. Homings. Kins 
TCar - e and Shaxson. London and European. RECORD pre-tax profits, up 29 

^ There ii a tav mraAit ,w ^® rri l, J,m, ^ alfojr waBMPH*. Newraan per cent to £318.000, against 

«■ .mere ts a tax credit for the Twhwrtw. xtoeieen Twonty-Eisiit umst- £245 000 for the hair vear to 

! ».pen0d of £I.37m. compared with mcal Tntsi. Sim'lBbt Service. Tunrlfl. Januarv iq 1 q7S arf» rpnnrtPri hu 
J a charge of £5.Mm. C. and W. Walker. 13 * i 9 . 7 ®* ar f re P Qr ted by 

The interim dividend Is held at future datbs dm:^ an7' markets ^ 'fashfonwea? 

jdSS"*T. ... Mar is Shareholders of this “close com- 

f , second ^terim 11-1 was Beo Sialris OrEanisathm May 18 pa ny " are lo receive a 28 percent, 

u.-paia and the directors still intend Yorks, ana Lancs, Invest. Trust May H increase in the interim dividend 

: s‘S»Sfa e tl£ ” ? or M»t. l ? °°n per share, against 0.7p. 

■■r; ali i 076-77 came 

“**• The 1®ss carried forward is. Brnnnins .T.. .! .. my si profits came lo £0.56 m. 

,, £1^63,000- t retamed profit Drown .. . .. May 17 "We are confident that for the 


'"■in, 

4 

ii;.- 


amunm. Profits for « absorbing £27,000 (£21.000 j. Last 

e to 119.31m. BriUsb vending industries ... May IB year's total was J.S2375p and 

amed forward is. Bninnins May si profits came lo £0.56na. 

(retamed profit Dnpon May 17 -We are confident that for the « , ^ 

%. £4,455.000) and £hfc loss per share F«h.on and Cvueral imcsunem Mar 18 eighih successive year or trading " rick t ' ron JJ 10 "l?, 1sh 

, '•“*««■ RSS mi ... : :.. . 25 S m,- .pffiu.. «4sLS« SSS^h’SSiS'^SS 


The final dividend Df 4.463 p net 
per lOp share takes the" total for 
the year to B.743p (6.099p). 

The stock exchange value of 
listed investments at balance date 
was £3.43 m. (£9.17m.l. 


Sheffield Brick 
second half 
downturn 

A second-half downturn from 
£76.000 to £60,000 caused Sheffield 


60JSp). 

Transatlantic 

and General 
f increase 

Revenue for the -year to 
-JUarch 31. 1978/ of Transatlantic 
and General Investments rose 
1 from .£130,856 to £190,940 before 
--. tax of £87.845 against - £59.050. 

The final dividend is 2.25p net 
per £1 share for a . 4.5p (3.75p) 
total. 


Hargrt!:t>'(-s 

Kill 'Cbarirai or Bnaiol 

Kayser Bondor 

Kvik-KU 

Iat Bas (Edward • - 

Xomutnd Electrical 

Viuitd Engineering Indus's. 
Yount Co's. luvHtnaeni Trust 


May 18 
June 1 
May « 


June 13 Will again show record profiis. _ - , h „ rf trt « ao - in « 

May L stales Mr. D. A Jacobs, the chair- SSL.*" ^2? _ , 1 ® , “t- ‘ 

May 23 man £2.44m. Earnings per 2op share 

Turnover is up to £4.S4m. f*^P v< £ 8 1 S 1 , ,J5 d - lhe 

(X4.4m.» and. after tax of £144.000 o ?„ S , 

(£112.000), net profit is 30 per ccnL *r£?„ To 2 ‘ 8op 1,h a 

Mir 18 higher at £174,000 (£133,000'. 01 4.ip. . 

A second open-day is to be hold The directors stale that the 
MMI1 on May 20. at the London show- financial position of the company 
room in Great Portland Street, bas never been stronger and the 
Shareholders (and their dose disposal or the brick-making 
families) on the register at May ID activity was well timed and will 
Grovewood Securities, which holding a minimum of 500 shares enable the group to consolidate 
holds 10.28 per cent, of the capital —or non-shareholders acquiring and to concentrate on the manu 
of Greenbank industrial Holdings them from that date-i-wiJ] have faeiure and sale of architectural 
and has options (o acquire a the opportunity to purchase gar- 
further 19.68 per cent, of the men is ai -wholesale prices — from 


GREENBANK INDL. 


capital has failed in an attempt 45 per cent, below retail prices. 


h snents 


Perry confident of growth 


ironmongery. 

Pre-tax profit was struck after 
exceptional debits of £43,000 
(£29.000) and included other in 
come of £23.000 (£19,000). ■ Tax 
took £51.000 (£80.000) leaving 
net profit of £94.000 (£75.000) 
There was an extraordinary debit 
for 1977 of £23,000. 


MR. J. F. MACGREGOR, the chair- drafts of £0-64m. (£0£5m.1. -As for woodworking machinery has 
man of Harold Perry -Motors; says at April 19. 1978, as joint trustees, considerably improved during the 
in his annual statement that the the chairman and Mr. P. G. Perry current year and he anticipates 
motor industry’s forecast of the had non-beneficial interests in 12.6 that an improved level of home 
-c>nuraber of new cars which will be per cent, of the issued equity, business will be maintained, 
^•■-registered ih 1978 has been Meeting, 89. Pall Mall, S.W., in the export market, no major 


1 " : T3 raised to l.Snu about 20 per cent. June 1 at noon. 

1 t. more than the total for 1977. and 
■ h it that the group's share of these 
expanded markets will depend on 
■ "-•how, in an increasingly compel i- 
i r-tive climate, the public rale the 
• ■■' it Ford range oi vehicles, against 
TtWi-heir rivals, and on the level of 
-.production which the Ford 
factories achieve. 

••'•i -He states the group, has made 


G. Whitehouse 
at £56,000 
midterm 

Turnover for the 26 weeks to 


; he states me proup n«*> inaae *”■ «*«• „T year. 

:a good start to the current year end 19 / • of George Whitehouse 


vritir first-quarter pre-tax profit 
- i~ahead from £0.61m. to £l.lm_ and 
-new car sales running about 47 
'>ber cent up on the same period 
last year. 

•■••• He says he will be surprised 
..'.and disappointed if 1978 does not 


plant and extend its facilities, so wtio 
r?finn? «ubScMo that ir thc hoped for up,urn P 11 

Aa&wn. lSRS rSpS,;" * W*'" 

there were extraordinary credits J® f“P ply 3,1 exP ana,tt S 
of £8,000. market. 

Basic earnings are shown at i 


country abroad has, as yet, 
reflated its economy and the 
division is currently trading in 
what is very much a buyer's 
market, but the directors are 
working diligently to maximise 
the market share. 

The machine tool division con- 
tinues to expand its business and 
so far has had a very successful 
During the year the division 
continue to modernise 


External Inv. 
Trust dips 
to £0.49m. 


t i S.6p (2p) per 50p share and the 

prove to be yet another year of } nler j m dividend is effectively 


Subject to lax of £225.465 com 
pared with £231,016 previously, 
revenue of External Investment 
Trust dipped from £501.219 to 
£400,636 in the 'March 31. 1978 
year. • 

After a halfway forecast of a 
final dividend of at least 225p, a 
it^ 2.5p dividend is proposed, taking 
the total from 3.75p to 4,75p nei 
share. 

asset value per share is 
world shown at 175p (16S.0p) and 

diluted 'at 174Jp (163-Sp). 


dividend 

raised from -O.S125p to 0.9073p net 
Last year’s total was equal- tn 
2.0S6p after the consolidation 
from lOp shares and profits came 


JndiTii 

uuiitiTn 


consider 7 that 
materially the whole ‘Of the tax 


V growth In sales and profit 
; . As reported on April 21, pre-tax 
. ..profit for 1977 jumped by 75 per 
• cent, from £l.5Sm. to a record 
, £2.77m. on turnover of 167.83m. ionTtfobo 
" against £51, 54m. The dividend The ’ directors 
is lifted to 5.3S3P (4BBp) and a materially the w.._. _ 
one-for-one senp issue is also liability for the current year will 
proposed. On a CCA basis pre-tax be deferred 
profit is shown as £lB3m. after They say that prospects for the 
adjustments for; . depreciation second half are moderately en- 
f 0.44m.: cost of sales £0.5$in. and couraging and present Indications 
gearing factor £94,000. that results for the year will 

Mr. Macgregor says that he show a modest improvement, 
tains little satisfaction from the They consider that a final dividend 
.' ‘act -that frequent price Increases of 1-38/lp net could be recora 
' j and an insufficient supply of new mended making a total for cur 
v . iirs and vans inevitably produced rent year of &2946p the maximum 
\iigher profit margins. .Without permitted. 

• ,f 'J^ese distorting weaknesses he 
’•".■ays. .Perrys would have been 

• a- * rading in a tougher competitive 

ynvironment, but he is confident 
•■• :, :Jiat ft would have achieved far 
“neater real growth in volume 
■ •• tnd profit. And,- he adds, more WI __ , , 

• •‘•'.lustomers would havi been sup- IN HIS annual statement 
:■> .•‘■’alted - and far .more, motorists "■ L. Sims, the chairman of the 
•i • '' ipuld have afforded to become Wad kin group of woodworking 

•• • T Kerry’s customers. machinery and machine tool 

• . ’ As at December 81, 1977. there manufacturers and distributors 
. 1,1 vas a reduction in bank over- etc, says that the home market 


Good start 
For Wadkin 


Mr, 




N.V GEMEENSCHAPPELUK 
BEZIT VAN AANDEELEN 
PHILIPS’ GLDEILAMPENBtBRIEKEN 




(Philips Lamps Holding) • 
lEindhoven, The Nelherfands- 
At the Ordinary Genera! Meeting of Shareholders held 
• pn 9 May 1978 a total dividend in cash for the year 1977 
: . ()as been declared of 1,70 Netherlands Guilders per • 

■ ordinary share of 10 guilders nominal value. After giving 
^ effect to the interim dividend of 0,60 guilders previously 
~ declared and-payable.in December 1977, a final 
'• dividend for the year- 1977 amounting to 1,10 guilders 
v will become payable as from 22 May 1978. 

f Payment of the net a mount of this dividend on-UK-CF 
1 certificates will be made by the company's paying 
( .’agent, Hill Samuel & Co. Ltd., 45 Beech Street, London 
EC2P 2LX to the UK-CF depositaries in accordance . 
with their positions in the. books. of CF-Amsterdam on. 
fc 9 May 1978 at the close of business. 

^Holders of UK-CF certificates are reminded that such 
h payment is subject to deduction of 25 per cent ’ 
.Netheflands-Withholdlng Tax. This 25 per cent, may . 
however, be reduced to 15 per cent., when payment is 
f .made to residents of the United Kingdom or to residents 
Australia, Austria, Belgium, Canada, Denmark, 

?. Finland, -France;:Western Germany, Ireland, Japan, 

\ Luxembourg, Netherlands Antilles, Norway, South 
’ Africa, Spain, Sweden or the United States of America, 
who deliver through the UK-CF depositary the 
appropriate Tax Affidavits to the company's agency 
Hill Samuel & Co. Limited. The Netherlands 
Withholding Tax may be reduced to 20 per cent when 
- payment Is made to residents of Indonesia who 
J deliver the appropriate Tax Affidavit in the above 
Fvmentloned way. Payment of the net guilder amount of 
^dividend Will be made by Hill Samuel & Co. Ltd., in 
■dterimg at-the rate of exchange ruling on 23 May 1978, 
unless payment in guilders on an account with a bapk 
i’ln the Netherlands Is, with due regard to UK Foreign 
Sfcurrency, Regulations, requested before 22 May 1978. 

Eindhoven 11 May 1978. 
v'tfhe Board of Governors. 


PHILIPS 


U.K. ECONOMIC INDICATORS 

ECONOMIC ACITVm'— Indices of Industrial production, manu- 
facturing output, engineering orders, retail sales volume (1970= . 
100)'; retail-^aiepyalue-( 1971 registered unemployment 

(excluding school leavers) and unfilled vacancies (000s). All 

“.sonny $T"W Eos- Ko.aU Mull Jfmm „ 

prod, output order vol. value ployed Vacs 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 
Oct. 
Nov. 
Dec. 

1978 
Jan. 
Feb. 
March 
April 


103.2 ~ 

105.2 

109 

103.3 

216.4 

1,330 

□a 

102.0 

103.0 

105 

.102.5 

222.0 

1.330 

163 

102.7 

103.7 

107 

104.3 

234 JZ 

1,418 

1,431 

151 

102.0 

102.9 

107 

104.4 

239.4 

157 

101.7 

102.7 

107 

102.7 

2343 

1,433 

153 

10L6 

102.1 

100 

103.1 

236.3 

1.433 

156 

102.5 

103.7 

115 

106.9 

246.0 

1.428 

163 

103.0 

103.2 

107 

104.9 

241.0 

1,419 

180 

103.8 

103.8 

106.8 

107.0 

246.5 

249.8 

1,409 

1.400 

1,387 

187 
- 1 96 
204 


OUTPUT— By market sector: consumer goods, investment goods, 
intermediate goods (materials and fuels): engineering output, 
metal manufacture, textiles, leather and clothing (1970=100); 
housing starts (000s. monthly average). 

Consumer Invst. Intmd. Eng. Metal Textile Housg. 

goods goods goods' ontput mnfg. etc. starts* 


197.7 
1st qtr. - 
2nd qtr. 
3rd qtr. 
4th qtr, 
Nov. 
Dec. 

1978 

Jan. 

Feb. 

March 


115£ 

99.4 

106.1 

100.4 

83.9 

1044 

194) 

113.3 

97j8 

105.2 

98.9 

80.5 

994) 

25.1 

115.3 

97.9 

104.8 

99.4 

83.3 

100.7 

25.4 

117.0 

97 j6 

101.1 

99.1 

7-L8 

100.0 

20.7 

116.0 

97.0 

101.0 

994) 

70.0 

98.0 

21.2 

1184) 

98.0 

102.0 

100.0 

79.0 

1014) 

16.1 

116.0 

99.0 

104.0 

100.0 

76.0 

106.0 

I74> 

116.0 

994) 

106.0 

100.0 

794) 

1024) 

15 4) 
20.0 


EXTERNAL TRADE — Indices of export and import volume 
(1975=100); visible balance; current balance; oil balance; terms 
of tirade (1975 = 100); exchange reserves. . 

Export Import Visible' Current Oil Terras Kesv. 
volume volume balance* balance balance trade USSbn* 


1977 
2nd qtr.' 
3rd qtr. 
4th qtr. 
Nov. 
Dec. . 

1978 
1st qtr. 
Jan. .. * 
Feb. " 
March-'*' 
April 


118.0 

124.1 
II7J9 
115.3 
.11 

121.1 
112.6 
128.7 
121.9 


109.8 

106.4 
102.6 

98.4 

108.1 

114.0 

114.4 
110.7 

117.0 


-764 

-364 

-745 

1004) 

14J 

+ 54- 

+483 

-602. 

101.0 

13.4 

+ -45 

+35t 

-657 

1024 

20.39 

+ 68 

+ 170 

-154 

1024 

2039 

- 76 

+ 36 

-275 

103.1 

20.56 

-518 

• -218 

-646 

105.0 

20.63 

-334 

-234 

-236 

1054 

20.87 

+ 80 

+ 180 

-202 

104.7 

20.7 

-264 

-164 

-208 

1044! 

20.32 

174)4 



Guardian Royal Exchange 

Assurance 

“We intend to grozu at a steady rate 
making the best use of our resources 3> 

POINTS FROM THE STATEMENT BY THE CHAIRMAN, J. E. H. COLLINS, MBE, DSC. 


FINANCIAL — Money supply Ml and sterling MS. bank advances 
in sterling to tbe private sector (thr^e months’ growth at annual 
rate); domestic credit expansion (£m.); building societies' net 
inflow; HP, new. credit; all seasonally adjusted. Minimum 
lending rate (end period). 

; Bank 

MI M3 advances DCE BS HP MLR 

% •% . % JEm. inflow lending % 


1977 
2nd qtr. 
3rd qtr. 
4tb qtr. 
Nov. 


35.0 

36.7 

21.2 

41.4 


15.3 

14.9 

14.1 

19.5 


5.5 

20J 

8.4 

6.1 


+769 
+365 
+756 
+ 299 


1.290 

1*084 

1,565 

554 


1,047 

1,149 

1,189 

401 


Dec. 

1978 - 

21.2 

14.1 

8.4 

+ 109 

421 

410 

1st qtr. ' 

!■' 194) 

16J 

. 17-5 

+1,369 

1.049 

1,260 

Jan. 

' 24.3 

165 

13.4 

348 

• 388 

429 

Feb. 

. 21.9 

184 

. 17.9 

384 

353 

, 41* 

March 

April 

19.9 

16J2 

17.5 

437 

308 

413 


8 
7 
. 7 
7 
7 

«* 

6} 

64 

61 

7 


INFLATION— Indices of earnings (Jan. 1976=100), basic 
materials and fuels, wholesale prices of manufactured products 
(1970=100);- retail prices, and Food prices (1974=100); FT 
commodity index (July. 1652=100); trade weighted value of 
sterling (Dec. 1971=100). : 

• Earn- Basic .Whsale. FT* 

matls-* mpfg.* RPI* Foods* comdty. Strig. 


1977 


2nd qtr. 

114.5 

347.7 

259J 

1814) 

191.1 


61.6 

3rd qtr, , 

116.1 

EEE9 

267.7 

184.7 

192.1 

2394) 

61.8 

1 4th qtr. . 

119.9 

330.6 

272.1 

1874 

193J) 

234410 

63.3 

Nov. " 

' 120.1 

329.9 

EMI 

187.4 

192.9 


63.6 

Dec- 
' 1978 

121.7 

328.0 

, 273.3 

1884 

194.8 

23440 

634 

i 1st qtr. 


326.7 

2784) 

190.6 ' 

197.3 

238.61 

.64.6 

Jan. 

121.5 

8244) 

277.1 

189.5 

196.1 

22641 

ill 

Feb. 

122.6 

ms 

2794! 

190.6 

197.3 

224*5 

68.0 

March 


3304) 

■ 2805 

191.8 

1984 

238-61 

61.8 

April 


3373 . 

282.6 



238.94 

614 


'Not seasonally adjusted. 


The Year 

In 1 975 and 1 976 tve were one of the few leading composite 
companies to make underwriting profits. In 19/ / the most 
important factor has been thc substantial improvement in thc 
American insurance market. We arc not large writers in that 
market and thc spread of our business, predominantly in the 
United Kingdom and in Europe, has not been favourable to our 
operations. I consider our results not unreasonable in thc context 
of the worldwi de market and fully .jllaw us to recommend a final 
dividend which includes the maximum increase permitted by the 
Government. 

Home 

On our fire account we suffered from the effect of the firemen’s 
strike which caused a serious increase in thc size of the losses in 
the fourth quarter. Despite this we still made a modest profit in 
the departmenL We continue to write a substantial volume of 
motor business but the margin of profit is always likely to be 
limited. Last year the greater concentration of traffic on thc roads 
caused an increase in the claims frequency resulting in a loss on 
our motor ipyderwriting. - - T- • ‘ 

The difficulties of underwriting liability insurance of all types 
continue. Rates are seldom high enough when set against 
increased costs arising from inflation and I am sorry to record a 
substantial loss on this class. 

In recent years the home side of our operations has made valuable 
contributions to our profit and loss account. In 1 977, due to thc 
problems I have mentioned, the United Kingdom has shown on - 
overall underwriting loss. 

Overseas 

The improvement in out results has continued in thc current year 
on much of our overseas business. 

Australia has produced an excellent result for the second year 
running, and whilst the Canadian market has improved, ihe 
benefit has been reduced by the operations of the Anti-Inflation. 
Board. 

Brazil, Hong Kong, Kenya, New Zealand, Nigeria and South 
Africa all made their valuable contributions. The overseas 
business we write in tbe London market account also traded well. 
The two main problem areas continue to be Germany and 
Holland. In both territories tbe losses arise from market problems 
and conditions. A McKinsev investigation ofouc German 
operations is in progress and we are hopeful of improvement. 

In the case of Holland although increases have been approved by 
the authorities, it is unlikely that these will achieve a break-even 
result in 1 97S. 

Marine and Aviation 

We were able to show a break-even' position in marine and 
aviation, on the business controlled from London. Our subsidiary 
companies overseas, which write principally cargo accounts, were 
more successful and made a fair profit. The principal contributions 
came from Australia, the United States and Brazil. 

Life 

There was an increase in the amount of new life assurance 
business written in 1977 despite economic conditions in the 
United Kingdom and overseas which were not conducive to rapid 
growth. Thc level of new business from overseas was affected by 
the strength of the exchange rate. It is expected that there will be 
: an improvemen t in 1978. 

At Home the successful management of our life investments has 
again enabled us to increase bonuses. Terminal bonuses for claims 
arising in 197S have been declared in two parts being, for the 
current scries, 25°o of all bonuses attaching at the date of claim 

plus 10% of bonuses attaching at 31st December, 1977. 

Of our overseas branches, Hong Kong has continued to make 
progress and our overseas companies, Albingia Life in Germany, 
Montreal Life in Canada and particularly Liberty Life in South 
Africa added their valuable contributions to our new business. 

Profit and Loss Account 

Inxnakinga comparison with our results in 1976, exchange 
movements have in 1977 depressed our underwriting profits. Thc 
' approximate effects of movements on exchange have, in 
comparison to the 1 976 published figures, reduced short-term 
premium income byX30.0m. and investment income by £ 3 . 9 m. 
Life results and investment income have developed well, again 
after taking account of the stronger pound. 

Balance Sheet •' 

We have substantial funds for investment in the United Kingdom 
and although there was a considerable recovery in the equity 


market in thc middle of thc year, with thc high yields on 
Government stocks, there has been a strong incentive for the 
larger part of our funds to be placed in that class of investment. 

A similar pattern has applied overseas where also, in a number of 
countries, a larger percentage of funds is required to be invested in 
Government securities. 

Despite the attraction of fixed interest stocks wc have still added, 
to our equity holdings and to our property portfolio to keep a 
balance between the various classes. 


SUMMARY OF RESULTS 




1977 

1976 

Premiums written - Fire, Accident, 

£ millions 

Motor and Marins 

591,5 

560.7 

investment Income . 

65.3 

5S.5 

Less Interest Payable 

•6.4 

8.7 

Transfer to Profit and Loss Account 

58.9 

51.8 • 

Fire, Accident, Motor and Marine 

(6.6) 

3.8 

Life 

6.5 

5.5 

Profit before Taxation 

58.8 

61.1 

Less Taxation 

26.4 

28.6 

Profit for year afterTaxation 

30.4 

32.5 

Less Preference and Minority interests 
Profit for year 

after taxation, available to Ordinary 

1.9 

•1.4 

Shareholders 

£28. 5m 

£31. 1m 

Dividends to Ordinary Shareholders 

£12. 8m 

£1 1.6ra 

Profit transferred to Retained Profits 

£15. 7m 

£19. 5m 


Directors and Staff 

At thc Annual General Meeting our present Vice-Chairman and 
.Managing Director, Mr. E. F. Bigland, will retire as Managing 
Director and a resolution will be submitted for his election as a 
Deputy Chairman. Of Mr. Bigland's -48 years' service with 
Guardian, and Guardian Royal Exchange Assurance 18 have been 
as Chief Executive and during that time thc growth of those 
companies has been in large measure due to the energy and ability 
which he has applied to his responsibilities and I thank him most 
sincerely for the tremendous contribution which he has made to 
the affairs of our group of companies. 

Mr. Bigland will be succeeded as Managing Director by 
Mr. P. R. Dugdale who was in charge of the Group's Marine and 
Aviation operations before his appointment as President of rhe 
Guardian of Canada in 1973. He returned to London as General 
Manager (Overseas) in 1976 and was appointed to thc Board 
last vcir. 

The demands on the staff are considerable whether a year is 
successful or not quite so successful. That we have produced 
consistent results is a credit to them, and our annual report and 
the Annual General Meeting give us an opportunity to convey our 
genuine thanks for all their dSorts during the year. * 

Looking Ahead 

The insurance industry is constantly changing. Whilst some years 
ago wc could rely on regular profits from underwriting, this lias 
now become increasingly difficulL At rhe same time inflation, 
together with lack of growth in worldwide trade, depressed 
markets and high taxation puts a strain on our solvency margin. 
Our prime objective is therefore to ensure that wc have a sound 
capital base. 

Our second objective is to improve thc results from those 
territories which have not been successful in 1977. In our view it is 
only by improving the underwriting results that we can maximise 
pur profits, pay an increasing dividend and stiil be able to 
strengthen our reserves. 

We intend to grow at a steady rate making the best use of our 
resources. 


Ctywr cf the .Animal Report f^r the year jpyp 3 »KHfKfc? the Ci;jir»:an*s 
Statcmcn: in full, obtainable Jrom the Secret jr\- t Guardian Raya! Exchar. 
Assurance Limited, Reyal Exchange London i'Cj V 3LS. 

Guardian 
Royal Exchange 
Assurance 

One of the world’s great insurance companies 



- > 








Financial Times Thursday May 11 1978^- 


Design, production and marketing of fashionwear 


Record 

interim results 


Pre-tax profit 29% up — £318,000 
Turnover 1 0% up — £4,839,000 

Dividend 28% up — 9p 


We are confident that for the eighth successive year of 
trading as a public company the group will again show 
record profits. 


interim statement from : The Secretary, Tricoviile Limited 
91 -93 Great Portland Street, London W1 N 6DP 


GIBBS AND 

DAkNDVi LIMITED 


"A further improvement 
in the results" 


J. Dandy, Chairman 


Salient points from the Statement by the 
Chairman for the year ended 31 December 
1977. 


* A further improvement in the results. Profit 
before tax advanced from £306,770 in 
1976 to £403,472. 


* Within the building industry now there 
are some signs of optimism as far as 
new work is concerned. 


# The efforts made during 1 977 to generate 
new business were not without success 
and have continued in the current 
year. 


# Your Board will continue its efforts to 
maintain the upward trend of the past 
three years. 


GIDAN HOUSE, CHAPEL STREET, 
LUTON LU1 2SF 


% 


Brewers— Weymouth & Redruth 


J. A. Devenish & Company Limited announce unaudited 
Group Results for the 24 weeks ended 1 7th March. 1978. 



This Year 

Last Year 

Full Year 
to 30.9.77 


£ 

C 

£ 

Turnover- excluding VAT. 

5,303,853 

4.733.726 

12.880,095 

Profit before Tax 

166,222 

207.064 

1,318,190- 

Corporation Tax -estimated 

86.400 

107.500 

608.665 

Profit after Tax 

79.822 

59,564 

709.525 

Preference Dividend 

6,243 

6,243 

12,487 

Profit attributable to 
Ordinary Shareholders 

73.579 

93.321 

697.038 

Interim Ordinary Dividend 

78,183 

73.584 

217.074 

Rale of Ordinary Dividend 

8i% 

8 n, o 

23.6^o 

lam pleased to report that in spite of very i- 

■r, favourable co 

editions from 

the irr January our trading Cott'pan.cs / 

ia-. c produced orchis cow- 


pa: able ii ith last vcar. The fall m Croup Droit! ,s largely accounted for 
£•.' a reduction of appro uniat dy L 30.000 rt [ he ariou.nl of crest 
iOZ«i \ fn on iliO’i fi-nn deposits. 

For !.'•-? ben. ■ V of new share! ;o refers t r "i/s! repeat [hat Ou" r traj-np 
n..t!£r:> #5 t>qi!y seasonal and over three quarters of o.-« annua 1 ' prof:’ 
ij rt'i:na‘fv .ip/wrco m the summer worths. The Interim Dr.ia-ra ■: 
no.’ cased to SI -.-. 

Warrants </.' he posted on the 13lh Jti'i oavah-'c cn the i-irh Jut/ rc 
shareholders r.n the R eg ister at dose of business cn 23th June. 
Qrd-r.an Share Register dosed 30th June to 1 3th July. 

A. E. Leda*>r Hi!! Chinan. 


OIMfi BANK 

Base rate 


Australia and New Zealand 
Banking Group- Limited 
announces that on 
and after 11 th May 1978 


its base rate will be 


9 per cent, per annum 


AUSTRALIA AND NEW ZEALAND 
BANKING GROUP LIMITED! 


"t O.nsli:;-. Lord:-:' EC if. E'-''’ 7 -< 0 . .zjr 7] 1 : 



BIDS AND DEALS 


Dorada in fight for 
control of BSM 


Two potential suitors yesterday 
indicated they are prepared to pay 
in excess of £3m. Tor the two 
private companies that control the 
British School of Motoring. 

The companies are Dorada Hold- 
ings, the motor vehicle distributor, 
and Mr. Anthony Jacobs, chair- 
man of the British School of 
Motoring and a substantia) share- 
holder in the two companies that 
control it. Mansion House Finance 
and Taurus Vehicle Leasing. 

Merchant banker, Lazard Bros., 
Mansion House's advisers, said 
that it is reviewing the terms and 
conditions or the potential bids 
and that the Mansion House 
Board had recommended that 
shareholders take no action until 
the renew had been completed 
and a formal announcement made. 

Dorada's chairman, Mr. T. 
Kenny, said yesterday that his 
company would offer a mixture of 
shares and cash for the capital 
nr the two controlling companies. 
“The offers to be made are 
equivalent to £6.25 in Dorada 
Ordinary shares or £6.15 in cash 
for each MHF share and TYL 
share treated as a unit," he .said. 
“The cash alternative values the 
MHF group at £3.075,000. 

Details of Mr. Jacobs’ potential 
offer were not disclosed yesterday 
but it is understood that it. too. 
values the group at slightly in 


excess of I3m. Both parties hare 
indicated they would buy out the 
£lm. 9 per cent secured debenture 
stock ol the group, due in 19S3. 
at par. 

When Mr. Jacobs became chair- 
man of BSM in September PJ73. 
the group had an annual turnover 
Of £4m., 1,000 cars in its fleet and 
1.200 instructors. In the year to 
September 30. 1RT7 the annual 
turnover reached £Sm„ pre-tax 
profit was some £620.000 for the 
group an dthe vehicle fleet had 
expanded to 1.400. 

Mr. Keyiny yesterday estimated 
that the BSM group’s asset back- 
ing is approximately £l-8m. (net 
of deferred taxi. The benefits of 
the bid. for Dorada were more than 
just additional earnings and 
assets, be said. 

Dorada would supply the cars 
for the learner-driver fleet, service 
them and sell them. He indicated 
that this would mean replacement 
of the fleet annually and would 
add MOO units to the ) 5.856 units 
that the group sold last year. As 
well. Dorada would benefit from 
the new and used enr sales that 
would follow vuccessTui comple- 
tion of driving Instruction. 


LONRHO/SLlfTS 

A decision on whether Ixinrho's 
contested bid for Scottish and 
Universal Investments wifi be 


referred to the Monopolies Com 
mission could come on Friday 
said Mr. Roy Hatiersley Secretary 
of State for Price* and Con- 
sumer Protection yesterday. 

Mr. Hattersley said th.it he had 
received the recommendation on 
the bid from the Office of Fair 
trading and that he planned to 
meet Lonrho and SUITS repre- 
sentatives to-day— after which lie 
hoped to reach a decision over- 
night. - provided the situation did 
not prove too complicated." The 
offer is due to close on Friday. 

It is thought that the Lonrho 
bid will be discussed at .1 Cabinet 
meetine to-day after which it if 
expected thut Mr. Hattersley niJJ 
meet with ihe Lonrho and SUITS 
re n resen Unites 

TTie offer oF 11 Lonrho shares 
for every six SUITS shares 
valuing the Scottish company at 
arnund £4nm. has created wide- 
spread political interest in West- 
minster whh a number of Scottish 

Labour MPs pressing Mr. 

Hattersley to send the bid to the 
Monopolies Commission. 

However sources close to the 
SUITS directors who have 
opposed the bid believe that there 
is an equally strong "foreign 
lobby" which is opposed to "a 
.Monopolies probe and that the 
final outcome is still far from 
decided. 


Nash selling Gailey for £2.65m. 


Black and Edgington, the 
caravan and work wear group, is 
to purchase the capital of Gailey 
Group, the caravan distributor 
subsidiary of J. F. Nash Securi- 
ties. for £2.65m. 

Black will 'issue flJ9m. new 
shares which will pass directly to 
.Nash shareholders on the basis of 
one new Black share for every 
two Mash shares. This issue pegs 
the 1,600.53! new Black shares at 
about 113 p per share compared 
with 'its closing price of 116p on 
Tuesday. 

Gailey. which operates 22 
caravan «ales centres in England 
and Wales, has paid to Nash, an 
indn trial holding group, divi- 
dends totalling £750.000. It paid 
£450.000 for the year ■ ended 
September 30. 1077 and £300,000 
for the current year. 

The transaction appears to be 
beneficial to both parties. Based 
on its audited balance sheet at 
September 30. 1077 fund after 
deductin'? the dividend paid to 
Nash). Giilev had net tangible 
assets of £2.im. 

Although it had a difficult venr 
« ,- bh pre-tax profits down from 
r.mnno tn csw.nno in 1977. 

Gailevs 22 re‘iil outlets clearlv 
appealed to Rlaek which earlv 
last -per boueht the rapidlv pv- 

n.mdine business of A-I.ine 
Cnrevan*. the third 1ar?e*t 
earn-an mniifacturer in the UK. 

The Gailey aco’iisition which 
will increase the Black Ordinary 
ei’vtal by in per cent, from 

"m. to £9.2 m.. follows closely 
•»fter three aroirsifinns in the in- 
dii c * rial workwrar field. 

Nash will he disposing of a siih- 
s'diarv whose poor trading per- 
formitico deprp.iced j« s nrv.tax 
profits bv £189.000 to £717.000 for 
i he yp-ir ended September 30. 
1077. Gailey's 42 per cent, short- 
fall was caused hv a forepri 
I ••hap’-e of distribution and 
franchise policy and an abnorm- 


ally low level of retail sales of 
caravans throughout the country. 

■Subsequently early this year. 
Nash announced the sale of 
Gailey 's four caravan holiday 
parks at Combe Haven. North 
Somercotes. Ashcroft and Dinas 
Cross for £1.67m. plus stock at 
valuation. 

As a result of the Gailey sale. 
Nash's net tangible assets will be 
reduced from £3. 65m. |iro»p per 
share) to £1.8Gm. tofip). The sale 
is virtually guaranteed as J. F. 
Nash Holdings, the private in- 
vestment company owned by the 
Nash family, and Mr and Mrs 
J. F. Nash, who together hold 76 
per cent, of Nash equity, have 
undertaken to vole in favour of 
the agreement. 

In addition. Nash Holdings has 
.warannted to Black that Gatley s 
pre-tax profits for the current 
year will not be less than £300.000. 
In the event of the profits being 
less, the company will pay to 
Black in cash any shortfall up 
to a maximum payment of 
£200 000 . 

Black has indicated that Gailey 
will continue to operate as a 
separate trading unit under its 
present management team. 

On completion of ihe sale. Mr. 
J. F. Nash, the chairman of Nash 
and Hailey, wiU join the Soard 
of Black. His familv interests 
will then hold about 7 per cent, 
of the Black equity. The agree- 
ment is subject -to the approval 
of the relevant authorities. 


£400.000 will be used to cut other 
borrowings and to expand the 
Westminster's other businesses. 

In its last balance sheet West- 
minster showed borrowings of 
around £ 2 jsm. compared with 
shareholders' funds of just over 
£lm. The sale price of £I.2m. 
compares with a book value of 
£950,000. 


FULL OFFER FOR 
HENSHALL 


WCP DISPOSAL 

Westminster and County Pro- 
perties has sold the re-idential 
development properties and 
offices of its subsidiaries R. M. 
Wilson (Builders). Ronald Wilson 
t Properties) and Wishbnumc 
Investments to the French House 
group Tor £1.2ni. 

The i-ash raised is to be Used 
to- r- ilncc <M*ured borrowings of 
iSOO.OOO, while the balance of 


Bovbourne. a private company, 
is to follow up its purchase of a 
50 per cent stake in \V. Henshall 
and Sons (Addlestonc). manu- 
facturer or aircraft interior equip- 
ment. with a general offer for its 
remaining capital. The total cosl 
of the takeover will be £0.5m. 

The offer is 20p in cash for each 
Henshall share. Bovbourne paid 
the same prire for its initial 50 
per cent stake, 

Bovbourne is owned by John E. 
Clarke and Co. (Bournemouth) 
and F. W. Cook (Mechanical 
Services), the largest members 
of a private group of companion 
owned by the family interests of 
Commander F. MacDonald-Hal! 
and Mr. Jeffrey Smith. 

The group has extensive in- 
terests wl*hin the aerospace in- 
dustry and is currently working 
with Henshall on joint projects. 
Henshall made pre-rax nrofit® 
£7.1.414 for the first half ended 
Sont^mber 30. 1977. aeains? 

£61 697 in »he corresponding 
period of 1976. 


NO PROBE 


Mr. Ru> Hattersley. Secretary 
of State for Prices and Consumer 
Protection, has decided not to 
refer the proposed merger 
between Ijpsney Products and 
.Metal Castings (Witter to the 
Monopolies and Mergers Commis- 
sion. 


MC^EY-M ARKlfflf ^ ® : 


Unsettled trading 


Bank of England Minimum 
Lending Rale 8; per cent 
(since Slay 5. 1978) 
Conditions remained very 
nervous m the Loudon money- 
market yesterday, with market 
nb»er\er> suggesting any level up 
io 10 per cent, as ihe likely rate 
(or Bank of England Minimum 
Lending Rate this week. Some 
discount houses took a very 
defensive position, quoting an 
exceptionally large spread 
between buying and selling rates 
Tor Treasury bills. Buying rales 
Tor three month Treasury bills at 
the rlo-e ranged between SI per 
vent, and S; per cent., illustrating 


the nervousness In the market, 
and pointing towards a MLB of 
9 per cent, to Sli per cent. 

The authorities cornic'd to 
soothe market sentiment by buy- 
ing move than enough bills from 
the discount houses to relieve the 
underlying shortage of funds 
yesterday. 

Thp Bunk or England gave 
moderate assistance by buying a 
small amount of Treasury bills 
from the discount houses. and a 
small number of local authority 
bills. 

Rank?, brought forward surplus 
balances. Government disburse- 
ments exceeded revenue pay- 
ments to the Exchequer, and the 


marker was also helped by a 
.slight fail in the note circulation. 
On the orher hand there was a 
fairly larae net take-up of 
Treasury bills to finance, and a 
fairly large number of maturing 
local authority bills held by the 
authorities. 

Discount houses found secured 
call money at 4 per cent. In 
places, but closing balances were 
generally firm at 5-6j per cent., 
even thoueh the a mourn of help 
«a* probably overdone, in the 
interbank market overnight loan* 
opened at 7-7} per cent., and 
eased to 5-5! per cent, after lunch, 
before closing at around 7 per 
cent. 


I Ir.-rni^lil . 


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Imcc 

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*»ii«r Irt-. ... 


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9l” .9 ■} 
9 ,-10 
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snss; —• ^ 


J. Hewitt & Son (Fenton) Limited 

Manufacturers of domestic and industrial refractories, kiln furniture and electrical porcelain. 

SATISFACTORY START TO CURRENT YEAR 



1977 

1976 

1975 

1974 

Sales 

fOOOs 

fOOOs 

rooos 

row* 

2.288 

3,256 

1.668 

1,406 

Profi; before tax 

214 

250 

135 

77 

Cast of dividends 

25 

n 

21 

1<1 

Earnings per share 

4.5p 

5.6p 

3. Op 

1.5p 

Extracts from 

the Statement by the 

Chairman. 

Mr. J:K. Hewitt:- 

_ 


I anticipated that the exceptional record level 
of profit reached in 1 976 would be unlikely to 
be achieved in 1 977 and this proved to be die 
case. However the overall steady growth ol 
the Corr.nanv in terms of sales, profits and 
earnings has been satisfactorily maintained 
and your Baaid recommend that the dividend 
be increased from 0.924p per share to 1.032p 
per share. Exports increased in value from 
C407.P36 in 1 976 to C501 .41 6 in 1 977. 
Additional overseas markets were supplied m 


1 977 and efforts to widen these markets will 
continue. 

The current year has started with a 
satisfactory level of trading and the 
forward order position, especially in 
kfln furniture for the ceramic industry, 
is very satisfactory. Further capital 
expenditure (for which the Company has 
adequate resources) will be necessary to 
maintain the forward momentum of 
the Company. 


lU-rV\C^ J ‘ 





PRETORIA PORTLAND CEMENT 
COMPANY LIMITED 



(Tnrarporafed in the Republic of South Africa ) 

A Member of the Barlow Baud Group 
INTERIM REPORT FOR TEE SIX MONTHS ENDED 3! MARCH 1978 


Turnover 


Profit before taxation — : ■■■• 

+ Less: Taxation (including provision for 
deferred taxation) 


Profit after taxation 

Less: Attributable to outside shareholders 
in susbidiary companies 


Consolidated Ner Profit 

Less: Transfer to plant replacement 
reserve 


Distributable Profit 


Dividend declared (ROQO) 

Number of fully paid shares m Isnfr 
ranking for earnings and dividends 

(000) 

v> Earnings Per Share nn' 

— Consolidated Net Profit 

■— Consolidated Net Profit excluding 

benefit of investment allowances 

— DWvibutahlc Profit 

Dividends per share 


6 months 

ended 

31 Alarch 
1978 
ROflO 
65U62 

y 103 

2 869 

Umiudite’d 
” 6 Months 
ended 

31 Dec. 
1978 
ROOD 
•TP 704 

9 0Sli 

2732 

B Months 
ended 
31 March 
1977 
RIHJ0 
65 951 

13 113 

4174 

Audited 

15 Months 
ended 

30 Sept . 
1377 
ROM 
122362 

25133 

8736 

6234 

6 350 

S 939 

16 397 

.r,o 

411 

596 

812 ' 

5 90-1 

5S39 

6.143 

15535 

t -7-18 

1172 

2107 

31120 

4566 

4 567 

H 236 

12565 . 

1347 

1 111 

1 Hi 

4 629 

14 969 

12 343 

14 909 

14 960 

39.4c 

■43. 1 C 

63.1c 

1120c 


3S 9C 

40 Si; 

99.3c 

3»->c 

37 MC 

47.2c 

■.10 3c 

9.0c 

9.0c 

9 0c 

.T>£c 


* Reduced by an adjustment of R5SS000 io the provision for deferred lax at 30 Septem- 
ber 1977 rs'wiUinp from the change in the rale of taxation. 

•* Calculated proportionately in respect of shares issued. 

TRADING RESULTS AND PROSPECTS 

Cement „ , 

Profits in the cement division have been severely affected by the depressed domestic 
demand, with sales volumes being substantially less than in llie six months to -II Decem- 
ber 1976. Exports have contributed to the increase in turnover but the profits from this 
source have been marginal. 


The Northern Lime Company. Limited became a wholly-owned subsidiary with effect 
from 1 January 1977 since which date its results have been consolidated. The sustained 
demand for lime has resulted in satisfactory profits. 

Earnings Per Share 

The directors have resolved that the plant replacement reserve shall be regarded 
as non-distributahle and consider that shareholders should measure the performance of 
the company on earnings per share calculated after taking into account the transfer to 
plant replacement reserve. That transfer has been shown as an appropriation and not 
as a charge against consolidated net profit in order to conform it ith generally accepted 
accounting practice. 

Prospects 

The price increase granted with effect from ! April I97S will assist the cement 
industry and your company in achieving a more acceptable return on shareholders’ funds. 
This, together with the continued strong demand For lime, should result in a marginal 
improvement in eaminus per 'hare compared with those for the 15 months ended 30 
September 1977 adjusted proportionately to 12 months. 

CAPITAL EXPENDITURE 

Papiial expenditure to he incurred over a period of approximately five years totals 
Rftl 241 GOO. This expenditure is stated in current values and is to be met from earnings 
and finance already arranged. 

DIVIDENDS 

An interim dividend of 9.0 cents per share fl977 9.0 cents* has been declared and 
a formal notice of this declaration is published herewith. 

ASSETS 

At 30 September 1977 it was estimated that the cement producing assets of the Group 
had ,i replacement value nf RSfl.5 million in excess of net book value. Your directors 
are uf the opinion that at 31 March 1978 there has been no material change in that excess. 
SHAPE CAPITAL 

There hat been nn change in the authorised and issued capital of the company during 
the period under review. 

For and on behalf nf the Board 
(I. H. BULTERMAN. Chairman 
10 May 1978. J. P. CRONJE. Deputy Chairman. 

DECLARATION OF DIVIDEND NO. 141 

Notice is herehy given thal dividend No. 141 of 9.0 cents per share has been declared 
as an inrerim dividend payable to shareholders registered in the share register of the 
company al the close of business on 26 May 1978- 

The transfer books and registers of members of the company in South Africa and 
the United Kingdom' will he closed from' 27 Mffy~197S to 2 June-IUTS. both days inclusive, 
for the purpose of determining shareholders to whom Ihe dividend will be paid. Dividend 
warrants will be pasted on or about 14 July 1978 to shareholders at their rvqistered 
addresses or in accordance with their written instructions received up to and including 
26 May 1978. 

The dividend is declared in the currency of the Republic nf South Africa and the 
rate of exchange al which the dividend will he converted Inin United Kingdom currency 
for payment of the dividend from the United Kingdom Share Transfer Office will he the 
telegraphic rate of exchange between South Africa and the United Kingdom ruling on 
Ihe 1st business day afier 30 June 1978. 

In terms uf the South African income Tax Act. 1962. as amended, a non- resident 
shareholders’ lax at the rate or 14.52 per cent will he imposed nn dividends payable to: 
la> pwrsons other than companies, not ordinarily resident nor carrying on business in 

South Africa, and 

ill) companies which arc not Snuth African companies. 

and the* rnmpany will acrordineh deduct the tax from dividends payable to shareholders 
whose addresses in the share register are outside the Republic of South Africa. 


10 May 197S. 


Registered Office: 

Sixth Floor. Barwing House. 

29 De Beer Street. Braainfuntein, 

JOHANNESBURG 2001 

(P.O. Box 31181. Braamfontein 2017). 


Bv order nf the Board 
F. D. \V. PEAC'HEY. Secretary. 

Officp of the United 
Kingdom Secretaries: 
Charter Consolidated Limited, 
40 Holhorn Viaduct, 
London EC1P.1AJ. 


The annual general meeting was held at the headquarters 
jfc. H) of Centrobanca, corso Europa 20.. Milan, .on 7 April l?78. 

'(•!. dt under the chairmanship of Mr Lino Venini. The shareholders 

\ adopted the accounts for the year 1977^ which closed with 

*/■ a net profit of Lire 2.864J7B.887 (including the net profit 

oF the Agricultural Financing Section, i.e Lire I27J40.9&1). 
CPKrKDFAKCA The company declared a dividend of 7% per share l par 

B *V A CL-.TR.'.re W iDUin> i ri i^*U\BE L'r® 1.000). .. 

H**l .r, M I„ s.ro v . „ „0 ,n lhe course of the 7 ear Centrobanca accepted loan 
' Capital: Lrt- 30.000.000.300 applications totalling Lire 533.6 billion t+115J?£ on 1976). 

RcEratersd at ttw Milan Tribunal disbursed foans totalling Lire 374 9 billion ( +92. i °’ c ) ar.d 

Chancery under n. 53177 on 31/12/77 had loans in being for a total of Lire 768.8 billion. 

an increase of 61 fa on the end- 1976 figure. 

Managed funds increased from Lire 909.4 billion at end- 1 976 to Lire 1.293.3 billion at 
end-1977, an increase of 42 2 The bulk of the increase came from certificates of deposit 
( -rLire 231.9 bn) and banded loan issues totalling Lire 130 bn. 

The commitments arising from accepted applications are adeauately covered by available 
funds, which amounted as at 31/ 12/77 to Lire 464.2 billion f-H9.lf 0 J. to which will be added 
Lire 132.4 bn m 1978 from loan repayments. 


b >m .i >:L-.TR.'.ii ro i.-ntum i n m ilshe 

Head UiSm >n M Ian C-.<r*» t.ra,, n ,0 

'Capitals tit. 30.000.000.000 
RcEhtersd at Itw Milan Tribunal 
Chancery under n. 53177 


After reserve and risk fund provisions, net assets as at 31/12/77 stood at Lire 56.1 bn 
i Lire 47.2 bn at end- 1 976). 


The share capital of Lire 30 billion is entirely held by the Cooperative Banks, since the 
shares of Centrobanca cannot by its Articles of Association, belong to anyone but such banks 
and their clearing institution Ustituto Centrale delle Banche Popolari Italianc). 

Following the amendment to number 17 of the Articles of Association, whereby the 
Boat'd may be increased from JS to 19 members, the Shareholders appointed the following 
new Directors: Icalo Arrighi, Luigi Bacci. Mario Irolii and Michele Stacca. 

They also appointed Franco Gaazola as alternate auditor. 

The Board of Directors and the Board of Auditors now consist of the following members: 
Board of Directors— Chairman: Lino Venini: Vice-Chairmen: Giosue Ciapparelli and Lorenzo 
Suardi; Directors: Icalo Arrighi, Luigi Bacci. Giancarlo Bellemo. Pietro Bianchi. Franco 
Carni&lu, Giovanbattista Cirtia. Corrado Danieli Wotmar Gasparini. Mario Irolii. Piero 
Melazzini, Alfredo Novellati. Carlo Pavese. Alberto Pavesi, Carlo P-avesi. Giorgio Pulini, Michele 
Scacca. 

. Secretary: Marcello Gentile. General Manager. 

Board of Auditors— Chairman: Francesco Parrillo; Substantive Auditors: Enzo Droandi, 
Attilio Petri. Giancarlc Rossi, Paolo Serra; Alternate Auditors'. Franco Gazzola. Umberto 
Menesacti. 


SUMMARY - OF THE CONSOLIDATED ACCOUNTS FOR THE TEAR ENDED 
31 DECEMBER 1977 (in n-Wffon Lire) 


ASSETS 

Funds 

Loans in being 

Oihci items 


464.183 
768 778 
1871574 


I.420.* 7 * 


Loans for disbursement 
Applications under con- 
sideration 


393.099 


LIABILITIES 

Certificates of dyposi^ 

631.997 

Bands 

518.800 

Correspondent banks 

78.M4 

Mediocredito Centrale 

30.689 

Treasury and Regional 
Administrations 

29.P0 

Other items 

123.128 

Capital and reserves 

1.362.368 
■ 54.303* 

Ner profit 

3.864 


1.420.535 


*56.067 afeer the allocation of profits. 




m 

m 


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tu 


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\£-P> 



' 27- 


Fin^ndal Times Thursday May 11 1978 " . . 

. at Allied Irish GRE warns on Rationalisation pays off 




advances top £lbn. 


•Si. 

IV* 

I.S 

s- ?# 

thV 


1 -S 


SING £7.4 m. to £1S.7 rl 
in the first half, pre-tax profit of 
Allied Irish - Banks jumped from 
122.97m. to -a record 13446m. in 
the March 31, 1978, year. 

The result was after a £lnt. 
.(£l.5m.) special provision against 
advances, which at year end stood 
jt £1.01bn. compared with 
'£790 JWfm. previously, 

1 At the balance - date current, 
-deposit and other accounts were 
up from £L6lta, to £L93bn_ cash 
and investments- were £1.02bn 
(£SS6.6Tm.) t fixed assets £52.61 ml 
,tW0B6ni.) and 7eased Assets were 
up from £29. 17m.. to .£38. 64m 

The profit includes the parent 
bank profit of £24 .25m. f£lS.77m.) 

and subsidiary and associate com- 
panv ‘ contributions of £IL2m. 
; (£a.69rn.l. it is subject to tax 
of £12.75m. (£8o6m.). 

1STT-T8 1S7M7 

„ . . MOO - CMfl 

Parent bank profit 

Sobs, and assoex. 

ProriKlnn* 

Profit fanfare tax ’l’j‘ 

Tax ... _» 

Xi:l pr-Tfii 

Tn mtnnrltle- ... 

EsT-afinHuary. loss _. 

Aitrlbmable 

From capital reserves ...... 

Dividends : 

Retained ; .. 

t Asainst advances. 

When announcing its two-for 
seven rights issue, directors fore- 
cast a final dividend of not less 
than 4.S125p. and it is proposed 
to pay a 5.6S75p dividend, which 
lifts the total for the year to 7.5p 


34^54 
11582 
1-000 
34456 
12.T49 
51.707 
7 

S4 _ 

4l«m ivjftj 


1SJ74 

1-5M 
22.46B 
6-i5n 
U4 15 
J7 


4537 

17.378 


!C 
5.M1 

ii.;bg 


net per 25p share, compared with 
®P last time. 

■ P er share are . shown 

basic against a revised 
30jp^and fully diluted at 3B7p 

Hopkinsons 

chief 

confident 

WITH THE benefits Mr. L G. Hop- 
kinson. the chairman of Ho plan - 
sons Holdings, anticipates will 
flow from an increased capital 
expenditure programme planned 
for the current year, group com- 
panies, he feels, are weLl equipped 
to enable him to look forward to 
the Future with confidence. 

As reported on April 27 taxable 
profit for the year to January 27. 
1S7S fell from £4-3 6m. lo £4J28m. 
on turnover up from £32.8m. to 
£35.44m. And the dividend U 
increased from 4.5S147p to 5.fHJp 
net per 5Gp share. On a CCA 
basis pre-tax profit is adjusted to 
£2-S7m. after adjustments for 
depreciation £735.000: cost of sales 
£756,000 and gearing £85.000. 

During the first few months of 
1978 several large orders have 
been received for major projects 


EEC freedom as Queens Moat picks up 


m the U.S.. firaiiJ. Nigeria jnd 
South Africa. It is the chairman's 
belier that the mam expansion in 
demand for group products will 
emanate from overseas markeis 
and that in due course results of 
these Metes efforts shall be seen. 

A capital expenditure pro- 
gramme amounting to fl.Bm. 
l£0.8m.j was carried out in the 
1977/78 >*ear and was financed 
without recourse to any further 
bank borrowings. Mr. Hopkinson 
says. 

The group manufactures boiler 
mountings, valves, compressors, 
etc. 

Meeting. Huddersfield, on May 
31 at noon. * 


PENSIONS AND 
CHARITIES 

■Since the end of its financial 
year in December, the size of the 
Pensions and Charities Propertv 
Fund has increased by almost 
£lm. to £14.1m> chairman Mr. 
W. L. Grant told the AGM. Last 
year the fund rose in value from 
£fi.94m to £13. 12m. 

Tlie portfolio was now divided' 
»* follows: £6 4Pm. in Industrial 
and warehouse property. 17 Him 
in shoos and offices, and £425 000 
in agricultural property. As the 
estimated crowth in rental income 
to 1081 given in the annual report 
indicated, several of the proper- 
ties had early rent reviews. 


A WARNING that freedom of 
insurance services in the EEC 
would not result in a great growth 
of business is made by Mr. J. E. H. 
Collins in his chairman's state- 
ment accompanying the Guardian 
Royal -Exchange Assurance report 
and accounts for 19# j . 

He- welcomes close association 
with European insurers, but 
expressed genuine concern, which 
was shared by other European 
insurers, over the stability of the 
market once business could l*e 
piaced across froniiers. He was 
certain that some son of system 
oi guidelines needed to be evolved 
lo avoid losses similar lo those 
which occurred when motor busi- 
ness in the li.K. became a free 
market in 1968. 

On the 1977 results of the 
group, he points out that there 
had been little real growth in (he 
U.K. economy which meant only 
a modest rale or new business 
becoming available. This in lum 
was leading to increased competi- 
tion and rate-cutting for the busi- 
ness nn offer The group suffered 
in iis L’.K. fire aeeount from the 
effect of the firemen's strike 
v.-hirf? caused serious increases in 
the losses in thp fourth quarter. 
The number of subsidence claims, 
although lower than in 1976. was 
still significant, but there was a 
modest profit nn this arroun?. 

The group continued tn write 
a large volume of niutor business. 


but Mr. Collins warned that the 
margin of profit was always likely 
to be limited. The greater con- 
centration of traffic on the roads 
caused an increase in the number 
of claims with a resulting loss on 
the mmor account. Overall the 
U.K, account, which in recent 
years has made a valuable contri- 
bution to profit, showed a loss 
last year. Rows were seldom high 
enough when set against higher 
cosis arising from inflation. 

In the overseas territories. Aus- 
tralia produced an excellent result 
for the second year running and 
while the Canadian operations had 
Improved, the benefit had been 
reduced by the operations of the 
Anti-Inflation. Board. Mr Collins 
regretted that after a number of 
years of poor results. Government 
restrictions would no! allow the 
recovery of past IpsScs. 

The two main pmblem lcrri- 
lories enntinued to be Germany 
and Holland, where losses con- 
tinued from market nrohlt-ms and 
conditions, despite the absence of 
any severe storms in 1«J77 A 
MrKinset mve-sligBlion «f the 
croup's German nnci-ritinns wax 
in prncrew and in Ifriiianri the 
croup was cn-npeinliim closi-lv 
with the authorities i 0 re- 
establish stability While incrco-i-s 
had been approved bv rhe 
authorities. It was unlikely that 
these would result in achieving 
a break-even position this year. 


Almost doubled pic-tnx profits 
ml £263.473 acamsl a depressed 
£136.034 are reported by (Jueen* 
Moat Houses, hole! aroup. r t>r 
1977. Turnover for the period 
finished 16 per cent, lusher at 
£7.6t5ni 

Al halfway, when announcing a 
profit rise from £59.000 to ilUI.UQO 
,Mr. John Bamiou, chairman, said 
that rationalisation plaits together 
with the policy of expand ins 
without capital comm it men I was 
showing resulis. He fell that the 
improved performance would be 
maintained in the second hair 
and looked id the future with 
confidence. 

He now ?ay* that the hotel and 
leisure tniIus , rie-> are enjoying a 
period of prosperity alter the 
difficulties of 1974 tn !97lS. 

He anticipates that the -ruup 
util continue in progress in the 
current year and says that tradrnu 
in the first four months of 1978 
confirms tills view 

Dunne 1977 imere-t payable 
was reduced to £335.436 (£440.511) 
due to lower borrowings anti in- 
terest rales Currently a lar:e 
part of group overdraft borrow - 
inns are being re-neeutiated into 
ton-year term loans to provide 
greater financial flexibility 

Teni payable ■■ieri-a<cd tn 
£258.732 MM4.905i reflectin'* the 
aroup’s expansion during 1977 
into leasehold properties, to trivc 
a better balance between lease- 
hold and freehold hotels. The 
major profits benefit wilt begin tn 


show in rc“i|H« of the current 
year. 

Three majnr leasehold unu* 
were added during 1977 and all 
Queens Moat units, including 
those acquired, are currently trad- 
ing excellently. 

.Summing up Mr. Hairston- ex- 
presses confidence lh.it tin- group 
will grew stronger from its well 
organised hasp. 

Earmnes fur the year are shnwn 
to have risen from O.T5p to U.92p 
per 5p share and cwrmmm? the 
croup's policy or moving back to 

full dividend* the final is ll'Jp 
for J 0 325 P net toi.il. Last vear's 
linn! of O 1250 was tl»o first pay- 
mom since Hi74. 

:•»- vi. t 


I,-.: 


.pis 

K'. *‘-t 
-> a 

i"-. nu s;* 

ij*. on 
lii i Til «.JM 
l.i: 7M (j..*™ 

i«u 

i>: ftjs 

• -j«i .■ voti 

• • ::: :? om 

ij:i» 


rnrif--. 

Z - 

K«-r.i ipafal.- 
I-ut-ri « .» .» j*»> 

Profit before tax 
Tj^ 

arrii* 

UKflT<!l ariSls 

> ■ 

Pr,-I ili* id-nit- 
o-Wir.j-v .linrii -ids 
R.-in<-- 

■ r j*.-* n- (MU' il >{.1 .it-rp) ii i'ii r* 
Xn. 1 1 : »hir.-s. mi. -rim ; ;4.<4W 

sin.r . m -».ir. . 


Bank in Moscow 

MIDLAND BANK group's new 
ren resent at i vc ntlice in Mnseow 
wiii be oflicially launched to-day 


The o'hce is m Hotel tntourist, 
and Mr. Frank Bickitcil is Lbs 
■group rcpre&fiitati\e. 


Lloyd’s broker 

aDDoints 

liquidator 

Tin- iTctiiUu a ot Lloyd's broker 
Armour Hlrk Parker yesterday 
nnmm.iteii Mr. 1). H IS. Meacock 
ot char! i' red jocnuwmts Baker 
Suit* ui .iml f.o a- tiquitiatoi' and 
HPiiomtcd ii ciunnimec of inopac- 
ttnh. 

Armour Hick l‘drii<T un* ■'iis- 
pended by thu *c«:mniit:ec of 
- Gland's on April 7 from placing 
or renewing any business with 
Lloyd's undent mors but were 
permitted lo •». , rcic© and run off 

ttie business they bail placed at 
Lloyd's. 

The Llo\ri'-i In-ur.inre lirofeeiV 
Goiuniiilee of the Hfiti-h Insur- 
ance Brukeis" AiM-L-iatiun wifi 
keep an with the lia*.t:da<or 

and anyone hni-.it n-j ,i Lloyd's 
imiiry ,*rr ui“cil i»v \rnmnr Hick 

Parker and needing .-idtLrioii.il 
advice may wriie to LIW ftIHA 
will .ilsu provide any .iilditinn.il 
advice in cnnnectsnn with other 
liolinev uri.inccd by Armmir Hick 
Parker. 


Travis & Arnold more hopeful ™ 5 Richardsons Westgarih warning 

•utfsfaclnrv runninn nrnfits in ihe orown nnd Cfive has evienried iit *—* 


'-■b-*! i? . 


• fia 


POOR weather conditions 
hampered' the progress of Travis 
and Arnold — builders and 
plumbers - merchant and timber 
importer — in the Erst quarter of 
the current year, says Mr. E. R. 
Travis. . the chairman, but -with 
the decline in timber . prices 
showing signs of ending, the out- 
look Is more promising. If 
demand grows the company is In 
a strong position to - take 
advantage, he tells members in 
his annual statement. 

As reported on April 28. pre-t^s 
profit fell from £423m. to £3.79ra. 
in (977 on turnover of £51. 56m. 
f?43 Ofltn.). At the year-end there 
■ '.vas a defense in liquid funds of 
.'SOSIrl f£3.4Sm.J. . 

-■ The-, year started with margins 
being 'sustained at a -good level 
particularly in softwood,, plywood 
.and wnilboards. They continued 
to benefit in the first quarter 
from the upsurge in the cost 
prices of these imported goods 
due to the weakness of sterling 
in the second half* of 1976, but aa 
>the year progressed, prices 
gradually weakened as sterling 
strengthened. Connie d with low 
demand this adversely affected 
profit margins towards the .veap- 
end and it was felt prudent to 
reduce the value of certain timber 
stock holdings. 

, General building and plumbing 
'materials’ profit margins also 
;eame under pressure as a result 
• of the continued low level of 
activity in the construction trade, 
where volume in the housing 


sector in particular was sharply 
down against 1976. The Industry 
is tradiaopafiy slow to respond to 
a general improvement In 
economic conditions aiid despite 
lower interest rates bj the spring 
and better mortgage a va liability, 
private housing starts were down 
by some 13 per cent, and public 
sector starts fell by over 20 per 
cent 

Meeting, Northampton, on May 
31 at noon. 

Aquascutum to 
maintain good 
track record 

Based on the past performance 
of Aquascutum and Associated 
Cos. in adverse trading conditions 
indications are that it can con- 
tinue to develop its interests, nays 
Mr. Gerald Abrahams, chairman. 
And he adds that the group's 
long-term progress is not. in 
doubt 

For rhe year to January 3L 
1978. as reported April 15, tax- 
able profits improved from £1.71 in- 
to £L07m. on turnover ahead 
from £18.98Tn. to £20.45m. - 
Of sales, 68 (84) per cent, re- 
presented overseas trade within 
the following areas: North 
America (£S.58iri. (£6.0Bm.); 

Europe ' £5.5m. (£4.18rn.): other 
countries £255m. t£l.S5m.). . 

Reporting on the group’s oyer- 
seas activities Mr. Abrahams says 


'direct exports showed a bigqer 
increase than in ID76'77— up from 
fCflam. lo a record £9 17m. 

There was continued growth in 
all the main European “conn tries 
and in shipments so the Far East. 
In. the U.S. a lack of confidence 
caused a slow start to the year, 
bin trade turned out to be much 
belter in the autumn reason. The 
effect of good business towards 
the end of the year in the U.S. 
augurs well for the future, he 
states. The Canadian operation 
did less .well. 

On the- L'.K. side, the Regem 
Street store had an excellent 
year, particularly benefiting from 
the additional tourist trade until 
September. 

A statement of Source and Ap- 
plication of Funds shows a £0.84 ul 
decrease (£0.89m. increase) in 
cash balance and a £0.58m de- 
crc rr* f£0^4m. increase) in bank 
overdraft. 

Rishopspate 
Trust higher 

Before tpr of £396.348 compared 
with £291,083 previously, profit of 
R>"honegate Trust rose from 
£764,2fiS to £847.465 in the 
March 31. 1978 year 

Earnings per 25p share are 
shown at 6.37p f5.51p) and a final 
dividend of 4.23p takes the total 
from 5.25p to 6 25p net. 

The asset value per share I* 
shown at 235.7a. aeainst 204. fin. 


It should be possible tn moke 
satisifaclnry running profits in ihe 
current year while inhbinc npnor- 
trinities should also oc^ir from 
time tn time, ronnrts Xfr N' H 
r.hamb«*rl»n chairman of Clive 
Discount Holding*,. 

A dramanc drop in interest 
rotes from current levels looks 
unlikely and performance of 
markets v.ill continue to be 
volatile while uncertainties con- 
tinue as to ihe political, monetary 
and economic outlook, he states. 

Commenting on a year in 
which the company’s published 
profits rose by A9 per cent m 
produce a two-year gain of 125 
per cent. Mr. Chamberlen rells 
holders that resources have been 
strengthened tremendously over 
the past two accounting periods. 
The company now has a far larger 
hase for operations and a vn^'v 
improved reserve position. The 
former will allow ft to take 
greater advantage of favourable 
market conditions when they 
ari«je and the latter will provide 
protection should conditions be 
adverse. 

Running margins varied con- 
siderably throughout the period 
but a substantial proportion of 
profits was derived from taking 
advantage of capital movement* 
in the gilt-c^ged and sterline HD 
markets The comoan v*s mainr 
activity in the private sector 
where loan demand .remained at 
a low lot-el. has been in sterline 
CDs. Though cnnrt'iinns in ihr 
Euro dollar markpi have not been 
suitable for -any laroe commit- 
ment of funds, market turnover 
has ‘ncrca'serl sharolv Turnover 


in the riollgr CD market hat 
grown and Clive has extended its 
retail outlets .In this sector 
The further ' development or 
Clive Invest mem-, thv subsidiary 
ov>i-it>lis*ne in the nv-on-'r-meot 
of fixea interest portfolios for 
both institutional and private 
clients has been saiisfartnrv Two 
new developments have been the 
formation of Clive Investments 
fJersev). to handle individual 
nortfolio • management, and of 
Clive Investments Cambridue. 
which offers an index mntrhina 
sendee to institutional investors 
ehiefly in the pension fund area 
Thp Jersey companv is also 

reroonsihlp for fvo npwly-fnrmed 
funds aimed m investors spoking 
a relatively high level of ineome 
As already reported, nrofits at 
£2 i2m. for thp vear to Marrh Si. 
1978. were again a record, the 
total dividend is 4.7748n and a 
bonus issue i« prnnosed of one 
new £1 Cumulative PiWprenpe 
share ler every 30 Ordinary 
shares held. 

Meeting. ’ 1, Royal Exchange 
Avenue. E.CL. on June 1 at noon. 

ASSOCIATES DFALS 
On May 8, Cazenove ptircha-ed 
10 000 Porlc Farms Ordinary at 
B85p foe the account of the 
Trustee?. ' of Northern Foods 
Sunerannualion Fund. 

Grievesan Grant, as associates 
or Scottish and Universal Invest- 
ments, sold 13.490 l.nirrho chores 
ai 70u for a discretionary, client 
ShenpariH and Chase Has 
bought 5900 Hepworlh Ceramic 
at .ROp for an a-sneisie . 


THE ritrtitMili labour sitnarinn <*v- 
pertenced reeeptfi- m certain -oh- 
*irii;jrie- of Rirhard*>»nb West- 
garth and Co. will without doubt 
affect thu current first half re- 
,-ull s. warns Mr A D. McN Bovd. 
the chuirmnn Given more stable 
conditions it would seem reason- 
able to look for nrosres.«ive im- 
provement, he teils members in 
hi.- annual statement. 

Negotiations are yet to start 
fnr compensation for the nation- 
ality inn of Genr-je Clark and 
NEM and so far the group has 
onlv received WM/WO on account. 

The chairman say-' Thai this 
docs not help in the formulation 
of future plans, but the directors 
are continuing to improve plant 
and facilities to assist a number 
of subsidiaries to exnmci and 
make good some of the profit 
denied the group hv the loss or 
George Clark and VEM 

There are encouraging forecasts 
for most subsidiaries but much 
rff-oends on the shinreuniring and 
slpel processing activities which 
have to die th*lr respective ways 

ou’ of loss-making. 

~A.s reported on April 13. pre-tnx 
nrofits ramp to E2m (£2 37m 1 for 
19T on turnover of WSm 
fW4.f»run.) Farnir'ec are shown si 
7 So /!tSn) ner 50 p sharp and :h.» 
dividend is (He rniximiim per- 
m'”ed 4 5-U- i4 'ofir'i net 

ThP manufacture of ..em'nw- 
me producls eon'rihniod rfOtm 
r p 17B7m.) la turnover and 
r0 4Sm ff9 7*m i lo nrofits; sh i '*- 
renairinc and en*»in»*i»*"?n2 


vires. £lS72m. U'L'i..'14ni.) and 

£1 a'Joi lit ) .j»d >i»rkholil- 

in-j jnrl nurreiianting l'LiliTm. 
ixn H5ni ' ami stur.iHHi t r.--K7.nt:o» 
lnrume from asset*, vested In 
British Shipbuilder* added 
£tStei,(l!l R (ml) lo profits. 

At :hc year end there was an 
inrre-'ise in working roiuial of 
11.12m l£!.S7m.) with :« decrease 
in liquid funds of ro.3iim. i£0.4m. 

increase). 

fleeting. St. Ermim, Holel. SAV„ 
on June 7 at uoun. 

Winding up 
order on 
T. Buncle 

Air official liquidator has been 
annolnled to supervise the wind- 
ing up of a Rrotti.sh weeklv news- 
paper group. Lord Kinrrnig 
granted a petition by the Clydes- 
dale Bank in the Court of Session 
in Edinburgh yesterday to wind 
lip T. Bunrle nnd Go. whn*-e sub- 
sui'-iry. \T Publications, publishes 
seven weekly newspapers 
Mr. Peter Taylor, an Kriinburch 
chartered . aeeuumanl. was 
apnointed Official Liqtiklnlor. 

'.T Publication* runs seven new*- 
eauer- from Arhrnath — the 
Vbroath Guide, Forfar Times. 
Kirriemuir Frw* Pre-s. tramoustie 
Timp.-. itrouchty Ferry Time-. 
P- rib limes and the East Perlh- 
<hi*e Goyntje and Guardian 

M- Rrticp Kerr enuni-el for the 


b.mk. mid ihe judgi! that thn 
i>rtis- .i— els oi Buucli- were 
l.ianiHtn-s Ilf i40S(Hin 
!«•( t £72.000. bul hi- u-:i - ml.irnn-it 
lh.it the £ 122 . dUO I, -ied as til** 
investment in M Puhl ic.it tons 
might bi- i«ver-e-tiin:itinL .i::v! the 
max i muni net Hs-ets umild there- 
fore be r 7'* nnu .md tin* nnninunu 
about r:m «i!Nl 

l^jsi KM'fc a | teni uts wer*- made 
Ui prevent the bunk 201114 ahead 
iv nh a petition to recover a large 
loan. 


SHARE STAKES 

. J. Seville Gordon Group — Indus- 
trial .Metal Service- a private 
company owned by J. D. Seville, 
chairman, has bt-ugh* 20>).UU3 
share b at 22p 

Joseph Shakespeare — Britannic 
Assurance ha- bought further 
25.U9U share- Interest now b2i.UtH) 
(8.1 per cent.). 

Cooper Industries— W. H. Pod- 
morc. a company controlled by 
C. C. Cooper, has acquired 65.(H.i0 
shares. Mrs. K. JU. Cooper, wife 
of C. C. Cooper, has acquired 
.102.000. 

Marley— 0. A A Aisher, direc- 
tor. has disposed of IOU.OOO 
shares 

Alexander llowden Group— Mr. 
R. C. Comery. director, on May 3 
sold 150 OOP share** dt lt*4p. 

Ilanibro Life \vuirance— Mr. 
M A Wemlieru. managing direc- 
tor. hi* -Mild K3.500 shares at 333p 
enm div 




,1.i I •i* l4V 
. ,r 


I 


Chairman’s Comments at the 
Annual General Meeting 


At the 133rd -Annual General Meeting of the Royal 
Insurance Company Limited held on Wednesday 10th May, in 
Liverpool, the Chairman. Mr. D. Meinertzbagen. made the 
following comments additional to his statement circulated with the 
Annual Report and Accounts. 

We were able to 'show a profit on our underwriting operations 
in 1 977, with a contribution coming from almost all the main 
territorial divisions. Small as the profit was in the United States 
it marked a most welcome tumround from the experience of the 
past few years. There were very satisfactory profits in the United 
Kingdom and also in Canada, but there we have unfortunately 
had to Hive up a substantial part of it because of the effects of the • 
Anti-Inflation Regulations. Australia too produced a profit 
although less than in 1976. Conditions in the Netherlands 
insurance market, which accounts for the major part of our- 
business in continental Europe, remained adverse, but there has 
been a marginal improvement and there is the prospect of 
further improvement. We have thus seen in many areas real 

benefits emerging from the stringent remedial action on 

underwriting instituted several years ago and pressed forward in 
the meantime. ■ 

- -With the reremergence in some areas of unrealistic ■ 

competition, it is essential that the disciplines of the past few • 

years should be 'maintained. This we firmly intend to do, e\en it 

it restrains the growth of our business. , 

It is pleasing that after providing for the maximum 
permitted increase in the dividend we are m the position to ' ; ; 

transfer nearly £50m to retained profits. Transfers of this order - 
a re necessary if we are to finance from internal sources both the 
development of new business and the effects of inflation on our 
existing business. - 

Before proposing the Resolution to adopt the Report and 
Accounts and declare a final dividend, I wouldlike to refer to the 
amendment which the House of Commons have adopted to the . 
Finance Bill in Committee to reduce the Standard Rate of income 
tax to 33p. If this amendment is enacted we shall consider - • - 
declaring a supplementary interimdividend relating to 1977 to the 
miiximumextent permissible payable at the same time as the 
interim dividend for 1 978.. This is of coursesimilar to the procedure 

we adopted to cater forthe tax change iir 1977. 

Report and Accounts were adopted arid the other formal • 
business w as duly transacted- The proceedings terminated with a 
voteof thanks to the Directors, Management, Staff and Ag$nts. - 


1 Estimated Results for the three months ended 31st March 1978 1 


.3 months tn 

.3 months to . 



’ '- - 31 Mar. 1 97S 31-Mar. 1977 • 

Tear 1977 1 

General Insurance:.- • --<• ■ 

•■-■-■v ■■ . £«* :• 

fin. - - 

fid 

Premiums Written ' • " 

- - 319.9- 

‘■'315.0 ■ 

1.235.5-' " 

Underwriting Result: 




U.S.A. 

0.5 

—6.3 

. 0^2; - 

Elsewhere 

-J* 

. *V ’ -713 ' 

15.0 

Total 


i.o 

15.2 

Long term insurance profits 

j.i 

- 0.5 • 

4.3 

I nvestment J neeme 

. 27.8 

.. • 25.2 

112.0 

Share of Associated Companies' profit 

0.8 

0.8 

2.3 

Total profit before taxation 

28.6 

• 27.5 

133.8 

Taxation 

11.1 

■. ' 10.2 

56.3 . 

' Profit after taxation 

ns 

T" 17.3 

77.5 

Minority interests 

0.2 

0.1 

0.3 

Adjustment under Canadian Anti- 




Inflation Regulations 

— 

— 

2.5 

Net profit attributable to the Company 

17.3 

17.2 

74.7 

fp. per unit) 

(ll^p) 

Hl.4p) 

(49.8p) 

The operating ratios for the USA on the 




UK. basis arc: — 




Claims as of earned premiums 

71.0 

77.2 

70.0 

Expenses as of written premium* 

26.5 

27.0 

29.2 

Operating ratio 

97-5 

. -104.2 

99.2 

EXCHANGE RATES 




| In the above figures foreign currency has been convened according to 

our normal 

1 practice at approximately the average rates of exchange ruling during the period. The 1 

principal rates were : — 




U.S.A. 

SI. 93 

Si. 71 

S1.75 

Canada 

S2.J4 

* 51.76 ' 

• 51.86 

Australia 

51.69 

• SI. 57 ' 

51.57 

| The effect of the changes in the value of sterling on the comparison of ihe first quarter 1 

1 results was to reduce the profit before taxation bv about £3. 3m. investment 

income was 1 

I reduced by some £2.7m and the underwriting result was adversely affected by £0.6m. 1 

: LONG TERM INSURANCE 




New business written in the first 

- - 3 months to 

3 months to 


three months of the year with 

31 Mar. 1978 31Mar.l977 

Year 1977 j 

corresponding figures was : — 

£m 

fm 

£m 

New* Life and annuity premiums. 




Periodical premiums 

4.6 

3.7 - 

17.5 

Single premiums 

' 3.7. 

• -6.9 

21.0 


83 


38.5 

New sums assured 

2543 


962.3 

New annuities per annum 

10.1 

.7.3 

37.2 



Comments on the first 
quarter’s results 


These figures show that we made a profit before 
. Jaxat ion of £T«V . 6m. an int reasc of jus r over £ Ini on 
' the projit for the first quarter last year of £27. 5m. 

' This was after suffering losses arising din of the 
extreme weather conditions at the beginning of the 
year in the United States. Canaria and the United 
Kingdom, amounting to some £7m more than the 
.first quarter last year. 11 e arc. of course, in business 
precisely to provide cover for these kinds of loss. 

In the event, the overall underwriting result 
' hik a loss of £1.1 m compared with a profit of £lm 
a year ago. Despite the exceptionally severe weather* 
we made underwriting profits in both the US. 1 and 
Canada, lie also made a marginal profit in 
.Australia. U e suffered underwriting losses in the 
L A and in Europe. 

In the UK the deterioration in the result from 
a profit a year ago to a loss this year was more than 
accounted for by the effects of the exceptionally 
severe weather at the beginning of the rear and 
hit reared large fire losses, some of which 
undoubtedly reflect the strike of firemen. 

On the other hand, there was a welcome 
turn round in our underwriting results in the first 
quarter in the l ’S.A . where we have moved from a loss 
of £6 .3m a year ago. or an operating ratio of 104. 2 u a% 
to a profit of£u.5m in the first quarter of this year, or 
an operating ratio of 97.5 " 0 . All the major lines of 
business showed improved results with the property 
business being particularly good. 

In Canada, despite the exceptionally severe 
weather the underwriting profit yeas only a Utile 
below that of the first quarter last year. 

The Australian profit was less than a year ago. 

There was a reduction in the underwriting loss 
in the Sciherlantls. 

Investment income in rhe quarter increased 
from £35.*m to £27. 8m; this 10 per cent increase 
would hare been over 20 per cent but for the effect of 
currency changes between the two periods. 

As we have said many times before, the results 
of one quarter should not be taken as providing a 
reliable indication of the outcome for the rear as a 
whole but. nevertheless. I think the result we have 
achieved in the circumstances provides a reasonable 
start to the year. 


jf. — weaKcrsar " nr ^ 


I' 


• 


■jn — — 



I> . - 


?■ ' V 


28 


Harrisons goes for the big one 


BY JAMES BARTHOLOMEW 


Everything that has happened 
Jn the turbulent plantations 
sector in the past few years palls 
in contrast to Harrisons and Cros- 
field’s £11 6m. bid for Harrisons 
Malaysian estates. It is the 
climax of two or more years of 
manoeuvring, buying and selling, 
controversy and politicking. 

Harrisons and Crosfleld (H and 
C> has been trying to hold on to 
its massive plantations empire in 
the face of guerrilla attacks by 
companies such as McLeod 
Russel. N. M. Rothschild, Gent- 
ings Highland — a Malaysian com- 
pany and Sipef SA — a Belgian 
company. 

On a second front, H and C has 
been negotiating with the 
Malaysian Government to release 
as little as possible of its 
associate, Harrisons Malaysian 
Estates, to local interests and at 
as high a price as possible. 

Ana on a third front, H and C 
has had to face Press and City 
criticism of the labyrinthine 
cross-holdings of dozens of planta- 
tion companies within the H and 
C empire. 

In the face of this pressure 
and con diet. H and C has. as its 
chairman. Mr. T. Prentice, says, 
“ stuck to its last." Being willing 
to commit its whole being to the 
conflict. H and C has won all the 
major battles so far and now 
looks set to win another — the 
biggest of the lot. 

Yet H and C does not hold the 
ace of trumps in this game. That 
is undoubtedly held by the 
Malaysian Government which cm 
ultimately make life very diffi- 
cult for the British company. The 
game is by no means over, but 
H and C has stolen an impres- 
sive lead. 


H all started innocently enough 
in the beginnings of this century 
when H and C founded many 
small plantations companies, pre- 
dominantly owned by the public. 
H and C acted as secretary and 
agent for these companies and 
was highly respected in these 
roles. Naturally it took equity 
stakes in these offshoots. 

As time went by. the com- 
panies built up slakes in each 
other in order to spread their 
risks in terms of politics, 
geography and crops. But over 
the last 10 years, these cross- 
holdings have been regarded in 
a oare sinister light. They have 
been criticised as a " pyramid " 
structure enabling H and C to 
exercise ‘ creeping control ” with- 
out making full take-over bids. 

In Nnvemher 1976. the game 
began in earnest— promoted by 
tbe desire of the Malaysian 
government to see local busi- 
nesses owned hy local interests. 
With the “ New Econnmic Policy 
of Malaysia” (the “NEP”). the 
government announced its aim of 
putting 30 per cent of the 
economy In Malay C'Butm- 
putra") hands and 40 per cent, 
in the hand* of other Malaysians 
such as the resident Chinese by 
1090. 

Three companies in the H and 
C camp, the 11 three sisters” — 
Golden Hope, London Asiatic 
and Patallng — therefore submit- 
ted proposals for a merger and 
transfer of residence to Malay- 
sia. H and C was to remain the 
king-pin company and this gave 
rise to the first major battle. 

Gentings Highland, a Malay- 
sian company with a major stake 
in Golden Hope blocked this 
iir-r scheme with the rumoured 


approval of the Malaysian 
authorities. G. H. then made? a 
bid 'for Golden Hope— the big- 
gest or the three sisters. H and 
C successfully fought this off and 
proceeded to Implement another 
scheme which would have the 
.■fame effect as the first but which 
could not be blocked in the a a me 
way. 

The new company which 
emerged out of the scheme was 
Harrisons Malaysian Estates. So 
far so good: the H 3nd C empire 
had been held intact. 

The summer of 1977 saw a lull 
in the battle but then the winter 
campaign opened with a skirmish 
over an Indian associate of H and 
C called Malayalam Plantations. 
McLeod Russel, a British plan- 
tations company, made a bid Tor 
ibis outpost of the empire and 
provoked H and C into respond- 
ing with a higher bid. Tbe wide- 
spread view now is that H ami C 
ended up paying too much for 
Malayalam. giving McLeod 
Russel a profit of over £lm. in 
the process. It has been H and 
C‘s one bad move in the cam- 
paign, though Malayalam did 
least include some H5IE shares 
among its assets. 

■ H and C’s next move was among 

its sauciest. It bid for Harcrns 
Investment Trust, an associate 
which had been specifically 
-designed to give investors a stake 
in a spread of plantations com- 
panies. But for K and C. he 
acquisition was strategically vit.il 
because these slakes enabled it 
to gain legal control of more 
or its associates. Harcros 
naturally bad a stake in FfME and 
in other companies which also in 
their turn had stakes in HME. 
The grip was tightening. 


The bid for Harcros was done 
at a price only a little above the 
stock market values of Hie com- 
panies concerned. In other words 
it by no means reflected the 
great strategic importance uf 
Harcros to !i and C. 

Rothschild Investment Trust 
and McLeod Russel tried to 
frustrate the bid. but without 
success. -They tried standing in 
the market, buying shares at 
above the hid value. In fact if 
they had made an outright bid. 
they would probably have forced 
H and C to name an even higher 
price. But II and C got away 
with it. 

The cheapness of this acquisi- 
tion was amply demonstrated in 
the next episode. Rothschild 
McLeod Russel and Sipef SA, 
got together to hid for another 
of H and Cs associates. London 
Sumatra, which has estates m 
Indonesia. The top bid made by 
the consortium, under the name 
McLeod-Slpef. was worth 15Qp 
per share, more than half as 
much again as the price H and C 
had paid for shares in London 
Sumatra through its bid for 
Harcros. And even this price was 
dismissed by the London 
Sumatra directors as being 
insufficient. So the hid was 
successfully fended off. The 
emoire still remained inviolate. 

H and C picked up additional 
shares in HME in the early 
months of this year, as well as 
obtaining shares through tbe 
Malayalam and Harcross acquisi- 
tions. 

This brings us to yesterday's 
news of the proposed merger. As 
with London Sumatra, the value 
now placed on HME Is well above 
what H and C had to pay through 


the Harcoss route. But the 
greater significance of the deal 
on another front the campaign 
to retain control in face of the 
aspirations of tbe Malaysian 
government 

H and C has been negotiating 
with (he Malaysian government 
for over a year— os yet without 
result. 

In the merger proposal 
announced yesterday, HME says 
it will give up 10 per cent, to 
Bumiputra investors at a “sub- 
stantial discount” But the 
Malaysian government may not 
he satisfied with just 10 per cent 
and the negotiations may con- 
tinue 'to drag on. 

The advantage of the merger 
for H and C is that the Malaysian 
government cannot stop H and C 
obtaining legal control of HME. 
H and C will then be in a 
stronger position to negotiate, no 
longer open to the usual “pyra- 
miding’' accusations. H and C 
intends' to complete its new 
“clean” image by transferring 
control of its secretarial and 
agency business in Malaysia to 
HME. 

H and C would probably pre- 
fer its bid to be only partially 
successful. Tn that way a lot 
of the shares micht remain in 
local hands and HME would be 
largely ” Malayaoised” without 
difficult negotiations. 

The danger If the bid is 
wholly successful is that II and 
C will Itself be a very Malaysian 
company indeed and the govern- 
ment might try to Malayanise 
the whole group. Despite the 
□ed and bold move by H and C 
this complex campaign is not yet 
over and time must be on the 
side of the locals. 


MINING NEWS 


Financial Times Thursday May 11 i978 

1 


•jj ?* 'i. 




Union Miniere profits 


Vli 


slide again 


BY PAUL CHEESERIGHT 


UNION miniere. the Belgian 
mining group which was once the 
major copper producer in Zaire, 
suffered a drop in net profits last 
year of 26.6 per cent Its dividend 
or BFr.500 f£S.47) compares with 
BFr. 600 paid for 1976. 

Net profits for 1977 wore 
RFr.fi0l.n7m. fSHUhn.). against 
BFr.SI9.7Sm. in 1076. the groun 
announced yesterday. The 1D76 
total was lGJi per cent, down on 
that of 1973. 


the group will affect the final 
figures for Tanganyika Conees- 
•sinns, which has an interest of 
17.fi per cenL But the Tanks 
shares were unchanged yesterday 
at Hip, Union Miniere shares 
fell 75p to £10. 


been expanding quickly, in con- 
trast with that of Australia where 
uranium policy has become the 
subject of protracted political 
debate. 


South Africa’s 
uranium stock 


MINING BRIEFS 

PET AUNG TIN— April on [pm UJ 
formes iMarcn 133 twines t. 

Rahman Hydraulic TI a— April oartmi log 
tonnes i March 99 tonnes v 

48 weeks tried 


1/4/1979 2/40877 


Panel investigating forecasts 


The City Takeover Panel is in- 
vestigating information published 
by Andre Silentbloc during its 
ill-fated attempt to block the take- 
over bid by RTR last year. 

BTR has drawn the Panel's 
attention to two documents sent 
to Silentbloc shareholders in May 
last year, one of which contained 
figures showing pre-tax profits for 
the half year to April 3. 1977 of 
1527.000. 


Sir David Nicolson. chairman of 
BTR told hsareholders at yester- 
day's AGM that final figures from 
Silentbloc covering a 15 month 


period had shown profits of only 
£345.000. 

Fie said that applying a logical 
multiple of the trend indicated by 
the defence document “ one would 
have expected profits in excess of 
flm." In addition BTR lias drawn 
the Panel's attention to state- 
ments made by Silentbloc during 
its defence. 

Meanwhile the Panel said yes^ 
terriay that it is also investigating 
a profits forecast made by Dun- 
ford and Elliott at the time of 
Lonrho's takeover bid. Lonrho 
said that it is taking legal advice 
over the profit forecast. Last year 
Dunford made profits oF £1.7m. 


compared with a 
approximately £5m. 

The first indication oF BTR*s 
disappointment over Silentbloc's 
profits performance came earlier 
this year when the group said that 
Silentbloc's results had proved, 
“surprisingly inadequate” and 
that “appropriate action” had 
been taken. 

Sir David told shareholders that 
Silentbloc was now operating pro- 
fitably and “much more in accord 
with what we would expect” 

He added that BTR's pre-tax 
profits were now running more 
than 20 per cent, ahead over the 
same stage a year ago. 


SHARE STAKES 

Gordon and Gotrb Holdings — 
Gordon and Gotch (Australia) has 
bought further 23.900 shares, 
forecast of Total holding 1,061.012. 

TV. and J. Gloss op — Throg- 
morton Trust is beneficial owner 
of 240.000 shares (5.16 per cent). 


Pork Farms — On May 2 J. C. 
Samworth sold 165.000 shares re- 
ducing number in which he Is 
interested (o 660.860 shares (25.53 
per cent). 

S. Simpson— Dr. S. L. Simpson, 
chairman, has sold 100,000 “A” 
Ordinary shares. 


The downturn is no surprise. 
The groun predicted as much 
after the first half when it pointed 
out that the denresrion in base 
metal prices would weigh on the 
results. Price movements in the 
second half of the year did little 
to alleviate the nnsition. 

Since ts departure from Zaire. 
Union Miniere has been develop- 
ing a new series nf operations, 
roncenfrating on the Americas. 
Australia aud Europe. In the pro- 
cess It has become very exposed 
to movements in the copper and 
zinc prices. 

Its Thierry copper mine in 
Ontario has been producing at 
half the nominal capacity in 
order to preserve ore reserves. 
This low level of production is 
a common phenomenon In the 
North American copper industry. 

But production at Jersey 
Miniere Zinc's Elmwood mine In 
the U.S. has nearly reached 
planned levels, although the metal 
price will have to improve before 
the-operation makes a profit This 
factor has caused the postpone- 
ment of the Yelanlena project in 
Mexico, but another venture, in 
Brazil should start in tbe second 
half of 19T 9. 

Tbe lower level of profits from 


NEW DISCOVERIES and success 
in extracting material from old 
gold mining dumps have led the 
South African Atomic Energy 
Board to increase its estimate of 
the country’s uranium reserves by 
70.000 tons. 

The Board said yesterday that 
it calculated there were 306.000 
ions of reasonably assured 
reserves and 42.000 tons of esti- 
mated additional reserves whicb 
can be exploited at $36 a pound. 
Tills price is tn fact below values 
attached to contracts recently 
signed for the immediate delivery 
of uranium. 

In the higher cost range of S36 
to 559 a pound, the reserves are 
put at 34.000 tons reasonably 
assured and 38.000 tons estimated. 

The total figures, which include 
Namibia (South West Africa), 
represent a 20 per cent increase 
on the estimates of January. 1975. 

They reflect the vigour with 
whicb exploration activity has 
continued in the face of rising 
world demand for nuclear fuel, 
although early optimistic esti- 
mates of likely consumption made 
in the aftermath of the 1973-74 
energy crisis have been scaled 
flown. 

The South African industry has 


30n 

197 


365.883 


31 9.1 SI 


3Mu 

SRTfc 


J7S.G9S 

2S0.7U 


W.tfc 

137.80 


192 

in 


fflSAW «cjia 


22.211 

6.36 


5,<S 


20.WI 

10.750 


15.4* 

7.* 


Queensland P bump* ate 

Prod, dors svfti-tiulcd 
Prod, days vnrfenrf 
Phosphate rock mim'd 

•dry tonnes' .. 

Plant production (dry 

-nwsi 

gorfc ralM to Towns- 
ville i dir tonn»si ... 

Sliipmi*. i dry toimrsi 
COBAR 

Prod, o.irf available ... 

Prod, days worked 
Cmrii- on* treated 

i tonnes * 

Conner concentrate 

■ tonnes l 

Copper com. llnnrteai 
Zinc concentrate 

i tonnes] 

Zinc content ( tonnes ■ 

Lead concentrate 

■icnnes) 

Lend content • tonnes) 

DEVELOPMENT 
C.S.A Mine 

Toteral imriiMi 

Ventral imenvs) ... 

Mn-eii-O.M 
ANGLO AMERICAN CORPORATION— 
Coal division sales onmui for Aonl 
ffiKiires In metric tons'. Republic of Sou* 
Africa : ft numinous: Ana Iks mated iOit. 
itriint 3n3.SH. Anclo-Powr (Arnett 

■149.790. fKrlrl. 3W.7K7. Rk-SlMJ* S3 DU. 
Coronation 'Rank* 191.333. New Larno 
riO.440. S.A. Coal Km ales 339 977. Sprit®, 
bok 191 .PM. Korlmafl-M SS4.<K7. VrrVid 
Coronation iCoali 12.492. (Cntn-l 4IUWS. 
Vl«rfomeln 112.517. Sulmtum Naurs 
lndumenl Colliery 3fi.SE. Ralsray 17377, 
Natal Anttiradtc 62.733. Rhodesia- Wank to 

■ Cnal > 17T.3SA. iCnkel 15-Kfi. Swaziland: 

Siraztiand CoU lodes’ Moska Mine t Li. 
Botswana: Morapuic 55.3SS. Group tolai: 
2,745.827 (March 13X1,0'. 


3.344 

1.791 


3.871 

1,888 


1»* 


7M 

174 


TW 

X 


Cape Industries— Charter Con- 
solidated. as a result of acquisi- 
tion by a subsidiary of 49.000 
shares, has increased its interest 
.to 16,114,852 shares (67.14 per 
cent.). 


Warne Wright and Rowland— 
Group Captain J. P. Cecil-Wright 
sold 35.000 shares at 44Jp on 
April 24. Centra] Manufacturing 
and Trading Group has bought 

20.000 shares. Total holding 

885.000 (8.6 per cent. t. 


CPL/GEDONG 

Acceptances received by Con- 
solidated Plantations in response 
to the offer for Gedong Invest- 
ments amount to 305,720 shares, 
which together with tbe 252.500 
shares owned prior to tbe offer 
period, represent 91.S per cent. 
The offer is now unconditional 
and remains open. 


Falconbridge makes a loss 



fmm&M 


achieves 



results 

in 1977. 


WestLB's service ; = whole sate financ- ft also was in fhp management of 10 of the 42 

ing. both <3 1 home and abroad. creaUv strength- private placement.-, in DM. WestLB was in the 
enecf the Bank s market portion and brought management group of 5 i public issues and pri- 

e-.cellent results tor the 19.- tinancial vear. i ho va(6» placements for Euro-issues in other cur- 
B-mk's group balance sheet total advanced bv renciei. The Bank also participated »n 151 other 
13 5 per cent to DM 82.7 billion, v. nh an a'‘ter-tay. non -DM issues, and tn the US it was a member 
surplus of DM 172 million. The Ban- ' ^ international of the syndicate in 13 domestic US S issues, 
facilities and participations, including its v.holly- 


owned Luxembourg subsidiary. WestLB Inter- 
national SA. contributed substantially to the 
overall success. 


WestLB's leading position in domestic and 
international financing was again enhanced by 
the Bank's extensive refinancing capactiv. The 
total flow of available funds increased by around 
DM 7.5 billion net to a total of DM 62 5 billion. 


In addition. WestLB played a dominant role in 
domestic DM loans to international borrowers on 
a long-term, fixed interest basts. WestLB's strong 
commitment to sound personal advice in the field 
of monev management accounted for a continued 
increase in the placement of fixed interest 
securities. International institutional investors ara 
benefiting more and more from WestLB’s pre- 
eminent position as market maker in fixed interest 


by 42.7 per cent to US S 665 million. 


Contributing to this were sales of own :';*.ed securities in an exceptionally strong currency, 

interest securities, which rose to a record Di-.l 6.6 

billion gross and DM 3.7 billion net. as v, ell as a Fore.-gn ere hangs operations benefited from the 
net increase in deposits from industry, insti- Eank s client-oriented advice amidst increasing 

tutional investors, state agencies and banks total- c, -* r . rEncv uno?, lainties. International commercial 
ing DM 4.2 billion. This includes certificates of ,n - such as letters of credit pay- 

deposit with WesrLB branches, winch increased m^r., transfers and export financing increased 

substantially, reflecting high quality and rapid 
ci.er.t services and dose contacts with corre- 
spondents. Local coit-fmancing facilities through 
the Banl.'s international network were also used 
extensively. Domestically the Bank enjoyed a 
particularly favourable upturn in long-term 
Vigncinn to corporate clients. Long-term buyers' 
credits in wo; uneven with German export efforts 
also £h ? i .\ed an above-average growth. 


WestLB was manager for 45 syndicated {pans 
to foreign borrowers as compared with 35 the 
previous year. The Bank was also in the manage- 
ment group of 24 other loan?. The Bank's vital 
role as one of the foremost forces in the Euro- 
bond market was again documented by ihe fact 
that WestLB was lead or co-manager in 48 

public offerings out of a total of 78 DM issues. D i . ^ . 

WestLB began iS/c cv assuming complete 

ownership of the Hong Fong based merchant 
bank ASfAC. VV'-n c? dv ramie and flexible inter- 
national capabil.iic ? WestLB expects to further 
strengthen posi-.on a; one c: ih^ world's 
major whclejate hoencmg institute:-. 



io v-.try 


A strong force in wholesale banking 

\Afestdeutsche Landesbank 

-- a •= i.6i.:.4Cvvrf.aft.-.C3;d5ai..id-.-.i;;i.T.ar.;; 0 * A ,f.,5cewfln3 1 .a.Te u ;lB55aZ3 I 


DESPITE SOME increase In nickel 
sales during the first quarter, 
Falconbridec. second only to Inco 
among Canadian producers, has 
continued to lose money, writes 
John Sogfuaich from Toronto. 

The consolidated loss in the 
quarter to March was C*2.7m. 
(11.3m.), or 75 cents a share alter 
recognising the dividend require- 
ments of preference shareholders 
In the comparable period of 1977 
there was a net profit of nearly 
CS3m. 

Although the toss from xnte- 
errared nickel operations at 
03686.040 was only half that of the 
1977 first quarter, problems arose 
in the subsidiary companies. 
Falronbridge Copper lost CSlm., 
for example. Instead of contribut- 
ing C$5.1 m. as they did in the 
1977 first quarter, the subsidiaries 


recorded a deficit of CS203.000. 

An Indication of some return 
to normality in the nickel mar- 
kets came with the disclosure 
that sales from the integrated 
operations were 13.7m. Ibs com- 
pared with 10. Jm. lbs in Lhe first 
three months last year. 

But copper sales slumped as 
consumers held their inventories 
at low levels. They were 6.6m. 
lbs against 11.1m. lbs. 


Mines into a 1978 first quarter loss 
of CSl.Bm. (£780,250). compared 
with a net profit of CM57.000 In 
the same period or T977. John 
So pan icti writes from Toronto. A 
pit w'all .failure in the northern 
part of the mine will seriously 
affect this year's eamimrs and will 
carry through Into 1979. 


ROUND-UP 

Central Norseman Gold 
announced from Melbourne that 
a dividend of 50 cents (3l.lp) per 
share had been declared. 

* + * 

A strike at its asbestos mine in 
Newfoundland pushed Advocate 


Mr. Mario de Ba&tiant, the retir- 
ing president of tbe Ontario 
Minins Association, said the 
industry had an increasing role to 
play fn the Canadian economy, 
but that It was essential to create 
au atmosphere of stability in taxa- 
tion and environmental require-, 
raents so that the industry would 
be ready to take advantage of the 
market upturn — when tt came. 


jv; 



NZ venture soon for Aquitaine 


THE Aquitaine consortium is on 
the verge or signing an agreement 
with the New Zealand Govern- 
ment lo drill two offshore oil 
prospecting wells, reports Dal 
Hayward from Wellington. This 
foiimvs months of protracted 
negotiations. 

Like other companies Aquitaine 
were unhappy with the New 
Zealand Government's oil dis- 
covery tax proposals. There has 
also been disagreement over 
decision making precedes. 

And alterations in the tax pro- 
posals is understood to have 
cleared the way for agreement 
A draft agreement was taken to 
Paris by Aquitaine's New Zealand 
representatives for discussion 
with the company's head office. 
Formal acceptance is expected 
soon. 

The Aquitaine group is a con- 
sortium of Aquitaine. Odeco 
(U.S-A-). Murphy U.S.A.. L and M 
Oil N.Z, Beach Petroleum 
(Australia) and Horae Oil 
(Canada). 

* * + 

President Suharto of Indonesia 
has ordered The Ministry of 
Mining and Energy to form a 


special committee on the lique- 
fied natural gas (LNG) pricing 
formula. 

The Ministry says that as a 


follow up^to U.S. agreement to 


import LNG from ~ the north 
Sumatran plant of Arun. Aceh. 
Indonesia and the U.S. would 
each establish a technical com- 
mittee on a LNG price increase. 

The U.S. has in principle agreed 
to support Indonesia in the de- 
velonment of three additional 
I.NG unit production •‘trains'' for 
An in proiccts. 

The additional trains would 
produce LNG to be exported io 
the U.S. starting around I960 The 
prniect was estimated tn start 
nrnrtucrion by next August, the 
Ministry added. 

+ + + 


below the gas formation.” The 
new well. Sarnpaguita 2 . 4 km 
east southeast of the first was 
programmed to a depth of 14.000 
ft and will cost about S4.5ra. Last 
year two 'other wells turned out 
to 6e dry holes. 


Oil companies’ 
profits static 


An oil consortium including the 
Philippine Seafront Petroleum 
and Mineral Resources Inc will 
drill its fourth well In the Reed 
Bank next week according to Sea- 
front. 


A company official * said that 
drilling would “confirm gas shows 
In Sarnpaguita 1. the country’s 
second discovery well and pos- 
sibly discover an oil horizon 


A SURVEY of 241 oil companies 
show's that nearly half of them 
failed to increase their profits 
over the last two years for which ; 
accounts are available. Only 

55.2 per cent, showed an improre-. 
ment in profits. • 

The survey, published by Inter ^ 
Company Comparisons, found 

74.3 per cent oF the companies » 
studied increased their turnover, >, 

79.3 per cent added to their * 
assets and 73.9 per cent enlarged 
their liabilities. Only 56.9 per 
cent, increased payments to 
directors. 

Oil and, Petroleum, Sixth 
Edition; reC: SI, City Road, • 
London ECI 1BD ; £27.80. ! 



Edited by Denys Sutton 


THE WORLD'S LEADING 
MAGAZINE OF ARTS AND ANTIQUES 


Published monthly price £2.00 Annual Subscription £25.00 (inland) 

Overseas subscription 08 00 USA & Canada Air Assisted S56 

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We British are a peaceful people. When a war is 
over we like to consign it to the history books - and 
forget it. 

. But for some the wars live on. The disabled from 
bom World Wars and from lesser campaigns, now an 
too easily forgotten; the widows, the orphans and tho 
children -for them their war lives on, every day and 
all day. 

In many cases, of courcc, there is help from a 
rcn»ion. But there is a limit to w hat any Uo\cmracnt 
Department can do. 

Tlu\ is m here Army Benevolence steps in. With 
understanding. With a sense of urgency . . . and with 
practical, financial help. 

To us it is a privilege to help these brave men - and 
women, too. Please will you help us to do more n We 
musL not let our soldiers down. 


The Army Benevolent Fund 

for soldiers, cx-soldicrs and their families in distress 
Dept. FT. Duke of York's HQ. London SW'5 4SP 


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.. . _ _ » 





“3»f- 




- 










' ,l ' M Vjv Financial Times Thursday May 11 1978 



fits 


V ! >: 


“Mr 


MV. 


Banque 
Rothschild 
to curb 
expansion 


By David White 


EUROPEAN CHEMICALS 


BY GUY HAWTIN 




SKF first quarter 
earnings remain 
at depressed levels 

BY WILLIAM DULLFORCE STOCKHOLM. May 10. 

SKF, the Swedish bearings, steel tax figure, struck before ex- 
f. nd , machine tools multina- change differences * extra- 

, „ 47 0 "^ r m cT„f e d,S'^ b , ? , " e Z r,y 0I ^ iS“«rS, 

: .-t C -fiS* 8 the fiTSt whj ch compares with Kr.40m. 

'■"i, j -■ 'JJ™* i -months of this year. But for the first Quarter last year 

ir -ihe figures -released from the. and Kr.Wm. for the OctobSi 
Ui^i ... headquar- December period. I 

^ orovemant tbat P* im ’ RoUin S' bearings continued to! 

88 forecast contribute a profit despite the! 

jot iy/H-nasjetjo appear. losses made by a couple of sub-; appointed less (ban two months parable period of 
First .quarter turnover was ffl diary companies. Some iro-f ago as director-general, and son 7DM5J'4bn. (S2.5bn.). 

Kf.2i4bn. f 5500m. J, up bv Provement is reported on the i of the bank’s chairman 5L Guy 

Kt\324nj. over the first quarter stee * side it continued to rtm ; de Rothschild, said the bank 

.■of 1977 and 'by Kr.32m. over the at a * oss - 1 would “exercise greater scleo 

jtrevioqs quarter. Rolling bear- . Capital investments weie col 1 tlvltj in its clientele and the 

. Jog sales.- which accounted for back by Kr - 68m - to Kr.SOm. com- 1 risks to be undertaken.” 

^.5 per cent, of the lotaL the first quarter of • The deposit bank, controlled 

«»wed a £0.8 per cent, increase, f? 77 w and were concentrated on- by the French branch of the 

>hJ)e steel sales grew- by 14.6 “® hearings side. • Rothschild family, is expecting 

per cent. These figures include - L^st year SKF* s pre-tax earn-, only a modest Im provement in 

internal deliveries. ings slumped by Kr.lOOm. to. results this year after seeing 

... Operating income before de- UwS'hopSd^haMhe cSeYb 1 net Profit phunmet to F^m. 
precation was KrJJOSm., only the Swedish groups fiJSfr in j 
Si ^ exchan se rates, particularly the 1 
fait 5 5^* - and appreciation of the yen, would | 
last quarters of 1977. The pre- boost earnings this year 


EUROBONDS 


BASF sees bleak German prospects ito-Yokado 

to issue 
$70m. bonds 


FRANKFURT. May 10. 


PROSPECTS for the West Ger- Deutsche-Mark against 
man chemical industry this year national currencies of 
remain bleak, according to foreign competitors. 




r>. 


announced 
schild as part of Us recovery 
strategy after a sharp fall in 

profits last year. 

M. David de Roths chil d, 


the chemicals upsurge. From the maximum advantage of their cost 
Ibeir group's figures il appears that the advantages." 

sales situation has stabilised and. The position was further 1 __ 

BASF, the second of the West This can be seen from the although prospects of a major aggravated by “ dumping " in the-± n T T w 
German chemicals industry ‘‘big figures of BASF AG, the parent improvement seem remote, things West German market, he *aid. I|| •vJr* 

three” to comment in detail on concern, which in the first three are unlikely to get much worse. The fertiliser market had bein' 

its first quarter performance, months of 197S saw exports Prof. Matthias Seefclder. the disrupted by dumping by enter- 1 By Mary Campbell 

The gap between 1977 and 1978 account for 51 per cent, of sales BASF chief executive said: “The prises from Portugal, Spain and!„..„ 

. _ . - THE Japanese company 


Ito- 


Yokado is to issue ?70in. -worth 
of bonds in the United States. 
The bulk of the issue— t?50ra. — 
• will be of convertibles with a 


•'HI «ir 


i* AHf 




(51.8m.) in 1977 from Frs-21m. 
the year before. DL de Roth- 
schild said 1978 would be a 
transition year and the hank 
should regain “a satisfactory 
balance " in 1979 and 1980. 

The baa k, which has a 
balance sheet total of Frs.Gbn^ 
suffered last year by taking on 
additional costs. These 
included hiring new staff. 

Last year's results reflected 
big investments made by the 

”5 if* » su pporfthiTsieef mills! j Erefit "*SbmtlSS the bank? 


PARIS. Slay 10. 

A RIGOROUS curb on expan 

sion and costs has been | sales ~ narrowed considerably in —down from the 54 per cent April gap between 1977 and 197S some Comecon countries, while 

!?' Banque Rotfr ; April, but no signs of a recorded in first quarter 1977. sales was considerably narrower, “buy-back agreements” with the 

sustained upswing are in sight. Overall sales dropped by 7.9 per Based up orders in hand and in- Soviet Union had resulted in tbe 

At the end of the first quarter cent. from DM2.62 bn. to coming orders, there are no dumping of polyethylene*, 

group turnover was down 5.3 per DM2.41bn.. while pre-tax profits grounds, however, for concluding Europe's anti ■ dumping 

cent., from DM5.54bn. in the com- declined by 38.5 per cenL rrom that a decided change is in the measure? were very weak, he ... . . , h- . 

1977 to DM231 id. to DM142m. offing in the immediate future ... said, :utd the Wes: German j jcmaming ^-uui. will lake we 

Pre-tax Domestic sales. however, no upswing is in sight." chemicals industry had asked the i J nr ’ 1 11 or _ nv ^' oa ^ nou {f- = ‘ 

earnings fell even more steeply declined more sharply than sales Prices, said Prof. Seefclder. European Commission to evolve i |f£v h .“ fiil . , hn t‘« 

— bv 25.7 per cent, from DM374m. outside Germany, falling by 10 were the group's main concern, more effective measures to deal ! n \ n 

to DM27Sin. per cent, from DMIJbn. to BASF’s weighted price index had with the problem. 

The problems, shared by tlw DMl.OSbn. Overseas turnover declined by S per cent, since 1976. The group was 
West German chemical industry was off b> 6.1 per cent, at There were indications that adamantly “ to lower costs, lie:. „ , ....... 

as a whole, stem from ihe DM1.33bn.. compared with prices in Germany were stabilis- said A complete stop had been i *• 

depressed level or world demand' DM1 42bn. in the first quarter *— • *'••• ,K “ m .t .,n n,<Minn P i m- nl i!m. n tl avium nu» a ^ i - 

and the erosion of the Federal last year. 

Republic’s chemicals nianufac- It should bo pointed 0 uL how- facing stiff competition 

turers' competitive position as a ever, that the first quarter ofl977 domestic market from foreign parent had been reduced slightly 

result of the appreciation of the was the swan song of the 1976 competitors who were “ taking since the beginning of the year. 


„,rivi n ., : minion yesterday. are Goldman 
" Sachs, Noiiuiim Securities and 


Aid call for Danish steel 

BY HILARY BARNES. COPENHAGEN, May 10. 

THE DANISH government will Government aid. 

..? sk the Folkting next week to It is not clear yet how much 
.-r * ir ®PProve financial support money the Government is willing 

’ l?f?, slire £, fo £ country's only to use to support the steel mills. 
..... steelworks, r rederiksvaerk steel but it is understood that the 

• mirls. The steel mills lost Kr.77m. Government aims to provide the 

• P n turnover of Kr^llOm. in 1977 company . with new capital. 
S" ■ over the la ? 1 ^7^ years probably in the form of loan 

' ** »- aS i=f22 accumulated loss of capital. A state credit guarantee 
.. . kMami. Until now. however, mav also he part of the deal 
the company has remained one The steel works, with a labour 
.. ’V the few in Europe which, has force of 2 500. was extensively 
. tnit received direct or indirect modernised In 1973-74 


Better start at Svenska Cellulosa 


STOCKHOLM. May 10. 


BY JOHN WALKER 

SVENSKA Cellulosa (SCA) dropped by 32 per cent, from 
made better progress than ex- Kr.497m. to Kr^37m. Group turn- 


loss 

peeled in the first quarter of o*er srew by just under It per 
* i-icnry T97R. managing director. Mr. Bo c ? nt to Kr.4.6bn. Earnings per 
ioM U. aooua, n,ee«„g. 

. -The full effect of price profits in SCA’s associated com- 
< mm T-, deductions fn 1977 will --not be panies. comes out at Kr.29 
■ n „ feU. until this year. The company against Kr.40 per share in 1976. 
ii ii !:• ° 06s ' exclude the possibility The Board proposes to pay an 
°*. B price increase this year. . unchanged dividend of Kr.10 per 
. !' -;»1n 1977 group pre-tax. earnings share. 


' iJl'HII. J 


auitaii 


. -."’i • 


i i 

static 


OTTOMAN 
18 AN Si /'-■ 

Notice is hereby given that a DIVIDEND at the _ 
rate of £2.80 per Share, voted at the General Meet- 
ing of Shareholders, held on 10th May 1978,- wiU- 
be PAYABLE on and after 9tb June 197S, in Lon- 
don at the Office, 23 Fenchurch Street, E.C.3. The 
Coupon to be presented is No. 105. The holders 
of -Founders’ Shares will receive an amount of 
£295.78 per whole share payable on the same date 
and at the same place, against presentation of 
Coupon No. 48. Coupons must be listed on forms, 
which can be obtained on application, and left five 
clearways for examination. before payment 




Weekly net asset value 
on May. 8th 1978 


i Tokyo Pacific Holdings N.V. 


U.S. $50.61 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $36:88 

Listed on the Amsterdam Stock. Exchange ... . 

Information: Pitrsan. Heldfing & Ptorson N:V.. HerangracM 214. Amsterdam 


VONTOBEL EUROBOND INDICES 



PRICE INDEX *5.78 

DM Bonds ,os, i£ 

HFL Bond* A Note* 104.82 
U.S. S Scrt. Bondi 100.22 
Can. -Dollar Bond* 9*.20 


,-J4JJ6=100% 

2.5.7B A-/EK4GE YIELD P.S.7S 

105.98 DM Bond* 6.501 

104.58 •- MJL Bonds & Note* 7.398 

100 38 ' US. S Scrt, Bonds 8.652 

98 47 Can.-Doitir Bonds . 9.449 


2.5.7B 

6.568 

7.439 

8.624 

9.445 


21 branches were profit- 
making, he said. While three 
showed negative results, eight 
others, set up in the last years, 
had not yet reached a profit- 
able stage. 

French stores 
surge ahead 

By Our Own Correspondent 

PARIS, May 10. 
TWO BIG French store groups 
have reported marked Improve- 
ments in their 1977 results, 
backing up the sector’s often 
painful ‘ recovery, from the 
economic recession. 

Darty et Fils, a chain which 
specialises in household elec- 
trical equipment and which 
was until recently completely 
under private ownership, 
increased its parent company 
net Drnfit bv 28 per cent, to 
Frs.36.3ni_ (STffm.) on turn- 
over raised by 22 per cent to 
Frs.SSim. 

The Board proposes a one- 
third increase in the net divi- 
dend to Frs.10. to which Is 
added Frv.i.10 per share which 
should have been paid last 
year, when because of govern- 
ment restrictions only Frs.6.40 
was paid out. 

Results for the group, were 
even stronger. Consolidated 


ith prices in uermany were sraouis- saia cnmpu-ic stop nja wn -- — . . . , i -. -ii-is-i, 

of ing but the federal republic's put on all iwmkI recruitment fin!!’ 

chemicals manufaciurcrs were and. as a result of normal labour \ nV.- .um'nt 

>w- facinc sUff competition in their turnover, the workforce of the i ,I,L lUrrt 1 


Akzo struggles through first three months 


AMSTERDAM. May in. 


account deficit. 

All sectors of Ihe secondary 
market were quiet yesterday in 
advance of tbe Internal torn 1 
Bond Dealers' meeting in Zurich. 
Prices were steady 111 the dollar 
sector liui fell slightly ill the 
D-Mark sector. 

The last fun-iim bmul i-smi* nn 
the Duich mark cl. Finland's 


Ennia equity 
placing to 
raise $9m. 

By Our Own Correspondent 
AMSTERDAM, May 10. 


as part of a plan to broaden the 
international spread of its activi- 
ties. An international banking 
Syndicate is to place privately 
170 jOOC depositary receipts of 
ordinary shares raising more 
than Fls.20m. (59m.L 

Ennia will also shortly raise a 
loan on the bond market It 
further plans to list the certifi- 
cates of its ordinary shares on 
tbe Swiss Stock Exchanges. The 
company is already listed in 
London and Amsterdam. 

The private placement of the 
depositary receipts will lead to 
an increase of about 10 per cent. 


Siemens reports half-year gains 


BY CHARLES BATCHELOR 

DUTCH-BASED Akzo managed Fls.27.lm. and deduction of trial yarns sertnr wa« "ml un- profit to FN.5-Sm. from KNSfiiu. I Fiji.TSin.. ’»”a* w^ii-alay priced at 
3 slight improvement in ns Fls S.om. For minority interests saiisfaclory " but lower than in on sales of Flv75ttm. iFK7:!7m.) par. and .1 nnv fmiTin is<ii*» was 
operating result in the first (Fls.5.4m.)> the net profit 1977. There Mas some improve* partly due to the ermsu'.idMion tminchi'd fur the Kurupcan \n- 
quarter of 1978 but after a emerges at Fls.2.5m. compared ment in the U.S.. hut American of the French cumpanii*.-. KKT1 : vestment Bank. Tin- FKIHSm. 

higher ta\ charge and dedttc- with Fls,13m. Nei profit per Enka still made a small loss, and Mayolandc. : issue will offer a 7; ni*r cent, 

lions for minority interests tliu share was Fls.0.08 against Sales in the division fell to Total workforce fell lull lo \ coupon on j 15- v oar final 

net result was sharply reduced. Fls.0.44. F!s.891ni. from Fls.939ai. S4.300 during the three month* utjturily. 

The company sticks to its earlier Largely due to the continued Operating profits in she but this conceals a ri'-clme of Newfoundland's 5S0m. issue, 
forecast that 1978 will produce a weakness of the dollar, turnover chemical products division fell more than 500 in the Enka priced on Tuesday :it 100 started 

fourth year of losses but with fell slightly to Fls.2.65bn. from slightly lo Fls.43m. from fibres group and an increase of trading yesterday at »»i- 100 

S.the final quarter showing a Fls.2.68bn. The chemical fibres Fls.45m. on practically un- 400 in the UJ5. 1 • Three Snath East Aslan 

profit. division reduced its losses lo changed sale* of Fls.lbn. Results Provisions made in 1977 are j nations, Thailand, Indonesia and 

Operating profit rose 6 per Fls.llm. compared with Fls.l6m. in the U.S. were generally expected to “fully enver" the the Philippines, are thinking nf 
cent, to FlsffOilm. (S21.3m.) with volume sales holding at a better than io Europe. The further restruciuring costs of (issuing floating rate notes in 
from Flsff4.9m. After a tax reasonable level but prices much pharmaceuticals, consumer and Akzo in 1978 and thus not affect , Europe within the next three 

charge Flsff.Tm. higher at too low. The result of the iudus- other products division raised this year's result. months, Reuter ‘reports front 

i : Manila. According to Sixfo 

[Roxns. vice-chairman of American 
1 Express International Ranking 
1 Corporation, they would initially 
issue S200m. worth (if note's, 
which might later be doubled. 

BY ADRIAN DICKS BONN. May 10. jAmexbnnk and Antes bancom. us 

SIEMENS reports an S.6 per by 3 per cent to DM 13_2bn. with basis, tbe first six months showed ! DrvJlnnmSm^ 
cent rise In net profits for the export business rls ng a little no change from the correspond- j thc tam & rewrt 

first half of tb° current year to faster ,bao w,lhin Wesl »nq period a year earlier . |aKmaEe Tnp ISSUPS ‘ me IXDort 

Germany. In absolute terms, sales were 

a new level of DM -77m (S138m). individual sectors did well in up by DM l.lbn lo DM 14.5hn 
WMiuiA tho n,.t«h iT B nr*nwl But tlie West German electrical winning new orders, with data But the company points out that 

1 Slant points out that as a per- and information processing, tele- its nuclear subsidiary. Knftwerk- 

group, is to increase iw capiuij^^^ ^ sales, profits had communications and signals Union, was fully consolidated for 

weakened slightly from 2.3 per engineering leading the way only the «ondJ three months of 

*- — engineering the 1976-77 first-half. It also 

were less notes that with the inclusion of 
KWU this year, a drop in sales 

In spite of a 9 per cent, rise has been suffered as a result of [ UfYT a ! d i ^ , 

HnmftcHp npw nrHora thorn rhn rnnllmiinp Hnlavc in niapinn S^WllSh ai3lOHlObliO 

raanufacturer , is raising its 197S 
production target for passenger 
cars by 13 per cent, and will be 
taking on some 500 more workers 
at its domestic factories during 
i the year. Mr. Haakan Frisinner. 
j bead of the car division, said 
l car sales abroad would more than 
offset the sharp decline at home. 
Last \ ear. Volvo produced 

THE GERMAN Democratic Re- it could well be the pilot project Finance Company. 1225,700 cars and sold 261.000. thus 

public has broken new ground for much larger loans. The loan has a two-year: reducing its heavy slocks. The 

with its first all-Arab syndicated The loan is being managed by maturity and it is understood iproducl ion increase now 


cent in the ffrst-balf of 1976-77 J„ a I ‘ ns JL JJjJUS 1 
to 2.1 per 1 ceoL ° 

The company said that no In spite of a 9 |_ 
radical improvement in business in domestic new orders, there the continuing delays in placing 
conditions bad yet taken place, was an 8 per cent drop in export new power station orders in 
Sales during the period were up orders so that on a comparable West Germany and abroad. 

East Germany borrows $22m. from Arabs 


manage 

said. 


Volvo plans 
output rise 

By William Du I (force 

STOCKHOLM. May 10. 


BY OUR OWN CORRESPONDENT 


FRANKFURT. May 10. 


oroSi was i*5 per cent, up at ! in the company's capital. The 
Frs.45.5nu. and sales rose by j Fls.20 nominal receipts have 
ihe same margin u» Frs.l.l6bn. been priced at around the pre- 

sent Amsterdam stock exchange ‘; announce(i 
price, of Fls.140 (S8251. 

A lafge number nf the Te- 
ceipts have been Disced outside 
Holland by a sy Aeate which in- 
cludes. apart from Dutch banks, 
the Swiss Bank Corporation, 


Tli^. company, ..rap^alised at ; 
Frs-30m_ fs seeking authorisa- 
tion to raise capital up to a 
cpIHh® of Frs.iO0m. by incor- 
porating reserves, over the 
next five years. 

Another big. store group 


Joan. The funding was discreetly Kuwait international investment that it w‘ll be used to fund pari .scheduled for I97S would brin» 
in a “ tombstone " Company, the leading Kuwaiti of the GDR's western grains and output roughly into line with last 
advertisement in four Arab underwriting house, which was animal fodder purchases- * j year's sales level, 
newspapers, but.- so far no advised by Bankhaus B Metzler The East German funding Is. I Output of the larger 240/260 
announcement has beer made in Seel. Sohn and Co., one of West however, a breakthrough in that models will rise by around 13 per 
the European or American Germany’s leading merchant it should be seen as a stamp of cent this autumn. Some 200 extra 
Press. banks. Co-managers are the Abu approval from leading Arab 

Although the S22m. loan is Dhabi Investment Company and investment institutions for the 


- . . , - , — the S22m. loan ..... ...» ...... 

Bazar de JUotel de VHIe, j Deutsche Bank. Morgan Stanley . not large, it is understood that the Arab and Morgan Grenfell GDR 

announced a return to profit | International and J. Henry i — 

after making a Frs-LSm. loss 


workers have already been taken 
on at the Turslanda faetor:-, 
mainly producing for export. 


io 1976. The net earnings 
figure of Frs.lL.lm. ($2.4m.» 
was twice the level of its 1975 
profit.- The proposed net divi- 
dend Is increased from Frs^-50 
to Frs.4, The 1977 result was 
after deduction oC Frx-8.5m. 
for exceptional provision's. 


Schroder Wagg. 

The company expects a fur- 
ther increase in profits per share 
in 1978 despite :he 13 per cent 
increase in capital from the 
private placemen! and the pro- 
posed stock dividend for 1977 
Profit per share rose to Fls.23.95 
last year from Fls.20 71. 


{ EUROPEAN OPTIONS EXCHANGE 1 



July 

CM. 

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1 

U|»ti*<n 

; Price 

Close 

Vw. 

Close 

VoL 

Clie* 

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1 cl<re 

K. Kodak 

MO 

11*8 

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124 

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18 

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F87.50 

0.60 

46 

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73 

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7.80 

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F130 

1.60 

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NACIONAL HOTELERA S.A. 

- - acquired a majority interest in 

MADRID PALACE HOTEL S.A. 

a Belgian company owner 3nd operator of the 
RITZ and PALACE HOTELS in MADRID 


The undersigned initiated this transaction and acred as financial advisor to 
If AGONAL HOTELERA S.A. . 


ill 

i ! 

i -1 . 


„v v 




1978 News Bulletin No5 

Final consolidated results for 1977 




The final consolidated statements of the Saint- 
Gobain-Pont-5-Mousson Group confirm that 1977 
was a year of continued recovery characterised by the 
difficulties of certain French operating companies and 
by the generally better performances of Group 
companies operating abroad. No major structural 
change affected the presentation of the accounts for 
1 977, which are thus comparable with the statements 
for 1 976, the year in which CertainTeed Corporation in 
the United States and Giaceries de Saint- Roch in 
Belgium were consolidated for the first time. 

The Group's financial results for 1 977 may be 
summarised as follows : 

(in miliions of francs) 1977 1976 1975 

Net sales 31.829 28,539 21,164 

Gross margin 4,119 3.696 2,170 

Operating income 1.477 1,396 219 

Net income . 642 471 120 



Finally, total expenditure for capital assets and 
investments-may be broken down into 2,183 million 
francs, in comparison with 1 ,675 million francs in 1 976, 
for new plant and equipment, and 312 million francs, 
in comparison with 447 million francs in 1 976, for 
irade investments. 

The following table shows the contribution of each 
of the Group's operating divisions to consolidated 
results for 1977: 

Resources 


(in millions of francs) 

Construction Materials 

Pipework 

Packaging 

Refractory Products 
Contracting 
Distribution 
Finance and Holding 


O 

o 


Resources from 
operations 
Capital expenditures 
and trade investments 


TOTAL 


Net 

from 

Net 

sales 

operations 

income 

13.246 

1 JB30 

538"" 

' 5,191 

352 

37 

5,295 

251 

3 

740 

46 

11 

3.833 

96 

64 

3,524 

(29) 

(72) 

— 

36 

61 

31.829 

2,382 

642 



> 


2,382 2.082 1,234 
2,495 2,121 1,743 


Shareholders* equity 


7,406 7,017 6.794 



Net consolidated sales may be broken down as ■ 
follows: 39% for the French domestic market 9% as 
.exports from France and 52% for the Group's 
subsidiaries outside France. Net sales rose by 1 2% ; on 
1 a comparative basis and after elimination of the effect 
of variations in monetary parities, the increase in sales 
was 10%. 

Gross 1 margin before depreciation rose by 1 1 %, 
while operating income increased by 6%. 

Net income is expressed-as in previous years after 
taking into account substantial conversion losses (237 
million francs as against 299 million francs in 1976) 
arising from the translation of foreign company 
accounts into French francs for the purposes of 
consolidation. Net income thus calculated rose by 36%. 

Resources provided by operations have been 
restated for 1 977 and the preceding years lo take into 
account a slight modification in their definition 
(resources from operations now being calculated 
exclusive of conversion losses on translation of foreign 
company accounts into French francs) . On this basis, 
resources from operations for 1 977 rose by 1 4% over 
1976. 


In accordance with cuiTent accounting principles 
in the United States, the table below also provides an 
analysis of the Group's results by geographical area. 
The data shown on net income take into account the 
deduction of sometimes important minority interests in 
Group companies : 

(in percentage) . France Germany USA Others 


Net sales 

N et income 

Resources from 
operations 
Capital expenditure 
and investments 


48 

4 


19 

17 


13 

20 


20 

59 


20 

40 


19 


17 


17 


44 


17 26 


On the basis of the average number of shares 
outstanding (27,893,784) resources from operations ■ 
per share rose to FF 85.39 in 1977 in comparison with 
FF 74.62 in 1 976 and FF 43.97 in 1 975. Net 
consolidated income per share amounted to FF 23.04 
in 1 977 as against FF 1 6.90 in 1976 and FF 4.28 in 
1975. Shareholders* equity per share amounted to 
FF 265.51 in 1 977 as against FF 251 .57 in 1 976 and 
242.13 in 1975. 

Annua! report availability - The Annua! 'Report of 
Saint- Gabain-Pont-S-Mousson is published in English. 
French and German and is available upon request. The 
1977 report will be going to press shortly and may be 
obtained by writing to the Director of External 
Relations at the address below. 


Q 

O 

|i> 


rftTTTrtv 

SAINT- COBAIN - PONT- A- MOUSSON 

For Further information, writs lo : The Director of External Relations, 

Compagnio de Saint- Gobain-Pont-3-Mousson, 54 Avenue Hoche, 75365 Paris. Cedax 08. 


VS 





i 


r\ 

**’ 


. . i 


*•1 






30 


Financial Times Thursday May 11,4^, ■&>) 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


r 


NORTH AMERICAN NEWS 


V 


Dominion 
Stores 
hits record 


Philip Moms raises bid 


By James Scott 


for Seven-Up to $490m. 


U.K. group 
in $6m. 
food deal 


TORONTO. May 10. 
RECORD PROFIT and sales arc 
reported by Domiman Stores of 
Toronto, Canada’s largest . food 
retailer, lor the year ended 
March 197S. Profit was SC20.S3m. 
(SUSlS^m.) or 5C2.44 a share, 
against SC16.19m. or SC1.B0 pre- 
viously. 

Sales rose from SC2.02bn. to 
SC2.21i)n. (SUS1.96hn.) 

Profit per dollar of sales row 
from eight-tenths to nine-tenihs 
of a cent. 


BY STEWART FLEMING 


NEW YORK, Mai' 10. 


STOCK MARKET speculators 
who have been anticipating an 
increased bid from Philip Morris 
for the third largest U.S. soft 
dnnk's producer. Sevcn-Up. had 
their hopes justified this morn- 
ing when the tobacco and beer 
major said it was ready to pay 
S46 a share for Seven-Up. 


Moore ahead 


Although tales and operating 
margins in the U.S. were a Reeled 
by severe weather and the coal 
strike, quarterly profits of Moore 
Corporation of Toronto, the 
world's largest producer of busi- 
ness forms, amounted to 

-S U.S. 1 9. 7m. or 70 cents a share, 
against SU.S. 17.7m. or 63 cents a 
year earlier, writes Janies Scntt 
from Tnronto. Sales were 
SU.S-3i3.6m. compared with 
SU.S.2S5.1m. 


Last week Philip Morris an- 
nounced a S41 a share offer for 
i lie company, valuing it at 
S440m. But the Seven-Up board 
raid that the offer was inade- 
quate. adding that shareholders 
controlling over 51 per cent, nf 
its stock, mainly representing 
holdings of the company's 
founding families, were not pre- 
pared to lender at that price. 


Since then. Seven-up shares 
have been selling in the over- 
the-counter market at around 
$44 in anticipation of a new 
Philip Morris offer for the 
10.7m. shares. The announce- 
ment by Philip Morris to-day 
values Seven-Up at S492m. 

Philip Morris said that in 
addition to increasing the pro- 
posed bid terms it was also 
removing the condition that at 
least 5.47m. shares be tendered, 
and instead it will accept any 
and all shares tendered. 

It added, however, that it will 
not execute the amendment to its 
offer ir Seven-Up and certain of 
its principal shareholders enter 
into a mereer agreement with it. 

Philip Morris has offered to 


enter into a tax-free merger on 
the basis that the Common stock 
of Seven-Up would be exchanged 
for a new issue of Philip Morris 
Convertible Preferred stock with 
holders of about 45 per cent, of 
Seven-Up shares having an option 
to receive cash. All Seven-Up 
shareholders wanting a tax-free 
offer would have that option. 


Seven-Up earlier rejected a 
previous offer to negotiate a 
similar transaction and Philip 
Morris said yesterday that the 

company refused to discuss the 
question of an offer at more than 
841 a share on a merger hasis. 
Seven-Up had no immediate 
statement on the new Philip 
Morris initiative. 


By Our Own Correspondent 
NEW YORK, May 10- 
CHARTERHOUSE Group In- 
ternational, a subsidiary of the 
Charterhouse Group of Lon- 
don. has joined with a Florida- 
based food processing company 
Fremont In signing a letter 
of intent to buy control of 
Marathon Enterprises for some 
S6m. 

Marathon makes and distri- 
butes hamburger and frank- 
furter rolls and frankfurters 
in the New- York Metropolitan 
area. Its shareholders, under a 
letter nr intent subject to a 
number of conditions, includ- 
ing the execution of definitive 
agreements, will be offered 
$6.35 a share for the 1m. shares 
of the company. 

Marathon had sales last year 
of S27 cq. and earnings of Sim. 


New ITT chief forecasts 
records in current year 




BY DAY1D LASCELLES 


NEW YORK, May 10. 


Credit Suisse takes up option 


Heinz bid agreed 


MR. LYMAN HAMILTON JIL, 
who took over ihe job of presi- 
dent of ITT from'the formidable 
Harold Geneen in January, was 
in buoyant mood as he presided 
over his first annual meeting to- 
day. and announced a further 
growth in the large con- 
glomerate's earning for the first 
quarter of 197S. 

Revenues were up 13 per cent, 
to S4.3bn. and earnings up nearly 
10 pet cent, to $157m. compared 
with the same quarter last year, 
he said, equivalent to a Tlse In 
per share earnings from SI. OS to 
SI. 15. 

This was ITT'S first quarter 
without Mr. Geneen at the helm, 
although the man who led the 
company for the last— frequently 
stormy — 19 years and turned it 


into a SITbn. company with 
interests ranging from bread to 
insurance is still chairman, and 
he was up on the dais at to-day's 
meeting in Oklahoma City. 

He personally picked Mr. 
Hamilton to succeed him, but 
Mr. Gencen's zeal for work is 
widely expected to prevent lam 
Jrom pulling out of the day-to-day 
running of the company com- 
pletely. Similarly, his intimate 
knowledge of ITT has made 
people wonder whether anyone 
else is capable of running this 
sprawling business. which 
operates in SO countries. 

But Mr. Hamilton seemed un- 
daunted by the task before him. 
The company was confident, he 
said to-day. that 197S results 
would exceed all previous records 


for sales, net income and earning 
per share. 

He was forced to acknowledge, 
though, that the first quarter 
results were substantially lower 
than expected because of th* 
decline of the dollar at the end 
of March. Gains from foreign 
currency translation had turned 
out to be 13 cents po.r .share, com- 
pared wilh 15 cents in the same 
period last year. 

Sonic of the biggest contribn. 
tions to earnings came from -the 
insurance and finance divisions, 
where revenues were i?963.2w. 
tup fmm SS32.ini. last year! 
and net income S65-2nu 
(S36.Sm.). Strength was alsi 
shown by communications opera- 
tions and automotive products. 


BY NICHOLAS COLCHESTER 


Power Corporation 


Pownr Corporation of Canada, the 
holding company which controls 
Investors Group. Great-West Life. 
Consolidated Barhhurst and other 
companies earned SC1.5m. 
(SU.S 1.3m.) or eight cents a 
«hare in the first quarter, against 
5C545.000 a year earlier writes 
Robert Gibbens from Montreal. 
Revenues totalled 5C36.Sm. 
f$U.S^2.6m.i against $C32.Sm. 


Asbestos evaluation 


Negotiations between the Quebec 
Government and General 
Dynamics of the U.S. concerning 
the takeover of Asbestos Corpora- 
tion are still awaited, writes 
Robert Gibbens from Montreal. 
Mr. G. Fiske. chairman of 
Asbestos, said after the annual 
meeting to-day however, that 
there had been contacts between 
Lazard Freres. representing 
General Dynamics and Kidder 
Peabody, representing the Quebec 
Government, and that an evalua- 
tion of Asbestos as a business, 
being co-ordinated by Lazard, was 
almost ready. 

General Dynamics controls 
Asbestos Corporation through its 
54.6 per cent, holding. 


CREDIT SUISSE and Merrill 
Lynch Pierce Fenner and Smith 
have failed to agree on an 
arrangement whereby the U.S. 
investment bank might retain its 
31 per cenL stake in Credit Suisse 
White Weld. It was revealed yes- 
terday that the Swiss bank would 
be buying the bolding from Mer- 
rill Lynch for about $27m.. and 
would thereby raise its stake in 
CSWW. a major European invest- 
ment bank, to around 76 per cent. 

Mr. Milan Kerno, chairman of 
the Merrill Lynch Internationa! 
Banking Group, explained that 
the chief stumbling block in the 
negotiations had been the ques- 
tion of who should bave control 
of any joint operation wilh Credit 
Suisse. “We prefer to have ICO 
per cent of a growing operation 
rather than 30 per cent, of an 
established one." he said. He 
stressed that the main reason for 
Merrill Lynch’s acquisition of 
White Weld in the U.S. bad been 
the domestic benefits of the mer- 
ger. 

Merrill Lynch will now be re- 
stricted in its use of the White 
Weld name to the U.S market — 
through the newly formed Mer- 
rill Lynch White Weld Capital 
Markets Group. Overseas, the 
name will he reserved for Credit 
Suisse White Weld, which will 
continue to operate under this 
name. 


Haring made tbe decision to 
exercise its option. Credit Suisse 
is now faced with a variety of 
alternative methods of restoring 
its .American links through 
CSWW which itself Is about 
$15m. richer through the sale of 
its 30 per cent stake in White 
Weld. It could acquire an 
American brokerage bouse, it 
could acquire a stake in one. 


take on another American 
partner in CSWW. or it could go 
It alone from its European base. 


For Merrill Lynch, which 
bought White Weld for the esti- 
mated book value of S50m. The 
Credit Suisse decision means it 
will have acquired White Weld 
minus tbe CSWW connection for 
roughly 523m. 


Recall order against AMC 


BY OUR OWN CORRESPONDENT 


NEW YORK, May 10. 


The directors of both Heinz 
and Weight Watchers have 
approved the agreement In 
principle for Heinz to pay $24 
a share for the Long Island- 
based diet food maker. The 
proposed deal, worth a total 
of 571 is still subject to the 
approval of Weight Watchers 
shareholders, the negotiation 
of a definitive agreement and 
certain other conditions, 
agencies report from Pitts- 
burgh. Meanwhile, Heinz had 
no comment on talks with 
Foodways National, the pro- 
ducer and marketer of frozen 
foods and food products bear- 
ing the Weight Watchers 
trade-mark, which it plans to 
purchase for some 550m. 


Spanish dilemma for U.S. Steel 


p< : - 


lltf 


BY ROBERT GRAHAM 


MADRID, May 10. 


THE Environmental Protection 
Agency (EPA) has ordered 
American Motors to recall virtu- 
ally all its 1976 production of 
cars and trucks — some 310.000 
vehicles — to repair a faulty pol- 
lution control valve. 

The order is the most sweep- 
ing recall which the EPA has 
announced, according to a 
spokesman. 

AMC which is currently nego- 
tiating a co-operation agreement 
wih Renault, the French car 
manufacturer, has been in talks 
with the EPA for several 
months about recalling tbe 
vehicles, and in February of this 
year voluntarily agreed to recall 
some 157.000 vehicles. 


Tbe problem involves a defec- 
tive valve in the cars’ pollution 
conrol systems whicb is causing 
the cars to breach anti-pollution 
regulations. 

The EPA estimates that correc- 
ting the Fault will cost around 
$20 a car, but it anticipates that 
owners of only about half tbe 
vehicles will fulfil the recall 
order. 

There have in the past been 
larger recalls in terms of the 
total number of vehicles affected 
—8.7m. General Motors vehicles 
were once recalled to repair 
defective engine mounts — but no 
recall bas affected so high a pro- 
portion of a single manufac- 
turer's annual production. 


Sunbeam upsurge 


With all operating sections 
ahead aud “strong” demand 
continuing. Sunbeam Corpora- 
tion, the appliance maker 
reports net earnings 6 per cent, 
higher at $46m. or S3.ll per 
share for the year to March 25, 
against 53.01 in the previous 
year, agencies report. After 
currency translations, tbe net 
comes to 53.01 against 52.37. 
Sales for the year were 20 per 
cent ahead at S2.1bu. 


Combined Insurance 



AU these bonds having been sold, this announce- 
ment appears as a matter of record only 


PROVINCE OF QUEBEC 


DM 150,000,000 
6% Bonds due 1990 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


COMMERZBANK 

Akttengesellschaft 


UNION BANK OF SWITZERLAND 
(Securities) Limited 


CREDIT LYONNAIS 


ORION BANK 
Limited 


LEVESQUE, BEAUBIEN INC. 


A.E. AMES & CO. 
Limited _ 


Algernon* Bank Nederland N.V. 
Amsterdam -Rotterdam Bank N.V. 
Arab Financial Consultants 
Company S.A.K. 

Arnhold and S. Bleichroeder, Inc. 
ASIAC - Acian International 
Acceptances & Capital Limited 

Bache Halsey Stuart Shields - 

Incorporated 

Bancs Commercial© Italians 
Bancs del Goltardo 
Bancs Nazlonalc del Lavoro 
Banco dl Roma 


Credits ttslisno 

Credit Suisse White Weld 

Limited 

□shea Europe N.V. 


Lloyds Bank Intsmational 
Limited 


Richard Onus & Co. 
Bankiers 


Delbruck A Co. 


Den Danaice Bank 
al 1871 Aktiesclskab 


Dsn norske Credltbank 
Deutsche Bank 
Aklie ng e so Hbc halt 

Deutsche Glrazenlrale 
- Deutsche Komrramalbank - 


Loeb Rhoades, Homblower International 
Limited 

Manufacturers Hanover 
Limited 

McLeod, Young. Weir 
International Limited 

Merck. Fincfc A Co. 

Merrill Lynch International & Co. 

B. Metzler SeeL Sohn A Co. 


Morgan Grenfell A Co. 
Limited 


Bank of Amorica International 

Limited 

Bonk Julius Baer Internal lonai 
Limited 


DG Bank 

Deutsche Genossenschaftsbank 


Morgan Stanley International 
Limited 


Bankers Trust International 

Limited 


Bonk fur Gemoinwlrtschaft 

AMK-naer.ellsch.iil 


Bank Gutzwlller. Kura. Bungenor 

I O ve r I Limited 


Bank Leu International Ltd. 

Bank Moos & Hope NV 
Banaue Bruxelles Lambert S.A. 

Banque Franpalw du Commerce Exterieur 
Banque Generate du Luxembourg 
bn cieie Anonym* 

Banque de ITndoehine at de Suez 
Banque Internationale a Luxembourg S.A. 
Banaue Nationals de Paris 
Banaue de NeufUze. Schlumbergor. Mallet 
Banque Nordeurope S.A. 

Hanauc de Paris et dee Pays-Bas 
Banque Populaire Suisse S.A. Luxembourg 
Banque de I’Unlon EuropAenne 
Baring Brothers & Co.. 

Limits O 

Boyerlsche Hypotheken- und 
Wee User- Bank 

Bay ert ache Landes bank Girozentrald 
Bayerisclte Verelnsbank 
Jolt. Bercnberg, Gossler A Co. 

Berliner Bank 

Akliengosoilrcnatt 

Berliner Handels- 
und Frankfurter Bank 


Dillon. Read Overseas Corporation 
Dominion Securities Limited 
Dresdner Bank 

AktiengesellscfioM 

Gffeetenbank -Warburg 
AKliengeselischait 
Euromob Ilia re S.p.A. 

Compagnia Europea Intermebiltare 
Europartners Securities Corporation 


Nesbitt, Thomson 
Limited 

The Nlkko Securities Co., (Europe) Ltd. 
Nippon European Bank S.A. 

Nomura Europe N.V. 


Norddeutsche Landesbank 
Girozantrale 


European 8anking Company 

Limited 


First Boston (Europe) 

L’mUeii 


Robert Fleming A Co. Limited 

Girozantrale und Bank 

der osterreichfschen Sparirassen 

AMiengeseiisehall 

Goldman Sachs International Corp. 

Greenshlelds 

mcorooraica 

Hamhros Bank 

Limited 

Georg Hauck A Sohn 
Hcssisehc Landesbank 
- Giro rent rale - 


Sal. Oppenheim Jr. A Cie. 

Pierson. Held ring A Pierson N.V. 

PKbanken 

Postkpankki 

Privatbanken Aktteselskab 
Renouf A Co. 

Richardson Securities of Canada 
Rothschild Bank AG 


N.M. Rothschild A Sons 
Limited 


Salomon Brothers International 
Limited 


J. Henry Schroder Wagg A Co. 
Limited 


Skandinaviska EnskJIda Ban ken 
Smith Barney, Harris Up ham A Co. 


Hill Samuel A Co. 
Limned 


Industriebank von Japan (Deutschland) 

AUrienoescUscnat: 


Kidder. Peabody International 

Lmtiied 


Incorporated 
Soclete Generate 
Socttte Generate de Banque S.A. 
Sparbankernas Bank 
Svenska Handelabankon 


Klebenhavns Handelsbank 


Swiss Bank Corporation (Overseas) 

Limited 


Klein wort, Benson 

L'mited 


Btyth Eastman Dillon A Co. 

International Limited 


Bums Fry 

L united 


K rediet bonk N.V, 

Kredletbank S.A. Luxembourgeeise 
Kuhn Loeb Lehman Brothers International 


Trlnkaus A Burkhardt 
Union Bank of Finland Ltd. 

Union Bank of Norway Lid. 

Verband Schwefzericcher Kantonalbankan 


Caisoe dot Depots et Consignations 

Chase Manhattan 

Limited 

Citicorp International Group 
Commerzbank International S A. 
Compsgnie Monegssque de Banque 

Creditanstalt -Bankvarein 

Credit Chlmlque 

Crddit Commercial de France 


Kuwait Foreign Trading Contracting 
A Investment Cc. (S.A.K.) 


Vereina- und Westbank 

Aktiengeseilschall 


Kuwait International Investment Co. S A.K. 
Kuwait investment Company (5. A.K j 
Bank Haul Hermann Lampe 

Kommanditocseli-iC^if; 


Lazard Brothers A Co. 

L>mnnd 


Lazard Frerec e I Cie 
Lazard Freres A Co. 


J. Vontobel A Co. 

M. M. Warburg- Brin ckmann, Wirt* A Co. 
5. G. Warburg A Co. Ltd. 

Wastfslenbenk 

Airtiengns-liachaft 

West LB International bn. 

Wood Gundy Limited 


YamalcM International (Europe) 
Limited 



Predicting new peaks this year 
for premiums, profits and divi- 
dends. Combined Insurance 
Company of America reports 
first qnarter income before 
investment gains at $14.1n>. 
Investment Income was SllJni. 
and Income per share came to 
53 cents against 47 cents for 
the same period of last year. 
Agencies report. 


Shipbuilding rise 


Overseas Shipholding Group, 
the shionine concern, renorts 
first qnarter net profit ahead 
hv is per cent, at Siam., or 
*1.23 acfflnst S1.03 for the 
camp period a year ago. The 
figure ipct-ide® an unrealised 
sain of S 509(100 on eurrepnr 
translation for the ***<*** nerxod 
strain©! a loss «*■ S 162 . 0 O 0 the 
prerinne rear. The residt eante 

otj hark of an * p»«- eent. 

rise in revenue fn S34 r m. 

A«**»ncies report from New 
York. 


Corco <?e J sy 


Commonwealth Oil Refining 
has announced a postponement 
of its annual meeting, origin- 
ally scheduled for May 25 in 
Puertii Rico. AP-DJ reports 
from San Jnan. “We believe 
more time should be devoted 
to considering several develop- 
ments before we hold a formal 
merlin® with shareholders. Mr. 
Garv IV Davis, president and 
chief executive said. 


Dana in Europe 


Dana Corporation, the motor 
components company, says that 
Dana -Europe has agreed in 
principle to buy Genuine Parts’ 
75 per cent interest in its 
Swiss unit Genuine Parts S.A., 
Reuter -reports from Toledo. 
Terms were not disclosed. 


BRIEFLY 


Northwest 


Air ahead 


Among companies reporting first 
quarter profits ahead over the 
same period a year ago was 
Northwest Airlines with 77 cents 
a share against 56 cents. Also 
ahead was Planning Research 
at 51 cents against 44 cents 
M. bo we us i ein and Suns reported 
first period profit at S1.3ra. or 
39 cents a share, while Transway 
international earned 96 cents 
against S3 cents a share in last 
j ear's first period. 

Show ins declines on the other 

hand were Wisconsin Electric 
Power with ST cents ior the latest 
quarter going against 9S cents 
last time and Harcaun Brace 
showing u first quarter loss this 
limp of S2.03m. against a loss 
of 5l.2m. 

in Canada, the picture was also 
mixed wilh Campbell Red Lake 
ahead at 46 cents a share in the 
latest first quarter against 32 
cents last time 


I\in^S?5haxson 


Limned 

52 Camnllt ECS 3 PD 

Gilt Edged Portfolio M«i4gqni«nf 
Son-K* tnd.K 10,5.71 
Portfolio I incorn* Offer 42 .SB 

B*d <12.87 

Portfolio It C*pim Offer 1 2 Ml 

Bid 120.70 


Hclmsherf, near Manchester 
Supc-ci residential me miui lull 
planning pwrmuiion for 1 54 attached 
and femi-decactitd fismet tar t,r 
Public tender m two feu or at a 
whole. Mir.ehe*r; centre 15 mine*, 
-opre* immediate iqrr. Proven 
«•« record; possible lard exchange. 

Canton: M Ha4|:n. 6.5c. A.5 v.A, 
P-lsr Slater. ?07 Union Raid 
C'waldtwisri*. Aecrtnawn. Lancashire 
0254 1*762 


U.S. STEEL is expected to decide 
before the end of the month 
whether to reduce its important 
involvemert in the depressed 
Spanish steel Industry. U.S. 
Steel currently holds a 27 per 
cent, stake in Alios Hornos de 
Vizcaya (AHV> and 1" per cent, 
in Altos Hornos Medl terra neo 
(AHM), which together account 
for some 35 per cenL of Spain's 
integrated steel capacity. 

The president of U.S. Steel. 
Mr. David Roderick, made a 
special visit here earlier this 
week to discuss the company’s 
Euture involvement in tbe steel 


sector with the Minister of In- 
dustry. Sr. Antonio Rodriguez 
Saha gun. There arc two inter- 
related decisions facing U.S. 
Steel in the light of government 
plans to restructure the industry, 
whicb faces the prospect of 
accumulated losses of some 
$750 ql by the end of the year. 

U.S. Steel must decide 
whether it wants to participate 
in a move to write down the 
Pta6bn ($75ni.) capital of AHM 
and then contribute its share of 
PtalSbn- (5150m.) recapitalisa- 
tion. in which the state would 
provide one-third 


It must also decide whether 
to take part in a res true to ring 
of AHVs capital. This would in- 
volve a total injection of some 
Pta5bn. ($62m.) with tbe state 
again providing one-third of new 
funds. The situation is compli- 
cated by AHV itself possessing 
47 per cent, of AHM 
Our New York Staff adds: 
While U.S. Steel would not com- 
ment to-day on its Spanish plans, 
the group disclosed the purchase 
of the New Jersey based Hatco 
polyester division of W. R. 
Grace. Price was not given. 


i flvi- - 




:*i 


This announcement appears as a matter of record only 


McyxgjS 



Suomen PankM-Finlands Bank 


US$100,000,000 
Medium Term Credit Facility 


Arranged by 

Scandinavian Bank Limited 

Midland Bank Limited 

Nordic Bank Limited 


Managed and provided by 


Algemene Bank Nederland N.V. 
Banque Europeenne de Credit (BEC) 
Commerzbank Aktiengesellschaft 


Midland Bank Limited . 
Nordic Bank Limited 
Scandinavian Bank Limited 


Alidland and International Banks Limited Societe Generale de Banque SA 


Agent Bank 

Nordic Bank Limited 


r ’• 

•VUi,, 


This advertisement complies with the requirements of the Council of The Stock Exchange. 
It is not an limitation to a/iyjperso/i to subscribe or purchase any of the securities . 



United Kingdom 

$20Qf)QQf)00 Seuenlfear8 1/2% Bonds due 1985 
$15Q0OQflQO Fifteen lkar8 Bonds due 1993 

Issued by the Lords Commissioners ofEerMajestys Treasury 

Interest payable on 1st May and 1st November 


This offering has been managed by: 

Morgan Stanley The First Boston Salomon 

& Co Incorporated Corporation Brothers 


The Bonds have been admitted to the Official List of The 
Stock Exchange , London and application has been made for the 
Bonds to be listed on the New York Stock Exchange. 

Copies of the Prospectus containing particulars of the 
Bonds may be obtained during normal business hours up to and 
including 25th May 1978 from ; — 


Bank of England 
Chief Carders Office, 
Threadneedle Street* 
London, EC2R8AH 


Mullens &Caj 

lS,Moorgat€, ■ 

London, 

EC2R6AN 


■V 










.. Financial Times Thursday May 11 1978 



ec a$t 

year 


“ ' V Y "fifc 


' ’ "'I i„ F 

i ■>[ , - 

1 ;v. : 

ri ,f u - 

V,v 


South African Breweries 
increases dividend by 16 % 


V; ,j t 
, *■-» . 




BY RICHARD STUART 

SOUTH AFRICAN Breweries, 
the large diversified liquor based 
group, has increased 4as dividend 
distribution by 16 per cent, for 
..the year . ended Mancflt 1978, The 
total annual payout is now 
;11 cents a share, against 9.5 
cents perilously. 

A significant improvement' in 
profits- from the beer division 
pushed group attributable after 
-tax profits 12 per cent higher 

from R47J2m. R 52.9m. 

(SfiO-Sm.) Taking advantage of 
the strong surge in profits, the 
board has decided to adopt a 
- more conservative approach to 
-accounting for profits from its 
Rhodesian subsidiaries and to 
provide for additional deprecia- 
tion against the fixed assets 
employed in -me liquor division. 
Rhodesian profits have been 

JAPANESE NEWS 


deconsolidated and in future 
only dividends will be taken 
into account as and when 
received. The effect of these 
accounting changes is to reduce 
earnings by R3.6ra. .to R40-2m.. 
which will be used as the new 
base. 

The beer division benefited 
from a price increase being in 
force for the full year, which 
meant better margins. Besides 
maintaining its dominant posi- 
tion in the beer market, the 
Stellenbosch Wine Trust subsi- 
diary managed to increase profits 
in a generally depressed wine 
and spirit market 

While the push tD earnings 
came entirely from the liquor 
interests, the diversified interests 
of the .group contributed the 
same overall total as last year. 


JOHANNESBURG. May 10. 

The Southern Sun hotel chain 
weighed in with higher profits, 
while there was a recovery at 
Shoe Corporation. The group's 
most significant diversification 
has been into retailing via OK 
Bazaars, which bad a poor first 
half, but made a strong come- 
back in the second for unchanged 
profits. 

Because of the more conserva- 
tive accounting policies, the 
Board has decided to move to a 
twice-covered dividend position. 
SA Breweries has been at the 
forefront of the recent advance 
in industrial shares on the 
Johannesburg Stock Exchange, 
which has taken the Rand Daily 
Mail 100 industrial index 15 per 
cent, higher over the past six 
weeks. Currently trading at 
132 cents, SA Breweries yields 
8-3 per cent, on dividend. 


S. Si Marui maintains strong growth 


*■ ■ 


BY YOKO SHIBATA 


■ \. „ 
I • . 


JAPAN’S TOP credit store, 
>• - Marui. maintained double-digit 

• m ! , growth rate in both consolidated 

. rV sales and profits for the fiscal 
let.- year ended January 1978. The 

• • n J""iint - company registered profits gains 
- 1 K ifiy in 15 consecutive business periods 
-i ,. iV , b '- -Blnee the company was listed on 

"i.- iinr * riie Tokyo Stock Exchange and 
llvl ;= has become the second largest 
-i \|ij* company in the Japanese dis- 
\ or; ^ tribution industry after Mjtsu- 

h-iuy. -* 

Upsurge in 
' ™ profits 

no n r 


koshi Department store. 

Despite a protracted pause in 
personal consumption, Marui's 
consolidated sales grew by 10.2 
per cent .to Y182.S3bn. (S8l3m.). 
The company also increased con- 
solidated net profits by 15.7 per 
cent, to Y8.89bn. (S39.5ra.). As 
a result, consolidated profits per 
share went up from Y85 to Y69. 

Increasing sales from new out- 
lets on advantageous sites— the 


TOKYO. May 10. 

company’s policy is to open stores 
at or near railway stations — 
coupled with . subsequent im- 
provements by its six fully owned 
subsidiaries, particularly Marui 
Advertisement and Nakano Trans- 
portation. provided the main 
impetus to Marui's profit growth. 

According to Marui, S30m. of 
exchange gains were made from 
its dollar-based convertible de- 
benture issued last May. 


Upsurge in 
^ profits 

'■■'••ncip - 

at Casio 

.77 p By Our- Own Correspondent 

‘ * TOKYO. May 10. 

i CASIO COMPUTER, Japan’s lead- 
ing manufacturer of electronic 
'calculators, has proved its ability 
to withstand the effects of yen 
appreciation by showing a strong 
.improvement in profits for the 
t fiscal year ended in March. 

. The desk-top calculator maker 
.has lifted current profits by 59.2 
per cent to YS.fWbn. and net pro- 
fits by 20.5 per cent to Y1.8lbn. 
(S8m.) on sales of Y63.05bn. 
! (S280m.), up 15.6 per cent 
i The company's exports 
^accounted for 56 per cent, of the 

.ppfc ! ’total turnover. Each time the 
IHh Ten was upvalued, Casio fixed the 
yen- dollar exchange rate for 

accounting purposes slightly 
higher than the actual rate. The 
company adjusted its production 
'system accordingly and worked 
out measures to lessen the 
impact of the yen appreciation 
- introducing new models (60 
^different products) with higher 
V ^markups. * ' 

J : The company has moved to 

^produce electronic calculators 
with a higher value added ele- 
ment and its quality products 
have enjoyed strong demand and 
maintained competitiveness in 
overseas markpts. According to 
Caalo the international over* 
supply of desktop calculators has 
.been reduced by the withdrawal 
of south-east Asian makers. The 
-company's production line is 
working at full capacity. 


Japanese back call for 
banking liberalisation 


FINANCIAL TIMES REPORTER 

FOREIGN BANKS' demands for 
liberalisation of Japan's banking 
system are supported by Japan- 
ese banks. Mr. Takuji Matsuzawa, 
president of the Japanese 
Bankers Association 5aid in 
Tokyo. 

The Japanese system of bank- 
ing regulations has, as reported 
in the Financial Times yesterday, 
been criticised by the EEC 
Commissioner for Financial 
Institutions. Mr. Christopher 
TugendhaL for a “ lick of 
transparency" and a de facto 
oias in favour of domestic banks. 

Mr. Tugendbar is currently 
visiting Japan for talks with 
Government officials and bankers 
on EEC dissatisfaction with 
Japanese treatment of foreign 
banks. 


Mr. Matsuzawa, who is also 
president of Fuji Bank, said 
that foreign and Japanese banks 
should be allowed to issue bonds 
and place certificates of deposits 
on the Japanese capital market 
in the same way that Japanese 
banks are permitted to do in 
western countries. 

Foreign banks in Japan are 
treated on an equal basis with 
Japanese hanks, but the Japan- 
ese banking system itseW is 
much more tightly controlU*d 
than in western countries, Mr. 
Matzusawa said. 

Japanere banks aereed with 
foreign banks that the interest 
rate structure in Japan should 
he freed from its present tight 
control. 


Japan Line directors may quit 

BY OUR FINANCIAL 5TAFF TOKYO. May 10. 

ALL BOARD of director mem- eluding the Industrial Bank of 
bers, except president Hisashi Ja F* n \ • 

Matsunaga - and some other ,^ y , a w or1 d-wide shipping 

market slump centred on tanker 
n>ip *th* tinker D P Bra l>on. the deficit-ridden cora- 

nipM *r G Se d nR«3®tn pany asked banks ,ast February 

for a n,oratr>rium nT1 borrowings 
theu- posts to take responsibri J of about Y30bn. c$133ra.) due in 

^ ttie current fiscal year ending 
crisis, Japan Line said to-day. March 31 1979 

It was not known whether Japan Line lias a fleet of 256 
President Matsunaga would re- tankers, including chartered 
main at his post, but the com- vessels totalling about 20.5m. 
pany expected new leadership. to deadweight tons as of the end of 
be decided by the end of this March, 
month ~by major stockholders, in- AP-DJ. 


;*.k Limit 


Southern Packers bid stalemate 


[.iinitt* 


BY JAMES FORTH 

THE SIX-MONTH deadline for 
-Southern Packers to make a 
takeover offer to minority share- 
holders in Marrickville Holdings, 
the food group, was reached 
| to-day without a bid being made. 

A short announcement from 
■the two independent directors, 
Mr. C. H. Rennie, and Mr. O. E. 
Phillips, and a Southern Packers 
’representative, Mt. J. Logan said 
they had not yet achieved agree- 
ment on an acceptable offer. 

Negotiations were continuing 
and it was expected that an 
announcement would be made 
within two weeks. 

The Marrickville - Southern 
Packers saga started last Sep- 
tember when Southern Packers 
-announced 'it "had acquired 11-8 
-per centro! Marrickville. Several 
other parties, including the 
Malaysian group. Sime Derby, 
talked in Marrickville on the 
possibility of making a full sod 
formal takeover offer, but this 
was stymied by continued market 
buying by Southern Packers, 
which went on until it reached 
just over 56 per cent of the 
capital late in October. 

Marrickville shares were priced 


STRAIGHTS 


at around 40 cents before 
Southern Packers began buying. 
It moved to aro.und 80 cents 
before Southern Packers dis- 
closed its hand, and reached a 
high of SA1.10 during the market 
operation to ensure control. 

At the time Southern Packers 
assumed control there had been 
□o mention of an offer to 
minority holders. The exercise 
attracted considerable criticism 
and was one of the factors which 
have prompted the State govern- 
ments and stock exchanges to 
examine changes in the take-over 
rules. 

Gil November 10, Southern 
Packers announced that a bid 
would be made to minority 
holders within Six' months pro- 
vided it could raise the funds 
and that the bid was recom- 
mended by both the independent 
directors and merchant bank. 
Hill Samuel Australia. 

Tbe independent directors and 
Hill Samuel would have access to 
whatever. information they 
required in order to make the 
recommendation. Southern 
Packers gave no commitment 
that it would match the SA1.10 


SYDNEY. May 10. 

reached when, buying control. 
Since Southern "Pack ers assumed 
control, the company has been 
involved in a margarine price 
cutting war which adversely 
affected profits. 

This, phis the write back of 
future income-tax benefits total- 
ling SA1.9*kn„ resulted in Mar- 
rickville declaring a SA3.11m. 
loss for the December half-year. 
The market price of Marrickville 
had fallen to 77 cents since the 
loss was announced, although the 
price moved uip to-day to 82 
cents, possably in the expecta- 
tion that a bid announcement 
would be made. 

Malaysian loan 

THE Malaysian Government has 
raised the amount of Its recent 
domestic loan issue to 800m. 
ringgits (SU.S.335m.) from 650m. 
following heavy over-subscrip- 
tion of the loan, the Treasury 
Department said, reports Reuter 
from Kuala' Lumpur. 

The Treasury said that appli- 
cations totalled 928.8m. ringgits 
for the . loan. 


MEDIUM-TERM 

LOANS 

Good terms 
for $300m. 
Iran loan 

By Francis Ghiitf 

CHASE MANHATTAN is under- 
stood to have been awarded a 
mandate to raise S300m. for 
the National Gas Company Of 
Iran. The borrower will pay 
a split spread of i per cent, for 
the first five years rising to J 
per cent, for the last five. The 

Government of Iran will 
provide a guarantee. 

These terms mark the entry of 
Iran into the ever-growing club 
of borrowers which can com- 
mand a spread of I per cent 
Both the spread and the 
maturity obtained by this 
borrower mark an improve- 
ment on the terms achieved by 
the Mining Development Bank 
of Iran only weeks ago — a } 
per cent spread for a maturity 
of eigbt years. 

Another Middle East borrower is 
arranging a refinancing on 
terras which are softer than 
those it obtained last summer. 
Tbe Jordan Petroleum Refining 
Company is refinancing tbe 
S70m_ undrawn portion of the 
SI 00m. six-year loan which 
carried a spread of 1) per 
cent, and which It signed last 
August. Tbe terms of 
refinancing include a maturity 
of seven years and a spread 
of U per cent., which, even 
allowing for a refinancing fee 
of i per cent makes the money 
about J per cent, cheaper for 
the borrower. The new loan 
carries a grace period of three 
years, starting last August, 
whereas last summer's loan 
carried a grace period of two 
years: here again the borrower 
gains. 

Arab and Morgan Grenfell 
remain as lead manager. The 
borrower which is a privately 
controlled company, which has 
the monopoly- of refining and 
distributing oil in Jordan, has 
obtained a state guarantee. 

The Algerian state shipping com- 
pany CNAN is raising 175m. 
Saudi Rials (about $50m.) 
through a group of banks led 
by BAIT. Terms include a 
fixed interest rate of 8fr per 
cent- a ten-year maturity and 
a grace period of five years. 
Tbe 8100m. loan for the Moroccan 
state phosphate company OCP 
being currently arranged by 
Abu Dhabi Investment Com- 
pany is not meeting with a 
good reception. Quite a few 
banks have turned down offers 
to participate on the grounds 
that a spread of I per cent for 
eight years is unrealistic for 
this borrower. 

For the lead manager the deal 
makes more sense: . as an 
agency of the Abu Dhabi 
--Government* -it ris lending to . 
Morocco oh terms which are 
more attractive than those 
which a loan from the Abu 
Dhabi to the Moroccan govern- 
ment would boast Such con- 
cessionary loans axe often for 
maturities of 15 years and 
more, as aEainst eight years in 
the -present case. 

Interunion is arranging two 
loans: one of S20m. for five 
years carrying a spread of 
} per cent, for two years rising 
to 1 per rent, for Banca Cata- 
lans. The borrower has a 
guarantee from Banco Indus- 
trial de Cataluna. The other 
loan, which is expected soon 
will be for Enerc] of Ecuador, 
and will be S50m. Terms are 
expected to include, an eight- 
year maturity and a spread of 
14 per. cent. 

Paribas in 
broking move 

By David White 

PARIS. May 10. 

BANQUE DE PARIS .et des Pays- 
Bas is negotiating for a stake in 
the leading Hong Kong broker- 
age firm. Sun Hung Kai, accord- 
ing to banking sources here. 

Tbe French bank confirmed 
that it had had . contacts with 
Sun Hung Kai. but declined any 
further comment on Its discus- 
sions at the present stage. No 
accord had been sagned. 

I A Paribas representative said 
that to his knowledge all the . 
shares, including those of the 
Fung family which controls the 
company, were currently held in 
Hong Kong. 

Sun Hung Kai, which has a 
capital of SHK300ra„ is active in 
securities and commodity trading 
and is quoted on the Hong Kong 
Stock Exchange, the bank added. 1 






t Alcan Australia Sine 1999 

9*4 

97 * 

: AMEV SK 1987 

AM 

m 

‘ Australia 8 *pc 1991 - 

93 * 

94 * 

' Australian M. 6 S. 9 *K *92 

9 T 

971 

• Barclays Bank B)pc 1993 .. 

K) 

97 } 

j Bowaier 9 *pc 1993 — 

97 } 

98 * 

! Can. N. Railway BtoC I 960 

97 

071 

■ Credit Naiiooal 8 )k U 88 ... 

91 » 

96 

*; Denmark 6 <pc 1984 

100 

10 M 

ECS 9 k 109 ? - ■ 

98 J 

m 

J ECS S!k 1 DB 7 

96 )' ■ 

96 i 

EIB 8 *pe 1992 

961 

99 ) 

EMI 9 *pc 1989 — 

98 

’ 9 M 

1 Ericsson 9 }pc 1989 

HI 

m 

Em toe 198 # Nor. 

191 * 

102 

i Cl Lakes Paper Mpc 1964 

98 } 

90 

f Hatncrntey 9 }PC 19 W 

99 * 

loo* 

f Hydro Quebec 9 k 1 WB ~ 

05 ) 

9 M 

L ICI B*K 198 ? 

97 

98 

« ESS Canada Mpc 1964 ...... 

104 * 

185 

- MarnriHan Bloedel 9 k 1991 

N 

80 * 

Uassey Fcrsuson S)pc VI 

98 * 

07 * 

. Utchelin 9 *K 1968 

193 

1021 

; Midland Inc. Fin. Hk *82 

97 * 

89 * 

. National Coal B<L 8 k 1991 

944 

95 * 

! Nartena! Wkmmatr. 9 k TO 

191 

1811 

Newfoundland 9 w 1969 ■ 

n 

m 

' Nordic Inv. Bk. 6 !k 19 S 8 

9 » 

99 * 

, Noreee Kom. Bk. Hk 1992 

97 } 

W 1 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Noraipe mpc naa ------ 

Hank Hydro Atnc UM — « 

Oslo 9 pc !«* 1 22 

Port* Anronomn toe 1991 ■» 

Prov. Quebec 9 PC 1095 .... *** 

Prrrr. Sjwfcatch. SlPC IK* 2 
Rwd ImrmatiOMl.hw ^ “ 
RHM toe 1992 — ~ ~ 

SolKtton Trust Sloe i*®.~ « 

Skua- KmMlda toe 1991 .. 

SXV toe w . “* 

Sweden (K*dom> M ggj flw St 
United Btsca<n toe 1889 •• “* 

Volta bqc 1967 March » 


NOTES 

Australia 71 pc 1984 

. Bob Canada 71nr 1967 .. 

Br. Columbia Hid. Tine *» 

Can. Pic. Sine 19M 

Dow Chemical toe 1968 

ECS 7ipc 1982 

ECS HOC 1SB9 

EEC Tine 1M2- — 

ESC ItVC 19S4 

Enso Gntzeii Si pc 1984 ... 
Cotaterkon 71 pc 1982 ..... 

Kockuau toe 1933 

MlcbeUa SJpc 1983 

Montreal Urban Mpc- asi 
New Brunswick 89c 1984 ... 
New BrunS, PrOv. 31 pc US 
Now Zealand atpe 1986 ... 
Nordic U>V. Bk. 7l9e 1984 
Norsk Hydro Wpe 1983 

Norway 7tpc 1952 — 

Ontario Hydro Spc 1987 ... 

Singer SIpC 1982 

s. or Scot. Elec. Mpc 1981 
Sweden (K*dom> 71nc 19S3 
Swedish State Co. 7 toe *82 
Tebnax 9tpe 1*84 ... 
Temweo ripe 1987 Max ... 
yolkmuen 74nc B«7 ...... 

STERLING BONDS ' 

Allied Breweries lOtw *99 
Citicorp Mpc 1993 ' *»-«-■ 
CDurtaulds 9 toe 1989 

ECS Mpc 1989 - 

EfB 9 toe 1988 

Finance for tod, Mpc 1987 
Finance for tod. ltoc 1989 

Fiwma Mine 1987 

easterner line M» - — — 

INA 18pc IBM 

Rjpwniree IMpc 1*88 
Sears lWpc 19JB 
Total Oil 94pc 1994 


DM BONDS 

Asian Dev.. Batik 5toc 1988 MH 97) 

BNDE Mpc 1988 M| 971 

Canada 4tpc 1983 98 981 

Den Norafitp Id. Bk. 6i>e *89 971 9ft 

DetHKlx Hank 4toC 1963... 98 »! 

ECS Si PC 1990 95) Ut 

K1B Mpc 1990 95) 96* 

R!(_ Aquluinc «pc 1888 „. .93* » 

Earn mm SJpc W87 - 98) 99i 

Finland 5)pc 1998 96 »l 

Fonnoirta b*PC I0W ™,., W Ml 

Mexico ape 1983 95* BE 

Norcca 5hw 19M 90* ins* 

Norway 4lpc 1963 99* 10** 

Norway 4)pc 1683 07* Mi 

PR. Banhen Sine 19SS .... HI Be* 

Prov. Quehe* toe 1900 96) 97* 

Riuianmkkl Mpc 1988-9* 07 

Spain 6pc 3848 05 931 

Trondheim Mpc U88 97* 96 

TVO Power Co. toe 1*88 07* 88 

Venezuela toe M88' 97* 98' 

World Bank *!pc usd ..... 96 98) 

FLOATING RATE-NOTES ■ 

Bank oT Tokyo 1884 71516 PC MI 1091 

BFCE 1084 8)pc KR UH» 

BNP 1995 81 is pc ]H«| .1011 

CCF 1083 toe 100 UKM 

CGMF 1084' 7|pe BB| 90] 

Creditanstalt MM Tine 9K 10N 

Credit Lyonnais 1982 Spc... Itw 1(W 

DC Bank 1982 713 m pc ION IBM 

GZB »8l fli»pc - - ‘ ISO) loii 

toil. W e n u nl in g rr 1964 Spc ») 10O* 

Llovda 1983 71 pc 10*1 ION 

LTCB MSS toe 971 1M* 

Midland MRS Spc 101 Ml) 

Midland. 1987 7UjfiPC 00) MO 

OKB 1BW -7ipe ISO inn) 

SNCF 1985 S*PC . - 9H BM 

Srd. and diird V4 7 Dmpc 9M l0«t 

Wma. and Gtyo‘.t *94 SIimx BN ION 

- Source*. WMis Weld Securities, 


CONVERTIBLES 
American Bnnn 4toe W 

■Aabland 5pc 1988 

Babcock A WUcot stt>c V7 
Beatrice Foods 4)pc 1992 .. 
Beatrice Foods 4ipc tow._ 

.Beecbam Slue 1992 

Borden 5 k 1992 

Broadway Rate 4|pc 1987... 

Carnation 4 pc 1987 

Chevron 5 k 19*8 • 

Dan- 4*K 1987 

Eastman Kodak «pc 1988 
Economic Labs. «toc 1887 

Firestone 3nr 188* 

Ford 3 k 19S8 

General Electric t)DC 19*7 

Glltetie 4 !k 1987 

GonU 5pr 1987 

Gulf and Weotern 5 k 1988 

Harris 5 k 1092 

Honeywell toe MfiG 

3C1 61 pc MBS 

JNA toe 1997 

Inches pe 6!pc 1802 

ITT 4Jtoc 1997 

Jtuco 6 k W02 ...L,.— 

Romatan 7ipe MOO ..... . 
J. Ray MeDermott 4toe W 

MamwSIt* 63K 1090 

Mitral 7JpP 1900 

J. P. Moraan <ipc 1987 ... 

Nabisco SI PC 1088 

Owens mmols 44M 18*7 _. 
3. C. Pptmw 4*K 1987 _. 

Jtevlnn 41 k 1987 

Hrmnlda MrtaH toe 1986 

Snodrlk 61 PC IflflR 

Spott Rand 44 k 1987 

tonibb 4iK 1907 
Texaco 4)pc IP* 

Tnribba Slpe 100S 

TV Co. Spc 1984 .. .. 

t'nlftn Carbtite 41 k 1983 . 
Warner Lambert 44 k ib* 7 
Warner Lambert 43 pc 1988 
Serov toe ’OR* ... . 

. Sonpce; - Kidder, Peabody 


*W Offer 


» M) 

101 ) in* 

97) 99 

KB* 1M! 

05i 96} 

100 101* 

i?, 3 1 

130* 129 


1134 115 

87 RR* 

ire 172 

88 ) DO 

£ 88 

95 96 * 

ns m 

88 84) 

111 123 

15H 128* 

38!} ]64* 

187} 165 

im 12?) 

» 99 } 

1B0) 102 

118 

78* 60 

111* 113 


CA 
O 

PEL LAVORO 



The Annual Report of the Bank for the year 1977 was approved at the 
Board of Directors’ meeting, held on April 26, 197S under the Chair- 
manship of Prof. Antigono Donati. The Managing Director and Chief 
General Manager Prof. Alberto Ferrari presented his report. 

After briefly pointing to the uncertain business environment of 1977 
and to the inadequacy of world strategies to stimulate growth, the 
BNL Report goes on. to stress the importance of the contribution, not 
entirely exempt from risks, that the World Banking system made, 
last year too, in assuring the smooth recycling of international 
liquidity. 

Italy succeeded last year, thanks to the resilience of the economy and 
the initiative of the business sector, in eliminating the external trade 
deficit, expanding net invisible earnings ( by over aO'o ) and attracting 
foreign capital. A sizeable surplus was shown in the country’s balance 
of payments, while the reserve position was considerably 
strengthened. The assistance of Italian Banks, albeit operating in an 
increasingly restrictive environment, was essential for the achieve- 
ment of these encouraging results. 


LIABILITIES BNL-Senions 

Capital and Surplus 514.2 

* (496.1 paid up) 

Deposits 12.907.0 

Balance Sheet Total 25,513.7 

ASSETS 

Cash and Banka 2.010.9 

Securities 3.241.7 

Loans to Customers and 
Correspon dents 8.294.7 

“Etouroirat or the Uobmt Ltrr orwunti mutH-ru-d at 
the ucar^cml Official rate ol cjrhimjc. 


8.294.7 


BRANCHES- ThroufAauT Ttalv. 
In London. New York. Madrid, 
Bareelmu. 

SUBSIDIARIES: 

Curacao. Lavoro Bank Over- 
seas NV. 
Luaembours. Bonn Nazionata 
del Lavoro Holding. 
Lavoro Bank International. 
New York. T.X.E.C.— ' Tbe 

Italian Economic Corporation 
Zurich. Lavoro Bank A.G. 


main data from balance sheet Deposits from clients and 

iio minion of naimds sicture>* correspondents umountod for 

, the Bank at the end of 197T to 

liabilities BNL-Secuons f j li2 o4 million or 1S% more 

Capital and Surplus 51^ than a vear earlier. Total 

(496.1 paid up) deposits for the entire BNli- 
De posits 12.907.0 Group amounted to £12,907 

Balance Sheet Total 25,513.7 million ( + 17.3%). Loans to 

Accin^ customers and correspon- 

dents increased bv IS",*, for 
Cash and Banks 2.010.9 ^ Ban k an( j by in the 

Securities 3.241.7 aggregate for the BNL-Group. 

Loans to Customers and Securities held in the Bank's 

Correspondents 8.294.7 own portfolio (including 

•Batuntimt or the imbon Ltrr ommintj mmHTtrti at Treasury Bills) increased to 

£3,213.3 million and were 
about £872.5 million more than a year earlier. The BNL-Grotip balance 
sheet total amounted, at the end of 1977, to £25.513.7 million. 

As a reserve for credit risks BNL set aside in 1977 £41 million and 
the Sections £14 million for a total of £55 million: The Bank’s net 
profit for the year was £6.2 million and that of the Group £15 million. 

The Bank continued to devote particular attention to the assistance of 
business engaged in foreign trade and especially in companies 
awarded contracts from abroad, in line with Italy’s efforts to promote 
exports. The Bank also actively operated in this field within the 
framework of the recently adopted export-credit legislation. 

The activities of BNL’s foreign network experienced a further lively 
expansion in 1977. The co-operation with the Abecor Group of Banks 
was continued, yielding additional positive results. 

REPRESENTATIVE 

OKVIC.ES : 

.... — Bi-iiK.'ls. Rumios Aim, 

W ■ i w-mw -It Carjras. fJur,n;ii. Frank flirt. T4. 

A A \ \ \\ fl|^\ BA Hrwismn. Koala Lumpur. 

1 W Ik 1 Los Anu-ll't. Mcsim City. 

A *P I A 1 H I I A Mnniroal. Pans. RJn w 

J P- A. J B Janoiro. Sao Pauln. Singapore, 

inn Svifnov. Tehran Tokvo. 

HEAD OFFICE: 

-- vja v. Vmotn. Ito-Rume. 

• l International Departm-iM VI* 

V. YctU'tO, 56- Rami' ■. 


LONDON BRANCH: 33/35 Cornhill, London EC3V 3QD 


All of those socaritiBS haring boon said, this advertisement appears as a matter of record only. 


$ 100 , 000,000 



CONTINENTAL ILLINOIS CORPORATION 

8 Y 2 % Notes due November 1, 1985 


Goldman, Sadis & Co. 
Bache Halsey Stuart Shields 

Incorporated 

Blyth Eastman Dillon & Co. 

Incorporated • 

Drexel Burnham Lambert 

laeorporatod 

Kidder, Peabody & Co. * 

Incorporated 


Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fanner & Smith Incorporated 


The First Boston Corporation 
Dillon, Read & Co. Inc.. Di 


Salomon Brothers 


Dillon, Read & Co. Inc.. Donaldson, Lufkin & Jenrette 

Securities Corporation 

E. F. Hutton & Company Inc. Keefe, Brnyette & Woods, Inc. 
Lazard Freres & Co. Lehman Brothers Kuhn Loeb 


Kidder, Peabody & Co. “ Lazard Freres & Co. Lehman Brothers Kuhn Loeb 

I nc orporated Incorporated 

Loeb Rhoades, Hornblover & Co. Paine, Webber, Jackson & Curtis M. A. Schapiro & Co., Inc. 

Incorporated 

Smith Barney, Harris Upham & Co. Warburg Paribas Becker Wertheim & Co., Inc. 

Incorporated Incorporated 

Dean Witter Reynolds Inc. Bear, Stearns & Co. L. F. Rothschild, Unterberg, Towbin 


Shearson Hayden Stone Inc. Weeden&Co. Bacon, Whipple & Co. 

Incorporated 

William Blair & Company Blunt Ellis & Loewi The Chicago Corporation 

In co rpor a ted 

ABD Securities Corporation Basle Securities Corporation EnroPartners Securities Corporation 


Bacon, Whipple & Co. 
The Chicago Corporation 


Robert Fleming- Kleinwort, Benson 

Incorporated Inc o rporated 

Scandinavian Securities Corporation 


New Court Securities Corporation 
SoGen-Swiss International Corporation 


Daiwa Securities America Inc. The Nikko Securities Co. Nomura Securities Internationa], Inc. 

ItttEHmtiOUl, 1w«* 

Yamaichi International (America), Inc. 

May, 1978 


gecpriite f 


1 % 


32 

The Financial Times 



And no wonder 


The Businessman's 707 


To show you we mean business, we offer more 
firsts. As the national airline in the country that 
is the financial centre of the Arab world, we 
naturally put the businessman's needs first 
FIRST to arrive. 

FIRST to see you through airport formalities. 
FIRST with a choice of menus. 

FIRST class service on board 

FIRST with computerised reservations in the 

UK and Kuwait 



. Fly Kuwait Airways-with 
business-like efficiency. 

We are completely 
refurbi shin g and refitting the 
interiors of our jets to give a 
wide-bodied look. 

You'll find more space, more 
comfort, and more service from 
our new-styie unif ormed 
hostesses. 

So if you've statistics to study 
or a report to read up, you'll find 
the atmosphere conducive to 
thinking. 

The Businessman's 
Relaxation 

Fly Kuwait Airways and 
arrive ready for business. 

We know you won't want to 
think business all through your 
flight That's why we are the only 
airline with entertainment on 
every flight en route to Kuwait 
We show films or you can tune 
into the latest in stereo sound. 
We're still the only airline to 
Kuwait to offer a choice of ~ 
menus, too: three in First Class 
(always including caviar) and 
two in Economy. 



The Businessman's 
Promise 

Fly your cargo by Kuwait 
Airways -we get it there first 

Naturally, the national airline 
gives vour cargo priority. We're 
there to see that it's unloaded 
on the day of arrival, and 
cleared through customs 
last Special handling all the 
way. and no delay, that's our 
promise. 

A Great Year Ahead for 
Businessmen 

We’ve even more new 
developments in the pipeline 
lor the near future. 

We’re bringing into service 
our new Jumbo jets-the latest 
Jumbo with exclusive interior 
styling-the first businessman’s 
Jumho! And the opening of the 
new Kuwait Terminal, will make 
airport formalities as smooth, 
a «td as efficient, as your flight. 

So check with your travel agent 
and keep pace with Kuwait 
Airvvays-the airline that keeps 
pace with business. 



The Businessman's 
Punctuality 

Fly Kuwait Airways and you 
arrive on time. 

Our record for punctuality is 
outstanding Our Boeings 
depart daily at a businessman's 
hour! They leave on time, 
because they’re ready and 
waiting overnight They arrive 
on time, at an equally business- 
like hour. 



m;- 

s|H>i 


; 

MPART LONDON ARRIVE KUWAIT • 

J MOMMY 

12- 15 

VIA PARIS 

22-05 : 

■ TUESDAY 

1215 

VIARWIS 

22-05 ! 

. WEDNESDAY 

12 15 

VIA FRANKFURT 

21 50 > 

I THURSDAY 

1215 

VIA PARIS 

22 05 I 

; FRIDAY 

12-15 

VIA ROME 

22-20 : 

1 

14-45 

DIRECT 

22-45 ! 

I SATURDAY 

12-15 

FRANKFURT 

21-50 ; 

j SUNDAY 

12 15 

ROME 

22 20 ; 


No complicated timetable to work out All 
very simple and efficient Now, with 
accurate computerised reservations in both 
the UK and Kuwait -tout fligh t confirma- 
tion comes through Easier 



fM 1& $ 

Does more to make your business top a success. 



Kuwait Airways. 52-55 Piccadilly, London Wl.Teb 01-491 4280 ■ B irmingham ; 5th Float, The Rotunda, 
New Street, Birmingham B2 4PA.Tds 021-643 5S11 ■ Glasgow: 124 Vincent Street, Glasgow. Teh 041-248 3588 
Manchester: 218 Royal Exchange Building, Manchester 2 TDD. Tel: 061-834 4161 


Financial Times innrsoay 

battery operated vehicles 


A spark of financial hope 


BY PETER CARTWRIGHT 


TALKS SOW going on with the 
Government are expected 
result in a considerable increRM* 
in financial support for the 
further development of battery- 
operated vehicles in Britain. CHLORIDE/KARRIER 35-ctyl VAN 
So far, this support has been Wfc/kg 


HOW THE BATTERY VANS COMPARE 

High per- Sodium/ 
Current fonnance - Sulphur 


limited tn £400,000, for a vehicle 
assessment programme being 
undertaken by the Greater 
London Council. This involves 
mamiy Chloride and Lucas, each 
of whom is supplying a number 
of battery-operated vans for the LUCAS/BEDFORD 33-rut VAN 


Range (miles) 

Maximum speed (mph) 

0-30 mph (w 1 th. 35 -cwt pay- 

load) (seconds) 

30-40 mph (seconds) 


trials. 

But the sum looks meagre 
when set against the total £50m. 
tn government aid going to 
France. West Germany, Japan, 
and the U S. 

Hints of a coming change of 


Wh/feg !, 

Range (miles) 

Maximum speed imph) 

0-311 mph (with 35-cwt pay- 

load) (seconds) 

3040 mph (seconds) 


27 

38 

135 

25 

5 n 

I5Ut 

40 

40 

40 

19 

19 

1® 

3.1 



35 

40*45* 


■Til 

jtl-Sfl 


nil 

sn + 


11 

Umax, 


in 

Hi 



. w ^ , ■ Chloride high performance battery only a? yet for Karrier 

heart were given at a recent prograjIime . t Lucas h^h-perfomianc* battery nnt yet in prnduc- 
Transport and Road Research r j t p j M , increase in paylnari. 

Laboratory conference that H 

selected converting coal into oil 

(which would mean a massive far fwm flip up-mdate scene, challenging and potentially 
increase in mining) and electric 1. liras is working »n a »axi nw*t rewarding stage. To dale, 
vehicles as the two front-runners which W ‘H reach fin mph and prntntyp p sodium-sulphur bat- 
in ihe energy crisis stakes. mit-acceleraie a diesel rah. tenes have achieved a ltf»* nf 
Extra support nmv would Thp ' Chlnride-Chrysler Silent nearly «*l cycles. n r re-char?- 
come at a crucial time Indivi- Harrier 35-Cwt payload van, mss. well on the way Inwards 
dual companies have spent with improved lead acid the 1.000 that Chloride von- 

heavily Chloride more ihan batteries, will travel ar around wders a minimum requirement. 

£I0m. and Lucas £4m. — to keep 4ft mph. and fully laden will Ideally ii would like to Min- 
abreast of developments in new accelerate m 3ft mph m 10 tinue m 1.300 cycles, which is 
high-performance hattcries and seconds. Lucas- Bed fords similar the life expectancy of a lead- 
in more compact and sophisti- van. again with higher capacity, acid hditery and equivalent to 
cared control systems. And at battery, is designed for a range around five years, 
the moment it is conceded even of I4fl miles at a constant The. new battery operates at 
by some of their keenest com- 30 mph .'LiO decs. 1 . at which tempern- 

petitors that the British com- It is now Generally agreed thal turn the electrodes are molten 

panics are a year or two in the greatest potential lies in ami have io be ceramically 

advance of ihe opposition. ‘’programmed" mutes for separaied. 

to their varim.c uav« iiiev huse *. wmmercial vehicles with or equal importance to bat- 
he'*- hnmaht ihe new techno- 10 34-ton payloads, and t cry development is an effective 

, * nniugri) me new techno- pfirsonne , rarnerv for such ttwlpra»( drive control system, 

iogj <Mo.-e enough to the coin- t hmcs as casing urban rush hour nf i i,... a ., ain .h e i ; v spems 
mercial starting line to believe loads, delivering papers and . . j fI f , hp ormosinon 

that they could win a valuable parrels, and airfield work ll' hc , ah ? of the opposition, 

rare in world markets. Bur with The key to «! a!) is rhe bat- T, “* ,ontlm? anri alM ,he 


The leading, and almost the s 

each -major decision costing up tew. and* it is here that ihe independent, manufacturer 
to £im. Government aid to help u k. is ahead: Chloride, jointly 1:5 '- ah c,rt| ’ n1 ’ ° r ” w " am - 
llosp the financial gap between with rJie Electricity tjniincil. U vlaim- an S per cent, share -of 
development and the assembly developing a sodium -sulphur ,llP world market, 
line would obvmuMy be wel- battery iliai promise^ in ho I'aMefnrni is a*«nriatf*d with 

corned. three times mote efficient than Chinn tic- m the development of 

The I'.K. has nmre expenen- e rhp best lead-acid typ»-. Despite •‘.VnIvihs for Chloride's Silrnt 
of ha itei y operated vehicles mi the fact that Mime rivals still Karr ter van and other pm- 
which to huild'than any other have j tendency in place the grammes, ll is also, wiin G"V- 
rountry. About 44.UOU are run- MHliuni-Milphur battery in -the crunivni ani. further tlc\ eloping 
mng about deiivermg bread and "if.” not " wlu-n.” category, a regenerative braking system, 
milk — mure Mian in the rest sucli hat levies should he power- in which braking energy is run- 
of Europe put lugciher. Bin mg a t;hl»ride nu-Uium van to verted back in in si o red elect rival' 

ihe image ..f the milk final is lake ihe l.'.K. into the next most energy via an elect ro-magnplic 


motor. Of 30 advanced Cable- 
f^rm -operated vehicles m 
various countries, five are m 
America, and one. a Renault 5, 
form* part of ihe French evalua- 
tion prouramme- The principal 
bctipfit of regenerative braking 
if that it wit increase working 
ranee by around 16 per cent. 

Lucas has also been extremely 
active in thi* area and believes 
it has- a world-wide lead in lead- 
a >.'id batter)' technology, it j s 
now two-thirds nf the way 
through an intensive Mx-year 
programme which in 1SS0 i* 
expected to have brought elec- 
tric vans within sight of the 
assembly lines- Both Lucas and 
Chloride have developed 
advanced logic circuitry t»> 
simulate conventional vehicle 
handling- Indeed, the U.K. 
objective has been lo proud? 
a package requiring the 
minimum of structural adapts, 
lion m conventional vehicles* 
and whirii will enable them tri 

accelerate, steer and brake like 

vehicles with automatic gear- 
boxes Regenerative braking 
systems, for instance, also • 
simulate engine retardation 
when the foot is lifted from the 
accelerator. 

Lucas is concentrating on 
vans and trucks with J-ton to 
l -tun paylnarK and appears no. 
ionser interested in buses ‘ 
despite its experience with the; 
Midi-Bus. Meanwhile as a result, 
of the forward programme fnr : 
the sodium-sulphur batter). 
Chloride is planning to increase - 
Ihe range nf its Silent Rjder 
wnqle-decker hus tn 150 miles- 
and its payload by 30 per rent. 

Both Lucas and Chloride are, 
confident that work has reached ' 
sufficiently advanced stage to 
justify i ; uve r n me nt commit-^ 
ment Indeed, a l'Mig-ternt^ 
energy programme will demand-! 
a rategurical stalemenr *nniv 
. Ii will not g* 1 unnoticed. h<»w-- 
ever, that both the leading prn. p 
Sranuu»> are Mssocialerl with? 
American companies — Chloride 
with Chrysler and Lucas with - 
>b-nrral M«<i«»rs I Bedford i. The - 
po-Mhle inviilveniem at some 
si age of Stale-owned British . 
Ley land remains an open 
qiKMinti. 



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tneerporated 

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Financial Times ttursday May 11 1978 


33 


FINANCIAL TIMES SURVEY 


Thursday May 11 1978 




• i- * 

T 

'■•ft.: • 

I;.. '*■ 



i... 

•n 


On the thirtieth anniversary of its independence Israel, under the government of 
Mr. Menahem Begin who came unexpectedly to power last year, is facing the challenge of an 
unprecedented chance for peace with the Arabs and a new approach to economic development 


■ * THE THIRTIETH anniversary 
1 of Israel's statehood should be 
: ..r ,| an. occasion for unrestrained 
" v celebration. But, although in 
.‘.(...physical terms its. existence is 
• perhaps more established and 
secure than at any time since 
r ' independence, and its citizens — 
'* in. spite of. a 40. per cent, infla- 
, non rate— ^ relatively prosperous, 
: , .^-worries and doubts persist 
' The sense of security , should 
... be there, because Israel has 
. ' dearly reorganised Its armed 
... forces since- the setbacks 
^suffered at the beginning of the 
.. .1973 war and. is. capable of 
*’ defeating any combination of 
. ; , ; vArab. forces rallied against it 
This is partly a result of a coo- 
. icert.ed programme of re-arm a- 
•ii. „*,'ment with U-S: help and partly 
i;„ because the Arab states are 
c’ early at odds with one an- 
' ^ t: rther. But the bus.rald in March 
'iv i,. north of Tel Aviv-- by Pales- 
- r inians who had landed by sea 
-again brought home to Israelis 
, in .gruesome terms that their 
• ..existence in the Middle East is 
still not a generally ack- 
...... nowledged and accepted fact by 

their Arab neighbours. 


Unexpected 


These devolpments come at a 
time of unprecedented and 
unexpected events in Israeli 
politics both at home and 
abroad. First, there was the 
general election of last May. 
The electorate turned against 
"the Labour Party, which has 
dominated politics since the 
formation- of the. State 'in 1948. 
od permitted Mr. Menahem 
egin, with the belated help of 
e Democratic Movement for 
hange, to form a Government' 
after nearly three decades in 
opposition. One of the imme- 
diate attractions of Mr. Begin's 
;tyle was that after the obfusca- 
tions .of Labour policies he 
appeared to offer a dear and 


candid sense of direction, even 
if some people were appalled by 
.bis calling the “ administered ” 
territories “ liberated " rather 
than “occupied.” 

The popularity which this 
decisiveness evoked was further 
enhanced by the second and 
crucial factor — the historic visit 
of President Anwar Sadat to 
Jerusalem last November. The 
importance and lasting effect of 
this visit cannot even now be 
overestimated. Mr. Sadat 
through this unprecedented 
action did what Israel had al- 
ways said an Arab leader would 
never do — travel to Israel's 
capital and hold public and. 
direct talks with Israeli leaders. 
Indeed, the mere fact of the 
visit suggested that the ire of 
Israel's most powerful Arab foe 
was not implacable. Mr. 
Sadat ‘both “welcomed” Israel 
to the Middle East in his speech 
to the Knesset and acknow- 
ledged that Israel had a security 
problem of which notice would 
have to be taken. As Mr. Abba 
Eban. the former Foreign 
Minister, wrote last month in 
The Jerusalem Post, “For the 
first time the Arab world was 
authoritatively presented with a 
picture of the Middle East that 
included Israel as a permanent 
and legitimate reality.” 

The momentum of that initia- 
tive has sadly been lost With 
hindsight there was a hint that 
this might be the case, for it is 
openly acknowledged* that Mr. 
Begin, a gifted orator, failed, to 
respond in his Knesset speech 
to the possibilties to which 
Mr. Sadat opened the- way. 
And in the next stages, 
notably the Christmas Day talks 
between Begin and 'Sadat at 
Ismailiya on the Suez Canal, it 
was clear that deadlock was 
likely. This remains the situa- 
tion. although an Israeli military 
mission is still in Cairo ready :to_ 


continue negotiations on 
security. 

The psychological impact of 
Mr. Sadat's visit has not evapo- 
rated, particularly among 
parents who for the first time 
saw a chance that their children 
might not have to fight a war 
against the Arabs. But opinions 
are shifting as to why the Sadat 
visit has not produced results. 
Mr. Sadat is notably criticised 
for assuming that the act of 
visiting Jerusalem should have 


organisation and unrepresenta- 
tive of the Palestinians them- 
selves: and third that there 
should be no Palestinian state 
set up on the West Bank of the 
Jordan. 

For Israel, a major limita- 
tion to President Sadat’s posi- 
tion was his inability to speak 
convincingly for the Arab slates 
whose land was occupied by 
Israel. Mr. Sadat could have had 
a bilateral agreement with 
Israel with little trouble. 


candour. But predictably these 
moves were taken by the Arabs 
as evidence that Israel had no 
intention of withdrawing from 
the West Bank, which with its 
Palestinian connections remains 
the heart of the conflict. Never- 
theless. Mr. Begin, in offering 
the inhabitants of the West 
Bank and the Gaza Strip 
administrative autonomy and 
the choice of Jordanian or 
Israeli citizenship, has moved 
from his earlier apparently 


recent conflict” of 1967. Apart 
from angering the U.S., Israel's 
closest ally, this management 
of foreign policy bad caused 
confusion in its own ranks, and, 
following Mr. Dayan's statement 
that “ we say that (242) applies 
to Jordan,” the Jerusalem Post 
commented that “ Dayan's 
interest in giving a positive up- 
■ beat to the Foreign Ministry’s 
information campaign stems to 
some degree from his realising 
that Israeli diplomats were 


The struggle goes on 


By Anthony McDermott 


been enough. As Mr. Eban has 
written: “ If he is correct in his 
estimate that he (Sadat) has 
solved 70 per cent of the prob- 
lem by his voyage to Jerusalem, 
the question remains: what 
about the other 30 per cent? 
A bridge that is 70 per cent 
buitt may be an impressive land- 
mark, but it is not something on 
which anybody can travel.” 

The point which Mr. Ebah 
raises is fundamental, and that 
is that There are certein points 
on which there is almost total 
national consensus — whatever 
the politics of the Israeli Prime 
Minister. The first is that there 
should be no withdrawal to the 
pre-1907 war lines; second that 
there should be no negotiations 
with the Palestinian Liberation 
Organisation. which Israel 
regards as.' being a" terrorist. 


Indeed Mr. Begin was critic- 
ised for offering too much in 
terms of Sinai. The stumbling 
block was the West Bank (or 
Judea and Samaria). 

On Mr. Begin's side, the limi- 
tations are, if anything, more 
fundamental He is torn between 
following the historical inherit- 
ance of Herzl, Jabotinsky and 
Ben Gurion and being the 
leader who brought Israel 
peace, and between not wanting 
to be the leader who, ip ceding 
Judea and Samaria, gave up 
part of Erez Israel. 

It was in this context that the 
entitlement of Jews to establish 
settlements in the occupied' ter- 
ritories as of historical and 
religious right was confirmed — 
and after the ditherings of the 
Labour Government to many 
Israelis stated with refreshing 


intransigent position. 

The problem is that in the 
process he has given the impres- 
sion that this is not just a 
negotiating position but a final 
and generous offer. Simultane- 
ously, the circumstances under 
which some settlements were 
established (notably the pre- 
sentation of that at Shilo as an 
archeological excavation) gave 
the impression that Israel had 
hardened Its position cm with- 
drawal. This was further com- 
pounded by the suggestion — 
since partially cleared up 
through a contorted statement 
by Mr. Moshe Dayan, the 
Foreign Minister — that Israel 
no longer accepted UN resolu- 
tion 242, which, among other 
clauses, calls for the “with- 
drawal of Israel armed forces 
from territories occupied in the 


often baffled when they tried to 
explain the Begin Government 
policy on the West Bank.” 

At the same time, it is in- 
creasingly felt in Israel that 
American support is not as com- 
mitted as in the past, in spite 
of the efforts of the powerful 
Jewish lobby in Congress. This 
Is clearly not the case in 
material terms, for the U.S. aid 
contribution to Israel's economy 
and armed forces is crucial. But 
there Is a strong sense in Israel 
that its position and image in 
the U.S. has been eroded. 

The invasion of South 
Lebanon was a case In point 
Politically retaliation was re- 
quired after the' Palestinian bus 
raid. In a technical sense the in- 
vasion may have been sucess- 
ful — Unifil permitting — in 
blocking off the last area on 


Israel's border from which 
Palestinian guerrillas could 
operate against Israel with some 
impunity. Bui the size of the 
operation has been likened to a 
sledgehammer aiming for a nut 

— and missing, for compara- 
tively few Palestinians wore 
killed or captured. In addition, 
in the U.S.. some of the scenes 
of the fighting and the large 
number- of Lebanese refugees 
created were likened to Ameri- 
can experience in Vietnam. 
Apart from the disagreement 
with the U.S. over whether 
Israel had the right tu use 
cluster bomb units in such a 
military operation, there was an 
ironical side effect in that an 
element in deciding wether 
Israel can withdraw to permit 
Unifil to patrol the area has 
been to obtain the agreement of 
Mr. Yasser Arafat, the PLO 
leader, to attempt to control the 
Palestinian forces in South 
Lebanon. 

As a result the feeling has 
been building up in Israel that 
Mr. Begin, steeped as he is in 
Jewish history and understand- 
ably marked by the loss of bis 
family in the holocaust, is let- 
ting slip a unique opportunity 
for peace with the Arabs. This 
is symbolised by the growing 
strength of the Peace Now 
movement, which started with a 
letter to the Prime Minister 
from some 300 reserve officers, 
among whom were numbered 
not left-wingers but such men 
as Yuval Neriya, an ex-captain 
and one of the handful of men 
to have been awarded the ttur 
Hagrura, Israel's equivalent of 
the VC 

“Our idea” Neriya has said, 
“ was to show the Prime Mini- 
ster that he did not have the 
nation behind him when he 
refused to negotiate over Judea 
and Samaria to get peace." He 
summed up succinctly the heart 


of Israel’s dilemma when faced 
by the possibility of peace. He 
went on. '* Wo also wanted to 
show him that we, the combat 
soldiers, would be placed in a 
very difficult moral position if 
the chanw to achieve peace is 
lost and another war breaks 
out ... If we have to tight 
again, we have to be sure that 
everything possible has been 
done to avoid war and get 
peace. That there la really no 
alternative.” 

Monument 

The Slate of Israel stands, 
however, as a monument to 
counter these doubts. In spite 
of the d if para lc background:* of 
Israel’s immigrants there is an 
established sense of statehood 
which is far mnre deeply rooted 
than Israel's enemies are pre- 
pared to concede. Inevitably m 
the distant event of peace, Israel 
(like the Arabs) would have to 
find a new focus of nationalism 
other than that of the threat 
from outside. The theory runs 
that without the Arab threat the 
fissiparous nature of Israeli 
society would take over and lead 
to a gradual break up of the 
State. 

But this ignores how 
physically established Israel has 
become with its thriving 
democracy, its bustling cities, 
its social services and agricul- 
tural skills. Us cultural institu- 
tions and extraordinary 
economic activity for a nation 
of only 3m. or so inhabitants. 
Above all, it has perhaps the 
most battle-hardened and effect- 
tive armed forces in the world. 
And yet after 30 years, the most 
treasured prize — the acceptance 
in spirit as well as word by its 
neighbours — remains elusive 
and the key to Israel's self- 
doubt. 


.-■jl 


ii 


The Diamond Trading Company 
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Tel Aviv : London • Paris 
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Preferred the world 
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At home in the best shops . . . 
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INSTITUTE FOR PLANNING 
Bsb3 & DEVELOPMENT (1970) LTD. 


Financial Times Thursday May 11 "1978 


ISRAEL II 


A YEAR after Its sbock election achievement or the mud end. .Mr. Sadat made ,0.1 M ** 


FrV msmms ss «=rsa ssr.w-sr his ■£■ — - .. , 

xss.’ssra is: n “SLSFSafta: fsZSL . «»«. •« &■- « ***** t* p.™ -sgsxeT 2 *j£& 


H is a *T1w C Egyptian leader's visit to or 5SJTS 

Sm JTSSiS&TS tL ...... J«2Si «■» pnpulon*J.?f a* *™<I ®«ture chailen- The outcome Prime »■ *«r Hr. ' » * 


Foreign infightin; 


offered so dramatically last 


Government's 


Rabin, over a bank account h*]$ \ 


■ inougn ne rame *o power p - nnomi - nnhev " " based on 1 * 1 *** 1 u * “ ,c , *“L* , T neara wiuua tne LiKUfl- blocks renuy tuiwinuicu. - Ecnnomic Policy) Fm*‘ 

floating the Israeli pound and Prime tf l e . L ! bera i . Because J he was ^P^bsed lhe party 


the scandal-ridden Labour Party | VL t. 

which had ruled since the bbcralisnut currency 


re^ula- was . a triumph for tlie Prime Party whose decade-old political by a heart attack before last 
ins at fiI, nister and appeared to eon- marnage 0 f convenience with year’s election, and revisited 

' fminri al his critics. WnO T» a_-- ... »! _ . . _ t thorn 


incapable of any action. Totally 


BsrwSS a srs? sl ^ s 


'ss 4 ^ k r e * d,5rupt dii,y =sr jssts s? wir^sr i 

Zuded T 3 S B,„ «ho Government « Watershed . w om.po.ten evpre, «- » ^ WtSe 

lcncc to his Dosition hv his own * lvpn P 1ent y nf credit by the S i 0n of this concern was made ff fe cnaneng elections- a month after the 

Defence Minister Mr Ezer public, which was relieved to Mr. Sadat's visit not only by Mr. We-izman, who nominally ^ me bein*.. general elections. A mass hmi. 

Weimian " sec the fall of the dull, divided changed the Middle East scene belong to Herut. At whal When his block won tbe out by grass-root supporters who 

The victor* in the General incompetent and at times cor- radically but also became a appeared the nadir of both largest number of seats at the ^ a( j b een donnailt f or years" 

elections last 'Mav bv the Likud rupt Labour Party. watershed in Israeli domestic Israei-Egypt and Urael-U.S. re- Ma? general election. Mr. enahled Labour to retain its. 

block was no ordinary replace- While the Government's politics. The Egyptian leader lations he issued a public call. Begin moved s * ^lf tly J to grasp 0 f the Federation. ;; 

ment of one group of politicians policy of demonstratively ex- may have boosted Mr. Begln’s for the creation of a “national the opporturuiy whicti ne naa . But it lg on j y now , i n the 
by another. It was an enormous panding the number of Jewish prestige, but he also went out peace government.” This waited for during -s %T, ars m dawning realisation that the 

psychological shock in a countrv settlements in the occupied of his way to praise the chair- obviously meant the creation of opposition. In less than a chance for peace offered by. 

which one Likud Knesset Arab territories may have man of the opposition Labour a wider coalition which would month he put together a c °ah- President Sadat may he slipping 

member described as a -piace angered and alienated Israel’s Party. Mr. Shimon Peres. As a include the Labour Party. ' lion commanding 63 ut the 120 awav t j, e party is coming 

where " it seemed God had supporters in the West, it did result Labour, which had fallen As it was quite clear that seats in the Knesset (parlia- jj r Peres has moderated . 

destined Labour to rule for- lit He harm to its popularity at into paralysis after its uncon- Labour would not join snch a ment). Joined to the 45 seats wing tendencies in an * 

ever." borne. templated defeat, began to coalition on Mr. Begin's plat- of the Likud were 16 members e gf ort e ’ to hold together the war- 

The greatest domestic Before the honeymoon could revive. form, this was interpreted as of two religious parties as well factions within the party 

. as Mr. Shmuel ! Flatto-Sharon, a an j t0 rgfain the alignment wilh 


about 40 per cent., expnns warn _ d !hat his hard i; ne m |l ^ . oers even appeareu incapanie oi 

have failed to rise, and labour ™^ a luJSi Party not elimmated the ,S K a ® n,m " ,n S criticising the Govemmenr. ' 

Ctnr* mnriT.li »c m disrunt daily “ coam 0 '• differences of tempera- about Mr. Begin s health. Low- ^ ^ a brief moraent of 


ment between the two. 


ever, if illness does not force 


ever. 

The 


greatest domestic Before the honeymoon could revive. 


Living beyond its means 


ON OCTOBER 28 last year, the on to a more realistic basis. or living rose oy n.operwm. in _ npw nolitical nartv railed the ~ •” ” ~7 ' T. " 

Government OF Ur. Menohem The NEP will undoubtedly BASIC STATISTICS November, settled backto about Dpniocranc H^ c „ t for ™"‘ " ZS«toiu*md^Ita5!. : 
Begin announced what is stimulate growth in tlie wao , M Mle 2 per cent, for the following rhanBe. It had hppn formed P cace negotiations, unaenuiesi'. 

officially tand somewhat over- economy after some years of /,S92 S 3' I ? ,S ' months, but rose disconcertingly under the noted ar chaeloGist fact that Labour has not yet 


of living rose by 11.8 per cent, in 


We ^ 1 F IT C V e l V Wh a the more left wing Mapaqi 
sought election to dissuade the Party He has a]so t0 try to 

French authorities from pur- an ideology for a move^ 

suing their demand for his ex- ment which drifted far from its 
tradition to face investigation sociallst T00 [ S during the 
of his financial affairs. It was a dPCades of po wer. 

slim but workable majority. _. . , hr> „„ .. 

The emergency of The popular 
The real and unwitting archi- protest movement. Peace Now, 
tect of Mr. Begin’s victory was wilirtl ^ ca ji in g on the Goverm-.- 


grandly) called the New near stagnation. Between 1971 Ration (1976): 
Economic Policy (NEP). As in and 1972 the GNP grew by 10 CNP (1976): 
other areas of government, it and 12 per cent., slackening to Ber capita: 
was an attempt to impose his 6 per cent, in 1973 and 1974 Trade (1976): 
own party’s imprimatur, in this under the impact of the energy Imports: 
case on the running of the crisis. In the last three years Exports: 
economy after nearly three .the real growth rate has been Imports from U-K. 

decades of Labour rule. Its between 1 and 2 per cent The- Exports to UJv. 

broad aim — bv an irony not hope is that growth rate may Trade (1977): 

dissimilar from President reach 4 per cent. Imports from U.K. 

Sadat's in Egypt— is to liberalise Instrumental in this decelera- Exports to ILK. 
the economy and to reduce the ti°n of the. growth rate has been Currency: 
size of the public sector. tbe fact that fixed capital forma- 


oat— monins. dui rose aisranainjuBiy under the noted arehaelOErist , 

* t0 3 - 7 P er <* nt - in March. If this iw~r Ytaarf Yadin bv a foiind lts avol *&- The P ubl ^ 

1 fcofi 3 Roo rate was P r °i ecled over the y“ r <*roup of people dissatisfied with °P ,n,on P° !ls sho * r that whlle 
L£2 6,892 it would produce a rise in prices Labour Party Their hope Labour has been r ^auung some ' 

6b n. ° f ° Ver 40 Per Cent was to win enough seats to hold * |,s lf | 9t .P°P? la ^ ***&; 

ivofi 7>«i Amongst demand-pull factors, the balance Of power, and then ? con J l 8 lover than Likud, which 


7Kn AUJuusai urvt«uu-puu Lovtvia, uic UdidUCC UI puwet, dUU uieu w ' . _ ' ' . 

r9 .„ money supply rose during 1977 force reforms on the Labour bas bee P slipping from its peak'; 


by 39.1 per cent (mainly dur- Party as their price for joining popularity in November- 
* ' ing the first nine months of the a Labour-led coalition. . Decentber. ; 

year and compared with 27.1 The ideological purists of the’ The ftate the P eac * ne S°- 
per cenL in .1976). and the DMC won 15 seats in a massive Nations Mr. Begin's health" 

main cause of this increased protest by labour supporters, appear to be the central factors 

£—1x30^4 liquidity was the public sector But labour’s losses, from 51 to in Israeli politics to-day. An 

domestic deficit, which averaged S2 seats, were greater than irretrievable failure of the ■ 


N'ovember- 


r fj . li rfh t gviucui. ucilul nuiLii 32 sears, were grearer man mcmoaBie vi uic 

The liniiiarinns of the NEP [' , t ^ y VM P s The lh „ I1Dh rS _ inflf>w nf i: c a ; d «.Llbn. monthly between Janu- anticipated, and this left the peace process could lead ta: 

e similar to those in (he politi- L ve rnniem decided* to cut back Wpst r^nn renitutional nav- ary and Sept6IDber (up nearl y way open for Likud, which had serions disaffection against Mr.” 
. sphere— ones of inheriunce. Z hS? »T 7 JEt 80 R" “ nL » re ™" s B»Pr»«d its position .llfthtly. Begin', policies within the ’ 


' deficit, infiatinn. and th-Vire of 'JSS ™ ch ‘ nne ' M com- 

1 M«« At lh,s S T . « “ W ren“ S“ rs •TTW “alls “ ‘isfaj— ln ,hE IV , , 

L“ J2t ?fl y per.cent-tast yetr^evertheisss ss.oihn., resulting in an overall waI ' e “ f h K PlVOtal 

ihe_NEP has achieved. Cor- unemployment has risen only deficit against services and At the heart 1 of the battle to 


sonaiity of the Prime Minister. 

Either or both these events., 
could lead to realignments 


tainly some fears— i he depletion mVri'ina7ly frorn'2'.6 per cent, of ^y d L 0 f“ 6 S555m..%opsiflerabiv control inflation lies the ques- Robbed of its hoped for ** LiS^wt ^ee the 

?L l 25P.f U ™J5 : JSJiT- in 1973 10 39 dowi on the deficit of § 2^bn. tionof wages. So far both the & ^n. the DMCfinal^ “ 


the flislit of capital during a per cent, last year. .\nd in spite recorded in 1975. 
nolitical or economic crisis. 0 f this slowdown in economic 


w* "“6^3. HU 1U1 UUIII LUC “ - I _C _ nntlnnnl ..... 

private sector and the public joined the coalition four months crea > ,r ' n °i a national peace- 
sector . (largely civil servants later on terms dictated by Sir. Government combining all the 


that tne tshe win not oe able stability. from the beginning of the year From having wan 12 per cent, at least until me next general 

ihis year to keep inflation much pendent on overseas aid even tQ ^ fo | ]owed by a f urr hcr 2.5 of the vote a year ago. public elections, at the end of 19SI. , 

below last year's level of 42.5 ParlmiC ? r ° UF br \ akf * sL ” percent on. October L In addi- opinion polls show the party T Annn J Jl 

per cent or to keep the budget *- fllluua borne out by government ti(Jn they afe f0 rece i ve cos t^>f. would win only 2 per cent, sup- Liavia Le!MOIl 

deficit within the limits On the delicate issue of statistics. Israel s external debt j}^ n g increments based on 70 ■ — 

originall planned. In other balance of payments, on current ba iL lS fiL i™. ■ »■ P® 1, cen ^- °f Rte consumer price 

words. Israel will be continuing accC i UD L Israel's position re- t0 5lO--*3on. la« year a.na is esti- i|j d e X _ Formerly these were 

.. i: .• •» . . n<ntoH hi- Ihn Kinb rtf lerao fn . .. 


i ' — auvuui. isiflci a il- . , _ . _ . iuun. ruiuicn; Uiwc n-ic 

■ to live, as it has since it mains parlous but improving. mated b >\ !r e ,A nk of , a , 0 I2 paid semi-annually’- but because 
j became a Slate, beyond its The peak year of deficit was reach 51 1—bn. this year. In 19 1 r ^ t j, e immediate effect on 


A n'*n pri»lii nr-jamsatinn e.-tablished bj the Government of 
l->r;wl anil ihi- Association or Engineers and Architects id 
I srael. !■> nrniiiiiH' overseas acliviiies of Israeli planning, 
consult ir.c ,ind design firms. 

Siitpe i„ jciivihes: pre-feasibiliiy and feasibility studies, 
Miru-j-. general planning, detailed design, supervision, 
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became a Slate, beyond its The peak year of deficit was reach 511— bn. _tms year. In 19 if ^ t jj e immediate effect on 
means. * 1975. when one of $4.06bn. was main capital inflow (com- prices of {he fte first m 

The reform had three ele- recorded. This had declined to pared with anticipated inflow paid on j anuarj - ^ the second 
merits. First, foreign currency $2.56bn. last year. This deficit , s 'J ear ' w ' ere: on April 1. and a third is to 

controls were loosened through is made up of exports worth unilateraJ receipts (w.o6na.), f 0 || 0W on October 1. 

the abolition of most restric- ?3.39m. and imports of S5.42bn. of which 51.02bn. (Sl_5brn was This mrstem of waee increases 

tiOfis on Israeli citizens, and of (of which S940m. w-cre defence ^ ^"S ihn cost-of-Hvin- increments is 

all those on foreign, resident, imports). Imports have in fact I,'. % „i ary gra .’ an advantase in that it 

Second, export incentives and remained remarkably steady. $48ura. (Sa-orn.) U.S. economic jcraelis against the 

import levies were abolished actually declining from the 1975 J^Onn "'per^nal ^restUi^n erosion of the standard of liv- 
and a 'ingle exchange rate for hgure of Sa.6obn.. the non- personal restitution . „ . . 

the Israeli pound introduced, defence imports in 1975 and from 'Vest Germany. But e-ssen- . .. .’ s nfla «’'!.- r _, 

Third, in place of Frequent. 1976 being identical at $3.8lhii.. Hally Israel does not have a ‘ * Furthemn p It u ™ Lb 
aovernraent-determined small but rising to S4.49bn. last year. d eb t repayment problem. . . t , . , * . 

devaluations against a basket of Exports have risen imp res- According to the Bank Leumi, . , , c 

the currencies of Israel's five sively— by 27 per cent, last year. Israel s oldest and largest bank- Dlun : bf _ piprtrician^ 

major trading partners amount- Only last week Mr. Begin was mg institution, the proportion H ' ”u" 

ing to about 2 per cent, a month, saying in New York that he of lung term obligations re- , . .. , ; . . 

the Israeli pound was allowed thought Israel's exports — aided mained — as they have for the n c 

to float. Besides attacking by the NEP-would double l«t three years-al S2 per cenL are din™ mo fnThrti/™ 

Israel's chronic and immediate this year. of the total. It 

economic troubles, the NEP Services have recorded also a Short term obligations have fiationair market demands 8 ^ 
aims in the longer terra at rc- steady deficit nf S590m. in 1975, fallen from 12 per cent in 1975 " ** 61 aemanas - 

shaplng the structure of the which had declined to S524m. to 7 per cent, in 1977. implying - 7116 I T a; ! or failure has been 
economy by reducing the size last year. The view of the Bank mat short term debts have in ia perTDittin 2 the public sector 
nf the public sector, shifting of Israel — the central bank — is recent vears been replaced” bv W2ge 1 7 ses similar to those of 
manpower front services into that a deficit on current account medium term (between one and the private sector, for it was 
industry, and by putting trade of about Sl.Sbn. is containable five years) indebtedness in re- ?. ne °f tbc main inlen- 

— — ■ » i cent years. The additional point t0 move towards restruc- 

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Israel’s debts are measured in ^® r ^ ers awa >' fr °m services lo- 
dollars i unlike its exports) it v ' ards industry, 
has actually benefited in real result of this is that this 

terms from the dollar's weak- year's budget is bound to over- 
ness. Debt repayment amounted slep lhe deficit it had set itself, 
to an estimated $755m. in 1977. In part this is due to the fact 
and this is expected to rise to that, the budget deliberately 
5 1 bn. this year, comfortably does nc| t contain an allowance 
within foreign currency *°r wages so as not to encour-: 
resenes, which totalled at the age wa S e cla ms. The 1978; 
end of last year about $1.5bn budget totalled LE3S2bn. (cora- 
Tn th a 4 _ pared with I£14L2bn. in the 

tivpnpc - nt th revised budget of the year 

nih-jisurpH )f h the Wl b, ’ fn re) and officialy aims at 
mm«n« * . succcss ‘J™ '‘freeing the government, front 

,- Ith . which part of tbe financial burden of 

[ ! ia-- eve p f r investment ” and curbing the 

_ ^ u 1 19« < .compared ^*^b 30 real growth of government 

P " •5. , ’ n l V l! 10 T, ve ? r . befnn? - activity." Its proposed deficit 
Admikedly. Mr. Begins govern- is utorL But it has been 
ment had a difficult inheritance officially acknowledged that 
n that during 19n. with an eye because of wage settlements the 
on the elections which he lost, deficit may well reach over 
the Labour government had mobn. Inflationary pressures 
awarded real wage increases of have in nu way been helped by 

16 p r cent, to the public sector {he printing of monev which 
and S Iter cent, to tiie private amounted to . U9.5bn. in the 
sector. Following! he promulga- fiscaI Tear 1977 . 7S ^ 
tion of tne NEP. cost-push 
factors had an immediate effect * 

•>n lhe inflation rale. The Israeli /VllICS 
pound was effectively devalued 

by 45 per cent., with an impact In addition to its own direct 
on private consumption one- instruments, the Government 
third of which has an import has had two additional allies in 
component. The_ Government its attempts to alter tlie shape 
cut subsidies by 15 per cent. In of the economy. The first has 
addition, tbe controlled prices been through the banking 
of public transport, gasoline, system. Tbe activities of the 
electricity, gas and water were Bank Leumi group, for example 
raised, as was VAT from S to 12 show that loans issued to indus^ 
per cenL .As a result the cost try rose between 1976 and 1977 
CONTINUED ON NEXT PAGE 


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Financial Times Thursday May 11 1978 

ISRAEL III 


llft n 3 

''"'Hr ji. 

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.. ■*"•« u,; 

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forces 



v 


•< i.r, IlV ^ISRAEL'S- DEFENCE. ■ FORCES 
':n,- r .‘ never been, stronger, nor 

'■i. % h r ^readier for., wax.. Tfeere is no 
■■ tii,. ."’’to ^dcpht within the" General Staff 
"‘in;., pthat if 'war were to. break out 
"^i ttwnorrow. -Israel would score 
• i^the most crushing victory in the 

J'^on Country’s, battle-marked history. 
s» -® 111 ""is- not to-day that 

. 1 worrying Israel’s ' military. 

, '"'’''nijiwieaders, rather the future. For 
, r '’f mj7th'ey believe Israelis potential 


military growth is’ limited 
-joth economically' and in man- 


lu. 

•« 


F,. 

■mi, ^o<jwer,. while the .Arab potential 


A J"'‘or "expansion is -unlimited. 
‘‘ii'Pon' 1 Israel's invasion of South 
r »«.ni t j ^ Lebanon loss than .two months 
,lr t., , '■’gb was .an expression of 
" 1 i-i|,. r /'*' 'supreme confidence In its ntHi- 
J ""“ ary dominant of the region. 
® ,J rBut the fierce battle over the 
n % American three-nation package 
‘Meal to supply war planes to 
h„. .* ‘j ^firsrSel. Egypt and Saudi Arabia 
N *i-v*s the most open expression 
i> ■ i . j of Israel's concern about the 
,1 balance of forces in 

Middle East in the 1980s. .* 
,:, ”n ft*. The recently ^retired Chief of 
’ ' |p AliJOBfJSiSff, Lt. Gem Mordechai Gur. 

1 *:nj jjatd in a valedictory interview 
^ x ;o'^hSt Israel's military strength 
" '* " 0, ".’Mo:j4aEs been' -growing faster than 
■ 'irrfj.-j r irf> iiraf ' of the Arab -states. He 
•ions; :1 aimed as one of his greatest 
' ichievements the reequipping 
•‘■■T-.-nr,- o' iiu if the Israeli forces since the 
' ' :n. 973 war to such an extent that 

• -t: . 1?1 i), ;he Arabs now know, in bis 

u eT h , y«dSi that the risks in starting 

f i war are greater than the pos- 


lr i 


ili- 





guerrilla handbook by with 
drawing in the face of 
superior enemy attacking force. 

The Lebanese operation also 
taught Israel that the Palestine 
issue continues to be a prob- 
lem.. even 'given the Pale- 
stinians' low level of military 
ability. The civil war in the 
Lebanon forced the Palestinians 
to operate in larger formations 
than hitherto, and- also gave 
them more battlefield expert 
ence. Intelligence sources admit 
that the Palestine Liberation 
Organisation has recently 
become more of a military as 
well as a political factor. 

Another area of massive ex- 
pansion of Israel’s military 
capacity has been in the Geld of 
domestic arms production. 

Figures are tiara to come by. 
but a clear indication of the 
growth can be had from the 
export figures. Before the 1973 
war exports averaged about 
$60m. a year, whereas last year 
exports were $320m. and it is 
hoped they will top S400m. this 
year. 

From the pre-State days’ pro- 
duction. of ammunition for small 
arms, the military industries 
have passed through a series of 
developments which see it to- 
day employing 30,000 people, 
producing major weapons. 
Based on imported knowhow, 
and with sizeable . domestic 
R and D input, the country is 


•i -V.,,’! .Ability of a favourable outcome, 1116 eastern front does behind in development In addi- to-day producing its own Mach 

fle is .only one ; of many not have anything like the quan- Uon to the missile and patrol 2.3 warplane and missile boats. 

. ‘ ’■ ‘swell leaders who believe that utjes at “^taiy hardware- boats being built ar the dock- r 

' h,w this- m formidable which Israel- believes the Arabs yardsjn Haifa, the navy also -production of its own tank, the 

Chariot (Merkava) which 


^ass^eli military power which wonJd need, to win any war look delivery last year of three % # 

• ^"^ ‘.cjSrsuaded. President -Sadat- -to 3 ° afnst the Jewish state where submarines especially, built for placeman especially ' high’ pre^ 


IJlni.ainch His historic peace initia- lhe ^ity of both equipment Israel ^ Britain, 
^•■n J? Jije]Ui November. They believe ■ 1 P aa J IK,wer .is so 
*ihat"It Is only from a basis of whelmingly superior. 


_ mium on' crew safety. 

0VCr ‘ increased size Israel’s planners believe that 

. ' J* 1 ® defence forces, Israel has- a country in conflict with 

js not convinced that had to widen the net of con- countries receiving, weapons 

never 
arms 
close 

“trS** Bndl "t S ?f m ° nal ”“ p0 " w on the read 

. “V. J he 'f? J* w “ by low ™”S «» W to independence in othera. The' 

probably no higher. • Bui the entrance requirements so that 

military in. Israel also note that people previously - rejected 



next target is the production of 
families of weapons systems. 


Debating 


i.hIjt Israel' publicly acknowledges =_ 1B7 * 

-Jar, its armed . forces haye^ c “ er 

, ■».::<! irtrbwn. .25-33 per. cent since ’ 

i. ij wSe ! American 'and other ^ ^ 

j. ; i-inAlysts believe the expansion jjj ere been 3n upgrading -of could now be called up. 

V greater. ^ -quality of Egyptian tank This solved the immediate 

: 'V. ^J he T forces since 1978. . ... problem of numbers, -but also 

•• hg . J ^ it ■ ■ t j?r? 5 r*n.nii e While, acknowledging the introduced a problem of 
■«. i Problems of Egypt's airforce and quality. The Intake of people ^ j-g-. fLi0 _ Cu 

- ii! it* ground-based air defence since 'wilh low educational attain- {rom a jir ra o e frame and utilk 

tb *- mrn 'v r dcI,nque ”' ba< *- “S 

- J* ^aTIheee probW^'S Ctaribp SuJSZa S*B» menTof 

^ aid from $«T ***? ot *• Israeu 

’ " ■ jffi Ve ,hV‘^*^w , or r | l d tll Md The growl}, in the Israeli .AwAlnw in the *3^ tewT’JjjreadCF 

! ;-.:.5ta 1 «« iikdfthriwr the. «™. ! '"«“»* y !fr s .„ hu . b !?. n Z!L«JZ& 25 S«S2f preiimiMrs-wom. M 

! .aniripjticm of Israel's most formi<lab!e 


Following the development of 
the Kfir- (Lion Cub) fighter 


_ >. . n , ju fji^uiuiuai v - nuiA, uul 

In many areas, forces under fuU mobilisation a polmc al decision is still being 

eared militarv enemy In any especially those where weak- and the -growth in the size of awalted 0D whetber or not to 

Ground offieS ' nesses were revealed in 19«8. the standing army has made ahead uith developing a 

lew rouna 01 ngaunt- The increase in the -size or lhe Israel au.eyen more formidable prot otype, at a cost currently 

‘‘ - tank forces from 2,500 to 3.000 military power in the. region, estimated at dose to $50Qin. 

1 ilTcai Involves, for example, a major It was the expansion of the. Jt is a reiy difficult decision 

' ' rh made bi 

1 uf South e] 

AIA0 TTftO uie largest 

Ian TraD and in recent 'weeK divisions has been dramatic, and most prolonged military is abandoned, then The^israei 
Snd Aribia But even ^ if ..Israel has received 3.000 modern operation undertaken by Israe aircraft industry will stop its 
osether they could theoretically' armoured personnel carriers to since the 1973 war, and the first expansion and probably begin 
nu stera muchTarger f 0 than replace the old-fashioned half- mim-war ever conducted by. t0 decllne . The high hopes for 
Sf teThe wuth weS' thf» tracks formerly in use snd to Israel w.Miout calUng up the TO rld. solos, of the Mr have 
Srt d^rly crentM no m»Sr build new strength in this srea. resennslfc Only a minute num- already been dashed by an 
wblemfw th. ?™i? umras Foreign sources estimate thai her of spec, allots were brought American political veto, largely 
m« as E"vot remains on^the Israeli artillery has grown by in from .the reserves for the because it is powered by an 
P remains • ^ 20b per cent., mostly through invasion, American engine. 

Israelf intelligence estimates American supplies as the Inca! The abdity to wage a limited Th e major gap in the j snel 

,- :-|U, e -tbe eastern Arab front producer has been experiencing war without disrupting, the. arms industry Is the production 

" ’ ‘ ‘ , 9 nn t*nks 14 divisions and 840 a shortage of chassis for the civilian life of the country is of engines to power modern jet 
Israel has worked f6r manufacture of self-propelled a totally neiy development for . ftg hters or even a modern tank. 

fiuns. Israel.. AtThether this test was a But there are no intentions at 

Si maimii a ratio of nn The airforce has enjoyed a forerunner of future actions is preseyit tp g0 int0 this field. 
Ore than three-to-on e in the more than 25 per cent, growth an open quotum. I t , s also Israel will continue to buy the 
• - 4tff to survive In the number of aircraft, from doubtful whe her even a necessary engies - — — »• - 

... traps Jd\ our is 10 4fl0w abou t 550. There has also limired operaUou against a r^n, American 

V hoc unno tanks been a massive jump in the regular army could be con- manufacturers. 

To-day Israel h« S.OiW t of helicopters at ducted with such ease. as the With major land, sea and air 

sfff&SSVSTL not -g Pradoccd ,, 


off the shelf 
or European 



FROM PREVIOUS PAGE 


Economy cont ' ,nued 

■om 28.6 to 30.5 per cent, ehly depeods on polil.col cir- 


Earlier this ' year the 


the home. Israel is less worried than 
before about dependence ‘ on 
fickle allies whose interests 
might change. With massive 
stockpiles it is also more con- 
fident in its ability to wage 
IMF prolonged war without needing 


hi?p ttTo're for const ruction fell cumstances. Even ii a settle- expressed its. views on tlie NEF. f?"gcncy iveapons airlifts Irom 

-om 15.3 to 13.7 per cent More ment was r ®* ched Vlth 
WtHcular has • been the Arabs, .security 
haviour of the .stoefcmarket would require a 

id its role To snaking up excess down r , b e ^Sore^ ^lVtenn* areas delated were me « 

quidity and the Governments ment. andjujthennore in 1 terms estforiaWe practite 0 f print- * 

;clared aim .that it should be a. of. manpower and the bnUd-up ^ money mA the t h ^ 

mrce of capital funds. By of the defence ind ! . . approach towards wage settle- enhancing . the 

ovember Jasl year the boom mean that it would pKeume ments - Givejj the con st rS unts superiority of the 


m- 


ii.* 

^ T 


rpached with the It was enthusiastic about the ■ 

cautiousness HberalTsation of trade and the What. it is worried about is 
slow winding general reduction of- the role the supply of western weapons 
of the public sector. The' danger, to- the .Arab states. Israel 
isolated were the believes that the superior 
western equipment will. narrow 
the qualitative gap. thus 
numerical 

oveiuuvi *«»* j- — * — 7 - ■ 7 -; — ■- - .- - j memo, uiveu me w#uat*»i«w — r — — ■•+ — - — Arab armies, 

bich had started In the middle Jor its si2e {economicaii> nis- injpoged ^ . de fenee expend!- Israel believes that the level 

J the year before had ended^ proportionate- in most otner ^ internal debts, wages of technological competence in 
it during 1977 share prices economies) to. be sealed down. anrf inflaUon remain the key the Arab armies is rising all the 
aublcd. with the turnover of problems. The NEP. lias im- time. While they -do not think 

•curitics reaching U30bn - ReYlSCu ' mediately. Ibelled inflation. TWa It will matdi Israera in the fore- 

mr times that i»f the previous has had secondary reperais- seeable future, nsing ability will 

*ar The capital profit index 1 There are three elements to pj(jns ^ and the cos^ of enable Arab soldiers to' make 
'shares (with end 1976 as the Israel's .defence expenditure. ] iviI1 g^ better and better use of -the 

ise 100) showed a growth at* The first is m Jocal currency.- It remains l0 be seen whether weapons they are buying. It is 
ie end of 1977 of 186 for all Under the revised budget p-rigr impact of the because of this that Israel con- 

lares with finance and insnr* figures this totalled £I54.4bn. de valxiatfon and mare competi- tinues to argue about' its need 

ice shares (208) showing the m 3978 of which about. £124bn. t ive export prices, wilt improve, for even mnr<4 

•eaiest evnanrfon, followed by was spent' locally (or nearly IS Certainly, the foreign currency weapons in 
•eferenee shares U95). land epr cent, of GNP). The second reserves have grown. Mr. Amon against the supply of sophistie- 
id construction (164) and in- m in foreign currency, and Gafny, the Governor of the -a ted [western, japans to the 
■staSSt Mmoanies" d57). - this amounted to about £I30bn. Bank of Israel, said in mid- Arabs 

:Y ~ eBt nr»oj,vrp of The third- is accounted for by April that , they ha arisen by In addition to technological 

' The room for manneuv - repayment of loans' and SlOOm. In- the 'previous two advances. Israels military 

)y Israeli government is i foreign . cur(enC y, weeks and.-now stood at S1.49bn. leaders- believe Arab buying 

itremely restrieied. ror.wwH^ .stimaies and real (compared with S1.45bn. last power will enable them to amass 
taraplc. two-thirds of -5 „ nrin pt;nns "rew considerably. October, according to the IMF), quantities of weapons which 
;onomy was bespoken in prop fi3f “ ndltl , re originally a considerable increase for a will overwhelm by sheer weight 
Ivance. The requirements of ueierre J" _ 0 cenl 0 f country whose reserves do not of numbers Hie better trained 
ifencp took £I54.4bn. (com- esumawo «u * - h ■ nonnal | y fluctuate by more than and equipped but smaller Israeli 
ired with fMl.Jta. in 1977) rK0 '^f „ r Lni on gfU,'e SUmf. or 820m. „ month. But. Torres 

a- Hie repayment 'of internal per cent, if p J" although Israel's economy is The fear 15 that in a future 

^bt— both principal - and in- sWle b rt U °^J.™^ cent _ a fi<^ re generally and gradually Improi- war the Israeli soldiers and 

mflSbn. cnmwred with «?nL to l 3 ^.J er f ^f wn ° t u e ing. i.t .has yet to be proved equipment will be exhausted in 

^ rest uoy.non. <i,shiiv .down on the ^ whether the NEP the battle -against apparently 

dealing with the unending amounts of Arab 
structural prob- equipment. How to prevent or 
iar-e inrfnhrMncss nas .Deeu ienis ucicuce. external and overcome this future danger is 

5m fl hr lhe huso number. affected already by the invawpu Internal . debts.’ and wages— the main- preoccupation to-day 
floa ted index- into south . Lebanon ) wdl iake hi have for so long dogged of Israel's defence- establish- 
. . ^uvenuimnt 14 8 ptr cent of the GNP. countTr ’s prosperity; mebt. ■ • 

nkeri bonds, and is a s aucn 29 0 per com, 0 f the stale u 
weptional. . ^ de ,. L r ... 

TSc defeneeb urden mevit- budoCt. . • . _ . 


Anthony ' McDermott 


David Lennon 


35 


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30 years from its foundation Israel is one of 
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Everything from fruit and vegetables to textiles is 
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1 




*r ~ - 







Financial Times Thursday May 11 1973 


ISRAEL IV 


this symbol is new 

P!f- 


Fresh fields for farming 



it took us 

thousands of years 
to design 

During the past 30 years we have gathered together, 

■n Israel, thousands of years of experience and 
pooled it to produce some of the finest, vglue-lor- 
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Todav, you will find the official "Made in Israel'* 
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on oroducts in your favourite store or supermarket. 

You can sc* it on sophisticated precision and elec- 
tronic equipment m factories, hospitals and 
laboratories. 

The "Made in Israel" label is a symbol of progress — 
the result of 30 years of concentrated effort, thou- 
sands of years of experience. 

MADE IN ISRAEL -more than just a label 

For more information on Israeli-made products 
contact the Israel Trade Office in your country. 

Issued by the Ministry of Industry, Trade and Tourism, Jerusalem. 


FOR MORE Ulan two decades, 
Israel's agriculture as far as 
the ourside world was concerned 
v/as almost synoymous with 
citrus. Only during the last ten 
years have such additional 
Israeli products as melons, 
avocado pears, celery, tomatoes, 
flowers, cotton and groundnuts 
left their mark on international 
markets. Vet even now. few out* 
s.ders realise the extent of the 
growth in production, its 

diversification and the high 

degree of sophistication applied. 
Many of the techn : ques and new 
strains developed in Israel 
could make a very sizeable con* 
iribution to the world's food 
shortage, particularly in arid or 
scmi-arld areas. 

A high level of agro-technical 
Teserach and its practical 
application is a sine qua non for 
Israeli agriculture. which 
labours under two main handi- 
caps — the limited amount of 
water at its disposal and. con- 
sequently. the fixed amount of 
laud that can he cultivated. It is 
rrue that a large part of the 
Negev desert, which accounts 
for two-thirds of Israel's land 
area, has underground sources 
of water. But these are very 
deep, requiring substantial ex- 
penditure and outlay on pump- 
ing. Moreover, the water Is 
brackish, so that it would have. 


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, to be desalinated for many 
s crops. This combination makes 
i the cost of such water at present 
i prohibitive. Only when solar 
i energy techniques have been 
I developed to reach the stage 
, where the accumulated power 
, can be used instead of costly 
s imported oil will it be possible 
I to farm those parts of the 
> Negev. Even then agriculture 
: will be possible only where the 
; terrain is not too rocky and the 
i top soil has not been washed 
, away. 

Nevertheless, thanks tn the 
high degree of expertise and 
the application of modem tech- 
nology, Israel's agricultural out- 
put has increased by a factor of 
12 over the past 25 years. This 
compares extremely favourably 

with F.A.O. estimates for the 
Mediterranean as a whole nf 
a doubling of production every 
quarter-century. This has made 
Israel 90 per cent, self-sufficient 
in this field, and agricultural 
exports already finance 75 per 
cent, of agricultural imports — 
mainly grains, fodder and beef, 
local production of which is- 
limited by the shortage of 
water. In absolute figures. 
Israeli exports of fresh produce 
brought in almost 8400m. in 
1977 and are expected to rise to 
$500m. this year. 

While" citrus has so far re- 
tained pride of place as the 
single largest commodiiy des- 
pite the mercury scare, the com- 
bined total of other (non-pro- 
cessed) agricultural exports is 
about to overtake it Citrus ship- 
ments from Israeli groves 
brought in $I91m. in the 1976-77 > 
season {which ended Septem- ■ 
ber 30. 19»/). while the aggre- 
gate of other items came to i 
$189m. ] 

Foremost among them were : 
cotton, groundnuts and seeds. I 
with a combined total of S62m. 1 
(The area under cotton is to i 
be increased substantially this i 
vear as a result of a shift away I 
from sugar beet) Next came i 
fresh vegetables with S3Sm., .« 
flowers with $32m.. avocado i 
pears, subtropical fruit with t 
S27m. and poultry products £ 


r with S24m. All these categories Ministry of Agriculture. Hither* 
a will be expanded in the coming to. only tomatoes intended for 
t season (starting October 1) industry could be picked 

r except, possibly, goose liver, mechanically, for fear of bruis- 

i demand for which has dropped irvg. Kibbutzim in this area arc 

? significantly. also growing special strains of 

r Overall, agricultural output is melons, cucumber and capsi- 
1 to continue to grow at the rate cum. as well as industrial crops 
nf 9 per cent, per annum, with with supplies of brackish water 
the accent on export crops other hitherto considered far too 
than citrus. It is not intended saline for this purpose, and all 
to expand the area' under citrus, this in open fields during the 
However, old groves of doubtful winter months. New types of 
1 profitability will be planted greenhouses, of glass and 

with new varieties as a result plastic, are being tried out 
! of a large-scale hybridisation everywhere and are already 
| programme with clementines being exported together with 
. and mandarins. Involving the know-how. 
crossing of some 20.000 plants. Israel has the advantage of a 
according to the Ministry of farming population not fettered 
i Agriculture. by centuries of tradition and 

hence willing and eager to 
^ifraQmlmarl experiment, with the kibbutzim 

JUCdillimeU Jn the forefront both in 

Marketing is to be further adopting new crops and 
streamlined. Agrexco. the com- In developing new types 
pany which concentrates on of machines and gadgets, 
shipments of fresh produce Although the population of the 
other than citrus, will increase kibbutzim constitute only 3 per 
the proportion nf air-freighted cent, of the country's popula- 
consignments and step up mari- tion, they account for_ 50 per 
■ time sailings. It expects to cent- of Israel s agricultural 
export, in the 1978-79 season, output (plus 6 per cent of its 
240 000 tonnes of vegetables, industrial production .other than 
flowers, livestock, and the export diamonds!. They are working 
of pouitrv products (against in c ^ ose co-operation with the 

185.000 tonnes in the current L arious uaiver f lt5 ? s and institu- 
seasnn) are expected to reach *? ons , eQga f ed m ®S ronomic 

360.000 tonnes by 1982-83. development 

A great deat of attention is h „f" 

beinjt devoted to prolonging the Jtth 

shelf life of produce. Hebrew U ° lv . m ^ , ot r ttl . e 
rfnir-ApeiS' Li An h'M . a double-roofed greenhouse 

alreldv ?nmp » cjliln located »n the desert A weekly 

already come up with a strain briflgs barrel of sea 

of tomatoes which doubles their water wWch ^ pumpe d on to 
present shelf life and are tbe i ower glas ^ ro0 f where it , 
experimenting with strains evaporatea 8 and condenses on 1 
which are to keep firm for up ^ per roof as a of 

to 34 weeks. Yields are being ^lai radiation. The distilled ’ 
raised. Those from strains now water Is funnelled off fo* 1 
neing cultivated range from irrigation, while the remaining 
2flv.4 tonnes per acre in open brine is returned to the “dirty" 
fields up to 120 tonnes in hot- tank for re-circulation. While 
houses in the Negev and the system is not yet economic 
Norihem Sinai. Simultaneously, because of the cost of pumping 
ways are being sought to reduce by diesel generator, the day- 
labour costs. Kibbutz Yntvata. seems nearer when solar- 
near Eilat, is cultivating a powered pumps could take over, 
specially developed strain of But Israel's biggest contribu- 
table tomato that lends itself tion to increasing yield per 
tn picking by machinery de- given unit of land and water is 
signed for the purpose by the the introduction of dirip irriga- 


• tion. not only in greenhouses 
r but in. fields, in the first stage 
I for crops with a high cosh yield, 

- for example off-season fruit and 
k vegetables. Drip irrigation was 
: originally introduced to save 
. water by concentrating its 
■ supply at the roots of the 

- plants. But the method, whereby 
i a controlled flow of water/ 
i fertiliser mixture is fed through 
, holes in polyethylene pipes 

: direct to 'the individual plant 
instead of scattering it over the 
i whole field or orchard, resulted 
; also in considerably higher 
yields and better quality. This 
was because plants were found 
to thrive better on a continuous 
small flow of- moisture rather 
than periodic heavy doses. 

A further breakthrough now 
appears on the horizon. The 
four producers nf drip irrigation 
equipment (all kibbutzim) 
are about to come out with 
lower-cost versions which may 
also be cheap enough to permit 
application of the method to 
such field crops as cotton, maize 
and sorghum. Initial field trials 
have indicated higher yields, 
for example of 66 per cent for 
maize, and capsicum, and of 20 
per cent, in vineyards. This, 
together with the saving* in 
water and labour (the systems) 1 
can be computer-contrGllvd) ! 
may make it economic despite 
the relatively high initial invest- 
ment 

At the same time, new crops 
are being introduced, such as 
the Mexican jojobe plant which 
can thrive in arid areas- Its 
seeds contain 50 per cent of 
fixed wax for use, inter alia, in 
cosmetics and fine lubrication 
and as a replacement for sperm 
oil. 

The introduction of new 


strains has been spurred by a 
special tissue culture laboratory 
at kibbutz Hanikra. near the 
Lebanese border, which is prob- 
ably also the only place to gra^ 
bananas by hydroponics. 

The laboratory does mass pro- 
pagation of plants with singular 
and outstanding characterisics, 
including removal oF virus, 
fungi and bacteria by meristera 
techniques, and storage of 
clones when desired. While 
there are several such labors- 
tones outside Israel, these tend 
to concentrate on the whole on 
expensive plants such as new 
varieties of orchids. Kihbulz 
Hanikra, on the other hand, is 
also handling industrial crops, 
ranging from potatoes to onions, 
yams, taro. lychee. pineapple, 
deciduous fruit, sugarcane and 
virus-free citrus budwood. The 
rapid multiplication and resiil- 
tant rapid cultivation of sub- 
tropical plants found best suited 
to local conditions will add sUH 
further crops to the Israeli 
farming picture. The laboratory 
itself expects to do half a 
million dollars worth of export 
business this year, the third 
year of operation. 

Lore Daniel 


gjgj ISRAEL 

HOLY LAND 

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All the best from 


Diamond trade 
flourishes 


Produce of Israel 


) ISRAELI diamonds continue to 
\ sparkle on export markets last 
t year, despite unemployment in 
j polishing plants abroad and 
) sharp rises in the cost of uncut 
^ stones. Exports of polished 
t gem diamonds from Israel last 
/ year exceeded the long-sought 
) biilinn-dolJar mark for the first 
\ time and. the industry has set 
^ its sights for 1978 at Sl.obn. 
I (compared with a mere $5m. in 
fl 1949). While about half of the 
§ 4I__per cent, rise recorded in 
- 19ft was due to higher prices, 
the growth rale was still 
impressive, as was the net con- 
tribution in the country's 
foreign exchange earnings — 
S275m. The positive trend con- 
tinued into 1978. with net sales 
in the first quarter of four 
months of .’5430m.. as compared 
with $32Sm. in January-April 
1977. 

The growth pattern was 
reflected by the addition nr 170 
new members to the Israel 
Diamond Exchange, bringing 
the total to over 1.600 members, 
about 20 per cent, of them 
foreign companies. The smaller 
Diamond Club has grown to 400 
members. The number of manu- 
facturing enterprises ha« risen 
to S40 this year from 712 in 
1977 land this despite the 
closure of a few small plants, 
which had to rely on goods 
bought second-hand at substan- 
tial premiums). The number of 
production workers rose by 
over 10 per cent, to 15.000. 
making it a larger workforce 
than in Belgium. 

Not that the year was an easy i 
one for the diamond trade. The 
shortage of roughs proved a ' 
serious problem in meeting the i 
ever - growing international t 
demand. But determined efforts i 
of dealers and manufacturers , 
enabled them to obtain, both 
for current production and for i 
stocks, supplies of almost all j 
sizes and types needed to meet : 
customer requirements. How- < 
ever, while Israel cuts aboil! j 
half nf all gom diamonds soid l 
by the De Beer- Central Selling i 
Organisation (CSOi. direct ?up- I 
plies from rhe Central Sciiing r 
Organisation accounted for 
only 43 per cent, of Israel's v 
imports in 1977. and for only 26 « 
per cent, sn dollar terms ’for e 
32 per cent, in carats), during c 
the first quarter or this year. G 
Being thus dependent on c 
large-scale purchases of £ 
‘■second-hand*' supplies ithar a 
is supplies alio; red io nianufac- i, 
Hirers who prefer to sell the p 
stones at a premium rather il 
than cut them rhcnisr.ivc.= i. rhe p 
Israeli mdiMry was nor dr.v n 
mayed by ihe C$0 : s decision a 
to impose a price surchafge Of <* 
40 per rent in April and 25 8 1 
per cent, in May. c , 

However, since, price* fur w 
goods offered by the CSO this ti 
month ar? lower than the April b 
levels, polishers who bought at n 


the height of the boom at 
exaggerated prices, either for 
production purposes or for 
eventual resale, are now find- 
ing themselves in difficulties. 

This applies mainly to some 
small enterprises who lack the 
capital to wait until the market 
has settled down. A number of 
small companies have suspen- 
ded operations and laid off their 
workers and are trying to get 
rid of their roughs. This, plus 
the expectation that May prices 
would be lower, explains the 
fact that returns of roughs 
abroad last month came to 
$40m. However, the overwhelm- 
ing majority of the industry is 
not affected, and Mr. Moshe 
Srhnitzer. chairman of the 
Israeli diamond exchange, last 
week reiterated this conviction 
that the ;* capable and strong 
control of the situation hy the 
CSO is the key m continuing 
success for the international 
diamond trade." 


Decision 


Nor do these circles seem 
I unduly worried about the deci- 
- sion of Belgium not to permit 
i the re-export of uncut stones 
allotted to local polishers. 

( Stocks in Israel of roughs are 
large at present. A study just 
' released by the Bank of Israel 
(the country’s central bank) 
shows that — at fixed prices — 
Israeli imports of uncut stones 
in 1977 exceeded those of 
polished diamonds by S85m.. 
while at current prices (before 
returns), the excess of exports 
over imports was a mere 887m. 
The survey concludes therefore, 
on the basis of last year’s 
export performance, that stocks 
of roughs grew by about S137m. 
at lfin prices. 

The increased purchases 
reflected both expectations of a 
gradual devaluation of the 
Israeli pound, and of a shortage 
oF roughs— but rhe premium 
prices paid in some sections of 
the industry were a major con- 
tribution to distorting the even 
flow of stones to the inter- 
national processing industry. 

Dealers and manufacturers 
were able to effect such large- 
scale purchases thank* to the 
extremely low rare of interest 
charged to export industries — 

6 per cent. The diamond trade 
currently uses nearly half of the 
£!I7bn. fjust over SI bn.) avail- 
able for export finance, even 
ihuu.eh it accounts for only 33 
per cent, nf total exports, while 
the added value nf around 22 
per cen i . is way below that of 
many nther indu?irics. let alone i 
agriculture, where net foreign 
currency earning are around 
80 per cent. If prices of roughs 
continue to rise, the bank? may , 
well *sk for greater participa- 
tion in impnrt/export finanrins ■ 
by the diamond trade, both »0 
reserve sufficient finance for 


it oflier branches of industry, and 
»r as a hedge against a possible 
ir drop in diamond prices. Cer- 
1- tainly the banks have been 
under some pressure to exer- 
e cise more restsaint in their 
e lending policies. 

However the 41 per cenL rise 
,r Id the value of diamond exports 
1_ last year was not paralleled by. 
^ a corresponding rise in quantity. 

which increased only Erac- 
s tion ally from 3.303.604 carats in 
s 1976 to 3,355.620 carats in 1977. 
e The same trend prevailed in 
s Jan.-March this year, when 

0 exports increased in value by 
h 34.8 per cent, but feil by 25 per 
s cent, in terms of carats to 
e 754.440. The same picture 
E emerges from import figures 

1 for the first quarter of 1978 — a 
1 7.5 per cent, drop in carats fo 
’ 2.663.273 as against a 65.5 per 
- cent, jump in value to S342.5m. 

5 (as compared with Jan.-March 
1 1977). 

The fact that the Israeli 
industry traditionally specialises 
in small to medium-sized 
melees (100 to two stones per 
1 carat) has meant that there has 
■ been littie negative market 
[ reaction to the price rises of 
1 the past 12 months. In fact, the 
; extremely high cost of insurance 
for larger sizes is directing 
even the more wealthy buvers 
of jewellery to the smaller 
melees, which can be enjoyed 
by wearing rarher than being 
; only stored in a safe. It is 
stressed. The further shift to 
melees also increases the labour 
input, and thus the net foreign 
exchange proceeds. 

The continued addition in 
Israeli plants of hundreds of 
new automated polishing 
machines, most of which have 
been developed and produced in 
England with practical aid from 
Israeli users, is considered 
another facror in helping the 
local 'industry to maintain its 
position. 

Meanwhile, work is proceed- 
ing apace on a massive new 
wins to the 27-storey Diamond 
Exchange, nn a plot adjoining 
the present Bourse, tn which it 
will be connected hy a hridse 
arcade. Thp structure will pro- 
vide 800 new offires. most of 
which have already hcen pur- 
chased by Israeli and foreign 
diamond firms. It will triple ihe 
space available in rhe crowded 
existing 10-year-old Exchange. - 
and provide a host of expanded 
and centralised services for the 
industry and ih*» 1.000 foreign 
buyers coming here monthly. 
Since Israel is by now thp 
world'* largest producer and 
exporter of rut sem diamonds, 
if will play host, between May 
21-24 tn the joint world ron- 
zrww of the World Federation 
nf Diamond Bourses and the 
International D : -*-nonl Manu- 
facturers Association. 


Fresh fruit, vegetables 
and flowers 
all the year round 

Agrexco Agricultural Export Co. Ltd (Israel). 

P.O. Box 2S0, London SWS 2LF. Tel: 01-720 8622. 
Telex: 915433 & 91546S. 




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Beauty is In die eyes of its maker. 


DANIEL LEGZIEL 


DIAMOND CUTTERS — PO USHERS 

EXPORTERS— IMPORTERS 
AND OUR AUTOMATIC FACTORY 


DIAMOND EXCHANGE BUILDING 
RAMAT GAN, ISRAEL 
P.O. Box 3009.- CABLES: DANLEGZ! 
PHONES: 258805 250861 258342 
TELEX: 341492 


ferstenberg- grunstein :i i* 


L.D. 


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tel. 3-26 98 42 3-25 74 79 3-26 16 64 tlx 32287 frstn il 


®h. Jnwal & Co. 

■ Diamond Manufacturers 

We are al your service 

pcr J 3 ™) up te 2 Brilliant 

□i ali p . ,r,, l Miffll1 ' 5 * in 3,1 kinds "of purity, dean an£: 

pique, and all kinds ot colours. Also single-cur and full cut. ' 7 

OFFICE: Diamond Exchange Building, 

Ramat-Gan. 8th Floor. Rooms 801-814. 

]«'™Vu£7°m ft blc: 1UH IL RAMAT GAN - 


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] 1 If. 



\ Financial Times Thursday May 11 1978 


37 



ISRAEL V 




1 l| 





' ‘‘-nr, ISRAEL'S INDUSTRY has deve- 
, ‘loped very rapidly over the past 
i years. Output has grown by 
!. \ feu* 9* 13 since 1950, while 
i;,< ': r ' , H 1 (n<!«s t rial employment grew 
. 1 ■!,, ifc 3nly- by 3.4, indicating a high 

;h.i" ,, . ll ‘ k n'/5^ el - % mechanisation and 
," u '‘ automation. This has been pai^ 
'tieolarly true-' fo'r the past 
' ' llr ^ to ;i^rade, 'which ’"has also seen 
' ■^dnsiderable dtversifiaition and 
: sophistication, par- 

1 r j] ‘icularly In The metal products, 
Ur*, 'ilectronics, chemical,’ and plas- 
" •’!. ;|' vP? • industries. The overall 
V*v 1( j ‘.-bare' of industry- in the GDP 
: ’'r.s.L last' ‘ year reached almost 35 
»r cent, while -the 302.500 


" I.,- 


n;i., f 


• workers employed in industry 
, ( | instituted 25 per cent of the 
, , ' •ountiy’s labour force. 

, t The value "of industrial pro- 
.. ^ " friction in 1977 totalled $ll-2bn. 
' M Hie gross output per employee 
i'*3nie to $37,000, of which 
-oushly -one-quarter went into 
"xrorfs. The stock of fixed 
’■ ‘■‘..■apital per employee stood at 
• ■ i.;.;3.5bn.- at the beginning of the 
1 -ear i or $18,100 per employee. 
J» Although - there was only a 
v -"tn 1 .ier' addition of 2 per cent in 
>' < ,he number of industrial 
workers and a mere 1 per cent 
l . *** in the number of work 

Days, industrial output rose by 
■iffjper cent: hi 1977. More 
mphrfanf whereas output for 
i C D . h he- domestic market increased 
‘Jmflftty 4 per cent., that -for export 
TUr tas up by. -14 per cent, with 
u 't he result . that -rndustria] 
Hull soared hy 30.9 per cent 

o jtist‘under $2.fibn. fob net 

• J ‘ in: 


' ■■« 

;u- 



This figure was equivalent — 
at fixed prices — to 15 times 
Israel's sales abroad of indus- 
trial goods in 1948, the -year 
the State was established. 

It is hoped to increase indus- 
trial production by a further 7 
per cent this year and to reach 
a growth rate of 9-10 ^per cent 
per annum before the end of 

the decade by encouraging 
investment, which is to reach 
$500m. in ' fiscal 1978-79.. j(an 
increase -of 7 per cent, jn ieal 
terms on . 197M7). Half this 
amount has been provided 1 for 
in the- State budget for- the 
extension of loans and grants 
to so-called “.approved enter- 
prises ” under the ' law ' for 
encouragement of capital invest- 
ment.. These loans and grants, 
available both for new- enter- 
prises and for expansion Pro- 
jects, vaj? in size according to 
the location of the plant But 
the general criterion is a size- 
able contribution to exports 
from tbe prospective output 
Already this year, industrial 
exports are expected to reach 
$3bn. arid : could be even higher 
were it not for the 'shortage of 
labour, successive governments 
having failed to shift man- 
power from services to industry-. 

The accent will therefore 
still- be on more automation.- In 
order to spur production and 
exports further, the ■ Likud 
Government is trying to get the 
big companies to raise invest- 
ment capital pn the -stock mar- 
ket : Indeed, the number of 


Industrial share issues launched 
last year on the Tel Aviv stock 
exchange was four times larger 
'than in 1976, but at present the 
market is still dominated by 
tbe issue of the financial insti- 
tutions. For one thing, it take 
time for companies to prepare 
a prospectus and, until recently, 
they were unable to deduct the 
expenses of going public for 
tax purposes. 


FORECAST OF OUTPUT AND EMPLOYMENT 
,BY MAIN BRANCHES 1977-35 
Em. (1977 priees) 


Average 

annual 

growth Employment 


Growth 


■ The main 'growth areas now 
and in the years to come will 
be chemical and plastic pro- 
ducts on the one hand; and 
metal products,' engineering, 
electrical, electronic and trans- 
port equipment, on the other. 
Haifa Shipyards engages in 
ship-repairing and construction 
both for the Israeli merchant 
fleet and the navy, as well as 
for export. Israeli Aircraft 
Industries, in addition to hav- 
ing developed tbe country’s first 
fighter jet, makes civilian air- 
craft for sale abroad (the West- 
wind- executive jet and the 
Araya ail-purpose STOL. which 
comes in bbtii a civilian and 
military version for use in out- 
lying areas). Truck and bus 
bodies as well as maritime con- 
tainers are made iocafly. - 
The large basic chemical 
enterprises are complemented 
by numerous' small plants pro- 
ducing, inter alia; specialised 
technical products of plastic 
materials, paints, pharmaceuti- 



Output 

rate 

moo) 


1977 

1985 

% 

. 1977 

1985 

Tobacco, food, beverages 

23.470 

33,409 

4J> 

40.5 

44-3 

Textiles, clothing, leather 

goods ' 

13.700 

25,150 

7.9 

62.7 

76.6 

Wood, paper, and print- 

ing material . 

10.190 

17,500 

7 JO 

411.3 

50.8 

Mining, quarrying and 
nun-metallic minerals 

4,720 

' 9,400 

9.0. 

14.2 

20.6 

Chemleals. robber and 
plastic products 

23.195 

47,150 

9-3 

25.4 

34.4 

Metal, engineering, elec- 
trical. electronic and 
transport equipment .. 

31.710 

21,000 

12.4 

11(1.3 

162.0 

Total 

117.500 

235.800 

9.1 

302.5 

400.0 

Source-. Ministry, of Industry. Commerce and Tourism. 

— 


cals. pesticides. In the engineer- 
ing field. - Israel specialises in 
desalination units and solar 
energy installations. 

While there are one or two 
large firms, such as Soltam, 
which exported $75m. worth of 
military hardware and other 
metal products Jast year, the 
majority of enterprises are of 
small or medium size, contri- 
buting anything from $100,000 

to $10m. to' the country’s 
balance'- of payments, with the 
products ranging - from novel 
water - filters to computer- 
controlled weighbridges, . and 
from material handling equip- 









"MILLION tourists visited 
el last year, marking a' pin- 
'd for aii industry enjoying 
it natural and historical 
ntages, and many ban ti- 
de disadvantages. . 

el appears to be a natural 
tourism.. «- St has religious 
„ holy, to . the. three great 
pothelstic religions, virtually 
ground sunshine; warm seas 
long stretches of sandy 
MS gaches. But it also. has fre- 


quent wars — four since the 
.state’s foundation— and ' Pales- 
tinian guerrilla attacks. Because 
of the hostility of its neigh- 
bours, tourists to Israel have to 
be attracted from Europe and 
North America, making It a rela- 
tively.. .CQsfly-i destination.. \to 
reach. . 

. During the early ; . years, 
tourisln was restricted .to 
Christian . pilgrims ‘coming 
visit the birtfi place of Jesus, 





C-AI Cargo Air Lines Ltd. 


vers 

round f TH£ UNCONVENTIONAL SERVICE 

UK— LAND-AIR— ISRAEL 





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FAST- TRANSIT 

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or to a few Jews interested to 
see the rebirth of the Jewish 
homeland. To-day the number 
of such visitors has grown enor- 
mously and has been supple- 
mented by the modem holiday- 
maker jetting in for his package 
of sun, sea and sand. 

It is the combination' of all 
these elements which gives 
Israel its great potential growth, 
as a tourism centre. In addi- 
tion, all the attractions are with- 
in relatively short distances of 
each other. It is only an houyV 
drive from the holy sites 'of 
Jerusalem to. the hedonistic 
pleasures of Tel Aviv’s beaches 
and njght clubs.-. The visitor to 
Nftzaretfa Is only half an hour 
away from the Sea of Galilee,' 
whicb is not only ah historical 
spot but. also a vacation . centre. 

Even in : winter, the holiday- 
maker can combine his visits to 
the holy places of Christianity, 
Judaism or Islam with a trip to 
Eilat on the Bed' Sea, and enjoy 
warm winter -sunshine unknown 
in tbe colder climes of' Europe - 
or most of North America. 

These attractions have meant 
a great -deal to 1 . Israel's 
exchequer. Tourism is to-day 
the - country’s leading iiet 
foreign ■' currency earner.' 
Income from last year’s million 
tourists -amounted to $430m. 

Gross ■ income from tourism 
made .up 19 per cent, of ser- 
vices exported, and 8 per cent, 
of exports of:, goads and ser- 
vices combined. The industry 
provided - employment for 50,000 
people in its various branches. 
The main employers are the- 
country’s ; 293 hotels, -with a 
total of 23;000 rooms. - . . 

The growth of -tourism.- from 
4,533 .. people- in ' 1948 to 
1,006,500' in ; 1977 was achieved' 
in many : mini-leaps "upwards 
alternating-, with years of stag- 
nation and even decline. The 
progress :-was -determined 
primarily by events in the 
country and -region, and more 
re center by - developments in 
the world economy. 


Boost 


The war of 1967 gave tourism 
the Biggest' boost of aiL . It left 
Israel in eontrol of all tlje his- 
torical Christian Holy Land and 
the Christian pilgrim’ traffic 
which- formerly boosted Jordan's 
revenue from viistnrs. The mili- 
tary victory' of 1967 also stirred 
the pride 'of • Jews the world 
over and they came in unprece- 
dented numbers to visit, and 
share ini the triumph. ..This 
brought an- upsurge in tourism 
from 29L0Q0 arrivals in 1967 to 
432.-000 In 1968, . There was. a 
steady &imb of 11 per cent per 
annum ' until ' 1973, ' and the 
expectations' were that 
tourists would arrive in 1974. 
But war was to intervene again. 

Apart- from the war’s blow to 
national morale and the creation 
of the fear abroad that Israel 
was not as safe from wars as 
had been thought, the concomi- 
tant oil- price rise hit world 
tourism as- western economies 
staggered under .'Te economic 
strain; It was only in 1976 that 
the number of tourists visiting 
managed to ' surpass the num- 
bers arriving in 1972. 

The decline in tourism led to 
a slowdown in the development 
of tourist facilities, especially, 
in the construction of hotels. As 
the industry revived in the past 
two years ti' rapidly emerged 
that the country was'/toirig to 
face a shortage of hotel rooms. 
The 'main shortage is in Jeru- 


salem, where there are not 
enough hotels to. meet demand. 
This has become a .serious 
bottleneck and an inhibiting 
factor on growth. Many people 
prefer to put off their planned 
visit to Israel if they are unable 
to stay a Jew nights in Jeru- 
salem, the focal .point of 
tourism to the country. 

The big international hotel 
chains are showing serious 
interest in expanding their 
operations in Israel. Both 
'Sheraton and HOfiday lun are 
shopping around for new hotels 
-to run- hut because of the- inade- 
quacies of the current law for 
the encouragement of invest-, 
menu the response of investors 
is slow.' It is hoped that once 
a new law. currently in the; 
Knesset is passed there | will be 
a- renewed flow- of people pre- 
pared to put up their money 
with the assurance of the pro- 
tection of their capital by the 
new regulations. 

Drawback 

• An additional drawback has 
been 'the major shortage of 
trained manpower for ‘the 
industry. Sd far the Government' 
has ref Used to follow the prae- ; 
tice of otlier countries by 
allowing the import of labour. 

But the Government may 
alter its stance on this issue,' 
just as' it finally gave in to 
industry pressure - to permit 
charier flights in the past 
couple' of years.' This has 
enabled fhe tour organisers 
; abroad, -especially in Europe, to 
offer less expensive package 
holidays in Israel. 

Last year was the first- -foil! 
year of charter traffic, and 
. 85,000 people took advantage of 
the : new low rates. It ‘ is 
expected that the number will 
rise: substantially this year and 
; will continue to 'grow, bringing 
a new type of tourist to Israel 
who could never afford to come 
before. 

Tbe fears la some tourist 
circles at the beginning of the 
year— that .with a 20-plus per 
cent growth rate the country 
would be unable to handle the 
traffic — have been eased some- 
what by the very same factors 
which have' hampered tourism 
growth in previous years. ■ -The 
war in Lebanon, continued 
Palestinian terrorist activity 
and recent . labour troubles 
with the national airline have 

contributed to slowing down 
the growth rate- 

The projected rise in tourism 
this, year was home out- irnthe 
‘first few months, but travel 
agents and hoteliers are becom- 
ing doubtful whether last year’s 
million tourist 'figure will be 
surpassed by much, if at all. 

But this has been typical of 
the industry’s growth and may 
well have been its saviour 
because the slowdown in growth 
will give the country sufficient 
breathing space to build the 
' facilities to handle the increase. 

The industry is highly sensi 
tive to economic and political 
developments, making long- 
range forecasting difficult. But 
the- government -planners are 
still convinced that though it 
may have taken three decades 
to reach the first million tourists 
-the country should be hosting 
2ra. visitors a year, by 1985. 
Given a . relative degree oq 
political -and military . calm 
their forecasts may well J5rove 
to he correct. 

D.L. 


ment to jigs, dies and machine 
fools. Tbe last category pro- 
vides a striking example of the 
diverse structure of Israeli 
industry. There are three plants 
in the Nahariah area— north of 
Haifa, near the Lebanese border 
— engaged in producing hard- 
metal cutting tools. The largest, 
for which the. in rest ment com- 
pany of the Israel Discount 
Bank, provided the necessary 
finance, is exporting $5.5m. 
worth of such tools. Right next 
door -is a. wholly privately-owned 
firm, doing • $l.Bm. worth 1 of 
export business annually, while 
another -$1. 7m,. worth of -tools 
are being produced by nearby 
Kibbutz Han'ita — one of 200 in- 
dustrial plants in Kibbutzim, 
which last- ?car contributed 
over glOftm. to the country's 
export .. trade- . Despite their 
diverse financial structure, the 
three' plants are' co-nnerating 
with each one specialisingr in 
ofte . particular section of the 
export market 

-Use of tbe -latest technology 
in the engineering and elec- 
tronics field has enabled Israeli 
induriry to penetrate the most 
sophisticated markets. Over 80 
per cent, of Israel’s industrial 
exports gei to the developed 
countries, with Europe, last 
year, taking $1.45bn. of indus- 
trial. good*: and the U.S. a 
further $580m. out of a total 
$2.6bn. 

■ The attention given to the 
electronics, engineering, chemi- 
. cal. and science-based. industries 
does not mean that, other 
industries -are neglected, but 
only that their rate of growth 


is. seen as somewhat smaller 
than that of the former cate- 
gory. Diamonds will continue 
to be the largest single export 
item, hut growth rates of well 
over 4 .per cent, are also seen 
for the fashion and leather 
goods industry ( which last year 
brought in well over SI 50m.) 
in addition to sales of yarn and 
cloth. The general trend over 
the past decade has been 
towards vertical integration, 
with the weight constantly shift- 
ing from yarn/cloth to finished 
high-quality fashion lines; 

. But exporters, as well as 
Israeli industry as a whole, are 
Still trying to adjust to the new 
conditions created by the float- 
ing of the Israeli pound at 
end-October 1977 and the 
accompanying measures. Accus- 
tomed for years to fixed export 
premiums or “ tax refunds ” 
fwhich varied only in accord- 
ance with the net amount of 
foreign currency earned), and 
for the preceding two years to 
monthly devaluations of 2 per 
cent., producers were suddenly 
faced with the problem of an 
unpredictable rate for the 
-Israeli pound (not to mention 
the fluctuations of the dollar, 
the currency in which prices for 
most Israeli industrial exports 
are’ quoted!. Hardest hit have 
been industries with a lar**e 
import component (with- the 
execution of diamonds). Where 
as they -used to pav If 11.50 per 
dollar Tor their imported raw 
materials and received any- 
where between Ifl2.50-Tnn.50 
for their value added in dollars 
{with some plants in develop- 
ment areas getting an even 
higher ro f el. thev were cnddenlv 
fared with a freely floating rato 
for both exnnrts and imports 
{initially T£15. as of now Tf 16.40. 
to the dollar): With prediction 
of a further fall in the valup of 
the Israeli pound til! end-toi-S 
renting from If 18 to IF20. manv 
producers are still tr-'ine to 
come to crins with the problem. 
S^rne pnmnan'es claim that far 
from stimulating exports, the 
new economic noliev j« cutting 
■into their profits due to the 
bipber cost of raw material, as 
well as of other inputs. The 
logical result will be yet a fur- 
ther shift to industries based on 
local or locally produced raw 
materials or branches in which 
the. imnort component fs rela- 
tively low and expertise pla.ys 
a major part. 

L.D. 



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P. O. B. 160. Beer-Sheva. Israel . . 

Telex: 5321/5335 Cobles: ISRABROM Tel.: 057-65111 



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is understandable. 

Especially when you're celebrating a birthday of a state and 
your achievements. 

its 30 years si nee the state of Israel was established. 

And twice as long since we opened our doors at home. 

(57 years, to be exact). 

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HEAD OFFICE 

50 Rothschild Boulevard, Tel Aviv, Israel Tel: 623211 

LONDON 

West End:- S/12 Brook St, London W1Y lAA Tel: 01-499 0163 
City;- 22/3 Lawrence Lane, London EC2V SDATeL 01-600 0382 
MANCHESTER 

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NEW.YORK; LOS ANGELES, CHICAGO, BOSTON, ZURICH, PARIS, TORONTO, 
MONTREAL, 'BUENOS AIRES, SAO PAULO, CARACAS. AMPAL CANPAL 
<And more than 280 branches of Bank Hapoaiim group throughout Israel.) 


t. 

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I . 


ss 


Financial Times Thursday May il 1978 




WALL STREET + OVERSEAS MARKETS 


+ I OKEK.N E\< HAM.ES 



stocks 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK. May 10. 


STUCK PRICKS heM steady with 
mode rale proiii-lakinu in Lhc final 
hour rest ram in” the markei's 
anempi id make any real head- 
way. 

A factor lending support was a 
Gmornmen! report that US. 
retail .sales it: April rose 2 per 
rent, compared with a 1.1 per 
cent, rise in February. 

The Dow .tones Industrial Aver- 
azv rose (insi in S22.16 and the 
NYSE index ruse OIH to 53.72. 
Volume rose to -'(3.33m. shares 
from Tuesday's :5U.8fim. Advances 
lui declines 733 to fiflfi. Tran-qiorts 
rose 0.4B to 222.no and Stocks put 
on il.uS in 2J»o.S«i. But LTilitifs 
shed 0.2] to JiN.fW. 

Institutional investors. the 
driving force behind the recent 
stuck markei rally, apparently 
remained on the sidelines, await- 
in” new monetary policy develnp- 

IlH'llls. 

Aerospace stock continued to 
advance on Ruling's deal with 
Smeniwre Airlines and a company 
suuemeni oT firm aircraft orders 
timil (he end of the first quarter 


of mso. Boeing rose 50 cents to 
MO!. United Technologies, which 
builds engine* for jumba , > 
advanced SIS to S+45. McDonnell 
Douglas gained 75 cents to 354 ! 
and General Dy mm lies' picked up 
75 cents tn 5541. 

A prominent gainer was Seven- 
Up which climbed six points to 
S4fi bid in over-the-counter trad- 
ing after Philip Morris raised its 
offer to S4B from S41 for each 
share. , Philip Morris rose ; to 
SMS. 

J. Ray McDermott, another star 
performer, rose *2* to $30j in 
active trading. Heavily-traded 
American Motors moved up 25 
cents to S3. 

On the downside. Teledyne fell 
St to $87J, after ruling out a stock 
split. Allied Chemical Tell Si! to 
$42 after .saying it had abandoned 
:i North Sc.T well. 

Prices rose on the American 
Slock Exchange in active trading. 
The Amex index gained 0.50 to 
140. US. 


OTHER MARKETS 


WEDNESDAY’S ACTIVE STOCKS 

Cfldti-t* 


J. Rav M.-Dermeii 

Si -ict;-, 
traded 
W.fion 

CJo'Jr»& 

pnr« 

•in 

dav 

+‘2i 

Tin- Rin-rnB Corpn 

mica 

js: 

+ t 

f.iii liner 

.Tirtioo 


+ 1 

Kjm.ida Inn' 



4. ' 

Scan R,H‘biick 

■177, -wo 

3U 

-i 

llli-siH-ni- P*,t. Sys 

20IU9PO 

IS 

— i 

PW Re-.vjc--ri Cpu. 

iiw.sefl 

v.* 

+ ■ 

tiulf Oil 


2:1. 


Did Terhnnlr.ciee 

'14, JUKI 

44; 

+ i, 

Aiii.'r Hl.'t.irs Cnn 

13S..HH) 

5 

4-i 


CANADA — Canadian markets! 
closed on a mixed note, with the 
Toronto composite index up 0.4 
.it 1091.9 and advances leadine 
declines 2fi(l to 214. Nine Toronto 
sub-groups were higher with Oil 
and Gas posting the strongest 
gains. 

Among the largest gains. Liv- 
ingston Industries ndried $2! to 
S25. B. C Packers "B” put on S2 


to $49. Bow Valley SI' to S29 and 
National Scu Products “A" SI ! to 
$24. Closing volume totalled 
3.9 15.399 shares. 

In Montreal, share prices were 
mixed wirii Banks and Papers 
higher and Industrials and 
Utilities fractionally lower. The 
composite index shed 0.02 to 
IS3.27. 

FRANKFURT — Share prices 
tended lower in nervous trading. 
AEG whose annual results are 
expected on Friday lost DM3. 1U 
while BASF which announced 
lower first quarter group profits 
lost DM1.40. Siemens which 
announced higher consolidated net 
profit in the six months ended 
March 31 lost SO pfennigs while 
Deutsche Bank and Manaesmann 
each lost DM1.70. VW fell DM1.00 
and Thyssen eased DM1. 10 while 
Babcock Ordinary shares Fell 
DM3.10. However, Lufthansa 
Preference shares rose DM4 
against the trend. Public 
authority bonds Inst up to 40 
pfennigs with the regulating 

authorities buying a nominal 

DMR 5m. of paper. 

BRUSSELS — Belgian share 
prices were mixed to mostly lower 
in quiet trading with the index at 
its lowest point this year. 
Bruxelles Lambert. Asturicnne, 
Yieille Montague and Clahecq 
rose, while Intercom. CockerilL 
Uainant-Samhre. Wagons-Lit-s 
<7B. Sohay. Mosane and Andre 
Dumont fell Union Miniere, 
whose annual report showed a 
fall in 1077 net profit, rose how- 


Indices 


N.T.S.E. ATI. II OHM ON 


ever by BFrsS to BFra.738. Arbed Industrials Saurcr Bearer firmed 
fell BFrsJM io BFrs+WM. Petro- on lite better order book pasi- 
fiaa wax -unchanged. American (ion. Nestle. AJusnlsse and Sandra 
I’eirofina rose, hut Canadian were also firm issues. 

^AWHTVRUAV Prices c'osed SM-AN-The start of tradma 

s S-. 4 ®** 1E\"jrs 

£ Sn 

announcement oT a Fl—jm. hrst au. ai oro Prices firmed on a 

wJn\ qU S er nel P hS E vSiiw«S’ broad froo, in thin trading during 
nn^OTp' a shor,er session. Leading Indus- 
l?* W3I „ a " d t oce - trials gained although ANIC was 

Van Der Cnnlcn. Hal to unchanged. Financials were also 
Bliei,korf and Ek * vier firmer. ' Assieuraalonl Generali 
urmea. was steady in Insurances while 

PARIS. The market firmed in Mediobanca was unchanged in 
fairly busy trading after a hesitant Banks. 

opening, but the bourse index was TOKYO-Share prices dosed 
°"‘™! , S ed - Cheaper money, the slightly lower in moderate trading, 
prospect of measures to aneout- by expon-oriontated. Issues 
age share investment and recent The Tokyo Stock Exchange index 
talks between the employers' wa , slightly lower, 
federation anti trade unions were Electricals. Vehicles and 
all viewed ax bullish factors. Cameras were lower, while low- 
.Stores and Constructions were priced shares, including Textiles 
the strongest sectors, while most and Chemicals gained. Pioneer 
others were firm except Banks Electronics fell Y40 to Y1.8S0. 
and Steels. Carre roor aud Aqui- TDK Electronic Y20 to Y2.070. 
taint both slipped lower. Redo ate Toyota Motor Y10 to Y976 and 
fell Frs tf -to Frs 572 and Peugeot; Canon YU to Y470. But some 
Citroen lost Frs 3.5 to Frs 358, Textiles and Chemicals rose on 
Bui BIC, Phenis were firm, selective buving. 

Thomson Brandt and Moel Hen- JOHANNESBLTlG — Gold shares 
ne ®*yf5 c h gained Frs fito Frs 194 continued firmer in light trading 
and Frs 482 respectively. following the higher morning 

ZURICH — Share prices ad- bullion fixing. Heavyweight issues 

vanced. with strong demand for reflected gains of up to one Rand. 
Bearer shares. Credit Suisse while smaller-priced shares were 
gained on Its acquisition of the 43 to 35 cents up. Mining 
former White Weld participation Financials, were mostly harder in 
io SA Financier? du Credit Suisse sympathy ' with producers. De 
et de White Weld. Among leading Beers gained S cents to R5.95 on 

mixed buying. 

AUSTRALIA — A small cut in 


Pound firm 


GOLD MARKET 


fc. 


Mat 10 


i ' 


11 nv 0 


Good commercial demand for 174 \ in fairly thin trading and 


Gold Hullirw.l 
i*. fioii ouncrlj 




Good commercial demand tor i«-*i »« ^ fl*_l l iMi,.wi s »n«,.iTiL 

sterling prompted a hrmor ten- improved during the a ay «'tn )E i73i.* i73V.<mis 1721, 

dency in yesterday's foreign ex- Now York showing a firmer te sj.n-ninKflv'yiSiTS.ifl ,*178 is 


dency in yesterday. 

change market. Opening at dency. 

S1.8125-1.S135 in terms of the U.S. 
dollar, the pound briefly fell away 
to *1.8110-1.8120 before moving up 
to around SJ.Sifio at lunch. Re- 
newed demand during the after- 
noon pushed the rale further 
ahead in reasonably active trad- 
ing and the pound closed at 
SljS24Q-I.S350, a gain of lie. On 
Bank of England figures, its trade 
weighted index improved to 0l 5 
from til. 3, having stood at tii.2 in 
the morning and 61.3 at noon.. 

The US dollar finished the day 
on or slightly above Its weakest 
levels vhh little in the way of 
new factors to influence the mar- 
keL Light selling developed dur- 
ing (he afternoon although move- 
ments tended to be exagerated 
with the dollar moving within 
very narrow levels. Against the 
West German mark it showed a 

loss to DM2.0SS71 from DM2.0955, r*i iDDFNrv rat re 
while the Swiss franc improved CURRENCY KAIba 
in dollar terms to SwFr 1.9662 i 
against SwFr 1.9725 on Tuesday. 

Using Morgan Guaranty figures 
at noon in New York, the dollar's 


•p 



fWS.414, 

AHern'ii lia irS 173*95 

;t £95.5S»> 


ill94.990i 

$172.70 

iJC95.29.fi 


l«*dd C*'in.....[ 
ihnnvotHallv., 
Krngr-mtnd , ,5179181 


'5176*4 17fil, 

. i-n'ii _ iin, ' 


h’n :tai , jnie I .-9&3 , 3-35>: 

<fRg9l^-50l2- 
Old Sm-'rjnm.-SSJR'-S&la 
;H-39i = d0l 2 . 


»S53 55 
il*39'i-3Qio 
•S55S5 
!i£29U-30m' 


flnlrt ruin*...} 

<T nf c-rriKT *ll> |. 

h'mgernind .. S 1 78 > 2 - 160 1» S 1 7i»j| ■ 1 783* 

- '|£9S 99. >£9712-98 la, 

Xvndm'n<D>.S55 l s-35ls ISOSU 56 1( 
u-aaiF-soisi 'icaeis-soi,) 
>:iM 3,..-> i .ui,''S53»a-b5>s 553^.531^ 

■i£2flis-30iji i£29i£ 50Ui 
Stt EhKhw. . R27SJ 4 .278 Jl !.Sg76l 4 £7914 


FOREIGN EXCHANGES 

WfcVtxA RhUt 


Mav 10 


ltanh'- 

ItaU-Bi 


DayV 

Spu-n.l 




“ 'Special j "EurotMau 
Bratriag* Unit of 

. _Righta , . . 1 _.Accoimt_ 
1" "u»rto May 10 


V.iiL-...; 61 k jl.8IIO.i.a2SO I.h2«.|jffl9 

real .. ..1 da a.fl400-2.0485 i a.04» g.MSO 


trade weighted average deprecia- sRertinu \ 

tioh widened to 5.31 per cent. t'.^. •■■•ILir — > 


from 5.00 per cent., and irs index 
on Bank of England figures fell 
to 00.0 against 90.3. 

Forward sterling continued to 


I'aiuiiUan I 

AiMna m'Ii ... | 
Bul-dmi iimn l 
llMltUli Irene ! 
l*OUt*' , licm'rK 


widen reflecting uncertainty over Dinrii piihiw 

- «_ fz. «•> .li. n ■ i- rrvin-li irfinr. 


a possible rise in MLR this Friday. 
The six-month discount against 
the dollar weakened to 3.30 
cents from 3.23 cents in very 
active trading. 

Gold rose $1 an ounce to S173J- 


0.671861 

1.81948 

1.36533 

18.3532 

39.7152 

6.93152 

2.55103 

2.73042 

6.65290 


I ralton llin.... j 
■InpHnvxt' ivil , 
Ximvn.r hnw I 

liCM-Ut.. I 
Sirc>liFlikn>nr i 
Jrniir.. i 


274.993 

6.63580 

98.8242 

5.66144 

3.40299 


0.675378 

1.83643 

1 .37505 
18.4234 
39.9419 
6.97156 
2.56603 
2.74629 
5.68608 
1066.41 
276.23 3 
6.67366 
99.3702 
5.69297 
2.41735 


Sew 
II. mi 
AniMtvnUfii ] 4 
Bnwwi*:....l S>s 
iVirnnbHKCttl s 
J-'raiitturt...: & 
Li-t-ui J 18 

llmlrlil I 8 

MUnu I 

< Mil 

I'nrit 

Siidhi'linJ 

. 

Vienna 
7*jrleli. 


4.0S4.D8 I 4.074.0 

38.90-54.40 59.iO-5S.44 

io.a9-io.se | io.i 6 io.SB 

0.784 S.8U i 3. 80 >8.8 K 

81.50-85. bB i 82.50-82.50 
148.8- 147.90 147.80 147.B8 
III-/ 1.675 t.SaOi. 1.686s- lifBl 
7 j 9.8412-9.81 
0W • 8.59, -9.48 8.44ij 4.4 k! 
7 - 8.41-9.48 Id.^-a.-liS 

5l 3 ' 405-412 i MS-411 

5U : 27.16-27.60 1 27.57-27.47 
I . 2.57-S.8D ’3.68 




t Rnjes Riven far eomeriiliU- (tuo. 
Financial franc S.'i.43-'9 65. 


OTHER MARKETS 


Sicnurt FaUa 

J Mas 10 Mar S I May 2 


NEW YORK -DOW JONES 


May Slav • Slav i Mav 

10 i 9 1 t' • 6 . I 




Hi-;h 


Lnw 


un i- o>ni|rtmi n 


55.72 53.68 53.82 53.97- 54.55 

; l I «lr5i 


j 48.57 

! i6Aj 


>U« Mai 

. io ! 0 

Mai .May , May 1 May .- 
a : i.' 1 1 ; 5 ; 

«*«>. | 

| I/>tt 

1 HlSh ■ Is*n 

i 1 

ln.ln-lrial ... 8Z!. 1B > .BZ2.07 | 

; "1 ' 

824.08 B29.0S BS4.4 1 828.M 

044.53 1 

1 742.12 

- I05I.70 1 41.22 


J ... 

■ I. 61 | 

| '*ar.-2i 

■ ll L io< (2 '1:311 


1 Miiea ir»'1e'i.....| 

1 1.901 

1.923 

1.919 

Riitfs | 

795i 

650 

698 

Falla j 

605 

828 : 

797 

l-lti-hanseri ! 

! ■ 501 

445 

424 

,Vew Hi K b«. i 

113 

85 

. 175 

Sen laiwa. > 

29 

31 

30 


H0HTEEAL 


Map I .May May | May 
Id f 9 I S 5 


R m. U'n-i-*: 88.74 


(4,1) 


lr«n-|»H. .. 222.00 
Viilnie- ■ 104.65 


,a.V; 


r™. iiiiK Tni 

.i.r. j 


22 1.5 1 1 223.4 1 224.78' 225.90.224.29 225.51 ; lfe.51 279.89 . 15.25 
i • I (1 (5. ! <9,1. iB.-7.5i; 

104.64! 106.48 105.85' 105.01 108.121 (10. at 102.84 165.52 10.56 

' . i I '3:l| . (22'Ci (2t.'».42i 


lii>tu-:nal 


W7S 


High 

Lew . 


i 177.60 177.72 176.62; 178.2B 
19G.27- 195.29 195.971 185.8 ti 
-4- 


IBT.47 (I7rti I 162.80(10,2! 
187. W (17(4) • 170.62 iJO.'ll 


TORONTO LWmiHwit^ 1097.9 70S 1-8 1093.0! 1091.4) 109S.B f3/5) HSaJ/W-l; 


,53.550 50.860; 54. 8B0 42.680' 57.52D 37.6D0> - 




JOHANNESBURG 
loilnfl nalr 


fill 

• 197.5 194.3 192.81 194.4 j 

i 221.9 i 221.1'. 220.01 219.6 ) 


219.711*21 
221.9 (10/5> 


laj.o 120 - 4 ) 
194.9 flilii 


ln-le 



May 8 linn l- ' 

April Cl 

: Vrtir atf>* i«pvr»-T., 


5.61 ' 5.58 

5.75 

4.60 

STANDARD AND POORS 

Mai . Mm ; Mm 
: h* • 9 1 i 

1 

Mnv * Mrv j Vim ■ 
1 5- ; * i 3 | 

137T 

'll.ee — .-riii-i.nl 'n 

i High j 

Luv • Hi^li ; f/.n 


Mai 

Id 


V re. 

ri.Hi, 


Irii£ 

H)«h 


I e tc 

i.)»r 


I May 
! 10 ' 


Pn?- 

rl.iii" 


1978 I i«e 
H^rK j !«)<* 


Ilo-lir-mal:. 105-96 105.92 106.25 108.64' 105.92, 106.27. 107.82 - 95.5-.- 134.64 ' 5.52 

, : ' 1 t I/d; ' i*Ut U:I'?5.-.36t..32> 

-<eui l —iu- 95.92 96.90 99.19 98.55; 95.95, 96.2B J7.G7 1 M.90 126.95 4.48 

j I . ■ i | | 11/5* • (6.3> ,U<L75. .l.ij. 52, 


Aw»tra.\ia< c .i 
Belgium '!■ 
Denmark ■** 
France <»»> 
Germany! t:< 
Holland «{}* 


Hong Xon^ 
Italv iU, 



May 3 

Apr. 14 

Apr. 12 

: Year ns» 'appre^.i 

Iml. itir. yield % 

S.02 

5.14 

6.36 

, 4.33 

Ind. P/E Kali" 

9.18 

8.94 

8.56 

j 10.37 

L'lljj liwl. Ik 'U.l yield 

B.39 

8.30 

8.34 

7.71 


Japan ui 
Singapore 


ifti 


46i.3a 

99.7? 

94.91 

'M 

Tit*.4 

£0.2 

451A7 

60.07 

410.P0 

JOr-BS 


479J2 

99.97 

04.97 

96.6 

I 

172.9 

80.6 ; 
451.56 ’ 

M.F6; 

4IL10 1 

30K.05 


W5l^E MAi 


(ld/c. 

101. 1* 
ic;M 

-V.li , 
<5r.7 , 
415. 1 


(1/ft. 

99.78 

I !(.({*) 

94.0U 
<6 Ci 
17." 
lafil 
7fi>., 


Spain trft) tio32 uo.Tt uo.76 ; HXi 
! I ! I (17/3 1 

Sweden «■)! 382.43 1 380. 5* 597.96 ! 325.74 
j I I l3.*bl : l5/lt 

BwitzerlWj ZB1.7! 266.0 296.56 ' 276.0 
I I ■ I (I4/4J ; (».'4) 


iion-) i ,ao/4) 
*2.1 . 7H.0 

<li.'A> ' (4/4 1 
461.(15 585.44 
(16>| I (Li/lp 
63,5^ ! 56.44 
(6/31 . (10/1) 
*16.11 .iM.0» 

1 19.41 1 ,4.1, 

itfi &i a»jo 
1 10/6. I (1/60) 


InaiL-es ana bait dates (au base 
100 exeem NVSE All Common - 5o 
Standards and Poors - 10 arm Toraoin 
noo-l.cno. (be last named based oo I975i 
r EscludinK boncu. r - 1 DU InduSinala. 
4 Kill lorta.. 4U UuUnes. 40 Floanoe ann 
10 Trans oo rl. ((/ Sydney AU Ora 

i H i Belgian SE 31/12/83. <■■’> CooedlUKcii 
SE l/t'73. itti Pans Bourse 1901 

(tt( Comixu/Rbaolc Dec.. 1953 <(}> Amsier 
dam. Industrial 1970 ijj i Haoa Senn 
Bank 31-7-64 ■ BRi HUhh 2-1/T3. mi Toftjrti 
New SE 4-*l'6S rb) Straits Times I960 
(cl CIosmi icrt Madrid SE 46/1 2/r« 
(pi Slack holm Intlusmal l/l/M (fl Swi*- 
Rank Cnru <n> Unavailable 


OVERSEAS SHARE INFORMATION 

NEW YORK 




Uni 

l<. 


Slav 

•1 




.U.iv 

I'J 


May 

9 


Inv. S Prem. $2.60 to £— 110 ‘ % (110%) 
Effective rate fl.8245) 475 % (461%) 


#*U-rL 


Slav 

10 


Mm- 

3 


\ldvl> l-il~ • • 
(•«i 1 rev«(Cmi'l* 
Si-lim ljfc.U»w 

%n 1'r.nliiL-l- . .. 

Ain.-n 

\li-an (lutnliiliiin 

Ain't 

MIC". 

Alll-jjllt-nv IV-nel 
All in I l"lit*Dii>tll.. 
A! lie. I Cl- 'tv- . ... 
A ill-. • ItninieiK... 

A M AX 

Vnu-miln H«* ... 
(in. i. AiiIiuim... 
\uiiif. Hmnil-.... 
\ ini-i . Un*il»n-« 

I mi-r. ( no 

l.iu-i.i'iaiiawilil 
\ni*-r. Kin.*. I*. .« 
\imi. h%|*n»>... 
N >111-1. H-MU'l't"' 


60*4 
2tij 
38 ij 
28 
SO 
27Vi 
45.-» 
181; 
18 
42 
24 
305(1 
36 m 
315 j 
125) 
491- 
46 -■* 
40 
27ij 
22<4 
3bi« 

28--S 

241 


S9 1< 
21 >: 
39 k 
B7i 9 
50 
27i; 
461, 
18i, 

iau 

42*a 

23S.i 

28 

36>'« 

315) 

12:4 

48*, 

461, 

39 -a 

27 

22JSe 

36 

29 

241- 


Vun-r. M--i*'i s -. . 

3 

4-ii 

liner. Nil. I.a*.. 

431, 

43 1; 

I 111 .- 1 . "lall.lnr.l.- 

44 v. 

441., 

l"ii-r. <|.ir*~ . 

32 

32 

1 in. I.'li-LA 

61 -n 

62 

In.i-leL .... 

321 

521; 

"ir 

17i» 

17?, 

i'll* 

3 L 

30V 

l**l, a \ 

141- 

J4JV 

lU**lt..| ll">-klil^. 

29': 

29 

Inlit-il «•' Hi,-+*ll. 

23 

25 

\ -»i i.i* -**1 «*.-l .... 

291.- 

291; 

, n y 

19.-- 

20 

1 iiim-na < 'ii . ... 

12 1 

ll-e 

' 

16\* 

its- 

i-'i:.-iii.i on 

29 ’ 1 

29 ;, 

Hi. lit. lil .1-1*1.. . 

60*., 

50-, 

Ini** L'HH IV*. . 

50', 

29->, 

1 Vl. 

9, 

91; 

1* 

26sk 

26 -e 


*1.11 IV ■"lii-l’* .. 
|:*:i (.■« Km* 1. . 
Uhi.L Vwn-ll.il. . 
iMHikn- I r. -N.Y. 
! nili-t "Ml. 

I i/i vl.-r I m»«-i*"l. 
IS. Ml rt i-l ■■*•.. 
Pi- t- -nl *i- !.i*u-.*li 
I*. .1 a H--m . 
u» icir. 

Ik II..III I l -»l» - W 

I'- llrvli* »i Mii-I. 

11. A- . A 1*|| ».-l .. 


•I»». I A-A-ll- 

-I.l*-ll. . .. .. 

■ i w.ini. 1 . . 

'Tinni |n|. 

H-IHU ■ V. . . 

n*.|.*i Mirr- 

• 1 . ivi. vtu:. 

1 -K-I.il Hi .. 

! 11(1. 11 1- 1 - 

ii. V m- Krii- 



il--** "il" Ii ■ -. 
iriin-l-.ii A (1 111 

.rr.-Tii;!'' - 

iui|-l-Ci‘ 

nin-luill I'rt'-ill.- 

mill l!un- 1 ’ , i| ,, i.. 

inml l.H* - ■■ 


rru-i A 1 


S3 
251* 
23*t . 
37 j« 
Wl- . 
395i : 
23t- . 
39 ir. • 
205, 
351; 

3 s- 
211. 
18>, 
49 it. 
2HI . 
2B>i 
29:,* 
131; 
15 

341a 
15-., 
32 
1 5 
181* 
33-.. ' 
61* 
38 • 

68 
34' 1 
I6>4 
115* 
2QU 

I2i; 


52 in 
25 'n 
SJ--A 
37.*,, 
291;- 
39:« 
23i-( 
38 14 
20 '* 
35 it 
3. 
221;. 
IS 
49 
ZB 
281 J 
29 5 1 
13 U 
IS 
33 in 
15 1, 

32 
15 

tas.1 

33 

6is 

37,; 
67 V, 

34 . B 
16'« 
llAp 

2a 

12 ); 


CnrOlns 1.1 Imu-.... 
CIH.: 1 nfo *1 iimai 1 

' Cmnc «... 

!*.WL«r Nat 

I CrounZeUeHMCL- 
j C11111111111- Enitinc 
1'iiniv- Wn"lil..., 

Ihirw 

Hurl Imlu-ilnif... 

. Uwn* 

1 La.'I M'intc ■ 

I I VI! hum 

! Ueuirpl* Inter... 

1 Uetri.il Kill**rti . ; 

• Liuuii.u.lblKiDiik' 

tl(,:lnv>!('it\e 

1 UljjilK h.|iii|K 

| Hl-ite.v cWrIII 

[ l)m i*i- (*, .if .it 

; ll.11 , L'Iii'iiiUmI... 

r I linen 

! Hiwi'l 

J Du l*wil 

j Hymn Imtioiine-: 

I Kaitli- P Idler 

, I j-t AimnvK 1 

; hn-iiimn Ki.tnk.. 

' Kai.i/i 

■ K. ti. \ li 

, M I'*-| Am. lia* 

; Klim ' 

i Kiiii-renn Eliilru- 
i Kllien".\lrFr‘ljjhi 

1 Kiiiban 

iK.M.1 • 

, Logt-llianl 

I Ertfiwrk 

; Kiliyl 

I Nwnn 

I Kimi-lnlil Vanu'ri 
j Fill. I *i*|*r. Sinn*. 

| K'ir«>li4ie Tin- 

K-l. >«1. 

Flrii Van 

FHnik.m- 

j l"li«n«bi Unn'r.. . 

1 Klner 


SI': 

48'.. 

29i- 
27 
3114 
39 •„ 
I814 

2Sif. 

42 . 1 

26 «f. 

ZS 

11 

18:, 

155* 


IS 5a 

47 

375* 

461; 

2S,i 

28i;i 

41 

112,4 
20 1 b 
195, 
10 
5H; 
375* 


Sli, 
481, 
291 j 

27 
311* 
39 5? 
101 ; 

351; 

41 -a 

28 T t 
25 
IOS) 
181, 
15i, 
27 
151; 
461, 
37'i 
46i; 
25', 
281; 
40./, 

1131) 
19-a 
19 '4 
9: 0 

61 '1 

375, 


4..hu* Mmnilie.. 
Ji.-hnaun JuhUMjn 
-Mins* -n Ciiiitfn. 
•li*» MamiUciur'K 

h. .Marl <.nr]i ■ 

. halncrAiiimini ni 
j iCaist-t InitiLTtrie* 

1 KrtieerSli-Ml 

1 Kh.i • 

hi/iiiieniU 

. ki n Ali-Gee 

j KnMe Wa’ler 

! KlinU*rl% Clcra- 

K*"|«|ier*.. • 

K rail 

! Uln-er V’iu 

I I f-i 1 5-irauiu. 

1 IjMivOw.KVk>|... 


3li e 
74 >4 
32a« 
355* 
241; 
331, 
Ua 
22 14 
ll'( 
23 »4 
45i* 
32'4 
487c 
22i0 
45« 
331, 
34i, 
28 ij 


311; 
741, 
52., 
3S5i 
24H 
33 14 
17a 

22 '4 

Uiq 

23 m 
451- 
31A4 
401* 
22Aj 
44.' s 
33 
34^; 
27i» 


Siwk 


'*i»«* 


M*i 

10 


31,t 

4 


Kevinri 

Kevn.ui v Mei 1, Is.; 
Kvvo»M» l(. J.„. 1 
. ltu*ir*iMi MerrdU 
. II. *u«eii Inter.. . 
j Kuliiu A Hasp 


| Kiival Uiili*4i 

KtB • 


. UiiAm I*»b* 

Kiner Sv5tem....| 


24 
17h 
33'i 
34'-. 
44.- 
37'; 

2,; 

25 J; 

26 s' 
20 
471; 
34,, 
38 i 
14 
30 

22 3 i 

25>4 
29 s., 
36V 


25 
171; 
33 
34U 
44 Su 
37 
2»; 
26>4 
261] 
20 
47 -g 
33t0 
381, 
14i< 
2874 
22k 
25 
291; 
361* 


Ij^-cel Dri.nji 

\ Dili iHtli 

; (jiuai Imiii-i....- 
1 1 i*fkin*««iAiri r’:i. 
1 IrnrMni liui**, . 

| Lf>Da 1-iao.i I j.i_: 
I Irtiui-mna LjiiiiI..' 

Irtil'H-**. - 

] L/M-k.l MiOl-... " 
I l.’ln- 1 'un^’-l'ttii 

i llrt- Wll‘.HI 

| Urtl-V li. H 

1 llti'. llnn-jier . 

U.ip- 

. AluurlHiTi Dll... . 
Murine Mi-ilan... 
5I*r-liall Fielil .. 


331,- 
441 4 
19*4 
25's 
I9'i 
IBii, 
227; 
38*: 
141.. 
61; 
12--4 
401, 
37.« 
351; 
46U 
14!i 
24 


33 
45. 'j 
19!; 

245 ; 

19^4 

187 a 

22Tj 

591, 
14 
61, 
13 
40 le 
375a 
35t c 
46 
HJ4 
235: 


! **aiewav Store#.. .i 
■ ■SI. J-<e Al ineisil'--; 
du Kevin 

1 "iiniA V* Inilk..... 
'Gtiit I liven 

] Snxi-n Irnla. • 

| Si-Inn* lirenmK- 

* si-liinml^frtei .. .. 

i 7-C Y1 

■iml Pni^r........ 

! Anvil Mm 

SciBlI* Duirt Ve*|. 


45i« : 
317 3 
571., 1 

22 r D i 

33 ■« ! 
33fj ; 

57 | 

I 

11*6 
201g ! 

39 i, 
255a 
285* 
35ia 
6<« | 
5-i*. | 
12U 
72 S, 1 
I9'8 
141- > 

2214 ! 
au ; 


WucuworUi 19*4 j 

Wvly 5 

Xerox : 481, ! 

*M»t« ! 16ig j 

Zenith Kail 10 ! I 5 J 4 ! 

C.-.lreO'iJ LWC: t94r;- J 

rs.TreaKfli^.Tri 180 i e - 
L-S.OO Uavl-UI-. 6.40% 


19A* 
4*« 
47.- b 
161; 
15T„ 
(945b 
180 J 4 
6-43* 


CANADA 


interest rates stimulated institu- 
tional interest, takinu leading In- 
dustrials and Banks higher. The 
[ndex was ai its highest 197S level 
in Svdney. Blip gained Four cents 
to $A6.60, while in Banks. The 
Wales rose 10 cents to SAa.-U) and 
the ANZ four to S.A2.02. The 
National eased two cents to SA2.4S 
following a subsidiary's forecast 
oF fiat demand for consumer 
credit. CSR rose fi cents to SA2.96. 
while Retailers ended mixed. 


NOTES : nrem-ns prices /drawn bglanr 
exclude ? premium. Be) clan dividends 
^re after wlfhholdhu! tax. 

6 DM30 dennm. -uni«s mderwise stated: 
Helds ba^ed on net d hid ends pins rax 
V Pi as .Sea denom. unless oibenrise staled 
4i Kr 100 denom unless otherwise stated 
-I* Frs.500 denom. and Bearer share" 
unless nrltem-iite xtaied I Yen SO denom 
unless otherwise staled S Price ai ilrrw* 
nr suspension n Florins. b Schillings 
c Cents d Dividend alter pendlna riatns 
and or scrip Issue ePer share /Francs 
o fiross. div % n Assumed dividend after 
scrip and/or riches issue. Hr After focal 
taxes. *i % tax free, n Francs- locludinu 
nntlac die. pNom q Share spill a DIs 
rod yield exclude special raymem. i Indi 
•.aied dfv. a Unnfflrlaj reading nHiDorUy 
holders ools u Merger pending. * Asked 
ft>d 1 Traded. £ Seller ; Assumed 
rr Ex riahis xrf Ex dividend xc Ex 
scrip issue, xa Ex all. a Interim since 
increased 


EXCHANGE CROSS-RATES 


.11 at L0 Knnkftirt;Nen- York 1'nnr : brus-cls . I^tiiil»u 'AntiiM'm . Zunuli 


3.3J-.1 
l.,210 2» 

s.u# m 
ua.oiil 


Fiunkfurlt; — ' 2.087 -OSS I 43.03-13 I A.#13-42c 

Mew York ' "7jaj-«l — | alj4« ; i-firt*/. 

Pin* i 2iL41-91 4.R29841 i _ : L4.J22-f54 

Uruwrt/lK 15.54-M I ai.&3-5b I 7 j31 04 — 

L.>n,I.*n iATD-ilJ > 1.8240- SO "8.441-13: 39.50 40 

Ani«t'itam.-l.’6.98 7.03. 2JI37..40 40JS.54 ' 6.-75 SW ’ 4J0F5 070 ■'. - 

rich... - tM. 073-181 I L*S5-«57 - «.«M-4r4 d.OJi-045 | 3.:b0fK3 / 87.BI98JJ2. - 


do .4**50 I 106.15-30 
44.14-77 , 50.76-77 
&W.pS-7.«r 2S5.UI-60 
U.54-M i 16.52-57 
4.07-OS ;3.56'i-591 
113.6}-bo 


' A' i -i i*-. I..ii *-* 

Ai^enllmi.' 1.401 1.405 -Argentina.- 1250 IJ50 
AicUrulM I.604J* I.b203 liiiisnm...| 2b_i-2iJ 

Brail' ' 11.03 32.D3 lU-lpium .. | Mi GO 

Fimaiid... , L7DA-7.71A Uia/iI ! J4 j# 

Cireecp W.18768.8321 hikiiIh.. .2.03-2.04 

Hour Kim^j fi.l3i.il. 47* '.lu-munrV .H/.Cb-OJi 

llwii ...n... ; 125-Ial ->r-iiH-r j V.15-D.4S 

Kiivair 0.4*49- U. 500 fH-niwny. 4.7&-3J6 

Idixeiuli’ix. Sfl.90-58-4il hint-c GS-72 

MuImmh . |4.1«IIM.j740-ltiili 1 1515- 15^5 

A'.Zw la d.I.:I. 79SD l.fl(SS.Jn|iu 1 4.08 4.n 

6hii.Ii Ami*, b2Q 63Q Ni-llu-il'n-', 4.IKI4.10 


r.d. 5 ibTmmbI .1 lL-.= 1 1 1.72-111.74 CanadUm wnl*. 

Canadian 3 In New York =89.45 39.47 cent,. L'.S. 3 in Mllau 869^689.70 
sterling In Milan 1684.60- 1656.50 


tiln^apui e,.*4.24 50 4 . 2560 onrej ... 
S>. A fru - h... .' il .561 5-1 .6k6v' 1^ >inua«i. , 

• -K ' ).S|*in 

Canaila Kuiu'mn.l 

CSl j \1\>. 


s-t5 S.35 
Jt ib 
144 , u;x 
3.54 3.5| 
LtU 1.62 


EURO-CURRENCY INTEREST RATES* 


U.!>.conis..: 89.25-S9.3B Vii^.^Ihi m; 34.; 3c j 
Rale eIvud for Arsi-nuna Is a ire*- ran*. 


Ma> 10 Srcrlinu 


Caruiitlan 

Ttullar 


i ] butch 

•U.si. Dollar] timhlerr 


tfwuni 

mine 


> W. ' i i-rmin 

I mark 


FORWARD RATES 




rdfarut term ...; 

7 days noii'-e, — I 
,'loruh ; lHa-llfifi' 

TTiwe innnlliB.' lllj-llla, 

-jlx munlha. ..I 12-125a! 

Dm* year * 12-123H 


7-8 

78 

7la-77 8 
73^ -8I 8 
BI|*Blc 


7Ir?S 8 
7kj 74 
7*714 
71 S -7S* 


41;-43j 


38“ Va 


81(8)8 


1 4i a -41, 

*6-58 

I 44-41* 


1 43e-45* 

1-11* 

! 41* -43, 

! 454-5 

14-130 

iht-in 


3i b - 3U 
3)a 3)4 

3i«-35a 

356-31; 

S^c-Sbf) 


Euro-French deposh rates: rwo-das 91-81 per cent.: seven-day Sl-93 per cent.; 
one-nunlii 51-9 per cent.: Uiree-momh 3i-»; per com.; slx-inonth 92-97 per cent.; 
one- year 10)- 102 per cent. 

Long-term Eurodollar deposits: two years 95 te -87 16 per cent.: three years 
S" 1*8916 per cent.; four years S9u8'i|* per cent.; flee rears 33 -SI per cent. 

The rid lowing nominal rates were quoted for London dollar erruauate* of dcnoslt: 
one-nrouih 7.40-7.50 per ccan ihree-momh 7.80-7.70 per cent.; six-momh 7^5-8.00 
per cent.: one-year 8.15-SJ5. 

• Rates are nominal calling rates. 

Short-rcnn rales are call for sterling. U.S. dollars and Canadian dollars: lira 
days' nonce for guilders and Swiss francs. 


1 Out- iiit.nl h 1 iiirev t>h*nili* 

Si-ff Tnrkjo.6Q-0.50 pin 1.72-1.62 > ,im 
M.intrenl .;0.62 0.&2 i n. 1.72-1.62 c.ihh 
A(* i»r'>lanil 2 i 3 -ll 2 e. r-m !71j.6t; ■ . |-n> 
Hni-«els. -140-31} u. pm « 10085 ]>m 

l'i*|i‘nhsii.;2lz-4l; im-iiu . 6 } 8 } ••rcili* 
PnmMiii-t ( 2 r 3 .lv . 1 |d |uu ,B 1 h- 7 I 0 pi. pm 

lArlanit (50- 2 00 1*. *1 b >150- 500 c. •(■* 

Mo* l riil. ... jar BO p. .It*. ;40- 140 c. >lu» 

Milan ,l- 6 lin*rii» [7-12nrrdis 

G*k« ;H» 3li r.rP'IU 4lj -61; ori-ilis 

ttirl* ; 2ia-ll 2 i-.pin " 5;-4; J. pm 

Jai'eWuAm'^i ^ •■nij.ui ' 3-1 <>ri.. |ku 

Vionns. ...:168 cri. i*in 30 20 rt*. pm ] 
Kuneb. . ..‘3)R2Ja -rn pin 91; Bi 2 •-. pm 


Srs-month forward dollar J.35-3JA- pm, 
tt-momh S.534i.rt3c pin. 


GERMANY 4 


Stay 10 


Pricer 

Dm. 


|F or |D'v. 


- I L 


AEG 

Aitixru Venich... 

US1W 

K.VSF 

Ba.ver • 

Bayer. Hypo. 277 1 

Bayer. Veretmbfc.. 289.5a) -1.5 : 


Tii 7 


Citmlui.Xeil.KTU 

I'nnuiietThank 

I'mi Guminr 

Ua I inter Ben*. 

Ul!CIL<l*« 

Liemac 

beuim-he Bank.... 


81.2i— 3.1 | - 
466.0!-U 5 1 IB • 1.9 
225.51- 0.5 I 18 4.0 
134.8 -1.4 ' 18.76 7.0 
139.0-0.7 . 16 - 

18 3.3 

18 3-1 


170 s-10 . 

226.0 -0.9 | 
72.2 1 


17 1 7.5 


TOKYO 


‘Fn. ts 

,-4-orl IMiMXki. 

M*n 10 

Yen 

- 1 

*> 1 1 


340 


14 I 2.1 


470 

-.11 1 

12 1.3 



599 

-1 ; 

25 . 2.1 

.-Iiinon 



au , - 


554 


18 : 1.6 


575 

1 ! 

15 , 1.3 

:lita--ht 

237 

. 1 

12 , 2.5 

HomOi M-xi'f 

587 


18 1 1.9 


1.170 


55 : 1.5 

. It«h_ 

225 

■ 

12 2.7 


AUSTRALIA 


Mar 10 


|+ «r 

A use. 3 1 — 


BRAZIL _ 

Stay 10 


"Prire 1 
: Cni* 


ACMILtS? centi ' 

Ai-row Austrnlia. 

Allti'l Mnr-Irlilc* Ind* ?lj 

,\t"|».l Evploraii/Hi 

Ani|«d i'crn-leuia 

Isroe. Hincrah 


tO.70 

1O.8I 


. Acwlla : 

l “ 0 ' 0 ‘ UnnoodoJiMaii.. 


Fur (Die. JIM: 

— A 'tut j i ’ 

LOO j -O.cs! ..14 (Tm 
-4-30 ! ij.J < ;7.39 


I 2 '3Q j 1 itanuoliau 1.20 "'ijilc ui.Ji 

ti '43 U’Bi: 2.00 : r0.ii7 j.it .b.oo 

1079 i iL' , ." H r.. Arwr - t,i '-i 4.0S V. 0.18..* c .16 


245*!, -1 1 
162 —2.5! 
288.8-1.71 


3.5! Is • 665 

4.81 t.A.L. ;2.660 


+ 25 
1-10 


13 


uroita.uvMUk.,.. ow.v — *■ v 10 1 o 

UrcMiner Bank..,.; Z40.5«fl + 0.6 ! 28.12 5-9 1 .ininatm 


3.2 I siansai Kle> t. P«.' 1.100' 10 


K.M.f 

I.'.inl M"l or. 

I'iiii i iii.'*l M<*L.... 

F<*\la*n* 

Frank I'll Mini. 
hm.|«*n sillier* I 

Frut'Iunil 

Fiu(un 1 iul» 


23 *4 
40 n 
21(4 

33 


21.*- 
29 U 

11-j 


23.-* 
49 1> 

20- j 

33 

9!m 

2H* 

29 

ll'H 


! llav lli-pi. Mun* 

I MCA 

lU-Deruvttl 

‘ M'-lhmnell lk*u^ 

j 'M.™» Hill 

. Memurva 

i JlW k 

. Merrill l.ynch 

' Sl«*ai tViroic-im.. 

• »lli M 

'I iuii SlinjA Mrs 

■ lli4.il Oir)* 

illHIWlIv 

M-.IWII J.l' 

IL-r.im^. 

ilumln l Ml 

1 > 

• \al*-a*Oienn*'a> . 

\«li*>nal 4 jin 


241; 

46 Ju 

50 k) 

32s* 

23 

45.*# 

53ij 

18-‘i 

381** 
36^i 
511; 
651* 
52+r 
4S:* 
44o-. 
41 >. 
4B>» 
29 <i 
17: 


24 : B 
46 
28 
31*4 

22i* 

4H* 
53 is 

l&'i 

38 * 
371.. 
61 ■* 
66 >4 

5B># 

46 

441# 

41ij 

48 :i 

29(i 

171k 


;ca 

iraynini 

-M*nr ■ili.ll.- 

•>«( Ku(4ai> k.. .. 

"Kill (* 

•Sncil on 

•'ie' I iMfi-| v*rl ... 

( ■’'an* 

iiRiMlri.'Ktt 

Mliil'll- lly I'M.,.. 

smcii 

■>11111 llk.lue 

, Sililnsi 

‘ "Ollllil’-.IUU 

j 9u<il)ivni l "a i, K*l 

] > 411110111 IV* 

j Slim. . Ur- ., . 


■ SiNitlM-.rn Pa. in*-, 
j ;intlH*nil. , ai<'-.i" 


ralinell 

Urn. \tner. Ini . 
(..1.1 .A 


K.A.1.A 

I ( ■•■ii. CnWi* 

' Hi-fi. Dynamic-... 
1 lien. hii.vln'-**.. .. 
l(iiiii*rai -. . 

■ tieuerai Mill".. .. 
1 ■ HL'iieral M*<r<*r».. 

| lien. I'lllb 

(■pk. .Sienai... . 
j (.irfi. Ttil. Kl..-r„ 

. >.ieii. Tv re 


i f ii-tn—o 

• ' : v*'rfi'» Ikiv-idv. . 
j 1 n/ily OH ‘ 


12*1! 
40 '? 

9 1 --. 

28-'j 

161-, 

541; 

SIV. 

291/ 

28ra 

62i; 

18!' 

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29 

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7ii 

27U 

170 


121; 
41*, 
9"i 
28*: 
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29 
62'; 
lB-i 


V»l. Hein era... 

' A ai. Sc^-t. o Ind. 

. y ai* 1 'lift, Sln-I . . 

1 A Hi* 'Ola- 

: NtU 

At-l*riiiiL* Idiii. . . 

< biiiilaie i Ll. 

) ,lrn Lii-.*Ihu*i T«-l 

j Niacara ll.-lmai, 

I .Ninel. a Sha.,.. ... 

• \. I. In.i*i-,n(— . 


22. B 
151, 
31... 
42'; 
51'; 
19 
21'* 
33 Jf 
14 '4 
9: ; 

17 1* 


22 
15Jj 
32 
40.; 
511* 
19 
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10 
17 


, '."ltlliai[. I 

Uau-liare*. 
; "la/m Hutch... . 
: -?It*rri lliuiit . . 

i >»w!< • 

• "Iniiiinni I 'run. I- . 
i mi.a'i.ira*' 

"i-l. D|i Inilnuui.. 

| Mil. I Hi Dim. 

I ")a„tt I lit-njira . 

, "itriiiie ■ 

■in- V-akei 

. Mill l.-n • 

J '•un.i'tnnil 

I ;VUl«.- , 

I WllUill ■■■■+. 

• l-.klri.iu-i 

l*-‘t'l| He 

, l>k.*t ; 

1 1Vn«i.v ! 


\hlllbl 

| Aunl.n Bean* I 

Mean A mniin lum 

| Ai|i*nnaSiet*i ! 

i ,VaiHr*lva ' 

uanh ..i .Mfiarrm.j 
dauk X-.>va.>*'LiB' 
Ba»i lit— nir-w,..' 
I Ben Telephone.... 
Bun- Valley I ml.... 

I HP (. ana. In i 

! Bra-4.nii 

I Prino* • 

\> laie,ri JliHW,... 
i Camlk'ii Miiim*... 
j Cuia>lA I t-iin.-iil... 
I i.auaiiH MV I jtit..; 
Caul nip Bui, Cum 1 
,-*h lut.ln ln*til**1 ....' 

Can Phi-iHe 

, an. INi iiiu Inv.J 
Van. Sti|aer I 'i 
Cariinjii’Keeii*..- 
; Crttralr Ahc-l'i*.. 

| L'hleiimn 1 

J Cuimuiv 

• Cun*. Haibural....' 
1 Cifl'.iiiiier Cm....! 

• CtMekH li.-w, <j m— { 

[ •_ ■‘"•In m Hi. Hi 

[ l*«j*u lle'-'iiil 1 

Deniatai Mum.. . 

J U>iu IJ me** 

I Dome IVirulwm, 

t Doii'inii *u I'riilu* 

I DiUnrar 

Dii|*«ii 

Kalivn'jje A Idle. 
•■'•Ml M.il..r Can. 


127, | 127, 
4.80 ' 4.85 
30*4 : SOlfl 
191; 1 — 
40 i 
19 is | 

20H i 

65*8 
29 


19s, 

40 

191? 

20 

S3* 

B5i* 

27Jb 


141* 
161* 
■4.60 
371* 
13 
101 * 
117, 
27S* 
IS I, 
181 S 
19 
581; 
4.35 
10 


14 S S 
16:, 
T4.4Q 
371* 
12V 
103, 
1U» 
271; 
19 'r 
181* 
191, 
585, 
4.35 
10 


181; 
27 ig 
29S S 
171* 
6>, 
13 
9 

69 1, 
Bl 
67 1 , 
t24ij 
17s, 
13 
20 
'771* 


• 18i, 
. 27'i 
, 29a, 
17ij 
Bi; 
[ 12J* 
9 

i 691* 
8CD* 
> 667® 
24J« 
, . 17J, 
13 
201, 
77i 2 . 


) I e«ori. I'.aroleiinv 

: IruitM 

[ I'van'giiK 

' t'e**ia I n«i.m ! 


'HHjWI 

Uiani Ipi'kiuih. 
t.ii/11 On l aiia-ia . 
itaukerSei.Cmi. 



I ili nii- nil *.v 

I flu- •**>» Kny Mny 

i rlu I*** *n I lay, 

! Hibl«wi i ),i‘i tin*' 

I *-A.C '* 

j lllUue*> 

Li'iamal Uil...... 

j l.|i»> ! 


265* 

12i, 

267; 


325g ! 

41 

16-M ' 
191, ■ 

42 | 
181* ■ 
35 

19U 1 
18*0 ! 


26i, 

12 

261, 

71, 

321; 

41 
161; 
191, 

42 
18 
35 
19 'a 
IBS* 


• niter Ha«u»... 

18'i 

iai B 

' au-rj'tliar 1 reel- 

33.C 

54l lt 

U> 

52 

5'Ji? 

1 •*'«ll.*M* l-Cfll .. 

39 V 

59', 

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15jr. 

131; 

1 ,**:»ui!.'.'l 

24 

25',. 

1. e* • im !'•• rati 

33: fc 

3i: u 

1 !t>-C A] rtTlIlKl 1(111 

31!* 

31 .j 


421; 

42:, 

• bi | ‘4 i lir l ;t' h'W'l. 

23m 

231; 

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31 

311- 

1 Itn-i^e... 

517.. 

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r lir"/n*ll'-i 

20i t . 

20 

1 !,. ^ n >• . . . 

11 ' 

11 

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21, 

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1 t:i- . li. 1 "- >--n ■■ 

ca 

£8 

1 '11 :o'i |» 

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1 :l PrtTiiv. 

50i t 

SQ-b 

1 -:i lm»*inij.. . 

151.. 

15 

• -i-n '.’■iin 


40*: 

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20 -a 

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12 

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27 1, 

874 


ftlilrtlt- 

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tlalilninuu 

j llaiuiH Mini hi;..-. 
1 1 1 irnie- lll«"jer. .. . 
I llitrn!* Cr-qm... 

Hrinr »1. J 

Heul'ielii 


27M 
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26i : 

263; 

leva-* 1 lil i lia.,,- 


314 


y.rlii .N.il. * ,n». . 

39'; 

40 

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19»j 

19 4 


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24 k. 

24 V 

1 line ine ■ 

46 

45-5, 


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261, 

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284 

271: 

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345, 

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271; 
22:, 
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26 '4 

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364 

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264 

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307, 

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271; 


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[ ‘luku.nnl PrC'lll.; 
j I’ai.-iti,- i..ipj**r ll ; 

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nw i. dii i < mi.. 
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a. lrual | 

I '■vptn* K‘»i,in-rfl 

| -wMiiaiiis 

I -lu-.i '. Jirui.U 

• *||CI fill D. Miner 
j *IU-liCI|nO 1.1... 

j Llll| 

•1,-vi 'd l miBiin... 

■ l«i. li*s-|» lli'li 
Ll-«l(.v t.niMilH 


us, j 

10l 2 1 
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331, I 
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105 ® 

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194 

>m' Ji.niahW, 


(KVItlU Kiel.-., 

27( 4 

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37 
33 Jp 
16 

4.00 

1.01 
211; 
15 

tl3>t! 

1.15 
331; 
10 la 
29 s* 

29 J» 
IBS? 

7i? 
271-j 
14K, 
5.12 
27; j 
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2.49 
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101 ; 
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111;* 
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37t, 

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716 

4.00 

0.92 

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13 

1.19 

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30 

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73, 

261, 

141, 

5.XZ 

28 

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2.49 
39 
17:.. 
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91* 
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Ki.1 




Uyckerh'iff Zemt.| 
CiutiJiaffmjiiR.....' 
Ha|>u Lioy.l ( 

Hnn«zier. ! 

H*'ci-h*4 .- 

Hood,.- 

Hurten ! 

Kali iiuri Salz...„. 

Kap,iaili 

hnufliol ■ 

h lm-k ner Dll 100. H 

KHU • 

Kruiip ! 

Lm.ie 1 

Lon rn lira ii 100.. 


Luiiban-a- I 


148.51+2.5 I 4 1-4 

190 1-1.2 1 12 I 3.2 

115.5 + 0.W 12 ! 5.2 

279.8 -2.2 9 1 3-2 

134.8 _• 

45.6 — 0.2 | 

132.5 -2.5 
296.0 -0.5 
199.5-0.3 ! 

91.0-U.5' 

174 

95.5 -2.3 ! 

234.5 -0.5 I 
1.475 at -5 


16 

4 

10 

9 

20 

12 


4.3 

4.2 
3.7 

3.3 

6.0 


12 i 3.4 

% _ 

16 ' 3.4 


110.5 4 3.3 i 
176.3—0.7 


MAX j 

.Marine maun i 152.0 —1.7 

.McmiIkl*- ; 200 —1 

Miiiil-I nroer Kia k^ 540 : 

Neukt/riuiiiin j 110.2—1.6; — 

I'leuva; LiM Ito., 109-0 — 0.5 - 

."lieiniriei.K'eii., It2.3 -0.1 25 

x-iiemu, ' 255.9 +0.4 2U 

•iMT.cu- ' 273.2— 0.8 i 16 

;ii'l Ziu-kur I 243.5 -4.5 17 

riiy-mi A.O i llB.Snl — l.l 1 11 

S’ art a. 169 —2 I 14 

1 KBA i 105.7-0.3'. 12 

Vi?n*in«4 tt'ent BL; 284 St 18 

Vulli.na*jeii. 201.0—1.6. 25 


8.4 

3.3 

3.4 

4.5 

2.5 
1.7 


b.9 

3.9 

3.0 
3.4 
4.6 

4.1 

5.81 

3.21 

6.2 


341 >43 


10 

18 


A tut. Fuunilaili.n lnv«*-t. 

i f-A.X.I .. 

^-0 ; Aiulinu»« 

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4.6 I 0| w> Metal f mi 


•iiilada 


»> lH**- Lera ill It . 
•I, I 


lilMJ-lilIn In 
■(■t*uhi**hi I nnh.^ 
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'tit-uiAr.!^..,.; 
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k Iji|mmi -jlim|jin. 
si -an Minin'..... 


■my.* Fleet rlv 

vkimil Pn*MU~... - 


■ ai-’lii. Marine ‘ 


e'*iii 

■■Urn* .ILinnc.... 


"kin "ail* 

• *k v.i-le I dura.. 

•■ra» , 

*l-4» M-*i'l 


AMSTERDAM 


.May 10 


Vlkild (F1JJ0. I 101-Bid +0.B ’ b21 | 5.5 

AL*mFI.E0i 28.7' 4 1.1. — |- 

Alcem link fFllOO 348 — 1.5 'A2J.& 6.8 

.CM KV iFI.10) 85.0 40.5 A^44 12.9 

AmeA»nW *n.20» 77. ,jfl — OjB , 23.5 5.B 

Bi.ienk>*rl — 88.5 4 1.5 j 23 . 5.2 

* 120.5—4.5 I 80 ; 6.7 

70.7 +0.9 : 26 7.3 
288.5 4 2.5 [ 87. B 1.9 
141.8 41.3 > 37.3 o.d 

bad ' 94.& 5.4 

32.7a) *0.3 | 23 ’ 6.8 
99.4 -0.5 ! 14 ' 5.5 

32.8 — 

25 

145 
45 
33 
10 ! 

54. 


ft iko "VJ'im i FI0f 
UiiriimiTeciurnile 
Klsijvler \ iFl.SLn. 

Knnla X.l'. Bcen-r 
KuroCnuiT-i FI. 10 
■iist Iti)«ai*li”*iPI0 
HeinekvuiFl.S*i. 

I li>.* 3 *iveii) i Fl.2-,1 
Kimter D.iFl.lOOi 
K.L.M. .Fl.ll>>!, . 

Im. Mu Her, ia>j.. 

Xaanlc-u iFI.IOi ..- 
Var.Xrtl lui.iFli*' 

SeilCml IlkiFIJJ.:- 

.Veit A1 HI Ilk iFl.oO 191.5-1+:— 0. 

• hi* (FI. 30/ • 

\'«u i!innnen;ii.... 

II klu ml iFi. 20 j. ! 

Philip- (FI. 10... I 
ifjura-lil'enFl.lOOl 

tlMiin-ii (F| £01 i 

lu'llUni i FI. S0....j 

KurcmmFL &>)...( 
hi.y-Bll •i.ti'EK FI.2C+ 

^lmviilmric 


280 


la 

2.7 

.600 

—30 

55 

0.5 

745 

! + 5 : 

du 

1.3 

279 

+ 1 i 

10 

i.a 

137 

'+2 

L2 

4.4 

455 

—3 

13 

l.s 

331 

‘+1 ; 

14 

2.1 

553 

-8 ! 

du 

1.8 

.400 

:— 10 , 

15 

0.6 

654 

-7 ! 

12 

0.9 

809 

•+» 1 

lb 

1.0 | 

.two 

1-20 I 

48 

1.3 1 

248 


Vd 

2.4 

902 

l-r-8 ' 

3d 

1.7 

.070 

—30 ) 

2d 

U.9 

.800 


«j 

1.1 

240 

1 

11 

B.3 

361 

—4 

15 

2.1 

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-20 ■ 

3. 

0.7 

121 

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10 

4.1 

505 

-5 , 

U 

Ll 

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+ 30 . 

b 

5.71 

312 

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Id 

IJ I 

145 

- 2 1 

l- 

3.4 ' 

149 

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1. 

3.4, 

976 

-10 

t 

1.0; 

Securities. Tokyo j 

EMBOURG 1 


HH S< ni ill 


4. 1 ■*.!«* 

*:su isu_ 

M'na. Uotiifirlija A»l»l... 

C»niaincr tSIl 

t'oiuini* Kl.iriutn 


! &3COK 

Ll.ler-smitL 

R.Z. lmin<4i ie» 

Oen. Pmperiy Tn,»r... 

Hnmersky- 

Hunker 

I.C.l. Australia 

Inter-Cupper 

-lenniiijiM Imliiilni-i... 


10.79 

Ti.ao 

ti.ia 

tl.74 
rO.95 
tl.50 
tO .40 
t0.35 
} 1.05 
f 1-1B 
t6.60 
t0. 83 
*1.85 
*1.96 
12.05 
*2.50 
*2.35 
*2.28 
*1.45 
*1.36 
tl.00 
*2.03 
* 2.10 


!^! Pirelli.. 


1.70 -,-.3.16 141 
>*u*a Uru* np,.... 5 J.Bg rO, 2 -, ^ V 21 

I'rupPK 1 7.95 ’ -0.05' .B- '2.62 

'ai,) Itm Lhk-c PI" 1.30 - j. a; .13 ,67 


I+U.0I 

-0.08 

.*0.02 


v*H. Cr. IS a.kip. Share', m.o'm. 7 
I Source: Rf.i dc Janeirr. SE, 

i-oioi i _ 

OSLO . , 

Co'w! ,, •; ;'+r.F- _ i>K.iVi£ 

H-D-IB [ Mhi 10 Kjuiier , — 


.40.02 i 

;+o.ob 

t0.04 


+0.04 


| — 0.02 


Bergen Ihiik ! 

iWreKnaM i 

ohMltBauk......... 

Ku*miv I 

KnislirkaN»en j 

■'ur-k UyilmkrAt'i 
-'F'ceOretuI 


95 !— 1 9 : 9.7 

66 . 5 : 43 . 5 ' 4 | 6.0 

J-oa-0^ 'll I g.3 

260al +5 | 20 j 8.0 

1UB ! : 11 

189 i + l ,12 
91.25, + 1.75. 9 


JIOJS’ . 
1 5-1 

I 9.9 


*2 10 :^: 01 1 JOHANNESBURG 

t0.74 
*2.15 


-0.061 


May 10 


Pnue 

Fr*. 


( Luv.r 

4 »i ■ Fr*. I 
— • Nn i 


Arbed '3.340 

Hi,. Brx. Lnnih.... 1.CB5 

Beiert *‘B" 1,830 

C.U.H. Cement , 1.C60 

Up kern 410 

EBt" 2.29501 20 177 

hi^-trotai 6,c40 —30 .43U 

Pabrinui* Nat...... 2,aOS 1 70 


,-20 . - | - 
+45 1 6 J 
+30 116 . . . 

loo . 7.31 

-14 : _ : - ! 

b:f|PAR]S 
a 


Sens. ..... . . 

.S K-le.la-. ImIi-idhU'-'isI. . 
V.iril. )irob+.i tv\ 

"ak'-r-»c+ ... 

I ... . 

• UL-r h\|,l >rati"it. .. .. . . 

I’liiieer C*-o*.'rcr«' 

lts**b>M .x i'o|ma,i. 

1 H. C. >ll«*l. 

■ Man- 1 Miotiii; 

! Spanj"” K-. plural e'O 

! TM*b'5... 

1 Walioq* 

3.8 ( iVp»t cnj Mm in" .60 cent*. 
6.4;ir.«|«..m„ 


.. MINES 

May 10 

. Anslo American Como. 
.Jj’o.i 1 Charter Consolidated ... 

1 Easi Dnefont&ln 

JtO.M 1 Eiaban? 

1 ... 1 ILmiony 

] Kinross 

Kloor ' .... 

♦ 1.76 +0.08 j Kuii.*irt>uru Platinum 

I2.2B -0.06 1 ai Helena " 

1 SouiD Vaal 

.... ] Hold Fiekla SA ..... 

-0.01 i Union Curporadon 

: O'.- Beers Deferred 

BrivooraiacLir 


{1.29 

11.19 

t0.23 

10.16 

11.98 



'+* 0.01 

+0.01 

1+0.85 

1-0.01 


API..... ... . ... k r U 

a .i.tf. ImeeBn 1.990 —30 13U 1 7.5 

7 ( rievneri. 1. 324« 35 I c 4 

- 1 H'rtxkcii 2.230 

lurenniii 2 ,<j50 

Krelipiionk 6.C90 

La K«iaie Ueiee..i6.050 
Pan Hi. '.nn*; 2.450 


lla.i 10 


Fn,.-e 1 4 or j Lini.tY ,i 
Fra. ! — , Frs. • t 



149 —4 
117.5.-1.5 
40 i—l 

35.0m' .. . „. c 

80.5. -2.0! — ] _ 
165.2 -0.4 ' \25G: 7.8 

184.0 — ; _ 

131.7-0.3' 14 ■ 5.3 
127.7 —U.2 155.751 8.4 
254.6b! +3.01 19 | 7.5 


levin OrpiFl^j)! 132 +1 I S7i! 4.2 
1»kvuPfii'.HI.|..A;iOa.5id I 3U | 0.6 

l nilei er 1 FI. 2u..: 1 14.3 —0.9 42.8 7.6 
l ik 111 ; l/is. 1 1.1 SI 40.0 tO.B I 20 I 1.2 
ttV-llanMu.Kanfc; 385.041 + 1.0 ! 33 ■ 4.2 


May 1(1 

1 Efriee 

1 Fra. 

+ •«■ 

Dir. 

> 

Yiii. 

% 



+ 25 

6 

2.6 

UBG-A' 

1,615 

+ 39 

10 

S 0 

L'itaGeirv(Fr 

HU 1.185 

+ 16 

22 

l.B 

I*.. Pari. Cert— B60 

-r 20 

22 

d 6 

Da. Ifeti 


+ 8 

22 

3.6 

Ciedii-aiii*a«. 

....-2.190 

+ 25 

16 

36 


COPENHAGEN * 

[ Kiw | + ofi'Lilv.,'l-|ii. 

31*1 10 I Kroner : — | % ^ * 

AmlelJianKon 135.25! ; 11 1 8.1 

Burm'ser W I 427.5 -1.0! 15 . 3.5 

Haroke Basil: : 121.6,., , 13 9.9 

Ka-t A--.iati C o. 159.0s r. : 12 . 7.6 ; 3UI „ r , u 1W , 

F'nni banken".."i 130.5tt-0.25j 16 ;I0AJ j sm^.r fFr.W 810sl^5 

KU'Sjr’ • 76 l l i *5-2 ttMAfF.UOl 368m +8 

Iifn ial 4n ' s '• ,9 : 2 1 ^ HUS ,lte - +25 

Nan.lie-l-.a .^., 123.50 L 2 8.9 I (, nlon Uunk 2.960 m +45 


U ireii l'ITHI t 1.630 U 10 ! lu 1 6.0 

Fi-i-her iiier.njei^ 670 ; 5 ; 3.7 

Uoffman Pi Cert*.! 78.25Q|+ I860' 350 | 0.7 
(A*. |5 mull).. ...'7.875 1 + 225| 55 | 0.7 

luierfrui U, ,3.750 : du ■ 2.5 

Jelmull iPr. 100. .|l.450rt +80 I 21 ^ 1.4 
Ne+tleiFr. ICO) ...'3.430 +115'«>9.3{ 2:5 

IV-. lies 2.235 

' J«UkuiiU^F.'io7i;2.2 15 
Pirelli SIP IF. lift 264 
San.luz iFr. K+7l.. '3,650 
I*+ Pkri*iCeri"i 475 
lilullerClsFl'/i; 275 
aulrer Via iP.lVOjj 363 


728 ! + l 4ifci 0.6 
408 +B 121.15 5.2 
304.S +8,0 l lb.b-’ 5.4 
434.9 — 1.4 fifl.ZO; 6.0 
490 I-l- IT 12.7b; 2.6 
705 +15 i 42 , 6.0 

481 +6 


lia li ' "* 3,W ^-“-:-;*-i 

IHA o.a , \)iiq,i e ij.rtl t 1+1 

fiGa • o.7j .\n U.|iil*« j 

luuibiine I 

Ul c 

ttuiyam*- } 

HAN.lifrm* 1 — - , — 

Carrel. >u> I T,62ZUT=-6 

C'.CtJi'- 355.8-1.2 

L'.l.l At. ate! 11.141 +12 

L ie Uancaire— ...j 316.5+3.0 

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Barlow Rand 

r.NA Invi.-sunenu 

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Do Beers Industrial 

Edgars Consolidated Inv. 

Edaare Stores 

Ever Ready SA 

Federate Vo Dtsbe loggings 
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Guardian Asaruraneo ISA 

Hulc-ns 

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B2.S - 3.0 , 6 



SPAIN V 

May id 

Asia nil 

Banco Bilbao 

Banco Arlaailco <1.000) 

Banco Central 

Banco Exterior — 

Ranco General 

Banco Granada M.OOfll 

Banco thspanq 

Banco Ind. Cal. fl.Wo) 

B. Ind- Mcdiu-rranco... 

Banco Ponufar 

Banco Santander 1 25/11 
Banco UrrjuLW ri.ooni . 

Banco Vrxcaya 

Banco Zaranozauo 

Bank onion 

Bonus AiHtsluclg „„ M 
Rahcoch Wilcox .— M1 . 

LiC __ 

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inroohanif 73 

E 1- Arnaoncsas ...... M 

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Erpl. Rot Tinfo 
Ftssa a.00di ., 

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Cal. Preriodos W 

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Iherdoerd n 

Dlarra 158 

Papvieran Reunidag 76 

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Pctrrffcoa 2M 

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Sniace 49 JO 

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- 1 To+rps Tlwrtench IM 

7.3 i TlllMcuX 
j L'miijb Elec. 


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+ 4 
+~2 


- 4 


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138 
ML 
2M 
370 
313 
2S7 
267 
290 
193 
209 

m 

dm 
388 
24 
326 
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222 
29 

tt - 

+ 2J 
+ 2 

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Financial Times Thursday May 11 1978 


.39 


FARMING AM D RAW-MATERIALS 






U.S. beef 
Import plan 
attacked 


CANBERRA, May 10. 

. MR. MALCOLM FRASER, the 
Australian Prime Minister, said 
here that bis Government would 
do all in its power to stop u.S. 
Senate legislation on beef im- 
ports from becoming law. 

Mr. Fraser told Parliament he 
expected President Carter’s 
commitment to cut Inflation to 
prevail against the legislation 
when It came to using his power 
of veto. 

roe legislation, would mean 
smaller imports of Australian 
beef, and hzgher prices for beef 
on the . U.S. market. Australia's 
beef exports would be reduced 
by about 35 per cent 

.- * ssue had been raised 

: strongly with Vice-president 
Walter - Mondale -who was in 
Canberra on- Monday 
AF-DJ • 


""U 


: Setback for 
: ; : tin prices 

By Our Commodities Staff 

M '* e * 1 on ^ London 

* B nis Metal Exchange -yesterday re- 
versing the recent sharp upward 
trend. Standard grade cash tin 
closed £120 down at £6,485 a 
tonne. • 

7116 market opened higher 
. encouraged by another rise in 
' ' • = * Penang overnight, where sales 
• again had to be rationed in the 
face of strong demand. But the 
.higher levels in London attracted 
substantial 1 profit-taking sales, 
. " •• which triggered further selling 
in the way down. • 




Le Nickel to 
cut output 

PARIS. May 10. 

•; Sources close to Le Nickel con- 
•Irraed reports from Woumea in 
; -v r ew Caledonia that the company 
l-.ias reduced its ' nickel output 
i objective there, for this year to 
- .4.000 tonnes, compared with, a 
: apadty of 75.000 tonnes and 
: . roduction of 51,400’ last year. 

M. Yves Ramboud, general 
. ; frector of le Nickel, is In New 
laledonia to discuss bow the 
uts can be made. 

— “ The reduction would probably 
e sought through cutting work- 
ig hours. 

T . The sources attributed the pro* 
-action cut to the low level of 
• ales in the first quarter , to the 
nusually low dollar price for 
. ickel and to the franc exchange 
f ate against the dollar, 
tenter - - -- 


Sharp fall in 
cocoa market 

BY JOHN EDWARDS. COMMODITIES EDITOR 


"OCOA PRICES fell sharply on 
the London futures market 
yesterday. Ironically just when 
Ghana confirmed that its crop 
this season would be the lowest 
for 20 years. 

Market sentiment was more 
affected by chart projections 
encouraging profit-taking sales by 
speculators in particular. In 
early trading there was sufficient 
manufacturer buying interests to 
hold prices steady. But once this 
was absorbed the selling pressure 
became too great and the market 
tumbled the premlssiblej limit 
down near the afternoon dose. 

After a special call the July 
position eventually closed £53.5 
lower at £1.871.5 a tonne. 

The recent forecast by Gill and 
Duff ns of a 99.000 tonnes surplus 
of production over demand 'this 
season, and hopes of a blgcer 
Brazilian Temporao crop, 
appear to have convinced manv 
traders that the fundamental 
suDDly-demand situation means 
lower prices in the. months; ahead 


once the nearby shortage eases. 

But there is no donbt that the 
decline in the Ghana crop is 
earring considerable concern. 
The Ghana . Cocoa Marketing 
Board confirmed yesterday that 
purchases of the 1977-78 main 
crop ended on May 4 with a total 
oF 263.214 tonnes. This compares 
with a main crop of 309.75S 
tonnes in 1976/77. 

Taking the mid-crop into 
consideration, total production 
for Ghana this season is forecast 
at 278.000 tonnes — the lowest 
figure since. 1958 and less than 
half the peak production of 
5P« «no tonnes reached in 1984-65. 

The U.S. Department of 
Agriculture yesterday issued _ 
similar forecast of a decline in 
the Ghana ctod to 275.000- 
280.000 Tonnes. But if predicted 
that favourable growing condi- 
tions would enable the 
Came roo ns to boost its produc- 
tion this season to 112.000 tonnes, 
compared with S4JiOO tonnes in 
1976-77. 


U.S. lowers winter 
wheat crop forecast 


BY OUR OWN CORRESPONDENT 


THE U.S. Department of Agricul- 
ture has reduced its forecast of 
winter wheat production this 
year to 1.28bn. bushels. This 
is 40m. lower than its. -last 
estimate produced in December, 
and 242m. bushels or 16 per cent, 
below the 1977 winter wheat 
crop. 

The expected surge in buying 
interest however, failed to 
materialise. When Chicago grain 
futures trading opened wheat 
prices barely budged from their 
low levels around ¥3 a busheL 

' Although the estimate came as 
something of a surprise — traders 
have been guessing lately 
between 1.32bo. and ■ 1.33bn. 
bushels?— liberal and widespread 
rain in the winter wheat regions 
has improved the condition of 
the growing crops and possibly 
raised yield prospects. 

In its first attempt at assessing 
Soviet grain output this year the 
department says if the weather 
is good, production should reach 
217m. tonnes— 34m. tonnes more 
than the newly revised estimate 
of 183m. tonnes for 1977. 

The department suggests 
imports will be between .12.5m. 
and 19.5m. tonnes compared with 
19m. in the current season. 


Output of wheat and wheat 
flour Is estimated at 110.3m. 
tonnes if the weather is good 
and 89.7m. tonnes if it is bad. 
Production of coarse grains is 
forecast between 106.7m. tonnes 
and 93.3rn. tonnes, again (depend- 
ing on the weather. 

For China the department 
forecasts a new season crop if 
wheat and coarse grains of 118m. 
tonnes if conditions are favour- 
able and 114m tonnes if not 

Both estimates show some 
improvement on the 1088m. 
tonnes the department reckons 
the Chinese harvested last 
season. 

• Reuter reports from Moscow 
that Mr. B6b Bergland, U.S. Agri- 
culture Secretary and his Soviet 
opposite number Mr. Valentin 
Mesyats discussed increased 
technical co-operation in agri- 
culture. 

He also met Mr. Grigory 
Zolotukhin. Minister for Pur- 
chases of Farm Produce, and Mr. 
Nikolai Patoliebev, Foreign 
Trade Minister. 

Mr. Bergland plans to discuss 
expanding trade in agricultural 
products between the two 
•countries. ~ 


Frost scare 
pushes 
coffee up 

By Richard Mooney 

THE BRAZILIAN “frost scare 
season * has got off to an even 
earlier start than usual this 
year. With the period of maxi- 
mmu risk still more than two 
months away rumours of a 
sharp fall in temperatures n 
the coffee growing areas 
'started circulating . to the 
London and New York Com- 
modity markets yesterday. 

Most professional . dealers 
dismissed the reports as “far 
too early" and Brazilian coffee 
trade sources were quick to 
deny that there was any reason 
to rear for the safety of the 
crop. Bat futures prices still 
rose sharply and the July 
position on the London mar- 
ket climbed to £2,455 a tonne 
before dosing £41 up on -Jie 
day at £1,435.5 a tonne. 

“There is absolutely nothing 
abnormal about the weather In 
southern Brazil as fas as tem- 
perature Is concerned,” one 
Brazilian trader .. declared. 
Others said temperatures were 
above 50 degress in most of 
the area, except for an isolated 
region on the coast. 

The main problem with the 
Brazilian weather at the 
moment Is drought, whieh is 
restricting the stze of the coffee 
beans. This recently led to a 
cut of about 15 per cenL In 
local estimates of the country's 
crop. 

The London coffee market 
moved higher yesterday even 
before the weather scare. This 
rise was attributed to fears of 
a shortage of nearby supplies 
-for tendering against the May 
futures market position. 


DANISH FISHING BLOCKADE 


Skippers bitter at quota cuts 


BY HILARY BARNE5 

COPENHAGEN HAS not been 
so effectively blockaded since 
Nelson drew up in tine of battle 
in Copenhagen Roads in 1802 
and blew the Danish fleet out of 
the water. But this time Is Is 
the Danish fishing fleet express- 
ing disapproval of the Govern- 
ment's lack of diplomatic finesse 
in agreeing to- fisheries quotas 
which are too email to provide 
the fishermen with a livelihood. 

The ructions began last 
week when about 400 fishing ves- 
sels Erom the Baltic fleet, mostly 
from the Island of Bornholm, 
massed in the port of Copen- 
hagen. About 2.000 fishermen 
demonstrated ;■ outside the 

Fdlketing parliament hn tiding, 
demanding the resignation of 
Mr. Svend Jakobsen. Fisheries 
Minister, and calling for larger 
quotas and financial assistance. 


Traffic 


Last Friday they underlined 
their demands with a four-hour 
blockade of all the ferry ports 
linking Copenhagen and the 
island of Zealand with the rest 
of the world. 

To-day, with about 1.800 ves- 
sels involved, they repeated the 
blockade, but it lasted for eight 
hours and hit 20 ports. All sea 
links with Sweden, Norway and 
both Germanies as well as in- 
terna] ferry traffic were cut. 
The only important harbour not 
blocked was Esbjerg, the con- 
tainer port for traffic to the U.K. 

Although the Baltic fishermen 
quickly received support from 
most Danish . fishermen, their 


wrath is directed about equally 
against the Jutland fishermen of 
the North Sea fleet, the Govern- 
ment the EEC, and the fisheries 
biologists. 

The Baltic fishermen deeply 
resent the fact that the Jut- 
landers, themselves squeezed in 
the North Sea. have sent boats 
into the Baltic to catch fish which 
the Baltic fishermen regard as 
their due. 

The Baltic fishermen's plight is 
exemplified by the reduction in 
their cod quota for 197S to 47.000 
tonnes (including a special extra 

3.000 tonnes allotment in Swedish 
waters). Last year the catch was 

74.000 tonnes. The fishermen fear 
that this reduction nf their most 
important catch will mean that 
they are unable to meet mortgage 
payments on their vessels, which 
they usually own individually or 
in partnership. 

The Bornholm fishermen are 
backed to the hilt by the rest 
of the island's population. With 
about 900 fishermen and another 
1.100 employed in the island's 
fish processing industry, about 
20 per cent, of the island's work- 
force is directly employed in the 
fisheries industry. 

The cod quota for this year 
fixed by the Baltic Fisheries 
Commission is 173 POO tonnes, 
a reduction from 1R5.000 tonnes 
last year. Denmark’s quota was 
reduced from 53.000 tonnes nr 
28 7 per cent, of the total to 
43 800 tonnes or 25-2 oer cent. 

The Danes were ah'" to ex- 
ceed the quota by 11,000 tonnes 
last year, with fish caught in 
Danish coastal waters which did 


not come within the area covered 
by the Commission agreement. 
This year, however, all Danish 
and West German waters count 
as EEC waters and the Danes 
cannot boost their catch above 
the quota. 

Sweden has promised the EEC. 
which is to say Denmark and 
West Germany, 3.000 tonnes of 
its 1978 quota. This will bring 
the total Danish quota to abowt 
47000 tonnes. 

The Government, however, can- 
not do much for the fishermen. 
The quotas in the Baltic were 
fixed last year by the Inter- 
national Baltic Sea Fisheries 
Commission acting on the advice 
of biologists. The quotas were 
recognised by the EEC. which 
only this year assumed the ne- 
gotiating competence for fisheries 
in the EEC's Baltic waters. 


Biologists 


Although the hiologists from all 
coastal nations were apparently 
in agreement about the need to 
cut the catch in the Baltic, and 
especially the cod cati-h. the 
fishermen are convinced that 
stocks are ampl eand quotas far 
loo small. 

“The fish are dying of old age 
because we are not allowed to 
catch them." is one of the most 
quoted remarks attributed tr# the 
fishermen this week. 

The Government has promised 
to call a meeting of the Baltic 
Commission in an attempt to 
obtain an improved quota and it 
is said that it will look at the dis- 


COPENHAGEN, May 10. 

trihution of existing quotas, 
speed up the work of a commis- 
sion on the future of the fisheries 
industry, and consider temporary 
financial assistance. 

This did not appease the fisher* 
men. who demanded a positive 
response to their own demands 
by midnight last night as the 
price of calling off the blockade* 

If the other countries agree to 
the Danish requot far a bigger 
share of the catch, it is a fair 
bet that it will only be on the 
understanding that the Baltic 
nations, and more particularly 
Poland and East Germany, get as 
big a hits nr the North Sea catch. 
This would naturally mean that 
there would be less fish for other 
nations in these waters. 

So far the EEC has not reached 
even temporary agreements with 
the East European countries on 
fishing in each other's waters. 
One of the reasons for this is the 
West German insistence that the 
East Europeans must sign agree- 
ments which rnntain a reference 
to West Berlin status as part of 
the EEC. 

Former Fisheries Minister, Mr. 
Niels Anker Kofocd. has warned 
that if Denmark tries to gain 
improved quotas in ihe Baltic 
through bilateral agreements 
with nther nations it will threaten 
the entire EEC fisheries policy. 

His argument is that Danish 
bilateral agreements with tho 
East Europeans would set a pre- 
cedent by which the U.K. would 
go it alone and ignore the 
requirements of the Common 
Fisheries Policy. 


EEC raises 
sugar subsidy 

THE Common Market Commis- 
sion raised the maximum sub- 
sidy it is prepared to pay on 
sugar approved for sale to non- 
EEC countries at its weekly ex- 
port tender yesterday. 

Clearing the export of 52.250 
tonnes of white sugar, compared 
with 54,100 tonnes last week, the 
Commission set the maximum 
restitution at 25 units of account 
a 100 kilos compared with 
24.989n a. 

Tunisia is due to hold a buying 
tender to-day for two cargoes of 
sugar. Trinidad is expected to 
hold a selling tender for 10,000 
tonnes of raws to the U.S. on 
Friday, and on Tuesday 
Mauritius will tender 14.000 
tonnes for sale to the U.S. 


U.S. options compromise 

WASHINGTON. May 10. 

A COMPROMISE proposal stipulates that either the House 
exempting existing U.S. com- or Senate could overturn a 
panies already in the options CFTC rule or regulation — but not 
business from the proposed ban an ordeiv-by adopting a resolu- 
on option trading,' has been tion of disapproval within 10 
adopted by the House agriculture days of issuance, 
committee. Mr. John Rainbolt, CFTC vice 

The committee, .which is draft- chairman, said that the com- 
ing a Bill to extend the life of promise would give the Agency 
the Commodity Futures Trading sufficient authority to set up a 
Commission for three years, pilot commodity options trading 
approved the compromise by 22 programme if it chose, 
votes to one. * Reuter 

This is a different attitude to 

that adopted by the Senate Agri- » i c ad iiior r n ad 
culture Committee, which viS. UKAJxlfti V-IxUr 
favoured a ban of most option FCTfMATF RAIS FT) 
trading outright, until the CFTC 1 ,7- ^ 

proved to the satisfaction of WASHINGTON. May 10. 

Congress that it could police the THE • U.S. Agriculture Depart- 
xegulations properly. ment estimated orange produc- 

Under the House committee tion at 222m. boxes. This is up 
compromise proposal U.S. com- slightly from the April estimate 
panies. in the options business hut 9 per cent less than last 
last Friday, who also deal in the season reports AP-Dow Jones, 
physical commodity, could con- Spring potato production was 
tinue in business. forecast at 19.9m. cwt„ up 1 per 

The compromise also provides cent from April but 13 per cent 
for Congressional veto power. Itbelow last year. 


Strikers still delaying 
wool export shipments 


ABOUT 140.000 bales of 
Australian wool fnr export are 
held up as a result of dockside 
industrial action. Australian 
Wool buyers Council director Mr. 
John Westmore said to-day. 

The shipping situation is 
slowly improving but is still un- 
satisfactory, he added. 

Meanwhile, shipping sources 
said impromptu industrial action 
is still hampering efforts to over- 
come the backlog of cargo result- 
ing from go-slows and stoppages 
over the past month, particularly 
in Sydney and Melbourne. 

Stoppages occurred in both 
ports this week, despite current 
negotiations between employers 
and dock unions on wages issues. 
Vessels are still suffering delays 
of ten days nr more. 

In Canberra, the Statistics 
Bureau said Australian . wool 
exports dropped to 326.64m; kilos 


SYDNEY, May 10. 

In the first seven months of the 
1977-78 season to end-January 
from 503.59m. in the previous 
July-Januury period. 

Breakthrough 
on seabed 

GENEVA. May 10. 
THE UN conference on the law 
of the sea has made a significant 
breakthrough on its thorniest 
issue. 

Delegates from the U.S. and 
Canada, respectively the world's 
biggest consumers and producers 
of nickel, said they had agreed on 
fixed production ceilings for 
nickel from the sea bed. 

They bad been wrangling over 
the issue since the present sea 
law conference— in its seventh 
session here— started five year* 
ago. Reuter 


COMMODITY 

BASE METALS 


MARKET REPORTS AND PRICES 


COFFEE 


RUBBER 


JO: G.B. — Catrtp 69. Tip a WE-l-W. 1+0.421. 
U.K.-Steep TSSA» a ks. est. d.C.W. 


that in (he morning rash wirebars traded noon nervous boll -liquidation saw *U» 

at £893.5. throe months £713. 13.5. u, 14.5. price open at BUM and fall away to. ” ; — , . „ . . 71'in ,7“^" a_pio« bSd a ta lw t-9,li 

armusa a* tunsarvarts jgaargg a ag rSHSs 

* ScT , h“ Ct th4"1?IM!Sl^ # m5 U ta , tS SSai^tm/llTT KMas”' xSs? Mtn^n^swodanl.a^ £6410.1 three In African tUbjucu repined that the Mriu^an godnwn price ?£S.* T pS» “i'TBwfml! 

* s - ess, « 3JB metal srg^bAAS saSat-aras M&JfS ^ ic*.a.*-c»«* m 

Tft the price dlpphig lo%2 oo the opened Wdur ai CMM fol lowing tte OMW. J*, *- W^A Kyoon; the jUghibw 


PRICE CHANGES 


Prices per tome unless otherwise 


ornitw kerh. In the afternoon nines farther rise In the Penan* prlce._ and three as much as 45 higher on the day. 

Dyed narrowly and forward material moved ahead In the rings to much £8.520. f“r£J- *?• ’ : 


as dually £714 on the lam kerb. Turn- 
er 1 1.250 tonnes. • • 

Amalgamated Metal Trading reported 


TIN 


ZiPPEK 

OffldaJ 

+ w 

■ 

l-.ni. 

Dnoffiefei 

H-w 

irebars 

£ 

£ 

£ 

£ 

■ii - 

695.5-6 

+i.a 

.604 -A3 

-.75 

UHlth-J.. 

714-.S 

+fl 

715-.fi 

-Ji 

J.l'm'nt 

thodes- 

b96 

+ ia 

• 

— 

-h- 

686 . 5-8 .S >1.25 

■€84.8-8 

-.75 


704.SS;+8^ 

703-4 


.ii'm'Di 

fiS 6 .fi 

+ 1J9 

— 


4 ..Hmu. 

— 


64 

'ftM.N 







A months 
SetUem'f 
Standard 


& months 
SMuem’t , 
Strait- BJ 


0!Ui4a> 


1+ «*1 


Grade £ 
6605-15 
6A7B-86 
6615 


6604-15 

6470-5 

6616 

•61697 


£ 

+ 15 
+ 5 
+ 15 

+14J5| 
+ 10 
+ 15 
+ 14 


p.m. 

Onoffi -ia 


C 

6480-90 

6390-6 


|t+w 


OOF PUB 


Standard, three months 26.4W. 390. 380, 

75. 80. SO. 95. £8.400. 

LEAD — Easier In qsiet and routine 
trading^ Forward metal. opened at £3093 ' 

In the morning rings and hardened lo 

£310 at one point reflecting the upturn “X 

m copper. However, the Call In the latter 
coupled with proK-laklng left the price 

GOflO-ao I i 9 fl al *300 5 « Mte kerb. Turnover 

6390-5 ' « tonaes - January 


f 

[ — ISO 
-87 .5 


ProflMaldog then lowered 


JU-U | DO 

537.5 -M.O 
the price to 


55 S-~ 


— backwardation narrowing. In the afier- 


.G. Index Limited 91-351 3466. Octi-Dec. Rubber 5&55-55.30 

Lamont Road,. London SW10 OHS. 

L Tax-free trading on commodity futures 

2- The commodity futures market for. the smaller investor 


GOLD NEWSLETTER 

be International Juliette Bivins op- 
o-the-mlnute Information and odvlca 
n sold, silver and platinum mining 
bares, bullion, coins and lewellarv. 
u Wished twice monthly at £20 per 
ear ‘USA S40) tram Gold Newsletter. 
0 Chancery Lane. London WCZA 1 DL. 


CLUBS 


EVE, 189. Regent Stmt. 734 0557. A la 
Carte or All-In Menu. Three Spectacular 
Floor snows 10A5. 12^5 and 1-45 and 
music of Johnny Hawfccsworth A Friends. 


GARGOYLE. 69 Dean Street. London,, W.l. 
NB¥ STRIPTEASE FLOORSHOW 

THE GREAT BRITISH STRIP 

Show at Midnight 1 and 1 a.m. 
Mon.-Frl. Closed Saturdays. 01^*37 8455 


/.INC 

N.m. 

OfBdJii 

4- nr 

p-m, 

Unofflcbu- 

1+M 


»■ 

304-5 

315.8-4 

505 

+ 5.5 

+6 

+0.6 

c 

502-.6 

311-.fi 

ZB 

+2.25 

+2.B1 

‘ months- 

-rmenl 

Pi m. West 


WHY INVEST IN 
COMMODITIES? 


The Mario DiX 
Commodity 
’Ortl'oliois 
:urrentlv130% up 
iince inception 
|g months ago. 
ting Mario Dixon 
[ -31-626 2431 Of 
.Ante lor our 
"brochure. 



T 


Have you ever wondered, 

how same] 


latest anafysis tedriquBs— and with ^ anatattstaifGii 


Send fat our free handbook *Why Pi^scot Cd oamflM es?* 


\ 

I 

Prescot Commodities Ltd J 

6 Bloomsbury . Square WC1A2LP. | 

I 


to come tmd meet us. 


Nacng_ 

Adcfeesa 


Telephone. 


LRAD 

a-m. 

Offfebi 

+ or 

P- m - . 

U&ofTIctai 

T+ ™ 


C 

£ 

E 

£ 

Uwb — „ 

8993-500 

— 1.3 

290-J 

— 1-/6 


0 O 8-.0 

— 1 

305.5-6 

—3 

SeK'im'm 

300 

— i.sl 

— 


U.S. 8 pnr. 

— 


31-55 

— 


Much. 


Yesterday'* 
Clew 


+ cv 


£ per tonne 


1633-1554 +51.0 
1435-1436 +41.0 
1335-1337; + 59.5 
1276-1278; + 51.3 
1236-1245+29.5 
1200-1220 +2S.0 
1 1 BO- 12301 + 2B.0 


Bunin em 
Date 


June.... 

July— 


1231-1225 
1215 O' 
1209 


Yest'nfey's 

olow 

Previous 

do» 

Business 

■fene 

G2JO52.90 

& 2-9 0-65. 40 

53.86-U.95 
D4.K-b5.00 
56.00-1)6 05 
57.16-57.20 
5EJ2G -68.301 
69 35-69.40 
bO.4b-tQ.60 

G3J644JD 
54.60 54.08 
84.85 54 JO 
te.Mw.ae 
5B36 56.06 
57 J6 57.77 
B8.7MBJ5 
50 .95-60.00 
B0 JO-61. 10 

54.00 

64.10 65 J8 
55.60 54.80 
56.55 E5JI 
57.65- 7.36 
5B.554BJ5 
65.40 

60.70 60J» 


2 8 per cent., average price ®. 8 Sp i+04Bi. 

Sheep up 0.8 per cent., average price 

150. 4 p (+3.2). Pigs down 54J per cent.. 

average price IMLSp (— 33>. 

MEAT COMM ISS IOM— Forecast rates of Metals 

tJJC. monetary compensatory amounts Aluminium >£680 

for the week from May 15 (previous Free market (cis\ S*B5.100l 


May 10 
WTo 


.£680 

... - . 8980-95 

figures In brackets': Fresh or Wiled beef Cofipcrcaib WJUr*|£694. 751—0.75 £692.25 
carcases 38.43p a kg. (38.43V Green bacon 5 months do. do. |£713. 2 5 | 0.6 £707.75 


sides 080.22 a tonne (E2S0.22V 


COVENT GARDEN (storUnS a package 3 rrumlhs .In. tin. {£703.6 

unless crated) — Imported fi.ud. Trpy n*J3175.125i. {8178.575 

Oranges— Cypriot: Valencia Lates 20 kilns Load Cash „Jj;298J5{-- 1.75^13 13.5 


Cash Cathode 4£684J»— 0.75, £68 2 

„.l£697.25 


Sales: 3,422 1 1.0*5 1 lots of 5 tonnes. 

ICO Indicator Prices for May 3 IMS SL25p “uh.7b£ 

... nn.iiuit- rAlimMin Mild - vmt.wui. 


lb)|S1.95 

I -2. OB] 


Lares 3-93-4.40: Egyptian: Valencia Lates jfiel«l p : 

Sales: 457 (187) lots Of 15 mutes. '.SO: Texan: 3.20: Morattam 26’S 3.20. Free Market (df lbi|3 1.9 
Physical dosing prices f buyers* were; Ortwlq u e fl J amal cain 5-50-6--». L*anm» 

Spot Sp C 52.51; June 32 d 152.5): July —Julian: lOfl/120's 3.68-3 -Sfl: Spa Pin : 

Small trays 35750‘s 1-38-1.50. Grapefruit 
-Cypriot: 15 Ml os 3.00-3.00: 20 kilos 3JM- Platinum trey or. 

3A0; Jaffa: 30 kilos 3JHL3flO: U J : Ruby Free .Market... — 

Red 15 kilos 4.50 Appte-^French: Quiekmiiver *7«b.i 


+w 


Month 

ago 


U.S,. Markets 


-3.0 


12318.76 

51.93 

-2.03 


cents per pound): Colombian Mild 
Arab leas 192.00 ( 192.50 1: unwashed 
Arabics* T5SJ0 (160.00); other mild 
Arablcas 167.33 1167.57): Robustas 135.06 

Morning: Three montiu MBA IO. 9. S. fgamet. Daily swage 151.17 (35L29i. aoo (£W2S0 , , Ionne ^ ^ Ma-jnae . . „ 

SdpmeaL Wttig sugar dato wrtra was ■«*. per pound. 0.10-013: W. Australian: Tin Cash 


SUGAR 

LONDQH DAILY PRICE 


(raw sugar) Golden Delicious 30 lb M's 3.00. 72’s 3.23; silver iim o*. 

tor May June « U> 5J56^.00. Golden Delirious. Jumble 4 month* 


+ 0.4 

PffiSl 

+ 0.56| 
1-133 


£120.501 
£120.0 
S 127-321 
876.6i 

Kerb: Ttwm months D» U. J. Alter- M>C ,Nn. 10 — Seagw - - — - StaDeoL’“"wi«6 ‘siear*daHy pricTwas 7 aciT per' potmure.Tct 01! :" _ W. Australia nr Tin Cash £b,4a6 

noon: Three mOTlhs £»7. 6J. Kerb: gRARICAS— 'The market was steady as at nmoo isameiV Granny Smiths 6.71: Tasnianlan: Cox b 4 njiinth* ...... £6,3B2.5|— 65 

Three months £306. AS. 6. trading reacted to rumours of cold The o wright easier tone was extended Orange Pippins 7J0-S.H). Golden Delirious Woifnun22.0Slb.nl [ s 136-40 

ZINC — Firmer although below die day's winds to Brazil. Dreal Burnham Lambert BeUera^predomlpating In a thin 6JM.70: Italian: Rome Beauty, per. Zinc cash |£3Q2.85| 

best levels. After opening at £309 forward reports. Values, at the dose were as punter losses were registered P°“ Dd B u - Golden Delicious C.1B-813: & mraihn 

material moved ahead to £314 In ite much as S2.B5 better. when it became Known that at the EEC ®- African: Dunn's 8. 00*7.00. Granny Prod«cer« 

moral ns rings following the rise In copper. Ite order hnysj, s^g. chraw. Ien(l er"iSte^bad been aramed in ^nltlis_6.7t^8f!. Whit e Wirier Pearmrin ^ 


UC3HJE5 

6550-300 


E 117.55 
£117.1 
S 130-55 
£82.B( 
287.7 p 
£5,865 
125.690 
3143-45 
+ 2.25 £208.5 
[+2.625 E304.5 
|3360 


short-covering and switching (Tom lead. bwtuwau-Jime 182 -5-31.60. +6^2. IB8.06- imuTof «^te^ar and B.BWJO. Startdnc Deiuwim 750-7^: fPhin asao- 

Thls level attracted prnfiKaHng. bow- a2.e: Aug. 16SJW9.C. +2.46. 16&Wt5: Chilean: Granny Smiths 6.833.78: New twunift(PhU) W390r 

ever, end the Price came off to touch Oct. ISLO-sas. -M ^ Zealand: Cox's Orange Pippins 163^34 


untraded: June 180.0-31.0. +3JS. nn- 

traded. Sales: 14 (17) lots Of 17.3S0 kilos. 


GRAINS 


Morning: Three months £312. 13, ISA 


14. 13.5. U. IS, 12A 13. 13.5. 14 . 
Three months £314. Afternoon: 
months £313. 123. 13, 1L5, 11. 
Three months £311. 

* Cants per pmmd. 4 On . 1 
official dose. * 3M per ptcuL 


Kerb: 


WHEAT 


BARLEY 


ttenerdsy-t 

+ or 

Xestenbi.v- 

ur 

H'nth 

•line 

“ 


— 


08.80 

+0.40 

62.10' 

r- 0.10 


86.50 

-OA6 

.79.80 

—0.50 

Nov. 

87.50 

-”■'■55 

D2JS 

—0.30 


90.30 

— 0.30 

54.80 

—0.35 

Mar. 

92.85 

—0-60 

87.25 

-CJO 


Jobber oovering at (he 'rion Ufted the 
markM off the lows, reports a Czarolkaw. 

sugar 

Praf. 

Comm. 

Conn. 

XesiOTisy's 

Clow 

— 

Prevtoot 

Close 

Bnstneos 

Don© 


Dec.. 


6.00: Dutch: Per pound Conference 0.14; 

Belgian: Conference 0.10-0.13. Grapes— «*®ng . . 

E. African: Now Crow A20. Barthika 4A0. C u ,, raPhll|p™._. S«Uir I 
Golden U1Q 6.30: Chilean: 5 Wins. Almerta bt*yalwan lDJs.).„|S294.25^ 
6.30, Red Emperor 4X8. Bananas — . 

£ per tonne Jamaican: Per pound 0.14-0.15. Grains 

10D.S&-ObJ0|lDB. 60-06 JO'lDflAO-05.00 G*uillsfi ptwfacn Potetec*— Per 56 lb, li*rli-v EKC | J 

lta.BQ-09.10 110.50-16 jail ID ja KL90 'i£»‘ a J2S5?k rn vOS?* f «“™s._j£79J 

115.45 li.5^ll«.5>-14.60.114i&-15A0 1 -R- -TnT ? mi W “py^TiErr T^ptna t 

120.70-20-Eiij 132. £5-2I-40fl2). 70-20 h 7^°. fl KT^f r 1 Fr nch No. a AmETMA 

Rhubarb— Xo2Sard Wimerj * 

Iflltn.i I 


[121.70-20^5 
|lK-M- 25 . 6 a ]J0 . i a0 


I37.00-27.1S1Z8.50-! 


SILVER 


Per pound, outdoor fl.0M.07. Cucumbers Kn e iiaii tt iinn.. [eiria 
Safes: L354 CU56J WU Ol 30 lonnes. —Per tray 13/24-s 1^3-2.40. Mashrmnue Coeua Shi pmemll JJljea 

Business doom Wheat— May SK80-98JO, .Tate and Lyle ex-refinery pm* for —Per pound 0.4M JO. Appfes-Per pmmd Future Jnly £1,371.1 

Sept. 8S.40-65.30. Nov. 6r.K+87JW, Jan. granufeted basis while sugar was £34240 ft ram ley's 0.11-0.17. Laxtons 0.10-0.13. Coffee Future. 

98.45-80 JO. March 92.96-82.85. Sales: lume) a tonne for borne trade and Pears— Per _ pound Conference 0.13-0.13. j ulv as rad 

aM 96 lots. Barimrt -May 8X90-82.00. Sept £lttJ» «16XS01 for export. Twnatoe*-Per pmmd BngUA 1 0X4JI C-oteon ‘A* Imlejc... 

, SUver w fixed 8^5p m otmea towear 7SA5-7S.B5. Nov. 82Jt+aUD. Jan. 84.90- International Sonar Agreement: In 01- Green*— Per crate. Kent 0.8M.B8. cmTI- yjo 

for -S? 1 84.73. March 87X3-S7J5. Sa fes: 94 lots, cator prices, u.S. cents per pound fob n ^** crs “Pf r 12 Lincoln O^MLLOO. Kent sugar iUbw)..., 

ywiertKr ri.378.6p. U.S. c«n IMPORTED— Wheat: CWBS No. 1. IS) and stowed Caribbean P«t. for May 8: lja - Ofeo r — Per 1S/34 4J0-4L83. WmUo™«s klk) 

1 ^ ^ ™ na 2-’ U-S- ^ Mf w (T^TlMay xVL * 7 % — TVooiiop,^ kilo, 

sp< “, ^ Ins, *3 Northern Sprmg No. 2. 14 per cent.. (7M'K JUlfc 

%J£i "li FwE STBS 'Sir” Eec mrOKT LEV,ES S'--*-*— ■ 

ppetfed I I 877.y-278.7p flW]-5Wc) and Ordinary. Australian. Argentine. Soviet 
Improved slightly to rinse at 2785-S79Jrt3 xnd EEC grades nmnoted. 


70.550- 
52 r. 
£102 
2SOp 


+ 2.0 

+ 13.0 


+ 9.0 


8 BO 8 

£728 

8323 

8581 


8393 

5297 


[-0.5 

+0.7SI 


l£80.1 


£105.75 


+0.3 


—56.5; 
+ 41.0| 


— 0-5 


[£9SJ 

... 1G99.S 
-te.tW2.Q88 


£1.979 

W1.BB85 


+oja;p9.i6te' 


[47.fi. 




1 May-Jnne. 


iS67i-599c). 


dlLVBK 

pw 

tmr ox. 

Rntifao 

Bjctnjr 

prtrina 


rinse 


Spot — 

270.6)1 

-0JJ6 

279.3n 

-0J 

4 months,. 

8B6.3p 

+0.35! 285.9&P 

r-U 

months^ 

c93.4n 

+oja 



1 'umntte, 

313_Q6p 

+0.BB 1 

- 

-^-1 


Maize: U^./Frcnrii May DOfi^fl. June frame). 

£305.75. transhipment East Coast. S. 

Yonow Miy^Trife X89.se GUs- WOOL FUTURES 


BTD £284. Calcutta ssetfe eerier. Hnora 
Hons 


c and f UJC. for May EMpment. “S3 t S- KU P'- 

10-oz 40-hi ae.M. 7Ha £730 per. 100 5Slp - wins withdrawn 


{Peace per Mto) 


LME— Turnover. 256 fi35l lots of 10.0M 


BOW. S. African White . JnneJnly J30JB 
Glasgow. Kenya Grade 3 emonotod. 

Barley. Sargbnm. Oats: nnqnntied. Bacbe. 

HGCA— Bx-farm spot prices.-. Peed 
barter: Harford I#L70. iTMtenl’ra^ on 

The UJL monetary coeffldmt for fife QtSSiK.J^ fWT - ™ 
week from May 15 is expected 10 be _ y 
unchanged. 

EEC- IMPORT LEVIES — Effective toff tL-W 1 


tarda. Jane X1D.01 and f7.53. July OJS v _ 

and n. 77. B Twills: £27 JM. £27.19 and JSD 0311 « r “« s - 

t-OHDOH — Dull and featureless, reports £27 35 for the resDOCJlrp sUptnent periods. 

Yarn and cloth steady. 


SI -354 kilos 5!p per kiln. 

will _ __ 

91 P. Light cows withdrawn 53p par MtoT 


oancee. Morning: Three montia 285.5. to-day. In nnlta of account a tonne. In July ™ M J251.8^2.0 

5.4. 54, 3A (L5. 5.8. Kerb: Three mom Its order current levy phis June. Jntr and Cieuber— u !55.0-ii.0 

388. 85.3. Afternoon: Three months 388. Ang. premiums, with previous hi brackets: December.. S5SJM0J1 

85 A, 5JB. Karts: Three months m Ceoman wbeat— 8JQ. 0.R6. 0.66, no (88J7, March 145J-43 J 

— _ 0.58, 3.86. Dl»i; Dnram wte«-lM^7. May 

fftTftA ■ nfl - >-» 5.68. 856. LOB)! Rye July S48.5-48.0 

Lvn.UA — 84J8, nil, idl, nw (82.se. 184. 2.54, nil); Uotebra.^®7JWlUl _ 

^rra.'ssa ■»<=.-•« 

OM.U lw»r. rmn, CIU^ MTq,. S-HliSuS 

huemem mi nn ten iw on a«i <ni> r M 4 . mo JTJr* *1** Z3 , S> 

Done 


Btatoeq 

Done 


COTTON 


GRIMSBY FISH — Supply gwd _ 
demand fair. Prices a stone at ship's 
COTTON. Liverpool— Spot and shipment «de unprocessed: Shelf cod £4.20-4183, 
safes tn Liverpool amounted to 664 codlings £3.60-13.40: large haddock £330- 
tonnes. bringing the tnul for the week M.OO. medium haddock £3.00-£3^0, small 
bo far to l^«5 mimes. Several spinners haddock £L50-£330; large plaice CkW- 
entered the market and a revival In £4-20. medium plaice £3.58-£S.M, beat snail 
turnover was In evidence, reports F. W. Plaice E3J0-E4.70; skinned dogfish (largo) 
Taneraafl. South American descriptions £5-00. m odium £3 JO; lemon sole) (largo) 


occupied the limelight. 


£5.09, 
reds £UNV£Z.40' 


medium £5.30: roriefiah d.08£2.| 
sal the ILiS-flJO. 


COCOA 


TYeatentoyT 


No-bCtnirtf 
May, 

4'iily, 


^ept 

Dec 

Uareh™, 
May-. 

July._. 


C1W4 


1929.0-69 J1 


? — W-B 


1171.0-72-0 HW-w 


ms. 0-17.0 
1787.U-6* £1 
1757.6-40 JJ 

170UL15.0 


+ « 


— S8 , 

I — 15.5 
l-XBJ 


187B.D-35.0 1—8 


B005JH9SB 

1950.0- 1556 
1850-96.0 
I- M. 0-1 706 
1745.V-B0JI 
172DJM630 

1890.0- 1660 


rdl.nH.nIl (SOJJ7, OJ3, 153, nil)! Grate 345LS, 343.5-S42, »i' Dec. S47.3. 3473, 
sorginm— fil.R, 0.3, 6^3, nil (80,73, L6S. 347-5J45J,. 80;. March SOA «4i- 
135. nil). 353-0. MS May 353.5. MA 887.0OS5.D. 

For floury Wheat ar mixed wheat and 2E jWJ 550.0, 36S^3S8.D. IB: OCL 
rye— 136 J6 (133.69): Rye-B9Jffl (138.37). 52 56L5, JOLfrmO. 17. Total -sales: 


Bid to make 
exchange 
more active 


SOYABEAN MEAL 


HONG KONG, May 10. 
KUOKITIES IN the coming year 
IfriT /VrtlPTA THf rc for the Hong Kong Commodities 
JHEA1 / V tUUAfiLtS Exchange are to make the cotton 

and sugar futures markets more 


Safes: 4.B36 0.828) tola of 5 loanea. 
tnternatlanar Cocoa organlsatfen WS. 
cems per pound)— Dad y price May ft: 
145.05 1140.33). Indicator prices May 16: 
l^day average 190.34 (I50J6): 22 -day 
average 155,45 054.01). 

VEGETABLE OILS 

palm OIL, Lnndn - May. June. July 
and Aug.' all 300.0IWBJH. SepL 290.00- 
3S6M. Oct. 390.«L33IJ», Hut. 580.00- 

3 IS. 06, Dee. S8MH15.W, Jin. unnoted. 
Safes, nfl. 


The market opened XI higher, reflecting 

Chicago overnight levels. Print held .. 

steady for mtwt of the resriou and long Scotch kflfed sides 53.0 to 57JS Sugifeh 

IhnddatioD was weO absorbed, reports hlndnuancra 70.0 to 72.0. foreauartere a CuVe, Mr. Pfitfir Scales, Exchange 

SNrw Commodities. 38.0 to <1.0: Ulster hindQoariere btjj » chairman. Said here. 

70.6. fommaners 38.0 io 40.0: Khe bind- At the same time the exchange 

m 10 70JJ, MM 36J. to wij^be JSSg at the possibiliS 
vrai; hatch hinds and ends H.o to ire.o of introducing new commodities. 

to 1 ^^ i^Sa l Sn-“NZ The market in cotton futures, 

50.of^*M WffVFS « * “-which enters its second year of 

HenHcs: Biicifeh-4S.e to ha trading to-day, traded only seven 

Pal*: EngUriJ. fees than wo a 33 J u jots of one day white sugar, in- 
® 38-0 “ 45 ' 0, U4 ' 1JB froduced on November 15, has 

„ , meat coMMissioi*— Average, faiatm* 5? en a iow Of four lots. 

Safes: 18 (70) lots ol 106- tntmrs . prices at neresaoutiva cwrfcaui 00 Hay Reuter 



Xtettmiay 

Close 

+ "r 

ftu« net* 
Done 

Jntte . 

Aogust 1 

October 
Doeerntw _ 

February 

April 

June ..... 

Cpertoooe 

139.00- 29.4 
123.0 J-S0-2 
126JJ-27J 
12SJI0-SS.0 

123 .00- 24 J1 

123.50- 36.0 

124.50- 2BJ 

+ 0.06 
+ae8 
+ 1-00 
+0.95. 
-OM 
+ 0.1S 
+ 0-.80 

wo.5Maj» 

126.85-38.70 

1K.HW2.fO 
12340 . 


FINANCIAL TIMES 


May 10i May 9 | Month a«e 

Tear ago 

243.22 243.44 1 239.83 

287.36 


(Ban: Inly L tK3=UB) 

. REUTER'S 


May 10] Hay 9 | 

Month sfjoj 

'foarago 

1462.7 1 1467.0 | 

1441.0 i 

1680.1 

(But: Sew writer is. T3S1=IM) 


DOW JONES 

Dow | Slav 


10 


"SUy 


ago 


Year 

ago 


Spot m.. 367.23]36LB4 SM.86413^3 
Puture»347.14<34 aA6i3S4.66l 3BO.B9 
(Average 1924-25.26=] 00 1 

MOODY'S 


Moody's 

Mnv 

10 

May 

9 

Month 

ago 

7m; 

mffa 

SpSe (Vimmrv 

SlO.B 

906J 

9O4.0 

9294 

(December ff| 

. 1031 

—100) 


Copper up, 
cocoa 
declines 

NEW YORK. May 10. 

COPPER RALLIED on trade arbitrage 
buying electing Commlhriun Hnnse stop, 
lu.ss buying. Prcriaus mi-tals dosed 
ahrinly higher an a steady time, due to 
a weaker U.S. dollar nn rencwL-d Inflation 
ranivrn. Cocoa rio'-ed lower on renewed 
Simulative short selling nod Commission 
House liquidation. Sugar eased on 
Commission Uouse stop- loss se fling. Bache 
re/inns. 

Cocoa— May l«.M (150ffS), July U2.S0 
<147—31. Sepi. 133*5. Dec. 134.35, March 
131.0a, May 12S.73. July 126.30. Sales: 
932 lots. 

Coffee—'" C " Contract: May 177.00 
(175.101, July 157.£!L!i7.90 1 134.501, Sept. 
I42.su, Dee. 128.70. Mareh 12B.50-I21.IM, 
May 117.50-118.50. July 115. 00-1 13.50. SepL 
115.30. Sales: «20 hus. 

Copper— May 5S.60 iST.RBi, June 58.90 
158-20). July 59.50. Sept. 60.60. Dec. G2.I0. 
Jan. 62.60, March 6160, May 64.90, July 

05.60, Sept. 66.60, Dec. 69.10. Jan. 69.60, 
March 60.60. Sales: 2.311 InW. 

Cotton— No. 2: July 5065-59.70 ( 65.051, 
Oct. GlJl-61.te (81.951. Dec. 62.72-62 SO. 
March 63.75-63^0. 31 ay M.S0-64.60. July 
65 25-65.60. Ol-L 64.60 bid. Sali-S: 423.000 
ball-:. 

‘Gold— May 174.40 fl72.Mt. June 174 DO 
tlTT.SO 1. Jnb- 176.M. Aka. 177.10, OcL 
17fl.no.' Dec. 1S1.60. Feb. 154.10, April 
ISfi.60. June 18929. Aug. 19150. Oct. 104.30, 
Dee. 197.3B. Feb. 200.10. Sales: 5,150 1ms. 

t Lard— New Voii prime steam 23.50 
i24.se 1. Chtcaco lnose 22.00 mat avail- 
able 1. 

tMatc- Mar 253-2531 (252Jt, July 2^ 
551 >55)1. Sept- 250-249], Dec. 250F23U. 
March 5231. Mav 2611. 

JPiat Inure— July 219.70-220.00 t21F20t, 
Oct. 222.19 >219.40 1, Jan. 224.00. April 

226.00. July 528.40-228.60, Oct. 231.00-232.50. 
Jan. 333JD.23K.00. Sales: 1.221 lots. 

0 SUver — May aw. so iSOIJOi. June 008.30 
1503.001. July SliJri. Sept. 51SJI0, Dec. 
530 J0, Jan. 534.no. March 542.40. May 

553.60, July 559.10. Sept. 567 70. Dec. 
588.70, Jan. 535.10, March 3W2fl. Sales: 
5.500 lots- llandy ami Barman spot 
bullion: — — 1504.40). 

Soyabeans— May Tt9 i 7154). July 707-70* 
17035 1. Aug. EC. 5m. 5504, Nov. C1-653, 
Jan. 637J. March 634. May 63S. 

IlSayatxun Meal — May 1 T7.3HTfi.80 
1176.501. July 17S.jO-17S.SO (173.401, Aug. 
17X00. Sept. 174.40. Oct. 1BSJ0-1G9.06. Dec. 
166.30- 1M. 50. Jan. 167.00- 167 JU. March 

176.00. May 172 .00. 173.00. 

Soyabean Oil— May 27.80-27.65 >27.3Ki. 

July '26.S0-2E.70 (56.40). Auk. 2fi.S0-2a.73, 
Scpi. 2A7S-34.70. Oa. 23.73J3.95. Dec, 
53.10-23.20. Jan. n^O. March 55.60-52. 70. 
May '.£.59. 

Sugar— No. 11: July 7. *0-7.42 t7.40). 
SepL 7.BS-I.70 17.W1 . Ocl 7.S3-7.84. Jan. 
9.40-5.41. March S.hl-S.65. Slay AS.14l.Sa. 
July 9.00. Scot. 0.13-9.19. Oct. 9.25-9 33. 
Sales: 4.358 1ms. 

Tin— -535.00-570.60 asked t547.004i50.09 
asked 1 . 

—Wheat- May 303* I301J1. July M3J-304 
(302i >. Sept. 3071. Dee. 313J, March 31i- 
S16i. May 3163. 

WINNIPEG. May 10. 1tKy*-May 104.40 
(10520 bid). Jnly 103.00 1102.30 bid). Oct. 
103.40 asked. Nov. KE.50 bid. Dec." 103.20 
asked. 

TtOatS— May S7J» (875*0 bid). July SLID 
asked (81.40 bid). 0a. 78.40. Dec. 75.M 
bid. March 76.00. 

nSarior-May 85.60 fn.401. July SO. 08 
(79.201, Oct. 79.40 bid, Dec. 89.50 asked, 
March 79.10. 

{{Flaxseed— May 550.00 bid (S1.S0 bld<, 
July 260.50 asked (256.00 Mdi. OcL 263.00. 
Nov. 261.50 bid. Den. 261.95 btd. 

ftWhoat-SGWRS Wj per cent, protein 
cons ant of St. Lawrence 160ffS 1 160.60). 

AD cants pur pound ex-warehouse 
unless otherwise suied. ■ Es per trey 
mmrvE— too ounce lots, t Chicago hxwa 
U per 100 lbs— Dept, of An. prices pre- 
vious day. Prime aieam l.o.b. NY hulk 
tank cars. J Cunts per 30 lb bushel ex- 
warehouse. 5.000 bushri lou. £ is per 
troy ounce lor 50 ox. nnlta of 09.9 per 
cent, pnrily delivered NY. 9 Cents per 
trey ounce cx-warebousc. H New M B " 
contract in ft a short ton (nr bulk lota 
of 100 ebon ions delivered Lo.b. cars 
Chics no. Toledo. Sl Louis and Alton. 

T * Cents per 69 ]h bushel in more. 
TtCema per 24 lb hostel. » Cents pep 
4fl lb bushel ex -warehouse. {} Cent* per 
36 lb bushel rx-wairhouae, 1.060 hostel 
lots. I1SC per tonne. 


I ■ 






I 


40 


Financial Times Thursday "May 11' 197$ 


exchange report 


• - r " ~ _ 







leg effect of dismal banking statistics short-lived 

equities— Gilts also steadier 



Arronnt DeaHii;: Dates 
Option 

•Fir**! Ui-clara- Last Account 
Dealing J i u ns Dealt 113* Da> 
May 2 May 1 1 Sisy 12 May Zl 
May 13 May 25 May 26 Jim. 7 
Slav :{l> Jim. ft Jun. 9 Jun.2U 

* '• New time ’■ dealings may lake place 
from 9.33 a.m. lwo business days earlier. 

Stock murkoib ini Hull v furiher 
reacted lo April's depressing b;i n ^ - 
iny statistics hut they soon re- 
C.'iiiK'il composure despite the 
Ovling Ilia! recent Con federal inn 

or Eriilsh Industry's pro?mwiic:i- 
S:oik abom exports could Ijndc ill 
f*>r lho ir:ir!e balance and per- 
sisline -pevul.-'iion concerning 
another rise ir Minimum Lending 
Rale |r '-nmrrov. . 

Li'iding enuiiios opened cau- 
tiously in anticipation or renewed 
caslno'-s in British [Minds and 
although this niari'riiiliscd no 
furl her erosion occurred in the 
indu .lrirf! sector which changed 
fack on bear-closing followed h.v 
a more genuine invest men t in- 
leresi. Th? subsequent absence 
of any worthwhile selling led to 
a relurn of the underlying stock 
'iio'-r.T-'r* and the FT SO-shnre 
t:i«le\. down 2.4 at 10 am., closed 
.1 !' up :iJ ilio day's lirsi of 47-7.il. 

t :w'.-i-v con; 1 a iii'd i.i he fell 
n In ■ • j 1 the ciiircni L-'-fl of inierr-l 
rale' hiii :]ii> v. .is laricly con lim'd 
lo I lie 1‘iiiid-. and in the -hi't'l i-i’il 
of 1 lie market in pamciii-r 
‘Jiiotaiii'H'i here henan :ii Tu-.x 
■ In ■ I.i t !■ hi- marks and fell 
fill Gut In-r-ir.i i'allyins lii openin'- 1 
!e-el. in ,iP. this w.is con- 

Miu'i'-d 10 he ,ui expccletlly eoud 

P'TG'rn’iiK'' 

* h'l-moss in I'quific*. i« 
mi 'a >.i 1 roil In liiir.vins riarkeil. 
u ,. ;,i 5.1;!.-, again .1 tillin ilu- 

pry. i. up d.iv. tnj| ■.Iteh'ly heller 
linn :h“ » ♦* ‘k-a- o lii'uri' of .T.n2ci. 
**!•• .•»!'> .n iisM* s leiulcd 10 lag 
h'diind ill- I ■•priori:. the tendency 
bei'.g ni'rruii'd in ihe ihroe-iti-run 
n'.iann in r.\.>ur id hills p'.rr 
n-cs •in;"n:: FT-quosed industrials. 

GilU c?os? steadiiv 


N'nrii* 

[*-.■» h.vno 

r'i "nn 

h. 

hV.< o 

C:| 

o.l 

hi-.'iin 

nn-lil .• 

l"H 

r 

losi ;o 

*ro 

VI'i'llll 

hirorc 

v\ .' 

rr mi 

g.*»n| 

nil 

-It '|V 


1 rule en-ned. 

F.iontiudly a ralh Mink ami tlie 
longer i-im nrn i<— li rally r<*iurni'd 
to Tuc-ihi's l:%i level-*. :hu.* end- 
ing -nme ; a Inn th" hwim of the 
rir-v. Tin- shurii rl-n had 10 rnn- 
iciiii wi'h 'ii.-iv.i-eil MLR cxoccia- 
sum- hui ilmv. ion. reentered. the 
Treasury 14 per cent. 19S2 -'lork 
rl.wng i down at HIM. which was 
ilio .'am- a- iho previous even* 
in?'* late In cl. after having fallen 
10 I «V* P.irl'.y in n-cosnilinn of 
Tu"*»l.i>'s bio fi'ent'. ihe FT 
ciovcrnnieni c eiurilii*< Index Ml 
«.ll 10 71 ill. a fresh low since 
ear! 1 . I.i ■! Sen l ember. 

r.u-inc>* i;i Traded Op; inns was 
'ic.im ai a reasonable lei el. the 
numbers id contracts done 
.iRpiiinun; to M~ compared with 
!•* *« •••oeh'. ihi'y .lie race of i!7S. 
Th? Iii'fc -if ihe bu*'ni?<s was con- 
tin.',' in three sleeks. Court an !«'*. 
.*g.in lieu : prominent with t-S-T 
t'ide. Grand Mol. ia::te next with 


17fl and was followed by ICI with 
S3 

The investment currency 
market had another featureless 
day's trade. The premium moved 
between 109] per cent, and 110) 
per cent, before ending un- 
changed at 1U>! per cent, for the 
third successive day. The recent 
lack of incentive in this market is 
clearly illustrated hy the Tact that 
ihe closing level of the premium 
has moved within the restricted 
range of 1; over the last ten trad- 
ing sessions. Yesterday's conver- 
sion factor was Q.GS17 10.6S24). 

Antofagasta Ordinary shares 
rmved up another t to fISJ. 

D^scour.ts easier 

Further consideration of the 
H lest bank lending figures b.M 
ihe major clcarers undecided. 
O notations improved initially but 
liieti eased back late to close 
mixed. Lloyds ended 5 dearer, at 
2>\7p but Barclays rinsed 3 penny 
«.lf at 3«p. after 343p. Allied Irish 
edged forward a couple of pence 
in lS2p in response to the sharply 
Pirher annual earninss. Discmm-'s 
= mvc ground throughout the li«i 
Mien Harvey and Ross 445p. 
I'aier Ryder I’SSp. and I'nion 31Sp. 
all receded 3. while King and 
-<■ iwttn shed 4 to SSp; ihe annual 
rc-"lts of ihe Iasi -named are due 
1.1 day. Merchant Bank*, however, 
in.-’ nag cd a few inode -t impnAC- 
11101115 wi'h Guinness Heat and 
.Mamlirns closing .i hei'or m 22Sp 
and IS;?p respectively. Lloyds and 
Si-i/lish eduo«l forward a penny 
10 nip in n-i»m of to-day's first- 
li.ilf figures among Hire Pur- 
1. liases, while l.'DT. ai 37p. re- 
1 cd the previous day's loss of 

IGiyal* reflected di>appoininient 
u <: h 'five lirsi -quart or profits and 

■ l.isfd it down al STftp. after 3»iTp. 
Klsc where in mixed Insurances. 
Sun Alliance declined 6 to r»2Sp 
iial Lontlun -md Maucbesler 

■ that much to 140p. 

T) : stilJcrs. which closed at IS-Tp. 
ri'cnvcrcd the previous day's fall 
i.i r ii following news that ihe com- 
pany had raised export prices of 
hulk hurtling whisky to the U.S. 
by in per cent. 

Buildings eased in early trading 
in hri.sk business but rallied 10 
end the session with only modest 
falls. Profit taking accotmied for 
a loss ef «> to 294p in Richard 
Cosiain. while FPA Construction, 
down a penny at Hip. continued to 
re licet dismay with the sharply 
lower profits and the absence of 
a nn.it dividend Taylor Woodrow 
ended 4 cheaper at 4S2p. but fur- 
lilt r demand saw Kairclough Con- 
struction firm 4 lo 79p. v.hile 
'larch wicl rose a similar nmnunt 
lo :JU2|i in a quieter trade than 
of late. Henderson A jumped 9 
10 i'!ip in a thin market on fur- 
ther consideration of the previous 
day's statement of a second-half 
recovery in profit and Yibroplant 
rose ij to 17fip. Mallinsna-Denny 
atiracted buyers following the 
annual results to close 41 better 
at .i ip and. similarly. Magnet and 
^oiii herns rose 4 Lo 192p. 

Initially dull at 342p. IO 
recovered nn leehnical influences 
lo close ;j firmer on balance at 


"4dp Investment demand left 
Fisuns up K at 337p. In quici Had- 
ing ennditions. secnntlary herni- 
cal issue remained virtually a l 
overnight levels. 

Following the aHer-hours an- 
nouncement of interim figures. 
Westward Television concluded 
the day's business with a modest 
fall to 23p. 

Secondary Issues provided a 
few firm features in Stores. Elys 
(Wimbledon) jumped 13 to 1-iOp 
roirow'ng buving in a thin market, 
while Moss Bros, firmed 7 to 19Cp 
on speculative support and 
A. fi. Stanley advanced 8 to IGOp. 
Selineonrt edged fonvard a frac- 
tion to 2Gp. afier 26^p. in res- 
ponse to the results. 


became a steadier marker and 
picked up 2 lo 2'2.>p. while revived 
speculative interest left Associated 
Fisheries 3 dearer al 50 p- On the 
other hand. United Biscuits shaded 
n penny to IrtOp following ihe 
chairman's statement that profits 
in the Grst half of the current 
year have been adversely affected 
by bad weather in the U.S. .Among 
Hotels and Caterers. Wheeler's 
Restaurants were outstanding 
again with a fresh rise or 60 to 
3!>Up on continued demand in an 
extremely thin markut. 

J. F. Nash good late 

Awaiting the Office of Fair 
Trading’s decision on Lonrho's 
hid. Scottish and Universal Invest- 



A few pence easier initially. 
Electrical leaders picked up to 
close without alteration on bal- 
ance. Elsewhere. United Scien\.fic 
continued to reflect disappoint- 
ment with the interim statement 
and eased afresh to 296p before 
settling at SOOp for a loss of S 
011 ihe day. 

Engineering leaders showed no 
decided trend. Hawker Slddeley. 
up S at 212p, found support along 
with John Brown. 4 to the good 
at 320 p. By way of contrast. 
Vickers fluctuated narrowly and 
closed a penny cheaper at 177p 
following news that the Canadian 
Vickers talk? had been termin- 
ated. while CRN. 3 cheaper at 
274 p. failed to benefit from a 
report that the company may 
win a 1190m. East German plant 
deal. Secondary issues also made 
a mixed showing and final move- 
men is were mostly, limited to a 
few pence either way. Staveley. 
however, stood out with a rise 
of 6 at 240 p on scattered buying, 
while Avery'S improved 4 lo 152p 
on the annual results. Smaller- 
priced issues to make headway 
included Howard Machinery. 2 
firmer at 30p. and W. Henshali. 
3 to the good at 21p. the latter 
following the announcement that 
Bovbourne had increased its 
slake in the company. 

Foods passed a rather subdued 
session. Still unsettled by the pro- 
posed £3fi.1m. rights issue. Roun- 
tree Mackintosh eased further to 
394 p before closing at 30Sp, a loss 
of only 2 on balance. J. Bibhy 


m-'nts moved up 0 lo 120p. Other 
Miscellaneous Industrial leaders 
picked up from a dull start 10 
close with modest improvements. 
Beet-ham rallied from 643p to 
finish 2 dearer on balance at 649p, 
w hile Glaxo closed 5 to the good 
at 5G0p. A firm market of late 
on its planned acquisition of a 
75 per cent stake in a Californian 
beverage can man 11 fact urine com- 
pany. Metal Box fell 10 to 3I0p. 
after 30tip. Elsewhere. J. F. Nash 
Securities stood out in the later 
dealings with a jump of 23 to lOUp 
on the announcement lhat it had 
sold its Galley Caravan Group 
subsidiary to Black and Edgington 
for 11.9m.: B and E closed 3 off 
at 1 13p. BTR hardened 2 to 277p 
following the chairman's encourag- 
ing statement and I CL added 4 to 
280p in response to Pres-? com- 
ment. Black Arrow added a 
similar amount to 38p as did 
Dcnbvware. to Sop. and Sscuricor. 
to 102p. 

Among the Motor sections. Gar- 
ages and Distributors encountered 
scattered offerings. Appleyard 
gave up 4 to SSp and falls of 11 
were recorded in Manchester. 
31p. and BSG International. 40p. 
Dunlop picked up 3 to 79p in 
Components. 

Despite the predicted rise in 
interest rales. Properties held up 
well to close with only modest 
falls where changed. In a continu- 
ation of the previous day's quiet 
trade, an easier tendency was 
reversed in English Property 
which closed a penny higher at 


33 Ip. Scottish MetmpoiiUin ini* 
proved 3 to 103p after modest 
demand. On the other hand. 
United Real and Glanlicid Securi- 
ties both cosed 3 to 247p and 2i}5p 
respectively. Apex. 2(Wp, Brad- 
ford. 20Sp. 2nd Churchfiury. 23Sp, 
ali shed a couple of ponce, while 
housebuilders Fairriew Estates, 
112p. softened 3. the latf-namcd 
on the prospects of an increase in 
mortgage rates. 

Oils quiet 

Burmafa OU firmed 2 to 58p, 
after 59p. on speculative interest 
and hopes of a statement from 
the com pan v that tanker losses 
are less than expected: the 
announcement that the shnre- 
holdere’ Action Group intends 
to move resolutions concerning 
renegotiat'd agreements with 
.Chase Manhattan and Orion 
banks at the ACM had little effect 
nn the share price. In the leaders 
British Petroleum. K44p. and Shell, 
574o. both traded quietly to close 
without a Iteration. Of the North 
Sen hoppfiHs. modest demand saw 
Siehpnjt U.K. improve 10 to 340p. 

The 'urnrise announcement nf 
a £2Jm. loss for the ‘ first-half 
year unsettled stoebiobhers 
Afernrd and Smithers which fell 
awnv to close lo down nn the dsrv 
at 2 ton. afier 21 2p. Smith Bros. 
lo«» 3 to 34 p m svtnpaihv. 

Fnmoss WMhv continued to 
dominate nroreedinss »n Ship- 
pings. as frosh soeculaMvc sup- 
port nn cinl'nuing hid hopes 
hcinecl 1 hem to a rise of 6 to 
2fiSn; ihe anmnl results are due 
next Tuesdav. F.isev.herp. p and O 
Deferred gained 3 tn IftOn. 

Among ’ the few noteworthy 
movements in the Tp\tile sector. 
Trifcoviile responded to the 
interim results with a rise of 3 
to 7 Op. while the increased divi- 
dend and profit? left John Foster 
i; dearer at 36p. Tobaccos were 
quiet and rarely altered. 

South African Breweries firmed 
It to 78p in response to the 
annual results. ’ 

The first half-hour of trading 
provided the day's Teature in 
Plantations on the announcement 
of the agreed merger between 
Harrisons Malaysian Estates and 
Harrisons and Crosfield: the 
former closed 7 higher at 97p, 
after J00o. while the latter fell 
13 to 487 p. Lunuva. in which 
H. end C. has a near-45 per cent 
stake, jumped 30 to 21 Op in 
sympathy. Elsewhere, Guthrie 


added 7 at 2fi7p and Sungei Krian 
closed lj higher al 72 p. 

Golds up again 

The continuing firmness of the 
bullion price, which was finally 
SI better at $174,125 per ounce, 
enabled Snulh African Golds to 
push ahead for the third succes- 
sive trading day with the Gold 
Mines Index adding 4A at 148.4 
— a three-day gain of ti j. 

Prices were marked up at the 
outset of business and. after 
faltering briefly owing to small 
Continental selling, they resumed 
their upward path as American 
buying became evident in the 
late trade. 

Rises in the heavyweights 
ranged tn a half-point as in Rand- 
fontein. £335. while improvements 
of J were common to Hartehcest. 
£11 West Driefontein. £18 } and 

Western Holdings. £16 J. Medium- 
priced issues showed President 
Sleyn 35 higher at 6S7p and 
Western Deep. 75Sp. and Saint 
Helena, 767p both around 29 to 
the- good. In the .lower-priced 
stocks. lioortifomcin were out- 
standing with a rise of 20 lo 271 p. 

South African Financials were 
equally firm. Dc Beers were 
active and final Iv 3 up on balance 
at 35rtp. after 352p. while Anglo- 
VaaJ advanced 25 more to a 197S 
high of 725p. GPS A gained l to 
£121. Transvaal Consolidated 
I^ind hardened , m a high of £13i 
in front of to-day's half-year 
results. 

Platinums came in for some 
persistent Cape buying which 
took Rustcnburg up 10 S4p, a 
saiu of 6. while Bishopsgate put 
on 3 lo Sip. The South African 
Finance House “Johnnies" rose 
i to £12 reflecting its consider- 
able holding in R'ustenburg. 

Australians showed a firmer 
tendency overall but business was 
subdued. Western Mining nut on 
a penny at I14p following the dis- 
covery of gold at the Roxby 
Downs copper-uranium prospect, 
while speculative interest lifted 
Tasmioex 0 more lo 90p. Buying 
of tlie same nature prompted a 
penny gain to 3jp in Newmetal. 

The continuing firmness of the 
metal price in Penang caused 
further good gains in Tins. Also 
helped by the higher April pro- 
duction figure, Ayer Bitam 
advanced 20 to a high of -loop. 
Other Tins to register substantial 
gains included Gecvor, 5 better at 
l45p, and Tronoh, the same 
amount up at 202p. 


FINANCIAL TIMES STOCK INDICES 


(itiremincul .. -I 

Fiso-t lnl«i-i — 1 

I nil ill* rial 1 ir4tnaty... 

li..ll Jim- ' 

(•nl. I»iv. YiqM 

hnrmnr 

LM-i Maiitf'iielH't! f 

LH»lmgs oml'frl 

Kiiinly tiuni'rer £111 ..; 
fc!,|iiilv r-nrsn''** 


Unv | 

10 ! 

' M«v' , 
- ! 

MnV 
r ■ 

M«y 

a 

Mav 

May j 

A >wir 
ski. 

71.01* 

71.12 

7 

~ 71.75- 

71.40 1 

7l.42j 

60.93 

72.17 

73.30 

73 65 

72.54 

73 9b ; 

73 95! 

1 

65 73 

475 0 

471.1 

480.! 

461 5; 

474.6 

47l.9 : 

1 

456.5 

148.4 

144 1 

143.1 

iai.es 

143.9: 

142.2; 

115.0 

6.64 

5.60' 

5. SB 

5.5«; 


5.69' 

5-03 

17.11 

17.23 

16.9* 

16.93 

17.05 

17.15; 

15.44 

7 82 

7.7 7 

7.90 

7 90 

7.84 : 

7.80{ 

6-62 


5.435. 


e.cu> 

71.1J; 


6.4X2 

74.12 


5.741 

98.60; 


5.1BO; S.320j 8.3*9 
94.20' 100 .it; 120.43 


- i 15.767 17.46 1! I7.444_17.gsn 1 17.93S| 24.761 

1 1 a.TD. 4U>'.9. Noon 473 6. 1 p m. 474.3, 

2 p.m. 474.1. .1 P.m. 474.3. 

Latest Index 862L. 

• Based on .v.' in.-r i eUL corporation lax. Nd=7.«. 

Basis IWI Covi. S«cs. lo lii -ti. ElS'.'d IflL 132S. Idd. Ord. 1.T 36. Cold 
Mines I2 9'5.i. SE Activity July- Pec. 1*42. 


HIGHS AND LOWS 


S.E. ACTIVITY 



l«7i 

Janice i_N 'in| »> '"lien 


Hu:h 

| £»»w 

1 Hi s n 

Lu.* 

li-m. ecca... 

78.5B 

(5.1) 

! 71.01 

| ilU bv. 

1 127.4 
; (9il;3b1 

49.18 
(5;1 ,7bi 

Kisct lot.... 

81.27 

1 73.17 

160.4 

50.53 

idli 

; ilO J'i 

rjs,1147l: (4/1.45) 

LmL 

497.4 

i 433.4 

549.2 

49.4 

ib.Tj 

ll'ji 

■ 14.9. Tii 

r_'6.1i.40j 

0»l'l Mine*. 

168. b 

i 150.3 

442.3 

43.5 

iH.-.ii 

l it- 3) 

KfO )5i|iS.h 10'lh 


Unf 

14 


Uiy 

6 


— IHIIy 
Vi lit- LirtuOl 
Imlunrrliti. 

.^tt'lllKIl'C 

Ti.H*K.. ..... 

4 Cm 
U ill- Lie. I 
liidu-irlnl-' 
5lN>culsllvr 
l.MI 


169.7 
..j 197.4 
J2.s 
.. 1 125.7 

BT 

156.0 
205.5 
. 32.9 

' 126.3 


163.9 

218.4 

39.7 

136.8 


133.5 
! 204.5 
1 32 9 
' 126.9 


ACTIVE STOCKS 

No. 


Stock 

BP 

ICI 

Shell Transport... 

BAT Inds 

Grand Mel. 

Burmah Oil 

Commercial Union 

GEC 

Uliranur 

Barclays Bank ... 

Eeecham 

Bouker McConnell 
Hanker Slddeley 
Royal Insurance .. 
United Scientific 


lomina- 

of 

Closing 

Change 

1973 

1978 

tion 

marks price <p) 

on day 

hi£h 

low 

£1 ■ 

15 

S44 

— 

864 

720 

£1 

12 

348 

.+ 3 

365 

32S 

25p 

11 

574 

— 

586 

484 

2fip 

10 

337 

— 

337 

207 

50p 

10 

11.71 

+ 2i 

113} 

87 

£1 

8 

5S 

+ 3 

59 

42 

23p 

S 

153 

— 

15!) 

13$ 

2.-,p 

S 

240 

— 

27S 

233 

2-7 p 

s 

2iiS 

+ 2 

274 

194 

n 

7 

342 

- 1 

35$ 

2M 

23 p 

7 

64fl 

+ 2 

67$ 

593 

.V)p 

7 

2iJ2 

+ 5 

2H2 

127 

23p 

»? 

212 

+ 8 

216 

li'<6 

‘i-ip 

7 

370 

- 6 

423 

34T, 

25 p 

7 

300 

- S 

322 

261) 


LONDON TRADED OPTIONS 


OPTIONS 


DEALING DATES 
First Last Last For 

Deal- Deal- Declara- Settl- 
ings ings tion meat 

Apr. 25 May 9 July 20 Aug. I 
May 10 May 22 Aug. 3 Aug. 15 
May 23 Jan. 6 Aug. 17 Aug. 30 
For rate indications see end of 
Share Information Service 
Money was given for the call 
of Town and City Properties, 
Burmah Oil, English Property, 
Associated Fisheries, Group 

Lotus. National Westminster 


Warrants. ICI. Ultramar, Shell 
Transport, Celtic Haven, Dubi- 
ller. Lonrho. Bellway Holdings. 
Chubb, Reo. Stakis and UDT. No 
puts were reported, but double 
options were arranged in Reed 
International English Property, 
P & O Deferred, Dawson Inter- 
national, J. Bibhy. Leslie and 
Godwin and Erskine House In- 
vestments. Short-dated calls were 
transacted in Hammerson “A.” 
and Siebens (U.K.), while Ham- 
merson *' A " were dealt in for 
the double. 



rr 

Jiilt- 

Oi'i'it'xr 

Jfl 

min v 




Cite ini'. 

Ciivifif: 


Chain 


t-lliirj 

• 1 l>i i.tn 

|«ntT 

"(Tit 

Y«.J. 

i-ffn 

V..I 

.•ller 

■ \cii. 



75u 

112 

1 

127 

<1 

Am 

142 

— 

844,. 

or 

SJO 

70 

4 

69 

— 

no 

1 

»» 


850 

37 

10 

59 

— 

80 

: 1 



14 J 

18 


23 1* 

2 

25 

; 1 

152p 


160 

7 

10 

111* 

12 

15 

1 



160 

18 

l 

26 


29 


ITlp 


18J 

B>2 

1 

15 

6 

19 

6 



1J0 

2a i 3 


52 1« 

— 

231; 

— 

120 P 


110 

13 la 

10 

lb 

— 

16 




12J 

8>= 

66 

12 

— 

151: 

i 3 



- 130 

5 

106 

eie 

— 


1 — 



ZZJ 

37 

20 

43 

5 

49is 


249,1 

.iKC 

240 

221] 

1 

30 

— 

33 

1 - 


I.KC 

260 

111; 

15 

20 1 

1 

27 




10J 

17i« 

32 

22>a 1 

5 

24i a 

! 1 

1 13 p 


110 

10L 

72 

15'2 

14 

18 

1 12 



120 

6 

5 

9J, , 

23 

14 is 



If 1 

ASo 

32 

9 

38 1 

10 

43 

9 

348 p 


260 

15 

14 

21 | 

23 

271; 

, 18 


R lati"f Secs. 

180 

27 1, 

17 

31 1 

* 

5412 

5 

202p 

Q Ij*u'I St-i-.. 

20U 

151; 

10 

18 j 

10 

23 

; — 



220 

51* 

15 

91 2 


15 



I Mai K - \ f|>. 

14J 

IO 

1 

16 

— 

19 

! 6 

146p 

|j AO|k 

160 

4 It 

1 

7 

15 

10 

1 — 


1 'Im.u 

SOO 

94 

— 

106 | 


108 


574p 

3 n, .-ii 

550 

50 

8 

63 ' 

2 

72 

! - I 

„ 

| Shell 

600 

21 

14 

32 | 


45 



fl Trials 



441 

i 

1 

131 

_ 

« ! 

• 



AIPPOSftT&IENTS 



Mr. J. Man Ctnnni'n:'. chief 

erncral m Hi.i i'T cf tiie U'OOL- 
’V!« 'II E<il'IT\r.l.E BUILDING 
Si'ClETY. iu* lu-en apnoinled 10 
si:*.' Bnarti. .Mr. Uiiniining is 3 
i.-..'nilu'r of the Council uf Buiid- 

ing As-iiciatTon and 

sr:--..-N on sis Pulley IJtiroivan and 
A-vnunian-.y and Taxation Com- 
1:: il've'.. 

T** 

Jlr. .1. R. Iti-dfi-rn ha- been 

■:»-»! ini- .hi-, uf d f . iitc INSUH- 
-WCK tNM'IILIM up LONDON 
f *r 1"7 n 7'| and Mr. A. ». Malunlv 
h:.' Sieei'.iU' ■li'imiy I're-aleiit. 

■* 

.Mr. I’. L. Gmiiigi'. :« , iu.irial 
;»:.--'.l»:i: .-i ;li" i'.W.UU LIFE 
VM i: O'XIIMW in the 

IK ..ml l.fl.mil. lias relirvd. 

* 

i»i< tm\ switch* 

hi-. n»:nh.' Hu: follow 
tli: Ii:;. anpoiiiltuvnlv: 4Ir. 

I', t M.m-Vu-L t m.i. :ii,i i-.'M“). Sir. 
<■’. P. .fjsi*T 1 :iii. in*-" 1. .Mr. C. A. 
M.ihiIv i-.iS . 1 Mr. V I-:. M. 
i iii ,,, ii'r!*<ni 1 i'lr.'iiii'i'i'iiii! I and 
Mr. !L W. S'. I.i 





Mr. 

1 n-l 

Li'.irrt. 

vim 1 nn. 111 nr 

ill" ;.|: 

:»'\ !' 

..Ml. It 

;:\uii i\tkk- 

* \!J«! 

\I. 

i.'.si 

AM'i: IJftOI*' 

im: >- 

»i 

1’. rcliri- 

V till Jline 2(1 

.■ 1 1' i ■■ 

•!I !m 

'•< 'inii' l! 

lil'l prp-l- 

ii.'i: .. 

,i'l n 

m on 

i!iu U'liiril .I» 


.1 1. , 'Mi'ii' r.e dir. «'liir. Hi' i< 

;»i - n< -i'n.., I.-. | >»-. >ir. Slauley 
l Uli:ir>. nil. .It ■•■ininiue a> ilio 
on,- 11..1U. ,.11 : ihrecior. 

'Ir. J. M;nin Miilis hai hem 
. Ji.i.i ai 'M .<f :lic itIJITISII 
»i , :\’.l | i PLANT AND 
\«. 1 1 1 \ > I; V MAM. I ICniJKH.s' 
'l l '. 1 H' \, .i ml 'Ir. ILnid .1. 
C.i'.\hi'!l l» V'.iik * •. 1 -''-L-h:<ii->ii.iii. 

Mr. Ilnlvri I', t r.nen )ij» been 
-*. !*■•.'. *1 11 c.iMirvr 
* 

Mr. firorci- II nine, ricnuiy 
-"..11 . '.tl *!*r«-i'ti*r 1.1 1 1 In 1 I loyal 
i* =:ii. .1 >•.-.*! Ismrl and deputy 

r.-.in.i'.'irij dipTlnr of ! lit* National 
..’ill i.'omiiioi.-i.ii P..>nkin-j Group. 
t'i- l»e«':i app'iinii'il m ihe new 
i-'.-it iff ini'-i I'.i'.u'ii.i! bankmy AT 

i *;-n 1 . •r-wAvr university 

from June 1. 

* 

The neM vici'.i-ijanee'lnr nf the 
! ' N I \ Ulf^lTY l»K RiL\DFi.'nr> will 
ho P.-iffesMir John C- West, at 
I .row 111 ;»nffe*‘i»r of eleciric.il 
.mil .-nniroi ongmeerms ai the 
! ni.-ep .1;. of Sik<i*.v. He takes up 
hi.-- new |n 1 nn January 1. 


Mr. Alan Cumming 

been aiipnlnii'd to lhu Hoard ef 
IM>l.'M'i:i,\L AND TRADE 
FAIRS 1 1 lULDl.M.l.Sl. Ilv is 
deji:i:i chief exccuiue of Ihe 
ojH'raiiiig coinj>..iiy. ludu-lrial and 
Tiai.1'.' l’.ur» J-iniited. 

* 

MEIH i AN TILE CREDIT COM- 
PANY li.i.i forniert an opera lion * 
do 1 •i'.ui w 1 Mi ihe follov. mg execa- 
H'.i".: Mr. 41. E. Acland. cxcculiic 
dirveiur, Mr. M. II. H.nrne>. ,'ir. 
IV. \. Ganihle and Mr. B. C. 
Ii;isi;-n. tenoral nunajers. and 
>tr. Ii. It. Gerrard and Mr. B. 
ilallani. dopuiy general managers. 
* 

•'Ir. S. Ii. llucMum has been 
aii.io.iiTi-d cmmcreial director of 
IMi’CiilAL TuBACCLt from June 
I in place of Mr. A. M. Reid, who 
will coitiinue as managing direc- 
t'fi 'Ir. 15. II. Wray will succeed 
Mi - Uuekhani as marketing direc- 
tor. 

★ 

Hr. James It. Preslon is to jo.n 
ihe 1 . iis.ijl.I of ihe INSTITUTE OF 
ADVANCED MUTURISTS as ihe 
.•fiicirl representative of the 
linliah Medical Associaiion. 

* 

Mr. Jack Jones, former general 
secretary of ihe Transport and 

General Workers Union, ha.i been 
ajipninied as an rissoci.ne fel!nw 
uf liv LONDON SCHOOL OF 
ECDNOMK25 AND POLITICAL 
SCIENCE from October L 


Mr. Chrislnpher Garrett has Mr. Michael J. Cannnn-Brookes. 


NOTICE 

To the fielder* ef the Flearinj Rate London 
Polhr Certificates of Deposit due ! May 
r-SC cf: 



The Sumitomo Bank, Limited 

5. Moorgatr, London EC2R 6HU 

V/c hereby certify that the rate of interest payable cn the 
a bo. c- mentioned Certificates of Deposit for the Incerest Period 
bociinin^ on 12th May. 1978 and ending on 12th November. 1978 
|J 61,: per cent, per annum. 

EUROPEAN BANKING COMPANY LIMITED 



hear] nf. CITIBANK'S national 
banking group in the U.K., has 
been appointed to lake charge 
of a new international corporate 
banking department in New York 
from next month. 

■k 

31 r. Melvin J. B. Swann has be- 
come sales director of GRUNDY 
ARNATT. 

★ 

•Mr. Ken Phillips has been ap- 
pointed a director of SMART 
AND BROWN LIGHTING, a sub- 
sidiary of Thorn Lighting. He is 
at present general manager for 
the Hereford and Leominster fac- 
tories. 

* 

Mr. IV. John Reynolds will be 
jo'nins the partnership of STOCK 
A_ND CO, sj'Ck brokers, from May 
15. 

* 

Mr. Frank R. Reilly has been 
appointed general manager of 
the CH ASE MA NHATTA X BANK 
operai inns in the U.K. He was 
prevlou-ly group cxeculive or the 
F. rnk's international department 
financial management group. 

* 

The Board of PRIMROSE IN- 
ni'STRIAL HOLDINGS has been 
recoiLuituied following ili*> resig- 
nation of Mr. D. A. Lurie. Mr. 
*'■ J. Saunders. 31 r. G. Perlman 
and Mr. I>. 3U-Kcnna. It now cim- 
>=1x11- of yir. A. R. Kouip cevoeulivc 
chairman 1. Mr. D. J. Gevisscr 
1 deputy chairman and managing 
director I. Mr, D. 3L II. Brugge- 
mann. Mr. I. D. Brittan. Mr. A. T). 
(funkkon. 3Ir. D. H. Milchcil. Mr. 
J. C. Robertson and Mr. F. J. J. K. 
Sleyn. Mr. G. Ferlman and Mr. D. 
?.IrI\nnna have been made 
alternate directors. 

* 

ITT has an pointed Mr. Mike 
Foster as Regional commercial 
d'rector for ihe consumer elec- 
tronic* and appliances group in 
the U.K. 

* 

Following the acquisition of 
D.miels and Daniels and Conti- 
nental Fashions (Leicester - ! by 
the ALF1IA LEATHER COM- 
PANY. Mr. S. P. Daniels and Mr. 
31. R. Garrard have been ap- 
PoirtlM »o the Board of Alpha. 
Mr. H. Mnnison-Jnnes and Mr. C. 
Rutierworth. senior executives 
have also jnined the Board of 
Alpha, which is a U K. subsidiary 
<ff Hutchison V.'hairjooa of Hon" 
Kong. 

+ 

Mr. A. D. Mc.V Boyd will be 
retiring .w chief executive of 
RILHARDSONS tVESTCARTH 
AND co. in July. Mr. G. L. Banter 
is to retire as managing director 
at the annual meeting on June 7. 

* 

Mr. P. J. Allan has became man- 
aging director of BACKER ELEC- 
TRIC COMPANY, having previ- 
ously been managing director of 
1:5 industrial division. Joining the 
Board arc Mr. J. F. AJsop as 
managing director, domestic divi- 
sion, and Mr. R. Ilamstead. as 
financial director. Divisional 
/I'recrorvhip appointments arc: 
Mr. P. A. Cliffe. assistant manag- 
ing director: Mr. J. F. Dye. pro- 
duction, domestic: 31 r. R. G. Kelly, 
production engineering, domestic; 
Mr. G. D. Freeman, sales, indus- 
trial: Sir. J. A. Yarrow, produc- 
lion. indusrrial: and Mr. G. P. 
Johnson, technical, industrial. 


NEW HIGHS AND LOWS FOR 1978 


Baker ln«. 
Calc Inds. 


ANI 


The (allowing securities auoted In tins 
Slurc Information Service vejtcniav 
a '.Ulrica new Highs and LOWS lor 1978. 

NEW HIGHS (85) 

AMERICANS >41 

Manl. Hanover 
T-soro Petroleum 

CANADIANS 111 

Into 

BANKS >21 

•'led Irish 
BUILDINGS 16) 

Brownlee Hwon Stuart 7oc Cnu. 

Fairciuugh Cora. Maiiinson-Dennr 

Henderson iP. C I A Rowlmton 
CHEMICALS IT) 

Wolstenholmr Bronze 

DRAPERY A STORES (3) 

Lee Conner Wades A 

Stanley (A. G.) 

ELECTRICALS Cl) 

Ratal Electronics 

ENGINEERING 'SI 
Assoc. Tooling Cllftord .Chan.) 

Barton A Sons Slavcler inds. 

Birmingham Mint 

HOTELS H» 

Wheeler's 

INDUSTRIALS >221 
Alome Hides. M.-tto- 

Barr.' Wallace Arnlo. t MiKhel* Cats Trans. 
Black Arrow Nash F.i 

Booker McConnell Northern Eng. 


MINES ill » 

Analo-Tramvaal Pahang 

Transvaal Com. Land Mjl-.v Dredging 
Newmetal Pengkalen 

Aver Hi&m Sungei Bcsl 

BeriiiTuI Tronoh 

Geevor 

NEW LOWS (39) 

BRITISH FUNDS 119) 

Etched. Spc 76-rs Treas. 8 -oc -B0-B2 
Treas. 1 1 i ; oc 1979 Treas. 14pc 1982 


F T— ACTUARIES SHARE INDICES : - 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


Treas. 10:;pc 1979 
Excheo. I Sec 19BQ 
Treas. 11>:pe T9B1 
Treas. 91oc 19B1 
Etcheo. Bijoc 1981 
Evcheo 9;pe 1981 
Er:h»Q. 3oc 1981 


Treas. 5L.cc 1992 
Excheo. 9 : <dc ‘.982 
Excheo. S-UPC 1933 
Treas. 12pc 1983 
Ex. I2»c‘9£ (£3Dpd) 
Consols. 4oc 
War Loan 3' : oc 


Ootan Profile 
Ewer fG.i 
Fogartv £.' 
Hunting Assoc. 
Lerrev Prods 
McCIeerv L Amli 
Magnolia 


Pcntos 
Pitney Bowes Lo. 
Radiant Metal 
Securlcor 
securlcor A N.V. 
Williams >J.) 
Wood fA.) 


INSURANCE 13) 

Ennia UK 9ot rnv Lnndon A Mancheslc 
MOTORS (2) 

Volvo r-aP.m 

PAPER (1> 

Ogiivv 8 Mather 

SOUTH AFRICANS 121 
OK Bazaars 4 4 Breweries 

TEXTILES >4i 

Allied Textile Hlghams 

Foster IJ.> Trien'.'ille 

TRUSTS 1 2) 

Derby Trust Inc. G-n. a Commercial 

_ OILS >2) 

Burmah r-i—n >UXi 

OVERSEAS TRADERS <41 

G.i> A Dulfus S'mc Dartar 

Incncaoe *-— > Bros. 

„ , RUBBERS (S' 

Bertram Cons. Muar River 

Cons. Planes <iungel Krian . 

Harnsons Malayan Eats. 

* „ TEAS (4) 

As'am uooars LOngDOurnt 

Jot-r Lunuva 


Exchequer 12 'ipc 1981 
COMMONWLTH. A AFRICAN LOANS ID 
Australia S :pc 1951-82 

LOANS (4) 

ICFC I locUns.Ln 98 Do. 7>jOCADb. ‘91 -94 
Do. 1 1 \pcU nn. L n '9T D** P -ivLn. '92-97 
FOREIGN BONDS tl* 

Jsoao 6 DC 1983-PB 

CINEMAS (II 
Scottish T.V A 

ENGINEERING (1) 

Record Ridawav 

FOODS (3) 

E -eland >J. E.) Tave-ner Rutledge 
F.M.C. 

1 NDU5TRI A LS i2> 

Bridgend Proce"— «*srair 
MOTORS >1« 

Zenith A 

PAPER Hi 
Collett Dickenson 

PROPERTY «2) 

Proo. Hldgs. & !«■» P-cn. a Rer. A 
TRUSTS 13) 

Anqlr-lnt. Dit. Al -ovd 4 Smithers 

Leda Inv. Inc. 

RISES AND FALLS 
YESTERDAY 

Up Down Same | 

British Funds 2 31 42 

Corpus. Dam. and 

Foreign Bonds 4 14 47 

Industrials . 2S1 373 4X0 

Financial and Prog. ... 52 I'M 274 

Oils . 7 9 IS 

Plantation IS 3 15 

Mines 72 14 36 

Recent issues ...... S 6 X2 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures in parenlhese* show number of 
slock* per section 


3 

4 

5 

6 
S 

11 

12 

13 

14 


23 

24 


Totals 


418 64« 1.354 


RECENT ISSUES 


EQUITIES 


lv-uel | 
I’n-v = 

; ’ 


SlT'W ] z ^ v'+ ’ f 

r“ i ”i i< 

w i , 

- ’ 6-1 ! 

■ — ' Hiali U.«* 

1U5 . F.P. .26 4 ; 143 , lib 
(ill 

m E a H..h.*av ,136 —3 ;o.75 2.2 |7.4 9.4 

i f 1 ! 

FIXED INTEREST STOCKS 

! j 

- |I r i! 19ie 

Mfli'k 

5 >■ r4- w 
Jy ! — 

l 

f Hiul'j L'W 


I r.P 

■ i >j ; f.i*. 
lJOn F.F. 
tJ- i> f.F. 
« : \i* 
l99 Ij: io 
’ t.P. 
— i F.H. 
» ; f.i’. 

lQOi- - 
«' ; F-P. 
£100 Ml 
»0 P.P. 


! — | dt p | ll|>.4inv.. Iiviv. Iw* di-i. lii 

— i S : Liner. Kapre-- Ini Km, L vrmi.iv ■£. — .... 

*10*5 ' Hop! I0d|- .Xnuiiaue (U.l film. Pwr 

-l0ll-p; lOUp • 111 ■! lit m- a% Uuiiv. Liom. Ifc*l. !imi Fnel. ... 


- ; 2ri 2 : 


lin lvk Mn'av . I'lg 111. Mtnd. 


.25)3 

da.-v 

9,o 

id I 
23.6 
s ~ 

8-6 


tic Sis (ircenivi'-li iLnn. B-,m. ,.n lift Bel. U^. 

j 104 p lUllrJrnks 1 L'lttcll I0J Cum. I’ref 

lOui.l IOj, iM.-nric* iJ.1 Cum. ['ref 

. 10. hl iMiil-busocx tVaicr 7%H»l. Fn‘. 1963 

• I0dp ' IdOji Pitinni .-*4i Liiiii. Pn 

■ I-- ■ -i 'Tnlhe.tlj Cnv. I'ns. l.n. ‘W-S3 ... 

• Irm lj pin Teciiit 14^ i.‘nv. Tin. lai.l'tia .. .. 

| rf*2 Y.irk IVnl.-r 11%, LVHi. 19!D? 


i 86p | 

. 695.' 
! llOp; 
I iai|. 
; 27 ' 
! 81 * 
tl-lp' 
,ii33iii; 
.ilut 
. lOOp 
98 
I; uir 
' 97*2 


+ >S 

+Y" 

-lj 

-l" 



CAPITAL GOODS 1 1791 

Building Materials >27 1 

Contra cling. Construction (26*. 
Electricals 1 15 1 

Engineering Contractors (14i._. 

Mechanical Engineering *7I».. 

Metals and Metal Forming r ITi 

CONSUMER GOODS 
i DURABLE! i52i 

l.L Electronics, Radio TV il5. 

Household Goods 1 12- 

Mo'.nri and Distributors ,25 

CONSUMER GOODS 
l NON- DURABLES 1761 

Breweries 1 14< ... 

H ines and Spirits iff/ 

Entertain men 1 Catering *17i 

Food Manufacturing 

Fond Retailing 1 16' 

Newspapers. Publishing <I3 i 

Packaging and Paper* IS* 

Stores (39i.„. 

Textiles '25i 
Tobaccos 3 1 
Toys and Games i 6 i_. 

OTHER GROUPS 197) 

Chemicals) IP:. ... ....... 

Pharmaceutical ProductsiTi 

Office Equipment 161 

Shipping'!!)). 


“RIGHT5” OFFERS 


l»-ue 

l'ncei 


Lvnu-I 
I.r-OUIH . 

Umr '. 

e . 9 'Higii 


ld7c 


IlUK 




-■•.isiua !+ ■■ 

I'ri'.v i — 


36 i Mi 23,3 23;8.!S*i'iu ISpin bix.*ro Uu*erl Kent 16pm' 

30 F.P. ID Olj'Jjy Mi. - .Otl'h«l;IJ IgS ■ Jj" 

5i'2<S Ni! | — . — .34pni 33pm Carmiiinn Iinien<il link 34nm 1 ■* I 

lao-.-iv ■ — .;pu. mi ii'i mbi ij'.ni Mmiu^ .vi 

TH [ Nil ■ — — oO|im Jdpn; flnrifiii XllHlunlv 26 j-iti — 8 

lua : K.P. ' 5/5 19.o 140 • !i » Miimw-IR A— i:n,m, 14*3 >2 

30 >• ; 1S/5 9-6 33i.m12ii'ru''ii;in' 2 ll-mn — J 

I5d Ni. • 16/5 13, ‘6 Spin 111*' hirnn 4 X.'»til 23i,m 


99 

.41.L-3HARE 1N'DE.YiG73i ...J 214.02 | *0.1 j | 

5.49 1 - 1 213.75 ! 21703 Di.28 213.00 

j 19046 

FIXED INTI 

trestt 

'RICE r 

SDICES 

FIXED INTEREST 
YIEJJOS 

Br. Gort. Av. Gross Red. 

WeJ 

May 

It) 

Titwa. 

May 

8 

Year 

«t> 

ayprotl 

British Government 

Wed. 

May 

10 

£)a>'a 

change 

*• 

xd ad] 
To-day 

xd ailj. 

1978 
lo dote 

1 


851 

10.89 

U43 

8.48 
10.89 
. 1141 

738 

10 74 

11 B5_ 

1 

.1 

4 

5 

Under 5 > ears 

5- i 5 years 

Over 15 years 

Irredeemables 

All 'locks... 


-024 

-0.03 

-055 

-Oil 

1 

| 


Medium 5 itars 

U^upons 15 years 

25 years 

1084 

1212 

1230 

10 77 
1211 
12.30 

9.» 
11 U 
1131 

1 

LinjH^HET? ! M 

Kfl 

m 

1043 

1270 

1296 

10 

irrcdccmahles 

1122 

1118 

llll 


pr-iiuiu.i.ii uh. dal* u-' "dill, las' ,i j i lui 'v-alliiM 'r>*r ni xurnu tint » iu-ai 
hum*. «ir- unournin e^imurc. o Assumed Tinilrrut and virln. « H'nnr.'^Ji lii'ulvjuj' 
nvt-i nusi-d no orrmime rear's eaminas * riirin*-n*i ann »iein naan’ <n, unisu^iiu<, 
ii o»hci 'ifti'.li' es'ima'cs for I9.H uHrna i Fn;iin'« assnro-n i I'mvi 
foi oinrcrsion oi shares nrn now rjnkme inr rtirklrnij or ranking nni? htr resmcien 
lividrnds t l*lannfi once in tmoilc. u5 Pmice uuirsj mhurwise t/juh j'b,;. ", issurut 
by lender, s (ffleren re fwM.'rs <n rjrdiiiant xhures as a "" rlahis "■ »* Kurus 

bv way al ca an a I ear inn. n Slimmum rrmfr-r Drier I! Reinnyyiiiccd. Ii i*sae*i 

in connection wilb mursamsation tlcrsei or laReorer I'll lnrrn,1ui.!iiiri ~l |«sii.vl 
"i former Preference holders. ■ Alh-tmem Ion era (or fniiv tuini • Provisioaii 
or partly -paid aJIalumnt letters. 4 WiLta vunna. 


j: 




Med. Mat 10 

1 li»*"lB\ 

i 

■M mill a v| Frl-inv 
ll*V ] XJhi 

i 

Tina-.. 

: Mai 

! i' 

"Vl. 'Tuev,lay, Fri'iav j I'af 
Mijv | 3lx v .. A cn I ! 
j ! 2 „ap|. , '"l 

lii'lv* Yii-tu 
: 

j ' 

( 

IS 

'JO-yr. Red. Deb & Loans (15) 

57.60 r 12.87 

57 77 

57.67 1 58 43 

58.43 

58.45 58.43 j 58,32! 54.91 

16 

Investment Trust Prefs. ( 15) 

52.40. 13.55 

52.46 

63 27 : 54.23 

54.29 

1 ! 

54.89 1 54 84 ] 54.84 1 W 

17 

Coral, and Indl. Profs. (20) 

70.35 12.99 

i 

■70.59 j 

71. £3 ; Tl.OS 

71.33 

. 1 i 

71.17 1 70.81 ! 71.01 ! 71.«* 

i ! l 


Issues. A new !»[ of ihe cmsilioenu Is available till. IiT "o 1!? L ane conll,luent changes are published In 
Street, London. EC4P 4BY, ortce !3p. by post Z2p. lh ° Pu *' , ' ihcrs ' ,h c Financial Times. Bracken House. Cam>« 









. ^ 





























































































lip 


CE, PROPERTY, 
BONDS 


AUTHORISED UNIT TRUSTS 


Abbey Life Assurance Co. Ltd. 

. ]-£&. Ful's Churchyard. EC4 oi-atg«ji in wJ^Z. Ias " c - ^ WI Pensions' Management 144. 

Mgte Sg* £ * ^GrecrehtoXhSL.EOMHH 0l2=»« 

'SSE=K M - - p*sst^“?«J..-i= “TtBfffc-Esa^Wi- 
taaaaS: s, ■ jh ~ = ***»< ■«. c.. a-.*.. l*., 

•WQBwPMi — gu Si :::r r o-LCashftmd “iLSfc wwitou«w«j» (nme» 

Si’ - ?fSff>™-P03S xSl 9 II n z: KJl.lfcjterPSlJ! 

'5™ K -SF cun 5r— HfZ MU ..._ - C-L. IntL Fund H? Zc jjSil lH Z Tcch.-.ohsCT'Fd 

SS-SSiS* - — fSS 0M4 - - GJ-PWy.PmidL.lw9* “8.1 7 Ertr.In??d. 


MrJ = 


j Abbey Unit TsU Sljrre. Lid. ipi 
iTJ-flO.GaloiiooirRd A'ltoburv. OS 
. A bh*v Capitol B2.J .M* -Ol) 

■.thbeylnrow .Si 41«-ofl 

LW. .AKirylni TstKd 0*2 36U-04 

01«l«9 'AWwC* 11 *' «•“> J 


G art more Fund Managers * 11 h«) Perpetual toil Trust Magurt.* lal 


Equity _ 

. FfTop Pi Ser. 4__ 

>Wn.nLEer.4 


.. l jMn..ra5w< — «3.0 140. U 

' ' I - f&Wl^ a-.Ser. * - a9 35.3 

., ■ pCOuv.Fd. Ear. 4 — Uoj . ua7i 

“i::JMdO«y W.Ser.4. UU LUi{ 7 

pilec* at May fi. Valuation normally 


— S-j" 5ft?l5 , P'«id— 1103 s uuLlfl _ JP**te lire P!ar, 

— GJ-CUtAud hw.O 11*7) -Lz — §■*" '-o'iFd. 

_ G-L lotL Fund pifc 5 122.t| — 0Z — talBaiwFd 

— GJ.Pjrtjr.Pniid- .. |W9 iso ^ _ . J _ Mnhrr 

— ' Growth & See. Life Aw. Soc. Ltd.* gffgSS 

= J.d - Miua 


New Zealand Ins. Co. fC.K.) Ltd.* 101588 3851 " * 
HslUacd House. 5oc:fcerd SS! 2JS 070283153 I Balaawd Fund# 


Allied Ranbrs Group tat igl ixj 
Allied Hamm Group '.a< is.' Ease 
01588 2851 or Brentwood Hrr: 2114.V 


'HMSM1 isi «ai> \*t EC3ABBF. 
}J| j’Ainrricaat* - IgJ 

5 -I S 60 BntiihTn.;Acc. .537 
>«] 452 commodity Share. Jf>7 
■I 314 TDFarEan Trust. 363 
High InromrTut - 574 
iri lwomeKnntL 784 


■it 2B33S3; 48 Hart Si . Hecles on Thames 
5?S 060 PptBaiGpGth. IS8.7 4L41 


OFFSHORE AND 
OVERSEAS FUNDS 


&» . £2Sfe.;BI. ■ ^7 I is gSSr-** Si 33 

Gibbs iAatwy) Unit Tst. Mgs. Lid. weoaar.mwS 
-0 2 S3 3. Blonrfisldja .KC2MTNL. niOM4i:i 

sis ■4 -AG lncMC' -MS «3 0<ej i a^n merino mod 
5 in -a AG.Growtbtt — P*+ «0I . .1 4U 

-02 435 i*atP»Eir..Bi J** | ow Practical Invest. Co. Lid.* ivmc 

-01 JlO Dealing -Tara. **»«. 44HIoctxnbniySq WCIASBA n-.-C 

-0J 431 Gerdt (John)* PnetiailApr.aS. QMJ 155^ -Z6j 

“ London WaltECl 8; s«i saSO t™ 1 l *"V* t2D70 211 S *5 1] 

3 il ««^idSL^.-i » ESSSc T £ ”- “K 


gfd E 

mi E 


Albany Life Aasurance Co. Ltd. 

ILOM BurQnstraSL.'WX 01^375882 

& ! - 


ssaHSHBsr-j w i - j - ” " ■ 

Land(Mm]£Scs.Acchi40 m* “_J Z Norwich Lai On Insurance Group 

*S.5upcrPd...| £7470 I — PO Bc«4. SorCcU NJtl 3NG. 08032 

Gaardian Royal Exchange Equ 5?in£^EEE.' {fal 0 341 S ti'jj Z 


Rojnd Exchange. E.C3 
Pf^peny Boudi |37*« 


Managed Fund — 
Equity flag-. — 

teSSfc: 

■ ■■* “ Oeposll Fond 

ml tod * - Vor L'uitApr 15. 


lOnagedAec 
Oieneat . 

Gilt Edged . 
AiaericeaAcc... 
FmJ.LDep.Cap 


PmJdAec. 

LFenJVCC 

OnroLAct.. 

J irllMn.PnPdAcc- 
, nwJ > uj\cc. M _ 

UKE* Ufe Amdim Ltd.* W 

'UrayuedTii- _ ioti . tiiid “ pZJ uT? 

saEH-sH-hH 

21::. = -fttSSS^ 

. .. — Fen.B25.Aec -, 

iSW ” P*n. DAT. Cap. 

UOJ » — Pen DAT. Act 


"upeny»*«U_|37** W.« ...J - SShK 3T”E3 * uSil' 

Hambro life Agsnzance Iijritod * Sar Lnit. Apr 15. 1 ML2 1 

ss^aui '".Tr 

prtpfity. _ 

uuMCkp 


15*1 HU *- 
1 MM.. - 


Allied Is? 

BzlLlnda Fund .. 
Grrh A Inc 
EJ«n. a Ind Dev 
Allied Capita! . ' 

Hambro Fund . 
Hambro Aer Fd . 
incmae puds 
High Yield Fd . ..I 
High iccorws .. . i 
ahTEq. Inc ..{ 

IWSBMiamd Fnadi 
intmtauoaaj.. .. t 
Secs- of America- f 
PoctDcFond . ..f 
SpKfcSta Ponds 
Smaller Co ‘a Fd _£ 
2nd Smlr. Ce's Fd. f 
Recovery Sits-- .- B 


Id. wroaftr. Fund 

■.1:1 SffflBfT 1 

American Fund 
030 Practical Incest. Co. LuL* ijmci 


2s -o?j IJk Australian Selection Fund NV 
Hbe -Obi 4*0 Karka vippnr*ijniiiri. e n in<h injar & 
Z73 -0.2] 3 30 '.7N:hmaite. ITT Kent S' . ^-itne* 

2*4 -0 3 SO ISS’SSB m I 3VS3 4S 


Inti Cast. been. Tu. 

FirUSUTHCC JIB J9 IB •(>."? '1°! — 

First Inti UMJ7 194 7S-0J3; - 


Bank of America International SA. 


aa il BwasdSLSi^ 

2^ w __ | 233 Griercson Management Co. Ltd. 


44.Bloe«iirbaiy!iq ^tlASW «t-<33*WG 35 Bo-jlr*-aH R««al Liis-mb-unc U I> 
Practical Apr. 28 [WAJ 355^ -Z« *J3 ‘Aldimm Inrnnt ftl^US Ult J 
.vrm L nl(u ED70 2389*17} 433 Price* ar Mey 4 %e\i «jh da> Va- ;f». 


3aS.BIshop4gate.E.CJ. 


A * BnJL of Latin. & S. America Ltd. 
03-347 «SO 4IL88. Queer Victoria St. EC4. 0! HD : 


KJciowort Benfon Limited 

m.F'-nrr.urct.b; FiT! n;/cr.V4« 

mnrnrt l.in K I I0JR ’ ! Il' 
ilucrrsr* lac . US U9... j 4*4 
L*o. Aernm . 711 74 5 i . 4 aS 

KB Far Fast Fd StStOU ... I 138 
RBtntl. Fund . .. [ SI S31» : . ?« 


wS-. i ?2 Alexuderlu^^H 


Sara IS tSSSSSSiSSS' r™* 1 - portf ? u .® Ud -*'* MhMci 


4-5. Xing With am St. EG4P4HR ni-Gtnsmrs UttWaicdh g* 

_ asassr-riC 11 **”!- 0 ! = assssHBssfe 

_ Ebr. PhfijE J715 »4| “ l _ . . .. _ 


iExpLSmlr Ce's. 


175 211.4m - J 


2 45 Bs'iluuvu 5i*7 10 . 

lAcmsLl'nlui — 
4K Btsn.H.Yld. May* 
-'Aveum. Units'- . 
IS? Endeav.MavO . _ 
iXa 'Must linltf' — 

ilS Grnehatr. Stay 5 

cm fArcro CniU' - ■ 
3 - LnJtBnls. May 10- 
, . . -'Aeenm Vniis^. -• 


2 US. -LI 

Sr 25 

2OT^ 


aS Hclbom Bars, EC LN LNU SBtqBC Bnt*d l« Lambert 

7*1 Prudential _ 1 1235 lllOcf -0^ 441 i Rue he Is Regenrr A J(W Rruxseti 
IS Quiltcr Mmturmcm Co. LUL* Rro-FnndLF ..PM 34811 | 

;n The Mb Esefcaage. eox 1HT nzoooszTT Barclays Unicom Int. iCb. Ivl Ltd. 

i*| Quadrabt Gea Fd. .JJ04 7 IMOnl } 423 I. Charing Cross. 5L Halier. Jrcv 0.’347T74I 
Guadr.ntlncoiw .to2 affl ■ l "l* ;Orone«fIne«ae..Mfc S\2\ -01' 10 g4 

“ l *“ «*”■ “ 4 * _ laessa?- -#98 , 89:50 « 

— 1 i *Rah:en to Ice and vi^baldirc tasot 


Prop. Equity & Life Aos. guardian Xff^Ltd. 

asssstr riz? - oi t™ m T T - 1 450 SfeiS -2 j&zA ss 

Dp. Equity Bd. 702 _ A nth ar her Lmt MgmL Co. Ltd. Bendergon Administration lat ir> igi it... n „. 

™ OS. RVJ i 


*-«'£ . ATEVFaedlnL 
-s. r MKV3hup ! Pd. 
1., -iHEVXi 
■* -JOEV 


- Property Growth Asnr. Co. Ltd.* 


line. UfsothJy Fund -12*2.0 


Lloyds Bk. (C.I.) LTT Mgra. 

» roDmlHSl Hehrr. Jrnr. PfMmvn 
j UepihTai ou R* S5Jcf .i 1(0 
Neat dnuiug dale aa«- J3 


i ^ u 

d ?} —o 4) 5 33 Barclay* Unicom InL II. O. Man) Ltd. 

2 faS -0-3] 335 1 Thomas SI.. Doudlsa. 1 OJL OCaaftM 


IJBJfc _ MJi -0 II 10W IJflfds Sntomatlonal MgtnnL S L 

*a‘oB 7 Rue 1,0 Rn ™e. po n»<s its isii orer* ti 

Mdm±SJncw*« UovdsinLGmwrh proto nroi-iiq :m 
and wijaxuaing taint i newnf (snc:» a*'. ta 


Leon Hetue troydoo.CTtOlU7 

Propen y Pupd J 178J 


”■ _ Prapmy Fund — 

• _ Property Fond (Ai 

' Agricultural Food 


01-480 0808 j Arbuthnot Securities Ltd. faMe) 


— 137. Quern St London BC4B 1 BY 


iKS 


life. Aasorance 

J. Lhchridge Hoad, W.J2. 

\3BR2Rt£Mi JR 

S3 


orclaya Life Aarar. Co. Llid. *Prop«t £pnfts. 

SSK% marglSt: 
feEEEp ill E 

nnagod [wJ - ^I^T^. A 

Pas.Mgfl.CapL 
Pas. Mgtt Acc. 
Fu.GU.Cxp. 
FBa.Gtd.ABC. 


J _ Agrtc FundCA) -- 
Abbey N«L Fund.... 

Hearts ofOak Benefit Society Abbe? Nat. fuia. 
0M4801I1 »-17. Tavlmocfc Place. WOH9SW 01^875020 
I “ HearU of Oak 13*3 3S 4j . ..[ — Equity Fund ; 

I:.". BUI Santa el U/e Asoor. LfaL* SSS-fS.^Z" 

■- “ ^ T,rt -^ eo ^?? d ' c s ( , °7® 

H| ;: " - 

lot* HI ll — ORetiro AnuU» — 
_*l _ olmmed. AnnTy 

12tS HljJ — 


I ::: : = 


lit: 1 1nitial... 
-. It EdgFen 


3S3 H Z LHC Asa. Col of Canada 

“Current unit value May ii"’ Imperial Bouse: Guildford. 73235 

chive Life Amor. Co.7*.* ' fSSmSgt^ M U ~J = 

&SSSS 12S35 = 

mada Life Asanranc* Co. S® Z \ Z 

* High St. Ponen Bar, Herta. pHar 51122 ' . ... . _ " ' 

^y.r.ih.Fd-Msy2-| sp |. i , Irish Life Aasontnce Co. lid. 

<bnt-FaLApr.«L.| Itfcl | .] — 11. Ftnabuiy Square. Ed 01- 

nuMm Asanrance lid.* »S3 iZ 


awastw 

SSRS? 

Pension Fd. Ilia 
CExrt-.Peoa.Fd. 

Cm. Pus. C 

Man. Pena Cap 

Prop. Pena. f£ . 

Proc-PvnaCap t d. 1 
Mag. Sec. P*. L- 
jnsTsec Cac.lft 


Wr ~ 1 = 


Extra income Fd 
High lac Fund. . 
«Aceum. Unfit). — 
i«»jN WdrwLCtii 
Pretei nee Fund . 
(Arcum. Unllsi- _ 
Capital Fund . . 

Commodity Fund - 

(Acmua L'altai. .. 

OCSVii-l f 
Ptn.APrepJ'd 
GfantsFimd .. . 
l Aicum Unltii 
Growth Fond __ 
lAccum. Uunai -- 
Sciatic? Co's Fd _ . 
Eastern 4f Inti Fd . 
(OMW-dnclGto. 

FCraign Fd. 

N Ataer. & Iiu. Fd. 


fJL FUada 

■“5* a^gsss^iKI 

5^ SStEitralne. — ^8 

2S 

— _ Oil a NK. Res 01 

■Z‘- 5.75 toteeux B— I . 

5.73 Cabot .—BIS 

5.73 International.- . _t»l 

- 3J2 world Wide Kayi. 173.4 

-02 2 94 otanm FUfa 

-02 294 Austral laa W5 

-0.5 302 Earppean. - 07.7 


PO Box 4 IB. 38-90. Kennedy SL. Manchester 
DO* 236 WW] 


«7tM-0ll 

s 3 -i!i 

n+A 


333 J TSOBjaaFt . DocgUs.l t»Jt 08 

L'nleorn Arne. Ext .199* 532J . . 

rw.AoK.Mia . - .Q»» 3C 5d 1 
Do Grtr Partfic_ .M3 *4 9| 

, ' Do lull lurcuar. [MS 41 Sm -0 4i 

JO Do 1 al Man Tst . U*l 49d I 

I *88 paMacxMobia! gl 27D|-3:| 


jZlZSt « * c c«“t> 

| 7tV Thtwr Qua vs. Touer 11.11 rrop ffl» n:EM *sm 

2 00 Ailantlr May 2 r*?M 7J* I • - 

_ AustExMaytP TTClg* 21^-5011 - 

14 a «d Gold Fa May 10 JWB im<9vJ - 

lto Island 117.1 U4b3-tli*14l 

111 150 iArcilm 1 nit* >»b i?*2i -1 ?, 45.50 


3JB RW^ridlnLTTmO 103H .» 2« Do I EdManTxt’ U*S 4 til *90 Wand JIM 124fcS 

mdCKbeld lucerne [9*0 U3fa | S88 5>e Manx Mutual Si 27D|*9ll 150 lAeeUiul nlt» ‘>*5* l?fc2i 

‘i3 Rothschild Asset Management <g» Blshop«*ate Commodity Ser. Ltd. Samuel Montagu Ldn. Agtt 
8*1 .-ry^MtebW’e Kit. EytcatHg^ CQS09O41 j>o Boa 42. Dratgla* I o M MC4-2WII 1 14. nid Knud M f«'2 


*7 Id -0.1 
3313 -OJi 


•u lit Rothschild fa Lawadn Mgmt. la 


TO Bn- 588. Grand Carman. Onr It 


Ft. Stdihmlaae. latii. EC4. 


o: 4EB43S6 [Vbashl Maj3 


— Archway Unit Tst. Mss. Ltd.* (alfc) (MBridah 
Z 3J7. High Hoi born. WC1VTNL 014310233. {giSnZrT^i 


(ty.Gih.Fd.May2 J 03 I _| , *oso jure Assume 

4fflUed.Apr.d-l 33U | __E| — lt.FToabmySqnare.EC2. 

mnon Assnnrace Ltd.* 5'2 tfJS^ fiSS; 2 - ~ jffi* 

Jlymplc Wy, Wembley HABONB 01-0028818 Prop. Mod. May 2__p5A 
utty Dnlta_ — _K3*.W - I-0J3) - P7op.5fcd.Gth. fl«l 


SUK7Soo.Cap.lA. 

Provincial life Assurance Co. Lid. 
222.BlshopHrrie.EC2 01247833 

Pror. Managed Pd. MX* 117 Jl I — 
PTOv.CmrtFd. -- -0043 109 d - 

Gill Fund 20. W*4 328^-04 — 


nraiiuu. (pinonarTVnjrt. 
AretotayFond.. J824 87 7| -*35| 525 |ScSS»?TtStZ 

Price* at May MTSert tub day May 10. JhiFlSinclalTTUrt- 

(I)) Iccooms T rait-. 

Barclays Unicorn Ltd. laNSIVIc) nu security tt 
TT nlrorn Ho 232RamfbrdRd. E? 01^43544 Ibl IUgU yleldTtt.. 


52 ! 2*ff-r::zg 

454 North American— 0*3 4L2 

1.4* AmGou Mayi. . JU*1 324U J 
14* CabetAner.Sm.Cf>. J5* 5*71-03 

jJS Hill Samuel Unit Tst. Mgrs.t (at 
43 Reach SUEC2P2LX 0I-82S 

—.7 1579*1-1*1 

I9J -04 : 

814c -05 ; 

ns -03 . 
97.0c -0 k , 
2* 5a -05 
55 4 -01 I 
315 -02 : 


Ne.Cn.Exem PE L190I i 377 i ij-.^EJlS St U*a 00- 974 

Pnco on April iTSwt oealieg May 15. [ >>W»o F*>- Sold * 6 


1AL Rowan Unit Trust Mngt. Ltd.Wat 
i-g ClC*GatoKae.FUtthar\-Sq-EC2 01AM IMS 
exn .American May 4 — K72 7®Z . a 1 ** 

Securities May B - - 1440 17* 5 3> 

Kljch Yi cJ d May * 545 57.3 .1 7 25 

nOTi i Accuse L'mtoi 75 . 0 7>n | 7a 

Merlin May in .. 744 eoa-24 374 

Is lAtxun ITnita. .. 915 9851 *30 374 


Min r.% nay ip in *:n tu-ar:[ 

Gold Fa May 10 |t|g lew.svi •- 
lilnd nil U4i5-i?i*i4* 

JArcilml nlla [145 4 1742, -1 ?, 45.50 

Samuel Montagu Ldn. Acts 

114. Old Hrnad si I'i’l* »i : igwAau 

Apollo Fd Ma* 5 ISF4SZS 47*0 i 1 53 
Japtrel tpnlSP I»!U1 lltS . I 14 
IJillrp MavO li:»nD -.’.W ! 2 04 

HTJfiNrv Apr IP 1(4 96 4 4.1, : C 77 

IITJtrayi'a Apr 3, (11195 12 5?! 

Murray, Johnston** Unv. Adviser* 
lid. Hotm-m ,2 <V|] 221 W2t 

•Hope 41 Fd I 41 '<12 41 I - 

-UulTiv K\mJ r II S124S 1 — 

•NA*' IprlS Bl 


Britannia T sL Mactnl. (CZl Lid. 


« Royal Tst. Can. FA Mgn. Ltd- 

Sa.JertrouFtroei.SW : ni4B 


Nefflt S.A. 

USM 13114 jpa Boillr*-aril Ifiteoihenf 

{ N'AVMavfl .. . ; tt'SUJ* .. I — 

5M Nffll Ltd. 

JOB Bank nf tlrrumila Tilde* . llamllin-i Rrni<a 
NAV April 18 . . |(4 95 , . ; — 


97Jha —0 41 4 49 S4.Jenuyul4roei.snf : P14CBBS 

— I — _ , „ . . , (bilncooieTTMt.. .BM 2853-03 7 44 Capital Fd_. . . [439 *9 5). J r 

— | — Barclays Unicom Ltd. (attlRcl ti» security -mat _ Bis sail -qiJ ui locomara nt 79 j I 7! 

' ~ Uolrorn Ho SfSRemlordRd- E! 014343544 lb J nigh yfeldTtt. 39.* 31 S -0 4 7 81 Prices at Ajn 28 Next dealing May 13. 

Co Lid. tjnivwn America . g.4 _ 343J -Ojt us InleL* <aKS) - Save fa Prwpfr Group 

012478533 dS'^S'u? ' ' E 2 Sa toi iir IS- Hirtriopher StraeL EX£ 07 2477343 4. Great f*t Helena, london EC3P 3EP 

| _ ScSStoT" "ei *1 4% l^ym r^ _tm2 94a 1 4.50 es-ra Queen *.Edtabur»hEH=*NTt 

- Do. Exempt Tn .„Em 2317a -0 * 4*4 Key Fund ManuCcrs Lid. <aHK> Deelinga ro. ««• 8888 or OST-238 TBl 

-° 4 ! ~ :°-i IS =3.WDtSL.B2VME. tn-TOTOTO. 5** 1 * * Prosper Securities Ltd.*' 


Bnttcrflrld Management Co. Lid. 


laadal . . . Ml M| -0 
i — .. _pn 7 743 -o 


L BdJExec.'Unil. 

iporitBood. 

sttyAccuoL.—. 

mmtyAcrum._ 


o.oi Z King fa 8hanon Ltd. 

— S2.ComhlU.EC3. 

0-05 — Bond Fd. Exempt. -J104J4 107. 

— -. - _ . Next Sealing date Ma 

■-1 — Govt. Sec. Bd..- [11930 I2Sl 


PropF. Apr 1P._E( 


ss mssB 


01-82354 33 


z lzl z ‘MP-.*- 

— | — I ring h am life Asanrance Co. Ltd. 


Jfc Prudential Pensions Limited^ gi 33^ 22 KZzSSglSR.KS 7*2 !] Ut'cSS^^ 

** Hot bora San. EC IN' 2N*TL 01-4050222 §S GrmthAcc. T «3-01 JSvSSptFdl- SU 1«4 4 lN I TX " .. .... 

EqoltFd Apr IB— [£2330 24.02) ...| — Do. Income TM. . r? i B.*! -Ol] 614 Key income Fund— JmS n* -01 138 tlulv Growth 

Fxd lot Apr 10 [otfcl 38JM . .1 — *TVi vrt a „« -r-t m n ]*r 2 1 4 wl Key FSdlK.Fd.. gJ 636 . IZflS — 

Prop F. Apr ip 25-toJ — fttem ri AjxU ii “n ext ■ubday Miy 3] KeyteaDCo’aFd-ltLO ° M 431 httm 

5423 ' m4 “ D H Ig *Ocinwnrt Benson Unit Managers* JCSTamUy* 

" Tuofandge Welti, Kent «*C»71 gl S STSStS 88 « "TS ISSST^Z ~ 

— Ret Prop. Bda 1 2949 J. | - I Do Acrum Hi 743 -0 ll 544 9K.B -DidtFd Ae_ML4 lljJ .. 3.01 


3.48 Irieruatleaai 

Vt gg*-:. ; 

838 tTnlv Growth 

Tmeaatatg 1» 


Capital International S.A- 


Charteriioape Japbet 


Phoenix Internatlnoal 

|41 Bet 77. 5t Trier Tort. G-ierrv 
j Inter- Dnllar Fund 17.33 ja a . J 

■7 8. Property Growth (Hrrseas Ltd. 
sninvh Tnup.r.ibraltB* r p ,r 

1 s Dollar Fund 1 jrs*8 77 ' ' 

Sierllng Fimr'. I 1 129 80 . * 


Reliance Mutual 

Tuufandge Wella, Kent 088222X7 

ReLProp.Bds. 1 2949 J. | - 

Rothschild Anri Management 

St fbrllhnw l-»fi e, Jsmritw, BT 4 - 01-828431 


Iffi "tfi - tSSS5?‘^ ,l u!?? Dr,N 2u 0U f BSm StSutthmeLape.Loodoo.BCI 01-8284358 BB.LeadenhaU Si. E.C 3 
— fites? 1 GM “H - ff - 3 - ,g-S - N.CProp5lar.31_B3*3 lZLfca* . _.| _ Stratton TM l QMS 

I tEq. PeusJAcc. .BO" 99J -0.9 _ - - - Next auk da, 


tEq. Pen bJ A ct. 

ffroPeoa/Acc.- 

f Effect. PesalAcq 


Me 


riE&u„ 

iBSAF.2.- 


Legal fa General (Unit Assnr.) Ltd. Boyal tnsnranee Group 
BngB WOQd Houae. Kumweod, Tadxorth. New HaU Place. Urerpool. 
&S^„1951 Royal Shield Fd -[3 315 13 


value May B. 


Caih Initial 

Do. Aomin. ... 
Equity Initial 
Da Accurn. - 
Fixe d Initi al 
Do. Acnm .. 


i 00 ^ **’•* 5m HSI • I IS «£•» 

Barinff Brothers fa Co. Ltd.* laHx) L fa C Unit Trust Management Ltd.* t n ornaii r- :: - " *** 
B8.LeidJ9ihaUSl.EC3 013882810 The StocX Echanga. BC2X IHP 0KWB 2800 Earope . ._ . .. «28 

fiSS2frr-« S» :::j IS &&%***&? ':z_JS 

MM mb. (Ur April 3 Lawson Secs- Ltd. *laKc» cSSodK* _ . . ra 2 

0312274422 [Btshopadato Pn»gres*iw» Mcut. Co.* MGeontfa-BdialajjihEJBaii; OSI-hasani Energy ..... [47 s 


81:83 


a CO (AHlrnpi... . 

(Adi verba. 

Foe Jai . . 
.FoncUs 
731 { E mper o r Fuad 
[ftiopeno 


M mC423s:* 
50901 *0 >( 

191 ll -«M 10 77 
11* A -PI - 
105 Vt -fl ." - 


Clive Investments (Jersey) Ltd. 


44 V, -0 J| 509 




*9 Of '319 
lOLM-PS 127 
•OO} -0 3[ 0*7 


3t9 | Corn hill Ins. (Gnernseyl Lt 


bilal Life Assurance* UAmm.. 

[UtooHoose. Chapel Arts RTon 000228312 totl- I n lM a l ... 

JEsskI jss us = s^" 


S — DJI - 

-fllj — 

3i“ 

+oj| — 


Coma PenaFif i 

gdWjaaM-— ■ 

Depoi Pent^Fif Z 


£kSrf£j*:[ UAM UjIbI = SSfAr^”* 1 

Merhonse Hagna Gjt* SS’SSS^*^ 

L-raovienSqu Uxbridge UB8 INK 52181 DagaJ fa General 

ffiltezES SS ::::iz m~A- S 

of Westminster Assnr. Ca ltd. — 1553 3398 U - „ . - 

teed House. 8 Whitehone Rood. Exempt Prop. IniL.fea 200.5 ”11 — Sg^^MjyO 

ooCROSJa! 01-8548884. DaAcenioZ Jft9 VU& - H — ItodStSfJ 

.Mjfcgfe lS3 ::::.] - Legal fa General Prop. Fd. M«ra. Ltd SySXi 

rFltnd____ 57- J -Al — 11. Queen Victoria St, EC4N4TP 03-3488878 K A S Sc. MavC 

^ t 3 u,d jl#. ™ ■■-■ - LfaGftpja.Jtoyi.H8M 101.7} „_.J — MnyttFlx^yB 

■" aV ■■■■“ — Went Bob. day June 1. Managed May 8 

ifil St S S "" in? ~~ “ Life Assnr. Cu. of Pennsylvania Mocg-f5£ 

BtogiASZ ilTJ S.4 Z 3M2NewBo«idSt.W170Ra 01-4838*8 DeptojtJUyS. 

UoSryCxp.. 44.4 4R5 ..... -. LACOPDriH (1880 U50| | _ f^pSSS 

T - Mavrin Bfa-ZIntt Tat. Mnna lari. - ?5 «■&.*» 8. 


722 775) *01) 429 | 

67* 72 n J 154 1 

71* 769J -G 3, 302 


.... 3 71 -Groa-th yuad_: 

-- }™ riAeeom. tlnHa) — 

• 754 ttGll land Warrant. 

„ 154 lAac ica n Pd..^— 

*■ pAcennaDnlta ) — r 

—High Yield 


...I 351 
... 351 


OghEvtam Fond* 


Select Internal. 
SetoetUMxne 


Save fa Prosper Group* 

“TBSfSr^a, «-MUi * if 3 si —s* “» .. 

f*“ Z 2^4 Ilf^Z ” Bridge Fund Mana*era*(aMc) Mj-' gfrj 

^npPonmJd.r— ifm> 2Cva *zi( — SlagWlniaiaSt. SCAB BAR 014234051 _ ■ ^* oa ' ‘ Ta ^- tt«W. TThsn. — ftt. y**? 1 ?.- ^1.. ...i? ! 

-0.1 — 



■91-3 DM 11 M Mtlo* 'Fit 
06] -0 04 1 UK OC.Tntl Fd 


.(stead House. 8 
TOon CR02JA. 


6 Whitehorse Rood. 


Price* on May 10. 

_ rWeekly deaHoga. 

— Schroder Life Group* - 
Entesprice House, ftotsmoath. 

: ~ us 

- !»»&! 


im Less! fa General Tyndall Fund* l\% 


18. Canynge Itood, Briitol. 

22 Dm. April 13- BM 

g l Accwn. Coital. HA 


Postfarh 2885 Biebergaaxe 8-106DC0 ftankfurt 


4U | Dreyfus Intercontinental lav. Fd. 
725 1 NAV April 25 


>;ike<ui ranoT Scot. Ex. Yld. . 0482 247 K -SK 725 

«oL 02723220 m3* i8NM«b A- MV » D ._ , . , . . 

2 5*41 .1 527 rrh1 .-i„ a - r TV,,,, T.E Boson fa Dudley Tst.MgtJniv.lJd. 

A 72U .J 5J7 Sehlesinger Trust Mngra. L*d- <»H*) I po. Bo* 13. St Halier J 

das- Mav 10 ilocorporatin* TTldert ITOau- 1 '* 


.[M.'SUS UCI 


Richmond Llfr .Vs*. Lid. 
nj 24XM8I 48 Athol 5trrrl. DmigUv 10 M 1X24=3?: 4 
nnii «7i i*IThcMKnrTniM I1P6* <0901 - D »[ 

I) id In Richmond Hot I nr l«l 6 191 ll -0 M 10 77 

4 27 no rial inure 1W 122 9 ua d -r t 

• 84 no Gold Rd hooi lMtl-C." - 

. Do Era cr 02 Rd (244 ■ I735| -14! 1X42 

201 Rothschild Amrt Management (C.I.) 

rORoiK. S? Julian* Cl. Gurnitov.mni 3KP1 
(QM31381. (I i* Kq Kt Apr 3 1511 9411 . I 301 

U M <if locFri May l 1508 U0 4cJ . j 7 30 

UK OlMntlFrif 3X24 1111 ' 1M 

nr.Sim'oftiApTXR 1MB 1428! 354 

nr rranraodiD*. . 32&T 134? . .1 473 

Ol' DlrComdtyT. J»38 77D0d| | -- 

Price on Ann) 31 Neil dealing Ua> S3, 
t Price on Slav 8. Nni dealing Mar — 

Royal Trust (CD Fd. MgL Ltd. 

PO Bo* >94. Royal Tid nnc.Jorvr 05.1471*41 
RT.InIT Fd . . KT59B6 44M...[ 3 00 

RT.lnt'l Uv.iFil.ln 93l . . ! 321 

_ . , Pricw at fVpril 14. Next dealing May 13 

FVanknrt. 

Save fa P ro s per InternxtkHial 
Dealing In: 

. 37 Broad 5U St Heller, Jew v n.1U-3Wt 

Ufa Dollar ihnwiilnaiid FOnda 
DlrPadlnf’MoTlO j9 53 10.101-0 {IP 493 

Inlernat Hr *t_ .1463 71?,. — 

Fat-Eastern*! . . .«7 39 4043 . ’ — 

North Anerlcaat U49 J« ... | — 


053420583 Fepro-; 


07 0 52773 

*jj 1 - I Britannia Trust ManagenunUaMg) 


^AFUnd_— _ 

t 5tngdCaj>._ 
MagtiL/use™ 
ul Money Cap,— 
jUtofftoa .. 

iuLffOTls; EdiutlyCixTu 

— - rtiT EqcliyAce.^ 

and currently e 

* /“iTVtaui Dnita ■ ■ 


S- Ltoyds Ml Unit TaL Mngra Ltd. 

-03} 71. Lombard St, EC3. - • - - • 01-82S-12TO ' Mu. Pa. Cp 9. 


^«--iETiRrityCais:^to2r "r*'*^Ha|'40j| — - -iridyn* iHL-unn ist. m 
- ri - Eqolty Acc ^iM* - 573 ^ 03} - -■ 72. Lombard St, EC3. - 

and currently dosed to new Invcatment Esemol I94S 

7 p vvtonn Duta — Zl . 177.7 | [ _ n ** ' 

Klk£XStt'^** UL S 3 US.SPST 

^ j ^ 

petty Units P4J - Opt5E*. May 4_ 125 4 ' 1S2J 

•:>■■ “mderclai Union Group Opt^mr* o*oj 

Ss^'iS-Tr 6 ^? _i T?" ” 

Apnuity ui»__ |17.4> DJ71 .„.J — .. London IntesmltyAGi 
'ifederation life Insurance Co. lfaao.’IhePorhmy.Rewflasa 

•^5Sd I “ e, ™ , ^57al 

;Sl5SifezSj SuUz Z rtariioianra b4i 

(MdPoLFiu tu Bi — — The Lmtdon & Manchei 

vS“™ mb? Z The Lea®, FoIkoatooe.X*nL 

tSt ’ — Z Cap. Growth Fond. 214.9 

-ssaiM »■ 3 = % 

ahiU Insarance Oo. Ltd. rieribie priori - — iotj 

orahiRK-Cfa _ . 01 -®8 6410 ul 


| Ul 5ta.Pa.Ace.Mwfa 


Mz 


® = 


Scottish Widows' -Groop 
PO BoxOUZ. EdlnbnrsJh EHJ85BU. 031 AS 8700 
Inv^yfaenosl — M17 1037] . ...I - 

lire. Pfy, Series 2 — Ml 102 . ...J _ 

tnv, Caaii Apr 38 — H7 1 - 102fa ....J — 

E*. UI.TV. May 3— 1X347 142A . . . J — 

Mgd-Pen. I4«y3 — 1»93 2S9L3) | — 


32.7 -0.1 
58A -0 2 
245 -07 
311 

293 -C 3 


London XadenmityfaGnl, Ins. Cfa Ltd. Solar Life Assurance Limited 


jUSa Leonine Administration Ltd. JdASooibstroetDortta*. dyvmi 

*’"**» *"* X Dnke St, London W2340JF 01-4819881 ££ 

Loo put jm 74J .1 515 Erontpl High Yld 

5JJ _ iBrltannin Trust ManagenuntfeMg) il^BlLuStfe. Musi Lto*im 

31) I3 London wan mgra. i<mww> gin Lioyus BL Unit 1 st- Mngrs. Ltd.* Ill lKom ^ 

os) _ I London EC2M SQL 01-838 047&2M7P Baglsrax'a Dept, Gmtag-hiy-See. lne. 1D% WdrwL 

u J 537 Worthing. W«*t Sumac. 01-821 C8B leal Growth 

!' 404 FlmCBalncri.i „|495 S37d . . . 4 A3 lire. Tu. L nita 

-*03 454- DaiAccmui 181 712 ... 4.43 UaricetLeadm 

*01 521 Second (Cap.(_l__ SX0 54J .... 321 7«fl Yield'— 

4A5 Do (Accam.) i34 482 -02 321 Prcf. fa Gilt Tmat. 

-0.4 7,45 TUrdOnromo MB 84*fl -03 42S Property Share* 

-02 9.43 Da (Aenaal., .1105 11*J -02 425 Special Sit 

.. . 351 Fourth CExInc, 593 43.9 -02 723 UK Gnh. 

-02 4.48 Da < Accnm.)...„^p4 0 TOg -021 7.13 Ufa. Grib IHst [1*5 19.9e( -OJ] 681 

Eli *09 Ltoyd** life Unit Tst. Mngra. Ltd. J. Henry Schroder Wggg fa Co. Ltd.* 

-01 7 05 raO0.GMehoaaeRd_Ayltah«iry U8B5MI nOLChsaamda, EC2. 01-310 504 

-02 250 Equity Accuhl _D515 1593) ^U| 3.93 Capital May 1 * ‘ _ " 

Tj IS M fa GGronp* frKdlrt ' ’ fiSSSfe. 

-01 *34 Three Oroya, Ttmer 831 BC3R 8BQ 0I8J8 4SSB iAccnin Units' 

~°-3 *** See aiao Slock Exchange Dealings. General May 10 

VS Aamrtom 990 52 2 -0A 105 (Aaamt UmW 

_1J fAccujn. Units) _ _ 50 0 5i3 . .. 1.05 finnpe»toy4i. 

^r. JA8 AotralSsixn to.0 S3 -03 20* ‘■Scrmn Cnitil 

-^-3. lAceua-UnUa). ... *8.7 5L§ -0.1 208 ^ftmAOjarFdApC? 

'S'5 Crenmodlty . 70.4 75.D -04 4. 

-0-4 *-54 lAccnm.Lnha>. ... 75.8 815^-0 7 4. 

The British Life Office Ltd.* (a) COT^^'crowth 542 5 44« Eo « 3 ' 


(OKW8M41 

-oil 152 |F. fa C. Mgmt. Ltd. rnv. Advisers 


Cect.Fd.Mar3 _.[. 1USS25 | 


Fidelity Mgmt. fa Res. flBda.i Ltd. 


PO Bra 870, Hamilton. Bermuda 
Fidelity Am. Asa . Si:S24J5 [■ 
Fidelity lot. Fond .. Sl ; S20i>2 

- I Fidelity Par. Fd..„ SUS4422 

1H5 I Fidelity WrMFd - SUS1346 - 


llnt—MovlO [9 53 U.10|-0iH; 6< 

■L Hr *t— .1663 71?,. - 

Hera*!.. [37 39 4043 . J — 

IV inert cant U 49 3 99^ ... | — 

Fepro**; - .. (1368 1494) ] - 

HnOstdruolunl Paub 
Channel Capitals.. ^63 2383] -\>l 148 

Channel ialands*. .n*59 ISlA -2At 500 

I'omnod Apr. 27 . .11194 125 7i 

St Fad May 4. .[1169 117 JC* [ 1LBS 

Pricer, on *»lay P ■•Met SO. •“Ma* 4. 

tWeeMy ivalinpi. 

Schlrsinger International Mngt. Ltd. 
4L La Motto SL.SL Heller. Jrn'i-r 0534 73MR. 

S.AJ.L 179 84, -11 843 

S AflL SO 82 0 87n -001$ 5.17 

Gilt Kd 228 230 -0 % 1194. 

inti FdJcrarv- -101 184 -K J46 

Inml Fd Lxmhrg. _ S1028 10 82 -JM - 

’Fhr East Fund _. |94 99 -ij 303- 

■Neat sub. dey May 1 


Ini iJS I Mgmt Research I Jersey 1 Ltd. imni Fdiamhp;. 

IgjJ Jm “ ~ “ ‘ 


U&H .anon. 

mi 


Schroder life Group 
Enterprise Hotue. Portsmouth. 


532 . 1.05 airope»toy4_ 

512 -02 2JJ* JAeenm. Unitai 
5L3 -0.1 208 ^PenfaCSarFdApCS 
75.7 -06 422 


...II — |BLDrrid«td 

^5- 


lfaUO. The Portnoy. Reading 383511. 1M2 B y Plgra Loadon ETJNJTT «J»2B05 RLBridahUfe 

Hooey Manager B25 34JI-05I — grtar Mana gedS^ I25J DJ-S *021 - |BL Balanced'. 

^4>l^dwSZ.r.BA S3 -o3 - m2 UiJl -. J - 

Fixed Intramd — — jSJJ 3 *^ •• ^ " Solar ^Ulnl S L140 

The London fa Manchester Ass. Gpu* |oUrc«*h s — _ «-7 - • •1 — 

HZ The Loss, FolkostOD^ExnL aXBtta ^ I 

| j = 

OgxofnptProP. Fd. I7J ..._. — Solar FxdJm-P — 112.9 119!* -02 — 

*Expt Jnv. Tst- Fd. 144.1 — Mir t-Hh P - IQ.8 . 10521 . ... ~- 

Flexible ftjpd - — 1095 ..... - sSStoffp Z ^Z fSl S5 I ^OaI — 


The British Life Office Ltd.* (a) i^mrerston Grt 
Reliance Hac. Tun bridga Wall*. KX-CSOS 22277 ^° Jr Z^“ lnc 


sS-WT* 


Growth Fund.) 


BL Balanced”. 

BL Dividend" [422 450a* . ...J • 

*Prkm« May 10. Nm dealing May 17. 

UtL* 

Z I Mngra; Founder* CU EC3 


Div id e n d 

(Aecum. Units) _ - 

Karopean .... 

f Afxum. Units) 

Extra Meld 

(Acrum. Units) 

Far Eastern 


■LS -0 7 
1182 -88 
401 -0* 
645 +04 
124,1 -24 
2313 -2.7 


J *22 
*T. 


rat Viking Commodity Trusts 

648 fa Si George'sSt. Douglas. 1-o.H. 

346 08S* 4882. Ldn. AgU. Dnnbar fa Co. Ltd. 
348 53. Pall Stoll. London SW175JK. 01-8081 

23* Ffa VJtQa TM. . IM 
FfaVkDbLOp Tsi ..*0 


01-8307851 1 Fixed Imereti 
AM „..| 230 EManaged .. . 
00 | I 120 managed .. 


lotmwstiaosl frab 

EEquiTJ. .. .1115 4 

SEqnlty .[1218 

EKlxeil Inicrrtf [135.8 
JFlxed lotereii . 1052 
CManagcd ... [127 5 
SManajcd.. . Kl29 


1M3*01 — 

12H.7J -0«J — 

108*(I.M — 
U2 0J .0 ll — 
135 6; *(L2j — 
120.11-84] - 




lav. Tract Fund. — 

P mpaity F4 M . — | 

M fa G &oup* 


Son AHiaxce Ftrad KangmL JJA. 
Son AlBanre Horae, Horsham. 040384141 


rdlt fa CmmeEce Insurance PmPttJian 

- Regent SL, London WIRSFfa 01-087081 

Kngd.FU. taut 132AJ .. ..[ - 

In Life Assurance Co. Ltd.* 

nLUe Hue. Woking, GU211XW 04882 5033 Iniematni Bond** 


Throe Quays, Tower HDI EC3H 8K) 01-8Z8 4908 BoJUtltolO.KMM UASOI . . I — 

Psrx Pension— _B73 - I. J - 1 0359 j { - 


Son Alliance linked Ufe Ins. ltd 
Sun Alliance Houae. Horsham 04038*141 


fd Fund Ace. 
rdFdlocm. 
fdFd-lnit. 
ly Fd. Are. 
^^Ftl. menu. 
tyFd.Intt. _ 
'orfy Kd. Acc. 
'-srtyFd.lncDi- 
' FU. IniL 
U Ace. 

XL Kd. In cm 
kt.Fd.Inrt... 
llnt.Fd.Ace. 
OL Fd. Incm.. 
LFUAM-. 

L Kd. Incm. 
FFd-Ace., 
Fd. lucre. 


m.::A ~ 

Sl^il - 


-8A — ■ Managed Bd~* 

-6.1 U) Property Bd**- 

-5.4 '- ExYtridFUBd. 

— Recovery Fd Bd.* 

— American Fd. Bd. 

.. .. Japan Fd. Bd." . , 

— Price* on "May 10. —Stay 4. *~May 3. Z 3. 4. Cot 

z Merchant investors Asanrance i* 2 S«ri 

— . 236. High Street, Croydon. 01-8889171 j^apieLl 

— Prope rt y^. 102 — Penal, ft 

■ ii — Property Pens. 1575 — 

^ - SS3Sft=it= s& ::::; - 

Si :::■ = 

Jji'e Taa DeporttPena. 


Managed PUnd 

Son life of Canada (U.8L) Ltd. 

Z 3. 4. CockroorSt, SWiy 5BH 01-9305401 

Maple LLGnh.. 1 194.1 | [ - 

Maple IX. Maagd.- 13Z9 - 

Maple LL any. 1 1Z7J J - 

ftsranlftrFd., ] 197.0 | 1 — 

Target life Assurance Co. Ui: 
Tanrat, Baton. Grtehoara JUL. Ayl«*ury i 
Buck*. Ayteabary (0286) SMI 


S WM-Q4 646 SHESaZ”” 


iBri-lov.-A'-BSOJ - I 1 — Managed Fen* — 1 

E.ader Insurance Cfa Ltd. StLHSXsZZ: uu I 

.. la Boose, Tower PL, EC3. oi««m p--.i4-.ifaA 

“rop May 1- [49.4 7 SM .--I - NBL Fenskms Ltd. 

*> Stor Insni/radland Asa. ' fSSSgSS^^^' ■ -J 
h radneedle St. BC2. 0lJB816ta Neto* Eq! Accum. -jlizlo lU.f|-Z.6( 

IGd L’oits — |5Z1 53 81*021 594 J£}* xM S£?' 

> ty fa Law life Ass. Soc. Ltd.* NdexctblncAec 

“““TfiahK-i^-ya - 

‘■TgjgEBt r 


50 .M -A - 


- Prop.Fd.Inc. 1862 

- B^&SEz^wa 1 

Fixed InL Fd. Inc 1B52 

* Dep. Fd. Acc. Inc 985 

ReL Plan Ac. Pan. _ 7U 
«aii Ret. Plan Cap. Pen— 568 
jtoUnanSSiJtocE; I2fa» 
~ ' RetPUnMan-Cxp— 1172 

- Gill Pen. Are. 129.7 

z Gilt pen. Cop, J1232 


772 0.4 - 

645 -03 - 

133.4 . _ - 

123.4 _.... — 

156.4 *0J - 
3»J rOJi — 


BASE LENDING RATES 


- 1 .BJV. Bank 9 % 

j- 'Uiod Irish Banks Ltd. 9 % 
•; American Express Bk. 7}% 

. mro Bank 9 % 

;• -P Bank Ltd. ' 9 % 

‘enry Ansbacher 9 % 

inco de Bilbaa 9 % 

[ ^ink of Credit & Cmce. 9 % 

-- ink o£ Cyprus 9 % 

. - ink of N.S.W. 9 % 

.* ;tnque Beige Ltd 9 % 

. inn ue du Rhone 9**5 

. < ’irclays Bank § % 

^'imett Christie Ltd---- 

.•emar Holdings Ltd. 10 % 
..it. Bank of Mid. East 9 % 

own Shipley ■—■■■■ f % 
nada Penn’t Trust 9 % 
■pitol C & C Fin. Ltd. 81% 

■ -dar Holdings Ss^o 

arterhouse Japhet ... 9% 

r. oulartons « % 

E. Coates 10 % 

nsolidated Credits... «i% 

-operative Bank 9 % 

. , rinthian Securities... 9% 

adit Lyonnais 9 % 

e Cyprus Popular Bk. 9 % 

. .- ncan Lawrie a ® % 

' eil Trust 5 ^ 

glish TransconL ... « % 
■st London Secs.. U% 


9 % BHaxnbros Bank 9 % 

9 % BHill Samuel S 9 % 

71% ' C. Hoare & Co .T 9 % 

9% ‘ Julian S. Hodge 10 % 

9 % Hongkong & Shanghai 9 % 
9 % Industrial Bk. of Scot. 7j% 

9 % Keyser UHrnann : 9 % 

g «, Knowslev & Co. Lid. ... 11}% 

9 % Lloyds Bank 9 % 

g % London Mercantile ... 9 % 
g % Edward Manson & Co. 10}%. 

0 .^ Midland Bank 9 % 

p-,5 ■ Samuel Montagu 9 % 

■ Morgan Grenfell 9% 

in National Westminster 9% 

o k. Norwich General Trust 9 % 

. Z P. S. Refson & Co. ... 9 % 


TrsniintorantioiuJ Life Ins. Ca Ltd. 
8 Broom Bldgs, EC41HV. 01-405648T 

Tulip Inoort-Fd.— B».9 147fa I - 

TaUp .togd .Pa-— UL4 1173 . - J - 

itoc.BWFd 11*.* Ufa* ..J — 

Moa Pen. Fd. cop. . UX2 EMfl.Zl — 
3too.Pra.ftLArt-.p23a mil ..-.1 - 

Trident life Assurance Ca Ltd.* 
BenlodDHo— i generator ' 04S23B841 


iSaio - 




1-0008330 (AramUulg] L 

_..[ 484 ftmdoftovjW— * 


NLf E-mw TT rrft.) 1525 

Btghlnooom UL4 

CAccnm. Unitcl 1440 

JXPOB lww<» _ 1444 

CAccnm. Union 14*7 

Megmtm — 1*4* 

CAccnm. UoiUl. M2.6 

Ifidl.nH HI X 

CAccnm. Uldl*l 24*4 

HocoBoiy^ 772 

lAcann-Utdai. . _ 772 

Second Goa. 145.7 

fAccnm-UrScM. . .. 347.7 

■q^- 1.1 .. 1550 

(Accnm. Uniiai |l*4.*' 


■S3 -0.7 
.1182 -0.7 
-0J 
57J -03 
443 -03 

m 


rand* only 

Scottish Equitable Fad. Mgr* LUL4 
38 SLAndrewgSq, Edinburgh 021-300810 

Income Units HU S27a| . . .. I 531 

Arcum Unit*- 15*4 48 .. .J SM 

DcaUnic day Wednraday. 

Sebng Unit Tst. Managers LUL* (a) 
POBoxaiLBcklbry HiMufaC* 012383000 
Sebag Capital Fd._M2 3371 -0.0 3.77 

Sebag Income Fd. ,p43 30 7{ -05) 827 

Security Selection Ltd. 

18-18. Liaeotat’a laa Field* WCZ 0143108881 
IhrvlGthTrtAcc^OTA *0Jf 3.71 

UovlGU)TMlac„.&7 *23t -031 3.71 

Stewart Unit TM. Mutagen LUL (a) 
4* Charlotte Sq, Edinburgh. U1238X3T 

tswwart American Fnri 
Standard Unit*. — USA 47Jj ... I 14S 

aocuol L'nita . ._ -H5 712 . . I — 

Withdrawal Unto ..048 543 J — 

•Stewart Brtftah Capital Pnpd 


Fleming Japan Fund S_A 


G.T. Management Ltd. Ldn- Agtn. 
Park Htc, 10 Flaaboty Orem. Loo don 
Tel: AHA SUL TLX.- 888100 


J. Henry Schroder Wagg fa Ca Ltd. 

120. ChcapWde. E.HZ 015834000 

DiranSMayO I II'RUJS UOW 255 

TratoWApri]3n..| 3I SU4 04 j . T — 

Aslan Fd. May 1. . praset isn| JX7 

Darling t’nd . . . DAL77 1 9W I 540 

Japan Fd. May 4. firstilf 67*1 . I 835 

Sentry Asanrance International Ltd. 
P.U Bos ffl8. Hamilton 5. Benaoda 
Managed Fond ..... [Wl *90 lCXj .5 - * 

13 Si Singer fa FHedlander Lda. Agent* 
I«J 20. Cannnn St, ET4 ai-=499M« 

*■« Dekafond* .fWD4» 2SW-030| *61 

Tokyo TU. Apr 2B .f SITWOO [ | 377 

1W Stronghold Management Limited 

521 PO Box D] 5. SL HdlfT. Jersey. nST-4-7I4« 
tommodily Trust ,{71.15 74.171 ... [ - 


Standard 0322 142A1 .. .. I 342 ^ *?*% 

Accam. Units fSj iSa| . f 3.42 HKft fee t .Tri— HIK274 2.*. 


a as (AccmaUnJai. . _ 772 

I -in 4.40 Second Cma. 165.7 177j -L9 

roc (MO fAream.Ui3eM.. -. 247.7 9471 -2.2 

p»" LW -“ Special 1550 1*5 y _£■ 

P BarSUU (AoctnaCniUi P747' 2174J -Ll| . - . 

! . ..J 441 F«n4* Dealing *FH "W«d. 

-j JtMUm ttUi m.1.71 fag Son Alliance Fund Mngt. Ltd. 

:.Z) 7AS aSSteuSir UHbT' 1 ““ lS5 SoT.Anu~»Hra,Harrt-re. oaiOf 

^sS"»I^Sb r - re ^a*“i a 

01-6880010 Pra*.t*-May*--&M.« .. J 5.72 Target Tst. Mngra. Ltd.* (aKg) 

52 I**nuLife Bfanngement Ltd. 33.Gtrahamst.BCS DeaHngRUOSSM: 

L XmL j 4 StGawrwrtWay.Stoveaaga 043838101 “ * 

F ^ Growth Units (535 542| . . [ 3.75 

LV (* He) MafQower Management Ca Ltd. 
rim 21185 14/18 Grraham St-. EC2V' 7AU 014088088 

<g btcomoiiario — |u&2 m7i+2Aj • 12a 

--J <g GenoralMay 10 U73 72.*| -L7( 527 

I J u Mercury Fund Managers Lid. 

17. 30.Gr rah a raS( . BCT»ZEB- D1-8D046SB 

S ..-.J 4A6 

J (J* 

J 2jn. 

...J zn 

£3 in T * rget Tst M * rs - ^Scotland! taHh) 

*0* «44 Midfewri Bank Group *t55K2SSSSf?-** 

552 Unit Trust Managers Ltd.* (a) tStS l nH52!??^ts7 v cvi-o'jj 575 


Gartmore Invest. Ltd- Ldn. Agts. 
2. St Maotat.linii ilM.EC l 01 

Garttom-a Food Mngt. IFbr Eaati Ltd. 


Japan Fd . . 

N. American T SL 
loti Hood Fond 
Gartmore iawSml StngL Ud. 
PO Box 33. DouclavloU. 

Intern atioaaitnc..pD3 21fa 
Da Growth. Rtf 65. 


Su (invest (Jeraey) Ltd. (x) 

Qumi H*e. Don. ltd. SL Heller. Jov. 0534 77340 
American lod TK.. IU 18 tSTJ-IUl.l — 

Copper Trad . . [00.12 ILDd-QC; — 

law IwiaiatW Til 111 U 11 CV 1 


^ _ n _ i Hambro Pacific Fima Mgmt. Ud. 

jUUaa is 1 21 10. Connaught Centre, Hong Kong 

43.1 -04 4*0 FarEart toG S®? ' •■( - 

447 +05 5J3 I Japan Fund |5Ca77 735) - 

36J 5J6 

77J .. . 886 

213 . . 3.00 

SI fS I P.O.Box 88, Goeraato 

CXFitnd _ 

IiuntBond 

tot. Equity SUSJ1051 

■s :“ J | JS IBtES ¥SSa_. . .... _ .. 


American lod TH..K2 18 faSIJ-ILO.I — 
a H K _- Copper Traal . . klO.«Z llCT-Dld — 

■“■.Tllf J«P- In* 1 * T« . . U1J6 115* J -- 

TSB Unit Trust Managers (C.I.l Ltd. 
•I 628 Bagatelle lid.. SL Sarloar.Jrryra OSH 1340* 

Jor*i*v Fund (455 47 41 [5 01 

063*23811 Guernso - Fond . |755 47* ( 5 01 

mi . . »« nw« no Mm 3. Nett rab dai May 10. 

Tokyo Pacific Holdings S.V. 
loUnn* Vajjagencni Co N V . Oiraeaa 
NAV par share May 8. Si'SSOJIl. 

Tokyo Pacific Hldgs. I Seaboard 1 NT. 
Inliml* Managemrni Co NV, Curacao. 

NAV per share May A 5LSMW 


^:°ns 


-0.1 345 

-02 143 

-OF 3.67 
424 
-0J 141 


Price* on May 10 Mast draJii* May 17. 2 NrwSUSL Keller, 

Henderson Raring Fund Mgra. Ltd.- 


Tyndall Group 
450 P.O. Baa IQi HamlKan 5, Renwfa. MJ* 

256 0»cn*aaHa*3 gVSUJ 1W . I 400 

830 i Action l’altai pi 5172 IBS 6 BO 

258 3-way Ini Apr. =» Id^stSi I - 

esusisaim 
7801 .... | 400 


jm Owntwood Hook. 6U«er Stott Hoad. 

Sbaffleld.81 3RD. TW.0W378M2 


tanlMonsN - 


eltaL 28 U .1 

W"? azvd-oj] 
_p*7 4JlS -o3l 


1BJS j Hill -Samuel fa Co. (Gnentser) m 
R LcFcbn* St, Mn Port Guemary. C I 


Amer . .. 
lArcoov Shares) 
38. Jrr»ey Frt. M«j»3 


1317 +0.4 — 
1 353 +0 A - 

U7L7 ..... — 
1241 .... - 

1075 ...._ — 


A|lrtTa8 w^JijittTra Trades Union Unit Tsl. Managcra* . = 

MMMto