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Holland and Sherry 

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.! Sa?m«^7/S WamicTc Sf JLonflonTnAl\a 
Telephones 01-437 0404 

MemberoTThelJTxrroftKI^^ Group. 



No. 27,562 

Thursday May 18 1978 



T7% Woiid’s 
■~y>% Most 
^ Honoured 
7 v V "Watch 



Bonn ready for 

Zaire Platinum deal on growth 

1 i O 




Zaire Government forces . last 
night recaptured Kolwezi air- 
port from rebels, according to 
the official Zaire news agency. 
It sand French-trained troops 
staged the successful counter- 
attack after paraebuting into 
the mining town. ' 

The United States promised to 
try- to meet requests from Zaire 
for equipment and petrol to help 
fight the rebels in Shaba pro- 
vince. Western embassies in 
Lusaka are seeking Zambian co- 
operation in plans to evacuate 
more than 3,000 foreigners 
caught up in the fighting. 

Mr. John Vorster. the South 
African Prime Minister, said 
that if the rebellion in Zaire was 
Marxist-inspired, it wus unthink- 
able that Western States could 
stand aside with arms folded. 
The Russians yesterday denied 
any involvement in the Zaire 
fighting. Page 4 

Selwyri- Lloyd dies 

Lord Selwyn-Lloyd. former 
Foreign Secretary and Chancellor 
of the Exchequer, died at his 
home in Oxfordshire last night 
He retired from active politics 
two yeah; ago after a parlia- 
mentary career spanning more 
than 30 years. 

Soviet trial 

Soviet state prosecutor has 
demanded the maximum sentence 
of seven years in a labour camp 
for Yury Orlov, on trial in 
Moscow for alleged anti-Soviet 
agitation, the dissident's wire told 
western reporters last night. The 
physicist is on trial over the 
activities of a group formed to 
monitor Soviet performance on 
human rights. Page 2 

Chaplin’s body 

Police yesterday found the body 
or Charlie Chaplin buried in a 
cornfield 12 miles from the Swiss 
village cemetery from which 
grave robbers stole it 11 weeks 
ago. Two men. believed In be a 
Bulgarian and a Pole, have been 

Military move 

U.S. State Department said it did 
not believe that a coup was being 
attempted in the Dominican 
Republic, where troops moved 
in to stop the counting i 
of results in the presidential i 
elections. The State Department i 
said it hoped the military inter- : 
veniion would be temporary. In 
Peru, the military government is , 
likely to postpone next month’s 
elections for a constituent , 
assembly. Earlier stories. Page 4 

Terror attack 

Humm-n un motor-scooters shot 
and wounded a policeman in 1 
Turin only 12 hours after the 
Italian Parliament approved 
tough new laws tu tackle 
political violence. ‘"Business as 
usual" for Government. Page 2. 

In Spain, a civil guardsman died < 
from stab wounds received dur- • 
ing clashes between political i 
extremists a week ago. 

Briefly ... < 

Mr. John Cockcroft. 43, Conser- ! 
vrtive lap for Nantwich, was 
taken from the House of 
Commons by ambulance last ! 
night, after being round | 
unconscious. [ 

Bombers struck in the heart of 
Belfast for the first time in 
several weeks yesterday, when a | 
blast damaged the ground floor 
of a post office building. i 

'William Steinberg, former music 
djrectpr of the London Phil- ■ 
harmonic and the Pittsburgh and \ 
Boston Symphonies, has died at ; 
the age of 78. 

New scanning invention for ( 
studying brain disease was 
demonstrated at a London leach- , 
ing hospital. Page 3 I 

Gay News publishers and Mr. i 
Denis Lemon, its editor, were 
given leave tn appeal id the i 
House of Lords against convic- ; 
lion for blasphemous libel. i 
Prince Charles left f° r ^ cl ‘ ‘‘ 
bourne to represent the Queen j 
al the funeral of Sir Robert i 
Mcnzios, former Australian ■ 
Prime Minister. 

up £6 to 
new high; 
Gilts drift 

with EEC partners 

four call 
by CBI 

By John Elliott, Industrial Editor 


rise faster 
than prices 


• PLATINUM prices rose 
sharply to a new high in London 1 


West Germany is ready to consider a deal under which it would seek 
more economic growth at home in return for renunciation of trade protec- 
tionism measures by its European Community partners. 

vS Prices 

|140rf I*" nm ma- 




with a gain or £6 to £134.60 a 
troy ounce. 

• EQUITIES began the day 
firmly, but drifted later in lack 
of Interest. The FT ordinary- 
index closed 1-3 down at 480.3. 

• GILTS were inhibited by 
anxieties over sterling. The 
Government Securities- index 
closed 0.02 down at 71.12. 

• STERLING gained 35 points 
to $1.8135. Its trade-weighted 
index was 61.5 (6L6) and the 
dollar's depreciation narrowed 
slightly to 4.S1 per cent (4.85). 

• GOLD rose S2 to 51771 in 
London, and the New York 
Cora ex May settlement price 
was 40 points lower at $176.50. 

• WALL STREET dosed 4.»7 

up al 858.37. . ^ 

• WITHDRAWAL of the Gov- 
ernment's compulsory metrica- 
tion programme has been 
greeted with dismay by industry 
and jubilation by the Tory party. 
Back and Page 9 

• BP MINERALS, set up IS 
months ago by BP, has an- 
nounced substantial finds of 
sulphides in Victoria, Australia. 

Back Page 

• JAPAN'S balance of payments 
remained in surplus in spite of 
a massive outflow of capital last 
month. The trade surplus was 
$2. 24 bn. Back Page 

• QUEBEC will have its own 
currency if it becomes independ- 
ent of Canada, the Quebec 
finance minister has said. 

• DEPARTMENT of Trade is to 
look into the share dealings by 
directors of the Elliott Group of 
Peterborough, following up in- 
formation supplied by the Stock 
Exchange. Back Page 

• BRITISH LEY LAND is wooing 
Britain's 1.5ra. learner-drivers 
with incentives to driving schools 
which include cheap credit and 
free extras. Back Page 

• ARGYLL FIELD is back on 
stream after repairs had shut 
down supply for three months. 
Page 6 

decided to stop the £6.50 a week 
bonuses of 1.100 workers in Birm- 
in gharri because, it claims. there 
has been no real productivity 
improvement to justify the 

Page 8. 

Cnunt Otto LambsdorfT, West 
German Economics Minister, said 
that he believed such a move 
could be both useful and helpful, 
and that discussions should take 
place in Brussels. 

In making his remarks in an 
interview published in the Bonn 
newspaper General-Anzeiger 
today. Count LambsdorfT took 
a big step forward in tbe healed 
debate that began earlier this 
month in the EEC’s Council nf 

He noted that his statement 
in the Council on the dangers 
nf protectionism had since been 
commented on ironically by Mr. 
Edmund Dell, British Secretary 
for Trade. 

Count Lambsdorff said today 
he appreciated that it was hard 
for a country like Britain to 
embrace a really free trade and 
economic policy after 20 or 30 
years’ experience of one form 
of Stale intervention after 

But Dr. David Owen, British 
Foreign Secretary, had observed 
that protectionism was- closely 
linked to other matters, includ- 
ing economic growth and under- 

Count I.ambsdorff said he 
agreed with this, then went on 
id make his proposal for a 
package deal. 

The West Germans have long 
been privately preparing them- 
selves for some sort of deal, to 
emerge formally at the Western 
economic summit conference to 
be held here in July. 

So far, no consensus has been 
reached on just what their con- 
tribution might be. 

Many in Government are 
privately ready to concede that 
the official aim of 3.5 per cent 
real growth in GNP can hardly 
be fulfilled. 

It is recognised that this is 
bound to bring foreign pressure 
for further efforts by Bonn to 
stimulate the economy. 

However, there has been dis- 
agreement not only on the 
desirability of a new growth pro- 

Chemical producers seek 
free trade. Page 5 

Editorial comment. Page 20 

gramme but on the possibilities 
for financing it. 

Herr Helmut Schmidt. West 
German Chancellor, said only 
yesterday that the Government 
had already gone to the tolerable 
limits of State indebtedness to 
try to bring about an economic 

Count LambsdorfTs comments 
make clear that he consider such 
a programme at least feasible. 

They also underline the deep 
and increasing concern with 
which the West Germans view 
the rise of protectionism, which 
many here see as a bigger long- 
run threat to exports than the 
fall of the dollar. 

Bonn recognises that protective 
measures for some exceptionally 

hard-hit branches of European 
industry have been unavoidable. 

But it also sees a grave danger 
that the list of ’■ exceptions ” 
will become so lengthy as to 
undermine the very basis of the 
Common Market. 

I Meanwhile, ahead of to- 
morrow’s meeting in Brussels of 
the European Council or 
Chemical Manufacturers' Federa- 
tions, Britain's Imperial Chemical 
Industries joined West German 
chemical companies in their 
opposition to intervention by Lhe 
European Commission in the 
plastics industry. 

A campaign has heen mounted 
by France. Italy and Holland lo 
seek central action to deal with 
overcapacity in The industry.] 

Speaking of the renewed 
debate on creation of a wider 
zone of currency stability in 
Europe, Count LambsdorfT said 
he thought the only immediate 
question was when and whether 
the french franc would return lo 
the European “ snake " of floating 

He believed that Britain was 
not ready at present to bring 
sterling into tbe arrangement. 

During its chairmanship of the 
Council of Ministers in the second 
half of the year. West Germany 
would work for creation of condi- 
tions under which a European 
monetary union would become 

The path tn such union lay 
through grealer convergence of! 
long-term economic policies. 


British Industry took a sisfimcant rising steadily mi average as j!> -C Prixnn . . w 1 

step yesterday toward accepting learninss outstrip the declining Li previous 1Z months ! 

that either Parliament or the J level of inflation. 30 'p4a * 1 

Government should have a per- In the year lo March avrraw jfl .' 

manent influence on wage bar- 1 earnings rose in thi* UK 10.1 per Ajl > ; 

gaining in the priavic sector. cent, according to Dr par linen t of ,, 5 Retail 

Its monthly council meeting Employment figures released *■ ~ 

decided to approt e □ policy docu- yesterday. Retail prices went up J VA^rriCCS 

rnenl calling for greater i by fl.l per cem in the same ir VtA -j 

flexibility, with no Government period, while ih'.tMi**. 1'imnrrnw f ( 

sanctions, in the next phase of are expected to >lt«*w a retail j A V’A ! 

pay policy. price index rise nf about & pi-r 15 - • ! \1 ---- X 

The document maps out alcenr in the 12 .'nonllis to April. i • i 

longer-term plan for a Parlia- Over lhe annual pay round ; ! 

inentarv select committee to he the earnings increase will be con- 10. ; — [ 

set up to produce annual siderahly higher. The figures Earnings ‘ 

economic reports aimed nt im- seem to be in line with an • . ; 

proving public understanding oi increase in average earnings of 5,-t ; I j . 

what the country can afford in aboul J4 per cent under Phase 1975 1976 1977 197S 

wage rises. Three of tlu* Government's pay 

These proposals met with! policy and conform to internal another l -j r ,. ni m ji lt . 
considerable criticism from j Treasury estimates. mamiier of the 

members of the CBI council.! overall real disposable in- gm jj ,i IN s j a .,’,, ,,f ||. r ... 

though they were eventually j mines are expected tn have rmimi la-i voa*- = some Sd nor 
approved 3« a basis for discus- \ risen by about 7 per cent in ,-er.i of workeij. it nl «-i.m-luued a 
Sinn. : the year lo mid-lHTs, helped by ]«h;,„ c Tu.. wlul.- ,hi- num- 


Representatives of small com- 
panies were among the most 
vocal i-riltcs because they feared 
that however much the CBI 
raigbl insist it was against both 
“corporate State" methods and 

Editorial cmniitenl. Page 2(1 
Era mimic progress report. 
Page N 

her nf Vllleitu-tUv 'Ills \i\ir is 
Us- than lit? per ct ni nf -be tola*. 

Still in settle tin- tune ere the 
Im workers m the run-i ruction 
industry. wlu. 12 month* ago had 
already concluded a Phase Two 

Lucas France bid te buy 

/ 4 

DuceUier stake opposed 


THE ATTEMPT by Lucas France 
to buy for £14.4m the 51 per cent 
stake in tbe French motor elec 
tricat component manufacturer 
Ducellier now held by DBA, one 
of tbe U.S. Bendix group of com- 
panies, is being fiercely opposed. 

Tbe opposition is coming from 
SEV-Marchal, made up of a 
group of small component 
makers and 70 per cent owned 
by Ferodo or France and 30 per 
cent by the West German com- 
pany Bosch. 

Lucas France, a subsidiary of 
Lucas Industries of tbe UK. 
already bolds 49 per cent of 
Ducellier and it and DBA are 
bound by pre-emptive sale 

It has told the French Govern- 
ment that if the sale goes 
through, it would be prepared to 
sell a minority stake in Ducellier 
— say a third of the capital — lo 
French interests. 

Ducellier. with sales of around 
FFr 800m makes a full range of 
electrical equipment for care. 

Lucas France, whose turnover 
is around £140m, wants to diver- 
sify its sources of supply and 
respond to growing objections of 
the big French motor manu- 
facturers to being lied to under- 
sized component suppliers. • 

It was partly the prompting hf 
the motor companies which 
sparked off the French Govern- 
ment's attempt to consolidate the 
component industry into larger 


The British concern, particu- 
larly strong jo the fuel injection 
equipment business in which it 
has 60 per cent oF tbe French 
market, believes that the odds 
still favour it. 

It points out that it has 
invested in French green field 
sites and in old industrial areas, 
and says that the balance of 
motor industry trade is heavily 
in France’s favour. 

Last year. 156.000 French 
cars were sold in the UI< and a 

PARIS, May 17. 

mere 12.228 British cars pur- 
chased in France. 

French exports nr electrical 
equipment in the UK last year 
totalled FTrTim, against 
FFr43in of imports. 

In addition, Bendix plans to 
spend most of the money it 
would receive for tbe stake in 

Lucas hopes tbat the Frencb 
Government - ' will accept tse logic 
of the legal situation governing 
the disposal of the shares and 
the industrial logic of its take- 
over particularly as the SEV 
group is still assimilating its own 

But the French Government is 
traditionally sensitive about 
foreizn takeovers, except where 
it urgently needs the technology 
tbat only a foreign company can 

Most recently, the attempt by 
BP France to acquire the protein 
company Rousselbt was blocked 
by the French Government 
which prevailed on the French 
nil industry to step in. 

pay norms, the main proposal.- thp , ;IX culs announced in the £ off isSS" 
in the document amounted to| Budcel ;ind , asl October s JJ L n? Uu inSl i .'-Vi 
support for some form of con- ■ Pt . onDin jc uacka-'i’ ‘ 1 ■ d in < it'O'. loi-" 

Tlninno inlprfnrpncp in . authority stalls. Hind nunilfae- 

SSve b?r»aSSS” «8.irc« appeared at lMrinR workers and industrial 

collective Dar^inm*. the same time as a Treasury civil servants 

The more dominant woip warning that excessive growth ' 
among industrialists on the in wa „ e costs cnu)( j reverse the Tl,e Department said that 
council was what would happen recent" downward trend in the " nt ,,r . ' v ? rk : er 5 

at the end of this summer if inflation rate The leadin' 1 whn ,;jd lS ' 1 * :,r S'-'Hled 
there were no pay controls. articIe in , he ' Ialest Treasury" accepted increases consistent 
Fearing that trade union Econom jc Progress Report sug- ^ 1, t 5 lho Lmernmcnt s 10 per 
opposition to pay moderation wslJ? that the increase in UK wnl pay ceding, 
would increase immediately after wage costs per unit of output Productivity deals, from which 
the next General Election and j S currently higher than in any about one in ten or workers had 
that the inflation rate might rise, n jh er major industrial country, benefited, would add between 1 
the policy document says: Given except Italy. and 2 per cent to the earnings 

the imbalance of bargaining j n ^e eight months since increase fur the year 
power, pay settlements would August when the present wage Basic wage rales saw a sharp 
more reflect the strength of round began, workers in industry jump From a year-on-year iu- 
particular groups than the an( j transport saw an earnings crease of 6.3 per cent in March 
financial state of tbe private r j S e of 9.7 per cent on a season- 14. 1 percent in April. 

Se m£r iwi* all >’ adjusted basis. This is This was mainly duo lo the 

C .»L /•». ’fS’n- ' ’ P e .T S shown by the Department of national rates for engineering 
Healey, the tnancellor of the Employment's older index of workers, which were raised in 
a . 1 i 1 .' 1 ' 0 . >n p a y movements, which still pro- April after remaining unchanged 

the coming weeks to start moves. vide.,- th e best indicator of since the beginning of 197fi. 
toward its lunger-terra idea for short 1c . rm movements. Since engineering’ workers' 

creation of a body like a Par [ j n the. same pcciiid a year wages are in practice settled at 
liamentitry select committee nn i curlier, that index was -.ip In- 7.7 local level.' this does not reflect 
the economy. 11s leaders know per cenl and it ro-e ’v nnlv a real increase. 

that the idea may appeal more ; 

lo the Conservative Party than 

lo lhe present Government. /Y1 • 

Last week in f he Commons the V^IQSC VOt0 OH ClStfirCilCS 
Prime Minister was critical of the ” 

dinner on Tuesday night and is xnE GOVERNMENT narrowly Of the iwu MPs who hold (he 
now believed lo have decid-.-d n verted a delta! during the balance on lhe committee Mr 

n ® l , t0 dismiss! . 1 'i® proposal nut first day of the standing coni- Eniich Powell voied Tor the 
of hand provided it wouW noi mit | ee on (he Finance Bill ^oled Tor lhe 

lead to MPs on ^uch a commit ce j as , nishl- There was a tied amendment, and Sir. John 
having the power tn intervene V o(c of 15/15 on an amend- Purdue, the Liberal economic 
directly on pay issues. ment by Mr. Jack Dunne! t, spokesman, voied against il. 

He is aware that union leaders Labour MP for Nottingham The increased duty — which 
are unlikely to want lo see such j East, lo postpone tbe starting puts 7p on a packet of 20 
a new arena for pay debdtes dale Tor the increased duty on vigarettes in the upper-middle 
created, and there is also con- higher tar cigarettes. and high tar groups — is due to 

siderable opposition among The amendment was rejected come into effect on September 
senior civil ser-ants. when Mrs. Joyce Butler, the 4. The amendment would have 

Annual report. Page S committee chairman, cast her postponed it lo a date to he 

Men and Matters. Page 20 vole against it. decided next January. 

‘You say the Industrial Guide 
Nationwide can save me timer 

Mobil Oil may grow tomatoes 





.(Prices in pence unless otherwise 


Allen (W. G.) M t I 

Asscd. Newspapers ... 156 • * 

Beales (J.) .g * • 

firem Chemicals 1*9 ■+■ 

Brown IJ.) 351 + l° 

Camellia Invs 33? + f 

Cappcr-Neill . 

Crosby House 1» + 

Gommo Hides. SO + 4 

Heath (C. E.) 2S.> + 10 


Johnson Cleaners ... + 2- 

Lon. & Midland Indx. 82 + 3 

Myddleton Hotels ... 230 -r 20 

Pennine Motor 61 + 21 

Podiin’s 122 + 9 

Samuel (H.) A 3™ .+ 

.Iftd. City Merchants 72 + 4^^ 
"»* ar «s» — 

0 F W. 1VOOL WORTH pre-tax 
profit in tbe three mongia to 
April 30 fell from SS.iSm to 
£5.5Sm on turnover up 
£IB4.l5m to £177. 1 4m- Page 23 
and Lex 

#DUPORT pre-tax profits for 
1977 fell from £11. 4am 
mainly reflecting a .severe set- 
back in the domestic products 
division. Page 23 and Lta 

a trading profit of £65m. in 1977 
nn sales of £S 60 m. compared wth 
£56111. profit previously on rales 
of £740m. when BA s four 
tuent companies were still separ- 

Page 8. 


Watts Blake Bearne Ig J ^ 

BP 4. •> 

Burmah Oil J i 6 

Oil Exploration & + £ 

J°^ a ' 315 + 10 

Lonsbourne qa + c 

BH South Sj + § 

Lydenburg + 5 

Metals Expln. m + 12 

Northern Mining - °7 T j 

Pancontinenlal -'-i + | g 

MOBIL OIL. one of the major 
U.S- oil groups, is considering 
building a £llm. tomato-g rowing 
complex alongside its oil re- 
finery in the Thames Estuary. 

The project could become one 
of lhe biggest glass-house 
developments in Europe, cover- 
ing some 80 acres next to tbe 
Coryton refinery in Essex and 
eventually employing 400. 

It is expected that Mobil will 
form a joint company with Van 
Heyningen Brothers, one of 
Britain's leading tomato growers, 
to raise and market tomatoes 
outside tbe normal growing 

Mobil can use its refinery’s 
waste beat and burn spare fuels 
to maintain the temperature in 
the large glass houses. 

Although planning permission 
has already been granted by 
Thurrock Council, Mobil empha- 
sised yesterday that its project 
was still only “ under considera- 

It is thought that if Mobil’s 
main U.S. Board approves the 
investment — and the group has 
already diversified into the retail 
stores business in America — the 
first stage of the glasshouse com- 
plex would be built in time for 
the 1979-SO growing season. 

Mobil is already investing 
some £120m. at Coryton. where 
a new catalytic cracker unit is 
being installed 

Last year Mobil Oil, the UK 
refining and marketing company, 
made a net profit of £13m. 
against £2m in 1976. This im- 
proved result, on sales income 
of £650m, was largely because 
of currency exchange gains aris- 
ing from last year’s rise in the 
value of sterling. 

Tbe trading profit, excluding 
financial effects such as exchange 
gains, interesr payments and 
taxation, was £5m worse in 1977 
at arnund £22 m. 


European news 2-3 

American news 3-4 

Overseas news 4 

World trade news 5 

Home news— general 6-8 

labour 6 

—Parliament .. 9 

The. bizarre troubles of 

Fleet Street 20 

Economic Viewpoint: The 
housing debate 21 

Technical page 16 

Marketing Scene 17 

Arts page 19 

Leader page 20 

UJC. Companies 22-26 

Mining — 26 


Business and the coarts ... 18 

NY Port Authority's indus- 
trial strategy 3 

Inti. Companies and Euro- 
markets 27-29 

Wall Street 31 

Foreign Exchanges 31 

Farming, raw materials ... 33 

U.K. stock market 34 

Sri Lanka’s terrorists: The 
Tamil connection 4 

Pctro-Canada’s oil quest: 
Seeking self-sufficiency ... 27 

'Right, I’ll have one 9 

Tasminex - . g 

Western Mining 

FALLS __ . 

Barclays Bank U14 - 4 

Gen. Accident. !>c- — u 

Uoyds Bank 3517-6 

NalWest ,^4 — g 

Tate - and Lyle _ 25 

Wheeler’s Rsturanls. -SO __ ^ 
East Band Prop. _ — 

Appointments 32 

Appohnmonu Attvu. ‘ 12-15 

Btokf U 

Business AdvLs H 

Crossword U 

Economic Indicator* 32 

Entertain mewl Guide 11 

Eurwcaa Opts, ...... 28 

Jobs Column 12 

LiUert..,»..... n ,. m 21 Weather 38 

Lex 38 But Lendl ns Rates JS 


Shard InfonttaUan 2 

Tfrdny’s Events 21 Vtoolworth - * 

tv and Radio \t akhual STAtEMEHTS 

Unit Trusts - 35 Dorada HMDS 29 

For latest Share Index ’phone 01-246 S026 


El bar industrial ... 
Elds and Goldstein 

HIbw and HUI 

HntcUuM Whampoa 
A. Mandadari EdiL 
Shama War* ... 
Twtor Woodrow ... 
Untbmr ..... 
Wllmw areedon Z 

For everybody connected with 
industrial property the Industrial Guide 
Nationwide is a must. 

Published regularly by Healey & Baker 
the I.G.N., which is free, contains concise, 
up-to-date Information on numerous 
industrial properties throughout the country, 
togetherwlth a comprehensive guide 
xo rents. 

Execuiivetime is an expensive 

commodity, the I.G.N. is one of the few 
things that actually saves it. 

Write or telephone for your copy NOW? 

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• Jr. nr Lonoon noMX«ti:^«Liai» 




Financial Times Thursday May IS 197S 


France renews jobs pact on tougher terms 


PARIS. May 17. 

THE FRENCH Cabinet decided 
to-day lo renew the tax conces- 
sions it offers industry to recruit 
young workers. But tbe new ver- 
sion of the employment pact, to 
ran from July 1 until the end of 
next year, is much less generous 
than tbe pre-election scheme of 
July last year. 

It was announced to-day that 
unemployment again increased 
in April, taking the seasonally- 
adjusted figure up from 1.07m- 
to 1.0S6m, a rise of 1.5 per cent 
Tbe crude figures declined by 2.5 
per cent to 1.047m. The adjusted 
total for unfilled vacancies 

showed a drop of 500 to 90,000. 
while the crude figures were 
about 2.500 up to 90,000. 

The main difference between 
the new version of the employ- 
ment pact and its predecessor is 
that the new measures will be 
available only for companies 
employing on more than 500 
workers and having a turnover 
oF no more than FFr 100m 
(£12. 5m) a year. Tbe concessions 
will apply for one year From the 
date of recruitment of the 

Instead of total exemption from 
social charges, companies will 
only get 50 per cent relief from 
taxation, and they must prove 

that they are hiring additional 
people rather than simply using 
the legislation to change their 

The categories of beneficiaries 
are slightly wider. In addition to 
young people in the 13 to 26 age 
group, who must be within a year 
Of finishing school or national 
service, widowed and divorced 
women and unmarried mothers 
are also included 

The new proposals also cover 
job and professional training, 
and in-house training schemes. 
On the whole, these programmes 
have been shortened and the re- 
muneration paid to trainees 
reduced. Job training courses 

are reduced from a maximum of 
six months, and the payment is 
reduced to 75 per cent, of the 
national minimum wage. 

Practical ln-work training for 
manual workers is halved to four 
months, and while the pay 
remains 90 per cent of the 
minimum wage, companies will 
have to pay 20 per cent of this. 

Tbe cost is expected to be 
FFr 3bn rather than tbe FFr 5bn 
of the earlier version which, 
together with industry’s own 
drive to stabilise the pre-election 
unemployment situation. is 
claimed to have led to the 
recruitment of more than 500,000 
young people. 

The reduced scope of the 
scbeme indicates the Govern- 
ment’s anxiety to control ex- 
penditure, especially as other 
planned measures will also cost 
revenue. The scbeme to attract 
savings into industrial invest- 
ment. for instance, will represent 
a revenue loss of FFr Ibn. 

With the Budget deficit likely 
to exceed FFr 20bn this year, 
and the Government committed 
by its election promises not to 
raise taxes before 1980. it ts 
clearly trying to keep tbe public 
sector deficit closer to the 
FFr 9bn or so originally 

Prosecutor demands seven-year sentence on Orlov 


MOSCOW, May 17. 

A STATE prosecutor today 
demanded tbe maximum seven- 

year labour camp sentence for 
the dissident leader. Dr. Yuri 
Orlov, on trial for anti-Soviet 
.T/rvtion and propaganda, Mrs. 
Irina Orlova said tonight 

With the atmosphere inside 
and outside the court deteriorat- 
ing steadily. Dr. Orlov denounced 
“ideological intolerance" in a 
final speech in his own defence 
on the last Still day of his closed 

Desipte interruptions from the 
presiding judge and prosecutor 
and cries from the hall of 
“ traitor." “ spy," and "proponent 
of war," Dr. Orlov spoke for 30 
minutes and warned that ideo- 
logical intolerance is deeply 
destructive when practised on a 
wide scale. 

As if to illustrate his point. 
Mrs. Orlova after leaving the 
courtroom, was seized by guards 
and forcibly stripped with three 
male policemen looking on. 

Correspondents, who took Mrs. 
Orlova and Dr. Orlov's two sons 
by a first marriage, to a diplo 
matic block after the court 
session in an attempt to avert 
a repetition of tbe near fighting 
and anti-Semitic insults that 
occured yesterday, were pursued 
recklessly by three cars full of 
KGB men. 

Mr. Sergei Yemelyanov, the 
Soviet prosecutor, said in bis 
final argument that Dr. Orlov 
was guilty of making intentional 
slanderous and anti-Soviet state- 
ments in an attempt to weaken 
tbe state. 

Dr. Orlov, in bis satement. 

said that although be expected 
to be convicted, tbe prosecution 
had not proved that he bad 
slandered the Soviet state and 
that, on the contrary a thoroaugh 
acquaintanceship with the 50 
tomes of evidence prepared for 
the case would show that the in- 
formation gathered by the dissi- 
dent group, of which he was 
chairman and which sought to 
monitor Soviet observance of the 
Helisinki accords, was constantly 

He said the prosecutor’s 
speech was an example of ideo- 
logical Intolerance, adding that 
the Stalin era had shown tbe 
cost to science and culture of 
such enforced attitudes. He 
pointed out that only one- 
thirtieth of tbe Nobel prizes in 
science had gone to Soviet 

scientists and said that this state- 
ment was not slanderous but an 
ascertainable fact 

Mach of Dr. Orlov’s personal 
defence was delivered wib diffi- 
culty because of rulings by Judge 
V. G. Lubintsora tbai his 
remarks had no relation to the 
case or were in reference to 
areas outside tbe competence oi 
tbe court. 

Earlier, Judge Lubintsova 
rejected without explanation a 
new request by Dr. Orlov to be 
allowed to call defence wit- 
nesses. None have been called. 

Two correspondents for the 
Soviet news agency Tass were 
present at the trial but Western 
journalists continued to be 
barred and gained details of 
what transpired from Mrs. 

Orlova and Dr. Orlov’s sons. A 
final verdict and sentence are 
expected tomorrov.-. A repre- 
sentative of the U-S. embassy 
continued to be the only diplo- 
mat from a Helsinki signatory 
country to try to attend tbe 

Renter adds; Mr. Alexander 
Podrabinek, a young dissident 
detained at the weekend, bas 
been formally charged with anti- 
Soviet slander over a book be 
wrote alleging psychiatry was 
used in the Soviet Union for 
punitive purposes, friends said 

He was taken from bis home 
on Sunday nigbt on the eve of the 
trial of Dr. Orlov after a five-hour 
search by KGB security police 
who took away hooks and manu- 

Bonn plans 

merger law 

By Jonathan Carr 

BONN, May 17. 
today approved measures 
designed to safeguard tbe 
marker economy through more 
stringent and better defined 
powers of merger control. 

In seeking a fourth revision 
to the cartel law, the Govern- 
ment wants, in particular, to 
stem tbe increasing encroach- 
ment of big companies in 
sectors where small or 
medium enterprises are active. 

Under the revision, a 
planned merger would have to 
be reported to the* federal 
Cartel Office when one of the 
concerns involved has annual 
turnover of DM 2bn or more. 
The Cartel Office would also 
be able to examine a merger 
even when the smaller com- 
pany to be taken over had an 
annual turnover of less than 
DM 50m, tbe limit below 
which the office has so far 
been unable to step in. 

Other steps would include 
increased supervision of 
recommended retail prices, 
further action against abuse of 
the power of demand and 
tougher fines for offences. 

The Government described 
the measures not Just as 
repair work to existing law but 
as an important step in pre- 
serving competition. The 
Opposition criticised the com- 
plexity of the revision. 

i\% \ 

Turkey casts a ff t , 
shadow over 
NATO summit 


BRUSSELS. May 17. 

Our fares to Africa are the same 
as other national airlines! 

# :• 

* ^ • 

Our planes don’t fly any faster. 

Ifet a lot of seasoned Africa 

travellers insist on flying with us. 

Because, with a new route to 

Abidjan starting on May 7th, we now 
fly direct to more places in Africa than 
any other airline. 

And because,unlike most other 
national airlines, we’re an independent 

If we didn’t run a better business, 
we wouldn’t have a business to run. 



We never foiget you have a choice. 

Direct service from London-Gatwick to Abidjan, Accra, Alters, Banjul, Casablanca, Dakar, Freetown, Kano, Lagos , Lusaka, Monrovia, Tripoli and Tunis. 


TURKISH bitterness at the con- 
tinuing US. embargo on arras 
sales to Ankara is casting an in- 
creasingly dark shadow over 
NATO’s Washington summit 
later this month, an occasion 
that President Carter had hoped 
to use to relaunch the alliance 
both militarily and politically. 

As Ministers gathered for a 
two-day meeting of the alliance’s 
Defence Planning Committee 
that starts here to-morrow, it 
emerged that the U.S. has been 
forced to drop plans for a special 
declaration renewing faith in the 
alliance’s fundamental principles 
at the summit, largely as a re- 
sult of Turkish opposition. 

The Turks have also now offi- 
cially told their allies here that 
thev will not in present circum- 
stances be able to Implement 
their part of the alliance’s long- 
term defence programme that is 
meant to form one of the centre- 
pieces of the Washington meet- 
ing on May 30 aod 31. Tbe aim 
is to give the go-abead. with suit- 
able fanfare, for a major 
strengthening and streamlining 
of Western defences over the 
next 10 years and more. 

Tbe idea of a special declara- 
tion has been discussed inform- 
ally in Brussels, but President 
Garter's proposal only reached 
Mr. Bulent EceviL the Turkish 
Prime Minister, during his visit 
to Bonn at the end of last week. 
From London, his next stop, he 
told President Carter that Tur- 
key could not subscribe to such 
a declaration in present circum- 

General Kenan Evren. Chief of 
tiie Turkish General Staff, who 
attended a xneetine of the 
Alliance’s Military Committee 
here today, is for The first time 
drawing the attention of his 
allies to the changes that will 
have to be made in his country's 
NATO commitments. With Tur- 
key desperately seeking to pre- 
vent its force from becomine 
almost totally obsolete, it can 
bardly be expected to spend tbe 
amounts required to fulfil its 
commitments to purchase 
sophisticated new equipment 
under the long-term defence pro- 
gramme. he argues. 

Officials here say it Is still not 
ruled out that some reference to 
the alliance's principles can be 
included in the final com- 
munique at Washington. But tbe 

special declaration has been put 
off until next year, ostensibly on 
the grounds that 1979. the 
alliance's 30th anniversary, will 
be more appropriate. 

At a meeting of the fWnntinn 
Eurogroup here to-day. howewr. 
Turkey did not question the 
overall objective of strengthen- 
ing the Alliance. The programme 
will be at tbe centre ,.f discus- 
sions here during Ihe full meet- 
ing of Defence Ministers over 
the next two days, in preparation 
for Washington. 

At today’s meeting, Mr. Fred 
Muilcy, the British Defence 
Minister, urged his cn) league* to 

s / 

Mr. Ecevit : a hitter ally. 

show flexibility in their national 
defence plam 

. £■ so as to allow 

the long-term programme to b«; 
achieved. He pointed our that 
projects agreed at alliance level 
might have to take precedence 
over cherished national projects, 
in the UK as in other countries. 

It is now becoming clear that 
even if member countries meet 
the NATO target of a 3 oer cent, 
increase in defence spend in c m 
real terms in the five vears to 
1984 they will nor necessarily 
be able to implement both the 
lone-term programme and full 
national programmes. Indeed, 
the U.S. now appears to be sug- 
gestine that if the long-term pro- 
gramme is to. be fulfilled, there 
will be a continuing need for 
3 per cent, annual increases 
beyond the three-year target 

Anikeotti’s message likely 
to be ‘business as usual 9 


ROME. May 17. 

FOLLOWING the everwfielmiag 
vote of confidence in Parliament 
— by 522 votes to 27— in support 
of the minority Christian Demo- 
crat (DC) Government's new 
anti-terrorist measures, which 
were introduced in response to 
tbe kidnapping and assassina- 
tion of Sig- Aldo Moro, the 
former Prime Minister, Parlia- 
ment will tomorrow open a full- 
scale debate on ail aspects of 
tbe Moro affair. 

Tbe Cabinet met here this 
evening under prime Minister 
Giulio Audreotti. wbo will be 
tbe Administration’s principal 
speaker In the debate. He is 
expected to stress that govern- 
ment business will continue 
normally, uninterrupted by tbe 
events of recent weeks. 

Sig. Audreotti is likely to 
emphasise that the anti-terrorist 
legislation now available to the 
State is adequate to deal with 
the threat posed by the ultra- 
Left Red Brigades terrorists and 
other extremist groups, without 
having recourse to exceptional 
security provisions. He will also 
insist that the Government will 
not be diverted from dealing 
with pressing economic and 
social issues facing the country. 

Meanwhile, the Prime Minister 
is expected to take soundings 
from the main parties support- 
ing his Administration, includ- 
ing the Communists, on the 
choice of a successor at the 
Interior Ministry, following the 
resignation of Sig. Francesco 
Cossiga. The latter has been 
criticised for the failure of the 
security forces to make any real 
progress iu identifying the Red 
Brigades faction responsible for 
the murder of Sig. Moro. 

This consultative process could, 
however, jbe complicated some- 
what by the outcome of wide- 
spread local elections over last 
week-end in which the ruling 
Christian Democrats advanced 
noticeably, while the Com- 
munists suffered a sharp setback 
from their support at the last 
General Election two years ago. 

This outcome has. at least 
superficially, reinforced Right- 
wing elements in the DC party 
who would like to work towards 
“ engineering M a government 
crisis early nest year. It Is their 
bone that a snap general election 
then would give the Christian 
Democrats an effective Parlia- 
mentary majority, with the back- 
ing of the now-reinforced 
Socialists, so that the ruling 
party could throw off the un- 
welcome Parliamentary support 
of the Communists. 

For the moment, however. Sig. 
Audreotti is anxious to retain as 
wide a parliamentary base as 
possible for his minority Govern- 
ment This is in part because of 
the desirability of presenting a 
united democratic front to the 
challenge from the terrorists, but 
also in order to commit tbe main 
political parties to endorse his 
Administration's proposed econo- 
mic. measures. These Include 
anti-inflationary policies'* aimed 
at holding down price increases 
in the current year to a maxi- 

mnnn&f Iffuer cent “ ■ 

Meanwhile, there was a further 
terrorist attack to-day when a 

member of the security forces. 
Sig. Roberto de Martino 1 26 1 was 
gunned down In Turin. The 
attack is assumed to be the work 
of the Red Brigades or allied 
terrorist Fact ions out to main lain 
their promised policy of "con- 
tinuous attack asamst the Slate" 
as a follow-up to the Moro kid- 
napping and murder. 






Leaseway Transportation 

Cleveland, Ohio. USA. 


To rent a car in London, 
Bristol, Southampton, 
Manchester, Glasgow, 
Edinburgh, Birmingham, 
Gat wick, Heathrow, 

01-848 3031 

Or your travel agent. 

In r he U.S: ir's X at i chit! Ca 

v* - ■> 




^hiandal - Times' Thursday May 18“19T8 

El ROVE AN Nivvs 

Portuguese industry fears 
irrevocable stagnation 9 



•.I ..n 


*&E Portuguese Government’s 
deflationary policies aimed at 
-(tedding the country’s $1.5bn 
balance of payments deficit 
threatened tp take Portugal into 
a period of irrevocable economic 
stagnation- This is the forecast 
made in a report this week by 
the Confederation of Portuguese 
Industry (CIP). which represents 
35,000 small and medium-sized 
private companies which account 
for more than SO per cent of 

The report, the first public 
comment by CTP on the Govern- 
ment’s economic programme 
since, the conclusion of negotia- 
tions with the International 
Monetary Fund on May 9, makes 
dear that the private industrial 
sector has very little enthusiasm 
for the recent package of 
austerity measures. This has as 

one of its prime -aims that of 
stimulating export production 
and thus righting the imbalance 
of trade. 

These measures include a 6.5 
per cent devaluation of the 
escudo against a world basket of 
14 principal currencies, and tax 
concessions and premium deduc- 
tions for exporters which would 
exempt them from the credit 
squeeze imposed by the Bank oE 
Portugal earlier this month. 

The report argues that although 
Portuguese industry experienced 
a slight upturn in the first two 
months of this year, it Is about to 
experience a critical period 
which could lead to many bank- 
ruptcies. In addition to the pri- 
vate sector’s existing problems — 
such as difficulties in obtaining 
raw materials, high production 
costs and shortage of 'ready cash 

LISBON, May-17. 

—at is now threatened by a 
uramatie fall -in demand on the 
home market as a result of the 
Government's tough monetary 
and fiscal measures aimed at cut- 
ting down on consumption. 

“ It is our opinion that the 
present Government ds not doing 
what it should do to avoid ithe 
gloomy prospect of stagnation, in- 
flation and unemployment which 
awaits us,” the -report adds. 

T-he report follows an 
announcement earlier this week 
that CLP will hold a. “ day of 
struggle” against the Govern- 
ment in Oporto, northern Portu- 
EaJ. at the end of this 1 month. 
U wrll centre on a congress, 
based on the theme “in defence 
of private initiative.” designed as 
a snow of strength for those 
businessmen opposed to the 
Government's economic policies. 

Suarez faces by-election test 


POLLING TOOK place today in 
two by-elections for seats- in the 
Senate, the upper House of 
Spain's Parliament. These are 
the first Parliamentary polls 
since the general election last 
June and are expected to pro- 
vide a barometer of the Suarez 
Government's popularity, as well 
as showing the relative strengths 
of the two major opposition 
parties, the Socialists and the 

The ruling Union de Centro 
Democraticb fUCDl and the two 
main opposition panties have 
thrown their leading figures into 
the campaign for the two seats. 
7be seas in Alicante and Oviedo 
provide a reasonable cross- 
section of the electorate, outside 
the main urban areas of Bar- 
celona and Madrid. 

Oviedo iff the northern mining 
region of Asturias and Alicante 
is in the south where there is a 
high degree of unemployment. 
Almost 1.5m persons are eligible 
to vole. But, In the general elec- 
tion, the turnout for the two 
places averaged little above 75 
per cent and observers predict 
that today's turnout will be 

The Prime Minister, Sr. Adolfo 
Suarez, has campaigned in 
person on the platform of a vote 
against the UCD iff a vote that 
paves the way for Marxism in 
Spain. The UCD has been split 
in recent weeks by serious divi- 
sions over strategy and ideology^ 

Spain’s- army chief, -of staff, 
Lieut- Gen. Jose Vega Rodri- 
guez (64), has tendered his 
resignation, the Defence 
Ministry told Reuter In Madrid. 
A spokesman said the resigna- 
tion. which had not yet been 
officially accepted, 'was for per- 
sonal reasons. A veteran of 
Franco’s victorious Nationalist 
army in the Civil War, in re- 
cent years he has acquired a 
reputation as "a' moderate 
among the generals- 

Two weeks ago, the executive 
committee submitted its resigna- 
tion and Sr. Suarez Is in the 
process of re-modelling this, the 
party’s chief operational arm. 

Recent opinion • polls have 
shown a marked decline in Sr. 
Suarez’s popularity and com* 
mentators are regarding the elec- 
tions, relatively unimportant in 

MADRID, May 17. 

themselves, as a test of bis stand- 
ing in the country. They do not 
however threaten the UCD 
majority in the 248-seat Senate. 

In the June elections, Oviedo 
returned three senators of whom 
two were elected on a coalition 
ticket grouping the democratic 
Left plus the Socialists and the 
Communists while a single 
senator was elected for UCD. 

The by-election, caused by the 
resignation of. a Communist- 
elected senator, Sr, Wenceslao 
Roces, has thrown- an interesting 
light bn the deteriorating rela- 
tions between the Socialists end 
the Communists. The Socialists 
chose to break the June. 1977 
understanding of a common plat- 
form for Oviedo so both are field- 
ing separate candidates. This bas 
considerably irked the Com- 

Thus in Oviedo the vote is 
likely to be a straight fight 
between the UCD and the 

In Alicante, two senators were 
elected in the June elections, one 
on a coalition of Socialist groups' 
and another for the UCD. Here 
again, the main fight is expected 
to be between the UCD and the 

for Danes 

By Robert Mauthnti* 

PAWS, Wav 17. 

A MARKED improvement in 
Denmark’s balance oF pay- 
ments. coupled with sluggish 
growth and a moderate redac- 
tion in inflation, is predicted 
by the Organisation for 
Economic Co-opcra don and 
Development, In its latest sur- 
vey of the Danish economy. 

The current account Is still 
expected to be in deficit by 
PKr.7.5bn. this year, but this 
would be au improvement of 
DKrJ2.4bu. on last year. 

The survey points out that 
the expected improvement will 
be partially offset by rising 
debt repayments abroad. The 
need for keeping domestic 
borrowing costs considerably 
above foreign rates will be as 
great as it was last year. 

Because of restrictive 
policies applied by the Govern- 
ment to cut the 'payments 
deficit and control inflation, 
and because of the slack inter- 
national economic climate, 
domestic activity has remained 
depressed. GDP is estimated to 
have risen by no more than 
L5 per cent, in 1977, and the 
outlook for this year continues 
the trend. 

The prospects for reducing 
inflation are brighter. The in- 
crease in consumer prices this 
year could well decelerate to 
about 7 per cent from 12.25 
per cent. But due to a signifi- 
cant prices push in December 
the consumer price index was 
more than 6 per cent above the 
1977 average and the year-on- 
year increase is unlikely to 
fall significantly below the 
1977 rate of II per cenL 
Prospects for reducing in- 
flation after 1978 are uncertain, 
since part of the moderation 
Of wage increases is due to an 
incomes agreement which 
expires in 1979. 

The OECD is pessimistic 
about the outlook for employ- 
ment. Unemployment increased 
to 7.5 per cent last year and is 
likely to rise further this year. 



With a view to Europe 

"'r ■ 2 


THE NEW YPRK-New Jersey air cargo as in Los Angeles the 
Part Authority wants to launch a next largest air facility. It 
campaign to attract European operates the largest bus terminal 
manufacturers. and largest container shipping 

The inducements held out are facility in the world and two of 
of industrial estates built to meet the tallest buildings — the 110 
the specifications of tenants, and storey twin towers of the World 
with all the most modern ameni- Trade Center. Unlike the Port 
ties including handsome tax of London Authority which has 
breaks; energy from recycled bad trouble making ends meet, 
waste; a large competitively-paid the Port Authority of New York 
work force: and advantageous and New Jersey prizes its reputa- 
access to transportation and mar- tion as a profit-making business, 
kets. The plan has been drawn The rmphasis on profitability 
up and, if approved by the two which the port authority shores 
states’ legislatures, as expected, with more than 7.000 other public 
it will be financed and executed authorities in the United States 
by a venerable institution on the modelled upon it has attracted 
New York scene, the Port some critical fire. Mrs. Arm marie 
Authority of New York and New Hauck Walsh, author of a newly 
Jersey. released study called The Public 

The. port authority is a queer Business: The Politics and Prac- 
animal, it bas jurisdiction far tice of Government Corporations, 
beyond the port itself. It is says: “The financing of public 
neither a Government agency, authorities through the private 
since it enjoys independent cor- tax-exempt bond market deter- 
p orate status, nor a private com- mines priorities of public plan- 
pany 'since ii has access to the ning, shapes criteria for selecting 
tax exempt bond market where new projects, and affects the 
it can, like slate and municipal pace of public investment. This 
agencies, raise capital at lower method of financing encourages 
cost than eiLher federal agencies higher rates of borrowing, spend- 
or private borrowers. All of this ing and construction than are 
makes it a highly privileged possible for programmes that 
creature. 7l was created by must run the gauntlet of the 
statute in 1921 with a broad man- political market place, 
date “to preserve, protect, and _ , , - 

promote the commerce of the k HlnnPn PfiCTC 
port district.” roughly 25 square 1HUUCU luaia 
miles, encompassing most of “In some cases, the result has 
Manhattan and much of northern been overborrowing, overspend- 
New Jersey. Specifically it was ing and overconstructing, but 
hoped that the authority would only certain kinds of spending 
be able to unravel the chaos that and constructing are promoted 
prevailed among the many rail a nd encouraged: projects with 
lines converging on the port of predictable financial results for 
New York. the authority. In focusing nn 

While rail problems still exist, financial results, the authorities 
the port authority has been tend to ignore costs and benefits 
developing other forms of trans- to the puDlic at large and some- 
port in the region. It has a times to competing private 
virtual monopoly of facilities interests-^costs that will not 
such as bridges, tunnels, bus show up on the corporate books.” 
terminals, airports, and heliports These remarks might he 
as weB as port facilities, all of applied to the Port Authority's 
which it owns and leases, using soon-to-be completed project, the 
the fees to repay debt and mammoth World Trade Center 
launch new projects. It handles on the southern Tip of Man- 
more ocean-born cargo and air- hattan. Opened in 1970, it 
borne cargo than any other U.S. bouses 800 firms and organisa- 
port, with about 60 per cent, tions from 60 countries, and 
more sea cargo than in the employs 30.000 workers. An- 
secood ranked port. New other 20.000 more are expected to 
Orleans, and four times as much be added once the center has 

*£ . 

The 1 lll-storcy World Trade 
Center : some call it the 
world's largest white 

been completed. 

It is fully meeting its operat- 
ing costs and ha? contributed 
more than SfiOm. toward Tbc port 
authority's debt service in 1977. 

But there are those who call it 
the “ largest white elephant con- 
struction project in history.” The 
critics include private real 
estate interests which suffered 
from the sudden glut of office 
space when The tu m lowers be- 
came available, as w ell as public 
interest groups which feel that 
the Slbn spent nn the World 
Trade Center should have been 
put to other uses. 

One of the prime points of ... 
contention is the Port Authority's ■ 
past unwillingness to use ils 1 tjES??.'- 
resources for the system of "Jr ul 
trains, buses, and underground 
trains which carry 89 per cenr. 
of Manhattan workers to their 

In 1962. when ihe Slate legis- 
latures of New York and New 
Jersey approved the plans for tbc century, u Jus inMiM.f "ViLed 
World Trade Center, it was on S24i»tn. obv.iuteii iiv.,-: t 
condition that the authority inrrea-es .ii the auihorjA'i 
should run the bankrupt Hudson lunnel,- and bridges i.i be u.-Vrt 
and Manhattan Railroad, the on buses. 

only remaining rail link for ihe The auihnruv ha* rumr under 
many Jerseyites who work in nuiMikT.iMi.* public pre^u.'V u» 
Manhattan. The authority finance mass U\m»pn;l. Ne-:’ to 
accepted that stipulation, but at giving in tu that, nothing -ceiiis 
the same secured legislation assured »f enlum-mv si«. 

which absolved it from _ any popularity ih:.n the ;.|.m iiT in- 
responsibility to involve itself dllfi ,n;,| dev.b.pineiu. Port 

* ,ur ^ , ra1 ^ P|' t, J ects - Authority nilit-i.ils hcliete that 

The 1- authority rommis- omi , ihe industrial estates u"e ;.i 
sinners, who are appointed by fu|J „ win „ wll!C i, l!|( ,. } llip „ 
the governors of the two states bc ^ in ; , boul 1( , vears. 
serve long terms. They could lh( , y wm proC jdc .nine :’ 
make up a "hns Who of manufacturin'.: juh*. 
ihe world of high finance. Whatever ihe merit.- .if ihe 
Overwhelmingly businessmen. argument about financi.-! eoli- v, 
bankers, brokers, and insurance u ;iH ;i „t \he jutimruy mu* a 
men. active in bond and pn^iiinn where n i> l*:v rale 
secondary market activities, they govern ntpni nsenec in tbc ri’ginh 
have in the past stayed strictly capable w f financing that -or: of 
away from risky investments prnjei-L. 

such as public iransport. For a private real e-iale imere-tc 
variety of reasons. The old guard have not so far ey;*res-eJ «,ny 
has been chancing over the pa<t objections. The four mu nici pa li- 
fe*' years, and there has been ties where the initial -lies are 
a show of willingness to recon- located appear to lv en shiism -tie. 
sider the issue. There is little f? y this summer the Port 
that can be done for rails how- Authnritv- hopes i.» mec; wish 
ever, since the U.S. Supreme similar enthusiasm from abroad 

Court last year upheld the provi- 

sion against the Port Authority Flv ,...,«, ju* , v <r » v*. 
getting involved in rail projects ***•*«•» iwi-d.i*- i s. «■*-. i. i »;•«: ho 
until beyond the end of this gUTtiS. T.V/nT. 

Basque tensions at high level 


TEN DAYS of violence in the 
Basque region has again under- 
lined the immense gulf between 
tite Governemnt’s position and 
that of the hardline separatists. 
The violence, which has resulted 
in the. deaths of three Civil 
Guards and two members of the 
military wins of ETA, the mili- 
tant separatist group, has been 
the worst for a year 

Shootings. bombings and 
violent demonstrations have 
occurred in ail the major towns, 
producing the vicious cycle of 
what one newspaper today 
described as “ action, repression, 
action." with the security forces 
reacting toughly every time one 
of their number is either injured 
or killed. 

Tension between their forces 
and the local population is 
reported high. Today it was re- 
vealed that some 30 children of 
Civil Guards in the Guernica 
area had been withdrawn from 
schools after threats against 

The military wing: of ETA. 
who appear to have been the 
main motor behind the series of 

attacks on Civil Guards and 
Civil Guard stations, are a 
minority. Nevertheless, they 
retain a degree of sympathy with 
the local population* evident in 
the demonstrations tbalforeceded 
the funerals of two ETA membrs 
killed last week. 

The main conclusion from - this 
upsurge of violence is that the 
establishment of a provisional 
Basque Government earlier this 
year and the promise of autono- 
mous status in The new Spanish 
constitution now being discussed 
by Parliament are insufficient in 
themselves to take the steam out 
of Basque separatism and the 
campaign of terrorism against 
centra! authority which this, 

This week the President of the 
Basque Government, Sr. Ramon 
Ruihiai. publicly urged the 
Suarez Government to consider 
direct negotiations with ETA 
(ETA is split rather like the 
IRA in Ireland, with the Pro- 
visionals the equivalent of ETA’s 
military wing). Indirect efforts 
by the central government to 
negotiate have been roundly re- 

MADRID, May 17. 

Last week Sr. Josep Tarra- 
dellas, the head of the Catalo- 
nian Government t Generalitatj, 
made a secret visit to Perpignan 
in France to meet the head of 
the Basque Government in exile. 
Sr. Jesus Maria de Leizaola. 
This was apparently with govern- 
ment knowledge and probably on 
.government prompting, although 
King Juan Carlos — cited as the 
originator of the idea — has 
denied involvement. The initia- 
tive was attacked by the Basques 
as a Catalan intereference in 
Basque affairs. 

The main problem is tihat the 
government can only negotiate 
a- ceasefire with ETA but cannot 
go further and accept the full 
range of its demands that would 
amount to Basque sovereignty. 
This woidd undermine the Gov- 
ernment’s entire regional policy 
— to say nothing of the consti- 

As for ETA, it cannot speak 
for all the hardline separatists 
who would only trade a ceasefire 
for firm concessions. It is an 
intractable problem which shows 
no sign of disappearing or being 

11)10 appears as a miliar of record only. 

un£as a£reas de ESP an A 

U.S. $ 45.000.000 

Medium Term Loan 

Soci&td G6n6rale 

Managed by 

Chase Manhattan Limited 

Co-Managed by 

Banco de Londres y America del Sur 

A member cf Ihe Lloyds Oraup 


International Westminster Bank Limited 

Banque Europeenne de Credit (BEC) 
Credit Lyonnais 

The Chase Manhattan Bank, NAi 

Provided by 

Banco de Londres y America del Snr 

A m a ule r «f tha Lloyds Beck Group 

Banque Europeenne de Credit (BEC) CreditanstalfrBankverein Credit Lyonnais 
International Westminster Bank Limited Soeiste Generate de Banqne en Hspagne 
The Nippon Credit Bank, Ltd Assorted fcpa»°» Bank Gntemattenal) Limited 

Banque Canadienne Nationate (Europe) Baretajm Bank S.A. Paris 

Bate osterreichische Sparse Mitsubishi Treat and Banking Corporation 



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Financial Times Thursday May IS T9TO 



Carey, Koch fight to meet t0 
NYC federal aid deadline arbitrary 

Battle continues for key 1 9^“^® 
mining centre in Shaba soviet 

i)i «■ 

fir John wyues 

NEW YORK. May 17.' 

THE TWO leading New York stalled in the Senate, then there gests that .a major breakthrough 
politicians— the state governor, will be nothing to take the place within 'the next 48-.houxs could 
Mr. Hugh Carey, and the city of the rickety prop of federal clear the' log-jam. The main 

u. Civh n o ra chnrr-rprm losnc and n^nefnri elisnmE is nrnhahlv thp union 




By Diana Smith 

... __ MO DE JANEIRO, May 17 

mayor. Mr. Edward Koch were short-term loans and pension element is probably the union a SERIES of important re- 
today fighting to avoid a major fund bond purchases which has contract' since, if one were forms, announced today, will 
political defeat for them both kept the city solvent since 1975. achieved, the unions are expected end the arbitrary powers 
which could lead to the bank- City officials say that New York to fall into line on the other granted to Brazilian heads of 
ruptcy of New York city by the would then run out of money in Issues. However, they are main- state in 1968. a year of wide- 
sutnmer. the summer. The city might then tabling their public stance of spread political and labour 

Last Wednesday, the two o£ be forced to file for protection opposing" an extension of the unrest, 
them, hoth democrats, gave an under Chapter 9 of the Federal of the Emergency F^nan- The President, General 

undertaking to Mr. Michael Bankruptcy Act and many of its cial Control Board until 1997, Ernesto Geisel — who is due 
Blnmenthal, the Treasury Secre- public services could be greatly because this would remove the l0 step down in March, 19*?» 
tary, to resolve by May 20 the impaired by the refusal of fttjrs autonomy in wage bargain- consultation 'Arith the mlli- 
outstanding issues apparently suppliers to maintain their mg, and they are refusing to com- tary hierarchy and leaders of 
hindering Congressional approval deliveries without guaranteed m * t Iheir Pension funds to the the pro-Govenunent Arena 
for a new federal aid programme payments. purchase of 8500m of city bonds, party — has proposed what is 

for New York City. The tasks which Mr. Carey and New York -City (Hearing house officially described as “gradual 

Neither has explained why Mr. Koch set themselves to hanks announced this morning political detente,” through a 

they thought problems which achieve by Saturday were agree- that they would be ready to pur- package of reforms which ton* 

have defied solution for several meat on a new two-year contract chase up to S50m of MAC bonds Sress will debate and presum- 
months could be removed in ten with the municipal unions, state over the next four years, if the a b*y approve next month, 
day. With time passing and only legislation .to increase the federal loan guarantee legisla- The reforms, which come at 
partial progress made, the repu- borrowing authority of the tioa is passed in Congress. But a time of political slabiijjy, 
tations of both men Face a stern Municipal Assistance Corporation Mr. Felix Rohatyn, chairman of Include repeal of the Instiiu- 
test. (MAC) to enable it lo sell new MAC, said this was “probably UonaJ Act No. 5 of 1968 

Failure to meet the deadline bonds to die city pension funds not sufficient ” a contribution to- which gave the President 

would be a severe blow for this month, and agreement by the wards -the S4.5bn package which powera to cl«e Congre». 

Governor Carey, who is running state and city pension funds he is trying to assemble for the s . 

for re-election in November. But (with New York Commercial nex ^ f°ur years. state and 

it would also presumably free banks and other financial institu- in the meantime, legislation mnnirinli terisLatnri** 

Senator William Proxmire. the tionsi to participate in a long- expanding MAC'S borrowing “ . , , . =_ 

chairman ofthe Senate banking term lending agreement with Che powers on behalf of the city as . Jft. °e «>.• lOMcon- 
committee, from his commit- city. In addition, state legislation thought to have a reasonable ,. e . 1 tif«- 

ment to hold hearings on May has to be passed to extend the chance of clearing the state legis- on 

25 on the Carter Administration’s life of the Emergency Financial Lature in time for the Saturday i \5 

plan to provide S 2 bn. of federal Control Board to act as a watch- deadline. The prospects for the S“S2 1 JSf^SSI" a. fedeni 
guarantees for New \ork debt dog over the city’s fiscal policies. Bill covering the Emergency be able 

issues for up to 15 years. Many of the elements of this Financial Control Board are ?“ P !£5ife whether or not 

If this proposal remains package are related, which sug- much more problematic; however, ^gj^inty should be suspended 

: ~ or forfeited. 

The reforms, due to come 

Tlnmini/'on ornur lioltc nnll nnnnf teen described by the 

A BATTLE for the control of men— who bad been killed in and Belgium if 3,000 foreign china said yesterday it did to 
the key copper mining town of subsequent fighting— had bees nationalists in Shaba have to be accept Moscow’s explanation of * 
Kolwezl in Zaire's southern included in a paratroop force of evacuated. . border crossing by Soviet troop; 

Shaba province was continuing 2,000. David Bell adds from washing- w eck gad said it bad car 

yesterday between Zaire forces While the Rome communique ton; Most of the Americans triclg e cases and bullets to prew 
and rebels apparently owing has a greater ring of authen- trapped by the fighting in Zaire t j, at 50me Chinese bad been sho’ 

allegiance to the exiled opposi- deity, probably all that can be have been evacuated by lonry a nd wounded. A statement bj 

lion movement the National Con- said with any degree of eer- and helicopter, removing the \'u Chan, vice Foreign Minister 
golese Liberation Front. tainty is that the rebels, who immediate need for a U.S. atr- to the Soviet Ambassador, said 

Detail* of the fighting earlier appeared to have more lift to rescue them, the state that Peking awaited a forma 
remained extremely seantv for 0r less complete control of department said this morning, reply that was hon^t and wbio* 
not on 1 -- is Kolweri hundreds of Kolwezl. were yesterday fighting The announcement folk) wed the. admitted that the Soviet Umop 
miles from Mwlas? fteZaire to retain it disclosure that units of the UA] at fault, Reuter reports from 

capital but apparently most Meanwhile in Paris, a French 82nd airborne division had been Peking. 

lines of communication with the presidential spokesman said Put on alert at a base in No rth China has said a ouniber a/ 

area yesterday that the Shaba rebels Carolina. The Department peDP i e were shot and wounded 

Trimmer ,rvnrHincr tn enmp. were occupying Kolwezi with the stressed that any mission to kicked and beaten, when 3f 

exception of a stronghold where Zaire would have been solely for Russian troops crossed tjw 
what contusing communiques Government troops were the purpose of evacuating Ameri- j Ussun River on May 9. Tht 
from the FNLC, Zaire para* grouped. “ These troops have cans and Europeans. j Soviet Union later expressed 

troopers loyal to the Zaire rece j ve d reinforcements and But. in an oblique reference regret at the incident but denied 
Government were dropped on there is a changing situation.” It to the situation in Zaire and lhat any Chinese were affected 
Kolwezi in the ear!.* hours of was “obvious that the troops the Horn of Africa, President w fren troops entered China bj 
Tuesday. According to a com- are jjairc paratroopers without Carter told Congressional leaders m i S t a ke while pursuing a dan- 
munique relayed to the Inter- French backing." The spokes- vesterday that he was frus- £ Crous criminal. Peking said it 
press News Agency in Rome man said France did not at trated” bv restrictions imposed w not satisfied with the Soviet 
from Kolwezi. the paratroopers present envisage aendin** mili- on the power of the executive explanation and spelled out the 
included “hundreds of soldiers tarv aid lo Zaire. following the Vietnam war. This, points it regarded as incorrect, 

of European origin.” j n London, a Foreign Office he said, made it difficult to i-help china says a helicopter, lj 

But an FNLC spokesman in spokesman said, that Britain “beleaguered friendly nations military boats and. about 30 

Brussels said that 3QQ French would act with the U5.. France resist Communist insurgency. troops crossed the river and snot. 

wounded, kicked and beat several 

Chinese. Mr. Yu described the 

Probe into Rhodesian deaths SsirvIrE 

policy of hostility to China and 

BY TONY HAWKINS SALISBURY. May 17, . of threat or use of force against 

_ . China.” 


guarantees for New \ork debt dog over the city’s fiscal policies. Bill covering the Emergency 
issues for up to 15 years. Many -of the elements of this Financial Control Board are 

If this proposal remains package are related, whidh sug- much more problematic; however. 

SALISBURY 1 , May 17. . of threat or use or force 
. . China.” 

A “fall inquiry” Into Monday An official communique 5$-year-old war. In a similar 

night’s action in which 50 black reported the casualties had incident, also in southeast AuStTdluill r©fllff€ 

civilians were killed in cross- occurred when a security force Rhodesia last May, 35 black Austra j ia i t will offer 

fire between the Rhodesian patrol came across a meeting of. civilians died. a home to thousands more Indo- 

security forces and nationalist black civilians being addressed Nationalist politicians involved china refugees to ease the plight 

guerrillas is already In progress, by a guerrilla leader. j D interim government have 0 f those waiting in overcrowded., . 

a spokesman for the Rhodesian The security forces-opened fire expressed concern that the inci- camps in Malaysia and Thailand, \ 

Australia has said it will offer 
a home to thousands more Indo- 

nf*nn r VW^ll Ei 1 rore H bv the a .spokesman for the Rhodesian The security foraeropened fire expressed concern that tbejnei- 

Dominican army Halts poll count s? » 


THE DOMINICAN Republic was majorin' of the 2.3m votes at believed that the armed forces 
on the verge oF a military coup stake, according to Reuter. had moved “with the consent' or 
yesterday as troops moved in to a communique from Lt-Gen. under the orders, of' their corn- 
bait the counting of the votes j uan Beauchamps Javier, secre- mander-in-chief. the President of 

cast in the general election on tary 0 f armed forces, denied t fa e Republic." 

Tuesday. IV hen the counting was that the army was seizing power, 1° London. _,Mr. "Beret 
halted, the principal opposition but failed to explain the mili tary Carlsson, general secretary of the 

party, the social democratic ac ti 0 n to halt the counting of Socialist Intern atiohai; grouping 

Dominican Revolutionary Party vo t es of social democratic parties - 

(DRP). had taken a strong lead 0r ' B a i aguer . w j , 0 been issued a statement yesterday con- 
over the Reformist Party of the , D0Wer -ince 1966 has hitherto demnmg the armed intervention 
Incumbent. President Joaquin ? ee P n OW do S l“1deSed wi “ tte <? the elections, and calling on 
Bahguer. ° * J 

ment, the legal opposition 
party: as “positive, hut not 
enough.” There is a growing 
campaign for greater conces- 
sions— foil amnesty for those 
affected by the 1966 measures 

Reuter reports from Canberra. 
Mr. Michael MackeRar, Immiara- 

always investigate the circum- „ “ D . lho , . F t f a agreement to the blacks in the tion Minister, said that in th« 

stances surroandins all casualties J?f„ r .Sl? nn 0 ™ ?„d Sfi rSrel areas. ■ year siarting next July. Australia 

and a full fnf».<r*"i« iirnriv in opened up in response and in the „ . ‘ . %r . •„( would admit 1 9.000 Vietnameie. 

Cambodian and Laotian refugees. 

and a full inquiry is already in 
progress into this incident." 

Earlier today, Mr. John 
Kadzriti, the black co-Min is ter of 

ensuing fight 50 black civilians 

Leonard N’yemba. senior! 

were killed and another 24 vice-president of Mr. Sit hole’s More 
- - ZANU Party, said today ,w 

More than 5.000 Indochina 

affected by the 1966 measures KateriVT rhe^k co-ATinkter nf wounded. ! refufitex have been admited in 

and those «ions ^ or Combined Operations said he had The incident took place in a the incident P He blamed the lhe past 11 months - 

of th “ Iled lar !aU deui!i of the curfew area four and a hair hours Rhodesian forces for 5" kill' , • - , ,, 

P incident which Look place near after the dusk curfew. It is the ings and demanded an official Airport talks FCtUSCd 

ana state gorerau P® - Fort Victoria. worst incident of its kind in the inquirv. Militant opponents of Tokyo 1 * 

Recently, there-have been H ’ new- airport yesterday rejected 

indications that prominent peace feelers from the Govern- 

moderate military officers -« j-t • • • , • • j ment, Reuter reports. Mr. Issaku 

saKiS Ethiopia maintains pressure on Eritreans isss^ssa - at 

Brazil, and are willing to lend tiatc on resolving differences 

their names and weight to the BEIRUT, May 17. over the airport, which is due to 

m^v l ^!«tior >t offi«rs *have te ex- BUOYED BY its success against major Eritrean guerrilla groups along the Red Sea coast and west ** ^ 

nreaspd resentment at not Soioali forces in the Ogaden fighting for independence from of Asmara. ELF-RC reported. Iran imnmonments 

teS^ con^iTt^T tefore Gen Ethiopia was to-day Ethiopia, the offensive began The reported offensive followed ^ 

cSsel officially annotated his re P orted pressing on with its three days ago with an initial visits to the Soviet Union and H“5i2Sd JJrihSn JSl rerent 

offensive against, in- .Ethiopian success. The Erltrean Gaba-Ethiopias allies id the 

three of his nephews had died in : n month3 . 

called for full details of the curfew area four and a half hours Rhodesian forces for the kill- A * 

incident which Look place near after the dusk curfew. It is the tags and demanded an official AirpOIT IRIKS reiUSefl 

.» J • , i . „ r 


of the military movas SreeaTrSpaU V^fi 

provoked sharp reaction in aCU0 ° iS m sup ^ Dominican- people, 

western European social demo- 01 , • , Mr. Carlsson recently accom- 

cratic parties which have close He wp formerly a close asso- pail 4ed Sr. Marin Soaes. the 
ties with the DIU*. °f, Portuguese Socialist Prime 

In the Dominican capital ™fn Gen. Rafael Leonidas Minister. on a mission to Santo 
Santo Domingo Sr. Antonio Trujillo (who ruled from 1930- Domingo for party discussion 
Guzman, presidential candidate 1961). and opposed the constitu- w j{jj gr Jose Francisco Pena 
of the DRP. had 138.811 votes to tionaUst Government of Col. Gomez, the DRP leader 
the 66.730 of Dr. Balaguer when Francisco Caamano Deno which Many We stern European social 
counting was halted before dawn was forced out of office by the democratic leaders are to meet 
yesterday. military intervention in 1965 in \ a Vienna today fOT the anni- 

Ethiopia maintains pressure on Eritreans 

BEIRUT, May 17. 

being consulted before Gen. 
Geisel officially appointed his 
successor. General Joao Bap- 
tist a de Figneiredo- 
The repeal of IA5 1$ to he 
accompanied by restoration of 
writs of habeas corpus for 
citizens accused of political 

Militant opponents of Tokyo’s 
new airport yesterday rejected 
peace feelers from the Govern- 
ment. Reuter reports. Mr. Jssaku 
Tomura. chairman of the anti- 
airport league, declined to nego- 
tiate on resolving differences 
over the airport, which is due to 
ope° on Saturday. 

Iran imprisonments 

offensive against in- Ethiopian success. The Eritrean Cab 

allies id 

surgents in the strategic Red Sea Liberation Front-Revolutionary Ogaden war— by Colonel “ Men" s!?arlo^s 

Sistu Haile Mariam, head, of the Se r i t. tac Iranian cpifal. 

-»W20 for Sr. Guzmin and Sr. Emilio Ludovino of West Germany, who. is to 
205.821 for Dr. Balaguer. The Fernandez, a leading member of attend, wilt issue' -a statement on 
DRP was claiming an outright the DRP, said yesterday be the events' in Santo .Domingo. 

“ — ^ — - A , ^ . /■ - 

Lootingin Peru u.S. expected to increase 
price increases arms and aid to Zambia 


.Street disturbances and some loot- ,, ■ ' 

jng were reported from Lima. PRESIDENT Kenneth Kannda of We want to see a Govern- 
Cusco an bother Peruvian cities, Zambia .today praised President ment there that is fair# where 
in the wake of the austerity Carter for transforming the rela- tile ri 6 ht t0 Participate in gov- 
measures decreed by the govern- tionship -between Africa and the •foment js open td all, where 
ment o£ General Francisco UB. at the start of a two-day elections are free and where 
Morales Bermudez. Hugh official visit to Washington each pe^n has one vote. The 

C'Shaughnes 5 y writes. Four people - . .... * ' same principles should apply in 

were reported. lulled in the twon Speaking at a White House Namibia and in the entire 

of Huanuco. welcoming ceremony on bis southern part of Africa.” he said- 

The price of petrol has risen arrival. President Kaunda said During his two-day visit here, 
by 66 per cent, and city bus faxes “at being in the U.S. is not president Kaunda is to have 

have increased by up to 50 per “e same as being here a few £uj g ^th both the Senate and 

com. Sr. Hector Cornejo Chavezl, yeara ago. There is an air of the House committee responsible 
leader of ibe Peruvian Christian freshness that is invigorating to ft, r international affairs. He will 
Democratic Party, condemned the all concerned with the fate of ^ Mr Carter’s °uest at a White 
measures as having been imposed man the world over.” House dinner tonight. The 

But, in a clear reference to Administration is expected to 

e ti?,r„^rt/ 0 t7S al i 0 in situation in Rhodesia which offer Zambia increased military 
or a united group of the 110 Mxmnmio t,,,* ->i«, t « 

prerogative would be extended 
to those accused of terrorism. 

The arbitrary powers decreed 
in 1966 will be displaced by 
three mechanisms, officially 
described as “ safeguards,” 
The first, emergency measures, 
may be decreed by the Presi- 
dent without consulting Con- 
gress. These . would affect 
specific regions where public 
order is gravely disrupted, but 
could not extend to the whole 

The assault had been predicted about 20.000 Ethiopian troops had country's ruling Military* Council, cases against 117 other people are 
ever since a Cuban-backed managed to break through the fil Somali guerrillas said to-dav still pending, 
counteroffensive drove Somali guerrilla encirclement of Asmara, they had killed 63 enemy troops 

forces out of the Ogaden in Eritrea's capital, and pushed in the Ogaden region a. few days ctii^nt nrntocf 

Ethiopia's south-eastern corner west before Ethiopian leader Mengistu /irdU MUUCiu 

last March. At the same lime. Ethiopian Hafle Mariam visited the area Arab students at IsraeTs umrersi- 

According to one of the two fighter-bombers pounded targets. Reuter - ties are planning a one-day striKe. 

“We want to see a Govern- na V i ® n * 
ent there that is fair# where The second safeguard, a 
e right to participate in gov- : Stale of Emergency, may be 
nment js open td " all; . where decreed by the President with- 
ectioos are free and where consulting Congress for 90 
cb person has one vote. The days, and renewed for another 
me principles should apply in if national public order is 
amlbia and in the entire gravely affected. However, in- 
utile rn part of Africa.” he said- divf duals affected by the 

During his two-day visit here, measures decreed might appeal 
■esident Kaunda is to have to the courts. 

According to one of the two fighter-bombers pounded targets Reuter - ' ties are planning a one-day strike. 

?. • • David Lennon reports from Tel 

. ' _ Aviv. They are protesting against 

T T\T 1~ PT T I* 1 ■ ■ m - - « • what they see as growing restric- 

UJNlrlL lines crossed again “ 

• ^O^**** by Jewish students on tee 

•>» , U p,., ' _ • campuses. Mr. Issam Makhul. 

BY 1HSAN Hl/AZI BEHRUT. May 17. general secretary of the National 

THE UNITED NATIONS peace- interim tarce in Lebanon fiict with UN Security Council JJSrfn? thlTfheS^^bee^ 

keeping force and Palestinian (UNIFIL). held more meetings resolution number 425 of March ISS-d tacreai 1 ta orOTocation* 

guerrillas were on a collision here today with Lebanese 19 under which UNTFIL was cent acatast Arab studentsfn tiie past 
course today after more com- officials and UN commanders. to southern Lebanon. yjjar S j nce u, e ejection of the 

mandos have infiltrated behind Informed sources said there is A right-wing daily A! Arakl, Government headed by Mr. 
United Nations line in Southern more to the problem than the claimed today that as many as Menabem Begin. 

Lebanon. mere infiltration of guerrillas. 300 guerrillas have already infll- 

UN sources said about 20 The Palestine Liberation Organ- trated behind UN lines. Namibian DIYKnecfc 

guernnas late last night infil- isation under Yasir Arafat main- Informed Arab diplomatic 1 cStTZ- ■ 

aas ,x ffsasrt ibws •& « w£®S3s 

I fssrShsw W&ES SS 

miArHihfc U hn t J? erS0 ^5 e ^ C a;ra ‘ _* r, kee P a foothold in the south. stalemate over their initiative for 

GS!S ^*5? rtf 0 "? ¥* rL0 5 on ‘ Beu ter adds from Tyre: A a setyement In Namibia, Quentin 

.iv a * ,0Ut 1- miles eluded with the Lebanese Gov- Palestinian commando was worts from Johannesbure. 

“ Ut r«£ a ^ of Z? re J 1 * Te Produced ernment nine years ago to wounded and two others sur- According to one newspaper Mr- 
no effective results. regulate the Palestinian presence rendered to UN forces followin'* W want to press ahead 

rUliS t? ene ^i Emanuel in the country. an attempt to infiltrate south 0 ? s ? ra ? "neutral” move, such 

trsMne, the Ghanaian com- Gen. Erskine has said recently Tvre. a French UN officer said P® beginning to register voters, to 

manriAr nf lho TTn,ta^ ,h, •> >Vi.. *»»!-?_ L-oan nn thn -c .l. 

t-airo agreement ” is in con- today. 

or a united group of the 110 
developing countries to seek a 
global refinancing of their inter- 
national debts. 

is expected to dominate these and economic aid. but also to 
talks, the Zambian President underline its opposition to Cuban 
added: “The task before us is or Soviet involvement in any of 
l to strengthen this happy trend the front-line states. 

Argentine appeal b £ , r f mov i i i ls fh remaining us company news — 

Tho conservative Buenos Aires Way o£ even — 

daily La Prensa yesterday carried T r | p r "‘ 1 tV> . t Sears warns on TV advertising; 

a paid advertisement Trom the i he . U -f- ‘ r C ^ J tbal Strone rise at International 

Permanent Assembly for Human Amencas hopes Tor Rhodesia ^ lnl( 

Rights, an Argentine organisation, were the same a» those of Prefi- Hanrester, American Airlines 
which listed the names of 2.542 dent Kaunda. cautious— Page 2* 

"disappeared persons." Robert 
Lindtey writes from Buenos Aires. 
The advertisement is a copy of a 
letter which the group sent to the 
president. Gen. Jorge Videla. It 
states that many whose names 
are listed were picked up “at 
their places of work, in their 
homes or on the street, ostensibly 
by armed groups claiming to 
belong to the armed or the 

cautious— Page 27 


measures decreed might appeal Efforts to persuade 60 back their claim, 

to the courts. guerrillas who last week moved This is the accord the PLO con- 

Ftaally, the state of siege, behind UN lines about 12 miles eluded with the Lebanese Gov- 
specified in Article 155 of the south-east of Tyre have produced ernment nine years ago to 

1969 constitution is to remain no effective tesnlts. regulate the Palestinian presence 

the principal safeguard. Major General Emmanuel in the country. 

According to this article, it may Erskine, the Ghanaian com- Gen. Erskine has said recently 

he declared for 180 days by the mander of the United Nations the “ Cairo agreement ” is in con- 

President, if public order is —5 ; ■ 

gravely perturbed or war CDI . . )c . 

breaks out. Such a declaration SRI LANKA S .TERRORISTS 

empowers the authorities lo ' • • 

search and arrest individuals — — 1 ' 

In their homes, detain them in r I 1 ■_ • f ■ 1 __ ^ 

special premises. suspend. I |)P I *1 ffTTl I PAYI 1 

fredom or assembly and X II V JL <111111 Vlllll 

assoaauon, and censor 
correspondence, the news 

media, telecommunications and BY SIMON HENDERSON RECENTLY IN j 

public spectacles. ATuncr 1 ......w 

an attempt to infiltrate south o'? | s ? ra ? “neutral” move, such 

keep up .the momentum of the 
territory towards independence. 


The Tamil connection 

IN'Hl A 



End of the political road 



| In the past five years, J 

S MAPCO dividends have B 
grown from 270 in 1973 u 

I to $1^0 In 1970. And | 
our first quarter 1978 H 
H increase 19 the 14th div- B 
■ fdend Increase in 13 ■ 

1 years. It's an impressiva B 
a growth picture for aiw I 
B company. " 

h Interested? Write for I 

fl MAPCCTs lastest report " 
■ irs good reading. | 

Alabama's sometimes dubious gift 
to U.S. national politics, last 
night apparently called nt a day. 

The 58-year-old Go-veraov. who, 
by state law. cannot succeed him- 
self when his term expires next 
January, flabbergasted an aud- 
ience in Mobile by announcing 
that he would not be a candidate 
for the UB. Senate seat being 
vacated by Senator John Spark- 

He gave no reason for ' his 
decision. Although some local 
polls have suggested he would 
have a tough primary election 
fight against another local Demo- 
crat, Mr. Howell He Sin, Mr. 
Wallacse said last night he was 

media, telecommunications and BY SIMON HENDERSON RECENTLY IN jAFFNA \ J 

— P°bl IC spectacles. THE ALMOST perfectly pre- ended up with only eight seats As liberation groups go the \ /iLjwtma 

served giant fort built by Dutch in the state assembly of 16S outlawed Tigers Ire a SanX \ 

*5 16S ® ^°™ ,nates the seats. To everyone’s surprise bunch. Apart from the published \ J j\ 

the T amil speaking minority identities ofthe four Suspects, ^ £ VlHWCOMALEE 

■m • m of Tamil -speaking grouping, the Tamil United none or their members is known! V J 

1 J staT P s 1 haned° I tettti.m?ntf n ^hilh Liberatio . n It Fr ? n ^ obtained IS Local people feign amusement COUJMBOP J 

1*51 I rfllQff battler " e P^ which seats and its leader, Mr. Appa- and embarrassment when the 

vrtl 1 UilU bSSacks^andTpriten P ° llCB SL ta im l ?T l | tth j? lll, ^ I, 2L subject is raised in conversation. ■ c ■ T 1 

Both h“e reSe red renewed f Q e _ official Ieader of tbe_Opposi- saying it, is an nnderground body Sn Lanka 

TON. MAY 17 imDOrtance i n Uo *- of unknown size, unknown arma- 

„„„ _ th _ p Communal tensions erupted a ment, and unknown finances. ^ — 

g? 0 : 000 . v °te margin by which j „ jayawS^iene ° ha s P dKfded S' 00 -! 1 ,he . votin 5 when Police and army sources can- 

NlX0n Hubert SalSt? til? rl rror% r threat T 5? il s P eakers south, not agree on its strength, giving sometimes active but most 

Humphrey » SSSTof tLSmSS Shfch wbere J h ** J are j in minority, figures varying from 25 to 30-or frequently in the form of passive 

But Mr. Wallace only earned were attacked and their homes 10 times that amount In an loyalty not the product of fear 

46 a“e Se officeS ln the l J buri, \ °J er 50 were k ' Ued and in «fview week president reprisals. ‘ 

S S « C0 U ?l V 0 5 whereas “J* months ® “ Iast several thousand were evacuated Jayawardene put their strength Those responsible for the 

Mr. Nixon took 301 to Mr. . . j . u ^ by ship and air to the northern at 170— perhaps an indication of murders of which there have 

Humphrey’s 191. _ 5S ^ ^ ^he effect the nuSrter'of suspects he been ill, have beSn fiRoSE 

Sri Lanka 

In 1972, a Democrat once sorae of **}e 500 police reinforce- e "™" er . w 

more, he made a strong run for menls being brought into the — — — _ 

the nomination. By the time he area were climbing out of trucks Officially, there is no communal problem in Sri Lanka 
was shot, he had won four “ -5 p ard of police station Yet the unrest among the Tamils is proving very hard to 
primaries and. on the day after below. The reinforcements were contain. - 

the shooting, took two more lighter skinned Sinhalese. The 

states, Michigan and Maryland. vlew taken of them in the cafes ' “ - — — — — — 

A combination of the streets of Jaffna was lhat was to give a fresh impetus to intends to arrest. 

Democratic Party’s disastrous they were an army of occupation lhe nationalist claims of the Tho m, irm hr 

performance in 1972 against Mr’ I and that their tavestigations into Tamils* which" "had ^alreadv* been u C Jl eV f th ^ 1 eac .^ E,al ? wouid 

Nixon, widesnrpnri artmirotion fni-lthe murders would eet them no- hu active member bas an automatic have many difficulties other than 

crat air. nowea tieum, mr. Governor George WaUace i>txon. widespread admiration for «« muraers woum get mem no- fortified by their electoral weapon"*^ utawn' “ori“ .UTivt the ' i'wdy 

Wallacse said last night he was Mr. Wallace’s courageous where. The division of Sri Lanka V i Ct0 ry. in« ih.t th®. onnositinn^ tkT 60 !. Sl ? haIa 

confident that he would have won turn _ sesregaUonist.. populist recovery from the assassination » necessary, Jowl people said, Apan from general allegations murdered nnSreme!, h/n wn Jaffita is a II. SS. f - town ; 

not unreasonable belief since champion of the conservative attempt aod some moderation of and rise of Tamil Elam, a of discrimtaatioq in jobs and Sata Jfth w reiSfwr .' ? colotaal^ ^ ® t,0D 

Alabama voters had not rejected blue collar eia«pc uhn r 0 it his oreviousiv extrem* nniipinn Tamil state, was inevitable. orfucat if»n tha Timlin in (Ka ^ r0VO VGFS 3H(1 Slib" . . ? d^GlliDnS with 

Nixon, widespread admiration for tiie murders would get them no- fortified 
Mr. Wallace’s courageous where. The division of Sri Lanka victory. 

away in the densely populated 
tropical farmland around Jaffna 
in the north, or Trincomalee in 
the east, or fishermen have 
slipped them across the li miles 
of sea which separates them 
from the Tamil speaking areas 
of southern India. 

As a state Tamil Elam would 

for his safety, following the saw as increasingly running P lv °tal role in the party. ttan abont the murders which meotary group, rejects provincial XL® • L ~ Llbera H? n natiiral haS, n ?^ tL® 

assassination attempt m 1972 in ordinary people’s tiles. But that was undercut when were published in the national autonomy and demands, self i„?ii*PSL dho ' iirtoan lmantlte JSLibS 

Laurel, Maryland, that left him The Wallace theme, publicly Carter, a progressive and newspapers avoided mentioning determination and independence Io S ical Future to be built up. p 0 J» 
paralysed from the waist down modified in *972 and 1976 but to«ro* or * more acceptable that they were Tamil. The for Sri Lanka’s 1J in Tamils. The Tigers appartentiy are dis- Jaffna^ in 

and confined to a wheelchair, still sublirainally understood by southern politician, emerged from police reinforcements in Jaffna Some talk about there being contented young people, prob- hnw tom? thrt! . 8ues J 

But the probable truth is that his supporters, was that it was nowhere to fight for the southern and similar army reinforcements several levels of autonomy and ably unemployed, who have im 
he bas finally. run out of energy, necessary to send “teem” a supremacy that bad gone so were being told that they were say that independence is merely become fascinated by the proa- conS* Tt a *°£ v 

It was dear m bis bid for the message. Both in 1968 and 1972, strongly to the Repnbl leans in the there to help participate, in a the highest of these. But it is peet of achieving a national goal SJLii. 

Democratic presidential nomma- before being laid low by a 1972 presidential election. ' drive against criminals. . clear that these are only indi- and an international reputation for this is whore *h « “ ou8€s 

tion in 1976. when another bullet, be came close to breaking In a vote critical to Mr. Carter’s Yet the problem is patently vidual viewpoints, am? that out- Into the bargain. Ideologically rather than in iiin5i» 

Southerner, Jimmy Carter, beat out Of his smirhprn hae* anti election Strateev. hp dpfMtPri Mr. communal and’ .tanka as rilffipnll rtaht snnnnrt fnr Tamil iriim thev nnnpar tn thp Kt.f i Jungle hldeoutii. 



| a public and bruising separation when, as head of his own Last night, in what was sup- Jayawardene’s own overwhelm- apparently favoured bv most Dpspite their targets beta" aouiars'40 he wSL 

from his second , wire. Cornelia. American Independence Party, posed to be a routine political ing electoral victory last July people in the Tamil area. It is datively other 'Tamils ^hom forcetal Otafcv th?n ete JTS 

who helped sustain him since he he nearly held the balance of geecb in Mobile, George which brought the Tamil issue admired even by parliamentary they se- as traitore o“ collahora- SSuerDutSS MiJi 

wassboL political power. The popular vote Wallace, who has heen running tato sharp focus. Mrs. Ban- members of the TULF whose tors. SyreSnal^e m ea s U ?e 

At his best, Georcc Wallace he won teen — 9.Bw> nr ta.5 npr for office for 32 vears seems daranaike’s «;ri r.ant* re wiii a iar ? e measure mrai trouD emakers from the 


was sboL 

h f 5 b d S ‘h! G * 0rae • WaIIa ? e he won , “ — 9 ; 8“. or 13-5 per for office for 32 years seems daranaike’s Sri Lanka Freedom supposed doctrine is Gandhian of ’ popular support in the Son aUH stSSnir m 
as a formidable campaigner, in cent of the total exceeded tee finally to have run out of gas. Party was so mauled teat it non-violence, northern and eastern previnct bamements of ?o«l 


^ . 6 J . t 




Financial Times Thursday May 18 1978 


ICI opposes intervention 
by Brussels in plastics 


■ ' affected West European plastics 
producers, causing losses last 
.7 yew of several hundred million 

Vj pounds, does not justify inter- 
vention by the European Com- 
’ mission. Imperial Chemical 
.. industries {ICI) said vesterday. 

. ' Tbe statement comes as petro- 
cHemical producers meet today in 

• Brussels to try to settle their 
differences over means of eon- 

■ ' trolling the damaging surplus of 
; -1 ptrnt capacity. But there seems 
. ' little prospect of early agree- 
; ment at today’s meeting of 

CEFIC. the European Council of 

■ *' Chemical Manufacturers’ 


> Losses in commodity plastics 
in' Western Europe last year 
amounted to several hundred 
million pounds, ICI said yester- 
day. The main deficit, in low- 
density polyethylene (LDPE). 
was estimated at £100m. 

When prices reached their 
lowest point at the end of last 

• year, producers of LDPE. one of 
the .oldest commodity plastics; 
with uses ranging from plastic 
bags and sheets to moulded pro 1 

' ducts such as plastic buckets, 
were Incurring loses at a rate 
of £2S0m a year. 

But in the past two months 
prices have recovered somewhat 
and ICI estimates that the indus- 
. try is now close to breaking even 
in that sector. 

UK plastics materials pro- 
ducers, led by ICI, are stiffening 

their resistance to suggestions 
of Government Intervention. The 
west German chemicals industry 
rejected all moves for inter- 
vention by the European Com- 
mission in plastics. 

Pressures within. the European 
industry have been mounting, 
however, especially in France, 
but also in Italy and Holland 
for centra! action on over- 
capacity. Plants have been 
working at only 60 to 70 per 
cent of capacity. 

French producers have sug- 
gested at meetings of the Asso- 
ciation of Plastics Manufacturers 
in Europe that intervention 
might follow similar lines to the 
cartel of synthetic fibre pro- 
ducers, being prepared with the 
co-operation of Viscount Etienne 
Davignon. tbe European Indus-' 
try Commissioner. 

But West Germany, and now 
the United Kingdom, oppose any 
arrangements that would lead to 
the agreed closure of plant capa- 
city and limits on investment 
under the cloak of Government 
and EEC control. 

With as much as 60-70 per cent 
of their business coming from 
foreign markets, the main 
chemical companies in the UK 
and West Germany are now 
firmly against further encroach- 
ments on present liberal free 
trade policies. 

Mr. John Harvey-Jones. deputy 
chairman of ICI, admitted yes- 

French exports ‘limited 
by shortage of finance’ 

0131 the plastics industry 
r- d JtJ0 ?- ler tn structural difficul- 
V ,% s - , The answer was for the 

. r * J ess plants to be 

scut down and for less efficient 
producers to get out of the mar- 
^ rotecl ion would only make 
me European industry nncom- 
pet i live in a world market 
'I am determined that as far 
as we can \v« should try to 
°F? er j te ’ n a norTna L economic- 
ally disciplined way. If two more 
years show that no producer will 
go io the wall, because no 
government will let it. then we 
must face up to the fact that 
toe market economy does not 
work. But we must try every- 
thing else first.” 

The crisis in plastics differs 
greatly from the crisis in fibres, 
Mr. Tony Pike, polyolefines 
director of Id's plastics divi- 
sion. said yesterday. 

. The volume of plastics sales 
is about seven times bi gg er than 
the tonnage in synthetic fibres, 
and will recover more quickly 
with modest price increases. 
There are few imports of finished 
plastics products into Western 
Europe and. unlike fibres, 
plastics can stiU look forward 
to several years of significant 
growth in demand. 

Viscount Davignon has also 
pointed out to the industry that 
it is to blame for many of its 
present difficulties, particularly 
for the successive rounds of 
price reductions brought about 
by producers scrambling for 
greater market share at any cost. 

Dutch near decision 
on joining Airbus 


U.S.-European aircraft plan under study 



Paris; May 17. 

collaboration with both the 
UA and Western Europe on a 
new civil airliner venture is 
emerging as one of the options 
— likely to be studied by tbe 
Cabinet Committee now con- 
sidering future’ aircraft pro- 

Hitherto, tbe various options 
have been in tbe nature of 
either collaborating with a 
U.S company, or with Western 

Bat following last week's 
visit to tbe UJK. by Mr. San- 
ford McDonnell, president of 
McDonnell Douglas, it is be- 
coming clearer that a tripartite 
venture between British Aero- 
space, Western Europe and 
MeDonnell Douglas on tbe Ad- 


vaneed Technology Medium 
Range transport (ATMR) is 
finding increasing fa\our, al- 
though any decisions are still 
some way ahead. 

Tbe ATMR is a design for a 
178-200 seat twin-engined air- 
liner, capable of over 3,000 
miles range. It has been given 
little publicity, because of Mc- 
Donnell Douglas’s own concen- 
tration on marketing the 
smaller Series 80 version of 
the sbort-hanl DC-9 jet in 
recent months. 

But it is still alive as a 
McDonnell Douglas programme 
for tbe future, and one which 
many people in British Aero- 
space are finding attractive. 

The British Aerospace view 
Is that the current Boeing offer 

of collaboration on the 757 
short-range twin-engined Jet is 
not commercially acceptable, 
because it confines tbe UK to 
the status of a sub-contractor, 
whilst expecting it to put np 
a substantial share (probably 
about £200m.) of risk capital. 

British Aerospace believes 
privately that it could prob- 
ably negotiate a better deal 
with McDonnell Douglas, and 
that it migbt even be possible 
to co mbine tbe ATMR with tbe 
JET-3, tbe larger 180-seat ver- 
sion of tbe proposed Joint 
European Transport series now 
under discussion with French 
and West German companies. 
This venture would use the 
Rolls-Royce RB-Z11 Dash 535 

expected to decide “within the 
next few weeks" whether to join 
in the next generation of Euro- 
pean civil aircraft projects 
through the Airbus Industrie 
group. It is also about to make 
another important decision : 
whether to replace its 13 ageing 
Neptune maritime reconnais- 
sance aircraft with the American 
Orion, the French Breguet Atlan- 
tic or the British Nimrod. 

Mr. Daan Krook. Airbus In- 
dustrie's marketing director, 
seconded to that group by the 
Dutch concern. Fokker, told 
journalists in Toulouse that it is 
important that Holland and 
Britain should join the Airbus 
group. He said: “ We must aim 
to secure 30-35 per cent of the 
European civil aircraft market 
aDd. for that matter, of (be 
military aircraft market. If we 
fail to achieve that, we’d bettor 
quite building now. We would 
be throwing away money." 

Commenting on the Airbus’s 
prospects in the U.S. after the 
recent big Eastern Airlines 
success he said he did not expect 
the current negotiations with 
United Airlines to succeed. 

He added that should United 
not opt for the Airbus, it should 
publicly indicate that that was 
not because the aircraft is in- 
ferior to U.S. products, but 
because there are “other than 
commercial reasons" for tbe 

“If they don’t give a qualified 

no, then Europe should imme- 
diately start making threaten- 
ing noises about the lane 

amount of U.S. aircraft imports," 
be said. 

Tbe Dutch Airbus division 
comes at a time when Britain is 
also making up its mind about 
joining the project. In Dutch 
Government, parliamentary and 
industry circles. British partici- 
pation in the European project, 
rather chan unilateral coopera- 
tion with the American industry, 
is clearly favoured. 

The latter, it is feared here, 
would affect the prospects and 
economic viability of a European 
aircrafl industry in com petition 
with America. 

Fokker. which is part of the 
German - Dutch YFW - Fokker 
group, is like British Aerospace, 
only an associate in the .Airbus 
group, supplying lhe movable 
parts of the A3O0B winits. But 
it hopes to become a full part- 
ner as the newly planned 
smaller B-10 version is deve- 

It supports the Hague's 
entry into the Airbus group also 
because such a decision might 
improve its chances of going 
ahead in the next Teu- years, 
with European partners, with 
building the new Super F-liS 
short-haul jet. On the military 
order. Fokker says -j purchase 
by Holland of French aiPTafr 
would greatly enhance the possi- 
bility of selling France its F-'JS 
and F-'27 maritime patrol air- 


I V 

THE insufficiency of French companies for such things as 
companies’ financing capacity is social benefits and employers' 
singled out as the main obstacle share of taxes were higher than 
to export growth in a report in countries such as the Netber- 
presented to the Economic and lands. West Germany, the U.S. 
Social Council, the Govern- and Japan, he said in bis report 
meat's advisory body represent- to the council's study group on 
ing employers, unions and other overseas expansion, 
economic groups. The report rejects both de- 

The report, prepared by valuation and import curbs as 
M. Pierre Bataille. chairman means of helping France’s trad- 
of the big construction equip- ing position. Devaluation, said 
ment company Poclain. comes as M. Bataille. would have negative 
the Government is. preparing, effects on import costs and pos- 
legal instruments aimed at sibiy on currency stability, 
channelling more privae funds Exchange policy, be added, 
into companies’ capital. was not the key to compeotive- 

Rmpbasising the need for fixed ness. Import curbs, meanwhile, 
investment abroad in order to ran the risk of incurring repri- 
secufe markets, M. Bataille said sals by trading partners, 
that companies’ financial muscle French exports, had increased 
was becoming weaker and that by 321 per cent since the begin- 
the proportion of their long- and ning of the decade, . against a 
medium-term debts to their own 311 per cent growth in imports, 
resources was worsening. France. M. Bataille observed, had 

Thu weakness stemmed mainly kept its place, reached in tbe 
from heavy charges imposed by early 1960s. as one of the. world's 
the Goypmment and the Fact four leading exporters, 
that not enough savings were But the report suggested there 
going into industry’- was much room fpr improve- 

Charges imposed on French ment 

BSC £3m China orders 

■i • / 

• ■ ■ 

. . .«*• : '■ ; 



THE BRITISH Steel Corporation 
has won orders worth more 
than £3m. from China, with the 
prospects of further sales in the 

Yesterday's' announcement 
brought the value of BSC sales 
to China to’ more than £13ni 
since the corporation's chair- 
man. Sir Charles Villiers, visited 
Peking last October. 

The announcement was made 
at the same rime as a high-level 
Chinese delegation, led by Mr. 
Tang Ke. Minister for the 
Metallurgical Industry, is on a 
17-day visit to BSC and private 
sector steelworks as well as steel 
plant uumiiriicturers. 

John Hoffmann'’ adds from 
Peking: There is small cause for 
complacency in the British steel 
industry over the Chinese visit. 
As British Ministers were talking 
cordially with the leaders of the 
Chinese mission, similar friendly 
sentiments Were being exchanged 
in Peking between Chinese offi- 
cials and members of a steelmak- 
ing group from Kobe, Japan. 

China needs steel — perhaps 
British steel-rbut is looking at 
all possible' sources of supply. 
Ir Britain hopes to seize the 
export opportunities offered by 

China’s new period of industrial 
development, it will meet deter- 
mined competition. 

China, putting its industrial- 
isation plans into effect, is ready 
to buy huge quantities of iron 
and finished steel for machinery 
manufacture, agricultural mech- 
anisation. shipping and railway 

Britain makes quality steel 
that China's industry cannot yet 
produce in sufficient quantity 
Other countries make it, too. 
Three weeks ago the Australian 
Minister for Industry and Com- 
merce. Mr. Philip Lynch, visited 
Poking for exploratory talks and 
left with a guarantee that China 
would listen kindly to 
approaches from Australian 

An Australian mission, repre- 
senting most of the country's 
iron and steel producers,, will 
take up the invitation next 

Iron and steel contracts are the 
big prize for which exporting 
nations will compete as China’s 
modernisation programme gains 
momentum. China has made 
clear that it will favour suppliers 
who can provide high-quality 
products at high speed. 





If your present copier 

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Japanese visit Vietnam 

JAPAN'S Federation of Economic 
Organisations (Keidanren) will 
send its first economic mission 
to Vietnam on May 22 at the 
invitation' of Vietnamese Over- 
man Trade Minister. Dang Viet 
Cban, Reuter reports from 

A spokesman for the Keidanren 
said the seven-member mission 
hopes to pave the way for 
Japanese co-operation in Viet- 
nam’s economic reconstruction 
programme. The mission will 
confer with Vietnamese officials 
on the possibility of Japanese 
participation in off-shore oil 
exploration projects in Vietnam, 
os well as Vietnamese plans for 

TOKYO. May 17. 

construction of hydroelectric 
plants, improvement of telephone 
networks in urban areas and 
exports of anthracite coal to 
Japan. . - 

AP-DJ adds: A group of ax 
major Japanese steel makers has 
signed a contract to 

100,000 metric tons of steel 

materials to Vietnam. Nippon 
Steel officials said the steel 
materials will be shipped to 
Hanoi between July and Novem- 
ber, but declined to disclose 
details or the transaction price. 
Also involved are Nippon. 
Kawasaki Steel. Sumitomo Metal 
Industries. Kobe Steel, and 
Nisshin Steel. 

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Properly for the Plaza develop-, 
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Higgs and Hill has begun pre- 
liminary site works. The project 
is expected to be completed in 

Cloth import protest 

Government action may follow 
a protest', by the wool textile 
industry about growing imports 
of cheap Argentine cloth. West 

— — ji 

Yorkshire manufacturers have 

met Mr. Michael Meactaj 

Under-Secretary of ” 

Trade to express concern. 
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1976 to 726,000 WW*”®** 
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New Saab cars 

Saab-Scania has announced a 
new model, the 900 ser ^' 
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John Walker writes (rom Stott 
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production facilities. Fiv 
slons will be made. 

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Financial Times Thursday May IS I97S 



and banks 
be closer’ 

clearing banks should have 
closer working relationships, Mr, 
Ralph Stow, chairman of the 
Building Societies Association, 
said yesterday. 

Mr. Stow told the Association's 
annual cooference in Bourne- 
mouth that he was concerned at 
the prospect of deteriorating 

Wage costs pressure 

may boost inflation 9 


to close 

THE UPWARD pressure of wage ductivity, unit wage costs and crease in unit wage costs, such [ 
costs in the U.K. is higher than consumer prices for the UK and as West Germany and the US j 
in other countries and is other big Industrial countries had relatively low inflation rates. ■ 
threatening to reverse the recent aver two periods. 1965-73 and The flsur« imolied that in * 
downward trend in the inflation 1973-77. ' the long nm rises in money 

rate, according to the leading It finds that, though prices are earnings which were not matched I 
article in the latest issue of the affected by other factors such as by increases in productivity led 1 
Treasury’s Economic Progress profits, import costs and indirect to inflation They were trans- i VANTONA, THE household tex- 
Report. taxes, “there is a relatively i ale d into ^ ns in living ! tiles group, is to close its Cromer 

By Rhys David, 

Textiles Correspondent 

Channel lane changes 
pose ‘collision risk’ 


Proposed Channel Shipping Lanes 

fnduSiatSumr^SStHSS 07 Exchange rates piwSuSt TmuSd^oiil^wv! . T ^ H cIosur 5 f P Uo X s continued 

The article says: “The most if earnings and. therefore, the . t( ? catcl J . U P v ’ lth . q _ t f ?£r! market, 6 under" pressure from 

and the societies. 

He had been “disturbed 
the banks' recent criticism 
building society operations and 
allegations that the movement 
was competing unfairly for 

The clearing banks have sub- 
mitted evidence to tbe Bank of 
England and the Wilson Commit- 
tee on financial institutions in 
which they express concern at 
tbe societies’ increasing success 
in attracting funds and at alleged 
advantageous tax arrangements 

Mr. Stow was surprised that 
tbe banks had not discussed 
their criticisms with the societies 
be Tore submitting such evidence, 
some of which he claimed was 
“ill-founded and not of substan- 
tial significance in the context 
of their concern about competi- 
tion for personal savings and 

The Building Societies Asso- 
ciation has now' provided the 
Bank of England with a detailed 
response to the criticisms. 

MiSUS"" the lunks ! "»* tbe co« ^ S jS*T : K S r us Sterns taS , 

[underlying pressure of domestic productivity, unit labour costs UK was more succtsstul industry are also indirectly; 

Lirbed” by I costs has become stronger and would rise and push up prices. fl»e rate of increase “ responsible, 

iticism of 1 remains greater in the U.K. than Even in the later period, when earnings leading to a marked; Cromer, one of the biggest 

-- J ’in the most important competitor there were large movements in deceleration in the lnffcuion rate. ; m jjj s iD the ^orth-west was 

countries, holding the danger of exchange rates and substantial The present rate, however, re- -affected by the decision of Good- 

a reversal of the recent down- divergences of productivity from mained above the levels in some ! year, the C.S. tyre company, to 

ward trend in infiation. with its its underlying trend, the coun- big competitors, including the; switch sourcing Of its lyre cord 

likely adverse effects on activity, tries with the most rapid growth US.. West Germanv and Japan,! from independent UK suppliers 
employment and living stan- of unit wage costs — Italy and and recently the UK had done ; to its own plant an the continent, 

dards” the UK— experienced the highest less well in holding down the ; About 200 workers at Cromer 

The article compares the inflation rates. ' growth of earnings and unit wage [were made redundant earlier! 


Mr. Stow bad suggested infor- 
mal discussions between the two 
sides to avoid a breakdown in 
relationships. This bad been 
welcomed by the chief cashier 
of the Bank of England, v.ho 
had said that he would be will- 
ing to head any such meeting. 

“It is' important that any mis- 
understandings should be cleared 
by quiet discussion out of the 
limelight and that, if necessary, 
regular meetings between us 
could be advantageous.” 

Mr. Stow suggested that an 
arrangement on tbe tines of the 
Joint Advisory Committee, which 
provides a link between tbe 
societies and the Government, 
could be considered. 

“The banks do fear a prob- 
lem in the future if and when 
industry increases its demand 
for capital. It is onl yrlght that 
we should hear of their concern 
and consider its implications for 
us and the economy." 

Wiggins Teape 
to spend £29m. 
on paper mills 

Financial Times Reporter 

WIGGINS TEAPE is to spend 
£29m on expansion of its carbon- 
less copying paper production in 
the UK. 

The three-year investment will 
expand production at its paper 
mills in South Wales and Dart- 
ford. Kent, to increase capacity 
for carbonless paper from 40,000 
to 70,000 tonnes a year. 

The announcement follows the 
recent decision of Wiggins 
Teape's parent company BAT 
Industries tn enter the U.S. 
carbonless copy paper business 
with the acquisition of NCR's 
Appleton Papers division for 

Most of the £29m will be spent 
on new coating machinery and 
other equipment at Wiggins 
Teape's Ely paper mill, near 

growth rates of earnings, pro- Those with slow rates of in- costs. 

Government plans to double 
redundancy tax threshold 


this year and, according to 
Vantona, the loss of this business 
has now made it uneconomic to 
continue other operations at 

Efforts to find replacement 
orders have failed with other 
I spinning groups also suffering 
‘.from the prolonged recession in 
the industry. 

Spinning production • for 
Vantona's vertical household 
textiles operation at Cromer will 
be transferred to the sroup's 
R. Greig subsidiary at Stockport, 
where an investment programme 
is planned- Some of the Cromer 

A “dangerous collision risk” dangerous cargo lane 30 mllw straight” jrtone^ at lo»rt 
would be created by recently- off the Brittany coast at Ushant, miles wide mam □ 

agreed modifications to shipping "but mean that such vessels, laden traffic in each direction, 
lanes in the English. Channel, with oiL would have to cross the gateways were provided. 

THE GOVERNMENT has added as British Steel. British Leyiand effect on this financial year, 
a new clause to the Finance and Swan Hutner. In some cases The tax provisions that apply 
Bill to raise the threshold redundancy pay-off claims by to redundancy payments after the t 
before tax is payable on redun- individuals have reached £20,000. threshold has. been reached i workers will be offered employ- 
dancy payments from £5.000 to The £5,000 threshold has been remain unchanged. There is a j ment at Stockport. 

£10.000. in existence since 1960 and the complex "^op-slicing '* arrange- 1 ^ .. 

The increase is intended to eect was to make redundancy pay- raent to spread the tax burden j Supplies 
enable workers to accept new ments of up to about £10.000 tax- over several -years. i The Goodyear decision, made 

jobs without being discouraged free— provided that the recipient In effect, the level of tax is i because of overcapacity in the 
from doing so by having to pay .has no other income. kept within the. lower bund rates ; company's tyre cord factories 

large amounts of tax on their With the threshold doubled, by assessing a sixth of the pay-; abroad, has also resulted in the 
redundancy pay. the total payment that could ment in the tax band in which it j _ ]0 f mill— not 

The new clause, which will remain free of tax in this way is would naturally fall as income owned bv vantona— at Preston 
operate from the current finan- increased to about £16.000. and taxing the rest of the W- The fflmoSvSs persuaded to 
eial year, will be moved in the The Inland Revenue estimates ment at the same rate. i dro 'to Switch all ° its 

committee stage of the Finance that if the threshold had been The new cla'use also contains | on jl_ out o e the UK and is con- 
Bill which starts today. raised a year ago the loss_of a provision to make lump sum • tinning for the time being to lake 

some tyre cord supplies from 

{Trinity House, the pilotage and main southerly flow, of traffic marked by buoys equipped 
lighthouse authority, said yester- further up the Channel at the navigational fixing poults- 
day. CasquetK rocks. AU tankers and through tr:l 

Tbe organisation .told a Com- - Trinity House said yesterday woukf be required to use , 
mons committee investigating oil- that the French plan "Would pro- scheme, but "Other vessels- wc 
tanker safety that it favoured tect the French, coast “without bo encouraged to take coa 
a complete overhaul of the apparently assessing tbe similar routes. 

Channel lanes, involving, a needs'* of the English coastline. Details of the scheme h 
continuous 200-mlle . separation This scheme, apart . from been, presented to Governm 
scheme running from - Cape ,j. rea tj n n a chicane, would also departments and were consifie 
Finisterre to the North Sea. compress southbound traffic into at a recent meeting of Bri 
The route would include four a bottleneck only five miles wide and French officials. Their v 
gateways for shipping to. join, when passing 20 miles off was that the scheme would *ir. 
leave, or cross the system, and ijshaat . strong resistance, especially D 

would keep larger vessels with Trinitv House described its fishermen, and had many p._ 
hazardous cargoes .further! from us “a natural and tieal defects, 

the coasts of Britain ana France i oc ; ca i extension.” of the Straits Representatives of Trir 

Dovtfr ti-affic separation House told the committee y«i.. 

_ T fa .* scheme, which has been success- day that fishermen could 

Trinity House objects were pro- fu] - n reduc jng the number of advised to keep clear of the bf ; .- 

collisions in this congested area gateways in the scheme, ■> 

created “relatively otherwise would not be affec-_Vv 1 ---. : .. J 

It introduction follows a series Exchequer revenue in 1977-78 payments paid to employees in 
of large - scale redundancy would have been about £lJ>m. addition to thair full pension 
announcements from groups such There are no estimates of its rights subject to tax. 

British Gas to renegotiate 
North Sea supply contracts 


BRITISH GAS is seeking to Field expected in a couple of • Take less than the minimum 

renegotiate its contracts for gas years. British Gas could be in annual contract quantity in 

supplies from many of the a position of considerable over- year. 

southern North Sea fields to supply in the early 19S0s. ■ • # Take gas ' free of charge 


In the tyre industry, an anti- 
dumping application is being 
drawn up by the British Rubber 
Manufacturers' Association in 
conjunction with the Department 
of Industry against. Bast German 

The East Germans have built 
up sales rapidly over the last few 
years in the UK market to a 
total last year of 502,000. At 
present rates, the level this year 
would exceed S00.000 tyres — 
roughly 5 per cent of the total 
3 {car tyre replacement market of 
15m. tyres a year. 

posed by France and are due to 
come into force in January. 
They involve a • special 


Salvage companies 
bid for Eleni V 



enable it to shut down produc- To help to bring supply and after the minimum contract 
lion during the summer months demand back into balance British quantity has been supplied in 
when demand is weak. Gas had opened a series of any one 'year ' 

Negotiations have been com- negotiations with southern field- 

- — «**.. -v.u- llin ,5__ « A 1, • ^ • Extend the contracts beyond 

Pleted with Shell and Amoco. supphere Mr James AJ cock. ti, e i r original 25 years as long 
joint operators of the Leman 1,1^5 °3°”VS « there is free gas still to take, 
and Indefatigable gas fields .he Sml d" return for the* changes. 

Talks are continuing with Gas Engineers in Blackpool BntisJb Gas h « agreed to in- 
other operators : British yesterday P crease the price it is paying for 

Petroteum on the West Sole British Gas is aiming to make southern field gas. But the 
JH W 4r. P % Ul K J et ™ leum on the contracts more flexible, so ovmum must also agree to 
the Hewitt Field, Conoco on that i t can substantially detev mak ® s° me further investments 
VlW"g Held and Amaeo deliveries ftS the SOUttara id the held, to prolong supplies 
on the Rough Field. fle,ds. ' Already Shell and Amoco are 

With the very large reserves The corporation wants the spending £100re. on new facili- 
of the Frigg Field in the ability to: ties for the Leman and Inde- 

northern North Sea already on • Shut down a field for part fatigable Fields including new 
stream and gas from the Brent or all of a summer season. offshore compressor units. 

GEC to lay 
off 350 
in Wales 

Argyll Field back on stream 


THE ARGYLL FIELD in the The field, the first oil reservoir due to be recommissioned about 
North Sea was brought back on to be commercially exploited in six weeks ago. However, produc- 
stream yesterday after being shut the UK sector of the North Sea, tion was further delayed because 
for mote than three months for was shut on February 4 after a of a bearing failure in the single- 
repairs to its production equip- fatigue crack bad been discovered buoy mooring system. The turn- 
meat. on one of the semi-submersible table carrying the tanker loading 

It is estimated that the closure production platform's under- hoses was unable tD move 
resulted in a delay in oil revenue water support members. because of corrosion, 

to the Hamilton Brothers group The production unit was towed 

of about £14m. 

Production was running at 

to Scotland for repairs and was between 20.000 and 22,000 barrels 

(a day before tbe shut down. It 

This announcement appears as a mailer of record only 

Finsider International S. A, 



Medium Term Loan 

Guaranteed by 

Societa Finanziaria 
Siderurgica Finsider p. A, 

Managed by 

Societe Europecnne de Banque S.A. 
Banque Internationale a Luxembourg S.A. 

Co-managed by 

Bank of Montreal 

PKbanken International (Luxembourg) S.A. 

Provided by 

Bank of Montreal Banque Internationale a Luxembourg S.A. 
PKbanken International (Luxembourg) S.A. Merrill Lynch International Bank Ltd. 
Bank of Credit and Commerce International S.A. 

Banque Nordeuropc S.A. BfG Luxemburg 
Fuji Bank (Schweiz) AG Kansallis International Bank S.A. 
Privatbanken International (Denmark) S.A. Sociclc Europecnne dc Banque S. A. 

Agent Bank 

Societe Europecnne de Banque S-A. 

April, 1978 

is expected that over the next 
few weeks at least the Hamilton 
Brothers group will obtain a 
-higher flow. 

j A build-up of reservoir pres- 
< sure should assist the initial pro- 
jduction and future output should 
■ be belped by the commissioning 
of a Dew well. 

Interests in the Argyll Field, 
the smallest commercial oil dis- 
covery in the North Sea, are-. 

I Hamilton Oil (28.8 per cenli; 
Hamilton Petroleum (7.2); Rio 
|Tinto-Zinc (25); Texaco (24); 

; Associated Newspapers (12.5) 
-.and Klein wort Benson (2.5). 

By Max Wilkinson 
THE General Electric Company 
announced yesterday that it is to 
lay off 350 of the 2,000 workers 
at its television manufacturing 
plant in Hirwaen, Wales. 

The move-follows a pattern set 
throughout tbe UK tele- 
vision manufacturing industry, 
currently suffering from about 50 
per cent over-capacity. 

A generally depressed home 
market has been unable to absorb 
the extra units which could be 
provided by steadHy rising pro- 
ductivity in the industry. 

Increased automation in the 
production of television sets has 
been one factor. The other is the 
decreasing . number of com- 
ponents as new integrated cir- 
cuits take over the functions of 
separate transistors and other 

Mr. Pat Samson, managing 
director of GEC Radio- and Tele- 
vision, said that the redundan- 
cies had nothing to do with 
rumours of talks between GEC 
and Hitachi about a link up for 
television production. 

“No link with Hitachi is in 
prospect." he said. 

GEC has invested about £6m. 
in its Hirwaen plant, partly on 
automatic equipment, but Mr. 
Samson said tbe main problem 
was that the factory was working 
at only about 50 per cent 

GEC hopes to achieve about 10 
per cent, of tbe U.K. market this 
yea r_ expected to be about l-6m 
to 1.7m colour sets. 

TWO SALVAGE companies were. Cadiz accident the Board 
bidding last night for a Depart- told that a leak in the hydraulic 
ment of Trade contract to dis- steering system used on the 
pose of the Eleni V wreck and Amoco Cadiz wonld have re- 
lts remaining oil cargo. * . suited in the system failing. 

Smit-Lloyd, a Dutcb company. Sen or Francisco Garcia Blanco, 
and United Towing (Marine commercial and technical chief 
Services), of Hull, were both ex-, "and assistant, manager at the 
pected to put plans, including Asti lie rod Espa notes subsidiary 
costings, before Department dF Man ises. was called to give evi 
Trade maritime officials at k denev on the design of the 
meeting in London last nigbt : I Amoco Cadiz steering system. 

A final decision on the. fate-. .Virtually the whole day was 
of the tanker is expected to- be 'taken up With Sr: Blanco answer- 
announced today. / Ing detailed^ questions about the 

The salvage compaifies were steering system design put to 
asked to put forward Suggestions him through an interpreter by 
for disposal based o ' b two alter- Dr. Frank WisVall.. Counsel for 
natives, either towing tbe wreck the Liberian Goverrqnent under 
into the Atlantic and sinking it. whose flag the AmoeA Cadiz was 
or pumping the oil-'off the vessel registered. • V 

at sea. Sr. Blanco, a naval \engmeer. 

It is understood, however, that who was one of the Mankes team 
while the Government feels it who designed and checked the 
could pursue the first option in specifications of the steering 
spite of international conven- system used on the vesseKsaid 
turns banning dumping, this has it “fully complied" with 
been ruled out for moral reasons. American Board of Shipping hnd 
Id- these circumstances it is Safety of Life at Sea convention 
likely that whichever salvage requirements. i 

company puts forward the most . T* 1 ® tanker, in accordance with 
feasible and cheapest tender for international regulations, wail 
pumping the oil off the Eleni V fitted, with twin pumps and twlrfl 
at sea will be awarded tbe con- hydraulic ramming units, but 
tract • was •• dependent upon a . sole 

Last night the department said hydraulic feed- 
it had once again revised its Sr.' Blanco, said this design 
estimates of tbe amount of oil exempted It from having to have 
still on ■ board the wrecked an auxiliary steering system, 
tanker. Asked about the effect of a 

The latest surveys suggest leak in the system Sr. Blanco 
there could be two tanks still admitted . this would cause 
intact and a third leaking oil “ sloppiness ’’ and if the hydrau- 
to tailing between 2,000 and 2,500 lie fluid was not replaced this 
tons of oil. would lead to a failure of tbe 

On the second day of the offi- system. • ■ 

cial inquiry into the Amoco Tbe inquiry continues today. 




“ 7r- : ’ . 
tV' -J 



By Christopher Dunn 

THE RULES on advertising 
solicitors are to be relaxed, 

John Fraser, Minister 

Prices and Consumer Prot$£^.pj->r> 

tion, told the Commons yest^j^-r^c 

day. He was answering 

question from Mr. Bryan Gouj&T*^;?'- £ 

Labour MP for South amp t 


Mr. Fraser f Cgrettcdthat 

change did not go far eneu) fSSftejpg?:# 
The changes, which fofiowC-^^v-© 
two Monopolies Commissi 
reports, will allow law soviet 
in England and "Wales to p; 

Hsh information In local, nc 
papers about firms of soUcltn 
New entrants -and solicit 
opening branch Offices win 
allowed to.' advertise the 
presence, and the Law Socie 
plans to looklnto ways of gi 
ing more information abo 
solicitors available for legal a 

The Law Society of Scotia 
has issued a eomprehonsi 
National Directory 
Solicitors, giving detailed 1 
formation about practically 
\ whole profession In Scotland 


'Shoe research 

TH)S SHOE rand Altied Tra 
Rest arch Association based 
Kettfering. Northants^ boosted 
earnings during last year by 
per cent, to £325,000. 

The - biggest earner was 
association’s footwear tc 
equipment which • brought 

i ,V« 

Joel three-day auction 
takes over £900,000 

CHRISTIE'S completed yester- theatrical material for £48.S43. 

sate of contents The Victoria and Albert Museum 
Lhildwick Bury, near SL was an active buyer, acquiring 


Albans, the home o'f H. J. Joel, four items for £1,540. 
me bloodstock breeder. The highest price was the 

i be auction totalled £919.219. £4,400 from Ward-Jackson, a 
almost double the pre-saie London dealer, for a costume 
estimate. The best price yester- design for the Queen's Fiance 
, day was £/. 000. plus 10 per cent in Dieu Bleu by Leon Bakst, 
buyers premium, for a large Another design by Bakst, for a 
Victorian silver table service- girl in a mauve cloak in Les 
Koopnian. the London dealer, 



bought a set of four Victorian 
silver-gilt candelabra for £6,200. 

; A 1760 view- of the house of Sir 
l Francis Dashwood, after William 
Hannan, was bought by his 
ancestor of the same name for 

El .000. — 

Christie's sale of musical Papillons, made £3,600. and tbe 
instruments realised £45,413, design for Ida Rubinstein's 
Biddulph. the London dealer, costume in Act Four of Helene 
paying the day's highest price of de Sparta £2,400. 

£4,500 for a violoncello by Carlo The Sotheby's wine sale 
Antonio Testore of Milan. It brought in £60.240. with top 
was dated 1707. prices of £4S0 for a dozen bottles 

KobayashL a Japanese dealer, of Chateau Mouton Rothschild 
■wid £3,800 for a violin by Jean 1961; £440 for Chateau La tour 
Gosselin. 1828. Gosselin (1790- 1961; and £355 for a dozen 
1340) was one of the finest Chateau Margaux 1961. 
copyists of Stradivari. A violon- The house sale at Abbey lands, 
cello by Francois Gavinies, Paris, Stackhouse, Settle. Yorks., orga- 
1751. sold anonymously for £3.600 nised by Henry Spencer of Ret- 
and a violin from the Ceruti ford, totalled £$B,4S1. M Divining 
School i Cremona, circa 1820) the Future." by William Holv- 
fetched £2.600. oake. sold for £3.500. on auction 

Sotheby's sold ballet and record for ibe artist • 





V 1 


is- 77 

Group sales 
Pre-tax profit 
Earnings per share 

£90*150 million 
£5-676 million 


Sales by industry 

Car components 

Petro-chcmical, acrospacc 3 





3 08157P (maximum permitted) 

£ million 

Sales by area, of operation. 

, ... , £ million 

UK borne 37-300 


■ 2*872 

UK export 

Continental Europe 






From the review of the Chairman, Mr D L Breeden: 

Some group companies did particularly well in i 977 . Among ^ werc F . 
company CIAi, our hydraulics company Tclehoist, our mecSumdisimr comosniT 
throughout the world, and our associates in Spain and Italy. pHni 

Others fared less well. Our British motor component companies suffered from the 
dispurcs m other parts of the industry, our Australian company from low demand 
and a power workers stnkc, and Truflo from low demand for valves. 

A combination of these factors and the effect of a stronger pound on Yoreim 
resulted in group profits below the record level of 1976. ^ ‘-anungs 

Wl arc reacting quickly and positively to the lower level ot demand in some of our 
operating companies. Alter the resultant costs of reorganisation and redundancy 
have been absorbed in the first half of 1978, margins should begin to rise 

Copies of the Report and Accounts can be obtained front the Secretary 

Wilmot Breeden (Holdings) Limit ed 

PO Box 173, Amington Road, Birmingham B25 SEW 



JUnsncfal Times TTrursday flfey 18 1978 

You’ll need one when you talk 

It’s easy to spot people who have 
recently come into contact with life 

Their faces are usually bewildered, 
their hands are never stilL 

The fingers fidget, as if thumbing 
through an invisible dictionary after 
expressions like ‘conversion options and 
‘investment income surcharge. 

Fortunately, there is now a cure for 
these depressing symptoms, in the form of 
our new 96 page illustrated book called 
‘Safety in Numbers." w / 

Tn plain and entertaining English/ 

it tells you eveiything you should ./ 

ever have to know about the complicated 
business of life assurance. 

It will be published during July by 
Hutchinsons, and will be available through, 
all leading booksellers at £1.95. 

At present we have a limited 
number of advance copies at a special 
pre-publication price of £1.00. It will be 

our pleasure to send you one. 

Just send £L00 (which includes 
packing and postage) together with your 
name and address to Provident Mutual 
(Marketing Department), at the address 
below. In the meantime, if there’s any thing 
else we can do to help, call us. 

Wb won’t, call you. 

■You’ll find us approachable, friendly, 
and remarkably unstuffy. 


Wetalkyour language 


Provident Mutoal Life Assurance Association • Founded 1840. 25-31 Moorgate, London EC2R 6BA. Teh 01-628 3232. 

Financial Times Thursday May IS 1978 


State aid 
to develop 

Financial Times Reporter 

CBI produces plan ! cws 

jp • !• i raises 

for incomes policy tradin 


SUPPORT fur a £2m. project ! 

to develop * new language lor ; PROPOSALS for gradual reform The document therefore puts variables such as growth of pay.; 
micro-computers — a field id ; of Britain's pay bargaining forward ideas for the establish- the exchange rate and the move- 
which the UK is said to have i system and for relaxing 'he meat of “a central mechanism ment of world commodity pn c ?s- 
a world lead— was announced - present wage controls at the ea d for independent economic "in addition, there would be 
yesterday by the National Re- -Of the summer were considered analysis." improvements in * major review of economic per- 
search Development Corpora- . yesterday by the monthly coun- public sector pay arrangements, iormance la May each year: 
lion. | cil meeting oF the Confederation and compression of the annual otber reports^could be produced 

The development is being I of British Industry. bargaining round. as necessary . 

undertaken by Computer | A policy document containing "Any form of centra! In the public sector, the aocu- 
Analysts and Programmers, . the proposals says that the CBl's mechanism must be closely tnen: cans tor changes to 
one of the partners in Insac, twin objectives are to keep the linked with Parliament and J- "^“5* • 

by 50% 

By Elinor Goodman, 

Consumer Affairs Correspondent 


Productivity payments 
withdrawn by Ansells 


Allied Breweries has de- intention to monitor such deals, district sec rotary, said the :sn-: 
cided to stop bonuses of £6.50 In some cases deals were sent were angry Unit ine company w.i 

a week to 1.100 workers at the back For renegotiation, but few " filching money out rhetr pa- 

Ansells brewery in Aston Cross, phonev deals have been un- packets. A mu« nicetnu; 

Birmingham. It said there had covered. scheduled for next y.eefc " i 

been no real productivity im- Last night Ansells. the Mid- likely to vote for strike action 
provement to justify the money. lands and' South Wales trading he thought. 

The deal with members of the company of Allied, was meeting ^ ij* he Bntish ..\ lr pt»ri ; ; Authenh 

a *»«II — waa — ------ rti»unr liuiuns wuuiu ue ivimmiu m>r 

From August I last year, the an f Jl-KVihS haswiM to individuals or groups of staff wrh 
Government declared that pro- ^either of thv^ has «rae to fjUed (u COl3per3tr ,- u n y m in 

mcni would nave major i me Detween control T medium term financial tir^ets " inn '\r a . 

exporting potential in a world land flexibility must once again Important for public corporations. " of P 2o« t£5 t SSfJi r JS? 

market for computer pro- be faced for the next pay round, fir , t sla «, e L . ou i d be for “Once set. management and ’ S -T£ ?».!• tLw- P er ceou l 

graraming expected to be SlObn ! and there should be much greater , h Lv ^ u Parimmentarv unions should be free to bargain L . consumers | 

developed a computer language , and settlement dates. The Govern- non paI £ es C BI. TUC. the Bank compression of the annual bar- . Tho 

capable OF being used on a | ment a pay sanctions against of Englandi and independent saining round to a period I orsanisatin 
vvide variety of different makes j employers should be dropped. experts— and thereafter produce between November 1 and April l.;SS 

As the cental marketing 
organisation for Britain's con- 

Firemen say TUC will back 
action for 42-hour week 

eiiual amount. 

for UK 

Financial Times Reporter 

management and professional ex- 
pertise fell sharply in the first 
quarter of this year, compared 
with last year's record levels, 
according to management con- 
sultants. &ISL Internationa]. 

In the last six months, how- 
ever. the MSL Overseas Index 
showed that nearly twice as many 
overseas jobs were advertised as 
in the same period of 1975. 

The index is based on the 

ment «ap ‘that any figure should reP ort. published in •At the annual senerai meeUng ! S ^ * 6 tay * r BY PAULINE CLARK, LABOUR STAFF 

mem^being s^financin* 1 and fnPartU^enTand^e^hereVnd Sir * John^S^onw^^rhL' - k Sir :^7 hur s e aid That il wouId UNION LEADERS of the two- ing last week in an unequivocal duee a three-shift rota iu replace 

mftncreasio“ unitcosls Swide^n lmMifaS In out to new president^ saidrhp'r the 1 be pomtless 11 3 0Q ° m ,n coo- month firemens strike which statement from Mr. Len Murray, the existing two-shifi system. 

The Con^eratio“s longer tbeDubMc exSuure Whiie spend! ng-particularly in ended in January are convinced general secretary of rbe TUC. in They believe there .5 ..K 

.™ Dronotafs have been Pane? and JChsenuStly the Se over e™nd^r» f : £ oau 5 s and *«»bte*-wre «> that if further milium action is support of the union's demands. likely to be a clfeh v.uh U.. 

deslsnetHOarold criticisms from SS8 & * SmEmoT IwPuSsloob n« ^ '*£££ The union ueenoed .he e,n- ™ „! 

its members that it is moving “it would consider the evi- after tax) compared with- a ; thaMims^of SfeincreaSd i^nVVtfiTrr c e lh bk ' ployers yesterday of ‘"■billy- n, m Ttr-, .- 

towards “ corporatist " policies dence given by other parties and deficit in 1976 of £34.000. This ! we nt to cneane? imiSSd Unes S f th TLC shatlj’ing" and expressed anger L h n ppdnrt ' 1 □ m .l- ! i 

which by-pass Parliament and set out the prospect for growth, was partly due to a considerable ul was nofin favour S? Dermal Mr - Terr > Parr >'* S^nerai sec- at having not been kept informed P ’ 

increase trade union power, and trade, employment and living increase in membership. More i nent measures to nran Jo British retar>‘ of the Fire Brigades .Union of details of plans, being worked , 

“rigid norms" that amount to standards for the next year or than 500 companies have joined : «£3 P “ P fmniS threatened yesterday a “show- out. for the introduction of the .hnXv., 

» ***■ “ - differem about ““ Apr "- jSSSTtaW^^ Km *%*'«£ ^ week - 

(decide which industries it wanted I Mr. Parry said strike action details for the changes. 

shalh'ina “ and exDressed ancer and 00 how many extra firemc: 
at haVine not been keot informed ™?. edl i d to opevaie * 

i controls, but the country sh6uld " "" “ 

, decide which indusrries it wanted ihnZf JJX 

British Aerospace earns 
£65m trading profit 


f l)A 

' their feet. Mr. Parry said the attitude of the 42-hour week in November effective use of time bv lirniuu 

the TUC to any clash with em- regardless of whether agreement when not actunllv fight inu fir.-.- 
Turnover plovers' promised veduction m on extra manpower and other and this was firth*' consistent » nh 

hours by November would be arrangements had been reached the Home Secretary's earlu-i 
The society 5 overall trading "very different ' from its The union is preparing for statements, 

profits rose from -lom to — 3-<ni approach to last year s claim for battle with the employers over • Nurses are in |irr>,* f*»t- :i 

for the >oar ending last 3 pay rise in breach of the W h a | jt describes as “various staged pav deal similar in 1h.1i 

January Bales, up 1 rom >1.-00 n oovernment guidelines. conditions" under consideration already won bv doctor-., tin- 

; to £1.39bn. showed 

Relations between union's jn arrangements for introducing armed forces and* university ilmi 

smaller increase. Food sales j executive members and the TUC the shorter week. 

The move will mine from tin 

of £860m. elude future supersonic iransport the Government's desire 10 stop , on non food reflects both a fall Since then a close dialogue are viewed with distaste by the staged over two veor.i that 

This compared with a trading development Lord Beswick's funding basic research which) in demand for items such as has been restored with the TUC union. In particular they arc awarded to doctors earlier tins 

monitoring of recruitment ad- profit of £56m on sales of £740m comments, however, do not take had civil aerospace applications, [clothing and footwear, and the over the 42-hours issue culminat- opposed 10 any attempt to intro- month 
vertisemenm in national news- the previous year, when its four account of the present series of "The position is that our; closure of a textile mill and a • 

papers and professional inaga- constituent companies were still discussions between Mr. Eric competitors in Europe and the men swear factory. ; — — — 

The profits increase was due 

zines. separate. Varley. Industry Secretary, and U.S. have the benefit of similar | The profits increase was due 

The latest report on the index British Aerospace was created fhe chiefs of the three main US. research which is funded b> their; partly to a new manufacturing 
showed that the Middle East and bv take-over of British Air- companies. Boeing. McDonnell respective Governments; we are j plant making a contribution for 
Africa still accounted for nearly c f a f t Corporation Hawker Douglas and Lockheed. therefore placed at a competitive ! the first time and partly to a 

Hawker Douglas and Lockheed. 

two-thirds of all the demand for 'siddeley Aviation. Hawker Lord Beswick expressed par- disadvantage." | 

British skills. Siddelev Dynamics and Scottish 

Almost two-thirds of the ad- Aviation. _ , , , 

vermers were seeking engineer- Giving these figures in the first L r\m cflll viDDnC TVlQ^hlll/Q 

tng expertise in all iis forms for annual report and accounts of 1? Ul li iStlll 11CCIJL3 

the construction industry in those British Aerospace. Lord Beswick. 

areas and the Far East. chairman, said the net profit tri ill 1 /~> V'lC'" 

By contrast, the greatest de- after tax last year was £29m. lUUlo TT UI ill IlllillUIlo 

m 3 nd from the U.S.. Canada- and against £31 in. - . - ...... 

mem e I?rSS! P# f “ r manage ' Exports accounted for 62 per BY LYNTON McLAIN, INDUSTRIAL STAFF 
ment services. cent or joafiin of the total sales 

Commenting on the index, figure, compared with 50 per MILLIONS OF pounds of pany is the machine tool sub- 
M5L said that, as fast developing cen t. or £371 m ihe previous year, "straight forward" machine tools sidiary of WhitecrofL of' 
regions grew, their demand for At the end of the year, orders had still to be ordered for the Manchester. j 

expertise would become more j n hand stood at £2.3bn. against £lS0m. engine plant at Bridgend. Most of the machine tool 1 

like that of the established; £i.5bn at the beginning of the Glamorgan. Ford said last nighL orders placed so far for the! 
nations and could encroach upon year. “ and since then, have in- But pan of the total investment Ford plant have gone to U.S.i 
UK requirements. creased further." would go on stock. companies. ] 

As the British executive be- British Aerospace was keening Thomas Ryder and Son. of Ford said that there were. 

therefore placed at a competitive ! the first time and partly to a 

Ford still needs machine 
tools ‘worth millions’ 

Top civil servants 
oppose closed shop 


Too civil servants Electricians 

the first time and partly to a “ ^ » HAll/VJ . . 

reduction in overheads. DOt flttrHClCU 

Sir Arthur said that 1977 had _ __ „ _ ^ J 1 ^ 

'.he society remained "beset OppOS6 ClOSeu Shop > by Board seats 

n, ° Jf0r pSurt5on.- lB The BY PHILIP BASSETT. UBOUR STAFF * ^ I 

society is ;o spend £2Sm. on new MR. FRANK LH APPLE, 

investment this year compared HIGHER-GRADE Civil Servants vice unions representing basic secretary of the Electrical aim 

with £5m. in 1970 and more yesterday refused, to back grades of staff. Plumbing Trades Union, t.n.1. 

than F2Gm. last year. demands by other civil service The insiiui lion; which -repre- ^ ,s un ( be Commons nalii.n.u ! 

unions for a closed shop./ sents 103.000 Htgher-srade stafl • ISed industries select comm Mice 

The Institution of Professional ,n wwnufic and specialist jobs, j > lhai unmns in ..-I.-.- 
TVT^«, Civil Servants, at its conference W0l,!d not be attected by the pro- supply did not want rlwir 

INCW Dram in. Eastbourne, extended ST ? 


i 4 1 > ) J 

■■awuiia » iu luuiu ciiviudiru upuu year, “and since tnen. nave in- Hut part ot me total investment cord plant nave gone to U.Js. 1 CriritllTIDTIfT 

UK requirements. creased further." would go on stock. companies. otailiUiic, 

As the British executive be- British Aerospace was keening Thomas Ryder and Son. of Ford said that there were. 0 

comes accustomed to selling him- its options open on' which inter- Bolton, said yesterday that it several orders for machine tools j 1 • 

self on the world market, there national partners it worked with had been awarded a machine tool in the £2nj. to £3m. bracket still T Or^rini fl 11 A 

might be important implications in the .development of new. civil order worth £4m. from Ford of to be placed. 1*V VtliUlU It V 

for UK companies requiring aircraft Europe- British companies stood a good 

home-based personnel." Earlier discussions with U.S. Of this, £2.5m. is for the high- chance of winning contracts fo r J • I J 

companies “did not appear to volume. automated transfer the “enormous amount of f||CTTJ| Q 

lustify giving up our attempts to machines for milling and drilling straight forward machine tools UU 

A • 1 build on the European relation- at the Bridgend plant. The com* still needed." 

-/ulJ!XrC0 SOIO By David Fishtock. Science Editor 

SUITS £4.2m. loan ‘wash-out’ IfiggS 

_OvIIk 1S|, ITS til „ , a London reaching hospital. 

in Eastbourne, extended bv a POMl*. If Implemented. ' these ! itH'tiibcrs sitting on the 

substantial majority its opposi- wo,l,d coyer «0.0ptl civil servants 1 dastry s main manageinciii v L 

tion to the idea of a closed shoo “PW the clerical crade level. . Board. 

for anv part of the civil service The un, °n s executive opposed! Mr. uhapple, chairman uf tli«- 
Th/dMidiM hi- .h* truHiiinn lhe extension proposed by the electricity supply industry cm- 
ai^ pnnura?rivi wninn ^nniH the conference motion, but the ployees national committee, said 
.*wiUr£° Ser th? e rtrtJprnofonr-^ niover insisted that the 'full such a position would eonfuv 
2S2? n f be nunM ^n " h^ «erms should stand. . the 'role of th e unions, 

ntilitr?! ri«h ifncnSk' ^ «nsithJ5 The execu Uve's opposition “Why should we embrace ih«* 

?«i p * -1 6h ° n 04811 sensitive could enable a clash on the issue odium of managing the industry 
■” to be avoided on the staff side when we are Dowerful enough tn 

Proposals for a closed shop of the National Whitley Counc l. get the things we want anvwav'.’" 
with wide exemption clauses the joint Civil Service adminis- he <aid. 

have been put to three civil ser- tration body. I The unions, which were al-o 

SUITS £4.2m. loan 6 wash-ouf 

A NEW scanning ini'ention for 
studying brain disease without 
causing distress 10 the patient 
was demonstrated yesterday at 
a London reaching hospital. 
y ■ H provides the doctor with an 

have been put to three civil ser- tration body. 

Urgent action ‘is needed 
to support shipbuilding 7 


A £4.2 MILLION loan from “lost” among cash at the bank actions within 14 days, contrary 1 It provides the doctor with an *3Up V off 1 lay A/ laLll 111112^ 

By Michael Thompson- Noe l Scottish and Universal Invest- or on hand. to the companies Act of 1967. | image oF brain tissue in which 

meats to an associate company Mr. Robertson said that the Sir Hugh has admitted not in- [points of medical interest are BY ALAN PIKE, LABOUR CORRESPONDENT, IN TENBY 
A GROUP of three Belfast was “the talk of the steam ie." loan was mentioned on in- forming the company of 61 share | “ illuminated " by radiatioo from . 

businessmen *aid in Dublin last Glasgow Sheriff Court heard numerable occasions when he transactions involving more than : a radioactive drug previously URGENT ACTION must he “ More money must be directed j 

night that they were buying yesterday. was working for SUITS. " It was 3.5m shares. A plea of not 1 given to the patient. ‘ taken to support the British to shipyards and a replacement 

Liverpool's Ainiree racecourse “ Steamie" is a Glaswegian the talk of the steamie. so to guilty to the rest of the charge.! Like the X-ray brain scanners shipbuilding industry by reuinv- programme for dredgers, light- 

from the Official Receiver. word for 3 public wa«.h-house sneak, it was a topic of conversa- involving another 1.5m shares. 1 which have revolutionised the » n S “ geriatric” ships from tbe ships and offshore patrol boats 

The price is understood to be where women used to gossip. tion at the company." has been accepted by the Crown.' diagnosis of brain disease, the high seas. Mr. John Chalmers, could almost fill to capacity many 

about £1.79in. allhough the syn- Th , h . . . F Earlier Mr. Corrle had agreed Forgie. Grossart and Red- new scanning technique does not §eneral secretary of the Boiler- of the smaller yards.” 

dicate said that purchase con- * , ™ ur ‘J-, i ra , at no ° e ® with the Sheriff that the loan mayne have denied separate! require even minor surgery. makers Amalgamation, said yes- Employees in the industry 
tracts would not be signed for ,*.1 - ei ^*1 made w would have to be written off and charges of failing to tell the com- ® U I it also has two important terday. accepted the need for change, 

another 4S hours. '/!,£- h inn > ^ ‘ K 0 DTUa n ■ a P r “T that hope of recovering it had pany about share dealings. advantages, says Dr. Peter Ell. a scrap-and-build policy would but this rausl be Planned 

The men are Mr. David Ham ill, P ertl acvempm company, naa d j sappe ared by September 1976. The trial continues today. consultant in nuclear medicine provide mueb-oeeded work for Properly and negotiated with 

a scrap dealer. Mr. Matt Arm- bcen repaid, and would have to The Sheriff asked: “Tbe loan at the Middlesex Hospital. British shinvards and mako mer- Ike people concerned. 

about £1.79m. a II hough the syn- 
dicate said that purchase con- 

represented yesterday by sir. 
John Lyons, of the Engineers 
and Managers Association, and 
Mr. . Jack Lockwood, of th*- 
National and Local Government 
Officers Association, pressed for 
an extension of consultative 
machinery down to local level. 

Tbev were highly critical «>r 
the While Paper on the re- 
organisation of the industry. 

Observer NGA 
members mav 
be disciplined 

strong, a Belfast bar owner, and written SUITS. j 0 AMCAL proved to be value- 

Mr. Nat Toner, an hotelier. They Mr. George Corrie. former loss to tbe lenders ? " Mr. Corrie 

said that their offer had been company secretarv of SUITS, replied : “ Yes. sir .” 

accepted ijy the Receiver, but agreed with Sheriff J. Irvine Sheriff : “ No doubt it gave 

there was no confirmation of this Smith that the loan was “a considerable assistance to 

last night. wash-out." AMCAL, but as far as SUITS are 

Mr. Ken Bailey, speaking for Mr. Corrie and a former concerned, it was a wash-out ? “ 

the agents fur Ain tree, said that accountant with tbe company. ^_J r - Come: “ Ves- that 5 my 

talks had been under way for Mr. George Robertson, were understanding of it : 

Furniture sales 
down 7% 

Financial Times Reporter 
UK DOMESTIC furniture 

But it also has two important terday. accepted the need for change. hp rf icpirklinorl 

advantages, says Dr. Peter Ell. a scrap-and-build policy would but tbis rausl be planned Ui^VlpllUCU 

C0 °l u 'WLl n n, E le « medicine provide much-needed work for Properly and negotiated with By Our Labour Staff 

at the Middlesex Hospital. British shipyards and make mer- the people concerned. London ciFKirtarc f 

It exposes the patient to only c h an t fleets more efficient and The full burden of change OFFICIALS of the 

one-twentieth of the radiation sa fer. n, ust not be seen to be falling National Graphical Association 

dose of an X-ray brain scanner. . , . . on the shoulders of workers" ^. er ® Yesterday considering 

and can display the presence and ■* . , Infl ustry must insist on Conference voted to pursue a disciplinary action against 25 uf 

biological activity of points of reesmns finance to purchase claim which would seek to l ?* members who prevented pub- 

medical interest. such as old® r •■’hips for scrapping rather restore the real value of wages location of the Observer Sund.iv 

tumours, or aberrations that t* 130 3 Hw th 6,01 to bt- sold Into t 0 J975 levels and restore differ newspaper last weekend, in 

might forecast strokes. “ cowboy Heels.” entlaJs to their pre-social con- d^ance of union instructions 

Delegates to the union’s tract position. Following the unofficial >inke 

GlUCOSe national conference unanimously Mr. Chalmers told the confer- machine minders in ihc 

1lW) r J 

* in j *, • 

siime tune, but il was too earlv C iying evidence on the third day 0n lr,al Wlth S,r Hugh arc deliveries in March were valued GlUCOSe national conference unanimously Mr. Chalmers told the confer- ^ machine minders in Hie 

10 sav that the sale would of the trial of SUITS voc^ chair- James Grossman, whose address, at £76ra— 7 per cent lower than adopted a motion calling for the ence that at the TUC Congress association for the fourth time 

proceed. man Sir Hu^h Fraser and' five of like Sir Hugh's, was given as the a year before, according to a C!in ne used, for example, shipping industry to be national- the Boilermakers union would," 1 ls months, the Olwerv.-r 

SLUTS registered offices, c/o seasonally-adjusted index pre- 10 measure how fast a particular 1 )S ed with a scrap-and-build policy vote against “any idea" that a ! managemeni 

There mi -hi he a delav while his directors. sluts registered omces. c/o seasonally-adjusted Index Pre- r V: ■ P 3 ™™ 181 ised with 

the financial standing of the The have- denied failing to Park Garden*. Glasgow; William pared by the Department of ™ of brain tissue takes up adopted i 

syndicate wj. checked. give a true and fair view of the Forgie. Sutherland^ Avenue Industry. gliicose from the blood. Every 

A ml rue was formerly owned by company's affairs in the 1975 Glasgow; Edward Gamble, of The index 11970=100) stood at The *«nner. developed by sustain t 

the Liverpool-based Walton accounts. The court bas beard Lindridge. Turnberry. Ayrshire: 152 in March, compared with 170 J- 1 mon uarmae is me only one Uie Briti >u uu.r juicj iu wui tut? 11 JUCI r * v "r- l, wn *-vuiu m siKdJ dlllCCU 

Group and is now managed by that tbe £4.2 m loan was mis- Grossart. of Howe Street. Edin- in February and 163 in ‘March ™ 1 15 ' n at pre- f or %% snciai. economic and union movement should stop dis- future. 

the Lad broke Group. classified in the accounts under burgh: and Nicholas Redmayne, last year. ,u ,t"^ lDe /°7 pa ,? y - strategic reasons." Mr. Chalmers cussing economic issues with the National offinals ur the union 

The Belfast trio said in Dublin -cash In hand or at the bank" in- of Walcove. Lutterworth. The department's index of ,l,o TI C UDaer evaiuauon in wen t on. Government. including Mr. Joe Wade "rncnl 

that [heir plans for the race- 1 stead of bein? shown as a loan. Leicestershire. orders on hand — again on a jL. . 

course included a sports complex! Mr. Corrie told the court that Sir Hugh. Forgie. Grossart and seasonally adjusted basis — J. 1 !? 1 ™' 

and a small industrial estate, there had never at any stage been Redmayne alco deny failing to showed a 4 per cent decline in Lieon iiu. as 

Racing would continue. anv hint Thai the loan should be notify SUITS of share trans- volume .* complementary technique to X- |i T| 

- • rav nriin.xp’jnnimi onrl ie m •« L. ■ 


Building group fined £425,000 


FINES totalling £425.000 were counts involving corruption, accused directors had operated a Sport, issued a statement, 
imposed yesterday at ‘he Old Bryant Holdings pleaded not scheme designed to bribe a large Mr. Howell was mention 
Bailey on C. Bryant and Son. pan guilty to three corruption number of people, from clerks uf last month's trial of 

tbe U S «v„ 1U au 0 n in we nt on. Government. including Mr. Joe Wade, g.-ncr:. I 

Dr. Ell sees the new instru- president' are* exuectcd 

Ennals’ ‘don’t strike’ plea SE5S, 

in= corap,n,Mv e s ,„di« with an 1 “ lhVl««™?™„ rP8i ” nal t " Unri1 

His department has also been f A hflCAlrQ 1 H/AflTPrC iininBrnlS^IS acll0n , l '>, l, V' 

discussing further developments tlUuiPlldl W ^ ol-mnM he ^ v ? 01 s '• 

of the emission te.-hnique with SiSISS, ^ ll l* '?* dtba ' 1, uM ,,w- i 

Union Carbide scienUsis. MR. DAVID ENNALS, the Social is “uneconomic, and run for a Fleet Street ° nS m 

The emission scanner has a Services Secretary', yesterday minority of patients." Mr Fie^t Street crisis p-i.... -»n 

a '" ,Mled *« L o" d ““ hospUais Bnr> a i, said. SnH p JW a 

fakta* .bout 7 ««r mtoite w • ««« «■"«“'«» prevent S UTi 

S ^i C * e ' I- ™ J ■ ll «npt to save ihe hospital switchboard was 

Its application to the diagnosis doomed Elizabeth Garrett jammed by callers offerin'* help 

Ennals’ ‘don’t strike’ plea 
to hospital workers 

! IJ!» 

Fleet Sired crisis. Page 2« 

and SSiHMf M other noi to "cb Chris W aS ° having “on R ifiS? W ^ ^ 

civil engineering group. The guilty pleas hy C. Brjapt. were mittees. received Christmas gifts from S I P l^^ ar 23? n«* IL SS. t0 ^ ee ? 1 ope f n ^ 

company was ordered to pay all accepted by tbe prosecution. Mr. Sherrard said that in each the group. Xe dro“fwhich 1-5? ronren the ^awn^inthi, dLute nfr H?S , P nf ^ u ?° r n 

the prosecution costs. The pleas to an indictment casc where c. Bryant and Son Mr. Howell said in a written trate ^ In the tSueof inteSt safd P ThJ ga wold Eiiail 'ISJJ? la J nl . n ? 10 

Last month Mr. Christopher containing 24 .-'counts were sub- had pleaded nuilly officers of the statement: "Between 1962 and M tlssue of 10t ereSL tondon’s FustoTSiart S t Governrneni decision. The 

Brvam Chairman and mana-uS mi tied in writing by Mr. Michael company of significant status had 1.970 I was sent at Christmas- to dSL ? tUaU °- was ,- clne 

director of Brvant Holdings *was Sherrard. QC. counsel for both already pleaded guilty to the t 1 . 111 ® modest gifts of drink and QRIT(inj3Y ^ 11 a union meeting yesterday. 

cleared bv an Old Bailey jury of companies. charges. cigars by the company, i “ 

rorruotion charees A direcior The alleged offence concerned accepted these as tokens of f-j ti xi ■* _ e 

^nd two former "directors of the co . r n ^;" u Mr Howell denial n?^?! p i r ? m 1hose V S° ^ efe KOI! rlltmlld BollVlSQS r6DGW bid for loan 

r, roup were jailed for terms of mlnaham Lily architeci. Mr. or who had been my colleagues wvu r inuj uiU lul IUaU 

the toe. Mr. M. and *S ■“ «•< >•«"» *H«U Um mni«t (. the arauito Vt tto i™ touM nS 

rorruotion charees A director me aiuwra «»hiw wureniTO accepieu mese as tOKens oi t» v _ __ e 

and two rurmur'direciors of the ?}!' Howell denial fri«adshi P [ r om those who were KOfl rUtmOQ BollViaOS TCDeW hid for lOSIl 

.■roup were jailed for terms of mlnaham Lily architect. Mr. or who had been my colleagues urvii r iauj lul lUflU 

up to five years on similar Alan MautUley. who was enter- Mr. Sherrard said he was In my professional relationship Mr. Ron Putland. formerly BOLIVIAN trade unionists have Thn delegation renorred t p„ Pril 

«r ■ . « e Mr tw, ,, d r E 

rOT sw»r ,Mo4,ao "lSd*ir scvsral >w ' ii,n “ ss - ^i 0 xj ,n,n? '"*■*« 

,‘Sl n AprM J,r - *A,X " d .A opAr"-"^ “MP h »r JSTS SUfiSSZX. lh A™Z?»L b Te^X 

^ thi srjsr^i 1 arusi &jsr xxLzm 

l J - , , ... . ... IribUtlDg bribes provoked "a After ih e case solicitors for the company or in any way to circle of friends. He leaves a » delegation which levelled atiend iheir national ramwc- in 
L. Bryant pleaded guilty to 1. feeling of revulsion." The Mr. Denis Howell, Minister for benefit the company." widow and two young daughters, incognito to the country. La pi. aI wni *rUb m 

^vsSnr““ B l!S- , !r several i,fncss - ™ in,n5 

L nP B ™t zZ'ijL. S?n, b ?f 2!.;°^ W ^ h Z ra i:! 19 £ e JVtSWln The proposed loan was stopped that repression has. bee 

Anorher NUM delegation has 
b».-en invited by ihe Bolivian 
Mine workers Federation to 

J J Ventilation Lkn ited 
13 Dowry Squjnj, Bristol BS8 4SL 
. Tel. Bristol 291295 

' v \-, .-V- 

financial' Tikes' ’ffiurg’day fifty 1$ 1ST8 

\ th 

< « £ S 


it fit 

Lords inflict 13th 
devolution defeat 


V v»\ 

THE Government suffered an- 
other defeat on the Scotland Bill 
in the House of Lords last night 
—the 13th since peers began 
consideration of the Committee 


An Opposition amendment 
designed to ensure that Parlia- 
ment can have an opportunity to 
Kill off the legislation if the 
devolution referendum does not 
lead to the approval of an 
Order activating the Scottish 
Assembly, was carried by 101 
votes to 94, a majority of seven 
against the Government. 

Earl Ferrers, joint deputy 
Opposition leader in the Lords, 
argued that it would be unwise 
to leave the Bill in limbo on the 
statute book in the events of a 
situation arising in which no 
commencement date was auth- 
orised for the Scottish Assembly. 

He questioned what Parlia- 
ment's attitude would be if the 
referendum — a “ yes ” vote — has 
to be equivalent to 40 per cent 
oF the Scottish electorate to be 
effective — produced a photo 

“ What if, say, 41 per cent say 
yes and 39 per cent say -no? It 
may be very close. Parliament 
may wish to consider the advice 
which the Scottish people have 
given in the referendum.” 

Lord Ferrers maintained that 
if Parliament declined -tu approve 

an order activating the Scottish 
Assembly, it would be wrong to 
have the legislation “ floating 

Under the terms of the amend- 
ment. the Government would be 
required in such circumstances 
to lay an order before Parliament 
providing for the repeal or the 

Lord MeClnsky, Solicitor- 
General. insisted that it was in- 
conceivable if the 40 per cent, 
hurdle was cieared that Parlia- 
ment would decline to imple- 
ment the Bill. 

He urged peers to reject the 
amendment wanting that -to do 
otherwise might prove to be mis- 

• The Government will take a 
very robust attitude to Lords 
changes to the Scottish Devolu- 
tion Bill, the Scottish secretary, 
Mr. Brace Milieu, said in uie 
Commons yesterday. 

MPs had complained about 
changes made so far by the peers 
to the Bill, which sets up the 
Scottish Assembly, including the 
introduction of proportional 
representation for the elections. 

Mr. Mill an said: “We are 
keeping a very close eye on what 
is happening in the Lords. We 
shall -have certain propositions to 
put to the House when we get 
the amendments back. The 
Government will take a very 

robust view of what has hap- 

_ Mr. Nicholas Fair bairn (C 
Kinross and W. Perthshire) sug- 
gested that most of the peers who 
had been taking part had been 
put in the Lords by former 

Labour Prime Minister Sir 
Harold Wilson. 

Mr. Millan said he would not 
accept that. Those who had in- 
flicted defeats on the Govern- 
ment had been " rather a motle v 

Mr. George Reid (SNP Stirling 
E and Clackmannan) said: “It 
is disgraceful — ' the Lords, 
elected by no-one and encouraged 
by the Conservatives, making 
such a dog’s breakfast of the 

The Opposition should be 
warned of the dangers of "plav- 
ing people v. peers." 

Mr, Millan agreed. Accusing 
the Tories of a hypocritical 
stance over the issue, he told 
nis Tory shadow. Mr. Teddy 
Taylor: “We intend to see this 
Bill is put on the statute book. 
You can be sure a referendum 
will take place with no unneces- 
sary delay." 

Earlier, Mr. Harry Ewing, the 
Scottish Under-Secretary, re- 
sisted an attempt by a Conserva- 
tive MP to persuade the Govern- 
ment to adopt proportional rep- 
resentation in the Scottish 
Assembly elections. 

Tobacco price complaint 


THE PROPOSED supplementary 
duty on higher tar cigarettes, 
adding Tp to a packet of 20, came 
under strong attack from the 
Tories yesterday on the first day 
of the Standing Committee on 
the Finance Bill. 

The Conservatives pressed an 
amendment to raise the starting 
level for the additional duty to 
cigarettes of 23 milligrams tar 
yield from the Government's 
proposed starling point of 20 

Another Conservative amend- 
ment was intended to give MPs 
a bigger say in how the tar yield 
was measured. 

There was also considerable 
concern over the Government's 
proposals from the Labour 
benches. Several Labour MPs 
had received representations 
against the duty from trade 

unions representing the tobacco 
workers of Nottingham. 

Mr. Jack Dunnett (Lab, 
Nottingham East) proposed an 
amendment to delay the starting 
date of the supplementary duty. 
It is due to start on September 4 
but his amendment sought to put 
it back to a date to be decided 
after January 1, 1979. 

Proposing the 23 milligram 
amendment, Mr. Jerry Wiggin (C 
Weston-Super-Mare> said the tax 
element on cigarettes already 
accounted for 70 per cent of the 
total cost- The price of popular 
brands had increased 50 per cent 
over the last twa years. 

“I can't say I approve of the 
prospect of directing social poliey 
by penal taxation,” he declared. 
“Here we have a tax which is 
introduced purely for the altera- 
tion of people's preferences. 

“Where will this end? Shall 
we next be told which drinks are 

good for us, which shoes are good 
for us and which places are good 
for us to visit? ” 

The burden of the proposed 
increase, he said, would fall on 
the poorest and oldest sections of 
the community. He also warned 
of the possibility that the increase 
would lead to unemployment in 
the cigarette industry which now 
employed 42,000 people. 

“ This clause is wrong in 
principle and above ail it is 
wrong in execution," he said. 

Mr. Dunnett said his amend- 
ment would give the industry a 
breaking space. The tobacco 
workers' union in Nottingham 
were worried that production 
lines might have to close in anti- 
cipation of the higher duty, and 
that would- clearly lead to 

He felt that it was unfair to 
pick on one industry. 





By Richard Evans, Lobby Editor 

MR- ERIC VARLEY, Secrelary 
for Industry, has been chal- 
lenged to declare categorically 
that the Government is not 
interfering in the delicate 
negotiations taking place 
between the British Steel Cor- 
poration and the industry's 
onions, over manpower redac- 

Mr. Norman Lamont, an 
Opposition front bench spokes- 
man on industry, has written 
to the Minister following Mr. 
Varley’s “deeply disturbing” 
silence on a claim that the 
Department or Employment 
was hindering negotiations by 
insisting that any agreements 
conformed to the Govern- 
ment's anti-inflation policy. 

Mr. Itamont pointed out that 
the Government's While Paper 
admitted that there was sub- 
stantial over-manning' in BSC 
and that it was accepted that 
internationally competitively 
levels of manning were 
absolutely essential if the Cor- 
poration's losses were to be 

“ You have also indicated 
that progress to increased 
levels of prodnetivity is best 
achieved in negotiations 
between the corporation and 
the unions. - 

“It wonid therefore be a 
tragedy if belated progress on 
these problems was now to be 
hampered by the Government 


He argues there is a particu- 
lar cause for worry as, two 
years ago, the trade unions 
signed agreements with the 
corporation designed to 
achieve competitive manning 
levels over two years. 

One reason that this agree- 
ment never became a reality 
was that the Government's own 
incomes policies frustrated the 
Corporation's ability to bay out 
overmanning on the right 

** I hope that yon will now 
be able to give me an assur- 
ance that since the govern- 
ment believes in achieving de- 
manning by negotiation, you 
will not allow other Govern- 
ment departments to under- 
mine the poliey that yon and 
your department are publicly 
supporting,” Mr. Lamont 



A certain measure of confusion 

WHEN the Minister of State for 
Consumer Protection indicated 
a month ago that the Govern- 
ment would be prepared to with- 
draw its statutory programme 
for phasing out imperial 
measures if there was not 
enough support for it, the idea 
was ro avoid precisely that even- 

The last thing Mr. John 
Fraser, one of the few politicians 
in the country to be genuinely 
interested in metrication wanted 
was, to use his own words, that 
"imperial units should be left 
to wither away in the shops.” 

He hoped that by laying the 
choice on the line in an open 
letter to trade associations, all 
the necessary trade and con- 
sumer organisations would rush 
to bis support and demonstrate 
to the Conservatives that they 
would risk alien a ting their tradi- 
tional supporters H ihey opposed 
the Government's plans. 

The point at issue was two 
orders which would have laid 
down statutory cut-off dates for 
the use of imperial measures in 
some shops: basically hardware 
stores, drapers and ihose selling 
fresh produce by weight, like 

wrote replied with the requisite 

Organisations as diverse as the 
Confederation of British Industry 
and the Consumers' Association, 
threw up their handse jn horror 
at the idea that the metrication 
programme, which has already 
dragged on for 13 years, should 
be allowed to muddle on any 
longer without a statutory dead- 
line for completing it. 

Even organisations represent- 
ing those ven* small shopkeepers 
who have long detested the 

And. as the Government knows 
only too well, there are few 
votes in being seen as the party 
which imposed metrication on an 
unwilling British public. 

The Labour Government got 
landed with the metric buck 
almost by accident: it has hap- 
pened to be in power when the 
unpalatable decisions have had 
to be taken. 

And, as happened IS months 
ago. when a similar alignment or 
Tories and Labour Left-wingers 
forced it to rethink its metrica- 

‘ The opposition was presumably based on the 
probably well-founded belief that there are 
thousands of people who loathe the idea of 
metrication ’ 


The orders, which had already 
got bogged down in committee, 
would have also imposed penal- 
ties on traders who insisted on 
sticking to the imperial system 

With most manufacturers al- 
ready having made the switch 
to metric measures, the shops 
were the biggest remaining 
hurdle to making Britain a truly 
metric country. 

In the event, Mr. Fraser’s ploy 
did not so much backfire as flop, 
and on Tuesday night the 
Government was forced to an- 
nounce that it had decided to 
withdraw all metrication plans 
that involved an element of 
compulsion because of its in- 
ability to get a majority for them 
in the Commons. 

This leaves metrication in the 
lurch. The Government still 
hopes to meet its already post- 
poned deadline of 1931 for the 
** substantial completion ” of 
the changeover by voluntary 

But yesterday, nobody gave it 
much chance. The odds are that 
shoppers will still be buying 
their fresh foods in pounds and 
ounces well into the 19S0s 

Immediately after Mr. Fraser 
had made his stand, it looked 
as if his gambit had a chance 
of working. More than SO per 
cent*. of the 100 or sn organisa- 
tions, to which the Government 

whole idea of metrication, and 
who the Conservatives presum- 
ably thought they were helping 
in opposing the Government's 
order, said that ihey thought a 
legislative time-table W3S neces- 

It was not. the National 
Chamber or Trade said, that 
small businesses had changed 
their view about metrication. 
But since the Government had 
decided to impose the change 
on industry. >t was up to 
Ministers to see the job through. 

Without statutory cut-off dates, 
the Chamber said, no retailer 
would be foolhardy enough to 
risk losing customers by volun- 

tion plans, the Government 
decided not to risk a defeat on 
the issue. 

The reaction to ihe news yes- 
terday from organisations like 
the CB1 and the Retail Consor- 
tium was one oF dismay. They 
predict a further period of con- 
fusion and the only hope seemel 
to be that some hig retailers 
were too committed to metrica- 
tion to back out now. 

The problems are manifest, not 
least fur the scale manufac- 
turers who have long been wait- 
ing for traders to start buying 
new metric weighing machines. 

At present, the average High 
Street provides examples of 

much trouble in setting the 
necessary orders approved to 
change the prescribed quanti- 
ties in which certain faod<, like 
sugar and salt, can be sold — bu: 
until ail fresh foods nro sold :n 
metric measures, most house- 
wives will probably continue ;o 
think in imperial sizes. 

The Government intends n 
continue introducing inc-p 
orders chaneinc the prescribed 
quantiles in which guods can 
be sold- 

But only certain "uf.ds are 
covered sold in prescribed 
quantities. Moreover, it has 
agreed that it will nut Uy down 
a cut-off date it has under 
previous orders, for the sale nf 
these goods m the shops in 
imperial sizes. 

The decision not to proceed 
wiih the orders laying down cut- 
off dates for l lie use nF imperial 

measures in whole sectors of the 

retail trade may caioc certain 
problems in Brussel-. 

At present Britain is com- 
mitted to doing away wish the 
yard as a Form of measurement 
by the end of next year, though 
that commitment was probably 
gain" to have to be re-negotiated 
any way. 


‘ No retailer would be foolish enough to risk los- 
ing customers by voluntarily going metric when 
competitors were using the more popular 
imperial sizes ’ 

Welsh electoral 


boundaries named . 



Contempt law reform 
help for journalists 

tartly going over to metric 
measures when his competitors 
were still selling in the more 
popular and familiar imperial 

The mail-bag full of letters 
was not enough to persuade 
either the Tories or some Labour 
Left-wingers to drop their 
opposition to penalties on traders 
who continued to use the 
imperial system. The opposition 
was presumably based on the 
probably well-founded belief 
that, behind the organised lob- 
bies. there are many thousands 
of people who loathe the very 
idea of metrication. 



THE Boundaries Commission has 
circulated proposals to Welsh 
local authorities outlining the 
boundaries oF the four Welsh 
constituencies to be used for 
direct elections of the European 
Parliament in June next year. 

The electorates in each con- 
stituency vary between 470.U00 
and 540,000 voters. On present 
voting patterns, only one or the 
seats. North Wales, promises to 
be marginal. 

It could be won by either 
Labour or Conservative, with 
Plaid Cymru, which holds two of 
tiie three Gwynedd seats, having 
a bear outside chance. 

The other three seem virtually 
certain to be won by Labour. 

The whole of North Wales will 
form one constituency. It in- 

cludes the present Parliamentary 
seats in Gwynedd and Ciwyd, 
plus Montgomery, one of the two 
Welsh Liberal scats. 

Mid and West Wales would 
form another constituency, 
talcing in Cardigan, Pembroke, 
Brecon and Radnor. Carmarthen 
Gower, Llanelli, the two Swansea 
constituencies and Aberavon. 

The rest of Southern Wales is 
divided into two constituencies. 

One. called Southeast Wales, 
embraces Monmouth, Newport, 
Aberliliery, Pontypool, 

Bed we Illy, Aberdare. Rhondda 
and Merthyr Tydfil. 

The other, called South Wales, 
takes in the four Cardiff Parlia- 
mentary constituencies. Barry, 
Neath. Ogmore, Pontypridd and 

‘Hooligan’ jibe 

THE redoubtable Mr. Teddy’ 
Taylor. Tory Shadow Scottish 
Secretary, was dubbed an “ in- 
famous political hooligan *• in the 
Commons yesterday. 

This unexpected attack on the 
Honourable Member for Cathcart 
was launched by Mr. Dennis 
Canavan {Lab., Stirlingshire W), 
who used a question and answer 
session about football crowd 
behaviour to score off Mr. Taylor. 

But it was not soccer hoJlipan- 
ism that was bothering Mr. 
Canavan so much as the Scottish 

Tories, whose conference . was 
held in Perth last week. 

“St. Johnstone (the Penh foot- 
ball team) are normally very 
well behaved." Mr. Canavan told 
his colleagues. 

“Is there any rational explana- 

tion for the savage invasion of 
Perth last week?” 

Mr. Canavan claimed that 
“hanging, flogging and even 
firing squads were being 
demanded by a crowd of lory 
reactionaries led by an infamous 
political hooligan from Cathcart. 

Mr. Frank McElbone, Scottish 
Under-Secretary, also though* 
Tory hooligan-bashing 
his attention and he tola Mr. 
Cunavan : “l am extremely wor- 
ried about crowd be J ,a ^ , . w f 1 
especially what 1 saw at Perth on 

television.” . M 

This was ail too much for Mr. 
Taylor, who retorted: The 

gathering at Perth was an ex- 
ample to all Scottish parties, and 
Particular to the Labour Party 
whose Scottish gatherings are an 
extremist shambles. 

By Rupert Cornwell, Lobby Staff 

LABOUR PEERS turned out in 
force at a party meeting yester- 
day to protest at plans drawn up 
by the National Executive Com- 
mittee for a sweeping reorganisa- 
tion of the workings of Parlia- 
ment, including the abolition of 
the House of Lords. 

Their counterattack was led 
by Lady Gaitskell, widow of the 
former Labour leader, who 
warned her audience of 50, made 
up of more peers than MPs, that 
the removal of the Upper House 
would destroy valuable work 
being done on the revision of 

Her remarks are the latest 
sign of the deep anxiety felt by 
Labour members of the Lords 
over their likely fate at the 
hands of a radical Labour Gov- 
ernment, and at the party’s dis- 
regard of their own arguments 
for survival. 

Already, proposals to do away 
with the Upper House, have 
been approved overwhelmingly 
by party conference, and re- 
ceived further backing in the 
Commons this week in an im- 
promtu aside from 'Mr. Michael 
Foot, the Leader of the House. 

Mr. Callaghan will /ace con- 
siderable pressure from Left- 
wingers to include the measure 
in the next election manifesto. 

Meanwhile, relatively little 
support emerged for the other 
proposals of the NEC's 
Machinery of Government group, 
which most notably include 
reinforced powers for back- 
bench MPs, and a revamped 
system of specialist committees 
organised along party political 

Further proposals for stream- 
lining the Commons will be put 
forward later this summer by 
the all party committee on pro- 

law- on contempt of court will 
create a significant balance in 
favour of freedom of information 
and will reduce the uncertainty 
of journalists about what they 
can report, the Lord Chancellor. 
Lord Elwyn Jones, said yester- 
day. ‘ £ 

He told a Parliamentary Press 
Gallery luncheon that the Pbilli- 
more Report on contempt of 
court, which is now the subject 
of a Green Paper, was of crucial 
importance to the Press. 

He said he was “ well dis- 
posed " lo the report's recom- 

Lord Elwyn Jones also 
referred to the difficulty of main- 
taining the separation of powers 
between Parliament and the 

“One of my tasks is to 
restrain the enthusiasm for 
attacks on the judiciary and at 
the same time, as discreetly as 
1 can, to restrain too much eager- 
ness on the part of the judiciary 
to undertake the decisions of 

It would be just as uncomfort- 
able to be tried by a Minister as 
to be governed by a judge. 

He said that the issue of con- 
tempt of court posed the 
difficulty between the right of 
the Press to inform and com- 
municate and the duty which he 
had as Lord Chancellor to see 
that a trial was not prejudiced 
by any publication before - it 
beeao . 

Lord Elwyn Jones stressed: 
“This is a difficult challenge." 

He and the Government 
favoured as much Press freedom 
as was consistent with the other 
part of the formula. 

If the Phillimore proposals 
were put into effect, they would 
ease considerably the problems 

of journalists. The test at 
present was whether the words 
complained of created a serious 
risk that the course of justice 
would be impaired. 

The proposed test would he 
whether the words complained 
of created a risk of the course 
of justice being seriously im- 
peded or prejudiced. 

“ That will clarify the position 
and reassure the Press a good 
deal against the bringing of 
marginal cases where it might 
be said they might prejudice a 
fair trial*'’ 

Lord Elwyo Jones also spoke 
of the enormous pressure on the 
courts from an increase in the 
□umber of criminal cases. 

"This is a very serious prob- 
lem. which threatens a break- 
down in the administration of 
justice in the criminal courts.” 

He said that it was worse in 
London than anywhere else. The 
waiting time for a trial in 
London was now being pushed 
to six months, or even as much 
as 12 months. “That wait, for 
a man in custody, becomes in- 

One solution would be to take 
away the right to trial by jury- 
in small theft cases. 

LOAN OF FF 125.000,000 7':% 

Bond holders are hereby Informed 
that Uw amortization ol the 
FF 9.000.000. — nominal Instalment 
redeemable on June IS. 1978. ha* 
been entirely effected by repurchase 
on the market. 

Coupons due on June 15. 1978. 
will be payable at the following 

N.V.. Amsterdam 

COMMERZBANK AG. Frankfurt, Main. 

K RED I ETHAN K N.V.. Brussels 
BA5. Paris 


Amount remaining in circulation 
alter this first instalment: 

FF 116.000.000. — 

The Fiscal Agent. 



The Bank of Tokyo. Limited, are in- 
structed by the Japanese Genet nmeni 
to announce that the COUPONS due 
1st June. 1978 No. 136 detached 
Iran enlaced bonds will be Paid P" 
and after 1st June. 1978. 

They should be presented lor pay- 
ment at Ihe Bank of Tokyo. Limited. 
ZOJZ4 Moot-gale. London EC2R 6DH. 
listed on the lorrra provided, between 
the ncrurs ol 10 a.m. and 2 p.m. 
They must be left at lean five clear 
days for examination prior to paymenL 
In accordance with the Exchange 
Control Act. 1947. coupons can only 
be accepted from, and paid lo. an 
authorised Depositary 

Coupons cannot be accepted 
through the oosr. _ 

Director and General Manaoer 
London Office , 

shops selling in both metric and 
imperial sizes. 

While some shops, like those 
selling paint, have gone over to 
the metric system, those in 
which people most often buy by- 
weight or measurement — like 
greengrocers and butchers— have 

To complicate things further, 
some retailers are buying in 
metric but selling in imperial 
units, while others have already 
invested in new equipment. 

In supermarkets, both metric 
and imperial sizes are being 
used in different departments. 
The Government has not had 


Copies of the I.U. International Cor- 
poration 1 977 Annual Report and Financial 
Statements as at 31st December. 1977. 
and 1976. of the above named Company , 
are available from:-— I 


Coupon Department. 

St. Albans House, 

Goldsmith Street, 

London EC2P 2DL. 

IHUi May. 1978. 

In the future there is- also the 
dclicair question of what should 
happen tD Ihe mile — ihe Depart- 
ment nf Transport ha* not been 
very forthcoming about tins— 
and the whole question nf petrol. 

Britain has now being gomg 
metric along the voluntary road 
for 13 years. The original target 
dale for completing ihe change- 
over has already been mis>od 
but. despite its recent *etiiacks. 
the programme has already gone 
far too far to be reversed. 

Most manufacturers have made 
the switch and children are being 
taught the metric system in 

Some shops. like John Lewis, 
are selling fabrics hy the meter 
and others in the do-it-yourself 
sector may be prepared to make 
the change without the compul- 
sion envisaged in tbc order with- 
drawn on Monday. 

Smaller ones, however, may 
cling to the imperial system to 
the last. 

Yesterday. Mrs. Sally Oppen- 
beim the Opposition Spokesman 
on Prices and Consumer Affairs, 
heralded the Government's 
action as a victory for the Tory 

There was no reason, she said, 
why metrication could not pro- 
ceed in an orderly manner with 
rut-nff d*«tes agreed on a volun- 
tary basis 


Notice tt hereby amen that Connauohl 
St. Michaels Limited have been appointed 
registrars to the above company 
effect from Monday. 22 nd Mav. 1978. 
PO. Box 30. 

Cresu House. 

Alma Street. 

Luton. Beds. 

18th May. 1978. 

More tugs 


By Our Parliamentary Staff 
THE Government is considering 
whether more tugs need to be 
sent to the waters in the north 
of Scotland to prevent possible 
accidents to tankers using North 
Sea oil terminals, Mr- Stanley 
Clinton Davis, Trade Under- 
secretary. said in a Commons 
written reply. 

Gardens. Buxton, May 13-20 Dly. (Inc. 
Sun.). 11.30-9 p.m. 



NO. 001473 or IK* 

'Chancery Divixloni Companies Coun. In 
do Mailer of REMARK MOTORS <TED- 
DINGTOY) LIMITED and in Utc Mailer 
of th- Companies Acl IMS. 

Petition for ibe irlndlnc-up of ihe aborr 
named Company by Ihe Hich Court of 
Justice was. on I be 9th day ol Mot lff*S. 
Dnnenled to The said Conn W do 
EXCISE of KiQE’s Beam Hon*'. .19-41 
Mark Lane. London. ECU? 7I1E. and 
dai do said PrHrton is dirvcicd 10 be 
heard before dr Coun slum,: at do 
Royal Courts or Justice. Strand. London. 
WC2A ILL. on ihe 12th day of June ism. 
and any creditor or contributory of the 
said Company desirous 10 support or 
oddoec the making of an order on ihe 
said Petition may appear 31 ihe ftme or 
hearinc lo person or by hi« for 

dot purpose: and a copy or rhr Pent ion 
will be furnished by the iind'-rslciu.'d to 
any creditor or contribuiory or ih>’ said 
Company requiring such copy on pay- 
ment of ihe regulated charge lor the 


King's Beam House. 

39-ti Mark Lane. 

London, EC3R THE. 

Solicitor to the Peiinomrs. 

NOTE— Any person who mu-nds io 
appear on the hearing of the said 
Petition must serve on. or send br post 
10 . the above-named ' notice ,n wrlHOE 
of his Intention so 10 do. The notice 
mnsi state the name and addn-s* of the 
person, or. if a firm, the name and 
address of the firm, and must be signed 
by the person or Ann, or his or their 
Solicitor (if any i. and must be served, 
or. ir posted, must be sent by post In 
sufficient time la reach the above-named 
not later than < o'clock in de afternoon 
of the 9ih day of June 197$. 

£20m fuel Tories back Leyland directors Hamer 

Skirl CT1VPM nWFN. parliamentary staff pivUgC 

aid given 

Ray Daftcr, 

Energy Correspondent * 

THE Government has given more 
Ilian 3.Sni. people more than 
&!Qtn. worth of relief against fuel 
costs, Mr. John Cunningham, 
Parliamentary Under-Secrctary 
for Energy, said yesterday. 

He toJd the Commons that 
about 3L2m. Supplementary 
Benefit and Family Income 

Supplement recipients received 

ihe £5 payment in January 
towards fuel bills. This accounted 
for just over tltfrn. of the £3 5m. 
made available. 

Provisional figures also showed 
that some 600,000 electricity con- 
sumers had claimed the discount 
on electricity ‘ hoard bills over 
£20. to a total value of £4.5m. 

Mr. Cunningham said that, at 
tiie same - .stage of, the 19 •• 
scheme some lBm. people had 
claimed. However, half of them 
had bills or £20 or less and would 
this year have been eligible only 
for tiie £5 January paymenL 


toby MPs sprang to the defence the executive directors of British 
TOBY MPS spra»s British Leyland to the workforce, 

of the directors . After tracing the troubled 

Leyland in the Comm °“ history of British Leyland— “an 

dav when they came under fierce organisat i on tacked together 
attack from Lef t*winger W - _ m almost as a senes of after- 
Litterick (Lab- Birmingham aeiiy thmi ghts ^ ^ certainly as a senes 
Oak). . . „ of ad-hoc bargains ’—be said it 

His attempt to * had been saved from complete 

Private Member’s Bill to give by state intervention. 

British Leyland empiuges But compIained Mr . Litterick, 

powers to dismiss tbc ^ ever ^ state takeover, the 
S2SE" Iff votS to 62, a workers had been asked to work 

defeated by 153 votes under an organisational struc- 

majoriiy against ot .ture which defied all rational ex- 


as , ravernment P ,an ation- 

against the BiU, m° sl ^ division The managerial team was prob- 

supporters boycottcu me ^ abJy uthe incoinpetent 

lobbies. iuprick — Sr° u P of managers ever 

Support for ■ nnmiBMon assembied since the British Army 
described from the J?P nitfrv “ went to france in 3914. 
benches as ope o l . erjds _ was as a result, British Leyland 
live his Left-wing had the most sorely-tried work- 

largdy copfioLd force in industry- No good word 

colleagues. ... M a was printed about them, and 

He described ine they had been treated almost as 

practical j contrition io lepett 

industrial ,» notability of Still worse, he said, was the 
provided for the acru 

fact that Ministers had 
threatened them more than once 
with sanctions if they did not 
behave in certain ways. 

“At no time had anyone sug- 
gested seriously that the em- 
ployees of British Leyland should 
be given some effective say in 

Mr. Litterick stressed that the 
the running of their industry." 
workers were unhappy about the 
management’s decision to import 
Minis from Belgium— it was the 
management which had earlier 
decided that the facilities for 
producing Ihe same model in 
Britain should be run down. 

This was one of the facls. 
which made people ask whether 
right t>pe of person was making 
the decisions in the cars division 
of British Leyland. 

Opposing- the introduction of 
the BiU. Mr. Nicholas Ridley (C., 
Cirencester, and Tewkesbury) 
said It was a particularly unfor- 
tunate moment to try to put the 
authority of the directors of 
British Leyland at risk. 

THE British Government is will- 
ing to sell the Harrier aircraft 
to the Chinese if and when they 
ask to buy it. Lord \Vinterbottom. 

a Government spokesman, told 
the Lords yesterday. 

The Earl of Kimberley (Lib.) 
had asked wben the Government 
would give the go-ahead to the 
British Aerospace sales team to 
visit China and sell the Harrier. 

Lord Wlnterboltqm replied: 
“ f understand that the Chinese 
authorities are still at an early 
stage in considering their 
possible defence equipment 

Lord Shin well (Lab) said it 
was in the interest bF both 
British industry and NATO that 
China should have adequate 

He asked whether Britain was 
prepared Ip sell only after an 
inquiry had been made. Was 
this what was' called “British 
salesmanship? "* 

Lard Winterbottom, retorted 
that setting arms was not like 
selling tinned food. 

of forthcoming 

Financial Planning and Measurement 

A one week residential programme (19-23 June) is concerned 
with critical issues in corporate financial management. The 
course focuses on such issues as financial targets, project appraisal 
and divisional performance measurement. Fee (residential) 1295- 
Enquiries to Miss M. Hendleman 

Managing ihe Equity Portfolio 

A one week residential programme (26-30 June) is concerned 
with portfolio management. The course focuses on such issues 
as portfolio turnover, balancing risk and return, market timing 
and share selection. Fee (residential) £295. 

Enquiries to Miss. 5. Halfhide 

London p ^ 

SChOOl Telephone 01-723 9024 

NO. 001 4>1 of 197S 

Chancery Division Com panics Cour;. In 
rhr Matter of TRAILER SYSTEMS 
LIMITED and in the of Tlw 

Companies Art. 1W S . 

Pol i tlon for ihe Windino up of th* .ihuvo- 
named Company hy Ihe Huh Court nf 
Justice was mi i ho 9ih djv nf May 
197S. nri-sonmd io ihe said Cmirr hr 
LIMITED whov- roctii-rvtl offle." to 
situato ni 119. Jrnnyn Wrocv London. 
S.W.I. ami thai ihe n.nrt Point on n 
directed 10 he hoard h,-fore ih>- Coun 
sliiitu: ai ihi* Couns of Jtisiir.'. 
Strand. London WTJA :!LL. on !ho 
I2lh dar of Jnnn IB7». and any er ditor 
or coninbuiorr of iho uid Company 
desirous to stiDPon or nnooso ihe making 
of an Order on Uh- said Pent ion may 
appear at ihe iIrio of h.-anne. in oorson 
or hy his counsel, for lhai purpose: jd 4 
a copy of iho Puiitioti will b-: (unush-.-d 
by ill,- und erupted in any iTeduor or 
eooinbuiory of iho :-aid Company romur. 
ins such copy on payment of ihe ft-pilaicd 
choree for ihe same. 



SO. Copihall A tv mil*. 

London ECiR 7.111. 

Ref: Tl. SRO.57s;iKG0*. 

Solicitors for iho P -nuoncr. 

NOTE.— Any person n-hn mi ends W 
appear an the hcarlne of the said Peution 
must servo on. or send br posi to. iho 
above-named notice in writ ms uf bio 
Intern ion so to do. The noilee idum stain 
die name and address of the person, or. 
if a firm the name and address of the 
firm, and must be suned hy the person or 
firm, or his or ihi-lr soheiior 'If anyi 
and must be served, or. if posted, must 
be soul hr post In sumrien: inue to 
reach the above-named nm later than 
four o'clock in ih- aficrnoon of the 
9lh dar Of June 197S. 

No. Wta:i of 197s. 

Chancery Division Companies Court. In 
and in ihe Mailer of The Companies 
.VI. IMP. 

Pel i LOU for the Wind me up of Ihe above- 
named Company br Hi" lllsh Coun of 
Justice was on Ihe lllh day of May 
IMS. pi-Meni-d io ihe sold Coun br 
whose reclslered eRiee Is situate at 
M. Benilnd: St reel. Loudon. W.i, and 
ibai the said Petition is directed lo bo 
heard before (he Court Minna at :ht 
Royal Courts of Justice S;nnd. London 
: WC2A "LL. on the lith day ol June 
IKS. and any- creditor or contributor* 
nf the said Company desirous to support 
or DDDose the making of an Order on 
ihe sax! Pennon may appear al ih» itrao 
of hcariDE. In person or hy his counsel, 
lor that purpose: and a eopv of the 
Pciliion will be rumished by ihe under- 
si&ned io any creditor or contributory 
of me said Company requintu such 
copy on pas-mem of thu ro^uiaied chaise 
for the same. 

Wm. F. PRIOR L CO.. 

Temple Bar House, 

53 ■M. Fleet SireeL 

London. E.C.4. 

Ref: TB. 

solicitors tor thp pcnUMiT. 

NOTE.— Any person who iMeods to 
appear ou Uie hear mu of the said Petition 
must serve an. or send by past io, Iho . 
above-named nonce in ivnuuc of his 
I mention so io do. The no: lee masr atju 
ibe name and address or the person, or. 

If a firm ibe name and address of iho 
arm and must be signed by ihe person 
or firm, or hifi or ihclr sultciior nf anyi 
and must be served, or. If posied. must 
be sent by post in sufficient lime io 
roach ihe above-named not laler flua 
fnur o'clock in ihe afternoon of thn 
fth day of June iKs. 


j JONES pit Mar IGih. suddenly, in 
London. Kcnneib husoand Ol Sheita 
anp lather of Erls and Martin a* 
Lucknow Court. Mapparler park 
Nottingham. Funeral service lor family 
and clow friends at St. JudeS Guircit 
MaeocricY, 1.30 P.m.. Friday. JSfc 
Family nowors only please. Memorial 
Service on Wednesday. 24th May? at 
noon, at St Judes Church. Donations 
In his memory, which will he lor «■> 
church, may he sent to. Yhe^ecrotarv? 
Tf Rakish Industries Ltd-. Nottinahami 

Financial Timas TRittrsday May IS 

Dreaming squires 


1 Women in Oxford " it made her seem less of a threat. 

. . , follows, presumably The Dean of Ely, ostensibly 

Reluctant Pioneer by Georgina Oxford m 17S3. when he was fortuitously, a section entitled writing to wish her success with 

Or Boswell: entitled 
first visited (which 

Battiseombe. Constable, £6.95. twenty-two, as toe guest of Sir “The Rape of Oxford") learn an her “arduous task” couldn't help 
nil pages James Macdonald of Christ impression of men (aad occa- adding that be felt deeply 

r * 1 " *■ “ " ' under- sionally women) being witty at anxious as to “the possible effects 

Church, a Scottish 

** Jan Morris ' Oxford, graduate so learned that he was the expense of women under- of the present rage for siimulat- 
£6.00. _ i a pages already known as *the Marcel- graduettes: ino vounsr bra me an* m<>,.t;«*iiiariv 

' randoms tells us that Harold j“ ° f The virii wm 

Nicolson felt a frisson of loyalty not 3 s _ ' 

every time he saw the name of The extracts run from the 
Oxford on a marmalade pot. X mists of Oxford's foundation to 
read it in my passport— “ Place 1945 and are divided into six 
of birth — Oxford — and can main parts, multitudlnousiy 
never decide if it gives me a subdivided. Headings may be a 
frisson af delight or horror, person— *“ Evelyn Waugh” for 
Oxford is like that. What other example, gets five pages to him- 
town. coupled with Cambridge, self — or a theme, such as a 
could support yearly excitement couple of pages on “The 
for the most baring race in the Examination System." The pieces 
world? of the mosaic are all there but 

“A choice time, a choice place the reader is left to create his 
.... The good cheer would have own pattern. This makes it 
satisfied Epicurus: the table-talk above all a book in which to put 
would have pleased Pythagoras." your thumb and .pull out a 
said Erasmus of an Oxford feast P ] U m. 

ing young brains and particularly 

“Though their numbers are yo “°f J™* 1 ® brains” 
so small, a casual visitor might . Understanding, even sympa- 
gain tbe impression that the Jj 16 *®*' wgh this attitude. Miss 
women form an actual «ordsworth saw LMH expand so 
majority. They are perpetu- rapidly under her guidance that 
ally awheel. They bicycle in herself remarked: “If they 
droves from lecture to lecture, 4116 6 °ing to consider extensions 
capped and gowned, handle- toe LMH council meeting to- 
bars laden with note-books and , t “ en Lni against it. 

note-books crammed with Nevertheless, she founded a 
notes ..." second college. St. Hugh's arose 

TThevl “deck themselves out of her Victorian conscience 

that the LMH 

less tweeds their hair is yearly fee P“t it out of the 

SKti. strio^ r ? Mb momed 

Instead of claret and port, they Jj*® "g *® . s 50 c ° n “ r l a d 
drink cocoa and Kia-ora." that th«e should be an alterna- 
1 tive that she provided tbe money 

in 1499. Name-dropping has SOU rce material digested and * or lls oat of her 

always been an Oxford speciality, shaped into chapters can return S5!! r *i™ 5f? °2 m P ocket Yet - again one feels 

“ Oxford, ancient mother! I or t urn afresh to Jan Morris’ «V e *52 f he ■ wa 5 interested in 

owe thee nothing!” Said Thomas 1965 book. Oxford which has now SmSt jU ? tban * iacatlon ’ 

di* Quincey in 1S03. been reissued. standards of toe day. was almost ij, ^ amusing gectio 

.. >pbe most beautiful thing Beeu aim-feminist She still considered — 1 __ _*■ ,, 

Purple turncoat 


A woman Don at Oxford pre-war vintage— from a photograph by 
1_ Moholy-Nagy 

brings together “Nymphs" and Miss Wordsworth’s "outlook 

want to restore the pagan pods 

Julian The Apostate hy G; W. t0 justify his own Indulgences, 
Bowersock. Duckworth, £S£5. f ar from it. He didn’t have any. 
135 oases He had contempt for wx. He 

— I,., married once, for a short lime. 

Julian the Apostate is one of and otherwise was chaste. He 
the singular figures of history, slept on straw. He grew a 
He was a grandson of Gonstan- beard, to distinguish himself 
tine the Great, and the half- from Qiristians, but didn t care 
brother of Constantius who, as about bis appearance or com- 
Emperor regarded him with con- raon cleanliness. He restored 
SESfe suspicion. The few- the. pagan gods because be 
tines with some reason, badn t believed in them, 
much faith in family loyalties. That is something of a mystery. 
However Julian was allowed to and the only part of the whole 
command armies La Gaul, and phenomenon tbat JBowerjnck 
dia so with efficiency and cannot illumine. Julian was boto 
success Up to toe age of 30, intelligent and highly educated. 
b« behaved unobtrusively as a He knew classical literature ns 
rottfeuming Christian. like all well as most men of his tune. He 
meSS of toe imperial court, had an inner circle of neo* 
He then, took hie armies into toe Platonwt philosophers. He could 
Balkans, where Constantius was have held his own with the 
fighting with his own armies, educated Romans Who talked to 
Constantins regarded this move Marcus Aurelius two hundred 
with even more suspicion, but— years before. But none of those 
pexhans luckilv for him-— died believed m the old gods, except 
suddenly at the age of 44. maybe for ceremonial purposes. 

Julian was proclaimed Em- Julian believed in them, 
peror and at once did what he seriously, with religious passion, 
bad been planning in secret. He He seems to have thought that 
was going to restore the old he could inspire the population 
The gods were of the Empire with the same 

section on 

anti-feminist. She still considered chaperoning rules of 1SS0 Mrs. noble in defeat, sing : 

msmaiTp Hia Dnt aim fnr 7 . . 

ormgs together isympns ana miss tvoraswuruis ouutok . . . pagan re licion. The gods were of the Empire witn the same 
the “Dons" in harmony. The dons, was not even that of the nineties, resurrected, toe temples were faith. He was already getting 

in England . . . nowhere else are . T t is marriage : the first aim for Battiscombe makes It clear that Now labours are requited 

life and art so exquisitely P p b aD, 7 vaned an Oxford diet women: I know you will be glad none was stricter on decorous And from cares and troubles J 

she remained essentially a l opened. the sacrifices re- discouraging signals before he 

Victorian. Her delight in bright established. ’Ho reigned for a died. He went to live in Antioch, 
free, colours throws her back even year and a h alf, before he was which was the leading city of the 
further to toe medieval academic jailed u* battle, though by whom Empire In the East Antioch was 
who according to Jan Moms n(J OQe will ever know. He a Christian town. It was also 
wmpend^ wm toiUjactensed 5ay> -Thou hast con- remarkably libidinous. Whether 

by a taste for music and a love q Uere( j . •• He was deeply the inhabitants disliked Julian’s 

committed to his own faith, and austerity more than his pagan 
Oxford University Press is the last devoutly pagan Em- faith, is difficult to disentangle. 
' g its 500th birthday. It peror. He didn’t make many converts to 

ufu B t uQ “ — 6“» *u muuce iicimm. ““»• ““«*5 |,yMiiuii.u iw>«M nuu‘u ue interesting to know if It is hard to find an analogy either. 

words hardly slow down the a 1 ? Her background as daughter or writing letters to take her mind and essays- It is she who walked a compendium published a with anyone else who tried to Bowers ock’S book is a fine 

pace. Her explanatory notes con- Hrst oaora couege lor women. a bishop made her often more off repeat performances. out of a meeting if it boTed her, hundred years on will find that torn history back in its tracks, example of modem classical 

tain a sharply flavoured brew of Women do not come out of interested in toe religious and Tbe most ringing accents of rang toe dinner-bell early to get women have become a -more On a tiny scale, our James n scholarship at its height. He 
information. She introduces toe anthology very well. Apart social aspects ol women’s position Women’s Rights come from one rid of boring guests and had a integral and important pan of perhaps: but James was very bis sources, of course, with 
Gladstone: “Never was there a from Fanny Burney, who visited than toe strictly educational. It of the plays she wrote for per- passion for brilliant colours, the Oxford university mosaic, stupid, and Julian a man of the rigour that the best classics 

more devoted son of Oxford than Oxford with George III in 1786, also made her nervous of the formance by the LMH students, particularly scarlet. Zuleika Dobson was invented by great ability and in command 0 f a couple of generations ago 

W. E. Gladstone (1809-981 who no real woman merits a heading revolution with which she had The Apple of Discord finally Mrs. Battiscombe says that a man. of. much of the western world. wm\(l have understood— and 

" It is rather as though the Soviet w hich should be a lesson to most 

Union threw up, by their practitioners of contemporary 

ordinary political processes, a fa criticism. He also does 

First Secretary of the Party who w1iat ' wouldn't have been 

BY DAVID FISHLOCK. " &J e ? n VS' £3 

Holy Synod and all the apparatus, 0 p prat j 0ni un ^j quite recently. 

I f T ." rr — ' . . 7 — thereby spawning a son with mini* found in the world’s leading ^^dox^Church. * * ° * Much more has become 

I In His Image, the CUmmg of a mnm b e ip f rom tb e mo ther. What fertility clinics," while- the Julian has had a romantic ^ n0 , wn 


Aunt Edna’s tales 


- — - - --- — -r-rr - — T ~ This was the time when Bates, a bandit superb in war but un- 

Mrs. Reinhardt and Other [Stories Fred Urquhart, O'Connor, happy in peace. The novel is 
j m?*. 0 O'Faolain. O'Flaherty — and narrated bv Ker Maxim, a 
and Nicolsoo, £4.95- -07 pages others now wrongly for- Roman Briton who assumes the 

Lancelot by Peter Vansittart. gotten — flourished. It is un- name of Lancelot and who has 
Peter Owen £5.95 192 "pages fortunate and unfair that the been Arthur's chief strategist 
. — m' .... ' — ■ ■ " , — m short stories of today have to The historical background is 

Mother's Footsteps by Harriet stand up against these: Miss as Impeccable as it can be (for 
Waugh. Weidenfeld and O’Brien can . take consolation much remains obscure about the 
Nicolson. £4.95. 158 pages from the fact that they hardly period), and is most imagin 

The" Second Ring Grower by * ver do - 

Carlos Casteneda. Hodder and What is disappointing about thi* m ^ °f h 

Stoughton. £4.95. 316 pages Mrs - Reinhardt s that the w 

— rr — ; — — : p — autoor’s perception may be seen Them vJT*™ 

Do « 0 ,*>>■ Jo« Lopez Portillo func tionin e precisely and with a ^ 

Translated from toe Spanish ser jous writer’s integrity behind „ 0 f V ^ 

by Elvot Weinberger and Wil- the llls v _ nfl _ onven .wi«cewtisastrangehutiUumiii- 

Jredo Corra 1 - James Clarke. Jonalieed presentation She does 

£4^0. 149 pages not maili plii ate situation to fit n ! d ^ 1 ” bl Z j JUSSIS* 

“Who knows a nything any ^ with toe kind of atmosphere 5S£ d) on ^nrrtSSS* ^i?d 
how?” asks toe last sentence of ?he wanU to create; rather, she £gh2r origiSSf 
Edna O’Brien*, new collection of insists on investing strangeness a ^ 

stories. Who indeed? If one with “magic," a magic which is prooiem 

admires the revised Edna sometimes nearer to that of Snius Lelyn W^eh SukTone 
O'Brien, then it is as an ex - Enid Ely ton to a o to that of, say. 

tremely skilful deployer of the Norah Hoult whose Poor Women JJ 1 ”* 8 ®} * .JJre inteiS ri£ 
cliches generated by important of, certainly toe best 

manifestations: Suffering (English-language) coll wtion of ™Sfio%iTy But “ cSSS^ ft 

Womanhood, Irish Sensitivity, short stones published by mwer has And certetiSv^t £ 
The Beauty of Nature. The woman in this century, and '*£ JJJ 

tdll 1 C X ta i1rr^ are th ad i ed Sutdelay 0 whose second 

advisedly, the gifted author has Footsteps is a competent, peue- 

chosen to express her undoubted Peter Vansittart is an eccen- trating and witty account of the 
JS hlS - m 31 • sophisticated trie, psychologically astute in- contorted relationships existing 
Womans Magazine level instead dependent novelist who has been within a well-to-do contemporary 
of that oF a true novelist. Mrs. unduly neglected. No one has re- family 

Reinhardt ought to have a told toe old legends for children its real theme Is toe touchingly 
wrapper around it reading: as brilliantly and luridly as he— misguided effort of a young man 

" V.arning, concealed art." I and yet he does not seem to to preserve decency in the shadow 

should have liked it better if it have had the recognition for this 0 f toe drunken egocentricity of 
had been aimed frankly at a sen- achievement, either. He is a his impossible motherSn-Iaw. who 
timental audience. historian, and in Lancelot has is destroying wife’s perspec- 

Tbe heyday of toe British chosen to recreate the period of tive and personality lie end- 
short story came between toe King Arthur, here (and rightly) j B g is macabre and truly 

wars; so did that of the Irish, presented as Artorius, dua: belli, startling: it hears reading with 

(great care, since it may at first 
seem obscure — which it is not. 

Carlos Casteneda is toe anthro 
pologist whose life was changed 
when he met a Yaqui Indian, 
Don Juan, in an Arizona bus 
station. Other anthropologists will 
not — perhaps surprisingly — write 
him off as vulgar occultist: they 
are aware that the teachings of 
Don Juan have affinity with 
ancient cult practices of Central 
South America. What they do 
wonder- is to what extent Don 
Juan has been teasing Casteneda, 
who writes well but displays 
little sense of humour. 

Perhaps The Second Rinp of 
Power ought to be treated as a 
work of non-fiction; but l do not 
think that anthropologists would 
approve. It is a little hard to 
swallow as non-fictional a book 
that begins with two people, one 
of them toe author, leaping into 
an abyss in order to “ become 
pure perception “ In my jump 
my perception went to rough 
seventeen elastic bounces 
between toe tonal and toe 

What in such cases, happens 
to a man’s bank account? And 
yet this is much more interest- 
ing tban one might expect as are 
the teachings of Don Juan (who 
does not appear in this book). 

However. Casteneda’s books are 
getting less convincing, their 
prose more purple. This story of 
how Don Juan's pupil Dofia 
Soledad (transformed by Don 
Juan from an old bent woman 
into a “deeply sexual" figure) 

“ tests ” Casteneda by a series of 
tricks is nearer to Colin Wilson 
and Denaie Wheatley than it is 
to anthropology and true sorcery 
and magic (which do exist). 

Jose Lopez Portillo is the new 
President of Mexico; under his 
rule there seem to be changes 
for the better. It is part of the 
tradition of Latin - American 
literature that it should be 
written by diplomats and politi- 
cians— but not so often by presi- 
dents. Don Q sounds as though 
it might turn out to be an exer- 
cise in the manner of Borges, 
since it “ reaches a synthesis of 
tbe profound and toe totally 
frivolous"; in reality it much 
more nearly resembles ' the 
dialectic of George Bernard 
Shaw< and is as profound (or 
otherwise) as toe reader may 
think Shaw was. 

It is an amusing book, and one 
that not a single English politi- 
cian I can think of would he 
capable of writing or even under- 

■Evidence by tlic Committee of London Gearing 
Bankers to the Committee to Review the Functioning 
of Financial Institutions. 


The Committee of London Clearing Bankers complete 
evidence to the ‘Wilson Committee’ is a fully 
comprehensive survey examining: 

the changing role of the clearing banks 

the main developments in the clearing banks and their 
environment in the twenty years since the Radcliffe 

the ‘role and functioning’ of every major aspect of the 
clearing banks’ activities and those of their subsidiaries 

proposed changes and improvements in the financial 
system including suggestions concerning the building 
societies, the National Giro and the life assurance 
companies as well as the clearing banks 

27S pages 64 tables 25 diagrams 

Now available from all good bookshops at £9.95 net 
(A paperback students’ edition is published at 
£4.95 tier) 


Self Xeroxed 

T5^.ntn? a «uw 0 5tf? k ‘« a I ,>1Sh he was in fact a Win hospital nearby was equipped to I appeal ever since. Nearly all orates of the later empire, and 

Hamilton, £4.95. 207 pa P es separated in time: a Xerox in perform toe most sophisticated I th e Impressions most of us have em P J ?ys masters’ as 

..... =— gathered com e from the writings b S.SSf B » 2 S ai ?«* e 2 n, 2 i S”* 

rtf ' ciiith riiccirtant smile nc 'Which tiSfcd tO 06 iROOrCfl. ri. 

UI MIUU Ui^UUCUL OVUM 43 . . . _* * T/Vt-tVl -J 

more ST^&riSSY A5 KM SffSW? b.**rt*d from 

^ From one Rorvick. a steps up the evolutionary scale Julian must have been some- wins, which were not only 

^ u former Time magazine medical and was already working with thine like Gore VidaL It may a mean s of exchange, but also of 

rnmnent one who once said that reporter who had written widely humans— then married women, be a disappointment, but that propaganda. Where they were 

? e€med . t0 , hl “ on cloning and genetic engineer- hut very soon virgins. isn't true. Here, in this small minted, what the inscription 

i”S. Protests his scepticism of The second part of the tale gem of a book, Bowersock, who ® eant „ t0 4 contemporaries— «ll 
the boundaries of science with Max’s plan and his fears for the describes in detail how toe is Professor of Latin and Greek that tells, to Bowereock and his 

a magnifying-glass. outcome. choice narrowed to an orphaned at Harvard, has used an elegant colleagues, as much as official 

steps in which a science drawn into partnership with the happily thereafter. The tale. Bowersock calls him an of the most fascinating books 

normally progresses. It has no millionaire who when very young entertainingly told in spite of a ascetic revolutionary. He didn't of the year, 

precedent in the history of and an orphan had “had persist- wealth of biological detail, ends 

science. The implicit suggestion ent dreams in which his phantom with the handmaiden still pro- 

— one widely believed outside playmate looked exactly like him- testing, this time that he will g - T M7 cr 

science and often fostered by self." and had spent his early not he believed. w I frl r .1 

scientists in search of rich life searching for his “lost twin." i s it true? Rorvidc appar- w • 

patrons— is that given enough Rom'ck then helps him recruit ently is still refusing to give jftty i hv th . aulhftr .. nipt , Tj ,„. 

money science can crack any a third partner, toe scientist information that might help to Breakout by. O. J. Carrington. SomeSfe murSJJ “ 

problem. (President Nixon with both skills and the Interna- verify his tale. Nothing has Andre Deutsch, £3.95. 175 aome60c murder - 

learned otherwise when be tional connections needed to been published formally in the pages 


declared war on cancer at toe conduct a clandestine— and crash scien 
expense of the U.S. taxpayer.) 

ic literature to establish 

WycUffe and the Scapegoat by 

0. J. Currington. who served TlL ^L^ rley * Goll anci, £3.75. 

epense of toe U.S. taxpayer.) —research programme on human a claim to what by any reckon- , a cumngton. who served 173 ’ 
Max the millionaire at 67 was dotting. (For 25 years science ing would be a considerable ahnost three years time in 

willing to spend freely to indulge has been struggling unsuccess- scientific feat But toe Sunday prison made a promising debut Corn ^ ^ *j fo Chicf 
Ws desire for a son and heir, fully to clone something higher Times turned up evidence that *”3 novel Nights Superintendent Wycliffe A 

Rorvick toe storyteller was his in toe evolutionaxy scale than a as late as last summer-months M-ork. His second thriller proves ^,1 incrown community with 
handmaiden; “the dropper, or at frog.) = _ after Max’s twin is supposed to that the first was not a lucky a ne twort! of loves and hates. ^ is 

least the polisher, of the die in 
game of chromosomal 
For Max asked Rorvick 
him in touch with scientists 
might “clone" or copy him, for nothing 

that might be might be done. 

Maugham yet again 


about him after it. 
a “2r e , S Hfe is not a pleasant character, 
butr-thanks to Mr. Burley’s art 
-*« grows comprehensible, 
difficult feat of “along his human, almost sympathetic. As 
“S ™? 1 usual in this commendable series. 

tbe writer is admirably spare. 

,*2SL fll Qt S S 25?- while toe characterisatrons are 

turning them into Byromc incisive, 

heroes. _ — 

.... th. TTn.. ■ . im. t i-tw .1 The Poison People by William 

! which have only recently come and in each book he seems some- '"J? iqfl'r , 1011 ® 1 ,BlacK ’ Haggard. Cassell, £3.95. 158 

C "£,’SSSS 1 » - W. f me., we diec^er eg^n how boW y «o f get 

Collins, £3.75, 192 pages 

What is poor Elia to do, when 


Maugham by Robin Maugham, ^rah sibling rivalry there was what is poor E3Ja to dt^ when 

W B-- Alien. £5 00 184 naees among the Maugham brothers. man F her boor of a husband George 

a- ^ea. am im page Not ^lyTer “wmiilni of Ui.ettertece. quoted here as invites Ms latest pops, to come 

Some readers may be put off 
by the casual superiority of 

The consequences - of (Robin 
Maugham’s wish that no bio- Lord Ct 

gnXTf .Mm should be written “ fSnug tS 

are becoming painfully apparent offe J £^. ern P al vongratuiatiou that in his youth Maugham had she had any skitis. Eventually to place him in situations rich in 
One of them is Conversations ° a «hr “ml of s uqcess — that made a pact with Aleister Crow- the threesome becomes a four- variety and adventure. Now 

with WiUie from the pen Of his ”f.,“ iew ^»?ay — but so were ley and sold his soul to toe devil 60me /the author brings off this retired from hia delicate 

nephew Robin which presents and his much less cele- in exchange for. worldly success; tricky bit masterfully), and Ella position as head of Security 

him in a much worse light tban “rated brother Harr}', who also he emphasises how that success seems about to enjoy total Executive, Colonel Russell 

any “ official ** biography could w antea to be an author and had all turned to ashes; how con- revenge. Needless to say, things regularly finds himself involved 

have done however Holroytiian wn> ‘ :e plays which no-one wanted sistentiy frigid were the relations go wildly awry, leading to a with international malefaction 

in its thoroughness. This book prodw^ So bitter was Harry between the lawyer and the quietly horrifying finale. This often of toe sort that toe 

makes an admirer of Maugham’s a 'bout Willie’s growing fame as novelist. time, Mr. Black has not employed conventional forces of order are 

work, this side idolatry, hope a dramatist that eventually he Tj even the most casual hia usual heroine and amateur helpless to deal with. This time 

toad even now it might be pos- to . ok . b * 8 o™ by swallowing student of Maugham there will sleuth, tbe resourceful Kate he is taken to India (leading to 

stole for some impartial scholar mtnc *® d - . '£ he |' e * ▼Jvld be precious httie toat is new Theobaid; but even those who over-abundant generalisations of 

to be given full acrMs to «.U toe account in tins book of Maugham ** a J l this and anyone fresh to miss her will still be delighted a racial, if not racist, sortt. 

relevant dotalenu^to jSS » *£?*y M his flat 

ftr-jr-sa sk S-sSSsftjS HSSSsI 

MsaL,."' More jssysr as wr 

of letters. Undoubtedly such a It is clear now that the intense style, fellow-writers and kindred 
biography will appear one day jealousy about each other’s subjects much more in harmony 
and the sooner the better, achievements which explains so with toe mind that produced all 
Robin Maugham’s latest work od .d behaviour on the part those hugely entertaining novels 
albout bis uncle is htehlv suibiee- a L, ti i e Maugham brothers also and short stories. Like everyone 
tive; much more than ids earlier «!,s 

Somerset and all the M 

with its account not . ... 

Willie s ritildbood but of toerise a bie and say that Robin attempting to preserve a record 
^ ,lb ^ Maug?mm Maugham suffered not only of this dreadful period and pre- 

several centuries, from bis father but also seating it as if it were the whole 

TrJLJ >Te ?f!?* book overlaps at from bis uncle while they man the present Lord Maugham 

many potnls with that one bat it were alive, and it is only has rendered his uncle a most 

lsraucn slighter based appa- natural he should want to have curious service. It is rather as if 
restiy.ou written records of con- his say now that they are dead, we were given toe conversations 
vernations taken by Lord Well, he has been having his say of King Lear as recorded by his 
Maugham, the notebooks of ever since Maugham died in 1905 Fool 

Pound listens 


Wt „ p___ rf „ , — .. . ” column to The New Age under folk-song. On moving to Paris 
R mUULw ** Pseudonym of William be became more directly engaged 

£25.(ffl Spaces f * Atoeling. Mr. Schafer likens in and tried Ws hand at 
— ■ . Pages . these pieces to Shaw’s criticisms *™Pf ltron *. ,.°^ a 

Apart from a 20-page intro- to the Star and the World, but his^pieces a^a concert in 
duction by the editor an " Music though Pound betrays many of vh^h Antoeil was the 

In Pound's Poetry" this hefty Si 

tome is mainly devoted . to « *»s wit, he has almost ootiung pages, ope ra L # Testament 
Pound s music criticism, which of tos knowledge. which used^ toe poems of 

preprinted cainptetc. Between A large number of the events Francois ViHon as text was pro- 
1908 and 1921 toe poet lived to discussed are vocal recitals, and duced !n 1926 The book ends 
London, where he earned bis Pound enormously admired with Pound settled In Rapallo, 
living by various sorts of Vladimir Rosing, the Russian where with Olga Rudge he 
journalism. At first toe proper tenor, who gave frequent con- organised a series of concerts 
tion of these writings concerned certs; other artists mentioned and contributed regularly {in 
wtilfin music was not large, but wfith approval are Arnold Italian) to It Mare. A second 
from December 1917 until he Dolmetscb and Marjorie volume will apparently deal 
left London four years laiter. Kennedy-Fraser, a reflection of more fully with Pound toe 
Pound contributed a fortnightly his liking for early music and composer. 

Is Anything Worth 
30 Years of Your Life? 


byPiere Paul Read 

author of ‘ALIVE’ 

the real story behind the century’s 
most sensational crime. 

£5.95 Illus. 

W. a Allen in association with 
the Alison Press/Secker & Warburg 




in ^innnnnrp People’s concern for cleanness is growing 

II l*JII l^jupuiv. all overthe world 

Albright & Wilson are one of the largest 
suppliers of detergent materials This output 
is now being increased from new production 
resources in Singapore, for example - 
keeping pace with world demands 

Albright & Wilson have manufacturing 
plants in 15 countries In1977 alone, overseas 
production resources were increased in 
Australia, Canada, France, Malaysia, 
Singapore, Sweden and the USA 

Worldwide, sales last year were £338m, 
of which £194m were earned overseas, 
including £92m exports from the UK 


& WILSON International in chemicals 

Albright & Wilson Ltd. 1 Knightsbridge Green, London SW1X 7QD. Telephone 01-589 6393 

materials • surfactants • shampoo materials - toiletry and cosmetic materials - fragrances • fme chemicals • flavours * food ack£th^*fmft juices* natural dnjg extracts* 
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Financial Times Thursday Hay IS 1978 


Swallows and cuckoos • Fulford • Salford 


“I’D BE happier LF it was a 
more settled market,” said 
Garry Long who this month 
took over from Harry Hoff as 
chief executive of the MSL 
manager-recruiting group. 

He was talking about the re- 
covery of United Kingdom 
demand for executives and 
specialists, as measured by his 
company's regular count of 
advertisements, to its best level 
for more than three years. 

The call during Januarv- 
March for general managers, in 
particular, was at its best since 
3973. Computer men, too. had 
not been so sought after for 
five years. Production and even 
personnel managers were in- 
creasingly desired, as were sales 
and marketing people whose ex- 
panded recruitment lias usually 
been a sign of better tilings to 

IF sales and marketing folk 
tend to be like early swallows, 
however, I've learned to look on 
an influx of accountants as the 
arrival of cuckoos in the nest 
So the fact that demand for the 
financial types was sluggish 
could also be n good sign for 
managers in general. 

Bui alas there is one vital 
portent missing. The call for 
research. development and 
design people — historically an 
important lead indicator — has 

remained sulkily at only about 
three-fifths of its levels of early 
1973 throughout the past two 

So although Mr. Long cer- 
tainly wouldn't say “stop," he 
wouldn't say “ go ” either. And 
in the circumstances bis opti- 
mism is not improved by the 
first faltering of overseas 
demand for U.K executives 
and specialists, which has nearly 
doubled over the past four 
years to reach 15,426 advertised 
jobs in 19i*. Sadly, January- 
March showed the overseas 
orders down 16 per cent from 
those of 12 months previously. 

Unlike other recruitment con- 
sultants I have just talked to. 
however, Garry Long does not 
see this downturn as denoting 
a surfeit at last among em- 
ployers in the Middle East and 
to a less extent Black and Arab 
Africa, which together have, 
lately accounted for two-thirds 
of the foreign call for Britons. 

“I would guess the Middle 
East will go on wanting a lot 
of people for the next two years 
certainly.” he said. ** The coun- 
tries which seem to be respon- 
sible for the drop are those of 
the old dominion kind— Canada, 
Australia and South Africa, and 
of course the U.S. 

“ Their markets are a bit like 
ours: hoping for an advance, 
but very much poised to retreat 

if anything happens that can 
be looked on as threatening. 

** As for demand from 
Western Europe. .1 would not 
expect any big import orders 
for U.K. people, although 
there will probably always be 
some jobs for them, especially 
now that the American multi- 
nationals are becoming more 
multi-national in their manage- 
ment recruitment." 

Athens, etc. 

THAT LAST point was taken 
up. with particular reference to 
Athens, by John Fulford of 
Grosvenor Stewart who. inci- 
dentally, takes the prize as' the 
first head-hunter to respond to 
this column’s new experiment 
of writing about jobs ‘being 
handled by consultancies, but 
where the name of ihe employ- 
ing concern cannot be disclosed. 

Guaranteeing to honour any 
applicant’s request not to be 
identified to the employer until 
specific permission has been 
given, Mr. Fulford arrived hot 
foot with a job lot of offers. 

The first is in Athens where. 
** now Beirut has gone beyond 
recall.” multi-national concerns 
are setting up shop busily. “ D’s 
going to become the Brussels of 
the Near • East," "John Fulford 

The job is that of marketing 

director at the Middle East 
headquarters of a $1.3bn. turn- 
over health-care concern, and 
responsible to the- director for 
the area. The newcomer will 
take charge of all marketing 
activities short of on-thc-ground 
selling, and applicants need 
associated experience in the 
pharmaceutical .or other 
branches of, -the-, health-care 
bnsiness.-and sound understand- 
ing of the Middle East Age 
around 30-40. -L-" 

Salary’ indication £20,000, plus 
expatriate perks’ of usual sort 
including housing, . car and 
medical cover. Inquiries to Mr. 
Fulford at Hamilton Hou.«e. 15 
Tilehouse Street, Hltchm, Herts. 
Telephone Hitchin C0462) 53303. 

Thence. ■ while still with 
Grosvenor Stewart, to Kuala 
Lumpur where a £2m-turnover 
British market research agency 
is wanting a research director, 
at a salary' equivalent to about 
£11.000 plus commission ex- 
pected to be around £4.000 and 
perks much as those In Athens. 

Responsible to the managing 
director, the newcomer will 
be a professional market 
researcher' ■ -preferably with 
advertising agency experience, 
and as ■ a . member of the 
management committee will be 
mainly concerned with develop- 
ing new business as well as 
serving existing clients mainly 

in consumer goods. Age 25 
upwards. Inquiries to Terry' 
Jones, also at Hitchin. 

Ken Cooper, at the same 
address, is seeking a divisional 
manager to work in exotic 
North London for the £5m turn- 
over hospital - equipment sub- 
sidiary of a big British group. 
Responsible to the subsidiary's 
chief for its commercial opera- 
tions, the recruit 'rill need a 
successful record in sales and 
marketing to hospitals and the 
like. Age indication 30-45. 
Salary up to £12,000. Perks 
include car. 

Back to John Fulford who is 
looking for someone to start 
from scotch a European-wide 
business selling ground-support 
and engineering services to 
civil air tines. Base to be 
chosen in south of England, 
preferably near London. Em- 
ployer is owner of U.S. company 
operating from Germany. 

Candidates, although young, 
need to have shown entre- 
preneurial ability and to know 
civil aviation. Initial salary up 
to £12,000. Car among perks. 

Surely we can't be finished 
with Hr. Fulford so soon? No. 

He also wants one of those 
rare qualified accountants who 
understand people, to join 
Grosvenor Stewart as a con- 
sultant recruiting mainly 
accountants and- financial man- 

agers for an international range 
of clients. Based at the Hitchin 
office, the newcomer will report 
to John Ful ford's fellow-director 
Stuart Adamson. Age 30 or so. 
Post-qualifying experience with 
multi-national concern would be 
an advantage. Salary around 
£10,000, plus car, etc. 


NOW TO Barry' Richardson, 
general manager of the Indus- 
trial Centre at Salford Univer- 
sity (Salford Mo 4WT, Lancs.— 
tel. 061-736 5843). He wants a 
new commercial manager to 
ensure the profitable marketing 
through the centre of the techno- 
logical university's brains and 

This is again a youngish .job 
because the salary can be only 
around £6,000. But the recruit’s 
two predecessors have moved up 
swiftly, one to head a college 
business studies department and 
the other to international mar- 
keting management. 

Candidates should have some 
successful experience in busi- 
ness and — since an understand- 
ing of academic quirkiness is 
needed — should be graduates. 
** Whoever conies here will be 
very much in charge of their 
own show, and with the 
emphasis on results,” Mr. 
Richardson promises. I 



The National Commercial Bank, Jeddah, Saudi Arabia, 
is expanding its international syndication activities and 
now has two vacancies in this area, to be based in 

The bank is growing rapidly, aod recenily announced 
net income for 1977 of U^$93 million on a balance sheet 
total, including contingent liabilities, of nearly 
U.S.SS billion. 

Applications are invited from those who meet the 
following requirements: 




We are particularly interested in those who have Middle 
East experience and/or are familiar with performance 
guarantees. Attractive initial salaries on a contract basis 
will be offered together with a comprehensive programme 
of benefits. 

If you would like to be considered tor one of these 
positions. Please send your resume (including salary 
history) to: 


the national commercial bank 


All applications will be treated in confidence. 


Financial Director 

for a successful public company vrith ambitious growth plans. 
Present sales arc expanding towards £ 30111 , including a sizeable 
international business. 

j.. r i 

• responsibility is for all aspects of the group’s financial affairs in 
an environment where the emphasis is on both entrepreneurial 

innovation and elective management controls. 

• the requirement is for a Chartered Accountant with exceptional 
all roiuid experience and ability. 

• preferred age: 35 - 45 . Salary unlikely to be less than £ 15,000 
with uood additional benefits. 

Write in complete confidence 
to A. Longland as adviser to the group. 







Assistant Controller, 


To £9.000 + Car Scheme 

Our client is a world leader in vehicle rental with European revenue in 
excess of §100 million. 

The position is based in London within the U.K. Headquarters, which 
controls the company's operations in the U.K. and Eire. Reporting to the 
Controller, the prime responsibilities include: banking, cash flow 
planning, payables, insurance and vehicle “ tracking,’' together with 
projects in budgeting, forecasting, management reporting and systems 
development. An integral part of the job will be field visits to the 
operating units, thereby gaining a close view of the business. The 
appointment carries responsibility for 15 staff. 

To applj' you should be qualified, between 27 and 32 with management 
experience in a multi-national company, or a leading firm of chartered 
accountants. Equally, you must be able to demonstrate a high level 
of ability in both technical and management skills. 

Career prospects arc excellent and arc not confined to the U.K. 

Benefits include participation in a very favourable car scheme, BUPA 
and assistance with relocation expenses where necessary. 

Applicants, male or female, should apply in strictest confidence with career details 
to: M 1 1 artier . Director. Executive Appointments, 1 Harwood Place, 

Hanover Square. London \V1R 9 HA. Tel: 01-629 984114 


Executive Appointments 


c £1 5,000 

This appointment is to the Board of a major 
Dm; ion in a terse public company. The 
Division, with widely spread international 
interests in publishing, magazines and data 

services, hrfs a turnover in the region of 
E75ni. It t> managed on a decentralised basis 
with a small central management group 
located m London. 

The Finance Director works closely with the 
DwiiionjI Chief Executive. The responsi- 
bilities 01 the job include the whole range of 
financial management, but also provide a 
lot of scope for influencing important 
commercial decisions and policies. 

This position will be particularly attractive 
to ihoM? who enjoy taking their own 
initiatives and contributing to the 

Company's business development. The 
division itself is growing and there is plenty 
of room for personal advancement in the 
parent group. 

We are seeking candidates, men or women, 
who are internationally-minded, articulate 
and used to taking decisions. They should 
be chartered accountants, will probably 
have an MBA or other degree and are likely 
to be in their early 30Y Thcv will have held 
responsibility in a sizeable company for 
financing as well as control. 

Replies. Quoting reference 542. FT and giving 
details of qualification s and experience, w ill 
he iomarded in confidence to the 
management consultants who are advising 
on this appointment. . 

JiWT Recruitment Ltd 

A0 Berkeley Square London W1X 6 AD Tel: 01-629 9496 

■; !! 



Our client is one of the leading Japanese 
Securities Companies which is rapidly- 
expanding its Bond business throughout 
Europe. •_ 

They require a Bond Dealer experienced 
in Eurobonds and Yen Bonds with wide 
connections within these markets. . 
Alternatively, ihey would welcome 
applications from candidates with some 
experience as a trading executive in 
Eurobonds gained either with a broker 
or jobbing . firm or a merchant bank. 

A knowledge of French or German 
would be an advantage. 

Salary is negotiable and will be 

Please .write, or telephone for an appli- 
cation form,. quoting ref 927, to: . 

W. L. Tail. 

Touche Ross & Co.. 
Management Consultants. 
4 London Wall Buildings, 
London- EC2M 5UJ. 

Tel: 01-5SS 6644. 


c. £15,000+ car 


A medium-sized firm of Lloyd’s insurance brokers wishes to appoint 
a qualified accountant, aged around 30-40, to their main board. He or 
she will supervise the Chief Accountant and his team and will be 
responsible to the board for: all financial matters, especially relating 
to the further expansion of the group: cash flow and the investment of 
funds; management information; improvement of accounting systems; 
and statutory accounts. 

The company has reached an important stage of development and this 
new appointment calls for -someone with good professional skills. 
Experience of the insurance industry is desirable but not essential. 
Personality is all important, and the successful candidate will possess 
a blend of strength and tact, enabling him to participate effectively in 
a young dynamic management team. Salary negotiable. Attractive 
fringe benefits. 

Sir Timothy Hoare 
7 Wine Office Court 
London EC4A3BY 
01-353 185S 



JL luaill* 

Personnel Consuiunts 


Credit Analyst 

International Merchant Bank 

to £5500 

This is an escellent career opportunity with one of 
the City’s most firmly established Consortium Banks. 

The job is to help prepare recommendations in respect 
of new and existing Credit arrangements, based upon 
an interpretation of companies' financial statements 
and with consideration to the adequacy and to the 
perfecting of appropriate security. 

An ambitious and perceptive young A.LB. with a good 
general banking background incorporating Advances 
.sbouid recog oise this ideal chance to capitalise both 
on his/ber experience and on the excellent prospects 
for advancement in international banking. 

To discuss ibis appointment, in confidence of course, 
please telephone John Chiverton, A.I.B. on 405 7711. 

David White Associates Ltd. 

Hampden House, 84 Kingsway, London, WC2 

Chief Accountan t 




What's stopping you 2 


Or could ic be « wrong attitude—: your* t You probably don’t know. Unaided, 
you can't be cepected to. Self-appraisal i*n't easy. ew«n lor those accustomed 
to appraning sellers. 

But we can help you. We can show you ho** good you arc — and at whar. 
W« can help you obtain the right job. U you’re in the wrong one. With 
the right company and the right people. 

As lor. the right attitude, once you know yourself, you’ll take it. You’ll 
manage your career . 

Meet vs For a confidential discussion about it. 

It won’t coit you anything or place you under any obligation. But. if you 
continue with us, chances are diere’ll be no scopping you I 
Simply dial 01-638 2719, and ask for John Bill. Or write to him at; 

itoystMi Ridgeway 

career managing people 

Kent House, 87 Regent Street, London W.l. 



Amex Bank has a vacancy for an experienced 
Eurobond Settlements/Accounts Clerk. 

A competitive salary and the usual merchant 
banking fringe benefits will be offered to the 
successful candidate. 

Please apply in writing, giving details of 
.age. and experience, to: 

A. J. Reynolds 
120 Moor gate 
London EC2P 2JY 


i ouis Dreyfus & Co Limited, a wholly owned subsidiary of SA Louis 
^Dreyfus et Cie. Paris, wish to appoint a Chief Accountant Thecompany 

fis principally engaged in commodity trading-on a worldwide scale. The 
Chief Accountant will report to the Director of Administratiorftand be located 
at the company’s head office in London. This position has arisen due to a 
planned promotion. \ 

Thesuccessful candidate will be aqualified accountant with a well developed 
flair for organisation and management- Age is not a critical factor in this 
appointment although it is unlikely that candidates aged, less fljan 30 or 
earning less than £ 7,500 pa will offer sufficient maturity to discharge the 
responsibilities envisaged. Experience of working with acompany engaged in 
international or commodity trading-would be an advantage. 

The Chief Accoun tant will control about 25 accounting staff through 6 section 
heads and will be particularly concerned with the: 

• preparation of financial, accounting and statistical information for use 
by the Board 

• preparation of statutory accounts 

• consolidation of the group's financial accounts. 

He or she will also be responsible for the preparation of annual budgets and 
financial plans, and also be closely involved with the operational trading 
management staff. 


The commencing salary will reflect the importance attached to this 
appointment and there are good long term salary, prospects. 

Candidates, male or female, should write ”M \ 

for a personal history form, quoting _ 

reference MCS/2000 to Roland Ony I lICC 

Executive Selection Division, Southwark If *<-.*=*. 

Towers. 32London BridgeStreet, London, /mIVTI 1 lOuSt 

SE19SY - ▼ V Associates 


*> v : Cl 

INI. M. Rothschild 

Asset Management Limited 

Portfolio Manager 

We are looking for an additional member of our U.S. equity 
team. Based at Rothschilds in London, the workinvolves being 
part of a small group which manages specialist international 
portfolios and advises other departments on the U.S. equity 
content of their client funds. The ideal candidate will be aged 
27/32 and he or she will have had at least three years experi- 
ence in managing U.S. portfolios. A knowledge of U.S. energy 
and resources companies would be an additional attribute. 
The post which involves regular research visits to America* 
offers real scope to a dedicated money manager.The remuner- 
ation package is interesting and competitive. 

Apply giving detailed curriculum vitae and present salaryto: 

The Staff Director, 

N. M. Rothschild & Sons Limited, 
New Court, St Swithin’s Lane, 
London EC4P 4DU. 


financial Times Thursday JMav 18 1978 


Major U.S. Corporate Bank 
Toronto based Aged 25-35 

Our client, a leading New York bank, seeks an experienced foreian 
exchange dealer to re-locate permanently to Canada and assume 
responsibly tor its Canadian' subsidiary's Toronto Office foreign 
exchange dealing and treasury operations. ° 

Candidates should.have at least 3 years’ foreign exchange dealing 
hfSiemarkeL pP0Ven recopd of acbievemen t and be currently active 

JlemuneratiQn will be commensurate with experience, initiative 
and ability and a starting salary of between C$20-30.000 will be paid 
together with a comprehensive grange of fringe benefits including 
a pension scheme and a house-purchase plan. Relocation expenses 
will be met in full. - 

Applicants should write, m confidence, enclosing a full personal 
history and indicating to which companies, if any their application 
should not be referred, to: " 

L.Duskwick.Esq., (Ref: CRS/48),LockyeE Bradshaw & Wilson Limited, 
Northwest House, lis/127 Maryiebone Road, London NWl 5PU 




Jltlas Copco 

Credit Manager 

t‘Ve are pari of an International organisation specialising in ' 
compressed air and associated equipment for the mining, construc- 
tion and industrial markets. 

A Credit Manager is required to administer a fully computerised 
credit operation in our continually expanding organisation located in 
modern offices at Heme) Hempstead. Reporting directly to the 
Company Secretary, the successful applicant will be responsible for 
the developing, implementing and controlling of credit and collection 
policies and procedures throughout the U.K. and Eire. 

i * *> - 

This is' a senior management position requiring previous 
experience in the field of capital equipment, dealing with several 
thousand accounts, together with a knowledge of distributorships and 
long lerrh financing agreements. 


Conditions of service include: 

• * Free J i te assu ranee . . . - -- 

' ■ ★■Cdhtri btflci ry ; pens ibn scheni$~ 

* 4-5 weeks annual holiday plus public holidays 

* Index linked salary . • 

* Subsidised-. restaurant- : 1 ' • . • ■ 

* Company car 

Applicants, male or female, please apply: 

The Personnel Manager. 

Atlas Copco (Great Britain) Limited, 

.P.O. Box 79. Swallowdale Lane. Heme l Hempstead 
Hertfordshire.- HP2 7HA 
Tel Hemel Hempstead 61201 


£ 10,000 


Our client is a large, successful and fast growing U.K. sportswear 
manufacturer. Selling increasingly overseas, wich distributors world wide, 
they are developing local manufacture by licence and through subsidiaries. 

The need is for an energetic, down to earth controller to give firm • 
financial leadership across the board including production, investment, 
marketing and sponsorship. Some overseas travel is involved. 

Candidates will be qualified, probably in their 30s and experienced in 
rap id growth, marketing oriented situations. They must have a posmve 
and flexible approach to financial opportunities. 

Remuneration is negotiable with I 1 

“-are good and include a car and re-location assistance t6 the East Midlands. 

Please write in strict confidence, quoting Reference 596/FT 
stating age, experience, qualifications and present salary to: 

CB-Linnel! Limited 

8 Oxford Street Nottingham 



Espoaweta EDP™Se!ms b thrae a considerable advantage. 

lTc<£ of -wit. «d “*”“■** 
aceomracsl.iriiin-nnt! a 0 hevivitt rhrwill bep 

Please wrili'.ifr'giMilidi-iuv l* 11 ' il 
and an application form to David I • 

KMCVlnv anrkylfwi Division, bouthwa* 

Toweis, :I2 Lomipn Bfidpe Mi vet, London 
SE1 93Y, quoting 




Management T earn at 
Group Headquarters 

Applications are invited for the 
position of Technical Services 
Managerwith Midland International 

This fast growing group 
manufactures and sellsthroughout 
the UK. and Europe a wide range of 
Flair home improvement products. 

The Technical Services Manager 
will report direct to the Managing 
Director, and wilt be responsible for the 
Technical Department and carrying 
out the following tasks: 

Integrating hisfunction with 
Marketing, Production and 
Accounting Departments. 

Product development 

Process development 
Project Engineering 
Quality Control 
Value analysis 
Control of External Design 
, Consullants 

Starting salary negotiable. 

Benefits include Company car, 
pension scheme and relocation 

Candidates with a wide ranging 
background in Product orTechnical 
Services Management in well 
organised manufacturing Companies 
flb should write to> 

Managing Director 
Midland International Ltd. 

Bailieborougti Co. Cavan 

or call High Wycombe (4466Q1) for an application form 





Wardley Limited intends to continue to 
expand by recruiting one or more 
executives in the areas of Corporate 
Finance, Syndicated Loans and Banking 
Sen/ices. The environment of both Hong 
Kong and Wardley is vigorous and 

Candidates, aged 25 to 35, will have- 
broad, international merchant - banking 
experience. They will show initiative, 
flexibility and determination. Generous 
remuneration package includes free 
accommodation. Low tax area. (PW.561) 

Candidates should write briefly and -In 
confidence to the Managing Director . ; 
Executive Appointments Limited. 78 
Grosvenor Street, London .W. 7> quoting 
reference. No identities divulge# without 

Investment Research 

Charter Consolidated Limited have a vacancy for a research 
analyst in the Investment Department. This vacancy provides the 
opportunity lor someone with fund management ambitions to join 
a small team responsible for the management of both trading and- 
long term in vestment funds. 1 

Candidates should ideally be in their mid 20s. have pro- 
fessional qualifications in economics or finance, and have gained 
some experience with a financial institution or stockbrokec 
Detailed knowledge ol specific industries is preferable to general 
market knowledge, and experience ot North American securities 
would an added advantage. 

The salary vntt be competitive, and concfitions of service are very 

Please apply in confidence to:- 

Personnef Manager; Charter Consolidated Limited, 

40 HoJbom Viaduct, London, E.C.1. 



A McGraw-Hill weekly airmail bulletin / for engineering 
from England transcribes verbatim / and technical ex- 
from tec din® European and MS. / eentive jobs to which 
newspapers and direct sources / anyone regardless of 

dozens of management re- / nationality may apply. 

emitment advertisements/ Verbatims for both bulletins 
of positions suitable for / include name- and address of 
internationally . . minded / advertber, name and date Of 
excentives. / newspaper. 

UK — posted First Class — 13 weeks for £15:00 prepaid. 
Elsewhere — posted Airmail — 13 weeks for $40.00 prepaid. 
Mailing envelope marked “ Confidential.” 

Cheque made payable to “ McGraw-Hill International Publico- 
■lions Co., Ltd should accompany order. Please specify which 
bulletin you require. 


Box 150. McGraw-Hill House/ Maidenhead. Berks., SL6 2QL, 


Interesting opportunity. Vacancy in Private Clients department 
of large firm. Experienced Assistant (aged 2S-35) required for 
Partner. Candidate will have passed SJi. beams. Capable of 
-managing clients' portfolios without constant supervision. Good 

Please write Box A. 6360, 

" Times, 10,. Cannon "Street, EC4P -4&Y. ■ 

Manager: Accounting & Administration 

OurClient is a successful and expanding U.K. based International Merchant 
Bank currently developing its active operations in S. East Asia. 

The requirement is for an experienced banker to assume overall responsi- 
bility for management of the administration and accounting functions of the 
bank's Hong Kong company, reporting direct to the Managing Director. 

Ideal candidates, preferably aged 30-35, will possess a detailed knowledge 
of international bank accounting with the emphasis on foreign exchange, 
together with proven organisational abilities. 

This represents an attractive career prospect with salary’^ benefits to match. 

Contact Norman Philpot in confidence 
on 01-248 3812 

NPA Recruitment Services 

60 Cheapside • London EC-2 -•■Te]ephorie:’.QI ; 24S-’ 38.1 2f3f$!M 


Chief F/X Dealer 

City c£14000 

Expanding International Merchant Bank 

OurClient a prominent and expanding Consortium Bank, seeks to appoint a 
seniorforeign exchange dealer. 

Candidates, in the age range 28 - 35, will possess a minimum of seven years' 
active dealing experience with the accent on foreign exchange. 

The scope and responsibilities of this position will be matched by a highly 
competitive salary and attractive benefits. 

Contact Norman Philpot In confidence 
on 01-248 3812 



NPA Recruitment Service; 

60 Cheapside Lpnd6h-EC2^T^iephpn?-';6i‘<:24S'3Sl'2r3^ 


International Banking 
opportunities with 
Lloyds Bank Intern 



LBI has expanded rapidly in the last few years and 
now operates in 44 countries with over 200 branches and 
offices. In order to maintain its aggressive approach and 
to develop its operations, further able bankers for middle 
management are to be recruited. 

Applicants, preferably aged 35 and under, will ideally 
have the following qualifications and experience: 

B Atleastfive years banking experience. 

■ Corporate and international lending skills. 

■ Marketing and negotiating skills gained in dealing 
with corporate customers. 

■ Knowledge of foreign exchange operations. 

B Appropriate professional qualifications or degree. 

‘ fl Fluency in at least one-foreign language. 

Successful candidates should be prepared to assum e 
executive posts in London or overseas after an ind uction 
period in Head Office. Future career prospects 
internationally are excellent 

LBI has a competitive salary structure at home and 
overseas plus special provisions for internationally 
mobtie staff. 

Please telephone Michael Thibouville on 01-248 9822 
Extension6064 during office hours (or 01-446 1890 in the 
evening) for further details and an application form. 


40/66 Queen Victoria Street, London EC4P 4 EL Telephone 01-246 9322. A memewr ol the Lloyds Bank Gi oup. 






A unique opportunity has arisen to 
join a major French company expanding 
rapidly in the internafionalservice 
industry for a Finance and 
Administration Director to be basedm • 


Ideally aged 30-40 years the 
selected candidate will possess an ACA 
or ACMA, and have senior level 
expe ri ence in the total project control 
of all finan cial and administrative 
functions in the construction or service 
industries. A minimum of five years 
international experience is required, 
and candidates must be bilingual in 

En glish and French. 

The selected candidate will have 


total responsibility in Iran for ail 
financial and administrative matters, 
including financial and management 
accounting: business planning, treasury 
and bank relations, legal and tax affairs, 
office administration and personnel 

A salary of at least £25,000 will be 
negotiated. In addition our client offers 
free furnished married accommodation, 
company car. paid leave and other 
benefits! Interested candidates should 
send full details of theirqualificatiuns 
and experience to date, in strict 
confidence; to Chris Jamieson. Lansdowne 
Recruitment Limited. Design House. 

The Mall London VV5 5LS! Tet (,01J 
57923ft (Ref ME650J 


- AmmAuQ . . KMunai • Kune • iwa - union • Ltawol 

M***. - ■ Kneel • NwQMi ■ ■ Swgwn - Sydft*/ ■ ■ TVnn 

*- ■ -Ti _ : 


Financial Times Thursday May IS 1978 

Divisional Accountant 

This is an excellent opportunity for a young chartered 
accountant who wants responsibility and sharp end 
experience now with excellent prospects in finance or 
general management. Our client is a subsidiary of a major 
British public group and the successful candidate, as a 
key member of the divisional management, will assume 

Kent £ negotiable + car 

full financial control over three operating units with a 
small head office staff and teams on the sites headed by 
works accountants. Candidates must be chartered with 
some worthwhile post qualification experience in an 
industrial environment and well developed management 
skills. The total benefits package is well above average. 

J-A. T. Bowers } Ref , ; 21 127/FT. 

Male or female candidates should telephone in confidence for a Personal History Form to: 
LONDON: 01-734 6852, Sutherland House , 5/6 Argyll Street, W1E 6EZ. 


35 Mew Broad Street, London_EC2M 1NH 
Tel:01*58B 3576 Telex:88737a 

An interesting and varied appointment leading to further increased responsibilities and earnings. 


Executive Selection Consultants 

LONDON E.C.1 £5,500 -£8,000 

We invite applications from candidates, aged 38-50. who have acquired a minimum of 3 yeare 

in a service ot^nisation. and are capable of taking accounts to trial balance stage. The successfH cmM™ “£ 0 TC n " on 
Director and be totally responsible for the day-to-day administration of a small efficient *“* .!!*. „ prepare 

statutory secretarial returns, insurance, security and' Bank of England returns He or she J and to deputise^cr 

the accounts of certain subsidiary companies under the supervision of the Group Chief Accmwont and to ro 

him in his absence. Candidates will be sufficiently numerate to take part from c ' mc to t,m * nan-contributery 
figures, {continuation training will be provided, if necessary in this area). Initial salary negociab <- ■ ■ confidence 

pension, free life assurance, free family B.U.PA- assistance with removal Expenses if necessary. Applications m strict comiaenn 
under reference PQOAI94/FT. to the Managing Director: 


35 NEW BROAD STREET. LONDON EC2M-1NH - TELs 01-588 3588 or 01-S88 3575 ■ TELEX ■ 


Klockner IIMA 
plans, supplies, erects 
and finances 

turnkey industrial projects. 
We are an affiliated company 
of the Klockner Group of 


OVER f 5, 000 
UNDER £25,000 
OVER 27 

are 90% certain we can 
help you set a bettarjoto 
quicker. Wfe ara not an 
agency but Eurrjpe’s most 
e*penmced executive and 
professional career 
counsellors, so telephone 
us now for more information 
about ou r services. 

Regional Financial Controller 

London based, c. £9,500 + car . . 

This position offers wide experience and responsibility the ’> African subsidkuv. Tiiespherc o f aaivkiej ,s 
together with excellent and varied prospects. Our client isa broad, with the emphasis on sienis, «-ovlcunt o na 
major UK construction services group with strong penetration, company police decision making. Candid.iies, idcallv - 
into markets world wide. The successful candidate, 28-35, will be qualified accountants, wirn signnica nr - £ 
reporting to the Regional Managing Director, vv ill assume lull industrial c\rei icikc «nJ aiii*c have a persuasive per^»i«jiy 

responsibility, through qualified subordinates, for the and genuine management skills. A uijikmgkno led® of the 

finance functions of several UK units one of which controls African business cm ironnrwnt would be an advanatage-. 

X.P.S. Utley, Ref: 2206$; IT 

LONDON: 01*734 6852, 

Male or female candidates should telephone in confidence for a Personal History I or m to: 

152, Sutherland Houae, 5/6’ .-I r.:\ •: Slice?, Wit cl./.. 

Percy C0UTTS & Co. 
01-839 2271 

Theapplicant'sagewillbeinthe range 
30 to 40 and the applicant will have a 
successful record in the industrial plants 
export business, either in a manufacturing, 
engineering, trading company or in a 
merchant bank. 

Basic knowledge of German or French 
would be desirable but not a pre-requisite. 
The applicant must have an ability to 
establish contacts and negotiate projects 

throughoutthe world and to head the 
Sales Department of our Company. 

The position carries with itthe chance 
of a directorship in return forsuccessful 
performance. The position is ideal fora 
first-class sales manager who is the 
number two in the present organisation 
but wants to acqui re board level status 
within the foreseeable future. 

Applications should be submitted in writing to Mr. H.-J. Pretzell, Managing Director, 
and will be dealt with quickly. 

Klockner INA Industrial Plants Limited, 

Berkeley Square House, Berkeley Square, London W1X 5PA Telephone: 01-492 0192. 

fiemo/t 4cocjuwfeinte 


Tax Investigation Projects (op to £7495) 

This work, which is not 
limited to taxation specialists, 
offers more opportunity for 
independent thinking and action 
than most accounting roles in 
the public sector. Although you 
wilt sometimes be essentially an 
adviser operating in close liaison 
with Tax Inspectors throughout 
your region, you will in some 
cases have total personal 
responsibility for the initiation, 
planning and execution of 

Most investigations are based 
nn the thorough scrutiny o£ 
company books, documents and 
records, and frequently call for 
a considerable degree of 
perceptiveness in detecting facts 
— or omissions — which will prove 
a case. Such work represents a 
continuing intellectual challenge, 
in which diplomacy and 
determination play as important 
a part as professional skills and 
knowledge. It will appeal to 


accountants with wide interests 
in business finance, who have 
gained comprehensive experience 
in professional practice since 

Applicants (preferably in their 
late 20s or early 30s) must be 
Chartered, Certified, Cost and 
Management or Public Finance 

Starting salary (inner London) 
will be within the range £6,400- 
£7,495 according to experience, 
and there are very good promotion 
prospects to Chief Accountant 
with salary rising to £9.190. 
Liverpool salaries £465 less. 

Non-contributory pension scheme 

For full details and an 
application form (to be returned 
by 12 June, 1978) write to Civil 
Service Commission. Alencon 
Link. Basingstoke. Hants, RG21 
1 JB, or telephone Basingstoke 
(0256) 68551 (answering service 
operates outside office hours). 
Please quote G(AB) 590/3. 



Finance Director 

Public Company 

The group manufactures specialist components for the mass production industries. 

It is a market loader with a high reputation for technical excellence. Turnover is around 
AL15m; subsidiaries operate in the UK, on the Continent and in Noith America. 

The group has grown substantially during the past 1 5 years; the next step is to review 
existing financial policies to secure shout and long term business objectives. Asa main 
board member, the group finance director will plan and implement these policies. 
This means streamlining the existing group funding and financial structure and 
enhancing operational efficiency through the use of manag ement i^f^nn a ti on 

A qualified accountant is required who has made a personal contribution ata senior 
level with a major company. A practical understanding of modem management 
techniques, tax j nd othe r statutory requirements is necessary. 

The salarwili not be less than £. 15,000, plus car and other-benefits. Age: up to 45. 
Location: Alidlands. The appointment is open to men jnd women. 

’lease write in confidence to F JF Hall (Ref: 678F) 

140 Grand Buildings, 
Trafalgar Square, WC2. 

Executive Select ion Consultants 

feIRMIXuHVI.i'. VKL>IKr,l.L\SUA7, LEEDS. LONlH'S. M Vm ! ‘i Ml i: rtl - v*ll.L - '' l, t IT 11.1 1?. 

• • • 



around £8,000 plus car 

A service-based public group with a turnover 
of £5m and market leadership in its sector 
has created this post to improve financial 
planning and analysis. It carries responsibility 
to the FD for budgets, project analysis, cash, 
forecasting^ preliminary acquisition studies, 
profit improvement exercises, control sys- 
tems ‘development and adverse 'variance 
investigations. - • 

Candidates, ideally aged 26-30. should have 
prior experience of management information 
work in commerce or industry. They could 
either be young qualified accountants *or 
mature ACCA/ACMA/ACIS finalists with, 
more practical experience. Prospects are not 
confined to the financial function. 

For a fuller Job description write to John 
Courtis &. Partners Ltd.. Selection 
Consultants, 78 Wigmore Street, London, 
W1H 9DQ.,‘ demonstrating your relevance 
briefly but explicitly, quoting reference 
7011/FT. This is an equal opportunity 

• • • 

The London branch 

of a 

Geneva based international bank 

offers the following career opportunities as 
part of its policy of expansion 

Senior person fully experienced in all 
aspects of documentary work and associ- 
ated loan administration 

Junior Documentary Credit Clerks 
TTalnee Accounts Clerks 

Junior Sterling Transfer Clerks, duties to 
include cashiering 

All salaries are negotiable according to 
age and experience 

Apply in confidence to: 

Mr. N. E. Wimpey 
Lee Bouse 
London Wall 
London EC2Y 5AY 




Kemp-Gee & Co. are expanding then- ‘House * staff 
to service increasing business. The successful 
applicant will join a professional dealing team. 

Remuneration for. this important post will be fully 

Please reply in confidence to:— 
lan Dipple, 


20 Copthall Avenue, London, EC2R 7JS. 

Thomson McLintock Associates ^ Finsbury F 3 avern ent London EC2A 1SX SML 



Company in the City requires a young person with 
investment experience to assist a director in the 
day-to-day r unning of funds. 

Salary c. £4,500. 

Please write to Bax No. RD. 456S, c/o Extel 
Recruitment, Pemberton House, East Harding 
Street, London E.C.4. 




Finance and 
Admin istration 


c £ 18 , 000 + car + benefits 

As one of the most respected and growth-orientated investment banking firms, our client provides a full 
range of investment bankingservices on a world-wide scale. The international banking activities are 
directed from its subsiefiary in London and a programme of expansion is now under way which win result 
in tha opening of new offices in major world banking centres. 

Reporting to the Managing Director and as part of the Young management team, thefinancearrd 
Administration Manager will be responsible for the efficient operation of ail tha financial and 
administrative activities of the firm, including financial reporting and control, treasury, accounting, 
taxation and personnel. With in-depth involvement in the governmental relations of the firm, the 
Manager win have the support of an internal team as wafl as outside lawyers and accountants. 

The role calls for interface with company management in offices throughout thaworld and the Manager 
will contribute to the formation of overall policy. 

Candidates for this positron be qualified Accountants, men or women, who have acquired several 

years experience, ideallyjn an international financial environment. Personal qualities are equally 
important and candidates must demonstrate enthusiasm, commitment, leadership ability and integrity. 

The compensation package win be structured so as to beattractive to the person who best meets the 
qualifications described above. 

Please write in confidence, quoting reference T.871, enclosing concise personal and career details to 


Arthur Young 
Managemem Services, ‘ , 
Rolls House, 

7. Foils Buildings. Fitter Lane, 
London EC4A1NL - 

Financial Controller 

c.£ 12 s OOO+Car 

A rapidly expanding Travel Agency Company requires a Financial Controller to take 
charge of its Accounting Division, based in South East London. 

The ideal candidate will be in the age group, 35-45, and should have substantial experi- 
ence of managing a large computerised accounting department in a competitive com- 
mercial environment, handling a high volume of daily input. 

It is essential that applicants should be able to demonstrate an outstanding aptitude 
for administration and the ability to organise and control the activities of qualified and 
unqualified staff to ensure the smooth and efficient operation of the Division. 

Responsible to the Deputy Managing Director, the successful applicant's first respon- 
sibility will be to ensure the smooth running of the existing accounting and organisational 
procedures and to develop these procedures in otderto provide for future growth. 

Candidates with the necessary experience, energy, managerial ability and a keen 
interest in personnel matters will find this a most challenging and rewarding appointment. 

The salary is negotiable around £1 2.000 p,a. and a company car will be provided. 

Apply, in strictest confidence, quoting Ref. No. AM86, to R. W. Murphy. Hughes Ovens 
& Hewitt Ltd., Executive Recruitment Consultants, 6-8 Old Bond Street London VV.L, 
who have been retained to advise on this appointment. No information will be passed to 
our client without the applicant's prior permission. 



Financial Accounting 
Manager- up to £8,000 


Wearer hi^!i!y wessiul UK International Manufacturing Group and a nv'iikef leader 
Fora role muon broader Hun additionally accepted, tve require a Qualified Aconufaii 
Ala or ACC A aged 30 -r mth industrial con mien, ial Thu uiarowtiil 
candidate will I lav* cnM of M staff and be respun ;:ble I or day lo day aaMunlii*,- . 
functions Ttis envisaged t!wt ihere will be an increasing involvement iiiocJi maiiagpnwiii 
and punning and evonluallylii group conwlidaliont, and the nuiiileiurioe of. 

_ accounting star idaid:* ... 

Tiw benelu-. include bonus scheme, confr ibufoiy pension scheme and' 
relocation expenses. 

Interested candidates should apply to our consultant;:- 


Accou ntancy A ppointnicnts 

•i 5:1 -rtoCh n lir^y S if Z p 1 1 do c .H(f4^5:YX ^ We ! c j? f 91il 

T -Biiifc pVMe'is^0u^ ; siic€ess>;-' ' . 









S45E: \ 

'i ou 






'-.'Financial Times Thursday May 18 1978 



Financial Director . 

South Yorkshire, over £10,000 + car 

. ex pan di^^at Ic^a^wholeM^anTd i«ri b uslness with K' ^ pr . eparatio . n and of pwfcnnance of 

a turnover in excess of £50 million Rewnnsihilit J 2 sh ? “ mpan V s operations ana acquisition investigations, 
to the Managing Direct L »» ^ *ould be qualified accountants 

function of the business. As a member of a voung dynamfr c ° m / T,erciaI| y onentated with experience.* computer 

Board of rwwi-rn« u u - 'i &Q>namic applications and have a proven track record in a senior 

Board of Doctors there will be involvement m the financial management role. Success in this position could 
development of company lead to further opportunities within the group. 

B.F. Hoggett, Ref: 70155/FT 

Male or female candidates should telephone in confidence for a Personal History Form to! . 

LE EDS: .0532-443661, Mmeny House, 29 East Parade, LSI 5RX. 


for European. London based subsidise? 
of American skateboard nftcr equip- 
ment eMSpan?, Sport* equipment 
sale* experience preferred. 

Send resume to 3110, 

Sumo Rom Avenue. 

Smrto Ron. Conforms 9S<01. 

available ts qualified tiudoms and 
. • experienced accounting personnel 
Contact Alet Moore on 01-628 2691 





A Member of the 
Ever Ready Group of Companies 

Manager - Finance 

Broad business role 
c.£8000 : London 

This is a challenge to the forecasting and detailed planning ability of the qualified 
accountant. Millbank Technical Services is engaged in the sale , supply service and " 
associated training for defence sales to overseas governments and. in the process, 
negotiates long-term fixed price contracts where accurate forecasting is crucial to 

This opportunity is for someone to head-up the fi n ancial function in one of the MTS 
divisions and take responsibility for the financial input to the contract control system. 
Prime task will be to develop methods of costing, monitoring and budgeting. 
Applicants, male or female, aged around 35, will be qualified accountants with 
commercial experience, preferably including exports and a knowledge of exchange 
control and foreign currencies. 

Salary around £8000 plus otfler good benefits. 

For further information on this challenging opportunity, please telephone (01-629 1844 
at any time) or write to the address below, quoting ref. B.8044. 

ASL Recruitment Advertising, 

17 Stratton Street, London W1X 6DB 


The Specialists in Executive and Management Selection 

Young Financial Controller 

(Director Designate) 


c £8,500 + bonus + car 

Commercial flair, enlrepreneurial abihty and the desire ‘° b ®/ota'iy involved m the 
development of the company's operation are prere^tsrtes fw this exeti ng 
position^ A private company, our client is very profitable and trades « the 
advertising media business. It wishes to strengthen its small senior management 
mating this new appointment-. Candidates must hold a recognised 
accountancy^ qualification and should have good experience of working at senior 
rnanaoement level In a commercially orientated environment. You will be 
responsible for all financial control and advice, and will play a significant part m the 

vr^rr 7 ?/ ; 2246/FT - Reed 

Executive Selection Limited, 1 5 Piccadilly. Manches e M T. 

Tfw atvne vacancy is open lo ^ and Nsrufe candMaes 

an Chester 



London Wl around £9000 + car 

Our clients, an international se ^. e ^ g^at h6 

Manager in coriiroiimg^QfOupsra^ re» purchasing candidates, 
also supervise the subsi-ntial fo 9 know | e dg e of commercial banking and 
male/female, must have dealing. REF: 462/FT. 

exchange conffolitxdudingforeig nexena 3 De Wa | den court. . 

Apply to R. P. CARPENTER FC j ^’ 7 R a Tel:- 01 -636 0761 . 

85 New Cavendish Street London W 1 M 7 RA- 


Executive Selection Consultants 


Group Treasurer 

The continuing growth, internationally, of the British owned Ever 
Ready Group has created the need for this new appointment. 
Operating through U.K. and overseas subsidiaries, Group turnover in 
the last published accounts was £172 million. 

The main responsibilities of this post will be managing the Group's 
cash resources, short and long term funding, and dealing with 
exchange control and banking regulations, both at home and 

Candidates, possibly now the number two in a larger organisation or 
from the banking world, must have good knowledge and experience 
of the City and Bank of England and other regulations, as they affect 
an industrial company. 

An attractive salary and benefits Including generous relocation 
expenses and company car are offered- 

Curriculum Vitae, indicating present salary and benefits, should bs 
addressed to: 

The Croup Financial Director. Ever Heady Company (Holdings) Ltd.. 
Ever Heady House, 1255 High Hoad. Whetstone. London N2Q OEJ. 
Telephone: 01 -446 1313. 

Account MlfUger for the Sink Depart- 
ment, will consider someone with 
leetkunenx or privxic client experience, 
18/15. Salary £5.fiW/£*.000 


fit 0985 Mrs. P. Dudley 



Selection Consultants 

For fast expanding unquoted public company operating in 
a diversity of computer oriented activities both in the UJC. 
and overseas. 

The ideal candidate is a qualified accountant, early 30's 
with at -least 5 years' experience in Industry or commerce 
and well versed in management accounting techniques. The 
position reports directly to the chief executive of the group. 

Salary, circa £9,000 plus car and usual fringe benefits. 

Replies with cv to: — 

Maidment Posner Consultants 
78, Wire pole Street, 

London W.l. 

Reference CS4. - 


American Lottery Management Company 
Potential £25,000 + per annum 

The U.K. subsidiary of a prominent UJS. promotions company 
is looking for outstanding entrepreneurs with proven sales 
and administrative ability to co-ordinate an aggressive lottery 
marketing programme throughout England, Scotland and Wales. 
Level-headed, high-energy individuals required immediately 
to capitalise on rapid growth opportunity. Consumer goods 
or lottery management experience desirable. 

Earnings potential exceeds £25,000 per annum based on 
realistic performance goals and superior product and systems 

Write in confidence to Managing Director, 74, Arlington House, 
Arlington Street, London, S.W.I. - * 


We are a growing and broadly based 
organisation with over £500m. under 
management and require an ' enthusiastic 
Fund Manager with some years’ experience 
of managing or researching U.K. securities. 
This position carries a high degree of 
responsibility and will involve international 
fund management. 

Terms of employment negotiable. 

Please write to Box No. RD.4574, 
c/o Extel Recruitment, 

Pemberton House, East Harding Street, 
London, E.C.4. 



Laurie. Milbank & Co. require an additional analyst to assist 
In the coverage of the retail and food sectors. This is an 
excellent opportunity, with plenty of scope for advancement, 
for a young Analyst with a few years experience, preferably in 
these sectors. Remuneration will be at an attractive level, 
through basic salary plus bonus, and there is a non-contributory 
pension scheme. 

Applicants should supply full c.v. to 

The Research Partner, 


Portland House, 72/73 Batinghall Street, London EC2Y 5DP 

Art and Decorative Iron Work 

We are a mijor European ferrom foundry with origins it die very roots 
of die Indus trii] revolution and a brand name which says this. 

We are proud of our continuous link with the put and have ranirtod 
many of our traditional skills. These have always found ready snd select 
outlets bat no serious attempt has been (hide to Couinerclaily exploit our 
opportunities in this field on any scale during the last fifty yaars. 

We are Interested in hearing from any individual or organisation who feeli 
that they have the knowledge and capability to lead a venture project 
aimed st re-developing this market in which we were once supreme. 

Write Box G.1926. Financial Times. 10. Cannon Street, EC4P 4BY. 

Assistant Accountant 

required .by City Commodity 
Brokers near Fencburch Street 
Qualified person preferred 
with experience In the pro- 
fession gained after qualifica- 
tions. Company have ICL 2904 
but Computer experience not 
essentia L Salary . £7,000 pa + 
annual bonus. 

Please write Box A 8382. 

Financial Times, 10. Cannon 

Street, EC4P 4BY, 

#M« iMtMie, 20-25. Mth sound 
fcnOMiedo* tri nrlm*ry and secondary 
market trading to be responsible fov 
Making with their Mow VoriToOco v5 
gwwiw ttwk.ap. To_fia.QP0. Monica 

6542 . 

Recruitment Consultants. 039 




rJ.TfS?”. 10 ??. organisation 

require* iboWrtenced financial writer. 

i "£*• « conpreiio.wiw, economic 
analyse*, m roporiorlal style, on the 
ranous orinctoji .nqjMtnii, countries, 
a* a per article busts. 

■ 1 ri * — <> T 9 a . n m** | A" will provide toe 
raScartn ««wrlai roam red to write the 
written about various 
countrim. as aesiqnatHi. bi-monthly 
:*?— . »* written about a 
SiAflie Country. each ejje. 

i,. Tjj* tuttesaftH applicant win nave » 

rtPOmuQ. The for nfftlflQ OtCii 

worrtf' ft tw0 •"■““fid 

txJ SSSS «wPwfc*SS? ,BB f8turT ' c “* 

MoMep. blmnn. 


and financial wmanam. 

SSuTM * 

cannon street. 

"an d “financia l jfirrfee* 


A *136 lT‘T "r 



Age 26-35 

Our client is a management 
c o mpa n y boxed in Grand 
Cayman, British West Indies- 
The Company has been farmed 
to manage the professional 
Reinsurance interests af a group 

multi-national corporations. 
Premium Income is already 
running at tho level al ■ 

$20 million pa with expectation 

that this will grow to 

S200 wilTlinn in the sear future. 

An individual is sought to 
take over the accounting and 
financial control functions of the 
Company. Responsibilities will 
include: Supervision ol 
a cc oun ting staff; operation of 

the computer and statistical 

department: preparation ot cost 

control systems end budgets 
^ttvT mth flow management. 

Candidates should be 
qualified ACA/FCA with a 
minimum of three years post 
qualification experience. They 
should possess some 

administrative and 

management experience and be 
familiar with modem financial 
management practices. 
Familiarity with United States 
practice would be 
advantageous as would 
knowledge of the 
Insumnce/Reinsur ance 

pensionable. The successful 
candidate will be expected to 
relocate lo Grand Cayman. The 
job will ideally suit candidates 
with small families. 

Your name will not go forward 

to our client until vou nave had 
a full briefing ana have given 
your consent. Please send a 
summary covering employment 
history, achievements, current 
remuneration and age lo; 

Simon Green 
BDC (International) Lid 
26 Dorset Street 
London W1M3FU 

offering first-class career 
development. The position is 

licoaBad in Gioat Britain- 

Company Secretar y- 

Directorship, prospect c. £/c k \ \ 7 

This appointment is with the principal UK subsidiary - turnover about £ 30111 . - 
of a successful international construction irroup. 

The appointed candidate will provide an auihoritarivc service across the full 
spectrum of company secretarial responsibilities. A directorship could be earned 
after about 12 months. 

Construction industry experience would be advantageous, but the prime 
requirement is several years' relevant and successful experience in a public 
company. A CA or CIS qualification is essential: the preferred age range is 
35 10 45- 

Employment benefits, which would include a quality car and re-iocarion 
assistance, arc of a high standard. 

Please write briefly - in confidence - to C. Bcxon ref. B. 17260 . 

This a/VViM.’ii.vWJ it t'pen to turn 011J icornen. 

HS5L Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X 6DB 

Business Analyst 


This new appointment is a key role in the corporate plan of this successful 
East Anglian group 1 turnover £1 im. plus) which has the capital resources to 
follow its policy of diversification. 

Reporting to the group’s Financial Controller and working closely with the 
senior management team, the appointed candidate will initiate and undertake 
evaluations of diversification opportunities, and subsequently contribute to 
planning the development of resultant businesses. 

Probably graduates (ideally in business studies) aged 25 to 33 , candidates 
should have experience of overall business evaluations, although their 
particular work may have been directed towards financial and or marketing 

Salary up to £ 8,0003 car; bonus; ie-location help. Career development 

Please write - in confidence - to G. E. Howard ref. 8 . 29414 . 

This appoint mew is opal lo men and rronicn. 

Management Consultants 

Management Selection Limited 
Union Chambers 

63 Temple Row, Birmingham B2 5NS 

The person ri<ri consul titricy deal 


Owing to promotion, a vacancy exists at the Birmingham Office of a 
leading international bank for an experienced Marketing Officer, 
ideally, candidates will be ‘ currently employed in international 
banking in a marketing role, will have knowledge of the more 
important commercial corporations in the Midlands, and will have a 
good background of banking knowledge including credit appraisal, 
foreign exchange operations, and bills/credits. 

This appointment entails management of the bank's Birmingham 
Office, and there are excellent prospfects for future progression within 
the organization which is represented in all major regional and 
international financial centres. The salary and benefits offered will 
fully reflect the demands of the position, and will attract applicants 
of the highest calibre. 

Contact Sophie Clegg 


A leading investment bank is expanding its Bond Settlement 
Department to meet the demands of increased business. Two 
opportunities occur for young people, ideally aged early/mid 20s, 
who are experienced in bond settlement procedures via Euroclear 
and/or Cedel. 

, Contact Richard Meredith 


An international bank seeks an experienced documentary credits 
clerk with a minimum of 4 years' experience. Salary is negotiable and 
there is the usual range of bank fringe benefits. 

Contact David Grove 

ITOBishopsgafe London 



Racal bids for a 
big modem market 

ANNOUNCING a family of data Racal-Milgo director, the fact 
communications modems based tbat there has been co-operation «. 
on the latest available tech- between design, teams in the UK 5 
nology in the form of custom- and the U S. has resulted in the 
designed microprocessors, Racal- production of a series which will 
Milgo has also moved to expand meet the requirements of a very 
its management structure the large number of computer users * 
better- to meet the burden on the everywhere. They are compatible ^ 
top men of running an ini- with the company's new network & 
portant International company management systems: 
operating 'in one of the fastest- The modems have exception- 
growing and most bitterly com- ally fast synchronisation with the 
petitive sectors of the electronic One on switch-on — only 30 miili- 
equlpment market. seconds at 9,600 bits compared 


Sr™? ww S! resulL lbe Eisners claim true 

madfil XTlh’/' awSllties'or ^"^^'‘of^te'diSSlhSS 

TTS d and nl s >' stems rtOW being Installed In 

Racal-Milso E as° well "f £%£.' ,B *“ 

ordlnated™ ** Cto “ ly C0 " Compatibility with CCITT V29 

recommendations or with Racal's 

Three new main lines of current 9.600 and 4.800 bit equip- 
modems have been developed for ment is provided and the units 
high-speed data com muni cat Ions have been designed for maximum 
WO j ; at 9-600. 7.200 flexibility so that a change in 

and 4.SGO oils per second. user requirements does not mean 

In the view of Barry Sturtard. a need for different equipment, 
now technical director of Racal More from Racal-Milgo, Bennet 
Data Communications and a Road. Reading RG2 OSS. 

Viewdata adaptor 


Protection of pipelines 

A MUCH., greater demand for several years, .starting in 19b0- 

tbe use of epoxy based fared This project vM result in an^ 
pmvder coatings for pipeline pro- «£?rwinl for powders 

tection was forecast yesterday at Jjj? 

a symposium organised by Shell powders based on epoxv 
Chemicals U.K. in London. resins can be formulated to PJ 10 " 


ivuuwuij «***• V«. 1C9449 Uin j - 

Referring to plans for a new duce_ inert coatings fo * I 

Keternng to pians tor a new „_r,r, n mnditions 

42 ins diameter transmission pipe- jhan%Qrapctim’e techniques, U # INSTRUMENTS 
line for North Sea gas from St. £r_ e , aiin £ d at the symposium- w 
fergus. Mr. David Gray of 5 * e “ “ e L use d even where 

British Gas, Engineering Re- JSt&iI temperatures exceed Jjjg 1X2(16 

search Station. Newcastle-upon- ifmiWees r. whereas conven- 
Tyne, said, “ We are switching ttonslsvsteins begin to lose their v 

Tyne, said, we are switenmg tt j ^ gtemS begin to lose u«w 1 
from the conventional coaltar esSntial properties substantia!!.' CflAW 
wrapping method because of -the Stow that lempcrauicc. OI*V TT . : 

more exacting demands of coat- ^ unit p(ist of pipework M0RE TilAX 50 u.S companies 
ms performance made by modern w uh cPQxJ‘-h asl?d ? n “' d " are exulted to exhibit at PC* 

pipeline .technology. . systems is usu ally equivalent to- >-<5 til be held '.at ' t'ne United 

This -will bfe the first major or slightly lower than, traditional Slates Trade Center, June 5 to 
European pipeline project to use and competitive tualinp 111 e in no. . y , nP | uSlv p. 
epoxy powder coating. The line is it was added. Field operation;. ^ lisr (1 f them will be lowing 
expected to be 450 fan long and such ns handling, testing ana ri*- ti M ».|,ioinciers.. temperature and 
construction is to be spread over pair were all simplified. pressure controlled switches and 

valves and a- significant propor- 
tion of the companies are new 

0 MATERIALS to the U.K. marketplace. Some 

^ w ill iborcfwc be looking . fay 

Study of adhesives “El .S233 

A STUDY based upon an exten- be made of the attitude.* within in j.e\eral other parts of the 
sive programme of field .inter- these industries iov\ird> ... . .. rc ^_ 

views with raw materials manu- chemical, as contrasted with f ,. - h jJi rfu reLoidon^'WlW 
facturers, fonnulators, specifiers physical, bonding in k«-> manu- ^ w a WIN 

and users in the major adhesives facturing and assembly opera- bAK vUl-63» <*»>■ 
application industries in Europe, turns, and also or the iikcij 

has been started by Industrial impacts of national and m- - j j 

Airlc flsmmahUitr and tOMCltV ICglSia- Li AA#f fl 4 TO 

7 itTT uaia auapiui Control of cutting |$ from the panel on die left. 

DEVELOPED by Labgear for colour encoder and a UHF a MPTAI WflRKlNfi 
use in the market trials of View- modulator. The hand-held unit ~ n 9 v ”** 

data scheduled to start next houses the selection keypad and TTfc • 1 • ' g* j 1 "■ 1 

month is an adaptor which associated control circuits, to- ITCF /"kY TklSJTl-* 

allows the service to be received gether with a small loudspeaker JL A. 8 ■ ■ ■ ■ gl tr I %5 m.€& LW 

with no internal modification of so that the various signalling "*■ 

colour or black and white tele- tones can be heard. PLATE profiling and nesting to tables to control pollution and operator to juggle the displayed 

vision sets. At the moment the company is — '*■-* --j«— - -= -*• — - u ~— — — 

Aids." ’ -- - - - fla £ u ^“ bi j ity a0d toxicity legisla- Feed data 

Its prime object is to quantify tion - „ . r ^ 

the mariset by adhesive type and The UK phase 0 . theproject AO „- A J 

end-use application in the now in progress represents an p g Sll 1 Gil 
Benelux. France. West Germany updating of a rormcr in-dcpi!i A*»^***-'»“ 
and the UK, and initial sub- study— continental phases will « 1 1 . 

scribers* special interests will be commence when sufficient sub- Qlll Pli ly 
taken into account in planning scribers have enrolled \j***wa. . 

tbe research parameters. More information from ‘“Jj neOTEC grain and feed quality 

Market patterns will be company at Terminal House. 3- an alysers are to be marketed in 
analysed, technological trends Grosvenor uardens, London ont j inland by Henry 

researched and evaluations will SWlW 0 AU. Sunon (Special Products Divi- 

sion!, Stockport, following an 
exclusive licence agreement with 

0 PROCESSES Neotec Corporation, Maryland, 

High speed cutting measure moisture, protein, oik 

O fir cx fibre and other constituents In 

A MACHINE which promises as an independent unit in the all types of animal feeds, cereal 

sion sets. At the moment the company is the most exacting specifications ultra-violet radiation and since outlines into the best positions 

It consists of a small wall- unwilling to even indicate a applied anywhere is being car- the water bath can be raised and on the screen by means of a 

mounted unit connected to the price bracket in which tbe unit ried out by Fiat- Allis at its Essen- lowered ten inches, plasma cut- light pen. © rKVvMDLo Neotec corporation. Maryland, 

phone line by a Post Office 96A will fall, emphasising that it will dene plant, near Stamford. Lm- ting can be carried out under Kongsberg and Fiat-Allis have 

jack, and a cable connected be dependent on the demand colnshire, using a Te’erex water with a great improvement collaborated in the development cftAArl /'IITTll'lCT These analysers will accurately 

hand-held control box which in arising during the trials. numerically coatroHed profiling in environmental conditions and of appropriate software. dUCCU WtlLllllw measure moisture, protein, oil. 

turn is plugged into the set's The initial experiment is to be uait which was shown in opera- no effect on the economics of the The Telerex equipment has 0 . . fibre and other constituents in 

UHF aerial socket via coaxial conducted in Norwich, Binning- doo for the first time yesterday, process. been on sire for some months a MACHINE which promises as an independent unit in the all types of animal feeds, cereal 

cable ham and parts of London with Telerex equipment, sup- The machine will operate on and has demonstrated the manu- v ] eaQe r and more accurate cut- continuous inode where u poten- gralnc and Hours. ! 

Contained in tbe wall unit are the public service due to start plied by ESAB.' incorporates numerical control tapes which facturer's claims for compactness . .. pVtrusion c usually tiometer governs the flywheel McaMiremont of quality para- 

modem. isolation circuits, auto- in the first quarter of 1979. More Kongsberg numerical controls. It have been developed and rested and ease of maintenance. The e . speed. Up to six blades r*an be meters normally requires time- 

dialing facilities, logic decoders, on 0223 66521. is of portal construction with a off-line for nesting procedures, full system with extended plastics, rs offered oy eetoi fitted to the flywheel anu. with consuming and difficult tech- 

gantry beam mounted on ideuti- particularly important in im- numerical control should be Machinery*. Cradock Road, this number, a maximum of niques. The Neotec analysers, 

T\rt 4 (- 4 -fc n¥T T S4-Al» cal side carriages. Nine slave car- proving production economy, operative in July, giving the Luton. Beds. 9,000 cuts per miuute can be using an Infrared spectral 

B JMI H S WiiLIllfiSi SVSLcITIS riages are driven by a single The nesting equipment i* also Fiat-Allis organisation a substan- The roac hine has dual cutting made. approach, provide simultaneous. 

o transverse motorised carriage from Kongsberg and is its Afri- 1 la! lead over the competition. mo des i-ontinuous and intermit- Any lengths can he cut. ac- accurate, direct reading perrou- 

ANNOUNCED by Philips Tele- AEROPP 1 package can start by -moving a steel drive band. The graf unit which has interactive More from ESAB at Gdling- . , nt ^i S j n r, a fiv wheel with a cording tu a pre-set selection, tages of up to six different con- 
communications Industries are meeting very low traffic through- nine are arranged in three graphic capabilities allowing an ham. Kent TdES 6 PU. 0634 34455. bla'de 1500 cuts per and the machine has been intro- fllltuents within 30 seconds. ,1 .■ » 1 

a pair of message and data P ut needs and extended in steps groups each consisting of a single minute can be made in the con- duced, says the maker, to meet Althoush the analysers arei ( t \ 

switching svstems desisned for t0 a capacity of several thousand oxy/gas cutting torch, a single % CONSTRUCTION tinuous mode, and 300 in inter- requirements for a rotary highly rophikticafed Instruments . 1 

,Jr. : 8 . messages per hour. Maximum nitrogen /water injection plasma ■ The wheel Is driven machine capable of rutting ex- they are extremely easy to use 

aeronautical operations where it capacity is 64 tow speed and unit and an oxy/gas torch throuRh an electromagnet dutch trusions up 10 about 25 mm in and’ nn special operator skiUs.ate 

is necessary to start with a small four medium speed lines. Basic mounted with a zinc oxide powder VI /s KJTIf-* £3 1 LTii!r mnrfo and an diameter five of >wjrf to within required. 

is necessary to start with a small four medium speed lines. Basic mounted with a zinc oxide powder 

Making a space 

system and grow to something AFTN functions can be marking torch which can operate an ^mnnUo derived from a batch — 1mm ° ver 3 u ' ide range of Simon Engineerings PG Box 

bigger. augmented with other services for marking at 12 metres/m Lime. IT IS being claimed that the cost The manufacturer. Thames * „ P iniriaips each hieh- extrusion speed?. 31, Stockport, SK3 0RT. 061. 428 

Called AEROPP I and II. the such as flight plan processing. In this way. three plates of of void forming in construction Honeycomb Products, says that „ * ocn ,,rinn nF thp flvwhwL More on 05S2 54271. 3600. 

equipments permit a small AEROPP II is a more power- 2x6 metres can be cut siraul- work can be reduced by using a unlike tbe fihreboard box and sp K e >? r ? , ft ^ * t ^ 1 -" — — — »- 

initial installation handling only ful system created by adding tancously and as there are three material called CeUcore. former method of obtaining a ir 1 K advantage of I ’ 

ci|ui|jiucuLa pc mu a ftLnurr ii is a more power- z X o metres can oe cut siraul- worn can ue reancea oy using a uiuikc me nureouara uo\ uuu - r ,v. . oftpr rhp cut han 

initial installation handling only ful system created by adding tancously and as there are three material called CeUcore. former method of obtaining a wm-.n naim aiier f 

aeronautical fixed telecommuni- disc facilides and more compre- separate water tables, a total This product which combines a v 0 ‘d. assembly and alignment are ®J* n . “fr?- ““ f th 

cations network {AFTN I traffic, bensive software. load of nine of these big plates cellular core with strong facings unnecessary. The void forming «“ ™ £ Sit S e !S‘ hiSi- 

to progress to a powerful mulb- More from the company at is possible. is available in 1 inch and 2 inch sheets arc cut to fit by knife or company is injv a mean mgn 

user centre providing a full P.O. Box 32. Hilversum 1301, The Plasma application has thicknesses and can be safely saw where necessary, and laid fPefjJ jut /an aiw; ays m : raaoe 
range of services. The basic Netherlands. required the installation of water walked on when installed. 2 ,r * ct l>' on 50 lh * formation. oV thl 

required the installation of water 

uu IV uic luiniauuu. --- — • , . . • __ f u A 

Cellcor supports ibe concrete extruded part^ required or the 

during its curing, and then dis- rate of extrusion. • 

integrates over a period of time. . The machine can be operated 





Is it too big for 
your budget? 



JUNE 26 1978 

The Financial Times proposes to publish a. Survey on United Arab Emirates. The main 
headings of the provisional synopsis are set below.. 

INTRODUCTION The UAE in the seventh year of its existence. The continued develop- 
ment of the federation and federal institutions under President Sheikh Zaid. Factors 
leading to greater federal unity without undermining the traditional authority of the indi- • 
vidual rulers. The integration of the police and armed forces and participation by Abu 
Dhabi’s fellow Emirates in the federal budget The UAE’s role in the Arab world and its 
relations with its immediate neighbours. 

THE ECONOMY Structure of the economy based on the twin poles of Abu Dhabi’s 
oil wealth and Dubai’s income from hydrocarbons and trade. The growth of federal spend- 

DEVELOPMENT The development of the infrastructure, a service economy and indus- 
trialisation. The disparate nature of development planning in the UAE.’ Abu Dhabi’s 
own projected industrialisation project at Ruwais. 

FOREIGN POLICY AND AID The UAE’s relationship with Saudi Arabia and its views on 
Gulf security. Relations with other neighbours, including Oman. 

DEFENCE The main security threats to the UAE. The united armed forces. Progress . 
towards integration. Mi l it ar y purchases. The navy and air force. 

Lesney components would improve 

. They are astonishingly accurate. Ready 
to use. Always on time. And either diecast in 
zinc alloy or plastic moulded to any fipi^h 
including metallized, sprayed or hat foiled. 

Ford. Hoover. Stanley, Kenwood and 
General Motors use them. 

•" Lesney will stockpile m their own 
warehouses and deliver by their own 
transport They have multi-million capital 
behind them. TTieir technical knowledge is 
legendary. TTieir techniques are envied- 
And they don t let people down. 

Ron Perryman, Managing Director, 
could give you many more reasons for 
putting Lesney's good name behind your 
good name. 

Call him. 01-985 5533. 

jSffT Lee Conservancy Road. Hackney, 
London. E95PA Telex 897319. 

Why such a small ad? 

When you're very good you needn't shout 

electrical wire & cable? 



Thousands of types and sizes in stockfor immediate delivery 

NDON 01-561 8118 ABERDEEN(0224)32355/2 



24Hr. EMERGENCY HUMBER 01 637 35B7 Ext.409 '. 


So bigyou have to see it to believe it 
3,000 miles or so from New York to 
California. Four tiraje zones wide. About 
six hours, coast to boast by jet 

Small wonder mis,big country Isn’t 
covered on an effective daily basis by any 

Save one. The Wall Street Journal. 
Our plants, located all across the U.S., 
enable us to reach millions of U.S. 
decision-makers with the same news on 
the same day, coast to coast 

The Journal’s topicality — com- 
bined with concise, useful writing that’s 
renowned world-wide — makes it in- 
valuable, to those who manage American 
business, finance,investment government 

So advertise in The Wall Street 

Big reach for a big cbuntiy. At an 
affordable price. 

wl The Wall Street Journal. 

The aH- America business daily. 

Represented by DjrMS. In London, call Ray Sharp at 
353-1S47: in Frankfurt, call Joachim Nimvarax (611) 74-57-40. 
Other DJ1MS offices in major business centres around the 
world. ' 

These securities hove been placed privately outside the Netherlands. 
This announcement appears as a matter of record only. 

INDUSTRY Changing policies towards major industrial projects. The major plans of 
Abu Dhabi and Dubai and the progress to date. 

INFRASTRUCTURE Progress towards completing basic economic installations in the 
Emirates. Telecommunications, sewerage, water, electricity, port facilities, airports, hous- 

PORTS The immense expansion of the UAE’s port facilities and plans to develop new 

AIRPORTS The UAE’s existing international airports at Abu Dhabi, Dubai, Sharjah and 
Rasal Khaimah. Plans for new airports at A1 Ain, and Abu Dhabi. * " 

For advertising rates for this Survey please contact Laurette L. Lecomte-Peacock, Financial 
Times, Bracken House, 10, Cannon Street, London EC4P 4BY. Tel: 01-248 8000 Ext. 515. 



The content and publication dates of Surveys in the Financial Times are subject to change at the discretion of the Editor. 


Dfls 75,000,000 


6!4% guaranteed bearer notes 1978 due 1985 
guaranteed by 


Amsterdam-Rotterdani Bank N.V. 
Algemene Bank Nederland N.V. 
Bank Mees & Hope NV 
Pierson, Heldring & Pierson N.V. 

Osterreichische Landerbank 

May 11. 1978 





Sr® 1 ]® J°y an d beauty A quick wail Smurfs march forth 

X XiAXDJ!# 11 & a Q13TK Of thp CfiSSful rffr *■ - ^ 

. VWeem in which creaUve Dennis res P DIlse ^cverus- Press BRITAIN'S HAIL ORnER out in excess of lasn nnn i-i_ 

a i. \ \IAYBE IT'S a mark of the 
Vsteem «n which creative people 
t. 'MOdd the Designers' and Art 
I IT i[M rectors' Awards that while the 
‘tj'f * ‘ews of his impending divorce 
, " [f'lii « breaking in the worlds 
v i. Hjjfliedia last week. Lord Snowdon 
\llti. '’as at the Grosvenor House 
lotel collecting a D & An 

cessrul direct response adverus- Prwc *, . . .. 

“ng for Scotcade. Scotcade D lnA^A^n 1101 , by 
coming from nowhere u, a * mA * heir R a wI » Q ^ 

current annual spend of night on D a k Was J?*’ b ° th 

f lm. an five venrs wnn a Rniu r .._‘t nd . AD and the Creative 

\jlii. '’as at the Grosvenor House 
Mi [otel collecting a D & ad 
L ward for his photography. Also 
resent amid the merry throng 
. / 1,500 advertising copywriters, 
rtists, designers and chums was 
hhn Cleese who, eschewing 
allow comedian Woody Allen's 
istaste for gongs, collected two 
rophies for his brilliantly 
unny Sony radio commercials. 
’’The D & AD beanfeast brought 
o' a belated end this year's 
■alaxy or advertising award 
reremonies. The D & AD Awards 
;re probably the most popular, 
fld carry considerable prestigp 
yevertheless they are but one 
; rf at least a dozen annual adver- 
.ising awards collections spon- 
ored by a variety of associations 
* fnd media. No other business 

ledica>Les itseir so diligently to 
Miming ribbons on its own chest. 

. Explaining his boycott of the 

{■• i lallywood Oscars. Woodv Allen 
1 'Eft ii» ,r P ed t,lat if 's impossible to 
u UJ -ote one film better than another. 
k, ls Annie Hall better than Star 
5 1 !'C' !VMi« . ,Vdrs he ask ed. It's a univer- 
UjPH 1 Problem, dogging aU forms 
. artistic comparison. There 

f - II h'L'If ie3ther is nor ev er will be an 
> ‘Mi\ll fternal rod agaanst which all 
i :reative works can be measured. 

Thus it is not altogether sur- 
' prising that, the judges in 
.... the various advertising award 
Schemes fay no means aiwavs 

• concur as to whit* ads are best. 
This year. 11 of the 14 winners 

- of Campaign's British Press 
Advertising Awards were not 
. even short-listed by the D * AD ( 
—an especially high level of 
discord which doubtless reflects , 
tiie differing compositions of the i 

• two juries. The D & AD jurists j 
are virtually all creative people, < 
while the British Press Advcrtis- | 

• ing Awards' judges include i 

marketing people and even * 
(gosh !) clients. t 

The difference in the jurb/.' 
approaches is spotlighted in their a 
response to the continuously sue- f 

e Mm. in five yeare. won a British CirH? and ^ Creatjve 

s Press Advertising Award and CDP most y f aTS ' 

I .kst month annolmed by the Tils®™! Zn C 2n ^ 
a president of rhe Crpariuo „„ 50 . urees . than all the other 

) with his personal seal of honour a p°Cies put together; and most 
3 Note that the (^Mtive Cirei* ZL * "f 5 exceIlent ' Professional 

« SSfclL orradic^^ 611111 ^ 

s zileh a in e tfae { De“’ 8 ^ lt a„ S rS curtSHe”®” 1 ** th °, ueh '- do 
; Directors' Awards! E£? aL X advertising to 

5 To return tn De ' ° n the evi den ce of Scotcade. 

1 Oaralfel inovie vecy - Detergents' and tooth- 

t ESHflv box-office success is pastes and patent medicines 
“Z 0 Jtse K whilst nightly prove that hackneyed! 
i iS m *° recognise other commercials can make the cash 
i ”«*: likewise D and registers ring. Here perhaps we 

[ fki.nrf^ fe objec,lve 11 was h 2 v * the ke y t0 wfa y admen so 
‘Ounded 16 years ago: To define adore awarding themselves 
ana improve the current stand- awards, while accountants and 
■ ards of all forms of graphic in stockbrokers and production 
; Practice in Britain.” Now!, note. en eineers seem able to earn their 
about sales or turnover or profit dai, y bread without endlessly 
L'ver the years, advertising ringing each other's necks with 
; awards have depressingly often garlands. 

; been won by campaigns which Despite all the pre-tests and 
1 foiled dismally in the market- P f 'Sl-tests and awareness checks 
place. The Scotcade advertising. a . n d regression analyses, adver- 
in contrast, is known to be highly tis 'ng is still a suhjective. uncer- 
sa/es effective. Yet. with Lhe T *>n- nebulous business. Advertis- 
honourable exception of the inf * practitioners. therefore, 
president of the Creative Circle neur °ticaUy seek the reassuring 
it fails to inspire the fervent theef * of thei r peers: 1.500 
admiration that. say. the eni"- assembled admen can't be wrong, 
malic Benson and Hedges King tan 

Size poster and print campaign Worse, to spotlight the dif- 
achieves. The Benson and rpren ce between the Scotcade 
Hedges mystery ads — from arid Benson and Hedges cam- 

Ccillett, Dickenson, Pearce won P a iB ns > admen's personal tastes 

medals both from the D and are of ten and inevitably unlike 
and British Press Advertisin'* l bose of the audiences for whom 
juries; but of their putative tbe - v produce their advertise- 
effects on' the brand's sales little nien ts. It's gloomy, but even 
has been heard. crude and grotty advertisements 

The Benson and Hedges adver- are often wildly successful, 
tisements indubitably represent Nobody believes the Daz pack 
a quantum leap in advertising 1° be a thing of beauty and a 
fashion, and have set the starf- forever: but that's the way 
dard by which all future puzzle f be customers like it. Awards 
ads will be judged. None of the assuage admen's consciences by 
rest of this year's award winners, allowing them to applaud the 
however, could be said to break m osr attractive and imaginative 
new ground in the way that for wt, rk whether or not it is corn- 
example. the Doyle, Dane. Bern- ntercially successful. Which Is 
bach agency led a revolution why, however high their esteem 
with its honest-to-badness Volks- among creative people, clients 
wagon and Avis advertising in will always view awards with a 
the 1960s. nervous suspicious squint. 

Collett's current Parker Pen Winaton Fletcher is nuinaaina 
ads were decorated by both the director of Fletcher Shelton 
Creative Circle and the British Delaney. 

Another £1.5m. for ABM 



THE REMORSELESS progress of 
Allen Brady and Marsh, the 
number one song-and-dance shop 
m town, continues with its 

acquisition of British Rail's Sea- 

ink account, worth £1.5m. ABM, 
— whose total billings this year 
will top £20m and whose growth 
will soon launch it into the 
. top ten list, has added on 
e» £6ni in new business in the past 
12 m °nths, including work for 
BAT. Berger. Wrigley and 

Hanson Trust . . . Tony Abrah am*; 
is handing the chairmanship of 
D'Arcy-MacManus and Masius to 
David Lee on June 1 because of 
growing international commit- 
ments as chairman of Masius's 
European business nnd as_ vice- 
chairman of Masius world-wide. 
Abrahams says it has been 
exhilarating to watch Masius's 
billings grow from fl3m. to lhe 
£60m forecast this year. David 
Lee's place as one of two Masius 

deputy chairmen- will be taken 
by Dick Wrath all, a director since 
1966 . . . McCormick Richards has 
added on the £325,000 Habitat 
(UK! account, filling a gap in its 
list caused by its resignation of 
Times Furnishing late last year. 
McCormick i s now billing 
virtually £10m; it has added 
£I.5m so far this year . . . Nicolas 
Phillips, head of. research at the 
COk -since 1973. . is joining 
Beecham Products*. . 

u . J l 


s men are a busy lot. Mail order 
i now accounts for at least 
e flJibn worth of consumer sates 
^ — probably more — or some- 
J. thing like 9 per cent of non- 
t food expenditure: In addition) 

1 their advertising costs are 
r running at more than £30 m. a 

j But they are displeased. Last 
week, in London, 200 mail 
. order advertisers staged what 
i amounted largely to a protest 
| meeting at which the cbief 
i targets of their displeasure 
emerged as the media. White- 
i hall and Brussels. 

They elected eight leading 
mail order advertisers to form 
a working party under the 
umbrella of the Britisb Direct 
Mail Marketing Association, 
passed a number of resolu- 
tions, and issued a statement 
making it clear they wanted 
more information, more con- 
sultation — and greater rcspeci. 

According to Denis Jarrell, 
chairman or the BDMMA: 

" People tike home shopping 
and they like the wide choice 
of goods offered at reasonable 
prices by the mail order indus- 
try, but there are disturbing 
trends towards excessive 
bureaucratic interference that 
is bad for trader and customer 

The mail order traders* main 
beer seems to be with the 
media. So far as Brussels is 
concerned. Iasi week's meet- 
ing merely decided to work 
alongside the Advertising As- 
sociation in ils efforts to 
oppose the EEC's directive on 
misleading and unfair advertis- 
ing. In more general terms, 
tbe meeting decided that ils 
executive committee should 
work towards framing a code 
of ethics based on tbe best 
practices of mail order — “in 
part," said one mail order ex- 
pert later, “because codes of 
ethics are very much in 

As far as the media goes, 
(he mail order industry has 
two main complaints. To start 
with, it reckons it is still 
treated by news desks as being 
on a par with some, of the 
more flashily entrepreneurial 
sectors of business, and the 
gathering passed a resolution 
inviting the media to take note 
of and digest the public's 1 
acceptance of home shopping: 

More to the point, the mail 
order business Is unhappy with 
the way the Newspaper Pub- 
lishers’ Association runs its 
mail order protection scheme. . 
The principles of the scheme , 
are not in dispute. ( 

To date, the scheme has paid I 

out in excess of £250.<KM) to let- 
down readers. Some mail 
order traders are perturbed by 
tbe form-filling required bv the 
NPA, and by the fact that'tbev 
are required to divulge highly 
detailed commercial informa- 
tion, though the NPA says this 
information is treated in the 
strictest possible confidence. 
Some traders are perturbed by 
a recent proviso slating they 
must not dispatch sales 
brochures for goods wheu 
sending out orders without the 
prior consent of the NPA 
(According to the NPA, this 
proviso is specifically intended 
to control the sales ardour of 
manufacturers of “kinky 
underwear Some traders 
dislike Ibe apparent financial 
complexity of the scheme. And 
a number say it is about time 
the NPA dropped its “autocra- 
tic manner and language " 
when dealing with the mail 
order sector, though ih e NPA 
says that In such a fast moving 
business as mail order, 
corrective action — when neces- 
sary— must be fast, which is 
why friction may sometimes 

Hopefully Uie media and the 
mail order meo will learn to 
live happily together. M.T.-N. 

REMEMBER THE days when the 
big oil companies went in for 
all that excitement on petrol 
station forecourts? Esso’s tiger 
in the tank, gifts of glasses, a 
whole raft of things to collect? 
Today the talk among motorists 

is about the price of a gallon 
and where it can be most 
cheaply bought; among the com- 
panies it is about how much tbe 
price of peurol must go up. 

It is all very dull, according 
to Don Chadwick, general 
manager of National Benzole, so 
in order to bring some fun back 
to the trade— and profit— he is 
launching Smurfs with a £lin. 
publicity budget. Smurfs? They 
are two-inch figures, a bit along 
the lines of the Seven Dwarfs, 
which should sell for around 36p 
and can be produced in near- 
infinite variety. 

Smuris were created about 20 
years ago m Belgium and have 
been spreading around Europe 
ever since. More recently the 
Smurf song lopped the pops m 
Holland and Germany. EP Hol- 
land, which has been using the 
figurines for some time, has 
almost sunk from sigh! as a name 
under the weight of Smurf popu- 

Smurfs : National Benzole 
is staking flm on the little 

larity. so that ihs stations are 
now called Smurf stations. 

Always dealing at arm's length 
with its BP parent. National 
Benzole went after the exclusive 
rights for Smurfs in the UK. and 
got them. Test marketing seemed 
to show that the iik-a wiys good: 
at a medium-sized garage ( 6 . 000 - 
10.000 gallons a wecki near 
Crawley, and with n» advertising 
back-up. 1,000 Smurfs a month 
marched over the counter, and 
there was a nejr-2l» per cent 

increase (by volume! in petrol 
sales during the period (Novem- 
ber to March !i 

Starting on Saturday, teaser 
ads. will start to appear as part 

of a £500,000 TV campaign pre- 
pared by Leo Burnett. NB's 
agency for 59 years. 

All of this is building on 
National Benzole's strategy uf 
supporting its dealers — mainly 
the smaller independent garages 
which, according to Don Chad- 
wick. have been going over to XB 
at a rate of 200 a year for the 
past two years. lu motoring 
terms, NB has about S per cent 
of the petrol market in England 
and Wales. These garages have 
had a tough lime since 1973 and 
margins are small. With Smurfs. 
Chadwick hopes more profits can 
he achieved through station 
shops, and nf course NB wants 
to increase its share of the £4hn 
UK petrol market. 

National Benzole's "Get-away 
Penpk-" ads. caused a furore in 
their day. and the company was 
the first lo introduce trading 
stamps and other innovations 
Now it says that Smurfs will 
become a cult, a collector's 
mania. Esso's tiger is now a very 
sedate beast. Will it twitch it's 





.* »’■ r 


‘fo 1 

, - 1 


The death of Gin and Tonic Man 

ONCE UPON A TIME — indeed 
not so long ago — -the public 
relations business in Britain was 
is qwn worst enemy. Gin and 
Tonic Alan reigned supreme while 
the real job of PR— a difficult 
amalgam of skill, flair, patience 
and experience — appeared to be 
left to a tiny troupe of true pro- 
fessionals supported by a chorus 
line- of PR-ettes, writes Michael 
Thompson- Noel. 

Gin and Tonic Man is still 
around, dispensing hand-outs and 
drink, though he's a dving 
breed. But a great deal 'has 
changed, and both clients and 
fheir PR consultancies seem at 
last to have approached a 
realisation that effective PR can 
no longer be weighed in puffs and 
column inches. 

In turn, greater professionalism 
is being reflected in higher PR 
fees. The Public Relations Con- 
| sultants’ Association has just con- 
ducted a survey of the upper 
ranges of fees charged for ser- 
vices rendered, and has concluded 
that inflation is now oniy one 
cause of the markedly higher PR 
fees being paid by clients. 

Michael Rice, the PRCA chair- 
man. says this is the first survey 
of its kind and suggests that 
further surveys be carried out in 
future_-The evidence of the first 

I survey indicates that annual PR 
: service fees in excess of £20.000 
: are now relatively common and 
that fees of £40.000-p]us are in- 
creasingly in evidence. Seven- 
teen PR consultancies were 
polled in the survey ; no clients 
were named. 

In all. 73 clients were shown to 
to paying fees of £20,000-pJus per 
annum. This figure is of 
significance because until not 
long ago, £20,000 was thought lo 
represent the upper limit of Tees 
paid and characteristic only 
of the largest clients and the 
largest, most service-orientated, 

Of the 73. 35 clients were pav- 
ing between £20.000 and £30.000 
per annum : 16 were paving 
between £30,000 and £40.000’: 22 
were paying 140.000-plus and of 
those 22. three were paying in 
excess of £100.000 per annum. 

Michael Rice draws a number 
of tentative conclusions from the 
figures. “First, it is evident that 
clients are becoming more ready 
to pay a realistic level of fee 
than they were in the past for 
services which have become 
more sophisticated and complex. 

" Second, the consultancies 
themselves are obviously geared 
to providing a more developed 
service, more significant-than tbe 

largely niedia-orienled services 
i of the immediate past. This in 
turn suggest^ a more skilled and 
professional level of executives 
at work in consultant firms who 
must necessarily command 
higher salaries. 

“Third, the figures suggest a 
greater determination by con- 
sultants to value llietr own ser- 
vices at a level more commen- 
surate with their own profes- 
sional skills and levels of 

But not all thjt can he 
deduced from lhe figures i* 
wholly satisfactory, says the 
PRCA. For a starl. it feels that 
22 out of 73 is too low a figure 
for the number of clients paying 
£40.000-plus. claiming that it is 
reasonable to ask what this level 
of fee means in terms of execu- 
tive time and talent employed on 
an account. 

The PRCA says it believes its 
members should multiply their 
direct execulive/director salary 
costs involved on an account by 
at least a factor of three. “A fee 
of £45.000 would thus represent 
direct salary costs of only £15.000 
— the salaries of two modest 
medium-range executives at to- 
day's rates, excluding the work 
of dtrectors of the consultancy.” 

The association finds it even . 
more remarkable. tha t- apparentl y 

; only three out or 73 clients are 
paying more than £100.000. 
“Either the services of British 
consultancies arc woefully in- 
adequate when compared with 
the U.S.. for example, where fee 
levels of this sort would be re- 
garded as very modest, or— and 
this is far more likely — British 
consultancies have a long way 
still to go in bringing their 
clients up to a proper fee-paying 
level for their services.” 

Unfortunately, it is at this 
point that the association finds 
itself skating on very thin ice, 
for a comparison between the 
current state of the PR art in 
the U.S. and in Britain is not a 
good idea. 

Early one morning last 
August, on the outskirts of 
Lexington. Kentucky. I expressed 
the mildest possible interest in 
obtaining some figures on the 
commercial health and wealth 
or Kentucky’s timber and coal 
industries. Forty-five minutes 
later the figures had been 
extracted telexed, typed and 
copied. That's PR in the US of 

Still, says the association, its 
survey is a start, and may give 
its members the opportunity to 
rap the table a little more 
firmly when next discussing fees 
with clients. It might 


V-Var.*-- •»---■ »*- 

► J i; J - 

A UK manufacturer is successfully selling audio components to 
the Japanese - who then re-export them in finished products. And fierce 
competition firomjapan is helping to force cutbacksinsome of Britain^ 

finished audio product factories. 

International trade is foil of complexironies.One man’s export-led 
boom is anothers import-led recession. One man’s overtime can be the 

In industry, action and reaction are the essence of an increasingly 
complicated life for the modem manager.To suceed he must be vitally 
interested in everything affecting his produtts,his workforce,his 
customers, his competitors. Ins suppliers and his markets. His problems 
are often complex and solutions rarely obvious. 

Moisan^nmpimtPuUislicts) LlmitcJ,30CJi™™JSa;^t,Iomi O nSH^H.3ae E ^01^5577H „ 

Today’s copies of The Engineer reflect this complexity. Its news and 
feature pge^range over all those factors-techmcaf pofiticaf economic, 
legal— affecting the competitive performance of industry in today’s highly 
organised society. Ayeafs issues add up to a history-in-thc-making of ° 
mdustry-a continuing narrative of fact, opinion and debate, charting 

events, ideas, relationships- tracing all the major influences on the direction 
or industrial change and growth. 

■And it is as stylish, lively andreadable nowasit was 120years ago. 

fs not surprising that in the engineering industries more engineers 
and engineering managers read Jj® 

The Engineer than any other !l*Z CTE3 

■publication!! Every week. LmI 


^^Mass-Observation, 1975 Hugmecrino; IndustticsZfo'adejs^pSan'cy 


LO fra SARD 

Financial Times Thursday May 18-1978 


"YOU’VE HEARD about the bi^ owned land in the Caribbean 
Caribbean financial deals"’ the Despite the growing influence of 

foreign minister said. L /, s - j|j e Future of much of 

■ “ .. T . ... the Caribbean from Haiti to 

No. I replied, pricicing niy Barbados is European. 

evs. Tell me more. j n tbe second instance two-way 

•"Wfill, you see. Carter got Ibis trade and European investments 
idea that the Caribbean should in the region are still important 
have a once and for all financial At .^ rautHen t when Brussels is 
-oos. - dl those lh* isloods J “* SSfiff* aid' 

could break out of their balance especla Uy minerals it is salutarv 
of payments difficulties and make to remember that Caribbean 
a big jump for growth. We countries account for per 
thought it was a good idea, so cent of world exports of bauxite, 
did the (Mexicans and the Cana- Tbev also account for a big slice 
dians. The World Bank was in of Europe's supply . of citrus 
on It and the InierAmerican De- bananas and sugar. 

50lR V? In the third instance there is 
nrff? U EE?* 0U t L ih^inS* Yii? the question of- the influence of 
SSL 3 d ^ l - t .!??.* ■ Jk 1 , r Cuba and its interest in bringing 

T*JLd and Tobfso h^u.V a ' h * MhmTmLninS 

ffoittat Sie 1, SLn“ ?fom« 5 lbe M SorieI r ” 0IL 

•the world lies in the palm of Man / »“ Europe would feel 
their hand But anywav v-'e that ine Cuban government has 
should be Ironing out a deal in sa: iL5elf 3 difficult task in this 
the next few months." respect but those who feel ner- 

, vous about the situation will see 
niMm»®rt' er9t T, ?? h p il ce tiat Sweater economic assistance 
? » iv«?M 1 n,„ a f; n 12 ern ^ l r from Western Europe might well 
the World Bank convened a .ol- re duce the attraction of Eastern 
Jow-up meeting with interested Europe for the .peoples of the 
ministers in Washington which Caribbean 
drew among others our Mrs. Harr. 

It provoked heart-rending cries 

or “ Bread, bread, for pity's fake. TV[ ^ w hrhfbcf 
bread" from those famished in- UUUM 

the Clribbeau toance It may be argaed in the com- 
minium,. dors Qf Erussels Whitehall 

Since then there has been noth- that any special help for the 
ing but an embarrassed silence Caribbean must await the out- 
punctuated by the faint sound of come of the negotiations later 
begging bowls being rattled by this year for a successor to the 
proud but desperate Caribbean present Lome agreement with the 
leaders in the world's financial countries of Africa, the Carib- 
capitals. A well placed inform- bean and the Pacific. The answer 
ant who works just a stone's to that must be that tbe renego- 
throw from Victoria Station now tiation is a long way away, its 
tells me that Uncle Sam has lost results are problematical and 
interest in the whole deal. will, even at best, not be tai- 
lored to the particular needs of 
yj p / the Caribbean. 

its Tllture That the British government 

... _ . .. . feels that the Caribbean needs a 
That, I feel, is a Pity. Bui it is big new economic boost now is 
not an irreinediab.e one and the proved by the statistics. While 
situation presents a number of Britain's aid to the recion has 
opportunities. Most importantly been bumping along at about 
it gives Britain in the Hrst place £2f) m . a year for .some years 
and the European Community in Mr.-. Hart h.;s commined nearly 
the second place a dunce of £4Qrn. to Jamaica and Guyana 
demonstrating to an important ojnro this v**ar and we are only 
and strategically sited part of the half way through May. 

Commonwealth that there is con- A1 , 0 / whjch | oes l0 strengthen 

cern in Western Europe about mv C3se that if v/ashin^ton has 
its economic and political future. SD * ne c 0 |d on a big aid plan for 
Why should Western Europe the Carihhean there is no rea- 
want to make such a demonstra- son for the Europeans to shrug 
tion? In the first instance the their shoulders and wander off. 
trade of the Caribbean has tradi- Before tbe end of the month 
tionatly been Jinked with Europe. Chancellor Schmidt will he in 
Britain. France, Denmark and Kingston to meet some of the 
Holland within the EEC had or leaders nf the Caribbean. That 
have still colonies in the region gives him a wonderful eppor- 
wbile Sweden and Spain among Unity 10 make a new commit- 
the non-EEC have In the past ment to the region, doesn't it? 

a name 

heart pains) was failed to protest against Nitro- again he “ relocalised.*' How- enforceable against an under- "Karlsbad" the fxnafiBS-G»<A 
by Alfred Nobel in glycerin changing its name to ever, the Czechs failed in their taking in- damages guaranteed spa in tbe proximity ur rv.ea. 

ENTERPRISES have an urge to against 

mark their progress and "to founded uj ninca nuu« ov— -n «uj.s «# wv>. w-k-iu ••—••• i«».» i*** uau»a-.- c — ------- , ... - , . . 

further it by assuming new 1S84 and received from him the XilroXobel in 1965? Another attempt to obtain approval for by a seenrity of DM 10,000. • the- addiuon orny re- 
names, particularly those which right to use his name in factor to be taken into account an “Ur-Pils" trade mark from r The Cologne court was guided thU'inrln 

already enjoy some goodwill, facsimile for trade purposes. Is that the Swedish Patent the German Patent office. This by quite different considers- . 

Marketing managers appreciate As long as the famous name Office registered the changes of office accepted the opposition tians from those which con- i ' ' r 

- - r- uul Luuiuuivu ure x vu«v 

ana many pranitive tribes which as the entire group (which is pjlsjjer URQUEL is a name Court on July 11, 1975. 

make boys change names when of great * 1 *■-- - - - - 

they become men. Unfor- market for 
tunalely, unlike the acquisition its name 


at npw namoc in nrimitiw - T " TX -. . — 7 — aumuis Mil iriU WllUllYiti- u? wiuj wfauwuy muse wbu 

societies the San^n^ofbus? ®gJj SIVes ™ It *s the only form of the mentioned multiplicity of laws names. The 

ness names is not we5 ordered Bo ? ors No *l e original trade-name which the —when one learns that the of a foreign iw of the German brewery and 

in our free-market economies fe^i IctionfeS^em" famou £, ***** fa Uech obtained from the Land- PJ^ble by 4h*JMSto ^ ^ i{s 

There .is a multiplicity of The « Le been tw ' n Plzen ’ taott ’ a 10 Germany 8ericbt (refi:<>aai C0UK) use product with the Oech Mta. 

i — .j - * .7 - , The Bofors group have been 

“Jternational rules us j ng the name Nobel in regi- 
such as trade-marks, passing-off. stered tade marks anee the 
competition and l upfair-competi- tunt oltbe ^ on the basis 
hon laws, to take into account. of ^ fart that Nobel 

These often give rise to inter- owned this company for a short 
mmable disputes wmch can time before he died In eha j. 
prove very profitable to lawyers. i enging ^ ^ ot K emaXord 

Two great names connected to change its name to Kema- 
with such disputes are now Nobel, it is relying on two dif- 
currentiy before courts in ferent arguments. One concerns 
Swedish Academy. The dis- the question of 


By A. H. HERMANN, Legal Correspondent 

Lisbon in 1958) against the use . «*,. a h 

of and ‘” d *S SigiSa- 0 “mter . of ; . 

? coSiSnen Uiousht oat.; the 

Republic of Germany ana indicated the ficosxaahu- 

Czechoslovakia arc signatories «“* lndl .““.? 6 

wranosjovaMa ™ o£ bMr The wsult 

fo r &££ * «*? Presented by_the 

toS tartnS P s r imUar‘d^'^ Gem * n brews!y sbnwed that 



even in the Saar, where ■ the 

that German brewery is wdl- known, 
court accepted that g pef ^ of drinkers 

fliD ownershiji. » l» • combloaUoa ordered «he defeated part, to “ Bina ^i^id the more widespread antoog 

comnanv mHah TCnmaTtinrii The other anmmmt »h»t the “ Dr-Pils the German prefix (KarlsberoBrauereik Weber) to in PAn n»rHnn who did not know the G 

company called KemaNord The other argument that the “ y,™' "T * ^ e . ^nnan prenx (KarlsbergBrauereik Weber) to when ‘used in Connection «ho did not know the German 

— - - - — — — “t 1 ** denoting something provide information to the Inhii- riP-iie nation brewery, particularly if they 

changed its name to KemaNobel change in KeraaNord’s name “Ur’ aenoung »°“f eL ^s to T* with"' a Geographic designation. , 

after it acquired the remaining could confuse the customers of wluca is original or real. The Czechs about the extent of the - act tba j, nj e German lived in other regions uf 

shares of NltroNobel last year, the two companies. whole combination could be use they made of the name Ur- biFewer y used it on its labels Germany. 

This company, which until Then there are subsidiary Perhaps translated as “the Pils niter April 30, 1975, and ^ “ Karls b e rg Ur-Pils” was no It remains to be seen what 

1965 was known as Nitro- issues. To what degree is the original and real Pils.” The to compensate the Czech defence. First. “ Karlsberg ” the Bunrtesserichtshof. the 

glycerin {the Swedish and claim of Bofors reinforced by idea behind this move was that brewery for any damage saf- was 00 t printed on the same German Supreme Court, will 

German word for Glycerol its ownership of *' Nobel" trade by adding this prefix a local fered by such use since that Hne and. second, most people have to say on this subject when 

trinitrate — an explosive, and marks and to what extent is name indicating origin which date. The judgment is subject in Germany when they read this case comes before it as it 

In smaller doses prescribed it weakened by the fact that it became generic by use, could to appeal, but the Injunction is "Karlsberg ” associate this with is most likely to do. 

Boidboy ready for second 
Duke of York Stakes win 



| CC — 'These tneetm accept .certain, "emit 
cards by leieoftane or at the tax -once. 

IT HAS been a long time since prise when tbe West lisle y bay Off, Prousto and Golden Apple. OPERA 4 BALLET 

we saw such a popular sprinter completed a hat-trick on his final A case can be- made out for coliseum. Cr<a.L t*ro& oi-24o sasa. 

as Boidboy and Lady "Beaver- onung with a 2!-lengtfts success each of the septet, with 
brook's eight-year-old is certain over HiUandale'in the Vernons exception oF Golden Apple. 

the | 

BcMTvatiom ai-t>3fi Si 61. 

Tftn t & T lie. next 7.30 The Toro Fmorl; 
Tomor. & Wire, nett 7.30 Count Orvl 
%n. A Man. next 7 JO EnryaattN. 104 
t-jiwony xu lx always aiaiUbie oav of 
aerf. LoiHjcn season Ends May Z7. 

to return tu a hero's welcome if Sprint Cup at Haydock. Ls completely out of her depth, 

he can win the Duke of York Boidboy continued where he Sban:samico impressed me at 

Stakes today for the second left off at Newmarket on b:s Ascot lost month when defeating — - 

uccessive year. return this spring-beating Buckskin by 12 lengths in the c °islrd T cn^^Tr'cdii sf^asoS 1, 

Boidboy. for whom victory will Ubedizzy by two lengths in the Ssgaro Stakes, and it may well 
take his winnings past the Ladbroke Abernant Slakes, a pay backers to stick by pun until 
£100,000 mark — a remarkable rj| ce which has seen his seasonal bv j 5 oeaten. 

debut for the last five years. -" ■ 

Ton't A Mon. next: 7.30 Paler Grli 
lomv.- 7.00 Lc Nozzc m Flflara. Sat. 
& Visa r.C. i 7.30 RlQdlctto. es Awypfll' 
seal* xvxil from 10 a.m. on ddy M perf. 



Although tlie field for that 
six-furlong event was a sub- 
standard one. Boidboy could do 
no more than win as he plvaivd. 
after being, set alight by Carson 
running into- the dip. I shali be 
more than surprised if he does 

feat when one remembers that not again 50 realiv well, 
he is a gelding usually confined Just over .an hour -after the 
to sprinting — won last year's race big sprint, some of the best 
with impressive ease from Future stayers in training will clash 
Forest. in the Group 2 Yorkshire Cua. 

That victory was followed -by Here the seven-runner field is 
some equally high-class perfor- made up of Palei, Shangamnzo. 
ntances and it came as no sur- Smuggler, Fool's Mate. Move 

2.ftfl — Nisroa 
— Boidboy** 
3.90— SwAara* 

3.35 — Shansamuzo*** 

4.05— Alma 

4.35 — 11-Lolshan 

5.35 — Fine Blue 


2.35 — King of Siring 

4.45 — Cross B 

6.43 — Another Spring 

7.45— ' Transformation 

Ate.. EC1 . HZ7 1G7«. Until 27 MJV. 

Dancer ; iron Kerala HUH*. Ev». «t 
7 20. U-int Sal Tbe MahMonB. 
Mon.. Tues . Wed next: Tbe Son* of 


Eves 7.30. Mau Thurs. 3 0. SaU. 4-0. 


of 1976. 1977 and 19781 

Sunday People. 


[ALBERT. ?36 3B7B. Party Rates. Credit 
cant bkgs. B36 1971-2 Urom 9 a m to 
G p.m j. Mar... Tues- Wed. and Frl. 
7 .45 b m. Thors and Sat. 4 30 and 6.00. 

r.lK MIICl.'Al 


f Indic-uies prog.-anmics ia 
black and while 

BBC 1 

8.43-7.55 a.m. Open University. 
8.41 Fer Schools. Colleges. H\35 
p.m. C»n the Move. 12.45 News. 
1.00 Pebble Mill. 1.45 Chigley. 2.00 
You and Me. 2J6 For Schools. 
Colleees. 3.53 Regional News 
for England (except London). 3.55 
Play School us BBC-2 11.00 a.m.). 
4 JO The Mole and the Bulldozer. 
4.25 Heads and Tails. 4.40 LafT-a- 

Ly inpics irari'iom. 5.W John 
Craven's N'cmm';iu:hJ. 5-05 Blue 
Peter. 5.35 Magic Roundabout. 
5.40 News 

5.55 Nationwide (London 
South-Enst onl\ i 

GJO Nationwide 

6.55 Tomorrow V World 
7.20 Top or I he Pops 

8.00 Rosie 

8.30 Happy Ever After 

9.00 News 

9.25 Des O'Connor Tonight 
10.15 The Prince of 



present* Face Values 

11.05 Tonight 

11.43 "Weather Regional News 

All Regions as BBC-1 except at 
and the following times:— 

Wales — 1,45-2.00 p.m. Mr. Bens. 
4.40 Crystal Tipps and Alistair. 
4.45-5.05 Y Llewod a Mis tar 
Most >ti. 5.55-6.20 Wales Today, 
fi .55-7.21) Hcddhv. 11.45 News and 
Weather for Wales. 

Scotland— 5.55-6.20 pjn. Report- 
iu 9 | M in? Scotland. 8J0-9.00 Current 
waies Account 1145 Mews and 

Weather for Scotland. 

Northern Ireland — 1L3O-11.50 


1 Reprimand for a sailer i6l 
4 Off his same — the master 
could not find the class i-L4) 

10 Cream isn't able to reform 
the wrongdoer f9) 

11 To go winter sporting with 
beginners needs expertise (5) 

12 A shout of derision for nurse 

13 Tiny worker found on watch 

6 To have first experience of 
battle appeals to pracuJa 

7 France and Germany agree 
to this (Board (5 > 

S Illness keeps the youngster 
inside a month f6) 

9 Soldier at sea gets direction 
in an American state (6) 

14 Logger lo be convened to an 
illicit dealer in liquor (10 1 

15 Material to tempt us so re- 11 f3? ecrs unsav °ury schooL 

markably in part (7l • 

16 Commotion surrounds the ** Inventories of soldiers, or the 

French in a Spanish city <6 1 war 

19 Dad’s bird is do longer young 20 Alliance of powers he found 
(4j»j * in cabs (3.4) 

21 “ Callooh ! Callay ! he d 21 The company finds the chap 

in bis joy " (Carroli) (7) convincing (6) 

23 Honest Gene turns to the 22 Consumed — accustomed to be 
home of dolmen and Trilithon oa t of bed (4,2) 


23 Tackle— it's up to date to be 
in it f4) 

27 “ 0 the — and undoing . . . 
when a jester goes a-wooing” 
(Yeomen) (5) 

23 He is certainly against immi- 
gration (9l 

29 Stampede after drink in Ire- 
land (Si 

30 Comes up «’itb Bob in a Con- 
stellation (B) 


1 Fortifications result from 
skill in swindles (8) 

2 What divides Australia and 
New Zealand? ffi-3) 

3 The answer lo ” what is your 
name? ” as a rule <4) 

5 Suggests credit wnen proof 
is wanting (2,5) 

24 Rosie Is upset by a basket 

maker (5) 

26 Knocks up the Yard (4) 

Solution to Puzzle No. 3,669 



m-n -,e 

P5ISG.H B 7 B 0 


a Bj 


□ \ S-gB D - B 

B S □ 

BBESHS &: DH0liC3gEEi 

5.45 News 

6.00 Thornes at 6 
6J5 Crossroads 

7.00 Bionic Woman 
84i0 Get Some rn! 

8J0 Armchair Thriller 

9.00 What’s On Nevl? 

9.30 This Week 

10.00 News 

10- M The Cuckoo Waltz 
1X00 Drive-In 

11- 30 Elaine— The Singer of the 


134)0 What the Papers Say 
12.15 a.m. Close: Rudolph Walker 
reads a Caribbean poem by 
Rick Ferreira . 



Pin. Time*. 


ABLE TO SEE IT AGAIN.” Daily.YKlirror. 

I JO P.m. R.:aon tt\st Headlines. 1J5 
Frjioci V.'aLev Ui;aiiir: i. 2.M Woaien Only. 
3J» H'tyi'a Lsi. S-JO Return fe thc Planet 
of the Ao-s. CAS Br.ndhiau!. SJO-Cross- 
ivads. 6.00 Rupjn Wi-si. 645 .Report 
Wjk-s. 6.30 Couairs-side. Mr. said 
Mrs. "JO Danger Id Paradise. MJ5 Tea 
Years On. 11.35 Dan AacusL 
HTV CymnLWKlcs— As HTV general 
service except : 120-13 p.m. Peruwdan 

ALDWYCH. 036 6404. Into. Sj6 S332. 

HENRY VI part t 

mic.1. Pari 5 tSat. .eve.l.'.o at 
warehouse under w> and ai 
Piccadilly Tbcatre In • P eter Nichol*' 

cree. Tonipht, 7.30^ HENRY V 
laws nice*' ol worL Times.* -w-th 
T VI part 1 usmor.i. Part 2 .Sat. 

Mwj-d-Jion y Dydd. A® M5rt Msvrr. *-35- ] ambassadors: ■ 

ALMOST FREE. 4CS BZ24.- - Distant 
Encounters •• by Brian W: AUHu. Tues - 
sat*. 1.15 D tp. Suns. 3.00 and. 5.00 p.m. 
No chow Monday*. ~* 


HAYMARKET. 0 1 9 SO 9HJ2. ErB*. *.00. 
Mats. Wed. 2.30. Sat 4.30 and fi.DO. 




•'Conaratulac.'-'S on comoietc capacity 
and record *bo«. Must unrar- 
lunaMty hn.sii on Jul* lit owina to 
cooimilmcnti ai Miss Beraman and Dame 
Wendy HHicr.” 

HER MAJESTY'S. CC. 01-930 660C. 
Evenings 3.00. Mali. Wed. 4 5at. 3.00. 
m.:ti Gr ufiins 
• Directed o. SURT SHEVELOPE 
“ It is parted :o burstli« Point with 
tbe nersonatiiv ar.a sneer energy of Bruce 
Forsvth ' sun L.urcSs. "'The audience 
efteerpj • Sunda* Tetegrapn. 

Mon. 10 TburL 9.0. Fr... Sal. 7 30. 9 JO. 


oi-aio Mat. 

SAVOY. 01-d3u £rSdb. Erg* 8.00. 
Mac. Wed. 3.00 sac S3.' 3 30. 
Michael GAMBON. MiCb.oi jAYslON 
Gary BONO. Joann* van GTStUtUM 
GOddret KEEN :n 


5HAFTE5BUKY. fcv. d3u busu. 

snjrteMurv Ave WC£ riign Hvibwrn e o) 

bvps. at <i.O. Mata. IliurS . SJl 3 Ou. 

juftnl hEaRdOh and juam DilnEk >« 


tVLKY 1 rtlNG." s Mirror 


Lvgs. 7.30 Tin'S, dlld Touts, i JU. 


Arnold Weaker » Classic 
"Still sins Uie heart.' u Tel. 

Law price s, fca vy ParL-ng 

STRAND. Jl'-B30 26bJ C-enings 0.00. 
Mat- Inur*. 3 ao. 5dLuid.iv* u.Ju a a jo. 

WE Kb BKI.15H 


LONDON PALLADIUM. CC. 01-437 7373 
Opening Thurvoar neat at 7. 0 lor the 
Summer Season -id August 19 oniyl. 
Sulu. Mon.. Tues. Tnure. and Fri. at 0. 
Weds, and S»:s. j: 6.10 and 0.50. 

a :r~*c:>:uiar 


£4.50- E3 ~5. E3 0iJ. E2.SD £ ISO. 
Special Booking Hotline 01-437 20 SS. 

h-VRIC THEATRE. CC 01-437 36rfi. Eve. 
8.00. Mai. T.vurs 3 0. Sat. 5.0 ai-d 8JD 


vnej'e Tiicatrc iu7S9 227 1.' Tivn-'li 
ii»mda-at:ly available lor RbC In 1HE 
I nut. I. June 1 Unat.l, S. 6. 8 THE 
TEMPEST. May 25 -mat.) June 1. 2 
•mat i. RCCOiacd booting m>w -0/39 
0^1 «1>. 


Directed b. ^RANCO ZEFFERELL1 

HUNDRED YEARS/ - Sun u av Time*. 

MAY FAIR. C.C. 629 3036. 

Mon. to rrl. 8.0 Sa’.. S.30 and B.4S 

GORDON CHATER "aiiilianL* E.N. In 
Hr Stevo J. Spears, 

"A compaMronate. tunny, bercelr eUmuent 
ptay." Gdn. ' 

Hilarious. -- E-Std. ■ Wickedly 

1l6*r ” " 

d JB WsiitMima. 6.C94J5 Y DnW. 

HTV WEST— As HTV eenend service I 
except : J-2ML30 P^r?. Report West Head- [ 
Upl-s &15-630 Sport West. 

01-636 1171 


125 P.m. News and Road Report. 200 
Women Only. 5J5 Tea time Talcs. 5-20 

ajn. For Schools (Ulster in , 

Focus). 3J3-3^5 pan Northern at the following times: — Gamock way 74U Enunerdalc Farm. 

Imlanrl Vawc S “15-1170 Q- ot1 p „ . . 7J0 TIlllWUraiiiyJlK. UL30 The TBnnahill 

cif* S ',ar e e , \NGLIA Weavers m Concert. 11.00 No Easy 

Around Six. Festiyul Gala * , ««« Ansuer. lijo Man and Woman. J2C0 Late 

Concert 11.15 The Pnnce of n 1 ; 25 JnSPo aSs^tS Cali. JZOS a.m. Star Maidens. 

Wales nr-psents Fapp Valnps 0nJr ' Rocket Robin SouO 4AS The 

waies presents race values. Adventures of Black Beamy. 5.15 Emmer- ^nflTHFRIV 

12.05 a.m. News and Weather for dale Farm. 6-00 About Antdla. ajd Arena. 3UUincRl> 

Northern Ireland. 7JW Enterprise. 7J0 The Six Million DoT- 120 p.m. Southern News. 200 Women 

__ A ' , lar Man. KL30 Emma. 1X.00 The Streets Only. 420 Dmomutt the Dob Wonder. 4.05 

England — a^S-e-d) JLm. L»ooK of San Francisco. 12.00 Man and Woman. Iu»t Islands. 525 Betty Boop. 5JD Cross- 
East (Norwich): Look North 1230 a.m. The Uvins World. roads. 6.00 Day by Day. 6 JO University 

(Leeds, Manchester. Newcastle): Challenge. 7.00 Emm erdalc Farm. 7 jo 

Midlands To-day (Btmringham); 

Points West (Bristol); South To- 228 p.m. A TV Newsdesfc. 4J0 Taizan. lLss'what'The Papers Say. 

day (Southampton): Spotlight 5JS D*n- 6oo a tv Today. TJo 

South West (Plymouth). 1 ” IL50 TYNE TEES 

Nigtitly at ^1.00. Mats, vreos. 2.45 
Saco. 5.00 and 0.00. 


The world-famous Thriller 
■■Seeing the Play agatn is in fact an 
ufcer and total lov. Punch. Seat Prices 
E2.00 to £4.40. Dinner and Top Price 
Seat £7 SO. 

R r e Ti°^ L ^^‘ ,0n Crossroads. 6.00 Seotiaod Today. 6-30 1 APOLLO. 01-437 2663. Evening* B.OO. 

Mat*. Thurs. 3 00. Sat. 5-00 and 8.00. 
Actor of the Year. e. S-d. 

’• IS SUPER*.” N.o.W 

ARTS THEATRE. 01-036 2132. 

” Hilarious ... see It.” Sunday Times. 
Monday to Thursday 8.30. Friday ana 
Saturday at 7.0 and 9.15 

Hawaii MTe-b. 10 JO The Practice.' 31J0 i A £T.? H . I .*:-- T ?jg . .1 h A r .‘ . x J* 1 *' ««»»• 
People Role! Southern News Extra. 


BBC 2 

denlne Today. LUO Dan August. 


6.40-7^5 a-m. Open University 
11.00 Play School 
4.55 Open University 
7.00 News on 3 Headlines 

7.05 The Engineers 

7.30 Newsday 

8.05 Gardeners’ World 
8X10 In Deepest Britain 

Emm trial? Farm. 7J0 Qiallcasic ol the 
Sexes. UJO Uan and Women. LUO Gar- 

9.25 a-m. The Good Word, followed by 
North East News Headlines. 120 p.m. 

North East New? and Look around. 2.00 
„ „ _ . Women Only. 4.20 Cine rtub. 4.45 The 

tl20 pan. Border News 5J5 Lassie. Lillie House on the Prairie. 6.00 Northern 
bJNI Loofcaround Thursday. 7JM Eminor- Life. 7.00 Emmcrdalc Farm. 7 JO The 

“Jp 1 i al 7 n - . The Bionic Woman. Bionic Woman. 10 JO Double Top. 1UD An 

MJO PoUce Woman. UJO Man and Audience with Jasper Car toil LLAQ Man [CAMBRIDGE- 836 6056. Mon. to Thurs 
Woman. H2.B0 Border News Summary, and Woman. 12JQ a.m. Epilogne. | 8.00. Fr).. sat. and 8.30. 

fully licensed Restaurant). 01-734 4291. 

Nearest lube Tottenham Cl Rd. Mon- 
Thurs. 8.00 p.m. Fri. and Sat. 6.00 
and 8.45. instant ^credit card booking. 

*• infectious, appealing, toot- stomping and 
heart-thumptng.” Observer. 


Seat prices £1.5O-£S.S0. Dinner-Tap 
price seat £8.50. Half-hour before show 
any available top-price tickets £2 50. 
M on. -Thurs and Fri. 6.00 p.m. perl. only. 


amusing,” E. News. "SPel'bindlno. -- Ob*. 

MERMAID. 248 7656. Restaurant 24 
2835- Wed. to SaL 830. Mats. Wed 
Fri. and Sau ai 5-45. 

Every Mon. and Tuc*. at 8.15 p.m.: 
Alee McCowen - * 

(Suns, at 7.30 p.m. all seat* sold) 

Prev. ^une 13. Open* June 14. 

_jb*. 730 4nd 9.15. 

A Piece tor Actors ano Orchestra 

ST. MARTIN'S. CC- 83C 1443. E*f» b-00. 
Mat. Tuc., 2.45. Sat* S and B. 

36lh YEAR 

TALK OF THE" TOWN. “c'C-’ - 7« SJ5I. 
8-00. Dining Dane ug 9. 3D. Super Revue. 
tBarS Croen at 7.IS p.m I 
.ma at II am 

THEATRE UPSTAIRS. 733 :5-l>4. 

Opens Tnn’t 7. SUM., oyr*. 7 JQ. 

VAUDEVILLE- 836 OSCJ. CC. to. 41 a JO 
Mat. Tues. 2.*5. Sa: 5 a-*-! 9. 

Oman sHERiuan. Duioc 
Eleanor SuN.(.ii,Kr.EtC' la .i. • c. f OUT 

’■•Re-enter Agatha with anotiwr wild- 

dunmt h*t. Agatnj Chtjvte it jia'vmu tie ' f 3 -j 

West End vet soam ertth anatutr c< her J»aee--v . i'I-war! 

Fell* Barker. Evening. News. 


Book Now. 324 4745-6. 834 


ANNIE „ „ , „ 

ML 7-30. Man.. Wed. and_,Sat. 2 45. 

rrtB4 ' S MvAj* 


OLIVIER (open stage): Ton't 7 mute 
early Mart) BRAND tjy 1b*en in a verson 
br Geoffrey HIM. Tomor. 7.30 The 

Cherry Orchard. , . , , 

LYTTELTON < proscenium stage)- Ton't A 
Tomor. 7 AS Last perl*, of THE GUARDS- 
MAN bv Molnar. English version by 

Frank Marcus. „ ... . „ 

COTTE5LOE t small auditorium i: Ton't 8 
WAR by Horvath trans. by Christopher 
Hampton- Tomor. 8 Last Worlds. 

Many exceRem. cheap seats all 3 theatres 
day ol pert. Car park Restaurant 928 
2033. Credit card bkgs. 928 3052. 



Lll p.m. Channel Lunchtime News and 1.30 p-m. Lunchtime. 408 Ulster News) 
Whafs On Where. 6JD Channel News. Headlines. 420 due Club. «S Little House 

Exciting Black African Musical 
1 The girts -are beeutHut. bare and 

Bouncing." S. Mirror. 

tROl) Midweek Cinema- “Tjiriv 6JB Elephant Boy. 7JM The Six Million on the PTaino. bJtO Ulsi 
T».uo fti«iwe*h , L,iriema l^aay DoJJaf ^ ^ Uw Nws _ News. 6.0S Crossroads. 6J0 

Ulster Television I 


Dinner and top-pnee seat £8.75 hid. 

10.50 The Rugby League Year 
1L40 Late News on 2 
1150 Closedown: Reading 



D. , ci i_ . ^ vuiu oi an. uiounri Lite news. vi™«i«uj. hi Reports. 7.00 1 CHICHESTER. _ 

Be Good Starting L lean or ID^ TV Movie: McCloud. ip . tn a-m. erlale Farm. 7 JO Bionic Woman, I Today and May 20 at 2 00 .i 

Powell news and Weather in French. JIIJ 0 CwimerpoinL 1L90 Hne-m's Heroes.! « woman of no import 

— v,.._ UJd Living and Growing, 1L5S Old House 1 woman nd import 

GRAMPIAN NCW UOnK ' 1ZJ0 * Ljn " Bedtime. 

9.23 a.m. Firs Thing. L20 Am. Gram- WESTWARD 

5^ jSiTta 1127 p -“' Gns Botxybuna Birthday* 

JfS L28 Westward News Headlines. 6.00 West- 
g y " . t °. V 0 ^' U - B ° Re D?2 0 S' ward Diary. 7J» The Six Million Dollar 


Rainbow. 12-30 The Child "Wants __ , 

a Home. LOO News plus FT index. GRANADA YORKSHIRE 

1.20 Help! inO Crown Court- 2.00 UO pan. This Is Your ftlcht. SLU What's L2D p.m. Calendar News. 4. 2D Lassie. 

After Noon. 2J!5 Racing from New - SJ5 crossroads. 6j» Granada 4A5 Little House on the Prairie. 6.00 

York 3 50 The SuJIivans 4J10 Reports. 6-30 EmmcrtaJc Farm. 7J8 Get Calendar lEmlej Moor and Belmont 

T Somc 730 Danger to Paradise. 1BJ8 editions*. IJXt EmmerdaJe Farm. 7 JO 

0243 81312. 

‘ nd 7.00. 

COMEDY. 01-930 2578. 

Evening 8.00. Thar. 3.00. Sat. 5.30 BJO. 

Margaret COURTENAY. Dermot WALSH 

" Blackmail, armed robbery, double btufl 
and murder." Times. “ A good r*eal at 
fun." Evening News. 

OLD VIC. 928 761b. 

of current season. Eileen Atkins as 
SAINT JOAN "a stunning production” 
Sunday Telegraph Today. Prf. 7.30. f 
2.30 & 7J0 [Last PerT.I. 
Vic. May 22- June 3. Lila Kodrava. Jean 
Mav 29- June 3. La Barca Restaurant 
opposite The Did Vic open before or 
after the show. 

OPEN AIR, Regent's Park. 486 2431. 
28th May. Bernard Shaw's THE MAN 


THE SONNETS loins repertoire Juw 17. 

CRITERION. Credit Cards. 930 3218. 
Evenings 6.0. Sals. 5.30. 8.30. Thur. 3.0. 

"VERY FUNNY.” 5. Tet. 

I in La UniiDA nn lha Prairie e if “■ uamcr IV ringur. iu> oiiiiuib-. uouueraair r am- lull 1 DRURY LANE. 01-836 8108. Every 

Little House on the Prairie. 5.15 whaVs On. 1L00 Wliai The Papers Say. Emereency. 1BJ0 Mermaid Frolics. 1IJ0 1 n '3 nt 8 '°°- MatinrL' Wed, and sat. 3.00. 

Mr. and Airs. 

T1L20 The Untouchables. 

Man and Woman. 


” A rare, devastating. Javoas. astonishing 
stunner.” Sunday Times. 

DUCHESS. 836 8243. Mon. to Thurs, 
Evg*. S.00. Fri.. SaL 6.15 and 9.00. 

" The Nudity is stunning.” Daily Tet 
8rti Sensational Year. 

RADIO 1 247m Siailra Broww. sons reclul fs^. 7.BS The Archers. 720 Checkpoint. 7.« 

res ei-JLohnnir hreaireu P- In - Midday Concert, part 1 I Si. Take in the Hills 8J8 James Cameron 

IS) siercaphnnie broadcast LW j jj cwa . liDil lyfldday Concert, pan 2 with Uw BBC Sound Archives. 8.« Narton 

5J» ajn. a* Radio 7.0Z Dice Lm iSi. LS Mayerlins in ifte Making: Talk to Nation. 9JB KaJcldoficone. 9 JW Weather. 

Travis. S-08 Simon Bales. I m Paul by John Lanchbtrry tS>. 2JS Haims Staler. 10.00 The World Tonlghr. UJO Any DUKE OF YORK'S. 01-836 5122. 

Burnett. tndndUig 12J0 p.m. TtcwsbeaL chamber music recital. 22S Die Sdnflfllfi- Answers? LLQO A Book at Bed lime, u.i^ E*" 3, .ftJJJi ’KSy JhL n 3M - 
280 Tony Blackburn. 4J1 Kid Jensen Lett Dos Ersten G •.botes iSi. 3J0 Violin The Financial World Tunlahu UJO To- in Ju"an MiMhvir* 

mclndisR 5J8 SembeaL 730 Country -dub and Piano rental iSi. 5JH The Paul day in ParltamenL 12- OB New*. HALF-LIFE 

fSj 'Joins R-Mlto 2i 10-92 John Peel iS). Sacher ttnumastmrs iSi. ISAS Homeward nnri p„ j- t A national theatre production 

1230-202 tun. A3 Radio =. Round. Z6.DS News tUO Homeward nadlO laOnaOD ” Brilliantly wlttv ... no one should 

VHF Radios 1 and 2^5J» ajn. with (coaLi. tf JO Lifelines: The Wider 2Q6m and 94^ \TIF ^“J t '"_” aro J_ d .- > l c * SOfl . tOrama '. instant 

PHOENIX. 01-836 2294. Evenings 8.15. 
Friday and Saturday 6.0 and 8.40. 
GARDEN make ui laugh.” D. Mall. In 
The Hit Ccmedy by ROYCE RYTON. 
HAVE DIED.” Sun. Times. " SHEER 

PICCADILLY- 437 4506. Credit card bkgs. 
836 1071-3 from 9 Eras. 8. 
SaL 445 and B.1S. Wed- mat. 3. 
Royal Shakespeare Company In 
by Peter NichaH 
“Rtprcorlng t riu_m ph.”__S. Express. 
Ev. Std. Award and S-W.E.T. Award. 
RSC also at the Aidwrch and Warehouse 

PRINCE EDWARD. CC. iFpirnerly Casino.) 
01-4S7 6877. Rod. prtCO prove. June 

12, 13 and M. 8.0. Juw 17 1.30 and 
B JO. Onens June 21. 


WAREHOUSE. Danmar Theatre. C-svent 
Garden. 836 6808. Roval Snakespcjre 
Cempany. Ton't B.OO August Sir-nd- 
b erg's THE DANCE OF DEATH iscld 
dull. Adv. Bkgs. Aldwvch. 

WESTMINSTER. 01-834 0283. 

by Malcolm Mujgeriage a Alan Thornhill. 
Evenings 7.45. 

Matinees Wed. 3.0. Sa4. 4.30 J 

•■i?a|prr ; . / 


WHITEHALL. 01-930 6692-7765. 

Eras. 8.30. Fri. and Sat. 6.45 and 9.00. 

Paul Raymond presents me Sensational 

Rex Revue ol- the Ceulury 


Due to overwhelming public demand 
Season extended- 

WINDMILL THEATRE. CC 01-437 6312- 
Twlce Nightly 8.00 and 10-00. 

Open Sundays 6.00 and 8-00. 


“ Takes' to unprecedented limits what is 
permissible on our Stage.” Evg. News. 
You may drink and smoke In 


»» ; 



iO M 


WYNDHAM'5. 01-836 3029. Credit Card 
Bkgs. 836 1 071 -2 from 9 ajn. ro 2 p.m. 
Mon.-Thurs. a. Fri. and Sat. 5.15. B.30. 

Marv O'Mallev's smash-hit Cdmedv 

Supreme comedy on sex and religion. - 


Dally Telegraph. 





*861 Sep Perts. ALL SEATS BKBLE. 
T- The Goodbye Girt i*i. Wk. 4 Sun. 
2 JO. 5.10. 8.10. 2. Sweeney 2 fAA>. 

Wk. and Sun. 2.0a. 5.10, B.10. Late 
show Fri. and Sat. 11.20. 

C Tuhei £, 4flS <0 2 B ' c,mfl C n Tow " 

T“» el -TiiS. .2*43. Brigitte Foster m 

5.00. 7.00. 9.05. 

LI 3. 4, Oxford SC- fOop. 

Tottenham Court Rd. Tube). 836 0310. 
1. |ertoim:l.i 1900 Part 1 tX). Progs. 
2’ ,S ' •+!*■ Late show 11.IS P.m. 

4* Jonn Thaw. CWinnla 

cwnffi Dennis Waterman 

GODS . ID). Progs. 2.00. 4-5S. 7-55. 

Lain show 10.55 p.m. 

l‘«e*¥l n W L n S« t:r - ftE,loES 'AAJ. PfW. 

1.15. 3.40. 6.05. 8.30. Late show 10.53 

Z'lS^W.W P Brl 2 Prow. 

2.30. 5.20. 8.1S. Lifa show It. 10 p.m. 

Radio 2." inclndiciE L55 p-tn._Goocl'Ua«i. WoiM. JJO . Music lc OBusUm' (Si. 8J0 5D0 ^ R^r'fcSoVush Ho‘w. I "toP-p^T «S? S !:7.oo“ lM,er antf 

credit card reservations. 

RADIO 2 l^oom and VHF j^rng jjjiwjjBt iff 'JTii'St 

£80 a-m. Sc*? Sununary. £0Z Rjo wf l4> S jmnii J 2 - 00 ** Radl ° 2 - QucaUiM Time 

idoore tS* with The Early Show. indutUoG 5 «.7ja njn. OiMlilCX IrQm Iht- Bouse of Commons. LOS Close : 

613 Pause for ThoufihL 7J2 Terry Wok an j bniiwnHsr. As Radl0 2 . 

• Si ini'lydin; 8JI Bacu; BnJJnln and KAjUIU 4 Tjinrinn RrnorlnncHn.v 

8.45 Pa us.? for ThouchL UL02 Jnnray Vann; 034!, «»,_ « a - . laOnuOTl BrOSaCaSting 

■ 3.. 1 226 p.m. ivacsooer}' Walt 32J0 2 r T >n, , aad ^*“ r 261m and 9— 

affl5ra5”.5 , SJS , S2S5 HWL •?«* ■£ SS-St?« 

Muriel Pailgir ay Ml« MaPPLE In 
Third Great Year 

«l&MtL 0 M 1 SS TMay. 7J5 uTioX r H^ SSL *£ Nod-Slog fu.'ws.^nftiniiat wn. travel, iport j lently 
art J^ ^ru cLl^M KaSK ” News. 8J0 Jod.r. 8JS Yesterday to Par- reviews. J0.00 Brian Haves Show. l.tM | - an i 

GARRICK THEATRE. 01-836 4601 
Ergs. B.0 Mat. Wed. 3 0. Sal. STM. |.]g - 

PRINCE OF WALES. CC. 01-930 8691. 
Monday to Friday at 8 p.m. 

Sit. 5 jo odd 8.45. MM. Thur. 3.00. 
"HILAR IOUS." The Sun. 

FUN." Daily Cvpfen,. 


QUEEN'S THEATRE. CC. 01-734 1166. 
Evg*. 8.0. Wed- 3.0. Sat- S O and 3.30. 
Play* and Players London Critic* Award 

CUH20N. Curson Street W 1 iqa 1717 
} «FA'.R v U' , ;x 1 M E 2 i”h 
3.55. 6.10 and a.30. Ll1rt WlVHs. 

Anno Barcroit Mikhail 

Tubmim^JT. JL Hcrtwrt Rati Him THE 

TURN linn on V . Him. rut 

4M ' AJ Pr ®W- Wk. t 05. 

a.90, B.10. Sun. 3.30, 7 je Lai# 

Show Fri, and Sa .'. iQ's i. - ” 



srs jsspjs ss ^ — a jTa, 

alu£ urun nviflL-H uturoaucva nsuna T?n? o m Vmi ->nH v«.« »» f..n a 

ilffc'taSL!?* *""■ ““ M;S,e P ls J VvJS. 

KUm,.4«ettme "TTili must be the napeiest laughier- 

ivim ana 95.8 \'HF malrer in London. D. Tel. An Irreslst- 

aows. LOO The World at One. 1J8 Tbe 6 00 a.m. Graham Dent's Rn-uL-rici iJ > lv er-lovahte e«mnn.” Sunday Timex. 
RADIO 3 -HMm. Stereo & VHF ’?°ip a ! ,, s Hour. _ lBCIlldlM Show IS.. 9_m Tun Rim is. 12.05 D»ra Greenwich theatxe] ■■ 

^ Wnve nniv Wl.h Mother. Caah fS._3.0o p. m ._ Rneer Sctwt iSV, 7.00 1 Open* T<jn.rj nt 7 co. 


Wmllani Wave only yjo News. JJO Questtons to lie Prime Lord Gc-eree-Brown's Capital Commentary 

m. Weather. 7-BO News. 7 -OS .Wlnlner “live' from ihr House nf Com- tS», 7Jfl London Today 1S1 7jn Sat Bool' 

Overture 15.. 8JM Nuws. 8.05 Morning mans. 3J5 wildlift, 4.00 News. «JS Jack Repeat : ' Twelfth KipJu.. - bjb Brsua. 

Concen 1S1. OJO Tievs. 94B TtU8 WeeR's de Mama Prccweir. 4.J5 Store Ttme. Wolfe's Open Line igv. q.ob rtlcky Horne's I Hampstead 722 9301. Eves. 8. Sau. 
Composers : Reftattbl and CaseOx fSi. 5J» PM Reports. 540 Serendipity _ 5JB ^our Mother Wouldn't ‘Like It 1S1. U-OO 5 4 B - Georgina HALE. Susan iamp. 

, 658 77SS, 

.. Subs. 7,50. 

Mat Sari. 2. 30 
A play Sv Don Taylor, 

045 A Late Summer Festival, part 1 «S>. Weather, programme news. 6J0 News. Ton 9 Myait ? Late Show «Si ini a.m JM 1 " 6 RleBwd MOORE, Peter WOOQ- 
10-30 Words. 10J5 FrsUra), pan. 3 1S1. 6-38 Brain of Britain 1878. 7.08 News. Duncan Johnson's Wight Flight is>. " Oio^E^quiTt. ^ TRIBftDES * Fw 

RAYMOND REVUE BAR. CC- 01-734 1 593. 
Ai 7 pm.. 9 oan- 11 p.m. (open SuiO 

Fully Air Conditioned. You mav drink 
and smoko In the auditorium. 

REGENT THEATRE. CC. 01-637 0863. 

Eras. 0J8. Fri,. Sat. 6 and B.45. 

THE CLUB. A New Musical. 

” Caustic and Comic . . . Linda Thorfen 
. ■ , a revelation.'’ Times. ** tlrmni, 
good humoured, engaging.'* C«ln. " Show 
scares In sontu." D. Tol. ” WELCOME 
TO THE CLUB." Evening Ngw*. 

ROYAL COURT. 730 1706, 

Evenings 8. Sat. m a. so. 

by snaa WHson World Premiere. 

“ BrIHIam oxnlc writing-*' Tms 

ROYALTY. Credit Cards. 01-405 8004. 
Mcrtiday-Thtirsday Evenings 8.00. Friday 
5.30 and 8.45. Saturdays 3.00 ind 8.00. 
London crincs vote 
Best Musical Of 1977 
Bookings accepted- Malar credit card*. 
Special reduced rates tor matinees tor 
« limited period only. 

<9:}0 2738 27711. 
Jane f 0 " 41 -*' «*W6S*a Rcdoravo .n a 

Fnea S'l^mann eirp 

Sep. Proos. div L,A ; ‘Jn 1 s 45 r 4 5 
Fcaiure DW- 2.45 6 00. g sho*.' 

W). 9 00. Laie Shaw. 
_ seats bknie'at 'theatre. 

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4M 4470. 

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FTnarrciar Tillies' TTitrrsffay May Tff 19735 

Nottingham Playhouse 

Hampstead Theatre 

Vieux Carre 

The Tribades by MICHAEL’ COVENEY 

A subtitle to Per Olov Enquist's played Madame Y in The 
. t-, . vnTTX , r Swedish play (translated by Stronger. 

by D. A. I UUJNU G. M. Anderman) might be “The The two women are played. 

t r „ f s 

Tennessee Williams has re- can move us swiftly from room berg. w e are in the Copen- suffer the s ] in „ s an d arrows uf 
written about two-thirds of this to room, sometimes creaking bagen experimental theatre the outrageous insult before quietly 
! play since its unsuccessful restlessly back a few degrees so morning after the censor has allowing Strindberg to bury him- 
‘ American production. It con- we can see someone, usually banned .Miss Julfg in 1889 Stand- self under an explosive mono- 
cerns the apartment house and The Writer, listening at the door. b h w d * loaue of sexual self-doubt. They 

.restaurant run by Mrs. Wire in. The Water is less a hero than|°^,^ r ™ for a Te l are joined by the actor/di rector 

, the Vieux Carre, the Earl's Court a commentator; indeed now and hearsai J "e Stronger, one of viggo Scbrwe (who had played 
J r f pre-war .New Orleans, which then he fills out scenes with the three short plays he wrote as j eail j n jfu* Julie). anxious to 
!»s inhabited exclusively by the actual narration. The chief of a substitute. Ironically, The get on with the rehearsal 
. an< * the perverse. “The the several sub-plots that do Stronger is one play in which among the scenery’ and crates of 
i ”. r,le f " — a character not duty for a plot is the affair *],- author’s wife Siri" emerges in lager. As Schiwe. Richard Moore fe* .jjOfr 
altogether unlike the real writer between Jane and Tye. a small r svinoathp r lirhr Mr exudes sycophantic idiocy, sema- T 
thougn lv2rl Johnson keeps him scale version of A Streetcar ® , e ° 1, . phored in precise, nervous 

■ recessive, more acted against Named Desire. Jane, whose ousiness i however. is to gestures as he coaxes horribly 

than acting — has barely arrived guilt-tainted love is movingly show how Strindberg’s patho- artificial performances from the 
when Mr. Nightingale in the next presented by Sheila Gish, invents logical jealousy and contempt for actresses. Little wonder The 
Tt "i ni seduces him. though he an important client, so she may the fair sex poisons bis view of Stronger was such a disaster ! 
suffers from emphatic and untidy send her uncoutb lover away uf e and his relatinnshins with 111 the play's final stages, 
tuberculosis. The Writer’s next lest he be lumbered with a sick y, ir „ v Strindberg enters into a session 

encounter is Tye. a beautiful friend. When Tye goes to the 311 arouna of home truth-telling with Marie, 

chunk of solid sex who works in door to investigate this client’s It is an odd piece, a curio fascinated by the idea that she 

the local strip-club and is being alleged footsteps on the stair, certainly, but strangely devoid of might be the bastard daughter 

Kept by Jane, an Illustrator with a il he sees is the stretcher-party resonant theatrical argument. of George Braudes. the arch in- 

lermmal leukaemia. carrying Nightingale off to his Michael Rudman has assembled tellertual feminist and Ibsenite. 

Upstairs. .Miss Carrie and Miss death. a splendid cast in which Peter But the evening collapses as the J 

■ Maud will die soon, either of old His own tale, about a girl Woodthorpe is outstanding as the format is abandoned and Mr. 

ape or under-nourishment. In colleague eaten alive by bis paranoid, bullying plavwriGbt. Woodthorpe steps off the stage 

; the basement a photographer boss’s dogs, is pure decoration. (determined to believe that Siri and out of character to bring us 
| lakes dirty pictures of young though it is decoration in the! (who Is to play Madame X) is UP to date with what happened 
: men. Very sensibly. Mrs. Wire true Williams vein. Jonathan [in the throes oif a lesbian affair later. The carefully prepared 
| herself sleeps in the hall, ehal- Kent, naked for much of theiwith- Marie Caroline David structural artifice is abandoned 
i lending every entrant with a lime, is more persuasive from I (Madame Y). Marie, as it 2nd the play disintegrates. On * 

| hoot uf “Who? Who?" Sylvia the physical than the emotional ! happens, probably did have an the way. though, there is much 
(Miles makes this angry, angle. ’affair with Siri. The character incidental pleasure to be had. 1 

I suspicious old lady, shouting at The succession of shortscenes ■ here- is an amalgam of Marie: an not least from Sue Plummer's 

i everyone, spitting into the are beads on a necklace rather i old friend who bad once dis- marvellous design of the Dagmar 
(gumbo she has prepared for the than tesserae in a mosaic: more- [graced Siri at a party; and Fru interior, set on a jaunty angle 
j old women, faking hysteria to over much of what we see is for Pio, the actress who actually and lovingly detailed. 

: keep The Writer from Roina, the background only. The old l 

IrIir m'vi.;. b - | ud.NtMneut a pnoiograpner uuga. r* pure aewi oliuu. [ aeiemunvu u» oeneve mat »in * 

j nn Mitcmnson as Peter Gnmes [lakes dirty pictures of young though it is decoration in the ((who is to play Madame X) is t*P tc 

: men. Very sensibly, Mrs. Wire true Williams vein. Jonathan [in the throes oif a lesbian affair later. 

fkiAU, TL oa t-« Ci. iirr (herself sleeps in the hall, ehal- Kent, naked for much of theiwith- Marie Caroline David strut- 

,,cw * neaire, VaaralTi ilenging every entrant with a lime, is more persuasive from I (Madame Y). Marie, as it 2nd 

( hoot of “Who? Who?” Sylvia the physical than the emotional ! happens, probably did have an the v 

E * (Miles makes this angry, angle. affair with Siri. The character incidi 

8 TTItn AC [Suspicious old lady, shouting at The succession of shortscenes ■ here- is an amalgam of Marie: an not 1 

JL I Ilv B X- M I III Iv"v^ i everyone, spittinc into the are beads on a necklace rather old friend who bad once dis- marv 

■*“ (gumbo she has prepared for the than tesserae in a mosaic: more- graced Siri at a party; and Fru interi 

i ^ j 0, d women, faking hysteria to overmuch of what we see is for Plo, the actress who actually and . 

by RONALD CRICHTON keep The Writer from Roins, the background only. The old 

•nost likely character of. the ladies play no part in any 

Welsh National Opera has flats with more or Jess abstract who5e weird bunch. development, and the orgies in rGStlVSil Ha.ll/Ra.dlO 3 

embarked on an extended wooden stairs and platforms. His Clearly the house symbolises the basement play very little. 

Britten retrospective. To the Borough only convinces when the 1 t ^ ,e whole district, and what Mr. The mood Is monotonously un- "W" i 

recent productions of Let’s make lights are down and the poorly wn, iams shows us is his sketch- changed throughout the evening. .• I /"v-*** 

an opera and A Midsummer executed details can’t be seen boo,? - Bui though there are hysterical and angry, with only I I I I I 

Night's D ream The company now Michael Stennett's costume] some SOOd scenes, a sketchbook occasional outcrops of the vivid 

adds Peter Crimes — for the first clearlv define their wearers 11 remains and no more. Keith poetry that illuminates Ten- 

®° ou ® h - in vie * ? f though except for the sake of H h ack - .^e director, takes us nessee Williams’s earlier writ- j on Vickers had only to burl more 

Georgina Hale and Susan Hampshire 

Jon Vickers 


the. amount -of chorus music in - 0 j d ' ohainmntf” nn^aiet. th. throu fi h il by way of a multiple ing. It is cle 

r-srii set fcy voytrt on 1 revolve “ ttt *• comp,ny - 

Y projected GriinJ^ai Reived ? f JJ* century escapes 

Michael Geliot had been an- 5 “ESS'ft!? h ? V *v*- , J2L etb i I1 j s t0 
nounced as producer: in the J®, ^ ,Th f Bntten’s childhood ? I 
event John Copley took over. “ oubt *f be could recall all thai 
Richard Armstrong conducts the nceurately what Lowestoft 
Welsh Philharmonia and W.VO fis £f rnjen s wore >n 1913. 

Chorale. The first night on Tues- T^e musical side is in sure 
day was oot. as it should have hands. Here there are signs of 
been, quite full — in more than a fresh approach., of a keen 
one way it has evidently tak*»n. musical intelligence turned on 
Grimes a long time to reach the score. Orchestral detail that 
Principality. a larger theatre merges into 

Copley's experience of Uri. 

»,™ s . b h “ ck J 1 '? strong feeling of unity between 

S! Colden ytogi' and pit — no doubt ihe 
company ax the boy apprentice. Z 

His Grimes runs on what one Book Reviews appear On 
may already call traditional p HI 

lines, but it is more than a T <*ge 1W 

-S’ e u J F ll 'ihp C ?i n i-b enlar 5 em '- nt of the New Theatre 

S53? «£ ^the net-?, ending anS much "Is 't tSS 

too ^mSeSi 8, vlhin' 5 pla - vers - 0n Tuesday the Sea 
a ''tile too muoli swishing interludes were less secure and 

around for the cramped stage polished than the rest of the 
m Cardiff But this is not a score, hut that may merelv prove 
fussy production: the action that Mr. Armstrong has his 
unfolds clearly, with sharp por- priorities right. In any case the 
traits ol the Borouab worthies Cardiff public is still apparently 
and memorable inomen is of still- unwilling to recognise that 
ness and repose, the quartet for instrumental music . without 
women’s voices at the end of act voices also deserves to be 
two scene one being high among listened to in silence. They 
these. '' don't talk loud hut talk 'they do. 

Visually the Welsh Grimes is Mitch inson’s- Grimes is a 

not In the <;.n»o league as Covent SSSSnltx lSiSSto 0f heKSl 
narrfon-c nruuuni uimnn iionrv paVuetH jllj vulnerable behind 


. . . Jon Vickers had only to burl more extraordinary. more from a phrase such as Flores! a n's Vickers made things slightly 

clearly hard work tor ijis voice across the Festival Hall admirable. “ Willig duld ieh nllc Schmerzen" diilicuit for his cunduck'r. the 

with the first terrible outburst Mr. Vickers was the attraction a sorrow almost m great to bean. aMuie and keen I v responsive 
of Florestan's ooenine recitative S ro J ,dtd b >i Philharmonia It was full and flowing, without Andrew D-vw. by Mieeding un 
° u p f n ' ns rec, “J l .. e ’ Orchestra when Karl Bohm's ill- Ihe dryness thai sometimes in- towards ihe t . n .l of both Bee:- 
to confront each listener with the ness prevented him from con- vades it. with less than the usual hoven and Wagner excerpt*. The 
musical and dramatic genius ducting Tuesday’s concert; his share of scoops and slides needed urehos-Ua kept apace and the 
burning within bis craggy frame, presence, and his singing, must to keep the voice in motion. rcsulis were imen^eK- Vxeinn ■ 

, As sheer sound, that “Gotti” have assuaged all possible dis- The Vickers Stegmund has nut j lr Davii a! , u , . d 

wakefulness even the most voice sounded m fresher and tiirne"l on Hie uurd “ vereinl " perfunuanees both vi-mrauOv 
sluggish Fideho. But to plunge more relaxed condition than it brought the special kind of thrill. Jf f m ih" stnii V*- * .icLM-itKiaViv 
an audience into the cage of has in several recent appearances that of hearing heroic sound - n„ip n „...hivV ” m .vVrf i.„V 
Beethovens imprisoned lion at the Royal Opera House. The surge freely above a large :,v ■ ’ ' ■ 

when that audience happens to tone was not only powerful, with Wagnerian orchestra, unknown ncuner ls hkciv \.i ruumiu m the 
be surrounded by the wood-and- that quality both animal and in- here in recent years: but there mo,u " r * v - whereas Mr \ users s 
carpet neutrality of the South tensely moral that seems to flame was also warmth, tenderness, and singing is already safely stored 
Bank auditorium, is a feat almost in the timbre (aud that draws even lightness in the voice. Mr. therein. 

Royal Northern College of Music 

Geoffrey Cauley 


ass ’r^rieE 

?uccg3sf u 1 K ni'ix n, m -y pinn.el |iv,S 0 f the 



Write today 
for this 


line* of the’ music and brings to 
them much light and shade. 

What he doesn't yet do is to in- 
tost ihe shorter phrases with ail 
ihe verbal and musical meaning 
r given them by tenors who are 
also experienced Lieder singers. 

In Cardiff, the Ellen Orford is 
Josephine Bars low ('Catherine 
Wilson takes over at Birming- 
ham ). Miss Barstow as always is 
distinctive, highly musical, often 

verv moving. .... . 

Her Ellen is almost as much Sheila Gish™ 

an outsider as Peter himself: 

though in fact the two voices do RArnr/l Rpvipw 
nut hlend. ih e mutual sympathy Kecora Kev,ew 
between the characters seems 

more credible than usual. Some- g ^ 

limes Miss Barstow overdoes her ~ 

“cupped" way of singing, which I ' 111 

tend:, lo gobble up the words, V-/ 

(hough this constrain! disappears 
immediately when she is singing 

with others, for example in the ■ ■ 

ensemble after the discovery of Rakimuuiiuov: Piano concerto 
ihe boy's bruise and in the ne.3. vqadimir Horowitz. New 

Sheila Gish -and Jonathan Kent 

Geoffrey Cauley made his first wall in the stage ; a scrim at the Barisbnikov in The Turning Keith Barlow. Ash ton i an in 

ballets for the Touring Section of back to provide a misty “other Point. manner, it seems part formal re- 

the Royal Ballet in the late 1960s. world” behind. Like the settings For his score Cauley has hearsal of choreography and part 
In Lazarus A nte-Room. La Sum - for ear,ier Cauley ballets, it turned to Britten’s first string comment upon their private 

it.* seemed to be waiting, anti cipat- quartet— music strongly dra m atic selves; there is a neat shock 
pfcome FostoraLe and In the ing events. A theatrical surprise in mood and texture— and the when, at the most ecstatic 
Begmmng . a talent was manifest wa s also evident: posed on the choreography develops easily, moment, the tension is broken as 
that dealt with serious matters in central structure was body- revealing also that Cauley has the dancers “ stop outside ” the 
cool'and finely focused chore©- builder {Gordon Pasquel). his acquired far more .assurance in duet because the choreography 
grapby. I admired these ballets tanned, phenomenal musculature construction in his years away, has eluded them and their bodies 
and Caulpv’s denarture in 1971 to a fr ead J' od ds with the classic The dancers are dressed in white need a rest. Cauley re-establishes 
In s Dr “niiv of the locale, and vastly maillots: we arc spiritually and their relationship very subtly at 

iS different from the ghost-faint actually in the world uf class and the end of the movement when 

r 1 figures of a group of dancers rehearsal. There is also a the girl stands resting in the 
Britams loss. Now Cauley has relaxing by a tea-trollv behind counterpoint of incident from the winss and the boy moves lovingly 
returned to mal^ a ballet, ana all ^ sprjn, pj r st one dancer, then more mundane daily life of behind her. Her hand goes up 
nonour to Nortnern eanet ot j, erR emerge on stage, stepping dancers: tired bodies slump in almost auiuinaUcally io pat his 
theatre tor ineir enterprise in out 0 f the central structure, and repose: nne girt still remaining head, a fund but absent-minded 
inviting Dun. After seven years t j, e theme of the ballet was behind the scrim, sits sewing gesture which suggests that a 
Cau J*y style is still clear. s i a ted. It defines the conflict tapes on a pair of shoos, her professional identity s s here 

pertinent and its effects between muscle as muscle, and pose exactly matched by the more importani iha’n «ny per- 

assuTefl. muscle as means; between the vivid, glowing figure or Pasquel. sonal consideration. 

As soon as the curtain rose dancers' quest for technical per- The second, scherzo movement This is a recurrent idea in 
on Tuesday night on Cauley’s fection and the athlete’s ideal of the quartet is written for four I.asl of Three (a title haring m» 

own elegant designs for his new of the perfect body : between boys, whose awareness of the more meaning than the work's 

Lost of Three, one recognised dance dynamics in which we see physical demands of their call- intended place in a triple bill), 
the territory : a central set of muscle at work, and the bulging ing is highlighted by their The real matter of dancer's lives, 
white cubes, matched 'by an over- hut stagnant energy of the body- awareness of Pasquel's physique, their physical nature as per- 
htad shape that could lock into builder. It is Arnold Scbwar- The slow movement is a pas de formers often dominates every 
the block below ; black panels to zenegger in Pumping Iron versus deux for Sui Kan Chi an r and other feeling. 

Four Pianists 


Rakhmaninov made his own Claudio Arrau’s new recording Irish pianist new' to me, a pupil 

ikiunaniuov: Piano concerto recording in 1939. of the four Chopin Ballades on of Kompff, who makes his record 

ihe boy s bruise and in the D0 .3. vjadimir Horowitz. New The composer’s own 1939 the other hand I find both debut on a Beethoven disc for 

following quartet. The gold- y orlt philharmonic/Orraafldy. version is memorable on many dispirited and . dispiriting, pro- RCA. His 32 Variations in C 

rimmed spectacles are one touch A ,.,ggo <£3.9g) counts; but it would seem that fouudly disappointing. It would minor are strong, incisive, forlb- 

too many. Ellen may be dowdy D Rakhmaninov actually preferred be hard to find any greater con- right — but of no great finesse or 

and plain t though Miss Barstow <-noptn. tour Haiuaes, tamai Horowitz's reading of the piece, trast to Arrau’s performance of subtlety, somewhat monochrome 

is neither of these i hut quaint “M 8 - T- *2 Arrau, i'n ips aQd wag amaze( j by the fire and the G minor Ballade than that in their shading. He gives 

—nr* - . sow aw force tha[ y 0Ung pianist which Horowitz gave land which pleasing, imaginative accounts of 

There is an unusually vivid. Beethoven: Piano pieces. J on n brought to the music: “he I reviewed on this page I in New the six Ecossaises. and of the two 

explosively characterised Boo O Lonor. RCA GL 20134 (£-,« > swallowed." as Rakhmaninov said York last week: in Arrau’s hands, op. 51 Rondos: and ends his 

Boles frnru John Treleaven. Recital: Shura Cherkassky. -Decca a f, er ^eir gj- st meeting in New Ihe first and second fortissimo recital with the wonderful late 

surelv a Peter in the making. L’Ciseau-X^yre DSLU 24 (£3.99) y or k. “ tf* concerto w-hole." The climaxes not grandly, but almost set of six Bagatelles op. 126— 

The B a 1 si rode of Terence ^narpe _ — — — new performance, recorded live fearfully, held back. The mood here loo there is room for more 

is quietly effective. KUMeii Horow [ tt bus recorded Rakh- al a Jubilee concert at Carnegie is darkly introspective; the vivid and pungent exploration. 

The Slate of Man, 'land. ,- Hoitw»" 
ol the wurld-seapoit 01 Baltimore, 
and Baltimore- W.i^hmqtnn 
initrrnalionai Airpoit Located 
within one day's rail delivery 
from Baltimore are 37"„ ot all 
U S. manulacturers. and SS '., of 
the natron's consumer market. 

Three major railroad lilies. 

350 high wav common earners, 
and Mai yland s excellent highway 

network provider quick access 

to markers. 

Maryland ha* overnigh! buck 
access to 3i-v ol the u S. 
population and .U".. uf l Me 
nation s iiMnufar Hirer ?. 

Maryland ran aironge rip in 

tm,* iic ‘no ot land. bM'tdinq^, 
I'Mchinmv and uqinpitwri! *t 
low inlern-i rates lor loi«i lerms, 

Vv'me 01 phone today l<>r our' 
brochure and foi our assistance. 

George Van Bu^ork 
European O'ryCtor 
Maryland Deparimenl of economic 
and Community Development 
Shell Building 

bO Rue Ravenslein. Boile 10 
1000 Brussels. Belgium 

Phone: [QZ) 513.73.47 


/ KMOtLVMlia ;• 

— .Irir-us hori and electrifying account now imjiiuneu, uui rue initrrpreiaiion,- » iu«uijj 

as Maureen Guy pon-r* s . obtaiQab , e only froU3 specialist which Horowitz declares to he sostenuto and con fwco to rallen- distant, with a higher than 


is basic to ^ 

Asarco is a leading miner and the world’s largest 
refiner of silver. Millions of ounces of this precious 
metal are used every year for light sensitive film 
coatings. We also mine and refine zinc which is die 
cast into a variety of parts for cameras. ASARCO 
Incorporated, 120 Broadway. New York. N.Y. 10005. 

u£ish choruV comes a# a tonic. Orchestra under Reiner, still in The approach is no less 0 f the F major Ballade is l- iu fL ? e 

depth nf tone but tre- print: and four months ago at a weighty— but lighter-fingered. Dre »tily played — thoueh with cat j* lyst the ^tal link, bis studio 
.^n^m^aTtack and iu-e of words live concert in Carnegie Hall, more deftly and delicately n^ Ia L fp P J, n y , ,T needs, 

inendou. a ^ ^is cser- with the New York Philharmonic coloured. TTiere is less “te nil An increasing number of 

rise " sibilants rained down on under Eugene Ormandy— the sighing than in the Reiner per- melodic line or its bar- mus i C ians these days like to make 

tlic stalls ke a shower of arrows, same conductor with whom fonuance: fewer dying cadances. monies. But the two presto con ^ j records in public Cher* 

tnc siaits iihe and dark shades of melanchnly.-juoco interludes have no anger ^ ! .... Jr* , P t U .t!! C * . er 

The central climax of the first or fire in them. The easy pas- kl «fc>s 1 disc for LOiseau-Lyre 
Almost Free movement is more deliberate sages are done fast; the difficult ,s a “eligbtful memento of the 

ihe same passage that with ones are slowed down. Arrau’s recital he gave at the Elizabeth 
s t-, . L r, " e u J, 5 . bala i. nce[ } 00 3 reading of the A flat Balldae Hall in May 1975. The special 

I ^ H tTu^AntlTAfC edw. hysteria barely suppressed, is heavily sentimental: cloyed preoccupation of that evening 

Distant encounters — c ? er. a ^ ^ *r m 

cr nT 'sssa b a S? MfSstrss 

hv B A YOUNG still more dazzling lightning on”' anywhere V give 1 the grace- ’ he c t lue, est , re aches of triple- 

t,y p. rt. lumv) holt. The opening of the Inter’ note of the donated slroS vmno w a be,, ' , i ke mezxhjrimo. 

mezzo is more sweetly lyrical. Set aK Sves itS tbe l pruD ” wilh a fast k ^ S cent, 

t» A Hiss's three little space. The third shows two exnuisitdy shaded: ecstasy with- beat instead of Wore tt_the but “^ver forced, sweet and clear 
ni?vs arc more philosophical home-loving Englishmen resist- out madness, brought with a tre- effect is absurd/interrupting the as 3 chm,e - II included a lovely 
P, ld > s hut never less ing orders to joirt the last mendoua sweep to its central k- Z ,k! Performaoce of Schubert's little 

Distant Encounters 

rtr-inmiic but never less ing orders to joirt the last mendoua sweep to its central k asic rhythm and flow of the 1 mi.e 

o oniprtaininc partly because evacual^on rocket from an earth climax (and with a thrill tog Jbrase. the rmrevt ^nnlriwi A maj0r sonata, drawn in soft- 

lllnv-r^ so wel^ played by which is about to be demolished momentum which far surpasses Jnd^storicSv^sB muted coJo,irs ' Chopin’s 24 

U^hnWsDav Michael Sanderson by a fragmented moon. Rachmaninov’s own account), musically wrone. fLrth PreIudes con,plete—p, ^' ed not 85 

5 h ?S? rAckerell. The least The fitter’s tale is thought- The finale, which Horowitz RoiS/to^^ ,kT? . a succession of Cameos, separate 

ant !. :L u e the oldest provoking but hardly dramatic.- plays rnicut, .complete with its f. 8 nd « „£ 1- , n “l! a °d distinct, but as a dreamlike 

amusing. bec a u fied Hit[er in of the androids, the third variation, is a spangle of apart) sequence, with all of the dream’s 

' dea . , n ‘ ive /his bunker and computer and the deaf old lady brilliant contrasts, diamond-cat. rubata anYeffortful ooinT surreaI * compelling presence. It 

ha '™5 noend under an alias, who are brought on to engage superbly exciting— accompanied T- „ tJ was a marveiloos recital, pre- 

setrled in Osie B bont a in conversation; it is concerned here, as elsewhere, by Ormandy J?® fiH-np served here intact except for the 

being intcry n0t spring- with an Aldlsslan notion con- with care and rigorous clarity. raor r visible diminutive-giant presence 

musical on P! . thig (i, u e. but ccmiug universal as opposed to A disc imooss»h1e to recommend vision of (somehow always an essential 

Hint' for tint nrnhablv nersnoat truth. Only the three too fr'ChlV, Beware onlv that . e ntuslc -_ hUt far less POO- rnneert element) nf Dtp ni-inlct 



j reminiscent n ®. n a yard Michelangelo’s ceiling in the known recordings by Berman entirely from the Ballades. At an d calm, before a dizzy Rakh- 
I former fitter f building the Sistlne Chapel in Houston while god Ashkenazy the one. beside nn . p or . r ° n D m *>ments the maninov Polka, 
where they are ]y a vast chunks of moon . fall around Horowitz, no. more th.’o porten- n »**« '» f t. and a fitful sun peers Cherkassky gives his latest 
Queen =, ^'disappear them, generate true theatrical tnus. the other oddly li;ht- thrnneh. London recital. incidentaUy, at 

S f :iC three 0* hers in»o distant tension. weight), • ■ ■ • John O'Cooor is a yoaag the Elizabeth Hall to-night' 

Metals & Minerals 


From 23rd to 26th MAY 


SITEV 78. 5th international Exhibition of Suppliers 
of the Vehicle Industry, will bring together, for four 
days, in the strategic heart of Europe. Suppliers and 
Manufacturers for discussions and meetings. 

These exchanges, between decision-makers, con- 
cerned by the present development of the vehicle 
industry, will ensure fruitful competition at inter- 
national level 

During this exhibition, there will be: 

* An exhibition of the Suppliers’ products 

* The permanent presence of the Manufacturers in 
contact bureaux “Purchase — Research — Methods” 

* International symposia, conferences, cocktail- 
parties, gala, Know-how Bourse. 

A meeting you must not miss! 

SITEV— GENEV A 23rd to 26th MAY, 1978 

Information from: 

Secretariat General — SITEV 
16 bis, quai Emcsl-Ansermct — 1311 Geneva 4 
Tel. (022) 21.95.33 ■ Telex 22.754 PALEX iCH) 


Financial Times Thursday May 18 1978 


Telegrams: Flnamimo. London PSC Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Thursday May 18 1978 


WITH FIGURES now available went by and that their- own bai- 
lor the growth of average earn- gaining position would improve- 
mgs during the first eight The number of major' settle- 
months of the present wage ments. completed in the first 
bargaining year, the outlook >5 eight months of the present 
better than the pessimists round was not quite two-thirds 
feared. The increase for the ot the total, compared with 
whole year will eertainlv be per cent, at the same stage of 
greater than the 10 per' cent die last. There will be some 
which the Gnvernmeot first rapid catching-up in the next 
assumed as the basis of its few months, 
economic calculations and sub- In the second place, the earn- 
soquenily sought to enforce as mgs index cannot yet fully re- 
a norm, but it may well be Sect the result of productivity 
close to the 14 per cent which agreements, some of which may 
has been the most popular guess not turn out to be quite as self- 
for some time past. The financing as they were intended 
Department of Employment now to be. The latest results from 
publishes two indices of earn- the data bank assembled by the 
ings. The long-established one Confederation of British Indus- 
is corrected for normal seasonal try — which covers about 10m 
variations but covers only part out of the total workforce of 
of the economy: the newer one 23m — are that 86 per cent have 
covers virtually the whole uF the already settled fox 10 per cent, 
economy but is not seasonally or less but that the final out- 
corrected. The former shows come is likely to be around 14 
an increase in earnings over the per cent. Some of the differ- 
eight months of 9.7 per cent, enee is accounted for by settle- 
Ihe latter one of 7.4 per cent, ments which openly exceeded 
The fact that the broader 10 P«r cent., the remainder by 
index is nut seasonally corrected productivity deals whicb often 
may bp an advantage in a year added considerably to the in- 
when the pattern of pay settle- crease in basic earnings, 
ments has not been normal. The c 
fact that it suggests a slower Spending power 
growth uf average earnings Whatever the final outcome, 
than the older index is the more however, it is dear that the 
acceptable since u comparison year-on-year rise in average 
between recent figures and earnings is already greater than 
those of the same period 12 that in the index of retail prices 
months earlier points in the and that the gap will continue 
same direction. It seems pmb- to widen for at least some 
able, in any case, that average months to come. The improve- for the economy as a ment in real gross earnings will 
whole have risen more slowly be carried further by tax cuts 
than those in tbe production and consumer spending is likely 
industries. to rise faster: so, too. are im- 

ports of finished manufactures. 
Changed pattern So far as flIture Pay restraint is 

„ ” r r concerned, the important ques- 

If the experience of Phase tion j s whether the slackening 
Two were a reliable guide to ra t e of inflation will so affect 
the outcome of the present expectations as to make unions 
round, the Government could content to press for moderate 
afford a little complacency. Be- increases in the next round or 
tween the first eight months of whether, as the CBI suspects. 
Phase Two and the completion it will be difficult to persuade 
of it. the broader index rose by the public that moderate in- 
only 2.8 per ventage points. Bur creases 3 re necessary in a period 
it would be a mistake to rely of relative economic prosperity, 
on the same thing happening The CBI believes that it is now 
this year. In the first place, too late to put its long-term 
the seasonal pattern of settle- proposals about bargaining into 
ments has been different operation by the beginning of 
Unions have deliberately been August and seems reconciled 
delaying completion in the hope to the need for guidance, 
that the guidelines would be though of a much more flexible 
less strictly observed as time kind, in the round to come. 

The spread of 

THE LOW level of capacity torate of tbe Brussels Commis- 
uiilisation which prevails U-day sion is not yet certain. But 
in European industry is due in what is absolutely clear is tha: 
pan tu mistaken investment the temptation to extend the 
decisions made three or four cartel principle to other sectors 
years ago. Manufacturers sup- must be resisted. There has 
posed that the growth rales been pressure from the French 
which they had experienced in and others for a ‘‘European 
the 'sixties and early 'seventies solution” to the problems of 
would, after a short pause, be the plastics industry. A meeting 
resumed. As it turned jut, the of the European plastics pro 
pause lasted longer than any- ducers is taking place in 
une expected and long-term Brussels today and it appears 
growth forecasts have been that on this occasion tbe British 
revised downwards. and tbe Germans are in the 

New plants have conic on same camp, insisting that 
stream in markets that were government or EEC interven 
already over-supplied, prices tion is unnecessary, 
have been driven down to tin- They argue, quite rightly 
economic levels and companies that the plastics companies have 
have been losing money. These themselves lu blame for their 
problems are especially acute present plight. Newcomers 
in capital-intensive industries have rushed into the business 
like petrochemicals. The qiies- and there has been a scramble 
tion which i* exercising coni- for market share; if market 
panics, governments and the forces are allowed to operate 
European Commission is the less efficient producers will 
whether the sorting-out process disappear and the situation will 
can be left to market forces, right itself. In contrast to 
or whether a co-ordinated fibres, the plastics industry is 
approach to capacity reduction not affected by imports of 
and perhaps also price stabilisa- finished articles and the long- 
tiun is necessary. term growth prospects remain 

. . good. 

uneconomic British and German opposi- 

In steel there was agreement tion may prevent any specific 
among governments that some proposals on plastics going to 
co-ordination. 3t least on prices, the Commission, but the srgu- 
was appropriate. But it is sig- ments about policy will erm- 
tiificanf that the closure of ob- tinue. There have been sug- 
solete capacity, which is one of gestions that European industry, 
the keys to the restoration rf in competing against the other 
orderly market conditions, is trading bines, suffers from an 
hems earned out at a national excess of laissez-faire and front 
level, w ithoui intervention from a l ae ^ cohesiveness, it Is 
the Commission. It is arguable argued that European trade 
that the most useful role for the associations should be Sireng- 

Commission is to ensure that, thened and should work closely 
in accordance with the Treaty with the Commission to improve 
of Borne, state aids are not be- the health of their industries. 

in;* used to keep uneconomic « 

companies alive. Consumers 

The proposed cartel for syn- Trade associations of this 
thetic fibres goes further. The kind can be useful in helping 
participating companies have the EEC to formulate its 
apparently a creed to specific external trade policies and. 
cuts in capacity and. in effect, internally, in disseminating 
to an allocation of markets, better information about supply 
The justification is that on top and demand trends. But the 
of over-investment (especially in prospective alliance of strong 
Italy), the fibre market has trade associations with a power- 
been disrupted by imports of ful and energetic industry 
textiles anti clothing from out- directorate in the EEC raises 
side the EEC. anxieties, nut least about the 

The cartel can be seen as an interests of the consumer. In 
internal extension to the Multi view of the protectionist pres- 
Kihre Arrangement, which regu- sures which now exist, perhaps 
hues international trade in t ex- it is time fur a thorough re- 
tiles. appraisal uf what sort of indus- 

Vhethcr these arguments trial strategy, if any. the EEC 
satisfy the competition direc- should have. 

bizarre troubles and 
worries of Fleet Street 


T ONIGHT’S Commons de- if agreement could not be have now been compounded 
bate on the state of Fleet reached by the end of Novera- with several more modern 
Street comes at a time of ber on ways of preventing causes of unrest which may 
bizarre contradictions and disruption. help to explain the current 

serious anxiety about the A letter to the unions from epidemic of troubles, 

future of national newspapers. Mr. Duke Hussey, the company’s The change most often dis- 
At one moment the street is managing director, says the cussed is .the advent of corn- 
full of talk about new titles, company had lost £l.75m in puter technology which could 
new investment, improved profit this year as a result of replace all the hot metal type- 
revenues and new technology; unofficial disruption. setting machines and several 

almost in an instant the mood H j s i etter goeg .. Every other relics of Victorian inven- 
changes to deepest gloom and disputc has been unofficial and Uon which arc stUl in use. 
the prospect of closures, re- ha d the correct procedures Computers could reduce the 
duudandes and financial ruin. be en followed, neither copies Qum,jer jobs by at least 30 
Recent pronouncements from nor revenue would have been per cent 3,1(1 possibly a good 
The Times and The Observer lost deal more. And since printers 

axe the most obvious examples „ T _ t v • are paid very highly (earnings 

of the precariousness of the wp 7 °* "i!* ^Se up to £10,000 and more), 

industry. Both newspapers are lost 7 ’ 7m “ pies - a sUSt>er " the potential savings are very 
now beginning to emerge, in attractive to m a n agements, 

their different ways, from long Although publishers and the 

periods of difficulty; yet just FLEET ST.INDUSTRIAL LOSSES national union representatives 

as prospects looked brighter 
they are both threatened with 
indefinite closure. 

Last year The Times moved 
into profit for the first time in 
more than a decade. Costs have 
been trimmed, revenues have 
risen. This improvement coin- 
cides with the installation of 
£2.5m worth of computer type- 
setting equipment for The 
Times. The Sunday Times and 
the three Times supplements 
which should be able to secure 
their future profitability. 

Similarly The Observer, hav- 
ing acquired Atlantic Richfield 
as a $10bn parent company has 
had access to funds which 
helped to reverse its decline in 
circulation and to produce a 
much healthier looking con- 

Firrt quarter 1978 













The Times 




Financial Times 


Total dailies 



News of the World 


Sunday Times 




Sunday Telegraph 


Total Sundays 


threat ■ 
by The . 

Ml The feuds that are jjs 
M ts killing Fleet Street 

vJm r fc Nnl . I... m means secure. The u u • « •* 

Printers’ leaders 
to discuss 
Times ultimatum 

ow uacxn Bxrai 




1978 LBSSES TOP 27 m. - .Jgw f., 

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*>*''“* !>■ m iw «* awfl smt , 

*«* f — ■ m oi hi 

W»< I 

iw .win na »• wiihii 

tw VW 

Government urged to act 
over Press disputes 

BY owe STAff 

NCTE AGB CT* ASKED O'. f ttVMeA i. »**J du 

rjinmarn «urtu to oatta* n*BWW Of 

iptwutd I iUiki o' *'0« 
mancUI onJoo oar braMm »n usour- 

ruotetS wwipi? « w rtuirtot MwSnT |kc ««W*hf4 

datrlbmtaa. priailns aaftm Urai> 

Tbg SM rtBgg JL Wm 1 TW 

4 1*1 v ■! 1 


■«!“> 1 *■ eu >ihi» . 

Thomson sacks240 more~T^^ 
joumaJistsmpayrow- J 

agreed a plan for introducing 
computers whicb would have 
protected all present employees 
and provided substantial pay- 
ments to those leaving volun- 
tarily, the proposals were rejec- 
ted by ballots of Fleet Street 
workers last year. 

It is clear that many workers 
are worried as much by the 
prospect that their traditional 

skills will be made obsolete as and national unions are by and less attractive to advertisers, into the hands of large com- 
by the reduction in the overall large united in the desire to re- while the claims of radio and psnies whose main revenues 
number of jobs available. Out- store discipline and orderly ne- television to be more immediate come from outside publishing. 



snwp *ero dvAiord "«*bwI la 

war WisIH? SArss& 

Soorce: UK Pre» Gazette 

side Fleet Street, computer gotiating procedures to tbe in- and 
typesetting machines are dustry. However, the chapels 
already being operated by (union shops) are showing a _ 
journalists and others without fierce reluctance to give up 
printers' skills. their former independence. 

The Daily Mirror Group is the A prolonged struggle could 
first in Fleet Street to adopt prove disastrous for several 
computer typesetting. After a newspapers because several 

reliable have been 


October 1977-March 1978 

tender for a share of the serious mg 20 per cent of total output major dispute with journalists other important changes are 
Sunday readership. The effect has been and cun- who wanted to be given com- now taking place which the in- 

Both papers are benefiting tinues to be, disastrous.” parable pay with that offered to dustry itself has been reluctant 
from the encouraging if un- Although The Times has the typesetting of to notice, 

spectacular improvement in ad- probably suffered the worst loss ReveilIe was moved onto the First, national newspapers 
vertising expenditures and from of revenue, publication of com P uters - However, after a are becoming less important 
several other factors which almost all Fleet Street’s 18 titles disastrous start. The Sporting politically and commercially, 
ought to be giving Fleet Street has been hindered by disputes L “® has reverte d this week to Fleet Street is still the largest 
a renewed feeling of confidence, and technical troubles which traditional production methods newspaper production centre in 
The price of newsprint has have become shockingly fre- because of “ technical troubles." the world, with a weekly output 
stabilised after the giddy series quent even judged by’ Fleet Times Newspapers has, in of more than 100m copies. It is 
of increases amounting to about Street’s own low standard of some respects, a more ambitious used, therefore, to the assump- 
150 per cent in 1974-75. Cover industrial relations. plan for non-printers to be tion of an indispensable role in 

ces have increased substan- resu ] ts ^ ve been mea _ allowed direct access to a com- national democratic life, 

tially without any serious de- sured n ot oniv in lost coDies P uter system’s keyboards. The However, the power of the 
cline in circulation, and the jj. failures to produce the equipment is already instaJed, national Press has progressively 
threat of Government interior- usual number Qf in _ and after teething trouble is been undercut not only by 





Financial Times 
The Times 

Total dailies 

News of rhe World 
Sunday Express 
Sunday Mirror 
Sunday People 
Sunday Telegraph 
Sunday Times 

1 ,934,001 









ence has largely receded. Ex- 

ability to make late corrections 

said to be ready to run. But as television and the strength of 

press Newspapers. Associated _ nrt / frpn n-ot tn Fet, no agreement has been the regional Press, but more 

Newspapers and News Inter- n r Hn n U h oL hhIjm tL in. reached with the print unions recently by the rise of indepen- 

Total Sundays 18.S8U98 

Source: UK Preu Gazette 

In the short term this has 
proved beneficial. The oil 
revenues of Atlantic Richfield 
rescued The Observer, just 
before Trafalgar House, the 
shipping and property group, 
saved Express Newspapers. 
Associated Newspapers, owner 
of tbe Daily Mail, is already 
well diversified, as is Thomson, 
owner of The Times. However, 
the large companies, which can 
afford to pour subsidies into* 
Fleet Street can also afford to 
shut papers down if they once 
believe that disruption and 
demands for Danegeld have 
gone too far. It is significant, 
therefore, that it is the papers’ 
owned by Atlantic Richfield 
and Thomson which have taken 
such a tough stance. 

Few people doubt that both 
managements have made iheit 
threats in earnest, even though 
Fleet Street newspapers have 
an unhappy reputation for cry- 
ing “ wolf/' Few also doubt that 
Matthews. Hit 

is also planning a new Sunday computer typesetting. There is cians can make their views Caced with ** need ' 

paper. This mildly improving when emp i oyees demanded ex- 3150 3 general move towards known through other medio. “jj?' - However, the possibility 0 

climate is completely overcast, ^ money [L h an dlino delayed the facsimile transmission of Advertisers are beginning .to ^ . a our a s t concerte( | ae tion by Fleet Mree 
however, by the continuous editions ' * complete pages for printing at get a similar message. The pro- ' titles seems as remote as ever 

series of disputes and disrup- , a remote site. The Guardian portion of total advertising ex- This possibility of a major. The Newspaper Publishers 

tions which are estimated to The on S in 0' Fleet Streets a]re a dy uses such a machine to penditure captured by. the and perhaps irreversible, loss Association is still suffenn; 

have caused the loss of 60m. iat50ur troubles can be traced preven t duplication uf typeset- national Press has been steadily of revenues is clearly one of from internal divisions. Sii 

copies already this year. back m3Q y t0 manage- ^ in its Manchester and Lon- slipping. In 1960 it was 20 per the main reasons for Times Richard Marsh, the NPA chair 

Last Sunday The Observer ment 5 repeated inability to re- d on plants. The Daily Telegraph cent This fell to 18.3 per cent Newspapers and The Observer’s man. is busily trying to hea, 

failed to appear because of un- sist 0(1 hoc de ®ands of small j S planning to use a similar in 1973 and 16.6 per' cent in decision 10 dig in their heels, the rifts by identifying the 

official action taken by 25 groups of wooers who are stra- }]□£. ^d the Financial Times 1976. The proportion of A loss of advertising now would obvious areas for co-operation 

machine minders. As a result, fegically placed to prevent pub- intends to use a facsimile link national newspaper revenues be particularly serious in view an d redefining the clear dif- 

the management has told the I,cation lf “ e y wish. Patch- t0 Frankfurt, West Germany, which came from advertising nf the expected competition ferences of commercial interest 

National Graphical Association ' v u orks of local agreements have where it plans to print for over- slipped correspondingly from from electronic services lilae between members, 

to which the men belong, that therefore been concluded which, se as markets. . 50 per cent in 1973 to 40 per Viewdata, the Post Office system The real test will he whether 

the paper would be shut down f ve ° wth S ood Wl11 aI1 The current troubles could cent i Q 1976. By comparison, which links domestic television publishers will now show them- 

unless trouble-free production tepa to throw up frequent anom- therefore be seen as a final flex- regional papers derived 67 per sets to information and adver- selves determined to treat 
can be guaranteed. alies and problems. Another re- 0 £ muscles before unions cent of their revenues from tisements stored in a central national newspapers as com- 

Similarly the management of 51,11 “ as been very substantial management negotiate advertising in 1976. computer. mercial operations: or are pre- 

Times' Newspapers has told fbe overmamnng m many depart- terms far the most important The recent production diffi- Another important change is pared to continue subsidising 

unions that publication of all ments - changes in technology in Fleet culties have inevitably tended that the ownership of national them for a variety of non- 

rs papers would be suspended However, the old weaknesses Street's history. Managements to make national newspapers newspapers is gradually passing commercial reasons. 


A BCCI finger 
in Gerrard Street 

As Nicholas Colchester made 
clear on this page yesterday, the 
Bank of Credit and Commerce 
International has high aims — 
” to become the biggest bank 
in the world ” — and diverse 
interests. These even include 
supporting, albeit indirectly, a 
magazine for coloured im- 
migrants which has just been 
launched from a restaurant in 
London’s Gerrard Street. The 
magazine, a monthly called The 
Asian, aims to explain’ the views 
of the coloured elites here to 
one another, as well as to those 
white Britons who care to know. 

The long-range BCCI involve- 
ment comes through an organi- 
sation called Third World 
Media, which has its offices in 
New Zealand House. The bank ' 

“ Why nut. now that they’re 
going into the tomato grow- 
ing business ! ” 

apocryphal, is about a white the right of appeal to the ILO 
South African who had worked — and might even press for 
so long up on the Zambian Brazil to adhere to other ELO 
Copperfaelt that he had lost con- conventions, such as number 98, 
tact with events at home. Even- covering the right to organise 
tually he goes down to Cape and collective bargaining. 

Town far a holiday, and on the 
beach meets bis old friend John 1 ■ 

Vorster. “So whar are you dong 

these days. John?” he asks. BOSSGS* F3CG 
Rather startled. Vorster ex- 

plains that he is the Prime John Greenborough, deputy 
Minister. “ Good heavens, man,” chairman and managing director 
says his old friend, “up where of Shell UK. finally began his 
I live they leave that work to formal two-year term as Presi- 
the natives.” dent of the Confederation uf 

British Industry yesterday but 
' already tbe jockeying is begin- 

ning by those who wish to 
succeed him. 

Greenborough sharpened the 
A fresh attempt to persuade p ace yesterday by telling the 
Brazil to adhere to an Inter- CBI s AGM that in future the 
national Labour Organisation Confederation's two vice presi- 
Convention has underlined how dents sbnu!d be men nn their 
_ the sense of urgency ®elts in way U p ra th er than — as i$ the 
the tropical sun — particularly case today — pas t presidents. In 

Going slow 

has advanced a large unspecified . ... ... . . ... - — * , — . r- — ... 

sum to Third World Media, Business Affairs Manager of , e ° ** is anything to do with tfjfgg weeks time the Presi- 

which in turn has given Tbe Leyland Cars — a title which of association and pro- dent’s Committee is to meet and 

Asian something far more meant that he had a department lecl,on of me n § bt T0 or 8 anise - hy fhen some indications should 
modest— I gather it to be £5.000. of ahout 12 people handling the These are the two subjects of be emerging, with whoever is 
The chairman of The Asian's public relations side of Ley- E-0 Convention number 87 of then “appointed” by the Con- 
editorial advisory Board is land’s activities.' Leyland’s *948. year later Brazil’s federation’s council on June 21 
Altaf Gauhar. who is also chair- image is not the tops but you tllen president, Enrico Dutra, liable to be “ elected ” by the 
man of Third World Media, could hardly blame that oa the requested Congress to adhere to AGM next year. 

Like most of BCCI's senior 34-vear-old Ham’enn it- But for 17 years his request Sn who are the front runners 

stayed locked in the Congres- i n this behlrtd-doors race? Well 
sional procedures office. In 1966 1 would not care to bet. but the 
a Congressman blew the dust experts are talking of Terrv 
_ off the topic and asked the Coo- Beckett of Ford. Adrian Cad- 

restaurant much favoured gressional Foreign Affairs Com- hury of Cadbury Schweppes 

by journalists — i$ Tasadduq Since Africa provides little to mittee t0 . recirculate Jhe 1949 R ay Pennoek nf ICI, Alex 

Ahmed, a Bengali. The maga- smile about these days, it is Presidential message. Jarratf of Reed Internationa! 

sine is type-set on a small com- good to learn that Zambia's Request gr-inred. The com and Hector Laing of United 
puter by the editor -restaura- President Kaunda and Premier mittee then decided to hear out Biscuits, 

teurs wife; she is German. James Callaghan have devel- the then Minister of Labour. It 

oped what anthropologists call Invited him to appear seven ■ ■ ■■■■ ■■ ■” ■■ ■ 

a joking relationship. Just be- times and then finally received 

t I- _ it ’« 

« _ , . 34-year-old Harrison, 

executives, tiauhar is from 
Pakistan. However, the manag- — — 1 ■ 1 

jng editor of the magazine— 

and owner o£ the Gan S K Black llUmOUr 
much favoured 

Talking stars 

fore Kaunda left London for “ information ” — unspecified— plight, 

Washington, they exchanged fro® him. Two years later the & 

Chairman Edwardes has found anecdotes. original Presidential message information 

a novel way of dealm* with the . Jlm ,0,d how he stayed at the was recirculated — so much so ^ ^ 

high-speed wastage nf his dirw- Victoria Falls and one New that it ended back m the files. Woman at Gatwick inquiry desk: 
tors. His secret? promote the Year 's Eve was astounded to see Now once again a Brazilian “ Wh f I1 df,es P'? hl 
public relations ^en His two Scotsmen Wlth bagpipes ap- Congressman has asked the Pre- lea ' e? ayins 

right-hand man increasingly an pear m kllts and bonnets - After sidentiaj message to be revived. Wllh ’ . Th ® , wn ' nan 

eminence arise is John McKay the diners had ,lsteoed for a The re< i uest has again been ? as P ed 0h and rushed away, 

and Edw^rdJ oZ while t0 me ^ 3 black granted- But that sense of A few J“ ln « tes . ,ater sh * «- 

s,"4 h““ p Z drasE,ns • B * n: 


new Board of Austin Morris. 

you think these people are ready all, it would mean that Brazilian 
far self-government?” workers would join those of 

Harrison has recently been Kaunda’s stojy, even more most other countries in having 

Get your office 

moving up 
the Ml 

Actually we told Mr Bloggs he didn't need to bring the 
office with him. Since 1 970 1 million sq ft of office development 
has been added to the 1 .25 million sq ft previously occupi ed in 
Northampton’s town centre, and a further 1 .5 million sq ft is still 
being developed. Campus sites are also available on the major 
industrial development at Moulton Park. 

As well as Northampton’s central location, affording ease 
of access and distribution to all parts of the country, there are 
substantia! savings to be made. Office concerns relocating from 
Ceniraf London can save up to 7096 of their expenditure on rent 
and rates alone. 

Northampton has tremendous advantages to offer firms 
wishing to relocate their offices. The expansion of this historic 
county town means excellent homes for your staff to rent or buy. 
new shops, new schools and new opportunities for growth and 
success. Its labour relations record is amongst the best in the 

For further details phone 0604 34734 or write to; 
L. Austin-Cnowe. Chief Estate Surveyor. 
Northampton Development Corporation. 

2-3 Market Square, Northampton NN! 2EN. 



. J 

Financial Times Thursday Kay lg 197s 



K - « 



The suppression of the housing debate 

♦ * • > 1 _ 1 

HilS th 

4 *s! 

r A 

nf?Pf < 

“ * A 1 

at a 

SiSd G FreSi^ 1 Minister^of if “ <,dT “ ce - *s it It i s only fair to odd that the 

“5 »« 5S circumstances be equally 

. - .■ .. . , if .4 


- - eier Shore, U^ ~7‘ Zr “ ** «uvm« «"sm oe less forthcoming about 

/^Secretary of State for the “ t0 8°°* revealing hi s departaent's 

: Environment is at his tricks *wo cases of suppression wbwi about selling council 

■■■ >) A**** emasculating the “* **** <»*»• ali&e. The hou ses in areas of housing stress 

• general review of housing fPPaUiDg mess of British ho us- — the whole policy, indeed, is 
; finance started in 1975 by his ^ ^oace « general has been quite ir mlevant to the central 
, late predecessor. Mr. Anthony produced by all aihxee oolitic i Problems. 

XT ■; - • 

•■(■ ■ . 


|a • - ;* ”• V+: 

dal and exchange rate crises rents and uwnersltip taxes (if 
which have undermined finan- any) should i»e ha»cd cm 
cial and industrial confidence, current values. Su'i'sdif. should 
We seem in fact to be living go to people, not houst-V 
through exactly such an episode These well-know u principles 
at present. A reluctant and are quits widely accepted, and 
tardy response to a need for have been apparent in some of 
Sf 1 < LS£L ° nly Y e ? ke 2 S * e P»l»«!s which have hecn 

^ 1 1 * *- e F and T ^ ndS floatcd and smothered while Mr. 

io create problems of monetary chore Inc ; n , tv 

control, but normally resulls in fr! n U n , nmI ; D 't 
the end in a much bigger rise In c ? untl! and 

of rates than would have been 2™??, PC °, p,e . hav * 

necessary with a prompt ? u= '-- e ' ,led ' 1 sb,,u - d ’ c eliminated 
pvult ; s “}’ rents ba>etl un replacement 

mi «« uiuciam are hwj; raoicaj atm poten- mat xne 

« embarrassingly sensible that tially disruptive. Tfoe experi- ? TOnonuc “sues involved are so 
TttheTias forbidden them even to fnce of ministers who have tried importanL 11 policy errors 

- ^ fiCuas . their ideas with civil to do anything sensible Mr “ eant ® n Jr acute suffering for 

: servants in other departments. Crossman with fair rents Mr ?. in,I10r, ty. and good housing for 
.. -Ibis goes a stage further Peter Walker with economic JJl. 1 ?** i 1 5°^ d be Jef t to the 
. v than the effective suppres- rents and rebates, for examnle ff?» erts * £ ut the dama ge is in „ .. „ * fc 

• sion of public debate during the —provides some excuse f Qr v- mUCh more wides P read - Mr * Freeson ^ ,cft ) and ^ Shore together at the Labour Party Conference at Brighton last 
vv- long lack of progress of the old political cowanilce on this f,«? wed eTen P ure! y ®s a October. 

|r-': Tvrusw - That exercise was subject. However. It Is one f n lTl P wi em * Erit ? sh P oIic y 

C * STT 1 “ * T ery spirit thing to be chary of action, but ind cos . to { 

; ftat th£°w^ld be°no^2d whSi^Sht m S^ZS™** 1 * 1 * problems - A " imeUectual^caS ° iL To *** it another way, large diversion oF financial Between the wars, whole popu- 

■ £«ril Su s£ Sm? S an - be made for ***^1 “ c0me :0 “ ,d be . cut b y Md Political inter- lations moved from depressed 

> enthusiasm if I ^ SSL* bousin » ove ^ other forms of ab ° u 5 a lf b»asing were ference wirh the functioning of areas to growing centres. Hous- 

*: , “ tA convinced a raUier special niefae in the demand: housing has a very Ion? not favoured over other forms the interest rate mechanism ins nolicv is auile lar**e!v 

^ SSe eS? 1 {LSF& OTW 01 ^ »?»*“ lif ?- » “• -SJH U r !• * «to»I housing system. SJ»SS to SST » ' 

^ inmrove houmnff condit4«n« >■ |7_ M • 1 i of new housing well beyond our ^ absurdities of rent regula- the jeoteg sector caters for know a s the regional problem. 

«id almost °Sac5j Forgivable JJf 1 *"* “eans does ensure that n L®J 11 i ? ,at r athere ^ ces " people' on the move, and owner- with its attendant costs, and for 

' Th!w v Trl nt, . **“ Will be reasonably ,*?«* we . have occupation for settled people labour shortages when un- 

' • Jm liSST* splen ' ^ Rent ^ suppression is adequate for future needs. How- Provided m relation to income lQ a centur% . we ? have 'employment is high. 

did cause he roped in most more outrageous, but in a wav ever, there is nothing at all to leaves a fringe of the popu- in tlirT , ® >_ ... , 

everts in the field with any- more forgivable The 1974 be sa ld for a subridy which lation subject to extreme hous- nn hparf ^ l T {* - Meanwhile, the financial 

•; woj^wbae to say. Rent ActTs pe^aps^e most nobod y Planne^.^d which fs ^ .stress, and that a rather ZmwJS&m blen viSS The^veSof?^ fund?io 

,r ,. Tll€ ouJy result alas, was that damaging legacy «f Sir Harold ver * difficult to measure at all ? mal ! er Proportion of the dest £, yedi while c u 2 hSusin- finauc^ i /hat the 

T P T aId haWt ^ aUog m ^ t « T ing T 18 Ie t . t0 decay - rented'sertor is run on a SSem Sn°g socles are now lot 

Sr^ B „p4!5*SS fL SeCr€ S i" haSte repenting at fo : f t £S e JL l S c ** B } ue Book fifIurea Apa ” from involv mg large of life tenancies, or even in- lectively larger than the clear- 

* Act m a period when they could leisure, it was brought in, ^ fb e J^ue of occupancy, and expenditure on what is, in heritable tenancies: it is almost ing banks, means that the cost 

■/ “7* been working up some ftgurativeiy, over the dead IlJLIj 1 ®??. 1 ** 5”[ . th ® T” 1 * of effet ! ti a largely useless social impossible for a council tenant of funds for other purposes is 

- Public acceptance of the need bodies of civti servants who E fw W * c I* 18 P™* 1 ' “"u®. in which benefit seems to move except by becoming an higher than it would otherwise 

for change. Although the knew very well that it would Jf rrro < 6 v t0 be inverse proportion to owner-occupier. be. The political obsession 

. experts are now once more simply add acute new problems 10 subsidising housing need, our housing policy also Owner-occupiers can move— with mortgage interest rates has 

. staling their own points of view, to the existing housii« mess. It ° i words - toe hampers the working of the but the one thing they cannot inhibited the Government in 

three years have been lost, and is perhaps human to stop them ino v lan ?v d »* ° l S “ JndustiMl and financial systems, do at all readily is to leave responding to financial market 

a Green Paper has appeared saying “ I told you so ” n«ir “ a bout hi alf the The worst results are an depressed areas, where houses pressures, and so has helped 

peaK beneflt North Sea immobile labour force, .a very are very difficult to sell, to cause the succession of finan- 

□eccssary with a prompi K . . , •.i-iH.iidwa 

response. The end result is D- ' rents ba>ot I ,jn replacement 
bad even for housing finance, as Llls f‘ " n current value, on 
is now becoming evident. nauonal p»»!in^ ,if cusis. ur 

Now it is not difficult to S ,d if U Li n<1 ^ 
suggest housing poheies more * . ]‘ ri r 

raiional than the ones wc have: * ‘! d ' uh> ‘ Jsc * 

almost anyone can do it, and a Lt) uUI bt -ar^t-lv eliminated by 
large number have published u ,de . x,,, » finance as well), 
their ideas. The more difficult EdU ’ 1 *" between owners and 
problem is that of the Irishman f cna,,ls — ,he c^eniia! it a niar- 
— how to get there from here, ket system is in imrfc \i:!hout 
Jt is because almost any change bartlship, scandal and m:sa!Soca- 
which can lie proposed will l,on — vould be adnesed by a 
offend some entrenched interest Iax 1,11 unpuicd rent « loved hy 
or other that we have become lbe Treasury but imi the DnE) 
petrified in absurdity, and it is ur by tax relief ur ca.-li grants 
mainly for fear of giving for tenants (duated hy sumc 
offence that Mr. Shore stifles officials, bu: illogical!? 

discussion. rejected nui ..if hand by the 

As far as the general prin- Treasury). Mortgage reforms, 
c-iples are concerned, an excel- wb icli could reduce distortion* 
lent summary has just been and Protect dcpnsunrs. abound 
published as a discussion paper * n theory. 

hy three public ser\-ants — two As for the <11*3*; mu* J?i74 

from the local authorities, one rent controls, .some DnE official* 
from the Treasury.- The cen- want iu create trial areas of 
tral points they make are first decontrol: privately not 

that the scale of total housing *‘ l *en Mr. Shore -<v* any reason 
subsidy' should be explicit and 1° maintain 1937 cniiruls iaver- 
raiional (and harnessed to un rent about il.L’Uj on some 
appropriate land use policy): 350.0(H) of tudavV and i.insnr- 
and that this subsidy should row's slums. In other words, 
then be available neutrally everything is ready fur radical 
between the three forms of change except the Minudcr. 
occupancy— ownership (with ils . , 

tax-free benefit), public sector Anthony HaiTlS 

housing (explicitly subsidised). ... 
and private tenancy (where ur!£ UK u,w» 
only poverty-stricken tenants •‘■'■m.-n-rf iisaimc fni-ii.- nut 
get support). “ Economic ” iXStth d,. ”* n 



Prom the Chairman. Advisory, 
- Conciliation and Arbitration 

Letters to the Editor 

cSeri^ a re^rti ?1 rSSlm^l !“ p L°^ nt ^rough system of charging by reference 

GENERAL TYfcflav’c !Txrckn^c> i,nd ion. Wiinessec: 

Mr. Denis Healey. Chancellor oF X UUaj 3 JLYvUld Departmenl of Employment offi- 
e Exchequer, addresses Inland ci:<ls * 4 l'- 1 ”- Room i» i . 

a jffl sasas-srst TsASse^sjsrs iL an tt r , ?ss?r -ss “ ^M. ra,i,,n ton - > _ 

re iS!<in o g bi fn rt do^,rs? s i n r 1 111 job ,n,m - xt'Uxsi n Sfr " t & sssr ^vB3rs.Ms.ass «.»..< ^ oWm..* ;«rV?€' v '" r 

m&t&M isaassss sssss sss sisis 

: “ c r - A K r recognised it) is in order to u *vuuw- auu reasoname to tne client ana imraetUat 

Sir.— A number of your cor- furt gf ^ how - and mana eement expertise fair and reasonable to the response, 

■j respondents seem to think that }„ ISiJJ® .S5 d Setting sound commercial ideas solicitor. Our cc 

demands a annual report rp ° * Bilk committee. Debate on 1 mid-April). Consumers - expen- 

Intemational Air Transport ? r , itish nuclear delcrrent. d| turo 9«r. L’nrl prelim.). 

hPrA nt nn A : ^ . i SflfPt Cnnimitl PIH. ■ llnnnnAcnrf BuildUlS SOPIPtlPS mnn"n>»n (IIP. 

Swn^wjsattS sh °r ki“°“ r s&vsss^jriss^s S — .sara. 

collective bargaining arrange- ,- an p stat Y yo u d o^ not need h couid be don ? to promote contrary to the popular impres- skateboarding, as a sport and as cargo rates, prior to its 7iffimi<H < G f. ne ral sub-committee). Subject: COMPANY RESl-LTb 

' ■ "ffi S-te. sojldtor, ia’cwNL «?uS5* “EL^- W"'™' I"™™ »>. I, vim, Iljr 100 per .Ion to .pedel lATA mee tos in ' I" 

me endetsm is usually from soon will you need-iudaes be- v b y using the vast resources which one so often hears, solid- cent dependent on the develop- Montreal on June 30. 

Hie other direction. Why. it has cause the theorv is that' the ^k®. industrial giants in tors do not make a fortune out ment of skate-parks. PARLIAMENTARY Bt 

been^ repeatedly asked, are there benevolent state is. by definition new “spin-off" of conveyancing work. They Of 'the 50-odd skate-parks in House of Commons: 

- H 01013 ® 10 fair to all and ita judgraente C0 ™P? m . es - . v . v merely make an income which is the UK. not one can be Vhrr- -i t 

- BiHam? In reply it has been beyond question. w3e un ^ !s ?“ area )0 which my below that of other comparable sidered* valid skatepark accord- 

ponlble to point to the progress "Justinian" whilst there is stifi SK^SJj* worklIlg ff pfl I s ® 00 * 1 ™ 3 notwithstanding ]ng American standards. And 

which has been made, with the some of the life blood of justice JJSJJSE J2S wS“pv 0n * 2i f »?- t SL- SO i»S t0 ”K ar fc ,n the kids know this. With nine 

;- wpporl of the . TOC and and equity in your lawyer’s «?l lth < ? ne or fiSi.5 e fc .S*w 1 " tl b ? ve speciality publications serving ' 

employers' orgamsauons. to veins! ^ exceptions there is an detailed knowledge of the law the skate-boarders each month. 

. encourage amalgamations, elimi- S. P. Best. appalling lack of imagination after many months of study and the kids are well versed about 

ute demarcation problems and 29. Church Road. ai P?? g . Bri . tJsb 1 J ld “ s1 J ial j a ' 5 a ^ t f a j i p ? d . do conveyancing American Skateparks. They will 

te develop and uphold the Tunbridge Wells. Kent. t&PaUEi* 9 tt ‘L 1,ed ^ tte SJ,?. "5?! Sff«J2f By 1 *®SLf l , t ’ " bo ^ such places 35 Skatecity 

disputes procedure of the TUC. I — = Ci y f 1 . 1 Jr*? *? d tte u , nl0Ils - falls - ,Q nJ . y solicitors are strictly on i y unt n somethin- better MC~3a 

believe that this should continue m v . » High levels of unemployment controlled, tested for ability, comes along. 9 

«nd that it would be wrong for I 51 Y rPlIPT fill especially youth unemployment covered by central negligence . . . . . . .. . 

• ACAS now to cncouraS frag- 1 * CUCl Uli are _a problem io all the major insurance and are subject to d f „?L rt th ^ * skateparks that 

mentation of representation nrnrlunfivifi? OECD Industrial countries. Some expulsion for professional mis- b (f'*,/ 0 ' ded \ tbe . que *rio n that 

rtmnlAi. iSSirSI! prOuUCtlViry are facing up to these difficulties conduct should be asked is not “why?- . 

arrangements already SdS“ From Mr. Alan G. Thompson. ^tan others, espedaliy in r -2j- b Sj2 tB tll wh,cb P ubIic Sose skatep^ks conSbJted^o 

The Confederation of Ship- Sir, — Some productivity toe promotion of Industrial nc£n from lie soliotors’ pro- ™ se skateparks c ^nbuted to 

building and Enclneerlne IJninn« schemes are as Mr Cole savs regeneration through small com- feaslon are very considerable jne SKateDoaroer. the industry, 

made if veiy SroA^Ta? off& bo^ufand are^S ^ Jt * “L** «« h “ Sff To *£ r m ZE3tt& ST’S 

sion to special LATA meethi * “ in Estimates and Cash Limits. Wit- Boots company « full year), 
Montreal on June 30. nesses: The Treasury H.M p.m. Dutch Shell iht qtr.), 

PARLIAMF\T4RV RTtqiMF<!c ? oom S ?< ^ce Relations and henhouse Holdings (half-year). 
rAKUAJiifciVTXRY BUSINESS Immigration. Subject: Effects of COMPANY 
House of Commons: Debate on EEC membership 0 h race relations 23. MCETI\GS-see Page 

What have 

negouaung rights in shipbuiid- mere is no reason wny a pro- 

Ing. Collective bargaining dnetivity scheme and added- mus t. wa, t for a bit ol 
arrangements already exist at all V ®J“® schemes in particular can- !™ a £“ ia tire action in this 

levels through CSEU unions not be entirely genuine and JJl f ntai " ■ . 

EMA has inherited from oieasureable on a cost period Richard Tudway. 

SALMA some local recent agree- basis, their rewards, if any. being 

ments in shipbuilding. It is. paid very soon after the end of JjJ. 

therefore, as I understand it. such cost periods. 150 > Regent Street, in. 

legally entitled to be consulted No auditor currently em- " 

on the corporate plan and on the ployed by a company would have Cftli/vSfrkrc 5 

negotiating arrangements. It has an > difficulty in establishing the iJUllLltUld 

no automatic entitlement to truth of the position at the end n 

national negotiatiiu; rights. of a 1051 Period— that is. the rise I££S 

been so much ill-informed and charities— rin fact their lack of 
unfounded comment directed P rom °tional and public relations 
against them. expertise alone justified their 

Alan D. Roper. collapse. 

Court Chambers. As for skateboard unit sales 

X Victoria Street. Ij 1 the UK, UB. manufacturers 

St. Albans. Herts. like Hobie, and G and S intend 

•r skateboard unit sales 

UK, UB. manufacturers ’•.-■'•'’"'SE 

Me. and G and S intend 

nauonzi negotiating rights. ^ w '“r* * ‘ ACC3 to export their best products and 

It seems to me to be common- ° r otherwise of producti ty or « Alan D Rover mv * . » _ all are predicting their sales will 

^nse that British Shipbuilders the rewards or penalriM attach- Si t^ 0 weeks*^^© there TIlG Sk^tfibOSrd double in 1978. And as long as 
should want to talk to all unions «£ -wr would b ® J»ve any hrt the remite of the 3IVaiCUUdlU ^ds skate the South Bank of 

about these matters. This is a survey of solicitors’ incomes iVahorir London, skateboarding will stay 

P °IVhether galns shou id rank for 2SL3K C ^? d ™ 0n JL™’ iCebeF g SSlSS tod^eromre "S 


j-t. Mortimer. iu results did not surprise the legal luuuswy sxate- f . E. Benoit 

Cleland House, Page Street, SW1. f py J u t ^* sU X dSlt o? Profession but they were no hoarding on Thin Ice, appeared 64, Hamilton Terrace, NWS. 

— _ -”7r— r- if, JHiir a tl is vet another ex- doubt a very considerable sur- __ _ _ 

Politics and KS *S Television and the film industry 

justice 2“ SfSSSSpS m ^ UWpix 

SB *** MM SSZT- oi Grat - Et.“S£ls»- JfeA SS® 

Sir. - Justinian alwajs niamtamed and audited P been perpetuated by the Sir.— I wonder if it would be has turned out to be surprisingly 

SS«iv?. lereS S n ? Iy tS nd SCh ln-t;nT h dis b cussi?n b2 media and the press and it resdly P°®sible in your column to say successful. Other successful 

Mrucuvely. It is th^efore the involves constant discussion ^ . g beba , f of something about an observation fi lms v a ™“° d are "The Pink 

22® u to bo regretted that his tween Board and bench o _ e Ief?a j pr0fes5 j 0n 3nd ia viBW of that appeared in Mr. Dunkley’s Panther- Smkes Again,” " Candlc- 

^ticles are at times, as on May common interest and facors P revealed bv the su r - column on May 10. namely a shoe and “ Sweeney 2 " and wc 

disfigured by the politically which unite 1 h®. n _ , r _ r _ a l th political vey. the 1 rollowias points* should quotation from someone at should not forget “Sweeney 1” 

inspired notion that issues touch- the party— or internal, political ey, me Tonowing poinrs soouia Granada Television: “The British **6 "The Spy Who Loved Me." 

inp un/>n i » .1 . ■ u t .. i u-ht^h seoarate them. oc jr u, i ,Ma!,, r7 u - . . . ei™ i — i.. > ...T2 



_ jgffk $> 

;/ 3 * 

£$$c. ? 

J l* 

riew one cannot doubt but that the war becios. Did not someone ■ 

^ not add weight to his. pro- once say that jaw-jaw »as P re * , 

oouncements. ferable? there ai 

cor many, many years county Alan G. Thompson. tb t . 

courts have been handling with 14. Dover Street, Hr. I. receive 

conspicuous success the problems ... over tbe 

3Sf& oftS woffi Job and wealth -t ^ 
a fair hearing where they may creation ? n pp ^ 

put. or have put, their side of „ .. Richard Tudmay upon thi 

}Je case, the .parties to disputes ‘ s comment Ke6t ^ 

lb these courts have almost With- “fv. Ar indus- inmmu. 

professions. And yet what do we feature films to large andiences beav y t fJ evj ' 

see? Only a very short time and paying little for them, is I fl 0T L!!„ Hut here, there 

after the publication of the re- think well known, I enclose an If,, q “5£v°“ .°/ tiie ffi™ , m_ 
sults of the solicitors' survey Updated version of a table that I e adv ? rtl£:in B 

there are headlines indicating think I let you have before but fu ^.n „ e ?P en ® I .V e and 
that doctors and dentists are to last time you had it. It ended iSSHaJ* E?}?- ^ ll ms to 

receive substantial pay rises with 1975. “SP® JgW 

SjMftffii: K^aS 

pp— aw — r « Mr - 

» ^ way to pass ludeement number of good films or a oum- R.°S Camplin. 
g£Tth«1he1?^r U if 80li?i^ bW ° f &lmS ^ haTC t3kea gMd Street. Wd. 

.1 ■ -r ■ ■ . - v,ir A ruiur lillio _ r»wh ujhv iuv uihllva vi ayiivikwia 

°Ut^repi,onf left'^'he court'rtn- p= job creation n..rtb S S," ,h0Uld be ** ' m BECBnnS BY PHODUCEBS/MSTWBUTORS PROM CINEMAS* 

Jwtto accept the judgment, win ^‘“L^intral contradiction in Solicitors’ tacome- from litiea- 1 J 74 1975$ 1976 

or lose. Such couns would have “P ooliC v today of expecting tion is geared largely to scales Fa m hire (British film*) ft f£L 

? ad f. and would still make, an pub he poliw «wa» for Qf feeg « pproved by Par1 | arae nT lew (British SXl B669 

?dmipabie tribunal for the hear. * rl^ain competitive, many years ago which successive 4A0fir 4.900 4.800 

“S of most industrial disputes efficiency to remain Covenunent . governnierits have rai]ed t0 ^ 

5 &»rssi. JaftaSHw “k^.‘x yed> by creit - srr zss ipb •sss ' Faw bin ir ° reiga “-> sss ms 

”«rfow C ^ Total ^ Horn cinetaas SS Jm » 

fCA'WiS SS P » — „ *™fi ” „« p 7 JSUE ~ T~ — 

attempt tgdenrive the parties of most PriU £u0 da- tion and common sense. Con- Foreign films o'JS 1-JJJ J-gg 

{b e right to be represented by he fu“ d: * nas j n neither teutious work has been shown to 0-254 0.687 

solicitors (unless they belong to menl 5i„ a i V ,„.,H t a viable wealth- be unremu nerati ve and therefore Total receiots from bWdnn ■ i enn “TTTT — 

an employer's association or a caes does it lead _tc iviaw ftere sheuid be # flUbstantjal in _ pu 110111 ieie "aon L500 . j.657 2.166 

Jrtule union, when they may be creating emp - -^ason that crease in the whole of conten- * Source M2 Busineju 107(! Pl _ , — 

«ST&sti« y on V f sSte empb^is must switch to creat- tious remunerotion. The present t Souroe M2 JSaSSt^u iSS^wEa? * BSS* 1 " 13 ' 

Denmark is yet another of the 60 Standard Chanered countries, 
ere at Gammel Strand 34, Copenhagen we can transact vour business 
rect with any of our 1500 Group branches and offices across the 
world - and thereby save you time and money. { 

. To hear in detail how we can help you in Denmark, ring Keith 

Skinner today on 01-623 7500. 

t s 


Bank Limited 

helps ymthjxmghont the woiid 

Head OfBce: lOClemnusLane.LQndon EC4N TAB . team £7, wuuta 

i — . 


Financial Times Thursday May IS 197S 




GA up 11% to £ 11.9m. in first quarter 

PRE-TAX profits of General 
Accident Fire and Cite Assurance 
Corporation in the first quarter of 
this year amounted In £11. Om- 
an il per cent advance over the 
corresponding period last year, 
despite u £2, 3m, increase in the 
world-wide underwriting de- 
ficiency To £S.Um. 

Investment income ro.>c by 
19 per cent to 120.5m and long- 
term insurance profits contributed 
£0.7m. Premium income jumped 
by 15.9 per cent to £l!Hm. the real 
rise, excluding currency fiuctua- 
tions being 13.SI per cent. 

The UK underwriting loss, on 
premium income of £70m t£5Smt 
was E7.9m (£.I.5mi. of which the 
motor account contributed £2m 
and the fire and homeowners 
accounts £5. 5m. This latter figure 
included losses on weather claims 
on homeowners business amount- 
ing to Elm, while the fire account 
showed a substantial increase 
over the corresponding quarter 
last year. The number of major 
fire losses also showed a dispro- 
portionate increase and reflected 
not only the weather claims but 
some impact from the firemen's 

In the U.S.. net written 
premiums amounted to SI41.3m 
<S127-3m) and the operating ratio 
was 100.84 per cent compared 
with 104.S3 per cent. The auto- 
mobile account produced a good 
profit, but there were losses in 
the liability and property 
accounts, the latter being sub- 
stantially affected by severe 
weather claims, the aggregate 
underwriting Joss amounting to 
11.5m lEt.fim). 

Elsewhere, business in Europe 
again produced substantial losses 
and there was a small loss in 
Canada. Good results were re- 
corded for Australia. Brazil and 
international business. 

Following the recommendation 
of a final dividend of 4.f!47n. net 
Tor 1.077 making the total JT.0fl7p 
{ 7.31:101 per U5p share, thp direc- 
tors intend to pav an additional 

0. 0Ufin in res nee t of last year, 
subiecr to a reduction in the rate 
oF ACT to 33 per cent. 

First ouariiT 
i"?s mr: 

„ tin. an. 

Nr i lentil'll wmiums— aoniTal i«u 2 ibt s 
inivsiim-ni Ini-om • . ... ™ii.a ir.-j 

'•'•neral undi.Ttvniinu Inss ^.9 k h 

1.9ns ti-rm. iikiii-.iihv protiLs iiT n..» 

1. nan and hank Inu-resi . . n.4 n 1 

Profit before tax 11.9 1Q.7 














Brifiiniiia Arrow 



Lawrie (Alex) 



Giter Ryder 






Central Manufacturing 



News International 



Chamberlain & Hill 



Nicols (Vimto) 



Combined English 



Northern American 






Pork Farms 



Energy Services 



Readicut Intnl. 



Fplkes (Hefo) 






General Accident 



Sturla (George) 



Gleeson ( M. J.) 



Taylor Woodrow 



Hartwells Group 



United Engineering 



Headlam Sims 






Higgs & Hill 



Woeiworth (F. W.) 



year $0 there could be a material 
recovery in 1S7S-7S. which should 
give plenty of support to a yield 

CMT raising £1.5m 
through rights 

Pegged prices worry 
News International 

•• * 2 J 


for J. N. 


February. The GA. because it has 
a higher proportion of personal 
business in the U.S.. had its 
recovery checked by the severe 
weather. Its motnr business has 
come right but it had offsetting 
losses on property and liability 
business. The indications for this 
year are rhat the group will break- 
even on underwriting and record 
a pre-tax profit of £8Sm. The 
shares closed at 214p where the 
yield is 3.7 per cent. 


picks up in 
second half 

Sturla on 
road to 


• comment 

Like Commercial Union and 
Royal, which reported last week, 
the first quarter results of 
General Accident have been 
severely affected by harsh weather 
conditions, both in the UK and 
in North America. But the group 
has been hit even worse by the 
weather than CU and Royal. In 
the UK it has a large personal 
householders account throughout 
the country but is strong in both 
the South West and Scotland — 
two areas hit by the snowstorm <. 
The UK motor account was also 
hit by the severe winter with 
losses of £2m and a rate increase 
later in the year is looking' 
a definite possibility even though 
the group lifted its premiums in 

FOLLOWING a reduced pre-tax 
loss of ECSLOno. compared with 
E342.UU0. at hail time, finance com- 
pany Sturla Holdings, formerly 
George Sturla and Sons, made 
further progress in the second six 
months of the year to January 1. 
1978. to finish with total delicit 
cut from £7 19. non to £97.1190. 

The directors are confident that 
they Will he able lo announce a 
return to profit at the interim 
stage this year, with a further 
strong improvement in results at 
the year-end. based on the devel- 
opment of the group's traditional 
consumer credit business. 

In addition, the new financial 
services now being introduced will 
begin Lu make u worthwhile con- 
tribution to profits in the follow- 
ing year, they say. 

Turnover was maintained at 
£l.lim and interest wo* sliced 
down 10 £6.000 (£287.900) due- to 
capitalisation .flf interest on can- 
cel lt»d hank loans. No investment 
loss occurred this time r£I l.UOii). 

The loss per lup share is stared 
at 2.U8p r lS.DHp 1 . The coin nary 
has not paid a dividend since 1973- 
1374 when the net Iota! was 
0.7JS5p from profit of 10.44m. 

An extraordinary credir of 
£Stt4.U0u (debit £43.000) relates to. 
the net surplus arising nut of re- 
payment of bank loans and other 
borrow lugs. 

There was a minority loss n[ 
H.OflO '( £*.1.000) and at The attri- 
butable-level u surplus of £771,090 
tloss £722.9901 emerged. - 

WITH A second half advance from 
£542,000 to £603,000 trimming the 
midterm leeway of £269.000 to 
£208.000 at full-time. Stunchill 
Holdings reports a pre-tax profit 
of El.Olm. for the year ended 
April 2. 1978. 

In their interim statement, 
when reporting profits of £407.000 
t £676.000), the directors said that 
trade Had improved. And they 
now say. with the growth trend 
continuing, prospects for the 
current year are extremely 
encouraging. Trading sc* far is at 
a high level, with the order book 
greatly in excess of last year. 

Profit for the year was struck 
on turnover of 112.09m. 
(E12.S6m) and was after deprecia- 
tion of riSi.UOO { E217,00U). Tax 
took £328,000 against £659,090. 

Earnings per . 25p share are 
shown at 8.64p. compared with an 
adjusted 9.9Sp. As forecasr. the 
final dividend is 3.75p net for 3n 
effectively maintained total of 


The company, which has 
“ close ” status, operates as a 
furniture manufacturer. 

WITH A rise from £250.730 to 
£414.830 in the second half, tax- 
able profit of J. X. Nichols 
(Vimto), mineral water manufac- 
turer, expanded to £7S2.0G2 for 
the year to March 31. lOTfi. com- 
pared with £308.606 last time. 

Turnover was higher at 
£ o.fiom. (£4.4 dl) and after tax of 
£246.372 (£243.088), net profit 
advanced from £265.5IS to. 
£333.490. I 

Earnings are given as 26.77pj 
i adjusted l3.2Sp) per 23p share J 
A final dividend of 2.75p makes 
the total payment 5J5p net on 
increased capital, compared with 
an adjusted 4.75p for the previous 
year plus an additional Ip for 
1973-76 paid an the instructions 
oT the Inland Revenue. 

Dividends absorb £103,000 
(£95.000 and £20,000 in respect or 

moves to 

Central Manufacturing and 
Trading accompanies unexciting 
first half figures with a £ljm cash 
call from shareholders by way or 
a deep discounted rights issue. 

CUT is proposing lo issue 7.55m 
ordinary Hip shares an the basis 
of twu-for-five at 20p per share 
compared with a market price 
which closed 4p higher at 75p. 
The issue is not underwritten. 

First half figures for the period 
ended January 31. 197S show sales 
of £29.3601 compared with 
£25_23m and pre-tax profits a 
tenth lower at ELSSra. 

The reduction in profits is 
primarily due to difficult trading 
conditions experienced by the 
steel stockholding and metal pro- 
cessing divisions. 

Industrial services, the most 
profitable division in the group, 
traded at a record level with 
profits of £l.Qlm comnared with 
£874.000. Demand for safely 
products and protective clothing 
were particularly strong. This 
division continued to expand with 
the present order intake remain- 
ing high. 

There has been some improve- 
ment since the commencement of 
the second half in the market 
served by steel stockholding and 
metal processing, but at this 
stage it is difficult to forecast. 
The group's trading position is 
mainlv based on the level of UK 
industrial activity and at present 
there is little sign of any sustained 

An interim dividend nf 1.3p 
(l.3lp) is declared. The direciors 
are forecasting a final dividend of 
1.3p making a total of 3p (2.663p). 

improvement from the industrial 
side has hold the fall in trading 
profits to II per cenL Not a par- 
ticularly exciting background to a 
right issue. The company's state- 
ment is phrased in terms which 
suggest that the second hall' will 
show a similar rate of decline so 
a minimum figure fur full year 
profits us probably E.Sra (£3 -95m). 
Meanwhile the rights issue is 
being made to finance capital 
expenditure and higher working, 
capital requirements. Capital 1 
expenditure will be around £2Im! 
while working capital require-: 
ments could be £2Am up. Against: 
this cash flow is likely to be a! 
little above £3m. Though with 
borrowings of £7m against .share- 
holders’ funds of over £20m in 
the last accounts there is no 
obvious strain behind the cash 
call. The dividend increase takes 
the cx-rights yield up lo 7.7 per 
cent at Top. 

• comment 


Stunr hill's results look encourag- 
ing bearing in mind the slate of 
the furniture market in 1977. The 
first six months saw profits tumble 
by 40 per cent, but sales started 
improving in the second half and 
by the linal quarter they were 
relatively good. Second-half profits 
are ahead by 12 per cent, to cut 
the full year downturn to 16 per 
cent. However overall industry 
figures on manufacturers' 
deliveries still look weak with the 
first quarter down a tenth against 
the corresponding period in 1977. 
Eut retail volume is showing 
signs of consistent recovery and 
this l$ now working through to 
the furniture manufacturers in a 
much higher order intake. Ouuide 
projections indicate a good 
increase in furniture sales this 

FOLLOWING A rise from £207,000 
to £244,300 at midway, pre-tax 
profits of Blockleys. the facing 
brick making concern, finished 
1977 ahead at £440.123. compared 
with f354.8a2 last time. 

Turnover marginally declined 
from £2ra to £1.93m and profit in- 
cluded interest receivable of 
£55.376 (£34205). After tax of 
£20S.9Ilt (£193.300) and prefer- 

ence dividends stated earnings 
advanced from 10.49p to 15.13p 
per 20p share. 

A second interim of 2.7S07p 
(2.4S53p) net is to be paid and in 
the went of a reduction in tax 
rate, the directors intend to pay 
a third interim of 0.042Ip making 
the total for the year 3.SB04p 

Dividends absorb £62.047 
(£55.415) leaving profir retained 
up from 1 1 06. 137 to £169,095. 

Haift-time figures from Central 
Manufacturing show that profits 
from its stockholding, metal pro- 
cessing and tubes divisions are 
down by a third, though an 



Greenfield Mllletls. the retail 
and wholesale leisure group, is 
making a scrip issue lo share- 
holders or preference shares and 1 
forecasting another record year; 
in 197S. 

The direcLnrs are recommending 
a capitalisation of 891.429 10 per 
cent cumulative preference £t 
shares to holders registered May 
12. This will be on the basis of 
one preference share for every 
12 ordinary. 

The directors slate that the first 
hair profit for the current year 
is expected to be similar to that 
of 1977 when trading was- quite 
exceptional. They also state, that 
they look forward to making 
record profits for the year as a 
whole. In 1977 profits amounted 
to £954.560. 

An EGM is called for June 9. ■ 

THE DIRECTORS of News Inter- 
national are concerned that the 
price of the Roup's national news- 
papers, The Sun and the News of 
theWorld. are substantially below 
those of the competition, out Un* 
is entirely due to. thc nciran n 
the Price Commission. Mr. Rupert 
Murdoch, the chairman, tells 

More than .Win. copies of these 
newspapers were lost during 19./ 
due to industrial action but on 
those occasions when printing 
completed record sales were 
achieved, he s.iys. 

In the provinces, the Berrows 
Group produced a satisfactory 
increase in income from both 
circulation and advertisements and 
profits ’were better. The same 
trend of higher turnover has 
continued during the first part or 
197S but increased costs have so 
far held back profit improvement. 

The Now - York Post is in the 
process of- a reorganisation and is 
unlikely to bo in profit during 
the current yea rthough overall 
U.S. operations are expected to 
make a contribution. 

Cover price increases by the 
Australian division should- be 
reflected in the 1978 results. Last 
year profit was down at £l.6lm. 
(£1.94m.). . . 

Affected b>' the continuing dis- 
pute in relation to its major 
contract. Eric Berarose showed a 
£470,000 loss for 1977. The com- 
pany is now handling a far 
greater volume of work and 
should substantially improve iis 
result this year but without settle- 
ment of the dispute no profit can 
be anticipated, says Mr. Murdoch. 

Taxable profit for J9/« advanced 
to £18.1 5m (£1 5.62m) on turnover 
Of £136.Gm t £140.1 m) and net 
dividend is lifted to S.9p (8p)— 
as reported April 7. 

Year end not liquidity »a« u 
£R33m (down £U.u3m» and furuj 
capital spending amounted t 
£t.0Sm (El. 76m) of which I43».« 
t£i.i7mi had been aid horned ht 
nut contracted. 

Meeting, Stationers Hall, EC. o 
June 14, at noon. 

Long term 

Expressing confidence in tf 
long term future of Combine 
English Stores Group, Mr. Murr; 
Gordon, chairman, says that tf 
company entered the current yes 
with added financial strength gr 

substantial cash resources. 

The group balance sheet 
January 2S, 1978, shows sho 
term bank deposits and cai 
r mourned to £6.21 m. ah increm: 
iff £0.7m. The share capital ar 
L-onsni idaied reserves toialli 
m.69m. an advance of £2.15 
over last year's figure adjust! 

fnr the accounting change 

records deferred tax 

The directors arc implement!! 
their expansion plans for : 
mainstream activities. As alreai 
announced, an offer has bvi 
made fnr the Kendall chain 
stores and further oppnrninitt 
to expand both at humc and ovi 
seas are being actively sought. 

Taxable profits for the year 
January 2S. 1978, already report t 
totalled £4. 34m t£4.Blm) on tur 
over of £56. 9m (£34. 5m). 

Meet rag. The Dorchester. W, ■ 
June 15, at noon. 

Higgs and Hill Limited 


SUPRA — 97.4% 

Supra Group's rights Issue nr 
1 .030,167 ordinary shares or lOp 
each at 30p per share attracted 
acceptances in respect of 1.003.414 
shares, representing 97.4 per cent, 
or the issue. 

The balance has been sold at 
52p per share and the net pro- 
ceeds. amounting to 21.43p. will 
be distributed pro rata to aualify- 
ing shareholders, except ?hat no 
payment will be made for less 
than £1. 






uf spondins 








Cater R\der 


July n 




Central Mftrg 

..ini. lj 

July 4 


- — 


City of Oxford Ins. 


June 26 






June 2*2 




Energy Services 






J. Folkes Hefo 






M. J. Gleeson 0.75 

July 3 










Headlam. Sims 






ixmdun and Lennox 




2.5 .. 


Ldn. Prudential Inv. 

. ... 1.6 

July ■»£) 



„ 2-4 

London Trust 



• 4.75 



J, X. Nichols 




*J4-75 1 

Northern American .. 

.ml. 1 

July .*5 


— • ■ 


Pork Farms 

... 17 

May 31 




Readicut lnt 

. .. 1.11 







July 21 

ff 3.75 



United Engineering 




•> -H) 




July 21 




Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing 

for scrip 


t On 


increased by rights and. or acquisition issues. 

£ Additional lp paid in 

Profit Pre-Tax 
Profit after Tax 




£000 ’s 

£000 ‘s 











Extracts from the 1977 Statement by the Chairman - Mr. 
E. W. Phillips MBE 

respect of previous year on instructions of Inland Revenue. 5 To 
comply with company's “ close " status. 

Civil Engineering & Bui Idi ^Contractors 

The Directors of M. .T. Gleeson (Contractors) Limited announce 
the following' unaudited results of the Group for the half-year 
ended 31st December, 1977: — 

Half year ended Half year ended 
31st December, 31st December, 


........ x r~o 

\ v - *. 
<r ;| 






£25 m 

£2 6 m 



Profit before taxation 






Profit after taxation 



These figures are in line with the Board's expectations, but 
adverse circumstances affecting motorway contracts may make 
it difficult for the Group to declare as favourable results for 
the year ending 30th June. 1978, as for 1976/77. 

As one of Europe’s great chemicals 
and plastics groups DSM knows how 
important it is to clean up after the 
job is done. 

For instance, in The Netherlands 
this year, DSM will have spent some 
£35 million to make the River Meuse 
cleaner. To do the job DSM pioneered 
techniques which take out nitrogen J 
impurities as well as organic matter. J 
The plant that has been put to work 
on the Meuse will be big enough to jLq 

deal with the waste produced every 
day by a city the size of Birmingham. 

Good news for Dutch farmers who- 
will use the 130,000 tons of bacterial 
waste produced every year to improve 
their soil. 

So Meuse J 7S will be a great year. 

And the know-how that made it so 
i will travel well. Soon there will be 
a great years for the other rivers of the 
industrialised world, 
gjlfc Water is a vital resource. DSM 
•'fa technology keeps it clean. 

The Directors have declared ;»n interim dividend of £75.113 
( 0.751 13p per share) — 10% more than last year's figure of £68,285 
— which will be paid on 3rd July. 1978, to shareholders- on the 
register at the close of business on I6lh June, 1978. 

Regarding future prospects, the Group's order book is very 
satisfactory- in all areas except Civil Engineering where the UK. 
industry faces keener than ever competition resulting from ihe 
continuing worn shortage. 

.Our Group profit for 1977, before taxation, was £3.130.000 
' on a turnover of £106 million. This represents a 37.5V o 
profit improvement on .1976, after allowing for the 
doubtful debt provision which we had to make in the 
previous year. I consider this to be a creditable 
performance bearing in mind particularly the recession 
in u.K. construction activity which prevailed throughout 
the period. Directors are again recommending the 
maximum dividend permitted making a total Ordinary 
dividend tor the year of 3.4525p per share, compared with 
3.0734p for 1976. 

Our Building Division remains responsible for the major 
part of Group turnover and profit. Performance exceeded 
forecast, despite the continuing depressed state of the 
UJC market Our increased marketing efforts have been 
: directed at achieving a satisfactory share of the reduced 
work available. V\fe are continuing to maintain a policy of 
avoiding contracts at uneconomic margins and as a 
result the intake of new orders in the current year has 
been disappointing and there will be an unavoidable 
reduction in turnover. 

In civil engineering we have succeeded in diversifying 
from roadwork contracts and are now engaged in railway 
bridges, waterworks, refuse disposal, flood prevention 
and power station works. 

Our policy of expanding overseas is proceeding 
satisfactorily. In Bahrain the construction of a coastguard 
station is well advanced and our associated company 
has successfully completed the fitting-out of the Citibank 
premises in Jeddah. We have only recently finalised a 
contract for a city-centre development in Cairo in excess 
of £35 million on a management fee basis. 

Our property portfolio is making an assured and 
increasing contribution to profits and we have a number 
of new projects under negotiation. In France we have 
finished the fourth phase of our housing development 
near Paris, and on our industrial project at Nice two more 
phases are now under construction for letting in 1978 and 

Our house-building operations had a successful year. 
These are being expanded and we are hoping for an 
increasing profit contribution. 

In the long term the Company's prospects are sound- 
However, the current year will be far from easy and I think „ 


:r t 

it would be unwise to make a specific forecast in view of ! U . / 
the many imponderables which could affect it although I * * U. V 

the many imponderables which could affect it although 
wiH say that we are not unduly pessimistic about the 
likely outcome. - ' . 


.The professional revaluation of the Group's properties at 
30th June. 197S. is now in hand and should lend to a good 
increase in the book value of the assets. 




Building. Civil Engineering and Property Group 

Crown House, Kingston Road, New Malden, Surrey 

New Issue 
May 18. 1978 

This advertisement appears i 
as a matter of record only - 

Si' - r • 

cm. > 


: 1 *! 

- ->■ • y- - *. jbu 

US $ 250,000,000 
7%% US-Dollar Bearer Notes of 1978/1983 

Offering Price: 99VjN4 
L$ung; Franklurt on Main - 

• ’ 5 M 

’ '"Wm 
11*6 | 

Deutsche Bank 

Aktiangeseitschaft . 

- ‘iS tii 

DSM tss chemicals and plastics 

To find out how much more we do, write lo the Information Department DSM PO Box 65, Heerien, The Netherlands. 

Abu Dhabi Investment Company Algemene Bank Nederland N.V, Banque Nationale de Paris Z - 
Banque de Paris et des Pays-Bas Goldman Sachs International Corp. Kidder, Peabody International ^ 


Manufacturers Hanover Merrill Lynch Internationa! & Co. Salomon Brothers International ^ 

kOTHWid .... * 

Den norske Credrtbank 

■w i u nr; . ^ 

I . 5 ^ 1 4 1 ^ Flnancfal Times Thursday Kay is 1978 

i |!lr,1 aik Bedding and furniture 

^ loss hits Dunort 

Better trend by 

setback in U>e domestic products 
. where losses of £2 .3m 

*ere incurred, group pre-tax 
profits of Uuport fell from £IL45m 

I ra £S.02m in the year ended 
. Sttuary 31. 1078. 

-( ||\»j . ‘ When reporting first-half profits 
'ij If. jjjead from £4.63ra to £4.75m the 
, • W directors warned that the second- 
k ill’,*; , >half result was unlikely to exceed 
Ml it. *15 level. 

„ »Jf| Mr. Eric Sayers, chairman, says 
ill | I-, > that the immediate prospects are 
* \ |v‘ not good due to depressed levels 
1 \ pi demand in all sectors of the 
J group and it is likely that results 
for the first half of the current 
-ear will fall well short of those 
■ of -the corresponding period of 

-However, the -vigorous steps 
being taken will put the group in 
i good position to take full 
advantage of the trade upturn 
when k comes. Rewards will 
begin to appear from the massive 
investment in South ' Wales, 
• where, after a long gestation 
period, the plant has made an 
encouraging start. In addition the 
long, months of preparation to 
eerrect the situation within the 
bedding companies is now being 
reflected in positive action. 

Results are therefore expected 
to Improve m th B second half dF 
1978/78 and the chairman looks 
U> the longer-term future with 


; Referring to the bedding and 
furniture operations the chairman 
explains that a highly competitive 
market exposed vulnerabilities in 
this sector 'following a major 
reorganisation. It was reported 
af half way that time would be 
required to restore the competi- 
tive position of these operations 
which lost ground doling the 
' recession of the past two years. 

> After reviewing the product 
range and marketing activities it 
. , . was .concluded that the manufac- 

r T ■ . taring requirements can be met 
1 * “i i invfaun reduced production facilities 
“>^which will incur substantia] 
redundancies. The chairman is 
-* — confident that this rationalisation 
will provide a base for profitable 
trading. He feels that the rate of 
losses will be progressively 
-reduced during the remainder of 
1978/79 with the possibility of 
profitable operation being 
restored by the end of the year. 

During the year profits of the 
steel and engineering sectors fell 
by 10 per cent. The chairman 
..""'wplains that the world demand 
' - : "Ior steel affected the operations 

and margins of the steel com- 
pames; the engineering companies 
showed more satisfactory levels 
of demand but their operations 
were disrupted by industrial dis- 

After tax (calculated in accord- 
ance with ED 19) the year’s net 
profit came through at £6.55m. 
against £8.62m. Basic earnings 
per 25p share are shown to be 
down from 24.13p to I4B8p and 
fully diluted from 10J9tp to 
13.1 7p 

The dividend is raised by the 
maximum permitted — from 
4.O80*8p to 4.4841 5p with a final 
of 2.671 1 5p. 

1977-78 lDTft-77 
, aw> cwu 

Turnover- — . 1WJST in.*t« 

»M68 M.J66 

ta^mrcrlBs 46.JS3 43-P9; 

Dooo.STlr products ... JS.Wfl *V<0 

Ccwral 8.5S5 3.w 

Ij*** fvncr^rcDip .. 9^5 1.119 

profit- . .. 8,5 Z5 11.RN1 

SlrrJ 7X0 SJ61 

Ewyovcnog SA35 

Domesilc prods, loss 2.593 

Gpncral 6S0 

lotewsK j.000 L23* 

787 SSi 

Profit before tax S^U U>*W 

Taxation J2.122 J.SCC 

P'vfit S4M MM 

Extraordinary credits .. £97 1300 

Dmflendi 1^85 J.S5S 

Retncned 4346 7.000 

* Turn over and trading prod! WdntJes 

M.8«5.l>00 and 031,000 respectively (or 
Ewarta up to the date of disposal (Octo- 
ber, l*T7i: and bnludes H^SJjWW and 
1499.000 respectively Jar Anstow Iran 
date of nctnlaltkm f July, lOTTi. t Profit. 

1 Charge would have been tlMOL tauter 
farmer accounting noUdefl. I Debus. 

During the year shareholders' 
funds increased by £1 8.52m of 
which £12. 74m was released from 
deferred tax following a review 
of liabilities which are reasonably 
likely to arise in the foreseeable 

The group has invested £1326m 
ui plant and equipment, of which 
£S.41m was spent on the new 
steelmaking plant in South Wales, 
and a further fl.OTm has been 
invested in working capital. 

Borrowing increased by £2. 19m 
during the year, mainly as a re- 
sult of drawing the full amount 
of the £3m term loan from Mid- 
land Bank. Nevertheless total 
borrowings of £l&24m represent 
no more than 28} per cent of 
shareholders' funds. 

As regards the new steehnaktng ' 
plant in South Wales the first 
phase, comprising one electric arc 
furnace, is complete and began 
operations early in AptfL The 
second phase which comprises a ■ 
second identical furnace is well 
advanced and is due to be com- 
pleted by the end of this year. 

Since the end of the year the 
group has been forced to reduce 
its holding in Vono Products 
Nigeria from 27 per cent to 18 per 
cent. Sale proceeds amounted to 
*362,000 and it is anticipated that 
this will be remitted this year. 
In future this company's results 
will not be consolidated in the 
group accounts. 

See Lex 

Woolworth profit 
in first quarter 


warns of 

ANNOUNCING taxable earnings 

for the haLf year to December si, 
1877. marginally down at £679,000, 
aaain« £686.000. the directors of 
M. J. Gleeson (Contractors) warn 
rhat the group may be unable to 
declare as favourable results for 
the full year. Total profit for 
19' 6/77 was £1.4 3m. 

The company's order book is 
very satisfactory in all areas 
«eept civil engineering where the 
U-K- industry faces keener than 
ever competition resulting from 
the continuing work shortage, 
they say. 

Turnover for (he first haU fell 
Elm. to £25 m. and -tax took 
£3S0,000 (£SS2.00Q). 

The net interim dividend is 
0.75113p (0.682&5p) per lOp share. 
Last year's final was lJ573p. 

A professional revaluation of 
the group's properties as at June 
30. 1978, is in hand and should 
lead to a good increase in the 
book value of assets, the directors 

Record for 
Headlam Sims 
& Coggins 

Subject to tax of £61,362. com- 
pared with £39,386 profit of 
Headlam. Sims and Coggins 
jumped from £213,414 to a peak 
£319.862 in the January 31, 1978 

At halftime, profit of the shoe 
manufacturer was up from 
ffiLOOO to £S3.000. During the 
year a £150.323 surplus arose on 
the revaluation of property. 

The dividend is lifted to 1.22B6p 
(l.llTSp) net per 5p share with 
a 0.729611 final payment i 

AFTER AN unchanged position 
at half-time, profits of Whitbread 
and Co. improved from £1 6.08m. 
to £lS-2flm in the second six 
months taking the total up from 
£4LS9m to £43 .52m for the year 
ended February 25, 197S- 

Comparisons of profits, before 
adjustments for foreign exchange, 
show a second half increase of 
10.5 per cent, following a first half 
decline of 10.0 per cent 

When reporting on the first half 
figure in November the directors 
-explained that trading was 
affected by industrial problems 
and the poor summer. They 
regarded second half prospects as 
being mixed and looked to 
107S-79 for a better trading year. 

The directors now say that 
while the weather has not been 
too helpful since the start or the 
current year, the volume recovery 
which occurred throughout the 
second half of 1977-78 continues. 
Given a reasonable summer they 
are confident that the group's 
wide range of national brands and 
local draught beers will enable 
further progress to be made in the 
current year. 

This confidence in the future, 
the directors say, is demonstrated 
by the continuing level of invest- 
ment — some £5flm. in 1977-78 with 
higher sums planned for 1978-79 
and the following year. 

1977-78 1976-77 
moo moo 

Turnover 573,389 518.473 

TradloK profit CT.ara 66.9B3 

Depreciation 12.S57 I6.MS 

Bank and loan Interest. .. t2.tM U.C61 

Foreign raduuKe gain ... -I R.77 

Profit before tax CLSU ®X97 

Taxation 6.788 10 4?! 

Net profit . 30.735 31 476 

Extraordinary credits 1.375 t934 

MfnotltlM 23 67 

Preference divide nd 4JS 413 

Attributable 37 MB 30 rwo 

Ordinary interim 2.671 JJW 

Projxwrd final - 8.577 S.617 

To rer-rve 28.50 22.134 

t Debit. 

Providing for a reduced tsv 
charge on the basis of ED19. and 
taking account of extraordinary 
credits of £T.58m. (£934.000 debit) 
and minorities the attributable 
balance comes through ahead nt 
£37.87rn, against fSfl.Ofim. This 
rives basic- earnings per 25p 
share un from IS.TOp to 16.13p. 
Fully diluted they show an 
increase From 12.B7p to 14.7Gp or 
from 7.94p to 9.9p on the old 
accounting basis. 

The dividend Is increased by 
the maximum permitted— from 
3. 5644 p to 3.9359p with a final of 
2.7886p net. The benefit of any 
reduction in the basic tax rate 


Tlie foUmrtm: companies have notified 
dal« of Board oiNdnss lo ihe siocfc 
E xc turns p. Such BK-ciiuga arc usually 
held for Ite purpose of crmsidinae divi- 
dends. Official ind i ratio its arc not avail- 
able whether (Undent^ concerned ar e 
lnioriiTv or finals and the subdivisions 
Shown below are based mainly on urn 
years timetable. 


Interim*— Brocfchoase, MaiUww Brown. 
Jessups, Redman Hccnan International. 

Finals— Anglo Swiss, Boots, buimcr and 
Lnmb. Dutton For? haw. Ajuos Hinton. 
Industrial and General Trust. Peerase of 
Birmingham ■ ' P yramid t Publishers i , 
Sphere hKWtllK-ni Trust. Whitbread 
investmcm. Wiran Tnri-annent. 



Bollway 11*7 U 

CompAlr - -- - June 14 

Eralon PlxsUr* May 2* 

ICL May 25 

Stockholders investment Trust .. May 22 


ciossop nr. and j.i May 2« 

inienwLloaal Palm May 25 

Reed international May 31 

Sumner (Fran da » Mar 25 

Valor . — June li: 

Wlnchmote Investment Tnwt May 52 

will be added to the interim for 

The directors report that the 
reduced _ first half volume was 
substantially made up in the 

second by an encouraging demand 
for Whitbread Trophy bitter. 
Heineken and Stella lagers. Gold 
Label, English Ale and again by 
the exceptional performance of 
canned beers. 

Wine and spirits performed 
well, particularly the Langcobach 
German wines and Corrida. Long 
John whisky continues to grow in 
popularity and . achieved higher 
profits with increased sales to 
the UK and overseas markets. 

The soft drinks operation had 
a rather mixed year. The poor 
summer checked the growth of 
R. White's lemonade whereas 
sales of Rawlings mixers con- 
tinued their growth and market 

See Lex 

ON TURNOVER ahead from 
£164. 15m to 1177.74m pre-tax 
profit of F. W. Woolworth and Co. 
dipped from £5.7Sm to £5 .53m in 
the April 30, 1978 quarter. 

Directors say the S3 per cent 
turnover rise reflects a slowdown 
in the growth of consumer spend- 
ing in the pre'-Budget period, and 
that as foreseen in the chairman's 

annual statement, trading profit 
has been affected by increased 
pressure on margins, and in 
particular on food. Trading profit 
was cat from £S.89in to £7.82m. 

But directors ray the first 
quarter is the least meaningful 
period for profit and the result 
to date does not alter their 
earlier projections of an increase 
for the full year. Last year profit 
totalled £46.78m and dividends 
4.1 Tap net per 25p share. 

First atuurwr 

Turnover ...... I„.7S9 164.1-M 

Tndiar profit . - "JK3 5 Jjss 

Dpprr*CUlK» 1 957 1.957 

Ini,*r>-n 597 

lnv.-ifts and rrm inc. 293 -30 

Pnwnr diswwal snra- — _ 8 

Prom before w — .. S552 5.788 

T»e 3.IU2 3J10 

Xet profit 2.493 2 -5 74 

Lum-ncy sam ... W Iff 

b'lvUV ... ...... 2 

• Includes VAT ol UDJjCcd iQ^ro-. 


Directors say the reduced 
interest charge reflects lower 

borrowing rates in the period. 
See Lex 

Higgs & Hill 
looks to 
longer term 

THE CURRENT year will be far 
from easy for Higgs and HI1L 
building and civil engineering 
contractor, but the directors sire 
not unduly pessimistic about the 
likely outcome and the long terra 
prospects are sound. Mr. E W. 
Phillips, the chairman, says in his 
annual statement 
As a result of maintaining a 
policy of avoiding contracts at 
uneconomic margins in the build- 
ing division, the intake of orders 
in' 1978 has been disappointing 
and there will be an unavoidable 
fall In turnover, be explains. 

Expansion overseas is proceed- 
ing satisfactorily. In Bahrain 
construction of a coastguard 
station is well advanced and re- 
cently a contract has been final- 
ised for a dty centre development 


First quarter profits of Macfar- 
lane Group (Clansman) had 
doubled to £245.000 based on un- 
audited management accounts, 
Mr. Norman Macfarlane, chair- 
man. told the annual meeting. 

The trend was continuing, and 
the directors were confident that 
the first half figure would ex- 
ceed £500.000. This would com- 
pare with £304.000 in the first 
half of 1977. 

in Cairo in excess of 135 to. on a 
management fee basis. 

House building, which bad a 
successful year in 1977. is being 
expanded and the directors are 
hoping for an increased profit 

Taxable profit for 1977 
advanced to £3.13m f£L2Sm) on 
turnover of £106m <£iQ2m) and 
the net dividend is stepped up to 
3-432294p (3.O930O6p )as reported 
April 19. 

Utd. Engrg. 
soars in 
second half 

MORE THAN doubled taxable 
earnings from £304.231 to £619.100 
were attained by United Engineer- 
ing Industries in the second half 
of the year to January 31. 1B7S, 
lifting the full time total from 
£579.231 to a record £1,008.10]. 
Turnover was better at £S-SSm. 
against £4.17zn. 

In October the directors said 
that in view of the satisfactory 
level of trading and improvement 
in liquidity they hoped to raise 
the total dividend payment by the 
maximum permitted. This they 
now propose with a final of 
1.1106p net which lakes the total 
to 2J2212p ( 1 .ySSBp i per lOp 

share. The company has close 

After tax of £432.02S (£126.647) 
earnings per share are stated at 

6.1 p (4.9p). Extraordinary debits 
took £43,233 (£27,778) leaving 
attributable profit at I532.84U 

Treatment, of deferred tax was 
in accordance with ED 19 and 
comparatives have been adjusted. 

up midterm 

A marginal rise in taxable 
revenue from £707.327 to £726^50 
was achieved by Northern Ameri- 
can Trust for the half year lo 
May 1, 1978. Mid-year net asset 
value per 25p share was up from 
116.5p to 131.1p, or, assuming full 
conversion of loan stock, from 

116.1 to I29.6p. 

The net interim dividend is held 
at lp. Last* year's final of l.S5p 
was paid from record revenue of 

Afier tax or £278.029 (£261.178) 
net revenue for the sic months 
was maintained m £448.32! 


Alex Lawrie 
Factors up 
to £0.46m 

Pre-tax profit a ( Alex Lawrie 
Factors climbed from £357.733 10 
£462.508 in the March 31. 197S. 
six months. Tax takes £242,500, 
against £183,000 last time. 

Directors say factored turnover 28.1 per cent and that they 
are pleased with the contribution 
the company is making in re- 
sponse to the financing needs of 
the smaller business. Profit for 
all last year was £697,543. 




A P V. New Zealand Hnu-'i, SAC > 
11.4.7. BBA. Bradford, 11. .W. Bifur- 
cated Engineering A> Icsburv. 12 
Booker McConnell. Gfl Cannon 
Street. E.C.. 12. Boot t Henry) and 
Sons. Sheffield, 12. Drummer ill ). 
Manchester. It. Callender « George 
M.l. Winchester House. E.C.. 11.30. 
Delta Metal. Waldorf Hotel. V.O., 
12. Dew lfi.1, Oldham. 12. Erith. 
530, High Road. Lcytonstone. E., 
12. Expanded Metal. Tower Hotel, 
E„ 12.30. Hepworlh Ceramic. 
Charing Cross Hotel. W.C., 12. 
Jerome (S.) and Sons. Branihope. 
12.3U. Johnson Group Cleaners. 
Greni Eastern Hotel. E.C. 12. Nnr- 
vic Securities-. Norwich. 12 30 
Senior Engineering. Connaught 
Rooms, W.C, 12. Spirax-Sarco 
Engineering. Cheltenham. 12.43. 
Wolf Electric Tools. Pioneer 
Works, Hanger Lane, \\\ 12. 


A compulsory winding up order 
made on May S against Kellcr- 
grade Limited has been rescinded 
by Mr. Justice Oliver in the High 
Court By consent the petition 
was dismissed. 


Two-tier trading 


Bank of England Minimum 
Leading Rale 9 per cent 
(since May 12, 1978) 

The third Wednesday in the 
month produced the usual 
chaotic trading in the London 
, money market yesterday. As the 
day on which figures were taken 
for publication m the monthly 
banking statistics.' banks were 
anxious to ensure that they were 
running the correct ratio of 
reserve assets, and at the same 
time sought to increase their 
monetary base on fears of a 
possible re-imposilion of “corsel" 
controls by the authorities. 

This created the customary two- 
lier market, with discount houses 
paying as little as 2 per cent for 
call money (which counts as a 

reserve asset) while overnight 
rates in the interbank market 
touched 25-30 per cent in places. 

Treasury bills, which were in 
great demand on Tuesday as part 
of the same situation concerning 
reserve assets, lost some of their 
appeal yesterday, easing to a 
general level of 8,* 4 per cent.' -This 
tends to confirm Bank of England 
Minimum Lending Rale at its 
present level of 9 per pent 

Although money . was freely 
available at very low levels ro 
the discount houses during the 
day. conditions were fairly tight 
towards the close, with houses 
paring up lo 9 per cent in places, 
with most late balances found 
within the region of 7 per cent. 
Interbank overnight rates fell to 

7-S per cent in the afternoon, but 
closed at 20-25 per cent. 

Some houses experienced a dtifi-. 
cult finish, but money was 
generally in good supply yester- 
day. and the authorities absorbed 
surplus funds by selling a small 
amount of Treasury bills to the 
houses.'. • ■ ; 

Banks ' brought forward run- 
down balances. the~ authorities 
held maturing local authority bills, 
and settlement was made of gilt 
edged stock sold by the authori- 
ties. On the other hsnd tbe 
the houses held mariiring 
Treasury bills, there was a size- 
able excess of Government di*» 
bursements over revenue pay- 
ments to the Exchequer, and the 
market was also helped by a 
slight fall in the note rircuiation. 

1 Jianm-mio 
«r (IcfVnlTg 

Tumi Lontl Mifli. 
Auvl'.^iiy j iane<ui*t<i* 


| Dinvnuit 

C<un|wn]r. uurKA 
ticpnuLa .Jejji.sir 

Bill! 4 

I Eligible 
. Book 
Bills f 

Bills 4> 

tilsvs nntii-e.. 
J dsyt. u r 

ttoj-s ms iro- 
Une umith.... 
hro hr... 
One* montlin. 
fc mqnih>.... 
Sloe months.- 

One yusr 


9i 4 

lOli 10 

Local authorities ud finance bouses seven days’ noUce. other* seven days' flretL Lone-term local authority monease rate 
Mutually Uuro rears UJ-lll per cent: fonr years Ill-Ill per o-nj: five vvars 1312J Pur cent. + Ban* bill tnin id table am 
aytag rotes for. prime paper. Burins rates Tor tonr-monib bank bins 9' ib-IH per cent ', fowr month trade bills 9) per c ent. 

AwrwSute JOr Me-momb Treasury bills 81-^ per cent: iwmooth , M» per «m: and throc-momh 

per cent. Approvtauue «Wns rote tor ooe-momn bank bills 8ja9» esnt: cem: 

*M-»oDlh Bt per cent. One-month trade bills 81 per cent: wo- month 9 per mrrt. and also three-month ri per rent- 
- naanco Ntm Bmp Rates ‘published py ihe Finance Howes Awooiaiii"" ri pit cen t trom May I. IBN. Clearina Bank 
kriSTSt* days' wrire' fi per rent. Clearino Banks Base Rates tor fending 9 per cent. Trearorr 

MSt: Average tender rates of discount 6-4631 per cent. 

The Central Manufacturing 
& Trading Group Limited 


Half Year lo Half Year lo 
31 Jan 78 31 Jan 77 

Year to 
3.1 July 7 7 

External Turnover 


Interest Payable 

Group Profit before Taxation 

Corporation Tax (estimated) 

Group Profit after Taxation 

Not Earnings per Ordinary Share of 10p 

Unaudited Unaudited 

£29,359,000 £28,233,000 £56,317,000 

£1,871,000 £2,101,000 £4,604,000 

£291,000 £351,00 0 £659,000 

raxatlon £1,580,000 £1,750,000 £3£45,000 

£175,000 £140.00 0 £316,000 

raUon ~ El ^105,000 £1.610.000 £3,629,000 

iinary Share of 10p 7 ^p 8 - 5 P 19-2p 

for taxation have t*enamen<M ^ the prised eccotmtiaa 






orouD profit before tax in comparison with the 

gruUK K ,wnl . J„ a lA tha WlffirtnH trartinn 

condmons expenencea uy demand for steel and steel scrap, our 

~ «eir to maintain .hair share of the 


dividend of 1.5p on the ancJ lhe Directors feel it prudent 

WjgT^“ 1 eq^ n S » P™ We maXimU,n ftetlblli,y ,OT ,U,UrB 

development Norman N. Hickman, Chairman 

17 May 1978 



bodrow teamwork 

produces improved Pre-Tax Profits 
for the 17Hi consecutive year 

Turnover & Assets Emptied 

Profit after Taxation 

Equity per Share 

Earnings per SHare& Gross Dht 


480, r T -, r 

{ lUDNOVEB - • 
: MSEreCWPLOttD ' 

400! 1 - i - ) ■ 



iiii ; 




480i — : — i — r 



“I — 1 — : — i — i — r 


5Q , ; 


1 I' i 
... — rT1 


hJti : 

’"••fiji.T ■•'.i ) 

8 V '- 

industrial services^ 

Metal processing 

6 a « 70 71 72 7a 74 75 76 77 

68 « 70 71 72 7J -14 75 76 77 

70^71 72 73 ^ ^ Vt- 75^ 76 77 



^ — 

4-^ -i 

Lm — 7 i 

68 69 TO 71 72 73 .74 75 76 77 

The Chairman, Mt R. G. Puttick.r^orts: 

In the past year there has been no 
improvement in the amount of new work available 
to our industry in this country and worfyoyerseas 
has become more competitive. Fortunately, 
however, we have a reasonable volume^ wojck^. . 
on hand and again the income from oversea'- 
coupled with our U.K. earnings has enafiiedjas to 
complete the yearforthe seventeenth successive 
occasion with group profits in excess ofcBie r.v . 
previous year-a not unsatisfactory achieve meriF 
in the circumstances. 

Accounts and Dhridends 

The turnover of the group in 1977 including 
associated companies was £392 million compared 
with £413 million in 1976,This reductionin turnover 
results from the substantial completion of our 
work in connection with the Thistle Field 
development in the North Sfea. apart from which 
most sections of the group show increased 
volumes of businesscametfo^t iaihe year 
compared with 1978. 

Profits before taxation were £22.4 million, * 
an increaseof £1.4 million over the previous year. 

In rnakjngpmiscorhparision it must be recognised 
that movements in exchange rates between 
December 1976 and December 1977 in favour of 
sterling have led to our overseas earnings 
expressed in sterling being reduced by 
approximately £1.0 million. 

After deduction of tax and minority interests 
the balance remaining was £9,730,000 and after 
deduction of extraordinary items of £1 ,477,000- 
again largely arising from exchange differences 
' on profits of earlier years retained overseas- 
there was a profit of £8,261 ,000 available to 
Taylor Woodrow Limited. 

'four board has recommended afinal dividend 
of 5.6229p per share which, together with the 
interimdividend, makesaiotalof 76029ppershare 
for the year. With the addition of imputed tax credit 
at 34% this equals Il.5l95p per share compared 
with 10.3450p per share paid in respect of 1976, 

This is the maximum amount which may be 
distributed under the provisions of The Counter 
Inflation Act of 1973. 

£26.6 million was invested in plant and 
properties in the year, which, together with .. ■ 
expenditure in197Q,gave a total investmentof 

over £50 million in two years. Despite this the 
group has finished the year with liquid funds of 
over £27 million. 

it is important to realise that the size, 
complexity and duration of the many large 
contracts carried out by the group is such that 
results should be judged over a period of years 
and not by taking a single year in isolation. 

Geographical Analysis 

The fol lowing table sets out the analysis of 
lumover and profit before taxation and 
extraordinary items: 

Far East 
Middle East 
North America 




£ millions 












22 . 50 



■ 392 





Earlier l mentioned the shortage of new 
construction work in this counfry and I am afraid 
the outlook does not suggest any considerable 
improvement in the near future. 

Certain prominent left-wing politicians have 
been directing their attention to thoughts of public 
ownership of or State interferenceln our industry 
In one form or another and seeking to justify their 
action on grounds that the construction industry 
generally is inefficient.The true test of whether 
or not companies within an industry are efficient 
Is measured by their ability to trade profitably, and 
under a system of free enterprise inefficient units 
fail and go out of business.This unfortunately is 
not the criterion of certain of the nationalised, 
industries which remain in business at the 
taxpayers’expense. regardless of the fact that 
they are incurring vast trading losses. 

There is already far toomuch interference by 
government in concerns operating under private 
enterprise and there is a constant erosion of the 
liberty of individuals and companies tohave 

freedom of choice. Quite recentlythe Government 
introduced most impossible conditions of contract 
for public works and supply to back up its pay 
policies instead of dealing with this matter by 

All thiseerves to illustrate that we must 
constantly be on our guard and ready to fightany 
measures aimed at interfering withour liberty and 
freedom to mn business efficiently and 
responsibly, in this respect we actively support the 
alms and objectives of associations that fightfor 
freedom such as Aims for Freedom and Enterprise 
and the National Association for Freedom. 

One of the most pleasant duties which falls 
to management is visiting our team members 
serving in this country and overseas. Such visits 
are very necessary and serve to keep management 
in direct and personal contact with our team 
members. During the past year I was privileged 
to visit the Far East, Australia, U.SA and Vlfest 
Africa and tosee for myself many of the impressive 
and varied projects being undertaken by our loyal 
teams in those parts of the world. 

As you will see fromthe geographical analysis 
of profits in this statement, the greater proportion 
of our income came from overseas operations, 
particularly those in the countries of the Middle 
East Although we still have aconsiderable amount 
of work in hand in those areas, the total market is 
reducing iavolume and the resulting increased 
competition mayerode profitmargins in the future. 
Nevertheless our teams overseas remain in good 
heart and- we continue our search for profitable 

May I record my thanks to our clients 
throughout the world for entrusting us with iheir 
work and for the co-operation of the many 
.professional peoplesuch as consulting engineers^ 
architects, quantity surveyors, etc., whose 
confidence is greatly appreciated. 

Thanks, too, are due to our many team 
members at home and overseas fortheir loyal, 
dedicated and energetic efforts on your behalf 
over the past year. 

In conclusion, I would like to express my 
sincere appreciation to my colleagues on the 
board foriheir unfailing loyalty and assistance 
and.f inairy, tothank you, our shareholders, for 
your continued confidence and support 



Taylor Woodrow # 

Thevvorfd-wkle team of engineers, constructors and developers ImemaiiutdlJicL 

7fte 43rd Annual General Meeting will be held in London on Friday, 9tti June, 7978. 

j If you would like to receive a copy of the 1977 Report and I 

I Accounts, please send in this coupon, with your name and I 

J address to: I 

| The Company Secretary, I 

. Taylor Vfoodrow Limited, 10 Park Street, London W1Y4DD. ■ 



The I2lh Annual General Meeting of Sttiama Ware 
Limited ica$ held on May 17 ire 3 f'i no* titter. The falloioing 
ut the circulated statement of the Chairman and Joint 
Managing Director. Mr. Sydney Orchanl: 

it gives me pleasure to report on your Company's 
Accounts for the year ended 31st December 1977 which 
again show a record year. The pre-tax profits in 1977 were 
£700.S78 against the 1976 pre-tax profits of £507,046 an 
increase of 3&23% with all companies trading profitably. 

Turnover has increased in all the subsidiaries of the 
Croup. Manufacturing sales increased from £3J28.7.>S in 
£3.524.612 and the Wholesale division rose from £7,654,390 
to £9.456,664. 

The Group cash Bow position continues to be strong 
with yet another increase in the net liquid balances at the 
year end. 

We are continuously seeking to acquire companies 
which urouid expand our present activities and at the same 
time we are planning to develop new products and mod- 
ernise our manufacturing plant 

A final dividend of 1.4058p per share is recommended 
which is the maximum permitted, but the Chairman and 
two Joint Managing Directors have waived the final divi- 
dend on the shares held by them beneficially. 

My confidence in the Group has been Fully justified rnd 
I again anticipate another record year for 1978. 

Once again 1 express my gratitude to the Management 
and all employees for their efforts and loyalty during the 

Taylor Woodrow outlook 

Middle East countries look less 
promising and competition is 
becoming keener, Taylor Wood- 
row directors say in their report 
with accounts. 

And Mr. R. G. Puttick. the 
chairman, says that although the 
group still has a considerable 
amount of work in hand in the 
Middle East, the total market is 
reducing in volume and that in- 
creasing competition may erode 
profit margins in future years. 

The group is continuing to 
search for profitable work, and it 
is maintaining a vigorous market- 
ing activity in areas of the world 
which exhibit potential lor future 
construction activity. 

Of total pre-tax profits of 
£22.42m and turnover of £392m 
in 1977, overseas operations con- 
tributed profits of £ll£ 6 m on 
turnover of £166m, with the 
Middle East contribution at £ 6 . 1 m 
and £81m. 

Mr. Puttick also points out that 
there is a shortage of new con- 
struction work In the UK and 
says the outlook does not suggest 
any considerable improvement in 
the near future. 

Directors say Taylor Woodrow 
Construction has a good workload 
10 manage, but that an improve- 
ment in the UK economy would 
bring increased opportunities. 

At the December 31. lUit 
balance date fixed assets were 
£A2 71m (£52.8 tm), and nef 

current assets were down from 
£).itMrn to £32. Him. 

Auditors Mann Judd and Co. 
hare again qualified the accounts, 
saying that without a professional 
valuation of properties it is not 
possible to substantiate by audit 
procedures the values of 
properties at balance date. 

The directors say they have 
reviewed the nn.OSm portfolio 
and do not consider if appropriate 
to make any adjustments in the 
accounts, bearing in mind that 
the properties are held os lonq- 
term investments. The properties 
are at December 31. W73 





AFTER TRADING exchange losses 
of £71,000, compared with gains 
of £70,000, Energy Services and 
Electronics expanded taxable 
profit by £282.000 to a record 
£865.000 for 1977. Sales by the 
group, which makes electric and 
electronic components were 
ahead from £5.o4m lo £7.0Sm. 

The directors at halftime, when 
the surplus was up at £461.000 
i £244.0(10). said they expected the 
level or turnover and prnfi lability 
to be maintained or improved in 
the second half. 

They now say that profits so 
far this year continue to show 

improvement which should be 
sustained throughout the year 
subject to exchange fluctuations 
which may be material because 
of the high overseas content of 
sales. To date hi 1973 these 
fluctuations have been favourable. 

To meet additional worbfng 
capital requirements which will 
arise from both expansion and 
inflation, a long-term loan of 
£250.000 has been obtained from 
ICFC, Existing bank overdraft 
facilities remain unchanged. 

In line with their intention to 
restore a more norma) dividend 
policy after the return to the 
dividend list with the 0 ,lp net 
final for the previous year, the 
Ena! for 1977 or Dip takes the 
total to OJp per IOp share. The 
total Tor 1073, following which 
payments were suspended, was 

Earnings per share for the year 
are shown at 1-Sp (O.SSp). 

The disposal since year-end of 
Path Engineering, which showed 
trading losses in 1977. will make 

Pork Farms 
surges past 
£3m mark 

Financial Times Thursday May 18 1978 

Record £2m. by 

^ . 




expand ihe on-going 





£00 0 

Sales -- 



Trjiizf prasr 



Exchana>' ls>si 



Pre-tax profii 






\.K pMftr 






Trading losi'.T 



Extraordinary debus . . .. 









PROFIT GROWTH of N'ottinghatn- 
based meat producer. Pork Farms, 
continues unabated. At midway 
pre-tax profits of the company, 
which is subject to a bid from 
Northern Foods, were £0.48m. 
higher at £l.37m, and this has 
now been followed by a second 
half advance from £L05m to 
£1.65 m. to leave the figure for the 
full year ended February 25, 1973 
some SXMm higher at £3.Dim. 

Turnover for the 12 months 
improved from £27-25m to 

£33.07m. Tax took £Q.92m 

f 1034m) for an attributable 
balance of £2. 06m (£L37m). 

As forecast the second interim 
dividend— in lien of final— ia I7p 
net for a 25p (Sfifilp) total It 
was necessary to pay this dividend 
to comply with the company’s 

“ close ” status. Payments 

totalling £369370 have been 


ri'.ai I.I*. 17 suwjiuidi nrm-n 

hare erased ;n trade or have- been wifi 
«inc* vear >*ij. 

Mr. Roy Hattersley. Secretary 
of -State for Prices and Consumer 
Protection, has decided not to 
refer the merger between Bene- 
ficial Corporation and Security 
Trust Company to the Monopolies 
and Mergers Commission. 

Unilever and the 

Extracts from the speech by Sir David On; Chairman of Unilever Limited, 
at the Annual General Meeting on"V\hdnesday 17th May 1978. 

A few years ago a Food and 
Agricultural Organisation survey 
reported that there were over 450 million 
undernourished people in the world, of 
whom more than 90 per cent lived in the 
developing countries. An estimate from 
the World Bank has suggested that the 
total could be double this number - 
perhaps as many as one billion people 
who do not get enough to eat. Such 
massive figures indicate the dimensions 
of* what is loosely described as the world 
food, problem - or more accurately the 
Third World food problem. 

Much can still be done through classical 
methods of plant breeding: but certain newer 
techniques already show some promise of 
strengthening and extending these methods. The 
most developed of these is plant cell culture. 

plant breeding by re-designing genetic structure. 
The potential applications are exciting and varied, 
though it would he premature to attempt to 
appraise their practicability. 

Another area in wlu'ch we are becoming 
involved concerns the possibilities of even more 
powerful techniques for improving and speeding up 

Well over half Unilever’s worldwide 
turnover comes from food and 
agriculture. And one sixth of the 
company’s tangible assets are in Third 
World Countries, some 25 per cent being 
concerned with agriculture and food. 

The Third World Food Problem 

During recent years the food problems of the 
developing countries have become better understood 
and have gained increasing attention from 
governments and other organisations throughout the 
world. The production of food by Tliird World 
nations as a whole during the past 25 years has 
actually grown at a faster rate than that of the 
developed nations - but only a little faster than their 
population growth. 

The future offers no grounds for confideuce that, 
the problem will diminish. . 

What needs to be done 

While direct food aid has a valuable role to 
play, it is now generally accepted that in the long 
term the basic needs of developing countries will be 
met only if they can produce more of their own food, 
or produce items for export in exchange lor food 
they cannot produce themselves. 

An objective of this magnitude demands 
increasing emphasis on agriculture, in the 
development plans of Third World nations. Most of 
them arc already making progress in this direction; 
but they will need a lot of help. 1 would like to 
consider those specific areas where I believe that 
Unilever has relevant experience and know-how. 

Post-harvest losses of agricultural production in 
most developing countries have been estimated at 
levels ranging between 20 per cent and 40 per cent; 
any reduction of these Josses would represent a gain 
in agricultural productivity. Some of the food 
processing technologies such as dehydration and 
vegetable oil processing in which Unilever has 
widespread experience, can make a valuable 
contribution to the preservation of food materials. 

Another topic related to waste reduction is the 
use of agricultural waste materials for livestock 
feeding. We have been developing processes for 
upgrading fibrous waste materials, like straw, for 
cattle Feed, and for extracting protein from grass and 
other green crops to make it available for inclusion - 
in pig and poultry diets. / 

Technology Transfer 

If the small fanners of the developing world are 
to achieve a significant increase in the productivity - 
of their land, they need the incentive of a reasonable 
price for their produce ancl ready availability of 
low-priced consumer goods on which to spend their 
income. They need an adequate distribution and 
marketing svstem. They need farming inputs, such 
as seeds, agricultural chemicals and fertilizers, and 
technical advice on the right way to use them; and 
the technology has to be tailored to the local 
conditions of each country and each environment. 
This is where a multinational business with relevant 
skills and experience has much to offer. 

The Chances of Success 

Developing countries must double their cereal 

What can be done 

Agricultural production can be improved by 
bringing new laud into cultivation; by improving 
land already under cultivation through irrigation; 
or by increasing crop yields. However, the large 
scale transfer of such land to cultivation would 
involve an enormous investment in infrastructural 
projects. The base lor increased food production, 
therefore, must be higher crop yields per hectare. 

The relatively modest achievements of the 
‘Green Revolution’ in most of the Third World 
emphasise that the performance of such crop 
varieties is dependent 011 suitability to a particular 
environment and on the application of the right 
husbandry methods. 

Unilever lias extensive experience in the 
development of this kind of technology ‘package’ in 
a variety of Western countries. The same basic 
expertise should be transferable to other crops and 
other countries. 

Annual General Meeting 

Tlic Report and Accounts for 1977 were adopted. 

A final dividend for the year ended 31 SL December, 
*977 or 12.19 pence pier 35 P ordinary share of Unilever 
Limited was declared, payable as to 7.84 pence per 
share on 30 th May, 1978 to shareholders registered in 
the books of the Company on 5 th May. 1978 ; and as to 
4-33 pence per share at a time or times to be determined 
by the Directors to holders of ordinary- capital now in 
issue registered at the tune of payment. The foregoing 
figures will be subject to adjustment in the event of a 
change in the rate of Advance Corporation Tax. 

The existing Directors were re -elected with the 
exception of Mr. S. G. Sweetman and Air. M. Ormerod 
whose retirement. had already been announced and who 
did Slot offer themselves for re-election. Mr. R. \\\ 
Archer. Mr. P. V. M. Egan and Mr.J. Louden were 
elected Directors or the Company. 

The Audi Itiis were re-appointed. 

Resolution* were approved lo reconvert the 20 per 
ccm Third Cumulative Preferred Ordinary Stock into 
20 per cent Preferred Ordinary shares ofaf,p each, and 
to make amsequentiai changes to the Articles of 

.Mr. Daniel Mrinertzhagcn, a shareholder, proposed 
a vote of thanks to Sir David Orr, Directors, Managers 
and Stalf. In reply the Chairman said that he would 
pass this on to all employees. He felt sure that it would 

be greatly appreciated. 

productions by the year 2000 if their forecast 
populations arc to be adequately fed. Technically 
this objective is probably feasible; but its 
achievement will demand the employment of a wide 
range of resources, new technologies, as well as 
whole-hearted commitment by governments, by 
international organisations and by industry. 

Too much emphasis is currently laid on the 
influence and power of multinational businesses while 
their actual and potential contribution to economic 
development is all too frequently overlooked. 

Food production commands a high 
place among the economic and social 
priorities of most developing countries 
in -which Unilever operates. We are ready 
to respond to those priorities, and to 
work with the governments of those 
countries or with other local partners to 
faring them to fruition. We must look to 
the government? to play their part by- 
establishing and maintaining a political 
and economic environment which will 
make it commercially sensible for us to 
devote our resources to such activities. 
Each of us must have confidence in the 
motives and objectives of the other; if so, 
I am convinced that we can work together 
towards the increase of prosperity and 
the reduction of malnutrition in the 
countries of the developing world. 


The Annual Genera I Meeting of l-nilever ,\ . I . took place in Rotterdam an the same- day. 

-1 fr. H. F. van den Hvof/i, Chairman »/ LniUccr A , J presided and delivered live same speech as 
Sir David Orr in Loudon. 

A statement on the a 'ages 1 u:d condilinns of African zcorktrx employed by Unilever companies in South 
Africa has been published . Copies may be obtauirdfmn the address alongside. 

To: Information Division, 
Unilever I .mined. 

P-O- Box ii%. l.'nilwv House, 
Loudon EC4P 4BCL 





Please send me a ropy of die Tull text or the speech. 


PRE-TAX profits or Hartwells 
Group jumped by ”1 per cent 
from £1232.000 to ^ recorA 
£2,106,000 for the year to Februars 
28. 1978. on sales, excludinp V.VT 
anfl car lax, of £S4.&4in. against 

In November, when rcporunR 

first half profit up from W'0.094 
to £900.624, the directors said they 
were confident that the full year 
figure would he well in excess of 

now report that in the 

first two months of th * a “J2J5} 
year the croup has made good 
compared with the same 

period last year. 

Although the directors say It Is 
too early to make any forecast in 
respect of the current year, the 

to view the future with confidence. 

A divisional breakdown of full 
year turnover and trading profit 
shows tin fOOO's): motor vehicle 
distribution £56.749 (£41.700) and 
£liai (£1.194). agricultural, 
tractor and implement distribution 
£3E77 l £3.141) and £232 (£166) 
and bulk fuel oil distribution 
£24,018 (£18.149) and £392 f£iUG) 


Stated yearly earnings improved 
from a restated 20.1p to 34.Sp per 
25p Share, while a final dividend 
of 2.92S2P makes the total pay- 
ment 4. 3923 p I3.9773PI net. 

Full year profit was struck after 
interest of £339.000 (£334,000) and 
in accordance with EDlft tax took 
£290.000 (XI 82.000). After extra- 
ordinary credits of £103.000 
(£ 16 , 000 ) profit retained emerged 
ahead from XS72.0Q0 to £1,696,000. 

the outlook generally remafaer 
uncertain, indications were tin 
demand Tor the company’s pn 
ducts was improvinc and this wi 
expected to be reflected 1 
improved results for the secon 

After tax of £306.983 (£312.441 
net profit was I3UJHK (£291.327 
representing stated earnings t 
I3.92p (13p) per 23p share. Th 
total dividend In lifted from 2.44 
to 2.75p net, with a final of 1.3S- 


1 3 V - 
54 s 

V ?* 
% % 




AFTER providing for rebate ar 
tax and rransfer to ccmtingcncii 
Cater Ryder and Co., bill brok* 
and banker, report* profit (or ti 

year 10 April 30. 1978. ahead fro 
£1.329,828 to a record X1.73LD1 

A onc-for-seven .scrip issue is pr 
posed. A substantial profit w. 
achieved in the first six month 
A net final of 14.70612p per . 
share lifts the total rn a maxima 
permitted l9.32Gi2p (17.4H92pi. 
the tax rate is reduced a furth 
payment will be made to mat 
lain the same gross total. 

Chamberlin & 
Hill recovers 
in final half 

London Trust 
expands to 

Following an £84.384 downturn 
at midway, a recovery in the 
second six months meant that 
Chamberlin and Hill, light grey 
iron founder, finished the year to 
March 31. 197S with pre-tax profit 
ahead frfom £603.769 to X61S.SS7. 
Turnover was better at £7.aQm. 
against £ 6 .l)-»m. 

In November, when announcing 
lower firvt-half profit of £166.194 
the directors said that although 

With gross, revenue ahead 
£4,209.733 against £3JS'2,5( 
London Trust Company expand* 
its pre-tax figure from £ 
to £3,093,923 for the year to Man 
31. 1978. 

Tax took £1,169.292 (£846.04 
leaving earnings per 25p dofern 
share at S.44p (T.Gfip) basic ni 
S.;>np (7.3Sp 1 fully diluted. 

A final dividend of S.tSp sie 
up the lota! from 7p to 8 Jap n> 
A one-for-one scrip issue of 1 
ferred shares is also proposed. 

Net asset value per share 
shown ar 234 p <202p) basic a. 
232p (199 pi fully diluted. 

LASMO costs rise 

BECAUSE 1 IF delays in the 
commencement of production at 
the Ninian oil and cas field. 
London and Scottish Marine Oil 
Company is holding discussions 
with its bankers aimed at increas- 
ing the amount available to it 
under the £S0m syndicated 
unsecured term loan arranged 
last year. 

The loan was led by Williams 
and Glyn's Bank, and last year 
LASMO drew down £5.4m of the 

Accounts show that authorised 
spending on development nf the 
field at December 31. 1977. was 
£67.42m representing LASMO's 9 
per cent Ninian interest. Of the 
total. £ had been contracted 
for at the balance date. 

Mr. G. F. B. Grant, the chair- 
man. say> in his annual statement 
that the croup's iota! budget now- 
stands some 13 per cent higher 
than a year ago as costs or com- 
pleting the field have increased. 

Areas of increase have been 
the central platform, the cost of 
offshore installation of the plat- 
forms, the manpower required for 
the offshore hook-up completion 
work and the Sullom Voe 

There hate. hnwe\er. been □ 
setting areas where costs ha 
been running at a lower !c\ 
than anticipated. 

He says that delays in the xt; 
of production postpone the rccei 
of income and increase its pe 
financial requirement. 

At balance date group expen 
turc on Ninian was £73.87 
Including exploration, devcir 
ment and financing charges. 

Its short-term deposits wc 
FIS .2m (140.24m) and after l 
accumulated profit and loss deli 
or Xlj.Mrn (£7 . 68 nil sh.inehnlde 
funds were £fi.75m t£3.133m), af 
the £l0.03in raised by the plav 
of shares last year. 

The unsecured term loan fr 
Williams and Glyn's is repay .1 
in five equal quarterly installin' 
from December ID. 1979. but *?. 
instalment may be deferred 
three months now production 
not expected to commence bef* 
June 30. I97S. The target is n 
the autumn of thu> year. LAS.* 
has also arranged a £.‘»m nverdr 
from Hie bank, which if r 
repaid by September 30. 1979. v 
be consolidated with the te 


Final dividend Ip iB.flpi making 1 T^p 
il.rcpi net per 55p share for 1977. ProBr 
•73.003 *£8SJ)3S) a/lor lax Iftj.wn (£53.7*7 1 . 
Eamlow Per share 2.TJp (3 3Sp>. 

UNITED CARRIERS— Results for the 
'he rear ended January 2S. 1979. reported 
April 90. Croup fixed assets £-V0rm- 

rJ.99m.) Net assets £7.35fll. lUKm.l. 
Decrease In liquid fundi £374-349 i £610.253 
increase i— short term Investments, bank 
deposits and a cash at scar end 
iota] £iJ)7m. 10.44m. >. Net tannlble 
assets per share 59.Mp. mVSt>\ Chair- 
man says that Siren rair wind he is 
confident that current year results will 
exceed those so tar achieved. Meeting 
Sped I fNonhants.). June 7 at noon. 
—Results for year 1977 reported April 29 
nnrop fixed assets £597.407 (£576.9911. 
Net assets £&89m i£5.S8m>. Turnover 
for the first few months of 1978 has 
already shown an r-ncourzslng increase 
and farther growth can be expected from 
additional sales and new products. Meet- 
ing Tower Hotel, E. June 14 ai noon. 

man states In interim repori that given 
a sustained demand for private bouses, 
coupled with ihe continuing pnuuable ex- 
pansion of rtM group's subsidiary mer- 
chaining companies, and wirh contracting 
having a decrees lag effect on group per- 
r.irmauce. he.- reels the company's pros- 
pacts are better than they were. 

NERS— Rronlis for 1977 reported April 14 
milL comments on prospects. Group fixed 
assets £0.79m (f9.7S<ni, net current assets 
£106-183 t £1249651 l&sotlns Huddersfield 
on June 6 at H-30 a. in. 

PANY— Results for year ro March 31 
reported May 4. Market value of tovesi- 
ments— UK £17.TOn <£L5-4m>. overseas 
n 0.03m (999m i, unquoted at directors 
valuation £B.39m f£S.61n». Net current 
assets £LMm <n.53m). Meeting Win- 
chester hook. EC. on June 7 af 12.43 pjn. 

WAD KIM i woodwork, engineering)— 
Results for 1977 reported April 21- Croup 
fixed assets £29m (£LS7mi. net current 
17 -88m (IB .Sim i. Net liquid (nods 
decreased by 1738 f £995.741). Meeting. 
Leicester. June 2. at 3 p.m. 

ladles and children's wear)— Results for 
1977 already known. Croup fixed assets 
£ 2 ^m (£2. 44m i, net enrrem assets Cl.lPm 
ttiSBra). Rank borrowing* reduced fay 
rn 79m (10.44m Increase*. Chairman con- 
tidunr group will achieve further progress. 
Medina. NofHnKbam. June " at !l .10 a.m. 

NADEN CARRIER— Results for 1977 
reported on MaV 4 In full preliminary 
statement with prospects. Croup fixed 
assets ISiTm i£8.S5mi. Current assets 
£36 26m (£5-1 .26m i and current liabilities 
ru.3lm r f 45.43m >. Net liquid funds 
decreased by £9,000 HI 03m increase >. 
Meeting, 7. Tavlstick Square. W.C.. June 7. 
at 2.30 p.m. 

ANCES— Results for 1977 reported April 
14 with comments on proanects. Croup 
fixed assets £LUm. itt.OSm.*. nut current 
assets £1.6Sm. ifL54m,*. current cwt 
trading profit a.fsm. Auditors say stock* 
and work in progress do not include all 
applicable overheads and accounts do 
not therefore comply wrth SSAP9. Meet- 
ing Great Eastern Hotel EC. June 7. 

JTmDLE AND SON— Results for 1977 
reported March 31 with comments oo 
proBtwets. CroflP fixed assets £42fi.2W 
■ I499.6S0), Net current assets £441.407 
fE12B.9M>. Auditors say profits overstated 
by £7.991 by exclusion of losses attributed 
10 mlwrltr Interests Id subsidiary. At 
rear ended total of such losses nor 
chanted against group profits amounted 
to £35,102. which is wholly In excess of 
paid UP capital of minority holders. Mtvf- 
liw Newport Gwent on Jane $ at II am. 

p. AND W. MACLELLAM (Steel work, 
machine toots*— Results for 1977 reported 
April ■*. Croup fixed a use is El .Mm. 
ll.ltyn.i! «*• current assets EQ4>m. 
lo.JSm.j. Wariang capital increased by 
IIS9.422 (£50.993 decrease *. Chairman 
believe* group wlU pmurvsa in spite of 
dimcult trading condmoog. Meeting, 
Glasgow. June a, at noon. 

£l39jsm. tor 1977. Pre-tax 

loss £492-900 (profit C. 441m. i uRur in- 
terest £2.167m f£L314nu and non-trading 

tMui £853.000 icredli r7T3.W0V Tax cn 
£140.000 (debit £1.236.000 >. 

TRUST— Profit for year to April 3. I! 
Q9S.678 (D33,78$i after tax £243. 

i £239.730*. Final dividend J.ijj. malt 
J.Sp (3.3p*. Net asRor value liuip *1061 
year (o January 31. ibts. tnnra 
£460 .96m i £393 nun, pre-tax pr 

i5s.soo.0M ftii.9».M0i after interest III 
£634.009 (credit £492.000* and inclu 
noD-lradlog items STJO.iMJ i£S09.«mi). ' 
£30,973.000 (Ca.056.000i. Ordinary held 
Sears Holdlnga. 

year to January 1. 1975. reported 
April T In foH preliminary suierncm w 
chairman's comment on prospects. CSp ” 
fixed assets £35\SRn (£34.24m*. net rurr 
assets £44.Km (Lu.Oanu. Historical i 
tax profit £13.04m adjured fo £io 3m 
CCA basis with adjustments for: depre- 1 
tion £, con of sales £ 12 hn. less bi 1 
inn adjustment £8. in. Net liquid fu ; 
decreased by £fi.57m (£0.7Tm inereas. 
Meetlnp. Connaught Rooms, wc, 
June 15, at noon. 

C-’-IOm (£19.4G3iiii. Prolll ££T6 
in.ouiii. No _ lax lamei. Eamlngv 
rijare 8.9p i25.17pi, comparisons resia* 
Company is a suh-ndiary or BP. 

COUNT CO.— Results for year lo Ai 
3. I97S already known Cnrreiu a» 
il.OSbn i£0.Sbnt. lisht'ln.-s £i.(i 
(£0.79bn). Dtsdosed shpri.-JiMbVr*’ foi. 
£23.Q9in f£l6.68iTn. Group iv«ei%eg 

year end Q9.15m ifl2.72m>. Meeil 
31 Lombard Street, EC. June 14. no 
VESTMENT TRUST — Gross revenue, i 
ban* Imprest, for she months to March 
lffre. £48.283 (£36.193*. Drtlucr expen 
£o.941 i£S.464l. and ras ri4.567 (in.* 
Net asset value per 2Sp Ordinary sfi 
33.3p (26.9p). Interim dividend 0.5* 
(Q.4pi. Board luiends recornmendlns B 
of not less than i.Dp rojtspi. 

Results for year to January 31. 1W9. 
perojd April 28. Fixed assets ESSO. 
■Ctn.luji. oet current aisets Et.DSJ. 
((S39.4801. Net liquid funds down 
OW.72T i up £237.2571. CCA pre-tax pr 
£532.000. aftor adJustmenis for dopri*e 
tion E72.MB. teas Rearing EH. MW. Chi 

man cautiously optimistic that cum 
Tear’s results will ohm,- further ad van 
aUftlnc. Edinburgh- June 7. at 11 a.< 
GROUP — Rcsulrs for 1977 reported AI 
n. Fixed assets M.Um. (Ilinm *. 
current aj,si-ts ir2a.0lH* OlKt.IXW liaP 
tleai. Borrow lass decreased by nil 
( £517.1*00 > cca pre-tax ornfit £l.7£ 
after deptydfluon aujuxtnlrni £P,42m.. V 
searing id LUu Cli.ilrmxn says rmtp 
starts 1979 with very good UK on 
taking figures and prosnect* ihL* year : 
most encouraging. Kieeang. May F 
HoieL IV. June it, noon. 

TRUST— Final 2.3p makins 3.3p c.lp* i 
52" JS March 31. 1979. Pre-tax n-ren 
K20.«M1 (EUa.JTSl. Tax JSl.lM ifad.iN 
Earnings per 35p share 3.4! p ri8j( 

= tr3Ju '’ ptT “hare 83.2P f6S.2p 
f - FOCARTY and CO. (prorvaMW 
man-made fibre a down and feather ft 
ings and manufanure-r of house lescMr 
f or reported. Cn>' 
fixed assets atTm (£3 umn. cum' 
£SKr, 5 Assuming ct 
omior eipemUtUro reaches the high U>*f 
an • wUebr Ibrecapi the eftairm. 
expetti in m j funhrr increase In tur 
over and orofirt m a* a res 

of a recent prof.-wcienjl valuation of ft 
pmiDany't Land and bondings on Jn exL* 
tti.- director* coiwM 
that uieru Is an exeess 4wr the tvt h« 
value amounting ro ri.rt.ini b,-fore la 
This excess has not been loconwiroi. 
into the accounts a stab-meni of soar 
JWticatlon of funds shows a ii.M 
(ffl Mm increaR!* d.wreaie In bank ovf 

« ' •is a Dm! lW ' Bmea ' L|nca '’ May 

AND LE "«°x investmei 

TRUST— Cross revenue for rear 
March 31. 19TS. £915.991 f£5si.30f%. PM 
ds.648 (£202^59* after LUX nil, 3 

i £127,430) Final 1.9o making 2.5p (II 
ftvl. Earnings per ijp share 2 79 
(2.5S4p adlustedi, nrtmracd scrip i*w 
or wir Tor two In ordinary tod *'l 

WY t 


i - 
i t 


i . 

*° r d fi , 

MU, financial Times Thursday- Mav 18 1978 


at four months 

For "Sw first four months of ordinary shares for everv three 

uni nmfiiR of IlOrafln Hnlri m«ri> AlUfT j: / . i 

recorded i»» tuaii or xn^o iot eacn 

«jir. Mr. Tnomas Kenny, chair- share in MHF and TVL treated 
msja, .told shareholders at yes ter- ax one unit 
^ annual meeting. He also said The offers are conditional on 
goffer documents For Dorada's 90 per cenr. acceptance and, 
gtm bid for control of the British unless Dora da decides otherwise 
School of Motoring had been shareholders in the two com* 
posted- Parties must accept both. They 

(; !tlT 

l\ \ ,1 poster- musi accept ootn. - i ney 

* ’ flfih The ingic of Dora da acquiring c j>nnot accept Lhe offer for TVL 

* the group controlling B5M is that ;££?? a, *» ***"« the 

[■ * Snuld nrocure the motor “iter for HIHF. 

it would procure the motor - -r- * , . _ 

sehietes, service and resell them. - ^ as - “H?* , for 

md Dorada replace the fleet or u!It e ™ to b S 'I 1 d a7ie * bu j 
fjno at least once a vear " <aid bas r GM?rved the right to extend 
lir Kertitv * - All theu souSfs ,ls 0ffer UDtil August 31. The 
are nresen'Ltv nor maximum namher of ordinary 

■ shares that need to be issued 

. ibie to i»m- if al , MHf group shareholder 

Dorada operates ils subsidiaries elect to take Dorada shares is 
no' a decentralised basis, and the 4.166.666 and the maximum cash 
EJM' group would be run on the payable if all elect to take cash 
jame basis. Security of work for is £3.07m. 
lhe instructors and staff is 
assured. a comment 

The offer documents show that c u 

Dopda is bidding for Mansion Dorada’s offer documents put 

iloiise Finance and Taurus Pressure on its rival bidder. Mr. 

Vehicle Leasing, two pm'3te com- Anthony Jacobs, chairman of the 
allies with identical share- *LHF group to produce bis offer. 
Kihjers and headed by Mr. When Dorada announced its 
\jnhpny Jacobs, the executire intention to bid for the MHF 
. j&urmfln of BSilf. group it was disclosed that Mr. 

» The offer is £16.35 cash for Jacobs also intended to bid. Both 

‘ Hii.ib 'i three MHF shares and 70p bids value the MHF group at 
‘I jf-ash for each TVL share. Alter- slightly more than £3m. Mr. 

■ > . , istively. Dor and a is offering 22 Jacobs intends to offer cash while 

‘ i n Harcros terms not 

good enough 

'* rin- 

Adda stake 
changes hands 

Mr. H. J. Edwards and asso 

v ! 



Complaints in the High Court corporate side -influencing 1 the 
about the price Harrisons ■ and investment side at ail. ■■ Any such 
Crosdeld paid for Harcros Invest- influence would be quite wrong, 
meat -Trust are on the cards now Baring bought 10.000 shares of 
that compulsory purchase of the H. and C. last wbck at £&,'£. The 
outstanding Harcros shares will 51.000 -shares bought on Tuesday 
lake place. consisted of 20.000 bought at 483p 

H and C has obtained accept- and 3L000 at 4S<Mp.. The total 
ances from Harcros shareholders value of the three purchases 
owning over 00 per cent of the amounts to £299.100. 
company not already owned by 
H-and C. It is therefore able 
lo compulsorily acquire the re- 
mainder and a spokesman con- 
firmed yesterday that it would 
do so "in due course." 

But some Harcros shareholders 

believe that the terms of the ... ... 

offer are not good enough and dates have agreed to buy 5-25m 
arc taking advice ms to whether shares (29 5 per cent) of Adda 
they should apply to the High International, the hotel group 
Court for them to be chanced, from Lhe founding Garda family 
The compulsory purchase gives for £2.4 m. 

the dissenters a good opportunity Mr. Edwards is expected to 
to object because of the Court's become chairman and chief execu 
power io change the price under live. He was previously chair- 
section 201) of the Companies Act man and managing director of 
1948. Centre Hotels (Cranston) which 

One of the likely participant was taken over by Coral 'Leisure 
in any Courtroom argument said Group last year. , . 

yesterday, that section 209 is not Mr. Derek Garcia, who together 
'simple and few are the instances with the executors of the late 
when dissenters have succeeded Mr. X A: Garcia supplied the 
with it But ir they did. then shares, will leave the Board buf 
those who accepted the cash offer fie and his family Interests will 
of 82p per share might Teel par- retain over 22 per cent of the 
tkmlariy aglrit-ved since the worth ' capital. • . 

>f the share offer is already !09.«p , Mr. Garcia commented, yester- 
uuf the complainants' would pro- day: My main concern- has- teen 

'lumably want even more. ,be " ro i?P 1010 3 P roRt ' 

, < 7 ... u i n ....i.i * b,c situation. The group has a 

promising future and my. personal 
J! fv h Jk L‘ falth in ,h » 1 illustrated 

»sm of (he Harcros oiler which by m retention of a substantial 
*ent unconditional jn January, s t a ke iu Adda." 
las unjust. Allowing for the Adda yesterday -.announced 
limps in the value oF Harcros pre-tax profit of flm. compared 
louings in London Sumatra and W ith u loss of £377.000 for 1976. 
Jarrisons Malaysia n Estates, the The hotels contribution was up 
hare offer was at a higher rgpn.OOu al £l.6ni and interest 
irwnium to net value now charges were down just under 

nan it had been at the height >;o.y m . 3 t £0.'6ni. 

•f the bid battle in January. 

Further news about H. and L"<. MIVCflRP 
„ n „| Ct (lore recent bid ' for ‘Harrisons _ 

{ \ bnit< Malaysian Estates came to light -Acquisition of Rhos Mining by 
esterday. Mining Investment Corporation 

Baring Brothers bought 51,000 has been completed Die directors 
t and C. shares Tor investment stale- At an extraordinary meet- 
lienis nit Tuesday. Baring is tag 54 cent of the total votes 

urrently acting Tor H. and C. were farour of the takepver 

-. o this share only offer. and less than 1 per cent against. 

A spokesman said yesterday, v-atrev 

hat the corporate linnnce depart- L.MALJ VALLEi 
nfcnt of Baring had nothing to - Chad Valley, which has been 
itfwitli the purchase. This depart- acquired by General Mills UK 
nfim was run quite separately was not formerly part or J-| jn ® s 
root the investment department. Brothers, as staled in yesterdays 
. ... i.-fhere was ho question of the Financial Times. 

Ellis & Goldstein 

(Holdings) Limited 

Manufacturers, distributors and retailers 
of ladies outerwear— 

Eastex Dercta ^Tomarset LAURA S.EE 


-Year to 31 January 

Profits before tav 

Total ordinary' dividends 
vEiumings per stock unit 















Points from the statement by 
the chairman Mr. W. Goldstein 

^ All the improv cniem in profit came in the second hall of 
lhe vear. At home, a considerable reduction in woof 
' .- seasons markdowns following the improved Autumn 
.. trade, helped our retail division to show much belter 

* Total turnover was greater by more than 

within this whoies^e sateat home w P - 
. 14% while exports increased I by 25*%. g“ r “SSS s 

- pany made a valuable coninbution to the overall wsww. 

* Overseas the recent momentum of 

' sales has not been maintained due primary to depresseo . 

- conditions in Australia and Canada which con , 

competition is increasing elsewhere. 

* The £676,000 investment on additions 

of asbei5, related mainly to the factory cxieMionin Non 

- Shields and knitwear plant and equipment, wnere 

subJamial commitments exist for this year. 

* The Group’s freehold land and building* are to be 

Dorada is offering cash, shares or 
a mixture. Dorada's bid gives 
current MHF shareholders a 
chance to take pan in any merger 
peoeBts while holding a stake in 
a public growth company. Dorada 
shareholders could 1 face some 
initial dilution, of earnings 
although the dividend is unlikely 
to jail below the current rate of 
■*-a»P a share: - Assuming normal 
company tax rates, the MHF/TVL 
net earnings for 1977 are £297,600. 
Thus the combined earnings total 
-J. 067,332 (the -Dorada figure is 
after preferred dividends and 
minorities'). This gives an fearn- 
tngs per share of- 13p if "Dorada 
issued shares to acquire 300 per 
cent of MHF/TVL. Dorada s net 
^rrnnss p^p &har& fur "1977 was 
la.flp. _ On a pro forma basis 
Dorada's dividend cover would 
fall from about four to 2.8 times 
assuming an unchanged dividend. 
But integration benefits are likely 
to be significant. 


Dai -Tokyo Fire and Marine 
Insurance is to take a substantial 
•slake in Alexander Howden 
Group’s two UjS. insurance com- 
panies. Drake Insurance of New 
York and Cranford Insurance. The 
consent of the New York Depart- 
ment of Insurance to the invest- 
ment in Drake is expected shortly. 

Dai-Tokyo will subscribe for 
new shares in botb companies 
and as a result will hold 12 per 
cent of the capital or Drake and 
33' of Cranford. ' .This is Dai* 
Tokyo's first investment In North 
America, though it has had 
'reding relationships with 
Howden for some timer 

Folkes Hefo 
down to £3m. 


loss and cuts 

ft & 

A DECLINE from £2 22m to 
£ 1.12m in the second half of 1977 
left pre-tax profit of John Folkes 
Hefo down at £3.06m compared 
with a peak £4.1 6m last time, re- 
flecting reduced stock profits. 
Turnover improved from £55.52m 
to £64.94m. 

. In the first four months of 

1975. profits earned are at a higher 
rate than in the second part of 
1977, but lower than in the first 
half of that year, say the direc- 
tors. However, as the trend is 
upwards, it is probable . that full- 
year profit will be greater than 
for. 1977. they add. 

A divisional analysis of 1977 
profit before tax and loan interest 
shows (in £ 000 s)r industrial pro- 
perty £2.140 (£1,034), engineering 
£1_899 (£2,789). merch anting £325 
(£290) and housing £261 loss (£9). 

The percentage of profit on ex- 
ternal turnover was 4.S per cent, 
compared with 7.6 per cent for 


The directors point out that if 
a CCA cost of sales adjustment 
bad been applied in 1976, it would 
have amounted to £3m. as a result 
of price Increases, compared with 
£1.6ra in 1977. 










•M I 



staniially lower the outcome at 
John. Folkes Hefo— profits in per 
cent lower— was worse than ex- 
pected. Earnings from the 
forgings division fell again from 
10.7m to £D-2m though there are 
signs that demand is picking up 
in the current year. The company 
sees a cyclical recovery working 
Through in 1979 but with the (.hip- 
building industry likely to remain 
in recession, a return to the £2m 
forgings profits of 1975 seems im- 
probable. Industrial troubles and 
difficulties in the rerail furniture 
trade hit building supplies while 
the collapse of several Midland 
building companies flooded the 
market with cheap properties and 
contributed to losses m the 
housing division of £0.25 m. The 
company increased its house 
prices by 20 per cent, in January 
and a substantial turnaround is 
expected here. Rationalisation 
and expansion in the bright si eel 
drawn division is now complete 
and a new Schumag machine from 
Germany will increase production 
by one-third. So Folkes Hero 
will be hoping to recover ground 
Tost in 1977. At 22? p the shares 
stand on a p/e of 3.7 and yield 
9.6 per cent. 

Turnover - 

Tradinc profli 

Depreciation, eit* 

Imn iww«5i 

PrallC before ux 

Tax UW 

Xei profit - 2.729 

Pensions reserve S93 

Goodwill 573 

Pret. dividends - 3 

Ord. dirktendfi .......... 601 

RelBlned 1.055 

After tax of £324.000 (£124,000) 
adjusted for ED 19, net profit was 
£2.74m (£4.03m). A final dividend 
of O£7O08p raises the total for 
the year from 1.239S9p to the 
maximum permitted 1.3700Sp per 
5p share. 


Although stock profits are sub- 


SL Kitts (London) Sugar 
Factory said yesterday that it 
expects to make an announce- 
ment regarding a bid approach 
that has been made for its share 
within the next seven days. 
Accordingly a meeting lo con- 
sider the voluntary liquidation of 
the company has been postponed 
until May 24. 

However, an EGM yesterday 
agreed to the voluntary liquida- 
tion of SL Kitts (Basse Terrel 
Sugar Factory in which St. Kitts 
London has a 50 per cent stake. 

10.56m. against £0.9Sm. previously 
the pre-tax loss of Britannia 
Arrow Holdings, formerly Slater, 
Walker Securities, was cut from 
£5.19m. to £3.72xn. in 1977. 

With extraordinary proiiLs of 
£2.S7m. compared with debits of 
£22.75m. in 1976 the net loss came 
out at £1.09m. (£27.55m.). There 
was also a £36,770 tax charge 
i£0.35m. credit) and a minority 
debit of £203 I £49.797 credit). 

The extraordinary profit is 
largely attributed to a £3m. reduc- 
tion In the provision for losses on 
the disposal of investment proper- 
ties and profits or £1.19m. Trom 
the sale ami liquidation o( group 
companies and the sale of invest- 
ments. These were mainly offset 
by a £0.75m. write-off in the value 
of insurance subsidiaries and n 
£0.54rp. provision for a reduction 
in a sum due to the group. 

The new chairman. Mr. Geoffrey 
Rippon. MP says in his annual 
statement that in the course of 
the past two years the main diffi- 
culties of the group have been 
resolved and it is now possible in 
envisage u period of consolidation 
and growth. 

The main priority is lo increase 
the return on assets, which should 
return the group to profiiability 
and then to recommence dividend 
payments, starting with the pre- 
ference arrears. Those stood at 
£0.34m. at balance date. 

It is loo early, he say*, to pre- 
dict when dividend repayments 
will be restored. 

Mr. Rippon says it was en- 
couraging that the sales of proper- 
ties iti the year and the general 
upswing in the market enabled 
the write-back of £3m of the pro- 
vision. vhich now stands at 
£0.Mm. The £I.7m provision for 
dealing properties is considered 
adequate and with all develop- 
ments now completed this drain 
on the profit and loss account hn* 

been stemmed. I'ropeny contri- 
buted 3 I4.45m loss in the year. 

it is hoped that most or the 
remaining properties will be dis- 
posed of m approximately their 
book value in the nest year. 

Since the balance datu tts in- 
surance subsidiaries have been 
sold for 15.25m. Although this 
was £U.75m below the book value 
the improvement in croup income 
from reinvestment of the funds 
justified lhe sale, the chairman 


A considerable proportion of 
these and other (unci', will he 
used to buy in the still substan- 
tial overseas Joans. 

In 1977 Lhe investment 
management division of the group 
enjoyed generally good operating 
conditions and the £! KRm profit 
exceeded expectations. However, 
because of the mixed performance 
of the stock marker so far this 
year profits are expected to he 
"below the 1977 level. 

rin May 5 this year Wigham 
Poland Holdings — a company in 
which Sir James Goldsmith, a 
former Briiannia chairman, has 
an indirect inlerc-i — redeemed its 
nun-convertible 12 per cent loan 

slock, or which Priinnnia held 
I-Jm Net receipts of Britannia 
were £3.4 m after obligations tD 
pay W PH (O Gm. 

Auditors Arthur Young McClel- 
land Moores and Co. have quali- 
fied the accounts because no 
independent valuations have been 
obtained for ihe property port- 
folio or the Unit Trust Manage- 
ment Contracts. 

Directors do nor believe a pro- 
perty valuation is justified be- 
cause they hope in sell certain 
of the investment properties in 
the near future, and they do not 
consider the £5m valuation of lhe 
management contracts should be 

A I balance dale, shareholders' 
funds were down £lm at £13.Im. 
with accumulated standing 

at m-; 3:5m. Loans were £25.Sm 

iiJ'j.'jTmi, and current liabilities 

including bank overdrafts of 
I2.69m i£l.l»m last year and in 
April this year £2^6m) were 
n 3.75m against £25. 19m after a 
drop m creditors and short-term 
loans from £2o.5fim to £l(L22m. 
Short-term loans were £11.3m 
lower at £3.33m. 

Fixed assets were (1051m 
damn. investments £4.32m and current assets 
£3 1.58m (i'Jtf.Um). Of current 
assets, bank balances and cash 
were IHVJsm <£l9.4ml and pro- 
perties held for re-sale £2. 65m 
f 18.9m). 

• comment 

Britannia Arrow's property hold- 
ings mny have cmrie down to just 
uvor £IKm by lhe end of 1977 

I from £3i>m al the beginning of 
the year), but they .ire still mop- 
ping up income: some £4. 45m in 
the last financial year. So priority 
number one is still to get rid of 
these assets, though whether the 
"substantial" disposals hoped for 
this year will be substantial 
enough in complete rhe current 
phase of “ consolidation ” remains 
to be seen. At lea«l rising interest 
rates are not a major problem, 
since lhe bulk of the £30m-plus 
borrowings arc fixed rate, while 
the £ 16 m in cash on the opposite 
side of the balance sheet can be 
placed tn bring m more. Mean- 
while lhe investment management 
side which provides the group's 
raison d'elre produced £I.fiSm 
above the line for the year as a 
whole — though H»78 has so far 
been less than propitious. 
Resumption of dividend payments 
i- evidently still a long way off. 
winch 14 why the shares closed 
l'p down ;»t l:ilp. On lhe basis 
**f the accounts — there has been 
no independent, valual'mii of the 
properly— ii oi asset backing is 

I I (ip 

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Salient points from the Report 
and Statement by the Chairman, 
Mr Eric C Sayers, for the year 
ended 31 st January, 1 978. 

■ Group profits before taxation amounted to £8.0m compared with £11.4 
million in 1 976/77 and the ordinary dividend has been increased by the maximum 
amount permissible. 

B The world recession in demand for steel affected margins and resulted in 
substantial under-utilisation of capacity. 

■ Demand for products of our engineering companies was satisfactory especially 
from agricultural tractor and commercial vehicle manufacturers. 

■ A highly competitive market exposed vulnerabilities following the reorganis- 
ation of our bedding and furniture operations which resulted in heavy losses. 

■ The first electric arc furnace was completed and began operating in April. 
Installation of the second furnace is progressing satisfactorily and is due to be 
completed by the end of 1 978. 

Summary of figures 


1977 j 



Turnover . 



Profit before taxation 






Basic earnings per ordinary share 


24.1 3p 

Ordinary dividends (amount per share gross) 

6.81 p 

6.1 9p 

Number of employees at year end 



■ Immediate prospects are not good due to depressed levels of demand in all 
sectors of the Group and it is likely that results for the first half will fall well short of 
those for the corresponding period last year. However, the vigorous steps we are 
taking in reacting to the situation will put us in good shape to take full advantage of 
the up-turn in trade when it comes. 

More specifically, rewards will begin to appear from the massive investment in South 
Wales, where, after a long gestation period the new plant has made an encouraging 
start. In addition, the long months of preparation to correct the situation within our 
bedding companies is now being reflected in positive action. Results are therefore 
expected to improve in the second half of 1 978/79 and we look to the longer term 
future with confidence and cautious optimism. 

Copies of the full Report will be sent to all Shareholders and to Debenture and Loan Stockholders. 
Further copies are available from The Secretary , Duport House. Edgbaston. Birmingham B168JU. 



interim Report 

Three months ended 30th April, 1978 

12 months 

31st January, 

3 months ended 
30th April, 30th April, 
1978 1977 



TURNOVER (including value added tax) 

£000’ s 

£000' s 


Deduct: Value added tax 



TURNOVER (excluding value added tax) 








Deduct: Depreciation on fixed assets 




Interest paid less received 




Add : Investment and rent income 




Surplus on property disposals, 
excluding sales and leasebacks 














(884) Add: Foreign currency differences 




Extraordinary items 






This year, the quarter's turnover increase of 8.3% over last year reflects 
a slowdown In growth of consumer spending in the pre-Budget period. 

As foreseen In the Chairman’s Statement in the Annual Accounts for 
the last financial year, trading profit has been affected by increased 
pressure on margins and in particular on food. 

The first quarter is the least meaningful period in the trading year for 
profit and the result to date does not alter our earlier projections of an 
increase for the full year. 

Wool worth House, 242/246, Marylebone Road, London NW1 6JL 

Financial Times Thursday May 18 1978 ^ 

Brinco merger 
plans fail 

Readicut profit mores 
ahead to £7.6m 






PLANS FOR Brfnco the Rio He said that substantial deposits 
Tinta-Zisc Canadia n unit to gain of alt three minerals could non 
a ready cash ■ flow by spreading be confirmed in Hogsar area and 
into oil and gas operations the first work on the mining sites 
through a merger with Coseka would start in 1979 or 1980. 
Resources and Canadian Natural But Mr. Oubrabam made clear 
Resources have been abandoned, that difficulties should not be 
A Brinco announcement ycster- under-estimated. The deposits 
day said that the companies '‘have are in an area where there is no 
terminated negotiations with re- industrial equipment, no energy 
spect to the agreement in prin- and poor water resources. How- 
cipfe to combine the assets or the ever, it is understood that Algeria 
three companies and their wholly has been active in studying dry 
owned subsidiaries into a single processing techniques, 
enterprise." Final studies on the exploits 

The agreement in principle was tion of the minerals have yet to 
announced on April 27. be carried out. 

The proposed merger foundered 

on fears that Coseka shareholders 

would not approve of the arrange- 
ment. Financial reaction in 
Toronto was cool to the proposal, 
with the feeling gathering 
ground that a merger would 

Kerr Addison’s 
income drops 

KERR ADDISON, the diversified 
beerrUttledtoubt shareholders ^-dian group which^ «.5 per 
in Canadian Natural Resources 

would give the merger their bless- J23T 

inc. it was thought advisable to £rst quarter earning*. Net pro- 

cail off the plans rather than ran Bt iJi er !LP?hS orn I ^^^2} £? m ‘ 
the risk of a fight with Coseka pared with CS3m In the first three 
about them laterT^ months last year. 

But Brinco will retain its Production revenue dropped, 
existing 25 per cent shareholding owing to the depressed zinc prices 
in Coseka. This was built up over which hurt Mogul of Ireland, 
a period of several months to last while gold profits were much the 
January. same as in the first part of 1977 

Nevertheless Brinco is back to as higher prices offset lower out- 
where it started with cash and a put. 



Responding to the movement in 
Malaysia for greater domestic par- 
ticipation in natural resource 
ventures. KJlllnghaU Tin has 
started discussions with an un- 
named Malaysian investment com- 
pany. This could lead to the 
Malaysian company taking a por- 
of KjllinghaU equity. 


The move was announced yes- 
AJeeria could start developing terday by Rillingball (Rubber) , 
uranium, tungsten and gold Development Syndicate on w' isej 
deposits in the Sahara hy end land KillingbaJi Tin mines. 

this decade. Mr Feriiaf In the first seven months '•f the 
Oubr^hem. the general manager financial year to September. Kill- 
the national mfrrine vroun inghaU produced 404 tonnes tin 
Soclete Vitionale de Recherche concentrates, 55 tonnes less than 
d’Exploitation Miniere* in the same period last year. Its 
Sonarem). told a local news- share price in London yesterday 
paper. was unchanged at 470p. 


Good start for life 
business at L. & G. 

CHAIRING HIS first Legal and 
General Assurance Society AGM 
Lord Caldecote said that in the 
UK, as expected, there had been 
quKe exceptional activity in the 
pensions business— in the first 
quarter of 1978 He also 
announced the group's support for 
the “ advance funding " method 
of running pension schemes. 

The ordinary life business got 
off to a good start and at present 
was well above the same period 
in 1977. However, the chairman 
felt that Government restraint on 
mortgage lending was bound to 
have an effect as the year 

General insurance premiums in 
the first quarter had grown at 
the planned level. 

Extracts from chairmen's state- 
ments made at other annual 
meetings yesterday are as follows: 

Barton and Sons — Mr. John 
Wardle said that although condi- 
tions in most of the industries 
in which the group operated 

remained far from easy, the year 
had started very well. However, 
it was too early to say with any 
certainty that the improved trend 
would be reflected throughout the 

Brittains— Mr. K. R. Latchford 
stated that lack of buoyancy in 
trading together with extreme 
pressure on margins was the 
fundamental inhibiting factor in 
the rate of improvement in group 
profitability. He believed thai 
slow but steady progress would I 
be maintained over the rest of I 
the year. 

Unilever — - Sir David Orr 
reported that although the group 
had made a disappointing start 
to the year it remained in good 
shape and was poised to take full 
advantage of the next economic 

On Tuesday the group! 
announced quarter pre-tax profits 
down by 11 per cent, to £110.6m. 
— the mam cause for the fall wasj 
the sluggishness of industrial and I 
consumer markets. 

S.p.A. with Head OiBce in Milan 
Capital Lit.7, 507, 500,000 
Annual General Meeting of the 28th April 1878 

The Company’s Shareholders Meeting was held in 
Milan on 28th April 1978 in order to approve the 
Balance Sheet as at 31st December 1977. In its 
Report the Board revealed the following signifi- 
cant items: 

• Total Turnover for the year under review 

amounted to Lit.210,173m. (+20%); 

• Exports, already included in the total turnover, 
amounted to Lit.48,312m. ( + 40 % ) ; 

• Turnover of the controlled companies amounted 
to Lit.68,000m.; the algebraic sum of the results 
obtained by these companies gives a profit of 
Lit.714 million. ■ 

• Fixed Assets in MachiTieru amounted to Lit. 

• Ordinary depreciation for the financial year 
totalled Lit.4,912m., of which Ut. 1,425m. cover 
costs over several years. The Depreciation Fund 
reached Lit.27,674m.; 

• Reserves shown in the accounts at the end of 
the financial year totalled Ut.9.2?7m.; 

• Personnel employed by the Company as at 31 
December 1977 numbered 5,391 in all. The 
Group’s employees, including the employees of 

. the controlled companies, number 6.584. 

The results for the year reflect an improvement 
(in respect of the past few years) that continued 
encouragingly during the first months of the 
current year. The loss of 280 million Lire with 
which the year, closed was also the result of a 
capital operation implying the sale of a passive 
shareholding and a prudent revaluation of other 
largely active shareholdings. 

The Meeting approved the Report the Balance 
Sheet and the consequent proposals by the Board. 

£67.72m to 176.38m taxable profit 
of Readicut International 
advanced from £7.22m to £7.5 9m 
in the March 31. 1978. year. 

At halftime, when profits were 
ahead From £2.13m to £2. 45m, St 
was expected that while fan year 
results would be satisfactory the 
overall increase would not main- 
tain the same percentage relation- 
ship as the first half figures . 

For the year the retail division 
experienced difficulties, with the 
exception of sales from the com- 
pany's shops. Demand for rug 
kits was relatively dull and sales 
volumes were marginally lower. 

In the textile section of the 
manufacturing division. Firth 
Furnishings turned in record 
sales and profits, with exports 
almost doubled. The demand for 
household textiles was buoyant 
With yarns, tho main influence 
was the depressed state of the 
UK carpet industry and the steady 
decline in cross-bred wool prices. 
A 51 per cent increase in direct 
exports was achieved, resulting in 

simitar profits to last year. 

The highlight of the “others’" 
section was the much improved 
contribution from Plasticisers. 
Dunttcraft had another year of 
rapid expansion, with the range 
of toy kits highly successful 

On the carpets side 1977-7S was 
a difficult year with profits down 
16 per cent although sales rose 
9 per cent. Prospects for the 
current year are more encour- 

Overseas division profits were. 

lower due to disappointing per- 
formances in France and Germany 
as a result of increased mark etin g 
expenses coupled with slightly 
reduced sales. Higher profits from 
the U.S.. Canada and Ireland were 
usable to offset the Continental 

Overall in the current year fur- 
ther progress is expected, with 
higher sales and profits. Capital 
spending is anticipated to reach 

‘ Tbe result is subject to tax or 
£3B7m (£3 fiSm) and after interest 
Ot £273,305 (£279.218) the final 
dividend or l.lHSop net per 5p 
share takes the total from 1.42p 
to L5S6D3p. 

1977-79 WS-77 

£ £ 
7*.3*0.000 67.7MJW 
r„ss», i;a 7,497.791 
l.J37.9fii 1.711*01 
-.128.738 1 .0(7.019 
XU .719 SM.iei 
1.SB0.W7 1.BS3.2W 
zn.xs ru.331 
U.'l.HK W3*J9T, 

vyvm? 7.ZUL57J 

r^JC.srts .Ttto.Tin 
3.70.9T* 3.33VJ7S 

71,299 "9C.-8K 
1.092. VC 

fHluca . . . -.33?.7 f d 2.6OS.097 

• Rental follow injc cluiuo «n policy of 
rw am.' iii of ,-fcluu.v aJliuoncots. 


Trading prod; 

R«all - 

Terek-s — • •• 

Yams — 



Overseas - 

Loan stock interest ... 

Profit before »* 

Tax ... .... . - 

N<H prolii 

Extraordinary trains. 

Ptvf. dividends 

OrCL dividends 


a tenth off retailing profits, wfcfl 
carpet earnings— down 17 
cent— continued to suffer tfa 
effects of overcapacity in (he XL 
and Australia. Increased marks 
ing expenses In Germany an 
France sliced a fifth off 0 verses 
results, in spite of a good perto 
in a nee In the US. where profit 
were more than a tenth high* 
In the yarn division, a dull U 
result was offset by increase 
exports to Europe and Sc*nd 
navta, although, the text!’ 
division did well to lift profit 
by almost a third— househol 
items such as blankets sold we! 
as did seating covers for coaehaj 
aircraft (exports up 30 per cent 
In addition, Plasticisers, acquire 
two years ago, has improved I 
position from break-evon 1 
£0 3m. profit, mainly because « 
the attraction of polypropylene 1 
an inexpensive carpet fibre. Meai 
while, the company intends a 
expand production at Plasticise 
by investing most of this year 
planned capital expenditure ! 
new cauipment. The shares. ■: 
3-4 Ip. are on a p/e of around 
while the yield is 7.2 per cent. 

• comment 

After Readout's first half profits 
rise of 15 per cent growth petered 
out in the second sis months when 
trading became more difficult in 
the home market. A rise in wool 
prices hit rug sales and knocked 



Agreement has been reached 
principle for the purchase t 
Associated Engineering of tf . 
ordinary shares of Temper* 
Group, which carries on the bus 
ness of precision spring and tov-^^- 
manufacturers. It is an unlisted - 
public company. 

But Kerr’s main problem is at 
Agnew Lake Mines, the uranium 
producer. Output has continued 
to disappoint expectations and 
production in the first quarter at 
69,000 lb of uranium oxide con- 
centrates was under 30 per cent 

string of mining prospects which 
Is finding difficult to develop 
in the prevailing financial climate. 

We feel that over the short term 
there will be more action for us 
in the oil and gas sector." Mr. 

D. R. De Lanorte, the Brinco 

president told the Northern Miner of the designed capacity, 
early this month. Coming to terms with an 

Between them Coseka and onslaught of technical difficulties, 
Canadian Natural Resources have Kerr is confident that total pro- 
an annual cash flow of about duction this year will be 0.5m lb 

C£10.3m. Their prospective share of concentrates, rising to lm in 
of equity in the merger would 1979. This wfl! be enough to 
have been 35J5 per cent and meet delivery commitments, the 

10.6 per cent respectively. group said. 

Brin co 's main assets are 

CS47m in cash, a 60 per cent 
stake in the KitU-Mirhelin 

uranium prospect in Labrador, a 
60 per cent share in Abitibi 
Asbestos which has an undevel- 
oped deposit in Quebec, and a 
25.5 per cent, interest in a zinc 
deoosit in the UJS. state of Wash- 



P Accident 


Three months' results 

Interim Statement 

The results for the thTee months ended 31st March 1978, 
estimated and subject to audit, are compared below with 
those for the similar period in 1977, which are restated 
at 3 1st December 1977 rates of exchange; also shown are 
the actual results for the full year 1977. 

It must be emphasised that the results for the interim 
period do not necessarily provide a reliable indication of 
those for the full year. 

C Months 

3 Months 


to :il.a.T8 

to 31.3.77 





£ millions 

£ millions 

£ millions 

Net written premiums — 

General Busin'jss 




Investment Income 

Underwriting Results— 




General Business 




Long Term Insurance Profits ... 







Loan and Bank Interest 




Profit before Tax and Minority 





Principal exchange rates used in 

converting overseas results: 

SI .86 







Net written premiums and investment income increased 
in sterling terms by 15.9% and 1S.9% respectively. 
Adjusted to exclude the effects of currency fluctuations 
the increases were 13.9% and 17.1% respectively. 

The U.K. underwriting loss on premium income of 
£70 million 11977 £58 million) was £7.9 million (1977 
£3.5 million loss). Of the 197S loss the Motor account 
contributed £2 million and the Fire and Homeowners 
accounts £5.5 million. Included in the latter were weather 
claims on Homeowners business amounting to £3 million 
while in the Fire account there was a substantial increase 
as compared with the same quarter in 1977 in the total 
number of intimated claims. The number of major Fire 
losses also showed a disproportionate increase and 
reflected not only weather claims but some impact from 
the firemen’s strike action which continued into the early 
part of 197S. 

In the United States net written premiums were 
$141.3 million (1977 $127.3 million) and the operating 
ratio was 100.84% as compared with 104.83% for the 
same period in 1977. . The Automobile account produced 
a good profit but there were losses in the Liability and 
Property accounts, the latter being substantially affected 
by severe weather claims. In the aggregate the under- 
writing loss amounted to £1.5 million (1977 £3.6 million 

Although there were again substantial losses in Europe 
(£1 million) and a small loss in Canada, there were ®ood 
results from Australia^ Brazil and international business. 

Dividend for the year ended 31st December 1977 ~ 

At the Annual General Meeting to be held on 24th May 
and as already announced, the Directors will propose a 
anal dividend of 4.347p per ordinary share making, with 
the interim of 3.75p per share already paid, a total for 
the year of 8.097p per share. In the light of the current 
amendments to the Finance Bill, the Directors will also 
propose an additional dividend on the ordinary shares 
for 19/7 of 0.066p per share conditional on the rate of 
Advance Corporation Tax being reduced to 33% for the 
Financial \ear 1978. The final dividend will be oavable 
on or after 1st July 1978 and the additional dividend if 
any, with the interim dividend for 1978. * 




i 1 ' 


ri Mi 
7* n 



s Utfi 

General Accident Fire & Life Assurance Corporation Ltd. 

World Headquarters. General Buildings, Perth, Scotland 

_ 7 

Financial Times Thursday May 18 1978 


warning on TV advertising 

SHOULDERING THE banner of he 

NEW YORK May 17, 

-mu Mcuuicr oi ne added, were “thp hi*cm»r 

. ‘corporate responsibility.’’ Sears thing going for ftp shnw" SEeSl ?“ 0Ws it does insist on see- content to whieh it jbjects. 

J .Roebuck, the largest U.S. Other shows which Sea'rc has ^ nopSes ' scripts and tape “ We are particularly worried 

- istailer. has warned the three decided no lonepr tn snnn*t* recordings of programmes be- about the new season starting in 

’ .national television networks that include the notice dremlc L or ® ! l its final advertising October. It appears to us from 
' jt.piay have to withdraw adver- Stareky and Hutch KntTw ae 5u l0tL trade publications and so on i hat 

■ ■fising from an increasing num- Baretta aod Hawaii Five-n «s„ j~ _i De J company has not yet programmes will play even more 
-te- of programmes because of January 1977 the eomoanv r * du cedite total spending on TV heavily on sexual innuendo and 
*«cessive violence and anti*- that it has withdrawn n™ adverr,slD S which amounts to 20 that a major drawing card will 
’ behaviour. mercials from more than of its advertising be young women scantily 

. -vicars has emerged as the most episodes of various programmes kS one . of ^ conccrnS attired," said tile spokesman 
1 eminent corporate campaigner Sears denies that it is tryin- E, !l i ^ aJ 25 D £,I 0 tbe « net ' to day. 

.. against the portrayal of sex. and to censor the content of TV »L? ™ a L? dve , rtI ^ D f °P t30 . ns Sears has no evidence that its 

* ®wce, and it latest broadside B 1V ar e being serioosly reduced by ^ ^ve been affected by 

the networks has been 

Bpted among other, things by 
asrWentiflcation as a supporter 
programmes which have 

eariied the opprobrium of the 
‘ Rational Parent Teachers Asso- 
"Vclitlon (PTA), the National 
Citizens Committee for Broad 

Foreign store for NY 

NEW YORK, May 17. 

J?,L. Ai>erCr0 ^? e ^ a S? T tch were under way with app *£: 

building, vacated by the bank- two foreign retailers, one in 

advertising in the midst of pro- 
grammes it is now rejecting but 
it feels “we have a coporate 
responsibility to be circumspect 
in regards to where our ad’s 

_ Studies by the National PTA, 

egftliig and The National Federa- rupt snorting goods' chain la* France" Md“ oneH^BrtfiE. to %?*£*!?* . f ? r Broadcasting 

days. .Sears «* « S 


Charlie's Angels, a dramatic contemporary 17-storey office Mr Zimmer™*™ !■, National PTA to i.wt up afausi ness 

” $s f ss s ssr tfsjs *»■ ■ a sls: ssr counaI ,o ,u w act,on 

Company, a comedy series The present owner of the 1f f w tenants, but he said that The networks are likely to take 

“Charlie’s Angels is not the building in mid-town Manhattan, ff- prom toent in th e such a development seriously if 

v sort of programme we want our tbe 360 Madison Avenue Cor- « a, &2? !* ta * es wing since Sears is tiy- 

. t _ .. ... * j: , s He a titled that thel nnm.T»mv inn tn iimnlm thd ♦«« *>n 

upturn at 

InleraarionaJ Han- ester an- 
nounced net earnings for the 
second quarter of the year of 
$2.36 a share against $1.97 
reports AP-DJ from Atlanta. 
Total earnings were 370.8m. 
compared with 557.6m. net. 

Sales increased to $L7ba. from 

For the six months net earn- 
ings of $89-54m or $2J96 a share 
compare with 582.7m. or 
$2JHL 'Sales of $2 .8m match 
the previous $2.7m_ 

Last month, Mr. Frank L. 
Minor, vice-president and 
chairman, forecast that this 
year’s sales would rise by 5 per 
cent over last year's SGbn. 


Seeking self-sufficiency 

Dymo; bid suit 

Dymo Industries has filed a 
suit in a New York Federal 
District Court seeking to block 
the $4ik3m. takeover bid by 
Esselte ' of Sweden, reports 
John Wyles from New York. 
Dymo has said that the $24 a 

This announcement appears as a matter of record only, 


Leveraged Lease Financing of 
the 165 jm dwt 
S. S. Brooks Range 

Manufacturers Hanover Leasing Corporation 
J. P. Morgan Interfunding Corp. 
GMAC Leasing Corporation 

Owner Participants 

Shipco 2297, Inc. 

Demise Charterer 

a subsidiary of 

IOT Corporation 

SPC Shipping Inc. 

Time Charterer 

a subsidiary 4>f 

The Standard Oil Company 

(cu Ohio corporation) 

The undersigned acted as financial advisor to The Standard Oil Company 
and arranged for the place nietifi oj the original owner participations. 



Mcnj 17,1978 

■This announcement appears as a matter of record only. 


Leveraged Lease Financing of 
the 120,000 dwt 
S. S. Tonsina 

J. P. Morgan Interfunding Corp. 
Manufacturers Hanover Leasing Corporation 
Merrill Lynch Leasing Inc. 

Owner Participants 

Shipco66S r Inc. 

Demise Charterer 

a, subsidiary of 

Keystone Shipping Co • 

SPC Shipping Inc. 

Time Charterer 

The Standard Oil Company 

_ . to The Standard OH Cimpcmy 

* lic " i9bml own " farttc ^ at!ms - 


May 17,1978 

Caution on 
Airlines’ year 

NEW YORK May 17. 

this year “ are not likel yto be as 
impressive as those of the past 
two record years," chairman Mr. j- *•,. 

Albert V. Casey told the annual Canadl8Il l ire 

legal defence against un- 
welcome bids. Its court com- 
plaint seeks an injunction 
against the tender offer on the 
grounds that various violations 
of the law have been com- 
mitted. Specifically, it claims 
breaches of the Federal Anti- 
trust Law, Federal Securities 
Laws and of margin regula- 

meeting. However, traffic growth 
for the year Is expected to exceed 
forecast industry growth of 9.6 
per cent. ■ 

Last year, American earned 
$2.54 a share on operating 
revenues of 82.28bn compared 
with $1.97 a share on operating 
revenues of $2.01bn in 1976. 

American’s first quarter was 
hit by severe winter weather, and 
rising fuel costs which resulted 
in a 35 cents a share loss in the 
period on operating revenues of 
S596.7m compared with a restated 
loss of 7 cents a share on operat- 
ing revenues of $523^m. 

The chairman criticised what 
he called a "dizzying array of 
discount, fares," which he said 
have been devised for short-term 
competitive advantages and with 
loo-little regard for long-term 

Meanwhile Puerto Rico Hotel 

Motor parts retailer Canadian 
Tire suffered a 15 per cent 
Tall in first quarter net profit 
to C$&lm (U.S.S6.7m) to give 
53 cents -a share against tbe 64 
rents for tbe same period last 
year when the figure was 
restated to reflect an inventory 
tax credit. Revenue also 
dipped to C$1 66m IVSXlMm) 
Agencies report. 

Oscar Mayer dips 

The fall In tbe dollar against 
the Japanese yen is blamed by 
meat products group Oscar 
Mayer for a 37 per cent fall 
in net profit for tbe first six 
months to $9m or 62 cents a 
share against the Si a share 
for the . same period of last 
year. -Sales rose H per cent 
to $625 m, agencies report from 

Corporation has' acquired the 
Americana Hotel In San Juan Movir'in cnlo 
from American. The airline said Sa *® 

the purchase price was $4m. m ?i or . UiS j companies. 

The hotel chain plans to re- Alston Purina, the feeds and 
furbish the 450-room hotel and group and Firestone, the 

re-open it in December. The hotel rubber concern, are 

adjoins two others already owned selling off 51 per cent of their 
by Puerto Rico Hotel Corpora- Mexican, subsidiaries. The Fire- 


stone sale -by' way of an offer to 
tbe public, was oversubscribed. 
Agencies report. The Ralston 

Tichman cliripc 5310 is in progress and both are 

llhniuaa SIIDO being made to meet the require- 

Tishman Realty and Construe- m ents of the Mexican Foreign 
tion, the land development com- investment Act 
pany. reports an operating net 
profit of $65,000 for the second 
quarter against the S212.000 for 
the same period of last year. For 
the latest quarter, a gain from 
real estate disposals and from 
discontinued operations plus 
tax credit result in a final net of 
$527,000 or S cents a share 
Agencies report from New York 

Perkin-Elmer upsurge 

The instruments and electronics 
concern. Perkin-Elmer managed 
a 37 per cent, advance in net 
profit in its third quarter to 
59.5m. to give 49 cents a share 
for the latest period against 36 
cents for last years third quar- 
ter. Agencies report from Nor : 
walk. Sales during the quarter 
rose by almost 29 per cent to 


Dollar sector 
moves ahead 

By Mary Campbell 

U.S. dollar bonds were fraction 
ally better yesterday, but the 
D-Mark sector continued to lan- 
guish partially as a reaction to 
the weakness of tbe domestic 
bond market 
Tbe Bundesbank is continuing 
to buy back domestic Federal 
Government bonds to support tbe 
market, which is beset by in 
terest rate uncertainties us- well 
as affected by doubts on the 
future of the D-Mark on the 
foreign exchange market. 

In London, a major feature 
was the strength of Canadian 
dollar bonds. .Although dealers 
said that the rebound in the 
prices of these issues had been 
magnified by a shortage of paper 
in the hands of the trading insti- 
tutions. the recovery of the Cana- 
dian dollar on the foreign ex- 
change market is said to be 
prompting some retail buying. 

The terms of the Nippon 
Shinpao issue have now been 
fixed: as indicated the coupon 
wil be 33 per cent and the issue 
price par. The conversion pre- 
mium Is 10 per cent. 

The importance of German 
domestic investors in the D- 
Mark foreign bond market was 
underlined yesterday by detailed 
figures for 1977 published by 
the Bundesbank. Domestic inves- 
tors contributed DM 2.6bn worth 
or a quarter of the total issues 
of DM 10.3bn last year. Domestic 
investors had provided DM 300m 
or about 5 per cent of the total 
in 1976. 

A more attractive rate of 
return on D-Mark Eurobonds in 
relation to domestic fixed intrest 
securities as well as profit taking 
motives were the key factors 
behind tbe shift, the Bundesbank 

Among the purchasers, credit 
institutes- bought DM l.l>bn-wortb 
of foreign bonds last year, 
individuals DM 700m and 
investment funds DM 300m. 


“ IT’S TOUGH to go on throwing reserves are only half what conventional supply areas fa 
money at the High Arctic." ex- would be neded to justify the Alberta. 

claims Wilbert H Hopper, presi- P°l ar Gas pipeline from Melville “ But we’re still bullish on the 
d»nt nf ranart a'e national nil to the Boothia Peninsula and frontier areas. In many piaees 
~ ? uL ; down the west coast of Hudson’s we’ve only just scratched the 

company Petro-Canada, as he un- Bay to Toronto. Montreal and surface. Mind you. we’d only 
folds his energy map. U.S. markets. need to make a few gourd dis- 

At times the search for oil and The frontier areas bave a five- coveries and the private sector 
gas in Canada’s huge frontier to-15-year pay-off period, says would be clambering to get back 
areas, from tbe Beaufort Sea, Mr. Hopper. That is why it’s to." 

through the Arctic to the off- tough throwing more and more There is a gleam in his eye 
shore areas from Labrador and money in. It is also why Petro- when he talks about the acrej-e 
the Smtiin Shelf anneaim to be Can anfl AJb erla Gas Trunk, the PetroCan has taken up in the 
« If mai0 Alberta gas transmission Northern Baffin Bay area. 

M an, l , to 3 . 11 ^ 655 company, with a group of Cana- "There are all the ^igns of big 
task. But the search is going on dian shipping firms, has been structures- If we hit, Canada 
in the hope of locating new 
major reserves whicb could iso- 
late Canada and its economy in 
tbe next 20 or 30 years from 
another energy crisis and pos- 
sible oil embargo. 

Petro-Canada. 100 per cent.- 
owned by the Federal Govern- 
ment on behalf of the people of 
Canada, is just two years old 
Some of the political contro- 
versy surrounding its birth has 
died down, tbe company is 
better accepted by the private 
sector, and it is steadily building 
up on the asset base of the 
former Atlantic-Rich fie id Canada 
fArcan) acquired over IS months 
ago for around S300m cash. 

Petro-Can at one time was 
called "a political instrument 
turned loose in the oil and gas 
business, with no rudder, no 

compass and no anchor ... all 

wind and no sail." It has gone 

heavv S sen toV 1 staff *turno ver but s . lu dying the movement of rela- wouldn't be worrjinj long about 
QowaoMareto be sh^imfdowri I lve| y s™ 11 quantities of gas importing oil! There's a good 

It baTtwo bosses — the^federai 50-50 cbancc ,,f ° n or R3S " 

Cabinet and the Federal Trea- fn?,VG ronm a " d ^ & Sl Coasl Petro-Can is also involved ia 
sury Board — “and we cannot , .. , _ . , planning an extension of the 

spend anything without appro- Arter iiqueractton at Brulport Trans-Canada gas .-yslem from 
vai." says Mr. Hopper. Some Melville, .icebreaking car- Montreal to Quebec City and the 

private oil industry men say he *! iers *'°uld bring the LAG to Muriumes. The reseries ia 
spends too much time between desasification terminals at Saint Western Canada are now sufli- 
Calgary headquarters and Brunswick, or Canso. c ,cm. if the economics can be 

government offices in Ottawa. Nova Scotia, or possibly Quebec. prOYO( j. TransCanadj Pioc Lines 

would be atom 'S„ 5J ' Tto ** trunwat—lon conmunv, has a 
on^dmg big structures of oil Current d ° 

Mr. Joe Clark, the Canadian estimated cost of C’lObn. but has we „' n s together 

Opposition leader, has vowed that ™ chance of an early start. in ltj c b interest of cloldi - 
if the Progressive Conservatives A decision on the “ Arctic .TJ Tl? V™ 1 ’ 

win power in Ottawa, they will Petro-Carriers Project" has been . i. c j' ,nJ , a production base, 
wind up Petro-Can. delayed till late summer for } n benied mainly from Arcan. is 

Petro-Can, partly as a result more studies. The shipping in Sales of oil, gas and 

of its assumption of the federal group found it was feasible from ® as * a st ■ v !5 ar „ (^tor 

government's 45 per cent interest their point of view. royalties) were CSSS.Tm. At 

in the Arctic public-private ex- "The Polar Gas project has consolidated assets were 

ploration consortium, Panarctic not got anywhere near the CSR,Sm including property, plant 
Oils, is heavy on oil and gas hold- threshold amount of gas yet " and equipment, CS259m invested 
ings and permits in the frontier savs Mr. Hopper “ And the in sett) nd Alberta tar sands 
areas in an arc from Hershel economics are st-iri in doubt But P rodu ction operation Syncrude, 
Island in tbe Beaufort Sea. near we hpne to stay in the Polar Gas and investment in Pan- 

the Alaska border, through the consortium arctic Oils, 

centra] and high Arctic Islands, « It wouI j be ^p^ent t0 go . , **E ent c * r * m on exploration 
eart via Lancaster Sound to the ffie p i pRUne rou t e with f te to 19, parocipated in 13 of the 
Baffin Bay area ( a hot pros- immense ^st ^ sorae 0 th er 27 wells drilled in the frontier 
P«* L a *K d th * ,^ brador mode rf- Sanmortii?** bS * rea *- besides increasing its 
coast to the Scotian Shelf. sense^ Sto allows TfastS reserves » Q Alberto. 

SftiTSSB retuS LNG may be the w5" P^oCan’s job is to build on 
for o 1 ! 3Hd pas in the Arctic t utA „,j k . n .. the production in Western 

Islands for more Than a decade Se d^PeratSy ^eed sorae Canad “ and set out and And toe 
and at a cost to itself and Dart- ■*"“ ac^pcraieij neea some jjj a j or resen-es of oi! and eas 
ners estimated at around SSOOm. cash Sow from the Arctic. You nee ' ded foT er ^| \ons"terra S w 
Tt has come up with proven re- cou5d start small and grow. It does its j ob throulh particina- 
serves of around 12 trillion fl2 w « uld not be necessary to export tj ons and exploration P a"ret 
million million) cubic ft of gas so much gas to the US. to make mt-ms with private-sector corT- 
and some possibly commercial the economics right. panies especially some of the 

quantities of oil. Its major fields ‘We have moved into the majors in frontier operations 
are at Melville Island and King frontier areas at a linn* when k s long term prospects will rest 
Christian Island (gas) and toe private sector is primarily Dn j ts degree of success in finding 
Cameron Island (oil). Its gas interested in getting back to toe these new reserves. 

These saiuizies haring been add. this ernaumemcrJ appears as a matter of retard only. 

U.S. $25,000,000 

isc- :*rs 


(Nordic Investment Bank) 

8f% Bonds Due 1988 

Credit Suisse White Weld Limited 

Banque de Paris et des Pays-Bas Hambros Bank Limited 

Kr edietbank S. A . Luxembourgeoise Union Bank of Switzerland (Securilies ) 


Wcstdeutsche Landesbank Girozentrale 

Christiania Bank og Kreditkasse Privatbankcn Aktiesclskab 

Sveoska Handelsbanken Union Bank of Finland Ltd. 

Alabli Bank of Kuwait K.S.C 
Andelsbankcn. A/S 

.Mjjemrnc Bank Nederland N.V. A. T.. Arms £ Cn. Amcv Rank ArnMerd Jm-RnUenlani Rank X.V. 

Andrcscns Bank A/S .\rar.\fiicjn Rank * AmlmlJ and S. lUcichnu-dvr. Inc. 

ASLtC - Asian Inlcraational Acceptances & Capital A.» ala Finance {H.K.J Lid. ftinea Cominertialc Ram a del L.illanlu 

Banu iNauonalciiclLtvuru Banco diKoma Rank oi America Inlcruaiiruul Bank Julios Baer Inlcrnational The Bank nf Bermuda. 

Bank frir Gemcmwirtschjrt Bank of IfAinkl Bank Lcn Inltrmaljonal Lid. Rank AlecXTlInpc XV 

Bankers Trust International Banqnc dn Bcnclns 5L.L Banqnc Kmwlfcj. f amk-rl S.A. 

Banque Fran^aise dc Dtpils ct dc Hires Banque Gcrarale dn l.uvrniimiiq: S.A. 

Banqnc Internationale a Lnxcmbouq- S^L Ranijuc Xaij.malc Jc l'aris 

Banque No rdcu hijh: S.A. Ranqnc IVpulaiic Siiinm.- S.A. l.uwmhuur^ 

Banque de ITniun Fnropdcnne Banqnc W.muS Rarinj- Rmlhcrs & Cn., 

Baycrrschc Iamdcsbank Giro.-cntulc Baycrmclic Vereiiwliank Jlrr^cii Hank 

«y* Ca^l m-m Dilli'n & Cn. CaiMe dcs Depots cl OmM%aai(om Chase Munlatun 

f liliiTfrii Int ern ational Bank Ciaridcn Bank 

Bank of East Asia, 

The Bank of Tokyo (Holland) N.V. 

Banque Franyalse dn Commerce Extcrieuc 
Banqnc dcTZhdochinc ct de Sncz 
Banque dc -Ncnflizc, Schlnmbcrgcr, Mallet 
Banque Scandinave en Suisse 
Baycrisdie Hypotheken-und Wcch-sel-Bank 
Berliner Handels- und Frankfurter Bank 
Chemical Bank Inlearalional 


Compagmcde Banque ctd'InTcstissemcnls (Und era riters) S.A. Com pajjnie MonOjasqncdc Basque Continental Illinois Count y~ Bank 


Credit Commercial de France 

Credito Ualuiito 

Den Damke Prorinsbank A/S . 

Credit Indnatriel et Commercial 
Dni-Icht KnnjSyo Bank Nederland X.V. 
Deo norske Crcdithunb 

Cr«lit Lyonnais Credit du NonI 
Darwa Europe X.V. 


Deutsche Rank 

Jlfif — r- *B jlMl 

DC Bank - Deutsche (jtnosscnscha Itsbank Dillon, Read Overseas Cnrporalion Drcsdner Bank 

Den DansStc Bank af 1S71 


Deutsche Girozentrale - Deutsche Kommunalhank- 

Drcxcl Bitraham Lambert 

Effcd cnha ilk- W arburg European Banking Company first Boston (Europe) "‘“^Firet' Chicatfo RobertTieniing & Co. 

Fuji Imernatinnql Finance Gefina Imenuliwal Genosse^aitlicheZealraHiank a!g! -V ienna 

GirozcnlraU; und Bank derOstmdchisclin Sparkasscn Gold man Sachs International Corp. Cotahanken 

(iruupementdes Bonqnien- Frives Gcxurrois R. Hennqnw jr. Bank Hcssischc Landesbank- Girozentrale- Ji ill Samuel & Co. 

J .inline Fleming £ Company Ivansafiis-Osake-Faokki Kidder. FealitHly Inlvmaiional 

IB J International ' Istituto Bancario Son Paulo di Torino 


... - — — . Lakotd 

Kjpbenhqms Handrlshank Hcimroto Benson Krcdielbank X.V. Kuhn Loch Ldinwn Brolben. Iiilcniaiioiuil 

Kuwait International FinanceCd. s^JlTOFCO' Kuwait Investment Company (SAK.) Lawfcbanklii Islands Lizard Rr.uhcrs & Co„ 

Lazanl Fr ms et Cic Lloyds Bank Intcrnaiiooal Manu/acturcrs Hanover McLeod, Young, Web International Merrill Lynch International 1- Co. 

MiiMibiahi Bank (Europe) S.A. 
National Bank of Abu Dhabi 

Mitsui F inanc e Europe Samuel^ lantajfu 4 Cu. Morgan Grenfell leCu. Moi^an Stanley International 
ThcNikko Securities Co.. (Europe) Ltd. 

Nomura Europe N.V. Ni»rdilcnl**c!«c Lmdesbauk Girozentrale 
Xurdhtuinz-Bank '/uiich XoidicBank Okubank SaL Oppenhcim jr. S Cie. Ori-nBunk Prierl.n.cck, van Cimpiiihiiut. Hempen SA. 

1 lemon. UcIUruig £ Pierson N.V. PKbanken Postipaukki Rutiu, child Bank Ati N..M. ItmliMhild A Sons 

Salomon Brothm hnernatioiml San«a BaiAjl* nderarilers) Saudi Xrnh '^ Invest mcm Company lor. SeandT.iax i.m Bank 

Scandinaviun Securities Corporation J. llcnry Schroder Wag* & Co. Skondinav isiu EnsVildn Bankeii Smith liarne* . Harris I phani & Co. 

Society Bancuirc Barclays (Suisse) -S^L Sodeie GowfaJc Societe Gnenle dc Baaou- !^V. Sr^k-u- Friwdc GestionViiTuMiircet Fondere 
Sparbanlk emus Bank Strang. Turnbull & Co. Sumilwno finance International SundsvjHsbanken Sue Uung Kai International 

Swiss Bank Corporation (Overseas) Trade Development Bank Timkans&BHrfehanlt Union Bank of Norway Vcrdm^d Wcstbank 

J. Vontobel LCo, 

S. G. Warburg & Co. Ltd. 

WiBiinaSi Glyn£ Co* 

Wood Gundy 

...» UuftrMhtH, 

laouicbi International (Europe) 

Financial Times T&rasfey SB SWS iiSS^ 4 ^ 

The unsecret 

No revival seen by jSolvay 
as profit halves to $78m close to 


Granges reassures 
shareholders as 

'fl ill 


NET PROFIT for Solvay, the Because of this, and also because operations but to increased B ^{te 
chemical group, was virtually of the slack outlook for demand, dividend income from sub- 1 

disposals continue 

halved last year to BFr 26bu Solvay executives are not fore- sidiaries received last year. PARIS, May 17. 

(S78m), down from BFr 4Rbn “"*■* revival this Last . year Solvay had a ^good CHANGES IN the ownership 

In 1976. and the narent com Dairy * In, structure ol France’s i leading 



In 1976, and the parent company ^ 1977 group turnover in fact increasing to BFr 2.15bn, from e^l“”iU group L»ieur w 

is keeping its dividend un- rose slight to BFr 92.9b n from BFr 1.79bn in the same period !j 1DI vi rtuS ly® comnleted i£id the 

changed at BFr 200. BFr 87.8bn in 1976. But because of 1976. But market conditions, MMemcnt ISSSn to have 

These gloomy results had been much of Solvay's sales were coupled with the nse in the sortel out it;; main nroblema 

foreshadowed earlier this year made in currencies which have Belgian franc against the dollar " Q „ . T. , _ “r. p V ,oiemS- 

when the Solvay management depreciated sharply against the that made U.S. sales difficult. .Lesieur, 

sought to contradict publicly Belgian franc, the beneficial caused this improvement to peter the . holding company CIS 
trade union forecasts that profits effect of this turnover increase out entirely. Financiere Lesieur, said snare* 

and the' dividend for 1977 would was wiped out. The amount set aside last year holders could expect a sub- 

in fact rise. While the group as a whole for depreciation, BFr G.Tbn, was staunally higher dividend for the 

These union claims were made suffered a 46 per cent profit drop virtually unchanged on the pre- year ending June 30. The 
in the context of strikes in the last year, the parent Belgian vious year, though the company previous year s payout was a net 
group’s Belgian plant which company’s profit in fact rose has in fact been continuing its FFr7.35 per share, 
ended last month but which also slightly to BFr 2.06bn. This was strategy of expanding into petro- The group's operating sub- 
affected production temporarily, largely due, not to industrial chemicals. sidlary, Lesieur Cotelle Et 

ii.*" * ' u' 

Friendly and efficient service in a dynamic economy is 
the winning combination that assured our growth-into a 
city bank of Japan. And now we're developing into an 
international financial complex. 

Perhaps more than any other Japanese bank, Saitama 
offers its customers the full benefits of its vigor and 
vision. The vigor that has made it one of Japan's fastest 
growing major banks. And the vision of a bank that 
never forgets people are people. 

chairman to 
step down 

Intercom pays the same 

sidlary, Lesieur Cotelle Et 
Associes, which was recently 
taken under the complete control 
of the holding company and now 
comprises all its industrial and 
commercial operations, increased 
its net profit in the 1977 calendar 
year to FFs S6m (S19m) from 

The Japanese benk that helps you grow 

mail uiau iu Brussels, May it. prow ««« « i*? ,e “ aar 

year to FFs Som ($19m) from 

cfpn flown INTERCOM, the largest shares from last year’s capital FFr76ra, on a consolidated turn- 

I 1 electricity concern in Belgium, rise. over of FFr 2.8bn. 

By Jonathan Carr said its net profit last year rose The annual meeting on May 19 Lesieur Cotelle was, up to the 

— . . „ tn T>-p_ qf hn from wlU be ask ed 10 approve a end of last year. 67 per cent 

BONN, May 17 . ^lbn (S94mi from further. already announced, owned by the holding company. 

DUTCH executive chairman Mr. 0IL increase in issued capital to The remaining Interests have 

Gerrit Klapwijk, of the troubled In March, Intercom proposed BFr 27.37bn from BFr 22.77bn since been bought up — 
West German-Dutch aerospace an unchanged BFr 142 a share net through a one-for-five rights issue principally the 22 per cent stake 
company VFW-Fokker is to give dividend for 1977 on old shares at a ma xim um price of BFrLSQO held by * the shipping group 
up his post with effect from plus BFr 94.66 each on new Reuter Compagnie de Navigation Mixte. 

July 1. He will be replaced by Under the agreement Lesieur 


• men hi* nfflo. urniMijauu. pcfi. * mins* bbjwess w w. m . ii h h n »k MnMn hhm 
in. nan s»*n Tarn, mn um nnrro. jdsssimsi. m 
b task KU brim* Usn m 1 ll : . C. Sd&AB Cite 'JUCMLlWOTM 

ill. Th& Baft.Ui%dr>p«f • u* H*1 Tm»i *»•*« Ofa • hMta 

■ r I I . one. *U> f**> (Ha • ta. . R i, m il in ii OHU. 


a two-man “ praesidium." 

An announcement from the 
company's supervisory Board to- 
day said that Mr. Klapwijk was 
leaving at his own request on 
the grounds (hat he could not 

Increase for Winterthur 


ZURICH, May 17. 

Compagnie de Navigation Mixte. 
Under the agreement Lesieur 
gave up its controlling stake in 
Soprodcl, which makes Excel 
margarine, to Unipol, which pre- 
viously owned 11 per cent of 
Lesieur Cotelle. 

Under the present sbarebold- 

The war that never ends 

We British arc a peaceful people. When a war is 
; over « e like to consign it to the history books - and 
forget it. 

But for some the wars live on. The disabled from 
both World Wars ami from lesser campaigns, now all 
too easily forgo lien : ilic v» idows. the orphans and the 
children - for them ihcir war lives on. every Jay an J 
all day. 

In many eases, of course, there is help from a 
1 pension. But there is a limit to what any Government 
Depa rtmen t can do. 

This is w here Army Benevolence slops in. With 
Sj understanding. With a sense of urgency . . . and with 
33 practical, financial help. 

a To us it is a privilege to help i liese brave men - and 
a women, too. Please will you help us to do more? We 
ju must not lei our soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-soldiers and their families in distress 
Dept. FT. Duke of York's HQ. London SW3 4SP 

fulfil' his role in the Federal TOTAL gross premium income tribution of an unchanged divi- ing str ucture, the largest interest 

Republic wholly satisfactorily of the Winterthur Group — made dead of SwJFrs.40 per share, in CIE Financiere Lesieur is held 

“under present conditions." up of Winterthur Swiss Insur- From a surplus of Sw.Frs. 175.6m. by Banexi. the merchant bank- 

There was no more detailed ance Company and Winterthur (Sw.Frs.173m.) for the year, the ing. arm of Banque Nationale de 

explanation, but the move does Life Insurance Company, plus life insurance company is to Paris (BNP). The Lesieur 

not come as a surprise. Last subsidiaries— rose by S.4 per transfer SwFrs.171.2ra. (Sw.Frs. family holds 20 per cent and 

December, when the Bonn cent last year to Sw.Frs.2.S7bn. 167.2m.) to the insureds' profir Banque de la Societe Financiere 

Government announced a rescue capital income Increased simul- fund and distribute a SwFrs.70 Europeenne. a joint subsidiary of 

programme for VFW-Fokker. it taneouslv by 9S per cent, to dividend per share. BNP. Barclays Bank. Dresdner 

also made clear that, it wanted Sw.Frs .5 28. 9m. In its first full business year. Eank and Banco del Lavoro, 16 

Id see changes in the company's The non-fife concern, whose the joint-venture undertaking percent. 

top management. net profit improved by 4.S per Winterihur-Norwich Reinsurance CIE Financiere Lesieur’s net 

Mr. KlapwijK has been strongly cent l0 Sw.Frs.50.4m. iSw-Frs. Corporation booked net P rofit ,n lbe current financial 

48.1m.) after improved under- premiums — not included in -!£? r *’ as ex P, ec *f d t l ° be around 
P°‘ V'?,' ihL' £ ii M 3 r l e r n f writing result and a 3.2 per cent, group totals — of Sw.Frs.385 5m. FFr ^Om.saidM.Lesieur^com- 

VFW rtfi rise in P remiun i income io and a gross premium income of P ared with FFr 63m in 1976-77. 
the companys yFVAeH short- S w.Frs.l. 7 3 bl L, recommends dls- about Sw.FrsSOOm. P°' n,ed ° ut - bnw , e * er - bat 

haul jet airliner project can- the last results reflected mainly 

celled last December. Only 16 exceptional gains. The current 

of the aircraft had been sold T _ TT . _ _ year's profit figure was based on 

since production began in 1974. Vtinhirp With SjHldl CFrOUf! 3 ^in of FFrSm from the sale 

The Government aid pro- ^ A 1 WUIU1 L vriiJLl tiflUUI UU F of Lesieur's stake in Soprodel 

gramme was announced shortly BY ROBERT GRAHAM MADRID May 17 and FFr 15.4m in dividends from 

after cancellation — but one con- ' ' Lesieur Cotelle et Associes. 

dition was that more than i.OOOiTHE SPANISH state holding International Marketing, 25 per Turnover in the food sector in 
workers would have to be [company. INI, has established cent by INI and 25 per cent by 1977 stagnated at FFr. l^bn. 
declared redundant. i an investment company with the the Spanish export promotion compared with FFr2bn in 1976. 

VFW-Fokker is now expected Saudi group. Triad, of Mr. Adnan company Focoex. The Spanish There was no growth in the 
to make a small profit this year, hashnggi. The_ company. Aikan- Government approved the estab- edible oils market which, in 

GRANGES managing director, 
Mr. Bo Abrahamsson, will wait 
until the annual general meet- 
ing on June 1 before predicting 
the 1978 performance of the 
stricken Swedish steel, engineer- 
ing and metals group. However, 
the company’s solvency is still 
“fairly re-assuring" and liquid 
assets of SKr 439m <S95.5m) give 
room for manoeuvre. 

Last year Granges turned in a 
pre-tax loss of SKr 79 Im (5172m) 
on a SKr 5.1bn turnover, to give 

an accumulated loss of over 

SKr lbn in the past two years. 
The management’s main aim dur- 
ing the year was "to stop the 

This is being achieved in part 
by a programme of disposals the 
latest of which is the sale— an- 
nounced lo-duy — of a 45 per 
cent shareholding in Scan- 
Gobain Glass. Daring 1977 
Granges disposed of its steel and 
mining operations to the new 
semi-state steel company SSAB. 
closed down its offshore engin- 
eering operation, cut back its 
shipping and civil engineering 
operations and restored the 
capital position of its stainless 
steel business. 

Of last year's SKr 791m loss, 
SKr 436m came from the steel 
and mining business now off- 
loaded to SSAB, which also 
accounted for SKr 1.9bn of the 
group's SKr 6.4bn assets. This 
drain on profits has been 

eliminated and Granges has r 
further capital commitments •. 

SSAB hut it has retained the bul 
of its debts on the steel side. 

The company pinpoints tv 
further major problems, u 
shipping business and the Nyl 
Stainless Steel Company, whh 
together contributed SKr 300m 
the 1977' pre-tax loss. Grans" 
has previously stated that it i 
tended to sell eight of the 
vessels in its fleet but recent 
the unions Involved claimed th 
the management was aiming at 
complete disposal of the shl 
ping business. 

Nyby has been involved 
negotiations on the restructl 
ing of the Swedish special ste 
industry bnt Granges now seer 
to be prepared to soldier i 
alone. Nyby has obtained a sta 
loan, repayable only when it i 
turns to sound profitability. Tot 
indebtedness increased 
SKr 682m last year to near 
SKr 6bn. . 

David White writes fro , n r 
Parte: The French Saint-Goba:- - ** 

Pont-a-Moussoo group has agre- 1 . 

to buy up full control of - f £ L* 
Scandinavian glassmaking 
teresta. Saint-Gdbain, who 
interests range from chemlci 
io engineering and which h 
become heavily reliant on 
overseas activities, is to purcha 
Granges* 45 per cent stake a 
the remaining 4 per cent sta 
held by a Norwegian compar 
Christiania Glasmagasia 

Skanska Cement cautiou 


gramme was announced shortly 
after cancellation — but one eon- 


MADRID, May 17. 

And with a management change, tara Trading, intends U' invest lisbment of the company last France, is 50 per cent controlled 
it is also likely that the talks in projects in tie Middle East December and it is one of the by Lesieur. M. Lesieur laid the 

it is also HKeiv mat tne talks | in projects in tne Middle East December and it is one of the by Lesieur. M. Lesieur laid the 
on co-operation with the biggest and Latin America. first concrete results of official emphasis on diversification, both 

\\est German aerospace concern. The company has j been_ regis- attempts to interest Saudi funds in groceries and in the financial 
.Jesserschraidt-Boelkow-Blohm. tered in London wtth a .So00.00f) i n co-operating with Spanish sector, as well as expansion over- 1 
will move forward. capital held 50 per cent by Triad business seas. 

SKANSKA Cementgju tenet. 

Sweden and Europe's largest 
public works contractor, antici- 
pates no increase in the volume 
of its business this year. It 
makes nu profit forecast in the 
1377 report to shareholders hut 
Implies that h will do well to 
maintain earnings in 1978. 

Last year Skanska turned in 
a nre-tnx profit of Skr 315m 
fS6S.4ra), which was only 
marginally above the 1976 figure 
—but on a turnover which was 
15 per cent higher at Skr 6.54bn 
(S1.42bn». This represented a 
turnover increase of around 5 
per cent in real terms. 

The problem For Skanska Is 
that building and civil engineer- 
ing investments in Sweden are 
expected to fall in volume yet 
again this year, even though 
housine starts should recover. 

The high Swedish cost level 
apparently also underraim 
Skanska’s ability to compete - 
foreign contracts. 

The yield on the foreign hi 
ness is still expected to comp 
sate to some extent for fall; 
profitability at home. Earnii 
on the property managemi 
side shonld be roughly the san 
but the net interest income 
calculated to fall short of ' 
1977 figure. 

Some IS per cent of Skansk 
turnover last year was m; 
abroad and this has been . 
fastest growing area Tor the.p 

five years. However, orders 

hand at the end of 1977 a 
amounted to Skr 4.8bn agai 
Skr 5.SSbn a year earlier and i 
share of foreign contracts 1 - 
fallen from 42 to 33 per cent. 


All these Deposits have been placed. This announcement appears as a matter of record only. 

Ciba-Geigy plans further 
acquisitions in U.S. 

. Weekly net asset value , , , .. 

oh M ay 1 5th 1 978 

Tokyo Pacific Holdings N.V. 


ZURICH. May 17. 

Union de Banques Arabes et Fran9aises-U.B.A.F, 

• ( Incorporated with limited liability in France) 

(Bahrain Branch) 

U.S. $25,000,000 

Negotiable Floating Rate 
U.S. Dollar Certificates of Deposit due May 1981 

Issue Price 100% 

Merrill Lynch International & Co.- 

Alahli Bank of Kuwait (K.S.C.) 

Arab African Bank 

Arab Bank Limited 

SWISS chemical concern Ciba- 
Geigy is planning to take over 
further companies in the U.S. 
Speaking at the annual meeting 
of parent company Ciba-Geigy 
AG in Basle today, executive 
committee chairman Dr. Samuel 
Koecblin said new U.S. acquisi- 
tions would be announced “ in 
the course of the current year." 
No less than seven different U.S. 
companies have been purchased 
by the Swiss group since last 
, November. 

| Dr. Koeehlin told shareholders 
that Ciba-Geigy’s U.S. expansion 
was part of existing long-term 
. policy. The company had not. 
as had been claimed. “ em- 
barked on a shopping spree," but 
had simply been buying up bar 
gains. It bad already been in- 
tended to concentrate expansion 
efforts on the U.S., while overall 
growth plans foresaw market 
development through carefully- 
selected acquisitions and licen- 
sing agreements. 

North America already plays 
an important role in the activi- 
ties of Ciba-Geigy. Regional 
sales amounted to 26 ner cent, of 
group turnover in 1977. a ratio 
that it expects to improve this 
year. Group sales in the U.S. 
alone amounted to S954m. last 
year. Investments in North 
America, at SwFr 153m in 1977. 
were about a quarter of the 
group figure. 

The company’s plans to build 
up its U.S. potential are also 
i being undertaken in the tight of 

the fact that patents last year 
expired on a number of impor- 
tant herbicides which contribute 
substantially to group agro- 
chemical business in the U.S. 
This, and the consent-decree 
divestments, have made Ciba- 
Geigy particularly keen to carry- 
out what Koeehlin today called 
“a certain amount of catching 

Clearly the present dollar ex- 
change rate in terms of Swiss 
francs makes acquisitions in 
North America attractive, but a 
company spokesman said : "Ciba- 
Geigy is Interested in U.S. 
growth regardless of parities." 

U.S. 548.59 

Tokyo pacific Holdings (Seaboard) N.n 

U.S. $35.41 . ; 

Listed on the Amsterdam Stock Exchange 

tnronnalloiu Pierson. Heldritm & Pierson N.V.. Herengrachl 214, Amslerdj 



DM Bomb 106.40 

HFL Bondi ft Notes 104.82 
U.S. S Strt.Bond* 100.22 
Can. -Dollar Bondi 99.20 


9.5.78 16.5.78 AVERAGE YIELD 9.5.78 

106.40 106.22 DM Bondi 6.S01 

t 104.82 105.08 . HFL Bond* ft Note T.389 

100.22 100.12 U.S.' S Sen. Band*' 8.6S2 

99.20 99.46 Can. -Dollar Bondi. 9.449 

Associated Japanese Bank 
(International) Limited 

Corning O 

Libyan Arab Foreign Bank 

17 May, 1978 

National Bank of Aba Dhabi 

More options 
for Amsterdam 

Extract from Audited Accounts 

We are pleased to announce that 

Merrill Lynch International & Co. 

has been granted an Investment Banking Licence in Bahrain. 
The address of our Bahrain office is: 

FROM net Monday the European 
Options Echange will introduce 
options on the shares of Ameri- 
can Telephone and Telegraph, 
Citicorp- Exxon. Sears Roebuck 
and KLM Royal Dutch Airlines. 
The new series will brine the 
total number of options traded 
in Amsterdam up to 17, with 
seven each from the Netherlands 
and the U.S., and three from 
the UK. 

An Exchange spokesman said 
to-day that the EOE remains 
confident it will reach break- 
even point of 7.000 contracts 
daily by the end of this year. 
The average daily turnover is 
currently only about one- tenth 
that level. 

28th Feb. 1978 

28th Feb. 1977 

Share Capital 


. 7,000 

Retained Profit 



Subordinated Loans 



(£ equivalent) 







Total Assets 



Profit before Taxation 



Profit after Taxation 



Bank Saderat Building, 
5th Floor, P.O. Box 5399, 
Manama, State of Bahrain 

Telephone No. 58644 Telex No. 8646 

j| 2 May, 1978 

Asked abut EOE reaction to i 
the Securities and Exchange 
Commission warning to U.S. 
investors of potential dangers tn 
dealing in options in Amsterdam, 
the spokesman said this was 

The EOE was aware from the 
start that its options were not 
registered with the SEC and 
could be legally offered or 
sold in the U.S. He added that 
the EOE had pointed out this 
difficulty before the exchange 


Associated Japanese Bank Qfaemaikmal)IJmited 

29-30 Cornhili, London EC3V 3QA 
Telephone: 01 ‘623" 5661. Telex: 883661 

Jointly owned by 

The Sanwa Bank Ltd The Mitsui Bank Ltd 
The Dai-lchi Kangyo Bank Ltd The Nomura Securities Co Ltd 

(Shareholders’ aggregate assets well exceeding U.S. $1 30,000 million) 


Fiflcan'ciai Times Th'ursaay-Mav 18 1978 

Kak 35 
K ^ 

N (1 A L A \ f ) c O M PANY NEWS 

A Cl makes A$50m bid for Vulcan Profit g^n 

JAMES FORTH of AfrlViin 

JSTRAUAN Consolidated In- cent of A. v Waht r„„' ^ SYDNEY. May 17 at 

!^dV.S% g S/To fe S Ptaita'JS 5.^2 ° f AS^m- which offer for the remoioOer of the PrnWllPtc 

Bounced a AS50m (fisHffnri bShSS2 .^ ds ’ a ° d »akes 8 ?!!P c _ ia . I . ed 1 ?! ,h } he “Pl«»l in ^ electrical appliance XilHlllLIS 

AUSTRALIAN Consolidated In- cent of A. V w.m SYDNEY. May 17 at 

S“2S' ‘^sarSS'-Sffi *3 ? % &&S2JZ ° f ASiA y- <*«■ *" +•■ Of «* Prnrliiotc 

jounced a -AS50m (USttffm) hSSSIS? SS?** ■“? “»kes reassessment ij??,*?? ^! th * he “P**#* in ^ electrical appliance XIIHIULlS 

fc “ff ^ cl£S“ SS WM Bf RidBrt .off, 

ftS raSSthiJhSU^; SSf—pmd SrTS #i S*r ”'**ES JOHANNESBURG. May I7 . 

fiJSlI. "" SSU^iS, Electric^ Z . «*»« v.«,b ha. 

^SSTR^TS 5=^ to Tale anSTyle” 

; E ¥e S SlV|,J ££T. fit ~ “JS ^ihooroe ho.e, SS* 

: £ 5*3 at AS2.23. The cash com" SnlSl 1n ~. 6 C S nts 3 sI ? are ' on incur' iraSr? h u« CO,ll, ?. ll .* d l £ S . ootherri . Cl ? ss Properties has of lUoro Sugar Eslaies last 
- pbnentin the bid is ASlOin SJiJlf crea “? re cently by a the sifuatiJn h J • ' aJ ^ ,f> . u P h also received a takeover offer year. African Products origin- 

’ -’Sdneted in a ^“vcr% h r?ienrti C " ■ The , direct °rs said that sales Can IIy owned Pacific the “Pltnl- ■ The chairman of ° 2 P er ceo * b - v T »*c and Lyle. 
"XteDbere and ih2. irn^rfL J , 0 ,. 311 areas were higher in F hp DaWa Can . but bouslii Southern Cross. Mr. Jack Fink, with Standard Brand* or the 
f^?commend the offer in rinf - doli ]ar , lerms - but slightly lower }hJL J 5? ne “ ? rD , kip °« "Her said today the HkelihoodL of satis- U.S. holding another L» per 
•■ %££ due l n \ olumQ in Australia aid New IlES,, 3 *”* ® f heavy tosses, factory dividends to shareholders cent P 

An «irt th-.t tK. Zealand. The fair was particu- pil— 3 *. Asi5,n - over the next few years was re- Pre-tax profits rose from 

ilT h ns^elr T ,ar y evident in secorid hair- fr ™, JL 1 ?"* lhe 1akeover mote - Th <? ^er is 35 cents a RIJm to R2.2m (sSmi fo“ 

• ■• 12 ® 8 - two year. Which was partly tin- l ' Burns Ph,| P announced an share. the six months to Marsh al and 

cu — Si 

■gJSSfbSss .ssrSnS! !,r',5-T “ d in ,he firs * quarter Sharp rise in earnings ims 

* f * nd e C ? — c stoves Group sales rose 13 per cent. c%4- TPrtm-i, _ T\ sr j ' taut second half, which con- 

■■s«s.?ss& L ,, i ,s artive !«" “ «*" at 1 an Chong Motors snar^jriaf*- 

' - AU_airead> controls 5S per Extraordinary items amounted BY WONG SUL owe v.iat a t .hidtid when the pre-las total * was 

Sharp rise in earnings 
at Tan Chong Motors 


Interim Statement (unaudited) 

.For the six months ended Mav l uv, u * 

V. iil 2 

Gross Revenue 

Witt toil Expenses 
'■‘•Ufcll . Taxation 




May 1 







May 2 




i BY WONG SULONG KUALA LUMPUR. May 17. ?! pre ' l r ax . ,olal was 

tan- p 1T ,.,„ factors include 

IA.N CHONG MOTORS, the Sales Tor the year were 211m a Rowing of sales lo the EEC, 
Malaysian and Singapore distxi- ringgits. (S87.5nt) compared with which account for about 10 pci 
butor of Datsun cars has 131m in 197 6 - In Malavsia. sales »ut of the group's undisclosed 
reported a 170 per cent rise in in "eased by 51 per cent to 140m iuniover. 
pre-tax profits from -Jim nn 5 gits. while its Singapore ,„ Earn , lDg ? shar P rosr from 

rin««its iLmi . . 5 operations recorded an even 32 . c ? nti *® ■*« and lhe 

ehTu^t to “°“ in n “S- sharper increase, of S4 per cent. IB ! tniD , dividend ha* been 

b it i 51 • ear ‘ - to reach 71m ringgits raised from 13 cents to 15 

on 111 ?! yi , ng a ? naI dividend of The Malaysian operations « n| s- ^ »*r. .Uri«ui Pro- 
i'hpnri ' a Sam 5 t 12 per cent accounted for 60 per cent of its duc,s P"* a 39 reni* final lo 

ft LPrrT.i, s yea n ? nd makinB total profits, compared with 62 "»*» 43 for the year, 

will ' f- s ?J, ip l ssue L wb ich per cent the previous year, while and ibis year analysis expect 

riiJ/tonH be ells ' ble for tbe finai the Singapore side i-oniributcd at leas4 32 cents for a lotal 
Th! - , Sm ringgits in pre-tax profits. ° r 47 cents. The shares. R9.25. 

me scrip issue, capitalising on against 2.8m in 1976. >'*cld a prospective 5.4 per ccnl 

nf ..H5 ® 1 A nl ® e . ref * luat,0n The company said that it and have risen 31) per cent in 

it as ,f eiS- an “ — Sm ringgits from expects the current vear to be ,be Past six months. 

Premium account, will buoyant and dividends are _ 

raise thE issued capital to 36m expected to be not less than for — - 

r ng8lls - 19T7. HnnH voor 

Pre-tax profits rose from 
RIJm to R2.2m (52.5m i for 
the six months to March 31 and 
though this is a slower rate 
or growth than has been 
achieved In the recent past, 
the Board expect* it jo be 
maintained in Lhe more impor- 
tant second half, which con- 
tributed nearly two-thirds or 
profits In lhe Iasi full vear. 
when the pre-las total * was 
Ro.Ial Adverse factors include 
a slowing of sales to the EEC, 
which account for about 10 per 
cent of the groups undisclosed 

Earnings per share rose from 
32 cents lo 37 cents and the 
interim dividend ha* been 
raised from 13 cents to 15 
cenls. Last year. African Pro- 

, An interim dividend of Ip on the Ordinary Shares (same 
js last year 1 has been declared payable on 3rd July lWS 
absorbing, together with the half-year's Preference dividend 
paid on 1 st May, 1978, a total of £331.546. mviueoa 

Valuation of Net Assets 
including dollar 

May l, 1978 
.November 1, 1977 
May 2, 1977 
Bplsize Bouse, 

.West Ferry'. Dundee 




Net Assets Net Asset Value 
I dollar per Ordinary 

JUm 25p share 


7,922 131.1 p (129.6P) 

3 - 73 - 122.9p fl22.0p) 

MSO 116.5p (H6.lp) 

Joint Managers 

A. K. Aitkcnhead. W. D. Marx 

Good year for 

Setback fpr Batu Kawan P L a i, I “ dustries 


PRE-TAX PROFITS at Ratu ing in February, although sales ISRAEL’S LARfFST 

sana^,“— - 

cfcawM BirSSzS 

S in ° WWB t0 l0Wer ° UtpUl S y 11 per cent t0 1S - 374 tons * figure tfreich S 35m L 

of oil palm. due to the effects of the drought net profil bv 74 D 1 I r 

rimo°i? tS Were from . 7 - 43in of ti,e P asl years. Rubber i£87m (S5Jm) Sales rose 40 

.iVcmL t° 6.17m rmggits output however, fell by only 2 per cent to l£ 3 fihn TbS 

(USS2.56ra; for six months end- per cent to U 8 m lbs. bLance r^e by 5? 

» x ^ ' per eent to I£1.9m. The com- 

Magnum Corporation earns less ihle* debenlures and LEll^m 

M . Ji U.s. $50,000,000 
Midland International Financial 
■ ’ ■ Services B.V. 

(Incorporated with limited liability in the Netherlands J 

Guaranteed Floating Rate Notes 1987 

Guaranteed on a subordinate basis as to paymenj of principal /' 
and interest by 


Midland Bank Limited 

For the six months from 
1 8th May, 1 978 to 20th November, 1 978 
the notes will carry an interest rate of 8 ^% per annum. 

On 20th November, 1 978 interest of U.S. $44.24 will be due 
per U.$. 91,000 note for coupon No.3. Principal paying agent 
European-American Bank & Trust Company 10 Hanover 
Square, New York, N.Y. 10005 U.S. A. 

Agent Bank; Morgan Guaranty Trust Company of New York 

net profit by 74 per cent to 
l£87m (S5-3m). Sales rose 40 
per eent to l£3.6bn. The 
balance shecl total rose by 47 
per eent to LEI. 9m. The com- 
pany issued l£40m. of convert- 
ible debenlures and I£ 11 . 5 m 
of options in February 1977. 

The gross dividend for 1977 

BY OUR OWN CORRESPONDENT KUALA LUMPUR. May 17. The gross dividend for 1977 

THE MALAYSIAN lottery organ- 1976. but higher taxation, and 7o per «« igT*Z£ 
SH?- M 1 l gnun i. Corporation, the provision of 5.1ra ringgits slock dividend wa. paid (20 
which was the subject of a fierce m extraordinary items brought De r c«Sf in lflTG? i 5 * i/i" 

to 4.2 di 

power tussle among two groups net 

per cent in 1976), but it is 
intended to make a one-for- 

of directors late last year, has ringgits, compared with eSm five rights issue at S S 

reported a sharp drop in net ringgit* the previous year. w M.\* SSU ° at ^ per 

P r ?‘ tsut . P™*M for 10 A pe?cem ishetogpald! making imOmleVosJ^o SlSmj^hi! 

JS5 ^ M {STB previous ^year! >er ^ “ in E? ^ 



Alcan Australia Bine MSS 

AAUSV Sue 1887 

Australia «pc 1M2 
Australian M. & S. Slue -82 
Barclays Bank Si pc IS 82 .. 

& 0 H-aicr 81 pc 1 WJ 

Can. N. Railway 8ipc 19S6 
Credit Xatloul Sipc 1936... 
Denmark Kpc IBS4 

ECS 9 pc 1993 

ECS Sine 1997 

EIB Slpc 1ST? 

EMI flipc 1989 

Sncann S3 pc 19S9 

Esso Spc 19SH Nov 

Gi. Lakes Paper SJoc 1954 

Hamersley 9jpc I98U 

Hydro Quebec Bpc 19K . . 


Notice of Redemption 

DowGorning Overseas Capital CompanyN.V. 

NOTICE IS HEREBY GIVE'S that. pursuant to tic provisions of Lhe Indenture dated as of June 
' v*’ “Oder which the above described Debentures were issued, Glibank, ,\J\. (formerly First 
National City Bank), as Trustee, has drawn for redemption on June IS, 1978 through the operation 
of the Mandatory* Redemption Provision of the said Indenture. ? 1, 000,000 principal amount of 
• Debentures of Lhe said issue, bearing the following distinctive numbers: 


ICI Slpc I9S7 v . T. 

"I* ISE Canada 9ipc 19S6 104 

MacmiUaji Blncdcl Spc I»2 Sjj 
Wi Massey KerBuaou 9tpc Til M| 

Michelln Slpc 1BS8 uni 

Midland Im Fin, Slpc '92 871 

Narlonal Coal Bd. 8 pc 19S7 Mj 
N'ailonal Wsimmir. flpc *3B 101 
*;« Neufoundland Spo 1989 99 

3*U Nordic tnv. Bk. SJpo 19SS 9St 
» Norces Rom. Bk. 9! pc 1W. 1 97 

Norplpe Slpc 1889 961 

WJ Norsk Hyrlio fjpt 19 K ... gjj 

P*l0 9 pc 19SS 1M 

Pons Amouomm Ppc 1991 9* 

‘“r, Prov. Quebec 9pc 1993 ... . 95* 

.*•> Prov. Saskaich. S.'pc 1996 B9 
loot Ri*r«i ]n;cma>lonjl Ppc IW7 OT 

9S1 RRM 9oc 1992 W 

Selection Trusl Slpc J9S9 .. 91 

Skand. EnckiTda Bpc 1891 .. 99* 

9EF 9pe 19S7 *l 

Sweden iK’dopn Slpc 1987 96 

United Bl&culis 9oc 1989 .. BSJ 
Volvo Spc 1937 March K 13 


Australia 71 pc 1934 93 

Bell Canadi 71pc 1997 ... . 84J 

Fr. Columbia Hyd. 7 Jpc ‘SS S» Mi h’ahiscn j.'pc 19SS ...’ 

971 Babcock & Wilcox flipc V7 uci 
UMI Beatrice foods 4»pc 199 * .. m 
961 Beal rice foods 4ipc IB92 .. ]H3 

973 Beerham «;p- |9K &s 

1021 Borden 5pc IS92 101 

BB4 Broadway Halo 43 pc 1987... 79 

fSSt Carnation 4pr I9S7 jn 

WU Chevron 3pc 198S 137 

991 Dan «pe 1997 rji 

99i Eaaiman Kodak «jpc 1998 K*i 
“■» Kconomic La ha <{pc 19S7 79 

B7f firtsione Set 1SS8 . set 

96i ford, ape 198S ' uj 

'2S? E,PC,riu 19S7 ' 88 

4Ipc .. . 79 

9,5 W 1997 1 18 | 

993 naif and Wcuorn Spe 1988 891 

9a Aims Ape ISlK ]S4 

9.11 nonWTifU 6pc 19SG 901 

92 1CI 8iPc 1992 ‘ ’“* D-, 

100 INA 6 pc 1997 Mi 

92 J Inrhcaoe 6;pe 1982 ~ l n o 

B85 ITT 4 Jpc 1*97 «i 

Wl J'IS'V Spc 1991' ■ -■ lio 

S3( Komaixu 71 pe 1980 icai 

J Ray MeDermoir 4 *pc ■. S 7 273 
Mataushlia filpe 1390 1S4 

96 MnsnJ 7<pe 1990 ... '" ng 

954 J- P- Morcan ^Ipc 19S7 lfiz 

1«3 2637 SS05 4944 6043 TOM 8031 8962 
“5 ]«7 2660 3933 4948 6057 7UZ3 H038 8973 

9970 11028 12114 13634 14854 16169 17350 18844 

zr ■;»! owo mn duo. iwu mao iw.a 9979 11031 22115 13875 14869 16180 175G6 18851 

£ =Z=° 3933 4950 6065 7U48 0039 8098 10025 11042 12117 13877 14906 16204 17574 1M76 

82 1450 2733 3844 4958 6068 7064 H06! 9009 10053 11050 12118 13709 14987 1 0226 17598 18897 

1J }A7j! 2757 3959 49H9 6092 7066 8082 POll 10054 11058 12128 13728 14971 18229 17619 1B908 

J57B 2787 3979 49R2 6097 7072 0084 9035 1U0B9 11059 12167 13741 14978 1 6245 1 7820 1B9I8 

37 lg2 2794 3996 5029 BUM 7077 8085 9039 100B3 11099 12178 13743 14979 16262 17628 30920 

. 208 1761 3156 4042 5187 6222 Tim BIH2 P12f! 10199 11129 12303 1 3873 15140 1B374 177B3 16085 

1 2pa2 '“ W8 5167 6252 7131 B1D9 »I29 3 0252 11132 12342 13884 15243 1 6415 17850 18966 

-■ S® 1773 2913 4071 5186 6253 7137 8 t !>6 9145. 10278 11134 12358 13892 15244 16436 1 7855 18076 

M5 17S8 2947 4089 5192 6258 7148 8215 9146 1 0279 11142 12371 13916 15252 1 6446 17860 19009 

3M 1877 2957 4132 5195 6279 7149 8259 P154 1 0207 lllfB 12468 13950 15254 16470 37881 19018 

. 337 1901 2964 4145 52112 «2*0 7163 R2B4 9169 10300 11215 12552 13970 15255 18525 17905 19031 

- 22S 2938 413 fi 52IH 1302 7i!H 827H 9210 10310 11257 12504 14021 15314 16543 17927 19054 

••.*■8 1959 3009 4157 5224 6311 72117 8296 9219 J0379 112*1 12640 14047 15318 16545 17971 19064 

.. A?; 1974 3^ 4173 5231 6331 7215 «W3 9220 10390 11208 12047 14083 15362 16577 17973 19082 

•:£ l lMT 4243 S296 6334 7216 8346 9253 1W0R 11286 J2652 14087 15372 16598 1 7983 19087 

- SS 1MW 5062 4373 53 OU 0355 7238 8421 9255 1 0427 1129. 12C62 14092 15376 1B012 18006 19108 

ATT 1974 3042 4173 5231 6331 7215 «W3 9220 10390 11208 12047 14D83 15362 16577 17973 13082 

6J1 1987 3055 4243 S296 6334 7216 8346 9553 1W0R 11286 12652 14087 15372 16598 17983 19087 

.-.VTJ 1989 3U62 4273 5300 0355 7=38 8421 9555 10427 11297 12082 14092 15376 16012 18008 19106 

200 a 3112 4306 5312 6365 7259 8422 9281 10429 11332 127W 34112 1537B 16628 18010 10107 

• TOO 2041 3131 4310 5313 (066 7205 843R 9336 10440 11342 12<10 14113 15391 10638 1B030 19110 

• ■13 2060 3154 4 XU 1 5396 6419 7266 8451 9366 10456 11346 12J4 . 14211 15406 16646 18036 19120 

• . 2108 3216 41171 5462 645(1 7283 8454 0414 104W 11365 12^90 14239 15411 16684 18045 19135 

' iSi 210,1 525R 4391 5489 C4B3 7310 8469 9426 l«Sfi 11416 12iS3 J4255 15423 16698 18050 19150 

2110 3277 4425 5401 C522 7311 8470 9442 HW4 1142* t-8«0 14271 15448 1C6£< 1M76 19182 

Sll 2285 .1345 4443 5512 SB37 7318 8486 9454 10507 11470 12890 14281 15461 16729 18090 19190 

2296 3373 4504 5519 658.3 7320 8490 9471 10543 11474 129™ 143W 15474 16796 16094 10195 

2305 3301 4509 5526 CB10 7327 8402 0476 10547 114.5 129.9 14353 154B7 1GBI9 18111 19341 

55 2325 3407 451D 5544 IlfllD 7408 8493 9477 1 0552 11491 129B7 14354 16488 1M65 18117 19250 

Ju«3 2411 3571 4066 5723 6779 7576 8565 W06 10695 1I>*< 1 2E» 1 WB 6 1 H» 19179 

•’ JOQO 2441 *45715 alftlilH 5731 67°6 7579 RMB 9 C22 10717 11758 ^3?5J JliS® 1S733 17000 18422 10525 

1083 2445 HnOl 4700 YTT* 6797 759B SMS 9644 10727 31810 13096 14521 15750 17 031 1842G 19538 

ll20 2474 3800 4^01 579^ 6812 7643 8662 0805 10736 Il82i) *51^ 17070 18495 19574 

■ XI 63 2803 3C17 47 n B 5S01 6E13 7603 8603 STM lOTSI 11832 13136 14553 19803 T7118 184B4 19582 

, im UU 3G33 5804 682=- 7M0 -8m 5 9707 10764. llgg 15820 17174 18494 19C61 

M 3517 H5S 4775 M07 6857 7683 8732 3709 lOTBU 11866 131 TO 145jg 15821 17175 18551 19685 

S ill X & ^ SISI \iiS ttW i$R 188 IB 8 1$™ 

m %% ItSb C905 7 TIT $K2 }ft» Jjgff Jgig J® Jgg 

3SM0 3728 4858 5840 6S17 7759 8778 9700 10851 I1B88 JS™ T^S ?5?li 1^3? 

' Sw ™ 4 I 1 U MSI Si® 77 -M 8804 w’ 1 M 76 UW i «20 W 70 B 16 M 7 17533 15664 19943 

.’Sals 1 IS 2 I 5 & min miu 1201 s ijja 147 a ibom 17375 iihssi 19953 

8808 1MU7 12040 134=3 14TO7 16056 17411 18709 199S4 

JM54 13063 13435 14750 lflOSO 17454 18730 

■■ a«» 373 

- >KIS MOT 375S 4B8U W»i wi» ■«•* (2s.:x :ax.A ifii-M mw -uni. ;sa; 

■Ufi 2S11 8786 4694 5936 6B2D 7817 8808 98 

::I S B S* B S B B R SJSS iSS5 » ».«» K435 mu 
1 B 1 B & B 1 B B B 1188 BB SB 3R l& J?S?I JSS 

; ■ The Debentures f-pedtird above arc to be ralccm^l £>r tbc at the 

JfCG-Corporatc Bond Service Department of Criibank, N«A», 111 WaU Street— 2nd 
■ poor. New York, New York 1004S. and the main ofii«* ol ^ bank, ^ > n Amsterdam, 
■Frankiuri/Main. London. Milan. Park Citibank . Belgium) f - A “ Ba "n uc T " terna S? na,c 

• a Luxembourg. Liixembouru. a* the Company’s paying agents, and wfl become due and payable on 
■June 15, 197i^ at the redemption price of ion per cent, nf the prinupal amoutil thereof. On and after 

presented hirjMjmcni 111 tin- usual ntaitncr. „ irntpA . riPiT at rmuoAvv m \r 
For DOW LOKrtinw ^ By CITIBANK, N.A., 


Mavii.iors . ' ' - 

* Can. Pac. Blpc 19M . ... PSi 

How Cheroir.-il Spr 19S0 ... 07i 

ECS 7lpc 1«1 96 

ECS Sfpc 1959 {Si 

EEC 7! pc 19S2 96 

CEC 7’pc 19S4 . . B.l* 

Ensil Gunwll Slpc 1M4 ... 96J 

Golavcrfccn Tin'- 19S? .... 97 

Kockuma Spc issi 97 

Mi'-hclin S ’ pc 19S3 99 

Momn-al Urban SJpc 1991 100 1 

Yinr Brunsvrtrk Spc 1984 97 

Nc-w Bruns. Pros-. SJpc ‘S3 94J i 

Xcw Zealand S' pc 195B ... M 

Xonray 7Jpc 1B82 9G 

nmario Qydro Rpc 19S7 ..93 
Slnpcr fijpc 1982 .. 100 n 

S. or Scot. Elcc. Sipe IBS I 994 ii 

Sweden iK'dwn) 7 !pc 19S3 Ml | 

Swedish Siaie Co. 7} pc "82 fir ! 

Telmex B.'dc 1914 991 II 

Tennero 7,'pc 19R7 May ... K! | 

Volkswagen 7Jpc 1987 M| j 


Allied Krewerio« lOjpc ■fid soj c 

Cillcorp I 0 pe 1993 931 S 

Courtaulds 9,’pc I9S9 .... R9J S 

Er? 9-w 19S9 94 0 

EIB fi'pc 1098 94 b 

RIB 9,’pr ]»2 kjj n 

Finance for Ind. !l!pc 19S7 Mi 9 

Flnanre for Ind 10 pc 1SS9 91 . g 

Fisonn 101 pc J9<7 M; o 

Gesiciner llpc IBftS Bi g 

INA 18 r>c IPS*: . p 

Rownirre laiBc.lfiSS 9 * 1 } a. 

Sears lOlpr 196S Hi S, 

Toial Oil Pipe 19S4 93 fr 


A9ian Dev. Bank 5jpc 1989 974 ■* 

B\HE Blnr ip=fi ..M! tr 

Canada 4Jpc 1983 pa « 

Pen Nonkc Id. Bk. 6 pe 'MM « 
Pvutsche Bank 4iuc 1953 .. jk ss 

ECS iipe 1990 954 « 

B'B «pc 1990 m* k 

Elf Aqaiiaine Stpc J9SS .. fisj Ss 

Enraiom 3,*pc 19S7 99 } M 

hlDlant) 3!pc me so k 

Forsmartu 3 Jpo i »0 « M 

Mexico spc ibs3 9 « u 

N orcein 5ipc 1989 • IM . 1 (S 

Xorwav 4fpe lfl«3 S 9 im 

Norway 4.-PC 19S3 J. 97} E 

PK. Fanken Xvr ifwj ... .933 

Prov. Quebec Bpe 1980 Mi 97 ' 

Ramonrakkl 3 lpc iass .. ss <u' 

Spain fine l9fis 931 - jE' 

Trondheim Stpc 19$8 ■ . ... 97 * k: 

Po^vr Co. Op- IMS ... 97 } £ 

Vewnela Spc IMS 974 * 

World Bank 5Jpe 1990 • ss 95 ] 


SPA”" im: 

1W! B? ltPC 1081 im* 

ccf ran in.- ino :! 2 l 

CCMF W4 T’pc . 


ESSEi'* 9 ' :■ jnn* E 

ftLJWr r ,D ^ ' ■ *>» 1001 

Llovds 19>., . . .... lOftl ,nn, 

SXCF 19S5 Sipc- «; ’SJI 

srd. and CFllrd TM 7 II, am m; ' 

Wma. and Giro*! i W«I«pS Mi Qa 

Sonrcc: While Weld Securities. ”* 


American Express 4]pc -87 m a, 

A 5 Wand 3 pc IMS 95 SIi 

Ofii Owens Illinois 4!pc'lW" 114} 
9S| '■ C- Penney 4ipc 1987 ... SO 

98} «evlon 4:pc 1987 U 9 j 

96 Reynolds .Mein Is 5pc I9SS 87 

H j Stand vip Mpc 1988 109 

94 Sperry Rand 4»pe 1987 M 

971 SfPlllib 41 pc 1987 SSi 

9 -. Texaro 44 pc I 0 « H 

575 Toshiba slpc 119 ; 1231 

jU,; Tr Co. ore 19S4 79 

100! *' n, on Carhirip 4?pe 198 ® ' m 
87} W’rner Lambnn 4!pc 19*57 S3} 

100} Warner Lamhon 4ipc 1988 7S 
9S; Xerox jpc 19H . .. H< 

961 Sonrcc: Kidder. Peabody Securir 













































• if.' *Ct WhAJ.t" c -• w’.'! j'iii'e 

Extracts from the 1977 Report of the 
Group Chief Executive— Mr. W. R. A. Wyllie 

1 HK$182.9 million profit after tax and before extraordinary 
items— up 20 percent on 1 976 

► HK$217.9 million profit after tax and extraordinary items and 
available for appropriation— up 49 percent on 1976 

f Dividend for year 20 cents per share amounting to HK$80.5 

Successful merger of Hutchison International and Hong 
Kong Whampoa Dock Company completed 

Group now controls largest container terminal operations in 
Hong Kong 

Group companies undertaking substantial property develop- 
ments which will significantly contribute to both cash flow 
and profits 

John D. Hutchison now one of Hong Kong's largest trading 
companies a 

United Kingdom operations made further good progress 

Optimistic for the future and confident in the further qrowth 
of the Group in 1 978 



Results and extracts from the Hon. A. L. Hood's statement issued with the 
Company’s Report and Accounts for the year ended 31st December, 1877 

RHUto «m m 


45.01 3.519 15.424.767 




DIVIDENDS ( Maximum p,™ic«d> , 95 ,^ 



siSJS ™ ’Ssitirjsesres. atss 

wking place w irh regard to Se M ™ h °f lhe 

to release a subscan cial amount of i-h.c Ce ° n deffrr . ed taxation, ic may be possible 

Company's bank borrowings have been reorMi?sed° hOfT* k ?* foplh I comin 3 r. The 
facilities. Financial resources availabk ro che G™*,!. 2 k both ' erm ^ overdraft 

growth in business, to which we ail look forward P PPCar l ° bp soffic,eni 10 allow the further 

»[, wiMi r M = c r’ itk *• 

for the Group’s shop division in Scoriwd Th? r«J h . bc ?"! e rhe ! :entre of contro ' 

Farm Equipment Limited, based at Melksham in W!lt«h- * *° P UrChaS f d th<? bus . ,ncs5 of Superior 
This small business has now been transferred to r c *J. lre , and manu f acturin S ullage equipment, 
similar activities there. Scotland and amalgamated with the Group's 

of .sms . Th ' r - «™r 

bas necessarily affected adversely all the gSI?, f rV ^ P . r, . nc, P a ln Scotland. This 

car sales have been good and sales of industrial S. ncu tural accivlclcI - 'n contrast however, 
forecasts for the full year^ Abased ^ only on tSSjTW T '^'r a ' Way! hesiwic 10 makt 
' !hi " ^ if w, do^noc ,'Z T t Zi 

20. Ald'rma"to%. 'uS'gW WX «“?f 



Tunnover £51m -up13.5% 

Profit £ 1 .07m - up 89% 
Earnings. . 

per Share 18.6d -ud41% 

£1 .07m - up 89% 

18.6p — up41% 

■ M axirnurri permitted d ividend .4:57p - 
• covered 3.9 times. At the AGM on . 
May T 1 ;M r . Thomas Kenny, : 
Chairman said that profits for the 
first four-months of 1 978 were ahead 
of the same period for last year. 

its 1st milion 


On May 1 0 Dorada announced its 
intention to make a bid for Mansion 
House Finance and Taurus Vehicle 
Leasing - the private companies that 
control the British School of 

The logic to Dorada would be the 
annual supply and subsequent re-sale 
of BSM Y1 400 learner-driver fleet 
and the servicing of the vehicles. 

B$M f as a member of Dorada, would 
prove highly beneficial to 

Dorada Holdings Limited 

The vehicle distribution and engineering Group 

Copies of the Annual Report from 
1 7-1 9 Lincoln s Inn Fields, London WC2A 3ED 

4 . 

The Peugeot 604 TI and the racehorse have 
many things in common. Poise, dignity and 
immaculate breeding are some of them. Speed, 
power and style are others. 

But, whilst only the privileged few can afford 
to own a racehorse, the well-priced 604 TI is in 
reach of many. Unlike the racehorse which is rather 
a delicate creature, the car is tough and reliable as 
well as elegant. Tough and reliable because it's 
designed that way. For as befits a thoroughbred, 
only the best is good enough; highly skilled 
designers and engineers, first class materials, and the 
most advanced manufacturing technology all 
combine to produce this true thoroughbred. 

. The oversquare 2.7 litre V6 engine is built from 
lightweight aluminium, and has twin camshafts for 
maximum flexibility. The benefit of using light- 
weight materials is reflected in the excellent fuel 
consumption figures (33 mpg at a constant 56 mph*). 
Technically it's at the head of the field taking full 
advantage of the latest developments. The Bosch 
KJetronic fuel injection system accurately meters 
the fuel/air mixture to increase power and reduce 

petrol consumption. The electronic ignition system 
ensures super smooth starting, and the 5-speed 
manual gearbox means even smoother; quieter; 
more economical driving, especially at high speeds. 
Or; for those who prefer; there's the option of a 
3-speed automatic gearbox. 

Comfort is naturally of the highest level and 
the specification of the 604 TI leaves little to be 
desired; 4 electrically operated windows, subtly 
tinted glass all round, electrically operated sunroof, 

E ower assisted steering, centralised pneumatic door 
jcking system, rear fog lamps and a super deep 
lustre metallic paint finish to the body with a final 
coat of dear protective lacquer. The interior is as 
luxurious as you'd expect and where the 604 really 
scores is in its spaciousness. As Car magazine said, 
“rear leg room is almost to limousine standards? 

The 604 SL (carburettor model) has always 
been competitively priced. The 604 TI, with fuel 
injection and other refinements, represents, 
at £7582, a first class investment. 

And the 604 thoroughbred won't cost you a 
fortune to run. It's frugal with petrol as we've 

shown, but in addition it requires main servicing 
only once a year; or 10,000 miles (with intermediate 
check and oil change every 6 months or 5,000 miles) 
The 604 TI is also covered by Peugeot's straight- 
forward 12 month, unlimited mileage guarantee, 
and first-class service is assured by our network of 
fully trained Dealers across the U.K. 

Let us tell you more about our thoroughbred - 
send now for details on the 604. 


Manual 5 Speed gearbox 

Automatic gcarho 






Constant Simulated 

75 mph urban 



36 mph 


75 mph 

. Simulated 

33.2 mpg 26.1 mpg 1 6.8 mpg 

(8.5 1/100 km) ( 10 . 8 1/100 km) (lti.8 1/IOOkm) 

27.4mpg 22. *1 mpg ' l<V?mpg 

(ioj i/mokm) ( 12.6 i/ioa km) ( 16.9 l/iooki 


Inc VAT 

St Car Tax. 
Delivery & Nn. 
Plates Extra 


Leather scats, 
air conditioning 



Lather stars 

Lather sat 


£87X7 .&? 

*In accordance with official government testing procedures. 
Prices correct at time of going to press. 

Oodies by Ted Lipid us. 

Racing stables C Dingwall 

Peugeot Automobiles (UK) Ltd., 

Peugeot House, 533 Western Avenue, 

London W 3 0RS. Tel: 01-993 2331 . 

World famous for strengl 

604,the best Rsugeot in the world. 


Financial Times Thursday May 18 1978 

31 ' 


Well below best after heavy trade 


*FTER OVERCOMING initial easi- 
ess today. Wall Street resumed 
; advance, although late profit' 
'dng < left the market well below 
■£ day's best following another 
ery heavy trade. 

The Dow Jones Industrial Aver- 
se closed a net 4.0? firmer at 
3.37, after touching 865.64, while 
e NYSE AU Common Index 
fished 15 cents higher at $55.68, 
ter $55.80, while gains finally 


SIOCkB (?l ma-ng 

traded price 
. 593.400 is* 





. 529.4W 




. 433.700 



.«?L A Elect. . 

. 355,303 



^Shousc Elect. 331.300 


+ 11 

enial Petrlm.. 

. 200.400 


+ 1 

rads Hess 

. 277.200 


+ 1 

alltt Brewing ... 

. 27BJW 




. 254.600 


+ 1 

Cootlnenui Oil .... 

. 240,700 



duction and a 6 per cent jump 
in April housing starts. 

Additionally, rising interest 
rates, normally a market depres- 
sant, have acted to strengthen 
the dollar and have become a 
positive factor for stocks. 

However, brokers said some 
selling for profits on strong gains 
of the past month was prompted 
by a reversal of direction of the 
dollar on the foreign exchange 
market. The dollar turned lower 
in Europe late in the day after an 
Initial fresh rise and strength 
earlier this week. 

Analysts said sentiment on Wall 
Street was also dampened late in 
the session by a survey of pur- 
chasing agents showing that they 
fear a flood of price increases 
towards the end of the year. How- 
ever, analysts added that profit-- 
talcing was normal considering the 
extent of the recent stock market 

Value Index moved ahead 0.84 
further to 144.67. Volume 5.90m 
shares (5.96m). 

outpaced declines by 790 to 690. 

Turnover amounted to 45.49m 
shares, compared with yesterday's 
total of 48.18m. 

The market received more con- 

flrmatkm that the ILS. economy’s ani/rT c 

second-quarter performance will OTHER MARKETS 

be strong when the Commerce 

Department reported that U.S. 
personal Income grew by about 
1 A per cent in April from the 
March leveL. 

In recent days, investors have 
had good news about the economy 
in the form of a B.6 per cent rise 
in early May car sales, -a 1.1 per 
cent rise in April industrial pro- meeting 

GERMANY — Following the 
recent depression, shares showed 
a firmer inclination yesterday, 
helped by technical factors and 
expectations that the Bundesbank 
will lower minimum reserve 
requirements at its fortnightly 
— today. 

Commerzbank gained DM 2.10, 
and DeutscheBank DM 3.50, 
while Siemens rose DM 2.60 and 
Mannesman n DM 2.90. 

Chemicals had BASF up 
DM 2.40, while Kaofhof put on 
DM 1.50 in Stores. 

However, Metallgesellscfaaft 
declined DM 3 and. In Motors, 
Daimler receded DM L30, 

Public Authority Bonds 

recorded fresh losses to 50 
pfennigs on increased selling 
pressure. The Regulating Authori- 
ties bought a nominal DM 57m 
of paper, against DM LL4m pur- 
chases on Tuesday. 

PARIS — Market took a turn for 
the better in fairly active trading 
on "cheap'' buying ahead of the 
televised interview with Prime 
Minister Raymond Barre. 

scheduled for later that day. 

Stores, Chemicals, Foods and 
Electricals led the upswing, but 
Banks were mostly easier and 
Portfolios irregular. 

Among the firmer issues were 
Schneider, Beghin. Pemod-Ricard. 
Peugeot -Citroen, Gene rale d'En- 
trepriscs, F oeloin, Paris-France. 
EU-Aquitatne, and Roussel-Udaf. 

AUSTRALIA . — Markets made 
further headway, with selected 
Industrial and Mining leaders 
meeting heavy demand, the 
strength continuing to emanate 
from recent recommendations by 
British and American sources to 
buy Australian shares, good Bank 
profits statements, and Increased 
business spending which was 
reported earlier this week. 

BEEP rose to AS6B0. another 
high for the year, before ending 
at AS6.7S for a fresh gain of 8 
cents on the day. 

A C2 shed 3 cents to AS1.73 
despite a profits and dividend rise. 
However, the company also 
announced a take-over bid for 
Vulcan Industries, which moved 
ahead 33 cents to AS2.08- 

Howard Smith declined 9 cents 
to AS3.90 after news of the cash 
issue to raise AS20m. 

Among Banks, BNS Wales 
advanced 20 cents more to AS5.90 
and ANZ 9 cents further to AS3.20. 

Uranium issues remained 
strong, with Pan continental, after 
the quarterly report, rising 30 
cents to AS 13.00. Queensland 
Mines 2Q cents to AS2-27, and 
Kathleen Investments 9 cents to 
AS 1.80. . . 

Elsewhere in Minings, CRA 
added S cents at AS2.38 and BH 
South 7 cents at ASI.02. 

Southern pacific Petroleum 
ended 12 cents higher at A82.12, 
but the other Oil Shale stock. 
Central Pn+illc. relinquished 26 
cents to A8520. 

TOKYO— Share prices were 
moderately firmer for choice, 
helped by technical factors and 
cheap buying in some low-priced 
issues following the market's 
sharp reaction the previous day. 
The Nifckei-Dow Jones Average 
picked up 21.29 to 5,440.12. 
Volume was again modest, 
amounting to 250m shares 




»BV ■ Mb\ 

17 ! 16 


OUU.X •-’■iov>iiBi'n 

16 , 12 11 

'lo' ; Bigii j 


| High 



852.57 864.50 

i ! 

649.76-840.71) 664.211 

822.16 868.57 



I 1061.70 


i | 





as. 66 50-59 

W.S4 03JJ. BS.m 

68.74, rtJ.i9 




[ ! 



Trans pen.... 

251.25 229.66 


222.00 251.25 




1 1 

i (17ih| 





104.06 I04.D9 

| 104.45 194.60, 334.47 

104.65> 119.36 




1 1 i 




Trading rvl. 

. | 

000'- « 

46.490 49.180 

fifi.900 48.600: M.6«h &5JI80: - 

/ ■ J 


Mac : Mav 
17 ; 16 

| I97t 

' 15 ! 

! 12 


| L/>w 

65. 89) 65.65 
1 1 







1 <6*3- 



Appliance. Synthetic 

Rises and tails 
, Uny 17 .Mar 16 

Mkv 15 

... 1.902 



..< 790 



! 690 






New Hi aha... 




New taws 

.....' — 






May ! 



11 ! 



lad iuma i 



183.67' 179.74 
IBO.Sh 199.59. 



192.28 '!< 5- 
199.93 iZ7/5i 

lhZ-rtl <L6i2) 

TORONTO Compraltej 1119-5 




1119.9 (17/S) 

H8U.2 (30.1/ 









219.7 (1/21 

U3.U (204) 



222. B 

yn ft 


225.0 • 17/St 

194.9 (14/il 

i.ii index ■■Imunel trow Amuai M 

Ini. -liv. yield % 

I llav 12 ' May 5 1 April 'di ■ fnr ais> fnppros.) 



Pi*. I 197B | 197V 
rloua | High I Low 




6.51 | 5.61 




i ..... i 




1 » ‘ 


I 15 j 


10 1 

Hifih | 


j Rich j 


ilndoatnais 110.51 


^Composite 1 99.59 

1 1 




] 109.5lj 



109.44 107.49] 106-Mj 
98.07] 97-2tf 95.92: 

1 1 I 





1 c5^.' 

’ 1(5/5) 

I 89.80 
' (6/5) 

< 154.94 5.62 

l»/£/foi. t50/6/52> 
12a.d6 1 4.40 
|illiU75) 1 1/8/3S) 

Austro Liaf^V 491.98 
Belgium <BV 99.92 
Denmark (** 95.1? 
France CW 6S.E 
OennanyUlv 759.4 
Holland irt) 1 81.0 
Hong Konjj 46QJ35 




May 10 


| Apr. 19 

Year aco mppmx.i 

ItnL dir. yield % 



1 5.14 


lad. P:E Katio 

9.16 j 


| 8.94 


Gon. Bond yicM 

8.43 f 


| 8.30 




tlDl el.*' 
is) 408.31 

Singapore ^ ; 512.78 

469.42 1 491.92 i *41.05 
; (17/5} , (1/00 
100.47 101.16 99.78 
. (Bib) I 

95.04 , S6.15- 94.00 
i OH) 

65.4 68.7 
I (26.4) 

760.7 ■ K12.7 

(10/2) | 117,5/ 

£2.1 ' It JO 

, tlASl | (4/4/ 

,457.96 461JU5 ' iKj.4* 

. (1,5) • (15/1/ 

62-10 ■ *406 55.46 

■ (6/51 | (10/1) 
407.61 *16.11 . 564.04 
rl4/4| ! (4,1) 
51L48 312.7a ; 0820 
• <17.'5| I <um 

Spain (5/ 102.60 1 104.44 

Sweden m 378.86 
Switzer! 'd// 292.8 




337 05 
| iilSl 
296.6 296.6 
! <16 -fi) 



87 j-X 


Indices ano oaae (lairs (all base va)ue> 
100 except NYSE AU Common - an 
standards ana Pours — la and roroni" 
mw-l.uoo. (He Iasi earned based m 19-ai 
r Excluding bonds ! 400 Judomnals 
5 400 (nda. w Utilities. 40 Fiuancr dim 
3) Transport. (D Sydney ATI Ora 
• l|> Belgian SE U/12/63 i **) OipeotUden 
SE 1/1/73 i«i Pans Hoarse 1041 
iri Coimneranank Dec.. 1953. < 9S> Afnsrer 
dam. Industrial U>70 i01> Hans Sen* 

Rank 31 '7/64 ifllji Milan 2/1/73 id) Tokyn 
New SE 4/1/69 (bi Straits Times 19M 
in Closed idi VI ad no SE tai/12/77 
(«) Smckholm InrniKtnai 1/1/58 (f» 4wiS‘ 
Rank ftaro »ni llnanallqMe 




Stock | 17 

Abbott Lata .... 
AddreMOgmi* - 
Aetna Life* Caw, 

Air Product* 

Aireo. I 



A Hep. Ludluni... 
Allegheny Pttw 
Allied Chemical.. 

Allied Store* 

Allis Chalmers... 

A MAN - 

Amerada Hess ... 

Amer. Airlines-.; 13 U 
Amor. B mnils.... 49ta 

Amer. ifracdairt 513® 
Amer. Cwu...... 40*4 

Amer. Cyanam Id, 287g 
Amer. Elec. Pow j 21 '2 
Amer. Ji*presa_.| 384< 
Amer-BomeProdi 29 J* 
Amer. Medical.../ 26 
Amer. Motors. ...| 47a 

A mer. Sau £f aa..j *2 t« 
Amer. Standard.! 461, 
Amer. Stores—...! 33S, 
Amer.TeLk Tel.) 62>2 

Araetefc ; 33** 

AMF — : 

AMP ' 337a 

Ampet ! ISU 

Anchor Hocking.; 39*4 
Aafaeuser Busch. B5l« 

Arm Co Steel 

AJi.A -I 

Aomen Oil...—! 

Asarco — 

Ashland Oil 

AIL ErchfieM 

Auto Dim Pro 

A VC • 

Area— — 

Aeon Product*...! 

Balt Gas Elect....; 

Bank America. ... 
Bankers Tr. 5.Y. 

Berber Oil .... 

Baxter TravenoL. 
Beatrice Fowl. — , 

Bec-tont) lckftnaon 

Bell A HowelL.... 


575e a?i4 

32sb | 31i 4 

Benguet Cons 'B' 
Bethlehem Steel. 
Black 4 Decker 

Bomn*' — 

Boise Cascade—..' 

Burden. ; 

Bore Warner 

B reniff lot. > 

B rescan 'A 

Bristol SI j-ers ...... 

Brit. P«* ADIL.. 

B^>clr»ray c,l * M ••, , 


Bucyrus Erie 1 

Hudd ;■ 

Muter® Watch.... 
Burlington Mhn. 


Campbell Soup... 
Canadian Pacific' 
Canal Uandttlpb- 

Carnatann 1 

Carrier & General 1 . 
Carter Hawley...; 
Caterpillar Tracts 69 

met 63 


19S e 





31 »4 
54l fl 
247 S 
85 > a 

15 i a 




28 i S 


J U 
















43 1* 
46 Is 






297 f 





16 r a 






55l a 

84 i 4 


. 487a 







39 Ta 



54 1« 
351 b 

55 s * 

24 T* 


CBS — i 636a 

Cetaneae Corpn ■ 43 1* 

Centra* & S.W_.. 15>i 

L'-ortaunteed 1 241* 

Cemut Airetaft...; 341, 

Chase Ms n haUa n | S3 
I Twimlrsl Bk.NY, 423* 
Cbeoeb*ahPond_| 2SJa 

L-h«osieov«em_. 33** 

L^hkcsffD Bridge...! 

Llhrumsiloy. I 1912 

LihryeJer I 

.mgrmm a. — ; 

jlnu. 3 llsnron-. 



Lose Cota — 

Liilgate W» 

Liolli n» Aik man ... — » - --° 

nilBBW Osa — 1 27*, , 375 b 

.olumbtii PkS — 1? I® 1 ! 

.onibustwo Eon . 

Aim bust Ion Eq...| 

ll'mVtb Kilinm. 

L'unVtb OH Rrl. - 
.'omm-Satelilte-J 44 

L'-omputertWem.-e ** a » 

.Vinu. Lite Ins.... 

I'AUU- — — — 

Lon. Edlsco -S.Y. 

Joruol Foc*l" ' 

Joan) Nm* Gas.. 

L-cmsomcr Power 
Uontmenuil Grp. 

.'ontm ratal Tele-' 

.'qotml Data. u ...' 

Cooper larli»—~-i 

is*e ; ia*a 

407a i 40 T 4 
16*4 i 165a 
371s ! 27U 
2i- ' uia 

, 11Z « 
37 J 36*4 
25 2S5s 
kl 7 a 22 i B 
24 *« 1 241* 
40 I 401 b 
211b 3Hb 
513b 3m 
SHa 30 U 

16>4 ! 16)4 

321a I 3 2*s 
63 52 


! T 

Corning Uin>.... 
CPC int'a'tlonai 


dicker Sat. , 

Crown ZeHerioehi 
Cummin- Engine; 
Cnrtvv- WrtgUl...' 


1/arf Imliutnes. 



L)enis[ily Inter... 
L/einHt adiouii... 

OigitB K*iuip 

Disney (Wa|t)._ 

Dover Cnrpn 

Dow ChemKstl.... 

Umru ... 

Dresser ... 

Du Pont 

Dyrau ItblLiSLrlei 

Eaglu Plcfaer 

East Airlines 

Kail mao k'o>tak.. 

B. G. A G , 

BI Paso Sal. Gnt 

Ultra ... ; 

Emerson ElecLriej 
buery Ai rPr'lghtl 
Em ban : 

Engelhard ! 

Es mark. 

Ethyl ) 

E*uu<n ' 

Faircldld Camera, 
Fed- Depl. 8ui,es' 

Firestone Tire 

Fat. .Nat. Uosrun. 

Flex i Van 


Florida Power 

Fluor ■ 


Foul Motor. Mi*k ' 


Fiankiin Mint.... 
Freeport Binera! 


Fsqua lodi 



Gen. Amer. Jut.. 


Gru. Cabin 

Gen. DyiM„,if>. 

Gen. Eleetnca.... 

Uenenu F'ulf.. 
Genera- Mills—. 
General M-nors.. 
Gen. Hub. Clil... 

Gen. Sicnin 

Gen. Tel. Eivi.. 



Georgia I'aetfl'.-.. 
tie* tv Uii 

56t 8 
2 fli a 
l57 g 
49l a 
40 , 


27 Sg | 
45), 1 

116*e | 


217« ! 



393a I 

26 U 






27 0 
26 1 4 

28 ‘s 
405s ; 
261, | 
SMIe ( 
39is , 

245a ■ 
51)12 1 
2is» | 
36l 0 ' 
9*, l 
225a I 
317a 1 

11t 6 ; 

293 b 
33 >s 



25 ir 
iai 3 
29i a 

44 i e 












27 a 

40 Sg 
143 b 






241 a 

. 137a 

1 44 

.- 30*4 
- 583a 
. 5418 
■ ! 301, 

.. 6314 

•i M«a 
.! 38 7 B 
. 26 
-I 7U 

.1 E71 ; 
.) 171 






ai B 






24 1 3 



Gillette. ' 

uro lneb it. F— ... 
Ch-xlves* Tire — 


G»t W, K. 

CuAtlsn Pai-Tea.- 
Gru North Iron.. 

Greyhound ! 

Gull A Western... 

Cull On 


UnOrn Mining ; 

Harms- hi ever ■ 

Harris L'vrpn j oasg 

Heinz B. J. I 37*, 

Heutaem i 

Hewlett Pauttanl.1 

Huli-lay Inn- 1 


Himeywen ........ 

Hiweer I 

Hm p.Cori-.Ainer 
HuuaU-n Nat.Gn-. 

Hunt iPh_\)Clinil 

Hutton (E.F.l i 

l.t. fnrtu-ine* ...l 


IngerMii l(an-l....| 

In-au-l S'teei J 



34 7„ 
12 ;* 
15< a 

! 14 

• 43 

: iou 

: 301, 

I 17 
) 59>a 
I 53*4 
i 30*8 
; 627* 

• 181* 

- 29VJ 


! 26 h 

i 7J « 

I 27*,' 
' 1701s 

• 283, 

8ii z 

12 /* 
12 !* 
2S 1 * 
6 11* 



Johns Maori He. 
Johnson Johnson! 
Johnson Control 

K. Mart Con- 

Kaiaer LndustrteJ 




Kerr McGee. 

Kidds Waitei.... 
Kimberly Clers _j 

Kuiipers : 


itragvr | 

Leuerray Tran 
Leri El muss. 




Inv. S Prem. $2.60 to f— 110i% (1091%) 
Effective rate (1.8135) 47}% <45i%) 



luioumi bnervy, 

loll t 26fi3« 267*, 

Inti. FiBnuim....| f*~a ‘ 24;, 
Inti. Hai'veaier...; 34 | 331, 

l4U.*lni*(.7wn l 43)* , 4310 
Inti. Uulti1i»'s— k5l, 24i, 17-3 ; 17 

Inti. Plsptsr 43 7j 441, 

IPG ! 3413 I 4414 

Idl Hectifler 1 13 >8 I 13 

Ini. Id. 1 41U 32 

j 1*8 1 1** 

Iowa Heel.,........: 38*4 1 58** 

1L' iRiennuiowl. 11 } « ! H'b 
J im NVeiter^—.i 33i* I 323, 

Ldbtoy DwJ/ood 

Ullgn Group 

Lilly HiHj 

Litton In-lust. ... 
L*.<ne Star I ml*... 
Long Island Ltd.. 
Dratabuia Dsn-*..; 

Lubrtsoi ‘ 

Lucky Stores 1 

L’ke V anjp t 1 w □ 

Ms- -Mil tan • 

M aey R. H- j 

Mira. Hannrer... 1 


Ms tat boo Oil..... 
Marine lU-iian-f. 
Man-ball FleM ... 

May Dept. s«n 

MCA. - 

Mu-Uemnii -• 

Mi-D-.-nneu D-eig. 

M. -Umw Hm ' 

Memo rex 


.ilemi: Lynch 

Mess Petroleum..' 


Minn MmgA Mtcj 

M0M1 Cur}-. 



Motorola ' 

Murpby Oil ' 


Valeo Lli era 1-a.l 

Naliuuni Cam...... 

Nat. Distil. era.... 
Nat. Senn-e Uni., 
National Mewl .... 



Neptune imp. .... 
Ne» England El. 

New England 1 

N'Ligsn ’Dutasnk' 
Nisuans Start'- ... 

N. L. in-lunnes. 
N'urtb .Nik Gs-... 
•Mhn stale* Fwr 
Nthwest Airlines 
Nthnea, Da.n.t<rp 
Sortrsi slmoir. ... 
II xHitenla. PMrul 
Ogftvv Muher... 

Uhio Kdlaou 

■Jim ■ 

U versena s h .' 

U«ren* Corning .. 
OueOs JIIuhms.... 

Pacldi- Gas. 

PauJ&i- Llglinng. 1 
Pa.-. t'wi.A let — ; 
PSo Am Wurii 1 Air 
Parser Hannifin. 

Peatxkiv Ini. 

Pen. Pir. A Ll„. 
Penny J. C 


Peop-o Dru- 

Ptt'fJea Gas 

Perkin Elmer.....' 

m. ' 

1‘Hrei . — 


I' Una- 11-11*0- tl- . 



Pilsfiuiy 1 

Piluet ll-'U 

PiLiaii-n ... 

| Pleseee !<■•• ADk: 

| 1 4 -ia mi- 1 ...' 

' PTJoniat^ BlL-c 

• PPG luuii-lriee.. 
Procter l-Mnibic.. 
Pub-erve Elect-, 


Purp/l — . 


l£spi-i American 



8«{Kiblic Steel— j 

34 i 
7B7 a 1 
333, 1 
2 ! 
25*b : 

12 i, : 





25I S 

IS ?: 1 

34U r 
37 V I 
277, | 

33*9 1 
46ij | 
is >* ; 
207 a 
23t a 
367* | 
155s | 

18 U 
43l 9 
38; a 

25 ' 

50 I 
291; ! 
343, , 
23*8 : 




04*. , 




491, - 



22 j, ■ 

52*, ' 
41*8 , 
66 i c 
IS: 3 
21 *, • 
33:^ ’ 


Sol; , 
28 r, 
‘ 21l> 
261 , 

17», . 
16 , 

27 1, - 

21-a ; 



27 1 = 
24* s | 
29 1* : 

10 i 4 ■ 
o4 ; 
321, ; 

23i„ • 
o3i s 
22*, ' 

l>9l, . 
o5; a 

tV 2 


35 1; | 
14ij j 


23 i 
311- j 
25u ’ 

.|*a i 


20t a 












32 .-a 
46 ta 
37 1 8 
27 U 

25 *b 
20 *g 
121 , 
23 U 

247 b 
43 ia 
577 3 
651 , 
49i 2 
17 Is 




41 7* 
33 1; 



24I S 







15t 3 











10 *a 


32i 2 



69 U 
357 B 

377 a 

24 7 j 
237 S 












2 SJ, 






Kei’w/n I 

I icy no Ida Metals ' 

lleynol-ia K. J J 

Euh'son Mmell.l 
btuckweli Inter... | 
Kobrn & Haas ! 

Kuyai Duich„.... J 

UTK— - 

l(uw Logs ' 

Uy-ier System.... 
Salem.,- ironet..) 
St. Joe Minerals^ 
St. liegls Ps|«r.,.. 
San la Fe I nda.,.-! 
Sau- Inveal....— ' 

Sawn lads ! 

3**1)111/ Hrewiag.j 
Sufaiumtar;er M ...i 

den ; 

Scou Paper. I 

Seovii Sir; ' 

Scudr' Durrt Vert, 



6eane».G.D.) : 

vear- licehu- 


6hen Oil 

■srien Trmn-porl... 

Sura*- - 

9impli-'ii> Pm.... 

Singer ■ 



S*iuit>:oira _.] 

Souiheru Us-. E-r 

-southern Co ' 

Slbn. Net. 

suutlieni Pb ifi .• 

3t>utuan-i 1 

jVl b*uir hare- . 
s,wtt> iliucb-.. 

■sperry Itnno ( - 

5-1 mb— 

sian-laol Hran-i-.' 
sM,(/iiCa • ii- imui . 
Sl-i.Uii Imliana.. 
Slrt. LUI •/bio.....' 
iWutr C hem ica .. 
sterling Drug.... 


Sun Co 


3\ ntex 



I'enf-ivne ■ 

l'ciejs- ' 


Tempo Pet p ileum 



Texas (uot.m 

Texas Oil k 
I'essr Ctilities 

Time Inc. — ' 

Time*- Mirror..... 




Trsmau • 

Tran- Insm • 

Tran-wav lolr'n 
Tram- lV-iriil An.. 

Travel lent 



JJtb tpilurr )"i 

U4.L • 





Lrtiietei .M 
L MU4I Kan'- rp 
L-mun Vjul in. . .. 
i.iihin Giin»i-'Iii 
H ilton Ui Cn :• . 
Unwin Psrifif-.....' 

-.iim-vi*! 1 

Mule-1 brsmta... 

l a Uitnc-.rv 

‘.“■G- * mi ro... .....' 

- r li. 

1 > '**< 1 

It-CIlIH- Iflll.*-- 
1 3 liklrisiru-r ... 

j - 1 i-iiiw I- *«■> . 

! '-liner- G-*niifiM • 

I *> srilei- tall •I'l/Il 
| » .. G -. Mhh h . mI - 
.»Pa f . 4 ... . 

I ll'-« MI I- 

j ,\. \n- , 

*• -alvrn L moil.. ' 
'I "»i -ii.'h-r E'n : 


'Vnn-rlutiix'i . ' 

wim : 

IV.„|. Con. In-'.. : 

IHsomsln Ele«.. 


601, I 

27i a [ 
33*, ! 
364 i 

607, ; 
I7i z 1 
Ikit ' 
21*0 . 
41); I 
2B: a 
30 , 


*? i 

bis 1 
14 i£ ■ 

16*8 : 
21', , 

ei 2 : 



14 i 
25lj . 
39G . 
341, . 
401; ' 
44*, ! 
131; • 
23 , 

151; • 

49 U 1 



20 1 j 








485s * 
llks = 

44 1 


33 (a 1 

19 ia 
30! ■ 


36*, . 
25l» 1 

2lr a 

36 ! 4 
19i, • 

405; 1 

2770 • 


20**‘ • 
361; • 

50 y> 



49*3 . 




27r f 

297 ? 

45 1 > 






36: 2 
28*, . 

HI 1 * ; 

27 , 

2570 ; 

WJe . 
t!4'- a . 

201, • 
371* : 






36l 2 













19 <; 


34i e 
22 >; 
3 1; 
37 *a 










93 K 




2 oi* 

20 'i 









37 1 4 
211 * 











4 170 

34 1> 
28 *e 
4f J« 
202 : 


28 !; 


i.01 2 







27 la 






W-»,i worth 



2s pats ..... 

Zenith Kb.Ho 

20*a j 20U 
51* ; 51* 

55V ! 535, 
15-a • X5T 8 
16 16 

l'.;.Traa*4% lfoC 7941* 10414 


C^j. 90 Uarhin- 

t807 B tB07a 
6.25*, 6.35% 


I AbitU-l Pa|-ei 

' Agnwo 


A.gomabieei ' 

Asbesii-f ..._ 

tank --I Mi'-ntrrni 
Bhq It Nov* 5- vita 1 
tasi. Kemipv*.. 
Bi-w Valievind... 

UP Csnada - 


Unnwo..._ • • 

1 CiigHr.' Pnirer.... 

! Cssiflow .Mine~„ 

! Csmuis Cement.. 1 
' Vans-ta MV tan.. 

I Can Imp UnfcC'oir 
! csoa-ia I D-J u;i .... { 

. Can PsciiIl ' 

| Ps ifie Inv.. 

; Can. supei i»i .... 

| unmj n'Ewie.. 

1 /.assAir .lleitm... 

1 ' h-e:ta:n 

j Coniine 

I •.'/■!- uai hurst.... 

: '-••inunirr Gas.... 

■ K. 1 '--cku L'l-w -nuts 
i -.'•’siaiii lii-.-b ...^ 

• IM-.n lier mr 

UeiiH'D Mlne«...i 

. Uoi-i Miues-_ I 

j U'.'iiitf Pein-icum 
Dommiun l/nd;- 

. I *• -ir.tar 

1 Du,«nl 

! Nid-ie. 

ton M-nor Can. , 

I27 6 
101 ; 
19 9} 
211 * 




37T 8 





M9t 3 



















211 ( 


; - el I rim 27l, 

uiarn Yei'wkniie riaif 
tfii.i C*.i Cacis-ia. 26*i 
j rt<*k«si 1. Can. 

- H.. i-user. 

H..T-V.I -A’ 

I . in -son uar Mng 

[ tlu .v.-a bay 

• «lu :-n'i i.i|, Jj 
. l.A.C 

• ■njeiai •->11 

. Nst. l.iv.. 

i ifll'l .VPI/* l.lii- . 

I Witk K-.-s.-urtt* . 

.•uriFlu Ci-rp..., 

■ G/'-e-.i i.-mi.-b'..- 

I ilussev Ferjusm. 

•' -l.iutyri.- 

: J-s.-re t«.r| iu... 

* a M-.l-rr... 

[ .s ■n.-en Lur.-iv...' 
1 -ibu. I«iu.;s!„, 

j VUIIIX^ I.-I- *; Ijh. 

Ua.u1.01 Peir'm 
| I'aciue Coppri It , 

I '—. ilwPei :i».ei-ia 
■ *sli. C<ui. Pei'm. 

■ •■’isn. 

j • 'vanes Gepl-b.. 
j . N-.sf I-«ll i UI ., 

I ■ -. erU« ve.-jj ml 

1 "-Aa L. ifscai'i.' 

,■ ni« Sfturstm »t 

1 i-ll*VI Cli 

’ wxu Mm- • 

| .a- A.«. 1 r. 

, ■■■>' ( — Ab...| Can,. 

| »t Iri.-t ' 

1 - e;4re K V-iir-.'*> . 

I -’■hi; ran:-.- 

1 .— -.aus-u 

f nil G.M’im 

. •■ip»'ii- 

|m— . .1 nnnifn„ 

, n •■■■ 

• ■ >.allK--ji .. 

} 1 •>'U> l*>fi.l «■ 

1 . '*i--Ihi:iT|}t Li 
j ■ -aiA- *t.'<uni Gi ■ 

j : «•«»-- 

I 1 . •iioii lit- • 

<-M. 'i»-.’a: , .liiii- 

•Vi ser Hir*m...,‘ 
•■‘‘ert ciasi Irsr,; 

Ur i 


j * Toromv prices: 
l not a-.jiiahie. r 
1 Traded* s 

19is ' 

lu»f , 
i4w, : 
22! 9 
36 1 9 I 
261; ' 
305, . 

4.00 : 
2.02 : 

361 ’ 1 
32s, ; 
tl5', ! 
3.05 , 
0.94 : 

153, 1 

14 s B 

J -S5 | 
34 ! 


291, : 
291’ I 
101* | 

7 It ; 
28;, ; 

5.75 . 

16 is 
--•3* . 







1121 ’ ; 
8i, , 
33r a | 
1153 , 


4.6 J 
3 l?a 
201 " 

1C l, 

20i 2 
28 1 1 
13i 2 

67 ij 
637 0 


1 1 1 -"a 




14 *8 




k 2 c, 













221 * 













fc6l ? 






9i e 




337 £ 



NEW YORK. May 17. 

Fibre, machine and speculative 
issues led- the recovery 
Matsushita Electric gained Y8 to 
Y737, Nippon Oil YM to Y701, 
Teijin Y4 to Y129, and Matsushita 
Electric Work Y10 to Y650. 

Motors and Constructions how- 
ever. eased, with Toyota Motor 
losing YS to YB48, Honda Motor 
Y5 to Y5S0, and Nippon Cement 
Y4 to Y2S3. Steels were a shade 
lower. , . 

CANADA— Markets advanced 
afrenh and closed on a very 
buoyant note, the Toronto Com- 
posite Index climbing g.4 to 
1,119.9, its highest level since 
April 19. 1974- Metals and 

Minerals moved ahead 23.9 more 
to 962.1. while Golds added 12.5 
at 1207.5. Banks L27 at 257.99. 
and Utilities 121 at 172.08. 

HONG KO NG— Market gained 
further ground in increased 
activity, bat failed to finish at the 
dav’s best- 

Hong Kong Land rose 10 cents 
to FLKS7.90. Hutchison Whampoa 
5 cents to HK54.50, and Swire 
Pacific 15 cents to HKS7.15. al- 
though Hongkong Bank, Jardtne 
Matbeson and Wheeloek were un 

Recently active second-liners 
continued in firm vein, Hong Kong 
Wharf rising 30 cents to HKS19.30. 
China Light 40 cents to HK421.60. 
and Cbeong Kong 15 cents to 

SWITZERLAND— Stocks re- 
acted over a broad from on profit- 
taking in moderate activity, 

Among easier Financials, how- 
ever, Interfood “B" put on 50 to 
SwFr 3.S50 on the results. 

In Industrials, Hoffmann-La- 
Roche lost ground ahead of the 
results, the particination certifi- 
cates rinsing 2,750 down at 
SwFr 79.000. 

shares advanced afresh, closing ai 
the day's highs with gains of up 
to 6 cents, in Jine with the sharply 
higher free market price for the 
commodity. Bishopsgate were 
that much higher at R1.45. 

Golds were very quiet with a 
slightly lower tendency on the 
declining Bullion price. 

NOTES : Oversea* prices shown below 
■/xcluiie 5 omnium. Belgian dividends 
jre after u-irhholdiuK ta*. 

+ DM50 denom. unless otherwise slated; 
yield* based on net dividend# plus rax. 
tf Pias.500 rienom. unless otherwise stated. 

J Kr ion denom anfese otherwise dialed 
i-’rs^OD denom. and Bearer shares 
unless otherwise staled. I Yen SO denom 
inlets otherwise stated, g Price sr nrm- 
of suspension, a Florins, h Schilltnns 
Cents i> Dlvtdend after pending rUhtc 
and'or scrip issue, f Per share, i Franes. 
; Grass, div. %. h Assumed dividend ahnr 
serin aml'or rights issue, k After local 
lues, m % us free, n Franca: uidudina 
'Jriilac dir. vNom. a. Share split. sDiv 
and yield exclude special payment. I Indi- 
•-ated div. u Unofficial trading nMinont* 
i-jiders only, v Merger pending. * Asked 
t Bid. $ Traded, t Seller r Assumed, 
sr Ex riehts. xd Ex dividend. sc Ex 
scriu issue. uEi aD. « Intertm since 



£ nervous 


Conditions in yesterday's 
foreign exchange market proved 
to be mare difficult than as of 
late with sterling reacting 
nervously to market influences. 
Opening slightly firmer at SLSllO- 
1.8120, the pound improved to 
S1R150-1R160 during the morning 
but then fell quite sharply to 
SI .8090-1.8100 around noon. Once 
again selling from Switzerland 
prompted the decline and the 
rate drifted down to S1-8060-L8070. 
The Bank of England may have 
stepped in from time to time, 
giving some assistance, but 
further selling developed with the 
opening or markets in New York 
end the pound fell to S1.80S5- 
I.S043. However, with the dollar 
showing a slightly softer 
tendency, sterling recovered some- 
what to close at S1R130-1R140, a 
gam of 35 points. 

Using Bank of England figures, 
the pound’s trade weighted index 
slipped to 61.5 from 6L6 after a 
showing of an Initial improvement 
in the morning at 6L7. 

After an easier start, the U.S. 
dollar steadied during the after- 
noon to finish at DM2.1295 from 
DM 2.1335 against the West 
German mark, while the Japanese 
yen Improved to Y227JB from 
Y22S2 in dollar terms. On Morgan 
Guaranty figures at noon in New 
York, the dollar’s trade weighted 
average depreciation narrowed 
slighUy to 4.81 per cent from 4JB5 
per cent on Tuesday. Using Bank 
of England figures, the dollar 
index was unchanged at 90.8. The 
Canadian dollar showed a good 
deal of movement between 
90.414 U.S. cents and 90 UR. cents 
before closing at 90J5i from 
90.211 previously. 

Gold improved $3 an ounce to 
5177-1771 on good demand, 
particularly after the opening of 
UjS. markets. 


L L_J I— 

*L ■ 




Ia h 


May 17 

May 16 

Child 'Baltina, 
(ta Hne ounce) 

(•pen In* - 


Aftem'n ^ 

0177.60 . 

A176S* 1771* 
(£97.190) , 

S 170.80 ‘ 

(S96.843I 1 


GoM Com™, 

(Tnimmiflif _ 

3182 <9-104)3 

. jCBlOOJ ■ 101 i>lt£993,- 100*,) 
A- wtiov’en*., *545,-683* ISB45*-S&5* 

££3014-3114) (£3 01,-31 V*). 

OKI Sov^gna. 28454-5654 5545,-563* 


|(£30 14-31)*) 

Gold Coins . 

to^^S^lS18ai a -184*B;8iao 14-102 *4 

felOOf-1013) it£B95*- lOO**) 
New Sov’ekd* ‘8945* -665, ! £643,-363, 

!(£30l4-31>4) :i£30l*-31U) 
Old eorinoulSSOSt^eeS* 643* -5 63* 

l£30U-31>4l it£30l4-91*4) 
WO Ifaglw— 1 8276-279 *276-279 . 





Unit oi 


May IT 

- Mai- 17 



Dd dollar--... 
Auitria iwfa — 
Belgian fmne 
Daatab krone 
Dutch Railder 
French banc. 

I Cal tan lira™ 
Japanese yen. 
Norway krone 
6 pain paurta.. 
>wedlafa krone 





























ll* v 17 Ihnnikiurt iNvw Yurt Pin 

%-» Y<vk 

Flirt- | 

Bruirfl ■?.»., 
Lonilrm.. . 

. .13*4-6* 
*7.07-10 , 

19-34-37. *4.680^323 



An>stiiHiifi.jl06.96-7j-O 22757-82 

21.46 47 

42.4'i 8-618 














M.4RC* i 




. 50.4046 
lo. 70-76 

t Rates Kiven for convertible franc*. 
Financial franc BJ&6.55. 


I Notes Rues _ 
tass-l NO. rVrventlnaJiaJO-TiSOfl 
An»b»)ta Jl.80W-LB?P«AuuBtn*i_ 27 Mi 
Brazil... — 50.77-51 J7 HriRluni _ 6U-B1 

Finiaod I Brazil 35-58 

OteeM n ~J67^S7-6UWCanada_... 2J 1-2.03 
BongJhl^niMiM(MB-«.4326|Ueiin»rk.J 1BJ&--56 

Inn 124-158 fonzK-e B.40-6J5 

Kuwait. 0. BOO -Oil 10 (Germany.. 3 .80-3 .66 

T««mihW BO-SB-SLaB tareece.— .. 88-72 
Uttayria... 4u«48-4 JBBftJtaly ^1668- IbM 

tl.8. 3 in Totuntn U.S. =UL16-18 Oana dta n cent- 
Camdian 8 in New York =89*92-94 cent*. V jS. 8 in Mi l an 872.703.00. 
Sterling in llii/w^lBTS ^6-1679.10. 


4.06-4 JO 


2fl.14-B0.17 (Yiumtavto) 54*-5B* 


‘ ‘ 6JSMJ0 pJetbeH'na 

.2*90 A.W51FN omn y .. J 

C Ji 




_ Rates Riven for Argentina is a free rate. 

May 17 

s ten ina 



u .!*. Dollar 





ff. Oannu 


1 dbort term... 
7 ilay» ootue 


Three niontbi. 
■Slx DMMIlllT.... 
One Ytar 

121,-13 is 
10 1 q- 105s 
101* 105 b 
111* 121a 

61* -71a 


oi* -a Be 




7&fl-77 8 






406-4 Se 




IA- 1* 




i One month 

Euro-French deposit rates: two-dsx M-Sl par cent; nvoiwlay SMI per cent; 
onc-momb 81-8 per cent: three- month M-H per ce nt ; Hr*nomi> XSMH per cane 
one-year iot-101 per cent 

Long-term Eurodallar deposits, two years 87 h-89k Per cent; three years 
81-61 per cent: /our yean 8 Uh»-SBk per cent; five years 85-81 per CAM. 

The [oUmring nominal rates were quoted for London dollar certificates of deposit: 
one-month 7.50-7.60 per cent: three-month T.flW.ra per con; 1 slx-mond) 7.284.08 
per cent: one-year 8-20-3J0 per cenL 

Short-term rates are call for sterling, U-S. doDgn and Canadian .dollan; two 
days' notice for guilders and Swiss bancs. 

New i r art 'Q.55 G.45 r.jnn 
MaaBeei -G.40-0.38 
Aanfitam'Sie-Hs c. pm 

Braraeln ;2&-l& n. pm 

Gop'nhgn.iXta-dts ora dla 
Frankfurt Hi* -13, pf pm 
U*hon„„35-173 cJls 

Madrid. '20-100 c-dia 

IHtan )d-7 rfredta 

(Mo, 1 1-3 ore dit 

Mrh—r-jUi-l, pm 
tk’ddioiin 1 1 iorepm-ioredis 
Vienna. aro pm 

Zurich. .„.'3*e-25a e pm .. 

Three month* 

I.4S-X.C3 •■-pm 
1.20-1 J)S c-pin 
6I4.014 1'. pm 


6 8 ora 
73*- 63* pt pm 
120-420 1 4) U 
1</-17-J c. dli 
.12-16 lira dla 
WI4-6I4 oro diaj 
latj-Us c. pm 
3i2-l>8 ore pm 
83-23 gro pm 
914-01* c. pm 

Six -month jbrward dollar 232-SJtic pa. 
32-montit 5.85035c pm. 

Mai II 



AfcU -4 

Ai uvu \w-ieb— J 


UAa'F I 

Layer. — J 

G**ei. Hypo — ._-[ 


464 +1 

223.5 - '.5 
134 +2.4 

276 +2 

ll*>'er.\ erwa-hh.i287.8Blj+3.8 

180 1 + 2 
214J0 +2.1 
74 j+1.5 
243 id: + 0.5 
140 -1 
2c4.5 +2.5 


U«m Gu raini.._...j 

Dniuili-r Ueoz. \ 

Uecusm • 


Lieutsulie fctata....' 

DreMlner Uank—.j 

DwkerhuR ZeiuLi L45.0 
Gut+bolTnung M ...! 189.5' +0.3 

Hnpau Lioy>l J 


H-.+ctat ; 

H'W^h t 

H./rten ' 

Ka/i unit Mix. : 

Kama.1l ' 

Kant hot 1 

K loci, ner Dll LCu.. 


Krupp • 


114 I 

270 1+8 
134.3 + 1.5 



130.6 +1.8 
295 >+l.S 
2u0 ■ 1+1.5 , 

173 1 

95 ; ! 

228al +0.5 

\ -I. 













ia I 3.4 

Lnwenhrau KM... 1.470*)' ( 

Ud ifiHh Uj , 

MAN | 

Hanot- maim..... . 

lletai Lie-- : 

Pr«b*i{ Dll i-.v. 

VlllTWlI ...» 

Piemen- — • 

mm Zueker. 

TOy-xen A.G 

Varta. . 


Vi>rvin>A O'c-t Uk 
I'nib-n-a^ea^ ' 


149 1 + 2.9 
195 1-3 

530 , 1 

116.8’- 0.8 i - 
108.7 -0.3 — 

182.5 + 1.8 1 25 
ZaO.o +0.5 , za 

272.6 +2.0 
242 -1 

165 -2 
103.3— U.2 
196.2 f 1 

I 3.5 
I 8.5 

; 2.6 




I 16 | 3.U 
| 17 . 3.5 
, 11 I 4.7 

: 14 1 4.2 

; 12 1 5.7 
i 18 ; 3.2 
I 25 | b.4 


Hay 17 



or/ Div.iYid. 

. I * 

Aiinl .1 ( Fl . aO ) Iu 6 . 2 *d J aUl I 3.4 

*;«.5 --u.a i — 

348 \24.6( 6.7 

05 —1 |A*44M2.9 
76-2*1 —0.7 , C3.3i i.9 
9-i.S ,1.*! *3 1 3.0 
120 — j.5lBJ;b.7 

70.3 +0.5 I B6 ?.■* 
«)67aJ -2 } 27.5 2.1 
14t.3 —1.9 37.5; 3.5 

«« 94.Bj 3.4 

32.0*1 4-1.3. 23 1 6.7 
102.5 -2 i 14 ; 3.4 
32.8 —0.2 | - I - 

1 12' 1 4.5 

161 .*3.5 1 —! — 

Akzci (Kigali 
A-ut-n, Hnk (Fll!>j 
AMEV (FulO) 

liiinitmnk <F-.L'ji' 

Uij«rnlS"*1 ' 

Burhnn Teuena lei 
El’C-vier V cFi-ZCi.- 
KnnuiN.V Jknn-r, 

EimA'cunTst Fl.lU' 

I.Hl Urura.!e«F10; 

Ucinckeu(FI . 

H i .-*eriren> 1F1.LO1 
■iiniLer D.lF'.lcO- 
K.L..M. /F1.1C0)... 
iou Huiler(UO).. 

Anahlen 1F1JO;.. 

Nat ..Ned ln.-.iL'11'J. 

At- ll. r+l BklFlJ^ 


UeviFl. 2l)i • 

I nii 

Ktatn-eii 1F1. bUi." 
t'hliips iF). 101..... 24.5a — .5 
KjnsehVeriFi.l'JO' B3.6 —1.2 ; 
K-itero iFi SCL... 

K-.'incn 1F1. tfli.... 

K-reniutFI. K)... 

■MavedLmrg i 

-leTiD Grj»iFi^.ii' 

I.+juTta. llids.!il£6.a id —3 

18 ! 7.7 
33.8a + ..3 ; ta.o, 3.8 
48 I 4.3 
21 ( /-& 
22 | 3.8 
36 . 4.9 
18 I 6.4 

17 I d.9 


63. Su) — 0.3 
189- r-1 : 

l-*7.4 ^0.4 , 
i2*.a ’U 8 ' 
41 ’■0.3, 





Max 17 




Atwltl Ulni-r 





i'nnon_ v „ M .. 

















+ 3 



riitiu-hi ...... 


+ 1 







-i'.'UMT ft*! ....... 





v. It.-h 


— 1 








1+ s* 


— b 


















1 -yi-to-Lemimi: ...<3,521) 




•lxlau-liiu I- ... 








•lii-uliiMii He.vv 


+ 2 



■tU iibiiibi ■. ..n .j 





lil-iii A Lo....... 







+ 7 



>ui,.-n UeiiNO <1.330 

+ 20 



/ 'i/urm niimpan.- 




'•■■an Mntur 





Fi.m-u 1.740 



•’iiyn K-wint....! 




■’+ki-ul Preiah.... 





•iii-eido — .• 

i.07 0 

+ 10 





+ 10 



Hi imi Marine.....! 



2 A 

i-ike-U Uliemica'.' 





••/(, 2.010 


+ bO 



| - worn _....< 





i ■■•kin Mai-i lie. 





1 '••.■iiBieci Fiiw’r- 1.060 

+ 10 



-•’«Vo~hi roinrB...i 





■•■rax ! 


+ 1 



.'ia M-Ai-r .... 





Sou ire Nifckn Securities. Tokyo 




* — 

)U- 17 ! 


• #l 


1 .1 





Artitri 1 




Bm, Ln ml i... 1 





U+kert -B” .! 




■. Lenient.—' 










fctit- 'K.26JHI — 36 



| Kahrifj-ic .Nat itii+30 

+ 30 1 



i'l.o. Inn—Bin-. .. a.UbvJ 


| ijvvjteru ' 




HxAiuaeu ,2.40xJ 

+ 1W 





KixMictlanJi 6.74J 

+ 20 | 


ta Uo.vBi* Be>ae-J5.a30 




Fan Ku > 1103 ...... 2.460 



Ptatviiiw .4.270 




*oc Deu Uani|ue.. 2,a93 




?o-.' G^n Ue<eiquel.9BO 








’•* *ar 3jM5 

+ 15 L 



iractxm E>eo '2.750 




LL’U ; 



I n Mm. (t.-lU)..J 





y leme Monio^De.1 1.640 



Bley IT 

I'ulleeer (FL ZClJ 11S.3 - 1.2 -42.B 

Vitin/.Kei>.i*tSl>: 43 ! 40 

lVn>Uan’,nk| 39l.8*d ’6.3 35 

iDc.l --0.1 *25fa! 7.6 

1x7 ' _ _ 

lo2 - .1 ; 14 3.3 

12tf.6 ’O-l : j3.7,! 8.3 
2+7*1 — O.S ' 19 I /.8 

1^0 J 27 ff 4.* 

do I o.7 

Montreal prim— 

Bid : Asked 
New stock. 


Ala; 17 

I 'rue 1 4- . 
Kr<ii« . — 

lu icl-tanaen .... 135.36 

B.irm'-ei B " 1 425 _2 

Uau-*+ taub 1+1 —...25 

ha-l A>lati Ci«. ..150l*ir + l, ( 

K.nan hanken, 

. or. Ununrar...' 

/■'..r. IM|«* 



Anri Kaiie' 

l/iirtalirik — 



’../ill. BorcnH'4+i. 

T-i-erto- _ 

Mv I; - I 
3+J —1* 

/4*, _l, 
123.311 . 
+e4( s , n 2 

£43 U 

79-, -1 ...... 

13 3.2b ;; 

387 '-*-4 

1H 1 

11 8.1 
15 ‘ 3.5 
la J 9.9 
12 ! /.= 
13 '10-0 


Max 17 , 




UIvjYi .. 

6 ! i 

Vumi mum 

1.220 a) 




Btiu-A 11.670 







Ux Port. Lert.. 




Do. Kris 




L ID-Ill Slll-’C 





B-DClIiJWAll — 





)l ci'd ilieurcri. 





li-'diiuiii PiCen-. 


— Iran: j&u 


Un. (a'muii).. K i7,950 1 — 2 

Iriteriiui U ^.;3,850 +50 

Jrlmdl (Fr. IiX?/ .|1,415jSi — 36 
AertieiFr. liXh ...‘3.415 1—55 

Do. Uet j 2.246 k-5 

Ci«rnl-oulJ.CFj30/;2.340 U20 
Hiie.ii 3l H iF.lU'j 268 '—9 
■*nihi'it >Fi. mi..;'3.8 75H 1 — 25 
D-. Faria C'-erl*( 480*1 —1 

> bill iierUi. nuu. 293 i 

-»i.*er Gii- iF.luOli 360 id 

?irl»Mli -Fr. KCil 0 ISM —5 
■iwwv a-nkiF.lLi^ 388rt —2 

12 ! a.r ’SWIM ill*. F.*rOi.j4.&5D ‘l+aO 

12 | 8.9 
12 . 4.1 
12 , 5.0 

- - 
11 i 3.! 
11 I 5.1 
1* I 3.3 


JUaV 1? 

r v • 

' -*i>- 




Pcriihuow .... 





} 10 



’ei«ttn.->— • 

. < 33 


’tcyr Ikiinuer,... 
Veit MigBTHl*-* 




.-1 1 14 



■ ''ii rich In*.! 

I 1 

75i 56 

1 * 15 . 7 , 







16 3 








ACMU. (26 cent) 

Acrow Anrtralta ■ .. . 

Allied Hog. Xrdg. Inda f It 
Ampol Baptormlkm™ 
Ampo! PetroNiam M .. M ..^ 
Aaaac. Mtaetala, ... F .... 

Asaoc. Pulp {taper 1 1 

Aaaoo. Con. lodnettta* 
Aiwt. Fboadafion Invest-. 

AudiXQOO.™.^— ~ 

Blue Metal lad. 
Boogainville Oopptr J — •e-r--. 
Broken Hill Ftoprleury 


Carlton Ootaed Brewwy ... 
C, J. Coles — 

CBS (31). 

Cons. &jftlflekto lot-... 

Container (5l) 

Gonrian Bfarinto 

(.fcMUln Australia — | 

Dunlop Bobber (Si) — 



HZ. lodusirUfj 

Oen. Property Trpat 


1G1 Amtraiim .......... 


Jednlngs todnlttitf • 

Letraard OIL 

Ami. 5 





















fUM tffjW 
41.07 . 




Metals Brploration — 

SUM HnUllng * 

Myer Umporhnn 

Mews... ..... 

Mtcbotaa tut+fw f ri ***" 1 
Rortb Broken JTdlnga (bOd 
Oakfarldge. ’ 

CD Search, 


Ueckltt A Pni+m | 












May 17 

duoo-u UtasL.. 

usiKoltaiu- , 

delgo Minelm uM 
Lasts Amo.. OfJ 
Petrobes PP_ 


















♦ 0.01 

Prk+ "Xor 
Cruz — 



Aoents I L02 +0JKi«.12 

2.30 +0Jir,i).17 

1-20 0.16 

1.97 +0JRliLl2 
5.13 +0JJ8C.2G 
2.91 -0.060.10 
1.75 +0DM.16 
draw. Cm, OF.-J 2*6 +QM?<J.23 

(J/Up PH— _J 7£o -TjlUiO 

Yam Bta «*. 1.51 +Q.B1| 0.13 

Vot Cr jos jm. Shares 4FJm. 
Source: Bio de Janeiro SB. 














+ or 



. May 16 





■ 9 










KrediiJat^iin ; 





Nowlt Hydrokr.hU 







+ 1.25 












+ 0.01 



+ 0-0 




May 17 

Broygue- _ 

. G«rrU 


Pr. „ J 



Jacqtut tioret— 


Mataoqa PbeoU.- 
UlcbBlln “H".— 
Meet HeRMaey, 


Part baa 


P eugew -i^iroenJ 

Ra d io Techolquo'J 


Warns PouCaoo _i 
SWia Uoadgnoi 

r*i«moc*nlqw! — • 
Cn-'IBsnn taaudl. 
U alnpp 



730 +-2 . 






1.600 aU M 





182-2 Jd^ 
82 j 

+ 2.1 

+ 6 
+ 24 

+ 24 
+ 3.0 
+ TO.6 
+ 0.6 
+ lO 
+2 . 
+ L5 




12 ■ 



















+ 2 ■ 
+ 6 

+ 7 
+ 12 
+ 1.5 
— U.3 
+ 13 
+ 1 

24.3!— OJ 



6- 71 







1.31 I 

■ 7.5)| 






















4 A 








. 4^ 



l , '*-l |a KI 

r'ui. a ..m.- 

IU IV>v 



tlH Kll-I 



u-ivian IMr „| 

I'inMi t IV*. 

Pirelli ?-pi 

soinVlwraa. M . M J 

102.0— 0.5 

445.5 +4.5 
1,978 1+1 

I. 702 I 

70 . O 1 - 2 . 7 B ! 

II. 000 + 30 

154.0- 0.5 

143.5' + 2.0 

1.000 I 

2.107 1—26 

970.5 -7.5 
657 1 + 9 








3 6 




May 17 

AUA Ab(Bx.D0L~J 
AitaUval U(Kroq 

Alta* Co 
till ten) l 


M«i'ulo^_^,_ Li 

Bteet'iua'8' (End 
nrtcaaun 'XTUCrfiD) 
Kn-eibr “8**.. 
F-m+rata „„ 



UoOob DoButoJ 
Sandrik AJU4-Z3 
Stand EqiUN^J 
TkadrtOr '8 1 Krfq 
Vbhaa 0&. 60}, 


May 17 

Anglo American Corpn. 
Charter Cdosolidaied - 

East Drlefomeln 

Elsftnrs ;. 


Kinross — ..... 


Sttstenbtrg PlaHnnm 

St. Selena l 

South Vaal 

Gold Fteida 9 A 

anVHi Corporation. 

De Beecs Deferred 


East Band Ply. 

Free' State Gadoid 

President Brand — 

Presides Stem .... 



Wen DrWoolein 

Western HnMInas — .. 
Western Deep 

Angk+Amer. hKhmriaj L’* 

Barlow Rand 

CNA Inwwttaeats.^ 

Carrie Finance 

De Beers Industrial 
Edgars ConsoUdoied Inv 

Edgars Steves ... 

Ever Ready SA 

Federale VoDabeiegeings 

Greatennsna Stores 

Gnanllan Asennnce (SA) 


McCarthy Rodway — 1 

MerfBanfc 1 ..... 

OK Bazaars 

Premier Milling 

Pretoria Cement 

Protea Holdings 

Rand Mines Properties — 

Rembnmdi Group 

Hetco — 

Sage Holdings — - 


C. G. Smith Sugar 

SA Breweries 

Tiger Oats and Nat MlUg. 

Onisac - 

Securities Baud tU 3 .$fl. 73 . 
(Discount of 36 ^% > 





3. IS 


: 5.23 



• a.M 








- 4.(5 

5 JO 


5- BO 

75 00 






















— 0.3S 













2.40 id +0.03 

6.50 . 














3M ■ 




1 10 



May 17 

Banco Bilbao 

Banco AttantlnO <il.00*> 

Buy? Central — ■ 

Banco Eaterior 1 : 

Banco General - — 

Banco Granada (LOW 

fu-im HlSBOnO — — 

Banco lad. Cat <LM0) 
B. lod. UedUBTfaneo .- 

Banco Popular 

Banco Santander (338) 
Banco UraitUo ftM0> . 

Banco Vtscura 

Banwi zangtnano — 


Bonus Andaladx 

Bmbcocfc Wllon — — 

C1C — »+_+ 

Dragados ... 

Innrabantf — ..s-— 
S- L Aragonesas 

Hpaaoita Hoc — — 

Q!*pi- Rio Tin to 

Fees* (1.0001 — - 

Fenosa tlMOi 

GnL Prodados- 

Cnp* Vetamntos (400) 


XbNdvem — 

O Jarre — - ■- — ' 

popelcraa Bentddas ... 


Potreleos — u— 

Sariio 'PapaOsra. — — 
Solace - — _ 

TolefotUca ' .+.H- 
Torres Hoeteocfa 
UfapcOX — 
Ooicn Elec* — 

3 i 

May 17 




Market Bate* j 

Day's [ 3 

Spread } ' Clow 1 

New York — 


l.oOfiB UilBO. 10130-10140 •’ 



LOUn-AOIZO, 20 106 - 2 . 011 6 



4 . 11 - 4.15 L Al 3 i 4 -I 4 l i 


38 . 86 - 60.60 1 60 - 26 - 60.55 



* 107 - 10.43 110.4 li- 18-422 



3 .O 43 - 30 S 1 30020071 


S 20 O 5 A 0 O | bS.Q 5 HkS 5 . ; 


■ 6 

M 70 J- l 4 c.WH 7 .SS- M 6.05 

Milan . ... 


L 37 + 10 M { 1 ,UZ- 1 , 6 c 3 



907005 J 8 -HI-S 02 



S.* 6 i-K 02 • B 0 OLL 611 i 



6 . 44 * 6.49 I B - 47 80.404 



410-410 t 413-415 ; 


61 , 

27 - 75*2709 2700-2700 



509-302 , 5 . 601 * 3011 * j 

, +, 



f t 




Chief executive 
post at Fairey 


Financial Times Thursday May -18 1978 f?. 

■ ■ ; — ; p 


Mr. Kenneth Bacon has been within the United Gas Industries 
appointed group chief executive croup, with Mr. Roger North as 
and a director of FAIREY EN'GI- managing director. Other Board 
NEERING HOLDINGS, which was appointments are Mr. Charles 

• acquired by the National Enter- Pascoe, sales; Mr. Tom Cliff, 
prise Board in January this year, technical: Mr. Gerry Mills, 
He will take up his appointments engineering; and Mr. Doug 

• on August 1. Mr. Bacon is at Craggs, production, 

present managing director of * 

Southern Instrument Holdings, a „ and Mr. Trevor 

subsidiary of the Plantation Stephens have joined the Board 
Holdings Group. Prior to joining SCOT BOWYEats. Mr. Stephens 
Southern Instrument Holdings in has been made managing director 
1976 where he was responsible for “ Scot Meat Products in place of 
the operation of 10 subsidiaries, Langdale, now managing 

Mr. Bacon was managing director director or Bowyers in succession 
for four years of Magnetic Com- Hmdle, who has left 

ponents of Penryn. Before that tne SrouP- 
he was a production director and .. „ _ 

a management consultant. ^Lg*!®* 1 ^** aT1 i? Mr ' G ' 

* r e rgu so a -Lacey have been ap- 

Atns-nrv- . . , pointed additional directors of 

three principal operating com- INVESTMENT TRUST 
panies of BL Cars, established * 

earlier in th e year, has completed Lieutenant - General Sir Peter 
the formation of its Board which Hudson has been appointed the 
now consists of the following f irst inspector General of the 
members: Sir. Raymond (tarrocks, TERRITORIAL AND ARMY 
managing director; Mr. Raymond VOLUNTEER RESERVE. He will 
Bates, product engineering and continue to hold bis present post 
executive director: Mr. Harold 0 s Deputy Commander-in-Chief at 
Musgrove, manufacturing and HQ United Kingdom Land Forces 
executive director: Mr. Lester near Salisbury. 

Burford, purchasing; Mr. Tony * 

Gilroy, operations. Longbridge: Mr. C. J. Sole, at present chief 
Mr. Stephen Harrison, com- internal auditor. PQkington 
m unications and public affairs; Brothers, has been appointed 
Mr. Ronald Harvey, quality; Mr. chief accountant and company sec- 
B. EL R. Lawrence, European and re Cary of FIBREGLASS from July 
overseas operations, sales and 1. He will succeed Mr. J. F. 
marketing; Mr. Gordon Mac- Carrie. who was recently 
farqnhar, salaried personnel: Mr. appointed general manager, Fibre- 
- Robert Neville, finance; Mr. Mark glass insulation division. 

Snowdon, business and product * 

planning and Mr. Trevor Taylor, Mr. Ron Mendez has been ap- 
UK operations, sales and market- pointed marketing director of the 
ing. Non-executive members of BUSH-BRTBOND SIGN GROUP 
the Board are Mr. Colin Daniel, and 3Ir. Sam Weller, sales direc- 
. director, finance and systems, BL tor. 

Cars and Mr. William McLean, . * 

director, employee relations, BL Mr. Paul Asbfield beeri aj£ 
Cars. Chairman of the Board will pointed worta director at STREET 
be the executive vice-chairman. CRANE COMPANY. 

appointed.’ 8 *° '* BROWN BROTOERS AND CO. 

1 * member of the Vickers Offshore 

Mr. Robert S. MacAlister has Engineering Group, has made 
1 been elected chairman and presi- changes in its Board. Mr. Derek 
■ deni of CANADIAN OCCIDENTAL p - aToir has become chairman and 
PETROLEUM. Mr. J. Douglas continues as managing director 
Rateliffe has become chairman of following the appointment of Dr. 
OCCIDENTAL INTERNATIONAL J- Rorke as managing director of 
OIL INC., in London, England, the parent group. Mr. Muir also 
where he will be responsible for becomes chairman of John Hastie 
oil and gas operations in the of Greenock, a member company. 
Eastern hemisphere. Mr. Rat- Mr. Arthur Pottinger is now 
cliffe was previously president of works director of Brown Brothers 
Canadian Occidental Petroleum, and Mr. W. Reid works manager. 
Mr. John E. Grading is now presi- Mr. J. R. Beaton joins Dr. Rorke 
deni of Occidental International on the parent Board as director 
Oil Inc. . of production services and indus- 

* trial relations. Mr. W. Ovens, 

TEDDINGTON APPLIANCE managing director or John Hastie 
CONTROLS (formerly the appli- of Greenock, moves on to the 
ancc division of Teddington Auto- Board of Brown Brothers as a 
controls) is now in full operation nan-executive director. 

for Glowing 

If you are a shareholder in an established and 
growing company and you, or your 
require between £50.000 and £1,000,000 for any 
purpose; ring David Wills, Charterhouse Development 
. Investingin medium size companies as 
minority shareholders has been our exclusive 
business tor over fort}- years. We are prepared to 
invest in both quoted and unquoted'eompanies 
currently making over £50,000 per annum 
pre tax profits. 


Charterhouse Development 1 Paternoster Row, St PauN. 
London EC4M 7DH. Telephone 01-248 3999. 



situated in South West France producing dehydrated 
concentrates and various types of jams. For further 
details apply Box G.1950, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


is considering the disposal of its 


currently selling framed and un- 
earned prints to leading high 
street retail groups through a 
national sales force. Consistently 
good export market. 

For further detsffi write Box C.19S3. 
Financial Times. fO. Cannon Street. 

EC4P 4BY. 

An 19-year-old Steal Stockholding 
Company located in die Wei: Mid- 
land*. The profits have shown con- 
listens growth without losses to rea:h 
the current level of in excess of 
' £150,000. 

The Managing Director and principal 
shareholder it prepared to remain 
with company if required. 

Write Box G.1889. Financial Times. 
10, Cannon Street. EC4P *BY. 



ECONOMIC ACTIVITY — Indices of industrial production, manu- 
facturing output engineering orders, retail sales volume (1970= 
100); retail sales value (1.971=100); registered unemployment 
(excluding school leavers) and unfilled vacancies (000s). AH 
seasonally adjusted. 

Specialist reproduction business with 
t/o approx. £750,000 p.a. Greater 
potential. High productivity equip- 
ment and low staffing ratio. Inter- 
national reputation. For tale around 
£300,000. Principal! only apply in 
strict confidence to: 

Box G.1913. Financial Times. 

10, Cannon Street. E C4P 4BY. 

Old established wholesale 
company supplying machines 
and tools to the engineering 
and building trades. Based 
Central London. Turnover 
£800.000 p.a. approx. Principals 
only. Write Box G.1951. 
Financial Times. 10, Cannon 
Street. EC4P 4BY. 


5.993 sq- ft. of Arches, dose to 
London Bridga Station, lolly ("censed 
with music and dance licence. Tourist 

attraction by night, wine bar and 
restaurant (selling 150 > by day. 
Fully air conditioned. Coach parking 
at night. 

For details call Mr. King, 01-237 S57S 


Manufacturer wishes to dispose of its 
radio control equipment interests as 
a going concern. Price of £10.000 
covers completed sets, components, 
trade marks, esc. 

Mr. N. F. Brazelt, 


London Road. Buckingham. 
(Buckingham 3031.) 


“Company Doctors Ltd.” 
No assets. No liabilities. 
Telephone 01-734 2622 

TO £200,000 
For full details write in 
confidence to: — 




OUTPUT— By market sector: consumer goods, investment goods, 
intermediate goods (materials and fuels): engineering output, 
metal manufacture, textiles, leather and clothing (1970=100); 


EXTERNAL TRADE— Indices of export and import volume 
(1075=100); visible balance; current balance; oil balance; terms 
of trade (1975 = 100): exchange reserves. 

Public Company 
wishes to acquire 
Business with potential 
Up to £1,000,000 -f- 

Existing Management Retained 

All replies treated In strict confidence. 
Please apply to Box G1933, Financial Times, 
10, Cannon Street, EC4P 4BY. 

FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
rate): domestic credii expansion building societies' net 

inflow: HP. new credit: all seasonally adjusted. Minimum 


Public Company with' £1M. to invest wishes to 
acquire for CASH either 100% or part shareholding 
in company or companies engaged in importing/ 

exporting/wholesa ling/retailing. 

All replies will be treated in the strictest confidence. 
Write Box G.1908, Financial Times, 

10, Cannon Street EC4P 4BY. 

materials and fuels, wholesale prices of manufactured products 
(1970=100); retail prices and food prices (1974=100); FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971=100). 

2nd qtr. 
3rd qtr. 
4th qtr. 

1st qtr. 









Foods* comdVy. 



25 92 








































•>71 1 










337 2 




without complications has £500,000 available to acquire 
profitable company for cash and shares, where manage- 
ment remains. Control is relinquishable if minority 
shareholders ore suitably safeguarded. Reply in strictest 
confidence, in the first instance, to our Accountant 

"Write Box G.1949, Financial Times. 

10, Cannon Street EC4P 4BY, 

Applications are invited 

from a well-established specialised company. 

interested in running and maintaining an existing 
brand-new plant in Jeddah, Saudi Arabia. A joint 
venture is envisaged that will manufacture steel 
structures and loading compartments for dump 

Interested parties should submit proposals to 
giving full details of themselves 

As a Happy Eaur you can 
enjoy the Benefits of one of the 
Most Promising Franchise 


.in ( 

Happy Eater? Who arethay? 

A successful group of family restaurants m the South, 
now embarking on a carefully planned expansion programme 
through the franchising system, 


with strong links in Africa. Middle East and South 
America would welcome contact with manufacturers 
seeking responsible representation. 

Write Box G.1S62, Financial Times, 10, Cannon 
Street, EC4P 4BY. 

What's so special about Happy Eater restaurants? 

Happy Eater caters for the whole family from morning till 
night. Wide selection of food. Licensed. Special attention to 
youngsters. Cheerful surroundings. Good value. 

Why is a Happy Eater franchise such a good opportunity? 

You can be your own boss, but have the security of a 
proven formula and professional help every step of the way to 
eliminate as much risk as possible. Families are eating out 
more often and you can become part of one of the fastest- 
growing businesses in the U.K. 


II von would like us to aa tne Mine far vau. phone or write: 

Snan Nutt Or Michael Morns. BBS DESIGN PRINT. 
194 Campden Hill Road. London. W.8. 01-229 6632. 


Small electrical can rating bu sines* required for pure hi so or pin purchase 
by mechanical scrv.ces contractor with substantial overseas interest. The 
intention w-l| be to develop the business to the overseas market to meet 
increasing needs for mold-service facilities. This is an ideal opportunity 
lor a small energetic and am tn nous company oa find growth and profit in 
today's difficult constructor! market. 

Add lr to: 

The Confidential Reply Service, Austin Knight Limited, 

20 Soho Square. London WlA IDS. quoting reference BSG 6778. 


Requi'ed u-jen:iy by Amer\cais Lottery Management Company for three 
months retail mjlupies assignments. Superior, fait growing produtt with full 
systems back-up. 5:ope for longer term involvement. Commission earnings 
potential exceeds £2.000 per month, plus expenses. 

Write in confidence to.' 

Managing Director, 74 Arlington House, Arlington St, London SWT. 


Italian pharmaceutical factory with chirty years experience and 
authorised by the Ministry of Health to produce all kinds of 
medical specialities, equipped according to the “ good practices 
in the manufacturing and quality controls of drugs " is interested 
both in production under licence of modem formulations "of 
pharmaceutical specialities supporting same with publicity and in 
distribution. Please write to: Box F.IQI8. Financial Times. 10, 
Cannon Street. EC4P 4BY. 


To Solicitors, Trustees, etc. 

1st Mortgage (s) required up to £500,000, redeemable 
5-15 years, on newly erected blocks of two-storey flats 
all fully let. Market value £1,500.000. Write Box 
G. 19*27, Financial Times, 10, Cannon Street, EC4P 
4BY. . - 


Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre- 
rriai services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com- 

Full confidence and discretion 

3 rue Pierre-Falio, 120M Geneva 
Tel: 34 05 40. . Telex: 23342 



Successful London -based computer con- 
sultancy wishes oo expand by taking 
controlling interests in *mall com- 
puter service companies. Other busi- 
ness areu alio considered. An ongoing 
order book is required preferably 
within defined market areas which 
could be expanded with marketing and 
financial assistance. Benefits would 
be retained autonomy with sound 
backing and opportunities abroad. 
Details In confidence to Sox G .>942, 
Financial Times. IP. Cannon Street. 

EC4P 4BY. 


Residential property dealing 
company with available tax lasses 
required urgently. Write Box 
G.I955, Financial Times, 10, 
Cannon Street, EC4P fiBY. 




95%, paid by return 
on approved accounts 
Phone Bolton (0204) 693321 
Telex 63415 

Silverbum Finance (U.K.) Ltd. 

Systems International SJk. 

Thii Company offers you the com- 
plete facility of doing immediate 
busmen in Spam without the usual 
problems. Spanish speaking English 
Directors will act on a coniul&ricy 
or other basis to help you through 
the maze of Spanish business and 
trade. Contact our representative for 
fall details. 


37 Upper Brook Street, London. W.l. 



Businessman wishes to purchase con- 
trolling interest in business which 
allows fo- working participation and 
London base. Up to £100,000 avail- 

Write Bo* G.J95Z, Financial Times. 
10, Cannon Street. ILC4P 4BY. 

Small but nationally known specialist 
firm. 7 staff, turnover £U 0.000 profit 
after tax £20.000 seeks majority or 
large minority investor with or without 
personal involvement. 

Write Bo* G. 5946. Financial Times . 

10. Con non Street. EC4P 4BY. 


Come ana visit our stand at the 
1 £, 8u i: n E Si ETtilOitlon. Roval 
Horticultural Hall. London S w i 
Stand No. 1503 open today. 

21st (o 24th May " 

The comprehensive service ror the 
small businessman. Finance. Mari-etlna 
AdminKfrafUin Fvnnri b« 

Adminrerratusn. Export 

Iniermercarttil'? House, 
na. New Cavenoish St. 
London, W.l. Ot-sso 658Z 
Free brochure on JDohcation' 


Factory reconditioned and guaranteed 
by IBM. Buy save up to 40 p.c. 
Lcase 3 year* from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-641 2365 



Write Bok G.1928. Financial 
Times, 10, Cannon' Street, 



copvwritingjransiationand j 
Typesetting for Advertisements.! 
Point of sale. Brochures, 
contact: David Mealing 
Pan-Arab Publications Limited | 

l D 1-439 33 B 3 J 

The most precise forecasting tyitem 
available anywhere. Namos of suebi 
buy — and/or sell instructions, dates' 
of buil-taps and bear-bottoms 10-14 
months in advance. Subscription nr 


CP 54, 1000 Lausanne 4, CH. 

What will the HapRy Eater organisation do for me? 

We provide full training, help with premises, complete 
equipment, group purchase benefits, assistance with 
administration and constant marketing support. 

It you manufacture ■> orosuct or market a service, we un help vau. From 
a s. tuple leaflet :o i U page Mil colour catalogue; from 1.000 to 2 million copies. 

We've though; up lets or alternative ideas far publicising goods or services, 
but in the long run notning can boat a orinten brochure . . . lor impact. oersuasne sc'i-'TJ power and. el course, economy. 

lOQ 003 32 a age A* eatotaiues m lull colour tar leu than tBo each’ 

500.000 24 page AS catalogues with ISO transparencies In lull colour 

shrougSout lor os » ~.5n each 

2.000 *ui; cefeur posters lor under £800’ 

■ Yes. we are consmua'lv achieving budgets such as these while maintaining 
a very high standard oi ciulit* to tne point where many pi our clients already 
enjoy a substantial increase >r. turnover, our results prove this. 

Remember, we oroducc the whole package— full creative studio design and 
artwork, typesetting, photography ana modern 4-colour presses to ensure 
efficiency and accuracy right through to delivery. 

Colour lolders. cata'ogucs. travel brochures, product manuals, glossy corporate 
brochures, stotionerv ranges, posters — they're all our business. 

We aim not to cost *ou money cut to make money lor vau. as we have 
done tor so many o! our Clients already. 

How do I qualify? 

We are a fast food business with the emphasis on service 
and quality. The family atmosphere demands a real interest in 
both catering and people. You win have to work hard to ensure 
success but the rewards are substantial. 

What about location? 

Our sights are set on High Street. Shopping Centres and 
Main Roads in the southern half of England About 1,750 sq ft 
is necessary. We will help with finding and evaluating sites. 

And the capital commitment? 

£ 20.000 could be required to set up depending on the 
premises but much of this can normally be financed. 

I Ifce the idea. What do I do? 

We expect our franchises to be lifetime partnerships, if 
this is what you are seeking contact 

JohnGater, - .*«* ■ 

Happy Eater Limited, rf - .vv - 

30 Upper High Street, • "\ 

Epsom. Surrey. 

Or telephone: Sue Davies / N ' \) . 

(073 73)60818. \3y' ----- 

!',i 3 7* * 5 

iilli * 

■f r: 

ill ' 

Secured on Ground Rents arising from 

Partly tenanted blocks would also -be considered. 

Replies to: 

Tiylor & Humbert tref: ATG), 

2. Raymond Buildings. 

Gray's Inn. 

London WCIR SBN. 

Engineer will build his home and swimming pool in Bordeaux region 
as an experimental station to 

Write: J. Hirshovirz, 75. rue dc la Course. 33000 Bordeaux. 


A completely new concept in the’ induicry bt c oryoraang; Finance and Leas.n. 
RljcoJ. Structural and Flexible Polyurethane manufacturing. Injection Moulding o> 

drums. : rates, trays, etc., and Hospital supplies including all sixes ol dnpoubl< 
syringes; . The first Gamma Sterilization plaits and a Precision Toolroom, li’l’ ^ V I 

sacking Companies! Investors to 'contribute to either one or -all of these project ! L/ * J ■ | 

m the way o! plant or finance. Also required, qualified Tradesmen with finance . , • 

to operate abovo plants and train local operators. Sponsorship offered re ' . ' ' v N 
succcsifni appli .ants. DetoHs to: 

R. H. A. Morris. 124. Salisbury Road, Swan View, 6056, Perth. . ! ' 

■ Western Australia. 

| Company Owners 
j and Businessmen 
'! use your time more 
i profitably by freeing 
j yourselves from ad- 
: miniscrative duties. 

I Entrust the execution 
! of your affairs — finan- 
! dal, administrative, etc., 


who Will carry them out 
consistently, punctually 
and with discretion. We 
offer you a first class 

I, Place Saint-Gervab 
1201 Geneva 

. Tel. (022) 31.89.82 
Telex 28 465 ORGE 




Mid -forties, exceptional career as Chii 
Executive of public and private coir 
panics, now open to confidcnti. 
approach by Chairman who needs citltc 
to arrest a deteriorating situation c 
to improve performance, or who tees 
to strengthen his Board with Noi 
Executive Director with integrity 
independence and sound bankinj 
finance, marketing, and top managi 
ment experience. All letten will 
answered and created in absolute cor 

Plnse apply in fir« instance to Bo 
G.J94J. -Financial Times. 10, Conns • 
Street. EC4P 4BY . 


6 completely furnished, luxury 
flats ready for letting. 

Farther details write Box G.1954. 
Financial Times. 10. Cannon Street, 
EC4P 4BY. 

Finance Desperately Wanted 
My life sawings are finished, lack of 
finance has halted production of an 
Auto Fire and Theft device tbit I 
perfected after five years' research. 
Government of Kenya has shown 
interest. Letters of proof on research. 
This Is a genuine plea for help, a 
small, sure -i|( .required. 

Write 'loir G.19Si, Financial Times.* 
*0, Cannon Street. EC4P 4BY. 



Immediately available for a prafi 
able medium-sized company 
importer. Minority shareholc 
ing envisaged. 

Tel. Finance 0532 455994/50Stt 

Are you jhtalning the best price fi 
your low-mileage prestige motor-car 
We urgently require Rolis-Royc 
Mercedes. Daimler, jaguar. Vniji 
PIm. BMW. Porsche. Ferrari. Maserat 
Lamborghini. lenten Consertibl- 
Rover. Triumph and Volvo can. 

Open 7 days a week 
Collection Mjrwtur* in U.K. Cash < 
Bankers draft available. Telephone • 
for a firm price or our buyer will cal 

Brookwood (04867) 4567 


Funding required for a squat H comply 
«n the South Wales area. Negonab" 
shire /equity participation or repa*,, 

ments fuiirfc ; ' 



mire, equity participation or repa 1 , 

(with interest). Minimu.'.jYpi. _ 
£10.000 over 10-year period. * I A an* > 

Write Bat G.194S. Financial TimeW_ 

TO. Cannon Street, EC4P 4B7. 

Owners of successful Enginoaring Com- 
pany based In North West London 
considering selling all or part of the 
Share Capital to interested pardet. 
Turnover approximately £110.000. 
Write Box G.1944. Financial Times. 
10. Cannon Street, EC4P 4BY. 



We specialise In Commercial Credit 
Collection and Credit Consultancy, If 
you have any debtor problems then 
contact; . 

- ' D. W, CLARK, ACA 
4 New Bridge Street. London, EC4 
' 01-353 7722 


30. City Road. E.C.I- 

'?• City Road. E.C.J- 
01-61B 5434/517361, 9936. 

Not seasonally adjusted. 


is interested in buying other 
small publishing concerns. 

Please write The Managing 
Director, Bn\ G.1947. Finan- 
cial Times, 10, Cannon Street, 
EC4P 4BY. 


Group wishes to purchase a Travel 
Agency within the London Are*. Must 
have IATA and ocher licences. All 
information created in strictest con- 

Write Bojr G.T945, Financial Timer. 
Iff, Cannon Street, EC 4 4 BY. 

reached by mail. The Educational 
Addressing and Mailing Semite. Derby 
Haute. Red Ml], Surrey. RHt 5DM. 
Mcretham 2223. 

COMPUTERISED payroll service. Write or 
ring C. & N. Bookkeeping i Payroll Cq,, 
214 London Road. Southern? "on Sea. 
Tel. 0702 3JS4A70. 

A SMALL GROUP of Comoames is looking 
tor business opportunities. Uo to £•< 
million is available. K vou navn a 
business, profitable or atherniM. to 
dispose at then phone M. W. Kino at 
W«stan-suner-Mare 25421. 


create a new interior lor vour oiftte. ! 1 rVVIVU 

reception, boardroom, shop restaurant 
or h«ei. We design, plan ano manage 
vour prelect from start to hmsn. phone 
Gordon Lindsav Groun. 01-99S 5446 , 
for sale, annual turnonor £ 60.000 and 
increasing. Good reason for sale North 
East location. Write Bo> G. 1022 . 
Fmaneia^TImes, *0. Cannon Street. 

Hong Kong,' Taiwan. Korea, lapan. 
If you require quotations .samplea,- 
goods manufacturing to specification, 
import finance, at have any buying 
inquiries,, write for deoils 


IS? onwsrtunlltes in a jow JjOj'tLl p 
area, wo specialise in the iwnuiio K ET 1 

of companies including uotntno *' I 

aonoiniment. secretarial scrvfcw ^ u — 
general. aoenev wore, telex mu* genera 
consultancy inciudinq eommenna 

_ , • placements • 

Full OCLMIS irom "P. A Brnwff. BROWP 

Ptwoecv- HIH-, Douglas, isle M Man 

Tel. 0620 25GG1 . Tele. 6»41. , 

Executives £2O.0Q@-£SO.OOO. NO 
Paimw. Banks Associates. 402.669' 

PHEASANT SHOOTING Scotland. England 
and Wales. See Field or Shoound Times. 

IPL, Fr«»ett, Leeds LS2 : 
or TtU (0532 ) 444302/ 
503794.. - 

No Capital required. EstatHisnco P 
30 years. Clients In 62 countries. 5* 
•anjf SA£r ~ rWadsj Dtot. P-O. * 

9. Moriborouol*. Win. 

1 Aa 

Financial Times Thursday May 18 1978 



;:| • — 

r. », • 

,r, •- 

■ * 
: '\}J 


Thai dredger sinkings 
help to boost tin price 


TIN - LED a general 

asur 5K? te" 0 — - *■*- 

in the Penang price deLverf exports are tain S Japan could cover its shortage 

The £IS7.50 -rise to £6.505 a « . ' „ , „ £ C0 PP er P n and concentrates 

But Mr. Mwanakatwc reported **> using Us surplus stocks of 
that the situation at the mines 200,000 tonnes, and bv injport- 
was ** fair." Asked if there was ,n E world surplus stocks of 
a chance of Zambia lifting its 15 electrolytic copper, 
per cent of force mojeure in the The main feature on the 
fnt«r/«S r f’ he ^ id -n Z n a “ a b,!< min0r raGLj,s market yesterday 

interested in produeiog as much was a spectacular rise in 
copper as possible” platinum. whSh reached an 

In Tokyo meanwhile the Dai- all-time peak of £134.6 an ounce. 

the cash, wirebars price ending at Ichi Kangyo Bank said Japanese U P £7-1- on the day. Platinum 
£712 a Von nc. up £10.5 on the day. smelters should consider pro- a ^ so reached a new peak in 
Dealers attributed much of the ducing copper overseas, because d °Har terms with a $12 rise 
strength to the fighting in they may not be able to import t0 5243 an ounce- 
Zaire. enough ore and concentrates in The rise in the metal which 

Another factor giving cause lhe future, reports Renter. has the price by 0 ' ver fl o 

for. concern in the copper market Japan’s copper needs win rise an ounce already this week is 
is the deteriorating transport to about lJ20m tonnes in 1980. attributed to a shortage ’ of 
s;mem m Zambia. Mr. J. M. from 1.05m in 1976 but it will immediately available supplies 
ill wan aka (we. the Finance become increasingly difficult for at a lime when there is strong 
Minister, said yesterday that the Japan to secure sufficient copper consumer buying Interest. 

£6.505 a 

tonne Fey cash standard metal 
was also encouraged by good 
physical demand in Europe and 
the l 1 S. and by news that storms 
in Thailand earlier this week bad 
sunk two dredgers and damaged 
IS others. 

Copper prices rose to their 
highest levels since last July with 

position is now “very serious.” ore and concentrates to meet 
hecaiis'e of problems with the this demand, the bank said. 
Tazara railway to the port of It was necessary for 
Dar-cs-Salaam. Japanese smelters to continue 

Congestion at the port itself their search for new copper 
has aggravated the problem lead- deposits overseas, and it would 
ing to major difficulties for the benefit the developing countries 
export of copper, the Minister concerned, as well as Japan, if 

Russia, normally an important 
supplier, is reported to be buy- 
ing platinum while Canadian 
output has been hit by the nickel 
production cuts. Demand has 
been boosted meanwhile by the 
return to the market of Japanese 

coffee ban 
by U.S. 

stop buying Ugandan coffee 

Jenkins rocked boat in 
milk boards’ struggle’ 


Buyers from 
France keep 
UK lamb 
prices up 

MR. JOHN SILKIN’, the Minister prevented the Boards from hav- with farming unions, followin 
of Agriculture yesterday accused ing any practical long-term the Government's decision 10 ! 

_ _ _ fir. Roy Jenkins, the Brussels existence," he said extend formal recognition to the J STRONG 

imm ediately, the company, pro- j Commission President, of rock- Mr: Silkin stressed that the FUW. which began as a break- 
ducers of Folgers brand coffee, ing tbeboat (luring last week's danger ot the milk boards bad away from the NFU 22 years ago. 

said in a letter to House oFlEEC farm price negotiations. now gone, and be expressed the This recognition, which took 

Referring to .Mr. Jenkins’ hope that his colleagues in effect on April 1. and coincided 

speech in Manchester during the Europe would now begin tn with the transfer of many Welsh 

negotiations. in which the study the UK boards. They agricultural responsibilities in 

former Home Secretary claimed might find, “away from the heat the Secretary of State for Wales, 

the EEC was not threatening the of battle.' there was something ensured .Mr. Silkin an except inn- 

By Christopher Parkes 

Zaire fighting may 
hit cobalt supplies 

It is also a distinct possibility 
that the present “rationing” of 
sales to 70 per cent of orders 
may have to be tightened even 
further iF the invasion disrupts 
mine production or transport. 

Although Zaire cobalt produc- 
tion has come down substantially 
to around 10.000 tonnes compared 
with 17,500 tonnes in 1975. it 


TIKE INVASION of the Sbaba be raised substantially from its 
province in Zaire threatens to 
’ produce a crisis in the cobalt 
T market. 

Zaire is the world's biggest 
> producer of cobalt — as a by- 
product of copper— and the 
invasion has come at precisely 
the time when market prices 
were already under severe pres- 
sure from a tightening of sup- 
plies. Belated recognition that 
supplies were becoming scarce . 
forced the merchant price of J s by far the biggest indivi- 
cobah up from $7 to S19 a pound dual producing country account- 
in the past few months, before f°r some 60 per cent, of 
news of the invasion. world output Cutbacks in 

Now it is feared that the copper output are mainly respon- 
supply situation could become sib,e for the reduction in Zaire 
much worse and merchant prices c °b a, | production, but elsewhere 
may be driven higher. nickel production cuts have also 

Rumours that Sozacom. the educed cobalt supplies. 

Belgian agents, who handle pro- in the past two years or so the 
cessing and sales of Zaire deficit has been cloaked by sales 
cobalt, were meeting with a view of surplus cobalt^stocks held in 
to cutting back supplies have Belgium. But these stocks are 
been firmly denied. But there is now largely exhausted and at the 
_ little doubt that thp official pro- beginning of this moatb an 
-duccr price of cobalt, at which allocation system cutting sales 
The bulk of supplies are sold buck by 30 per cent was intro- 
under eontracl lo consumers, will duced. 

Sugar market 
by Indian sale 

By Our Commodities Staff 


p rese n t ~7e vef of ~$6S5 a 'pound' 1 f nc f s for sugar fell on the 
K 'London market yesterday under 

the influence of today’s planned 
selling tender for 150,000 tonnes 
of Indian sugar. 

The decline was also en- 
couraged by the EEC Commis- 
sion’s clearance of £40.200 tonnes 
of whites for export with an 
increased maximum subsidy of 
25.401 unit of account a 100 kilos. 

October delivery sugar fell £2 
a tonne, closing at £105-375. 
Earlier, the London daily price 
Tor raws was lifted £2 to £101 a 

Mr. Tom O’Donnell, head of 
the U.S. delegation to the Inter- 
national Sugar Organisation, said 
in London yesterday that he was 
confident the U.S. would ratify 
the International Sugar Agree- 
ment by the June 30 deadline. 

Mr. Amaury Costa, export 
director of the Brazilian Sugar 
Institute, told Reuter yesterday 
.that Brazil was starting to sell 
sugar for 1979 shipment as it has 
sold practically all its Inter- 
national Sugar Agreement export 
quota for this year. 

Representativese International 
Relations Committee, reports 

The committee has called for 
economic’ sanctions against 
Uganda because or what 
termed ** gross violations of 
human rights ” by the Govern- 
ment of President Idl Amin. 

Coffee is one of Uganda's 
major exports and last year the 
U.S. imported $250m worth, 
more than one-ltaird of the 
country’s coffee exports. 

The committee has called on 
President Carter “to support and 
where possible implement 
measures, suc/i as an embargo 
on trade with Uganda, which 
would effectively discourage j 
U.S. support of the Government 
of Uganda.” 

The resolution, which now 
goes ta the full house of repre- 
sentatives. is not binding on the 

The Administration opnoses an 
embargo saving it would not bp 
effective because Uganda could 
easily sell its coffee elsewhere. 

Fishermen end 
port blockade 
in Copenhagen 

benefit tbe whole Community. 

Warm welcome 

it [daily pinta. Mr. Silkin said the in the UK's record which could ally warm welcome at yesterday's j 
effect of Mr. Jenkins’ remarks 
had been to weaken the UK’s 

The Commission s final com- Mr. Silkin also read the riot 
promise plan, endorsed by Mr. act l0 the >ff*U over its recent 

Jenkins, ne told the annual refusal io sit around the same . ... , . . i_ >v -. - --: — , 

meeting of the J-armers' Union table as Fanners’ Union of Wales members m Walts on whether . Inis year, thuus-h. demand is 

meeting. He was the first Minis- 
ter of Agriculture to address a 
FUW conference. 

Mr. T. Myrddin Evans, presi- 
dent of the FUW. challenged the 
NFU leadership in ballot their 

DEMAND for top 
quality British lamb in Bel- 
gium. Germany and France is 
holding prices in the IK at 
unusually high levels. About 
20 per cent, ui all Iambs betns 
killed ai present are going 
abroad and there are tew signs 
that the boom will end in ihe 
near future. 

Prices are always nigh at the 
start uf the new season, hut 
they usually fall fairly briskly 
as supplies increase, the 
weather warms up and people 
generally i?aj less meat. 

ABOUT 2.000 demonstrating 
Danish fishermen have called off 
two weeks of protest action on 
the Copenhagen waterfront. They 
will sail home for the Baltic 
island of Bornoholm without all 
their demands for economic com- 
pensation being met by the 
Government, reports AP-Dow 
Jones from Conenhagen. 

The Social Democratic minor- 
ity Government bluntly told the 
fishermen that it would not give 
in to illegal pressure. 

The Government, however, 
drafted a Bill to be presented 
soon to the Folketing < parlia- 
ment). suggesting a Kr.50m 
t£4.Sral low interest state loan to 
financially troubled fishermen. 

It also proposed special com- 
pensation for 5shermen laying up 
their boats for three months 
every year. 

Furthermore, the Government 
said it planned to rail a special 
session of the Baltic fishery com- 
mission as soon as possible. 

But it made no mention of the 
substantial ifferease of ihe Danish 
share of ihe Baltic fishing quota 
which the fishermen have been 

jof Walor. in Aberystwyth, would representatives. 

5? v ^. Pf eve Ij' 0£ i the UK Milk **i want lo say quite bluntly 
Marketing Boards from having (hat i am not prepared lo tolcr- 
a?**? 1 i lon &‘ lerm future. jie indefinitely the prospect of 
AI the last moment, wl* had holding separate meetings in 
to endure some rocking of the Whitehall with each of tbe two 
boat even from those who agricultural unions serving 
assured us that they supported Wales.” he said, 
us” Mr. Silkin declared. “Neither I nor my officials 

The Commission's last minute have the time to spare nor . 

proposal was for a review of the should the taxpayer be expected Electoral Reform Society, would 
Boards before 19S3 but this. Mr. to foot the extra . bill." he willingly take on Hus task lo give 
Silkin said, would not have declared. rank-and-file NFU members the 

guaranteed permanence, -only The NFU boycott occurred at chance for their voice to be 
uncertainty, "li would have the first Ministry consultations heard. 

they now wanted an independent 
Welsh uninn. Now lhal the 
Secretary of Slate for Wales was. 
also the Welsh Agriculture Minis- 
ter. was ii not time for the NFL' 
to ask irs members in Wales 
whether they wanted an inde- 
pendent union, he asked. 

Mr. Evans was certain that any 
non-partisan body, such as the { 

Swine fever ravages Malta 

The declining hygiene on 
farmsteads is blamed on Ihcl 

officials Ministry of Agriculture, which [The Com miss ion also estimates 


MALTA'S pig industry- is being farmers are faced with bank 
ravaged by an epidemic of ruptcy. 

African swine fever. Agriculture Ministry- 

In six weeks, as the disease has refuse to disclose the exact extent rather than help farmers main- 
spread uncontrollably from farm of the damage suffered by the tain standards has now cum- 
to farm, more than 34.000 pigs, industry so far and what, if any- pletely dismantled what used to 
out of a national herd estimated thing, is being done to bring the be an efficient advisory service, 
to total 100.000 pigs, have been disease under control. Again, when ihe outbreak was 

destroyed. Mr. Danny Cremona. Agri- discovered, fanners add. thei 

According to Mr. Arthur culture Minister, feels that the Ministry should have ordered 
Barbaro Sant, president of the time is not opportune to discuss the slaughtering of infected pigs 
island's Federation of Livestock the crisis with newspapermen, on site instead uf taking them 
Breeders and Agriculture, half To a great extent farmers down to the abattoir from where 
the island’s 250 farms have been brought the ordeal on their own the virus could spread. It was 
contaminated. The loss is con- heads. The lessons that should three weeks before slaughtering 
servatively put at around have been learned from the 1976 on site started. 

MI500.000. outbreak of foot-and-mouth With the crisis worsening. 

To contain the disease the clearly made little impres- Mr. Barbaro Sant's federation is 
Ministry of Agriculture — some sion on most farmers who still now hoping to involve the 
claim belatedly — banned the feed their pigs on swill, which Government in a forceful action 
slaughtering of pigs, inevitably has been blamed for the two plan, starting with a clear cut 
creating a shortage of pork on epidemics. agricultural policy, 

the market. Mr. Barbaro Sant suggests that It wants the Government to 

According to Dr. Patrick the first cases of swine fever create legislation ordering 
Holland. Trade Minister. 300 could have broken out in fanners to keep the Ministry 
tonnes of frozen meat is being January, two months before the corapletelv informed on wha'l 
imported and Mr. Barbaro Sant disease was discovered by the happens on the farm, 
asserts tha l another 120 tonnes of authorities. Considering that 70 per cent 

broiler meat are being shipped Pig breeders, on the other of Malta’s farming community is 

to Malta. hand, have ready answers for involved in pig breeding, it 

The stringent ban on slaughter- most of the charges levelled al appears timely that Government 
ing has intensified the farmers’ them. They insist that the in- and Tanners are seeking a more 

predicament. With an estimated dustry has been foreed to feed effective manner of ensuring' 

1.600 tonnes of pigs growing past on swill by the prohibitive cost that the industry is given a 
the age of slaughtering many of fodder. better chance of survival. 

si ill outstripping -iipply. First, 
the unscawnal weather has 
hclpi-d keep British customers 
interested, hut the -.vatu in- 
llucnce is still the continental 

in France biucher> have been 
paying up 2-tPp a kiln dead- 
weight fur lamb si* prices m 
Britain, which have I wen 
hovering ai a r mini t$0p a 
kiln, a rc attracting many 
buyers from acr»ss the 

Two recent reductions in the 
French natiunal import tax on 
British lamb haw alsu helped 
encourage the trade. 

Bad as the winter uas. supplies 
of new season lamb have not 
been affected mi far. illbnugh 
the Meat and Livestock Com- 
mission has reduced its 
overall forecast of lamb pro- 
duction this year frri-u 240.000 
tonnes to 233.000 tonnes. 

that some 11)0.1 MO ewes out n{ 
a breeding herd of 12 to 13m. 
head, were killed during the 
’ winter. 

The French lamb price is being 
held up by rcceni increases in 
beef prices. These are attri- 
buted to a reduction in French 
cattle slaughterings of almost 
fi per cent, in the first three 
months of the year and a cut 
in imports of Irish beef. 

During March and April, beef 
prices in France jumped 3 per 
cent after eight months more 
or less without change. 

Similar market conditions have 
been reported from Belgium 
and Germany. 

UK lamb production in the first 
quarter of the year was about 
50.000 tooncs. Belgium and 
Luxembourg took 3.800 tonnes 
aod West Germany 2,700 
tonnes French buyers took 
5.200 tonnes. 

• A big meat retailing chain 
has forecast that retail prices 
fur meat will not go Up next 
week, in spite of some in- 
creases at wholesale levels. 


nice MCTll C the martting Kerb » £719.5 fallowing demand m Europe and die U.S enabled rflr/t 1 

-DraOL ITIE, K ft L.J Commission Rouse liquidation. in the values io move ahead strongly through- LULUA 

COPPER— Firmer cm the- London Metal hoireivr. ihe strength or silver out the day. Also helping prices push Continued long liquidation kept prices 

Exchange and rkisin* only Ira cl loyally •*} ' *® w »n& jfo**** 1 under pressure swain as consumers re- 





*+■« i .in I 

I. IIMlIil-UI , — 

general cbariisi and apeculailvc buying been sun!- In Thailand and IS more Have manurd on Uic sidelines wrawTriii ami I3> ot-r cent Mar ms 23 Tilbury- 
lined ihe price. Io frai^ before a cased been damaged following sio/ms ear her Suff£“ on »*»»«. reports LiD and Tifaiov 

Z * sl>ade fa dose ai 1730.3 on the laic this week. Forward meud opened a« ..... _ *IarB7^ s i* and' J^Jy IS7 

kerb Turnover 16.630 tonnes. £0,300 and rose lo close ai £6.430 on ihe .) rtientay *. + or 1 Bnnmev. . h(nm ,. n , ,/r. 1' 40 1 

‘ ‘ ‘ * Cl.we 

VTu-e- per urnne -ml ess otfterwisr 


LO " S 

r\ f. f ■'•’ll 

'J v L >• . 


711.5-2.9 +10.6 
751.5 ,+ 1ti 


• i • C ' 11 


ti-i, 703.5 « * I 

Anuniri .. /22.S 5 -r 1 
feft.'iu'ni 704 .+ 1 


ls4i- 692.5 3 +1 

a-iMii;i.„ 711.5 3 *1.35 720.6 X 
sett ui'ni 693 4 1 — 


Amalgamated Mela! Trading reported lale kerb- willi the backwardation widen- 
ihal in the morning cash win-bars traded Ing to £75 following protective covering 


— • Unfit- 





4 10 
4 10 

al £703. 4.5. three ntooilis £724.5. 25. 24. against the rising market. Turnover 1.270 Xo.aiTl nlr'l 

jn.5 23. Cathodes- cash £8S3. three months tonnes. May ... T8M 0-87.8 —15.6 

£712. 12. 11.5. Kerb. Wirehars. cash £702. 
three months 1722.3. 22. 21. 2U j. After* 
noon-. Wlrvhatv throe months £726. 27. 

3ta. 27. 27.5. 2S. 29. 30. 31. 30. 30.5. 31. 

32. 31 J. 31. Cathodes, throe months 1721. 

20.3. Kerb; WSrcbaro. three months £730. 

30-3. 31. 

, , „ IBJMI70 

* ml 'TiSr’ltAlS J . ul - V - — HS-0 it* -51.25 

-1 =*»*- J774.0 7S.0 -27JS W8U.b 0.56 

a uii-nthv 
->«i lem't j 

TIN— Strang. A reversal of the recent Standard 

mm roar Irom £722 to £725 on ihi pro- weakness in the Penang Price coupled y,,j, 

■Win but eased ut the rings and on with some covering against good phynnl , nicmbx ^ 

-eUreoi't . 

Ei^a Grade ■’ ' r • *: 

Unfit 1 6420-30 4-111 .6500-10 -+-137 

Mow thg dav'« hUhert level*. Forward 

IG. Index Untiled 01-051 3466. Three month Copper 728-734 
29 Lamnnl Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures 

2. The commodity futures market for the smaller Investor 


1*1 n 



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tl'»- Vi<l. 



K. kirlnk 
13 KoiU 
L K».lak 
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Vnt Xvl 
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K- U. SMI 
If, L>. Mn-li 
If. li. slnHI 
luili-i or 





it i 



SSJ - 
S60 ! 
S50 ■ 
s6J : 

■ S2BJ 
! V330 
rao . ■ 

1 P100 
: PI 10 

, P120 
I K13Q: 

; F140 
PI 10! 


1 F130 I 

7SO|. I 


250]. . 
875|. ■ 
375| ■ 
















0.50 ' 

200 . 














10 Js 


2 fa. 

16 >* 
7 i S 

: 26.00 
- 18.00 
! 8.20 
• 4.50 

! 7.50 
i 3.2'J 
' 1.70 
I 0.70 


, 1.20 
. 5.90 
, 1.9 J 

I 0.60 


255 : - 

189 ; - 










14 « 2 

6 I 

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19'5 I 
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26 : 

23.00 > 

16.00 I 

9.00 ' 

6.50 : 

14.40 I 

7.80 . 

10.00 ■ 








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_ • F76.20 










V 111.10 

FI 20.50 

V 115.50 

\t»t euilwi' 

265 , 


- . 890p 





The Chairmanship of Central Purchasing and Sales Commission 
Ankara-Gar /TURKEY 

7t!Mfer» in ,n*iu4 lor 430 com ot double ujer and 50 

"^hcr, of which the technical teituroi ve *'««" “ JJJ (r0Jn ro untr.e* 

1- ' The a! *, c m.ctri.l is » be p««h»ed ' ««"«■ ,rom 

«*t»-ti» are msmberi of the Wo«M ®* nk * . T j-j-v an d EngHsli 

Th, Uddlng doeum-nts prepirod loJ ^JiJJ'SSce 'in Ankora 5irkK ' 
cm te (w.4h«ed from TCDD 1 * central CuhOflke ■« aha 

_ ’ Cuh 0«« to llt,«bui »« * P f " ' r „ _ ur CDm minion n« 

reeved b, or. handed \ ntectfag -* 

Th* bid* stwii tw -- v 

httt etian THURSDAT. June *’■ J«3. 
TCDO Supply Ocpartmcnt on t ’’*t dale. 

art galleries 

SacVvifW! | \ 

w.t. o'-sa* JJJO maxwell 

i m jvoo°oo Bins 


'••on aw nr 

- Jzgg-fr* 


®»* awsi 

. 'i-Qtt -t ? so I 



.^-_Afhc«wne «,«*»■ ; _ U3 =». ~ - 

'JJktKttAr CAiwCRY. id Ttwelierar l , Tfl q Renent Street' s^cuular 

" A- 01 w 5885 ; E Sr»c «K SI 1i.45 ~ d V? a? 

WjtiltVtHt umil a Jun e - t ftoor «Mw» '*■*$■, Jt frtwortl. a frlen^ . 

^siF’VsfE ; 

ssbiS 8 ?^ i 

52? Oi StHamgAgtH Appeal FunO. 147.. Mon ..Fri. CIOS«« Sjturt “ r ^ 

Hri wmmBna»V APP 
"** RWd Street. W-t. 

mil K..| 
\pir Y“ri 

6385 90,^107 643040 +167 
6430 ,+ MB, 

Dec l/56.u-5ti4 -25.6Q I7SBX4.OT 

Daroh lfal.D-10.0 -17^0 It iS.w 1890 

Mat taVLULI - 17 JO (68*J.b 7c- 

July 1651.U-80.0 -16.60 6 56.6-M3 

!oU._ Barter. M» SrM. T6.S6- MEAT COMMISSION -Forecast rales 

ISJ5. Nov. 8?.1M2 OU. Jan. 6I.4S44 46. of U.K monel an LUint«-ii-tator} amounis | 

Maro-lt y>.i34f> BO- Sali-s: «. far w<x-k rommcncing May — ipn-viuin 

IMPORTED— Wheat: CWRS No. One srovk'f tigoros in brai-ketsi: Fresh or 1 , 

U.S. chilk-d heel tanaw ot-r kg ins.Lli. 

Per green haUKi sides CI44.0G per tonne 
Iran- i^8 2D >. 

shipment East Coast. MEAT COMMISSION— Average marki-i 

Maim: U.SyFn-nvh May C105.S0. June prices at representative markets on May 
and July UOS iraoLhipment East Coast, j- eg cattle 70.3VP per kg. I.w -rO.sti. 

S. African While June- July 0*0.25 Claacow. uk sheep lu>.7p per kg. ew. d.i tt i Ti. 

Ob Digs bl'.ap D.*r kg. I.w. i-O.S. England! , . 

and Wales: Cattle numbers up 5.J per [ WUU ! 

vent, average price 7u.93p it-6j«ji. ,h.vp ' l uiiiimuin ■V6WI 

up 57.1 Per ivnl.16- Kp itjji; pigs d*iwn! r rov iimi krl ifi.nSI.000-10 . 
S.5 per cent. 82.ap t-U.Sl. Scotland: 

S- Alriran Yellow June-July L>D Glasgow. 
Barley. Sorghum, Oats: All unquoted. 
HCCA— Local Ipn ex-Tann spot Driers: 
Fncd wheat: Hertford £06.00 Feed barley: 
Hertford etf.M. 

Uni 17 +.i- 1 Uniitu 
137 i • — 1 ta*. 

Sales: 5.649 i5.6I9i ktu of 5 tonnes. 
iRttriUUtmal Ckm Organ fsatlon (US 
6420-30 + 1 12 6500 10 +157 ccoia per pound i— Dally price May 10: 

e385 9U r+110. c430-5 +|55 147.50 1144.67 ». Indicator prices May 17; 

6430 i+115 - 15-day average UTJO n4&l9>, 

51614 - + 2 j - I average i«.70 U49.73). 

Morning: Standard, cash £6.420. 25. COFFEE 

three months £5-340. 45. 50. 75. 80. S3. 

High Grade, cash OJ.COO. Kerb: Stmadard. 0 ( Uillow-through buying Irom Tuesday Conimodiiles. 
three manthE £8.390. £6.400. £6.39+. 80. evexung- DtTiel Burnham Lambert - — — - 

80. Afternoon: Standard, cash £8.473. reports. A* the day progressed, however. j 

The UK monetary McfBdeot (or the Cattle down S4 p*-r vent. iSB-Vip c+0.?4i: 
week beginning May 22 is expected to sheep down 3 j*. 9 per ro-m. lati.-’p 1+6I1: 
decrease to IJ84. pirk up 120 « per irai. t>3.»P t -«l 9i. 

— r* w / i |,a- r a | n m w i ■ COVENT GARDEN * prices tn sterling 

oUl Aut'AJ'l JltAL wr Wcfcage except where otherwise 

Staled i— Imparted prodace: Oram 

22+) ay The. market opened iv.50 down lolluwKtt Cyprus. Valencia Laki 20 feilos i4»-2.ri>. 1 Vn-Ve- . 


■u|»Je , i ■w-‘li I' -Unr»'».712 ^ 10.S i&d0.25 

' lis vl.u «b. -E <31 25, ♦ 10.5 i'7Q7.2S 

Cp-Ii IX thole _ ; B701.- + 10.0 LD82.5 

* imnill 1 * ■!■■. i l>e IE780.75.+ 10.0 Cb99.£> 

''“LI Tmv >■/.;> Uf.67a + 2.0 S*l#4 47a 

I^w.1 -E291.5 +O.B L'299.25 

ISM, 625^0.575 IOU6./' 

lowiT than . WMiCf ed Chicago market. 3,ou-uio: Jalfa: Valencia Laics 

UHhi long limudstion caused u to dip 355-4 40: Egyptian: Valencia Lates j.tto- 
furiher but Uit decline In sterling helped «jx, : ^. XU s . iso: Moroccan: _2 60-2 irt: 

„ , . „ . lo ro-gatn sonte «r the tosses At Htw Californian: zdtM.OO: .S. Alncan. Navels 

ROBUST AS were firm Initially because prices w.-re u.00 down, repon* SMV Ortaniques— Jamaican. 5ju-6.5fl. 

Lcmoos— Italian: lOD-UUs s.iULNjia. new 

Vw l enlav 

».jM. three tnnatbs 18.420. IS. 29. S5. 30. u became irtdeni that seven days of 
Kerb: Standard, three months £6.425. 30. npward movement had made the market 
t-EAd— snobtfy harder, influenced by overbought, and lat'seacalc mixed proflt 
rite firmness of copper. Forward metal i^iunx followed, 
opened ai £300 on the prc-markci and 

thereafter moved narrowly before gain- „( n,« distant po ■ ooa wtaicb was caused 


i'll* l Mr 


I ill Hnimih- 

VaTucs «“the'rtSe ; 150.56 MI.7 — 1 05 151.0) JO. OH 

were” iiTegglar d’ra*o ihe unusual sttvngrh !?H' — 1*25 Ji'22 

u( the distant po A oqs wtaicb was caused * r ' :J50.0ia0.2— 1.25 111.0. 50.00 

Ing ground tn Ihe afternoon io close at br dealer farwLpI svmchng from the ( , e>-e>'' : wi ...(1^6.74-17.1 *o.86 126.8U-G6.00 
ran 3 on the fate kerb. Turnover 2.950 previous May and July dose. Fcwuarv ..-.,-l»7.4j-kB.5 4-0.70 — 

tonnes. * — — lV ■ A|WI .1 147^5-2- J 4-0.50 — 

• le * , .r r,l "4 • I _ • June itS7ja-50J +0.7S - 

I'uiliitimi lr.>v <u..l£ldU,50' C117.5I. 

Ft«r Mats qi U134.6 .♦7.X lI 12.7b 

ijiiuk i-%pt /".i..i.*lsV-ac .. . 13 ab 

Crapel roil— Cyprus; 15 kilos 2.08-3.06; fP 9 4 C 4 2.r5 .o2 4, 

kilos 3.20-4 Oil: S. African: 48 -us 3.«r. ; "«**" ; S'2S?. + 

Jolla: 20 kilos S.uo-XBi. Apples— Frenth: ‘ H •: .Le.4W.5 + ls5.G JO.s75 

crop 4 .50-5.M; Spsnia: Small trays 25 SO s 
1.60-1 mi; s. Alrtean: ss.i«5 5.00-5.31 

r'rvr 51«rhM nil 

->>»i.ea .. . 
I 2-b,. 




v tuuneb*.. 

01 lici* 

14- i-i I |-.m. if 4 fit 
| — (LnofHcia-l — 

t OFFKh 



290^-1 -3.76: 891-2 +.5 lUv 1 1640- loSO —45.5 1680 1645 

3O0-.S — 2.5; 300.5- .75 + J75 J u i v - 1532 1334 —8.0' 1567-1617 

®? 1 31-3a ' !!- Vwemt'wro": 1395^1400 +9.6 ’ 1434-lm dallJ PnW P«'"»u'nd''’'sirfln^s 8.11-4.12. Pear*- 

mo. ^ tusk, °aas 

JL per fim ne 

+ or. Buetneu- - , 
— IK.uo Sales 

laz <29ii iota of iuo tonnes. 


LONDON DAILY PRICE iraw sugar i 
nol.M i £90.60i a tonne eff for May-June 

Cnfden D-.-iii-IOUs 20 Ih SI1 3.U0-3 3H. 72's 
3.2M.40. large boxes 5.SM.20: W. Austin.: 
Llranuy Smith 7. no; T asm a man: Coa's 
n range Pippins 7 36-8.70. Golden Delicious 
6.364.50. Jonathans T.MLK.iU; Vk-lonan. 
Granny Smith 7.00: Italian: Rome Beauty 
per pound 0.15. Golden Delicious 0.12-0 ta: 
S. Alncan; Dunn's 6.00-6.50. Granny Smith 
7.28-7.50. White Winter Pearntsln j.PM> 5J. 
S larking Delicious 7.SO-6.00: Chilean: 
Grannr Smith G. 50-6. 70; New Zealand: 
Si turner Pippins' 182 7.20. 175 7.20. Cox’s 
Orange Pippins 163 234 7.20-8.70: Danish: 

and 100.000 tons for September December Victorian: Josephines * GASsO. Era: 
sblpmum on pricing terms produced an S. African: AluK-na 6.50. Barlinfca 3 00-3 2d. 

Afternoon: Cash £260 

£301. 090.5. COL Kerb: Three months _ 

JhES 1 - oJS,raI C *St I £S5 ARAWCA* werc^iw? Mivc^ 1 dealer c^lcr ma rteL Lossa of KtmcE.S were Coldcu'ntU 6.50: chik-jp: SWjps Almena 

fiSSd biSj mer * v «'»«ed and values wen- up Jobber corertng halted G.50 Red Emperor 4.80 Ayrieott-Sp.mish 

and diBPtoB to f STdays b^ 55-3^ higher on the day. Drcwl Bnrnbam U ^ d dee I^ The - w * uU A<? EEC 5 W“ a 3504 50. 8anaaa»-Jaroaicaiv. 

moved ahead to 
level or £316.5 oo the late kerb in response 
the trend in other basc-nteuls 

fed with covering - againw reponed 

production Interruptions at Hudson Bay 
ta Turnover 3 .298 t o anea. 

«.ni. ;+ -r | i .in 

/.I XL' | Hflk-iii . — jL'inifllrin j — 


199 jO: ADS- in.06-182.00. +1-80. 1S0JH); 
Oct. 16'.06-:sa.50. +0.a. nil: Pec. 153 06 
136.80. +2.S7. IS5.5615f.50: Feb. 142.06 
148.00. tmeh.. all; April 140-06144.00. nnch,, 
nil; June US.06I41.8B. -t-1.00. (dl. Sales-, 
19 tSi fats of 17.250 K1105. 

ICO ladi 

liujrar • . i 

Pn-l. IVateidq-'d 
LViniin. , line 
Cum. | ! 

Ok** [ 




E ivr l.mne 

303.5 .75 4-2 37 3053-15 +1.6 cents per 'pound 
314.7a 5+2.12' 3 16.3-6 i44 Arabicas 19130 

305.75 +2-26; -- Arabicas 154.52 1 155.001. 

1 1 Arabicas 189. 

132.501. Dally 



'•nt Wnxf 

• Cents per pound, t Do 
official close- £ 9M per pIctiL 
Morning- Cash £3053. throe months 
£315. 133. is. T4.S. Kerb: Throe months _ 

m!!T B ^V- l i T ^^mh? l r‘T73 Its' »»riici. Good demand ihrouRh- 

15.5. 16. Kerb. Three months £315.5. 163. oul day. c lotto? oo k firm note. 

r ColMhlan Miw «■'£. -..:W-.564i!i.4« Wf.i>-u/.40 167.76ua. ID Valencia: 4.06430: 

TuTnrtiitwiiriin- d«: —1M JS. 1 1 .d u a 468: Malun-i, 5. 

1155307 ' oihuTlnhd -|1 lt.7lMB.o5 1 1- . fa. ;• . 2 ^ 1 19.00- 16.90 Canary: 2.662.S0 



UNCHANGED openhiR on the London 


Silver was hard 2_lop an nunc* higher 
far spot dcllvv-ry tn tiic Loudon banian 
market yesterday at 2S2.9p. U3. cent 

equivalents oT ihe firing levels were: 
cpo\ 5U-SCv W lie. Uir'Hf-mooUi SlB.x, 
trp 33c; stx-mohth S3. 5c. up 8.4c: and 
12-nwnth 550.8c. up l-Oc. The metal 
opened at 253-1-284JP *3131-3130 and 
dosed Nt 384.7-383.Tp <5131-51 7c I . 

Lewis and Peal reponed that the Malay- 
sian itodown price was- 312 (same i cents 
a kilo i buyer. Judl-i. 

.X»l 1 'Vwl'nUj'Ki Hre« i.hl- 
R.S.S. ! et*w i-liw 





Ull KOI ■+ U< 


+■ ot 

•isiUs — 


iroiy «. 

t, net lie j 

r— * 

r 1 

>4 S8 e 4 75 53.75-54.20 54.N 

Jut.v.. 55J665.25: 54.65-66-01) , _ 
Jij-.tievt; c6 8J cM> M 00-96 0) 
O t- Dei-' 5t..8-c6 9 ! 58.05-b6.10 67. TO • 6 00 

tender encouraged the bearish sea unarm, per pound a.lj. Avscadoa-K.-nya Ptk-riu 

•- r. — 14'24's 4.80: S. Afrfican: Pucrie 4.00. 

Slrawberriu — Calllomian: 0 90; Italian: 
0.35-0.10: Spanish: 0 364). 15. Onions — 
Chilean: Cases 4.30.4 50: Canar>" 4.40-4.50: 
Dutch: S.SO-3.20: Israxh: 2 0's 4.30-4 ’<0. 
Capsiciuns— Spanish Per pound IL2C: 
Canary: 0.2S Celery — American: 24 '« 
5.067.80. Potatoes— Canary. 4.28: EuypTlun. 

#0: Jersey: 14 lb 2 Mi. 

Barcelona: Mamrus 
165.30. Tomatoes — 
Jorsev: 3.00: Dutrh 
■Carrots — 


»Vt !l2i<-l<b-riL<5 12 ^629.001198.50 — Callfartsiau: Per pound n. 961. 08: 

r,.. .W. ... -- Hiuigartan. Per hundle O.rj 

_"I 8S A” 1 — t ^ TlcS '. . English Produce: Potatoes— Per 56 lb 

_ Ta .r. a " i ^y ^-Trilnery priro for KTiues Di-ds 1.863 30 Leuuce— p*.t 12 
gratmlated hatta white sugar was £24-40 | M cos I 30. Beetroot— Per 2S Ih 3.40. 
2™“* ,or hon,t ‘ lradc and Cgrraip— Per baa 0.661.40. Parsnips- 

£161.88 inSJMi for export. Per ZS lb 1.30. Onions— Per 56 Ih 3A6r..3o. 

IniernaHooal Sugar AsmtrcM-D S. Swedw-pv-T 2R lb 3 560 WJ. Rhubarb— 
renin per pound fab and Stowed Caribbean P*t pound outdoor o.ftS. Cucumbers— 
pan prin-s for May io: Daily 7.14 isauw-i. tvr troy 12 24‘s 2 0 63.00 Mushi 

■ i'encr per kuv> 


Copper and 
platinum up, 
sugar falls 

NEW YORK. May w. 

l i'i«niiiiJij4'Uiii;«i»iv .... no 45 

+3.5 .'iid4 

.i nuutlb- : £5 lb. if. +6.0 ittl.T 

Pn-iin-er- ,b856wI0 .'. -aoO-t>dO t 

Oils i 

i •*imiui il'liiti laGiOi 

Lnonuin'il. '£.‘744 

Liiiua-i 'in. tetn.. liaeS 
PnUn Mb u>\ hi i ! ^685 »■ 

. -»a7 

» MB 3V » RobStas « Uay ..... 119 J62b.0012!L2fl.S£Las. l lil. ■1-20.25 3 U612W: fils.-m#ry: 3.063.40. 

£ mlSTaS* »•« i!S-4S J 8!Ps*aa« iSEJ!^£r*iS- 

Seeds | | 

I'n* I’l'ihf ..;*410* -420 

-ooralieMi il , .S.)....{*2M^ir'_ 4.u .-301.6 

Drama ^ 1 

Marin- KKl*. ' : ■ 

H. me Kntiim... £79 40 J33.9 

llsire i 

M m-li .w. i .\ i n L'lOfcJj i L'IjS./i 

tt lien i 

1 SI* •u.-’BiS.SS —0.5 t-95.3 
£>■ - Hwr ' W nitei 

Kitglish Jtillln.-.. cl . K |0O 

''In .1:1.888 --36.0 C2.U27 

FulureJ u . I- L'/.tftu -Jl.2jiul.ri6. a 

Coffee Ptii 

Ju “ -t'1.683 -8.0 dMl» 

«h«.«i -A' IiHin 70.5ar- £ ;o9.3a 

itulnwl kill... ; T 0.75.4 1. a 

'Ujar iltani .JJO! ' +2u v gg 

"'iiii.ii- -w- kih....; ... . jia. 

■fa-niliui. - Mntiiiiirm • U+v Jimk- 

kff- Min « .•»>■•- . %wiUiui.- t I'll* 

1 * fime-Jalv \ P**f >nn 


iS? “ » SaSw 1 '** iffi 

Dec. 3M.063ID.Pf, Jan. omjuoird Sale*: 

Per pound 8.3641.4*. Apples- Per pound | FfSH— Supply 

Pramk-y’s 0.1 14). IT. Pears — Pi-r pound I Bcw “ , * d Prices nt 


ship s side 

15-d+v average 7.41 fT.ATl. 

WOOL FOTLIRES Coafi-renro- 'itTuilS " Tnmatoes^Pi r j ■ per stoav: Shell "tod £4.36 

LONDON— The market was unthanged puund English 0.S68.23. Greens— Per n , aie , ^m' r r5, „ S ,. - M a - W - large haddoik 
to a link- belter on nears. Bache retwris. Krm LOO. CaBtiffawers-Per 12 Lincoln j SU » M £ -’-"° 

■ *■ „ t,l3lc " £3-5o-‘4 3ii. memimi 

H HnaI1 K.06I4.3O: lii rev 
™ h c- ,< J# - ninlluin 

lUa-CJiL* W ' 5fl - .“wlfaBi L6.M-. Milhe 

1.30. Ken 1 1.462.20. 

Iimi I 282. Bp +2.15 +?•» Jau-Vi*,. 13 * 62,30 61.1 

moulhik. 2tfl.«p +2.26 H92.4p .+6.8 

:!i : " i~“ rig.^rfw’SuS. 

nuaUlK. . 314.3p Physical clotunjf prices 1 buyers 1 wem: Jeiidiei 

LME— -Turnover 103 MfiOi lots Of 16080 Spot 53.73o i53.0): June S3b (SS^ai; July 
os. Homing. Cash 283.4. throe months 53Jr>- <53.35'. 

289.4. 9j. 9.8. 8.7. 9J. SS. 9.7. Kerbs: 

Urcc months SSJ. 18- Afternoon. Three 
months 392.4. 2*. Ifl. 2-2. 2.5. 2.4. Kerbs: 

Three months 292JL 3— 

Orwi.j- 8'oJ 

L'Uoo , — ( Iluuc 


M0.6S2 0 +1.3 230.0 


2tLo.48.fl -f 6^, 

UraniM ... 

256.M0.U + i.O! — 


NB.64U4) | ...._| _ 


245.648,0 1 — 


246JM8A) ) 1 _ 


247.680,0 1 — 

Sales: Four nffl> lou of L5M (tiles. 

Malaya warns 
of natural 
rubber shortage 

WORLD DEMAND for m jber in 



SYDNEY CREASY— (in order btarr. 19S0 WU «aeb about 45m tORQeS 
seifcr. business, sale * n Hkru ca« tract: with natural rubber’s share pul 

LOHDOit warop-ne SlSS!l?S«wS!S f h nd n pe r cem ; 

market aaeoed gnehanged to 48p tower 344.0. 30: Dec. 349.6349.5. 17; accoroing to IflC Director nr 

tyi flid crop*. way wheat closed March 338.6338.5. 358.6*58.0." i 3 ; Muy Rubber Research Institute here. 

untiansed. May baricy eased a ftlribcr 359J-33fl^. S383-5Mi 12: July 382.6S63A r8D0rt£ Reuter 

DUNDEE JUTE— OuloL Price C and I 35p on la*J Ot Interest bin rallied silghUy 383.0-3 62.S. Ifc Oct. 384.7^65.9. 385.1-3M.7 n. 1 -.(-r 1 „ j ^p 

[IN far May-Jura- shipment BWC £280. on autne shon-covedag ta dose iep tower. " 

BWD £383. Tassa: BTB fitft*. BTC £392. ACU repons. . 

BTD £354. Calcww jmli steady. . — 

O' total io"s C and f UK for May <blpmrTit WhEa* Barlev 

10 «a 48 ing £9.91. 7}.« £7^7 »er JOO y*. |t«* teriiay i + >n 'YwienJa*' H 

Enuiun hlndqbani-rs :o.o to 73.0. fon:- 

Quarters 37-8 fa 40.8. Eire mudqnnrters Cf>nserV3tive estimate Of 40 per 
bS.o to ^-n. faroonariers ar.o to «o. cent for natural rubber would 
u»J r S“ ,: ocft hrmte snd tfnds *° ,D mean production of 6in tonnes. 

However, with estimated world 

jura? I9J5.'£7JL July B3.17. n.59. "B 
twills £27. U. £37.15. £27J9 far Ufa rcspec- 
uvp sbfamest periods. Yam add ««*fc 



tr- leritoy 
0 *e 

5 + «n 'Yr^reitiar' 
j - j I.M. 

1 - 







84 8J 

. — u.Sfl 

79 43 

(— U.20 

,N«iV. | 


— J.5-* 



Im i 




Hu. j 




.— OSD 

fa., rout sales; 103 . Briefing UNCTAD officials and . 

MPAT/VPinCTA Dl CC delegates at an International; 
mLAI/TCUClADLca Rubber Research and Develop ! 

„i lp ? flc Y, Per Mundi- ment Board symposium. Mr. Haji 
.* c ?5?S h . wu « '?«*■ S3» i" Ant Arope. the direcror. said the 

Lamb: English small ucw season St.o 

jj-Jn per Ufa. 26301 Wins withdrawn aap. Bubsceb done— Wheat; May 9&669sso 51 8 W 59 ' 5 ' 49,5 to aboul 3.5)D. tDDTies by lb&Q. 

22-26 klKra withdrawn 81-lp. Jan.' pii*: Ktudish. uadrr faro, wo m 46 s thffrc would he a production 

withdrawn ass per sun. ifo c.if offorod. 9M9.7B. Unn± as.-e® jo. sale* 5S iM-ihRb 37.8 to 4 mTu«4|£ bmw SS: shortfall of natural rubber. 

financial times 

u«\ 17 ~V7 


v in' Y'wii b' 

M6I0 ^ 5. la I *59,82 I ^72.77 
i Ragt> Inly j iflajH’luui 


■* lg ~Al,uui, Yfut-Hci- 

1466. S UA6S.B ‘ 1443.9 | 1675.2 
'Kasr- Smtmirwi Is ~i|M|s|iiiir 

‘Hn I7 |- Ui 


Ibm , M«T" - • — 

J, "W [ I» 16 

| Hi rill 111 Ito 

S 3 9 88 350.68 423.61 
Gi l ' ltl * I ’52^2 a g 52 3^5.56 

(Avnraio 'faS'ailAaitkn 

Mis>H -. ; j 7 
jjinmin [k2Q. 


1 Jr.TTSuTT 

,t|i llll ll 1 1 -St 

_5»18^:m03.7 41.0 

IW " n| *i ti twir=i«i — 

PRECIOUS J1ETTAIJS clast d unidiangod on 
mixed Caouuissloti House and Irado 
avtiviU’ dcspitv ronvwetl uvakni-ss ui 
dollar. Cupper rallied on Cumnussutn 
Ilousv buy mg uu viiM-ciamms. ui lunh.r 
L-k-unnmii- growth. Platinum finished Umn- 
np hid in alluvalion on Mtorulatro,- Ivan 
of ni-jrby tiKhitb-^4 ot Nuppiioi. Siujr 
ro>4Urdi-U n>-n von tract low an ro-ttL-bi/d 
sp-'rulaiite liquIdafiiMt. Ilachi' report «. 

Cocoa— May 143.55 ■ 14.1-.T0i. July Llv-fl 
il4D.lU>. Sept. H5.50. Dn- 138.70. Man h 
127.-41. May 114 >0. July 12!. iJ. Sept. ml. 
Sali-k- SJifi. 

Coffee—" C " Conirast: May ir.l.oO 
1176 jo i, July lK2.firt ilol.aj*. S^-.-pt 152 ;H). 

Del-. 141.46J4L.iil. .Mar-.h lT;.;'j.I.n..'H. 
Mar 1ST .06 128 .00. July i2j im-i25.>i Si-pi. 
119 IHM2J.3S. 

Copper— May 5H.sO 'att.nin. June *' iH> 
139.381. July «MM. Sent M 7u. U -c. S3Jn. 
Jail. i!3 ?o. March W.sO. May U3A July 
Ai.oO. S.-PI. tfr.stl. Pc. «9 W, Jan. 00 >0. 
MofcP Sab-s: b.OOO. 

Cotton — So. 3: July r.J..'.V824.i ie»>'n. 
Hit 64. 30 50 toJ.nli. Dec S3 40-65.50. 

! March 65.3046.50. Mar uT.oo. July 61 46 
•7.6U. Uti. Ub j0-u; 2u. Salvo 6L'<.<W0 bal.-s. 

'Cold— May 176.70 1 177,10.. Jam- 177 JO 
<177.601. July IT-s.tfl. aue. 19.30. n.-t. 

161.00. Dee. Is4.;01. Fvt> I'M 90. April 

1SA.50. June 10220. Aug. 194.90. Hct.» 

137.00. Dec. 200.40. Evb. Salvo: 


t Lard — Chicago loo»- 22-50 uuavail ». 
Nl-u York prtniv su-ant 24 00 inidrd 

122.30 trod'-di. 

IMalxe — May 262-162 136.“.:*. July 256- 
2567 1 2381 ■ . S. pi. 234;. Dec. 257-257 1. 
March 264-264!. May 2 06- Mi'.. 

SPUUnem— July 242.2* bid '17..WI. 
Oct. 213.W 1232.901. Jan. 242 90. April 

243 .UU bid. July 243 lu. Uvl. 243.30 bid. 
Jan bid. Sales. 2.919. 

'Silver— Spot .‘.ll.uu <303.90 1 31 ay 312.70 
1312*01. June 51.7.M « 514.001. July 517.40. 
Si pi 524.50. Dee .»Vi.s0. Jjii. 53S SO, 

M.irvh May 555.90. July .'>04.50. 
Sept 572.99. Dm-. 5SJ.MJ. Jan. 3RD 30. 

March Slfl.Jfl. Salve in.r.ut*. 

Soyabeans— Mo) 71*! -7 W ‘7J7:>. July 
7167UB! i7X7i. AUts. liM14>S7. dvOI. U9, 
Nov. 626CS!. Jan oSi;. March 646. May 

Soyabean OH— May 27 73-2T.MJ <2s.4fu. 

' nji. AUK 25. 7625.03. 

Oil. 25.>D-2o.7o. Dec. 

21.15-23 10. Jan. 22.MP23.W. Murvb -42.70. 
Mar 22.40. 

IIKSnabcan Meal-May ITS. 00 u?) 

July ILt.3v-iyi.l0 'iv!.™.. All*. ly:J6 
JS0..S0, Si-pl. 176.30. Ort. 170.50, Doc. 
l»S.2»-2SS.jO. Jau. 169 uu- HW 3u. March 
l71.J6l77.nn. Stay ITJ-So. 

Sugar— No. II; July 7.167.17 i 7 34i, 
S.-P1. 7.45-7.44 >7.72 1. Oil. 7 35-7.37. Jan. 
7.7U-S ts. uaro-h X.37-S.3S May S.54-S.38. 
July 9.76S.77. Scpl. bJW. Ol'L 9.00. Sal«: 

Tfa— 548 M asked < 320.06 34j lW ASkod> 
‘Wheat— Slav 520 «rii. July 321-ias 
1 3Sli. Sr pi. 326 Dec. IWI-UI. March 

.til. Moy -ISO. 

YfWSlFEO. Max 17. tl Rye— May 
bid Julr IHW a«kiyl UfaJSi. 

, Oi-l. 109.08. Nov. 107.5(1 DOtn.. Dec. 18S 60 
1 aSkcd. 

ttO«s— May SS.fio iSj-So btd>. July 61.70 
bid tRO-TOt. 0«, 7S-SI! bUl. Doc. 77.10 

asked. March 76.10. 

ttBarhw— May sfi.40 July tio.w 
i*«ne*. DO. 30.10. Dec. 30.19. March 
so.30 asked. 

SFlUKed— May !5fl 00 bid (205 00 bid •. 
July 2 W.7P 1266.00:. On 261 JO. Nov. 
230.59 asked. Dec. 256.70 asked. 

•rwheat— SC4 RS WA per row aratelB 
conical of St. Lawrence 1B3.15 i lfiJ.fili. 

AU cents nor pound cx-warubtiKw 
unless ptbcnriM' staii-d, * 9s pur tror 
uum.i.-s— too ounce lois. : Chteau loos* 
fs per inn lbs— Di-W. of An prices pre- 
vloub day. Prmc tucaai fob. NV bulk 
tank cars, t Ct-nw per 56 lb bushel cx< 
uaro-housc. 5.000 bushel Jnrs. j ts per 
troy ounce far 50 or units of BBJ per 
cent purity delivered KY . ' Per 

troy DUDce us-warfhousc. li New " R *■ 
LdDirjii lu ti a short ton ior bulk lore 
of ion short tins delivered i.o.h. cara. 
dtii-aao. Toledo. Si Louis and Alton! 

’* Cutis per 69 lb bushel in store 
*r Cents pier 24 fa hnsbeL Cents per 
IS Jb bushel cx-irarobuiuc. ft Coats per 
'll lb bushel cx-waro-bause, LOW btfabei 
lou. ! .*• JL per lannc. 

Financial Times Thursday May IS 197S 



Second-line equities illustrate underlying firmness 

Leaders drift after early improvement— Short Gilts ease 


Account Dealing Dates 

♦First Declare- Last Account 
Dealings tions Dealings Dav 
.May 2 May 1L May 12 May 23 
May la May 25 May 26 Jun. 7 
May 30 Jun. 8 Jun. 9 Jun. 20 

* " Hen lime " dealings may take place 
from 9.30 a m. two business davs earlier. 

Motivated by more encouraging 
industrial pointers, including the 
monthly index of production 
which was slightly higher over 
the first quarter of the year, and 
ignoring unsatisfactory trading 
predictions by some leading com* 
parties, stock markets resumed 
Tuesdays late firmer tendency 
and generally opened better. 

Secondary issues, and especially 
situation stocks, continued to 
claim considerable attention and 
many firm features developed 
which were often maintained de- 
spite a subsequent reduction in 
trade. The leaders, however, re- 
peated the previous day's 
performance with interest waning 
after the first hour or so and a 
dmvndrirt setting in to the close 
of business. 

Ahead of today's announcement 
oT latest money stock growth, a 
close eye was being kept on 
sterling in foreign exchange 
markets and initially lower rates 
caused some concern which found 
reflection In British Funds. The 
longer maturities were unable to 
sustain small early imorovements. 
Potential buyers of blue chip in- 
dustrials were also apprehensive 
or the easier pound. 

The FT Industrial Ordinary 
share index, down 1.3 at 480.3. 
receded for the third successive 
day. This again contrasted with 
the main body of prices as seen 
in the majority of rises over falls, 
bv 2-tn-l in FT-ciuoled Industrials. 
This illustrated buyers* continuing 
faith in quality smaller concerns, 
lines of which can still be readily 

Greenwich 11$ per cent 19S6 lost sion in which ICI improved mar- helped Capper Neill add 3 to Tip. ing put on 4 to Top following news 
2 to 4SJ. in £50-paid form. finally to 3fi3p and Fisons to 370p. Dirport hardened 2\ to 78p. the of the proposed dividend-boosting 

Traded options remained fairly Elsewhere. Brent Chemicals added annual earnings being slightly rights-issue which accompanied 
active with 792 contracts being 5 to 179p ex the rights issue: the bettcr-than-expected. Tc\ A bra- the interim figures. Cape Ind os- 
transacted. Marks and Spencer new shares encountered a reason- sives revived with a gain of 4 tries hardened 2 more to I25p. 
became prominent with 192 able trade and dosed at 160p at B9p. alter i26p. still on hopes that 

trades, while Coortqulds were not premium. Stewart Plastics added Tate and Lyle remained dull Charter Consolidated may bid for 

far behind with 181. ICI were 6 to 140p in a thin market and. in Foods, failing 8 to 174p for a the outstanding shares it does not 
next busiest with 133 contracts similarly, Wolstenholme Bronze two-day reaction of 12. Associated already own. Further speculative 
while the 390 series introduced rose 5 to 202p. Biscuit, at 83p. gave up the pie- buying lifted Sharna Ware 3 more 

yesterday attracted the best day’s , vious days gain- or 3 which lol- t0 mip. white Whatman Reeve 

business in any one position with WoolWOfth better Chairman’s statement Angel hardened 5 to 247p in a 

SO trades In the July period. .... . .. . _ ... at the annual meeting. Ollier firm thin market. Stonehm edged 

Th „ ihrtcrh,.* Wlth thB “cepuon of F. IV. spots included Hillards and i-w- fonv . ard a penny lo 9fin despite 

? curr * ncy Woolworth, which hardened- a fond, both of which finished 4 ^Ver annual earnings and Hestair 

fnr JSf 1 l T? < ( WS* P enny to 86p in response lo the better a t 211p and 132 respec- ^ 4 

the day for investment in the U S. 
The premium touched a day's high 
uf 11 1J per cent before a dose of 
110* per cent, up lj, Yesterday’s 
conversion factor was 0.6S49 

Gen. Accident lower 

F.T.- Actuaries Index 

First-quarter profits well below 
market expectations unsettled 
General Accident which fell away 
to touch 206p before rallying to 
finish 4 down on the day at 214p. 
Other Composites gave ground in 
sympathy and losses of 2 and 6 
respectively were seen in Eagle 
Star. 143p. and Royals, S60p. 
London United, however, moved 
against the trend at 176p. up a 
further penny. Elsewhere. C. E. 
Heath rose 10 to 285p on further 
consideration of the good pre- 
liminary results. 

rights issue. 

Although business in Motors 
and Distributors was at a low- 
ebb. rices were generally better 

where changed. Kwik-Fit, down 
3 on Tuesday, rebounded 6 to 
53p on second thoughts about 
the results and capital proposals, 
while tbe substantially increased 
profits caused Hartwells to harden 
2 to 103p. Pennine Motor attracted 
u good business before closing 
21 harder at 6Jp. Nelson David 
edged forward a penny to 8jp, 
while rises of around 4 were seen 
in H. Peny, 20Sp, and Tate of 
Leeds. &4ip. 

In Newspapers, issues with a 
North Sea oil flavour found sup- 
port after news of improved pros- 
pects in the Argyle Field; Asso- 
ciated firmed 5 to I56p and Daily- 
Mail “A" rose 4 to 2S2p in sytn- 

response to easier Australian 

Still reflecting the good perfor- 
mance of Wall Street, Investment 
Trusts continued to edge forward 
in light trading. London Trust 
Deferred were good late at IMP, 
up 4, on the increased earnings 
and capital proposals, * while 
similar gains were seen in Equity 
Income. 195p. Viking Resources, 
92 3 p, and Winter-bottom Trust 
192p. Camellia Investments 
remained popular, rising S to 23Sp 
for a two-day gain of 18. Britannia 
Arrow were notably dull in 
Financials at 19}p, down 11, on 
the trading deficit 

United City Merchants returned 
to favour in Overseas Traders, the 
ordinary rising 4 to 72p and the 
10 per cent loan 5 to 71p. 

John Beales figured prominently 
in Textiles, rising 7 to 6»p on 
small buying In a restricted 

Gfut'rnnivul jrr» - k * 

r Inlrrt-i 73_30- ,2.40 

Iihiiotria! UnliHitV.,.. 480.*' 481.0. 
fi.4.1 Min-* 1506 1513 

ll*v' . May . , JUy Mae 

f. : I" I Ur VS ! 

71.12~Vl.I4 71.4? -71.02 

Ma’v | May j A jar 
U 1 W UgO 

73-30 72-40. 72.40. 72.26; 
480.3 481.6 485.0 488 3] 

Onl. Uiv. Y..-M 5-31 » 5 50 

Eanuns".V-’I.LLU'»m'< 16.73 16.75 Ib.bfl 1G.6S 

P.-BHal.n.n.mV: • 8.00. 7.99 : 8.0EI 8.« 

Dealing ni«l.-i 8.707 5.885 5.546, 5.039; 

Bqutiy iiirn“'- , - r rin...; — 87.80 S3.BO; 9S.7€ 

Equity lirjuj* t.ihil.. _ _ ■ 17.955 17.8 62- 18.426 

III a.m. 4sa.7. t! a m. 4S1.S. N«m 4W-S 
■; pjii. J7P.$. p.m. 4>A*. 
Latest Index Ol-Ctt M3L 
• Ban.-.! on L2 p-t wni ihwijmihih i.w- 
Basis I'M (En' 1 . ft-vi. l.i It* :\i. Eisi-i| lot. IWi 
UUies L! S V* .'E Activity Juls-Dcc. IWi. 

70,B7| 71.01: 71,48 

72-231 78. IT 71,16 
479.»i 475.0' 477.4 
150. & ' 148.4 ; 
5.58 5.84' 4M 

16.931 17.11; 

5.885 5.546, 5.039' 3.08 L 5.43S 0,954 
87.80' 93.8ai 92.76 80.23* 72.48: ; 10il« 
17.955 17.882 18.426 r IS. 063ilI9.ft9a 

l (0. 4RI.B. Nfum 4»S j p-m. sax - 

Nil— J.8S. 

lad. orfc 1‘7.'3I. GOU 



i May j Uay 

r .17 -| » 

Curt. Sees- 7853 

ilKiflS • s&HUtijiwi' 

Fitnl InU... 81.27 
H 1, 

Iml. tint..... 497.3 
. if'. I » 

Cnlil Mlnr*. 168.6 
:• .i- 

70.97 127.4 > 49AB 

(II 2i , • 1-". Ifiai 1 

73.17 i ISU.4 : 90.53 , sjwitatixvug'. SO 41.4 
•UW .,>.11*17 : -A'!- 7 " . Mai* ^39.9 104,0 

453.4 i 649.2 49 4 ! t4a 2 ™_ 

o ?i . id «i t',’ i n ri;,dui .185,8 

‘- 51 . J '** ^ : linli«Urats-..f 197.4 195J 

130.5 442.5 43.5 1 iSftn.tatlx*..* 41.5 57^ 

ip.ji • ;;-..>ria-7h ] ti^ais — laslo 129,9 

Dreary day in Funds 

Sterling anxieties inhibited 
would-be buyers of GiJt-edged 
and quotations were irregular in 
a relatively light trade. Medium 
and longer maturities were 
marked i higher at the outset but 
were unable to maintain the levels 
and went l easier before revert- 
ing to overnight list prices. A 
contrasting trend among the 
shorts saw quotations down at 
one stage before selling dried up 
in the face of renewed small 
demand which reduced the losses 
to 1 and to slightly less in the 
after-hours’ business. The near- 
ness of today's money supply 
figures no doubt caused general 
unease and many operators 
remained critical of the authori- 
ties’ decision not to lower the 
price of the long tap last week 
when potential buyers were in the 
market. Gilt sales at that time 
would have helped the banking 
figures for the month, which 
dosed on Tuesday. Corporations 
adopted a mixed appearance with 
the falls usually again sustained 
by lhe nearer issues, among 
recently-issued Fixed Interests, 

Sentiment m the major clearing quarter profits, leading Stores Wheeler's Restaurants remained S^to^Ti^after t ^esh B eon^ 

2?.? ks ,.? a . s ,t d7e i se ^ a F e £ ted hy te^ed to drift lower. Burton A on offer in Hotels and Caterers. Seration of tr^ ^esSlbs and 

talks that the Bank of England gave up 3 to 120p and Gussies A slipping 23 to 330p on fading bid in Teres t DIIt on 4 + Q 74^ in res- 

may soon re impose corset restric- f to 288p. Elsewhere. Foster Bros, hopes. Reo. StaKs contrasted Pr«smcn?iom 

uons and. although no heavy sell- Clothing added 4 more to 116p with a rise of 2 to a 197S peak ponse 10 " ess menuon - 

ing developed, prices drifted following comment on the results of 44p on further consideration . 

lower. Barclays ended 6 off at and Lee Cooper hardened 2 to of the interim statement. vliiJe I*rop6rtl6S 011161 

^°“P* whrle Lloyds and NatWest i47 P for a similar reason. Buyers’ speculative demand fn restricted , p -. n - r t i|M . n ,_ pd d „ix 

both relinquished a sun riar amount car ne for H. Samuel A and the markets Jeft M. F. North 4 up at 

c0 ““. 011 J lev ®l of 287 p. close was 10 higher at 270p, while 51p and Myddleton Hotels 20 to Ln h Spr hSfh V^Sinle 

Midland declined 3 to 377p. James Walker firmed 4 to 86p with the good at 230p. „? d to 12TO ?e* 

Australian issues moved higher in the N/V 2 up at 83p. Readlcut, ^ILSSJSc whilTFnP^h Prowriv 

sympa hy with the strength of 0 n the other hand, declined a Hnnqp liinin 1" ^nnv^sier 

domestic markets; ANZ firmed 10 penny to 34 jp in reaction to the LrOSDV HOBSe jump closed a pem^ eas er at ^P- 

Wa?« V'to ^vSLSSS 3111,031 reSUltS ' Miscellaneous Industrial leaders laio edT^(irm undertone but im- 

Cate? Rvder a ?S n f Secondary issues provided the Performed as they did on Tuesday. proce mems were again modest, 

pence harder at 295 d follovrine the interesting movements in dnfung down from a firm start ^ otab i e exceptions included 

results while ^Ule! JSS'S Electricals. Fidelity Radio rose due largely again to the fresh B* rllt ,, ev Hambro. which eased 4 

Ro« “ainS 19 * 4 to 82p on further consideration early reaction m sterlmg. Still t0 07p on lack of interest, while 

Breweries were oSeilv rteadv results, while Louis New- unsettled by the disappointing small filing left .Alinatt similarly 

w i t h 'wh it bread S dosin- l’ raark - 172 P- and Electrocompon- first-quarter figures, Unilever che a P er at 198p. In contrast- 
better Ir a wra oeak of inOio 39 8P- P ul on 4 and 8 V ,uched °? 8 P before closm 5 .2 housebuilders Fairriew Estates 

followin'* prelhnJnarv figures in respectively. MK Electric hard- down on balance .at 510p. while encountered renewed buying 
fine with Sarter^x^Stfon? ened 3 t0 J76 P- but the leased Trafalgar House also closed 2 interest t0 firm 2 to llSp. 
Elsewhere Goueh. Br^ moved mi e*rnlngs fafied to sustain Energy easier, at 131p. following comment Leading Oils saw good turnover 
3 to 52n ’ H Services which closed a shade on the interim performance, in which British Petroleum firmed 

Leadin'* Buildine descriotions cheaper at ^P* PUkington shed 10 to 4S0p and 12 to S90p helped by the over- 

dosedwith John Brown again featured 5W. 1 

Australians strong 

The recent forward -surge in 
Australian mining issues gathered 
pace yesterday following another 
sharp rise in overnight Sydney 
and Melbourne markets. 

All sections moved ahead 
strongly and trading was 
described as extremely active. 

In Uraniums. PancontinentoJ 
led the way up with a i improve- 
ment to a 197S high of £121. 
while Pcko-Wailsend added 6 
more to 462p. 

Base-raetal producers were 
featured by Western Mining, 
which rose G to a high of 129p 
following news of a base-metal 
discovery near Benambra in 
north-east Victoria. 

Other basc-metol issues to 
register new highs included 
Bougainville. 6 up at U4p. BH 
South, a similar amount firmer 
at 94p and SUM Holdings, 4 better 
at 190p. 

The London-registered Hamp- 
ton Areas climbed 7 to a high of 
137 p. Diamond exploration hopes 
lifted Conzinc RioUnto 10 to 220p 
and Northern Mining 12 to 66p. 
while speculative buying enabled 
Metals Exploration to advance 5 

Slock lion 

BP n 

ICI £1 

Barclays Bank ... £1 

Capper-Neill 10p 

Shell Transport... 23 p 

BATs Dclri 23|> 

Harrisons Malay. 

Ests. I UP 

Lloyds Bank £1 

Lucas Inds £1 


Beecham 25|> 

Courtaulds 2op 

GEC 2Sp 

Inveresk Group... 30p 
Marks & Spencer 23p 



Dcnonunu- m’ Closing Change 
lion marks price (p) on day 
.... £1 20 S90 +12 

. .. £t II Z&i + 1 

... £1 10 352 6 

.... I0p H 7a +3 

t... 25 p t» 362 ~ 2 

.. 23]> S 2J2 + 1 

iu' (’losing 



1978 - 

marks price (p) 

on day 




20 SD0 


. .894 




+ 1 

■vans - 





10 352 

~ 6 



J . 

H 7a 

+■’ 3 

- (a 

33 • 

m * 

P 362 

~ 2 


484 ‘ 


S 202 

+ 1 




DEALING DATES Stocks favoured for the eal 

First Last Last For deluded Kwlk-Ftt. Lee Cooper 

S3- inn!- Dectera- ScWe- English Progj Altkc 

i n e« lues tion ment Retailers * Gomptoa Sons Webb' 

5DnflO Ma -"' \u^ 3 lug IS Rac*I Electronicf 

Aug*. 17 Aug! 3fl 

Sff 7 Jiiiu 20 Aug. 31 Sep. 14 «*d ***** 

h v doubles were arranged m Gnssfc 
For rate indictitiiiiis sec end of Kuik-FIL H.- and J. Quick* 
Share liifnnnation Service. Lofs, and English Property. 

to 23p and Tasmlnex put on 15 
to 95 □. On the other hand. 

secondary issued held steady to EnTneerings ^th a rire of lO * roa 4 l of anual results, shell eased sUghtiy to 562p in 

firm namanri in •> thin ..i.i-.t ; — Boots moved between narrow front of the first quarter figures. 

firm. Demand in a thin market more ro 3Slp on continued invest- 

lifted Pochins 9 to I22p, white ment and speculative buying ferries of 225p and ^2p before due today. Burmah, previously 

Watts Blake Bearne finned 6 to ahead of preliminary results dud fip«_sbu>g unaltered at 224p. Glaxo steady, firmed 3 to 61p m late 

173p in similar circumstances, next month. Other leaders to at ^P. however, managed to hold trading following the amiounce- 
Orme Developments closed ua- make headway included Hawker 10 “ early gain of - Else- ment of the award of its sixth 
changed at Slip after a good two- and Tubes which rose 4 to 21Sp where. Crosby House jumped 20 successive contract to trans-ship 
way business following the re- and 37Gp respectively. GKN, how- W| th sen timen t buoyed crude oil at its Bahamas terminal 

viva I of rumours of a takeover ever, were friendless at 272p. hy the previous day's disclosure for the U.S. strategic petroleum 
from George Wimpey. Evyant down 5 Elsewhere, London and that the international Investment reserve. Among North Sea- 

Holdings. on the other hand. Midland moved up 3 to 82p on Trust had acquired a 27 per cent orientated stocks. Oil Exploration 

firmed 2 to 50p in late dealings an investment recommendation stake in the group. Demand ahead came into demand after the 
following the outcome of the and W. G. Allen (Tipton) aeded of next Thursday's interim chairman’s confident remarks and 
court case in which the company 4 to 54p in belated response to results helped Gomme advance 4 rose 16 to 234p. while Siebens UK 
admitted corruption charges. flt.J. news that Brockhouse had to 80p, while fresh speculative added 6 to 362p. Premier, 16ip. 
Gleeson eased H to 45ip following acquired a 14B per cent stake in demand on revived bid hopes left and Ultramar, 292p gained 1) and 
the interim figures. the company. Speculative buying Johnson Gronp up 51 to 10Sp. 4 respectively, but Weeks Natural 

Chemicals passed a quiet ses- fuelled by take-over suggestions Central Manufacturing and Trad- Resources gave up 7 to 175p in 

to 95p. On the other hand, 
profit-taking left Paringa Alining 
and Exploitetion 2.1 easier at 26p- 
and Ncwmetal l off at 52 p. 

In contrast with Australians. 
South African issues were sub- 
dued despite a further 82 rise in 
the bullion price to $177-375 per 

The Gold Mines index re- 
linquished 0.7 to 150.6. Among 
the heavyweights Vaal Reefs 
managed to hold a gain of h. at 
£12 while, in the lower-priced 
Issues, rises of 5 were common 
to Libanon and Southvaal at 49Gp 
and 460p resnectively 

South African Financials held 
quietly steady but Platinums 
gained further ground in response 
to- the fresh rise in the metal 
price. Lydenburg added 5 to 70p 
while Bishopsgate, SGp, and Riis- 
tenbnrg 90p. improved around 4.- 


Thf followin') l.XurltlM quoted ID the 
Share Iniornution Scnko vMterday 
attained new High* and Low* for 1979. 

NEW HIGHS (227) 

BANKS (3) 

BEERS <31 

HOTELS 14 1 
INSURANCE <41 ... 

TRUSTS 146) 



TEAS 1 2* 

MINES 111) 

Exchar. 12(jpe 1931 Elect, or. BASC 1933 - 
TrrML 8-:pC '00-02 

FOOOSI2) ■(»• 

Spiders Taw A LYt* 


Glove* Group . 

PAPER (» ^ 

Down TrMant Group 

TRUSTS (II ji «U- 

Throamortan Growth- 

OILS (1) 

CCP North Soa ■ . 

MINES.U) - - 

Rhodesian Coro. .i* * • 




Troas. lOiarrapTWa^li.. 
TreaarO.I'WC. 1981 ExSNr. 9'aPC 198i 

Up OownSxr 

British Funds 



’ 5: 


Corpus. Dorn. rod 

Foreign Bonds 






to 1 . , 


Financial and Prog. ... - 



26 .. 

Oils - 












9.- *• 

Recent Isas — 



. 1 • 

Tota» ~.:r • rww 




um -- 5 -*- -t 


Telex: Editorial 886341/2, 883897 Advertisements: 885033 Telegrams: Finantimo. London PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 $026. 


These Indices are the joint rampilatian uf the Financial Times,, the Institute (rf Actuaries 1 ;' 1 


Amsterdam: P.O. Box 1296, Amsterdam-C. 

Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex 338650 Tel: 021-154 0922 
Bonn: Presshans 11/104 Henssailee 2-10. 

Telex 88G9542 Tel: 210039 
Brussels: 39 Rne Dncale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Frtzwilliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-226 4120 
Frankfurt: Im Sachsenlager 13. 

Teles: 416263 Tel: 555730 

Johannesburg: P.O. Box 2128. 

Trie* 8-6257 Tel: 838-7543 
Lisbon: Praca da Alegria 58-1 D, Lisbon 2. 

Telex 12333 Ten: 362 508 
Madrid: Esprondeeda 32. Madrid 3. 

Tel: 441 6772 

Manchester: Queens House. Queen Street. 

Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samoteehnaya 12-24, Apt 15. 

Telex 7900 Tel: 294 3748 
New York: 75 RockefeUer Plaza. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Rue do Sender. 75002. 

Telex 220044 Tel: 236.5743 
RJo de Janeiro: Aveoida Pres. Vargas 418-10. 
Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: e/o Svens ka OagMadeL Raalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8th Floor, Nihon Kelzal Shimbun 
Building, 1-9-5 Otemachi. Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 E. Street, 

N.W„ Washington D.C 20004 
Telex 440225 Tel: (202) 347 8678 

Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Fraukfurl: Im Sachsenlager 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House, The Head row. 
Tel: 0532 454969 


Si’n-iw, Clnsinji 
prii-e ..ffer 


. Cl'WtOi 
' effer 





: Equity 







• 183’ 




























■.Com. Colon 








Oom. Union 




1 « 




Cmn, GnlU 



. 2 






Cons. Gold 




I 8 I 3 





Con run Ida 


25 i a 










11 - 



20 i z 




- 120 

9 >2 


: 13 









9i 2 




























Umnd Met. 






24i £ 



Grand Met. 







GmO'l Met. 














- 55 













6l 2 






Laud *era. 








FoiuvJ Seoi. 








Land dee»... 








Marks £ b|i. 






18i a 



Marks A. ?i*. 




































and the Faculty of Actuaries 


— j ?r.7 s *"‘ ’ 5 * 

Tues. Hob. FW. Thar. Yta 

Wei, May 17, 1978; I ^ hgr \ «r V MB 

•Locks per section 

Manchester: Queens House. Queens Street. 

Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rue du Sender. 75002. 

Telex 220044 Tel: 236.86.01 
Tokyo: Kasahara Building. 1-6-10 Uchikanda, 
Chiyoda-ku. Telex J 27104 Tel: 295 4050 


.2 Tin iirting Materials (27). - — 

S Contracting, Construction (26) 

4 Electricals (15) 

5 EnguieerfngC<mtractins(14) 

6 Mechanical Engineering (71) 

8 Metals and Metal Forming (17) 


11 (DURABLE) (5Z) : 

12 U. Electronics, Radio TV (15) 

13 H o u se h o ld Goods 02) 

14 Motors and Distributors (25) 


21 (NON-DUKABU3(176) : 

22 Breweries Q4) 

28 Wmesand S{Rrits(6) 

24 Entertahment, Catering fl.7) 

25 Food Manufacturing (223 — 

No. , 



















-0 2 





Est Grass Est 

Eniqs Dhr. P/E 

1*7j' *- 

ST: - ’ 

362.( -* ---“ 

im 2; 

19751 19678 
230.M 2S2J8D 
17655 276l85 , 
12658 32755 

m* -i 



28559 287.25 
23950 2CL09 
26Z.35 26555, 
26255 263.95 
19052 19459 



Gopii> iibiainuble from newsagents and bookstalls worldwide or on regular subscription 
from Subscription Depart ment. Financial Times. London. 


Edited by Denys Sutron 


Published monthly price £2.00 Annual Subscription £25.00 (inland) 

Overseas subscription £28.00 USA & Canada Air Assisted S56 

Apollo Magazine, Bracken- House. 10, Cannon Street. London. EC4P 4 BY. Tel: 01-248 8000 










.6.71 , 




15453 I 165.94 
195.75 | 19633 






-05 — 

19956 —LA 23.75 
19934 +0J — 

39932 -0.9 3332. 

1A0.71 — 

127.93 -L3 
356.47 +05 3355 

8055 +02 - 

229.42 -05 2.99 

+0J 23.99 
20935 +05 3.16 

9750 +09 17.03 

Tlflin ~-0.A 1539 

ALLSHAKEINDEX(6ra J 217.47 ^03 

L > g 1*^™* H'l-irmriM. i ! V 1 

Lir a Esa E3 toAiA rrvi w . ; r-§ 

L-AJ E5H KEj fctvvj ESI E33 ESI 











20759 20639 
9625 I 9635 

21753 21832 23856 







23632 1 1% 




The rvilowtng taWc shows the pcrceniaac dwngcat which hove token place since December 30. 1977, m the prtsclpal 
equity 5 ccUbrs of the FT Actaaries Share indices. It also contains Km Gold Minos Index. 


Price 52 

■ Tobaccos 

• Oversea* Traders . . 

Cold Mines F.T. .. . 

Newspapers am) Publishing 

Office Equipment .... 

Mining Finance 

Engineering Contractors 

Motors and Distributors 


Mechanical Engineering 

Mcul and Metal Forming . 


Insurance Brokers 

Breweries - 

• Toys and Games . _ 

Wines and Spirits 


• jpitjl rionds Group 


'‘••ntfunuT Goods t Durable Group. 

..hi) Share indvs 

Ail Shad.- index 

lodusinal Croup - 

- Contracting and Construction 

Other Groups . .. . 

Coos. Goods i Noo-Durablc > Croup . . . 

Insurance (Llfp) 

Building Materials .... 

Entertainment and Catering 

Packaging and Paper . 

Investment Trust 

Electronics. Radio and TV 

Pharmaceutical Products 

Financial Group 

Merchant Banks 


Household Goods 

Food Manufacturing 

Stares .... 


Insurance {Composite) 

Food Retailing 


Hire Purchase — 

Oise mint Hooses 

t Percentage changes based on Tuesday, 

- + 133 

+ 142 

+ 048 

+ OJ* 

+ 042 

+ 047 

+ 04k 

. + 8.02 

- 0-74 

- 041 

- 2.73 

- ...... - i2fc 

- 243 

- 3J3 

“ 17J 

- - 3.72 

- S.R6 

.. . - S.7S 

- 743 

- - ?4B 

- 1J0 


May IS. 1178 Indices. 

aon s« 

3b Nil 
50 F.P. 
Sc24 Nil 
l&Brta .Mi 
72 Nil 

— ilGOfim 
51.0] IM 
— Ulpm 
— I 2pn 
23/ft: 30pm 
23r6; 513 

9fb, hi 
13/6: 128 

- : 

High j Dow 

I60iun]158pm Brent Oieminls 

! Cloelor !+ nr 
! Frlee [ - 


lUpni Ui mti n burnt Keur 

lia Unlhmsh 

13 pui [ Canadian Imperial BdL_ 

33 pui [Canadian Imperial 0 dL_.. 
MI Deelkraai irulil 

28pm Huriroii Uhllan*!- 

ttSlHulfioinuree llfurklntusti 


163 iTiimer L N>m!l 

i^poi U'uliuj 

-i 160pm: 

. aois pm, 

.! 136 It- 1 
41uni' + Sl3 
oil 1—1 
28 pm'— Ja 
. 51$pm) ..... 

62 • 

■ 184 |+ 1 

. si] pm; + is 

3 Over 15 years 

4 Irredeemables. 

5 Allstocks 






xd adj. 

to date 


HU 0 












- — 




'• . — 


(J2 (52 7. 

1DJ5 3655 16. 

3142 3142 3L 

lfl.94 1019 9- 

325* 3ifl4 U 

3224 1224 H 

3123 3119 It 

1238 - 1257 If 

M51 1356 32. 

1136 3138 & 

Indwt I Yield 
X*'- % 




May ' 




Mutalov] Ye 

Konunciaiion nolo usually last day for dealtnn free o! stamn dnty. b Klffures 
baswn on prosm-cius tstimaie. a Assumed divuinnri anri mid. u Porccasr dirtdend: 
cover based an previous year's caromas. r Dividend and vtein based an prospectus 
or other official estimate* for 10)0 u Grass rHcures assumwl. t Cover ,i«w. 
(nr conversion oi shares not now ranlaiw for dividend or ranking only for restricted 
iHridt/ndi. r HI a emu price to public, p: Pence unless otherwise mdicaied. 5 [asued i 
by tender. || Oftored io holders of Ordinary shares as a ■■ nahifc” •• Issnnt 
by way oi capita lisa Hon. tt uinimum tender price. S3 Relnrroduced. is issued 
In coonectjon with rcQrsanlssdon meaer or takeover. (Ill IsmidncUon. □ issued 
to former Preference holders. ■AllaDnnor letters (or fnlly-oald). • Provlstonal 
or partly-paid allotment letters. * with warranu. 

16 20-yr. Red. Deb & Loans ( 15 1 ^75?'tl254 6757. 57.73j 57.69 &7.70; 5 » 7 . 6 b| 57.77 37.87 66.4 

16 Investment Trust Prefs. f 15 1 58.17 15.61 52.17 52.17 1 52. 16 6256 1 5S.4Q sa.46 6357 68.t 

17 Com), and lndl. Prefs. (20 ) 70:41 18.96 70.30 70.32 ! 70.32 70 32! 70.35 70.SS 71.86 _7U 

ciamai m '"*'"** 

London, EC4P 4BY, prlco Up, tor post 22p. 


■ 7 



offshore and 



■a sat 



ui« (ni 

i£l Kl 

5 j« 


5 § 2 .' . Ltm 

?' 9 

• SS™ Iril & Bail la Lid. 9 % 
£. 5?° Express Efc. 9 ■£ 

i efifwo Bank 9 % 

£•* Ltd <) i- n 

«met life Auaiuce Co. Ltd. 


rn.i__ **»« 

-SS? 17 A^sbacHer 

«*g^o dp Bilbao 

■i jigj* of Credit & Cmre. 9 
*i rTiSrf of Cyprus 9 i* 

'i Of SAW.- 9 <7 

,' Bctec Ltd 9 Ti 

* “fifi* d Jl Rh0Tle 9 i °>’ 

, Bank 3 "T, 

Christie Ltd.... B!«S 
■ -* JPd 1, Ho,dJ n»w Lid. JO o;l 
o?ind. East 9^, 

•8JX. s £* ,e >‘ 9 ^ 

aSHf A*? 1 - Tru{:t 9 '« 

^§We?r C M CFitLLld - 9 *" 

- xEi ** ld 9 *5 


Jgg^JiMise Japbet ... 9 ^ 

9 «T, 

Coates 20 “5 

.^J^ated Credits.. 7j^ 

^gptnre Bant * 9 % 

wSSPF S^rities... 9 «Y, 

Lyonnais 9 % 

' §3?* I 0 t 

igfSUsr::: S 5 

*2 potion Sera. ... 9 ‘V, 

.*5 <**>"■ wt. 

■ Hill Samuel 5 8 % 

% C. Hoare & Cu t 9 ft 

■ft .Lilian S. Hodge 10 % 

% Hongkong & Shanghai 9 ft 
‘n Industrial BR. of Scot. 7*% 

n .l Keyser UJIinann 9 % 

'7, Knowslcy & Co. Lid. ... lljft 

Lloyds Bank 9 ft 

Vi London .Mercantile — 9 ft 

7i Edward Mansun «& Co. 10f- 

V* Midland Bank 9 % 

7, ■ Samuel Montagu 9 ft 

7 , * Morgan Grenfell 9 ft 

S Naliunal Westminster 0 *71 

1 .Norwich General Trust 9 ft 

1 P. S. RefsoD & Co. ... 9 % , 

1 Rossminster Accepfcs 9 ft 

, Royal Bk. Canada Trust 9 % 

Sehlosinger Limited ... 9 % I 

E. S. Schwab ■■■ JWJ 

Security Trust Co. Ltd. 10 % 

Shenley Trust 

Standard Chartered ... 9 % 
Trade Dev. Bank .— •• J ™ 
Trustee Savings Bonk 9 ft 
Twentieth Century Bk. io ft 

United Bank of Kuwait 8* 

Whitcaway Lsfdiaw ... 

Williams & Glvn tr 

Yorkshire Bank B 10 

■ MrtMh-r* m 'hr Acvvi'iinB Houses 

. TiisiCv b. . J-nwulft UiPWits 

anbmgJi Fenslmu United 
41-48 Hadden 5L.Un.WlB ALA 01- 

7 ■■ »y if. pitNilft l»' 
FI' . 

* q i' : ‘ uvcr ■ I rtV> H ‘ 

Cuinatcnd w* '1m. Bn* Bnica' laUo. 

Welfare Tasorawee Co. LULf 

Leu. Folkestone. KenL Q3035733J 

enunkerFd-.-l 20L3 I I _ 

ouer funds, please refier to TneUndbne 
Xucbatsr Cmap. 

Life Amur. C& Ltd. 

lHlgh Street. Windsor. Windsor SOI 44 



1 3lTZ, omb noi 

F d rnt crest income jjgjg 

LORAL INDEX: Close 480-485 

INSURANCE base rates 

I "°peity Growth 9 i«r 

' t *° bru Sh Guaranteed • sjte 

rpss "twy-n under Invarancr untl Propi-riy Bond T,wli*. 




Head offic 

. . . for all business 
with ISRAEL 


J'±^ t m ’H- -- 



Head office and West End Branch 
4-7 Woodstock Street. London 
W1A2AF Tel 01-629 1205 

Thursday May 18 .1978 

0742 734068 

Big capital outflow 

from Japan in April 


TOKYO, May 17. 

Shawcross hits 
out at Law 
Lords’ decision 


Institutions play 

THE FIRST major evidence of therefore up on the previous the largest since December 1973. 

Japan’s success in promoting April’s S1.8bn. Much of the outfllow is attributed Bclft 

the export of capital has sur- Following March’s record to the big increase «n yen- BT MARGARET RE1D 

faced in the April figures for S2.43bn current account suiplus, LORD SHAWCROSS a former ‘such deplorable conduct should 

the country’s balance of pay- the April surplus was larger governmental bodies in Attorney General ’ vesterday be regarded as stopping short 

meats, but the overall balance than many -economists expected, April. sharply criticised the recent split even OF the appearance of dis- 

Is still in surplus and in dollar at SLi on, as compared with All told, the outflow of domes- 3:2 decision of five Law Lords honesty,’” 
terras exports were S2.24bo last Aprils S1.23 bn. tic capital amounted to SLlbn„ that ther* u- 3 c ^ <.•,«» for Lord Shawcross said he was 

hard to get 


1 . 

•ts " V 

terras exports were S2.24bo last April s 51.23 bn. tic capital amounted to SLlbn., that there was not a case for Lord Shawcross said be was 

greater than imports last month. The overall balance of pay- and it was not offset by any extraditing Mr. Richard Tarliog far from agreeing with the 
in releasing the figures today, meats, however, moved strongly great rise ia foreign purchases to Singapore to face conspiracy majority decision. He felt en- 
tbe Ministry of Finance insisted towards equilibrium in April 0 E_*° n S" term .Japanese securities charges. titled to criticise the argument- 

that although exports were up due to a massive outflow of long- (§200m. net inflow)' He respectfullv criticised the ation of the majority which 

Edmund-Davies’ dismay 

tion of the yen against the ^ 0 nd issues with stricter deposit require- in ‘the House of Lords last month dismar 

doIlar ‘ , - , , „ ments on free-yen accounts, also when the minority of two Law ^- d Edmund Da les a sma 

Thus, officials said, the rale The overall contributed to reduction of Lords, Viscount Dilbcrne. a d : T ; ded : n Their view of the 

of export increase appears to , °^ arc ^. to r ^“^ m * ast short-term money flows already former Lord Chancellor, and Q _ cf : on Q r dishonestv 

have slowed remarkably from ^onth. .of *e torn- helpe( i b y a lull in foreign ex- Lord Edmund-Davies. entered qu ^“t me dear what 

the March level, when they rose ■ aro ii 1 » d inm?tiw^ change speculation, with this strong contrary opinions. j ^ ^ $ A, e Law r 0 rds 

22 per cent, in value. Mean- ‘ Q account still in the red to the Mr. Tariing. a former colleague .. all a'-red there was no nrima 

time, imports posted a 9 per cent », a . 1D amount of S370m (including of the financier, Mr. Jim Slater. . . ® of .jlshonestv or if 

rise in dollar terms. The result- Man * t0 a Sl1 &n deficil - errors and omissions) as com- won his case on the more serious had asree there was. 
ing trade surplus of $2.24bn was The Long-term capital deficit is pared with S501m in March. conspiracy charges, but still j ^“ouid have made no criticism 

Master Mariners speak 
out on tanker wrecks 

faces extradition on lesser ..^hat 1 deplore is that there 
charges concerning accounting should v, e disagreement on such 
matters, though an appeal a sainst a matt ,» r in the highest court 
this is being made to the Home jn j aa d.” 

Secretary. Describing the case as a most 

Lord Shawcross said: *T 2 ke unsatisfactory example of the 
the most recent example of a tt - ar courts of law were held 
; City case in the appeal in the within the iron framework of 
House of Lords in which 2 bare statutes, risid rules of evidence 

majority of three to two decided an d procedures, he suggested it 
against criminal action. was the kind of matter that the 


“ I do not want to comment on new Council for the Securities 
the merits of that case at all. for industry might have looked at. 

I know nothing of them, and Lord Shawcross. a member oF 

CMPM nF honHIino sn inpnmnntanr «=iv*» roci'HO hi lie M “ UUB ail efrliUrU ITUajlCCIIMl . tun- isaiiUII a.iuum »diui views 

The Ti was that such eluded there was evidence of of financial journalists and take 

fective enuioment a Commons skkroere would dSav a cal^for ^P 1 ^ 11 Ed S e that oil criminal conspiracy and one ex- account of complaints from indi- 

wmmittS wIT fold yestm™ hel? P -‘ untJl the p^t of no carried in the oil 1 companies’ own pressed his sense of dismay that vidual shareholders or directors . 

The accusations came from return.” sh, ?s was safer from the risk of 

some of Britain’s most senior Captain Oliver Elsom. a cross- accident than when shipped in 

mariners, representatives of the Channel pilot for the European chartered tonnage. He declined ■ .ill • A, J /^ *»*%.*■*■** dLama 

Honourable Company of Master Ferries group, said that such to comment, however, when |H .1 | 1 

Mariners and of the Corporation masters were occasionally over- asked why BP earned <0 per J . J lU vH V 

of Trinity House. stretched to the point of physical cent °* lts °“ m chartered 

Captain John Dowie, one of exhaustion when navigating in vessels. 

the 12 wardens of the honour- confined waters such as the _ J 1 1 "■ ^ J • ^ 1 

able company and director of Straits of Dover. Propellers flAQlC! TA ||P CTllfllPn 

??i ra ^ ns J™ "Pilots da report from time UCOlS IU UC 31UUICU 

Elliott Group share 
deals to be studied 

Trading-said that a foundamen- .heir master* pH ,7 th* nn tee of tne ^ 0dun0n f “Penonure 

tal cause oF disasters involving ‘e r ” iast ® rs tired to the point Committee, also asked witnesses 
6 of exhaustion, having got their tn Aether tankers like the 


large oil tankers had been “bad hj ’ aus th ° nointoff S the nnrt *° say " h ^ er ta jfi rs lik , e A DEPARTMENT of Trade it a serious matter that three 
seamanship and bad training.'* Hmif/wih nSrf.S 6 ff Amoco Ca^zwould^be^ safer jn | i nves a 3 aiion is to look into the directors (including the former 

aediuduauiii <xu u unu uamiu B . limit, with officers not fiillv “ Si ^ mvesugation is 10 100K mid uie uireciors unciuaing ine runner 

Pressure S. tent t0 Carr> ' 0Ut their in « ***'" they possessed twin the re Elltott nS GrSlp di of t0 p r ete 0 r- dS’S notify the^offiSiflO 

Jvs u n nder be cnnv f en^nce n flaS equipmentTt'w^nra^ wi^- affst Sfo Department. is acting on 

was "substantial" and vessels out proper navigational eouit>- t ° e onIy ag ™ cc agamst twin information it received from the under present legislation, a 
under Liberian and Greek flags ment," he said P screws was cosL Stock Exchange which com- director must tell his company 

were those to which British p f h ..... , Trinity House presented to the pleted its own inquiry earlier J‘ th u® 

masters were inclined to give . Part . the responsihilitj for committee a suggestion for a this year. ha* bought or sold it* shares, and 

a wide berth where possible H"n V1I,g - - aff3,rs ay Wlth complete overhaul of shipping The investigation will study lh f company must disclose this 

Asked by the committee J? 31 } 0 ® insurance companies, separation lanes in the English the large share sales made by informatinn to the Stock Ex- 

captain n " u " a — — - - - • r ~- — • *-<•<— — 


under pressure to delay caUlng shou ld ,0 °* at ™ a P‘ u said the new schemes off j after 

suggested, channel. 

three directors of the company change for publication 


A statement from the Depart- 

tug assistance because of n,n 8 of vessels on their books in ushant and the Casquets rocks H>4m-worth of overseas orders _°; ft T rade 

expense. Captain Dowie before calcu ' rushed through under French which failed to materialise. tor’ iir B iL H^Ser b and 

other witnesses agreed that the latm * premiums. pressure following the wrecking Examination of the dealings I? r r ' T he 5er fieri 

“law of commercial return” If some form of international of the Amoco Cadiz, were by the Stock Exchange centred \ Q determine whether con- 

was sometimes given priority standard for the training of dangerous because they involved on the period between August 3, »r?ventinos nf section ,y 7 of the 

over safety. officers of large oil tankers could main traffic streams crossing 1977, when Elliott Group Commune*; Act 1967 had 

Captain Malcolm Edge, a be established “ a great many each others' paths. announced the overseas hotel occurred, 

supertanker master in the hazards would be removed.” Channel routes and map. Page 6 > " at - - ’ ” ■ ' " 

tor? Mr. B. 1L Hooper and Mr. 

BP Minerals makes first 

announced the overseas hotel occurred 
Channel routes and map. Page 6 | building 'oegers, and October ,14 j t is t b e first investigation of 

when an annbqncement was made its kmd since ^ Department 
that what had>been interpreted looked into the share dealings of 
as a firm contrast was . Only a jjr. Albert Gubay. a Former 
declaration of intent. chairman of Kwjk Save Discount 

The Stock Exchange considered Group, five years ago. 

It looks as though a good 
deal more money is going to 
be put up this morning for 
Robert Fleming's £2.85m Euro- 
therm offer for sale than for 
the Bank of England’s £800ra 
issue of Exchequer 9} per cent 
I9S2. highlighting the predica- 
ment of the authorities after 
the dismal failure of their 
tactics over the long gilt-edged 
tap earlier in the week. Some 
in the market argue that sig- 
nificant amounts of the tap 
could in fact have been sold 
if the Government broker had 
not been so stubborn in refus- 
ing to supply at under 65. Bnt 
that is conjecture, and the 
important* message is that the 
institutions. despite rising' 
liquidity' levels, are not easily 
going to be stampeded Into 
buying this market 

Worries about monetary 
trends are becoming more 
fundamental, and although last 
week’s shocks over the April 
banking figures and the revised 
sterling M3 seasonal adjust- 
ments have not led to any 
serious setback in .prices, they 
hare clearly undermined' the 
institutions' appetite for stock. 
Yesterday, moreover, there 
were strengthening rumours 
that the money supply figures 
due nut this afternoon would 
be even worse than previously 

What fund managers feel is 
not that 13 per cent, yields are 
necessarily inadequate, bnt 
that the Government’s borrow- 
ing requirement is likely to 
place an altogether excessive 
pressure on their cash flows this 
year. In this situation, the 
traditionat official solution of 
simply jacking yields up to 15 
or 17 per cent, is not going to 
make any sense. 

A new paper from brokers 
Fielding, Newson-Smith sets 
out the arithmetic, from the 
starting-point of the I6bn ceil- 
ing for DCE agreed with the 
IMF. This is a serious constraint 
this year because the growth of 
bank lending to the private 
sector is likely to be accelerat- 
ing — the brokers sugge-t a 
£5bn increase Tor 1979-79 — and 
the building societies' will not 
be such big buyers, of gills as 
last year, while foreigners will 
actually be significant sellers. 
Fieldings estimate that pur- 
chasers of gilt-edged by the 
insurance companies and pen- 
sion funds w'itl need to rise from 
£2.9 bn in 1977-78 to some £4.6bn. 

In theory the institutions 
could cope out of cash flow of. 
say, £7.3bn. But that would 
mean cutting back on recent 

Index fell 13 to 4803 


tanranConpanraaffithMiM hats 

total iNcosa^^x'd 

w -A 

- V- 

new Hnancial year, volua 
scorns tn be hoSting .-up weJ 4 
and lager sales, in particular -'i 
arc now moving ahead aicel 5 ■ 
after lasryeatVhimip. 

Consequently, c s»ai»mirpeae 
on the labour-front,- first hal’ - 
profits sbouidf^mw a health ^ 

jmprovcmenLSkrt furt&erdow* - 
lhe line to far 

up to anothte'-Jrojsd oE -wag 
negotiations- 7 at. a time whe 
inflation could Ae acteleratin 
and prices are effectively froze 
until next year. 


levels of purchases of equities 
and property — at a time when 
many pension fund managers 
feel they are becoming over- 
weight in mils. No wonder the 
old-style fund mg tactics are not 
working properly. Some bold 
new initiative is now required 
if the monetary -.urns are to add 


Now that liie political cloud 
has disappeared. Whitbread. In 
common with the other big 
brewers, is looking forward to 
better times. It has a 2p a pint 
price increase under its belt, 
labour relations seem to be 
much happier and. provided 
there is a reasonable summer, 
the group should be able tn 
push i t >• pro lils comfortnhi y 
above £5i)m m the current year. 

At Icasr tiiu seems In he the 
stock marker* interpretation of 
the situation. The Whitbread 
share pruv has performed 
strongly against the market 
recenrly and yesterday the 
“A” shares dosed J ‘p higher al 
MHHp ia new peak) even 
thon:*.ii pre tax profits of I’43.5m 
for 1977-78 are £L2m lower if 
the foreign exchange adjust- 
ments are <tiipped out. Indeed, 
if the eonvany had fully im- 
plemented SSAP 12. and not 
just confined ir in the deprecia- 
tion of freehold industrial 
buildings, profits would have 
been another f2-£jni lower. 

The first half was badly hit 
by strikes which probably 
knocked I4m off the full year’s 
profits and the poor weather 
did not help either. However, 
the second half saw a substan- 
tial recovers’ in volume and 
although the weather has again 
not been particularly helpful 
in the. opening months of the 

Another set of dismal figun 
from the manufacturing sect! 
came yesterday from Dupoi 
which reported a 30 per ce> 
drop In pre-tax profits to £81 
After adjusting for inflation < 
the Hyde basis the pre-ti 
figure is still- down, and on 
45 per cent - of the histor 
figure, at £3Im where the db 
dend is not fully covered, i 
this stage there is no sign th 
1977-78 figures will she 
any improvement, which mea- 
that Duport is>n a prospecti 
Hyde p/e of-^over 20 — dout 
that of the -market. But 
least the grorip is ?friQg shai 
holders some of their mon 
back with a maximum divide) 

Duport is ’. not optimisi 
about the immediate futui 
with the steel, division, whe 
profits are. 9 .par cent low 
at £7 4n) f still firing a ve 
depressed market ;-Gn t *' 
engineering side, Duport is f: 
Ing slack demand for tract 
components, while the beddi 
business is unlikely to, be ba 
in profit much before tbc^ si; 
of 1979. 


If a consumer spending bo 
is really under way there is 
sign of it in Wool worth's fi 
quarter figures. Nor. apt 
outly, .has aoy^ttajor impre 
ment shown through in retu 
for the first-eouple of we 
of the current period. Trad 
profits far thefirst three rnou 
come out £DS lower at £7.1 
on turnover which is 8 per c- 
up. Wunl worth makes the po 
that its first Quarter .figures ; 
alwa>-s the least ' significant 
far as profit .^calculation is c 
corned. Butdt thissWSeit 1 «m 
like a returtt to Woolwort 
old sluggish pattoriL The sect 
and third quarters w ill ha ve 
be well up if Wooiwortb is 
match expectations of 15 *; 
cent profit growth for the f 
as a whole. 

metals find in Australia 


Leyland bid to win f MCALPINE AVIATION’S 

BP MINERALS, set up IS months 
ago by British Petroleum, yester- 
day announced its first success 
in mining exploration, indicating 
the possibility of a significant 
base metal deposit in the Austra- 
lian stale of Victoria. 

The company has 49 per cent 
of a joint venture w'ilh Western 
Mining Corporation, an Austra- 
lian mining group. 

One hole drilled by the 
partners at their exploration 
site 95 miles north east of Mel- 
bourne in the Snowy Mountains 
area intersected what they called 
“massive sulphides.” 

Sulphides are a combination 
of sulphur and a base metal, in 
this case copper, lead, zinc and 
silver. By u massive,” the com- 
panies mean [hat over a length 

oF 25.5 metres, the minerals were high. The assay results showed 
consistently evident, not simply copper at 4.0 per cent, lead at 
apparent in patches. 0.5 per cent, zinc at 7.3 per'cent 

The grade of the minerals in and silver at 32 grammes a tonne, 
terms of a tonne of ore was But BP Minerals and Western 


Mining were quick to scotch 
suggestions that they have 
already found a deposit which 
could be mined, They face two 
years drilling before they know 
the significance of this one 

They had drilled 16 holes 
before they found the minerals 
in the seventeenth. If this 
mineral level is repeated exten- 
sively in later holes then they 
will have come across a very 
rich deposit close to lines of 
communication. ■ 

Mining companies in the past 
have been prepared to exploit 
deposits where the grade is less 
than 1.0 per cent copper. 

The news was enough to cause 
a flurry of interest in Western 
Mining shares, and the London 
price rose 6p to 129p yesterday. 

Drilling has nearly finished 
for the season. The site is diffi- 
cult to reach in the winter and 
only one more hole will be 
drilled before activity is sus- 
pended. to be resumed again in 
the spring. 

driving school trade 

Big Fleet Means Business 


LEYLAND IS to woo the 1.5ra 
Learner-drivers with a package 
of incentives to the 21,000 driving 
schools, most of which are one- 
man, one-car. Incentives include 
cheap credit or free extras. 

In return Leyland hopes that 
as more people pass the driving 
test in its cars, more will choose 
Leylaods when they buy a car of 
their own. 

About 32 per cent of the 25,000 
driving-school cars are from the 
Leyland stable, according to a 
recent survey by the Motoc 
Schools Association. 


GENERALLY warm with 

London, S.E.. Cent. S. England 
Anglia. Midlands 

Fog patches, sunny, isolated 
Showers, Max. 17-18C (63-64F). 
E- Cent. N.. N.E. England 
Fog patches, sunny spells. 
Max. I5-16C I59-61F). 













Bud* post 

B. Aires 












W, Ron* 

.m'hurs' ' 



•c *F 

s 14 57 LuxemBnf. 
s 26 ra Madrid 
S 33 91 Manchstr. 
C II K Melbourne 
S IB 61 Milan 
s 30 S6 Montreal 
S 16 61 Munich 
G n SI Newcastle 
V IS 59 New Vorlc 
S 13 59 Oslo 
Th 13 34 Paris 
S 14 5T | Perth 
S W IM Prauue 
s IK fll Reykjavik 
S IT *3 Rio de J'O 
F 1« 61 ! Home 

F 1« 61 1 Home 
c 15 :» | Sirota non- 

V 13 55 siock&ulni 

V 16 61 |strashri:. 

V 1? k: ; Sydney 
C 15 59, Tehran 

S 19 64 1 Tel Aviv 
C I! H iTofcyo 
C 77 jTomiilB 
s Cl 70 j Vienna 
r is M Warsaw 
F 13 SS’znrfch 

Mld-d aj 
•C -F 
, F 13 fa 
C 20 68 
C 13 59 
R 15 39 
C IS 59 
C 14 57 
C 20 63 
F 16 H 
F 15 SS 
C 13 53 
R 12 54 
F 1" O 
F 20 63 
Bill a 
F 7 45 
C 24 73 
S 20 W 
C 31 ST 
C S 46 
C IT 63 

R 16 61 
■S 30 
S 27 SI 
C 24 75 
t: 13 S3 
S 16 61 
F IT 63 
C 15 5® 

Channel Islands. S.W. England. 
S. Wales 

Sunny, scattered showers. Max. 
I5C (5&F). 

N. Wales, NAV. England, Lakes, 
Isle of Man, Borders, S.W. Scot- 
land. Cent. Highlauds and N. 

Dry, sunny. Max. 17-L8C (63- 

NX- Scotland. Orkney and 

• Dry, sunny. Max. 11-12C <52- 

N.W. Scotland 

Sunny, some rain. Max. 12C 


Outlook: Dry and warm. 

Dismay over 


Last week the biggest of them, 
the British School of Motoring, 
said it would make the whole of 
L l5 .J 3eet leyland cars if share- 
holders rejected a hid from 
Dorada Holdings, which operates 
r>?.« " and dealerships. 

BSM has a fleet of 1,500 vehicles. 

Now Leyland has widened its 
attack on the basjs that every 
driving lesson becomes a test 
drive, and that a newly-qualified 

driver would prefer not to 
change to an unfamiliar modeL 

It is particularly concerned at 
the strides made by Japanese 
manufacturers and other kn-’ 
porters. The survey estimated 
that 19.5 per cent of driving- 
school cars were Datsun Sunnys 
aod Cherrys. 

The package includes free 
credit for 12 months or 3 flat 4 
per cent for two years. Cash 
buyers can choose between free 
dual controls and £S0 of local 
advertising support, £130 toward 
a sun roof, or £130 of local 
advertising support 

In addition Leyland offers £S 
a day towards hire of a replace- 
ment if the school car is off the 
road for more than 24 hours for 
a warranty repair. 

Leyland said yesterday that 
news of the offers had led w 
an immediate response. It 
thought that sales would be 
boosted to at least 3,250 new 
cars, worth £flm.. this year. 
Dorada-BSM bid terms. Page 25 

^Welcome aboard.This is one of the magnificent 
H$ l’2^husiness jets in M C AI pine Aviations big fleet. 
M C A 1 pine is^ritain 7 s largest operat or of executive aircraft— 
and determined to be the best’. 

By Our Consumer Affairs 

Mini imports resisted 

















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INDUSTRY leaders greeted the 
Government's withdrawal nf its 
compulsory metrication pro- 
gramme with dismay yesterday 
as the Conservatives heralded 
the move as a victory for them- 
selves and common sense. 

The Government said on Mon- 
day night that it did not intend 
pressing ahead with plans to im- 
pose statutory cut-off dates on 
the use of imperial measures in 
certain sectors of the retail 

Mr. Roy Hattersley, Secretary 
for Prices, yesterday acknow- 
ledged that perhaps neither 
Government or industry had done 
enough to educate and inform the 
public about the metric svstem 

The Government was still al> 
soluiely committed to metrication 
and that it would continue to sup- 
port M ihe orderly progress to the 
use of metric units, with target 
dates set out for lihe termination 
of imperial quantities.” 

News Analysis, Page 9 


THE 18,000 manual workers at 
Longbridge have voted over- 
whelmingly to resist plans to 
import up to 10,000 Minis from 
Seneffe, Belgium. 

Shop-stewards are hoping to 
avoid a confrontation by co- 
operating with management to 
raise output. Mr. Derek Robin- 
son, the convener, said shop 
stewards throughout the plant 
would be meeting management in 
the next few days to discuss ways 
to overcome production problems. 

workers had left the plant in 
recent months and with z labour 
pool of 300 it would be wrong to 
allow Seneffe to produce Mink 
for the U.K. 

Stewards have held shop-floor 
meetings over the past two days 
to win support for their stand. 
There had been no discussion of 
what sort of action would be 
necessary to prevent imports 
from Seneffe. Sir. Robinson said. 
“We hope the need will never 
arise. If it does, we shall involve 

The stewards argue that, with 
spare capacity and surplus labour 
at Longbridge, it would be 
“ morally wrong ” to import cars 
From overseas. They blame the 
failure to meet production 
schedules on “ precipitous ” 
manage meat decisions to raise 
productivity by removing L200 
workers from Mini and Allegro 

Mr. Robinson said about 900 

all the work force in reaching a 

The company has stressed the 
need to establish high stocks of 
the Mini for an anticipated 
heavy demand, particularly in 
August, when the ”7” registra- 
tion will be introduced. Manage- 
ment says that up to 10,000 may 
have to be imported, but the 
number can be reduced accord- 
ing tn output levels at Long- 

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